JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited)

Investments		Principal Amount ($000)		Value ($000)
CORPORATE BONDS — 38.5%
Aerospace & Defense — 0.4%
Boeing Co. (The)
5.04%, 5/1/2027			1,136		1,279
5.71%, 5/1/2040			415		530
3.85%, 11/1/2048			375		391
3.95%, 8/1/2059			435		454
Bombardier, Inc. (Canada) 7.88%, 4/15/2027(a)			100		103
L3Harris Technologies, Inc. 4.85%, 4/27/2035			1,375		1,682
Leonardo SpA (Italy) 4.88%, 3/24/2025	EUR		150		191
Rolls-Royce plc (United Kingdom)
4.63%, 2/16/2026(b)	EUR		110		137
4.63%, 2/16/2026(a)	EUR		100		125
					4,892
Airlines — 0.3%
American Airlines Pass-Through Trust Series 2021-1, Class A Shares, 2.88%, 7/11/2034			715		693
Continental Airlines Pass-Through Trust Series 2012-2, Class A Shares, 4.00%, 10/29/2024			1,843		1,924
Delta Air Lines, Inc. 4.50%, 10/20/2025(b)			110		115
Deutsche Lufthansa AG (Germany) 3.00%, 5/29/2026(a)	EUR		300		329
International Consolidated Airlines Group SA (United Kingdom) 0.50%, 7/4/2023(a)	EUR		100		108
					3,169
Auto Components — 0.6%
Adient Global Holdings Ltd. 3.50%, 8/15/2024(a)	EUR		470		536
Adler Pelzer Holding GmbH (Germany) 4.13%, 4/1/2024(a)	EUR		210		215
Allison Transmission, Inc.
4.75%, 10/1/2027(b)			140		145
5.88%, 6/1/2029(b)			410		438
American Axle & Manufacturing, Inc.
6.50%, 4/1/2027			300		311
5.00%, 10/1/2029			260		247
Dometic Group AB (Sweden) 3.00%, 9/13/2023(a)	EUR		200		236
Faurecia SE (France)
3.13%, 6/15/2026(a)	EUR		480		555
2.38%, 6/15/2027(a)	EUR		100		112
Goodyear Tire & Rubber Co. (The) 5.00%, 7/15/2029(b)			315		329
Grupo Antolin-Irausa SA (Spain) 3.50%, 4/30/2028(b)	EUR		168		177
IHO Verwaltungs GmbH (Germany) 3.88% (cash), 5/15/2027(a)(c)(d)	EUR		100		115
Lear Corp.
2.60%, 1/15/2032			290		285
3.55%, 1/15/2052			435		429
Schaeffler AG (Germany)
2.75%, 10/12/2025(a)	EUR		300		360
2.88%, 3/26/2027(a)	EUR		330		403
TI Automotive Finance plc 3.75%, 4/15/2029(a)	EUR		150		171
Valeo (France) 3.25%, 1/22/2024(a)	EUR		500		601
ZF Europe Finance BV (Germany)
2.00%, 2/23/2026(a)	EUR		400		453
2.50%, 10/23/2027(a)	EUR		300		343
ZF Finance GmbH (Germany) 3.75%, 9/21/2028(a)	EUR		200		244
ZF North America Capital, Inc. (Germany) 2.75%, 4/27/2023(a)	EUR		100		116
					6,821
Automobiles — 0.5%
General Motors Co. 6.13%, 10/1/2025			122		141
Hyundai Capital America
1.30%, 1/8/2026(b)			430		419
3.50%, 11/2/2026(b)			2,180		2,311
Jaguar Land Rover Automotive plc (United Kingdom)
5.88%, 11/15/2024(a)	EUR		300		365
4.50%, 1/15/2026(a)	EUR		250		290
Renault SA (France)
1.25%, 6/24/2025(a)	EUR		200		222
2.00%, 9/28/2026(a)	EUR		300		334
Stellantis NV 3.88%, 1/5/2026(a)	EUR		160		205
Volkswagen Group of America Finance LLC (Germany) 3.75%, 5/13/2030(b)			1,220		1,341
Volvo Car AB (Sweden) 2.00%, 1/24/2025(a)	EUR		300		352
					5,980
Banks — 7.9%
ABN AMRO Bank NV (Netherlands) (EUR Swap Annual 5 Year + 4.67%), 4.37%, 9/22/2025(a)(e)(f)(g) EUR			2,100		2,501
4.80%, 4/18/2026(b)			800		885
Banco Bilbao Vizcaya Argentaria SA (Spain)
(EUR Swap Annual 5 Year + 6.04%), 6.00%, 3/29/2024(a)(e)(f)(g)	EUR		400		481
(EUR Swap Annual 5 Year + 6.46%), 6.00%, 1/15/2026(a)(e)(f)(g)	EUR		3,000		3,746
Banco Santander SA (Spain) (USD ICE Swap Rate 5 Year + 4.99%), 7.50%, 2/8/2024(a)(e)(f)(g)			400		429
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.75%), 4.75%, 11/12/2026(e)(f)(g)			1,000		1,003

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments		Principal Amount ($000)		Value ($000)
Bank of America Corp.
Series X, (ICE LIBOR USD 3 Month + 3.71%), 6.25%, 9/5/2024(e)(f)(g)			1,343		1,424
Series Z, (ICE LIBOR USD 3 Month + 4.17%), 6.50%, 10/23/2024(e)(f)(g)			343		372
(ICE LIBOR USD 3 Month + 1.06%), 3.56%, 4/23/2027(f)			3,345		3,568
3.25%, 10/21/2027			2,610		2,766
(SOFR + 1.32%), 2.69%, 4/22/2032(f)			1,180		1,195
(SOFR + 1.21%), 2.57%, 10/20/2032(f)			2,700		2,712
(SOFR + 1.93%), 2.68%, 6/19/2041(f)			740		719
Bank of Nova Scotia (The) (Canada) Series 2, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.61%), 3.62%, 10/27/2081(f)			2,100		2,024
Barclays plc (United Kingdom) (U.K. Government Bonds 5 Year Note Generic Bid Yield + 6.02%), 6.37%, 12/15/2025(a)(e)(f)(g)	GBP		200		283
CaixaBank SA (Spain) (EUR Swap Annual 5 Year + 6.35%), 5.87%, 10/9/2027(a)(e)(f)(g)	EUR		400		508
Citigroup, Inc.
Series M, (ICE LIBOR USD 3 Month + 3.42%), 6.30%, 5/15/2024(e)(f)(g)			177		185
Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025(e)(f)(g)			428		455
Series W, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.60%), 4.00%, 12/10/2025(e)(f)(g)			550		549
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.42%), 3.88%, 2/18/2026(e)(f)(g)			2,041		2,021
(SOFR + 2.84%), 3.11%, 4/8/2026(f)			880		922
3.20%, 10/21/2026			2,055		2,181
(ICE LIBOR USD 3 Month + 1.56%), 3.89%, 1/10/2028(f)			1,225		1,328
(ICE LIBOR USD 3 Month + 1.15%), 3.52%, 10/27/2028(f)			830		890
(SOFR + 3.91%), 4.41%, 3/31/2031(f)			2,260		2,577
Commerzbank AG (Germany) (EUR Swap Annual 5 Year + 4.35%), 4.00%, 12/5/2030(a)(f)	EUR		800		981
Cooperatieve Rabobank UA (Netherlands)
(EUR Swap Annual 5 Year + 4.68%), 4.37%, 6/29/2027(a)(e)(f)(g)	EUR		800		982
Credit Agricole SA (France)
3.25%, 10/4/2024(b)			385		405
(USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025(b)(e)(f)(g)			3,185		3,750
(SOFR + 0.89%), 1.25%, 1/26/2027(b)(f)			302		294
(EUR Swap Annual 5 Year + 4.37%), 4.00%, 12/23/2027(a)(e)(f)(g)	EUR		600		729
HSBC Holdings plc (United Kingdom)
(USD ICE Swap Rate 5 Year + 4.37%), 6.37%, 3/30/2025(e)(f)(g)			531		571
(SOFR + 1.54%), 1.64%, 4/18/2026(f)			300		299
(SOFR + 1.73%), 2.01%, 9/22/2028(f)			2,575		2,515
(EUR Swap Annual 5 Year + 3.84%), 4.75%, 7/4/2029(a)(e)(f)(g)	EUR		600		724
(SOFR + 1.41%), 2.87%, 11/22/2032(f)			2,050		2,053
ING Groep NV (Netherlands)
(USD Swap Semi 5 Year + 4.45%), 6.50%, 4/16/2025(e)(f)(g)			465		502
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.86%), 3.88%, 5/16/2027(e)(f)(g)			1,030		966
Intesa Sanpaolo SpA (Italy)
(EUR Swap Annual 5 Year + 5.86%), 6.25%, 5/16/2024(a)(e)(f)(g)	EUR		400		486
(EUR Swap Annual 5 Year + 7.19%), 7.75%, 1/11/2027(a)(e)(f)(g)	EUR		1,876		2,529
(EUR Swap Annual 5 Year + 5.85%), 5.50%, 3/1/2028(a)(e)(f)(g)	EUR		250		303
(EUR Swap Annual 5 Year + 6.09%), 5.87%, 9/1/2031(a)(e)(f)(g)	EUR		250		314
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.60%), 4.20%, 6/1/2032(b)(f)			200		201
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.75%), 4.95%, 6/1/2042(b)(f)			410		423

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments		Principal Amount ($000)		Value ($000)
KBC Group NV (Belgium) (EUR Swap Annual 5 Year + 4.69%), 4.75%, 3/5/2024(a)(e)(f)(g)	EUR		400		473
Lloyds Bank plc (United Kingdom)
0.25%, 3/25/2024(a)	EUR		2,140		2,457
0.13%, 6/18/2026(a)	EUR		2,150		2,463
Lloyds Banking Group plc (United Kingdom) (EURIBOR ICE Swap Rate 5 Year + 5.29%), 4.95%, 6/27/2025(a)(e)(f)(g)	EUR		1,596		1,941
NatWest Group plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.48%), 3.50%, 5/15/2023(f)			1,578		1,597
(ICE LIBOR USD 3 Month + 1.76%), 4.27%, 3/22/2025(f)			360		383
(U.K. Government Bonds 5 Year Note Generic Bid Yield + 4.99%), 5.13%, 5/12/2027(e)(f)(g)	GBP		2,446		3,381
PNC Financial Services Group, Inc. (The) Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.60%), 3.40%, 9/15/2026(e)(f)(g)			1,535		1,480
Santander UK Group Holdings plc (United Kingdom)
(GBP Swap 5 Year + 5.79%), 6.75%, 6/24/2024(a)(e)(f)(g)	GBP		200		285
(SOFR + 0.99%), 1.67%, 6/14/2027(f)			1,400		1,373
Santander UK plc (United Kingdom) 0.50%, 1/10/2025(a)	EUR		2,100		2,432
Societe Generale SA (France)
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.93%), 4.75%, 5/26/2026(b)(e)(f)(g)			1,723		1,738
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.51%), 5.38%, 11/18/2030(b)(e)(f)(g)			1,881		1,967
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.30%), 2.89%, 6/9/2032(b)(f)			490		490
Standard Chartered plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.66%), 6.00%, 7/26/2025(b)(e)(f)(g)			200		214
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.85%), 4.64%, 4/1/2031(b)(f)			1,210		1,371
Sumitomo Mitsui Banking Corp. (Japan) 0.55%, 11/6/2023(a)	EUR		2,120		2,441
Sumitomo Mitsui Financial Group, Inc. (Japan) 1.47%, 7/8/2025			790		788
Svenska Handelsbanken AB (Sweden) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.05%), 4.75%, 3/1/2031(a)(e)(f)(g)			600		615
Truist Financial Corp. Series Q, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 4.35%), 5.10%, 3/1/2030(e)(f)(g)			930		1,036
UniCredit SpA (Italy)
(EURIBOR ICE Swap Rate 5 Year + 7.33%), 7.50%, 6/3/2026(a)(e)(f)(g)	EUR		900		1,176
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 1.98%, 6/3/2027(b)(f)			720		703
(EURIBOR ICE Swap Rate 5 Year + 4.08%), 3.88%, 6/3/2027(a)(e)(f)(g)	EUR		1,000		1,069
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 3.13%, 6/3/2032(b)(f)			680		673
United Overseas Bank Ltd. (Singapore) 0.50%, 1/16/2025(a)	EUR		443		513
Wells Fargo & Co.
Series BB, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.45%), 3.90%, 3/15/2026(e)(f)(g)			1,420		1,428
(ICE LIBOR USD 3 Month + 1.17%), 3.20%, 6/17/2027(f)			940		994
(SOFR + 1.26%), 2.57%, 2/11/2031(f)			420		426
(SOFR + 2.53%), 3.07%, 4/30/2041(f)			300		309
Westpac Banking Corp. (Australia) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.00%), 4.11%, 7/24/2034(f)			360		390
					91,357
Beverages — 0.3%
Anheuser-Busch Cos. LLC (Belgium) 4.90%, 2/1/2046			655		831

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments		Principal Amount ($000)		Value ($000)
Anheuser-Busch InBev SA/NV (Belgium) 3.70%, 4/2/2040(a)	EUR		700		1,065
Anheuser-Busch InBev Worldwide, Inc. (Belgium) 4.44%, 10/6/2048			1,251		1,504
Sunshine Mid BV (Netherlands) 6.50%, 5/15/2026(a)	EUR		230		268
Triton Water Holdings, Inc. 6.25%, 4/1/2029(b)			50		49
					3,717
Biotechnology — 1.0%
AbbVie, Inc.
2.95%, 11/21/2026			1,010		1,063
3.20%, 11/21/2029			2,500		2,652
4.70%, 5/14/2045			417		518
4.45%, 5/14/2046			260		316
4.25%, 11/21/2049			1,080		1,299
Biogen, Inc.
2.25%, 5/1/2030			1,208		1,182
3.15%, 5/1/2050			156		153
Gilead Sciences, Inc.
1.65%, 10/1/2030			570		543
2.60%, 10/1/2040			980		936
2.80%, 10/1/2050			2,205		2,142
Grifols Escrow Issuer SA (Spain) 3.88%, 10/15/2028(b)	EUR		130		147
Grifols SA (Spain)
1.63%, 2/15/2025(a)	EUR		100		113
2.25%, 11/15/2027(a)	EUR		610		689
					11,753
Building Products — 0.1%
Griffon Corp. 5.75%, 3/1/2028			220		227
JELD-WEN, Inc. 6.25%, 5/15/2025(b)			175		182
Standard Industries, Inc.
2.25%, 11/21/2026(a)	EUR		250		275
4.75%, 1/15/2028(b)			140		141
					825
Capital Markets — 3.7%
Charles Schwab Corp. (The)
Series I, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.17%), 4.00%, 6/1/2026(e)(f)(g)			740		737
Series H, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 3.08%), 4.00%, 12/1/2030(e)(f)(g)			1,030		1,020
Credit Suisse Group AG (Switzerland)
(USD Swap Semi 5 Year + 4.60%), 7.50%, 12/11/2023(b)(e)(f)(g)			2,130		2,294
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.82%), 6.37%, 8/21/2026(b)(e)(f)(g)			480		511
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.89%), 5.25%, 2/11/2027(b)(e)(f)(g)			780		792
4.28%, 1/9/2028(b)			2,840		3,096
(SOFR + 1.73%), 3.09%, 5/14/2032(b)(f)			1,865		1,890
Deutsche Bank AG (Germany)
(SOFR + 2.16%), 2.22%, 9/18/2024(f)			1,165		1,182
(EUR Swap Annual 5 Year + 4.75%), 4.62%, 10/30/2027(a)(e)(f)(g)	EUR		1,400		1,591
Goldman Sachs Group, Inc. (The)
(ICE LIBOR USD 3 Month + 1.60%), 1.78%, 11/29/2023(f)			3,275		3,356
Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.97%), 3.80%, 5/10/2026(e)(f)(g)			1,488		1,450
3.85%, 1/26/2027			2,329		2,495
(SOFR + 0.91%), 1.95%, 10/21/2027(f)			1,395		1,392
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028(f)			16		17
(SOFR + 1.28%), 2.62%, 4/22/2032(f)			410		411
(SOFR + 1.26%), 2.65%, 10/21/2032(f)			1,525		1,529
Huarong Finance 2017 Co. Ltd. (China)
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 6.98%), 4.00%, 11/7/2022(a)(e)(f)(g)			730		719
4.25%, 11/7/2027(a)			880		867
Huarong Finance 2019 Co. Ltd. (China)
(ICE LIBOR USD 3 Month + 1.13%), 1.29%, 2/24/2023(a)(f)			520		498
3.75%, 5/29/2024(a)			520		515
Morgan Stanley
3.63%, 1/20/2027			2,000		2,165
(SOFR + 0.88%), 1.59%, 5/4/2027(f)			2,660		2,630
(ICE LIBOR USD 3 Month + 1.34%), 3.59%, 7/22/2028(f)			2,210		2,377
(ICE LIBOR USD 3 Month + 1.14%), 3.77%, 1/24/2029(f)			530		578
(SOFR + 1.14%), 2.70%, 1/22/2031(f)			1,560		1,602
(SOFR + 1.20%), 2.51%, 10/20/2032(f)			340		341
UBS AG (Switzerland) 5.13%, 5/15/2024(a)			2,615		2,808

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments		Principal Amount ($000)		Value ($000)
UBS Group AG (Switzerland)
(USD Swap Semi 5 Year + 4.87%), 7.00%, 2/19/2025(a)(e)(f)(g)			1,600		1,771
(USD Swap Semi 5 Year + 4.59%), 6.87%, 8/7/2025(a)(e)(f)(g)			830		919
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.86%), 5.12%, 7/29/2026(a)(e)(f)(g)			1,000		1,059
					42,612
Chemicals — 0.7%
Alpek SAB de CV (Mexico) 3.25%, 2/25/2031(a)			1,180		1,165
Ashland Services BV 2.00%, 1/30/2028(a)	EUR		100		116
CeramTec BondCo GmbH (Germany) 5.25%, 12/15/2025(a)	EUR		110		126
CF Industries, Inc.
4.50%, 12/1/2026(b)			835		933
4.95%, 6/1/2043			653		786
Chemours Co. (The) 4.00%, 5/15/2026	EUR		100		114
Element Solutions, Inc. 3.88%, 9/1/2028(b)			276		273
Herens Midco SARL (Luxembourg) 5.25%, 5/15/2029(b)	EUR		138		146
INEOS Finance plc (Luxembourg)
2.13%, 11/15/2025(a)	EUR		300		337
2.88%, 5/1/2026(a)	EUR		200		228
INEOS Quattro Finance 2 plc (United Kingdom) 2.50%, 1/15/2026(a)	EUR		200		223
INEOS Styrolution Group GmbH (United Kingdom) 2.25%, 1/16/2027(a)	EUR		100		110
K+S AG (Germany) 4.13%, 12/6/2021(a)	EUR		190		215
Lune Holdings SARL (France) 5.63%, 11/15/2028(b)	EUR		244		274
Monitchem HoldCo 3 SA (Luxembourg) 5.25%, 3/15/2025(a)	EUR		180		207
NOVA Chemicals Corp. (Canada) 5.25%, 6/1/2027(b)			13		14
OCI NV (Netherlands) 3.13%, 11/1/2024(a)	EUR		90		103
OCP SA (Morocco) 6.88%, 4/25/2044(a)			390		454
Rain CII Carbon LLC 7.25%, 4/1/2025(b)			154		157
Scotts Miracle-Gro Co. (The)
4.50%, 10/15/2029			565		584
4.38%, 2/1/2032(b)			180		178
Solvay Finance SACA (Belgium) (EUR Swap Annual 5 Year + 3.70%), 5.42%, 11/12/2023(a)(e)(f)(g)	EUR		100		122
Solvay SA (Belgium) (EUR Swap Annual 5 Year + 2.98%), 2.50%, 12/2/2025(a)(e)(f)(g)	EUR		500		576
Synthomer plc (United Kingdom) 3.88%, 7/1/2025(a)	EUR		100		116
Trinseo Materials Operating SCA 5.38%, 9/1/2025(b)			50		51
					7,608
Commercial Services & Supplies — 0.3%
ACCO Brands Corp. 4.25%, 3/15/2029(b)			415		406
Brink’s Co. (The) 4.63%, 10/15/2027(b)			275		281
Elis SA (France) 2.88%, 2/15/2026(a)	EUR		500		599
GFL Environmental, Inc. (Canada) 4.00%, 8/1/2028(b)			200		194
Paprec Holding SA (France) 3.50%, 7/1/2028(b)	EUR		164		186
Q-Park Holding I BV (Netherlands) 1.50%, 3/1/2025(a)	EUR		100		108
SPIE SA (France) 2.63%, 6/18/2026(a)	EUR		400		467
Techem Verwaltungsgesellschaft 674 mbH (Germany) 6.00%, 7/30/2026(a)	EUR		246		286
Techem Verwaltungsgesellschaft 675 mbH (Germany) 2.00%, 7/15/2025(a)	EUR		200		223
Verisure Holding AB (Sweden)
3.88%, 7/15/2026(a)	EUR		200		230
3.25%, 2/15/2027(a)	EUR		350		394
Verisure Midholding AB (Sweden)
5.25%, 2/15/2029(a)	EUR		150		172
5.25%, 2/15/2029(b)	EUR		119		136
					3,682
Communications Equipment — 0.0%(h)
CommScope, Inc.
6.00%, 3/1/2026(b)			110		113
8.25%, 3/1/2027(b)			30		29
Plantronics, Inc. 4.75%, 3/1/2029(b)			175		158
					300
Construction & Engineering — 0.1%
Heathrow Funding Ltd. (United Kingdom) 5.88%, 5/13/2041(a)	GBP		500		974
Construction Materials — 0.2%
Cemex SAB de CV (Mexico)
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.53%), 5.12%, 6/8/2026(b)(e)(f)(g)			1,054		1,066
3.88%, 7/11/2031(b)			808		785
					1,851
Consumer Finance — 1.4%
AerCap Ireland Capital DAC (Ireland)
1.65%, 10/29/2024			510		509
1.75%, 1/30/2026			1,030		1,010

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments		Principal Amount ($000)		Value ($000)
2.45%, 10/29/2026			400		401
3.00%, 10/29/2028			425		428
3.30%, 1/30/2032			625		630
3.85%, 10/29/2041			315		325
American Express Co. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.85%), 3.55%, 9/15/2026(e)(f)(g)			391		386
Avolon Holdings Funding Ltd. (Ireland)
3.95%, 7/1/2024(b)			1,995		2,091
2.13%, 2/21/2026(b)			100		98
4.25%, 4/15/2026(b)			680		726
4.38%, 5/1/2026(b)			460		493
Capital One Financial Corp. Series M, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.16%), 3.95%, 9/1/2026(e)(f)(g)			1,728		1,696
FCE Bank plc (United Kingdom) 1.13%, 2/10/2022(a)	EUR		100		113
Ford Motor Credit Co. LLC
3.02%, 3/6/2024	EUR		310		366
2.75%, 6/14/2024	GBP		100		134
4.06%, 11/1/2024			400		417
3.25%, 9/15/2025	EUR		100		121
2.33%, 11/25/2025	EUR		400		470
4.39%, 1/8/2026			920		971
3.63%, 6/17/2031			2,260		2,304
General Motors Financial Co., Inc. 2.75%, 6/20/2025			224		232
OneMain Finance Corp. 4.00%, 9/15/2030			20		19
Volkswagen International Finance NV (Germany)
(EUR Swap Annual 10 Year + 3.35%), 5.13%, 9/4/2023(a)(e)(f)(g)	EUR		262		317
(EUR Swap Annual 5 Year + 3.75%), 3.50%, 6/17/2025(a)(e)(f)(g)	EUR		500		603
(EUR Swap Annual 12 Year + 2.97%), 4.62%, 3/24/2026(a)(e)(f)(g)	EUR		1,000		1,266
(EUR Swap Annual 10 Year + 3.98%), 4.62%, 6/27/2028(a)(e)(f)(g)	EUR		100		128
					16,254
Containers & Packaging — 0.4%
ARD Finance SA (Luxembourg) 5.00% (cash), 6/30/2027(a)(c)(d)	EUR		100		115
Ardagh Metal Packaging Finance USA LLC 2.00%, 9/1/2028(a)	EUR		250		279
Ardagh Packaging Finance plc
2.13%, 8/15/2026(a)	EUR		380		420
5.25%, 8/15/2027(b)			495		486
Ball Corp.
0.88%, 3/15/2024	EUR		300		340
1.50%, 3/15/2027	EUR		180		206
Berry Global, Inc. 1.00%, 1/15/2025(a)	EUR		300		341
Crown European Holdings SA 3.38%, 5/15/2025(a)	EUR		440		529
Guala Closures SpA (Italy) 3.25%, 6/15/2028(a)	EUR		250		276
Mauser Packaging Solutions Holding Co. 5.50%, 4/15/2024(b)			120		120
OI European Group BV 3.13%, 11/15/2024(a)	EUR		180		208
Owens-Brockway Glass Container, Inc. 6.63%, 5/13/2027(b)			200		209
Pactiv Evergreen Group Issuer, Inc. 4.00%, 10/15/2027(b)			195		187
Pro-Gest SpA (Italy) 3.25%, 12/15/2024(a)	EUR		150		163
Silgan Holdings, Inc. 3.25%, 3/15/2025	EUR		180		205
Titan Holdings II BV (Netherlands) 5.13%, 7/15/2029(a)	EUR		150		168
Trivium Packaging Finance BV (Netherlands) 3.75%, 8/15/2026(a)(i)	EUR		300		340
					4,592
Distributors — 0.0%(h)
Parts Europe SA (France) 6.50%, 7/16/2025(a)	EUR		100		117
Diversified Consumer Services — 0.0%(h)
RAC Bond Co. plc (United Kingdom) 5.25%, 11/4/2027(b)	GBP		168		218
Service Corp. International 3.38%, 8/15/2030			90		86
					304
Diversified Financial Services — 0.2%
EDP Finance BV (Portugal) 3.63%, 7/15/2024(b)			2,150		2,268
Motion Finco SARL (United Kingdom) 7.00%, 5/15/2025(a)	EUR		150		177
Paysafe Finance plc 3.00%, 6/15/2029(b)	EUR		169		178
Sabre GLBL, Inc. 7.38%, 9/1/2025(b)			33		34
					2,657
Diversified Telecommunication Services — 2.1%
Altice France Holding SA (Luxembourg)
8.00%, 5/15/2027(a)	EUR		221		264
4.00%, 2/15/2028(a)	EUR		400		425
Altice France SA (France)
2.13%, 2/15/2025(a)	EUR		400		437
3.38%, 1/15/2028(a)	EUR		100		108
AT&T, Inc.
3.50%, 9/15/2053			1,550		1,566
3.55%, 9/15/2055			362		364

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments		Principal Amount ($000)		Value ($000)
CCO Holdings LLC
5.13%, 5/1/2027(b)			2,600		2,675
5.38%, 6/1/2029(b)			165		175
4.75%, 3/1/2030(b)			330		338
4.25%, 2/1/2031(b)			1,435		1,414
Cellnex Telecom SA (Spain)
2.88%, 4/18/2025(a)	EUR		300		363
1.88%, 6/26/2029	EUR		300		339
DKT Finance ApS (Denmark) 7.00%, 6/17/2023(a)	EUR		150		172
eircom Finance DAC (Ireland)
3.50%, 5/15/2026(a)	EUR		250		285
2.63%, 2/15/2027(a)	EUR		200		222
Iliad Holding SASU (France) 5.63%, 10/15/2028(b)	EUR		344		402
Infrastrutture Wireless Italiane SpA (Italy) 1.88%, 7/8/2026(a)	EUR		300		352
Level 3 Financing, Inc. 4.25%, 7/1/2028(b)			110		107
Lorca Telecom Bondco SA (Spain)
4.00%, 9/18/2027(a)	EUR		700		798
4.00%, 9/18/2027(b)	EUR		100		114
Lumen Technologies, Inc. 5.13%, 12/15/2026(b)			1,025		1,027
Orange SA (France)
(EUR Swap Annual 5 Year + 2.36%), 2.38%, 1/15/2025(a)(e)(f)(g)	EUR		500		587
(EURIBOR ICE Swap Rate 5 Year + 2.18%), 1.75%, 12/19/2026(a)(e)(f)(g)	EUR		300		345
Sprint Capital Corp.
6.88%, 11/15/2028			1,195		1,476
8.75%, 3/15/2032			80		118
Telecom Italia Capital SA (Italy) 6.00%, 9/30/2034			530		534
Telecom Italia Finance SA (Italy) 7.75%, 1/24/2033	EUR		190		280
Telecom Italia SpA (Italy)
3.63%, 1/19/2024(a)	EUR		100		117
2.88%, 1/28/2026(a)	EUR		700		801
3.63%, 5/25/2026(a)	EUR		200		235
2.38%, 10/12/2027(a)	EUR		450		495
Telefonica Emisiones SA (Spain) 5.21%, 3/8/2047			700		876
Verizon Communications, Inc.
4.33%, 9/21/2028			1,455		1,657
1.75%, 1/20/2031			1,320		1,250
2.55%, 3/21/2031			2,805		2,835
2.36%, 3/15/2032(b)			110		109
2.65%, 11/20/2040			250		239
2.85%, 9/3/2041			290		288
Virgin Media Finance plc (United Kingdom) 3.75%, 7/15/2030(a)	EUR		210		236
					24,425
Electric Utilities — 3.0%
Alfa Desarrollo SpA (Chile) 4.55%, 9/27/2051(b)			641		607
ContourGlobal Power Holdings SA (Spain) 4.13%, 8/1/2025(a)	EUR		100		114
Duquesne Light Holdings, Inc.
2.53%, 10/1/2030(b)			1,400		1,378
2.78%, 1/7/2032(b)			540		540
Edison International 3.55%, 11/15/2024			302		318
EDP — Energias de Portugal SA (Portugal)
(EUR Swap Annual 5 Year + 4.29%), 4.50%, 4/30/2079(a)(f)	EUR		1,200		1,456
(EUR Swap Annual 5 Year + 1.84%), 1.70%, 7/20/2080(a)(f)	EUR		1,000		1,124
Electricite de France SA (France)
(EUR Swap Annual 6 Year + 3.44%), 4.00%, 7/4/2024(a)(e)(f)(g)	EUR		300		360
(EUR Swap Annual 12 Year + 3.04%), 5.00%, 1/22/2026(a)(e)(f)(g)	EUR		300		376
Emera US Finance LP (Canada) 2.64%, 6/15/2031(b)			1,964		1,958
Emera, Inc. (Canada) Series 16-A, (ICE LIBOR USD 3 Month + 5.44%), 6.75%, 6/15/2076(f)			2,251		2,635
Enel Finance International NV (Italy)
3.50%, 4/6/2028(b)			1,135		1,226
2.25%, 7/12/2031(b)			316		309
Enel SpA (Italy) (EUR Swap Annual 5 Year + 2.68%), 2.25%, 12/10/2026(a)(e)(f)(g)	EUR		2,000		2,328
Evergy, Inc. 2.90%, 9/15/2029			443		461
Iberdrola International BV (Spain)
(EUR Swap Annual 5 Year + 2.06%), 2.62%, 3/26/2024(a)(e)(f)(g)	EUR		1,900		2,252
(EUR Swap Annual 5 Year + 2.97%), 3.25%, 11/12/2024(a)(e)(f)(g)	EUR		700		850
ITC Holdings Corp. 2.95%, 5/14/2030(b)			1,990		2,052
Jersey Central Power & Light Co. 2.75%, 3/1/2032(b)			771		786
MidAmerican Energy Co. 4.25%, 5/1/2046			350		432
Naturgy Finance BV (Spain) (EUR Swap Annual 8 Year + 3.35%), 4.13%, 11/18/2022(a)(e)(f)(g)	EUR		200		235
NextEra Energy Capital Holdings, Inc. 2.25%, 6/1/2030			252		251
NRG Energy, Inc. 3.75%, 6/15/2024(b)			990		1,034

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments		Principal Amount ($000)		Value ($000)
Pacific Gas and Electric Co.
2.95%, 3/1/2026			360		365
4.60%, 6/15/2043			250		258
4.00%, 12/1/2046			485		481
PacifiCorp
2.70%, 9/15/2030			730		757
3.30%, 3/15/2051			493		525
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia) 4.38%, 2/5/2050(a)			1,550		1,553
PG&E Corp. 5.00%, 7/1/2028			210		216
PPL Capital Funding, Inc. Series A, (ICE LIBOR USD 3 Month + 2.67%), 2.80%, 3/30/2067(f)			661		625
Southern California Edison Co.
Series 13-A, 3.90%, 3/15/2043			214		231
Series C, 4.13%, 3/1/2048			285		324
3.65%, 2/1/2050			484		519
Texas Competitive Electric Holdings Co. LLC 8.50%, 10/1/2022‡(j)			2,500		4
Vistra Operations Co. LLC
3.55%, 7/15/2024(b)			688		713
3.70%, 1/30/2027(b)			1,730		1,806
4.38%, 5/1/2029(b)			302		296
4.30%, 7/15/2029(b)			1,550		1,660
Xcel Energy, Inc.
3.40%, 6/1/2030			250		270
3.50%, 12/1/2049			299		328
					34,013
Electrical Equipment — 0.0%(h)
Orano SA (France)
3.13%, 3/20/2023(a)	EUR		100		117
3.38%, 4/23/2026(a)	EUR		300		365
					482
Electronic Equipment, Instruments & Components — 0.1%
Belden, Inc. 3.88%, 3/15/2028(a)	EUR		180		210
Sensata Technologies, Inc. 3.75%, 2/15/2031(b)			680		668
					878
Energy Equipment & Services — 0.1%
Guara Norte SARL (Brazil) 5.20%, 6/15/2034(b)			638		610
Saipem Finance International BV (Italy) 2.63%, 1/7/2025(a)	EUR		100		112
Vallourec SA (France) 8.50%, 6/30/2026(a)	EUR		300		342
					1,064
Entertainment — 0.5%
Banijay Entertainment SASU (France) 3.50%, 3/1/2025(a)	EUR		280		316
Live Nation Entertainment, Inc.
6.50%, 5/15/2027(b)			110		119
4.75%, 10/15/2027(b)			230		230
Netflix, Inc.
4.88%, 4/15/2028			1,125		1,273
3.88%, 11/15/2029(a)	EUR		100		136
5.38%, 11/15/2029(b)			1,351		1,598
3.63%, 6/15/2030(a)	EUR		400		534
4.88%, 6/15/2030(b)			615		712
WMG Acquisition Corp.
2.75%, 7/15/2028(a)	EUR		100		116
3.00%, 2/15/2031(b)			140		132
2.25%, 8/15/2031(b)	EUR		110		123
					5,289
Equity Real Estate Investment Trusts (REITs) — 0.5%
Alexandria Real Estate Equities, Inc. 1.88%, 2/1/2033			300		282
American Tower Corp.
3.60%, 1/15/2028			1,695		1,822
2.10%, 6/15/2030			1,605		1,541
Crown Castle International Corp.
3.30%, 7/1/2030			75		79
4.15%, 7/1/2050			110		125
Kilroy Realty LP 2.50%, 11/15/2032			936		921
MGM Growth Properties Operating Partnership LP 4.50%, 1/15/2028			90		97
RHP Hotel Properties LP 4.50%, 2/15/2029(b)			100		97
SBA Communications Corp. 3.13%, 2/1/2029(b)			100		95
VICI Properties LP 3.75%, 2/15/2027(b)			90		92
WP Carey, Inc.
2.40%, 2/1/2031			180		178
2.25%, 4/1/2033			790		756
					6,085
Food & Staples Retailing — 0.3%
Albertsons Cos., Inc. 4.63%, 1/15/2027(b)			300		311
Casino Guichard Perrachon SA (France)
4.50%, 3/7/2024(a)(i)	EUR		400		446
3.58%, 2/7/2025(a)(i)	EUR		200		210
Iceland Bondco plc (United Kingdom) 4.63%, 3/15/2025(a)	GBP		400		484
Quatrim SASU (France) 5.88%, 1/15/2024(a)	EUR		100		116
Rite Aid Corp.
7.50%, 7/1/2025(b)			343		342
8.00%, 11/15/2026(b)			336		334
Sysco Corp. 3.30%, 2/15/2050			520		542
US Foods, Inc. 4.75%, 2/15/2029(b)			235		238
					3,023
Food Products — 0.2%
Bimbo Bakeries USA, Inc. (Mexico) 4.00%, 5/17/2051(b)			290		321
Darling Global Finance BV 3.63%, 5/15/2026(a)	EUR		130		149

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments		Principal Amount ($000)		Value ($000)
Grupo Bimbo SAB de CV (Mexico)
4.00%, 9/6/2049(b)			368		405
Kraft Heinz Foods Co. 2.25%, 5/25/2028(a)	EUR		200		244
Lamb Weston Holdings, Inc.
4.88%, 5/15/2028(b)			80		85
4.13%, 1/31/2030(b)			315		314
Post Holdings, Inc.
5.63%, 1/15/2028(b)			300		310
5.50%, 12/15/2029(b)			185		191
Sigma Holdco BV (Netherlands) 5.75%, 5/15/2026(a)	EUR		400		417
Tereos Finance Groupe I SA (France) 4.13%, 6/16/2023(a)	EUR		100		114
					2,550
Gas Utilities — 0.0%(h)
NorteGas Energia Distribucion SA (Spain) 2.07%, 9/28/2027(a)	EUR		102		124
Health Care Equipment & Supplies — 0.2%
Avantor Funding, Inc.
2.63%, 11/1/2025(a)	EUR		300		346
3.88%, 7/15/2028(a)	EUR		100		118
Becton Dickinson and Co. 3.79%, 5/20/2050			910		1,036
Hill-Rom Holdings, Inc. 4.38%, 9/15/2027(b)			370		384
Hologic, Inc. 3.25%, 2/15/2029(b)			120		118
Medtronic Global Holdings SCA 1.50%, 7/2/2039	EUR		200		236
					2,238
Health Care Providers & Services — 1.2%
Centene Corp. 4.25%, 12/15/2027			170		176
Cigna Corp. 3.40%, 3/15/2050			1,575		1,655
Community Health Systems, Inc.
8.00%, 3/15/2026(b)			65		68
4.75%, 2/15/2031(b)			150		148
CVS Health Corp. 2.70%, 8/21/2040			690		660
Encompass Health Corp.
4.50%, 2/1/2028			385		389
4.75%, 2/1/2030			155		156
HCA, Inc.
5.38%, 9/1/2026			185		206
4.50%, 2/15/2027			3,820		4,203
5.63%, 9/1/2028			1,240		1,433
4.13%, 6/15/2029			1,570		1,726
3.50%, 9/1/2030			90		94
3.50%, 7/15/2051			480		490
Kedrion SpA (Italy) 3.38%, 5/15/2026(b)	EUR		106		119
Molina Healthcare, Inc. 3.88%, 11/15/2030(b)			200		201
Tenet Healthcare Corp.
4.63%, 7/15/2024			50		50
4.88%, 1/1/2026(b)			110		112
5.13%, 11/1/2027(b)			220		226
4.63%, 6/15/2028(b)			300		307
Universal Health Services, Inc. 2.65%, 10/15/2030(b)			1,320		1,280
					13,699
Health Care Technology — 0.1%
IQVIA, Inc.
1.75%, 3/15/2026(a)	EUR		300		341
5.00%, 10/15/2026(b)			545		558
2.25%, 1/15/2028(a)	EUR		300		340
					1,239
Hotels, Restaurants & Leisure — 0.5%
1011778 BC ULC (Canada) 4.00%, 10/15/2030(b)			395		377
Accor SA (France) 3.00%, 2/4/2026(a)(i)	EUR		100		118
Boyne USA, Inc. 4.75%, 5/15/2029(b)			360		363
Carnival Corp.
1.88%, 11/7/2022	EUR		110		122
10.13%, 2/1/2026(a)	EUR		300		378
6.00%, 5/1/2029(b)			315		306
Cirsa Finance International SARL (Spain)
6.25%, 12/20/2023(a)	EUR		187		212
4.75%, 5/22/2025(a)	EUR		250		279
CPUK Finance Ltd. (United Kingdom) 4.88%, 8/28/2025(a)	GBP		200		265
eDreams ODIGEO SA (Spain) 5.50%, 9/1/2023(a)	EUR		100		112
Gamma Bidco SpA (Italy) 5.13%, 7/15/2025(a)	EUR		300		339
Gohl Capital Ltd. (Malaysia) 4.25%, 1/24/2027(a)			970		1,005
International Game Technology plc
3.50%, 6/15/2026(a)	EUR		250		287
2.38%, 4/15/2028(a)	EUR		160		177
Marriott Ownership Resorts, Inc. 6.13%, 9/15/2025(b)			40		42
MGM Resorts International 5.50%, 4/15/2027			60		63
Pinnacle Bidco plc (United Kingdom) 5.50%, 2/15/2025(a)	EUR		200		230
Punch Finance plc (United Kingdom) 6.13%, 6/30/2026(a)	GBP		200		266
Royal Caribbean Cruises Ltd. 11.50%, 6/1/2025(b)			48		54
Six Flags Entertainment Corp. 5.50%, 4/15/2027(b)			370		376
Six Flags Theme Parks, Inc. 7.00%, 7/1/2025(b)			90		95
Vail Resorts, Inc. 6.25%, 5/15/2025(b)			140		146
Wynn Resorts Finance LLC 5.13%, 10/1/2029(b)			250		244
					5,856
Household Durables — 0.1%
CD&R Smokey Buyer, Inc. 6.75%, 7/15/2025(b)			220		230

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments		Principal Amount ($000)		Value ($000)
Lennar Corp.
4.75%, 11/29/2027			840		955
Newell Brands, Inc. 6.00%, 4/1/2046(i)			80		99
Nobel Bidco BV (Netherlands)
3.13%, 6/15/2028(a)	EUR		150		165
3.13%, 6/15/2028(b)	EUR		100		110
					1,559
Household Products — 0.1%
Central Garden & Pet Co. 5.13%, 2/1/2028			80		83
Energizer Holdings, Inc.
4.75%, 6/15/2028(b)			620		611
4.38%, 3/31/2029(b)			40		38
Spectrum Brands, Inc.
4.00%, 10/1/2026(a)	EUR		100		115
5.50%, 7/15/2030(b)			754		804
					1,651
Independent Power and Renewable Electricity Producers — 0.2%
AES Corp. (The)
3.30%, 7/15/2025(b)			497		520
3.95%, 7/15/2030(b)			768		827
Alexander Funding Trust 1.84%, 11/15/2023(b)			380		384
Calpine Corp. 5.25%, 6/1/2026(b)			202		207
Exelon Generation Co. LLC 5.60%, 6/15/2042			770		927
					2,865
Industrial Conglomerates — 0.3%
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/2035			983		1,188
General Electric Co.
5.25%, 12/7/2028	GBP		300		495
4.13%, 9/19/2035(a)	EUR		1,100		1,719
					3,402
Insurance — 0.4%
Assicurazioni Generali SpA (Italy) (EURIBOR 3 Month + 5.35%), 5.50%, 10/27/2047(a)(f)	EUR		400		542
Cloverie plc for Zurich Insurance Co. Ltd. (Switzerland) (ICE LIBOR USD 3 Month + 4.92%), 5.63%, 6/24/2046(a)(f)			1,770		1,969
MetLife, Inc. 6.40%, 12/15/2036			1,340		1,662
Swiss Re Finance Luxembourg SA (Switzerland) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.58%), 5.00%, 4/2/2049(b)(f)			200		223
					4,396
Interactive Media & Services — 0.0%(h)
TripAdvisor, Inc. 7.00%, 7/15/2025(b)			203		213
Internet & Direct Marketing Retail — 0.1%
Amazon.com, Inc. 2.70%, 6/3/2060			350		341
ANGI Group LLC 3.88%, 8/15/2028(b)			330		313
Go Daddy Operating Co. LLC 5.25%, 12/1/2027(b)			340		353
Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026(b)			280		281
					1,288
IT Services — 0.5%
Black Knight InfoServ LLC 3.63%, 9/1/2028(b)			495		483
Cogent Communications Group, Inc. 4.38%, 6/30/2024(a)	EUR		120		138
Conduent Business Services LLC 6.00%, 11/1/2029(b)			155		153
Fiserv, Inc. 1.63%, 7/1/2030	EUR		1,700		2,036
Gartner, Inc.
4.50%, 7/1/2028(b)			100		104
3.75%, 10/1/2030(b)			445		444
Global Payments, Inc.
2.90%, 5/15/2030			400		405
2.90%, 11/15/2031			1,010		1,022
Nexi SpA (Italy) 1.63%, 4/30/2026(a)	EUR		250		279
Presidio Holdings, Inc. 4.88%, 2/1/2027(b)			201		203
VeriSign, Inc. 2.70%, 6/15/2031			870		878
					6,145
Leisure Products — 0.0%(h)
Mattel, Inc. 3.75%, 4/1/2029(b)			205		210
Machinery — 0.1%
Renk AG (Germany) 5.75%, 7/15/2025(a)	EUR		300		352
TK Elevator Holdco GmbH (Germany) 6.63%, 7/15/2028(a)	EUR		90		106
TK Elevator Midco GmbH (Germany) 4.38%, 7/15/2027(a)	EUR		330		383
					841
Marine — 0.0%(h)
Hapag-Lloyd AG (Germany) 2.50%, 4/15/2028(a)	EUR		150		175
Media — 1.1%
Altice Financing SA (Luxembourg) 2.25%, 1/15/2025(a)	EUR		300		326
Altice Finco SA (Luxembourg) 4.75%, 1/15/2028(a)	EUR		150		157
Bertelsmann SE & Co. KGaA (Germany) (EUR Swap Annual 5 Year + 2.64%), 3.00%, 4/23/2075(a)(f)	EUR		100		116
Charter Communications Operating LLC 2.80%, 4/1/2031			1,130		1,120

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments		Principal Amount ($000)		Value ($000)
2.30%, 2/1/2032			764		721
3.50%, 6/1/2041			430		421
5.38%, 5/1/2047			958		1,150
3.70%, 4/1/2051			2,082		2,019
Clear Channel Outdoor Holdings, Inc. 7.75%, 4/15/2028(b)			405		422
Clear Channel Worldwide Holdings, Inc. 5.13%, 8/15/2027(b)			160		162
Comcast Corp. 2.99%, 11/1/2063(b)			1,294		1,250
Discovery Communications LLC
3.63%, 5/15/2030			700		749
4.65%, 5/15/2050			450		534
DISH DBS Corp.
5.88%, 11/15/2024			80		81
5.25%, 12/1/2026(b)			695		688
5.75%, 12/1/2028(b)			140		138
Gannett Holdings LLC 6.00%, 11/1/2026(b)			75		75
GCI LLC 4.75%, 10/15/2028(b)			310		317
iHeartCommunications, Inc.
6.38%, 5/1/2026			160		166
5.25%, 8/15/2027(b)			300		304
Meredith Corp. 6.50%, 7/1/2025			80		85
Midas OpCo Holdings LLC 5.63%, 8/15/2029(b)			34		34
Scripps Escrow II, Inc.
3.88%, 1/15/2029(b)			60		60
5.38%, 1/15/2031(b)			40		40
SES SA (Luxembourg)
(EUR Swap Annual 5 Year + 5.40%), 5.63%, 1/29/2024(a)(e)(f)(g)	EUR		200		242
(EUR Swap Annual 5 Year + 3.19%), 2.87%, 5/27/2026(a)(e)(f)(g)	EUR		100		113
Summer BC Holdco A SARL (Luxembourg) 9.25%, 10/31/2027(a)	EUR		90		110
Summer BC Holdco B SARL (Luxembourg) 5.75%, 10/31/2026(a)	EUR		380		446
Telenet Finance Luxembourg Notes SARL (Belgium) 3.50%, 3/1/2028(a)	EUR		300		347
Virgin Media Vendor Financing Notes III DAC (United Kingdom) 4.88%, 7/15/2028(a)	GBP		100		132
Ziggo Bond Co. BV (Netherlands) 3.38%, 2/28/2030(a)	EUR		370		407
Ziggo BV (Netherlands) 4.25%, 1/15/2027(a)	EUR		376		434
					13,366
Metals & Mining — 1.1%
Alcoa Nederland Holding BV 5.50%, 12/15/2027(b)			500		531
Arconic Corp. 6.13%, 2/15/2028(b)			110		114
Cleveland-Cliffs, Inc. 4.63%, 3/1/2029(b)			240		242
Constellium SE 4.25%, 2/15/2026(a)	EUR		100		114
Freeport-McMoRan, Inc.
4.38%, 8/1/2028			90		94
5.40%, 11/14/2034			1,911		2,274
5.45%, 3/15/2043			375		462
Gerdau Trade, Inc. (Brazil) 4.88%, 10/24/2027(a)			1,300		1,404
Glencore Funding LLC (Australia)
2.50%, 9/1/2030(b)			1,310		1,275
2.63%, 9/23/2031(b)			1,148		1,113
Indonesia Asahan Aluminium Persero PT (Indonesia) 5.45%, 5/15/2030(b)			830		940
Nexa Resources SA (Brazil) 5.38%, 5/4/2027(a)			1,120		1,163
Novelis Sheet Ingot GmbH 3.38%, 4/15/2029(a)	EUR		200		230
Rio Tinto Finance USA Ltd. (Australia) 2.75%, 11/2/2051			995		997
thyssenkrupp AG (Germany)
1.38%, 3/3/2022(a)	EUR		100		113
1.88%, 3/6/2023(a)	EUR		230		262
United States Steel Corp. 6.88%, 3/1/2029			140		147
Vale Overseas Ltd. (Brazil) 3.75%, 7/8/2030			1,435		1,436
					12,911
Multi-Utilities — 0.4%
Ameren Corp. 3.50%, 1/15/2031			1,177		1,278
CenterPoint Energy, Inc. 2.95%, 3/1/2030			1,015		1,046
NGG Finance plc (United Kingdom)
(EUR Swap Annual 5 Year + 2.53%), 2.13%, 9/5/2082(a)(f)	EUR		1,000		1,131
San Diego Gas & Electric Co. Series UUU, 3.32%, 4/15/2050			200		215
Southern Co. Gas Capital Corp. Series 20-A, 1.75%, 1/15/2031			482		451
					4,121
Oil, Gas & Consumable Fuels — 2.8%
Antero Midstream Partners LP
5.75%, 3/1/2027(b)			60		60
5.75%, 1/15/2028(b)			380		391
Antero Resources Corp. 8.38%, 7/15/2026(b)			25		28
BP Capital Markets America, Inc. 2.77%, 11/10/2050			390		368

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments		Principal Amount ($000)		Value ($000)
BP Capital Markets plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.04%), 4.38%, 6/22/2025(e)(f)(g)			1,192		1,246
(EUR Swap Annual 5 Year + 3.88%), 3.25%, 3/22/2026(a)(e)(f)(g)	EUR		1,800		2,150
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.40%), 4.88%, 3/22/2030(e)(f)(g)			1,716		1,847
California Resources Corp. 7.13%, 2/1/2026(b)			34		35
Cheniere Corpus Christi Holdings LLC 5.13%, 6/30/2027			1,374		1,556
Cheniere Energy Partners LP 3.25%, 1/31/2032(b)			75		73
Chevron USA, Inc. 2.34%, 8/12/2050			200		185
Comstock Resources, Inc. 7.50%, 5/15/2025(b)			108		111
Ecopetrol SA (Colombia)
6.88%, 4/29/2030			630		697
7.38%, 9/18/2043			550		590
5.88%, 5/28/2045			430		397
Energean Israel Finance Ltd. (Israel)
4.88%, 3/30/2026(a)			312		307
5.38%, 3/30/2028(a)			1,498		1,470
Energy Transfer LP 5.35%, 5/15/2045			710		824
Eni SpA (Italy) 4.25%, 5/9/2029(b)			910		1,029
Exxon Mobil Corp. 3.00%, 8/16/2039			670		690
Gazprom PJSC (Russia) 3.25%, 2/25/2030(a)			480		462
Gray Oak Pipeline LLC 2.60%, 10/15/2025(b)			280		285
Greenko Dutch BV (India) 3.85%, 3/29/2026(b)			1,179		1,190
KazMunayGas National Co. JSC (Kazakhstan) 5.75%, 4/19/2047(a)			598		703
Leviathan Bond Ltd. (Israel)
6.13%, 6/30/2025(a)			372		391
6.50%, 6/30/2027(a)			1,043		1,094
6.75%, 6/30/2030(a)			232		242
Lukoil Securities BV (Russia) 3.88%, 5/6/2030(a)			420		429
MEG Energy Corp. (Canada) 6.50%, 1/15/2025(b)			6		6
MPLX LP 4.50%, 4/15/2038			1,025		1,138
NGL Energy Operating LLC 7.50%, 2/1/2026(b)			19		19
Occidental Petroleum Corp.
3.50%, 6/15/2025			140		140
8.88%, 7/15/2030			80		105
Petroleos Mexicanos (Mexico) 6.75%, 9/21/2047			4,025		3,291
Repsol International Finance BV (Spain)
(EUR Swap Annual 5 Year + 4.41%), 4.25%, 9/11/2028(a)(e)(f)(g)	EUR		100		121
(EUR Swap Annual 10 Year + 4.20%), 4.50%, 3/25/2075(a)(f)	EUR		390		473
Sabine Pass Liquefaction LLC 4.50%, 5/15/2030			1,950		2,206
SM Energy Co. 6.63%, 1/15/2027			40		40
Southwestern Energy Co. 5.38%, 3/15/2030			90		94
Summit Midstream Holdings LLC 8.50%, 10/15/2026(b)			160		161
Tallgrass Energy Partners LP
7.50%, 10/1/2025(b)			330		350
6.00%, 9/1/2031(b)			155		150
Targa Resources Partners LP
5.00%, 1/15/2028			120		124
4.00%, 1/15/2032(b)			150		155
TotalEnergies Capital International SA (France) 3.13%, 5/29/2050			310		320
TotalEnergies SE (France)
(EUR Swap Annual 5 Year + 3.78%), 3.88%, 5/18/2022(a)(e)(f)(g)	EUR		1,300		1,494
(EUR Swap Annual 5 Year + 2.15%), 2.62%, 2/26/2025(a)(e)(f)(g)	EUR		1,100		1,299
Transcanada Trust (Canada) Series 16-A, (ICE LIBOR USD 3 Month + 4.64%), 5.87%, 8/15/2076(f)			810		881
UGI International LLC
3.25%, 11/1/2025(a)	EUR		350		401
2.50%, 12/1/2029(b)	EUR		296		329
					32,147
Paper & Forest Products — 0.1%
Suzano Austria GmbH (Brazil) 6.00%, 1/15/2029			1,200		1,357
WEPA Hygieneprodukte GmbH (Germany) 2.88%, 12/15/2027(a)	EUR		180		190
					1,547
Personal Products — 0.1%
Coty, Inc.
4.00%, 4/15/2023(a)	EUR		200		226
3.88%, 4/15/2026(a)	EUR		200		229
5.00%, 4/15/2026(b)			145		148
Edgewell Personal Care Co. 5.50%, 6/1/2028(b)			450		469
Prestige Brands, Inc. 5.13%, 1/15/2028(b)			215		223
					1,295

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments		Principal Amount ($000)		Value ($000)
Pharmaceuticals — 0.4%
Bausch Health Cos., Inc.
6.13%, 4/15/2025(b)			88		89
5.50%, 11/1/2025(b)			500		504
5.00%, 1/30/2028(b)			120		107
6.25%, 2/15/2029(b)			720		652
5.25%, 1/30/2030(b)			190		163
Bristol-Myers Squibb Co.
2.35%, 11/13/2040			840		795
4.25%, 10/26/2049			425		530
Catalent Pharma Solutions, Inc. 2.38%, 3/1/2028(a)	EUR		100		113
Cheplapharm Arzneimittel GmbH (Germany) 3.50%, 2/11/2027(a)	EUR		300		339
Nidda BondCo GmbH (Germany)
5.00%, 9/30/2025(a)	EUR		360		403
7.25%, 9/30/2025(a)	EUR		100		115
Nidda Healthcare Holding GmbH (Germany) 3.50%, 9/30/2024(a)	EUR		150		169
Organon & Co.
2.88%, 4/30/2028(a)	EUR		300		341
4.13%, 4/30/2028(b)			310		309
Rossini SARL (Italy) 6.75%, 10/30/2025(a)	EUR		120		141
Takeda Pharmaceutical Co. Ltd. (Japan) 3.03%, 7/9/2040			420		427
					5,197
Professional Services — 0.0%(h)
La Financiere Atalian SASU (France) 5.13%, 5/15/2025(a)	EUR		375		419
Real Estate Management & Development — 0.2%
Country Garden Holdings Co. Ltd. (China)
3.13%, 10/22/2025(a)			812		723
7.25%, 4/8/2026(a)			1,540		1,512
Longfor Group Holdings Ltd. (China) 4.50%, 1/16/2028(a)			540		569
					2,804
Road & Rail — 0.2%
Canadian Pacific Railway Co. (Canada)
2.45%, 12/2/2031			470		476
3.00%, 12/2/2041			220		224
3.10%, 12/2/2051			600		617
Hertz Corp. (The) 4.63%, 12/1/2026(b)			240		237
Kansas City Southern 3.50%, 5/1/2050			340		369
Loxam SAS (France) 3.25%, 1/14/2025(a)	EUR		500		565
Uber Technologies, Inc. 4.50%, 8/15/2029(b)			260		257
					2,745
Semiconductors & Semiconductor Equipment — 0.2%
ams AG (Austria) 6.00%, 7/31/2025(a)	EUR		330		393
Entegris, Inc. 4.38%, 4/15/2028(b)			140		143
Microchip Technology, Inc. 4.25%, 9/1/2025			567		589
NXP BV (China) 3.25%, 5/11/2041(b)			1,140		1,161
ON Semiconductor Corp. 3.88%, 9/1/2028(b)			358		364
					2,650
Software — 0.5%
Brunello Bidco SpA (Italy) 3.50%, 2/15/2028(a)	EUR		200		224
CDK Global, Inc. 5.25%, 5/15/2029(b)			265		280
NCR Corp.
5.75%, 9/1/2027(b)			300		310
5.00%, 10/1/2028(b)			150		152
6.13%, 9/1/2029(b)			80		85
Nuance Communications, Inc. 5.63%, 12/15/2026			410		422
Oracle Corp. 3.95%, 3/25/2051			248		267
PTC, Inc. 4.00%, 2/15/2028(b)			130		131
SS&C Technologies, Inc. 5.50%, 9/30/2027(b)			530		551
VMware, Inc.
4.70%, 5/15/2030			568		659
2.20%, 8/15/2031			2,485		2,421
					5,502
Specialty Retail — 0.2%
Asbury Automotive Group, Inc. 4.63%, 11/15/2029(b)			92		93
Constellation Automotive Financing plc (United Kingdom) 4.88%, 7/15/2027(a)	GBP		200		258
Douglas GmbH (Germany)
6.00%, 4/8/2026(b)	EUR		275		304
6.00%, 4/8/2026(a)	EUR		250		275
Dufry One BV (Switzerland) 2.50%, 10/15/2024(a)	EUR		100		109
eG Global Finance plc (United Kingdom)
3.63%, 2/7/2024(a)	EUR		350		389
4.38%, 2/7/2025(a)	EUR		100		111
PetSmart, Inc. 4.75%, 2/15/2028(b)			250		253
Sonic Automotive, Inc. 4.63%, 11/15/2029(b)			235		231
SRS Distribution, Inc. 4.63%, 7/1/2028(b)			105		105
Staples, Inc. 7.50%, 4/15/2026(b)			360		357
					2,485
Technology Hardware, Storage & Peripherals — 0.3%
Apple, Inc. 2.65%, 2/8/2051			560		555
Dell International LLC
6.02%, 6/15/2026			1,590		1,850
4.90%, 10/1/2026			120		136
5.30%, 10/1/2029			221		262

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments		Principal Amount ($000)		Value ($000)
Diebold Nixdorf Dutch Holding BV 9.00%, 7/15/2025(a)	EUR		190		230
					3,033
Textiles, Apparel & Luxury Goods — 0.0%(h)
BK LC Lux Finco1 SARL (Germany) 5.25%, 4/30/2029(a)	EUR		200		232
Thrifts & Mortgage Finance — 0.6%
BPCE SA (France)
5.70%, 10/22/2023(b)			2,870		3,103
(SOFR + 1.09%), 2.05%, 10/19/2027(b)(f)			300		298
(SOFR + 1.73%), 3.12%, 10/19/2032(b)(f)			1,310		1,314
Nationwide Building Society (United Kingdom) 0.75%, 10/26/2022(a)	EUR		2,100		2,408
(U.K. Government Bonds 5 Year Note Generic Bid Yield + 5.63%), 5.75%, 6/20/2027(a)(e)(f)(g)	GBP		200		285
					7,408
Tobacco — 0.2%
BAT Capital Corp. (United Kingdom) 4.39%, 8/15/2037			1,399		1,485
Philip Morris International, Inc. 2.10%, 5/1/2030			160		158
Reynolds American, Inc. (United Kingdom) 4.45%, 6/12/2025			895		968
					2,611
Trading Companies & Distributors — 0.2%
Air Lease Corp.
1.88%, 8/17/2026			230		226
3.25%, 10/1/2029			1,170		1,197
Aviation Capital Group LLC 1.95%, 9/20/2026(b)			910		890
Herc Holdings, Inc. 5.50%, 7/15/2027(b)			10		10
United Rentals North America, Inc. 3.88%, 2/15/2031			140		140
WESCO Distribution, Inc. 7.13%, 6/15/2025(b)			300		317
					2,780
Transportation Infrastructure — 0.3%
Abertis Infraestructuras Finance BV (Spain)
(EUR Swap Annual 5 Year + 3.69%), 3.25%, 11/24/2025(a)(e)(f)(g)	EUR		300		345
(EUR Swap Annual 5 Year + 3.27%), 2.62%, 1/26/2027(a)(e)(f)(g)	EUR		200		220
Atlantia SpA (Italy)
1.63%, 2/3/2025(a)	EUR		410		474
1.88%, 7/13/2027(a)	EUR		100		117
1.88%, 2/12/2028(a)	EUR		200		233
Autostrade per l’Italia SpA (Italy)
1.63%, 6/12/2023	EUR		100		115
1.88%, 11/4/2025(a)	EUR		800		937
1.75%, 6/26/2026(a)	EUR		170		199
2.00%, 12/4/2028(a)	EUR		350		411
					3,051
Wireless Telecommunication Services — 0.9%
Hughes Satellite Systems Corp. 6.63%, 8/1/2026			120		133
Matterhorn Telecom SA (Luxembourg) 3.13%, 9/15/2026(a)	EUR		270		299
PLT VII Finance SARL (Luxembourg) 4.63%, 1/5/2026(a)	EUR		350		405
Sprint Corp. 7.63%, 2/15/2025			70		80
Telefonica Europe BV (Spain) (EUR Swap Annual 5 Year + 2.33%), 2.62%, 3/7/2023(a)(e)(f)(g)	EUR		200		231
Series NC5, (EUR Swap Annual 5 Year + 2.45%), 3.00%, 9/4/2023(a)(e)(f)(g)	EUR		300		351
(EUR Swap Annual 10 Year + 4.30%), 5.87%, 3/31/2024(a)(e)(f)(g)	EUR		700		869
(EUR Swap Annual 8 Year + 2.97%), 3.88%, 6/22/2026(a)(e)(f)(g)	EUR		200		239
T-Mobile USA, Inc.
3.75%, 4/15/2027			2,680		2,882
2.25%, 11/15/2031			246		236
3.00%, 2/15/2041			810		773
4.50%, 4/15/2050			715		836
3.40%, 10/15/2052(b)			610		605
Vodafone Group plc (United Kingdom)
4.88%, 6/19/2049			1,138		1,423
(EUR Swap Annual 5 Year + 3.43%), 4.20%, 10/3/2078(a)(f)	EUR		240		299
(EUR Swap Annual 5 Year + 2.67%), 3.10%, 1/3/2079(a)(f)	EUR		500		585
Series NC10, (EUR Swap Annual 5 Year + 3.23%), 3.00%, 8/27/2080(a)(f)	EUR		100		114
					10,360
TOTAL CORPORATE BONDS (Cost $450,444)					449,839
ASSET-BACKED SECURITIES — 19.7%
ACC Trust
Series 2019-2, Class A, 2.82%, 2/21/2023(b)			18		18
Series 2021-1, Class B, 1.43%, 7/22/2024(b)			751		749
Series 2021-1, Class C, 2.08%, 12/20/2024(b)			410		407
Series 2021-1, Class D, 5.25%, 3/22/2027(b)			1,109		1,098

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Accelerated LLC
Series 2021-1H, Class A, 1.35%, 10/20/2040(b)		317		313
Series 2021-1H, Class B, 1.90%, 10/20/2040(b)		420		415
Series 2021-1H, Class C, 2.35%, 10/20/2040‡(b)		1,842		1,838
American Credit Acceptance Receivables Trust
Series 2019-1, Class E, 4.84%, 4/14/2025(b)		2,400		2,499
Series 2019-4, Class D, 2.97%, 12/12/2025(b)		790		807
Series 2021-2, Class C, 0.97%, 7/13/2027(b)		6,053		6,032
Series 2021-2, Class D, 1.34%, 7/13/2027(b)		4,800		4,754
Series 2021-3, Class C, 0.98%, 11/15/2027(b)		2,037		2,018
Series 2021-3, Class D, 1.34%, 11/15/2027(b)		1,584		1,566
Series 2021-3, Class E, 2.56%, 11/15/2027(b)		1,125		1,106
Series 2021-4, Class E, 3.12%, 2/14/2028(b)		1,700		1,695
Series 2021-3, Class F, 3.64%, 5/15/2028(b)		1,114		1,095
Applebee’s Funding LLC Series 2019-1A, Class A2II, 4.72%, 6/5/2049(b)		693		717
Asset-Backed Securities Corp. Home Equity Loan Trust Series 2004-HE7, Class M2, 1.67%, 10/25/2034‡(c)		151		157
CARS-DB5 LP Series 2021-1A, Class A2, 2.28%, 8/15/2051(b)		941		933
Chase Funding Loan Acquisition Trust Series 2004-OPT1, Class M2, 1.59%, 6/25/2034‡(c)		186		186
Commonbond Student Loan Trust
Series 2018-AGS, Class B, 3.58%, 2/25/2044‡(b)		515		524
Series 2018-AGS, Class C, 3.82%, 2/25/2044‡(b)		69		69
Conn’s Receivables Funding LLC
Series 2021-A, Class A, 1.05%, 5/15/2026(b)		7,300		7,299
Series 2021-A, Class B, 2.87%, 5/15/2026‡(b)		1,980		1,983
Series 2021-A, Class C, 4.59%, 5/15/2026‡(b)		1,880		1,880
Consumer Loan Underlying Bond Credit Trust Series 2019-P2, Class C, 4.41%, 10/15/2026‡(b)		2,200		2,234
Countrywide Asset-Backed Certificates
Series 2002-4, Class M1, 1.22%, 12/25/2032‡(c)		513		511
Series 2004-ECC2, Class M2, 1.07%, 12/25/2034‡(c)		352		353
CPS Auto Receivables Trust Series 2021-B, Class C, 1.23%, 3/15/2027(b)		2,497		2,480
CPS Auto Trust Series 2018-C, Class D, 4.40%, 6/17/2024(b)		677		686
Credit Acceptance Auto Loan Trust Series 2021-3A, Class A, 1.00%, 5/15/2030(b)		2,793		2,776
CWABS, Inc. Asset-Backed Certificates Series 2004-1, Class M2, 0.92%, 3/25/2034‡(c)		91		91
CWABS, Inc. Asset-Backed Certificates Trust Series 2004-5, Class M2, 1.10%, 7/25/2034‡(c)		156		157
Diamond Resorts Owner Trust Series 2018-1, Class C, 4.53%, 1/21/2031‡(b)		1,005		1,026
Domino’s Pizza Master Issuer LLC Series 2018-1A, Class A2I, 4.12%, 7/25/2048(b)		698		715
Drive Auto Receivables Trust Series 2020-1, Class D, 2.70%, 5/17/2027		1,170		1,195
DT Auto Owner Trust
Series 2018-2A, Class E, 5.54%, 6/16/2025(b)		890		917
Series 2019-4A, Class D, 2.85%, 7/15/2025(b)		2,999		3,070
Series 2020-1A, Class C, 2.29%, 11/17/2025(b)		2,980		3,014
Series 2020-3A, Class E, 3.62%, 10/15/2027(b)		2,500		2,568
Series 2021-3A, Class E, 2.65%, 9/15/2028(b)		335		328
Encina Equipment Finance LLC Series 2021-1A, Class E, 4.36%, 3/15/2029‡(b)		809		816
Exeter Automobile Receivables Trust
Series 2018-3A, Class D, 4.35%, 6/17/2024(b)		1,727		1,760
Series 2018-3A, Class E, 5.43%, 8/15/2024(b)		550		575
Series 2020-1A, Class D, 2.73%, 12/15/2025(b)		2,150		2,200
Series 2019-3A, Class E, 4.00%, 8/17/2026(b)		810		840
Series 2020-1A, Class E, 3.74%, 1/15/2027(b)		2,650		2,713
Series 2021-2A, Class D, 1.40%, 4/15/2027		2,511		2,484
Series 2021-2A, Class E, 2.90%, 7/17/2028(b)		2,675		2,645
First Franklin Mortgage Loan Trust Series 2004-FF5, Class A1, 0.81%, 8/25/2034‡(c)		—  (k)		—  (k)
Flagship Credit Auto Trust Series 2017-4, Class D, 3.58%, 1/15/2024(b)		1,900		1,929
Series 2021-3, Class E, 3.32%, 12/15/2028(b)		1,700		1,675

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
FREED ABS Trust
Series 2019-1, Class C, 5.39%, 6/18/2026‡(b)		867		877
Series 2019-2, Class B, 3.19%, 11/18/2026‡(b)		556		558
Series 2020-FP1, Class C, 4.37%, 3/18/2027‡(b)		1,460		1,484
Series 2021-2, Class B, 1.03%, 6/19/2028‡(b)		4,000		3,987
Series 2021-2, Class C, 1.94%, 6/19/2028‡(b)		763		764
Series 2021-3FP, Class B, 1.01%, 11/20/2028‡(b)		2,383		2,367
GLS Auto Receivables Issuer Trust
Series 2019-2A, Class D, 4.52%, 2/17/2026(b)		630		651
Series 2020-4A, Class E, 3.51%, 10/15/2027(b)		650		660
GLS Auto Receivables Trust
Series 2018-2A, Class D, 5.46%, 3/17/2025(b)		1,470		1,515
Series 2021-2A, Class C, 1.08%, 6/15/2026(b)		1,812		1,799
Series 2021-2A, Class E, 2.87%, 5/15/2028(b)		1,100		1,080
Hertz Vehicle Financing III LP
Series 2021-2A, Class A, 1.68%, 12/27/2027(b)		2,000		1,994
Series 2021-2A, Class B, 2.12%, 12/27/2027(b)		1,393		1,385
Series 2021-2A, Class C, 2.52%, 12/27/2027(b)		1,726		1,719
JetBlue Pass-Through Trust
Series 2019-1, Class B, 8.00%, 11/15/2027		222		257
Series 2019-1, Class A, 2.95%, 5/15/2028		164		165
Series 2020-1, Class B, 7.75%, 11/15/2028		142		167
KREF Ltd. Series 2021-FL2, Class A, 1.16%, 2/15/2039(b)(c)		2,335		2,332
Lendingpoint Asset Securitization Trust
Series 2021-A, Class B, 1.46%, 12/15/2028‡(b)		1,176		1,168
Series 2021-B, Class B, 1.68%, 2/15/2029‡(b)		2,800		2,780
Series 2021-B, Class C, 3.21%, 2/15/2029‡(b)		1,500		1,486
Lendmark Funding Trust
Series 2019-2A, Class D, 5.24%, 4/20/2028‡(b)		2,090		2,145
Series 2021-1A, Class A, 1.90%, 11/20/2031(b)		270		269
Series 2021-1A, Class B, 2.47%, 11/20/2031‡(b)		139		140
LL ABS Trust
Series 2019-1A, Class C, 5.07%, 3/15/2027‡(b)		2,750		2,805
Series 2020-1A, Class C, 6.54%, 1/17/2028‡(b)		1,000		1,061
Series 2021-1A, Class C, 3.54%, 5/15/2029‡(b)		500		494
Magnetite Ltd. (Cayman Islands) Series 2012-7A, Class A1R2, 0.92%, 1/15/2028(b)(c)		520		520
Marlette Funding Trust
Series 2021-2A, Class B, 1.06%, 9/15/2031‡(b)		840		835
Series 2021-2A, Class C, 1.50%, 9/15/2031‡(b)		500		494
Series 2021-2A, Class D, 2.16%, 9/15/2031‡(b)		300		296
Mid-State Capital Corp. Trust Series 2006-1, Class M2, 6.74%, 10/15/2040‡(b)		2,020		2,134
Morgan Stanley ABS Capital I, Inc. Trust
Series 2004-HE1, Class M1, 0.95%, 1/25/2034‡(c)		165		165
Series 2004-NC7, Class M3, 1.07%, 7/25/2034‡(c)		81		79
Series 2004-HE7, Class M2, 1.04%, 8/25/2034‡(c)		48		48
Series 2004-HE7, Class M3, 1.11%, 8/25/2034‡(c)		60		60
Series 2004-HE8, Class M2, 1.11%, 9/25/2034‡(c)		103		101
Series 2005-NC1, Class M3, 0.86%, 1/25/2035‡(c)		347		343
MVW LLC Series 2021-1WA, Class D, 3.17%, 1/22/2041‡(b)		1,770		1,753
New Century Home Equity Loan Trust
Series 2004-2, Class M2, 1.02%, 8/25/2034‡(c)		40		40
Series 2004-4, Class M2, 0.88%, 2/25/2035‡(c)		196		194
NRZ Excess Spread-Collateralized Notes
Series 2021-FNT2, Class A, 3.23%, 5/25/2026(b)		1,431		1,421
Series 2021-FHT1, Class A, 3.10%, 7/25/2026(b)		1,449		1,446
Series 2021-GNT1, Class A, 3.47%, 11/25/2026(b)		1,826		1,826
OnDeck Asset Securitization Trust III LLC
Series 2021-1A, Class A, 1.59%, 5/17/2027(b)		5,350		5,331
Series 2021-1A, Class B, 2.28%, 5/17/2027‡(b)		2,480		2,471
OneMain Direct Auto Receivables Trust
Series 2018-1A, Class B, 3.71%, 4/14/2025(b)		914		917
Series 2018-1A, Class D, 4.40%, 1/14/2028(b)		1,110		1,113

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Onemain Financial Issuance Trust Series 2018-1A, Class D, 4.08%, 3/14/2029‡(b)		860		873
OneMain Financial Issuance Trust Series 2021-1A, Class A1, 1.55%, 6/16/2036(b)		5,425		5,376
Oportun Issuance Trust
Series 2021-B, Class A, 1.47%, 5/8/2031(b)		2,538		2,528
Series 2021-B, Class B, 1.96%, 5/8/2031‡(b)		1,311		1,309
Series 2021-C, Class A, 2.18%, 10/8/2031(b)		2,300		2,291
Option One Mortgage Loan Trust Series 2004-3, Class M3, 1.07%, 11/25/2034‡(c)		24		23
Pagaya AI Debt Selection Trust
Series 2021-HG1, Class B, 1.82%, 1/16/2029‡(b)		1,146		1,143
Series 2021-3, Class A, 1.15%, 5/15/2029(b)		2,530		2,521
Series 2021-3, Class B, 1.74%, 5/15/2029(b)		1,660		1,642
Palmer Square Loan Funding Ltd. (Cayman Islands)
Series 2018-5A, Class A1, 0.98%, 1/20/2027(b)(c)		678		678
Series 2021-4A, Class C, 2.72%, 10/15/2029‡(b)(c)		1,606		1,604
PNMAC FMSR Issuer Trust Series 2018-FT1, Class A, 2.44%, 4/25/2023(b)(c)		1,210		1,207
PNMAC GMSR Issuer Trust Series 2018-GT2, Class A, 2.74%, 8/25/2025(b)(c)		2,280		2,278
PRET LLC
Series 2021-NPL3, Class A1, 1.87%, 7/25/2051(b)(i)		1,540		1,532
Series 2021-NPL3, Class A2, 3.72%, 7/25/2051(b)(i)		832		822
Progress Residential Trust Series 2021-SFR9, Class A, 2.01%, 11/17/2040(b)		3,265		3,252
Renaissance Home Equity Loan Trust
Series 2005-1, Class AF6, 4.97%, 5/25/2035‡(i)		124		129
Series 2005-2, Class M1, 5.05%, 8/25/2035‡(i)		1,542		1,620
Republic Finance Issuance Trust
Series 2020-A, Class A, 2.47%, 11/20/2030(b)		396		402
Series 2021-A, Class D, 5.23%, 12/22/2031‡(b)		1,500		1,502
Santander Drive Auto Receivables Trust Series 2021-2, Class D, 1.35%, 7/15/2027		1,720		1,714
Santander Prime Auto Issuance Notes Trust Series 2018-A, Class F, 6.80%, 9/15/2025(b)		260		263
Santander Revolving Auto Loan Trust
Series 2019-A, Class A, 2.51%, 1/26/2032(b)		820		849
Series 2019-A, Class C, 3.00%, 1/26/2032(b)		2,936		3,044
Series 2019-A, Class D, 3.45%, 1/26/2032(b)		2,910		3,025
Service Experts Issuer LLC Series 2021-1A, Class A, 2.67%, 2/2/2032(b)		2,900		2,893
SoFi Consumer Loan Program Trust Series 2018-4, Class D, 4.76%, 11/26/2027‡(b)		970		989
Springleaf Funding Trust Series 2017-AA, Class C, 3.86%, 7/15/2030‡(b)		2,000		2,001
Structured Asset Investment Loan Trust
Series 2004-7, Class M1, 1.14%, 8/25/2034‡(c)		194		193
Series 2004-8, Class M2, 1.02%, 9/25/2034‡(c)		224		224
Structured Asset Securities Corp. Mortgage Loan Trust Series 2005-WF2, Class M2, 0.72%, 5/25/2035‡(c)		119		118
Tesla Auto Lease Trust
Series 2019-A, Class E, 5.48%, 5/22/2023(b)		1,520		1,569
Series 2020-A, Class E, 4.64%, 8/20/2024(b)		2,450		2,537
Series 2021-A, Class D, 1.34%, 3/20/2025(b)		1,025		1,026
Theorem Funding Trust Series 2021-1A, Class A, 1.21%, 12/15/2027(b)		1,102		1,101
Tricolor Auto Securitization Trust
Series 2021-1A, Class E, 3.23%, 9/15/2026(b)		500		496
Series 2021-1A, Class F, 5.08%, 5/15/2028(b)		500		494
United Airlines Pass-Through Trust Series 2013-1, Class A, 4.30%, 8/15/2025		976		1,025
Upstart Pass-Through Trust
Series 2021-ST4, Class A, 2.00%, 7/20/2027(b)		1,802		1,790
Series 2021-ST6, Class A, 1.85%, 8/20/2027(b)		694		690
Series 2021-ST8, Class A, 1.75%, 10/20/2029(b)		522		519
Series 2021-ST9, Class A, 1.70%, 11/20/2029(b)		2,315		2,302
Upstart Securitization Trust
Series 2020-1, Class C, 4.90%, 4/22/2030‡(b)		1,050		1,083
Series 2021-1, Class C, 4.06%, 3/20/2031‡(b)		750		760
Series 2021-2, Class C, 3.61%, 6/20/2031(b)		1,030		1,025
Series 2021-3, Class C, 3.28%, 7/20/2031‡(b)		1,200		1,192

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2021-4, Class B, 1.84%, 9/20/2031‡(b)		2,584		2,551
Series 2021-5, Class A, 1.31%, 11/20/2031(b)		3,075		3,069
Series 2021-5, Class C, 4.15%, 11/20/2031‡(b)		3,276		3,274
US Auto Funding
Series 2021-1A, Class A, 0.79%, 7/15/2024(b)		582		582
Series 2021-1A, Class B, 1.49%, 3/17/2025(b)		311		309
Series 2021-1A, Class C, 2.20%, 5/15/2026(b)		2,768		2,730
Westlake Automobile Receivables Trust
Series 2018-3A, Class E, 4.90%, 12/15/2023(b)		490		501
Series 2018-2A, Class F, 6.04%, 1/15/2025(b)		1,701		1,719
Series 2018-3A, Class F, 6.02%, 2/18/2025(b)		1,000		1,028
Series 2021-2A, Class D, 1.23%, 12/15/2026(b)		660		651
Series 2021-3A, Class D, 2.12%, 1/15/2027(b)		3,400		3,406
Series 2021-3A, Class E, 3.42%, 4/15/2027(b)		5,900		5,888
Series 2021-2A, Class F, 3.66%, 12/15/2027(b)		1,700		1,680
TOTAL ASSET-BACKED SECURITIES (Cost $230,221)				230,654
COMMERCIAL MORTGAGE-BACKED SECURITIES — 8.5%
A10 Revolving Asset Financing I LLC 6.12%, 1/9/2020‡(b)(c)		6,000		6,000
BANK
Series 2018-BN13, Class C, 4.72%, 8/15/2061‡(c)		509		556
Series 2019-BN20, Class XA, IO, 0.96%, 9/15/2062(c)		4,119		230
Series 2019-BN20, Class C, 3.77%, 9/15/2062‡(c)		708		724
Series 2020-BN25, Class XA, IO, 1.00%, 1/15/2063(c)		13,182		811
Series 2021-BN34, Class XA, IO, 1.09%, 6/15/2063(c)		16,145		1,206
Series 2021-BN33, Class XA, IO, 1.18%, 5/15/2064(c)		14,387		1,117
Series 2021-BN35, Class XB, IO, 0.70%, 6/15/2064(c)		17,700		954
Series 2021-BN35, Class XA, IO, 1.16%, 6/15/2064(c)		11,887		945
Benchmark Mortgage Trust Series 2019-B11, Class C, 3.75%, 5/15/2052‡(c)		1,679		1,746
BHMS Series 2018-ATLS, Class A, 1.34%, 7/15/2035(b)(c)		2,675		2,676
Braemar Hotels & Resorts Trust Series 2018-PRME, Class C, 1.34%, 6/15/2035‡(b)(c)		1,200		1,194
BX Commercial Mortgage Trust Series 2021-VINO, Class A, 0.74%, 5/15/2038(b)(c)		2,480		2,472
Cascade Funding Mortgage Trust Series 2021-FRR1, Class BK45, 2.32%, 2/28/2025(b)		4,000		3,898
CCUBS Commercial Mortgage Trust Series 2017-C1, Class C, 4.54%, 11/15/2050‡(c)		152		163
CD Mortgage Trust Series 2016-CD2, Class C, 4.13%, 11/10/2049‡(c)		95		96
Citigroup Commercial Mortgage Trust
Series 2015-P1, Class D, 3.23%, 9/15/2048‡(b)		2,765		2,602
Series 2017-C4, Class A4, 3.47%, 10/12/2050		1,400		1,513
COMM Mortgage Trust
Series 2015-CR26, Class A3, 3.36%, 10/10/2048		1,330		1,381
Series 2015-CR26, Class D, 3.63%, 10/10/2048‡(c)		200		194
Series 2015-PC1, Class C, 4.46%, 7/10/2050‡(c)		1,046		1,091
Commercial Mortgage Trust Series 2020-CBM, Class D, 3.75%, 2/10/2037‡(b)(c)		2,210		2,194
Credit Suisse Commercial Mortgage Trust Series 2007-C1, Class AM, 5.42%, 2/15/2040		18		19
Credit Suisse Mortgage Capital Certificates Series 2019-ICE4, Class B, 1.32%, 5/15/2036‡(b)(c)		3,800		3,790
CSAIL Commercial Mortgage Trust Series 2021-C20, Class C, 3.85%, 3/15/2054‡(c)		469		494
FHLMC, Multi-Family Structured Credit Risk Series 2021-MN2, Class M2, 3.40%, 7/25/2041(b)(c)		1,260		1,253
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K033, Class X1, IO, 0.40%, 7/25/2023(c)		41,139		176
Series K729, Class X1, IO, 0.47%, 10/25/2024(c)		19,940		166
Series K739, Class X1, IO, 1.39%, 9/25/2027(c)		18,977		1,171
Series K742, Class X1, IO, 0.87%, 3/25/2028(c)		4,999		194
Series K108, Class X1, IO, 1.81%, 3/25/2030(c)		7,398		913
Series K127, Class X1, IO, 0.42%, 1/25/2031(c)		65,966		1,731

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series K125, Class X1, IO, 0.68%, 1/25/2031(c)		18,375		861
Series K128, Class X1, IO, 0.63%, 3/25/2031(c)		13,991		601
Series K129, Class X1, IO, 1.16%, 5/25/2031(c)		18,296		1,527
Series K131, Class X3, IO, 3.05%, 9/25/2031(c)		767		180
Series K723, Class X3, IO, 1.98%, 10/25/2034(c)		9,280		319
Series K041, Class X3, IO, 1.70%, 11/25/2042(c)		13,061		563
Series K047, Class X3, IO, 1.55%, 6/25/2043(c)		18,000		840
Series K726, Class X3, IO, 2.22%, 7/25/2044(c)		3,760		184
Series K067, Class X3, IO, 2.19%, 9/25/2044(c)		15,993		1,713
Series K068, Class X3, IO, 2.13%, 10/25/2044(c)		4,540		478
Series K070, Class X3, IO, 2.11%, 12/25/2044(c)		2,152		234
Series K730, Class X3, IO, 2.10%, 2/25/2045(c)		13,820		785
Series K072, Class X3, IO, 2.21%, 12/25/2045(c)		3,940		451
Series K088, Class X3, IO, 2.42%, 2/25/2047(c)		7,310		1,095
Series K121, Class X3, IO, 2.87%, 11/25/2048(c)		5,100		1,076
Series K127, Class X3, IO, 2.75%, 3/25/2049(c)		5,100		1,045
FNMA ACES Series 2019-M1, Class A2, 3.67%, 9/25/2028(c)		1,200		1,345
FREMF Series 2018-KF46, Class B, 2.04%, 3/25/2028(b)(c)		1,386		1,351
FREMF Mortgage Trust
Series 2017-KF29, Class B, 3.64%, 2/25/2024(b)(c)		139		139
Series 2017-KF31, Class B, 2.99%, 4/25/2024(b)(c)		302		299
Series 2017-KF36, Class B, 2.74%, 8/25/2024(b)(c)		568		568
Series 2017-KF35, Class B, 2.84%, 8/25/2024(b)(c)		508		509
Series 2018-KF45, Class B, 2.04%, 3/25/2025(b)(c)		214		213
Series 2018-KF47, Class B, 2.09%, 5/25/2025(b)(c)		126		124
Series 2018-KF48, Class B, 2.14%, 6/25/2028(b)(c)		970		961
Series 2017-K726, Class C, 4.14%, 7/25/2049(b)(c)		725		756
Series 2017-K67, Class B, 4.08%, 9/25/2049(b)(c)		1,995		2,164
Series 2017-K729, Class B, 3.80%, 11/25/2049(b)(c)		880		924
GNMA
Series 2012-89, IO, 0.19%, 12/16/2053(c)		3,908		12
Series 2017-9, IO, 0.57%, 1/16/2057(c)		4,976		209
Series 2017-23, IO, 0.63%, 5/16/2059(c)		5,584		245
Series 2017-69, IO, 0.80%, 7/16/2059(c)		4,617		240
Series 2019-104, IO, 1.09%, 5/16/2061(c)		2,175		168
Series 2019-53, Class IA, IO, 0.77%, 6/16/2061(c)		10,759		737
Series 2019-155, IO, 0.56%, 7/16/2061(c)		13,193		723
Series 2020-89, Class IA, IO, 1.20%, 4/16/2062(c)		8,952		816
Series 2020-136, IO, 1.10%, 8/16/2062(c)		4,104		359
Series 2021-106, IO, 0.92%, 4/16/2063(c)		23,884		1,911
Series 2021-133, IO, 0.88%, 7/16/2063(c)		11,864		956
GS Mortgage Securities Trust
Series 2015-GC34, Class C, 4.80%, 10/10/2048‡(c)		539		557
Series 2015-GC30, Class C, 4.21%, 5/10/2050‡(c)		190		198
JPMBB Commercial Mortgage Securities Trust
Series 2015-C30, Class A4, 3.55%, 7/15/2048		1,350		1,420
Series 2015-C30, Class C, 4.41%, 7/15/2048‡(c)		266		271
Series 2015-C31, Class C, 4.77%, 8/15/2048‡(c)		124		129
JPMDB Commercial Mortgage Securities Trust
Series 2017-C7, Class C, 4.30%, 10/15/2050‡(c)		210		224
Series 2018-C8, Class A3, 3.94%, 6/15/2051		1,200		1,298
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2016-JP3, Class C, 3.59%, 8/15/2049‡(c)		276		276
Series 2016-JP4, Class C, 3.55%, 12/15/2049‡(c)		152		150
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ, 5.45%, 9/15/2039‡(c)		2,817		1,272
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C14, Class C, 5.22%, 2/15/2047‡(c)		114		120
Series 2015-C24, Class C, 4.49%, 5/15/2048‡(c)		190		197
Series 2015-C23, Class D, 4.28%, 7/15/2050‡(b)(c)		200		199
Morgan Stanley Capital I Trust Series 2015-MS1, Class B, 4.17%, 5/15/2048‡(c)		147		155

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2019-L2, Class C, 5.14%, 3/15/2052‡(c)		978		1,071
Series 2020-L4, Class C, 3.54%, 2/15/2053‡(c)		481		494
Series 2021-L5, Class XA, IO, 1.42%, 5/15/2054(c)		10,791		1,007
SLG Office Trust Series 2021-OVA, Class A, 2.59%, 7/15/2041(b)		2,892		2,968
TPGI Trust Series 2021-DGWD, Class A, 0.79%, 6/15/2026(b)(c)		1,575		1,568
Velocity Commercial Capital Loan Trust
Series 2018-2, Class A, 4.05%, 10/26/2048(b)(c)		1,383		1,422
Series 2019-1, Class A, 3.76%, 3/25/2049(b)(c)		671		691
Series 2019-3, Class A, 3.03%, 10/25/2049(b)(c)		1,407		1,431
Series 2020-1, Class AFX, 2.61%, 2/25/2050(b)(c)		1,175		1,209
Series 2021-1, Class A, 1.40%, 5/25/2051(b)(c)		4,044		3,967
Series 2021-2, Class A, 1.52%, 8/25/2051(b)(c)		1,572		1,545
Wachovia Bank Commercial Mortgage Trust Series 2005-C21, Class F, 5.28%, 10/15/2044‡(b)(c)		1,299		245
Wells Fargo Commercial Mortgage Trust
Series 2016-C37, Class A4, 3.53%, 12/15/2049		1,650		1,770
Series 2018-C46, Class A4, 4.15%, 8/15/2051		1,245		1,397
Series 2019-C49, Class C, 4.87%, 3/15/2052‡(c)		316		349
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $102,640)				98,951
LOAN ASSIGNMENTS — 7.6%(l)
Aerospace & Defense — 0.1%
Ultra Resources, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.25%, 11/17/2028(f)(m)		923		920
Airlines — 0.0%(h)
Delta Air Lines, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.75%, 10/20/2027(f)		314		330
Auto Components — 0.4%
Adient US LLC, Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 3.59%, 4/10/2028(f)		998		994
Dexko Global Inc., Delay Draw Term Loan B-1 (3-MONTH UNFND + 0.00%), 4.25%, 10/4/2028(f)(m)		166		164
Dexko Global, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.25%, 10/4/2028(f)		1,369		1,357
Truck Hero, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 4.00%, 1/31/2028(f)		981		972
Wheel Pros, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 5.25%, 5/11/2028(f)		700		695
				4,182
Automobiles — 0.0%(h)
Holley, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.50%, 11/17/2028(f)(m)		450		447
Beverages — 0.1%
Triton Water Holdings, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.00%, 3/31/2028(f)		1,297		1,290
Building Products — 0.1%
Quikrete Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 2.75%, 2/21/2028(f)(m)		793		787
Chemicals — 0.4%
Gates Global LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 3.25%, 3/31/2027(f)		1,635		1,619
INEOS US Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 3.00%, 11/8/2028(f)(m)		1,200		1,193
INEOS US Petrochem LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.25%, 1/29/2026(f)		798		795
Solenis International, L.P., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.25%, 11/9/2028(f)		1,240		1,229
				4,836
Commercial Services & Supplies — 0.4%
Allied Universal Holdco LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.25%, 5/12/2028(f)		320		317

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Garda World Security, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 4.35%, 10/30/2026(f)		1,000		997
Harsco Corp., Term Loan B-3 (ICE LIBOR USD 1 Month + 2.25%), 2.75%, 3/10/2028(f)		1,197		1,184
Madison IAQ LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 3.75%, 6/21/2028(f)		778		771
Nielsen Holdings plc, Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 4.09%, 3/6/2028(f)		697		694
Prime Security Services Borrower LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%, ICE LIBOR USD 3 Month + 2.75%), 3.50%, 9/23/2026(f)		585		581
				4,544
Construction & Engineering — 0.2%
Osmose Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 3.75%, 6/23/2028(f)		1,200		1,189
Pike Corp., Delayed Draw Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.10%, 1/21/2028(f)		777		771
				1,960
Containers & Packaging — 0.3%
Bway Holding Co., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 3.35%, 4/3/2024(f)		892		873
Graham Packaging, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 3.75%, 8/4/2027(f)		914		906
Pactiv Evergreen Group Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%, ICE LIBOR USD 3 Month + 3.50%), 4.00%, 9/24/2028(f)		1,025		1,019
Tekni-Plex, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.00%), 4.50%, 9/15/2028(f)		304		303
Tekni-Plex, Inc., Delayed Draw Term Loan B (3-MONTH UNFND + 2.00%), 4.50%, 9/15/2028(f)(m)		17		17
				3,118
Diversified Consumer Services — 0.1%
Interior Logic Group, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 4.25%, 4/3/2028(f)		698		680
Diversified Financial Services — 0.1%
Sabre Holdings Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 4.00%, 12/17/2027(f)		499		491
Trans Union LLC, Term Loan B6 (ICE LIBOR USD 3 Month + 2.25%), 2.75%, 11/17/2028(f)(m)		747		741
				1,232
Diversified Telecommunication Services — 0.1%
Cincinnati Bell Inc., 1st Lien Term Loan B2 (ICE LIBOR USD 3 Month + 3.25%), 3.75%, 11/22/2028(f)(m)		1,600		1,592
Electrical Equipment — 0.2%
Brookfield WEC Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 3.25%, 8/1/2025(f)		993		978
Cortes NP Acquisition Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 2.84%, 3/2/2027(f)		1,119		1,108
				2,086
Electronic Equipment, Instruments & Components — 0.1%
Ingram Micro, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.00%, 6/30/2028(f)		998		995
Mirion Technologies, Inc., 1st Lien Term Loan (ICE LIBOR USD 2 Month + 2.75%), 1.63%, 10/20/2028(f)(m)		680		675
				1,670
Entertainment — 0.1%
WMG Acquisition Corp., 1st Lien Term Loan G (ICE LIBOR USD 1 Month + 2.13%), 2.22%, 1/20/2028(f)		900		890
Food Products — 0.0%(h)
B&G Foods, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 2.59%, 10/10/2026(f)		400		399
Health Care Equipment & Supplies — 0.4%
Chamberlain Group, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 4.00%, 11/3/2028(f)(m)		1,588		1,577
Insulet, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.75%, 5/4/2028(f)		1,272		1,269

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Medline, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.75%, 10/23/2028(f)(m)		1,300		1,295
				4,141
Health Care Providers & Services — 0.3%
CVS Holdings I LP, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.25%), 4.34%, 8/31/2026(f)		958		952
ICON Luxembourg SARL, 1st Lien Term Loan B (Luxembourg) (ICE LIBOR USD 3 Month + 2.50%), 3.00%, 7/3/2028(f)		639		636
ICON Luxembourg SARL, 1st Lien Term Loan B (Ireland) (ICE LIBOR USD 3 Month + 2.50%), 3.00%, 7/3/2028(f)		159		159
PCI Pharma Services, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.50%), 4.25%, 11/30/2027(f)(m)		660		658
Pearl Intermediate Parent LLC, 1st Lien Term Loan B-3 (ICE LIBOR USD 1 Month + 3.50%), 4.25%, 2/14/2025(f)		995		992
WIRB-Copernicus Group, Inc., 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 4.00%), 5.00%, 1/8/2027(f)		594		594
				3,991
Hotels, Restaurants & Leisure — 0.6%
Caesars Resort Collection LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 2.84%, 12/23/2024(f)		1,892		1,870
IRB Holding Corp., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 4.25%, 12/15/2027(f)		993		988
Scientific Games International, Inc., 1st Lien Term Loan B-5 (ICE LIBOR USD 1 Month + 2.75%), 2.84%, 8/14/2024(f)		1,494		1,481
UFC Holdings LLC, 1st Lien Term Loan B-3 (ICE LIBOR USD 3 Month + 2.75%), 3.50%, 4/29/2026(f)		1,167		1,149
Whataburger, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.75%, 8/3/2028(f)		1,200		1,192
				6,680
Household Durables — 0.1%
Cabinetworks, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 4.75%, 5/17/2028(f)		798		787
Traeger Grills, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 4.00%, 6/29/2028(f)		863		856
				1,643
Household Products — 0.0%(h)
Reynolds Consumer Products, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 1.75%), 1.84%, 2/4/2027(f)		425		422
Internet & Direct Marketing Retail — 0.1%
GoodRx, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 2.84%, 10/10/2025(f)		1,464		1,453
Shutterfly, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 5.00%), 5.75%, 9/25/2026(f)(m)		300		290
				1,743
IT Services — 0.2%
Ancestry.com, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.75%, 12/6/2027(f)		1,390		1,375
MH Sub I LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 4.75%, 1/1/2028(f)(m)		913		909
Zayo Group LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.09%, 3/9/2027(f)		358		350
				2,634
Leisure Products — 0.1%
Hercules Achievement, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 4.50%, 12/16/2024(f)		804		789
Life Sciences Tools & Services — 0.3%
Albany Molecular Research, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.75%), 4.50%, 8/30/2026(f)		693		691
Avantor Funding, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 2.75%, 11/8/2027(f)		1,787		1,776
PAREXEL International Corp., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 4.00%, 11/15/2028(f)(m)		1,500		1,493
				3,960
Machinery — 0.2%
Alliance Laundry Systems LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.25%, 10/8/2027(f)		1,248		1,246

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Sundyne, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 5.25%, 3/17/2027(f)		688		685
				1,931
Media — 0.2%
Clear Channel Outdoor Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 3.50%, ICE LIBOR USD 3 Month + 3.50%), 3.63%, 8/21/2026(f)		99		97
Directv Financing LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 5.00%), 5.75%, 8/2/2027(f)		800		798
Gray Television, Inc., 1st Lien Term Loan D (ICE LIBOR USD 3 Month + 3.00%), 3.00%, 10/27/2028(f)(m)		1,091		1,084
				1,979
Oil, Gas & Consumable Fuels — 0.1%
Buckeye Partners LP, 1st Lien Term Loan B1 (ICE LIBOR USD 1 Month + 2.25%), 2.35%, 11/1/2026(f)		1,091		1,085
Paper & Forest Products — 0.1%
Asplundh Tree Expert LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 1.84%, 9/7/2027(f)		827		820
Personal Products — 0.2%
Conair Holdings LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.25%, 5/17/2028(f)		1,000		997
Nestle Skin Health, Term Loan B (Luxembourg) (ICE LIBOR USD 3 Month + 3.75%), 4.50%, 10/1/2026(f)		1,221		1,216
				2,213
Pharmaceuticals — 0.1%
Jazz Pharmaceuticals plc, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 4.00%, 5/5/2028(f)		698		696
Professional Services — 0.0%(h)
Dun & Bradstreet Corp. (The), 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.34%, 2/6/2026(f)		99		98
Road & Rail — 0.3%
First Student Bidco, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 3.50%, 7/21/2028(f)		1,096		1,084
First Student Bidco, Inc., 1st Lien Term Loan C (ICE LIBOR USD 3 Month + 3.00%), 3.50%, 7/21/2028(f)		404		400
Genesee & Wyoming, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 2.00%), 2.13%, 12/30/2026(f)		827		819
Hertz Corp. (The), 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.75%, 6/30/2028(f)		839		837
Hertz Corp. (The), 1st Lien Term Loan C (ICE LIBOR USD 1 Month + 3.25%), 3.75%, 6/30/2028(f)		159		158
				3,298
Semiconductors & Semiconductor Equipment — 0.3%
Brooks Automation, 1st Lien Term Loan B
(ICE LIBOR USD 3 Month + 3.75%), 4.25%, 11/17/2028(f)(m)		1,565		1,554
(ICE LIBOR USD 3 Month + 6.25%), 6.75%, 11/16/2029(f)(m)		150		150
Synaptics, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.25%), 2.75%, 10/20/2028(f)(m)		1,633		1,625
				3,329
Software — 0.6%
Ascend Learning LLC, Term Loan B
(ICE LIBOR USD 1 Month + 3.00%), 4.00%, 7/12/2024(f)		346		343
(ICE LIBOR USD 1 Month + 3.75%), 4.75%, 7/12/2024(f)		1,119		1,119
Camelot Finance LP, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 4.00%, 10/30/2026(f)		1,197		1,195
Greeneden U.S. Holdings I LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 4.75%, 12/1/2027(f)		1,548		1,543
Proofpoint, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 3.75%, 8/31/2028(f)		800		792
SS&C Technologies Holdings, Inc., 1st Lien Term Loan B-3 (ICE LIBOR USD 1 Month + 1.75%), 1.84%, 4/16/2025(f)		343		338
SS&C Technologies Holdings, Inc., 1st Lien Term Loan B-4 (ICE LIBOR USD 1 Month + 1.75%), 1.84%, 4/16/2025(f)		278		274

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
ThoughtWorks, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 3.50%, 3/24/2028(f)		715		711
Ultimate Software Group, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 3.75%, 5/4/2026(f)(m)		400		398
Ultimate Software Group, Inc. (The), 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 4.00%, 5/4/2026(f)		1,119		1,112
				7,825
Specialty Retail — 0.6%
AppleCaramel Buyer LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 4.50%, 10/19/2027(f)		792		788
Claire’s Stores, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 6.50%), 6.59%, 12/18/2026(f)(n)		1,763		1,743
Leslie’s Poolmart, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.50%), 3.00%, 3/9/2028(f)		1,145		1,138
Park River Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 4.00%, 12/28/2027(f)		1,209		1,198
Petco Health and Wellness Co., Inc., Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 4.00%, 3/3/2028(f)		896		890
Pure Fishing, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 4.59%, 12/22/2025(f)		792		766
Serta Simmons Bedding LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 7.50%), 8.50%, 8/10/2023(f)		746		696
				7,219
Wireless Telecommunication Services — 0.1%
CCI Buyer, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.50%, 12/17/2027(f)		1,047		1,043
TOTAL LOAN ASSIGNMENTS (Cost $88,804)				88,502
COLLATERALIZED MORTGAGE OBLIGATIONS — 7.4%
Alternative Loan Trust
Series 2006-J3, Class 4A1, 5.75%, 5/25/2026		12		12
Series 2004-24CB, Class 1A1, 6.00%, 11/25/2034		125		132
Series 2004-28CB, Class 2A4, 5.75%, 1/25/2035		201		204
Series 2004-28CB, Class 3A1, 6.00%, 1/25/2035		433		443
Series 2005-21CB, Class A17, 6.00%, 6/25/2035		884		855
American Home Mortgage Assets Trust Series 2006-6, Class A1A, 0.28%, 12/25/2046(c)		1,091		942
Angel Oak Mortgage Trust
Series 2019-5, Class A1, 2.59%, 10/25/2049(b)(c)		2,785		2,781
Series 2020-1, Class A1, 2.47%, 12/25/2059(b)(c)		463		464
Series 2021-3, Class A1, 1.07%, 5/25/2066(b)(c)		4,851		4,810
Series 2021-3, Class A2, 1.31%, 5/25/2066(b)(c)		3,639		3,611
Angel Oak Mortgage Trust I LLC Series 2019-2, Class A1, 3.63%, 3/25/2049(b)(c)		337		339
Banc of America Alternative Loan Trust Series 2006-2, Class 7A1, 6.00%, 3/25/2021		34		33
Banc of America Funding Trust Series 2006-A, Class 1A1, 2.60%, 2/20/2036(c)		218		219
Banc of America Mortgage Trust Series 2004-A, Class 2A2, 2.54%, 2/25/2034(c)		118		120
CHL GMSR Issuer Trust Series 2018-GT1, Class A, 2.84%, 5/25/2023(b)(c)		1,670		1,671
Citigroup Mortgage Loan Trust, Inc. Series 2005-9, Class 2A2, 5.50%, 11/25/2035		1		1
COLT Mortgage Loan Trust Series 2020-1, Class A1, 2.49%, 2/25/2050(b)(c)		442		442
COLT Trust Series 2021-RPL1, Class A1, 1.67%, 9/25/2061(b)(c)		2,111		2,109
Connecticut Avenue Securities Trust Series 2019-R07, Class 1M2, 2.19%, 10/25/2039‡(b)(c)		330		331
CSMC Mortgage-Backed Trust Series 2007-2, Class 3A13, 5.50%, 3/25/2037		278		203
Deephaven Residential Mortgage Trust
Series 2020-1, Class A1, 2.34%, 1/25/2060(b)(c)		1,619		1,621
Series 2020-1, Class A3, 2.65%, 1/25/2060(b)(c)		502		502
FHLMC STACR Trust Series 2018-HQA2, Class M2, 2.39%, 10/25/2048(b)(c)		550		555
FHLMC, REMIC
Series 4043, Class PI, IO, 2.50%, 5/15/2027		2,455		114
Series 4086, Class AI, IO, 3.50%, 7/15/2027		971		56
Series 4120, Class UI, IO, 3.00%, 10/15/2027		838		36

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 4216, Class MI, IO, 3.00%, 6/15/2028		419		26
Series 4178, Class BI, IO, 3.00%, 3/15/2033		916		81
Series 2936, Class AS, IF, IO, 6.01%, 2/15/2035(c)		224		31
Series 4119, Class LI, IO, 3.50%, 6/15/2039		337		1
Series 4018, Class HI, IO, 4.50%, 3/15/2041		1,864		149
Series 4073, Class IQ, IO, 4.00%, 7/15/2042		730		106
Series 4173, Class I, IO, 4.00%, 3/15/2043		2,708		466
Series 4305, Class SK, IF, IO, 6.51%, 2/15/2044(c)		1,047		200
Series 4612, Class QI, IO, 3.50%, 5/15/2044		4,057		400
Series 4372, Class SY, IF, IO, 6.01%, 8/15/2044(c)		3,638		591
Series 4687, Class SG, IF, IO, 6.06%, 1/15/2047(c)		3,473		660
Series 4654, Class SK, IF, IO, 5.91%, 2/15/2047(c)		5,239		1,217
Series 4681, Class SD, IF, IO, 6.06%, 5/15/2047(c)		7,752		1,722
Series 4707, Class SA, IF, IO, 6.06%, 8/15/2047(c)		5,789		1,426
Series 4983, Class SY, IF, IO, 6.01%, 5/25/2050(c)		8,445		1,676
Series 5023, Class MI, IO, 3.00%, 10/25/2050		4,919		830
FNMA, Connecticut Avenue Securities
Series 2015-C03, Class 2M2, 5.09%, 7/25/2025(c)		72		73
Series 2018-C06, Class 1M2, 2.09%, 3/25/2031(c)		745		750
Series 2018-C06, Class 2M2, 2.19%, 3/25/2031(c)		249		250
FNMA, REMIC
Series 2012-109, Class WI, IO, 2.50%, 10/25/2027		1,095		48
Series 2012-145, Class EI, IO, 3.00%, 1/25/2028		1,910		116
Series 2012-149, Class MI, IO, 3.00%, 1/25/2028		1,179		59
Series 2012-120, Class DI, IO, 3.00%, 3/25/2031		178		6
Series 2003-130, Class NS, IF, IO, 6.91%, 1/25/2034(c)		543		91
Series 2005-67, Class SI, IF, IO, 6.61%, 8/25/2035(c)		371		44
Series 2005-69, Class AS, IF, IO, 6.61%, 8/25/2035(c)		110		22
Series 2006-24, Class QS, IF, IO, 7.11%, 4/25/2036(c)		371		59
Series 2012-148, Class JI, IO, 3.50%, 12/25/2039		168		1
Series 2010-102, Class IP, IO, 5.00%, 12/25/2039		29		—  (k)
Series 2012-118, Class DI, IO, 3.50%, 1/25/2040		360		2
Series 2013-5, Class BI, IO, 3.50%, 3/25/2040		1,017		34
Series 2010-68, Class SJ, IF, IO, 6.46%, 7/25/2040(c)		349		64
Series 2016-30, Class SA, IF, IO, 5.91%, 5/25/2046(c)		4,596		911
Series 2016-39, Class LS, IF, IO, 5.91%, 7/25/2046(c)		3,224		712
Series 2016-74, Class GS, IF, IO, 5.91%, 10/25/2046(c)		1,484		349
Series 2016-75, Class SC, IF, IO, 6.01%, 10/25/2046(c)		3,309		589
Series 2017-6, Class SB, IF, IO, 5.96%, 2/25/2047(c)		1,997		371
Series 2017-47, Class ST, IF, IO, 6.01%, 6/25/2047(c)		5,238		1,101
Series 2019-42, Class SK, IF, IO, 5.96%, 8/25/2049(c)		1,137		198
FWD Securitization Trust Series 2020-INV1, Class A1, 2.24%, 1/25/2050(b)(c)		1,073		1,082
GCAT Trust
Series 2020-NQM1, Class A1, 2.25%, 1/25/2060(b)(i)		968		970
Series 2021-NQM2, Class A1, 1.04%, 5/25/2066(b)(c)		3,973		3,951
Series 2021-NQM4, Class A1, 1.09%, 8/25/2066(b)(c)		2,659		2,633
GNMA
Series 2014-36, Class WY, 2.00%, 3/16/2044		810		809
Series 2014-181, Class SL, IF, IO, 5.51%, 12/20/2044(c)		2,188		406
Series 2015-110, Class MS, IF, IO, 5.62%, 8/20/2045(c)		750		115
Series 2017-134, Class SD, IF, IO, 6.11%, 9/20/2047(c)		2,004		365
Series 2019-115, Class SD, IF, IO, 6.01%, 9/20/2049(c)		750		103
Series 2021-9, Class MI, IO, 2.50%, 1/20/2051		18,496		2,150
Series 2021-78, Class IB, IO, 3.00%, 5/20/2051		6,491		758
Series 2021-107, Class XI, IO, 3.00%, 6/20/2051		6,758		807
Series 2021-117, Class ES, IF, IO, 6.21%, 7/20/2051(c)		7,530		1,453
Series 2015-H13, Class GI, IO, 1.58%, 4/20/2065(c)		1,766		64
GSR Mortgage Loan Trust Series 2004-15F, Class 1A2, 5.50%, 12/25/2034		529		538
IndyMac INDX Mortgage Loan Trust Series 2005-AR10, Class A1, 0.61%, 6/25/2035(c)		712		643
JPMorgan Mortgage Trust Series 2006-S2, Class 1A19, 6.00%, 7/25/2036		337		244

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments		Principal Amount ($000)		Value ($000)
Lehman Mortgage Trust Series 2005-2, Class 2A5, 5.50%, 12/25/2035			289		232
MASTR Alternative Loan Trust Series 2004-12, Class 3A1, 6.00%, 12/25/2034			1,124		1,174
Morgan Stanley Mortgage Loan Trust
Series 2004-4, Class 2A, 6.37%, 9/25/2034(c)			247		271
Series 2004-9, Class 1A, 5.38%, 11/25/2034(c)			92		99
New Residential Mortgage Loan Trust
Series 2019-NQM5, Class A1, 2.71%, 11/25/2059(b)(c)			2,563		2,581
Series 2020-NQM1, Class A1, 2.46%, 1/26/2060(b)(c)			1,069		1,074
OBX Trust
Series 2019-EXP3, Class 2A1A, 0.99%, 10/25/2059(b)(c)			505		507
Series 2020-EXP1, Class 2A1, 0.84%, 2/25/2060(b)(c)			181		180
PRET LLC Series 2021-RN4, Class A2, 5.19%, 11/25/2061(b)(c)			2,500		2,497
PRPM LLC
Series 2021-6, Class A1, 1.79%, 7/25/2026(b)(i)			3,003		2,983
Series 2021-6, Class A2, 3.47%, 7/25/2026(b)(i)			275		272
Series 2021-7, Class A1, 1.87%, 8/25/2026(b)(i)			2,919		2,894
Series 2021-7, Class A2, 3.67%, 8/25/2026(b)(i)			738		729
Series 2021-11, Class A2, 4.58%, 11/25/2026(b)(c)			2,400		2,398
Series 2021-RPL2, Class A1, 1.46%, 10/25/2051(b)(c)			1,458		1,454
RALI Trust Series 2006-QS4, Class A2, 6.00%, 4/25/2036			29		29
Residential Asset Securitization Trust Series 2005-A8CB, Class A11, 6.00%, 7/25/2035			247		207
SART
Series 2017-1, 4.75%, 7/15/2024			1,228		1,228
Sequoia Mortgage Trust
Series 2003-8, Class A1, 0.73%, 1/20/2034(c)			314		320
Starwood Mortgage Residential Trust
Series 2019-INV1, Class A1, 2.61%, 9/27/2049(b)(c)			345		348
Series 2020-1, Class A1, 2.27%, 2/25/2050(b)(c)			499		501
TDA CAM 4 FTA (Spain) Series 4, Class A, 0.00%, 6/26/2039(a)(c)	EUR		444		502
Verus Securitization Trust
Series 2019-4, Class A1, 2.64%, 11/25/2059(b)(i)			1,267		1,283
Series 2019-INV3, Class A1, 2.69%, 11/25/2059(b)(c)			2,592		2,626
Series 2020-1, Class A1, 2.42%, 1/25/2060(b)(i)			351		352
Series 2021-6, Class A1, 1.63%, 10/25/2066(b)(c)			3,348		3,346
WaMu Mortgage Pass-Through Certificates Trust Series 2003-S3, Class 3A2, 5.50%, 5/25/2033			107		109
ZH Trust
Series 2021-1, Class A, 2.25%, 2/18/2027(b)			1,059		1,047
Series 2021-1, Class B, 3.26%, 2/18/2027‡(b)			695		669
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $87,209)					87,041
FOREIGN GOVERNMENT SECURITIES — 7.4%
Arab Republic of Egypt (Egypt)
5.75%, 5/29/2024(b)			820		827
7.50%, 1/31/2027(a)			430		432
5.88%, 2/16/2031(b)			771		654
7.63%, 5/29/2032(b)			1,000		901
7.30%, 9/30/2033(b)			470		414
8.70%, 3/1/2049(a)			830		709
Commonwealth of Australia (Australia) 5.50%, 4/21/2023(a)	AUD		11,923		9,108
Dominican Republic Government Bond (Dominican Republic)
6.88%, 1/29/2026(a)			900		1,022
4.88%, 9/23/2032(b)			1,070		1,061
5.30%, 1/21/2041(b)			540		517
Federal Democratic Republic of Ethiopia (Ethiopia) 6.63%, 12/11/2024(a)			1,970		1,281
Federal Republic of Nigeria (Nigeria)
6.50%, 11/28/2027(a)			1,500		1,460
7.88%, 2/16/2032(a)			960		913
7.38%, 9/28/2033(b)			527		480
7.63%, 11/28/2047(a)			1,090		935
Hashemite Kingdom of Jordan (Jordan)
5.85%, 7/7/2030(b)			1,330		1,303
7.38%, 10/10/2047(a)			710		685
Hungary Government Bond (Hungary)
2.13%, 9/22/2031(b)			367		354
3.13%, 9/21/2051(b)			1,789		1,695
Italian Republic Government Bond (Italy) 0.88%, 5/6/2024			1,888		1,870
Jamaica Government Bond (Jamaica) 8.00%, 3/15/2039			870		1,200
Kingdom of Bahrain (Bahrain) 5.45%, 9/16/2032(b)			1,265		1,195

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments		Principal Amount ($000)		Value ($000)
Kingdom of Morocco (Morocco) 1.50%, 11/27/2031(b)	EUR		1,240		1,256
Lebanese Republic (Lebanon) 6.38%, 3/9/2020(j)			1,280		146
Malaysia Government Bond (Malaysia) 3.83%, 7/5/2034	MYR		7,420		1,751
Mex Bonos Desarr Fix Rt (Mexico)
Series M 20, 8.50%, 5/31/2029	MXN		43,500		2,149
7.75%, 5/29/2031	MXN		60,240		2,841
People’s Republic of China (China) 3.02%, 5/27/2031	CNY		33,000		5,242
Republic of Angola (Angola) 8.00%, 11/26/2029(a)			530		487
Republic of Colombia (Colombia)
3.13%, 4/15/2031			1,000		895
5.20%, 5/15/2049			645		601
Republic of Cote d’Ivoire (Ivory Coast)
6.38%, 3/3/2028(a)			1,190		1,277
6.88%, 10/17/2040(b)	EUR		1,880		2,166
Republic of Ghana (Ghana)
7.63%, 5/16/2029(a)			980		794
8.13%, 3/26/2032(a)			520		411
Republic of Indonesia (Indonesia)
6.50%, 6/15/2025	IDR		33,421,000		2,461
7.00%, 9/15/2030	IDR		9,776,000		711
6.38%, 4/15/2032	IDR		40,333,000		2,859
7.50%, 4/15/2040	IDR		23,244,000		1,715
Republic of Iraq (Iraq) 5.80%, 1/15/2028(a)			1,519		1,389
Republic of Kenya (Kenya)
6.88%, 6/24/2024(a)			1,370		1,441
6.30%, 1/23/2034(b)			2,002		1,887
8.25%, 2/28/2048(a)			480		471
Republic of North Macedonia (Macedonia, the Former Yugoslav Republic of) 2.75%, 1/18/2025(a)	EUR		1,110		1,287
Republic of Paraguay (Paraguay)
5.00%, 4/15/2026(a)			620		681
4.95%, 4/28/2031(b)			430		473
5.60%, 3/13/2048(a)			820		913
5.40%, 3/30/2050(b)			470		516
Republic of Senegal (Senegal) 6.25%, 5/23/2033(a)			1,680		1,697
Republic of Serbia (Serbia)
1.50%, 6/26/2029(b)	EUR		1,600		1,711
2.13%, 12/1/2030(b)			1,010		920
1.65%, 3/3/2033(b)	EUR		632		636
Republic of South Africa (South Africa)
Series R213, 7.00%, 2/28/2031	ZAR		45,350		2,338
8.88%, 2/28/2035	ZAR		12,342		679
6.25%, 3/8/2041			379		384
5.00%, 10/12/2046			2,260		1,949
5.75%, 9/30/2049			390		362
Romania Government Bond (Romania)
2.88%, 10/28/2024(a)	EUR		770		930
4.63%, 4/3/2049(b)	EUR		997		1,264
Ukraine Government Bond (Ukraine)
7.75%, 9/1/2024(a)			1,880		1,880
7.38%, 9/25/2032(a)			1,050		989
United Arab Emirates Government Bond (United Arab Emirates)
2.88%, 10/19/2041(b)			715		713
4.00%, 7/28/2050(b)			1,180		1,061
3.25%, 10/19/2061(b)			1,008		1,042
United Mexican States (Mexico)
3.77%, 5/24/2061			1,128		1,016
3.75%, 4/19/2071			1,815		1,592
TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $93,174)					86,999
CONVERTIBLE BONDS — 4.2%
Airlines — 0.1%
JetBlue Airways Corp. 0.50%, 4/1/2026(b)			692		651
Southwest Airlines Co. 1.25%, 5/1/2025			815		1,095
					1,746
Automobiles — 0.1%
Ford Motor Co. Zero Coupon, 3/15/2026(b)			995		1,290
Electronic Equipment, Instruments & Components — 0.2%
II-VI, Inc. 0.25%, 9/1/2022			1,020		1,398
Itron, Inc. Zero Coupon, 3/15/2026(b)			939		811
					2,209
Entertainment — 0.1%
Zynga, Inc. Zero Coupon, 12/15/2026(b)			1,480		1,349
Equity Real Estate Investment Trusts (REITs) — 0.2%
Kite Realty Group LP 0.75%, 4/1/2027(b)			688		687
Pebblebrook Hotel Trust 1.75%, 12/15/2026			965		1,022
Summit Hotel Properties, Inc. 1.50%, 2/15/2026			351		352
					2,061
Health Care Equipment & Supplies — 0.1%
Integra LifeSciences Holdings Corp. 0.50%, 8/15/2025			970		1,025
Health Care Providers & Services — 0.0%(h)
PetIQ, Inc. 4.00%, 6/1/2026			170		186
Hotels, Restaurants & Leisure — 0.4%
Airbnb, Inc. Zero Coupon, 3/15/2026(b)			1,630		1,614
Cheesecake Factory, Inc. (The) 0.38%, 6/15/2026			1,223		1,084
Huazhu Group Ltd. (China) 0.38%, 11/1/2022			760		788
Vail Resorts, Inc. Zero Coupon, 1/1/2026(b)			686		730
					4,216
Interactive Media & Services — 0.3%
Eventbrite, Inc. 0.75%, 9/15/2026(b)			670		600

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments		Principal Amount ($000)		Value ($000)
Snap, Inc. 0.75%, 8/1/2026			295		643
Zero Coupon, 5/1/2027(b)			479		462
TripAdvisor, Inc. 0.25%, 4/1/2026(b)			1,224		1,042
Twitter, Inc.
Zero Coupon, 3/15/2026(b)			900		800
					3,547
IT Services — 0.3%
BigCommerce Holdings, Inc. 0.25%, 10/1/2026(b)			1,123		1,106
GDS Holdings Ltd. (China) 2.00%, 6/1/2025			1,010		1,319
Square, Inc.
Zero Coupon, 5/1/2026			597		649
0.25%, 11/1/2027			300		334
					3,408
Leisure Products — 0.1%
Callaway Golf Co. 2.75%, 5/1/2026			455		780
Machinery — 0.2%
Fortive Corp. 0.88%, 2/15/2022			1,230		1,231
Greenbrier Cos., Inc. (The) 2.88%, 4/15/2028(b)			1,510		1,559
					2,790
Media — 0.1%
DISH Network Corp.
Zero Coupon, 12/15/2025(b)			773		744
Metals & Mining — 0.1%
Allegheny Technologies, Inc. 3.50%, 6/15/2025			1,155		1,407
Road & Rail — 0.1%
Lyft, Inc. 1.50%, 5/15/2025			975		1,246
Semiconductors & Semiconductor Equipment — 0.6%
ams AG (Austria) 2.13%, 11/3/2027(a) EUR			600		666
Microchip Technology, Inc. 1.63%, 2/15/2027			810		1,932
ON Semiconductor Corp. Zero Coupon, 5/1/2027(b)			2,110		2,890
Silicon Laboratories, Inc. 0.63%, 6/15/2025			1,186		1,986
					7,474
Software — 1.2%
Alarm.com Holdings, Inc.
Zero Coupon, 1/15/2026(b)			1,465		1,304
Bentley Systems, Inc. 0.13%, 1/15/2026(b)			505		515
Box, Inc.
Zero Coupon, 1/15/2026(b)			797		897
Dropbox, Inc.
Zero Coupon, 3/1/2028(b)			2,198		2,148
Envestnet, Inc.
1.75%, 6/1/2023			995		1,228
0.75%, 8/15/2025(b)			210		207
Everbridge, Inc.
Zero Coupon, 3/15/2026(b)			1,344		1,277
Mandiant, Inc. 0.88%, 6/1/2024			650		672
Nice Ltd. (Israel)
Zero Coupon, 9/15/2025			1,744		2,085
Palo Alto Networks, Inc. 0.38%, 6/1/2025			1,250		2,327
					12,660
Specialty Retail — 0.0%(h)
Guess?, Inc. 2.00%, 4/15/2024			395		451
TOTAL CONVERTIBLE BONDS (Cost $45,982)					48,589
MORTGAGE-BACKED SECURITIES -1.9%
FHLMC Gold Pools, 30 Year Pool # G61785, 3.50%, 1/1/2048			4,776		5,062
FNMA UMBS, 15 Year Pool # MA4261, 2.00%, 2/1/2036			6,111		6,271
FNMA UMBS, 30 Year Pool # BM5275, 3.50%, 11/1/2047			1,623		1,715
Pool # BM5219, 3.50%, 3/1/2048			941		994
Pool # MA4437, 2.00%, 10/1/2051			1,588		1,590
FNMA, Other Pool # BF0263, 3.50%, 5/1/2058			1,387		1,510
GNMA II, 30 Year Pool # MA7650, 3.00%, 10/20/2051			5,326		5,544
TOTAL MORTGAGE-BACKED SECURITIES (Cost $22,403)					22,686
SUPRANATIONAL — 0.4%
Africa Finance Corp. (Supranational) 3.75%, 10/30/2029(a)			1,130		1,161
European Union (Supranational) 0.10%, 10/4/2040(a)	EUR		2,990		3,265
TOTAL SUPRANATIONAL (Cost $4,562)					4,426

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Shares (000)		Value ($000)
CONVERTIBLE PREFERRED STOCKS — 0.2%
Specialty Retail — 0.2%
Claire’s Stores, Inc. *‡(Cost $266)		1		1,869
COMMON STOCKS — 0.1%
Communications Equipment — 0.0%(h)
Goodman Networks, Inc.*‡		6		—  (k)
Media — 0.0%(h)
iHeartMedia, Inc., Class A*		13		248
Professional Services — 0.0%(h)
NMG, Inc.*		—  (k)		35
Specialty Retail — 0.1%
Claire’s Stores, Inc.*‡		1		342
TOTAL COMMON STOCKS (Cost $1,104)				625
PREFERRED STOCKS — 0.0%(h)
Banks — 0.0%(h)
Wells Fargo & Co.
Series Z, 4.75%, 3/15/2025 ($25 par value)(o)		5		137
Communications Equipment — 0.0%(h)
Goodman Networks, Inc. *‡		7		—  (k)
Internet & Direct Marketing Retail — 0.0%(h)
MYT Holding LLC
Series A, 10.00%, 6/6/2029‡		298		318
TOTAL PREFERRED STOCKS (Cost $435)				455
	No. of Warrants (000)
WARRANTS — 0.0%(h)
Media — 0.0%(h)
Nmg Research Ltd. expiring 9/24/2027, price 1.00 USD (United Kingdom)*‡ (Cost $—)		14		278
	Principle Amount ($000)
OPTIONS PURCHASED — 0.0%(h)
CALL OPTIONS PURCHASED — 0.0%(h)
Foreign Exchange Currency Options — 0.0%(h)
Foreign Exchange USD/MXN 12/2/2021 at USD 21.50, European Style Notional Amount: USD 22,342 Counterparty: Goldman Sachs International* (Cost $217)		22,342		108
	No. of Rights (000)
RIGHTS — 0.0%(h)
Independent Power and Renewable Electricity Producers — 0.0%(h)
Vistra Corp., expiring 12/31/2049*‡ (Cost $—)		42		58
	Shares (000)
SHORT-TERM INVESTMENTS — 4.6%
INVESTMENT COMPANIES — 4.6%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05%(p)(q) (Cost $53,445)		53,446		53,468
Total Investments — 100.5% (Cost $1,180,906)				1,174,548
Liabilities in Excess of Other Assets — (0.5)%				(5,744	)
Net Assets — 100.0%				1,168,804

Percentages indicated are based on net assets.

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Abbreviations
ABS	Asset-Backed Securities
ACES	Alternative Credit Enhancement Securities
AUD	Australian Dollar
CNY	China Yuan
CSMC	Credit Suisse Mortgage Trust
EUR	Euro
EURIBOR	Euro Interbank Offered Rate
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GBP	British Pound
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange
IDR	Indonesian Rupiah
IF	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index or have an interest rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the rate in effect as of November 30, 2021. The rate may be subject to a cap and floor.
IO	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
JSC	Joint Stock Company
LIBOR	London Interbank Offered Rate
MXN	Mexican Peso
MYR	Malaysian Ringgit
PJSC	Public Joint Stock Company
PT	Limited liability company
REMIC	Real Estate Mortgage Investment Conduit
SCA	Limited partnership with share capital
SOFR	Secured Overnight Financing Rate
UMBS	Uniform Mortgage-Backed Securities
USD	United States Dollar
ZAR	South African Rand

(a) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.

(b) Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.

(c) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2021.

(d) Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

(e) Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of November 30, 2021.

(f) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2021.

(g) Security is an interest bearing note with preferred security characteristics.

(h) Amount rounds to less than 0.1% of net assets.

(i) Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of November 30, 2021.

(j) Defaulted security.

(k) Amount rounds to less than one thousand.

(l) Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.

(m) All or a portion of this security is unsettled as of November 30, 2021. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.

(n) Fund is subject to legal or contractual restrictions on the resale of the security.

(o) The date shown reflects the next call date on which the issuer may redeem the security at par value. The coupon rate for this security is based on par value and is in effect as of November 30, 2021.

(p) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(q) The rate shown is the current yield as of November 30, 2021.

* Non-income producing security.

‡ Value determined using significant unobservable inputs.

Futures contracts outstanding as of November 30, 2021 (amounts in thousands, except number of contracts):

Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
Euro-Bobl		199			12/2021		EUR		30,569			327
Euro-Bund		103			12/2021		EUR		20,131			381
												708
Short Contracts
Euro-Bobl		(6	)		12/2021		EUR		(922	)		2
Euro-BTP		(83	)		12/2021		EUR		(14,270	)		(122	)
Euro-Bund		(9	)		12/2021		EUR		(1,759	)		(26	)
Euro-Buxl 30 Year Bond		(27	)		12/2021		EUR		(6,692	)		(282	)
Long Gilt		(5	)		03/2022		GBP		(840	)		(7	)
U.S. Treasury 2 Year Note		(456	)		03/2022		USD		(99,686	)		(167	)
U.S. Treasury 5 Year Note		(363	)		03/2022		USD		(44,053	)		(114	)
U.S. Treasury 10 Year Note		(1,114	)		03/2022		USD		(145,690	)		(993	)
U.S. Treasury 10 Year Ultra Note		(637	)		03/2022		USD		(93,609	)		(880	)
U.S. Treasury Long Bond		(40	)		03/2022		USD		(6,486	)		(66	)
U.S. Treasury Ultra Bond		(315	)		03/2022		USD		(63,128	)		(1,214	)
												(3,869	)
												(3,161	)

Abbreviations

EUR	Euro
GBP	British Pound
USD	United States Dollar

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Forward foreign currency exchange contracts outstanding as of November 30, 2021 (amounts in thousands):

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
EUR	492		USD	556	State Street Corp.		12/3/2021		1
USD	56,540		EUR	48,495	BNP Paribas		12/3/2021		1,542
USD	43,428		EUR	37,209	Goldman Sachs International		12/3/2021		1,228
USD	1,091		EUR	936	HSBC Bank, NA		12/3/2021		29
USD	159		EUR	137	State Street Corp.		12/3/2021		4
USD	6,727		GBP	4,890	BNP Paribas		12/3/2021		224
USD	495		GBP	363	State Street Corp.		12/3/2021		13
MXN	9,303		USD	428	Barclays Bank plc		12/6/2021		5
MXN	13,988		USD	642	Citibank, NA		12/6/2021		9
MXN	112,136		USD	5,148	Goldman Sachs International		12/6/2021		77
MXN	9,342		USD	429	Royal Bank of Canada		12/6/2021		6
USD	3,774		EUR	3,315	Barclays Bank plc		1/5/2022		9
USD	25,273		EUR	22,205	Goldman Sachs International		1/5/2022		52
USD	17,116		EUR	15,041	HSBC Bank, NA		1/5/2022		31
USD	53,839		EUR	47,311	TD Bank Financial Group		1/5/2022		100
USD	7,024		GBP	5,252	Goldman Sachs International		1/5/2022		33
EUR	150		USD	170	Royal Bank of Canada		1/24/2022		—	(a)
EUR	100		USD	113	State Street Corp.		1/24/2022		—	(a)
USD	9,625		AUD	13,187	BNP Paribas		1/24/2022		219
USD	581		AUD	800	Royal Bank of Canada		1/24/2022		11
USD	36,021		EUR	31,414	Citibank, NA		1/24/2022		325
USD	1,523		MXN	31,797	BNP Paribas		1/24/2022		56
USD	4,126		MXN	88,180	Citibank, NA		1/24/2022		58
USD	1,506		MYR	6,285	BNP Paribas**		1/24/2022		16
USD	3,266		ZAR	50,410	Barclays Bank plc		1/24/2022		120
Total unrealized appreciation									4,168
EUR	3,315		USD	3,769	Barclays Bank plc		12/3/2021		(9	)
EUR	348		USD	403	BNP Paribas		12/3/2021		(8	)
EUR	22,205		USD	25,236	Goldman Sachs International		12/3/2021		(53	)
EUR	15,041		USD	17,091	HSBC Bank, NA		12/3/2021		(32	)
EUR	47,311		USD	53,761	TD Bank Financial Group		12/3/2021		(105	)
GBP	5,252		USD	7,018	Goldman Sachs International		12/3/2021		(33	)
USD	2,188		EUR	1,936	Royal Bank of Canada		12/3/2021		(7	)
AUD	350		USD	252	State Street Corp.		1/24/2022		(2	)
CZK	112,407		USD	5,081	BNP Paribas		1/24/2022		(92	)
EUR	229		USD	262	HSBC Bank, NA		1/24/2022		(2	)
EUR	474		USD	544	Standard Chartered Bank		1/24/2022		(5	)
IDR	8,359,525		USD	585	BNP Paribas**		1/24/2022		(4	)
INR	401,228		USD	5,351	BNP Paribas**		1/24/2022		(36	)
KRW	6,533,862		USD	5,533	BNP Paribas**		1/24/2022		(15	)
PLN	12,787		USD	3,142	Goldman Sachs International		1/24/2022		(40	)
USD	5,645		CNY	36,167	State Street Corp.**		1/24/2022		(8	)
Total unrealized depreciation									(451	)
Net unrealized appreciation									3,717

Abbreviations

AUD	Australian Dollar
CNY	China Yuan
CZK	Czech Republic Koruna
EUR	Euro
GBP	British Pound
IDR	Indonesian Rupiah
INR	Indian Rupee
KRW	Korean Republic Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
PLN	Polish Zloty

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

USD	United States Dollar
ZAR	South African Rand
(a)	Amount rounds to less than one thousand.
**	Non-deliverable forward.

Centrally Cleared Credit default swap contracts outstanding — sell protection(a) as of November 30, 2021 (amounts in thousands):

Reference Obligation/Index

Financing Rate Paid by the Fund (%)

Payment Frequency

Maturity Date

Implied Credit Spread (%)(b)

Notional Amount(c)

Upfront Payments (Receipts) ($)(d)

Unrealized Appreciation (Depreciation) ($)

Value ($)

CDX.NA.HY.37-V1

5.00

Quarterly

12/20/2026

3.30

USD 50,296

4,602

(274

)

4,328

(a) The Fund, as a seller of credit protection, receives periodic payments and may also receive or pay an upfront premium from or to the protection buyer, and is obligated to make a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.

(b) Implied credit spreads are an indication of the seller’s performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included in a particular index.

(c) The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.

(d) Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Centrally Cleared Interest rate swap contracts outstanding as of November 30, 2021 (amounts in thousands):

Floating Rate Index(a)

Fixed Rate

Pay/ Receive Floating Rate

Maturity Date

Notional Amount

Upfront Payments (Receipts) ($)

Value and Unrealized Appreciation (Depreciation) ($)

6 month THBFIX semi-annually

0.70 semi-annually

Receive

10/5/2024

THB 370,149

—

11

6 month THBFIX semi-annually

0.71 semi-annually

Receive

10/6/2024

THB 193,897

—

5

6 month WIBOR semi-annually

1.91 annually

Receive

9/7/2031

PLN 7,671

—

143

6 month WIBOR semi-annually

1.93 annually

Receive

9/13/2031

PLN 7,408

—

135

6 month WIBOR semi-annually

2.92 annually

Receive

11/9/2026

PLN 16,000

—

7

6 month BUBOR semi-annually

3.09 annually

Receive

9/23/2031

HUF 255,374

—

59

6 month BUBOR semi-annually

3.12 annually

Receive

9/24/2031

HUF 510,748

—

114

6 month BUBOR semi-annually

3.12 annually

Receive

9/24/2031

HUF 255,374

—

57

—

531

6 month THBFIX semi-annually

0.74 semi-annually

Receive

10/7/2024

THB 193,896

—

(1

)

6 month THBFIX semi-annually

0.76 semi-annually

Receive

10/8/2024

THB 193,897

—

(4

)

6 month THBFIX semi-annually

0.81 semi-annually

Receive

10/11/2024

THB 323,161

—

(20

)

6 month WIBOR semi-annually

2.99 annually

Receive

11/12/2026

PLN 15,000

—

(5

)

—

(30

)

—

501

Abbreviations

BUBOR	Budapest Interbank Offered Rate
CDX	Credit Default Swap Index
HUF	Hungarian Forint
PLN	Polish Zloty
THB	Thai Baht
USD	United States Dollar
WIBOR	Warsaw Interbank Offered Rate

(a) Value of floating rate index at November 30, 2021 was as follows:

Floating Rate Index	Value
6 Month BUBOR	3.66%
6 Month THBFIX	0.00(b)
6 Month WIBOR	2.28

(b) Amount rounds to less than 0.1%.

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

(Dollar values in thousands)

A. Valuation of Investments – Investments are valued in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Fund’s valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

J.P. Morgan Investment Management Inc. (the “Administrator”) has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Fund’s investments. The Administrator implements the valuation policies of the Fund’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.

A market-based approach is primarily used to value the Fund’s investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Fund are calculated on a valuation date.

Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

Futures contracts and options are generally valued on the basis of available market quotations. Swaps and forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at November 30, 2021.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

(Dollar values in thousands)

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following table represents each valuation input as presented on the Schedule of Portfolio Investments:

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Investments in Securities
Asset-Backed Securities	$	—		$	167,112		$	63,542		$	230,654
Collateralized Mortgage Obligations		—			86,041			1,000			87,041
Commercial Mortgage-Backed Securities		—			72,200			26,751			98,951
Common Stocks
Communications Equipment		—			—			—	(a)		—	(a)
Media		248			—			—			248
Professional Services		—			35			—			35
Specialty Retail		—			—			342			342
Total Common Stocks		248			35			342			625
Convertible Bonds		—			48,589			—			48,589
Convertible Preferred Stocks		—			—			1,869			1,869
Corporate Bonds
Aerospace & Defense		—			4,892			—			4,892
Airlines		—			3,169			—			3,169
Auto Components		—			6,821			—			6,821
Automobiles		—			5,980			—			5,980
Banks		—			91,357			—			91,357
Beverages		—			3,717			—			3,717
Biotechnology		—			11,753			—			11,753
Building Products		—			825			—			825
Capital Markets		—			42,612			—			42,612
Chemicals		—			7,608			—			7,608
Commercial Services & Supplies		—			3,682			—			3,682
Communications Equipment		—			300			—			300
Construction & Engineering		—			974			—			974
Construction Materials		—			1,851			—			1,851
Consumer Finance		—			16,254			—			16,254
Containers & Packaging		—			4,592			—			4,592
Distributors		—			117			—			117
Diversified Consumer Services		—			304			—			304
Diversified Financial Services		—			2,657			—			2,657
Diversified Telecommunication Services		—			24,425			—			24,425
Electric Utilities		—			34,009			4			34,013
Electrical Equipment		—			482			—			482
Electronic Equipment, Instruments & Components		—			878			—			878
Energy Equipment & Services		—			1,064			—			1,064
Entertainment		—			5,289			—			5,289
Equity Real Estate Investment Trusts (REITs)		—			6,085			—			6,085
Food & Staples Retailing		—			3,023			—			3,023
Food Products		—			2,550			—			2,550
Gas Utilities		—			124			—			124
Health Care Equipment & Supplies		—			2,238			—			2,238
Health Care Providers & Services		—			13,699			—			13,699
Health Care Technology		—			1,239			—			1,239
Hotels, Restaurants & Leisure		—			5,856			—			5,856
Household Durables		—			1,559			—			1,559
Household Products		—			1,651			—			1,651
Independent Power and Renewable Electricity Producers		—			2,865			—			2,865
Industrial Conglomerates		—			3,402			—			3,402
Insurance		—			4,396			—			4,396
Interactive Media & Services		—			213			—			213
Internet & Direct Marketing Retail		—			1,288			—			1,288
IT Services		—			6,145			—			6,145
Leisure Products		—			210			—			210
Machinery		—			841			—			841
Marine		—			175			—			175
Media		—			13,366			—			13,366
Metals & Mining		—			12,911			—			12,911
Multi-Utilities		—			4,121			—			4,121
Oil, Gas & Consumable Fuels		—			32,147			—			32,147
Paper & Forest Products		—			1,547			—			1,547
Personal Products		—			1,295			—			1,295
Pharmaceuticals		—			5,197			—			5,197
Professional Services		—			419			—			419
Real Estate Management & Development		—			2,804			—			2,804
Road & Rail		—			2,745			—			2,745
Semiconductors & Semiconductor Equipment		—			2,650			—			2,650
Software		—			5,502			—			5,502
Specialty Retail		—			2,485			—			2,485
Technology Hardware, Storage & Peripherals		—			3,033			—			3,033
Textiles, Apparel & Luxury Goods		—			232			—			232
Thrifts & Mortgage Finance		—			7,408			—			7,408
Tobacco		—			2,611			—			2,611
Trading Companies & Distributors		—			2,780			—			2,780
Transportation Infrastructure		—			3,051			—			3,051
Wireless Telecommunication Services		—			10,360			—			10,360
Total Corporate Bonds		—			449,835			4			449,839
Foreign Government Securities		—			86,999			—			86,999
Loan Assignments		—			88,502			—			88,502
Mortgage-Backed Securities		—			22,686			—			22,686
Options Purchased
Call Options Purchased		—			108			—			108
Preferred Stocks
Banks		137			—			—			137
Communications Equipment		—			—			–	(a)		–	(a)
Internet & Direct Marketing Retail		—			—			318			318
Total Preferred Stocks		137			—			318			455
Rights		—			—			58			58
Supranational		—			4,426			—			4,426
Warrants		—			—			278			278
Short-Term Investments
Investment Companies		53,468			—			—			53,468
Total Investments in Securities	$	53,853		$	1,026,533		$	94,162		$	1,174,548
Appreciation in Other Financial Instruments
Forward Currency Contracts	$	—		$	4,168		$	—		$	4,168
Futures Contracts		710			—			—			710
Swaps		—			531			—			531
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts		—			(451	)		—			(451	)
Futures Contracts		(3,871	)		—			—			(3,871	)
Swaps		—			(304	)		—			(304	)
Total Net Appreciation/Depreciation in Other Financial Instruments	$	(3,161	)	$	3,944		$	—		$	783

(a) Amount rounds to less than one thousand.

The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value:

	Balance as of February 28, 2021			Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3		Balance as of November 30, 2021
Investments in Securities:
Asset-Backed Securities	$	25,285		$	2		$	(714	)	$	(4	)	$	52,297	$	(13,324	)	$	—	$		$	63,542
Collateralized Mortgage Obligations		1,727			—	(a)		(44	)		—	(a)		695		(1,378	)		—		—		1,000
Commercial Mortgage-Backed Securities		30,340			—	(a)		715			2			3,577		(8,168	)		285		—		26,751
Common Stocks		244			—			98			—			—		—			—		—		342
Convertible Preferred Stocks		1,355			79			540			—			—		(105	)		—		—		1,869
Corporate Bonds		4			—			—			—			—		—			—		—		4
Preferred Stocks		464			2			(95	)		—			—		(53	)		—		—		318
Rights		49			—			9			—			—		—			—		—		58
Warrants		—	(a)		—			278			—			—		—			—		—		278
Total	$	59,468		$	83		$	787		$		(2)	$	56,569	$	(23,028	)	$	285	$	—	$	94,162

¹  Purchases include all purchases of securities and securities received in corporate actions.

²  Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

(a) Amount rounds to less than one thousand.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at November 30, 2021, which were valued using significant unobservable inputs (level 3) amounted to $913.

There were no significant transfers into or out of level 3 for the period ended November 30, 2021.

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed below. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for lack of marketability, liquidity discount, probability of default, yield and default rate may decrease (increase) the fair value measurement. A significant change in the discount rate or prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

Quantitative Information about Level 3 Fair Value Measurements #
	Fair Value at November 30, 2021			Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	54,734		Discounted Cash Flow	Constant Prepayment Rate Constant Default Rate Yield (Discount Rate of Cash Flows)	0.00% -40.00% (18.94%) 0.00%- 10.40% (0.45%) 1.19%- 5.20% (2.71%)
Asset-Backed Securities		54,734
		331		Discounted Cash Flow	Constant Prepayment Rate Yield (Discount Rate of Cash Flows)	10.00% (10.00%) 2.07% (2.07%)
Collateralized Mortgage Obligations		331
		19,235		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	2.32% - 4.98% (3.36%)
Commercial Mortgage-Backed Securities		19,235
		—	(c)	Market Comparable Companies	EBITDA Multiple (b)	5.0x (5.0x)
					Discount for Potential Outcome	30.00% (30.00%)
Preferred Stocks		—	(c)
		—	(c)	Market Comparable Companies	EBITDA Multiple (b)	5.0x (5.0x)
					Liquidity Discount	30.00% (30.00%)
Common Stocks		—	(c)
Total	$	74,300

# The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At November 30, 2021, the value of these investments was $19,862. The inputs for these investments are not readily available or cannot be reasonably estimated and generally are those inputs described in Note A.

(a) Unobservable inputs were weighted by the relative fair value of the instruments.

(b) Represents amounts used when the reporting entity has determined that market participants would take into account such multiples when pricing the investments.

(c) Amount rounds to less than one thousand.

B. Investment Transactions with Affiliates — The Fund invested in an Underlying Fund, which is advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund’s distributions may be reinvested into such Underlying Fund. Reinvestment amounts are included in the purchases at cost amount in the table below.

For the period ended November 30, 2021
Security Description	Value at February 28, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at November 30, 2021		Shares at November 30, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05%(a)(b)	$	144,623	$	533,277	$	624,425	$	—	(c)	$	(7	)	$	53,468		53,446	$	39	$	—

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of November 30, 2021.

(c) Amount rounds to less than one thousand.

C. Derivatives — The Fund used derivative instruments including options, futures contracts, forward foreign currency exchange contracts and swaps, in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

The Fund may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing a Fund to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value.

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark to market gains to the Fund.

Notes (1) — (4) below describe the various derivatives used by the Fund.

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

(Dollar values in thousands)

(1). Options — The Fund purchased and/or sold (“wrote”) put and call options on various instruments including currencies, futures, securities, options on indices and interest rate swaps (“swaptions”) to manage and hedge interest rate risks within its portfolio and also to gain long or short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller.

Options Purchased — Premiums paid by the Fund for options purchased are included as an investment. The option is adjusted daily to reflect the current market value of the option and the change is recorded as unrealized appreciation or depreciation. If the option is allowed to expire, the Fund will lose the entire premium it paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or will offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

Options Written — Premiums received by the Fund for options written are adjusted daily to reflect the current market value of the option written and the change in market value is recorded as unrealized appreciation or depreciation. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Fund records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

Written uncovered call options subject the Fund to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subjects the Fund to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Fund is not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

The Fund’s exchange-traded option contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions). The Fund’s over-the-counter (“OTC”) options are subject to master netting agreements.

The Fund may be required to post or receive collateral for OTC options. Cash collateral posted by the Fund is considered restricted.

(2). Futures Contracts — The Fund used treasury futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to positive and negative price fluctuation or a particular countries or regions. The Fund also used futures contracts to lengthen or shorten the duration of the overall investment portfolio.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as change in net unrealized appreciation/depreciation on futures contracts. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited is considered restricted.

The Fund may be exposed to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subject the Fund to risk of loss up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund’s credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

The Fund’s futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

(3). Forward Foreign Currency Exchange Contracts — The Fund is exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of the foreign currency.

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

(Dollar values in thousands)

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss, upon settlement, when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty.

The Fund’s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).

The Fund may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

(4). Swaps — The Fund engaged in various swap transactions to manage credit and interest rate (e.g., duration, yield curve) risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are contracts negotiated over-the-counter (“OTC swaps”) between the Fund and a counterparty or are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”) that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, and amortized over the term of the swap. The value of an OTC swap agreement is recorded at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited is considered restricted. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as change in net unrealized appreciation/depreciation on swaps. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund’s custodian bank.

The central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearinghouse.

The Fund’s swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.

Credit Default Swaps

The Fund entered into credit default swaps to simulate long and/or short bond positions or to take an active long and/or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

If a credit event occurs, the Fund, as a protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to the Fund’s portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

(Dollar values in thousands)

Interest Rate Swaps

The Fund entered into interest rate swap contracts to manage fund exposure to interest rates or to either preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic interest payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically based on a fixed interest rate.