JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — 33.3%
Aerospace & Defense — 0.3%
Bombardier, Inc. (Canada)
7.50%, 12/1/2024(a)		589		611
7.50%, 3/15/2025(a)		5,000		5,096
BWX Technologies, Inc.
4.13%, 6/30/2028(a)		3,904		3,904
4.13%, 4/15/2029(a)		3,625		3,624
Howmet Aerospace, Inc.
5.13%, 10/1/2024		4,373		4,677
6.88%, 5/1/2025		27		31
5.90%, 2/1/2027		3,179		3,573
6.75%, 1/15/2028		118		139
5.95%, 2/1/2037		110		129
Spirit AeroSystems, Inc. 5.50%, 1/15/2025(a)		325		335
TransDigm, Inc. 6.25%, 3/15/2026(a)		7,267		7,539
Triumph Group, Inc.
8.88%, 6/1/2024(a)		945		1,035
6.25%, 9/15/2024(a)		2,566		2,576
7.75%, 8/15/2025		3,055		3,036
				36,305
Airlines — 0.2%
American Airlines, Inc.
5.50%, 4/20/2026(a)		6,371		6,506
5.75%, 4/20/2029(a)		5,806		6,055
Delta Air Lines, Inc.
4.50%, 10/20/2025(a)		1,852		1,941
4.75%, 10/20/2028(a)		2,717		2,978
United Airlines, Inc.
4.38%, 4/15/2026(a)		3,833		3,848
4.63%, 4/15/2029(a)		1,273		1,266
				22,594
Auto Components — 0.8%
Adient Global Holdings Ltd. 4.88%, 8/15/2026(a)		3,620		3,625
Adient US LLC 9.00%, 4/15/2025(a)		5,379		5,702
Allison Transmission, Inc.
4.75%, 10/1/2027(a)		3,298		3,405
5.88%, 6/1/2029(a)		8,796		9,399
3.75%, 1/30/2031(a)		11,027		10,541
American Axle & Manufacturing, Inc.
6.25%, 3/15/2026		5,066		5,180
6.50%, 4/1/2027		5,070		5,257
6.88%, 7/1/2028		2,380		2,543
5.00%, 10/1/2029		5,030		4,772
Clarios Global LP
6.75%, 5/15/2025(a)		2,915		3,043
6.25%, 5/15/2026(a)		6,437		6,689
8.50%, 5/15/2027(a)		5,435		5,720
Cooper-Standard Automotive, Inc.
13.00%, 6/1/2024(a)		265		286
5.63%, 11/15/2026(a)		884		721
Dana, Inc.
5.38%, 11/15/2027		2,745		2,865
5.63%, 6/15/2028		2,747		2,892
4.25%, 9/1/2030		724		719
Dornoch Debt Merger Sub, Inc. 6.63%, 10/15/2029(a)		4,565		4,497
Goodyear Tire & Rubber Co. (The)
5.00%, 5/31/2026		3,473		3,551
4.88%, 3/15/2027		255		266
5.00%, 7/15/2029(a)		5,248		5,478
5.25%, 4/30/2031		8,465		8,926
5.25%, 7/15/2031(a)		2,132		2,224
Icahn Enterprises LP
6.75%, 2/1/2024		370		371
4.75%, 9/15/2024		500		506
6.25%, 5/15/2026		2,691		2,766
IHO Verwaltungs GmbH (Germany) 4.75% (cash), 9/15/2026(a)(b)		4,960		5,059
Tenneco, Inc.
5.38%, 12/15/2024		665		657
5.00%, 7/15/2026		2,718		2,595
7.88%, 1/15/2029(a)		1,459		1,559
5.13%, 4/15/2029(a)		1,663		1,601
				113,415
Automobiles — 0.0%(c)
General Motors Co. 5.00%, 4/1/2035		240		285
Jaguar Land Rover Automotive plc (United Kingdom) 4.50%, 10/1/2027(a)		1,000		956
				1,241
Banks — 2.4%
Banco do Brasil SA (Brazil) (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 6.36%), 9.00%, 6/18/2024(d)(e)(f)(g)		8,400		8,795
Banco Industrial SA (Guatemala) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.44%), 4.88%, 1/29/2031(e)(f)		1,600		1,576
Banco Mercantil del Norte SA (Mexico) (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 5.47%), 7.50%, 6/27/2029(d)(e)(f)(g)		10,900		11,624
Banco Santander SA (Spain) (USD ICE Swap Rate 5 Year + 4.99%), 7.50%, 2/8/2024(d)(e)(f)(g)		5,000		5,363
Bank of America Corp.
Series X, (ICE LIBOR USD 3 Month + 3.71%), 6.25%, 9/5/2024(d)(e)(g)		10,030		10,632
Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 3/17/2025(d)(e)(g)		716		771

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series DD, (ICE LIBOR USD 3 Month + 4.55%), 6.30%, 3/10/2026(d)(e)(g)		34		38
(SOFR + 1.32%), 2.69%, 4/22/2032(e)		34,390		34,825
Banque Centrale de Tunisie International Bond (Tunisia) 5.75%, 1/30/2025(f)		6,350		4,778
Citigroup, Inc.
(ICE LIBOR USD 3 Month + 4.07%), 5.95%, 1/30/2023(d)(e)(g)		865		884
Series U, (SOFR + 3.81%), 5.00%, 9/12/2024(d)(e)(g)		9,905		10,103
Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025(d)(e)(g)		4,714		5,013
Series W, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.60%), 4.00%, 12/10/2025(d)(e)(g)		21,230		21,176
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.42%), 3.88%, 2/18/2026(d)(e)(g)		10,050		9,950
Series T, (ICE LIBOR USD 3 Month + 4.52%), 6.25%, 8/15/2026(d)(e)(g)		83		93
Credit Agricole SA (France) (USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025(a)(d)(e)(g)		20,050		23,610
Development Bank of the Republic of Belarus JSC (Belarus) 6.75%, 5/2/2024(a)		2,600		2,314
HSBC Holdings plc (United Kingdom)
(USD ICE Swap Rate 5 Year + 4.37%), 6.37%, 3/30/2025(d)(e)(g)		2,400		2,580
(USD ICE Swap Rate 5 Year + 3.75%), 6.00%, 5/22/2027(d)(e)(g)		3,551		3,764
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.65%), 4.60%, 12/17/2030(d)(e)(g)		8,336		8,232
ING Groep NV (Netherlands)
(USD ICE Swap Rate 5 Year + 4.20%), 6.75%, 4/16/2024(d)(e)(f)(g)		12,000		12,870
(USD Swap Semi 5 Year + 4.45%), 6.50%, 4/16/2025(d)(e)(g)		1,800		1,945
Intesa Sanpaolo SpA (Italy)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.60%), 4.20%, 6/1/2032(a)(e)		1,190		1,193
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.75%), 4.95%, 6/1/2042(a)(e)		6,402		6,608
Lloyds Banking Group plc (United Kingdom)
(USD Swap Semi 5 Year + 4.76%), 7.50%, 6/27/2024(d)(e)(g)		4,669		5,066
(USD Swap Semi 5 Year + 4.50%), 7.50%, 9/27/2025(d)(e)(g)		3,769		4,282
National Australia Bank Ltd. (Australia) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.88%), 3.93%, 8/2/2034(a)(e)		1,400		1,500
NatWest Group plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.63%), 6.00%, 12/29/2025(d)(e)(g)		22,706		24,653
Nordea Bank Abp (Finland) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.11%), 6.63%, 3/26/2026(a)(d)(e)(g)		8,800		9,955
Societe Generale SA (France)
(USD Swap Semi 5 Year + 4.30%), 7.37%, 10/4/2023(a)(d)(e)(g)		6,742		7,147
(USD ICE Swap Rate 5 Year + 5.87%), 8.00%, 9/29/2025(a)(d)(e)(g)		14,270		16,441
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.93%), 4.75%, 5/26/2026(a)(d)(e)(g)		6,480		6,537
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.51%), 5.38%, 11/18/2030(a)(d)(e)(g)		5,000		5,229
Standard Chartered plc (United Kingdom) (USD Swap Semi 5 Year + 6.30%), 7.50%, 4/2/2022(a)(d)(e)(g)		500		508
Truist Financial Corp. Series Q, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 4.35%), 5.10%, 3/1/2030(d)(e)(g)		5,000		5,573
UniCredit SpA (Italy)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 1.98%, 6/3/2027(a)(e)		9,140		8,921

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.75%), 5.46%, 6/30/2035(a)(e)		5,096		5,531
Wells Fargo & Co. Series BB, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.45%), 3.90%, 3/15/2026(d)(e)(g)		27,821		27,988
				318,068
Beverages — 0.0%(c)
Triton Water Holdings, Inc. 6.25%, 4/1/2029(a)		5,690		5,526
Biotechnology — 0.0%(c)
Emergent BioSolutions, Inc. 3.88%, 8/15/2028(a)		4,033		3,830
Grifols Escrow Issuer SA (Spain) 4.75%, 10/15/2028(a)		2,527		2,502
				6,332
Building Products — 0.3%
Advanced Drainage Systems, Inc. 5.00%, 9/30/2027(a)		125		129
Builders FirstSource, Inc.
6.75%, 6/1/2027(a)		1,336		1,406
4.25%, 2/1/2032(a)		3,388		3,403
James Hardie International Finance DAC 5.00%, 1/15/2028(a)		2,000		2,073
JELD-WEN, Inc.
6.25%, 5/15/2025(a)		1,015		1,058
4.63%, 12/15/2025(a)		740		746
4.88%, 12/15/2027(a)		1,238		1,266
Masonite International Corp.
5.38%, 2/1/2028(a)		4,450		4,634
3.50%, 2/15/2030(a)		1,800		1,742
Standard Industries, Inc.
5.00%, 2/15/2027(a)		1,531		1,570
4.75%, 1/15/2028(a)		10,203		10,279
4.38%, 7/15/2030(a)		2,975		2,927
3.38%, 1/15/2031(a)		3,459		3,186
Summit Materials LLC
6.50%, 3/15/2027(a)		1,145		1,189
5.25%, 1/15/2029(a)		2,025		2,108
				37,716
Capital Markets — 0.8%
Charles Schwab Corp. (The)
Series I, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.17%), 4.00%, 6/1/2026(d)(e)(g)		32,590		32,467
Series H, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 3.08%), 4.00%, 12/1/2030(d)(e)(g)		13,530		13,395
Coinbase Global, Inc.
3.38%, 10/1/2028(a)		1,372		1,289
3.63%, 10/1/2031(a)		1,372		1,273
Credit Suisse Group AG (Switzerland)
(USD Swap Semi 5 Year + 3.46%), 6.25%, 12/18/2024(a)(d)(e)(g)		19,000		20,069
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.89%), 5.25%, 2/11/2027(a)(d)(e)(g)		4,760		4,831
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.55%), 4.50%, 9/3/2030(a)(d)(e)(g)		1,447		1,388
Goldman Sachs Group, Inc. (The)
Series P, (ICE LIBOR USD 3 Month + 2.87%), 5.00%, 11/10/2022(d)(e)(g)		5,070		5,015
Series R, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.22%), 4.95%, 2/10/2025(d)(e)(g)		1,340		1,387
Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.97%), 3.80%, 5/10/2026(d)(e)(g)		2,240		2,182
Series U, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.92%), 3.65%, 8/10/2026(d)(e)(g)		2,734		2,626
MSCI, Inc.
4.00%, 11/15/2029(a)		4,370		4,528
3.63%, 9/1/2030(a)		1,000		1,013
UBS Group AG (Switzerland)
(USD Swap Semi 5 Year + 4.34%), 7.00%, 1/31/2024(a)(d)(e)(g)		2,870		3,082
(USD Swap Semi 5 Year + 4.87%), 7.00%, 2/19/2025(d)(e)(f)(g)		250		277
(USD Swap Semi 5 Year + 4.59%), 6.87%, 8/7/2025(d)(e)(f)(g)		13,061		14,459
				109,281
Chemicals — 1.1%
Axalta Coating Systems LLC
4.75%, 6/15/2027(a)		11,542		11,927
3.38%, 2/15/2029(a)		7,473		7,101
Braskem Idesa SAPI (Mexico) 6.99%, 2/20/2032(a)		5,527		5,403
Chemours Co. (The)
5.75%, 11/15/2028(a)		8,468		8,680
4.63%, 11/15/2029(a)		3,025		2,923
CVR Partners LP 9.25%, 6/15/2023(a)		290		291
Element Solutions, Inc. 3.88%, 9/1/2028(a)		9,841		9,743
Gates Global LLC 6.25%, 1/15/2026(a)		950		974
GCP Applied Technologies, Inc. 5.50%, 4/15/2026(a)		3,610		3,692

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Hexion, Inc.
7.88%, 7/15/2027(a)		5,990		6,350
INEOS Quattro Finance 2 plc (United Kingdom) 3.38%, 1/15/2026(a)		6,783		6,749
NOVA Chemicals Corp. (Canada)
4.88%, 6/1/2024(a)		4,470		4,632
5.00%, 5/1/2025(a)		2,802		2,935
5.25%, 6/1/2027(a)		15,590		16,369
4.25%, 5/15/2029(a)		2,690		2,636
Olin Corp. 5.63%, 8/1/2029		2,620		2,826
Rain CII Carbon LLC 7.25%, 4/1/2025(a)		150		153
Sasol Financing USA LLC (South Africa) 5.50%, 3/18/2031		2,900		2,833
Scotts Miracle-Gro Co. (The)
5.25%, 12/15/2026		2,625		2,691
4.50%, 10/15/2029		7,347		7,586
4.00%, 4/1/2031(a)		6,675		6,489
4.38%, 2/1/2032(a)		175		173
Trinseo Materials Operating SCA
5.38%, 9/1/2025(a)		5,396		5,456
5.13%, 4/1/2029(a)		11,110		11,124
Venator Finance SARL 9.50%, 7/1/2025(a)		2,955		3,228
WR Grace Holdings LLC
4.88%, 6/15/2027(a)		8,477		8,410
5.63%, 8/15/2029(a)		3,001		3,018
				144,392
Commercial Services & Supplies — 0.9%
ACCO Brands Corp. 4.25%, 3/15/2029(a)		10,017		9,792
ADT Security Corp. (The)
4.13%, 6/15/2023		214		220
4.13%, 8/1/2029(a)		4,716		4,589
4.88%, 7/15/2032(a)		7,296		7,222
Allied Universal Holdco LLC
6.63%, 7/15/2026(a)		4,662		4,791
9.75%, 7/15/2027(a)		2,257		2,364
4.63%, 6/1/2028(a)		5,179		5,011
Aramark Services, Inc.
5.00%, 4/1/2025(a)		1,440		1,458
5.00%, 2/1/2028(a)		4,951		4,976
Atento Luxco 1 SA (Brazil) 8.00%, 2/10/2026(f)		3,200		3,318
Bidvest Group UK plc (The) (South Africa) 3.63%, 9/23/2026(a)		2,000		1,980
Brink’s Co. (The) 4.63%, 10/15/2027(a)		3,320		3,386
Clean Harbors, Inc. 4.88%, 7/15/2027(a)		4,965		5,102
Garda World Security Corp. (Canada)
4.63%, 2/15/2027(a)		795		777
9.50%, 11/1/2027(a)		4,065		4,237
GFL Environmental, Inc. (Canada)
3.75%, 8/1/2025(a)		8,694		8,802
5.13%, 12/15/2026(a)		2,085		2,160
4.00%, 8/1/2028(a)		4,588		4,451
3.50%, 9/1/2028(a)		1,400		1,356
4.75%, 6/15/2029(a)		305		305
Madison IAQ LLC
4.13%, 6/30/2028(a)		13,762		13,315
5.88%, 6/30/2029(a)		1,254		1,206
Nielsen Co. Luxembourg SARL (The) 5.00%, 2/1/2025(a)		146		148
Nielsen Finance LLC
5.63%, 10/1/2028(a)		5,956		6,079
4.50%, 7/15/2029(a)		2,195		2,123
4.75%, 7/15/2031(a)		1,311		1,272
Prime Security Services Borrower LLC
5.75%, 4/15/2026(a)		6,498		6,872
3.38%, 8/31/2027(a)		7,499		7,096
Stericycle, Inc. 5.38%, 7/15/2024(a)		630		644
3.88%, 1/15/2029(a)		7,010		6,835
				121,887
Communications Equipment — 0.3%
CommScope Technologies LLC 6.00%, 6/15/2025(a)		4,288		4,138
CommScope, Inc.
6.00%, 3/1/2026(a)		13,901		14,219
8.25%, 3/1/2027(a)		7,725		7,571
4.75%, 9/1/2029(a)		4,980		4,818
Nokia OYJ (Finland) 4.38%, 6/12/2027		2,600		2,782
Plantronics, Inc. 4.75%, 3/1/2029(a)		8,369		7,539
				41,067
Construction & Engineering — 0.3%
AECOM 5.13%, 3/15/2027		5,208		5,582
Aeropuerto Internacional de Tocumen SA (Panama) 5.13%, 8/11/2061(a)		3,830		3,961
Bioceanico Sovereign Certificate Ltd. (Paraguay) Zero Coupon, 6/5/2034(f)		3,304		2,467
Dycom Industries, Inc. 4.50%, 4/15/2029(a)		2,585		2,603
Global Infrastructure Solutions, Inc. 5.63%, 6/1/2029(a)		1,150		1,162
International Airport Finance SA (Ecuador) 12.00%, 3/15/2033(f)		8,500		9,137
MasTec, Inc. 4.50%, 8/15/2028(a)		8,104		8,347
Mexico City Airport Trust (Mexico) 5.50%, 10/31/2046(f)		7,300		7,028
				40,287
Construction Materials — 0.1%
Cemex SAB de CV (Mexico)
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.53%), 5.12%, 6/8/2026(a)(d)(e)(g)		4,707		4,760
3.88%, 7/11/2031(a)		7,155		6,952
				11,712

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Consumer Finance — 1.1%
AerCap Ireland Capital DAC (Ireland) 4.50%, 9/15/2023		2,900		3,055
Ally Financial, Inc.
5.75%, 11/20/2025		6,835		7,741
8.00%, 11/1/2031		418		591
Avolon Holdings Funding Ltd. (Ireland) 3.63%, 5/1/2022(a)		5,500		5,554
Ford Motor Credit Co. LLC
3.09%, 1/9/2023		5,350		5,418
4.14%, 2/15/2023		1,000		1,021
3.37%, 11/17/2023		4,669		4,776
5.58%, 3/18/2024		2,763		2,948
3.66%, 9/8/2024		9,159		9,434
4.06%, 11/1/2024		20,997		21,899
4.69%, 6/9/2025		11,548		12,244
5.13%, 6/16/2025		2,000		2,162
4.13%, 8/4/2025		3,708		3,875
3.38%, 11/13/2025		5,271		5,383
4.39%, 1/8/2026		1,500		1,584
4.54%, 8/1/2026		3,245		3,466
2.70%, 8/10/2026		2,633		2,614
4.27%, 1/9/2027		22,907		24,214
4.13%, 8/17/2027		13,041		13,757
3.82%, 11/2/2027		245		253
5.11%, 5/3/2029		1,000		1,107
4.00%, 11/13/2030		2,133		2,237
Navient Corp. 6.13%, 3/25/2024		2,180		2,285
OneMain Finance Corp.
6.13%, 5/15/2022		245		251
5.63%, 3/15/2023		272		282
6.88%, 3/15/2025		1,883		2,071
7.13%, 3/15/2026		3,322		3,734
3.50%, 1/15/2027		515		497
6.63%, 1/15/2028		5,250		5,815
Park Aerospace Holdings Ltd. (Ireland) 4.50%, 3/15/2023(a)		2,146		2,226
				152,494
Containers & Packaging — 0.8%
Ardagh Packaging Finance plc
4.13%, 8/15/2026(a)		5,250		5,309
5.25%, 8/15/2027(a)		13,442		13,174
Ball Corp. 3.13%, 9/15/2031		2,375		2,285
Berry Global, Inc.
4.50%, 2/15/2026(a)		1,051		1,055
4.88%, 7/15/2026(a)		7,076		7,342
5.63%, 7/15/2027(a)		940		974
Crown Americas LLC 4.75%, 2/1/2026		860		883
Greif, Inc. 6.50%, 3/1/2027(a)		3,560		3,698
Klabin Austria GmbH (Brazil) 7.00%, 4/3/2049(f)		5,630		6,288
LABL, Inc.
6.75%, 7/15/2026(a)		12,057		12,359
10.50%, 7/15/2027(a)		935		977
Mauser Packaging Solutions Holding Co.
5.50%, 4/15/2024(a)		12,782		12,793
7.25%, 4/15/2025(a)		6,329		6,206
Owens-Brockway Glass Container, Inc. 6.63%, 5/13/2027(a)		280		293
Pactiv Evergreen Group Issuer, Inc. 4.00%, 10/15/2027(a)		17,860		17,146
Sealed Air Corp.
5.13%, 12/1/2024(a)		1,995		2,124
5.50%, 9/15/2025(a)		250		273
Smurfit Kappa Treasury Funding DAC (Ireland) 7.50%, 11/20/2025		950		1,166
TriMas Corp. 4.13%, 4/15/2029(a)		2,164		2,164
Trivium Packaging Finance BV (Netherlands)
5.50%, 8/15/2026(a)(h)		12,592		12,999
8.50%, 8/15/2027(a)(h)		1,965		2,053
				111,561
Distributors — 0.1%
Wolverine Escrow LLC
8.50%, 11/15/2024(a)		2,536		2,371
9.00%, 11/15/2026(a)		5,834		5,499
				7,870
Diversified Consumer Services — 0.1%
Service Corp. International
7.50%, 4/1/2027		535		641
4.63%, 12/15/2027		2,815		2,931
5.13%, 6/1/2029		5,309		5,653
3.38%, 8/15/2030		1,971		1,882
4.00%, 5/15/2031		1,300		1,297
				12,404
Diversified Telecommunication Services — 2.5%
Altice France Holding SA (Luxembourg)
10.50%, 5/15/2027(a)		13,543		14,577
6.00%, 2/15/2028(a)		995		929
Altice France SA (France)
8.13%, 2/1/2027(a)		11,162		11,906
5.50%, 1/15/2028(a)		3,500		3,465
5.13%, 1/15/2029(a)		416		394
5.13%, 7/15/2029(a)		5,313		5,049
5.50%, 10/15/2029(a)		4,193		4,046
CCO Holdings LLC
5.50%, 5/1/2026(a)		2,368		2,444
5.13%, 5/1/2027(a)		36,046		37,102
5.00%, 2/1/2028(a)		45,576		46,944
5.38%, 6/1/2029(a)		10,014		10,593
4.75%, 3/1/2030(a)		8,701		8,915
4.50%, 8/15/2030(a)		4,494		4,530
4.25%, 2/1/2031(a)		5,973		5,884
4.50%, 6/1/2033(a)		7,604		7,490
4.25%, 1/15/2034(a)		5,270		5,070

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Cincinnati Bell, Inc.
7.00%, 7/15/2024(a)		3,730		3,795
8.00%, 10/15/2025(a)		2,325		2,418
DKT Finance ApS (Denmark) 9.38%, 6/17/2023(a)		1,150		1,162
Embarq Corp. 8.00%, 6/1/2036		1,643		1,801
Frontier Communications Holdings LLC
5.88%, 10/15/2027(a)		13,823		14,275
5.00%, 5/1/2028(a)		4,967		4,981
5.88%, 11/1/2029		60		59
6.00%, 1/15/2030(a)		1,580		1,554
Intelsat Jackson Holdings SA (Luxembourg)
5.50%, 8/1/2023(i)		8,602		4,172
8.00%, 2/15/2024(a)(h)(i)		5,129		5,220
8.50%, 10/15/2024(a)(i)		5,163		2,594
9.75%, 7/15/2025(a)(i)		1,765		865
Level 3 Financing, Inc.
5.38%, 5/1/2025		4,436		4,529
5.25%, 3/15/2026		4,666		4,779
4.63%, 9/15/2027(a)		9,916		10,045
4.25%, 7/1/2028(a)		2,135		2,082
3.63%, 1/15/2029(a)		5,000		4,625
3.75%, 7/15/2029(a)		166		154
Liquid Telecommunications Financing plc (South Africa) 5.50%, 9/4/2026(a)		2,500		2,578
Lumen Technologies, Inc.
Series W, 6.75%, 12/1/2023		2,388		2,572
Series Y, 7.50%, 4/1/2024		10,252		11,123
5.63%, 4/1/2025		3,371		3,512
5.13%, 12/15/2026(a)		6,703		6,715
4.00%, 2/15/2027(a)		5,905		5,884
Series G, 6.88%, 1/15/2028		17		19
4.50%, 1/15/2029(a)		2,575		2,421
5.38%, 6/15/2029(a)		3,968		3,864
SES GLOBAL Americas Holdings GP (Luxembourg) 5.30%, 3/25/2044(a)		110		127
Sprint Capital Corp.
6.88%, 11/15/2028		148		183
8.75%, 3/15/2032		18,410		27,217
Switch Ltd.
3.75%, 9/15/2028(a)		1,547		1,532
4.13%, 6/15/2029(a)		5,773		5,799
Telecom Italia Capital SA (Italy)
6.38%, 11/15/2033		6,890		7,165
6.00%, 9/30/2034		2,211		2,228
7.72%, 6/4/2038		3,920		4,450
Telecom Italia SpA (Italy) 5.30%, 5/30/2024(a)		500		519
Virgin Media Secured Finance plc (United Kingdom) 5.50%, 5/15/2029(a)		6,015		6,237
Zayo Group Holdings, Inc. 4.00%, 3/1/2027(a)		8,099		7,714
				340,307
Electric Utilities — 0.7%
Cleveland Electric Illuminating Co. (The) 4.55%, 11/15/2030(a)		500		577
Comision Federal de Electricidad (Mexico) 4.68%, 2/9/2051(a)		2,366		2,182
Electricidad Firme de Mexico Holdings SA de CV (Mexico) 4.90%, 11/20/2026(a)		1,400		1,364
Eskom Holdings SOC Ltd. (South Africa)
6.75%, 8/6/2023(f)		1,300		1,328
7.13%, 2/11/2025(f)		6,800		6,968
8.45%, 8/10/2028(f)		4,400		4,668
FEL Energy VI SARL (Mexico) 5.75%, 12/1/2040(a)		9,677		9,193
Fenix Power Peru SA (Peru) 4.32%, 9/20/2027(f)		3,223		3,281
Instituto Costarricense de Electricidad (Costa Rica)
6.75%, 10/7/2031(a)		8,210		8,286
6.38%, 5/15/2043(f)		690		576
Jersey Central Power & Light Co. 4.70%, 4/1/2024(a)		6,850		7,292
NextEra Energy Operating Partners LP 4.25%, 9/15/2024(a)		4		4
NPC Ukrenergo (Ukraine) 6.88%, 11/9/2026(a)		6,504		6,093
NRG Energy, Inc.
6.63%, 1/15/2027		1,256		1,298
5.75%, 1/15/2028		6,117		6,392
3.38%, 2/15/2029(a)		5,065		4,888
5.25%, 6/15/2029(a)		1,094		1,134
3.63%, 2/15/2031(a)		1,900		1,805
3.88%, 2/15/2032(a)		2,624		2,519
PG&E Corp. 5.00%, 7/1/2028		4,225		4,352
Trinidad Generation UnLtd (Trinidad and Tobago) 5.25%, 11/4/2027(f)		2,000		2,024
Vistra Operations Co. LLC
5.50%, 9/1/2026(a)		501		513
5.63%, 2/15/2027(a)		6,661		6,840
5.00%, 7/31/2027(a)		9,696		9,799
4.38%, 5/1/2029(a)		2,146		2,106
				95,482
Electrical Equipment — 0.1%
Sensata Technologies BV
4.88%, 10/15/2023(a)		255		269
5.63%, 11/1/2024(a)		200		218
5.00%, 10/1/2025(a)		1,007		1,090
4.00%, 4/15/2029(a)		11,422		11,581
				13,158
Electronic Equipment, Instruments & Components — 0.2%
CDW LLC
5.50%, 12/1/2024		1,190		1,296
4.13%, 5/1/2025		255		261
4.25%, 4/1/2028		10,708		11,001
3.25%, 2/15/2029		1,000		1,000

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Sensata Technologies, Inc.
4.38%, 2/15/2030(a)		6,374		6,611
3.75%, 2/15/2031(a)		3,990		3,920
				24,089
Energy Equipment & Services — 0.1%
Archrock Partners LP 6.88%, 4/1/2027(a)		1,826		1,899
Guara Norte SARL (Brazil) 5.20%, 6/15/2034(a)		5,186		4,947
Nabors Industries Ltd. 7.25%, 1/15/2026(a)		3,575		3,075
Nabors Industries, Inc. 5.75%, 2/1/2025		414		346
Precision Drilling Corp. (Canada) 7.13%, 1/15/2026(a)		3,376		3,399
Transocean Guardian Ltd. 5.88%, 1/15/2024(a)		362		340
Transocean Pontus Ltd. 6.13%, 8/1/2025(a)		3,995		3,918
Transocean Poseidon Ltd. 6.88%, 2/1/2027(a)		259		246
Transocean Proteus Ltd. 6.25%, 12/1/2024(a)		241		238
Transocean, Inc. 11.50%, 1/30/2027(a)		966		908
				19,316
Entertainment — 0.5%
AMC Entertainment Holdings, Inc.
10.50%, 4/24/2026(a)		915		958
12.00% (PIK), 6/15/2026(a)(b)		2,694		2,586
Live Nation Entertainment, Inc.
4.88%, 11/1/2024(a)		7,050		7,098
5.63%, 3/15/2026(a)		1,398		1,436
6.50%, 5/15/2027(a)		11,481		12,446
4.75%, 10/15/2027(a)		8,565		8,565
3.75%, 1/15/2028(a)		315		303
Netflix, Inc.
5.88%, 2/15/2025		50		56
4.88%, 4/15/2028		6,345		7,178
5.88%, 11/15/2028		9,585		11,472
5.38%, 11/15/2029(a)		952		1,126
4.88%, 6/15/2030(a)		2,855		3,306
WMG Acquisition Corp.
3.88%, 7/15/2030(a)		8,565		8,586
3.00%, 2/15/2031(a)		1,905		1,794
				66,910
Equity Real Estate Investment Trusts (REITs) — 0.6%
Iron Mountain, Inc.
4.88%, 9/15/2027(a)		6,845		6,942
5.25%, 3/15/2028(a)		763		784
5.00%, 7/15/2028(a)		417		423
4.88%, 9/15/2029(a)		1,325		1,344
MGM Growth Properties Operating Partnership LP
5.63%, 5/1/2024		4,022		4,300
4.63%, 6/15/2025(a)		3,903		4,157
4.50%, 9/1/2026		1,000		1,073
5.75%, 2/1/2027		3,610		4,088
3.88%, 2/15/2029(a)		1,950		2,048
MPT Operating Partnership LP 4.63%, 8/1/2029		1,472		1,536
RHP Hotel Properties LP
4.75%, 10/15/2027		14,516		14,552
4.50%, 2/15/2029(a)		600		584
SBA Communications Corp.
3.88%, 2/15/2027		4,386		4,489
3.13%, 2/1/2029(a)		5,557		5,280
Uniti Group LP 7.13%, 12/15/2024(a)		65		66
VICI Properties LP
3.50%, 2/15/2025(a)		1,480		1,496
4.25%, 12/1/2026(a)		5,978		6,173
3.75%, 2/15/2027(a)		11,696		11,989
4.63%, 12/1/2029(a)		1,532		1,627
4.13%, 8/15/2030(a)		2,240		2,341
				75,292
Food & Staples Retailing — 0.5%
Albertsons Cos., Inc.
3.25%, 3/15/2026(a)		6,587		6,571
7.50%, 3/15/2026(a)		2,682		2,863
4.63%, 1/15/2027(a)		11,918		12,355
5.88%, 2/15/2028(a)		1,317		1,386
3.50%, 3/15/2029(a)		7,184		7,120
4.88%, 2/15/2030(a)		1,957		2,080
Cencosud SA (Chile) 6.63%, 2/12/2045(f)		2,600		3,326
New Albertsons LP
6.63%, 6/1/2028		8		9
7.45%, 8/1/2029		113		129
8.00%, 5/1/2031		870		1,035
Performance Food Group, Inc.
6.88%, 5/1/2025(a)		2,168		2,271
5.50%, 10/15/2027(a)		6,507		6,702
4.25%, 8/1/2029(a)		2,331		2,245
Rite Aid Corp.
7.50%, 7/1/2025(a)		8,573		8,552
8.00%, 11/15/2026(a)		8,757		8,705
Tesco plc (United Kingdom) 6.15%, 11/15/2037(a)		870		1,135
US Foods, Inc. 4.63%, 6/1/2030(a)		1,983		1,993
				68,477
Food Products — 0.4%
B&G Foods, Inc.
5.25%, 4/1/2025		2,741		2,782
5.25%, 9/15/2027		1,420		1,441
Darling Ingredients, Inc. 5.25%, 4/15/2027(a)		1,640		1,695
JBS USA LUX SA
6.75%, 2/15/2028(a)		1,253		1,351
6.50%, 4/15/2029(a)		757		830
Lamb Weston Holdings, Inc.
4.88%, 5/15/2028(a)		585		621
4.13%, 1/31/2030(a)		5,325		5,309
4.38%, 1/31/2032(a)		1,779		1,769

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
MARB BondCo plc (Brazil) 3.95%, 1/29/2031(a)		6,242		5,847
Pilgrim’s Pride Corp. 5.88%, 9/30/2027(a)		397		417
Post Holdings, Inc.
5.75%, 3/1/2027(a)		6,877		7,084
5.63%, 1/15/2028(a)		8,103		8,340
5.50%, 12/15/2029(a)		8,020		8,296
4.63%, 4/15/2030(a)		3,130		3,091
4.50%, 9/15/2031(a)		2,000		1,930
Sigma Holdco BV (Netherlands) 7.88%, 5/15/2026(a)		3,000		2,905
TreeHouse Foods, Inc. 4.00%, 9/1/2028		1,975		1,873
				55,581
Gas Utilities — 0.1%
AmeriGas Partners LP
5.63%, 5/20/2024		189		201
5.50%, 5/20/2025		3,952		4,229
5.88%, 8/20/2026		2,163		2,360
5.75%, 5/20/2027		1,637		1,768
				8,558
Health Care Equipment & Supplies — 0.4%
Avantor Funding, Inc. 4.63%, 7/15/2028(a)		9,579		9,892
Hill-Rom Holdings, Inc. 4.38%, 9/15/2027(a)		3,908		4,054
Hologic, Inc.
4.63%, 2/1/2028(a)		1,721		1,786
3.25%, 2/15/2029(a)		12,385		12,152
Mozart Debt Merger Sub, Inc.
3.88%, 4/1/2029(a)		10,738		10,604
5.25%, 10/1/2029(a)		8,737		8,726
Teleflex, Inc. 4.25%, 6/1/2028(a)		1,565		1,581
				48,795
Health Care Providers & Services — 1.9%
180 Medical, Inc. (United Kingdom) 3.88%, 10/15/2029(a)		451		443
Acadia Healthcare Co., Inc. 5.00%, 4/15/2029(a)		165		167
Centene Corp.
4.25%, 12/15/2027		9,786		10,153
4.63%, 12/15/2029		23,902		25,575
3.38%, 2/15/2030		1,140		1,148
Community Health Systems, Inc.
8.00%, 3/15/2026(a)		7,215		7,539
5.63%, 3/15/2027(a)		4,991		5,116
8.00%, 12/15/2027(a)		1,405		1,503
6.00%, 1/15/2029(a)		1,194		1,242
6.13%, 4/1/2030(a)		1,450		1,388
4.75%, 2/15/2031(a)		2,165		2,133
DaVita, Inc.
4.63%, 6/1/2030(a)		9,163		9,048
3.75%, 2/15/2031(a)		8,287		7,684
Encompass Health Corp.
5.75%, 9/15/2025		1,960		1,992
4.50%, 2/1/2028		11,708		11,825
4.75%, 2/1/2030		1,912		1,924
4.63%, 4/1/2031		1,560		1,549
Envision Healthcare Corp. 8.75%, 10/15/2026(a)		1,122		682
HCA, Inc.
5.38%, 2/1/2025		8,413		9,175
5.88%, 2/15/2026		23,266		26,072
5.25%, 6/15/2026		145		163
5.38%, 9/1/2026		10,441		11,652
5.63%, 9/1/2028		15,341		17,729
5.88%, 2/1/2029		19,680		23,099
3.50%, 9/1/2030		3,765		3,919
Owens & Minor, Inc. 4.50%, 3/31/2029(a)		6,770		6,862
Team Health Holdings, Inc. 6.38%, 2/1/2025(a)		1,018		891
Tenet Healthcare Corp.
4.63%, 7/15/2024		3,090		3,117
4.63%, 9/1/2024(a)		686		698
7.50%, 4/1/2025(a)		549		577
4.88%, 1/1/2026(a)		14,933		15,269
6.25%, 2/1/2027(a)		15,603		16,169
5.13%, 11/1/2027(a)		21,034		21,599
4.63%, 6/15/2028(a)		5,843		5,962
4.25%, 6/1/2029(a)		3,027		2,997
				257,061
Health Care Technology — 0.1%
IQVIA, Inc.
5.00%, 10/15/2026(a)		9,503		9,717
5.00%, 5/15/2027(a)		7,367		7,588
				17,305
Hotels, Restaurants & Leisure — 1.3%
1011778 BC ULC (Canada)
5.75%, 4/15/2025(a)		1,971		2,046
3.88%, 1/15/2028(a)		6,554		6,471
4.00%, 10/15/2030(a)		4,385		4,190
Boyne USA, Inc. 4.75%, 5/15/2029(a)		3,413		3,439
Caesars Entertainment, Inc.
6.25%, 7/1/2025(a)		517		538
4.63%, 10/15/2029(a)		4,163		4,058
Caesars Resort Collection LLC 5.75%, 7/1/2025(a)		2,490		2,586
Carnival Corp.
9.88%, 8/1/2027(a)		4,440		4,998
4.00%, 8/1/2028(a)		3,391		3,298
6.00%, 5/1/2029(a)		6,464		6,282
Cedar Fair LP
5.50%, 5/1/2025(a)		6,235		6,439
5.38%, 4/15/2027		1,194		1,215
5.25%, 7/15/2029		3,600		3,696
Constellation Merger Sub, Inc. 8.50%, 9/15/2025(a)		726		690
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023(a)		851		891
Hilton Domestic Operating Co., Inc.
5.38%, 5/1/2025(a)		3,907		4,041
5.75%, 5/1/2028(a)		3,500		3,702
3.75%, 5/1/2029(a)		4,090		4,052
4.88%, 1/15/2030		1,404		1,474
4.00%, 5/1/2031(a)		640		641

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Hilton Grand Vacations Borrower Escrow LLC 5.00%, 6/1/2029(a)		925		918
Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024		459		473
Hilton Worldwide Finance LLC 4.88%, 4/1/2027		6,835		7,014
International Game Technology plc
6.50%, 2/15/2025(a)		1,825		1,980
4.13%, 4/15/2026(a)		200		204
6.25%, 1/15/2027(a)		3,445		3,789
KFC Holding Co. 4.75%, 6/1/2027(a)		1,440		1,480
Marriott Ownership Resorts, Inc.
4.75%, 1/15/2028		18		18
4.50%, 6/15/2029(a)		3,456		3,393
Merlin Entertainments Ltd. (United Kingdom) 5.75%, 6/15/2026(a)		3,050		3,149
MGM Resorts International
6.00%, 3/15/2023		745		776
5.75%, 6/15/2025		3,633		3,833
4.63%, 9/1/2026		1,954		1,974
5.50%, 4/15/2027		1,675		1,745
Motion Bondco DAC (United Kingdom) 6.63%, 11/15/2027(a)		500		499
Royal Caribbean Cruises Ltd.
10.88%, 6/1/2023(a)		1,180		1,283
11.50%, 6/1/2025(a)		3,143		3,509
Scientific Games International, Inc. 5.00%, 10/15/2025(a)		4,321		4,434
Six Flags Entertainment Corp.
4.88%, 7/31/2024(a)		10,727		10,807
5.50%, 4/15/2027(a)		4,723		4,806
Six Flags Theme Parks, Inc. 7.00%, 7/1/2025(a)		3,746		3,942
Station Casinos LLC 4.50%, 2/15/2028(a)		2,135		2,135
Travel + Leisure Co. 6.00%, 4/1/2027(h)		585		617
Vail Resorts, Inc. 6.25%, 5/15/2025(a)		8,647		9,036
Wynn Las Vegas LLC
5.50%, 3/1/2025(a)		5,314		5,321
5.25%, 5/15/2027(a)		670		657
Wynn Resorts Finance LLC
7.75%, 4/15/2025(a)		1,220		1,271
5.13%, 10/1/2029(a)		16,405		16,037
Yum! Brands, Inc.
7.75%, 4/1/2025(a)		560		590
4.75%, 1/15/2030(a)		4,363		4,600
3.63%, 3/15/2031		1,968		1,908
4.63%, 1/31/2032		2,654		2,713
				169,658
Household Durables — 0.3%
CD&R Smokey Buyer, Inc. 6.75%, 7/15/2025(a)		5,274		5,505
Lennar Corp.
5.88%, 11/15/2024		117		130
4.75%, 5/30/2025		874		959
5.25%, 6/1/2026		4,166		4,726
5.00%, 6/15/2027		1,100		1,254
Newell Brands, Inc.
4.70%, 4/1/2026(h)		10,112		10,829
5.87%, 4/1/2036(h)		2,780		3,394
Tempur Sealy International, Inc. 4.00%, 4/15/2029(a)		9,455		9,386
Toll Brothers Finance Corp. 3.80%, 11/1/2029		595		629
				36,812
Household Products — 0.4%
Central Garden & Pet Co.
5.13%, 2/1/2028		8,220		8,534
4.13%, 10/15/2030		5,745		5,741
Energizer Holdings, Inc.
4.75%, 6/15/2028(a)		8,858		8,735
4.38%, 3/31/2029(a)		11,389		10,806
Spectrum Brands, Inc.
5.75%, 7/15/2025		1,474		1,500
5.00%, 10/1/2029(a)		7,976		8,395
5.50%, 7/15/2030(a)		3,764		4,010
3.88%, 3/15/2031(a)		3,105		2,981
				50,702
Independent Power and Renewable Electricity Producers — 0.1%
Calpine Corp.
5.25%, 6/1/2026(a)		10,187		10,421
4.50%, 2/15/2028(a)		815		811
4.63%, 2/1/2029(a)		1,000		958
5.00%, 2/1/2031(a)		1,000		962
Termocandelaria Power Ltd. (Colombia) 7.88%, 1/30/2029(f)		6,105		6,029
				19,181
Insurance — 0.0%(c)
Massachusetts Mutual Life Insurance Co. (ICE LIBOR USD 3 Month + 3.19%), 5.08%, 2/15/2069(a)(e)		600		766
Internet & Direct Marketing Retail — 0.1%
Go Daddy Operating Co. LLC 5.25%, 12/1/2027(a)		551		571
Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026(a)		8,508		8,536
				9,107
IT Services — 0.2%
Exela Intermediate LLC 10.00%, 7/15/2023(a)		998		808
Gartner, Inc.
4.50%, 7/1/2028(a)		11,528		11,981
3.75%, 10/1/2030(a)		5,330		5,317
Presidio Holdings, Inc. 4.88%, 2/1/2027(a)		2,050		2,073
Square, Inc.
2.75%, 6/1/2026(a)		4,595		4,573
3.50%, 6/1/2031(a)		4,674		4,738

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
StoneCo Ltd. (Brazil) 3.95%, 6/16/2028(a)		530		442
				29,932
Leisure Products — 0.1%
Mattel, Inc.
3.15%, 3/15/2023		765		769
3.38%, 4/1/2026(a)		3,678		3,733
5.88%, 12/15/2027(a)		5,895		6,278
3.75%, 4/1/2029(a)		1,339		1,370
Vista Outdoor, Inc. 4.50%, 3/15/2029(a)		6,091		6,076
				18,226
Machinery — 0.1%
Colfax Corp. 6.38%, 2/15/2026(a)		1,143		1,181
Mueller Water Products, Inc. 4.00%, 6/15/2029(a)		6,445		6,445
Roller Bearing Co. of America, Inc. 4.38%, 10/15/2029(a)		2,072		2,067
TK Elevator US Newco, Inc. (Germany) 5.25%, 7/15/2027(a)		3,828		3,893
Welbilt, Inc. 9.50%, 2/15/2024		295		302
				13,888
Marine — 0.1%
MV24 Capital BV (Brazil)
6.75%, 6/1/2034(a)		4,118		4,201
6.75%, 6/1/2034(f)		2,801		2,857
				7,058
Media — 2.9%
Altice Financing SA (Luxembourg) 5.75%, 8/15/2029(a)		4,775		4,548
AMC Networks, Inc.
5.00%, 4/1/2024		1,086		1,091
4.75%, 8/1/2025		1,785		1,817
Audacy Capital Corp. 6.50%, 5/1/2027(a)		2,358		2,304
Clear Channel Outdoor Holdings, Inc.
7.75%, 4/15/2028(a)		4,238		4,417
7.50%, 6/1/2029(a)		7,069		7,264
Clear Channel Worldwide Holdings, Inc. 5.13%, 8/15/2027(a)		20,820		21,028
CSC Holdings LLC
5.25%, 6/1/2024		1,168		1,214
5.50%, 4/15/2027(a)		2,075		2,130
5.38%, 2/1/2028(a)		5,167		5,277
6.50%, 2/1/2029(a)		22,020		23,281
4.13%, 12/1/2030(a)		715		684
4.50%, 11/15/2031(a)		5,619		5,436
Diamond Sports Group LLC 5.38%, 8/15/2026(a)		4,545		2,011
DIRECTV Holdings LLC 5.88%, 8/15/2027(a)		5,896		5,999
DISH DBS Corp.
5.88%, 7/15/2022		1,830		1,853
5.00%, 3/15/2023		4,714		4,789
5.88%, 11/15/2024		52,650		53,253
7.75%, 7/1/2026		10,511		10,800
5.25%, 12/1/2026(a)		17,330		17,164
5.75%, 12/1/2028(a)		3,365		3,316
GCI LLC 4.75%, 10/15/2028(a)		4,586		4,694
Gray Escrow II, Inc. 5.38%, 11/15/2031(a)		4,001		4,010
Gray Television, Inc.
5.88%, 7/15/2026(a)		1,237		1,274
7.00%, 5/15/2027(a)		4,017		4,257
4.75%, 10/15/2030(a)		3,405		3,282
iHeartCommunications, Inc.
6.38%, 5/1/2026		6,843		7,083
8.38%, 5/1/2027		4,059		4,271
5.25%, 8/15/2027(a)		12,576		12,762
4.75%, 1/15/2028(a)		597		593
Lamar Media Corp.
3.75%, 2/15/2028		710		710
4.88%, 1/15/2029		3,591		3,726
4.00%, 2/15/2030		2,500		2,500
3.63%, 1/15/2031		410		392
Liberty Interactive LLC 8.25%, 2/1/2030		275		294
Meredith Corp.
6.50%, 7/1/2025		1,000		1,064
6.88%, 2/1/2026		6,710		6,940
Midas OpCo Holdings LLC 5.63%, 8/15/2029(a)		5,680		5,723
Midcontinent Communications 5.38%, 8/15/2027(a)		1,031		1,062
News Corp. 3.88%, 5/15/2029(a)		6,237		6,129
Nexstar Media, Inc.
5.63%, 7/15/2027(a)		13,248		13,745
4.75%, 11/1/2028(a)		14,046		14,026
Outfront Media Capital LLC 5.00%, 8/15/2027(a)		4,353		4,388
Quebecor Media, Inc. (Canada) 5.75%, 1/15/2023		220		229
Scripps Escrow II, Inc. 3.88%, 1/15/2029(a)		3,185		3,165
Sinclair Television Group, Inc.
5.88%, 3/15/2026(a)		184		185
5.13%, 2/15/2027(a)		3,985		3,690
4.13%, 12/1/2030(a)		4,925		4,469
Sirius XM Radio, Inc.
5.00%, 8/1/2027(a)		24,300		25,022
4.00%, 7/15/2028(a)		8,155		8,063
5.50%, 7/1/2029(a)		8,974		9,519
4.13%, 7/1/2030(a)		3,226		3,152
Summer BC Bidco B LLC 5.50%, 10/31/2026(a)		1,703		1,716
TEGNA, Inc.
4.63%, 3/15/2028		1,360		1,355
5.00%, 9/15/2029		2,757		2,764
Telenet Finance Luxembourg Notes SARL (Belgium) 5.50%, 3/1/2028(a)		2,400		2,473

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Univision Communications, Inc.
5.13%, 2/15/2025(a)		280		284
6.63%, 6/1/2027(a)		1,580		1,690
4.50%, 5/1/2029(a)		4,889		4,886
UPC Broadband Finco BV (Netherlands) 4.88%, 7/15/2031(a)		3,685		3,722
UPC Holding BV (Netherlands)
5.50%, 1/15/2028(a)		2,900		2,969
ViacomCBS, Inc.
(ICE LIBOR USD 3 Month + 3.90%), 5.87%, 2/28/2057(e)		530		527
(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057(e)		1,712		1,937
Videotron Ltd. (Canada)
5.38%, 6/15/2024(a)		190		203
5.13%, 4/15/2027(a)		9,212		9,453
3.63%, 6/15/2029(a)		3,146		3,150
Ziggo Bond Co. BV (Netherlands) 6.00%, 1/15/2027(a)		1,050		1,085
Ziggo BV (Netherlands)
5.50%, 1/15/2027(a)		2,063		2,123
4.88%, 1/15/2030(a)		2,750		2,783
				383,215
Metals & Mining — 0.7%
Alcoa Nederland Holding BV
5.50%, 12/15/2027(a)		2,790		2,960
6.13%, 5/15/2028(a)		3,490		3,717
Allegheny Technologies, Inc. 5.88%, 12/1/2027		3,085		3,212
ArcelorMittal SA (Luxembourg) 7.00%, 10/15/2039(h)		200		273
Arconic Corp.
6.00%, 5/15/2025(a)		4,435		4,623
6.13%, 2/15/2028(a)		7,004		7,283
Big River Steel LLC 6.63%, 1/31/2029(a)		2,951		3,165
Cleveland-Cliffs, Inc.
6.75%, 3/15/2026(a)		3,498		3,695
4.63%, 3/1/2029(a)		3,797		3,822
4.88%, 3/1/2031(a)		3,725		3,753
Commercial Metals Co.
4.88%, 5/15/2023		40		41
5.38%, 7/15/2027		359		371
Constellium SE
5.88%, 2/15/2026(f)		2,150		2,174
5.88%, 2/15/2026(a)		588		595
5.63%, 6/15/2028(a)		700		730
3.75%, 4/15/2029(a)		1,000		950
CSN Inova Ventures (Brazil) 6.75%, 1/28/2028(f)		4,300		4,312
FMG Resources August 2006 Pty. Ltd. (Australia)
4.50%, 9/15/2027(a)		2,004		2,077
4.38%, 4/1/2031(a)		4,295		4,351
Freeport-McMoRan, Inc.
4.55%, 11/14/2024		1,000		1,070
5.00%, 9/1/2027		2,612		2,716
4.13%, 3/1/2028		2,688		2,762
4.38%, 8/1/2028		2,840		2,961
4.25%, 3/1/2030		1,930		2,001
5.40%, 11/14/2034		98		117
5.45%, 3/15/2043		2,072		2,554
Glencore Finance Canada Ltd. (Switzerland) 6.00%, 11/15/2041(a)		685		913
Indonesia Asahan Aluminium Persero PT (Indonesia) 6.76%, 11/15/2048(f)		7,500		9,562
Kaiser Aluminum Corp.
4.63%, 3/1/2028(a)		4,015		3,932
4.50%, 6/1/2031(a)		1,220		1,185
Nexa Resources SA (Brazil) 5.38%, 5/4/2027(f)		2,900		3,011
Novelis Corp.
3.25%, 11/15/2026(a)		2,786		2,784
4.75%, 1/30/2030(a)		3,245		3,276
3.88%, 8/15/2031(a)		2,935		2,832
				93,780
Mortgage Real Estate Investment Trusts (REITs) — 0.5%
Arbor Realty Trust, Inc.
REIT, 5.00%, 4/30/2026		15,000		15,052
Series QIB, REIT, 4.50%, 9/1/2026(a)		14,500		14,532
Series QIB, REIT, 4.50%, 3/15/2027(a)		20,000		19,626
ReadyCap Holdings LLC Series QIB, REIT, 4.50%, 10/20/2026(a)		20,000		19,898
				69,108
Multiline Retail — 0.1%
NMG Holding Co., Inc. 7.13%, 4/1/2026(a)		12,755		13,340
Multi-Utilities — 0.1%
Empresas Publicas de Medellin ESP (Colombia) 4.25%, 7/18/2029(f)		1,000		946
Sempra Energy (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.55%), 4.88%, 10/15/2025(d)(e)(g)		9,803		10,367
				11,313
Oil, Gas & Consumable Fuels — 3.6%
AI Candelaria Spain SLU (Colombia)
7.50%, 12/15/2028(f)		2,304		2,428
5.75%, 6/15/2033(a)		5,974		5,705
Antero Midstream Partners LP
7.88%, 5/15/2026(a)		775		830
5.75%, 3/1/2027(a)		4,374		4,398
5.75%, 1/15/2028(a)		1,369		1,407
5.38%, 6/15/2029(a)		7,310		7,390
Antero Resources Corp.
5.00%, 3/1/2025		1,000		1,005
8.38%, 7/15/2026(a)		1,801		1,997
7.63%, 2/1/2029(a)		2,145		2,352
Apache Corp.
4.63%, 11/15/2025		2,304		2,436
4.88%, 11/15/2027		1,340		1,427

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
4.38%, 10/15/2028		900		949
Ascent Resources Utica Holdings LLC 7.00%, 11/1/2026(a)		3,495		3,547
Blue Racer Midstream LLC 7.63%, 12/15/2025(a)		3,390		3,568
BP Capital Markets plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.04%), 4.38%, 6/22/2025(d)(e)(g)		17,690		18,486
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.40%), 4.88%, 3/22/2030(d)(e)(g)		7,880		8,481
Buckeye Partners LP
4.15%, 7/1/2023		2,211		2,261
4.13%, 3/1/2025(a)		1,931		1,943
3.95%, 12/1/2026		5,740		5,630
4.13%, 12/1/2027		4,490		4,433
4.50%, 3/1/2028(a)		1,972		1,913
5.60%, 10/15/2044		900		862
California Resources Corp. 7.13%, 2/1/2026(a)		5,534		5,703
Callon Petroleum Co.
6.13%, 10/1/2024		294		283
6.38%, 7/1/2026		159		148
Cheniere Energy Partners LP
4.50%, 10/1/2029		5,105		5,367
4.00%, 3/1/2031(a)		1,871		1,908
3.25%, 1/31/2032(a)		2,249		2,184
Cheniere Energy, Inc. 4.63%, 10/15/2028		9,310		9,589
Comstock Resources, Inc.
7.50%, 5/15/2025(a)		3,967		4,066
6.75%, 3/1/2029(a)		4,676		4,863
5.88%, 1/15/2030(a)		2,345		2,349
Continental Resources, Inc.
4.50%, 4/15/2023		1,000		1,033
5.75%, 1/15/2031(a)		1,513		1,762
Crestwood Midstream Partners LP
5.75%, 4/1/2025		1,329		1,333
5.63%, 5/1/2027(a)		4,235		4,235
DCP Midstream LP Series A, (ICE LIBOR USD 3 Month + 5.15%), 7.37%, 12/15/2022(d)(e)(g)		235		233
DCP Midstream Operating LP
3.88%, 3/15/2023		350		356
5.38%, 7/15/2025		4,290		4,577
5.63%, 7/15/2027		2,125		2,373
6.75%, 9/15/2037(a)		124		164
5.60%, 4/1/2044		25		30
Devon Energy Corp.
5.88%, 6/15/2028(a)		648		707
4.50%, 1/15/2030(a)		618		664
DT Midstream, Inc.
4.13%, 6/15/2029(a)		5,899		5,862
4.38%, 6/15/2031(a)		4,805		4,775
Ecopetrol SA (Colombia) 5.88%, 5/28/2045		5,145		4,753
Encino Acquisition Partners Holdings LLC 8.50%, 5/1/2028(a)		7,556		7,613
Energean Israel Finance Ltd. (Israel)
4.50%, 3/30/2024(f)		3,732		3,727
4.88%, 3/30/2026(f)		2,711		2,667
Energy Transfer LP
Series B, (ICE LIBOR USD 3 Month + 4.16%), 6.63%, 2/15/2028(d)(e)(g)		223		208
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 7.13%, 5/15/2030(d)(e)(g)		4,442		4,540
5.35%, 5/15/2045		740		859
5.30%, 4/15/2047		430		497
EnLink Midstream Partners LP
Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022(d)(e)(g)		460		363
4.40%, 4/1/2024		374		385
4.15%, 6/1/2025		4,417		4,521
4.85%, 7/15/2026		1,340		1,374
EQM Midstream Partners LP
4.75%, 7/15/2023		689		711
6.00%, 7/1/2025(a)		6,329		6,727
6.50%, 7/1/2027(a)		1,665		1,798
5.50%, 7/15/2028		2,115		2,242
4.50%, 1/15/2029(a)		2,094		2,078
4.75%, 1/15/2031(a)		6,133		6,194
EQT Corp.
3.13%, 5/15/2026(a)		1,594		1,593
3.90%, 10/1/2027		3,500		3,649
5.00%, 1/15/2029		1,000		1,095
3.63%, 5/15/2031(a)		1,305		1,330
Genesis Energy LP
6.50%, 10/1/2025		515		503
6.25%, 5/15/2026		1,675		1,613
8.00%, 1/15/2027		2,853		2,829
7.75%, 2/1/2028		2,665		2,605
Greenko Solar Mauritius Ltd. (India) 5.55%, 1/29/2025(f)		1,013		1,029
Gulfport Energy Operating Corp.
6.63%, 5/1/2023‡(i)		3,075		146
6.00%, 10/15/2024‡(i)		6,189		294
6.38%, 1/15/2026‡(i)		27		1
8.00%, 5/17/2026(a)		2,745		2,951
Hess Midstream Operations LP
5.63%, 2/15/2026(a)		7,710		7,884
5.13%, 6/15/2028(a)		3,610		3,691
Holly Energy Partners LP 5.00%, 2/1/2028(a)		75		75
Leviathan Bond Ltd. (Israel)
6.13%, 6/30/2025(f)		2,490		2,614
6.50%, 6/30/2027(f)		5,000		5,248
6.75%, 6/30/2030(f)		1,553		1,617
Medco Bell Pte. Ltd. (Indonesia)

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
6.38%, 1/30/2027(f)		3,800		3,639
Medco Platinum Road Pte. Ltd. (Indonesia) 6.75%, 1/30/2025(f)		2,900		2,930
MEG Energy Corp. (Canada)
6.50%, 1/15/2025(a)		4,751		4,805
7.13%, 2/1/2027(a)		2,460		2,515
MPLX LP 4.50%, 4/15/2038		750		832
Murphy Oil Corp. 5.75%, 8/15/2025		2,680		2,724
NAK Naftogaz Ukraine via Kondor Finance PLC (Ukraine) 7.63%, 11/8/2026(f)		4,700		4,171
NGL Energy Operating LLC 7.50%, 2/1/2026(a)		3,882		3,854
NuStar Logistics LP
5.75%, 10/1/2025		1,832		1,935
6.00%, 6/1/2026		2,278		2,412
5.63%, 4/28/2027		3,692		3,770
6.38%, 10/1/2030		1,799		1,916
Oasis Midstream Partners LP 8.00%, 4/1/2029(a)		3,340		3,557
Occidental Petroleum Corp.
3.50%, 6/15/2025		2,915		2,924
8.00%, 7/15/2025		2,719		3,095
5.88%, 9/1/2025		3,825		4,111
5.50%, 12/1/2025		1,000		1,069
5.55%, 3/15/2026		2,919		3,121
3.40%, 4/15/2026		12,400		12,282
3.20%, 8/15/2026		960		943
3.00%, 2/15/2027		1,348		1,303
8.50%, 7/15/2027		2,762		3,352
6.38%, 9/1/2028		2,225		2,537
8.88%, 7/15/2030		3,112		4,086
6.63%, 9/1/2030		1,225		1,470
6.13%, 1/1/2031		2,412		2,811
4.50%, 7/15/2044		900		900
Oil and Gas Holding Co. BSCC (The) (Bahrain)
7.63%, 11/7/2024(f)		1,400		1,505
8.38%, 11/7/2028(f)		3,200		3,624
PBF Holding Co. LLC 6.00%, 2/15/2028		3,001		1,790
Peru LNG Srl (Peru) 5.38%, 3/22/2030(f)		14,000		11,925
Petrobras Global Finance BV (Brazil)
5.50%, 6/10/2051		4,351		3,838
6.85%, 6/5/2115		1,000		965
Petroleos del Peru SA (Peru) 5.63%, 6/19/2047(a)		5,460		5,306
Petroleos Mexicanos (Mexico)
6.88%, 8/4/2026		7,100		7,495
5.35%, 2/12/2028		7,800		7,462
6.38%, 1/23/2045		5,548		4,417
7.69%, 1/23/2050		5,300		4,756
6.95%, 1/28/2060		22,590		18,467
Plains All American Pipeline LP Series B, (ICE LIBOR USD 3 Month + 4.11%), 6.13%, 11/15/2022(d)(e)(g)		475		401
Range Resources Corp.
5.00%, 3/15/2023		5,295		5,368
9.25%, 2/1/2026		50		54
8.25%, 1/15/2029(a)		3,158		3,481
SM Energy Co.
6.75%, 9/15/2026		179		179
6.63%, 1/15/2027		2,903		2,918
Southwestern Energy Co.
6.45%, 1/23/2025(h)		2,265		2,458
7.75%, 10/1/2027		160		171
8.38%, 9/15/2028		285		314
5.38%, 3/15/2030		5,936		6,181
Sunoco LP
6.00%, 4/15/2027		1,250		1,295
4.50%, 5/15/2029		2,169		2,140
Tallgrass Energy Partners LP
7.50%, 10/1/2025(a)		4,955		5,251
6.00%, 3/1/2027(a)		2,600		2,665
5.50%, 1/15/2028(a)		1,699		1,659
6.00%, 12/31/2030(a)		700		692
6.00%, 9/1/2031(a)		2,255		2,182
Targa Resources Partners LP
5.88%, 4/15/2026		11,960		12,393
5.38%, 2/1/2027		3,765		3,850
6.50%, 7/15/2027		4,596		4,889
5.00%, 1/15/2028		4,425		4,575
6.88%, 1/15/2029		2,240		2,481
5.50%, 3/1/2030		4,190		4,557
4.88%, 2/1/2031		2,025		2,172
4.00%, 1/15/2032(a)		1,634		1,688
TerraForm Power Operating LLC
4.25%, 1/31/2023(a)		255		257
5.00%, 1/31/2028(a)		172		179
Transcanada Trust (Canada) (SOFR + 4.42%), 5.50%, 9/15/2079(e)		6,000		6,360
Trinidad Petroleum Holdings Ltd. (Trinidad and Tobago) 9.75%, 6/15/2026(a)		4,100		4,470
Uzbekneftegaz JSC (Uzbekistan) 4.75%, 11/16/2028(a)		2,500		2,397
Vine Energy Holdings LLC 6.75%, 4/15/2029(a)		4,787		5,098
Western Midstream Operating LP 4.65%, 7/1/2026		572		611
				488,036
Paper & Forest Products — 0.0%(c)
Suzano Austria GmbH (Brazil) 7.00%, 3/16/2047(f)		3,000		3,663
Personal Products — 0.2%
Edgewell Personal Care Co.
5.50%, 6/1/2028(a)		12,635		13,172
4.13%, 4/1/2029(a)		2,698		2,662
Natura Cosmeticos SA (Brazil) 4.13%, 5/3/2028(a)		5,084		4,823
Prestige Brands, Inc.

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
5.13%, 1/15/2028(a)		4,088		4,242
3.75%, 4/1/2031(a)		900		862
				25,761
Pharmaceuticals — 1.2%
Bausch Health Americas, Inc.
9.25%, 4/1/2026(a)		23,091		24,188
8.50%, 1/31/2027(a)		18,391		18,913
Bausch Health Cos., Inc.
6.13%, 4/15/2025(a)		6,507		6,572
5.50%, 11/1/2025(a)		15,180		15,343
9.00%, 12/15/2025(a)		13,624		14,219
5.75%, 8/15/2027(a)		6,600		6,723
7.00%, 1/15/2028(a)		3,590		3,464
5.00%, 1/30/2028(a)		9,184		8,167
4.88%, 6/1/2028(a)		4,978		4,903
5.00%, 2/15/2029(a)		2,216		1,900
7.25%, 5/30/2029(a)		256		243
5.25%, 1/30/2030(a)		2,673		2,292
5.25%, 2/15/2031(a)		1,777		1,525
Catalent Pharma Solutions, Inc.
5.00%, 7/15/2027(a)		980		1,013
3.13%, 2/15/2029(a)		1,440		1,373
Elanco Animal Health, Inc. 5.90%, 8/28/2028(h)		8,125		9,294
Endo Dac
5.88%, 10/15/2024(a)		700		684
9.50%, 7/31/2027(a)		135		136
6.00%, 6/30/2028(a)		171		131
Endo Luxembourg Finance Co. I SARL 6.13%, 4/1/2029(a)		1,520		1,489
Jazz Securities DAC 4.38%, 1/15/2029(a)		11,116		11,325
Mallinckrodt International Finance SA
5.63%, 10/15/2023(a)(i)		445		253
5.50%, 4/15/2025(a)(i)		225		133
Organon & Co.
4.13%, 4/30/2028(a)		16,786		16,747
5.13%, 4/30/2031(a)		3,905		3,988
Par Pharmaceutical, Inc. 7.50%, 4/1/2027(a)		7,330		7,390
Teva Pharmaceutical Finance Netherlands III BV (Israel) 3.15%, 10/1/2026		2,600		2,431
				164,839
Professional Services — 0.0%(c)
Dun & Bradstreet Corp. (The) 6.88%, 8/15/2026(a)		169		175
Real Estate Management & Development — 0.0%(c)
RKPF Overseas Ltd. (China)
6.00%, 9/4/2025(f)		3,600		3,258
5.20%, 1/12/2026(f)		1,900		1,663
				4,921
Road & Rail — 0.4%
Ashtead Capital, Inc. (United Kingdom)
4.38%, 8/15/2027(a)		500		520
4.00%, 5/1/2028(a)		2,630		2,747
Avis Budget Car Rental LLC
5.75%, 7/15/2027(a)		5,636		5,831
4.75%, 4/1/2028(a)		5,410		5,498
5.38%, 3/1/2029(a)		7,175		7,342
ESC GCBREGS EXIDE TECH
7.13%, 8/1/2026(i)		2,755		179
6.00%, 1/15/2028(i)		1,450		94
First Student Bidco, Inc. 4.00%, 7/31/2029(a)		1,655		1,573
Hertz Corp. (The)
6.25%, 10/15/2022(i)		185		4
5.50%, 10/15/2024(i)		5,875		132
4.63%, 12/1/2026(a)		1,403		1,383
5.00%, 12/1/2029(a)		2,203		2,159
NESCO Holdings II, Inc. 5.50%, 4/15/2029(a)		2,650		2,689
Prumo Participacoes e Investimentos S/A (Brazil)
7.50%, 12/31/2031(f)		5,661		6,130
7.50%, 12/31/2031(a)		1,219		1,320
Uber Technologies, Inc.
7.50%, 5/15/2025(a)		1,900		2,002
7.50%, 9/15/2027(a)		4,055		4,400
4.50%, 8/15/2029(a)		5,404		5,350
				49,353
Semiconductors & Semiconductor Equipment — 0.2%
Amkor Technology, Inc. 6.63%, 9/15/2027(a)		788		834
Broadcom Corp. 3.50%, 1/15/2028		870		930
Entegris, Inc.
4.38%, 4/15/2028(a)		6,018		6,130
3.63%, 5/1/2029(a)		2,046		2,031
Microchip Technology, Inc. 4.25%, 9/1/2025		6,475		6,726
ON Semiconductor Corp. 3.88%, 9/1/2028(a)		12,231		12,445
				29,096
Software — 0.5%
ACI Worldwide, Inc. 5.75%, 8/15/2026(a)		605		631
Ascend Learning LLC 6.88%, 8/1/2025(a)		1,850		1,883
CDK Global, Inc.
4.88%, 6/1/2027		2,890		2,977
5.25%, 5/15/2029(a)		2,234		2,362
Clarivate Science Holdings Corp.
3.88%, 7/1/2028(a)		5,684		5,588
4.88%, 7/1/2029(a)		5,808		5,687
NCR Corp.
5.75%, 9/1/2027(a)		5,255		5,446
5.00%, 10/1/2028(a)		4,909		4,958
5.13%, 4/15/2029(a)		7,797		7,880
6.13%, 9/1/2029(a)		4,566		4,840
5.25%, 10/1/2030(a)		951		964
Nuance Communications, Inc. 5.63%, 12/15/2026		8,974		9,245
Open Text Corp. (Canada)
5.88%, 6/1/2026(a)		508		523
3.88%, 2/15/2028(a)		1,235		1,223

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
SS&C Technologies, Inc. 5.50%, 9/30/2027(a)		11,485		11,937
				66,144
Specialty Retail — 0.7%
Asbury Automotive Group, Inc.
4.50%, 3/1/2028		1,665		1,669
4.63%, 11/15/2029(a)		2,221		2,235
4.75%, 3/1/2030		2,672		2,678
Bath & Body Works, Inc.
9.38%, 7/1/2025(a)		843		1,024
5.25%, 2/1/2028		57		61
7.50%, 6/15/2029		3,254		3,626
6.75%, 7/1/2036		4,560		5,449
eG Global Finance plc (United Kingdom) 6.75%, 2/7/2025(a)		2,500		2,519
Group 1 Automotive, Inc. 4.00%, 8/15/2028(a)		4,120		4,076
Lithia Motors, Inc.
4.63%, 12/15/2027(a)		2,840		2,961
3.88%, 6/1/2029(a)		5,462		5,526
Penske Automotive Group, Inc. 3.75%, 6/15/2029		5,180		5,051
PetSmart, Inc.
4.75%, 2/15/2028(a)		16,478		16,678
7.75%, 2/15/2029(a)		8,482		9,066
SRS Distribution, Inc.
4.63%, 7/1/2028(a)		7,161		7,177
6.13%, 7/1/2029(a)		3,420		3,429
Staples, Inc.
7.50%, 4/15/2026(a)		10,613		10,537
10.75%, 4/15/2027(a)		4,249		3,867
				87,629
Technology Hardware, Storage & Peripherals — 0.1%
Dell International LLC 6.02%, 6/15/2026		4,170		4,854
Seagate HDD Cayman
3.13%, 7/15/2029(a)		2,560		2,437
4.13%, 1/15/2031		2,515		2,534
Western Digital Corp. 4.75%, 2/15/2026		3,068		3,313
				13,138
Textiles, Apparel & Luxury Goods — 0.0%(c)
Hanesbrands, Inc.
4.63%, 5/15/2024(a)		35		36
4.88%, 5/15/2026(a)		125		134
William Carter Co. (The) 5.63%, 3/15/2027(a)		3,640		3,747
				3,917
Thrifts & Mortgage Finance — 0.1%
Nationstar Mortgage Holdings, Inc. 5.50%, 8/15/2028(a)		2,050		2,042
Rocket Mortgage LLC
2.88%, 10/15/2026(a)		3,029		2,951
3.63%, 3/1/2029(a)		4,063		3,973
3.88%, 3/1/2031(a)		2,794		2,758
4.00%, 10/15/2033(a)		1,032		1,011
				12,735
Tobacco — 0.1%
BAT Capital Corp. (United Kingdom)
3.46%, 9/6/2029		11,930		12,376
4.39%, 8/15/2037		1,230		1,306
4.54%, 8/15/2047		910		954
Reynolds American, Inc. (United Kingdom) 5.85%, 8/15/2045		1,360		1,652
				16,288
Trading Companies & Distributors — 0.5%
Aviation Capital Group LLC 5.50%, 12/15/2024(a)		2,710		2,984
Herc Holdings, Inc. 5.50%, 7/15/2027(a)		8,713		9,015
Imola Merger Corp. 4.75%, 5/15/2029(a)		18,593		18,701
United Rentals North America, Inc.
5.50%, 5/15/2027		9,442		9,808
3.88%, 11/15/2027		885		918
4.88%, 1/15/2028		9,725		10,187
3.88%, 2/15/2031		2,067		2,074
WESCO Distribution, Inc.
7.13%, 6/15/2025(a)		8,854		9,352
7.25%, 6/15/2028(a)		5,826		6,336
				69,375
Wireless Telecommunication Services — 1.0%
Hughes Satellite Systems Corp. 6.63%, 8/1/2026		6,042		6,707
Kenbourne Invest SA (Chile) 4.70%, 1/22/2028(f)		5,500		5,369
Millicom International Cellular SA (Colombia)
5.13%, 1/15/2028(f)		3,240		3,339
6.25%, 3/25/2029(a)		900		954
Oztel Holdings SPC Ltd. (Oman) 6.63%, 4/24/2028(f)		1,700		1,832
Sprint Corp.
7.88%, 9/15/2023		8,107		8,908
7.13%, 6/15/2024		7,672		8,597
7.63%, 2/15/2025		10,459		11,976
7.63%, 3/1/2026		28,740		33,948
T-Mobile USA, Inc.
3.50%, 4/15/2025		1,216		1,286
2.25%, 2/15/2026		1,640		1,620
3.75%, 4/15/2027		1,995		2,145
4.75%, 2/1/2028		12,176		12,721
3.88%, 4/15/2030		1,995		2,168
United States Cellular Corp. 6.70%, 12/15/2033		1,708		2,077
Vodafone Group plc (United Kingdom)
(USD Swap Semi 5 Year + 4.87%), 7.00%, 4/4/2079(e)		3,300		3,972
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.45%), 3.25%, 6/4/2081(e)		5,135		5,029

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.77%), 4.12%, 6/4/2081(e)		16,225		16,007
				128,655
TOTAL CORPORATE BONDS (Cost $4,500,862)				4,474,294
COMMERCIAL MORTGAGE-BACKED SECURITIES -30.0%
20 Times Square Trust Series 2018-20TS, Class F, 3.20%, 5/15/2035‡(a)(j)		600		567
AREIT Trust Series 2021-CRE5, Class D, 2.74%, 8/17/2026(a)(j)		12,500		12,515
BAMLL Re-REMIC Trust Series 2013-FRR3, Class A, PO, 6/26/2023(a)		7,500		6,981
Banc of America Commercial Mortgage Trust Series 2007-5, Class AJ, 6.02%, 2/10/2051(j)		188		192
Series 2007-4, Class H, 6.07%, 2/10/2051‡(a)(j)		2,723		2,738
Bancorp Commercial Mortgage Trust Series 2019-CRE5, Class D, 2.44%, 3/15/2036‡(a)(j)		1,000		993
BANK
Series 2019-BN16, Class D, 3.00%, 2/15/2052‡(a)		8,795		8,114
Series 2019-BN16, Class F, 3.85%, 2/15/2052‡(a)(j)		3,000		2,314
Series 2019-BN17, Class D, 3.00%, 4/15/2052‡(a)		2,800		2,616
Series 2019-BN17, Class E, 3.00%, 4/15/2052‡(a)		2,500		2,186
Series 2019-BN21, Class XA, IO, 0.99%, 10/17/2052(j)		125,202		7,179
Series 2019-BN21, Class E, 2.50%, 10/17/2052‡(a)		8,600		7,204
Series 2019-BN21, Class F, 2.68%, 10/17/2052‡(a)		4,841		3,561
Series 2019-BN23, Class XA, IO, 0.81%, 12/15/2052(j)		38,862		1,924
Series 2019-BN23, Class E, 2.50%, 12/15/2052‡(a)		7,560		6,323
Series 2019-BN23, Class F, 2.75%, 12/15/2052‡(a)		3,000		2,200
Series 2020-BN29, Class D, 2.50%, 11/15/2053‡(a)		5,000		4,376
Series 2020-BN29, Class E, 2.50%, 11/15/2053‡(a)		3,500		2,941
Series 2020-BN30, Class F, 2.00%, 12/15/2053‡(a)(j)		5,000		3,438
Series 2020-BN30, Class D, 2.50%, 12/15/2053‡(a)(j)		5,231		4,751
Series 2020-BN30, Class E, 2.50%, 12/15/2053‡(a)(j)		4,145		3,565
Series 2017-BNK9, Class D, 2.80%, 11/15/2054‡(a)		2,149		1,884
Series 2017-BNK5, Class D, 3.08%, 6/15/2060‡(a)(j)		1,000		909
Series 2017-BNK5, Class C, 4.40%, 6/15/2060‡(j)		2,050		2,168
Series 2018-BN14, Class XB, IO, 0.18%, 9/15/2060(j)		132,263		854
Series 2017-BNK7, Class D, 2.71%, 9/15/2060‡(a)		3,000		2,637
Series 2018-BN14, Class F, 3.94%, 9/15/2060‡(a)		1,000		687
Series 2018-BN10, Class D, 2.60%, 2/15/2061‡(a)		1,500		1,301
Series 2018-BN12, Class D, 3.00%, 5/15/2061‡(a)		1,250		1,074
Series 2019-BN19, Class XA, IO, 1.09%, 8/15/2061(j)		22,134		1,382
Series 2018-BN13, Class D, 3.00%, 8/15/2061‡(a)		2,000		1,786
Series 2018-BN15, Class E, 3.00%, 11/15/2061‡(a)		2,000		1,637
Series 2019-BN18, Class E, 3.00%, 5/15/2062‡(a)		2,150		1,841
Series 2019-BN18, Class F, 3.33%, 5/15/2062‡(a)		3,000		2,292
Series 2019-BN20, Class XA, IO, 0.96%, 9/15/2062(j)		54,911		3,063
Series 2019-BN20, Class D, 2.50%, 9/15/2062‡(a)		6,721		5,886
Series 2019-BN20, Class E, 2.50%, 9/15/2062‡(a)		8,600		7,105
Series 2019-BN24, Class XA, IO, 0.76%, 11/15/2062(j)		100,114		4,663
Series 2019-BN22, Class D, 2.50%, 11/15/2062‡(a)		4,250		3,885
Series 2019-BN24, Class D, 2.50%, 11/15/2062‡(a)		7,380		6,269
Series 2020-BN25, Class XA, IO, 1.00%, 1/15/2063(j)		81,265		5,002
Series 2020-BN25, Class D, 2.50%, 1/15/2063‡(a)		14,250		12,721
Series 2020-BN25, Class E, 2.50%, 1/15/2063‡(a)		4,250		3,583
Series 2020-BN26, Class D, 2.50%, 3/15/2063‡(a)		3,250		2,905
Series 2020-BN26, Class E, 2.50%, 3/15/2063‡(a)		5,520		4,448
Series 2021-BN34, Class XA, IO, 1.09%, 6/15/2063(j)		173,849		12,982
Series 2021-BN33, Class XA, IO, 1.18%, 5/15/2064(j)		134,994		10,484
Series 2021-BN33, Class D, 2.50%, 5/15/2064‡(a)		3,700		3,284
Series 2021-BN33, Class E, 2.50%, 5/15/2064‡(a)		3,850		3,248

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2021-BN33, Class C, 3.30%, 5/15/2064‡		7,609		7,788
Series 2021-BN35, Class XB, IO, 0.70%, 6/15/2064(j)		40,000		2,156
Series 2021-BN35, Class XA, IO, 1.16%, 6/15/2064(j)		27,969		2,225
Series 2021-BN35, Class E, 2.50%, 6/15/2064‡(a)(j)		5,300		4,451
Barclays Commercial Mortgage Trust
Series 2019-C4, Class D, 3.25%, 8/15/2052‡(a)		8,451		7,850
Series 2019-C5, Class XA, IO, 1.02%, 11/15/2052(j)		95,818		5,069
BBCMS Mortgage Trust
Series 2018-TALL, Class E, 2.53%, 3/15/2037‡(a)(j)		6,000		5,736
Series 2021-C11, Class XB, IO, 1.08%, 9/15/2054(j)		30,040		2,612
Series 2021-C11, Class XA, IO, 1.51%, 9/15/2054(j)		162,181		16,676
BBCMS MORTGAGE TRUST Series 2017-C1, Class D, 3.66%, 2/15/2050‡(a)(j)		1,000		921
Benchmark Mortgage Trust
Series 2018-B1, Class D, 2.75%, 1/15/2051‡(a)		2,000		1,744
Series 2018-B1, Class C, 4.25%, 1/15/2051‡(j)		1,000		1,070
Series 2018-B2, Class XA, IO, 0.55%, 2/15/2051(j)		48,359		895
Series 2018-B3, Class A4, 3.76%, 4/10/2051		16,500		17,972
Series 2018-B5, Class C, 4.76%, 7/15/2051‡(j)		3,500		3,871
Series 2018-B8, Class D, 3.00%, 1/15/2052‡(a)		3,050		2,783
Series 2019-B9, Class F, 3.92%, 3/15/2052‡(a)(j)		6,000		4,648
Series 2019-B11, Class D, 3.00%, 5/15/2052‡(a)		1,900		1,791
Series 2020-B16, Class E, 2.50%, 2/15/2053‡(a)		7,250		5,977
Series 2020-B21, Class E, 2.00%, 12/17/2053‡(a)		2,500		1,908
Series 2020-B21, Class F, 2.00%, 12/17/2053‡(a)		15,017		10,143
Series 2021-B26, Class F, 1.98%, 6/15/2054‡(a)(j)		9,851		6,507
Series 2019-B14, Class E, 2.50%, 12/15/2062‡(a)		3,000		2,503
Series 2019-B15, Class E, 2.75%, 12/15/2072‡(a)		9,150		8,036
Series 2019-B15, Class F, 2.75%, 12/15/2072‡(a)(j)		5,000		3,635
BMD2 Re-REMIC Trust
Series 2019-FRR1, Class 2B10, PO, 5/25/2052(a)		22,815		20,337
Series 2019-FRR1, Class 3AB, PO, 5/25/2052(a)		10,000		7,704
Series 2019-FRR1, Class 4A, PO, 5/25/2052(a)		5,000		3,856
Series 2019-FRR1, Class 1A1, 2.59%, 5/25/2052(a)(j)		5,290		5,256
Series 2019-FRR1, Class 1A5, 4.29%, 5/25/2052(a)(j)		2,924		2,914
BX
Series 2021-MFM1, Class E, 2.34%, 1/15/2034‡(a)(j)		3,250		3,231
Series 2021-MFM1, Class F, 3.09%, 1/15/2034‡(a)(j)		2,000		1,996
BX Commercial Mortgage Trust
Series 2020-VIV4, Class X, IO, 0.70%, 11/10/2042(a)(j)		211,200		10,878
Series 2020-VIV4, Class A, 2.84%, 3/9/2044(a)		15,000		15,383
Series 2020-VIV2, Class C, 3.66%, 3/9/2044‡(a)(j)		20,175		20,949
Series 2020-VIV3, Class B, 3.66%, 3/9/2044‡(a)(j)		19,350		20,396
Series 2020-VIVA, Class D, 3.67%, 3/11/2044‡(a)(j)		36,000		36,559
BX Trust Series 2021-RISE, Class D, 11/15/2036‡(a)(j)(k)		4,320		4,320
California Housing Finance Agency Series 2021-2, Class X, IO, 0.82%, 3/25/2035(j)		64,872		4,346
Cantor Commercial Real Estate Lending
Series 2019-CF2, Class E, 2.50%, 11/15/2052‡(a)		2,300		1,936
Series 2019-CF2, Class F, 3.00%, 11/15/2052‡(a)(j)		10,000		7,618
Cascade Funding Mortgage Trust
Series 2021-FRR1, Class DK45, 2/28/2025‡(a)		10,400		8,905
Series 2021-FRR1, Class CK45, 1.63%, 2/28/2025(a)		12,500		11,626
Series 2021-FRR1, Class CKW1, 1/29/2026(a)		8,200		6,712
Series 2021-FRR1, Class BK54, 2/28/2026(a)		20,000		16,132
Series 2021-FRR1, Class CK54, 2/28/2026‡(a)		6,700		5,461
Series 2021-FRR1, Class DKW1, 2/28/2026‡(a)		2,500		2,054
Series 2021-FRR1, Class BK98, 8/29/2029(a)		6,970		4,976
Series 2021-FRR1, Class AK99, 9/29/2029(a)		8,000		6,629
Series 2021-FRR1, Class BK99, 9/29/2029‡(a)		14,000		9,204
Series 2021-FRR1, Class BK58, 2.51%, 9/29/2029(a)		11,000		10,143
CD Mortgage Trust
Series 2016-CD1, Class C, 3.63%, 8/10/2049‡(j)		3,000		3,028
Series 2017-CD3, Class D, 3.25%, 2/10/2050‡(a)		700		565

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2017-CD4, Class D, 3.30%, 5/10/2050‡(a)		1,550		1,434
Series 2017-CD5, Class D, 3.35%, 8/15/2050‡(a)		266		246
Series 2017-CD6, Class C, 4.41%, 11/13/2050‡(j)		914		969
Series 2018-CD7, Class D, 3.26%, 8/15/2051‡(a)(j)		1,629		1,521
Series 2019-CD8, Class XB, IO, 0.85%, 8/15/2057(a)(j)		78,512		4,071
Series 2019-CD8, Class E, 3.00%, 8/15/2057‡(a)		1,500		1,265
Series 2019-CD8, Class F, 3.00%, 8/15/2057‡(a)		3,500		2,371
CFCRE Commercial Mortgage Trust
Series 2016-C6, Class B, 3.80%, 11/10/2049‡		1,000		1,056
Series 2016-C6, Class C, 4.34%, 11/10/2049‡(j)		800		832
Series 2016-C6, Class D, 4.34%, 11/10/2049‡(a)(j)		1,900		1,737
CGMS Commercial Mortgage Trust
Series 2017-B1, Class D, 3.00%, 8/15/2050‡(a)		4,359		3,941
Series 2017-B1, Class E, 3.30%, 8/15/2050‡(a)(j)		2,809		2,133
Citigroup Commercial Mortgage Trust
Series 2019-PRM, Class E, 4.89%, 5/10/2036‡(a)(j)		4,500		4,609
Series 2012-GC8, Class D, 5.04%, 9/10/2045‡(a)(j)		1,875		1,718
Series 2013-GC17, Class C, 5.26%, 11/10/2046‡(j)		2,000		2,065
Series 2014-GC23, Class C, 4.58%, 7/10/2047‡(j)		6,500		6,795
Series 2014-GC25, Class D, 3.55%, 10/10/2047‡(a)		3,750		3,701
Series 2015-GC29, Class D, 3.11%, 4/10/2048‡(a)		4,500		4,344
Series 2015-GC31, Class D, 4.19%, 6/10/2048‡(j)		3,800		3,751
Series 2015-P1, Class D, 3.23%, 9/15/2048‡(a)		2,285		2,150
Series 2016-P4, Class C, 4.10%, 7/10/2049‡(j)		5,624		5,786
Series 2016-C2, Class D, 3.25%, 8/10/2049‡(a)(j)		1,500		1,362
Series 2016-C2, Class C, 4.03%, 8/10/2049‡(j)		7,434		7,470
Series 2017-P7, Class D, 3.25%, 4/14/2050(a)		1,294		1,093
Series 2017-C4, Class D, 3.00%, 10/12/2050‡(a)		5,453		4,995
Series 2019-GC43, Class E, 3.00%, 11/10/2052‡(a)		5,287		4,705
Series 2020-GC46, Class XA, IO, 1.11%, 2/15/2053(j)		165,497		11,094
Series 2020-GC46, Class E, 2.60%, 2/15/2053‡(a)		4,500		3,637
Series 2019-GC41, Class E, 3.00%, 8/10/2056‡(a)		5,000		4,358
Series 2015-GC33, Class D, 3.17%, 9/10/2058‡		8,000		7,193
Series 2015-GC33, Class E, 4.73%, 9/10/2058‡(a)(j)		4,330		3,148
COMM Mortgage Trust
Series 2016-COR1, Class XB, IO, 0.59%, 10/10/2049(a)(j)		27,554		561
Series 2016-COR1, Class C, 4.48%, 10/10/2049‡(j)		1,000		1,056
Series 2017-COR2, Class A3, 3.51%, 9/10/2050		4,740		5,137
Commercial Mortgage Trust
Series 2020-CBM, Class D, 3.75%, 2/10/2037‡(a)(j)		1,630		1,618
Series 2020-CBM, Class E, 3.75%, 2/10/2037‡(a)(j)		2,670		2,588
Series 2020-CBM, Class F, 3.75%, 2/10/2037‡(a)(j)		17,870		16,907
Series 2013-CR8, Class D, 4.06%, 6/10/2046‡(a)(j)		750		759
Series 2013-CR13, Class E, 5.04%, 11/10/2046‡(a)(j)		1,500		1,450
Series 2014-UBS2, Class D, 5.17%, 3/10/2047‡(a)(j)		3,210		3,187
Series 2014-LC15, Class D, 5.17%, 4/10/2047‡(a)(j)		3,500		3,515
Series 2014-CR19, Class E, 4.36%, 8/10/2047‡(a)(j)		6,000		5,565
Series 2014-CR19, Class D, 4.86%, 8/10/2047‡(a)(j)		2,500		2,461
Series 2014-UBS5, Class D, 3.50%, 9/10/2047‡(a)		3,760		3,132
Series 2014-LC17, Class D, 3.69%, 10/10/2047‡(a)		25,708		25,410
Series 2014-CR20, Class E, 3.22%, 11/10/2047‡(a)		1,000		729
Series 2014-CR20, Class D, 3.22%, 11/10/2047‡(a)		8,010		6,836
Series 2014-CR21, Class D, 4.07%, 12/10/2047‡(a)(j)		2,600		2,136
Series 2015-LC19, Class D, 2.87%, 2/10/2048‡(a)		3,000		2,889
Series 2015-CR22, Class D, 4.24%, 3/10/2048‡(a)(j)		4,174		4,159
Series 2015-CR23, Class D, 4.43%, 5/10/2048‡(j)		1,490		1,482
Series 2015-LC21, Class E, 3.25%, 7/10/2048‡(a)		3,000		2,150
Series 2015-LC21, Class D, 4.48%, 7/10/2048‡(j)		4,200		4,206
Series 2015-CR24, Class D, 3.46%, 8/10/2048(j)		1,458		1,350
Series 2015-CR25, Class D, 3.93%, 8/10/2048‡(j)		1,000		932
Series 2015-CR27, Class D, 3.60%, 10/10/2048‡(a)(j)		2,072		1,984

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2015-LC23, Class D, 3.76%, 10/10/2048‡(a)(j)		2,000		1,997
Series 2015-LC23, Class E, 3.76%, 10/10/2048‡(a)(j)		3,500		3,187
Series 2016-CR28, Class E, 4.29%, 2/10/2049‡(a)(j)		3,588		3,498
Series 2016-DC2, Class C, 4.83%, 2/10/2049‡(j)		2,500		2,616
Series 2013-CR11, Class D, 5.28%, 8/10/2050‡(a)(j)		3,402		3,380
Series 2018-COR3, Class D, 2.96%, 5/10/2051‡(a)(j)		3,250		2,870
Series 2019-GC44, Class E, 2.50%, 8/15/2057(a)		8,493		7,288
Credit Suisse Commercial Mortgage Trust Series 2007-C1, Class AM, 5.42%, 2/15/2040		1		1
Credit Suisse Mortgage Capital Certificates Series 2019-ICE4, Class B, 1.32%, 5/15/2036‡(a)(j)		4,400		4,389
CSAIL Commercial Mortgage Trust
Series 2015-C4, Class E, 3.71%, 11/15/2048‡(j)		3,298		3,212
Series 2016-C5, Class D, 3.80%, 11/15/2048‡(a)(j)		2,750		2,382
Series 2018-CX11, Class C, 4.94%, 4/15/2051‡(j)		6,734		7,105
Series 2019-C16, Class C, 4.24%, 6/15/2052‡(j)		5,500		5,806
Series 2019-C17, Class D, 2.50%, 9/15/2052‡(a)		5,500		4,907
Series 2019-C18, Class XB, IO, 0.25%, 12/15/2052(j)		61,932		801
Series 2019-C18, Class XA, IO, 1.20%, 12/15/2052(j)		52,872		3,285
Series 2019-C18, Class E, 2.50%, 12/15/2052‡(a)		10,015		8,702
Series 2019-C18, Class C, 4.08%, 12/15/2052‡(j)		4,327		4,535
Series 2021-C20, Class E, 2.25%, 3/15/2054‡(a)		5,659		4,570
Series 2015-C2, Class B, 4.21%, 6/15/2057‡(j)		11,500		11,850
DBGS Mortgage Trust
Series 2018-C1, Class D, 3.03%, 10/15/2051‡(a)(j)		1,000		919
Series 2018-C1, Class A4, 4.47%, 10/15/2051		2,800		3,198
DBJPM Mortgage Trust
Series 2016-C3, Class D, 3.62%, 8/10/2049‡(a)(j)		2,950		2,479
Series 2016-C3, Class E, 4.37%, 8/10/2049‡(a)(j)		1,250		929
Series 2017-C6, Class D, 3.36%, 6/10/2050‡(a)(j)		1,800		1,665
FHLMC Multiclass Certificates
Series 2020-RR12, Class X, IO, 2.10%, 10/27/2027		80,000		8,554
Series 2020-RR06, Class AX, IO, 1.88%, 10/27/2028(j)		50,000		5,246
Series 2020-RR11, Class BX, IO, 2.44%, 12/27/2028(j)		15,068		1,844
Series 2020-RR05, Class X, IO, 2.01%, 1/27/2029		38,620		4,906
Series 2020-RR06, Class BX, IO, 1.84%, 5/27/2033(j)		20,000		2,993
Series 2020-RR14, Class X, IO, 2.13%, 3/27/2034(j)		36,687		7,840
Series 2021-RR16, Class X, IO, 0.96%, 10/27/2034(j)		50,000		5,209
Series 2021-P011, Class X1, IO, 1.85%, 9/25/2045(j)		10,702		1,691
FHLMC Multi-Family ML Certificates Series 2021-ML09, Class XUS, IO, 1.49%, 2/25/2040(a)(j)		57,204		9,016
FHLMC Multi-Family Structured Agency Credit Risk Series 2021-MN2, Class B1, 5.55%, 7/25/2041(a)(j)		2,000		2,009
FHLMC, Multi-Family Structured Credit Risk
Series 2021-MN2, Class M2, 3.40%, 7/25/2041(a)(j)		14,070		13,996
Series 2021-MN1, Class M1, 2.05%, 1/25/2051(a)(j)		1,454		1,457
Series 2021-MN1, Class M2, 3.80%, 1/25/2051(a)(j)		14,640		15,048
Series 2021-MN1, Class B1, 7.80%, 1/25/2051(a)(j)		2,100		2,481
Series 2021-MN3, Class B1, 6.90%, 11/25/2051(a)(j)		3,500		3,543
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K721, Class X1, IO, 0.41%, 8/25/2022(j)		57,141		93
Series K033, Class X1, IO, 0.40%, 7/25/2023(j)		6,397		27
Series K729, Class X1, IO, 0.47%, 10/25/2024(j)		17,220		143
Series KC03, Class X1, IO, 0.63%, 11/25/2024(j)		99,812		1,223
Series K731, Class X3, IO, 2.18%, 5/25/2025(j)		11,529		722
Series K733, Class X3, IO, 2.26%, 1/25/2026(j)		17,500		1,312
Series KC06, Class X1, IO, 1.03%, 6/25/2026(j)		39,694		1,033
Series K736, Class X1, IO, 1.44%, 7/25/2026(j)		91,794		4,561
Series K734, Class X3, IO, 2.24%, 7/25/2026(j)		33,910		2,879
Series K737, Class X1, IO, 0.75%, 10/25/2026(j)		147,764		3,947
Series KC04, Class X1, IO, 1.41%, 12/25/2026(j)		47,962		2,034
Series K738, Class X1, IO, 1.63%, 1/25/2027(j)		144,503		9,815
Series K064, Class X3, IO, 2.21%, 5/25/2027(j)		18,830		1,931
Series KC05, Class X1, IO, 1.34%, 6/25/2027(j)		107,083		4,810

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series K740, Class X1, IO, 0.84%, 9/25/2027(j)		14,965		587
Series K741, Class X1, IO, 0.66%, 12/25/2027(j)		52,428		1,652
Series K742, Class X1, IO, 0.87%, 3/25/2028(j)		28,995		1,123
Series K742, Class X3, IO, 2.69%, 4/25/2028(j)		16,000		2,335
Series K075, Class X3, IO, 2.20%, 5/25/2028(j)		5,471		651
Series K080, Class X1, IO, 0.26%, 7/25/2028(j)		84,313		836
Series K745, Class X1, IO, 0.77%, 8/25/2028(j)		99,985		4,126
Series K086, Class X1, IO, 0.39%, 11/25/2028(j)		31,179		536
Series K084, Class X3, IO, 2.31%, 11/25/2028(j)		19,450		2,593
Series K090, Class X1, IO, 0.85%, 2/25/2029(j)		32,037		1,532
Series K095, Class X1, IO, 1.08%, 6/25/2029(j)		51,717		3,277
Series K097, Class X1, IO, 1.22%, 7/25/2029(j)		74,209		5,526
Series K096, Class X3, IO, 2.11%, 7/25/2029(j)		48,669		6,513
Series K101, Class X3, IO, 1.95%, 10/25/2029(j)		101,000		13,130
Series K090, Class X3, IO, 2.39%, 10/25/2029(j)		152,080		22,881
Series K103, Class X1, IO, 0.76%, 11/25/2029(j)		120,833		5,589
Series K104, Class X1, IO, 1.25%, 1/25/2030(j)		103,768		8,261
Series K109, Class X1, IO, 1.70%, 4/25/2030(j)		17,961		2,045
Series K111, Class X1, IO, 1.68%, 5/25/2030(j)		19,946		2,306
Series K114, Class X1, IO, 1.21%, 6/25/2030(j)		9,980		840
Series K115, Class X1, IO, 1.43%, 6/25/2030(j)		4,606		456
Series K113, Class X1, IO, 1.49%, 6/25/2030(j)		118,992		12,273
Series K116, Class X1, IO, 1.53%, 7/25/2030(j)		22,957		2,399
Series K117, Class X1, IO, 1.34%, 8/25/2030(j)		72,406		6,594
Series K121, Class XAM, IO, 1.29%, 11/25/2030(j)		21,236		2,073
Series K124, Class XAM, IO, 1.03%, 1/25/2031(j)		17,689		1,387
Series K128, Class X1, IO, 0.63%, 3/25/2031(j)		111,931		4,808
Series K128, Class XAM, IO, 0.84%, 3/25/2031(j)		30,467		1,951
Series K128, Class X3, IO, 2.89%, 4/25/2031(j)		35,600		7,636
Series K129, Class X1, IO, 1.16%, 5/25/2031(j)		290,936		24,285
Series K129, Class XAM, IO, 1.33%, 5/25/2031(j)		23,800		2,504
Series K129, Class X3, IO, 3.28%, 5/25/2031(j)		34,500		8,718
Series K130, Class X1, IO, 1.14%, 6/25/2031(j)		69,986		6,077
Series K131, Class X1, IO, 0.83%, 7/25/2031(j)		34,994		2,203
Series K131, Class XAM, IO, 1.04%, 7/25/2031(j)		47,926		4,007
Series K131, Class X3, IO, 3.05%, 9/25/2031(j)		19,369		4,559
Series K159, Class X1, IO, 0.26%, 11/25/2033(j)		56,586		786
Series KX04, Class XFX, IO, 1.86%, 1/25/2034(j)		91,635		8,824
Series K-1511, Class X3, IO, 3.54%, 4/25/2034(j)		30,261		9,974
Series K723, Class X3, IO, 1.98%, 10/25/2034(j)		6,850		235
Series K-1515, Class X1, IO, 1.64%, 2/25/2035(j)		19,956		3,116
Series K153, Class X3, IO, 3.90%, 4/25/2035(j)		9,945		3,030
Series K-1516, Class X1, IO, 1.63%, 5/25/2035(j)		41,859		6,871
Series K-1517, Class X1, IO, 1.41%, 7/25/2035(j)		51,112		7,386
Series Q012, Class X, IO, 4.19%, 9/25/2035(j)		35,767		8,593
Series K-1518, Class X1, IO, 0.96%, 10/25/2035(j)		41,276		3,755
Series K155, Class X3, IO, 3.23%, 5/25/2036(j)		5,560		1,595
Series K-1521, Class X1, IO, 1.10%, 8/25/2036(j)		37,698		4,161
Series K-1510, Class X3, IO, 3.52%, 1/25/2037(j)		27,488		8,826
Series K-1517, Class X3, IO, 3.36%, 8/25/2038(j)		15,750		5,374
Series K-1518, Class X3, IO, 3.00%, 10/25/2038(j)		26,265		8,063
Series K-1516, Class X3, IO, 3.57%, 10/25/2038(j)		22,000		7,876
Series K-1519, Class X3, IO, 2.90%, 12/25/2038(j)		17,700		5,275
Series K-1520, Class X3, IO, 3.20%, 4/25/2039(j)		19,000		6,269
Series K-1521, Class X3, IO, 3.46%, 9/25/2039(j)		10,834		3,995
Series K036, Class X3, IO, 2.18%, 12/25/2041(j)		3,253		129
Series K720, Class X3, IO, 1.38%, 8/25/2042(j)		16,800		138
Series K721, Class X3, IO, 1.34%, 11/25/2042(j)		12,550		127

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series K041, Class X3, IO, 1.70%, 11/25/2042(j)		4,580		198
Series K718, Class X3, IO, 1.47%, 2/25/2043(j)		6,035		12
Series K054, Class X3, IO, 1.65%, 4/25/2043(j)		2,745		166
Series K047, Class X3, IO, 1.55%, 6/25/2043(j)		3,400		159
Series K050, Class X3, IO, 1.61%, 10/25/2043(j)		5,232		277
Series K051, Class X3, IO, 1.67%, 10/25/2043(j)		4,995		281
Series K052, Class X3, IO, 1.67%, 1/25/2044(j)		2,915		172
Series K726, Class X3, IO, 2.22%, 7/25/2044(j)		36,795		1,797
Series K067, Class X3, IO, 2.19%, 9/25/2044(j)		8,580		919
Series K727, Class X3, IO, 2.07%, 10/25/2044(j)		15,000		739
Series K068, Class X3, IO, 2.13%, 10/25/2044(j)		19,730		2,079
Series K059, Class X3, IO, 1.98%, 11/25/2044(j)		8,000		673
Series K729, Class X3, IO, 2.04%, 11/25/2044(j)		21,410		1,101
Series K724, Class X3, IO, 1.95%, 12/25/2044(j)		4,930		176
Series K070, Class X3, IO, 2.11%, 12/25/2044(j)		42,245		4,604
Series K730, Class X3, IO, 2.10%, 2/25/2045(j)		47,270		2,685
Series K065, Class X3, IO, 2.26%, 7/25/2045(j)		13,305		1,404
Series K728, Class X3, IO, 2.02%, 11/25/2045(j)		8,775		456
Series K071, Class X3, IO, 2.08%, 11/25/2045(j)		12,470		1,343
Series K072, Class X3, IO, 2.21%, 12/25/2045(j)		20,640		2,361
Series K089, Class X3, IO, 2.37%, 1/25/2046(j)		132,506		19,314
Series K087, Class X3, IO, 2.39%, 1/25/2046(j)		89,384		12,710
Series K091, Class X3, IO, 2.36%, 4/25/2046(j)		81,933		12,268
Series K078, Class X3, IO, 2.29%, 6/25/2046(j)		2,680		344
Series K079, Class X3, IO, 2.33%, 7/25/2046(j)		9,000		1,174
Series K097, Class X3, IO, 2.09%, 9/25/2046(j)		71,600		9,688
Series K081, Class X3, IO, 2.31%, 9/25/2046(j)		29,425		3,921
Series K082, Class X3, IO, 2.29%, 10/25/2046(j)		27,200		3,587
Series K083, Class X3, IO, 2.37%, 11/25/2046(j)		15,000		2,027
Series K103, Class X3, IO, 1.91%, 12/25/2046(j)		80,100		10,220
Series K102, Class X3, IO, 1.96%, 12/25/2046(j)		69,791		9,149
Series K104, Class X3, IO, 1.96%, 2/25/2047(j)		45,985		6,179
Series K088, Class X3, IO, 2.42%, 2/25/2047(j)		104,287		15,618
Series K735, Class X3, IO, 2.23%, 5/25/2047(j)		40,000		3,438
Series K093, Class X3, IO, 2.28%, 5/25/2047(j)		136,527		19,581
Series K092, Class X3, IO, 2.32%, 5/25/2047(j)		91,000		13,314
Series K094, Class X3, IO, 2.20%, 7/25/2047(j)		35,331		4,988
Series K095, Class X3, IO, 2.17%, 8/25/2047(j)		91,253		12,703
Series K736, Class X3, IO, 2.08%, 9/25/2047(j)		89,230		7,424
Series K116, Class X3, IO, 3.12%, 9/25/2047(j)		23,000		5,102
Series K099, Class X3, IO, 2.02%, 10/25/2047(j)		49,100		6,340
Series K098, Class X3, IO, 2.07%, 10/25/2047(j)		145,702		19,284
Series K740, Class X3, IO, 2.57%, 11/25/2047(j)		21,423		2,749
Series K737, Class X3, IO, 1.83%, 1/25/2048(j)		74,853		5,860
Series K106, Class X3, IO, 1.99%, 3/25/2048(j)		100,622		13,521
Series K111, Class X3, IO, 3.29%, 4/25/2048(j)		52,234		12,082
Series K108, Class X3, IO, 3.61%, 4/25/2048(j)		75,067		18,387
Series K738, Class X3, IO, 3.43%, 5/25/2048(j)		71,537		11,037
Series K109, Class X3, IO, 3.50%, 5/25/2048(j)		17,170		4,143
Series K110, Class X3, IO, 3.52%, 6/25/2048(j)		28,200		6,856
Series K112, Class X3, IO, 3.10%, 7/25/2048(j)		47,630		10,412
Series K114, Class X3, IO, 2.83%, 8/25/2048(j)		10,750		2,118
Series K130, Class X3, IO, 3.20%, 8/25/2048(j)		7,934		1,954
Series K119, Class X3, IO, 2.82%, 9/25/2048(j)		7,800		1,600
Series K115, Class X3, IO, 3.06%, 9/25/2048(j)		19,533		4,195
Series K117, Class X3, IO, 2.97%, 10/25/2048(j)		36,500		7,770
Series K120, Class X3, IO, 2.83%, 11/25/2048(j)		38,372		7,864
Series K121, Class X3, IO, 2.87%, 11/25/2048(j)		48,007		10,125
Series K739, Class X3, IO, 2.95%, 11/25/2048(j)		39,675		5,672
Series K122, Class X3, IO, 2.72%, 1/25/2049(j)		36,631		7,203

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series K124, Class X3, IO, 2.71%, 2/25/2049(j)		20,255		4,057
Series K123, Class X3, IO, 2.72%, 2/25/2049(j)		20,167		4,018
Series K125, Class X3, IO, 2.75%, 2/25/2049(j)		9,230		1,878
Series K127, Class X3, IO, 2.75%, 3/25/2049(j)		7,443		1,525
Series K743, Class X3, IO, 3.06%, 6/25/2049(j)		5,000		841
Series K105, Class X3, IO, 2.04%, 3/25/2053(j)		118,746		16,705
Series Q014, Class X, IO, 2.80%, 10/25/2055(j)		5,670		1,315
FNMA ACES
Series 2015-M1, Class X2, IO, 0.59%, 9/25/2024(j)		25,336		354
Series 2016-M12, Class X2, IO, 0.06%, 9/25/2026(j)		78,316		555
Series 2019-M28, Class XAV3, IO, 1.28%, 2/25/2027(j)		33,778		1,437
Series 2017-M8, Class X, IO, 0.20%, 5/25/2027(j)		54,199		852
Series 2020-M10, Class X7, IO, 1.81%, 11/25/2027(j)		40,217		3,499
Series 2020-M26, Class X3, IO, 1.81%, 1/25/2028(j)		34,182		2,546
Series 2020-M4, Class 1X2, IO, 0.84%, 2/25/2028(j)		19,183		780
Series 2020-M4, Class 1X3, IO, 1.12%, 2/25/2028(j)		105,177		5,720
Series 2020-M33, Class X, IO, 2.05%, 6/25/2028(j)		42,586		3,743
Series 2019-M2, Class X, IO, 0.72%, 8/25/2028(j)		15,187		1,134
Series 2019-M30, Class X4, IO, 1.08%, 8/25/2028(j)		40,535		1,477
Series 2020-M10, Class X6, IO, 1.50%, 8/25/2028(j)		19,000		1,569
Series 2019-M31, Class X, IO, 1.02%, 9/25/2028(j)		49,064		3,067
Series 2019-M30, Class X1, IO, 0.38%, 11/25/2028(j)		130,016		2,532
Series 2020-M10, Class X3, IO, 1.40%, 11/25/2028(j)		65,215		4,834
Series 2020-M10, Class X5, IO, 1.55%, 11/25/2028(j)		59,900		5,236
Series 2019-M12, Class X, IO, 0.70%, 6/25/2029(j)		156,537		7,463
Series 2019-M19, Class X2, IO, 0.76%, 9/25/2029(j)		91,769		3,949
Series 2019-M32, Class X2, IO, 1.20%, 10/25/2029(j)		29,302		2,036
Series 2019-M30, Class X2, IO, 0.30%, 12/25/2029(j)		127,526		2,340
Series 2019-M28, Class XA2, IO, 0.64%, 2/25/2030(j)		25,447		912
Series 2020-M6, Class XD, IO, 1.02%, 2/25/2030(j)		20,260		1,056
Series 2019-M28, Class XA3, IO, 1.03%, 2/25/2030(j)		45,446		2,659
Series 2020-M19, Class X1, IO, 0.52%, 5/25/2030(j)		29,757		871
Series 2020-M7, Class X, IO, 1.14%, 7/25/2030(j)		36,440		2,376
Series 2020-M10, Class X1, IO, 1.92%, 12/25/2030(j)		111,970		14,276
Series 2021-M16, Class X, IO, 0.84%, 1/1/2031(j)		124,812		5,339
Series 2019-M21, Class X2, IO, 1.46%, 2/25/2031(j)		82,757		8,021
Series 2020-M22, Class X, IO, 1.04%, 3/25/2031(j)		82,248		5,095
Series 2020-M39, Class X2, IO, 1.72%, 8/25/2031(j)		45,307		4,576
Series 2020-M21, Class XA, IO, 1.19%, 3/25/2032(j)		79,916		6,767
Series 2020-M26, Class X1, IO, 0.69%, 4/25/2032(j)		23,586		1,028
Series 2020-M47, Class X1, IO, 0.86%, 10/25/2032(j)		71,050		2,966
Series 2020-M31, Class X1, IO, 0.97%, 10/25/2032(j)		99,260		4,529
Series 2019-M30, Class X5, IO, 0.38%, 5/25/2033(j)		185,425		4,919
Series 2019-M31, Class X1, IO, 1.19%, 4/25/2034(j)		40,313		3,771
Series 2018-M15, Class X, IO, 0.82%, 1/25/2036(j)		8,838		416
Series 2020-M6, Class XL, IO, 1.22%, 11/25/2049(j)		32,905		1,917
FNMA, Multi-Family REMIC Trust Series 2020-M37, Class X, IO, 1.20%, 4/25/2032(j)		105,527		7,737
FREMF Mortgage Trust
Series 2015-K719, Class C, PO, 6/25/2022(a)		22,000		21,391
Series 2017-KF29, Class B, 3.64%, 2/25/2024(a)(j)		110		110
Series 2017-KF32, Class B, 2.64%, 5/25/2024(a)(j)		219		219
Series 2017-KF35, Class B, 2.84%, 8/25/2024(a)(j)		128		128
Series 2017-KF38, Class B, 2.59%, 9/25/2024(a)(j)		247		247
Series 2017-KF41, Class B, 2.59%, 11/25/2024(a)(j)		134		133
Series 2018-KL2B, Class CB, 3.83%, 1/25/2025(a)(j)		15,000		15,662
Series 2018-KF49, Class B, 1.99%, 6/25/2025(a)(j)		333		327
Series 2018-KC02, Class B, 4.22%, 7/25/2025(a)(j)		2,520		2,550
Series 2018-KL3W, Class CW, 4.23%, 8/25/2025(a)(j)		15,000		14,798

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2018-KF51, Class C, 6.09%, 8/25/2025(a)(j)		6,377		6,445
Series 2018-KBF2, Class B, 2.09%, 10/25/2025(a)(j)		1,712		1,708
Series 2018-KF53, Class B, 2.14%, 10/25/2025(j)		840		834
Series 2017-KL1P, Class BP, 3.48%, 10/25/2025(a)(j)		11,000		10,838
Series 2019-KL4F, Class BAS, 4.40%, 10/25/2025(a)(j)		7,998		8,122
Series 2018-KSL1, Class C, 3.96%, 11/25/2025(a)(j)		15,000		14,530
Series 2019-KF58, Class B, 2.24%, 1/25/2026(a)(j)		464		463
Series 2018-KBX1, Class C, 3.69%, 1/25/2026(a)(j)		7,500		6,456
Series 2019-KC03, Class B, 4.51%, 1/25/2026(a)(j)		5,000		5,281
Series 2019-K735, Class C, 4.16%, 5/25/2026(a)(j)		4,774		5,048
Series 2019-KC06, Class B, 3.95%, 9/25/2026(a)(j)		7,609		7,328
Series 2016-KF24, Class B, 5.09%, 10/25/2026(a)(j)		76		78
Series 2020-KF74, Class B, 2.24%, 1/25/2027(a)(j)		3,797		3,773
Series 2017-KL1E, Class BE, 4.04%, 2/25/2027(a)(j)		9,625		9,578
Series 2017-KF33, Class B, 2.64%, 6/25/2027(a)(j)		3,885		3,849
Series 2017-KF40, Class B, 2.79%, 11/25/2027(a)(j)		124		124
Series 2018-KHG1, Class C, 3.94%, 12/25/2027(a)(j)		26,000		25,773
Series 2018-KW06, Class B, 4.37%, 6/25/2028(a)(j)		6,326		6,729
Series 21K-F116, Class CS, 6.45%, 6/25/2028(a)(j)		52,000		53,235
Series 2018-KF50, Class B, 1.99%, 7/25/2028(a)(j)		193		190
Series 2021-KHG3, Class BFX, 2.48%, 9/25/2028(a)		11,071		10,465
Series 2018-KF56, Class B, 2.54%, 11/25/2028(a)(j)		820		820
Series 2019-KF57, Class B, 2.34%, 1/25/2029(a)(j)		2,281		2,267
Series 2019-KW08, Class B, 4.38%, 1/25/2029(a)(j)		16,320		17,471
Series 2019-KBF3, Class C, 4.84%, 1/25/2029(a)(j)		9,940		9,968
Series 2019-KF59, Class B, 2.44%, 2/25/2029(a)(j)		762		762
Series 2019-KL05, Class CHG, 4.37%, 2/25/2029(a)		10,000		9,887
Series 2019-KL05, Class BHG, 4.52%, 2/25/2029(a)(j)		3,600		3,630
Series 2019-KF61, Class B, 2.29%, 4/25/2029(a)(j)		3,381		3,389
Series 2019-KG01, Class B, 4.31%, 4/25/2029(a)(j)		3,000		3,161
Series 2019-KW09, Class X2A, IO, 0.10%, 5/25/2029(a)		259,886		1,365
Series 2019-KF63, Class B, 2.44%, 5/25/2029(a)(j)		7,238		7,238
Series 2019-KW09, Class B, 4.15%, 5/25/2029(a)(j)		15,670		16,174
Series 2019-KW09, Class C, PO, 6/25/2029(a)		22,210		14,156
Series 2019-KW09, Class X2B, IO, 0.10%, 6/25/2029(a)		20,000		117
Series 2019-KF65, Class B, 2.49%, 7/25/2029(a)(j)		7,729		7,752
Series 2019-KF66, Class B, 2.49%, 7/25/2029(a)(j)		3,887		3,913
Series 2019-KC05, Class B, 4.29%, 7/25/2029(a)(j)		16,737		16,383
Series 2019-KF67, Class B, 2.34%, 8/25/2029(a)(j)		3,816		3,798
Series 2019-KF70, Class B, 2.39%, 9/25/2029(a)(j)		1,696		1,700
Series 2019-KF71, Class B, 2.39%, 10/25/2029(a)(j)		4,555		4,479
Series 2019-KF73, Class B, 2.54%, 11/25/2029(a)(j)		11,095		11,069
Series 2020-KF75, Class B, 2.34%, 12/25/2029(a)(j)		6,511		6,458
Series 2020-KF76, Class B, 2.84%, 1/25/2030(a)(j)		3,471		3,461
Series 21K-F102, Class CS, 6.05%, 1/25/2031(a)(j)		15,458		15,632
Series 2017-K153, Class B, PO, 4/25/2032(a)		8,000		4,362
Series 2018-K158, Class B, 4.41%, 10/25/2033(a)(j)		1,750		1,909
Series 19K-1510, Class X2B, IO, 0.10%, 1/25/2034(a)		81,410		733
Series 2018-K156, Class X2A, IO, 0.10%, 7/25/2036(a)		149,276		1,234
Series 2016-K53, Class B, 4.16%, 3/25/2049(a)(j)		69		74
Series 2017-K67, Class B, 4.08%, 9/25/2049(a)(j)		145		157
Series 2017-K67, Class C, 4.08%, 9/25/2049(a)(j)		2,010		2,100
Series 2017-K61, Class C, 3.81%, 12/25/2049(a)(j)		1,000		1,035
Series 2017-K70, Class C, 3.93%, 12/25/2049(a)(j)		3,000		3,188
Series 2018-K80, Class C, 4.37%, 8/25/2050(a)(j)		2,660		2,872
Series 2017-K728, Class B, 3.77%, 11/25/2050(a)(j)		250		263
Series 2017-K728, Class C, 3.77%, 11/25/2050(a)(j)		105		109
Series 2019-K89, Class C, 4.43%, 1/25/2051(a)(j)		15,000		16,229
Series 2019-K87, Class C, 4.47%, 1/25/2051(a)(j)		4,250		4,647
Series 2019-K734, Class C, 4.19%, 2/25/2051(a)(j)		4,150		4,392

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2018-K75, Class D, PO, 4/25/2051(a)		30,000		20,604
Series 2018-K75, Class X2A, IO, 0.10%, 4/25/2051(a)		489,833		2,195
Series 2018-K75, Class X2B, IO, 0.10%, 4/25/2051(a)		114,000		555
Series 2019-K91, Class C, 4.40%, 4/25/2051(a)(j)		14,591		15,845
Series 2019-K97, Class C, 3.89%, 9/25/2051(a)(j)		3,021		3,205
Series 2019-K103, Class B, 3.57%, 12/25/2051(a)(j)		2,303		2,417
Series 2019-K102, Class B, 3.65%, 12/25/2051(a)(j)		7,932		8,364
Series 2019-K102, Class C, 3.65%, 12/25/2051(a)(j)		9,100		9,305
Series 2020-K104, Class C, 3.66%, 2/25/2052(a)(j)		13,102		13,362
Series 2019-K90, Class C, 4.46%, 2/25/2052(a)(j)		3,375		3,676
Series 2019-K88, Class C, 4.53%, 2/25/2052(a)(j)		6,700		7,382
Series 2019-K93, Class C, 4.26%, 5/25/2052(a)(j)		10,500		11,268
Series 2019-K92, Class C, 4.34%, 5/25/2052(a)(j)		7,000		7,549
Series 2019-K94, Class D, PO, 7/25/2052(a)		99,772		64,242
Series 2019-K94, Class X2A, IO, 0.10%, 7/25/2052(a)		1,078,101		5,963
Series 2019-K94, Class X2B, IO, 0.10%, 7/25/2052(a)		249,429		1,443
Series 2019-K94, Class C, 4.10%, 7/25/2052(a)(j)		9,727		10,347
Series 2019-K95, Class C, 4.05%, 8/25/2052(a)(j)		8,250		8,835
Series 2019-K99, Class C, 3.76%, 10/25/2052(a)(j)		10,105		10,597
Series 2019-K98, Class C, 3.86%, 10/25/2052(a)(j)		6,000		6,333
Series 2019-K100, Class B, 3.61%, 11/25/2052(a)(j)		5,188		5,538
Series 2019-K100, Class C, 3.61%, 11/25/2052(a)(j)		16,140		16,686
Series 2020-K737, Class B, 3.41%, 1/25/2053(a)(j)		3,750		3,948
Series 2020-K737, Class C, 3.41%, 1/25/2053(a)(j)		6,000		6,171
Series 2020-K105, Class B, 3.53%, 3/25/2053(a)(j)		13,250		13,891
Series 2020-K105, Class C, 3.53%, 3/25/2053(a)(j)		13,485		13,694
FRR Re-REMIC Trust
Series 2018-C1, Class C720, 0.00%, 8/27/2047‡(a)(j)		7,000		6,822
Series 2018-C1, Class CK43, 0.00%, 2/27/2048‡(a)(j)		9,400		8,256
Series 2018-C1, Class BK43, 2.84%, 2/27/2048‡(a)(j)		12,434		12,235
Series 2018-C1, Class A725, 2.76%, 2/27/2050(a)		1,000		995
Series 2018-C1, Class B725, 2.98%, 2/27/2050‡(a)(j)		2,225		2,212
GNMA
Series 2012-88, Class DI, IO, 0.55%, 8/16/2046(j)		30,274		409
Series 2013-72, IO, 0.38%, 11/16/2047(j)		81,349		1,181
Series 2014-9, IO, 0.28%, 2/16/2048(j)		13,062		131
Series 2014-172, IO, 0.44%, 1/16/2049(j)		23,629		479
Series 2012-44, IO, 0.03%, 3/16/2049(j)		3,397		4
Series 2015-48, IO, 0.60%, 2/16/2050(j)		1,492		43
Series 2013-15, IO, 0.54%, 8/16/2051(j)		6,618		136
Series 2013-80, IO, 0.90%, 3/16/2052(j)		12,194		326
Series 2015-86, IO, 0.46%, 5/16/2052(j)		12,577		323
Series 2013-35, IO, 0.37%, 1/16/2053(j)		10,720		117
Series 2012-125, IO, 0.20%, 2/16/2053(j)		20,603		145
Series 2013-7, IO, 0.30%, 5/16/2053(j)		61,985		647
Series 2012-89, IO, 0.19%, 12/16/2053(j)		10,641		33
Series 2012-115, IO, 0.42%, 4/16/2054(j)		32,401		422
Series 2014-124, Class IE, IO, 0.56%, 5/16/2054(j)		12,536		263
Series 2013-48, IO, 0.50%, 7/16/2054(j)		6,320		119
Series 2014-130, Class IB, IO, 0.37%, 8/16/2054(j)		784		13
Series 2014-186, IO, 0.49%, 8/16/2054(j)		2,535		47
Series 2013-194, IO, 0.33%, 9/16/2054(j)		8,331		112
Series 2015-93, IO, 0.34%, 11/16/2054(j)		18,436		285
Series 2013-179, IO, 0.05%, 1/16/2055(j)		38,339		149
Series 2015-104, IO, 0.10%, 5/16/2055(j)		8,362		130
Series 2013-178, IO, 0.15%, 6/16/2055(j)		20,322		224
Series 2016-102, IO, 0.62%, 10/16/2055(j)		16,080		477
Series 2015-33, IO, 0.67%, 2/16/2056(j)		20,826		656
Series 2015-59, IO, 0.91%, 6/16/2056(j)		7,554		271
Series 2016-97, IO, 0.96%, 7/16/2056(j)		23,521		1,212

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2016-143, IO, 0.85%, 10/16/2056		22,705		1,137
Series 2017-53, IO, 0.55%, 11/16/2056(j)		24,917		1,067
Series 2017-76, IO, 0.87%, 12/16/2056(j)		11,885		611
Series 2014-89, IO, 0.31%, 1/16/2057(j)		16,439		314
Series 2014-110, IO, 0.39%, 1/16/2057(j)		12,296		280
Series 2016-177, IO, 0.50%, 1/16/2057(j)		32,438		1,096
Series 2015-172, IO, 0.60%, 3/16/2057(j)		9,992		272
Series 2017-72, IO, 0.61%, 4/16/2057(j)		44,980		2,163
Series 2016-13, IO, 0.74%, 4/16/2057(j)		11,099		413
Series 2015-188, IO, 0.39%, 7/16/2057(j)		31,383		581
Series 2015-115, IO, 0.46%, 7/16/2057(j)		3,281		89
Series 2016-40, IO, 0.62%, 7/16/2057(j)		26,771		803
Series 2016-36, IO, 0.75%, 8/16/2057(j)		7,731		302
Series 2017-146, IO, 0.54%, 9/16/2057(j)		21,788		869
Series 2017-151, IO, 0.71%, 9/16/2057(j)		15,863		779
Series 2017-173, IO, 0.85%, 9/16/2057(j)		9,568		511
Series 2016-105, IO, 0.78%, 10/16/2057(j)		35,269		1,338
Series 2016-56, IO, 0.89%, 11/16/2057(j)		25,476		1,187
Series 2016-157, IO, 0.89%, 11/16/2057(j)		26,490		1,430
Series 2016-71, Class QI, IO, 0.91%, 11/16/2057(j)		58,545		2,831
Series 2016-96, IO, 0.80%, 12/16/2057(j)		33,744		1,537
Series 2016-133, IO, 0.82%, 12/16/2057(j)		31,976		1,349
Series 2016-94, IO, 0.85%, 12/16/2057(j)		2,486		103
Series 2016-155, IO, 0.75%, 2/16/2058(j)		50,189		2,341
Series 2016-35, IO, 0.74%, 3/16/2058(j)		16,229		684
Series 2016-130, IO, 0.81%, 3/16/2058(j)		26,845		1,155
Series 2016-92, IO, 0.62%, 4/16/2058(j)		508		20
Series 2016-119, IO, 0.89%, 4/16/2058(j)		92,101		3,972
Series 2016-151, IO, 1.01%, 6/16/2058(j)		80,268		4,379
Series 2017-41, IO, 0.66%, 7/16/2058(j)		12,333		477
Series 2016-87, IO, 0.83%, 8/16/2058(j)		25,932		1,109
Series 2017-16, IO, 0.51%, 9/16/2058(j)		28,613		1,059
Series 2016-175, IO, 0.73%, 9/16/2058(j)		26,126		1,169
Series 2017-3, IO, 0.82%, 9/16/2058(j)		47,397		2,220
Series 2017-81, IO, 0.58%, 12/16/2058(j)		7,515		306
Series 2017-54, IO, 0.63%, 12/16/2058(j)		12,996		623
Series 2017-70, IO, 0.55%, 2/16/2059(j)		6,952		328
Series 2018-45, IO, 0.55%, 3/16/2059(j)		16,708		795
Series 2017-105, IO, 0.55%, 5/16/2059(j)		22,913		1,161
Series 2017-23, IO, 0.63%, 5/16/2059(j)		14,839		651
Series 2017-35, IO, 0.65%, 5/16/2059(j)		12,360		578
Series 2017-51, IO, 0.76%, 5/16/2059(j)		7,958		398
Series 2017-86, IO, 0.76%, 5/16/2059(j)		5,634		286
Series 2017-148, IO, 0.56%, 7/16/2059(j)		18,953		823
Series 2017-69, IO, 0.80%, 7/16/2059(j)		8,245		428
Series 2017-126, IO, 0.69%, 8/16/2059(j)		28,833		1,452
Series 2017-171, IO, 0.70%, 9/16/2059(j)		3,008		154
Series 2018-57, IO, 0.43%, 10/16/2059(j)		80,264		3,585
Series 2018-4, IO, 0.57%, 10/16/2059(j)		5,444		270
Series 2017-157, IO, 0.67%, 12/16/2059(j)		15,358		822
Series 2018-9, IO, 0.50%, 1/16/2060(j)		117,852		5,509
Series 2019-135, IO, 0.70%, 2/16/2060(j)		25,724		1,490
Series 2019-67, IO, 0.89%, 2/16/2060(j)		16,299		1,074
Series 2018-106, IO, 0.56%, 4/16/2060(j)		10,521		672
Series 2018-119, IO, 0.61%, 5/16/2060(j)		10,257		668
Series 2018-85, IO, 0.54%, 7/16/2060(j)		10,325		565
Series 2018-98, IO, 0.46%, 8/16/2060(j)		59,701		2,564
Series 2019-9, IO, 0.82%, 8/16/2060(j)		15,135		970
Series 2020-184, IO, 0.91%, 11/16/2060(j)		9,810		795
Series 2019-114, IO, 1.14%, 2/16/2061(j)		46,978		3,725

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2021-82, Class TA, IF, IO, 3.60%, 4/16/2061(j)		72,146		14,014
Series 2019-32, IO, 0.60%, 5/16/2061(j)		56,129		3,372
Series 2021-95, Class TA, IF, IO, 3.60%, 6/1/2061(j)		58,633		12,096
Series 2019-53, Class IA, IO, 0.77%, 6/16/2061(j)		5,122		351
Series 2021-123, Class SA, IF, IO, 3.60%, 6/16/2061(j)		49,730		10,581
Series 2019-155, IO, 0.56%, 7/16/2061(j)		141,771		7,771
Series 2021-153, Class SA, IF, IO, 3.60%, 8/16/2061(j)		54,894		15,268
Series 2021-178, Class SA, IF, IO, 3.60%, 10/16/2061(j)		80,000		17,965
Series 2020-28, IO, 0.82%, 11/16/2061(j)		18,670		1,324
Series 2020-56, IO, 0.98%, 11/16/2061(j)		50,793		3,630
Series 2020-124, IO, 1.03%, 12/16/2061(j)		10,563		841
Series 2019-144, IO, 0.80%, 1/16/2062(j)		20,151		1,508
Series 2019-130, IO, 0.84%, 1/16/2062(j)		14,594		1,141
Series 2020-40, IO, 1.04%, 1/16/2062(j)		51,786		4,066
Series 2020-14, IO, 0.65%, 2/16/2062(j)		123,668		7,598
Series 2020-2, IO, 0.68%, 3/16/2062(j)		65,278		3,793
Series 2020-27, IO, 0.76%, 3/16/2062(j)		29,853		1,948
Series 2020-143, Class IB, IO, 0.87%, 3/16/2062(j)		54,523		3,956
Series 2020-94, IO, 1.03%, 3/16/2062(j)		77,777		5,971
Series 2020-110, IO, 1.05%, 3/16/2062(j)		31,548		2,418
Series 2020-143, IO, 1.12%, 3/16/2062(j)		27,758		2,379
Series 2020-73, IO, 1.21%, 3/16/2062(j)		36,871		3,121
Series 2020-10, IO, 0.65%, 4/16/2062(j)		42,886		2,541
Series 2020-23, IO, 0.71%, 4/16/2062(j)		124,283		8,296
Series 2020-70, IO, 0.83%, 4/16/2062(j)		53,230		3,670
Series 2020-38, IO, 0.86%, 4/16/2062(j)		127,490		8,908
Series 2020-54, IO, 0.96%, 4/16/2062(j)		179,901		13,417
Series 2020-89, Class IA, IO, 1.20%, 4/16/2062(j)		54,605		4,979
Series 2020-69, Class IA, IO, 1.32%, 4/16/2062(j)		21,116		1,917
Series 2020-120, IO, 0.83%, 5/16/2062(j)		9,238		704
Series 2020-91, Class IU, IO, 1.06%, 5/16/2062(j)		174,648		13,917
Series 2020-72, IO, 1.09%, 5/16/2062(j)		118,602		9,813
Series 2020-50, IO, 0.61%, 6/16/2062(j)		53,045		3,253
Series 2020-106, Class IC, IO, 0.81%, 6/16/2062(j)		175,694		12,552
Series 2020-108, IO, 0.88%, 6/16/2062(j)		39,846		2,947
Series 2020-118, IO, 0.91%, 6/16/2062(j)		68,638		5,325
Series 2020-147, IO, 0.94%, 6/16/2062(j)		182,609		14,667
Series 2020-169, IO, 0.91%, 7/16/2062(j)		412,586		31,563
Series 2020-161, IO, 1.05%, 8/16/2062(j)		22,759		1,948
Series 2020-136, IO, 1.10%, 8/16/2062(j)		58,375		5,102
Series 2020-111, IO, 0.97%, 9/15/2062(j)		18,510		1,344
Series 2020-158, IO, 0.79%, 9/16/2062(j)		58,597		4,215
Series 2020-114, IO, 0.82%, 9/16/2062(j)		91,276		8,032
Series 2021-88, IO, 0.82%, 9/16/2062(j)		320,020		24,313
Series 2021-3, IO, 0.92%, 9/16/2062(j)		230,827		18,438
Series 2020-192, IO, 0.98%, 9/16/2062(j)		68,273		5,475
Series 2020-172, IO, 1.15%, 9/16/2062(j)		45,567		4,122
Series 2021-102, IO, 0.88%, 10/16/2062(j)		29,790		2,321
Series 2021-71, IO, 0.89%, 10/16/2062(j)		179,883		14,140
Series 2021-33, IO, 0.97%, 10/16/2062(j)		201,173		15,948
Series 2020-128, IO, 0.97%, 10/16/2062(j)		62,474		5,100
Series 2020-159, IO, 1.04%, 10/16/2062(j)		31,695		2,646
Series 2020-190, IO, 1.06%, 11/16/2062(j)		68,881		6,166
Series 2021-80, IO, 0.91%, 12/16/2062(j)		67,002		5,599
Series 2020-195, IO, 0.97%, 12/16/2062(j)		39,039		3,265
Series 2020-150, IO, 0.98%, 12/16/2062(j)		94,751		9,076
Series 2021-35, IO, 1.02%, 12/16/2062(j)		105,508		9,241
Series 2021-11, IO, 1.02%, 12/16/2062(j)		119,785		10,396

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2021-48, Class HT, IF, IO, 3.60%, 12/16/2062(j)		101,870		25,339
Series 2021-40, IO, 0.84%, 2/16/2063(j)		54,308		4,147
Series 2021-120, IO, 1.01%, 2/16/2063(j)		57,698		5,088
Series 2021-62, Class SA, IF, IO, 3.60%, 2/16/2063(j)		122,735		29,000
Series 2020-145, IO, 0.73%, 3/16/2063(j)		36,657		2,457
Series 2021-101, IO, 0.69%, 4/16/2063(j)		93,212		6,550
Series 2021-106, IO, 0.92%, 4/16/2063(j)		200,625		16,050
Series 2021-151, IO, 0.93%, 4/16/2063(j)		110,140		9,373
Series 2021-168, IO, 0.80%, 5/16/2063(j)		149,557		11,474
Series 2021-22, IO, 0.99%, 5/16/2063(j)		58,804		5,055
Series 2021-10, IO, 1.00%, 5/16/2063(j)		78,657		6,760
Series 2021-170, IO, 1.00%, 5/16/2063(j)		30,894		2,690
Series 2021-141, Class SA, IF, IO, 3.60%, 6/16/2063(j)		46,227		9,383
Series 2021-133, IO, 0.88%, 7/16/2063(j)		98,867		7,968
Series 2021-181, IO, 1.01%, 7/16/2063(j)		235,687		20,869
Series 2021-61, IO, 1.16%, 8/16/2063(j)		53,716		4,921
Series 2021-112, IO, 0.94%, 10/16/2063(j)		20,835		1,761
Series 2021-148, IO, 1.09%, 10/16/2063(j)		69,667		6,625
Series 2021-110, IO, 0.88%, 11/16/2063(j)		2,960		246
Series 2021-180, IO, 0.91%, 11/16/2063(j)		21,971		1,905
Series 2021-150, IO, 1.04%, 11/16/2063(j)		29,819		2,693
Series 2021-185, IO, 1.15%, 11/16/2063(j)		40,853		3,982
Series 2021-167, IO, 0.93%, 12/16/2063(j)		69,086		6,007
GNMA, STRIPS Series 3, Class 23, IO, 1.40%, 9/16/2045		34,059		3,184
GS Mortgage Securities Trust
Series 2012-GCJ9, Class D, 4.90%, 11/10/2045‡(a)(j)		400		400
Series 2013-GC12, Class E, 3.25%, 6/10/2046‡(a)		3,550		3,245
Series 2013-GC12, Class D, 4.59%, 6/10/2046‡(a)(j)		4,880		4,827
Series 2015-GC28, Class D, 4.46%, 2/10/2048‡(a)(j)		2,000		1,993
Series 2015-GC32, Class D, 3.35%, 7/10/2048‡		4,521		4,269
Series 2015-GC32, Class E, 4.57%, 7/10/2048‡(a)(j)		4,000		3,210
Series 2015-GC34, Class D, 2.98%, 10/10/2048‡		12,874		11,542
Series 2016-GS3, Class C, 4.12%, 10/10/2049‡(j)		3,250		3,353
Series 2017-GS5, Class D, 3.51%, 3/10/2050‡(a)(j)		5,547		5,334
Series 2015-GC30, Class D, 3.38%, 5/10/2050‡		4,000		3,917
Series 2019-GC40, Class E, 3.00%, 7/10/2052‡(a)		2,250		1,939
Series 2019-GC42, Class D, 2.80%, 9/1/2052‡(a)		11,880		10,717
Series 2019-GSA1, Class XB, IO, 0.42%, 11/10/2052(j)		39,035		947
Series 2020-GC45, Class XA, IO, 0.79%, 2/13/2053(j)		74,760		3,358
Series 2020-GC45, Class D, 2.85%, 2/13/2053‡(a)(j)		3,000		2,703
Series 2020-GC45, Class E, 2.85%, 2/13/2053‡(a)(j)		7,000		5,867
Series 2020-GC47, Class XA, IO, 1.25%, 5/12/2053(j)		80,811		6,690
Series 2020-GSA2, Class XA, IO, 1.85%, 12/12/2053(a)(j)		187,347		22,885
Series 2020-GSA2, Class D, 2.25%, 12/12/2053‡(a)		18,158		16,017
Series 2020-GSA2, Class E, 2.25%, 12/12/2053‡(a)		4,000		3,245
Harvest Commercial Capital Loan Trust Series 2019-1, Class A, 3.29%, 9/25/2046(a)(j)		6,772		6,734
Jackson Park Trust
Series 2019-LIC, Class E, 3.35%, 10/14/2039‡(a)(j)		3,725		3,420
Series 2019-LIC, Class F, 3.35%, 10/14/2039‡(a)(j)		28,015		24,439
JPMBB Commercial Mortgage Securities Trust
Series 2013-C15, Class E, 3.50%, 11/15/2045‡(a)		3,000		2,848
Series 2015-C31, Class B, 4.77%, 8/15/2048‡(j)		2,000		2,145
Series 2015-C31, Class C, 4.77%, 8/15/2048‡(j)		5,000		5,223
Series 2015-C33, Class D2, 4.26%, 12/15/2048‡(a)(j)		1,000		929
Series 2016-C1, Class D1, 4.30%, 3/15/2049‡(a)(j)		1,500		1,527
JPMCC Commercial Mortgage Securities Trust
Series 2017-JP5, Class XB, IO, 0.68%, 3/15/2050(j)		31,917		903
Series 2017-JP5, Class D, 4.75%, 3/15/2050‡(a)(j)		1,000		1,003
Series 2017-JP7, Class D, 4.54%, 9/15/2050‡(a)(j)		367		368
JPMCC Re-REMIC Trust Series 2015-FRR2, Class BK39, PO, 8/27/2047(a)		1,500		1,364

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
JPMDB Commercial Mortgage Securities Trust
Series 2017-C7, Class C, 4.30%, 10/15/2050‡(j)		5,000		5,334
Series 2019-COR6, Class D, 2.50%, 11/13/2052‡(a)		9,875		8,884
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2013-C16, Class D, 5.17%, 12/15/2046(a)(j)		2,750		2,818
Series 2015-JP1, Class E, 4.38%, 1/15/2049‡(a)(j)		3,250		2,791
Series 2015-JP1, Class C, 4.88%, 1/15/2049‡(j)		1,000		1,066
Series 2016-JP3, Class D, 3.59%, 8/15/2049‡(a)(j)		8,122		7,097
KKR Industrial Portfolio Trust Series 2021-KDIP, Class F, 2.14%, 12/15/2037‡(a)(j)		3,938		3,859
LB Commercial Mortgage Trust Series 2007-C3, Class AJ, 6.02%, 7/15/2044(j)		3		3
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ, 5.45%, 9/15/2039‡(j)		88		40
MF1 Multi-Family Housing Mortgage Loan Trust Series 2019-Q009, Class B, 2.84%, 4/25/2024‡(a)(j)		1,414		1,414
MHC Commercial Mortgage Trust Series 2021-MHC, Class G, 3.29%, 4/15/2038‡(a)(j)		9,600		9,612
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2012-C5, Class E, 4.81%, 8/15/2045‡(a)(j)		2,530		2,540
Series 2014-C14, Class D, 5.22%, 2/15/2047‡(a)(j)		5,350		5,510
Series 2014-C15, Class D, 5.06%, 4/15/2047(a)(j)		1,000		1,020
Series 2014-C16, Class B, 4.49%, 6/15/2047‡(j)		11,000		11,235
Series 2014-C16, Class C, 4.92%, 6/15/2047‡(j)		2,300		2,269
Series 2014-C17, Class C, 4.64%, 8/15/2047‡(j)		4,000		4,147
Series 2014-C17, Class D, 4.88%, 8/15/2047‡(a)(j)		9,393		8,972
Series 2014-C18, Class D, 3.39%, 10/15/2047‡(a)		7,157		6,668
Series 2015-C27, Class E, 3.24%, 12/15/2047‡(a)(j)		2,500		1,954
Series 2015-C27, Class F, 3.24%, 12/15/2047‡(a)(j)		6,334		3,984
Series 2014-C19, Class D, 3.25%, 12/15/2047‡(a)		2,000		1,949
Series 2014-C19, Class E, 3.25%, 12/15/2047‡(a)		6,500		4,863
Series 2015-C20, Class D, 3.07%, 2/15/2048(a)		5,086		4,898
Series 2015-C21, Class XA, IO, 1.01%, 3/15/2048(j)		21,304		481
Series 2015-C21, Class B, 3.85%, 3/15/2048‡(j)		4,000		4,069
Series 2015-C24, Class D, 3.26%, 5/15/2048(a)		3,000		2,865
Series 2015-C26, Class D, 3.06%, 10/15/2048‡(a)		4,000		3,851
Series 2016-C31, Class B, 3.88%, 11/15/2049‡(j)		4,350		4,599
Series 2015-C23, Class D, 4.28%, 7/15/2050‡(a)(j)		1,500		1,491
Morgan Stanley Capital I Series 2017-HR2, Class C, 4.36%, 12/15/2050‡(j)		1,200		1,282
Morgan Stanley Capital I Trust
Series 2018-MP, Class D, 4.42%, 7/11/2040‡(a)(j)		1,000		967
Series 2007-T27, Class C, 6.21%, 6/11/2042‡(a)(j)		6,633		6,647
Series 2015-UBS8, Class B, 4.31%, 12/15/2048‡(j)		5,847		6,040
Series 2016-UB11, Class C, 3.69%, 8/15/2049‡(j)		2,000		2,014
Series 2019-L3, Class D, 2.50%, 11/15/2052(a)		4,500		4,056
Series 2020-L4, Class D, 2.50%, 2/15/2053‡(a)		10,000		8,865
Series 2020-HR8, Class XA, IO, 1.97%, 7/15/2053(j)		19,635		2,604
Series 2021-L5, Class XB, IO, 0.84%, 5/15/2054(j)		60,000		3,861
Series 2021-L5, Class XA, IO, 1.42%, 5/15/2054(j)		163,260		15,232
Series 2021-L5, Class D, 2.50%, 5/15/2054‡(a)		1,818		1,598
Series 2021-L5, Class E, 2.50%, 5/15/2054‡(a)		4,234		3,538
Series 2021-L5, Class C, 3.16%, 5/15/2054‡		6,000		6,062
Series 2021-L6, Class A4, 2.44%, 6/15/2054		14,994		15,258
Series 2021-L6, Class D, 2.50%, 6/15/2054‡(a)		13,685		11,998
Series 2021-L6, Class E, 2.50%, 6/15/2054‡(a)		5,500		4,550
Series 2021-L6, Class C, 3.58%, 6/15/2054‡(j)		4,500		4,607
Series 2021-L7, Class E, 2.50%, 10/15/2054‡(a)		11,091		8,792
MRCD MARK Mortgage Trust
Series 2019-PARK, Class G, 2.72%, 12/15/2036‡(a)		13,337		12,586
Series 2019-PARK, Class J, 4.25%, 12/15/2036‡(a)		20,000		19,230
Multi-Family Connecticut Avenue Securities Trust
Series 2019-01, Class M7, 1.79%, 10/15/2049‡(a)(j)		3,458		3,444
Series 2019-01, Class M10, 3.34%, 10/15/2049‡(a)(j)		31,463		31,657

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2020-01, Class M10, 3.84%, 3/25/2050‡(a)(j)		30,000		31,197
NYC Commercial Mortgage Trust Series 2021-909, Class E, 3.31%, 4/10/2043‡(a)(j)		5,000		4,273
PFP Ltd. (Cayman Islands) Series 2019-5, Class D, 2.74%, 4/14/2036‡(a)(j)		3,500		3,487
SBALR Commercial Mortgage Trust
Series 2020-RR1, Class XA, IO, 1.40%, 2/13/2053(a)(j)		92,930		7,755
Series 2020-RR1, Class A2, 2.53%, 2/13/2053(a)		4,000		4,073
Series 2020-RR1, Class B, 3.48%, 2/13/2053‡(a)		11,440		11,994
Series 2020-RR1, Class C, 3.98%, 2/13/2053‡(a)(j)		4,750		4,900
Series 2020-RR1, Class D, 4.20%, 2/13/2053‡(a)(j)		9,750		9,623
Series RR Trust Series 2015-1, Class B, PO, 4/26/2048(a)		14,737		13,192
SG Commercial Mortgage Securities Trust Series 2016-C5, Class B, 3.93%, 10/10/2048‡		2,000		2,063
SLG Office Trust
Series 2021-OVA, Class A, 2.59%, 7/15/2041(a)		32,123		32,968
Series 2021-OVA, Class G, 2.85%, 7/15/2041‡(a)		10,000		8,920
TPGI Trust Series 2021-DGWD, Class A, 0.79%, 6/15/2026(a)(j)		16,703		16,629
UBS Commercial Mortgage Trust
Series 2017-C1, Class C, 4.44%, 6/15/2050‡		5,330		5,220
Series 2017-C2, Class C, 4.30%, 8/15/2050‡(j)		7,250		7,537
Series 2017-C5, Class C, 4.45%, 11/15/2050‡(j)		1,000		1,036
Series 2018-C11, Class XB, IO, 0.40%, 6/15/2051(j)		100,000		2,220
Series 2018-C11, Class B, 4.71%, 6/15/2051‡(j)		5,000		5,460
UBS-Barclays Commercial Mortgage Trust Series 2012-C3, Class D, 5.22%, 8/10/2049‡(a)(j)		3,000		3,048
Velocity Commercial Capital Loan Trust
Series 2018-2, Class A, 4.05%, 10/26/2048(a)(j)		2,514		2,585
Series 2018-2, Class M2, 4.51%, 10/26/2048‡(a)(j)		193		199
Series 2018-2, Class M3, 4.72%, 10/26/2048‡(a)(j)		357		364
Series 2019-1, Class A, 3.76%, 3/25/2049(a)(j)		2,671		2,751
Series 2019-1, Class M1, 3.94%, 3/25/2049‡(a)(j)		5,392		5,578
Series 2019-3, Class A, 3.03%, 10/25/2049(a)(j)		5,127		5,212
Series 2021-1, Class A, 1.40%, 5/25/2051(a)(j)		14,091		13,822
Series 2021-1, Class M1, 1.79%, 5/25/2051‡(a)(j)		4,149		4,056
Series 2021-1, Class M2, 2.26%, 5/25/2051‡(a)(j)		2,382		2,328
Series 2021-2, Class A, 1.52%, 8/25/2051(a)(j)		5,953		5,849
Washington State Housing Finance Commission Series 2021-1, Class X, IO, 0.73%, 12/20/2035(j)		94,334		5,726
Wells Fargo Commercial Mortgage Trust
Series 2014-LC18, Class D, 3.96%, 12/15/2047‡(a)(j)		7,952		7,753
Series 2015-C26, Class D, 3.59%, 2/15/2048‡(a)		3,000		2,914
Series 2015-C27, Class C, 3.89%, 2/15/2048‡		3,500		3,462
Series 2015-NXS1, Class E, 2.88%, 5/15/2048‡(a)(j)		9,230		8,104
Series 2015-C29, Class D, 4.36%, 6/15/2048(j)		4,000		3,959
Series 2016-C35, Class D, 3.14%, 7/15/2048‡(a)		3,000		2,537
Series 2016-C35, Class C, 4.18%, 7/15/2048‡(j)		3,000		3,047
Series 2016-NXS6, Class B, 3.81%, 11/15/2049‡		450		471
Series 2017-RB1, Class D, 3.40%, 3/15/2050‡(a)		1,500		1,406
Series 2017-C38, Class D, 3.00%, 7/15/2050‡(a)		4,500		4,097
Series 2017-C42, Class D, 2.80%, 12/15/2050‡(a)(j)		1,185		1,058
Series 2018-C44, Class XB, IO, 0.29%, 5/15/2051(j)		70,000		823
Series 2018-C46, Class D, 3.00%, 8/15/2051‡(a)		1,890		1,653
Series 2018-C48, Class A5, 4.30%, 1/15/2052		4,700		5,342
Series 2019-C49, Class C, 4.87%, 3/15/2052‡(j)		2,000		2,208
Series 2019-C52, Class XA, IO, 1.74%, 8/15/2052(j)		16,171		1,548
Series 2020-C55, Class D, 2.50%, 2/15/2053‡(a)		4,500		3,960
Series 2020-C55, Class E, 2.50%, 2/15/2053‡(a)		6,850		5,300
Series 2021-C59, Class D, 2.50%, 4/15/2054‡(a)		2,500		2,227
Series 2021-C59, Class E, 2.50%, 4/15/2054‡(a)		5,000		4,174
Series 2015-NXS3, Class D, 3.15%, 9/15/2057‡(a)		2,000		1,944
Series 2015-NXS2, Class D, 4.43%, 7/15/2058‡(j)		2,226		2,073
Series 2015-LC22, Class D, 4.71%, 9/15/2058‡(j)		5,107		5,131
Series 2016-C32, Class D, 3.79%, 1/15/2059‡(a)(j)		4,000		3,853

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Wells Fargo Re-REMIC Trust Series 2013-FRR1, Class BK20, PO, 5/27/2045(a)		8,000		7,886
WFRBS Commercial Mortgage Trust Series 2014-C22, Class D, 4.05%, 9/15/2057‡(a)(j)		6,540		6,089
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $4,020,376)				4,024,310
ASSET-BACKED SECURITIES -16.6%
ABFC Trust Series 2002-OPT1, Class M1, 1.19%, 5/25/2032‡(j)		150		151
ACC Trust
Series 2019-1, Class B, 4.47%, 10/20/2022(a)		1,442		1,447
Series 2020-A, Class A, 6.00%, 3/20/2023(a)		2,141		2,170
Series 2019-2, Class B, 3.63%, 8/21/2023(a)		12,470		12,553
Series 2019-1, Class C, 6.41%, 2/20/2024(a)		5,732		5,828
Series 2021-1, Class B, 1.43%, 7/22/2024(a)		8,157		8,128
Series 2019-2, Class C, 5.24%, 10/21/2024(a)		11,285		11,549
Series 2021-1, Class C, 2.08%, 12/20/2024(a)		4,455		4,427
Series 2021-1, Class D, 5.25%, 3/22/2027(a)		13,004		12,868
Accelerated Assets LLC
Series 2018-1, Class B, 4.51%, 12/2/2033‡(a)		273		280
Series 2018-1, Class C, 6.65%, 12/2/2033‡(a)		592		617
Accelerated LLC
Series 2021-1H, Class A, 1.35%, 10/20/2040(a)		3,535		3,496
Series 2021-1H, Class B, 1.90%, 10/20/2040(a)		4,348		4,295
Series 2021-1H, Class D, 3.58%, 10/20/2040‡(a)		5,982		5,978
Affirm Asset Securitization Trust
Series 2021-A, Class B, 1.06%, 8/15/2025‡(a)		900		900
Series 2021-A, Class C, 1.66%, 8/15/2025‡(a)		630		632
Series 2021-A, Class D, 3.49%, 8/15/2025‡(a)		750		757
American Airlines Pass-Through Trust Series 2021-1, Class B, 3.95%, 7/11/2030		6,780		6,847
American Credit Acceptance Receivables Trust
Series 2018-3, Class F, 6.44%, 6/12/2025(a)		5,010		5,137
Series 2019-3, Class E, 3.80%, 9/12/2025(a)		4,673		4,811
Series 2019-4, Class D, 2.97%, 12/12/2025(a)		5,600		5,722
Series 2019-4, Class E, 3.85%, 12/12/2025(a)		13,050		13,459
Series 2020-1, Class E, 3.32%, 3/13/2026(a)		10,080		10,336
Series 2020-2, Class C, 3.88%, 4/13/2026(a)		2,000		2,059
Series 2019-3, Class F, 5.42%, 5/12/2026(a)		710		735
Series 2020-2, Class D, 5.65%, 5/13/2026(a)		2,400		2,560
Series 2019-2, Class F, 5.81%, 6/12/2026(a)		2,000		2,078
Series 2020-3, Class E, 3.88%, 8/13/2026(a)		3,000		3,075
Series 2019-4, Class F, 5.37%, 9/14/2026(a)		5,180		5,347
Series 2020-1, Class F, 4.75%, 11/13/2026(a)		13,460		13,763
Series 2021-1, Class D, 1.14%, 3/15/2027(a)		5,386		5,343
Series 2021-1, Class E, 2.29%, 3/15/2027(a)		4,500		4,459
Series 2021-2, Class D, 1.34%, 7/13/2027(a)		4,920		4,873
Series 2021-2, Class E, 2.54%, 7/13/2027(a)		17,000		16,814
Series 2020-4, Class F, 5.22%, 8/13/2027(a)		5,000		5,163
Series 2021-3, Class C, 0.98%, 11/15/2027(a)		9,433		9,344
Series 2021-3, Class D, 1.34%, 11/15/2027(a)		8,832		8,729
Series 2021-3, Class E, 2.56%, 11/15/2027(a)		12,406		12,194
Series 2021-1, Class F, 4.01%, 11/15/2027(a)		900		904
Series 2021-2, Class F, 3.73%, 1/13/2028(a)		5,425		5,363
Series 2021-4, Class E, 3.12%, 2/14/2028(a)		14,800		14,761
Series 2021-3, Class F, 3.64%, 5/15/2028(a)		10,175		10,003
Series 2021-4, Class F, 4.21%, 7/13/2028(a)		5,250		5,225
AMSR Trust
Series 2020-SFR2, Class E2, 4.28%, 7/17/2037‡(a)		10,005		10,326
Series 2020-SFR2, Class H, 5.25%, 7/17/2037‡(a)		7,500		7,677
Series 2020-SFR4, Class E1, 2.21%, 11/17/2037‡(a)		2,325		2,267

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2020-SFR5, Class F, 2.69%, 11/17/2037‡(a)		18,177		17,676
Series 2020-SFR4, Class F, 2.86%, 11/17/2037‡(a)		15,556		15,202
Series 2020-SFR5, Class G, 4.11%, 11/17/2037‡(a)		7,300		7,314
Series 2019-SFR1, Class F, 3.87%, 1/19/2039‡(a)		5,310		5,303
Series 2019-SFR1, Class G, 4.86%, 1/19/2039‡(a)		2,125		2,170
Series 2019-SFR1, Class H, 6.04%, 1/19/2039‡(a)		2,125		2,234
Applebee’s Funding LLC
Series 2019-1A, Class A2I, 4.19%, 6/5/2049(a)		4,697		4,755
Series 2019-1A, Class A2II, 4.72%, 6/5/2049(a)		8,005		8,288
Aqua Finance Trust
Series 2019-A, Class C, 4.01%, 7/16/2040‡(a)		7,400		7,597
Series 2020-AA, Class C, 3.97%, 7/17/2046‡(a)		4,250		4,410
Arivo Acceptance Auto Loan Receivables Trust
Series 2019-1, Class B, 3.37%, 6/15/2025(a)		4,500		4,566
Series 2019-1, Class C, 4.35%, 6/15/2026(a)		1,500		1,525
Avis Budget Rental Car Funding AESOP LLC
Series 2018-1A, Class C, 4.73%, 9/20/2024(a)		560		588
Series 2019-2A, Class C, 4.24%, 9/22/2025(a)		3,000		3,163
Series 2019-3A, Class B, 2.65%, 3/20/2026(a)		3,000		3,080
Series 2020-1A, Class D, 3.34%, 8/20/2026(a)		8,000		7,902
Ballyrock CLO Ltd. (Cayman Islands) Series 2020-2A, Class DR, 6.28%, 10/20/2031‡(a)(j)		2,250		2,232
BlueMountain CLO Ltd. (Cayman Islands) Series 2012-2A, Class DR2, 3.06%, 11/20/2028‡(a)(j)		600		595
Business Jet Securities LLC
Series 2019-1, Class A, 4.21%, 7/15/2034(a)		6,327		6,437
Series 2019-1, Class C, 6.95%, 7/15/2034‡(a)		3,129		3,213
Series 2020-1A, Class A, 2.98%, 11/15/2035(a)		5,775		5,833
Series 2020-1A, Class B, 3.97%, 11/15/2035‡(a)		4,546		4,606
Series 2020-1A, Class C, 7.14%, 11/15/2035‡(a)		6,321		6,531
Series 2021-1A, Class A, 2.16%, 4/15/2036(a)		19,510		19,517
Series 2021-1A, Class B, 2.92%, 4/15/2036‡(a)		3,555		3,557
Series 2021-1A, Class C, 5.07%, 4/15/2036‡(a)		3,516		3,533
BXG Receivables Note Trust Series 2018-A, Class C, 4.44%, 2/2/2034‡(a)		1,406		1,456
Camillo Issuer LLC Series 2017-SFR1, Class A, 5.50%, 6/5/2027‡(a)		942		979
Cars Net Lease Mortgage Notes Series 2020-1A, Class A3, 3.10%, 12/15/2050(a)		2,787		2,820
CARS-DB4 LP
Series 2020-1A, Class A4, 3.19%, 2/15/2050(a)		3,491		3,525
Series 2020-1A, Class A5, 3.48%, 2/15/2050(a)		2,992		3,046
Series 2020-1A, Class B1, 4.17%, 2/15/2050‡(a)		3,500		3,561
Series 2020-1A, Class B2, 4.52%, 2/15/2050‡(a)		4,290		4,425
Series 2020-1A, Class B3, 4.95%, 2/15/2050‡(a)		4,510		4,673
CARS-DB5 LP Series 2021-1A, Class A2, 2.28%, 8/15/2051(a)		6,236		6,179
Carvana Auto Receivables Trust
Series 2019-1A, Class D, 3.88%, 10/15/2024(a)		2,000		2,041
Series 2019-4A, Class D, 3.07%, 7/15/2025(a)		4,591		4,713
Series 2019-1A, Class E, 5.64%, 1/15/2026(a)		500		529
Series 2019-2A, Class E, 5.01%, 4/15/2026(a)		3,000		3,154
Series 2019-3A, Class E, 4.60%, 7/15/2026(a)		9,700		10,032
Series 2019-4A, Class E, 4.70%, 10/15/2026(a)		6,990		7,238
Series 2020-P1, Class N, 2.84%, 9/8/2027(a)		104		104
Cascade MH Asset Trust Series 2019-MH1, Class A, 4.00%, 11/25/2044(a)(j)		7,011		7,294
Centex Home Equity Loan Trust Series 2004-A, Class AF4, 5.01%, 8/25/2032‡(h)		147		149
CF Hippolyta LLC Series 2020-1, Class B1, 2.28%, 7/15/2060‡(a)		4,147		4,156
CIG Auto Receivables Trust Series 2019-1A, Class D, 4.85%, 5/15/2026(a)		1,660		1,686
Conn’s Receivables Funding LLC
Series 2019-B, Class C, 4.60%, 6/17/2024‡(a)		3,523		3,533
Series 2020-A, Class C, 4.20%, 6/16/2025‡(a)		3,066		3,081
Series 2021-A, Class A, 1.05%, 5/15/2026(a)		7,000		6,999
Series 2021-A, Class B, 2.87%, 5/15/2026‡(a)		1,980		1,983
Series 2021-A, Class C, 4.59%, 5/15/2026‡(a)		1,800		1,800

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Consumer Loan Underlying Bond Credit Trust
Series 2018-P2, Class C, 5.21%, 10/15/2025‡(a)		822		832
Series 2019-P2, Class C, 4.41%, 10/15/2026‡(a)		3,140		3,189
Series 2020-P1, Class C, 4.61%, 3/15/2028‡(a)		7,000		7,137
CoreVest American Finance Trust
Series 2019-1, Class E, 5.49%, 3/15/2052‡(a)		1,493		1,624
Series 2019-2, Class E, 5.35%, 6/15/2052‡(a)(j)		5,576		5,978
Series 2019-3, Class XB, IO, 1.56%, 10/15/2052(a)(j)		53,875		4,443
Series 2019-3, Class XA, IO, 2.20%, 10/15/2052(a)(j)		35,709		2,197
Series 2019-3, Class D, 3.76%, 10/15/2052‡(a)		8,689		9,049
Series 2019-3, Class E, 4.91%, 10/15/2052‡(a)(j)		5,810		6,094
CPS Auto Receivables Trust
Series 2020-A, Class D, 2.90%, 12/15/2025(a)		4,200		4,279
Series 2021-A, Class D, 1.16%, 12/15/2026(a)		2,875		2,848
Series 2021-A, Class E, 2.53%, 3/15/2028(a)		3,100		3,056
Series 2021-B, Class E, 3.41%, 6/15/2028(a)		6,750		6,717
Credit Acceptance Auto Loan Trust
Series 2020-1A, Class B, 2.39%, 4/16/2029(a)		4,550		4,623
Series 2021-3A, Class A, 1.00%, 5/15/2030(a)		4,681		4,652
CWABS, Inc. Asset-Backed Certificates Trust Series 2004-4, Class M1, 0.81%, 7/25/2034‡(j)		1,003		997
DataBank Issuer Series 2021-1A, Class C, 4.43%, 2/27/2051‡(a)		3,800		3,805
Diamond Resorts Owner Trust
Series 2018-1, Class D, 5.90%, 1/21/2031‡(a)		479		483
Series 2019-1A, Class D, 5.25%, 2/20/2032‡(a)		1,697		1,734
Drive Auto Receivables Trust
Series 2018-3, Class D, 4.30%, 9/16/2024		753		764
Series 2020-1, Class D, 2.70%, 5/17/2027		2,000		2,042
Driven Brands Funding LLC
Series 2019-1A, Class A2, 4.64%, 4/20/2049(a)		1,945		2,057
Series 2019-2A, Class A2, 3.98%, 10/20/2049(a)		3,891		4,073
Series 2020-1A, Class A2, 3.79%, 7/20/2050(a)		494		514
DT Auto Owner Trust
Series 2019-1A, Class D, 3.87%, 11/15/2024(a)		1,000		1,020
Series 2018-1A, Class E, 5.42%, 3/17/2025(a)		1,055		1,062
Series 2019-3A, Class D, 2.96%, 4/15/2025(a)		2,300		2,354
Series 2020-1A, Class D, 2.55%, 11/17/2025(a)		5,260		5,367
Series 2018-3A, Class E, 5.33%, 11/17/2025(a)		1,340		1,388
Series 2019-1A, Class E, 4.94%, 2/17/2026(a)		4,520		4,711
Series 2020-2A, Class C, 3.28%, 3/16/2026(a)		3,437		3,539
Series 2020-2A, Class D, 4.73%, 3/16/2026(a)		3,770		4,007
Series 2019-3A, Class E, 3.85%, 8/17/2026(a)		10,500		10,823
Series 2019-4A, Class E, 3.93%, 10/15/2026(a)		13,080		13,458
Series 2021-1A, Class D, 1.16%, 11/16/2026(a)		2,633		2,599
Series 2021-2A, Class D, 1.50%, 2/16/2027(a)		2,022		2,000
Series 2020-1A, Class E, 3.48%, 2/16/2027(a)		10,750		11,032
Series 2020-2A, Class E, 7.17%, 6/15/2027(a)		6,880		7,513
Series 2020-3A, Class E, 3.62%, 10/15/2027(a)		5,300		5,443
Series 2021-1A, Class E, 2.38%, 1/18/2028(a)		2,000		1,973
Series 2021-2A, Class E, 2.97%, 7/17/2028(a)		6,500		6,481
Series 2021-3A, Class E, 2.65%, 9/15/2028(a)		3,405		3,334
E3 (Cayman Islands) Series 2019-1, Class C, 5.00%, 9/20/2055‡(a)		555		557
Elara HGV Timeshare Issuer LLC
Series 2019-A, Class C, 3.45%, 1/25/2034‡(a)		1,433		1,432
Series 2021-A, Class D, 3.32%, 8/27/2035‡(a)		4,047		4,022
Exeter Automobile Receivables Trust
Series 2017-3A, Class C, 3.68%, 7/17/2023(a)		209		211
Series 2017-2A, Class D, 6.39%, 2/15/2024(a)		734		739
Series 2018-3A, Class D, 4.35%, 6/17/2024(a)		1,173		1,196
Series 2018-3A, Class E, 5.43%, 8/15/2024(a)		9,255		9,676
Series 2018-1A, Class E, 4.64%, 10/15/2024(a)		2,260		2,310
Series 2017-3A, Class D, 5.28%, 10/15/2024(a)		1,000		1,016

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2018-2A, Class E, 5.33%, 5/15/2025(a)		2,900		3,023
Series 2018-4A, Class E, 5.38%, 7/15/2025(a)		5,555		5,757
Series 2018-3A, Class F, 6.55%, 8/25/2025(a)		5,130		5,352
Series 2019-1A, Class E, 5.20%, 1/15/2026(a)		9,375		9,843
Series 2020-2A, Class D, 4.73%, 4/15/2026(a)		10,000		10,527
Series 2019-2A, Class E, 4.68%, 5/15/2026(a)		9,160		9,596
Series 2019-3A, Class E, 4.00%, 8/17/2026(a)		20,572		21,338
Series 2019-4A, Class E, 3.56%, 10/15/2026(a)		36,335		37,166
Series 2021-1A, Class D, 1.08%, 11/16/2026		13,609		13,466
Series 2020-1A, Class E, 3.74%, 1/15/2027(a)		35,090		35,909
Series 2021-2A, Class D, 1.40%, 4/15/2027		14,798		14,640
Series 2020-2A, Class E, 7.19%, 9/15/2027(a)		10,510		11,625
Series 2021-1A, Class E, 2.21%, 2/15/2028(a)		33,320		32,851
Series 2021-2A, Class E, 2.90%, 7/17/2028(a)		11,717		11,587
FirstKey Homes Trust
Series 2020-SFR1, Class F2, 4.28%, 8/17/2037‡(a)		9,000		9,203
Series 2021-SFR1, Class F1, 3.24%, 8/17/2038‡(a)		7,333		7,177
Flagship Credit Auto Trust
Series 2017-4, Class D, 3.58%, 1/15/2024(a)		175		178
Series 2017-2, Class E, 5.55%, 7/15/2024(a)		530		536
Series 2019-1, Class D, 4.08%, 2/18/2025(a)		3,833		3,972
Series 2020-1, Class D, 2.48%, 3/16/2026(a)		4,000		4,063
Series 2019-2, Class E, 4.52%, 12/15/2026(a)		4,500		4,673
Series 2021-3, Class E, 3.32%, 12/15/2028(a)		6,401		6,307
Foundation Finance Trust
Series 2019-1A, Class B, 4.22%, 11/15/2034(a)		855		903
Series 2019-1A, Class C, 5.66%, 11/15/2034‡(a)		3,055		3,317
FREED ABS Trust
Series 2019-1, Class C, 5.39%, 6/18/2026‡(a)		15,453		15,633
Series 2019-2, Class C, 4.86%, 11/18/2026‡(a)		7,000		7,129
Series 2020-FP1, Class B, 3.06%, 3/18/2027‡(a)		6,150		6,191
Series 2020-FP1, Class C, 4.37%, 3/18/2027‡(a)		12,250		12,447
Series 2020-2CP, Class B, 5.50%, 6/18/2027‡(a)		1,822		1,849
Series 2020-3FP, Class B, 4.18%, 9/20/2027‡(a)		1,234		1,242
Series 2021-1CP, Class B, 1.41%, 3/20/2028‡(a)		3,250		3,245
Series 2021-1CP, Class C, 2.83%, 3/20/2028‡(a)		1,400		1,404
Series 2021-2, Class C, 1.94%, 6/19/2028‡(a)		2,796		2,801
Series 2021-3FP, Class D, 2.37%, 11/20/2028‡(a)		9,524		9,398
Genesis Sales Finance Master Trust
Series 2020-AA, Class C, 2.99%, 9/22/2025(a)		1,000		1,004
GLS Auto Receivables Issuer Trust
Series 2020-1A, Class C, 2.72%, 11/17/2025(a)		5,000		5,096
Series 2019-1A, Class D, 4.94%, 12/15/2025(a)		4,505		4,655
Series 2019-2A, Class D, 4.52%, 2/17/2026(a)		7,950		8,210
Series 2019-3A, Class D, 3.84%, 5/15/2026(a)		700		717
Series 2019-4A, Class D, 4.09%, 8/17/2026(a)		8,950		9,212
Series 2020-4A, Class D, 1.64%, 10/15/2026(a)		3,000		3,007
Series 2020-1A, Class D, 3.68%, 11/16/2026(a)		15,750		16,070
Series 2020-3A, Class E, 4.31%, 7/15/2027(a)		3,830		3,961
Series 2020-4A, Class E, 3.51%, 10/15/2027(a)		11,700		11,895
GLS Auto Receivables Trust
Series 2018-3A, Class D, 5.34%, 8/15/2025(a)		680		705
Series 2021-2A, Class C, 1.08%, 6/15/2026(a)		2,187		2,171
Series 2021-2A, Class E, 2.87%, 5/15/2028(a)		1,130		1,110
Golden Bear LLC Series 2016-R, Class R, 5.65%, 9/20/2047(a)		219		219
HERO Funding II (Cayman Islands)
Series 2016-3B, Class B, 5.24%, 9/20/2042‡(a)		154		154
Series 2016-4B, Class B, 9/20/2047‡(a)		193		196
Hertz Vehicle Financing III LP
Series 2021-2A, Class B, 2.12%, 12/27/2027(a)		2,695		2,680
Series 2021-2A, Class D, 4.34%, 12/27/2027(a)		12,000		12,011
HIN Timeshare Trust
Series 2020-A, Class B, 2.23%, 10/9/2039‡(a)		2,528		2,537
Series 2020-A, Class D, 5.50%, 10/9/2039‡(a)		2,199		2,276

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Lakeview CDO LLC 2.83%, 11/10/2032‡(j)		6,650		6,543
Lending Point Asset Securitization Trust Series 2020-1, Class C, 4.14%, 2/10/2026‡(a)		2,588		2,598
LendingClub Loan Certificate Issuer Trust Series 2021-NP1, Class CERT, 12/15/2036‡(a)		900		22,785
Lendingpoint Asset Securitization Trust
Series 2021-A, Class C, 2.75%, 12/15/2028‡(a)		8,511		8,440
Series 2021-A, Class D, 5.73%, 12/15/2028‡(a)		11,540		11,410
Series 2021-B, Class B, 1.68%, 2/15/2029‡(a)		12,450		12,362
Series 2021-B, Class C, 3.21%, 2/15/2029‡(a)		27,348		27,095
Series 2021-B, Class D, 6.12%, 2/15/2029‡(a)		2,000		1,980
LendingPoint Asset Securitization Trust Series 2021-1, Class C, 4.94%, 4/15/2027‡(a)		10,628		10,628
Lendmark Funding Trust
Series 2019-1A, Class D, 5.34%, 12/20/2027‡(a)		6,000		6,110
Series 2019-2A, Class C, 3.72%, 4/20/2028‡(a)		3,040		3,090
Series 2019-2A, Class D, 5.24%, 4/20/2028‡(a)		16,710		17,149
Series 2021-1A, Class A, 1.90%, 11/20/2031(a)		3,729		3,710
Series 2021-1A, Class B, 2.47%, 11/20/2031‡(a)		1,326		1,338
Series 2021-1A, Class C, 3.41%, 11/20/2031‡(a)		1,312		1,338
Series 2021-1A, Class D, 5.05%, 11/20/2031‡(a)		6,750		7,032
Series 2021-2A, Class D, 4.46%, 4/20/2032(a)		15,000		15,107
LFT CRE Ltd. (Cayman Islands)
Series 2021-FL1, Class D, 2.54%, 6/15/2039‡(a)(j)		22,600		22,572
Series 2021-FL1, Class E, 3.04%, 6/15/2039‡(a)(j)		10,000		9,988
LL ABS Trust
Series 2019-1A, Class C, 5.07%, 3/15/2027‡(a)		11,117		11,341
Series 2020-1A, Class A, 2.33%, 1/17/2028(a)		1,766		1,772
Series 2020-1A, Class C, 6.54%, 1/17/2028‡(a)		5,410		5,740
Series 2021-1A, Class A, 1.07%, 5/15/2029(a)		9,189		9,152
Series 2021-1A, Class B, 2.17%, 5/15/2029‡(a)		2,269		2,243
Series 2021-1A, Class C, 3.54%, 5/15/2029‡(a)		5,120		5,058
LP LMS Asset Securitization Trust Series 2021-2A, Class C, 3.85%, 1/15/2029‡(a)		8,895		8,803
Magnetite XXVII Ltd. (Cayman Islands) Series 2020-27A, Class ER, 6.13%, 10/20/2034‡(a)(j)		7,000		6,939
Mariner Finance Issuance Trust
Series 2019-AA, Class D, 5.44%, 7/20/2032‡(a)		5,120		5,213
Series 2021-BA, Class E, 4.68%, 11/20/2036(a)		5,030		5,039
Marlette Funding Trust Series 2017-3A, Class D, 5.03%, 12/15/2024‡(a)		1,230		1,234
ME Funding LLC Series 2019-1, Class A2, 6.45%, 7/30/2049(a)		27,558		28,959
New Economy Assets Phase 1 Sponsor LLC Series 2021-1, Class B1, 2.41%, 10/20/2061(a)		2,550		2,552
New Residential Mortgage LLC
Series 2020-FNT1, Class A, 5.44%, 6/25/2025(a)		17,439		17,684
Series 2018-FNT2, Class D, 4.92%, 7/25/2054‡(a)		281		281
Series 2018-FNT2, Class E, 5.12%, 7/25/2054‡(a)		422		422
Series 2018-FNT2, Class F, 5.95%, 7/25/2054‡(a)		1,406		1,406
NRZ Excess Spread-Collateralized Notes
Series 2018-FNT1, Class D, 4.69%, 5/25/2023‡(a)		458		457
Series 2018-FNT1, Class E, 4.89%, 5/25/2023‡(a)		655		653
Series 2020-PLS1, Class A, 3.84%, 12/25/2025(a)		8,997		9,031
Series 2021-FNT1, Class A, 2.98%, 3/25/2026(a)		6,822		6,777
Series 2021-FNT2, Class A, 3.23%, 5/25/2026(a)		15,261		15,156
Series 2021-FHT1, Class A, 3.10%, 7/25/2026(a)		37,126		37,054
Series 2021-GNT1, Class A, 3.47%, 11/25/2026(a)		20,778		20,777
NRZ FHT Excess LLC Series 2020-FHT1, Class A, 4.21%, 11/25/2025(a)		6,202		6,238
Ocean Beach Spc (Cayman Islands) Series 2020-1I, Class A, 4.00%, 9/26/2022		3,236		3,249
Octane Receivables Trust
Series 2019-1A, Class A, 3.16%, 9/20/2023(a)		1,429		1,438
Series 2019-1A, Class B, 3.77%, 7/22/2024‡(a)		12,591		12,809
OnDeck Asset Securitization Trust III LLC
Series 2021-1A, Class A, 1.59%, 5/17/2027(a)		2,685		2,676

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2021-1A, Class C, 2.97%, 5/17/2027‡(a)		2,500		2,491
Series 2021-1A, Class D, 4.94%, 5/17/2027‡(a)		2,027		2,026
OneMain Direct Auto Receivables Trust
Series 2018-1A, Class D, 4.40%, 1/14/2028(a)		580		582
Series 2019-1A, Class D, 4.68%, 4/14/2031(a)		4,500		4,878
OneMain Financial Issuance Trust
Series 2019-1A, Class B, 3.79%, 2/14/2031‡(a)		745		746
Series 2018-2A, Class D, 4.29%, 3/14/2033‡(a)		1,500		1,575
Series 2020-2A, Class A, 1.75%, 9/14/2035(a)		6,822		6,788
Series 2020-2A, Class B, 2.21%, 9/14/2035‡(a)		4,000		4,025
Series 2021-1A, Class A1, 1.55%, 6/16/2036(a)		45,500		45,086
Oportun Issuance Trust
Series 2021-B, Class C, 3.65%, 5/8/2031‡(a)		1,077		1,081
Series 2021-B, Class D, 5.41%, 5/8/2031‡(a)		1,760		1,765
Series 2021-C, Class A, 2.18%, 10/8/2031(a)		8,663		8,629
Orange Lake Timeshare Trust
Series 2018-A, Class C, 3.74%, 11/8/2030‡(a)		1,617		1,644
Series 2019-A, Class D, 4.93%, 4/9/2038‡(a)		2,171		2,214
Pagaya AI Debt Selection Trust
Series 2020-3, Class C, 6.43%, 5/17/2027‡(a)		3,396		3,521
Series 2021-1, Class B, 2.13%, 11/15/2027‡(a)		5,998		6,012
Series 2021-3, Class A, 1.15%, 5/15/2029(a)		16,985		16,929
Series 2021-3, Class B, 1.74%, 5/15/2029(a)		11,340		11,215
Series 2021-3, Class C, 3.27%, 5/15/2029‡(a)		17,500		17,391
Palmer Square Loan Funding Ltd. (Cayman Islands)
Series 2021-4A, Class C, 2.72%, 10/15/2029‡(a)(j)		8,877		8,865
Series 2021-4A, Class D, 5.12%, 10/15/2029‡(a)(j)		12,000		11,907
Planet Fitness Master Issuer LLC
Series 2018-1A, Class A2I, 4.26%, 9/5/2048(a)		17,169		17,158
Series 2018-1A, Class A2II, 4.67%, 9/5/2048(a)		1,392		1,426
PNMAC FMSR Issuer Trust Series 2018-FT1, Class A, 2.44%, 4/25/2023(a)(j)		4,626		4,614
PNMAC GMSR Issuer Trust
Series 2018-GT1, Class A, 2.94%, 2/25/2023(a)(j)		4,655		4,663
Series 2018-GT2, Class A, 2.74%, 8/25/2025(a)(j)		4,320		4,317
Popular ABS Mortgage Pass-Through Trust Series 2005-3, Class M1, 5.60%, 7/25/2035‡(h)		190		190
Prestige Auto Receivables Trust Series 2017-1A, Class E, 4.89%, 5/15/2024(a)		1,160		1,165
PRET LLC Series 2021-NPL3, Class A2, 3.72%, 7/25/2051(a)(h)		3,333		3,293
Pretium Mortgage Credit Partners I LLC Series 2021-NPL1, Class A2, 4.21%, 9/27/2060(a)(h)		14,000		14,046
Progress Residential Series 2021-SFR1, Class G, 3.86%, 4/17/2038‡(a)		7,000		7,032
Progress Residential Trust
Series 2020-SFR3, Class F, 2.80%, 10/17/2027‡(a)		5,000		4,944
Series 2020-SFR3, Class G, 4.11%, 10/17/2027(a)		3,000		3,013
Series 2019-SFR1, Class E, 4.47%, 8/17/2035‡(a)		2,000		2,003
Series 2019-SFR2, Class E, 4.14%, 5/17/2036‡(a)		4,000		4,015
Series 2019-SFR3, Class E, 3.37%, 9/17/2036‡(a)		6,100		6,141
Series 2021-SFR9, Class F, 4.05%, 11/17/2040‡(a)		15,000		14,927
Prosper Marketplace Issuance Trust Series 2019-2A, Class C, 5.05%, 9/15/2025‡(a)		5,312		5,347
PRPM LLC Series 2020-4, Class A2, 3.44%, 10/25/2025‡(a)(h)		7,000		7,000
RAMP Trust Series 2002-RS2, Class AI5, 6.03%, 3/25/2032‡(j)		75		76
ReadyCap Lending Small Business Loan Trust Series 2019-2, Class A, 2.75%, 12/27/2044(a)(j)		11,007		10,545
Regional Management Issuance Trust
Series 2019-1, Class C, 4.11%, 11/15/2028‡(a)		5,110		5,142
Series 2020-1, Class A, 2.34%, 10/15/2030(a)		6,000		6,058
Series 2020-1, Class D, 6.77%, 10/15/2030‡(a)		2,410		2,455
Series 2021-1, Class A, 1.68%, 3/17/2031(a)		5,728		5,669
Series 2021-1, Class B, 2.42%, 3/17/2031‡(a)		895		887
Series 2021-1, Class C, 3.04%, 3/17/2031‡(a)		2,500		2,493
Series 2021-1, Class D, 5.07%, 3/17/2031‡(a)		2,600		2,625
Renaissance Home Equity Loan Trust
Series 2003-4, Class M2F, 6.24%, 3/25/2034‡(h)		122		122
Series 2005-2, Class M1, 5.05%, 8/25/2035‡(h)		500		525

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Renew (Cayman Islands) Series 2017-1A, Class B, 5.75%, 9/20/2052‡(a)		151		153
Republic Finance Issuance Trust
Series 2020-A, Class A, 2.47%, 11/20/2030(a)		2,857		2,901
Series 2021-A, Class D, 5.23%, 12/22/2031‡(a)		930		931
Santander Drive Auto Receivables Trust
Series 2018-2, Class E, 5.02%, 9/15/2025		5,584		5,686
Series 2021-2, Class D, 1.35%, 7/15/2027		5,360		5,340
Santander Prime Auto Issuance Notes Trust
Series 2018-A, Class E, 5.04%, 9/15/2025(a)		515		525
Series 2018-A, Class F, 6.80%, 9/15/2025(a)		1,048		1,059
Santander Revolving Auto Loan Trust
Series 2019-A, Class C, 3.00%, 1/26/2032(a)		880		912
Series 2019-A, Class D, 3.45%, 1/26/2032(a)		8,085		8,404
SCF Equipment Leasing LLC
Series 2021-1A, Class E, 3.56%, 8/20/2032‡(a)		3,300		3,213
Series 2021-1A, Class F, 5.52%, 8/20/2032‡(a)		20,757		20,579
Service Experts Issuer LLC Series 2021-1A, Class A, 2.67%, 2/2/2032(a)		900		898
Sierra Timeshare Receivables Funding LLC
Series 2019-1A, Class D, 4.75%, 1/20/2036‡(a)		419		427
Series 2019-2A, Class D, 4.54%, 5/20/2036‡(a)		1,149		1,167
Series 2019-3A, Class D, 4.18%, 8/20/2036‡(a)		2,636		2,652
Series 2020-2A, Class D, 6.59%, 7/20/2037‡(a)		2,416		2,521
Series 2021-2A, Class D, 3.23%, 9/20/2038‡(a)		4,108		4,087
Small Business Lending Trust Series 2020-A, Class C, 5.01%, 12/15/2026‡(a)		3,250		3,268
SoFi Consumer Loan Program LLC Series 2017-6, Class C, 4.02%, 11/25/2026‡(a)		100		100
SoFi Consumer Loan Program Trust
Series 2018-1, Class C, 3.97%, 2/25/2027‡(a)		450		454
Series 2018-2, Class C, 4.25%, 4/26/2027‡(a)		5,000		5,059
Sonic Capital LLC Series 2021-1A, Class A2II, 2.64%, 8/20/2051(a)		5,408		5,309
Structured Asset Investment Loan Trust Series 2004-8, Class M3, 1.07%, 9/25/2034‡(j)		115		115
Tesla Auto Lease Trust
Series 2019-A, Class D, 3.37%, 1/20/2023(a)		2,700		2,758
Series 2019-A, Class E, 5.48%, 5/22/2023(a)		18,790		19,397
Series 2020-A, Class E, 4.64%, 8/20/2024(a)		4,493		4,653
Series 2021-A, Class E, 2.64%, 3/20/2025(a)		11,000		11,037
Theorem Funding Trust Series 2021-1A, Class A, 1.21%, 12/15/2027(a)		5,415		5,410
Towd Point Mortgage Trust Series 2017-FRE2, Class M6, 4.00%, 11/25/2047‡(a)(h)		4,094		4,115
Tricolor Auto Securitization Trust
Series 2021-1A, Class E, 3.23%, 9/15/2026(a)		500		496
Series 2020-1A, Class B, 8.25%, 11/15/2026(a)		6,349		6,456
Series 2021-1A, Class F, 5.08%, 5/15/2028(a)		500		494
Upstart Pass-Through Trust
Series 2021-ST4, Class CERT, 7/20/2027‡(a)		1,875		1,961
Series 2021-ST6, Class CERT, 8/20/2027‡(a)		2,900		3,290
Series 2021-ST6, Class A, 1.85%, 8/20/2027(a)		5,354		5,320
Series 2021-PT1, Class A, HB, 20.00%, 9/20/2027(a)(j)		8,209		8,161
Series 2021-ST7, Class CERT, 9/20/2029‡(a)		3,500		4,060
Series 2021-ST7, Class A, 1.85%, 9/20/2029(a)		6,142		6,104
Series 2021-ST8, Class CERT, 10/20/2029‡(a)		2,670		3,297
Series 2021-ST8, Class A, 1.75%, 10/20/2029(a)		3,326		3,305
Series 2021-ST9, Class CERT, 11/20/2029‡(a)		2,830		3,663
Series 2021-PT2, Class A, HB, 20.95%, 11/20/2029(a)(j)		11,853		11,861
Series 2021-PT3, Class A, HB, 21.56%, 12/20/2029(a)(j)		12,000		12,044
Upstart Securitization Trust
Series 2020-1, Class C, 4.90%, 4/22/2030‡(a)		6,100		6,294
Series 2020-3, Class C, 6.25%, 11/20/2030‡(a)		1,000		1,062
Series 2021-1, Class C, 4.06%, 3/20/2031‡(a)		2,500		2,532
Series 2021-2, Class C, 3.61%, 6/20/2031(a)		16,291		16,216
Series 2021-3, Class C, 3.28%, 7/20/2031‡(a)		6,518		6,473

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2021-4, Class C, 3.19%, 9/20/2031‡(a)		6,604		6,512
Series 2021-5, Class A, 1.31%, 11/20/2031(a)		12,150		12,125
Series 2021-5, Class C, 4.15%, 11/20/2031‡(a)		12,636		12,630
US Auto Funding
Series 2021-1A, Class A, 0.79%, 7/15/2024(a)		6,372		6,363
Series 2021-1A, Class B, 1.49%, 3/17/2025(a)		3,407		3,385
Series 2021-1A, Class C, 2.20%, 5/15/2026(a)		8,054		7,946
Series 2021-1A, Class D, 4.36%, 3/15/2027(a)		10,392		10,389
US Auto Funding LLC Series 2019-1A, Class C, 5.34%, 3/15/2023(a)		7,000		7,053
VCAT LLC Series 2021-NPL2, Class A2, 4.21%, 3/27/2051(a)(h)		5,500		5,475
VM DEBT TRUST Series 2019-1, 9.50%, 5/31/2024		10,240		10,240
VOLT XCIV LLC Series 2021-NPL3, Class A1, 2.24%, 2/27/2051(a)(h)		14,110		14,078
VOLT XCV LLC Series 2021-NPL4, Class A1, 2.24%, 3/27/2051‡(a)(h)		5,747		5,728
Voya CLO Ltd. (Cayman Islands) Series 2016-3A, Class CR, 3.37%, 10/18/2031‡(a)(j)		535		520
Welk Resorts LLC
Series 2019-AA, Class C, 3.34%, 6/15/2038‡(a)		2,718		2,764
Series 2019-AA, Class D, 4.03%, 6/15/2038‡(a)		1,071		1,095
Westgate Resorts LLC Series 2020-1A, Class C, 6.21%, 3/20/2034‡(a)		7,429		7,766
Westlake Automobile Receivables Trust
Series 2018-3A, Class E, 4.90%, 12/15/2023(a)		670		685
Series 2019-2A, Class D, 3.20%, 11/15/2024(a)		1,013		1,034
Series 2018-3A, Class F, 6.02%, 2/18/2025(a)		3,690		3,793
Series 2019-3A, Class E, 3.59%, 3/17/2025(a)		600		619
Series 2019-2A, Class E, 4.02%, 4/15/2025(a)		4,815		4,992
Series 2020-2A, Class C, 2.01%, 7/15/2025(a)		1,000		1,015
Series 2020-2A, Class D, 2.76%, 1/15/2026(a)		2,000		2,048
Series 2019-1A, Class F, 5.67%, 2/17/2026(a)		3,009		3,101
Series 2019-2A, Class F, 5.00%, 3/16/2026(a)		1,880		1,938
Series 2019-3A, Class F, 4.72%, 4/15/2026(a)		3,400		3,479
Series 2021-2A, Class D, 1.23%, 12/15/2026(a)		1,380		1,361
Series 2021-2A, Class E, 2.38%, 3/15/2027(a)		1,700		1,683
Series 2021-3A, Class E, 3.42%, 4/15/2027(a)		3,400		3,394
Series 2021-2A, Class F, 3.66%, 12/15/2027(a)		2,975		2,939
ZAXBY’S FUNDING LLC Series 2021-1A, Class A2, 3.24%, 7/30/2051(a)		6,813		6,963
TOTAL ASSET-BACKED SECURITIES (Cost $2,213,472)				2,223,138
COLLATERALIZED MORTGAGE OBLIGATIONS — 11.2%
ACC 0.00%, 9/15/2022‡		11,226		11,226
Acrc 0.00%, 11/15/2026‡		35,000		35,000
Adjustable Rate Mortgage Trust Series 2006-2, Class 1A4, 3.15%, 5/25/2036(j)		1,229		1,191
AG Mitt Frn 0.00%, 9/15/2023‡		39,474		39,474
Alternative Loan Trust
Series 2004-18CB, Class 5A1, 6.25%, 9/25/2034		24		25
Series 2004-24CB, Class 1A1, 6.00%, 11/25/2034		17		18
Series 2005-23CB, Class A7, 5.25%, 7/25/2035		22		20
Series 2005-23CB, Class A16, 5.50%, 7/25/2035		60		57
Series 2005-64CB, Class 1A15, 5.50%, 12/25/2035		394		399
Series 2005-J14, Class A3, 5.50%, 12/25/2035		261		216
Series 2006-41CB, Class 2A13, 5.75%, 1/25/2037		536		392
Angel Oak Mortgage Trust
Series 2019-5, Class M1, 3.30%, 10/25/2049‡(a)(j)		8,000		7,990
Series 2019-5, Class B1, 3.96%, 10/25/2049‡(a)(j)		2,470		2,466
Series 2019-6, Class B3, 5.99%, 11/25/2059‡(a)(j)		1,250		1,225
Series 2020-1, Class M1, 3.16%, 12/25/2059‡(a)(j)		4,400		4,408
Series 2020-1, Class B1, 3.76%, 12/25/2059‡(a)(j)		1,550		1,551
Angel Oak Mortgage Trust I LLC Series 2018-3, Class B1, 5.04%, 9/25/2048‡(a)(j)		1,000		1,001

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Areit Frn 0.00%, 8/17/2026‡		29,000		29,000
Arroyo Mortgage Trust
Series 2019-3, Class M1, 4.20%, 10/25/2048‡(a)(j)		1,000		1,022
Series 2019-2, Class A3, 3.80%, 4/25/2049(a)(j)		805		809
Banc of America Funding Trust Series 2007-5, Class 4A1, 0.46%, 7/25/2037(j)		967		704
Bear Stearns ALT-A Trust Series 2004-7, Class 2A1, 2.48%, 8/25/2034(j)		105		109
Bear Stearns Asset-Backed Securities Trust Series 2003-AC4, Class M1, 5.66%, 9/25/2033‡(h)		96		92
Bellemeade Re Ltd. (Bermuda)
Series 2019-1A, Class M2, 2.79%, 3/25/2029‡(a)(j)		1,000		1,003
Series 2019-3A, Class B1, 2.59%, 7/25/2029‡(a)(j)		1,000		999
Camden 0.00%, 9/15/2031‡		1,619		1,619
CHL GMSR Issuer Trust
Series 2018-GT1, Class A, 2.84%, 5/25/2023(a)(j)		840		841
Series 2018-GT1, Class B, 3.59%, 5/25/2023‡(a)(j)		3,200		3,202
Citicorp Mortgage Securities REMIC Pass-Through Certificates Trust Series 2005-8, Class 1A5, 5.50%, 11/25/2035		40		40
Citigroup Mortgage Loan Trust, Inc.
Series 2004-NCM2, Class 3CB2, 6.50%, 8/25/2019‡		6		6
Series 2003-1, Class 3A5, 5.25%, 9/25/2033		74		76
COLT Mortgage Loan Trust Series 2020-1, Class A1, 2.49%, 2/25/2050(a)(j)		591		591
Connecticut Avenue Securities Trust
Series 2018-R07, Class 1B1, 4.44%, 4/25/2031‡(a)(j)		8,186		8,411
Series 2019-R01, Class 2M2, 2.54%, 7/25/2031‡(a)(j)		6,092		6,118
Series 2019-R01, Class 2B1, 4.44%, 7/25/2031(a)(j)		4,606		4,716
Series 2019-R02, Class 1B1, 4.24%, 8/25/2031‡(a)(j)		7,130		7,282
Series 2019-R04, Class 2B1, 5.34%, 6/25/2039‡(a)(j)		5,000		5,131
Series 2019-R05, Class 1M2, 2.09%, 7/25/2039‡(a)(j)		203		203
Series 2019-R05, Class 1B1, 4.19%, 7/25/2039(a)(j)		8,750		8,860
Series 2019-R06, Class 2B1, 3.84%, 9/25/2039(a)(j)		31,974		32,113
Series 2019-R07, Class 1M2, 2.19%, 10/25/2039‡(a)(j)		4,090		4,098
Series 2019-R07, Class 1B1, 3.49%, 10/25/2039(a)(j)		10,047		10,093
Series 2020-R01, Class 1M2, 2.14%, 1/25/2040‡(a)(j)		2,018		2,026
Series 2020-R02, Class 2B1, 3.09%, 1/25/2040(a)(j)		2,834		2,820
Series 2020-R01, Class 1B1, 3.34%, 1/25/2040‡(a)(j)		2,000		2,001
Series 2021-R01, Class 1B1, 3.15%, 10/25/2041(a)(j)		2,600		2,610
CSFB Mortgage-Backed Pass-Through Certificates Series 2005-4, Class 2A5, 0.64%, 6/25/2035(j)		227		170
Deephaven Residential Mortgage Trust
Series 2020-1, Class A1, 2.34%, 1/25/2060(a)(j)		1,725		1,727
Series 2020-1, Class A3, 2.65%, 1/25/2060(a)(j)		2,183		2,186
Series 2020-1, Class M1, 3.01%, 1/25/2060‡(a)(j)		9,500		9,464
Series 2020-1, Class B1, 3.66%, 1/25/2060‡(a)(j)		4,000		4,000
Deutsche Mortgage Securities, Inc. Mortgage Loan Trust Series 2004-1, Class 3A5, 6.16%, 12/25/2033(h)		124		127
Eagle RE Ltd. (Bermuda) Series 2019-1, Class M2, 3.39%, 4/25/2029‡(a)(j)		6,240		6,316
FARM Mortgage Trust Series 2021-1, Class B, 3.25%, 1/25/2051‡(a)(j)		1,777		1,572
FHLMC STACR REMIC Trust
Series 2021-DNA5, Class B2, 5.55%, 1/25/2034(a)(j)		3,400		3,535
Series 2020-HQA3, Class B1, 5.84%, 7/25/2050(a)(j)		10,000		10,407
Series 2020-DNA4, Class B1, 6.09%, 8/25/2050(a)(j)		10,955		11,558
Series 2021-DNA1, Class B2, 4.80%, 1/25/2051‡(a)(j)		6,400		6,424
FHLMC STACR Trust Series 2019-HQA2, Class M2, 2.14%, 4/25/2049(a)(j)		1,453		1,460
FHLMC Structured Agency Credit Risk Debt Notes
Series 2015-HQ1, Class B, 10.84%, 3/25/2025(j)		1,665		1,709
Series 2016-DNA1, Class M3, 5.64%, 7/25/2028(j)		4,813		5,038
Series 2016-HQA1, Class M3, 6.44%, 9/25/2028(j)		1,554		1,631
Series 2016-DNA2, Class M3, 4.74%, 10/25/2028(j)		2,871		2,976
Series 2016-HQA2, Class M3, 5.24%, 11/25/2028(j)		13,104		13,515
Series 2016-DNA4, Class M3, 3.89%, 3/25/2029(j)		1,972		2,039
Series 2017-DNA2, Class B1, 5.24%, 10/25/2029(j)		7,000		7,640

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2017-HQA2, Class B1, 4.84%, 12/25/2029(j)		2,500		2,709
Series 2017-DNA3, Class B1, 4.54%, 3/25/2030(j)		3,500		3,728
Series 2017-HQA3, Class B1, 4.54%, 4/25/2030(j)		1,000		1,051
Series 2018-HQA1, Class M2, 2.39%, 9/25/2030(j)		6,798		6,865
Series 2018-HQA1, Class B1, 4.44%, 9/25/2030(j)		37,510		38,819
Series 2021-DNA2, Class M2, 2.35%, 8/25/2033(a)(j)		3,400		3,462
Series 2021-DNA2, Class B2, 6.05%, 8/25/2033(a)(j)		9,500		10,446
FHLMC, REMIC
Series 4102, Class BI, IO, 3.50%, 8/15/2027		1,833		161
Series 4149, IO, 3.00%, 1/15/2033		393		35
Series 4160, IO, 3.00%, 1/15/2033		1,093		117
Series 4212, Class MI, IO, 3.00%, 6/15/2033		1,486		164
Series 2916, Class S, IF, IO, 7.16%, 1/15/2035(j)		2,109		393
Series 3145, Class GI, IF, IO, 6.51%, 4/15/2036(j)		2,040		354
Series 4116, Class LS, IF, IO, 6.11%, 10/15/2042(j)		290		62
Series 4495, Class PI, IO, 4.00%, 9/15/2043		345		26
Series 4321, Class PI, IO, 4.50%, 1/15/2044		359		54
Series 4670, Class TI, IO, 4.50%, 1/15/2044		595		56
Series 4550, Class DI, IO, 4.00%, 3/15/2044		264		19
Series 4612, Class QI, IO, 3.50%, 5/15/2044		430		42
Series 4612, Class PI, IO, 3.50%, 6/15/2044		40		4
Series 4657, Class QI, IO, 4.00%, 9/15/2044		451		32
Series 4585, Class JI, IO, 4.00%, 5/15/2045		370		48
Series 4628, Class PI, IO, 4.00%, 7/15/2045		277		26
Series 4599, Class SA, IF, IO, 5.91%, 7/15/2046(j)		253		53
Series 5147, Class ZN, 3.00%, 10/25/2046		5,612		5,661
Series 4681, Class SD, IF, IO, 6.06%, 5/15/2047(j)		538		120
Series 4694, Class SA, IF, IO, 6.01%, 6/15/2047(j)		889		157
Series 4689, Class SD, IF, IO, 6.06%, 6/15/2047(j)		808		175
Series 4717, Class SP, IF, IO, 6.01%, 8/15/2047(j)		24,301		5,598
Series 4707, Class SA, IF, IO, 6.06%, 8/15/2047(j)		811		200
Series 4714, Class SA, IF, IO, 6.06%, 8/15/2047(j)		633		132
Series 4746, Class SC, IF, IO, 6.06%, 1/15/2048(j)		9,579		2,161
Series 5158, Class ZP, 3.00%, 1/25/2049		7,296		7,355
Series 4910, Class PI, IO, 5.00%, 7/25/2049		2,716		437
Series 4919, Class SH, IF, IO, 5.91%, 9/25/2049(j)		14,376		2,158
Series 4906, Class QS, IF, IO, 5.96%, 9/25/2049(j)		17,330		3,257
Series 4925, Class SA, IF, IO, 5.96%, 10/25/2049(j)		26,590		4,858
Series 4932, Class SA, IF, IO, 5.91%, 11/25/2049(j)		22,710		3,942
Series 4937, Class MS, IF, IO, 5.96%, 12/25/2049(j)		40,578		7,302
Series 4954, Class SY, IF, IO, 5.96%, 2/25/2050(j)		25,530		4,684
Series 4983, Class SY, IF, IO, 6.01%, 5/25/2050(j)		17,985		3,569
Series 4983, Class SA, IF, IO, 6.01%, 6/25/2050(j)		15,308		2,952
Series 4995, Class SB, IF, IO, 6.01%, 7/25/2050(j)		16,046		3,451
Series 5011, Class MI, IO, 3.00%, 9/25/2050		45,437		6,609
Series 5023, Class HI, IO, 3.00%, 10/25/2050		12,586		1,876
Series 5052, Class EI, IO, 3.00%, 12/25/2050		36,325		5,698
Series 5072, Class BI, IO, 3.00%, 2/25/2051		44,137		6,977
Series 5143, Class PI, IO, 2.50%, 5/25/2051		3,526		296
Series 5143, Class Z, 2.50%, 5/25/2051		2,704		2,717
Series 5148, Class PI, IO, 2.50%, 10/25/2051		9,923		979
Series 5148, Class PZ, 2.50%, 10/25/2051		7,908		7,861
Series 5151, Class KZ, 2.50%, 10/25/2051		5,851		5,912
Series 5154, Class QI, IO, 2.50%, 10/25/2051		13,472		1,331
Series 5154, Class ZQ, 2.50%, 10/25/2051		11,593		11,384
Series 5149, Class ZB, 3.00%, 10/25/2051		2,298		2,313
Series 4839, Class WS, IF, IO, 6.01%, 8/15/2056(j)		31,622		7,006
FHLMC, STRIPS
Series 304, Class C32, IO, 3.00%, 10/15/2026		235		13
Series 342, Class S7, IF, IO, 6.02%, 2/15/2045(j)		10,087		2,005

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
FMC GMSR Issuer Trust
3.69%, 2/25/2024		29,500		28,911
Series 2020-GT1, Class A, 4.45%, 1/25/2026(a)(j)		7,000		7,016
Series 2021-GT1, Class A, 3.62%, 7/25/2026(a)(j)		25,000		24,775
Series 2021-GT2, Class B, 4.44%, 10/25/2026‡(a)(j)		19,140		19,113
FNMA, Connecticut Avenue Securities
Series 2015-C03, Class 1M2, 5.09%, 7/25/2025‡(j)		1,722		1,770
Series 2016-C01, Class 1M2, 6.84%, 8/25/2028(j)		5,873		6,179
Series 2016-C02, Class 1M2, 6.09%, 9/25/2028(j)		1,345		1,399
Series 2016-C03, Class 1M2, 5.39%, 10/25/2028(j)		1,995		2,074
Series 2016-C05, Class 2M2, 4.54%, 1/25/2029(j)		1,678		1,740
Series 2016-C06, Class 1M2, 4.34%, 4/25/2029(j)		21,474		22,276
Series 2016-C07, Class 2M2, 4.44%, 5/25/2029(j)		5,904		6,141
Series 2017-C01, Class 1M2, 3.64%, 7/25/2029(j)		965		990
Series 2017-C01, Class 1B1, 5.84%, 7/25/2029(j)		16,485		18,077
Series 2017-C02, Class 2B1, 5.59%, 9/25/2029(j)		5,500		6,024
Series 2017-C03, Class 1B1, 4.94%, 10/25/2029(j)		3,000		3,259
Series 2017-C05, Class 1B1, 3.69%, 1/25/2030(j)		2,760		2,865
Series 2017-C06, Class 2B1, 4.54%, 2/25/2030(j)		8,015		8,456
Series 2017-C07, Class 2M2, 2.59%, 5/25/2030(j)		4,755		4,824
Series 2017-C07, Class 1B1, 4.09%, 5/25/2030(j)		5,200		5,397
Series 2018-C01, Class 1B1, 3.64%, 7/25/2030(j)		2,870		2,961
Series 2018-C03, Class 1M2, 2.24%, 10/25/2030(j)		287		290
Series 2018-C04, Class 2B1, 4.59%, 12/25/2030(j)		4,250		4,463
Series 2018-C05, Class 1B1, 4.34%, 1/25/2031(j)		3,000		3,136
Series 2018-C06, Class 1M2, 2.09%, 3/25/2031(j)		1,325		1,333
Series 2018-C06, Class 2M2, 2.19%, 3/25/2031(j)		921		927
Series 2018-C06, Class 1B1, 3.84%, 3/25/2031(j)		15,310		15,665
Series 2018-C06, Class 2B1, 4.19%, 3/25/2031(j)		2,860		2,956
Series 2021-R02, Class 2B1, 1.00%, 11/25/2041(a)(j)		4,983		5,003
Series 2021-R02, Class 2B2, 1.00%, 11/25/2041(a)(j)		2,032		2,087
FNMA, REMIC
Series 2016-68, Class BI, IO, 3.00%, 10/25/2031		861		71
Series 2012-93, Class FS, IF, IO, 6.06%, 9/25/2032(j)		2,860		461
Series 2013-55, Class AI, IO, 3.00%, 6/25/2033		2,284		238
Series 2003-76, Class SB, IF, IO, 6.96%, 8/25/2033(j)		2,176		340
Series 2021-13, Class DI, IO, 3.50%, 1/25/2036		9,369		1,205
Series 2006-42, Class LI, IF, IO, 6.47%, 6/25/2036(j)		1,709		317
Series 2011-79, Class SD, IF, IO, 5.81%, 8/25/2041(j)		4,508		828
Series 2011-78, Class JS, IF, IO, 5.91%, 8/25/2041(j)		2,269		373
Series 2012-133, Class HS, IF, IO, 6.06%, 12/25/2042(j)		264		65
Series 2012-133, Class NS, IF, IO, 6.06%, 12/25/2042(j)		1,161		227
Series 2012-148, Class US, IF, 7.71%, 1/25/2043(j)		1,102		1,227
Series 2016-6, Class KI, IO, 4.00%, 2/25/2044		476		52
Series 2015-35, Class SA, IF, IO, 5.51%, 6/25/2045(j)		10,958		1,802
Series 2016-43, Class MI, IO, 4.00%, 10/25/2045		421		62
Series 2016-56, Class ST, IF, IO, 5.91%, 8/25/2046(j)		6,537		1,443
Series 2016-63, Class AS, IF, IO, 5.91%, 9/25/2046(j)		132		28
Series 2016-75, Class SC, IF, IO, 6.01%, 10/25/2046(j)		9,366		1,667
Series 2016-90, Class IN, IO, 3.50%, 12/25/2046		408		66
Series 2016-95, Class ES, IF, IO, 5.91%, 12/25/2046(j)		2,226		420
Series 2017-13, Class AS, IF, IO, 5.96%, 2/25/2047(j)		786		174
Series 2017-6, Class SB, IF, IO, 5.96%, 2/25/2047(j)		140		26
Series 2017-16, Class SM, IF, IO, 5.96%, 3/25/2047(j)		4,503		972
Series 2017-39, Class ST, IF, IO, 6.01%, 5/25/2047(j)		1,832		398
Series 2017-70, Class SA, IF, IO, 6.06%, 9/25/2047(j)		1,202		249
Series 2017-69, Class SH, IF, IO, 6.11%, 9/25/2047(j)		965		208
Series 2017-81, Class SM, IF, IO, 6.11%, 10/25/2047(j)		21,425		5,029
Series 2017-90, Class SP, IF, IO, 6.06%, 11/25/2047(j)		3,441		803
Series 2017-112, Class SC, IF, IO, 6.06%, 1/25/2048(j)		4,087		734
Series 2018-16, Class SN, IF, IO, 6.16%, 3/25/2048(j)		2,058		374

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2018-27, Class SE, IF, IO, 6.11%, 5/25/2048(j)		3,830		824
Series 2018-67, Class SN, IF, IO, 6.11%, 9/25/2048(j)		7,764		1,533
Series 2019-32, Class PI, IO, 5.00%, 10/25/2048		1,446		232
Series 2018-73, Class SC, IF, IO, 6.11%, 10/25/2048(j)		4,961		932
Series 2019-47, Class QI, IO, 4.50%, 6/25/2049		2,532		425
Series 2019-37, Class CS, IF, IO, 5.96%, 7/25/2049(j)		4,759		1,063
Series 2019-42, Class SK, IF, IO, 5.96%, 8/25/2049(j)		9,150		1,595
Series 2019-62, Class SP, IF, IO, 5.96%, 11/25/2049(j)		21,008		4,459
Series 2020-54, Class AS, IF, IO, 6.06%, 8/25/2050(j)		36,728		7,496
Series 2020-89, Class GI, IO, 3.00%, 12/25/2050		66,238		10,050
Series 2020-100, Class IA, IO, 3.00%, 1/25/2051		110,425		17,485
Series 2021-8, Class GI, IO, 3.00%, 3/25/2051		15,057		2,529
Series 2021-56, Class GZ, 3.00%, 7/25/2051		4,585		4,611
Series 2017-57, Class SA, IF, IO, 6.01%, 8/25/2057(j)		999		229
FNMA, STRIPS
Series 421, Class 7, IO, 3.50%, 5/25/2030		166		10
Series 421, Class C3, IO, 4.00%, 7/25/2030		369		32
FTF 8.00%, 8/15/2024		6,500		5,265
GCAT Trust
Series 2020-NQM1, Class M1, 2.93%, 1/25/2060‡(a)(j)		10,871		10,996
Series 2020-NQM1, Class B1, 3.64%, 1/25/2060‡(a)(j)		3,000		3,018
GMACM Mortgage Loan Trust Series 2004-J2, Class A8, 5.75%, 6/25/2034		42		43
GNMA
Series 2013-182, Class MS, IF, IO, 6.05%, 12/20/2043(j)		10,805		2,006
Series 2015-110, Class MS, IF, IO, 5.62%, 8/20/2045(j)		6,627		1,018
Series 2016-49, Class SB, IF, IO, 5.96%, 4/20/2046(j)		4,457		834
Series 2016-83, Class SA, IF, IO, 6.01%, 6/20/2046(j)		2,953		577
Series 2016-108, Class SN, IF, IO, 5.99%, 8/20/2046(j)		15,258		3,394
Series 2016-108, Class SM, IF, IO, 6.01%, 8/20/2046(j)		3,564		731
Series 2016-111, Class SA, IF, IO, 6.01%, 8/20/2046(j)		5,636		1,253
Series 2016-120, Class NS, IF, IO, 6.01%, 9/20/2046(j)		3,989		805
Series 2016-120, Class SA, IF, IO, 6.01%, 9/20/2046(j)		18,228		3,442
Series 2016-146, Class NS, IF, IO, 6.01%, 10/20/2046(j)		4,998		1,122
Series 2016-147, Class AS, IF, IO, 6.01%, 10/20/2046(j)		6,641		976
Series 2017-36, Class SL, IF, IO, 6.11%, 3/16/2047(j)		8,086		1,509
Series 2019-132, Class KI, IO, 3.50%, 3/20/2047		972		31
Series 2017-68, Class DS, IF, IO, 6.06%, 5/20/2047(j)		14,256		2,687
Series 2017-68, Class SA, IF, IO, 6.06%, 5/20/2047(j)		3,342		645
Series 2017-80, Class AS, IF, IO, 6.11%, 5/20/2047(j)		3,383		668
Series 2017-85, Class SA, IF, IO, 6.06%, 6/20/2047(j)		4,402		642
Series 2017-107, Class KS, IF, IO, 6.11%, 7/20/2047(j)		6,191		1,100
Series 2017-120, Class ES, IF, IO, 6.11%, 8/20/2047(j)		6,208		1,321
Series 2017-134, Class SB, IF, IO, 6.11%, 9/20/2047(j)		4,408		715
Series 2017-134, Class SD, IF, IO, 6.11%, 9/20/2047(j)		8,031		1,464
Series 2017-155, Class KS, IF, IO, 6.11%, 10/20/2047(j)		5,223		917
Series 2017-161, Class DS, IF, IO, 6.16%, 10/20/2047(j)		4,055		770
Series 2017-163, Class HS, IF, IO, 6.11%, 11/20/2047(j)		9,705		1,720
Series 2017-180, Class SD, IF, IO, 6.11%, 12/20/2047(j)		5,575		977
Series 2018-7, Class DS, IF, IO, 5.61%, 1/20/2048(j)		3,464		615
Series 2018-6, Class CS, IF, IO, 6.11%, 1/20/2048(j)		4,628		994
Series 2018-36, Class SG, IF, IO, 6.11%, 3/20/2048(j)		3,844		803
Series 2018-46, Class AS, IF, IO, 6.11%, 3/20/2048(j)		14,555		2,918
Series 2018-63, Class BS, IF, IO, 6.11%, 4/20/2048(j)		8,986		1,815
Series 2018-63, Class SB, IF, IO, 6.11%, 4/20/2048(j)		4,242		806
Series 2018-65, Class DS, IF, IO, 6.11%, 5/20/2048(j)		5,169		1,027
Series 2018-125, Class SU, IF, IO, 6.11%, 9/20/2048(j)		15,467		2,610
Series 2018-147, Class SD, IF, IO, 6.06%, 10/20/2048(j)		3,095		582
Series 2019-33, Class PI, IO, 4.00%, 11/20/2048		120		25
Series 2019-1, Class SG, IF, IO, 5.96%, 1/20/2049(j)		11,954		2,155
Series 2019-49, Class SB, IF, IO, 5.45%, 4/20/2049(j)		6,541		894
Series 2019-42, Class SJ, IF, IO, 5.96%, 4/20/2049(j)		6,526		965

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2019-43, Class LS, IF, IO, 5.96%, 4/20/2049(j)		3,550		650
Series 2019-65, Class ST, IF, IO, 5.96%, 5/20/2049(j)		13,460		1,784
Series 2019-56, Class GS, IF, IO, 6.06%, 5/20/2049(j)		6,190		883
Series 2019-71, Class SA, IF, IO, 6.06%, 6/20/2049(j)		14,828		2,648
Series 2019-71, Class SK, IF, IO, 6.06%, 6/20/2049(j)		10,868		1,762
Series 2019-85, Class CS, IF, IO, 6.01%, 7/20/2049(j)		22,751		3,519
Series 2019-86, Class ST, IF, IO, 6.01%, 7/20/2049(j)		7,175		845
Series 2019-89, Class KS, IF, IO, 6.01%, 7/20/2049(j)		15,424		2,052
Series 2019-103, Class SC, IF, IO, 5.96%, 8/20/2049(j)		21,287		3,396
Series 2019-99, Class SJ, IF, IO, 5.96%, 8/20/2049(j)		10,303		1,586
Series 2019-97, Class GS, IF, IO, 6.01%, 8/20/2049(j)		25,346		4,266
Series 2019-115, Class SA, IF, IO, 5.96%, 9/20/2049(j)		10,492		1,697
Series 2019-115, Class US, IF, IO, 5.96%, 9/20/2049(j)		14,945		2,196
Series 2019-119, Class SA, IF, IO, 5.96%, 9/20/2049(j)		20,217		3,282
Series 2019-120, Class DS, IF, IO, 5.96%, 9/20/2049(j)		12,492		2,314
Series 2019-115, Class SW, IF, IO, 6.01%, 9/20/2049(j)		23,653		3,673
Series 2019-117, Class SA, IF, IO, 6.01%, 9/20/2049(j)		17,868		3,329
Series 2019-132, Class SK, IF, IO, 5.96%, 10/20/2049(j)		11,471		1,433
Series 2019-138, Class SW, IF, IO, 5.96%, 10/20/2049(j)		3,040		547
Series 2019-158, Class SG, IF, IO, 5.96%, 12/20/2049(j)		16,001		2,444
Series 2020-33, Class SB, IF, IO, 5.96%, 3/20/2050(j)		23,906		4,466
Series 2020-86, Class TS, IF, IO, 5.51%, 6/20/2050(j)		14,787		2,112
Series 2020-101, Class SA, IF, IO, 6.11%, 7/20/2050(j)		78,285		15,205
Series 2020-101, Class SJ, IF, IO, 6.11%, 7/20/2050(j)		53,276		9,900
Series 2020-140, Class SG, IF, IO, 6.26%, 9/20/2050(j)		74,939		14,845
Series 2021-42, Class SD, IF, IO, 6.21%, 11/20/2050(j)		47,054		11,670
Series 2021-9, Class MI, IO, 2.50%, 1/20/2051		203,457		23,646
Series 2021-23, Class IA, IO, 2.50%, 2/20/2051		100,059		11,464
Series 2021-81, Class IC, IO, 3.00%, 5/20/2051		25,272		3,492
Series 2021-91, Class CI, IO, 3.00%, 5/20/2051		21,514		2,986
Series 2021-116, Class EZ, 3.00%, 7/20/2051		3,900		3,959
Series 2021-117, Class NI, IO, 3.00%, 7/20/2051		68,780		8,560
Series 2021-117, Class ES, IF, IO, 6.21%, 7/20/2051(j)		28,767		5,552
Series 2021-136, Class YZ, 3.00%, 8/20/2051		7,440		7,541
Series 2021-142, Class XI, IO, 3.00%, 8/20/2051		79,732		10,933
Series 2021-162, Class NZ, 2.50%, 9/20/2051		5,003		4,954
Series 2021-162, Class Z, 2.50%, 9/20/2051		5,009		5,000
Series 2021-165, Class ZJ, 2.50%, 9/20/2051		5,935		5,901
Series 2021-154, Class SD, IF, IO, 6.21%, 9/20/2051(j)		49,639		10,963
Series 2021-188, Class IJ, IO, 3.00%, 10/20/2051		24,425		3,449
Series 2015-H13, Class GI, IO, 1.58%, 4/20/2065(j)		1,883		68
Goodgreen Trust Series 2017-R1, 5.00%, 10/20/2051		217		201
GSMSC Pass-Through Trust Series 2008-2R, Class 2A1, 7.50%, 10/25/2036(a)(j)		169		70
GSR Mortgage Loan Trust Series 2005-AR6, Class 2A1, 2.86%, 9/25/2035(j)		139		142
HarborView Mortgage Loan Trust Series 2006-14, Class 1A1A, 0.27%, 1/25/2047(j)		7,743		7,738
Homeward Opportunities Fund I Trust Series 2019-3, Class B1, 4.02%, 11/25/2059‡(a)(j)		5,000		5,179
Homeward Opportunities Fund Trust Series 2020-BPL1, Class A2, 5.44%, 8/25/2025(a)(h)		7,620		7,823
Hunt Companies Finance Trust, Inc. 7.25%, 2/13/2025		7,000		7,000
Impac CMB Trust Series 2005-1, Class 1A2, 0.71%, 4/25/2035(j)		220		216
IndyMac INDX Mortgage Loan Trust Series 2007-AR21, Class 6A1, 2.71%, 9/25/2037(j)		13,967		11,846
JPMorgan Alternative Loan Trust Series 2006-S3, Class A4, 6.81%, 8/25/2036(h)		2,181		2,127
JPMorgan Mortgage Trust Series 2006-S1, Class 1A1, 6.00%, 4/25/2036		41		43
Lehman Mortgage Trust Series 2007-7, Class 5A7, 6.50%, 8/25/2037		12,408		8,342

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
LHOME Mortgage Trust
Series 2019-RTL2, Class A2, 4.34%, 3/25/2024(a)(h)		6,500		6,557
Series 2019-RTL3, Class A1, 3.87%, 7/25/2024(a)		12,000		12,043
Series 2019-RTL3, Class A2, 4.34%, 7/25/2024(a)(h)		9,300		9,374
Series 2020-RTL1, Class A2, 3.72%, 10/25/2024(a)(h)		4,250		4,265
MASTR Alternative Loan Trust Series 2003-5, Class 30B1, 5.92%, 8/25/2033‡(j)		47		40
MASTR Asset Securitization Trust Series 2003-11, Class 7A2, 5.25%, 12/25/2033		31		29
Merrill Lynch Mortgage Investors Trust Series 2003-A5, Class 2A6, 2.00%, 8/25/2033(j)		45		45
Mill City Securities Ltd. (Cayman Islands) Series 2021-RS1, Class A2, 3.95%, 4/28/2066(a)(j)		14,000		13,993
New Residential Mortgage Loan Trust
Series 2019-2A, Class A1IB, IO, 1.00%, 12/25/2057(a)(j)		12,837		291
Series 2018-3A, Class A1IC, IO, 1.50%, 5/25/2058(a)(j)		30,144		1,166
Series 2019-NQM5, Class B1, 4.04%, 11/25/2059(a)(j)		3,042		3,069
OBX Trust Series 2020-EXP1, Class 2A1, 0.84%, 2/25/2060(a)(j)		1,875		1,872
Ocwen Series 2021-GNMSR1, 5.00%, 3/15/2022		23,000		23,000
P-stlb 9.25%, 10/11/2026‡		7,700		7,700
PMT Credit Risk Transfer Trust
Series 2021-1R, Class A, 2.99%, 2/27/2024(a)(j)		15,221		15,433
Series 2019-1R, Class A, 2.09%, 3/27/2024(a)(j)		2,706		2,706
PRPM LLC
Series 2021-1, Class A2, 3.72%, 1/25/2026(a)(j)		5,000		4,969
Series 2021-6, Class A1, 1.79%, 7/25/2026(a)(h)		31,362		31,144
Series 2021-6, Class A2, 3.47%, 7/25/2026(a)(h)		2,749		2,719
Series 2021-7, Class A2, 3.67%, 8/25/2026(a)(h)		11,837		11,699
Series 2021-8, Class A2, 3.60%, 9/25/2026(a)(j)		5,500		5,433
Series 2021-10, Class A2, 4.83%, 10/25/2026(a)(h)		5,000		4,989
RAAC Trust Series 2005-SP1, Class 4A1, 7.00%, 9/25/2034		62		64
RCO VII Mortgage LLC Series 2021-1, Class A2, 3.97%, 5/26/2026(a)(h)		2,500		2,478
Repo Buyer Series 2019-PC, 8.32%, 5/14/2022‡		3,999		3,999
Repo Buyer RRI Trust 3.06%, 4/14/2055‡		7,696		7,621
RSFR Series 2020-1, Class PT, 4.21%, 2/17/2025(a)(h)		19,690		19,631
SART 5.64%, 2/15/2024‡		1,001		973
Series 2017-1, 4.75%, 7/15/2024		219		219
Series 2018-1, 4.76%, 6/15/2025		542		542
SART CRR
Series 4, Class B, 4.70%, 10/15/2024‡		2,004		1,945
5.01%, 4/15/2026‡		1,526		1,483
4.60%, 7/15/2026‡		1,888		1,832
Seasoned Credit Risk Transfer Trust
Series 2017-3, Class A, IO, 0.00%, 7/25/2056(j)		21,968		11
Series 2021-2, Class BXS, 13.10%, 11/25/2060‡(a)(j)		4,998		4,780
STACR Trust
Series 2018-HRP1, Class M2, 1.74%, 4/25/2043‡(a)(j)		843		843
Series 2018-HRP1, Class B1, 3.84%, 4/25/2043‡(a)(j)		5,230		5,359
Series 2018-HRP2, Class M3, 2.49%, 2/25/2047‡(a)(j)		13,859		14,084
Series 2018-HRP2, Class B1, 4.29%, 2/25/2047(a)(j)		2,825		2,982
Series 2018-DNA3, Class B1, 3.99%, 9/25/2048‡(a)(j)		2,300		2,386
Stanwich Mortgage Loan Co. LLC Series 2021-NPB1, Class A2, 4.38%, 10/16/2026(a)(h)		7,500		7,432
Structured Adjustable Rate Mortgage Loan Trust Series 2007-9, Class 1A1, 1.69%, 10/25/2037(j)		2,143		2,199
Structured Asset Mortgage Investments II Trust Series 2007-AR7, Class 1A1, 0.94%, 5/25/2047(j)		14,459		12,728
Towd Point Mortgage Trust Series 2021-R1, Class A2C, 3.31%, 11/30/2060(a)		30,000		30,181
TVC Mortgage Trust Series 2020-RTL1, Class A2, 3.97%, 9/25/2024(a)(h)		5,500		5,434
Verus Securitization Trust
Series 2019-4, Class M1, 3.21%, 11/25/2059‡(a)(j)		5,200		5,264
Series 2019-INV3, Class B1, 3.73%, 11/25/2059‡(a)(j)		7,606		7,626
Series 2019-4, Class B1, 3.86%, 11/25/2059‡(a)(j)		2,200		2,219
Series 2020-1, Class A2, 2.64%, 1/25/2060(a)(h)		6,307		6,337

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2020-1, Class A3, 2.72%, 1/25/2060(a)(h)		4,483		4,498
Series 2020-1, Class M1, 3.02%, 1/25/2060‡(a)(j)		1,990		1,997
Series 2020-2, Class A1, 2.23%, 5/25/2060(a)(j)		290		291
Visio Trust Series 2019-2, Class B1, 3.91%, 11/25/2054‡(a)(j)		820		845
WaMu Mortgage Pass-Through Certificates Series 2003-S4, Class 2A2, 5.50%, 6/25/2033		80		82
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-AR8, Class A, 2.67%, 8/25/2033(j)		112		115
Series 2004-S2, Class 2A4, 5.50%, 6/25/2034		68		70
Series 2005-AR7, Class A3, 2.53%, 8/25/2035(j)		71		74
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2006-AR8, Class 2A, 0.93%, 10/25/2046(j)		2,501		2,270
ZH Trust
Series 2021-1, Class A, 2.25%, 2/18/2027(a)		11,853		11,721
Series 2021-1, Class B, 3.26%, 2/18/2027‡(a)		7,655		7,368
Series 2021-2, Class B, 3.51%, 10/17/2027‡(a)		15,525		14,945
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $1,541,356)				1,496,109
FOREIGN GOVERNMENT SECURITIES — 4.1%
Arab Republic of Egypt (Egypt)
7.50%, 1/31/2027(f)		4,400		4,417
5.80%, 9/30/2027(a)		6,700		6,248
5.88%, 2/16/2031(a)		3,091		2,623
5.88%, 2/16/2031(f)		3,000		2,546
7.05%, 1/15/2032(f)		12,800		11,280
7.90%, 2/21/2048(f)		1,000		806
8.88%, 5/29/2050(f)		16,200		14,013
Dominican Republic Government Bond (Dominican Republic)
5.30%, 1/21/2041(a)		10,822		10,362
7.45%, 4/30/2044(f)		1,000		1,158
6.40%, 6/5/2049(f)		1,600		1,631
5.88%, 1/30/2060(a)		13,650		12,693
5.88%, 1/30/2060(f)		13,200		12,274
Federal Democratic Republic of Ethiopia (Ethiopia) 6.63%, 12/11/2024(f)		9,900		6,435
Federal Republic of Nigeria (Nigeria)
6.50%, 11/28/2027(f)		7,400		7,206
6.13%, 9/28/2028(a)		5,347		4,995
7.14%, 2/23/2030(f)		21,500		20,372
7.38%, 9/28/2033(a)		4,405		4,009
7.70%, 2/23/2038(f)		5,700		5,073
7.63%, 11/28/2047(f)		4,800		4,116
8.25%, 9/28/2051(a)		4,263		3,858
Gabonese Republic (Gabon) 7.00%, 11/24/2031(a)		5,100		4,800
Hashemite Kingdom of Jordan (Jordan)
5.85%, 7/7/2030(f)		5,600		5,488
7.38%, 10/10/2047(f)		9,100		8,780
Islamic Republic of Pakistan (Pakistan)
8.25%, 4/15/2024(f)		1,600		1,694
8.25%, 9/30/2025(f)		3,100		3,332
6.00%, 4/8/2026(a)		19,530		19,239
7.38%, 4/8/2031(a)		8,513		8,237
Kingdom of Bahrain (Bahrain)
7.00%, 10/12/2028(f)		1,900		2,035
6.75%, 9/20/2029(f)		1,700		1,801
5.45%, 9/16/2032(a)		9,389		8,873
Republic of Angola (Angola)
9.50%, 11/12/2025(f)		700		711
8.00%, 11/26/2029(f)		8,100		7,438
8.00%, 11/26/2029(a)		5,720		5,253
9.13%, 11/26/2049(f)		6,700		5,950
Republic of Armenia (Armenia)
3.60%, 2/2/2031(a)		6,100		5,584
3.60%, 2/2/2031(f)		1,200		1,099
Republic of Belarus (Belarus)
6.88%, 2/28/2023(f)		2,600		2,587
5.88%, 2/24/2026(f)		800		716
6.38%, 2/24/2031(f)		4,000		3,254
Republic of Costa Rica (Costa Rica)
4.38%, 4/30/2025(f)		2,100		2,124
6.13%, 2/19/2031(f)		17,500		17,493
5.63%, 4/30/2043(f)		1,200		1,010
7.00%, 4/4/2044(f)		1,000		946
Republic of Cote d’Ivoire (Ivory Coast)
6.38%, 3/3/2028(f)		16,537		17,744
5.75%, 12/31/2032(f)(h)		2,088		2,042
6.13%, 6/15/2033(f)		14,400		14,673
Republic of Ecuador (Ecuador) 5.00%, 7/31/2030(f)(h)		5,100		4,157
Republic of El Salvador (El Salvador)
6.38%, 1/18/2027(f)		500		323
8.63%, 2/28/2029(f)		7,700		5,271
7.63%, 2/1/2041(f)		4,400		2,675
7.12%, 1/20/2050(f)		13,900		8,221
Republic of Ghana (Ghana)
Zero Coupon, 4/7/2025(a)		4,100		2,739
8.13%, 1/18/2026(f)		2,800		2,492
6.38%, 2/11/2027(f)		10,700		8,787
8.63%, 4/7/2034(a)		3,966		3,123
7.88%, 2/11/2035(a)		7,220		5,451
8.88%, 5/7/2042(f)		1,100		853
8.95%, 3/26/2051(f)		2,000		1,535
8.75%, 3/11/2061(f)		8,000		6,039
8.75%, 3/11/2061(a)		3,300		2,491
Republic of Guatemala (Guatemala) 4.65%, 10/7/2041(a)		3,400		3,359

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Republic of Iraq (Iraq)
6.75%, 3/9/2023(f)		8,400		8,268
5.80%, 1/15/2028(f)		12,513		11,439
Republic of Kenya (Kenya) 6.88%, 6/24/2024(f)		1,700		1,788
7.00%, 5/22/2027(f)		1,200		1,242
7.25%, 2/28/2028(f)		10,900		11,418
8.00%, 5/22/2032(f)		15,300		16,141
8.00%, 5/22/2032(a)		1,780		1,878
6.30%, 1/23/2034(a)		6,093		5,743
6.30%, 1/23/2034(f)		700		660
8.25%, 2/28/2048(f)		6,600		6,476
Republic of Namibia (Namibia) 5.25%, 10/29/2025(f)		4,900		5,137
Republic of Paraguay (Paraguay) 6.10%, 8/11/2044(f)		9,675		11,363
5.40%, 3/30/2050(a)		3,970		4,362
Republic of Rwanda (Rwanda) 5.50%, 8/9/2031(a)		9,000		8,960
Republic of Senegal (Senegal) 6.25%, 5/23/2033(f)		8,400		8,484
6.75%, 3/13/2048(f)		18,800		18,095
Republic of South Africa (South Africa) 5.00%, 10/12/2046		3,600		3,105
5.75%, 9/30/2049		8,406		7,798
Republic of Turkey (Turkey) 4.25%, 4/14/2026		3,800		3,457
4.25%, 4/14/2026		2,600		2,366
4.88%, 4/16/2043		5,000		3,765
State of Mongolia (Mongolia) 4.45%, 7/7/2031(a)		7,800		7,352
Sultanate of Oman Government Bond (Oman) 4.88%, 2/1/2025(f)		4,100		4,223
5.38%, 3/8/2027(f)		6,500		6,679
6.25%, 1/25/2031(a)		6,559		6,861
6.25%, 1/25/2031(f)		900		942
7.38%, 10/28/2032(a)		7,291		8,138
6.50%, 3/8/2047(f)		600		566
6.75%, 1/17/2048(f)		5,400		5,198
Ukraine Government Bond (Ukraine) 8.99%, 2/1/2024(f)		4,800		4,932
7.75%, 9/1/2025(f)		5,600		5,600
7.75%, 9/1/2027(f)		3,000		2,993
9.75%, 11/1/2028(f)		6,700		7,226
6.88%, 5/21/2029(f)		2,100		1,960
TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $607,228)				551,149
MORTGAGE-BACKED SECURITIES -2.1%
GNMA II, 30 Year
Pool # BF2605, 5.50%, 5/20/2048		511		575
Pool # BN2462, 4.50%, 6/20/2048		108		114
Pool # BH2761, 4.50%, 9/20/2048		1,295		1,425
Pool # BJ4027, 4.50%, 9/20/2048		369		405
Pool # BJ4052, 4.50%, 9/20/2048		213		233
Pool # BH5219, 4.50%, 10/20/2048		360		395
Pool # BI9909, 4.50%, 10/20/2048		809		892
Pool # BJ0977, 4.50%, 10/20/2048		352		385
Pool # BJ4126, 4.50%, 10/20/2048		424		461
Pool # BJ4168, 4.50%, 10/20/2048		668		737
Pool # BJ4297, 4.50%, 10/20/2048		279		304
Pool # BJ4354, 4.50%, 10/20/2048		569		625
Pool # BJ4396, 4.50%, 10/20/2048		514		565
Pool # BJ9835, 4.50%, 1/20/2049		1,066		1,182
Pool # BJ9839, 4.38%, 4/20/2049		402		436
Pool # BL9253, 4.50%, 6/20/2049		299		321
Pool # BJ9846, 4.50%, 7/20/2049		1,304		1,448
Pool # BM5450, 4.50%, 7/20/2049		554		599
Pool # BJ9850, 4.50%, 8/20/2049		735		817
Pool # BJ9854, 4.50%, 9/20/2049		847		942
Pool # BJ9863, 4.50%, 11/20/2049		1,460		1,623
Pool # BQ8922, 4.50%, 12/20/2049		682		780
Pool # MA7650, 3.00%, 10/20/2051		120,447		125,391
GNMA II, Single Family, 30 Year
TBA, 2.50%, 12/15/2051(k)		132,800		136,442
TOTAL MORTGAGE-BACKED SECURITIES (Cost $277,437)				277,097
	Shares (000)
EXCHANGE-TRADED FUNDS — 1.9%
Fixed Income — 1.9%
iShares iBoxx High Yield Corporate Bond ETF		1,471		125,992
SPDR Blackstone Senior Loan ETF		2,395		108,637
SPDR Bloomberg High Yield Bond ETF		154		16,448

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Shares (000)		Value ($000)
Total Fixed Income				251,077
TOTAL EXCHANGE-TRADED FUNDS (Cost $253,198)				251,077
	Principal Amount ($000)
LOAN ASSIGNMENTS — 0.4%(l)
Aerospace & Defense — 0.0%(c)
MacDonald Dettwiler and Associates Ltd., Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 2.85%, 10/4/2024(e)		4		4
Auto Components — 0.1%
Adient US LLC, Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 3.59%, 4/10/2028(e)		3,520		3,507
Truck Hero, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 4.00%, 1/31/2028(e)		1,990		1,973
				5,480
Beverages — 0.0%(c)
Triton Water Holdings, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.00%, 3/31/2028(e)		1,995		1,984
Chemicals — 0.0%(c)
Axalta Coating Systems US Holdings, Inc., Term Loan B (ICE LIBOR USD 3 Month + 1.75%), 1.88%, 6/1/2024(e)		256		254
Gates Global LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 3.25%, 3/31/2027(e)		2,439		2,416
				2,670
Construction & Engineering — 0.0%(c)
Thor, 1st Lien Term Loan C Series 2018, Class C Shares, (ICE LIBOR USD 1 Month + 4.25%), 4.50%, 5/15/2025‡(e)		607		609
Containers & Packaging — 0.0%(c)
Bway Holding Co., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 3.35%, 4/3/2024(e)		1,484		1,454
Graham Packaging, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 3.75%, 8/4/2027(e)		3,265		3,237
				4,691
Diversified Consumer Services — 0.0%(c)
Ensemble RCM LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.75%), 3.88%, 8/3/2026(e)		88		88
Diversified Telecommunication Services — 0.0%(c)
Intelsat Jackson Holdings SA, 1st Lien Term Loan (Luxembourg) (1-MONTH PRIME + 4.75%), 8.00%, 11/27/2023(e)		50		50
Electronic Equipment, Instruments & Components — 0.0%(c)
Ingram Micro, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.00%, 6/30/2028(e)		2,494		2,488
Food & Staples Retailing — 0.0%(c)
Moran Foods LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 7.00%), 7.00%, 12/31/2038(e)		315		322
Moran Foods LLC, 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 6.00%), 8.00%, 4/1/2024‡(e)		2,352		2,399
Moran Foods LLC, Tranche A Second Lien Term Loan (ICE LIBOR USD 2 Month + 10.75%), 11.75%, 10/1/2024(e)		89		76
				2,797
Health Care Equipment & Supplies — 0.0%(c)
Medline, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.75%, 10/23/2028(e)(m)		3,098		3,086
Hotels, Restaurants & Leisure — 0.0%(c)
Scientific Games International, Inc., 1st Lien Term Loan B-5 (ICE LIBOR USD 1 Month + 2.75%), 2.84%, 8/14/2024(e)		98		97
IT Services — 0.0%(c)
Zayo Group LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.09%, 3/9/2027(e)		1,791		1,750
Leisure Products — 0.0%(c)
FGI Operating Co. LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 11.00%), 12.00%, 5/16/2022‡(e) (i)		45		5
FGI Operating Co. LLC, 1st Lien Term Loan B 12/31/2100(i)		253		—
				5
Life Sciences Tools & Services — 0.0%(c)
Avantor Funding, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 2.75%, 11/8/2027(e)		1,493		1,484
PAREXEL International Corp., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 4.00%, 11/15/2028(e)(m)		3,200		3,185
				4,669

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
Machinery — 0.0%(c)
Alliance Laundry Systems LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.25%, 10/8/2027(e)		1,964			1,961
Media — 0.0%(c)
Directv Financing LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 5.00%), 5.75%, 8/2/2027(e)		3,000			2,993
Personal Products — 0.1%
Nestle Skin Health, Term Loan B (Luxembourg) (ICE LIBOR USD 3 Month + 3.75%), 4.50%, 10/1/2026(e)		5,970			5,943
Pharmaceuticals — 0.0%(c)
Elanco Animal Health, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 1.85%, 8/1/2027(e)		2,156			2,120
Software — 0.0%(c)
Ascend Learning LLC, Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.75%, 7/12/2024(e)		1,485			1,485
Specialty Retail — 0.2%
Claire’s Stores, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 6.50%), 6.59%, 12/18/2026(e)(n)		12			12
Petco Health and Wellness Co., Inc., Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 4.00%, 3/3/2028(e)		2,985			2,966
Pure Fishing, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 4.59%, 12/22/2025(e)		4,969			4,803
					7,781
Wireless Telecommunication Services — 0.0%(c)
CCI Buyer, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.50%, 12/17/2027(e)		1,990			1,984
TOTAL LOAN ASSIGNMENTS (Cost $54,533)					54,735
	Shares (000)
COMMON STOCKS — 0.2%
Diversified Telecommunication Services — 0.0%(c)
Frontier Communications Parent, Inc.*		20			659
Food & Staples Retailing — 0.0%(c)
Moran Foods Backstop Equity*‡		45			182
Media — 0.0%(c)
Clear Channel Outdoor Holdings, Inc.*		6			17
iHeartMedia, Inc., Class A*		2			46
					63
Oil, Gas & Consumable Fuels — 0.2%
Battalion Oil Corp.*		1			8
Chesapeake Energy Corp.		5			307
EP Energy Corp.*		11			951
Gulfport Energy Corp.*		103			7,524
Oasis Petroleum, Inc.		90			10,733
Whiting Petroleum Corp.*		98			6,366
					25,889
Professional Services — 0.0%(c)
NMG, Inc.*		—	(o)		1
Specialty Retail — 0.0%(c)
Claire’s Stores, Inc.*‡		—	(o)		3
TOTAL COMMON STOCKS (Cost $16,521)					26,797
PREFERRED STOCKS — 0.1%
Electric Utilities — 0.1%
SCE Trust VI 5.00%, 6/26/2022 ($25 par value)(p)		240			5,957
Southern Co. (The)
Series 2020, 4.95%, 1/30/2080 ($25 par value)		193			5,120
					11,077
Insurance — 0.0%(c)
MetLife, Inc.
Series F, 4.75%, 3/15/2025 ($25 par value)(p)		97			2,482
Internet & Direct Marketing Retail — 0.0%(c)
MYT Holding LLC
Series A, 10.00%, 6/6/2029‡		14			15
TOTAL PREFERRED STOCKS (Cost $12,914)					13,574
	Principal Amount ($000)
MUNICIPAL BONDS — 0.0%(c)(q)
California — 0.0%(c)
Los Angeles Community College District, Election of 2008 Series E, GO, 6.75%, 8/1/2049		100			176
Orange County Water District Series 2017B, Rev., 4.06%, 8/15/2041		290			320
Regents of the University of California Medical Center Pooled Series F, Rev., 6.58%, 5/15/2049		255			403
University of California, Taxable Build America Series R, Rev., 5.77%, 5/15/2043		140			196

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
University of California, Taxable Limited Project Series J, Rev., 4.13%, 5/15/2045		100			121
Total California					1,216
Colorado — 0.0%(c)
Colorado Health Facilities Authority, Vail Valley Medical Centre Project Rev., 4.00%, 1/15/2045		175			192
Illinois — 0.0%(c)
Illinois Finance Authority, The University of Chicago Series A, Rev., 4.00%, 4/1/2023(r)		25			26
Indiana — 0.0%(c)
Indianapolis Local Public Improvement Bond Bank, Marion County Health and Hospital Series B-2, Rev., 6.12%, 1/15/2040		240			341
New Jersey — 0.0%(c)
New Jersey Transportation Trust Fund Authority, Transportation System Series 2012A, Rev., 5.00%, 6/15/2042		25			26
Texas — 0.0%(c)
North Texas Tollway Authority, First Tier Series B, Rev., 6.72%, 1/1/2049		131			225
TOTAL MUNICIPAL BONDS (Cost $1,733)					2,026
CONVERTIBLE BONDS — 0.0%(c)
Oil, Gas & Consumable Fuels — 0.0%(c)
Gulfport Energy Operating Corp.
15.00% (PIK), 12/30/2021‡(b)(d)(g)(Cost $258)		—	(o)		1,418
	No. of Warrants (000)
WARRANTS— 0.0%(c)
Diversified Telecommunication Services — 0.0%(c)
Windstream Holdings, Inc. expiring 12/31/2049, price 10.75 USD*‡		—	(o)		7
Media — 0.0%(c)
Nmg Research Ltd. expiring 9/24/2027, price 1.00 USD (United Kingdom)*‡		—	(o)		6
Oil, Gas & Consumable Fuels — 0.0%(c)
Chesapeake Energy Corp.
expiring 2/9/2026, price 27.27 USD*		16			550
expiring 2/9/2026, price 31.71 USD*		18			535
expiring 2/9/2026, price 35.71 USD*		10			267
					1,352
TOTAL WARRANTS (Cost $–  (o))					1,365
	Shares (000)
SHORT-TERM INVESTMENTS — 0.3%
INVESTMENT COMPANIES — 0.3%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05%(s)(t)(Cost $34,116)		34,103			34,116
Total Investments — 100.2% (Cost $13,534,004)					13,431,205
Liabilities in Excess of Other Assets — (0.2)%					(29,064	)
Net Assets — 100.0%					13,402,141

Percentages indicated are based on net assets.

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Abbreviations
ABS	Asset-Backed Securities
ACES	Alternative Credit Enhancement Securities
CDO	Collateralized Debt Obligations
CLO	Collateralized Loan Obligations
ETF	Exchange-Traded Fund
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GO	General Obligation
HB	High Coupon Bonds (a.k.a. “IOettes”) represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO’s the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.
ICE	Intercontinental Exchange
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
OYJ	Public Limited Company
PO	Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
PT	Limited liability company
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
Re-REMIC	Combined Real Estate Mortgage Investment Conduit
Rev.	Revenue
SCA	Limited partnership with share capital
SOFR	Secured Overnight Financing Rate
SPC	Special purpose company
SPDR	Standard & Poor’s Depository Receipts
STRIPS	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
TBA	To Be Announced; Security is subject to delayed delivery.

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

USD	United States Dollar
(a)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(b)	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	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.
(e)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2021.
(f)	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.
(g)	Security is an interest bearing note with preferred security characteristics.
(h)	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.
(i)	Defaulted security.
(j)	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.
(k)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(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)	Amount rounds to less than one thousand.
(p)	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.
(q)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(r)	Security is prerefunded or escrowed to maturity.
(s)	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.
(t)	The rate shown is the current yield as of November 30, 2021.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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
U.S. Treasury 2 Year Note		3,236			03/2022		USD		707,420			882
U.S. Treasury 5 Year Note		4,699			03/2022		USD		570,268			3,389
U.S. Treasury 10 Year Note		491			03/2022		USD		64,214			588
U.S. Treasury 10 Year Ultra Note		842			03/2022		USD		123,735			1,630
U.S. Treasury Long Bond		39			03/2022		USD		6,324			90
U.S. Treasury Ultra Bond		61			03/2022		USD		12,225			235
												6,814
Short Contracts
U.S. Treasury 2 Year Note		(4,900	)		03/2022		USD		(1,071,186	)		(1,503	)
U.S. Treasury 5 Year Note		(5,276	)		03/2022		USD		(640,292	)		(4,004	)
U.S. Treasury 10 Year Note		(8,841	)		03/2022		USD		(1,156,237	)		(11,761	)
U.S. Treasury 10 Year Ultra Note		(5,177	)		03/2022		USD		(760,777	)		(11,758	)
U.S. Treasury Long Bond		(2	)		03/2022		USD		(324	)		(6	)
U.S. Treasury Ultra Bond		(3,159	)		03/2022		USD		(633,084	)		(17,090	)
												(46,122	)
												(39,308	)

Abbreviations
USD	United States Dollar

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Over-the-Counter (“OTC”) Credit default swap contracts outstanding — sell protection^(a) as of November 30, 2021 (amounts in thousands):

Reference Obligation/ Index	Financing Rate Received by the Fund (%)		Payment Frequency		Counterparty		Maturity Date		Implied Credit Spread (%)(b)		Notional Amount(c)		Upfront Payments (Receipts) ($)(d)			Unrealized Appreciation (Depreciation) ($)			Value ($)
CMBX.NA.BBB-.11		3.00		Monthly		Citibank, NA		11/18/2054		4.26		USD   5,000		(276	)		(23	)		(299	)
CMBX.NA.BBB-.11		3.00		Monthly		Morgan Stanley		11/18/2054		4.26		USD 10,000		(468	)		(128	)		(596	)
CMBX.NA.BBB-.11		3.00		Monthly		Morgan Stanley		11/18/2054		4.26		USD 20,000		(792	)		(403	)		(1,195	)
CMBX.NA.BBB-.11		3.00		Monthly		Morgan Stanley		11/18/2054		4.26		USD 15,000		(525	)		(370	)		(895	)
CMBX.NA.BBB-.11		3.00		Monthly		Morgan Stanley		11/18/2054		4.26		USD 12,500		(658	)		(88	)		(746	)
CMBX.NA.BBB-.12		3.00		Monthly		Citibank, NA		8/17/2061		4.23		USD 20,000		(925	)		(383	)		(1,308	)
CMBX.NA.BBB-.12		3.00		Monthly		Citibank, NA		8/17/2061		4.23		USD 12,500		(1,079	)		261			(818	)
CMBX.NA.BBB-.12		3.00		Monthly		Merrill Lynch International		8/17/2061		4.23		USD   7,500		(40	)		(451	)		(491	)
CMBX.NA.BBB-.12		3.00		Monthly		Merrill Lynch International		8/17/2061		4.23		USD   5,000		(55	)		(272	)		(327	)
CMBX.NA.BBB-.12		3.00		Monthly		Merrill Lynch International		8/17/2061		4.23		USD   5,000		(245	)		(82	)		(327	)
CMBX.NA.BBB-.12		3.00		Monthly		Merrill Lynch International		8/17/2061		4.23		USD   5,000		(171	)		(156	)		(327	)
CMBX.NA.BBB-.12		3.00		Monthly		Morgan Stanley		8/17/2061		4.23		USD   8,017		(94	)		(430	)		(524	)
CMBX.NA.BBB-.12		3.00		Monthly		Morgan Stanley		8/17/2061		4.23		USD 12,500		(58	)		(758	)		(816	)
CMBX.NA.BBB-.12		3.00		Monthly		Morgan Stanley		8/17/2061		4.23		USD 12,500		(137	)		(681	)		(818	)
CMBX.NA.BBB-.12		3.00		Monthly		Morgan Stanley		8/17/2061		4.23		USD 12,500		(367	)		(451	)		(818	)
CMBX.NA.BBB-.12		3.00		Monthly		Morgan Stanley		8/17/2061		4.23		USD   2,500		(122	)		(42	)		(164	)
CMBX.NA.BBB-.12		3.00		Monthly		Morgan Stanley		8/17/2061		4.23		USD   5,000		(243	)		(84	)		(327	)
CMBX.NA.BBB-.12		3.00		Monthly		Morgan Stanley		8/17/2061		4.23		USD   5,500		(64	)		(295	)		(359	)
CMBX.NA.BBB-.9		3.00		Monthly		Citibank, NA		9/17/2058		5.88		USD   8,000		(645	)		(112	)		(757	)
CMBX.NA.BBB-.9		3.00		Monthly		Citibank, NA		9/17/2058		5.88		USD   2,500		(288	)		52			(236	)
CMBX.NA.BBB-.9		3.00		Monthly		Merrill Lynch International		9/17/2058		5.88		USD   5,000		(574	)		101			(473	)
CMBX.NA.BBB-.9		3.00		Monthly		Morgan Stanley		9/17/2058		5.88		USD   7,500		(865	)		156			(709	)
CMBX.NA.BBB-.9		3.00		Monthly		Morgan Stanley		9/17/2058		5.88		USD   5,000		(499	)		26			(473	)
CMBX.NA.BBB-.9		3.00		Monthly		Morgan Stanley		9/17/2058		5.88		USD 12,500		(1,385	)		202			(1,183	)
CMBX.NA.BBB-.9		3.00		Monthly		Morgan Stanley		9/17/2058		5.88		USD 12,500		(1,888	)		704			(1,184	)
CMBX.NA.BBB-.9		3.00		Monthly		Morgan Stanley		9/17/2058		5.88		USD 12,500		(1,341	)		157			(1,184	)
CMBX.NA.BBB-.9		3.00		Monthly		Morgan Stanley		9/17/2058		5.88		USD   7,500		(861	)		151			(710	)
CMBX.NA.BBB-.9		3.00		Monthly		Citibank, NA		9/17/2058		5.88		USD 10,000		(958	)		11			(947	)
														(15,623	)		(3,388	)		(19,011	)

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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.36-V1		5.00		Quarterly		6/20/2026		3.13		USD 77,500		6,068		637			6,705
CDX.NA.HY.36-V1		5.00		Quarterly		6/20/2026		3.13		USD 12,750		1,081		22			1,103
CDX.NA.HY.37-V1		5.00		Quarterly		12/20/2026		3.30		USD 135,000		12,256		(638	)		11,618
												19,405		21			19,426

(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).

Abbreviations
CDX	Credit Default Swap Index
CMBX	Commercial Mortgage-Backed Securities Index
USD	United States Dollar

Summary of total OTC swap contracts outstanding as of November 30, 2021 (amounts in thousands):

	Net Upfront Payments (Receipts) ($)			Value ($)
Liabilities
OTC Credit default swap contracts outstanding - sell protection		(15,623	)		(19,011	)

JPMorgan Income 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, excluding exchange-traded funds (“ETFs”) (“Underlying Funds”), are valued at each Underlying Fund’s NAV per share as of the report date.

Futures contracts 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 Income 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	$	—		$	1,459,720		$	763,418	$	2,223,138
Collateralized Mortgage Obligations		—			1,158,394			337,715		1,496,109
Commercial Mortgage-Backed Securities		—			2,841,024			1,183,286		4,024,310
Common Stocks
Diversified Telecommunication Services		659			—			—		659
Food & Staples Retailing		—			—			182		182
Media		63			—			—		63
Oil, Gas & Consumable Fuels		24,938			951			—		25,889
Professional Services		—			1			—		1
Specialty Retail		—			—			3		3
Total Common Stocks		25,660			952			185		26,797
Convertible Bonds		—			—			1,418		1,418
Corporate Bonds
Aerospace & Defense		—			36,305			—		36,305
Airlines		—			22,594			—		22,594
Auto Components		—			113,415			—		113,415
Automobiles		—			1,241			—		1,241
Banks		—			318,068			—		318,068
Beverages		—			5,526			—		5,526
Biotechnology		—			6,332			—		6,332
Building Products		—			37,716			—		37,716
Capital Markets		—			109,281			—		109,281
Chemicals		—			144,392			—		144,392
Commercial Services & Supplies		—			121,887			—		121,887
Communications Equipment		—			41,067			—		41,067
Construction & Engineering		—			40,287			—		40,287
Construction Materials		—			11,712			—		11,712
Consumer Finance		—			152,494			—		152,494
Containers & Packaging		—			111,561			—		111,561
Distributors		—			7,870			—		7,870
Diversified Consumer Services		—			12,404			—		12,404
Diversified Telecommunication Services		—			340,307			—		340,307
Electric Utilities		—			95,482			—		95,482
Electrical Equipment		—			13,158			—		13,158
Electronic Equipment, Instruments & Components		—			24,089			—		24,089
Energy Equipment & Services		—			19,316			—		19,316
Entertainment		—			66,910			—		66,910
Equity Real Estate Investment Trusts (REITs)		—			75,292			—		75,292
Food & Staples Retailing		—			68,477			—		68,477
Food Products		—			55,581			—		55,581
Gas Utilities		—			8,558			—		8,558
Health Care Equipment & Supplies		—			48,795			—		48,795
Health Care Providers & Services		—			257,061			—		257,061
Health Care Technology		—			17,305			—		17,305
Hotels, Restaurants & Leisure		—			169,658			—		169,658
Household Durables		—			36,812			—		36,812
Household Products		—			50,702			—		50,702
Independent Power and Renewable Electricity Producers		—			19,181			—		19,181
Insurance		—			766			—		766
Internet & Direct Marketing Retail		—			9,107			—		9,107
IT Services		—			29,932			—		29,932
Leisure Products		—			18,226			—		18,226
Machinery		—			13,888			—		13,888
Marine		—			7,058			—		7,058
Media		—			383,215			—		383,215
Metals & Mining		—			93,780			—		93,780
Mortgage Real Estate Investment Trusts (REITs)		—			69,108			—		69,108
Multiline Retail		—			13,340			—		13,340
Multi-Utilities		—			11,313			—		11,313
Oil, Gas & Consumable Fuels		—			487,595			441		488,036
Paper & Forest Products		—			3,663			—		3,663
Personal Products		—			25,761			—		25,761
Pharmaceuticals		—			164,839			—		164,839
Professional Services		—			175			—		175
Real Estate Management & Development		—			4,921			—		4,921
Road & Rail		—			49,353			—		49,353
Semiconductors & Semiconductor Equipment		—			29,096			—		29,096
Software		—			66,144			—		66,144
Specialty Retail		—			87,629			—		87,629
Technology Hardware, Storage & Peripherals		—			13,138			—		13,138
Textiles, Apparel & Luxury Goods		—			3,917			—		3,917
Thrifts & Mortgage Finance		—			12,735			—		12,735
Tobacco		—			16,288			—		16,288
Trading Companies & Distributors		—			69,375			—		69,375
Wireless Telecommunication Services		—			128,655			—		128,655
Total Corporate Bonds		—			4,473,853			441		4,474,294
Exchange-Traded Funds		251,077			—			—		251,077
Foreign Government Securities		—			551,149			—		551,149
Loan Assignments
Aerospace & Defense		—			4			—		4
Auto Components		—			5,480			—		5,480
Beverages		—			1,984			—		1,984
Chemicals		—			2,670			—		2,670
Construction & Engineering		—			—			609		609
Containers & Packaging		—			4,691			—		4,691
Diversified Consumer Services		—			88			—		88
Diversified Telecommunication Services		—			50			—		50
Electronic Equipment, Instruments & Components		—			2,488			—		2,488
Food & Staples Retailing		—			398			2,399		2,797
Health Care Equipment & Supplies		—			3,086			—		3,086
Hotels, Restaurants & Leisure		—			97			—		97
IT Services		—			1,750			—		1,750
Leisure Products		—			—	(a)		5		5
Life Sciences Tools & Services		—			4,669			—		4,669
Machinery		—			1,961			—		1,961
Media		—			2,993			—		2,993
Personal Products		—			5,943			—		5,943
Pharmaceuticals		—			2,120			—		2,120
Software		—			1,485			—		1,485
Specialty Retail		—			7,781			—		7,781
Wireless Telecommunication Services		—			1,984			—		1,984
Total Loan Assignments		—			51,722			3,013		54,735
Mortgage-Backed Securities		—			277,097			—		277,097
Municipal Bonds		—			2,026			—		2,026
Preferred Stocks
Electric Utilities		11,077			—			—		11,077
Insurance		2,482			—			—		2,482
Internet & Direct Marketing Retail		—			—			15		15
Total Preferred Stocks		13,559			—			15		13,574
Warrants
Diversified Telecommunication Services		—			—			7		7
Media		—			—			6		6
Oil, Gas & Consumable Fuels		1,352			—			—		1,352
Total Warrants		1,352			—			13		1,365
Short-Term Investments
Investment Companies		34,116			—			—		34,116
Total Investments in Securities	$	325,764		$	10,815,937		$	2,289,504	$	13,431,205
Appreciation in Other Financial Instruments
Futures Contracts	$	6,814		$	—		$	—	$	6,814
Swaps		—			2,480			—		2,480
Depreciation in Other Financial Instruments
Futures Contracts		(46,122	)		—			—		(46,122	)
Swaps		—			(5,847	)		—		(5,847	)
Total Net Appreciation/Depreciation in Other Financial Instruments	$	(39,308	)	$	(3,367	)	$	—	$	(42,675	)

(a) Value is zero.

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	$	497,037	$	64			(5,237.00	)	$	(244	)	$	448,116	$	(215,871	)	$	40,127	$	(574	)	$	763,418
Collateralized Mortgage Obligations		272,048		(99	)		(1,191	)		(90	)		171,585		(102,320	)		5,112		(7,330	)		337,715
Commercial Mortgage-Backed Securities		782,211		261			12,547			1,613			337,271		(12,360	)		68,525		(6,782	)		1,183,286
Common Stocks		265		(57	)		(23	)		—			—		—			—		—			185
Convertible Bonds		—		(1,349	)		1,160			—			1,609		(2	)		—		—			1,418
Corporate Bonds		—		—			440			—			1		—			—		—			441
Loan Assignments		3,227		—			(149	)		41			3,360		(3,466	)		—		—			3,013
Preferred Stocks		21		—	(a)		(4	)		—			—		(2	)		—		—			15
Warrants		7		—			6			—			—		—			—		—			13
Total	$	1,554,816	$	(1,180	)	$	7,549		$	1,320		$	961,942	$	(334,021	)	$	113,764	$	(14,686	)	$	2,289,504

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 $8,215.

Transfers between level 2 and level 3 are due to a decline or an increase in market activity (e.g. frequency of trades), which resulted in a lack or increase of available market inputs to determine the price 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 the yield and default rate may decrease (increase) the fair value measurement. A significant change in the prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

Income Fund

Quantitative Information about Level 3 Fair Value Measurements #

	Fair Value at November 30, 2021		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	618,989	Discounted Cash Flow	Constant Prepayment Rate	0.00% - 100.00% (14.59%)
				Constant Default Rate	0.00% - 4.14% (0.01%)
				Yield (Discount Rate of Cash Flows)	1.02% - 6.58% (3.46%)
Asset-Backed Securities		618,989
		152,849	Discounted Cash Flow	Constant Prepayment Rate	0.00% - 100.00% (19.52%)
				Constant Default Rate	0.00% - 1.42% (0.06%)
				Yield (Discount Rate of Cash Flows)	1.60% - 8.70% (3.21%)
Collateralized Mortgage Obligations		152,849
		1,134,738	Discounted Cash Flow	Constant Prepayment Rate	0.00% - 100.00% (0.56%)
				Constant Default Rate	0.00% - 5.00% (0.04%)
				Yield (Discount Rate of Cash Flows)	1.92% - 16.80% (4.71%)
Commercial Mortgage-Backed Securities		1,134,738
		3,008	Terms of Exchange Offer	Expected Recovery	100.00% (100.00%)
Loan Assignments		3,008
		7	Market Comparable Companies	EBITDA Multiple (b)	5.3x (5.3x)
Warrants		7
Total	$	1,909,591

# 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 $379,913. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.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.

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 purchase 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)	$	404,898	$	4,593,862	$	4,964,643	$	(1	)	$	—  (c)	$	34,116		34,103	$	63	$	—  (c)

(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 futures 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.

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Dollar values in thousands)

Notes (1) — (2) below describe the various derivatives used by the Fund.

(1). 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).

(2). Swaps — The Fund engaged in various swap transactions to manage credit risk 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.

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Dollar values in thousands)

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.