JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited)

Investments	Principal Amount ($000)			Value ($000)
CORPORATE BONDS — 55.4%
Australia — 0.4%
Glencore Funding LLC
2.50%, 9/1/2030(a)			3,363		3,271
2.63%, 9/23/2031(a)			6,741		6,538
Rio Tinto Finance USA Ltd. 2.75%, 11/2/2051			3,670		3,679
Westpac Banking Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.00%), 4.11%, 7/24/2034(b)			980		1,063
					14,551
Austria — 0.1%
ams AG
6.00%, 7/31/2025(c)		EUR	2,310		2,751
7.00%, 7/31/2025(a)			1,235		1,301
					4,052
Belgium — 0.8%
Anheuser-Busch Cos. LLC 4.90%, 2/1/2046			4,955		6,290
Anheuser-Busch InBev Worldwide, Inc. 4.44%, 10/6/2048			3,631		4,366
KBC Group NV (EUR Swap Annual 5 Year + 4.69%), 4.75%, 3/5/2024(b)(c)(d)(e)		EUR	10,600		12,541
Ontex Group NV 3.50%, 7/15/2026(c)		EUR	800		856
Sarens Finance Co. NV 5.75%, 2/21/2027(c)		EUR	1,400		1,550
Solvay Finance SACA (EUR Swap Annual 5 Year + 3.70%), 5.42%, 11/12/2023(b)(c)(d)(e)		EUR	2,071		2,536
Solvay SA (EUR Swap Annual 5 Year + 2.98%), 2.50%, 12/2/2025(b)(c)(d)(e)		EUR	800		921
Telenet Finance Luxembourg Notes SARL 3.50%, 3/1/2028(c)		EUR	2,000		2,312
					31,372
Brazil — 0.7%
Gerdau Trade, Inc. 4.88%, 10/24/2027(c)			4,130		4,460
Guara Norte SARL 5.20%, 6/15/2034(a)			4,229		4,034
Klabin Austria GmbH 7.00%, 4/3/2049(c)			2,991		3,341
MV24 Capital BV 6.75%, 6/1/2034(a)			3,007		3,067
Nexa Resources SA 5.38%, 5/4/2027(c)			4,523		4,695
Suzano Austria GmbH
3.75%, 1/15/2031			806		791
7.00%, 3/16/2047(c)			1,660		2,027
Vale Overseas Ltd. 3.75%, 7/8/2030			6,702		6,706
					29,121
Canada — 0.8%
1011778 BC ULC
3.88%, 1/15/2028(a)			1,840		1,816
4.00%, 10/15/2030(a)			975		932
Bombardier, Inc.
7.50%, 12/1/2024(a)			287		298
7.88%, 4/15/2027(a)			1,062		1,093
Canadian Pacific Railway Co.
2.45%, 12/2/2031			1,620		1,639
3.00%, 12/2/2041			760		774
3.10%, 12/2/2051			1,720		1,769
Cenovus Energy, Inc.
5.38%, 7/15/2025			481		534
Emera US Finance LP
2.64%, 6/15/2031(a)			6,984		6,964
4.75%, 6/15/2046			1,367		1,623
Emera, Inc. Series 16-A, (ICE LIBOR USD 3 Month + 5.44%), 6.75%, 6/15/2076(b)			1,903		2,228
GFL Environmental, Inc.
3.75%, 8/1/2025(a)			385		390
4.00%, 8/1/2028(a)			2,110		2,047
4.38%, 8/15/2029(a)			400		389
MEG Energy Corp.
6.50%, 1/15/2025(a)			1,558		1,575
7.13%, 2/1/2027(a)			829		848
NOVA Chemicals Corp.
5.00%, 5/1/2025(a)			570		597
5.25%, 6/1/2027(a)			1,033		1,085
Open Text Corp. 5.88%, 6/1/2026(a)			272		280
Precision Drilling Corp. 7.13%, 1/15/2026(a)			684		689
Transcanada Trust Series 16-A, (ICE LIBOR USD 3 Month + 4.64%), 5.87%, 8/15/2076(b)			988		1,074
Videotron Ltd. 5.38%, 6/15/2024(a)			1,300		1,390
					30,034
Chile — 0.3%
Alfa Desarrollo SpA 4.55%, 9/27/2051(a)			4,524		4,284
Empresa de Transporte de Pasajeros Metro SA 4.70%, 5/7/2050(a)			2,890		3,316
Kenbourne Invest SA 6.88%, 11/26/2024(a)			2,760		2,878
					10,478
China — 0.8%
Alibaba Group Holding Ltd. 3.40%, 12/6/2027			2,420		2,575
Country Garden Holdings Co. Ltd. 3.13%, 10/22/2025(c)			6,408		5,703

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
Huarong Finance 2017 Co. Ltd.
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 6.98%), 4.00%, 11/7/2022(b)(c)(d)(e)			1,320		1,300
4.25%, 11/7/2027(c)			3,620		3,566
Huarong Finance 2019 Co. Ltd.
(ICE LIBOR USD 3 Month + 1.13%), 1.29%, 2/24/2023(b)(c)			1,880		1,800
2.13%, 9/30/2023(c)			1,865		1,809
3.75%, 5/29/2024(c)			1,860		1,841
Longfor Group Holdings Ltd. 4.50%, 1/16/2028(c)			3,780		3,980
NXP BV 3.25%, 5/11/2041(a)			4,080		4,156
Tencent Holdings Ltd. 3.98%, 4/11/2029(c)			2,340		2,550
Yuzhou Group Holdings Co. Ltd. 8.38%, 10/30/2024(c)			2,610		809
					30,089
Colombia — 0.2%
AI Candelaria Spain SLU
7.50%, 12/15/2028(c)			1,200		1,265
5.75%, 6/15/2033(a)			1,869		1,785
Ecopetrol SA 5.88%, 5/28/2045			5,900		5,450
					8,500
Denmark — 0.1%
Danske Bank A/S (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.73%), 5.00%, 1/12/2023(a)(b)			1,940		1,948
DKT Finance ApS 7.00%, 6/17/2023(c)		EUR	1,000		1,148
Nykredit Realkredit A/S Series CCE, 1.00%, 10/1/2050(c)		DKK	8,365		1,212
TDC A/S 5.00%, 3/2/2022(f)		EUR	1,100		1,256
					5,564
France — 3.2%
Accor SA (EUR Swap Annual 5 Year + 4.56%), 4.37%, 1/30/2024(b)(c)(d)(e)		EUR	600		685
Altice France SA
5.88%, 2/1/2027(c)		EUR	1,550		1,825
3.38%, 1/15/2028(c)		EUR	1,459		1,578
4.13%, 1/15/2029(a)		EUR	595		661
5.50%, 10/15/2029(a)			1,745		1,684
Banijay Entertainment SASU 3.50%, 3/1/2025(c)		EUR	1,249		1,410
Banijay Group SAS 6.50%, 3/1/2026(c)		EUR	1,500		1,760
BPCE SA
5.15%, 7/21/2024(a)			8,195		8,929
4.88%, 4/1/2026(a)			1,880		2,088
(SOFR + 1.31%), 2.28%, 1/20/2032(a)(b)			3,640		3,495
(SOFR + 1.73%), 3.12%, 10/19/2032(a)(b)			2,460		2,468
Casino Guichard Perrachon SA
1.87%, 6/13/2022(c)		EUR	600		674
4.50%, 3/7/2024(c)(f)		EUR	1,700		1,896
CGG SA 7.75%, 4/1/2027(a)		EUR	976		1,087
Chrome Bidco SASU
3.50%, 5/31/2028(a)		EUR	1,145		1,292
3.50%, 5/31/2028(c)		EUR	500		564
Chrome Holdco SASU 5.00%, 5/31/2029(a)		EUR	652		733
Credit Agricole SA
3.25%, 10/4/2024(a)			1,062		1,118
(USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025(a)(b)(d)(e)			13,200		15,544
(SOFR + 0.89%), 1.25%, 1/26/2027(a)(b)			827		804
(EUR Swap Annual 5 Year + 4.37%), 4.00%, 12/23/2027(b)(c)(d)(e)		EUR	2,500		3,038
(EUR Swap Annual 5 Year + 1.90%), 1.62%, 6/5/2030(b)(c)		EUR	2,300		2,673
Electricite de France SA
(EUR Swap Annual 12 Year + 3.04%), 5.00%, 1/22/2026(b)(c)(d)(e)		EUR	2,000		2,505
(EUR Swap Annual 5 Year + 3.37%), 2.87%, 12/15/2026(b)(c)(d)(e)		EUR	1,000		1,161
(EUR Swap Annual 5 Year + 3.20%), 3.00%, 9/3/2027(b)(c)(d)(e)		EUR	1,200		1,397
(EUR Swap Annual 5 Year + 4.00%), 3.38%, 6/15/2030(b)(c)(d)(e)		EUR	800		941
Elis SA 2.88%, 2/15/2026(c)		EUR	2,300		2,755
Faurecia SE
2.63%, 6/15/2025(c)		EUR	650		745
3.13%, 6/15/2026(c)		EUR	1,350		1,559
2.38%, 6/15/2027(c)		EUR	2,400		2,697
Iliad Holding SASU 5.63%, 10/15/2028(a)		EUR	2,260		2,640
La Financiere Atalian SASU
4.00%, 5/15/2024(c)		EUR	1,700		1,875
5.13%, 5/15/2025(c)		EUR	1,116		1,247
Lune Holdings SARL 5.63%, 11/15/2028(a)		EUR	1,599		1,793
Orange SA
(EUR Swap Annual 5 Year + 2.36%), 2.38%, 1/15/2025(b)(c)(d)(e)		EUR	1,400		1,643
(EURIBOR ICE Swap Rate 5 Year + 2.18%), 1.75%, 12/19/2026(b)(c)(d)(e)		EUR	1,000		1,149

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
Orano SA 4.88%, 9/23/2024		EUR	1,200		1,514
Paprec Holding SA 3.50%, 7/1/2028(a)		EUR	1,073		1,217
Parts Europe SA
6.50%, 7/16/2025(c)		EUR	927		1,087
6.50%, 7/16/2025(a)		EUR	329		386
Quatrim SASU 5.88%, 1/15/2024(c)		EUR	1,726		2,001
Renault SA
1.25%, 6/24/2025(c)		EUR	1,700		1,884
2.00%, 9/28/2026(c)		EUR	1,000		1,114
1.13%, 10/4/2027(c)		EUR	1,300		1,360
Societe Generale SA
(USD ICE Swap Rate 5 Year + 5.87%), 8.00%, 9/29/2025(a)(b)(d)(e)			200		230
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.93%), 4.75%, 5/26/2026(a)(b)(d)(e)			4,965		5,009
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.51%), 5.38%, 11/18/2030(a)(b)(d)(e)			8,242		8,619
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 3.65%, 7/8/2035(a)(b)			2,965		3,061
SPIE SA 3.13%, 3/22/2024(c)		EUR	3,200		3,764
Tereos Finance Groupe I SA 4.13%, 6/16/2023(c)		EUR	1,100		1,259
TotalEnergies Capital International SA
2.83%, 1/10/2030			4,885		5,131
3.13%, 5/29/2050			800		826
TotalEnergies SE
(EUR Swap Annual 5 Year + 3.78%), 3.88%, 5/18/2022(b)(c)(d)(e)		EUR	1,750		2,012
(EUR Swap Annual 5 Year + 1.77%), 1.75%, 4/4/2024(b)(c)(d)(e)		EUR	4,000		4,605
Vallourec SA
8.50%, 6/30/2026(c)		EUR	600		684
Series IAI, 8.50%, 6/30/2026		EUR	527		601
					126,477
Germany — 2.1%
Adler Pelzer Holding GmbH 4.13%, 4/1/2024(c)		EUR	1,100		1,128
BK LC Lux Finco1 SARL
5.25%, 4/30/2029(c)		EUR	1,200		1,395
5.25%, 4/30/2029(a)		EUR	369		429
CeramTec BondCo GmbH 5.25%, 12/15/2025(c)		EUR	1,300		1,487
Cheplapharm Arzneimittel GmbH 3.50%, 2/11/2027(c)		EUR	2,220		2,507
Commerzbank AG (EUR Swap Annual 5 Year + 6.74%), 6.50%, 10/9/2029(b)(c)(d)(e)		EUR	4,000		5,148
CT Investment GmbH
5.50%, 4/15/2026(a)		EUR	525		592
5.50%, 4/15/2026(c)		EUR	500		563
Deutsche Bank AG
(SOFR + 2.16%), 2.22%, 9/18/2024(b)			10,770		10,923
(EUR Swap Annual 5 Year + 4.75%), 4.62%, 10/30/2027(b)(c)(d)(e)		EUR	4,800		5,456
Deutsche Lufthansa AG 3.00%, 5/29/2026(c)		EUR	2,500		2,743
Douglas GmbH
6.00%, 4/8/2026(a)		EUR	2,800		3,080
6.00%, 4/8/2026(c)		EUR	300		330
IHO Verwaltungs GmbH 3.88% (cash), 5/15/2027(c)(g)(h)		EUR	1,400		1,614
Kirk Beauty SUN GmbH 9.00% (PIK), 10/1/2026(a)(g)(h)		EUR	1,308		1,378
LANXESS AG (EUR Swap Annual 5 Year + 4.51%), 4.50%, 12/6/2076(b)(c)		EUR	850		1,008
Nidda BondCo GmbH 5.00%, 9/30/2025(c)		EUR	3,625		4,060
Nidda Healthcare Holding GmbH 3.50%, 9/30/2024(c)		EUR	2,184		2,455
ProGroup AG 3.00%, 3/31/2026(c)		EUR	787		894
Renk AG 5.75%, 7/15/2025(c)		EUR	1,492		1,751
Schaeffler AG
2.88%, 3/26/2027(c)		EUR	2,800		3,422
3.38%, 10/12/2028(c)		EUR	600		754
Techem Verwaltungsgesellschaft 675 mbH 2.00%, 7/15/2025(c)		EUR	2,200		2,455
Tele Columbus AG 3.88%, 5/2/2025(c)		EUR	726		801
thyssenkrupp AG
1.38%, 3/3/2022(c)		EUR	2,400		2,720
1.88%, 3/6/2023(c)		EUR	400		456
2.88%, 2/22/2024(c)		EUR	300		348
TK Elevator Holdco GmbH 6.63%, 7/15/2028(c)		EUR	1,260		1,486
TK Elevator Midco GmbH 4.38%, 7/15/2027(c)		EUR	1,316		1,526
TUI Cruises GmbH 6.50%, 5/15/2026(a)		EUR	333		364

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
Volkswagen International Finance NV
(EUR Swap Annual 10 Year + 3.35%), 5.13%, 9/4/2023(b)(c)(d)(e)		EUR	838		1,016
(EUR Swap Annual 5 Year + 3.75%), 3.50%, 6/17/2025(b)(c)(d)(e)		EUR	1,900		2,292
(EUR Swap Annual 12 Year + 2.97%), 4.62%, 3/24/2026(b)(c)(d)(e)		EUR	3,100		3,922
Volkswagen Leasing GmbH 0.63%, 7/19/2029(c)		EUR	3,100		3,438
WEPA Hygieneprodukte GmbH 2.88%, 12/15/2027(c)		EUR	1,400		1,481
ZF Europe Finance BV
2.00%, 2/23/2026(c)		EUR	1,400		1,584
2.50%, 10/23/2027(c)		EUR	1,700		1,946
ZF Finance GmbH
3.00%, 9/21/2025(c)		EUR	1,300		1,535
3.75%, 9/21/2028(c)		EUR	2,200		2,680
					—
					83,167
Greece — 0.3%
Alpha Bank SA 2.50%, 2/5/2023(c)		EUR	10,700		12,461
India — 0.1%
Greenko Dutch BV 3.85%, 3/29/2026(a)			2,150		2,171
NTPC Ltd. 3.75%, 4/3/2024(c)			2,540		2,650
					—
					4,821
Indonesia — 0.4%
Indonesia Asahan Aluminium Persero PT
5.45%, 5/15/2030(a)			2,380		2,696
6.76%, 11/15/2048(c)			595		759
Pertamina Persero PT 3.65%, 7/30/2029(a)			3,619		3,826
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara
4.13%, 5/15/2027(c)			610		652
3.00%, 6/30/2030(a)			2,940		2,914
4.38%, 2/5/2050(c)			3,720		3,726
					—
					14,573
Ireland — 0.8%
AerCap Ireland Capital DAC
4.63%, 7/1/2022			3,765		3,850
2.45%, 10/29/2026			1,370		1,373
3.00%, 10/29/2028			1,490		1,500
3.30%, 1/30/2032			2,175		2,192
3.85%, 10/29/2041			1,095		1,130
AIB Group plc
(EUR Swap Annual 5 Year + 5.70%), 5.25%, 10/9/2024(b)(c)(d)(e)		EUR	3,700		4,354
(EUR Swap Annual 5 Year + 6.63%), 6.25%, 6/23/2025(b)(c)(d)(e)		EUR	1,400		1,729
Avolon Holdings Funding Ltd.
3.95%, 7/1/2024(a)			2,337		2,449
2.13%, 2/21/2026(a)			810		793
4.25%, 4/15/2026(a)			2,300		2,456
4.38%, 5/1/2026(a)			1,075		1,152
2.53%, 11/18/2027(a)			796		776
eircom Finance DAC 3.50%, 5/15/2026(c)		EUR	3,230		3,691
Park Aerospace Holdings Ltd. 5.50%, 2/15/2024(a)			280		301
Smurfit Kappa Acquisitions ULC 2.88%, 1/15/2026(c)		EUR	1,950		2,426
Smurfit Kappa Treasury ULC 1.50%, 9/15/2027(c)		EUR	1,500		1,790
					—
					31,962
Israel — 0.3%
Energean Israel Finance Ltd.
4.88%, 3/30/2026(c)			2,289		2,252
5.38%, 3/30/2028(c)			2,403		2,358
Leviathan Bond Ltd.
6.13%, 6/30/2025(c)			2,229		2,340
6.50%, 6/30/2027(c)			2,417		2,537
6.75%, 6/30/2030(c)			1,390		1,447
					—
					10,934
Italy — 2.2%
Assicurazioni Generali SpA (EURIBOR 3 Month + 5.35%), 5.50%, 10/27/2047(b)(c)		EUR	1,200		1,627
Atlantia SpA
1.63%, 2/3/2025(c)		EUR	900		1,040
1.88%, 7/13/2027(c)		EUR	1,600		1,873
1.88%, 2/12/2028(c)		EUR	800		932
Autostrade per l’Italia SpA
1.63%, 6/12/2023		EUR	200		229
1.88%, 11/4/2025(c)		EUR	1,000		1,172
1.75%, 6/26/2026(c)		EUR	1,075		1,256
1.75%, 2/1/2027(c)		EUR	2,800		3,268
2.00%, 12/4/2028(c)		EUR	2,400		2,820
1.88%, 9/26/2029(c)		EUR	2,300		2,690
Brunello Bidco SpA
3.50%, 2/15/2028(c)		EUR	1,000		1,121
3.50%, 2/15/2028(a)		EUR	268		300
Enel Finance International NV
3.50%, 4/6/2028(a)			3,665		3,959
2.25%, 7/12/2031(a)			1,130		1,105
Enel SpA (EUR Swap Annual 5 Year + 2.10%), 2.50%, 8/24/2023(b)(c)(d)(e)		EUR	2,188		2,563
Gamma Bidco SpA
5.13%, 7/15/2025(c)		EUR	1,700		1,918
5.13%, 7/15/2025(a)		EUR	699		789
Guala Closures SpA 3.25%, 6/15/2028(a)		EUR	1,416		1,563
Infrastrutture Wireless Italiane SpA 1.88%, 7/8/2026(c)		EUR	1,200		1,409
Intesa Sanpaolo SpA
(EUR Swap Annual 5 Year + 5.86%), 6.25%, 5/16/2024(b)(c)(d)(e)		EUR	1,600		1,943

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
(EUR Swap Annual 5 Year + 7.19%), 7.75%, 1/11/2027(b)(c)(d)(e)		EUR	5,513		7,432
(EUR Swap Annual 5 Year + 5.85%), 5.50%, 3/1/2028(b)(c)(d)(e)		EUR	1,867		2,263
(EUR Swap Annual 5 Year + 6.09%), 5.87%, 9/1/2031(b)(c)(d)(e)		EUR	1,300		1,635
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.60%), 4.20%, 6/1/2032(a)(b)			670		672
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.75%), 4.95%, 6/1/2042(a)(b)			2,144		2,213
Kedrion SpA 3.38%, 5/15/2026(a)		EUR	1,120		1,255
Leonardo SpA 4.88%, 3/24/2025		EUR	2,300		2,929
Nexi SpA 1.63%, 4/30/2026(c)		EUR	1,500		1,674
Pro-Gest SpA 3.25%, 12/15/2024(c)		EUR	300		326
Rossini SARL 6.75%, 10/30/2025(c)		EUR	1,750		2,049
Saipem Finance International BV
3.75%, 9/8/2023(c)		EUR	700		813
2.63%, 1/7/2025(c)		EUR	500		561
Telecom Italia Capital SA
6.38%, 11/15/2033			2,124		2,209
6.00%, 9/30/2034			68		68
7.20%, 7/18/2036			1,300		1,416
Telecom Italia Finance SA 7.75%, 1/24/2033		EUR	1,300		1,918
Telecom Italia SpA
3.00%, 9/30/2025(c)		EUR	1,900		2,195
3.63%, 5/25/2026(c)		EUR	5,350		6,278
2.38%, 10/12/2027(c)		EUR	1,200		1,320
UniCredit SpA
(EURIBOR ICE Swap Rate 5 Year + 7.33%), 7.50%, 6/3/2026(b)(c)(d)(e)		EUR	3,600		4,704
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 1.98%, 6/3/2027(a)(b)			2,806		2,739
(EURIBOR ICE Swap Rate 5 Year + 4.08%), 3.88%, 6/3/2027(b)(c)(d)(e)		EUR	5,500		5,879
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 3.13%, 6/3/2032(a)(b)			2,370		2,346
Verde Bidco SpA 4.63%, 10/1/2026(a)		EUR	289		333
					—
					88,804
Japan — 0.1%
Takeda Pharmaceutical Co. Ltd. 3.03%, 7/9/2040			3,920		3,984
Kazakhstan — 0.2%
KazMunayGas National Co. JSC 5.75%, 4/19/2047(c)			5,480		6,438
Kuwait — 0.1%
MEGlobal Canada ULC 5.00%, 5/18/2025(a)			2,530		2,757
Luxembourg — 0.8%
Altice Finco SA 4.75%, 1/15/2028(c)		EUR	2,225		2,331
Altice France Holding SA
8.00%, 5/15/2027(a)		EUR	2,823		3,370
8.00%, 5/15/2027(c)		EUR	2,450		2,924
4.00%, 2/15/2028(c)		EUR	2,400		2,552
ArcelorMittal SA 1.75%, 11/19/2025(c)		EUR	1,350		1,598
ARD Finance SA 5.00% (cash), 6/30/2027(c)(g)(h)		EUR	1,421		1,634
Herens Midco SARL
5.25%, 5/15/2029(a)		EUR	1,486		1,567
5.25%, 5/15/2029(c)		EUR	500		528
INEOS Finance plc
3.38%, 3/31/2026(a)		EUR	1,197		1,379
3.38%, 3/31/2026(c)		EUR	300		346
Intelsat Jackson Holdings SA
5.50%, 8/1/2023(i)			902		438
8.00%, 2/15/2024(a)(f)(i)			743		756
8.50%, 10/15/2024(a)(i)			2,785		1,399
Matterhorn Telecom SA 3.13%, 9/15/2026(c)		EUR	2,224		2,460
Monitchem HoldCo 3 SA 5.25%, 3/15/2025(c)		EUR	1,188		1,364
PLT VII Finance SARL 4.63%, 1/5/2026(c)		EUR	1,223		1,415
SES SA (EUR Swap Annual 5 Year + 3.19%), 2.87%, 5/27/2026(b)(c)(d)(e)		EUR	2,200		2,495
Summer BC Holdco A SARL 9.25%, 10/31/2027(c)		EUR	1,838		2,239
Summer BC Holdco B SARL 5.75%, 10/31/2026(c)		EUR	1,183		1,389
					—
					32,184
Malaysia — 0.2%
Petronas Capital Ltd. 3.40%, 4/28/2061(a)			6,007		6,202

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
Mexico — 1.0%
America Movil SAB de CV 2.88%, 5/7/2030			2,500		2,589
Banco Mercantil del Norte SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.04%), 6.87%, 7/6/2022(a)(b)(d)(e)			1,320		1,332
BBVA Bancomer SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.65%), 5.12%, 1/18/2033(a)(b)			4,300		4,357
Bimbo Bakeries USA, Inc. 4.00%, 5/17/2051(a)			2,088		2,309
Cemex SAB de CV
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.53%), 5.12%, 6/8/2026(a)(b)(d)(e)			5,558		5,620
5.20%, 9/17/2030(c)			906		954
3.88%, 7/11/2031(a)			5,331		5,180
Fomento Economico Mexicano SAB de CV 3.50%, 1/16/2050			2,490		2,653
Grupo Bimbo SAB de CV 4.00%, 9/6/2049(a)			1,277		1,404
Petroleos Mexicanos
6.75%, 9/21/2047			11,395		9,317
6.95%, 1/28/2060			7,095		5,800
					—
					41,515
Morocco — 0.1%
OCP SA 6.88%, 4/25/2044(c)			2,280		2,654
Netherlands — 1.3%
ABN AMRO Bank NV
4.75%, 7/28/2025(a)			3,555		3,885
(EUR Swap Annual 5 Year + 4.67%), 4.37%, 9/22/2025(b)(c)(d)(e)		EUR	8,000		9,524
4.80%, 4/18/2026(a)			2,000		2,214
Cooperatieve Rabobank UA (EUR Swap Annual 5 Year + 4.68%), 4.37%, 6/29/2027(b)(c)(d)(e)		EUR	4,200		5,156
ING Groep NV
(USD Swap Semi 5 Year + 4.45%), 6.50%, 4/16/2025(b)(d)(e)			1,741		1,881
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.86%), 3.88%, 5/16/2027(b)(d)(e)			3,645		3,415
Lincoln Financing SARL 3.63%, 4/1/2024(c)		EUR	560		636
Nobel Bidco BV
3.13%, 6/15/2028(c)		EUR	850		937
3.13%, 6/15/2028(a)		EUR	659		726
OCI NV
3.13%, 11/1/2024(c)		EUR	195		223
3.63%, 10/15/2025(c)		EUR	400		467
3.63%, 10/15/2025(a)		EUR	700		816
Q-Park Holding I BV
1.50%, 3/1/2025(c)		EUR	275		298
2.00%, 3/1/2027(c)		EUR	375		403
Sigma Holdco BV 5.75%, 5/15/2026(c)		EUR	2,743		2,862
Sunshine Mid BV 6.50%, 5/15/2026(c)		EUR	2,800		3,260
Titan Holdings II BV
5.13%, 7/15/2029(a)		EUR	761		855
5.13%, 7/15/2029(c)		EUR	400		449
Trivium Packaging Finance BV
3.75%, 8/15/2026(c)(f)		EUR	1,500		1,701
5.50%, 8/15/2026(a)(f)			200		207
8.50%, 8/15/2027(a)(f)			200		209
United Group BV 4.88%, 7/1/2024(c)		EUR	600		684
UPC Holding BV 5.50%, 1/15/2028(a)			200		205
UPCB Finance VII Ltd. 3.63%, 6/15/2029(c)		EUR	2,166		2,488
Ziggo Bond Co. BV 3.38%, 2/28/2030(c)		EUR	3,624		3,987
Ziggo BV
4.25%, 1/15/2027(c)		EUR	1,920		2,215
2.88%, 1/15/2030(c)		EUR	465		522
					—
					50,225
Peru — 0.1%
Southern Copper Corp. 5.88%, 4/23/2045			3,070		4,114
Portugal — 0.4%
EDP — Energias de Portugal SA (EUR Swap Annual 5 Year + 1.84%), 1.70%, 7/20/2080(b)(c)		EUR	4,800		5,396
EDP Finance BV 3.63%, 7/15/2024(a)			9,520		10,040
					—
					15,436
Qatar — 0.1%
ABQ Finance Ltd. 3.50%, 2/22/2022(c)			2,600		2,608
Russia — 0.1%
Gazprom PJSC 3.25%, 2/25/2030(c)			1,650		1,589
Lukoil Securities BV 3.88%, 5/6/2030(c)			1,580		1,615
					—
					3,204

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
Spain — 2.1%
Abertis Infraestructuras Finance BV
(EUR Swap Annual 5 Year + 3.69%), 3.25%, 11/24/2025(b)(c)(d)(e)		EUR	1,800		2,069
(EUR Swap Annual 5 Year + 3.27%), 2.62%, 1/26/2027(b)(c)(d)(e)		EUR	700		772
Banco Bilbao Vizcaya Argentaria SA
(EUR Swap Annual 5 Year + 6.04%), 6.00%, 3/29/2024(b)(c)(d)(e)		EUR	4,000		4,809
(EUR Swap Annual 5 Year + 6.46%), 6.00%, 1/15/2026(b)(c)(d)(e)		EUR	8,600		10,740
Banco Santander SA
(USD ICE Swap Rate 5 Year + 4.99%), 7.50%, 2/8/2024(b)(c)(d)(e)			1,800		1,931
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.75%), 4.75%, 11/12/2026(b)(d)(e)			3,800		3,809
CaixaBank SA
(EUR Swap Annual 5 Year + 6.22%), 6.37%, 9/19/2023(b)(c)(d)(e)		EUR	6,000		7,266
(EUR Swap Annual 5 Year + 6.50%), 6.75%, 6/13/2024(b)(c)(d)(e)		EUR	3,800		4,767
(EUR Swap Annual 5 Year + 6.35%), 5.87%, 10/9/2027(b)(c)(d)(e)		EUR	200		254
Cellnex Telecom SA
2.88%, 4/18/2025(c)		EUR	1,500		1,815
1.88%, 6/26/2029		EUR	900		1,016
Cirsa Finance International SARL
6.25%, 12/20/2023(c)		EUR	628		713
4.75%, 5/22/2025(c)		EUR	1,200		1,337
ContourGlobal Power Holdings SA
3.13%, 1/1/2028(c)		EUR	600		668
3.13%, 1/1/2028(a)		EUR	472		526
eDreams ODIGEO SA 5.50%, 9/1/2023(c)		EUR	1,400		1,561
Grifols Escrow Issuer SA
3.88%, 10/15/2028(a)		EUR	852		961
4.75%, 10/15/2028(a)			440		436
Grifols SA
1.63%, 2/15/2025(c)		EUR	1,580		1,779
3.20%, 5/1/2025(c)		EUR	400		452
2.25%, 11/15/2027(c)		EUR	2,001		2,262
Grupo Antolin-Irausa SA
3.38%, 4/30/2026(c)		EUR	800		869
3.50%, 4/30/2028(a)		EUR	1,095		1,154
Iberdrola International BV
(EUR Swap Annual 5 Year + 2.06%), 2.62%, 3/26/2024(b)(c)(d)(e)		EUR	3,400		4,030
(EUR Swap Annual 5 Year + 2.97%), 3.25%, 11/12/2024(b)(c)(d)(e)		EUR	1,400		1,699
Kaixo Bondco Telecom SA 5.13%, 9/30/2029(a)		EUR	634		714
Lorca Telecom Bondco SA
4.00%, 9/18/2027(a)		EUR	2,272		2,589
4.00%, 9/18/2027(c)		EUR	1,500		1,710
Naturgy Finance BV (EUR Swap Annual 8 Year + 3.35%), 4.13%, 11/18/2022(b)(c)(d)(e)		EUR	400		469
Repsol International Finance BV (EUR Swap Annual 10 Year + 4.20%), 4.50%, 3/25/2075(b)(c)		EUR	3,250		3,935
Telefonica Emisiones SA
4.67%, 3/6/2038			930		1,081
5.21%, 3/8/2047			1,950		2,441
Telefonica Europe BV
(EUR Swap Annual 5 Year + 2.33%), 2.62%, 3/7/2023(b)(c)(d)(e)		EUR	3,400		3,933
Series NC5, (EUR Swap Annual 5 Year + 2.45%), 3.00%, 9/4/2023(b)(c)(d)(e)		EUR	2,700		3,157
(EUR Swap Annual 10 Year + 4.30%), 5.87%, 3/31/2024(b)(c)(d)(e)		EUR	2,900		3,600
(EUR Swap Annual 8 Year + 2.97%), 3.88%, 6/22/2026(b)(c)(d)(e)		EUR	1,100		1,315
					—
					82,639
Sweden — 0.3%
Dometic Group AB 3.00%, 5/8/2026(c)		EUR	1,000		1,188
Svenska Handelsbanken AB (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.05%), 4.75%, 3/1/2031(b)(c)(d)(e)			3,000		3,075
Verisure Holding AB
3.88%, 7/15/2026(c)		EUR	1,207		1,389
3.25%, 2/15/2027(c)		EUR	1,200		1,349
Verisure Midholding AB
5.25%, 2/15/2029(a)		EUR	1,463		1,674
5.25%, 2/15/2029(c)		EUR	1,200		1,373
Volvo Car AB
2.00%, 1/24/2025(c)		EUR	2,200		2,581
2.50%, 10/7/2027(c)		EUR	600		731
					—
					13,360

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
Switzerland — 1.4%
Credit Suisse Group AG (USD Swap Semi 5 Year + 4.60%), 7.50%, 12/11/2023(a)(b)(d)(e)			8,490		9,143
(USD Swap Semi 5 Year + 3.46%), 6.25%, 12/18/2024(a)(b)(d)(e)			891		941
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.82%), 6.37%, 8/21/2026(a)(b)(d)(e)			3,800		4,042
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.89%), 5.25%, 2/11/2027(a)(b)(d)(e)			4,858		4,931
4.28%, 1/9/2028(a)			6,530		7,121
(ICE LIBOR USD 3 Month + 1.41%), 3.87%, 1/12/2029(a)(b)			1,585		1,698
(SOFR + 3.73%), 4.19%, 4/1/2031(a)(b)			1,853		2,038
(SOFR + 1.73%), 3.09%, 5/14/2032(a)(b)			5,132		5,201
Swiss Re Finance Luxembourg SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.58%), 5.00%, 4/2/2049(a)(b)			800		892
UBS Group AG
(EUR Swap Annual 5 Year + 5.29%), 5.75%, 2/19/2022(b)(c)(d)(e)		EUR	450		515
(USD Swap Semi 5 Year + 4.34%), 7.00%, 1/31/2024(a)(b)(d)(e)			9,990		10,728
(USD Swap Semi 5 Year + 4.87%), 7.00%, 2/19/2025(b)(c)(d)(e)			5,030		5,570
(USD Swap Semi 5 Year + 4.59%), 6.87%, 8/7/2025(b)(c)(d)(e)			1,705		1,888
					—
					54,708
Taiwan — 0.1%
Competition Team Technologies Ltd. 3.75%, 3/12/2024(c)			2,490		2,629
Thailand — 0.1%
Thai Oil PCL 3.63%, 1/23/2023(c)			2,510		2,567
United Arab Emirates — 0.1%
DP World Crescent Ltd. 4.85%, 9/26/2028(c)			2,490		2,785
Fab Sukuk Co. Ltd.
3.88%, 1/22/2024(c)			1,490		1,576
2.50%, 1/21/2025(c)			929		958
Mashreqbank PSC 4.25%, 2/26/2024(c)			466		492
					—
					5,811
United Kingdom — 3.9%
Barclays plc
(USD Swap Semi 5 Year + 4.84%), 7.75%, 9/15/2023(b)(d)(e)			294		315
(U.K. Government Bonds 5 Year Note Generic Bid Yield + 6.02%), 6.37%, 12/15/2025(b)(c)(d)(e)		GBP	4,226		5,986
4.84%, 5/9/2028			710		783
(ICE LIBOR USD 3 Month + 3.05%), 5.09%, 6/20/2030(b)			305		346
BAT Capital Corp. 4.39%, 8/15/2037			4,316		4,583
BP Capital Markets plc
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.04%), 4.38%, 6/22/2025(b)(d)(e)			3,406		3,559
(EUR Swap Annual 5 Year + 3.88%), 3.25%, 3/22/2026(b)(c)(d)(e)		EUR	5,700		6,812
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.40%), 4.88%, 3/22/2030(b)(d)(e)			5,995		6,452
British Telecommunications plc (EURIBOR ICE Swap Rate 5 Year + 2.13%), 1.87%, 8/18/2080(b)(c)		EUR	300		330
Constellation Automotive Financing plc
4.88%, 7/15/2027(a)		GBP	731		944
4.88%, 7/15/2027(c)		GBP	300		387
CPUK Finance Ltd.
4.88%, 8/28/2025(c)		GBP	500		662
4.50%, 8/28/2027(c)		GBP	700		928
EC Finance plc 3.00%, 10/15/2026(a)		EUR	889		1,024
eG Global Finance plc
3.63%, 2/7/2024(c)		EUR	350		389
4.38%, 2/7/2025(c)		EUR	2,575		2,865
FCE Bank plc 1.13%, 2/10/2022(c)		EUR	850		965
Heathrow Funding Ltd. 5.88%, 5/13/2041(c)		GBP	1,900		3,699
HSBC Holdings plc
(USD ICE Swap Rate 5 Year + 4.37%), 6.37%, 3/30/2025(b)(d)(e)			997		1,072
(SOFR + 1.93%), 2.10%, 6/4/2026(b)			5,690		5,726
(SOFR + 1.10%), 2.25%, 11/22/2027(b)			4,940		4,951
(SOFR + 1.73%), 2.01%, 9/22/2028(b)			8,500		8,305

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
(EUR Swap Annual 5 Year + 3.84%), 4.75%, 7/4/2029(b)(c)(d)(e)		EUR	2,001		2,414
(SOFR + 1.29%), 2.21%, 8/17/2029(b)			535		524
(SOFR + 1.41%), 2.87%, 11/22/2032(b)			6,400		6,408
Iceland Bondco plc 4.63%, 3/15/2025(c)		GBP	2,375		2,874
INEOS Quattro Finance 1 plc 3.75%, 7/15/2026(a)		EUR	367		415
INEOS Quattro Finance 2 plc 2.50%, 1/15/2026(a)		EUR	454		507
INEOS Styrolution Group GmbH 2.25%, 1/16/2027(c)		EUR	523		573
Jaguar Land Rover Automotive plc
5.88%, 11/15/2024(c)		EUR	985		1,198
4.50%, 1/15/2026(c)		EUR	500		580
6.88%, 11/15/2026(c)		EUR	1,006		1,277
Lloyds Banking Group plc (EURIBOR ICE Swap Rate 5 Year + 5.29%), 4.95%, 6/27/2025(b)(c)(d)(e)		EUR	4,969		6,044
Motion Finco SARL 7.00%, 5/15/2025(c)		EUR	450		530
Nationwide Building Society
(U.K. Government Bonds 5 Year Note Generic Bid Yield + 5.39%), 5.87%, 12/20/2024(b)(c)(d)(e)		GBP	200		284
(U.K. Government Bonds 5 Year Note Generic Bid Yield + 5.63%), 5.75%, 6/20/2027(b)(c)(d)(e)		GBP	3,154		4,493
NatWest Group plc
(ICE LIBOR USD 3 Month + 1.48%), 3.50%, 5/15/2023(b)			7,562		7,652
(ICE LIBOR USD 3 Month + 1.76%), 4.27%, 3/22/2025(b)			830		882
(U.K. Government Bonds 5 Year Note Generic Bid Yield + 4.99%), 5.13%, 5/12/2027(b)(d)(e)		GBP	7,637		10,558
NGG Finance plc (EUR Swap Annual 5 Year + 2.53%), 2.13%, 9/5/2082(b)(c)		EUR	4,400		4,977
Pinnacle Bidco plc
5.50%, 2/15/2025(a)		EUR	619		712
5.50%, 2/15/2025(c)		EUR	250		287
Punch Finance plc
6.13%, 6/30/2026(a)		GBP	686		911
6.13%, 6/30/2026(c)		GBP	500		664
RAC Bond Co. plc 5.25%, 11/4/2027(a)		GBP	1,078		1,397
Rolls-Royce plc
4.63%, 2/16/2026(a)		EUR	551		688
5.75%, 10/15/2027(a)			1,885		2,440
Santander UK Group Holdings plc
(GBP Swap 5 Year + 5.79%), 6.75%, 6/24/2024(b)(c)(d)(e)		GBP	394		561
4.75%, 9/15/2025(a)			1,520		1,661
(SOFR + 0.99%), 1.67%, 6/14/2027(b)			5,200		5,100
SIG plc 5.25%, 11/30/2026(a)		EUR	708		803
Standard Chartered plc
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.66%), 6.00%, 7/26/2025(a)(b)(d)(e)			1,000		1,071
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.85%), 4.64%, 4/1/2031(a)(b)			3,600		4,078
Synthomer plc 3.88%, 7/1/2025(c)		EUR	1,458		1,696
Virgin Media Finance plc 3.75%, 7/15/2030(c)		EUR	600		674
Virgin Media Secured Finance plc 5.00%, 4/15/2027(c)		GBP	2,900		3,960
Virgin Media Vendor Financing Notes III DAC 4.88%, 7/15/2028(a)		GBP	689		912
Vodafone Group plc
5.25%, 5/30/2048			1,550		2,016
4.88%, 6/19/2049			1,649		2,062
(EUR Swap Annual 5 Year + 2.67%), 3.10%, 1/3/2079(b)(c)		EUR	2,200		2,573
Series NC6, (EUR Swap Annual 5 Year + 3.00%), 2.62%, 8/27/2080(b)(c)		EUR	1,200		1,380
Series NC10, (EUR Swap Annual 5 Year + 3.23%), 3.00%, 8/27/2080(b)(c)		EUR	2,900		3,312
Wheel Bidco Ltd.
6.75%, 7/15/2026(c)		GBP	500		654
6.75%, 7/15/2026(a)		GBP	270		353
					—
					153,238
United States — 29.3%
AbbVie, Inc.
4.05%, 11/21/2039			2,415		2,764
4.70%, 5/14/2045			862		1,071
4.45%, 5/14/2046			3,245		3,939
4.25%, 11/21/2049			4,005		4,817
Acadia Healthcare Co., Inc. 5.00%, 4/15/2029(a)			315		320
ACCO Brands Corp. 4.25%, 3/15/2029(a)			6,690		6,539
Adient Global Holdings Ltd.
3.50%, 8/15/2024(c)		EUR	2,375		2,707
4.88%, 8/15/2026(a)			700		701

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
Adient US LLC 9.00%, 4/15/2025(a)			590		625
ADT Security Corp. (The)
4.13%, 6/15/2023			290		298
4.13%, 8/1/2029(a)			1,725		1,679
AES Corp. (The)
3.30%, 7/15/2025(a)			781		817
1.38%, 1/15/2026			3,770		3,661
3.95%, 7/15/2030(a)			1,568		1,691
Air Lease Corp.
3.25%, 3/1/2025			1,400		1,458
2.88%, 1/15/2026			1,713		1,758
3.25%, 10/1/2029			4,550		4,651
Albertsons Cos., Inc.
3.50%, 2/15/2023(a)			300		302
7.50%, 3/15/2026(a)			100		107
4.63%, 1/15/2027(a)			605		627
4.88%, 2/15/2030(a)			425		452
Alcoa Nederland Holding BV 5.50%, 12/15/2027(a)			3,035		3,220
Alexander Funding Trust 1.84%, 11/15/2023(a)			1,000		1,010
Alexandria Real Estate Equities, Inc. REIT, 1.88%, 2/1/2033			890		838
Allegheny Technologies, Inc. 4.88%, 10/1/2029			440		435
Allied Universal Holdco LLC
6.63%, 7/15/2026(a)			93		96
9.75%, 7/15/2027(a)			94		98
Allison Transmission, Inc.
4.75%, 10/1/2027(a)			277		286
5.88%, 6/1/2029(a)			3,525		3,767
Amazon.com, Inc. 2.70%, 6/3/2060			1,465		1,427
AMC Entertainment Holdings, Inc. 10.50%, 4/24/2026(a)			456		478
Ameren Corp. 3.50%, 1/15/2031			2,750		2,987
American Airlines Pass-Through Trust Series 2021-1, Class A Shares, 2.88%, 7/11/2034			1,130		1,096
American Axle & Manufacturing, Inc.
6.25%, 3/15/2026			288		294
6.50%, 4/1/2027			1,780		1,846
6.88%, 7/1/2028			885		946
5.00%, 10/1/2029			1,970		1,869
American Express Co. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.85%), 3.55%, 9/15/2026(b)(d)(e)			1,388		1,371
American Tower Corp. REIT, 2.10%, 6/15/2030			6,470		6,212
AmeriGas Partners LP 5.50%, 5/20/2025			505		540
ANGI Group LLC 3.88%, 8/15/2028(a)			3,423		3,251
Antero Midstream Partners LP
5.75%, 3/1/2027(a)			900		905
5.75%, 1/15/2028(a)			660		678
5.38%, 6/15/2029(a)			415		420
Antero Resources Corp.
8.38%, 7/15/2026(a)			208		231
7.63%, 2/1/2029(a)			913		1,001
5.38%, 3/1/2030(a)			345		356
APi Escrow Corp. 4.75%, 10/15/2029(a)			218		221
Apple, Inc.
3.75%, 9/12/2047			3,650		4,344
2.65%, 2/8/2051			930		921
Arches Buyer, Inc.
4.25%, 6/1/2028(a)			470		465
6.13%, 12/1/2028(a)			2,175		2,196
Arconic Corp.
6.00%, 5/15/2025(a)			1,485		1,548
6.13%, 2/15/2028(a)			700		728
Ardagh Metal Packaging Finance USA LLC
2.00%, 9/1/2028(a)		EUR	990		1,105
3.00%, 9/1/2029(a)		EUR	727		803
Ardagh Packaging Finance plc
2.13%, 8/15/2026(c)		EUR	1,885		2,082
4.13%, 8/15/2026(a)			935		945
5.25%, 8/15/2027(a)			365		358
Asbury Automotive Group, Inc. 4.63%, 11/15/2029(a)			1,236		1,244
Ascend Learning LLC 6.88%, 8/1/2025(a)			330		336
Ashland Services BV 2.00%, 1/30/2028(c)		EUR	407		471
AT&T, Inc.
3.50%, 9/15/2053			6,290		6,354
3.55%, 9/15/2055			1,946		1,956
Audacy Capital Corp.
6.50%, 5/1/2027(a)			416		407
6.75%, 3/31/2029(a)			985		964
Avantor Funding, Inc.
3.88%, 7/15/2028(c)		EUR	1,435		1,686
4.63%, 7/15/2028(a)			1,156		1,194
Aviation Capital Group LLC 1.95%, 9/20/2026(a)			2,940		2,875
Avis Budget Car Rental LLC
5.75%, 7/15/2027(a)			264		274
5.38%, 3/1/2029(a)			3,070		3,142
Axalta Coating Systems LLC 4.75%, 6/15/2027(a)			470		486
Ball Corp.
4.38%, 12/15/2023		EUR	1,525		1,860
1.50%, 3/15/2027		EUR	600		687
Bank of America Corp.
Series X, (ICE LIBOR USD 3 Month + 3.71%), 6.25%, 9/5/2024(b)(d)(e)			661		701
Series Z, (ICE LIBOR USD 3 Month + 4.17%), 6.50%, 10/23/2024(b)(d)(e)			976		1,058

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 3/17/2025(b)(d)(e)			235		253
Series DD, (ICE LIBOR USD 3 Month + 4.55%), 6.30%, 3/10/2026(b)(d)(e)			3,314		3,721
(ICE LIBOR USD 3 Month + 1.06%), 3.56%, 4/23/2027(b)			4,060		4,332
(ICE LIBOR USD 3 Month + 1.07%), 3.97%, 3/5/2029(b)			1,875		2,061
(ICE LIBOR USD 3 Month + 1.19%), 2.88%, 10/22/2030(b)			3,282		3,392
(SOFR + 1.53%), 1.90%, 7/23/2031(b)			6,260		5,986
(SOFR + 1.37%), 1.92%, 10/24/2031(b)			3,490		3,331
(SOFR + 1.32%), 2.69%, 4/22/2032(b)			8,620		8,729
(SOFR + 1.22%), 2.30%, 7/21/2032(b)			215		211
(SOFR + 1.21%), 2.57%, 10/20/2032(b)			2,270		2,280
(SOFR + 1.93%), 2.68%, 6/19/2041(b)			1,965		1,908
Bath & Body Works, Inc. 7.50%, 6/15/2029			196		218
Bausch Health Americas, Inc.
9.25%, 4/1/2026(a)			725		759
8.50%, 1/31/2027(a)			298		307
Bausch Health Cos., Inc.
6.13%, 4/15/2025(a)			5,708		5,765
5.50%, 11/1/2025(a)			2,797		2,827
9.00%, 12/15/2025(a)			643		671
5.75%, 8/15/2027(a)			29		30
7.00%, 1/15/2028(a)			227		219
5.00%, 1/30/2028(a)			345		307
4.88%, 6/1/2028(a)			1,480		1,458
7.25%, 5/30/2029(a)			252		239
5.25%, 1/30/2030(a)			2,179		1,868
Becton Dickinson and Co. 3.79%, 5/20/2050			1,220		1,389
Belden, Inc. 3.38%, 7/15/2027(c)		EUR	3,000		3,441
Berry Global, Inc. 4.88%, 7/15/2026(a)			1,284		1,332
Big River Steel LLC 6.63%, 1/31/2029(a)			400		429
Biogen, Inc.
2.25%, 5/1/2030			857		838
3.15%, 5/1/2050			109		107
Black Knight InfoServ LLC 3.63%, 9/1/2028(a)			1,745		1,703
Blue Racer Midstream LLC 6.63%, 7/15/2026(a)			400		406
Boeing Co. (The)
5.04%, 5/1/2027			3,089		3,478
3.50%, 3/1/2039			2,500		2,484
5.71%, 5/1/2040			1,080		1,380
3.95%, 8/1/2059			1,190		1,242
Booz Allen Hamilton, Inc. 4.00%, 7/1/2029(a)			100		100
Boyne USA, Inc. 4.75%, 5/15/2029(a)			1,590		1,602
BP Capital Markets America, Inc. 2.77%, 11/10/2050			1,160		1,096
Bristol-Myers Squibb Co. 4.25%, 10/26/2049			1,195		1,490
Buckeye Partners LP
4.13%, 12/1/2027			435		429
4.50%, 3/1/2028(a)			140		136
Builders FirstSource, Inc. 4.25%, 2/1/2032(a)			1,317		1,323
Caesars Resort Collection LLC 5.75%, 7/1/2025(a)			467		485
Callon Petroleum Co. 6.13%, 10/1/2024			221		213
Calpine Corp. 5.25%, 6/1/2026(a)			543		555
Capital One Financial Corp.
Series M, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.16%), 3.95%, 9/1/2026(b)(d)(e)			6,083		5,969
Carnival Corp.
1.88%, 11/7/2022		EUR	850		944
10.13%, 2/1/2026(c)		EUR	1,521		1,919
6.00%, 5/1/2029(a)			870		846
Catalent Pharma Solutions, Inc. 5.00%, 7/15/2027(a)			46		48
CCO Holdings LLC
5.13%, 5/1/2027(a)			6,110		6,289
5.00%, 2/1/2028(a)			2,655		2,735
5.38%, 6/1/2029(a)			1,498		1,584
4.75%, 3/1/2030(a)			7,188		7,365
4.50%, 8/15/2030(a)			1,625		1,638
4.25%, 2/1/2031(a)			2,422		2,386
CD&R Smokey Buyer, Inc. 6.75%, 7/15/2025(a)			2,875		3,001
CDK Global, Inc. 5.25%, 5/15/2029(a)			712		753
CDW LLC
4.25%, 4/1/2028			3,811		3,915
3.25%, 2/15/2029			313		313
Cedar Fair LP
5.50%, 5/1/2025(a)			1,600		1,653
5.25%, 7/15/2029			1,134		1,164
Centene Corp.
4.25%, 12/15/2027			857		889
4.63%, 12/15/2029			3,680		3,938
CenterPoint Energy, Inc. 2.95%, 3/1/2030			5,863		6,043
Central Garden & Pet Co. 4.13%, 10/15/2030			3,445		3,442
CF Industries, Inc. 4.95%, 6/1/2043			3,016		3,628

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
Charles Schwab Corp. (The)
Series I, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.17%), 4.00%, 6/1/2026(b)(d)(e)			2,672		2,662
Series H, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 3.08%), 4.00%, 12/1/2030(b)(d)(e)			8,297		8,214
Charter Communications Operating LLC
2.30%, 2/1/2032			1,280		1,208
3.50%, 6/1/2041			1,260		1,234
5.38%, 5/1/2047			2,844		3,413
4.80%, 3/1/2050			1,725		1,943
3.70%, 4/1/2051			4,637		4,495
3.90%, 6/1/2052			1,130		1,142
Chemours Co. (The)
5.38%, 5/15/2027			160		167
5.75%, 11/15/2028(a)			290		297
Cheniere Corpus Christi Holdings LLC 5.13%, 6/30/2027			4,606		5,215
Cheniere Energy Partners LP 3.25%, 1/31/2032(a)			1,285		1,248
Chesapeake Energy Corp.
5.50%, 2/1/2026(a)			1,155		1,198
5.88%, 2/1/2029(a)			685		726
Chevron USA, Inc. 2.34%, 8/12/2050			3,342		3,096
Cigna Corp.
4.38%, 10/15/2028			2,284		2,588
3.40%, 3/15/2050			4,075		4,283
Cinemark USA, Inc.
8.75%, 5/1/2025(a)			540		574
5.88%, 3/15/2026(a)			170		168
5.25%, 7/15/2028(a)			835		791
CIT Group, Inc.
4.75%, 2/16/2024			2		2
5.25%, 3/7/2025			168		183
Citigroup, Inc.
Series M, (ICE LIBOR USD 3 Month + 3.42%), 6.30%, 5/15/2024(b)(d)(e)			2,575		2,688
Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025(b)(d)(e)			1,715		1,824
Series W, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.60%), 4.00%, 12/10/2025(b)(d)(e)			4,621		4,609
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.42%), 3.88%, 2/18/2026(b)(d)(e)			7,042		6,972
(ICE LIBOR USD 3 Month + 1.56%), 3.89%, 1/10/2028(b)			3,415		3,702
(SOFR + 3.91%), 4.41%, 3/31/2031(b)			5,950		6,787
(SOFR + 2.11%), 2.57%, 6/3/2031(b)			9,400		9,452
(SOFR + 1.18%), 2.52%, 11/3/2032(b)			375		375
Clarios Global LP 6.25%, 5/15/2026(a)			764		794
Clarivate Science Holdings Corp. 4.88%, 7/1/2029(a)			250		245
Clear Channel Outdoor Holdings, Inc. 7.75%, 4/15/2028(a)			2,575		2,684
Clear Channel Worldwide Holdings, Inc. 5.13%, 8/15/2027(a)			2,074		2,095
Cleveland-Cliffs, Inc. 4.63%, 3/1/2029(a)			2,253		2,268
Cogent Communications Group, Inc. 4.38%, 6/30/2024(c)		EUR	850		975
Comcast Corp.
2.80%, 1/15/2051			3,899		3,765
2.99%, 11/1/2063(a)			3,052		2,949
CommScope Technologies LLC
6.00%, 6/15/2025(a)			1,208		1,166
5.00%, 3/15/2027(a)			392		352
CommScope, Inc.
6.00%, 3/1/2026(a)			1,470		1,504
4.75%, 9/1/2029(a)			855		827
Community Health Systems, Inc.
8.00%, 3/15/2026(a)			1,877		1,961
6.13%, 4/1/2030(a)			765		733
4.75%, 2/15/2031(a)			2,275		2,241
Comstock Resources, Inc.
7.50%, 5/15/2025(a)			284		291
6.75%, 3/1/2029(a)			1,762		1,833
Conduent Business Services LLC 6.00%, 11/1/2029(a)			950		939
Constellium SE
4.25%, 2/15/2026(c)		EUR	641		730
5.63%, 6/15/2028(a)			600		626
Cooper-Standard Automotive, Inc. 5.63%, 11/15/2026(a)			1,345		1,096
Coty, Inc.
4.00%, 4/15/2023(c)		EUR	1,384		1,563
3.88%, 4/15/2026(c)		EUR	900		1,034
4.75%, 4/15/2026(c)		EUR	600		679
5.00%, 4/15/2026(a)			1,070		1,090
4.75%, 1/15/2029(a)			420		415
Crestwood Midstream Partners LP
5.75%, 4/1/2025			910		913
5.63%, 5/1/2027(a)			100		100
Crown Americas LLC 4.75%, 2/1/2026			274		281

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
Crown Castle International Corp.
REIT, 3.30%, 7/1/2030			260		273
REIT, 4.15%, 7/1/2050			345		394
Crown European Holdings SA
2.63%, 9/30/2024(c)		EUR	2,350		2,758
3.38%, 5/15/2025(c)		EUR	500		601
CSC Holdings LLC 6.50%, 2/1/2029(a)			2,180		2,305
CVR Partners LP 9.25%, 6/15/2023(a)			209		209
CVS Health Corp.
4.13%, 4/1/2040			1,205		1,377
2.70%, 8/21/2040			3,480		3,331
DaVita, Inc.
4.63%, 6/1/2030(a)			2,975		2,938
3.75%, 2/15/2031(a)			648		601
DCP Midstream Operating LP
3.88%, 3/15/2023			580		590
6.75%, 9/15/2037(a)			535		706
Dell International LLC
6.02%, 6/15/2026			8,385		9,760
4.90%, 10/1/2026			370		418
Delta Air Lines, Inc. 4.75%, 10/20/2028(a)			605		663
Devon Energy Corp. 5.88%, 6/15/2028(a)			439		479
Diamond Sports Group LLC 5.38%, 8/15/2026(a)			573		254
Diebold Nixdorf Dutch Holding BV 9.00%, 7/15/2025(c)		EUR	1,425		1,723
Diebold Nixdorf, Inc. 9.38%, 7/15/2025(a)			850		902
Discovery Communications LLC
3.63%, 5/15/2030			3,135		3,354
4.65%, 5/15/2050			1,620		1,921
DISH DBS Corp.
5.88%, 7/15/2022			425		430
5.88%, 11/15/2024			6,545		6,620
7.75%, 7/1/2026			2,600		2,671
5.25%, 12/1/2026(a)			3,795		3,759
5.75%, 12/1/2028(a)			755		744
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023(a)			957		1,002
Duquesne Light Holdings, Inc. 2.78%, 1/7/2032(a)			1,920		1,919
Edgewell Personal Care Co.
5.50%, 6/1/2028(a)			2,281		2,378
4.13%, 4/1/2029(a)			2,760		2,723
Edison International 3.55%, 11/15/2024			839		884
Elastic NV 4.13%, 7/15/2029(a)			350		343
Element Solutions, Inc. 3.88%, 9/1/2028(a)			2,355		2,331
Embarq Corp. 8.00%, 6/1/2036			590		647
Encompass Health Corp.
5.75%, 9/15/2025			650		661
4.50%, 2/1/2028			642		648
4.75%, 2/1/2030			300		302
Endo Dac
9.50%, 7/31/2027(a)			223		224
6.00%, 6/30/2028(a)			308		236
Endo Luxembourg Finance Co. I SARL 6.13%, 4/1/2029(a)			2,955		2,895
Energizer Holdings, Inc.
4.75%, 6/15/2028(a)			2,487		2,453
4.38%, 3/31/2029(a)			3,230		3,064
Energy Transfer LP
5.25%, 4/15/2029			1,125		1,287
5.35%, 5/15/2045			2,010		2,333
EnLink Midstream Partners LP Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022(b)(d)(e)			140		111
Entegris, Inc. 4.38%, 4/15/2028(a)			200		204
Envision Healthcare Corp. 8.75%, 10/15/2026(a)			258		157
EQM Midstream Partners LP
4.00%, 8/1/2024			926		952
6.00%, 7/1/2025(a)			95		101
4.50%, 1/15/2029(a)			3,055		3,032
EQT Corp. 3.90%, 10/1/2027			1,175		1,225
ESC GCBREGS EXIDE TECH
7.13%, 8/1/2026(i)			265		17
6.00%, 1/15/2028(i)			685		45
Evergy Metro, Inc. Series 2020, 2.25%, 6/1/2030			1,974		1,990
Exela Intermediate LLC 10.00%, 7/15/2023(a)			699		566
Exelon Generation Co. LLC 5.60%, 6/15/2042			2,735		3,293
Exxon Mobil Corp. 3.00%, 8/16/2039			3,735		3,849
Fiserv, Inc. 1.63%, 7/1/2030		EUR	5,000		5,989
Ford Motor Credit Co. LLC
4.38%, 8/6/2023			555		574
3.02%, 3/6/2024		EUR	2,500		2,952
2.75%, 6/14/2024		GBP	946		1,264
1.36%, 2/7/2025		EUR	1,375		1,561
5.13%, 6/16/2025			2,965		3,205
3.25%, 9/15/2025		EUR	1,000		1,210
4.39%, 1/8/2026			500		528
4.54%, 8/1/2026			785		838
4.27%, 1/9/2027			685		724
3.63%, 6/17/2031			7,380		7,528
Freeport-McMoRan, Inc.
4.38%, 8/1/2028			373		389
5.40%, 11/14/2034			7,029		8,365
5.45%, 3/15/2043			1,270		1,565
Frontier Communications Holdings LLC
5.88%, 10/15/2027(a)			1,895		1,957
5.00%, 5/1/2028(a)			2,100		2,106

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
Gannett Holdings LLC 6.00%, 11/1/2026(a)			410		410
Gartner, Inc.
4.50%, 7/1/2028(a)			3,535		3,674
3.63%, 6/15/2029(a)			1,620		1,610
3.75%, 10/1/2030(a)			845		843
GCI LLC 4.75%, 10/15/2028(a)			2,310		2,364
GE Capital International Funding Co. Unlimited Co.
3.37%, 11/15/2025			4,315		4,661
4.42%, 11/15/2035			4,005		4,841
General Electric Co.
5.25%, 12/7/2028		GBP	1,100		1,817
4.13%, 9/19/2035(c)		EUR	3,800		5,934
General Motors Co.
6.13%, 10/1/2025			382		441
5.15%, 4/1/2038			1,600		1,930
5.20%, 4/1/2045			395		487
Genesis Energy LP 7.75%, 2/1/2028			544		532
Gilead Sciences, Inc.
1.65%, 10/1/2030			2,440		2,324
2.60%, 10/1/2040			2,795		2,671
2.80%, 10/1/2050			4,050		3,934
Global Payments, Inc.
2.90%, 5/15/2030			1,360		1,377
2.90%, 11/15/2031			3,450		3,491
Go Daddy Operating Co. LLC
5.25%, 12/1/2027(a)			2,054		2,128
3.50%, 3/1/2029(a)			2,235		2,126
Goldman Sachs Group, Inc. (The)
3.50%, 4/1/2025			2,830		3,001
4.25%, 10/21/2025			1,815		1,974
Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.97%), 3.80%, 5/10/2026(b)(d)(e)			5,294		5,157
3.50%, 11/16/2026			6,460		6,880
3.85%, 1/26/2027			3,770		4,041
(SOFR + 0.91%), 1.95%, 10/21/2027(b)			3,790		3,781
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028(b)			8		8
(SOFR + 1.28%), 2.62%, 4/22/2032(b)			1,730		1,733
(SOFR + 1.26%), 2.65%, 10/21/2032(b)			5,050		5,062
(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038(b)			2,665		3,043
Goodyear Tire & Rubber Co. (The) 5.00%, 7/15/2029(a)			1,728		1,804
Graham Packaging Co., Inc. 7.13%, 8/15/2028(a)			680		694
Graphic Packaging International LLC 3.50%, 3/15/2028(a)			573		567
Gray Oak Pipeline LLC 2.60%, 10/15/2025(a)			810		824
Gray Television, Inc.
5.88%, 7/15/2026(a)			400		412
7.00%, 5/15/2027(a)			373		395
Griffon Corp. 5.75%, 3/1/2028			2,360		2,432
HCA, Inc.
5.38%, 2/1/2025			5,855		6,385
5.88%, 2/15/2026			8,669		9,714
5.38%, 9/1/2026			1,000		1,116
4.50%, 2/15/2027			1,840		2,024
2.38%, 7/15/2031			4,335		4,231
3.50%, 7/15/2051			1,470		1,502
Herc Holdings, Inc. 5.50%, 7/15/2027(a)			3,535		3,658
Hertz Corp. (The)
5.50%, 10/15/2024(i)			1,600		36
4.63%, 12/1/2026(a)			1,140		1,124
Hess Midstream Operations LP 5.13%, 6/15/2028(a)			415		424
Hill-Rom Holdings, Inc. 4.38%, 9/15/2027(a)			720		747
Hilton Domestic Operating Co., Inc. 4.88%, 1/15/2030			654		687
Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024			215		222
Hilton Worldwide Finance LLC 4.88%, 4/1/2027			1,611		1,653
Hologic, Inc.
4.63%, 2/1/2028(a)			210		218
3.25%, 2/15/2029(a)			595		584
Howmet Aerospace, Inc.
5.13%, 10/1/2024			622		665
5.90%, 2/1/2027			920		1,034
6.75%, 1/15/2028			83		98
Hughes Satellite Systems Corp. 6.63%, 8/1/2026			1,413		1,568
Hyundai Capital America
1.30%, 1/8/2026(a)			1,430		1,392
3.50%, 11/2/2026(c)			2,600		2,757
3.50%, 11/2/2026(a)			8,025		8,511
iHeartCommunications, Inc.
6.38%, 5/1/2026			1,120		1,159
8.38%, 5/1/2027			2,228		2,344
5.25%, 8/15/2027(a)			1,140		1,157
ILFC E-Capital Trust I (USD Constant Maturity 30 Year + 1.55%, 14.50%), 3.46%, 12/21/2065(a)(b)			500		411
ILFC E-Capital Trust II (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year + 1.80%, 14.50%), 3.71%, 12/21/2065(a)(b)			535		465
Imola Merger Corp. 4.75%, 5/15/2029(a)			2,545		2,560

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
International Game Technology plc
3.50%, 7/15/2024(c)		EUR	1,400		1,655
6.50%, 2/15/2025(a)			200		217
2.38%, 4/15/2028(c)		EUR	1,542		1,705
IQVIA, Inc.
2.88%, 9/15/2025(c)		EUR	325		370
1.75%, 3/15/2026(a)		EUR	756		861
5.00%, 10/15/2026(a)			2,390		2,444
5.00%, 5/15/2027(a)			1,355		1,396
2.88%, 6/15/2028(c)		EUR	2,699		3,115
2.25%, 3/15/2029(a)		EUR	480		538
Iron Mountain, Inc.
REIT, 4.88%, 9/15/2027(a)			287		291
REIT, 5.25%, 3/15/2028(a)			297		305
REIT, 5.00%, 7/15/2028(a)			2,000		2,030
ITC Holdings Corp. 2.95%, 5/14/2030(a)			8,165		8,420
Jazz Securities DAC 4.38%, 1/15/2029(a)			915		932
JB Poindexter & Co., Inc. 7.13%, 4/15/2026(a)			36		37
JBS USA LUX SA
6.75%, 2/15/2028(a)			372		401
6.50%, 4/15/2029(a)			298		327
JELD-WEN, Inc.
6.25%, 5/15/2025(a)			500		521
4.88%, 12/15/2027(a)			620		634
Jersey Central Power & Light Co. 2.75%, 3/1/2032(a)			2,715		2,767
Kansas City Southern 3.50%, 5/1/2050			1,250		1,357
Kennedy-Wilson, Inc. 4.75%, 3/1/2029			1,000		1,014
Kilroy Realty LP REIT, 2.50%, 11/15/2032			3,333		3,281
Kraft Heinz Foods Co. 2.25%, 5/25/2028(c)		EUR	700		855
L3Harris Technologies, Inc. 4.85%, 4/27/2035			2,510		3,070
LABL, Inc. 6.75%, 7/15/2026(a)			2,175		2,229
Ladder Capital Finance Holdings LLLP REIT, 5.25%, 10/1/2025(a)			233		234
Lamar Media Corp. 4.00%, 2/15/2030			185		185
Lamb Weston Holdings, Inc. 4.13%, 1/31/2030(a)			670		668
Lear Corp.
2.60%, 1/15/2032			1,045		1,028
3.55%, 1/15/2052			1,575		1,554
Lennar Corp. 4.75%, 11/29/2027			3,060		3,478
Level 3 Financing, Inc.
5.38%, 5/1/2025			1,231		1,257
5.25%, 3/15/2026			38		39
4.63%, 9/15/2027(a)			1,925		1,950
3.75%, 7/15/2029(a)			1,335		1,240
Live Nation Entertainment, Inc.
4.88%, 11/1/2024(a)			1,670		1,681
4.75%, 10/15/2027(a)			2,095		2,095
3.75%, 1/15/2028(a)			610		586
Lumen Technologies, Inc.
Series W, 6.75%, 12/1/2023			285		307
Series Y, 7.50%, 4/1/2024			915		993
5.63%, 4/1/2025			2,320		2,417
5.13%, 12/15/2026(a)			2,389		2,393
4.00%, 2/15/2027(a)			260		259
Series G, 6.88%, 1/15/2028			184		202
Madison IAQ LLC
4.13%, 6/30/2028(a)			1,630		1,577
5.88%, 6/30/2029(a)			1,250		1,203
Mallinckrodt International Finance SA 5.50%, 4/15/2025(a)(i)			1,135		672
Marriott International, Inc. Series FF, 4.63%, 6/15/2030			675		760
Marriott Ownership Resorts, Inc. 4.75%, 1/15/2028			15		15
Masonite International Corp. 5.38%, 2/1/2028(a)			95		99
Mattel, Inc.
3.15%, 3/15/2023			243		244
3.75%, 4/1/2029(a)			2,790		2,855
Mauser Packaging Solutions Holding Co.
5.50%, 4/15/2024(a)			570		570
7.25%, 4/15/2025(a)			630		618
Medtronic Global Holdings SCA 1.50%, 7/2/2039		EUR	1,500		1,772
Meredith Corp.
6.50%, 7/1/2025			130		138
6.88%, 2/1/2026			1,326		1,372
MetLife, Inc.
6.40%, 12/15/2036			435		540
9.25%, 4/8/2038(a)			2,690		3,981
MGM Growth Properties Operating Partnership LP REIT, 5.75%, 2/1/2027			258		292
MGM Resorts International
6.00%, 3/15/2023			3,460		3,602
6.75%, 5/1/2025			2,885		3,004
4.63%, 9/1/2026			307		310
Microchip Technology, Inc. 4.25%, 9/1/2025			2,773		2,880
Midas OpCo Holdings LLC 5.63%, 8/15/2029(a)			149		150
Millennium Escrow Corp. 6.63%, 8/1/2026(a)			425		424
Molina Healthcare, Inc. 3.88%, 11/15/2030(a)			800		804
Morgan Stanley
(SOFR + 1.15%), 2.72%, 7/22/2025(b)			2,015		2,079
(SOFR + 0.88%), 1.59%, 5/4/2027(b)			11,955		11,820

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
(SOFR + 1.14%), 2.70%, 1/22/2031(b)			3,930		4,035
(SOFR + 3.12%), 3.62%, 4/1/2031(b)			3,908		4,267
(SOFR + 1.03%), 1.79%, 2/13/2032(b)			882		835
(SOFR + 1.20%), 2.51%, 10/20/2032(b)			1,140		1,144
(ICE LIBOR USD 3 Month + 1.46%), 3.97%, 7/22/2038(b)			3,985		4,585
Mozart Debt Merger Sub, Inc.
3.88%, 4/1/2029(a)			440		434
5.25%, 10/1/2029(a)			1,085		1,084
MPLX LP
4.13%, 3/1/2027			905		985
4.00%, 3/15/2028			1,245		1,353
Nabors Industries Ltd. 7.25%, 1/15/2026(a)			345		297
Navient Corp. 5.00%, 3/15/2027			385		386
NCR Corp.
5.75%, 9/1/2027(a)			955		990
5.00%, 10/1/2028(a)			2,595		2,621
5.13%, 4/15/2029(a)			650		657
6.13%, 9/1/2029(a)			2,290		2,427
Netflix, Inc.
4.38%, 11/15/2026			92		102
4.88%, 4/15/2028			1,750		1,980
5.88%, 11/15/2028			375		449
4.63%, 5/15/2029		EUR	1,000		1,403
3.88%, 11/15/2029(c)		EUR	2,450		3,320
5.38%, 11/15/2029(a)			3,936		4,656
3.63%, 6/15/2030(c)		EUR	1,000		1,335
4.88%, 6/15/2030(a)			272		315
New Albertsons LP
7.45%, 8/1/2029			197		226
8.00%, 5/1/2031			480		571
Newell Brands, Inc.
4.70%, 4/1/2026(f)			1,625		1,740
6.00%, 4/1/2046(f)			300		373
Nexstar Media, Inc.
5.63%, 7/15/2027(a)			912		946
4.75%, 11/1/2028(a)			1,160		1,159
NextEra Energy Capital Holdings, Inc. 2.25%, 6/1/2030			2,499		2,484
NGL Energy Operating LLC 7.50%, 2/1/2026(a)			562		558
Nielsen Co. Luxembourg SARL (The) 5.00%, 2/1/2025(a)			326		330
NMG Holding Co., Inc. 7.13%, 4/1/2026(a)			335		350
Novelis Corp. 4.75%, 1/30/2030(a)			615		621
Novelis Sheet Ingot GmbH
3.38%, 4/15/2029(c)		EUR	700		806
3.38%, 4/15/2029(a)		EUR	398		458
NRG Energy, Inc.
3.75%, 6/15/2024(a)			3,480		3,635
6.63%, 1/15/2027			310		320
5.75%, 1/15/2028			200		209
Nuance Communications, Inc. 5.63%, 12/15/2026			1,883		1,940
Occidental Petroleum Corp.
3.50%, 6/15/2025			1,005		1,008
8.00%, 7/15/2025			1,760		2,003
5.88%, 9/1/2025			1,740		1,871
8.88%, 7/15/2030			1,005		1,320
6.63%, 9/1/2030			770		924
OI European Group BV 3.13%, 11/15/2024(c)		EUR	1,400		1,619
ON Semiconductor Corp. 3.88%, 9/1/2028(a)			2,749		2,797
OneMain Finance Corp.
5.63%, 3/15/2023			625		648
7.13%, 3/15/2026			1,187		1,334
4.00%, 9/15/2030			1,490		1,438
Oracle Corp.
2.88%, 3/25/2031			1,690		1,729
3.95%, 3/25/2051			2,074		2,235
Organon & Co.
2.88%, 4/30/2028(c)		EUR	1,200		1,362
2.88%, 4/30/2028(a)		EUR	556		631
4.13%, 4/30/2028(a)			2,880		2,873
Outfront Media Capital LLC
6.25%, 6/15/2025(a)			400		416
5.00%, 8/15/2027(a)			175		176
Owens-Brockway Glass Container, Inc.
5.38%, 1/15/2025(a)			241		250
6.63%, 5/13/2027(a)			1,130		1,182
Pacific Gas and Electric Co.
2.95%, 3/1/2026			1,006		1,022
4.65%, 8/1/2028			4,230		4,626
4.60%, 6/15/2043			1,222		1,262
4.75%, 2/15/2044			294		306
PacifiCorp 3.30%, 3/15/2051			1,760		1,875
Pactiv Evergreen Group Issuer, Inc. 4.00%, 10/15/2027(a)			1,735		1,666
Par Pharmaceutical, Inc. 7.50%, 4/1/2027(a)			248		250
Paysafe Finance plc
3.00%, 6/15/2029(a)		EUR	1,090		1,150
3.00%, 6/15/2029(c)		EUR	500		528
Performance Food Group, Inc.
6.88%, 5/1/2025(a)			200		209
5.50%, 10/15/2027(a)			824		849
PetSmart, Inc.
4.75%, 2/15/2028(a)			2,885		2,920
7.75%, 2/15/2029(a)			1,000		1,069
PG&E Corp.
5.00%, 7/1/2028			2,865		2,951
5.25%, 7/1/2030			410		420
Philip Morris International, Inc. 2.10%, 5/1/2030			860		847
Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026(a)			2,155		2,162
Pike Corp. 5.50%, 9/1/2028(a)			177		179

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
Pilgrim’s Pride Corp. 5.88%, 9/30/2027(a)			305		320
Plantronics, Inc. 4.75%, 3/1/2029(a)			1,120		1,009
PNC Financial Services Group, Inc. (The) Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.60%), 3.40%, 9/15/2026(b)(d)(e)			5,495		5,299
Post Holdings, Inc.
5.75%, 3/1/2027(a)			500		515
5.50%, 12/15/2029(a)			1,409		1,458
4.63%, 4/15/2030(a)			1,000		987
Presidio Holdings, Inc. 4.88%, 2/1/2027(a)			3,906		3,949
Prestige Brands, Inc. 5.13%, 1/15/2028(a)			1,270		1,318
Prime Security Services Borrower LLC
5.75%, 4/15/2026(a)			750		793
3.38%, 8/31/2027(a)			40		38
PTC, Inc. 4.00%, 2/15/2028(a)			315		317
Rain CII Carbon LLC 7.25%, 4/1/2025(a)			925		941
Range Resources Corp. 8.25%, 1/15/2029(a)			340		375
Raytheon Technologies Corp. 3.75%, 11/1/2046			1,880		2,128
RHP Hotel Properties LP
REIT, 4.75%, 10/15/2027			3,924		3,934
REIT, 4.50%, 2/15/2029(a)			755		735
Rite Aid Corp.
7.50%, 7/1/2025(a)			1,264		1,261
8.00%, 11/15/2026(a)			2,273		2,260
Rocket Mortgage LLC
2.88%, 10/15/2026(a)			435		424
3.63%, 3/1/2029(a)			540		528
4.00%, 10/15/2033(a)			435		426
Sabine Pass Liquefaction LLC 4.50%, 5/15/2030			3,927		4,442
Sabre GLBL, Inc. 7.38%, 9/1/2025(a)			542		561
SBA Communications Corp.
REIT, 3.88%, 2/15/2027			1,200		1,229
REIT, 3.13%, 2/1/2029(a)			2,175		2,066
Scientific Games International, Inc. 5.00%, 10/15/2025(a)			458		470
Scotts Miracle-Gro Co. (The)
5.25%, 12/15/2026			1,195		1,225
4.50%, 10/15/2029			1,772		1,830
4.00%, 4/1/2031(a)			2,495		2,425
4.38%, 2/1/2032(a)			500		495
Scripps Escrow II, Inc.
3.88%, 1/15/2029(a)			515		512
5.38%, 1/15/2031(a)			100		100
Sempra Energy 3.80%, 2/1/2038			1,865		2,060
Sensata Technologies BV
5.00%, 10/1/2025(a)			129		140
4.00%, 4/15/2029(a)			5,285		5,359
Sensata Technologies, Inc.
4.38%, 2/15/2030(a)			475		493
3.75%, 2/15/2031(a)			286		281
Service Corp. International
5.13%, 6/1/2029			325		346
3.38%, 8/15/2030			974		930
Silgan Holdings, Inc.
3.25%, 3/15/2025		EUR	2,100		2,387
2.25%, 6/1/2028		EUR	333		375
Sirius XM Radio, Inc.
5.00%, 8/1/2027(a)			3,307		3,405
5.50%, 7/1/2029(a)			251		266
4.13%, 7/1/2030(a)			940		919
Six Flags Entertainment Corp.
4.88%, 7/31/2024(a)			625		630
5.50%, 4/15/2027(a)			4,110		4,182
Six Flags Theme Parks, Inc. 7.00%, 7/1/2025(a)			984		1,035
SM Energy Co. 6.63%, 1/15/2027			500		502
Sonic Automotive, Inc. 4.63%, 11/15/2029(a)			400		394
Southern California Edison Co.
Series A, 4.20%, 3/1/2029			2,217		2,485
Series 13-A, 3.90%, 3/15/2043			564		608
Series C, 4.13%, 3/1/2048			975		1,109
3.65%, 2/1/2050			1,513		1,624
Southern Co. Gas Capital Corp. Series 20-A, 1.75%, 1/15/2031			1,724		1,612
Southwestern Energy Co.
6.45%, 1/23/2025(f)			581		630
8.38%, 9/15/2028			630		694
5.38%, 3/15/2030			1,260		1,312
Spectrum Brands, Inc.
5.75%, 7/15/2025			84		85
4.00%, 10/1/2026(c)		EUR	1,450		1,672
5.00%, 10/1/2029(a)			1,550		1,631
5.50%, 7/15/2030(a)			2,031		2,164
3.88%, 3/15/2031(a)			2,435		2,338
Sprint Capital Corp. 8.75%, 3/15/2032			1,686		2,493
Sprint Corp.
7.88%, 9/15/2023			4,006		4,401
7.63%, 2/15/2025			4,080		4,672
7.63%, 3/1/2026			756		893
Square, Inc. 3.50%, 6/1/2031(a)			415		421
SRS Distribution, Inc.
4.63%, 7/1/2028(a)			300		300
6.13%, 7/1/2029(a)			745		747
6.00%, 12/1/2029(a)			280		277
SS&C Technologies, Inc. 5.50%, 9/30/2027(a)			3,060		3,180
Standard Industries, Inc. 2.25%, 11/21/2026(c)		EUR	1,282		1,407

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
5.00%, 2/15/2027(a)			34		35
4.75%, 1/15/2028(a)			3,900		3,929
4.38%, 7/15/2030(a)			420		413
Staples, Inc.
7.50%, 4/15/2026(a)			3,225		3,202
10.75%, 4/15/2027(a)			1,210		1,101
Stellantis NV
3.88%, 1/5/2026(c)		EUR	550		703
4.50%, 7/7/2028(c)		EUR	700		967
Summit Materials LLC 5.25%, 1/15/2029(a)			583		607
Summit Midstream Holdings LLC 8.50%, 10/15/2026(a)			550		554
Switch Ltd.
3.75%, 9/15/2028(a)			1,645		1,628
4.13%, 6/15/2029(a)			835		839
Synaptics, Inc. 4.00%, 6/15/2029(a)			2,500		2,525
Sysco Corp. 3.30%, 2/15/2050			1,910		1,990
Tallgrass Energy Partners LP
7.50%, 10/1/2025(a)			1,947		2,064
5.50%, 1/15/2028(a)			105		102
6.00%, 12/31/2030(a)			600		593
6.00%, 9/1/2031(a)			1,500		1,451
Targa Resources Partners LP
5.00%, 1/15/2028			1,272		1,315
4.00%, 1/15/2032(a)			1,700		1,756
TEGNA, Inc. 4.63%, 3/15/2028			505		503
Tempur Sealy International, Inc.
4.00%, 4/15/2029(a)			4,165		4,135
3.88%, 10/15/2031(a)			435		420
Tenet Healthcare Corp.
6.75%, 6/15/2023			1,400		1,489
4.63%, 9/1/2024(a)			89		91
4.88%, 1/1/2026(a)			4,850		4,959
6.25%, 2/1/2027(a)			3,565		3,694
5.13%, 11/1/2027(a)			1,237		1,270
4.63%, 6/15/2028(a)			1,665		1,699
6.13%, 10/1/2028(a)			345		352
4.25%, 6/1/2029(a)			420		416
Tenneco, Inc.
5.00%, 7/15/2026			590		563
5.13%, 4/15/2029(a)			265		255
TerraForm Power Operating LLC
4.25%, 1/31/2023(a)			344		347
5.00%, 1/31/2028(a)			260		270
Texas Competitive Electric Holdings Co. LLC
8.50%, 12/1/2021‡(i)			125		—	(j)
8.50%, 10/1/2022‡(i)			250		—	(j)
TI Automotive Finance plc
3.75%, 4/15/2029(c)		EUR	1,000		1,140
3.75%, 4/15/2029(a)		EUR	513		585
T-Mobile USA, Inc.
3.75%, 4/15/2027			6,130		6,590
4.75%, 2/1/2028			1,515		1,583
2.25%, 11/15/2031			708		680
3.00%, 2/15/2041			1,430		1,365
4.50%, 4/15/2050			5,130		6,000
3.40%, 10/15/2052(a)			2,200		2,181
TransDigm, Inc. 6.25%, 3/15/2026(a)			488		506
Transocean Pontus Ltd. 6.13%, 8/1/2025(a)			165		162
Transocean Poseidon Ltd. 6.88%, 2/1/2027(a)			126		120
Transocean Proteus Ltd. 6.25%, 12/1/2024(a)			122		120
Transocean, Inc. 11.50%, 1/30/2027(a)			193		181
Travel + Leisure Co.
4.25%, 3/1/2022			18		18
6.60%, 10/1/2025(f)			243		265
6.00%, 4/1/2027(f)			99		104
Trinseo Materials Operating SCA
5.38%, 9/1/2025(a)			946		956
5.13%, 4/1/2029(a)			730		731
TripAdvisor, Inc. 7.00%, 7/15/2025(a)			2,317		2,430
Triton Water Holdings, Inc. 6.25%, 4/1/2029(a)			466		453
Triumph Group, Inc. 7.75%, 8/15/2025			715		711
Truist Financial Corp. Series Q, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 4.35%), 5.10%, 3/1/2030(b)(d)(e)			5,940		6,620
Uber Technologies, Inc. 4.50%, 8/15/2029(a)			1,660		1,643
UGI International LLC
3.25%, 11/1/2025(c)		EUR	1,921		2,198
2.50%, 12/1/2029(a)		EUR	1,985		2,209
United Rentals North America, Inc.
5.50%, 5/15/2027			2,645		2,748
4.88%, 1/15/2028			195		204
3.88%, 2/15/2031			438		439
United States Cellular Corp. 6.70%, 12/15/2033			2,794		3,398
United States Steel Corp. 6.88%, 3/1/2029			525		550
Universal Health Services, Inc. 2.65%, 10/15/2030(a)			4,675		4,535
US Foods, Inc. 4.75%, 2/15/2029(a)			135		137
Vail Resorts, Inc. 6.25%, 5/15/2025(a)			2,800		2,926
VeriSign, Inc. 2.70%, 6/15/2031			3,171		3,200
Verizon Communications, Inc.
1.75%, 1/20/2031			3,960		3,750
2.55%, 3/21/2031			4,805		4,856
2.36%, 3/15/2032(a)			1,800		1,782
2.65%, 11/20/2040			905		864
3.40%, 3/22/2041			1,610		1,711
2.85%, 9/3/2041			1,050		1,044
2.88%, 11/20/2050			410		399

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
ViacomCBS, Inc. 4.38%, 3/15/2043			2,020		2,288
Viavi Solutions, Inc. 3.75%, 10/1/2029(a)			435		425
VICI Properties LP
REIT, 3.50%, 2/15/2025(a)			220		223
REIT, 4.25%, 12/1/2026(a)			893		922
REIT, 3.75%, 2/15/2027(a)			240		246
REIT, 4.63%, 12/1/2029(a)			664		705
REIT, 4.13%, 8/15/2030(a)			245		256
Vine Energy Holdings LLC 6.75%, 4/15/2029(a)			1,300		1,384
Vista Outdoor, Inc. 4.50%, 3/15/2029(a)			3,860		3,850
Vistra Operations Co. LLC
5.50%, 9/1/2026(a)			332		340
3.70%, 1/30/2027(a)			5,300		5,532
5.63%, 2/15/2027(a)			820		842
4.38%, 5/1/2029(a)			1,126		1,105
VMware, Inc.
4.70%, 5/15/2030			2,057		2,387
2.20%, 8/15/2031			3,895		3,793
Wabash National Corp. 4.50%, 10/15/2028(a)			1,730		1,687
Welbilt, Inc. 9.50%, 2/15/2024			295		302
Wells Fargo & Co.
Series BB, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.45%), 3.90%, 3/15/2026(b)(d)(e)			4,790		4,819
(ICE LIBOR USD 3 Month + 1.17%), 3.20%, 6/17/2027(b)			7,030		7,433
(ICE LIBOR USD 3 Month + 1.31%), 3.58%, 5/22/2028(b)			3,320		3,574
(SOFR + 1.26%), 2.57%, 2/11/2031(b)			4,205		4,266
4.90%, 11/17/2045			1,210		1,543
WESCO Distribution, Inc. 7.13%, 6/15/2025(a)			1,150		1,215
William Carter Co. (The) 5.63%, 3/15/2027(a)			752		774
WMG Acquisition Corp.
3.00%, 2/15/2031(a)			1,306		1,230
2.25%, 8/15/2031(a)		EUR	728		816
Wolverine Escrow LLC 9.00%, 11/15/2026(a)			1,267		1,194
WP Carey, Inc.
REIT, 2.40%, 2/1/2031			580		574
REIT, 2.25%, 4/1/2033			2,800		2,677
WR Grace Holdings LLC 4.88%, 6/15/2027(a)			180		179
Wynn Las Vegas LLC 5.50%, 3/1/2025(a)			1,875		1,878
Wynn Resorts Finance LLC 5.13%, 10/1/2029(a)			3,069		3,000
Xcel Energy, Inc.
3.40%, 6/1/2030			840		906
3.50%, 12/1/2049			1,061		1,165
Zayo Group Holdings, Inc. 4.00%, 3/1/2027(a)			1,313		1,251
ZoomInfo Technologies LLC 3.88%, 2/1/2029(a)			3,035		2,969
					—
					1,155,229
TOTAL CORPORATE BONDS (Cost $2,178,840)					2,178,462
FOREIGN GOVERNMENT SECURITIES — 14.9%
Angola — 0.1%
Republic of Angola 8.00%, 11/26/2029(c)			3,420		3,141
Bahrain — 0.2%
Kingdom of Bahrain
5.45%, 9/16/2032(a)			4,812		4,547
6.00%, 9/19/2044(c)			5,641		4,969
					9,516
China — 2.4%
People’s Republic of China 3.02%, 5/27/2031		CNY	600,000		95,314
Colombia — 0.2%
Republic of Colombia
3.13%, 4/15/2031			3,460		3,100
5.20%, 5/15/2049			3,368		3,136
					6,236
Dominican Republic — 0.3%
Dominican Republic Government Bond
6.88%, 1/29/2026(a)			4,620		5,244
4.88%, 9/23/2032(a)			4,140		4,108
6.85%, 1/27/2045(c)			1,680		1,806
					11,158
Egypt — 0.5%
Arab Republic of Egypt
5.75%, 5/29/2024(a)			2,260		2,280
7.60%, 3/1/2029(a)			3,830		3,653
5.88%, 2/16/2031(a)			5,106		4,334
7.05%, 1/15/2032(a)			1,870		1,648
7.63%, 5/29/2032(a)			2,800		2,524
7.30%, 9/30/2033(a)			1,260		1,110
8.70%, 3/1/2049(c)			3,300		2,817
					18,366
El Salvador — 0.1%
Republic of El Salvador
5.88%, 1/30/2025(c)			2,960		2,045
6.38%, 1/18/2027(c)			3,000		1,936
					3,981

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
Ethiopia — 0.1%
Federal Democratic Republic of Ethiopia 6.63%, 12/11/2024(c)			6,698		4,354
Germany — 1.0%
Bundesrepublik Deutschland 0.00%, 8/15/2031(c)		EUR	33,660		39,473
Ghana — 0.1%
Republic of Ghana
7.63%, 5/16/2029(c)			3,220		2,608
8.63%, 6/16/2049(c)			3,420		2,599
					5,207
Hungary — 0.4%
Hungary Government Bond
2.13%, 9/22/2031(a)			2,618		2,525
7.63%, 3/29/2041			3,250		5,284
3.13%, 9/21/2051(a)			6,150		5,827
					13,636
Indonesia — 1.2%
Republic of Indonesia
7.00%, 9/15/2030		IDR	55,105,000		4,007
6.50%, 2/15/2031		IDR	204,327,000		14,444
6.38%, 4/15/2032		IDR	276,188,000		19,573
7.50%, 4/15/2040		IDR	138,734,000		10,237
					48,261
Israel — 0.2%
State of Israel Government Bond 3.38%, 1/15/2050			7,840		8,302
Italy — 1.3%
Italian Republic Government Bond
0.88%, 5/6/2024			13,407		13,282
2.38%, 10/17/2024			20,243		20,812
2.88%, 10/17/2029			15,840		16,250
					50,344
Ivory Coast — 0.3%
Republic of Cote d’Ivoire
6.38%, 3/3/2028(c)			2,330		2,500
6.88%, 10/17/2040(a)		EUR	7,400		8,528
					11,028
Jamaica — 0.2%
Jamaica Government Bond
8.00%, 3/15/2039			1,396		1,925
7.88%, 7/28/2045			2,823		3,883
					5,808
Jordan — 0.3%
Hashemite Kingdom of Jordan
6.13%, 1/29/2026(c)			3,059		3,210
5.85%, 7/7/2030(a)			5,830		5,713
7.38%, 10/10/2047(c)			2,490		2,403
					11,326
Kazakhstan — 0.2%
Republic of Kazakhstan 1.50%, 9/30/2034(a)		EUR	6,252		7,101
Kenya — 0.4%
Republic of Kenya
6.88%, 6/24/2024(c)			5,630		5,923
6.30%, 1/23/2034(a)			10,085		9,505
					15,428
Lebanon — 0.0%(k)
Lebanese Republic
6.65%, 4/22/2024(c)(i)			3,207		353
6.65%, 11/3/2028(c)(i)			3,134		344
					697
Malaysia — 0.3%
Malaysia Government Bond 3.83%, 7/5/2034		MYR	51,300		12,109
Mexico — 1.1%
Mex Bonos Desarr Fix Rt
Series M 20, 8.50%, 5/31/2029		MXN	254,500		12,570
7.75%, 5/29/2031		MXN	293,570		13,849
United Mexican States
3.77%, 5/24/2061			7,068		6,369
3.75%, 4/19/2071			11,835		10,377
					43,165
Morocco — 0.1%
Kingdom of Morocco 1.50%, 11/27/2031(a)		EUR	4,250		4,304
Nigeria — 0.4%
Federal Republic of Nigeria
7.88%, 2/16/2032(c)			4,430		4,214
7.38%, 9/28/2033(a)			3,770		3,431
7.63%, 11/28/2047(c)			10,214		8,758
					16,403
Paraguay — 0.3%
Republic of Paraguay
5.00%, 4/15/2026(c)			4,180		4,591
5.00%, 4/15/2026(a)			360		395
4.95%, 4/28/2031(a)			1,420		1,563
5.60%, 3/13/2048(c)			990		1,102
5.40%, 3/30/2050(c)			2,278		2,503
					10,154
Philippines — 0.1%
Republic of Philippines 2.95%, 5/5/2045			5,550		5,326
Portugal — 0.4%
Portuguese Republic 5.13%, 10/15/2024(c)			12,380		13,794
Qatar — 0.3%
State of Qatar
4.63%, 6/2/2046(c)			528		659
5.10%, 4/23/2048(c)			5,270		7,009
4.40%, 4/16/2050(a)			2,960		3,615
					11,283
Romania — 0.1%
Romania Government Bond 4.63%, 4/3/2049(a)		EUR	3,467		4,394

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
Senegal — 0.3%
Republic of Senegal
6.25%, 5/23/2033(c)			6,380		6,444
6.75%, 3/13/2048(c)			6,320		6,083
					12,527
Serbia — 0.3%
Republic of Serbia
1.50%, 6/26/2029(a)		EUR	7,700		8,230
1.65%, 3/3/2033(a)		EUR	4,552		4,582
					12,812
South Africa — 0.8%
Republic of South Africa
4.30%, 10/12/2028			3,700		3,683
Series R213, 7.00%, 2/28/2031		ZAR	317,840		16,380
8.88%, 2/28/2035		ZAR	155,894		8,578
6.25%, 3/8/2041			1,788		1,814
5.75%, 9/30/2049			2,420		2,245
					32,700
Ukraine — 0.3%
Ukraine Government Bond
7.75%, 9/1/2026(c)			7,830		7,854
7.38%, 9/25/2032(c)			5,650		5,319
					13,173
United Arab Emirates — 0.5%
United Arab Emirates Government Bond
2.88%, 10/19/2041(a)			5,101		5,088
4.00%, 7/28/2050(a)			6,850		6,156
3.25%, 10/19/2061(a)			7,193		7,436
					18,680
Uruguay — 0.1%
Oriental Republic of Uruguay
5.10%, 6/18/2050			4,435		5,737
TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $604,092)					585,238
LOAN ASSIGNMENTS — 7.4%(l)
Canada — 0.0%(k)
WestJet Airlines Ltd., 1st Lien Term Loan
(ICE LIBOR USD 3 Month + 3.00%), 4.00%, 12/11/2026(b)			956		921
Ireland — 0.0%(k)
ICON Luxembourg SARL, 1st Lien Term Loan B
(ICE LIBOR USD 3 Month + 2.50%), 3.00%, 7/3/2028(b)			796		793
Luxembourg — 0.3%
ICON Luxembourg SARL, 1st Lien Term Loan B
(ICE LIBOR USD 3 Month + 2.50%), 3.00%, 7/3/2028(b)			3,194		3,182
Intelsat Jackson Holdings SA, 1st Lien Term Loan
(1-MONTH PRIME + 4.75%), 8.00%, 11/27/2023(b)			1,084		1,085
Nestle Skin Health, Term Loan B
(ICE LIBOR USD 3 Month + 3.75%), 4.50%, 10/1/2026(b)			5,165		5,142
					9,409
Netherlands — 0.0%(k)
CommScope, Inc., 1st Lien Term Loan B-2
(ICE LIBOR USD 1 Month + 3.25%), 3.34%, 4/6/2026(b)			1,305		1,270
United Kingdom — 0.0%(k)
Delta 2 (Lux) SARL, 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 2.50%), 3.50%, 2/1/2024(b)			547		543
United States — 7.1%
Adient US LLC, Term Loan B
(ICE LIBOR USD 1 Month + 3.50%), 3.59%, 4/10/2028(b)			3,990		3,976
Albany Molecular Research, Inc., 1st Lien Term Loan
(ICE LIBOR USD 3 Month + 3.75%), 4.50%, 8/30/2026(b)			3,613		3,603
Alliance Laundry Systems LLC, 1st Lien Term Loan B
(ICE LIBOR USD 3 Month + 3.50%), 4.25%, 10/8/2027(b)			5,010		5,003
Allied Universal Holdco LLC, 1st Lien Term Loan B
(ICE LIBOR USD 3 Month + 3.75%), 4.25%, 5/12/2028(b)			1,520		1,506
Ancestry.com, 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 3.25%), 3.75%, 12/6/2027(b)			4,020		3,979
AppleCaramel Buyer LLC, 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 4.00%), 4.50%, 10/19/2027(b)			3,962		3,942
Ascend Learning LLC, Term Loan B
(ICE LIBOR USD 1 Month + 3.00%), 4.00%, 7/12/2024(b)			1,977		1,960
(ICE LIBOR USD 1 Month + 3.75%), 4.75%, 7/12/2024(b)			2,624		2,624
Asplundh Tree Expert LLC, 1st Lien Term Loan B

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
(ICE LIBOR USD 1 Month + 1.75%), 1.84%, 9/7/2027(b)		1,980		1,965
Avantor Funding, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 2.25%), 2.75%, 11/8/2027(b)		5,961		5,928
B&G Foods, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 2.50%), 2.59%, 10/10/2026(b)		1,800		1,794
Brookfield WEC Holdings, Inc., 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 2.75%), 3.25%, 8/1/2025(b)		4,413		4,350
Brooks Automation, 1st Lien Term Loan B
(ICE LIBOR USD 3 Month + 3.75%), 4.25%, 11/17/2028(b)(m)		1,412		1,402
(ICE LIBOR USD 3 Month + 6.25%), 6.75%, 11/16/2029(b)(m)		225		225
Buckeye Partners LP, 1st Lien Term Loan B1
(ICE LIBOR USD 1 Month + 2.25%), 2.35%, 11/1/2026(b)		5,460		5,425
Bway Holding Co., 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 3.25%), 3.35%, 4/3/2024(b)		4,260		4,172
Cabinetworks, 1st Lien Term Loan B
(ICE LIBOR USD 3 Month + 4.25%), 4.75%, 5/17/2028(b)		4,190		4,132
Caesars Resort Collection LLC, 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 2.75%), 2.84%, 12/23/2024(b)		5,671		5,609
Camelot Finance LP, 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 3.00%), 4.00%, 10/30/2026(b)		2,145		2,141
CBS Radio, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 2.50%), 2.59%, 11/18/2024(b)		479		472
CCI Buyer, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 3 Month + 3.75%), 4.50%, 12/17/2027(b)		4,884		4,868
CenturyLink, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 2.25%), 2.34%, 3/15/2027(b)		779		763
Chamberlain Group, 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 3.50%), 4.00%, 11/3/2028(b)(m)		2,225		2,209
Cincinnati Bell Inc., 1st Lien Term Loan B2
(ICE LIBOR USD 3 Month + 3.25%), 3.75%, 11/22/2028(b)(m)		1,000		995
Claire’s Stores, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 6.50%), 6.59%, 12/18/2026(b)(n)		1,659		1,641
Clear Channel Outdoor Holdings, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 2 Month + 3.50%; ICE LIBOR USD 3 Month + 3.50%), 3.63%, 8/21/2026(b)		99		97
Conair Holdings LLC, 1st Lien Term Loan B
(ICE LIBOR USD 3 Month + 3.75%), 4.25%, 5/17/2028(b)		4,700		4,687
Cortes NP Acquisition Corp., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 2.75%), 2.84%, 3/2/2027(b)		3,614		3,579
CVS Holdings I LP, 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 4.25%), 4.34%, 8/31/2026(b)		1,596		1,587
Delta Air Lines, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 3 Month + 3.75%), 4.75%, 10/20/2027(b)		1,286		1,350
Dexko Global Inc., Delay Draw Term Loan B-1
(3-MONTH UNFND + 0.00%), 4.25%, 10/4/2028(b)(m)		228		226
Dexko Global, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 3 Month + 3.75%), 4.25%, 10/4/2028(b)		1,848		1,830
Diamond Sports Group LLC, 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 3.25%), 3.35%, 8/24/2026(b)		1,269		530
Directv Financing LLC, 1st Lien Term Loan
(ICE LIBOR USD 3 Month + 5.00%), 5.75%, 8/2/2027(b)		2,067		2,061
Dun & Bradstreet Corp. (The), 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 3.25%), 3.34%, 2/6/2026(b)		1,188		1,175
EIF Channelview Cogeneration LLC, Term Loan
(ICE LIBOR USD 1 Month + 4.25%), 5.25%, 5/3/2025(b)		139		139
Envision Healthcare Corp., 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 3.75%), 3.84%, 10/10/2025(b)		486		365

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
FGI Operating Co. LLC, 1st Lien Term Loan
(ICE LIBOR USD 3 Month + 11.00%), 12.00%, 5/16/2022‡(b)(i)		50		5
FGI Operating Co. LLC, 1st Lien Term Loan B, 12/31/2100(i)		263		—
First Student Bidco, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 3 Month + 3.00%), 3.50%, 7/21/2028(b)		2,503		2,477
First Student Bidco, Inc., 1st Lien Term Loan C
(ICE LIBOR USD 3 Month + 3.00%), 3.50%, 7/21/2028(b)		924		914
Garda World Security, 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 4.25%), 4.35%, 10/30/2026(b)		2,000		1,995
Gates Global LLC, 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 2.50%), 3.25%, 3/31/2027(b)		5,868		5,813
Genesee & Wyoming, Inc., 1st Lien Term Loan
(ICE LIBOR USD 3 Month + 2.00%), 2.13%, 12/30/2026(b)		1,980		1,961
GGP, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 2.50%), 2.59%, 8/27/2025(b)		898		883
GoodRx, Inc., 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 2.75%), 2.84%, 10/10/2025(b)		6,767		6,716
Graham Packaging, 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 3.00%), 3.75%, 8/4/2027(b)		2,947		2,922
Gray Television, Inc., 1st Lien Term Loan D
(ICE LIBOR USD 3 Month + 3.00%), 3.00%, 10/27/2028(b)(m)		1,091		1,084
Greeneden U.S. Holdings I LLC, 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 4.00%), 4.75%, 12/1/2027(b)		6,481		6,462
Harsco Corp., Term Loan B-3
(ICE LIBOR USD 1 Month + 2.25%), 2.75%, 3/10/2028(b)		4,289		4,240
Hercules Achievement, Inc., 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 3.50%), 4.50%, 12/16/2024(b)		3,791		3,720
Hertz Corp. (The), 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 3.25%), 3.75%, 6/30/2028(b)		2,518		2,511
Hertz Corp. (The), 1st Lien Term Loan C
(ICE LIBOR USD 1 Month + 3.25%), 3.75%, 6/30/2028(b)		476		474
Holley, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 3 Month + 3.75%), 4.50%, 11/17/2028(b)(m)		850		845
HUB International Ltd., 1st Lien Term Loan B
(ICE LIBOR USD 2 Month + 2.75%; ICE LIBOR USD 3 Month + 2.75%), 2.87%, 4/25/2025(b)		451		442
INEOS US Finance LLC, 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 2.50%), 3.00%, 11/8/2028(b)(m)		1,500		1,491
INEOS US Petrochem LLC, 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 2.75%), 3.25%, 1/29/2026(b)		2,145		2,137
Ingram Micro, 1st Lien Term Loan B
(ICE LIBOR USD 3 Month + 3.50%), 4.00%, 6/30/2028(b)		3,990		3,980
Insulet, 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 3.25%), 3.75%, 5/4/2028(b)		4,813		4,804
Interior Logic Group, 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 3.50%), 4.25%, 4/3/2028(b)		2,793		2,721
IRB Holding Corp., 1st Lien Term Loan B
(ICE LIBOR USD 3 Month + 2.75%), 3.75%, 2/5/2025(b)		1,071		1,063
(ICE LIBOR USD 3 Month + 3.25%), 4.25%, 12/15/2027(b)		3,002		2,988
Jazz Pharmaceuticals plc, 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 3.50%), 4.00%, 5/5/2028(b)		3,591		3,582
Leslie’s Poolmart, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 3 Month + 2.50%), 3.00%, 3/9/2028(b)		5,176		5,143
Madison IAQ LLC, 1st Lien Term Loan
(ICE LIBOR USD 3 Month + 3.25%), 3.75%, 6/21/2028(b)		2,494		2,471
Medline, 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 3.25%), 3.75%, 10/23/2028(b)(m)		2,500		2,491
MH Sub I LLC, 1st Lien Term Loan

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
(ICE LIBOR USD 1 Month + 3.75%), 4.75%, 1/1/2028(b)(m)		609		606
Mirion Technologies, Inc., 1st Lien Term Loan
(ICE LIBOR USD 2 Month + 2.75%), 1.63%, 10/20/2028(b)(m)		907		900
Moran Foods LLC, 1st Lien Term Loan
(ICE LIBOR USD 3 Month + 7.00%), 7.00%, 12/31/2038(b)		58		59
Moran Foods LLC, 1st Lien Term Loan B
(ICE LIBOR USD 2 Month + 6.00%), 8.00%, 4/1/2024‡(b)		431		440
Moran Foods LLC, Tranche A Second Lien Term Loan
(ICE LIBOR USD 2 Month + 10.75%), 11.75%, 10/1/2024(b)		435		374
Nielsen Holdings plc, Term Loan B
(ICE LIBOR USD 1 Month + 4.00%), 4.09%, 3/6/2028(b)		2,985		2,974
Osmose Holdings, Inc., 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 3.25%), 3.75%, 6/23/2028(b)		3,200		3,170
Pactiv Evergreen Group Holdings, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 3.50%; ICE LIBOR USD 3 Month + 3.50%), 4.00%, 9/24/2028(b)		1,775		1,764
PAREXEL International Corp., 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 3.50%), 4.00%, 11/15/2028(b)(m)		3,230		3,214
Park River Holdings, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 3 Month + 3.25%), 4.00%, 12/28/2027(b)		2,875		2,847
PCI Pharma Services, Inc., 1st Lien Term Loan
(ICE LIBOR USD 3 Month + 3.50%), 4.25%, 11/30/2027(b)(m)		1,410		1,405
Pearl Intermediate Parent LLC, 1st Lien Term Loan B-3
(ICE LIBOR USD 1 Month + 3.50%), 4.25%, 2/14/2025(b)		4,228		4,217
Pelican Products, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 3 Month + 3.50%), 4.50%, 5/1/2025(b)		759		759
Pelican Products, Inc., 2nd Lien Term Loan
(ICE LIBOR USD 3 Month + 7.75%), 8.75%, 5/1/2026(b)		350		348
Penn National Gaming, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 2.25%), 3.00%, 10/15/2025(b)		596		593
Petco Health and Wellness Co., Inc., Term Loan B
(ICE LIBOR USD 3 Month + 3.25%), 4.00%, 3/3/2028(b)		4,955		4,923
Pike Corp., Delayed Draw Term Loan B
(ICE LIBOR USD 1 Month + 3.00%), 3.10%, 1/21/2028(b)		3,318		3,294
Prime Security Services Borrower LLC, 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 2.75%; ICE LIBOR USD 3 Month + 2.75%), 3.50%, 9/23/2026(b)		2,905		2,889
Proofpoint, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 3 Month + 3.25%), 3.75%, 8/31/2028(b)		3,050		3,019
Pure Fishing, Inc., 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 4.50%), 4.59%, 12/22/2025(b)		3,240		3,132
Quest Software US Holdings, Inc., 1st Lien Term Loan
(ICE LIBOR USD 3 Month + 4.25%), 4.38%, 5/16/2025(b)		580		579
Quikrete Holdings, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 3 Month + 2.75%), 2.75%, 2/21/2028(b)(m)		3,372		3,345
Red Ventures LLC, 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 2.50%), 2.59%, 11/8/2024(b)		325		321
Reynolds Consumer Products, Inc., 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 1.75%), 1.84%, 2/4/2027(b)		1,890		1,877
Sabre Holdings Corp., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 3.50%), 4.00%, 12/17/2027(b)		2,793		2,749
Scientific Games International, Inc., 1st Lien Term Loan B-5
(ICE LIBOR USD 1 Month + 2.75%), 2.84%, 8/14/2024(b)		7,069		7,009
Serta Simmons Bedding LLC, 1st Lien Term Loan

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
(ICE LIBOR USD 1 Month + 7.50%), 8.50%, 8/10/2023(b)		2,985		2,783
Shutterfly, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 5.00%), 5.75%, 9/25/2026(b)(m)		1,360		1,314
Solenis International, L.P., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.25%, 11/9/2028(b)		400		396
SonicWall, Inc., 2nd Lien Term Loan (ICE LIBOR USD 3 Month + 7.50%), 7.67%, 5/18/2026(b)		175		170
SS&C Technologies Holdings, Inc., 1st Lien Term Loan B-3 (ICE LIBOR USD 1 Month + 1.75%), 1.84%, 4/16/2025(b)		1,232		1,214
SS&C Technologies Holdings, Inc., 1st Lien Term Loan B-4 (ICE LIBOR USD 1 Month + 1.75%), 1.84%, 4/16/2025(b)		1,000		985
Staples, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 5.00%), 5.13%, 4/16/2026(b)		64		61
Sundyne, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 5.25%, 3/17/2027(b)		2,946		2,934
Synaptics, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.25%), 2.75%, 10/20/2028(b)(m)		1,167		1,161
Tekni-Plex, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.00%), 4.50%, 9/15/2028(b)		747		745
Tekni-Plex, Inc., Delayed Draw Term Loan B (3-MONTH UNFND + 2.00%), 4.50%, 9/15/2028(b)(m)		43		43
Tennessee Merger Sub, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.75%, 2/6/2024(b)		971		919
ThoughtWorks, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 3.50%, 3/24/2028(b)		3,648		3,627
Traeger Grills, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 4.00%, 6/29/2028(b)		2,804		2,780
Trans Union LLC, Term Loan B6 (ICE LIBOR USD 3 Month + 2.25%), 2.75%, 11/17/2028(b)(m)		533		530
Triton Water Holdings, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.00%, 3/31/2028(b)		3,691		3,671
Truck Hero, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 4.00%, 1/31/2028(b)		4,327		4,290
UFC Holdings LLC, 1st Lien Term Loan B-3 (ICE LIBOR USD 3 Month + 2.75%), 3.50%, 4/29/2026(b)		2,884		2,840
Ultimate Software Group, Inc. (The), 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 3.84%, 5/4/2026(b)		990		984
(ICE LIBOR USD 3 Month + 3.25%), 4.00%, 5/4/2026(b)		3,614		3,592
Ultra Resources, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.25%, 11/17/2028(b)(m)		462		460
USI, Inc., Term Loan (ICE LIBOR USD 3 Month + 3.00%), 3.13%, 5/16/2024(b)		207		205
Whataburger, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.75%, 8/3/2028(b)		3,900		3,873
Wheel Pros, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 5.25%, 5/11/2028(b)		3,385		3,361
WIRB-Copernicus Group, Inc., 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 4.00%), 5.00%, 1/8/2027(b)		2,623		2,623
WMG Acquisition Corp., 1st Lien Term Loan G (ICE LIBOR USD 1 Month + 2.13%), 2.22%, 1/20/2028(b)		2,759		2,728
Zayo Group LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.09%, 3/9/2027(b)		2,686		2,624
Zekelman Industries, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.00%), 2.09%, 1/24/2027(b)		1,268		1,254
				277,619
TOTAL LOAN ASSIGNMENTS (Cost $292,510)				290,555

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
CONVERTIBLE BONDS — 4.5%
Austria — 0.1%
ams AG 2.13%, 11/3/2027(c)		EUR	2,000		2,219
China — 0.2%
GDS Holdings Ltd. 2.00%, 6/1/2025			3,545		4,629
Huazhu Group Ltd. 0.38%, 11/1/2022			3,860		4,001
					8,630
Israel — 0.2%
Nice Ltd. Zero Coupon, 9/15/2025			6,346		7,587
United States — 4.0%
Air Transport Services Group, Inc. 1.13%, 10/15/2024			1,750		1,813
Airbnb, Inc. Zero Coupon, 3/15/2026(a)			5,840		5,782
Alarm.com Holdings, Inc. Zero Coupon, 1/15/2026(a)			4,967		4,421
Allegheny Technologies, Inc. 3.50%, 6/15/2025			3,450		4,202
Bentley Systems, Inc.
0.13%, 1/15/2026(a)			1,806		1,841
BigCommerce Holdings, Inc.
0.25%, 10/1/2026(a)			3,999		3,939
Box, Inc.
Zero Coupon, 1/15/2026(a)			2,759		3,104
Callaway Golf Co.
2.75%, 5/1/2026			1,433		2,458
Cheesecake Factory, Inc. (The)
0.38%, 6/15/2026			3,957		3,508
DISH Network Corp.
Zero Coupon, 12/15/2025(a)			2,697		2,596
Dropbox, Inc.
Zero Coupon, 3/1/2028(a)			7,816		7,640
Envestnet, Inc.
1.75%, 6/1/2023			3,505		4,324
0.75%, 8/15/2025(a)			760		750
Eventbrite, Inc.
0.75%, 9/15/2026(a)			1,897		1,698
Everbridge, Inc.
Zero Coupon, 3/15/2026(a)			4,874		4,630
Ford Motor Co.
Zero Coupon, 3/15/2026(a)			3,583		4,644
Fortive Corp.
0.88%, 2/15/2022			4,080		4,082
Greenbrier Cos., Inc. (The)
2.88%, 4/15/2028(a)			5,365		5,539
Guess?, Inc.
2.00%, 4/15/2024			2,245		2,563
II-VI, Inc.
0.25%, 9/1/2022			3,835		5,260
Integra LifeSciences Holdings Corp.
0.50%, 8/15/2025			3,245		3,430
Itron, Inc.
Zero Coupon, 3/15/2026(a)			3,270		2,823
JetBlue Airways Corp.
0.50%, 4/1/2026(a)			2,490		2,343
Kite Realty Group LP
REIT, 0.75%, 4/1/2027(a)			2,431		2,429
Live Nation Entertainment, Inc.
2.50%, 3/15/2023			3,255		5,291
Lyft, Inc.
1.50%, 5/15/2025			3,250		4,153
Mandiant, Inc.
0.88%, 6/1/2024			2,320		2,397
Microchip Technology, Inc.
1.63%, 2/15/2027			2,565		6,117
ON Semiconductor Corp.
Zero Coupon, 5/1/2027(a)			7,315		10,020
Palo Alto Networks, Inc.
0.38%, 6/1/2025			4,190		7,804
Pebblebrook Hotel Trust
REIT, 1.75%, 12/15/2026			3,432		3,633
PetIQ, Inc.
4.00%, 6/1/2026			590		645
Silicon Laboratories, Inc.
0.63%, 6/15/2025			4,285		7,176
Snap, Inc.
0.75%, 8/1/2026			1,075		2,345
Zero Coupon, 5/1/2027(a)			1,711		1,653
Southwest Airlines Co.
1.25%, 5/1/2025			2,750		3,694
Square, Inc.
Zero Coupon, 5/1/2026			2,095		2,277
0.25%, 11/1/2027			840		935
Summit Hotel Properties, Inc.
REIT, 1.50%, 2/15/2026			1,156		1,158
TripAdvisor, Inc.
0.25%, 4/1/2026(a)			4,350		3,702
Twitter, Inc.
Zero Coupon, 3/15/2026(a)			3,180		2,826
Vail Resorts, Inc.
Zero Coupon, 1/1/2026(a)			2,210		2,352
Zynga, Inc.
Zero Coupon, 12/15/2026(a)			5,220		4,757
					158,754
TOTAL CONVERTIBLE BONDS (Cost $163,976)					177,190

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
COMMERCIAL MORTGAGE-BACKED SECURITIES — 3.0%
United States — 3.0%
A10 Revolving Asset Financing I LLC 6.12%, 1/9/2020‡(a)(g)		250		250
BAMLL Re-REMIC Trust
Series 2013-FRR3, Class A, PO, 6/26/2023(a)		4,375		4,072
Banc of America Commercial Mortgage Trust
Series 2007-5, Class AJ, 6.02%, 2/10/2051(g)		2,522		2,566
BANK
Series 2019-BN16, Class C, 4.79%, 2/15/2052‡(g)		334		366
Series 2018-BN10, Class C, 4.16%, 2/15/2061‡(g)		1,168		1,239
Series 2018-BN13, Class C, 4.72%, 8/15/2061‡(g)		1,703		1,859
Series 2019-BN20, Class XA, IO, 0.96%, 9/15/2062(g)		8,396		468
Series 2019-BN20, Class C, 3.77%, 9/15/2062‡(g)		2,556		2,615
Series 2020-BN25, Class XA, IO, 1.00%, 1/15/2063(g)		32,446		1,997
Benchmark Mortgage Trust
Series 2019-B11, Class C, 3.75%, 5/15/2052‡(g)		5,352		5,566
Cascade Funding Mortgage Trust
Series 2021-FRR1, Class BK45, 2.32%, 2/28/2025(a)		13,900		13,547
CCUBS Commercial Mortgage Trust
Series 2017-C1, Class C, 4.54%, 11/15/2050‡(g)		484		518
CD Mortgage Trust
Series 2016-CD2, Class C, 4.13%, 11/10/2049‡(g)		303		308
Citigroup Commercial Mortgage Trust
Series 2014-GC23, Class C, 4.58%, 7/10/2047‡(g)		353		369
Series 2015-P1, Class D, 3.23%, 9/15/2048‡(a)		1,220		1,148
Commercial Mortgage Trust
Series 2020-CBM, Class D, 3.75%, 2/10/2037‡(a)(g)		5,920		5,876
Credit Suisse Commercial Mortgage Trust
Series 2007-C1, Class AM, 5.42%, 2/15/2040		15		15
CSAIL Commercial Mortgage Trust
Series 2021-C20, Class C, 3.85%, 3/15/2054‡(g)		1,666		1,756
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K033, Class X1, IO, 0.40%, 7/25/2023(g)		65,043		278
Series K729, Class X1, IO, 0.47%, 10/25/2024(g)		26,284		218
Series K731, Class X3, IO, 2.18%, 5/25/2025(g)		3,460		217
Series K739, Class X1, IO, 1.39%, 9/25/2027(g)		39,952		2,465
Series K108, Class X1, IO, 1.81%, 3/25/2030(g)		22,994		2,838
Series K117, Class X1, IO, 1.34%, 8/25/2030(g)		42,826		3,900
Series K-1511, Class X3, IO, 3.54%, 4/25/2034(g)		7,620		2,512
Series K153, Class X3, IO, 3.90%, 4/25/2035(g)		5,560		1,694
Series K036, Class X3, IO, 2.18%, 12/25/2041(g)		31,545		1,250
Series K720, Class X3, IO, 1.38%, 8/25/2042(g)		39,172		321
Series K041, Class X3, IO, 1.70%, 11/25/2042(g)		30,520		1,316
Series K718, Class X3, IO, 1.47%, 2/25/2043(g)		112,228		227
Series K054, Class X3, IO, 1.65%, 4/25/2043(g)		66,098		3,994
Series K047, Class X3, IO, 1.55%, 6/25/2043(g)		28,400		1,326
Series K050, Class X3, IO, 1.61%, 10/25/2043(g)		21,110		1,118
Series K052, Class X3, IO, 1.67%, 1/25/2044(g)		15,770		930
Series K726, Class X3, IO, 2.22%, 7/25/2044(g)		6,381		312
Series K067, Class X3, IO, 2.19%, 9/25/2044(g)		25,210		2,700
Series K729, Class X3, IO, 2.04%, 11/25/2044(g)		7,055		363
Series K724, Class X3, IO, 1.95%, 12/25/2044(g)		10,996		393
Series K071, Class X3, IO, 2.08%, 11/25/2045(g)		19,450		2,095
Series K072, Class X3, IO, 2.21%, 12/25/2045(g)		12,354		1,413
Series K089, Class X3, IO, 2.37%, 1/25/2046(g)		11,650		1,698
Series K078, Class X3, IO, 2.29%, 6/25/2046(g)		10,990		1,410
Series K088, Class X3, IO, 2.42%, 2/25/2047(g)		12,520		1,875
Series K094, Class X3, IO, 2.20%, 7/25/2047(g)		4,450		628
FNMA ACES
Series 2020-M39, Class X2, IO, 1.72%, 8/25/2031(g)		11,458		1,157

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2016-M4, Class X2, IO, 2.70%, 1/25/2039(g)		5,968		229
FREMF
Series 2018-KF46, Class B, 2.04%, 3/25/2028(a)(g)		1,046		1,020
FREMF Mortgage Trust
Series 2017-KF29, Class B, 3.64%, 2/25/2024(a)(g)		624		626
Series 2017-KF31, Class B, 2.99%, 4/25/2024(a)(g)		685		678
Series 2017-KF36, Class B, 2.74%, 8/25/2024(a)(g)		660		660
Series 2017-KF38, Class B, 2.59%, 9/25/2024(a)(g)		361		360
Series 2017-KF41, Class B, 2.59%, 11/25/2024(a)(g)		327		325
Series 2018-KF42, Class B, 2.29%, 12/25/2024(a)(g)		941		937
Series 2018-KF45, Class B, 2.04%, 3/25/2025(a)(g)		344		343
Series 2018-KF47, Class B, 2.09%, 5/25/2025(a)(g)		195		192
Series 2016-KF24, Class B, 5.09%, 10/25/2026(a)(g)		172		175
Series 2017-KF40, Class B, 2.79%, 11/25/2027(a)(g)		537		537
Series 2018-KF50, Class B, 1.99%, 7/25/2028(a)(g)		857		845
Series 2017-K67, Class C, 4.08%, 9/25/2049(a)(g)		1,090		1,139
Series 2017-K729, Class B, 3.80%, 11/25/2049(a)(g)		900		945
Series 2017-K728, Class B, 3.77%, 11/25/2050(a)(g)		4,200		4,419
Series 2017-K728, Class C, 3.77%, 11/25/2050(a)(g)		1,265		1,312
GNMA
Series 2013-48, IO, 0.50%, 7/16/2054(g)		16,436		309
Series 2017-9, IO, 0.57%, 1/16/2057(g)		7,887		331
Series 2017-151, IO, 0.71%, 9/16/2057(g)		3,684		181
Series 2016-157, IO, 0.89%, 11/16/2057(g)		9,226		498
Series 2016-119, IO, 0.89%, 4/16/2058(g)		5,804		250
Series 2017-54, IO, 0.63%, 12/16/2058(g)		5,340		256
Series 2017-23, IO, 0.63%, 5/16/2059(g)		6,814		299
GS Mortgage Securities Trust
Series 2015-GC30, Class C, 4.21%, 5/10/2050‡(g)		605		629
Harvest Commercial Capital Loan Trust
Series 2019-1, Class A, 3.29%, 9/25/2046(a)(g)		495		492
JPMBB Commercial Mortgage Securities Trust
Series 2015-C30, Class C, 4.41%, 7/15/2048‡(g)		860		877
Series 2015-C31, Class C, 4.77%, 8/15/2048‡(g)		395		413
JPMDB Commercial Mortgage Securities Trust
Series 2017-C7, Class C, 4.30%, 10/15/2050‡(g)		670		715
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2016-JP4, Class C, 3.55%, 12/15/2049‡(g)		484		478
LB Commercial Mortgage Trust
Series 2007-C3, Class AJ, 6.02%, 7/15/2044(g)		53		53
LB-UBS Commercial Mortgage Trust
Series 2006-C6, Class AJ, 5.45%, 9/15/2039‡(g)		1,171		529
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C14, Class C, 5.22%, 2/15/2047‡(g)		364		384
Series 2015-C24, Class C, 4.49%, 5/15/2048‡(g)		607		628
Morgan Stanley Capital I Trust
Series 2005-HQ7, Class E, 5.48%, 11/14/2042‡(g)		988		971
Series 2015-MS1, Class B, 4.17%, 5/15/2048‡(g)		470		496
Series 2020-L4, Class C, 3.54%, 2/15/2053‡(g)		1,612		1,655
UBS Commercial Mortgage Trust
Series 2017-C7, Class B, 4.29%, 12/15/2050‡(g)		1,795		1,961
Velocity Commercial Capital Loan Trust
Series 2018-2, Class A, 4.05%, 10/26/2048(a)(g)		2,192		2,253
Series 2019-3, Class A, 3.03%, 10/25/2049(a)(g)		1,135		1,153
Series 2020-1, Class AFX, 2.61%, 2/25/2050(a)(g)		3,146		3,235
Wells Fargo Commercial Mortgage Trust

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2016-C35, Class C, 4.18%, 7/15/2048‡(g)		386		392
Series 2019-C49, Class C, 4.87%, 3/15/2052‡(g)		1,007		1,112
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $120,299)				118,475
ASSET-BACKED SECURITIES — 2.3%
Cayman Islands — 0.0%(k)
LCM XVI LP
Series 16A, Class A2R, 1.30%, 10/15/2031(a)(g)		1,860		1,859
Renew
Series 2017-1A, Class B, 5.75%, 9/20/2052‡(a)		226		229
				2,088
United States — 2.3%
Accelerated Assets LLC
Series 2018-1, Class C, 6.65%, 12/2/2033‡(a)		1,230		1,282
ACE Securities Corp. Home Equity Loan Trust
Series 2004-OP1, Class M2, 1.67%, 4/25/2034‡(g)		56		56
American Credit Acceptance Receivables Trust
Series 2018-2, Class E, 5.16%, 9/10/2024(a)		460		472
Series 2018-3, Class E, 5.17%, 10/15/2024(a)		670		685
Argent Securities, Inc. Asset-Backed Pass-Through Certificates
Series 2004-W3, Class A3, 0.91%, 2/25/2034‡(g)		58		57
Avis Budget Rental Car Funding AESOP LLC
Series 2018-1A, Class C, 4.73%, 9/20/2024(a)		680		714
CIG Auto Receivables Trust
Series 2019-1A, Class B, 3.59%, 8/15/2024(a)		2,351		2,370
Series 2019-1A, Class C, 3.82%, 8/15/2024(a)		1,645		1,670
Continental Airlines Pass-Through Trust
Series 2007-1, Class A, 5.98%, 4/19/2022		26		26
Countrywide Asset-Backed Certificates
Series 2002-4, Class M1, 1.22%, 12/25/2032‡(g)		22		22
Series 2004-ECC2, Class M2, 1.07%, 12/25/2034‡(g)		990		992
Diamond Resorts Owner Trust
Series 2018-1, Class C, 4.53%, 1/21/2031‡(a)		1,616		1,648
Drive Auto Receivables Trust
Series 2018-4, Class D, 4.09%, 1/15/2026		3,506		3,570
Series 2020-1, Class D, 2.70%, 5/17/2027		2,985		3,048
Driven Brands Funding LLC
Series 2019-2A, Class A2, 3.98%, 10/20/2049(a)		1,803		1,888
DT Auto Owner Trust
Series 2018-1A, Class E, 5.42%, 3/17/2025(a)		645		649
Series 2019-4A, Class D, 2.85%, 7/15/2025(a)		3,067		3,140
Exeter Automobile Receivables Trust
Series 2018-3A, Class E, 5.43%, 8/15/2024(a)		900		941
Series 2018-1A, Class E, 4.64%, 10/15/2024(a)		1,880		1,922
Series 2018-2A, Class E, 5.33%, 5/15/2025(a)		1,790		1,866
Series 2018-3A, Class F, 6.55%, 8/25/2025(a)		880		918
Series 2019-3A, Class E, 4.00%, 8/17/2026(a)		1,570		1,628
FREED ABS Trust
Series 2020-FP1, Class A, 2.52%, 3/18/2027(a)		21		22
Series 2020-FP1, Class B, 3.06%, 3/18/2027‡(a)		600		604
Series 2020-FP1, Class C, 4.37%, 3/18/2027‡(a)		1,250		1,270
Fremont Home Loan Trust
Series 2004-2, Class M2, 1.02%, 7/25/2034(g)		8		8
Home Equity Asset Trust
Series 2004-6, Class M2, 0.99%, 12/25/2034‡(g)		39		39
JetBlue Pass-Through Trust
Series 2019-1, Class B, 8.00%, 11/15/2027		826		955
Series 2019-1, Class A, 2.95%, 5/15/2028		563		567
Series 2020-1, Class B, 7.75%, 11/15/2028		483		568
Marlette Funding Trust
Series 2018-1A, Class D, 4.85%, 3/15/2028‡(a)		167		168
Merrill Lynch Mortgage Investors Trust
Series 2003-OPT1, Class M1, 1.07%, 7/25/2034(g)		42		41
Mid-State Capital Corp. Trust
Series 2006-1, Class M2, 6.74%, 10/15/2040‡(a)		84		88
Morgan Stanley ABS Capital I, Inc. Trust
Series 2004-HE1, Class M1, 0.95%, 1/25/2034‡(g)		7		7
MVW LLC

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2021-1WA, Class D, 3.17%, 1/22/2041‡(a)		7,566		7,496
OL SP LLC
Series 2018, Class C, 4.25%, 5/15/2025‡		592		594
Series 2018, Class B, 4.61%, 2/9/2030‡		607		620
OneMain Direct Auto Receivables Trust
Series 2018-1A, Class B, 3.71%, 4/14/2025(a)		1,493		1,497
Series 2018-1A, Class D, 4.40%, 1/14/2028(a)		1,810		1,816
Onemain Financial Issuance Trust
Series 2018-1A, Class D, 4.08%, 3/14/2029‡(a)		1,250		1,269
PNMAC FMSR Issuer Trust
Series 2018-FT1, Class A, 2.44%, 4/25/2023(a)(g)		1,980		1,975
PNMAC GMSR Issuer Trust
Series 2018-GT1, Class A, 2.94%, 2/25/2023(a)(g)		1,400		1,403
Series 2018-GT2, Class A, 2.74%, 8/25/2025(a)(g)		3,690		3,687
Prestige Auto Receivables Trust
Series 2017-1A, Class E, 4.89%, 5/15/2024(a)		490		492
Series 2018-1A, Class D, 4.14%, 10/15/2024(a)		1,145		1,166
RASC Trust
Series 2005-EMX1, Class M1, 0.74%, 3/25/2035‡(g)		452		452
Series 2005-KS2, Class M1, 0.74%, 3/25/2035‡(g)		14		13
Renaissance Home Equity Loan Trust
Series 2005-1, Class AF6, 4.97%, 5/25/2035‡(f)		79		82
Series 2005-2, Class M1, 5.05%, 8/25/2035‡(f)		705		741
Republic Finance Issuance Trust
Series 2020-A, Class A, 2.47%, 11/20/2030(a)		1,253		1,272
Santander Prime Auto Issuance Notes Trust
Series 2018-A, Class F, 6.80%, 9/15/2025(a)		422		426
Santander Revolving Auto Loan Trust
Series 2019-A, Class A, 2.51%, 1/26/2032(a)		2,760		2,858
Series 2019-A, Class C, 3.00%, 1/26/2032(a)		2,960		3,069
Series 2019-A, Class D, 3.45%, 1/26/2032(a)		4,000		4,158
Saxon Asset Securities Trust
Series 2004-3, Class M1, 0.99%, 12/26/2034‡(g)		205		205
SoFi Consumer Loan Program Trust
Series 2018-1, Class C, 3.97%, 2/25/2027‡(a)		730		737
Structured Asset Investment Loan Trust
Series 2003-BC10, Class A4, 1.09%, 10/25/2033‡(g)		43		43
Tesla Auto Lease Trust
Series 2020-A, Class E, 4.64%, 8/20/2024(a)		1,220		1,263
Series 2021-A, Class D, 1.34%, 3/20/2025(a)		3,826		3,828
US Auto Funding
Series 2021-1A, Class C, 2.20%, 5/15/2026(a)		7,300		7,202
Westlake Automobile Receivables Trust
Series 2018-3A, Class E, 4.90%, 12/15/2023(a)		780		797
Series 2018-2A, Class E, 4.86%, 1/16/2024(a)		1,220		1,231
Series 2018-2A, Class F, 6.04%, 1/15/2025(a)		1,701		1,719
Series 2018-3A, Class F, 6.02%, 2/18/2025(a)		1,060		1,089
Series 2019-2A, Class F, 5.00%, 3/16/2026(a)		1,880		1,938
				89,039
TOTAL ASSET-BACKED SECURITIES (Cost $89,814)				91,127
U.S. TREASURY OBLIGATIONS — 2.2%
U.S. Treasury Notes 0.63%, 7/31/2026(Cost $89,315)		89,870		87,774
COLLATERALIZED MORTGAGE OBLIGATIONS — 1.7%
United Kingdom — 0.0%(k)
Brass NO 8 plc Series 8A, Class A1, 0.86%, 11/16/2066(a)(g)		1,256		1,260
United States — 1.7%
Alternative Loan Trust
Series 2004-25CB, Class A1, 6.00%, 12/25/2034		2,392		2,436
Series 2005-6CB, Class 1A6, 5.50%, 4/25/2035		50		50
Series 2005-21CB, Class A17, 6.00%, 6/25/2035		827		800
Series 2005-80CB, Class 5A1, 6.00%, 2/25/2036		1,714		1,750

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Angel Oak Mortgage Trust
Series 2020-1, Class A1, 2.47%, 12/25/2059(a)(g)		1,232		1,236
Angel Oak Mortgage Trust I LLC
Series 2019-4, Class A3, 3.30%, 7/26/2049(a)(g)		308		310
Chase Mortgage Finance Trust
Series 2007-A1, Class 2A3, 2.41%, 2/25/2037(g)		27		27
CHL GMSR Issuer Trust
Series 2018-GT1, Class A, 2.84%, 5/25/2023(a)(g)		1,210		1,211
CHL Mortgage Pass-Through Trust
Series 2007-16, Class A1, 6.50%, 10/25/2037		1,091		728
Connecticut Avenue Securities Trust
Series 2019-R07, Class 1M2, 2.19%, 10/25/2039‡(a)(g)		941		942
Deephaven Residential Mortgage Trust
Series 2020-1, Class A3, 2.65%, 1/25/2060(a)(g)		1,344		1,346
DSLA Mortgage Loan Trust
Series 2005-AR4, Class 2A1A, 0.61%, 8/19/2045(g)		484		471
FHLMC STACR Trust
Series 2018-HQA2, Class M2, 2.39%, 10/25/2048(a)(g)		1,450		1,464
FHLMC, REMIC
Series 3914, Class LS, IF, IO, 6.71%, 8/15/2026(g)		228		17
Series 4304, Class DI, IO, 2.50%, 1/15/2027		142		3
Series 4030, Class IL, IO, 3.50%, 4/15/2027		158		9
Series 4043, Class PI, IO, 2.50%, 5/15/2027		816		38
Series 4057, Class UI, IO, 3.00%, 5/15/2027		434		17
Series 4120, Class UI, IO, 3.00%, 10/15/2027		438		19
Series 4323, Class IW, IO, 3.50%, 4/15/2028		82		3
Series 4311, Class QI, IO, 3.00%, 10/15/2028		472		17
Series 4324, Class AI, IO, 3.00%, 11/15/2028		291		13
Series 4313, Class UI, IO, 3.00%, 3/15/2029		665		40
Series 4280, Class KI, IO, 3.50%, 9/15/2031		357		9
Series 3459, Class JS, IF, IO, 6.16%, 6/15/2038(g)		221		39
Series 4119, Class LI, IO, 3.50%, 6/15/2039		10		—	(j)
Series 4018, Class HI, IO, 4.50%, 3/15/2041		134		11
Series 4073, Class IQ, IO, 4.00%, 7/15/2042		170		25
Series 4173, Class I, IO, 4.00%, 3/15/2043		516		89
Series 4305, Class SK, IF, IO, 6.51%, 2/15/2044(g)		4,315		825
Series 4372, Class SY, IF, IO, 6.01%, 8/15/2044(g)		607		98
Series 4585, Class JI, IO, 4.00%, 5/15/2045		1,672		218
Series 4694, Class SA, IF, IO, 6.01%, 6/15/2047(g)		3,777		669
Series 4689, Class SD, IF, IO, 6.06%, 6/15/2047(g)		7,456		1,617
Series 4714, Class SA, IF, IO, 6.06%, 8/15/2047(g)		5,773		1,201
Series 4983, Class SY, IF, IO, 6.01%, 5/25/2050(g)		8,445		1,676
Series 5022, IO, 3.00%, 9/25/2050		8,664		1,113
Series 5023, Class MI, IO, 3.00%, 10/25/2050		15,388		2,597
Series 5072, Class DI, IO, 3.50%, 2/25/2051		14,764		2,394
FHLMC, STRIPS
Series 319, Class S2, IF, IO, 5.91%, 11/15/2043(g)		8,502		1,728
FNMA, Connecticut Avenue Securities
Series 2015-C03, Class 2M2, 5.09%, 7/25/2025(g)		148		149
Series 2016-C06, Class 1M2, 4.34%, 4/25/2029(g)		1,232		1,278
FNMA, REMIC
Series 2012-145, Class EI, IO, 3.00%, 1/25/2028		815		49
Series 2013-15, IO, 2.50%, 3/25/2028		1,254		58
Series 2014-35, Class KI, IO, 3.00%, 6/25/2029		851		58
Series 2014-44, Class QI, IO, 3.00%, 8/25/2029		453		23
Series 2012-120, Class DI, IO, 3.00%, 3/25/2031		146		5
Series 2013-66, Class IE, IO, 3.00%, 8/25/2032		3,693		219
Series 2013-61, Class HI, IO, 3.00%, 6/25/2033		3,131		337
Series 2013-64, Class LI, IO, 3.00%, 6/25/2033		721		73
Series 2012-148, Class JI, IO, 3.50%, 12/25/2039		11		—	(j)
Series 2010-102, Class IP, IO, 5.00%, 12/25/2039		2		—	(j)
Series 2012-118, Class DI, IO, 3.50%, 1/25/2040		10		—	(j)
Series 2013-5, Class BI, IO, 3.50%, 3/25/2040		33		1

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2012-93, Class SE, IF, IO, 6.01%, 9/25/2042(g)		2,023		410
Series 2012-93, Class SG, IF, IO, 6.01%, 9/25/2042(g)		401		81
Series 2012-133, Class NS, IF, IO, 6.06%, 12/25/2042(g)		3,851		753
Series 2014-14, Class SA, IF, IO, 5.86%, 4/25/2044(g)		6,065		1,297
Series 2015-40, Class LS, IF, IO, 6.08%, 6/25/2045(g)		3,055		571
Series 2015-85, Class SA, IF, IO, 5.53%, 11/25/2045(g)		3,777		729
Series 2016-25, Class SL, IF, IO, 5.91%, 5/25/2046(g)		3,969		818
Series 2016-39, Class LS, IF, IO, 5.91%, 7/25/2046(g)		11,820		2,610
Series 2016-61, Class ST, IF, IO, 5.91%, 9/25/2046(g)		8,134		1,833
Series 2016-75, Class SC, IF, IO, 6.01%, 10/25/2046(g)		10,156		1,807
Series 2017-13, Class AS, IF, IO, 5.96%, 2/25/2047(g)		7,059		1,565
Series 2019-42, Class SK, IF, IO, 5.96%, 8/25/2049(g)		4,878		850
Series 2017-57, Class SA, IF, IO, 6.01%, 8/25/2057(g)		4,006		916
FNMA, STRIPS
Series 410, Class C12, IO, 5.50%, 7/25/2024		159		3
Series 401, Class C6, IO, 4.50%, 10/25/2029		307		13
GNMA
Series 2003-69, Class SB, IF, IO, 6.51%, 8/16/2033(g)		612		5
Series 2011-13, Class S, IF, IO, 5.86%, 1/16/2041(g)		436		73
Series 2017-107, Class KS, IF, IO, 6.11%, 7/20/2047(g)		4,888		868
Series 2019-42, Class SJ, IF, IO, 5.96%, 4/20/2049(g)		3,520		520
Series 2019-115, Class SD, IF, IO, 6.01%, 9/20/2049(g)		1,458		200
Series 2015-H13, Class GI, IO, 1.58%, 4/20/2065(g)		2,866		104
Goodgreen Trust
Series 2017-R1, 5.00%, 10/20/2051		1,889		1,747
GSMSC Pass-Through Trust
Series 2008-2R, Class 2A1, 7.50%, 10/25/2036(a)(g)		135		56
HarborView Mortgage Loan Trust
Series 2007-6, Class 2A1A, 0.28%, 8/19/2037(g)		124		120
Hunt Companies Finance Trust, Inc.
7.25%, 2/13/2025		6,000		6,000
JPMorgan Alternative Loan Trust
Series 2006-A2, Class 1A1, 0.45%, 5/25/2036(g)		1,926		1,883
LHOME Mortgage Trust
Series 2019-RTL3, Class A2, 4.34%, 7/25/2024(a)(f)		1,380		1,391
MASTR Alternative Loan Trust
Series 2003-5, Class 30B1, 5.92%, 8/25/2033‡(g)		180		156
OBX Trust
Series 2020-EXP1, Class 2A1, 0.84%, 2/25/2060(a)(g)		486		485
P -stlb
9.25%, 10/11/2026‡		3,800		3,800
SART
Series 2017-1, 4.75%, 7/15/2024		1,996		1,995
Starwood Mortgage Residential Trust
Series 2019-INV1, Class A1, 2.61%, 9/27/2049(a)(g)		704		709
Series 2020-1, Class A1, 2.27%, 2/25/2050(a)(g)		1,345		1,351
Structured Adjustable Rate Mortgage Loan Trust
Series 2005-1, Class 5A1, 2.79%, 2/25/2035(g)		124		133
Verus Securitization Trust
Series 2020-1, Class A1, 2.42%, 1/25/2060(a)(f)		944		948
				66,306
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $68,447)				67,566

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)				Value ($000)
SUPRANATIONAL — 0.5%
African Export-Import Bank (The)
5.25%, 10/11/2023(c)			2,380			2,532
European Union
0.10%, 10/4/2040(c)		EUR	14,420			15,744
TOTAL SUPRANATIONAL (Cost $18,774)						18,276
	Shares (000)
COMMON STOCKS — 0.2%
France — 0.0%(k)
Vallourec SA*			85			740
United States — 0.2%
Chesapeake Energy Corp.			2			94
Claire’s Stores, Inc.*‡			1			425
Clear Channel Outdoor Holdings, Inc.*			71			217
EP Energy Corp.*			11			925
Goodman Networks, Inc.*‡			1			—
iHeartMedia, Inc., Class A*			25			481
Moran Foods Backstop Equity*‡			23			91
MYT Holding Co.*‡			247			1,303
NMG, Inc.*			2			235
Oasis Petroleum, Inc.			26			3,150
Vistra Common Equity*			—	(j)		1
Vistra Corp.			6			123
Whiting Petroleum Corp.*			20			1,279
						8,324
TOTAL COMMON STOCKS (Cost $5,138)						9,064
CONVERTIBLE PREFERRED STOCKS — 0.1%
United States — 0.1%
Claire’s Stores, Inc.
*‡(Cost $329)			1			2,361
	No. of Warrants (000)
WARRANTS — 0.0%(k)
United Kingdom — 0.0%(k)
Nmg Research Ltd.expiring 9/24/2027, price 1.00 USD*‡			43			836
United States — 0.0%(k)
Chesapeake Energy Corp.expiring 2/9/2026, price 27.27 USD*			5			169
expiring 2/9/2026, price 31.71 USD*			5			165
expiring 2/9/2026, price 35.71 USD*			3			83
Windstream Holdings, Inc.expiring 12/31/2049, price 10.75 USD*‡			1			12
						429
TOTAL WARRANTS (Cost $—)						1,265
	Shares (000)
PREFERRED STOCKS — 0.0%(k)
United States — 0.0%(k)
Goodman Networks, Inc. *‡			1			—	(j)
MYT Holding LLC,
Series A, 10.00%, 6/6/2029‡			419			448
Wells Fargo & Co.,
Series Z, 4.75%, 3/15/2025 ($25 par value)(o)			19			484
TOTAL PREFERRED STOCKS (Cost $845)						932
	Principal Amount ($000)
OPTIONS PURCHASED — 0.0%(k)
Call Options Purchased — 0.0%(k)
United States — 0.0%(k)
Foreign Exchange USD/MXN 12/2/2021 at USD 21.50, European Style Notional Amount: USD 160,056 Counterparty: Goldman Sachs International*			160,056			777
TOTAL OPTIONS PURCHASED (Cost $1,557)						777
	No. of Rights (000)
RIGHTS — 0.0%(k)
United States — 0.0%(k)
Vistra Corp., expiring 12/31/2049*‡ (Cost $—)			6			9
	Shares (000)
SHORT-TERM INVESTMENTS — 6.1%
INVESTMENT COMPANIES — 6.1%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05%(p)(q)(Cost $239,120)			239,025			239,120
Total Investments — 98.3% (Cost $3,873,056)						3,868,191
Other Assets Less Liabilities — 1.7%						67,527
Net Assets — 100.0%						3,935,718

Percentages indicated are based on net assets.

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Abbreviations

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

(a)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(b)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2021.
(c)	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.

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(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)	Security is an interest bearing note with preferred security characteristics.
(f)	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.
(g)	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.
(h)	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(i)	Defaulted security.
(j)	Amount rounds to less than one thousand.
(k)	Amount rounds to less than 0.1% of net assets.
(l)	Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(m)	All or a portion of this security is unsettled as of November 30, 2021. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
(n)	Fund is subject to legal or contractual restrictions on the resale of the security.
(o)	The date shown reflects the next call date on which the issuer may redeem the security at par value. The coupon rate for this security is based on par value and is in effect as of November 30, 2021.
(p)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(q)	The rate shown is the current yield as of November 30, 2021.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

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

Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
Euro-Bund		70			12/2021		EUR		13,681			326
U.S. Treasury 10 Year Ultra Note		731			03/2022		USD		107,423			(203	)
												123
Short Contracts
Euro-Bobl		(1,082	)		12/2021		EUR		(166,210	)		(329	)
Euro-BTP		(566	)		12/2021		EUR		(97,312	)		(833	)
Euro-Buxl 30 Year Bond		(123	)		12/2021		EUR		(30,485	)		(1,285	)
Euro-OAT		(521	)		12/2021		EUR		(99,419	)		236
Long Gilt		(15	)		03/2022		GBP		(2,519	)		(20	)
U.S. Treasury 2 Year Note		(2,120	)		03/2022		USD		(463,452	)		(506	)
U.S. Treasury 5 Year Note		(2,131	)		03/2022		USD		(258,617	)		(683	)
U.S. Treasury 10 Year Note		(2,288	)		03/2022		USD		(299,228	)		(1,631	)
U.S. Treasury 10 Year Ultra Note		(66	)		03/2022		USD		(9,699	)		(95	)
U.S. Treasury Long Bond		(372	)		03/2022		USD		(60,322	)		(713	)
U.S. Treasury Ultra Bond		(1,042	)		03/2022		USD		(208,823	)		(4,016	)
												(9,875	)
												(9,752	)

Abbreviations

EUR	Euro
GBP	British Pound
USD	United States Dollar

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
EUR	838		USD	945	State Street Corp.		12/3/2021		5
USD	315,696		EUR	270,774	BNP Paribas		12/3/2021		8,605
USD	1,571		EUR	1,353	Citibank, NA		12/3/2021		37
USD	242,482		EUR	207,759	Goldman Sachs International		12/3/2021		6,858
USD	3,814		EUR	3,278	State Street Corp.		12/3/2021		96
USD	43,369		GBP	31,507	BNP Paribas		12/3/2021		1,466
USD	682		GBP	494	Standard Chartered Bank		12/3/2021		25
USD	1,869		GBP	1,370	State Street Corp.		12/3/2021		47
MXN	62,540		USD	2,879	Barclays Bank plc		12/6/2021		35
MXN	94,042		USD	4,318	Citibank, NA		12/6/2021		63
MXN	759,773		USD	34,882	Goldman Sachs International		12/6/2021		517
MXN	63,294		USD	2,907	Royal Bank of Canada		12/6/2021		42
USD	4,491		AUD	6,060	Standard Chartered Bank		12/22/2021		169
EUR	6,393		USD	7,221	Merrill Lynch International		1/5/2022		41
USD	20,930		EUR	18,382	Barclays Bank plc		1/5/2022		50
USD	140,157		EUR	123,140	Goldman Sachs International		1/5/2022		289
USD	94,920		EUR	83,414	HSBC Bank, NA		1/5/2022		175
USD	298,574		EUR	262,373	TD Bank Financial Group		1/5/2022		558
USD	44,627		GBP	33,371	Goldman Sachs International		1/5/2022		207
CZK	93,040		USD	4,111	Citibank, NA		1/24/2022		18
PLN	1,500		USD	358	HSBC Bank, NA		1/24/2022		6
USD	101,359		AUD	138,865	BNP Paribas		1/24/2022		2,309
USD	231,721		EUR	202,084	Citibank, NA		1/24/2022		2,090
USD	30,155		MXN	644,423	Citibank, NA		1/24/2022		420
USD	11,563		MYR	48,263	BNP Paribas**		1/24/2022		124
USD	39,750		SEK	346,923	Citibank, NA		1/24/2022		1,200
USD	26,717		ZAR	412,402	Barclays Bank plc		1/24/2022		982
Total unrealized appreciation									26,434
EUR	18,382		USD	20,899	Barclays Bank plc		12/3/2021		(51	)
EUR	799		USD	917	BNP Paribas		12/3/2021		(10	)
EUR	123,140		USD	139,953	Goldman Sachs International		12/3/2021		(296	)
EUR	83,414		USD	94,782	HSBC Bank, NA		12/3/2021		(180	)
EUR	2,216		USD	2,571	Royal Bank of Canada		12/3/2021		(57	)
EUR	2,674		USD	3,096	Standard Chartered Bank		12/3/2021		(64	)
EUR	262,373		USD	298,140	TD Bank Financial Group		12/3/2021		(577	)
GBP	33,371		USD	44,591	Goldman Sachs International		12/3/2021		(209	)
USD	12,089		EUR	10,672	Barclays Bank plc		12/3/2021		(14	)
EUR	250		USD	290	Standard Chartered Bank		12/22/2021		(6	)
USD	470		EUR	418	Royal Bank of Canada		1/5/2022		(4	)
AUD	4,000		USD	2,953	Citibank, NA		1/24/2022		(100	)
AUD	140,727		USD	101,736	Royal Bank of Canada		1/24/2022		(1,357	)
CZK	808,940		USD	36,565	BNP Paribas		1/24/2022		(662	)
EUR	1,223		USD	1,403	Royal Bank of Canada		1/24/2022		(13	)
IDR	150,759,050		USD	10,541	BNP Paribas**		1/24/2022		(77	)
INR	2,838,712		USD	37,860	BNP Paribas**		1/24/2022		(254	)
KRW	44,179,609		USD	37,412	BNP Paribas**		1/24/2022		(101	)
PLN	74,103		USD	18,208	Goldman Sachs International		1/24/2022		(233	)
PLN	1,200		USD	295	HSBC Bank, NA		1/24/2022		(4	)
SEK	346,923		EUR	34,568	Goldman Sachs International		1/24/2022		(730	)
USD	94,472		CNY	605,243	State Street Corp.**		1/24/2022		(126	)
Total unrealized depreciation									(5,125	)
Net unrealized appreciation									21,309

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Abbreviations

AUD	Australian Dollar
CNY	China Yuan
CZK	Czech Republic Koruna
EUR	Euro
GBP	British Pound
IDR	Indonesian Rupiah
INR	Indian Rupee
KRW	Korean Republic Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
PLN	Polish Zloty
SEK	Swedish Krona
USD	United States Dollar
ZAR	South African Rand
**	Non-deliverable forward.

Centrally Cleared Credit default swap contracts outstanding - buy 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.EM.36-V1		1.00		Quarterly		12/20/2026		2.14		USD 158,002		5,966			2,161		8,127
CDX.NA.HY.37-V1		5.00		Quarterly		12/20/2026		3.30		USD 146,700		(13,853	)		1,229		(12,624	)
												(7,887	)		3,390		(4,497	)

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

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

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

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

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

Floating Rate Index(a)	Fixed Rate	Pay/Receive Floating Rate	Maturity Date		Notional Amount		Upfront Payments (Receipts) ($)		Value and Unrealized Appreciation (Depreciation) ($)
6 month THBFIX semi-annually	0.70 semi-annually	Receive		10/5/2024		THB 1,325,569		—		40
6 month THBFIX semi-annually	0.71 semi-annually	Receive		10/6/2024		THB 694,379		—		17
6 month WIBOR semi-annually	1.91 annually	Receive		9/7/2031		PLN 26,976		—		502
6 month WIBOR semi-annually	1.93 annually	Receive		9/13/2031		PLN 26,048		—		475
6 month WIBOR semi-annually	2.92 annually	Receive		11/9/2026		PLN 60,000		—		25
6 month BUBOR semi-annually	3.09 annually	Receive		9/23/2031		HUF 916,726		—		211
6 month BUBOR semi-annually	3.12 annually	Receive		9/24/2031		HUF 1,833,452		—		409
6 month BUBOR semi-annually	3.12 annually	Receive		9/24/2031		HUF 916,726		—		204
								—		1,883
6 month THBFIX semi-annually	0.74 semi-annually	Receive		10/7/2024		THB 694,378		—		(1)
6 month THBFIX semi-annually	0.76 semi-annually	Receive		10/8/2024		THB 694,378		—		(12)
6 month THBFIX semi-annually	0.81 semi-annually	Receive		10/11/2024		THB 1,157,296		—		(71)
6 month WIBOR semi-annually	2.99 annually	Receive		11/12/2026		PLN 60,000		—		(22)
								—		(106)
								—		1,777

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

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

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

(b) Amount rounds to less than 0.1%.

JPMorgan Global Bond Opportunities 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.

Certain foreign equity instruments are valued by applying international fair value factors provided by an approved Pricing Service. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated.

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

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

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

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

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

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

JPMorgan Global Bond Opportunities 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
Cayman Islands	$	—		$	1,859		$	229		$	2,088
United States		—			70,554			18,485			89,039
Total Asset-Backed Securities		—			72,413			18,714			91,127
Collateralized Mortgage Obligations
United Kingdom		—			1,260			—			1,260
United States		—			61,408			4,898			66,306
Total Collateralized Mortgage Obligations		—			62,668			4,898			67,566
Commercial Mortgage-Backed Securities
United States		—			85,365			33,110			118,475
Common Stocks
France		—			740			—			740
United States		5,345			1,160			1,819			8,324
Total Common Stocks		5,345			1,900			1,819			9,064
Convertible Bonds		—			177,190			—			177,190
Convertible Preferred Stocks		—			—			2,361			2,361
Corporate Bonds
Australia		—			14,551			—			14,551
Austria		—			4,052			—			4,052
Belgium		—			31,372			—			31,372
Brazil		—			29,121			—			29,121
Canada		—			30,034			—			30,034
Chile		—			10,478			—			10,478
China		—			30,089			—			30,089
Colombia		—			8,500			—			8,500
Denmark		—			5,564			—			5,564
France		—			126,477			—			126,477
Germany		—			83,167			—			83,167
Greece		—			12,461			—			12,461
India		—			4,821			—			4,821
Indonesia		—			14,573			—			14,573
Ireland		—			31,962			—			31,962
Israel		—			10,934			—			10,934
Italy		—			88,804			—			88,804
Japan		—			3,984			—			3,984
Kazakhstan		—			6,438			—			6,438
Kuwait		—			2,757			—			2,757
Luxembourg		—			32,184			—			32,184
Malaysia		—			6,202			—			6,202
Mexico		—			41,515			—			41,515
Morocco		—			2,654			—			2,654
Netherlands		—			50,225			—			50,225
Peru		—			4,114			—			4,114
Portugal		—			15,436			—			15,436
Qatar		—			2,608			—			2,608
Russia		—			3,204			—			3,204
Spain		—			82,639			—			82,639
Sweden		—			13,360			—			13,360
Switzerland		—			54,708			—			54,708
Taiwan		—			2,629			—			2,629
Thailand		—			2,567			—			2,567
United Arab Emirates		—			5,811			—			5,811
United Kingdom		—			153,238			—			153,238
United States		—			1,155,229			—	(a)		1,155,229
Total Corporate Bonds		—			2,178,462			—	(a)		2,178,462
Foreign Government Securities		—			585,238			—			585,238
Loan Assignments
Canada		—			921			—			921
Ireland		—			793			—			793
Luxembourg		—			9,409			—			9,409
Netherlands		—			1,270			—			1,270
United Kingdom		—			543			—			543
United States		—			277,174			445			277,619
Total Loan Assignments		—			290,110			445			290,555
Options Purchased
Call Options Purchased		—			777			—			777
Preferred Stocks
United States		484			—			448			932
Rights		—			—			9			9
Supranational		—			18,276			—			18,276
U.S. Treasury Obligations		—			87,774			—			87,774
Warrants
United Kingdom		—			—			836			836
United States		417			—			12			429
Total Warrants		417			—			848			1,265
Short-Term Investments
Investment Companies		239,120			—			—			239,120
Total Investments in Securities	$	245,366		$	3,560,173		$	62,652		$	3,868,191
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	26,434		$	—		$	26,434
Futures Contracts		562			—			—			562
Swaps		—			5,273			—			5,273
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts		—			(5,125	)		—			(5,125	)
Futures Contracts		(10,314	)		—			—			(10,314	)
Swaps		—			(106	)		—			(106	)
Total Net Appreciation/Depreciation in Other Financial Instruments	$	(9,752	)	$	26,476		$	—		$	16,724

(a) Amount rounds to less than one thousand.

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

	Balance as of February 28, 2021		Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of November 30, 2021
Investments in Securities:
Asset-Backed Securities	$	27,646	$	6		$	(417	)	$	12		$	8,697	$	(17,292	)	$	62	$	—		$	18,714
Collateralized Mortgage Obligations		20,247		—	(a)		2			—	(a)		—		(12,504	)		—		(2,847	)		4,898
Commercial Mortgage-Backed Securities		32,226		—			409			(19	)		4,310		(4,738	)		922		—			33,110
Common Stocks		1,874		(59	)		4			—			—		—			—		—			1,819
Convertible Preferred Stocks		1,687		98			707			—			—		(131	)		—		—			2,361
Corporate Bonds		1		—			—			—			—		(1	)		—		—			—	(a)
Loan Assignments		467		—			(40	)		7			462		(451	)		—		—			445
Preferred Stocks		653		4			(133	)		—			—		(76	)		—		—			448
Rights		7		—			2			—			—		—			—		—			9
Warrants		11		—			837			—			—		—			—		—			848
Total	$	84,819	$	49		$	1,371		$	—		$	13,469	$	(35,193	)	$	984	$	(2,847	)	$	62,652

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 $1,382.

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

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

	Global Bond Opps Fund
	Quantitative Information about Level 3 Fair Value Measurements #
	Fair Value at November 30, 2021			Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	—	(c)	Market Comparable Companies	EBITDA Multiple (b)	5.0x (5.0x)
					Liquidity Discount	30.00% (0.00%)
Common Stocks		—	(c)
		—	(c)	Market Comparable Companies	EBITDA Multiple (b)	5.0x (5.0x)
					Liquidity Discount	30.00% (0.00%)
Preferred Stocks		—	(c)
		18,714		Discounted Cash Flow	Constant Prepayment Rate	0.00% - 35.00% (15.00%)
					Constant Default Rate	0.00% -10.40% (0.34%)
					Yield (Discount Rate of Cash Flows)	1.18% - 5.20% (3.20%)
Asset-Backed Securities		18,714
		1,098		Discounted Cash Flow	Constant Prepayment Rate	8.36% - 10.00% (9.77%)
					Constant Default Rate	0.00% - 1.32% (0.19%)
					Yield (Discount Rate of Cash Flows)	2.07% - 7.13% (2.79%)
Collateralized Mortgage Obligations		1,098
		32,330		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	2.35% - 48.54% (4.71%)
Commercial Mortgage-Backed Securities		32,330
		445		Pending Distribution	Expected Recovery	10.90% - 100.00% (98.79%)
Loan Assignments		445
		12		Market Comparable Companies	EBITDA Multiple (b)	5.3x (5.3x)
Warrants		12
Total	$	52,599

# 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 $10,053. The inputs for these investments are not readily available or cannot be reasonably estimated and generally are those inputs described in Note A.

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

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

(c) Amount rounds to less than one thousand.

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

For the period ended November 30, 2021
Security Description	Value at February 28, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at November 30, 2021		Shares at November 30, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05%(a)(b)	$	305,450	$	1,475,852	$	1,542,170	$	(28	)	$	16	$	239,120		239,025	$	68	$	—

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

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

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Dollar values in thousands)

waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.

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

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

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

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

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

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

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

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

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

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

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

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

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Dollar values in thousands)

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

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

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

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

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

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

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

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

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

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

Credit Default Swaps

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

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

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

JPMorgan Global Bond Opportunities 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.

Interest Rate Swaps

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