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JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited)


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — 68.4%
Automobiles — 2.7%
BMW US Capital LLC (Germany)
2.95%, 4/14/2022(a)		12,727		12,847
3.80%, 4/6/2023(a)		6,973		7,257
Daimler Finance North America LLC (Germany)
2.85%, 1/6/2022(a)		26,432		26,486
(ICE LIBOR USD 3 Month + 0.90%), 1.06%, 2/15/2022(a)(b)		30,000		30,046
(ICE LIBOR USD 3 Month + 0.88%), 1.04%, 2/22/2022(a)(b)		2,850		2,855
3.40%, 2/22/2022(a)		7,327		7,376
2.55%, 8/15/2022(a)		15,000		15,206
3.35%, 2/22/2023(a)		2,723		2,809
Hyundai Capital America
3.95%, 2/1/2022(a)		2,081		2,092
2.85%, 11/1/2022(a)		5,639		5,745
1.15%, 11/10/2022(a)		50,331		50,482
2.38%, 2/10/2023(a)		16,800		17,078
0.80%, 4/3/2023(a)		40,000		39,862
Kia Corp. (South Korea) 3.00%, 4/25/2023(a)		3,400		3,502
Volkswagen Group of America Finance LLC (Germany)
2.90%, 5/13/2022(a)		36,852		37,229
2.70%, 9/26/2022(a)		14,340		14,572
0.75%, 11/23/2022(a)		35,806		35,834
0.88%, 11/22/2023(a)		48,407		48,192

				359,470

Banks — 30.1%
ANZ New Zealand Int’l Ltd. (New Zealand) 2.88%, 1/25/2022(a)(c)		14,064		14,118
Australia & New Zealand Banking Group Ltd. (Australia)
2.63%, 5/19/2022		1,000		1,011
2.63%, 11/9/2022		10,000		10,203
2.05%, 11/21/2022		8,500		8,630
Banco Santander SA (Spain)
(ICE LIBOR USD 3 Month + 1.56%), 1.68%, 4/11/2022(b)		1,400		1,407
3.50%, 4/11/2022		59,630		60,235
3.13%, 2/23/2023		29,365		30,145
3.85%, 4/12/2023		35,800		37,170
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.45%), 0.70%, 6/30/2024(b)		47,200		46,935
Bank of America Corp.
(ICE LIBOR USD 3 Month + 1.02%), 2.88%, 4/24/2023(b)		42,567		42,935
(ICE LIBOR USD 3 Month + 0.93%), 2.82%, 7/21/2023(b)		24,487		24,797
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023(b)		7,603		7,774
(BSBY3M + 0.43%), 0.59%, 5/28/2024(b)		116		116
(SOFR + 0.41%), 0.52%, 6/14/2024(b)		35,575		35,308
Bank of Montreal (Canada)
(ICE LIBOR USD 3 Month + 0.57%), 0.70%, 3/26/2022(b)		17,204		17,234
2.90%, 3/26/2022		1,270		1,280
2.10%, 6/15/2022(a)		25,162		25,403
2.05%, 11/1/2022		4,900		4,970
(SOFR + 0.27%), 0.32%, 4/14/2023(b)		88,888		88,975
0.40%, 9/15/2023(c)		14,744		14,664
Bank of Nova Scotia (The) (Canada)
2.70%, 3/7/2022		3,172		3,192
2.45%, 9/19/2022		2,925		2,973
2.00%, 11/15/2022		25,711		26,081
1.95%, 2/1/2023		2,425		2,461
1.63%, 5/1/2023		5,000		5,066
0.80%, 6/15/2023		19,996		20,022
(SOFR + 0.28%), 0.33%, 6/23/2023(b)		52,664		52,679
0.40%, 9/15/2023		20,843		20,689
Banque Federative du Credit Mutuel SA (France)
2.70%, 7/20/2022(a)(c)		5,000		5,070
2.13%, 11/21/2022(a)		80,331		81,536
(ICE LIBOR USD 3 Month + 0.96%), 1.09%, 7/20/2023(a)(b)		12,474		12,636
Barclays Bank plc (United Kingdom) 1.70%, 5/12/2022		21,784		21,878
Barclays plc (United Kingdom)
3.68%, 1/10/2023		2,377		2,384
(ICE LIBOR USD 3 Month + 1.40%), 4.61%, 2/15/2023(b)		103,446		104,247
BBVA USA 2.88%, 6/29/2022		54,891		55,551
BNP Paribas SA (France)
2.95%, 5/23/2022(a)		89,049		90,107
3.50%, 3/1/2023(a)		81,017		83,728
3.80%, 1/10/2024(a)		21,135		22,247
BNZ International Funding Ltd. (New Zealand)
2.90%, 2/21/2022(a)		6,666		6,704
2.65%, 11/3/2022(a)		12,364		12,611
Canadian Imperial Bank of Commerce (Canada)
2.55%, 6/16/2022		170		172
0.45%, 6/22/2023		34,058		33,846
0.95%, 6/23/2023		74,286		74,483
(ICE LIBOR USD 3 Month + 0.79%), 2.61%, 7/22/2023(b)		15,000		15,179
(SOFR + 0.40%), 0.45%, 12/14/2023(b)		37,574		37,628
Capital One Bank USA NA 3.38%, 2/15/2023		29,940		30,817

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
Capital One NA 2.15%, 9/6/2022		27,508		27,810
Citigroup, Inc.
2.75%, 4/25/2022		37,244		37,520
2.70%, 10/27/2022		2,758		2,808
(ICE LIBOR USD 3 Month + 0.72%), 3.14%, 1/24/2023(b)		41,874		42,024
(ICE LIBOR USD 3 Month + 0.95%), 2.88%, 7/24/2023(b)		91,835		93,077
Citizens Bank NA
(ICE LIBOR USD 3 Month + 0.72%), 0.88%, 2/14/2022(b)		16,825		16,837
3.25%, 2/14/2022		26,190		26,280
(ICE LIBOR USD 3 Month + 0.81%), 0.99%, 5/26/2022(b)		22,956		23,027
2.65%, 5/26/2022		20,980		21,165
Commonwealth Bank of Australia (Australia)
(ICE LIBOR USD 3 Month + 0.70%), 0.82%, 3/10/2022(a)(b)		200		200
2.75%, 3/10/2022(a)		3,305		3,327
2.50%, 9/18/2022(a)		6,248		6,347
Cooperatieve Rabobank UA (Netherlands)
(ICE LIBOR USD 3 Month + 0.83%), 0.95%, 1/10/2022(b)		1,500		1,501
2.75%, 1/10/2022		8,590		8,613
3.88%, 9/26/2023(d)		2,000		2,106
Credit Agricole SA (France)
(ICE LIBOR USD 3 Month + 1.43%), 1.55%, 1/10/2022(a)(b)		3,669		3,675
3.38%, 1/10/2022(a)		20,181		20,241
(ICE LIBOR USD 3 Month + 1.02%), 1.14%, 4/24/2023(a)(b)		6,180		6,244
3.75%, 4/24/2023(a)		85,025		88,523
Credit Suisse Group Funding Guernsey Ltd. (Switzerland) 3.80%, 9/15/2022		36,298		37,191
DBS Group Holdings Ltd. (Singapore) 2.85%, 4/16/2022(a)(c)		3,595		3,624
DNB Bank ASA (Norway) 2.15%, 12/2/2022(a)		49,333		50,141
Federation des Caisses Desjardins du Quebec (Canada) (SOFR + 0.43%), 0.48%, 5/21/2024(a)(b)		25,463		25,444
Fifth Third Bancorp
3.50%, 3/15/2022		23,974		24,122
2.60%, 6/15/2022		23,739		23,970
Fifth Third Bank NA (ICE LIBOR USD 3 Month + 0.64%), 0.77%, 2/1/2022(b)		9,070		9,074
HSBC Holdings plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.06%), 3.26%, 3/13/2023(b)		98,849		99,543
3.60%, 5/25/2023		36,976		38,487
(ICE LIBOR USD 3 Month + 0.92%), 3.03%, 11/22/2023(b)		26,034		26,567
(SOFR + 0.53%), 0.73%, 8/17/2024(b)		11,700		11,617
Huntington National Bank (The)
3.13%, 4/1/2022		25,063		25,233
2.50%, 8/7/2022		2,565		2,598
ING Groep NV (Netherlands)
(ICE LIBOR USD 3 Month + 1.15%), 1.28%, 3/29/2022(b)		24,060		24,139
3.15%, 3/29/2022		75,378		76,040
4.10%, 10/2/2023		2,951		3,116
Intesa Sanpaolo SpA (Italy) 3.13%, 7/14/2022(a)		74,382		75,444
KeyBank NA
3.30%, 2/1/2022		2,931		2,946
(SOFR + 0.32%), 0.43%, 6/14/2024(b)		58,259		57,898
Lloyds Bank plc (United Kingdom) 2.25%, 8/14/2022		2,408		2,438
Lloyds Banking Group plc (United Kingdom)
3.00%, 1/11/2022		19,860		19,915
(ICE LIBOR USD 3 Month + 1.25%), 2.86%, 3/17/2023(b)		90,175		90,726
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.33%, 6/15/2023(b)		23,381		23,442
Mitsubishi UFJ Financial Group, Inc. (Japan)
(ICE LIBOR USD 3 Month + 0.92%), 1.08%, 2/22/2022(b)		8,605		8,616
3.00%, 2/22/2022		17,770		17,875
(ICE LIBOR USD 3 Month + 0.70%), 0.82%, 3/7/2022(b)		16,196		16,223
3.22%, 3/7/2022		17,399		17,530
2.62%, 7/18/2022		115,515		117,069
2.67%, 7/25/2022		43,640		44,257
(ICE LIBOR USD 3 Month + 0.86%), 0.98%, 7/26/2023(b)		1,208		1,220
Mizuho Bank Ltd. (Japan) 2.95%, 10/17/2022(a)		11,505		11,747
Mizuho Financial Group, Inc. (Japan)
(ICE LIBOR USD 3 Month + 0.94%), 1.12%, 2/28/2022(b)		45,969		46,061
2.95%, 2/28/2022		15,208		15,304
(ICE LIBOR USD 3 Month + 0.88%), 0.99%, 9/11/2022(b)		5,785		5,814
2.60%, 9/11/2022		40,080		40,748
(ICE LIBOR USD 3 Month + 0.79%), 0.91%, 3/5/2023(b)		9,738		9,806
(ICE LIBOR USD 3 Month + 0.84%), 2.72%, 7/16/2023(b)		38,604		39,073

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
National Australia Bank Ltd. (Australia)
2.80%, 1/10/2022		3,108		3,116
2.50%, 5/22/2022		14,147		14,291
1.88%, 12/13/2022		19,897		20,187
National Bank of Canada (Canada)
2.15%, 10/7/2022(a)		73,760		74,782
2.10%, 2/1/2023		25,916		26,327
(SOFR + 0.30%), 0.35%, 5/16/2023(b)		62,150		62,180
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.77%), 0.90%, 8/15/2023(b)		20,078		20,107
NatWest Group plc (United Kingdom) (ICE LIBOR USD 3 Month + 1.48%), 3.50%, 5/15/2023(b)		113,093		114,436
NatWest Markets plc (United Kingdom) 2.38%, 5/21/2023(a)		43,371		44,335
Nordea Bank Abp (Finland)
1.00%, 6/9/2023(a)		8,183		8,219
(ICE LIBOR USD 3 Month + 0.94%), 1.12%, 8/30/2023(a)(b)(c)		4,812		4,862
Oesterreichische Kontrollbank AG (Austria) 2.63%, 1/31/2022		6,000		6,024
PNC Bank NA
2.45%, 7/28/2022		2,500		2,529
(ICE LIBOR USD 3 Month + 0.42%), 2.03%, 12/9/2022(b)		19,000		19,005
Royal Bank of Canada (Canada)
2.75%, 2/1/2022(c)		5,345		5,366
1.90%, 9/23/2022(a)(c)		44,750		45,272
1.60%, 4/17/2023(c)		12,265		12,423
(SOFR + 0.45%), 0.50%, 10/26/2023(b)		61,235		61,492
Santander UK Group Holdings plc (United Kingdom) 3.57%, 1/10/2023		10,086		10,116
Societe Generale SA (France)
3.25%, 1/12/2022(a)		26,324		26,405
4.25%, 9/14/2023(a)		17,400		18,393
3.88%, 3/28/2024(a)		72,450		76,646
Standard Chartered plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.15%), 1.28%, 1/20/2023(a)(b)		21,030		21,052
(ICE LIBOR USD 3 Month + 1.15%), 4.25%, 1/20/2023(a)(b)		19,223		19,312
(SOFR + 1.25%), 1.30%, 10/14/2023(a)(b)		3,672		3,699
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.17%), 1.32%, 10/14/2023(a)(b)		37,438		37,523
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.85%, 1/11/2022		11,388		11,419
2.78%, 7/12/2022		66,905		67,853
2.78%, 10/18/2022		700		714
(ICE LIBOR USD 3 Month + 0.74%), 0.86%, 1/17/2023(b)		11,617		11,682
Sumitomo Mitsui Trust Bank Ltd. (Japan)
0.80%, 9/12/2023(a)		73,276		73,241
(SOFR + 0.44%), 0.49%, 9/16/2024(a)(b)		25,847		25,832
Toronto-Dominion Bank (The) (Canada)
2.10%, 7/15/2022(a)(c)		25,000		25,291
1.90%, 12/1/2022(c)		2,969		3,012
(SOFR + 0.48%), 0.53%, 1/27/2023(b)		35,934		36,057
0.30%, 6/2/2023		44,810		44,576
Truist Bank
2.80%, 5/17/2022		9,181		9,269
(SOFR + 0.20%), 0.25%, 1/17/2024(b)		41,213		41,192
Truist Financial Corp.
2.70%, 1/27/2022		8,568		8,583
2.75%, 4/1/2022		6,420		6,457
3.05%, 6/20/2022		3,055		3,093
UniCredit SpA (Italy) 3.75%, 4/12/2022(d)		14,284		14,440
US Bancorp
(ICE LIBOR USD 3 Month + 0.64%), 0.76%, 1/24/2022(b)		54		54
Series V, 2.63%, 1/24/2022		143		143
US Bank NA 2.65%, 5/23/2022		3,213		3,241
Wells Fargo & Co.
3.50%, 3/8/2022(c)		3,008		3,033
3.07%, 1/24/2023		29,800		29,902
Westpac Banking Corp. (Australia)
(ICE LIBOR USD 3 Month + 0.85%), 0.97%, 1/11/2022(b)		105		105
2.80%, 1/11/2022		7,908		7,929
2.50%, 6/28/2022		8,930		9,039
2.00%, 1/13/2023		2,626		2,669

				4,070,605

Beverages — 1.2%
Beam Suntory, Inc. (Japan)
3.25%, 5/15/2022		8,241		8,286
3.25%, 6/15/2023		2,000		2,060
Coca-Cola Europacific Partners plc (United Kingdom) 0.50%, 5/5/2023(a)		47,359		47,094
Diageo Investment Corp. (United Kingdom) 2.88%, 5/11/2022		200		202
Heineken NV (Netherlands)
3.40%, 4/1/2022(a)		47,759		48,213
2.75%, 4/1/2023(a)		9,513		9,754

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
PepsiCo, Inc.
2.75%, 3/5/2022		1,383		1,392
2.25%, 5/2/2022		1,215		1,223
2.75%, 3/1/2023		2,744		2,820
Suntory Holdings Ltd. (Japan) 2.55%, 6/28/2022(a)		35,976		36,314

				157,358

Biotechnology — 1.6%
AbbVie, Inc.
3.45%, 3/15/2022		21,015		21,088
3.25%, 10/1/2022		3,962		4,023
2.90%, 11/6/2022		24,439		24,930
2.30%, 11/21/2022		59,087		59,977
2.85%, 5/14/2023		14,634		15,011
Amgen, Inc.
2.65%, 5/11/2022		22,961		23,139
3.63%, 5/15/2022		4,600		4,629
Biogen, Inc. 3.63%, 9/15/2022		36,844		37,708
Gilead Sciences, Inc. 3.25%, 9/1/2022		20,382		20,687

				211,192

Building Products — 0.0%(e)
Carlisle Cos., Inc. 0.55%, 9/1/2023		2,027		2,015

Capital Markets — 6.3%
Bank of New York Mellon Corp. (The) (ICE LIBOR USD 3 Month + 0.63%), 2.66%, 5/16/2023(b)		230		232
Credit Suisse AG (Switzerland)
1.00%, 5/5/2023		50,805		50,961
Series FXD, 0.52%, 8/9/2023		41,195		40,991
(SOFR + 0.39%), 0.44%, 2/2/2024(b)		24,506		24,463
Daiwa Securities Group, Inc. (Japan) 3.13%, 4/19/2022(a)		32,531		32,833
Goldman Sachs Group, Inc. (The)
(SOFR + 0.41%), 0.46%, 1/27/2023(b)		8,607		8,609
Series FXD, 0.48%, 1/27/2023		14,600		14,551
0.52%, 3/8/2023		28,071		27,980
(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 6/5/2023(b)		55,938		56,531
Series VAR, (SOFR + 0.54%), 0.63%, 11/17/2023(b)		30,940		30,860
(SOFR + 0.57%), 0.67%, 3/8/2024(b)		36,100		35,966
Macquarie Bank Ltd. (Australia)
2.10%, 10/17/2022(a)		5,326		5,398
0.44%, 12/16/2022(a)		114,770		114,606
(SOFR + 0.30%), 0.35%, 4/6/2023(a)(b)		44,324		44,318
Macquarie Group Ltd. (Australia)
(ICE LIBOR USD 3 Month + 1.02%), 3.19%, 11/28/2023(a)(b)		13,621		13,942
Morgan Stanley
3.13%, 1/23/2023		18,200		18,699
(SOFR + 0.47%), 0.56%, 11/10/2023(b)		18,781		18,724
(SOFR + 0.46%), 0.53%, 1/25/2024(b)		112,339		111,896
(SOFR + 0.62%), 0.73%, 4/5/2024(b)		29,923		29,846
State Street Corp.
(SOFR + 2.69%), 2.82%, 3/30/2023(b)		9,223		9,290
(ICE LIBOR USD 3 Month + 0.64%), 2.65%, 5/15/2023(b)		7,486		7,557
UBS AG (Switzerland)
0.38%, 6/1/2023(a)		29,113		28,933
(SOFR + 0.36%), 0.41%, 2/9/2024(a)(b)		29,727		29,799
(SOFR + 0.45%), 0.50%, 8/9/2024(a)(b)		28,626		28,727
UBS Group AG (Switzerland)
2.65%, 2/1/2022(a)		3,723		3,737
(ICE LIBOR USD 3 Month + 1.22%), 1.38%, 5/23/2023(a)(b)		6,937		6,973
3.49%, 5/23/2023(a)		16,790		17,010
(ICE LIBOR USD 3 Month + 0.95%), 2.86%, 8/15/2023(a)(b)		36,727		37,256

				850,688

Chemicals — 0.0%(e)
Air Liquide Finance SA (France) 2.25%, 9/27/2023(a)		2,200		2,251
Chevron Phillips Chemical Co. LLC 3.30%, 5/1/2023(a)		231		239

				2,490

Construction Materials — 0.1%
Martin Marietta Materials, Inc. 0.65%, 7/15/2023		16,857		16,809

Consumer Finance — 4.0%
AerCap Ireland Capital DAC (Ireland) 1.15%, 10/29/2023		43,830		43,698
American Express Co.
2.75%, 5/20/2022		17,785		17,947
2.50%, 8/1/2022		9,360		9,476
2.65%, 12/2/2022		4,312		4,405
3.70%, 8/3/2023		21,143		22,097
American Express Credit Corp.
(ICE LIBOR USD 3 Month + 0.70%), 0.82%, 3/3/2022(b)		18,810		18,827
2.70%, 3/3/2022		1,127		1,131
American Honda Finance Corp.
0.40%, 10/21/2022		2,397		2,395
(ICE LIBOR USD 3 Month + 0.15%), 0.31%, 2/22/2023(b)		82,500		82,499
0.35%, 4/20/2023(c)		22,926		22,849
1.95%, 5/10/2023		27,800		28,261
Capital One Financial Corp.
(ICE LIBOR USD 3 Month + 0.95%), 1.07%, 3/9/2022(b)		4,297		4,303
3.05%, 3/9/2022		2,155		2,166
3.20%, 1/30/2023		2,794		2,870
2.60%, 5/11/2023		69,963		71,707

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
Caterpillar Financial Services Corp. 2.85%, 6/1/2022		1,000		1,013
Hyundai Capital Services, Inc. (South Korea)
3.00%, 3/6/2022(a)		1,517		1,525
3.00%, 8/29/2022(a)		300		305
John Deere Capital Corp.
3.20%, 1/10/2022		188		189
2.95%, 4/1/2022		5,377		5,422
1.95%, 6/13/2022		2,020		2,037
Toyota Motor Credit Corp. 0.45%, 7/22/2022		5,392		5,389
(ICE LIBOR USD 3 Month + 0.04%), 0.17%, 8/2/2022(b)		34,800		34,804
(SOFR + 0.15%), 0.20%, 8/15/2022(b)		3,000		2,998
0.35%, 10/14/2022		1,278		1,277
(SOFR + 0.20%), 0.25%, 2/13/2023(b)		92,884		92,772
(SOFR + 0.32%), 0.37%, 4/6/2023(b)		39,450		39,438
(SOFR + 0.33%), 0.38%, 1/11/2024(b)		23,375		23,365

				545,165

Diversified Financial Services — 2.3%
AIG Global Funding
0.80%, 7/7/2023(a)		8,857		8,861
(SOFR + 0.38%), 0.43%, 12/15/2023(a)(b)		87,384		87,438
Citigroup Global Markets Holdings, Inc. 0.75%, 6/7/2024(c)		66,574		65,836
CK Hutchison International 17 Ltd. (United Kingdom) 2.88%, 4/5/2022(a)		28,031		28,230
Hutchison Whampoa International 11 Ltd. (United Kingdom) 4.63%, 1/13/2022(a)		38,647		38,823
National Rural Utilities Cooperative Finance Corp.
2.70%, 2/15/2023		1,503		1,532
Series D, (ICE LIBOR USD 3 Month + 0.07%), 0.22%, 2/16/2023(b)		49,364		49,295
NTT Finance Corp. (Japan) 0.37%, 3/3/2023(a)		28,846		28,762

				308,777

Diversified Telecommunication Services — 0.4%
Verizon Communications, Inc. (ICE LIBOR USD 3 Month + 1.00%), 1.12%, 3/16/2022(b)		50,632		50,772

Electric Utilities — 2.1%
American Electric Power Co., Inc. Series I, 3.65%, 12/1/2021		9,732		9,732
Duke Energy Corp.
2.40%, 8/15/2022		17,059		17,257
3.05%, 8/15/2022		8,348		8,445
Duke Energy Progress LLC
Series A, (ICE LIBOR USD 3 Month + 0.18%), 0.34%, 2/18/2022(b)		10,995		10,995
Entergy Louisiana LLC
0.62%, 11/17/2023		37,533		37,273
0.95%, 10/1/2024		35,474		35,128
Eversource Energy
Series K, 2.75%, 3/15/2022		22,773		22,880
2.80%, 5/1/2023		4,206		4,296
NextEra Energy Capital Holdings, Inc.
(ICE LIBOR USD 3 Month + 0.72%), 0.90%, 2/25/2022(b)		16,275		16,300
2.90%, 4/1/2022		5,283		5,324
(ICE LIBOR USD 3 Month + 0.27%), 0.43%, 2/22/2023(b)		70,324		70,210
(SOFR + 0.54%), 0.59%, 3/1/2023(b)		6,553		6,572
0.65%, 3/1/2023		29,411		29,373
Niagara Mohawk Power Corp. 2.72%, 11/28/2022(a)		9,994		10,158
Oklahoma Gas and Electric Co. 0.55%, 5/26/2023		1,182		1,175
PPL Electric Utilities Corp. 2.50%, 9/1/2022		719		726
Public Service Co. of Colorado 2.50%, 3/15/2023		1,527		1,549

				287,393

Electrical Equipment — 0.4%
ABB Finance USA, Inc. (Switzerland) 2.88%, 5/8/2022		6,055		6,117
Eaton Corp. 2.75%, 11/2/2022		48,756		49,699
Schneider Electric SE 2.95%, 9/27/2022(a)		165		168

				55,984

Energy Equipment & Services — 0.1%
Baker Hughes Holdings LLC 2.77%, 12/15/2022		11,281		11,516
Schlumberger Finance Canada Ltd. 2.65%, 11/20/2022(a)		219		223

				11,739

Entertainment — 0.1%
TWDC Enterprises 18 Corp. 2.35%, 12/1/2022		2,993		3,043
Walt Disney Co. (The) 1.65%, 9/1/2022		8,366		8,441

				11,484

Food & Staples Retailing — 0.6%
7-Eleven, Inc. 0.63%, 2/10/2023(a)		71,080		70,862
Kroger Co. (The)
3.40%, 4/15/2022		4,768		4,785
2.80%, 8/1/2022		4,664		4,725

				80,372

Food Products — 0.5%
Bunge Ltd. Finance Corp. 3.00%, 9/25/2022		8,185		8,329

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
Campbell Soup Co.
3.65%, 3/15/2023		34,401		35,565
Cargill, Inc. 3.30%, 3/1/2022(a)		335		335
Mondelez International, Inc. 0.63%, 7/1/2022		17,862		17,879

				62,108

Gas Utilities — 2.3%
Atmos Energy Corp.
(ICE LIBOR USD 3 Month + 0.38%), 0.50%, 3/9/2023(b)		85,900		85,906
0.63%, 3/9/2023		53,345		53,236
CenterPoint Energy Resources Corp. (ICE LIBOR USD 3 Month + 0.50%), 0.62%, 3/2/2023(b)		54,780		54,693
ONE Gas, Inc.
(ICE LIBOR USD 3 Month + 0.61%), 0.72%, 3/11/2023(b)		23,570		23,570
0.85%, 3/11/2023		89,854		89,713
Southern Natural Gas Co. LLC 0.63%, 4/28/2023(a)		4,967		4,950

				312,068

Health Care Providers & Services — 1.1%
Aetna, Inc. 2.75%, 11/15/2022		55,652		56,441
AmerisourceBergen Corp. 0.74%, 3/15/2023		38,898		38,859
Cigna Corp. 3.05%, 11/30/2022		33,961		34,732
McKesson Corp. 2.70%, 12/15/2022		8,100		8,226
UnitedHealth Group, Inc. 2.88%, 12/15/2021		4,877		4,881

				143,139

Hotels, Restaurants & Leisure — 0.0%(e)
Starbucks Corp. 1.30%, 5/7/2022		6,262		6,284

Household Products — 0.2%
Church & Dwight Co., Inc. 2.45%, 8/1/2022		267		270
Clorox Co. (The) 3.05%, 9/15/2022		7,003		7,094
Procter & Gamble Co. (The) 2.15%, 8/11/2022		4,470		4,526
Reckitt Benckiser Treasury Services plc (United Kingdom)
(ICE LIBOR USD 3 Month + 0.56%), 0.69%, 6/24/2022(a)(b)		4,492		4,504
2.38%, 6/24/2022(a)		8,031		8,104

				24,498

Independent Power and Renewable Electricity Producers — 0.0%(e)
Exelon Generation Co. LLC
3.40%, 3/15/2022		2,602		2,613
4.25%, 6/15/2022		2,204		2,227

				4,840

Industrial Conglomerates — 0.1%
Honeywell International, Inc. 0.48%, 8/19/2022		1,483		1,483
Roper Technologies, Inc.
0.45%, 8/15/2022		5,554		5,549
3.13%, 11/15/2022		5,688		5,787

				12,819

Insurance — 4.1%
Athene Global Funding
(ICE LIBOR USD 3 Month + 1.23%), 1.36%, 7/1/2022(a)(b)		10,143		10,202
3.00%, 7/1/2022(a)		9,325		9,456
2.80%, 5/26/2023(a)(c)		14,749		15,148
1.20%, 10/13/2023(a)		9,469		9,515
0.95%, 1/8/2024(a)		55,505		55,322
1.00%, 4/16/2024(a)		22,028		21,931
(SOFR + 0.70%), 0.75%, 5/24/2024(a)(b)		9,146		9,158
Brighthouse Financial Global Funding
0.60%, 6/28/2023(a)		13,515		13,469
(SOFR + 0.76%), 0.81%, 4/12/2024(a)(b)		9,930		10,006
1.00%, 4/12/2024(a)		4,379		4,357
Chubb INA Holdings, Inc. 2.88%, 11/3/2022		1,938		1,971
Equitable Financial Life Global Funding (SOFR + 0.39%), 0.44%, 4/6/2023(a)(b)		58,202		58,289
Fidelity National Financial, Inc. 5.50%, 9/1/2022		450		466
Globe Life, Inc. 3.80%, 9/15/2022		5,687		5,834
Guardian Life Global Funding 2.50%, 5/8/2022(a)		6,481		6,541
Jackson National Life Global Funding
2.50%, 6/27/2022(a)		4,008		4,052
2.38%, 9/15/2022(a)		3,898		3,958
(SOFR + 0.60%), 0.65%, 1/6/2023(a)(b)		56,045		56,281
MassMutual Global Funding II 2.50%, 4/13/2022(a)		1,024		1,032
Metropolitan Life Global Funding
I 3.38%, 1/11/2022(a)		1,886		1,892
3.88%, 4/11/2022(a)		899		910
3.00%, 1/10/2023(a)		140		144
1.95%, 1/13/2023(a)		1,670		1,695
New York Life Global Funding
1.10%, 5/5/2023(a)		5,820		5,863
(SOFR + 0.19%), 0.24%, 6/30/2023(a)(b)		24,142		24,127
Principal Financial Group, Inc. 3.30%, 9/15/2022		13,287		13,603
Principal Life Global Funding II 1.25%, 5/11/2023(a)(c)		37,520		37,848
Protective Life Global Funding 0.33%, 12/9/2022(a)		135,860		135,742
Reliance Standard Life Global Funding II
2.63%, 7/22/2022(a)		18,480		18,723
2.15%, 1/21/2023(a)		13,150		13,354
3.85%, 9/19/2023(a)		2,461		2,586

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
Suncorp-Metway Ltd. (Australia) 2.80%, 5/4/2022(a)		6,710		6,776

				560,251

IT Services — 0.4%
Fidelity National Information Services, Inc. 0.38%, 3/1/2023		32,387		32,241
Fiserv, Inc. 3.80%, 10/1/2023		14,612		15,348

				47,589

Life Sciences Tools & Services — 0.7%
Thermo Fisher Scientific, Inc. (SOFR + 0.35%), 0.40%, 4/18/2023(b)		100,480		100,534

Machinery — 0.0%(e)
Deere & Co. 2.60%, 6/8/2022		2,600		2,615

Media — 0.1%
Fox Corp. 3.67%, 1/25/2022		100		100
Sky Ltd. (United Kingdom) 3.13%, 11/26/2022(a)		17,034		17,469

				17,569

Metals & Mining — 0.2%
BHP Billiton Finance USA Ltd. (Australia) 2.88%, 2/24/2022		6,747		6,786
Glencore Funding LLC (Australia) 4.13%, 5/30/2023(a)		903		943
Nucor Corp. 4.13%, 9/15/2022		22,382		22,830

				30,559

Multiline Retail — 0.0%(e)
Target Corp. 2.90%, 1/15/2022		149		149

Multi-Utilities — 0.5%
Dominion Energy, Inc.
Series B, 2.75%, 1/15/2022		235		235
Series B, 2.75%, 9/15/2022		462		468
DTE Energy Co. Series H, 0.55%, 11/1/2022		25,587		25,544
Engie SA (France) 2.88%, 10/10/2022(a)		2,847		2,900
Public Service Enterprise Group, Inc. 2.65%, 11/15/2022		43,546		44,307

				73,454

Oil, Gas & Consumable Fuels — 0.6%
Enbridge, Inc. (Canada) (SOFR + 0.40%), 0.45%, 2/17/2023(b)		13,243		13,239
Enterprise Products Operating LLC 3.35%, 3/15/2023		19,854		20,389
Equinor ASA (Norway) 2.45%, 1/17/2023		1,733		1,767
Exxon Mobil Corp. 1.57%, 4/15/2023		6,944		7,031
Phillips 66 4.30%, 4/1/2022		38,504		38,968
Saudi Arabian Oil Co. (Saudi Arabia) 2.75%, 4/16/2022(a)		5,989		6,037

				87,431

Pharmaceuticals — 1.3%
AstraZeneca plc (United Kingdom)
2.38%, 6/12/2022		21,386		21,574
0.30%, 5/26/2023		62,628		62,300
Bristol-Myers Squibb Co.
3.25%, 8/15/2022		6,683		6,822
3.55%, 8/15/2022		10,977		11,218
2.75%, 2/15/2023		550		563
Eli Lilly & Co. 2.35%, 5/15/2022		250		252
EMD Finance LLC (Germany) 2.95%, 3/19/2022(a)		10,854		10,889
GlaxoSmithKline Capital plc (United Kingdom) 2.85%, 5/8/2022		6,699		6,771
GlaxoSmithKline Capital, Inc. (United Kingdom) 2.80%, 3/18/2023		5,968		6,126
Johnson & Johnson 2.25%, 3/3/2022		334		335
Merck & Co., Inc.
2.35%, 2/10/2022		133		134
2.40%, 9/15/2022		1,141		1,152
Takeda Pharmaceutical Co. Ltd. (Japan) 4.40%, 11/26/2023		21,956		23,368
Viatris, Inc. 1.13%, 6/22/2022		18,826		18,854

				170,358

Road & Rail — 0.4%
Central Japan Railway Co. (Japan) 3.40%, 9/6/2023(d)		16,732		17,441
Penske Truck Leasing Co. LP
3.38%, 2/1/2022(a)		34,314		34,314
4.88%, 7/11/2022(a)		988		1,013
Ryder System, Inc. 2.88%, 6/1/2022		1,270		1,282
2.50%, 9/1/2022		314		318

				54,368

Software — 0.8%
Microsoft Corp. 2.65%, 11/3/2022		1,204		1,225
Oracle Corp.
2.50%, 5/15/2022		46,581		46,859
2.50%, 10/15/2022		42,714		43,421
2.63%, 2/15/2023		18,946		19,342

				110,847

Technology Hardware, Storage & Peripherals — 0.0%(e)
Apple, Inc.
(ICE LIBOR USD 3 Month + 0.50%), 0.64%, 2/9/2022(b)		150		150
2.70%, 5/13/2022(c)		2,043		2,065

				2,215

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
Textiles, Apparel & Luxury Goods — 0.1%
VF Corp. 2.05%, 4/23/2022		7,949		7,997

Thrifts & Mortgage Finance — 1.6%
BPCE SA (France)
(ICE LIBOR USD 3 Month + 1.22%), 1.38%, 5/22/2022(a)(b)		2,047		2,058
3.00%, 5/22/2022(a)		49,141		49,719
2.75%, 1/11/2023(a)		30,351		31,072
4.00%, 9/12/2023(a)		14,724		15,497
Nationwide Building Society (United Kingdom)
2.00%, 1/27/2023(a)		22,727		23,096
(ICE LIBOR USD 3 Month + 1.18%), 3.62%, 4/26/2023(a)(b)		39,515		39,955
0.55%, 1/22/2024(a)		59,302		58,572

				219,969

Tobacco — 0.5%
BAT Capital Corp. (United Kingdom)
(ICE LIBOR USD 3 Month + 0.88%), 1.04%, 8/15/2022(b)		22,073		22,154
2.76%, 8/15/2022(c)		7,000		7,094
BAT International Finance plc (United Kingdom)
3.25%, 6/7/2022(a)		2,655		2,690
Philip Morris International, Inc. 2.38%, 8/17/2022		11,680		11,823
2.50%, 8/22/2022		14,245		14,467
2.50%, 11/2/2022		4,975		5,054
Reynolds American, Inc. (United Kingdom) 4.85%, 9/15/2023		8,012		8,541

				71,823

Trading Companies & Distributors — 0.5%
Air Lease Corp.
(ICE LIBOR USD 3 Month + 0.35%), 0.47%, 12/15/2022(b)		67,679		67,659
3.00%, 9/15/2023		1,428		1,468

				69,127

Transportation Infrastructure — 0.0%(e)
HPHT Finance 17 Ltd. (Hong Kong) 2.75%, 9/11/2022(d)		4,375		4,425

Wireless Telecommunication Services — 0.4%
America Movil SAB de CV (Mexico) 3.13%, 7/16/2022		19,194		19,420
Rogers Communications, Inc. (Canada) (ICE LIBOR USD 3 Month + 0.60%), 0.73%, 3/22/2022(b)		33,272		33,315

				52,735

TOTAL CORPORATE BONDS (Cost $9,281,662)				9,272,084

ASSET-BACKED SECURITIES —8.5%
Ally Auto Receivables Trust
Series 2019-2, Class A3, 2.23%, 1/16/2024		1,389		1,399
Series 2019-1, Class A4, 3.02%, 4/15/2024		1,788		1,820
AmeriCredit Automobile Receivables Trust
Series 2020-3, Class A2, 0.42%, 3/18/2024		3,918		3,919
Series 2019-3, Class A3, 2.06%, 4/18/2024		6,022		6,047
Series 2021-2, Class A2, 0.26%, 11/18/2024		76,156		76,110
Series 2021-3, Class A2, 0.41%, 8/18/2027		59,389		59,346
BMW Vehicle Lease Trust Series 2021-2, Class A2, 0.19%, 11/27/2023		40,889		40,843
Capital One Multi-Asset Execution Trust Series 2019-A1, Class A1, 2.84%, 12/15/2024		156,400		157,244
Capital One Prime Auto Receivables Trust
Series 2020-1, Class A3, 1.60%, 11/15/2024		22,002		22,176
CarMax Auto Owner Trust
Series 2020-4, Class A2, 0.31%, 1/16/2024		19,019		19,018
Series 2021-2, Class A2A, 0.27%, 6/17/2024		26,736		26,726
Series 2021-4, Class A2A, 0.24%, 11/15/2024		14,014		13,971
Carvana Auto Receivables Trust
Series 2020-P1, Class A2, 0.28%, 11/8/2023		2,496		2,495
Series 2021-P2, Class A2, 0.30%, 7/10/2024		28,565		28,564
Series 2021-P3, Class A2, 0.38%, 1/10/2025		39,307		39,235
Cloud Pass-Through Trust Series 2019-1A, Class CLOU, 3.55%, 12/5/2022(a)(f)		1,140		1,144
Dell Equipment Finance Trust Series 2021-2, Class A2, 0.33%, 12/22/2026(a)		9,383		9,352
Discover Card Execution Note Trust Series 2019-A1, Class A1, 3.04%, 7/15/2024		100,164		100,497
Drive Auto Receivables Trust Series 2021-2, Class A2, 0.36%, 5/15/2024		60,735		60,707
Exeter Automobile Receivables Trust
Series 2021-2A, Class A2, 0.27%, 1/16/2024		11,230		11,227
Series 2021-1A, Class A3, 0.34%, 3/15/2024		2,745		2,745

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
Series 2021-2A, Class A3, 0.30%, 10/15/2024		9,006		8,988
Series 2021-3A, Class A3, 0.35%, 2/18/2025		20,201		20,159
Ford Credit Auto Lease Trust
Series 2020-A, Class A3, 1.85%, 3/15/2023		4,812		4,823
Series 2021-A, Class A2, 0.19%, 7/15/2023		29,572		29,566
Ford Credit Auto Owner Trust
Series 2019-A, Class A3, 2.78%, 9/15/2023		1,190		1,198
Series 2020-C, Class A2, 0.25%, 10/15/2023		21,093		21,090
Series 2017-1, Class A, 2.62%, 8/15/2028(a)		15,225		15,295
GM Financial Automobile Leasing Trust Series 2020-3, Class A2A, 0.35%, 11/21/2022		3,780		3,780
GM Financial Consumer Automobile Receivables Trust
Series 2020-4, Class A2, 0.26%, 11/16/2023		2,306		2,306
Series 2019-1, Class A3, 2.97%, 11/16/2023		309		311
Series 2020-1, Class A3, 1.84%, 9/16/2024		4,769		4,805
Honda Auto Receivables Owner Trust
Series 2020-3, Class A2, 0.27%, 2/21/2023		2,111		2,111
Series 2019-1, Class A3, 2.83%, 3/20/2023		212		213
Mercedes-Benz Auto Lease Trust
Series 2020-B, Class A2, 0.31%, 2/15/2023		6,528		6,529
Series 2021-A, Class A2, 0.18%, 3/15/2023		20,620		20,616
Santander Drive Auto Receivables Trust
Series 2021-1, Class A2, 0.29%, 11/15/2023		808		808
Series 2021-2, Class A2, 0.28%, 4/15/2024		14,079		14,075
Series 2021-3, Class A2, 0.29%, 5/15/2024		43,408		43,398
Tesla Auto Lease Trust
Series 2019-A, Class A2, 2.13%, 4/20/2022(a)		106		106
Series 2020-A, Class A3, 0.68%, 12/20/2023(a)		11,952		11,971
Series 2021-A, Class A2, 0.36%, 3/20/2025(a)		60,561		60,499
Toyota Auto Receivables Owner Trust Series 2018-C, Class A3, 3.02%, 12/15/2022		354		355
Toyota Lease Owner Trust Series 2021-B, Class A2, 0.25%, 3/20/2024(a)		52,434		52,332
Westlake Automobile Receivables Trust Series 2021-3A, Class A2, 0.57%, 9/16/2024(a)		135,181		135,131
World Omni Select Auto Trust Series 2021-A, Class A2, 0.29%, 2/18/2025		8,792		8,782

TOTAL ASSET-BACKED SECURITIES (Cost $1,159,834)				1,153,832

CERTIFICATES OF DEPOSIT — 0.8%
Bayerische Landesbank (Germany) 0.90%, 6/27/2023		66,500		66,995
UBS AG (Switzerland) 0.46%, 12/2/2022		46,669		46,741

TOTAL CERTIFICATES OF DEPOSIT (Cost $113,174)				113,736

FOREIGN GOVERNMENT SECURITIES — 0.5%
Svensk Exportkredit AB (Sweden) (SOFR + 1.00%), 1.05%, 5/25/2023(b)(Cost $61,585)		60,917		61,720

SHORT-TERM INVESTMENTS — 22.9%
CERTIFICATES OF DEPOSIT — 4.4%
Bank of Montreal (Canada)
0.20%, 8/19/2022		32,238		32,208
0.40%, 11/18/2022		20,500		20,499
First Abu Dhabi Bank USA NV (ICE LIBOR USD 3 Month + 0.17%), 0.29%, 12/14/2021(b)		22,600		22,601
Kookmin Bank (South Korea) (ICE LIBOR USD 3 Month + 0.25%), 0.36%, 12/13/2021(b)		79,128		79,134
Lloyds Bank Corporate Markets plc (United Kingdom) 0.22%, 8/3/2022		5,253		5,250
Norinchukin Bank (The) (Japan)
0.37%, 12/1/2021		143,842		143,842
0.37%, 12/3/2021		99,752		99,755
Royal Bank of Canada (Canada) 0.20%, 8/16/2022		80,050		79,986
Shinhan Bank (South Korea) 0.47%, 12/3/2021		21,883		21,884
Sumitomo Mitsui Banking Corp. (Japan) (SOFR + 0.18%), 0.23%, 8/2/2022(b)		70,300		70,266

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
Woori Bank (South Korea) (ICE LIBOR USD 3 Month +
0.25%), 0.38%, 1/31/2022(b)		13,428		13,431
0.26%, 8/12/2022(a)		9,000		8,992

TOTAL CERTIFICATES OF DEPOSIT (Cost $597,974)				597,848

COMMERCIAL PAPER — 8.9%
AT&T, Inc. 0.40%, 12/14/2021(a)		64,604		64,601
Barclays Bank plc (United Kingdom)
0.30%, 2/9/2022(a)(g)		25,445		25,437
0.30%, 2/10/2022(a)(g)		28,038		28,029
0.24%, 7/14/2022(a)(g)		4,300		4,291
BP Capital Markets plc (United Kingdom)
0.30%, 1/11/2022(a)(g)		14,786		14,784
0.29%, 1/28/2022(a)(g)		4,600		4,599
Canadian Imperial Holdings, Inc. (Canada) 0.40%, 11/17/2022(a)		29,000		28,887
Cigna Corporate Services LLC 0.30%, 2/15/2022(a)(g)		18,750		18,741
Cigna Holding Co. 0.28%, 2/16/2022(a)(g)		50,000		49,975
Enbridge US, Inc. 0.31%, 4/4/2022(a)		52,075		52,026
Enel Finance America LLC
0.40%, 4/4/2022(a)(g)		33,500		33,466
0.37%, 6/27/2022(a)(g)		8,600		8,581
0.40%, 9/27/2022(a)		36,675		36,536
0.40%, 9/29/2022(a)		8,876		8,842
0.40%, 10/3/2022(a)		9,012		8,977
Eni Finance USA, Inc. (Italy)
0.45%, 2/28/2022(a)(g)		34,137		34,115
0.45%, 3/4/2022(a)(g)		29,239		29,220
0.46%, 3/14/2022(a)(g)		10,000		9,993
Glencore Funding LLC (Australia) 0.30%, 1/11/2022(a)(g)		69,500		69,476
HSBC USA, Inc. 0.32%, 8/5/2022(a)(g)		31,300		31,202
International Flavors and Fragrances Inc. 0.30%, 12/15/2021(a)		9,000		8,999
International Flavors and Fragrances, Inc. 0.55%, 3/29/2022(a)		30,000		29,973
Mitsubishi HC Capital America, Inc. (Japan) 0.40%, 1/18/2022		16,267		16,262
NatWest Markets plc (United Kingdom) 0.30%, 6/21/2022(a)(g)		14,000		13,979
Parker-Hannifin Corp. 0.35%, 1/27/2022(a)		32,090		32,072
Royal Bank of Canada (Canada) 0.25%, 10/11/2022(a)		71,402		71,165
Standard Chartered Bank (United Kingdom) 0.27%, 10/14/2022(a)		79,915		79,633
Svenska Handelsbanken AB (Sweden)
0.25%, 10/7/2022(a)		112,300		111,948
0.40%, 11/21/2022(a)		42,300		42,128
Telstra Corp. Ltd. (Australia) 0.30%, 2/7/2022(a)(g)		26,091		26,082
Toronto-Dominion Bank (The) (Canada) 0.37%, 11/15/2022(a)		20,000		19,925
Waste Management, Inc.
0.34%, 4/21/2022(a)(g)		5,000		4,995
0.30%, 9/6/2022(a)		9,617		9,591
0.31%, 9/8/2022(a)		18,667		18,616
0.31%, 10/6/2022(a)		33,158		33,048
0.41%, 11/9/2022(a)		7,300		7,272
Westpac Securities NZ Ltd. (New Zealand) 0.25%, 10/7/2022(a)		113,142		112,769

TOTAL COMMERCIAL PAPER (Cost $1,200,616)				1,200,235


	Shares (000)
INVESTMENT COMPANIES — 8.8%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05%(h)(i)(Cost $1,201,707)		1,201,295		1,201,776

INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED — 0.1%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.10%(h)(i)		8,001		8,000
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%(h)(i)		1,096		1,096

TOTAL INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED (Cost $9,097)				9,096


	Principal Amount ($000)
REPURCHASE AGREEMENTS — 0.7%
Wells Fargo Securities LLC, 0.60%, dated 11/30/2021, due 12/22/2021, repurchase price $100,037, collateralized by Collateralized Mortgage Obligations, 0.28% - 5.59%, due 11/25/2025 - 11/18/2064, with the value of $108,324. (Cost $100,000)		100,000		100,000

TOTAL SHORT-TERM INVESTMENTS (Cost $3,109,394)				3,108,955

Total Investments — 101.1% (Cost $13,725,649)				13,710,327
Liabilities in Excess of Other Assets — (1.1)%				(153,513	)

Net Assets — 100.0%				13,556,814

Percentages indicated are based on net assets.

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Abbreviations


BSBY		Bloomberg Short Term Bank Yield Index
ICE		Intercontinental Exchange
LIBOR		London Interbank Offered Rate
SOFR		Secured Overnight Financing Rate
USD		United States Dollar
(a)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(b)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2021.
(c)		The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 is $8,866.
(d)		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.
(e)		Amount rounds to less than 0.1% of net assets.
(f)		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.
(g)		The rate shown is the effective yield as of November 30, 2021.
(h)		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.
(i)		The rate shown is the current yield as of November 30, 2021.

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) ($)

Short Contracts

U.S. Treasury 2 Year Note

(3,618

)

03/2022

USD

(790,929

)

978

Abbreviations



USD		United States Dollar

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Dollar values in thousands)

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

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

Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “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.

Certain short term investments may be valued using the amortized cost method, provided it approximates the fair market value of the investment. The amortized cost method of valuation involves valuing a security at its cost initially and thereafter assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the security. This method may result in periods during which value, as determined by amortized cost, is higher or lower than the price the Fund would receive if it sold the security. The market value of securities in the Fund can generally be expected to vary inversely with changes in prevailing interest rates.

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

Futures contracts are generally valued on the basis of available market quotations.

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.

•

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

•

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

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

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


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities	$	—	$	1,153,832	$	—	$	1,153,832
Certificates of Deposit		—		113,736		—		113,736
Corporate Bonds		—		9,272,084		—		9,272,084
Foreign Government Securities		—		61,720		—		61,720
Short-Term Investments
Certificates of Deposit		—		597,848		—		597,848
Commercial Paper		—		1,200,235		—		1,200,235
Investment Companies		1,201,776		—		—		1,201,776
Investment of Cash Collateral from Securities Loaned		9,096		—		—		9,096
Repurchase Agreements		—		100,000		—		100,000

Total Short-Term Investments		1,210,872		1,898,083		—		3,108,955

Total Investments in Securities	$	1,210,872	$	12,499,455	$	—	$	13,710,327

Appreciation in Other Financial Instruments
Futures Contracts	$	978	$	—	$	—	$	978

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Dollar values in thousands)

B. Investment Transactions with Affiliates — The Fund invested in Underlying Funds, which are advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts 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)	$	596,089	$	13,008,532	$	12,402,759	$	(81	)	$	(5	)	$	1,201,776		1,201,295	$	311	$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.10%(a)(b)		2		101,000		93,000		(1	)		(1	)		8,000		8,001		12		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%(a)(b)		7,482		75,405		81,791		—			—			1,096		1,096		1		—

Total	$	603,573	$	13,184,937	$	12,577,550	$	(82	)	$	(6	)	$	1,210,872			$	324	$	—

(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.