JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — 38.4%
Aerospace & Defense — 1.5%
BAE Systems plc (United Kingdom) 3.40%, 4/15/2030(a)		1,000		1,070
Boeing Co. (The)
1.43%, 2/4/2024		877		877
4.88%, 5/1/2025		541		593
2.75%, 2/1/2026		1,646		1,691
2.20%, 2/4/2026		1,072		1,070
3.10%, 5/1/2026		2,500		2,600
General Dynamics Corp. 2.25%, 11/15/2022		1,000		1,012
L3Harris Technologies, Inc.
3.85%, 12/15/2026		475		517
4.85%, 4/27/2035		500		612
Leidos, Inc. 2.30%, 2/15/2031		1,000		969
Northrop Grumman Corp. 2.93%, 1/15/2025		1,800		1,880
Precision Castparts Corp.
2.50%, 1/15/2023		500		508
3.25%, 6/15/2025		800		855
Raytheon Technologies Corp.
3.20%, 3/15/2024		300		313
3.15%, 12/15/2024		476		499
3.95%, 8/16/2025		2,000		2,168
4.13%, 11/16/2028		500		562
2.25%, 7/1/2030		300		300
4.15%, 5/15/2045		311		372
Textron, Inc. 3.00%, 6/1/2030		1,100		1,147
				19,615
Airlines — 0.0%(b)
Continental Airlines Pass-Through Trust Series 2012-2, Class A Shares, 4.00%, 10/29/2024		179		186
Auto Components — 0.0%(b)
Lear Corp. 2.60%, 1/15/2032		222		218
Automobiles — 0.7%
Daimler Finance North America LLC (Germany) 2.13%, 3/10/2025(a)		1,250		1,274
General Motors Co. 6.13%, 10/1/2025		700		808
Hyundai Capital America
3.00%, 6/20/2022(a)		530		536
2.85%, 11/1/2022(a)		266		271
1.50%, 6/15/2026(a)		728		709
3.00%, 2/10/2027(a)		1,345		1,400
2.38%, 10/15/2027(a)		479		478
1.80%, 1/10/2028(a)		308		298
Nissan Motor Co. Ltd. (Japan)
3.52%, 9/17/2025(a)		600		629
4.35%, 9/17/2027(a)		1,600		1,724
Stellantis Finance US, Inc. 2.69%, 9/15/2031(a)		378		372
Volkswagen Group of America Finance LLC (Germany) 1.63%, 11/24/2027(a)		621		604
				9,103
Banks — 7.2%
AIB Group plc (Ireland) 4.75%, 10/12/2023(a)		800		850
Australia & New Zealand Banking Group Ltd. (Australia) 4.40%, 5/19/2026(a)		1,000		1,096
Banco Santander SA (Spain)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.72%, 9/14/2027(c)		200		196
2.75%, 12/3/2030		600		587
Bank of America Corp.
3.30%, 1/11/2023		32		33
(ICE LIBOR USD 3 Month + 0.78%), 3.55%, 3/5/2024(c)		2,487		2,569
4.00%, 1/22/2025		1,154		1,234
(ICE LIBOR USD 3 Month + 0.81%), 3.37%, 1/23/2026(c)		1,500		1,584
4.45%, 3/3/2026		556		612
(SOFR + 1.15%), 1.32%, 6/19/2026(c)		21		21
Series N, (SOFR + 0.91%), 1.66%, 3/11/2027(c)		1,500		1,489
(ICE LIBOR USD 3 Month + 1.58%), 3.82%, 1/20/2028(c)		3,300		3,576
(SOFR + 1.53%), 1.90%, 7/23/2031(c)		4,000		3,825
Bank of Ireland Group plc (Ireland)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.03%, 9/30/2027(a)(c)		1,125		1,111
Bank of Montreal (Canada)
2.35%, 9/11/2022		100		102
2.50%, 6/28/2024		500		518
(USD Swap Semi 5 Year + 1.28%), 4.34%, 10/5/2028(c)		800		844
Bank of New Zealand (New Zealand) 3.50%, 2/20/2024(a)		1,580		1,665
Bank of Nova Scotia (The) (Canada) 2.20%, 2/3/2025		600		617
Barclays plc (United Kingdom)
3.65%, 3/16/2025		1,255		1,330
(ICE LIBOR USD 3 Month + 1.61%), 3.93%, 5/7/2025(c)		500		528
BNP Paribas SA (France)
3.38%, 1/9/2025(a)		800		843
(ICE LIBOR USD 3 Month + 2.24%), 4.70%, 1/10/2025(a)(c)		500		535
4.63%, 3/13/2027(a)		1,000		1,110

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Canadian Imperial Bank of Commerce (Canada) 3.10%, 4/2/2024		1,050		1,099
Capital One Bank USA NA 3.38%, 2/15/2023		660		679
Citigroup, Inc.
(ICE LIBOR USD 3 Month + 0.90%), 3.35%, 4/24/2025(c)		1,500		1,571
(SOFR + 0.77%), 1.12%, 1/28/2027(c)		3,700		3,592
(ICE LIBOR USD 3 Month + 1.15%), 3.52%, 10/27/2028(c)		1,200		1,287
(SOFR + 1.15%), 2.67%, 1/29/2031(c)		2,400		2,436
(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039(c)		2,000		2,271
Citizens Financial Group, Inc. 2.64%, 9/30/2032		500		500
Cooperatieve Rabobank UA (Netherlands)
3.88%, 2/8/2022		903		909
2.63%, 7/22/2024(a)		400		415
Credit Agricole SA (France)
(SOFR + 1.68%), 1.91%, 6/16/2026(a)(c)		1,500		1,507
(SOFR + 0.89%), 1.25%, 1/26/2027(a)(c)		874		850
Discover Bank
2.45%, 9/12/2024		900		923
3.45%, 7/27/2026		447		474
DNB Bank ASA (Norway)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.68%), 1.60%, 3/30/2028(a)(c)		1,450		1,424
HSBC Holdings plc (United Kingdom)
4.25%, 3/14/2024		800		848
(ICE LIBOR USD 3 Month + 0.99%), 3.95%, 5/18/2024(c)		1,800		1,872
(SOFR + 1.40%), 2.63%, 11/7/2025(c)		1,000		1,028
(ICE LIBOR USD 3 Month + 1.35%), 4.29%, 9/12/2026(c)		1,250		1,354
(SOFR + 1.73%), 2.01%, 9/22/2028(c)		300		293
(SOFR + 2.39%), 2.85%, 6/4/2031(c)		941		953
Huntington Bancshares, Inc. 2.55%, 2/4/2030		1,600		1,630
ING Groep NV (Netherlands)
3.95%, 3/29/2027		406		444
(SOFR + 1.01%), 1.73%, 4/1/2027(c)		480		478
KeyBank NA 3.30%, 6/1/2025		800		856
Lloyds Banking Group plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 2.44%, 2/5/2026(c)		350		360
3.75%, 1/11/2027		1,269		1,372
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.00%, 2/22/2022		221		222
3.76%, 7/26/2023		864		906
2.19%, 2/25/2025		1,550		1,589
Mizuho Financial Group Cayman 3 Ltd. (Japan) 4.60%, 3/27/2024(a)		1,000		1,067
Mizuho Financial Group, Inc. (Japan)
2.95%, 2/28/2022		580		584
2.60%, 9/11/2022		300		305
NatWest Group plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.55%), 4.52%, 6/25/2024(c)		1,435		1,510
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.64%, 6/14/2027(c)		286		282
(ICE LIBOR USD 3 Month + 1.87%), 4.44%, 5/8/2030(c)		620		702
NatWest Markets plc (United Kingdom) 0.80%, 8/12/2024(a)		377		372
Nordea Bank Abp (Finland)
4.25%, 9/21/2022(a)		591		608
1.50%, 9/30/2026(a)		900		885
PNC Financial Services Group, Inc. (The) 2.55%, 1/22/2030		1,050		1,082
Royal Bank of Canada (Canada) 4.65%, 1/27/2026		1,097		1,218
Santander UK Group Holdings plc (United Kingdom)
(SOFR + 0.79%), 1.09%, 3/15/2025(c)		1,632		1,617
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.25%), 1.53%, 8/21/2026(c)		1,200		1,185
Societe Generale SA (France)
2.63%, 1/22/2025(a)		1,200		1,234
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.49%, 12/14/2026(a)(c)		480		469
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 1.79%, 6/9/2027(a)(c)		937		920
Standard Chartered plc (United Kingdom)
5.20%, 1/26/2024(a)		1,200		1,284
(ICE LIBOR USD 3 Month + 1.21%), 2.82%, 1/30/2026(a)(c)		600		616
Sumitomo Mitsui Financial Group, Inc. (Japan) 2.70%, 7/16/2024		1,982		2,056

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
2.35%, 1/15/2025		800		820
1.90%, 9/17/2028		2,000		1,956
Sumitomo Mitsui Trust Bank Ltd. (Japan) 1.55%, 3/25/2026(a)		515		514
Svenska Handelsbanken AB (Sweden) 3.90%, 11/20/2023		442		469
Truist Bank 2.75%, 5/1/2023		1,500		1,542
UniCredit SpA (Italy)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 1.98%, 6/3/2027(a)(c)		635		620
(USD ICE Swap Rate 5 Year + 3.70%), 5.86%, 6/19/2032(a)(c)		600		654
US Bancorp Series V, 2.63%, 1/24/2022		732		733
Wachovia Corp. 7.57%, 8/1/2026(d)		700		868
Wells Fargo & Co.
(SOFR + 1.09%), 2.41%, 10/30/2025(c)		2,700		2,773
4.30%, 7/22/2027		2,000		2,224
(ICE LIBOR USD 3 Month + 1.31%), 3.58%, 5/22/2028(c)		1,850		1,991
(SOFR + 2.10%), 2.39%, 6/2/2028(c)		800		810
Westpac Banking Corp. (Australia)
2.50%, 6/28/2022		1,100		1,113
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.35%), 2.89%, 2/4/2030(c)		500		512
				96,612
Beverages — 1.0%
Anheuser-Busch Cos. LLC (Belgium) 3.65%, 2/1/2026		3,050		3,284
Anheuser-Busch InBev Worldwide, Inc. (Belgium) 4.75%, 1/23/2029		3,095		3,608
Coca-Cola Co. (The) 1.45%, 6/1/2027		382		378
Coca-Cola Europacific Partners plc (United Kingdom) 1.50%, 1/15/2027(a)		1,400		1,378
Coca-Cola Femsa SAB de CV (Mexico)
2.75%, 1/22/2030		250		257
1.85%, 9/1/2032		401		380
Constellation Brands, Inc.
3.15%, 8/1/2029		400		422
2.88%, 5/1/2030		119		122
Diageo Investment Corp. (United Kingdom) 2.88%, 5/11/2022		1,000		1,010
Keurig Dr Pepper, Inc.
4.42%, 5/25/2025		745		815
4.60%, 5/25/2028		400		457
PepsiCo, Inc. 2.63%, 7/29/2029		1,400		1,476
				13,587
Biotechnology — 0.8%
AbbVie, Inc.
2.90%, 11/6/2022		500		510
3.85%, 6/15/2024		1,250		1,326
2.95%, 11/21/2026		3,978		4,187
4.25%, 11/14/2028		1,000		1,125
3.20%, 11/21/2029		475		504
Amgen, Inc. 2.20%, 2/21/2027		356		361
Baxalta, Inc. 3.60%, 6/23/2022		35		35
Biogen, Inc. 2.25%, 5/1/2030		594		581
Gilead Sciences, Inc.
3.70%, 4/1/2024		1,456		1,533
3.50%, 2/1/2025		35		37
1.65%, 10/1/2030		400		381
Regeneron Pharmaceuticals, Inc. 1.75%, 9/15/2030		381		357
				10,937
Building Products — 0.0%(b)
CRH America Finance, Inc. (Ireland) 3.40%, 5/9/2027(a)		222		239
Capital Markets — 2.8%
Ameriprise Financial, Inc. 3.70%, 10/15/2024		550		592
Bank of New York Mellon Corp. (The) 3.40%, 1/29/2028		1,500		1,636
Blackstone Holdings Finance Co. LLC 4.75%, 2/15/2023(a)		470		492
Blackstone Secured Lending Fund 3.65%, 7/14/2023		550		569
Brookfield Finance, Inc. (Canada) 4.25%, 6/2/2026		850		941
Charles Schwab Corp. (The) 3.20%, 3/2/2027		250		269
Credit Suisse AG (Switzerland) 3.63%, 9/9/2024		2,320		2,467
Credit Suisse Group AG (Switzerland)
4.55%, 4/17/2026		500		552
(SOFR + 1.73%), 3.09%, 5/14/2032(a)(c)		378		383
Deutsche Bank AG (Germany)
3.95%, 2/27/2023		500		517
(SOFR + 2.16%), 2.22%, 9/18/2024(c)		360		365
(SOFR + 1.72%), 3.04%, 5/28/2032(c)		626		629
Goldman Sachs Group, Inc. (The)
4.00%, 3/3/2024		750		796
(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 9/29/2025(c)		403		423
4.25%, 10/21/2025		1,592		1,731
3.50%, 11/16/2026		1,750		1,864

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028(c)		2,580		2,781
(ICE LIBOR USD 3 Month + 1.30%), 4.22%, 5/1/2029(c)		500		554
(SOFR + 1.09%), 1.99%, 1/27/2032(c)		800		766
Invesco Finance plc 3.75%, 1/15/2026		436		473
Macquarie Bank Ltd. (Australia) 2.30%, 1/22/2025(a)		1,000		1,029
Macquarie Group Ltd. (Australia)
(ICE LIBOR USD 3 Month + 1.75%), 5.03%, 1/15/2030(a)(c)		200		233
Morgan Stanley
(SOFR + 1.99%), 2.19%, 4/28/2026(c)		4,000		4,081
4.35%, 9/8/2026		4,280		4,738
(SOFR + 0.72%), 0.98%, 12/10/2026(c)		4,000		3,869
(SOFR + 1.02%), 1.93%, 4/28/2032(c)		750		716
Nomura Holdings, Inc. (Japan) 2.68%, 7/16/2030		453		456
State Street Corp. 3.10%, 5/15/2023		1,724		1,785
TD Ameritrade Holding Corp. 2.95%, 4/1/2022		219		220
UBS Group AG (Switzerland)
(ICE LIBOR USD 3 Month + 0.95%), 2.86%, 8/15/2023(a)(c)		700		710
(ICE LIBOR USD 3 Month + 1.47%), 3.13%, 8/13/2030(a)(c)		449		471
				37,108
Chemicals — 0.3%
International Flavors & Fragrances, Inc. 1.83%, 10/15/2027(a)		310		306
Linde, Inc. 2.20%, 8/15/2022		500		504
LYB International Finance III LLC 2.25%, 10/1/2030		1,000		1,001
Mosaic Co. (The) 3.25%, 11/15/2022		243		248
Nutrien Ltd. (Canada)
3.38%, 3/15/2025		168		179
2.95%, 5/13/2030		200		210
PPG Industries, Inc. 1.20%, 3/15/2026		457		448
Sherwin-Williams Co. (The) 3.30%, 2/1/2025		225		236
Westlake Chemical Corp. 3.60%, 8/15/2026		1,150		1,242
				4,374
Commercial Services & Supplies — 0.0%(b)
Republic Services, Inc. 1.45%, 2/15/2031		254		237
Construction & Engineering — 0.1%
Quanta Services, Inc.
2.90%, 10/1/2030		175		180
2.35%, 1/15/2032		690		679
				859
Construction Materials — 0.1%
CRH America, Inc. (Ireland) 3.88%, 5/18/2025(a)		250		269
Martin Marietta Materials, Inc.
3.45%, 6/1/2027		260		280
3.50%, 12/15/2027		300		323
				872
Consumer Finance — 1.7%
AerCap Ireland Capital DAC (Ireland)
3.50%, 5/26/2022		400		405
3.30%, 1/23/2023		1,200		1,228
4.50%, 9/15/2023		234		246
2.88%, 8/14/2024		700		723
4.45%, 10/1/2025		800		865
2.45%, 10/29/2026		810		812
3.65%, 7/21/2027		594		629
3.00%, 10/29/2028		635		639
American Express Co. 2.50%, 7/30/2024		1,000		1,032
American Honda Finance Corp.
2.40%, 6/27/2024		800		826
2.00%, 3/24/2028		1,000		1,008
Avolon Holdings Funding Ltd. (Ireland)
3.95%, 7/1/2024(a)		660		692
2.88%, 2/15/2025(a)		1,400		1,430
5.50%, 1/15/2026(a)		400		444
2.13%, 2/21/2026(a)		880		862
4.25%, 4/15/2026(a)		1,080		1,153
2.53%, 11/18/2027(a)		3,603		3,513
Capital One Financial Corp.
(SOFR + 1.27%), 2.62%, 11/2/2032(c)		1,500		1,492
Caterpillar Financial Services Corp. 2.85%, 6/1/2022		900		911
General Motors Financial Co., Inc.
1.20%, 10/15/2024		480		479
2.35%, 1/8/2031		2,500		2,416
John Deere Capital Corp. 2.70%, 1/6/2023		298		305
Park Aerospace Holdings Ltd. (Ireland) 5.50%, 2/15/2024(a)		392		422
				22,532
Containers & Packaging — 0.1%
Graphic Packaging International LLC 1.51%, 4/15/2026(a)		513		505
Packaging Corp. of America 3.00%, 12/15/2029		300		316
WRKCo, Inc.
3.00%, 9/15/2024		350		366
4.90%, 3/15/2029		150		175
				1,362

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Diversified Financial Services — 0.8%
AIG Global Funding 2.30%, 7/1/2022(a)		200		202
Hutchison Whampoa International 12 II Ltd. (United Kingdom) 3.25%, 11/8/2022(a)		490		502
LSEGA Financing plc (United Kingdom) 2.00%, 4/6/2028(a)		1,700		1,688
Mitsubishi HC Capital, Inc. (Japan) 3.96%, 9/19/2023(a)		820		861
National Rural Utilities Cooperative Finance Corp. 3.40%, 2/7/2028		1,250		1,355
ORIX Corp. (Japan) 2.90%, 7/18/2022		277		281
Shell International Finance BV (Netherlands)
3.40%, 8/12/2023		150		157
3.25%, 5/11/2025		2,500		2,663
2.88%, 5/10/2026		788		835
3.88%, 11/13/2028		500		559
2.75%, 4/6/2030		500		523
Siemens Financieringsmaatschappij NV (Germany) 3.13%, 3/16/2024(a)		400		419
				10,045
Diversified Telecommunication Services — 1.0%
AT&T, Inc.
1.65%, 2/1/2028		4,400		4,281
2.55%, 12/1/2033		1,627		1,573
NBN Co. Ltd. (Australia) 2.63%, 5/5/2031(a)		1,100		1,112
Verizon Communications, Inc.
2.63%, 8/15/2026		2,000		2,084
4.02%, 12/3/2029		533		598
1.68%, 10/30/2030		1,818		1,716
2.36%, 3/15/2032(a)		1,800		1,781
4.40%, 11/1/2034		350		410
2.99%, 10/30/2056		382		368
				13,923
Electric Utilities — 1.4%
Arizona Public Service Co. 3.35%, 6/15/2024		372		389
Baltimore Gas and Electric Co. 2.80%, 8/15/2022		1,595		1,612
Cleveland Electric Illuminating Co. (The)
3.50%, 4/1/2028(a)		476		502
4.55%, 11/15/2030(a)		290		335
Connecticut Light and Power Co. (The)
Series A, 3.20%, 3/15/2027		700		752
DTE Electric Co.
2.65%, 6/15/2022		197		198
3.65%, 3/15/2024		500		527
Duke Energy Carolinas LLC
3.95%, 11/15/2028		1,500		1,683
6.45%, 10/15/2032		50		67
Duke Energy Progress LLC 2.80%, 5/15/2022		461		463
Duquesne Light Holdings, Inc.
2.53%, 10/1/2030(a)		421		414
2.78%, 1/7/2032(a)		254		254
Edison International 3.55%, 11/15/2024		600		632
Entergy Arkansas LLC
3.05%, 6/1/2023		765		787
3.50%, 4/1/2026		260		280
Entergy Mississippi LLC 2.85%, 6/1/2028		269		283
Evergy, Inc. 2.90%, 9/15/2029		368		383
Fortis, Inc. (Canada) 3.06%, 10/4/2026		541		566
Indiana Michigan Power Co. Series J, 3.20%, 3/15/2023		100		102
Interstate Power and Light Co. 4.10%, 9/26/2028		1,000		1,125
ITC Holdings Corp. 2.95%, 5/14/2030(a)		251		259
Jersey Central Power & Light Co. 2.75%, 3/1/2032(a)		288		294
Kentucky Utilities Co. 3.30%, 10/1/2025		200		212
Louisville Gas & Electric Co. Series 25, 3.30%, 10/1/2025		94		100
NextEra Energy Capital Holdings, Inc. 2.25%, 6/1/2030		150		149
Niagara Mohawk Power Corp. 3.51%, 10/1/2024(a)		938		985
NRG Energy, Inc. 2.45%, 12/2/2027(a)		445		441
OGE Energy Corp. 0.70%, 5/26/2023		208		207
Oncor Electric Delivery Co. LLC 5.75%, 3/15/2029		300		368
Pacific Gas and Electric Co. 4.55%, 7/1/2030		1,200		1,310
Pennsylvania Electric Co. 3.25%, 3/15/2028(a)		256		265
PPL Electric Utilities Corp. 2.50%, 9/1/2022		224		226
Public Service Co. of New Hampshire 3.50%, 11/1/2023		283		296
SCE Recovery Funding LLC Series A-2, 1.94%, 5/15/2038		285		274
Southern Co. (The) 3.25%, 7/1/2026		500		530
Virginia Electric and Power Co. Series C, 2.75%, 3/15/2023		1,600		1,630
				18,900
Electrical Equipment — 0.2%
ABB Finance USA, Inc. (Switzerland) 2.88%, 5/8/2022		350		354
Eaton Corp. 3.10%, 9/15/2027		400		425

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Rockwell Automation, Inc. 1.75%, 8/15/2031		1,400		1,367
				2,146
Electronic Equipment, Instruments & Components — 0.1%
Arrow Electronics, Inc. 3.88%, 1/12/2028		926		1,003
Energy Equipment & Services — 0.1%
Baker Hughes Holdings LLC 3.34%, 12/15/2027		250		267
Halliburton Co.
3.80%, 11/15/2025		22		24
2.92%, 3/1/2030		150		153
Schlumberger Holdings Corp. 3.75%, 5/1/2024(a)		460		484
				928
Entertainment — 0.1%
Walt Disney Co. (The)
3.70%, 10/15/2025		1,000		1,079
7.43%, 10/1/2026		600		763
				1,842
Equity Real Estate Investment Trusts (REITs) — 2.3%
Alexandria Real Estate Equities, Inc.
3.95%, 1/15/2027		285		311
3.38%, 8/15/2031		675		732
American Campus Communities Operating Partnership LP 2.25%, 1/15/2029		687		681
American Tower Corp.
3.50%, 1/31/2023		860		885
2.40%, 3/15/2025		400		410
1.45%, 9/15/2026		2,078		2,033
1.50%, 1/31/2028		545		519
AvalonBay Communities, Inc.
3.35%, 5/15/2027		225		243
2.45%, 1/15/2031		900		924
Boston Properties LP 3.80%, 2/1/2024		909		953
Brixmor Operating Partnership LP
3.85%, 2/1/2025		375		399
2.25%, 4/1/2028		186		186
2.50%, 8/16/2031		450		439
Corporate Office Properties LP 2.00%, 1/15/2029		257		249
Crown Castle International Corp. 4.45%, 2/15/2026		1,200		1,318
Equinix, Inc. 2.90%, 11/18/2026		1,177		1,221
Essex Portfolio LP 1.65%, 1/15/2031		529		496
Extra Space Storage LP 2.35%, 3/15/2032		1,000		971
Goodman US Finance Three LLC (Australia) 3.70%, 3/15/2028(a)		163		176
Healthcare Trust of America Holdings LP
3.10%, 2/15/2030		269		279
2.00%, 3/15/2031		575		543
Healthpeak Properties, Inc. 2.13%, 12/1/2028		310		310
Kilroy Realty LP 2.65%, 11/15/2033		850		830
Life Storage LP
2.20%, 10/15/2030		550		543
2.40%, 10/15/2031		476		467
Mid-America Apartments LP 1.70%, 2/15/2031		387		367
National Retail Properties, Inc.
3.60%, 12/15/2026		247		265
4.30%, 10/15/2028		550		622
Office Properties Income Trust
2.65%, 6/15/2026		218		217
2.40%, 2/1/2027		770		749
3.45%, 10/15/2031		466		454
Physicians Realty LP 2.63%, 11/1/2031		469		468
Public Storage 2.25%, 11/9/2031		495		493
Realty Income Corp. 3.88%, 7/15/2024		400		426
Regency Centers LP
2.95%, 9/15/2029		566		588
3.70%, 6/15/2030		400		437
Sabra Health Care LP 3.20%, 12/1/2031		682		669
Safehold Operating Partnership LP 2.80%, 6/15/2031		1,058		1,052
Scentre Group Trust 1 (Australia) 3.50%, 2/12/2025(a)		400		424
Simon Property Group LP
2.00%, 9/13/2024		1,200		1,224
2.45%, 9/13/2029		520		528
SITE Centers Corp. 3.63%, 2/1/2025		100		105
UDR, Inc.
2.95%, 9/1/2026		106		111
3.50%, 7/1/2027		323		346
3.20%, 1/15/2030		260		277
2.10%, 8/1/2032		306		292
2.10%, 6/15/2033		400		380
Ventas Realty LP
3.75%, 5/1/2024		470		495
3.50%, 2/1/2025		90		95
4.13%, 1/15/2026		45		49
3.25%, 10/15/2026		363		387
Welltower, Inc.
4.50%, 1/15/2024		900		957
2.75%, 1/15/2032		600		605
WP Carey, Inc.
2.40%, 2/1/2031		285		282
2.25%, 4/1/2033		1,400		1,339
				30,821
Food & Staples Retailing — 0.3%
7-Eleven, Inc. 1.30%, 2/10/2028(a)		1,120		1,066
Alimentation Couche-Tard, Inc. (Canada) 2.95%, 1/25/2030(a)		600		625

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Kroger Co. (The)
4.50%, 1/15/2029		950		1,096
5.40%, 7/15/2040		92		121
Sysco Corp. 3.25%, 7/15/2027		600		638
Walmart, Inc. 3.30%, 4/22/2024		200		210
				3,756
Food Products — 0.4%
Archer-Daniels-Midland Co. 3.25%, 3/27/2030		561		615
Bunge Ltd. Finance Corp. 1.63%, 8/17/2025		900		900
Campbell Soup Co.
3.95%, 3/15/2025		300		322
2.38%, 4/24/2030		576		574
Cargill, Inc. 2.13%, 4/23/2030(a)		400		401
Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025		89		98
Mondelez International, Inc. 1.88%, 10/15/2032		1,200		1,148
Smithfield Foods, Inc. 5.20%, 4/1/2029(a)		556		637
Tyson Foods, Inc. 3.90%, 9/28/2023		500		526
Unilever Capital Corp. (United Kingdom) 3.38%, 3/22/2025		200		214
				5,435
Gas Utilities — 0.1%
Atmos Energy Corp. 2.63%, 9/15/2029		600		622
ONE Gas, Inc. 2.00%, 5/15/2030		248		243
				865
Health Care Equipment & Supplies — 0.5%
Abbott Laboratories
3.88%, 9/15/2025		1,284		1,404
3.75%, 11/30/2026		650		715
Becton Dickinson and Co.
3.36%, 6/6/2024		46		48
3.70%, 6/6/2027		1,500		1,623
Boston Scientific Corp.
3.75%, 3/1/2026		316		341
4.00%, 3/1/2029		189		211
Medtronic, Inc. 3.50%, 3/15/2025		1,307		1,398
Zimmer Biomet Holdings, Inc.
3.70%, 3/19/2023		174		180
3.55%, 4/1/2025		530		562
				6,482
Health Care Providers & Services — 1.1%
Anthem, Inc.
3.30%, 1/15/2023		700		720
3.65%, 12/1/2027		1,000		1,089
Cigna Corp.
3.50%, 6/15/2024		400		421
4.38%, 10/15/2028		1,000		1,133
CommonSpirit Health
3.35%, 10/1/2029		733		782
2.78%, 10/1/2030		600		616
CVS Health Corp.
3.70%, 3/9/2023		137		142
1.88%, 2/28/2031		2,198		2,101
2.70%, 8/21/2040		750		718
HCA, Inc.
4.13%, 6/15/2029		1,750		1,923
2.38%, 7/15/2031		800		781
Laboratory Corp. of America Holdings 3.25%, 9/1/2024		1,000		1,050
Quest Diagnostics, Inc.
2.95%, 6/30/2030		93		97
2.80%, 6/30/2031		691		713
UnitedHealth Group, Inc.
2.75%, 2/15/2023		365		372
2.88%, 3/15/2023		645		664
Universal Health Services, Inc.
2.65%, 10/15/2030(a)		466		452
2.65%, 1/15/2032(a)		365		361
				14,135
Hotels, Restaurants & Leisure — 0.3%
Expedia Group, Inc. 3.25%, 2/15/2030		1,400		1,443
McDonald’s Corp.
3.38%, 5/26/2025		1,250		1,331
3.80%, 4/1/2028		440		487
Starbucks Corp.
2.70%, 6/15/2022		326		329
2.25%, 3/12/2030		850		852
				4,442
Household Durables — 0.1%
Lennar Corp. 5.25%, 6/1/2026		1,100		1,248
Independent Power and Renewable Electricity Producers — 0.0%(b)
Exelon Generation Co. LLC
3.40%, 3/15/2022		90		90
4.25%, 6/15/2022		90		91
				181
Industrial Conglomerates — 0.4%
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/2035		3,600		4,351
Roper Technologies, Inc. 3.80%, 12/15/2026		1,000		1,091
				5,442
Insurance — 1.5%
AIA Group Ltd. (Hong Kong)
3.60%, 4/9/2029(a)		595		653
3.38%, 4/7/2030(a)		200		217
Allstate Corp. (The) 3.15%, 6/15/2023		651		676
American International Group, Inc.
3.75%, 7/10/2025		818		878
3.90%, 4/1/2026		400		436
Assurant, Inc. 4.20%, 9/27/2023		145		153

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Athene Global Funding 2.75%, 6/25/2024(a)		550		570
Brighthouse Financial Global Funding 1.00%, 4/12/2024(a)		528		525
Chubb INA Holdings, Inc. 2.70%, 3/13/2023		1,900		1,949
CNA Financial Corp.
3.95%, 5/15/2024		499		530
4.50%, 3/1/2026		364		405
CNO Global Funding 1.75%, 10/7/2026(a)		531		526
Guardian Life Global Funding
2.50%, 5/8/2022(a)		500		505
3.40%, 4/25/2023(a)		230		239
0.88%, 12/10/2025(a)		800		781
Jackson National Life Global Funding 3.05%, 4/29/2026(a)		1,135		1,199
Liberty Mutual Group, Inc.
4.25%, 6/15/2023(a)		210		220
4.57%, 2/1/2029(a)		1,640		1,905
Lincoln National Corp. 4.20%, 3/15/2022		864		873
Manulife Financial Corp. (Canada) 4.15%, 3/4/2026		449		496
Marsh & McLennan Cos., Inc. 3.88%, 3/15/2024		700		743
Metropolitan Life Global Funding I
3.88%, 4/11/2022(a)		426		431
3.00%, 1/10/2023(a)		1,600		1,642
New York Life Global Funding 2.35%, 7/14/2026(a)		953		989
Principal Financial Group, Inc.
3.13%, 5/15/2023		471		488
3.70%, 5/15/2029		800		887
Prudential Insurance Co. of America (The) 8.30%, 7/1/2025(a)		650		796
				19,712
Interactive Media & Services — 0.1%
Alphabet, Inc. 1.10%, 8/15/2030		2,000		1,879
Internet & Direct Marketing Retail — 0.2%
Amazon.com, Inc.
3.15%, 8/22/2027		900		969
3.88%, 8/22/2037		350		412
eBay, Inc. 2.60%, 5/10/2031		1,250		1,266
				2,647
IT Services — 0.2%
Global Payments, Inc.
2.15%, 1/15/2027		749		749
3.20%, 8/15/2029		600		621
International Business Machines Corp. 3.50%, 5/15/2029		1,800		1,956
				3,326
Leisure Products — 0.1%
Hasbro, Inc. 3.90%, 11/19/2029		850		934
Life Sciences Tools & Services — 0.1%
Thermo Fisher Scientific, Inc. 3.20%, 8/15/2027		1,250		1,336
Machinery — 0.2%
Illinois Tool Works, Inc. 3.50%, 3/1/2024		1,400		1,474
Parker-Hannifin Corp. 3.30%, 11/21/2024		228		241
Stanley Black & Decker, Inc. 3.40%, 3/1/2026		900		965
Xylem, Inc. 3.25%, 11/1/2026		111		119
				2,799
Media — 0.9%
Charter Communications Operating LLC 4.91%, 7/23/2025		2,460		2,714
Comcast Corp.
3.70%, 4/15/2024		1,500		1,589
3.38%, 2/15/2025		1,226		1,300
3.15%, 3/1/2026		221		235
4.15%, 10/15/2028		1,050		1,189
Cox Communications, Inc.
3.50%, 8/15/2027(a)		615		662
1.80%, 10/1/2030(a)		450		428
Discovery Communications LLC 3.95%, 3/20/2028		900		982
Fox Corp. 4.71%, 1/25/2029		910		1,040
Grupo Televisa SAB (Mexico) 4.63%, 1/30/2026		285		310
Time Warner Entertainment Co. LP 8.38%, 7/15/2033		500		737
ViacomCBS, Inc.
3.70%, 8/15/2024		480		511
2.90%, 1/15/2027		539		564
				12,261
Metals & Mining — 0.3%
Anglo American Capital plc (South Africa) 4.50%, 3/15/2028(a)		1,000		1,106
Glencore Funding LLC (Australia)
2.50%, 9/1/2030(a)		500		486
2.85%, 4/27/2031(a)		1,700		1,691
Nucor Corp. 4.00%, 8/1/2023		305		319
Steel Dynamics, Inc.
1.65%, 10/15/2027		374		364
3.45%, 4/15/2030		28		30
Teck Resources Ltd. (Canada) 3.90%, 7/15/2030		400		428
				4,424
Multiline Retail — 0.1%
Dollar General Corp. 3.50%, 4/3/2030		250		272
Kohl’s Corp. 3.38%, 5/1/2031		1,100		1,131
				1,403
Multi-Utilities — 0.3%
CenterPoint Energy, Inc. 1.45%, 6/1/2026		288		283

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
CMS Energy Corp. 2.95%, 2/15/2027		170		177
Consolidated Edison Co. of New York, Inc. 3.80%, 5/15/2028		690		761
Dominion Energy, Inc. Series B, 2.75%, 9/15/2022		350		354
NiSource, Inc. 3.95%, 3/30/2048		100		115
PG&E Energy Recovery Funding LLC Series A-2, 2.28%, 1/15/2036		225		228
Public Service Enterprise Group, Inc. 1.60%, 8/15/2030		817		763
Puget Energy, Inc. 2.38%, 6/15/2028		234		232
Sempra Energy 4.05%, 12/1/2023		192		203
WEC Energy Group, Inc. 1.38%, 10/15/2027		800		773
				3,889
Oil, Gas & Consumable Fuels — 3.6%
APT Pipelines Ltd. (Australia) 4.25%, 7/15/2027(a)		922		1,022
BP Capital Markets America, Inc.
3.22%, 11/28/2023		750		782
3.22%, 4/14/2024		3,067		3,206
4.23%, 11/6/2028		500		566
Cameron LNG LLC 2.90%, 7/15/2031(a)		146		153
Cheniere Corpus Christi Holdings LLC
5.88%, 3/31/2025		750		836
5.13%, 6/30/2027		900		1,018
Chevron Corp.
1.55%, 5/11/2025		300		302
2.95%, 5/16/2026		1,200		1,273
Chevron USA, Inc.
3.85%, 1/15/2028		350		389
3.25%, 10/15/2029		600		649
CNOOC Finance 2014 ULC (China) 4.25%, 4/30/2024		833		891
ConocoPhillips
3.75%, 10/1/2027(a)		600		655
2.40%, 2/15/2031(a)		125		126
Coterra Energy, Inc. 3.90%, 5/15/2027(a)		700		759
Diamondback Energy, Inc. 3.25%, 12/1/2026		1,300		1,364
Ecopetrol SA (Colombia)
4.13%, 1/16/2025		467		470
5.38%, 6/26/2026		773		809
Enable Midstream Partners LP 4.40%, 3/15/2027		1,000		1,081
Energy Transfer LP
3.60%, 2/1/2023		267		273
4.90%, 2/1/2024		570		605
4.05%, 3/15/2025		182		193
2.90%, 5/15/2025		2,700		2,788
5.95%, 12/1/2025		506		577
5.50%, 6/1/2027		244		279
Eni SpA (Italy) Series X-R, 4.00%, 9/12/2023(a)		1,145		1,201
Enterprise Products Operating LLC
3.35%, 3/15/2023		225		231
3.90%, 2/15/2024		263		278
3.70%, 2/15/2026		651		701
3.95%, 2/15/2027		596		651
Equinor ASA (Norway) 2.88%, 4/6/2025		1,179		1,236
Exxon Mobil Corp. 2.71%, 3/6/2025		1,200		1,252
Flex Intermediate Holdco LLC 3.36%, 6/30/2031(a)		1,632		1,649
Gray Oak Pipeline LLC
2.60%, 10/15/2025(a)		312		317
3.45%, 10/15/2027(a)		400		417
HollyFrontier Corp.
2.63%, 10/1/2023		95		97
5.88%, 4/1/2026		500		564
Kinder Morgan, Inc. 3.15%, 1/15/2023		1,500		1,535
Lundin Energy Finance BV (Netherlands) 2.00%, 7/15/2026(a)		730		725
Marathon Petroleum Corp. 4.70%, 5/1/2025		964		1,053
MPLX LP
3.38%, 3/15/2023		200		205
4.13%, 3/1/2027		518		563
4.25%, 12/1/2027		118		130
2.65%, 8/15/2030		514		510
NGPL PipeCo LLC 3.25%, 7/15/2031(a)		271		274
ONEOK Partners LP 3.38%, 10/1/2022		600		609
Ovintiv Exploration, Inc. 5.38%, 1/1/2026		480		529
Phillips 66
1.30%, 2/15/2026		178		175
2.15%, 12/15/2030		700		671
Pioneer Natural Resources Co.
1.13%, 1/15/2026		700		681
1.90%, 8/15/2030		600		568
Plains All American Pipeline LP
3.65%, 6/1/2022		705		710
4.65%, 10/15/2025		800		873
3.55%, 12/15/2029		100		104
Sabine Pass Liquefaction LLC 4.50%, 5/15/2030		250		283
Saudi Arabian Oil Co. (Saudi Arabia) 1.63%, 11/24/2025(a)		210		209
Suncor Energy, Inc. (Canada) 5.95%, 12/1/2034		300		390
Texas Eastern Transmission LP 2.80%, 10/15/2022(a)		1,153		1,166
TotalEnergies Capital Canada Ltd. (France) 2.75%, 7/15/2023		821		846

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
TotalEnergies Capital International SA (France)
2.70%, 1/25/2023		200		205
2.43%, 1/10/2025		600		621
TransCanada PipeLines Ltd. (Canada) 3.75%, 10/16/2023		2,345		2,448
Valero Energy Corp. 2.85%, 4/15/2025		1,200		1,245
Williams Cos., Inc. (The) 2.60%, 3/15/2031		1,350		1,340
				48,328
Pharmaceuticals — 1.1%
AstraZeneca plc (United Kingdom)
0.70%, 4/8/2026		400		387
1.38%, 8/6/2030		616		579
Bristol-Myers Squibb Co.
3.25%, 8/15/2022		600		612
2.90%, 7/26/2024		638		667
3.40%, 7/26/2029		3,061		3,352
Eli Lilly & Co. 3.38%, 3/15/2029		244		268
Merck & Co., Inc. 3.40%, 3/7/2029		750		821
Mylan, Inc. 3.13%, 1/15/2023(a)		600		615
Pfizer, Inc. 3.20%, 9/15/2023		3,200		3,341
Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026		700		741
Takeda Pharmaceutical Co. Ltd. (Japan) 2.05%, 3/31/2030		1,800		1,750
Zoetis, Inc. 3.00%, 9/12/2027		900		941
				14,074
Professional Services — 0.0%(b)
IHS Markit Ltd. 4.25%, 5/1/2029		346		391
Real Estate Management & Development — 0.0%(b)
Mitsui Fudosan Co. Ltd. (Japan) 3.65%, 7/20/2027(a)		219		239
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada) 3.88%, 3/20/2027(a)		325		356
				595
Road & Rail — 0.9%
Canadian Pacific Railway Co. (Canada) 4.50%, 1/15/2022		1,146		1,151
CSX Corp.
3.25%, 6/1/2027		1,068		1,147
4.25%, 3/15/2029		500		571
ERAC USA Finance LLC 3.85%, 11/15/2024(a)		650		693
JB Hunt Transport Services, Inc. 3.88%, 3/1/2026		400		435
Norfolk Southern Corp.
2.90%, 2/15/2023		562		573
3.85%, 1/15/2024		750		787
2.90%, 6/15/2026		200		211
Penske Truck Leasing Co. LP 4.20%, 4/1/2027(a)		1,250		1,386
Ryder System, Inc. 4.63%, 6/1/2025		800		881
Triton Container International Ltd. (Bermuda) 2.05%, 4/15/2026(a)		1,550		1,540
Union Pacific Corp.
3.75%, 3/15/2024		800		844
3.25%, 1/15/2025		850		898
2.40%, 2/5/2030		600		615
				11,732
Semiconductors & Semiconductor Equipment — 0.7%
Analog Devices, Inc. 3.50%, 12/5/2026		150		163
Broadcom, Inc.
4.11%, 9/15/2028		2,083		2,279
3.14%, 11/15/2035(a)		604		594
Intel Corp. 2.45%, 11/15/2029		1,400		1,440
Marvell Technology, Inc. 2.45%, 4/15/2028		650		654
Microchip Technology, Inc.
0.97%, 2/15/2024(a)		834		827
0.98%, 9/1/2024(a)		600		591
NXP BV (China) 2.50%, 5/11/2031(a)		1,250		1,242
QUALCOMM, Inc. 3.25%, 5/20/2027		913		984
Xilinx, Inc. 2.38%, 6/1/2030		600		612
				9,386
Software — 0.3%
Citrix Systems, Inc. 1.25%, 3/1/2026		302		293
Intuit, Inc. 1.65%, 7/15/2030		1,100		1,064
Oracle Corp.
2.50%, 5/15/2022		540		543
2.88%, 3/25/2031		2,350		2,405
6.50%, 4/15/2038		50		70
				4,375
Specialty Retail — 0.4%
AutoZone, Inc. 4.00%, 4/15/2030		823		920
Home Depot, Inc. (The)
3.75%, 2/15/2024		486		513
2.95%, 6/15/2029		1,500		1,600
Lowe’s Cos., Inc.
3.13%, 9/15/2024		1,004		1,059
3.65%, 4/5/2029		638		701
O’Reilly Automotive, Inc.
3.55%, 3/15/2026		300		324
3.60%, 9/1/2027		463		505
				5,622

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Technology Hardware, Storage & Peripherals — 0.5%
Apple, Inc.
2.75%, 1/13/2025		1,700		1,778
3.20%, 5/13/2025		1,154		1,229
2.45%, 8/4/2026		300		313
2.38%, 2/8/2041		900		882
Dell International LLC
4.90%, 10/1/2026		600		678
5.30%, 10/1/2029		1,000		1,185
				6,065
Thrifts & Mortgage Finance — 0.2%
BPCE SA (France)
(SOFR + 1.09%), 2.05%, 10/19/2027(a)(c)		1,114		1,106
(SOFR + 1.31%), 2.28%, 1/20/2032(a)(c)		694		666
Nationwide Building Society (United Kingdom) 1.00%, 8/28/2025(a)		963		944
				2,716
Tobacco — 0.3%
Altria Group, Inc. 2.45%, 2/4/2032		1,068		1,005
BAT Capital Corp. (United Kingdom)
3.22%, 8/15/2024		1,000		1,042
2.26%, 3/25/2028		1,062		1,037
Philip Morris International, Inc. 3.38%, 8/11/2025		850		905
				3,989
Trading Companies & Distributors — 0.4%
Air Lease Corp.
3.88%, 7/3/2023		400		417
3.00%, 9/15/2023		1,400		1,440
1.88%, 8/17/2026		624		614
3.63%, 4/1/2027		1,000		1,060
Aircastle Ltd. 4.40%, 9/25/2023		550		578
Aviation Capital Group LLC 5.50%, 12/15/2024(a)		860		947
BOC Aviation Ltd. (Singapore) 3.50%, 10/10/2024(a)		400		422
				5,478
Water Utilities — 0.1%
American Water Capital Corp. 3.40%, 3/1/2025		664		704
Wireless Telecommunication Services — 0.4%
America Movil SAB de CV (Mexico) 3.13%, 7/16/2022		693		701
Rogers Communications, Inc. (Canada) 3.63%, 12/15/2025		808		863
T-Mobile USA, Inc.
2.05%, 2/15/2028		1,775		1,748
3.88%, 4/15/2030		1,400		1,522
2.25%, 11/15/2031		1,000		960
				5,794
TOTAL CORPORATE BONDS (Cost $503,885)				513,294
U.S. TREASURY OBLIGATIONS — 25.4%
U.S. Treasury Inflation Indexed Notes
0.13%, 1/15/2022		23,138		28,335
0.13%, 4/15/2022(e)		80,279		92,720
0.63%, 4/15/2023		186,871		217,604
TOTAL U.S. TREASURY OBLIGATIONS (Cost $335,260)				338,659
COMMERCIAL MORTGAGE-BACKED SECURITIES — 10.6%
20 Times Square Trust Series 2018-20TS, Class A, 3.20%, 5/15/2035(a)(f)		1,162		1,179
BB-UBS Trust Series 2012-SHOW, Class A, 3.43%, 11/5/2036(a)		1,400		1,455
FHLMC, Multi-Family Structured Pass-Through Certificates
Series KJ08, Class A2, 2.36%, 8/25/2022		126		127
Series KJ13, Class A2, 2.86%, 8/25/2022		394		399
Series KJ18, Class A2, 3.07%, 8/25/2022		617		621
Series KJ09, Class A2, 2.84%, 9/25/2022		121		122
Series KSMC, Class A2, 2.62%, 1/25/2023		6,000		6,138
Series K027, Class A2, 2.64%, 1/25/2023		800		815
Series KJ11, Class A2, 2.93%, 1/25/2023		570		581
Series K029, Class A2, 3.32%, 2/25/2023(f)		2,030		2,087
Series K034, Class A2, 3.53%, 7/25/2023(f)		5,000		5,203
Series K036, Class A2, 3.53%, 10/25/2023(f)		3,000		3,134
Series K038, Class A2, 3.39%, 3/25/2024		4,768		5,008
Series K727, Class AM, 3.04%, 7/25/2024		1,400		1,466
Series K039, Class A2, 3.30%, 7/25/2024		2,550		2,687
Series J22F, Class A2, 4.09%, 9/25/2024		228		242
Series K729, Class A2, 3.14%, 10/25/2024		1,219		1,277
Series K041, Class A2, 3.17%, 10/25/2024		7,000		7,388
Series K046, Class A2, 3.21%, 3/25/2025		2,503		2,658
Series KL3L, Class ALNZ, 3.46%, 4/25/2025(f)		2,000		2,119

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series KPLB, Class A, 2.77%, 5/25/2025		1,750		1,839
Series K048, Class A2, 3.28%, 6/25/2025(f)		3,480		3,712
Series K049, Class A2, 3.01%, 7/25/2025		2,469		2,616
Series KLU2, Class A7, 2.23%, 9/25/2025(f)		550		567
Series K056, Class A2, 2.53%, 5/25/2026		4,000		4,193
Series K058, Class A1, 2.34%, 7/25/2026		1,503		1,554
Series K737, Class AM, 2.10%, 10/25/2026		3,110		3,193
Series K060, Class A2, 3.30%, 10/25/2026		2,000		2,174
Series K066, Class A2, 3.12%, 6/25/2027		1,362		1,476
Series K067, Class A2, 3.19%, 7/25/2027		1,686		1,838
Series K069, Class A2, 3.19%, 9/25/2027(f)		3,500		3,821
Series K070, Class A2, 3.30%, 11/25/2027(f)		910		1,000
Series K072, Class A2, 3.44%, 12/25/2027		473		524
Series K081, Class A1, 3.88%, 2/25/2028		1,108		1,209
Series K078, Class A2, 3.85%, 6/25/2028		1,541		1,754
Series K079, Class A2, 3.93%, 6/25/2028		3,600		4,113
Series K083, Class A2, 4.05%, 9/25/2028(f)		594		685
FNMA ACES
Series 2013-M7, Class A2, 2.28%, 12/27/2022		985		999
Series 2013-M9, Class A2, 2.39%, 1/25/2023(f)		2,763		2,803
Series 2013-M13, Class A2, 2.63%, 4/25/2023(f)		1,040		1,059
Series 2014-M1, Class A2, 3.19%, 7/25/2023(f)		1,615		1,668
Series 2014-M2, Class A2, 3.51%, 12/25/2023(f)		3,709		3,871
Series 2014-M3, Class A2, 3.50%, 1/25/2024(f)		1,417		1,479
Series 2014-M8, Class A2, 3.06%, 6/25/2024(f)		4,979		5,171
Series 2014-M9, Class A2, 3.10%, 7/25/2024(f)		4,039		4,220
Series 2014-M13, Class A2, 3.02%, 8/25/2024(f)		1,350		1,409
Series 2016-M6, Class A2, 2.49%, 5/25/2026		800		836
Series 2015-M10, Class A2, 3.09%, 4/25/2027(f)		1,380		1,484
Series 2017-M8, Class A2, 3.06%, 5/25/2027(f)		1,500		1,615
Series 2017-M12, Class A2, 3.17%, 6/25/2027(f)		3,603		3,883
Series 2017-M13, Class A2, 3.02%, 9/25/2027(f)		417		447
Series 2018-M2, Class A2, 3.00%, 1/25/2028(f)		3,400		3,648
Series 2018-M4, Class A2, 3.16%, 3/25/2028(f)		2,241		2,424
Series 2018-M9, Class APT2, 3.22%, 4/25/2028(f)		3,518		3,827
Series 2018-M14, Class A2, 3.70%, 8/25/2028(f)		400		447
Series 2017-M5, Class A2, 3.22%, 4/25/2029(f)		3,293		3,606
Series 2018-M3, Class A2, 3.19%, 2/25/2030(f)		1,384		1,520
Series 2018-M13, Class A1, 3.82%, 3/25/2030(f)		213		230
Series 2020-M50, Class A1, 0.67%, 10/25/2030		911		887
Series 2020-M50, Class A2, 1.20%, 10/25/2030		415		405
Series 2020-M50, Class X1, IO, 2.01%, 10/25/2030(f)		6,621		688
Series 2021-M11, Class A2, 1.51%, 3/25/2031(f)		1,517		1,480
Series 2021-M3, Class 1A1, 1.00%, 11/25/2033		72		72
Series 2021-M3, Class X1, IO, 2.12%, 11/25/2033(f)		387		51
FREMF Mortgage Trust
Series 2015-K44, Class B, 3.80%, 1/25/2048(a)(f)		1,500		1,582
Series 2016-K722, Class B, 3.99%, 7/25/2049(a)(f)		735		761
ML-CFC Commercial Mortgage Trust Series 2006-4, Class XC, IO, 1.37%, 12/12/2049‡(a)(f)		14		—	(g)
Morgan Stanley Capital I Trust Series 2021-PLZA, Class A, 2.57%, 11/9/2031(a)		1,958		2,005
MRCD MARK Mortgage Trust Series 2019-PARK, Class A, 2.72%, 12/15/2036(a)		300		305
SLG Office Trust Series 2021-OVA, Class A, 2.59%, 7/15/2041(a)		1,770		1,817
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 6/10/2030(a)		866		868
UBS-Barclays Commercial Mortgage Trust
Series 2013-C6, Class A4, 3.24%, 4/10/2046		1,486		1,520
Series 2012-C2, Class A4, 3.53%, 5/10/2063		1,040		1,047
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $135,361)				141,108

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
MORTGAGE-BACKED SECURITIES — 9.0%
FHLMC Gold Pools, 15 Year Pool # G13603, 5.50%, 2/1/2024		1		1
FHLMC Gold Pools, 20 Year
Pool # C91030, 5.50%, 5/1/2027		42		46
Pool # C91802, 3.50%, 1/1/2035		2,835		3,029
FHLMC Gold Pools, 30 Year
Pool # A15232, 5.00%, 10/1/2033		120		135
Pool # A57681, 6.00%, 12/1/2036		1		1
Pool # G06493, 4.50%, 5/1/2041		565		625
FHLMC Gold Pools, Other Pool # U90690, 3.50%, 6/1/2042		587		630
FHLMC UMBS, 30 Year Pool # ZM6956, 4.50%, 6/1/2048		1,221		1,342
FNMA Pool # AM2292, ARM, 0.44%, 1/1/2023(f)		728		727
FNMA UMBS, 15 Year Pool # 995381, 6.00%, 1/1/2024		1		1
FNMA UMBS, 20 Year
Pool # MA1138, 3.50%, 8/1/2032		479		510
Pool # AP9584, 3.00%, 10/1/2032		2,273		2,409
FNMA UMBS, 30 Year
Pool # AL0045, 6.00%, 12/1/2032		207		240
Pool # 735503, 6.00%, 4/1/2035		54		61
Pool # 888460, 6.50%, 10/1/2036		333		388
Pool # 888890, 6.50%, 10/1/2037		8		9
Pool # 949320, 7.00%, 10/1/2037		41		45
Pool # 995149, 6.50%, 10/1/2038		18		21
Pool # 994410, 7.00%, 11/1/2038		148		176
Pool # AD9151, 5.00%, 8/1/2040		262		297
Pool # AE0681, 4.50%, 12/1/2040		639		706
Pool # BM3500, 4.00%, 9/1/2047		1,226		1,336
Pool # BM3499, 4.00%, 12/1/2047		1,515		1,628
Pool # BE8354, 4.00%, 3/1/2048		768		821
FNMA, Other
Pool # 469873, 3.03%, 12/1/2021		1,119		1,118
Pool # AL2044, 3.42%, 5/1/2022(f)		91		91
Pool # 471513, 2.90%, 6/1/2022		966		968
Pool # 471881, 2.67%, 7/1/2022		2,000		2,007
Pool # 471828, 2.65%, 8/1/2022		2,000		2,011
Pool # AM1804, 2.19%, 12/1/2022		810		817
Pool # AM1619, 2.34%, 12/1/2022		2,095		2,117
Pool # AM2285, 2.41%, 1/1/2023		3,312		3,352
Pool # AL3594, 2.72%, 4/1/2023(f)		1,229		1,252
Pool # AM3301, 2.35%, 5/1/2023		2,083		2,118
Pool # AM3244, 2.52%, 5/1/2023		3,000		3,056
Pool # AM3432, 2.40%, 7/1/2023		2,863		2,917
Pool # AM4628, 3.69%, 11/1/2023		1,101		1,147
Pool # AM4716, 3.38%, 12/1/2023		1,402		1,455
Pool # AM7290, 2.97%, 12/1/2024		387		405
Pool # AM8674, 2.81%, 4/1/2025		2,200		2,308
Pool # AM8846, 2.68%, 5/1/2025		1,848		1,930
Pool # AN0029, 3.10%, 9/1/2025		2,378		2,526
Pool # AN1413, 2.49%, 5/1/2026		813		850
Pool # AN1497, 2.61%, 6/1/2026		860		904
Pool # AN1243, 2.64%, 6/1/2026		1,600		1,682
Pool # AN1247, 2.64%, 6/1/2026		1,576		1,657
Pool # AN6732, 2.83%, 5/1/2027		1,200		1,276
Pool # AN7338, 3.06%, 11/1/2027		984		1,063
Pool # AN7943, 3.10%, 1/1/2028		2,466		2,674
Pool # AN1161, 3.05%, 4/1/2028		970		1,001
Pool # AN9486, 3.57%, 6/1/2028		3,716		4,156
Pool # AN2069, 2.35%, 8/1/2028		1,434		1,500
Pool # BL0907, 3.88%, 12/1/2028		700		797

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Pool # BM4162, 3.20%, 10/1/2029(f)		466		510
Pool # BL4333, 2.52%, 11/1/2029		1,179		1,252
Pool # MA1125, 4.00%, 7/1/2042		783		848
Pool # MA1437, 3.50%, 5/1/2043		1,073		1,153
Pool # MA1463, 3.50%, 6/1/2043		988		1,061
Pool # BF0230, 5.50%, 1/1/2058		4,253		5,063
Pool # BF0497, 3.00%, 7/1/2060		2,309		2,441
FNMA/FHLMC UMBS, Single Family, 30 Year TBA, 2.50%, 2/25/2052(h)		27,555		28,114
GNMA II, 30 Year
Pool # 4245, 6.00%, 9/20/2038		85		98
Pool # BA7567, 4.50%, 5/20/2048		985		1,050
Pool # BI0416, 4.50%, 11/20/2048		106		114
Pool # BM9692, 4.50%, 7/20/2049		541		579
Pool # MA7534, 2.50%, 8/20/2051		10,160		10,451
Pool # MA7649, 2.50%, 10/20/2051		2,831		2,912
TOTAL MORTGAGE-BACKED SECURITIES (Cost $117,406)				119,985
ASSET-BACKED SECURITIES — 8.4%
ACC Trust Series 2019-2, Class A, 2.82%, 2/21/2023(a)		10		10
Air Canada Pass-Through Trust (Canada)
Series 2013-1, Class A, 4.13%, 5/15/2025(a)		396		403
Series 2017-1, Class AA, 3.30%, 1/15/2030(a)		181		186
Aligned Data Centers Issuer LLC Series 2021-1A, Class A2, 1.94%, 8/15/2046(a)		1,966		1,947
Ally Auto Receivables Trust Series 2019-1, Class A3, 2.91%, 9/15/2023		134		135
American Airlines Pass-Through Trust
Series 2016-3, Class AA, 3.00%, 10/15/2028		157		160
Series 2017-1, Class AA, 3.65%, 2/15/2029		220		233
Series 2021-1, Class B, 3.95%, 7/11/2030		394		397
American Credit Acceptance Receivables Trust
Series 2020-3, Class A, 0.62%, 10/13/2023(a)		15		15
Series 2020-4, Class A, 0.53%, 3/13/2024(a)		647		647
Series 2021-1, Class A, 0.35%, 5/13/2024(a)		278		278
American Express Credit Account Master Trust Series 2019-1, Class A, 2.87%, 10/15/2024		1,120		1,129
American Tower Trust #1 REIT, 3.07%, 3/15/2023(a)		500		500
AmeriCredit Automobile Receivables Trust
Series 2019-1, Class A3, 2.97%, 11/20/2023		32		32
Series 2019-2, Class A3, 2.28%, 1/18/2024		497		499
Series 2020-1, Class A3, 1.11%, 8/19/2024		574		575
Series 2020-2, Class A3, 0.66%, 12/18/2024		166		166
Series 2021-1, Class A3, 0.37%, 8/18/2025		1,100		1,098
Series 2020-3, Class B, 0.76%, 12/18/2025		740		740
Series 2021-2, Class B, 0.69%, 1/19/2027		704		697
Avis Budget Rental Car Funding AESOP LLC Series 2020-1A, Class A, 2.33%, 8/20/2026(a)		710		732
BA Credit Card Trust
Series 2019-A1, Class A1, 1.74%, 1/15/2025		1,600		1,616
Series 2020-A1, Class A1, 0.34%, 5/15/2026		930		921
Business Jet Securities LLC Series 2020-1A, Class A, 2.98%, 11/15/2035(a)		359		362
CarMax Auto Owner Trust
Series 2018-3, Class A3, 3.13%, 6/15/2023		260		261
Series 2018-4, Class A3, 3.36%, 9/15/2023		78		79
Series 2019-1, Class A3, 3.05%, 3/15/2024		292		295
Series 2020-1, Class A3, 1.89%, 12/16/2024		679		685
Series 2020-3, Class A3, 0.62%, 3/17/2025		665		666
Series 2021-1, Class A3, 0.34%, 12/15/2025		2,520		2,508
Carvana Auto Receivables Trust
Series 2019-2A, Class C, 3.00%, 6/17/2024(a)		1,100		1,110
Series 2021-P3, Class A3, 0.70%, 11/10/2026		1,230		1,219
CIG Auto Receivables Trust Series 2021-1A, Class A, 0.69%, 4/14/2025(a)		851		851

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Continental Airlines Pass-Through Trust Series 2007-1, Class A, 5.98%, 4/19/2022		60		61
CoreVest American Finance Trust Series 2019-3, Class A, 2.71%, 10/15/2052(a)		228		233
CPS Auto Receivables Trust
Series 2021-A, Class A, 0.35%, 1/16/2024(a)		89		89
Series 2021-B, Class B, 0.81%, 12/15/2025(a)		1,248		1,245
Credit Acceptance Auto Loan Trust
Series 2019-3A, Class A, 2.38%, 11/15/2028(a)		265		268
Series 2020-1A, Class A, 2.01%, 2/15/2029(a)		1,575		1,590
Series 2020-2A, Class A, 1.37%, 7/16/2029(a)		3,500		3,516
Series 2020-3A, Class A, 1.24%, 10/15/2029(a)		2,000		2,004
Series 2021-2A, Class A, 0.96%, 2/15/2030(a)		1,396		1,390
Series 2021-3A, Class A, 1.00%, 5/15/2030(a)		695		691
Dell Equipment Finance Trust Series 2019-1, Class A3, 2.83%, 3/22/2024(a)		69		69
Drive Auto Receivables Trust
Series 2021-1, Class A3, 0.44%, 11/15/2024		564		563
Series 2020-2, Class B, 1.42%, 3/17/2025		160		161
Series 2021-3, Class B, 1.11%, 5/15/2026		357		357
DT Auto Owner Trust
Series 2020-3A, Class B, 0.91%, 12/16/2024(a)		535		536
Series 2019-2A, Class C, 3.18%, 2/18/2025(a)		414		417
Series 2021-1A, Class B, 0.62%, 9/15/2025(a)		272		272
Series 2021-3A, Class C, 0.87%, 5/17/2027(a)		1,292		1,277
Series 2021-4A, Class D, 1.99%, 9/15/2027(a)		760		758
Exeter Automobile Receivables Trust
Series 2020-3A, Class B, 0.79%, 9/16/2024		370		370
Series 2021-1A, Class B, 0.50%, 2/18/2025		1,082		1,082
Series 2021-2A, Class B, 0.57%, 9/15/2025		719		717
Series 2021-3A, Class B, 0.69%, 1/15/2026		594		591
Series 2021-4A, Class B, 1.05%, 5/15/2026		946		944
Fifth Third Auto Trust Series 2019-1, Class A4, 2.69%, 11/16/2026		355		362
First Investors Auto Owner Trust Series 2021-1A, Class A, 0.45%, 3/16/2026(a)		295		294
FirstKey Homes Trust
Series 2020-SFR2, Class A, 1.27%, 10/19/2037(a)		379		370
Series 2021-SFR2, Class D, 2.06%, 9/17/2038‡(a)		2,900		2,818
Flagship Credit Auto Trust
Series 2019-2, Class A, 2.83%, 10/16/2023(a)		50		50
Series 2020-4, Class A, 0.53%, 4/15/2025(a)		1,446		1,446
Series 2019-2, Class B, 2.92%, 4/15/2025(a)		650		654
Series 2019-4, Class C, 2.77%, 12/15/2025(a)		310		317
Series 2021-4, Class A, 0.81%, 7/17/2026(a)		1,600		1,600
Series 2021-3, Class A, 0.36%, 7/15/2027(a)		1,852		1,840
Ford Credit Auto Lease Trust
Series 2020-A, Class A3, 1.85%, 3/15/2023		245		245
Series 2020-B, Class A4, 0.69%, 10/15/2023		456		457
Series 2021-A, Class A3, 0.26%, 2/15/2024		921		919
Ford Credit Auto Owner Trust Series 2018-B, Class A4, 3.38%, 3/15/2024		340		345
FREED ABS Trust
Series 2020-FP1, Class A, 2.52%, 3/18/2027(a)		6		6
Series 2021-2, Class A, 0.68%, 6/19/2028(a)		186		186
FRTKL Series 2021-SFR1, Class A, 1.57%, 9/17/2038(a)		2,118		2,079
GLS Auto Receivables Issuer Trust
Series 2020-4A, Class A, 0.52%, 2/15/2024(a)		157		157
Series 2021-3A, Class C, 1.11%, 9/15/2026(a)		815		806
GLS Auto Receivables Trust Series 2021-2A, Class B, 0.77%, 9/15/2025(a)		408		406
GM Financial Automobile Leasing Trust
Series 2020-3, Class A3, 0.45%, 8/21/2023		640		640
Series 2021-3, Class A3, 0.39%, 10/21/2024		1,137		1,131
GM Financial Consumer Automobile Receivables Trust
Series 2018-3, Class A3, 3.02%, 5/16/2023		665		668
Series 2020-1, Class A3, 1.84%, 9/16/2024		2,775		2,796
Series 2021-1, Class A3, 0.35%, 10/16/2025		468		466

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2021-1, Class A4, 0.54%, 5/17/2027		2,800		2,759
GM Financial Leasing Trust Series 2021-1, Class A4, 0.33%, 2/20/2025		1,000		996
Harley-Davidson Motorcycle Trust Series 2019-A, Class A3, 2.34%, 2/15/2024		262		263
HERO Funding (Cayman Islands) Series 2017-3A, Class A2, 3.95%, 9/20/2048(a)		178		183
Honda Auto Receivables Owner Trust Series 2019-4, Class A3, 1.83%, 1/18/2024		387		390
Hyundai Auto Lease Securitization Trust
Series 2020-B, Class A3, 0.51%, 9/15/2023(a)		1,185		1,185
Series 2021-A, Class A3, 0.33%, 1/16/2024(a)		461		461
Hyundai Auto Receivables Trust Series 2018-B, Class A3, 3.20%, 12/15/2022		18		18
Mercedes-Benz Auto Lease Trust
Series 2019-B, Class A3, 2.00%, 10/17/2022		26		26
Series 2020-A, Class A3, 1.84%, 12/15/2022		401		403
Series 2021-A, Class A3, 0.25%, 1/16/2024		753		752
MVW LLC
Series 2021-2A, Class A, 1.43%, 5/20/2039(a)		1,256		1,249
Series 2021-1WA, Class A, 1.14%, 1/22/2041(a)		281		276
Nissan Auto Lease Trust Series 2020-B, Class A3, 0.43%, 10/16/2023		755		755
Nissan Auto Receivables Owner Trust
Series 2018-C, Class A3, 3.22%, 6/15/2023		226		228
Series 2017-C, Class A4, 2.28%, 2/15/2024		138		138
Octane Receivables Trust Series 2020-1A, Class A, 1.71%, 2/20/2025(a)		1,165		1,169
OneMain Direct Auto Receivables Trust Series 2018-1A, Class A, 3.43%, 12/16/2024(a)		105		105
Progress Residential Trust
Series 2020-SFR3, Class B, 1.50%, 10/17/2027‡(a)		785		769
Series 2021-SFR8, Class E1, 2.38%, 10/17/2038‡(a)		1,144		1,120
Series 2021-SFR9, Class E1, 2.81%, 11/17/2040‡(a)		1,048		1,034
Santander Consumer Auto Receivables Trust Series 2021-AA, Class A3, 0.33%, 10/15/2025(a)		510		508
Santander Drive Auto Receivables Trust
Series 2020-2, Class A3, 0.67%, 4/15/2024		34		34
Series 2020-3, Class B, 0.69%, 3/17/2025		635		636
Series 2021-1, Class B, 0.50%, 4/15/2025		1,825		1,822
Series 2021-3, Class B, 0.60%, 12/15/2025		1,426		1,418
Series 2020-4, Class C, 1.01%, 1/15/2026		465		466
Series 2021-2, Class C, 0.90%, 6/15/2026		956		955
Spirit Airlines Pass-Through Trust Series 2017-1, Class AA, 3.38%, 2/15/2030		124		126
Tesla Auto Lease Trust
Series 2019-A, Class A3, 2.16%, 10/20/2022(a)		370		372
Series 2021-B, Class A4, 0.63%, 9/22/2025(a)		715		706
Theorem Funding Trust Series 2021-1A, Class A, 1.21%, 12/15/2027(a)		1,739		1,737
Toyota Auto Receivables Owner Trust
Series 2020-A, Class A3, 1.66%, 5/15/2024		325		327
Series 2021-A, Class A3, 0.26%, 5/15/2025		1,651		1,645
Series 2020-C, Class A4, 0.57%, 10/15/2025		532		529
United Airlines Pass-Through Trust
Series 2016-1, Class AA, 3.10%, 7/7/2028		1,105		1,144
Series 2016-2, Class AA, 2.88%, 10/7/2028		1,104		1,117
Series 2018-1, Class AA, 3.50%, 3/1/2030		704		743
Series 2018-1, Class A, 3.70%, 3/1/2030		1,202		1,232
United Auto Credit Securitization Trust Series 2021-1, Class C, 0.84%, 6/10/2026(a)		270		269
US Auto Funding Series 2021-1A, Class A, 0.79%, 7/15/2024(a)		1,233		1,232
US Auto Funding LLC Series 2019-1A, Class B, 3.99%, 12/15/2022(a)		75		75
Verizon Owner Trust Series 2018-A, Class A1A, 3.23%, 4/20/2023		45		45
Volkswagen Auto Lease Trust Series 2020-A, Class A3, 0.39%, 1/22/2024		471		471
VOLT C LLC Series 2021-NPL9, Class A1, 1.99%, 5/25/2051(a)(d)		677		675

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
VOLT CI LLC Series 2021-NP10, Class A1, 1.99%, 5/25/2051(a)(d)		1,033			1,031
VOLT XCIII LLC Series 2021-NPL2, Class A1, 1.89%, 2/27/2051(a)(d)		981			975
VOLT XCIV LLC Series 2021-NPL3, Class A1, 2.24%, 2/27/2051(a)(d)		1,338			1,334
VOLT XCIX LLC Series 2021-NPL8, Class A1, 2.12%, 4/25/2051(a)(d)		759			757
VOLT XCVI LLC Series 2021-NPL5, Class A1, 2.12%, 3/27/2051(a)(d)		1,399			1,396
VOLT XCVII LLC Series 2021-NPL6, Class A1, 2.24%, 4/25/2051(a)(d)		1,683			1,676
Westlake Automobile Receivables Trust
Series 2020-2A, Class A2A, 0.93%, 2/15/2024(a)		289			289
Series 2021-3A, Class A3, 0.95%, 6/16/2025(a)		550			550
Series 2020-3A, Class B, 0.78%, 11/17/2025(a)		815			815
Series 2021-3A, Class D, 2.12%, 1/15/2027(a)		806			808
World Omni Auto Receivables Trust
Series 2020-A, Class A3, 1.70%, 1/17/2023		1,955			1,969
Series 2018-C, Class A3, 3.13%, 11/15/2023		1,398			1,407
Series 2019-B, Class A3, 2.59%, 7/15/2024		369			372
Series 2021-A, Class A3, 0.30%, 1/15/2026		1,548			1,541
Series 2021-C, Class A3, 0.44%, 8/17/2026		747			739
World Omni Automobile Lease Securitization Trust
Series 2021-A, Class A3, 0.42%, 8/15/2024		912			906
Series 2020-B, Class A4, 0.52%, 2/17/2026		480			479
World Omni Select Auto Trust Series 2020-A, Class A3, 0.55%, 7/15/2025		540			541
TOTAL ASSET-BACKED SECURITIES (Cost $111,660)					111,559
COLLATERALIZED MORTGAGE OBLIGATIONS — 6.0%
CHL Mortgage Pass-Through Trust Series 2004-8, Class 2A1, 4.50%, 6/25/2019		—	(g)		—	(g)
Citigroup Mortgage Loan Trust, Inc.
Series 2003-1, Class 3A4, 5.25%, 9/25/2033		7			7
Series 2004-HYB4, Class WA, 0.02%, 12/25/2034‡(f)		20			21
CSFB Mortgage-Backed Pass-Through Certificates Series 2003-27, Class 5A4, 5.25%, 11/25/2033		10			11
FHLMC, REMIC
Series 2626, Class JC, 5.00%, 6/15/2023		104			106
Series 2649, Class WB, 3.50%, 7/15/2023		52			52
Series 1578, Class K, 6.90%, 9/15/2023		3			3
Series 2685, Class DT, 5.00%, 10/15/2023		112			115
Series 2687, Class JH, 5.00%, 10/15/2023		27			28
Series 2701, Class AC, 5.00%, 11/15/2023		193			199
Series 3521, Class B, 4.00%, 4/15/2024		149			153
Series 3544, Class BC, 4.00%, 6/15/2024		13			14
Series 3546, Class NB, 4.00%, 6/15/2024		631			649
Series 3562, Class JC, 4.00%, 8/15/2024		315			324
Series 3563, Class BD, 4.00%, 8/15/2024		200			206
Series 3571, Class MY, 4.00%, 9/15/2024		76			78
Series 3575, Class EB, 4.00%, 9/15/2024		217			223
Series 3577, Class B, 4.00%, 9/15/2024		355			366
Series 3578, Class KB, 4.00%, 9/15/2024		51			52
Series 2989, Class TG, 5.00%, 6/15/2025		243			254
Series 2988, Class TY, 5.50%, 6/15/2025		11			11
Series 3816, Class HA, 3.50%, 11/15/2025		1,067			1,113
Series 3087, Class KX, 5.50%, 12/15/2025		29			31
Series 3787, Class AY, 3.50%, 1/15/2026		365			382
Series 3794, Class LB, 3.50%, 1/15/2026		305			318
Series 3102, Class CE, 5.50%, 1/15/2026		356			376
Series 3123, Class HT, 5.00%, 3/15/2026		41			43
Series 3121, Class JD, 5.50%, 3/15/2026		14			15
Series 3150, Class EQ, 5.00%, 5/15/2026		130			137

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 3898, Class KH, 3.50%, 6/15/2026		483		503
Series 3885, Class AC, 4.00%, 6/15/2026		244		252
Series 3911, Class B, 3.50%, 8/15/2026		475		498
Series 3959, Class PB, 3.00%, 11/15/2026		2,446		2,550
Series 4337, Class VJ, 3.50%, 6/15/2027		1,438		1,483
Series 3337, Class MD, 5.50%, 6/15/2027		27		29
Series 2110, Class PG, 6.00%, 1/15/2029		67		74
Series 3563, Class LB, 4.00%, 8/15/2029		13		14
Series 3653, Class B, 4.50%, 4/15/2030		92		100
Series 3824, Class EY, 3.50%, 3/15/2031		231		246
Series 2525, Class AM, 4.50%, 4/15/2032		475		522
Series 2441, Class GF, 6.50%, 4/15/2032		15		18
Series 2436, Class MC, 7.00%, 4/15/2032		10		11
Series 2760, Class KT, 4.50%, 9/15/2032		62		68
Series 2505, Class D, 5.50%, 9/15/2032		76		86
Series 2544, Class KE, 5.50%, 12/15/2032		40		45
Series 2557, Class HL, 5.30%, 1/15/2033		115		129
Series 2575, Class PE, 5.50%, 2/15/2033		31		36
Series 2586, Class WG, 4.00%, 3/15/2033		142		156
Series 2596, Class QD, 4.00%, 3/15/2033		118		128
Series 2621, Class QH, 5.00%, 5/15/2033		131		145
Series 2649, Class PJ, 3.50%, 6/15/2033		1		1
Series 2624, Class QH, 5.00%, 6/15/2033		165		186
Series 2648, Class BK, 5.00%, 7/15/2033		13		14
Series 4238, Class UY, 3.00%, 8/15/2033		3,253		3,438
Series 2673, Class PE, 5.50%, 9/15/2033		283		320
Series 2696, Class DG, 5.50%, 10/15/2033		241		264
Series 2725, Class TA, 4.50%, 12/15/2033		284		320
Series 2733, Class ME, 5.00%, 1/15/2034		225		250
Series 2768, Class PK, 5.00%, 3/15/2034		179		200
Series 3659, Class VG, 5.00%, 9/15/2034		1		1
Series 2934, Class KG, 5.00%, 2/15/2035		170		191
Series 3077, Class TO, PO, 4/15/2035		8		8
Series 2960, Class JH, 5.50%, 4/15/2035		494		560
Series 3082, Class PW, 5.50%, 12/15/2035		36		40
Series 3084, Class BH, 5.50%, 12/15/2035		769		876
Series 3098, Class KG, 5.50%, 1/15/2036		749		851
Series 3136, Class CO, PO, 4/15/2036		19		18
Series 3145, Class AJ, 5.50%, 4/15/2036		26		30
Series 3819, Class ZQ, 6.00%, 4/15/2036		516		602
Series 3200, PO, 8/15/2036		50		46
Series 3270, Class AT, 5.50%, 1/15/2037		19		21
Series 3272, Class PA, 6.00%, 2/15/2037		5		6
Series 3348, Class HT, 6.00%, 7/15/2037		44		52
Series 3501, Class A, 4.50%, 1/15/2039		135		146
Series 3508, Class PK, 4.00%, 2/15/2039		3		3
Series 3513, Class A, 4.50%, 2/15/2039		13		14
Series 3653, Class HJ, 5.00%, 4/15/2040		595		669
Series 3677, Class KB, 4.50%, 5/15/2040		989		1,055
Series 3677, Class PB, 4.50%, 5/15/2040		524		567
Series 3715, Class PC, 4.50%, 8/15/2040		160		177
Series 3955, Class HB, 3.00%, 12/15/2040		115		120
Series 3828, Class PU, 4.50%, 3/15/2041		50		52
Series 3852, Class TP, IF, 5.50%, 5/15/2041(f)		189		204
Series 3956, Class EB, 3.25%, 11/15/2041		1,014		1,086
Series 3963, Class JB, 4.50%, 11/15/2041		1,401		1,545
Series 4026, Class MQ, 4.00%, 4/15/2042		58		61
Series 4616, Class HP, 3.00%, 9/15/2046		1,440		1,504
Series 3688, Class GT, 7.45%, 11/15/2046(f)		28		33

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
FHLMC, STRIPS Series 262, Class 35, 3.50%, 7/15/2042		613		658
FNMA, REMIC
Series 2003-5, Class EQ, 5.50%, 2/25/2023		8		8
Series 2003-48, Class TC, 5.00%, 6/25/2023		13		13
Series 2003-55, Class HY, 5.00%, 6/25/2023		11		11
Series 2008-70, Class BY, 4.00%, 8/25/2023		1		1
Series 2006-22, Class CE, 4.50%, 8/25/2023		38		39
Series 2004-44, Class KT, 6.00%, 6/25/2024		31		32
Series 2004-53, Class NC, 5.50%, 7/25/2024		17		18
Series 2009-71, Class MB, 4.50%, 9/25/2024		9		9
Series 2004-70, Class EB, 5.00%, 10/25/2024		35		36
Series 2010-49, Class KB, 4.00%, 5/25/2025		274		281
Series 2010-41, Class DC, 4.50%, 5/25/2025		70		72
Series 1997-57, Class PN, 5.00%, 9/18/2027		83		89
Series 2009-39, Class LB, 4.50%, 6/25/2029		68		73
Series 2009-96, Class DB, 4.00%, 11/25/2029		87		94
Series 2010-28, Class DE, 5.00%, 4/25/2030		221		243
Series 2001-63, Class TC, 6.00%, 12/25/2031		45		50
Series 2001-81, Class HE, 6.50%, 1/25/2032		115		134
Series 2002-75, Class GB, 5.50%, 11/25/2032		58		61
Series 2011-39, Class ZA, 6.00%, 11/25/2032		459		523
Series 2002-85, Class PE, 5.50%, 12/25/2032		36		41
Series 2003-21, Class OU, 5.50%, 3/25/2033		27		31
Series 2003-26, Class EB, 3.50%, 4/25/2033		747		792
Series 2003-23, Class CH, 5.00%, 4/25/2033		29		32
Series 2003-63, Class YB, 5.00%, 7/25/2033		101		113
Series 2003-69, Class N, 5.00%, 7/25/2033		189		213
Series 2003-80, Class QG, 5.00%, 8/25/2033		240		265
Series 2003-85, Class QD, 5.50%, 9/25/2033		104		119
Series 2003-94, Class CE, 5.00%, 10/25/2033		22		24
Series 2005-5, Class CK, 5.00%, 1/25/2035		171		184
Series 2005-29, Class WC, 4.75%, 4/25/2035		316		341
Series 2005-48, Class TD, 5.50%, 6/25/2035		230		261
Series 2005-53, Class MJ, 5.50%, 6/25/2035		251		287
Series 2005-62, Class CP, 4.75%, 7/25/2035		3		3
Series 2005-58, Class EP, 5.50%, 7/25/2035		20		23
Series 2005-68, Class BE, 5.25%, 8/25/2035		250		279
Series 2005-68, Class PG, 5.50%, 8/25/2035		100		112
Series 2005-102, Class PG, 5.00%, 11/25/2035		324		368
Series 2005-110, Class GL, 5.50%, 12/25/2035		396		445
Series 2006-49, Class PA, 6.00%, 6/25/2036		43		50
Series 2009-19, Class PW, 4.50%, 10/25/2036		259		286
Series 2006-114, Class HE, 5.50%, 12/25/2036		300		344
Series 2007-33, Class HE, 5.50%, 4/25/2037		22		25
Series 2007-71, Class KP, 5.50%, 7/25/2037		34		36
Series 2007-71, Class GB, 6.00%, 7/25/2037		171		197
Series 2007-65, Class KI, IF, IO, 6.53%, 7/25/2037(f)		6		1
Series 2009-86, Class OT, PO, 10/25/2037		33		30
Series 2010-9, Class MD, 5.00%, 2/25/2038		24		24
Series 2008-72, Class BX, 5.50%, 8/25/2038		16		18
Series 2008-74, Class B, 5.50%, 9/25/2038		5		6
Series 2009-62, Class HJ, 6.00%, 5/25/2039		120		125
Series 2009-37, Class KI, IF, IO, 5.91%, 6/25/2039(f)		7		1
Series 2009-86, Class IP, IO, 5.50%, 10/25/2039		10		2
Series 2009-92, Class AD, 6.00%, 11/25/2039		554		602
Series 2009-112, Class ST, IF, IO, 6.16%, 1/25/2040(f)		76		13
Series 2010-22, Class PE, 5.00%, 3/25/2040		1,641		1,833
Series 2010-37, Class CY, 5.00%, 4/25/2040		949		1,060
Series 2010-35, Class SB, IF, IO, 6.33%, 4/25/2040(f)		36		6
Series 2010-54, Class EA, 4.50%, 6/25/2040		35		37

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2010-64, Class DM, 5.00%, 6/25/2040		5		6
Series 2010-71, Class HJ, 5.50%, 7/25/2040		108		123
Series 2010-123, Class BP, 4.50%, 11/25/2040		2,371		2,611
Series 2011-5, Class CP, 4.50%, 11/25/2040		44		46
Series 2011-41, Class KL, 4.00%, 5/25/2041		1,006		1,098
Series 2011-50, Class LP, 4.00%, 6/25/2041		500		543
Series 2012-137, Class CF, 0.39%, 8/25/2041(f)		210		210
Series 2012-103, Class DA, 3.50%, 10/25/2041		40		41
Series 2012-14, Class DE, 3.50%, 3/25/2042		809		868
Series 2012-139, Class JA, 3.50%, 12/25/2042		391		422
Series 2013-104, Class CY, 5.00%, 10/25/2043		2,250		2,722
Series 2019-65, Class PA, 2.50%, 5/25/2048		325		334
Series 2009-96, Class CB, 4.00%, 11/25/2049		23		25
Series 2019-7, Class CA, 3.50%, 11/25/2057		3,678		3,869
FNMA, STRIPS
Series 293, Class 1, PO, 12/25/2024		7		7
Series 314, Class 1, PO, 7/25/2031		33		31
GNMA
Series 2003-10, Class KJ, 5.50%, 2/20/2033		52		54
Series 2003-29, Class PD, 5.50%, 4/16/2033		198		212
Series 2003-33, Class NE, 5.50%, 4/16/2033		107		109
Series 2003-65, Class AP, 5.50%, 8/20/2033		69		77
Series 2003-77, Class TK, 5.00%, 9/16/2033		262		273
Series 2004-16, Class GC, 5.50%, 2/20/2034		724		801
Series 2004-54, Class BG, 5.50%, 7/20/2034		16		17
Series 2004-93, Class PD, 5.00%, 11/16/2034		440		475
Series 2004-101, Class BE, 5.00%, 11/20/2034		360		396
Series 2005-11, Class PL, 5.00%, 2/20/2035		171		190
Series 2005-26, Class XY, 5.50%, 3/20/2035		665		744
Series 2005-33, Class AY, 5.50%, 4/16/2035		170		186
Series 2005-49, Class B, 5.50%, 6/20/2035		57		64
Series 2005-51, Class DC, 5.00%, 7/20/2035		139		153
Series 2005-56, Class BD, 5.00%, 7/20/2035		22		24
Series 2006-7, Class ND, 5.50%, 8/20/2035		21		24
Series 2007-37, Class LB, 5.50%, 6/16/2037		174		195
Series 2007-79, Class BL, 5.75%, 8/20/2037		115		127
Series 2008-7, Class PQ, 5.00%, 2/20/2038		345		370
Series 2008-9, Class PW, 5.25%, 2/20/2038		366		400
Series 2009-106, Class ST, IF, IO, 5.91%, 2/20/2038(f)		112		17
Series 2008-23, Class YA, 5.25%, 3/20/2038		86		94
Series 2008-35, Class NF, 5.00%, 4/20/2038		87		95
Series 2008-34, Class PG, 5.25%, 4/20/2038		102		111
Series 2008-33, Class PB, 5.50%, 4/20/2038		302		336
Series 2008-38, Class BG, 5.00%, 5/16/2038		492		540
Series 2008-43, Class NB, 5.50%, 5/20/2038		146		160
Series 2008-56, Class PX, 5.50%, 6/20/2038		284		305
Series 2008-58, Class PE, 5.50%, 7/16/2038		798		895
Series 2008-62, Class SA, IF, IO, 6.06%, 7/20/2038(f)		2		—	(g)
Series 2008-76, Class US, IF, IO, 5.81%, 9/20/2038(f)		63		9
Series 2011-97, Class WA, 6.14%, 11/20/2038(f)		704		812
Series 2008-95, Class DS, IF, IO, 7.21%, 12/20/2038(f)		59		8
Series 2009-14, Class AG, 4.50%, 3/20/2039		102		109
Series 2009-72, Class SM, IF, IO, 6.16%, 8/16/2039(f)		141		20
Series 2009-61, Class AP, 4.00%, 8/20/2039		12		12
Series 2010-130, Class BD, 4.00%, 12/20/2039		266		283
Series 2010-157, Class OP, PO, 12/20/2040		99		93
Series 2014-H11, Class VA, 0.58%, 6/20/2064(f)		1,207		1,211
Series 2015-H20, Class FA, 0.55%, 8/20/2065(f)		1,767		1,772
Series 2015-H26, Class FG, 0.60%, 10/20/2065(f)		1,274		1,279

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
GSR Mortgage Loan Trust Series 2004-6F, Class 2A4, 5.50%, 5/25/2034		56		57
JPMorgan Mortgage Trust
Series 2006-A2, Class 5A3, 2.27%, 11/25/2033(f)		142		143
Series 2007-A1, Class 5A5, 2.43%, 7/25/2035(f)		34		35
MASTR Adjustable Rate Mortgages Trust Series 2004-13, Class 2A1, 2.62%, 4/21/2034(f)		44		45
MASTR Asset Securitization Trust Series 2003-11, Class 8A1, 5.50%, 12/25/2033		26		26
Merrill Lynch Mortgage Investors Trust
Series 2003-F, Class A1, 0.73%, 10/25/2028(f)		65		64
Series 2004-B, Class A1, 0.59%, 5/25/2029(f)		100		100
Morgan Stanley Mortgage Loan Trust Series 2004-3, Class 4A, 5.64%, 4/25/2034(f)		26		27
PHH Mortgage Trust Series 2008-CIM2, Class 5A1, 6.00%, 7/25/2038		7		8
PRPM LLC Series 2021-10, Class A1, 2.49%, 10/25/2026(a)(d)		848		848
Seasoned Credit Risk Transfer Trust
Series 2018-1, Class M60C, 3.50%, 5/25/2057		1,912		2,027
Series 2017-4, Class M60C, 3.50%, 6/25/2057		1,794		1,895
Series 2018-2, Class M55D, 4.00%, 11/25/2057		1,907		2,044
Series 2019-3, Class M55D, 4.00%, 10/25/2058‡		449		485
Series 2020-1, Class M55G, 3.00%, 8/25/2059		4,265		4,434
Seasoned Loans Structured Transaction Series 2018-2, Class A1, 3.50%, 11/25/2028		527		546
Sequoia Mortgage Trust Series 2004-11, Class A1, 0.69%, 12/20/2034(f)		206		212
Structured Asset Mortgage Investments II Trust Series 2003-AR4, Class A1, 0.79%, 1/19/2034(f)		103		103
Thornburg Mortgage Securities Trust Series 2004-4, Class 3A, 1.88%, 12/25/2044(f)		124		125
Vendee Mortgage Trust Series 2003-2, Class Z, 5.00%, 5/15/2033		416		461
VOLT CV LLC Series 2021-CF2, Class A1, 2.49%, 11/27/2051(a)(d)		980		979
WaMu Mortgage Pass-Through Certificates Trust Series 2003-AR11, Class A6, 2.66%, 10/25/2033(f)		78		78
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $77,438)				79,735
U.S. GOVERNMENT AGENCY SECURITIES — 1.1%
FNMA 0.50%, 6/17/2025(Cost $15,027)		15,000		14,710
FOREIGN GOVERNMENT SECURITIES — 0.4%
Republic of Colombia (Colombia)
3.00%, 1/30/2030		500		454
7.38%, 9/18/2037		300		350
Republic of Panama (Panama)
4.00%, 9/22/2024		347		369
3.16%, 1/23/2030		400		409
United Mexican States (Mexico)
4.00%, 10/2/2023		296		312
3.60%, 1/30/2025		1,076		1,143
4.13%, 1/21/2026		332		364
2.66%, 5/24/2031		1,646		1,589
TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $4,950)				4,990
	Shares (000)
SHORT-TERM INVESTMENTS — 3.2%
INVESTMENT COMPANIES — 3.2%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05%(i)(j)(Cost $43,014)		43,015		43,032
Total Investments — 102.5% (Cost $1,344,001)				1,367,072
Liabilities in Excess of Other Assets — (2.5)%				(32,982	)
Net Assets — 100.0%				1,334,090

Percentages indicated are based on net assets.

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Abbreviations
ABS	Asset-Backed Securities
ACES	Alternative Credit Enhancement Securities
ARM	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of November 30, 2021.
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange
IF	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index or have an interest rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the rate in effect as of November 30, 2021. The rate may be subject to a cap and floor.
IO	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
LIBOR	London Interbank Offered Rate
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.
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
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.
TBA	To Be Announced; Security is subject to delayed delivery.
UMBS	Uniform Mortgage-Backed Securities
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) Amount rounds to less than 0.1% of net assets.

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

(d) 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.

(e) All or a portion of this security is deposited with the broker as initial margin for futures contracts or centrally cleared swaps.

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(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) Amount rounds to less than one thousand.

(h) All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.

(i) 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.

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

‡ 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
U.S. Treasury 5 Year Note		1,105			03/2022		USD		134,102			888
U.S. Treasury 10 Year Note		309			03/2022		USD		40,411			407
U.S. Treasury 10 Year Ultra Note		755			03/2022		USD		110,950			1,198
												2,493
Short Contracts
U.S. Treasury 2 Year Note		(360	)		03/2022		USD		(78,699	)		(110	)
U.S. Treasury Long Bond		(4	)		03/2022		USD		(649	)		(12	)
U.S. Treasury Ultra Bond		(41	)		03/2022		USD		(8,217	)		(222	)
												(344	)
												2,149

Abbreviations
USD	United States Dollar

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Centrally Cleared Inflation-linked 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		Value and Unrealized Appreciation (Depreciation)($)
CPI-U at termination	2.45% at termination	Receive		8/23/2031		USD 8,595		339
CPI-U at termination	2.46% at termination	Receive		8/24/2031		USD 17,052		649
CPI-U at termination	2.48% at termination	Receive		9/3/2031		USD 2,618		86
CPI-U at termination	2.51% at termination	Receive		6/14/2031		USD 3,993		194
CPI-U at termination	2.52% at termination	Receive		9/28/2031		USD 10,264		259
CPI-U at termination	2.52% at termination	Receive		9/7/2031		USD 15,594		435
CPI-U at termination	2.53% at termination	Receive		9/2/2031		USD 12,184		340
CPI-U at termination	2.57% at termination	Receive		6/9/2031		USD 15,426		665
CPI-U at termination	2.58% at termination	Receive		6/8/2031		USD 6,414		272
CPI-U at termination	2.59% at termination	Receive		8/13/2031		USD 12,160		331
CPI-U at termination	2.59% at termination	Receive		10/1/2031		USD 37,087		645
CPI-U at termination	2.67% at termination	Receive		9/2/2026		USD 7,615		165
CPI-U at termination	2.72% at termination	Receive		12/2/2031		USD 25,026		—	(b)
CPI-U at termination	2.75% at termination	Receive		9/13/2026		USD 4,983		81
CPI-U at termination	2.74% at termination	Receive		10/1/2026		USD 28,101		409
CPI-U at termination	2.80% at termination	Receive		10/12/2026		USD 32,436		303
CPI-U at termination	2.97% at termination	Receive		10/22/2026		USD 52,792		97
CPI-U at termination	3.13% at termination	Receive		12/1/2026		USD 12,107		—	(b)
								5,270
CPI-U at termination	2.87% at termination	Receive		11/15/2031		USD 11,861		(183)
CPI-U at termination	2.92% at termination	Receive		11/15/2031		USD 11,861		(251)
CPI-U at termination	2.95% at termination	Receive		11/15/2031		USD 54,533		(1,327)
CPI-U at termination	3.04% at termination	Receive		11/4/2026		USD 12,213		(23)
CPI-U at termination	3.16% at termination	Receive		11/29/2026		USD 36,912		(336)
CPI-U at termination	3.20% at termination	Receive		11/29/2026		USD 39,453		(450)
CPI-U at termination	3.36% at termination	Receive		11/18/2026		USD 32,368		(640)
CPI-U at termination	3.37% at termination	Receive		11/18/2026		USD 45,193		(924)
CPI-U at termination	3.38% at termination	Receive		11/18/2026		USD 87,156		(1,810)
CPI-U at termination	3.74% at termination	Receive		11/26/2023		USD 101,611		(395)
CPI-U at termination	3.74% at termination	Receive		11/26/2023		USD 31,552		(123)
CPI-U at termination	3.74% at termination	Receive		11/26/2023		USD 44,265		(172)
CPI-U at termination	3.80% at termination	Receive		11/29/2023		USD 37,714		(188)
								(6,822)
								(1,552)

Abbreviations
CPI-U	Consumer Price Index for All Urban Consumers
USD	United States Dollar

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

Floating Rate Index	Value
CPI-U		2.78	%

(b) Amount rounds to less than one thousand.

There are no upfront payments (receipts) on the swap contracts listed above.

JPMorgan Inflation Managed Bond 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.

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. Swaps are valued utilizing market quotations from approved Pricing Services.

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.

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Dollar values in thousands)

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	$	—		$	105,818		$	5,741		$	111,559
Collateralized Mortgage Obligations		—			79,229			506			79,735
Commercial Mortgage-Backed Securities		—			141,108			—	(a)		141,108
Corporate Bonds		—			513,294			—			513,294
Foreign Government Securities		—			4,990			—			4,990
Mortgage-Backed Securities		—			119,985			—			119,985
U.S. Government Agency Securities		—			14,710			—			14,710
U.S. Treasury Obligations		—			338,659			—			338,659
Short-Term Investments
Investment Companies		43,032			—			—			43,032
Total Investments in Securities	$	43,032		$	1,317,793		$	6,247		$	1,367,072
Appreciation in Other Financial Instruments
Futures Contracts	$	2,493		$	—		$	—		$	2,493
Swaps		—			5,270			—			5,270
Depreciation in Other Financial Instruments
Futures Contracts		(344	)		—			—			(344	)
Swaps		—			(6,822	)		—			(6,822	)
Total Net Appreciation/Depreciation in Other Financial Instruments	$	2,149		$	(1,552	)	$	—		$	597

(a) 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)	$	79,351	$	500,442	$	536,755	$	(5	)	$	(1	)	$	43,032		43,015	$	30	$	—

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

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

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

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

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

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

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

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

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

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Dollar values in thousands)

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

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

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

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

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

Inflation-Linked Swaps

The Fund used inflation-linked swaps to provide inflation protection within its portfolio. These are agreements between counterparties to exchange interest payments based on interest rates over the life of the swap. One cash flow stream will typically be a floating rate payment based upon the Consumer Price Index upon while the other is a pre-determined fixed interest rate. The use of swaps exposes the Fund to interest rate risk.