UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-04236

JPMorgan Trust II

(Exact name of registrant as specified in charter)

270 Park Avenue

New York, New York 10017

(Address of principal executive offices) (Zip code)

Noah D. Greenhill, Esq.

270 Park Avenue

New York, New York 10017

(Name and Address of Agent for Service)

Registrant’s telephone number, including area code: (800) 480-4111

Date of fiscal year end: Last day of February

Date of reporting period: November 30, 2018

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

ITEM 1. SCHEDULE OF INVESTMENTS.

JPMorgan Trust II

Schedule of Portfolio Investments as of November 30, 2018

(Unaudited)

THE “UNAUDITED CERTIFIED MUTUAL FUNDS HOLDINGS” LIST (“the List”) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR SALES LITERATURE WITH THE GENERAL PUBLIC. The list is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a prospectus. The list has been created from the books and records of the Fund. Certified holdings are available 60 days after the fund’s fiscal quarter, using a trade date accounting convention, by contacting the appropriate service center. The list is subject to change without notice. The list is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security.

J.P. Morgan Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

JPMorgan Distribution Services, Inc.

© JPMorgan Chase & Co., 2019.

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited)

Investments	Principal Amount ($000)		Value ($000)
U.S. TREASURY OBLIGATIONS — 26.7%
U.S. Treasury Bonds
8.75%, 8/15/2020		54,785		60,114
8.13%, 5/15/2021		14,932		16,778
8.00%, 11/15/2021		9,475		10,849
5.38%, 2/15/2031		1,393		1,721
4.50%, 2/15/2036		25,002		29,623
4.25%, 5/15/2039		38,050		44,019
4.50%, 8/15/2039		71,284		85,134
4.38%, 11/15/2039		76,320		89,700
4.38%, 5/15/2040		134,780		158,456
3.13%, 2/15/2043		50,610		49,137
2.88%, 5/15/2043		249,860		231,970
3.63%, 8/15/2043		228,240		240,776
3.75%, 11/15/2043		416,002		447,722
3.63%, 2/15/2044		222,265		234,472
2.50%, 2/15/2045		113,600		97,505
2.88%, 8/15/2045		101,060		93,323
3.00%, 11/15/2045		25,000		23,655
3.00%, 2/15/2048		3,220		3,033
3.13%, 5/15/2048		20,434		19,726
U.S. Treasury Inflation Indexed Bonds
1.75%, 1/15/2028		2,100		2,678
3.63%, 4/15/2028		9,066		17,317
2.50%, 1/15/2029		3,587		4,782
U.S. Treasury Inflation Indexed Notes
0.13%, 4/15/2019		10,000		10,639
1.38%, 1/15/2020		2,584		3,011
0.13%, 1/15/2022		22,231		24,067
U.S. Treasury Notes
3.13%, 5/15/2019		43,518		43,628
0.75%, 8/15/2019		30,000		29,606
1.25%, 2/29/2020		18,500		18,156
1.38%, 5/31/2020		10,000		9,793
2.50%, 5/31/2020		5,941		5,915
2.63%, 8/15/2020		175,991		175,427
2.13%, 8/31/2020		10,000		9,883
1.75%, 10/31/2020		5,000		4,901
2.63%, 11/15/2020		34,504		34,379
2.00%, 11/30/2020		2,500		2,461
1.38%, 1/31/2021		8,295		8,046
3.63%, 2/15/2021		80,000		81,375
2.63%, 5/15/2021		19,679		19,589
1.75%, 2/28/2022		17,000		16,433
1.63%, 8/31/2022		100,000		95,691
2.00%, 10/31/2022		13,000		12,595
1.75%, 1/31/2023		70,000		66,981
1.50%, 2/28/2023		210,000		198,721
1.75%, 5/15/2023		133,400		127,251
1.38%, 6/30/2023		40,000		37,477
1.38%, 8/31/2023		70,000		65,412
2.13%, 2/29/2024		4,955		4,776
2.50%, 5/15/2024		2,000		1,962
2.13%, 9/30/2024		50,000		47,953
2.25%, 11/15/2024		3,021		2,913
2.00%, 2/15/2025		255,000		241,832
2.88%, 4/30/2025		4,925		4,916
2.13%, 5/15/2025		100,000		95,363
2.88%, 5/31/2025		40,158		40,067
2.00%, 8/15/2025		141,304		133,400
2.25%, 11/15/2025		116,184		111,246
1.63%, 2/15/2026		415		380
1.50%, 8/15/2026		2,550		2,297
U.S. Treasury STRIPS Bonds
2.01%, 2/15/2020 (a)		52,512		50,822
4.40%, 5/15/2020 (a)		74,196		71,281
2.81%, 8/15/2020 (a)		265,487		253,051
2.18%, 2/15/2021 (a)		212,665		199,907
1.98%, 5/15/2021 (a)		123,537		115,224
2.84%, 8/15/2021 (a)		108,421		100,457
3.35%, 11/15/2021 (a)		78,371		72,096
2.72%, 2/15/2022 (a)		204,956		187,050
2.55%, 5/15/2022 (a)		149,456		135,441
2.63%, 8/15/2022 (a)		105,800		95,157
2.81%, 11/15/2022 (a)		171,800		153,408
3.08%, 2/15/2023 (a)		254,322		225,331
2.98%, 5/15/2023 (a)		227,105		199,743
2.34%, 8/15/2023 (a)		152,910		133,634
2.30%, 11/15/2023 (a)		88,900		77,066
2.47%, 2/15/2024 (a)		59,076		50,826
3.41%, 5/15/2024 (a)		17,278		14,753
2.92%, 8/15/2024 (a)		51,591		43,716
4.50%, 11/15/2024 (a)		33,200		27,916
5.89%, 2/15/2025 (a)		6,601		5,507
2.01%, 8/15/2025 (a)		10,990		9,019
4.78%, 2/15/2026 (a)		6,700		5,413
4.94%, 5/15/2026 (a)		24,999		20,018
3.92%, 11/15/2026 (a)		74,541		58,687
3.92%, 2/15/2027 (a)		25,684		20,051
3.13%, 5/15/2027 (a)		50,400		38,996
4.76%, 11/15/2027 (a)		31,028		23,584
3.90%, 5/15/2028 (a)		20,000		14,938
3.71%, 2/15/2029 (a)		81,052		58,992
3.31%, 5/15/2029 (a)		14,870		10,727
3.61%, 11/15/2029 (a)		59,956		42,546
5.66%, 2/15/2030 (a)		111,213		78,267
5.33%, 5/15/2030 (a)		44,636		31,184
4.19%, 8/15/2030 (a)		89,733		62,083
4.32%, 11/15/2030 (a)		57,436		39,406
3.57%, 5/15/2031 (a)		93,350		62,993
3.81%, 8/15/2031 (a)		70,188		46,971
3.85%, 11/15/2031 (a)		98,421		65,276
3.29%, 2/15/2032 (a)		103,866		68,254
3.60%, 5/15/2032 (a)		196,297		127,977
3.14%, 8/15/2032 (a)		199,800		129,288
3.37%, 11/15/2032 (a)		172,788		110,693
3.61%, 2/15/2033 (a)		36,300		23,051
3.81%, 5/15/2033 (a)		108,105		68,103
5.14%, 8/15/2033 (a)		24,963		15,585
5.85%, 11/15/2033 (a)		33,709		20,871
3.02%, 2/15/2034 (a)		121,891		74,820
4.04%, 5/15/2034 (a)		28,525		17,358
2.97%, 11/15/2041 (a)		97,550		45,828

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
U.S. TREASURY OBLIGATIONS — (continued)
U.S. Treasury STRIPS Notes
1.67%, 2/15/2020 (a)		99,370		96,147
TOTAL U.S. TREASURY OBLIGATIONS (Cost $7,626,864)				7,450,544
CORPORATE BONDS — 23.3%
Aerospace & Defense — 0.3%
Airbus Finance BV (France) 2.70%, 4/17/2023 (b)		3,267		3,150
Airbus SE (France)
3.15%, 4/10/2027 (b)		4,909		4,663
3.95%, 4/10/2047 (b)		1,046		963
BAE Systems Holdings, Inc. (United Kingdom)
6.38%, 6/1/2019 (b)		2,107		2,138
3.80%, 10/7/2024 (b)		5,000		4,926
BAE Systems plc (United Kingdom) 5.80%, 10/11/2041 (b)		2,500		2,800
Harris Corp.
3.83%, 4/27/2025		7,570		7,350
4.85%, 4/27/2035		1,918		1,907
Lockheed Martin Corp.
2.50%, 11/23/2020		897		882
4.50%, 5/15/2036		7,200		7,305
4.07%, 12/15/2042		3,082		2,864
Northrop Grumman Corp. 3.20%, 2/1/2027		5,364		5,034
3.25%, 1/15/2028		1,700		1,581
Northrop Grumman Systems Corp. 7.75%, 2/15/2031		1,794		2,349
Precision Castparts Corp. 3.25%, 6/15/2025		8,650		8,342
Rockwell Collins, Inc.
3.20%, 3/15/2024		2,992		2,862
4.35%, 4/15/2047		1,161		1,063
United Technologies Corp.
3.10%, 6/1/2022		4,552		4,440
3.95%, 8/16/2025		9,385		9,274
6.70%, 8/1/2028		701		829
4.45%, 11/16/2038		3,005		2,902
4.50%, 6/1/2042		6,022		5,718
4.15%, 5/15/2045		4,246		3,795
				87,137
Air Freight & Logistics — 0.0% (c)
FedEx Corp. 3.90%, 2/1/2035		2,465		2,234
Airlines — 0.0% (c)
Continental Airlines Pass-Through Trust Series 2012-2, Class A, 4.00%, 10/29/2024		4,149		4,143
Automobiles — 0.2%
BMW US Capital LLC (Germany) 2.25%, 9/15/2023 (b)		5,568		5,147
Daimler Finance North America LLC (Germany)
2.25%, 3/2/2020 (b)		2,089		2,057
2.00%, 7/6/2021 (b)		1,250		1,193
3.35%, 2/22/2023 (b)		5,000		4,892
3.30%, 5/19/2025 (b)		1,200		1,127
Ford Motor Co. 7.45%, 7/16/2031		14,110		14,514
General Motors Co.
6.60%, 4/1/2036		15,217		14,746
5.15%, 4/1/2038		2,050		1,745
Hyundai Capital America
2.00%, 7/1/2019 (b)		2,560		2,537
3.00%, 3/18/2021 (b)		7,600		7,445
Kia Motors Corp. (South Korea) 2.63%, 4/21/2021 (b)		904		877
Nissan Motor Acceptance Corp.
3.15%, 3/15/2021 (b)		4,080		4,016
1.90%, 9/14/2021 (b)		3,520		3,337
				63,633
Banks — 4.6%
ABN AMRO Bank NV (Netherlands)
2.45%, 6/4/2020 (b)		9,759		9,611
4.75%, 7/28/2025 (b)		7,879		7,798
AIB Group plc (Ireland) 4.75%, 10/12/2023 (b)		13,710		13,479
ANZ New Zealand Int’l Ltd. (New Zealand)
2.60%, 9/23/2019 (b)		16,050		15,964
2.85%, 8/6/2020 (b)		3,016		2,979
2.75%, 1/22/2021 (b)		3,435		3,374
3.45%, 1/21/2028 (b)		2,000		1,892
ASB Bank Ltd. (New Zealand) 3.75%, 6/14/2023 (b)		1,700		1,690
Australia & New Zealand Banking Group Ltd. (Australia)
4.88%, 1/12/2021 (b)		2,571		2,642
4.40%, 5/19/2026 (b)		1,834		1,764
Banco Santander SA (Spain)
3.13%, 2/23/2023		5,000		4,686
4.38%, 4/12/2028		6,800		6,272
Bank of America Corp.
Series L, 2.65%, 4/1/2019		2,530		2,526
Series L, 2.25%, 4/21/2020		10,294		10,140
2.50%, 10/21/2022		6,212		5,914
3.30%, 1/11/2023		9,404		9,171
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023 (d)		6,248		6,093
(ICE LIBOR USD 3 Month + 1.02%), 2.88%, 4/24/2023 (d)		10,925		10,562
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (d)		20,618		19,770
(ICE LIBOR USD 3 Month + 0.78%), 3.55%, 3/5/2024 (d)		1,890		1,851
(ICE LIBOR USD 3 Month + 0.94%), 3.86%, 7/23/2024 (d)		530		525

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Banks — continued
4.00%, 1/22/2025		18,371		17,825
Series L, 3.95%, 4/21/2025		8,782		8,487
(ICE LIBOR USD 3 Month + 1.09%), 3.09%, 10/1/2025 (d)		1,840		1,733
(ICE LIBOR USD 3 Month + 0.81%), 3.37%, 1/23/2026 (d)		5,215		4,973
4.45%, 3/3/2026		5,041		4,951
4.25%, 10/22/2026		6,055		5,867
3.25%, 10/21/2027		20,908		19,216
(ICE LIBOR USD 3 Month + 1.51%), 3.70%, 4/24/2028 (d)		10,025		9,465
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (d)		27,187		25,071
(ICE LIBOR USD 3 Month + 1.07%), 3.97%, 3/5/2029 (d)		26,230		25,235
Bank of Montreal (Canada) 2.35%, 9/11/2022 (e)		7,632		7,302
Bank of Nova Scotia (The) (Canada)
2.50%, 1/8/2021		8,455		8,289
1.88%, 9/20/2021 (b)		4,470		4,305
2.70%, 3/7/2022		1,487		1,444
Banque Federative du Credit Mutuel SA (France) 2.00%, 4/12/2019 (b)		1,977		1,969
Barclays plc (United Kingdom) 3.68%, 1/10/2023		8,672		8,274
(ICE LIBOR USD 3 Month + 1.36%), 4.34%, 5/16/2024 (d)		4,000		3,880
3.65%, 3/16/2025		15,214		13,971
4.38%, 1/12/2026		10,993		10,394
5.20%, 5/12/2026		3,000		2,857
BB&T Corp.
6.85%, 4/30/2019		1,480		1,503
5.25%, 11/1/2019		2,466		2,506
2.63%, 6/29/2020		6,000		5,932
2.05%, 5/10/2021		2,200		2,129
BNP Paribas SA (France)
3.50%, 3/1/2023 (b)		3,000		2,892
3.38%, 1/9/2025 (b)		6,025		5,609
BNZ International Funding Ltd. (New Zealand)
2.10%, 9/14/2021 (b)		4,300		4,114
2.65%, 11/3/2022 (b)		3,708		3,548
3.38%, 3/1/2023 (b)		4,500		4,405
Canadian Imperial Bank of Commerce (Canada)
1.60%, 9/6/2019		2,740		2,708
2.25%, 7/21/2020 (b)		12,882		12,702
2.70%, 2/2/2021		3,000		2,948
Capital One Bank USA NA 3.38%, 2/15/2023		9,474		9,092
Capital One NA 2.40%, 9/5/2019		4,190		4,163
Citigroup, Inc.
2.40%, 2/18/2020		5,000		4,943
2.65%, 10/26/2020		7,940		7,804
2.70%, 3/30/2021		8,395		8,212
2.35%, 8/2/2021 (e)		2,309		2,227
2.75%, 4/25/2022		12,240		11,772
(ICE LIBOR USD 3 Month + 0.72%), 3.14%, 1/24/2023 (d)		6,399		6,248
3.88%, 3/26/2025		3,077		2,960
4.40%, 6/10/2025		7,400		7,273
5.50%, 9/13/2025		4,296		4,476
3.70%, 1/12/2026		12,625		11,996
3.40%, 5/1/2026		6,100		5,681
4.30%, 11/20/2026		6,200		5,974
4.45%, 9/29/2027		1,491		1,440
6.63%, 1/15/2028		3,363		3,850
(ICE LIBOR USD 3 Month + 1.39%), 3.67%, 7/24/2028 (d)		8,000		7,483
(ICE LIBOR USD 3 Month + 1.15%), 3.52%, 10/27/2028 (d)		5,000		4,605
(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (d)		3,330		2,926
8.13%, 7/15/2039		1,424		1,950
5.88%, 1/30/2042		1,842		2,046
5.30%, 5/6/2044		698		695
4.75%, 5/18/2046		6,570		6,043
Citizens Bank NA 3.70%, 3/29/2023		9,645		9,575
Citizens Financial Group, Inc. 2.38%, 7/28/2021		1,590		1,534
Comerica, Inc. 2.13%, 5/23/2019		2,140		2,129
Commonwealth Bank of Australia (Australia)
2.00%, 9/6/2021 (b)		4,035		3,873
3.45%, 3/16/2023 (b)		8,740		8,643
4.50%, 12/9/2025 (b)		4,920		4,778
2.85%, 5/18/2026 (b)		7,040		6,490
Cooperatieve Rabobank UA (Netherlands)
2.50%, 1/19/2021		5,500		5,379
3.88%, 2/8/2022		11,498		11,564
4.38%, 8/4/2025		15,753		15,387
5.80%, 9/30/2110 (b)		3,139		3,383
Credit Agricole SA (France)
3.75%, 4/24/2023 (b)		3,800		3,691
4.38%, 3/17/2025 (b)		4,405		4,232
4.13%, 1/10/2027 (b)		6,616		6,271
Credit Suisse Group Funding Guernsey Ltd. (Switzerland)
2.75%, 3/26/2020		1,764		1,742
3.80%, 6/9/2023		8,035		7,828
3.75%, 3/26/2025		5,499		5,215
Danske Bank A/S (Denmark)
2.00%, 9/8/2021 (b)		4,287		4,041
2.70%, 3/2/2022 (b)		4,254		4,056
Discover Bank
3.35%, 2/6/2023		2,185		2,101
4.20%, 8/8/2023		5,100		5,060
4.25%, 3/13/2026		8,109		7,859
Fifth Third Bancorp 3.95%, 3/14/2028		6,740		6,585
Fifth Third Bank
2.38%, 4/25/2019		6,100		6,084
2.88%, 10/1/2021		2,846		2,795

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Banks — continued
HSBC Bank plc (United Kingdom) 4.75%, 1/19/2021 (b)		8,968		9,154
HSBC Holdings plc (United Kingdom)
2.65%, 1/5/2022		20,855		20,078
4.00%, 3/30/2022		12,977		13,055
3.60%, 5/25/2023		12,403		12,153
(ICE LIBOR USD 3 Month + 0.92%), 3.03%, 11/22/2023 (d)		2,628		2,519
4.25%, 3/14/2024		6,038		5,914
4.25%, 8/18/2025		4,932		4,731
4.38%, 11/23/2026 (e)		3,162		3,033
(ICE LIBOR USD 3 Month + 1.55%), 4.04%, 3/13/2028 (d)		9,677		9,168
Huntington Bancshares, Inc.
3.15%, 3/14/2021		2,357		2,329
2.30%, 1/14/2022		10,169		9,713
Huntington National Bank (The) 2.88%, 8/20/2020		6,583		6,521
Industrial & Commercial Bank of China Ltd. (China) 2.45%, 10/20/2021		6,900		6,633
ING Groep NV (Netherlands)
4.10%, 10/2/2023		16,700		16,558
3.95%, 3/29/2027		2,572		2,434
Intesa Sanpaolo SpA (Italy)
3.88%, 7/14/2027 (b)		6,217		5,070
3.88%, 1/12/2028 (b)		3,799		3,066
KeyBank NA 3.18%, 5/22/2022		4,225		4,159
KeyCorp
2.90%, 9/15/2020		2,136		2,113
5.10%, 3/24/2021		2,200		2,276
4.15%, 10/29/2025		4,755		4,770
Lloyds Bank plc (United Kingdom) 2.40%, 3/17/2020		7,500		7,387
Lloyds Banking Group plc (United Kingdom)
(ICE LIBOR USD 3 Month + 0.81%), 2.91%, 11/7/2023 (d)		6,788		6,378
4.45%, 5/8/2025		6,285		6,163
4.58%, 12/10/2025		4,700		4,437
4.38%, 3/22/2028		6,745		6,338
Mitsubishi UFJ Financial Group, Inc. (Japan)
2.95%, 3/1/2021		3,453		3,407
3.00%, 2/22/2022		2,713		2,662
3.76%, 7/26/2023		10,000		9,976
2.53%, 9/13/2023		3,463		3,282
Mitsubishi UFJ Trust & Banking Corp. (Japan) 2.45%, 10/16/2019 (b)		10,300		10,232
Mizuho Bank Ltd. (Japan) 2.65%, 9/25/2019 (b)		3,167		3,157
Mizuho Financial Group, Inc. (Japan)
2.63%, 4/12/2021 (b)		4,462		4,357
2.95%, 2/28/2022		1,449		1,411
3.17%, 9/11/2027		4,000		3,725
MUFG Bank Ltd. (Japan) 2.30%, 3/5/2020 (b)		1,000		986
MUFG Union Bank NA 2.25%, 5/6/2019		1,675		1,669
National Australia Bank Ltd. (Australia)
2.63%, 7/23/2020		4,000		3,947
2.50%, 1/12/2021		9,625		9,423
3.38%, 1/14/2026 (e)		13,717		13,165
Nordea Bank AB (Finland)
4.88%, 1/27/2020 (b)		8,450		8,591
4.25%, 9/21/2022 (b)		6,408		6,384
PNC Financial Services Group, Inc. (The)
6.70%, 6/10/2019		1,839		1,873
5.13%, 2/8/2020		7,391		7,542
4.38%, 8/11/2020		5,904		5,990
2.85%, 11/9/2022 (f)		5,000		4,844
3.90%, 4/29/2024		1,500		1,486
Regions Financial Corp.
3.20%, 2/8/2021		6,594		6,502
3.80%, 8/14/2023		1,970		1,952
Royal Bank of Canada (Canada)
1.88%, 2/5/2020		8,000		7,891
4.65%, 1/27/2026		5,585		5,656
Royal Bank of Scotland Group plc (United Kingdom) 3.88%, 9/12/2023		6,150		5,825
(ICE LIBOR USD 3 Month + 1.55%), 4.52%, 6/25/2024 (d)		2,780		2,707
(ICE LIBOR USD 3 Month + 1.75%), 4.89%, 5/18/2029 (d)		2,270		2,147
Santander UK Group Holdings plc (United Kingdom)
3.57%, 1/10/2023		6,200		5,925
4.75%, 9/15/2025 (b)		6,200		5,803
Santander UK plc (United Kingdom) 2.50%, 3/14/2019		6,414		6,406
Societe Generale SA (France)
2.50%, 4/8/2021 (b)		6,000		5,841
4.25%, 4/14/2025 (b)(e)		5,280		5,009
SouthTrust Bank 7.69%, 5/15/2025		2,197		2,529
SpareBank 1 Boligkreditt A/S (Norway) 1.75%, 11/15/2019 (b)		10,603		10,469
Stadshypotek AB (Sweden) 1.88%, 10/2/2019 (b)		5,938		5,887
Standard Chartered plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.15%), 4.25%, 1/20/2023 (b)(d)		10,305		10,231
5.20%, 1/26/2024 (b)		5,291		5,337
(ICE LIBOR USD 3 Month + 1.08%), 3.89%, 3/15/2024 (b)(d)		3,200		3,086
4.05%, 4/12/2026 (b)		8,631		8,159
(ICE LIBOR USD 3 Month + 1.97%), 4.87%, 3/15/2033 (b)(d)		2,000		1,892

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Banks — continued
Sumitomo Mitsui Banking Corp. (Japan) 2.45%, 1/16/2020		8,050		7,969
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.06%, 7/14/2021		4,262		4,109
2.44%, 10/19/2021		3,620		3,511
2.85%, 1/11/2022		8,755		8,535
2.78%, 10/18/2022		4,110		3,961
3.10%, 1/17/2023		9,971		9,707
3.94%, 10/16/2023		14,575		14,705
2.63%, 7/14/2026		6,102		5,495
3.01%, 10/19/2026		2,517		2,335
SunTrust Banks, Inc.
2.90%, 3/3/2021		2,637		2,599
2.70%, 1/27/2022		3,062		2,965
4.00%, 5/1/2025		4,143		4,100
Swedbank AB (Sweden) 2.20%, 3/4/2020 (b)		4,360		4,297
Toronto-Dominion Bank (The) (Canada)
2.13%, 7/2/2019 (e)		1,501		1,492
2.25%, 11/5/2019		4,063		4,028
2.13%, 4/7/2021		1,501		1,460
(USD Swap Semi 5 Year + 2.21%), 3.62%, 9/15/2031 (d)		5,021		4,692
UBS Group Funding Switzerland AG (Switzerland) 3.49%, 5/23/2023 (b)		7,735		7,507
(ICE LIBOR USD 3 Month + 0.95%), 2.86%, 8/15/2023 (b)(d)		2,156		2,060
4.13%, 9/24/2025 (b)		2,500		2,456
4.13%, 4/15/2026 (b)		6,471		6,302
United Overseas Bank Ltd. (Singapore) 3.20%, 4/23/2021 (b)		5,275		5,242
US Bancorp
Series V, 2.63%, 1/24/2022		3,191		3,114
3.00%, 3/15/2022		3,289		3,242
7.50%, 6/1/2026		1,256		1,497
Series V, 2.38%, 7/22/2026		13,566		12,154
Series X, 3.15%, 4/27/2027		1,924		1,809
US Bank NA 2.80%, 1/27/2025		6,833		6,439
Wells Fargo & Co.
3.50%, 3/8/2022		8,071		7,978
3.07%, 1/24/2023		27,889		26,938
3.30%, 9/9/2024		10,308		9,878
3.00%, 2/19/2025		6,811		6,382
3.00%, 4/22/2026		3,843		3,542
4.10%, 6/3/2026		5,921		5,715
4.30%, 7/22/2027		2,925		2,837
5.38%, 11/2/2043		2,755		2,818
4.65%, 11/4/2044		6,442		5,968
Wells Fargo Bank NA 2.60%, 1/15/2021		4,150		4,068
Westpac Banking Corp. (Australia) 4.88%, 11/19/2019 (e)		9,606		9,757
2.00%, 3/3/2020 (b)		6,405		6,310
2.50%, 6/28/2022		5,830		5,613
2.85%, 5/13/2026		7,700		7,109
(USD ICE Swap Rate 5 Year + 2.24%), 4.32%, 11/23/2031 (d)		5,855		5,513
				1,281,082
Beverages — 0.5%
Anheuser-Busch Cos. LLC (Belgium)
3.65%, 2/1/2026 (b)		28,694		27,128
4.70%, 2/1/2036 (b)		12,380		11,662
4.90%, 2/1/2046 (b)		8,194		7,660
Anheuser-Busch InBev Finance, Inc. (Belgium) 3.30%, 2/1/2023		34,062		32,980
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
4.38%, 4/15/2038		13,419		12,078
4.60%, 4/15/2048		5,425		4,872
4.44%, 10/6/2048		2,008		1,735
4.75%, 4/15/2058		9,288		8,202
Coca-Cola Femsa SAB de CV (Mexico) 3.88%, 11/26/2023 (e)		5,032		4,966
Constellation Brands, Inc.
4.40%, 11/15/2025		4,444		4,427
5.25%, 11/15/2048		3,091		3,074
Diageo Capital plc (United Kingdom) 4.83%, 7/15/2020		2,493		2,553
Diageo Investment Corp. (United Kingdom) 8.00%, 9/15/2022		4,484		5,192
Keurig Dr Pepper, Inc.
3.13%, 12/15/2023		6,900		6,459
4.42%, 5/25/2025 (b)		2,714		2,673
3.43%, 6/15/2027		2,015		1,826
4.99%, 5/25/2038 (b)		3,920		3,744
PepsiCo, Inc.
4.45%, 4/14/2046		3,615		3,683
3.45%, 10/6/2046		3,150		2,738
				147,652
Biotechnology — 0.3%
AbbVie, Inc.
2.85%, 5/14/2023		4,000		3,814
3.60%, 5/14/2025		3,776		3,603
4.50%, 5/14/2035		15,614		14,329
Amgen, Inc.
3.63%, 5/15/2022		5,344		5,323
4.95%, 10/1/2041		4,336		4,298
4.66%, 6/15/2051		7,000		6,499
Baxalta, Inc.
3.60%, 6/23/2022		999		982
5.25%, 6/23/2045		327		322
Celgene Corp.
3.25%, 8/15/2022		5,865		5,701
3.63%, 5/15/2024		6,875		6,669
5.70%, 10/15/2040		4,195		4,324
4.35%, 11/15/2047		1,430		1,196
Gilead Sciences, Inc.

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Biotechnology — continued
3.70%, 4/1/2024		5,713		5,670
3.50%, 2/1/2025		2,883		2,793
3.65%, 3/1/2026		3,850		3,740
4.60%, 9/1/2035		4,758		4,651
4.00%, 9/1/2036 (e)		1,725		1,578
				75,492
Building Products — 0.1%
Johnson Controls International plc
3.75%, 12/1/2021		4,124		4,144
5.25%, 12/1/2041		6,278		6,043
4.95%, 7/2/2064 (f)		3,676		3,307
Masco Corp. 6.50%, 8/15/2032		10,095		10,845
				24,339
Capital Markets — 2.4%
Ameriprise Financial, Inc. 2.88%, 9/15/2026		8,146		7,444
Bank of New York Mellon Corp. (The)
Series G, 2.20%, 5/15/2019		1,667		1,660
4.60%, 1/15/2020		3,363		3,416
2.60%, 8/17/2020		8,088		7,999
2.05%, 5/3/2021		2,020		1,951
(ICE LIBOR USD 3 Month + 0.63%), 2.66%, 5/16/2023 (d)		6,424		6,199
2.20%, 8/16/2023		3,110		2,898
3.25%, 9/11/2024		3,800		3,685
2.80%, 5/4/2026		1,043		967
BlackRock, Inc.
Series 2, 5.00%, 12/10/2019		4,190		4,276
4.25%, 5/24/2021 (e)		4,145		4,244
3.50%, 3/18/2024		3,515		3,504
Blackstone Holdings Finance Co. LLC
5.88%, 3/15/2021 (b)		12,555		13,162
4.45%, 7/15/2045 (b)		3,107		2,811
Brookfield Finance, Inc. (Canada)
3.90%, 1/25/2028		3,664		3,413
4.70%, 9/20/2047		5,253		4,852
Carlyle Promissory Note 4.44%, 7/15/2019 ‡		558		556
CDP Financial, Inc. (Canada) 4.40%, 11/25/2019 (b)		2,690		2,728
Charles Schwab Corp. (The)
3.23%, 9/1/2022		1,435		1,419
3.20%, 3/2/2027		5,710		5,397
3.20%, 1/25/2028		1,270		1,189
CME Group, Inc.
3.00%, 9/15/2022		9,865		9,723
3.00%, 3/15/2025		5,537		5,307
5.30%, 9/15/2043		1,004		1,132
Credit Suisse AG (Switzerland)
2.30%, 5/28/2019		3,733		3,719
3.00%, 10/29/2021 (e)		1,626		1,592
3.63%, 9/9/2024		2,700		2,626
Credit Suisse Group AG (Switzerland)
3.57%, 1/9/2023 (b)		10,753		10,455
4.28%, 1/9/2028 (b)		9,016		8,594
(ICE LIBOR USD 3 Month + 1.41%), 3.87%, 1/12/2029 (b)(d)(e)		2,991		2,758
Daiwa Securities Group, Inc. (Japan) 3.13%, 4/19/2022 (b)		5,276		5,159
Deutsche Bank AG (Germany)
4.25%, 10/14/2021		13,886		13,548
3.30%, 11/16/2022		6,440		6,005
FMR LLC 6.45%, 11/15/2039 (b)		2,242		2,708
Goldman Sachs Group, Inc. (The)
5.38%, 3/15/2020		14,150		14,474
2.35%, 11/15/2021		33,026		31,529
3.00%, 4/26/2022		12,883		12,472
(ICE LIBOR USD 3 Month + 0.82%), 2.88%, 10/31/2022 (d)		16,417		15,840
(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 6/5/2023 (d)		16,250		15,576
(ICE LIBOR USD 3 Month + 0.99%), 2.90%, 7/24/2023 (d)		11,501		10,976
3.50%, 1/23/2025		5,018		4,749
3.75%, 5/22/2025		22,195		21,202
(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 9/29/2025 (d)		13,398		12,495
4.25%, 10/21/2025		10,573		10,201
3.50%, 11/16/2026		15,775		14,538
3.85%, 1/26/2027		18,677		17,576
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (d)		13,876		12,844
(ICE LIBOR USD 3 Month + 1.30%), 4.22%, 5/1/2029 (d)		13,000		12,433
6.75%, 10/1/2037		1,435		1,633
ING Bank NV (Netherlands)
1.65%, 8/15/2019 (b)		6,000		5,939
2.50%, 10/1/2019 (b)		4,910		4,885
Intercontinental Exchange, Inc. 4.00%, 10/15/2023 (e)		5,021		5,105
Invesco Finance plc
4.00%, 1/30/2024		3,914		3,876
3.75%, 1/15/2026		2,510		2,410
Jefferies Group LLC 6.45%, 6/8/2027		3,725		3,922
Macquarie Bank Ltd. (Australia)
2.60%, 6/24/2019 (b)		7,499		7,476
2.85%, 7/29/2020 (b)		6,300		6,229
4.00%, 7/29/2025 (b)		6,300		6,162
Macquarie Group Ltd. (Australia)
6.00%, 1/14/2020 (b)(e)		12,655		12,979
6.25%, 1/14/2021 (b)		9,649		10,119
(ICE LIBOR USD 3 Month + 1.37%), 3.76%, 11/28/2028 (b)(d)		10,050		9,123
(ICE LIBOR USD 3 Month + 1.75%), 5.03%, 1/15/2030 (b)(d)(e)		14,000		13,871
Morgan Stanley
7.30%, 5/13/2019		7,533		7,669
5.63%, 9/23/2019		12,752		12,982
2.65%, 1/27/2020		4,100		4,066
5.50%, 7/24/2020		3,130		3,222
5.75%, 1/25/2021		6,509		6,776
2.50%, 4/21/2021		7,500		7,294

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Capital Markets — continued
5.50%, 7/28/2021		4,701		4,904
2.75%, 5/19/2022		2,000		1,927
3.13%, 1/23/2023		10,000		9,659
3.75%, 2/25/2023		13,243		13,117
4.10%, 5/22/2023		9,880		9,802
3.70%, 10/23/2024		7,335		7,135
4.00%, 7/23/2025		21,227		20,770
5.00%, 11/24/2025		9,322		9,451
3.88%, 1/27/2026		10,005		9,646
3.13%, 7/27/2026		2,254		2,059
4.35%, 9/8/2026		1,640		1,592
3.63%, 1/20/2027 (e)		17,528		16,529
(ICE LIBOR USD 3 Month + 1.34%), 3.59%, 7/22/2028 (d)		13,333		12,422
(ICE LIBOR USD 3 Month + 1.14%), 3.77%, 1/24/2029 (d)		7,397		6,983
Nomura Holdings, Inc. (Japan) 6.70%, 3/4/2020		2,610		2,715
Northern Trust Corp.
(ICE LIBOR USD 3 Month + 1.13%), 3.37%, 5/8/2032 (d)		2,762		2,564
State Street Corp.
3.10%, 5/15/2023		3,191		3,094
3.70%, 11/20/2023		5,771		5,765
3.55%, 8/18/2025		17,629		17,284
TD Ameritrade Holding Corp. 2.95%, 4/1/2022		2,279		2,235
UBS AG (Switzerland) 2.38%, 8/14/2019		6,665		6,626
				666,018
Chemicals — 0.4%
Air Liquide Finance SA (France) 2.25%, 9/27/2023 (b)		4,179		3,928
Albemarle Corp. 5.45%, 12/1/2044		3,800		3,718
Chevron Phillips Chemical Co. LLC
3.40%, 12/1/2026 (b)		4,530		4,350
3.70%, 6/1/2028 (b)		8,300		8,146
Dow Chemical Co. (The)
3.00%, 11/15/2022		5,954		5,744
4.25%, 10/1/2034		1,206		1,085
DowDuPont, Inc.
4.49%, 11/15/2025		8,780		8,875
5.32%, 11/15/2038		3,778		3,854
Ecolab, Inc.
3.25%, 1/14/2023		3,636		3,590
3.25%, 12/1/2027		2,348		2,224
International Flavors & Fragrances, Inc.
4.45%, 9/26/2028		3,786		3,759
5.00%, 9/26/2048		4,346		4,179
Mosaic Co. (The)
5.45%, 11/15/2033		5,054		5,127
4.88%, 11/15/2041		449		408
5.63%, 11/15/2043		9,871		9,894
Nutrien Ltd. (Canada)
6.50%, 5/15/2019		3,408		3,458
3.38%, 3/15/2025		3,196		2,983
3.00%, 4/1/2025		2,326		2,148
4.13%, 3/15/2035		6,522		5,786
5.25%, 1/15/2045		4,962		4,819
Praxair, Inc. 2.65%, 2/5/2025		2,612		2,440
Sherwin-Williams Co. (The) 3.13%, 6/1/2024		2,788		2,637
Union Carbide Corp.
7.50%, 6/1/2025		5,426		6,250
7.75%, 10/1/2096		5,919		7,062
Westlake Chemical Corp. 4.38%, 11/15/2047		2,758		2,316
				108,780
Commercial Services & Supplies — 0.0% (c)
Republic Services, Inc.
3.55%, 6/1/2022		4,309		4,283
2.90%, 7/1/2026		2,099		1,942
				6,225
Communications Equipment — 0.1%
Cisco Systems, Inc.
3.00%, 6/15/2022		6,539		6,445
3.63%, 3/4/2024		4,500		4,519
5.90%, 2/15/2039		4,475		5,366
5.50%, 1/15/2040		4,179		4,827
				21,157
Construction & Engineering — 0.0% (c)
Mexico City Airport Trust (Mexico)
4.25%, 10/31/2026 (b)		8,050		6,575
5.50%, 7/31/2047 (b)		1,777		1,324
				7,899
Construction Materials — 0.1%
CRH America, Inc. (Ireland)
3.88%, 5/18/2025 (b)		2,811		2,697
5.13%, 5/18/2045 (b)		6,052		5,813
Martin Marietta Materials, Inc. 3.45%, 6/1/2027		5,785		5,277
				13,787
Consumer Finance — 0.7%
AerCap Ireland Capital DAC (Ireland)
3.30%, 1/23/2023		3,849		3,662
3.50%, 1/15/2025 (e)		3,800		3,484
American Express Co. 3.40%, 2/27/2023		4,100		4,009
American Express Credit Corp.
2.38%, 5/26/2020		7,590		7,481
2.25%, 5/5/2021		6,701		6,496
2.70%, 3/3/2022		4,250		4,126
American Honda Finance Corp.
2.25%, 8/15/2019		598		592
2.90%, 2/16/2024		5,285		5,065
2.30%, 9/9/2026		1,185		1,065
Capital One Financial Corp.
3.75%, 4/24/2024		5,797		5,611
3.20%, 2/5/2025		6,093		5,622
4.20%, 10/29/2025		3,000		2,865
3.75%, 7/28/2026		7,424		6,746
Caterpillar Financial Services Corp.
1.93%, 10/1/2021		3,879		3,724
2.85%, 6/1/2022		3,873		3,793

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Consumer Finance — continued
3.25%, 12/1/2024		2,070		2,021
2.40%, 8/9/2026		5,040		4,530
Ford Motor Credit Co. LLC
3.34%, 3/18/2021		6,991		6,755
5.88%, 8/2/2021		570		581
3.34%, 3/28/2022		3,211		3,026
3.81%, 1/9/2024		13,388		12,184
4.13%, 8/4/2025		7,923		7,104
3.82%, 11/2/2027		7,000		5,901
General Motors Financial Co., Inc.
3.45%, 1/14/2022		2,097		2,022
3.45%, 4/10/2022		7,227		6,941
3.70%, 5/9/2023		8,201		7,809
3.95%, 4/13/2024		12,220		11,593
3.50%, 11/7/2024		7,535		6,896
4.00%, 1/15/2025		7,665		7,200
4.35%, 4/9/2025		9,605		9,121
4.30%, 7/13/2025		5,275		4,964
4.35%, 1/17/2027		2,007		1,854
John Deere Capital Corp.
1.70%, 1/15/2020		1,073		1,057
Series 0014, 2.45%, 9/11/2020		2,915		2,877
3.15%, 10/15/2021		2,234		2,222
2.70%, 1/6/2023		11,738		11,307
2.80%, 1/27/2023		3,237		3,139
PACCAR Financial Corp. 1.30%, 5/10/2019		2,175		2,160
Synchrony Financial 3.70%, 8/4/2026		5,832		4,966
Toyota Motor Credit Corp. 1.90%, 4/8/2021		2,179		2,114
				194,685
Containers & Packaging — 0.1%
International Paper Co.
3.00%, 2/15/2027		5,111		4,601
5.00%, 9/15/2035		1,670		1,622
8.70%, 6/15/2038		2,650		3,546
7.30%, 11/15/2039		3,945		4,650
WRKCo., Inc.
3.00%, 9/15/2024 (b)		920		848
3.75%, 3/15/2025 (b)		7,570		7,257
				22,524
Diversified Consumer Services — 0.0% (c)
President & Fellows of Harvard College 3.30%, 7/15/2056		8,351		6,977
Diversified Financial Services — 0.8%
Berkshire Hathaway, Inc.
3.75%, 8/15/2021		5,254		5,325
3.00%, 2/11/2023		2,326		2,287
CK Hutchison International Ltd. (Hong Kong)
1.88%, 10/3/2021 (b)		4,160		3,959
2.75%, 10/3/2026 (b)		6,500		5,857
GE Capital International Funding Co. Unlimited Co.
2.34%, 11/15/2020		44,099		41,918
3.37%, 11/15/2025		4,815		4,158
4.42%, 11/15/2035		44,907		36,218
GTP Acquisition Partners I LLC
2.35%, 6/15/2020 (b)		10,258		10,053
3.48%, 6/16/2025 (b)		11,667		11,273
Hutchison Whampoa International 12 II Ltd. (Hong Kong) 3.25%, 11/8/2022 (b)		3,907		3,836
Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan) 2.65%, 9/19/2022 (b)		4,255		4,056
National Rural Utilities Cooperative Finance Corp.
2.95%, 2/7/2024		2,585		2,509
3.40%, 2/7/2028		12,000		11,538
Nationwide Building Society (United Kingdom) 6.25%, 2/25/2020 (b)		2,950		3,039
ORIX Corp. (Japan)
2.90%, 7/18/2022		3,775		3,658
3.70%, 7/18/2027		4,000		3,793
Private Export Funding Corp.
Series Z, 4.38%, 3/15/2019		8,428		8,471
Series EE, 2.80%, 5/15/2022		10,700		10,642
Series KK, 3.55%, 1/15/2024		12,505		12,810
Shell International Finance BV (Netherlands)
2.13%, 5/11/2020		8,042		7,922
4.13%, 5/11/2035		12,770		12,409
Siemens Financieringsmaatschappij NV (Germany)
2.90%, 5/27/2022 (b)		4,371		4,264
3.13%, 3/16/2024 (b)		3,440		3,336
2.35%, 10/15/2026 (b)		6,000		5,367
4.40%, 5/27/2045 (b)		3,421		3,379
3.30%, 9/15/2046 (b)		3,050		2,511
Voya Financial, Inc.
3.13%, 7/15/2024		1,150		1,082
3.65%, 6/15/2026		4,230		3,983
				229,653
Diversified Telecommunication Services — 0.9%
AT&T, Inc.
3.95%, 1/15/2025		7,298		7,046
3.40%, 5/15/2025		21,890		20,376
4.13%, 2/17/2026		6,161		5,941
4.30%, 2/15/2030		38,426		35,805
4.50%, 5/15/2035		5,845		5,180
5.25%, 3/1/2037 (e)		3,500		3,332
4.90%, 8/15/2037 (b)		12,239		11,124
6.00%, 8/15/2040		11,179		11,275
5.35%, 9/1/2040		12,806		12,090
6.38%, 3/1/2041		2,861		2,989
4.30%, 12/15/2042		3,861		3,198
4.35%, 6/15/2045		4,439		3,633
5.15%, 11/15/2046		3,000		2,718
British Telecommunications plc (United Kingdom)
2.35%, 2/14/2019		2,203		2,199
9.63%, 12/15/2030 (f)		879		1,191
Centel Capital Corp.

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Diversified Telecommunication Services — continued
9.00%, 10/15/2019		4,036		4,172
Deutsche Telekom International Finance BV (Germany)
6.00%, 7/8/2019		1,816		1,846
2.82%, 1/19/2022 (b)		1,100		1,067
3.60%, 1/19/2027 (b)		4,724		4,401
4.88%, 3/6/2042 (b)(e)		2,087		1,994
Qwest Corp. 6.75%, 12/1/2021		7,308		7,617
Telefonica Emisiones SAU (Spain)
5.13%, 4/27/2020		4,358		4,447
5.46%, 2/16/2021		2,025		2,094
4.10%, 3/8/2027		2,784		2,638
4.67%, 3/6/2038 (e)		5,130		4,537
Verizon Communications, Inc.
3.45%, 3/15/2021		4,647		4,654
3.50%, 11/1/2021		6,192		6,194
3.38%, 2/15/2025		13,346		12,844
4.13%, 3/16/2027		6,080		6,012
4.33%, 9/21/2028		11,983		11,910
4.50%, 8/10/2033		12,088		11,786
4.40%, 11/1/2034		27,768		26,345
4.27%, 1/15/2036		3,373		3,095
5.25%, 3/16/2037		2,773		2,850
				248,600
Electric Utilities — 1.4%
Alabama Power Co.
6.13%, 5/15/2038		1,904		2,259
6.00%, 3/1/2039		769		902
4.10%, 1/15/2042		923		856
Appalachian Power Co. Series P, 6.70%, 8/15/2037		3,740		4,438
Arizona Public Service Co.
2.20%, 1/15/2020		748		740
5.05%, 9/1/2041		3,036		3,179
Baltimore Gas & Electric Co.
2.80%, 8/15/2022		4,419		4,278
3.50%, 8/15/2046		3,755		3,178
CenterPoint Energy Houston Electric LLC 3.95%, 3/1/2048		5,049		4,653
China Southern Power Grid International Finance BVI Co. Ltd. (China) 3.50%, 5/8/2027 (b)		10,625		9,981
Cleveland Electric Illuminating Co. (The)
3.50%, 4/1/2028 (b)		3,890		3,652
5.95%, 12/15/2036		840		928
Comision Federal de Electricidad (Mexico) 4.88%, 5/26/2021 (b)		4,791		4,749
Commonwealth Edison Co. 3.65%, 6/15/2046		3,615		3,162
Connecticut Light & Power Co. (The) 4.00%, 4/1/2048		4,147		3,884
DTE Electric Co. 2.65%, 6/15/2022		1,687		1,642
Duke Energy Carolinas LLC
6.00%, 1/15/2038		1,397		1,659
4.25%, 12/15/2041		1,228		1,180
Duke Energy Corp.
3.55%, 9/15/2021		2,660		2,652
2.65%, 9/1/2026		1,382		1,234
Duke Energy Indiana LLC
3.75%, 7/15/2020		3,462		3,489
6.35%, 8/15/2038		2,780		3,419
3.75%, 5/15/2046		4,500		4,031
Duke Energy Ohio, Inc. 3.70%, 6/15/2046		3,297		2,884
Duke Energy Progress LLC
5.30%, 1/15/2019		1,794		1,799
3.00%, 9/15/2021		3,230		3,202
2.80%, 5/15/2022		2,911		2,849
3.25%, 8/15/2025		2,985		2,902
4.10%, 5/15/2042		1,886		1,760
4.10%, 3/15/2043		1,569		1,486
4.15%, 12/1/2044		2,258		2,125
3.70%, 10/15/2046		1,616		1,414
Duquesne Light Holdings, Inc. 3.62%, 8/1/2027 (b)		5,170		4,800
Edison International 4.13%, 3/15/2028		2,670		2,506
Electricite de France SA (France)
2.15%, 1/22/2019 (b)		3,961		3,956
6.00%, 1/22/2114 (b)(e)		6,600		6,402
Enel Finance International NV (Italy)
4.63%, 9/14/2025 (b)		3,310		3,127
3.63%, 5/25/2027 (b)		4,590		3,955
3.50%, 4/6/2028 (b)		4,500		3,766
6.00%, 10/7/2039 (b)		897		881
Entergy Arkansas, Inc. 3.50%, 4/1/2026		2,631		2,576
Entergy Corp. 2.95%, 9/1/2026		2,469		2,238
Entergy Louisiana LLC
2.40%, 10/1/2026		4,979		4,484
3.25%, 4/1/2028		1,551		1,470
3.05%, 6/1/2031		4,606		4,143
4.00%, 3/15/2033		3,430		3,352
Entergy Mississippi, Inc. 2.85%, 6/1/2028		3,688		3,364
Evergy, Inc. 4.85%, 6/1/2021		4,351		4,439
Exelon Corp.
3.50%, 6/1/2022 (f)		5,000		4,849
3.40%, 4/15/2026		1,177		1,100
FirstEnergy Corp. Series C, 4.85%, 7/15/2047		2,015		1,939
Florida Power & Light Co.
5.95%, 2/1/2038		897		1,076
3.95%, 3/1/2048		4,000		3,714
Fortis, Inc. (Canada)
2.10%, 10/4/2021		445		426
3.06%, 10/4/2026		20,000		18,119
Hydro-Quebec (Canada)
9.40%, 2/1/2021		1,614		1,819
Series HY, 8.40%, 1/15/2022		7,174		8,181

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Electric Utilities — continued
Series IO, 8.05%, 7/7/2024		2,642		3,233
Indiana Michigan Power Co. Series J, 3.20%, 3/15/2023		8,609		8,432
ITC Holdings Corp. 2.70%, 11/15/2022		900		859
Jersey Central Power & Light Co.
7.35%, 2/1/2019		269		271
6.15%, 6/1/2037		1,740		1,978
John Sevier Combined Cycle Generation LLC 4.63%, 1/15/2042		3,834		4,007
Kansas City Power & Light Co.
3.15%, 3/15/2023		3,255		3,173
5.30%, 10/1/2041		8,968		9,574
Korea Southern Power Co. Ltd. (South Korea) 3.00%, 1/29/2021 (b)		2,906		2,859
Louisville Gas & Electric Co. Series 25, 3.30%, 10/1/2025		2,759		2,654
Massachusetts Electric Co. 4.00%, 8/15/2046 (b)		4,957		4,455
MidAmerican Energy Co. 3.10%, 5/1/2027		464		442
Mid-Atlantic Interstate Transmission LLC 4.10%, 5/15/2028 (b)		4,530		4,385
Nevada Power Co.
Series N, 6.65%, 4/1/2036		700		883
5.38%, 9/15/2040		1,287		1,413
5.45%, 5/15/2041		3,354		3,702
New England Power Co. (United Kingdom) 3.80%, 12/5/2047 (b)		3,024		2,739
NextEra Energy Capital Holdings, Inc.
2.40%, 9/15/2019		2,651		2,630
3.55%, 5/1/2027		2,239		2,112
Niagara Mohawk Power Corp.
4.88%, 8/15/2019 (b)		1,457		1,472
3.51%, 10/1/2024 (b)		3,051		3,010
Northern States Power Co.
6.25%, 6/1/2036		2,242		2,750
Ohio Edison Co. 6.88%, 7/15/2036		780		981
Oncor Electric Delivery Co. LLC 5.75%, 3/15/2029 (b)		1,076		1,217
Pacific Gas & Electric Co.
3.25%, 9/15/2021		1,265		1,154
2.45%, 8/15/2022		5,047		4,451
3.25%, 6/15/2023		1,794		1,578
3.50%, 6/15/2025		5,781		5,004
2.95%, 3/1/2026		3,349		2,763
4.50%, 12/15/2041		6,511		5,189
4.45%, 4/15/2042		1,681		1,357
PacifiCorp
2.95%, 2/1/2022		897		884
3.60%, 4/1/2024		2,765		2,762
PECO Energy Co. 2.38%, 9/15/2022		5,022		4,808
Pennsylvania Electric Co. 3.25%, 3/15/2028 (b)		1,570		1,458
Pepco Holdings LLC 7.45%, 8/15/2032		3,507		4,215
Potomac Electric Power Co. 6.50%, 11/15/2037		1,184		1,482
PPL Capital Funding, Inc. 4.00%, 9/15/2047		2,148		1,873
PPL Electric Utilities Corp. 2.50%, 9/1/2022		1,543		1,487
Progress Energy, Inc.
4.40%, 1/15/2021		3,388		3,443
3.15%, 4/1/2022		3,380		3,307
7.75%, 3/1/2031		1,327		1,726
7.00%, 10/30/2031		2,600		3,238
Public Service Co. of Colorado
3.20%, 11/15/2020		1,040		1,037
3.55%, 6/15/2046		1,175		1,001
Public Service Co. of Oklahoma
5.15%, 12/1/2019		1,242		1,267
4.40%, 2/1/2021		1,761		1,778
Series G, 6.63%, 11/15/2037		3,901		4,808
Public Service Electric & Gas Co.
Series I, 1.80%, 6/1/2019		740		735
3.00%, 5/15/2025		6,334		6,079
5.38%, 11/1/2039		1,021		1,126
Southern California Edison Co.
3.88%, 6/1/2021		886		885
1.85%, 2/1/2022		1,227		1,185
Series C, 3.50%, 10/1/2023		2,854		2,777
Series B, 3.65%, 3/1/2028		4,300		4,093
6.00%, 1/15/2034		895		950
6.05%, 3/15/2039		2,197		2,403
3.90%, 12/1/2041		3,408		2,855
Southern Co. (The) 3.25%, 7/1/2026		3,108		2,875
Southwestern Public Service Co. 4.50%, 8/15/2041		2,700		2,688
State Grid Overseas Investment Ltd. (China) 3.75%, 5/2/2023 (b)		2,000		1,997
Three Gorges Finance I Cayman Islands Ltd. (China) 3.15%, 6/2/2026 (b)		2,482		2,301
Toledo Edison Co. (The) 6.15%, 5/15/2037		5,800		6,784
Union Electric Co.
2.95%, 6/15/2027		2,862		2,703
4.00%, 4/1/2048		1,600		1,500
Virginia Electric & Power Co.
3.45%, 2/15/2024		1,280		1,266
Series A, 3.80%, 4/1/2028		4,865		4,784
Series A, 6.00%, 5/15/2037		2,100		2,407
Xcel Energy, Inc.
3.30%, 6/1/2025		2,600		2,493
6.50%, 7/1/2036		2,328		2,893
4.80%, 9/15/2041		829		845
				377,173

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Electrical Equipment — 0.0% (c)
ABB Finance USA, Inc. (Switzerland)
2.88%, 5/8/2022		2,092		2,042
4.38%, 5/8/2042		928		903
Eaton Corp.
7.63%, 4/1/2024		1,794		2,049
4.00%, 11/2/2032		1,247		1,193
				6,187
Electronic Equipment, Instruments & Components — 0.0% (c)
Arrow Electronics, Inc.
4.50%, 3/1/2023		1,595		1,601
3.25%, 9/8/2024		3,162		2,931
3.88%, 1/12/2028		3,541		3,234
				7,766
Energy Equipment & Services — 0.1%
Baker Hughes a GE Co. LLC 5.13%, 9/15/2040		3,910		3,716
Halliburton Co.
3.50%, 8/1/2023		2,882		2,822
4.85%, 11/15/2035 (e)		3,583		3,503
7.45%, 9/15/2039		2,200		2,746
7.60%, 8/15/2096 (b)		2,242		2,742
Schlumberger Holdings Corp.
3.63%, 12/21/2022 (b)		6,120		6,038
4.00%, 12/21/2025 (b)		740		726
Schlumberger Investment SA 3.30%, 9/14/2021 (b)		2,931		2,922
				25,215
Entertainment — 0.3%
21st Century Fox America, Inc.
8.88%, 4/26/2023		942		1,124
9.50%, 7/15/2024		1,525		1,924
7.30%, 4/30/2028		3,946		4,877
7.63%, 11/30/2028		2,690		3,422
6.65%, 11/15/2037		2,690		3,419
6.15%, 2/15/2041		2,337		2,835
NBCUniversal Media LLC
4.38%, 4/1/2021		6,080		6,202
5.95%, 4/1/2041		4,575		5,065
Viacom, Inc.
3.88%, 4/1/2024		5,562		5,502
6.88%, 4/30/2036		3,978		4,321
4.38%, 3/15/2043		6,243		5,065
Walt Disney Co. (The)
1.85%, 7/30/2026		3,829		3,353
3.00%, 7/30/2046		1,190		940
Warner Media LLC
4.75%, 3/29/2021		3,640		3,727
3.55%, 6/1/2024		5,385		5,166
3.60%, 7/15/2025		11,975		11,230
5.38%, 10/15/2041		1,573		1,495
				69,667
Equity Real Estate Investment Trusts (REITs) — 1.1%
American Tower Corp.
5.90%, 11/1/2021		260		275
3.50%, 1/31/2023		5,919		5,761
5.00%, 2/15/2024		4,305		4,447
3.38%, 10/15/2026		4,378		4,017
American Tower Trust #1 3.07%, 3/15/2023 (b)		6,220		6,090
AvalonBay Communities, Inc.
2.85%, 3/15/2023		8,971		8,673
3.90%, 10/15/2046		1,074		943
Boston Properties LP
3.13%, 9/1/2023		3,155		3,030
3.20%, 1/15/2025		4,331		4,086
3.65%, 2/1/2026		3,157		3,020
Brixmor Operating Partnership LP
3.65%, 6/15/2024		2,740		2,628
3.85%, 2/1/2025		5,585		5,347
Crown Castle International Corp.
4.88%, 4/15/2022		5,203		5,339
5.25%, 1/15/2023		2,900		3,002
4.00%, 3/1/2027		2,066		1,977
Digital Realty Trust LP 3.70%, 8/15/2027		2,507		2,330
Duke Realty LP 3.25%, 6/30/2026		1,814		1,706
EPR Properties
5.25%, 7/15/2023		725		745
4.50%, 6/1/2027		4,787		4,526
4.95%, 4/15/2028		4,815		4,690
Equity Commonwealth 5.88%, 9/15/2020		8,592		8,795
ERP Operating LP
4.63%, 12/15/2021		2,255		2,317
3.00%, 4/15/2023		7,000		6,819
2.85%, 11/1/2026		3,210		2,948
3.50%, 3/1/2028		2,815		2,683
GAIF Bond Issuer Pty. Ltd. (Australia) 3.40%, 9/30/2026 (b)		7,843		7,289
Goodman US Finance Three LLC (Australia) 3.70%, 3/15/2028 (b)		5,157		4,808
Government Properties Income Trust
3.75%, 8/15/2019		32,529		32,612
4.00%, 7/15/2022		7,083		7,026
HCP, Inc. 4.20%, 3/1/2024		1,349		1,341
3.88%, 8/15/2024		14,719		14,299
3.40%, 2/1/2025		2,651		2,496
Liberty Property LP 3.25%, 10/1/2026		2,330		2,153
National Retail Properties, Inc.
4.00%, 11/15/2025 (e)		5,043		4,948
3.60%, 12/15/2026		5,527		5,252
Realty Income Corp.
3.88%, 4/15/2025		6,245		6,171
3.00%, 1/15/2027		2,243		2,053
4.65%, 3/15/2047		3,757		3,631
Scentre Group Trust 1 (Australia) 3.50%, 2/12/2025 (b)		9,910		9,412
Select Income 3.60%, 2/1/2020		15,925		15,805
Senior Housing Properties Trust
3.25%, 5/1/2019		6,655		6,638
6.75%, 4/15/2020		5,200		5,323
4.75%, 2/15/2028 (e)		7,060		6,693
Simon Property Group LP

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Equity Real Estate Investment Trusts (REITs) — continued
4.38%, 3/1/2021		3,138		3,193
4.13%, 12/1/2021		3,838		3,897
3.75%, 2/1/2024		2,090		2,075
3.38%, 10/1/2024		3,410		3,314
SITE Centers Corp. 4.70%, 6/1/2027 (e)		2,361		2,335
UDR, Inc. 2.95%, 9/1/2026		3,081		2,789
Ventas Realty LP
3.75%, 5/1/2024		4,032		3,932
3.50%, 2/1/2025		1,929		1,835
4.13%, 1/15/2026		2,746		2,686
3.85%, 4/1/2027		4,308		4,099
VEREIT Operating Partnership LP
4.60%, 2/6/2024		11,595		11,569
4.88%, 6/1/2026		2,000		2,001
Vornado Realty LP 3.50%, 1/15/2025		4,810		4,577
Welltower, Inc.
4.50%, 1/15/2024		4,002		4,064
4.00%, 6/1/2025		5,000		4,858
				291,368
Food & Staples Retailing — 0.2%
CVS Pass-Through Trust
7.51%, 1/10/2032 (b)		5,685		6,572
4.70%, 1/10/2036 (b)		9,755		9,603
Kroger Co. (The)
7.50%, 4/1/2031		7,000		8,470
5.40%, 7/15/2040		829		823
Sysco Corp.
3.55%, 3/15/2025		3,795		3,668
3.75%, 10/1/2025		1,861		1,805
4.45%, 3/15/2048		2,300		2,098
Walgreen Co. 4.40%, 9/15/2042		3,435		2,998
Walgreens Boots Alliance, Inc.
3.80%, 11/18/2024		3,000		2,933
4.50%, 11/18/2034		2,517		2,370
				41,340
Food Products — 0.3%
Bunge Ltd. Finance Corp. 3.50%, 11/24/2020		1,281		1,274
Campbell Soup Co. 3.95%, 3/15/2025		9,330		8,832
Cargill, Inc.
3.30%, 3/1/2022 (b)		6,950		6,888
3.25%, 3/1/2023 (b)		1,990		1,957
Conagra Brands, Inc.
4.60%, 11/1/2025		4,260		4,236
5.30%, 11/1/2038		10,080		9,693
General Mills, Inc.
4.00%, 4/17/2025		6,475		6,316
4.20%, 4/17/2028		4,430		4,272
4.55%, 4/17/2038		1,970		1,795
Kellogg Co. 3.40%, 11/15/2027		2,494		2,272
Kraft Heinz Foods Co.
4.00%, 6/15/2023		1,215		1,203
5.00%, 7/15/2035		2,270		2,090
6.88%, 1/26/2039		6,095		6,824
5.00%, 6/4/2042		4,392		3,957
McCormick & Co., Inc.
3.15%, 8/15/2024		2,094		1,997
3.40%, 8/15/2027		1,685		1,590
Mead Johnson Nutrition Co. (United Kingdom)
4.13%, 11/15/2025		993		1,002
4.60%, 6/1/2044		955		960
Tyson Foods, Inc.
3.95%, 8/15/2024		4,951		4,890
4.88%, 8/15/2034		5,000		4,787
Unilever Capital Corp. (United Kingdom) 3.38%, 3/22/2025		4,100		4,021
				80,856
Gas Utilities — 0.1%
Atmos Energy Corp.
8.50%, 3/15/2019		619		628
4.15%, 1/15/2043		7,215		6,889
4.13%, 10/15/2044		1,750		1,641
Boston Gas Co. 4.49%, 2/15/2042 (b)		2,201		2,140
Brooklyn Union Gas Co. (The) 4.27%, 3/15/2048 (b)		6,500		6,106
CenterPoint Energy Resources Corp. 4.50%, 1/15/2021		1,372		1,389
Dominion Energy Gas Holdings LLC 2.80%, 11/15/2020 (e)		2,214		2,177
KeySpan Gas East Corp. 2.74%, 8/15/2026 (b)		4,242		3,881
Korea Gas Corp. (South Korea) 1.88%, 7/18/2021 (b)		4,862		4,646
Southern Natural Gas Co. LLC
8.00%, 3/1/2032		2,103		2,648
4.80%, 3/15/2047 (b)		2,649		2,408
Southwest Gas Corp. 3.80%, 9/29/2046		3,595		3,115
				37,668
Health Care Equipment & Supplies — 0.1%
Abbott Laboratories 3.88%, 9/15/2025		5,609		5,622
Becton Dickinson and Co. 3.73%, 12/15/2024		710		685
Covidien International Finance SA 2.95%, 6/15/2023		1,826		1,780
Danaher Corp. 2.40%, 9/15/2020		2,500		2,465
Medtronic, Inc.
3.13%, 3/15/2022		2,676		2,637
3.15%, 3/15/2022		704		694
4.38%, 3/15/2035		6,075		6,095
Zimmer Biomet Holdings, Inc. 3.70%, 3/19/2023		2,694		2,658
				22,636

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Health Care Providers & Services — 0.6%
Aetna, Inc.
2.80%, 6/15/2023		3,654		3,456
6.75%, 12/15/2037		2,959		3,546
4.50%, 5/15/2042		1,777		1,619
Anthem, Inc.
3.13%, 5/15/2022		4,004		3,923
3.30%, 1/15/2023		2,354		2,303
4.10%, 3/1/2028 (e)		5,485		5,321
4.63%, 5/15/2042		3,477		3,257
4.65%, 1/15/2043		3,394		3,216
4.65%, 8/15/2044		4,149		3,934
CVS Health Corp.
4.00%, 12/5/2023		5,196		5,158
4.10%, 3/25/2025		37,097		36,538
3.88%, 7/20/2025		2,500		2,424
4.30%, 3/25/2028		9,692		9,441
4.88%, 7/20/2035		3,500		3,409
4.78%, 3/25/2038		14,326		13,688
5.05%, 3/25/2048		8,427		8,163
CVS Pass-Through Trust Series 2014, 4.16%, 8/11/2036 (b)		1,337		1,265
Express Scripts Holding Co.
3.00%, 7/15/2023		3,693		3,517
3.50%, 6/15/2024		6,120		5,932
4.80%, 7/15/2046		1,904		1,792
Laboratory Corp. of America Holdings 3.20%, 2/1/2022		3,409		3,355
Magellan Health, Inc. 4.40%, 9/22/2024		11,202		10,493
Mayo Clinic Series 2016, 4.13%, 11/15/2052		2,975		2,907
Memorial Sloan-Kettering Cancer Center Series 2015, 4.20%, 7/1/2055		3,335		3,211
Mount Sinai Hospitals Group, Inc. Series 2017, 3.98%, 7/1/2048		2,747		2,457
Providence St Joseph Health Obligated Group Series H, 2.75%, 10/1/2026		2,942		2,705
Quest Diagnostics, Inc. 3.45%, 6/1/2026		1,684		1,582
Texas Health Resources 4.33%, 11/15/2055		4,275		4,118
UnitedHealth Group, Inc.
3.38%, 11/15/2021		5,955		5,971
2.88%, 3/15/2023		2,690		2,614
4.63%, 7/15/2035		6,229		6,453
				167,768
Hotels, Restaurants & Leisure — 0.0% (c)
McDonald’s Corp.
4.70%, 12/9/2035		6,540		6,519
4.45%, 3/1/2047		3,210		3,003
				9,522
Household Durables — 0.0% (c)
Newell Brands, Inc.
4.20%, 4/1/2026		2,410		2,297
5.38%, 4/1/2036		5,500		5,136
5.50%, 4/1/2046		2,500		2,259
				9,692
Household Products — 0.1%
Kimberly-Clark Corp.
2.40%, 3/1/2022		1,220		1,181
3.05%, 8/15/2025		2,842		2,733
Procter & Gamble Co. (The) 2.45%, 11/3/2026		7,800		7,189
Reckitt Benckiser Treasury Services plc (United Kingdom) 2.38%, 6/24/2022 (b)		9,000		8,590
				19,693
Independent Power and Renewable Electricity Producers — 0.1%
Exelon Generation Co. LLC
3.40%, 3/15/2022		7,048		6,941
4.25%, 6/15/2022		2,730		2,752
6.25%, 10/1/2039		1,985		2,056
5.75%, 10/1/2041		1,665		1,645
PSEG Power LLC 4.15%, 9/15/2021		2,879		2,903
Southern Power Co. 5.15%, 9/15/2041		7,079		6,844
Tri-State Generation & Transmission Association, Inc. 4.25%, 6/1/2046		3,222		2,946
				26,087
Industrial Conglomerates — 0.1%
General Electric Co.
2.10%, 12/11/2019		1,318		1,288
5.50%, 1/8/2020		5,046		5,086
4.38%, 9/16/2020		3,698		3,684
5.30%, 2/11/2021		459		455
4.65%, 10/17/2021		4,892		4,806
2.70%, 10/9/2022		1,523		1,374
3.45%, 5/15/2024		5,886		5,261
5.88%, 1/14/2038		720		669
Roper Technologies, Inc. 3.00%, 12/15/2020		1,261		1,248
				23,871
Insurance — 0.9%
AIA Group Ltd. (Hong Kong) 3.90%, 4/6/2028 (b)		7,190		7,100
AIG SunAmerica Global Financing X 6.90%, 3/15/2032 (b)		8,295		10,295
Allstate Corp. (The) 3.15%, 6/15/2023		3,650		3,598
American International Group, Inc.
4.13%, 2/15/2024		5,758		5,701
3.75%, 7/10/2025		2,671		2,526
4.20%, 4/1/2028		4,783		4,562
3.88%, 1/15/2035		3,407		2,920
4.70%, 7/10/2035		7,065		6,538
Assurant, Inc. 4.20%, 9/27/2023		8,065		7,963
Athene Global Funding
2.75%, 4/20/2020 (b)		7,740		7,639
4.00%, 1/25/2022 (b)		3,689		3,701
Athene Holding Ltd.

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Insurance — continued
4.13%, 1/12/2028		8,565		7,804
Berkshire Hathaway Finance Corp.
5.75%, 1/15/2040		1,166		1,334
4.40%, 5/15/2042		13,241		13,017
4.30%, 5/15/2043		2,795		2,707
Chubb INA Holdings, Inc.
2.30%, 11/3/2020		2,420		2,373
2.88%, 11/3/2022		3,418		3,345
CNA Financial Corp. 3.95%, 5/15/2024		2,633		2,587
Dai-ichi Life Insurance Co. Ltd. (The) (Japan) (ICE LIBOR USD 3 Month + 3.66%), 4.00%, 7/24/2026 (b)(d)(g)(h)		9,929		9,172
Great-West Lifeco Finance Delaware LP (Canada) 4.15%, 6/3/2047 (b)		6,230		5,661
Guardian Life Insurance Co. of America (The) 4.85%, 1/24/2077 (b)		1,663		1,585
Hartford Financial Services Group, Inc. (The) 4.30%, 4/15/2043		7,410		6,725
Jackson National Life Global Funding 3.05%, 4/29/2026 (b)		4,774		4,484
John Hancock Life Insurance Co. 7.38%, 2/15/2024 (b)		1,000		1,149
Liberty Mutual Group, Inc.
4.95%, 5/1/2022 (b)		3,049		3,111
6.50%, 3/15/2035 (b)		6,000		6,836
Liberty Mutual Insurance Co. 8.50%, 5/15/2025 (b)		1,350		1,633
Lincoln National Corp.
4.20%, 3/15/2022		3,761		3,831
4.00%, 9/1/2023		2,753		2,771
3.80%, 3/1/2028		2,500		2,366
6.15%, 4/7/2036		111		125
Manulife Financial Corp. (Canada) (USD ICE Swap Rate 5 Year + 1.65%), 4.06%, 2/24/2032 (d)		11,200		10,493
Marsh & McLennan Cos., Inc. 2.35%, 3/6/2020		5,001		4,938
Massachusetts Mutual Life Insurance Co.
8.88%, 6/1/2039 (b)		322		485
5.38%, 12/1/2041 (b)		1,767		1,921
MassMutual Global Funding II 2.50%, 10/17/2022 (b)		3,346		3,222
MetLife, Inc.
4.13%, 8/13/2042 (e)		2,027		1,849
4.88%, 11/13/2043		2,000		2,028
Metropolitan Life Global Funding I 3.88%, 4/11/2022 (b)		12,858		12,961
New York Life Global Funding
1.95%, 2/11/2020 (b)		1,806		1,781
3.00%, 1/10/2028 (b)		4,854		4,536
OneBeacon US Holdings, Inc. 4.60%, 11/9/2022		8,660		8,723
Pacific Life Insurance Co. (ICE LIBOR USD 3 Month + 2.80%), 4.30%, 10/24/2067 (b)(d)		2,975		2,589
Principal Financial Group, Inc. 3.13%, 5/15/2023		794		774
Principal Life Global Funding II 2.38%, 11/21/2021 (b)		1,200		1,155
Progressive Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.54%), 5.38%, 3/15/2023 (d)(g)(h)		5,240		5,109
Protective Life Global Funding 2.00%, 9/14/2021 (b)		9,040		8,678
Prudential Financial, Inc. 3.91%, 12/7/2047		9,236		7,939
Prudential Insurance Co. of America (The) 8.30%, 7/1/2025 (b)		10,349		12,604
Reliance Standard Life Global Funding II 3.05%, 1/20/2021 (b)		2,597		2,567
Teachers Insurance & Annuity Association of America
4.90%, 9/15/2044 (b)		3,653		3,733
4.27%, 5/15/2047 (b)		5,480		5,146
Torchmark Corp. 4.55%, 9/15/2028		6,840		6,841
				255,231
Internet & Direct Marketing Retail — 0.2%
Amazon.com, Inc.
2.80%, 8/22/2024		10,800		10,329
4.80%, 12/5/2034		8,677		9,115
3.88%, 8/22/2037		9,440		8,934
4.25%, 8/22/2057		10,940		10,258
Booking Holdings, Inc.
2.75%, 3/15/2023		1,923		1,838
3.55%, 3/15/2028		2,870		2,659
				43,133
IT Services — 0.1%
DXC Technology Co.
4.25%, 4/15/2024		3,566		3,492
7.45%, 10/15/2029		2,170		2,521
IBM Credit LLC
2.65%, 2/5/2021		7,950		7,822
3.00%, 2/6/2023		10,400		10,085
Western Union Co. (The)
3.60%, 3/15/2022 (e)		9,000		8,906
6.20%, 6/21/2040		1,448		1,383
				34,209
Life Sciences Tools & Services — 0.0% (c)
Thermo Fisher Scientific, Inc.
3.15%, 1/15/2023		2,995		2,910
3.00%, 4/15/2023		2,501		2,405
4.15%, 2/1/2024		1,946		1,955
2.95%, 9/19/2026		3,564		3,247
				10,517

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Machinery — 0.1%
Caterpillar, Inc. 2.60%, 6/26/2022		1,913		1,848
Illinois Tool Works, Inc.
4.88%, 9/15/2041		758		811
3.90%, 9/1/2042		11,630		10,979
Nvent Finance SARL (United Kingdom) 4.55%, 4/15/2028		6,750		6,523
Parker-Hannifin Corp.
4.45%, 11/21/2044		3,759		3,698
4.10%, 3/1/2047		2,527		2,355
Xylem, Inc. 3.25%, 11/1/2026		1,420		1,330
				27,544
Media — 0.7%
CBS Corp.
3.70%, 8/15/2024		5,275		5,092
4.00%, 1/15/2026		4,293		4,129
4.90%, 8/15/2044		2,004		1,835
Charter Communications Operating LLC
4.91%, 7/23/2025		17,182		17,106
6.38%, 10/23/2035		4,374		4,466
5.38%, 4/1/2038		4,923		4,488
Comcast Cable Holdings LLC 10.13%, 4/15/2022		1,614		1,931
Comcast Corp.
3.60%, 3/1/2024		4,708		4,678
3.38%, 8/15/2025		2,773		2,667
3.95%, 10/15/2025		9,556		9,523
3.15%, 3/1/2026		10,162		9,552
3.55%, 5/1/2028		6,115		5,783
4.25%, 1/15/2033		10,484		10,173
4.20%, 8/15/2034		3,361		3,181
6.50%, 11/15/2035		17,907		20,993
4.60%, 10/15/2038		11,580		11,342
4.00%, 11/1/2049		5,553		4,809
4.05%, 11/1/2052		2,600		2,210
4.95%, 10/15/2058		14,685		14,423
Cox Communications, Inc.
3.25%, 12/15/2022 (b)		3,027		2,946
3.35%, 9/15/2026 (b)		3,046		2,789
4.80%, 2/1/2035 (b)		5,600		5,040
Discovery Communications LLC
4.38%, 6/15/2021		6,532		6,619
3.95%, 3/20/2028		2,647		2,462
6.35%, 6/1/2040 (e)		5,069		5,389
Grupo Televisa SAB (Mexico)
4.63%, 1/30/2026		1,494		1,458
6.13%, 1/31/2046 (e)		1,332		1,307
Sky plc (United Kingdom) 3.75%, 9/16/2024 (b)		1,654		1,628
TCI Communications, Inc. 7.13%, 2/15/2028		1,199		1,431
Time Warner Cable LLC
8.75%, 2/14/2019		1,601		1,617
4.13%, 2/15/2021		1,928		1,931
6.55%, 5/1/2037		2,327		2,362
7.30%, 7/1/2038		2,197		2,376
6.75%, 6/15/2039		1,794		1,853
5.88%, 11/15/2040		4,125		3,914
5.50%, 9/1/2041		6,940		6,230
Time Warner Entertainment Co. LP 8.38%, 7/15/2033		10,041		12,159
				201,892
Metals & Mining — 0.1%
Anglo American Capital plc (South Africa)
3.63%, 9/11/2024 (b)		3,283		3,089
4.50%, 3/15/2028 (b)		8,000		7,480
Barrick Gold Corp. (Canada) 6.45%, 10/15/2035		1,767		1,958
BHP Billiton Finance USA Ltd. (Australia) 5.00%, 9/30/2043		1,600		1,691
Glencore Funding LLC (Switzerland) 4.63%, 4/29/2024 (b)		1,967		1,951
Nucor Corp.
4.00%, 8/1/2023		3,284		3,320
6.40%, 12/1/2037		4,465		5,281
Vale Canada Ltd. (Brazil) 7.20%, 9/15/2032		5,579		6,078
Vale Overseas Ltd. (Brazil)
6.25%, 8/10/2026		1,682		1,796
6.88%, 11/21/2036		5,930		6,639
				39,283
Multiline Retail — 0.0% (c)
Dollar General Corp. 4.13%, 5/1/2028		5,750		5,565
Macy’s Retail Holdings, Inc. 6.90%, 4/1/2029		925		972
Nordstrom, Inc. 4.00%, 10/15/2021		3,458		3,485
Target Corp. 2.50%, 4/15/2026		2,565		2,351
				12,373
Multi-Utilities — 0.4%
CMS Energy Corp.
3.88%, 3/1/2024		4,360		4,331
3.00%, 5/15/2026		3,458		3,175
2.95%, 2/15/2027		2,426		2,201
3.45%, 8/15/2027		1,250		1,183
Consolidated Edison Co. of New York, Inc.
5.70%, 6/15/2040		2,760		3,147
Series 2017, 3.88%, 6/15/2047 (e)		3,355		2,987
4.50%, 5/15/2058		1,724		1,592
Consumers Energy Co.
2.85%, 5/15/2022		1,343		1,313
3.25%, 8/15/2046		2,150		1,795
Delmarva Power & Light Co. 4.00%, 6/1/2042		1,478		1,340
Dominion Energy, Inc.
Series B, 2.75%, 1/15/2022		3,973		3,835
Series D, 2.85%, 8/15/2026		1,927		1,744

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Multi-Utilities — continued
Series F, 5.25%, 8/1/2033		5,067		5,312
7.00%, 6/15/2038		1,076		1,299
Series C, 4.90%, 8/1/2041		1,840		1,811
DTE Energy Co. Series F, 3.85%, 12/1/2023		1,400		1,397
New York State Electric & Gas Corp. 3.25%, 12/1/2026 (b)		2,326		2,208
NiSource, Inc.
3.85%, 2/15/2023		2,457		2,457
6.25%, 12/15/2040		4,380		5,018
5.80%, 2/1/2042		6,726		7,184
San Diego Gas & Electric Co.
6.00%, 6/1/2026		1,852		2,104
Series FFF, 6.13%, 9/15/2037		973		1,128
3.95%, 11/15/2041		2,690		2,413
Sempra Energy
9.80%, 2/15/2019		7,309		7,401
4.05%, 12/1/2023		2,348		2,323
Southern Co. Gas Capital Corp.
3.50%, 9/15/2021		4,609		4,562
2.45%, 10/1/2023		1,889		1,777
3.25%, 6/15/2026		1,690		1,562
5.88%, 3/15/2041		10,518		11,719
4.40%, 6/1/2043		1,392		1,279
3.95%, 10/1/2046		2,136		1,818
WEC Energy Group, Inc. 3.55%, 6/15/2025		7,009		6,827
				100,242
Oil, Gas & Consumable Fuels — 2.3%
Anadarko Finance Co. Series B, 7.50%, 5/1/2031		1,794		2,081
Anadarko Holding Co. 7.15%, 5/15/2028		1,480		1,621
Anadarko Petroleum Corp. 8.70%, 3/15/2019		3,226		3,276
Andeavor Logistics LP 5.25%, 1/15/2025		4,015		4,077
ANR Pipeline Co. 9.63%, 11/1/2021		2,933		3,377
Apache Corp.
3.25%, 4/15/2022		671		655
6.00%, 1/15/2037		1,584		1,643
4.75%, 4/15/2043		3,611		3,096
APT Pipelines Ltd. (Australia)
4.20%, 3/23/2025 (b)		2,000		1,940
4.25%, 7/15/2027 (b)		7,325		7,030
BG Energy Capital plc (United Kingdom) 5.13%, 10/15/2041 (b)		1,552		1,610
BP Capital Markets plc (United Kingdom)
2.24%, 5/10/2019 (e)		5,200		5,181
3.25%, 5/6/2022		2,273		2,245
3.81%, 2/10/2024		7,135		7,108
3.22%, 4/14/2024		17,699		17,167
3.51%, 3/17/2025		4,509		4,397
3.02%, 1/16/2027		10,588		9,751
3.28%, 9/19/2027		2,479		2,313
Buckeye Partners LP
4.88%, 2/1/2021		2,500		2,535
3.95%, 12/1/2026		1,012		906
5.85%, 11/15/2043		7,805		7,079
Canadian Natural Resources Ltd. (Canada)
3.90%, 2/1/2025		3,463		3,329
7.20%, 1/15/2032		359		420
6.45%, 6/30/2033		6,527		7,411
5.85%, 2/1/2035		671		697
6.75%, 2/1/2039		1,794		2,122
Cenovus Energy, Inc. (Canada)
5.25%, 6/15/2037		2,048		1,750
6.75%, 11/15/2039		10,996		10,565
4.45%, 9/15/2042		1,000		740
Chevron Corp.
2.36%, 12/5/2022		2,725		2,606
2.57%, 5/16/2023		11,130		10,668
2.90%, 3/3/2024		5,912		5,695
CNOOC Finance 2015 Australia Pty. Ltd. (China) 2.63%, 5/5/2020		11,698		11,536
CNOOC Nexen Finance 2014 ULC (China) 4.25%, 4/30/2024 (e)		11,233		11,263
Ecopetrol SA (Colombia)
5.88%, 9/18/2023		2,575		2,678
4.13%, 1/16/2025		3,333		3,140
5.38%, 6/26/2026 (e)		5,409		5,363
Enable Midstream Partners LP 4.95%, 5/15/2028		4,315		4,064
Enbridge, Inc. (Canada)
3.70%, 7/15/2027		2,692		2,519
4.50%, 6/10/2044		3,980		3,533
(ICE LIBOR USD 3 Month + 3.64%), 6.25%, 3/1/2078 (d)		6,000		5,333
Encana Corp. (Canada)
6.50%, 5/15/2019		2,090		2,120
8.13%, 9/15/2030		1,485		1,825
7.38%, 11/1/2031		4,761		5,527
6.50%, 8/15/2034		1,000		1,067
Energy Transfer Operating LP
3.60%, 2/1/2023		6,304		6,083
4.90%, 2/1/2024		2,440		2,449
4.05%, 3/15/2025		6,594		6,222
4.75%, 1/15/2026		3,400		3,291
7.50%, 7/1/2038		2,695		2,943
6.05%, 6/1/2041		4,475		4,247
6.50%, 2/1/2042		8,569		8,638
Eni SpA (Italy)
Series X-R, 4.00%, 9/12/2023 (b)		3,145		3,065
5.70%, 10/1/2040 (b)		4,843		4,750
Eni USA, Inc. (United Kingdom) 7.30%, 11/15/2027		4,040		4,608
EnLink Midstream Partners LP
2.70%, 4/1/2019		3,545		3,518
4.15%, 6/1/2025		7,000		6,338
Enterprise Products Operating LLC
3.90%, 2/15/2024		2,687		2,671

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Oil, Gas & Consumable Fuels — continued
3.75%, 2/15/2025		2,600		2,536
3.70%, 2/15/2026		3,040		2,926
3.95%, 2/15/2027 (e)		2,705		2,629
Series D, 6.88%, 3/1/2033		2,376		2,828
Series H, 6.65%, 10/15/2034		515		601
Series J, 5.75%, 3/1/2035		2,509		2,580
7.55%, 4/15/2038		900		1,111
5.95%, 2/1/2041		1,259		1,353
5.10%, 2/15/2045		1,758		1,724
4.95%, 10/15/2054		1,189		1,096
EOG Resources, Inc. 4.10%, 2/1/2021		4,753		4,800
EQT Corp. 3.90%, 10/1/2027		4,517		3,961
Equinor ASA (Norway)
3.15%, 1/23/2022		3,320		3,286
2.45%, 1/17/2023		2,430		2,325
2.65%, 1/15/2024		5,765		5,500
3.25%, 11/10/2024		3,461		3,396
Exxon Mobil Corp.
2.73%, 3/1/2023		2,000		1,945
4.11%, 3/1/2046		2,726		2,638
Husky Energy, Inc. (Canada) 6.15%, 6/15/2019		1,036		1,053
Kerr-McGee Corp.
6.95%, 7/1/2024		1,103		1,224
7.88%, 9/15/2031		8,707		10,472
Kinder Morgan, Inc.
4.30%, 3/1/2028		13,000		12,512
5.20%, 3/1/2048		6,000		5,529
Magellan Midstream Partners LP
6.55%, 7/15/2019		1,794		1,825
3.20%, 3/15/2025		2,338		2,230
4.20%, 12/1/2042		2,987		2,551
5.15%, 10/15/2043		7,133		7,027
Marathon Oil Corp. 2.80%, 11/1/2022		5,517		5,223
Marathon Petroleum Corp. 3.63%, 9/15/2024		3,980		3,824
MPLX LP
4.88%, 12/1/2024		6,360		6,433
4.13%, 3/1/2027		3,626		3,400
4.80%, 2/15/2029		3,344		3,291
4.50%, 4/15/2038		2,033		1,759
5.20%, 3/1/2047		2,341		2,111
Noble Energy, Inc. 6.00%, 3/1/2041		4,810		4,713
Occidental Petroleum Corp. 4.20%, 3/15/2048		4,000		3,704
ONEOK Partners LP
8.63%, 3/1/2019		3,000		3,037
3.38%, 10/1/2022		1,164		1,129
5.00%, 9/15/2023		2,576		2,629
4.90%, 3/15/2025		13,625		13,778
6.65%, 10/1/2036		1,825		1,991
Petro-Canada (Canada) 6.80%, 5/15/2038 (e)		3,677		4,265
Petroleos Mexicanos (Mexico)
6.38%, 2/4/2021		4,385		4,416
4.63%, 9/21/2023		9,775		9,061
4.88%, 1/18/2024		2,165		1,997
6.88%, 8/4/2026		13,091		12,551
6.50%, 3/13/2027		39,219		36,689
5.35%, 2/12/2028 (b)		2,547		2,189
6.50%, 1/23/2029 (b)(e)		5,782		5,313
6.63%, 6/15/2035 (e)		4,700		4,087
6.38%, 1/23/2045		4,650		3,748
6.75%, 9/21/2047		12,012		9,940
6.35%, 2/12/2048 (b)		6,491		5,164
Phillips
66 4.30%, 4/1/2022		1,181		1,200
3.90%, 3/15/2028		3,955		3,753
4.88%, 11/15/2044		665		630
Phillips 66 Partners LP
3.55%, 10/1/2026		1,453		1,355
4.90%, 10/1/2046		3,078		2,796
Plains All American Pipeline LP
3.60%, 11/1/2024		7,000		6,584
4.65%, 10/15/2025		6,535		6,328
4.90%, 2/15/2045		1,221		1,036
Spectra Energy Partners LP
3.50%, 3/15/2025		4,750		4,473
5.95%, 9/25/2043		1,801		1,894
4.50%, 3/15/2045		1,866		1,630
Suncor Energy, Inc. (Canada) 5.95%, 12/1/2034		11,584		12,779
Sunoco Logistics Partners Operations LP
4.65%, 2/15/2022		600		606
4.25%, 4/1/2024		1,814		1,776
3.90%, 7/15/2026		4,366		3,979
6.10%, 2/15/2042		7,220		6,974
5.30%, 4/1/2044		1,840		1,585
5.35%, 5/15/2045		6,969		6,052
TC PipeLines LP 3.90%, 5/25/2027		2,870		2,663
Texas Eastern Transmission LP
2.80%, 10/15/2022 (b)		6,209		5,934
3.50%, 1/15/2028 (b)		908		837
Total Capital International SA (France)
2.75%, 6/19/2021 (e)		5,000		4,932
3.70%, 1/15/2024 (e)		5,675		5,706
3.75%, 4/10/2024		1,989		1,997
TransCanada PipeLines Ltd. (Canada)
7.13%, 1/15/2019		2,377		2,388
4.88%, 1/15/2026		4,155		4,232
6.20%, 10/15/2037		6,345		6,926
4.75%, 5/15/2038		7,750		7,292
7.25%, 8/15/2038		1,883		2,277
Valero Energy Corp. 7.50%, 4/15/2032		1,545		1,875
Western Gas Partners LP
4.00%, 7/1/2022		607		597
3.95%, 6/1/2025		1,228		1,143
4.50%, 3/1/2028		1,626		1,525
5.45%, 4/1/2044		1,855		1,611
5.30%, 3/1/2048		3,868		3,314
Williams Cos., Inc. (The)

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Oil, Gas & Consumable Fuels — continued
3.90%, 1/15/2025		3,506		3,384
4.85%, 3/1/2048 (e)		5,487		4,836
				630,881
Pharmaceuticals — 0.3%
Allergan Funding SCS
3.45%, 3/15/2022		5,743		5,617
3.85%, 6/15/2024		3,041		2,955
Allergan, Inc.
3.38%, 9/15/2020		3,111		3,096
2.80%, 3/15/2023		3,954		3,758
Bayer US Finance II LLC (Germany) 4.70%, 7/15/2064 (b)		2,459		1,935
Bayer US Finance LLC (Germany) 2.38%, 10/8/2019 (b)		2,991		2,964
GlaxoSmithKline Capital plc (United Kingdom) 2.85%, 5/8/2022		2,780		2,714
GlaxoSmithKline Capital, Inc. (United Kingdom) 6.38%, 5/15/2038 (e)		1,883		2,324
Johnson & Johnson
2.63%, 1/15/2025		1,300		1,239
4.38%, 12/5/2033		1,948		2,053
3.40%, 1/15/2038		7,129		6,495
Merck & Co., Inc.
2.80%, 5/18/2023		4,572		4,451
3.70%, 2/10/2045		2,100		1,952
Mylan NV 3.95%, 6/15/2026		4,153		3,814
Mylan, Inc.
3.13%, 1/15/2023 (b)		3,886		3,654
5.40%, 11/29/2043		1,800		1,604
Novartis Capital Corp. (Switzerland) 3.00%, 11/20/2025		3,294		3,121
Pfizer, Inc. 3.00%, 12/15/2026		9,150		8,696
Shire Acquisitions Investments Ireland DAC
2.88%, 9/23/2023		4,909		4,596
3.20%, 9/23/2026		9,045		8,143
Wyeth LLC 6.45%, 2/1/2024		708		803
				75,984
Real Estate Management & Development — 0.0% (c)
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada)
3.13%, 3/20/2022 (b)		6,257		6,149
3.88%, 3/20/2027 (b)		6,562		6,411
				12,560
Road & Rail — 0.4%
Burlington Northern Santa Fe LLC
3.45%, 9/15/2021		1,865		1,873
3.05%, 3/15/2022		3,821		3,789
3.00%, 3/15/2023		1,794		1,750
3.75%, 4/1/2024		2,365		2,381
6.70%, 8/1/2028		538		651
7.29%, 6/1/2036		1,166		1,534
5.75%, 5/1/2040		3,244		3,682
5.40%, 6/1/2041		9,266		10,163
4.40%, 3/15/2042		2,010		1,956
4.38%, 9/1/2042		4,018		3,932
5.15%, 9/1/2043		3,380		3,625
4.70%, 9/1/2045		3,150		3,199
Canadian Pacific Railway Co. (Canada)
4.50%, 1/15/2022		4,200		4,291
7.13%, 10/15/2031		1,345		1,673
6.13%, 9/15/2115		4,888		5,530
CSX Corp.
5.50%, 4/15/2041		3,498		3,729
4.75%, 5/30/2042		1,516		1,490
ERAC USA Finance LLC
5.25%, 10/1/2020 (b)		2,388		2,459
4.50%, 8/16/2021 (b)		3,474		3,536
2.60%, 12/1/2021 (b)		3,010		2,915
6.70%, 6/1/2034 (b)		4,417		5,145
7.00%, 10/15/2037 (b)		425		522
5.63%, 3/15/2042 (b)		3,104		3,311
Norfolk Southern Corp.
3.25%, 12/1/2021		4,957		4,922
2.90%, 2/15/2023		2,558		2,481
5.59%, 5/17/2025		51		56
3.95%, 10/1/2042		2,888		2,576
4.05%, 8/15/2052		5,192		4,570
Penske Truck Leasing Co. LP
4.13%, 8/1/2023 (b)		5,795		5,737
3.95%, 3/10/2025 (b)		3,095		3,013
4.20%, 4/1/2027 (b)		2,525		2,446
Ryder System, Inc.
2.50%, 5/11/2020		4,930		4,868
2.88%, 9/1/2020		3,451		3,422
Union Pacific Corp. 4.10%, 9/15/2067		1,962		1,593
				108,820
Semiconductors & Semiconductor Equipment — 0.2%
Analog Devices, Inc.
3.13%, 12/5/2023		2,317		2,229
4.50%, 12/5/2036		2,505		2,347
Broadcom Corp.
3.63%, 1/15/2024		14,519		13,732
3.88%, 1/15/2027		6,459		5,836
Intel Corp.
3.70%, 7/29/2025		4,598		4,555
3.15%, 5/11/2027 (e)		2,570		2,453
4.00%, 12/15/2032 (e)		8,173		8,229
3.73%, 12/8/2047		3,364		2,993
QUALCOMM, Inc.
2.60%, 1/30/2023		1,160		1,104
2.90%, 5/20/2024		1,400		1,321
3.25%, 5/20/2027		5,809		5,327
				50,126
Software — 0.5%
Microsoft Corp.
2.38%, 5/1/2023		3,808		3,659
2.88%, 2/6/2024		21,453		20,832
3.30%, 2/6/2027		7,198		7,007
3.50%, 2/12/2035		3,459		3,239

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Software — continued
4.20%, 11/3/2035		3,974		4,027
4.10%, 2/6/2037		10,421		10,449
4.50%, 10/1/2040		1,089		1,145
4.00%, 2/12/2055		3,620		3,411
4.75%, 11/3/2055		4,348		4,699
4.50%, 2/6/2057		9,023		9,279
Oracle Corp.
2.50%, 5/15/2022		4,115		3,987
2.40%, 9/15/2023		7,023		6,647
2.95%, 11/15/2024		11,020		10,540
2.95%, 5/15/2025		14,625		13,909
4.30%, 7/8/2034		8,219		8,078
3.90%, 5/15/2035		4,170		3,892
3.85%, 7/15/2036		7,260		6,759
6.13%, 7/8/2039		2,300		2,763
4.38%, 5/15/2055 (e)		10,500		9,895
VMware, Inc. 2.95%, 8/21/2022		10,109		9,564
				143,781
Specialty Retail — 0.1%
Home Depot, Inc. (The)
2.63%, 6/1/2022		7,447		7,295
2.13%, 9/15/2026		5,242		4,655
4.20%, 4/1/2043		5,037		4,855
Lowe’s Cos., Inc.
3.38%, 9/15/2025		1,820		1,766
4.65%, 4/15/2042		3,901		3,848
O’Reilly Automotive, Inc. 3.60%, 9/1/2027		4,715		4,396
				26,815
Technology Hardware, Storage & Peripherals — 0.5%
Apple, Inc.
2.85%, 5/6/2021		13,459		13,365
3.00%, 2/9/2024		15,808		15,351
2.85%, 5/11/2024		10,010		9,646
2.75%, 1/13/2025		8,545		8,082
3.20%, 5/13/2025		12,828		12,417
3.25%, 2/23/2026		798		767
2.45%, 8/4/2026		5,261		4,786
3.35%, 2/9/2027		10,231		9,818
3.20%, 5/11/2027		5,685		5,407
3.00%, 6/20/2027		2,880		2,688
2.90%, 9/12/2027		7,978		7,385
4.50%, 2/23/2036		4,257		4,409
3.45%, 2/9/2045		4,375		3,748
3.85%, 8/4/2046		3,512		3,197
3.75%, 9/12/2047		13,570		12,250
Dell International LLC 6.02%, 6/15/2026 (b)		16,408		16,594
Dell, Inc. 7.10%, 4/15/2028		1,704		1,789
				131,699
Thrifts & Mortgage Finance — 0.1%
BPCE SA (France)
2.50%, 7/15/2019		1,085		1,080
4.63%, 7/11/2024 (b)		11,600		11,358
3.38%, 12/2/2026		4,230		3,930
				16,368
Tobacco — 0.0% (c)
BAT Capital Corp. (United Kingdom) 4.39%, 8/15/2037		7,130		6,036
Trading Companies & Distributors — 0.2%
Air Lease Corp. 3.25%, 3/1/2025		6,266		5,771
Aircastle Ltd. 4.40%, 9/25/2023		8,915		8,798
Aviation Capital Group LLC
3.88%, 5/1/2023 (b)		7,665		7,526
3.50%, 11/1/2027 (b)		8,105		7,224
BOC Aviation Ltd. (Singapore) 2.75%, 9/18/2022 (b)		3,000		2,861
International Lease Finance Corp.
8.63%, 1/15/2022		11,894		13,321
5.88%, 8/15/2022		3,867		4,054
WW Grainger, Inc. 4.60%, 6/15/2045		4,364		4,279
				53,834
Water Utilities — 0.0% (c)
American Water Capital Corp.
3.40%, 3/1/2025		5,248		5,146
6.59%, 10/15/2037		3,354		4,177
4.00%, 12/1/2046		2,241		2,051
				11,374
Wireless Telecommunication Services — 0.2%
America Movil SAB de CV (Mexico)
3.13%, 7/16/2022		3,250		3,150
6.13%, 3/30/2040		2,457		2,784
P Fin II LLC (ICE LIBOR USD 1 Month + 4.35%), 6.66%, 5/20/2022 ‡ (d)		16,750		16,750
Rogers Communications, Inc. (Canada) 8.75%, 5/1/2032		2,242		2,989
Sprint Spectrum Co. LLC 3.36%, 9/20/2021 (b)(f)		14,261		14,101
Vodafone Group plc (United Kingdom)
4.13%, 5/30/2025		7,003		6,830
5.00%, 5/30/2038		9,519		8,735
5.25%, 5/30/2048		7,449		6,865
				62,204
TOTAL CORPORATE BONDS (Cost $6,738,258)				6,483,432

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
MORTGAGE-BACKED SECURITIES — 15.8%
FHLMC
Pool # 846489, ARM, 3.73%, 7/1/2019 (i)		—	(j)		—	(j)
Pool # 785618, ARM, 4.25%, 7/1/2026 (i)		32			32
Pool # 611141, ARM, 3.69%, 1/1/2027 (i)		55			56
Pool # 846812, ARM, 3.93%, 4/1/2030 (i)		15			15
Pool # 789758, ARM, 4.73%, 9/1/2032 (i)		43			45
Pool # 847621, ARM, 3.99%, 5/1/2033 (i)		1,482			1,560
Pool # 781087, ARM, 3.48%, 12/1/2033 (i)		215			227
Pool # 1B1665, ARM, 4.07%, 4/1/2034 (i)		239			250
Pool # 782870, ARM, 4.35%, 9/1/2034 (i)		964			1,019
Pool # 782980, ARM, 3.68%, 1/1/2035 (i)		517			546
Pool # 782979, ARM, 3.70%, 1/1/2035 (i)		1,157			1,222
Pool # 1G3591, ARM, 4.42%, 8/1/2035 (i)		55			57
Pool # 1Q0007, ARM, 4.63%, 12/1/2035 (i)		283			298
Pool # 1Q0025, ARM, 3.97%, 2/1/2036 (i)		178			186
Pool # 848431, ARM, 4.58%, 2/1/2036 (i)		680			717
Pool # 1G1861, ARM, 4.04%, 3/1/2036 (i)		734			778
Pool # 1J1380, ARM, 4.86%, 3/1/2036 (i)		508			545
Pool # 1L1286, ARM, 4.12%, 5/1/2036 (i)		499			527
Pool # 1H2618, ARM, 4.19%, 5/1/2036 (i)		750			793
Pool # 1G2415, ARM, 4.69%, 5/1/2036 (i)		161			172
Pool # 1G2557, ARM, 4.32%, 6/1/2036 (i)		2,267			2,393
Pool # 848068, ARM, 4.35%, 6/1/2036 (i)		780			820
Pool # 848365, ARM, 4.22%, 7/1/2036 (i)		395			417
Pool # 1A1082, ARM, 4.23%, 7/1/2036 (i)		372			387
Pool # 1H2623, ARM, 4.35%, 7/1/2036 (i)		276			292
Pool # 1N0189, ARM, 4.12%, 8/1/2036 (i)		37			39
Pool # 1N0206, ARM, 4.16%, 8/1/2036 (i)		1,670			1,730
Pool # 1A1085, ARM, 4.19%, 8/1/2036 (i)		462			479
Pool # 1B7242, ARM, 4.27%, 9/1/2036 (i)		997			1,048
Pool # 1Q0105, ARM, 4.48%, 9/1/2036 (i)		824			865
Pool # 1N0249, ARM, 4.20%, 10/1/2036 (i)		449			465
Pool # 1A1096, ARM, 4.25%, 10/1/2036 (i)		843			876
Pool # 1A1097, ARM, 4.29%, 10/1/2036 (i)		439			456
Pool # 1G2539, ARM, 4.34%, 10/1/2036 (i)		384			405
Pool # 1K0046, ARM, 4.73%, 10/1/2036 (i)		577			610
Pool # 1J1348, ARM, 5.02%, 10/1/2036 (i)		224			236
Pool # 1J1378, ARM, 3.39%, 11/1/2036 (i)		809			845
Pool # 1G2671, ARM, 3.94%, 11/1/2036 (i)		162			169
Pool # 848115, ARM, 4.25%, 11/1/2036 (i)		434			458
Pool # 1Q0737, ARM, 4.48%, 11/1/2036 (i)		501			526
Pool # 782760, ARM, 4.56%, 11/1/2036 (i)		1,373			1,449
Pool # 1J1418, ARM, 3.44%, 12/1/2036 (i)		62			65
Pool # 1G1386, ARM, 3.85%, 12/1/2036 (i)		1,081			1,143
Pool # 1J1634, ARM, 4.04%, 12/1/2036 (i)		1,500			1,567
Pool # 1J1419, ARM, 4.08%, 12/1/2036 (i)		2,389			2,487
Pool # 1J1399, ARM, 4.56%, 12/1/2036 (i)		18			19
Pool # 1G1478, ARM, 3.81%, 1/1/2037 (i)		316			333
Pool # 1N1511, ARM, 4.16%, 1/1/2037 (i)		134			139
Pool # 1J1516, ARM, 3.58%, 2/1/2037 (i)		85			89
Pool # 1J0282, ARM, 3.69%, 2/1/2037 (i)		53			56
Pool # 1G1554, ARM, 3.86%, 2/1/2037 (i)		461			484
Pool # 1J1543, ARM, 4.31%, 2/1/2037 (i)		124			132
Pool # 1N0353, ARM, 4.61%, 2/1/2037 (i)		911			960
Pool # 1B7303, ARM, 4.24%, 3/1/2037 (i)		152			159
Pool # 1J1526, ARM, 4.35%, 3/1/2037 (i)		112			117
Pool # 1Q0739, ARM, 4.38%, 3/1/2037 (i)		1,515			1,582
Pool # 1J0399, ARM, 3.66%, 4/1/2037 (i)		19			19
Pool # 1J1564, ARM, 4.08%, 4/1/2037 (i)		419			438
Pool # 1Q0697, ARM, 4.03%, 5/1/2037 (i)		745			768
Pool # 1Q0783, ARM, 4.03%, 5/1/2037 (i)		1,216			1,287

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
MORTGAGE-BACKED SECURITIES — continued
Pool # 1A1193, ARM, 4.51%, 5/1/2037 (i)		520			545
Pool # 1N1477, ARM, 4.51%, 5/1/2037 (i)		295			309
Pool # 1J1621, ARM, 4.56%, 5/1/2037 (i)		523			552
Pool # 1N1463, ARM, 4.60%, 5/1/2037 (i)		47			49
Pool # 1J1740, ARM, 3.58%, 6/1/2037 (i)		196			205
Pool # 1J0533, ARM, 4.52%, 7/1/2037 (i)		110			115
Pool # 1J2945, ARM, 4.50%, 11/1/2037 (i)		49			50
Pool # 1Q0722, ARM, 4.07%, 4/1/2038 (i)		476			502
Pool # 1Q0789, ARM, 3.99%, 5/1/2038 (i)		351			369
Pool # 848699, ARM, 4.40%, 7/1/2040 (i)		562			588
FHLMC Gold Pools, 15 Year, Single Family
Pool # G11694, 6.50%, 9/1/2019		2			2
Pool # G11805, 5.50%, 12/1/2019		7			7
Pool # G13033, 6.00%, 2/1/2020		1			1
Pool # G11954, 5.50%, 4/1/2020		9			9
Pool # G11816, 5.50%, 6/1/2020		—	(j)		—	(j)
Pool # G11771, 6.00%, 6/1/2020		13			13
Pool # G11761, 6.00%, 8/1/2020		12			12
Pool # G12906, 6.00%, 7/1/2021		1			1
Pool # G13073, 6.00%, 7/1/2021		36			36
Pool # J08275, 6.00%, 1/1/2022		4			4
Pool # G13012, 6.00%, 3/1/2022		4			4
Pool # G12825, 6.50%, 3/1/2022		19			19
Pool # G13603, 5.50%, 2/1/2024		79			81
FHLMC Gold Pools, 20 Year, Single Family
Pool # C91158, 6.50%, 1/1/2028		387			419
Pool # C91417, 3.50%, 1/1/2032		5,396			5,422
Pool # C91403, 3.50%, 3/1/2032		2,220			2,230
FHLMC Gold Pools, 30 Year, Single Family
Pool # A01047, 8.00%, 7/1/2020		—	(j)		—	(j)
Pool # G00245, 8.00%, 8/1/2024		5			6
Pool # C00376, 8.00%, 11/1/2024		3			4
Pool # C00414, 7.50%, 8/1/2025		9			10
Pool # C00452, 7.00%, 4/1/2026		11			12
Pool # G00981, 8.50%, 7/1/2028		26			29
Pool # G02210, 7.00%, 12/1/2028		422			471
Pool # C47315, 6.50%, 8/1/2029		806			884
Pool # G03029, 6.00%, 10/1/2029		126			138
Pool # A88871, 7.00%, 1/1/2031		329			358
Pool # C68485, 7.00%, 7/1/2032		30			32
Pool # G01448, 7.00%, 8/1/2032		48			53
Pool # C75791, 5.50%, 1/1/2033		730			789
Pool # A13625, 5.50%, 10/1/2033		375			409
Pool # A16107, 6.00%, 12/1/2033		114			124
Pool # G01864, 5.00%, 1/1/2034		281			298
Pool # A17537, 6.00%, 1/1/2034		251			279
Pool # A23139, 5.00%, 6/1/2034		769			816
Pool # A61572, 5.00%, 9/1/2034		770			813
Pool # A28796, 6.50%, 11/1/2034		95			108
Pool # G03369, 6.50%, 1/1/2035		875			959
Pool # A70350, 5.00%, 3/1/2035		338			357
Pool # A46987, 5.50%, 7/1/2035		801			866
Pool # G05713, 6.50%, 12/1/2035		596			665
Pool # G03777, 5.00%, 11/1/2036		715			759
Pool # C02660, 6.50%, 11/1/2036		217			245
Pool # G02427, 5.50%, 12/1/2036		348			376
Pool # A57681, 6.00%, 12/1/2036		77			85
Pool # G02682, 7.00%, 2/1/2037		74			84
Pool # G04949, 6.50%, 11/1/2037		539			598
Pool # G03666, 7.50%, 1/1/2038		603			698

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
MORTGAGE-BACKED SECURITIES — continued
Pool # G04952, 7.50%, 1/1/2038		369			425
Pool # G04077, 6.50%, 3/1/2038		517			581
Pool # G05671, 5.50%, 8/1/2038		735			795
Pool # G05190, 7.50%, 9/1/2038		282			314
Pool # C03466, 5.50%, 3/1/2040		250			270
Pool # A93383, 5.00%, 8/1/2040		3,491			3,694
Pool # A93511, 5.00%, 8/1/2040		12,771			13,514
Pool # G06493, 4.50%, 5/1/2041		18,443			19,189
Pool # V80351, 3.00%, 8/1/2043		26,870			25,833
Pool # Q57995, 5.00%, 8/1/2048		25,597			27,100
FHLMC Gold Pools, FHA/VA
Pool # G20027, 10.00%, 10/1/2030		324			342
Pool # B90491, 7.50%, 1/1/2032		873			947
Pool # G20028, 7.50%, 12/1/2036		2,970			3,220
FHLMC Gold Pools, Other
Pool # G80341, 10.00%, 3/17/2026		29			29
Pool # P20570, 7.00%, 7/1/2029		8			9
Pool # U80192, 3.50%, 2/1/2033		1,592			1,585
Pool # L10151, 6.00%, 2/1/2033		234			243
Pool # U80342, 3.50%, 5/1/2033		1,948			1,940
Pool # U80345, 3.50%, 5/1/2033		7,488			7,456
Pool # L10221, 6.00%, 1/1/2034		207			220
Pool # P50523, 6.50%, 12/1/2035		244			258
Pool # H05030, 6.00%, 11/1/2036		81			86
Pool # L10291, 6.50%, 11/1/2036		2,128			2,289
Pool # P51353, 6.50%, 11/1/2036		1,045			1,123
Pool # P50595, 6.50%, 12/1/2036		2,475			2,745
Pool # P51361, 6.50%, 12/1/2036		1,072			1,178
Pool # P50531, 6.50%, 1/1/2037		164			175
Pool # P51251, 6.50%, 1/1/2037		55			56
Pool # P50536, 6.50%, 2/1/2037		226			240
Pool # P50556, 6.50%, 6/1/2037		134			141
Pool # U90690, 3.50%, 6/1/2042		26,765			26,395
Pool # U90975, 4.00%, 6/1/2042		21,865			22,144
Pool # T65101, 4.00%, 10/1/2042		935			932
Pool # U90402, 3.50%, 11/1/2042		956			942
Pool # U90673, 4.00%, 1/1/2043		2,458			2,490
Pool # U91192, 4.00%, 4/1/2043		5,351			5,421
Pool # U91488, 3.50%, 5/1/2043		2,918			2,877
Pool # U99051, 3.50%, 6/1/2043		9,875			9,738
Pool # U99134, 4.00%, 1/1/2046		68,062			68,938
Pool # U69030, 4.50%, 1/1/2046		29,428			30,601
FNMA
Pool # 70226, ARM, 2.13%, 1/1/2019 (i)		—	(j)		—	(j)
Pool # 116612, ARM, 3.62%, 3/1/2019 (i)		—	(j)		—	(j)
Pool # 470623, ARM, 3.11%, 3/1/2022 (i)		7,774			7,781
Pool # AM2353, ARM, 2.65%, 1/1/2023 (i)		6,392			6,386
Pool # AM7563, ARM, 2.63%, 12/1/2024 (i)		10,000			9,948
Pool # 54844, ARM, 2.69%, 9/1/2027 (i)		36			36
Pool # 303532, ARM, 4.02%, 3/1/2029 (i)		24			25
Pool # 555732, ARM, 4.28%, 8/1/2033 (i)		256			267
Pool # 658481, ARM, 3.91%, 9/1/2033 (i)		413			425
Pool # 746299, ARM, 4.69%, 9/1/2033 (i)		112			118
Pool # 743546, ARM, 4.39%, 11/1/2033 (i)		315			328
Pool # 766610, ARM, 4.09%, 1/1/2034 (i)		115			119
Pool # 777132, ARM, 4.29%, 6/1/2034 (i)		333			352
Pool # 782306, ARM, 4.48%, 7/1/2034 (i)		24			25
Pool # 800422, ARM, 3.70%, 8/1/2034 (i)		300			307
Pool # 790235, ARM, 4.39%, 8/1/2034 (i)		164			172
Pool # 793062, ARM, 4.50%, 8/1/2034 (i)		74			77

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MORTGAGE-BACKED SECURITIES — continued
Pool # 790964, ARM, 4.34%, 9/1/2034 (i)		28		30
Pool # 794792, ARM, 4.24%, 10/1/2034 (i)		120		124
Pool # 896463, ARM, 4.62%, 10/1/2034 (i)		341		361
Pool # 781563, ARM, 4.47%, 11/1/2034 (i)		54		57
Pool # 799912, ARM, 4.56%, 11/1/2034 (i)		137		144
Pool # 809319, ARM, 3.37%, 1/1/2035 (i)		96		100
Pool # 810896, ARM, 4.06%, 1/1/2035 (i)		1,895		1,954
Pool # 816594, ARM, 4.04%, 2/1/2035 (i)		92		95
Pool # 820602, ARM, 4.08%, 3/1/2035 (i)		372		386
Pool # 745862, ARM, 4.19%, 4/1/2035 (i)		383		404
Pool # 821378, ARM, 3.91%, 5/1/2035 (i)		310		320
Pool # 823660, ARM, 4.12%, 5/1/2035 (i)		53		55
Pool # 888605, ARM, 3.85%, 7/1/2035 (i)		138		144
Pool # 838972, ARM, 4.14%, 8/1/2035 (i)		18		18
Pool # 832801, ARM, 4.36%, 9/1/2035 (i)		199		209
Pool # 851432, ARM, 4.50%, 10/1/2035 (i)		504		530
Pool # 849251, ARM, 4.04%, 1/1/2036 (i)		978		1,002
Pool # 745445, ARM, 4.18%, 1/1/2036 (i)		349		368
Pool # 920465, ARM, 4.25%, 1/1/2036 (i)		31		31
Pool # 920340, ARM, 5.00%, 2/1/2036 (i)		74		78
Pool # 920843, ARM, 5.02%, 3/1/2036 (i)		2,837		3,032
Pool # 868952, ARM, 4.22%, 5/1/2036 (i)		189		199
Pool # 872622, ARM, 4.17%, 6/1/2036 (i)		68		71
Pool # 872825, ARM, 4.55%, 6/1/2036 (i)		1,600		1,687
Pool # 884066, ARM, 4.60%, 6/1/2036 (i)		355		375
Pool # 892868, ARM, 4.52%, 7/1/2036 (i)		573		602
Pool # 884722, ARM, 4.27%, 8/1/2036 (i)		239		250
Pool # 745784, ARM, 4.50%, 8/1/2036 (i)		321		324
Pool # 886558, ARM, 4.60%, 8/1/2036 (i)		661		699
Pool # 898179, ARM, 3.78%, 9/1/2036 (i)		1,295		1,326
Pool # 920547, ARM, 4.10%, 9/1/2036 (i)		301		311
Pool # 893580, ARM, 4.37%, 9/1/2036 (i)		467		485
Pool # 886772, ARM, 4.51%, 9/1/2036 (i)		1,220		1,283
Pool # 894452, ARM, 4.70%, 9/1/2036 (i)		331		348
Pool # 894239, ARM, 4.48%, 10/1/2036 (i)		503		523
Pool # 900191, ARM, 4.83%, 10/1/2036 (i)		600		634
Pool # 900197, ARM, 4.84%, 10/1/2036 (i)		839		890
Pool # 902818, ARM, 4.75%, 11/1/2036 (i)		104		109
Pool # 897470, ARM, 5.06%, 11/1/2036 (i)		166		175
Pool # 902955, ARM, 4.66%, 12/1/2036 (i)		1,161		1,222
Pool # 905189, ARM, 4.81%, 12/1/2036 (i)		201		210
Pool # 920954, ARM, 3.97%, 1/1/2037 (i)		535		551
Pool # 888184, ARM, 4.01%, 1/1/2037 (i)		293		309
Pool # 913984, ARM, 4.03%, 2/1/2037 (i)		604		624
Pool # 915645, ARM, 4.53%, 2/1/2037 (i)		458		482
Pool # 888307, ARM, 3.80%, 4/1/2037 (i)		1,079		1,130
Pool # 948208, ARM, 3.80%, 7/1/2037 (i)		672		688
Pool # 944096, ARM, 4.22%, 7/1/2037 (i)		72		75
Pool # 995919, ARM, 4.41%, 7/1/2037 (i)		1,512		1,584
Pool # 938346, ARM, 4.50%, 7/1/2037 (i)		539		566
Pool # 945032, ARM, 5.10%, 8/1/2037 (i)		527		559
Pool # 946362, ARM, 4.21%, 9/1/2037 (i)		332		347
Pool # 946260, ARM, 4.48%, 9/1/2037 (i)		382		396
Pool # 952835, ARM, 4.48%, 9/1/2037 (i)		135		143
Pool # 946450, ARM, 4.53%, 9/1/2037 (i)		90		91
Pool # AD0085, ARM, 4.17%, 11/1/2037 (i)		1,037		1,071
Pool # 995108, ARM, 4.34%, 11/1/2037 (i)		619		650
Pool # AD0179, ARM, 4.37%, 12/1/2037 (i)		1,171		1,225

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
MORTGAGE-BACKED SECURITIES — continued
Pool # 966946, ARM, 3.79%, 1/1/2038 (i)		161			166
FNMA, 15 Year, Single Family
Pool # 888681, 5.00%, 12/1/2018		—	(j)		—	(j)
Pool # 742078, 4.50%, 3/1/2019		9			10
Pool # 995913, 6.00%, 3/1/2019		1			1
Pool # 773815, 3.50%, 4/1/2019		17			17
Pool # 761326, 5.00%, 4/1/2019		23			24
Pool # 774432, 5.00%, 4/1/2019		1			1
Pool # 780956, 4.50%, 5/1/2019		4			4
Pool # 784021, 4.50%, 6/1/2019		34			34
Pool # 779735, 5.50%, 7/1/2019		37			37
Pool # 725767, 6.00%, 7/1/2019		—	(j)		—	(j)
Pool # 786699, 5.50%, 8/1/2019		41			41
Pool # 255358, 5.00%, 9/1/2019		2			2
Pool # 796668, 5.50%, 9/1/2019		58			58
Pool # 745048, 5.00%, 10/1/2019		5			6
Pool # 735208, 6.00%, 10/1/2019		3			3
Pool # 735841, 4.50%, 11/1/2019		6			6
Pool # 789659, 4.50%, 11/1/2019		21			21
Pool # 801026, 4.50%, 11/1/2019		40			40
Pool # 735290, 4.50%, 12/1/2019		18			18
Pool # 735386, 5.50%, 1/1/2020		56			57
Pool # 888557, 5.50%, 3/1/2020		3			3
Pool # 811739, 6.00%, 3/1/2020		14			14
Pool # 889265, 5.50%, 6/1/2020		2			2
Pool # 889687, 5.50%, 6/1/2020		24			24
Pool # 889805, 5.50%, 7/1/2020		3			3
Pool # 735911, 6.50%, 8/1/2020		6			6
Pool # 745406, 6.00%, 3/1/2021		94			95
Pool # 745502, 6.00%, 4/1/2021		31			31
Pool # 995886, 6.00%, 4/1/2021		47			47
Pool # 938569, 6.00%, 7/1/2021		8			9
Pool # AD0142, 6.00%, 8/1/2021		164			166
Pool # 890129, 6.00%, 12/1/2021		84			86
Pool # 888834, 6.50%, 4/1/2022		106			108
Pool # 889634, 6.00%, 2/1/2023		1,190			1,226
Pool # AD0364, 5.00%, 5/1/2023		97			101
Pool # 995381, 6.00%, 1/1/2024		985			1,018
Pool # 995425, 6.00%, 1/1/2024		350			364
Pool # 995456, 6.50%, 2/1/2024		464			484
Pool # AE0081, 6.00%, 7/1/2024		243			253
Pool # AD0133, 5.00%, 8/1/2024		353			366
FNMA, 20 Year, Single Family
Pool # 254305, 6.50%, 5/1/2022		26			28
Pool # 555791, 6.50%, 12/1/2022		90			98
Pool # 889889, 6.50%, 7/1/2024		210			228
Pool # 888656, 6.50%, 4/1/2025		28			30
Pool # AE0096, 5.50%, 7/1/2025		491			524
Pool # 256311, 6.00%, 7/1/2026		291			313
Pool # 256352, 6.50%, 8/1/2026		519			563
Pool # 256803, 6.00%, 7/1/2027		383			412
Pool # 256962, 6.00%, 11/1/2027		180			194
Pool # 257007, 6.00%, 12/1/2027		540			581
Pool # 257048, 6.00%, 1/1/2028		909			979
Pool # 890222, 6.00%, 10/1/2028		693			746
Pool # AE0049, 6.00%, 9/1/2029		474			510
Pool # AO7761, 3.50%, 7/1/2032		1,248			1,258
Pool # MA1138, 3.50%, 8/1/2032		8,080			8,139
Pool # AL6238, 4.00%, 1/1/2035		19,245			19,711

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
MORTGAGE-BACKED SECURITIES — continued
FNMA, 30 Year, FHA/VA
Pool # 426839, 9.50%, 12/1/2018		—	(j)		—	(j)
Pool # 535183, 8.00%, 6/1/2028		33			35
Pool # 252409, 6.50%, 3/1/2029		137			149
Pool # 653815, 7.00%, 2/1/2033		13			14
Pool # 752786, 6.00%, 9/1/2033		127			135
FNMA, 30 Year, Single Family
Pool # 70825, 8.00%, 3/1/2021		—	(j)		—	(j)
Pool # 189190, 7.50%, 11/1/2022		9			9
Pool # 50966, 7.00%, 1/1/2024		3			3
Pool # 479469, 10.00%, 2/1/2024		2			2
Pool # 250066, 8.00%, 5/1/2024		3			3
Pool # 250103, 8.50%, 7/1/2024		9			10
Pool # 303031, 7.50%, 10/1/2024		4			4
Pool # 308499, 8.50%, 5/1/2025		1			1
Pool # 399269, 7.00%, 4/1/2026		43			44
Pool # 689977, 8.00%, 3/1/2027		56			61
Pool # 695533, 8.00%, 6/1/2027		46			49
Pool # 313687, 7.00%, 9/1/2027		7			7
Pool # 457268, 9.50%, 7/1/2028		4			4
Pool # 756024, 8.00%, 9/1/2028		90			99
Pool # 755973, 8.00%, 11/1/2028		218			244
Pool # 455759, 6.00%, 12/1/2028		24			26
Pool # 252211, 6.00%, 1/1/2029		35			38
Pool # 459097, 7.00%, 1/1/2029		53			56
Pool # 889020, 6.50%, 11/1/2029		4,655			5,118
Pool # 598559, 6.50%, 8/1/2031		106			117
Pool # 679886, 6.50%, 2/1/2032		551			599
Pool # 649734, 7.00%, 6/1/2032		45			47
Pool # 649624, 7.00%, 8/1/2032		11			11
Pool # 682078, 5.50%, 11/1/2032		484			521
Pool # 675555, 6.00%, 12/1/2032		215			233
Pool # AL0045, 6.00%, 12/1/2032		1,426			1,560
Pool # 683351, 5.50%, 2/1/2033		18			20
Pool # 357363, 5.50%, 3/1/2033		741			805
Pool # 674349, 6.00%, 3/1/2033		65			70
Pool # 688625, 6.00%, 3/1/2033		38			41
Pool # 688655, 6.00%, 3/1/2033		35			38
Pool # 695584, 6.00%, 3/1/2033		20			22
Pool # 254693, 5.50%, 4/1/2033		509			547
Pool # 702901, 6.00%, 5/1/2033		192			211
Pool # 720576, 5.00%, 6/1/2033		143			152
Pool # 995656, 7.00%, 6/1/2033		868			987
Pool # 723852, 5.00%, 7/1/2033		176			187
Pool # 729296, 5.00%, 7/1/2033		149			158
Pool # 720155, 5.50%, 7/1/2033		123			133
Pool # 729379, 6.00%, 8/1/2033		60			64
Pool # AA0917, 5.50%, 9/1/2033		1,939			2,084
Pool # 737825, 6.00%, 9/1/2033		107			117
Pool # 750977, 4.50%, 11/1/2033		157			162
Pool # 725027, 5.00%, 11/1/2033		417			444
Pool # 755109, 5.50%, 11/1/2033		32			35
Pool # 753174, 4.00%, 12/1/2033		495			499
Pool # 725017, 5.50%, 12/1/2033		758			826
Pool # 759424, 5.50%, 1/1/2034		69			75
Pool # 751341, 5.50%, 3/1/2034		75			80
Pool # 770405, 5.00%, 4/1/2034		957			1,020
Pool # 776708, 5.00%, 5/1/2034		327			347
Pool # AC1317, 4.50%, 9/1/2034		272			281

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MORTGAGE-BACKED SECURITIES — continued
Pool # 888568, 5.00%, 12/1/2034		259		275
Pool # 810663, 5.00%, 1/1/2035		193		203
Pool # 995003, 7.50%, 1/1/2035		372		424
Pool # 995156, 7.50%, 3/1/2035		418		479
Pool # 735503, 6.00%, 4/1/2035		883		966
Pool # 827776, 5.00%, 7/1/2035		152		159
Pool # 820347, 5.00%, 9/1/2035		535		570
Pool # 745148, 5.00%, 1/1/2036		463		491
Pool # 888417, 6.50%, 1/1/2036		2,727		3,024
Pool # 745275, 5.00%, 2/1/2036		372		395
Pool # 833629, 7.00%, 3/1/2036		19		20
Pool # 745418, 5.50%, 4/1/2036		673		726
Pool # 888016, 5.50%, 5/1/2036		893		959
Pool # 888209, 5.50%, 5/1/2036		574		621
Pool # 870770, 6.50%, 7/1/2036		44		49
Pool # 976871, 6.50%, 8/1/2036		1,693		1,872
Pool # AA0922, 6.00%, 9/1/2036		3,343		3,655
Pool # 745948, 6.50%, 10/1/2036		376		419
Pool # AA1019, 6.00%, 11/1/2036		513		561
Pool # 888476, 7.50%, 5/1/2037		309		358
Pool # 928584, 6.50%, 8/1/2037		289		327
Pool # 945870, 6.50%, 8/1/2037		339		378
Pool # 986648, 6.00%, 9/1/2037		761		831
Pool # 928670, 7.00%, 9/1/2037		397		441
Pool # 888890, 6.50%, 10/1/2037		675		753
Pool # 888707, 7.50%, 10/1/2037		1,577		1,844
Pool # 888892, 7.50%, 11/1/2037		486		516
Pool # AL0662, 5.50%, 1/1/2038		1,329		1,432
Pool # 995505, 8.00%, 1/1/2038		64		74
Pool # 929331, 6.00%, 4/1/2038		231		248
Pool # 909236, 7.00%, 9/1/2038		476		543
Pool # 890268, 6.50%, 10/1/2038		805		900
Pool # 995149, 6.50%, 10/1/2038		3,184		3,579
Pool # 934591, 7.00%, 10/1/2038		914		1,065
Pool # AB2869, 6.00%, 11/1/2038		637		703
Pool # 991908, 7.00%, 11/1/2038		613		706
Pool # 995504, 7.50%, 11/1/2038		400		463
Pool # 257510, 7.00%, 12/1/2038		1,533		1,758
Pool # AD0753, 7.00%, 1/1/2039		2,668		3,030
Pool # AD0780, 7.50%, 4/1/2039		1,417		1,551
Pool # AC2948, 5.00%, 9/1/2039		1,099		1,161
Pool # AC3740, 5.50%, 9/1/2039		841		900
Pool # AC7296, 5.50%, 12/1/2039		857		917
Pool # AD7790, 5.00%, 8/1/2040		6,433		6,823
Pool # AD9151, 5.00%, 8/1/2040		3,177		3,369
Pool # AL2059, 4.00%, 6/1/2042		14,496		14,757
Pool # AB9017, 3.00%, 4/1/2043		20,230		19,454
Pool # AT5891, 3.00%, 6/1/2043		23,344		22,457
Pool # AB9860, 3.00%, 7/1/2043		18,493		17,780
Pool # AL7527, 4.50%, 9/1/2043		12,197		12,688
Pool # AL7496, 3.50%, 5/1/2044		33,801		33,452
Pool # AL7380, 3.50%, 2/1/2045		19,917		19,712
Pool # AS6479, 3.50%, 1/1/2046		49,677		49,101
Pool # BM3500, 4.00%, 9/1/2047		80,068		80,815
Pool # BE8344, 4.00%, 11/1/2047		10,534		10,616
Pool # BJ7248, 4.00%, 12/1/2047		8,554		8,655
Pool # BE8349, 4.00%, 1/1/2048		9,866		9,943
Pool # BJ5756, 4.00%, 1/1/2048		15,687		15,835

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MORTGAGE-BACKED SECURITIES — continued
Pool # BJ7310, 4.00%, 1/1/2048		15,100		15,282
Pool # BJ8237, 4.00%, 1/1/2048		10,077		10,186
Pool # BJ8264, 4.00%, 1/1/2048		6,494		6,563
Pool # BK1007, 4.00%, 2/1/2048		3,302		3,336
Pool # BK1134, 4.00%, 2/1/2048		19,157		19,279
Pool # BM3665, 4.00%, 3/1/2048		66,575		67,352
Pool # BE8366, 4.50%, 7/1/2048		18,709		19,400
Pool # BK7982, 5.00%, 7/1/2048		29,146		30,850
FNMA, Other
Pool # BL1040, 3.88%, 12/1/2018 (k)		42,090		42,103
Pool # 471233, 2.19%, 5/1/2019		7,822		7,805
Pool # AM0081, 1.94%, 7/1/2019		10,705		10,639
Pool # 471692, 2.37%, 7/1/2019		13,374		13,312
Pool # AM1719, 1.47%, 12/1/2019		6,568		6,477
Pool # 464019, 4.26%, 12/1/2019		7,690		7,770
Pool # AD0660, 4.48%, 12/1/2019		10,569		10,659
Pool # AD0852, 4.28%, 1/1/2020		11,922		12,027
Pool # AD0851, 4.37%, 2/1/2020		5,921		5,997
Pool # AE0134, 4.40%, 2/1/2020		6,083		6,154
Pool # AE1544, 4.00%, 4/1/2020		6		6
Pool # AE0136, 4.38%, 4/1/2020		12,095		12,277
Pool # AM3498, 2.01%, 6/1/2020		80,712		79,523
Pool # 465659, 3.74%, 7/1/2020		4,629		4,670
Pool # 465578, 3.93%, 7/1/2020		12,133		12,274
Pool # 465491, 4.07%, 7/1/2020		25,782		26,134
Pool # 465769, 3.96%, 8/1/2020		8,106		8,209
Pool # 465936, 3.60%, 9/1/2020		1,561		1,573
Pool # 466030, 3.29%, 10/1/2020		6,536		6,545
Pool # 465969, 3.50%, 10/1/2020		9,302		9,358
Pool # 465973, 3.59%, 10/1/2020		8,139		8,202
Pool # 465738, 3.92%, 10/1/2020		5,745		5,821
Pool # 466436, 3.27%, 11/1/2020		6,535		6,544
Pool # AM1547, 2.00%, 12/1/2020		13,452		13,147
Pool # FN0022, 3.54%, 12/1/2020		2,462		2,478
Pool # 466854, 3.70%, 12/1/2020		3,071		3,103
Pool # 466840, 3.83%, 12/1/2020		7,359		7,454
Pool # AL4762, 3.56%, 1/1/2021		2,525		2,543
Pool # 466836, 3.87%, 1/1/2021		9,790		9,931
Pool # 466919, 3.93%, 1/1/2021		3,330		3,382
Pool # 466898, 4.05%, 1/1/2021		4,188		4,257
Pool # FN0003, 4.28%, 1/1/2021		5,322		5,443
Pool # 467264, 4.33%, 2/1/2021		4,111		4,203
Pool # 467755, 4.25%, 4/1/2021		8,968		9,167
Pool # 467944, 4.25%, 4/1/2021		6,816		6,969
Pool # 467630, 4.30%, 4/1/2021		2,470		2,528
Pool # 467757, 4.33%, 4/1/2021		5,973		6,115
Pool # 468021, 4.36%, 5/1/2021		12,573		12,889
Pool # 468243, 3.97%, 6/1/2021		5,236		5,323
Pool # 468237, 4.02%, 6/1/2021		6,009		6,120
Pool # 468381, 4.10%, 6/1/2021		5,614		5,725
Pool # 468242, 4.19%, 6/1/2021		4,525		4,625
Pool # AL0569, 4.26%, 6/1/2021		5,650		5,758
Pool # 468066, 4.30%, 6/1/2021		4,601		4,713
Pool # 468102, 4.34%, 6/1/2021		16,142		16,566
Pool # 468614, 3.86%, 7/1/2021		7,879		8,017
Pool # 468466, 3.89%, 7/1/2021		7,656		7,774
Pool # 468667, 3.94%, 7/1/2021		8,968		9,121
Pool # 468651, 3.99%, 7/1/2021		3,684		3,749
Pool # 468564, 4.06%, 7/1/2021		8,364		8,528

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MORTGAGE-BACKED SECURITIES — continued
Pool # 468159, 4.26%, 7/1/2021		18,927		19,391
Pool # AL0602, 4.31%, 7/1/2021		6,375		6,523
Pool # 468699, 4.05%, 8/1/2021		1,420		1,449
Pool # 468896, 4.13%, 8/1/2021		6,436		6,577
Pool # 468542, 4.50%, 8/1/2021		24,662		25,444
Pool # AM6602, 2.63%, 9/1/2021		8,210		8,092
Pool # 468994, 3.85%, 9/1/2021		7,106		7,237
Pool # 469204, 3.89%, 9/1/2021		12,121		12,322
Pool # 468936, 3.92%, 9/1/2021		5,423		5,516
Pool # AL0905, 3.95%, 9/1/2021		8,411		8,547
Pool # 469254, 3.40%, 10/1/2021		2,868		2,883
Pool # AM7314, 2.63%, 11/1/2021		8,000		7,888
Pool # 469552, 3.43%, 11/1/2021		8,206		8,260
Pool # 469873, 3.03%, 12/1/2021		7,794		7,760
Pool # 469545, 3.31%, 12/1/2021		3,177		3,188
Pool # AM5706, 3.44%, 12/1/2021		3,880		3,891
Pool # 469074, 3.83%, 12/1/2021		13,452		13,703
Pool # AM7739, 2.40%, 1/1/2022		9,258		9,052
Pool # 470269, 2.97%, 1/1/2022		6,253		6,214
Pool # 470324, 3.03%, 1/1/2022		7,016		6,985
Pool # 470280, 3.09%, 1/1/2022		10,941		10,911
Pool # 470181, 3.20%, 1/1/2022		6,963		6,966
Pool # 470359, 3.06%, 2/1/2022		7,497		7,470
Pool # 470202, 3.14%, 2/1/2022		3,927		3,922
Pool # 470622, 2.75%, 3/1/2022		7,862		7,791
Pool # 470826, 2.97%, 3/1/2022		5,381		5,345
Pool # 470555, 3.08%, 3/1/2022		3,436		3,426
Pool # 470539, 3.14%, 3/1/2022		2,445		2,442
Pool # 470779, 3.21%, 3/1/2022		2,690		2,692
Pool # 470474, 2.70%, 4/1/2022		13,001		12,793
Pool # AM4851, 3.05%, 4/1/2022		11,007		10,944
Pool # 471033, 3.08%, 4/1/2022		8,352		8,326
Pool # 471718, 2.77%, 5/1/2022		13,957		13,754
Pool # 471274, 2.86%, 5/1/2022		11,869		11,731
Pool # 471177, 2.94%, 5/1/2022		8,693		8,627
Pool # 471151, 3.02%, 5/1/2022		5,513		5,485
Pool # 471190, 3.12%, 5/1/2022		7,933		7,918
Pool # 471599, 2.60%, 6/1/2022		6,967		6,838
Pool # 471747, 2.76%, 6/1/2022		13,945		13,667
Pool # AM0109, 2.61%, 7/1/2022		7,367		7,237
Pool # 471839, 2.67%, 7/1/2022		9,793		9,616
Pool # 471881, 2.67%, 7/1/2022		5,426		5,314
Pool # 471749, 2.69%, 7/1/2022		8,332		8,148
Pool # AM0177, 2.82%, 7/1/2022		8,968		8,849
Pool # 471284, 2.98%, 7/1/2022		19,269		19,144
Pool # 471828, 2.65%, 8/1/2022		8,968		8,774
Pool # AM0757, 2.47%, 9/1/2022		3,150		3,071
Pool # AM1025, 2.39%, 10/1/2022		5,361		5,221
Pool # AM0810, 2.57%, 10/1/2022		5,040		4,940
Pool # AM0664, 2.64%, 10/1/2022		5,605		5,481
Pool # AM1196, 2.37%, 11/1/2022		3,965		3,858
Pool # AM0585, 2.38%, 11/1/2022		7,203		7,009
Pool # AM1437, 2.41%, 11/1/2022		4,980		4,851
Pool # AM1392, 2.44%, 11/1/2022		6,833		6,665
Pool # AM0806, 2.45%, 11/1/2022		12,174		11,866
Pool # AM1492, 2.47%, 11/1/2022		4,484		4,373
Pool # AM1385, 2.55%, 11/1/2022		10,441		10,223
Pool # AM1386, 2.55%, 11/1/2022		3,338		3,269

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MORTGAGE-BACKED SECURITIES — continued
Pool # AM1779, 2.28%, 12/1/2022		8,553		8,287
Pool # AM1476, 2.32%, 12/1/2022		3,149		3,056
Pool # AM1619, 2.34%, 12/1/2022		19,734		19,123
Pool # AM1505, 2.39%, 12/1/2022		8,804		8,566
Pool # AM0811, 2.42%, 12/1/2022		9,774		9,520
Pool # AM7303, 2.66%, 12/1/2022		14,760		14,458
Pool # AM1922, 2.15%, 1/1/2023		4,051		3,904
Pool # AM1989, 2.33%, 1/1/2023		14,293		13,868
Pool # AM2111, 2.34%, 1/1/2023		11,406		11,071
Pool # AM2072, 2.37%, 1/1/2023		9,130		8,862
Pool # AM2123, 2.40%, 1/1/2023		12,306		11,973
Pool # AM2252, 2.44%, 1/1/2023		8,236		8,025
Pool # AM2223, 2.45%, 1/1/2023		6,117		5,963
Pool # AM1474, 2.51%, 1/1/2023		8,251		8,043
Pool # AM2149, 2.60%, 1/1/2023		6,442		6,315
Pool # AM2333, 2.45%, 2/1/2023		11,210		10,909
Pool # AM2695, 2.49%, 3/1/2023		6,696		6,530
Pool # AM2747, 2.50%, 4/1/2023		12,555		12,230
Pool # AM3069, 2.64%, 4/1/2023		2,968		2,896
Pool # AL3594, 2.71%, 4/1/2023		5,058		4,948
Pool # AM3244, 2.52%, 5/1/2023		28,698		27,967
Pool # AM3439, 2.54%, 5/1/2023		2,668		2,604
Pool # AM3577, 2.42%, 6/1/2023		7,490		7,267
Pool # AL3876, 2.77%, 6/1/2023		17,045		16,709
Pool # AM3589, 2.77%, 6/1/2023		8,018		7,857
Pool # AM3646, 2.64%, 7/1/2023		3,587		3,492
Pool # AM4011, 3.67%, 7/1/2023		42,150		42,989
Pool # AM3990, 3.74%, 7/1/2023		4,778		4,893
Pool # AM4170, 3.51%, 8/1/2023		9,000		9,112
Pool # AM4066, 3.59%, 8/1/2023		9,865		9,988
Pool # AM4716, 3.38%, 12/1/2023		3,006		3,018
Pool # AM4720, 3.45%, 1/1/2024		24,309		24,472
Pool # AM7024, 2.90%, 12/1/2024		8,200		7,998
Pool # AM7231, 2.92%, 12/1/2024		4,000		3,908
Pool # AM7290, 2.97%, 12/1/2024		24,220		23,727
Pool # AM7124, 3.11%, 12/1/2024		25,303		24,978
Pool # AM7682, 2.84%, 1/1/2025		34,780		33,856
Pool # AM7654, 2.86%, 1/1/2025		6,710		6,546
Pool # AM7795, 2.92%, 1/1/2025		33,000		32,232
Pool # AM7698, 2.96%, 1/1/2025		9,350		9,148
Pool # AM7664, 2.99%, 1/1/2025		10,670		10,469
Pool # AM7372, 3.05%, 1/1/2025		1,740		1,711
Pool # 470300, 3.64%, 1/1/2025		4,769		4,807
Pool # AM8251, 2.70%, 4/1/2025		9,895		9,554
Pool # AM8846, 2.68%, 5/1/2025		6,296		6,073
Pool # AM9149, 2.63%, 6/1/2025		6,200		5,948
Pool # AM8795, 3.02%, 6/1/2025		3,832		3,762
Pool # AM9548, 3.17%, 8/1/2025		6,800		6,721
Pool # AN0029, 3.10%, 9/1/2025		9,976		9,822
Pool # AM4660, 3.77%, 12/1/2025		27,400		27,852
Pool # AN0767, 3.18%, 1/1/2026		8,629		8,536
Pool # AN1292, 2.84%, 4/1/2026		9,290		8,972
Pool # AN1590, 2.40%, 5/1/2026		9,703		9,112
Pool # AN1413, 2.49%, 5/1/2026		21,968		20,689
Pool # AN1497, 2.61%, 6/1/2026		11,034		10,442
Pool # AN1243, 2.64%, 6/1/2026		7,998		7,585
Pool # AN1247, 2.64%, 6/1/2026		9,848		9,340
Pool # 468645, 4.54%, 7/1/2026		2,308		2,420

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MORTGAGE-BACKED SECURITIES — continued
Pool # AM6381, 3.29%, 8/1/2026		33,000		32,735
Pool # AM6392, 3.29%, 8/1/2026		11,500		11,410
Pool # 468574, 4.55%, 8/1/2026		8,164		8,543
Pool # 468573, 4.76%, 8/1/2026		8,779		9,314
Pool # 468927, 4.77%, 8/1/2026		5,587		5,929
Pool # AM6448, 3.25%, 9/1/2026		9,973		9,870
Pool # AN3076, 2.46%, 10/1/2026		25,000		23,370
Pool # AM7062, 3.44%, 10/1/2026		8,420		8,390
Pool # AM7117, 3.14%, 12/1/2026		20,175		19,828
Pool # AM7262, 3.19%, 12/1/2026		17,000		16,747
Pool # AM7011, 3.22%, 12/1/2026		2,908		2,872
Pool # AM7485, 3.24%, 12/1/2026		20,000		19,665
Pool # AM7390, 3.26%, 12/1/2026		7,746		7,670
Pool # AM7265, 3.30%, 12/1/2026		5,434		5,373
Pool # FN0029, 4.66%, 12/1/2026		9,550		10,005
Pool # AM8008, 2.94%, 2/1/2027		12,577		12,193
Pool # AM7515, 3.34%, 2/1/2027		16,000		15,837
Pool # AM8280, 2.91%, 3/1/2027		6,000		5,791
Pool # AM8529, 3.03%, 4/1/2027		16,000		15,494
Pool # AM8432, 2.79%, 5/1/2027		8,000		7,608
Pool # AM8745, 2.81%, 5/1/2027		9,914		9,501
Pool # AM8596, 2.83%, 5/1/2027		10,575		10,030
Pool # AM8597, 2.83%, 5/1/2027		10,725		10,173
Pool # AM8598, 2.83%, 5/1/2027		11,437		10,848
Pool # AM8784, 2.89%, 5/1/2027		8,295		7,997
Pool # AM8558, 2.68%, 6/1/2027		8,101		7,702
Pool # AM8803, 2.78%, 6/1/2027		4,177		3,995
Pool # AM8765, 2.83%, 6/1/2027		7,237		6,857
Pool # AM9087, 3.00%, 6/1/2027		16,500		15,853
Pool # AM9170, 3.00%, 6/1/2027		4,713		4,580
Pool # AM9345, 3.25%, 7/1/2027		7,853		7,763
Pool # AN6532, 2.92%, 9/1/2027		4,991		4,757
Pool # AM9723, 3.33%, 9/1/2027		9,825		9,722
Pool # AN7048, 2.90%, 10/1/2027		6,832		6,553
Pool # AM1469, 2.96%, 11/1/2027		4,000		3,826
Pool # AN7669, 2.83%, 12/1/2027		20,254		19,162
Pool # AN8114, 3.00%, 1/1/2028		8,192		7,873
Pool # AN8048, 3.08%, 1/1/2028		40,000		38,426
Pool # AN7943, 3.10%, 1/1/2028		15,000		14,479
Pool # AN1600, 2.59%, 6/1/2028		7,686		7,127
Pool # AN9686, 3.52%, 6/1/2028		40,550		40,026
Pool # AN9486, 3.57%, 6/1/2028		26,476		26,241
Pool # AN2005, 2.73%, 7/1/2028		10,000		9,224
Pool # 387859, 3.53%, 8/1/2028		21,722		21,585
Pool # 387866, 3.53%, 8/1/2028		15,068		14,976
Pool # 387806, 3.55%, 8/1/2028		15,289		15,129
Pool # 387840, 3.65%, 8/1/2028		5,769		5,755
Pool # 109782, 3.55%, 9/1/2028		42,800		42,602
Pool # BL0112, 3.66%, 10/1/2028		26,632		26,753
Pool # BL0907, 3.88%, 12/1/2028 (k)		11,997		12,046
Pool # AN4744, 3.30%, 3/1/2029		8,000		7,735
Pool # AN6106, 3.10%, 7/1/2029		5,700		5,409
Pool # AN6173, 3.12%, 7/1/2029		3,651		3,476
Pool # AN6846, 2.93%, 10/1/2029		13,300		12,415
Pool # AM7018, 3.63%, 10/1/2029		2,825		2,805
Pool # AM8123, 2.92%, 2/1/2030		8,254		7,705
Pool # AM7785, 3.17%, 2/1/2030		6,321		6,027
Pool # AM7516, 3.55%, 2/1/2030		13,000		12,823

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MORTGAGE-BACKED SECURITIES — continued
Pool # AM8692, 3.03%, 4/1/2030		25,000		23,175
Pool # AM8544, 3.08%, 4/1/2030		15,707		14,847
Pool # AM8408, 3.13%, 4/1/2030		38,000		35,762
Pool # AM8321, 3.22%, 4/1/2030		10,665		10,224
Pool # AM8889, 2.92%, 5/1/2030		11,320		10,437
Pool # AM8151, 2.94%, 5/1/2030		12,000		11,044
Pool # AM8802, 3.10%, 5/1/2030		5,179		4,903
Pool # AM8807, 3.10%, 5/1/2030		15,482		14,668
Pool # AN9154, 3.64%, 5/1/2030		4,306		4,290
Pool # AM8666, 2.96%, 6/1/2030		9,680		9,077
Pool # AM9020, 2.97%, 6/1/2030		8,064		7,630
Pool # AM9012, 3.13%, 6/1/2030		9,234		8,692
Pool # AM9154, 3.18%, 6/1/2030		9,419		8,995
Pool # AM9296, 3.15%, 7/1/2030		9,159		8,716
Pool # AM9320, 3.30%, 7/1/2030		10,054		9,557
Pool # AN9594, 3.68%, 7/1/2030		25,000		24,935
Pool # AN9876, 3.80%, 7/1/2030		18,562		18,736
Pool # AN9988, 3.85%, 7/1/2030		9,643		9,777
Pool # AN9938, 3.70%, 8/1/2030		8,233		8,251
Pool # 387883, 3.78%, 8/1/2030		35,146		35,499
Pool # AM9219, 3.35%, 9/1/2030		11,361		10,999
Pool # AM9676, 3.37%, 9/1/2030		7,610		7,378
Pool # BL0979, 3.88%, 12/1/2030 (k)		4,125		4,211
Pool # AN1035, 3.21%, 3/1/2031		13,900		13,135
Pool # AH9683, 5.00%, 4/1/2031		1,200		1,270
Pool # AN1829, 2.90%, 6/1/2031		7,866		7,244
Pool # AN1372, 2.67%, 7/1/2031		15,975		14,276
Pool # AN1364, 2.81%, 8/1/2031		4,736		4,323
Pool # AN2625, 2.50%, 10/1/2031		10,000		8,757
Pool # AN5065, 3.34%, 4/1/2032		26,680		25,456
Pool # AN6155, 3.06%, 8/1/2032		15,000		13,841
Pool # AQ7084, 3.50%, 12/1/2032		3,054		3,044
Pool # 650236, 5.00%, 12/1/2032		6		6
Pool # AR7484, 3.50%, 2/1/2033		5,479		5,461
Pool # AT7117, 3.50%, 6/1/2033		2,128		2,121
Pool # AN9695, 3.67%, 7/1/2033		32,550		32,227
Pool # AN9950, 3.89%, 7/1/2033		9,941		10,044
Pool # 810997, 5.50%, 10/1/2034		281		290
Pool # AM7111, 3.57%, 11/1/2034		18,149		17,627
Pool # AM7122, 3.61%, 11/1/2034		8,871		8,717
Pool # AM8474, 3.45%, 4/1/2035		5,005		4,843
Pool # AM8475, 3.45%, 4/1/2035		2,030		1,965
Pool # AM9188, 3.12%, 6/1/2035		23,000		21,078
Pool # AM9532, 3.63%, 10/1/2035		3,749		3,692
Pool # AN0375, 3.76%, 12/1/2035		3,741		3,764
Pool # 256051, 5.50%, 12/1/2035		235		246
Pool # 256128, 6.00%, 2/1/2036		46		49
Pool # 880219, 7.00%, 2/1/2036		420		471
Pool # 868763, 6.50%, 4/1/2036		9		9
Pool # 907742, 7.00%, 12/1/2036		68		72
Pool # 920934, 6.50%, 1/1/2037		866		951
Pool # 888408, 6.00%, 3/1/2037		735		787
Pool # 888373, 7.00%, 3/1/2037		64		67
Pool # 888412, 7.00%, 4/1/2037		85		92
Pool # 918264, 6.50%, 5/1/2037		72		73
Pool # 995783, 8.00%, 11/1/2037		110		119
Pool # 257209, 5.50%, 5/1/2038		204		210
Pool # MA0127, 5.50%, 6/1/2039		233		244

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
MORTGAGE-BACKED SECURITIES — continued
Pool # AL2606, 4.00%, 3/1/2042		1,514			1,518
Pool # AO7225, 4.00%, 7/1/2042		4,525			4,581
Pool # AO9352, 4.00%, 7/1/2042		4,444			4,499
Pool # AO9353, 4.00%, 7/1/2042		4,043			4,094
Pool # MA1125, 4.00%, 7/1/2042		5,264			5,330
Pool # MA1178, 4.00%, 9/1/2042		26,757			27,100
Pool # MA1213, 3.50%, 10/1/2042		10,454			10,316
Pool # MA1251, 3.50%, 11/1/2042		27,458			27,095
Pool # MA1253, 4.00%, 11/1/2042		21,160			21,424
Pool # AR1397, 3.00%, 1/1/2043		14,725			14,152
Pool # MA1328, 3.50%, 1/1/2043		3,521			3,474
Pool # AQ9999, 3.00%, 2/1/2043		8,160			7,842
Pool # MA1373, 3.50%, 3/1/2043		5,447			5,375
Pool # MA1404, 3.50%, 4/1/2043		16,691			16,470
Pool # AB9096, 4.00%, 4/1/2043		2,885			2,921
Pool # AB9196, 3.50%, 5/1/2043		7,026			6,933
Pool # AT4051, 3.50%, 5/1/2043		1,800			1,776
Pool # MA1437, 3.50%, 5/1/2043		19,424			19,167
Pool # AT5914, 3.50%, 6/1/2043		9,979			9,847
Pool # MA1463, 3.50%, 6/1/2043		22,667			22,367
Pool # AB9704, 4.00%, 6/1/2043		5,585			5,654
Pool # MA1711, 4.50%, 12/1/2043		26,225			27,226
Pool # AL6167, 3.50%, 1/1/2044		12,333			12,170
Pool # MA1759, 4.00%, 1/1/2044		9,116			9,230
Pool # MA1760, 4.50%, 1/1/2044		8,534			8,858
Pool # AV9286, 4.00%, 2/1/2044		5,415			5,483
Pool # MA1800, 4.00%, 2/1/2044		4,470			4,526
Pool # MA1828, 4.50%, 3/1/2044		20,105			20,873
Pool # MA2429, 4.00%, 10/1/2045		5,307			5,374
Pool # MA2565, 4.00%, 3/1/2046		7,520			7,614
Pool # AD0523, 6.00%, 11/1/2048		362			378
GNMA I, 30 Year, Single Family
Pool # 286315, 9.00%, 2/15/2020		—	(j)		—	(j)
Pool # 313110, 7.50%, 11/15/2022		1			1
Pool # 345288, 7.50%, 3/15/2023		2			2
Pool # 352108, 7.00%, 8/15/2023		2			2
Pool # 363030, 7.00%, 9/15/2023		89			92
Pool # 352022, 7.00%, 11/15/2023		5			6
Pool # 366706, 6.50%, 1/15/2024		27			29
Pool # 371281, 7.00%, 2/15/2024		53			55
Pool # 782507, 9.50%, 10/15/2024		99			103
Pool # 780029, 9.00%, 11/15/2024		3			3
Pool # 780965, 9.50%, 12/15/2025		10			10
Pool # 442119, 7.50%, 11/15/2026		9			9
Pool # 411829, 7.50%, 7/15/2027		14			14
Pool # 554108, 6.50%, 3/15/2028		65			70
Pool # 481872, 7.50%, 7/15/2028		6			6
Pool # 468149, 8.00%, 8/15/2028		11			11
Pool # 468236, 6.50%, 9/15/2028		137			149
Pool # 486537, 7.50%, 9/15/2028		34			36
Pool # 486631, 6.50%, 10/15/2028		9			10
Pool # 466406, 6.00%, 11/15/2028		86			92
Pool # 781328, 7.00%, 9/15/2031		753			858
Pool # 569568, 6.50%, 1/15/2032		559			626
Pool # 591882, 6.50%, 7/15/2032		21			23
Pool # 607645, 6.50%, 2/15/2033		109			118
Pool # 607724, 7.00%, 2/15/2033		51			55
Pool # 783123, 5.50%, 4/15/2033		2,530			2,737
Pool # 604209, 6.50%, 4/15/2033		63			68

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MORTGAGE-BACKED SECURITIES — continued
Pool # 614546, 5.50%, 6/15/2033		29		31
Pool # 781614, 7.00%, 6/15/2033		167		192
Pool # 781689, 5.50%, 12/15/2033		103		111
Pool # 632415, 5.50%, 7/15/2034		61		66
Pool # 574710, 5.50%, 9/15/2034		138		148
Pool # 782615, 7.00%, 6/15/2035		1,994		2,247
Pool # 782025, 6.50%, 12/15/2035		679		757
Pool # 617486, 7.00%, 4/15/2037		311		344
Pool # 782212, 7.50%, 10/15/2037		339		397
GNMA II, 30 Year, Single Family
Pool # 1974, 8.50%, 3/20/2025		2		2
Pool # 1989, 8.50%, 4/20/2025		13		14
Pool # 2006, 8.50%, 5/20/2025		32		33
Pool # 2141, 8.00%, 12/20/2025		6		6
Pool # 2234, 8.00%, 6/20/2026		13		14
Pool # 2270, 8.00%, 8/20/2026		10		11
Pool # 2285, 8.00%, 9/20/2026		11		13
Pool # 2324, 8.00%, 11/20/2026		9		10
Pool # 2499, 8.00%, 10/20/2027		24		26
Pool # 2512, 8.00%, 11/20/2027		19		21
Pool # 2525, 8.00%, 12/20/2027		9		9
Pool # 2549, 7.50%, 2/20/2028		12		13
Pool # 2562, 6.00%, 3/20/2028		63		70
Pool # 2606, 8.00%, 6/20/2028		5		5
Pool # 2633, 8.00%, 8/20/2028		1		1
Pool # 2646, 7.50%, 9/20/2028		42		47
Pool # 2647, 8.00%, 9/20/2028		3		3
Pool # 2781, 6.50%, 7/20/2029		673		748
Pool # 4224, 7.00%, 8/20/2038		264		296
Pool # 4245, 6.00%, 9/20/2038		4,551		4,921
Pool # 783389, 6.00%, 8/20/2039		2,324		2,561
Pool # 783444, 5.50%, 9/20/2039		1,429		1,518
Pool # 783967, 4.25%, 12/20/2044		6,983		7,277
Pool # AK8791, 3.75%, 7/20/2045		2,849		2,853
Pool # BD0481, 4.00%, 12/20/2047		4,054		4,120
Pool # BD0484, 4.50%, 12/20/2047		27,447		28,455
Pool # BE0207, 4.50%, 2/20/2048		6,810		7,159
Pool # BE0208, 4.50%, 2/20/2048		10,272		10,797
Pool # BE5169, 4.50%, 2/20/2048		24,260		25,126
Pool # BF2333, 5.50%, 3/20/2048		1,920		2,021
Pool # BA7567, 4.50%, 5/20/2048		9,889		10,245
Pool # BF2574, 5.50%, 5/20/2048		1,397		1,490
Pool # BH2971, 5.00%, 6/20/2048		6,214		6,605
Pool # BI0728, 5.00%, 7/20/2048		12,446		13,229
Pool # BD0551, 4.50%, 8/20/2048		11,931		12,370
Pool # BI5288, 5.00%, 8/20/2048		15,606		16,623
Pool # BI5289, 5.00%, 8/20/2048		25,246		26,835
Pool # BI5290, 5.00%, 8/20/2048		7,547		8,031
Pool # AY2411, 4.25%, 9/20/2048		4,794		4,938
Pool # 784598, 5.00%, 9/20/2048		30,748		32,225
GNMA II, Other
Pool # AD0858, 3.75%, 9/20/2038		888		896
Pool # 4285, 6.00%, 11/20/2038		49		51
Pool # AD0862, 3.75%, 1/20/2039		1,839		1,855
Pool # AC0973, 4.45%, 5/20/2063 (i)		3,464		3,509
TOTAL MORTGAGE-BACKED SECURITIES (Cost $4,514,851)				4,395,021

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
ASSET-BACKED SECURITIES — 13.0%
ABFC Trust Series 2005-AQ1, Class A4, 4.78%, 1/25/2034 ‡ (f)		2,779		2,832
Academic Loan Funding Trust Series 2013-1A, Class A, 3.12%, 12/26/2044 (b)(i)		2,862		2,853
Accelerated Assets LLC Series 2018-1, Class A, 3.87%, 12/2/2033 (b)		16,351		16,334
Air Canada Pass-Through Trust (Canada)
Series 2013-1, Class A, 4.13%, 5/15/2025 (b)		10,867		10,791
Series 2015-1, Class A, 3.60%, 3/15/2027 (b)		4,751		4,556
Series 2017-1, Class AA, 3.30%, 1/15/2030 (b)		8,603		8,245
Series 2017-1, Class A, 3.55%, 1/15/2030 (b)		8,291		7,961
American Airlines Pass-Through Trust
Series 2011-1, Class A, 5.25%, 1/31/2021		652		669
Series 2013-2, Class A, 4.95%, 1/15/2023		2,570		2,625
Series 2014-1, Class A, 3.70%, 10/1/2026		327		318
Series 2016-2, Class A, 3.65%, 6/15/2028		1,740		1,656
Series 2016-3, Class AA, 3.00%, 10/15/2028		20,012		18,777
Series 2017-1, Class AA, 3.65%, 2/15/2029		4,850		4,764
American Credit Acceptance Receivables Trust
Series 2015-2, Class C, 4.32%, 5/12/2021 (b)		4,886		4,888
Series 2016-2, Class C, 6.09%, 5/12/2022 (b)		5,000		5,090
Series 2016-4, Class C, 2.91%, 2/13/2023 ‡ (b)		6,433		6,419
Series 2017-1, Class C, 2.88%, 3/13/2023 (b)		11,983		11,958
Series 2018-1, Class C, 3.55%, 4/10/2024 (b)		9,054		9,035
American Homes 4 Rent Trust
Series 2014-SFR2, Class A, 3.79%, 10/17/2036 ‡ (b)		11,637		11,651
Series 2014-SFR2, Class B, 4.29%, 10/17/2036 ‡ (b)		2,400		2,432
Series 2014-SFR2, Class D, 5.15%, 10/17/2036 ‡ (b)		8,100		8,421
Series 2014-SFR2, Class E, 6.23%, 10/17/2036 (b)		7,300		7,898
Series 2014-SFR3, Class A, 3.68%, 12/17/2036 (b)		9,300		9,260
Series 2014-SFR3, Class C, 4.60%, 12/17/2036 (b)		3,750		3,833
Series 2014-SFR3, Class E, 6.42%, 12/17/2036 ‡ (b)		16,970		18,560
Series 2015-SFR2, Class E, 6.07%, 10/17/2045 ‡ (b)		1,415		1,521
Series 2015-SFR1, Class A, 3.47%, 4/17/2052 (b)		17,056		16,772
Series 2015-SFR1, Class E, 5.64%, 4/17/2052 ‡ (b)		7,420		7,790
AmeriCredit Automobile Receivables Trust
Series 2016-1, Class A3, 1.81%, 10/8/2020		386		386
Series 2016-2, Class A3, 1.60%, 11/9/2020		747		747
Series 2016-3, Class A3, 1.46%, 5/10/2021		2,790		2,776
Series 2017-4, Class C, 2.60%, 9/18/2023		18,856		18,473
Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Certificates Series 2003-13, Class AF6, 5.06%, 1/25/2034 ‡ (f)		10		12
Anchor Assets IX LLC Series 2016-1, Class A, 5.13%, 2/15/2020 ‡ (b)		74,650		74,650
AXIS Equipment Finance Receivables IV LLC Series 2016-1A, Class A, 2.21%, 11/20/2021 (b)		3,333		3,319
B2R Mortgage Trust
Series 2015-1, Class A1, 2.52%, 5/15/2048 (b)		3,637		3,593
Series 2015-2, Class A, 3.34%, 11/15/2048 (b)		10,426		10,331
Banc of America Funding Corp. Series 2012-R6, Class 1A1, 3.00%, 10/26/2039 ‡ (b)		4		4
BCC Funding Corp. X Series 2015-1, Class D, 4.54%, 12/21/2020 ‡ (b)		2,717		2,722
Bear Stearns Asset-Backed Securities Trust Series 2006-SD1, Class A, 2.68%, 4/25/2036 ‡ (i)		131		130
BMW Vehicle Owner Trust Series 2018-A, Class A3, 2.35%, 4/25/2022		33,741		33,400
British Airways Pass-Through Trust (United Kingdom)
Series 2018-1, Class AA, 3.80%, 9/20/2031 (b)		8,849		8,699
Series 2018-1, Class A, 4.13%, 9/20/2031 (b)		14,128		13,913
Business Jet Securities LLC
Series 2018-1, Class A, 4.34%, 2/15/2033 (b)		28,222		28,185
Series 2018-2, Class A, 4.45%, 6/15/2033 (b)		42,994		43,005
Series 2018-2, Class B, 5.44%, 6/15/2033 (b)		9,650		9,672
BXG Receivables Note Trust Series 2012-A, Class A, 2.66%, 12/2/2027 (b)		1,549		1,526
Cabela’s Credit Card Master Note Trust Series 2015-2, Class A1, 2.25%, 7/17/2023		5,757		5,675
Camillo Issuer LLC Series 2016-SFR, Class 1-A-1, 5.00%, 12/5/2023 ‡		40,570		40,481
Series 2018-SFR1, Class A, 5.25%, 6/5/2028 ‡ (b)		43,763		43,763

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
ASSET-BACKED SECURITIES — continued
Capital Auto Receivables Asset Trust
Series 2016-1, Class A3, 1.73%, 4/20/2020		207		207
Series 2018-1, Class A3, 2.79%, 1/20/2022 (b)		35,295		35,136
Carnow Auto Receivables Trust
Series 2016-1A, Class C, 5.11%, 2/15/2021 ‡ (b)		10,000		10,015
Series 2017-1A, Class A, 2.92%, 9/15/2022 (b)		10,771		10,717
Series 2018-1A, Class C, 5.21%, 9/15/2023 (b)		14,000		13,998
Cascade Funding Mortgage Trust Series 2018-RM1, Class A1, 4.58%, 6/25/2048 (b)(f)		17,492		17,317
Chase Funding Trust
Series 2003-4, Class 1A5, 5.22%, 5/25/2033 (f)		1,256		1,270
Series 2003-6, Class 1A5, 5.06%, 11/25/2034 ‡ (f)		1,829		1,886
Series 2003-6, Class 1A7, 5.06%, 11/25/2034 ‡ (f)		3,117		3,193
CIG Auto Receivables Trust Series 2017-1A, Class A, 2.71%, 5/15/2023 (b)		8,205		8,150
Citibank Credit Card Issuance Trust Series 2007-A3, Class A3, 6.15%, 6/15/2039		950		1,172
Citigroup Global Markets Mortgage Securities VII, Inc. Series 2003-UP1, Class A, 3.95%, 4/25/2032 ‡ (b)(f)		141		140
Citigroup Mortgage Loan Trust, Inc. Series 2003-HE3, Class A, 3.07%, 12/25/2033 (i)		136		136
CLUB Credit Trust
Series 2017-P2, Class A, 2.61%, 1/15/2024 (b)		5,584		5,548
Series 2018-NP1, Class A, 2.99%, 5/15/2024 (b)		8,717		8,714
Series 2018-NP1, Class B, 3.67%, 5/15/2024 ‡ (b)		5,737		5,725
Colony American Finance Ltd. (Cayman Islands) Series 2016-1, Class A, 2.54%, 6/15/2048 (b)		7,807		7,658
Consumer Loan Underlying Bond Credit Trust
Series 2017-NP2, Class A, 2.55%, 1/16/2024 (b)		1,112		1,112
Series 2018-P1, Class A, 3.39%, 7/15/2025 (b)		23,349		23,282
Continental Airlines Pass-Through Trust
Series 1999-2, Class A-1, 7.26%, 3/15/2020		112		114
Series 2007-1, Class A, 5.98%, 4/19/2022		2,668		2,801
COOF Securitization Trust Ltd. Series 2014-1, Class A, IO, 3.12%, 6/25/2040 ‡ (b)(i)		8,989		791
CPS Auto Receivables Trust
Series 2014-B, Class C, 3.23%, 5/15/2020 (b)		3,399		3,400
Series 2014-C, Class C, 3.77%, 8/17/2020 (b)		3,386		3,391
Series 2016-B, Class B, 3.18%, 9/15/2020 (b)		1,112		1,112
Series 2014-D, Class C, 4.35%, 11/16/2020 (b)		4,000		4,017
Series 2015-A, Class C, 4.00%, 2/16/2021 (b)		2,900		2,914
Series 2015-B, Class C, 4.20%, 5/17/2021 (b)		16,500		16,617
Series 2015-C, Class D, 4.63%, 8/16/2021 ‡ (b)		5,849		5,920
Series 2018-A, Class B, 2.77%, 4/18/2022 (b)		5,675		5,620
Series 2016-C, Class C, 3.27%, 6/15/2022 (b)		7,840		7,836
Series 2018-B, Class B, 3.23%, 7/15/2022 (b)		11,435		11,389
Series 2017-D, Class C, 3.01%, 10/17/2022 (b)		7,027		6,968
Series 2018-A, Class C, 3.05%, 12/15/2023 (b)		2,094		2,067
CPS Auto Trust
Series 2017-A, Class A, 1.68%, 8/17/2020 (b)		1,648		1,645
Series 2017-A, Class C, 3.31%, 12/15/2022 (b)		5,383		5,373
Series 2017-A, Class D, 4.61%, 12/15/2022 (b)		3,060		3,093
Credit Acceptance Auto Loan Trust
Series 2017-1A, Class A, 2.56%, 10/15/2025 (b)		13,659		13,594
Series 2017-1A, Class B, 3.04%, 12/15/2025 (b)		5,989		5,928
Series 2017-1A, Class C, 3.48%, 2/17/2026 (b)		5,018		4,976
Series 2017-2A, Class C, 3.35%, 6/15/2026 (b)		5,343		5,268
Series 2018-1A, Class A, 3.01%, 2/16/2027 (b)		18,590		18,413
Series 2018-3A, Class B, 3.89%, 10/15/2027 (b)		18,903		18,857
Currency Capital Funding Trust Series 2018-1A, Class A, 6.55%, 3/17/2026 ‡ (b)(i)		45,296		45,182
CVS Pass-Through Trust 5.93%, 1/10/2034 (b)		5,270		5,618
CWABS, Inc. Asset-Backed Certificates
Series 2003-5, Class MF1, 5.14%, 1/25/2034 ‡ (i)		188		189
Series 2004-1, Class M1, 3.06%, 3/25/2034 ‡ (i)		342		343
Series 2004-1, Class M2, 3.14%, 3/25/2034 ‡ (i)		70		69
Series 2004-1, Class 3A, 2.87%, 4/25/2034 ‡ (i)		10		9

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
ASSET-BACKED SECURITIES — continued
CWABS, Inc. Asset-Backed Certificates Trust Series 2004-6, Class M1, 3.21%, 10/25/2034 (i)		159		157
Dell Equipment Finance Trust Series 2017-2, Class B, 2.47%, 10/24/2022 (b)		7,750		7,649
Delta Air Lines Pass-Through Trust
Series 2011-1, Class A, 5.30%, 4/15/2019		505		508
Series 2010-2, Class A, 4.95%, 5/23/2019		461		463
Series 2012-1, Class A, 4.75%, 5/7/2020		1,495		1,515
Diamond Resorts Owner Trust
Series 2017-1A, Class A, 3.27%, 10/22/2029 (b)		13,290		13,094
Series 2017-1A, Class B, 4.11%, 10/22/2029 ‡ (b)		4,675		4,638
Drive Auto Receivables Trust
Series 2016-AA, Class C, 3.91%, 5/17/2021 (b)		5,242		5,254
Series 2015-BA, Class D, 3.84%, 7/15/2021 (b)		10,873		10,895
Series 2017-BA, Class C, 2.61%, 8/16/2021 (b)		18,017		17,989
Series 2015-CA, Class D, 4.20%, 9/15/2021 (b)		5,363		5,383
Series 2017-1, Class C, 2.84%, 4/15/2022		23,209		23,171
Series 2017-3, Class C, 2.80%, 7/15/2022		15,725		15,661
Series 2015-AA, Class D, 4.12%, 7/15/2022 (b)		12,065		12,119
Series 2015-BA, Class E, 5.15%, 8/15/2022 (b)		14,750		14,876
Series 2017-BA, Class D, 3.72%, 10/17/2022 (b)		20,505		20,552
Series 2015-CA, Class E, 5.27%, 11/15/2022 (b)		10,000		10,096
Series 2015-DA, Class D, 4.59%, 1/17/2023 ‡ (b)		2,640		2,660
Series 2017-1, Class D, 3.84%, 3/15/2023		26,357		26,366
Series 2017-3, Class D, 3.53%, 12/15/2023 (b)		60,780		60,524
Series 2016-CA, Class D, 4.18%, 3/15/2024 (b)		23,204		23,297
Series 2018-2, Class C, 3.63%, 8/15/2024		22,745		22,728
Series 2018-3, Class D, 4.30%, 9/16/2024		31,281		31,455
DT Auto Owner Trust
Series 2016-2A, Class C, 3.67%, 1/18/2022 (b)		1,218		1,219
Series 2015-2A, Class D, 4.25%, 2/15/2022 (b)		8,886		8,915
Series 2018-2A, Class B, 3.43%, 5/16/2022 (b)		28,158		28,113
Series 2016-4A, Class D, 3.77%, 10/17/2022 (b)		12,831		12,863
Series 2017-1A, Class C, 2.70%, 11/15/2022 (b)		17,040		16,998
Series 2017-2A, Class C, 3.03%, 1/17/2023 (b)		20,343		20,316
Series 2017-3A, Class D, 3.58%, 5/15/2023 (b)		10,458		10,409
Series 2017-4A, Class C, 2.86%, 7/17/2023 (b)		10,455		10,414
Series 2017-4A, Class D, 3.47%, 7/17/2023 (b)		19,583		19,458
Series 2018-1A, Class C, 3.47%, 12/15/2023 (b)		20,372		20,357
Series 2018-1A, Class D, 3.81%, 12/15/2023 (b)		14,372		14,275
Series 2018-2A, Class D, 4.15%, 3/15/2024 (b)		18,000		18,021
Elara HGV Timeshare Issuer LLC
Series 2017-A, Class B, 2.96%, 3/25/2030 (b)		7,368		7,156
Series 2017-A, Class C, 3.31%, 3/25/2030 (b)		4,973		4,850
Engs Commercial Finance Trust
Series 2016-1A, Class A2, 2.63%, 2/22/2022 (b)		2,692		2,673
Series 2018-1A, Class A2, 3.39%, 2/22/2023 (b)		18,066		17,972
Exeter Automobile Receivables Trust
Series 2016-3A, Class B, 2.84%, 8/16/2021 (b)		8,037		8,025
Series 2016-2A, Class B, 3.64%, 2/15/2022 (b)		4,875		4,884
Series 2016-3A, Class C, 4.22%, 6/15/2022 (b)		5,500		5,546
Series 2018-1A, Class C, 3.03%, 1/17/2023 (b)		14,015		13,922
Series 2017-3A, Class C, 3.68%, 7/17/2023 (b)		9,251		9,223
Federal Express Corp. Pass-Through Trust Series 1998, 6.72%, 1/15/2022		1,174		1,224
First Investors Auto Owner Trust
Series 2015-2A, Class D, 4.22%, 12/15/2021 (b)		2,933		2,949
Series 2017-1A, Class A2, 2.20%, 3/15/2022 (b)		6,528		6,483
Series 2017-1A, Class C, 2.95%, 4/17/2023 (b)		7,127		7,036
Flagship Credit Auto Trust
Series 2015-3, Class A, 2.38%, 10/15/2020 (b)		1,184		1,183
Series 2016-1, Class A, 2.77%, 12/15/2020 (b)		2,797		2,796
Series 2014-2, Class C, 3.95%, 12/15/2020 (b)		3,340		3,348
Series 2015-3, Class B, 3.68%, 3/15/2022 (b)		5,299		5,312
Series 2015-3, Class C, 4.65%, 3/15/2022 (b)		5,163		5,226

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
ASSET-BACKED SECURITIES — continued
Series 2016-2, Class B, 3.84%, 9/15/2022 (b)		3,150		3,158
Series 2016-2, Class C, 6.22%, 9/15/2022 (b)		21,080		21,825
Series 2018-2, Class A, 2.97%, 10/17/2022 (b)		29,221		29,115
Series 2017-R, Class A, 5.61%, 5/17/2023 ‡ (b)		3,450		3,450
Ford Credit Auto Lease Trust Series 2017-B, Class A3, 2.03%, 12/15/2020		13,343		13,233
Ford Credit Auto Owner Trust Series 2016-B, Class A3, 1.33%, 10/15/2020		3,111		3,095
FREED ABS Trust
Series 2018-1, Class A, 3.61%, 7/18/2024 (b)		19,278		19,252
Series 2018-1, Class B, 4.56%, 7/18/2024 ‡ (b)		6,000		5,997
Series 2018-2, Class A, 3.99%, 10/20/2025 (b)		11,944		11,940
GE Capital Mortgage Services, Inc. Trust Series 1999-HE1, Class M, 6.71%, 4/25/2029 ‡ (i)		242		201
GLS Auto Receivables Trust
Series 2015-1A, Class B, 4.43%, 12/15/2020 (b)		3,599		3,601
Series 2016-1A, Class C, 6.90%, 10/15/2021 (b)		10,500		10,822
Series 2018-2A, Class A, 3.25%, 4/18/2022 (b)		4,153		4,145
Series 2018-1A, Class A, 2.82%, 7/15/2022 (b)		3,080		3,066
GM Financial Automobile Leasing Trust Series 2018-1, Class A3, 2.61%, 1/20/2021		30,920		30,711
GMAT Trust Series 2013-1A, Class A, 6.97%, 11/25/2043 ‡ (b)(f)		389		389
Gold Key Resorts LLC Series 2014-A, Class A, 3.22%, 3/17/2031 (b)		3,403		3,376
Golden Bear LLC Series 2016-R, Class R, 5.65%, 9/20/2047 ‡ (b)		8,519		8,631
Goodgreen Trust
Series 2016-1A, Class A, 3.23%, 10/15/2052 (b)		22,458		21,656
Series 2017-1A, Class A, 3.74%, 10/15/2052 (b)		6,404		6,360
Series 2017-2A, Class A, 3.26%, 10/15/2053 (b)		29,013		28,064
HERO (Cayman Islands) Series 2018-1ASI, Class A, 4.00%, 9/20/2047 (b)		25,976		25,943
HERO Funding (Cayman Islands)
Series 2017-3A, Class A2, 3.95%, 9/20/2048 (b)		27,486		27,526
Series 2018-1A, Class A2, 4.67%, 9/20/2048 (b)		35,107		35,977
HERO Funding II (Cayman Islands)
Series 2016-3B, Class B, 5.24%, 9/20/2042 ‡ (b)		8,137		8,209
3.75%, 9/21/2044‡		13,240		12,397
Series 2016-4B, Class B, 4.99%, 9/20/2047 ‡ (b)		6,424		6,481
HERO Funding Trust (Cayman Islands)
Series 2016-3A, Class A1, 3.08%, 9/20/2042 (b)		11,387		11,018
Series 2016-4A, Class A1, 3.57%, 9/20/2047 (b)		3,175		3,143
Series 2016-4A, Class A2, 4.29%, 9/20/2047 (b)		6,615		6,757
Series 2017-1A, Class A2, 4.46%, 9/20/2047 (b)		21,191		21,588
HERO Residual Funding (Cayman Islands) Series 2016-1R, Class A1, 4.50%, 9/21/2042 (b)		10,610		10,556
Hertz Fleet Lease Funding LP Series 2018-1, Class A2, 3.23%, 5/10/2032 (b)		16,748		16,764
Hertz Vehicle Financing II LP Series 2018-1A, Class A, 3.29%, 2/25/2024 (b)		23,659		22,952
Hilton Grand Vacations Trust Series 2017-AA, Class A, 2.66%, 12/26/2028 (b)		3,615		3,551
Home Equity Mortgage Loan Asset-Backed Trust Series 2006-A, Class A3, 2.51%, 3/25/2036 ‡ (i)		352		345
Hyundai Auto Receivables Trust
Series 2016-A, Class A3, 1.56%, 9/15/2020		3,007		2,996
Series 2018-A, Class A3, 2.79%, 7/15/2022		10,456		10,403
Kabbage Asset Securitization LLC
Series 2017-1, Class A, 4.57%, 3/15/2022 (b)		75,570		75,920
Series 2017-1, Class B, 5.79%, 3/15/2022 ‡ (b)		23,690		24,002
KGS-Alpha SBA COOF Trust
Series 2012-3, Class A, IO, 1.31%, 9/25/2026 ‡ (b)(i)		5,515		79
Series 2014-1, Class A, IO, 1.39%, 10/25/2032 ‡ (b)(i)		25,873		908
Series 2012-4, Class A, IO, 1.22%, 9/25/2037 ‡ (b)(i)		57,642		1,505
Series 2012-2, Class A, IO, 0.80%, 8/25/2038 ‡ (b)(i)		38,182		929
Series 2013-2, Class A, IO, 1.78%, 3/25/2039 ‡ (b)(i)		31,588		1,309
Series 2012-6, Class A, IO, 0.60%, 5/25/2039 ‡ (b)(i)		26,689		395
Series 2014-2, Class A, IO, 2.79%, 4/25/2040 ‡ (b)(i)		8,105		652
Series 2015-2, Class A, IO, 2.93%, 7/25/2041 ‡ (b)(i)		12,460		1,275

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
ASSET-BACKED SECURITIES — continued
LendingClub Issuance Trust Series 2016-NP1, Class B, 6.50%, 6/15/2022 ‡ (b)		620		621
LendingPoint Funding Trust Series 2018-1, Class A2, 6.31%, 11/15/2024 ‡ (b)(i)		29,000		29,000
Lendmark Funding Trust Series 2017-1A, Class A, 2.83%, 12/22/2025 (b)		16,439		16,245
Series 2017-1A, Class B, 3.77%, 12/22/2025 ‡ (b)		2,200		2,191
Series 2017-2A, Class A, 2.80%, 5/20/2026 (b)		23,070		22,760
Long Beach Mortgage Loan Trust
Series 2004-1, Class M1, 3.06%, 2/25/2034 ‡ (i)		1,890		1,886
Series 2004-3, Class M1, 3.17%, 7/25/2034 ‡ (i)		349		346
LV Tower 52 Issuer
Series 2013-1, Class A, 5.75%, 7/15/2019 ‡ (b)		34,722		34,722
Series 2013-1, Class M, 7.75%, 7/15/2019 ‡ (b)		12,970		12,970
Mariner Finance Issuance Trust
Series 2017-AA, Class A, 3.62%, 2/20/2029 (b)		26,651		26,629
Series 2017-AA, Class B, 4.74%, 2/20/2029 ‡ (b)		7,750		7,802
Series 2017-AA, Class C, 6.73%, 2/20/2029 ‡ (b)		6,500		6,683
Series 2017-BA, Class B, 3.48%, 12/20/2029 ‡ (b)		7,000		6,858
Series 2017-BA, Class C, 4.57%, 12/20/2029 ‡ (b)		12,200		11,943
MarketPlace Loan Trust Series 2017-BS1, Class A, 3.50%, 1/18/2022 ‡ (b)		11,040		10,984
Marlette Funding Trust
Series 2017-1A, Class A, 2.83%, 3/15/2024 (b)		4,688		4,686
Series 2017-3A, Class B, 3.01%, 12/15/2024 (b)		9,500		9,419
Series 2018-1A, Class A, 2.61%, 3/15/2028 (b)		15,268		15,209
Series 2018-1A, Class B, 3.19%, 3/15/2028 ‡ (b)		8,926		8,824
Series 2018-2A, Class A, 3.06%, 7/17/2028 (b)		14,569		14,541
Mid-State Capital Corp. Trust Series 2006-1, Class M1, 6.08%, 10/15/2040 ‡ (b)		6,608		7,249
Mid-State Capital Trust
Series 2010-1, Class A, 3.50%, 12/15/2045 (b)		2,415		2,451
Series 2010-1, Class M, 5.25%, 12/15/2045 ‡ (b)		4,347		4,511
New Century Home Equity Loan Trust Series 2003-5, Class AI6, 5.08%, 11/25/2033 ‡ (f)		1,653		1,668
New Residential Advance Receivables Trust Advance Receivables Backed Notes Series 2016-T2, Class AT2, 2.58%, 10/15/2049 (b)		7,560		7,505
OL SP LLC
Series 2018, Class A, 4.16%, 2/9/2030		5,934		5,864
Series 2018, Class B, 4.61%, 2/9/2030 ‡		1,854		1,842
OnDeck Asset Securitization Trust LLC Series 2018-1A, Class A, 3.50%, 4/18/2022 (b)		16,601		16,560
OneMain Direct Auto Receivables Trust Series 2018-1A, Class B, 3.71%, 4/14/2025 (b)		25,537		25,508
OneMain Financial Issuance Trust Series 2015-2A, Class B, 3.10%, 7/18/2025 ‡ (b)		7,334		7,331
Series 2015-1A, Class A, 3.19%, 3/18/2026 (b)		7,308		7,311
Series 2015-1A, Class B, 3.85%, 3/18/2026 (b)		10,800		10,831
Series 2016-1A, Class A, 3.66%, 2/20/2029 (b)		21,450		21,487
Series 2016-1A, Class C, 6.00%, 2/20/2029 (b)		12,500		12,721
Oportun Funding VI LLC Series 2017-A, Class A, 3.23%, 6/8/2023 (b)		12,817		12,655
Oportun Funding VII LLC Series 2017-B, Class A, 3.22%, 10/10/2023 (b)		10,654		10,508
Oportun Funding VIII LLC Series 2018-A, Class A, 3.61%, 3/8/2024 (b)		35,735		35,199
Pretium Mortgage Credit Partners I LLC Series 2018-NPL4, Class A1, 4.83%, 9/27/2058 (b)(f)		29,650		29,650
Progress Residential Trust
Series 2015-SFR2, Class A, 2.74%, 6/12/2032 (b)		26,330		25,915
Series 2015-SFR2, Class B, 3.14%, 6/12/2032 ‡ (b)		7,295		7,204
Series 2015-SFR2, Class C, 3.44%, 6/12/2032 ‡ (b)		16,110		15,956
Series 2015-SFR2, Class E, 4.43%, 6/12/2032 ‡ (b)		8,917		8,895
Series 2015-SFR3, Class A, 3.07%, 11/12/2032 (b)		32,330		31,936
Series 2015-SFR3, Class D, 4.67%, 11/12/2032 ‡ (b)		3,041		3,064
Series 2015-SFR3, Class E, 5.66%, 11/12/2032 (b)		4,000		4,074
Series 2017-SFR1, Class E, 4.26%, 8/17/2034 ‡ (b)		6,500		6,406
Series 2018-SFR1, Class E, 4.38%, 3/17/2035 ‡ (b)		12,400		12,185

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
ASSET-BACKED SECURITIES — continued
Prosper Marketplace Issuance Trust
Series 2017-2A, Class A, 2.41%, 9/15/2023 (b)		1,854		1,852
Series 2017-3A, Class A, 2.36%, 11/15/2023 (b)		8,626		8,601
Series 2018-1A, Class A, 3.11%, 6/17/2024 (b)		19,545		19,525
Purchasing Power Funding LLC
Series 2018-A, Class B, 3.58%, 8/15/2022 ‡ (b)		6,845		6,802
Series 2018-A, Class C, 3.78%, 8/15/2022 ‡ (b)		6,795		6,760
RCM Fund 1 Issuer LLC Series 2017-1, Class A, 5.50%, 10/25/2021 ‡ (b)		25,280		25,280
Regional Management Issuance Trust Series 2018-1, Class A, 3.83%, 7/15/2027 (b)		20,770		20,721
Renaissance Home Equity Loan Trust Series 2007-2, Class AF2, 5.68%, 6/25/2037 ‡ (f)		96		42
Renew (Cayman Islands) Series 2017-1A, Class A, 3.67%, 9/20/2052 (b)		8,470		8,375
RFLF 1 Issuer LLC Series 2018-1A, Class A, 5.25%, 6/12/2022 ‡ (b)		45,000		45,000
Rice Park Financing Trust Series 2016-A, Class A, 4.63%, 10/31/2041 ‡ (b)		35,782		35,644
Santander Drive Auto Receivables Trust Series 2018-1, Class D, 3.32%, 3/15/2024		32,463		31,938
Santander Retail Auto Lease Trust
Series 2018-A, Class A2A, 2.71%, 10/20/2020 (b)		20,738		20,679
Series 2018-A, Class A3, 2.93%, 5/20/2021 (b)		28,354		28,234
Saxon Asset Securities Trust Series 2003-1, Class AF6, 4.68%, 6/25/2033 (f)		270		273
Securitized Asset-Backed Receivables LLC Trust
Series 2006-CB1, Class AF2, 3.49%, 1/25/2036 ‡ (f)		558		481
Sierra Auto Receivables Securitization Trust Series 2016-1A, Class A, 2.85%, 1/18/2022 (b)		66		66
SoFi Consumer Loan Program LLC Series 2016-2, Class A, 3.09%, 10/27/2025 (b)		5,110		5,091
SoFi Professional Loan Program LLC Series 2018-A, Class A2A, 2.39%, 2/25/2042 (b)		4,546		4,497
Spirit Airlines Pass-Through Trust Series 2017-1, Class AA, 3.38%, 2/15/2030		4,263		4,053
Spirit Master Funding LLC
Series 2014-3A, Class A, 5.74%, 3/20/2042 (b)		19,848		20,452
Series 2017-1A, Class A, 4.36%, 12/20/2047 (b)		30,023		29,949
Springleaf Funding Trust
Series 2015-AA, Class A, 3.16%, 11/15/2024 (b)		12,075		12,067
Series 2015-AA, Class B, 3.62%, 11/15/2024 (b)		8,805		8,782
Series 2016-AA, Class B, 3.80%, 11/15/2029 (b)		16,735		16,679
Spruce ABS Trust Series 2016-E1, Class A, 4.32%, 6/15/2028 (b)		6,749		6,760
Structured Asset Securities Corp. Mortgage Pass-Through Certificates
Series 2004-6XS, Class A5A, 6.03%, 3/25/2034 ‡ (f)		1,135		1,157
Series 2004-6XS, Class A5B, 6.05%, 3/25/2034 ‡ (f)		908		917
Structured Asset Securities Corp. Pass-Through Certificates
Series 2002-AL1, Class A2, 3.45%, 2/25/2032 ‡		312		308
Series 2002-AL1, Class A3, 3.45%, 2/25/2032 ‡		658		642
Synchrony Card Issuance Trust Series 2018-A1, Class A1, 3.38%, 9/15/2024		34,000		34,084
TCF Auto Receivables Owner Trust Series 2016-1A, Class A3, 1.71%, 4/15/2021 (b)		11,554		11,501
Tesla Auto Lease Trust Series 2018-A, Class A, 2.32%, 12/20/2019 (b)		7,284		7,257
Tricolor Auto Securitization Trust
Series 2018-1A, Class A, 5.05%, 12/15/2020 ‡ (b)		30,240		30,202
Series 2018-2A, Class A, 3.96%, 10/15/2021 (b)		13,900		13,911
Tricon American Homes Trust Series 2016-SFR1, Class A, 2.59%, 11/17/2033 (b)		14,406		13,843
United Airlines Pass-Through Trust
Series 2013-1, Class A, 4.30%, 8/15/2025		1,100		1,103
Series 2016-1, Class B, 3.65%, 1/7/2026		966		939
Series 2018-1, Class B, 4.60%, 3/1/2026		4,242		4,302
Series 2014-1, Class A, 4.00%, 4/11/2026		6,320		6,312
Series 2016-1, Class AA, 3.10%, 7/7/2028		2,747		2,616
Series 2016-1, Class A, 3.45%, 7/7/2028		6,511		6,220
Series 2018-1, Class AA, 3.50%, 3/1/2030		16,401		15,844
Series 2018-1, Class A, 3.70%, 3/1/2030		9,032		8,734

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
ASSET-BACKED SECURITIES — continued
Upstart Securitization Trust Series 2017-1, Class A, 2.64%, 6/20/2024 (b)		2,574		2,570
US Auto Funding LLC Series 2018-1A, Class A, 5.50%, 7/15/2023 (b)		35,811		35,811
USASF Receivables LLC Series 2017-1, Class A, 5.75%, 9/15/2030 ‡ (b)		12,751		12,751
Verizon Owner Trust
Series 2016-1A, Class A, 1.42%, 1/20/2021 (b)		1,397		1,391
Series 2017-3A, Class A1A, 2.06%, 4/20/2022 (b)		18,701		18,421
Veros Automobile Receivables Trust Series 2017-1, Class A, 2.84%, 4/17/2023 (b)		7,467		7,443
VM DEBT LLC Series 2017-1, Class A, 6.50%, 10/2/2024 ‡ (b)		34,660		34,660
VOLT LX LLC Series 2017-NPL7, Class A1, 3.25%, 6/25/2047 ‡ (b)(f)		9,732		9,656
VOLT LXI LLC Series 2017-NPL8, Class A1, 3.13%, 6/25/2047 ‡ (b)(f)		7,439		7,375
VOLT LXIV LLC Series 2017-NP11, Class A1, 3.38%, 10/25/2047 ‡ (b)(f)		40,918		40,549
VOLT LXIX LLC
Series 2018-NPL5, Class A1A, 4.21%, 8/25/2048 ‡ (b)(f)		14,713		14,690
Series 2018-NPL5, Class A1B, 4.70%, 8/25/2048 ‡ (b)(f)		5,200		5,168
VOLT LXVI Series 2018-NPL2, Class A1, 4.34%, 5/25/2048 ‡ (b)(f)		28,029		27,944
VOLT LXVII LLC Series 2018-NPL3, Class A1, 4.38%, 6/25/2048 (b)(f)		15,569		15,524
VOLT LXVIII LLC
Series 2018-NPL4, Class A1A, 4.34%, 7/27/2048 ‡ (b)(f)		19,952		19,931
Series 2018-NPL4, Class A1B, 4.83%, 7/27/2048 ‡ (b)(f)		6,209		6,174
VOLT LXX LLC Series 2018-NPL6, Class A1A, 4.11%, 9/25/2048 ‡ (b)(f)		16,814		16,766
VOLT LXXI LLC Series 2018-NPL7, Class A1A, 3.97%, 9/25/2048 (b)(f)		21,170		21,144
VOLT LXXII LLC Series 2018-NPL8, Class A1A, 4.21%, 10/26/2048 (b)(f)		54,040		54,065
VOLT Trust Series 2018-FT1, Class A1, 2.26%, 1/27/2023 ‡ (i)		16,562		16,354
Westgate Resorts LLC Series 2017-1A, Class A, 3.05%, 12/20/2030 (b)		9,569		9,477
Westlake Automobile Receivables Trust
Series 2016-3A, Class D, 3.58%, 1/18/2022 (b)		4,000		4,009
Series 2017-1A, Class C, 2.70%, 10/17/2022 (b)		8,210		8,180
Series 2017-1A, Class D, 3.46%, 10/17/2022 (b)		8,261		8,215
Series 2018-1A, Class C, 2.92%, 5/15/2023 (b)		3,370		3,330
World Omni Auto Receivables Trust Series 2018-B, Class A3, 2.87%, 7/17/2023		18,475		18,367
TOTAL ASSET-BACKED SECURITIES (Cost $3,647,547)				3,629,409
COLLATERALIZED MORTGAGE OBLIGATIONS — 9.2%
Acre 12/15/2020 ‡		42,290		42,290
Alternative Loan Trust
Series 2004-2CB, Class 1A9, 5.75%, 3/25/2034		5,633		5,825
Series 2005-J1, Class 1A4, IF, IO, 2.79%, 2/25/2035 ‡ (i)		936		16
Series 2005-1CB, Class 1A6, IF, IO, 4.79%, 3/25/2035 ‡ (i)		1,662		192
Series 2005-22T1, Class A2, IF, IO, 2.76%, 6/25/2035 ‡ (i)		6,189		504
Series 2005-20CB, Class 3A8, IF, IO, 2.44%, 7/25/2035 ‡ (i)		5,504		395
Series 2005-28CB, Class 1A4, 5.50%, 8/25/2035		2,357		2,259
Series 2005-28CB, Class 3A5, 6.00%, 8/25/2035		78		57
Series 2005-37T1, Class A2, IF, IO, 2.74%, 9/25/2035 ‡ (i)		20,198		1,805
Series 2005-54CB, Class 1A2, IF, IO, 2.54%, 11/25/2035 ‡ (i)		9,102		714
Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035		2,303		2,156
Series 2005-54CB, Class 1A7, 5.50%, 11/25/2035		31		31
Series 2005-64CB, Class 1A9, 5.50%, 12/25/2035		969		940
American General Mortgage Loan Trust Series 2006-1, Class A5, 5.75%, 12/25/2035 (b)(i)		57		59
Antler Mortgage Trust Series 2018-RTL1, Class A1, 4.34%, 7/25/2022 (b)		32,592		32,553
Aqua Finance Trust Series 2017-A, Class A, 3.72%, 11/15/2035 (b)		20,029		19,597

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
ARIVO 9/15/2019 ‡		25,430		25,430
ASG Resecuritization Trust
Series 2011-1, Class 3A50, 4.20%, 11/28/2035 (b)(i)		532		531
Series 2011-1, Class 2A35, 6.00%, 9/28/2036 (b)		1,952		1,456
Banc of America Alternative Loan Trust
Series 2004-6, Class 15PO, PO, 7/25/2019 ‡		16		15
Series 2005-5, Class 1CB1, 5.50%, 6/25/2035		365		340
Series 2005-9, Class CBIO, IO, 5.50%, 10/25/2035 ‡		1,143		250
Banc of America Funding Trust
Series 2004-1, PO, 3/25/2034 ‡		264		223
Series 2004-2, Class 1CB1, 5.75%, 9/20/2034		396		417
Series 2004-C, Class 1A1, 4.97%, 12/20/2034 (i)		564		564
Series 2005-E, Class 4A1, 4.43%, 3/20/2035 (i)		321		322
Series 2005-6, Class 2A7, 5.50%, 10/25/2035		261		249
Series 2005-7, Class 30PO, PO, 11/25/2035 ‡		264		220
Series 2005-8, Class 30PO, PO, 1/25/2036 ‡		87		65
Series 2006-1, Class XPO, PO, 1/25/2036 ‡		151		118
Banc of America Mortgage Trust
Series 2004-9, Class 3PO, PO, 9/25/2032 ‡		1		1
Series 2004-9, Class 3A1, 6.50%, 9/25/2032		200		206
Series 2003-C, Class 3A1, 4.19%, 4/25/2033 (i)		168		170
Series 2004-J, Class 3A1, 4.87%, 11/25/2034 (i)		425		426
BCAP LLC Trust
Series 2009-RR5, Class 8A1, 5.50%, 11/26/2034 (b)(i)		938		955
Series 2010-RR7, Class 2A1, 3.65%, 7/26/2045 (b)(i)		4,996		4,953
Bear Stearns ALT-A Trust Series 2005-2, Class 1A1, 2.81%, 3/25/2035 (i)		287		285
Bear Stearns ARM Trust
Series 2003-2, Class A5, 3.92%, 1/25/2033 (b)(i)		994		1,013
Series 2003-7, Class 3A, 4.20%, 10/25/2033 (i)		88		88
Series 2004-2, Class 14A, 3.86%, 5/25/2034 (i)		571		565
Series 2006-1, Class A1, 4.91%, 2/25/2036 (i)		2,051		2,063
Cendant Mortgage Capital CDMC Mortgage Pass-Through Certificates Series 2003-8, Class 1P, PO, 10/25/2033 ‡		141		132
Cendant Mortgage Capital LLC CDMC Mortgage Pass-Through Certificates Series 2004-1, Class P, PO, 2/25/2034 ‡		59		52
Chase Mortgage Finance Trust
Series 2007-A1, Class 9A1, 4.04%, 2/25/2037 (i)		593		589
Series 2007-A1, Class 7A1, 4.26%, 2/25/2037 (i)		111		112
Series 2007-A1, Class 1A3, 4.29%, 2/25/2037 (i)		475		480
Series 2007-A1, Class 2A1, 4.45%, 2/25/2037 (i)		931		953
Series 2007-A2, Class 1A1, 4.26%, 7/25/2037 (i)		394		394
Series 2007-A2, Class 2A1, 4.35%, 7/25/2037 (i)		577		588
CHL Mortgage Pass-Through Trust
Series 2004-8, Class 2A1, 4.50%, 6/25/2019		40		40
Series 2002-18, PO, 11/25/2032 ‡		118		108
Series 2004-3, Class A26, 5.50%, 4/25/2034		269		272
Series 2004-3, Class A4, 5.75%, 4/25/2034		182		185
Series 2004-HYB1, Class 2A, 3.74%, 5/20/2034 (i)		134		134
Series 2004-HYB3, Class 2A, 3.63%, 6/20/2034 (i)		792		794
Series 2004-7, Class 2A1, 3.96%, 6/25/2034 (i)		85		88
Series 2004-5, Class 1A4, 5.50%, 6/25/2034		1,413		1,419
Series 2004-HYB6, Class A3, 4.27%, 11/20/2034 (i)		390		396
Series 2005-14, Class A2, 5.50%, 7/25/2035		220		206
Series 2005-16, Class A23, 5.50%, 9/25/2035		108		103
Series 2005-22, Class 2A1, 4.08%, 11/25/2035 (i)		1,654		1,456
Citicorp Mortgage Securities Trust
Series 2006-1, Class 2A1, 5.00%, 2/25/2021		42		42
Series 2006-4, Class 1A2, 6.00%, 8/25/2036		550		542
Citigroup Global Markets Mortgage Securities VII, Inc.
Series 2003-UP2, Class PO1, PO, 12/25/2018 ‡		1		1
Series 2003-HYB1, Class A, 4.74%, 9/25/2033 (i)		701		706
Citigroup Mortgage Loan Trust Series 2009-10, Class 1A1, 4.33%, 9/25/2033 (b)(i)		2,285		2,321

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2009-10, Class 2A1A, 7.00%, 12/25/2035 (b)(i)		695			702
Series 2009-5, Class 8A1, 6.00%, 6/25/2036 (b)(i)		34			34
Series 2015-A, Class B2, 4.50%, 6/25/2058 (b)(i)		3,849			3,931
Citigroup Mortgage Loan Trust, Inc.
Series 2003-UST1, Class PO1, PO, 12/25/2018 ‡		8			8
Series 2003-UST1, Class A1, 5.50%, 12/25/2018		28			28
Series 2003-1, Class PO3, PO, 9/25/2033 ‡		43			40
Series 2003-UP3, Class A3, 7.00%, 9/25/2033		60			60
Series 2003-1, Class 2A6, PO, 10/25/2033 ‡		52			50
Series 2003-1, Class PO2, PO, 10/25/2033 ‡		58			51
Series 2003-1, Class 2A5, 5.25%, 10/25/2033		297			301
Series 2004-UST1, Class A6, 4.28%, 8/25/2034 (i)		246			239
Series 2005-1, Class 2A1A, 3.26%, 2/25/2035 (i)		238			204
Series 2005-2, Class 2A11, 5.50%, 5/25/2035		1,108			1,126
Series 2005-5, Class 1A2, 3.97%, 8/25/2035 (i)		665			539
Conix Mortgage Asset Trust Series 2013-1, Class A, 0.00%, 12/25/2047 ‡ (i)(l)		8,628			1,042
Credit Suisse First Boston Mortgage Securities Corp.
Series 2004-5, Class 5P, PO, 8/25/2019 ‡		1			1
Series 2004-5, Class 3A1, 5.25%, 8/25/2019		110			110
Series 1997-2, Class A, 7.50%, 6/25/2020 (b)		—	(j)		—	(j)
Series 2003-1, Class DB1, 6.72%, 2/25/2033 (i)		725			752
Series 2003-AR15, Class 3A1, 4.21%, 6/25/2033 (i)		293			293
Series 2003-21, Class 1A4, 5.25%, 9/25/2033		564			576
Series 2003-23, Class 1P, PO, 10/25/2033 ‡		422			352
CSFB Mortgage-Backed Pass-Through Certificates
Series 2003-27, Class 5A3, 5.25%, 11/25/2033		791			801
Series 2003-27, Class 5A4, 5.25%, 11/25/2033		387			390
Series 2004-4, Class 2A4, 5.50%, 9/25/2034		537			562
Series 2004-8, Class 1A4, 5.50%, 12/25/2034		892			921
Series 2005-9, Class AP, PO, 10/25/2035 ‡		169			131
Series 2005-9, Class DX, IO, 5.50%, 10/25/2035 ‡		1,928			25
Series 2005-10, Class AP, PO, 11/25/2035 ‡		90			63
Csma Sfr A 4/25/2023 ‡		15,858			15,858
CSMC Series 2010-17R, Class 1A1, 4.22%, 6/26/2036 (b)(i)		498			500
CVS Pass-Through Trust 8.35%, 7/10/2031 (b)		5,932			7,117
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
Series 2005-1, Class 2A1, 5.41%, 2/25/2020 (i)		186			185
Series 2005-3, Class 1A1, 3.57%, 6/25/2020 (i)		382			374
DT Asset Trust 5.84%, 12/16/2022‡		21,900			21,881
FHLMC - GNMA
Series 8, Class ZA, 7.00%, 3/25/2023		76			80
Series 24, Class ZE, 6.25%, 11/25/2023		57			59
Series 29, Class L, 7.50%, 4/25/2024		390			417
FHLMC Reference REMIC
Series R006, Class ZA, 6.00%, 4/15/2036		3,153			3,478
Series R007, Class ZA, 6.00%, 5/15/2036		4,224			4,649
FHLMC REMIC
Series 2758, Class AO, PO, 3/15/2019		5			5
Series 2134, Class PI, IO, 6.50%, 3/15/2019		—	(j)		—	(j)
Series 2934, Class EC, PO, 2/15/2020		344			338
Series 2934, Class HI, IO, 5.00%, 2/15/2020		102			2
Series 2934, Class KI, IO, 5.00%, 2/15/2020		54			1
Series 2347, Class VP, 6.50%, 3/15/2020		9			9
Series 23, Class F, 9.60%, 4/15/2020		—	(j)		—	(j)
Series 47, Class F, 10.00%, 6/15/2020		—	(j)		—	(j)
Series 1807, Class G, 9.00%, 10/15/2020		1			1
Series 114, Class H, 6.95%, 1/15/2021		4			4
Series 85, Class C, 8.60%, 1/15/2021		—	(j)		—	(j)
Series 99, Class Z, 9.50%, 1/15/2021		—	(j)		—	(j)
Series 1045, Class G, HB, 1,066.21%, 2/15/2021		—	(j)		—	(j)
Series 1065, Class J, 9.00%, 4/15/2021		2			2

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 1084, Class F, 3.26%, 5/15/2021 (i)		1			1
Series 1079, Class S, HB, IF, 26.16%, 5/15/2021 (i)		—	(j)		—	(j)
Series 1084, Class S, HB, IF, 34.85%, 5/15/2021 (i)		—	(j)		1
Series 1116, Class I, 5.50%, 8/15/2021		2			2
Series 1144, Class KB, 8.50%, 9/15/2021		11			12
Series 3688, Class CU, 6.97%, 11/15/2021 (i)		299			303
Series 1172, Class L, HB, 1,181.25%, 11/15/2021 (i)		—	(j)		—	(j)
Series 1196, Class B, HB, IF, 1,104.54%, 1/15/2022 (i)		—	(j)		—	(j)
Series 3284, Class CB, 5.00%, 3/15/2022		926			932
Series 1206, Class IA, 7.00%, 3/15/2022		5			5
Series 1250, Class J, 7.00%, 5/15/2022		6			6
Series 1343, Class LB, 7.50%, 8/15/2022		9			10
Series 1343, Class LA, 8.00%, 8/15/2022		23			24
Series 1370, Class JA, 3.46%, 9/15/2022 (i)		16			16
Series 2512, Class PG, 5.50%, 10/15/2022		407			422
Series 1455, Class WB, IF, 3.52%, 12/15/2022 (i)		15			15
Series 2535, Class BK, 5.50%, 12/15/2022		133			138
Series 1470, Class F, 2.02%, 2/15/2023 (i)		2			2
Series 1466, Class PZ, 7.50%, 2/15/2023		136			144
Series 2586, Class HD, 5.50%, 3/15/2023		1,270			1,329
Series 1498, Class I, 3.46%, 4/15/2023 (i)		86			88
Series 2595, Class HC, 5.50%, 4/15/2023		1,273			1,336
Series 1502, Class PX, 7.00%, 4/15/2023		129			135
Series 1491, Class I, 7.50%, 4/15/2023		27			28
Series 1798, Class F, 5.00%, 5/15/2023		135			138
Series 1518, Class G, IF, 6.53%, 5/15/2023 (i)		60			62
Series 1505, Class Q, 7.00%, 5/15/2023		14			15
Series 204, Class E, HB, IF, 1,429.94%, 5/15/2023 (i)		—	(j)		—	(j)
Series 2033, Class J, 5.60%, 6/15/2023		273			281
Series 1541, Class O, 2.44%, 7/15/2023 (i)		56			56
Series 2638, Class DS, IF, 6.29%, 7/15/2023 (i)		82			84
Series 1541, Class M, HB, IF, 23.48%, 7/15/2023 (i)		12			14
Series 1570, Class F, 2.52%, 8/15/2023 (i)		3			3
Series 1608, Class L, 6.50%, 9/15/2023		372			393
Series 1573, Class PZ, 7.00%, 9/15/2023		100			106
Series 2571, Class SK, HB, IF, 24.55%, 9/15/2023 (i)		45			58
Series 1591, Class PV, 6.25%, 10/15/2023		59			61
Series 1602, Class SA, IF, 15.25%, 10/15/2023 (i)		46			52
Series 2709, Class PG, 5.00%, 11/15/2023		1,704			1,763
Series 2710, Class HB, 5.50%, 11/15/2023		408			424
Series 1642, Class PJ, 6.00%, 11/15/2023		145			151
Series 2720, Class PC, 5.00%, 12/15/2023		176			182
Series 1983, Class Z, 6.50%, 12/15/2023		87			92
Series 2283, Class K, 6.50%, 12/15/2023		136			143
Series 1658, Class GZ, 7.00%, 1/15/2024		52			55
Series 1700, Class GA, PO, 2/15/2024		47			45
Series 1865, Class D, PO, 2/15/2024		52			47
Series 1671, Class L, 7.00%, 2/15/2024		14			16
Series 1671, Class QC, IF, 10.00%, 2/15/2024 (i)		19			23
Series 1686, Class SH, IF, 14.05%, 2/15/2024 (i)		6			7
Series 1709, Class FA, 2.29%, 3/15/2024 (i)		4			4
Series 1699, Class FC, 2.91%, 3/15/2024 (i)		10			10
Series 1695, Class EB, 7.00%, 3/15/2024		47			50
Series 1706, Class K, 7.00%, 3/15/2024		278			294
Series 2033, Class SN, HB, IF, 26.86%, 3/15/2024 (i)		31			7
Series 1720, Class PL, 7.50%, 4/15/2024		168			178
Series 2306, Class K, PO, 5/15/2024		39			36
Series 2306, Class SE, IF, IO, 7.46%, 5/15/2024 (i)		92			13

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 1737, Class L, 6.00%, 6/15/2024		171		180
Series 1745, Class D, 7.50%, 8/15/2024		48		51
Series 3614, Class QB, 4.00%, 12/15/2024		1,794		1,828
Series 2903, Class Z, 5.00%, 12/15/2024		490		505
Series 2967, Class S, HB, IF, 21.14%, 4/15/2025 (i)		146		165
Series 3684, Class CY, 4.50%, 6/15/2025		6,278		6,499
Series 3022, Class SX, IF, 11.11%, 8/15/2025 (i)		72		78
Series 3051, Class DP, IF, 17.88%, 10/15/2025 (i)		179		219
Series 3793, Class AB, 3.50%, 1/15/2026		6,000		6,106
Series 3659, Class VE, 5.00%, 3/15/2026		2,046		2,073
Series 1829, Class ZB, 6.50%, 3/15/2026		23		24
Series 1863, Class Z, 6.50%, 7/15/2026		179		188
Series 1890, Class H, 7.50%, 9/15/2026		28		30
Series 1899, Class ZE, 8.00%, 9/15/2026		77		86
Series 1927, Class ZA, 6.50%, 1/15/2027		129		141
Series 1927, Class PH, 7.50%, 1/15/2027		179		197
Series 1963, Class Z, 7.50%, 1/15/2027		65		72
Series 1935, Class FL, 3.01%, 2/15/2027 (i)		5		5
Series 1981, Class Z, 6.00%, 5/15/2027		151		159
Series 1970, Class PG, 7.25%, 7/15/2027		8		9
Series 1987, Class PE, 7.50%, 9/15/2027		75		84
Series 2019, Class Z, 6.50%, 12/15/2027		86		92
Series 2038, Class PN, IO, 7.00%, 3/15/2028		113		20
Series 2040, Class PE, 7.50%, 3/15/2028		340		378
Series 2054, Class PV, 7.50%, 5/15/2028		116		129
Series 2063, Class PG, 6.50%, 6/15/2028		165		182
Series 2064, Class TE, 7.00%, 6/15/2028		21		23
Series 2070, Class C, 6.00%, 7/15/2028		80		85
Series 2075, Class PM, 6.25%, 8/15/2028		363		384
Series 2075, Class PH, 6.50%, 8/15/2028		340		368
Series 2086, Class GB, 6.00%, 9/15/2028		67		72
Series 2089, Class PJ, IO, 7.00%, 10/15/2028		134		15
Series 2095, Class PE, 6.00%, 11/15/2028		295		315
Series 2106, Class ZD, 6.00%, 12/15/2028		593		633
Series 2388, Class FB, 2.91%, 1/15/2029 (i)		134		136
Series 2110, Class PG, 6.00%, 1/15/2029		793		853
Series 2125, Class JZ, 6.00%, 2/15/2029		174		184
Series 2126, Class CB, 6.25%, 2/15/2029		909		971
Series 2132, Class SB, HB, IF, 20.59%, 3/15/2029 (i)		22		30
Series 2141, IO, 7.00%, 4/15/2029		12		1
Series 2169, Class TB, 7.00%, 6/15/2029		696		763
Series 2163, Class PC, IO, 7.50%, 6/15/2029		58		7
Series 2172, Class QC, 7.00%, 7/15/2029		365		404
Series 2176, Class OJ, 7.00%, 8/15/2029		183		203
Series 3800, Class AI, IO, 4.00%, 11/15/2029		1,211		74
Series 2196, Class TL, 7.50%, 11/15/2029		1		1
Series 2201, Class C, 8.00%, 11/15/2029		165		183
Series 2204, Class GB, IO, 8.00%, 12/20/2029 ‡ (i)		8		8
Series 2208, Class PG, 7.00%, 1/15/2030		334		372
Series 2209, Class TC, 8.00%, 1/15/2030		96		109
Series 2210, Class Z, 8.00%, 1/15/2030		329		376
Series 2224, Class CB, 8.00%, 3/15/2030		71		82
Series 3654, Class DC, 5.00%, 4/15/2030		6,098		6,521
Series 2230, Class Z, 8.00%, 4/15/2030		101		114
Series 2234, Class PZ, 7.50%, 5/15/2030		74		83
Series 2247, Class Z, 7.50%, 8/15/2030		80		89
Series 2256, Class MC, 7.25%, 9/15/2030		192		216
Series 2259, Class ZM, 7.00%, 10/15/2030		216		240

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2261, Class ZY, 7.50%, 10/15/2030		1		1
Series 2262, Class Z, 7.50%, 10/15/2030		22		25
Series 2271, Class PC, 7.25%, 12/15/2030		255		284
Series 2296, Class PD, 7.00%, 3/15/2031		143		158
Series 2313, Class LA, 6.50%, 5/15/2031		63		71
Series 2325, Class PM, 7.00%, 6/15/2031		118		132
Series 2359, Class ZB, 8.50%, 6/15/2031		276		318
Series 2333, Class HC, 6.00%, 7/15/2031		88		95
Series 2332, Class ZH, 7.00%, 7/15/2031		285		317
Series 2344, Class ZD, 6.50%, 8/15/2031		1,690		1,919
Series 2344, Class ZJ, 6.50%, 8/15/2031		176		191
Series 2345, Class NE, 6.50%, 8/15/2031		127		139
Series 2351, Class PZ, 6.50%, 8/15/2031		152		168
Series 2367, Class ME, 6.50%, 10/15/2031		140		153
Series 2399, Class OH, 6.50%, 1/15/2032		191		209
Series 2399, Class TH, 6.50%, 1/15/2032		248		272
Series 2418, Class FO, 3.21%, 2/15/2032 (i)		740		755
Series 2475, Class S, IF, IO, 5.69%, 2/15/2032 (i)		661		111
Series 2410, Class QX, IF, IO, 6.34%, 2/15/2032 (i)		148		28
Series 2410, Class OE, 6.38%, 2/15/2032		188		199
Series 2410, Class NG, 6.50%, 2/15/2032		309		339
Series 2420, Class XK, 6.50%, 2/15/2032		322		353
Series 2412, Class SP, IF, 11.49%, 2/15/2032 (i)		372		429
Series 2410, Class QS, IF, 13.50%, 2/15/2032 (i)		339		413
Series 2444, Class ES, IF, IO, 5.64%, 3/15/2032 (i)		286		46
Series 2450, Class SW, IF, IO, 5.69%, 3/15/2032 (i)		186		29
Series 2423, Class TB, 6.50%, 3/15/2032		408		447
Series 2430, Class WF, 6.50%, 3/15/2032		435		483
Series 2423, Class MC, 7.00%, 3/15/2032		260		288
Series 2423, Class MT, 7.00%, 3/15/2032		321		358
Series 2434, Class ZA, 6.50%, 4/15/2032		974		1,069
Series 2435, Class CJ, 6.50%, 4/15/2032		689		755
Series 2441, Class GF, 6.50%, 4/15/2032		105		115
Series 2434, Class TC, 7.00%, 4/15/2032		540		596
Series 2436, Class MC, 7.00%, 4/15/2032		202		221
Series 2455, Class GK, 6.50%, 5/15/2032		309		342
Series 2450, Class GZ, 7.00%, 5/15/2032		274		308
Series 2458, Class ZM, 6.50%, 6/15/2032		299		320
Series 2466, Class DH, 6.50%, 6/15/2032		201		222
Series 2466, Class PH, 6.50%, 6/15/2032		378		415
Series 2474, Class NR, 6.50%, 7/15/2032		323		359
Series 2484, Class LZ, 6.50%, 7/15/2032		447		501
Series 3393, Class JO, PO, 9/15/2032		1,102		966
Series 2500, Class MC, 6.00%, 9/15/2032		422		459
Series 2835, Class QO, PO, 12/15/2032		57		48
Series 2571, Class FY, 3.06%, 12/15/2032 (i)		431		439
Series 2543, Class YX, 6.00%, 12/15/2032		785		858
Series 2544, Class HC, 6.00%, 12/15/2032		436		478
Series 2571, Class SY, IF, 13.06%, 12/15/2032 (i)		254		306
Series 2552, Class ME, 6.00%, 1/15/2033		593		649
Series 2567, Class QD, 6.00%, 2/15/2033		443		486
Series 2575, Class ME, 6.00%, 2/15/2033		1,960		2,118
Series 2596, Class QG, 6.00%, 3/15/2033		339		352
Series 2586, Class WI, IO, 6.50%, 3/15/2033		222		50
Series 2631, Class SA, IF, 10.62%, 6/15/2033 (i)		783		902
Series 2653, Class PZ, 5.00%, 7/15/2033		5,454		5,826
Series 2642, Class SL, IF, 5.65%, 7/15/2033 (i)		4		4
Series 2692, Class SC, IF, 8.67%, 7/15/2033 (i)		239		261

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 4238, Class WY, 3.00%, 8/15/2033		4,297		4,118
Series 2671, Class S, IF, 10.53%, 9/15/2033 (i)		217		251
Series 2733, Class SB, IF, 5.93%, 10/15/2033 (i)		6,210		6,551
Series 2780, Class SY, IF, 11.43%, 11/15/2033 (i)		106		129
Series 2722, Class PF, 2.91%, 12/15/2033 (i)		1,786		1,797
Series 3920, Class LP, 5.00%, 1/15/2034		2,692		2,870
Series 2744, Class PE, 5.50%, 2/15/2034		57		59
Series 2802, Class OH, 6.00%, 5/15/2034		1,517		1,621
Series 2990, Class SL, IF, 16.04%, 6/15/2034 (i)		530		589
Series 3611, PO, 7/15/2034		1,116		940
Series 3305, Class MG, IF, 4.53%, 7/15/2034 (i)		436		456
Series 2990, Class GO, PO, 2/15/2035		338		297
Series 2929, Class MS, IF, 18.01%, 2/15/2035 (i)		438		512
Series 3077, Class TO, PO, 4/15/2035		533		480
Series 2968, Class EH, 6.00%, 4/15/2035		9,187		10,022
Series 2981, Class FA, 2.71%, 5/15/2035 (i)		585		586
Series 2988, Class AF, 2.61%, 6/15/2035 (i)		704		702
Series 2990, Class WP, IF, 11.08%, 6/15/2035 (i)		22		25
Series 3014, Class OD, PO, 8/15/2035		67		59
Series 3085, Class WF, 3.11%, 8/15/2035 (i)		569		581
Series 3029, Class SO, PO, 9/15/2035		244		217
Series 3064, Class SG, IF, 12.31%, 11/15/2035 (i)		346		419
Series 3101, Class UZ, 6.00%, 1/15/2036		1,269		1,397
Series 3102, Class HS, IF, 16.11%, 1/15/2036 (i)		88		113
Series 3117, Class AO, PO, 2/15/2036		934		836
Series 3117, Class EO, PO, 2/15/2036		277		233
Series 3117, Class OG, PO, 2/15/2036		320		284
Series 3117, Class OK, PO, 2/15/2036		241		202
Series 3122, Class OH, PO, 3/15/2036		576		504
Series 3122, Class OP, PO, 3/15/2036		536		480
Series 3134, PO, 3/15/2036		69		60
Series 3122, Class ZB, 6.00%, 3/15/2036		21		27
Series 3138, PO, 4/15/2036		367		317
Series 3147, PO, 4/15/2036		1,137		1,022
Series 3607, Class AO, PO, 4/15/2036		681		564
Series 3607, Class BO, PO, 4/15/2036		1,247		1,050
Series 3137, Class XP, 6.00%, 4/15/2036		829		907
Series 3219, Class DI, IO, 6.00%, 4/15/2036		694		144
Series 3819, Class ZQ, 6.00%, 4/15/2036		6,843		7,542
Series 3149, Class SO, PO, 5/15/2036		124		93
Series 3151, PO, 5/15/2036		362		304
Series 3153, Class EO, PO, 5/15/2036		528		438
Series 3233, Class OP, PO, 5/15/2036		103		87
Series 3998, Class GF, 2.76%, 5/15/2036 (i)		4,713		4,736
Series 3710, Class FL, 2.81%, 5/15/2036 (i)		1,642		1,648
Series 3171, Class MO, PO, 6/15/2036		1,096		971
Series 3164, Class MG, 6.00%, 6/15/2036		221		240
Series 3523, Class SD, IF, 13.32%, 6/15/2036 (i)		212		259
Series 3179, Class OA, PO, 7/15/2036		252		216
Series 3194, Class SA, IF, IO, 4.79%, 7/15/2036 (i)		91		5
Series 3181, Class AZ, 6.50%, 7/15/2036		1,011		1,096
Series 3195, Class PD, 6.50%, 7/15/2036		779		855
Series 3200, PO, 8/15/2036		366		313
Series 3202, Class HI, IF, IO, 4.34%, 8/15/2036 (i)		5,541		699
Series 3200, Class AY, 5.50%, 8/15/2036		1,618		1,745
Series 3645, Class KZ, 5.50%, 8/15/2036		577		599
Series 3213, Class OA, PO, 9/15/2036		201		181
Series 3218, Class AO, PO, 9/15/2036		163		125
Series 3225, Class EO, PO, 10/15/2036		411		349
Series 3232, Class ST, IF, IO, 4.39%, 10/15/2036 (i)		613		80
Series 3704, Class DT, 7.50%, 11/15/2036		5,311		6,002
Series 3256, PO, 12/15/2036		207		175

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 3704, Class CT, 7.00%, 12/15/2036		13,161		14,779
Series 3704, Class ET, 7.50%, 12/15/2036		4,615		5,335
Series 3261, Class OA, PO, 1/15/2037		216		181
Series 3260, Class CS, IF, IO, 3.83%, 1/15/2037 (i)		359		46
Series 3274, Class JO, PO, 2/15/2037		63		55
Series 3510, Class OD, PO, 2/15/2037		584		516
Series 3275, Class FL, 2.75%, 2/15/2037 (i)		385		386
Series 3274, Class B, 6.00%, 2/15/2037		672		724
Series 3286, PO, 3/15/2037		108		100
Series 3290, Class SB, IF, IO, 4.14%, 3/15/2037 (i)		597		67
Series 3443, Class SY, IF, 9.00%, 3/15/2037 (i)		202		231
Series 3373, Class TO, PO, 4/15/2037		258		217
Series 3302, Class UT, 6.00%, 4/15/2037		651		707
Series 3316, PO, 5/15/2037		419		373
Series 3318, Class AO, PO, 5/15/2037		19		14
Series 3607, PO, 5/15/2037		2,319		1,935
Series 3315, Class HZ, 6.00%, 5/15/2037		747		751
Series 3326, Class JO, PO, 6/15/2037		50		44
Series 3331, PO, 6/15/2037		226		198
Series 3607, Class OP, PO, 7/15/2037		1,902		1,611
Series 4032, Class TO, PO, 7/15/2037		3,137		2,748
Series 4048, Class FJ, 2.66%, 7/15/2037 (i)		8,825		8,798
Series 3344, Class SL, IF, IO, 4.29%, 7/15/2037 (i)		455		47
Series 3759, Class HI, IO, 4.00%, 8/15/2037		1,366		26
Series 3365, PO, 9/15/2037		328		296
Series 3371, Class FA, 2.91%, 9/15/2037 (i)		160		162
Series 3760, Class GI, IO, 4.00%, 10/15/2037		508		4
Series 3760, Class NI, IO, 4.00%, 10/15/2037		36		—	(j)
Series 3387, Class SA, IF, IO, 4.11%, 11/15/2037 (i)		2,487		218
Series 3383, Class SA, IF, IO, 4.14%, 11/15/2037 (i)		1,720		166
Series 3404, Class SC, IF, IO, 3.69%, 1/15/2038 (i)		3,154		355
Series 3422, Class SE, IF, 11.68%, 2/15/2038 (i)		116		128
Series 3423, Class PB, 5.50%, 3/15/2038		2,668		2,884
Series 3424, Class PI, IF, IO, 4.49%, 4/15/2038 (i)		1,332		165
Series 3453, Class B, 5.50%, 5/15/2038		427		447
Series 3455, Class SE, IF, IO, 3.89%, 6/15/2038 (i)		1,353		161
Series 3461, Class LZ, 6.00%, 6/15/2038		129		140
Series 3461, Class Z, 6.00%, 6/15/2038		3,611		3,853
Series 3481, Class SJ, IF, IO, 3.54%, 8/15/2038 (i)		2,317		230
Series 3895, Class WA, 5.72%, 10/15/2038 (i)		1,026		1,106
Series 3501, Class CB, 5.50%, 1/15/2039		1,867		2,005
Series 3511, Class SA, IF, IO, 3.69%, 2/15/2039 (i)		895		99
Series 3546, Class A, 4.08%, 2/15/2039 (i)		740		756
Series 4095, Class FB, 2.71%, 4/15/2039 (i)		3,737		3,751
Series 4087, Class FA, 2.76%, 5/15/2039 (i)		3,853		3,841
Series 3531, Class SM, IF, IO, 3.79%, 5/15/2039 (i)		270		13
Series 3531, Class SA, IF, IO, 3.99%, 5/15/2039 (i)		1,189		61
Series 3549, Class FA, 3.51%, 7/15/2039 (i)		333		341
Series 3680, Class MA, 4.50%, 7/15/2039		5,744		5,931
Series 4073, Class MF, 2.76%, 8/15/2039 (i)		1,045		1,048
Series 4219, Class JA, 3.50%, 8/15/2039		4,604		4,632
Series 3607, Class TO, PO, 10/15/2039		1,071		881
Series 3795, Class EI, IO, 5.00%, 10/15/2039		2,914		381
Series 3608, Class SC, IF, IO, 3.94%, 12/15/2039 (i)		1,025		122
Series 3621, Class BO, PO, 1/15/2040		1,052		898
Series 3802, Class LS, IF, IO, 1.41%, 1/15/2040 (i)		9,174		367
Series 3632, Class BS, IF, 9.81%, 2/15/2040 (i)		3,353		3,795
Series 3966, Class BF, 2.81%, 10/15/2040 (i)		1,453		1,462
Series 3740, Class SB, IF, IO, 3.69%, 10/15/2040 (i)		4,859		647
Series 3740, Class SC, IF, IO, 3.69%, 10/15/2040 (i)		3,577		405
Series 3801, Class GB, 4.50%, 11/15/2040		1,072		1,124

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 3860, Class PZ, 5.00%, 5/15/2041		10,719		11,630
Series 3852, Class QN, IF, 5.50%, 5/15/2041 (i)		2,532		2,530
Series 3852, Class TP, IF, 5.50%, 5/15/2041 (i)		7,698		8,163
Series 4048, Class FB, 2.71%, 10/15/2041 (i)		6,948		6,987
Series 3957, Class B, 4.00%, 11/15/2041		5,658		5,748
Series 3966, Class NA, 4.00%, 12/15/2041		3,333		3,432
Series 4012, Class FN, 2.81%, 3/15/2042 (i)		7,915		7,976
Series 4077, Class FB, 2.81%, 7/15/2042 (i)		3,791		3,802
Series 4217, Class KY, 3.00%, 6/15/2043		1,794		1,652
Series 4257, Class DZ, 2.50%, 10/15/2043		5,559		4,566
Series 4374, Class NC, 3.75%, 2/15/2046 (f)		7,298		7,339
Series 3688, Class GT, 7.34%, 11/15/2046 (i)		6,570		7,439
FHLMC STRIPS
Series 243, Class 16, IO, 4.50%, 11/15/2020		57		1
Series 243, Class 17, IO, 4.50%, 12/15/2020		46		1
Series 134, Class B, IO, 9.00%, 4/1/2022		1		—	(j)
Series 197, PO, 4/1/2028		614		546
Series 233, Class 11, IO, 5.00%, 9/15/2035		1,252		238
Series 233, Class 12, IO, 5.00%, 9/15/2035		1,058		233
Series 233, Class 13, IO, 5.00%, 9/15/2035		1,980		413
Series 239, Class S30, IF, IO, 5.39%, 8/15/2036 (i)		3,661		586
Series 264, Class F1, 2.86%, 7/15/2042 (i)		20,007		20,151
Series 262, Class 35, 3.50%, 7/15/2042		41,574		41,201
Series 270, Class F1, 2.81%, 8/15/2042 (i)		8,030		8,146
Series 299, Class 300, 3.00%, 1/15/2043		4,544		4,431
Series 310, PO, 9/15/2043		8,938		6,988
FHLMC Structured Pass-Through Securities Certificates
Series T-41, Class 3A, 5.51%, 7/25/2032 (i)		541		569
Series T-48, Class 1A, 4.98%, 7/25/2033 (i)		1,593		1,642
Series T-76, Class 2A, 2.49%, 10/25/2037 (i)		11,868		12,219
Series T-42, Class A5, 7.50%, 2/25/2042		2,180		2,508
Series T-51, Class 2A, 7.50%, 8/25/2042 (i)		368		426
Series T-54, Class 2A, 6.50%, 2/25/2043		2,198		2,474
Series T-54, Class 3A, 7.00%, 2/25/2043		716		805
Series T-56, Class A5, 5.23%, 5/25/2043		5,064		5,249
Series T-57, Class 1AP, PO, 7/25/2043		199		167
Series T-57, Class 1A3, 7.50%, 7/25/2043		523		608
Series T-58, Class APO, PO, 9/25/2043		223		175
Series T-58, Class 4A, 7.50%, 9/25/2043		2,861		3,248
Series T-59, Class 1AP, PO, 10/25/2043		258		131
Series T-59, Class 1A2, 7.00%, 10/25/2043		2,919		3,310
Series T-62, Class 1A1, 3.25%, 10/25/2044 (i)		4,452		4,450
First Horizon Alternative Mortgage Securities Trust
Series 2005-FA8, Class 1A19, 5.50%, 11/25/2035		931		768
Series 2007-FA4, Class 1A2, IF, IO, 3.34%, 8/25/2037 ‡ (i)		7,729		1,058
First Horizon Mortgage Pass-Through Trust
Series 2004-AR7, Class 2A2, 3.71%, 2/25/2035 (i)		144		146
Series 2005-AR1, Class 2A2, 3.96%, 4/25/2035 (i)		734		745
FN
3.82%, 10/1/2028 (k)		19,830		20,022
3.97%, 1/27/2031 (k)		16,800		17,047
FNMA Grantor Trust
Series 1999-T2, Class A1, 7.50%, 1/19/2039 (i)		708		758
Series 2001-T3, Class A1, 7.50%, 11/25/2040		1,114		1,237
Series 2002-T16, Class A2, 7.00%, 7/25/2042		1,143		1,284
Series 2004-T2, Class 2A, 4.37%, 7/25/2043 (i)		1,316		1,382
Series 2004-T2, Class 1A4, 7.50%, 11/25/2043		2,131		2,393
Series 2004-T1, Class 1A2, 6.50%, 1/25/2044		324		358
Series 2004-T3, Class PT1, 10.55%, 1/25/2044 (i)		263		305
Series 2004-T3, Class 1A2, 6.50%, 2/25/2044		3,197		3,521
Series 2004-T3, Class 1A3, 7.00%, 2/25/2044		1,357		1,520

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
FNMA REMIC
Series 2004-21, Class AE, 4.00%, 4/25/2019		—	(j)		—	(j)
Series 1989-70, Class G, 8.00%, 10/25/2019		1			1
Series 2004-81, Class AC, 4.00%, 11/25/2019		1			1
Series 1989-83, Class H, 8.50%, 11/25/2019		2			2
Series 1989-89, Class H, 9.00%, 11/25/2019		1			1
Series 1989-78, Class H, 9.40%, 11/25/2019		1			1
Series 1990-7, Class B, 8.50%, 1/25/2020		1			1
Series 1990-1, Class D, 8.80%, 1/25/2020		1			1
Series 1990-60, Class K, 5.50%, 6/25/2020		—	(j)		—	(j)
Series 1990-63, Class H, 9.50%, 6/25/2020		1			1
Series 1990-93, Class G, 5.50%, 8/25/2020		1			1
Series 1990-102, Class J, 6.50%, 8/25/2020		9			10
Series 1990-94, Class H, HB, 505.00%, 8/25/2020		—	(j)		—	(j)
Series 1990-95, Class J, HB, 1,118.04%, 8/25/2020		—	(j)		—	(j)
Series 1990-120, Class H, 9.00%, 10/25/2020		4			4
Series 1990-134, Class SC, IF, 18.13%, 11/25/2020 (i)		1			1
Series 1990-140, Class K, HB, 652.15%, 12/25/2020		—	(j)		—	(j)
Series 1991-7, Class K, HB, 908.50%, 2/25/2021		—	(j)		—	(j)
Series 1991-24, Class Z, 5.00%, 3/25/2021		2			2
Series 2001-4, Class PC, 7.00%, 3/25/2021		52			53
Series 1991-42, Class S, IF, 13.62%, 5/25/2021 (i)		1			1
Series G-14, Class L, 8.50%, 6/25/2021		1			1
Series G-18, Class Z, 8.75%, 6/25/2021		5			5
Series G-17, Class S, HB, 843.04%, 6/25/2021 (i)		—	(j)		—	(j)
Series 2001-48, Class Z, 6.50%, 9/25/2021		400			414
Series G-28, Class S, IF, 12.78%, 9/25/2021 (i)		—	(j)		—	(j)
Series G-35, Class M, 8.75%, 10/25/2021		8			8
Series G-51, Class SA, HB, IF, 21.39%, 12/25/2021 (i)		1			1
Series 2002-5, Class PK, 6.00%, 2/25/2022		427			442
Series 2002-1, Class HC, 6.50%, 2/25/2022		72			75
Series 2007-15, Class NO, PO, 3/25/2022		155			148
Series G92-27, Class SQ, HB, IF, 9,119.48%, 5/25/2022 (i)		—	(j)		—	(j)
Series 1992-101, Class J, 7.50%, 6/25/2022		1			1
Series G92-42, Class Z, 7.00%, 7/25/2022		6			6
Series G92-35, Class E, 7.50%, 7/25/2022		70			73
Series 1992-117, Class MA, 8.00%, 7/25/2022		91			96
Series G92-44, Class ZQ, 8.00%, 7/25/2022		4			4
Series G92-35, Class G, HB, 1,184.78%, 7/25/2022		—	(j)		—	(j)
Series 1992-136, Class PK, 6.00%, 8/25/2022		14			14
Series 1996-59, Class J, 6.50%, 8/25/2022		17			18
Series G92-52, Class FD, 2.34%, 9/25/2022 (i)		7			7
Series 1992-143, Class MA, 5.50%, 9/25/2022		9			9
Series 2002-54, Class PG, 6.00%, 9/25/2022		566			589
Series G92-54, Class ZQ, 7.50%, 9/25/2022		49			50
Series 1992-163, Class M, 7.75%, 9/25/2022		31			33
Series 1992-150, Class M, 8.00%, 9/25/2022		90			95
Series G92-62, Class B, PO, 10/25/2022		9			9
Series G92-59, Class F, 1.72%, 10/25/2022 (i)		6			6
Series G92-61, Class Z, 7.00%, 10/25/2022		15			16
Series 1992-188, Class PZ, 7.50%, 10/25/2022		51			54
Series G93-1, Class KA, 7.90%, 1/25/2023		51			54
Series G93-5, Class Z, 6.50%, 2/25/2023		23			24
Series 1997-61, Class ZC, 7.00%, 2/25/2023		235			248
Series 1993-27, Class SA, IF, 15.50%, 2/25/2023 (i)		9			10
Series 2003-17, Class EQ, 5.50%, 3/25/2023		1,010			1,048
Series G93-14, Class J, 6.50%, 3/25/2023		17			18
Series 1993-37, Class PX, 7.00%, 3/25/2023		151			158
Series 1993-25, Class J, 7.50%, 3/25/2023		55			58

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 1993-21, Class KA, 7.70%, 3/25/2023		23		24
Series 1998-4, Class C, PO, 4/25/2023		9		9
Series 2003-23, Class EQ, 5.50%, 4/25/2023		1,883		1,969
Series G93-17, Class SI, IF, 6.00%, 4/25/2023 (i)		36		38
Series 1993-54, Class Z, 7.00%, 4/25/2023		49		51
Series 1998-43, Class SA, IF, IO, 15.16%, 4/25/2023 (i)		45		10
Series 1993-62, Class SA, IF, 18.16%, 4/25/2023 (i)		23		27
Series 2003-39, Class LW, 5.50%, 5/25/2023		459		477
Series 1993-56, Class PZ, 7.00%, 5/25/2023		556		587
Series 2008-47, Class SI, IF, IO, 4.18%, 6/25/2023 (i)		242		7
Series 2003-83, Class PG, 5.00%, 6/25/2023		16		16
Series 2008-61, Class BH, 4.50%, 7/25/2023		691		725
Series 1993-136, Class ZB, 6.00%, 7/25/2023 (i)		222		233
Series 1993-122, Class M, 6.50%, 7/25/2023		12		13
Series 1993-99, Class Z, 7.00%, 7/25/2023		272		287
Series 2002-1, Class G, 7.00%, 7/25/2023		174		182
Series G93-27, Class FD, 3.20%, 8/25/2023 (i)		31		31
Series 1999-38, Class SK, IF, IO, 5.73%, 8/25/2023 (i)		9		1
Series 2002-83, Class CS, 6.88%, 8/25/2023		252		263
Series 1993-141, Class Z, 7.00%, 8/25/2023		449		472
Series 1996-14, Class SE, IF, IO, 7.61%, 8/25/2023 (i)		229		28
Series 1993-205, Class H, PO, 9/25/2023		21		20
Series G93-37, Class H, PO, 9/25/2023		8		8
Series 2008-76, Class GF, 2.96%, 9/25/2023 (i)		12		11
Series 1993-178, Class PK, 6.50%, 9/25/2023		24		25
Series 1993-165, Class SK, IF, 12.50%, 9/25/2023 (i)		17		18
Series 1993-165, Class SD, IF, 12.70%, 9/25/2023 (i)		13		14
Series 1993-183, Class KA, 6.50%, 10/25/2023		353		373
Series 1993-189, Class PL, 6.50%, 10/25/2023		143		150
Series 1993-179, Class SC, IF, 10.50%, 10/25/2023 (i)		8		9
Series 1999-52, Class NS, IF, 16.90%, 10/25/2023 (i)		22		26
Series 1993-179, Class SB, HB, IF, 25.30%, 10/25/2023 (i)		12		14
Series 1994-9, Class E, PO, 11/25/2023		2		2
Series 1995-19, Class Z, 6.50%, 11/25/2023		134		145
Series 1993-230, Class FA, 2.92%, 12/25/2023 (i)		11		11
Series 1993-247, Class FE, 3.32%, 12/25/2023 (i)		29		29
Series 1993-225, Class UB, 6.50%, 12/25/2023		36		39
Series 1993-247, Class SU, IF, 11.93%, 12/25/2023 (i)		13		15
Series 2002-1, Class UD, IF, 16.40%, 12/25/2023 (i)		29		34
Series 1993-247, Class SA, HB, IF, 26.50%, 12/25/2023 (i)		35		43
Series 2009-9, IO, 5.00%, 2/25/2024		220		6
Series 2009-15, Class MI, IO, 5.00%, 3/25/2024		36		1
Series 2009-18, IO, 5.00%, 3/25/2024		45		1
Series 1994-37, Class L, 6.50%, 3/25/2024		113		119
Series 1994-40, Class Z, 6.50%, 3/25/2024		662		700
Series 1994-62, Class PK, 7.00%, 4/25/2024		1,009		1,061
Series 1994-63, Class PK, 7.00%, 4/25/2024		433		463
Series 2004-53, Class NC, 5.50%, 7/25/2024		117		122
Series 2004-65, Class EY, 5.50%, 8/25/2024		1,160		1,208
Series 2004-81, Class JG, 5.00%, 11/25/2024		1,814		1,859
Series 1995-2, Class Z, 8.50%, 1/25/2025		24		27
Series G95-1, Class C, 8.80%, 1/25/2025		38		42
Series 2005-67, Class EY, 5.50%, 8/25/2025		1,141		1,203
Series 2005-121, Class DX, 5.50%, 1/25/2026		763		805
Series 2006-94, Class GK, HB, IF, 21.67%, 10/25/2026 (i)		162		199
Series 1996-48, Class Z, 7.00%, 11/25/2026		245		261
Series 1997-20, IO, 1.84%, 3/25/2027 (i)		111		2

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 1997-20, Class IB, IO, 1.84%, 3/25/2027 (i)		36		1
Series 1997-27, Class J, 7.50%, 4/18/2027		44		49
Series 1997-29, Class J, 7.50%, 4/20/2027		68		76
Series 1997-32, Class PG, 6.50%, 4/25/2027		155		168
Series 1997-39, Class PD, 7.50%, 5/20/2027		285		318
Series 1997-42, Class ZC, 6.50%, 7/18/2027		14		15
Series 1997-81, Class PI, IO, 7.00%, 12/18/2027		73		8
Series 1998-36, Class ZB, 6.00%, 7/18/2028		89		96
Series 2008-55, Class S, IF, IO, 5.28%, 7/25/2028 (i)		2,344		232
Series 1998-66, Class SB, IF, IO, 5.83%, 12/25/2028 (i)		76		4
Series 2009-11, Class NB, 5.00%, 3/25/2029		2,054		2,119
Series 1999-18, Class Z, 5.50%, 4/18/2029		184		188
Series 1999-17, Class C, 6.35%, 4/25/2029		53		56
Series 1999-62, Class PB, 7.50%, 12/18/2029		80		89
Series 2000-2, Class ZE, 7.50%, 2/25/2030		463		516
Series 2000-20, Class SA, IF, IO, 6.78%, 7/25/2030 (i)		151		18
Series 2000-52, IO, 8.50%, 1/25/2031		21		5
Series 2001-7, Class PF, 7.00%, 3/25/2031		47		52
Series 2011-31, Class DB, 3.50%, 4/25/2031		9,416		9,489
Series 2001-33, Class ID, IO, 6.00%, 7/25/2031		282		60
Series 2001-30, Class PM, 7.00%, 7/25/2031		164		184
Series 2001-36, Class DE, 7.00%, 8/25/2031		336		370
Series 2001-49, Class Z, 6.50%, 9/25/2031		73		80
Series 2001-44, Class MY, 7.00%, 9/25/2031		457		511
Series 2001-44, Class PD, 7.00%, 9/25/2031		85		94
Series 2001-44, Class PU, 7.00%, 9/25/2031		87		98
Series 2001-60, Class QS, IF, 16.40%, 9/25/2031 (i)		211		265
Series 2001-52, Class KB, 6.50%, 10/25/2031		51		54
Series 2003-52, Class SX, IF, 16.00%, 10/25/2031 (i)		142		184
Series 2001-60, Class PX, 6.00%, 11/25/2031		520		564
Series 2001-61, Class Z, 7.00%, 11/25/2031		552		618
Series 2004-74, Class SW, IF, 10.90%, 11/25/2031 (i)		158		190
Series 2001-72, Class SX, IF, 12.07%, 12/25/2031 (i)		15		18
Series 2001-81, Class LO, PO, 1/25/2032		21		19
Series 2002-1, Class SA, IF, 17.66%, 2/25/2032 (i)		38		49
Series 2002-13, Class SJ, IF, IO, 1.60%, 3/25/2032 (i)		519		24
Series 2002-13, Class ST, IF, 10.00%, 3/25/2032 (i)		8		9
Series 2002-21, Class LO, PO, 4/25/2032		17		14
Series 2002-15, Class ZA, 6.00%, 4/25/2032		1,255		1,358
Series 2002-21, Class PE, 6.50%, 4/25/2032		242		265
Series 2002-28, Class PK, 6.50%, 5/25/2032		491		537
Series 2002-37, Class Z, 6.50%, 6/25/2032		204		223
Series 2006-130, Class GI, IO, 6.50%, 7/25/2032		925		132
Series 2002-48, Class GH, 6.50%, 8/25/2032		574		629
Series 2004-79, Class S, IF, 13.43%, 8/25/2032 (i)		116		117
Series 2002-71, Class AP, 5.00%, 11/25/2032		141		146
Series 2011-39, Class ZA, 6.00%, 11/25/2032		3,833		4,197
Series 2004-61, Class SK, IF, 8.50%, 11/25/2032 (i)		176		193
Series 2004-61, Class SH, IF, 14.73%, 11/25/2032 (i)		65		82
Series 2004-59, Class BG, PO, 12/25/2032		113		95
Series 2002-78, Class Z, 5.50%, 12/25/2032		1,224		1,316
Series 2002-77, Class S, IF, 10.24%, 12/25/2032 (i)		93		104
Series 2003-9, Class NZ, 6.50%, 2/25/2033		197		212
Series 2003-14, Class TI, IO, 5.00%, 3/25/2033		232		26
Series 2003-22, Class UD, 4.00%, 4/25/2033		2,038		2,081
Series 2003-35, Class EA, PO, 5/25/2033		58		49
Series 2003-42, Class GB, 4.00%, 5/25/2033		116		118
Series 2003-34, Class AX, 6.00%, 5/25/2033		369		402

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2003-34, Class ED, 6.00%, 5/25/2033		1,542			1,613
Series 2003-34, Class GE, 6.00%, 5/25/2033		820			871
Series 2003-39, IO, 6.00%, 5/25/2033 (i)		92			20
Series 2003-33, Class IA, IO, 6.50%, 5/25/2033		870			195
Series 2007-97, Class KI, IO, 7.00%, 5/25/2033		1,551			191
Series 2004-4, Class QI, IF, IO, 4.78%, 6/25/2033 (i)		649			27
Series 2003-47, Class PE, 5.75%, 6/25/2033		581			630
Series 2004-4, Class QM, IF, 9.57%, 6/25/2033 (i)		482			512
Series 2003-64, Class SX, IF, 8.00%, 7/25/2033 (i)		247			266
Series 2004-36, Class SN, IF, 9.57%, 7/25/2033 (i)		86			86
Series 2003-132, Class OA, PO, 8/25/2033		51			47
Series 2003-71, Class DS, IF, 4.40%, 8/25/2033 (i)		838			803
Series 2003-72, Class IE, IO, 5.50%, 8/25/2033		2,128			369
Series 2003-73, Class HC, 5.50%, 8/25/2033		1,023			1,100
Series 2003-74, Class SH, IF, 6.00%, 8/25/2033 (i)		81			87
Series 2005-56, Class TP, IF, 11.20%, 8/25/2033 (i)		323			349
Series 2003-91, Class SD, IF, 8.64%, 9/25/2033 (i)		157			170
Series 2013-100, Class WB, 3.00%, 10/25/2033		7,887			7,430
Series 2003-105, Class AZ, 5.50%, 10/25/2033		7,444			7,986
Series 2003-116, Class SB, IF, IO, 5.28%, 11/25/2033 (i)		1,120			170
Series 2006-44, Class P, PO, 12/25/2033		863			718
Series 2003-122, Class ZJ, 6.00%, 12/25/2033		6,129			6,746
Series 2003-130, Class CS, IF, 9.47%, 12/25/2033 (i)		90			91
Series 2004-87, Class F, 3.07%, 1/25/2034 (i)		1,314			1,341
Series 2003-130, Class SX, IF, 8.05%, 1/25/2034 (i)		45			49
Series 2003-131, Class SK, IF, 11.57%, 1/25/2034 (i)		124			134
Series 2004-36, Class PC, 5.50%, 2/25/2034		35			35
Series 2004-10, Class SC, IF, 19.34%, 2/25/2034 (i)		79			81
Series 2004-46, Class EP, PO, 3/25/2034		1,051			944
Series 2004-28, Class PF, 2.72%, 3/25/2034 (i)		964			967
Series 2004-17, Class H, 5.50%, 4/25/2034		2,152			2,338
Series 2004-25, Class SA, IF, 13.16%, 4/25/2034 (i)		551			666
Series 2004-36, Class FA, 2.72%, 5/25/2034 (i)		2,415			2,427
Series 2004-46, Class SK, IF, 10.13%, 5/25/2034 (i)		146			164
Series 2004-36, Class SA, IF, 13.16%, 5/25/2034 (i)		1,032			1,314
Series 2004-46, Class QB, IF, 14.74%, 5/25/2034 (i)		222			267
Series 2004-50, Class VZ, 5.50%, 7/25/2034		3,857			4,070
Series 2004-51, Class SY, IF, 9.61%, 7/25/2034 (i)		145			163
Series 2005-93, Class MF, 2.57%, 8/25/2034 (i)		600			600
Series 2004-79, Class SP, IF, 13.43%, 11/25/2034 (i)		114			119
Series 2005-57, Class CD, IF, 16.44%, 1/25/2035 (i)		32			33
Series 2006-60, Class DO, PO, 4/25/2035		408			397
Series 2005-25, Class PF, 2.67%, 4/25/2035 (i)		1,098			1,101
Series 2005-42, Class PS, IF, 11.21%, 5/25/2035 (i)		73			79
Series 2005-74, Class CS, IF, 13.65%, 5/25/2035 (i)		1,154			1,317
Series 2005-74, Class SK, IF, 13.76%, 5/25/2035 (i)		793			912
Series 2005-74, Class CP, IF, 16.26%, 5/25/2035 (i)		265			300
Series 2005-68, Class UC, 5.00%, 6/25/2035		162			163
Series 2005-52, Class PA, 6.50%, 6/25/2035		—	(j)		—	(j)
Series 2005-59, Class SU, IF, 13.92%, 6/25/2035 (i)		322			429
Series 2005-56, Class S, IF, IO, 4.39%, 7/25/2035 (i)		781			94
Series 2005-66, Class SG, IF, 11.59%, 7/25/2035 (i)		290			353
Series 2005-68, Class PG, 5.50%, 8/25/2035		1,057			1,126
Series 2005-73, Class ZB, 5.50%, 8/25/2035		5,601			5,547
Series 2005-73, Class PS, IF, 10.91%, 8/25/2035 (i)		374			427
Series 2005-72, Class SB, IF, 11.09%, 8/25/2035 (i)		415			477
Series 2005-90, PO, 9/25/2035		142			132
Series 2005-75, Class SV, IF, 14.94%, 9/25/2035 (i)		109			129

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2010-39, Class OT, PO, 10/25/2035		240		209
Series 2005-84, Class XM, 5.75%, 10/25/2035		972		1,041
Series 2005-90, Class ES, IF, 11.09%, 10/25/2035 (i)		431		504
Series 2005-106, Class US, IF, 16.08%, 11/25/2035 (i)		2,063		2,624
Series 2005-110, Class GL, 5.50%, 12/25/2035		5,007		5,416
Series 2006-46, Class UC, 5.50%, 12/25/2035		547		573
Series 2005-109, Class PC, 6.00%, 12/25/2035		181		192
Series 2006-15, Class OT, PO, 1/25/2036		55		53
Series 2006-39, Class WC, 5.50%, 1/25/2036		343		360
Series 2006-16, Class OA, PO, 3/25/2036		196		166
Series 2006-8, Class WQ, PO, 3/25/2036		1,785		1,431
Series 2006-8, Class WN, IF, IO, 4.38%, 3/25/2036 (i)		6,545		1,041
Series 2006-12, Class BZ, 5.50%, 3/25/2036		2,278		2,449
Series 2006-16, Class HZ, 5.50%, 3/25/2036		686		730
Series 2006-8, Class JZ, 5.50%, 3/25/2036		2,494		2,689
Series 2006-11, Class PS, IF, 16.08%, 3/25/2036 (i)		167		230
Series 2006-22, Class AO, PO, 4/25/2036		620		515
Series 2006-23, Class KO, PO, 4/25/2036		255		226
Series 2006-27, Class OH, PO, 4/25/2036		542		478
Series 2006-23, Class FK, 2.57%, 4/25/2036 (i)		804		798
Series 2006-33, Class LS, IF, 19.73%, 5/25/2036 (i)		196		271
Series 2006-43, PO, 6/25/2036		164		143
Series 2006-43, Class DO, PO, 6/25/2036		501		446
Series 2006-44, Class GO, PO, 6/25/2036		326		275
Series 2006-50, Class JO, PO, 6/25/2036		1,127		928
Series 2006-50, Class PS, PO, 6/25/2036		1,385		1,203
Series 2006-46, Class FW, 2.72%, 6/25/2036 (i)		390		391
Series 2006-53, Class US, IF, IO, 4.26%, 6/25/2036 (i)		1,387		186
Series 2006-46, Class SW, IF, 15.71%, 6/25/2036 (i)		62		83
Series 2007-101, Class A2, 2.56%, 6/27/2036 (i)		4,142		4,065
Series 2006-113, PO, 7/25/2036		176		169
Series 2006-58, PO, 7/25/2036		202		171
Series 2006-58, Class AP, PO, 7/25/2036		102		88
Series 2006-65, Class QO, PO, 7/25/2036		376		319
Series 2006-56, Class FC, 2.61%, 7/25/2036 (i)		3,104		3,098
Series 2006-58, Class FL, 2.78%, 7/25/2036 (i)		326		329
Series 2006-58, Class IG, IF, IO, 4.20%, 7/25/2036 (i)		513		49
Series 2006-71, Class ZL, 6.00%, 7/25/2036		4,334		4,695
Series 2006-63, Class ZH, 6.50%, 7/25/2036		1,801		2,000
Series 2011-19, Class ZY, 6.50%, 7/25/2036		2,387		2,658
Series 2006-60, Class AK, IF, 19.54%, 7/25/2036 (i)		188		268
Series 2006-62, Class PS, HB, IF, 26.01%, 7/25/2036 (i)		142		227
Series 2006-72, Class GO, PO, 8/25/2036		684		599
Series 2006-72, Class TO, PO, 8/25/2036		129		115
Series 2006-79, Class DO, PO, 8/25/2036		280		245
Series 2006-79, Class OP, PO, 8/25/2036		385		342
Series 2006-79, Class DF, 2.67%, 8/25/2036 (i)		1,181		1,182
Series 2007-7, Class SG, IF, IO, 4.18%, 8/25/2036 (i)		810		162
Series 2006-77, Class PC, 6.50%, 8/25/2036		1,407		1,535
Series 2006-78, Class BZ, 6.50%, 8/25/2036		339		366
Series 2006-86, Class OB, PO, 9/25/2036		398		353
Series 2006-90, Class AO, PO, 9/25/2036		347		306
Series 2008-42, Class AO, PO, 9/25/2036		157		138
Series 2006-85, Class MZ, 6.50%, 9/25/2036		144		155
Series 2009-19, Class PW, 4.50%, 10/25/2036		1,744		1,798
Series 2006-95, Class SG, IF, 16.94%, 10/25/2036 (i)		216		288
Series 2006-109, PO, 11/25/2036		97		82
Series 2006-110, PO, 11/25/2036		582		488

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2006-111, Class EO, PO, 11/25/2036		264		226
Series 2006-115, Class OK, PO, 12/25/2036		327		269
Series 2006-119, PO, 12/25/2036		144		126
Series 2006-118, Class A1, 2.34%, 12/25/2036 (i)		729		724
Series 2006-118, Class A2, 2.34%, 12/25/2036 (i)		3,205		3,167
Series 2006-117, Class GS, IF, IO, 4.33%, 12/25/2036 (i)		1,222		151
Series 2006-115, Class ES, IF, 17.30%, 12/25/2036 (i)		59		75
Series 2006-128, PO, 1/25/2037		313		257
Series 2009-70, Class CO, PO, 1/25/2037		928		765
Series 2006-128, Class BP, 5.50%, 1/25/2037		317		331
Series 2007-10, Class FD, 2.57%, 2/25/2037 (i)		907		904
Series 2007-1, Class SD, HB, IF, 25.11%, 2/25/2037 (i)		73		171
Series 2007-14, Class OP, PO, 3/25/2037		259		224
Series 2007-77, Class FG, 2.82%, 3/25/2037 (i)		627		631
Series 2007-16, Class FC, 3.07%, 3/25/2037 (i)		472		490
Series 2007-22, Class SC, IF, IO, 3.76%, 3/25/2037 (i)		69		3
Series 2007-14, Class ES, IF, IO, 4.12%, 3/25/2037 (i)		2,248		304
Series 2009-63, Class P, 5.00%, 3/25/2037		64		66
Series 2007-18, Class MZ, 6.00%, 3/25/2037		671		714
Series 2007-28, Class EO, PO, 4/25/2037		876		777
Series 2007-35, Class SI, IF, IO, 3.78%, 4/25/2037 (i)		505		37
Series 2007-29, Class SG, IF, 14.95%, 4/25/2037 (i)		452		578
Series 2007-42, Class AO, PO, 5/25/2037		132		119
Series 2007-43, Class FL, 2.62%, 5/25/2037 (i)		440		439
Series 2007-42, Class B, 6.00%, 5/25/2037		1,663		1,787
Series 2007-54, Class FA, 2.72%, 6/25/2037 (i)		2,442		2,455
Series 2007-98, Class FB, 2.77%, 6/25/2037 (i)		208		216
Series 2007-92, Class YS, IF, IO, 3.46%, 6/25/2037 (i)		441		44
Series 2007-53, Class SH, IF, IO, 3.78%, 6/25/2037 (i)		1,475		175
Series 2007-54, Class WI, IF, IO, 3.78%, 6/25/2037 (i)		529		64
Series 2007-92, Class YA, 6.50%, 6/25/2037		265		286
Series 2007-67, PO, 7/25/2037		611		538
Series 2007-64, Class FB, 2.69%, 7/25/2037 (i)		576		577
Series 2007-97, Class FC, 2.82%, 7/25/2037 (i)		355		357
Series 2007-72, Class EK, IF, IO, 4.08%, 7/25/2037 (i)		3,953		501
Series 2007-65, Class KI, IF, IO, 4.30%, 7/25/2037 (i)		1,466		159
Series 2007-60, Class AX, IF, IO, 4.83%, 7/25/2037 (i)		6,191		1,116
Series 2007-70, Class Z, 5.50%, 7/25/2037		1,594		1,714
Series 2007-62, Class SE, IF, 10.71%, 7/25/2037 (i)		351		387
Series 2012-14, Class FB, 2.77%, 8/25/2037 (i)		1,452		1,458
Series 2007-76, Class AZ, 5.50%, 8/25/2037		408		436
Series 2007-76, Class ZG, 6.00%, 8/25/2037		650		707
Series 2007-78, Class CB, 6.00%, 8/25/2037		183		200
Series 2007-78, Class PE, 6.00%, 8/25/2037		852		919
Series 2007-81, Class GE, 6.00%, 8/25/2037		829		882
Series 2007-79, Class SB, IF, 15.53%, 8/25/2037 (i)		529		696
Series 2012-87, Class KF, 2.77%, 9/25/2037 (i)		3,000		3,018
Series 2007-88, Class VI, IF, IO, 4.22%, 9/25/2037 (i)		2,047		324
Series 2007-85, Class SL, IF, 10.36%, 9/25/2037 (i)		136		153
Series 2009-86, Class OT, PO, 10/25/2037		5,472		4,783
Series 2007-100, Class SM, IF, IO, 4.13%, 10/25/2037 (i)		1,713		214
Series 2007-91, Class ES, IF, IO, 4.14%, 10/25/2037 (i)		2,245		255
Series 2007-106, Class A7, 6.07%, 10/25/2037 (i)		622		669
Series 2007-108, Class SA, IF, IO, 4.04%, 12/25/2037 (i)		64		7
Series 2007-109, Class AI, IF, IO, 4.08%, 12/25/2037 (i)		1,894		200
Series 2007-112, Class SA, IF, IO, 4.13%, 12/25/2037 (i)		2,091		265
Series 2007-112, Class MJ, 6.50%, 12/25/2037		1,670		1,873
Series 2007-116, Class HI, IO, 1.22%, 1/25/2038 (i)		3,997		140

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2008-1, Class BI, IF, IO, 3.59%, 2/25/2038 (i)		1,932		208
Series 2008-4, Class SD, IF, IO, 3.68%, 2/25/2038 (i)		3,835		405
Series 2008-18, Class FA, 3.22%, 3/25/2038 (i)		436		447
Series 2008-16, Class IS, IF, IO, 3.88%, 3/25/2038 (i)		459		55
Series 2008-10, Class XI, IF, IO, 3.91%, 3/25/2038 (i)		571		54
Series 2008-20, Class SA, IF, IO, 4.67%, 3/25/2038 (i)		970		141
Series 2008-18, Class SP, IF, 9.37%, 3/25/2038 (i)		220		235
Series 2008-32, Class SA, IF, IO, 4.53%, 4/25/2038 (i)		431		40
Series 2008-27, Class SN, IF, IO, 4.58%, 4/25/2038 (i)		716		76
Series 2011-22, Class MA, 6.50%, 4/25/2038		422		438
Series 2008-28, Class QS, IF, 13.75%, 4/25/2038 (i)		289		331
Series 2008-44, PO, 5/25/2038		20		16
Series 2008-46, Class HI, IO, 1.46%, 6/25/2038 (i)		1,871		88
Series 2008-53, Class CI, IF, IO, 4.88%, 7/25/2038 (i)		518		69
Series 2008-56, Class AC, 5.00%, 7/25/2038		482		504
Series 2008-60, Class JC, 5.00%, 7/25/2038		492		523
Series 2011-47, Class ZA, 5.50%, 7/25/2038		2,001		2,153
Series 2008-80, Class SA, IF, IO, 3.53%, 9/25/2038 (i)		1,866		177
Series 2008-81, Class SB, IF, IO, 3.53%, 9/25/2038 (i)		1,188		86
Series 2010-45, Class BD, 4.50%, 11/25/2038		22		22
Series 2011-111, Class DF, 2.72%, 12/25/2038 (i)		384		385
Series 2010-148, Class MA, 4.00%, 2/25/2039		963		970
Series 2009-6, Class GS, IF, IO, 4.23%, 2/25/2039 (i)		1,334		190
Series 2009-4, Class BD, 4.50%, 2/25/2039		80		83
Series 2009-17, Class QS, IF, IO, 4.33%, 3/25/2039 (i)		663		98
Series 2012-89, Class FD, 2.77%, 4/25/2039 (i)		2,437		2,454
Series 2009-52, Class PI, IO, 5.00%, 7/25/2039		883		173
Series 2009-47, Class MT, 7.00%, 7/25/2039		30		33
Series 2009-59, Class HB, 5.00%, 8/25/2039		3,341		3,545
Series 2009-60, Class HT, 6.00%, 8/25/2039		3,906		4,258
Series 2009-65, Class MT, 5.00%, 9/25/2039		1,956		1,989
Series 2009-69, Class WA, 6.03%, 9/25/2039 (i)		1,668		1,822
Series 2009-84, Class WS, IF, IO, 3.58%, 10/25/2039 (i)		536		51
Series 2009-86, Class IP, IO, 5.50%, 10/25/2039		1,990		380
Series 2009-99, Class SC, IF, IO, 3.86%, 12/25/2039 (i)		680		67
Series 2009-103, Class MB, 4.29%, 12/25/2039 (i)		2,099		2,246
Series 2009-99, Class WA, 6.30%, 12/25/2039 (i)		2,969		3,232
Series 2009-113, Class AO, PO, 1/25/2040		482		403
Series 2009-112, Class ST, IF, IO, 3.93%, 1/25/2040 (i)		1,403		164
Series 2010-1, Class WA, 6.23%, 2/25/2040 (i)		654		717
Series 2010-16, Class WB, 6.22%, 3/25/2040 (i)		2,116		2,345
Series 2010-16, Class WA, 6.44%, 3/25/2040 (i)		2,311		2,578
Series 2010-49, Class SC, IF, 8.03%, 3/25/2040 (i)		3,122		3,337
Series 2010-40, Class FJ, 2.92%, 4/25/2040 (i)		701		706
Series 2010-35, Class SB, IF, IO, 4.10%, 4/25/2040 (i)		1,020		117
Series 2010-35, Class SJ, IF, 9.95%, 4/25/2040 (i)		1,429		1,704
Series 2010-43, Class FD, 2.92%, 5/25/2040 (i)		871		883
Series 2010-42, Class S, IF, IO, 4.08%, 5/25/2040 (i)		609		81
Series 2010-63, Class AP, PO, 6/25/2040		805		665
Series 2010-64, Class DM, 5.00%, 6/25/2040		6,755		7,075
Series 2010-58, Class MB, 5.50%, 6/25/2040		8,753		9,276
Series 2010-71, Class HJ, 5.50%, 7/25/2040		3,786		4,117
Series 2010-102, Class PN, 5.00%, 9/25/2040		1,794		1,913
Series 2010-111, Class AM, 5.50%, 10/25/2040		14,736		16,237
Series 2010-125, Class SA, IF, IO, 2.12%, 11/25/2040 (i)		7,095		359
Series 2011-101, Class FM, 2.87%, 1/25/2041 (i)		1,616		1,625
Series 2010-147, Class SA, IF, IO, 4.21%, 1/25/2041 (i)		6,765		1,173
Series 2011-30, Class LS, IO, 1.32%, 4/25/2041 (i)		8,275		382

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2011-149, Class EF, 2.82%, 7/25/2041 (i)		697		702
Series 2011-75, Class FA, 2.87%, 8/25/2041 (i)		1,925		1,949
Series 2011-149, Class MF, 2.82%, 11/25/2041 (i)		2,533		2,553
Series 2011-118, Class LB, 7.00%, 11/25/2041		10,856		12,280
Series 2011-118, Class MT, 7.00%, 11/25/2041		13,767		15,579
Series 2011-118, Class NT, 7.00%, 11/25/2041		12,062		13,442
Series 2002-90, Class A1, 6.50%, 6/25/2042		554		617
Series 2012-99, Class FA, 2.77%, 9/25/2042 (i)		3,273		3,269
Series 2012-101, Class FC, 2.82%, 9/25/2042 (i)		2,013		2,015
Series 2012-97, Class FB, 2.82%, 9/25/2042 (i)		7,186		7,239
Series 2012-108, Class F, 2.82%, 10/25/2042 (i)		6,072		6,115
Series 2013-81, Class TA, 3.00%, 2/25/2043		6,000		5,514
Series 2013-4, Class AJ, 3.50%, 2/25/2043		4,070		4,067
Series 2013-92, PO, 9/25/2043		12,029		9,224
Series 2013-101, Class DO, PO, 10/25/2043		9,469		7,131
Series 2013-128, PO, 12/25/2043		20,034		15,671
Series 2013-135, PO, 1/25/2044		7,807		5,832
Series 2010-103, Class SB, IF, IO, 3.78%, 11/25/2049 (i)		822		62
Series 2011-2, Class WA, 5.82%, 2/25/2051 (i)		1,134		1,188
Series 2011-58, Class WA, 5.43%, 7/25/2051 (i)		271		290
FNMA REMIC Trust
Series 2004-W10, Class A6, 5.75%, 8/25/2034		6,098		6,545
Series 2007-W3, Class 1A3, 6.75%, 4/25/2037		295		319
Series 2007-W5, PO, 6/25/2037		293		254
Series 2007-W7, Class 1A4, HB, IF, 25.29%, 7/25/2037 (i)		207		307
Series 2003-W4, Class 2A, 6.50%, 10/25/2042 (i)		139		153
Series 2003-W1, Class 1A1, 5.39%, 12/25/2042 (i)		994		1,032
Series 2003-W1, Class 2A, 5.90%, 12/25/2042 (i)		268		284
Series 2004-W11, Class 1A1, 6.00%, 5/25/2044		819		913
Series 2005-W1, Class 1A2, 6.50%, 10/25/2044		1,412		1,576
Series 2006-W3, Class 2A, 6.00%, 9/25/2046		1,239		1,369
Series 2007-W10, Class 2A, 6.35%, 8/25/2047 (i)		152		161
Series 2009-W1, Class A, 6.00%, 12/25/2049		5,619		6,178
FNMA STRIPS
Series 368, Class 3, IO, 4.50%, 11/25/2020		5		—	(j)
Series 218, Class 2, IO, 7.50%, 4/25/2023		7		1
Series 265, Class 2, 9.00%, 3/25/2024		6		6
Series 300, Class 1, PO, 9/25/2024		540		502
Series 329, Class 1, PO, 1/25/2033		91		79
Series 345, Class 6, IO, 5.00%, 12/25/2033 (i)		122		24
Series 365, Class 8, IO, 5.50%, 5/25/2036		467		108
Series 374, Class 5, IO, 5.50%, 8/25/2036		308		72
Series 393, Class 6, IO, 5.50%, 4/25/2037		138		23
Series 383, Class 33, IO, 6.00%, 1/25/2038		305		61
Series 412, Class F2, 2.82%, 8/25/2042 (i)		6,793		6,858
Series 411, Class F1, 2.87%, 8/25/2042 (i)		17,191		17,410
FNMA Trust
Series 2004-W1, Class 2A2, 7.00%, 12/25/2033		2,348		2,655
Series 2003-W8, Class 3F1, 2.72%, 5/25/2042 (i)		322		319
Series 2003-W2, Class 2A9, 5.90%, 7/25/2042		551		595
Series 2003-W2, Class 1A1, 6.50%, 7/25/2042		911		994
Series 2003-W6, Class 2A4, 5.20%, 9/25/2042		3,732		3,921
Series 2003-W6, Class 3A, 6.50%, 9/25/2042		1,500		1,646
Series 2003-W8, Class 2A, 7.00%, 10/25/2042		1,668		1,868
Series 2004-W2, Class 2A2, 7.00%, 2/25/2044		494		547
Series 2004-W8, Class 3A, 7.50%, 6/25/2044		495		558
Series 2004-W15, Class 2AF, 2.57%, 8/25/2044 (i)		1,372		1,363
Series 2005-W3, Class 2AF, 2.54%, 3/25/2045 (i)		11,156		11,108
Series 2005-W4, Class 1A1, 6.00%, 8/25/2045		596		644
Series 2006-W2, Class 2A, 3.97%, 11/25/2045 (i)		1,598		1,684

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2006-W2, Class 1AF1, 2.54%, 2/25/2046 (i)		5,187		5,185
FNMA, Whole Loan Series 2007-W1, Class 1AF1, 2.58%, 11/25/2046 (i)		9,655		9,504
GMACM Mortgage Loan Trust
Series 2003-AR2, Class 2A4, 4.66%, 12/19/2033 (i)		1,623		1,629
Series 2003-J8, Class A, 5.25%, 12/25/2033		74		75
Series 2005-AR3, Class 3A4, 3.91%, 6/19/2035 (i)		935		912
GNMA
Series 2008-36, Class AY, 5.00%, 4/16/2023		538		542
Series 1994-7, Class PQ, 6.50%, 10/16/2024		878		922
Series 1999-4, Class ZB, 6.00%, 2/20/2029		925		924
Series 1999-30, Class S, IF, IO, 6.29%, 8/16/2029 (i)		106		1
Series 2002-31, Class SE, IF, IO, 5.19%, 4/16/2030 (i)		813		73
Series 2000-31, Class Z, 9.00%, 10/20/2030		178		206
Series 2000-36, Class IK, IO, 9.00%, 11/16/2030		12		2
Series 2000-35, Class ZA, 9.00%, 11/20/2030		112		130
Series 2002-31, Class S, IF, IO, 6.39%, 1/16/2031 (i)		70		11
Series 2001-6, Class SD, IF, IO, 6.24%, 3/16/2031 (i)		56		11
Series 2001-22, Class PS, IF, 15.02%, 3/17/2031 (i)		488		629
Series 2001-36, Class S, IF, IO, 5.74%, 8/16/2031 (i)		127		28
Series 2001-35, Class SA, IF, IO, 5.94%, 8/16/2031 (i)		139		2
Series 2002-24, Class AG, IF, IO, 5.64%, 4/16/2032 (i)		481		73
Series 2002-24, Class SB, IF, 8.46%, 4/16/2032 (i)		46		50
Series 2002-41, Class SV, IF, 9.00%, 6/16/2032 (i)		16		19
Series 2002-45, Class QE, 6.50%, 6/20/2032		1,907		2,106
Series 2002-47, Class PG, 6.50%, 7/16/2032		565		634
Series 2002-47, Class PY, 6.00%, 7/20/2032		190		208
Series 2002-47, Class ZA, 6.50%, 7/20/2032		983		1,085
Series 2002-52, Class GH, 6.50%, 7/20/2032		660		665
Series 2003-114, Class SH, IF, 10.47%, 11/17/2032 (i)		128		135
Series 2002-75, Class PB, 6.00%, 11/20/2032		1,265		1,364
Series 2010-14, Class AO, PO, 12/20/2032		500		484
Series 2011-43, Class ZQ, 5.50%, 1/16/2033		3,696		4,023
Series 2003-58, Class BE, 6.50%, 1/20/2033		991		1,089
Series 2003-11, Class SK, IF, IO, 5.39%, 2/16/2033 (i)		425		46
Series 2008-29, PO, 2/17/2033		218		211
Series 2003-12, Class SP, IF, IO, 5.40%, 2/20/2033 (i)		222		37
Series 2003-24, PO, 3/16/2033		74		66
Series 2004-87, Class SB, IF, 5.02%, 3/17/2033 (i)		32		32
Series 2003-40, Class TJ, 6.50%, 3/20/2033		1,875		2,061
Series 2003-46, Class TC, 6.50%, 3/20/2033		550		601
Series 2003-25, Class PZ, 5.50%, 4/20/2033		2,105		2,266
Series 2003-46, Class MG, 6.50%, 5/20/2033		728		806
Series 2003-52, Class AP, PO, 6/16/2033		370		311
Series 2003-75, Class ZX, 6.00%, 9/16/2033		1,194		1,293
Series 2003-90, PO, 10/20/2033		59		52
Series 2010-41, Class WA, 5.82%, 10/20/2033 (i)		1,379		1,504
Series 2003-97, Class SA, IF, IO, 4.24%, 11/16/2033 (i)		806		80
Series 2003-112, Class SA, IF, IO, 4.24%, 12/16/2033 (i)		769		96
Series 2004-28, Class S, IF, 13.31%, 4/16/2034 (i)		373		480
Series 2005-7, Class JM, IF, 11.64%, 5/18/2034 (i)		44		49
Series 2004-46, PO, 6/20/2034		668		587
Series 2004-49, Class Z, 6.00%, 6/20/2034		2,516		2,709
Series 2004-73, Class AE, IF, 10.09%, 8/17/2034 (i)		288		309
Series 2010-103, Class WA, 5.72%, 8/20/2034 (i)		745		803
Series 2004-73, Class JL, IF, IO, 4.24%, 9/16/2034 (i)		2,602		337
Series 2004-71, Class ST, IF, 7.00%, 9/20/2034 (i)		296		309
Series 2004-71, Class SB, IF, 18.17%, 9/20/2034 (i)		296		387
Series 2004-83, Class AP, IF, 9.27%, 10/16/2034 (i)		42		44
Series 2004-89, Class LS, IF, 15.91%, 10/16/2034 (i)		252		318

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2004-90, Class SI, IF, IO, 3.80%, 10/20/2034 (i)		3,844		455
Series 2005-44, Class SP, IF, 7.60%, 10/20/2034 (i)		47		48
Series 2004-96, Class SC, IF, IO, 3.78%, 11/20/2034 (i)		1,977		84
Series 2005-3, Class SK, IF, IO, 4.45%, 1/20/2035 (i)		2,671		283
Series 2005-68, Class DP, IF, 10.87%, 6/17/2035 (i)		1,023		1,121
Series 2008-79, Class CS, IF, 4.50%, 6/20/2035 (i)		1,400		1,414
Series 2005-56, Class IC, IO, 5.50%, 7/20/2035		278		62
Series 2005-66, Class SP, IF, 13.13%, 8/16/2035 (i)		150		196
Series 2010-14, Class CO, PO, 8/20/2035		1,631		1,398
Series 2005-65, Class SA, IF, 14.01%, 8/20/2035 (i)		27		26
Series 2005-68, Class KI, IF, IO, 4.00%, 9/20/2035 (i)		5,471		646
Series 2005-72, Class AZ, 5.50%, 9/20/2035		1,694		1,787
Series 2005-82, PO, 10/20/2035		344		290
Series 2010-14, Class BO, PO, 11/20/2035		501		425
Series 2005-91, Class PI, IO, 6.00%, 12/20/2035		529		102
Series 2006-20, Class QA, 5.75%, 2/20/2036		320		332
Series 2006-16, Class OP, PO, 3/20/2036		443		394
Series 2006-22, Class AO, PO, 5/20/2036		605		538
Series 2006-38, Class SW, IF, IO, 4.20%, 6/20/2036 (i)		79		4
Series 2006-34, PO, 7/20/2036		88		77
Series 2006-33, Class Z, 6.50%, 7/20/2036		2,523		2,824
Series 2006-38, Class ZK, 6.50%, 8/20/2036		3,361		3,698
Series 2006-59, Class SD, IF, IO, 4.40%, 10/20/2036 (i)		821		124
Series 2006-57, Class PZ, 5.56%, 10/20/2036		1,508		1,582
Series 2006-65, Class SA, IF, IO, 4.50%, 11/20/2036 (i)		1,316		161
Series 2011-22, Class WA, 5.89%, 2/20/2037 (i)		497		547
Series 2007-57, PO, 3/20/2037		1,613		1,431
Series 2007-9, Class CI, IF, IO, 3.90%, 3/20/2037 (i)		1,420		163
Series 2007-17, Class JO, PO, 4/16/2037		783		659
Series 2007-17, Class JI, IF, IO, 4.50%, 4/16/2037 (i)		2,018		290
Series 2007-19, Class SD, IF, IO, 3.90%, 4/20/2037 (i)		799		72
Series 2010-129, Class AW, 6.03%, 4/20/2037 (i)		979		1,053
Series 2007-25, Class FN, 2.61%, 5/16/2037 (i)		568		567
Series 2007-28, Class BO, PO, 5/20/2037		128		107
Series 2007-26, Class SC, IF, IO, 3.90%, 5/20/2037 (i)		1,605		162
Series 2007-27, Class SD, IF, IO, 3.90%, 5/20/2037 (i)		1,553		142
Series 2007-35, PO, 6/16/2037		2,346		2,081
Series 2007-36, Class HO, PO, 6/16/2037		254		224
Series 2007-36, Class SE, IF, IO, 4.16%, 6/16/2037 (i)		1,090		124
Series 2007-36, Class SJ, IF, IO, 3.95%, 6/20/2037 (i)		1,264		112
Series 2007-45, Class QA, IF, IO, 4.34%, 7/20/2037 (i)		1,805		195
Series 2007-40, Class SN, IF, IO, 4.38%, 7/20/2037 (i)		1,793		208
Series 2007-40, Class SD, IF, IO, 4.45%, 7/20/2037 (i)		1,238		148
Series 2007-50, Class AI, IF, IO, 4.47%, 8/20/2037 (i)		454		48
Series 2008-20, PO, 9/20/2037		231		219
Series 2007-53, Class ES, IF, IO, 4.25%, 9/20/2037 (i)		1,221		146
Series 2007-53, Class SW, IF, 13.30%, 9/20/2037 (i)		319		372
Series 2008-32, Class PI, IO, 5.50%, 10/16/2037		1,850		209
Series 2008-7, Class SP, IF, 8.80%, 10/20/2037 (i)		219		232
Series 2009-79, Class OK, PO, 11/16/2037		2,525		2,164
Series 2007-74, Class SL, IF, IO, 4.23%, 11/16/2037 (i)		1,346		126
Series 2007-73, Class MI, IF, IO, 3.70%, 11/20/2037 (i)		1,407		148
Series 2007-76, Class SB, IF, IO, 4.20%, 11/20/2037 (i)		2,702		299
Series 2007-67, Class SI, IF, IO, 4.21%, 11/20/2037 (i)		1,571		160
Series 2007-72, Class US, IF, IO, 4.25%, 11/20/2037 (i)		1,231		137
Series 2008-7, Class SK, IF, 13.05%, 11/20/2037 (i)		153		190
Series 2007-79, Class SY, IF, IO, 4.25%, 12/20/2037 (i)		1,905		228
Series 2008-1, PO, 1/20/2038		89		76
Series 2015-137, Class WA, 5.49%, 1/20/2038 (i)		4,968		5,387

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2009-106, Class ST, IF, IO, 3.70%, 2/20/2038 (i)		12,439		1,319
Series 2008-17, IO, 5.50%, 2/20/2038		307		50
Series 2008-33, Class XS, IF, IO, 5.39%, 4/16/2038 (i)		723		104
Series 2008-36, Class SH, IF, IO, 4.00%, 4/20/2038 (i)		1,936		221
Series 2008-40, Class SA, IF, IO, 4.09%, 5/16/2038 (i)		6,466		830
Series 2008-55, Class SA, IF, IO, 3.90%, 6/20/2038 (i)		465		44
Series 2008-50, Class KB, 6.00%, 6/20/2038		955		1,060
Series 2008-60, Class CS, IF, IO, 3.85%, 7/20/2038 (i)		1,671		156
Series 2008-69, Class QD, 5.75%, 7/20/2038		1,655		1,714
Series 2008-71, Class SC, IF, IO, 3.70%, 8/20/2038 (i)		599		48
Series 2012-59, Class WA, 5.57%, 8/20/2038 (i)		2,370		2,596
Series 2008-76, Class US, IF, IO, 3.60%, 9/20/2038 (i)		1,992		233
Series 2008-81, Class S, IF, IO, 3.90%, 9/20/2038 (i)		4,077		368
Series 2009-25, Class SE, IF, IO, 5.30%, 9/20/2038 (i)		862		113
Series 2011-97, Class WA, 6.12%, 11/20/2038 (i)		1,647		1,815
Series 2009-35, Class SN, IF, IO, 4.09%, 12/16/2038 (i)		185		2
Series 2008-93, Class AS, IF, IO, 3.40%, 12/20/2038 (i)		2,065		168
Series 2008-96, Class SL, IF, IO, 3.70%, 12/20/2038 (i)		1,136		89
Series 2008-95, Class DS, IF, IO, 5.00%, 12/20/2038 (i)		3,619		447
Series 2011-163, Class WA, 5.86%, 12/20/2038 (i)		5,519		6,049
Series 2009-65, Class IQ, IO, 6.00%, 12/20/2038		478		43
Series 2014-6, Class W, 5.42%, 1/20/2039 (i)		4,609		4,884
Series 2009-6, Class SA, IF, IO, 3.79%, 2/16/2039 (i)		975		108
Series 2009-11, Class SC, IF, IO, 3.84%, 2/16/2039 (i)		1,451		111
Series 2009-10, Class SA, IF, IO, 3.65%, 2/20/2039 (i)		1,653		159
Series 2009-6, Class SH, IF, IO, 3.74%, 2/20/2039 (i)		1,010		79
Series 2009-24, Class DS, IF, IO, 4.00%, 3/20/2039 (i)		337		5
Series 2009-31, Class TS, IF, IO, 4.00%, 3/20/2039 (i)		1,615		105
Series 2009-14, Class KI, IO, 6.50%, 3/20/2039		519		115
Series 2009-14, Class NI, IO, 6.50%, 3/20/2039		1,182		309
Series 2009-22, Class SA, IF, IO, 3.97%, 4/20/2039 (i)		2,977		274
Series 2009-35, Class ZB, 5.50%, 5/16/2039		13,391		14,508
Series 2009-33, Class CI, IO, 5.50%, 5/20/2039		356		71
Series 2009-33, Class TI, IO, 6.00%, 5/20/2039		484		109
Series 2009-102, Class SM, IF, IO, 4.09%, 6/16/2039 (i)		1,621		51
Series 2009-43, Class SA, IF, IO, 3.65%, 6/20/2039 (i)		1,608		166
Series 2009-42, Class SC, IF, IO, 3.78%, 6/20/2039 (i)		2,271		229
Series 2009-64, Class SN, IF, IO, 3.79%, 7/16/2039 (i)		2,617		232
Series 2009-72, Class SM, IF, IO, 3.94%, 8/16/2039 (i)		2,485		288
Series 2009-104, Class AB, 7.00%, 8/16/2039		1,424		1,538
Series 2009-81, Class SB, IF, IO, 3.79%, 9/20/2039 (i)		3,947		359
Series 2009-75, Class MN, 5.50%, 9/20/2039		2,753		3,109
Series 2009-106, Class AS, IF, IO, 4.09%, 11/16/2039 (i)		3,189		341
Series 2013-147, Class BE, 4.00%, 12/20/2039		3,874		3,924
Series 2015-91, Class W, 5.24%, 5/20/2040 (i)		4,532		4,847
Series 2013-75, Class WA, 5.19%, 6/20/2040 (i)		1,301		1,393
Series 2011-137, Class WA, 5.56%, 7/20/2040 (i)		2,309		2,513
Series 2010-130, Class CP, 7.00%, 10/16/2040		4,604		5,150
Series 2010-157, Class OP, PO, 12/20/2040		6,122		4,919
Series 2011-75, Class SM, IF, IO, 4.30%, 5/20/2041 (i)		3,162		424
Series 2013-26, Class AK, 4.67%, 9/20/2041 (i)		3,462		3,606
Series 2014-188, Class W, 4.60%, 10/20/2041 (i)		3,765		3,915
Series 2012-141, Class WA, 4.53%, 11/16/2041 (i)		3,615		3,805
Series 2011-157, Class UY, 3.00%, 12/20/2041		1,500		1,417
Series 2012-141, Class WC, 3.72%, 1/20/2042 (i)		3,863		3,913
Series 2012-141, Class WB, 3.98%, 9/16/2042 (i)		2,370		2,417
Series 2014-41, Class W, 4.62%, 10/20/2042 (i)		3,863		3,998
Series 2013-54, Class WA, 4.75%, 11/20/2042 (i)		2,051		2,144

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2013-91, Class WA, 4.49%, 4/20/2043 (i)		2,231		2,266
Series 2012-H24, Class FA, 2.72%, 3/20/2060 (i)		176		176
Series 2012-H24, Class FG, 2.70%, 4/20/2060 (i)		2,793		2,791
Series 2013-H03, Class FA, 2.57%, 8/20/2060 (i)		147		147
Series 2011-H05, Class FB, 2.77%, 12/20/2060 (i)		2,006		2,011
Series 2012-H22, Class FD, 2.74%, 1/20/2061 (i)		9,079		9,080
Series 2011-H06, Class FA, 2.72%, 2/20/2061 (i)		2,684		2,686
Series 2012-H21, Class CF, 2.97%, 5/20/2061 (i)		1,521		1,525
Series 2011-H19, Class FA, 2.74%, 8/20/2061 (i)		2,894		2,898
Series 2012-H26, Class JA, 2.82%, 10/20/2061 (i)		2,271		2,272
Series 2012-H10, Class FA, 2.82%, 12/20/2061 (i)		51,585		51,745
Series 2012-H08, Class FB, 2.87%, 3/20/2062 (i)		8,862		8,897
Series 2013-H07, Class MA, 2.82%, 4/20/2062 (i)		1,538		1,539
Series 2012-H08, Class FS, 2.97%, 4/20/2062 (i)		6,466		6,530
Series 2012-H15, Class FA, 2.72%, 5/20/2062 (i)		585		585
Series 2012-H26, Class MA, 2.82%, 7/20/2062 (i)		1,058		1,059
Series 2012-H18, Class NA, 2.79%, 8/20/2062 (i)		2,013		2,018
Series 2012-H28, Class FA, 2.85%, 9/20/2062 (i)		8,317		8,325
Series 2012-H24, Class FD, 2.86%, 9/20/2062 (i)		1,171		1,171
Series 2012-H27, Class FB, 2.77%, 10/20/2062 (i)		1,492		1,492
Series 2012-H29, Class FA, 2.79%, 10/20/2062 (i)		23,858		23,909
Series 2012-H24, Class FE, 2.87%, 10/20/2062 (i)		2,405		2,408
Series 2013-H02, Class HF, 2.57%, 11/20/2062 (i)		347		346
Series 2013-H01, Class FA, 1.65%, 1/20/2063		18,543		18,244
Series 2013-H01, Class JA, 2.59%, 1/20/2063 (i)		10,294		10,271
Series 2013-H04, Class SA, 2.69%, 2/20/2063 (i)		1,991		1,992
Series 2013-H08, Class FC, 2.72%, 2/20/2063 (i)		11,953		11,965
Series 2013-H07, Class HA, 2.68%, 3/20/2063 (i)		8,823		8,823
Series 2013-H09, Class HA, 1.65%, 4/20/2063		8,351		8,170
Series 2013-H14, Class FG, 2.74%, 5/20/2063 (i)		2,406		2,409
Series 2013-H14, Class FC, 2.74%, 6/20/2063 (i)		2,576		2,580
Series 2014-H01, Class FD, 2.92%, 1/20/2064 (i)		17,567		17,677
Series 2014-H05, Class FA, 2.96%, 2/20/2064 (i)		11,781		11,910
Series 2014-H06, Class HB, 2.92%, 3/20/2064 (i)		4,000		4,023
Series 2014-H09, Class TA, 2.87%, 4/20/2064 (i)		12,568		12,629
Series 2014-H10, Class TA, 2.87%, 4/20/2064 (i)		18,191		18,329
Series 2014-H11, Class VA, 2.77%, 6/20/2064 (i)		21,224		21,306
Series 2014-H15, Class FA, 2.77%, 7/20/2064 (i)		20,198		20,275
Series 2014-H17, Class FC, 2.77%, 7/20/2064 (i)		15,274		15,332
Series 2014-H19, Class FE, 2.74%, 9/20/2064 (i)		19,566		19,611
Series 2014-H20, Class LF, 2.87%, 10/20/2064 (i)		7,858		7,893
Series 2015-H02, Class FB, 2.77%, 12/20/2064 (i)		10,007		10,033
Series 2015-H03, Class FA, 2.77%, 12/20/2064 (i)		9,598		9,619
Series 2015-H07, Class ES, 2.58%, 2/20/2065 (i)		13,876		13,900
Series 2015-H05, Class FC, 2.75%, 2/20/2065 (i)		33,151		33,246
Series 2015-H06, Class FA, 2.75%, 2/20/2065 (i)		19,804		19,849
Series 2015-H08, Class FC, 2.75%, 3/20/2065 (i)		47,627		47,760
Series 2015-H10, Class FC, 2.75%, 4/20/2065 (i)		38,432		38,545
Series 2015-H12, Class FA, 2.75%, 5/20/2065 (i)		23,163		23,228
Series 2015-H15, Class FD, 2.71%, 6/20/2065 (i)		11,347		11,363
Series 2015-H15, Class FJ, 2.71%, 6/20/2065 (i)		16,399		16,421
Series 2015-H18, Class FA, 2.72%, 6/20/2065 (i)		16,441		16,461
Series 2015-H16, Class FG, 2.71%, 7/20/2065 (i)		20,079		20,106
Series 2015-H16, Class FL, 2.71%, 7/20/2065 (i)		26,109		26,147
Series 2015-H20, Class FA, 2.74%, 8/20/2065 (i)		16,722		16,765
Series 2015-H26, Class FG, 2.79%, 10/20/2065 (i)		5,074		5,098
Series 2015-H32, Class FH, 2.93%, 12/20/2065 (i)		11,246		11,362
Series 2016-H07, Class FA, 3.02%, 3/20/2066 (i)		49,649		50,332

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2016-H07, Class FB, 3.02%, 3/20/2066 (i)		12,527		12,699
Series 2016-H11, Class FD, 3.06%, 5/20/2066 (i)		24,039		24,211
Series 2016-H26, Class FC, 3.27%, 12/20/2066 (i)		17,452		17,828
Series 2017-H08, Class XI, IO, 2.08%, 3/20/2067 (i)		79,437		9,874
Series 2017-H14, Class XI, IO, 1.61%, 6/20/2067 (i)		63,091		6,069
Goodgreen Trust Series 2017-R1, 5.00%, 10/20/2051 ‡		36,593		35,817
GSMPS Mortgage Loan Trust
Series 2004-4, Class 1AF, 2.71%, 6/25/2034 (b)(i)		511		491
Series 2005-RP2, Class 1AF, 2.66%, 3/25/2035 (b)(i)		935		874
Series 2005-RP3, Class 1AS, IO, 2.24%, 9/25/2035 ‡ (b)(i)		4,278		286
Series 2005-RP3, Class 1AF, 2.66%, 9/25/2035 (b)(i)		5,803		5,192
GSR Mortgage Loan Trust
Series 2003-6F, Class A2, 2.71%, 9/25/2032 (i)		46		46
Series 2003-3F, Class 4A3, 5.75%, 4/25/2033		204		208
Series 2004-6F, Class 2A4, 5.50%, 5/25/2034		869		885
Series 2004-6F, Class 3A4, 6.50%, 5/25/2034		529		561
Series 2004-13F, Class 3A3, 6.00%, 11/25/2034		649		661
Series 2005-5F, Class 8A3, 2.81%, 6/25/2035 (i)		250		239
Series 2005-AR6, Class 3A1, 3.92%, 9/25/2035 (i)		75		75
Series 2005-7F, Class 3A9, 6.00%, 9/25/2035		1,155		1,204
Series 2006-1F, Class 1A3, 5.50%, 2/25/2036		595		681
Series 2006-1F, Class 2A4, 6.00%, 2/25/2036		3,119		2,604
Headlands Residential LLC
Series 2017-RPL1, Class A, 3.88%, 8/25/2022 (b)(f)		38,825		38,390
4.25%, 6/25/2023 (i)		18,838		18,743
Impac CMB Trust Series 2005-4, Class 2A1, 2.92%, 5/25/2035 (i)		1,044		1,025
Impac Secured Assets CMN Owner Trust Series 2003-2, Class A1, 5.50%, 8/25/2033		694		718
Impac Secured Assets Corp. Series 2004-3, Class 1A4, 3.11%, 11/25/2034 (i)		2		2
Impac Secured Assets Trust
Series 2006-1, Class 2A1, 2.66%, 5/25/2036 (i)		3,461		3,395
Series 2006-2, Class 2A1, 2.66%, 8/25/2036 (i)		3,448		3,341
JP Morgan Mortgage Trust
Series 2006-A2, Class 5A3, 4.61%, 11/25/2033 (i)		3,117		3,190
Series 2004-A3, Class 4A1, 4.52%, 7/25/2034 (i)		210		214
Series 2006-A3, Class 6A1, 4.11%, 8/25/2034 (i)		759		753
Series 2006-A2, Class 4A1, 4.48%, 8/25/2034 (i)		5,835		5,877
Series 2004-A4, Class 1A1, 4.64%, 9/25/2034 (i)		409		418
Series 2004-S1, Class 1A7, 5.00%, 9/25/2034		76		76
Series 2005-A1, Class 3A4, 4.33%, 2/25/2035 (i)		1,037		1,061
Series 2007-A1, Class 5A1, 4.18%, 7/25/2035 (i)		694		711
Series 2007-A1, Class 5A2, 4.18%, 7/25/2035 (i)		278		286
Lehman Mortgage Trust
Series 2006-2, Class 1A1, 5.77%, 4/25/2036 (i)		483		436
Series 2007-6, Class 1A8, 6.00%, 7/25/2037		335		311
Series 2008-2, Class 1A6, 6.00%, 3/25/2038		2,968		2,109
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1, 4.66%, 4/21/2034 (i)		1,488		1,524
Series 2004-3, Class 4A2, 3.67%, 4/25/2034 (i)		423		382
Series 2004-15, Class 3A1, 4.63%, 12/25/2034 (i)		344		331
MASTR Alternative Loan Trust
Series 2004-10, Class 1A1, 4.50%, 9/25/2019		21		20
Series 2004-8, Class 6A1, 5.50%, 9/25/2019		59		60
Series 2005-6, Class 3A1, 5.50%, 11/25/2020		303		289
Series 2003-9, Class 2A1, 6.00%, 12/25/2033		286		293
Series 2003-9, Class 8A1, 6.00%, 1/25/2034		224		228
Series 2004-3, Class 3A1, 6.00%, 4/25/2034		1,831		1,901
Series 2004-3, Class 2A1, 6.25%, 4/25/2034		428		444
Series 2004-6, Class 30PO, PO, 7/25/2034 ‡		267		222
Series 2004-6, Class 7A1, 6.00%, 7/25/2034		177		180
Series 2004-7, Class 30PO, PO, 8/25/2034 ‡		218		182
MASTR Asset Securitization Trust
Series 2003-11, Class 3A1, 4.50%, 12/25/2018		2		2

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2004-4, Class 3A1, 4.50%, 4/25/2019		1			1
Series 2004-6, Class 15PO, PO, 7/25/2019 ‡		2			2
Series 2004-8, PO, 8/25/2019 ‡		3			3
Series 2004-8, Class 1A1, 4.75%, 8/25/2019		12			12
Series 2004-9, Class 5A1, 5.25%, 9/25/2019		27			27
Series 2003-12, Class 30PO, PO, 12/25/2033 ‡		34			32
Series 2003-12, Class 6A1, 5.00%, 12/25/2033		91			91
Series 2004-4, Class 1A6, 5.25%, 12/26/2033		480			490
Series 2004-P7, Class A6, 5.50%, 12/27/2033 (b)		210			210
Series 2004-1, Class 30PO, PO, 2/25/2034 ‡		20			16
MASTR Reperforming Loan Trust
Series 2005-2, Class 1A1F, 2.66%, 5/25/2035 (b)(i)		8,025			6,484
Series 2006-2, Class 1A1, 4.40%, 5/25/2036 (b)(i)		969			867
MASTR Resecuritization Trust Series 2005-PO, Class 3PO, PO, 5/28/2035 (b)		263			213
Merrill Lynch Mortgage Investors Trust
Series 2003-E, Class A1, 2.93%, 10/25/2028 (i)		898			892
Series 2003-F, Class A1, 2.95%, 10/25/2028 (i)		1,924			1,897
Series 2004-A, Class A1, 2.77%, 4/25/2029 (i)		350			343
Series 2004-C, Class A2, 3.10%, 7/25/2029 (i)		617			606
Series 2003-A5, Class 2A6, 4.41%, 8/25/2033 (i)		418			431
Series 2004-A4, Class A2, 4.08%, 8/25/2034 (i)		830			849
Series 2004-1, Class 2A1, 4.14%, 12/25/2034 (i)		859			858
Series 2005-A2, Class A1, 3.54%, 2/25/2035 (i)		1,292			1,306
Merrill Lynch Mortgage-Backed Securities Trust Series 2007-3, Class 1A3, 3.12%, 6/25/2037 (i)		1,156			1,138
ML Trust XLVII Series 47, Class Z, 8.99%, 10/20/2020 ‡		1			1
Morgan Stanley Mortgage Loan Trust
Series 2004-9, Class 4A, 3.50%, 10/25/2019 (i)		186			176
Series 2004-3, Class 4A, 5.64%, 4/25/2034 (i)		1,820			1,922
MRFC Mortgage Pass-Through Trust
Series 2000-TBC2, Class A1, 2.79%, 6/15/2030 (i)		2,145			2,103
Series 2000-TBC3, Class A1, 2.75%, 12/15/2030 (i)		482			465
NACC Reperforming Loan REMIC Trust Series 2004-R2, Class A1, 6.50%, 10/25/2034 (b)(i)		540			526
NCUA Guaranteed Notes Trust
Series 2010-R3, Class 3A, 2.40%, 12/8/2020		929			926
Series 2010-R3, Class 1A, 2.88%, 12/8/2020 (i)		11,315			11,355
Nomura Asset Acceptance Corp. Alternative Loan Trust
Series 2003-A1, Class A5, 7.00%, 4/25/2033		69			70
Series 2003-A1, Class A1, 5.50%, 5/25/2033		78			79
Series 2003-A1, Class A2, 6.00%, 5/25/2033		178			179
PaineWebber CMO Trust Series P, Class 4, 8.50%, 8/1/2019		—	(j)		—	(j)
Prime Mortgage Trust Series 2004-CL1, Class 1A1, 6.00%, 2/25/2034		703			735
Prog 2018-jpm 7/24/2023 ‡		50,000			50,000
Provident Funding Mortgage Loan Trust Series 2005-1, Class 2A1, 3.90%, 5/25/2035 (i)		221			217
RALI Trust
Series 2002-QS8, Class A5, 6.25%, 6/25/2017		13			10
Series 2002-QS16, Class A3, IF, 11.78%, 10/25/2017 (i)		1			1
Series 2003-QS3, Class A2, IF, 11.41%, 2/25/2018 ‡ (i)		3			3
Series 2003-QS9, Class A3, IF, IO, 5.24%, 5/25/2018 ‡ (i)		9			—	(j)
Series 2003-QS12, Class A5, IO, 5.00%, 6/25/2018 ‡		1			—	(j)
Series 2003-QS12, Class A2A, IF, IO, 5.29%, 6/25/2018 ‡ (i)		3			—	(j)
Series 2003-QS14, Class A1, 5.00%, 7/25/2018		31			31
Series 2003-QS18, Class A1, 5.00%, 9/25/2018		12			12
Series 2005-QA6, Class A32, 5.00%, 5/25/2035 (i)		1,134			890
Series 2007-QS1, Class 1A1, 6.00%, 1/25/2037		156			145
RBSSP Resecuritization Trust
Series 2009-12, Class 1A1, 5.53%, 11/25/2033 (b)(i)		1,955			2,004
Series 2009-1, Class 1A1, 6.50%, 2/26/2036 (b)(i)		1,977			2,051
Reperforming Loan REMIC Trust Series 2005-R1, Class 2APO, PO, 3/25/2035 ‡ (b)		67			57

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Residential Asset Securitization Trust
Series 2003-A8, Class A5, 4.25%, 10/25/2018		30		30
Series 2003-A14, Class A1, 4.75%, 2/25/2019		2		2
Series 2005-A2, Class A4, IF, IO, 2.74%, 3/25/2035 ‡ (i)		6,603		358
Series 2006-A4, Class 2A5, 6.00%, 5/25/2036		625		599
RFMSI Trust Series 2005-SA4, Class 1A1, 4.00%, 9/25/2035 (i)		345		310
SART 4.75%, 7/15/2024		77,706		77,779
Seasoned Loans Structured Transaction Series 2018-1, Class A1, 3.50%, 6/25/2028		19,143		19,138
Sequoia Mortgage Trust
Series 2004-8, Class A1, 3.00%, 9/20/2034 (i)		970		951
Series 2004-8, Class A2, 3.25%, 9/20/2034 (i)		1,430		1,418
Series 2004-10, Class A1A, 2.92%, 11/20/2034 (i)		417		412
Series 2004-11, Class A1, 2.90%, 12/20/2034 (i)		1,295		1,270
Series 2004-12, Class A3, 2.82%, 1/20/2035 (i)		1,072		1,000
Structured Asset Mortgage Investments II Trust
Series 2004-AR5, Class 1A1, 2.96%, 10/19/2034 (i)		1,279		1,257
Series 2005-AR5, Class A3, 2.80%, 7/19/2035 (i)		4,433		4,356
Structured Asset Securities Corp.
Series 2003-37A, Class 2A, 4.42%, 12/25/2033 (i)		1,330		1,335
Series 2004-4XS, Class 1A5, 5.22%, 2/25/2034 (f)		1,863		1,871
Series 2005-RF3, Class 1A, 2.66%, 6/25/2035 (b)(i)		697		627
Structured Asset Securities Corp. Mortgage Pass-Through Certificates
Series 2003-33H, Class 1A1, 5.50%, 10/25/2033		1,810		1,841
Series 2003-34A, Class 3A3, 4.27%, 11/25/2033 (i)		382		382
Series 2004-5H, Class A4, 5.54%, 12/25/2033		3,369		3,441
Thornburg Mortgage Securities Trust
Series 2003-4, Class A1, 2.95%, 9/25/2043 (i)		2,889		2,866
Series 2004-4, Class 3A, 3.59%, 12/25/2044 (i)		2,405		2,410
Vendee Mortgage Trust
Series 1993-1, Class ZB, 7.25%, 2/15/2023		2,075		2,212
Series 1994-1, Class 1, 5.30%, 2/15/2024 (i)		646		669
Series 1994-1, Class 2ZB, 6.50%, 2/15/2024		1,653		1,739
Series 1996-1, Class 1Z, 6.75%, 2/15/2026		972		1,056
Series 1996-2, Class 1Z, 6.75%, 6/15/2026		446		484
Series 1997-1, Class 2Z, 7.50%, 2/15/2027		1,437		1,568
Series 1998-1, Class 2E, 7.00%, 3/15/2028		918		1,010
WaMu Mortgage Pass-Through Certificates Series 2003-S4, Class 2A10, IF, 11.10%, 6/25/2033 (i)		190		204
WaMu Mortgage Pass-Through Certificates Trust
Series 2004-CB2, Class 5A, 5.00%, 7/25/2019		31		31
Series 2004-CB2, Class 7A, 5.50%, 8/25/2019		44		44
Series 2003-S1, Class A5, 5.50%, 4/25/2033		738		755
Series 2003-AR7, Class A7, 4.15%, 8/25/2033 (i)		681		698
Series 2003-AR9, Class 1A6, 4.33%, 9/25/2033 (i)		3,985		4,072
Series 2003-AR9, Class 2A, 4.41%, 9/25/2033 (i)		742		752
Series 2003-S9, Class P, PO, 10/25/2033 ‡		29		26
Series 2003-AR11, Class A6, 4.32%, 10/25/2033 (i)		2,256		2,277
Series 2003-S9, Class A8, 5.25%, 10/25/2033		2,878		2,906
Series 2004-RS2, Class A4, 5.00%, 11/25/2033		470		472
Series 2004-AR3, Class A1, 3.96%, 6/25/2034 (i)		1,094		1,111
Series 2004-AR3, Class A2, 3.96%, 6/25/2034 (i)		1,405		1,427
Series 2004-S2, Class 2A4, 5.50%, 6/25/2034		2,987		3,101
Series 2004-S3, Class 1A5, 5.00%, 7/25/2034		385		387
Series 2006-AR10, Class 2P, 3.99%, 9/25/2036 ‡ (i)		98		82
Series 2006-AR8, Class 1A2, 3.91%, 8/25/2046 (i)		581		545
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
Series 2005-1, Class CP, PO, 3/25/2035 ‡		105		83
Series 2005-1, Class 1A1, 5.50%, 3/25/2035		862		850
Series 2005-2, Class 2A3, IF, IO, 2.69%, 4/25/2035 ‡ (i)		2,101		175
Series 2005-2, Class 1A4, IF, IO, 2.74%, 4/25/2035 ‡ (i)		6,672		519
Series 2005-4, Class CB7, 5.50%, 6/25/2035		2,424		2,324

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2005-4, Class CX, IO, 5.50%, 6/25/2035 ‡		2,387		450
Series 2005-6, Class 2A4, 5.50%, 8/25/2035		456		435
Series 2006-1, Class 3A2, 5.75%, 2/25/2036		176		165
Washington Mutual MSC Mortgage Pass-Through Certificates Trust Series 2003-MS7, Class P, PO, 3/25/2033 ‡		4		3
Wells Fargo Alternative Loan Trust
Series 2003-1, Class APO, PO, 9/25/2033 ‡		81		73
Series 2007-PA3, Class 1A2, 5.75%, 7/25/2037		192		177
Wells Fargo Mortgage-Backed Securities Trust
Series 2003-K, Class 1A1, 4.69%, 11/25/2033 (i)		1,473		1,494
Series 2003-K, Class 1A2, 4.69%, 11/25/2033 (i)		56		57
Series 2003-L, Class 2A1, 4.78%, 11/25/2033 (i)		205		204
Series 2004-B, Class A1, 4.01%, 2/25/2034 (i)		465		469
Series 2004-4, Class A9, 5.50%, 5/25/2034		367		370
Series 2004-I, Class 1A1, 4.56%, 7/25/2034 (i)		2,056		2,101
Series 2004-S, Class A1, 4.60%, 9/25/2034 (i)		1,874		1,917
Series 2004-P, Class 2A1, 4.64%, 9/25/2034 (i)		4,899		5,026
Series 2004-V, Class 1A1, 4.45%, 10/25/2034 (i)		740		751
Series 2004-V, Class 1A2, 4.45%, 10/25/2034 (i)		949		979
Series 2004-EE, Class 2A1, 4.48%, 12/25/2034 (i)		931		948
Series 2004-EE, Class 2A2, 4.48%, 12/25/2034 (i)		633		651
Series 2004-EE, Class 3A1, 4.53%, 12/25/2034 (i)		1,327		1,374
Series 2004-EE, Class 3A2, 4.53%, 12/25/2034 (i)		433		449
Series 2005-AR3, Class 1A1, 4.46%, 3/25/2035 (i)		8,388		8,620
Series 2005-AR8, Class 2A1, 4.31%, 6/25/2035 (i)		1,020		1,048
Series 2005-14, Class 2APO, PO, 12/25/2035 ‡		77		68
Series 2005-14, Class 1A1, 5.50%, 12/25/2035		555		569
Series 2007-7, Class A7, 6.00%, 6/25/2037		195		193
Series 2007-11, Class A14, 6.00%, 8/25/2037		1,178		1,148
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $2,547,278)				2,549,241
COMMERCIAL MORTGAGE-BACKED SECURITIES — 7.3%
20 Times Square Trust
Series 2018-20TS, Class D, 3.20%, 5/15/2035 ‡ (b)(i)		21,000		19,937
Series 2018-20TS, Class E, 3.20%, 5/15/2035 (b)(i)		13,399		12,304
BAMLL Commercial Mortgage Securities Trust
Series 2012-PARK, Class A, 2.96%, 12/10/2030 (b)		7,026		6,946
Series 2014-520M, Class C, 4.35%, 8/15/2046 ‡ (b)(i)		7,700		6,984
BAMLL Re-REMIC Trust
Series 2016-FR16, Class A, 0.95%, 5/27/2021 (b)(i)		27,564		25,489
Series 2014-FRR5, Class AK30, PO, 6/27/2045 (b)		3,200		2,539
Series 2016-FR13, Class A, 1.66%, 8/27/2045 (b)(i)		9,619		8,449
Series 2015-FR11, Class AK25, 2.68%, 9/27/2045 (b)(i)		7,484		6,938
Series 2014-FRR5, Class A714, PO, 1/27/2047 (b)		16,252		14,779
Banc of America Commercial Mortgage Trust Series 2006-5, Class XC, IO, 0.79%, 9/10/2047 ‡ (b)(i)		4,797		—	(j)
Banc of America Merrill Lynch Commercial Mortgage, Inc. Series 2005-5, Class XC, IO, 0.04%, 10/10/2045 ‡ (b)(i)		21,871		—	(j)
BB-UBS Trust
Series 2012-TFT, Class A, 2.89%, 6/5/2030 (b)		4,949		4,857
Series 2012-SHOW, Class A, 3.43%, 11/5/2036 (b)		46,923		45,938
Bear Stearns Commercial Mortgage Securities Trust
Series 2006-PW14, Class X1, IO, 0.51%, 12/11/2038 ‡ (b)(i)		5,649		17
Series 2007-T26, Class X1, IO, 0.02%, 1/12/2045 ‡ (b)(i)		106,015		52
BXMT Ltd. Series 2017-FL1, Class D, 5.00%, 6/15/2035 ‡ (b)(i)		20,740		20,895
CD Commercial Mortgage Trust Series 2007-CD4, Class XC, IO, 0.93%, 12/11/2049 (b)(i)		692		8
CD Mortgage Trust Series 2006-CD3, Class XS, IO, 0.78%, 10/15/2048 ‡ (b)(i)		25,216		244
COBALT CMBS Commercial Mortgage Trust Series 2006-C1, IO, 1.02%, 8/15/2048 ‡ (i)		7,153		106
Commercial Mortgage Trust
Series 2014-PAT, Class A, 3.11%, 8/13/2027 (b)(i)		7,748		7,746
Series 2013-300P, Class A1, 4.35%, 8/10/2030 (b)		4,484		4,654

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COMMERCIAL MORTGAGE-BACKED SECURITIES — continued
Series 2014-TWC, Class A, 3.16%, 2/13/2032 (b)(i)		10,196		10,193
Series 2014-TWC, Class B, 3.91%, 2/13/2032 ‡ (b)(i)		2,850		2,850
Series 2018-HOME, Class A, 3.94%, 4/10/2033 (b)(i)		53,745		53,102
Series 2013-SFS, Class A2, 3.09%, 4/12/2035 (b)(i)		6,150		6,015
Series 2006-GG7, Class AM, 5.86%, 7/10/2038 (i)		740		740
Series 2012-CR2, Class XA, IO, 1.81%, 8/15/2045 ‡ (i)		24,277		1,199
Series 2014-CR19, Class A5, 3.80%, 8/10/2047		13,800		13,897
Series 2015-CR24, Class A5, 3.70%, 8/10/2048		9,250		9,208
Series 2015-CR25, Class A4, 3.76%, 8/10/2048		17,593		17,558
Credit Suisse Commercial Mortgage Trust Series 2007-C2, Class AX, IO, 0.10%, 1/15/2049 ‡ (b)(i)		22,064		—	(j)
CSAIL Commercial Mortgage Trust
Series 2017-CX10, Class UESA, 4.03%, 10/15/2032 (b)		29,490		29,357
Series 2017-CX10, Class UESC, 4.38%, 10/15/2032‡ (b)(i)		4,929		4,844
CSMC OA LLC
Series 2014-USA, Class A2, 3.95%, 9/15/2037 (b)		2,600		2,608
Series 2014-USA, Class D, 4.37%, 9/15/2037 (b)		16,830		16,023
DBUBS Mortgage Trust Series 2011-LC2A, Class XA, IO, 1.25%, 7/10/2044 ‡ (b)(i)		20,307		421
DBWF Mortgage Trust Series 2015-LCM, Class A2, 3.54%, 6/10/2034 (b)(i)		4,000		3,842
FHLMC Multifamily Structured Pass-Through Certificates
Series KJ02, Class A2, 2.60%, 9/25/2020		2,225		2,209
Series KJ09, Class A2, 2.84%, 9/25/2022		21,382		21,101
Series KS01, Class A2, 2.52%, 1/25/2023		14,000		13,677
Series KSMC, Class A2, 2.62%, 1/25/2023		41,500		40,544
Series K038, Class A2, 3.39%, 3/25/2024		20,914		20,992
Series K731, Class AM, 3.60%, 2/25/2025 (i)		32,000		32,410
Series KPLB, Class A, 2.77%, 5/25/2025		2,314		2,229
Series KJ17, Class A2, 2.98%, 11/25/2025		30,043		29,496
Series K052, Class A2, 3.15%, 11/25/2025		23,597		23,268
Series K061, Class AM, 3.44%, 11/25/2026 (i)		20,000		19,797
Series K065, Class A2, 3.24%, 4/25/2027		21,719		21,195
Series K065, Class AM, 3.33%, 5/25/2027		11,657		11,392
Series K066, Class A2, 3.12%, 6/25/2027		8,171		7,896
Series K069, Class A2, 3.19%, 9/25/2027 (i)		48,115		46,630
Series K070, Class A2, 3.30%, 11/25/2027 (i)		17,323		16,909
Series K072, Class A2, 3.44%, 12/25/2027		14,689		14,489
Series K072, Class AM, 3.50%, 12/25/2027 (i)		19,000		18,796
Series K073, Class A2, 3.35%, 1/25/2028		33,492		32,865
Series W5FX, Class AFX, 3.34%, 4/25/2028 (i)		21,769		21,188
Series K077, Class A2, 3.85%, 5/25/2028 (i)		33,800		34,332
Series K081, Class A2, 3.90%, 8/25/2028 (i)		36,095		36,749
Series K082, Class A2, 3.92%, 9/25/2028 (i)		29,701		30,287
Series K082, Class AM, 3.92%, 9/25/2028 (i)		12,035		12,233
FNMA ACES
Series 2012-M11, Class FA, 2.78%, 8/25/2019 (i)		1,740		1,738
Series 2010-M1, Class A2, 4.45%, 9/25/2019		9,096		9,147
Series 2010-M3, Class A3, 4.33%, 3/25/2020 (i)		3,870		3,906
Series 2010-M7, Class A2, 3.66%, 11/25/2020		1,928		1,938
Series 2011-M1, Class A3, 3.76%, 6/25/2021		6,242		6,324
Series 2011-M8, Class A2, 2.92%, 8/25/2021		5,551		5,521
Series 2014-M12, Class ASV2, 2.61%, 10/25/2021 (i)		21,795		21,525
Series 2013-M9, Class A2, 2.39%, 1/25/2023 (i)		9,272		8,998
Series 2013-M13, Class A2, 2.63%, 4/25/2023 (i)		3,114		3,048
Series 2014-M2, Class A2, 3.51%, 12/25/2023 (i)		16,876		17,003
Series 2014-M3, Class A2, 3.50%, 1/25/2024 (i)		24,000		24,218
Series 2014-M9, Class A2, 3.10%, 7/25/2024 (i)		3,280		3,248
Series 2014-M13, Class A2, 3.02%, 8/25/2024 (i)		11,740		11,538
Series 2015-M1, Class A2, 2.53%, 9/25/2024		12,039		11,528
Series 2015-M3, Class A2, 2.72%, 10/25/2024		30,000		28,992

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COMMERCIAL MORTGAGE-BACKED SECURITIES — continued
Series 2015-M7, Class A2, 2.59%, 12/25/2024		7,298		6,994
Series 2015-M2, Class A3, 3.15%, 12/25/2024 (i)		11,565		11,417
Series 2015-M8, Class A2, 2.90%, 1/25/2025 (i)		10,000		9,735
Series 2016-M1, Class A2, 2.94%, 1/25/2026 (i)		64,822		62,608
Series 2016-M11, Class A2, 2.37%, 7/25/2026 (i)		96,850		88,999
Series 2017-M3, Class A2, 2.57%, 12/25/2026 (i)		57,625		53,164
Series 2015-M10, Class A2, 3.09%, 4/25/2027 (i)		57,555		55,578
Series 2017-M8, Class A2, 3.06%, 5/25/2027 (i)		33,600		32,161
Series 2017-M12, Class A2, 3.18%, 6/25/2027 (i)		44,413		42,657
Series 2018-M4, Class A2, 3.14%, 3/25/2028 (i)		25,707		24,443
Series 2018-M9, Class APT2, 3.23%, 4/25/2028 (i)		97,843		94,638
Series 2018-M8, Class A2, 3.44%, 6/25/2028 (i)		35,260		34,475
Series 2018-M10, Class A2, 3.50%, 7/25/2028 (i)		45,168		44,434
Series 2017-M5, Class A2, 3.30%, 4/25/2029 (i)		8,018		7,659
Series 2017-M11, Class A2, 2.98%, 8/25/2029		14,669		13,693
Series 2018-M3, Class A2, 3.19%, 2/25/2030 (i)		17,874		16,702
FNMA Grantor Trust Series 2017-T1, Class A, 2.90%, 6/25/2027		47,096		43,935
FREMF Mortgage Trust
Series 2017-K727, Class B, 3.87%, 7/25/2024 (b)(i)		27,500		26,962
Series 2015-K45, Class B, 3.71%, 4/25/2048 (b)(i)		11,025		10,794
Series 2015-K47, Class B, 3.71%, 6/25/2048 (b)(i)		5,000		4,848
Series 2015-K51, Class B, 4.09%, 10/25/2048 (b)(i)		10,000		9,862
Series 2016-K56, Class B, 4.07%, 6/25/2049 (b)(i)		8,451		8,242
Series 2016-K722, Class B, 3.97%, 7/25/2049 (b)(i)		21,565		21,572
Series 2017-K67, Class B, 4.08%, 9/25/2049 (b)(i)		8,500		8,241
Series 2017-K729, Class B, 3.80%, 11/25/2049 (b)(i)		8,000		7,722
GS Mortgage Securities Corp. II Series 2013-KING, Class A, 2.71%, 12/10/2027 (b)		9,957		9,895
GS Mortgage Securities Corp. Trust Series 2012-SHOP, Class XA, IO, 1.44%, 6/5/2031 ‡ (b)(i)		67,725		221
GS Mortgage Securities Trust
Series 2006-GG8, Class X, IO, 1.09%, 11/10/2039 ‡ (b)(i)		13,787		100
Series 2011-GC5, Class D, 5.56%, 8/10/2044 ‡ (b)(i)		825		805
Independence Plaza Trust Series 2018-INDP, Class A, 3.76%, 7/10/2035 (b)		36,250		35,814
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2005-CB11, Class X1, IO, 0.03%, 8/12/2037 ‡ (b)(i)		58,230		14
Series 2006-CB15, Class X1, IO, 0.39%, 6/12/2043 ‡ (i)		31,873		38
Series 2005-LDP5, Class X1, IO, 0.00%, 12/15/2044 ‡ (b)(i)		4,319		—	(j)
Series 2006-LDP9, Class A3SF, 2.46%, 5/15/2047 (i)		1,229		1,228
Series 2006-LDP9, Class AMS, 5.34%, 5/15/2047		3,587		3,586
Series 2007-LD12, Class X, IO, 0.00%, 2/15/2051 ‡ (i)		14,292		—	(j)
JPMCC Re-REMIC Trust
Series 2015-FRR2, Class AK36, 2.58%, 12/27/2046 (b)(i)		14,000		12,358
Series 2014-FRR1, Class BK10, 2.51%, 11/27/2049 (b)(i)		2,900		2,771
Ladder Capital Commercial Mortgage Trust Series 2013-GCP, Class A2, 3.99%, 2/15/2036 (b)		8,924		8,867
LB-UBS Commercial Mortgage Trust Series 2007-C2, Class XW, IO, 0.37%, 2/15/2040 ‡ (i)		5,360		—	(j)
ML-CFC Commercial Mortgage Trust Series 2006-4, Class XC, IO, 0.80%, 12/12/2049 ‡ (b)(i)		6,045		—	(j)
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C14, Class A3, 3.67%, 2/15/2047		18,000		18,072
Morgan Stanley Capital I Trust
Series 2006-IQ12, Class X1, IO, 0.75%, 12/15/2043 ‡ (b)(i)		7,701		—	(j)
Series 2007-HQ11, Class X, IO, 0.53%, 2/12/2044 ‡ (b)(i)		4,590		8
Series 2007-IQ13, Class X, IO, 0.62%, 3/15/2044 ‡ (b)(i)		7,332		19
Series 2007-HQ13, Class X1, IO, 0.00%, 12/15/2044 ‡ (b)(i)		4,087		—	(j)
Series 2012-C4, Class A3, 2.99%, 3/15/2045		3,721		3,706
Series 2011-C3, Class A3, 4.05%, 7/15/2049		4,017		4,030
Morgan Stanley Re-REMIC Trust
Series 2012-XA, Class B, 0.25%, 7/27/2049 ‡ (b)		1,098		1,032
Series 2012-IO, Class AXA, 1.00%, 3/27/2051 (b)		305		304

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COMMERCIAL MORTGAGE-BACKED SECURITIES — continued
PFP Ltd. (Cayman Islands)
Series 2017-3, Class B, 4.05%, 1/14/2035 ‡ (b)(i)		3,462		3,462
Series 2017-3, Class C, 4.80%, 1/14/2035 ‡ (b)(i)		4,000		4,005
RBS Commercial Funding, Inc. Trust
Series 2013-SMV, Class A, 3.26%, 3/11/2031 (b)		4,450		4,356
Series RR Trust Series 2014-1, Class B, PO, 5/25/2047 (b)		8,260		5,734
TPG Real Estate Finance Ltd. (Cayman Islands)
Series 2018-FL1, Class AS, 3.25%, 2/15/2035 (b)(i)		9,000		8,978
Series 2018-FL1, Class C, 4.20%, 2/15/2035 ‡ (b)(i)		13,000		13,020
UBS Commercial Mortgage Trust Series 2012-C1, Class XA, IO, 2.25%, 5/10/2045 (b)(i)		13,997		780
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 6/10/2030 (b)		15,527		15,439
UBS-Barclays Commercial Mortgage Trust
Series 2013-C6, Class A4, 3.24%, 4/10/2046		2,357		2,330
Series 2012-C2, Class XA, IO, 1.48%, 5/10/2063 ‡ (b)(i)		47,116		1,807
Series 2012-C2, Class A4, 3.53%, 5/10/2063		9,327		9,314
VNDO Mortgage Trust
Series 2013-PENN, Class A, 3.81%, 12/13/2029 (b)		30,750		30,986
Series 2012-6AVE, Class A, 3.00%, 11/15/2030 (b)		11,148		10,936
Wachovia Bank Commercial Mortgage Trust
Series 2006-C24, Class XC, IO, 0.10%, 3/15/2045 ‡ (b)(i)		35,455		—	(j)
Wells Fargo Commercial Mortgage Trust
Series 2013-120B, Class A, 2.80%, 3/18/2028 (b)(i)		13,452		13,333
Series 2015-C30, Class A4, 3.66%, 9/15/2058		8,751		8,685
Wells Fargo Re-REMIC Trust
Series 2013-FRR1, Class AK20, PO, 5/27/2045 (b)		8,000		6,727
WFRBS Commercial Mortgage Trust
Series 2011-C3, Class A4, 4.38%, 3/15/2044 (b)		9,206		9,380
Series 2013-C11, Class D, 4.41%, 3/15/2045 ‡ (b)(i)		2,500		2,416
Series 2012-C6, Class A4, 3.44%, 4/15/2045		9,327		9,321
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $2,076,224)				2,035,507
U.S. GOVERNMENT AGENCY SECURITIES — 2.2%
FHLB 5.50%, 7/15/2036		9,865		12,319
FNMA 1.85%, 10/9/2019 (a)		57,500		56,149
DN, 4.00%, 5/15/2030 (a)		8,071		5,385
Government Trust Certificate 2.60%, 4/1/2019 (a)		11,944		11,833
Resolution Funding Corp. STRIPS
1.71%, 10/15/2019 (a)		108,649		106,038
1.92%, 7/15/2020 (a)		225,211		215,021
1.99%, 10/15/2020 (a)		50,759		48,176
1.58%, 1/15/2021 (a)		47,400		44,556
DN, 2.95%, 1/15/2026 (a)		12,675		10,081
DN, 2.77%, 10/15/2027 (a)		11,275		8,383
DN, 2.91%, 1/15/2030 (a)		30,700		20,903
DN, 3.16%, 4/15/2030 (a)		18,250		12,324
Tennessee Valley Authority 5.88%, 4/1/2036		21,937		27,668
5.50%, 6/15/2038		493		609
4.63%, 9/15/2060		4,157		4,740
4.25%, 9/15/2065		2,604		2,773
Tennessee Valley Authority STRIPS
4.73%, 5/1/2019 (a)		10,762		10,637
DN, 3.88%, 11/1/2025 (a)		17,495		13,899
DN, 5.07%, 7/15/2028 (a)		3,119		2,207
DN, 3.48%, 12/15/2028 (a)		3,500		2,434
DN, 4.63%, 6/15/2035 (a)		2,242		1,172
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $629,023)				617,307
FOREIGN GOVERNMENT SECURITIES — 0.9%
Israel Government AID Bond (Israel)
2.50%, 11/1/2019 (a)		3,000		2,922
4.09%, 11/1/2023 (a)		3,587		3,085
5.50%, 12/4/2023		7,240		8,066
3.18%, 8/15/2024 (a)		3,305		2,765
1.98%, 11/1/2024 (a)		5,000		4,154
2.93%, 11/1/2024 (a)		68,521		56,959
3.28%, 11/1/2024 (a)		21,968		18,237
2.06%, 11/15/2024 (a)		2,517		2,090
3.34%, 5/15/2025 (a)		14,763		12,018
3.26%, 8/15/2025 (a)		23,876		19,240
2.18%, 11/15/2025 (a)		4,000		3,197
3.40%, 11/15/2025 (a)		14,275		11,411
2.32%, 8/15/2026 (a)		17,300		13,348
4.45%, 11/15/2026 (a)		2,242		1,715
5.50%, 9/18/2033		6,771		8,320
Republic of Colombia (Colombia)
4.00%, 2/26/2024		6,987		6,851
4.50%, 1/28/2026		3,811		3,788
7.38%, 9/18/2037		1,400		1,672
5.63%, 2/26/2044		941		953

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
FOREIGN GOVERNMENT SECURITIES — continued
5.00%, 6/15/2045 (e)		3,979		3,717
Republic of Panama (Panama) 4.50%, 4/16/2050		5,100		4,735
Republic of Peru (Peru) 5.63%, 11/18/2050 (e)		737		834
Republic of South Africa (South Africa) 5.88%, 9/16/2025		3,502		3,480
United Mexican States (Mexico)
3.60%, 1/30/2025		7,166		6,783
4.13%, 1/21/2026		5,155		4,977
3.75%, 1/11/2028 (e)		22,959		21,226
4.75%, 3/8/2044 (e)		3,906		3,441
5.55%, 1/21/2045		12,227		12,028
4.60%, 1/23/2046 (e)		2,862		2,461
4.35%, 1/15/2047 (e)		4,228		3,514
4.60%, 2/10/2048		1,928		1,658
5.75%, 10/12/2110 (e)		5,118		4,693
TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $264,733)				254,338
MUNICIPAL BONDS — 0.3% (m)
California — 0.0% (c)
General Obligation — 0.0% (c)
State of California, Various Purpose GO, 7.30%, 10/1/2039		2,400		3,264
Transportation — 0.0% (c)
Los Angeles City Department of Airports, International Airport Series C, Rev., 6.58%, 5/15/2039		3,060		3,737
Total California				7,001
New York — 0.2%
Other Revenue — 0.0% (c)
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series D, Rev., 5.60%, 3/15/2040		2,240		2,605
Transportation — 0.2%
Port Authority of New York and New Jersey, Consolidated
Series 164, Rev., 5.65%, 11/1/2040		10,965		12,846
Series 165, Rev., 5.65%, 11/1/2040		3,780		4,438
Series 174, Rev., 4.46%, 10/1/2062		17,925		17,681
				34,965
Total New York				37,570
Ohio — 0.1%
Education — 0.0% (c)
Ohio State University, General Receipts
Series A, Rev., 4.05%, 12/1/2056		3,478		3,268
Series A, Rev., 4.80%, 6/1/2111		9,576		9,793
Rev., 5.59%, 12/1/2114		1,000		1,065
				14,126
Utility — 0.1%
American Municipal Power, Inc., Meldahl Hydroelectric Project
Series B, Rev., 7.50%, 2/15/2050		11,725		16,337
Total Ohio				30,463
TOTAL MUNICIPAL BONDS (Cost $68,256)				75,034
SUPRANATIONAL — 0.1%
African Development Bank (Supranational) 8.80%, 9/1/2019 (Cost $24,638)		23,640		24,627
	Shares (000)
SHORT-TERM INVESTMENTS — 1.2%
INVESTMENT COMPANIES — 1.2%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.30% (n)(o) (Cost $348,121)		348,086		348,121
INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED — 0.2%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.40% (n)(o)		33,002		33,002
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.16% (n)(o)		21,675		21,675
TOTAL INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED (Cost $54,677)				54,677
Total Investments — 100.2% (Cost $28,540,470)				27,917,258
Liabilities in Excess of Other Assets — (0.2%)				(56,434	)
Net Assets — 100.0%				27,860,824

Percentages indicated are based on net assets.

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (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, 2018.
CMBS	Commercial Mortgage-Backed Security
CSMC	Credit Suisse Mortgage Trust
DN	Discount Notes
FHA	Federal Housing Administration
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GO	General Obligation
GS	Goldman Sachs
HB	High Coupon Bonds (a.k.a. “IOettes”) represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO’s the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.
ICE	Intercontinental Exchange
IF	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of November 30, 2018. 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.
REMIC	Real Estate Mortgage Investment Conduit
Rev.	Revenue
STRIPS	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
USD	United States Dollar
VA	Veterans Administration
(a)	The rate shown is the effective yield as of November 30, 2018.

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(b)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2018.
(e)	The security or a portion of this security is on loan at November 30, 2018. The total value of securities on loan at November 30, 2018 was $53,402,000.
(f)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of November 30, 2018.
(g)	Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of November 30, 2018.
(h)	Security is an interest bearing note with preferred security characteristics.
(i)	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, 2018.
(j)	Amount rounds to less than one thousand.
(k)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(l)	Defaulted security.
(m)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(n)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(o)	The rate shown is the current yield as of November 30, 2018.
‡	Value determined using significant unobservable inputs.

A. Valuation of Investments — The valuation of investments is 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 (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.

JPMorgan 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 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 related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment to determine the fair value of 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

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

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 (the “Underlying Funds”) are valued at each Underlying Fund’s net asset values or NAV per share as of the report date.

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at November 30, 2018.

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 (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	2,673,713	$	955,696	$	3,629,409
Collateralized Mortgage Obligations		—		2,347,684		201,557		2,549,241
Commercial Mortgage-Backed Securities		—		1,951,011		84,496		2,035,507
Corporate Bonds
Capital Markets		—		665,462		556		666,018
Wireless Telecommunication Services		—		45,454		16,750		62,204
Other Corporate Bonds		—		5,755,210		—		5,755,210
Total Corporate Bonds		—		6,466,126		17,306		6,483,432
Foreign Government Securities		—		254,338		—		254,338
Mortgage-Backed Securities		—		4,395,021		—		4,395,021
Municipal Bonds		—		75,034		—		75,034
Supranational		—		24,627		—		24,627
U.S. Government Agency Securities		—		617,307		—		617,307
U.S. Treasury Obligations		—		7,450,544		—		7,450,544
Short-Term Investments
Investment Companies		348,121		—		—		348,121
Investments of cash collateral from securities loaned		54,677		—		—		54,677
Total Investments in Securities	$	402,798	$	26,255,405	$	1,259,055	$	27,917,258

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

There were no significant transfers among any levels during the period ended November 30, 2018.

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

	Balance as of February 28, 2018		Realized gain (loss)		Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of November 30, 2018
Investments in Securities:
Asset-Backed Securities	$	914,507	$	1,055	$	(5,119	)	$	(749	)	$	378,772	$	(367,135	)	$	100,015	$	(65,650	)	$	955,696
Collateralized Mortgage Obligations		128,082		146		(1,206	)		(1,437	)		92,792		(19,005	)		2,185		—			201,557
Commercial Mortgage-Backed Securities		132,645		1,947		(1,764	)		(1,609	)		24,789		(41,931	)		20,143		(49,724	)		84,496
Corporate Bonds - Capital Markets		1,108		3		—	(a)		3			—		(558	)		—		—			556
Corporate Bonds - Wireless Telecommunication Services		17,226		—		—			—			—		(476	)		—		—			16,750
Loan Assignments - Hotels, Restaurants & Leisure		16,370		550		(187	)		15			—		(16,748	)		—		—			—
	$	1,209,938	$	3,701	$	(8,276	)	$	(3,777	)	$	496,353	$	(445,853	)	$	122,343	$	(115,374	)	$	1,259,055

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

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

(a) Amount rounds to less than one thousand.

The change in net unrealized appreciation (depreciation) attributable to securities owned at November 30, 2018, which were valued using significant unobservable inputs (level 3) amounted to approximately $(8,432,000).

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at November 30, 2018		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	427,170	Discounted Cash Flow	Constant Prepayment Rate	0.00% - 30.00% (12.89%)
				Constant Default Rate	0.00% - 30.00% (0.19%)
				Yield (Discount Rate of Cash Flows)	3.08% - 8.47% (4.37%)
Asset-Backed Securities		427,170
		10,191	Discounted Cash Flow	PSA Prepayment Model	232.00% (232.00%)
				Constant Prepayment Rate	0.00% - 28.00% (11.38%)
				Constant Default Rate	0.00% - 6.40% (3.09%)
				Yield (Discount Rate of Cash Flows)	(55.19)% - 199.00% (7.63%)
Collateralized Mortgage Obligations		10,191
		49,435	Discounted Cash Flow	Constant Prepayment Rate	0.00% - 100.00% (8.27%)
				Yield (Discount Rate of Cash Flows)	2.11% - 9.78% (4.52%)
Commercial Mortgage-Backed Securities		49,435
		556	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	4.38% (4.38%)
				Liquidity Discount	0.375% (0.375%)
Corporate Bonds		556
Total	$	487,352

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At November 30, 2018, the value of these investments was approximately $771,703,000. The inputs for these investments are not readily available or cannot be reasonably estimated and generally are those inputs described in Note A.

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

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)		Value (000)
CORPORATE BONDS — 28.3%
Aerospace & Defense — 0.4%
Airbus Finance BV (France) 2.70%, 4/17/2023 (a)		589		568
Airbus SE (France)
3.15%, 4/10/2027 (a)		655		622
3.95%, 4/10/2047 (a)		150		138
Arconic, Inc.
5.40%, 4/15/2021		1,581		1,603
5.87%, 2/23/2022		4,080		4,147
5.13%, 10/1/2024		2,920		2,833
5.90%, 2/1/2027		1,350		1,296
6.75%, 1/15/2028		3,265		3,167
5.95%, 2/1/2037		1,432		1,346
BAE Systems Holdings, Inc. (United Kingdom) 6.38%, 6/1/2019 (a)		145		147
General Dynamics Corp.
3.00%, 5/11/2021		9,730		9,675
1.88%, 8/15/2023		308		287
3.50%, 5/15/2025		10,885		10,774
Lockheed Martin Corp.
4.07%, 12/15/2042		1,311		1,218
3.80%, 3/1/2045		600		535
Precision Castparts Corp. 3.25%, 6/15/2025		3,035		2,927
Rockwell Collins, Inc. 4.35%, 4/15/2047		4,986		4,566
United Technologies Corp.
3.95%, 8/16/2025		4,215		4,165
4.50%, 6/1/2042		2,471		2,346
4.63%, 11/16/2048		4,095		3,927
				56,287
Air Freight & Logistics — 0.0% (b)
United Parcel Service of America, Inc. 8.37%, 4/1/2030 (c)		235		311
United Parcel Service, Inc. 2.80%, 11/15/2024		1,700		1,624
				1,935
Airlines — 0.1%
American Airlines Group, Inc. 5.50%, 10/1/2019 (a)		1,375		1,384
Continental Airlines Pass-Through Trust Series 2012-2, Class A, 4.00%, 10/29/2024		3,806		3,800
United Continental Holdings, Inc.
4.25%, 10/1/2022 (d)		1,287		1,269
5.00%, 2/1/2024 (d)		5,086		4,997
				11,450
Auto Components — 0.2%
Allison Transmission, Inc.
5.00%, 10/1/2024 (a)		2,866		2,755
4.75%, 10/1/2027 (a)		610		549
American Axle & Manufacturing, Inc.
6.63%, 10/15/2022 (d)		1,980		1,975
6.25%, 4/1/2025 (d)		602		560
6.25%, 3/15/2026 (d)		1,714		1,555
Dana Financing Luxembourg SARL 5.75%, 4/15/2025 (a)		1,352		1,284
Goodyear Tire & Rubber Co. (The)
5.13%, 11/15/2023 (d)		2,512		2,480
5.00%, 5/31/2026 (d)		2,243		2,047
4.88%, 3/15/2027 (d)		1,504		1,352
Icahn Enterprises LP
6.25%, 2/1/2022		600		610
6.75%, 2/1/2024		5,627		5,662
6.38%, 12/15/2025		6,975		6,888
IHO Verwaltungs GmbH (Germany) 4.50% (cash), 9/15/2023 (a) (e)		2,595		2,413
Tenneco, Inc. 5.38%, 12/15/2024		2,085		1,851
				31,981
Automobiles — 0.2%
BMW US Capital LLC (Germany) 1.85%, 9/15/2021 (a)		1,750		1,664
Daimler Finance North America LLC (Germany)
2.70%, 8/3/2020 (a)		1,000		985
2.88%, 3/10/2021 (a)		1,500		1,468
3.35%, 5/4/2021 (a)		3,000		2,963
3.30%, 5/19/2025 (a)		500		470
8.50%, 1/18/2031		195		260
Fiat Chrysler Automobiles NV (United Kingdom)
4.50%, 4/15/2020 (d)		1,000		1,001
5.25%, 4/15/2023 (d)		2,550		2,555
Ford Motor Co.
4.35%, 12/8/2026 (d)		523		467
6.63%, 10/1/2028		3,500		3,515
7.45%, 7/16/2031		1,250		1,286
General Motors Co. 6.60%, 4/1/2036 (d)		2,655		2,573
Hyundai Capital America 3.45%, 3/12/2021 (a)		2,000		1,981
Jaguar Land Rover Automotive plc (United Kingdom)
5.63%, 2/1/2023 (a) (d)		2,227		1,993
4.50%, 10/1/2027 (a) (d)		3,607		2,660
Motors Liquidation Co. 7.70%, 4/15/2016 ‡ (f)		2,500		—	(g)
Nissan Motor Acceptance Corp.
2.13%, 3/3/2020 (a)		538		528
3.15%, 3/15/2021 (a)		1,200		1,181
				27,550
Banks — 4.6%
ABN AMRO Bank NV (Netherlands)
2.65%, 1/19/2021 (a)		3,500		3,434
4.75%, 7/28/2025 (a)		15,301		15,144
ANZ New Zealand Int’l Ltd. (New Zealand)
2.60%, 9/23/2019 (a)		2,200		2,188
2.75%, 1/22/2021 (a)		2,200		2,161
2.88%, 1/25/2022 (a)		1,200		1,167
3.45%, 7/17/2027 (a)		889		843

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments		Principal Amount (000)		Value (000)
CORPORATE BONDS — continued
Banks — continued
ASB Bank Ltd. (New Zealand) 3.75%, 6/14/2023 (a)			1,200		1,193
Australia & New Zealand Banking Group Ltd. (Australia) 2.25%, 12/19/2019 (a)			1,000		992
Banco Mercantil del Norte SA (Mexico)
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.04%), 6.87%, 7/6/2022 (a) (h) (i) (j)			534		499
Banco Nacional de Comercio Exterior SNC (Mexico)
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 3.80%, 8/11/2026 (a) (i)			200		188
Banco Santander SA (Spain)
3.13%, 2/23/2023			1,600		1,500
4.38%, 4/12/2028			7,000		6,456
Bank of America Corp.
Series L, 2.25%, 4/21/2020			2,425		2,389
2.50%, 10/21/2022 (d)			1,025		976
3.30%, 1/11/2023			86		84
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023 (i)			57		55
(ICE LIBOR USD 3 Month + 1.02%), 2.88%, 4/24/2023 (i)			1,805		1,745
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (i)			29,213		28,011
(ICE LIBOR USD 3 Month + 0.94%), 3.86%, 7/23/2024 (i)			5,000		4,952
Series X, (ICE LIBOR USD 3 Month + 3.71%), 6.25%, 9/5/2024 (d) (h) (i) (j)			4,480		4,581
4.00%, 1/22/2025			7,677		7,449
Series L, 3.95%, 4/21/2025			1,326		1,281
(ICE LIBOR USD 3 Month + 1.09%), 3.09%, 10/1/2025 (i)			519		489
(ICE LIBOR USD 3 Month + 0.81%), 3.37%, 1/23/2026 (i)			6,000		5,721
(ICE LIBOR USD 3 Month + 0.77%), 3.35%, 2/5/2026 (i)			6,915		6,652
4.45%, 3/3/2026			1,294		1,271
4.25%, 10/22/2026			473		458
3.25%, 10/21/2027			12,200		11,213
(ICE LIBOR USD 3 Month + 1.51%), 3.70%, 4/24/2028 (i)			1,000		944
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (i)			467		431
(ICE LIBOR USD 3 Month + 1.07%), 3.97%, 3/5/2029 (i)			13,000		12,507
6.98%, 3/7/2037			1,500		1,702
Bank of Montreal (Canada)
2.38%, 1/25/2019			655		654
1.50%, 7/18/2019			653		647
2.10%, 12/12/2019			1,137		1,125
Series D, 3.10%, 4/13/2021			1,300		1,292
1.75%, 6/15/2021 (a)			2,000		1,928
Bank of Nova Scotia (The) (Canada)
1.65%, 6/14/2019 (d)			1,000		993
1.85%, 4/14/2020			1,725		1,696
2.50%, 1/8/2021			2,700		2,647
3.13%, 4/20/2021			18,850		18,711
1.88%, 9/20/2021 (a)			500		481
2.45%, 9/19/2022			1,000		959
Banque Centrale de Tunisie International Bond (Tunisia) 6.75%, 10/31/2023 (a)	EUR		1,870		2,024
Barclays Bank plc (United Kingdom) 7.63%, 11/21/2022			5,973		6,264
Barclays plc (United Kingdom)
4.38%, 9/11/2024			1,150		1,068
4.38%, 1/12/2026			800		756
5.20%, 5/12/2026			4,803		4,574
4.84%, 5/9/2028			2,687		2,425
BB&T Corp.
6.85%, 4/30/2019			150		152
5.25%, 11/1/2019			500		508
2.63%, 6/29/2020			1,500		1,483
2.05%, 5/10/2021			500		484
3.75%, 12/6/2023			1,600		1,596
2.85%, 10/26/2024			800		758
BNP Paribas SA (France)
3.80%, 1/10/2024 (a)			2,000		1,936
3.38%, 1/9/2025 (a)			980		912
BNZ International Funding Ltd. (New Zealand)
2.10%, 9/14/2021 (a)			1,000		957
2.90%, 2/21/2022 (a)			1,000		972
Caixa Economica Federal (Brazil)
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.55%), 7.25%, 7/23/2024 (i) (k)			1,350		1,363
Canadian Imperial Bank of Commerce (Canada)
2.25%, 7/21/2020 (a)			3,319		3,273
2.70%, 2/2/2021			1,000		982
3.50%, 9/13/2023 (d)			750		743
Capital One Bank USA NA 3.38%, 2/15/2023			1,400		1,344
CIT Group, Inc.
5.00%, 8/1/2023			2,694		2,701
4.75%, 2/16/2024			2,278		2,228
5.25%, 3/7/2025			1,774		1,782
6.13%, 3/9/2028			645		663
Citibank NA
3.05%, 5/1/2020			600		597
3.40%, 7/23/2021			15,480		15,383
Citigroup, Inc.
Series O, (ICE LIBOR USD 3 Month + 4.06%), 5.87%, 3/27/2020 (h) (i) (j)			2,062		2,073

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments		Principal Amount (000)		Value (000)
CORPORATE BONDS — continued
Banks — continued
Series Q, (ICE LIBOR USD 3 Month + 4.10%), 5.95%, 8/15/2020 (h) (i) (j)			1,545		1,553
2.90%, 12/8/2021			1,500		1,458
2.75%, 4/25/2022			2,000		1,924
(ICE LIBOR USD 3 Month + 4.07%), 5.95%, 1/30/2023 (h) (i) (j)			581		571
Series M, (ICE LIBOR USD 3 Month + 3.42%), 6.30%, 5/15/2024 (h) (i) (j)			813		789
Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025 (h) (i) (j)			2,315		2,222
6.88%, 6/1/2025			645		728
7.00%, 12/1/2025			1,115		1,266
3.70%, 1/12/2026			970		922
4.30%, 11/20/2026			2,500		2,409
6.63%, 1/15/2028			838		959
(ICE LIBOR USD 3 Month + 1.19%), 4.07%, 4/23/2029 (i)			2,000		1,922
Citizens Bank NA 3.70%, 3/29/2023			2,090		2,075
Commonwealth Bank of Australia (Australia)
2.50%, 9/18/2022 (a)			1,070		1,024
3.45%, 3/16/2023 (a)			1,200		1,187
Cooperatieve Rabobank UA (Netherlands)
2.50%, 1/19/2021			2,000		1,956
3.95%, 11/9/2022			1,650		1,631
2.75%, 1/10/2023			1,500		1,437
3.88%, 9/26/2023 (a)			840		835
Credit Agricole SA (France)
2.38%, 7/1/2021 (a)			18,697		18,121
3.75%, 4/24/2023 (a)			1,200		1,165
4.38%, 3/17/2025 (a)			5,765		5,538
(USD Swap Semi 5 Year + 6.19%), 8.13%, 12/23/2025 (a) (h) (i) (j)			6,591		6,850
Credit Suisse Group Funding Guernsey Ltd. (Switzerland) 2.75%, 3/26/2020			519		513
Danske Bank A/S (Denmark)
2.80%, 3/10/2021 (a)			1,675		1,631
2.00%, 9/8/2021 (a)			7,000		6,598
2.70%, 3/2/2022 (a)			619		590
(EUR Swap Annual 7 Year + 5.47%), 5.88%, 4/6/2022 (h) (i) (j) (k)	EUR		3,700		4,188
Fifth Third Bancorp 3.95%, 3/14/2028			1,000		977
Fifth Third Bank
3.95%, 7/28/2025			500		500
3.85%, 3/15/2026			234		227
HSBC Bank plc (United Kingdom) 4.75%, 1/19/2021 (a)			1,045		1,067
HSBC Holdings plc (United Kingdom)
3.40%, 3/8/2021			15,869		15,691
2.65%, 1/5/2022			3,840		3,697
4.00%, 3/30/2022			1,371		1,379
(ICE LIBOR USD 3 Month + 1.06%), 3.26%, 3/13/2023 (i)			13,655		13,280
3.60%, 5/25/2023			1,250		1,225
(ICE LIBOR USD 3 Month + 0.92%), 3.03%, 11/22/2023 (i)			1,052		1,009
4.25%, 3/14/2024			9,200		9,012
(USD ICE Swap Rate 5 Year + 4.37%), 6.38%, 3/30/2025 (h) (i) (j)			10,727		10,244
4.25%, 8/18/2025			1,333		1,279
4.30%, 3/8/2026			3,581		3,484
3.90%, 5/25/2026			506		481
(ICE LIBOR USD 3 Month + 1.55%), 4.04%, 3/13/2028 (i)			6,263		5,933
Huntington Bancshares, Inc.
3.15%, 3/14/2021			846		836
2.30%, 1/14/2022			1,084		1,035
Huntington National Bank (The) 2.88%, 8/20/2020			1,155		1,144
Industrial & Commercial Bank of China Ltd. (China)
2.45%, 10/20/2021			400		384
2.96%, 11/8/2022			350		339
ING Groep NV (Netherlands) 3.15%, 3/29/2022			1,200		1,167
(USD Swap Semi 5 Year + 5.12%), 6.87%, 4/16/2022 (h) (i) (j) (k)			2,957		2,957
4.10%, 10/2/2023			1,320		1,309
Intesa Sanpaolo SpA (Italy) 3.88%, 7/14/2027 (a)			1,405		1,146
KeyBank NA 3.18%, 5/22/2022			1,621		1,596
KeyCorp
2.90%, 9/15/2020			605		598
4.15%, 10/29/2025			260		261
Lloyds Bank plc (United Kingdom)
2.40%, 3/17/2020			2,000		1,970
6.50%, 9/14/2020 (a)			1,700		1,765
Lloyds Banking Group plc (United Kingdom)
(ICE LIBOR USD 3 Month + 0.81%), 2.91%, 11/7/2023 (i)			2,650		2,490
4.38%, 3/22/2028			633		595
(ICE LIBOR USD 3 Month + 1.21%), 3.57%, 11/7/2028 (i)			8,805		7,744
M&T Bank Corp. 3.55%, 7/26/2023			2,000		1,994
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.54%, 7/26/2021			1,600		1,599
3.00%, 2/22/2022			413		405
2.67%, 7/25/2022			2,150		2,074
3.76%, 7/26/2023			3,000		2,993
2.53%, 9/13/2023			423		401

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments		Principal Amount (000)		Value (000)
CORPORATE BONDS — continued
Banks — continued
Mitsubishi UFJ Trust & Banking Corp. (Japan) 2.45%, 10/16/2019 (a)			2,300		2,285
Mizuho Financial Group, Inc. (Japan)
(ICE LIBOR USD 3 Month + 1.00%), 3.92%, 9/11/2024 (i)			2,000		2,000
3.17%, 9/11/2027			2,000		1,863
MUFG Bank Ltd. (Japan)
2.30%, 3/5/2020 (a)			15,000		14,788
2.75%, 9/14/2020 (a)			6,256		6,177
MUFG Union Bank NA 2.25%, 5/6/2019			1,500		1,495
National Australia Bank Ltd. (Australia)
2.63%, 7/23/2020			1,100		1,085
2.50%, 1/12/2021			4,000		3,916
3.70%, 11/4/2021			600		601
3.38%, 1/14/2026			3,248		3,117
2.50%, 7/12/2026			448		402
Nordea Bank AB (Finland)
4.88%, 1/27/2020 (a)			3,000		3,050
4.88%, 5/13/2021 (a)			600		608
4.25%, 9/21/2022 (a)			886		883
3.75%, 8/30/2023 (a)			1,250		1,224
(USD Swap Semi 5 Year + 3.39%), 6.13%, 9/23/2024 (a) (h) (i) (j)			7,551		7,145
PNC Bank NA 2.15%, 4/29/2021			655		633
PNC Financial Services Group, Inc. (The) 4.38%, 8/11/2020			1,057		1,072
Regions Bank 2.75%, 4/1/2021			2,000		1,956
Royal Bank of Canada (Canada)
2.00%, 12/10/2018			308		308
1.88%, 2/5/2020			2,960		2,920
2.15%, 3/6/2020			1,380		1,363
3.70%, 10/5/2023			1,480		1,474
4.65%, 1/27/2026			423		428
Royal Bank of Scotland Group plc (United Kingdom)
(USD Swap Semi 5 Year + 5.80%), 7.50%, 8/10/2020 (h) (i) (j)			2,080		2,059
(USD Swap Semi 5 Year + 7.60%), 8.63%, 8/15/2021 (h) (i) (j)			1,955		2,014
6.13%, 12/15/2022			10,795		10,956
6.10%, 6/10/2023			900		915
3.88%, 9/12/2023			14,000		13,260
5.13%, 5/28/2024			2,460		2,384
Russian Agricultural Bank OJSC (Russia) 8.50%, 10/16/2023 (k)			591		589
Santander UK plc (United Kingdom) 2.50%, 3/14/2019			1,697		1,695
Societe Generale SA (France)
(USD Swap Semi 5 Year + 6.24%), 7.38%, 9/13/2021 (a) (h) (i) (j)			3,045		2,999
4.25%, 9/14/2023 (a)			500		492
5.00%, 1/17/2024 (a)			5,000		5,006
4.25%, 4/14/2025 (a)			800		759
(USD ICE Swap Rate 5 Year + 5.87%), 8.00%, 9/29/2025 (a) (d) (h) (i) (j)			2,613		2,619
SpareBank 1 Boligkreditt A/S (Norway) 1.75%, 11/15/2019 (a)			1,545		1,526
Stadshypotek AB (Sweden) 1.88%, 10/2/2019 (a)			2,600		2,578
Standard Chartered plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.15%), 4.25%, 1/20/2023 (a) (i)			800		794
(ICE LIBOR USD 3 Month + 1.08%), 3.89%, 3/15/2024 (a) (i)			1,200		1,157
State Savings Bank of Ukraine (Ukraine) 9.38%, 3/10/2023 (c) (k)			1,663		1,641
Sumitomo Mitsui Banking Corp. (Japan) 2.45%, 1/16/2020			2,200		2,178
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.85%, 1/11/2022			1,200		1,170
2.78%, 7/12/2022			3,550		3,438
2.78%, 10/18/2022			1,644		1,584
3.10%, 1/17/2023			3,099		3,017
3.75%, 7/19/2023			1,250		1,249
3.94%, 10/16/2023			1,200		1,211
SunTrust Bank
(ICE LIBOR USD 3 Month + 0.30%), 2.59%, 1/29/2021 (i)			1,240		1,226
(ICE LIBOR USD 3 Month + 0.59%), 3.50%, 8/2/2022 (i)			1,030		1,021
SunTrust Banks, Inc. 4.00%, 5/1/2025			1,857		1,838
Toronto-Dominion Bank (The) (Canada)
2.13%, 7/2/2019			712		708
2.25%, 11/5/2019			453		449
2.55%, 1/25/2021			2,000		1,969
3.50%, 7/19/2023			1,200		1,196
(USD Swap Semi 5 Year + 2.21%), 3.62%, 9/15/2031 (i)			372		348
UBS Group AG (Switzerland)
(EUR Swap Annual 5 Year + 5.29%), 5.75%, 2/19/2022 (h) (i) (j) (k)	EUR		11,400		13,824
UBS Group Funding Switzerland AG (Switzerland)
(ICE LIBOR USD 3 Month + 0.95%), 2.86%, 8/15/2023 (a) (i)			1,303		1,245

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)		Value (000)
CORPORATE BONDS — continued
Banks — continued
United Overseas Bank Ltd. (Singapore) 3.20%, 4/23/2021 (a)		3,100		3,081
US Bancorp
7.50%, 6/1/2026		2,000		2,384
Series V, 2.38%, 7/22/2026		4,948		4,433
Series X, 3.15%, 4/27/2027		1,660		1,560
Wachovia Corp. 7.57%, 8/1/2026 (c)		515		605
Wells Fargo & Co.
2.50%, 3/4/2021		1,607		1,566
2.63%, 7/22/2022		2,000		1,916
3.07%, 1/24/2023		3,813		3,683
3.30%, 9/9/2024		7,565		7,249
3.00%, 2/19/2025		2,000		1,874
4.10%, 6/3/2026		403		389
3.00%, 10/23/2026		10,235		9,337
4.30%, 7/22/2027		173		168
(ICE LIBOR USD 3 Month + 1.31%), 3.58%, 5/22/2028 (d) (i)		4,475		4,243
5.38%, 11/2/2043		853		873
4.75%, 12/7/2046		6,372		6,044
Wells Fargo Bank NA
2.60%, 1/15/2021		5,000		4,902
(ICE LIBOR USD 3 Month + 0.49%), 3.33%, 7/23/2021 (i)		3,000		2,984
3.63%, 10/22/2021		5,000		4,998
Westpac Banking Corp. (Australia)
1.60%, 8/19/2019		356		352
4.88%, 11/19/2019		942		957
2.00%, 3/3/2020 (a)		1,281		1,262
2.50%, 6/28/2022		1,800		1,733
2.75%, 1/11/2023		2,500		2,404
2.85%, 5/13/2026		500		462
(USD ICE Swap Rate 5 Year + 2.24%), 4.32%, 11/23/2031 (i)		1,000		942
				620,467
Beverages — 0.4%
Anheuser-Busch Cos. LLC (Belgium)
3.65%, 2/1/2026 (a)		9,870		9,331
4.90%, 2/1/2046 (a)		5,415		5,062
Anheuser-Busch InBev Finance, Inc. (Belgium)
2.65%, 2/1/2021		2,360		2,313
3.30%, 2/1/2023		2,551		2,470
Anheuser-Busch InBev Worldwide, Inc. (Belgium) 4.38%, 4/15/2038		5,000		4,500
Coca-Cola Co. (The) 2.25%, 9/1/2026		1,000		901
Diageo Investment Corp. (United Kingdom) 8.00%, 9/15/2022		365		423
Keurig Dr Pepper, Inc.
3.55%, 5/25/2021 (a)		30,000		29,728
2.55%, 9/15/2026		507		430
3.43%, 6/15/2027		225		204
PepsiCo, Inc.
3.10%, 7/17/2022		572		567
3.50%, 7/17/2025		1,845		1,827
2.38%, 10/6/2026		850		769
4.45%, 4/14/2046		730		744
				59,269
Biotechnology — 0.1%
AbbVie, Inc.
3.60%, 5/14/2025		500		477
3.20%, 5/14/2026 (d)		600		552
Amgen, Inc.
3.63%, 5/15/2022		640		638
4.66%, 6/15/2051		1,000		928
Biogen, Inc. 2.90%, 9/15/2020		300		296
Gilead Sciences, Inc.
1.85%, 9/20/2019		500		495
3.25%, 9/1/2022		1,700		1,682
3.70%, 4/1/2024		4,547		4,513
3.50%, 2/1/2025		680		659
3.65%, 3/1/2026		1,546		1,502
4.15%, 3/1/2047		4,850		4,299
				16,041
Building Products — 0.2%
CRH America Finance, Inc. (Ireland) 3.40%, 5/9/2027 (a)		200		183
Johnson Controls International plc
3.62%, 7/2/2024 (c)		323		316
3.90%, 2/14/2026		453		439
5.70%, 3/1/2041		1,390		1,416
4.95%, 7/2/2064 (c)		904		813
Masonite International Corp. 5.75%, 9/15/2026 (a)		1,624		1,533
Owens Corning 4.30%, 7/15/2047		6,180		4,718
Standard Industries, Inc.
5.38%, 11/15/2024 (a)		2,785		2,646
6.00%, 10/15/2025 (a)		3,790		3,695
4.75%, 1/15/2028 (a)		3,335		2,918
Summit Materials LLC 5.13%, 6/1/2025 (a)		1,935		1,756
				20,433
Capital Markets — 1.8%
Ameriprise Financial, Inc. 2.88%, 9/15/2026		508		464
Bank of New York Mellon Corp. (The)
2.20%, 3/4/2019 (d)		510		509
4.60%, 1/15/2020		530		538
2.60%, 8/17/2020 (d)		1,291		1,277
2.45%, 11/27/2020		940		923
2.60%, 2/7/2022		1,930		1,874
2.95%, 1/29/2023		2,500		2,432
(ICE LIBOR USD 3 Month + 0.63%), 2.66%, 5/16/2023 (i)		500		482

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)		Value (000)
CORPORATE BONDS — continued
Capital Markets — continued
3.95%, 11/18/2025		996		1,000
3.25%, 5/16/2027		1,200		1,144
BlackRock, Inc.
Series 2, 5.00%, 12/10/2019		493		503
4.25%, 5/24/2021 (d)		485		497
3.50%, 3/18/2024		315		314
Blackstone Holdings Finance Co. LLC
5.88%, 3/15/2021 (a)		1,000		1,048
4.45%, 7/15/2045 (a)		159		144
Brookfield Finance, Inc. (Canada)
3.90%, 1/25/2028		1,265		1,178
4.70%, 9/20/2047		645		596
Carlyle Promissory Note 4.44%, 7/15/2019 ‡		113		113
Charles Schwab Corp. (The)
3.23%, 9/1/2022		750		742
3.55%, 2/1/2024		1,240		1,233
CME Group, Inc. 3.00%, 9/15/2022		950		936
Credit Suisse AG (Switzerland)
3.00%, 10/29/2021		3,775		3,695
3.63%, 9/9/2024		15,535		15,108
Credit Suisse Group AG (Switzerland)
(USD Swap Semi 5 Year + 4.60%), 7.50%, 12/11/2023 (a) (h) (i) (j)		12,300		12,515
4.28%, 1/9/2028 (a)		8,000		7,626
(ICE LIBOR USD 3 Month + 1.41%), 3.87%, 1/12/2029 (a) (i)		831		766
Daiwa Securities Group, Inc. (Japan) 3.13%, 4/19/2022 (a)		1,098		1,074
Deutsche Bank AG (Germany) 4.25%, 10/14/2021		1,850		1,805
Goldman Sachs Group, Inc. (The)
Series L, (ICE LIBOR USD 3 Month + 3.88%), 5.70%, 5/10/2019 (d) (h) (i) (j)		1,500		1,500
5.38%, 3/15/2020		1,104		1,129
Series M, (ICE LIBOR USD 3 Month + 3.92%), 5.38%, 5/10/2020 (d) (h) (i) (j)		1,170		1,170
2.35%, 11/15/2021		2,909		2,777
3.00%, 4/26/2022		3,293		3,188
(ICE LIBOR USD 3 Month + 0.82%), 2.88%, 10/31/2022 (i)		1,000		965
Series P, (ICE LIBOR USD 3 Month + 2.87%), 5.00%, 11/10/2022 (d) (h) (i) (j)		17,635		15,563
(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 6/5/2023 (i)		11,142		10,680
(ICE LIBOR USD 3 Month + 0.99%), 2.90%, 7/24/2023 (i)		3,592		3,428
3.50%, 1/23/2025		2,566		2,429
3.75%, 5/22/2025		4,789		4,575
(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 9/29/2025 (i)		1,612		1,503
4.25%, 10/21/2025		364		351
3.50%, 11/16/2026		15,000		13,824
3.85%, 1/26/2027		664		625
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (i)		977		904
(ICE LIBOR USD 3 Month + 1.16%), 3.81%, 4/23/2029 (i)		6,830		6,343
(ICE LIBOR USD 3 Month + 1.30%), 4.22%, 5/1/2029 (i)		5,740		5,490
(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038 (i)		5,610		4,904
Invesco Finance plc
4.00%, 1/30/2024		1,162		1,151
3.75%, 1/15/2026		390		374
Jefferies Group LLC
6.45%, 6/8/2027		104		110
6.25%, 1/15/2036		950		938
Legg Mason, Inc. 5.63%, 1/15/2044		275		265
Lehman Brothers Holdings, Inc.
3.60%, 3/13/2009 (f)		235		5
8.50%, 2/1/2016 (f)		295		6
0.00%, 5/17/2049 (f)		1,000		20
Macquarie Group Ltd. (Australia)
6.00%, 1/14/2020 (a)		3,000		3,077
6.25%, 1/14/2021 (a)		3,709		3,889
(ICE LIBOR USD 3 Month + 1.37%), 3.76%, 11/28/2028 (a) (i)		3,335		3,027
(ICE LIBOR USD 3 Month + 1.75%), 5.03%, 1/15/2030 (a) (d) (i)		800		793
Morgan Stanley
5.63%, 9/23/2019		310		316
2.65%, 1/27/2020		1,932		1,916
5.50%, 7/24/2020		113		116
5.75%, 1/25/2021		1,050		1,093
5.50%, 7/28/2021		2,779		2,899
2.75%, 5/19/2022		1,200		1,156
3.13%, 1/23/2023		2,500		2,415
4.10%, 5/22/2023		750		744
Series F, 3.88%, 4/29/2024		1,692		1,667
3.70%, 10/23/2024		3,979		3,870
4.00%, 7/23/2025		2,677		2,619
5.00%, 11/24/2025		1,617		1,639
3.88%, 1/27/2026		4,268		4,115
3.13%, 7/27/2026		5,285		4,828
3.63%, 1/20/2027		3,282		3,095
(ICE LIBOR USD 3 Month + 1.34%), 3.59%, 7/22/2028 (i)		6,667		6,211
(ICE LIBOR USD 3 Month + 1.14%), 3.77%, 1/24/2029 (i)		11,433		10,794
MSCI, Inc.
5.25%, 11/15/2024 (a)		965		967
5.75%, 8/15/2025 (a) (d)		3,640		3,686
5.38%, 5/15/2027 (a)		1,227		1,216
Nomura Holdings, Inc. (Japan) 6.70%, 3/4/2020		193		201
Northern Trust Corp. (ICE LIBOR USD 3 Month + 1.13%), 3.37%, 5/8/2032 (i)		1,000		928

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)		Value (000)
CORPORATE BONDS — continued
Capital Markets — continued
Nuveen LLC 4.00%, 11/1/2028 (a)		710		713
State Street Corp.
3.10%, 5/15/2023		459		445
3.70%, 11/20/2023		935		934
(ICE LIBOR USD 3 Month + 0.77%), 3.78%, 12/3/2024 (i)		650		651
3.55%, 8/18/2025		1,364		1,337
2.65%, 5/19/2026		700		643
TD Ameritrade Holding Corp. 2.95%, 4/1/2022		953		935
UBS AG (Switzerland)
2.38%, 8/14/2019 (d)		11,200		11,134
2.45%, 12/1/2020 (a)		17,354		16,972
				245,794
Chemicals — 0.4%
Air Liquide Finance SA (France)
1.75%, 9/27/2021 (a)		1,325		1,261
2.25%, 9/27/2023 (a)		14,795		13,905
Ashland LLC 4.75%, 8/15/2022 (c)		1,233		1,224
Axalta Coating Systems LLC 4.88%, 8/15/2024 (a)		1,941		1,879
Blue Cube Spinco LLC 10.00%, 10/15/2025		2,695		3,079
Chemours Co. (The)
6.63%, 5/15/2023 (d)		753		764
7.00%, 5/15/2025		3,955		3,990
Chevron Phillips Chemical Co. LLC 3.70%, 6/1/2028 (a)		1,900		1,865
CVR Partners LP 9.25%, 6/15/2023 (a)		2,267		2,381
Dow Chemical Co. (The) 3.00%, 11/15/2022		121		117
Ecolab, Inc.
2.25%, 1/12/2020		892		881
3.25%, 1/14/2023		1,027		1,014
FXI Holdings, Inc. 7.88%, 11/1/2024 (a)		1,499		1,340
Ingevity Corp. 4.50%, 2/1/2026 (a)		1,954		1,802
Koppers, Inc. 6.00%, 2/15/2025 (a)		1,905		1,705
Mosaic Co. (The)
5.45%, 11/15/2033		364		369
4.88%, 11/15/2041		429		390
Nufarm Australia Ltd. (Australia) 5.75%, 4/30/2026 (a)		173		162
Nutrien Ltd. (Canada) 4.13%, 3/15/2035		511		453
OCI NV (Netherlands) 6.63%, 4/15/2023 (a)		1,653		1,678
OCP SA (Morocco) 5.63%, 4/25/2024 (k)		3,200		3,212
Olin Corp. 5.13%, 9/15/2027 (d)		1,974		1,854
PolyOne Corp. 5.25%, 3/15/2023		2,461		2,455
Praxair, Inc. 2.65%, 2/5/2025		685		640
Scotts Miracle-Gro Co. (The)
6.00%, 10/15/2023		1,729		1,750
5.25%, 12/15/2026		1,893		1,770
Trinseo Materials Operating SCA 5.38%, 9/1/2025 (a)		2,577		2,274
Union Carbide Corp. 7.75%, 10/1/2096		1,305		1,557
Valvoline, Inc. 4.38%, 8/15/2025		2,847		2,623
Venator Finance SARL 5.75%, 7/15/2025 (a)		1,129		909
				59,303
Commercial Services & Supplies — 0.3%
ACCO Brands Corp. 5.25%, 12/15/2024 (a) (d)		2,227		2,054
ADT Security Corp. (The)
3.50%, 7/15/2022		1,750		1,638
4.13%, 6/15/2023		11,125		10,374
Aramark Services, Inc.
5.13%, 1/15/2024		2,093		2,103
5.00%, 2/1/2028 (a)		1,603		1,523
Brambles USA, Inc. (Australia) 5.35%, 4/1/2020 (a)		1,200		1,226
Brink’s Co. (The) 4.63%, 10/15/2027 (a)		3,245		2,985
Covanta Holding Corp. 5.88%, 3/1/2024		2,852		2,749
Garda World Security Corp. (Canada) 8.75%, 5/15/2025 (a)		1,325		1,209
ILFC E-Capital Trust I (USD Constant Maturity 30 Year + 1.55%, 14.50% Cap), 4.78%, 12/21/2065 ‡ (a) (i)		5,334		4,498
Nielsen Co. Luxembourg SARL (The)
5.50%, 10/1/2021 (a)		790		793
5.00%, 2/1/2025 (a) (d)		1,480		1,443
Nielsen Finance LLC 5.00%, 4/15/2022 (a)		1,552		1,518
Republic Services, Inc.
3.55%, 6/1/2022		348		346
4.75%, 5/15/2023		190		197
2.90%, 7/1/2026		245		227
				34,883
Communications Equipment — 0.1%
Avaya, Inc. 7.00%, 4/1/2019 ‡ (f)		9,495		1
Cisco Systems, Inc.
3.00%, 6/15/2022 (d)		3,751		3,697
5.90%, 2/15/2039		375		450
5.50%, 1/15/2040		500		578
CommScope Technologies LLC
6.00%, 6/15/2025 (a)		3,335		3,089
CommScope, Inc. 5.50%, 6/15/2024 (a)		3,050		2,813

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)		Value (000)
CORPORATE BONDS — continued
Communications Equipment — continued
Goodman Networks, Inc. 8.00%, 5/11/2022 ‡		614		307
Nokia OYJ (Finland)
5.38%, 5/15/2019 (d)		239		240
3.38%, 6/12/2022		1,260		1,195
4.38%, 6/12/2027 (d)		1,955		1,826
6.63%, 5/15/2039		2,046		2,110
Plantronics, Inc. 5.50%, 5/31/2023 (a)		2,369		2,292
				18,598
Construction & Engineering — 0.1%
AECOM
5.88%, 10/15/2024		791		794
5.13%, 3/15/2027		3,091		2,811
Aeropuerto Internacional de Tocumen SA (Panama) 6.00%, 11/18/2048 (a)		2,820		2,735
MasTec, Inc. 4.88%, 3/15/2023 (d)		5,287		5,122
Tutor Perini Corp. 6.88%, 5/1/2025 (a) (d)		3,588		3,445
				14,907
Construction Materials — 0.1%
Cemex SAB de CV (Mexico)
5.70%, 1/11/2025 (a)		1,265		1,199
6.13%, 5/5/2025 (a)		1,515		1,458
7.75%, 4/16/2026 (a)		5,968		6,246
CRH America, Inc. (Ireland) 5.13%, 5/18/2045 (a)		1,249		1,199
US Concrete, Inc. 6.38%, 6/1/2024		1,790		1,696
Votorantim Cimentos International SA (Brazil) 7.25%, 4/5/2041 (k)		737		739
				12,537
Consumer Finance — 0.8%
AerCap Ireland Capital DAC (Ireland) 3.30%, 1/23/2023		390		371
Ally Financial, Inc.
4.63%, 5/19/2022 (d)		2,861		2,861
4.63%, 3/30/2025 (d)		8,277		8,132
8.00%, 11/1/2031		2,865		3,346
American Express Co.
3.70%, 11/5/2021		1,320		1,320
3.40%, 2/27/2023		3,000		2,933
3.63%, 12/5/2024 (d)		276		269
American Express Credit Corp.
2.13%, 3/18/2019		1,448		1,444
2.25%, 8/15/2019		1,001		995
2.38%, 5/26/2020		999		985
Series F, 2.60%, 9/14/2020		1,452		1,432
2.25%, 5/5/2021		250		242
2.70%, 3/3/2022		155		151
American Honda Finance Corp.
2.60%, 11/16/2022		1,000		966
3.45%, 7/14/2023		500		497
2.90%, 2/16/2024 (d)		500		479
2.30%, 9/9/2026		320		288
Capital One Financial Corp.
3.75%, 4/24/2024		333		322
3.20%, 2/5/2025		200		185
4.20%, 10/29/2025		1,356		1,295
3.75%, 7/28/2026		840		763
Caterpillar Financial Services Corp.
2.10%, 6/9/2019		1,242		1,236
1.70%, 8/9/2021		8,725		8,345
1.93%, 10/1/2021		2,850		2,736
2.85%, 6/1/2022		581		569
2.55%, 11/29/2022		13,965		13,401
Curo Group Holdings Corp. 8.25%, 9/1/2025 (a)		3,288		2,746
FirstCash, Inc. 5.38%, 6/1/2024 (a)		906		890
Ford Motor Credit Co. LLC
3.34%, 3/28/2022		490		462
4.69%, 6/9/2025		1,000		927
General Motors Financial Co., Inc.
3.70%, 5/9/2023		171		163
3.95%, 4/13/2024		1,000		949
3.50%, 11/7/2024		580		531
4.00%, 1/15/2025		420		394
4.30%, 7/13/2025		1,000		941
4.00%, 10/6/2026		616		555
4.35%, 1/17/2027		7,978		7,368
HSBC USA, Inc. 2.35%, 3/5/2020		1,100		1,086
ILFC E-Capital Trust II (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year + 1.80%, 14.50% Cap), 5.03%, 12/21/2065 ‡ (a) (i)		2,235		1,849
John Deere Capital Corp.
1.70%, 1/15/2020		290		286
2.05%, 3/10/2020		870		858
1.95%, 6/22/2020		1,500		1,474
Series 0014, 2.45%, 9/11/2020		610		602
2.70%, 1/6/2023		17,780		17,127
3.35%, 6/12/2024		1,559		1,537
2.65%, 6/24/2024		500		473
2.65%, 6/10/2026		1,000		923
PACCAR Financial Corp. 2.80%, 3/1/2021		455		451
Springleaf Finance Corp.
6.13%, 5/15/2022		3,306		3,306
7.13%, 3/15/2026		5,059		4,755
Toyota Motor Credit Corp.
1.55%, 10/18/2019		400		395
2.95%, 4/13/2021		1,600		1,585
				108,196
Containers & Packaging — 0.2%
Ardagh Packaging Finance plc (Ireland)
4.25%, 9/15/2022 (a)		3,200		3,092
4.63%, 5/15/2023 (a)		1,925		1,872
6.00%, 2/15/2025 (a) (d)		1,000		932

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)		Value (000)
CORPORATE BONDS — continued
Containers & Packaging — continued
Ball Corp.
5.00%, 3/15/2022		1,150		1,176
4.00%, 11/15/2023		800		780
5.25%, 7/1/2025		3,690		3,745
4.88%, 3/15/2026		653		642
Berry Global, Inc. 4.50%, 2/15/2026 (a) (d)		1,225		1,152
Cascades, Inc. (Canada)
5.50%, 7/15/2022 (a)		256		253
5.75%, 7/15/2023 (a)		368		359
Crown Americas LLC
4.75%, 2/1/2026 (a)		855		824
4.25%, 9/30/2026		1,750		1,628
Graphic Packaging International LLC 4.88%, 11/15/2022		465		460
OI European Group BV 4.00%, 3/15/2023 (a)		643		601
Reynolds Group Issuer, Inc. 5.75%, 10/15/2020		2,917		2,913
Sealed Air Corp.
4.88%, 12/1/2022 (a)		1,000		996
5.25%, 4/1/2023 (a)		625		628
5.13%, 12/1/2024 (a)		2,365		2,306
5.50%, 9/15/2025 (a)		1,300		1,284
				25,643
Diversified Consumer Services — 0.0% (b)
Graham Holdings Co. 5.75%, 6/1/2026 (a)		1,218		1,233
President & Fellows of Harvard College 3.30%, 7/15/2056		429		358
Service Corp. International
8.00%, 11/15/2021		2,300		2,519
5.38%, 5/15/2024		1,605		1,613
				5,723
Diversified Financial Services — 0.6%
ACE Cash Express, Inc. 12.00%, 12/15/2022 (a)		2,844		2,801
AIG Global Funding 1.90%, 10/6/2021 (a)		900		853
Berkshire Hathaway, Inc. 3.00%, 2/11/2023		475		467
CK Hutchison International Ltd. (Hong Kong) 2.88%, 4/5/2022 (a)		800		779
CNG Holdings, Inc. 9.38%, 5/15/2020 (a) (d)		6,635		6,171
EDP Finance BV (Portugal) 3.63%, 7/15/2024 (a)		16,465		15,442
Federation des Caisses Desjardins du Quebec (Canada) 2.25%, 10/30/2020 (a)		2,000		1,954
GE Capital International Funding Co. Unlimited Co.
3.37%, 11/15/2025		5,480		4,733
4.42%, 11/15/2035		9,260		7,468
GTP Acquisition Partners I LLC 3.48%, 6/16/2025 (a)		2,400		2,319
Hutchison Whampoa International 12 II Ltd. (Hong Kong) 3.25%, 11/8/2022 (a)		257		252
Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan)
2.65%, 9/19/2022 (a)		200		191
3.96%, 9/19/2023 (a)		1,215		1,215
National Rural Utilities Cooperative Finance Corp.
2.95%, 2/7/2024 (d)		350		340
3.40%, 2/7/2028		4,675		4,495
3.90%, 11/1/2028		800		800
Nationwide Building Society (United Kingdom) 6.25%, 2/25/2020 (a)		2,000		2,060
ORIX Corp. (Japan)
2.90%, 7/18/2022		906		878
3.25%, 12/4/2024		2,850		2,705
Shell International Finance BV (Netherlands)
4.30%, 9/22/2019 (d)		2,500		2,524
2.13%, 5/11/2020		2,545		2,507
3.50%, 11/13/2023 (d)		3,280		3,268
3.25%, 5/11/2025 (d)		1,098		1,065
2.88%, 5/10/2026		246		231
4.13%, 5/11/2035		656		637
3.63%, 8/21/2042		2,600		2,316
Siemens Financieringsmaatschappij NV (Germany)
2.90%, 5/27/2022 (a)		756		737
2.00%, 9/15/2023 (a)		2,150		1,980
2.35%, 10/15/2026 (a)		14,900		13,329
Travelport Corporate Finance plc 6.00%, 3/15/2026 (a)		1,741		1,719
				86,236
Diversified Telecommunication Services — 1.0%
AT&T, Inc.
3.95%, 1/15/2025		4,202		4,057
4.13%, 2/17/2026		828		799
4.30%, 2/15/2030		399		372
6.88%, 10/15/2031		2,025		2,198
4.50%, 5/15/2035		925		820
5.25%, 3/1/2037		2,000		1,904
4.90%, 8/15/2037 (a)		562		511
6.00%, 8/15/2040		580		585
5.35%, 9/1/2040		1,030		972
4.30%, 12/15/2042		611		506
4.80%, 6/15/2044		4,200		3,671
4.35%, 6/15/2045		466		381
CCO Holdings LLC
5.25%, 3/15/2021		576		577
5.13%, 5/1/2023 (a)		1,000		994
5.75%, 9/1/2023		167		168
5.88%, 4/1/2024 (a)		6,654		6,712
5.38%, 5/1/2025 (a)		3,951		3,882
5.75%, 2/15/2026 (a)		5,330		5,330
5.50%, 5/1/2026 (a)		3,245		3,160
5.13%, 5/1/2027 (a)		4,211		3,990

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)		Value (000)
CORPORATE BONDS — continued
Diversified Telecommunication Services — continued
5.88%, 5/1/2027 (a)		212		208
5.00%, 2/1/2028 (a)		1,435		1,336
CenturyLink, Inc.
Series S, 6.45%, 6/15/2021		1,035		1,058
Series T, 5.80%, 3/15/2022		3,015		2,996
Series W, 6.75%, 12/1/2023 (d)		1,000		1,003
Cincinnati Bell, Inc.
7.00%, 7/15/2024 (a) (d)		1,938		1,699
8.00%, 10/15/2025 (a) (d)		1,750		1,549
Deutsche Telekom International Finance BV (Germany) 3.60%, 1/19/2027 (a)		508		473
Embarq Corp. 8.00%, 6/1/2036		15,862		14,890
Frontier Communications Corp. 6.88%, 1/15/2025		15,200		8,246
Intelsat Jackson Holdings SA (Luxembourg)
5.50%, 8/1/2023		3,850		3,398
7.75%, 6/1/2021 (d)		4,000		3,770
Intelsat Luxembourg SA (Luxembourg) 8.13%, 6/1/2023 (d)		1,800		1,485
Level 3 Financing, Inc.
5.63%, 2/1/2023		4,414		4,412
5.38%, 1/15/2024		3,837		3,766
5.38%, 5/1/2025		2,170		2,113
5.25%, 3/15/2026		5,112		4,935
Qwest Capital Funding, Inc. 7.75%, 2/15/2031		3,003		2,560
Sprint Capital Corp. 8.75%, 3/15/2032		3,085		3,351
Telecom Italia Capital SA (Italy)
6.38%, 11/15/2033		4,471		3,979
6.00%, 9/30/2034		5,378		4,598
7.20%, 7/18/2036		405		385
7.72%, 6/4/2038 (d)		1,416		1,388
Telecom Italia SpA (Italy) 5.30%, 5/30/2024 (a)		645		606
Telefonica Emisiones SAU (Spain) 4.10%, 3/8/2027		542		514
Verizon Communications, Inc.
3.45%, 3/15/2021		934		935
3.38%, 2/15/2025		590		568
4.33%, 9/21/2028		2,156		2,143
4.40%, 11/1/2034		558		529
5.25%, 3/16/2037		3,677		3,780
Virgin Media Finance plc (United Kingdom) 5.75%, 1/15/2025 (a) (d)		550		523
Virgin Media Secured Finance plc (United Kingdom) 5.25%, 1/15/2026 (a)		1,952		1,828
Windstream Services LLC 9.00%, 6/30/2025 (a)		7,280		5,314
				131,927
Electric Utilities — 1.1%
AEP Texas, Inc. Series E, 6.65%, 2/15/2033		750		921
Alabama Power Co.
6.13%, 5/15/2038		891		1,057
5.50%, 3/15/2041		1,250		1,362
Series A, 4.30%, 7/15/2048		350		334
Arizona Public Service Co.
2.20%, 1/15/2020		589		582
4.70%, 1/15/2044		150		152
Atlantic City Electric Co. 4.00%, 10/15/2028		1,200		1,214
Baltimore Gas & Electric Co.
2.80%, 8/15/2022		1,016		984
4.25%, 9/15/2048		1,400		1,333
CenterPoint Energy Houston Electric LLC 3.95%, 3/1/2048		1,024		944
China Southern Power Grid International Finance BVI Co. Ltd. (China) 3.50%, 5/8/2027 (a)		720		676
Cleveland Electric Illuminating Co. (The) 5.50%, 8/15/2024		200		217
Connecticut Light & Power Co. (The) 4.00%, 4/1/2048		886		830
DTE Electric Co.
3.90%, 6/1/2021		340		344
3.95%, 6/15/2042		381		358
Duke Energy Carolinas LLC
6.05%, 4/15/2038		1,100		1,305
3.95%, 3/15/2048		1,000		911
Duke Energy Corp. 2.65%, 9/1/2026		361		322
Duke Energy Florida LLC
3.80%, 7/15/2028		600		596
5.90%, 3/1/2033		412		486
Duke Energy Indiana LLC 3.75%, 7/15/2020		280		282
Duke Energy Progress LLC
5.30%, 1/15/2019		90		90
2.80%, 5/15/2022		607		594
3.25%, 8/15/2025		200		195
6.30%, 4/1/2038		500		615
4.10%, 5/15/2042		305		285
3.70%, 10/15/2046		200		175
Edison International 4.13%, 3/15/2028		465		436
Electricite de France SA (France) 2.15%, 1/22/2019 (a)		526		525
Enel Finance International NV (Italy)
2.88%, 5/25/2022 (a)		690		644
2.75%, 4/6/2023 (a) (d)		7,108		6,441
3.50%, 4/6/2028 (a)		10,000		8,369
Entergy Louisiana LLC
3.12%, 9/1/2027		750		707
3.05%, 6/1/2031		6,500		5,846
4.00%, 3/15/2033		10,435		10,199

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)		Value (000)
CORPORATE BONDS — continued
Electric Utilities — continued
Eskom Holdings SOC Ltd. (South Africa)
5.75%, 1/26/2021 (k)		4,200		3,952
6.75%, 8/6/2023 (k)		200		183
7.13%, 2/11/2025 (k)		300		275
8.45%, 8/10/2028 (a)		700		656
Exelon Corp. 4.95%, 6/15/2035		123		123
Florida Power & Light Co.
5.40%, 9/1/2035		600		657
3.70%, 12/1/2047		1,000		887
3.95%, 3/1/2048		665		618
Hydro-Quebec (Canada) 9.40%, 2/1/2021		1,028		1,159
Series HY, 8.40%, 1/15/2022		842		960
Series HK, 9.38%, 4/15/2030		1,000		1,510
Indiana Michigan Power Co. 4.25%, 8/15/2048		550		525
Interstate Power & Light Co. 4.10%, 9/26/2028		800		796
ITC Holdings Corp. 3.65%, 6/15/2024		576		562
Jersey Central Power & Light Co. 6.15%, 6/1/2037		800		909
John Sevier Combined Cycle Generation LLC 4.63%, 1/15/2042		438		457
Korea Southern Power Co. Ltd. (South Korea) 3.00%, 1/29/2021 (a)		200		197
Massachusetts Electric Co. 5.90%, 11/15/2039 (a)		988		1,155
MidAmerican Energy Co.
3.50%, 10/15/2024		1,046		1,046
3.10%, 5/1/2027		657		626
3.65%, 8/1/2048		2,000		1,763
Minejesa Capital BV (Indonesia) 4.63%, 8/10/2030 (a)		1,465		1,287
Monongahela Power Co. 4.10%, 4/15/2024 (a)		8,000		8,131
Nevada Power Co.
7.13%, 3/15/2019		600		607
Series BB, 2.75%, 4/15/2020		8,315		8,288
5.38%, 9/15/2040		626		687
New England Power Co. (United Kingdom) 3.80%, 12/5/2047 (a)		2,788		2,525
NextEra Energy Capital Holdings, Inc.
2.40%, 9/15/2019		398		395
3.55%, 5/1/2027		537		506
NextEra Energy Operating Partners LP
4.25%, 9/15/2024 (a)		979		923
4.50%, 9/15/2027 (a)		1,091		1,001
Niagara Mohawk Power Corp.
4.88%, 8/15/2019 (a)		300		303
4.28%, 12/15/2028 (a)		650		654
Northern States Power Co.
6.25%, 6/1/2036		765		938
6.20%, 7/1/2037		173		213
Oncor Electric Delivery Co. LLC 7.25%, 1/15/2033		550		722
Pacific Gas & Electric Co. 4.25%, 8/1/2023 (a)		308		286
PacifiCorp
2.95%, 2/1/2022		700		690
7.24%, 8/16/2023		250		279
5.75%, 4/1/2037		880		1,028
4.13%, 1/15/2049		1,655		1,568
PECO Energy Co. 2.38%, 9/15/2022		880		843
Pepco Holdings LLC 7.45%, 8/15/2032		1,000		1,202
Perusahaan Listrik Negara PT (Indonesia) 5.25%, 5/15/2047 (k)		500		434
Potomac Electric Power Co. 6.50%, 11/15/2037		360		451
PPL Electric Utilities Corp. 2.50%, 9/1/2022		929		896
Public Service Co. of Colorado 3.20%, 11/15/2020		198		198
Public Service Co. of New Hampshire 3.50%, 11/1/2023		202		200
Public Service Co. of Oklahoma
5.15%, 12/1/2019		88		90
Series G, 6.63%, 11/15/2037		1,100		1,355
Public Service Electric & Gas Co.
Series I, 1.80%, 6/1/2019		155		154
2.25%, 9/15/2026		989		889
5.80%, 5/1/2037		850		986
5.38%, 11/1/2039		416		459
Southern California Edison Co.
1.85%, 2/1/2022		429		414
Series E, 3.70%, 8/1/2025		6,300		6,156
Series B, 3.65%, 3/1/2028 (d)		1,000		952
Series 06-E, 5.55%, 1/15/2037		450		468
Series 08-A, 5.95%, 2/1/2038		285		306
Series C, 4.13%, 3/1/2048 (d)		4,170		3,721
Southwestern Electric Power Co.
3.55%, 2/15/2022		250		246
Series M, 4.10%, 9/15/2028		400		394
Series J, 3.90%, 4/1/2045		842		735
Southwestern Public Service Co. Series 6, 4.40%, 11/15/2048		3,000		2,900
State Grid Overseas Investment Ltd. (China) 3.75%, 5/2/2023 (a)		2,000		1,997
Terraform Global Operating LLC 6.13%, 3/1/2026 (a)		1,674		1,568
Texas Competitive Electric Holdings Co. LLC 8.50%, 5/1/2020 ‡ (f)		6,233		12
Tucson Electric Power Co. 4.85%, 12/1/2048		600		604

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)		Value (000)
CORPORATE BONDS — continued
Electric Utilities — continued
Union Electric Co.
2.95%, 6/15/2027		644		608
8.45%, 3/15/2039		120		174
4.00%, 4/1/2048		2,050		1,922
Virginia Electric & Power Co.
Series C, 2.75%, 3/15/2023		900		869
3.45%, 2/15/2024		490		485
Series A, 3.80%, 4/1/2028		5,700		5,604
6.35%, 11/30/2037		235		288
8.88%, 11/15/2038		670		1,000
4.60%, 12/1/2048 (d)		700		698
Vistra Operations Co. LLC 5.50%, 9/1/2026 (a)		10,988		10,809
Wisconsin Electric Power Co. 4.30%, 10/15/2048		1,250		1,222
Wisconsin Power & Light Co. 3.05%, 10/15/2027		600		567
Xcel Energy, Inc. 3.30%, 6/1/2025		985		944
				154,198
Electrical Equipment — 0.1%
ABB Finance USA, Inc. (Switzerland)
2.80%, 4/3/2020		5,587		5,551
2.88%, 5/8/2022		303		296
4.38%, 5/8/2042		326		318
Eaton Corp. 2.75%, 11/2/2022		900		865
EnerSys 5.00%, 4/30/2023 (a)		2,547		2,483
Sensata Technologies BV
4.88%, 10/15/2023 (a)		2,800		2,744
5.63%, 11/1/2024 (a)		1,303		1,306
5.00%, 10/1/2025 (a)		554		533
Vertiv Group Corp. 9.25%, 10/15/2024 (a) (d)		2,100		2,048
				16,144
Electronic Equipment, Instruments & Components — 0.1%
Anixter, Inc. 5.50%, 3/1/2023		2,066		2,071
Arrow Electronics, Inc.
4.00%, 4/1/2025		653		628
3.88%, 1/12/2028		221		202
CDW LLC 5.00%, 9/1/2023		1,000		998
5.50%, 12/1/2024		500		500
5.00%, 9/1/2025		3,960		3,861
				8,260
Energy Equipment & Services — 0.4%
Baker Hughes a GE Co. LLC
5.13%, 9/15/2040		903		858
4.08%, 12/15/2047		4,230		3,432
Halliburton Co.
8.75%, 2/15/2021		700		769
3.80%, 11/15/2025		700		674
7.45%, 9/15/2039		250		312
7.60%, 8/15/2096 (a)		275		337
KCA Deutag UK Finance plc (United Kingdom) 7.25%, 5/15/2021 (a)		3,898		3,177
Nabors Industries, Inc.
5.50%, 1/15/2023 (d)		4,378		3,853
5.10%, 9/15/2023		193		162
5.75%, 2/1/2025		1,042		850
Noble Holding International Ltd. 8.95%, 4/1/2045 (c)		1,418		1,141
Oil and Gas Holding Co. BSCC (The) (Bahrain)
7.63%, 11/7/2024 (a)		2,500		2,525
8.38%, 11/7/2028 (a)		2,500		2,480
Precision Drilling Corp. (Canada) 7.13%, 1/15/2026 (a)		1,051		975
Schlumberger Holdings Corp. 4.00%, 12/21/2025 (a)		8,880		8,707
Schlumberger Investment SA
3.30%, 9/14/2021 (a)		219		218
2.40%, 8/1/2022 (a)		640		612
Telford Offshore Ltd. (United Arab Emirates) Series B, 14.00% (Blend (cash 1.00% + PIK 13.00%)), 2/12/2024 ‡ (e)		646		319
Transocean Pontus Ltd. 6.13%, 8/1/2025 (a)		1,221		1,190
Transocean Proteus Ltd. 6.25%, 12/1/2024 (a) (d)		2,910		2,852
Transocean, Inc.
9.00%, 7/15/2023 (a) (d)		1,633		1,669
7.50%, 1/15/2026 (a) (d)		3,341		3,107
6.80%, 3/15/2038		2,816		2,013
Unit Corp. 6.63%, 5/15/2021		1,715		1,655
Weatherford International LLC 9.88%, 3/1/2025 (a) (d)		1,180		776
Weatherford International Ltd.
4.50%, 4/15/2022 (d)		1,910		1,261
8.25%, 6/15/2023 (d)		1,310		871
5.95%, 4/15/2042		256		143
				46,938
Entertainment — 0.2%
21st Century Fox America, Inc.
8.88%, 4/26/2023		147		175
7.75%, 1/20/2024		800		932
6.55%, 3/15/2033		500		622
Cinemark USA, Inc.
5.13%, 12/15/2022		410		407
4.88%, 6/1/2023		2,759		2,683
NBCUniversal Media LLC
5.15%, 4/30/2020		1,626		1,667
5.95%, 4/1/2041		810		897
Netflix, Inc.
5.75%, 3/1/2024		3,600		3,672
4.38%, 11/15/2026		2,750		2,530
4.88%, 4/15/2028		1,200		1,107
Viacom, Inc.
(ICE LIBOR USD 3 Month + 3.90%), 5.88%, 2/28/2057 (i)		5,458		5,246

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)		Value (000)
CORPORATE BONDS — continued
Entertainment — continued
(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057 (d) (i)		2,369		2,270
Walt Disney Co. (The) 1.85%, 7/30/2026		2,189		1,917
Warner Media LLC 5.38%, 10/15/2041		182		173
WMG Acquisition Corp.
5.63%, 4/15/2022 (a)		602		607
4.88%, 11/1/2024 (a)		1,218		1,179
5.50%, 4/15/2026 (a)		2,556		2,479
				28,563
Equity Real Estate Investment Trusts (REITs) — 0.8%
American Tower Corp. 4.00%, 6/1/2025		500		485
American Tower Trust #1 3.07%, 3/15/2023 (a)		2,215		2,169
AvalonBay Communities, Inc.
3.50%, 11/15/2025		323		313
2.90%, 10/15/2026		385		356
3.20%, 1/15/2028		900		843
4.15%, 7/1/2047		400		367
Boston Properties LP
5.63%, 11/15/2020		800		827
3.80%, 2/1/2024		1,302		1,281
CyrusOne LP
5.00%, 3/15/2024		3,604		3,577
5.38%, 3/15/2027		1,232		1,207
Duke Realty LP 3.25%, 6/30/2026		180		169
EPR Properties 4.50%, 6/1/2027		849		803
Equinix, Inc.
5.38%, 1/1/2022		208		211
5.75%, 1/1/2025		5,445		5,539
5.88%, 1/15/2026		5,122		5,199
Equity Commonwealth 5.88%, 9/15/2020		1,865		1,909
ERP Operating LP
2.85%, 11/1/2026		735		675
3.50%, 3/1/2028		8,813		8,398
4.15%, 12/1/2028		800		800
ESH Hospitality, Inc. 5.25%, 5/1/2025 (a)		3,060		2,926
Goodman US Finance Three LLC (Australia) 3.70%, 3/15/2028 (a)		599		558
Government Properties Income Trust 3.75%, 8/15/2019		3,700		3,709
HCP, Inc. 3.88%, 8/15/2024		1,064		1,034
Iron Mountain, Inc.
5.75%, 8/15/2024		5,890		5,633
4.88%, 9/15/2027 (a)		60		53
5.25%, 3/15/2028 (a)		1,935		1,751
MGM Growth Properties Operating Partnership LP 5.63%, 5/1/2024		5,554		5,609
National Retail Properties, Inc. 3.60%, 12/15/2026		948		901
Prologis LP 3.75%, 11/1/2025		1,236		1,225
Realty Income Corp.
3.88%, 7/15/2024		2,018		2,006
3.88%, 4/15/2025		840		830
4.65%, 3/15/2047		601		581
Scentre Group Trust 1 (Australia)
2.38%, 11/5/2019 (a) (d)		4,395		4,349
3.50%, 2/12/2025 (a)		1,420		1,348
Senior Housing Properties Trust
3.25%, 5/1/2019		1,000		998
6.75%, 4/15/2020		1,200		1,228
Simon Property Group LP
4.38%, 3/1/2021		492		500
2.50%, 7/15/2021		2,328		2,269
2.75%, 6/1/2023		26,900		25,838
3.30%, 1/15/2026		1,600		1,516
6.75%, 2/1/2040		415		515
Ventas Realty LP
3.75%, 5/1/2024		588		574
3.50%, 2/1/2025		448		426
4.13%, 1/15/2026		304		297
3.85%, 4/1/2027		618		588
VEREIT Operating Partnership LP 4.60%, 2/6/2024		1,670		1,666
				104,056
Food & Staples Retailing — 0.4%
Albertsons Cos. LLC 6.63%, 6/15/2024 (d)		2,515		2,424
Kroger Co. (The)
Series B, 7.70%, 6/1/2029		900		1,086
7.50%, 4/1/2031		1,162		1,406
New Albertsons LP 8.00%, 5/1/2031		3,970		3,355
Sysco Corp.
2.50%, 7/15/2021		575		559
2.60%, 6/12/2022		1,517		1,461
Walgreens Boots Alliance, Inc. 3.80%, 11/18/2024		424		414
Walmart, Inc.
2.55%, 4/11/2023		300		289
3.40%, 6/26/2023		21,815		21,774
2.65%, 12/15/2024		250		238
3.70%, 6/26/2028		20,060		19,858
3.63%, 12/15/2047		1,500		1,340
				54,204
Food Products — 0.2%
Archer-Daniels-Midland Co. 2.50%, 8/11/2026		1,650		1,503
Bunge Ltd. Finance Corp. 3.50%, 11/24/2020		305		303
Cargill, Inc.
3.30%, 3/1/2022 (a)		800		793
3.25%, 3/1/2023 (a)		230		226
4.76%, 11/23/2045 (a)		470		492
Conagra Brands, Inc.
3.80%, 10/22/2021		2,000		1,996

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)		Value (000)
CORPORATE BONDS — continued
Food Products — continued
General Mills, Inc. 3.20%, 4/16/2021 (d)		1,200		1,189
JBS USA LUX SA
7.25%, 6/1/2021 (a)		7,058		7,137
5.88%, 7/15/2024 (a)		3,093		3,040
5.75%, 6/15/2025 (a)		2,533		2,451
6.75%, 2/15/2028 (a)		3,263		3,141
Kraft Heinz Foods Co.
5.00%, 7/15/2035		601		554
6.88%, 1/26/2039		262		293
Lamb Weston Holdings, Inc.
4.63%, 11/1/2024 (a)		1,274		1,229
4.88%, 11/1/2026 (a) (d)		1,279		1,246
Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025		497		501
Pilgrim’s Pride Corp.
5.75%, 3/15/2025 (a) (d)		3,671		3,570
5.88%, 9/30/2027 (a)		1,266		1,196
Tyson Foods, Inc. 3.95%, 8/15/2024		700		691
Unilever Capital Corp. (United Kingdom) 3.38%, 3/22/2025		1,100		1,079
				32,630
Gas Utilities — 0.1%
AmeriGas Partners LP
5.63%, 5/20/2024		2,982		2,833
5.50%, 5/20/2025		1,201		1,112
5.88%, 8/20/2026		1,475		1,376
5.75%, 5/20/2027		586		529
Atmos Energy Corp.
5.50%, 6/15/2041		860		959
4.15%, 1/15/2043		582		556
4.30%, 10/1/2048		1,250		1,207
Boston Gas Co. 4.49%, 2/15/2042 (a)		369		359
Brooklyn Union Gas Co. (The) 4.27%, 3/15/2048 (a)		1,000		939
CenterPoint Energy Resources Corp. 3.55%, 4/1/2023		975		969
Dominion Energy Gas Holdings LLC 2.80%, 11/15/2020		470		462
KeySpan Gas East Corp. 2.74%, 8/15/2026 (a)		793		726
ONE Gas, Inc. 4.50%, 11/1/2048		809		800
Southern California Gas Co.
Series TT, 2.60%, 6/15/2026		1,100		1,009
Series VV, 4.30%, 1/15/2049		660		646
Southern Natural Gas Co. LLC
8.00%, 3/1/2032		350		441
4.80%, 3/15/2047 (a)		204		185
				15,108
Health Care Equipment & Supplies — 0.2%
Becton Dickinson and Co. 6.00%, 5/15/2039		400		426
Covidien International Finance SA 4.20%, 6/15/2020		1,600		1,622
Danaher Corp. 3.35%, 9/15/2025		400		392
Hologic, Inc.
4.38%, 10/15/2025 (a)		1,989		1,890
4.63%, 2/1/2028 (a)		1,143		1,069
Medtronic, Inc.
3.63%, 3/15/2024		10,000		9,929
3.50%, 3/15/2025		3,300		3,231
4.38%, 3/15/2035		2,001		2,008
4.63%, 3/15/2045		217		221
Teleflex, Inc.
5.25%, 6/15/2024		1,755		1,764
4.88%, 6/1/2026		659		638
4.63%, 11/15/2027		1,294		1,216
				24,406
Health Care Providers & Services — 1.1%
Aetna, Inc.
2.80%, 6/15/2023		546		517
4.50%, 5/15/2042		224		204
Anthem, Inc.
3.13%, 5/15/2022		577		566
3.30%, 1/15/2023		1,505		1,472
Ascension Health 3.95%, 11/15/2046		687		637
Centene Corp.
5.63%, 2/15/2021		1,845		1,869
4.75%, 5/15/2022		1,884		1,891
6.13%, 2/15/2024		3,677		3,824
5.38%, 6/1/2026 (a)		4,335		4,362
Community Health Systems, Inc.
6.88%, 2/1/2022		5,086		2,519
6.25%, 3/31/2023 (d)		4,012		3,721
8.63%, 1/15/2024 (a)		937		952
8.13%, 6/30/2024 (a) (d)		4,639		3,537
CVS Health Corp.
2.80%, 7/20/2020		2,460		2,427
3.70%, 3/9/2023		25,160		24,759
4.00%, 12/5/2023		1,659		1,647
4.10%, 3/25/2025		1,582		1,558
4.30%, 3/25/2028		362		353
4.78%, 3/25/2038		7,295		6,970
5.05%, 3/25/2048		299		290
Envision Healthcare Corp. 8.75%, 10/15/2026 (a) (d)		1,817		1,703
Express Scripts Holding Co.
3.50%, 6/15/2024		1,250		1,211
4.50%, 2/25/2026		1,000		1,005
HCA, Inc.
4.25%, 10/15/2019		1,050		1,053
6.50%, 2/15/2020		1,885		1,937
5.88%, 3/15/2022		2,557		2,657
4.75%, 5/1/2023		1,176		1,176
5.88%, 5/1/2023		5,799		6,002
5.00%, 3/15/2024		2,050		2,055
5.38%, 2/1/2025		3,078		3,097
5.25%, 4/15/2025		950		959

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)		Value (000)
CORPORATE BONDS — continued
Health Care Providers & Services — continued
5.25%, 6/15/2026		725		730
5.38%, 9/1/2026		2,742		2,715
5.50%, 6/15/2047		2,958		2,847
Kaiser Foundation Hospitals 3.50%, 4/1/2022		400		403
Magellan Health, Inc. 4.40%, 9/22/2024		1,250		1,171
Memorial Sloan-Kettering Cancer Center 4.13%, 7/1/2052		225		215
Series 2015, 4.20%, 7/1/2055		785		756
Mount Sinai Hospitals Group, Inc.
Series 2017, 3.98%, 7/1/2048		666		596
Providence St Joseph Health Obligated Group Series H, 2.75%, 10/1/2026		363		334
Tenet Healthcare Corp.
4.75%, 6/1/2020		210		210
6.00%, 10/1/2020		1,017		1,037
4.50%, 4/1/2021		4,963		4,914
4.38%, 10/1/2021		4,623		4,542
4.63%, 7/15/2024		5,072		4,866
5.13%, 5/1/2025 (d)		1,100		1,043
Texas Health Resources 4.33%, 11/15/2055		1,075		1,036
UnitedHealth Group, Inc.
3.88%, 10/15/2020		12,000		12,112
3.38%, 11/15/2021		806		808
2.88%, 12/15/2021		1,500		1,483
2.75%, 2/15/2023		125		121
3.75%, 7/15/2025		10,000		9,954
4.63%, 7/15/2035		98		102
WellCare Health Plans, Inc. 5.25%, 4/1/2025		4,970		4,927
				143,852
Health Care Technology — 0.0% (b)
IQVIA, Inc.
4.88%, 5/15/2023 (a)		865		860
5.00%, 10/15/2026 (a)		2,575		2,478
				3,338
Hotels, Restaurants & Leisure — 0.6%
1011778 BC ULC (Canada) 4.25%, 5/15/2024 (a) (d)		2,374		2,246
Boyd Gaming Corp. 6.00%, 8/15/2026		2,847		2,754
Boyne USA, Inc. 7.25%, 5/1/2025 (a)		2,277		2,368
CCM Merger, Inc. 6.00%, 3/15/2022 (a)		3,646		3,692
Chukchansi Economic Development Authority 9.75%, 5/30/2020 (a) (f)		548		318
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023 (a)		4,015		4,055
Eldorado Resorts, Inc.
7.00%, 8/1/2023		1,500		1,567
6.00%, 4/1/2025		1,118		1,090
6.00%, 9/15/2026 (a)		558		540
Enterprise Development Authority (The) 12.00%, 7/15/2024 (a)		4,255		4,064
Hilton Domestic Operating Co., Inc.
4.25%, 9/1/2024		1,800		1,716
5.13%, 5/1/2026 (a)		115		113
Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024		2,997		2,993
Hilton Worldwide Finance LLC 4.63%, 4/1/2025		1,136		1,096
International Game Technology plc
6.25%, 2/15/2022 (a)		4,226		4,353
6.50%, 2/15/2025 (a) (d)		3,377		3,445
Jack Ohio Finance LLC 6.75%, 11/15/2021 (a)		3,419		3,505
Marriott Ownership Resorts, Inc. 6.50%, 9/15/2026 (a)		3,631		3,622
McDonald’s Corp. 2.75%, 12/9/2020 (d)		3,600		3,556
MGM Resorts International
8.63%, 2/1/2019		5,000		5,030
6.00%, 3/15/2023		5,410		5,498
4.63%, 9/1/2026 (d)		1,204		1,094
NCL Corp. Ltd. 4.75%, 12/15/2021 (a)		2,374		2,380
Sabre GLBL, Inc.
5.38%, 4/15/2023 (a)		408		406
5.25%, 11/15/2023 ‡ (a)		1,050		1,042
Scientific Games International, Inc. 5.00%, 10/15/2025 (a) (d)		2,357		2,207
Seminole Hard Rock Entertainment, Inc. 5.88%, 5/15/2021 (a)		4,915		4,937
Six Flags Entertainment Corp. 4.88%, 7/31/2024 (a)		3,336		3,194
Speedway Motorsports, Inc. 5.13%, 2/1/2023		420		412
Starbucks Corp. 3.10%, 3/1/2023 (d)		1,010		985
VOC Escrow Ltd. 5.00%, 2/15/2028 (a)		1,890		1,748
Wyndham Destinations, Inc.
5.40%, 4/1/2024 (c)		2,785		2,720
6.35%, 10/1/2025 (c)		399		394
5.75%, 4/1/2027 (c)		923		852
Wynn Las Vegas LLC 4.25%, 5/30/2023 (a)		1,861		1,768
				81,760
Household Durables — 0.1%
Lennar Corp.
4.50%, 4/30/2024		667		639
5.88%, 11/15/2024		1,793		1,797
4.75%, 5/30/2025		2,305		2,187
5.25%, 6/1/2026		1,620		1,551
M/I Homes, Inc. 6.75%, 1/15/2021		1,030		1,027

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments		Principal Amount (000)		Value (000)
CORPORATE BONDS — continued
Household Durables — continued
PulteGroup, Inc. 5.50%, 3/1/2026			1,665		1,643
Tempur Sealy International, Inc.
5.63%, 10/15/2023			2,000		1,965
5.50%, 6/15/2026			851		802
Toll Brothers Finance Corp.
5.88%, 2/15/2022			524		534
4.38%, 4/15/2023			420		404
5.63%, 1/15/2024			130		130
4.88%, 11/15/2025 (d)			750		713
4.88%, 3/15/2027			830		767
					14,159
Household Products — 0.2%
Colgate-Palmolive Co. 2.25%, 11/15/2022			1,000		962
Kimberly-Clark Corp. 2.40%, 6/1/2023			600		572
Procter & Gamble - ESOP Series A, 9.36%, 1/1/2021			279		296
Procter & Gamble Co. (The) 2.45%, 11/3/2026			2,255		2,078
Reckitt Benckiser Treasury Services plc (United Kingdom) 2.75%, 6/26/2024 (a)			19,530		18,377
Spectrum Brands, Inc. 5.75%, 7/15/2025			2,874		2,719
					25,004
Independent Power and Renewable Electricity Producers — 0.2%
AES Corp.
4.50%, 3/15/2023			1,220		1,209
5.50%, 4/15/2025			615		620
6.00%, 5/15/2026			3,044		3,135
Calpine Corp.
5.88%, 1/15/2024 (a)			5,027		5,027
5.25%, 6/1/2026 (a)			1,012		941
Cemig Geracao e Transmissao SA (Brazil) 9.25%, 12/5/2024 (a)			1,100		1,168
Clearway Energy Operating LLC
5.38%, 8/15/2024			555		526
5.00%, 9/15/2026			3,740		3,394
Cometa Energia SA de CV (Mexico) 6.38%, 4/24/2035 (a)			2,606		2,414
Exelon Generation Co. LLC 6.25%, 10/1/2039			200		207
NRG Energy, Inc.
7.25%, 5/15/2026			4,171		4,411
6.63%, 1/15/2027			2,581		2,629
5.75%, 1/15/2028			826		805
Talen Energy Supply LLC 6.50%, 6/1/2025			3,424		2,487
					28,973
Industrial Conglomerates — 0.0% (b)
General Electric Co.
Series 15BR, 2.22%, 11/20/2020	JPY		100,000		891
5.88%, 1/14/2038			1,942		1,804
					2,695
Insurance — 0.8%
Aflac, Inc. 4.75%, 1/15/2049			1,900		1,875
AIA Group Ltd. (Hong Kong)
3.20%, 3/11/2025 (a)			505		477
3.90%, 4/6/2028 (a)			2,495		2,464
Allstate Corp. (The) 3.15%, 6/15/2023			651		642
American Financial Group, Inc. 3.50%, 8/15/2026			1,600		1,480
American International Group, Inc.
2.30%, 7/16/2019			1,500		1,491
3.88%, 1/15/2035			2,041		1,749
4.70%, 7/10/2035			1,200		1,111
Aon Corp. 6.25%, 9/30/2040			240		279
Athene Global Funding
2.75%, 4/20/2020 (a)			1,407		1,388
4.00%, 1/25/2022 (a)			883		886
3.00%, 7/1/2022 (a)			1,482		1,438
Berkshire Hathaway Finance Corp. 5.75%, 1/15/2040			500		572
Chubb INA Holdings, Inc.
2.88%, 11/3/2022			2,067		2,023
3.15%, 3/15/2025			1,000		960
CNA Financial Corp. 3.95%, 5/15/2024			373		367
CNO Financial Group, Inc. 5.25%, 5/30/2025			3,515		3,434
Fidelity & Guaranty Life Holdings, Inc. 5.50%, 5/1/2025 (a)			2,829		2,772
Great-West Lifeco Finance 2018 LP (Canada) 4.58%, 5/17/2048 (a)			406		393
Great-West Lifeco Finance Delaware LP (Canada) 4.15%, 6/3/2047 (a)			1,844		1,676
Guardian Life Global Funding
2.50%, 5/8/2022 (a)			900		871
3.40%, 4/25/2023 (a)			16,285		16,112
Guardian Life Insurance Co. of America (The) 4.85%, 1/24/2077 (a)			271		258
Jackson National Life Global Funding
2.20%, 1/30/2020 (a)			400		395
2.50%, 6/27/2022 (a)			4,000		3,850
3.25%, 1/30/2024 (a)			575		555
3.88%, 6/11/2025 (a)			12,637		12,582
John Hancock Life Insurance Co. 7.38%, 2/15/2024 (a)			2,550		2,930
Liberty Mutual Group, Inc.
7.00%, 3/15/2034 (a)			100		119
7.80%, 3/15/2037 (a)			920		1,030
6.50%, 5/1/2042 (a) (d)			375		438
Lincoln National Corp. 3.35%, 3/9/2025			1,100		1,055

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)		Value (000)
CORPORATE BONDS — continued
Insurance — continued
Manulife Financial Corp. (Canada) 4.15%, 3/4/2026		2,684		2,686
Marsh & McLennan Cos., Inc.
2.35%, 3/6/2020		1,271		1,255
2.75%, 1/30/2022		433		421
Massachusetts Mutual Life Insurance Co. 5.38%, 12/1/2041 (a)		152		165
MassMutual Global Funding II
2.50%, 10/17/2022 (a)		2,085		2,008
2.75%, 6/22/2024 (a)		2,000		1,899
2.95%, 1/11/2025 (a)		1,200		1,143
MetLife, Inc.
3.00%, 3/1/2025		535		507
6.50%, 12/15/2032		700		849
4.13%, 8/13/2042		869		793
Metropolitan Life Global Funding I
2.30%, 4/10/2019 (a)		400		399
1.55%, 9/13/2019 (a)		924		914
1.95%, 9/15/2021 (a)		4,398		4,216
3.88%, 4/11/2022 (a)		649		654
3.00%, 1/10/2023 (a)		1,820		1,769
Metropolitan Life Insurance Co. 7.80%, 11/1/2025 (a)		1,650		1,972
New York Life Global Funding
2.15%, 6/18/2019 (a)		2,039		2,029
1.95%, 2/11/2020 (a)		968		954
1.70%, 9/14/2021 (a)		1,600		1,530
3.00%, 1/10/2028 (a)		2,831		2,646
New York Life Insurance Co. 6.75%, 11/15/2039 (a)		303		388
OneBeacon US Holdings, Inc. 4.60%, 11/9/2022		800		806
Pacific Life Insurance Co. (ICE LIBOR USD 3 Month + 2.80%), 4.30%, 10/24/2067 (a) (i)		397		345
Pricoa Global Funding I 2.20%, 6/3/2021 (a)		1,337		1,297
Principal Life Global Funding II 3.00%, 4/18/2026 (a)		586		550
Progressive Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.54%), 5.38%, 3/15/2023 (h) (i) (j)		600		585
Protective Life Corp. 4.30%, 9/30/2028 (a)		700		682
Prudential Financial, Inc.
5.38%, 6/21/2020		205		211
3.91%, 12/7/2047		2,259		1,942
Prudential Insurance Co. of America (The) 8.30%, 7/1/2025 (a)		150		183
Reliance Standard Life Global Funding II 3.85%, 9/19/2023 (a)		1,420		1,411
Teachers Insurance & Annuity Association of America
4.90%, 9/15/2044 (a)		500		511
4.27%, 5/15/2047 (a)		800		751
Torchmark Corp. 4.55%, 9/15/2028		600		600
Travelers Property Casualty Corp. 7.75%, 4/15/2026		700		854
				107,597
Internet & Direct Marketing Retail — 0.1%
Amazon.com, Inc.
3.30%, 12/5/2021 (d)		500		502
2.80%, 8/22/2024		612		585
3.15%, 8/22/2027		2,000		1,900
4.80%, 12/5/2034		1,523		1,600
4.25%, 8/22/2057		900		844
Booking Holdings, Inc. 2.75%, 3/15/2023		357		341
				5,772
IT Services — 0.2%
Alliance Data Systems Corp. 5.38%, 8/1/2022 (a)		5,959		5,929
Banff Merger Sub, Inc. 9.75%, 9/1/2026 (a)		1,787		1,682
Booz Allen Hamilton, Inc. 5.13%, 5/1/2025 (a)		1,061		1,029
DXC Technology Co. 4.25%, 4/15/2024		517		506
First Data Corp.
5.38%, 8/15/2023 (a)		1,437		1,446
5.00%, 1/15/2024 (a)		6,980		6,884
5.75%, 1/15/2024 (a)		500		502
Gartner, Inc. 5.13%, 4/1/2025 (a)		1,753		1,729
IBM Credit LLC
2.65%, 2/5/2021		1,000		984
3.00%, 2/6/2023		2,000		1,939
VeriSign, Inc.
5.25%, 4/1/2025		120		121
4.75%, 7/15/2027		1,156		1,102
Visa, Inc.
2.80%, 12/14/2022		1,350		1,320
4.15%, 12/14/2035		760		765
Western Union Co. (The)
3.60%, 3/15/2022 (d)		1,200		1,188
6.20%, 6/21/2040		300		286
				27,412
Leisure Products — 0.0% (b)
Mattel, Inc.
3.15%, 3/15/2023		1,100		935
6.75%, 12/31/2025 (a)		1,045		985
				1,920
Machinery — 0.1%
ATS Automation Tooling Systems, Inc. (Canada) 6.50%, 6/15/2023 (a)		1,300		1,329
Briggs & Stratton Corp. 6.88%, 12/15/2020		1,515		1,576
Caterpillar, Inc.
2.60%, 6/26/2022		198		191
3.80%, 8/15/2042		680		615

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)		Value (000)
CORPORATE BONDS — continued
Machinery — continued
Illinois Tool Works, Inc.
4.88%, 9/15/2041		105		112
3.90%, 9/1/2042		1,999		1,887
Ingersoll-Rand Co. 7.20%, 6/1/2025		105		114
Parker-Hannifin Corp.
3.30%, 11/21/2024		438		429
6.25%, 5/15/2038		440		535
Stevens Holding Co., Inc. 6.13%, 10/1/2026 (a)		1,015		1,002
Tennant Co. 5.63%, 5/1/2025		2,811		2,723
				10,513
Media — 1.4%
Altice Luxembourg SA (Luxembourg) 7.63%, 2/15/2025 (a) (d)		3,975		3,220
AMC Networks, Inc.
5.00%, 4/1/2024		2,596		2,495
4.75%, 8/1/2025		1,693		1,575
Charter Communications Operating LLC 4.91%, 7/23/2025		14,431		14,367
Clear Channel Worldwide Holdings, Inc.
Series B, 6.50%, 11/15/2022		2,223		2,257
Comcast Corp.
3.45%, 10/1/2021		10,845		10,857
3.60%, 3/1/2024		240		238
3.38%, 2/15/2025		9,000		8,712
3.38%, 8/15/2025		15,381		14,795
3.95%, 10/15/2025		712		710
3.15%, 3/1/2026		758		712
3.15%, 2/15/2028		3,500		3,216
3.55%, 5/1/2028		1,772		1,676
4.15%, 10/15/2028		9,600		9,519
4.20%, 8/15/2034		3,819		3,614
6.50%, 11/15/2035		435		510
3.90%, 3/1/2038		7,489		6,736
4.60%, 10/15/2038 (d)		865		847
4.60%, 8/15/2045		2,405		2,306
3.40%, 7/15/2046		5,000		4,003
3.97%, 11/1/2047		111		96
4.70%, 10/15/2048		5,140		5,016
4.00%, 11/1/2049		135		117
4.95%, 10/15/2058		4,090		4,017
CSC Holdings LLC
5.38%, 7/15/2023 (a)		4,725		4,690
5.25%, 6/1/2024 (d)		4,373		4,154
6.63%, 10/15/2025 (a)		2,795		2,906
10.88%, 10/15/2025 (a)		3,471		4,000
5.50%, 5/15/2026 (a)		4,292		4,157
5.50%, 4/15/2027 (a) (d)		3,352		3,218
5.38%, 2/1/2028 (a)		795		747
DISH DBS Corp.
5.13%, 5/1/2020		1,365		1,362
6.75%, 6/1/2021		1,569		1,594
5.88%, 7/15/2022		5,187		4,947
5.00%, 3/15/2023		3,372		2,950
5.88%, 11/15/2024		3,954		3,371
7.75%, 7/1/2026		8,542		7,576
Gray Television, Inc. 5.13%, 10/15/2024 (a)		1,200		1,149
iHeartCommunications, Inc. 9.00%, 12/15/2019 (f)		10,505		7,511
Lamar Media Corp.
5.00%, 5/1/2023		1,250		1,247
5.38%, 1/15/2024		1,680		1,692
5.75%, 2/1/2026		2,267		2,307
Liberty Interactive LLC 8.25%, 2/1/2030		470		486
Outfront Media Capital LLC
5.25%, 2/15/2022		1,500		1,506
5.63%, 2/15/2024		500		500
Sirius XM Radio, Inc.
4.63%, 5/15/2023 (a)		3,380		3,284
6.00%, 7/15/2024 (a)		1,800		1,843
5.38%, 4/15/2025 (a)		2,645		2,605
5.38%, 7/15/2026 (a) (d)		1,360		1,324
5.00%, 8/1/2027 (a)		790		743
TEGNA, Inc.
6.38%, 10/15/2023		3,375		3,451
5.50%, 9/15/2024 (a)		1,435		1,439
Time Warner Cable LLC 7.30%, 7/1/2038		335		362
Unitymedia GmbH (Germany) 6.13%, 1/15/2025 (a)		1,520		1,550
Unitymedia Hessen GmbH & Co. KG (Germany) 5.00%, 1/15/2025 (a)		3,665		3,683
UPCB Finance IV Ltd. (Netherlands) 5.38%, 1/15/2025 (a)		1,760		1,689
Videotron Ltd. (Canada)
5.00%, 7/15/2022		700		697
5.38%, 6/15/2024 (a)		3,057		3,049
5.13%, 4/15/2027 (a)		1,298		1,230
Ziggo BV (Netherlands) 5.50%, 1/15/2027 (a)		3,330		3,101
				193,731
Metals & Mining — 0.6%
AK Steel Corp. 7.00%, 3/15/2027 (d)		470		390
Alcoa Nederland Holding BV
6.75%, 9/30/2024 (a)		1,784		1,842
7.00%, 9/30/2026 (a)		2,150		2,231
BHP Billiton Finance USA Ltd. (Australia) 5.00%, 9/30/2043		1,000		1,057
Carpenter Technology Corp. 4.45%, 3/1/2023		1,770		1,757
Cleveland-Cliffs, Inc. 4.88%, 1/15/2024 (a)		1,255		1,173
Commercial Metals Co.
4.88%, 5/15/2023		2,566		2,457
5.38%, 7/15/2027		813		742

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)		Value (000)
CORPORATE BONDS — continued
Metals & Mining — continued
FMG Resources August 2006 Pty. Ltd. (Australia)
4.75%, 5/15/2022 (a)		2,004		1,924
5.13%, 3/15/2023 (a)		325		308
5.13%, 5/15/2024 (a) (d)		1,453		1,353
Freeport-McMoRan, Inc.
4.00%, 11/14/2021		3,120		3,038
3.55%, 3/1/2022		3,086		2,936
3.88%, 3/15/2023		11,085		10,323
4.55%, 11/14/2024 (d)		1,470		1,365
5.40%, 11/14/2034		1,395		1,175
5.45%, 3/15/2043		3,165		2,587
Glencore Finance Canada Ltd. (Switzerland) 6.90%, 11/15/2037 (a)		100		108
Glencore Funding LLC (Switzerland)
4.63%, 4/29/2024 (a)		300		298
3.88%, 10/27/2027 (a)		9,185		8,228
Hecla Mining Co. 6.88%, 5/1/2021		1,350		1,343
Indonesia Asahan Aluminium Persero PT (Indonesia)
5.71%, 11/15/2023 (a)		4,130		4,204
6.53%, 11/15/2028 (a)		1,200		1,235
6.76%, 11/15/2048 (a)		2,400		2,368
Kaiser Aluminum Corp. 5.88%, 5/15/2024		916		911
Nexa Resources Peru SAA (Peru) 4.63%, 3/28/2023 (k)		200		193
Northwest Acquisitions ULC 7.13%, 11/1/2022 (a)		1,020		1,010
Nucor Corp.
4.00%, 8/1/2023		1,000		1,011
6.40%, 12/1/2037		1,910		2,259
Steel Dynamics, Inc.
5.13%, 10/1/2021 (d)		567		568
5.25%, 4/15/2023		420		419
5.50%, 10/1/2024		870		868
4.13%, 9/15/2025		3,721		3,419
5.00%, 12/15/2026		885		851
Teck Resources Ltd. (Canada)
6.13%, 10/1/2035		11,959		11,959
5.40%, 2/1/2043		525		467
Vale Canada Ltd. (Brazil) 7.20%, 9/15/2032		700		763
				79,140
Multiline Retail — 0.0% (b)
Macy’s Retail Holdings, Inc. 6.90%, 4/1/2029		475		499
Neiman Marcus Group Ltd. LLC 8.00%, 10/15/2021 (a)		9,840		4,772
				5,271
Multi-Utilities — 0.3%
Berkshire Hathaway Energy Co.
2.80%, 1/15/2023		8,215		7,965
3.50%, 2/1/2025		1,037		1,019
3.25%, 4/15/2028		800		753
6.13%, 4/1/2036		1,349		1,576
3.80%, 7/15/2048		6,195		5,335
CMS Energy Corp. 3.88%, 3/1/2024		1,000		993
Consolidated Edison Co. of New York, Inc.
3.80%, 5/15/2028		9,770		9,731
Series 06-E, 5.70%, 12/1/2036		400		444
Series 09-C, 5.50%, 12/1/2039		300		332
Series 2017, 3.88%, 6/15/2047		1,000		890
Series E, 4.65%, 12/1/2048		1,700		1,698
4.50%, 5/15/2058		808		746
Consumers Energy Co.
4.05%, 5/15/2048 (d)		400		383
4.35%, 4/15/2049		500		497
4.35%, 8/31/2064		491		465
Dominion Energy, Inc.
Series C, 2.00%, 8/15/2021		803		765
Series F, 5.25%, 8/1/2033		785		823
7.00%, 6/15/2038		400		483
Series C, 4.90%, 8/1/2041		46		45
NiSource, Inc. 6.25%, 12/15/2040		1,721		1,972
Puget Sound Energy, Inc. 5.76%, 7/15/2040		900		1,050
San Diego Gas & Electric Co.
6.00%, 6/1/2026		685		779
6.00%, 6/1/2039		500		580
4.50%, 8/15/2040		249		247
Sempra Energy 9.80%, 2/15/2019		589		597
				40,168
Oil, Gas & Consumable Fuels — 2.8%
Aker BP ASA (Norway) 5.88%, 3/31/2025 (a)		1,822		1,817
Anadarko Holding Co. 7.15%, 5/15/2028		278		304
Anadarko Petroleum Corp.
8.70%, 3/15/2019		225		228
6.95%, 6/15/2019		350		356
7.95%, 6/15/2039		100		119
ANR Pipeline Co. 9.63%, 11/1/2021		250		288
Antero Resources Corp.
5.38%, 11/1/2021		3,403		3,390
5.13%, 12/1/2022		5,177		5,074
APT Pipelines Ltd. (Australia) 4.25%, 7/15/2027 (a)		610		585
BP Capital Markets America, Inc.
3.80%, 9/21/2025		1,500		1,485
4.23%, 11/6/2028		13,770		13,823
BP Capital Markets plc (United Kingdom)
4.75%, 3/10/2019		515		517
3.25%, 5/6/2022		385		380
3.99%, 9/26/2023		11,930		12,015
3.81%, 2/10/2024		612		610
3.22%, 4/14/2024		3,265		3,167
3.54%, 11/4/2024		1,800		1,766
3.02%, 1/16/2027		1,325		1,220
3.28%, 9/19/2027		727		678

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)		Value (000)
CORPORATE BONDS — continued
Oil, Gas & Consumable Fuels — continued
Buckeye Partners LP (ICE LIBOR USD 3 Month + 4.02%), 6.38%, 1/22/2078 (i)		1,316		1,140
California Resources Corp. 8.00%, 12/15/2022 (a) (d)		2,342		1,780
Canadian Natural Resources Ltd. (Canada) 6.45%, 6/30/2033		830		942
Cenovus Energy, Inc. (Canada)
4.45%, 9/15/2042		294		218
5.20%, 9/15/2043		4,000		3,380
Cheniere Corpus Christi Holdings LLC
7.00%, 6/30/2024		2,295		2,473
5.88%, 3/31/2025		5,729		5,901
5.13%, 6/30/2027		2,000		1,937
Cheniere Energy Partners LP
5.25%, 10/1/2025		3,611		3,516
5.63%, 10/1/2026 (a)		1,678		1,632
Chevron Corp.
2.36%, 12/5/2022		540		516
2.57%, 5/16/2023		2,500		2,396
2.90%, 3/3/2024		21,445		20,659
2.95%, 5/16/2026		3,050		2,870
CNOOC Finance 2015 USA LLC (China) 3.50%, 5/5/2025		1,243		1,189
CNOOC Finance Ltd. (China) 3.00%, 5/9/2023 (d)		4,100		3,929
CNOOC Nexen Finance 2014 ULC (China) 4.25%, 4/30/2024		1,026		1,029
DCP Midstream Operating LP
4.75%, 9/30/2021 (a)		1,116		1,113
4.95%, 4/1/2022		522		521
3.88%, 3/15/2023		6,684		6,400
5.38%, 7/15/2025		1,055		1,056
6.75%, 9/15/2037 (a)		800		806
Diamondback Energy, Inc.
4.75%, 11/1/2024 (a)		3,525		3,419
4.75%, 11/1/2024		1,161		1,126
Ecopetrol SA (Colombia)
5.88%, 9/18/2023		3,550		3,692
5.38%, 6/26/2026		735		729
Empresa Nacional del Petroleo (Chile) 5.25%, 11/6/2029 (a)		1,950		1,921
Enbridge, Inc. (Canada) 4.50%, 6/10/2044		125		111
Encana Corp. (Canada)
6.50%, 5/15/2019		150		152
7.38%, 11/1/2031		175		203
6.50%, 8/15/2034		1,000		1,067
6.63%, 8/15/2037		148		160
Energy Transfer LP
4.25%, 3/15/2023		4,752		4,621
5.88%, 1/15/2024		4,900		5,053
5.50%, 6/1/2027 (d)		3,065		3,058
Energy Transfer Operating LP 3.60%, 2/1/2023		1,146		1,106
4.90%, 2/1/2024		200		201
4.75%, 1/15/2026		7,346		7,111
7.50%, 7/1/2038		300		327
6.05%, 6/1/2041		1,566		1,486
Eni SpA (Italy) 5.70%, 10/1/2040 (a)		1,210		1,187
Eni USA, Inc. (United Kingdom) 7.30%, 11/15/2027		500		570
EnLink Midstream Partners LP 2.70%, 4/1/2019		841		835
4.40%, 4/1/2024		2,149		2,051
4.15%, 6/1/2025		2,701		2,445
4.85%, 7/15/2026		1,665		1,522
5.60%, 4/1/2044		1,930		1,504
Enterprise Products Operating LLC
3.35%, 3/15/2023		1,252		1,224
3.75%, 2/15/2025		582		568
3.70%, 2/15/2026		1,026		988
Series J, 5.75%, 3/1/2035		800		823
6.45%, 9/1/2040		375		423
5.95%, 2/1/2041		333		358
4.95%, 10/15/2054		330		304
EOG Resources, Inc. 4.10%, 2/1/2021		1,700		1,717
EP Energy LLC
9.38%, 5/1/2024 (a)		4,855		2,670
8.00%, 11/29/2024 (a) (d)		1,280		1,114
7.75%, 5/15/2026 (a)		1,260		1,213
Equinor ASA (Norway)
3.15%, 1/23/2022		790		782
2.45%, 1/17/2023		263		252
2.65%, 1/15/2024		2,179		2,079
7.15%, 11/15/2025		585		690
Gulfport Energy Corp.
6.38%, 5/15/2025		1,000		907
6.38%, 1/15/2026		1,018		909
Hilcorp Energy I LP
5.00%, 12/1/2024 (a)		1,148		1,042
6.25%, 11/1/2028 (a)		1,950		1,828
KazMunayGas National Co. JSC (Kazakhstan)
3.88%, 4/19/2022 (k)		5,270		5,138
6.38%, 10/24/2048 (a)		2,340		2,254
Kerr-McGee Corp. 7.88%, 9/15/2031		800		962
Marathon Oil Corp. 6.80%, 3/15/2032		500		567
MPLX LP
4.13%, 3/1/2027		7,150		6,704
5.20%, 3/1/2047		323		291
Murphy Oil Corp. 4.45%, 12/1/2022 (c)		2,303		2,212
Newfield Exploration Co.
5.75%, 1/30/2022		2,228		2,273
5.38%, 1/1/2026		1,311		1,306
NGPL PipeCo LLC
4.38%, 8/15/2022 (a) (d)		2,285		2,251
4.88%, 8/15/2027 (a)		1,835		1,752

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)		Value (000)
CORPORATE BONDS — continued
Oil, Gas & Consumable Fuels — continued
Noble Energy, Inc. 5.25%, 11/15/2043		6,250		5,574
NuStar Logistics LP
6.75%, 2/1/2021		1,046		1,070
4.75%, 2/1/2022		2,278		2,175
5.63%, 4/28/2027		1,003		948
Oasis Petroleum, Inc.
6.88%, 3/15/2022 (d)		1,226		1,211
6.88%, 1/15/2023		1,166		1,148
Occidental Petroleum Corp.
2.70%, 2/15/2023		504		483
3.40%, 4/15/2026		2,300		2,219
4.20%, 3/15/2048		500		463
ONEOK Partners LP 6.65%, 10/1/2036		1,465		1,599
ONEOK, Inc. 7.50%, 9/1/2023		3,050		3,441
PBF Holding Co. LLC
7.00%, 11/15/2023		533		533
7.25%, 6/15/2025		1,431		1,417
Peabody Energy Corp.
6.00%, 3/31/2022 (a)		935		924
6.38%, 3/31/2025 (a)		1,390		1,334
Penn Virginia Corp.
7.25%, 4/15/2019 ‡ (f)		2,000		7
8.50%, 5/1/2020 ‡ (f)		1,000		3
Pertamina Persero PT (Indonesia)
5.25%, 5/23/2021 (k)		2,700		2,744
6.45%, 5/30/2044 (k)		2,200		2,236
Petrobras Global Finance BV (Brazil) 6.00%, 1/27/2028		1,850		1,737
Petro-Canada (Canada)
7.88%, 6/15/2026		1,937		2,354
6.80%, 5/15/2038		1,215		1,409
Petroleos del Peru SA (Peru)
4.75%, 6/19/2032 (a)		1,670		1,549
5.63%, 6/19/2047 (a)		1,760		1,666
Petroleos Mexicanos (Mexico) (ICE LIBOR USD 3 Month + 3.65%),
5.98%, 3/11/2022 (i)		10,631		10,679
5.38%, 3/13/2022		1,860		1,819
4.63%, 9/21/2023		333		309
6.88%, 8/4/2026		962		922
6.50%, 3/13/2027		4,018		3,759
6.50%, 1/23/2029 (a)		1,310		1,203
5.63%, 1/23/2046		1,100		827
6.75%, 9/21/2047		634		525
6.35%, 2/12/2048 (a)		660		525
Petroleum Co. of Trinidad & Tobago Ltd. (Trinidad and Tobago) 9.75%, 8/14/2019 (k)		150		145
Phillips 66
3.90%, 3/15/2028		500		474
4.65%, 11/15/2034		1,000		962
QEP Resources, Inc.
6.88%, 3/1/2021		978		1,024
5.38%, 10/1/2022		2,494		2,457
5.25%, 5/1/2023		2,196		2,092
5.63%, 3/1/2026 (d)		673		615
Range Resources Corp.
5.75%, 6/1/2021		200		199
5.00%, 8/15/2022		2,778		2,632
5.00%, 3/15/2023		1,658		1,564
Seven Generations Energy Ltd. (Canada) 5.38%, 9/30/2025 (a)		3,243		3,016
SM Energy Co.
6.13%, 11/15/2022		1,077		1,061
6.75%, 9/15/2026 (d)		2,489		2,389
6.63%, 1/15/2027 (d)		1,293		1,235
Southwestern Energy Co. 7.50%, 4/1/2026		4,934		4,971
Spectra Energy Partners LP 4.50%, 3/15/2045		1,140		996
Suncor Energy, Inc. (Canada) 7.15%, 2/1/2032		148		183
Sunoco Logistics Partners Operations LP
4.25%, 4/1/2024		464		454
5.35%, 5/15/2045		2,000		1,737
Sunoco LP
4.88%, 1/15/2023 (a)		3,293		3,211
5.50%, 2/15/2026 (a)		1,861		1,773
5.88%, 3/15/2028 (a)		643		608
Tallgrass Energy Partners LP
5.50%, 9/15/2024 (a)		1,808		1,813
5.50%, 1/15/2028 (a)		1,975		1,940
Talos Production LLC 11.00%, 4/3/2022		5		6
Targa Resources Partners LP
5.25%, 5/1/2023		2,485		2,479
4.25%, 11/15/2023		3,426		3,250
5.13%, 2/1/2025		3,895		3,759
5.88%, 4/15/2026 (a)		1,345		1,338
5.38%, 2/1/2027		535		514
5.00%, 1/15/2028		870		804
TC PipeLines LP 3.90%, 5/25/2027		422		391
TerraForm Power Operating LLC
4.25%, 1/31/2023 (a)		1,872		1,778
6.62%, 6/15/2025 (a) (c)		188		194
5.00%, 1/31/2028 (a)		1,468		1,314
Texas Eastern Transmission LP 3.50%, 1/15/2028 (a)		375		346
Total Capital International SA (France)
2.75%, 6/19/2021 (d)		3,165		3,122
3.70%, 1/15/2024		21,800		21,919
TransCanada PipeLines Ltd. (Canada)
2.50%, 8/1/2022		285		271
3.75%, 10/16/2023		1,840		1,817
4.25%, 5/15/2028		1,000		972
5.85%, 3/15/2036		1,192		1,249
6.20%, 10/15/2037		1,000		1,092
4.75%, 5/15/2038 (d)		1,000		941
7.25%, 8/15/2038		926		1,120

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)		Value (000)
CORPORATE BONDS — continued
Oil, Gas & Consumable Fuels — continued
TransMontaigne Partners LP 6.13%, 2/15/2026		966		879
Ultra Resources, Inc.
6.88%, 4/15/2022 ‡ (a)		11,963		7,297
7.13%, 4/15/2025 ‡ (a)		14,276		7,995
Western Gas Partners LP 4.00%, 7/1/2022		446		438
Whiting Petroleum Corp. 6.63%, 1/15/2026 (d)		1,488		1,432
Williams Cos., Inc. (The) 4.00%, 9/15/2025		8,250		7,934
WPX Energy, Inc. 5.75%, 6/1/2026		1,806		1,734
				377,231
Paper & Forest Products — 0.0% (b)
Clearwater Paper Corp.
4.50%, 2/1/2023		2,434		2,203
5.38%, 2/1/2025 (a) (d)		1,888		1,718
				3,921
Pharmaceuticals — 0.7%
Allergan, Inc. 2.80%, 3/15/2023		500		475
Bausch Health Cos., Inc.
6.50%, 3/15/2022 (a)		2,599		2,687
7.00%, 3/15/2024 (a)		7,633		7,986
5.50%, 11/1/2025 (a)		7,112		6,987
Bayer US Finance II LLC (Germany) 4.70%, 7/15/2064 (a)		705		555
Bayer US Finance LLC (Germany) 2.38%, 10/8/2019 (a)		1,100		1,090
Concordia International Corp. (Canada) 8.00%, 9/6/2024		4,708		4,532
Eli Lilly & Co. 2.75%, 6/1/2025		18,140		17,164
Endo Dac 5.88%, 10/15/2024 (a) (d)		1,586		1,575
GlaxoSmithKline Capital, Inc. (United Kingdom)
3.63%, 5/15/2025		8,590		8,542
3.88%, 5/15/2028		20,000		19,943
5.38%, 4/15/2034		400		449
6.38%, 5/15/2038		920		1,136
Johnson & Johnson
2.63%, 1/15/2025		1,004		957
2.45%, 3/1/2026		2,000		1,858
3.40%, 1/15/2038		926		844
Merck & Co., Inc. 2.80%, 5/18/2023		562		547
Novartis Capital Corp. (Switzerland) 3.00%, 11/20/2025		2,705		2,563
Pfizer, Inc. 2.75%, 6/3/2026		1,500		1,413
Pharmacia LLC 6.60%, 12/1/2028 (c)		745		893
Roche Holdings, Inc. (Switzerland) 2.25%, 9/30/2019 (a)		450		447
Sanofi (France) 4.00%, 3/29/2021		13,773		13,989
				96,632
Professional Services — 0.0% (b)
AMN Healthcare, Inc. 5.13%, 10/1/2024 (a)		5,079		4,863
Real Estate Management & Development — 0.0% (b)
Kennedy-Wilson, Inc. 5.88%, 4/1/2024		1,545		1,466
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada)
3.13%, 3/20/2022 (a)		579		569
3.88%, 3/20/2027 (a)		603		589
				2,624
Road & Rail — 0.4%
Avis Budget Car Rental LLC 5.25%, 3/15/2025 (a)		3,424		3,052
Avolon Holdings Funding Ltd. (Ireland) 5.50%, 1/15/2023 (a)		150		150
Burlington Northern Santa Fe LLC
3.05%, 9/1/2022		2,500		2,458
3.00%, 3/15/2023		162		158
6.70%, 8/1/2028		1,150		1,391
7.08%, 5/13/2029		100		123
6.15%, 5/1/2037		750		887
4.38%, 9/1/2042		510		499
4.70%, 9/1/2045 (d)		6,630		6,732
Canadian Pacific Railway Co. (Canada)
7.25%, 5/15/2019		165		168
9.45%, 8/1/2021		280		320
4.50%, 1/15/2022		1,680		1,716
6.13%, 9/15/2115		1,456		1,647
CSX Corp. 3.25%, 6/1/2027		583		542
DAE Funding LLC (United Arab Emirates)
5.75%, 11/15/2023 (a)		2,750		2,702
5.00%, 8/1/2024 (a)		2,253		2,109
ERAC USA Finance LLC
3.30%, 10/15/2022 (a)		200		196
2.70%, 11/1/2023 (a)		470		443
6.70%, 6/1/2034 (a)		800		932
7.00%, 10/15/2037 (a)		291		358
JB Hunt Transport Services, Inc. 3.85%, 3/15/2024		460		460
Kazakhstan Temir Zholy National Co. JSC (Kazakhstan) 4.85%, 11/17/2027 (a)		521		496
Norfolk Southern Corp.
3.25%, 12/1/2021		1,415		1,405
2.90%, 2/15/2023		462		448
4.05%, 8/15/2052		500		440
Park Aerospace Holdings Ltd. (Ireland)
5.25%, 8/15/2022 (a)		4,927		4,927
4.50%, 3/15/2023 (a)		5,668		5,512
5.50%, 2/15/2024 (a)		3,739		3,762

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)		Value (000)
CORPORATE BONDS — continued
Road & Rail — continued
Penske Truck Leasing Co. LP 4.13%, 8/1/2023 (a)		1,767		1,749
Ryder System, Inc.
2.45%, 9/3/2019		325		323
2.65%, 3/2/2020		840		832
3.50%, 6/1/2021 (d)		555		552
SMBC Aviation Capital Finance DAC (Ireland) 4.13%, 7/15/2023 (a)		1,100		1,090
				48,579
Semiconductors & Semiconductor Equipment — 0.3%
Analog Devices, Inc. 4.50%, 12/5/2036		563		527
Broadcom Corp. 3.63%, 1/15/2024		2,108		1,994
Entegris, Inc. 4.63%, 2/10/2026 (a)		1,240		1,148
Intel Corp.
3.10%, 7/29/2022		605		600
2.88%, 5/11/2024		565		543
3.70%, 7/29/2025		17,737		17,569
2.60%, 5/19/2026		825		763
3.73%, 12/8/2047		1,115		992
QUALCOMM, Inc.
2.60%, 1/30/2023		139		132
2.90%, 5/20/2024		4,500		4,246
3.25%, 5/20/2027		1,003		920
Sensata Technologies UK Financing Co. plc 6.25%, 2/15/2026 (a)		2,328		2,370
Texas Instruments, Inc.
2.90%, 11/3/2027		1,000		931
4.15%, 5/15/2048		300		289
				33,024
Software — 0.7%
Fair Isaac Corp. 5.25%, 5/15/2026 (a)		2,330		2,298
Infor US, Inc. 5.75%, 8/15/2020 (a)		1,155		1,164
j2 Cloud Services LLC 6.00%, 7/15/2025 (a)		2,018		2,018
Microsoft Corp.
2.38%, 2/12/2022		25		24
2.65%, 11/3/2022		5,265		5,144
2.38%, 5/1/2023		11		11
2.88%, 2/6/2024		1,045		1,015
3.13%, 11/3/2025		3,000		2,910
2.40%, 8/8/2026		5,000		4,583
3.30%, 2/6/2027		446		434
3.50%, 2/12/2035		4,989		4,672
4.20%, 11/3/2035		435		441
3.45%, 8/8/2036		2,000		1,849
4.10%, 2/6/2037		870		872
4.50%, 10/1/2040		2,595		2,728
4.50%, 2/6/2057		3,762		3,869
Nuance Communications, Inc. 5.63%, 12/15/2026		4,966		4,769
Open Text Corp. (Canada)
5.63%, 1/15/2023 (a)		787		799
5.88%, 6/1/2026 (a)		4,331		4,363
Oracle Corp.
2.50%, 5/15/2022		787		763
2.50%, 10/15/2022 (d)		1,821		1,751
2.63%, 2/15/2023		20,150		19,457
2.40%, 9/15/2023		495		469
2.95%, 11/15/2024		1,000		957
4.30%, 7/8/2034		4,818		4,735
3.90%, 5/15/2035		1,500		1,400
5.38%, 7/15/2040		241		267
4.00%, 7/15/2046		9,500		8,628
4.38%, 5/15/2055		5,215		4,914
salesforce.com, Inc. 3.70%, 4/11/2028		1,100		1,084
Symantec Corp. 5.00%, 4/15/2025 (a)		6,031		5,839
				94,227
Specialty Retail — 0.5%
Caleres, Inc. 6.25%, 8/15/2023		2,535		2,567
Group 1 Automotive, Inc. 5.25%, 12/15/2023 (a)		4,396		4,253
Home Depot, Inc. (The)
2.63%, 6/1/2022		734		719
2.13%, 9/15/2026		10,480		9,307
2.80%, 9/14/2027		1,000		926
3.90%, 12/6/2028		7,190		7,206
3.50%, 9/15/2056		2,800		2,277
L Brands, Inc.
5.25%, 2/1/2028		1,269		1,119
6.88%, 11/1/2035		963		821
6.75%, 7/1/2036		2,150		1,790
Lowe’s Cos., Inc.
3.13%, 9/15/2024		665		648
3.38%, 9/15/2025		1,262		1,224
2.50%, 4/15/2026		13,060		11,875
3.70%, 4/15/2046		5,000		4,266
O’Reilly Automotive, Inc. 3.60%, 9/1/2027		185		172
Party City Holdings, Inc. 6.63%, 8/1/2026 (a) (d)		1,824		1,760
Penske Automotive Group, Inc. 5.50%, 5/15/2026		2,069		1,914
PetSmart, Inc.
7.13%, 3/15/2023 (a) (d)		1,950		1,307
5.88%, 6/1/2025 (a)		2,780		2,127
8.88%, 6/1/2025 (a) (d)		2,535		1,717
Sally Holdings LLC
5.50%, 11/1/2023		250		244
5.63%, 12/1/2025 (d)		967		928
Staples, Inc. 8.50%, 9/15/2025 (a) (d)		2,234		1,977
TJX Cos., Inc. (The) 2.25%, 9/15/2026		5,000		4,484
				65,628

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)		Value (000)
CORPORATE BONDS — continued
Technology Hardware, Storage & Peripherals — 0.6%
Apple, Inc.
2.85%, 5/6/2021		1,270		1,261
2.15%, 2/9/2022		2,348		2,265
2.70%, 5/13/2022		2,580		2,528
3.00%, 2/9/2024		2,702		2,624
2.85%, 5/11/2024		703		677
2.75%, 1/13/2025		3,000		2,837
2.50%, 2/9/2025		1,000		931
3.20%, 5/13/2025		10,000		9,680
3.25%, 2/23/2026		372		358
3.35%, 2/9/2027		18,811		18,052
3.20%, 5/11/2027		1,143		1,087
3.00%, 6/20/2027		1,875		1,750
2.90%, 9/12/2027		1,742		1,613
4.50%, 2/23/2036		1,123		1,163
3.75%, 9/12/2047		6,500		5,868
Dell International LLC
5.88%, 6/15/2021 (a)		3,206		3,251
7.13%, 6/15/2024 (a)		6,236		6,536
6.02%, 6/15/2026 (a)		1,189		1,202
EMC Corp. 3.38%, 6/1/2023		6,358		5,749
Western Digital Corp. 4.75%, 2/15/2026 (d)		7,981		7,303
				76,735
Textiles, Apparel & Luxury Goods — 0.0% (b)
Hanesbrands, Inc.
4.63%, 5/15/2024 (a)		2,774		2,670
4.88%, 5/15/2026 (a) (d)		1,774		1,667
Levi Strauss & Co. 5.00%, 5/1/2025		1,219		1,213
				5,550
Thrifts & Mortgage Finance — 0.3%
BPCE SA (France)
2.50%, 7/15/2019		2,000		1,991
2.75%, 12/2/2021		2,073		2,010
2.75%, 1/11/2023 (a)		18,570		17,681
5.70%, 10/22/2023 (a)		2,000		2,056
5.15%, 7/21/2024 (a)		2,950		2,940
3.38%, 12/2/2026		250		232
3.50%, 10/23/2027 (a)		1,100		983
Ladder Capital Finance Holdings LLLP
5.25%, 3/15/2022 (a)		1,815		1,797
5.25%, 10/1/2025 (a)		1,313		1,198
Quicken Loans, Inc.
5.75%, 5/1/2025 (a)		6,280		5,950
5.25%, 1/15/2028 (a)		3,604		3,208
Radian Group, Inc. 4.50%, 10/1/2024		1,785		1,687
				41,733
Tobacco — 0.4%
Altria Group, Inc.
2.63%, 1/14/2020		7,500		7,429
4.50%, 5/2/2043		3,530		3,153
3.88%, 9/16/2046		9,585		7,708
BAT Capital Corp. (United Kingdom)
3.56%, 8/15/2027		5,000		4,454
4.39%, 8/15/2037		11,345		9,605
Philip Morris International, Inc.
3.60%, 11/15/2023		3,183		3,145
3.38%, 8/11/2025		6,600		6,387
2.75%, 2/25/2026		6,310		5,855
4.38%, 11/15/2041		8,053		7,342
4.13%, 3/4/2043		5,000		4,449
				59,527
Trading Companies & Distributors — 0.2%
Ahern Rentals, Inc. 7.38%, 5/15/2023 (a)		1,865		1,669
Air Lease Corp. 3.25%, 3/1/2025		242		223
Aviation Capital Group LLC
2.88%, 1/20/2022 (a)		1,000		964
4.13%, 8/1/2025 (a)		770		736
3.50%, 11/1/2027 (a)		2,000		1,783
BOC Aviation Ltd. (Singapore)
2.38%, 9/15/2021 (a)		300		287
2.75%, 9/18/2022 (a)		600		572
International Lease Finance Corp. 8.63%, 1/15/2022		1,000		1,120
United Rentals North America, Inc.
4.63%, 7/15/2023		2,178		2,164
5.75%, 11/15/2024		1,715		1,704
5.50%, 7/15/2025		305		297
4.63%, 10/15/2025		2,475		2,292
5.88%, 9/15/2026		4,210		4,089
6.50%, 12/15/2026		2,790		2,801
5.50%, 5/15/2027		4,545		4,289
4.88%, 1/15/2028		1,205		1,087
WESCO Distribution, Inc. 5.38%, 6/15/2024		2,107		2,023
WW Grainger, Inc. 4.60%, 6/15/2045		520		510
				28,610
Water Utilities — 0.0% (b)
American Water Capital Corp.
3.85%, 3/1/2024		680		686
3.40%, 3/1/2025		622		610
				1,296
Wireless Telecommunication Services — 0.5%
America Movil SAB de CV (Mexico)
3.13%, 7/16/2022		1,266		1,227
6.13%, 3/30/2040		300		340
Crown Castle Towers LLC 3.66%, 5/15/2025 (a)		2,805		2,725
Hughes Satellite Systems Corp. 5.25%, 8/1/2026		2,397		2,235
Inmarsat Finance plc (United Kingdom)
4.88%, 5/15/2022 (a)		545		524
6.50%, 10/1/2024 (a)		1,935		1,887
Intelsat Connect Finance SA (Luxembourg) 9.50%, 2/15/2023 (a)		5,175		4,839
P Fin II LLC

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)		Value (000)
CORPORATE BONDS — continued
Wireless Telecommunication Services — continued
(ICE LIBOR USD 1 Month + 4.35%), 6.66%, 5/20/2022 ‡ (i)		5,123		5,123
Sprint Communications, Inc.
7.00%, 3/1/2020 (a)		1,022		1,056
7.00%, 8/15/2020		1,246		1,290
Sprint Corp.
7.13%, 6/15/2024		5,952		6,041
7.63%, 3/1/2026		880		902
T-Mobile US, Inc. 4.50%, 2/1/2026 ‡		1,522		–	(g)
T-Mobile USA, Inc.
6.50%, 1/15/2024		1,812		933
6.00%, 4/15/2024 (d)		418		427
6.38%, 3/1/2025		2,920		1,502
5.13%, 4/15/2025 (d)		24,103		14,243
6.50%, 1/15/2026		8,782		4,556
4.50%, 2/1/2026		1,522		1,428
4.75%, 2/1/2028 (d)		3,044		1,410
Vodafone Group plc (United Kingdom)
3.75%, 1/16/2024		11,450		11,160
4.13%, 5/30/2025		270		264
Wind Tre SpA (Italy) 5.00%, 1/20/2026 (a)		1,373		1,136
				65,248
TOTAL CORPORATE BONDS (Cost $4,007,304)				3,850,400
ASSET-BACKED SECURITIES — 18.0%
ACC Trust Series 2018-1, Class A, 3.70%, 12/21/2020 (a)		5,458		5,460
Air Canada Pass-Through Trust (Canada)
Series 2013-1, Class A, 4.13%, 5/15/2025 (a)		4,270		4,240
Series 2015-1, Class A, 3.60%, 3/15/2027 (a)		3,593		3,446
Series 2015-2, Class AA, 3.75%, 12/15/2027 (a)		994		967
Series 2017-1, Class AA, 3.30%, 1/15/2030 (a)		2,214		2,122
Series 2017-1, Class A, 3.55%, 1/15/2030 (a)		1,202		1,154
Ajax Mortgage Loan Trust Series 2017-A, Class A, 3.47%, 4/25/2057 ‡ (a) (c)		6,167		6,111
Ally Auto Receivables Trust
Series 2015-2, Class D, 3.01%, 3/15/2022 (a)		6,000		5,958
Series 2018-1, Class A3, 2.35%, 6/15/2022		30,091		29,833
Series 2016-1, Class D, 2.84%, 9/15/2022		5,700		5,684
Series 2017-3, Class C, 2.37%, 10/17/2022		4,038		3,976
Series 2018-2, Class A3, 2.92%, 11/15/2022		26,698		26,644
American Airlines Pass-Through Trust
Series 2014-1, Class A, 3.70%, 10/1/2026		194		189
Series 2015-1, Class A, 3.38%, 5/1/2027		3,644		3,467
Series 2016-2, Class AA, 3.20%, 6/15/2028		922		867
Series 2016-2, Class A, 3.65%, 6/15/2028		973		926
Series 2016-3, Class AA, 3.00%, 10/15/2028		377		354
Series 2017-1, Class AA, 3.65%, 2/15/2029		2,362		2,320
American Credit Acceptance Receivables Trust
Series 2016-2, Class C, 6.09%, 5/12/2022 (a)		10,000		10,179
Series 2016-3, Class C, 4.26%, 8/12/2022 (a)		6,975		7,022
Series 2016-4, Class C, 2.91%, 2/13/2023 ‡ (a)		6,129		6,116
Series 2017-2, Class C, 2.86%, 6/12/2023 (a)		12,002		11,959
Series 2017-2, Class D, 3.69%, 6/12/2023 (a)		7,321		7,297
American Express Credit Account Master Trust Series 2017-1, Class A, 1.93%, 9/15/2022		23,121		22,805
American Homes 4 Rent Trust
Series 2014-SFR3, Class D, 5.04%, 12/17/2036 ‡ (a)		5,000		5,175
Series 2014-SFR3, Class E, 6.42%, 12/17/2036 ‡ (a)		17,745		19,408
Series 2015-SFR2, Class D, 5.04%, 10/17/2045 ‡ (a)		2,250		2,354
Series 2015-SFR2, Class E, 6.07%, 10/17/2045 ‡ (a)		18,630		20,029
Series 2015-SFR1, Class E, 5.64%, 4/17/2052 ‡ (a)		1,250		1,312
AmeriCredit Automobile Receivables Trust
Series 2016-3, Class B, 1.80%, 10/8/2021		5,317		5,253
Series 2017-2, Class D, 3.42%, 4/18/2023		11,300		11,237
Series 2017-4, Class D, 3.08%, 12/18/2023		20,124		19,715
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates Series 2003-5, Class A6, 4.16%, 4/25/2033 ‡ (c)		81		81
Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Certificates Series 2003-13, Class AF6, 5.06%, 1/25/2034 ‡ (c)		11		14

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)		Value (000)
ASSET-BACKED SECURITIES — (continued)
AMSR Trust
Series 2016-SFR1, Class E, 5.45%, 11/17/2033 ‡ (a) (l)		3,007		3,012
Series 2016-SFR1, Class F, 6.20%, 11/17/2033 ‡ (a) (l)		3,007		3,018
Anchor Assets IX LLC
Series 2016-1, Class A, 5.13%, 2/15/2020 ‡ (a)		15,300		15,300
Series 2016-1, Class B, 6.25%, 2/15/2020 ‡ (a)		10,250		10,250
Arcadia Receivables Credit Trust Series 2017-1, Class A, 3.25%, 6/15/2023 (a)		755		755
B2R Mortgage Trust
Series 2015-1, Class A1, 2.52%, 5/15/2048 (a)		1,428		1,412
Series 2016-1, Class A, 2.57%, 6/15/2049 (a)		3,409		3,317
BankBoston Home Equity Loan Trust Series 1998-1, Class A6, 6.35%, 7/25/2028 ‡		1		1
BCC Funding XIII LLC Series 2016-1, Class A2, 2.20%, 12/20/2021 (a)		1,136		1,131
Bear Stearns Asset-Backed Securities Trust
Series 2006-SD1, Class A, 2.68%, 4/25/2036 ‡ (l)		128		127
Series 2003-SD2, Class 2A, 4.35%, 6/25/2043 ‡ (l)		243		242
BMW Vehicle Lease Trust Series 2017-2, Class A3, 2.07%, 10/20/2020		15,734		15,590
BMW Vehicle Owner Trust Series 2018-A, Class A3, 2.35%, 4/25/2022		16,365		16,200
British Airways Pass-Through Trust (United Kingdom)
Series 2018-1, Class AA, 3.80%, 9/20/2031 (a)		793		779
Series 2018-1, Class A, 4.13%, 9/20/2031 (a)		2,358		2,322
Burlington Northern and Santa Fe Railway Co. Pass-Through Trust Series 2000-2, 7.91%, 1/15/2020		60		61
Business Jet Securities LLC
Series 2018-1, Class A, 4.34%, 2/15/2033 (a)		16,948		16,925
Series 2018-1, Class C, 7.75%, 2/15/2033 (a)		1,871		1,915
Series 2018-2, Class A, 4.45%, 6/15/2033 (a)		17,042		17,047
Series 2018-2, Class C, 6.66%, 6/15/2033 (a)		4,820		4,835
BXG Receivables Note Trust Series 2012-A, Class A, 2.66%, 12/2/2027 (a)		260		256
California Republic Auto Receivables Trust Series 2016-2, Class A3, 1.56%, 7/15/2020		52		52
Camillo Issuer LLC
Series 2016-SFR, Class 1-A-1, 5.00%, 12/5/2023 ‡		9,733		9,711
Series 2017-SFR1, Class A, 5.50%, 6/5/2027 ‡ (a)		21,705		21,705
Series 2018-SFR1, Class A, 5.25%, 6/5/2028 ‡ (a)		19,914		19,914
Capital Auto Receivables Asset Trust
Series 2018-1, Class A2A, 2.54%, 10/20/2020 (a)		6,547		6,535
Series 2018-1, Class A3, 2.79%, 1/20/2022 (a)		25,380		25,266
CarFinance Capital Auto Trust
Series 2014-2A, Class B, 2.64%, 11/16/2020 (a)		468		468
Series 2014-2A, Class C, 3.24%, 11/16/2020 (a)		2,750		2,750
Series 2014-2A, Class D, 4.28%, 11/16/2020 (a)		4,000		4,001
Series 2015-1A, Class C, 3.58%, 6/15/2021 (a)		3,900		3,899
Series 2015-1A, Class D, 4.66%, 6/15/2021 (a)		5,400		5,407
Series 2015-1A, Class E, 5.49%, 1/18/2022 ‡ (a)		1,070		1,076
CarMax Auto Owner Trust
Series 2018-2, Class A2, 2.73%, 8/16/2021		19,400		19,358
Series 2017-1, Class C, 2.84%, 10/17/2022		3,011		2,971
Series 2017-1, Class D, 3.43%, 7/17/2023		4,929		4,895
Series 2018-1, Class D, 3.37%, 7/15/2024		2,732		2,688
Carnow Auto Receivables Trust
Series 2016-1A, Class C, 5.11%, 2/15/2021 ‡ (a)		7,240		7,251
Series 2017-1A, Class B, 4.35%, 9/15/2022 (a)		7,800		7,774
Series 2018-1A, Class C, 5.21%, 9/15/2023 (a)		5,960		5,959
Centex Home Equity Loan Trust Series 2001-B, Class A6, 6.36%, 7/25/2032 ‡		61		62
CIG Auto Receivables Trust Series 2017-1A, Class C, 5.33%, 12/16/2024 (a)		2,000		1,992
Citibank Credit Card Issuance Trust Series 2007-A3, Class A3, 6.15%, 6/15/2039		1,372		1,692
Citigroup Global Markets Mortgage Securities VII, Inc. Series 2003-UP1, Class A, 3.95%, 4/25/2032 ‡ (a) (c)		110		110

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)		Value (000)
ASSET-BACKED SECURITIES — (continued)
CLUB Credit Trust
Series 2017-NP1, Class C, 5.13%, 4/17/2023 (a)		6,145		6,183
Series 2018-NP1, Class C, 4.74%, 5/15/2024 (a)		15,000		14,985
Colony American Finance Ltd. (Cayman Islands)
Series 2016-1, Class A, 2.54%, 6/15/2048 (a)		1,280		1,255
Series 2016-2, Class A, 2.55%, 11/15/2048 (a)		7,949		7,761
Conix Mortgage Asset Trust Series 2013-1, Class M1, 5.07%, 12/25/2047 ‡ (a) (f) (l)		5,000		—	(g)
Consumer Loan Underlying Bond Credit Trust Series 2017-NP2, Class B, 3.50%, 1/16/2024 ‡ (a)		6,000		5,995
Continental Airlines Pass-Through Trust
Series 2004-ERJ1, 9.56%, 9/1/2019		60		61
Series 2012-1, Class A, 4.15%, 4/11/2024		146		147
Continental Credit Card Series 2017-1A, Class A, 4.29%, 1/15/2024 (a)		528		525
COOF Securitization Trust Ltd. Series 2014-1, Class A, IO, 3.12%, 6/25/2040 ‡ (a) (l)		6,784		597
CPS Auto Receivables Trust
Series 2016-B, Class B, 3.18%, 9/15/2020 (a)		950		951
Series 2017-B, Class C, 2.92%, 2/15/2022 (a)		2,884		2,863
Series 2016-C, Class C, 3.27%, 6/15/2022 (a)		12,600		12,593
Series 2018-B, Class C, 3.58%, 3/15/2023 (a)		13,003		12,955
Series 2017-B, Class D, 3.95%, 3/15/2023 (a)		6,975		6,976
Series 2018-A, Class D, 3.66%, 12/15/2023 (a)		2,161		2,149
Series 2018-D, Class D, 4.34%, 9/16/2024 (a)		2,303		2,315
CPS Auto Trust
Series 2017-A, Class A, 1.68%, 8/17/2020 (a)		450		450
Series 2017-A, Class C, 3.31%, 12/15/2022 (a)		1,470		1,467
Series 2017-A, Class D, 4.61%, 12/15/2022 (a)		840		849
Credit Acceptance Auto Loan Trust
Series 2016-3A, Class C, 3.60%, 4/15/2025 ‡ (a)		6,048		6,028
Series 2017-1A, Class A, 2.56%, 10/15/2025 (a)		3,973		3,954
Series 2017-1A, Class B, 3.04%, 12/15/2025 (a)		1,742		1,724
Series 2017-1A, Class C, 3.48%, 2/17/2026 (a)		1,460		1,448
Series 2017-3A, Class A, 2.65%, 6/15/2026 (a)		30,933		30,606
Series 2017-2A, Class C, 3.35%, 6/15/2026 (a)		1,621		1,598
Series 2018-1A, Class B, 3.60%, 4/15/2027 (a)		40,547		40,287
Series 2018-2A, Class B, 3.94%, 7/15/2027 (a)		20,950		20,953
Series 2018-3A, Class C, 4.04%, 12/15/2027 (a)		11,249		11,230
Currency Capital Funding Trust Series 2018-1A, Class B, 7.80%, 3/17/2026 ‡ (a) (l)		5,177		5,164
CWABS, Inc. Asset-Backed Certificates
Series 2004-1, Class M1, 3.06%, 3/25/2034 ‡ (l)		174		174
Series 2004-1, Class M2, 3.14%, 3/25/2034 ‡ (l)		35		35
Series 2004-1, Class 3A, 2.87%, 4/25/2034 ‡ (l)		297		284
CWABS, Inc. Asset-Backed Certificates Trust Series 2004-6, Class M1, 3.21%, 10/25/2034 (l)		450		444
Delta Air Lines Pass-Through Trust
Series 2012-1, Class B, 6.88%, 5/7/2019 (a)		132		134
Series 2012-1, Class A, 4.75%, 5/7/2020		127		129
Series 2007-1, Class A, 6.82%, 8/10/2022		1,545		1,667
Series 2015-1, Class AA, 3.63%, 7/30/2027		1,093		1,079
Diamond Resorts Owner Trust
Series 2017-1A, Class B, 4.11%, 10/22/2029 ‡ (a)		2,137		2,120
Series 2018-1, Class D, 5.90%, 1/21/2031 ‡ (a)		2,711		2,715
Dominion Financial Services 2 LLC Series 2018-1, Class A, 5.35%, 9/15/2022 ‡ (a) (c)		33,800		33,800
Drive Auto Receivables Trust
Series 2017-AA, Class B, 2.51%, 1/15/2021 (a)		31		31
Series 2017-BA, Class C, 2.61%, 8/16/2021 (a)		5,242		5,234
Series 2017-AA, Class C, 2.98%, 1/18/2022 (a)		2,471		2,467
Series 2017-1, Class C, 2.84%, 4/15/2022		7,086		7,074
Series 2017-3, Class C, 2.80%, 7/15/2022		17,295		17,225
Series 2015-AA, Class D, 4.12%, 7/15/2022 (a)		2,943		2,956
Series 2015-BA, Class E, 5.15%, 8/15/2022 (a)		7,000		7,060
Series 2017-BA, Class D, 3.72%, 10/17/2022 (a)		5,970		5,984

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)		Value (000)
ASSET-BACKED SECURITIES — (continued)
Series 2015-CA, Class E, 5.27%, 11/15/2022 (a)		4,500		4,544
Series 2015-DA, Class D, 4.59%, 1/17/ ‡ 2023 (a)		5,900		5,945
Series 2017-1, Class D, 3.84%, 3/15/2023		8,047		8,050
Series 2017-3, Class D, 3.53%, 12/15/2023 (a)		22,000		21,907
Series 2016-CA, Class D, 4.18%, 3/15/2024 (a)		5,829		5,852
Series 2017-AA, Class D, 4.16%, 5/15/2024 (a)		3,217		3,245
Series 2017-BA, Class E, 5.30%, 7/15/2024 (a)		15,290		15,680
Series 2018-2, Class D, 4.14%, 8/15/2024		32,890		32,744
Series 2018-3, Class D, 4.30%, 9/16/2024		14,563		14,644
DT Auto Owner Trust
Series 2016-2A, Class C, 3.67%, 1/18/2022 (a)		204		204
Series 2015-1A, Class D, 4.26%, 2/15/2022 (a)		3,066		3,069
Series 2016-3A, Class C, 3.15%, 3/15/2022 (a)		2,147		2,147
Series 2016-4A, Class D, 3.77%, 10/17/2022 (a)		2,962		2,970
Series 2017-1A, Class D, 3.55%, 11/15/2022 (a)		3,551		3,548
Series 2016-1A, Class D, 4.66%, 12/15/2022 ‡ (a)		5,000		5,033
Series 2017-2A, Class C, 3.03%, 1/17/2023 (a)		6,048		6,040
Series 2016-3A, Class D, 4.52%, 6/15/2023 (a)		16,520		16,665
Series 2017-4A, Class C, 2.86%, 7/17/2023 (a)		4,423		4,406
Series 2017-4A, Class D, 3.47%, 7/17/2023 (a)		8,285		8,232
Series 2018-1A, Class C, 3.47%, 12/15/2023 (a)		8,578		8,572
Series 2018-1A, Class D, 3.81%, 12/15/2023 (a)		6,053		6,012
Series 2017-2A, Class E, 6.03%, 1/15/2024 (a)		8,750		8,967
Series 2017-1A, Class E, 5.79%, 2/15/2024 (a)		14,000		14,245
Series 2017-3A, Class E, 5.60%, 8/15/2024 (a)		8,295		8,441
Elara HGV Timeshare Issuer LLC Series 2017-A, Class A, 2.69%, 3/25/2030 (a)		21,113		20,636
Engs Commercial Finance Trust Series 2018-1A, Class A1, 2.97%, 2/22/2021 (a)		5,218		5,200
Equity One Mortgage Pass-Through Trust Series 2003-2, Class M1, 5.05%, 9/25/2033 ‡ (l)		251		254
Exeter Automobile Receivables Trust
Series 2016-3A, Class A, 1.84%, 11/16/2020 (a)		99		99
Series 2016-3A, Class B, 2.84%, 8/16/2021 (a)		3,480		3,475
Series 2015-3A, Class C, 4.83%, 8/16/2021 (a)		6,884		6,938
Series 2016-1A, Class C, 5.52%, 10/15/2021 (a)		445		451
Series 2017-1A, Class B, 3.00%, 12/15/2021 (a)		4,565		4,554
Series 2017-2A, Class B, 2.82%, 5/16/2022 (a)		3,465		3,442
Series 2015-2A, Class D, 5.79%, 5/16/2022 (a)		2,150		2,200
Series 2017-1A, Class C, 3.95%, 12/15/2022 ‡ (a)		1,885		1,896
Series 2017-2A, Class C, 3.93%, 4/17/2023 (a)		9,065		9,080
Series 2017-3A, Class C, 3.68%, 7/17/2023 (a)		8,221		8,196
Series 2016-3A, Class D, 6.40%, 7/17/2023 (a)		9,400		9,660
Series 2018-1A, Class D, 3.53%, 11/15/2023 (a)		14,215		14,057
Series 2017-2A, Class D, 6.39%, 2/15/2024 (a)		8,000		8,296
Series 2018-3A, Class D, 4.35%, 6/17/2024 (a)		22,280		22,385
Series 2018-4A, Class D, 4.35%, 9/16/2024 (a)		21,800		21,876
Series 2018-2A, Class E, 5.33%, 5/15/2025 (a)		7,000		7,014
First Investors Auto Owner Trust
Series 2016-2A, Class B, 2.21%, 7/15/2022 ‡ (a)		5,000		4,930
Series 2016-2A, Class C, 2.53%, 7/15/2022 ‡ (a)		5,000		4,916
Series 2016-2A, Class D, 3.35%, 11/15/2022 (a)		3,500		3,456
Series 2017-3A, Class B, 2.72%, 4/17/2023 (a)		3,454		3,407
Series 2017-3A, Class C, 3.00%, 1/16/2024 (a)		5,458		5,368
Series 2017-3A, Class D, 3.44%, 3/15/2024 (a)		5,096		5,023
Series 2017-3A, Class E, 4.92%, 8/15/2024 (a)		1,300		1,290
Flagship Credit Auto Trust
Series 2014-2, Class C, 3.95%, 12/15/2020 (a)		3,660		3,668
Series 2016-2, Class C, 6.22%, 9/15/2022 (a)		6,000		6,212
Series 2017-4, Class B, 2.66%, 10/17/2022 (a)		5,872		5,791
Series 2015-3, Class D, 7.12%, 11/15/2022 (a)		6,695		6,884

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)		Value (000)
ASSET-BACKED SECURITIES — (continued)
Series 2017-1, Class B, 2.83%, 3/15/2023 (a)		4,183		4,166
Series 2017-1, Class C, 3.22%, 5/15/2023 (a)		2,704		2,694
Series 2017-1, Class D, 4.23%, 5/15/2023 (a)		1,313		1,322
Series 2017-R, Class B, 8.00%, 5/17/2023 ‡ (a)		1,932		1,932
Series 2017-4, Class C, 2.92%, 11/15/2023 (a)		5,720		5,596
Series 2017-1, Class E, 6.46%, 12/15/2023 (a)		3,500		3,603
Series 2017-4, Class D, 3.58%, 1/15/2024 (a)		2,630		2,592
Series 2017-2, Class E, 5.55%, 7/15/2024 (a)		3,630		3,665
Ford Credit Auto Lease Trust Series 2017-B, Class A3, 2.03%, 12/15/2020		4,348		4,312
FREED ABS Trust Series 2018-2, Class A, 3.99%, 10/20/2025 (a)		12,813		12,809
GE Capital Mortgage Services, Inc. Trust Series 1999-HE1, Class A6, 6.70%, 4/25/2029 ‡ (l)		423		451
GLS Auto Receivables Trust
Series 2016-1A, Class C, 6.90%, 10/15/2021 (a)		6,000		6,184
Series 2018-1A, Class A, 2.82%, 7/15/2022 (a)		3,080		3,066
Series 2017-1A, Class D, 5.50%, 6/17/2024 (a)		4,000		4,018
GM Financial Automobile Leasing Trust Series 2018-1, Class A3, 2.61%, 1/20/2021		12,975		12,887
GM Financial Consumer Automobile Receivables Trust Series 2018-2, Class A3, 2.81%, 12/16/2022		19,830		19,667
GMAT Trust
Series 2013-1A, Class M, 5.00%, 11/25/2043 ‡ (a) (l)		5,000		3,534
Series 2013-1A, Class A, 6.97%, 11/25/2043 ‡ (a) (c)		52		52
Golden Bear LLC Series 2016-R, Class R, 5.65%, 9/20/2047 ‡ (a)		2,235		2,264
Goodgreen (Cayman Islands) Series 2018-1A, Class A, 3.93%, 10/15/2053 (a) (l)		10,763		10,760
Goodgreen Trust
Series 2017-1A, Class A, 3.74%, 10/15/2052 (a)		1,906		1,893
Series 2016-1A, Class B, 5.24%, 10/15/2052 ‡ (a)		1,447		1,422
Series 2017-2A, Class A, 3.26%, 10/15/2053 (a)		12,274		11,873
HERO Funding (Cayman Islands)
Series 2017-3A, Class A1, 3.19%, 9/20/2048 (a)		7,530		7,305
Series 2017-3A, Class A2, 3.95%, 9/20/2048 (a)		6,201		6,210
HERO Funding II (Cayman Islands)
Series 2016-3B, Class B, 5.24%, 9/20/2042 ‡ (a)		992		1,001
Series 2016-4B, Class B, 4.99%, 9/20/2047 ‡ (a)		7,145		7,208
HERO Funding Trust (Cayman Islands)
Series 2015-3A, Class A, 4.28%, 9/20/2041 (a)		4,906		4,978
Series 2016-3A, Class A1, 3.08%, 9/20/2042 (a)		2,241		2,168
Series 2017-1A, Class A2, 4.46%, 9/20/2047 (a)		6,308		6,426
Series 2017-2A, Class A2, 4.07%, 9/20/2048 (a)		7,230		7,300
HERO Residual Funding (Cayman Islands) Series 2016-1R, Class A1, 4.50%, 9/21/2042 (a)		5,498		5,470
Hertz Fleet Lease Funding LP Series 2018-1, Class A2, 3.23%, 5/10/2032 (a)		7,539		7,546
Hertz Vehicle Financing II LP Series 2018-1A, Class A, 3.29%, 2/25/2024 (a)		12,344		11,975
Honda Auto Receivables Owner Trust Series 2018-2, Class A3, 3.01%, 5/18/2022		14,823		14,800
Hyundai Auto Receivables Trust Series 2018-A, Class A3, 2.79%, 7/15/2022		8,105		8,064
Kabbage Asset Securitization LLC
Series 2017-1, Class A, 4.57%, 3/15/2022 (a)		12,000		12,056
Series 2017-1, Class B, 5.79%, 3/15/2022 ‡ (a)		6,415		6,500
Series 2017-1, Class C, 8.00%, 3/15/2022 ‡ (a)		10,000		10,187
KGS-Alpha SBA COOF Trust
Series 2012-4, Class A, IO, 1.22%, 9/25/2037 ‡ (a) (l)		11,726		306
Series 2012-2, Class A, IO, 0.80%, 8/25/2038 ‡ (a) (l)		10,552		257
Series 2013-2, Class A, IO, 1.78%, 3/25/2039 ‡ (a) (l)		9,337		387
LendingClub Issuance Trust Series 2016-NP2, Class B, 6.00%, 1/17/2023 ‡ (a)		4,054		4,076
LendingPoint Funding Trust Series 2018-1, Class A2, 6.31%, 11/15/2024 ‡ (a) (l)		11,000		11,000
Lendmark Funding Trust Series 2017-1A, Class A, 2.83%, 12/22/2025 (a)		5,819		5,750

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)		Value (000)
ASSET-BACKED SECURITIES — (continued)
Series 2017-2A, Class B, 3.38%, 5/20/2026 (a)		3,000		2,945
Series 2017-2A, Class C, 4.33%, 5/20/2026 (a)		4,300		4,269
Series 2018-1A, Class D, 6.25%, 12/21/2026 ‡ (a)		7,750		7,737
Series 2018-2A, Class D, 6.78%, 4/20/2027 (a)		8,970		9,028
Long Beach Mortgage Loan Trust Series 2004-1, Class M3, 3.36%, 2/25/2034 ‡ (l)		59		59
LV Tower 52 Issuer
Series 2013-1, Class A, 5.75%, 7/15/2019 ‡ (a)		11,574		11,574
Series 2013-1, Class M, 7.75%, 7/15/2019 ‡ (a)		13,868		13,868
Mariner Finance Issuance Trust
Series 2017-AA, Class A, 3.62%, 2/20/2029 (a)		12,675		12,664
Series 2018-AA, Class D, 6.57%, 11/20/2030 (a)		10,000		10,056
Marlette Funding Trust
Series 2016-1A, Class B, 4.78%, 1/17/2023 (a)		3,713		3,725
Series 2017-1A, Class A, 2.83%, 3/15/2024 (a)		945		944
Series 2017-3A, Class A, 2.36%, 12/15/2024 (a)		9,232		9,198
Series 2018-1A, Class A, 2.61%, 3/15/2028 (a)		6,827		6,801
Series 2018-1A, Class C, 3.69%, 3/15/2028 (a)		4,250		4,190
Series 2018-2A, Class A, 3.06%, 7/17/2028 (a)		7,142		7,128
Mercedes-Benz Auto Lease Trust Series 2018-A, Class A3, 2.41%, 2/16/2021		7,669		7,623
Mid-State Capital Corp. Trust
Series 2005-1, Class A, 5.75%, 1/15/2040		125		134
Series 2005-1, Class M1, 6.11%, 1/15/2040 ‡		2,976		3,215
Series 2006-1, Class A, 5.79%, 10/15/2040 (a)		1,520		1,651
Series 2006-1, Class M1, 6.08%, 10/15/2040 ‡ (a)		1,844		2,023
Series 2006-1, Class M2, 6.74%, 10/15/2040 ‡ (a)		737		831
Morgan Stanley ABS Capital I, Inc. Trust Series 2003-SD1, Class M1, 4.56%, 3/25/2033 ‡ (l)		263		253
New Century Home Equity Loan Trust
Series 2003-5, Class AI6, 5.08%, 11/25/2033 ‡ (c)		461		465
Series 2005-1, Class M1, 2.99%, 3/25/2035 ‡ (l)		577		574
New Residential Advance Receivables Trust Advance Receivables Backed Notes Series 2016-T2, Class AT2, 2.58%, 10/15/2049 (a)		5,000		4,964
Nissan Auto Receivables Owner Trust Series 2017-C, Class A3, 2.12%, 4/18/2022		9,483		9,355
Ocwen Master Advance Receivables Trust Series 2016-T2, Class DT2, 4.45%, 8/16/2049 ‡ (a)		6,725		6,726
OL SP LLC
Series 2018, Class A, 4.16%, 2/9/2030		5,934		5,864
Series 2018, Class C, 4.25%, 2/9/2030 ‡		1,607		1,505
Series 2018, Class B, 4.61%, 2/9/2030 ‡		1,854		1,842
OnDeck Asset Securitization Trust LLC Series 2018-1A, Class A, 3.50%, 4/18/2022 (a)		7,250		7,232
OneMain Direct Auto Receivables Trust
Series 2017-2A, Class D, 3.42%, 10/15/2024 (a)		7,062		6,966
Series 2018-1A, Class C, 3.85%, 10/14/2025 (a)		15,882		15,955
OneMain Financial Issuance Trust
Series 2015-2A, Class C, 4.32%, 7/18/2025 ‡ (a)		6,120		6,126
Series 2015-1A, Class A, 3.19%, 3/18/2026 (a)		1,783		1,784
Series 2015-1A, Class C, 5.12%, 3/18/2026 (a)		7,435		7,506
Series 2016-1A, Class A, 3.66%, 2/20/2029 (a)		4,970		4,979
Series 2016-1A, Class B, 4.57%, 2/20/2029 ‡ (a)		4,000		4,035
Series 2016-1A, Class C, 6.00%, 2/20/2029 (a)		7,400		7,531
Oportun Funding VI LLC Series 2017-A, Class A, 3.23%, 6/8/2023 (a)		3,915		3,866
Oportun Funding VIII LLC Series 2018-A, Class A, 3.61%, 3/8/2024 (a)		10,408		10,252
Prestige Auto Receivables Trust Series 2016-2A, Class D, 3.91%, 11/15/2022 (a)		4,452		4,449
Progress Residential Trust
Series 2015-SFR2, Class A, 2.74%, 6/12/2032 (a)		10,672		10,503
Series 2015-SFR2, Class D, 3.68%, 6/12/2032 ‡ (a)		5,000		4,959
Series 2015-SFR2, Class E, 4.43%, 6/12/2032 ‡ (a)		3,602		3,593
Series 2015-SFR3, Class D, 4.67%, 11/12/2032 ‡ (a)		3,154		3,178
Series 2015-SFR3, Class E, 5.66%, 11/12/2032 (a)		5,580		5,683

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)		Value (000)
ASSET-BACKED SECURITIES — (continued)
Series 2017-SFR2, Class D, 3.60%, 12/17/2034 ‡ (a)		1,529		1,490
Series 2017-SFR2, Class E, 4.14%, 12/17/2034 ‡ (a)		7,851		7,710
Series 2017-SFR2, Class F, 4.84%, 12/17/2034 ‡ (a)		4,133		4,127
Series 2018-SFR1, Class F, 4.78%, 3/17/2035 ‡ (a)		3,655		3,627
Series 2018-SFR3, Class E, 4.87%, 10/17/2035 ‡ (a)		10,490		10,489
Prosper Marketplace Issuance Trust
Series 2017-2A, Class A, 2.41%, 9/15/2023 (a)		570		570
Series 2017-3A, Class B, 3.36%, 11/15/2023 (a)		16,866		16,774
Series 2018-1A, Class A, 3.11%, 6/17/2024 (a)		8,470		8,461
Purchasing Power Funding LLC Series 2018-A, Class D, 4.66%, 8/15/2022 ‡ (a)		6,610		6,572
RCM Fund 1 Issuer LLC Series 2017-1, Class A, 5.50%, 10/25/2021 ‡ (a)		7,547		7,547
RCO Trust Series 2016-SFR1, Class M1, 4.50%, 11/25/2051 ‡ (a) (l)		4,210		4,189
Renew (Cayman Islands)
Series 2017-1A, Class A, 3.67%, 9/20/2052 (a)		2,522		2,493
Series 2017-1A, Class B, 5.75%, 9/20/2052 ‡ (a)		3,488		3,549
Series 2017-2A, Class A, 3.22%, 9/22/2053 (a)		28,974		28,312
Rice Park Financing Trust Series 2016-A, Class A, 4.63%, 10/31/2041 ‡ (a)		9,645		9,607
Santander Drive Auto Receivables Trust
Series 2017-1, Class B, 2.10%, 6/15/2021		9,699		9,666
Series 2017-1, Class C, 2.58%, 5/16/2022		7,916		7,865
Series 2017-1, Class D, 3.17%, 4/17/2023		10,148		10,092
Series 2018-1, Class D, 3.32%, 3/15/2024		13,804		13,581
Santander Prime Auto Issuance Notes Trust Series 2018-A, Class E, 5.04%, 9/15/2025 (a)		7,861		7,882
Santander Retail Auto Lease Trust
Series 2018-A, Class A2A, 2.71%, 10/20/2020 (a)		8,730		8,706
Series 2018-A, Class A3, 2.93%, 5/20/2021 (a)		11,980		11,929
Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2, 3.49%, 1/25/2036 ‡ (c)		202		174
Sierra Auto Receivables Securitization Trust Series 2016-1A, Class A, 2.85%, 1/18/2022 (a)		47		47
SoFi Consumer Loan Program LLC Series 2016-2, Class A, 3.09%, 10/27/2025 (a)		1,099		1,095
SoFi Professional Loan Program LLC Series 2018-A, Class A2A, 2.39%, 2/25/2042 (a)		1,933		1,913
Soundview Home Loan Trust Series 2007-OPT1, Class 2A1, 2.39%, 6/25/2037 (l)		1,169		858
Spirit Airlines Pass-Through Trust Series 2017-1, Class AA, 3.38%, 2/15/2030		811		772
Spirit Master Funding LLC
Series 2014-4A, Class A2, 4.63%, 1/20/2045 (a)		21,964		21,865
Series 2017-1A, Class A, 4.36%, 12/20/2047 (a)		11,206		11,179
Springleaf Funding Trust
Series 2015-AA, Class C, 5.04%, 11/15/2024 ‡ (a)		5,808		5,784
Series 2015-AA, Class D, 6.31%, 11/15/2024 ‡ (a)		5,800		5,800
Series 2015-BA, Class B, 3.80%, 5/15/2028 ‡ (a)		11,450		11,321
Series 2016-AA, Class C, 4.72%, 11/15/2029 (a)		14,000		13,885
Spruce ABS Trust Series 2016-E1, Class B, 6.90%, 6/15/2028 ‡ (a)		9,290		9,316
TCF Auto Receivables Owner Trust Series 2016-1A, Class A3, 1.71%, 4/15/2021 (a)		4,914		4,891
Tesla Auto Lease Trust Series 2018-A, Class A, 2.32%, 12/20/2019 (a)		2,428		2,419
Tidewater Auto Receivables Trust Series 2018-AA, Class D, 4.30%, 11/15/2024 (a)		2,214		2,208
T-Mobile USA, Inc. 6.00%, 4/15/2024 ‡		418		—
Tricolor Auto Securitization Trust
Series 2018-1A, Class A, 5.05%, 12/15/2020 ‡ (a)		13,028		13,012
Series 2018-1A, Class B, 7.30%, 2/16/2021 ‡ (a)		8,600		8,559
Series 2018-2A, Class D, 7.98%, 8/15/2022 (a)		15,779		15,451
Tricon American Homes Trust Series 2016-SFR1, Class C, 3.49%, 11/17/2033 ‡ (a)		3,083		3,026
UAL Pass-Through Trust
Series 2007-1, 7.34%, 7/2/2019		319		324
Series 2007-1, 6.64%, 7/2/2022		979		1,014

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)		Value (000)
ASSET-BACKED SECURITIES — (continued)
United Airlines Pass-Through Trust
Series 2013-1, Class A, 4.30%, 8/15/2025		562		563
Series 2014-1, Class A, 4.00%, 4/11/2026		3,015		3,011
Series 2014-2, Class A, 3.75%, 9/3/2026		498		490
Series 2016-1, Class AA, 3.10%, 7/7/2028		318		303
Series 2016-1, Class A, 3.45%, 7/7/2028		330		315
Series 2016-2, Class AA, 2.88%, 10/7/2028		1,705		1,574
Series 2018-1, Class AA, 3.50%, 3/1/2030		17,995		17,385
Series 2018-1, Class A, 3.70%, 3/1/2030		1,290		1,248
United Auto Credit Securitization Trust Series 2016-2, Class E, 5.50%, 1/10/2023 (a)		3,000		3,011
Upstart Securitization Trust
Series 2017-1, Class A, 2.64%, 6/20/2024 (a)		606		605
Series 2017-2, Class A, 2.51%, 3/20/2025 (a)		3,458		3,449
US Airways Pass-Through Trust
Series 2012-1, Class A, 5.90%, 10/1/2024		1,919		2,036
Series 2013-1, Class A, 3.95%, 11/15/2025		2,873		2,876
US Auto Funding LLC Series 2018-1A, Class B, 7.50%, 7/15/2023 (a)		4,963		4,963
USASF Receivables LLC Series 2017-1, Class B, 7.63%, 9/15/2030 ‡ (a)		4,072		4,072
Verizon Owner Trust
Series 2016-2A, Class A, 1.68%, 5/20/2021 (a)		7,543		7,496
Series 2017-2A, Class A, 1.92%, 12/20/2021 (a)		12,976		12,819
Series 2018-1A, Class A1A, 2.82%, 9/20/2022 (a)		31,246		31,042
Veros Automobile Receivables Trust
Series 2017-1, Class A, 2.84%, 4/17/2023 (a)		1,996		1,990
Series 2017-1, Class B, 3.98%, 4/17/2023 (a)		9,920		9,788
Series 2018-1, Class D, 5.74%, 8/15/2025 (a)		6,700		6,716
VM DEBT LLC Series 2017-1, Class A, 6.50%, 10/2/2024 ‡ (a)		10,105		10,105
VOLT LX LLC Series 2017-NPL7, Class A1, 3.25%, 6/25/2047 ‡ (a) (c)		17,971		17,829
VOLT LXI LLC Series 2017-NPL8, Class A1, 3.13%, 6/25/2047 ‡ (a) (c)		3,166		3,138
VOLT LXIV LLC Series 2017-NP11, Class A1, 3.38%, 10/25/2047 ‡ (a) (c)		17,320		17,164
VOLT LXIX LLC
Series 2018-NPL5, Class A1B, 4.70%, 8/25/2048 ‡ (a) (c)		6,933		6,890
Series 2018-NPL5, Class A2, 5.80%, 8/25/2048 ‡ (a) (c)		6,530		6,489
VOLT LXVI Series 2018-NPL2, Class A1, 4.34%, 5/25/2048 ‡ (a) (c)		12,755		12,716
VOLT LXVII LLC Series 2018-NPL3, Class A1, 4.38%, 6/25/2048 (a) (c)		11,859		11,825
VOLT LXVIII LLC
Series 2018-NPL4, Class A1B, 4.83%, 7/27/2048 ‡ (a) (c)		8,278		8,231
Series 2018-NPL4, Class A2, 5.93%, 7/27/2048 ‡ (a) (c)		5,000		4,972
VOLT LXXII LLC Series 2018-NPL8, Class A1B, 4.65%, 10/26/2048 (a) (c)		30,100		30,245
VOLT LXXIII LLC
Series 2018-NPL9, Class A1A, 4.46%, 10/25/2048 (a) (c)		4,800		4,799
Series 2018-NPL9, Class A1B, 4.95%, 10/25/2048 (a) (c)		26,500		26,547
VOLT Trust Series 2018-FT1, Class A1, 2.26%, 1/27/2023 ‡ (l)		7,163		7,073
Westgate Resorts LLC
Series 2014-1A, Class C, 5.50%, 12/20/2026 (a)		470		469
Series 2018-1A, Class A, 3.38%, 12/20/2031 (a)		13,569		13,516
Series 2018-1A, Class B, 3.58%, 12/20/2031 ‡ (a)		10,169		10,089
Westlake Automobile Receivables Trust
Series 2016-2A, Class C, 2.83%, 5/17/2021 (a)		2,702		2,701
Series 2016-1A, Class E, 6.52%, 6/15/2022 ‡ (a)		3,260		3,294
Series 2017-1A, Class D, 3.46%, 10/17/2022 (a)		2,402		2,389
Series 2018-1A, Class D, 3.41%, 5/15/2023 (a)		3,150		3,108
Series 2017-1A, Class E, 5.05%, 8/15/2024 (a)		4,750		4,804
World Omni Auto Receivables Trust Series 2018-B, Class A3, 2.87%, 7/17/2023		40,000		39,767
World Omni Automobile Lease Securitization Trust Series 2018-A, Class A3, 2.83%, 7/15/2021		11,571		11,489
Series 2018-A, Class A4, 2.94%, 5/15/2023		6,825		6,793
TOTAL ASSET-BACKED SECURITIES (Cost $2,470,251)				2,454,087

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)		Value (000)
U.S. TREASURY OBLIGATIONS — 17.2%
U.S. Treasury Bonds
2.50, 8/15/2019 (m)		45		44
7.88%, 2/15/2021		2,625		2,906
8.13%, 5/15/2021		13,600		15,281
8.13%, 8/15/2021		10,000		11,369
8.00%, 11/15/2021		7,920		9,069
5.50%, 8/15/2028		59,164		71,452
5.25%, 2/15/2029		2,500		2,985
4.50%, 2/15/2036		70,609		83,657
4.50%, 5/15/2038		3,890		4,643
3.50%, 2/15/2039		85		89
4.38%, 5/15/2040		8,674		10,198
4.75%, 2/15/2041		8,270		10,229
4.38%, 5/15/2041		37,318		43,922
2.75%, 11/15/2042		92,162		83,788
3.63%, 8/15/2043		17,780		18,757
3.75%, 11/15/2043		79,172		85,209
2.50%, 2/15/2045		71,908		61,720
3.00%, 5/15/2045		9,760		9,243
2.88%, 8/15/2045		50,000		46,172
3.00%, 11/15/2045		155,278		146,926
2.50%, 5/15/2046		160,045		136,645
3.00%, 2/15/2048		59,900		56,425
U.S. Treasury Inflation Indexed Bonds 3.63%, 4/15/2028		1,000		1,910
U.S. Treasury Notes
2.63%, 11/15/2020		50,852		50,667
1.63%, 11/30/2020		45,000		43,966
2.13%, 8/15/2021		2,000		1,964
2.00%, 12/31/2021		87,476		85,368
1.75%, 2/28/2022		24,859		24,030
1.75%, 5/31/2022		305,885		294,868
1.75%, 6/30/2022		255,172		245,802
2.13%, 6/30/2022		160,000		156,094
1.75%, 5/15/2023		1,735		1,655
2.00%, 8/15/2025		24,653		23,274
1.63%, 5/15/2026		10,909		9,953
2.88%, 5/15/2028		1,394		1,379
U.S. Treasury STRIPS Bonds
3.41%, 8/15/2019 (m)		85		83
1.55%, 2/15/2020 (m)		25		24
3.23%, 5/15/2020 (m)		3,116		2,994
1.52%, 8/15/2020 (m)		1,050		1,001
2.31%, 2/15/2021 (m)		6,495		6,105
2.48%, 5/15/2021 (m)		15,000		13,991
3.92%, 11/15/2021 (m)		14,610		13,440
2.68%, 2/15/2022 (m)		640		584
2.37%, 5/15/2022 (m)		7,390		6,697
3.98%, 8/15/2022 (m)		5,000		4,497
4.20%, 11/15/2022 (m)		5,000		4,465
2.88%, 2/15/2023 (m)		225		199
2.06%, 8/15/2023 (m)		15		13
5.58%, 2/15/2028 (m)		2,615		1,971
3.22%, 5/15/2028 (m)		80,000		59,751
1.87%, 8/15/2028 (m)		48,829		36,183
3.24%, 11/15/2028 (m)		45,000		33,054
2.16%, 5/15/2029 (m)		67,000		48,333
3.06%, 8/15/2031 (m)		55,000		36,807
2.37%, 5/15/2032 (m)		16,318		10,639
3.21%, 5/15/2033 (m)		60,162		37,901
4.86%, 11/15/2033 (m)		42,000		26,004
3.43%, 11/15/2038 (m)		32,812		17,047
2.80%, 8/15/2040 (m)		60,000		29,135
3.32%, 8/15/2041 (m)		48,775		22,802
3.10%, 2/15/2042 (m)		26,000		12,092
3.30%, 2/15/2042 (m)		24,400		11,192
3.16%, 5/15/2042 (m)		100,000		46,031
3.19%, 11/15/2042 (m)		21,800		9,717
U.S. Treasury STRIPS Notes 1.67%, 2/15/2020 (m)		3,115		3,014
TOTAL U.S. TREASURY OBLIGATIONS (Cost $2,445,626)				2,347,425
MORTGAGE-BACKED SECURITIES — 15.4%
FHLMC
Pool # 1G1861, ARM, 4.04%, 3/1/2036 (l)		58		62
Pool # 1J1380, ARM, 4.86%, 3/1/2036 (l)		76		81
Pool # 1J1393, ARM, 4.31%, 10/1/2036 (l)		78		81
Pool # 1J1657, ARM, 3.96%, 5/1/2037 (l)		24		25
Pool # 1Q0476, ARM, 4.54%, 10/1/2037 (l)		165		173
FHLMC Gold Pools, 15 Year, Single Family
Pool # J05944, 5.50%, 1/1/2021		61		62
Pool # G13821, 6.00%, 11/1/2021		17		17
Pool # G13385, 5.50%, 11/1/2023		50		52
Pool # G13603, 5.50%, 2/1/2024		26		27
Pool # G13805, 5.50%, 12/1/2024		149		152
Pool # G14252, 5.50%, 12/1/2024		147		150
Pool # J14494, 4.00%, 2/1/2026		1,024		1,046

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)		Value (000)
MORTGAGE-BACKED SECURITIES — continued
FHLMC Gold Pools, 20 Year, Single Family
Pool # C91025, 7.00%, 1/1/2027		125		131
Pool # G30591, 6.00%, 2/1/2028		754		816
Pool # D98914, 4.00%, 1/1/2032		4,104		4,203
FHLMC Gold Pools, 30 Year, Single Family
Pool # C80091, 6.50%, 1/1/2024		32		35
Pool # C80161, 7.50%, 6/1/2024		1		1
Pool # G00271, 7.00%, 9/1/2024		23		23
Pool # C80245, 7.50%, 10/1/2024		4		4
Pool # G00278, 7.00%, 11/1/2024		12		12
Pool # C00496, 7.50%, 2/1/2027		1		1
Pool # D81734, 7.00%, 8/1/2027		21		22
Pool # G00747, 8.00%, 8/1/2027		37		43
Pool # D86005, 7.00%, 2/1/2028		3		3
Pool # G02210, 7.00%, 12/1/2028		100		112
Pool # C21930, 6.00%, 2/1/2029		8		9
Pool # C00785, 6.50%, 6/1/2029		20		22
Pool # C30263, 7.00%, 8/1/2029		4		4
Pool # A27201, 6.50%, 3/1/2032		73		80
Pool # A13067, 4.00%, 9/1/2033		40		40
Pool # G60154, 5.00%, 2/1/2034		17,626		18,700
Pool # G60214, 5.00%, 7/1/2035		16,018		16,970
Pool # C02641, 7.00%, 10/1/2036		46		50
Pool # C02660, 6.50%, 11/1/2036		103		116
Pool # G06172, 5.50%, 12/1/2038		1,844		1,991
Pool # G06576, 5.00%, 9/1/2040		8,107		8,593
Pool # A96733, 4.50%, 2/1/2041		14,397		14,982
Pool # G06493, 4.50%, 5/1/2041		732		762
Pool # Q05956, 4.50%, 2/1/2042		1,838		1,896
Pool # Q11285, 3.50%, 9/1/2042		5,835		5,769
Pool # Q12174, 3.50%, 10/1/2042		6,445		6,378
Pool # G07239, 3.00%, 12/1/2042		5,549		5,341
Pool # Q13796, 3.50%, 12/1/2042		7,995		7,905
Pool # Q15767, 3.00%, 2/1/2043		5,399		5,189
Pool # Q33869, 4.00%, 6/1/2045		5,150		5,194
Pool # G61462, 4.00%, 7/1/2045		30,195		30,619
Pool # Q37784, 3.50%, 12/1/2045		3,592		3,537
Pool # Q39092, 4.00%, 2/1/2046		6,596		6,658
Pool # Q39412, 3.50%, 3/1/2046		2,555		2,516
Pool # Q40797, 3.50%, 5/1/2046		7,075		6,967
Pool # Q40905, 3.50%, 6/1/2046		920		905
Pool # Q40922, 3.50%, 6/1/2046		3,570		3,513
Pool # Q41602, 3.50%, 7/1/2046		1,855		1,825
Pool # Q42079, 3.50%, 7/1/2046		1,305		1,283
Pool # Q42657, 3.50%, 8/1/2046		12,398		12,198
Pool # Q42656, 4.00%, 8/1/2046		1,196		1,205
Pool # Q43241, 3.50%, 9/1/2046		13,474		13,254
Pool # Q43237, 4.00%, 9/1/2046		2,153		2,169
FHLMC Gold Pools, FHA/VA
Pool # G20027, 10.00%, 10/1/2030		22		23
Pool # B90491, 7.50%, 1/1/2032		266		288
Pool # G20028, 7.50%, 12/1/2036		387		420
FHLMC Gold Pools, Other
Pool # U89009, 3.50%, 9/1/2032		1,001		997
Pool # U80074, 3.50%, 10/1/2032		3,656		3,640
Pool # U90690, 3.50%, 6/1/2042		3,063		3,021
Pool # U90975, 4.00%, 6/1/2042		778		788
Pool # U90230, 4.50%, 9/1/2042		2,884		3,003
Pool # U90281, 4.00%, 10/1/2042		2,172		2,200
Pool # U92021, 5.00%, 9/1/2043		3,252		3,474

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)			Value (000)
MORTGAGE-BACKED SECURITIES — continued
Pool # U99076, 4.50%, 12/1/2043		6,319			6,581
Pool # U99084, 4.50%, 2/1/2044		5,265			5,482
Pool # U92996, 3.50%, 6/1/2045		667			656
Pool # U93026, 3.50%, 7/1/2045		1,413			1,390
Pool # U99134, 4.00%, 1/1/2046		5,797			5,872
Pool # U93155, 3.50%, 5/1/2046		983			967
Pool # U93158, 3.50%, 6/1/2046		1,359			1,337
Pool # U93167, 3.50%, 7/1/2046		991			973
Pool # U93172, 3.50%, 7/1/2046		1,185			1,166
FNMA
Pool # AM2292, ARM, 2.66%, 1/1/2023 (l)		2,354			2,354
Pool # 750285, ARM, 4.75%, 10/1/2033 (l)		19			19
Pool # 766610, ARM, 4.09%, 1/1/2034 (l)		85			89
Pool # 823660, ARM, 4.12%, 5/1/2035 (l)		89			92
Pool # 910181, ARM, 3.78%, 3/1/2037 (l)		74			77
Pool # 888304, ARM, 3.56%, 4/1/2037 (l)		7			7
Pool # 888750, ARM, 3.90%, 4/1/2037 (l)		112			118
Pool # 948208, ARM, 3.80%, 7/1/2037 (l)		58			59
Pool # 888620, ARM, 4.22%, 7/1/2037 (l)		68			71
FNMA, 10 Year, Single Family
Pool # AD0672, 4.50%, 1/1/2020		30			31
FNMA, 15 Year, Single Family
Pool # 725993, 6.00%, 9/1/2019		—	(g)		—	(g)
Pool # 890129, 6.00%, 12/1/2021		26			27
Pool # 949379, 6.00%, 8/1/2022		33			34
Pool # 890231, 5.00%, 7/1/2025		235			244
FNMA, 20 Year, Single Family
Pool # MA0602, 3.50%, 12/1/2030		329			325
FNMA, 30 Year, Single Family
Pool # 50617, 8.00%, 8/1/2022		—	(g)		—	(g)
Pool # 250228, 9.00%, 4/1/2025		1			1
Pool # 328066, 8.50%, 10/1/2025		—	(g)		—	(g)
Pool # 313692, 8.50%, 12/1/2025		7			7
Pool # 365997, 7.50%, 10/1/2026		4			4
Pool # 250854, 7.50%, 3/1/2027		1			1
Pool # 251569, 7.00%, 3/1/2028		1			1
Pool # 420165, 6.50%, 4/1/2028		44			48
Pool # 455598, 5.50%, 12/1/2028		28			30
Pool # 517656, 5.50%, 7/1/2029		21			22
Pool # 252570, 6.50%, 7/1/2029		22			24
Pool # 517679, 6.50%, 7/1/2029		77			84
Pool # 323866, 6.50%, 8/1/2029		17			19
Pool # 995656, 7.00%, 6/1/2033		229			260
Pool # AL6168, 5.00%, 9/1/2033		8,028			8,483
Pool # 725229, 6.00%, 3/1/2034		1,314			1,437
Pool # AA0918, 5.50%, 9/1/2034		248			267
Pool # 735503, 6.00%, 4/1/2035		128			140
Pool # 745948, 6.50%, 10/1/2036		21			23
Pool # AL0379, 8.00%, 12/1/2036		1,646			1,882
Pool # AA8502, 6.00%, 8/1/2037		58			62
Pool # 995149, 6.50%, 10/1/2038		64			73
Pool # 995504, 7.50%, 11/1/2038		89			103
Pool # AC3237, 5.00%, 10/1/2039		779			826
Pool # AC4467, 4.50%, 12/1/2039		2,018			2,098
Pool # AE1526, 4.50%, 9/1/2040		3,922			4,080
Pool # AE3095, 4.50%, 9/1/2040		1,950			2,029
Pool # AE0681, 4.50%, 12/1/2040		6,782			7,057
Pool # AL0038, 5.00%, 2/1/2041		7,270			7,710
Pool # AX5292, 5.00%, 1/1/2042		26,587			28,297
Pool # BM1065, 5.50%, 2/1/2042		11,732			12,612

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)		Value (000)
MORTGAGE-BACKED SECURITIES — continued
Pool # AL2059, 4.00%, 6/1/2042		19,766		20,122
Pool # AB7575, 3.00%, 1/1/2043		5,596		5,383
Pool # AR6380, 3.00%, 2/1/2043		5,330		5,127
Pool # 890564, 3.00%, 6/1/2043		6,845		6,586
Pool # AT5907, 4.00%, 6/1/2043		11,954		12,169
Pool # AS0214, 3.50%, 8/1/2043		12,348		12,221
Pool # AL6848, 5.00%, 6/1/2044		3,478		3,713
Pool # BA2343, 4.00%, 9/1/2045		7,680		7,750
Pool # BA1210, 3.50%, 5/1/2046		2,052		2,021
Pool # BA7485, 3.50%, 6/1/2046		1,272		1,252
Pool # BC2969, 3.50%, 6/1/2046		1,034		1,018
Pool # BD1371, 3.50%, 6/1/2046		2,916		2,870
Pool # BA7492, 4.00%, 6/1/2046		1,909		1,922
Pool # BC9368, 4.00%, 6/1/2046		6,200		6,242
Pool # BD1372, 4.00%, 6/1/2046		3,043		3,064
Pool # BD2956, 3.50%, 7/1/2046		9,989		9,829
Pool # BD5456, 3.50%, 8/1/2046		5,929		5,834
Pool # BM1169, 4.00%, 9/1/2046		20,654		21,032
Pool # BE0280, 3.50%, 10/1/2046		6,000		5,904
Pool # AS8335, 4.50%, 11/1/2046		15,985		16,519
Pool # BM1906, 4.00%, 5/1/2047		16,174		16,329
Pool # AS9811, 5.00%, 6/1/2047		7,928		8,387
Pool # BH7565, 4.00%, 8/1/2047		26,068		26,311
Pool # BM3500, 4.00%, 9/1/2047		12,236		12,350
Pool # BH6687, 4.00%, 11/1/2047		12,304		12,390
Pool # BE8347, 4.00%, 12/1/2047		7,231		7,288
Pool # BJ5254, 4.00%, 12/1/2047		13,802		13,890
Pool # BM3499, 4.00%, 12/1/2047		94,843		95,493
Pool # BJ5777, 4.50%, 12/1/2047		1,300		1,346
Pool # BH6689, 4.00%, 1/1/2048		20,998		21,144
Pool # BJ7311, 4.00%, 1/1/2048		51,467		51,947
Pool # BJ8238, 4.00%, 1/1/2048		16,994		17,153
Pool # BJ8265, 4.00%, 1/1/2048		11,330		11,435
Pool # BK1008, 4.00%, 1/1/2048		3,114		3,143
Pool # BJ4617, 4.00%, 2/1/2048		11,342		11,453
Pool # BJ5772, 4.00%, 2/1/2048		15,574		15,721
Pool # BK1581, 4.00%, 2/1/2048		2,012		2,031
Pool # BJ5803, 4.00%, 3/1/2048		11,235		11,341
Pool # BK1963, 4.00%, 3/1/2048		8,087		8,166
Pool # BM3665, 4.00%, 3/1/2048		29,367		29,710
Pool # BJ5789, 4.50%, 3/1/2048		5,663		5,883
Pool # BE2789, 4.00%, 4/1/2048		7,238		7,306
Pool # BJ5781, 4.50%, 4/1/2048		27,775		28,775
Pool # BK5943, 5.00%, 6/1/2048		8,428		8,921
Pool # BK4130, 4.50%, 7/1/2048		3,010		3,099
Pool # BK6562, 4.50%, 7/1/2048		9,615		10,056
Pool # BK6589, 4.50%, 7/1/2048		3,161		3,287
Pool # BN0133, 4.00%, 8/1/2048		13,526		13,654
Pool # CA2171, 4.00%, 8/1/2048		25,888		26,077
Pool # BK9292, 5.00%, 8/1/2048		17,102		18,101
Pool # BN1312, 4.00%, 9/1/2048		25,811		26,054
Pool # 890863, 5.00%, 9/1/2048		43,405		45,752
Pool # BN0234, 5.00%, 9/1/2048		10,976		11,617
Pool # BN0861, 5.00%, 10/1/2048		5,037		5,324
FNMA, Other
Pool # 464019, 4.26%, 12/1/2019		3,430		3,466
Pool # AD0851, 4.37%, 2/1/2020		1,375		1,393
Pool # AE0134, 4.40%, 2/1/2020		331		335

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)		Value (000)
MORTGAGE-BACKED SECURITIES — continued
Pool # 465973, 3.59%, 10/1/2020		944		951
Pool # 466430, 3.37%, 11/1/2020		1,660		1,667
Pool # 467950, 4.34%, 6/1/2021		5,680		5,824
Pool # 468564, 4.06%, 7/1/2021		1,230		1,254
Pool # 469612, 3.66%, 12/1/2021		1,458		1,477
Pool # 470622, 2.75%, 3/1/2022		1,350		1,338
Pool # AM2285, 2.41%, 1/1/2023		3,575		3,479
Pool # AM2255, 2.51%, 1/1/2023		3,748		3,661
Pool # AM2452, 2.44%, 2/1/2023		6,999		6,816
Pool # AM2859, 2.65%, 3/1/2023		3,900		3,809
Pool # AL3876, 2.77%, 6/1/2023		4,261		4,177
Pool # AM4170, 3.51%, 8/1/2023		15,000		15,187
Pool # AM5032, 3.64%, 12/1/2023		4,759		4,824
Pool # AM5079, 3.45%, 1/1/2024		5,026		5,059
Pool # AM5473, 3.76%, 3/1/2024		5,300		5,377
Pool # AN2363, 2.23%, 4/1/2024		3,855		3,673
Pool # AM6795, 3.05%, 9/1/2024		11,021		10,861
Pool # AM7551, 2.97%, 12/1/2024		13,405		13,129
Pool # AM7552, 2.97%, 12/1/2024		18,190		17,815
Pool # AM7290, 2.97%, 12/1/2024		4,110		4,026
Pool # AL6260, 3.09%, 12/1/2024		4,179		4,155
Pool # AM7682, 2.84%, 1/1/2025		5,890		5,734
Pool # AM7795, 2.92%, 1/1/2025		10,000		9,767
Pool # AN1302, 2.93%, 1/1/2025		4,145		4,037
Pool # AM8090, 2.48%, 2/1/2025		9,723		9,287
Pool # AM7514, 3.07%, 2/1/2025		29,120		28,654
Pool # AM8702, 2.73%, 4/1/2025		18,325		17,688
Pool # AM8674, 2.81%, 4/1/2025		18,640		18,078
Pool # AM8691, 2.64%, 6/1/2025		18,777		18,008
Pool # AN0287, 2.95%, 11/1/2025		5,000		4,859
Pool # AN0707, 3.13%, 2/1/2026		8,720		8,573
Pool # AN1222, 2.78%, 4/1/2026		7,000		6,711
Pool # AN1413, 2.49%, 5/1/2026		10,000		9,418
Pool # AN1503, 2.62%, 5/1/2026		5,756		5,479
Pool # AN1221, 2.81%, 5/1/2026		4,000		3,841
Pool # AN1497, 2.61%, 6/1/2026		10,122		9,579
Pool # AN2193, 2.53%, 7/1/2026		5,971		5,647
Pool # AN2689, 2.20%, 10/1/2026		6,491		5,976
Pool # AN4000, 3.00%, 12/1/2026		2,390		2,325
Pool # AL6937, 3.92%, 12/1/2026		4,985		5,111
Pool # AN4917, 3.13%, 3/1/2027		13,674		13,267
Pool # AM8854, 2.88%, 7/1/2027		11,707		11,148
Pool # AN6318, 3.18%, 8/1/2027		8,500		8,239
Pool # AN1449, 2.97%, 4/1/2028		6,829		6,540
Pool # AN9696, 3.50%, 6/1/2028		34,500		34,232
Pool # AN2005, 2.73%, 7/1/2028		10,620		9,796
Pool # 387807, 3.55%, 8/1/2028		11,451		11,332
Pool # 387845, 3.64%, 8/1/2028		5,283		5,299
Pool # AN2497, 2.60%, 9/1/2028		4,225		3,905
Pool # 387823, 3.56%, 9/1/2028		13,467		13,712
Pool # AN2956, 2.44%, 10/1/2028		7,112		6,467
Pool # AN3080, 2.61%, 11/1/2028		14,080		12,925
Pool # AN3685, 2.69%, 12/1/2028		15,076		13,809
Pool # AN4004, 3.27%, 12/1/2028		8,615		8,318
Pool # AN4154, 3.17%, 1/1/2029		16,836		16,092
Pool # AN4349, 3.35%, 1/1/2029		8,606		8,358
Pool # AN4344, 3.37%, 1/1/2029		17,534		17,264
Pool # AN1872, 2.90%, 5/1/2029		3,861		3,634

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)			Value (000)
MORTGAGE-BACKED SECURITIES — continued
Pool # AN5677, 3.25%, 6/1/2029		9,825			9,473
Pool # 387883, 3.78%, 8/1/2030		16,369			16,534
Pool # 387827, 3.80%, 8/1/2030		7,918			7,991
Pool # AN0198, 3.34%, 11/1/2030		4,141			4,001
Pool # AN1676, 2.99%, 5/1/2031		3,657			3,369
Pool # AN1953, 3.01%, 6/1/2031		1,967			1,830
Pool # AN1683, 3.03%, 6/1/2031		5,000			4,620
Pool # AN2308, 2.87%, 8/1/2031		9,304			8,664
Pool # AN2625, 2.50%, 10/1/2031		12,340			10,807
Pool # AN4118, 3.24%, 2/1/2032		9,190			8,644
Pool # AO7654, 3.50%, 5/1/2032		4,134			4,121
Pool # AO5230, 3.50%, 6/1/2032		2,954			2,945
Pool # AO7057, 3.50%, 6/1/2032		1,731			1,726
Pool # AO7746, 3.50%, 6/1/2032		253			252
Pool # AO8038, 3.50%, 7/1/2032		4,106			4,093
Pool # AP0645, 3.50%, 7/1/2032		4,890			4,874
Pool # AP0682, 3.50%, 7/1/2032		5,177			5,160
Pool # AP1314, 3.50%, 8/1/2032		4,556			4,542
Pool # AQ1534, 3.50%, 10/1/2032		1,279			1,274
Pool # AQ1607, 3.50%, 11/1/2032		1,027			1,023
Pool # 650236, 5.00%, 12/1/2032		12			13
Pool # AR7961, 3.50%, 3/1/2033		1,201			1,197
Pool # 868763, 6.50%, 4/1/2036		6			6
Pool # 886320, 6.50%, 7/1/2036		26			27
Pool # AO6757, 4.00%, 6/1/2042		4,576			4,634
Pool # MA1125, 4.00%, 7/1/2042		4,200			4,252
Pool # MA1213, 3.50%, 10/1/2042		15,186			14,985
Pool # MA1283, 3.50%, 12/1/2042		2,091			2,064
Pool # MA1328, 3.50%, 1/1/2043		7,387			7,289
Pool # MA1404, 3.50%, 4/1/2043		3,836			3,785
Pool # MA1462, 3.50%, 6/1/2043		2,171			2,146
Pool # MA1463, 3.50%, 6/1/2043		5,330			5,259
Pool # MA1510, 4.00%, 7/1/2043		4,413			4,468
Pool # MA1546, 3.50%, 8/1/2043		8,204			8,096
Pool # AU8840, 4.50%, 11/1/2043		2,440			2,533
Pool # AV2613, 4.50%, 11/1/2043		5,928			6,153
Pool # MA1711, 4.50%, 12/1/2043		4,104			4,260
Pool # AL6167, 3.50%, 1/1/2044		30,220			29,820
Pool # MA2346, 3.50%, 6/1/2045		1,194			1,174
Pool # MA2462, 4.00%, 11/1/2045		6,721			6,806
Pool # MA2482, 4.00%, 12/1/2045		6,679			6,762
Pool # MA2519, 4.00%, 1/1/2046		6,038			6,113
Pool # BC0784, 3.50%, 4/1/2046		881			867
Pool # MA2593, 4.00%, 4/1/2046		15,053			15,241
Pool # MA2631, 4.00%, 5/1/2046		17,011			17,170
Pool # MA2658, 3.50%, 6/1/2046		3,963			3,899
Pool # MA2690, 3.50%, 7/1/2046		9,518			9,363
GNMA I, 15 Year, Single Family
Pool # 782933, 6.50%, 10/15/2023		70			73
GNMA I, 30 Year, Single Family
Pool # 299559, 10.00%, 11/15/2020		—	(g)		—	(g)
Pool # 313389, 7.25%, 9/15/2021		1			1
Pool # 314497, 7.25%, 1/15/2022		16			16
Pool # 316247, 9.00%, 1/15/2022		5			5
Pool # 297656, 7.50%, 10/15/2022		4			4
Pool # 376855, 7.00%, 2/15/2024		22			23
Pool # 380930, 7.00%, 4/15/2024		1			1
Pool # 780029, 9.00%, 11/15/2024		4			4
Pool # 405529, 8.50%, 11/15/2025		—	(g)		1

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)		Value (000)
MORTGAGE-BACKED SECURITIES — continued
Pool # 430999, 7.50%, 7/15/2026		13		13
Pool # 780481, 7.00%, 12/15/2026		4		4
Pool # 442422, 7.50%, 2/15/2027		3		3
Pool # 460982, 7.00%, 11/15/2027		2		2
Pool # 427295, 7.25%, 1/15/2028		13		13
Pool # 460759, 6.50%, 2/15/2028		63		68
Pool # 781118, 6.50%, 10/15/2029		45		50
Pool # 783867, 6.00%, 8/15/2036		4,273		4,660
Pool # AS4934, 4.50%, 5/15/2046		2,572		2,696
Pool # AT7538, 4.00%, 7/15/2046		10,351		10,585
Pool # AT7652, 4.00%, 8/15/2046		7,025		7,185
GNMA II, 30 Year, Single Family
Pool # 2056, 7.50%, 8/20/2025		3		3
Pool # 2270, 8.00%, 8/20/2026		2		3
Pool # 2285, 8.00%, 9/20/2026		30		34
Pool # 2379, 8.00%, 2/20/2027		2		2
Pool # 2397, 8.00%, 3/20/2027		1		1
Pool # 2445, 8.00%, 6/20/2027		11		13
Pool # 2457, 7.50%, 7/20/2027		29		32
Pool # 2538, 8.00%, 1/20/2028		6		7
Pool # 2581, 8.00%, 4/20/2028		1		1
Pool # 2606, 8.00%, 6/20/2028		1		1
Pool # 2619, 8.00%, 7/20/2028		2		2
Pool # 2633, 8.00%, 8/20/2028		6		6
Pool # 2714, 6.50%, 2/20/2029		5		6
Pool # 4901, 8.00%, 9/20/2031		319		359
Pool # 5020, 7.50%, 5/20/2032		149		163
Pool # 738210, 7.00%, 6/20/2032		299		322
Pool # 738062, 6.00%, 11/20/2032		533		573
Pool # 738059, 6.00%, 10/20/2033		167		177
Pool # 738049, 6.00%, 3/20/2035		505		543
Pool # 737987, 6.00%, 4/20/2036		574		614
Pool # 737975, 6.00%, 9/20/2036		82		87
Pool # 5034, 7.00%, 8/20/2038		142		156
Pool # 4245, 6.00%, 9/20/2038		129		139
Pool # 4930, 7.00%, 10/20/2038		479		543
Pool # 4964, 7.00%, 12/20/2038		91		96
Pool # 4872, 7.00%, 1/20/2039		509		569
Pool # 5072, 6.50%, 10/20/2039		175		192
Pool # 5218, 6.50%, 10/20/2039		244		270
Pool # AS8103, 3.50%, 6/20/2046		2,317		2,292
Pool # AS8104, 3.75%, 6/20/2046		1,982		1,985
Pool # AS8105, 4.00%, 6/20/2046		1,404		1,425
Pool # AS8106, 3.50%, 7/20/2046		3,062		3,028
Pool # AS8107, 3.75%, 7/20/2046		3,949		3,957
Pool # BB8791, 4.00%, 12/20/2047		9,865		10,079
Pool # BD6195, 4.00%, 1/20/2048		23,835		24,207
Pool # BE9507, 4.50%, 3/20/2048		4,528		4,760
Pool # BG2382, 4.50%, 3/20/2048		3,818		3,989
Pool # BA7568, 4.50%, 4/20/2048		31,255		32,380
Pool # BD0512, 5.00%, 4/20/2048		20,498		21,740
Pool # BD0532, 5.00%, 6/20/2048		19,372		20,549
Pool # BH2970, 5.00%, 6/20/2048		12,922		13,736
Pool # BG3833, 4.50%, 7/20/2048		44,758		46,369
Pool # BD0549, 5.00%, 8/20/2048		18,758		19,897
Pool # BH9109, 4.50%, 10/20/2048		20,786		21,584
TOTAL MORTGAGE-BACKED SECURITIES (Cost $2,174,963)				2,102,476

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)		Value (000)
COMMERCIAL MORTGAGE-BACKED SECURITIES — 9.3%
20 Times Square Trust Series 2018-20TS, Class F, 3.20%, 5/15/2035 ‡ (a) (l)		24,120		22,375
BAMLL Commercial Mortgage Securities Trust
Series 2012-PARK, Class A, 2.96%, 12/10/2030 (a)		2,985		2,951
Series 2016-FR14, Class A, 3.02%, 2/27/2048 (a) (l)		8,400		7,922
BAMLL Re-REMIC Trust
Series 2016-FR16, Class A, 0.95%, 5/27/2021 (a) (l)		5,750		5,317
Series 2013-FRR2, Class B, PO, 9/26/2022 (a)		8,992		7,318
Series 2014-FRR4, Class BK29, PO, 4/27/2023 (a)		8,600		6,071
Series 2013-FRR3, Class A, PO, 6/26/2023 (a)		14,650		11,451
Series 2016-FR13, Class A, 1.66%, 8/27/2045 (a) (l)		16,500		14,494
Series 2014-FRR5, Class A714, PO, 1/27/2047 (a)		3,050		2,774
Series 2014-FRR5, Class AK37, 2.64%, 1/27/2047 (a) (l)		15,000		13,198
Series 2014-FRR8, Class A, 2.20%, 11/26/2047 (a) (l)		12,000		9,945
BBCCRE Trust Series 2015-GTP, Class A, 3.97%, 8/10/2033 (a)		9,400		9,484
BB-UBS Trust
Series 2012-TFT, Class A, 2.89%, 6/5/2030 (a)		972		954
Series 2012-SHOW, Class A, 3.43%, 11/5/2036 (a)		13,922		13,630
Series 2012-SHOW, Class E, 4.16%, 11/5/2036 (a) (l)		12,692		11,995
BCRR Trust
Series 2014-FRR1, Class A716, PO, 8/26/2047 (a)		21,000		18,338
Series 2014-FRR1, Class B716, PO, 8/26/2047 ‡ (a)		14,335		12,071
BWAY Mortgage Trust Series 2013-1515, Class F, 4.06%, 3/10/2033 ‡ (a) (l)		5,000		4,714
BXMT Ltd. Series 2017-FL1, Class D, 5.00%, 6/15/2035 ‡ (a) (l)		8,500		8,563
Capmark Mortgage Securities, Inc. Series 1998-C2, Class X, IO, 1.31%, 5/15/2035 ‡ (l)		7,543		—	(g)
CD Commercial Mortgage Trust Series 2007-CD4, Class XC, IO, 0.93%, 12/11/2049 (a) (l)		276		3
CFCRE Commercial Mortgage Trust Series 2011-C2, Class D, 5.95%, 12/15/2047 ‡ (a) (l)		5,000		5,103
Commercial Mortgage Trust
Series 2013-WWP, Class A2, 3.42%, 3/10/2031 (a)		6,100		6,137
Series 2018-HOME, Class A, 3.94%, 4/10/2033 (a) (l)		23,900		23,614
Series 2006-GG7, Class AM, 5.86%, 7/10/2038 (l)		2,036		2,036
Series 2013-CR9, Class D, 4.40%, 7/10/2045 ‡ (a) (l)		7,000		5,920
Series 2012-CR2, Class XA, IO, 1.81%, 8/15/2045 ‡ (l)		21,249		1,049
Series 2015-CR24, Class A5, 3.70%, 8/10/2048		8,032		7,996
Series 2015-CR25, Class A4, 3.76%, 8/10/2048		6,856		6,842
Credit Suisse Commercial Mortgage Trust Series 2007-C2, Class AX, IO, 0.10%, 1/15/2049 ‡ (a) (l)		13,085		—	(g)
CSAIL Commercial Mortgage Trust
Series 2017-CX10, Class UESC, 4.38%, 10/15/2032 ‡ (a) (l)		19,159		18,829
Series 2015-C3, Class A4, 3.72%, 8/15/2048		12,304		12,252
CSMC OA LLC Series 2014-USA, Class D, 4.37%, 9/15/2037 (a)		15,200		14,471
DBRR Re-REMIC Trust Series 2015-FRR1, Class B711, PO, 8/28/2045 (a)		7,715		7,441
DBUBS Mortgage Trust Series 2011-LC2A, Class XA, IO, 1.25%, 7/10/2044 ‡ (a) (l)		10,412		216
Exantas Capital Corp. Ltd. (Cayman Islands)
Series 2018-RSO6, Class C, 4.15%, 6/15/2035 ‡ (a) (l)		4,808		4,814
Series 2018-RSO6, Class D, 4.80%, 6/15/2035 ‡ (a) (l)		4,000		4,010
FHLMC Multifamily Structured Pass-Through Certificates
Series K708, Class X1, IO, 1.58%, 1/25/2019 (l)		41,910		35
Series KJ13, Class A2, 2.86%, 8/25/2022		13,930		13,802
Series KJ18, Class A2, 3.07%, 8/25/2022		8,633		8,589
Series KJ09, Class A2, 2.84%, 9/25/2022		5,121		5,054
Series KJ07, Class A2, 2.31%, 12/25/2022		20,000		19,372
Series KJ06, Class A, 2.27%, 1/25/2023		25,000		24,040
Series K037, Class A2, 3.49%, 1/25/2024		15,000		15,128
Series K038, Class A2, 3.39%, 3/25/2024		3,429		3,442
Series K727, Class AM, 3.04%, 7/25/2024		10,471		10,332

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)		Value (000)
COMMERCIAL MORTGAGE-BACKED SECURITIES — continued
Series K048, Class A2, 3.28%, 6/25/2025 (l)		13,500		13,426
Series KC02, Class A2, 3.37%, 7/25/2025		31,000		30,803
Series KS07, Class A2, 2.74%, 9/25/2025		21,600		20,631
Series KJ17, Class A2, 2.98%, 11/25/2025		12,710		12,478
Series K052, Class A2, 3.15%, 11/25/2025		3,791		3,738
Series KS06, Class A2, 2.72%, 7/25/2026		10,080		9,626
Series K058, Class AM, 2.72%, 8/25/2026 (l)		20,000		18,941
Series K061, Class AM, 3.44%, 11/25/2026 (l)		10,012		9,910
Series K063, Class AM, 3.51%, 1/25/2027 (l)		25,610		25,598
Series K065, Class A2, 3.24%, 4/25/2027		6,633		6,473
Series K065, Class AM, 3.33%, 5/25/2027		3,557		3,476
Series K069, Class A2, 3.19%, 9/25/2027 (l)		20,340		19,712
Series K070, Class A2, 3.30%, 11/25/2027 (l)		6,045		5,901
Series K073, Class A2, 3.35%, 1/25/2028		14,087		13,823
Series W5FX, Class AFX, 3.34%, 4/25/2028 (l)		9,910		9,646
Series K081, Class A2, 3.90%, 8/25/2028 (l)		17,845		18,168
Series K157, Class A1, 3.99%, 6/25/2030		18,415		18,868
Series K152, Class A2, 3.08%, 1/25/2031		8,843		8,323
FNMA ACES
Series 2011-M8, Class A2, 2.92%, 8/25/2021		570		567
Series 2014-M12, Class ASV2, 2.61%, 10/25/2021 (l)		12,597		12,442
Series 2013-M7, Class A2, 2.28%, 12/27/2022		3,128		3,036
Series 2014-M3, Class A2, 3.50%, 1/25/2024 (l)		8,935		9,016
Series 2014-M13, Class A2, 3.02%, 8/25/2024 (l)		8,909		8,756
Series 2015-M1, Class A2, 2.53%, 9/25/2024		12,965		12,415
Series 2015-M3, Class A2, 2.72%, 10/25/2024		10,000		9,664
Series 2015-M7, Class A2, 2.59%, 12/25/2024		12,398		11,881
Series 2015-M2, Class A3, 3.15%, 12/25/2024 (l)		19,127		18,883
Series 2015-M8, Class A2, 2.90%, 1/25/2025 (l)		11,700		11,390
Series 2015-M5, Class A1, 2.97%, 3/25/2025 (l)		20,005		19,377
Series 2015-M13, Class A2, 2.80%, 6/25/2025 (l)		1,808		1,737
Series 2016-M6, Class A2, 2.49%, 5/25/2026		9,100		8,475
Series 2016-M7, Class A2, 2.50%, 9/25/2026		10,328		9,595
Series 2017-M1, Class A2, 2.50%, 10/25/2026 (l)		10,660		9,827
Series 2017-M3, Class A2, 2.57%, 12/25/2026 (l)		17,000		15,684
Series 2015-M10, Class A2, 3.09%, 4/25/2027 (l)		8,528		8,235
Series 2017-M8, Class A2, 3.06%, 5/25/2027 (l)		10,260		9,820
Series 2018-M4, Class A2, 3.14%, 3/25/2028 (l)		11,282		10,727
Series 2018-M7, Class A2, 3.15%, 3/25/2028 (l)		30,256		28,989
Series 2018-M9, Class APT2, 3.23%, 4/25/2028 (l)		36,000		34,821
Series 2018-M10, Class A2, 3.50%, 7/25/2028 (l)		20,853		20,514
Series 2018-M14, Class A2, 3.58%, 8/25/2028 (l)		16,000		16,140
Series 2017-M5, Class A2, 3.30%, 4/25/2029 (l)		30,277		28,923
Series 2018-M3, Class A2, 3.19%, 2/25/2030 (l)		7,528		7,034
FNMA Grantor Trust Series 2017-T1, Class A, 2.90%, 6/25/2027		13,069		12,192
FREMF Mortgage Trust
Series 2015-K720, Class B, 3.51%, 7/25/2022 (a) (l)		11,227		11,096
Series 2015-K720, Class C, 3.51%, 7/25/2022 (a) (l)		11,500		11,276
Series 2017-K727, Class C, 3.87%, 7/25/2024 (a) (l)		3,200		3,030
Series 2013-K25, Class C, 3.74%, 11/25/2045 (a) (l)		4,156		4,093
Series 2014-K38, Class C, 4.79%, 6/25/2047 (a) (l)		4,750		4,721
Series 2014-K39, Class C, 4.28%, 8/25/2047 (a) (l)		7,000		6,779
Series 2015-K721, Class B, 3.68%, 11/25/2047 (a) (l)		2,585		2,544
Series 2014-K40, Class C, 4.21%, 11/25/2047 (a) (l)		8,542		8,404
Series 2015-K718, Class C, 3.67%, 2/25/2048 (a) (l)		4,000		3,967
Series 2015-K45, Class B, 3.71%, 4/25/2048 (a) (l)		8,920		8,733
Series 2015-K46, Class C, 3.82%, 4/25/2048 (a) (l)		3,545		3,389
Series 2015-K48, Class B, 3.76%, 8/25/2048 (a) (l)		16,085		15,446

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)		Value (000)
COMMERCIAL MORTGAGE-BACKED SECURITIES — continued
Series 2015-K51, Class B, 4.09%, 10/25/2048 (a) (l)		2,750		2,712
Series 2016-K55, Class B, 4.30%, 4/25/2049 (a) (l)		10,000		9,795
Series 2016-K56, Class B, 4.07%, 6/25/2049 (a) (l)		3,549		3,461
Series 2016-K722, Class B, 3.97%, 7/25/2049 (a) (l)		8,010		8,013
Series 2017-K68, Class B, 3.98%, 10/25/2049 (a) (l)		9,423		9,048
Series 2016-K59, Class B, 3.70%, 11/25/2049 (a) (l)		4,714		4,516
Series 2017-K63, Class B, 4.00%, 2/25/2050 (a) (l)		11,895		11,553
Series 2018-K74, Class B, 4.23%, 2/25/2051 (a) (l)		10,000		9,657
FRR Re-REMIC Trust
Series 2018-C1, Class A720, 3.01%, 8/27/2047 (a)		6,500		5,989
Series 2018-C1, Class AK43, 3.05%, 2/27/2048 (a)		5,000		4,315
GS Mortgage Securities Corp. Trust Series 2012-SHOP, Class XA, IO, 1.44%, 6/5/2031 ‡ (a) (l)		20,000		65
GS Mortgage Securities Trust Series 2011-GC5, Class D, 5.56%, 8/10/2044 ‡ (a) (l)		2,579		2,517
Independence Plaza Trust Series 2018-INDP, Class A, 3.76%, 7/10/2035 (a)		16,270		16,074
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2005-CB11, Class X1, IO, 0.03%, 8/12/2037 ‡ (a) (l)		20,905		5
Series 2006-CB15, Class X1, IO, 0.39%, 6/12/2043 ‡ (l)		7,108		8
Series 2010-C2, Class XA, IO, 1.72%, 11/15/2043 ‡ (a) (l)		4,549		98
Series 2005-LDP5, Class X1, IO, 0.00%, 12/15/2044 ‡ (a) (l)		2,078		—	(g)
Series 2006-LDP8, Class X, IO, 0.29%, 5/15/2045 ‡ (l)		437		1
Series 2006-LDP9, Class AMS, 5.34%, 5/15/2047		2,000		1,999
JPMCC Re-REMIC Trust
Series 2015-FRR2, Class AK36, 2.58%, 12/27/2046 (a) (l)		5,000		4,414
Series 2014-FRR1, Class A707, 4.35%, 1/27/2047 (a)		6,400		6,380
Series 2015-FRR2, Class AK39, 2.94%, 8/27/2047 (a) (l)		7,000		6,154
Series 2014-FRR1, Class BK10, 2.51%, 11/27/2049 (a) (l)		6,875		6,570
ML-CFC Commercial Mortgage Trust Series 2006-4, Class XC, IO, 0.80%, 12/12/2049 ‡ (a) (l)		1,824		—	(g)
Morgan Stanley Capital I Trust
Series 2007-HQ11, Class X, IO, 0.53%, 2/12/2044 ‡ (a) (l)		1,080		2
Series 2011-C3, Class A3, 4.05%, 7/15/2049		513		514
Morgan Stanley Re-REMIC Trust
Series 2012-XA, Class B, 0.25%, 7/27/2049 ‡ (a)		160		151
Series 2012-IO, Class AXA, 1.00%, 3/27/2051 (a)		59		58
PFP Ltd. (Cayman Islands) Series 2017-3, Class D, 5.80%, 1/14/2035 ‡ (a) (l)		6,500		6,549
Series RR Trust Series 2015-1, Class A, PO, 4/26/2048 (a)		3,000		2,065
TPG Real Estate Finance Ltd. (Cayman Islands) Series 2018-FL1, Class D, 5.00%, 2/15/2035 ‡ (a) (l)		7,750		7,791
UBS Commercial Mortgage Trust
Series 2012-C1, Class XA, IO, 2.25%, 5/10/2045 (a) (l)		7,312		408
Series 2012-C1, Class D, 5.73%, 5/10/2045 ‡ (a) (l)		6,180		6,062
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 6/10/2030 (a)		2,191		2,179
UBS-Barclays Commercial Mortgage Trust
Series 2012-C2, Class XA, IO, 1.48%, 5/10/2063 ‡ (a) (l)		12,330		473
Series 2012-C2, Class A4, 3.53%, 5/10/2063		1,560		1,558
VNDO Mortgage Trust Series 2012-6AVE, Class A, 3.00%, 11/15/2030 (a)		5,291		5,190
Wachovia Bank Commercial Mortgage Trust Series 2007-C30, Class XC, IO, 0.41%, 12/15/2043 ‡ (a) (l)		11,173		—	(g)
Wells Fargo Commercial Mortgage Trust Series 2015-C30, Class A4, 3.66%, 9/15/2058		7,598		7,541
Wells Fargo Re-REMIC Trust Series 2013-FRR1, Class AK16, PO, 12/27/2043 (a)		12,000		10,506
WFRBS Commercial Mortgage Trust
Series 2011-C3, Class A4, 4.38%, 3/15/2044 (a)		2,500		2,547
Series 2013-C11, Class D, 4.41%, 3/15/2045 ‡ (a) (l)		6,640		6,417
Worldwide Plaza Trust Series 2017-WWP, Class A, 3.53%, 11/10/2036 (a)		12,837		12,393
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $1,281,380)				1,262,999

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)		Value (000)
COLLATERALIZED MORTGAGE OBLIGATIONS — 4.1%
Acre
12/15/2020 ‡		17,350		17,350
Series 2017-B, 12/15/2020 ‡		12,400		12,400
Adjustable Rate Mortgage Trust Series 2005-5, Class 6A21, 2.54%, 9/25/2035 (l)		25		25
Alternative Loan Trust
Series 2005-J6, Class 2A1, 5.50%, 7/25/2025		33		32
Series 2003-J3, Class 2A1, 6.25%, 12/25/2033		39		40
Series 2004-22CB, Class 1A1, 6.00%, 10/25/2034		634		651
Series 2005-23CB, Class A2, 5.50%, 7/25/2035		321		316
Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035		1,519		1,422
Series 2005-86CB, Class A11, 5.50%, 2/25/2036		581		504
Series 2006-26CB, Class A9, 6.50%, 9/25/2036		163		132
American General Mortgage Loan Trust Series 2006-1, Class A5, 5.75%, 12/25/2035 (a) (l)		25		26
Angel Oak Mortgage Trust LLC Series 2017-1, Class A3, 3.64%, 1/25/2047 (a) (l)		466		464
Antler Mortgage Trust Series 2018-RTL1, Class A2, 4.70%, 7/25/2022 ‡ (a)		7,000		7,000
Aqua Finance Trust Series 2017-A, Class A, 3.72%, 11/15/2035 (a)		8,204		8,027
ARIVO 9/15/2019 ‡		7,162		7,162
Banc of America Alternative Loan Trust Series 2004-6, Class 4A1, 5.00%, 7/25/2019		25		25
Banc of America Funding Trust
Series 2005-E, Class 4A1, 4.43%, 3/20/2035 (l)		202		203
Series 2005-5, Class 3A5, 5.50%, 8/25/2035		1,500		1,491
Series 2005-7, Class 30PO, PO, 11/25/2035 ‡		76		64
Banc of America Mortgage Trust
Series 2005-11, Class 15PO, PO, 12/25/2020 ‡		9		9
Series 2004-2, Class 2A4, 5.50%, 3/25/2034		55		54
Series 2004-F, Class 1A1, 4.49%, 7/25/2034 (l)		166		168
BCAP LLC Trust Series 2009-RR5, Class 8A1, 5.50%, 11/26/2034 (a) (l)		42		43
Bear Stearns ARM Trust Series 2003-7, Class 3A, 4.20%, 10/25/2033 (l)		65		65
Bear Stearns Mortgage Securities, Inc. Series 1997-6, Class 1A, 6.20%, 3/25/2031 (l)		2		2
Chase Mortgage Finance Trust Series 2007-A2, Class 2A1, 4.35%, 7/25/2037 (l)		1,094		1,115
CHL Mortgage Pass-Through Trust
Series 2004-J1, Class 2A1, 4.75%, 1/25/2019		1		—	(g)
Series 2004-8, Class 2A1, 4.50%, 6/25/2019		12		12
Series 2004-J7, Class 2A2, 4.50%, 8/25/2019		85		85
Series 2004-3, Class A25, 5.75%, 4/25/2034		164		162
Series 2004-5, Class 2A9, 5.25%, 5/25/2034		237		236
Series 2005-22, Class 2A1, 4.08%, 11/25/2035 (l)		361		318
Citicorp Mortgage Securities Trust Series 2006-1, Class 2A1, 5.00%, 2/25/2021		21		21
Citigroup Mortgage Loan Trust Series 2009-3, Class 5A2, 6.00%, 2/25/2037 (a) (l)		658		674
Citigroup Mortgage Loan Trust, Inc.
Series 2004-UST1, Class A3, 4.56%, 8/25/2034 (l)		85		87
Series 2004-HYB4, Class AA, 2.64%, 12/25/2034 (l)		88		84
Credit Suisse First Boston Mortgage Securities Corp.
Series 2005-7, Class 5A1, 4.75%, 8/25/2020		5		5
Series 2005-1, Class 1A16, 5.50%, 2/25/2035		156		156
CSFB Mortgage-Backed Pass-Through Certificates
Series 2005-10, Class 6A13, 5.50%, 11/25/2035		338		273
Series 2005-10, Class 10A4, 6.00%, 11/25/2035		233		123
CVS Pass-Through Trust
8.35%, 7/10/2031 (a)		307		368
5.77%, 1/10/2033 (a)		388		408
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-3, Class 4APO, PO, 6/25/2035 ‡		41		35
DLJ Mortgage Acceptance Corp. Series 1993-19, Class A7, 6.75%, 1/25/2024		201		200
DT Asset Trust 5.84%, 12/16/2022 ‡		9,000		8,992
FHLMC - GNMA Series 24, Class J, 6.25%, 11/25/2023		266		278

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)			Value (000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 23, Class KZ, 6.50%, 11/25/2023		38			40
Series 31, Class Z, 8.00%, 4/25/2024		40			43
FHLMC REMIC
Series 38, Class D, 9.50%, 5/15/2020		—	(g)		—	(g)
Series 84, Class F, 9.20%, 10/15/2020		—	(g)		—	(g)
Series 81, Class A, 8.13%, 11/15/2020		—	(g)		—	(g)
Series 109, Class I, 9.10%, 1/15/2021		—	(g)		—	(g)
Series 1316, Class Z, 8.00%, 6/15/2022		23			24
Series 1343, Class LB, 7.50%, 8/15/2022		7			8
Series 1351, Class TF, HB, 1,010.00%, 8/15/2022		—	(g)		2
Series 198, Class Z, 8.50%, 9/15/2022		—	(g)		—	(g)
Series 1456, Class Z, 7.50%, 1/15/2023		15			16
Series 1543, Class VN, 7.00%, 7/15/2023		113			119
Series 1911, Class SD, IF, IO, 10.17%, 7/15/2023 (l)		42			6
Series 2033, Class K, 6.05%, 8/15/2023		152			159
Series 1577, Class PV, 6.50%, 9/15/2023		104			110
Series 1608, Class L, 6.50%, 9/15/2023		192			203
Series 3890, Class ET, 5.50%, 11/15/2023		164			169
Series 1630, Class PK, 6.00%, 11/15/2023		75			78
Series 1611, Class Z, 6.50%, 11/15/2023		191			202
Series 1628, Class LZ, 6.50%, 12/15/2023		156			163
Series 2756, Class NA, 5.00%, 2/15/2024		137			141
Series 1671, Class I, 7.00%, 2/15/2024		168			173
Series 1671, Class QC, IF, 10.00%, 2/15/2024 (l)		16			19
Series 1695, Class G, HB, IF, 26.86%, 3/15/2024 (l)		15			19
Series 1710, Class GB, HB, IF, 40.47%, 4/15/2024 (l)		10			14
Series 2989, Class TG, 5.00%, 6/15/2025		252			264
Series 3005, Class ED, 5.00%, 7/15/2025		440			459
Series 4030, Class IL, IO, 3.50%, 4/15/2027		1,965			181
Series 4060, Class TB, 2.50%, 6/15/2027		4,000			3,701
Series 2022, Class PE, 6.50%, 1/15/2028		23			25
Series 2036, Class PG, 6.50%, 1/15/2028		136			147
Series 2089, Class PJ, IO, 7.00%, 10/15/2028		25			3
Series 2091, Class PG, 6.00%, 11/15/2028		410			440
Series 2116, Class ZA, 6.00%, 1/15/2029		95			100
Series 2148, Class ZA, 6.00%, 4/15/2029		27			29
Series 2995, Class FT, 2.56%, 5/15/2029 (l)		131			130
Series 2530, Class SK, IF, IO, 5.79%, 6/15/2029 (l)		417			59
Series 2201, Class C, 8.00%, 11/15/2029		84			93
Series 3648, Class CY, 4.50%, 3/15/2030		821			858
Series 3737, Class DG, 5.00%, 10/15/2030		310			322
Series 2261, Class ZY, 7.50%, 10/15/2030		2			2
Series 2293, Class ZA, 6.00%, 3/15/2031		157			173
Series 2310, Class Z, 6.00%, 4/15/2031		20			22
Series 2313, Class LA, 6.50%, 5/15/2031		9			11
Series 2325, Class JO, PO, 6/15/2031		72			64
Series 2330, Class PE, 6.50%, 6/15/2031		214			233
Series 2410, Class QB, 6.25%, 2/15/2032		300			333
Series 2534, Class SI, IF, 15.06%, 2/15/2032 (l)		47			62
Series 2427, Class GE, 6.00%, 3/15/2032		808			884
Series 2430, Class WF, 6.50%, 3/15/2032		626			694
Series 2594, Class IV, IO, 7.00%, 3/15/2032		107			13
Series 2643, Class SA, HB, IF, 30.51%, 3/15/2032 (l)		23			39
Series 2466, Class DH, 6.50%, 6/15/2032		113			124
Series 4146, Class KI, IO, 3.00%, 12/15/2032		6,062			797
Series 2543, Class YX, 6.00%, 12/15/2032		320			350
Series 2557, Class HL, 5.30%, 1/15/2033		212			228
Series 2994, Class SC, IF, IO, 3.29%, 2/15/2033 (l)		145			1

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)		Value (000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2586, IO, 6.50%, 3/15/2033		386		42
Series 2610, Class UI, IO, 6.50%, 5/15/2033		259		55
Series 2764, Class S, IF, 7.98%, 7/15/2033 (l)		45		49
Series 2656, Class AC, 6.00%, 8/15/2033		152		168
Series 2733, Class SB, IF, 5.93%, 10/15/2033 (l)		465		490
Series 3005, Class PV, IF, 9.10%, 10/15/2033 (l)		11		12
Series 2699, Class W, 5.50%, 11/15/2033		348		378
Series 2990, Class SL, IF, 16.04%, 6/15/2034 (l)		44		49
Series 3611, PO, 7/15/2034		83		70
Series 2845, Class QH, 5.00%, 8/15/2034		277		292
Series 2864, Class NS, IF, IO, 4.79%, 9/15/2034 (l)		195		6
Series 2912, Class EH, 5.50%, 1/15/2035		1,210		1,312
Series 3059, Class B, 5.00%, 2/15/2035		18		18
Series 2980, Class QB, 6.50%, 5/15/2035		32		36
Series 3031, Class BN, IF, 12.71%, 8/15/2035 (l)		332		391
Series 3117, Class EO, PO, 2/15/2036		155		130
Series 3134, PO, 3/15/2036		47		41
Series 3152, Class MO, PO, 3/15/2036		299		253
Series 3184, Class YO, PO, 3/15/2036		452		400
Series 3138, PO, 4/15/2036		54		47
Series 3187, Class Z, 5.00%, 7/15/2036		1,409		1,496
Series 3542, Class TN, IF, 6.00%, 7/15/2036 (l)		30		33
Series 3201, Class IN, IF, IO, 3.94%, 8/15/2036 (l)		231		19
Series 3202, Class HI, IF, IO, 4.34%, 8/15/2036 (l)		1,158		146
Series 3855, Class AM, 6.50%, 11/15/2036		284		311
Series 3274, Class B, 6.00%, 2/15/2037		183		197
Series 3292, Class DO, PO, 3/15/2037		112		104
Series 3305, Class IW, IF, IO, 4.14%, 4/15/2037 (l)		409		35
Series 3306, Class TC, IF, 4.52%, 4/15/2037 (l)		26		28
Series 3306, Class TB, IF, 5.06%, 4/15/2037 (l)		30		32
Series 3331, PO, 6/15/2037		63		55
Series 3605, Class NC, 5.50%, 6/15/2037		840		910
Series 3383, Class OP, PO, 11/15/2037		121		103
Series 3409, Class DB, 6.00%, 1/15/2038		809		861
Series 3546, Class A, 4.08%, 2/15/2039 (l)		113		115
Series 3531, Class SM, IF, IO, 3.79%, 5/15/2039 (l)		60		3
Series 3827, Class BD, 4.00%, 8/15/2039		209		209
Series 3572, Class JS, IF, IO, 4.49%, 9/15/2039 (l)		195		21
Series 3592, Class BZ, 5.00%, 10/15/2039		4,154		4,412
Series 3609, Class SA, IF, IO, 4.03%, 12/15/2039 (l)		802		90
Series 3610, Class CA, 4.50%, 12/15/2039		324		340
Series 3653, Class HJ, 5.00%, 4/15/2040		181		191
Series 3677, Class PB, 4.50%, 5/15/2040		3,006		3,181
Series 3852, Class TP, IF, 5.50%, 5/15/2041 (l)		417		442
Series 4374, Class NC, 3.75%, 2/15/2046 (c)		2,552		2,566
FHLMC STRIPS
Series 186, PO, 8/1/2027		166		149
Series 262, Class 35, 3.50%, 7/15/2042		5,202		5,155
Series 279, Class 35, 3.50%, 9/15/2042		1,823		1,805
Series 323, Class 300, 3.00%, 1/15/2044		6,227		6,050
Series 334, Class 300, 3.00%, 8/15/2044		5,073		4,792
FHLMC Structured Pass-Through Securities Certificates Series T-76, Class 2A, 2.49%, 10/25/2037 (l)		434		447
First Horizon Alternative Mortgage Securities Trust Series 2004-AA3, Class A1, 4.23%, 9/25/2034 (l)		267		263
First Horizon Mortgage Pass-Through Trust
Series 2004-AR6, Class 2A1, 4.70%, 12/25/2034 (l)		238		243
Series 2004-AR7, Class 2A2, 3.71%, 2/25/2035 (l)		80		81
FN
3.88%, 1/25/2029 (n)		16,000		16,005
3.97%, 1/27/2031 (n)		10,000		10,147
FNMA Grantor Trust
Series 2001-T12, IO, 0.52%, 8/25/2041 (l)		17,665		318
Series 2002-T4, IO, 0.40%, 12/25/2041 (l)		35,216		246

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)			Value (000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2002-T4, Class A2, 7.00%, 12/25/2041		401			445
Series 2002-T4, Class A4, 9.50%, 12/25/2041		674			790
Series 2002-T19, Class A1, 6.50%, 7/25/2042		546			611
Series 2002-T16, Class A2, 7.00%, 7/25/2042		623			700
Series 2004-T2, Class 1A3, 7.00%, 11/25/2043		241			270
Series 2004-T2, Class 1A4, 7.50%, 11/25/2043		270			303
Series 2004-T1, Class 1A1, 6.00%, 1/25/2044		338			366
Series 2004-T3, Class 1IO4, IO, 0.57%, 2/25/2044 (l)		5,082			54
FNMA REMIC
Series 1989-72, Class E, 9.35%, 10/25/2019		2			2
Series 1989-98, Class H, 11.50%, 12/25/2019		—	(g)		—	(g)
Series 1990-1, Class D, 8.80%, 1/25/2020		—	(g)		—	(g)
Series 1990-110, Class H, 8.75%, 9/25/2020		—	(g)		—	(g)
Series 1990-117, Class E, 8.95%, 10/25/2020		—	(g)		—	(g)
Series 2001-4, Class PC, 7.00%, 3/25/2021		43			44
Series G-29, Class O, 8.50%, 9/25/2021		4			5
Series 1991-141, Class PZ, 8.00%, 10/25/2021		10			10
Series 1992-31, Class M, 7.75%, 3/25/2022		5			5
Series G92-30, Class Z, 7.00%, 6/25/2022		1			1
Series 1992-101, Class J, 7.50%, 6/25/2022		6			7
Series 1992-79, Class Z, 9.00%, 6/25/2022		5			6
Series G92-62, Class B, PO, 10/25/2022		6			5
Series 1995-4, Class Z, 7.50%, 10/25/2022		68			71
Series 1992-200, Class SK, HB, IF, 23.05%, 11/25/2022 (l)		65			77
Series 1997-37, Class SM, IF, IO, 5.68%, 12/25/2022 (l)		133			5
Series 2003-17, Class EQ, 5.50%, 3/25/2023		248			257
Series 1993-23, Class PZ, 7.50%, 3/25/2023		6			6
Series 1993-56, Class PZ, 7.00%, 5/25/2023		39			41
Series 1993-60, Class Z, 7.00%, 5/25/2023		23			25
Series 1993-79, Class PL, 7.00%, 6/25/2023		36			38
Series 1993-141, Class Z, 7.00%, 8/25/2023		75			79
Series 1993-149, Class M, 7.00%, 8/25/2023		33			35
Series 1993-205, Class H, PO, 9/25/2023		1			1
Series 1993-160, Class ZA, 6.50%, 9/25/2023		69			72
Series 1993-165, Class SA, IF, 13.87%, 9/25/2023 (l)		13			15
Series 1995-19, Class Z, 6.50%, 11/25/2023		261			283
Series 1993-255, Class E, 7.10%, 12/25/2023		14			14
Series 1993-247, Class SM, HB, IF, 26.34%, 12/25/2023 (l)		11			13
Series 1994-29, Class Z, 6.50%, 2/25/2024		120			127
Series 2009-17, Class AI, IO, 5.00%, 3/25/2024		14			—	(g)
Series 1994-65, Class PK, PO, 4/25/2024		20			18
Series 2009-23, Class MI, IO, 4.50%, 4/25/2024		62			2
Series 1997-20, Class D, 7.00%, 3/17/2027		114			123
Series 1997-11, Class E, 7.00%, 3/18/2027		25			27
Series 1997-27, Class J, 7.50%, 4/18/2027		12			13
Series 2012-46, Class KI, IO, 3.50%, 5/25/2027		2,784			285
Series 1997-42, Class EG, 8.00%, 7/18/2027		167			184
Series 1997-63, Class ZA, 6.50%, 9/18/2027		126			137
Series 2013-13, Class IK, IO, 2.50%, 3/25/2028		9,506			702
Series 1998-66, Class FB, 2.67%, 12/25/2028 (l)		121			122
Series 1999-47, Class JZ, 8.00%, 9/18/2029		271			305
Series 2000-8, Class Z, 7.50%, 2/20/2030		131			146
Series 2001-36, Class ST, IF, IO, 6.18%, 11/25/2030 (l)		152			26
Series 2001-14, Class Z, 6.00%, 5/25/2031		119			126
Series 2001-16, Class Z, 6.00%, 5/25/2031		170			184
Series 2001-72, Class SB, IF, IO, 5.18%, 12/25/2031 (l)		373			54
Series 2001-81, Class HE, 6.50%, 1/25/2032		736			811

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)		Value (000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2002-19, Class SC, IF, 10.15%, 3/17/2032 (l)		65		73
Series 2002-56, Class PE, 6.00%, 9/25/2032		797		866
Series 2002-86, Class PG, 6.00%, 12/25/2032		603		659
Series 2012-148, Class IE, IO, 3.00%, 1/25/2033		6,850		835
Series 2003-25, Class KP, 5.00%, 4/25/2033		1,889		1,996
Series 2003-22, Class Z, 6.00%, 4/25/2033		382		414
Series 2003-47, Class PE, 5.75%, 6/25/2033		477		518
Series 2003-64, Class SX, IF, 8.00%, 7/25/2033 (l)		37		40
Series 2003-91, Class SD, IF, 8.64%, 9/25/2033 (l)		8		9
Series 2003-130, Class HZ, 6.00%, 1/25/2034		12,133		13,493
Series 2004-72, Class F, 2.82%, 9/25/2034 (l)		162		163
Series 2005-19, Class PB, 5.50%, 3/25/2035		3,000		3,296
Series 2009-89, Class A1, 5.41%, 5/25/2035		939		951
Series 2005-42, Class PS, IF, 11.21%, 5/25/2035 (l)		14		15
Series 2005-51, Class MO, PO, 6/25/2035		16		15
Series 2005-53, Class CS, IF, IO, 4.38%, 6/25/2035 (l)		700		59
Series 2005-65, Class KO, PO, 8/25/2035		105		88
Series 2005-72, Class WS, IF, IO, 4.43%, 8/25/2035 (l)		405		41
Series 2005-84, Class XM, 5.75%, 10/25/2035		181		193
Series 2005-90, Class ES, IF, 11.09%, 10/25/2035 (l)		78		91
Series 2005-106, Class US, IF, 16.08%, 11/25/2035 (l)		77		98
Series 2006-9, Class KZ, 6.00%, 3/25/2036		325		353
Series 2006-22, Class AO, PO, 4/25/2036		192		159
Series 2006-27, Class OB, PO, 4/25/2036		1,129		911
Series 2006-27, Class OH, PO, 4/25/2036		86		76
Series 2006-20, Class IB, IF, IO, 4.27%, 4/25/2036 (l)		320		49
Series 2011-19, Class ZY, 6.50%, 7/25/2036		287		320
Series 2006-77, Class PC, 6.50%, 8/25/2036		374		408
Series 2006-110, PO, 11/25/2036		176		147
Series 2006-128, PO, 1/25/2037		159		130
Series 2007-10, Class Z, 6.00%, 2/25/2037		95		104
Series 2007-22, Class SC, IF, IO, 3.76%, 3/25/2037 (l)		92		5
Series 2007-54, Class IB, IF, IO, 4.09%, 6/25/2037 (l)		5,339		760
Series 2008-93, Class AM, 5.50%, 6/25/2037		100		102
Series 2007-68, Class IA, IO, 6.50%, 6/25/2037		43		5
Series 2007-109, Class YI, IF, IO, 4.13%, 12/25/2037 (l)		2,750		331
Series 2008-91, Class SI, IF, IO, 3.68%, 3/25/2038 (l)		1,095		112
Series 2010-70, Class SA, IF, IO, 6.00%, 4/25/2038 (l)		1,073		215
Series 2011-22, Class MA, 6.50%, 4/25/2038		311		322
Series 2008-62, Class SM, IF, IO, 3.88%, 7/25/2038 (l)		760		100
Series 2009-29, Class LA, 1.49%, 5/25/2039 (l)		426		385
Series 2009-52, Class PI, IO, 5.00%, 7/25/2039		386		76
Series 2009-112, Class ST, IF, IO, 3.93%, 1/25/2040 (l)		603		70
Series 2009-112, Class SW, IF, IO, 3.93%, 1/25/2040 (l)		397		45
Series 2010-10, Class NT, 5.00%, 2/25/2040		1,381		1,472
Series 2010-49, Class SC, IF, 8.03%, 3/25/2040 (l)		306		327
Series 2010-35, Class SB, IF, IO, 4.10%, 4/25/2040 (l)		656		75
Series 2010-129, Class PZ, 4.50%, 11/25/2040		3,111		3,155
Series 2011-126, Class KB, 4.00%, 12/25/2041		11,439		11,762
Series 2016-33, Class JA, 3.00%, 7/25/2045		19,947		19,596
Series 2016-38, Class NA, 3.00%, 1/25/2046		14,824		14,465
Series 2007-71, Class GZ, 6.00%, 7/25/2047		186		194
FNMA REMIC Trust
Series 2002-W7, Class IO1, IO, 0.90%, 6/25/2029 (l)		6,782		176
Series 2001-W3, Class A, 7.00%, 9/25/2041 (l)		271		283
Series 2002-W10, IO, 0.91%, 8/25/2042 (l)		3,110		74
Series 2003-W4, Class 2A, 6.50%, 10/25/2042 (l)		110		121
Series 2004-W11, Class 1IO1, IO, 0.36%, 5/25/2044 (l)		14,887		185

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)			Value (000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
FNMA STRIPS
Series 348, Class 30, IO, 5.50%, 12/25/2018		—	(g)		—
Series 348, Class 31, IO, 5.50%, 12/25/2018 (l)		—	(g)		—
Series 356, Class 42, IO, 5.50%, 12/25/2019		20			—	(g)
Series 203, Class 2, IO, 8.00%, 2/25/2023		574			67
Series 266, Class 2, IO, 7.50%, 8/25/2024		100			13
Series 313, Class 1, PO, 6/25/2031		804			699
Series 380, Class S36, IF, IO, 5.58%, 7/25/2037 (l)		197			37
Series 383, Class 68, IO, 6.50%, 9/25/2037		115			24
Series 383, Class 86, IO, 7.00%, 9/25/2037 (l)		68			17
Series 383, Class 69, IO, 6.50%, 10/25/2037 (l)		165			35
FNMA Trust
Series 2003-W3, Class 2A5, 5.36%, 6/25/2042		15			16
Series 2003-W6, Class 1A41, 5.40%, 10/25/2042		189			201
Series 2004-W2, Class 1A, 6.00%, 2/25/2044		252			270
Series 2004-W9, Class 1A3, 6.05%, 2/25/2044		459			512
Series 2004-W2, Class 2A2, 7.00%, 2/25/2044		74			82
Series 2004-W8, Class 3A, 7.50%, 6/25/2044		186			209
Series 2005-W4, Class 1A1, 6.00%, 8/25/2045		286			309
GMACM Mortgage Loan Trust
Series 2003-J10, Class A1, 4.75%, 1/25/2019		13			13
Series 2005-AR3, Class 3A4, 3.91%, 6/19/2035 (l)		109			107
GNMA
Series 1997-7, Class ZA, 9.00%, 5/16/2027		49			49
Series 2014-60, Class W, 4.29%, 2/20/2029 (l)		1,868			1,881
Series 2002-13, Class QA, IF, IO, 5.74%, 2/16/2032 (l)		469			5
Series 2002-47, Class HM, 6.00%, 7/16/2032		14			15
Series 2002-84, Class PH, 6.00%, 11/16/2032		695			763
Series 2008-29, PO, 2/17/2033		34			33
Series 2003-18, Class PG, 5.50%, 3/20/2033		729			796
Series 2003-52, Class SB, IF, 7.51%, 6/16/2033 (l)		86			92
Series 2003-101, Class SK, IF, IO, 4.25%, 10/17/2033 (l)		1,266			153
Series 2004-2, Class SA, IF, 12.10%, 1/16/2034 (l)		239			313
Series 2004-19, Class KE, 5.00%, 3/16/2034		2,868			3,056
Series 2004-73, Class AE, IF, 10.09%, 8/17/2034 (l)		11			12
Series 2004-86, Class SP, IF, IO, 3.80%, 9/20/2034 (l)		644			59
Series 2004-90, Class SI, IF, IO, 3.80%, 10/20/2034 (l)		514			61
Series 2010-31, Class SK, IF, IO, 3.80%, 11/20/2034 (l)		335			36
Series 2004-105, Class SN, IF, IO, 3.80%, 12/20/2034 (l)		1,159			87
Series 2005-56, Class IC, IO, 5.50%, 7/20/2035		83			19
Series 2006-23, Class S, IF, IO, 4.20%, 1/20/2036 (l)		429			7
Series 2006-26, Class S, IF, IO, 4.20%, 6/20/2036 (l)		859			108
Series 2006-33, Class PK, 6.00%, 7/20/2036		264			289
Series 2009-81, Class A, 5.75%, 9/20/2036		167			180
Series 2007-7, Class EI, IF, IO, 3.90%, 2/20/2037 (l)		1,297			156
Series 2007-9, Class CI, IF, IO, 3.90%, 3/20/2037 (l)		678			78
Series 2007-17, Class JO, PO, 4/16/2037		81			69
Series 2007-16, Class KU, IF, IO, 4.35%, 4/20/2037 (l)		924			97
Series 2007-22, Class PK, 5.50%, 4/20/2037		1,044			1,146
Series 2007-26, Class SC, IF, IO, 3.90%, 5/20/2037 (l)		281			28
Series 2007-24, Class SA, IF, IO, 4.21%, 5/20/2037 (l)		1,246			146
Series 2009-16, Class SJ, IF, IO, 4.50%, 5/20/2037 (l)		1,199			138
Series 2008-34, Class OC, PO, 6/20/2037		226			186
Series 2009-106, Class XL, IF, IO, 4.45%, 6/20/2037 (l)		469			35
Series 2009-79, Class OK, PO, 11/16/2037		205			176
Series 2007-67, Class SI, IF, IO, 4.21%, 11/20/2037 (l)		245			25
Series 2008-40, Class SA, IF, IO, 4.09%, 5/16/2038 (l)		954			122
Series 2008-40, Class PS, IF, IO, 4.19%, 5/16/2038 (l)		444			44
Series 2009-77, Class CS, IF, IO, 4.69%, 6/16/2038 (l)		474			30
Series 2008-50, Class SA, IF, IO, 3.93%, 6/20/2038 (l)		1,832			165

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)		Value (000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2008-49, Class PH, 5.25%, 6/20/2038		1,291		1,362
Series 2008-55, Class PL, 5.50%, 6/20/2038		1,198		1,306
Series 2009-12, Class IE, IO, 5.50%, 3/20/2039		530		103
Series 2009-75, Class IY, IO, 5.50%, 6/20/2039		293		55
Series 2009-72, Class SM, IF, IO, 3.94%, 8/16/2039 (l)		484		56
Series 2010-4, Class SB, IF, IO, 4.19%, 8/16/2039 (l)		236		6
Series 2010-157, Class OP, PO, 12/20/2040		499		401
Series 2015-157, Class GA, 3.00%, 1/20/2045		1,210		1,185
Series 2012-H11, Class FA, 2.97%, 2/20/2062 (l)		7,785		7,837
Series 2012-H18, Class FA, 2.82%, 8/20/2062 (l)		1,864		1,871
Series 2013-H04, Class BA, 1.65%, 2/20/2063		3,105		3,055
Series 2013-H20, Class FB, 3.27%, 8/20/2063 (l)		6,756		6,838
Series 2013-H23, Class FA, 3.57%, 9/20/2063 (l)		8,360		8,523
Series 2015-H02, Class HA, 2.50%, 1/20/2065		5,978		5,738
Series 2015-H04, Class FL, 2.74%, 2/20/2065 (l)		8,993		9,012
Series 2015-H23, Class FB, 2.79%, 9/20/2065 (l)		7,492		7,526
Series 2015-H32, Class FH, 2.93%, 12/20/2065 (l)		6,695		6,763
Series 2016-H16, Class FD, 3.10%, 6/20/2066 (l)		11,676		11,748
Series 2016-H17, Class FC, 3.10%, 8/20/2066 (l)		7,203		7,303
Series 2016-H23, Class F, 3.02%, 10/20/2066 (l)		18,666		18,865
Series 2016-H26, Class FC, 3.27%, 12/20/2066 (l)		18,118		18,508
Series 2017-H08, Class XI, IO, 2.08%, 3/20/2067 (l)		23,624		2,936
Series 2017-H08, Class FC, 2.87%, 3/20/2067 (l)		28,269		28,465
Series 2017-H11, Class XI, IO, 1.89%, 5/20/2067 (l)		63,794		7,387
Series 2017-H14, Class XI, IO, 1.61%, 6/20/2067 (l)		24,266		2,334
Series 2017-H14, Class AI, IO, 1.98%, 6/20/2067 (l)		36,087		3,980
Series 2017-H23, Class FA, 2.75%, 10/20/2067 (l)		34,169		34,276
Goodgreen Trust Series 2017-R1, 5.00%, 10/20/2051 ‡		14,988		14,671
GSR Mortgage Loan Trust
Series 2003-7F, Class 1A4, 5.25%, 6/25/2033		103		105
Series 2004-6F, Class 2A4, 5.50%, 5/25/2034		177		180
Series 2004-6F, Class 3A4, 6.50%, 5/25/2034		165		175
Series 2004-8F, Class 2A3, 6.00%, 9/25/2034		70		71
Series 2005-5F, Class 8A1, 2.81%, 6/25/2035 (l)		29		28
Series 2005-5F, Class 8A3, 2.81%, 6/25/2035 (l)		17		16
Series 2007-2F, Class 2A7, 5.75%, 2/25/2037		115		136
Headlands Residential LLC Series 2017-RPL1, Class A, 3.88%, 8/25/2022 (a) (c)		11,950		11,816
HERO Funding III (Cayman Islands) Series 2017-1A, Class A, 3.50%, 9/21/2043 ‡ (a)		8,723		8,190
Impac CMB Trust
Series 2004-10, Class 3A1, 3.01%, 3/25/2035 (l)		616		574
Series 2004-10, Class 3A2, 3.11%, 3/25/2035 (l)		383		354
Impac Secured Assets CMN Owner Trust Series 2003-2, Class A1, 5.50%, 8/25/2033		9		10
JP Morgan Mortgage Trust
Series 2004-S2, Class 5A1, 5.50%, 12/25/2019		118		111
Series 2006-A2, Class 5A3, 4.61%, 11/25/2033 (l)		189		193
Series 2006-A2, Class 4A1, 4.48%, 8/25/2034 (l)		269		271
Series 2004-S1, Class 3A1, 5.50%, 9/25/2034		242		241
Series 2004-S2, Class 4A5, 6.00%, 11/25/2034		487		476
Series 2007-A1, Class 5A2, 4.18%, 7/25/2035 (l)		77		80
MASTR Adjustable Rate Mortgages Trust Series 2004-13, Class 2A1, 4.66%, 4/21/2034 (l)		62		63
MASTR Alternative Loan Trust
Series 2004-10, Class 1A1, 4.50%, 9/25/2019		32		32
Series 2004-8, Class 6A1, 5.50%, 9/25/2019		20		20
Series 2004-11, Class 8A3, 5.50%, 10/25/2019		10		10
Series 2005-1, Class 5A1, 5.50%, 1/25/2020		2		2
Series 2003-8, Class 3A1, 5.50%, 12/25/2033		46		47
Series 2004-6, Class 7A1, 6.00%, 7/25/2034		394		401

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)		Value (000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2004-6, Class 6A1, 6.50%, 7/25/2034		474		478
Series 2004-7, Class 30PO, PO, 8/25/2034 ‡		47		39
Series 2004-7, Class 3A1, 6.50%, 8/25/2034		38		39
MASTR Asset Securitization Trust
Series 2003-11, Class 3A1, 4.50%, 12/25/2018		1		1
Series 2004-6, Class 15PO, PO, 7/25/2019 ‡		1		1
Series 2004-6, Class 4A1, 5.00%, 7/25/2019		3		3
Series 2004-6, Class 3A1, 5.25%, 7/25/2019		5		5
Series 2004-8, PO, 8/25/2019 ‡		2		2
Series 2004-10, Class 1A1, 4.50%, 10/25/2019		1		1
Series 2004-P7, Class A6, 5.50%, 12/27/2033 (a)		87		87
MASTR Resecuritization Trust Series 2005-PO, Class 3PO, PO, 5/28/2035 (a)		33		27
Merrill Lynch Mortgage Investors Trust
Series 2004-C, Class A2, 3.10%, 7/25/2029 (l)		157		154
Series 2004-D, Class A3, 4.22%, 9/25/2029 (l)		90		90
Morgan Stanley Mortgage Loan Trust
Series 2004-3, Class 4A, 5.64%, 4/25/2034 (l)		325		343
Series 2004-7AR, Class 2A6, 4.35%, 9/25/2034 (l)		126		128
NACC Reperforming Loan REMIC Trust Series 2004-R2, Class A1, 6.50%, 10/25/2034 (a) (l)		149		145
NCUA Guaranteed Notes Trust Series 2010-R3, Class 3A, 2.40%, 12/8/2020		48		48
PHH Mortgage Trust Series 2008-CIM2, Class 5A1, 6.00%, 7/25/2038		92		92
Prime Mortgage Trust Series 2004-CL1, Class 1A1, 6.00%, 2/25/2034		143		149
RALI Trust
Series 2003-QS14, Class A1, 5.00%, 7/25/2018		6		6
Series 2004-QS3, Class CB, 5.00%, 3/25/2019		21		21
Series 2005-QS5, Class A4, 5.75%, 4/25/2035		2,013		1,873
RCO Trust
Series 2017-INV1, Class A, 3.20%, 11/25/2052 (a) (l)		17,174		16,877
Residential Asset Securitization Trust
Series 2003-A8, Class A1, 3.75%, 10/25/2018		20		20
Series 2006-A6, Class 2A13, 6.00%, 7/25/2036		126		105
RFMSI Trust
Series 2005-SA4, Class 1A1, 4.00%, 9/25/2035 (l)		96		86
Series 2006-S1, Class 1A8, 5.75%, 1/25/2036		1,052		988
SACO I, Inc. Series 1997-2, Class 1A5, 7.00%, 8/25/2036 (a)		32		32
SART 4.75%, 7/15/2024		36,602		36,636
Sequoia Mortgage Trust Series 2004-8, Class A2, 3.25%, 9/20/2034 (l)		542		538
Structured Adjustable Rate Mortgage Loan Trust Series 2004-14, Class 1A, 4.23%, 10/25/2034 (l)		264		264
Structured Asset Securities Corp.
Series 2003-37A, Class 2A, 4.42%, 12/25/2033 (l)		121		121
Series 2003-37A, Class 1A, 4.51%, 12/25/2033 (l)		1,190		1,174
Structured Asset Securities Corp. Mortgage Pass-Through Certificates
Series 2003-26A, Class 3A5, 4.35%, 9/25/2033 (l)		1,336		1,342
Series 2003-33H, Class 1A1, 5.50%, 10/25/2033		181		184
Vendee Mortgage Trust
Series 1996-2, Class 1Z, 6.75%, 6/15/2026		359		389
Series 1998-1, Class 2E, 7.00%, 3/15/2028		951		1,045
Series 1999-1, Class 2Z, 6.50%, 1/15/2029		138		151
WaMu Mortgage Pass-Through Certificates Trust
Series 2004-CB2, Class 7A, 5.50%, 8/25/2019		10		10
Series 2004-CB3, Class 4A, 6.00%, 10/25/2019		17		17
Series 2003-AR8, Class A, 4.23%, 8/25/2033 (l)		199		202
Series 2003-AR9, Class 1A6, 4.33%, 9/25/2033 (l)		132		135
Series 2004-AR3, Class A1, 3.96%, 6/25/2034 (l)		61		62
Series 2004-AR3, Class A2, 3.96%, 6/25/2034 (l)		563		572
Series 2004-S2, Class 2A4, 5.50%, 6/25/2034		600		623
Series 2004-AR11, Class A, 4.19%, 10/25/2034 (l)		472		471
Series 2005-AR2, Class 2A21, 2.64%, 1/25/2045 (l)		68		68

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)		Value (000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2005-4, Class CB7, 5.50%, 6/25/2035		642		615
Washington Mutual MSC Mortgage Pass-Through Certificates Trust Series 2004-RA1, Class 2A, 7.00%, 3/25/2034		368		396
Wells Fargo Mortgage-Backed Securities Trust
Series 2003-D, Class A1, 3.81%, 2/25/2033 (l)		314		313
Series 2003-M, Class A1, 4.85%, 12/25/2033 (l)		102		105
Series 2004-B, Class A1, 4.01%, 2/25/2034 (l)		62		62
Series 2005-AR16, Class 2A1, 4.21%, 2/25/2034 (l)		356		364
Series 2004-K, Class 1A2, 4.48%, 7/25/2034 (l)		195		198
Series 2004-Q, Class 2A2, 4.70%, 9/25/2034 (l)		79		78
Series 2004-Q, Class 1A3, 4.72%, 9/25/2034 (l)		23		24
Series 2004-U, Class A1, 4.55%, 10/25/2034 (l)		355		357
Series 2004-EE, Class 3A1, 4.53%, 12/25/2034 (l)		81		83
Series 2004-EE, Class 3A2, 4.53%, 12/25/2034 (l)		111		115
Series 2004-DD, Class 2A8, 3.90%, 1/25/2035 (l)		51		53
Series 2005-AR3, Class 1A1, 4.46%, 3/25/2035 (l)		1,568		1,612
Series 2005-9, Class 2A10, 5.25%, 10/25/2035		2,096		2,076
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $563,768)				560,000
U.S. GOVERNMENT AGENCY SECURITIES — 1.8%
FFCB
2.54%, 4/21/2025		8,250		7,842
3.00%, 2/10/2027		17,115		16,409
2.50%, 7/12/2027		13,000		11,968
2.99%, 3/29/2030		7,750		7,216
FHLB 3.25%, 6/9/2028		32,250		31,860
3.25%, 11/16/2028		9,000		8,971
2.75%, 7/11/2031		7,550		6,803
3.32%, 11/13/2035		19,000		17,809
3.74%, 6/12/2043		38,000		36,909
FHLMC DN, 3.53%, 3/15/2031 (m)		14,976		9,736
FNMA 5.63%, 7/15/2037		1,500		1,912
Resolution Funding Corp. STRIPS
2.01%, 7/15/2020 (m)		29,438		28,106
DN, 3.31%, 4/15/2030 (m)		43,000		29,037
3.36%, 4/15/2030 (m)		20,500		13,813
Tennessee Valley Authority 5.88%, 4/1/2036		11,713		14,773
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $246,368)				243,164
FOREIGN GOVERNMENT SECURITIES — 1.5%
Arab Republic of Egypt (Egypt) 7.90%, 2/21/2048 (k)		4,560		3,967
Federal Democratic Republic of Ethiopia (Ethiopia) 6.63%, 12/11/2024 (k)		5,400		5,090
Federal Republic of Nigeria (Nigeria) 6.75%, 1/28/2021 (k)		1,550		1,567
7.63%, 11/21/2025 (a)		3,630		3,485
6.50%, 11/28/2027 (a)		1,030		894
7.14%, 2/23/2030 (k)		4,915		4,294
8.75%, 1/21/2031 (a)		5,040		4,845
9.25%, 1/21/2049 (a)		1,180		1,139
Gabonese Republic (Gabon) 6.38%, 12/12/2024 (k)		2,500		2,191
Government of Bermuda (Bermuda)
3.72%, 1/25/2027 (k)		2,900		2,751
4.75%, 2/15/2029 (a)		4,820		4,825
Government of Dominican Republic (Dominican Republic)
6.88%, 1/29/2026 (k)		5,680		5,851
5.95%, 1/25/2027 (k)		1,700		1,668
Jamaica Government International Bond (Jamaica)
6.75%, 4/28/2028		2,480		2,641
7.88%, 7/28/2045		2,700		3,051
Kingdom of Jordan (Jordan) 7.38%, 10/10/2047 (k)		3,400		2,996
Kingdom of Saudi Arabia (Saudi Arabia) 5.00%, 4/17/2049 (k)		1,719		1,653
Mongolia Government International Bond (Mongolia)
10.88%, 4/6/2021 (k)		4,803		5,247
5.63%, 5/1/2023 (a)		440		412
Oman Government International Bond (Oman)
5.38%, 3/8/2027 (k)		1,900		1,745
6.75%, 1/17/2048 (k)		1,253		1,092
Paraguay Government International Bond (Paraguay) 4.70%, 3/27/2027 (k)		700		679
Province of Alberta (Canada) 3.30%, 3/15/2028		24,500		24,158
Province of Manitoba (Canada) 2.13%, 6/22/2026		1,250		1,143
Province of Nova Scotia (Canada) 9.25%, 3/1/2020		655		702

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments		Principal Amount (000)		Value (000)
FOREIGN GOVERNMENT SECURITIES — continued
Province of Quebec (Canada)
7.13%, 2/9/2024			2,220		2,606
6.35%, 1/30/2026			300		349
Provincia de Buenos Aires (Argentina) 9.95%, 6/9/2021 (k)			1,996		1,951
Provincia de Cordoba (Argentina)
7.13%, 6/10/2021 (k)			150		137
7.45%, 9/1/2024 (a)			690		573
7.13%, 8/1/2027 (a)			730		555
Republic of Albania (Albania) 3.50%, 10/9/2025 (a)	EUR		251		282
Republic of Angola (Angola)
7.00%, 8/17/2019 (k)			47		47
9.38%, 5/8/2048 (a)			4,280		4,141
Republic of Argentina (Argentina)
6.88%, 4/22/2021			2,800		2,649
6.63%, 7/6/2028			5,100		3,968
8.28%, 12/31/2033			943		804
7.63%, 4/22/2046			1,000		759
Republic of Azerbaijan (Azerbaijan)
4.75%, 3/18/2024 (k)			584		570
3.50%, 9/1/2032 (k)			6,610		5,230
Republic of Belarus (Belarus)
6.88%, 2/28/2023 (k)			598		601
7.63%, 6/29/2027 (k)			2,695		2,715
6.20%, 2/28/2030 (k)			766		688
Republic of Colombia (Colombia)
2.63%, 3/15/2023			2,700		2,532
4.50%, 3/15/2029			694		676
10.38%, 1/28/2033			370		551
5.00%, 6/15/2045			4,850		4,530
Republic of Costa Rica (Costa Rica)
4.38%, 4/30/2025 (k)			1,727		1,477
7.00%, 4/4/2044 (k)			1,459		1,268
Republic of Croatia (Croatia)
6.00%, 1/26/2024 (k)			1,486		1,588
Republic of El Salvador (El Salvador)
7.38%, 12/1/2019 (k)			1,341		1,347
7.75%, 1/24/2023 (k)			1,210		1,231
7.63%, 2/1/2041 (k)			2,692		2,473
Republic of Honduras (Honduras)
7.50%, 3/15/2024 (k)			2,150		2,247
6.25%, 1/19/2027 (k)			5,100		4,953
Republic of Hungary (Hungary)
5.75%, 11/22/2023			4,080		4,343
5.38%, 3/25/2024			1,970		2,082
Republic of Iraq (Iraq)
6.75%, 3/9/2023 (k)			1,767		1,700
5.80%, 1/15/2028 (k)			1,971		1,784
Republic of Kenya (Kenya) 7.25%, 2/28/2028 (k)			1,357		1,213
Republic of Macedonia (Macedonia, the Former Yugoslav Republic of)
2.75%, 1/18/2025 (k)	EUR		750		824
2.75%, 1/18/2025 (a)	EUR		423		464
Republic of Pakistan (Pakistan) 7.25%, 4/15/2019 (k)			2,108		2,108
Republic of Panama (Panama)
8.88%, 9/30/2027			420		553
9.38%, 4/1/2029			226		311
6.70%, 1/26/2036			430		518
Republic of Paraguay (Paraguay)
4.63%, 1/25/2023 (k)			2,700		2,681
5.00%, 4/15/2026 (k)			1,500		1,485
6.10%, 8/11/2044 (k)			3,523		3,514
Republic of Peru (Peru) 5.94%, 2/12/2029 (k)	PEN		1,970		582
Republic of Romania (Romania)
6.75%, 2/7/2022 (k)			2,040		2,183
5.13%, 6/15/2048 (k)			1,100		1,008
Republic of Senegal (Senegal) 6.75%, 3/13/2048 (a)			2,420		1,997
Republic of Serbia (Serbia)
4.88%, 2/25/2020 (k)			600		605
7.25%, 9/28/2021 (k)			2,200		2,359
Republic of South Africa (South Africa)
4.30%, 10/12/2028			600		518
5.38%, 7/24/2044			400		337
5.65%, 9/27/2047			1,500		1,290
8.75%, 2/28/2048	ZAR		40,300		2,601
Republic of Sri Lanka (Sri Lanka)
6.00%, 1/14/2019 (k)			2,700		2,680
6.25%, 10/4/2020 (k)			3,750		3,600
Republic of Ukraine (Ukraine)
7.75%, 9/1/2019 (k)			3,441		3,400
7.75%, 9/1/2020 (k)			3,600		3,483
7.75%, 9/1/2022 (k)			319		295
8.99%, 2/1/2024 (a)			2,500		2,356
7.38%, 9/25/2032 (k)			1,763		1,424
Republic of Uruguay (Uruguay)
5.10%, 6/18/2050			2,851		2,680
4.98%, 4/20/2055			3,080		2,809
Russian Federation (Russia) 5.88%, 9/16/2043 (k)			3,200		3,312
United Mexican States (Mexico) 3.75%, 1/11/2028 (d)			376		348
TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $215,531)					205,031
LOAN ASSIGNMENTS — 0.1% (o)
Diversified Telecommunication Services — 0.0% (b)
Cincinnati Bell, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.59%, 10/2/2024 (i)			813		806
Securus Technologies Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 6.84%, 11/1/2024 (i) (p)			1,589		1,563
					2,369

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)		Value (000)
LOAN ASSIGNMENTS — continued
Food & Staples Retailing — 0.0% (b)
Albertson’s LLC, 1st Lien Term Loan
(ICE LIBOR USD 3 Month + 3.00%), 5.38%, 12/21/2022 (i) (p)		1		1
(ICE LIBOR USD 3 Month + 3.00%), 5.69%, 6/22/2023 (i) (p)		1		—	(g)
				1
Hotels, Restaurants & Leisure — 0.0% (b)
MotorCity Casino aka CCM Merger, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.25%), 4.59%, 8/6/2021 (i) (p)		2,000		1,991
IT Services — 0.1%
Rackspace Hosting, Inc., 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 3.00%; ICE LIBOR USD 3 Month + 3.00%), 5.58%, 11/3/2023 (i)		4,140		3,783
Leisure Products — 0.0% (b)
FGI Operating Co. LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 10.00%), 12.62%, 5/15/2022 ‡ (i)		174		173
Media — 0.0% (b)
iHeartCommunications, Inc., Term Loan D (ICE LIBOR USD 1 Month + 6.75%), 9.05%, 1/30/2019 (i)		749		532
iHeartCommunications, Inc., Tranche E Term Loan (ICE LIBOR USD 1 Month + 7.50%), 9.80%, 7/30/2019 (i)		596		422
Tribune Media Co., Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.34%, 12/27/2020 (i)		160		160
Unitymedia Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.31%, 6/1/2023 (i)		669		662
				1,776
Oil, Gas & Consumable Fuels — 0.0% (b)
Gulf Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 5.25%), 7.64%, 8/25/2023 (i)		948		755
Pharmaceuticals — 0.0% (b)
Concordia Healthcare Corp., Initial Dollar Term Loan (Canada) (ICE LIBOR USD 1 Month + 5.50%), 7.82%, 9/6/2024 (i)		337		325
Specialty Retail — 0.0% (b)
Claire’s Stores, Inc., 1st Lien Revolver Term Loan (ICE LIBOR USD 3 Month + 2.50%), 2.50%, 9/15/2022 ‡ (i) (p)		235		—
Claire’s Stores, Inc., 1st Lien Term Loan (ICE LIBOR USD 6 Month + 7.25%), 6.25%, 9/15/2038 ‡ (i) (p)		784		1,121
Harbor Freight Tools USA, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 4.84%, 8/18/2023 (i)		1,326		1,282
				2,403
Transportation Infrastructure — 0.0% (b)
Sirva Worldwide, Inc., 2nd Lien Term Loan (ICE LIBOR USD 2 Month + 9.50%; ICE LIBOR USD 3 Month + 9.50%), 12.04%, 8/3/2026 (i)		2,400		2,136
TOTAL LOAN ASSIGNMENTS (Cost $16,315)				15,712
MUNICIPAL BONDS — 0.1% (q)
California — 0.1%
Education — 0.0% (b)
University of California Series AD, Rev., 4.86%, 5/15/2112		774		762
General Obligation — 0.1%
State of California, Various Purpose GO, 7.35%, 11/1/2039		1,980		2,696
Transportation — 0.0% (b)
Los Angeles City Department of Airports, International Airport Series C, Rev., 6.58%, 5/15/2039		1,000		1,221
Utility — 0.0% (b)
Alameda County Joint Powers Authority, Multiple Capital Projects Series A, Rev., 7.05%, 12/1/2044		200		275
Total California				4,954
District of Columbia — 0.0% (b)

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)			Value (000)
MUNICIPAL BONDS — continued
Water & Sewer — 0.0% (b)
District of Columbia, Water and Sewer Authority, Public Utility, Senior Lien Series A, Rev., 4.81%, 10/1/2114		345			354
New York — 0.0% (b)
Other Revenue — 0.0% (b)
New York State Dormitory Authority, State Personal Income Tax, General Purpose
Series H, Rev., 5.29%, 3/15/2033		560			620
Series H, Rev., 5.39%, 3/15/2040		1,165			1,338
					1,958
Transportation — 0.0% (b)
Port Authority of New York and New Jersey, Consolidated
Series 164, Rev., 5.65%, 11/1/2040		1,450			1,699
Series 165, Rev., 5.65%, 11/1/2040		155			182
Series 174, Rev., 4.46%, 10/1/2062		740			730
					2,611
Total New York					4,569
Ohio — 0.0% (b)
Education — 0.0% (b)
Ohio State University, General Receipts
Series A, Rev., 4.80%, 6/1/2111		1,563			1,599
Utility — 0.0% (b)
American Municipal Power, Inc., Meldahl Hydroelectric Project Series B, Rev., 7.50%, 2/15/2050		1,040			1,449
Total Ohio					3,048
TOTAL MUNICIPAL BONDS (Cost $12,053)					12,925
	Shares (000)
COMMON STOCKS — 0.1%
Aerospace & Defense — 0.0% (b)
Remington Outdoor Co., Inc. * ‡		15			126
Capital Markets — 0.0% (b)
Goodman Private * ‡		39			—	(g)
Commercial Services & Supplies — 0.0% (b)
Quad/Graphics, Inc.		—	(g)		4
Diversified Financial Services — 0.0% (b)
ACC Claims Holdings LLC * ‡ (d)		1,551			16
Energy Equipment & Services — 0.0% (b)
Telford Offshore Holdings Ltd. (Cayman Islands) * ‡		34			51
Independent Power and Renewable Electricity Producers — 0.0% (b)
Vistra Energy Corp. *		3			61
Oil, Gas & Consumable Fuels — 0.0% (b)
Penn Virginia Corp. *		22			1,266
Pharmaceuticals — 0.1%
Concordia International Corp. (Canada) * (d)		26			522
Concordia International private placement (Canada) * ‡		274			5,041
					5,563
Software — 0.0% (b)
Avaya Holdings Corp. *		121			1,889
Specialty Retail — 0.0% (b)
Claire’s Stores, Inc. * ‡		2			1,665
Wireless Telecommunication Services — 0.0% (b)
NII Holdings, Inc. * (d)		68			368
TOTAL COMMON STOCKS (Cost $9,408)					11,009
PREFERRED STOCKS — 0.0% (b)
Automobiles — 0.0% (b)
General Motors Co. 6.25%, 7/15/2033 * ‡		385			—	(g)
7.25%, 4/15/2041 * ‡		21			—	(g)
7.38%, 5/15/2048 * ‡		55			—	(g)
7.38%, 10/1/2051 * ‡		1			—
7.25%, 2/15/2052 * ‡		42			—	(g)
Motors Liquidation Co. 7/15/2041 * ‡		1			—
					—	(g)
Capital Markets — 0.0% (b)
Goodman Private Preferred Shares * ‡		46			1
Insurance — 0.0% (b)
XLIT Ltd. (Bermuda), Series D, (ICE LIBOR USD 3 Month + 3.12%), 5.56%, 7/1/2019 ($1,000 par value) (i) (r)		2			2,434
Specialty Retail — 0.0% (b)
Claire’s Stores, Inc. * ‡		1			1,727
TOTAL PREFERRED STOCKS (Cost $2,794)					4,162

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Investments	Principal Amount (000)		Value (000)
CONVERTIBLE BONDS — 0.0% (b)
Media — 0.0% (b)
DISH Network Corp. 3.38%, 8/15/2026 (Cost $2,048)		2,030		1,782
SUPRANATIONAL — 0.0% (b)
African Development Bank (Supranational) 8.80%, 9/1/2019 (Cost $1,042)		1,000		1,042
	No. of Rights (000)
RIGHTS — 0.0% (b)
Independent Power and Renewable Electricity Producers — 0.0% (b)
Vistra Energy Corp., expiring 12/31/2049 * ‡ (Cost $—)		103		80
	Principal Amount (000)
CONVERTIBLE PREFERRED STOCKS — 0.0% (b)
Automobiles — 0.0% (b)
General Motors Co. 5.25%, 3/6/2032 * ‡ (Cost $—)		120		—	(g)
	Shares (000)
SHORT-TERM INVESTMENTS — 3.8%
INVESTMENT COMPANIES — 3.8%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.30% (s) (t) (Cost $519,372)		519,367		519,419
INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED — 0.9%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.40% (s) (t)		79,007		79,007
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.16% (s) (t)		37,953		37,953
TOTAL INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED (Cost $116,960)				116,960
Total Investments — 100.6% (Cost $14,085,183)				13,708,673
Liabilities in Excess of Other Assets — (0.6%)				(75,802	)
Net Assets — 100.0%				13,632,871

Percentages indicated are based on net assets.    

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited)

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, 2018.
CSMC	Credit Suisse Mortgage Trust
DN	Discount Notes
EUR	Euro
ESOP	Employee Stock Ownership Program
FFCB	Federal Farm Credit Bank
FHA	Federal Housing Administration
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GO	General Obligation
GS	Goldman Sachs
HB	High Coupon Bonds (a.k.a. “IOettes”) represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO’s the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.
ICE	Intercontinental Exchange
IF	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of November 30, 2018. 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.
JPY	Japanese Yen
LIBOR	London Interbank Offered Rate
MSCI	Morgan Stanley Capital International
OJSC	Open Joint Stock Company
OYJ	Public Limited Company
PEN	Peruvian Nuevo SoI
PO	Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
PT	Limited liability company
REMIC	Real Estate Mortgage Investment Conduit
Rev.	Revenue
SCA	Limited partnership with share capital

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

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.
VA	Veterans Administration
USD	United States Dollar
ZAR	South African Rand
(a)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	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, 2018.
(d)	The security or a portion of this security is on loan at November 30, 2018. The total value of securities on loan at November 30, 2018 was $114,191,000.
(e)	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(f)	Defaulted security.
(g)	Amount rounds to less than one thousand.
(h)	Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of November 30, 2018.
(i)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2018.
(j)	Security is an interest bearing note with preferred security characteristics.
(k)	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.
(l)	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, 2018.
(m)	The rate shown is the effective yield as of November 30, 2018.
(n)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(o)	Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(p)	All or a portion of this security is unsettled as of November 30, 2018. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
(q)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(r)	The date shown reflects the next call date on which the issuer may redeem the security at par value. The coupon rate for this security is based on par value and is in effect as of November 30, 2018.
(s)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(t)	The rate shown is the current yield as of November 30, 2018.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Futures contracts outstanding as of November 30, 2018 (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 10 Year Note	2,907		03/2019		USD		347,432			1,424
U.S. Treasury 2 Year Note	1,678		03/2019		USD		354,084			259
U.S. Treasury 5 Year Note	4,332		03/2019		USD		489,516			1,175
U.S. Treasury Long Bond	152		03/2019		USD		21,294			107
U.S. Treasury Ultra Bond	1,174		03/2019		USD		179,182			199
										3,164
Short Contracts
U.S. Treasury 10 Year Note	(411)		03/2019		USD		(49,121	)		(205	)
U.S. Treasury 10 Year Ultra Note	(637)		03/2019		USD		(80,650	)		(454	)
U.S. Treasury 5 Year Note	(378)		03/2019		USD		(42,714	)		(107	)
U.S. Treasury Long Bond	(104)		03/2019		USD		(14,570	)		(74	)
										(840	)
										2,324

Abbreviations

USD    United States Dollar

Forward foreign currency exchange contracts outstanding as of November 30, 2018 (amounts in thousands):

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation) ($)
JPY	107,030	USD	943	HSBC Bank, NA	12/5/2018		—	(a)
USD	20,120	EUR	17,088	Barclays Bank plc	12/5/2018		773
USD	966	JPY	107,030	State Street Corp.	12/5/2018		23
ZAR	13,167	USD	879	Barclays Bank plc	12/5/2018		71
EUR	3,153	USD	3,572	HSBC Bank, NA	12/28/2018		6
USD	464	EUR	402	Barclays Bank plc	12/28/2018		8
USD	396	EUR	346	BNP Paribas	12/28/2018		3
USD	2,717	EUR	2,361	Royal Bank of Canada	12/28/2018		38
USD	2,114	EUR	1,851	State Street Corp.	12/28/2018		13
ZAR	15,297	USD	1,092	Standard Chartered Bank	12/28/2018		9
USD	18,864	EUR	16,512	Goldman Sachs International	3/5/2019		16
Total unrealized appreciation							960
EUR	16,512	USD	18,710	Goldman Sachs International	12/5/2018		(15	)
EUR	166	USD	193	Merrill Lynch International	12/5/2018		(5	)
EUR	183	USD	210	National Australia Bank Ltd.	12/5/2018		(3	)
EUR	380	USD	434	TD Bank Financial Group	12/5/2018		(3	)

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
USD	173	EUR	153	Barclays Bank plc		12/5/2018		(1	)
USD	889	ZAR	13,167	Goldman Sachs International		12/5/2018		(61	)
EUR	1,806	USD	2,057	Standard Chartered Bank		12/28/2018		(7	)
USD	1,061	ZAR	15,297	HSBC Bank, NA		12/28/2018		(39	)
EUR	109	USD	125	Australia & New Zealand Banking Group Ltd.		3/5/2019		(1	)
USD	950	JPY	107,030	HSBC Bank, NA		3/5/2019		–(a	)
USD	3,602	EUR	3,153	HSBC Bank, NA		3/29/2019		(4	)
USD	1,080	ZAR	15,297	Standard Chartered Bank		3/29/2019		(9	)
Total unrealized depreciation								(148	)
Net unrealized appreciation								812

Abbreviations
EUR	Euro
JPY	Japanese Yen
USD	United States Dollar
ZAR	South African Rand
(a)	Amount rounds to less than one thousand.

	Centrally Cleared Credit default swap contracts outstanding - buy protection (1) as of November 30, 2018 (amounts in thousands):
Reference Obligation/Index		Financing Rate Paid by the Fund (%)	Payment Frequency		Maturity Date		Implied Credit Spread (%) (2)		Notional Amount (3)		Upfront Payments (Receipts) ($) (4)		Unrealized Appreciation (Depreciation) ($)			Value ($)
	CDX.EM.25-V2	1.00		Quarterly		6/20/2021		1.24		USD 50,000		2,119		(1,932	)		187
												2,119		(1,932	)		187

⁽¹⁾   The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.

⁽²⁾  Implied credit spreads are an indication of the seller’s performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indexes are linked to the weighted average spread across the underlying reference obligations included in a particular index.

⁽³⁾  The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.

⁽⁴⁾  Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

Abbreviations
CDX	Credit Default Swap Index
USD	United States Dollar

A. Valuation of Investments — The valuation of investments is 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 (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.

JPMorgan 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 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 related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment to determine the fair value of 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

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

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

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

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

Investments in open-end investment companies (the “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 and Forward Foreign Currency Contracts are valued utilizing market quotations from approved Pricing Services.

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at November 30, 2018.

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 (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Aerospace & Defense	$	—	$	—	$	126	$	126

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Capital Markets	$	—		$	—		$	—	(a)	$	—	(a)
Diversified Financial Services		—			—			16			16
Energy Equipment & Services		—			—			51			51
Pharmaceuticals		522			—			5,041			5,563
Specialty Retail		—			—			1,665			1,665
Other Common Stocks		3,588			—			—			3,588
Total Common Stocks		4,110			—			6,899			11,009
Convertible Preferred Stock
Automobiles		—			—			—	(a)		—	(a)
Preferred Stocks
Automobiles		—			—			—	(a)		—	(a)
Capital Markets		—			—			1			1
Specialty Retail		—			—			1,727			1,727
Other Preferred Stocks		—			2,434			—			2,434
Total Preferred Stocks		—			2,434			1,728			4,162
Debt Securities
Asset-Backed Securities		—			1,870,721			583,366			2,454,087
Collateralized Mortgage Obligations		—			484,085			75,915			560,000
Commercial Mortgage-Backed Securities		—			1,145,196			117,803			1,262,999
Convertible Bonds
Other Convertible Bonds		—			1,782			—			1,782
Corporate Bonds
Automobiles		—			27,550			—	(a)		27,550
Capital Markets		—			245,681			113			245,794
Commercial Services & Supplies		—			30,385			4,498			34,883
Communications Equipment		—			18,290			308			18,598
Consumer Finance		—			106,347			1,849			108,196
Electric Utilities		—			154,186			12			154,198
Energy Equipment & Services		—			46,619			319			46,938
Hotels, Restaurants & Leisure		—			80,718			1,042			81,760
Oil, Gas & Consumable Fuels		—			361,929			15,302			377,231
Wireless Telecommunication Services		—			60,125			5,123			65,248
Other Corporate Bonds		—			2,690,004			—			2,690,004
Total Corporate Bonds		—			3,821,834			28,566			3,850,400
Foreign Government Securities		—			205,031			—			205,031
Mortgage-Backed Securities		—			2,102,476			—			2,102,476
Municipal Bonds		—			12,925			—			12,925
Supranational		—			1,042			—			1,042
U.S. Government Agency Securities		—			243,164			—			243,164
U.S. Treasury Obligations		—			2,347,425			—			2,347,425
Loan Assignments
Leisure Products		—			—			173			173
Specialty Retail		—			1,282			1,121			2,403
Other Loan Assignments		—			13,136			—			13,136
Total Loan Assignments		—			14,418			1,294			15,712
Rights
Independent Power and Renewable Electricity Producers		—			—			80			80
Short-Term Investments
Investment Companies		519,419			—			—			519,419
Investments of cash collateral from securities loaned		116,960			—			—			116,960
Total Investments in Securities	$	640,489		$	12,252,533		$	815,651		$	13,708,673
Appreciation in Other Financial Instruments
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Forward Foreign Currency Exchange Contracts	$	—		$	960		$	—		$	960
Futures Contracts		3,164			—			—			3,164
Total Appreciation in Other Financial Instruments	$	3,164		$	960		$	–		$	4,124
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(148	)	$	—		$	(148	)
Futures Contracts		(840	)		—			—			(840	)
Swaps		—			(1,932	)		—			(1,932	)
Total Depreciation in Other Financial Instruments	$	(840	)	$	(2,080	)	$	—		$	(2,920	)

(a) Amount rounds to less than one thousand.

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Transfers between level 2 and level 3 are due to a decline or an increase in market activity (e.g. frequency of trades), which resulted in a lack or increase of available market inputs to determine the price for the period ended November 30, 2018.

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

	Balance as of February 28, 2018			Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of November 30, 2018
Investments in Securities:
Asset-Backed Securities	$	561,690		$	941		$	(4,312	)	$	(201	)	$	209,479	$	(226,397	)	$	60,102	$	(17,936	)		583,366
Collateralized Mortgage Obligations		67,309			140			(113	)		16			14,432		(5,869	)		—		—			75,915
Commercial Mortgage-Backed Securities		170,540			(92	)		(222	)		(33	)		31,957		(21,774	)		26,683		(89,256	)		117,803
Common Stocks — Aerospace & Defense		—			—			(50	)		—			176		—			—		—			126
Common Stocks — Capital Markets		—	(a)		—			—			—			—		—			—		—			—	(a)
Common Stocks — Diversified Financial Services		15			—			1			—			—		—			—		—			16
Common Stocks — Energy Equipment & Services		—			—			51			—			—		—			—		—			51
Common Stocks — Pharmaceuticals		—			—			1,569			—			3,472		—			—		—			5,041
Common Stocks — Specialty Retail		1			(139	)		182			—			1,621		—	(a)		—		—			1,665
Convertible Bonds — Specialty Retail		—	(a)		(123	)		141			—			—		(18	)		—		—			—
Convertible Preferred Stocks — Automobiles		—	(a)		—			—			—			—		—			—		—			—	(a)
Corporate Bonds — Automobiles		—	(a)		—			—			—			—		—			—		—			—	(a)
Corporate Bonds — Capital Markets		225			1			—	(a)		1			—		(114	)		—		—			113
Corporate Bonds — Commercial Services & Supplies		—			—			(771	)		2			—		—			5,267		—			4,498
Corporate Bonds — Communications Equipment		422			1			(122	)		8			—		(1	)		—		—			308
Corporate Bonds — Consumer Finance		—			—			(256	)		—	(a)		1,515		—			590		—			1,849
Corporate Bonds — Electric Utilities		62			—			(50	)		—			—		—			—		—			12
Corporate Bonds — Energy Equipment & Services		504			—			(244	)		10			49		—			—		—			319
Corporate Bonds — Hotels, Restaurants & Leisure		—			—			(15	)		(1	)		—		—			1,058		—			1,042
Corporate Bonds — Oil, Gas & Consumable Fuels		4			—			(4,578	)		349			19,527		—			—		—			15,302
Corporate Bonds — Wireless Telecommunication Services		5,269			—			—	(a)		—			—		(146	)		—		—			5,123
Loan Assignments — Hotels, Restaurants & Leisure		5,886			211			(133	)		63			—		(6,027	)		—		—			—
Loan Assignments — Leisure Products		—			—			—			—			173		—			—		—			173
Loan Assignments — Media		—	(a)		(2,737	)		2,737			—			—		—			—		—			—
Loan Assignments — Specialty Retail		—			—			337			—			784		—			—		—			1,121
Preferred Stocks — Automobiles		—	(a)		—			—			—			—		—			—		—			—	(a)
Preferred Stocks — Capital Markets		153			—			(152	)		—			—		—			—		—			1
Preferred Stocks — Specialty Retail		—			—			1,089			—			638		—			—		—			1,727
Rights — Independent Power and Renewable Electricity Producers		75			—			5			—			—		—			—		—			80
Warrants — Specialty Retail		—	(a)		—	(a)		—	(a)		—			—		—	(a)		—		—			—
	$	812,155		$	(1,797	)	$	(4,906	)	$	214		$	283,823	$	(260,346	)	$	93,700	$	(107,192	)	$	815,651

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

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

(a) Amount rounds to less than one thousand.    

The changes in net unrealized appreciation (depreciation) attributable to securities owned at November 30, 2018 which were valued using significant unobservable inputs (level 3) amounted to approximately $(7,864,000).    

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at November 30, 2018			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	142		Terms of Exchange Offer	Expected Recovery	$0.01 - $8.23 ($8.23)
		—	(a)	Market Comparable Companies	EBITDA Multiple	5.0x (5.0x)
Common Stock		142
		—	(b)	Market Comparable Companies	EBITDA Multiple	5.0x (5.0x)
					Liquidity Discount	30.00% (30.00%)
		—	(b)	Pending Distribution Amount	Discount for potential outcome (c)	100.00% (100.00%)
Preferred Stock		—	(b)
		113		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	4.38% (4.38%)
					Liquidity Discount	0.50% (0.50%)
		1		Pending Distribution Amount	Discount for potential outcome (c)	99.99% - 100.00% (99.99%)
Corporate Bond		114
		338,251		Discounted Cash Flow	Constant Prepayment Rate	0.00% - 100.00% (13.20%)
					Constant Default Rate	0.00% - 30.00% (0.14%)
					Yield (Discount Rate of Cash Flows)	2.34% - 6.83% (4.62%)
Asset-Backed Securities		338,251
		149		Discounted Cash Flow	Constant Prepayment Rate	2.00% - 17.17% (7.70%)
					Constant Default Rate	0.00% - 5.91% (3.16%)
					Yield (Discount Rate of Cash Flows)	2.55% - 9.31% (3.82%)
Collateralized Mortgage Obligations		149
		80,401		Discounted Cash Flow	Constant Prepayment Rate	0.00% - 100.00% (2.38%)
					Yield (Discount Rate of Cash Flows)	2.11% - 8.47% (5.37%)
Collateralized Mortgage-Backed Securities		80,401
		—		Pending Distribution Amount	Projected Principal Writedown	100.00% (100.00%)
Loan Assignments		—
Total	$	419,057

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At November 30, 2018, the value of these investments was approximately $396,594,000. The inputs for these investments are not readily available or cannot be reasonably estimated and generally are those inputs described in Note A.

(a) Securities senior in the issuing entity capital structure result in this security being valued at zero.

(b) Amount rounds to less than one thousand.

(c) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as applicable, when pricing the investments.

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

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

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

The Fund may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the 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 with collateral posted to a segregated account by one party to the other.

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

Notes (1) — (3) below describe the various derivatives used by the Fund.

(1). Futures Contracts — The Fund used index, treasury or other financial 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. The Fund used commodity futures contracts to obtain long and short exposure to the underlying commodities markets. The purchase of futures contracts will tend to increase the Fund’s exposure to positive and negative price fluctuations in the underlying instrument. The sales of futures contracts will tend to offset both positive and negative market price changes.

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 market value on open future contracts are recorded as changes in unrealized appreciation or depreciation. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is considered restricted.

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

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

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

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

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

The Fund’s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts or due across transactions). The Fund may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

(3). Swaps — The Fund engaged in various swap transactions, including interest rate, credit default, index, price locks, spread locks and total return swaps, to manage credit, interest rate (e.g., duration, yield curve), currency, and inflation risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are negotiated contracts 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 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 unrealized appreciation/(depreciation). 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, non-deliverable Forward Foreign Currency Exchange Contracts and/or OTC options 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. For certain counterparties, cash collateral posted by the Fund is invested in an affiliated money market fund and/or held as Restricted cash. Collateral received by the Fund is held in escrow in a segregated account maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Fund, which provides collateral management service to the Fund.

The Fund may be subject to various risks from the use of swaps including: (i) the risk that changes in the value of the swap may not correlate perfectly with the underlying instrument; (ii) counterparty credit risk related to the failure, by the counterparty to an over the counter derivative, to perform under the terms of the contract; (iii) liquidity risk related to the lack of a liquid market for these contracts allowing the Fund to close out its position(s); and (iv) documentation risk relating to disagreement over contract terms.

The Fund may be required to post or receive collateral for OTC Swaps.

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

Credit Default Swaps

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

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

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

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

JPMorgan Government Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — 27.3%
FHLMC REMIC
Series 2773, Class TB, 4.00%, 4/15/2019		71		71
Series 2841, Class AT, 4.00%, 8/15/2019		144		143
Series 2931, Class QD, 4.50%, 2/15/2020		267		268
Series 1343, Class LA, 8.00%, 8/15/2022		15		16
Series 1367, Class K, 5.50%, 9/15/2022		94		97
Series 2688, Class DG, 4.50%, 10/15/2023		286		293
Series 1785, Class A, 6.00%, 10/15/2023		921		956
Series 1591, Class E, 10.00%, 10/15/2023		18		18
Series 1633, Class Z, 6.50%, 12/15/2023		158		164
Series 1694, Class PK, 6.50%, 3/15/2024		103		108
Series 3798, Class AY, 3.50%, 1/15/2026		3,989		4,011
Series 3809, Class BC, 3.50%, 2/15/2026		3,267		3,253
Series 4181, Class VA, 3.00%, 5/15/2026		2,462		2,423
Series 3188, Class GE, 6.00%, 7/15/2026		1,219		1,325
Series 3926, Class MW, 4.50%, 9/15/2026		6,351		6,592
Series 1999, Class PU, 7.00%, 10/15/2027		61		65
Series 2031, Class PG, 7.00%, 2/15/2028		124		136
Series 2035, Class PC, 6.95%, 3/15/2028		380		410
Series 2064, Class PD, 6.50%, 6/15/2028		240		262
Series 2095, Class PE, 6.00%, 11/15/2028		194		207
Series 4066, Class VB, 3.50%, 1/15/2029		4,651		4,640
Series 4050, Class VE, 4.00%, 1/15/2029		5,000		5,099
Series 4314, Class DY, 3.50%, 3/15/2029		1,450		1,428
Series 4336, Class YB, 3.00%, 5/15/2029		2,624		2,540
Series 2152, Class BD, 6.50%, 5/15/2029		99		106
Series 2162, Class TH, 6.00%, 6/15/2029		456		487
Series 4002, Class MV, 4.00%, 1/15/2030		12,111		11,973
Series 3737, Class DG, 5.00%, 10/15/2030		2,486		2,580
Series 3981, Class PA, 3.00%, 4/15/2031		11,283		11,037
Series 2367, Class ME, 6.50%, 10/15/2031		266		291
Series 2647, Class A, 3.25%, 4/15/2032		134		134
Series 2480, Class EJ, 6.00%, 8/15/2032		322		341
Series 4156, Class SB, IF, 2.70%, 1/15/2033(a)		1,692		1,437
Series 4170, Class TS, IF, 2.54%, 2/15/2033(a)		3,868		3,225
Series 4186, Class JE, 2.00%, 3/15/2033		14,919		14,394
Series 4188, Class JG, 2.00%, 4/15/2033		9,594		9,173
Series 4206, Class DA, 2.00%, 5/15/2033		7,157		6,811
Series 2611, Class QZ, 5.00%, 5/15/2033		4,334		4,636
Series 2882, Class QD, 4.50%, 7/15/2034		494		502
Series 2927, Class GA, 5.50%, 10/15/2034		380		390
Series 2915, Class MU, 5.00%, 1/15/2035		2,458		2,624
Series 4458, Class BW, 3.00%, 4/15/2035		10,000		9,337
Series 3085, Class VS, IF, 19.49%, 12/15/2035(a)		384		549
Series 3181, Class OP, PO, 7/15/2036		1,300		1,077
Series 3413, Class B, 5.50%, 4/15/2037		352		369
Series 3325, Class JL, 5.50%, 6/15/2037		3,625		3,906
Series 3341, Class PE, 6.00%, 7/15/2037		2,687		2,888
Series 4365, Class HZ, 3.00%, 1/15/2040		6,283		5,811
Series 3699, Class QH, 5.50%, 7/15/2040		3,847		4,006
Series 4047, Class PB, 3.50%, 1/15/2041		12,000		12,010
Series 3927, Class PC, 4.50%, 9/15/2041		3,970		4,247
Series 4039, Class SA, IF, IO, 4.19%, 5/15/2042(a)		8,617		1,281
Series 4062, Class GY, 4.00%, 6/15/2042		6,109		6,242
Series 4594, Class GN, 2.50%, 2/15/2045		4,222		4,088

JPMorgan Government Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
FHLMC STRIPS
Series 155, IO, 7.00%, 11/1/2023		16		2
Series 264, Class 30, 3.00%, 7/15/2042		11,867		11,465
Series 267, Class 30, 3.00%, 8/15/2042		6,875		6,620
FHLMC Structured Pass-Through Securities Certificates
Series T-54, Class 2A, 6.50%, 2/25/2043		1,415		1,593
Series T-56, Class APO, PO, 5/25/2043		717		572
Series T-51, Class 1A, 6.50%, 9/25/2043(a)		1,257		1,403
FNMA Grantor Trust Series 2004-T1, Class 1A2, 6.50%, 1/25/2044		444		491
FNMA REMIC
Series G92-35, Class EB, 7.50%, 7/25/2022		4		4
Series G92-44, Class ZQ, 8.00%, 7/25/2022		1		1
Series 1993-146, Class E, PO, 5/25/2023		37		35
Series 1993-110, Class H, 6.50%, 5/25/2023		49		52
Series 1993-217, Class H, PO, 8/25/2023		10		9
Series 2012-63, Class VA, 4.00%, 8/25/2023		12,619		12,675
Series 1993-205, Class H, PO, 9/25/2023		7		7
Series 1993-228, Class G, PO, 9/25/2023		8		8
Series 1993-155, Class PJ, 7.00%, 9/25/2023		658		699
Series 2003-128, Class DY, 4.50%, 1/25/2024		1,218		1,236
Series 1994-51, Class PV, 6.00%, 3/25/2024		795		827
Series 1994-37, Class L, 6.50%, 3/25/2024		203		213
Series 2010-117, Class DY, 4.50%, 10/25/2025		5,000		5,127
Series 2010-155, Class B, 3.50%, 1/25/2026		4,274		4,314
Series 1998-58, Class PC, 6.50%, 10/25/2028		450		485
Series 2000-8, Class Z, 7.50%, 2/20/2030		174		194
Series 2002-92, Class FB, 2.97%, 4/25/2030(a)		371		376
Series 2001-33, Class ID, IO, 6.00%, 7/25/2031		246		52
Series 2003-67, Class SA, HB, IF, 30.45%, 10/25/2031(a)		87		108
Series 2011-145, Class PB, 3.50%, 1/25/2032		11,500		11,401
Series 2012-100, Class AY, 3.00%, 9/25/2032		5,750		5,470
Series 2003-21, Class PZ, 4.50%, 3/25/2033		2,196		2,224
Series 2013-106, Class PY, 3.00%, 10/25/2033		5,300		5,063
Series 2013-130, Class GY, 3.50%, 1/25/2034		3,699		3,629
Series 2004-46, Class QD, IF, 14.74%, 3/25/2034(a)		570		632
Series 2004-54, Class FL, 2.72%, 7/25/2034(a)		947		951
Series 2015-11, Class AQ, 3.00%, 3/25/2035		6,000		5,544
Series 2005-22, Class EH, 5.00%, 4/25/2035		4,134		4,404
Series 2015-28, Class GB, 3.50%, 5/25/2035		4,000		3,878
Series 2009-89, Class A1, 5.41%, 5/25/2035		376		380
Series 2015-41, Class AY, 3.00%, 6/25/2035		4,653		4,313
Series 2006-3, Class SB, IF, IO, 4.38%, 7/25/2035(a)		2,302		200
Series 2005-58, Class EP, 5.50%, 7/25/2035		579		610
Series 2005-83, Class LA, 5.50%, 10/25/2035		799		850
Series 2005-116, Class PC, 6.00%, 1/25/2036		3,437		3,675
Series 2006-51, Class FP, 2.67%, 3/25/2036(a)		3,986		3,993
Series 2016-28, Class DW, 3.50%, 5/25/2036		4,491		4,369
Series 2006-81, Class FA, 2.67%, 9/25/2036(a)		53		53
Series 2006-110, PO, 11/25/2036		540		454
Series 2007-76, Class PE, 6.00%, 8/25/2037		1,639		1,812
Series 2012-47, Class QE, 4.00%, 5/25/2038		4,677		4,688
Series 2010-47, Class MB, 5.00%, 9/25/2039		4,052		4,293
Series 2010-68, Class EP, 4.50%, 12/25/2039		2,451		2,520
Series 2010-11, Class CB, 4.50%, 2/25/2040		389		398
Series 2010-4, Class SL, IF, 6.38%, 2/25/2040(a)		46		45
Series 2012-60, Class EP, 3.00%, 4/25/2042		4,209		4,095

JPMorgan Government Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2012-50, Class HY, 4.00%, 5/25/2042		5,566			5,444
Series 2012-141, Class PB, 2.50%, 12/25/2042		1,400			1,204
Series 2012-139, Class JA, 3.50%, 12/25/2042		6,902			6,905
Series 2015-48, Class DE, 3.00%, 10/25/2044		11,897			11,263
Series 2016-45, Class PC, 3.00%, 9/25/2045		12,647			12,370
Series 2016-38, Class NA, 3.00%, 1/25/2046		14,617			14,263
FNMA REMIC Trust
Series 1999-W4, Class A9, 6.25%, 2/25/2029		101			106
Series 2002-W7, Class A4, 6.00%, 6/25/2029		1,134			1,224
Series 2003-W1, Class 1A1, 5.39%, 12/25/2042(a)		544			565
Series 2003-W1, Class 2A, 5.90%, 12/25/2042(a)		296			314
Series 2005-W1, Class 1A2, 6.50%, 10/25/2044		1,776			1,983
Series 2009-W1, Class A, 6.00%, 12/25/2049		933			1,026
FNMA STRIPS
Series 278, Class 3, 3.17%, 11/25/2023(a)		289			292
Series 278, Class 1, 3.09%, 8/25/2025(a)		888			903
GNMA
Series 2004-27, Class PD, 5.50%, 4/20/2034		3,285			3,422
Series 2008-15, Class NB, 4.50%, 2/20/2038		527			546
Series 2008-40, Class SA, IF, IO, 4.09%, 5/16/2038(a)		3,162			406
Series 2009-42, Class TX, 4.50%, 6/20/2039		10,299			10,774
Series 2009-69, Class WM, 5.50%, 8/20/2039		2,714			2,908
Series 2011-29, Class Z, 5.00%, 5/20/2040		14,721			16,043
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $392,762)					380,950
U.S. TREASURY OBLIGATIONS — 26.1%
U.S. Treasury Bonds
8.00%, 11/15/2021		3,635			4,162
7.25%, 8/15/2022		3,935			4,539
7.13%, 2/15/2023		2,500			2,919
5.25%, 11/15/2028		20,000			23,816
3.75%, 11/15/2043		35,000			37,669
3.00%, 5/15/2045		31,000			29,357
2.88%, 8/15/2045		13,000			12,005
U.S. Treasury Inflation Indexed Bonds 1.38%, 2/15/2044		27,500			30,469
U.S. Treasury Notes
1.13%, 1/15/2019		40,000			39,947
2.63%, 11/15/2020		30,000			29,891
2.00%, 11/30/2022		25,000			24,207
2.13%, 11/30/2023		20,000			19,316
2.00%, 8/15/2025		20,000			18,881
1.63%, 2/15/2026		20,000			18,308
U.S. Treasury STRIPS Bonds 2.17%, 5/15/2020(b)		72,500			69,652
TOTAL U.S. TREASURY OBLIGATIONS (Cost $371,989)					365,138
U.S. GOVERNMENT AGENCY SECURITIES — 17.8%
FFCB
5.75%, 5/11/2026		10,000			11,637
5.75%, 12/7/2028		12,824			15,332
FNMA
10.68%, 10/9/2019(b)		30,000			29,295
6.25%, 5/15/2029		10,000			12,538
DN, 4.79%, 5/15/2030(b)		10,000			6,672
FNMA STRIPS
15.68%, 5/29/2026(b)		9,200			7,164
2.49%, 10/8/2027(b)		8,000			5,928
Resolution Funding Corp. STRIPS
3.72%, 10/15/2019(b)		60,673			59,215
2.22%, 7/15/2020(b)		57,000			54,421
2.05%, 10/15/2020(b)		18,300			17,369
2.38%, 1/15/2021(b)		5,000			4,700
DN, 17.81%, 4/15/2028(b)		15,000			10,871
DN, 5.25%, 1/15/2030(b)		15,700			10,690
DN, 17.18%, 4/15/2030(b)		5,000			3,376
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $239,775)					249,208
MORTGAGE-BACKED SECURITIES — 16.3%
FHLMC
Pool # 420108, ARM, 2.27%, 2/1/2019(a)		—	(c)		—	(c)
Pool # 420166, ARM, 5.03%, 1/1/2020(a)		—	(c)		—	(c)
Pool # 775425, ARM, 2.52%, 1/1/2021(a)		1			1

JPMorgan Government Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
MORTGAGE-BACKED SECURITIES — continued
Pool # 611141, ARM, 3.69%, 1/1/2027(a)		74			77
Pool # 846812, ARM, 3.93%, 4/1/2030(a)		6			6
Pool # 390257, ARM, 2.18%, 7/1/2030(a)		1			1
Pool # 1G2627, ARM, 3.45%, 3/1/2037(a)		557			580
FHLMC Gold Pools, 20 Year, Single Family Pool # C90830, 4.50%, 5/1/2024		113			116
FHLMC Gold Pools, 30 Year, Single Family
Pool # A00948, 9.00%, 1/1/2021		—	(c)		—	(c)
Pool # A01017, 9.00%, 6/1/2021		—	(c)		—	(c)
Pool # A01093, 9.00%, 7/1/2021		—	(c)		—	(c)
Pool # C00078, 9.00%, 11/1/2021		—	(c)		—	(c)
Pool # C80091, 6.50%, 1/1/2024		31			34
Pool # G00229, 8.50%, 5/1/2024		15			16
Pool # C00354, 8.50%, 7/1/2024		14			15
Pool # D56307, 7.50%, 9/1/2024		4			4
Pool # C00376, 8.00%, 11/1/2024		12			13
Pool # C00418, 7.00%, 8/1/2025		5			5
Pool # C00414, 7.50%, 8/1/2025		13			14
Pool # D63303, 7.00%, 9/1/2025		5			5
Pool # G00981, 8.50%, 7/1/2028		21			23
Pool # C22459, 6.50%, 2/1/2029		9			10
Pool # C00742, 6.50%, 4/1/2029		130			143
Pool # C00785, 6.50%, 6/1/2029		41			45
Pool # C47318, 7.00%, 9/1/2029		418			453
Pool # C01292, 6.00%, 2/1/2032		49			54
Pool # A16155, 5.50%, 11/1/2033		86			92
Pool # C03589, 4.50%, 10/1/2040		778			809
Pool # Q54950, 4.00%, 3/1/2048		10,246			10,348
FNMA
Pool # 66384, ARM, 6.08%, 4/1/2019(a)		1			1
Pool # 111024, ARM, 2.17%, 6/1/2020(a)		1			1
Pool # 620061, ARM, 2.27%, 11/1/2027(a)		24			24
Pool # 89406, ARM, 2.16%, 6/1/2029(a)		10			9
Pool # 563497, ARM, 2.27%, 11/1/2040(a)		20			20
FNMA, 15 Year, Single Family
Pool # 758528, 4.50%, 3/1/2019		10			10
Pool # 742085, 4.00%, 4/1/2019		32			33
Pool # MA0512, 4.00%, 9/1/2025		1,224			1,248
FNMA, 20 Year, Single Family Pool # 762498, 5.00%, 11/1/2023		180			188
FNMA, 30 Year, Single Family
Pool # 50318, 10.00%, 7/1/2020		—	(c)		—	(c)
Pool # 190257, 7.00%, 2/1/2024		22			24
Pool # 315500, 7.00%, 8/1/2025		31			32
Pool # 250575, 6.50%, 6/1/2026		20			21
Pool # 483802, 5.50%, 2/1/2029		229			247
Pool # 524949, 7.50%, 3/1/2030		16			16
Pool # 545639, 6.50%, 4/1/2032		201			223
Pool # 702435, 5.50%, 5/1/2033		942			1,014
Pool # 709441, 5.50%, 7/1/2033		463			503
Pool # 730711, 5.50%, 8/1/2033		543			588
Pool # 743127, 5.50%, 10/1/2033		474			515
Pool # 747628, 5.00%, 11/1/2033		1,052			1,122
Pool # 753662, 5.50%, 12/1/2033		715			778
Pool # 755615, 5.50%, 1/1/2034		816			888
Pool # 811755, 7.00%, 3/1/2035		1,606			1,805
Pool # 845834, 5.50%, 10/1/2035		505			542
Pool # 888201, 5.50%, 2/1/2036		210			226
Pool # 831409, 5.50%, 4/1/2036		825			896
Pool # 867420, 5.50%, 5/1/2036		463			504

JPMorgan Government Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
MORTGAGE-BACKED SECURITIES — continued
Pool # 745802, 6.00%, 7/1/2036		917			1,018
Pool # 969708, 4.50%, 3/1/2038		158			164
Pool # AE1216, 3.50%, 1/1/2041		1,408			1,393
Pool # AE1260, 3.50%, 8/1/2041		707			700
Pool # AB5378, 3.50%, 5/1/2042		2,759			2,730
Pool # AO6710, 4.00%, 6/1/2042		4,718			4,784
Pool # AR5147, 3.00%, 3/1/2043		2,654			2,542
Pool # AT8192, 4.00%, 6/1/2043		3,606			3,652
Pool # AS1112, 4.00%, 11/1/2043		6,192			6,246
Pool # BM1109, 4.00%, 10/1/2044		5,465			5,565
Pool # AS4073, 4.00%, 12/1/2044		2,509			2,540
Pool # AL8660, 4.00%, 6/1/2045		8,199			8,349
Pool # AS5648, 3.50%, 7/1/2045		2,940			2,896
Pool # AS6208, 3.50%, 10/1/2045		1,821			1,801
Pool # AS6344, 3.50%, 12/1/2045		3,575			3,521
Pool # AX5520, 3.00%, 5/1/2046		1,197			1,143
Pool # AX5546, 3.00%, 9/1/2046		1,735			1,656
Pool # AX5547, 3.50%, 9/1/2046		2,900			2,853
Pool # BM3744, 4.00%, 3/1/2047		17,118			17,357
Pool # CA0411, 4.00%, 9/1/2047		10,991			11,155
Pool # CA0861, 3.50%, 11/1/2047		5,741			5,645
Pool # BJ1666, 4.00%, 12/1/2047		12,404			12,518
Pool # CA1361, 3.50%, 2/1/2048		4,412			4,339
Pool # BD9074, 3.50%, 3/1/2048		1,856			1,826
Pool # BJ4640, 4.00%, 3/1/2048		5,316			5,365
Pool # BD9078, 4.00%, 4/1/2048		2,974			3,014
Pool # BD9077, 3.50%, 5/1/2048		1,377			1,355
Pool # BD9083, 4.00%, 7/1/2048		3,756			3,807
FNMA, Other
Pool # AL1463, 3.12%, 1/1/2022		6,410			6,421
Pool # AL1353, 3.26%, 1/1/2022		7,678			7,720
Pool # AM8674, 2.81%, 4/1/2025		6,500			6,304
Pool # AM4660, 3.77%, 12/1/2025		4,335			4,406
Pool # AN0571, 3.10%, 1/1/2026		6,500			6,374
Pool # AL8963, 2.97%, 5/1/2026		5,260			5,141
Pool # AM7199, 3.30%, 11/1/2026		3,000			2,964
Pool # AL9769, 2.63%, 12/1/2026		6,838			6,507
Pool # AN4635, 3.01%, 2/1/2027		6,832			6,609
Pool # FN0040, 2.97%, 6/1/2027		5,797			5,551
Pool # AN6800, 2.97%, 9/1/2027		3,450			3,304
Pool # AN6825, 2.80%, 10/1/2027		4,000			3,777
Pool # AN9486, 3.57%, 6/1/2028		12,449			12,339
Pool # 405220, 6.00%, 9/1/2028		21			23
Pool # AN8493, 3.30%, 2/1/2030		5,000			4,837
GNMA I, 30 Year, Single Family
Pool # 306081, 9.00%, 8/15/2021		65			67
Pool # 780284, 9.00%, 12/15/2021		7			7
Pool # 321560, 8.00%, 7/15/2022		3			3
Pool # 337141, 7.50%, 8/15/2022		8			8
Pool # 339969, 7.00%, 12/15/2022		—	(c)		—	(c)
Pool # 332022, 7.00%, 1/15/2023		3			3
Pool # 346214, 7.00%, 1/15/2023		1			1
Pool # 346572, 7.00%, 5/15/2023		2			2
Pool # 348677, 6.50%, 6/15/2023		1			1
Pool # 349788, 6.50%, 6/15/2023		1			1
Pool # 358801, 7.50%, 6/15/2023		16			16
Pool # 359588, 7.50%, 6/15/2023		11			11

JPMorgan Government Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
MORTGAGE-BACKED SECURITIES — continued
Pool # 322200, 6.50%, 7/15/2023		10			11
Pool # 346673, 7.00%, 7/15/2023		7			7
Pool # 354538, 7.00%, 7/15/2023		—	(c)		—	(c)
Pool # 357782, 7.00%, 7/15/2023		2			2
Pool # 360889, 7.00%, 7/15/2023		2			2
Pool # 344505, 6.50%, 8/15/2023		6			7
Pool # 356717, 6.50%, 8/15/2023		3			4
Pool # 345375, 6.50%, 9/15/2023		25			27
Pool # 345391, 6.50%, 10/15/2023		5			5
Pool # 354681, 8.00%, 10/15/2023		11			11
Pool # 369356, 6.50%, 11/15/2023		4			4
Pool # 370927, 6.50%, 11/15/2023		—	(c)		—	(c)
Pool # 346944, 6.50%, 12/15/2023		1			1
Pool # 349265, 6.50%, 12/15/2023		10			10
Pool # 365740, 6.50%, 12/15/2023		2			2
Pool # 369830, 6.50%, 12/15/2023		3			3
Pool # 370289, 6.50%, 12/15/2023		1			1
Pool # 354747, 6.50%, 2/15/2024		125			135
Pool # 362341, 6.50%, 2/15/2024		30			32
Pool # 370338, 6.50%, 2/15/2024		1			1
Pool # 380818, 6.50%, 2/15/2024		—	(c)		—	(c)
Pool # 379328, 7.00%, 3/15/2024		6			5
Pool # 391552, 7.00%, 3/15/2024		45			46
Pool # 379001, 7.00%, 4/15/2024		37			39
Pool # 403212, 8.00%, 9/15/2024		9			9
Pool # 780029, 9.00%, 11/15/2024		12			12
Pool # 401860, 7.50%, 6/15/2025		1			1
Pool # 377557, 8.00%, 7/15/2025		9			9
Pool # 422308, 7.50%, 3/15/2026		20			20
Pool # 412644, 8.00%, 7/15/2026		32			34
Pool # 436445, 8.00%, 8/15/2026		1			1
Pool # 432398, 7.50%, 3/15/2027		16			16
Pool # 462562, 7.50%, 2/15/2028		69			71
Pool # 472679, 7.00%, 6/15/2028		1			1
GNMA II, 30 Year, Single Family
Pool # 2324, 8.00%, 11/20/2026		17			19
Pool # 2344, 8.00%, 12/20/2026		30			33
Pool # 2512, 8.00%, 11/20/2027		59			64
TOTAL MORTGAGE-BACKED SECURITIES (Cost $232,174)					227,318
COMMERCIAL MORTGAGE-BACKED SECURITIES — 8.3%
FHLMC Multifamily Structured Pass-Through Certificates
Series KJ14, Class A2, 2.81%, 9/25/2024		5,145			5,033
Series K046, Class A2, 3.21%, 3/25/2025		6,026			5,964
Series K048, Class A2, 3.28%, 6/25/2025(a)		6,500			6,464
Series K049, Class A2, 3.01%, 7/25/2025		3,519			3,443
Series K052, Class A2, 3.15%, 11/25/2025		6,716			6,622
Series K067, Class A2, 3.19%, 7/25/2027		6,558			6,365
Series K069, Class A2, 3.19%, 9/25/2027(a)		3,000			2,908
Series W5FX, Class AFX, 3.34%, 4/25/2028(a)		3,436			3,344
Series K078, Class A2, 3.85%, 6/25/2028		5,779			5,872
Series K081, Class A2, 3.90%, 8/25/2028(a)		9,055			9,219
FNMA ACES
Series 2015-M13, Class A2, 2.80%, 6/25/2025(a)		4,464			4,289
Series 2016-M1, Class A2, 2.94%, 1/25/2026(a)		19,357			18,696
Series 2017-M3, Class A2, 2.57%, 12/25/2026(a)		6,000			5,535

JPMorgan Government Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COMMERCIAL MORTGAGE-BACKED SECURITIES — continued
Series 2017-M4, Class A2, 2.68%, 12/25/2026(a)		6,387		5,938
Series 2017-M7, Class A2, 2.96%, 2/25/2027(a)		4,394		4,182
Series 2017-M8, Class A2, 3.06%, 5/25/2027(a)		12,000		11,486
FNMA Grantor Trust Series 2017-T1, Class A, 2.90%, 6/25/2027		10,524		9,818
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $120,002)				115,178
FOREIGN GOVERNMENT SECURITIES — 0.5%
Israel Government AID Bond (Israel) Zero Coupon, 9/15/2019 (Cost $7,386)		7,527		7,360
	Shares (000)
SHORT-TERM INVESTMENTS — 3.6%
INVESTMENT COMPANIES — 3.6%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.10%(d)(e) (Cost $50,114)		50,114		50,114
Total Investments — 99.9% (Cost $1,414,202)				1,395,266
Other Assets Less Liabilities — 0.1%				1,727
Net Assets — 100.0%				1,396,993

Percentages indicated are based on net assets.

Abbreviations
ACES	Alternative Credit Enhancement Securities
ARM	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of November 30, 2018.
DN	Discount Notes
FFCB	Federal Farm Credit Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
HB	High Coupon Bonds (a.k.a. “IOettes”) represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO’s the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.

JPMorgan Government Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

IF	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of November 30, 2018. 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.
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.
REMIC	Real Estate Mortgage Investment Conduit
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.
(a)	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, 2018.
(b)	The rate shown is the effective yield as of November 30, 2018.
(c)	Amount rounds to less than one thousand.
(d)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of November 30, 2018.

JPMorgan Government Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

A. Valuation of Investments — The valuation of investments is 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 (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.

JPMorgan 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.

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

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 (“SOI”) (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	50,114	$	1,345,152	$	—	$	1,395,266

(a) All portfolio holdings designated as level 1 and level 2 are disclosed individually on the SOI. Level 1 consists of a money market mutual fund that is held for daily investments of cash. Please refer to the SOI for industry specifics of portfolio holdings.

There were no transfers among any levels during the period ended November 30, 2018.

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — 88.5%
Aerospace & Defense — 2.1%
Arconic, Inc.
5.13%, 10/1/2024		12,295		11,926
5.90%, 2/1/2027		8,641		8,295
6.75%, 1/15/2028		10,659		10,339
5.95%, 2/1/2037		7,024		6,603
Bombardier, Inc. (Canada)
8.75%, 12/1/2021(a)		27,460		28,318
6.00%, 10/15/2022(a)		13,043		12,360
6.13%, 1/15/2023(a)		18,005		17,105
7.50%, 12/1/2024(a)		8,730		8,304
7.50%, 3/15/2025(a)		21,013		19,962
TransDigm UK Holdings plc 6.88%, 5/15/2026(a)		6,390		6,310
TransDigm, Inc.
6.00%, 7/15/2022		14,708		14,726
6.50%, 7/15/2024		26,582		26,649
6.50%, 5/15/2025		5,318		5,298
				176,195
Airlines — 0.2%
United Continental Holdings, Inc. 5.00%, 2/1/2024		12,685		12,463
Auto Components — 1.8%
Allison Transmission, Inc. 4.75%, 10/1/2027(a)		9,665		8,699
American Axle & Manufacturing, Inc.
6.25%, 4/1/2025		33,295		30,964
6.25%, 3/15/2026		9,058		8,220
6.50%, 4/1/2027		26,915		24,426
Goodyear Tire & Rubber Co. (The)
5.00%, 5/31/2026		17,860		16,297
4.88%, 3/15/2027		25,501		22,919
Icahn Enterprises LP
5.88%, 2/1/2022		16,647		16,704
6.25%, 2/1/2022		6,999		7,113
6.75%, 2/1/2024		4,579		4,608
6.38%, 12/15/2025		8,920		8,808
JB Poindexter & Co., Inc. 7.13%, 4/15/2026(a)		4,348		4,141
				152,899
Automobiles — 0.2%
Jaguar Land Rover Automotive plc (United Kingdom) 4.50%, 10/1/2027(a)		23,821		17,568
Motors Liquidation Co.
7.70%, 4/15/2016‡(b)		25,800		—	(c)
8.25%, 7/15/2023‡(b)		20,000		—	(c)
0.00%, 6/15/2024‡(b)		12,550		—	(c)
7.40%, 9/1/2025‡(b)		9,300		—	(c)
6.75%, 5/1/2028‡(b)(d)		10,255		—	(c)
8.38%, 7/15/2033‡(b)		34,006		—	(c)
7.75%, 3/15/2036‡(b)		3,415		—	(c)
7.38%, 5/23/2048‡(b)		6,000		—	(c)
				17,568
Banks — 2.2%
Bank of America Corp. Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 3/17/2025(d)(e)(f)		12,527		12,637
Barclays Bank plc (United Kingdom) 7.63%, 11/21/2022		12,025		12,611
Barclays plc (United Kingdom)
(USD Swap Semi 5 Year + 4.84%), 7.75%, 9/15/2023(d)(e)(f)		6,252		5,820
4.38%, 9/11/2024		3,035		2,819
5.20%, 5/12/2026		13,815		13,155
4.84%, 5/9/2028		7,420		6,697
CIT Group, Inc.
4.75%, 2/16/2024		4,330		4,235
5.25%, 3/7/2025		6,899		6,932
6.13%, 3/9/2028		3,577		3,676
Citigroup, Inc. Series T, (ICE LIBOR USD 3 Month + 4.52%), 6.25%, 8/15/2026(d)(e)(f)		3,345		3,370
Credit Agricole SA (France) (USD Swap Semi 5 Year + 6.19%), 8.13%, 12/23/2025(a)(d)(e)(f)		9,417		9,787
Royal Bank of Scotland Group plc (United Kingdom)
(USD Swap Semi 5 Year + 5.80%), 7.50%, 8/10/2020(d)(e)(f)		14,572		14,426
(USD Swap Semi 5 Year + 7.60%), 8.63%, 8/15/2021(d)(e)(f)		4,790		4,934
6.13%, 12/15/2022		35,874		36,410
6.10%, 6/10/2023		34,305		34,870
6.00%, 12/19/2023		4,697		4,724
Societe Generale SA (France) (USD Swap Semi 5 Year + 6.24%), 7.38%, 9/13/2021(a)(d)(e)(f)		8,360		8,235
				185,338
Building Products — 0.9%
Masonite International Corp. 5.75%, 9/15/2026(a)		6,512		6,145
PGT Escrow Issuer, Inc. 6.75%, 8/1/2026(a)		8,676		8,763
Standard Industries, Inc.
6.00%, 10/15/2025(a)		15,470		15,083
5.00%, 2/15/2027(a)		4,555		4,100
4.75%, 1/15/2028(a)		11,360		9,940
Summit Materials LLC
6.13%, 7/15/2023		16,067		15,967
5.13%, 6/1/2025(a)		14,210		12,895
				72,893

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Capital Markets — 0.2%
LPL Holdings, Inc. 5.75%, 9/15/2025(a)		13,257		12,561
MSCI, Inc.
5.75%, 8/15/2025(a)		1,700		1,721
5.38%, 5/15/2027(a)		4,866		4,822
				19,104
Chemicals — 2.2%
Chemours Co. (The) 7.00%, 5/15/2025		14,746		14,875
Cornerstone Chemical Co. 6.75%, 8/15/2024(a)		5,504		5,201
CVR Partners LP 9.25%, 6/15/2023(a)		59,784		62,791
FXI Holdings, Inc. 7.88%, 11/1/2024(a)		19,768		17,668
Gates Global LLC 6.00%, 7/15/2022(a)		12,947		12,882
Ingevity Corp. 4.50%, 2/1/2026(a)		3,725		3,436
Koppers, Inc. 6.00%, 2/15/2025(a)		7,100		6,354
NOVA Chemicals Corp. (Canada)
4.88%, 6/1/2024(a)		9,515		8,849
5.00%, 5/1/2025(a)		7,169		6,685
5.25%, 6/1/2027(a)		6,906		6,328
Nufarm Australia Ltd. (Australia) 5.75%, 4/30/2026(a)		1,278		1,195
Trinseo Materials Operating SCA 5.38%, 9/1/2025(a)		14,035		12,386
Tronox Finance plc 5.75%, 10/1/2025(a)		12,475		10,573
Tronox, Inc. 6.50%, 4/15/2026(a)		5,307		4,591
Venator Finance SARL 5.75%, 7/15/2025(a)		8,590		6,915
				180,729
Commercial Services & Supplies — 2.4%
ADT Security Corp. (The) 4.13%, 6/15/2023		42,240		39,389
Brink’s Co. (The) 4.63%, 10/15/2027(a)		9,200		8,464
Covanta Holding Corp.
5.88%, 3/1/2024		5,940		5,724
5.88%, 7/1/2025		2,642		2,487
Garda World Security Corp. (Canada)
7.25%, 11/15/2021(a)		3,003		2,943
8.75%, 5/15/2025(a)		63,185		57,656
Harland Clarke Holdings Corp. 8.38%, 8/15/2022(a)		3,000		2,775
ILFC E-Capital Trust I (USD Constant Maturity 30 Year + 1.55%, 14.50% Cap), 4.78%, 12/21/2065‡(a)(d)		10,594		8,934
Nielsen Co. Luxembourg SARL (The)
5.50%, 10/1/2021(a)		4,000		4,014
5.00%, 2/1/2025(a)		15,495		15,107
Nielsen Finance LLC 5.00%, 4/15/2022(a)		3,585		3,506
Prime Security Services Borrower LLC 9.25%, 5/15/2023(a)		42,315		44,854
Quad/Graphics, Inc. 7.00%, 5/1/2022		3,650		3,586
				199,439
Communications Equipment — 0.7%
Avaya, Inc. 7.00%, 4/1/2019‡(b)		23,379		2
CommScope Technologies LLC
6.00%, 6/15/2025(a)		14,206		13,159
5.00%, 3/15/2027(a)		7,470		6,154
CommScope, Inc.
5.00%, 6/15/2021(a)		5,880		5,830
5.50%, 6/15/2024(a)		9,665		8,915
Goodman Networks, Inc. 8.00%, 5/11/2022‡		4,776		2,388
Nokia OYJ (Finland)
3.38%, 6/12/2022		3,713		3,523
4.38%, 6/12/2027		6,523		6,093
6.63%, 5/15/2039		3,179		3,278
Plantronics, Inc. 5.50%, 5/31/2023(a)		8,932		8,642
				57,984
Construction & Engineering — 0.8%
AECOM 5.13%, 3/15/2027		17,998		16,369
MasTec, Inc. 4.88%, 3/15/2023		23,062		22,341
Tutor Perini Corp. 6.88%, 5/1/2025(a)		26,985		25,906
				64,616
Construction Materials — 1.2%
Cemex SAB de CV (Mexico)
6.13%, 5/5/2025(a)		30,170		29,039
7.75%, 4/16/2026(a)		52,070		54,496
US Concrete, Inc. 6.38%, 6/1/2024		12,631		11,968
				95,503
Consumer Finance — 1.5%
Ally Financial, Inc.
4.63%, 3/30/2025		3,656		3,592
5.75%, 11/20/2025		12,389		12,652
8.00%, 11/1/2031		8,769		10,240
Curo Group Holdings Corp. 8.25%, 9/1/2025(a)		16,308		13,617
FirstCash, Inc. 5.38%, 6/1/2024(a)		6,313		6,203
ILFC E-Capital Trust II (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year + 1.80%, 14.50% Cap), 5.03%, 12/21/2065‡(a)(d)		26,236		21,710
Springleaf Finance Corp. 7.75%, 10/1/2021		4,017		4,203

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Consumer Finance — continued
6.13%, 5/15/2022		10,500		10,500
5.63%, 3/15/2023		23,248		22,376
6.88%, 3/15/2025		6,990		6,579
7.13%, 3/15/2026		14,719		13,836
				125,508
Containers & Packaging — 1.4%
Ardagh Packaging Finance plc (Ireland)
7.25%, 5/15/2024(a)		12,500		12,625
6.00%, 2/15/2025(a)		25,575		23,817
Ball Corp.
5.25%, 7/1/2025		4,740		4,811
4.88%, 3/15/2026		1,290		1,268
Berry Global, Inc.
5.13%, 7/15/2023		8,950		8,866
4.50%, 2/15/2026(a)		4,135		3,887
BWAY Holding Co. 5.50%, 4/15/2024(a)		8,759		8,387
Crown Americas LLC
4.75%, 2/1/2026(a)		3,250		3,133
4.25%, 9/30/2026		7,310		6,798
Flex Acquisition Co., Inc. 6.88%, 1/15/2025(a)		4,046		3,737
Intertape Polymer Group, Inc. (Canada) 7.00%, 10/15/2026(a)		5,924		5,939
OI European Group BV 4.00%, 3/15/2023(a)		5,307		4,962
Owens-Brockway Glass Container, Inc.
5.00%, 1/15/2022(a)		2,890		2,875
5.88%, 8/15/2023(a)		7,360		7,360
5.38%, 1/15/2025(a)		2,403		2,301
Reynolds Group Issuer, Inc.
5.75%, 10/15/2020		4,361		4,356
6.88%, 2/15/2021(g)		728		731
Sealed Air Corp.
5.25%, 4/1/2023(a)		2,094		2,104
5.13%, 12/1/2024(a)		4,517		4,404
5.50%, 9/15/2025(a)		1,686		1,665
				114,026
Distributors — 0.3%
Global Partners LP
6.25%, 7/15/2022		7,245		7,139
7.00%, 6/15/2023		11,990		11,810
Univar USA, Inc. 6.75%, 7/15/2023(a)		8,580		8,569
				27,518
Diversified Consumer Services — 0.4%
Graham Holdings Co. 5.75%, 6/1/2026(a)		4,883		4,944
Service Corp. International
8.00%, 11/15/2021		10,675		11,689
5.38%, 5/15/2024		1,625		1,633
Sotheby’s 4.88%, 12/15/2025(a)		13,535		12,452
				30,718
Diversified Financial Services — 0.7%
ACE Cash Express, Inc. 12.00%, 12/15/2022(a)		10,928		10,764
CNG Holdings, Inc. 9.38%, 5/15/2020(a)		26,446		24,595
Refinitiv US Holdings, Inc.
6.25%, 5/15/2026(a)		4,002		3,949
8.25%, 11/15/2026(a)		4,113		3,918
Travelport Corporate Finance plc 6.00%, 3/15/2026(a)		8,840		8,730
Verscend Escrow Corp. 9.75%, 8/15/2026(a)		8,814		8,483
				60,439
Diversified Telecommunication Services — 7.2%
Altice France SA (France)
6.25%, 5/15/2024(a)		15,052		14,544
7.38%, 5/1/2026(a)		21,602		20,738
8.13%, 2/1/2027(a)		10,001		9,801
CCO Holdings LLC
5.88%, 4/1/2024(a)		66,733		67,317
5.75%, 2/15/2026(a)		39,950		39,950
5.50%, 5/1/2026(a)		11,523		11,221
5.13%, 5/1/2027(a)		9,826		9,310
5.00%, 2/1/2028(a)		5,815		5,415
CenturyLink, Inc.
Series S, 6.45%, 6/15/2021		3,805		3,891
Series T, 5.80%, 3/15/2022		12,770		12,690
Series W, 6.75%, 12/1/2023		7,213		7,231
Series Y, 7.50%, 4/1/2024		7,240		7,430
Cincinnati Bell, Inc.
7.00%, 7/15/2024(a)		22,763		19,960
8.00%, 10/15/2025(a)		6,219		5,504
DKT Finance ApS (Denmark) 9.38%, 6/17/2023(a)		14,740		15,330
Embarq Corp. 8.00%, 6/1/2036		74,475		69,914
Frontier Communications Corp.
10.50%, 9/15/2022		11,179		8,943
7.13%, 1/15/2023		3,700		2,386
11.00%, 9/15/2025		26,394		18,608
8.50%, 4/1/2026(a)		10,755		9,761
Intelsat Jackson Holdings SA (Luxembourg)
5.50%, 8/1/2023		29,848		26,341
8.00%, 2/15/2024(a)		28,710		30,039
8.50%, 10/15/2024(a)		35,509		35,157
9.75%, 7/15/2025(a)		9,004		9,297
Intelsat Luxembourg SA (Luxembourg)
7.75%, 6/1/2021		1,873		1,765
8.13%, 6/1/2023		11,606		9,575
Level 3 Financing, Inc.
5.63%, 2/1/2023		5,256		5,253
5.13%, 5/1/2023		6,713		6,638
5.38%, 1/15/2024		5,515		5,413
5.38%, 5/1/2025		16,537		16,103

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Diversified Telecommunication Services — continued
Qwest Capital Funding, Inc.
7.75%, 2/15/2031		3,485		2,971
Sprint Capital Corp.
6.90%, 5/1/2019		2,465		2,493
8.75%, 3/15/2032		26,765		29,073
Telecom Italia Capital SA (Italy)
6.38%, 11/15/2033		15,157		13,490
6.00%, 9/30/2034		6,495		5,553
7.20%, 7/18/2036		3,391		3,225
7.72%, 6/4/2038		1,627		1,594
Telecom Italia SpA (Italy) 5.30%, 5/30/2024(a)		4,345		4,079
Virgin Media Finance plc (United Kingdom) 5.25%, 2/15/2022‡		8,595		8,509
Virgin Media Secured Finance plc (United Kingdom) 5.25%, 1/15/2026(a)		8,835		8,272
Windstream Services LLC 9.00%, 6/30/2025(a)		19,255		14,056
				598,840
Electric Utilities — 0.4%
NextEra Energy Operating Partners LP
4.25%, 9/15/2024(a)		7,448		7,020
4.50%, 9/15/2027(a)		1,828		1,677
Pacific Gas & Electric Co. 4.25%, 8/1/2023(a)		2,074		1,924
Terraform Global Operating LLC 6.13%, 3/1/2026(a)		8,975		8,409
Texas Competitive Electric Holdings Co. LLC
8.50%, 5/1/2020‡(b)		153,570		307
11.50%, 10/1/2020‡		15,375		61
Vistra Operations Co. LLC 5.50%, 9/1/2026(a)		12,717		12,510
				31,908
Electrical Equipment — 0.7%
Sensata Technologies BV 4.88%, 10/15/2023(a)		12,987		12,727
Vertiv Group Corp. 9.25%, 10/15/2024(a)		49,156		47,927
				60,654
Electronic Equipment, Instruments & Components — 0.1%
CDW LLC
5.00%, 9/1/2023		4,503		4,492
5.50%, 12/1/2024		3,001		3,001
5.00%, 9/1/2025		1,788		1,743
				9,236
Energy Equipment & Services — 2.9%
CSI Compressco LP 7.50%, 4/1/2025(a)		4,240		4,145
Diamond Offshore Drilling, Inc. 7.88%, 8/15/2025		13,825		12,339
Ensco plc
8.00%, 1/31/2024		3,346		3,045
4.50%, 10/1/2024		3,313		2,433
5.20%, 3/15/2025		14,039		10,503
7.75%, 2/1/2026		1,925		1,588
5.75%, 10/1/2044		845		520
KCA Deutag UK Finance plc (United Kingdom)
7.25%, 5/15/2021(a)		13,585		11,072
9.88%, 4/1/2022(a)		2,383		1,954
9.63%, 4/1/2023(a)		2,010		1,593
Nabors Industries, Inc. 5.75%, 2/1/2025		7,166		5,845
Noble Holding International Ltd.
7.75%, 1/15/2024		3,662		3,204
7.95%, 4/1/2025(g)		6,409		5,480
7.88%, 2/1/2026(a)		16,175		15,083
6.20%, 8/1/2040		6,316		4,263
Precision Drilling Corp. (Canada) 7.13%, 1/15/2026(a)		2,057		1,908
Rowan Cos., Inc.
4.75%, 1/15/2024		3,451		2,812
7.38%, 6/15/2025		3,271		2,895
SESI LLC 7.75%, 9/15/2024		4,385		3,914
Shelf Drilling Holdings Ltd. (United Arab Emirates) 8.25%, 2/15/2025(a)		25,487		24,021
Telford Offshore Ltd. (United Arab Emirates) Series B, 14.00% (Blend (cash 1.00% + PIK 13.00%)), 2/12/2024‡(h)		6,961		3,433
Transocean Guardian Ltd. 5.88%, 1/15/2024(a)		2,638		2,572
Transocean Pontus Ltd. 6.13%, 8/1/2025(a)		8,550		8,336
Transocean Proteus Ltd. 6.25%, 12/1/2024(a)		793		777
Transocean, Inc.
9.00%, 7/15/2023(a)		14,686		15,007
7.25%, 11/1/2025(a)		8,875		8,209
7.50%, 1/15/2026(a)		28,837		26,819
7.50%, 4/15/2031		9,411		7,576
6.80%, 3/15/2038		13,943		9,969
9.35%, 12/15/2041(g)		13,749		12,374
Unit Corp. 6.63%, 5/15/2021		13,122		12,663
USA Compression Partners LP 6.88%, 4/1/2026(a)		3,310		3,231
Weatherford International LLC
9.88%, 3/1/2025(a)		7,587		4,989
6.80%, 6/15/2037		64		37
Weatherford International Ltd.
4.50%, 4/15/2022		2,744		1,811
8.25%, 6/15/2023		1,100		732
9.88%, 2/15/2024		3,282		2,199
7.00%, 3/15/2038		828		474
6.75%, 9/15/2040		2,774		1,567
5.95%, 4/15/2042		936		524
				241,916

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Entertainment — 1.3%
AMC Entertainment Holdings, Inc.
5.75%, 6/15/2025		15,908		14,397
5.88%, 11/15/2026		7,249		6,452
6.13%, 5/15/2027		6,936		6,138
Cinemark USA, Inc. 4.88%, 6/1/2023		9,733		9,465
EMI Music Publishing Group North America Holdings, Inc. 7.63%, 6/15/2024(a)		12,947		13,853
Netflix, Inc.
5.50%, 2/15/2022		2,800		2,856
4.38%, 11/15/2026		1,716		1,579
4.88%, 4/15/2028		5,445		5,023
5.88%, 11/15/2028(a)		8,269		8,186
Viacom, Inc.
(ICE LIBOR USD 3 Month + 3.90%), 5.88%, 2/28/2057(d)		14,288		13,734
(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057(d)		7,902		7,571
WMG Acquisition Corp.
5.63%, 4/15/2022(a)		2,793		2,818
4.88%, 11/1/2024(a)		3,014		2,916
5.50%, 4/15/2026(a)		15,586		15,118
				110,106
Equity Real Estate Investment Trusts (REITs) — 1.1%
CyrusOne LP
5.00%, 3/15/2024		4,499		4,465
5.38%, 3/15/2027		1,993		1,953
Equinix, Inc.
5.38%, 1/1/2022		4,415		4,474
5.38%, 4/1/2023		18,333		18,471
5.75%, 1/1/2025		4,171		4,243
5.88%, 1/15/2026		29		29
ESH Hospitality, Inc. 5.25%, 5/1/2025(a)		13,770		13,168
Iron Mountain, Inc.
5.75%, 8/15/2024		18,906		18,079
4.88%, 9/15/2027(a)		8,907		7,894
5.25%, 3/15/2028(a)		8,573		7,759
SBA Communications Corp.
4.88%, 7/15/2022		1,404		1,397
4.00%, 10/1/2022		1,951		1,883
4.88%, 9/1/2024		7,451		7,246
				91,061
Food & Staples Retailing — 1.1%
Albertsons Cos. LLC
6.63%, 6/15/2024		49,460		47,667
5.75%, 3/15/2025		20,905		18,658
New Albertsons LP
7.75%, 6/15/2026		1,033		909
6.63%, 6/1/2028		2,145		1,646
7.45%, 8/1/2029		4,833		3,939
8.70%, 5/1/2030		11,940		10,447
8.00%, 5/1/2031		14,241		12,034
				95,300
Food Products — 2.4%
B&G Foods, Inc. 5.25%, 4/1/2025		11,232		10,615
Dean Foods Co. 6.50%, 3/15/2023(a)		9,024		7,919
Dole Food Co., Inc. 7.25%, 6/15/2025(a)		16,796		15,788
JBS USA LUX SA
7.25%, 6/1/2021(a)		64,342		65,066
5.88%, 7/15/2024(a)		27,785		27,305
5.75%, 6/15/2025(a)		3,670		3,551
6.75%, 2/15/2028(a)		18,098		17,421
Pilgrim’s Pride Corp.
5.75%, 3/15/2025(a)		26,385		25,659
5.88%, 9/30/2027(a)		10,700		10,112
Post Holdings, Inc. 5.00%, 8/15/2026(a)		13,811		12,672
				196,108
Gas Utilities — 0.2%
AmeriGas Partners LP
5.50%, 5/20/2025		9,132		8,459
5.88%, 8/20/2026		4,381		4,085
5.75%, 5/20/2027		7,858		7,099
				19,643
Health Care Equipment & Supplies — 0.2%
Hologic, Inc. 4.38%, 10/15/2025(a)		4,562		4,334
Mallinckrodt International Finance SA
5.63%, 10/15/2023(a)		1,982		1,702
5.50%, 4/15/2025(a)		9,330		7,429
Teleflex, Inc. 4.88%, 6/1/2026		3,750		3,632
				17,097
Health Care Providers & Services — 7.1%
Acadia Healthcare Co., Inc.
5.63%, 2/15/2023		8,281		8,143
6.50%, 3/1/2024		8,830		8,653
Centene Corp.
5.63%, 2/15/2021		5,077		5,144
4.75%, 5/15/2022		2,630		2,640
6.13%, 2/15/2024		13,415		13,950
4.75%, 1/15/2025		15,285		15,171
Community Health Systems, Inc.
5.13%, 8/1/2021		9,612		9,101
6.88%, 2/1/2022		16,361		8,102
6.25%, 3/31/2023		25,441		23,597
8.63%, 1/15/2024(a)		15,869		16,127
8.13%, 6/30/2024(a)		28,322		21,595
DaVita, Inc.
5.75%, 8/15/2022		3,000		3,041
5.13%, 7/15/2024		28,243		27,184
5.00%, 5/1/2025		7,965		7,487
Envision Healthcare Corp. 8.75%, 10/15/2026(a)		23,035		21,593
HCA Healthcare, Inc. 6.25%, 2/15/2021		11,585		11,962

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Health Care Providers & Services — continued
HCA, Inc.
4.25%, 10/15/2019		2,560		2,566
7.50%, 2/15/2022		21,198		22,894
5.88%, 3/15/2022		5,140		5,342
5.88%, 5/1/2023		27,295		28,250
5.00%, 3/15/2024		3,371		3,380
5.38%, 2/1/2025		54,045		54,383
5.88%, 2/15/2026		19,145		19,719
5.50%, 6/15/2047		8,700		8,374
MPH Acquisition Holdings LLC 7.13%, 6/1/2024(a)		32,829		32,706
NVA Holdings, Inc. 6.88%, 4/1/2026(a)		9,011		8,594
Polaris Intermediate Corp. 8.50% (cash), 12/1/2022(a)(h)		15,861		15,781
Team Health Holdings, Inc. 6.38%, 2/1/2025(a)		32,813		27,071
Tenet Healthcare Corp.
6.75%, 2/1/2020		6,208		6,348
6.00%, 10/1/2020		4,995		5,095
4.50%, 4/1/2021		14,531		14,389
4.38%, 10/1/2021		13,138		12,908
7.50%, 1/1/2022(a)		2,610		2,708
8.13%, 4/1/2022		17,661		18,301
6.75%, 6/15/2023		29,798		29,425
4.63%, 7/15/2024		17,012		16,321
5.13%, 5/1/2025		27,491		26,065
7.00%, 8/1/2025		17,676		17,234
WellCare Health Plans, Inc. 5.25%, 4/1/2025		9,886		9,799
				591,143
Health Care Technology — 0.1%
IQVIA, Inc. 4.88%, 5/15/2023(a)		3,335		3,314
5.00%, 10/15/2026(a)		1,660		1,598
				4,912
Hotels, Restaurants & Leisure — 4.7%
Boyd Gaming Corp.
6.88%, 5/15/2023		5,363		5,564
6.38%, 4/1/2026		12,745		12,665
6.00%, 8/15/2026		8,872		8,584
Boyne USA, Inc. 7.25%, 5/1/2025(a)		15,085		15,688
CCM Merger, Inc. 6.00%, 3/15/2022(a)		5,513		5,582
Chukchansi Economic Development Authority 9.75%, 5/30/2020(a)(b)		20,268		11,755
Constellation Merger Sub, Inc. 8.50%, 9/15/2025(a)		9,850		9,333
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023(a)		18,488		18,673
Eldorado Resorts, Inc.
7.00%, 8/1/2023		3,340		3,490
6.00%, 4/1/2025		18,441		17,980
6.00%, 9/15/2026(a)		4,293		4,154
Enterprise Development Authority (The) 12.00%, 7/15/2024(a)		23,500		22,442
Gateway Casinos & Entertainment Ltd. (Canada) 8.25%, 3/1/2024(a)		24,132		25,097
Golden Nugget, Inc. 6.75%, 10/15/2024(a)		30,513		29,903
Hilton Domestic Operating Co., Inc. 4.25%, 9/1/2024		2,785		2,656
Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024		4,967		4,961
Hilton Worldwide Finance LLC 4.63%, 4/1/2025		881		850
International Game Technology plc 6.50%, 2/15/2025(a)		8,425		8,596
IRB Holding Corp. 6.75%, 2/15/2026(a)		28,065		25,890
Jack Ohio Finance LLC
6.75%, 11/15/2021(a)		12,805		13,125
10.25%, 11/15/2022(a)		8,490		9,169
Marriott Ownership Resorts, Inc. 6.50%, 9/15/2026(a)		10,968		10,941
MGM Resorts International 6.00%, 3/15/2023		11,245		11,428
Sabre GLBL, Inc. 5.38%, 4/15/2023(a)		6,386		6,354
Scientific Games International, Inc.
10.00%, 12/1/2022		25,592		26,564
5.00%, 10/15/2025(a)		19,127		17,906
Seminole Hard Rock Entertainment, Inc. 5.88%, 5/15/2021(a)		26,788		26,905
Six Flags Entertainment Corp. 4.88%, 7/31/2024(a)		3,677		3,521
Stars Group Holdings BV (Canada) 7.00%, 7/15/2026(a)		8,131		8,100
Station Casinos LLC 5.00%, 10/1/2025(a)		13,964		12,760
VOC Escrow Ltd. 5.00%, 2/15/2028(a)		4,433		4,101
Wyndham Destinations, Inc.
5.40%, 4/1/2024(g)		3,713		3,626
6.35%, 10/1/2025(g)		1,640		1,620
5.75%, 4/1/2027(g)		3,662		3,379
				393,362
Household Durables — 1.0%
Lennar Corp.
5.88%, 11/15/2024		21,785		21,840
4.75%, 5/30/2025		6,275		5,953
5.25%, 6/1/2026		5,193		4,972
4.75%, 11/29/2027		1,805		1,661
Mattamy Group Corp. (Canada) 6.88%, 12/15/2023(a)		4,488		4,308
New Home Co., Inc. (The) 7.25%, 4/1/2022		12,915		12,528

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Household Durables — continued
Tempur Sealy International, Inc. 5.63%, 10/15/2023		21,613		21,235
Toll Brothers Finance Corp.
5.63%, 1/15/2024		5,085		5,091
4.88%, 11/15/2025		1,870		1,776
4.35%, 2/15/2028		1,995		1,751
				81,115
Household Products — 0.3%
Kronos Acquisition Holdings, Inc. (Canada) 9.00%, 8/15/2023(a)		9,456		8,132
Spectrum Brands, Inc.
6.13%, 12/15/2024		12,694		12,250
5.75%, 7/15/2025		5,500		5,204
				25,586
Independent Power and Renewable Electricity Producers — 1.3%
Calpine Corp.
5.88%, 1/15/2024(a)		5,000		5,000
5.50%, 2/1/2024		5,015		4,626
5.75%, 1/15/2025		14,721		13,543
5.25%, 6/1/2026(a)		20,308		18,887
Clearway Energy Operating LLC
5.75%, 10/15/2025(a)		3,850		3,706
5.00%, 9/15/2026		8,000		7,260
NRG Energy, Inc.
7.25%, 5/15/2026		8,240		8,714
6.63%, 1/15/2027		12,220		12,448
5.75%, 1/15/2028		7,934		7,735
Talen Energy Supply LLC 6.50%, 6/1/2025		16,470		11,961
Vistra Energy Corp. 5.88%, 6/1/2023		15,000		15,169
				109,049
Industrial Conglomerates — 0.1%
General Electric Co.
6.15%, 8/7/2037		7,130		6,747
5.88%, 1/14/2038		1,960		1,821
				8,568
Insurance — 0.4%
CNO Financial Group, Inc. 5.25%, 5/30/2025		12,933		12,634
Fidelity & Guaranty Life Holdings, Inc. 5.50%, 5/1/2025(a)		9,007		8,827
Liberty Mutual Group, Inc. 7.80%, 3/15/2037(a)		7,307		8,184
				29,645
Interactive Media & Services — 0.2%
Rackspace Hosting, Inc. 8.63%, 11/15/2024(a)		17,797		15,083
IT Services — 1.9%
Alliance Data Systems Corp.
5.88%, 11/1/2021(a)		4,475		4,531
5.38%, 8/1/2022(a)		21,047		20,942
Banff Merger Sub, Inc. 9.75%, 9/1/2026(a)		17,986		16,929
Booz Allen Hamilton, Inc. 5.13%, 5/1/2025(a)		13,651		13,241
Exela Intermediate LLC 10.00%, 7/15/2023(a)		24,083		24,324
First Data Corp.
7.00%, 12/1/2023(a)		21,813		22,576
5.00%, 1/15/2024(a)		13,155		12,974
5.75%, 1/15/2024(a)		20,563		20,640
Zayo Group LLC
6.00%, 4/1/2023		9,791		9,742
6.38%, 5/15/2025		6,040		5,927
5.75%, 1/15/2027(a)		6,925		6,613
				158,439
Leisure Products — 0.2%
Mattel, Inc.
3.15%, 3/15/2023		5,095		4,331
6.75%, 12/31/2025(a)		14,652		13,809
				18,140
Machinery — 0.6%
ATS Automation Tooling Systems, Inc. (Canada) 6.50%, 6/15/2023(a)		8,122		8,305
Novelis Corp.
6.25%, 8/15/2024(a)		8,435		8,351
5.88%, 9/30/2026(a)		20,425		19,046
Stevens Holding Co., Inc. 6.13%, 10/1/2026(a)		7,154		7,064
Tennant Co. 5.63%, 5/1/2025		9,058		8,775
				51,541
Media — 6.7%
Altice Financing SA (Luxembourg)
6.63%, 2/15/2023(a)		11,572		11,427
7.50%, 5/15/2026(a)		17,610		16,554
Altice Luxembourg SA (Luxembourg)
7.75%, 5/15/2022(a)		19,863		18,919
7.63%, 2/15/2025(a)		11,597		9,394
AMC Networks, Inc.
5.00%, 4/1/2024		4,970		4,778
4.75%, 8/1/2025		7,443		6,922
Cablevision Systems Corp.
8.00%, 4/15/2020		24,654		25,640
5.88%, 9/15/2022		3,635		3,635
CBS Radio, Inc. 7.25%, 11/1/2024(a)		6,310		6,042
Clear Channel Worldwide Holdings, Inc.
Series A, 7.63%, 3/15/2020		2,650		2,643
Series B, 7.63%, 3/15/2020		24,373		24,343
Series A, 6.50%, 11/15/2022		20,665		20,859
Series B, 6.50%, 11/15/2022		24,700		25,078
CSC Holdings LLC
6.75%, 11/15/2021		10,435		10,931
5.38%, 7/15/2023(a)		19,998		19,848
5.25%, 6/1/2024		8,346		7,929
7.75%, 7/15/2025(a)		2,545		2,643
6.63%, 10/15/2025(a)		17,175		17,860
5.50%, 5/15/2026(a)		18,828		18,234

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Media — continued
5.50%, 4/15/2027(a)		19,275		18,504
5.38%, 2/1/2028(a)		6,840		6,429
7.50%, 4/1/2028(a)		13,075		13,467
DISH DBS Corp.
6.75%, 6/1/2021		45,175		45,909
5.88%, 7/15/2022		4,689		4,472
5.00%, 3/15/2023		8,175		7,153
7.75%, 7/1/2026		12,332		10,937
EW Scripps Co. (The) 5.13%, 5/15/2025(a)		2,141		2,007
Gray Escrow, Inc. 7.00%, 5/15/2027(a)		8,122		8,244
Gray Television, Inc.
5.13%, 10/15/2024(a)		15,730		15,062
5.88%, 7/15/2026(a)		8,360		8,130
iHeartCommunications, Inc. 9.00%, 12/15/2019(b)		4,957		3,544
Lamar Media Corp. 5.75%, 2/1/2026		1,450		1,475
Liberty Interactive LLC 8.25%, 2/1/2030		9,255		9,579
Nexstar Broadcasting, Inc.
5.88%, 11/15/2022		5,169		5,221
5.63%, 8/1/2024(a)		2,690		2,596
Outfront Media Capital LLC
5.63%, 2/15/2024		3,651		3,651
5.88%, 3/15/2025		10,319		10,345
Quebecor Media, Inc. (Canada) 5.75%, 1/15/2023		5,365		5,478
Sinclair Television Group, Inc.
5.63%, 8/1/2024(a)		6,978		6,646
5.88%, 3/15/2026(a)		1,074		1,022
5.13%, 2/15/2027(a)		6,246		5,559
Sirius XM Radio, Inc.
4.63%, 5/15/2023(a)		8,874		8,621
6.00%, 7/15/2024(a)		3,490		3,573
5.38%, 4/15/2025(a)		13,525		13,322
5.38%, 7/15/2026(a)		2,765		2,692
5.00%, 8/1/2027(a)		7,738		7,274
TEGNA, Inc.
6.38%, 10/15/2023		12,135		12,408
5.50%, 9/15/2024(a)		5,365		5,378
Unitymedia GmbH (Germany) 6.13%, 1/15/2025(a)		7,377		7,522
Univision Communications, Inc.
5.13%, 5/15/2023(a)		4,380		4,101
5.13%, 2/15/2025(a)		15,410		14,056
UPCB Finance IV Ltd. (Netherlands) 5.38%, 1/15/2025(a)		8,642		8,291
Videotron Ltd. (Canada) 5.38%, 6/15/2024(a)		7,067		7,049
Ziggo Bond Co. BV (Netherlands) 5.88%, 1/15/2025(a)		14,520		13,240
Ziggo BV (Netherlands) 5.50%, 1/15/2027(a)		2,775		2,584
				559,220
Metals & Mining — 2.9%
AK Steel Corp.
6.38%, 10/15/2025		11,954		9,713
7.00%, 3/15/2027		11,923		9,896
Alcoa Nederland Holding BV 6.75%, 9/30/2024(a)		9,912		10,234
Allegheny Technologies, Inc. 5.95%, 1/15/2021		2,000		1,993
Big River Steel LLC 7.25%, 9/1/2025(a)		4,300		4,386
Cleveland-Cliffs, Inc.
4.88%, 1/15/2024(a)		4,720		4,413
5.75%, 3/1/2025		5,710		5,239
Coeur Mining, Inc. 5.88%, 6/1/2024		4,717		4,340
Commercial Metals Co.
4.88%, 5/15/2023		5,918		5,666
5.38%, 7/15/2027		4,415		4,029
Constellium NV
5.75%, 5/15/2024(a)		855		800
6.63%, 3/1/2025(a)		11,618		11,124
FMG Resources August 2006 Pty. Ltd. (Australia)
4.75%, 5/15/2022(a)		8,395		8,059
5.13%, 5/15/2024(a)		7,045		6,561
Freeport-McMoRan, Inc.
3.55%, 3/1/2022		12,530		11,919
3.88%, 3/15/2023		30,940		28,813
4.55%, 11/14/2024		5,710		5,303
5.40%, 11/14/2034		4,841		4,079
5.45%, 3/15/2043		15,409		12,597
Hecla Mining Co. 6.88%, 5/1/2021		15,716		15,637
Hudbay Minerals, Inc. (Canada)
7.25%, 1/15/2023(a)		6,615		6,623
7.63%, 1/15/2025(a)		4,620		4,586
Kaiser Aluminum Corp. 5.88%, 5/15/2024		4,155		4,134
Northwest Acquisitions ULC 7.13%, 11/1/2022(a)		4,291		4,248
Steel Dynamics, Inc.
5.25%, 4/15/2023		2,505		2,502
4.13%, 9/15/2025		9,440		8,673
5.00%, 12/15/2026		6,100		5,863
Teck Resources Ltd. (Canada)
6.13%, 10/1/2035		13,074		13,074
6.00%, 8/15/2040		8,200		7,913
5.40%, 2/1/2043		8,060		7,173
United States Steel Corp.
6.88%, 8/15/2025		2,327		2,205
6.25%, 3/15/2026		13,791		12,610
				244,405
Multiline Retail — 0.2%
Cumberland Farms, Inc. 6.75%, 5/1/2025(a)		3,761		3,846

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Multiline Retail — continued
Neiman Marcus Group Ltd. LLC 8.00%, 10/15/2021(a)		21,677		10,513
				14,359
Oil, Gas & Consumable Fuels — 10.3%
Aker BP ASA (Norway)
6.00%, 7/1/2022(a)		1,916		1,916
5.88%, 3/31/2025(a)		11,772		11,743
Andeavor Logistics LP Series A, (ICE LIBOR USD 3 Month + 4.65%), 6.88%, 2/15/2023(d)(e)(f)		15,501		14,358
Antero Resources Corp. 5.13%, 12/1/2022		12,389		12,141
Athabasca Oil Corp. (Canada) 9.88%, 2/24/2022(a)		1,135		999
Baytex Energy Corp. (Canada) 5.63%, 6/1/2024(a)		2,694		2,317
Buckeye Partners LP (ICE LIBOR USD 3 Month + 4.02%), 6.38%, 1/22/2078(d)		17,475		15,133
California Resources Corp.
5.50%, 9/15/2021		1,969		1,556
8.00%, 12/15/2022(a)		20,595		15,652
Callon Petroleum Co.
6.13%, 10/1/2024		7,054		6,807
6.38%, 7/1/2026		2,735		2,633
Carrizo Oil & Gas, Inc. 6.25%, 4/15/2023		11,211		10,678
Cheniere Corpus Christi Holdings LLC
7.00%, 6/30/2024		13,135		14,153
5.88%, 3/31/2025		9,955		10,254
Cheniere Energy Partners LP
5.25%, 10/1/2025		6,240		6,076
5.63%, 10/1/2026(a)		6,500		6,321
Chesapeake Energy Corp.
(ICE LIBOR USD 3 Month + 3.25%), 5.69%, 4/15/2019(d)		4,440		4,440
7.00%, 10/1/2024		18,900		17,577
8.00%, 1/15/2025		12,935		12,450
8.00%, 6/15/2027		26,949		25,601
CITGO Petroleum Corp. 6.25%, 8/15/2022(a)		6,717		6,658
CNX Midstream Partners LP 6.50%, 3/15/2026(a)		3,481		3,364
Crestwood Midstream Partners LP
6.25%, 4/1/2023(g)		3,385		3,360
5.75%, 4/1/2025		9,449		9,071
DCP Midstream LP Series A, (ICE LIBOR USD 3 Month + 5.15%), 7.37%, 12/15/2022(d)(e)(f)		13,520		12,455
DCP Midstream Operating LP
3.88%, 3/15/2023		20,210		19,351
6.75%, 9/15/2037(a)		10,266		10,343
Delek Logistics Partners LP 6.75%, 5/15/2025		18,721		18,393
Denbury Resources, Inc.
9.25%, 3/31/2022(a)		4,993		4,980
7.50%, 2/15/2024(a)		7,717		6,820
Diamondback Energy, Inc. 4.75%, 11/1/2024(a)		4,394		4,262
Energy Transfer LP
4.25%, 3/15/2023		5,648		5,493
5.88%, 1/15/2024		21,806		22,487
5.50%, 6/1/2027		1,800		1,796
Energy Transfer Operating LP Series B, (ICE LIBOR USD 3 Month + 4.16%), 6.63%, 2/15/2028(d)(e)(f)		13,579		11,950
EnLink Midstream Partners LP
Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022(d)(e)(f)		14,202		11,362
4.40%, 4/1/2024		6,212		5,929
4.15%, 6/1/2025		7,808		7,069
4.85%, 7/15/2026		3,700		3,382
5.60%, 4/1/2044		5,165		4,026
Enterprise Products Operating LLC
Series D, (ICE LIBOR USD 3 Month + 2.99%), 4.87%, 8/16/2077(d)		5,108		4,470
(ICE LIBOR USD 3 Month + 2.57%), 5.38%, 2/15/2078(d)		9,502		8,167
EP Energy LLC
9.38%, 5/1/2020		8,666		8,059
9.38%, 5/1/2024(a)		2,085		1,147
8.00%, 11/29/2024(a)		18,406		16,013
8.00%, 2/15/2025(a)		15,015		7,508
7.75%, 5/15/2026(a)		20,847		20,065
Genesis Energy LP
6.75%, 8/1/2022		5,275		5,236
6.00%, 5/15/2023		7,230		6,760
5.63%, 6/15/2024		7,665		6,745
Gulfport Energy Corp. 6.00%, 10/15/2024		11,182		10,232
Hilcorp Energy I LP
5.00%, 12/1/2024(a)		6,540		5,935
6.25%, 11/1/2028(a)		9,002		8,439
Holly Energy Partners LP 6.00%, 8/1/2024(a)		9,241		9,125
Martin Midstream Partners LP 7.25%, 2/15/2021		17,907		17,370
Matador Resources Co. 5.88%, 9/15/2026(a)		9,722		9,284
MEG Energy Corp. (Canada)
6.38%, 1/30/2023(a)		3,083		2,875
7.00%, 3/31/2024(a)		67		63
Northern Oil and Gas, Inc. 9.50% (Blend (cash 8.50% + PIK 1.00%)), 5/15/2023(a)(h)		8,442		8,301
NuStar Logistics LP 5.63%, 4/28/2027		11,719		11,074
Oasis Petroleum, Inc.
6.88%, 3/15/2022		4,057		4,006
6.25%, 5/1/2026(a)		12,814		11,853

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Oil, Gas & Consumable Fuels — continued
PBF Holding Co. LLC
7.00%, 11/15/2023		4,224		4,224
7.25%, 6/15/2025		16,205		16,043
PBF Logistics LP 6.88%, 5/15/2023		6,058		6,043
Peabody Energy Corp. 6.00%, 3/31/2022(a)		5,828		5,759
Penn Virginia Corp.
7.25%, 4/15/2019‡(b)		1,500		5
8.50%, 5/1/2020‡(b)		14,125		50
Plains All American Pipeline LP Series B, (ICE LIBOR USD 3 Month + 4.11%), 6.13%, 11/15/2022(d)(e)(f)		14,435		12,991
QEP Resources, Inc.
5.38%, 10/1/2022		4,520		4,452
5.25%, 5/1/2023		4,482		4,269
5.63%, 3/1/2026		5,048		4,613
SemGroup Corp.
5.63%, 7/15/2022		11,605		11,083
5.63%, 11/15/2023		7,817		7,270
7.25%, 3/15/2026		9,339		8,965
Seven Generations Energy Ltd. (Canada) 5.38%, 9/30/2025(a)		10,377		9,651
SM Energy Co.
5.00%, 1/15/2024		9,298		8,636
6.75%, 9/15/2026		8,688		8,340
6.63%, 1/15/2027		7,195		6,871
Southwestern Energy Co. 7.50%, 4/1/2026		4,874		4,911
Summit Midstream Holdings LLC
5.50%, 8/15/2022		4,249		4,121
5.75%, 4/15/2025		12,188		11,518
Sunoco LP
4.88%, 1/15/2023(a)		7,282		7,100
5.50%, 2/15/2026(a)		5,151		4,906
5.88%, 3/15/2028(a)		2,342		2,216
Tallgrass Energy Partners LP 5.50%, 9/15/2024(a)		10,615		10,642
Talos Production LLC 11.00%, 4/3/2022		1,207		1,249
Targa Resources Partners LP
4.25%, 11/15/2023		1,857		1,762
5.13%, 2/1/2025		20,242		19,534
5.88%, 4/15/2026(a)		3,771		3,752
5.38%, 2/1/2027		5,550		5,328
5.00%, 1/15/2028		5,180		4,787
TerraForm Power Operating LLC
4.25%, 1/31/2023(a)		6,240		5,928
6.62%, 6/15/2025(a)(g)		4,160		4,285
5.00%, 1/31/2028(a)		12,579		11,262
TransMontaigne Partners LP 6.13%, 2/15/2026		5,535		5,037
Tullow Oil plc (Ghana) 7.00%, 3/1/2025(a)		22,241		20,350
Ultra Resources, Inc.
6.88%, 4/15/2022‡(a)		41,823		25,512
7.13%, 4/15/2025‡(a)		16,578		9,284
W&T Offshore, Inc. 9.75%, 11/1/2023(a)		11,310		10,151
Whiting Petroleum Corp. 6.63%, 1/15/2026		9,523		9,166
WPX Energy, Inc. 5.75%, 6/1/2026		3,728		3,579
				853,728
Paper & Forest Products — 0.2%
Clearwater Paper Corp. 4.50%, 2/1/2023		9,437		8,541
5.38%, 2/1/2025(a)		13,231		12,040
				20,581
Personal Products — 0.1%
Revlon Consumer Products Corp. 6.25%, 8/1/2024		14,738		8,659
Pharmaceuticals — 2.7%
Bausch Health Cos., Inc.
6.50%, 3/15/2022(a)		5,959		6,160
5.50%, 3/1/2023(a)		3,444		3,328
5.88%, 5/15/2023(a)		75,197		73,035
7.00%, 3/15/2024(a)		10,831		11,332
6.13%, 4/15/2025(a)		4,575		4,294
5.50%, 11/1/2025(a)		6,760		6,642
9.00%, 12/15/2025(a)		34,492		36,389
Catalent Pharma Solutions, Inc. 4.88%, 1/15/2026(a)		4,618		4,376
Concordia International Corp. (Canada) 8.00%, 9/6/2024		13,968		13,444
Endo Dac
6.00%, 7/15/2023(a)		19,050		15,814
5.88%, 10/15/2024(a)		6,003		5,962
6.00%, 2/1/2025(a)(g)		8,650		6,820
Endo Finance LLC
5.75%, 1/15/2022(a)		7,451		6,631
7.25%, 1/15/2022(a)(g)		6,085		5,697
5.38%, 1/15/2023(a)(g)		5,000		4,113
Valeant Pharmaceuticals International 9.25%, 4/1/2026(a)		11,422		12,161
Valeant Pharmaceuticals International, Inc. 8.50%, 1/31/2027(a)		6,054		6,266
				222,464
Professional Services — 0.0%(i)
Jaguar Holding Co. II 6.38%, 8/1/2023(a)		1,750		1,728
Real Estate Management & Development — 0.2%
Highland Ranch 6.70%, 9/1/2020‡		5,864		5,863
Kennedy-Wilson, Inc. 5.88%, 4/1/2024		9,041		8,577
				14,440

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Road & Rail — 1.1%
Avis Budget Car Rental LLC
6.38%, 4/1/2024(a)		4,569		4,458
5.25%, 3/15/2025(a)		16,424		14,638
Avolon Holdings Funding Ltd. (Ireland)
5.50%, 1/15/2023(a)		2,253		2,259
5.13%, 10/1/2023(a)		3,634		3,620
DAE Funding LLC (United Arab Emirates)
4.50%, 8/1/2022(a)		6,404		6,045
5.00%, 8/1/2024(a)		10,535		9,864
Hertz Corp. (The)
7.38%, 1/15/2021		8,802		8,705
7.63%, 6/1/2022(a)		2,689		2,649
5.50%, 10/15/2024(a)		7,532		5,969
Park Aerospace Holdings Ltd. (Ireland)
5.25%, 8/15/2022(a)		4,192		4,192
4.50%, 3/15/2023(a)		8,213		7,987
5.50%, 2/15/2024(a)		19,586		19,706
				90,092
Semiconductors & Semiconductor Equipment — 0.2%
Entegris, Inc. 4.63%, 2/10/2026(a)		5,308		4,912
NXP BV (Netherlands) 4.13%, 6/1/2021(a)		9,027		8,921
Qorvo, Inc. 5.50%, 7/15/2026(a)		815		791
Sensata Technologies UK Financing Co. plc 6.25%, 2/15/2026(a)		3,282		3,341
				17,965
Software — 1.7%
Camelot Finance SA 7.88%, 10/15/2024(a)		16,624		16,416
Genesys Telecommunications Laboratories, Inc. 10.00%, 11/30/2024(a)		20,503		22,143
Infor Software Parent LLC 7.13% (cash), 5/1/2021(a)(h)		9,676		9,652
Infor US, Inc.
5.75%, 8/15/2020(a)		8,351		8,413
6.50%, 5/15/2022		17,882		17,793
Informatica LLC 7.13%, 7/15/2023(a)		4,433		4,455
Nuance Communications, Inc.
5.38%, 8/15/2020(a)		3,022		3,028
5.63%, 12/15/2026		13,474		12,939
Open Text Corp. (Canada)
5.63%, 1/15/2023(a)		7,385		7,495
5.88%, 6/1/2026(a)		11,578		11,665
Solera LLC 10.50%, 3/1/2024(a)		12,528		13,499
Symantec Corp. 5.00%, 4/15/2025(a)		13,448		13,019
				140,517
Specialty Retail — 1.1%
L Brands, Inc.
6.88%, 11/1/2035		5,030		4,286
6.75%, 7/1/2036		6,193		5,156
Party City Holdings, Inc. 6.63%, 8/1/2026(a)		12,000		11,582
Penske Automotive Group, Inc. 5.50%, 5/15/2026		20,790		19,231
PetSmart, Inc.
7.13%, 3/15/2023(a)		10,819		7,249
5.88%, 6/1/2025(a)		7,758		5,935
8.88%, 6/1/2025(a)		9,631		6,525
Staples, Inc. 8.50%, 9/15/2025(a)		31,900		28,231
				88,195
Technology Hardware, Storage & Peripherals — 0.7%
Dell International LLC
5.88%, 6/15/2021(a)		16,016		16,241
7.13%, 6/15/2024(a)		7,925		8,306
Diebold Nixdorf, Inc. 8.50%, 4/15/2024		23,247		14,355
EMC Corp. 2.65%, 6/1/2020		8,365		8,146
Western Digital Corp. 4.75%, 2/15/2026		16,029		14,667
				61,715
Thrifts & Mortgage Finance — 1.0%
Ladder Capital Finance Holdings LLLP
5.25%, 3/15/2022(a)		7,696		7,619
5.25%, 10/1/2025(a)		5,686		5,189
Nationstar Mortgage Holdings, Inc.
8.13%, 7/15/2023(a)		5,495		5,550
9.13%, 7/15/2026(a)		9,636		9,750
Nationstar Mortgage LLC
6.50%, 7/1/2021		6,244		6,236
6.50%, 6/1/2022		6,635		6,536
Quicken Loans, Inc.
5.75%, 5/1/2025(a)		23,293		22,070
5.25%, 1/15/2028(a)		14,925		13,283
Radian Group, Inc. 4.50%, 10/1/2024		9,170		8,666
				84,899
Trading Companies & Distributors — 1.2%
Ahern Rentals, Inc. 7.38%, 5/15/2023(a)		17,635		15,783
H&E Equipment Services, Inc. 5.63%, 9/1/2025		9,050		8,439
United Rentals North America, Inc.
5.75%, 11/15/2024		13,875		13,788
5.50%, 7/15/2025		7,950		7,751
4.63%, 10/15/2025		16,770		15,528
5.88%, 9/15/2026		18,960		18,415
6.50%, 12/15/2026		10,248		10,287
WESCO Distribution, Inc. 5.38%, 6/15/2024		11,289		10,838
				100,829

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Wireless Telecommunication Services — 3.5%
Hughes Satellite Systems Corp.
5.25%, 8/1/2026		5,982		5,578
6.63%, 8/1/2026		8,886		8,275
Inmarsat Finance plc (United Kingdom) 6.50%, 10/1/2024(a)		4,380		4,271
Intelsat Connect Finance SA (Luxembourg) 9.50%, 2/15/2023(a)		26,075		24,380
Sprint Communications, Inc.
7.00%, 3/1/2020(a)		7,776		8,038
7.00%, 8/15/2020		8,304		8,595
11.50%, 11/15/2021		5,758		6,653
9.25%, 4/15/2022		4,305		4,919
6.00%, 11/15/2022		2,183		2,182
Sprint Corp.
7.25%, 9/15/2021		14,946		15,581
7.88%, 9/15/2023		22,387		23,506
7.13%, 6/15/2024		34,449		34,966
7.63%, 2/15/2025		35,130		36,140
7.63%, 3/1/2026		18,036		18,487
T-Mobile USA, Inc.
6.50%, 1/15/2024‡		5,562		—	(c)
6.50%, 1/15/2024		5,562		5,729
6.00%, 4/15/2024		15,863		16,200
6.38%, 3/1/2025‡		16,845		—	(c)
6.38%, 3/1/2025		16,845		17,329
5.13%, 4/15/2025‡		4,296		—	(c)
5.13%, 4/15/2025		7,081		7,028
4.50%, 2/1/2026‡		6,472		—	(c)
6.50%, 1/15/2026‡		7,296		—	(c)
6.50%, 1/15/2026		7,296		7,569
4.50%, 2/1/2026		18,428		17,294
4.75%, 2/1/2028‡		6,603		—	(c)
4.75%, 2/1/2028		6,603		6,115
Wind Tre SpA (Italy) 5.00%, 1/20/2026(a)		9,860		8,157
				286,992
TOTAL CORPORATE BONDS (Cost $7,663,634)				7,362,180
LOAN ASSIGNMENTS — 4.2%(j)
Communications Equipment — 0.1%
Avaya, Inc. 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%; ICE LIBOR USD 2 Month + 4.25%), 6.61%, 12/15/2024(d)		9,786		9,644
Containers & Packaging — 0.1%
Berry Plastics Corp., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 1.75%), 4.07%, 2/8/2020(d)		734		729
Viskase Companies, Inc., Initial Term Loan (ICE LIBOR USD 3 Month + 3.25%), 5.64%, 1/30/2021(d)		7,220		7,156
				7,885
Diversified Telecommunication Services — 0.2%
Cincinnati Bell, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.59%, 10/2/2024(d)		7,400		7,335
Securus Technologies Holdings, Inc., 1st Lien, Term Loan (ICE LIBOR USD 1 Month + 4.50%), 6.84%, 11/1/2024(d)		12,063		11,867
Securus Technologies Holdings, Inc., 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 8.25%), 10.59%, 11/1/2025(d)		1,825		1,802
				21,004
Electrical Equipment — 0.1%
Cortes NP Acquisition Corp., Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 6.71%, 11/30/2023(d)		8,373		8,100
Food & Staples Retailing — 0.3%
Albertson’s LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.00%), 5.69%, 6/22/2023(d)		5,899		5,783
Moran Foods LLC, Term Loan B (ICE LIBOR USD 1 Month + 6.00%), 8.34%, 12/5/2023(d)		24,773		12,882
United Natural Foods, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 6.59%, 10/22/2025(d)		9,320		8,493
				27,158
IT Services — 0.1%
First Data Corp., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.00%), 4.32%, 4/26/2024(d)		10,685		10,478
Leisure Products — 0.1%
FGI Operating Co. LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 10.00%), 12.62%, 5/15/2022‡(d)		4,510		4,504

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
LOAN ASSIGNMENTS — continued
Media — 0.6%
iHeartCommunications, Inc., Term Loan D (ICE LIBOR USD 1 Month + 6.75%), 9.05%, 1/30/2019(d)		37,355		26,527
iHeartCommunications, Inc., Tranche E Term Loan (ICE LIBOR USD 1 Month + 7.50%), 9.80%, 7/30/2019(d)		20,104		14,249
Tribune Media Co., Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.34%, 12/27/2020(d)		1,872		1,869
Unitymedia Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.31%, 6/1/2023(d)		3,504		3,467
				46,112
Multiline Retail — 0.1%
Neiman Marcus Group, Inc., Other Term Loan (ICE LIBOR USD 1 Month + 3.25%), 5.57%, 10/25/2020(d)		10,047		8,694
Oil, Gas & Consumable Fuels — 1.8%
California Resources Corp., 1st Lien Second Out Term Loan (ICE LIBOR USD 1 Month + 10.38%), 12.72%, 12/31/2021(d)		62,081		66,064
California Resources Corp., Senior Secured First Out (ICE LIBOR USD 1 Month + 4.75%), 7.07%, 12/31/2022(d)		55,134		55,455
Encino Acquisition Partners Holdings, 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 6.75%), 9.09%, 9/21/2025(d)		9,656		9,680
Gulf Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 5.25%), 7.64%, 8/25/2023(d)		10,048		8,005
MEG Energy Corp., 1st Lien, Term Loan B (Canada) (ICE LIBOR USD 1 Month + 3.50%), 5.85%, 12/31/2023(d)(k)		4,734		4,699
Ultra Resources, Inc., Term Loan (ICE LIBOR USD 1 Month + 3.00%), 5.47%, 4/12/2024(d)		9,051		8,338
				152,241
Personal Products — 0.1%
Revlon Consumer Products Corp., Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 6.21%, 9/7/2023(d)		8,073		5,941
Pharmaceuticals — 0.1%
Concordia Healthcare Corp., Initial Dollar Term Loan (Canada) (ICE LIBOR USD 1 Month + 5.50%), 7.82%, 9/6/2024(d)(k)		12,959		12,503
Semiconductors & Semiconductor Equipment — 0.0%(i)
ON Semiconductor Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 4.09%, 3/31/2023(d)		740		732
Software — 0.1%
Greeneden US Holdings II LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 5.59%, 12/1/2023(d)		4,957		4,905
Specialty Retail — 0.2%
Claire’s Stores, Inc., 1st Lien Term Loan
(ICE LIBOR USD 3 Month + 2.50%), 9.94%, 9/15/2022‡(d)(k)		2,057		—	(c)
(ICE LIBOR USD 6 Month + 7.25%), 6.25%, 9/15/2038‡(d)(k)		6,858		9,807
PetSmart, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.32%, 3/11/2022(d)		5,893		4,917
				14,724
Wireless Telecommunication Services — 0.2%
Syniverse Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 5.00%), 7.31%, 3/9/2023(d)		14,514		13,861
TOTAL LOAN ASSIGNMENTS (Cost $376,771)				348,486
	Shares (000)
COMMON STOCKS — 1.1%
Aerospace & Defense — 0.0%(i)
Remington Outdoor Co., Inc.*‡		399		3,283
Capital Markets — 0.0%(i)
Goodman Private*‡		300		—	(c)
Commercial Services & Supplies — 0.0%(i)
Quad/Graphics, Inc.		2		29
Diversified Financial Services — 0.0%(i)
ACC Claims Holdings LLC*‡		7,076		71
Adelphia Recovery Trust*‡		9,055		—	(c)
				71

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Shares (000)		Value ($000)
COMMON STOCKS — continued
Energy Equipment & Services — 0.0%(i)
Telford Offshore Holdings Ltd. (Cayman Islands)*‡		368		552
Independent Power and Renewable Electricity Producers — 0.3%
Vistra Energy Corp.*		1,066		25,023
Oil, Gas & Consumable Fuels — 0.1%
Penn Virginia Corp.*		114		6,605
Ultra Petroleum Corp.*		195		247
				6,852
Pharmaceuticals — 0.2%
Concordia International Corp. (Canada)*		91		1,813
Concordia International private placement (Canada)*‡		952		17,507
				19,320
Software — 0.2%
Avaya Holdings Corp.*		998		15,542
Specialty Retail — 0.2%
Claire’s Stores, Inc.*‡		17		14,477
Wireless Telecommunication Services — 0.1%
NII Holdings, Inc.*		1,491		8,065
TOTAL COMMON STOCKS (Cost $96,037)				93,214
PREFERRED STOCKS — 0.6%
Automobiles — 0.0%(i)
General Motors Co.
6.25%, 7/15/2033*‡		953		—	(c)
7.25%, 4/15/2041*‡		246		—	(c)
7.38%, 5/15/2048*‡		404		—	(c)
0.68%, 6/1/2049*‡		50		—	(c)
7.38%, 10/1/2051*‡		47		—	(c)
7.25%, 2/15/2052*‡		548		—	(c)
Motors Liquidation Co. 7.25%, 7/15/2041*‡		284		—	(c)
				—	(c)
Banks — 0.1%
GMAC Capital Trust I Series 2, (ICE LIBOR USD 3 Month + 5.79%), 8.40%, 2/15/2040 ($25 par value)(d)		260		6,630
Capital Markets — 0.0%(i)
Goodman Private Preferred Shares*‡		358		3
Insurance — 0.3%
XLIT Ltd. (Bermuda), Series D, (ICE LIBOR USD 3 Month + 3.12%), 5.56%, 1/7/2019 ($1,000 par value)(d)(l)		27		27,194
Specialty Retail — 0.2%
Claire’s Stores, Inc.*‡		9		15,005
TOTAL PREFERRED STOCKS (Cost $34,621)				48,832
	Principal Amount ($000)
CONVERTIBLE BONDS — 0.1%
Media — 0.1%
Liberty Interactive LLC
4.00%, 11/15/2029		2,570		1,741
3.75%, 2/15/2030		4,448		2,969
TOTAL CONVERTIBLE BONDS (Cost $4,480)				4,710
	No. of Rights (000)
RIGHTS — 0.0%(i)
Independent Power and Renewable Electricity Producers — 0.0%(i)
Vistra Energy Corp., expiring 12/31/2049*‡ (Cost $—)		2,797		2,168
	Principal Amount ($000)
CONVERTIBLE PREFERRED STOCKS — 0.0%(i)
Automobiles — 0.0%(i)
General Motors Co. 5.25%, 3/6/2032*‡(Cost $—)		973		—	(c)
ASSET-BACKED SECURITIES — 0.0%(i)
T-Mobile USA, Inc. 6.00%, 4/15/2024‡(Cost $—)		17,049		—	(c)
	Shares (000)
SHORT-TERM INVESTMENTS — 3.7%
INVESTMENT COMPANIES — 3.6%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.10%(m)(n)(Cost $300,279)		300,279		300,279

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
SHORT-TERM INVESTMENTS — continued
U.S. TREASURY OBLIGATIONS — 0.1%
U.S. Treasury Bills 2.48%, 5/9/2019(o)(Cost $9,313)		9,415		9,314
TOTAL SHORT-TERM INVESTMENTS (Cost $309,592)				309,593
Total Investments — 98.2% (Cost $8,485,135)				8,169,183
Other Assets Less Liabilities — 1.8%				152,754
Net Assets — 100.0%				8,321,937

Percentages indicated are based on net assets.

Abbreviations
GMAC	General Motors Acceptance Corp.
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
MSCI	Morgan Stanley Capital International
OYJ	Public Limited Company
SCA	Limited partnership with share capital
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. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(b)	Defaulted security.
(c)	Amount rounds to less than one thousand.
(d)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2018.
(e)	Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of November 30, 2018.
(f)	Security is an interest bearing note with preferred security characteristics.
(g)	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, 2018.
(h)	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(i)	Amount rounds to less than 0.1% of net assets.
(j)	Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(k)	All or a portion of this security is unsettled as of November 30, 2018. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
(l)	The date shown reflects the next call date on which the issuer may redeem the security at par value. The coupon rate for this security is based on par value and is in effect as of November 30, 2018.
(m)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(n)	The rate shown is the current yield as of November 30, 2018.
(o)	The rate shown is the effective yield as of November 30, 2018.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Centrally Cleared Credit default swap contracts outstanding — sell protection⁽¹⁾ as of November 30, 2018 (amounts in thousands):

Reference Obligation/Index	Financing Rate Received by the Fund (%)		Payment Frequency		Maturity Date		Implied Credit Spread (%)(2)		Notional Amount(3)		Upfront Payments (Receipts) ($)(4)		Unrealized Appreciation (Depreciation) ($)			Value ($)
CDX.NA.HY.31-V1		5.00		Quarterly		12/20/2023		3.92		USD 192,000		14,188		(3,783	)		10,405
												14,188		(3,783	)		10,405

Abbreviations
CDX	Credit Default Swap Index
USD	United States Dollar
(1)	The Fund, as a seller of credit protection, receives periodic payments and may also receive or pay an upfront premium from or to the protection buyer, and is obligated to make a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.
(2)	Implied credit spreads are an indication of the seller’s performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included in a particular index.
(3)	The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.
(4)	Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

A. Valuation of Investments — The valuation of investments is 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 (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.

JPMorgan 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 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 related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

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

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

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

Swaps are valued utilizing market quotations from approved Pricing Services.

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at November 30, 2018.

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 (amounts in thousands):

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Aerospace & Defense	$	—	$	—		$	3,283		$	3,283
Capital Markets		—		—			—	(a)		—	(a)
Diversified Financial Services		—		—			71			71
Energy Equipment & Services		—		—			552			552
Pharmaceuticals		1,813		—			17,507			19,320
Specialty Retail		—		—			14,477			14,477
Other Common Stocks		55,511		—			—			55,511
Total Common Stocks		57,324		—			35,890			93,214
Preferred Stocks
Automobiles		—		—			—	(a)		—	(a)
Banks		6,630		—			—			6,630
Capital Markets		—		—			3			3
Specialty Retail		—		—			15,005			15,005
Other Preferred Stocks		—		27,194			—			27,194
Total Preferred Stocks		6,630		27,194			15,008			48,832
Convertible Preferred Stock
Automobiles		—		—			—	(a)		—	(a)
Debt Securities
Asset-Backed Securities		—		—			—	(a)		—	(a)
Convertible Bonds
Other Convertible Bonds		—		4,710			—			4,710
Corporate Bonds
Automobiles		—		17,568			—	(a)		17,568
Commercial Services & Supplies		—		190,505			8,934			199,439
Communications Equipment		—		55,594			2,390			57,984
Consumer Finance		—		103,798			21,710			125,508
Diversified Telecommunication Services		—		590,331			8,509			598,840
Electric Utilities		—		31,540			368			31,908
Energy Equipment & Services		—		238,483			3,433			241,916
Oil, Gas & Consumable Fuels		—		818,877			34,851			853,728
Real Estate Management & Development		—		8,577			5,863			14,440
Wireless Telecommunication Services		—		286,992			—	(a)		286,992
Other Corporate Bonds		—		4,933,857			—			4,933,857
Total Corporate Bonds		—		7,276,122			86,058			7,362,180
Loan Assignments
Leisure Products		—		—			4,504			4,504
Specialty Retail		—		4,917			9,807			14,724
Other Loan Assignments		—		329,258			—			329,258
Total Loan Assignments		—		334,175			14,311			348,486
Rights
Independent Power and Renewable Electricity Producers		—		—			2,168			2,168
Short-Term Investments
Investment Companies		300,279		—			—			300,279
U.S. Treasury Obligations		—		9,314			—			9,314
Total Short-Term Investments		300,279		9,314			—			309,593
Total Investments in Securities	$	364,233	$	7,651,515		$	153,435		$	8,169,183
Depreciation in Other Financial Instruments
Swaps	$	—	$	(3,783	)	$	—		$	(3,783	)

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(a) Amount rounds to less than one thousand.

Transfers between level 2 and level 3 are due to a decline or an increase in market activity (e.g. frequency of trades), which resulted in a lack or increase of available market inputs to determine the price for the period ended November 30, 2018.

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

	Balance as of February 28, 2018			Realized gain (loss)			Change in unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1			Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of November 30, 2018
Investments in Securities:
Asset-Backed Securities	$	2		$	—		$	(2	)	$	—		$	—	(a)	$	—	(a)	$	—	$	—		$	—	(a)
Common Stocks — Aerospace & Defense		—			—			(1,305	)		—			4,588			—			—		—			3,283
Common Stocks — Capital Markets		—	(a)		—			—			—			—			—			—		—			—	(a)
Common Stocks — Diversified Financial Services		71			—			—			—			—			—			—		—			71
Common Stocks — Energy Equipment & Services		—			—			552			—			—			—			—		—			552
Common Stocks — Pharmaceuticals		—			—			5,450			—			12,057			—			—		—			17,507
Common Stocks — Specialty Retail		2			(404	)		705			—			14,174			—	(a)		—		—			14,477
Convertible Bonds — Specialty Retail		—	(a)		(400	)		459			—			—			(59	)		—		—			—
Convertible Preferred Stocks — Automobiles		—	(a)		—			—			—			—			—			—		—			—	(a)
Corporate Bonds — Automobiles		—	(a)		—			—			—			—			—			—		—			—	(a)
Corporate Bonds — Building Products		4,605			(306	)		195			10			—			(4,504	)		—		—			—
Corporate Bonds — Chemicals		—	(a)		—	(a)		—	(a)		—			—			—	(a)		—		—			—
Corporate Bonds — Commercial Services & Supplies		—			5,435			(7,247	)		6			—			(17,398	)		28,138		—			8,934
Corporate Bonds — Communications Equipment		3,274			—			(947	)		63			—			—			—		—			2,390
Corporate Bonds — Consumer Finance		—			—			(4,073	)		7			—			—			25,776		—			21,710
Corporate Bonds — Distributors		9,011			—			—			—			—			—			—		(9,011	)		—
Corporate Bonds — Diversified Telecommunication Services		8,175			—			244			90			—			—			—		—			8,509
Corporate Bonds — Electric Utilities		1,690			—			(1,322	)		—			—			—			—		—			368
Corporate Bonds — Energy Equipment & Services		5,447			—			(2,628	)		113			501			—			—		—			3,433
Corporate Bonds — Oil, Gas & Consumable Fuels		20			—			(23,778	)		(76	)		58,685			—			—		—			34,851
Corporate Bonds — Real Estate Management & Development		6,781			—			51			11			—			(980	)		—		—			5,863
Corporate Bonds — Wireless Telecommunication Services		—			—			—	(a)		—			—			—			—		—			—	(a)
Loan Assignments — Leisure Products		—			—			—	(a)		—	(a)		4,504			—			—		—			4,504
Loan Assignments — Specialty Retail		—			—			2,949			—			6,858			—			—		—			9,807
Preferred Stocks — Automobiles		—	(a)		—			—			—			—			—			—		—			—	(a)
Preferred Stocks — Capital Markets		1,190			—			(1,187	)		—			—			—			—		—			3
Preferred Stocks — Specialty Retail		—			—			9,464			—			5,541			—			—		—			15,005
Rights — Independent Power and Renewable Electricity Producers		2,028			—			140			—			—			—			—		—			2,168
Warrants — Specialty Retail		—	(a)		(2	)		2			—			—			—	(a)		—		—			—
	$	42,296		$	4,323		$	(22,278	)	$	224		$	106,908		$	(22,941	)	$	53,914	$	(9,011	)	$	153,435

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

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

(a) Amount rounds to less than one thousand.    

The change in net unrealized appreciation (depreciation) attributable to securities owned at November 30, 2018, which were valued using significant unobservable inputs (level 3), amounted to approximately $(23,334,000).    

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at November 30, 2018			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	3,354		Terms of Exchange Offer / Restructuring	Expected Recovery	$0.01 - $8.23 ($8.23)
		—	(c)	Pending Distribution Amount	Discount for potential outcome (b)	100.00% (100.00%)
		—	(a)(c)	Market Comparable Companies	EBITDA Multiple (d)	5.0x (5.0x)
Common Stock		3,354
		4		Market Comparable Companies	EBITDA Multiple (d)	5.0x (5.0x)
					Liquidity Discount	30.00% (30.00%)
		—	(a)(c)	Pending Distribution Amount	Discount for potential outcome (b)	100.00% (100.00%)
Preferred Stock		4
		10,897		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	5.59% - 33.57% (11.73%)
		2		Pending Distribution Amount	Discount for potential outcome (b)	99.99% - 100.00% (99.99%)
Corporate Bond		10,899
Total	$	14,257

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At November 30, 2018, the value of these investments was approximately $139,178,000. The inputs for these investments are not readily available or cannot be reasonably estimated and generally are those inputs described in Note A.

(a) Securities senior in the issuing entity capital structure result in this security being valued at zero.

(b) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as applicable, when pricing the investments.

(c) Amount rounds to less than $1,000.

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

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

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

B. Derivatives — The Fund used derivative instruments including 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 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 with collateral posted to a segregated account by one party to the other.

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

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

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

Upfront payments made and/or received by a 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. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as unrealized appreciation/(depreciation). A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts, non-deliverable Forward Foreign Currency Exchange Contracts and/or OTC options 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. For certain counterparties, cash collateral posted by the Fund is invested in an affiliated money market fund and/or held as Restricted cash. Collateral received by the Fund is held in escrow in a segregated account maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Fund, which provides collateral management service to the Fund.

The Fund may be subject to various risks from the use of swaps including: (i) the risk that changes in the value of the swap may not correlate perfectly with the underlying instrument; (ii) counterparty credit risk related to the failure, by the counterparty to an over the counter derivative, to perform under the terms of the contract; (iii) liquidity risk related to the lack of a liquid market for these contracts allowing the Fund to close out its position(s); and (iv) documentation risk relating to disagreement over contract terms.

The Fund may be required to post or receive collateral for OTC Swaps.

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

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

Credit Default Swaps

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

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

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

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

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited)

Investments	Principal Amount ($000)			Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — 40.9%
Alternative Loan Trust
Series 2004-J4, Class 1A6, 5.40%, 6/25/2034(a)		5			5
Series 2004-33, Class 3A3, 3.99%, 12/25/2034(b)		361			358
Antler Mortgage Trust Series 2018-RTL1, Class A1, 4.34%, 7/25/2022(c)		4,527			4,522
Banc of America Funding Trust
Series 2005-E, Class 5A1, 4.19%, 5/20/2035(b)		48			47
Series 2006-1, Class 2A1, 5.50%, 1/25/2036		273			263
Banc of America Mortgage Trust
Series 2004-D, Class 2A2, 4.20%, 5/25/2034(b)		356			360
Series 2005-A, Class 3A1, 3.87%, 2/25/2035(b)		16			16
Bear Stearns Asset-Backed Securities I Trust Series 2004-AC6, Class M1, 3.32%, 11/25/2034‡(b)		344			80
CHL Mortgage Pass-Through Trust
Series 2004-HYB8, Class 1A1, 3.00%, 1/20/2035(b)		52			49
Series 2005-1, Class 1A2, 3.02%, 3/25/2035(b)(d)		75			12
Credit Suisse First Boston Mortgage Securities Corp.
Series 2005-5, Class 1A1, 5.00%, 7/25/2020		57			56
Series 2004-5, Class 4A1, 6.00%, 9/25/2034		608			616
CSFB Mortgage-Backed Pass-Through Certificates Series 2003-AR24, Class 2A4, 4.50%, 10/25/2033(b)		564			560
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-1, Class 2A1, 5.41%, 2/25/2020(b)		130			129
FHLMC - GNMA Series 1, Class S, IF, IO, 6.65%, 10/25/2022(b)		43			2
FHLMC REMIC
Series 1071, Class F, 3.26%, 4/15/2021(b)		—	(e)		—	(e)
Series 3952, Class MA, 3.00%, 11/15/2021		774			772
Series 1343, Class LA, 8.00%, 8/15/2022		5			6
Series 1370, Class JA, 3.46%, 9/15/2022(b)		4			5
Series 1379, Class W, 3.01%, 10/15/2022(b)		4			4
Series 1508, Class KA, 1.62%, 5/15/2023(b)		1			1
Series 1689, Class M, PO, 3/15/2024		73			68
Series 2033, Class PR, PO, 3/15/2024		38			36
Series 1771, Class PK, 8.00%, 2/15/2025		43			47
Series 1981, Class Z, 6.00%, 5/15/2027		12			13
Series 1974, Class ZA, 7.00%, 7/15/2027		70			75
Series 2338, Class FN, 2.81%, 8/15/2028(b)		23			23
Series 3737, Class DG, 5.00%, 10/15/2030		829			860
Series 2261, Class ZY, 7.50%, 10/15/2030		1			1
Series 2477, Class FZ, 2.86%, 6/15/2031(b)		9			9
Series 2416, Class SA, IF, 11.15%, 2/15/2032(b)		48			57
Series 2416, Class SH, IF, 11.40%, 2/17/2032(b)		35			40
Series 4120, Class KI, IO, 3.00%, 10/15/2032		3,023			265
Series 4150, Class GE, 2.00%, 1/15/2033		11,019			10,542
Series 4206, Class DA, 2.00%, 5/15/2033		3,817			3,633
Series 3300, Class FA, 2.61%, 8/15/2035(b)		309			308
Series 3085, Class VS, IF, 19.49%, 12/15/2035(b)		263			376
Series 4350, Class AF, 2.61%, 12/15/2037(b)		7,004			6,939
Series 4350, Class FK, 2.61%, 6/15/2038(b)		6,894			6,846
Series 4515, Class FA, 2.63%, 8/15/2038(b)		4,032			4,022
Series 3841, Class JF, 2.71%, 10/15/2038(b)		109			109
Series 4350, Class KF, 2.61%, 1/15/2039(b)		897			882
Series 4111, Class FA, 2.66%, 8/15/2039(b)		2,942			2,949
Series 3832, Class PL, 5.00%, 8/15/2039		785			798
Series 4448, Class TF, 2.58%, 5/15/2040(b)		8,045			7,981
Series 4480, Class FM, 2.61%, 6/15/2040(b)		7,307			7,296
Series 3860, Class FP, 2.71%, 6/15/2040(b)		2,962			2,972
Series 4457, Class KF, 2.61%, 10/15/2040(b)		14,547			14,534
Series 4363, Class FA, 2.63%, 9/15/2041(b)		6,851			6,776
Series 4413, Class WF, 2.61%, 10/15/2041(b)		5,881			5,829
Series 4559, Class AF, 2.76%, 3/15/2042(b)		4,072			4,068

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 4074, Class FE, 2.71%, 7/15/2042(b)		5,265			5,260
Series 4150, Class F, 2.68%, 1/15/2043(b)		10,182			10,128
Series 4161, Class YF, 2.68%, 2/15/2043(b)		7,738			7,673
Series 4281, Class FB, 2.86%, 12/15/2043(b)		7,937			7,884
Series 4606, Class FL, 2.81%, 12/15/2044(b)		10,189			10,265
Series 4594, Class GN, 2.50%, 2/15/2045		4,222			4,088
FHLMC STRIPS Series 328, Class S4, IF, IO, 1.50%, 2/15/2038(b)		11,737			696
FHLMC Structured Pass-Through Securities Certificates
Series T-51, Class 1APO, PO, 9/25/2042		57			49
Series T-54, Class 4A, 4.04%, 2/25/2043(b)		2,173			2,142
First Horizon Alternative Mortgage Securities Trust Series 2005-FA10, Class 2A1, 5.25%, 12/25/2020		73			69
First Horizon Mortgage Pass-Through Trust Series 2004-AR6, Class 2A1, 4.70%, 12/25/2034(b)		398			405
Flagstar Mortgage Trust Series 2018-5, Class A2, 4.00%, 9/25/2048(b)(c)		3,485			3,446
FNMA Grantor Trust
Series 2002-T6, Class A4, 4.48%, 3/25/2041(b)		894			909
Series 2001-T8, Class A1, 7.50%, 7/25/2041		301			338
FNMA REMIC
Series 1989-77, Class J, 8.75%, 11/25/2019		—	(e)		—	(e)
Series 1989-89, Class H, 9.00%, 11/25/2019		—	(e)		—	(e)
Series 1990-64, Class Z, 10.00%, 6/25/2020		5			6
Series 1990-145, Class A, 2.95%, 12/25/2020(b)		3			3
Series 1991-142, Class PL, 8.00%, 10/25/2021		23			24
Series 1991-156, Class F, 3.62%, 11/25/2021(b)		19			20
Series 1992-91, Class SQ, HB, IF, 7,194.87%, 5/25/2022(b)		—	(e)		1
Series 1992-112, Class GB, 7.00%, 7/25/2022		36			38
Series G92-44, Class ZQ, 8.00%, 7/25/2022		—	(e)		—	(e)
Series 1992-154, Class SA, IF, IO, 5.40%, 8/25/2022(b)		1			—	(e)
Series 1992-200, Class FK, 2.32%, 11/25/2022(b)		18			18
Series 1993-27, Class S, IF, 6.28%, 2/25/2023(b)		19			20
Series 1993-146, Class E, PO, 5/25/2023		40			38
Series 1993-110, Class H, 6.50%, 5/25/2023		42			45
Series 1993-119, Class H, 6.50%, 7/25/2023		4			4
Series 1993-165, Class FH, 3.47%, 9/25/2023(b)		19			19
Series 1993-179, Class FM, 2.27%, 10/25/2023(b)		96			98
Series G94-9, Class PJ, 6.50%, 8/17/2024		280			296
Series 2012-114, Class VE, 3.50%, 10/25/2025		3,163			3,151
Series 2013-26, Class AV, 3.50%, 4/25/2026		3,529			3,506
Series 1997-74, Class E, 7.50%, 10/20/2027		22			24
Series 2001-9, Class F, 2.55%, 2/17/2031(b)		117			117
Series 2001-33, Class ID, IO, 6.00%, 7/25/2031		53			11
Series 2013-15, Class DC, 2.00%, 3/25/2033		3,576			3,390
Series 2003-21, Class FK, 2.72%, 3/25/2033(b)		17			17
Series 2013-43, Class YH, 2.50%, 5/25/2033		2,233			2,165
Series 2004-17, Class BF, 2.67%, 1/25/2034(b)		472			473
Series 2006-3, Class SB, IF, IO, 4.38%, 7/25/2035(b)		658			57
Series 2006-16, Class HZ, 5.50%, 3/25/2036		459			489
Series 2006-124, Class FC, 2.67%, 1/25/2037(b)		1,729			1,721
Series 2012-38, Class PA, 2.00%, 9/25/2041		2,519			2,397
Series 2013-54, Class HF, 2.52%, 10/25/2041(b)		6,679			6,683
Series 2012-93, Class ME, 2.50%, 1/25/2042		4,096			3,965
Series 2013-23, Class KJ, 2.25%, 5/25/2042		4,008			3,815
Series 2012-119, Class FB, 2.67%, 11/25/2042(b)		9,246			9,257
Series 2012-139, Class JA, 3.50%, 12/25/2042		4,950			4,952
Series 2013-6, Class FL, 2.72%, 2/25/2043(b)		1,828			1,830
Series 2014-49, Class AF, 2.58%, 8/25/2044(b)		380			379
Series 2015-42, Class BF, 2.57%, 6/25/2045(b)		9,743			9,734
Series 2016-25, Class LA, 3.00%, 7/25/2045		16,417			16,167
Series 2016-33, Class JA, 3.00%, 7/25/2045		5,912			5,808

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2015-91, Class AF, 2.63%, 12/25/2045(b)		8,692		8,627
Series 2016-58, Class SA, IO, 1.42%, 8/25/2046(b)		46,709		1,595
Series 2017-108, Class PA, 3.00%, 6/25/2047		4,647		4,568
Series 2017-104, Class LA, 3.00%, 11/25/2047		4,343		4,248
Series 2014-66, Class WF, 2.61%, 10/25/2054(b)		4,181		4,167
FNMA REMIC Trust
Series 2003-W4, Class 5A, 4.15%, 10/25/2042(b)		919		920
Series 2003-W15, Class 3A, 4.37%, 12/25/2042(b)		1,107		1,160
Series 2003-W1, Class 2A, 5.90%, 12/25/2042(b)		212		225
Series 2009-W1, Class A, 6.00%, 12/25/2049		489		537
FNMA Trust Series 2004-W2, Class 4A, 4.15%, 2/25/2044(b)		349		356
FNMA, Connecticut Avenue Securities
Series 2013-C01, Class M1, 4.31%, 10/25/2023(b)		2		2
Series 2014-C01, Class M1, 3.91%, 1/25/2024‡(b)		412		413
Series 2014-C02, Class 1M1, 3.26%, 5/25/2024(b)		891		892
Series 2017-C01, Class 1M1, 3.62%, 7/25/2029(b)		2,130		2,140
GNMA
Series 2002-31, Class FC, 2.56%, 9/26/2021(b)		83		83
Series 2000-35, Class F, 2.86%, 12/16/2025(b)		7		7
Series 2010-166, Class GP, 3.00%, 4/20/2039		2,635		2,611
Series 2012-61, Class FM, 2.71%, 5/16/2042(b)		5,553		5,560
Series 2012-H21, Class FA, 2.77%, 7/20/2062(b)		2,816		2,824
Series 2013-H16, Class FA, 2.81%, 7/20/2063(b)		14,070		14,112
Series 2014-H07, Class FC, 2.87%, 5/20/2064(b)		14,886		15,003
Series 2014-H11, Class JA, 2.77%, 6/20/2064(b)		4,638		4,655
Series 2014-H17, Class FM, 2.59%, 8/20/2064(b)		12,571		12,607
Series 2015-H03, Class FD, 2.91%, 1/20/2065(b)		7,095		7,158
Series 2015-H04, Class FL, 2.74%, 2/20/2065(b)		13,611		13,639
Series 2015-H12, Class FJ, 2.70%, 5/20/2065(b)		15,425		15,433
Series 2015-H14, Class FB, 2.70%, 5/20/2065(b)		19,134		19,144
Series 2015-H12, Class FA, 2.75%, 5/20/2065(b)		7,721		7,742
Series 2015-H19, Class FN, 2.71%, 7/20/2065(b)		13,158		13,177
Series 2015-H23, Class TA, 2.74%, 9/20/2065(b)		16,425		16,469
GSAA Trust Series 2004-CW1, Class 1A1, 5.50%, 4/1/2034		694		707
GSR Mortgage Loan Trust Series 2004-10F, Class 7A1, 5.50%, 9/25/2034		256		257
Impac CMB Trust
Series 2004-3, Class 3A, 2.96%, 3/25/2034(b)		11		11
Series 2004-6, Class 1A2, 3.09%, 10/25/2034(b)		181		176
Series 2005-5, Class A1, 2.95%, 8/25/2035(b)		903		877
IndyMac INDA Mortgage Loan Trust Series 2007-AR1, Class 1A1, 3.73%, 3/25/2037(b)		509		490
JP Morgan Mortgage Trust Series 2003-A1, Class 1A1, 4.12%, 10/25/2033(b)		68		69
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1, 4.66%, 4/21/2034(b)		198		203
Series 2004-13, Class 3A7B, 4.66%, 11/21/2034(b)		625		635
MASTR Seasoned Securitization Trust Series 2003-1, Class 3A2, 2.71%, 2/25/2033(b)		95		90
Mellon Residential Funding Corp. Mortgage Pass-Through Certificates
Series 2002-TBC1, Class B1, 3.31%, 9/15/2030‡(b)		64		62
Series 2002-TBC1, Class B2, 3.71%, 9/15/2030‡(b)		32		31
Series 2001-TBC1, Class B1, 3.19%, 11/15/2031‡(b)		240		235
Merrill Lynch Mortgage Investors Trust
Series 2004-D, Class A1, 2.97%, 9/25/2029(b)		332		328
Series 2004-1, Class 2A3, 4.14%, 12/25/2034(b)		236		235
Metlife Securitization Trust
Series 2017-1A, Class A, 3.00%, 4/25/2055(b)(c)		2,085		2,025
Series 2018-1A, Class A, 3.75%, 3/25/2057(b)(c)		5,409		5,381
ML Trust XLVII Series 47, Class Z, 8.99%, 10/20/2020‡		2		2
Morgan Stanley Dean Witter Capital I, Inc. Trust
Series 2003-HYB1, Class A4, 3.80%, 3/25/2033(b)		200		196
Series 2003-HYB1, Class B1, 3.80%, 3/25/2033‡(b)		126		84

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Morgan Stanley Mortgage Loan Trust
Series 2004-3, Class 4A, 5.64%, 4/25/2034(b)		1,623		1,714
Series 2004-5AR, Class 3A3, 4.10%, 7/25/2034(b)		197		182
Series 2004-5AR, Class 3A5, 4.10%, 7/25/2034(b)		1,111		1,103
Series 2004-11AR, Class 1A2A, 2.62%, 1/25/2035(b)		484		472
MRFC Mortgage Pass-Through Trust Series 2002-TBC2, Class B1, 3.16%, 8/15/2032‡(b)		121		111
NAAC Reperforming Loan REMIC Trust Certificates Series 2004-R3, Class AF, 2.76%, 2/25/2035(b)(c)		1,010		901
Nomura Asset Acceptance Corp. Alternative Loan Trust
Series 2003-A3, Class A1, 5.50%, 8/25/2033(a)		316		327
Series 2004-AR1, Class 5A1, 3.07%, 8/25/2034(b)		11		11
Prime Mortgage Trust Series 2005-2, Class 2A1, 6.51%, 10/25/2032(b)		447		454
RAIT Trust Series 2017-FL7, Class A, 3.26%, 6/15/2037(b)		370		370
RALI Trust Series 2003-QS16, Class A1, 5.00%, 8/25/2018		13		13
RFMSI Trust
Series 2005-SA2, Class 2A2, 4.25%, 6/25/2035(b)		1,656		1,574
Series 2006-SA4, Class 2A1, 5.28%, 11/25/2036(b)		499		471
Sequoia Mortgage Trust
Series 11, Class A, 3.20%, 12/20/2032(b)		32		31
Series 2003-3, Class A2, 3.20%, 7/20/2033(b)		137		131
Series 2004-11, Class A2, 3.50%, 12/20/2034(b)		1,030		993
Structured Asset Mortgage Investments II Trust Series 2004-AR1, Class 1A1, 3.00%, 3/19/2034(b)		81		80
Structured Asset Mortgage Investments Trust Series 2002-AR2, Class A3, 3.05%, 7/19/2032(b)		563		471
Structured Asset Securities Corp. Mortgage Pass-Through Certificates
Series 2003-24A, Class 2A, 4.30%, 7/25/2033(b)		1,242		1,237
Series 2003-40A, Class 4A, 4.43%, 1/25/2034(b)		588		580
Thornburg Mortgage Securities Trust Series 2004-4, Class 5A, 3.54%, 12/25/2044(b)		2,738		2,686
WaMu Mortgage Pass-Through Certificates Trust
Series 2004-AR3, Class A1, 3.96%, 6/25/2034(b)		873		887
Series 2004-AR11, Class A, 4.19%, 10/25/2034(b)		435		434
Wells Fargo Mortgage-Backed Securities Trust
Series 2006-17, Class A1, 5.50%, 11/25/2021		35		35
Series 2007-3, Class 3A1, 5.50%, 4/25/2022		49		50
Series 2003-K, Class 1A2, 4.69%, 11/25/2033(b)		203		207
Series 2005-AR16, Class 3A2, 4.42%, 3/25/2035(b)		254		257
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $441,905)				438,257
ASSET-BACKED SECURITIES — 26.6%
Accredited Mortgage Loan Trust Series 2003-3, Class A1, 5.21%, 1/25/2034‡(a)		987		1,010
American Credit Acceptance Receivables Trust Series 2018-3, Class B, 3.49%, 6/13/2022(c)		911		910
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates Series 2003-7, Class M1, 3.59%, 8/25/2033‡(b)		205		204
Amortizing Residential Collateral Trust
Series 2002-BC6, Class M1, 3.44%, 8/25/2032‡(b)		335		323
Series 2002-BC9, Class M1, 3.96%, 12/25/2032‡(b)		1,929		1,898
AMRESCO Residential Securities Corp. Mortgage Loan Trust
Series 1998-1, Class M1A, 2.96%, 1/25/2028‡(b)		193		192
Series 1998-3, Class M1A, 2.94%, 9/25/2028‡(b)		307		312
Asset-Backed Securities Corp. Home Equity Loan Trust Series 2003-HE7, Class M2, 4.05%, 12/15/2033‡(b)		244		242
B2R Mortgage Trust
Series 2015-1, Class A1, 2.52%, 5/15/2048(c)		413		408
Series 2015-2, Class A, 3.34%, 11/15/2048(c)		1,323		1,311
Bank of The West Auto Trust Series 2017-1, Class A3, 2.11%, 1/15/2023(c)		1,700		1,673
Bear Stearns Asset-Backed Securities I Trust Series 2005-HE1, Class M2, 3.56%, 1/25/2035‡(b)		1,421		1,422
Bear Stearns Asset-Backed Securities Trust Series 2003-SD1, Class A, 3.21%, 12/25/2033‡(b)		570		567

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
ASSET-BACKED SECURITIES — continued
Business Jet Securities LLC Series 2018-2, Class A, 4.45%, 6/15/2033(c)		4,545		4,546
BXG Receivables Note Trust Series 2018-A, Class A, 3.77%, 2/2/2034(c)		3,500		3,518
Cabela’s Credit Card Master Note Trust Series 2016-1, Class A1, 1.78%, 6/15/2022		4,034		4,007
CarMax Auto Owner Trust
Series 2015-2, Class A3, 1.37%, 3/16/2020		30		30
Series 2015-4, Class A3, 1.56%, 11/16/2020		1,372		1,367
Centex Home Equity Loan Trust Series 2002-A, Class MV1, 3.16%, 1/25/2032‡(b)		190		186
Chrysler Capital Auto Receivables Trust Series 2016-AA, Class A3, 1.77%, 10/15/2020(c)		212		212
CIG Auto Receivables Trust Series 2017-1A, Class A, 2.71%, 5/15/2023(c)		514		510
CLUB Credit Trust Series 2017-P2, Class A, 2.61%, 1/15/2024(c)		1,637		1,626
Colony American Finance Ltd. (Cayman Islands) Series 2016-1, Class A, 2.54%, 6/15/2048(c)		1,489		1,461
Countrywide Asset-Backed Certificates
Series 2002-1, Class A, 2.87%, 8/25/2032‡(b)		71		66
Series 2003-BC2, Class 2A1, 2.91%, 6/25/2033‡(b)		113		108
Series 2003-BC5, Class M1, 3.36%, 9/25/2033‡(b)		435		430
Series 2004-2, Class M4, 3.81%, 3/25/2034‡(b)		75		74
Series 2004-S1, Class M2, 5.58%, 2/25/2035‡(a)		61		61
Countrywide Home Equity Loan Trust Series 2004-A, Class A, 2.53%, 4/15/2030‡(b)		47		47
CPS Auto Receivables Trust
Series 2016-B, Class B, 3.18%, 9/15/2020(c)		667		667
Series 2017-B, Class B, 2.33%, 5/17/2021(c)		4,671		4,650
Series 2017-D, Class B, 2.43%, 1/18/2022(c)		2,517		2,494
Credit Acceptance Auto Loan Trust Series 2017-2A, Class B, 3.02%, 4/15/2026(c)		5,489		5,408
CWHEQ Revolving Home Equity Loan Trust
Series 2005-E, Class 2A, 2.53%, 11/15/2035‡(b)		182		174
Series 2005-M, Class A1, 2.55%, 2/15/2036‡(b)		826		799
Diamond Resorts Owner Trust Series 2018-1, Class A, 3.70%, 1/21/2031(c)		2,166		2,161
Discover Card Execution Note Trust Series 2014-A1, Class A1, 2.74%, 7/15/2021(b)		10,280		10,283
Drive Auto Receivables Trust
Series 2017-1, Class C, 2.84%, 4/15/2022		2,099		2,096
Series 2018-3, Class B, 3.37%, 9/15/2022		3,206		3,206
Series 2018-4, Class B, 3.36%, 10/17/2022		2,626		2,622
DT Auto Owner Trust
Series 2017-4A, Class B, 2.44%, 1/15/2021(c)		1,990		1,986
Series 2017-3A, Class B, 2.40%, 5/17/2021(c)		1,838		1,834
Engs Commercial Finance Trust Series 2018-1A, Class A2, 3.39%, 2/22/2023(c)		1,223		1,217
Exeter Automobile Receivables Trust
Series 2018-2A, Class B, 3.27%, 5/16/2022(c)		2,045		2,040
Series 2017-3A, Class B, 2.81%, 9/15/2022(c)		5,000		4,947
First Franklin Mortgage Loan Trust
Series 2002-FF1, Class M1, 3.36%, 4/25/2032‡(b)		98		88
Series 2002-FF4, Class M1, 3.89%, 2/25/2033‡(b)		578		440
Series 2003-FFH1, Class M2, 4.94%, 9/25/2033‡(b)		270		239
Series 2004-FF8, Class M4, 3.92%, 10/25/2034‡(b)		409		286
First Investors Auto Owner Trust Series 2016-2A, Class A2, 1.87%, 11/15/2021(c)		2,390		2,377
Flagship Credit Auto Trust Series 2017-2, Class B, 2.57%, 4/15/2023(c)		2,260		2,238
Ford Credit Auto Lease Trust Series 2017-B, Class A4, 2.17%, 2/15/2021		1,870		1,848
Ford Credit Auto Owner Trust Series 2016-B, Class A3, 1.33%, 10/15/2020		562		559
FORT CRE LLC Series 2018-1A, Class A1, 0.00%, 10/21/2023(b)(c)		5,000		4,973
FREED ABS Trust Series 2018-2, Class A, 3.99%, 10/20/2025(c)		4,577		4,575
Fremont Home Loan Trust Series 2005-C, Class M2, 3.05%, 7/25/2035‡(b)		3,580		3,558
GLS Auto Receivables Trust Series 2018-1A, Class A, 2.82%, 7/15/2022(c)		4,867		4,844

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
ASSET-BACKED SECURITIES — continued
Series 2018-3A, Class A, 3.35%, 8/15/2022(c)		3,102		3,100
Series 2018-2A, Class B, 3.71%, 3/15/2023(c)		2,105		2,102
GM Financial Automobile Leasing Trust Series 2018-1, Class A4, 2.68%, 12/20/2021		1,666		1,650
Goodgreen (Cayman Islands) Series 2018-1A, Class A, 3.93%, 10/15/2053(b)(c)		5,126		5,124
Goodgreen Trust Series 2017-2A, Class A, 3.26%, 10/15/2053(c)		3,177		3,073
GreenPoint Mortgage Funding Trust Series 2005-HE3, Class A, 2.49%, 9/15/2030‡(b)		44		41
HERO Funding (Cayman Islands) Series 2017-3A, Class A2, 3.95%, 9/20/2048(c)		2,816		2,820
Hertz Fleet Lease Funding LP Series 2018-1, Class A2, 3.23%, 5/10/2032(c)		1,603		1,605
Hertz Vehicle Financing II LP Series 2017-2A, Class A, 3.29%, 10/25/2023(c)		2,601		2,535
Hertz Vehicle Financing LLC Series 2018-2A, Class A, 3.65%, 6/27/2022(c)		4,132		4,131
Hilton Grand Vacations Trust Series 2018-AA, Class A, 3.54%, 2/25/2032(c)		1,746		1,742
Irwin Home Equity Loan Trust Series 2004-1, Class 1A1, 2.63%, 12/25/2024‡(b)		25		24
Kabbage Asset Securitization LLC Series 2017-1, Class A, 4.57%, 3/15/2022(c)		3,600		3,617
Lehman Home Equity Loan Trust Series 1998-1, Class A1, 7.00%, 5/25/2028‡		6		1
Lendmark Funding Trust
Series 2017-1A, Class A, 2.83%, 12/22/2025(c)		2,174		2,148
Series 2017-2A, Class A, 2.80%, 5/20/2026(c)		1,735		1,712
Long Beach Mortgage Loan Trust Series 2004-1, Class M3, 3.36%, 2/25/2034‡(b)		133		132
Marlette Funding Trust
Series 2017-2A, Class A, 2.39%, 7/15/2024(c)		748		746
Series 2018-2A, Class A, 3.06%, 7/17/2028(c)		1,432		1,429
Morgan Stanley ABS Capital I, Inc. Trust Series 2005-WMC4, Class M5, 3.29%, 4/25/2035‡(b)		6,109		6,163
Nationstar HECM Loan Trust Series 2017-2A, Class A1, 2.04%, 9/25/2027(b)(c)		815		811
New Century Home Equity Loan Trust Series 2003-5, Class AII, 3.12%, 11/25/2033‡(b)		234		208
New Residential Mortgage Loan Trust Series 2018-4A, Class A1S, 3.03%, 1/25/2048(b)(c)		5,651		5,635
Nissan Auto Lease Trust
Series 2017-B, Class A4, 2.17%, 12/15/2021		1,612		1,593
Series 2018-A, Class A4, 3.35%, 9/15/2023		2,685		2,692
Ocwen Master Advance Receivables Trust Series 2018-T1, Class AT1, 3.30%, 8/15/2049(c)		2,671		2,668
OnDeck Asset Securitization Trust LLC Series 2018-1A, Class A, 3.50%, 4/18/2022(c)		2,076		2,071
OneMain Direct Auto Receivables Trust
Series 2017-2A, Class B, 2.55%, 11/14/2023(c)		5,152		5,082
Series 2018-1A, Class A, 3.43%, 12/16/2024(c)		3,277		3,270
OneMain Financial Issuance Trust Series 2015-1A, Class A, 3.19%, 3/18/2026(c)		731		731
Oportun Funding VI LLC Series 2017-A, Class A, 3.23%, 6/8/2023(c)		2,750		2,715
Oportun Funding VII LLC Series 2017-B, Class A, 3.22%, 10/10/2023(c)		2,130		2,101
Oportun Funding X LLC Series 2018-C, Class A, 4.10%, 10/8/2024(c)		2,503		2,511
Pretium Mortgage Credit Partners I LLC Series 2018-NPL4, Class A1, 4.83%, 9/27/2058(a)(c)		5,000		5,000
Progress Residential Trust
Series 2015-SFR2, Class A, 2.74%, 6/12/2032(c)		3,237		3,186
Series 2015-SFR3, Class A, 3.07%, 11/12/2032(c)		5,463		5,396
Series 2017-SFR1, Class A, 2.77%, 8/17/2034(c)		997		964
Series 2018-SFR1, Class A, 3.26%, 3/17/2035(c)		2,795		2,737
Series 2018-SFR2, Class A, 3.71%, 8/17/2035(c)		5,525		5,501
Series 2018-SFR3, Class A, 3.88%, 10/17/2035(c)		5,000		5,004
Prosper Marketplace Issuance Trust Series 2017-3A, Class A, 2.36%, 11/15/2023(c)		702		700
RASC Trust Series 2003-KS4, Class MI2, 5.51%, 6/25/2033‡(a)		523		443
SoFi Consumer Loan Program LLC Series 2016-1, Class A, 3.26%, 8/25/2025(c)		1,105		1,100

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
ASSET-BACKED SECURITIES — continued
Series 2016-3, Class A, 3.05%, 12/26/2025(c)		658		656
Series 2017-1, Class A, 3.28%, 1/26/2026(c)		667		665
Series 2017-3, Class A, 2.77%, 5/25/2026(c)		753		745
Series 2017-4, Class A, 2.50%, 5/26/2026(c)		988		973
Series 2017-5, Class A2, 2.78%, 9/25/2026(c)		3,445		3,394
SoFi Consumer Loan Program Trust Series 2018-3, Class A2, 3.67%, 8/25/2027(c)		5,250		5,256
SoFi Professional Loan Program LLC
Series 2014-B, Class A1, 3.57%, 8/25/2032(b)(c)		181		183
Series 2015-A, Class A1, 3.51%, 3/25/2033(b)(c)		427		430
Series 2016-B, Class A1, 3.51%, 6/25/2033(b)(c)		991		1,002
Series 2015-B, Class A1, 3.36%, 4/25/2035(b)(c)		819		830
Series 2015-C, Class A1, 3.36%, 8/27/2035(b)(c)		598		602
Series 2017-E, Class A1, 2.82%, 11/26/2040(b)(c)		1,565		1,570
Sofi Professional Loan Program Trust Series 2018-B, Class A2FX, 3.34%, 8/25/2047(c)		4,574		4,507
SpringCastle America Funding LLC Series 2016-AA, Class A, 3.05%, 4/25/2029(c)		704		697
Structured Asset Investment Loan Trust Series 2003-BC2, Class A3, 3.01%, 4/25/2033‡(b)		73		71
Synchrony Credit Card Master Note Trust Series 2017-2, Class A, 2.62%, 10/15/2025		3,077		2,991
Tesla Auto Lease Trust Series 2018-A, Class A, 2.32%, 12/20/2019(c)		4,852		4,834
Towd Point Mortgage Trust Series 2018-4, Class A1, 3.00%, 6/25/2058‡(b)(c)		7,246		6,975
Tricon American Homes Trust Series 2016-SFR1, Class A, 2.59%, 11/17/2033(c)		4,426		4,253
Verizon Owner Trust
Series 2017-3A, Class A1B, 2.57%, 4/20/2022(b)(c)		3,500		3,500
Series 2018-A, Class A1A, 3.23%, 4/20/2023		2,405		2,406
VOLT LX LLC Series 2017-NPL7, Class A1, 3.25%, 6/25/2047‡(a)(c)		637		632
VOLT LXIV LLC Series 2017-NP11, Class A1, 3.38%, 10/25/2047‡(a)(c)		4,606		4,565
VOLT LXIX LLC Series 2018-NPL5, Class A1A, 4.21%, 8/25/2048‡(a)(c)		2,355		2,351
VOLT LXVI Series 2018-NPL2, Class A1, 4.34%, 5/25/2048‡(a)(c)		3,582		3,571
VOLT LXVII LLC Series 2018-NPL3, Class A1, 4.38%, 6/25/2048(a)(c)		2,824		2,816
VOLT LXVIII LLC Series 2018-NPL4, Class A1A, 4.34%, 7/27/2048‡(a)(c)		2,643		2,641
VOLT LXXI LLC Series 2018-NPL7, Class A1A, 3.97%, 9/25/2048(a)(c)		2,887		2,883
VOLT LXXII LLC Series 2018-NPL8, Class A1A, 4.21%, 10/26/2048(a)(c)		5,937		5,940
Westgate Resorts LLC Series 2016-1A, Class A, 3.50%, 12/20/2028(c)		2,012		2,005
World Financial Network Credit Card Master Trust Series 2018-B, Class A, 3.46%, 7/15/2025		3,610		3,615
TOTAL ASSET-BACKED SECURITIES (Cost $286,745)				284,903
CORPORATE BONDS — 12.8%
Automobiles — 0.3%
Nissan Motor Acceptance Corp. (ICE LIBOR USD 3 Month + 0.52%), 2.85%, 9/13/2019(c)(f)		3,000		2,996
Banks — 4.1%
Bank of America Corp.
Series L, 2.60%, 1/15/2019		289		289
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023(f)		1,724		1,653
Barclays plc (United Kingdom) 2.88%, 6/8/2020		3,169		3,106
BB&T Corp. (ICE LIBOR USD 3 Month + 0.66%), 3.20%, 2/1/2019(f)		3,000		3,001
Canadian Imperial Bank of Commerce (Canada)
(ICE LIBOR USD 3 Month + 0.66%), 2.99%, 9/13/2023(f)		3,000		2,999
Citigroup, Inc.
(ICE LIBOR USD 3 Month + 0.79%), 3.20%, 1/10/2020(f)		3,000		3,005
(ICE LIBOR USD 3 Month + 1.07%), 3.40%, 12/8/2021(f)		4,000		4,027

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Banks — continued
Mitsubishi UFJ Financial Group, Inc. (Japan) (ICE LIBOR USD 3 Month + 1.06%), 3.39%, 9/13/2021(f)		3,000		3,037
Mizuho Financial Group, Inc. (Japan)
(ICE LIBOR USD 3 Month + 1.14%), 3.47%, 9/13/2021(f)		3,000		3,037
(ICE LIBOR USD 3 Month + 0.94%), 3.65%, 2/28/2022(f)		4,000		4,019
Royal Bank of Canada (Canada) (ICE LIBOR USD 3 Month + 0.45%), 2.86%, 1/10/2019(f)		3,000		3,001
Sumitomo Mitsui Financial Group, Inc. (Japan) (ICE LIBOR USD 3 Month + 0.97%), 3.39%, 1/11/2022(f)		3,000		3,026
US Bank NA (ICE LIBOR USD 3 Month + 0.32%), 2.81%, 1/24/2020(f)		4,000		4,003
Wells Fargo Bank NA (ICE LIBOR USD 3 Month + 0.51%), 2.99%, 10/22/2021(f)		6,000		5,977
				44,180
Capital Markets — 0.5%
Carlyle Promissory Note 4.44%, 7/15/2019‡		86		86
Goldman Sachs Group, Inc. (The) (ICE LIBOR USD 3 Month + 1.05%), 2.91%, 6/5/2023(f)		1,000		959
Morgan Stanley
2.50%, 1/24/2019		1,482		1,480
2.50%, 4/21/2021		2,925		2,845
				5,370
Chemicals — 0.2%
Mosaic Co. (The) 3.25%, 11/15/2022		2,559		2,481
Consumer Finance — 2.7%
American Express Credit Corp. (ICE LIBOR USD 3 Month + 0.55%), 2.89%, 3/18/2019(f)		3,000		3,003
American Honda Finance Corp. (ICE LIBOR USD 3 Month + 0.61%), 2.94%, 9/9/2021(f)		3,000		3,020
Capital One Financial Corp. (ICE LIBOR USD 3 Month + 0.45%), 2.97%, 10/30/2020(f)		5,000		4,989
Caterpillar Financial Services Corp. (ICE LIBOR USD 3 Month + 0.51%), 2.92%, 1/10/2020(f)		3,000		3,005
Ford Motor Credit Co. LLC
Series 1, (ICE LIBOR USD 3 Month + 0.83%), 3.16%, 3/12/2019(f)		4,000		3,997
(ICE LIBOR USD 3 Month + 1.00%), 3.41%, 1/9/2020(f)		3,000		2,997
General Motors Financial Co., Inc. (ICE LIBOR USD 3 Month + 1.55%), 3.99%, 1/14/2022(f)		4,000		4,006
Toyota Motor Credit Corp.
(ICE LIBOR USD 3 Month + 0.69%), 3.11%, 1/11/2022(f)		4,000		4,022
				29,039
Diversified Financial Services — 0.8%
Federation des Caisses Desjardins du Quebec (Canada) (ICE LIBOR USD 3 Month + 0.33%), 2.85%, 10/30/2020(c)(f)		5,000		4,993
Shell International Finance BV (Netherlands) (ICE LIBOR USD 3 Month + 0.45%), 3.07%, 5/11/2020(f)		4,000		4,018
				9,011
Diversified Telecommunication Services — 0.1%
AT&T, Inc. 2.45%, 6/30/2020		1,314		1,295
Entertainment — 0.4%
Walt Disney Co. (The) (ICE LIBOR USD 3 Month + 0.31%), 3.02%, 5/30/2019(f)		4,000		4,004
Health Care Providers & Services — 0.3%
CVS Health Corp. (ICE LIBOR USD 3 Month + 0.72%), 3.05%, 3/9/2021(f)		3,500		3,502
Independent Power and Renewable Electricity Producers — 0.1%
Exelon Generation Co. LLC 2.95%, 1/15/2020		870		865
Insurance — 0.8%
Chubb INA Holdings, Inc. 2.30%, 11/3/2020		880		863
Metropolitan Life Global Funding I
(SOFRRATE + 0.57%), 2.81%, 9/7/2020(c)(f)		6,000		5,977
New York Life Global Funding 2.00%, 4/13/2021(c)		1,234		1,196
				8,036
IT Services — 0.3%
Western Union Co. (The) 3.60%, 3/15/2022		3,700		3,662
Media — 0.3%
Comcast Corp. (ICE LIBOR USD 3 Month + 0.44%), 2.85%, 10/1/2021(f)		2,550		2,550
Discovery Communications LLC 2.20%, 9/20/2019		984		975
				3,525
Oil, Gas & Consumable Fuels — 0.6%
Buckeye Partners LP 4.88%, 2/1/2021		1,810		1,835
CNOOC Finance 2015 Australia Pty. Ltd. (China) 2.63%, 5/5/2020		2,882		2,842
Plains All American Pipeline LP 2.60%, 12/15/2019		1,628		1,610
				6,287

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
CORPORATE BONDS — continued
Road & Rail — 0.2%
Ryder System, Inc. 2.50%, 5/11/2020		2,210			2,182
Semiconductors & Semiconductor Equipment — 0.5%
Broadcom Corp. 2.38%, 1/15/2020		2,064			2,037
Texas Instruments, Inc. 1.75%, 5/1/2020		2,753			2,699
					4,736
Software — 0.3%
Oracle Corp. (ICE LIBOR USD 3 Month + 0.58%), 3.02%, 1/15/2019(f)		3,000			3,002
Wireless Telecommunication Services — 0.3%
Vodafone Group plc (United Kingdom)
(ICE LIBOR USD 3 Month + 0.99%), 3.43%, 1/16/2024(f)		3,600			3,557
TOTAL CORPORATE BONDS (Cost $138,167)					137,730
COMMERCIAL MORTGAGE-BACKED SECURITIES — 7.1%
20 Times Square Trust Series 2018-20TS, Class A, 3.20%, 5/15/2035(b)(c)		3,291			3,210
A10 Term Asset Financing LLC Series 2017-1A, Class A2, 2.65%, 3/15/2036(c)		1,917			1,886
AREIT Trust Series 2018-CRE1, Class A, 3.15%, 2/14/2035(b)(c)		3,275			3,273
BAMLL Commercial Mortgage Securities Trust
Series 2015-200P, Class A, 3.22%, 4/14/2033(c)		3,500			3,407
Series 2018-DSNY, Class A, 3.16%, 9/15/2034(b)(c)		6,000			6,000
Bayview Commercial Asset Trust
Series 2004-3, Class A2, 2.94%, 1/25/2035(b)(c)		232			229
Series 2005-2A, Class A2, 2.66%, 8/25/2035(b)(c)		847			806
Series 2005-2A, Class M1, 2.74%, 8/25/2035‡(b)(c)		169			161
Series 2007-3, Class A2, 2.60%, 7/25/2037(b)(c)		848			811
BBCMS Trust Series 2015-VFM, Class A1, 2.47%, 3/10/2036(c)		2,218			2,136
BHMS ATLS Series 2018-ATLS, Class A, 3.56%, 7/15/2035(b)(c)		6,000			5,992
BX Commercial Mortgage Trust Series 2018-IND, Class A, 3.06%, 11/15/2035(b)(c)		4,000			3,993
BXMT Ltd. Series 2017-FL1, Class A, 3.17%, 6/15/2035(b)(c)		3,291			3,283
Commercial Mortgage Trust
Series 2014-PAT, Class A, 3.11%, 8/13/2027(b)(c)		1,319			1,318
Series 2014-TWC, Class A, 3.16%, 2/13/2032(b)(c)		3,774			3,773
Exantas Capital Corp. Ltd. (Cayman Islands) Series 2018-RSO6, Class A, 3.13%, 6/15/2035(b)(c)		2,444			2,437
FHLMC Multifamily Structured Pass-Through Certificates Series KL3W, Class AFLW, 2.76%, 8/25/2025(b)		10,000			10,019
FNMA ACES Series 2017-M15, Class ATS1, 2.99%, 11/25/2027		4,381			4,297
Independence Plaza Trust Series 2018-INDP, Class A, 3.76%, 7/10/2035(c)		5,000			4,940
UBS Commercial Mortgage Trust
Series 2018-C10, Class A1, 3.18%, 5/15/2051		6,422			6,402
Series 2018-C14, Class A2, 4.26%, 12/15/2051(g)		6,346			6,536
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 6/10/2030(c)		1,155			1,149
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $76,492)					76,058
MORTGAGE-BACKED SECURITIES — 4.1%
FHLMC
Pool # 846489, ARM, 3.73%, 7/1/2019(b)		—	(e)		1
Pool # 645083, ARM, 3.60%, 12/1/2021(b)		6			6
Pool # 846013, ARM, 4.35%, 6/1/2022(b)		3			3
Pool # 611203, ARM, 3.97%, 1/1/2023(b)		6			6
Pool # 611299, ARM, 4.19%, 1/1/2023(b)		112			115
Pool # 845297, ARM, 4.25%, 2/1/2023(b)		13			14
Pool # 846144, ARM, 4.73%, 6/1/2025(b)		6			6

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MORTGAGE-BACKED SECURITIES — continued
Pool # 785586, ARM, 4.62%, 6/1/2026(b)		8		8
Pool # 785866, ARM, 3.66%, 12/1/2026(b)		14		15
Pool # 755248, ARM, 4.27%, 12/1/2026(b)		135		138
Pool # 611141, ARM, 3.69%, 1/1/2027(b)		32		33
Pool # 788688, ARM, 4.18%, 8/1/2027(b)		97		99
Pool # 788665, ARM, 4.53%, 11/1/2027(b)		17		17
Pool # 846774, ARM, 4.11%, 12/1/2027(b)		62		63
Pool # 788664, ARM, 4.23%, 7/1/2028(b)		25		26
Pool # 786902, ARM, 4.58%, 10/1/2029(b)		10		10
Pool # 846716, ARM, 4.33%, 12/1/2029(b)		4		4
Pool # 645242, ARM, 4.28%, 1/1/2030(b)		12		12
Pool # 846812, ARM, 3.93%, 4/1/2030(b)		13		13
Pool # 611278, ARM, 4.30%, 7/1/2030(b)		154		160
Pool # 847263, ARM, 4.18%, 4/1/2032(b)		118		123
FHLMC Gold Pools, 30 Year, Single Family
Pool # C00387, 9.00%, 2/1/2025		7		8
Pool # C35263, 7.50%, 5/1/2028		3		3
Pool # G00981, 8.50%, 7/1/2028		11		12
FHLMC Gold Pools, Other Pool # U49009, 3.00%, 8/1/2028		3,932		3,887
FNMA
Pool # 90031, ARM, 6.00%, 1/1/2020(b)		4		4
Pool # 133558, ARM, 3.99%, 7/1/2020(b)		1		1
Pool # 116590, ARM, 4.21%, 12/1/2020(b)		2		2
Pool # 124510, ARM, 4.33%, 11/1/2021(b)		2		2
Pool # 241828, ARM, 4.75%, 11/1/2023(b)		9		9
Pool # 276617, ARM, 3.95%, 4/1/2024(b)		9		9
Pool # 323269, ARM, 4.48%, 1/1/2025(b)		174		178
Pool # 326092, ARM, 3.73%, 7/1/2025(b)		3		3
Pool # 313555, ARM, 4.10%, 6/1/2026(b)		1		1
Pool # 423291, ARM, 4.31%, 8/1/2026(b)		59		61
Pool # 70179, ARM, 4.33%, 7/1/2027(b)		7		7
Pool # 535984, ARM, 4.27%, 12/1/2028(b)		23		24
Pool # 576757, ARM, 3.79%, 3/1/2029(b)		22		22
Pool # 323798, ARM, 3.84%, 5/1/2029(b)		4		4
Pool # 540206, ARM, 3.90%, 5/1/2030(b)		27		27
Pool # 594577, ARM, 4.58%, 11/1/2030(b)		36		36
Pool # 124945, ARM, 4.07%, 1/1/2031(b)		5		5
Pool # 555563, ARM, 4.24%, 5/1/2033(b)		263		279
Pool # 725111, ARM, 4.22%, 9/1/2033(b)		73		76
Pool # 788301, ARM, 4.76%, 2/1/2034(b)		70		73
Pool # 545182, ARM, 4.22%, 3/1/2038(b)		9		10
FNMA, 15 Year, Single Family Pool # AD1969, Pool, 4.00%, 2/1/2025		1,641		1,673
FNMA, 20 Year, Single Family
Pool # 254911, Pool, 5.00%, 10/1/2023		1,190		1,244
Pool # MA1338, Pool, 3.00%, 2/1/2033		2,575		2,522
Pool # MA1401, Pool, 3.00%, 4/1/2033		1,005		984
Pool # MA1490, Pool, 3.00%, 7/1/2033		3,279		3,211
FNMA, 30 Year, FHA/VA
Pool # 345876, Pool, 8.50%, 10/1/2024		9		9
Pool # 595470, Pool, 7.00%, 3/1/2027		11		11
Pool # 421016, Pool, 8.00%, 11/1/2027		10		10
FNMA, 30 Year, Single Family
Pool # 50748, Pool, 7.50%, 6/1/2023		1		1
Pool # 331955, Pool, 7.50%, 11/1/2024		15		15
Pool # 567874, Pool, 7.50%, 10/1/2030		31		31
Pool # 995724, Pool, 6.00%, 4/1/2039		413		454
Pool # AD0588, Pool, 5.00%, 12/1/2039		1,870		1,994
Pool # AD9721, Pool, 5.50%, 8/1/2040		641		686
Pool # BM3048, Pool, 4.00%, 10/1/2042		6,967		7,092
Pool # AS4592, Pool, 4.00%, 2/1/2045		8,693		8,800
Pool # CA0411, 4.00%, 9/1/2047		8,175		8,297

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MORTGAGE-BACKED SECURITIES — continued
FNMA, Other Pool # 570566, Pool, 12.00%, 11/1/2030		52		55
GNMA I, 15 Year, Single Family Pool # 723171, 4.50%, 10/15/2024		922		966
GNMA I, 30 Year, Single Family
Pool # 378315, 7.00%, 6/15/2024		6		5
Pool # 780029, 9.00%, 11/15/2024		2		2
Pool # 781090, 9.50%, 7/15/2025		17		18
Pool # 412336, 8.00%, 10/15/2027		9		10
GNMA II, 30 Year, Single Family
Pool # 314478, 7.85%, 12/20/2021		7		7
Pool # 314483, 7.40%, 2/20/2022		9		9
Pool # 314500, 7.40%, 3/20/2022		10		10
Pool # 334396, 7.25%, 8/20/2022		12		13
Pool # 1429, 7.50%, 10/20/2023		4		4
Pool # 2036, 8.00%, 7/20/2025		12		13
Pool # 2270, 8.00%, 8/20/2026		15		17
TOTAL MORTGAGE-BACKED SECURITIES (Cost $45,079)				43,778
	Shares (000)
SHORT-TERM INVESTMENTS — 8.9%
INVESTMENT COMPANIES — 8.9%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.30%(h)(i) (Cost $95,046)		95,031		95,041
Total Investments — 100.4% (Cost $1,083,434)				1,075,767
Liabilities in Excess of Other Assets — (0.4%)				(3,832	)
Net Assets — 100.0%				1,071,935

Percentages indicated are based on net assets.    

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, 2018.
FHA	Federal Housing Administration
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

GNMA	Government National Mortgage Association
HB	High Coupon Bonds (a.k.a. “IOettes”) represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO’s the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.
ICE	Intercontinental Exchange
IF	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of November 30, 2018. 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.
REMIC	Real Estate Mortgage Investment Conduit
SOFRRATE	SOFR Secured Overnight Financing Rate
STRIPS	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
USD	United States Dollar
VA	Veterans Administration
(a)	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, 2018.
(b)	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, 2018.
(c)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(d)	Defaulted security.

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(e)	Amount rounds to less than one thousand.
(f)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2018.
(g)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(h)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(i)	The rate shown is the current yield as of November 30, 2018.
‡	Value determined using significant unobservable inputs.

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

A. Valuation of Investments — The valuation of investments is 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 (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.

JPMorgan 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 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 related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment to determine the fair value of 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 (the “Underlying Funds”) are valued at each Underlying Fund’s net asset values or NAV per share as of the report date.

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at November 30, 2018.

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 (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	244,359	$	40,544	$	284,903
Collateralized Mortgage Obligations		—		437,239		1,018		438,257
Commercial Mortgage-Backed Securities		—		75,897		161		76,058

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Corporate Bonds
Capital Markets	$	—	$	5,284	$	86	$	5,370
Other Corporate Bonds		—		132,360		—		132,360
Total Corporate Bonds		—		137,644		86		137,730
Mortgage-Backed Securities		—		43,778		—		43,778
Short-Term Investments
Investment Companies		95,041		—		—		95,041
Total Investments in Securities	$	95,041	$	938,917	$	41,809	$	1,075,767

Transfers between level 2 and level 3 are due to a decline or an increase in market activity (e.g. frequency of trades), which resulted in a lack or increase of available market inputs to determine the price for the period ended November 30, 2018.

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

	Balance as of February 28, 2018		Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of November 30, 2018
Investments in Securities:
Asset-Backed Securities	$	50,124	$	—	(a)	$	(1	)	$	7		$	17,729	$	(23,797	)	$	6,274	$	(9,792	)	$	40,544
Collateralized Mortgage Obligations		4,699		—			66			(1	)		—		(1,531	)		—		(2,215	)		1,018
Commercial Mortgage-Backed Securities		6,201		—			(17	)		—			—		(6,023	)		—		—			161
Corporate Bonds — Capital Markets		171		—			—	(a)		—	(a)		—		(85	)		—		—			86
	$	61,195	$	—		$	48		$	6		$	17,729	$	(31,436	)	$	6,274	$	(12,007	)	$	41,809

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

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

(a) Amount rounds to less than one thousand.    

The changes in net unrealized appreciation (depreciation) attributable to securities owned at November 30, 2018, which were valued using significant unobservable inputs (level 3) amounted to approximately $79,000.    

Quantitative Information about Level 3 Fair Value Measurements

(Amounts in thousands)

	Fair Value at November 30, 2018		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	40,544	Discounted Cash Flow	Constant Prepayment Rate	0.00% - 24.50% (12.89%)
				Constant Default Rate	0.00% - 94.25% (1.77%)
				Yield (Discount Rate of Cash Flows)	2.34% - 83.31% (4.24%)
Asset-Backed Securities		40,544
		1,018	Discounted Cash Flow	PSA Prepayment Model	232.00% (232.00%)
				Constant Prepayment Rate	0.50% - 10.00% (7.32%)
				Constant Default Rate	0.00% - 4.92% (0.51%)
				Yield (Discount Rate of Cash Flows)	2.23% - 7.00% (4.31%)
Collateralized Mortgage Obligations		1,018
		161	Discounted Cash Flow	Constant Prepayment Rate	6.55% (6.55%)
				Constant Default Rate	3.90% (3.90%)
				Yield (Discount Rate of Cash Flows)	4.57% (4.57%)
Commercial Mortgage-Backed Securities		161
		86	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	4.38% (4.38%)
				Liquidity Discount	0.375% (0.375%)
Corporate Bonds		86
Total	$	41,809

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

JPMorgan Liquid Assets Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited)

Investments(a)	Principal Amount ($000)		Value ($000)
REPURCHASE AGREEMENTS — 29.5%
Agency Joint Trading Account II, J.P. Morgan Investment Management Inc., as agent, 2.29%, dated 11/30/2018, due 12/3/2018, repurchase price $551,074. [2]		550,969		550,969
Barclays Capital, Inc., 2.38%, dated 11/30/2018, due 12/6/2018, repurchase price $10,004, collateralized by Asset-Backed Securities, 0.00% - 5.66%, due 10/25/2027 - 11/16/2043, with a value of $11,000.		10,000		10,000
Barclays Capital, Inc., 2.65%, dated 11/30/2018, due 1/4/2019, repurchase price $30,077, collateralized by Asset-Backed Securities, 0.00%, due 11/16/2043, Collateralized Mortgage Obligations, 0.76% - 8.32%, due 11/18/2033 - 2/12/2048, FHLMC, 4.71%, due 2/25/2047, and FNMA Connecticut Avenue Securities, 6.57%, due 1/27/2031, with a value of $32,752.		30,000		30,000
BMO Capital Markets Corp., 2.29%, dated 11/30/2018, due 12/3/2018, repurchase price $100,019, collateralized by Asset-Backed Securities, 1.87% - 3.09%, due 7/10/2019 - 12/15/2025, Corporate Bonds, 1.95% - 8.25%, due 7/15/2019 - 12/31/2099, Corporate Notes, 2.13% - 2.50%, due 9/11/2019 - 1/8/2021, FHLB, 3.25%, due 11/16/2028, and Sovereign Government Securities, 1.25% - 2.30%, due 9/20/2019 - 2/10/2020, with a value of $105,580.		100,000		100,000
BNP Paribas SA, 2.36%, dated 11/30/2018, due 12/4/2018, repurchase price $25,007, collateralized by Corporate Bonds, 0.00% - 7.75%, due 4/15/2019 - 1/1/2099, and Sovereign Government Securities, 5.50%, due 7/12/2020, with a value of $27,012.		25,000		25,000
BNP Paribas SA, 2.36%, dated 11/30/2018, due 12/6/2018, repurchase price $5,002, collateralized by Asset-Backed Securities, 7.75%, due 1/28/2070, and Corporate Bonds, 4.13%, due 11/1/2022, with a value of $5,503.		5,000		5,000
Investments
Credit Suisse Securities USA LLC, 2.39%, dated 11/30/2018, due 12/6/2018, repurchase price $25,010, collateralized by Asset-Backed Securities, 0.00% - 10.88%, due 3/15/2019 - 12/25/2046, Collateralized Mortgage Obligations, 0.00% - 5.50%, due 1/20/2021 - 7/26/2055, Corporate Bonds, 0.00% - 14.00%, due 2/13/2020 - 2/12/2055, Corporate Notes, 6.75%, due 5/20/2036, and Sovereign Government Securities, 12.75%, due 2/17/2022, with a value of $27,492.		25,000		25,000
HSBC Securities USA, Inc., 2.45%, dated 11/30/2018, due 12/3/2018, repurchase price $20,004, collateralized by Corporate Bonds, 5.88% - 12.00%, due 8/15/2021 - 1/1/2099, with a value of $21,604.		20,000		20,000
Merrill Lynch PFS, Inc., 2.60%, dated 11/30/2018, due 1/3/2019, repurchase price $25,061, collateralized by FNMA Connecticut Avenue Securities, 3.27% - 6.57%, due 5/28/2024 - 1/25/2029, and Sovereign Government Securities, 3.50% - 8.00%, due 1/21/2021 - 6/27/2044, with a value of $26,986.		25,000		25,000
Merrill Lynch PFS, Inc., 2.65%, dated 11/30/2018, due 1/3/2019, repurchase price $39,599, collateralized by Municipal Debt Securities, 0.00% - 6.71%, due 7/1/2020 - 6/1/2046, with a value of $42,660.		39,500		39,500
Societe Generale SA, 2.32%, dated 11/30/2018, due 12/3/2018, repurchase price $40,008, collateralized by Corporate Bonds, 2.75% - 4.50%, due 12/15/2022 - 3/15/2049, Corporate Notes, 0.00% - 5.38%, due 11/19/2019 - 11/20/2048, and Sovereign Government Securities, 2.95% - 7.35%, due 2/7/2022 - 4/17/2030, with a value of $42,008.		40,000		40,000

JPMorgan Liquid Assets Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
REPURCHASE AGREEMENTS — continued
Societe Generale SA, 2.42%, dated 11/30/2018, due 12/3/2018, repurchase price $100,020, collateralized by Corporate Bonds, 3.38% - 9.75%, due 5/12/2020 - 6/5/2115, Corporate Notes, 0.00%, due 11/19/2019, and Sovereign Government Securities, 4.63% - 11.88%, due 10/14/2019 - 2/17/2045, with a value of $108,002.		100,000		100,000
Societe Generale SA, 2.47%, dated 11/30/2018, due 12/4/2018, repurchase price $5,001, collateralized by Corporate Bonds, 2.75% - 8.50%, due 12/15/2020 - 12/18/2073, Corporate Notes, 0.00%, due 11/19/2019, and Sovereign Government Securities, 3.70% - 6.75%, due 6/29/2020 - 2/17/2045, with a value of $5,398.		5,000		5,000
Wells Fargo Securities LLC, 2.29%, dated 11/30/2018, due 12/3/2018, repurchase price $50,010, collateralized by Commercial Paper, 0.00%, due 2/14/2019 - 5/30/2019, and Certificates of Deposit, 0.00% - 3.30%, due 5/2/2019 - 10/3/2025, with a value of $52,510.		50,000		50,000
Wells Fargo Securities LLC, 2.34%, dated 11/30/2018, due 12/6/2018, repurchase price $39,015, collateralized by Commercial Paper, 0.00%, due 3/5/2019 - 3/27/2019, with a value of $40,969.		39,000		39,000
Wells Fargo Securities LLC, 2.34%, dated 11/30/2018, due 12/7/2018, repurchase price $40,018, collateralized by Commercial Paper, 0.00%, due 12/3/2018 - 5/30/2019, with a value of $42,019.		40,000		40,000
TOTAL REPURCHASE AGREEMENTS (Cost 1,104,469)				1,104,469
MUNICIPAL BONDS — 1.1%
Alaska — 0.7%
Alaska Housing Finance Corp., State Capital Project Bonds II Series B, Rev., VRDO, 2.26%, 12/7/2018(b)		25,000		25,000
California — 0.1%
City and County of San Francisco, Multifamily Housing, Taxable, Transbay Block 8 Tower Apartments
Series H-4, Rev., VRDO, LOC: Bank of China, 2.33%, 12/7/2018(b)		2,000		2,000
Series H-3, Rev., VRDO, LOC: Bank of China, 2.35%, 12/7/2018(b)		2,000		2,000
				4,000
New York — 0.3%
New York State Housing Finance Agency, 572 11th Avenue Housing Series A, Rev., VRDO, LOC: Bank of China, 2.45%, 12/3/2018(b)		10,000		10,000
TOTAL MUNICIPAL BONDS (Cost $39,000)				39,000
SHORT-TERM INVESTMENTS — 69.1%
COMMERCIAL PAPER — 35.3%
ABN AMRO Funding USA LLC (Netherlands) 2.36%, 1/7/2019(c)(d)		25,000		24,940
Alpine Securitization Ltd. (Switzerland) 2.57%, 2/15/2019(c)(d)		25,000		24,865
Antalis SA (Jersey) 2.30%, 12/6/2018(d)		20,000		19,995
Australia & New Zealand Banking Group Ltd. (Australia) (ICE LIBOR USD 3 Month + 0.21%), 2.72%, 1/28/2019(e)		5,000		5,000
Bank of China Ltd. (China)
2.69%, 1/22/2019(d)		10,000		9,961
2.70%, 1/22/2019(c)(d)		30,000		29,884
2.96%, 3/1/2019(c)(d)		12,000		11,912

JPMorgan Liquid Assets Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
SHORT-TERM INVESTMENTS — continued
COMMERCIAL PAPER — continued
Bank of Nova Scotia (The) (Canada)
(ICE LIBOR USD 1 Month + 0.22%), 2.54%, 12/9/2018(c)(e)		10,000		10,000
(ICE LIBOR USD 1 Month + 0.27%), 2.58%, 12/15/2018(c)(e)		20,000		20,000
(ICE LIBOR USD 1 Month + 0.30%), 2.60%, 12/19/2018(c)(e)		15,000		15,000
(ICE LIBOR USD 3 Month + 0.11%), 2.50%, 12/27/2018(c)(e)		7,000		7,000
(ICE LIBOR USD 3 Month + 0.08%), 2.67%, 2/8/2019(c)(e)		3,000		3,000
Banque et Caisse d’Epargne de l’Etat (Luxembourg) 2.64%, 4/16/2019(d)		50,000		49,507
Barclays Bank plc (United Kingdom) 2.69%, 2/13/2019(c)(d)		5,000		4,973
Bedford Row Funding Corp.
LOC: Royal Bank of Canada, (ICE LIBOR USD 1 Month + 0.26%), 2.56%, 12/20/2018(c)(e)		10,000		10,000
LOC: Royal Bank of Canada, (ICE LIBOR USD 1 Month + 0.27%), 2.58%, 12/26/2018(c)(e)		5,000		5,000
LOC: Royal Bank of Canada, (ICE LIBOR USD 3 Month + 0.11%), 2.80%, 2/26/2019(c)(e)		10,000		10,000
BPCE SA (France)
2.48%, 12/17/2018(c)(d)		5,000		4,995
2.49%, 2/4/2019(c)(d)		6,000		5,973
2.55%, 3/4/2019(c)(d)		1,500		1,490
Caisse des Depots et Consignations (France) 2.60%, 4/1/2019(c)(d)		30,000		29,740
Canadian Imperial Bank of Commerce (Canada) (ICE LIBOR USD 1 Month + 0.30%), 2.62%, 12/8/2018(c)(e)		10,000		10,000
Cedar Springs Public Schools 2.25%, 12/3/2018(d)		145,082		145,064
Commonwealth Bank of Australia (Australia)
(ICE LIBOR USD 1 Month + 0.23%), 2.55%, 12/7/2018(c)(e)		15,000		15,000
(ICE LIBOR USD 1 Month + 0.28%), 2.58%, 12/19/2018(c)(e)		15,000		15,000
Cooperative Centrale (ICE LIBOR USD 3 Month + 0.06%), 2.75%, 2/26/2019(e)		15,000		15,000
DBS Bank Ltd. (Singapore)
2.45%, 1/23/2019(c)(d)		15,000		14,946
2.47%, 2/1/2019(c)(d)		3,000		2,987
Erste Finance Delaware LLC (Austria)
2.44%, 1/2/2019(c)(d)		15,000		14,968
2.46%, 1/9/2019(c)(d)		20,000		19,947
First Abu Dhabi Bank PJSC (United Arab Emirates)
2.45%, 1/7/2019(c)(d)		10,000		9,975
2.46%, 1/9/2019(c)(d)		30,000		29,921
2.61%, 1/16/2019(c)(d)		19,260		19,196
2.56%, 1/18/2019(c)(d)		10,000		9,966
2.72%, 2/13/2019(c)(d)		7,000		6,961
Gotham Funding Corp. LOC: MUFG Union Bank NA, 2.30%, 12/6/2018(c)(d)		20,000		19,994
HSBC Bank plc (United Kingdom) (ICE LIBOR USD 1 Month + 0.30%), 2.60%, 12/19/2018(c)(e)		15,000		15,000
ING US Funding LLC (Netherlands)
(ICE LIBOR USD 3 Month + 0.08%), 2.40%, 12/3/2018(e)		10,000		10,000
(ICE LIBOR USD 1 Month + 0.30%), 2.61%, 12/16/2018(e)		10,000		10,000
2.51%, 1/31/2019(d)		5,000		4,979
(ICE LIBOR USD 3 Month + 0.08%), 2.77%, 2/26/2019(e)		10,000		10,000
Kreditanstalt fuer Wiederaufbau (Germany) 2.60%, 4/4/2019(c)(d)		25,000		24,778
LMA-Americas LLC
2.56%, 2/15/2019(c)(d)		6,000		5,968
2.57%, 3/13/2019(c)(d)		15,000		14,891
2.65%, 4/1/2019(d)		30,000		29,736
Mitsubishi UFJ Trust & Banking Corp. (Japan) 2.34%, 12/19/2018(c)(d)		6,000		5,993
National Australia Bank Ltd. (Australia)
(ICE LIBOR USD 1 Month + 0.17%), 2.48%, 12/15/2018(c)(e)		15,000		15,000
(ICE LIBOR USD 1 Month + 0.23%), 2.54%, 12/28/2018(c)(e)		5,000		5,000
Nestle Capital Corp. (Switzerland) 2.40%, 12/19/2018(c)(d)		25,000		24,970

JPMorgan Liquid Assets Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
SHORT-TERM INVESTMENTS — continued
COMMERCIAL PAPER — continued
NRW Bank (Germany)
2.47%, 2/4/2019(d)		15,000		14,933
2.50%, 2/21/2019(c)(d)		25,000		24,859
Old Line Funding LLC (ICE LIBOR USD 1 Month + 0.17%), 2.48%, 12/16/2018(c)(e)		20,000		20,000
Oversea-Chinese Banking Corp. Ltd. (Singapore) 2.44%, 1/23/2019(c)(d)		5,000		4,982
Pricoa Short Term Funding LLC 2.51%, 2/15/2019(c)(d)		20,000		19,895
Royal Bank of Canada (Canada) 2.41%, 1/4/2019(d)		10,000		9,977
Sinopec Century Bright Capital Investment Ltd. (China) 2.33%, 12/4/2018(c)(d)		70,000		69,986
Suncorp-Metway Ltd. (Australia) 2.72%, 4/15/2019(c)(d)		20,000		19,798
Swedbank AB (Sweden) 2.47%, 2/4/2019(d)		15,000		14,933
Thunder Bay Funding LLC 2.59%, 3/22/2019(c)(d)		5,000		4,960
Toronto-Dominion Bank (The) (Canada)
(ICE LIBOR USD 1 Month + 0.37%), 2.69%, 12/11/2018(c)(e)		16,000		16,000
(ICE LIBOR USD 1 Month + 0.21%), 2.52%, 12/15/2018(c)(e)		15,000		15,000
(ICE LIBOR USD 1 Month + 0.37%), 2.67%, 12/20/2018(c)(e)		50,000		50,000
(ICE LIBOR USD 1 Month + 0.25%), 2.55%, 12/21/2018(c)(e)		25,000		25,000
(ICE LIBOR USD 1 Month + 0.25%), 2.56%, 12/22/2018(c)(e)		5,000		5,000
(ICE LIBOR USD 3 Month + 0.27%), 2.64%, 12/26/2018(c)(e)		5,000		5,000
2.41%, 1/18/2019(c)(d)		20,000		19,936
Toyota Credit Canada, Inc. (Canada) 2.56%, 12/16/2018		10,000		10,000
Toyota Motor Credit Corp. (Japan)
(ICE LIBOR USD 1 Month + 0.23%), 2.54%, 12/28/2018(e)		15,000		15,000
(ICE LIBOR USD 1 Month + 0.34%), 2.68%, 12/30/2018(e)		15,000		15,000
(ICE LIBOR USD 3 Month + 0.08%), 2.64%, 2/2/2019(e)		5,000		5,000
Toyota Motor Finance Netherlands BV (Japan) (ICE LIBOR USD 1 Month + 0.30%), 2.64%, 12/31/2018(e)		5,000		5,000
UBS AG (Switzerland)
(ICE LIBOR USD 1 Month + 0.20%), 2.51%, 12/6/2018(c)(e)		7,000		7,000
(ICE LIBOR USD 1 Month + 0.30%), 2.61%, 12/16/2018(c)(e)		50,000		50,000
(ICE LIBOR USD 3 Month + 0.09%), 2.72%, 2/16/2019(c)(e)		15,000		15,000
United Overseas Bank Ltd. (Singapore) 2.62%, 4/5/2019(c)(d)		5,000		4,955
Versailles Commercial Paper LLC
2.37%, 1/2/2019(c)(d)		10,000		9,979
2.42%, 1/7/2019(c)(d)		10,000		9,975
Westpac Banking Corp. (Australia) (ICE LIBOR USD 1 Month + 0.27%), 2.58%, 12/13/2018(c)(e)		3,000		3,000
TOTAL COMMERCIAL PAPER (Cost $1,318,643)				1,318,643
CERTIFICATES OF DEPOSIT — 27.5%
Bank of Montreal (Canada)
(ICE LIBOR USD 1 Month + 0.17%), 2.48%, 12/3/2018(e)		15,000		15,000
(ICE LIBOR USD 3 Month + 0.08%), 2.41%, 12/7/2018(e)		10,000		10,000
Bank of Nova Scotia (The) (Canada)
(ICE LIBOR USD 1 Month + 0.23%), 2.53%, 12/4/2018(e)		5,000		5,000
(ICE LIBOR USD 1 Month + 0.27%), 2.58%, 8/2/2019(e)		5,000		5,000
BNP Paribas SA (France)
(ICE LIBOR USD 3 Month + 0.25%), 2.62%, 12/21/2018(e)		10,000		10,000
(ICE LIBOR USD 3 Month + 0.02%), 2.61%, 2/6/2019(e)		5,000		5,000
(ICE LIBOR USD 1 Month + 0.30%), 2.61%, 5/16/2019(e)		20,000		20,000
Canadian Imperial Bank of Commerce (Canada) (ICE LIBOR USD 1 Month + 0.20%), 2.50%, 12/4/2018(e)		5,000		5,000

JPMorgan Liquid Assets Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
SHORT-TERM INVESTMENTS — continued
CERTIFICATES OF DEPOSIT — continued
Chiba Bank Ltd. 2.78%, 2/14/2019		20,000		20,000
China Construction Bank Corp. (China)
2.50%, 12/3/2018		30,000		30,000
2.50%, 12/11/2018		15,000		15,000
2.50%, 12/14/2018		10,000		10,000
2.50%, 12/21/2018		5,000		5,000
2.93%, 3/1/2019		12,000		12,000
Commonwealth Bank of Australia (Australia) (ICE LIBOR USD 3 Month + 0.21%), 2.72%, 1/28/2019(e)		5,000		5,000
Cooperatieve Rabobank UA (Netherlands)
(ICE LIBOR USD 1 Month + 0.19%), 2.49%, 12/19/2018(e)		15,000		15,000
(ICE LIBOR USD 1 Month + 0.22%), 2.53%, 12/27/2018(e)		6,000		6,000
(ICE LIBOR USD 3 Month + 0.08%), 2.67%, 2/6/2019(e)		15,000		15,000
2.91%, 5/20/2019(d)		20,000		19,729
Credit Agricole Corporate and Investment Bank (France) 2.45%, 1/25/2019		10,000		10,000
Credit Industriel et Commercial (France)
(ICE LIBOR USD 1 Month + 0.30%), 2.61%, 12/16/2018(e)		20,000		20,000
(ICE LIBOR USD 1 Month + 0.29%), 2.63%, 12/28/2018(e)		20,000		20,000
(ICE LIBOR USD 3 Month + 0.08%), 2.49%, 1/7/2019(e)		6,000		6,000
2.52%, 1/28/2019(d)		10,000		9,959
DNB Bank ASA (Norway) (ICE LIBOR USD 3 Month + 0.07%), 2.46%, 12/31/2018(e)		5,000		5,000
Industrial & Commercial Bank of China Ltd. (China)
2.50%, 12/7/2018		10,000		10,000
2.53%, 12/26/2018		15,000		15,000
2.70%, 1/25/2019		3,500		3,500
2.93%, 3/1/2019		20,000		20,000
2.95%, 3/1/2019		20,000		20,000
ING Bank NV (Netherlands)
2.50%, 12/27/2018		15,000		15,000
2.51%, 1/31/2019		10,000		10,000
(ICE LIBOR USD 3 Month + 0.12%), 2.77%, 2/21/2019(e)		10,000		10,000
Mitsubishi UFJ Trust & Banking Corp. (Japan)
(ICE LIBOR USD 1 Month + 0.19%), 2.50%, 12/6/2018(e)		10,000		10,000
(ICE LIBOR USD 1 Month + 0.19%), 2.51%, 12/9/2018(e)		30,000		30,000
Mizuho Bank Ltd. (Japan)
(ICE LIBOR USD 1 Month + 0.19%), 2.49%, 12/19/2018(e)		10,000		10,000
(ICE LIBOR USD 1 Month + 0.27%), 2.57%, 12/19/2018(e)		15,000		15,000
(ICE LIBOR USD 1 Month + 0.20%), 2.52%, 12/28/2018(e)		10,000		10,000
2.59%, 1/23/2019(d)		20,000		19,924
MUFG Bank Ltd. (Japan) (ICE LIBOR USD 1 Month + 0.30%), 2.61%, 12/17/2018(e)		25,000		25,000
Natixis SA (France)
(ICE LIBOR USD 3 Month + 0.10%), 2.74%, 2/19/2019(e)		10,000		10,000
(ICE LIBOR USD 3 Month + 0.18%), 2.85%, 3/6/2019(e)		30,000		30,000
Nordea Bank AB (Finland) (ICE LIBOR USD 1 Month + 0.17%), 2.48%, 12/15/2018(e)		15,000		15,000
Oversea-Chinese Banking Corp. Ltd. (Singapore) (ICE LIBOR USD 1 Month + 0.21%), 2.52%, 12/24/2018(e)		20,000		20,000
Royal Bank of Canada (Canada)
(ICE LIBOR USD 1 Month + 0.23%), 2.55%, 12/23/2018(e)		25,000		25,000
(ICE LIBOR USD 1 Month + 0.25%), 2.56%, 12/24/2018(e)		10,000		10,000
(ICE LIBOR USD 3 Month + 0.08%), 2.64%, 2/2/2019(e)		15,000		15,000
Shizuoka Bank Ltd. (The) (Japan) 2.48%, 1/7/2019		5,000		5,000
Skandinaviska Enskilda Banken AB (Sweden) (ICE LIBOR USD 1 Month + 0.19%), 2.49%, 12/19/2018(e)		20,000		20,000

JPMorgan Liquid Assets Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
SHORT-TERM INVESTMENTS — continued
CERTIFICATES OF DEPOSIT — continued
Societe Generale SA (France) (ICE LIBOR USD 3 Month + 0.16%), 2.64%, 1/23/2019(e)		10,000		10,000
Standard Chartered Bank (United Kingdom)
2.50%, 12/21/2018		25,000		25,000
(ICE LIBOR USD 1 Month + 0.29%), 2.59%, 12/21/2018(e)		25,000		25,000
(ICE LIBOR USD 3 Month + 0.08%), 2.79%, 2/28/2019(e)		10,000		10,000
State Street Bank and Trust Co. (ICE LIBOR USD 1 Month + 0.25%), 2.57%, 4/23/2019(e)		20,000		20,000
Sumitomo Mitsui Banking Corp. (Japan)
(ICE LIBOR USD 1 Month + 0.20%), 2.51%, 12/3/2018(e)		30,000		30,000
(ICE LIBOR USD 1 Month + 0.22%), 2.54%, 12/23/2018(e)		25,000		25,000
(ICE LIBOR USD 1 Month + 0.20%), 2.54%, 12/28/2018(e)		25,000		25,000
(ICE LIBOR USD 3 Month + 0.15%), 2.62%, 1/23/2019(e)		12,000		12,000
Sumitomo Mitsui Trust Bank Ltd. (Japan)
(ICE LIBOR USD 1 Month + 0.25%), 2.56%, 12/4/2018(e)		10,000		10,000
(ICE LIBOR USD 1 Month + 0.27%), 2.59%, 12/23/2018(e)		5,000		5,000
2.49%, 1/7/2019(d)		25,000		24,936
2.75%, 2/28/2019(d)		15,000		14,899
Svenska Handelsbanken AB (Sweden)
(ICE LIBOR USD 1 Month + 0.22%), 2.54%, 12/6/2018(e)		10,000		10,000
(ICE LIBOR USD 1 Month + 0.17%), 2.48%, 12/15/2018(e)		10,000		10,000
(ICE LIBOR USD 1 Month + 0.21%), 2.53%, 12/23/2018(e)		15,000		15,000
(ICE LIBOR USD 1 Month + 0.26%), 2.60%, 12/28/2018(e)		10,000		10,000
Swedbank AB (Sweden) (ICE LIBOR USD 1 Month + 0.20%), 2.51%, 12/4/2018(e)		10,000		10,000
Toronto-Dominion Bank (The) (Canada)
(ICE LIBOR USD 1 Month + 0.23%), 2.55%, 12/9/2018(e)		10,000		10,000
(ICE LIBOR USD 3 Month + 0.12%), 2.51%, 12/27/2018(e)		3,000		3,000
Wells Fargo Bank NA
(ICE LIBOR USD 1 Month + 0.25%), 2.57%, 12/22/2018(e)		15,000		15,000
(ICE LIBOR USD 1 Month + 0.28%), 2.59%, 12/28/2018(e)		25,000		25,000
(ICE LIBOR USD 1 Month + 0.33%), 2.67%, 12/29/2018(e)		10,000		10,000
TOTAL CERTIFICATES OF DEPOSIT (Cost $1,026,947)				1,026,947
TIME DEPOSITS — 5.0%
Australia & New Zealand Banking Group Ltd.
2.25%, 12/6/2018		25,000		25,000
2.25%, 12/7/2018		100,000		100,000
Industrial & Commercial Bank of China Ltd. 2.19%, 12/3/2018		50,000		50,000
Interfund Lending 2.98%, 12/3/2018		11,648		11,648
TOTAL TIME DEPOSITS (Cost $186,648)				186,648
U.S. TREASURY OBLIGATIONS — 1.3%
U.S. Treasury Bills 2.20%, 12/18/2018(d) (Cost $49,948)		50,000		49,948
TOTAL SHORT-TERM INVESTMENTS (Cost $2,582,186)				2,582,186
Total Investments — 99.7% (Cost $3,725,655)*				3,725,655
Other Assets Less Liabilities — 0.3%				12,850
Net Assets — 100.0%				3,738,505

Percentages indicated are based on net assets.

JPMorgan Liquid Assets Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Abbreviations
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
LOC	Letter of Credit
Rev.	Revenue
USD	United States Dollar
VRDO	Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of November 30, 2018.
(a)	The date shown represents the earliest of the next put date, next demand date or final maturity date.
(b)	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, 2018.
(c)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(d)	The rate shown is the effective yield as of November 30, 2018.
(e)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2018.
*	The cost of securities is substantially the same for federal income tax purposes.

Additional Investment Information:

[2] Agency Joint Trading Account II — At November 30, 2018, certain Funds had undivided interests in the Agency Joint Trading Account II with a maturity date of December 03, 2018, as follows (amounts in thousands):

Fund	Principal Amount		Repurchase Price		Collateral Value Allocation
JPMorgan Liquid Assets Money Market Fund	$	550,968	$	551,074	$	561,989

Repurchase Agreements — At November 30, 2018, the Principal Amounts of certain Funds’ interests in the Agency Joint Trading Account II were as follows (amounts in thousands):

Counterparty	Interest Rate			JPMorgan Liquid  Assets Money Market Fund
Citibank NA		2.29	%	$	68,871
Citigroup Global Markets Holdings, Inc.		2.29	%		76,523
Merrill Lynch PFS, Inc.		2.29	%		405,575
Total				$	550,969

JPMorgan Liquid Assets Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

At November 30, 2018, the Agency Joint Trading Account II was fully collateralized by:

Issuer	Interest Rates		Maturity Dates
FHLMC		2.59% - 4.50%	10/1/2035 - 1/1/2048
FNMA		2.23% - 4.50%	7/1/2024 - 4/1/2048
GNMA		3.50% - 4.50%	3/20/2047 - 11/20/2048
U.S. Treasury Securities		0.13% - 2.50%	2/15/2019 - 2/15/2046

A. Valuation of Investments — The valuation of investments is 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 (the “Board”), which established the following approach to valuation, as described more fully below: securities and other debt instruments held by money market funds pursuant to Rule 2a-7 under the 1940 Act shall be valued using the amortized cost method provided that certain conditions are met.

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 be expected to vary inversely with changes in prevailing interest rates.

JPMorgan 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 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 on a daily basis that the amortized cost valuation method fairly reflects the market-based net asset value (“NAV”) of the Fund.

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 fair value of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 — Quoted prices in active markets for identical securities.

• Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

• Level 3 — Significant unobservable inputs (including the Fund’s own 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 securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as level 2.

The following is a summary of the inputs used as of November 30, 2018, in valuing the Fund’s assets and liabilities carried at amortized cost which approximates fair value (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	3,725,655	$	—	$	3,725,655

(a) All portfolio holdings designated as level 2 are disclosed individually on the Schedule of Portfolio Investment (“SOI”). Please refer to the SOI for specifics of the major categories of portfolio holdings.

There were no transfers among any levels during the period ended November 30, 2018.

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited)

Investments	Principal Amount ($000)		Value ($000)
MORTGAGE-BACKED SECURITIES — 47.4%
FHLMC
Pool # 645242, ARM, 4.28%, 1/1/2030(a)		8		8
Pool # 781087, ARM, 3.48%, 12/1/2033(a)		76		80
Pool # 1B1665, ARM, 4.07%, 4/1/2034(a)		55		57
Pool # 782979, ARM, 3.70%, 1/1/2035(a)		92		97
Pool # 1B2844, ARM, 3.59%, 3/1/2035(a)		42		43
Pool # 1Q0007, ARM, 4.63%, 12/1/2035(a)		59		62
Pool # 972200, ARM, 4.11%, 3/1/2036(a)		66		69
Pool # 1J1380, ARM, 4.86%, 3/1/2036(a)		68		73
Pool # 1H2618, ARM, 4.19%, 5/1/2036(a)		75		79
Pool # 1G2557, ARM, 4.32%, 6/1/2036(a)		194		205
Pool # 1A1085, ARM, 4.19%, 8/1/2036(a)		86		89
Pool # 1Q0105, ARM, 4.48%, 9/1/2036(a)		80		84
Pool # 1N0249, ARM, 4.20%, 10/1/2036(a)		23		24
Pool # 1A1096, ARM, 4.25%, 10/1/2036(a)		157		163
Pool # 1B7163, ARM, 4.94%, 10/1/2036(a)		3		3
Pool # 1J1348, ARM, 5.02%, 10/1/2036(a)		120		127
Pool # 1J1378, ARM, 3.39%, 11/1/2036(a)		135		141
Pool # 1G2671, ARM, 3.94%, 11/1/2036(a)		79		83
Pool # 1Q0737, ARM, 4.48%, 11/1/2036(a)		112		117
Pool # 782760, ARM, 4.56%, 11/1/2036(a)		219		231
Pool # 1G1386, ARM, 3.85%, 12/1/2036(a)		65		68
Pool # 1J1516, ARM, 3.58%, 2/1/2037(a)		24		25
Pool # 1J0282, ARM, 3.69%, 2/1/2037(a)		59		62
Pool # 1G1555, ARM, 4.03%, 2/1/2037(a)		40		42
Pool # 1J1543, ARM, 4.31%, 2/1/2037(a)		30		32
Pool # 1Q0739, ARM, 4.38%, 3/1/2037(a)		208		217
Pool # 1Q0697, ARM, 4.03%, 5/1/2037(a)		83		86
Pool # 1B3485, ARM, 4.66%, 7/1/2037(a)		37		39
Pool # 1G2229, ARM, 4.56%, 9/1/2037(a)		48		50
Pool # 1K0134, ARM, 4.63%, 10/1/2037(a)		23		24
Pool # 1Q0722, ARM, 4.07%, 4/1/2038(a)		63		66
Pool # 1Q0789, ARM, 3.99%, 5/1/2038(a)		46		49
FHLMC Gold Pools, 15 Year, Single Family
Pool # G13753, 5.50%, 2/1/2021		9		9
Pool # G13073, 6.00%, 7/1/2021		12		12
Pool # G13012, 6.00%, 3/1/2022		1		1
Pool # G12825, 6.50%, 3/1/2022		21		21
Pool # G12978, 5.50%, 12/1/2022		131		135
FHLMC Gold Pools, 20 Year, Single Family
Pool # C91042, 5.50%, 5/1/2027		429		456
Pool # C91158, 6.50%, 1/1/2028		297		321
Pool # C91180, 5.50%, 3/1/2028		155		164
Pool # D98938, 4.00%, 2/1/2032		960		970
FHLMC Gold Pools, 30 Year, Single Family
Pool # D53146, 6.50%, 5/1/2024		2		2
Pool # C18115, 6.00%, 11/1/2028		1		1
Pool # C00701, 6.50%, 1/1/2029		34		37
Pool # G03029, 6.00%, 10/1/2029		70		77
Pool # C68485, 7.00%, 7/1/2032		22		24
Pool # G01448, 7.00%, 8/1/2032		46		51
Pool # C75791, 5.50%, 1/1/2033		187		202
Pool # C01735, 4.00%, 10/1/2033		101		102
Pool # A13625, 5.50%, 10/1/2033		344		375
Pool # A16253, 6.00%, 11/1/2033		45		48
Pool # A16843, 6.00%, 12/1/2033		120		133
Pool # A24712, 6.50%, 7/1/2034		57		63
Pool # A28796, 6.50%, 11/1/2034		182		207
Pool # A46417, 7.00%, 4/1/2035		275		314
Pool # A46987, 5.50%, 7/1/2035		699		755
Pool # A80290, 5.00%, 11/1/2035		737		788
Pool # G05713, 6.50%, 12/1/2035		664		742
Pool # A54679, 6.50%, 6/1/2036		44		48

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
MORTGAGE-BACKED SECURITIES — continued
Pool # C02637, 7.00%, 10/1/2036		185			204
Pool # C02660, 6.50%, 11/1/2036		132			149
Pool # G04077, 6.50%, 3/1/2038		198			223
Pool # G05190, 7.50%, 9/1/2038		30			33
Pool # C03466, 5.50%, 3/1/2040		186			200
Pool # A93511, 5.00%, 8/1/2040		2,010			2,127
Pool # G06493, 4.50%, 5/1/2041		2,555			2,658
Pool # G60039, 3.00%, 4/1/2043		7,930			7,627
Pool # G60105, 5.00%, 6/1/2044		4,102			4,341
Pool # Q37784, 3.50%, 12/1/2045		2,315			2,280
Pool # Q39412, 3.50%, 3/1/2046		1,687			1,661
Pool # Q40797, 3.50%, 5/1/2046		3,039			2,993
Pool # Q40922, 3.50%, 6/1/2046		1,552			1,527
Pool # Q42079, 3.50%, 7/1/2046		2,034			2,001
FHLMC Gold Pools, FHA/VA
Pool # G20027, 10.00%, 10/1/2030		44			46
Pool # B90491, 7.50%, 1/1/2032		194			211
Pool # G20028, 7.50%, 12/1/2036		248			269
FHLMC Gold Pools, Other
Pool # G80208, 10.50%, 7/20/2021		4			4
Pool # U80047, 4.00%, 9/1/2032		1,015			1,037
Pool # U80068, 3.50%, 10/1/2032		1,112			1,108
Pool # U80125, 3.50%, 1/1/2033		2,136			2,127
Pool # U80173, 3.50%, 1/1/2033		2,405			2,395
Pool # L10151, 6.00%, 2/1/2033		70			72
Pool # U80265, 3.50%, 4/1/2033		2,738			2,727
Pool # L10221, 6.00%, 1/1/2034		173			184
Pool # L10224, 6.00%, 12/1/2034		129			133
Pool # H00068, 5.50%, 11/1/2035		68			69
Pool # H00158, 6.00%, 4/1/2036		309			318
Pool # L10291, 6.50%, 11/1/2036		420			452
Pool # P51353, 6.50%, 11/1/2036		140			150
Pool # P50595, 6.50%, 12/1/2036		587			651
Pool # P51361, 6.50%, 12/1/2036		132			145
Pool # G80365, 6.50%, 10/17/2038		202			219
Pool # U90690, 3.50%, 6/1/2042		7,854			7,745
Pool # U90975, 4.00%, 6/1/2042		5,188			5,254
Pool # T65101, 4.00%, 10/1/2042		1,249			1,246
Pool # U90542, 4.00%, 12/1/2042		3,269			3,311
Pool # U99051, 3.50%, 6/1/2043		1,263			1,246
Pool # U99134, 4.00%, 1/1/2046		3,062			3,101
Pool # U69030, 4.50%, 1/1/2046		2,654			2,759
Pool # U69039, 4.00%, 2/1/2046		5,390			5,452
FNMA
Pool # 116612, ARM, 3.62%, 3/1/2019(a)		—	(b)		—	(b)
Pool # 470623, ARM, 3.11%, 3/1/2022(a)		3,468			3,471
Pool # 54844, ARM, 2.69%, 9/1/2027(a)		5			5
Pool # 303532, ARM, 4.02%, 3/1/2029(a)		12			13
Pool # 555258, ARM, 3.91%, 1/1/2033(a)		128			132
Pool # 722421, ARM, 3.91%, 7/1/2033(a)		30			30
Pool # 686040, ARM, 4.36%, 7/1/2033(a)		174			182
Pool # 746299, ARM, 4.69%, 9/1/2033(a)		85			90
Pool # 743546, ARM, 4.39%, 11/1/2033(a)		175			183
Pool # 749923, ARM, 4.65%, 11/1/2033(a)		9			9
Pool # 766610, ARM, 4.09%, 1/1/2034(a)		59			61
Pool # 735648, ARM, 4.40%, 2/1/2034(a)		111			116
Pool # 770377, ARM, 3.73%, 4/1/2034(a)		65			68
Pool # 751531, ARM, 4.21%, 5/1/2034(a)		87			91
Pool # 778908, ARM, 4.18%, 6/1/2034(a)		61			63
Pool # 800422, ARM, 3.70%, 8/1/2034(a)		316			323
Pool # 735332, ARM, 4.23%, 8/1/2034(a)		109			115
Pool # 793062, ARM, 4.50%, 8/1/2034(a)		68			71
Pool # 790964, ARM, 4.34%, 9/1/2034(a)		63			66
Pool # 794797, ARM, 4.08%, 10/1/2034(a)		83			85

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
MORTGAGE-BACKED SECURITIES — continued
Pool # 735740, ARM, 4.26%, 10/1/2034(a)		160			167
Pool # 803594, ARM, 4.37%, 10/1/2034(a)		89			93
Pool # 803599, ARM, 4.37%, 10/1/2034(a)		169			176
Pool # 896463, ARM, 4.62%, 10/1/2034(a)		190			201
Pool # 810896, ARM, 4.06%, 1/1/2035(a)		814			840
Pool # 816594, ARM, 4.04%, 2/1/2035(a)		52			53
Pool # 735513, ARM, 4.08%, 2/1/2035(a)		49			51
Pool # 735539, ARM, 3.93%, 4/1/2035(a)		334			352
Pool # 745862, ARM, 4.19%, 4/1/2035(a)		159			168
Pool # 821378, ARM, 3.91%, 5/1/2035(a)		270			279
Pool # 821179, ARM, 4.06%, 5/1/2035(a)		28			30
Pool # 823660, ARM, 4.12%, 5/1/2035(a)		52			54
Pool # 745766, ARM, 4.19%, 6/1/2035(a)		74			76
Pool # 832801, ARM, 4.36%, 9/1/2035(a)		68			72
Pool # 849251, ARM, 4.04%, 1/1/2036(a)		77			78
Pool # 920843, ARM, 5.02%, 3/1/2036(a)		1,195			1,277
Pool # 872825, ARM, 4.55%, 6/1/2036(a)		238			251
Pool # 892868, ARM, 4.52%, 7/1/2036(a)		128			135
Pool # 886558, ARM, 4.60%, 8/1/2036(a)		68			72
Pool # 920547, ARM, 4.10%, 9/1/2036(a)		168			174
Pool # 894239, ARM, 4.48%, 10/1/2036(a)		96			100
Pool # 900191, ARM, 4.83%, 10/1/2036(a)		66			70
Pool # 902818, ARM, 4.75%, 11/1/2036(a)		23			24
Pool # 902955, ARM, 4.66%, 12/1/2036(a)		97			102
Pool # 905189, ARM, 4.81%, 12/1/2036(a)		24			25
Pool # 995919, ARM, 4.41%, 7/1/2037(a)		192			201
Pool # 938346, ARM, 4.50%, 7/1/2037(a)		50			53
Pool # AD0085, ARM, 4.17%, 11/1/2037(a)		92			96
Pool # AD0179, ARM, 4.37%, 12/1/2037(a)		105			110
Pool # 966946, ARM, 3.79%, 1/1/2038(a)		18			18
FNMA, 15 Year, Single Family
Pool # 888681, 5.00%, 12/1/2018		—	(b)		—	(b)
Pool # 742078, 4.50%, 3/1/2019		5			5
Pool # 782612, 6.00%, 7/1/2019		2			2
Pool # 725810, 6.00%, 8/1/2019		1			1
Pool # 796668, 5.50%, 9/1/2019		9			9
Pool # 735439, 6.00%, 9/1/2019		2			2
Pool # 805063, 5.00%, 1/1/2020		14			14
Pool # 888557, 5.50%, 3/1/2020		2			2
Pool # 889265, 5.50%, 6/1/2020		—	(b)		—	(b)
Pool # 826493, 5.00%, 7/1/2020		16			17
Pool # 889805, 5.50%, 7/1/2020		2			2
Pool # 735911, 6.50%, 8/1/2020		7			7
Pool # 995886, 6.00%, 4/1/2021		3			4
Pool # 938569, 6.00%, 7/1/2021		9			9
Pool # AD0142, 6.00%, 8/1/2021		9			9
Pool # 901933, 7.00%, 8/1/2021		16			16
Pool # 888834, 6.50%, 4/1/2022		24			24
Pool # 995428, 5.50%, 11/1/2023		92			94
Pool # 995456, 6.50%, 2/1/2024		129			135
Pool # AD0133, 5.00%, 8/1/2024		114			118
FNMA, 20 Year, Single Family
Pool # 254002, 7.50%, 9/1/2021		5			6
Pool # 254305, 6.50%, 5/1/2022		50			54
Pool # 555791, 6.50%, 12/1/2022		67			73
Pool # 889889, 6.50%, 7/1/2024		48			52
Pool # 257055, 6.50%, 12/1/2027		136			147
Pool # AE0049, 6.00%, 9/1/2029		136			146
Pool # MA0602, 3.50%, 12/1/2030		1,479			1,461
Pool # AP3582, 3.50%, 8/1/2032		2,384			2,401
Pool # AL6238, 4.00%, 1/1/2035		2,371			2,428
FNMA, 30 Year, FHA/VA
Pool # 550294, 11.00%, 4/1/2019		—	(b)		—	(b)
Pool # 544983, 9.00%, 11/1/2024		2			2

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MORTGAGE-BACKED SECURITIES — continued
Pool # 547543, 9.00%, 10/1/2025		1		1
Pool # 535183, 8.00%, 6/1/2028		26		28
Pool # 252155, 7.00%, 10/1/2028		52		57
Pool # 252334, 6.50%, 2/1/2029		134		145
Pool # 252409, 6.50%, 3/1/2029		120		130
Pool # 253275, 8.50%, 3/1/2030		2		2
Pool # 535442, 8.50%, 6/1/2030		3		3
Pool # 787741, 9.00%, 8/1/2030		26		28
Pool # 736113, 9.00%, 6/1/2031		2		2
Pool # 653815, 7.00%, 2/1/2033		23		23
Pool # 752786, 6.00%, 9/1/2033		42		45
Pool # 954255, 6.50%, 8/1/2037		842		922
Pool # 931717, 6.50%, 8/1/2039		361		392
FNMA, 30 Year, Single Family
Pool # 479469, 10.00%, 2/1/2024		1		1
Pool # 689977, 8.00%, 3/1/2027		32		35
Pool # 695533, 8.00%, 6/1/2027		15		16
Pool # 756020, 8.50%, 12/1/2027		14		14
Pool # 756015, 8.00%, 7/1/2028		4		4
Pool # 457268, 9.50%, 7/1/2028		2		2
Pool # 527285, 7.00%, 11/1/2028		9		10
Pool # 755973, 8.00%, 11/1/2028		135		151
Pool # 455759, 6.00%, 12/1/2028		24		26
Pool # 776702, 4.50%, 5/1/2029		16		16
Pool # 889020, 6.50%, 11/1/2029		160		176
Pool # 567036, 8.50%, 2/1/2030		39		40
Pool # 598559, 6.50%, 8/1/2031		41		45
Pool # 613000, 7.00%, 11/1/2031		28		29
Pool # 610591, 7.00%, 1/1/2032		55		59
Pool # 788150, 6.00%, 3/1/2032		40		43
Pool # 644694, 7.00%, 5/1/2032		17		17
Pool # 649734, 7.00%, 6/1/2032		33		34
Pool # 649624, 7.00%, 8/1/2032		9		9
Pool # 668825, 7.00%, 8/1/2032		12		12
Pool # 682078, 5.50%, 11/1/2032		270		291
Pool # 668562, 6.00%, 12/1/2032		57		62
Pool # 675555, 6.00%, 12/1/2032		28		31
Pool # AL0045, 6.00%, 12/1/2032		331		362
Pool # 357363, 5.50%, 3/1/2033		477		518
Pool # 674349, 6.00%, 3/1/2033		23		24
Pool # 688625, 6.00%, 3/1/2033		38		41
Pool # 688655, 6.00%, 3/1/2033		33		35
Pool # 695584, 6.00%, 3/1/2033		20		21
Pool # 702901, 6.00%, 5/1/2033		293		323
Pool # 695403, 5.00%, 6/1/2033		174		184
Pool # 995656, 7.00%, 6/1/2033		260		296
Pool # 723852, 5.00%, 7/1/2033		86		91
Pool # 729296, 5.00%, 7/1/2033		205		217
Pool # 726912, 4.00%, 8/1/2033		10		10
Pool # 753696, 4.00%, 8/1/2033		30		30
Pool # 729379, 6.00%, 8/1/2033		46		49
Pool # 726914, 6.50%, 8/1/2033		51		56
Pool # 737825, 6.00%, 9/1/2033		60		65
Pool # AA7943, 4.00%, 10/1/2033		501		507
Pool # 750977, 4.50%, 11/1/2033		68		71
Pool # 725017, 5.50%, 12/1/2033		405		442
Pool # 759424, 5.50%, 1/1/2034		92		100
Pool # 751182, 5.50%, 3/1/2034		78		85
Pool # 751341, 5.50%, 3/1/2034		26		28
Pool # 767378, 5.50%, 3/1/2034		45		49
Pool # 776565, 4.00%, 4/1/2034		450		455
Pool # AC1317, 4.50%, 9/1/2034		402		416
Pool # 820347, 5.00%, 9/1/2035		74		79

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
MORTGAGE-BACKED SECURITIES — continued
Pool # 745281, 6.00%, 1/1/2036		62			68
Pool # 888417, 6.50%, 1/1/2036		133			148
Pool # 833629, 7.00%, 3/1/2036		42			45
Pool # 893268, 6.50%, 8/1/2036		73			79
Pool # 833657, 7.50%, 8/1/2036		33			36
Pool # AA0922, 6.00%, 9/1/2036		387			423
Pool # 878225, 6.50%, 10/1/2036		148			167
Pool # 985683, 8.00%, 10/1/2036		99			110
Pool # 888476, 7.50%, 5/1/2037		76			88
Pool # 945870, 6.50%, 8/1/2037		86			96
Pool # 946338, 7.00%, 9/1/2037		74			81
Pool # 888707, 7.50%, 10/1/2037		176			206
Pool # 889883, 6.50%, 3/1/2038		159			178
Pool # AC9081, 6.50%, 9/1/2038		188			210
Pool # 909236, 7.00%, 9/1/2038		434			495
Pool # 934591, 7.00%, 10/1/2038		102			119
Pool # AB2869, 6.00%, 11/1/2038		404			446
Pool # 995504, 7.50%, 11/1/2038		49			57
Pool # 257510, 7.00%, 12/1/2038		214			245
Pool # AD0753, 7.00%, 1/1/2039		443			503
Pool # 890661, 7.00%, 2/1/2039		2,156			2,438
Pool # AD0780, 7.50%, 4/1/2039		726			795
Pool # AD6377, 5.50%, 5/1/2040		247			266
Pool # AR8128, 3.50%, 3/1/2043		2,354			2,328
Pool # AB9944, 3.00%, 7/1/2043		4,621			4,435
Pool # AL8256, 3.00%, 8/1/2043		4,858			4,674
Pool # AZ8089, 4.00%, 7/1/2045		2,885			2,911
Pool # BA2343, 4.00%, 9/1/2045		5,785			5,838
Pool # BC9441, 3.50%, 4/1/2046		622			612
Pool # BC6982, 4.00%, 4/1/2046		4,137			4,175
Pool # BD0299, 3.50%, 5/1/2046		863			849
Pool # BC1249, 3.50%, 6/1/2046		871			857
Pool # BD1243, 3.50%, 6/1/2046		941			924
Pool # BD3066, 3.50%, 7/1/2046		2,959			2,913
Pool # BD3088, 3.50%, 7/1/2046		1,127			1,109
Pool # BD7764, 3.50%, 9/1/2046		2,327			2,290
Pool # BE5870, 3.50%, 1/1/2047		5,646			5,543
Pool # BH4665, 4.00%, 6/1/2047		3,321			3,352
Pool # BM3500, 4.00%, 9/1/2047		4,341			4,381
Pool # BJ1778, 4.50%, 10/1/2047		2,539			2,630
Pool # BE8351, 4.00%, 2/1/2048		3,799			3,829
Pool # BK7006, 4.50%, 6/1/2048		2,700			2,791
Pool # BD9084, 4.50%, 7/1/2048		2,298			2,393
Pool # BN1829, 4.50%, 10/1/2048		4,490			4,651
FNMA, Other
Pool # AE0134, 4.40%, 2/1/2020		731			739
Pool # AE0136, 4.38%, 4/1/2020		2,266			2,301
Pool # 465659, 3.74%, 7/1/2020		1,290			1,302
Pool # 465578, 3.93%, 7/1/2020		1,443			1,460
Pool # 465491, 4.07%, 7/1/2020		7,187			7,285
Pool # 465769, 3.96%, 8/1/2020		2,712			2,746
Pool # 100120, 11.00%, 8/20/2020		—	(b)		—	(b)
Pool # 465936, 3.60%, 9/1/2020		2,610			2,630
Pool # 466090, 3.28%, 10/1/2020		2,677			2,677
Pool # 466030, 3.29%, 10/1/2020		1,822			1,825
Pool # FN0008, 3.38%, 10/1/2020		382			384
Pool # 466386, 3.43%, 10/1/2020		2,606			2,619
Pool # 465721, 4.04%, 10/1/2020		1,600			1,625
Pool # 466436, 3.27%, 11/1/2020		1,849			1,852
Pool # 466430, 3.37%, 11/1/2020		3,415			3,428
Pool # FN0022, 3.54%, 12/1/2020		1,373			1,381
Pool # 466689, 3.59%, 12/1/2020		686			692
Pool # 466836, 3.87%, 1/1/2021		2,873			2,914

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
MORTGAGE-BACKED SECURITIES — continued
Pool # 466919, 3.93%, 1/1/2021		1,857			1,885
Pool # FN0003, 4.28%, 1/1/2021		659			674
Pool # 467264, 4.33%, 2/1/2021		1,375			1,406
Pool # 467278, 4.35%, 2/1/2021		1,836			1,877
Pool # 467344, 4.48%, 2/1/2021		1,778			1,822
Pool # 467944, 4.25%, 4/1/2021		2,000			2,045
Pool # 467630, 4.30%, 4/1/2021		1,378			1,409
Pool # 468243, 3.97%, 6/1/2021		2,246			2,283
Pool # 468237, 4.02%, 6/1/2021		3,000			3,055
Pool # 468066, 4.30%, 6/1/2021		1,380			1,414
Pool # 468043, 4.31%, 6/1/2021		7,071			7,264
Pool # 468102, 4.34%, 6/1/2021		9,000			9,236
Pool # 458063, 9.84%, 6/15/2021		—	(b)		—	(b)
Pool # 468614, 3.86%, 7/1/2021		2,196			2,235
Pool # 468667, 3.94%, 7/1/2021		4,000			4,068
Pool # 468491, 3.95%, 7/1/2021		12,238			12,445
Pool # 468665, 3.97%, 7/1/2021		3,118			3,172
Pool # 468651, 3.99%, 7/1/2021		1,761			1,792
Pool # 468564, 4.06%, 7/1/2021		7,718			7,870
Pool # 468128, 4.33%, 7/1/2021		1,166			1,197
Pool # 468699, 4.05%, 8/1/2021		2,950			3,008
Pool # AM6602, 2.63%, 9/1/2021		600			591
Pool # 469204, 3.89%, 9/1/2021		4,827			4,907
Pool # AM7314, 2.63%, 11/1/2021		2,000			1,972
Pool # 469552, 3.43%, 11/1/2021		2,299			2,314
Pool # 469873, 3.03%, 12/1/2021		7,170			7,139
Pool # 469074, 3.83%, 12/1/2021		6,200			6,316
Pool # AM7739, 2.40%, 1/1/2022		670			655
Pool # 470324, 3.03%, 1/1/2022		4,098			4,080
Pool # 470166, 3.09%, 1/1/2022		6,752			6,734
Pool # 470302, 3.13%, 1/1/2022		1,748			1,745
Pool # 470350, 3.24%, 1/1/2022		4,629			4,636
Pool # 470546, 2.99%, 2/1/2022		2,141			2,129
Pool # 470202, 3.14%, 2/1/2022		2,627			2,624
Pool # 470251, 3.20%, 2/1/2022		3,624			3,626
Pool # 470622, 2.75%, 3/1/2022		4,383			4,344
Pool # 923803, 5.00%, 4/1/2022		10			11
Pool # 471274, 2.86%, 5/1/2022		3,529			3,488
Pool # 471177, 2.94%, 5/1/2022		3,524			3,497
Pool # 471199, 3.00%, 5/1/2022		2,813			2,797
Pool # 471151, 3.02%, 5/1/2022		4,458			4,435
Pool # 471313, 3.08%, 5/1/2022		2,206			2,199
Pool # 471190, 3.12%, 5/1/2022		3,362			3,355
Pool # 471599, 2.60%, 6/1/2022		4,747			4,660
Pool # 471747, 2.76%, 6/1/2022		7,000			6,860
Pool # 471674, 2.79%, 6/1/2022		2,000			1,972
Pool # 471735, 2.79%, 6/1/2022		2,356			2,323
Pool # 471256, 2.98%, 6/1/2022		3,000			2,980
Pool # 471839, 2.67%, 7/1/2022		5,242			5,147
Pool # 471947, 2.75%, 7/1/2022		1,695			1,675
Pool # 471893, 2.83%, 7/1/2022		5,125			5,050
Pool # 471828, 2.65%, 8/1/2022		8,320			8,140
Pool # 471871, 2.86%, 8/1/2022		3,987			3,932
Pool # AM0757, 2.47%, 9/1/2022		1,317			1,284
Pool # 471901, 2.90%, 9/1/2022		2,825			2,799
Pool # AM0903, 2.53%, 10/1/2022		3,903			3,820
Pool # AM0904, 2.53%, 10/1/2022		4,915			4,811
Pool # AM1196, 2.37%, 11/1/2022		4,103			3,991
Pool # AM0585, 2.38%, 11/1/2022		1,785			1,737
Pool # AM1492, 2.47%, 11/1/2022		1,500			1,463
Pool # AM1619, 2.34%, 12/1/2022		4,307			4,174
Pool # AM0811, 2.42%, 12/1/2022		3,111			3,030

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MORTGAGE-BACKED SECURITIES — continued
Pool # AM1835, 2.53%, 12/1/2022		2,000		1,954
Pool # AM7303, 2.66%, 12/1/2022		1,968		1,928
Pool # AM1922, 2.15%, 1/1/2023		3,850		3,710
Pool # AM2111, 2.34%, 1/1/2023		3,308		3,211
Pool # AM2859, 2.65%, 3/1/2023		2,000		1,954
Pool # AM3069, 2.64%, 4/1/2023		1,826		1,782
Pool # AM3563, 2.51%, 6/1/2023		894		872
Pool # AM3990, 3.74%, 7/1/2023		969		992
Pool # AM4066, 3.59%, 8/1/2023		3,000		3,037
Pool # AM4044, 3.49%, 9/1/2023		6,201		6,249
Pool # AM4716, 3.38%, 12/1/2023		1,479		1,484
Pool # AM7024, 2.90%, 12/1/2024		1,000		975
Pool # AM7589, 2.95%, 12/1/2024		1,970		1,930
Pool # AM7290, 2.97%, 12/1/2024		1,165		1,141
Pool # AM7576, 3.04%, 12/1/2024		2,000		1,967
Pool # AM7124, 3.11%, 12/1/2024		4,000		3,949
Pool # AM7682, 2.84%, 1/1/2025		1,670		1,626
Pool # AM7571, 2.89%, 1/1/2025		1,510		1,471
Pool # AM8794, 3.02%, 6/1/2025		1,417		1,391
Pool # AN0029, 3.10%, 9/1/2025		2,390		2,353
Pool # AN0287, 2.95%, 11/1/2025		4,500		4,373
Pool # AM4660, 3.77%, 12/1/2025		5,000		5,082
Pool # AM6381, 3.29%, 8/1/2026		5,000		4,960
Pool # 468574, 4.55%, 8/1/2026		2,908		3,043
Pool # 468573, 4.76%, 8/1/2026		2,670		2,833
Pool # AM6808, 3.24%, 10/1/2026		2,045		2,023
Pool # AM7321, 3.12%, 11/1/2026		984		957
Pool # 469615, 4.08%, 11/1/2026		10,157		10,468
Pool # AM7118, 3.14%, 12/1/2026		1,858		1,826
Pool # AN4571, 3.07%, 2/1/2027		1,794		1,754
Pool # AN4363, 3.25%, 2/1/2027		4,364		4,304
Pool # AN4917, 3.13%, 3/1/2027		4,100		3,978
Pool # AM8529, 3.03%, 4/1/2027		1,000		968
Pool # 470893, 3.46%, 4/1/2027		2,206		2,187
Pool # AM8745, 2.81%, 5/1/2027		1,715		1,644
Pool # AM8595, 2.83%, 5/1/2027		4,000		3,794
Pool # AM8987, 2.79%, 6/1/2027		939		898
Pool # AM9169, 3.08%, 6/1/2027		2,404		2,348
Pool # AN6318, 3.18%, 8/1/2027		3,000		2,908
Pool # AM0414, 2.87%, 9/1/2027		1,300		1,234
Pool # AN9656, 3.57%, 7/1/2028		2,434		2,429
Pool # AM3894, 3.85%, 7/1/2028		1,103		1,122
Pool # AN2216, 2.64%, 8/1/2028		2,500		2,314
Pool # AN9699, 3.53%, 8/1/2028		5,350		5,286
Pool # AN2497, 2.60%, 9/1/2028		4,000		3,697
Pool # AN9248, 3.81%, 9/1/2028		5,250		5,306
Pool # AN2905, 2.55%, 10/1/2028		2,000		1,837
Pool # AN3244, 2.59%, 10/1/2028		2,000		1,831
Pool # AN3570, 2.71%, 11/1/2028		10,000		9,209
Pool # BL0418, 3.85%, 11/1/2028		5,300		5,372
Pool # AN3828, 2.67%, 12/1/2028		3,725		3,461
Pool # AN3685, 2.69%, 12/1/2028		4,020		3,682
Pool # AN4154, 3.17%, 1/1/2029		6,060		5,792
Pool # AN4349, 3.35%, 1/1/2029		2,970		2,884
Pool # AN4697, 3.22%, 2/1/2029		5,000		4,812
Pool # AN4975, 3.21%, 3/1/2029		2,065		1,983
Pool # AN5279, 3.34%, 4/1/2029		4,489		4,408
Pool # AN6158, 2.99%, 7/1/2029		2,400		2,257
Pool # AN6214, 3.03%, 7/1/2029		5,824		5,499
Pool # AN5989, 3.21%, 7/1/2029		3,000		2,867
Pool # AN6019, 3.10%, 8/1/2029		4,500		4,271
Pool # AM7018, 3.63%, 10/1/2029		1,883		1,870

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MORTGAGE-BACKED SECURITIES — continued
Pool # AM7013, 3.39%, 12/1/2029		1,455		1,415
Pool # AN7947, 3.16%, 1/1/2030		2,000		1,906
Pool # AN7812, 3.03%, 2/1/2030		11,853		11,210
Pool # AN8154, 3.17%, 2/1/2030		6,375		6,082
Pool # AN8514, 3.27%, 2/1/2030		2,000		1,928
Pool # AM7516, 3.55%, 2/1/2030		2,000		1,973
Pool # AM8692, 3.03%, 4/1/2030		3,000		2,781
Pool # AN6878, 3.11%, 4/1/2030		944		897
Pool # AM8408, 3.13%, 4/1/2030		6,000		5,647
Pool # AM8889, 2.92%, 5/1/2030		3,000		2,766
Pool # AM8666, 2.96%, 6/1/2030		1,936		1,815
Pool # AM8958, 2.97%, 6/1/2030		3,000		2,763
Pool # AM9012, 3.13%, 6/1/2030		1,000		941
Pool # AM9014, 3.20%, 6/1/2030		1,500		1,421
Pool # AN9588, 3.88%, 6/1/2030		2,362		2,387
Pool # AM9320, 3.30%, 7/1/2030		1,005		955
Pool # AN9928, 3.80%, 7/1/2030		5,030		5,077
Pool # AN9888, 3.85%, 7/1/2030		11,000		11,154
Pool # AM9755, 3.32%, 8/1/2030		2,406		2,329
Pool # 387961, 3.61%, 8/1/2030		5,420		5,350
Pool # AM9676, 3.37%, 9/1/2030		1,427		1,383
Pool # AM9218, 3.39%, 9/1/2030		2,557		2,484
Pool # AN0099, 3.28%, 11/1/2030		7,200		6,861
Pool # 467096, 4.97%, 2/1/2031		3,295		3,506
Pool # AN1676, 2.99%, 5/1/2031		3,850		3,547
Pool # AI2479, 5.00%, 5/1/2031		686		724
Pool # AN1683, 3.03%, 6/1/2031		5,268		4,868
Pool # AN3620, 2.75%, 11/1/2031		6,300		5,697
Pool # AN4187, 3.49%, 1/1/2032		2,042		1,981
Pool # AN4118, 3.24%, 2/1/2032		8,000		7,524
Pool # AN4964, 3.32%, 4/1/2032		1,952		1,862
Pool # AN6123, 3.06%, 8/1/2032		800		738
Pool # AN6651, 2.94%, 10/1/2032		687		630
Pool # AD8548, 5.50%, 1/1/2033		256		268
Pool # AR7484, 3.50%, 2/1/2033		2,033		2,026
Pool # AT7117, 3.50%, 6/1/2033		2,373		2,365
Pool # 754922, 5.50%, 9/1/2033		90		96
Pool # 762520, 4.00%, 11/1/2033		387		389
Pool # AM7111, 3.57%, 11/1/2034		2,359		2,291
Pool # AM7122, 3.61%, 11/1/2034		2,334		2,294
Pool # AM9188, 3.12%, 6/1/2035		2,000		1,833
Pool # 847108, 6.50%, 10/1/2035		80		84
Pool # 881628, 5.00%, 1/1/2036		25		25
Pool # 256128, 6.00%, 2/1/2036		24		26
Pool # 868763, 6.50%, 4/1/2036		8		8
Pool # 872740, 6.50%, 6/1/2036		65		70
Pool # 907742, 7.00%, 12/1/2036		38		40
Pool # 256651, 6.00%, 3/1/2037		44		45
Pool # 888408, 6.00%, 3/1/2037		102		110
Pool # 888373, 7.00%, 3/1/2037		69		73
Pool # 888796, 6.00%, 9/1/2037		210		227
Pool # 888698, 7.00%, 10/1/2037		190		216
Pool # 953501, 7.00%, 11/1/2037		149		159
Pool # 257172, 5.50%, 4/1/2038		46		48
Pool # AD0810, 6.00%, 11/1/2039		1		1
Pool # AB1830, 3.50%, 11/1/2040		1,056		1,044
Pool # AL2606, 4.00%, 3/1/2042		901		903
Pool # AO6757, 4.00%, 6/1/2042		2,717		2,752
Pool # AO7225, 4.00%, 7/1/2042		2,018		2,043
Pool # AO9352, 4.00%, 7/1/2042		1,101		1,115
Pool # AO9353, 4.00%, 7/1/2042		1,082		1,096
Pool # AP0838, 4.00%, 7/1/2042		9,903		10,027

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
MORTGAGE-BACKED SECURITIES — continued
Pool # MA1125, 4.00%, 7/1/2042		936			948
Pool # MA1177, 3.50%, 9/1/2042		1,074			1,060
Pool # MA1178, 4.00%, 9/1/2042		2,469			2,501
Pool # MA1213, 3.50%, 10/1/2042		5,163			5,095
Pool # AR1397, 3.00%, 1/1/2043		1,824			1,753
Pool # AB8517, 3.00%, 2/1/2043		1,105			1,062
Pool # MA1373, 3.50%, 3/1/2043		4,859			4,795
Pool # MA1437, 3.50%, 5/1/2043		1,515			1,495
Pool # MA1442, 4.00%, 5/1/2043		3,911			3,960
Pool # MA1463, 3.50%, 6/1/2043		2,450			2,418
Pool # MA1552, 3.00%, 8/1/2043		1,303			1,252
Pool # MA1582, 3.50%, 9/1/2043		322			318
Pool # MA2434, 3.50%, 9/1/2045		1,498			1,474
Pool # MA2493, 3.50%, 12/1/2045		437			430
Pool # BC1157, 3.50%, 1/1/2046		1,149			1,130
Pool # MA2545, 3.50%, 2/1/2046		750			738
Pool # BC4832, 3.50%, 3/1/2046		802			789
Pool # AS6970, 3.50%, 4/1/2046		4,565			4,490
Pool # BC8400, 3.50%, 5/1/2046		1,061			1,044
Pool # AS7424, 3.50%, 6/1/2046		1,971			1,939
Pool # MA2658, 3.50%, 6/1/2046		6,318			6,215
GNMA I, 30 Year, Single Family
Pool # 608665, 6.50%, 8/15/2022		114			117
Pool # 313110, 7.50%, 11/15/2022		—	(b)		—	(b)
Pool # 554105, 6.50%, 3/15/2023		24			24
Pool # 345288, 7.50%, 3/15/2023		4			4
Pool # 623185, 7.00%, 8/15/2023		20			21
Pool # 628407, 6.50%, 11/15/2023		22			22
Pool # 782507, 9.50%, 10/15/2024		32			33
Pool # 441957, 6.38%, 8/15/2026		44			48
Pool # 780653, 6.50%, 10/15/2027		481			523
Pool # 450038, 7.50%, 7/15/2028		6			6
Pool # 486537, 7.50%, 9/15/2028		6			7
Pool # 486631, 6.50%, 10/15/2028		2			2
Pool # 556255, 6.50%, 10/15/2031		38			41
Pool # 569568, 6.50%, 1/15/2032		249			279
Pool # 611453, 7.00%, 4/15/2032		12			12
Pool # 569423, 7.00%, 5/15/2032		82			89
Pool # 591882, 6.50%, 7/15/2032		22			24
Pool # 552665, 7.00%, 7/15/2032		57			62
Pool # 782032, 7.00%, 10/15/2032		179			200
Pool # 591420, 7.50%, 1/15/2033		20			20
Pool # 607645, 6.50%, 2/15/2033		26			28
Pool # 604168, 6.50%, 4/15/2033		39			43
Pool # 615786, 7.00%, 5/15/2033		52			57
Pool # 781614, 7.00%, 6/15/2033		53			60
Pool # 638733, 7.00%, 3/15/2037		169			177
Pool # AT7652, 4.00%, 8/15/2046		3,193			3,266
GNMA II, 30 Year, Single Family
Pool # 1974, 8.50%, 3/20/2025		2			3
Pool # 2006, 8.50%, 5/20/2025		4			5
Pool # 2234, 8.00%, 6/20/2026		2			3
Pool # 2270, 8.00%, 8/20/2026		3			3
Pool # 2324, 8.00%, 11/20/2026		2			2
Pool # 2499, 8.00%, 10/20/2027		6			6
Pool # 2549, 7.50%, 2/20/2028		2			2
Pool # 2646, 7.50%, 9/20/2028		6			6
Pool # 737076, 6.50%, 10/20/2033		288			304
Pool # 616732, 6.50%, 9/20/2034		188			200
Pool # 748766, 6.50%, 1/20/2039		136			144
Pool # 752496, 6.50%, 1/20/2039		205			227
Pool # 783389, 6.00%, 8/20/2039		1,296			1,428
Pool # 783444, 5.50%, 9/20/2039		290			308
Pool # 783967, 4.25%, 12/20/2044		2,165			2,256

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MORTGAGE-BACKED SECURITIES — continued
Pool # AK8803, 4.00%, 3/20/2046		1,840		1,869
Pool # AS8110, 3.75%, 8/20/2046		3,169		3,174
Pool # AY2381, 4.25%, 7/20/2047		1,579		1,610
Pool # AY2388, 4.25%, 9/20/2047		4,253		4,381
Pool # AY2392, 4.25%, 11/20/2047		4,564		4,751
Pool # AY2395, 4.25%, 1/20/2048		4,086		4,243
Pool # AY2404, 4.25%, 5/20/2048		5,525		5,691
Pool # BF2645, 5.50%, 5/20/2048		2,990		3,199
Pool # AY2405, 4.25%, 6/20/2048		6,802		7,007
Pool # BD0531, 5.00%, 6/20/2048		4,474		4,746
Pool # BD0532, 5.00%, 6/20/2048		3,477		3,688
Pool # BF2971, 5.00%, 6/20/2048		4,015		4,234
Pool # AY2407, 4.25%, 7/20/2048		2,714		2,796
Pool # AY2408, 4.50%, 7/20/2048		1,726		1,788
Pool # BG7397, 4.50%, 7/20/2048		1,997		2,079
Pool # BF3017, 5.00%, 7/20/2048		2,313		2,451
Pool # BI0730, 5.00%, 7/20/2048		4,757		5,057
Pool # AY2409, 4.25%, 8/20/2048		2,047		2,109
Pool # AY2410, 4.50%, 8/20/2048		1,628		1,680
Pool # BD0550, 5.00%, 8/20/2048		5,675		6,020
Pool # BG7389, 5.00%, 8/20/2048		2,493		2,643
Pool # BG7391, 5.00%, 8/20/2048		2,991		3,123
Pool # AY2412, 4.50%, 9/20/2048		6,505		6,715
GNMA II, Other
Pool # AD0018, 3.75%, 12/20/2032		1,449		1,443
Pool # 4285, 6.00%, 11/20/2038		69		71
Pool # AC0979, 4.46%, 4/20/2063(a)		2,195		2,229
Pool # AC0977, 4.43%, 5/20/2063(a)		2,278		2,310
Pool # AC0973, 4.45%, 5/20/2063(a)		1,545		1,565
TOTAL MORTGAGE-BACKED SECURITIES (Cost $928,928)				906,281
COLLATERALIZED MORTGAGE OBLIGATIONS — 23.2%
Acre 12/15/2020‡		3,315		3,315
Alternative Loan Trust
Series 2004-J3, Class 4A1, 4.75%, 4/25/2019		7		7
Series 2004-2CB, Class 1A9, 5.75%, 3/25/2034		909		940
Series 2005-J1, Class 1A4, IF, IO, 2.79%, 2/25/2035‡(a)		351		6
Series 2005-1CB, Class 1A6, IF, IO, 4.79%, 3/25/2035‡(a)		530		61
Series 2005-22T1, Class A2, IF, IO, 2.76%, 6/25/2035‡(a)		2,363		192
Series 2005-20CB, Class 3A8, IF, IO, 2.44%, 7/25/2035‡(a)		2,790		201
Series 2005-28CB, Class 3A5, 6.00%, 8/25/2035		94		69
Series 2005-37T1, Class A2, IF, IO, 2.74%, 9/25/2035‡(a)		4,117		368
Series 2005-54CB, Class 1A2, IF, IO, 2.54%, 11/25/2035‡(a)		3,383		265
Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035		567		531
Series 2005-54CB, Class 1A7, 5.50%, 11/25/2035		17		17
Series 2005-57CB, Class 3A2, IF, IO, 2.79%, 12/25/2035‡(a)		361		29
Series 2005-64CB, Class 1A9, 5.50%, 12/25/2035		290		281
Series 2005-86CB, Class A11, 5.50%, 2/25/2036		362		314
Series 2006-7CB, Class 1A2, IF, IO, 2.99%, 5/25/2036‡(a)		11,125		1,499
Series 2006-26CB, Class A9, 6.50%, 9/25/2036		423		343
American General Mortgage Loan Trust
Series 2006-1, Class A5, 5.75%, 12/25/2035(a)(c)		25		26
Angel Oak Mortgage Trust LLC
Series 2017-1, Class A3, 3.64%, 1/25/2047(a)(c)		333		331
Antler Mortgage Trust
Series 2018-RTL1, Class A1, 4.34%, 7/25/2022(c)		3,621		3,617
ASG Resecuritization Trust
Series 2011-1, Class 3A50, 4.20%, 11/28/2035(a)(c)		158		157
Series 2011-1, Class 2A35, 6.00%, 9/28/2036(c)		239		179
Banc of America Alternative Loan Trust
Series 2005-1, Class CBIO, IO, 5.50%, 2/25/2035‡		1,098		196
Series 2005-12, Class CBIO, IO, 5.75%, 1/25/2036‡		946		148
Banc of America Funding Trust
Series 2004-1, PO, 3/25/2034‡		79		67
Series 2004-3, Class 1A1, 5.50%, 10/25/2034		173		180
Series 2004-C, Class 1A1, 4.97%, 12/20/2034(a)		254		254

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2005-1, Class 30IO, IO, 5.50%, 2/25/2035‡		314		54
Series 2005-E, Class 4A1, 4.43%, 3/20/2035(a)		319		321
Series 2005-4, Class 30PO, PO, 8/25/2035‡		38		34
Series 2005-6, Class 2A7, 5.50%, 10/25/2035		169		161
Series 2005-7, Class 30PO, PO, 11/25/2035‡		25		21
Series 2005-8, Class 30PO, PO, 1/25/2036‡		95		71
Banc of America Mortgage Trust
Series 2004-9, Class 3A1, 6.50%, 9/25/2032		17		18
Series 2003-C, Class 3A1, 4.19%, 4/25/2033(a)		127		128
Series 2003-J, Class 3A2, 4.76%, 11/25/2033(a)		408		410
Series 2004-C, Class 2A2, 4.15%, 4/25/2034(a)		241		242
Series 2004-J, Class 3A1, 4.87%, 11/25/2034(a)		226		227
BCAP LLC Trust
Series 2009-RR5, Class 8A1, 5.50%, 11/26/2034(a)(c)		194		198
Series 2010-RR7, Class 2A1, 3.65%, 7/26/2045(a)(c)		1,330		1,319
Bear Stearns ALT-A Trust
Series 2005-2, Class 1A1, 2.81%, 3/25/2035(a)		46		45
Bear Stearns ARM Trust
Series 2003-4, Class 3A1, 4.45%, 7/25/2033(a)		165		166
Series 2003-7, Class 3A, 4.20%, 10/25/2033(a)		75		75
Series 2004-1, Class 12A1, 3.96%, 4/25/2034(a)		285		285
Series 2004-2, Class 14A, 3.86%, 5/25/2034(a)		127		126
Series 2006-1, Class A1, 4.91%, 2/25/2036(a)		627		630
Bear Stearns Asset-Backed Securities Trust
Series 2003-AC5, Class A1, 5.75%, 10/25/2033(d)		358		367
Cendant Mortgage Capital CDMC Mortgage Pass-Through Certificates
Series 2003-9, Class 1P, PO, 11/25/2033‡		27		25
Chase Mortgage Finance Trust
Series 2007-A1, Class 9A1, 4.04%, 2/25/2037(a)		385		382
Series 2007-A1, Class 7A1, 4.26%, 2/25/2037(a)		121		121
Series 2007-A1, Class 1A3, 4.29%, 2/25/2037(a)		1,429		1,446
Series 2007-A1, Class 2A1, 4.45%, 2/25/2037(a)		121		124
Series 2007-A2, Class 2A1, 4.35%, 7/25/2037(a)		321		328
CHL Mortgage Pass-Through Trust
Series 2004-3, PO, 4/25/2034‡		24		21
Series 2004-3, Class A26, 5.50%, 4/25/2034		170		172
Series 2004-HYB1, Class 2A, 3.74%, 5/20/2034(a)		84		84
Series 2004-HYB3, Class 2A, 3.63%, 6/20/2034(a)		462		463
Series 2004-7, Class 2A1, 3.96%, 6/25/2034(a)		65		67
Series 2004-5, Class 1A4, 5.50%, 6/25/2034		552		554
Series 2004-13, Class 1A4, 5.50%, 8/25/2034		314		320
Series 2004-HYB6, Class A3, 4.27%, 11/20/2034(a)		241		245
Series 2005-16, Class A23, 5.50%, 9/25/2035		141		134
Series 2005-22, Class 2A1, 4.08%, 11/25/2035(a)		722		635
Series 2007-4, Class 1A52, IF, IO, 3.09%, 5/25/2037‡(a)		2,304		271
Citicorp Mortgage Securities REMIC Pass-Through Certificates Trust
Series 2005-6, Class APO, PO, 9/25/2035‡		41		34
Citigroup Global Markets Mortgage Securities VII, Inc.
Series 2003-UP2, Class PO1, PO, 12/25/2018‡		1		—	(b)
Series 2003-HYB1, Class A, 4.74%, 9/25/2033(a)		159		160
Citigroup Mortgage Loan Trust
Series 2009-10, Class 1A1, 4.33%, 9/25/2033(a)(c)		370		375
Series 2009-10, Class 2A1A, 7.00%, 12/25/2035(a)(c)		145		147
Series 2015-A, Class B2, 4.50%, 6/25/2058(a)(c)		686		701
Citigroup Mortgage Loan Trust, Inc.
Series 2003-UST1, Class PO1, PO, 12/25/2018‡		2		2
Series 2003-UST1, Class A1, 5.50%, 12/25/2018		8		8
Series 2003-1, Class WPO2, PO, 6/25/2031‡		7		7
Series 2003-1, Class WA2, 6.50%, 6/25/2031‡		7		7
Series 2003-1, Class PO3, PO, 9/25/2033‡		38		35
Series 2003-UP3, Class A3, 7.00%, 9/25/2033		16		16
Series 2003-1, Class 2A5, 5.25%, 10/25/2033		72		73
Series 2004-UST1, Class A6, 4.28%, 8/25/2034(a)		95		93
Series 2004-UST1, Class A3, 4.56%, 8/25/2034(a)		96		98
Series 2005-1, Class 2A1A, 3.26%, 2/25/2035(a)		159		136
Series 2005-2, Class 2A11, 5.50%, 5/25/2035		370		376
Series 2005-5, Class 1A2, 3.97%, 8/25/2035(a)		450		364

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Conix Mortgage Asset Trust
Series 2013-1, Class A, 0.00%, 12/25/2047‡(a)(e)		1,618			195
Credit Suisse First Boston Mortgage Securities Corp.
Series 2004-5, Class 3A1, 5.25%, 8/25/2019		43			43
Series 2003-1, Class DB1, 6.72%, 2/25/2033(a)		526			545
Series 2003-AR15, Class 3A1, 4.21%, 6/25/2033(a)		326			327
Series 2003-21, Class 1A4, 5.25%, 9/25/2033		144			148
Series 2004-AR2, Class 2A1, 3.89%, 3/25/2034(a)		462			468
CSFB Mortgage-Backed Pass-Through Certificates
Series 2003-27, Class 5A3, 5.25%, 11/25/2033		490			496
Series 2003-27, Class 5A4, 5.25%, 11/25/2033		293			295
Series 2003-29, Class 1A1, 6.50%, 12/25/2033		313			325
Series 2003-29, Class 5A1, 7.00%, 12/25/2033		228			245
Series 2004-4, Class 2A4, 5.50%, 9/25/2034		240			251
Series 2004-8, Class 1A4, 5.50%, 12/25/2034		284			294
Series 2005-4, Class 2X, IO, 5.50%, 6/25/2035‡(a)		928			110
Series 2005-9, Class DX, IO, 5.50%, 10/25/2035‡		645			8
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
Series 2005-1, Class 2A1, 5.41%, 2/25/2020(a)		78			77
FHLMC REMIC
Series 2934, Class EC, PO, 2/15/2020		82			80
Series 2934, Class HI, IO, 5.00%, 2/15/2020		85			2
Series 2934, Class KI, IO, 5.00%, 2/15/2020		42			1
Series 30, Class D, 9.50%, 2/15/2020		—	(b)		—	(b)
Series 2347, Class VP, 6.50%, 3/15/2020		7			7
Series 2967, Class JI, IO, 5.00%, 4/15/2020		27			1
Series 23, Class F, 9.60%, 4/15/2020		—	(b)		—	(b)
Series 47, Class F, 10.00%, 6/15/2020		—	(b)		—	(b)
Series 77, Class H, 8.50%, 9/15/2020		—	(b)		—	(b)
Series 1807, Class G, 9.00%, 10/15/2020		—	(b)		—	(b)
Series 84, Class F, 9.20%, 10/15/2020		—	(b)		—	(b)
Series 81, Class A, 8.13%, 11/15/2020		—	(b)		—	(b)
Series 99, Class Z, 9.50%, 1/15/2021		—	(b)		—	(b)
Series 1045, Class G, HB, 1,066.21%, 2/15/2021		—	(b)		—	(b)
Series 1065, Class J, 9.00%, 4/15/2021		1			1
Series 1084, Class F, 3.26%, 5/15/2021(a)		—	(b)		—	(b)
Series 1079, Class S, HB, IF, 26.16%, 5/15/2021(a)		1			1
Series 1084, Class S, HB, IF, 34.85%, 5/15/2021(a)		—	(b)		—	(b)
Series 1082, Class D, HB, 1,007.78%, 5/15/2021		—	(b)		—	(b)
Series 186, Class I, HB, 1,009.50%, 8/15/2021		—	(b)		—	(b)
Series 1133, Class H, 7.00%, 9/15/2021		1			1
Series 1144, Class KB, 8.50%, 9/15/2021		3			3
Series 180, Class J, HB, 1,010.00%, 9/15/2021		—	(b)		—	(b)
Series 189, Class K, HB, 1,009.50%, 10/15/2021		—	(b)		—	(b)
Series 3688, Class CU, 6.97%, 11/15/2021(a)		80			81
Series 1172, Class L, HB, 1,181.25%, 11/15/2021(a)		—	(b)		—	(b)
Series 3511, IO, 5.00%, 12/15/2021		34			1
Series 1196, Class B, HB, IF, 1,104.54%, 1/15/2022(a)		—	(b)		—	(b)
Series 3282, Class YD, 5.50%, 2/15/2022		840			859
Series 2462, Class NB, 6.50%, 6/15/2022		64			67
Series 1343, Class LB, 7.50%, 8/15/2022		4			4
Series 1343, Class LA, 8.00%, 8/15/2022		8			8
Series 1395, Class G, 6.00%, 10/15/2022		3			3
Series 1374, Class Z, 7.00%, 10/15/2022		12			12
Series 1401, Class J, 7.00%, 10/15/2022		26			27
Series 2535, Class BK, 5.50%, 12/15/2022		33			34
Series 1470, Class F, 2.02%, 2/15/2023(a)		1			1
Series 3422, Class LI, IO, 5.00%, 2/15/2023		3			—	(b)
Series 1466, Class PZ, 7.50%, 2/15/2023		44			46
Series 1798, Class F, 5.00%, 5/15/2023		21			21
Series 1518, Class G, IF, 6.53%, 5/15/2023(a)		14			14
Series 1505, Class QB, IF, 15.38%, 5/15/2023(a)		1			2
Series 204, Class E, HB, IF, 1,429.94%, 5/15/2023(a)		—	(b)		—	(b)
Series 2033, Class J, 5.60%, 6/15/2023		76			78
Series 1526, Class L, 6.50%, 6/15/2023		8			8

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 1541, Class O, 2.44%, 7/15/2023(a)		16		16
Series 1677, Class Z, 7.50%, 7/15/2023		56		60
Series 1570, Class F, 2.52%, 8/15/2023(a)		4		4
Series 1552, Class IA, IF, 15.19%, 8/15/2023(a)		141		167
Series 1570, Class SA, HB, IF, 22.82%, 8/15/2023(a)		9		11
Series 1578, Class K, 6.90%, 9/15/2023		37		39
Series 1578, Class V, IO, 7.00%, 9/15/2023		4		1
Series 2571, Class SK, HB, IF, 24.55%, 9/15/2023(a)		23		30
Series 1591, Class PV, 6.25%, 10/15/2023		76		79
Series 1602, Class SA, IF, 15.25%, 10/15/2023(a)		15		17
Series 1813, Class I, PO, 11/15/2023		158		148
Series 1813, Class J, IF, IO, 3.75%, 11/15/2023(a)		612		33
Series 2720, Class PC, 5.00%, 12/15/2023		182		188
Series 1628, Class LZ, 6.50%, 12/15/2023		98		103
Series 1638, Class H, 6.50%, 12/15/2023		106		112
Series 2283, Class K, 6.50%, 12/15/2023		26		28
Series 1644, Class K, 6.75%, 12/15/2023		53		55
Series 1658, Class GZ, 7.00%, 1/15/2024		117		124
Series 1865, Class D, PO, 2/15/2024		6		6
Series 1760, Class ZD, 2.64%, 2/15/2024(a)		170		167
Series 2756, Class NA, 5.00%, 2/15/2024		53		55
Series 1671, Class QC, IF, 10.00%, 2/15/2024(a)		6		7
Series 1686, Class SH, IF, 14.05%, 2/15/2024(a)		3		3
Series 1699, Class FC, 2.91%, 3/15/2024(a)		7		7
Series 1695, Class EB, 7.00%, 3/15/2024		49		51
Series 2033, Class SN, HB, IF, 26.86%, 3/15/2024(a)		4		1
Series 2306, Class K, PO, 5/15/2024		10		10
Series 2306, Class SE, IF, IO, 7.46%, 5/15/2024(a)		26		4
Series 1745, Class D, 7.50%, 8/15/2024		17		18
Series 3614, Class QB, 4.00%, 12/15/2024		1,700		1,733
Series 2967, Class S, HB, IF, 21.14%, 4/15/2025(a)		38		44
Series 3022, Class SX, IF, 11.11%, 8/15/2025(a)		57		61
Series 1829, Class ZB, 6.50%, 3/15/2026		29		31
Series 1863, Class Z, 6.50%, 7/15/2026		64		67
Series 1899, Class ZE, 8.00%, 9/15/2026		30		33
Series 1963, Class Z, 7.50%, 1/15/2027		27		30
Series 2470, Class SL, IF, 9.00%, 1/15/2027(a)		13		13
Series 1985, Class PR, IO, 8.00%, 7/15/2027		9		1
Series 2065, Class PX, IO, 0.75%, 8/17/2027		4,544		77
Series 1987, Class PE, 7.50%, 9/15/2027		14		15
Series 2038, Class PN, IO, 7.00%, 3/15/2028		7		1
Series 2042, Class T, 7.00%, 3/15/2028		6		6
Series 2040, Class PE, 7.50%, 3/15/2028		66		73
Series 2060, Class Z, 6.50%, 5/15/2028		23		25
Series 2061, Class DC, IO, 6.50%, 6/15/2028		53		6
Series 2075, Class PH, 6.50%, 8/15/2028		141		152
Series 2086, Class GB, 6.00%, 9/15/2028		23		25
Series 2089, Class PJ, IO, 7.00%, 10/15/2028		11		1
Series 2111, Class SB, IF, IO, 5.19%, 1/15/2029(a)		129		15
Series 2110, Class PG, 6.00%, 1/15/2029		94		101
Series 2125, Class JZ, 6.00%, 2/15/2029		35		37
Series 2130, Class QS, 6.00%, 3/15/2029		78		83
Series 2132, Class ZL, 6.50%, 3/15/2029		21		22
Series 2132, Class SB, HB, IF, 20.59%, 3/15/2029(a)		14		20
Series 2141, IO, 7.00%, 4/15/2029		3		—	(b)
Series 2303, Class ZN, 8.50%, 4/15/2029		206		229
Series 2163, Class PC, IO, 7.50%, 6/15/2029		11		1
Series 2178, Class PB, 7.00%, 8/15/2029		22		24
Series 2201, Class C, 8.00%, 11/15/2029		35		39
Series 2204, Class GB, IO, 8.00%, 12/20/2029‡(a)		3		3
Series 2209, Class TC, 8.00%, 1/15/2030		123		140
Series 2210, Class Z, 8.00%, 1/15/2030		67		77

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2224, Class CB, 8.00%, 3/15/2030		20		23
Series 2247, Class Z, 7.50%, 8/15/2030		17		18
Series 2256, Class MC, 7.25%, 9/15/2030		73		82
Series 2254, Class Z, 9.00%, 9/15/2030		125		148
Series 2259, Class ZM, 7.00%, 10/15/2030		74		82
Series 2271, Class PC, 7.25%, 12/15/2030		100		112
Series 2296, Class PD, 7.00%, 3/15/2031		31		34
Series 2303, Class ZD, 7.00%, 4/15/2031		444		496
Series 2694, Class BA, 4.00%, 6/15/2031		30		30
Series 2359, Class ZB, 8.50%, 6/15/2031		68		78
Series 2388, Class UZ, 8.50%, 6/15/2031		26		29
Series 2344, Class ZD, 6.50%, 8/15/2031		197		223
Series 2344, Class ZJ, 6.50%, 8/15/2031		21		23
Series 2345, Class NE, 6.50%, 8/15/2031		13		14
Series 2372, Class F, 2.81%, 10/15/2031(a)		16		16
Series 2367, Class ZK, 6.00%, 10/15/2031		261		283
Series 2368, Class AS, IF, 14.93%, 10/15/2031(a)		7		9
Series 2383, Class FD, 2.81%, 11/15/2031(a)		15		15
Series 2399, Class TH, 6.50%, 1/15/2032		218		239
Series 2494, Class SX, IF, IO, 4.69%, 2/15/2032(a)		531		69
Series 2410, Class QX, IF, IO, 6.34%, 2/15/2032(a)		41		8
Series 2410, Class OE, 6.38%, 2/15/2032		49		52
Series 2410, Class QS, IF, 13.50%, 2/15/2032(a)		49		59
Series 2433, Class SA, IF, 14.93%, 2/15/2032(a)		108		139
Series 2431, Class F, 2.81%, 3/15/2032(a)		729		731
Series 2464, Class FE, 3.31%, 3/15/2032(a)		167		172
Series 2444, Class ES, IF, IO, 5.64%, 3/15/2032(a)		46		7
Series 2450, Class SW, IF, IO, 5.69%, 3/15/2032(a)		52		8
Series 2423, Class MC, 7.00%, 3/15/2032		58		64
Series 2423, Class MT, 7.00%, 3/15/2032		70		78
Series 3688, Class NI, IO, 5.00%, 4/15/2032		396		8
Series 2434, Class TC, 7.00%, 4/15/2032		72		79
Series 2436, Class MC, 7.00%, 4/15/2032		121		132
Series 2450, Class GZ, 7.00%, 5/15/2032		55		62
Series 3393, Class JO, PO, 9/15/2032		205		179
Series 2513, Class ZC, 5.50%, 10/15/2032		160		173
Series 2517, Class Z, 5.50%, 10/15/2032		129		132
Series 2835, Class QO, PO, 12/15/2032		64		54
Series 2552, Class FP, 3.31%, 1/15/2033(a)		981		1,004
Series 2557, Class HL, 5.30%, 1/15/2033		605		649
Series 2994, Class FC, 2.71%, 2/15/2033(a)		72		72
Series 2586, Class WI, IO, 6.50%, 3/15/2033		178		40
Series 2611, Class SQ, IF, 8.39%, 5/15/2033(a)		41		46
Series 2631, Class SA, IF, 10.62%, 6/15/2033(a)		32		36
Series 2692, Class SC, IF, 8.67%, 7/15/2033(a)		100		109
Series 2671, Class S, IF, 10.53%, 9/15/2033(a)		52		60
Series 2725, Class SC, IF, 5.63%, 11/15/2033(a)		158		160
Series 2722, Class PF, 2.91%, 12/15/2033(a)		1,283		1,291
Series 2802, Class ZY, 6.00%, 5/15/2034		247		252
Series 3318, Class BT, IF, 7.00%, 5/15/2034(a)		1,672		1,777
Series 2990, Class SL, IF, 16.04%, 6/15/2034(a)		74		82
Series 3611, PO, 7/15/2034		256		216
Series 3305, Class MB, IF, 4.79%, 7/15/2034(a)		88		93
Series 3659, Class VG, 5.00%, 9/15/2034		5,900		6,127
Series 2949, Class YZ, 5.50%, 3/15/2035		7,848		8,454
Series 3077, Class TO, PO, 4/15/2035		198		178
Series 2990, Class WP, IF, 11.08%, 6/15/2035(a)		3		4
Series 3035, Class Z, 5.85%, 9/15/2035		1,094		1,200
Series 3117, Class EO, PO, 2/15/2036		159		134
Series 3117, Class OG, PO, 2/15/2036		207		184
Series 3117, Class OK, PO, 2/15/2036		161		135
Series 3143, Class BC, 5.50%, 2/15/2036		302		322
Series 3122, Class OH, PO, 3/15/2036		35		30

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 3134, PO, 3/15/2036		24		20
Series 3152, Class MO, PO, 3/15/2036		299		253
Series 3122, Class ZB, 6.00%, 3/15/2036		23		31
Series 3138, PO, 4/15/2036		98		85
Series 3607, Class AO, PO, 4/15/2036		211		175
Series 3607, Class BO, PO, 4/15/2036		211		178
Series 3137, Class XP, 6.00%, 4/15/2036		924		1,011
Series 3219, Class DI, IO, 6.00%, 4/15/2036		144		30
Series 3149, Class SO, PO, 5/15/2036		61		46
Series 3151, PO, 5/15/2036		252		212
Series 3153, Class EO, PO, 5/15/2036		143		119
Series 3210, PO, 5/15/2036		224		213
Series 3604, PO, 5/15/2036		221		195
Series 3998, Class GF, 2.76%, 5/15/2036(a)		1,202		1,207
Series 3171, Class MO, PO, 6/15/2036		156		138
Series 3179, Class OA, PO, 7/15/2036		114		98
Series 3194, Class SA, IF, IO, 4.79%, 7/15/2036(a)		56		3
Series 3200, PO, 8/15/2036		192		164
Series 3232, Class ST, IF, IO, 4.39%, 10/15/2036(a)		215		28
Series 3237, Class AO, PO, 11/15/2036		269		229
Series 3704, Class DT, 7.50%, 11/15/2036		1,135		1,283
Series 3704, Class ET, 7.50%, 12/15/2036		852		985
Series 3260, Class CS, IF, IO, 3.83%, 1/15/2037(a)		136		17
Series 3262, Class SG, IF, IO, 4.09%, 1/15/2037(a)		43		4
Series 3274, Class JO, PO, 2/15/2037		44		39
Series 3274, Class MO, PO, 2/15/2037		88		77
Series 3275, Class FL, 2.75%, 2/15/2037(a)		43		43
Series 3288, Class GS, IF, 3.68%, 3/15/2037(a)		37		37
Series 3290, Class SB, IF, IO, 4.14%, 3/15/2037(a)		358		40
Series 3373, Class TO, PO, 4/15/2037		188		158
Series 3316, Class JO, PO, 5/15/2037		29		26
Series 3607, PO, 5/15/2037		533		445
Series 3322, Class NS, IF, 7.00%, 5/15/2037(a)		997		1,101
Series 3759, Class HI, IO, 4.00%, 8/15/2037		283		5
Series 3371, Class FA, 2.91%, 9/15/2037(a)		60		60
Series 3760, Class GI, IO, 4.00%, 10/15/2037		97		1
Series 3385, Class SN, IF, IO, 3.69%, 11/15/2037(a)		139		11
Series 3387, Class SA, IF, IO, 4.11%, 11/15/2037(a)		262		23
Series 3422, Class AI, IO, 0.25%, 1/15/2038(d)		1,050		8
Series 3404, Class SC, IF, IO, 3.69%, 1/15/2038(a)		387		44
Series 3451, Class SA, IF, IO, 3.74%, 5/15/2038(a)		102		10
Series 3537, Class MI, IO, 5.00%, 6/15/2038		676		115
Series 3461, Class LZ, 6.00%, 6/15/2038		126		137
Series 3481, Class SJ, IF, IO, 3.54%, 8/15/2038(a)		538		54
Series 3895, Class WA, 5.72%, 10/15/2038(a)		323		348
Series 3511, Class SA, IF, IO, 3.69%, 2/15/2039(a)		122		14
Series 3546, Class A, 4.08%, 2/15/2039(a)		75		77
Series 3531, Class SA, IF, IO, 3.99%, 5/15/2039(a)		408		21
Series 3549, Class FA, 3.51%, 7/15/2039(a)		69		70
Series 4580, Class PT, 7.07%, 8/15/2039(a)		2,524		2,752
Series 3572, Class JS, IF, IO, 4.49%, 9/15/2039(a)		508		54
Series 3795, Class EI, IO, 5.00%, 10/15/2039		1,016		133
Series 3621, PO, 1/15/2040		365		309
Series 3621, Class BO, PO, 1/15/2040		265		227
Series 3623, Class LO, PO, 1/15/2040		347		299
Series 3632, Class BS, IF, 9.81%, 2/15/2040(a)		1,092		1,235
Series 3714, Class IP, IO, 5.00%, 8/15/2040		1,738		312
Series 3966, Class BF, 2.81%, 10/15/2040(a)		1,157		1,164
Series 3740, Class SC, IF, IO, 3.69%, 10/15/2040(a)		859		97
Series 3747, Class PY, 4.00%, 10/15/2040		1,500		1,502
Series 3747, Class CY, 4.50%, 10/15/2040		2,373		2,513
Series 3753, PO, 11/15/2040		2,409		1,913
Series 3789, Class EZ, 4.00%, 11/15/2040		410		409
Series 3770, Class PY, 5.00%, 12/15/2040		1,655		1,811
Series 3860, Class PZ, 5.00%, 5/15/2041		2,908		3,155
Series 3852, Class QN, IF, 5.50%, 5/15/2041(a)		172		172
Series 3852, Class TP, IF, 5.50%, 5/15/2041(a)		343		364

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 3966, Class NA, 4.00%, 12/15/2041		2,365			2,435
Series 4015, Class MY, 3.50%, 3/15/2042		1,000			982
Series 4126, Class JB, 2.50%, 11/15/2042		321			281
Series 4177, Class MQ, 2.50%, 3/15/2043		1,000			904
Series 4274, Class EM, 4.00%, 11/15/2043		1,000			1,016
Series 4280, Class EO, PO, 12/15/2043		1,966			1,511
Series 4281, Class OB, PO, 12/15/2043		2,117			1,598
FHLMC STRIPS
Series 16, Class B, IO, 10.00%, 6/1/2020		—	(b)		—	(b)
Series 243, Class 16, IO, 4.50%, 11/15/2020		15			—	(b)
Series 243, Class 17, IO, 4.50%, 12/15/2020		31			1
Series 134, Class B, IO, 9.00%, 4/1/2022		1			—	(b)
Series 191, IO, 8.00%, 1/1/2028		692			141
Series 197, PO, 4/1/2028		274			244
Series 233, Class 11, IO, 5.00%, 9/15/2035		326			62
Series 233, Class 12, IO, 5.00%, 9/15/2035		189			41
Series 233, Class 13, IO, 5.00%, 9/15/2035		442			92
Series 239, Class S30, IF, IO, 5.39%, 8/15/2036(a)		615			98
Series 262, Class 35, 3.50%, 7/15/2042		17,945			17,785
Series 299, Class 300, 3.00%, 1/15/2043		1,013			988
Series 310, PO, 9/15/2043		2,287			1,788
FHLMC Structured Pass-Through Securities Certificates
Series T-41, Class 3A, 5.51%, 7/25/2032(a)		214			225
Series T-76, Class 2A, 2.49%, 10/25/2037(a)		2,647			2,725
Series T-42, Class A5, 7.50%, 2/25/2042		755			868
Series T-51, Class 2A, 7.50%, 8/25/2042(a)		59			68
Series T-54, Class 2A, 6.50%, 2/25/2043		1,306			1,469
Series T-54, Class 3A, 7.00%, 2/25/2043		610			686
Series T-56, Class A5, 5.23%, 5/25/2043		1,129			1,171
Series T-58, Class APO, PO, 9/25/2043		95			75
Series T-51, Class 1A, 6.50%, 9/25/2043(a)		49			55
Series T-59, Class 1AP, PO, 10/25/2043		96			49
Series T-62, Class 1A1, 3.25%, 10/25/2044(a)		1,257			1,257
First Horizon Alternative Mortgage Securities Trust
Series 2004-AA4, Class A1, 4.22%, 10/25/2034(a)		351			347
Series 2005-FA8, Class 1A19, 5.50%, 11/25/2035		285			235
Series 2007-FA4, Class 1A2, IF, IO, 3.34%, 8/25/2037‡(a)		4,104			562
First Horizon Mortgage Pass-Through Trust
Series 2004-AR7, Class 2A2, 3.71%, 2/25/2035(a)		138			139
Series 2005-AR1, Class 2A2, 3.96%, 4/25/2035(a)		191			194
FN
3.82%, 10/1/2028(f)		2,550			2,575
3.95%, 10/1/2028		5,075			5,189
3.88%, 2/23/2029(f)		5,000			5,067
FNMA Grantor Trust
Series 2001-T7, Class A1, 7.50%, 2/25/2041		430			484
Series 2001-T12, Class A2, 7.50%, 8/25/2041		309			349
Series 2001-T10, PO, 12/25/2041		19			17
Series 2002-T4, Class A2, 7.00%, 12/25/2041		181			200
Series 2002-T4, Class A3, 7.50%, 12/25/2041		420			472
Series 2002-T16, Class A2, 7.00%, 7/25/2042		153			172
Series 2002-T19, Class A2, 7.00%, 7/25/2042		333			370
Series 2004-T1, Class 1A1, 6.00%, 1/25/2044		352			382
Series 2004-T3, Class PT1, 10.55%, 1/25/2044(a)		237			275
FNMA REMIC
Series 1989-27, Class Y, 6.90%, 6/25/2019		—	(b)		—	(b)
Series 1989-70, Class G, 8.00%, 10/25/2019		—	(b)		—	(b)
Series 1989-89, Class H, 9.00%, 11/25/2019		—	(b)		—	(b)
Series 1989-78, Class H, 9.40%, 11/25/2019		—	(b)		—	(b)
Series 1999-57, Class Z, 7.50%, 12/25/2019		5			5
Series 1990-60, Class K, 5.50%, 6/25/2020		—	(b)		—	(b)
Series 1990-93, Class G, 5.50%, 8/25/2020		—	(b)		—	(b)
Series 1990-102, Class J, 6.50%, 8/25/2020		5			5
Series 1990-95, Class J, HB, 1,118.04%, 8/25/2020		—	(b)		—	(b)
Series 1990-134, Class SC, IF, 18.13%, 11/25/2020(a)		—	(b)		1
Series 1990-140, Class K, HB, 652.15%, 12/25/2020		—	(b)		—	(b)
Series 1991-7, Class K, HB, 908.50%, 2/25/2021		—	(b)		—	(b)

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 1991-44, Class G, 8.50%, 5/25/2021		8			8
Series 1991-60, Class PM, HB, 1,009.00%, 6/25/2021		—	(b)		—	(b)
Series G92-7, Class JQ, 8.50%, 1/25/2022		10			11
Series G92-14, Class Z, 7.00%, 2/25/2022		1			1
Series G92-12, Class B, 7.70%, 2/25/2022		—	(b)		—	(b)
Series 2007-15, Class NO, PO, 3/25/2022		41			40
Series 1992-101, Class J, 7.50%, 6/25/2022		2			2
Series G92-42, Class Z, 7.00%, 7/25/2022		3			3
Series G92-44, Class ZQ, 8.00%, 7/25/2022		1			2
Series 1996-59, Class J, 6.50%, 8/25/2022		2			2
Series G92-54, Class ZQ, 7.50%, 9/25/2022		9			9
Series G92-62, Class B, PO, 10/25/2022		3			3
Series G92-61, Class Z, 7.00%, 10/25/2022		33			34
Series G93-1, Class KA, 7.90%, 1/25/2023		21			23
Series 1993-108, Class D, PO, 2/25/2023		—	(b)		—	(b)
Series 1993-27, Class S, IF, 6.28%, 2/25/2023(a)		18			18
Series 2003-26, Class XS, IF, IO, 4.73%, 3/25/2023(a)		11			—	(b)
Series 1993-25, Class J, 7.50%, 3/25/2023		39			42
Series 1993-31, Class K, 7.50%, 3/25/2023		6			7
Series G93-17, Class SI, IF, 6.00%, 4/25/2023(a)		15			16
Series 1993-54, Class Z, 7.00%, 4/25/2023		77			80
Series 1998-43, Class SA, IF, IO, 15.16%, 4/25/2023(a)		35			8
Series 1993-62, Class SA, IF, 18.16%, 4/25/2023(a)		4			5
Series 1993-97, Class FA, 3.57%, 5/25/2023(a)		4			4
Series 2008-47, Class SI, IF, IO, 4.18%, 6/25/2023(a)		158			5
Series 1993-162, Class F, 3.27%, 8/25/2023(a)		10			10
Series 1996-14, Class SE, IF, IO, 7.61%, 8/25/2023(a)		55			7
Series 1993-228, Class G, PO, 9/25/2023		3			3
Series 2008-76, Class GF, 2.96%, 9/25/2023(a)		4			4
Series 1993-165, Class SD, IF, 12.70%, 9/25/2023(a)		2			2
Series 2000-18, Class EC, PO, 10/25/2023		106			99
Series 1993-179, Class SB, HB, IF, 25.30%, 10/25/2023(a)		17			21
Series 1993-230, Class FA, 2.92%, 12/25/2023(a)		3			3
Series 2002-1, Class UD, IF, 16.40%, 12/25/2023(a)		24			28
Series 1994-26, Class J, PO, 1/25/2024		236			220
Series 2009-9, IO, 5.00%, 2/25/2024		107			3
Series 2009-12, IO, 4.50%, 3/25/2024		15			—	(b)
Series 1994-37, Class L, 6.50%, 3/25/2024		23			25
Series G94-7, Class PJ, 7.50%, 5/17/2024		139			149
Series 2004-53, Class NC, 5.50%, 7/25/2024		145			151
Series 1995-2, Class Z, 8.50%, 1/25/2025		9			9
Series 2006-72, Class HO, PO, 8/25/2026		90			82
Series 2006-94, Class GI, IF, IO, 4.33%, 10/25/2026(a)		1,037			78
Series 2006-94, Class GK, HB, IF, 21.67%, 10/25/2026(a)		43			54
Series G97-2, Class ZA, 8.50%, 2/17/2027		32			36
Series 1997-20, IO, 1.84%, 3/25/2027(a)		12			—	(b)
Series 1997-27, Class J, 7.50%, 4/18/2027		6			7
Series 1997-24, Class Z, 8.00%, 4/18/2027		7			8
Series 1997-46, Class Z, 7.50%, 6/17/2027		163			177
Series 1997-81, Class PI, IO, 7.00%, 12/18/2027		5			1
Series 1998-30, Class ZA, 6.50%, 5/20/2028		372			401
Series 1998-36, Class ZB, 6.00%, 7/18/2028		51			54
Series 2002-7, Class FD, 3.02%, 4/25/2029(a)		104			106
Series 1999-62, Class PB, 7.50%, 12/18/2029		41			46
Series 2000-52, IO, 8.50%, 1/25/2031		7			2
Series 2002-60, Class FA, 3.07%, 2/25/2031(a)		347			353
Series 2002-60, Class FB, 3.07%, 2/25/2031(a)		347			353
Series 2001-4, Class ZA, 6.50%, 3/25/2031		326			354
Series 2001-7, Class PF, 7.00%, 3/25/2031		25			28
Series 2002-50, Class ZA, 6.00%, 5/25/2031		514			551
Series 2001-33, Class ID, IO, 6.00%, 7/25/2031		38			8

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2001-49, Class LZ, 8.50%, 7/25/2031		76			85
Series 2001-38, Class FB, 2.82%, 8/25/2031(a)		122			123
Series 2001-36, Class DE, 7.00%, 8/25/2031		65			72
Series 2001-44, Class PD, 7.00%, 9/25/2031		28			31
Series 2001-44, Class PU, 7.00%, 9/25/2031		72			81
Series 2001-53, Class FX, 2.67%, 10/25/2031(a)		289			289
Series 2003-52, Class SX, IF, 16.00%, 10/25/2031(a)		17			22
Series 2001-61, Class Z, 7.00%, 11/25/2031		163			182
Series 2001-72, Class SX, IF, 12.07%, 12/25/2031(a)		16			19
Series 2002-1, Class SA, IF, 17.66%, 2/25/2032(a)		8			11
Series 2002-13, Class SJ, IF, IO, 1.60%, 3/25/2032(a)		200			9
Series 2002-13, Class ST, IF, 10.00%, 3/25/2032(a)		11			13
Series 2002-30, Class Z, 6.00%, 5/25/2032		284			308
Series 2002-37, Class Z, 6.50%, 6/25/2032		18			20
Series 2006-130, Class GI, IO, 6.50%, 7/25/2032		401			57
Series 2004-61, Class FH, 3.12%, 11/25/2032(a)		1,567			1,599
Series 2011-39, Class ZA, 6.00%, 11/25/2032		1,710			1,872
Series 2004-61, Class SK, IF, 8.50%, 11/25/2032(a)		63			69
Series 2004-59, Class BG, PO, 12/25/2032		94			80
Series 2002-77, Class S, IF, 10.24%, 12/25/2032(a)		45			50
Series 2003-2, Class F, 3.07%, 2/25/2033(a)		687			700
Series 2003-14, Class TI, IO, 5.00%, 3/25/2033		397			44
Series 2003-22, Class UD, 4.00%, 4/25/2033		517			528
Series 2003-39, IO, 6.00%, 5/25/2033(a)		28			6
Series 2003-33, Class IA, IO, 6.50%, 5/25/2033		617			138
Series 2004-4, Class QI, IF, IO, 4.78%, 6/25/2033(a)		243			10
Series 2003-44, Class IU, IO, 7.00%, 6/25/2033		806			192
Series 2004-4, Class QM, IF, 9.57%, 6/25/2033(a)		61			65
Series 2004-36, Class SN, IF, 9.57%, 7/25/2033(a)		17			17
Series 2003-132, Class OA, PO, 8/25/2033		32			30
Series 2003-132, Class PI, IO, 5.50%, 8/25/2033		77			9
Series 2003-72, Class IE, IO, 5.50%, 8/25/2033		279			48
Series 2003-74, Class SH, IF, 6.00%, 8/25/2033(a)		27			29
Series 2003-86, Class ZA, 5.50%, 9/25/2033		285			301
Series 2003-91, Class SD, IF, 8.64%, 9/25/2033(a)		44			47
Series 2003-105, Class AZ, 5.50%, 10/25/2033		1,729			1,855
Series 2003-116, Class SB, IF, IO, 5.28%, 11/25/2033(a)		324			49
Series 2006-44, Class P, PO, 12/25/2033		615			512
Series 2003-122, Class ZJ, 6.00%, 12/25/2033		1,856			2,043
Series 2004-87, Class F, 3.07%, 1/25/2034(a)		251			256
Series 2003-130, Class SX, IF, 8.05%, 1/25/2034(a)		23			25
Series 2003-131, Class SK, IF, 11.57%, 1/25/2034(a)		41			45
Series 2004-10, Class SC, IF, 19.34%, 2/25/2034(a)		26			26
Series 2004-46, Class EP, PO, 3/25/2034		213			191
Series 2004-28, Class PF, 2.72%, 3/25/2034(a)		532			534
Series 2004-17, Class H, 5.50%, 4/25/2034		480			522
Series 2004-25, Class SA, IF, 13.16%, 4/25/2034(a)		145			175
Series 2004-46, Class SK, IF, 10.13%, 5/25/2034(a)		62			70
Series 2004-36, Class SA, IF, 13.16%, 5/25/2034(a)		217			276
Series 2004-46, Class QB, IF, 14.74%, 5/25/2034(a)		103			124
Series 2004-50, Class VZ, 5.50%, 7/25/2034		2,201			2,323
Series 2004-51, Class SY, IF, 9.61%, 7/25/2034(a)		27			30
Series 2014-44, Class B, 2.50%, 8/25/2034		928			853
Series 2005-67, Class HG, 5.50%, 1/25/2035		114			116
Series 2005-7, Class LO, PO, 2/25/2035		692			604
Series 2005-15, Class MO, PO, 3/25/2035		131			117
Series 2005-13, Class FL, 2.72%, 3/25/2035(a)		128			129
Series 2006-60, Class DO, PO, 4/25/2035		68			66
Series 2005-74, Class SK, IF, 13.76%, 5/25/2035(a)		332			381
Series 2005-52, Class PA, 6.50%, 6/25/2035		—	(b)		—	(b)
Series 2005-56, Class S, IF, IO, 4.39%, 7/25/2035(a)		435			52
Series 2005-66, Class SV, IF, IO, 4.43%, 7/25/2035(a)		506			38

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2005-103, Class SC, IF, 6.93%, 7/25/2035(a)		302		313
Series 2005-66, Class SG, IF, 11.59%, 7/25/2035(a)		140		171
Series 2005-68, Class PG, 5.50%, 8/25/2035		404		430
Series 2005-73, Class PS, IF, 10.91%, 8/25/2035(a)		104		119
Series 2005-90, PO, 9/25/2035		198		184
Series 2005-90, Class AO, PO, 10/25/2035		66		60
Series 2010-39, Class OT, PO, 10/25/2035		205		180
Series 2005-84, Class XM, 5.75%, 10/25/2035		247		265
Series 2005-90, Class ES, IF, 11.09%, 10/25/2035(a)		401		468
Series 2005-106, Class US, IF, 16.08%, 11/25/2035(a)		256		326
Series 2006-15, Class OT, PO, 1/25/2036		18		17
Series 2006-8, Class WQ, PO, 3/25/2036		591		474
Series 2006-8, Class WN, IF, IO, 4.38%, 3/25/2036(a)		2,168		345
Series 2006-16, Class HZ, 5.50%, 3/25/2036		230		244
Series 2006-23, Class KO, PO, 4/25/2036		107		95
Series 2006-27, Class OH, PO, 4/25/2036		248		219
Series 2006-44, Class GO, PO, 6/25/2036		249		210
Series 2006-50, Class JO, PO, 6/25/2036		144		118
Series 2006-50, Class PS, PO, 6/25/2036		208		181
Series 2006-53, Class US, IF, IO, 4.26%, 6/25/2036(a)		391		52
Series 2007-101, Class A2, 2.56%, 6/27/2036(a)		366		360
Series 2006-113, PO, 7/25/2036		84		81
Series 2006-58, PO, 7/25/2036		257		217
Series 2006-58, Class AP, PO, 7/25/2036		87		75
Series 2006-65, Class QO, PO, 7/25/2036		101		86
Series 2006-56, Class FT, 3.07%, 7/25/2036(a)		963		1,040
Series 2006-63, Class ZH, 6.50%, 7/25/2036		294		326
Series 2006-72, Class GO, PO, 8/25/2036		182		159
Series 2006-72, Class TO, PO, 8/25/2036		115		102
Series 2006-79, Class DO, PO, 8/25/2036		166		145
Series 2007-7, Class SG, IF, IO, 4.18%, 8/25/2036(a)		254		51
Series 2006-77, Class PC, 6.50%, 8/25/2036		1,024		1,116
Series 2006-78, Class BZ, 6.50%, 8/25/2036		251		271
Series 2006-86, Class OB, PO, 9/25/2036		222		197
Series 2006-90, Class AO, PO, 9/25/2036		194		171
Series 2009-19, Class IP, IO, 5.50%, 10/25/2036		1,215		234
Series 2006-110, PO, 11/25/2036		124		104
Series 2006-111, Class EO, PO, 11/25/2036		71		60
Series 2006-105, Class ME, 5.50%, 11/25/2036		1,210		1,314
Series 2006-115, Class OK, PO, 12/25/2036		261		215
Series 2006-119, PO, 12/25/2036		80		70
Series 2006-118, Class A2, 2.34%, 12/25/2036(a)		165		163
Series 2006-120, Class PF, 2.57%, 12/25/2036(a)		246		246
Series 2006-117, Class GS, IF, IO, 4.33%, 12/25/2036(a)		252		31
Series 2006-120, IO, 6.50%, 12/25/2036		460		94
Series 2015-91, Class AC, 7.50%, 12/25/2036(a)		3,051		3,341
Series 2006-126, Class AO, PO, 1/25/2037		455		401
Series 2007-1, Class SD, HB, IF, 25.11%, 2/25/2037(a)		33		76
Series 2007-14, Class OP, PO, 3/25/2037		144		125
Series 2007-16, Class FC, 3.07%, 3/25/2037(a)		68		71
Series 2007-22, Class SC, IF, IO, 3.76%, 3/25/2037(a)		76		4
Series 2007-14, Class ES, IF, IO, 4.12%, 3/25/2037(a)		597		81
Series 2009-63, Class P, 5.00%, 3/25/2037		43		44
Series 2007-18, Class MZ, 6.00%, 3/25/2037		482		512
Series 2007-39, Class EF, 2.57%, 5/25/2037(a)		53		53
Series 2007-46, Class ZK, 5.50%, 5/25/2037		908		934
Series 2007-54, Class FA, 2.72%, 6/25/2037(a)		191		192
Series 2007-54, Class WI, IF, IO, 3.78%, 6/25/2037(a)		590		72
Series 2007-64, Class FB, 2.69%, 7/25/2037(a)		257		257
Series 2007-72, Class EK, IF, IO, 4.08%, 7/25/2037(a)		1,309		166
Series 2007-65, Class KI, IF, IO, 4.30%, 7/25/2037(a)		297		32
Series 2007-60, Class AX, IF, IO, 4.83%, 7/25/2037(a)		437		79

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2007-76, Class ZG, 6.00%, 8/25/2037		483		526
Series 2007-78, Class CB, 6.00%, 8/25/2037		153		167
Series 2007-79, Class SB, IF, 15.53%, 8/25/2037(a)		44		58
Series 2007-88, Class VI, IF, IO, 4.22%, 9/25/2037(a)		203		32
Series 2009-86, Class OT, PO, 10/25/2037		687		601
Series 2007-100, Class SM, IF, IO, 4.13%, 10/25/2037(a)		527		66
Series 2007-91, Class ES, IF, IO, 4.14%, 10/25/2037(a)		683		78
Series 2007-106, Class A7, 6.07%, 10/25/2037(a)		96		104
Series 2007-112, Class SA, IF, IO, 4.13%, 12/25/2037(a)		1,216		154
Series 2007-116, Class HI, IO, 1.22%, 1/25/2038(a)		1,148		40
Series 2008-1, Class BI, IF, IO, 3.59%, 2/25/2038(a)		423		45
Series 2008-12, Class CO, PO, 3/25/2038		834		694
Series 2008-16, Class IS, IF, IO, 3.88%, 3/25/2038(a)		195		24
Series 2008-10, Class XI, IF, IO, 3.91%, 3/25/2038(a)		176		17
Series 2008-20, Class SA, IF, IO, 4.67%, 3/25/2038(a)		368		54
Series 2009-79, Class UA, 7.00%, 3/25/2038		47		53
Series 2008-32, Class SA, IF, IO, 4.53%, 4/25/2038(a)		64		6
Series 2008-27, Class SN, IF, IO, 4.58%, 4/25/2038(a)		111		12
Series 2008-44, PO, 5/25/2038		22		18
Series 2008-53, Class CI, IF, IO, 4.88%, 7/25/2038(a)		176		23
Series 2011-47, Class ZA, 5.50%, 7/25/2038		658		708
Series 2008-80, Class SA, IF, IO, 3.53%, 9/25/2038(a)		343		33
Series 2008-81, Class SB, IF, IO, 3.53%, 9/25/2038(a)		196		14
Series 2008-80, Class GP, 6.25%, 9/25/2038		31		34
Series 2010-148, Class MA, 4.00%, 2/25/2039		192		194
Series 2009-6, Class GS, IF, IO, 4.23%, 2/25/2039(a)		175		25
Series 2009-4, Class BD, 4.50%, 2/25/2039		46		48
Series 2009-17, Class QS, IF, IO, 4.33%, 3/25/2039(a)		246		36
Series 2009-62, Class HJ, 6.00%, 5/25/2039		228		241
Series 2009-52, Class PI, IO, 5.00%, 7/25/2039		451		88
Series 2009-47, Class MT, 7.00%, 7/25/2039		33		36
Series 2009-69, PO, 9/25/2039		164		146
Series 2009-84, Class WS, IF, IO, 3.58%, 10/25/2039(a)		151		15
Series 2009-86, Class IP, IO, 5.50%, 10/25/2039		284		54
Series 2009-92, Class AD, 6.00%, 11/25/2039		309		329
Series 2009-99, Class SC, IF, IO, 3.86%, 12/25/2039(a)		117		12
Series 2009-103, Class MB, 4.29%, 12/25/2039(a)		993		1,063
Series 2009-99, Class WA, 6.30%, 12/25/2039(a)		576		627
Series 2009-113, Class FB, 2.87%, 1/25/2040(a)		173		175
Series 2009-112, Class ST, IF, IO, 3.93%, 1/25/2040(a)		354		41
Series 2010-23, Class KS, IF, IO, 4.78%, 2/25/2040(a)		316		28
Series 2010-1, Class WA, 6.23%, 2/25/2040(a)		1,313		1,438
Series 2010-16, Class WB, 6.22%, 3/25/2040(a)		2,048		2,269
Series 2010-16, Class WA, 6.44%, 3/25/2040(a)		1,049		1,170
Series 2010-49, Class SC, IF, 8.03%, 3/25/2040(a)		540		578
Series 2010-40, Class FJ, 2.92%, 4/25/2040(a)		293		295
Series 2010-35, Class SB, IF, IO, 4.10%, 4/25/2040(a)		296		34
Series 2010-43, Class FD, 2.92%, 5/25/2040(a)		583		590
Series 2010-42, Class S, IF, IO, 4.08%, 5/25/2040(a)		126		17
Series 2010-61, Class WA, 5.98%, 6/25/2040(a)		406		442
Series 2010-68, Class SA, IF, IO, 2.68%, 7/25/2040(a)		1,397		137
Series 2010-103, Class ME, 4.00%, 9/25/2040		1,085		1,091
Series 2010-111, Class AM, 5.50%, 10/25/2040		1,685		1,857
Series 2010-125, Class SA, IF, IO, 2.12%, 11/25/2040(a)		1,584		80
Series 2010-123, Class FL, 2.75%, 11/25/2040(a)		132		133
Series 2010-130, Class CY, 4.50%, 11/25/2040		2,721		2,842
Series 2010-147, Class SA, IF, IO, 4.21%, 1/25/2041(a)		3,017		523
Series 2011-20, Class MW, 5.00%, 3/25/2041		1,674		1,777
Series 2011-30, Class LS, IO, 1.32%, 4/25/2041(a)		1,000		46
Series 2011-75, Class FA, 2.87%, 8/25/2041(a)		219		222
Series 2011-118, Class LB, 7.00%, 11/25/2041		1,264		1,430
Series 2011-118, Class MT, 7.00%, 11/25/2041		2,148		2,430

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2011-118, Class NT, 7.00%, 11/25/2041		2,152		2,398
Series 2012-99, Class BY, 2.50%, 9/25/2042		2,563		2,244
Series 2003-7, Class A1, 6.50%, 12/25/2042		261		285
Series 2013-2, Class LZ, 3.00%, 2/25/2043		540		477
Series 2013-4, Class AJ, 3.50%, 2/25/2043		4,034		4,031
Series 2013-92, PO, 9/25/2043		2,385		1,829
Series 2013-101, Class DO, PO, 10/25/2043		2,427		1,828
Series 2013-135, PO, 1/25/2044		4,028		3,009
Series 2015-85, Class HD, 3.00%, 11/25/2045		775		674
Series 2010-103, Class SB, IF, IO, 3.78%, 11/25/2049(a)		872		66
Series 2011-2, Class WA, 5.82%, 2/25/2051(a)		249		261
Series 2011-43, Class WA, 5.75%, 5/25/2051(a)		366		394
Series 2011-58, Class WA, 5.43%, 7/25/2051(a)		584		626
Series 2012-21, Class WA, 5.60%, 3/25/2052(a)		1,179		1,266
FNMA REMIC Trust
Series 2004-W4, Class A7, 5.50%, 6/25/2034		989		1,060
Series 2007-W2, Class 1A1, 2.64%, 3/25/2037(a)		282		282
Series 2007-W3, Class 1A3, 6.75%, 4/25/2037		154		167
Series 2007-W7, Class 1A4, HB, IF, 25.29%, 7/25/2037(a)		25		36
Series 2001-W3, Class A, 7.00%, 9/25/2041(a)		572		597
Series 2002-W10, IO, 0.91%, 8/25/2042(a)		2,191		52
Series 2003-W4, Class 2A, 6.50%, 10/25/2042(a)		32		36
Series 2003-W1, Class 1A1, 5.39%, 12/25/2042(a)		236		246
Series 2003-W1, Class 2A, 5.90%, 12/25/2042(a)		154		163
Series 2004-W11, Class 1A1, 6.00%, 5/25/2044		548		610
Series 2006-W3, Class 2A, 6.00%, 9/25/2046		238		263
Series 2006-W3, Class 1AF1, 2.56%, 10/25/2046(a)		181		181
Series 2009-W1, Class A, 6.00%, 12/25/2049		1,333		1,466
FNMA STRIPS
Series 356, Class 39, IO, 5.00%, 1/25/2020		62		1
Series 368, Class 3, IO, 4.50%, 11/25/2020		6		—	(b)
Series 213, Class 2, IO, 8.00%, 3/25/2023		88		11
Series 218, Class 2, IO, 7.50%, 4/25/2023		113		14
Series 265, Class 2, 9.00%, 3/25/2024		3		3
Series 300, Class 1, PO, 9/25/2024		116		108
Series 293, Class 1, PO, 12/25/2024		236		222
Series 285, Class 1, PO, 2/25/2027		7		6
Series 331, Class 13, IO, 7.00%, 11/25/2032		180		36
Series 345, Class 6, IO, 5.00%, 12/25/2033(a)		91		18
Series 351, Class 7, IO, 5.00%, 4/25/2034(a)		201		41
Series 356, Class 3, IO, 5.00%, 1/25/2035		251		52
Series 365, Class 8, IO, 5.50%, 5/25/2036		320		74
Series 373, Class 1, PO, 7/25/2036		1,975		1,666
Series 374, Class 5, IO, 5.50%, 8/25/2036		115		27
Series 393, Class 6, IO, 5.50%, 4/25/2037		56		10
Series 383, Class 32, IO, 6.00%, 1/25/2038		270		59
FNMA Trust
Series 2004-W1, Class 2A2, 7.00%, 12/25/2033		327		370
Series 2003-W8, Class 3F1, 2.72%, 5/25/2042(a)		216		213
Series 2003-W2, Class 1A1, 6.50%, 7/25/2042		251		274
Series 2003-W8, Class 2A, 7.00%, 10/25/2042		207		232
Series 2004-W2, Class 2A2, 7.00%, 2/25/2044		266		294
Series 2005-W3, Class 2AF, 2.54%, 3/25/2045(a)		538		535
Series 2005-W4, Class 3A, 3.98%, 6/25/2045(a)		1,404		1,481
Series 2005-W4, Class 1A1, 6.00%, 8/25/2045		199		215
Series 2006-W2, Class 1AF1, 2.54%, 2/25/2046(a)		289		289
GMACM Mortgage Loan Trust
Series 2003-AR2, Class 2A4, 4.66%, 12/19/2033(a)		580		582
Series 2003-J8, Class A, 5.25%, 12/25/2033		27		28
Series 2005-AR3, Class 3A4, 3.91%, 6/19/2035(a)		714		697
GNMA
Series 2002-33, Class SY, IF, 9.00%, 2/26/2023(a)		10		11
Series 2008-36, Class AY, 5.00%, 4/16/2023		150		151
Series 1994-7, Class PQ, 6.50%, 10/16/2024		264		277
Series 1999-4, Class ZB, 6.00%, 2/20/2029		105		105

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2002-31, Class SE, IF, IO, 5.19%, 4/16/2030(a)		291		26
Series 2000-36, Class IK, IO, 9.00%, 11/16/2030		7		1
Series 2000-36, Class HC, 7.33%, 11/20/2030		19		21
Series 2001-21, Class PE, 6.50%, 5/16/2031		367		400
Series 2001-36, Class S, IF, IO, 5.74%, 8/16/2031(a)		66		14
Series 2001-35, Class SA, IF, IO, 5.94%, 8/16/2031(a)		61		1
Series 2002-24, Class AG, IF, IO, 5.64%, 4/16/2032(a)		203		31
Series 2002-24, Class SB, IF, 8.46%, 4/16/2032(a)		57		61
Series 2002-24, Class Z, 8.50%, 4/16/2032		171		197
Series 2002-41, Class LS, IF, 9.00%, 6/16/2032(a)		40		49
Series 2002-45, Class QE, 6.50%, 6/20/2032		73		80
Series 2002-47, Class PG, 6.50%, 7/16/2032		88		99
Series 2010-14, Class AO, PO, 12/20/2032		56		54
Series 2003-11, Class SK, IF, IO, 5.39%, 2/16/2033(a)		351		38
Series 2008-29, PO, 2/17/2033		74		72
Series 2003-24, PO, 3/16/2033		10		9
Series 2003-41, Class ID, IO, 5.50%, 5/20/2033		341		61
Series 2003-90, PO, 10/20/2033		26		23
Series 2010-41, Class WA, 5.82%, 10/20/2033(a)		1,183		1,290
Series 2003-112, Class SA, IF, IO, 4.24%, 12/16/2033(a)		396		49
Series 2005-24, Class ST, IF, 7.50%, 1/17/2034(a)		58		58
Series 2004-28, Class S, IF, 13.31%, 4/16/2034(a)		99		127
Series 2004-46, Class AO, PO, 6/20/2034		135		115
Series 2004-73, Class AE, IF, 10.09%, 8/17/2034(a)		53		57
Series 2010-103, Class WA, 5.72%, 8/20/2034(a)		623		672
Series 2004-73, Class JL, IF, IO, 4.24%, 9/16/2034(a)		1,306		169
Series 2004-71, Class ST, IF, 7.00%, 9/20/2034(a)		33		34
Series 2004-90, Class SI, IF, IO, 3.80%, 10/20/2034(a)		420		50
Series 2005-68, Class DP, IF, 10.87%, 6/17/2035(a)		138		152
Series 2010-14, Class CO, PO, 8/20/2035		1,010		866
Series 2005-58, Class NI, IO, 5.50%, 8/20/2035(a)		1,329		259
Series 2005-68, Class KI, IF, IO, 4.00%, 9/20/2035(a)		801		95
Series 2005-72, Class AZ, 5.50%, 9/20/2035		944		996
Series 2005-85, IO, 5.50%, 11/16/2035		329		76
Series 2010-14, Class BO, PO, 11/20/2035		152		129
Series 2006-16, Class OP, PO, 3/20/2036		141		126
Series 2006-22, Class AO, PO, 5/20/2036		94		83
Series 2006-38, Class SW, IF, IO, 4.20%, 6/20/2036(a)		234		11
Series 2006-34, PO, 7/20/2036		83		73
Series 2006-59, Class SD, IF, IO, 4.40%, 10/20/2036(a)		122		18
Series 2011-22, Class WA, 5.89%, 2/20/2037(a)		1,663		1,828
Series 2007-57, PO, 3/20/2037		389		345
Series 2007-17, Class JO, PO, 4/16/2037		102		86
Series 2007-17, Class JI, IF, IO, 4.50%, 4/16/2037(a)		740		106
Series 2010-129, Class AW, 6.03%, 4/20/2037(a)		655		705
Series 2007-31, Class AO, PO, 5/16/2037		474		421
Series 2007-25, Class FN, 2.61%, 5/16/2037(a)		79		79
Series 2007-28, Class BO, PO, 5/20/2037		19		16
Series 2007-26, Class SC, IF, IO, 3.90%, 5/20/2037(a)		394		40
Series 2007-36, Class HO, PO, 6/16/2037		20		18
Series 2007-36, Class SE, IF, IO, 4.16%, 6/16/2037(a)		405		46
Series 2007-36, Class SG, IF, IO, 4.17%, 6/20/2037(a)		556		76
Series 2007-45, Class QA, IF, IO, 4.34%, 7/20/2037(a)		161		17
Series 2007-40, Class SD, IF, IO, 4.45%, 7/20/2037(a)		395		47
Series 2007-42, Class SB, IF, IO, 4.45%, 7/20/2037(a)		388		60
Series 2007-50, Class AI, IF, IO, 4.47%, 8/20/2037(a)		266		28
Series 2008-20, PO, 9/20/2037		84		79
Series 2007-53, Class SW, IF, 13.30%, 9/20/2037(a)		53		62
Series 2008-32, Class PI, IO, 5.50%, 10/16/2037		311		35
Series 2009-79, Class OK, PO, 11/16/2037		274		234
Series 2007-74, Class SL, IF, IO, 4.23%, 11/16/2037(a)		1,001		94
Series 2007-76, Class SA, IF, IO, 4.23%, 11/20/2037(a)		309		35

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2007-79, Class SY, IF, IO, 4.25%, 12/20/2037(a)		442		53
Series 2008-2, Class MS, IF, IO, 4.85%, 1/16/2038(a)		225		31
Series 2008-1, PO, 1/20/2038		56		48
Series 2015-137, Class WA, 5.49%, 1/20/2038(a)		502		544
Series 2008-13, Class PI, IO, 5.50%, 2/16/2038		751		156
Series 2008-10, Class S, IF, IO, 3.53%, 2/20/2038(a)		174		18
Series 2009-106, Class ST, IF, IO, 3.70%, 2/20/2038(a)		1,075		114
Series 2008-33, Class XS, IF, IO, 5.39%, 4/16/2038(a)		161		23
Series 2008-36, Class SH, IF, IO, 4.00%, 4/20/2038(a)		392		45
Series 2012-52, Class WA, 6.14%, 4/20/2038(a)		4,207		4,676
Series 2008-40, Class SA, IF, IO, 4.09%, 5/16/2038(a)		1,518		195
Series 2008-55, Class SA, IF, IO, 3.90%, 6/20/2038(a)		192		18
Series 2008-62, Class SA, IF, IO, 3.85%, 7/20/2038(a)		1,266		158
Series 2008-71, Class SC, IF, IO, 3.70%, 8/20/2038(a)		74		6
Series 2012-59, Class WA, 5.57%, 8/20/2038(a)		782		856
Series 2009-25, Class SE, IF, IO, 5.30%, 9/20/2038(a)		187		25
Series 2011-97, Class WA, 6.12%, 11/20/2038(a)		1,929		2,126
Series 2008-93, Class AS, IF, IO, 3.40%, 12/20/2038(a)		293		24
Series 2008-96, Class SL, IF, IO, 3.70%, 12/20/2038(a)		211		16
Series 2008-95, Class DS, IF, IO, 5.00%, 12/20/2038(a)		747		92
Series 2011-163, Class WA, 5.86%, 12/20/2038(a)		1,867		2,046
Series 2009-65, Class IQ, IO, 6.00%, 12/20/2038		93		8
Series 2009-6, Class SA, IF, IO, 3.79%, 2/16/2039(a)		259		29
Series 2009-10, Class SA, IF, IO, 3.65%, 2/20/2039(a)		424		41
Series 2009-24, Class DS, IF, IO, 4.00%, 3/20/2039(a)		72		1
Series 2009-12, Class IE, IO, 5.50%, 3/20/2039		1,338		261
Series 2009-14, Class KI, IO, 6.50%, 3/20/2039		261		58
Series 2009-14, Class NI, IO, 6.50%, 3/20/2039		314		82
Series 2009-33, Class CI, IO, 5.50%, 5/20/2039		99		20
Series 2009-33, Class TI, IO, 6.00%, 5/20/2039		228		51
Series 2009-102, Class SM, IF, IO, 4.09%, 6/16/2039(a)		362		11
Series 2009-43, Class SA, IF, IO, 3.65%, 6/20/2039(a)		280		29
Series 2009-42, Class SC, IF, IO, 3.78%, 6/20/2039(a)		533		54
Series 2009-64, Class SN, IF, IO, 3.79%, 7/16/2039(a)		478		42
Series 2009-54, Class JZ, 5.50%, 7/20/2039		1,834		1,991
Series 2009-67, Class SA, IF, IO, 3.74%, 8/16/2039(a)		399		38
Series 2009-72, Class SM, IF, IO, 3.94%, 8/16/2039(a)		732		85
Series 2009-104, Class AB, 7.00%, 8/16/2039		680		735
Series 2009-106, Class AS, IF, IO, 4.09%, 11/16/2039(a)		808		86
Series 2015-91, Class W, 5.24%, 5/20/2040(a)		1,511		1,616
Series 2013-75, Class WA, 5.19%, 6/20/2040(a)		774		828
Series 2011-137, Class WA, 5.56%, 7/20/2040(a)		2,575		2,802
Series 2010-130, Class CP, 7.00%, 10/16/2040		570		638
Series 2010-157, Class OP, PO, 12/20/2040		1,669		1,341
Series 2011-100, Class MY, 4.00%, 7/20/2041		2,000		2,051
Series 2012-24, Class WA, 5.57%, 7/20/2041(a)		3,711		4,049
Series 2013-26, Class AK, 4.67%, 9/20/2041(a)		1,930		2,010
Series 2014-188, Class W, 4.60%, 10/20/2041(a)		2,008		2,088
Series 2012-141, Class WA, 4.53%, 11/16/2041(a)		5,497		5,785
Series 2012-141, Class WC, 3.72%, 1/20/2042(a)		3,446		3,491
Series 2012-141, Class WB, 3.98%, 9/16/2042(a)		4,909		5,005
Series 2012-138, Class PT, 3.98%, 11/16/2042(a)		4,884		4,981
Series 2013-54, Class WA, 4.75%, 11/20/2042(a)		2,745		2,868
Series 2017-99, Class PT, 6.02%, 8/20/2044(a)		1,796		1,983
Series 2016-90, Class LI, IO, 4.00%, 7/20/2046		7,903		1,586
Series 2012-H24, Class FG, 2.70%, 4/20/2060(a)		641		641
Series 2013-H03, Class FA, 2.57%, 8/20/2060(a)		109		109
Series 2013-H05, Class FB, 2.67%, 2/20/2062(a)		151		150
Series 2013-H07, Class MA, 2.82%, 4/20/2062(a)		1,187		1,187
Series 2013-H02, Class HF, 2.57%, 11/20/2062(a)		129		129
Series 2013-H01, Class JA, 2.59%, 1/20/2063(a)		4,051		4,042
Series 2013-H04, Class SA, 2.69%, 2/20/2063(a)		2,442		2,444
Series 2013-H08, Class FC, 2.72%, 2/20/2063(a)		3,634		3,638

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2013-H08, Class BF, 2.67%, 3/20/2063(a)		1,828		1,825
Series 2013-H07, Class HA, 2.68%, 3/20/2063(a)		4,920		4,920
Series 2013-H09, Class HA, 1.65%, 4/20/2063		3,990		3,904
Series 2014-H17, Class FC, 2.77%, 7/20/2064(a)		914		917
Series 2015-H32, Class FH, 2.93%, 12/20/2065(a)		4,062		4,104
Series 2016-H13, Class FT, 2.85%, 5/20/2066(a)		4,898		4,910
Series 2016-H13, Class FD, 3.04%, 5/20/2066(a)		7,404		7,403
Series 2016-H11, Class FD, 3.06%, 5/20/2066(a)		2,167		2,183
Series 2016-H16, Class FC, 3.10%, 7/20/2066(a)		7,652		7,697
Series 2016-H26, Class FC, 3.27%, 12/20/2066(a)		1,703		1,740
Series 2017-H08, Class XI, IO, 2.08%, 3/20/2067(a)		6,999		870
Series 2017-H11, Class XI, IO, 1.89%, 5/20/2067(a)		18,903		2,189
Series 2017-H14, Class XI, IO, 1.61%, 6/20/2067(a)		8,250		794
Series 2017-H14, Class AI, IO, 1.98%, 6/20/2067(a)		10,001		1,103
Goodgreen Trust Series 2017-R1, 5.00%, 10/20/2051‡		2,862		2,801
GSMPS Mortgage Loan Trust
Series 2001-2, Class A, 7.50%, 6/19/2032(a)(c)		330		319
Series 2004-4, Class 1AF, 2.71%, 6/25/2034(a)(c)		151		146
Series 2005-RP2, Class 1AF, 2.66%, 3/25/2035(a)(c)		300		281
Series 2005-RP3, Class 1AS, IO, 2.24%, 9/25/2035‡(a)(c)		832		55
Series 2005-RP3, Class 1AF, 2.66%, 9/25/2035(a)(c)		1,830		1,638
Series 2006-RP2, Class 1AS2, IF, IO, 3.79%, 4/25/2036‡(a)(c)		1,741		191
GSR Mortgage Loan Trust
Series 2003-6F, Class A2, 2.71%, 9/25/2032(a)		13		13
Series 2003-7F, Class 1A4, 5.25%, 6/25/2033		275		279
Series 2003-13, Class 1A1, 4.33%, 10/25/2033(a)		64		66
Series 2004-3F, Class 3A8, 13.50%, 2/25/2034		28		32
Series 2004-6F, Class 2A4, 5.50%, 5/25/2034		465		473
Series 2004-8F, Class 2A3, 6.00%, 9/25/2034		378		387
Series 2004-13F, Class 3A3, 6.00%, 11/25/2034		227		231
Series 2005-5F, Class 8A3, 2.81%, 6/25/2035(a)		70		67
Series 2005-7F, Class 3A9, 6.00%, 9/25/2035		702		731
Series 2006-1F, Class 1AP, PO, 2/25/2036‡		146		121
Series 2006-1F, Class 2A4, 6.00%, 2/25/2036		2,435		2,033
Headlands Residential LLC
Series 2017-RPL1, Class A, 3.88%, 8/25/2022(c)(d)		3,325		3,288
4.25%, 6/25/2023(a)		3,570		3,552
HERO Funding III (Cayman Islands) Series 2017-1A, Class A, 3.50%, 9/21/2043‡(c)		1,832		1,720
Impac CMB Trust Series 2005-2, Class 2M1, 3.09%, 4/25/2035‡(a)		82		77
Impac Secured Assets CMN Owner Trust Series 2001-8, Class A6, 6.44%, 1/25/2032		464		474
Impac Secured Assets Trust Series 2006-2, Class 2A1, 2.66%, 8/25/2036(a)		502		487
IndyMac INDX Mortgage Loan Trust Series 2006-AR3, Class 2A1A, 3.73%, 3/25/2036(a)		135		121
JP Morgan Mortgage Trust
Series 2006-A2, Class 5A2, 4.61%, 11/25/2033(a)		347		355
Series 2006-A2, Class 5A3, 4.61%, 11/25/2033(a)		628		643
Series 2004-A3, Class 4A1, 4.52%, 7/25/2034(a)		100		103
Series 2006-A3, Class 6A1, 4.11%, 8/25/2034(a)		148		147
Series 2006-A2, Class 4A1, 4.48%, 8/25/2034(a)		455		459
Series 2004-A4, Class 1A1, 4.64%, 9/25/2034(a)		99		101
Series 2004-S1, Class 1A7, 5.00%, 9/25/2034		16		16
Series 2005-A1, Class 3A4, 4.33%, 2/25/2035(a)		306		313
Series 2007-A1, Class 5A2, 4.18%, 7/25/2035(a)		194		199
Lehman Mortgage Trust
Series 2006-2, Class 1A1, 5.77%, 4/25/2036(a)		270		243
Series 2007-6, Class 1A8, 6.00%, 7/25/2037		149		139
Series 2008-2, Class 1A6, 6.00%, 3/25/2038		496		353
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1, 4.66%, 4/21/2034(a)		119		122
Series 2004-3, Class 4A2, 3.67%, 4/25/2034(a)		72		66
Series 2004-4, Class 2A1, 3.95%, 5/25/2034(a)		21		19
Series 2004-13, Class 3A7, 4.44%, 11/21/2034(a)		582		594
Series 2004-15, Class 3A1, 4.63%, 12/25/2034(a)		159		153

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
MASTR Alternative Loan Trust
Series 2004-10, Class 1A1, 4.50%, 9/25/2019		15			15
Series 2003-4, Class 2A1, 6.25%, 6/25/2033		230			236
Series 2003-8, Class 3A1, 5.50%, 12/25/2033		71			73
Series 2003-9, Class 8A1, 6.00%, 1/25/2034		81			82
Series 2004-1, Class 30PO, PO, 2/25/2034‡		63			55
Series 2004-3, Class 30PO, PO, 4/25/2034‡		133			112
Series 2004-3, Class 30X1, IO, 6.00%, 4/25/2034‡		91			18
Series 2004-3, Class 2A1, 6.25%, 4/25/2034		212			220
Series 2004-5, Class 30PO, PO, 6/25/2034‡		175			158
Series 2004-5, Class 30X1, IO, 6.00%, 6/25/2034‡		54			9
Series 2004-6, Class 30X1, IO, 5.50%, 7/25/2034‡		72			15
Series 2004-6, Class 7A1, 6.00%, 7/25/2034		675			687
Series 2004-7, Class 30PO, PO, 8/25/2034‡		48			40
Series 2004-7, Class AX1, IO, 5.50%, 8/25/2034‡		237			37
Series 2005-3, Class AX2, IO, 6.00%, 4/25/2035‡		1,323			234
MASTR Asset Securitization Trust
Series 2003-11, Class 15PO, PO, 12/25/2018‡		—	(b)		—	(b)
Series 2004-4, Class 3A1, 4.50%, 4/25/2019		3			3
Series 2004-8, PO, 8/25/2019‡		3			2
Series 2004-8, Class 1A1, 4.75%, 8/25/2019		2			2
Series 2004-9, Class 5A1, 5.25%, 9/25/2019		3			3
Series 2003-12, Class 6A1, 5.00%, 12/25/2033		51			51
Series 2004-P7, Class A6, 5.50%, 12/27/2033(c)		105			105
Series 2004-1, Class 30PO, PO, 2/25/2034‡		10			9
Series 2004-3, PO, 3/25/2034‡		11			10
MASTR Reperforming Loan Trust Series 2005-2, Class 1A1F, 2.66%, 5/25/2035(a)(c)		1,678			1,356
MASTR Resecuritization Trust Series 2005-PO, Class 3PO, PO, 5/28/2035(c)		147			119
Merrill Lynch Mortgage Investors Trust
Series 2003-A, Class 2A2, 3.34%, 3/25/2028(a)		159			160
Series 2003-E, Class A1, 2.93%, 10/25/2028(a)		601			597
Series 2003-F, Class A1, 2.95%, 10/25/2028(a)		996			982
Series 2004-D, Class A2, 3.24%, 9/25/2029(a)		402			388
Series 2004-E, Class A2A, 3.29%, 11/25/2029(a)		212			211
Series 2003-A5, Class 2A6, 4.41%, 8/25/2033(a)		233			240
Series 2004-A4, Class A2, 4.08%, 8/25/2034(a)		370			378
Series 2004-1, Class 2A1, 4.14%, 12/25/2034(a)		299			299
Series 2005-A1, Class 3A, 4.40%, 12/25/2034(a)		38			39
Merrill Lynch Mortgage Investors Trust MLMI Series 2003-A4, Class 2A, 4.46%, 7/25/2033(a)		103			101
ML Trust XLVII Series 47, Class Z, 8.99%, 10/20/2020‡		—	(b)		—	(b)
Morgan Stanley Mortgage Loan Trust Series 2004-3, Class 4A, 5.64%, 4/25/2034(a)		406			429
MortgageIT Trust Series 2005-5, Class A1, 2.57%, 12/25/2035(a)		102			101
NACC Reperforming Loan REMIC Trust Series 2004-R2, Class A1, 6.50%, 10/25/2034(a)(c)		333			325
Nomura Asset Acceptance Corp. Alternative Loan Trust
Series 2003-A1, Class A5, 7.00%, 4/25/2033		23			24
Series 2003-A1, Class A1, 5.50%, 5/25/2033		22			22
Series 2003-A1, Class A2, 6.00%, 5/25/2033		36			36
Prime Mortgage Trust
Series 2004-CL1, Class 1A1, 6.00%, 2/25/2034		314			328
Series 2004-1, Class 2A3, 5.25%, 8/25/2034		12			12
Series 2005-4, Class 2PO, PO, 10/25/2035‡		147			79
Provident Funding Mortgage Loan Trust Series 2005-1, Class 2A1, 3.90%, 5/25/2035(a)		148			145
RALI Trust
Series 2002-QS16, Class A3, IF, 11.78%, 10/25/2017(a)		—	(b)		—	(b)
Series 2003-QS3, Class A2, IF, 11.41%, 2/25/2018‡(a)		1			1
Series 2003-QS9, Class A3, IF, IO, 5.24%, 5/25/2018‡(a)		2			—	(b)
Series 2003-QS12, Class A5, IO, 5.00%, 6/25/2018‡		—	(b)		—	(b)
Series 2003-QS12, Class A2A, IF, IO, 5.29%, 6/25/2018‡(a)		1			—	(b)
Series 2003-QS14, Class A1, 5.00%, 7/25/2018		9			9
Series 2003-QS18, Class A1, 5.00%, 9/25/2018		8			8
Series 2004-QA4, Class NB3, 5.46%, 9/25/2034‡(a)		530			532

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2004-QA6, Class NB2, 4.15%, 12/26/2034(a)		133		116
Series 2005-QA6, Class A32, 5.00%, 5/25/2035(a)		843		662
Series 2005-QA10, Class A31, 4.75%, 9/25/2035(a)		118		103
Series 2007-QS1, Class 1A1, 6.00%, 1/25/2037		221		204
RBSSP Resecuritization Trust
Series 2009-12, Class 1A1, 5.53%, 11/25/2033(a)(c)		234		240
Series 2009-1, Class 1A1, 6.50%, 2/26/2036(a)(c)		385		399
RCO Trust
Series 2017-INV1, Class A, 3.20%, 11/25/2052(a)(c)		3,283		3,226
Series 2017-INV1, Class M1, 3.90%, 11/25/2052‡(a)(c)		3,418		3,421
Residential Asset Securitization Trust
Series 2003-A14, Class A1, 4.75%, 2/25/2019		3		2
Series 2003-A5, Class A1, 5.50%, 6/25/2033		160		160
Series 2004-IP2, Class 1A1, 4.43%, 12/25/2034(a)		380		384
Series 2005-A2, Class A4, IF, IO, 2.74%, 3/25/2035‡(a)		2,454		133
Series 2005-A16, Class AX, IO, 5.75%, 2/25/2036‡		1,008		219
Series 2006-A4, Class 2A5, 6.00%, 5/25/2036		368		353
Series 2006-A6, Class 2A13, 6.00%, 7/25/2036		251		210
RFMSI Trust Series 2005-SA4, Class 1A1, 4.00%, 9/25/2035(a)		165		148
Sequoia Mortgage Trust
Series 2003-1, Class 1A, 3.06%, 4/20/2033(a)		384		376
Series 2004-8, Class A1, 3.00%, 9/20/2034(a)		649		636
Series 2004-8, Class A2, 3.25%, 9/20/2034(a)		638		632
Series 2004-9, Class A1, 2.98%, 10/20/2034(a)		1,563		1,523
Series 2004-10, Class A1A, 2.92%, 11/20/2034(a)		512		506
Structured Asset Mortgage Investments II Trust
Series 2004-AR5, Class 1A1, 2.96%, 10/19/2034(a)		755		742
Series 2005-AR5, Class A3, 2.80%, 7/19/2035(a)		1,212		1,192
Structured Asset Securities Corp. Series 2003-37A, Class 2A, 4.42%, 12/25/2033(a)		897		900
Structured Asset Securities Corp. Mortgage Pass-Through Certificates
Series 2003-33H, Class 1APO, PO, 10/25/2033‡		128		118
Series 2003-33H, Class 1A1, 5.50%, 10/25/2033		315		320
Series 2003-34A, Class 3A3, 4.27%, 11/25/2033(a)		239		239
Series 2004-5H, Class A4, 5.54%, 12/25/2033		708		723
Thornburg Mortgage Securities Trust
Series 2003-4, Class A1, 2.95%, 9/25/2043(a)		52		52
Series 2004-1, Class II2A, 2.88%, 3/25/2044‡(a)		54		52
Vendee Mortgage Trust
Series 1994-1, Class 2ZB, 6.50%, 2/15/2024		1,316		1,385
Series 1996-1, Class 1Z, 6.75%, 2/15/2026		248		269
Series 1996-2, Class 1Z, 6.75%, 6/15/2026		136		148
Series 1997-1, Class 2Z, 7.50%, 2/15/2027		291		317
Series 1998-1, Class 2E, 7.00%, 3/15/2028		205		226
VOLT LXXI LLC Series 2018-NPL7, Class A1B, 4.26%, 9/25/2048‡(c)(d)		4,475		4,440
WaMu Mortgage Pass-Through Certificates Trust
Series 2004-CB2, Class 5A, 5.00%, 7/25/2019		20		20
Series 2004-CB2, Class 7A, 5.50%, 8/25/2019		7		7
Series 2004-CB3, Class 4A, 6.00%, 10/25/2019		20		21
Series 2003-S1, Class A5, 5.50%, 4/25/2033		288		295
Series 2003-S3, Class 1A4, 5.50%, 6/25/2033		86		88
Series 2003-AR7, Class A7, 4.15%, 8/25/2033(a)		285		292
Series 2003-AR8, Class A, 4.23%, 8/25/2033(a)		251		255
Series 2003-AR9, Class 1A6, 4.33%, 9/25/2033(a)		884		903
Series 2003-AR9, Class 2A, 4.41%, 9/25/2033(a)		211		214
Series 2003-S9, Class P, PO, 10/25/2033‡		10		9
Series 2003-AR11, Class A6, 4.32%, 10/25/2033(a)		636		642
Series 2003-S9, Class A8, 5.25%, 10/25/2033		688		694
Series 2004-AR3, Class A1, 3.96%, 6/25/2034(a)		61		62
Series 2004-AR3, Class A2, 3.96%, 6/25/2034(a)		413		420
Series 2004-S2, Class 2A4, 5.50%, 6/25/2034		1,176		1,220
Series 2006-AR10, Class 2P, 3.99%, 9/25/2036‡(a)		75		63
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
Series 2005-4, Class DP, PO, 6/25/2020‡		48		46
Series 2005-1, Class 1A1, 5.50%, 3/25/2035		72		71
Series 2005-2, Class 1A4, IF, IO, 2.74%, 4/25/2035‡(a)		3,785		295

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2005-4, Class CB7, 5.50%, 6/25/2035		503		482
Series 2005-6, Class 2A4, 5.50%, 8/25/2035		418		399
Series 2005-11, Class A4, IF, IO, 2.64%, 1/25/2036‡(a)		5,702		438
Washington Mutual MSC Mortgage Pass-Through Certificates Trust
Series 2004-RA4, Class 1P, PO, 4/25/2019‡		2		2
Series 2004-RA2, Class 2A, 7.00%, 7/25/2033		311		337
Wells Fargo Mortgage-Backed Securities Trust
Series 2003-G, Class A1, 4.47%, 6/25/2033(a)		591		597
Series 2003-K, Class 1A1, 4.69%, 11/25/2033(a)		105		107
Series 2003-K, Class 1A2, 4.69%, 11/25/2033(a)		29		29
Series 2004-B, Class A1, 4.01%, 2/25/2034(a)		56		56
Series 2005-AR16, Class 2A1, 4.21%, 2/25/2034(a)		161		165
Series 2004-I, Class 1A1, 4.56%, 7/25/2034(a)		597		610
Series 2004-S, Class A1, 4.60%, 9/25/2034(a)		872		892
Series 2004-P, Class 2A1, 4.64%, 9/25/2034(a)		1,027		1,054
Series 2004-Q, Class 1A3, 4.72%, 9/25/2034(a)		34		34
Series 2004-V, Class 1A1, 4.45%, 10/25/2034(a)		238		241
Series 2004-U, Class A1, 4.55%, 10/25/2034(a)		824		828
Series 2004-EE, Class 2A1, 4.48%, 12/25/2034(a)		283		288
Series 2004-EE, Class 2A2, 4.48%, 12/25/2034(a)		35		36
Series 2004-EE, Class 3A1, 4.53%, 12/25/2034(a)		214		221
Series 2005-AR8, Class 2A1, 4.31%, 6/25/2035(a)		234		241
Series 2005-9, Class 1APO, PO, 10/25/2035‡		49		46
Series 2007-7, Class A7, 6.00%, 6/25/2037		308		305
Series 2007-11, Class A14, 6.00%, 8/25/2037		219		213
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $441,575)				442,776
COMMERCIAL MORTGAGE-BACKED SECURITIES — 13.4%
BAMLL Commercial Mortgage Securities Trust
Series 2012-PARK, Class A, 2.96%, 12/10/2030(c)		1,120		1,107
Series 2014-520M, Class A, 4.33%, 8/15/2046(a)(c)		1,000		979
Series 2014-520M, Class C, 4.35%, 8/15/2046‡(a)(c)		2,500		2,268
Series 2016-FR14, Class A, 3.02%, 2/27/2048(a)(c)		5,185		4,890
BAMLL Re-REMIC Trust
Series 2016-FR16, Class A, 0.95%, 5/27/2021(a)(c)		1,985		1,835
Series 2014-FRR5, Class AK30, PO, 6/27/2045(c)		4,500		3,571
Series 2016-FR13, Class A, 1.66%, 8/27/2045(a)(c)		6,365		5,591
Series 2015-FR11, Class AK25, 2.68%, 9/27/2045(a)(c)		4,500		4,172
Series 2014-FRR5, Class A714, PO, 1/27/2047(c)		3,000		2,728
Series 2014-FRR8, Class A, 2.20%, 11/26/2047(a)(c)		3,585		2,971
BB-UBS Trust
Series 2012-TFT, Class A, 2.89%, 6/5/2030(c)		966		948
Series 2012-SHOW, Class A, 3.43%, 11/5/2036(c)		4,100		4,014
Series 2012-SHOW, Class E, 4.16%, 11/5/2036(a)(c)		3,575		3,378
Commercial Mortgage Trust
Series 2013-300P, Class A1, 4.35%, 8/10/2030(c)		1,500		1,557
Series 2014-TWC, Class A, 3.16%, 2/13/2032(a)(c)		2,500		2,499
Series 2018-HOME, Class A, 3.94%, 4/10/2033(a)(c)		3,570		3,527
Series 2013-SFS, Class A2, 3.09%, 4/12/2035(a)(c)		1,247		1,220
Series 2006-GG7, Class AM, 5.86%, 7/10/2038(a)		193		193
Series 2013-CR9, Class XB, IO, 0.25%, 7/10/2045‡(a)(c)		140,330		1,364
Series 2012-CR2, Class XA, IO, 1.81%, 8/15/2045‡(a)		4,898		242
Series 2014-CR19, Class A5, 3.80%, 8/10/2047		1,500		1,510
Series 2015-CR24, Class A5, 3.70%, 8/10/2048		1,542		1,535
Series 2015-CR25, Class A4, 3.76%, 8/10/2048		1,562		1,559
CSAIL Commercial Mortgage Trust
Series 2017-CX10, Class UESB, 4.38%, 10/15/2032‡(a)(c)		7,969		7,867
Series 2017-CX10, Class UESC, 4.38%, 10/15/2032‡(a)(c)		2,900		2,850
CSMC OA LLC Series 2014-USA, Class D, 4.37%, 9/15/2037(c)		1,700		1,618
DBWF Mortgage Trust Series 2015-LCM, Class A1, 3.00%, 6/10/2034(c)		1,459		1,411
FHLMC Multifamily Structured Pass-Through Certificates
Series KJ02, Class A2, 2.60%, 9/25/2020		199		197

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COMMERCIAL MORTGAGE-BACKED SECURITIES — continued
Series KJ09, Class A2, 2.84%, 9/25/2022		2,069		2,042
Series KJ07, Class A2, 2.31%, 12/25/2022		4,358		4,221
Series KS01, Class A2, 2.52%, 1/25/2023		2,000		1,954
Series KPLB, Class A, 2.77%, 5/25/2025		321		309
Series K065, Class A2, 3.24%, 4/25/2027		1,848		1,803
Series K065, Class AM, 3.33%, 5/25/2027		993		970
Series K070, Class A2, 3.30%, 11/25/2027(a)		1,529		1,493
Series K077, Class AM, 3.85%, 5/25/2028(a)		4,025		4,082
Series K081, Class A2, 3.90%, 8/25/2028(a)		2,645		2,693
Series K082, Class A2, 3.92%, 9/25/2028(a)		6,707		6,839
Series K083, Class A2, 4.05%, 9/25/2028(a)		2,155		2,221
FNMA ACES
Series 2010-M1, Class A2, 4.45%, 9/25/2019		1,887		1,897
Series 2016-M2, Class AV2, 2.15%, 1/25/2023		5,000		4,808
Series 2014-M3, Class A2, 3.50%, 1/25/2024(a)		2,500		2,523
Series 2014-M9, Class A2, 3.10%, 7/25/2024(a)		1,640		1,624
Series 2015-M3, Class A2, 2.72%, 10/25/2024		3,000		2,899
Series 2015-M7, Class A2, 2.59%, 12/25/2024		1,230		1,179
Series 2015-M2, Class A3, 3.15%, 12/25/2024(a)		2,224		2,195
Series 2015-M13, Class A2, 2.80%, 6/25/2025(a)		3,091		2,970
Series 2016-M6, Class A2, 2.49%, 5/25/2026		4,500		4,191
Series 2017-M3, Class A2, 2.57%, 12/25/2026(a)		10,000		9,226
Series 2015-M10, Class A2, 3.09%, 4/25/2027(a)		7,777		7,510
Series 2017-M8, Class A2, 3.06%, 5/25/2027(a)		2,860		2,737
Series 2017-M12, Class A2, 3.18%, 6/25/2027(a)		5,122		4,919
Series 2018-M7, Class A2, 3.15%, 3/25/2028(a)		4,377		4,194
Series 2018-M14, Class A2, 3.58%, 8/25/2028(a)		4,000		4,035
Series 2017-M5, Class A2, 3.30%, 4/25/2029(a)		9,889		9,447
Series 2018-M3, Class A2, 3.19%, 2/25/2030(a)		1,255		1,173
FNMA Grantor Trust Series 2017-T1, Class A, 2.90%, 6/25/2027		3,872		3,612
FREMF Mortgage Trust
Series 2015-K720, Class B, 3.51%, 7/25/2022(a)(c)		6,000		5,930
Series 2014-K39, Class C, 4.28%, 8/25/2047(a)(c)		3,099		3,001
Series 2014-K41, Class C, 3.96%, 11/25/2047(a)(c)		1,830		1,741
Series 2014-K40, Class C, 4.21%, 11/25/2047(a)(c)		1,626		1,600
Series 2015-K44, Class B, 3.81%, 1/25/2048(a)(c)		2,510		2,428
Series 2015-K45, Class B, 3.71%, 4/25/2048(a)(c)		5,075		4,969
Series 2015-K46, Class C, 3.82%, 4/25/2048(a)(c)		3,000		2,868
Series 2015-K48, Class B, 3.76%, 8/25/2048(a)(c)		5,545		5,324
Series 2015-K48, Class C, 3.76%, 8/25/2048(a)(c)		5,000		4,666
Series 2015-K49, Class C, 3.85%, 10/25/2048(a)(c)		3,000		2,860
Series 2015-K50, Class B, 3.91%, 10/25/2048(a)(c)		2,100		2,038
Series 2015-K51, Class B, 4.09%, 10/25/2048(a)(c)		1,000		986
Series 2016-K722, Class B, 3.97%, 7/25/2049(a)(c)		5,250		5,252
Series 2016-K59, Class B, 3.70%, 11/25/2049(a)(c)		1,902		1,822
GS Mortgage Securities Corp. II Series 2013-KING, Class A, 2.71%, 12/10/2027(c)		2,414		2,399
GS Mortgage Securities Corp. Trust Series 2012-SHOP, Class XA, IO, 1.44%, 6/5/2031‡(a)(c)		20,000		65
GS Mortgage Securities Trust Series 2006-GG8, Class X, IO, 1.09%, 11/10/2039‡(a)(c)		2,537		18
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2006-CB15, Class X1, IO, 0.39%, 6/12/2043‡(a)		8,174		9
Series 2006-LDP9, Class AMS, 5.34%, 5/15/2047		600		600
JPMCC Re-REMIC Trust
Series 2015-FRR2, Class AK36, 2.58%, 12/27/2046(a)(c)		3,500		3,089
Series 2014-FRR1, Class A707, 4.35%, 1/27/2047(c)		6,900		6,878
Series 2014-FRR1, Class BK10, 2.51%, 11/27/2049(a)(c)		3,500		3,345
Series 2014-FRR1, Class AK10, 4.29%, 11/27/2049(c)		456		446
Ladder Capital Commercial Mortgage Trust Series 2013-GCP, Class A2, 3.99%, 2/15/2036(c)		2,686		2,669
LB-UBS Commercial Mortgage Trust Series 2006-C1, Class XCL, IO, 0.39%, 2/15/2041‡(a)(c)		2,585		—	(b)

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COMMERCIAL MORTGAGE-BACKED SECURITIES — continued
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C14, Class A3, 3.67%, 2/15/2047		1,000		1,004
Morgan Stanley Capital I Trust
Series 2012-C4, Class A3, 2.99%, 3/15/2045		778		775
Series 2011-C3, Class A3, 4.05%, 7/15/2049		890		893
Morgan Stanley Re-REMIC Trust
Series 2012-XA, Class B, 0.25%, 7/27/2049‡(c)		365		343
Series 2012-IO, Class AXA, 1.00%, 3/27/2051(c)		113		113
RBS Commercial Funding, Inc. Trust Series 2013-SMV, Class A, 3.26%, 3/11/2031(c)		2,123		2,078
UBS Commercial Mortgage Trust Series 2012-C1, Class XA, IO, 2.25%, 5/10/2045(a)(c)		6,243		348
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 6/10/2030(c)		3,015		2,998
UBS-Barclays Commercial Mortgage Trust
Series 2013-C6, Class A4, 3.24%, 4/10/2046		857		848
Series 2012-C2, Class XA, IO, 1.48%, 5/10/2063‡(a)(c)		10,720		411
Series 2012-C2, Class A4, 3.53%, 5/10/2063		1,300		1,298
VNDO Mortgage Trust
Series 2013-PENN, Class A, 3.81%, 12/13/2029(c)		2,500		2,519
Series 2012-6AVE, Class A, 3.00%, 11/15/2030(c)		2,991		2,934
Wachovia Bank Commercial Mortgage Trust Series 2006-C24, Class XC, IO, 0.10%, 3/15/2045‡(a)(c)		5,474		—	(b)
Wells Fargo Commercial Mortgage Trust
Series 2013-120B, Class A, 2.80%, 3/18/2028(a)(c)		3,000		2,974
Series 2015-C30, Class A4, 3.66%, 9/15/2058		1,458		1,447
WFRBS Commercial Mortgage Trust
Series 2011-C3, Class A4, 4.38%, 3/15/2044(c)		1,250		1,274
Series 2013-C11, Class D, 4.41%, 3/15/2045‡(a)(c)		750		725
Series 2012-C6, Class A4, 3.44%, 4/15/2045		1,200		1,199
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $258,882)				256,551
ASSET-BACKED SECURITIES — 11.9%
ABFC Trust Series 2005-AQ1, Class A4, 4.78%, 1/25/2034‡(d)		459		468
Accelerated Assets LLC Series 2018-1, Class B, 4.51%, 12/2/2033‡(c)		3,462		3,455
Ajax Mortgage Loan Trust Series 2017-A, Class A, 3.47%, 4/25/2057‡(c)(d)		1,737		1,721
American Homes 4 Rent Series 2015-SFR1, Class D, 4.41%, 4/17/2052‡(c)		4,390		4,385
American Homes 4 Rent Trust
Series 2014-SFR2, Class A, 3.79%, 10/17/2036‡(c)		3,198		3,202
Series 2014-SFR2, Class D, 5.15%, 10/17/2036‡(c)		4,085		4,247
Series 2014-SFR2, Class E, 6.23%, 10/17/2036(c)		1,500		1,623
Series 2014-SFR3, Class B, 4.20%, 12/17/2036‡(c)		5,850		5,919
Series 2014-SFR3, Class C, 4.60%, 12/17/2036(c)		1,570		1,605
Series 2014-SFR3, Class D, 5.04%, 12/17/2036‡(c)		3,650		3,777
Series 2014-SFR3, Class E, 6.42%, 12/17/2036‡(c)		3,172		3,469
Series 2015-SFR2, Class A, 3.73%, 10/17/2045(c)		1,895		1,889
Series 2015-SFR2, Class D, 5.04%, 10/17/2045‡(c)		3,100		3,243
Series 2015-SFR2, Class E, 6.07%, 10/17/2045‡(c)		3,600		3,870
Series 2015-SFR1, Class A, 3.47%, 4/17/2052(c)		1,869		1,838
Series 2015-SFR1, Class E, 5.64%, 4/17/2052‡(c)		3,030		3,181
Anchor Assets IX LLC
Series 2016-1, Class A, 5.13%, 2/15/2020‡(c)		8,650		8,650
Series 2016-1, Class B, 6.25%, 2/15/2020‡(c)		5,725		5,725
B2R Mortgage Trust
Series 2015-1, Class A1, 2.52%, 5/15/2048(c)		2,138		2,113
Series 2015-2, Class A, 3.34%, 11/15/2048(c)		2,117		2,098
Series 2016-1, Class A, 2.57%, 6/15/2049(c)		2,273		2,211
Series 2016-1, Class B, 3.87%, 6/15/2049‡(c)		2,000		1,958
Banc of America Funding Corp. Series 2012-R6, Class 1A1, 3.00%, 10/26/2039‡(c)		1		1
Bear Stearns Asset-Backed Securities Trust Series 2006-SD1, Class A, 2.68%, 4/25/2036‡(a)		37		36
BXG Receivables Note Trust Series 2012-A, Class A, 2.66%, 12/2/2027(c)		416		409
Camillo Issuer LLC
Series 2016-SFR, Class 1-A-1, 5.00%, 12/5/2023‡		3,925		3,917
Series 2018-SFR1, Class A, 5.25%, 6/5/2028‡(c)		2,873		2,873

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
ASSET-BACKED SECURITIES — continued
Cascade Funding Mortgage Trust Series 2018-RM1, Class A1, 4.58%, 6/25/2048(c)(d)		2,560		2,534
Chase Funding Trust
Series 2002-3, Class 1A5, 5.91%, 6/25/2032‡(d)		1,042		1,020
Series 2003-4, Class 1A5, 5.22%, 5/25/2033(d)		533		539
Series 2003-6, Class 1A7, 5.06%, 11/25/2034‡(d)		407		417
Citigroup Global Markets Mortgage Securities VII, Inc. Series 2003-UP1, Class A, 3.95%, 4/25/2032‡(c)(d)		32		31
Citigroup Mortgage Loan Trust, Inc. Series 2003-HE3, Class A, 3.07%, 12/25/2033(a)		27		27
Colony American Finance Ltd. (Cayman Islands)
Series 2016-1, Class A, 2.54%, 6/15/2048(c)		703		690
Series 2016-2, Class A, 2.55%, 11/15/2048(c)		1,715		1,674
CoreVest American Finance Trust Series 2017-2, Class M, 5.62%, 12/25/2027‡(c)		2,200		2,286
Diamond Resorts Owner Trust
Series 2017-1A, Class A, 3.27%, 10/22/2029(c)		1,175		1,158
Series 2017-1A, Class B, 4.11%, 10/22/2029‡(c)		801		795
Series 2018-1, Class B, 4.19%, 1/21/2031‡(c)		5,175		5,162
FNMA REMIC Trust Series 2001-W4, Class AF6, 5.61%, 1/25/2032(d)		86		88
Golden Bear LLC Series 2016-R, Class R, 5.65%, 9/20/2047‡(c)		1,591		1,612
Goodgreen Trust Series 2017-1A, Class A, 3.74%, 10/15/2052(c)		564		560
HERO Funding (Cayman Islands) Series 2017-3A, Class A2, 3.95%, 9/20/2048(c)		2,150		2,153
HERO Funding II (Cayman Islands)
Series 2016-3B, Class B, 5.24%, 9/20/2042‡(c)		3,473		3,504
Series 2016-4B, Class B, 4.99%, 9/20/2047‡(c)		3,212		3,240
HERO Funding Trust
Series 2015-1A, Class A, 3.84%, 9/21/2040(c)		55		55
Series 2016-2A, Class A, 3.75%, 9/20/2041(c)		2,225		2,206
Series 2016-3A, Class A1, 3.08%, 9/20/2042(c)		1,494		1,446
Series 2016-4A, Class A1, 3.57%, 9/20/2047(c)		4,379		4,335
Series 2016-4A, Class A2, 4.29%, 9/20/2047(c)		4,379		4,473
Series 2017-1A, Class A2, 4.46%, 9/20/2047(c)		1,865		1,900
Series 2017-2A, Class A1, 3.28%, 9/20/2048(c)		2,994		2,944
HERO Residual Funding (Cayman Islands) Series 2016-1R, Class A1, 4.50%, 9/21/2042(c)		1,495		1,487
Home Equity Mortgage Loan Asset-Backed Trust Series 2006-A, Class A3, 2.51%, 3/25/2036‡(a)		91		90
KGS-Alpha SBA COOF Trust
Series 2012-3, Class A, IO, 1.31%, 9/25/2026‡(a)(c)		1,279		18
Series 2012-4, Class A, IO, 1.22%, 9/25/2037‡(a)(c)		11,726		306
Series 2012-6, Class A, IO, 0.60%, 5/25/2039‡(a)(c)		8,622		128
Series 2015-2, Class A, IO, 2.93%, 7/25/2041‡(a)(c)		2,492		255
Long Beach Mortgage Loan Trust Series 2004-1, Class M1, 3.06%, 2/25/2034‡(a)		828		826
LV Tower 52 Issuer
Series 2013-1, Class A, 5.75%, 7/15/2019‡(c)		3,183		3,183
Series 2013-1, Class M, 7.75%, 7/15/2019‡(c)		1,305		1,305
Madison Avenue Manufactured Housing Contract Trust Series 2002-A, IO, 0.30%, 3/25/2032‡		75,868		522
Mid-State Capital Corp. Trust Series 2006-1, Class M1, 6.08%, 10/15/2040‡(c)		1,842		2,021
Mid-State Capital Trust
Series 2010-1, Class A, 3.50%, 12/15/2045(c)		673		683
Series 2010-1, Class M, 5.25%, 12/15/2045‡(c)		1,038		1,077
New Century Home Equity Loan Trust Series 2003-5, Class AI6, 5.08%, 11/25/2033‡(d)		323		326
New Residential Advance Receivables Trust Advance Receivables Backed Notes Series 2016-T2, Class DT2, 4.01%, 10/15/2049‡(c)		3,053		3,022
Ocwen Master Advance Receivables Trust
Series 2018-T1, Class DT1, 4.24%, 8/15/2049(c)		2,705		2,702
Series 2016-T2, Class BT2, 3.26%, 8/16/2049‡(c)		1,522		1,516
Series 2016-T2, Class DT2, 4.45%, 8/16/2049‡(c)		3,025		3,025
Series 2018-T2, Class DT2, 4.53%, 8/15/2050‡(c)		2,902		2,897
Progress Residential Trust
Series 2015-SFR2, Class A, 2.74%, 6/12/2032(c)		7,178		7,065
Series 2015-SFR2, Class B, 3.14%, 6/12/2032‡(c)		1,761		1,739
Series 2015-SFR2, Class C, 3.44%, 6/12/2032‡(c)		3,745		3,709
Series 2015-SFR2, Class D, 3.68%, 6/12/2032‡(c)		6,000		5,951
Series 2015-SFR2, Class E, 4.43%, 6/12/2032‡(c)		2,070		2,065
Series 2015-SFR3, Class A, 3.07%, 11/12/2032(c)		5,820		5,750

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
ASSET-BACKED SECURITIES — continued
Series 2015-SFR3, Class C, 4.33%, 11/12/2032(c)		2,000		2,008
Series 2015-SFR3, Class D, 4.67%, 11/12/2032‡(c)		2,093		2,109
Series 2015-SFR3, Class E, 5.66%, 11/12/2032(c)		4,350		4,430
Series 2017-SFR2, Class C, 3.40%, 12/17/2034‡(c)		2,320		2,257
RCO Trust Series 2016-SFR1, Class M1, 4.50%, 11/25/2051‡(a)(c)		2,790		2,776
Renaissance Home Equity Loan Trust Series 2007-2, Class AF2, 5.68%, 6/25/2037‡(d)		479		210
Renew (Cayman Islands)
Series 2017-1A, Class A, 3.67%, 9/20/2052(c)		746		738
Series 2017-1A, Class B, 5.75%, 9/20/2052‡(c)		2,002		2,037
Rice Park Financing Trust Series 2016-A, Class A, 4.63%, 10/31/2041‡(c)		3,489		3,476
Saxon Asset Securities Trust Series 2003-1, Class AF6, 4.68%, 6/25/2033(d)		75		76
Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2, 3.49%, 1/25/2036‡(d)		81		70
Sierra Timeshare Receivables Funding LLC Series 2018-3A, Class C, 4.17%, 9/20/2035‡(c)		1,121		1,127
SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes Series 2018-T1, Class DT1, 4.50%, 10/17/2050(c)		2,100		2,103
Structured Asset Securities Corp. Pass-Through Certificates
Series 2002-AL1, Class A2, 3.45%, 2/25/2032‡		207		204
Series 2002-AL1, Class A3, 3.45%, 2/25/2032‡		489		478
Tricon American Homes Trust Series 2016-SFR1, Class C, 3.49%, 11/17/2033‡(c)		1,247		1,224
VM DEBT LLC Series 2017-1, Class A, 6.50%, 10/2/2024‡(c)		2,988		2,988
VOLT LXI LLC Series 2017-NPL8, Class A1, 3.13%, 6/25/2047‡(c)(d)		1,062		1,053
VOLT LXIX LLC Series 2018-NPL5, Class A1B, 4.70%, 8/25/2048‡(c)(d)		1,733		1,722
VOLT LXVII LLC Series 2018-NPL3, Class A1, 4.38%, 6/25/2048(c)(d)		1,130		1,126
VOLT LXVIII LLC Series 2018-NPL4, Class A1B, 4.83%, 7/27/2048‡(c)(d)		2,070		2,058
VOLT LXX LLC Series 2018-NPL6, Class A1A, 4.11%, 9/25/2048‡(c)(d)		2,009		2,004
VOLT LXXII LLC Series 2018-NPL8, Class A1A, 4.21%, 10/26/2048(c)(d)		4,868		4,870
VOLT LXXIII LLC Series 2018-NPL9, Class A1A, 4.46%, 10/25/2048(c)(d)		3,800		3,800
VOLT Trust Series 2018-FT1, Class A1, 2.26%, 1/27/2023‡(a)		1,195		1,181
VSE Voi Mortgage LLC Series 2018-A, Class A, 3.56%, 2/20/2036(c)		1,444		1,442
Westgate Resorts LLC
Series 2015-2A, Class A, 3.20%, 7/20/2028(c)		1,254		1,251
Series 2015-2A, Class B, 4.00%, 7/20/2028(c)		1,361		1,356
Series 2016-1A, Class B, 4.50%, 12/20/2028(c)		3,372		3,352
TOTAL ASSET-BACKED SECURITIES (Cost $228,344)				227,926
U.S. TREASURY OBLIGATIONS — 3.3%
U.S. Treasury Bonds 4.38%, 2/15/2038		200		235
4.50%, 5/15/2038		200		239
4.38%, 11/15/2039		3,000		3,526
4.63%, 2/15/2040		5,000		6,070
3.63%, 8/15/2043		7,300		7,701
3.75%, 11/15/2043		26,865		28,913
U.S. Treasury STRIPS Bonds 6.63%, 11/15/2030(g)		150		103
3.71%, 8/15/2031(g)		300		201
3.15%, 2/15/2033(g)		8,750		5,556
2.90%, 5/15/2033(g)		15,000		9,450
TOTAL U.S. TREASURY OBLIGATIONS (Cost $63,777)				61,994
CORPORATE BONDS — 0.1%
Wireless Telecommunication Services — 0.1%
P Fin II LLC (ICE LIBOR USD 1 Month + 4.35%), 6.66%, 5/20/2022‡(h) (Cost $1,521)		1,521		1,521

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Shares ($000)		Value ($000)
SHORT-TERM INVESTMENTS — 1.1%
INVESTMENT COMPANIES — 1.1%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.30%(i)(j) (Cost $21,342)		21,340		21,342
Total Investments — 100.4% (Cost $1,944,369)				1,918,391
Liabilities in Excess of Other Assets — (0.4%)				(6,817	)
Net Assets — 100.0%				1,911,574

Percentages indicated are based on net assets.

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Abbreviations
ACES	Alternative Credit Enhancement Securities
ARM	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of November 30, 2018.
CSMC	Credit Suisse Mortgage Trust
FHA	Federal Housing Administration
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GS	Goldman Sachs
HB	High Coupon Bonds (a.k.a. “IOettes”) represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO’s the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.
ICE	Intercontinental Exchange
IF	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of November 30, 2018. 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.
REMIC	Real Estate Mortgage Investment Conduit
STRIPS	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
USD	United States Dollar
VA	Veterans Administration
(a)	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, 2018.
(b)	Amount rounds to less than one thousand.

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(c)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(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, 2018.
(e)	Defaulted security.
(f)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(g)	The rate shown is the effective yield as of November 30, 2018.
(h)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2018.
(i)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(j)	The rate shown is the current yield as of November 30, 2018.
‡	Value determined using significant unobservable inputs.

A. Valuation of Investments — The valuation of investments is 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 (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.

JPMorgan 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 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 related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment to determine the fair value of 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 (the “Underlying Funds”) are valued at each Underlying Fund’s net asset values per share as of the report date.

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at November 30, 2018.

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.

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

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 (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	–	$	84,807	$	143,119	$	227,926
Collateralized Mortgage Obligations		–		419,411		23,365		442,776
Commercial Mortgage-Backed Securities		–		240,389		16,162		256,551
Corporate Bonds
Wireless Telecommunication Services		–		–		1,521		1,521
Mortgage-Backed Securities		–		906,281		–		906,281
U.S. Treasury Obligations		–		61,994		–		61,994
Short-Term Investments
Investment Companies		21,342		–		–		21,342
Total Investments in Securities	$	21,342	$	1,712,882	$	184,167	$	1,918,391

Transfers between level 2 and level 3 are due to a decline or an increase in market activity (e.g. frequency of trades), which resulted in a lack or increase of available market inputs to determine the price for the period ended November 30, 2018.

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

	Balance as of February 28, 2018		Realized gain (loss)		Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of November 30, 2018
Investments in Securities:
Asset-Backed Securities	$	146,842	$	84	$	(971	)	$	(534	)	$	27,897	$	(32,604	)	$	12,813	$	(10,408	)	$	143,119
Collateralized Mortgage Obligations		23,091		18		(1,258	)		(578	)		4,753		(3,872	)		1,211		—			23,365
Commercial Mortgage-Backed Securities		57,688		33		(410	)		(574	)		1,875		(10,723	)		3,306		(35,033	)		16,162
Corporate Bonds — Wireless Telecommunication Services		1,564		—		—			—			—		(43	)		—		—			1,521
Loan Assignments — Hotels, Restaurants & Leisure		1,932		—		(22	)		1			—		(1,911	)		—		—			—
	$	231,117	$	135	$	(2,661	)	$	(1,685	)	$	34,525	$	(49,153	)	$	17,330	$	(45,441	)	$	184,167

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

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

The change in net unrealized appreciation (depreciation) attributable to securities owned at November 30, 2018, which were valued using significant unobservable inputs (level 3), amounted to approximately $(2,587,000).    

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Mortgage Backed Securities Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at November 30, 2018		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	96,764	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 22.00% (4.72%)
				Constant Default Rate		0.00% - 7.34% (0.19%)
				Yield (Discount Rate of Cash Flows)		3.08% - 6.44% (4.42%)
Asset-Backed Securities		96,764
		15,268	Discounted Cash Flow	PSA Prepayment Model		232.00% (232.00%)
				Constant Prepayment Rate		0.00% - 28.00% (17.30%)
				Constant Default Rate		0.00% - 15.00% (2.18%)
				Yield (Discount Rate of Cash Flows)		(55.19)% - 199.00% (6.73%)
Collateralized Mortgage Obligations		15,268
		14,456	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (5.11%)
				Yield (Discount Rate of Cash Flows)		2.11% - 5.52% (4.69%)
Commercial Mortgage-Backed Securities		14,456
Total	$	126,488

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At November 30, 2018, the value of these investments was approximately $57,679,000. The inputs for these investments are not readily available or cannot be reasonably estimated and generally are those inputs described in Note A.

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

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — 94.9%(a)
Alabama — 0.6%
Utility — 0.6%
The Lower Alabama Gas District, Gas Project Series A, Rev., 5.00%, 9/1/2031		1,000		1,122
Alaska — 0.5%
Housing — 0.5%
Alaska Housing Finance Corp., General Mortgage Series A, Rev., 3.50%, 6/1/2046		830		850
Arizona — 2.8%
Water & Sewer — 2.8%
City of Scottsdale, Water and Sewer System Rev., 5.25%, 7/1/2022		2,645		2,928
City of Tucson, Water System Rev., 5.00%, 7/1/2024		2,150		2,459
Total Arizona				5,387
California — 0.6%
Hospital — 0.2%
California Municipal Finance Authority, Eisenhower Medical Center Series B, Rev., 5.00%, 7/1/2026		410		466
Other Revenue — 0.4%
State of California, Department of Veterans Affairs Series B, Rev., 3.50%, 12/1/2045		645		662
Total California				1,128
Colorado — 1.6%
Education — 1.1%
Colorado Educational and Cultural Facilities Authority, University Corp. for Atmospheric Research Project
Rev., 4.00%, 9/1/2020		450		463
Rev., 5.00%, 9/1/2022		470		513
Colorado School of Mines Series A, Rev., (ICE LIBOR USD 1 Month + 0.50%, 11.00% Cap), 2.07%, 1/2/2019(b)		985		990
				1,966
Hospital — 0.5%
University of Colorado Hospital Authority Series C-1, Rev., 4.00%, 3/1/2020(c)		1,000		1,013
Total Colorado				2,979
Connecticut — 2.9%
Education — 1.7%
Connecticut State Higher Education Supplemental Loan Authority, CHESLA Loan Program
Series A, Rev., 5.25%, 11/15/2023		1,560		1,649
Series A, Rev., 5.25%, 11/15/2024		1,500		1,587
				3,236
Housing — 1.2%
Connecticut Housing Finance Authority, Housing Mortgage Finance Program Subseries A-1, Rev., 4.00%, 11/15/2045		450		465
Series D, Subseries D-1, Rev., GNMA/FNMA/FHLMC, 4.00%, 11/15/2047		1,230		1,282
Subseries A-1, Rev., 4.00%, 11/15/2047		450		469
				2,216
Total Connecticut				5,452
Delaware — 0.1%
Housing — 0.1%
Delaware State Housing Authority, Senior Single Family Mortgage Series A-1, Rev., AMT, 4.90%, 7/1/2029		260		266
District of Columbia — 1.5%
Transportation — 0.6%
Washington Metropolitan Area Transit Authority, Gross Transit Bonds Series B, Rev., 5.00%, 7/1/2025		1,000		1,158
Water & Sewer — 0.9%
District of Columbia Water and Sewer Authority Public Utility, Subordinate Lien, Green Bonds Series A, Rev., 5.00%, 10/1/2045		1,500		1,650
Total District of Columbia				2,808
Florida — 9.1%
Certificate of Participation/Lease — 3.1%
South Florida Water Management District COP, 5.00%, 10/1/2032		2,250		2,525
The School Board of Miami-Dade County Series D, COP, 5.00%, 2/1/2027		3,000		3,427
				5,952

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Hospital — 0.6%
Palm Beach County Health Facilities Authority, Hospital, BRRH Corp. Obligated Group Rev., 5.00%, 12/1/2021		1,100		1,173
Housing — 0.4%
Florida Housing Finance Corp., Homeowner Mortgage, Special Program Series A, Rev., GNMA/FNMA/FHLMC, 5.00%, 7/1/2028		185		186
Series B, Rev., GNMA COLL, 4.50%, 1/1/2029		220		222
Series B, Rev., GNMA/FNMA/FHLMC, 4.50%, 1/1/2029		280		285
				693
Industrial Development Revenue/Pollution Control Revenue — 0.7%
Broward County Fuel System, Fort Lauderdale Fuel Facilities LLC Project Series A, Rev., AMT, AGM, 5.00%, 4/1/2024		835		900
County of Escambia, Pollution Control, Gulf Power Company Project Rev., 2.10%, 4/11/2019(c)		500		500
				1,400
Other Revenue — 1.2%
Miami Beach Redevelopment Agency, Historic Convention Village Series A, Rev., 5.00%, 2/1/2027		2,000		2,230
Utility — 3.1%
City of Port St. Lucie, Utility Systems Rev., NATL-RE, 5.25%, 9/1/2024		5,000		5,769
Total Florida				17,217
Georgia — 1.6%
Hospital — 0.5%
Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Inc. Project Series A, Rev., 5.00%, 2/15/2026		860		996
Housing — 1.1%
Georgia Housing and Finance Authority, Single Family Mortgage
Series A, Rev., 4.00%, 12/1/2047		695		724
Series B, Rev., 4.00%, 12/1/2047		1,215		1,266
				1,990
Total Georgia				2,986
Guam — 0.4%
Water & Sewer — 0.4%
Guam Government Waterworks Authority, Water and Wastewater System (Guam)
Rev., 5.00%, 7/1/2023		375		407
Rev., 5.00%, 7/1/2024		300		328
Total Guam				735
Illinois — 0.9%
Hospital — 0.2%
Illinois Finance Authority, Healthcare Enterprises, Inc. Series C, Rev., 5.00%, 3/1/2033		365		402
Housing — 0.7%
City of Aurora, Single Family Mortgage
Series B, Rev., GNMA/FNMA/FHLMC, 5.45%, 12/1/2039		126		127
Series A, Rev., AMT, GNMA/FNMA/FHLMC, 5.50%, 12/1/2039		128		129
City of Peoria, City of Moline and City of Freeport, Collateralized Single Family Mortgage Series A, Rev., GNMA COLL, 7.60%, 4/1/2027		10		10
Illinois Housing Development Authority, Homeowner Mortgage Series C, Rev., 3.50%, 8/1/2046		1,005		1,025
				1,291
Total Illinois				1,693
Indiana — 3.0%
Hospital — 1.0%
Indiana Health Facility Financing Authority, Ascension Health Credit Group Series A-1, Rev., 5.00%, 11/15/2034		1,670		1,858
Housing — 0.2%
Indiana Housing and Community Development Authority, Home First Mortgage Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 6/1/2028		280		287
Industrial Development Revenue/Pollution Control Revenue — 1.1%
County of St. Joseph, Economic Development, St. Mary’s College Project Series A, Rev., 5.00%, 4/1/2026		1,880		2,115

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Water & Sewer — 0.7%
Indiana State Finance Authority, First Lien Wastewater Utility, CWA Authority Project Series A, Rev., 5.00%, 10/1/2030		1,250		1,370
Total Indiana				5,630
Iowa — 1.6%
Education — 0.6%
Iowa Student Loan Liquidity Corp., Student Loan Series A, Rev., AMT, 5.00%, 12/1/2025		1,000		1,108
Housing — 1.0%
Iowa Finance Authority, Single Family Mortgage, Mortgage-Backed Securities Program Rev., GNMA/FNMA/FHLMC, 3.50%, 1/1/2047		1,935		1,988
Total Iowa				3,096
Kentucky — 0.5%
Education — 0.3%
Kentucky Higher Education Student Loan Corp. Series A, Rev., AMT, 5.00%, 6/1/2020		515		532
Industrial Development Revenue/Pollution Control Revenue — 0.2%
County of Carroll, Pollution Control, Kentucky Utilities Company Project Series A, Rev., 1.05%, 9/1/2019(c)		500		496
Total Kentucky				1,028
Louisiana — 0.7%
Housing — 0.0%(d)
East Baton Rouge Mortgage Finance Authority, Single Family Mortgage, Mortgage-Backed Securities Program Series A-2, Rev., GNMA/FNMA/FHLMC, 5.25%, 10/1/2039		58		58
Other Revenue — 0.7%
Louisiana Local Government Environmental Facilities and Community Development Authority, LCTCS Act 391 Project Rev., 5.00%, 10/1/2028		670		780
Louisiana Public Facilities Authority, Archdiocese of New Orleans Project
Rev., 5.00%, 7/1/2021		165		175
Rev., 5.00%, 7/1/2022		250		271
				1,226
Total Louisiana				1,284
Maine — 0.6%
Housing — 0.6%
Maine State Housing Authority
Series A-1, Rev., AMT, 4.50%, 11/15/2028		175		180
Series B, Rev., 4.00%, 11/15/2043		150		154
Series A, Rev., 4.00%, 11/15/2045		825		854
Total Maine				1,188
Maryland — 0.8%
Housing — 0.8%
Montgomery County Housing Opportunities Commission, Single Family Mortgage Series A, Rev., 4.00%, 7/1/2048		1,405		1,463
Massachusetts — 6.5%
Education — 1.1%
Massachusetts Educational Financing Authority, Education Loan Rev., AMT, 5.00%, 7/1/2021		1,000		1,057
Massachusetts Health and Educational Facilities Authority, Massachusetts Institute of Technology Series L, Rev., 5.25%, 7/1/2033		820		1,050
				2,107
Housing — 0.3%
Massachusetts Housing Finance Agency, Single Family Housing
Series 169, Rev., 4.00%, 12/1/2044		245		252
Series 183, Rev., 3.50%, 12/1/2046		370		378
				630
Water & Sewer — 5.1%
Massachusetts Clean Water Trust, Pool Program Rev., 5.25%, 8/1/2024 Massachusetts Water Resources Authority		3,000		3,485
Series B, Rev., AGM, 5.25%, 8/1/2028		3,000		3,680
Series B, Rev., AGM, 5.25%, 8/1/2029		2,000		2,474
				9,639
Total Massachusetts				12,376
Michigan — 1.6%
Education — 0.4%
Eastern Michigan University Series A, Rev., 5.00%, 3/1/2030		575		662

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Housing — 0.5%
Michigan State Housing Development Authority, Single-Family Mortgage Series B, Rev., 3.50%, 6/1/2047		1,015		1,039
Industrial Development Revenue/Pollution Control Revenue — 0.7%
Michigan Strategic Fund, The Detroit Edison Company Pollution Control Bonds Project Series CC, Rev., 1.45%, 9/1/2021(c)		570		545
Saginaw County Economic Development Corp., BGI South LLC-Recovery Zone Rev., 5.00%, 12/1/2020		735		759
				1,304
Total Michigan				3,005
Minnesota — 3.7%
General Obligation — 0.1%
State of Minnesota Series A, GO, 5.00%, 10/1/2021(e)		35		38
Hospital — 0.6%
City of Rochester, Health Care Facilities, Mayo Clinic Series B, Rev., 5.00%, 11/15/2029		965		1,165
Housing — 3.0%
Dakota County Community Development Agency, Single Family Mortgage, Mortgage-Backed Securities Program
Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 6/1/2035		280		286
Series B, Rev., GNMA/FNMA/FHLMC, 5.15%, 12/1/2038		4		4
Series A, Rev., GNMA/FNMA/FHLMC, 5.13%, 12/1/2040		199		200
Minneapolis Community Development Agency, Multi-Family Housing, Riverside Homes Project Rev., 6.10%, 12/31/2018		210		210
Minneapolis/St. Paul Housing Finance Board, Single Family Mortgage, Mortgage-Backed Securities Program, City Living Home Programs
Series A-1, Rev., GNMA/FNMA/FHLMC, 5.25%, 12/1/2040		77		78
Series A-2, Rev., GNMA/FNMA/FHLMC, 5.52%, 3/1/2041		370		375
Minnesota Housing Finance Agency, Homeownership Finance, Mortgage-Backed Securities Program
Series A, Rev., GNMA/FNMA/FHLMC, 4.25%, 7/1/2028		145		146
Series D, Rev., GNMA/FNMA/FHLMC, 4.50%, 7/1/2034		150		154
Minnesota Housing Finance Agency, Non Profit Housing, State Appropriation
Rev., 5.25%, 8/1/2024		1,015		1,096
Rev., 5.25%, 8/1/2025		1,070		1,155
Rev., 5.25%, 8/1/2026		825		891
Minnesota Housing Finance Agency, Residential Housing Finance
Series D, Rev., GNMA/FNMA/FHLMC, 4.00%, 7/1/2040		190		193
Series B, Rev., GNMA/FNMA/FHLMC COLL, 4.00%, 7/1/2047		890		924
				5,712
Total Minnesota				6,915
Mississippi — 0.1%
Housing — 0.1%
Mississippi Home Corp., Home Ownership Mortgage Series A, Rev., GNMA COLL, 4.50%, 12/1/2031		230		235
Missouri — 1.6%
Hospital — 0.6%
Health and Educational Facilities Authority of the State of Missouri, Mercy Health Series A, Rev., 5.00%, 6/1/2031		1,000		1,150
Housing — 1.0%
Missouri Housing Development Commission, Single Family Mortgage, First Place Homeownership Loan Program Series B, Rev., GNMA/FNMA/FHLMC COLL, 3.50%, 5/1/2041		1,630		1,669
Missouri Housing Development Commission, Single Family Mortgage, Special Homeownership Loan Program Series E-1, Rev., GNMA/FNMA/FHLMC, 5.00%, 11/1/2027		120		123
				1,792
Total Missouri				2,942
Nebraska — 1.0%

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Hospital — 1.0%
Madison County Hospital Authority No. 1, Faith Regional Health Services Project
Rev., 5.00%, 7/1/2030		1,020		1,101
Rev., 5.00%, 7/1/2031		720		774
Total Nebraska				1,875
Nevada — 0.7%
Hospital — 0.7%
City of Carson, Carson Tahoe Regional Healthcare Project
Rev., 5.00%, 9/1/2026		555		626
Rev., 5.00%, 9/1/2029		620		695
Total Nevada				1,321
New Hampshire — 2.7%
Education — 2.7%
City of Manchester, School Facilities
Rev., NATL-RE, 5.50%, 6/1/2024		3,545		4,090
Rev., NATL-RE, 5.50%, 6/1/2027		900		1,079
Total New Hampshire				5,169
New Jersey — 4.2%
Education — 1.0%
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Series 1A, Rev., AMT, 5.00%, 12/1/2024		1,750		1,943
General Obligation — 0.8%
Egg Harbor Township School District GO, AGM, 5.75%, 7/15/2024		1,215		1,423
Hospital — 1.7%
New Jersey Health Care Facilities Financing Authority, University Hospital Issue
Series A, Rev., AGM, 5.00%, 7/1/2022		1,000		1,082
Series A, Rev., AGM, 5.00%, 7/1/2023		820		901
Series A, Rev., AGM, 5.00%, 7/1/2026		1,095		1,233
				3,216
Housing — 0.7%
New Jersey Housing and Mortgage Finance Agency, Single Family Housing Series A, Rev., 4.50%, 10/1/2048		1,230		1,314
Total New Jersey				7,896
New York — 5.7%
Housing — 1.6%
New York Mortgage Agency, Homeowner Mortgage
Series 197, Rev., 3.50%, 10/1/2044		1,410		1,445
Series 195, Rev., 4.00%, 10/1/2046		1,425		1,477
New York State Mortgage Agency, 39th Series Rev., 5.00%, 4/1/2028		110		113
				3,035
Prerefunded — 0.0%(d)
New York State Dormitory Authority Series A, Rev., 5.25%, 2/15/2019(e)		5		5
Special Tax — 0.0%(d)
New York State Dormitory Authority, State Personal Income Tax Series A, Rev., 5.25%, 2/15/2024		75		75
Transportation — 1.8%
Metropolitan Transportation Authority, Dedicated Tax Fund Series A, Rev., 5.00%, 11/15/2029		1,000		1,111
Port Authority of New York and New Jersey, Consolidated, 194th Series Rev., 5.00%, 10/15/2030		2,000		2,281
				3,392
Water & Sewer — 2.3%
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2015 Series FF, Rev., 5.00%, 6/15/2031		1,000		1,132
New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, New York City Municipal Water Finance Authority Projects — Second Resolution Series B, Rev., 5.00%, 6/15/2028		3,000		3,218
				4,350
Total New York				10,857
North Carolina — 2.4%
Other Revenue — 0.6%
County of Randolph, Limited Obligation Series B, Rev., 5.00%, 10/1/2026		1,000		1,172
Water & Sewer — 1.8%
City of Charlotte, Water and Sewer System Rev., 5.25%, 7/1/2022		3,330		3,394
Total North Carolina				4,566

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
North Dakota — 3.1%
Housing — 2.0%
North Dakota Housing Finance Agency, Home Mortgage Finance Program
Series B, Rev., 5.00%, 1/1/2019		35		35
Series D, Rev., 4.50%, 1/1/2029		220		221
Series F, Rev., AMT, 4.50%, 1/1/2035		185		188
Series D, Rev., 3.50%, 7/1/2046		470		481
Series D, Rev., 4.00%, 7/1/2046		1,455		1,503
Series D, Rev., FHA, 4.00%, 1/1/2048		1,365		1,423
				3,851
Utility — 1.1%
McLean County, Solid Waste Facilities, Great River Energy Project Series A, Rev., 4.88%, 7/1/2026		2,000		2,062
Total North Dakota				5,913
Ohio — 2.5%
General Obligation — 0.9%
Lakota Local School District Series A, GO, NATL-RE, 5.25%, 12/1/2025		1,500		1,759
Housing — 0.6%
Ohio Housing Finance Agency Residential Mortgage, Mortgage-Backed Securities Program Series D, Rev., GNMA/FNMA/FHLMC, 4.00%, 3/1/2047		1,120		1,165
Ohio Housing Finance Agency, Single Family Mortgage Series 1, Rev., GNMA/FNMA/FHLMC, 5.00%, 11/1/2028		10		10
				1,175
Industrial Development Revenue/Pollution Control Revenue — 1.0%
Ohio State Water Development Authority, Water Pollution Control Loan Fund Series B, Rev., 5.00%, 12/1/2029		1,615		1,859
Total Ohio				4,793
Oklahoma — 0.3%
Housing — 0.3%
Oklahoma County Home Finance Authority, Single Family Mortgage-Backed Securities Program Series A, Rev., AMT, GNMA/FNMA/FHLMC, 5.40%, 10/1/2038		380		388
Oklahoma Housing Finance Agency, Single Family Mortgage, Homeownership Loan Program Series A, Rev., GNMA COLL, 4.38%, 9/1/2027		135		136
				524
Other Revenue — 0.0%(d)
IDK Partners III Trust, Mortgage Pass-Through Certificates Class A, Rev., 5.10%, 8/1/2023‡		16		16
Total Oklahoma				540
Oregon — 0.3%
Housing — 0.3%
Oregon State Housing and Community Services Department, Single Family Mortgage Program Series B, Rev., AMT, 5.00%, 7/1/2030		640		660
Pennsylvania — 4.8%
Housing — 1.1%
Pennsylvania Housing Finance Agency, Single Family Mortgage
Series 121, Rev., 3.50%, 10/1/2046		1,615		1,653
Series 122, Rev., 4.00%, 10/1/2046		490		510
				2,163
Industrial Development Revenue/Pollution Control Revenue — 2.6%
Philadelphia Authority for Industrial Development, City Service Agreement, Affordable Housing Preservation Programs Project
Rev., 5.00%, 12/1/2023		2,020		2,252
Rev., AGM, 5.00%, 12/1/2026		1,550		1,788
Rev., AGM, 5.00%, 12/1/2027		680		780
				4,820
Other Revenue — 1.1%
Philadelphia Redevelopment Authority, Neighborhood Transformation Initiative Rev., 5.00%, 4/15/2019		2,000		2,020
Total Pennsylvania				9,003
Rhode Island — 1.1%
Housing — 1.1%
Rhode Island Housing and Mortgage Finance Corp., Multi-Family Housing Series 1-A, Rev., 1.70%, 10/1/2019(c)		2,000		1,995

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
South Carolina — 1.3%
Housing — 0.7%
South Carolina State Housing Finance and Development Authority
Series 1, Rev., GNMA COLL, 5.00%, 1/1/2028		105		106
Series A, Rev., 4.00%, 1/1/2047		370		384
Series B, Rev., FHA, GNMA/FNMA/FHLMC, 4.00%, 7/1/2047		870		906
				1,396
Other Revenue — 0.6%
Town of Hilton Head Island, Beach Preservation Fee Pledge Rev., 5.00%, 8/1/2026		1,000		1,143
Total South Carolina				2,539
South Dakota — 0.9%
Housing — 0.9%
South Dakota Housing Development Authority, Homeownership Mortgage Series D, Rev., 4.00%, 11/1/2045		1,690		1,748
Tennessee — 1.1%
Housing — 1.1%
Tennessee Housing Development Agency, Housing Finance Program Series A-1, Rev., 5.00%, 1/1/2027		35		35
Tennessee Housing Development Agency, Residential Finance Program Series 2B, Rev., 4.00%, 7/1/2043		215		221
Rev., 3.50%, 1/1/2048		1,815		1,859
Total Tennessee				2,115
Texas — 5.3%
General Obligation — 1.5%
Socorro Independent School District Series A, GO, PSF-GTD, 5.00%, 8/15/2024		2,000		2,278
State of Texas, Water Financial Assistance Series D, GO, 5.00%, 5/15/2033		450		507
				2,785
Hospital — 0.4%
Irving Hospital Authority, Baylor Scott and White Medical Center
Rev., 5.00%, 10/15/2026		250		284
Rev., 5.00%, 10/15/2027		500		566
				850
Housing — 0.7%
Multi-Family Housing, Bond Pass-Through Certificates, Grand Reserve Apartments Series 8, Rev., 5.95%, 11/1/2023(c)		1,010		1,011
Texas Department of Housing and Community Affairs, Residential Mortgage Series A, Rev., GNMA/FNMA/FHLMC, 5.00%, 7/1/2029		345		357
				1,368
Other Revenue — 0.6%
Central Texas Regional Mobility Authority Rev., 5.00%, 1/1/2046		1,000		1,072
Transportation — 1.7%
Dallas Area Rapid Transit, Senior Lien Series A, Rev., 5.00%, 12/1/2032		2,800		3,165
Water & Sewer — 0.4%
City of Austin, Water and Wastewater System Rev., 5.00%, 11/15/2027		665		788
Total Texas				10,028
Utah — 4.4%
Housing — 2.8%
Utah Housing Corp., Single Family Mortgage Series D-2, Class III, Rev., FHA, 4.00%, 1/1/2045		1,520		1,576
Utah State Board of Regents, Student Fee and Housing System Rev., NATL-RE, 5.25%, 4/1/2023		3,245		3,626
				5,202
Other Revenue — 0.6%
Utah Transit Authority, Sales Tax Series C, Rev., AGM, 5.25%, 6/15/2029		970		1,178
Utility — 1.0%
Utah Associated Municipal Power System, Horse Butte Wind Project Series B, Rev., 5.00%, 9/1/2033		1,700		1,914
Total Utah				8,294
Vermont — 3.5%
Education — 2.6%
Vermont Student Assistance Corp., Education Loan
Series A, Rev., AMT, 5.00%, 6/15/2023		1,000		1,078
Series A, Rev., AMT, 5.00%, 6/15/2024		1,400		1,520

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Education — continued
Series A, Rev., AMT, 5.00%, 6/15/2025		2,150		2,352
				4,950
Housing — 0.9%
Vermont Housing Finance Agency, Multiple Purpose
Series B, Rev., AMT, 4.13%, 11/1/2042		155		157
Series B, Rev., AMT, 3.75%, 11/1/2045		1,390		1,423
				1,580
Total Vermont				6,530
Washington — 2.7%
Hospital — 1.1%
Washington Health Care Facilities Authority, Multicare Health System Series B, Rev., 5.00%, 8/15/2035		1,850		2,076
Housing — 1.6%
Washington Housing Finance Commission, Single-Family Program
Series 2A-R, Rev., AMT, 3.50%, 12/1/2046		385		392
Series 2N, Rev., GNMA/FNMA/FHLMC, 3.50%, 6/1/2047		2,660		2,728
				3,120
Total Washington				5,196
Wisconsin — 3.6%
Education — 2.9%
Wisconsin Health and Educational Facilities Authority, Agnesian Healthcare, Inc.
Rev., 5.00%, 7/1/2024		250		281
Rev., 5.00%, 7/1/2025		250		284
Wisconsin Health and Educational Facilities Authority, Franciscan Sisters of Christian Charity Sponsored Ministries, Inc.
Rev., 5.00%, 9/1/2022		520		555
Rev., 5.00%, 9/1/2023		550		595
Rev., 5.00%, 9/1/2024		580		633
Rev., 5.00%, 9/1/2025		235		258
Rev., 5.00%, 9/1/2026		385		425
Rev., 5.00%, 9/1/2027		785		869
Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc.
Series C, Rev., 5.00%, 2/15/2027		400		453
Series C, Rev., 5.00%, 2/15/2028		575		651
Series C, Rev., 5.00%, 2/15/2029		375		420
				5,424
Hospital — 0.7%
Wisconsin Health and Educational Facilities Authority, Milwaukee Regional Medical Center Thermal Service Rev., 5.00%, 4/1/2035		1,165		1,318
Total Wisconsin				6,742
TOTAL MUNICIPAL BONDS (Cost $179,155)				179,565
	Shares (000)
SHORT-TERM INVESTMENTS — 3.0%
INVESTMENT COMPANIES — 3.0%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.60%(f)(g) (Cost $5,713)		5,713		5,713
Total Investments — 97.9% (Cost $184,868)				185,278
Other Assets Less Liabilities — 2.1%				4,017
Net Assets — 100.0%				189,295

Percentages indicated are based on net assets.

Abbreviations
AGM	Insured by Assured Guaranty Municipal Corp.
AMT	Alternative Minimum Tax
BRRH	Boca Raton Regional Hospital
CHESLA	Connecticut Higher Education Supplemental Loan Authority
COLL	Collateral
COP	Certificate of Participation
FHA	Federal Housing Administration
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GO	General Obligation
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
NATL	Insured by National Public Finance Guarantee Corp.
PSF-GTD	Permanent School Fund Guaranteed
RE	Reinsured
Rev.	Revenue
USD	United States Dollar
(a)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(b)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2018.

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(c)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2018.
(d)	Amount rounds to less than 0.1% of net assets.
(e)	Security is prerefunded or escrowed to maturity.
(f)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)	The rate shown is the current yield as of November 30, 2018.
‡	Value determined using significant unobservable inputs.

A. Valuation of Investments — The valuation of investments is 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 (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.

JPMorgan 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 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 related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment to determine the fair value of 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, including J.P. Morgan Funds (the “Underlying Funds”), are valued at each Underlying Fund’s net asset values of the report date.

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).

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

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 (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Municipal Bonds
Oklahoma
Housing	$	—	$	524	$	—	$	524
Other Revenue		—		—		16		16
Total Oklahoma		—		524		16		540
Other Municipal Bonds		—		179,025		—		179,025
Total Municipal Bonds		—		179,549		16		179,565
Short-Term Investment
Investment Companies		5,713		—		—		5,713
Total Investments in Securities	$	5,713	$	179,549	$	16	$	185,278

There were no transfers among any levels during the period ended November 30, 2018.

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited)                

Investments(a)	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — 93.6%
Alabama — 0.3%
Alabama Housing Finance Authority Rev., VRDO, LOC: U.S. Bank NA, 1.74%, 12/7/2018(b)		5,435		5,435
Mobile Downtown Redevelopment Authority, Gulf Opportunity Zone, Austal USA LLC Project Series B, Rev., VRDO, LOC: Societe Generale, 1.76%, 12/7/2018(b)(c)		3,270		3,270
				8,705
Arizona — 0.4%
Tender Option Bond Trust Receipts/Certificates
Series 2018-ZF2758, Rev., VRDO, LIQ: Barclays Bank plc, 1.75%, 12/7/2018(b)(c)		3,125		3,125
Series 2018-ZM0615, Rev., VRDO, 1.77%, 12/7/2018(b)		7,500		7,500
				10,625
Arkansas — 2.1%
Arkansas Development Finance Authority, Solid Waste Disposal, Waste Management of Ark Project Rev., VRDO, LOC: Bank of America NA, 1.76%, 12/7/2018(b)		15,000		15,000
City of Osceola, Solid Waste Disposal Rev., VRDO, LOC: Goldman Sachs Bank USA, 1.73%, 12/7/2018(b)		49,700		49,700
				64,700
California — 1.8%
Alameda County IDA, Plyproperties Project Series A, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.74%, 12/7/2018(b)		3,705		3,705
California Pollution Control Financing Authority, Solid Waste Disposal, Recology Inc. Project Rev., VRDO, AMT, LOC: Wells Fargo Bank NA, 1.73%, 12/7/2018(b)(c)		16,250		16,250
City and County of San Francisco, Multifamily Housing, Transbay Block 8 Tower Apartments Series H-2, Rev., VRDO, LOC: Bank of China, 1.70%, 12/7/2018(b)		11,300		11,300
Investments
Tender Option Bond Trust Receipts/Certificates
Series 2018-XX1082, Rev., VRDO, LIQ: Barclays Bank plc, 1.72%, 12/7/2018(b)(c)		6,835		6,835
Series 2018-XF2724, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.74%, 12/7/2018(b)(c)		12,000		12,000
Series 2017-ZF0581, Rev., VRDO, 1.75%, 12/7/2018(b)		2,375		2,375
Series 2017-ZM0473, Rev., VRDO, 1.75%, 12/7/2018(b)		2,600		2,600
Series 2017-ZM0487, Rev., VRDO, LIQ: Royal Bank of Canada, 1.75%, 12/7/2018(b)(c)		1,465		1,465
				56,530
Colorado — 2.6%
Colorado Housing and Finance Authority, Multi-Family Housing Rev., VRDO, LOC: U.S. Bank NA, 1.75%, 12/7/2018(b)		10,240		10,240
Colorado Housing and Finance Authority, Single Family Mortgage Series B-3, Class 1, Rev., VRDO, AMT, FHLB, 1.74%, 12/7/2018(b)		680		680
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-24, GO, VRDO, LOC: Royal Bank of Canada, 1.72%, 12/7/2018(b)(c)		12,500		12,500
Tender Option Bond Trust Receipts/Certificates
Series 2016-ZF0467, Rev., VRDO, LIQ: Royal Bank of Canada, 1.76%, 12/7/2018(b)(c)		52,895		52,895
Series 2018-XG0197, Rev., VRDO, LOC: Bank of America NA, 1.76%, 12/7/2018(b)(c)		3,250		3,250
				79,565

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Connecticut — 2.3%
Connecticut Housing Finance Authority, Housing Mortgage Finance Program Subseries C-3, Rev., VRDO, AMT, 1.72%, 12/7/2018(b)		8,150		8,150
Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds
Subseries D-3, Rev., VRDO, AMT, GNMA/FNMA/FHLMC, 1.72%, 12/7/2018(b)		7,000		7,000
Subseries D-3, Rev., VRDO, AMT, 1.74%, 12/7/2018(b)		3,500		3,500
Series D, Subseries D-3, Rev., VRDO, AMT, 1.75%, 12/7/2018(b)		5,900		5,900
Connecticut State Development Authority Rev., VRDO, LOC: Bank of Montreal, 1.74%, 12/7/2018(b)		30,000		30,000
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-3, GO, VRDO, LOC: Royal Bank of Canada, 1.72%, 12/7/2018(b)(c)		5,000		5,000
State of Connecticut, Health and Educational Facilities Authority, Hartford Healthcare Issue Rev., VRDO, LOC: Bank of America NA, 1.74%, 12/7/2018(b)		11,900		11,900
				71,450
Delaware — 0.8%
County of New Castle, Delaware Airport Facility Rev., VRDO, 1.72%, 12/7/2018(b)		25,880		25,880
District of Columbia — 1.5%
District of Columbia, Pew Charitable Trust Series A, Rev., VRDO, LOC: PNC Bank NA, 1.67%, 12/7/2018(b)		10,200		10,200
Metropolitan Washington Airports Authority, Remarketing
Subseries A-2, Rev., VRDO, AMT, LOC: Sumitomo Mitsui Banking Corp., 1.72%, 12/7/2018(b)		9,755		9,755
Subseries A-3, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.72%, 12/7/2018(b)		15,000		15,000
Rib Floater Trust Series 2018-024, Rev., VRDO, LIQ: Barclays Bank plc, 1.75%, 12/7/2018(b)(c)		9,475		9,475
Tender Option Bond Trust Receipts/Certificates Series 2017-ZM0554, Rev., VRDO, LIQ: Citibank NA, 1.75%, 12/7/2018(b)(c)		2,500		2,500
				46,930
Florida — 4.8%
Alachua County Housing Finance Authority Rev., VRDO, LOC: Citibank NA, 1.78%, 12/7/2018(b)		3,230		3,230
Collier County IDA, Allete, Inc. Project Series 2006, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.74%, 12/7/2018(b)		24,300		24,300
Collier County IDA, Ave Maria Utility Co. Project Rev., VRDO, AMT, LOC: Northern Trust Co., 1.71%, 12/7/2018(b)		13,665		13,665
Collier County, Housing Finance Authority Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.78%, 12/7/2018(b)		2,670		2,670
County of Broward, Airtport Facility Series A, Rev., VRDO, AMT, LOC: Citibank NA, 1.74%, 12/7/2018(b)		5,775		5,775
County of Okeechobee, Landfill, Inc. Project Rev., VRDO, LOC: Wells Fargo Bank NA, 1.74%, 12/7/2018(b)		15,000		15,000
County of Palm Beach, Florida Schood Board Class A, COP, VRDO, LIQ: Citibank NA, 1.72%, 12/7/2018(b)(c)		6,590		6,590
County of Palm Beach, Special Purpose Facilities, Flight Safety Project Rev., VRDO, 1.72%, 12/7/2018(b)		18,000		18,000
Florida Housing Finance Corp., Multi-Family Mortgage, Boynton Bay Apartments Series I, Rev., VRDO, LOC: Citibank NA, 1.75%, 12/7/2018(b)		14,280		14,280

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Florida — continued
Hillsborough County, Housing Finance Authority, Multifamily Housing, Brandywine Apartments Rev., VRDO, LOC: Citibank NA, 1.78%, 12/7/2018(b)		3,195		3,195
Sumter County IDA, Solid Waste Disposal, American Cement Co., LLC Project Rev., VRDO, LOC: Bank of America NA, 1.83%, 12/7/2018(b)		16,000		16,000
Tender Option Bond Trust Receipts/Certificates
Rev., 1.72%, 12/7/2018(b)		4,000		4,000
Series 2018-XG0167, Rev., VRDO, LIQ: Citibank NA, 1.72%, 12/7/2018(b)(c)		6,135		6,135
Series 2018-ZM0615, Rev., VRDO, 1.72%, 12/7/2018(b)		7,500		7,500
Rev., VRDO, 1.75%, 12/7/2018(b)		3,400		3,400
Series 2017-ZF2503, Rev., VRDO, 1.75%, 12/7/2018(b)		3,750		3,750
				147,490
Georgia — 0.7%
Atkinson/Coffee Counties Joint Development Authority, Solid Waste Disposal, Langboard, Inc. Project Rev., VRDO, LOC: Wells Fargo Bank NA, 1.72%, 12/7/2018(b)		16,800		16,800
Tender Option Bond Trust Receipts/Certificates Series 2017-ZF0589, Rev., VRDO, LIQ: Bank of America NA, 1.73%, 12/7/2018(b)(c)		3,750		3,750
				20,550
Illinois — 3.6%
Chicago Midway Airport, 2nd Lien Series C-2, Rev., VRDO, AMT, LOC: Bank of Montreal, 1.74%, 12/7/2018(b)		20,870		20,870
Illinois Educational Facilities Authority, Adler Planetarium Series 1997, Rev., VRDO, LOC: PNC Bank NA, 1.69%, 12/7/2018(b)		10,000		10,000
Illinois Finance Authority, Chicago Historical Society Rev., VRDO, LOC: BMO Harris Bank NA, 1.70%, 12/7/2018(b)		31,035		31,035
Illinois Finance Authority, St. Ignatius College Prep. Project Rev., VRDO, LOC: PNC Bank NA, 1.69%, 12/7/2018(b)		12,000		12,000
Illinois State Toll Highway Authority
Series A-2B, Rev., VRDO, LOC: PNC Bank NA, 1.74%, 12/7/2018(b)		15,675		15,675
Series A-2A, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.75%, 12/7/2018(b)		11,010		11,010
Illinois State Toll Highway Authority, Variable Rate Senior Priority Series A-1B, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.75%, 12/7/2018(b)		5,600		5,600
Tender Option Bond Trust Receipts/Certificates Series 2018-XM0686, Rev., VRDO, LIQ: Bank of America NA, 1.76%, 12/7/2018(b)(c)		4,160		4,160
				110,350
Indiana — 0.7%
City of Chicago, Gary International Airport Authority, Multi-Modal Special purpose Facility Rev., VRDO, LOC: BMO Harris Bank NA, 1.74%, 12/7/2018(b)		5,975		5,975
City of Indianapolis, Multi-Family Housing, Nora Commons Rev., VRDO, AMT, LOC: U.S. Bank NA, 1.75%, 12/3/2018(b)		5,890		5,890
Indiana Finance Authority, Parkview Health System, Inc. Series D, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.71%, 12/3/2018(b)		3,950		3,950
Indiana Finance Authority, Solid Waste Disposal, Four-Leaf Clover Dairy LLC Project Rev., VRDO, LOC: Bank of America NA, 1.85%, 12/7/2018(b)		4,100		4,100

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Indiana — continued
Indiana Finance Authority, Solid Waste Disposal, New Holland Dairy Leasing Rev., VRDO, LOC: Bank of America NA, 1.85%, 12/7/2018(b)		410		410
Tender Option Bond Trust Receipts/Certificates Series 2016-ZF0280, Rev., VRDO, 1.73%, 12/7/2018(b)		2,500		2,500
				22,825
Iowa — 3.4%
Iowa Finance Authority Solid Waste Facilities, Midamerican Energy Co. Project Rev., VRDO, AMT, 1.76%, 12/7/2018(b)		45,800		45,800
Iowa Finance Authority, Midwestern Disaster Area, Chrisbro III, Inc. Project Rev., VRDO, 1.75%, 12/7/2018(b)		30,800		30,800
Iowa Finance Authority, Multi-Family Housing
Series A, Rev., VRDO, AMT, 1.72%, 12/7/2018(b)		10,910		10,910
Series B, Rev., VRDO, AMT, 1.72%, 12/7/2018(b)		7,230		7,230
Iowa Finance Authority, Wellness Facility, Community of MarshallTown Project Rev., VRDO, LOC: Northern Trust Co., 1.72%, 12/7/2018(b)		8,085		8,085
Tender Option Bond Trust Receipts/Certificates Series 2018-ZM0582, Rev., VRDO, LIQ: Barclays Bank plc, 1.72%, 12/7/2018(b)(c)		2,550		2,550
				105,375
Kansas — 1.3%
City of Mission, Multi-Family Housing, The Falls Apartments Project Rev., VRDO, LOC: U.S. Bank NA, 1.75%, 12/7/2018(b)		7,750		7,750
City of Wichita, Kans Airport Facilities Series 2003, Rev., VRDO, 1.72%, 12/7/2018(b)		20,780		20,780
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-23, GO, VRDO, LOC: Royal Bank of Canada, 1.72%, 12/7/2018(b)(c)		12,500		12,500
				41,030
Kentucky — 1.9%
County of Carroll, Kentucky Environmental Facilities, Utilities Co. Project
Rev., VRDO, AMT, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.78%, 12/7/2018(b)		6,800		6,800
Series A, Rev., VRDO, AMT, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.78%, 12/7/2018(b)		7,100		7,100
Kenton County Airport Board, Flight Safety International, Inc. Project Series A, Rev., VRDO, 1.72%, 12/7/2018(b)		17,900		17,900
Louisville Regional Airport Authority, Special Facilities, BT-OH, LLC Project Series A, Rev., VRDO, 1.76%, 12/3/2018(b)		5,000		5,000
Louisville Regional Airport Authority, Special Facilities, UPS Worldwide Forwarding Series A, Rev., VRDO, 1.81%, 12/3/2018(b)		15,000		15,000
Maysville Industrial Bldg., Green Tokai Co. Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.75%, 12/7/2018(b)		5,740		5,740
				57,540
Louisiana — 1.3%
Parish of St Bernard, Mobil Oil Rev., VRDO, EXXON MOBIL CORP (OBLI), 1.73%, 12/3/2018(b)		4,900		4,900
Parish of St Charles, Pollution Control, Shell Oil Co., Norco Project
Rev., VRDO, 1.81%, 12/3/2018(b)		8,700		8,700
Series A, Rev., VRDO, 1.81%, 12/3/2018(b)		26,000		26,000
				39,600

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Maine — 0.9%
Maine State Housing Mortgage Authority
Series G, Rev., VRDO, AMT, 1.71%, 12/7/2018(b)		16,990		16,990
Series B2, Rev., VRDO, AMT, 1.72%, 12/7/2018(b)		10,570		10,570
				27,560
Maryland — 4.9%
City of Baltimore Series 2015-ZF2095, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.77%, 12/7/2018(b)(c)		6,665		6,665
Maryland Community Development Administration, Department of Housing and Community Development, Multi-Family Housing, Barrington Apartments Project Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.73%, 12/7/2018(b)		34,500		34,500
Maryland Community Development Administration, Department of Housing and Community Development, Residential
Series G, Rev., VRDO, AMT, 1.73%, 12/7/2018(b)		21,050		21,050
Series J, Rev., VRDO, AMT, 1.74%, 12/7/2018(b)		35,125		35,125
Prince Georges County Housing Authority, Multi-Family, Allentowne Apartments Project Rev., VRDO, FHLMC, LOC: FHLMC, 1.74%, 12/7/2018(b)		13,900		13,900
State of Maryland, Transportation Authority Rev., VRDO, AMT, LOC: Wells Fargo Bank NA, 1.72%, 12/7/2018(b)		15,000		15,000
Tender Option Bond Trust Receipts/Certificates
Rev., VRDO, 1.72%, 12/7/2018(b)		10,000		10,000
Series 2018-ZM0596, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.72%, 12/7/2018(b)(c)		7,500		7,500
Series 2018-ZM0621, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.72%, 12/7/2018(b)(c)		4,000		4,000
Series 2018-XF0605, Rev., VRDO, LIQ: Bank of America NA, 1.75%, 12/7/2018(b)(c)		3,300		3,300
				151,040
Massachusetts — 0.3%
Massachusetts State Development Finance Agency, Housing, Cordis Mills LLC Rev., VRDO, FNMA, LIQ: FNMA, 1.78%, 12/7/2018(b)		9,850		9,850
Michigan — 3.8%
Kent Hospital Finance Authority, Spectrum Health System Series C, Rev., VRDO, LOC: Bank of New York Mellon, 1.72%, 12/7/2018(b)		8,865		8,865
Michigan State Housing Development Authority, Rental Housing
Series C, Rev., VRDO, AMT, LIQ: Royal Bank of Canada, 1.72%, 12/7/2018(b)		23,410		23,410
Series D, Rev., VRDO, AMT, 1.78%, 12/7/2018(b)		4,575		4,575
Series A, Rev., VRDO, AMT, 1.79%, 12/7/2018(b)		5,015		5,015
Michigan State Housing Development Authority, Single-Family Mortgage
Series D, Rev., VRDO, 1.68%, 12/7/2018(b)		5,805		5,805
Series D, Rev., VRDO, AMT, 1.74%, 12/7/2018(b)		4,950		4,950
Series B, Rev., VRDO, AMT, 1.76%, 12/7/2018(b)		50,780		50,780
Rib Floater Trust Series 2018-009, Rev., VRDO, LOC: Barclays Bank plc, 1.73%, 12/7/2018(b)(c)		6,000		6,000
Tender Option Bond Trust Receipts/Certificates
Series 2017-XF0597, Rev., VRDO, 1.72%, 12/7/2018(b)		3,000		3,000
Series 2017-XG0158, Rev., VRDO, LIQ: Bank of America NA, 1.73%, 12/7/2018(b)(c)		4,075		4,075
				116,475

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Minnesota — 0.7%
Minnesota Housing Finance Agency, Residential Housing Finance Rev., VRDO, AMT, GNMA/FNMA/FHLMC COLL, 1.72%, 12/7/2018(b)		13,200		13,200
Oakdale Multifamily, Housing Cottage Homesteads Rev., VRDO, FHLMC, LOC: FHLMC, 1.74%, 12/7/2018(b)		7,000		7,000
				20,200
Mississippi — 2.6%
County of Jackson, Chevron USA, Inc. Project Rev., VRDO, 1.78%, 12/3/2018(b)		18,100		18,100
County of Jackson, Port Facility, Chevron USA, Inc. Project Rev., VRDO, 1.71%, 12/3/2018(b)		45,875		45,875
Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc. Project Series C, Rev., VRDO, 1.71%, 12/3/2018(b)		8,610		8,610
Mississippi Development Bank Special Obligation, Jackson County, Industrial Water System Project Series 2009, Rev., VRDO, 1.71%, 12/3/2018(b)		7,870		7,870
				80,455
Missouri — 3.1%
Rib Floater Trust Series 2017-010, Rev., VRDO, LOC: Barclays Bank plc, 1.74%, 12/7/2018(b)(c)		28,685		28,685
St. Charles County IDA, Country Club Apartments Project Rev., VRDO, FNMA, LOC: FNMA, 1.69%, 12/7/2018(b)		25,000		25,000
St. Charles County IDA, Remington Apartments Project Rev., VRDO, FNMA, LOC: FNMA, 1.69%, 12/7/2018(b)		11,500		11,500
Tender Option Bond Trust Receipts/Certificates Rev., VRDO, 1.75%, 12/7/2018(b)		30,000		30,000
				95,185
Nebraska — 0.9%
Nebraska Investment Finance Authority, Multi-Family Housing Series A, Rev., VRDO, LOC: Citibank NA, 1.75%, 12/7/2018(b)		10,000		10,000
Tender Option Bond Trust Receipts/Certificates
Series 2018-XF2551, Rev., VRDO, 1.74%, 12/7/2018(b)		9,635		9,635
Series 2018-XF2558, Rev., VRDO, 1.74%, 12/7/2018(b)		8,000		8,000
				27,635
Nevada — 0.3%
County of Clark, Department of Aviation, Nevada Airport System Series B-2, Rev., VRDO, AMT, LOC: State Street Bank & Trust, 1.73%, 12/7/2018(b)		4,000		4,000
Tender Option Bond Trust Receipts/Certificates Series 2018-ZM0633, GO, VRDO, LIQ: Royal Bank of Canada, 1.72%, 12/7/2018(b)(c)		4,100		4,100
				8,100
New Jersey — 1.0%
Rib Floater Trust Series 2018-020, Rev., VRDO, LIQ: Barclays Bank plc, 1.74%, 12/7/2018(b)(c)		15,000		15,000
Tender Option Bond Trust Receipts/Certificates
Series 2018-XX1091, Rev., VRDO, NATL-RE, LOC: Barclays Bank plc, 1.71%, 12/7/2018(b)(c)		9,000		9,000
Series 2018-XX1093, Rev., VRDO, LOC: Barclays Bank plc, 1.71%, 12/7/2018(b)(c)		5,700		5,700
				29,700
New York — 13.3%
Erie County Industrial Development Agency Series 2008, Rev., VRDO, LOC: Manufacturers & Trader Trust Co., 1.79%, 12/7/2018(b)		12,000		12,000
Housing Development Corp Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.75%, 12/7/2018(b)		35,000		35,000

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
New York — continued
Metropolitan Transportation Authority
Subseries G-2, Rev., VRDO, LOC: TD Bank NA, 1.65%, 12/7/2018(b)		9,810		9,810
Subseries E-4, Rev., VRDO, LOC: PNC Bank NA, 1.67%, 12/7/2018(b)		20,000		20,000
New York City Housing Development Corp., Multi-Family Mortgage, Related-Upper East Series A, Rev., VRDO, AMT, LOC: Landesbank Baden-Wuerttemberg, 1.69%, 12/7/2018(b)		30,000		30,000
New York City Industrial Development Agency, Special Facility, Air Express International Corp. Project Rev., VRDO, LOC: Citibank NA, 1.72%, 12/7/2018(b)		19,000		19,000
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2019 Rev., VRDO, 1.73%, 12/7/2018(b)		20,000		20,000
New York Liberty Development Corp. Series 2015-XF2023, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.74%, 12/7/2018(b)(c)		10,000		10,000
New York State Housing Finance Agency, 188 Ludlow Street Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.77%, 12/7/2018(b)		24,800		24,800
New York State Housing Finance Agency, 222 East 44th Street Housing Series A, Rev., VRDO, LOC: Bank of China, 1.74%, 12/7/2018(b)		21,550		21,550
New York State Housing Finance Agency, 25 West 25th Street Housing Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.75%, 12/7/2018(b)		22,600		22,600
New York State Housing Finance Agency, 250 West 93rd Street Housing Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.74%, 12/7/2018(b)		30,000		30,000
New York State Housing Finance Agency, 42nd and 10th Housing Series A, Rev., VRDO, AMT, FHLMC, LOC: FHLMC, 1.72%, 12/7/2018(b)		8,350		8,350
New York State Housing Finance Agency, 455 West 37th Street Housing Series A, Rev., VRDO, AMT, LOC: Landesbank Hessen-Thueringen, 1.82%, 12/3/2018(b)		57,120		57,120
New York State Housing Finance Agency, Manhattan West Residential Housing Series A, Rev., VRDO, LOC: Bank of China, 1.76%, 12/3/2018(b)		12,500		12,500
State of New York Mortgage Agency, Homeowner Mortgage Series 135, Rev., VRDO, AMT, 1.81%, 12/3/2018(b)		750		750
Tender Option Bond Trust Receipts/Certificates
Series E-118, GO, VRDO, LIQ: Royal Bank of Canada, 1.78%, 12/3/2018(b)		20,000		20,000
Series 2017-XF0566, Rev., VRDO, LIQ: TD Bank NA, 1.71%, 12/7/2018(b)(c)		4,000		4,000
Series 2017-XF0566, Rev., VRDO, LIQ: TD Bank NA, 1.71%, 12/7/2018(b)(c)		4,300		4,300
Series 2018-XF0238, Rev., VRDO, 1.71%, 12/7/2018(b)		23,815		23,815
Series 2018-XF2757, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.71%, 12/7/2018(b)(c)		8,000		8,000
Series 2017-XG0156, Rev., VRDO, 1.72%, 12/7/2018(b)		2,020		2,020
Series 2017-XF2488, Rev., VRDO, 1.74%, 12/7/2018(b)		2,500		2,500
Series 2018-XM0616, Rev., VRDO, 1.74%, 12/7/2018(b)		10,425		10,425
				408,540

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
North Carolina — 0.6%
North Carolina Capital Facilities Finance Agency, Educational Facilities Series 2016-ZM0153, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.72%, 12/7/2018(b)(c)		5,000		5,000
Tender Option Bond Trust Receipts/Certificates Series 2018-XG0170, Rev., VRDO, 1.72%, 12/7/2018(b)		3,000		3,000
Union County Industrial Facilities and Pollution Control Financing Authority Series 2007, Rev., VRDO, LOC: BB&T Corp., 1.74%, 12/7/2018(b)		10,000		10,000
				18,000
North Dakota — 0.9%
North Dakota Housing Finance Agency, Housing Finance Program, Home Mortgage Series B, Rev., VRDO, AMT, 1.72%, 12/7/2018(b)		27,055		27,055
Ohio — 0.1%
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-30, GO, VRDO, LOC: Royal Bank of Canada, 1.72%, 12/7/2018(b)(c)		3,905		3,905
Oregon — 3.1%
Confederated Tribes of The Umatilla Indian Reservation, Tribal Infrastructure Rev., VRDO, LOC: Wells Fargo Bank NA, 2.34%, 12/7/2018(b)		11,150		11,150
Marion County Housing Authority, Residence At Marian Rev., VRDO, LOC: U.S. Bank NA, 1.74%, 12/7/2018(b)		240		240
Port of Portland, Oregon International Airport, Multimodal Variable Rate Rev., VRDO, AMT, LOC: Industrial & Commercial Bank of China, 1.73%, 12/7/2018(b)		12,300		12,300
Port of Portland, Oregon Portland International Airport Series 18B, Rev., VRDO, AMT, LOC: Industrial & Commercial Bank of China, 1.75%, 12/7/2018(b)		32,320		32,320
Port of Portland, Special Obligation, Horizon Air Industries, Inc. Project Rev., Rev., VRDO, LOC: Bank of America NA, 1.76%, 12/3/2018(b)		14,600		14,600
State of Oregon, Facilities Authority, PeaceHealth Series B, Rev., VRDO, LOC: TD Bank NA, 1.69%, 12/3/2018(b)		19,250		19,250
Tender Option Bond Trust Receipts/Certificates Series 2018-ZM0637, Rev., VRDO, 1.72%, 12/7/2018(b)		3,500		3,500
				93,360
Other — 4.0%
FHLMC, Multi-Family Housing
Series M017, Class A, Rev., VRDO, LIQ: FHLMC, 1.73%, 12/7/2018(b)		49,900		49,900
Series M015, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.74%, 12/7/2018(b)		15,660		15,660
Series M021, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.74%, 12/7/2018(b)		12,125		12,125
Series M025, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.79%, 12/7/2018(b)		20,170		20,170
Series M026, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.79%, 12/7/2018(b)		21,325		21,325
SunAmerica Taxable Trust Series 2, Class A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.75%, 12/7/2018(b)		4,310		4,310
				123,490
Pennsylvania — 2.1%
City of Philadelphia Pennsylvania Airport Subseries C-1, Rev., VRDO, AMT, LOC: TD Bank NA, 1.69%, 12/7/2018(b)		20,615		20,615

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Pennsylvania — continued
Pennsylvania Housing Finance Agency, Single Family Mortgage
Series 2005-89, Rev., VRDO, AMT, 1.69%, 12/7/2018(b)		11,200		11,200
Series 2006-93B, Rev., VRDO, AMT, 1.74%, 12/7/2018(b)		10,560		10,560
Series 2007-98C, Rev., VRDO, AMT, 1.74%, 12/7/2018(b)		10,000		10,000
Tender Option Bond Trust Receipts/Certificates
Series 2018-XF0702, Rev., VRDO, LIQ: Bank of America NA, 1.67%, 12/7/2018(b)(c)		2,000		2,000
Series 2018-XG0201, Rev., VRDO, GTD, LOC: Barclays Bank plc, 1.73%, 12/7/2018(b)(c)		5,000		5,000
Series 2018-XL0061, Rev., VRDO, LOC: Citibank NA, 1.75%, 12/7/2018(b)		4,490		4,490
				63,865
Rhode Island — 0.8%
Rhode Island Housing and Mortgage Finance Corp., Multi-Family Housing, University Heights Project Rev., VRDO, AMT, FHLMC, LOC: FHLMC, 1.76%, 12/7/2018(b)		25,500		25,500
South Carolina — 0.9%
South Carolina State Housing Finance and Development Authority, Rental Housing, Rocky Creek Rev., VRDO, LOC: Wells Fargo Bank NA, 1.74%, 12/7/2018(b)		1,185		1,185
Tender Option Bond Trust Receipts/Certificates Series 2018-BAML0003, Rev., VRDO, LOC: Bank of America NA, 1.91%, 12/7/2018(b)(c)		25,000		25,000
				26,185
Tennessee — 2.7%
Clarksville Public Building Authority, Pooled Financing, Tennessee Municipal Bond Fund Rev., VRDO, LOC: Bank of America NA, 1.64%, 12/3/2018(b)		31,225		31,225
Jackson Industrial Development Board, Industrial Development, General Cable Corp. Project Rev., VRDO, LOC: PNC Bank NA, 1.71%, 12/7/2018(b)		9,000		9,000
Metropolitan Government of Nashville and Davidson County, Health and Educational Facilities Board, Multi-Family Housing, The Retreat at Dry Creek Farms Apartments Project Rev., VRDO, LOC: Citibank NA, 1.75%, 12/7/2018(b)		10,750		10,750
Metropolitan Government of Nashville and Davidson County Industrial Development Board, Multifamily Housing, Arbor Crest Rev., VRDO, FNMA, LOC: FNMA, 1.69%, 12/7/2018(b)		12,750		12,750
Tender Option Bond Trust Receipts/Certificates
Series 2018-XF2576, Rev., VRDO, LOC: Barclays Bank plc, 1.72%, 12/7/2018(b)(c)		15,390		15,390
Series 2018-XL0062, Rev., VRDO, LOC: Citibank NA, 1.75%, 12/7/2018(b)		4,420		4,420
				83,535
Texas — 9.7%
Capital Area Housing Finance Corp., Cypress Creek At River Bend Apartments Rev., VRDO, LOC: Citibank NA, 1.76%, 12/7/2018(b)		10,170		10,170
City of Austin, Airport System Subseries 2005-4, Rev., VRDO, AMT, AGM, LOC: Sumitomo Mitsui Banking Corp., 1.75%, 12/7/2018(b)		17,615		17,615
County of Jefferson, Port of Port Arthur Navigation District, Fina Oil and Chemical Co. Project Rev., VRDO, 1.77%, 12/7/2018(b)		7,825		7,825
Gulf Coast Waste Disposal Authority, Environmental Facilities, ExxonMobile Project Series A, Rev., VRDO, 1.73%, 12/3/2018(b)		22,350		22,350

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Texas — continued
Lower Neches Valley Authority Industrial Development Corp. Subseries B-2, Rev., VRDO, 1.73%, 12/3/2018(b)		10,430		10,430
Lower Neches Valley Authority Industrial Development Corp., Exempt Facilities, Mobil Oil Refining Corp. Project Rev., VRDO, 1.74%, 12/3/2018(b)		13,900		13,900
Montgomery Country Housing Finance Corp., Multi-Family Housing, Park at Woodline Townhomes Rev., VRDO, LOC: Citibank NA, 1.76%, 12/7/2018(b)		12,305		12,305
North Texas Tollway Authority Series 2016-XF2220, Rev., VRDO, LIQ: Citibank NA, 1.72%, 12/7/2018(b)(c)		10,950		10,950
RBC Municipal Products, Inc. Trust, Floater Certificates
Series G-20, GO, VRDO, LOC: Royal Bank of Canada, 1.72%, 12/7/2018(b)(c)		10,000		10,000
Series G-31, GO, VRDO, LOC: Royal Bank of Canada, 1.72%, 12/7/2018(b)(c)		3,000		3,000
Series G-34, GO, VRDO, PSF-GTD, LOC: Royal Bank of Canada, 1.72%, 12/7/2018(b)(c)		5,400		5,400
Southeast Texas Housing Finance Corp., Wyndham Park Apartments Rev., VRDO, FNMA, LOC: FNMA, 1.76%, 12/7/2018(b)		8,100		8,100
State of Texas Series C, GO, VRDO, 1.72%, 12/7/2018(b)		19,665		19,665
State of Texas, Veterans Bonds
GO, VRDO, AMT, LIQ: State Street Bank & Trust, 1.75%, 12/7/2018(b)		12,580		12,580
Series A, GO, VRDO, 1.75%, 12/7/2018(b)		9,710		9,710
State of Texas, Veterans Housing Assistance Program GO, VRDO, AMT, 1.80%, 12/7/2018(b)		29,245		29,245
Tarrant County Cultural Education Facilities Finance Corp. Rev., VRDO, 1.73%, 12/7/2018(b)		3,700		3,700
Tender Option Bond Trust Receipts/Certificates
GO, VRDO, 1.72%, 12/7/2018(b)		5,000		5,000
Series 2017-XF0599, Rev., VRDO, 1.72%, 12/7/2018(b)		9,000		9,000
Series 2017-XG0155, GO, VRDO, PSF-GTD, 1.72%, 12/7/2018(b)		5,542		5,542
Series 2018-XG0166, Rev., VRDO, LIQ: Citibank NA, 1.72%, 12/7/2018(b)(c)		3,308		3,308
Series 2016-ZF0465, Rev., VRDO, LIQ: Royal Bank of Canada, 1.76%, 12/7/2018(b)		48,605		48,605
Texas Department of Housing and Community Affairs, Single Family Mortgage Series D, Rev., VRDO, AMT, GNMA/FNMA/FHLMC, LIQ: Texas Comptroller of Public Accounts, 1.72%, 12/7/2018(b)		9,540		9,540
University of Texas, Permanent University System Series A, Rev., VRDO, LIQ: University of Texas Investment Management Co., 1.70%, 12/7/2018(b)		10,000		10,000
				297,940
Utah — 0.7%
Tender Option Bond Trust Receipts/Certificates Series 2018-XG0171, Rev., VRDO, 1.75%, 12/7/2018(b)		3,000		3,000
Utah Housing Corp., Single Family Mortgage
Series A-1, Class I, Rev., VRDO, 1.72%, 12/7/2018(b)		2,470		2,470
Series B, Class I, Rev., VRDO, 1.72%, 12/7/2018(b)		3,695		3,695
Series C-2, Class I, Rev., VRDO, FHA, 1.72%, 12/7/2018(b)		4,455		4,455
Series D-2, Class I, Rev., VRDO, 1.72%, 12/7/2018(b)		4,470		4,470
Utah Housing Finance Agency, Single Family Mortgage Series A-2, Rev., VRDO, 1.72%, 12/7/2018(b)		1,970		1,970
				20,060

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Virginia — 2.8%
Arlington County Industrial Development Authority, Multi-family Housing, Gates of Ballston Apartments Rev., VRDO, LOC: PNC Bank NA, 1.77%, 12/7/2018(b)		15,725		15,725
County of King George, IDA, Birchwood Power Partners
Series A, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.73%, 12/3/2018(b)		9,200		9,200
Series B, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.73%, 12/3/2018(b)		9,200		9,200
Fairfax County Industrial Development Authority, Virginia Health Care, Inova Health System Project Rev., VRDO, 1.69%, 12/7/2018(b)		5,000		5,000
Tender Option Bond Trust Receipts/Certificates
Series 2018-XG0183, Rev., VRDO, LIQ: Barclays Bank plc, 1.71%, 12/7/2018(b)(c)		6,435		6,435
Series 2018-XL0069, Rev., VRDO, LIQ: Barclays Bank plc, 1.71%, 12/7/2018(b)(c)		4,230		4,230
Series 2018-ZM0583, Rev., VRDO, LIQ: Bank of America NA, 1.72%, 12/7/2018(b)(c)		5,415		5,415
Series 2018-BAML0002, Rev., VRDO, FHLMC, LIQ: Bank of America NA, 1.76%, 12/7/2018(b)(c)		15,390		15,390
Series 2018-BAML0004, Rev., VRDO, FHLMC, LIQ: Bank of America NA, 1.76%, 12/7/2018(b)(c)		15,190		15,190
				85,785
Washington — 2.7%
Port Grays Harbor Industrial Development Corp., Murphy Co. Project Rev., VRDO, LOC: U.S. Bank NA, 1.73%, 12/7/2018(b)		10,000		10,000
Port of Seattle, Subordinate Lien Series 2008, Rev., VRDO, AMT, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.74%, 12/7/2018(b)		28,515		28,515
Tender Option Bond Trust Receipts/Certificates Series 2018-XF0658, Rev., VRDO, LIQ: Bank of America NA, 1.77%, 12/7/2018(b)(c)		5,610		5,610
Washington Economic Development Finance Authority, Solid Waste Disposal, Cleanscapes, Inc. Project Rev., VRDO, LOC: Bank of America NA, 1.74%, 12/7/2018(b)		20,735		20,735
Washington Economic Development Finance Authority, Solid Waste Disposal, Le May Enterprise Project Series B, Rev., VRDO, LOC: Bank of America NA, 1.77%, 12/7/2018(b)		11,600		11,600
Washington Health Care Facilities Authority, Providence Health and Services Rev., VRDO, 1.71%, 12/7/2018(b)		205		205
Washington State Housing Finance Commission, Multi-Family Housing, Alderwood Court Apartments Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.75%, 12/7/2018(b)		5,350		5,350
				82,015
West Virginia — 0.3%
County of Harrison, Solid Waste Disposal, Waste Management of West Virginia, Inc. Project Series A, Rev., VRDO, LOC: Bank of America NA, 1.78%, 12/7/2018(b)		8,120		8,120
Wisconsin — 0.2%
City of Appleton, Industrial Development Series A, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.88%, 12/7/2018(b)		1,300		1,300
Tender Option Bond Trust Receipts/Certificates Series 2018-XF2541, Rev., VRDO, 1.72%, 12/7/2018(b)		3,400		3,400
				4,700

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Wyoming — 0.7%
County of Laramie, Wyoming Industrial Development Series B, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.72%, 12/7/2018(b)		7,000		7,000
County of Uinta Rev., VRDO, 1.71%, 12/3/2018(b)		7,900		7,900
Wyoming Community Development Authority, Composite Reoffering Housing Series 6, Rev., VRDO, AMT, 1.75%, 12/7/2018(b)		4,900		4,900
				19,800
TOTAL MUNICIPAL BONDS (Cost $2,867,200)				2,867,200
Investments(a)	Shares (000)
VARIABLE RATE DEMAND PREFERRED SHARES — 5.3%
California — 0.5%
Nuveen California Quality Municipal Income Fund
Series 4, LIQ: Royal Bank of Canada, 1.83%, 12/7/2018 #(c)		10,000		10,000
Series 6, LIQ: Citibank NA, 1.84%, 12/7/2018 #(c)		5,000		5,000
				15,000
Other — 4.8%
Nuveen AMT-Free Quality Municipal Income Fund
Series 3, LIQ: TD Bank NA, 1.74%, 12/7/2018 #(c)		25,000		25,000
Series 4, LIQ: Barclays Bank plc, 1.78%, 12/7/2018 #(c)		31,700		31,700
Nuveen Quality Municipal Income Fund
Series 1, LIQ: Barclays Bank plc, 1.84%, 12/7/2018 #(c)		79,700		79,700
Series 3, LIQ: Barclays Bank plc, 1.84%, 12/7/2018 #(c)		9,700		9,700
				146,100
TOTAL VARIABLE RATE DEMAND PREFERRED SHARES (Cost $161,100)				161,100
Total Investments — 98.9% (Cost $3,028,300)*				3,028,300
Other Assets Less Liabilities — 1.1%				35,157
Net Assets — 100.0%				3,063,457

Percentages indicated are based on net assets.

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Abbreviations
AGM	Insured by Assured Guaranty Municipal Corp.
AMT	Alternative Minimum Tax
COLL	Collateral
COP	Certificate of Participation
FHA	Federal Housing Administration
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GO	General Obligation
GTD	Guaranteed
IDA	Industrial Development Authority
LIQ	Liquidity Agreement
LOC	Letter of Credit
NATL	Insured by National Public Finance Guarantee Corp.
PSF-GTD	Permanent School Fund Guaranteed
RE	Reinsured
Rev.	Revenue
VRDO	Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of November 30, 2018.
(a)	The date shown represents the earliest of the next put date, next demand date or final maturity date.
(b)	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, 2018.
(c)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
#	Variable Rate Demand Preferred Shares of a closed-end investment company which has a weekly demand feature. The interest rate shown is the rate in effect as of November 30, 2018.
*	The cost of securities is substantially the same for federal income tax purposes.

A. Valuation of Investments — The valuation of investments is 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 (the “Board”), which established the following approach to valuation, as described more fully below: securities and other debt instruments held by money market funds pursuant to Rule 2a-7 under the 1940 Act shall be valued using the amortized cost method provided that certain conditions are met.

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 be expected to vary inversely with changes in prevailing interest rates.

JPMorgan 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 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 on a daily basis that the amortized cost valuation method fairly reflects the market-based net asset value of the Fund.

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

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 fair value of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 — Quoted prices in active markets for identical securities.

• Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

• Level 3 — Significant unobservable inputs (including the Fund’s own 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 securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as level 2.

The following is a summary of the inputs used as of November 30, 2018, in valuing the Fund’s assets and liabilities carried at amortized cost which approximates fair value (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant  observable inputs		Level 3 Significant  unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	3,028,300	$	—	$	3,028,300

(a) All portfolio holdings designated as level 2 are disclosed individually on the Schedule of Portfolio Investments (“SOI”). Please refer to the SOI for specifics of the major categories of portfolio holdings.

There were no transfers among any levels during the period ended November 30, 2018.

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited)

Investments	Principal Amount ($000)		Value ($000)
U.S. TREASURY OBLIGATIONS — 42.0%
U.S. Treasury Notes
1.00%, 8/31/2019		5,000		4,939
1.25%, 8/31/2019		5,000		4,948
1.50%, 10/31/2019		20,000		19,781
1.63%, 12/31/2019		20,000		19,761
1.38%, 1/31/2020		10,000		9,843
1.38%, 3/31/2020		85,000		83,436
1.13%, 4/30/2020		25,000		24,430
1.38%, 4/30/2020		30,000		29,415
1.50%, 5/31/2020		55,000		53,954
1.63%, 7/31/2020		62,000		60,808
1.38%, 8/31/2020		70,000		68,294
1.38%, 9/30/2020		110,000		107,207
1.38%, 10/31/2020		140,000		136,254
2.88%, 10/31/2020		30,000		30,029
1.75%, 12/31/2020		120,000		117,492
1.38%, 1/31/2021		115,000		111,550
1.13%, 2/28/2021		95,000		91,534
1.25%, 3/31/2021		75,000		72,407
2.38%, 4/15/2021		25,000		24,747
1.38%, 4/30/2021		60,000		57,998
2.25%, 4/30/2021		15,000		14,807
3.13%, 5/15/2021		20,000		20,146
1.38%, 5/31/2021		70,925		68,468
1.13%, 6/30/2021		52,250		50,084
2.13%, 6/30/2021		15,000		14,744
2.25%, 7/31/2021		3,285		3,237
1.13%, 8/31/2021		10,000		9,555
2.75%, 9/15/2021		10,000		9,981
1.13%, 9/30/2021		10,000		9,546
2.13%, 9/30/2021		10,000		9,810
1.25%, 10/31/2021		10,000		9,562
2.00%, 10/31/2021		9,000		8,793
1.75%, 11/30/2021		35,000		33,927
TOTAL U.S. TREASURY OBLIGATIONS (Cost $1,405,381)				1,391,487
CORPORATE BONDS — 28.7%
Aerospace & Defense — 0.2%
BAE Systems Holdings, Inc. (United Kingdom) 6.38%, 6/1/2019(a)		2,903		2,946
Lockheed Martin Corp. 3.35%, 9/15/2021		1,280		1,275
Precision Castparts Corp. 2.25%, 6/15/2020		2,000		1,969
Textron, Inc. 5.95%, 9/21/2021		1,300		1,363
				7,553
Auto Components — 0.0%(b)
Aptiv plc
3.15%, 11/19/2020		1,000		988
Automobiles — 0.5%
BMW US Capital LLC (Germany) 1.85%, 9/15/2021(a)		1,826		1,736
Daimler Finance North America LLC (Germany)
2.25%, 9/3/2019(a)		1,750		1,736
2.25%, 3/2/2020(a)		5,000		4,924
Hyundai Capital America 2.00%, 7/1/2019(a)		859		851
Nissan Motor Acceptance Corp.
2.35%, 3/4/2019(a)		2,280		2,274
2.55%, 3/8/2021(a)		2,620		2,541
Volkswagen Group of America Finance LLC (Germany) 4.00%, 11/12/2021(a)		2,700		2,693
				16,755
Banks — 8.7%
ABN AMRO Bank NV (Netherlands)
2.45%, 6/4/2020(a)		2,060		2,029
3.40%, 8/27/2021(a)		3,700		3,670
AIB Group plc (Ireland) 4.75%, 10/12/2023(a)		1,915		1,883
ANZ New Zealand Int’l Ltd. (New Zealand)
2.60%, 9/23/2019(a)		250		249
2.88%, 1/25/2022(a)		3,000		2,918
Australia & New Zealand Banking Group Ltd. (Australia) 4.88%, 1/12/2021(a)		1,000		1,028
Bank of America Corp. 7.63%, 6/1/2019		6,590		6,734
Series L, 2.25%, 4/21/2020		6,000		5,910
5.63%, 7/1/2020		1,440		1,487
2.63%, 4/19/2021		7,951		7,786
5.00%, 5/13/2021		8,605		8,888
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023(c)		5,370		5,237
Bank of Montreal (Canada)
2.10%, 6/15/2020		2,000		1,965
3.10%, 7/13/2020		1,750		1,746
1.90%, 8/27/2021		1,570		1,507
Bank of Nova Scotia (The) (Canada)
2.15%, 7/14/2020		2,045		2,011
2.45%, 3/22/2021		5,107		4,996
3.13%, 4/20/2021		1,500		1,489
Banque Federative du Credit Mutuel SA (France) 2.20%, 7/20/2020(a)		2,031		1,987
Barclays Bank plc (United Kingdom)
5.14%, 10/14/2020		1,310		1,332
2.65%, 1/11/2021		1,000		973
10.18%, 6/12/2021(a)		2,080		2,349
Barclays plc (United Kingdom) 3.68%, 1/10/2023		2,835		2,705
BB&T Corp. 5.25%, 11/1/2019		1,878		1,909

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Banks — continued
2.45%, 1/15/2020		2,790		2,765
2.05%, 5/10/2021		2,500		2,419
BNZ International Funding Ltd. (New Zealand)
2.35%, 3/4/2019(a)		1,684		1,681
2.90%, 2/21/2022(a)		1,000		972
Branch Banking & Trust Co. 2.85%, 4/1/2021		300		296
Canadian Imperial Bank of Commerce (Canada) 2.70%, 2/2/2021		3,615		3,552
Capital One NA 2.35%, 1/31/2020		3,000		2,963
Citibank NA 2.13%, 10/20/2020		1,850		1,804
Citigroup, Inc.
2.50%, 7/29/2019		4,000		3,982
2.40%, 2/18/2020		16,290		16,104
(ICE LIBOR USD 3 Month + 0.72%), 3.14%, 1/24/2023(c)		2,500		2,441
Citizens Bank NA
2.30%, 12/3/2018		400		400
2.55%, 5/13/2021		3,640		3,539
Citizens Financial Group, Inc. 2.38%, 7/28/2021		1,420		1,370
Comerica, Inc. 3.70%, 7/31/2023		1,280		1,268
Commonwealth Bank of Australia (Australia)
2.30%, 3/12/2020		2,050		2,025
2.75%, 3/10/2022(a)		3,450		3,354
Compass Bank
2.75%, 9/29/2019		1,564		1,557
3.50%, 6/11/2021		1,650		1,627
Cooperatieve Rabobank UA (Netherlands) 3.88%, 9/26/2023(a)		1,165		1,158
Credit Agricole SA (France)
3.38%, 1/10/2022(a)		2,460		2,397
3.75%, 4/24/2023(a)		425		413
Credit Suisse Group Funding Guernsey Ltd. (Switzerland) 3.45%, 4/16/2021		5,211		5,167
Danske Bank A/S (Denmark)
1.65%, 9/6/2019(a)		4,400		4,336
2.70%, 3/2/2022(a)		800		763
Discover Bank 3.20%, 8/9/2021		3,000		2,945
Fifth Third Bancorp 3.50%, 3/15/2022		1,000		996
First Horizon National Corp. 3.50%, 12/15/2020		470		468
First Tennessee Bank NA 2.95%, 12/1/2019		700		696
HSBC Bank plc (United Kingdom) 4.75%, 1/19/2021(a)		4,520		4,614
HSBC Holdings plc (United Kingdom) 2.65%, 1/5/2022		13,360		12,862
Huntington Bancshares, Inc.
7.00%, 12/15/2020		1,815		1,934
3.15%, 3/14/2021		803		793
ING Groep NV (Netherlands) 3.15%, 3/29/2022		1,400		1,361
KeyBank NA 2.50%, 11/22/2021		750		730
KeyCorp 2.90%, 9/15/2020		4,000		3,958
Lloyds Bank plc (United Kingdom)
2.70%, 8/17/2020		4,800		4,734
3.30%, 5/7/2021		1,300		1,285
Lloyds Banking Group plc (United Kingdom) 3.00%, 1/11/2022		200		192
Manufacturers & Traders Trust Co.
2.30%, 1/30/2019		1,648		1,648
2.25%, 7/25/2019		1,000		995
2.10%, 2/6/2020		1,295		1,277
2.63%, 1/25/2021		2,000		1,962
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.54%, 7/26/2021		1,600		1,599
2.67%, 7/25/2022		3,535		3,411
Mizuho Bank Ltd. (Japan) 2.65%, 9/25/2019(a)		1,189		1,185
Mizuho Financial Group, Inc. (Japan)
2.95%, 2/28/2022		1,000		974
2.60%, 9/11/2022		536		514
MUFG Bank Ltd. (Japan) 2.30%, 3/10/2019(a)		1,800		1,796
MUFG Union Bank NA 2.25%, 5/6/2019		1,000		997
National City Corp. 6.88%, 5/15/2019		4,425		4,496
Nordea Bank AB (Finland)
4.88%, 5/13/2021(a)		700		710
3.75%, 8/30/2023(a)		1,115		1,091
PNC Bank NA
2.30%, 6/1/2020		1,315		1,293
2.60%, 7/21/2020		1,000		987
2.50%, 1/22/2021		7,278		7,130
Regions Bank 2.75%, 4/1/2021		2,000		1,956
Regions Financial Corp. 3.20%, 2/8/2021		1,840		1,814
Royal Bank of Canada (Canada)
2.13%, 3/2/2020		5,960		5,885
3.20%, 4/30/2021		2,000		1,992
Santander UK Group Holdings plc (United Kingdom)
3.13%, 1/8/2021		5,000		4,888
2.88%, 8/5/2021		1,000		961
Santander UK plc (United Kingdom) 2.13%, 11/3/2020		1,000		968
Skandinaviska Enskilda Banken AB (Sweden) 2.63%, 11/17/2020(a)		850		834
Societe Generale SA (France) 3.25%, 1/12/2022(a)		2,850		2,778

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Banks — continued
Standard Chartered plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.15%), 4.25%, 1/20/2023(a)(c)		1,400		1,390
Sumitomo Mitsui Banking Corp. (Japan) 2.51%, 1/17/2020		900		892
Sumitomo Mitsui Financial Group, Inc. (Japan) 2.78%, 7/12/2022		1,510		1,462
Sumitomo Mitsui Trust Bank Ltd. (Japan) 1.95%, 9/19/2019(a)		2,390		2,366
SunTrust Bank
(ICE LIBOR USD 3 Month + 0.59%), 3.50%, 8/2/2022(c)		1,610		1,595
SunTrust Banks, Inc. 2.90%, 3/3/2021		3,125		3,080
Svenska Handelsbanken AB (Sweden) 2.45%, 3/30/2021		1,000		975
Toronto-Dominion Bank (The) (Canada)
3.00%, 6/11/2020		2,030		2,023
2.55%, 1/25/2021		3,000		2,954
2.13%, 4/7/2021		1,096		1,066
UBS Group Funding Switzerland AG (Switzerland)
3.00%, 4/15/2021(a)		2,871		2,821
2.65%, 2/1/2022(a)		3,626		3,487
Wells Fargo & Co.
Series N,
2.15%, 1/30/2020		7,648		7,548
2.50%, 3/4/2021		7,634		7,438
2.10%, 7/26/2021		8,248		7,916
2.63%, 7/22/2022		600		575
Wells Fargo Bank NA 3.63%, 10/22/2021		3,300		3,299
Westpac Banking Corp. (Australia) 2.00%, 8/19/2021		4,000		3,837
				287,574
Beverages — 0.6%
Anheuser-Busch InBev Finance, Inc. (Belgium) 2.65%, 2/1/2021		12,091		11,848
Coca-Cola European Partners plc (United Kingdom)
3.50%, 9/15/2020		1,460		1,458
3.25%, 8/19/2021		350		346
Constellation Brands, Inc. 3.75%, 5/1/2021		2,000		2,001
Keurig Dr Pepper, Inc. 2.53%, 11/15/2021		1,255		1,204
Pernod Ricard SA (France)
5.75%, 4/7/2021(a)		850		887
4.45%, 1/15/2022(a)		600		609
				18,353
Biotechnology — 0.4%
AbbVie, Inc.
2.50%, 5/14/2020		9,065		8,932
Celgene Corp. 2.75%, 2/15/2023		1,500		1,423
Gilead Sciences, Inc.
2.05%, 4/1/2019		2,073		2,066
2.55%, 9/1/2020		1,490		1,471
				13,892
Building Products — 0.1%
Johnson Controls International plc 5.00%, 3/30/2020		1,015		1,034
Masco Corp. 3.50%, 4/1/2021		815		807
				1,841
Capital Markets — 4.2%
Bank of New York Mellon Corp. (The)
2.50%, 4/15/2021		5,040		4,944
2.05%, 5/3/2021		3,450		3,331
Credit Suisse AG (Switzerland) 2.30%, 5/28/2019		1,250		1,245
Deutsche Bank AG (Germany)
3.13%, 1/13/2021		12,000		11,642
3.15%, 1/22/2021		1,325		1,278
Goldman Sachs Group, Inc. (The)
5.38%, 3/15/2020		20,314		20,779
2.88%, 2/25/2021		1,000		981
2.35%, 11/15/2021		1,200		1,145
3.00%, 4/26/2022		2,375		2,299
(ICE LIBOR USD 3 Month + 0.82%), 2.88%, 10/31/2022(c)		18,799		18,138
(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 6/5/2023(c)		6,825		6,542
ING Bank NV (Netherlands) 2.45%, 3/16/2020(a)		3,772		3,726
Macquarie Bank Ltd. (Australia) 2.60%, 6/24/2019(a)		7,574		7,551
Macquarie Group Ltd. (Australia)
3.00%, 12/3/2018(a)		3,080		3,080
7.63%, 8/13/2019(a)		446		459
Morgan Stanley
2.45%, 2/1/2019		990		989
7.30%, 5/13/2019		4,861		4,949
5.50%, 1/26/2020		5,400		5,525
2.65%, 1/27/2020		15,319		15,192
5.50%, 7/24/2020		4,115		4,236
5.75%, 1/25/2021		2,836		2,952
3.75%, 2/25/2023		6,706		6,642
Nomura Holdings, Inc. (Japan)
2.75%, 3/19/2019		1,005		1,004
6.70%, 3/4/2020		1,650		1,716
State Street Corp. 1.95%, 5/19/2021		1,991		1,919
TD Ameritrade Holding Corp. 5.60%, 12/1/2019		500		512
UBS AG (Switzerland) 2.20%, 6/8/2020(a)		8,000		7,846
				140,622
Chemicals — 0.5%
Air Liquide Finance SA (France)

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Chemicals — continued
1.38%, 9/27/2019(a)		2,648		2,612
Dow Chemical Co. (The)
8.55%, 5/15/2019		805		824
3.00%, 11/15/2022		437		422
DowDuPont, Inc. 3.77%, 11/15/2020		640		643
Eastman Chemical Co. 3.50%, 12/1/2021		2,025		2,017
International Flavors & Fragrances, Inc. 3.40%, 9/25/2020		651		650
Mosaic Co. (The)
3.75%, 11/15/2021		200		200
3.25%, 11/15/2022		2,882		2,794
Nutrien Ltd. (Canada) 6.75%, 1/15/2019		1,540		1,546
RPM International, Inc. 6.13%, 10/15/2019		2,025		2,071
Sherwin-Williams Co. (The) 2.75%, 6/1/2022		2,146		2,058
				15,837
Commercial Services & Supplies — 0.0%(b)
Republic Services, Inc. 5.50%, 9/15/2019		840		853
Consumer Finance — 2.0%
AerCap Ireland Capital DAC (Ireland) 3.75%, 5/15/2019		1,717		1,718
3.95%, 2/1/2022		1,105		1,088
4.63%, 7/1/2022		3,812		3,843
American Express Co. 8.13%, 5/20/2019		1,395		1,427
2.50%, 8/1/2022		2,000		1,908
American Express Credit Corp. 2.38%, 5/26/2020		1,000		986
Series F, 2.60%, 9/14/2020		2,001		1,973
2.25%, 5/5/2021		3,234		3,135
American Honda Finance Corp.
Series A, 2.15%, 3/13/2020		2,000		1,971
1.95%, 7/20/2020		2,095		2,055
Capital One Financial Corp. 3.05%, 3/9/2022		5,340		5,190
Caterpillar Financial Services Corp. 1.93%, 10/1/2021		1,952		1,874
Ford Motor Credit Co. LLC 3.34%, 3/18/2021		13,226		12,779
3.34%, 3/28/2022		6,146		5,791
General Motors Financial Co., Inc. 4.20%, 3/1/2021		11,821		11,765
3.45%, 1/14/2022		5,944		5,732
Toyota Motor Credit Corp. 1.90%, 4/8/2021		3,394		3,292
				66,527
Diversified Financial Services — 0.6%
AIG Global Funding
3.35%, 6/25/2021(a)		1,685		1,678
2.70%, 12/15/2021(a)		1,700		1,643
CK Hutchison International II Ltd. (Hong Kong) 2.25%, 9/29/2020(a)		513		501
CK Hutchison International Ltd. (Hong Kong) 2.88%, 4/5/2022(a)		1,200		1,168
EDP Finance BV (Portugal) 4.13%, 1/15/2020(a)		1,112		1,115
GE Capital International Funding Co. Unlimited Co. 2.34%, 11/15/2020		10,419		9,904
National Rural Utilities Cooperative Finance Corp. 2.35%, 6/15/2020		1,115		1,099
ORIX Corp. (Japan) 2.90%, 7/18/2022		908		880
Synchrony Bank 3.00%, 6/15/2022		2,145		2,005
				19,993
Diversified Telecommunication Services — 0.5%
AT&T, Inc.
3.80%, 3/15/2022		4,754		4,736
3.00%, 6/30/2022		8,000		7,756
Orange SA (France)
2.75%, 2/6/2019		1,391		1,390
5.38%, 7/8/2019		1,893		1,918
				15,800
Electric Utilities — 0.7%
Arizona Public Service Co.
8.75%, 3/1/2019		400		405
2.20%, 1/15/2020		1,000		989
Commonwealth Edison Co. 4.00%, 8/1/2020		880		886
Emera US Finance LP (Canada) 2.70%, 6/15/2021		1,930		1,870
Enel Finance International NV (Italy) 2.88%, 5/25/2022(a)		3,100		2,897
Entergy Corp. 5.13%, 9/15/2020		444		452
Entergy Louisiana LLC 4.80%, 5/1/2021		310		316
Exelon Corp. 3.50%, 6/1/2022(d)		850		824
Fortis, Inc. (Canada) 2.10%, 10/4/2021		375		359
Kentucky Utilities Co. 3.25%, 11/1/2020		530		529
NextEra Energy Capital Holdings, Inc. 2.70%, 9/15/2019		224		223
Niagara Mohawk Power Corp. 4.88%, 8/15/2019(a)		631		637
Oncor Electric Delivery Co. LLC 2.15%, 6/1/2019		380		378
Progress Energy, Inc. 4.40%, 1/15/2021		6,135		6,234
Public Service Co. of Oklahoma 5.15%, 12/1/2019		510		520
Southern California Edison Co.

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Electric Utilities — continued
1.85%, 2/1/2022		831		803
Southern Co. (The) 2.75%, 6/15/2020		2,610		2,580
Xcel Energy, Inc. 2.60%, 3/15/2022		1,300		1,262
				22,164
Electronic Equipment, Instruments & Components — 0.0%(b)
Arrow Electronics, Inc. 6.00%, 4/1/2020		664		682
Energy Equipment & Services — 0.1%
Baker Hughes a GE Co. LLC
3.20%, 8/15/2021		826		808
2.77%, 12/15/2022		1,190		1,123
Schlumberger Investment SA 3.30%, 9/14/2021(a)		2,320		2,313
				4,244
Entertainment — 0.2%
21st Century Fox America, Inc. 4.50%, 2/15/2021		2,655		2,710
NBCUniversal Media LLC 5.15%, 4/30/2020		2,000		2,050
Warner Media LLC 4.00%, 1/15/2022		2,540		2,540
				7,300
Equity Real Estate Investment Trusts (REITs) — 1.0%
Alexandria Real Estate Equities, Inc.
2.75%, 1/15/2020		585		580
4.60%, 4/1/2022		1,000		1,025
American Tower Corp. 5.05%, 9/1/2020		1,152		1,178
3.30%, 2/15/2021		1,590		1,578
2.25%, 1/15/2022		1,000		949
Boston Properties LP 4.13%, 5/15/2021		2,548		2,571
Crown Castle International Corp. 2.25%, 9/1/2021		6,091		5,824
Digital Realty Trust LP 3.40%, 10/1/2020		1,755		1,749
Duke Realty LP 3.88%, 2/15/2021		965		970
ERP Operating LP 2.38%, 7/1/2019		1,000		995
Government Properties Income Trust 4.00%, 7/15/2022		1,804		1,789
HCP, Inc. 2.63%, 2/1/2020		5,410		5,356
Liberty Property LP 4.75%, 10/1/2020		1,800		1,834
Realty Income Corp. 3.25%, 10/15/2022		1,995		1,955
VEREIT Operating Partnership LP 4.13%, 6/1/2021		1,208		1,214
WEA Finance LLC (France) 3.25%, 10/5/2020(a)		1,000		993
Welltower, Inc.
6.13%, 4/15/2020		1,200		1,238
4.95%, 1/15/2021		1,870		1,908
				33,706
Food & Staples Retailing — 0.1%
Alimentation Couche-Tard, Inc. (Canada) 2.35%, 12/13/2019(a)		1,095		1,083
Kroger Co. (The)
3.40%, 4/15/2022		455		449
2.80%, 8/1/2022		2,810		2,713
				4,245
Food Products — 0.6%
Cargill, Inc. 3.25%, 11/15/2021(a)		2,775		2,746
Conagra Brands, Inc. 3.80%, 10/22/2021		2,715		2,709
Kraft Heinz Foods Co.
2.80%, 7/2/2020		1,300		1,284
3.50%, 6/6/2022		2,500		2,458
Mead Johnson Nutrition Co. (United Kingdom) 4.90%, 11/1/2019		2,665		2,703
Mondelez International Holdings Netherlands BV 2.00%, 10/28/2021(a)		1,200		1,141
Mondelez International, Inc. 3.00%, 5/7/2020		1,500		1,492
Smithfield Foods, Inc.
2.70%, 1/31/2020(a)		800		787
3.35%, 2/1/2022(a)		2,341		2,270
Tyson Foods, Inc.
2.65%, 8/15/2019		3,000		2,984
3.90%, 9/28/2023		800		790
				21,364
Gas Utilities — 0.3%
Atmos Energy Corp. 8.50%, 3/15/2019		314		319
CenterPoint Energy Resources Corp. 4.50%, 1/15/2021		2,400		2,429
Dominion Energy Gas Holdings LLC
2.50%, 12/15/2019		675		669
2.80%, 11/15/2020		7,023		6,906
				10,323
Health Care Equipment & Supplies — 0.2%
Becton Dickinson and Co.
2.13%, 6/6/2019		530		527
2.40%, 6/5/2020		960		942
Boston Scientific Corp. 6.00%, 1/15/2020		820		842
Medtronic, Inc. 2.50%, 3/15/2020		2,915		2,891
Zimmer Biomet Holdings, Inc. 2.70%, 4/1/2020		2,702		2,666
				7,868

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Health Care Providers & Services — 0.7%
Aetna, Inc. 2.20%, 3/15/2019		2,640		2,635
Allergan Sales LLC 5.00%, 12/15/2021(a)		420		431
AmerisourceBergen Corp. 3.50%, 11/15/2021		845		840
Anthem, Inc.
4.35%, 8/15/2020		815		826
2.50%, 11/21/2020		833		817
Coventry Health Care, Inc. 5.45%, 6/15/2021		1,765		1,819
CVS Health Corp. 3.35%, 3/9/2021		8,745		8,663
Laboratory Corp. of America Holdings 2.63%, 2/1/2020		3,250		3,225
Medco Health Solutions, Inc. 4.13%, 9/15/2020		3,014		3,034
Quest Diagnostics, Inc. 4.75%, 1/30/2020		1,340		1,362
				23,652
Hotels, Restaurants & Leisure — 0.0%(b)
Royal Caribbean Cruises Ltd. 2.65%, 11/28/2020		1,095		1,071
Household Durables — 0.0%(b)
Newell Brands, Inc. 3.15%, 4/1/2021		289		284
Household Products — 0.0%(b)
Reckitt Benckiser Treasury Services plc (United Kingdom) 2.38%, 6/24/2022(a)		800		764
Independent Power and Renewable Electricity Producers — 0.1%
Exelon Generation Co. LLC 5.20%, 10/1/2019		260		264
3.40%, 3/15/2022		1,798		1,771
				2,035
Industrial Conglomerates — 0.1%
General Electric Co.
2.10%, 12/11/2019		1,090		1,065
5.30%, 2/11/2021		1,325		1,313
Roper Technologies, Inc. 3.00%, 12/15/2020		830		821
				3,199
Insurance — 1.6%
Alterra Finance LLC 6.25%, 9/30/2020		1,490		1,558
American International Group, Inc. 3.30%, 3/1/2021		4,015		3,968
Athene Global Funding
2.75%, 4/20/2020(a)		2,905		2,867
4.00%, 1/25/2022(a)		600		602
AXIS Specialty Finance LLC 5.88%, 6/1/2020		1,180		1,212
Chubb INA Holdings, Inc. 2.30%, 11/3/2020		783		768
CNA Financial Corp. 5.88%, 8/15/2020		2,000		2,068
Hartford Financial Services Group, Inc. (The)
5.50%, 3/30/2020		1,150		1,180
5.13%, 4/15/2022		1,000		1,043
Jackson National Life Global Funding 2.30%, 4/16/2019(a)		4,500		4,488
Liberty Mutual Group, Inc. 5.00%, 6/1/2021(a)		800		817
Lincoln National Corp. 6.25%, 2/15/2020		470		485
Marsh & McLennan Cos., Inc. 2.35%, 9/10/2019		1,500		1,490
MassMutual Global Funding II 2.00%, 4/15/2021(a)		2,272		2,201
Metropolitan Life Global Funding I 2.30%, 4/10/2019(a)		4,000		3,991
Nationwide Financial Services, Inc. 5.38%, 3/25/2021(a)		707		729
New York Life Global Funding
2.15%, 6/18/2019(a)		4,000		3,980
3.25%, 8/6/2021(a)		1,200		1,195
Pricoa Global Funding I 2.55%, 11/24/2020(a)		4,417		4,334
Principal Life Global Funding II 1.50%, 4/18/2019(a)		1,000		995
Protective Life Global Funding 1.56%, 9/13/2019(a)		2,344		2,315
Reliance Standard Life Global Funding II 3.05%, 1/20/2021(a)		1,388		1,372
Suncorp-Metway Ltd. (Australia) 2.38%, 11/9/2020(a)		4,170		4,064
WR Berkley Corp. 5.38%, 9/15/2020		500		514
4.63%, 3/15/2022		655		673
XLIT Ltd. (Bermuda) 2.30%, 12/15/2018		2,050		2,049
5.75%, 10/1/2021		700		746
				51,704
IT Services — 0.2%
Visa, Inc. 2.15%, 9/15/2022		3,120		2,988
Western Union Co. (The) 3.60%, 3/15/2022		3,435		3,399
				6,387
Life Sciences Tools & Services — 0.1%
Thermo Fisher Scientific, Inc. 4.70%, 5/1/2020		2,930		2,986
Media — 0.3%
Charter Communications Operating LLC 3.58%, 7/23/2020		3,770		3,756
Comcast Corp. 3.45%, 10/1/2021		2,273		2,275
Discovery Communications LLC
2.20%, 9/20/2019		248		246
2.75%, 11/15/2019(a)		1,177		1,168
Sky plc (United Kingdom) 2.63%, 9/16/2019(a)		556		552
Time Warner Cable LLC 5.00%, 2/1/2020		1,391		1,409
				9,406

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Multi-Utilities — 0.2%
Ameren Corp. 2.70%, 11/15/2020		552		541
Berkshire Hathaway Energy Co. 2.40%, 2/1/2020		1,015		1,005
Sempra Energy 9.80%, 2/15/2019		2,736		2,770
Southern Co. Gas Capital Corp. 3.50%, 9/15/2021		500		495
TECO Finance, Inc. 5.15%, 3/15/2020		475		484
				5,295
Oil, Gas & Consumable Fuels — 1.9%
Anadarko Petroleum Corp. 6.95%, 6/15/2019		1,195		1,214
BP Capital Markets plc (United Kingdom)
2.32%, 2/13/2020		2,499		2,473
4.50%, 10/1/2020		470		479
4.74%, 3/11/2021		1,820		1,869
Cenovus Energy, Inc. (Canada) 5.70%, 10/15/2019		2,419		2,458
CNOOC Finance 2015 Australia Pty. Ltd. (China) 2.63%, 5/5/2020		1,376		1,357
Columbia Pipeline Group, Inc. 3.30%, 6/1/2020		515		513
Enbridge Energy Partners LP
5.20%, 3/15/2020		400		408
4.20%, 9/15/2021		750		756
Enbridge, Inc. (Canada) 2.90%, 7/15/2022		400		385
Encana Corp. (Canada)
6.50%, 5/15/2019		670		679
3.90%, 11/15/2021		2,300		2,289
Energy Transfer Operating LP 9.00%, 4/15/2019		730		745
Eni SpA (Italy)
Series X-R, 4.00%, 9/12/2023(a)		1,020		994
EnLink Midstream Partners LP 2.70%, 4/1/2019		3,875		3,846
Enterprise Products Operating LLC
Series N, 6.50%, 1/31/2019		5,000		5,023
5.25%, 1/31/2020		2,135		2,175
EOG Resources,
Inc. 5.63%, 6/1/2019		3,450		3,487
4.40%, 6/1/2020		930		943
EQT Corp. 4.88%, 11/15/2021		928		938
Equinor ASA (Norway) 2.25%, 11/8/2019		2,480		2,459
Husky Energy, Inc. (Canada) 7.25%, 12/15/2019		2,660		2,735
Kinder Morgan Energy Partners LP 6.50%, 4/1/2020		640		662
Magellan Midstream Partners LP
6.55%, 7/15/2019		1,775		1,806
4.25%, 2/1/2021		800		807
Marathon Oil Corp. 2.70%, 6/1/2020		1,763		1,736
Marathon Petroleum Corp. 3.40%, 12/15/2020		1,350		1,342
ONEOK Partners LP 8.63%, 3/1/2019		446		451
Pioneer Natural Resources Co. 3.45%, 1/15/2021		425		422
Plains All American Pipeline LP
2.60%, 12/15/2019		1,001		990
5.75%, 1/15/2020		1,755		1,791
Sabine Pass Liquefaction LLC 5.63%, 2/1/2021(d)		1,250		1,286
Sunoco Logistics Partners Operations LP 5.50%, 2/15/2020		3,350		3,413
TransCanada PipeLines Ltd. (Canada)
3.13%, 1/15/2019		4,454		4,452
3.80%, 10/1/2020		715		717
Western Gas Partners LP 4.00%, 7/1/2022		450		442
Williams Cos., Inc. (The)
5.25%, 3/15/2020		525		534
3.60%, 3/15/2022		2,717		2,668
				61,744
Pharmaceuticals — 0.3%
EMD Finance LLC (Germany) 2.40%, 3/19/2020(a)		1,280		1,261
Mylan NV
2.50%, 6/7/2019		830		825
3.15%, 6/15/2021		1,610		1,572
Shire Acquisitions Investments Ireland DAC
1.90%, 9/23/2019		2,040		2,008
2.40%, 9/23/2021		3,970		3,806
Teva Pharmaceutical Finance IV LLC (Israel) 2.25%, 3/18/2020		850		825
				10,297
Real Estate Management & Development — 0.1%
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada) 3.13%, 3/20/2022(a)		3,000		2,948
Road & Rail — 0.5%
Burlington Northern Santa Fe LLC 8.13%, 4/15/2020		465		494
Canadian Pacific Railway Co. (Canada) 7.25%, 5/15/2019		1,000		1,018
Norfolk Southern Railway Co. 9.75%, 6/15/2020		1,200		1,318
Penske Truck Leasing Co. LP 2.50%, 6/15/2019(a)		2,047		2,038
Ryder System, Inc.

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Road & Rail — continued
2.35%, 2/26/2019		1,403		1,400
2.45%, 9/3/2019		1,865		1,852
2.50%, 5/11/2020		1,320		1,303
3.50%, 6/1/2021		645		642
SMBC Aviation Capital Finance DAC (Ireland) 3.00%, 7/15/2022(a)		5,600		5,397
				15,462
Semiconductors & Semiconductor Equipment — 0.1%
Broadcom Corp. 3.00%, 1/15/2022		4,452		4,283
Software — 0.1%
VMware, Inc. 2.30%, 8/21/2020		2,295		2,234
Specialty Retail — 0.1%
Advance Auto Parts, Inc. 4.50%, 1/15/2022		1,200		1,215
AutoZone, Inc. 2.50%, 4/15/2021		1,000		974
O’Reilly Automotive, Inc. 4.63%, 9/15/2021		1,290		1,324
				3,513
Technology Hardware, Storage & Peripherals — 0.0%(b)
Dell International LLC 4.42%, 6/15/2021(a)		500		501
Thrifts & Mortgage Finance — 0.2%
BPCE SA (France)
2.75%, 12/2/2021		500		485
3.00%, 5/22/2022(a)		5,850		5,619
				6,104
Tobacco — 0.1%
BAT International Finance plc (United Kingdom) 2.75%, 6/15/2020(a)		2,130		2,092
Trading Companies & Distributors — 0.4%
Air Lease Corp.
2.13%, 1/15/2020		2,038		2,005
2.75%, 1/15/2023		1,417		1,338
Aircastle Ltd. 4.40%, 9/25/2023		730		721
Aviation Capital Group LLC 2.88%, 1/20/2022(a)		4,280		4,128
BOC Aviation Ltd. (Singapore) 2.38%, 9/15/2021(a)		1,900		1,815
International Lease Finance Corp.
5.88%, 4/1/2019		1,315		1,324
8.25%, 12/15/2020		1,700		1,829
				13,160
Wireless Telecommunication Services — 0.1%
Sprint Spectrum Co. LLC 3.36%, 9/20/2021(a)(d)		1,890		1,869
TOTAL CORPORATE BONDS (Cost $967,270)				949,474
ASSET-BACKED SECURITIES — 11.4%
American Credit Acceptance Receivables Trust Series 2018-2, Class A, 2.94%, 1/10/2022(a)		2,794		2,788
Americredit Automobile Receivables Trust Series 2018-2, Class A3, 3.15%, 3/20/2023		4,631		4,622
AmeriCredit Automobile Receivables Trust
Series 2016-1, Class A3, 1.81%, 10/8/2020		116		116
Series 2017-1, Class A3, 1.87%, 8/18/2021		1,559		1,550
Series 2017-2, Class A3, 1.98%, 12/20/2021		1,134		1,125
Series 2017-3, Class A3, 1.90%, 3/18/2022		3,967		3,920
Series 2017-3, Class B, 2.24%, 6/19/2023		5,405		5,322
Amortizing Residential Collateral Trust Series 2002-BC6, Class M1, 3.44%, 8/25/2032‡(e)		23		23
Ascentium Equipment Receivables Trust Series 2017-2A, Class A2, 2.00%, 5/11/2020(a)		1,277		1,270
Bear Stearns Asset-Backed Securities Trust
Series 2006-SD1, Class A, 2.68%, 4/25/2036‡(e)		89		89
Series 2003-SD2, Class 2A, 4.35%, 6/25/2043‡(e)		232		231
BXG Receivables Note Trust Series 2012-A, Class A, 2.66%, 12/2/2027(a)		520		512
Capital Auto Receivables Asset Trust
Series 2016-2, Class A3, 1.46%, 6/22/2020		259		259
Series 2015-4, Class B, 2.39%, 11/20/2020		5,305		5,286
Carmax Auto Owner Trust Series 2016-3, Class A3, 1.39%, 5/17/2021		688		681
CarMax Auto Owner Trust
Series 2017-3, Class A3, 1.97%, 4/15/2022		2,072		2,040
Series 2017-4, Class A3, 2.11%, 10/17/2022		1,272		1,254
Carnow Auto Receivables Trust
Series 2018-1A, Class A, 3.61%, 10/15/2021(a)		5,000		4,999
Series 2017-1A, Class A, 2.92%, 9/15/2022(a)		1,480		1,473
Chrysler Capital Auto Receivables Trust
Series 2016-AA, Class A3, 1.77%, 10/15/2020(a)		1,250		1,249
Series 2016-AA, Class A4, 1.96%, 1/18/2022(a)		3,500		3,488
Series 2015-AA, Class D, 3.15%, 1/18/2022(a)		2,430		2,430

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
ASSET-BACKED SECURITIES — continued
CIG Auto Receivables Trust Series 2017-1A, Class A, 2.71%, 5/15/2023(a)		626		622
CLUB Credit Trust Series 2017-P2, Class A, 2.61%, 1/15/2024(a)		2,054		2,041
CNH Equipment Trust
Series 2016-B, Class A3, 1.63%, 8/15/2021		738		733
Series 2017-B, Class A3, 1.86%, 9/15/2022		1,875		1,845
Colony American Finance Ltd. (Cayman Islands) Series 2016-1, Class A, 2.54%, 6/15/2048(a)		2,727		2,675
Continental Airlines Pass-Through Trust
Series 2009-2, Class A, 7.25%, 11/10/2019		412		423
Series 2000-1, Class A-1, 8.05%, 11/1/2020		1,376		1,433
Series 2007-1, Class A, 5.98%, 4/19/2022		676		710
CPS Auto Receivables Trust
Series 2017-C, Class A, 1.78%, 9/15/2020(a)		999		997
Series 2017-D, Class A, 1.87%, 3/15/2021(a)		833		830
Series 2017-C, Class B, 2.30%, 7/15/2021(a)		1,839		1,829
Series 2018-B, Class A, 2.72%, 9/15/2021(a)		1,990		1,983
CPS Auto Trust Series 2018-C, Class A, 2.87%, 9/15/2021(a)		1,613		1,612
Credit Acceptance Auto Loan Trust
Series 2016-2A, Class A, 2.42%, 11/15/2023(a)		1,263		1,261
Series 2017-1A, Class A, 2.56%, 10/15/2025(a)		3,684		3,666
Series 2017-2A, Class A, 2.55%, 2/17/2026(a)		3,299		3,271
Series 2017-3A, Class A, 2.65%, 6/15/2026(a)		4,021		3,979
Series 2018-1A, Class A, 3.01%, 2/16/2027(a)		2,047		2,028
Series 2018-2A, Class A, 3.47%, 5/17/2027(a)		5,520		5,493
Series 2018-3A, Class A, 3.55%, 8/15/2027(a)		6,492		6,497
CWABS, Inc. Asset-Backed Certificates Trust Series 2004-6, Class M1, 3.21%, 10/25/2034(e)		263		259
Delta Air Lines Pass-Through Trust
Series 2007-1, Class A, 6.82%, 8/10/2022		1,085		1,171
Series 2002-1, Class G-1, 6.72%, 1/2/2023		1,816		1,915
Drive Auto Receivables Trust Series 2017-2, Class B, 2.25%, 6/15/2021		1,094		1,093
DT Auto Owner Trust
Series 2017-3A, Class A, 1.73%, 8/17/2020(a)		93		93
Series 2017-4A, Class A, 1.85%, 8/17/2020(a)		576		575
Series 2017-2A, Class B, 2.44%, 2/15/2021(a)		1,285		1,284
Series 2017-3A, Class B, 2.40%, 5/17/2021(a)		2,857		2,851
Series 2018-2A, Class A, 2.84%, 9/15/2021(a)		3,142		3,134
Series 2018-1A, Class B, 3.04%, 1/18/2022(a)		5,275		5,263
Series 2018-3A, Class A, 3.02%, 2/15/2022(a)		3,054		3,047
Series 2018-2A, Class B, 3.43%, 5/16/2022(a)		3,000		2,995
Exeter Automobile Receivables Trust
Series 2016-3A, Class A, 1.84%, 11/16/2020(a)		232		232
Series 2018-1A, Class A, 2.21%, 5/17/2021(a)		2,211		2,206
Series 2018-2A, Class A, 2.79%, 7/15/2021(a)		1,225		1,223
Series 2016-3A, Class B, 2.84%, 8/16/2021(a)		4,800		4,793
Series 2017-3A, Class A, 2.05%, 12/15/2021(a)		822		818
Series 2018-4A, Class A, 3.05%, 12/15/2021(a)		5,369		5,366
Series 2018-3A, Class A, 2.90%, 1/18/2022(a)		1,868		1,865
FHLMC Structured Pass-Through Securities Certificates Series T-20, Class A6, 7.49%, 9/25/2029(d)		3		3
Fifth Third Auto Trust Series 2015-1, Class A3, 1.42%, 3/16/2020		217		216
First Investors Auto Owner Trust
Series 2016-1A, Class A2, 2.26%, 4/15/2021(a)		1,504		1,502
Series 2017-2A, Class A1, 1.86%, 10/15/2021(a)		1,133		1,128
Series 2017-1A, Class A2, 2.20%, 3/15/2022(a)		1,105		1,097
Series 2018-1A, Class A1, 2.84%, 5/16/2022(a)		1,639		1,635
Series 2017-3A, Class A2, 2.41%, 12/15/2022(a)		1,877		1,856
Series 2018-1A, Class A2, 3.22%, 1/17/2023(a)		910		909
Flagship Credit Auto Trust
Series 2016-3, Class A2, 2.05%, 11/15/2020(a)		1,037		1,036
Series 2015-1, Class C, 3.76%, 6/15/2021(a)		6,330		6,349
Series 2017-2, Class A, 1.85%, 7/15/2021(a)		1,462		1,455

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
ASSET-BACKED SECURITIES — continued
Series 2016-4, Class B, 2.41%, 10/15/2021(a)		1,610		1,597
Series 2017-1, Class A, 1.93%, 12/15/2021(a)		502		501
Series 2017-4, Class A, 2.07%, 4/15/2022(a)		3,084		3,059
Series 2018-3, Class A, 3.07%, 2/15/2023(a)		8,712		8,696
Ford Credit Auto Owner Trust
Series 2016-B, Class A3, 1.33%, 10/15/2020		804		800
Series 2016-1, Class A, 2.31%, 8/15/2027(a)		2,700		2,643
GLS Auto Receivables Trust
Series 2018-2A, Class A, 3.25%, 4/18/2022(a)		4,398		4,389
Series 2018-1A, Class A, 2.82%, 7/15/2022(a)		3,080		3,066
Series 2018-3A, Class A, 3.35%, 8/15/2022(a)		3,116		3,114
GM Financial Automobile Leasing Trust
Series 2016-3, Class A4, 1.78%, 5/20/2020		5,000		4,978
Series 2017-1, Class A3, 2.06%, 5/20/2020		3,094		3,081
Series 2017-3, Class A3, 2.01%, 11/20/2020		790		783
Series 2018-2, Class A3, 3.06%, 6/21/2021		1,449		1,447
Series 2017-3, Class A4, 2.12%, 9/20/2021		797		788
GMAT Trust Series 2013-1A, Class A, 6.97%, 11/25/2043‡(a)(d)		176		176
Hyundai Auto Lease Securitization Trust
Series 2016-B, Class A4, 1.68%, 4/15/2020(a)		1,217		1,215
Series 2017-B, Class A3, 1.97%, 7/15/2020(a)		850		845
Hyundai Auto Receivables Trust Series 2015-B, Class A4, 1.48%, 6/15/2021		2,386		2,379
LV Tower 52 Issuer Series 2013-1, Class A, 5.75%, 7/15/2019‡(a)		18,084		18,084
Mariner Finance Issuance Trust
Series 2017-AA, Class A, 3.62%, 2/20/2029(a)		4,442		4,438
Series 2018-AA, Class A, 4.20%, 11/20/2030(a)		9,700		9,736
Marlette Funding Trust Series 2018-1A, Class A, 2.61%, 3/15/2028(a)		2,948		2,937
Mercedes-Benz Auto Lease Trust Series 2017-A, Class A3, 1.79%, 4/15/2020		4,500		4,485
Morgan Stanley ABS Capital I, Inc. Trust Series 2003-SD1, Class M1, 4.56%, 3/25/2033‡(e)		260		250
NCUA Guaranteed Notes Trust Series 2010-A1, Class A, 2.67%, 12/7/2020(e)		2,767		2,769
Nissan Auto Receivables Owner Trust
Series 2015-B, Class A3, 1.34%, 3/16/2020		209		208
Series 2016-B, Class A3, 1.32%, 1/15/2021		1,800		1,786
Ocwen Master Advance Receivables Trust Series 2018-T2, Class AT2, 3.60%, 8/15/2050(a)		2,208		2,204
OneMain Direct Auto Receivables Trust
Series 2017-2A, Class A, 2.31%, 12/14/2021(a)		6,736		6,703
Series 2018-1A, Class A, 3.43%, 12/16/2024(a)		2,720		2,714
Progress Residential Trust Series 2015-SFR2, Class A, 2.74%, 6/12/2032(a)		10,490		10,324
Prosper Marketplace Issuance Trust
Series 2017-2A, Class A, 2.41%, 9/15/2023(a)		283		283
Series 2018-1A, Class A, 3.11%, 6/17/2024(a)		1,955		1,953
Series 2018-2A, Class A, 3.35%, 10/15/2024(a)		3,399		3,390
RASC Trust Series 2001-KS1, Class AI6, 6.35%, 3/25/2032‡		7		6
Regional Management Issuance Trust Series 2018-1, Class A, 3.83%, 7/15/2027(a)		2,713		2,707
Santander Drive Auto Receivables Trust
Series 2018-1, Class A3, 2.32%, 8/16/2021		1,516		1,510
Series 2018-2, Class B, 3.03%, 9/15/2022		2,566		2,555
Santander Retail Auto Lease Trust
Series 2017-A, Class A3, 2.22%, 1/20/2021(a)		2,880		2,849
Series 2018-A, Class A3, 2.93%, 5/20/2021(a)		1,725		1,718
Sierra Auto Receivables Securitization Trust Series 2016-1A, Class A, 2.85%, 1/18/2022(a)		39		39
Sierra Timeshare Receivables Funding LLC Series 2018-3A, Class A, 3.69%, 9/20/2035(a)		2,490		2,501
SoFi Consumer Loan Program LLC
Series 2017-3, Class A, 2.77%, 5/25/2026(a)		1,034		1,023
Series 2017-6, Class A1, 2.20%, 11/25/2026(a)		665		662
SoFi Consumer Loan Program Trust
Series 2018-1, Class A1, 2.55%, 2/25/2027(a)		1,902		1,891
Series 2018-3, Class A1, 3.20%, 8/25/2027(a)		1,853		1,850

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
ASSET-BACKED SECURITIES — continued
SoFi Professional Loan Program LLC Series 2017-F, Class A1FX, 2.05%, 1/25/2041(a)		1,274		1,262
TCF Auto Receivables Owner Trust Series 2016-1A, Class A3, 1.71%, 4/15/2021(a)		3,619		3,603
Tidewater Auto Receivables Trust Series 2018-AA, Class A2, 3.12%, 7/15/2022(a)		1,330		1,327
Toyota Auto Receivables Owner Trust Series 2017-C, Class A3, 1.78%, 11/15/2021		3,125		3,073
Tricon American Homes Trust Series 2016-SFR1, Class A, 2.59%, 11/17/2033(a)		6,323		6,076
United Auto Credit Securitization Trust Series 2018-2, Class A, 2.89%, 3/10/2021(a)		2,814		2,810
Verizon Owner Trust
Series 2016-1A, Class A, 1.42%, 1/20/2021(a)		721		718
Series 2016-2A, Class A, 1.68%, 5/20/2021(a)		3,000		2,981
Series 2017-3A, Class A1A, 2.06%, 4/20/2022(a)		2,137		2,105
Series 2018-A, Class A1A, 3.23%, 4/20/2023		2,865		2,866
Veros Automobile Receivables Trust Series 2018-1, Class A, 3.63%, 5/15/2023(a)		8,940		8,937
VOLT LX LLC Series 2017-NPL7, Class A1, 3.25%, 6/25/2047‡(a)(d)		637		632
VOLT LXI LLC Series 2017-NPL8, Class A1, 3.13%, 6/25/2047‡(a)(d)		1,267		1,256
VOLT LXIX LLC Series 2018-NPL5, Class A1A, 4.21%, 8/25/2048‡(a)(d)		3,532		3,526
VOLT LXVII LLC Series 2018-NPL3, Class A1, 4.38%, 6/25/2048(a)(d)		2,259		2,253
VOLT LXVIII LLC Series 2018-NPL4, Class A1A, 4.34%, 7/27/2048‡(a)(d)		3,990		3,986
VOLT LXX LLC Series 2018-NPL6, Class A1A, 4.11%, 9/25/2048‡(a)(d)		3,737		3,726
VOLT LXXII LLC Series 2018-NPL8, Class A1A, 4.21%, 10/26/2048(a)(d)		9,895		9,899
Westlake Automobile Receivables Trust
Series 2017-2A, Class A2A, 1.80%, 7/15/2020(a)		1,139		1,136
Series 2018-1A, Class A2A, 2.24%, 12/15/2020(a)		1,919		1,913
Series 2017-2A, Class B, 2.25%, 12/15/2020(a)		8,824		8,772
Series 2018-2A, Class A2A, 2.84%, 9/15/2021(a)		1,724		1,721
Series 2017-1A, Class C, 2.70%, 10/17/2022(a)		1,911		1,904
World Financial Network Credit Card Master Trust
Series 2012-D, Class A, 2.15%, 4/17/2023		3,900		3,879
Series 2017-A, Class A, 2.12%, 3/15/2024		3,235		3,183
Series 2018-A, Class A, 3.07%, 12/16/2024		1,487		1,476
World Omni Auto Receivables Trust
Series 2016-B, Class A3, 1.30%, 2/15/2022		7,804		7,709
Series 2017-B, Class A3, 1.95%, 2/15/2023		1,586		1,559
World Omni Automobile Lease Securitization Trust
Series 2016-A, Class A3, 1.45%, 8/15/2019		1,161		1,159
TOTAL ASSET-BACKED SECURITIES (Cost $378,424)				376,603
U.S. GOVERNMENT AGENCY SECURITIES — 7.1%
FHLB 0.88%, 8/5/2019		33,710		33,314
1.00%, 9/26/2019		23,950		23,621
FHLMC 1.63%, 10/25/2019		25,650		25,394
1.50%, 1/17/2020		30,000		29,587
FNMA 1.00%, 8/28/2019		19,310		19,073
1.75%, 10/9/2019(f)		27,665		27,015
1.25%, 8/17/2021		12,500		11,985
2.00%, 1/5/2022		33,500		32,632
Resolution Funding Corp. STRIPS 1.50%, 10/15/2019(f)		32,690		31,905
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $237,582)				234,526

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — 5.1%
Alternative Loan Trust Series 2003-J3, Class 2A1, 6.25%, 12/25/2033		23			23
Antler Mortgage Trust Series 2018-RTL1, Class A1, 4.34%, 7/25/2022(a)		7,243			7,234
Bear Stearns ARM Trust Series 2003-7, Class 3A, 4.20%, 10/25/2033(e)		65			65
CHL Mortgage Pass-Through Trust Series 2004-8, Class 2A1, 4.50%, 6/25/2019		7			7
Citicorp Mortgage Securities Trust Series 2006-1, Class 2A1, 5.00%, 2/25/2021		80			82
Citigroup Mortgage Loan Trust, Inc.
Series 2003-UP3, Class A1, 7.00%, 9/25/2033		42			42
Series 2004-UST1, Class A6, 4.28%, 8/25/2034(e)		658			639
Credit Suisse First Boston Mortgage Securities Corp. Series 2003-23, Class 8A1, 5.00%, 9/25/2018		69			69
CSFB Mortgage-Backed Pass-Through Certificates Series 2004-8, Class 6A1, 4.50%, 12/25/2019		106			106
CSMC Mortgage-Backed Trust Series 2007-5, Class 5A5, 5.41%, 12/25/2014(e)		575			308
FHLMC - GNMA
Series 31, Class Z, 8.00%, 4/25/2024		218			232
Series 56, Class Z, 7.50%, 9/20/2026		53			58
FHLMC REMIC
Series 2750, Class DE, 4.50%, 2/15/2019		74			74
Series 2761, Class CB, 4.00%, 3/15/2019		8			8
Series 2843, Class BC, 5.00%, 8/15/2019		31			31
Series 26, Class F, 9.50%, 2/15/2020		—	(g)		—	(g)
Series 23, Class F, 9.60%, 4/15/2020		—	(g)		—	(g)
Series 1807, Class G, 9.00%, 10/15/2020		—	(g)		—	(g)
Series 81, Class A, 8.13%, 11/15/2020		—	(g)		—	(g)
Series 85, Class C, 8.60%, 1/15/2021		1			1
Series 99, Class Z, 9.50%, 1/15/2021		—	(g)		—	(g)
Series 1045, Class G, HB, 1,066.21%, 2/15/2021		—	(g)		—	(g)
Series 1056, Class KZ, 6.50%, 3/15/2021		1			1
Series 1053, Class G, 7.00%, 3/15/2021		—	(g)		1
Series 1074, Class H, 8.50%, 5/15/2021		—	(g)		—	(g)
Series 1082, Class C, 9.00%, 5/15/2021		1			1
Series 1087, Class I, 8.50%, 6/15/2021		1			1
Series 1125, Class Z, 8.25%, 8/15/2021		5			6
Series 159, Class H, 4.50%, 9/15/2021		—	(g)		—	(g)
Series 189, Class D, 6.50%, 10/15/2021		—	(g)		—	(g)
Series 1142, Class IA, 7.00%, 10/15/2021		3			4
Series 1169, Class G, 7.00%, 11/15/2021		—	(g)		—	(g)
Series 2418, Class MF, 6.00%, 2/15/2022		130			135
Series 1343, Class LA, 8.00%, 8/15/2022		7			8
Series 1424, Class F, 1.57%, 11/15/2022(e)		1			1
Series 1480, Class LZ, 7.50%, 3/15/2023		37			39
Series 3784, Class S, IF, IO, 4.29%, 7/15/2023(e)		1,450			88
Series 1560, Class Z, 7.00%, 8/15/2023		87			92
Series 2682, Class JG, 4.50%, 10/15/2023		1,784			1,862
Series 1754, Class Z, 8.50%, 9/15/2024		40			44
Series 1779, Class Z, 8.50%, 4/15/2025		88			98
Series 2989, Class TG, 5.00%, 6/15/2025		3,005			3,140
Series 3005, Class ED, 5.00%, 7/15/2025		1,624			1,691
Series 1888, Class Z, 7.00%, 8/15/2026		141			151
Series 4141, Class BI, IO, 2.50%, 12/15/2027		10,031			730
Series 2995, Class FT, 2.56%, 5/15/2029(e)		269			268
Series 3977, Class AB, 3.00%, 9/15/2029		1,707			1,708
Series 2638, Class JG, 5.00%, 2/15/2033		323			324
Series 3005, Class PV, IF, 9.10%, 10/15/2033(e)		22			24
Series 2989, Class MU, IF, IO, 4.69%, 7/15/2034(e)		2,814			341
Series 2976, Class HZ, 4.50%, 5/15/2035		577			584
Series 3002, Class BN, 5.00%, 7/15/2035		560			584
Series 3855, Class AM, 6.50%, 11/15/2036		4,781			5,225
Series 3305, Class IW, IF, IO, 4.14%, 4/15/2037(e)		682			58

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 3420, Class EI, IO, 1.12%, 8/15/2037(d)		8,545			320
Series 4305, Class KA, 3.00%, 3/15/2038		3,591			3,571
Series 3429, Class S, IF, IO, 4.51%, 3/15/2038(e)		1,010			99
Series 3546, Class A, 4.08%, 2/15/2039(e)		1,071			1,095
Series 3572, Class JS, IF, IO, 4.49%, 9/15/2039(e)		1,167			123
Series 3609, Class SA, IF, IO, 4.03%, 12/15/2039(e)		4,610			519
Series 4088, Class LE, 4.00%, 10/15/2040		2,090			2,061
Series 4229, Class MA, 3.50%, 5/15/2041		15,696			15,791
Series 3939, Class BZ, 4.50%, 6/15/2041		6,944			7,190
Series 4374, Class NC, 3.75%, 2/15/2046(d)		6,785			6,823
First Horizon Mortgage Pass-Through Trust Series 2004-7, Class 2A1, 4.75%, 12/25/2019		81			81
FNMA REMIC
Series 1989-2, Class D, 8.80%, 1/25/2019		—	(g)		—	(g)
Series 1999-6, Class PB, 6.00%, 3/25/2019		27			27
Series 1989-27, Class Y, 6.90%, 6/25/2019		—	(g)		—	(g)
Series 2009-70, Class IN, IO, 4.50%, 8/25/2019		7			—	(g)
Series 1989-54, Class E, 8.40%, 8/25/2019		—	(g)		—	(g)
Series 1989-66, Class J, 7.00%, 9/25/2019		—	(g)		—	(g)
Series 1989-70, Class G, 8.00%, 10/25/2019		—	(g)		—	(g)
Series 1989-72, Class E, 9.35%, 10/25/2019		2			2
Series 1989-89, Class H, 9.00%, 11/25/2019		—	(g)		—	(g)
Series 1989-96, Class H, 9.00%, 12/25/2019		—	(g)		—	(g)
Series 1990-7, Class B, 8.50%, 1/25/2020		1			1
Series 1990-12, Class G, 4.50%, 2/25/2020		—	(g)		—	(g)
Series 1990-19, Class G, 9.75%, 2/25/2020		1			1
Series 1990-58, Class J, 7.00%, 5/25/2020		2			2
Series 2010-60, IO, 4.00%, 6/25/2020		469			11
Series 1990-61, Class H, 7.00%, 6/25/2020		3			3
Series 1990-109, Class J, 7.00%, 9/25/2020		1			1
Series 1990-106, Class J, 8.50%, 9/25/2020		1			2
Series 1990-111, Class Z, 8.75%, 9/25/2020		1			1
Series 1990-123, Class G, 7.00%, 10/25/2020		1			1
Series 1990-117, Class E, 8.95%, 10/25/2020		—	(g)		—	(g)
Series 1990-132, Class Z, 7.00%, 11/25/2020		1			1
Series 1990-137, Class X, 9.00%, 12/25/2020		19			20
Series 1991-53, Class J, 7.00%, 5/25/2021		—	(g)		—	(g)
Series G-11, Class Z, 8.50%, 5/25/2021		—	(g)		—	(g)
Series 1991-130, Class C, 9.00%, 9/25/2021		—	(g)		—	(g)
Series G92-19, Class M, 8.50%, 4/25/2022		45			48
Series 1992-96, Class B, PO, 5/25/2022		—	(g)		—	(g)
Series G92-40, Class ZC, 7.00%, 7/25/2022		2			2
Series G92-35, Class E, 7.50%, 7/25/2022		4			4
Series G92-35, Class EA, 8.00%, 7/25/2022		127			133
Series G92-44, Class ZQ, 8.00%, 7/25/2022		—	(g)		—	(g)
Series 1992-131, Class KB, 8.00%, 8/25/2022		278			295
Series G92-54, Class ZQ, 7.50%, 9/25/2022		3			3
Series 1992-185, Class L, 8.00%, 10/25/2022		297			315
Series G92-64, Class J, 8.00%, 11/25/2022		760			800
Series G92-66, Class K, 8.00%, 12/25/2022		333			351
Series 1993-235, Class G, PO, 9/25/2023		8			7
Series 1993-165, Class SN, IF, 11.47%, 9/25/2023(e)		1			1
Series 1994-15, Class ZK, 5.50%, 2/25/2024		617			634
Series 1994-43, Class PK, 6.35%, 2/25/2024		313			325
Series G94-6, Class PJ, 8.00%, 5/17/2024		292			312
Series 2012-46, Class KI, IO, 3.50%, 5/25/2027		17,817			1,821
Series 2008-72, IO, 5.00%, 8/25/2028		149			13
Series 2009-15, Class AC, 5.50%, 3/25/2029		1,704			1,818
Series 2001-81, Class HE, 6.50%, 1/25/2032		4,381			4,830

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2002-64, Class PG, 5.50%, 10/25/2032		3,680			3,947
Series 2003-42, Class CI, IO, 6.50%, 5/25/2033		353			77
Series 2003-49, IO, 6.50%, 6/25/2033		501			119
Series 2005-19, Class PA, 5.50%, 7/25/2034		990			1,004
Series 2004-72, Class F, 2.82%, 9/25/2034(e)		324			326
Series 2004-101, Class AR, 5.50%, 1/25/2035		36			38
Series 2005-38, Class FK, 2.62%, 5/25/2035(e)		987			986
Series 2006-4, Class PB, 6.00%, 9/25/2035		2,112			2,209
Series 2005-84, Class MB, 5.75%, 10/25/2035		47			51
Series 2006-58, Class ST, IF, IO, 4.83%, 7/25/2036(e)		355			48
Series 2014-23, Class PA, 3.50%, 8/25/2036		9,934			9,993
Series 2007-16, Class FC, 3.07%, 3/25/2037(e)		42			44
Series 2007-22, Class SC, IF, IO, 3.76%, 3/25/2037(e)		99			5
Series 2007-33, Class MS, IF, IO, 4.27%, 4/25/2037(e)		2,614			304
Series 2007-54, Class FA, 2.72%, 6/25/2037(e)		318			320
Series 2013-55, Class BA, 3.00%, 6/25/2037		2,078			2,060
Series 2008-93, Class AM, 5.50%, 6/25/2037		444			452
Series 2007-85, Class SH, IF, IO, 4.18%, 9/25/2037(e)		1,927			129
Series 2013-83, Class CA, 3.50%, 10/25/2037		7,671			7,697
Series 2007-106, Class A7, 6.07%, 10/25/2037(e)		404			434
Series 2008-18, Class SE, IF, IO, 3.95%, 3/25/2038(e)		193			20
Series 2013-92, Class A, 3.50%, 12/25/2038		6,707			6,734
Series 2010-58, Class MA, 5.50%, 12/25/2038		77			77
Series 2011-36, Class PA, 4.00%, 2/25/2039		61			61
Series 2009-29, Class LA, 1.49%, 5/25/2039(e)		1,877			1,696
Series 2009-62, Class HJ, 6.00%, 5/25/2039		815			860
Series 2009-112, Class SW, IF, IO, 3.93%, 1/25/2040(e)		5,401			609
Series 2013-1, Class BA, 3.00%, 2/25/2040		3,986			3,875
Series 2010-64, Class DM, 5.00%, 6/25/2040		2,476			2,593
Series 2010-126, Class LI, IO, 4.00%, 11/25/2040		3,700			262
Series 2013-96, Class CA, 4.00%, 4/25/2041		2,282			2,337
Series 2013-9, Class CB, 5.50%, 4/25/2042		6,661			7,201
Series 2016-2, Class GA, 3.00%, 2/25/2046		4,515			4,408
FNMA REMIC Trust Series 1995-W3, Class A, 9.00%, 4/25/2025		—	(g)		—	(g)
FNMA STRIPS
Series 351, Class 28, IO, 5.00%, 4/25/2019(e)		4			—	(g)
Series 268, Class 2, IO, 9.00%, 2/25/2023		—	(g)		—	(g)
Series 334, Class 17, IO, 6.50%, 2/25/2033(e)		306			73
Series 334, Class 9, IO, 6.00%, 3/25/2033		680			136
Series 334, Class 13, IO, 6.00%, 3/25/2033(e)		270			48
Series 356, Class 16, IO, 5.50%, 6/25/2035(e)		212			42
Series 359, Class 16, IO, 5.50%, 10/25/2035(e)		205			38
Series 369, Class 19, IO, 6.00%, 10/25/2036(e)		261			42
Series 369, Class 26, IO, 6.50%, 10/25/2036(e)		160			34
Series 386, Class 20, IO, 6.50%, 8/25/2038(e)		338			74
Series 394, Class C3, IO, 6.50%, 9/25/2038		661			131
FNMA, Whole Loan Series 2007-W1, Class 1AF1, 2.58%, 11/25/2046(e)		3,072			3,024
GNMA
Series 2004-39, Class IN, IO, 5.50%, 6/20/2033		383			50
Series 2006-23, Class S, IF, IO, 4.20%, 1/20/2036(e)		1,790			27
Series 2006-26, Class S, IF, IO, 4.20%, 6/20/2036(e)		8,167			1,030
Series 2007-16, Class KU, IF, IO, 4.35%, 4/20/2037(e)		5,148			538
Series 2009-106, Class XL, IF, IO, 4.45%, 6/20/2037(e)		4,880			366
Series 2008-75, Class SP, IF, IO, 5.17%, 8/20/2038(e)		1,584			204
Series 2009-14, Class SA, IF, IO, 3.78%, 3/20/2039(e)		4,709			384
Series 2009-14, Class KS, IF, IO, 4.00%, 3/20/2039(e)		1,952			189
Series 2009-14, Class NI, IO, 6.50%, 3/20/2039		596			156
Series 2011-48, Class QA, 5.00%, 8/16/2039		1,316			1,334

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2012-96, Class WP, 6.50%, 8/16/2042		6,291			6,920
Series 2013-H05, Class FB, 2.67%, 2/20/2062(e)		2,258			2,255
JP Morgan Mortgage Trust
Series 2004-S2, Class 5A1, 5.50%, 12/25/2019		695			651
Series 2006-A2, Class 4A1, 4.48%, 8/25/2034(e)		1,384			1,394
MASTR Alternative Loan Trust
Series 2004-8, Class 7A1, 5.00%, 9/25/2019		86			86
Series 2004-8, Class 6A1, 5.50%, 9/25/2019		7			7
MASTR Asset Securitization Trust Series 2004-6, Class 6A1, 4.50%, 7/25/2019		10			10
ML Trust XLIV
Series 44, Class G, 9.00%, 8/20/2020‡		—	(g)		—	(g)
NCUA Guaranteed Notes Trust
Series 2010-R3, Class 3A, 2.40%, 12/8/2020		1,188			1,184
Series 2010-R3, Class 1A, 2.88%, 12/8/2020(e)		7,411			7,437
Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2005-AR6, Class 4A1, 2.57%, 12/25/2035(e)		1,519			606
Prime Mortgage Trust Series 2005-2, Class 1A1, 4.75%, 7/25/2020		170			170
Vendee Mortgage Trust Series 1994-3C, Class 3, 9.78%, 3/15/2021		—	(g)		—	(g)
Wells Fargo Mortgage-Backed Securities Trust
Series 2003-K, Class 1A1, 4.69%, 11/25/2033(e)		495			502
Series 2003-K, Class 1A2, 4.69%, 11/25/2033(e)		8			8
Series 2003-M, Class A1, 4.85%, 12/25/2033(e)		1,347			1,379
Series 2004-O, Class A1, 4.68%, 8/25/2034(e)		532			545
Series 2004-EE, Class 2A2, 4.48%, 12/25/2034(e)		344			354
Series 2004-EE, Class 3A2, 4.53%, 12/25/2034(e)		652			675
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $173,282)					168,725
MORTGAGE-BACKED SECURITIES — 3.4%
FHLMC
Pool # 611141, ARM, 3.69%, 1/1/2027(e)		30			31
Pool # 786211, ARM, 5.75%, 1/1/2027(e)		2			2
Pool # 846774, ARM, 4.11%, 12/1/2027(e)		33			33
Pool # 1B2844, ARM, 3.59%, 3/1/2035(e)		71			74
Pool # 1L1380, ARM, 4.55%, 3/1/2035(e)		1,958			2,084
Pool # 1L1379, ARM, 4.77%, 10/1/2035(e)		1,000			1,069
Pool # 1G1861, ARM, 4.04%, 3/1/2036(e)		622			659
Pool # 1J1380, ARM, 4.86%, 3/1/2036(e)		789			846
Pool # 1J1313, ARM, 4.19%, 6/1/2036(e)		135			140
Pool # 1G1028, ARM, 4.56%, 7/1/2036(e)		58			61
Pool # 1N0273, ARM, 4.35%, 8/1/2036(e)		393			409
Pool # 1K0035, ARM, 4.61%, 8/1/2036(e)		506			534
Pool # 1J1393, ARM, 4.31%, 10/1/2036(e)		1,092			1,135
Pool # 1J1378, ARM, 3.39%, 11/1/2036(e)		412			431
Pool # 1J1418, ARM, 3.44%, 12/1/2036(e)		129			135
Pool # 1N0346, ARM, 4.07%, 12/1/2036(e)		642			663
Pool # 1J1467, ARM, 4.46%, 12/1/2036(e)		320			335
Pool # 1J1541, ARM, 3.70%, 1/1/2037(e)		925			969
Pool # 1J1516, ARM, 3.58%, 2/1/2037(e)		83			86
Pool # 1J1543, ARM, 4.31%, 2/1/2037(e)		262			279
Pool # 1J1635, ARM, 3.55%, 3/1/2037(e)		249			258
Pool # 1N1458, ARM, 4.07%, 3/1/2037(e)		484			499
Pool # 1J1522, ARM, 4.15%, 3/1/2037(e)		386			411
Pool # 1Q0339, ARM, 3.96%, 4/1/2037(e)		61			63
Pool # 1Q0697, ARM, 4.03%, 5/1/2037(e)		1,037			1,070
Pool # 1J1681, ARM, 4.61%, 6/1/2037(e)		2,080			2,193
Pool # 1J1685, ARM, 4.62%, 6/1/2037(e)		1,084			1,146
Pool # 847871, ARM, 3.58%, 8/1/2037(e)		311			327
Pool # 1J2834, ARM, 4.65%, 8/1/2037(e)		273			286

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
MORTGAGE-BACKED SECURITIES — continued
Pool # 1B3605, ARM, 5.04%, 8/1/2037(e)		239			248
Pool # 1Q0476, ARM, 4.54%, 10/1/2037(e)		280			294
Pool # 1J2945, ARM, 4.50%, 11/1/2037(e)		59			61
Pool # 1Q0894, ARM, 4.31%, 1/1/2038(e)		621			659
Pool # 1Q0722, ARM, 4.07%, 4/1/2038(e)		531			560
FHLMC Gold Pools, 15 Year, Single Family
Pool # E01538, 5.00%, 12/1/2018		—	(g)		—	(g)
Pool # G12802, 6.00%, 2/1/2019		—	(g)		—	(g)
Pool # B13747, 5.00%, 4/1/2019		20			21
Pool # B13978, 4.00%, 5/1/2019		13			13
Pool # G12656, 4.00%, 7/1/2019		15			15
Pool # G11596, 5.50%, 8/1/2019		41			41
Pool # G11652, 6.00%, 1/1/2020		42			42
Pool # G12859, 6.00%, 6/1/2020		1			1
Pool # G13056, 5.50%, 12/1/2020		58			58
Pool # G12880, 5.00%, 1/1/2021		110			111
Pool # G13621, 6.50%, 8/1/2021		5			5
Pool # J03447, 6.00%, 9/1/2021		46			47
Pool # G13821, 6.00%, 11/1/2021		166			168
Pool # J10285, 5.50%, 4/1/2022		57			58
Pool # G13274, 5.50%, 10/1/2023		1,147			1,179
Pool # G13301, 5.50%, 10/1/2023		2,846			2,927
Pool # J10284, 6.00%, 12/1/2023		68			69
Pool # G13433, 5.50%, 1/1/2024		402			416
Pool # J14494, 4.00%, 2/1/2026		7,146			7,301
Pool # J15974, 4.00%, 6/1/2026		2,524			2,579
FHLMC Gold Pools, 20 Year, Single Family
Pool # C90246, 6.00%, 1/1/2019		—	(g)		—	(g)
Pool # G30145, 6.50%, 2/1/2019		—	(g)		—	(g)
Pool # D93630, 6.50%, 6/1/2019		—	(g)		—	(g)
Pool # G30195, 6.50%, 5/1/2021		1			2
Pool # G30262, 6.00%, 10/1/2024		254			275
FHLMC Gold Pools, 30 Year, Single Family
Pool # A30588, 6.00%, 7/1/2032		150			162
Pool # G01665, 5.50%, 3/1/2034		3,772			4,078
Pool # G03073, 5.50%, 7/1/2037		1,906			2,042
Pool # G04772, 7.00%, 8/1/2038		198			219
FHLMC Gold Pools, FHA/VA
Pool # G20027, 10.00%, 10/1/2030		258			272
Pool # G20028, 7.50%, 12/1/2036		4,757			5,158
FNMA
Pool # 70226, ARM, 2.13%, 1/1/2019(e)		—	(g)		—	(g)
Pool # 116612, ARM, 3.62%, 3/1/2019(e)		—	(g)		—	(g)
Pool # 326088, ARM, 4.55%, 5/1/2025(e)		7			7
Pool # 325081, ARM, 5.10%, 10/1/2025(e)		5			5
Pool # 409902, ARM, 4.08%, 6/1/2027(e)		14			14
Pool # 52597, ARM, 2.59%, 7/1/2027(e)		4			4
Pool # 725902, ARM, 4.40%, 9/1/2034(e)		136			142
Pool # 810896, ARM, 4.06%, 1/1/2035(e)		69			71
Pool # 865095, ARM, 5.07%, 10/1/2035(e)		1,139			1,222
Pool # 848757, ARM, 4.25%, 12/1/2035(e)		187			193
Pool # AD0295, ARM, 4.31%, 3/1/2036(e)		1,471			1,568
Pool # 894571, ARM, 4.68%, 3/1/2036(e)		1,457			1,565
Pool # 877009, ARM, 4.79%, 3/1/2036(e)		1,715			1,843
Pool # 871502, ARM, 3.96%, 4/1/2036(e)		55			56
Pool # 895687, ARM, 4.26%, 5/1/2036(e)		213			221
Pool # 886952, ARM, 4.55%, 6/1/2036(e)		3			3
Pool # 882099, ARM, 4.03%, 7/1/2036(e)		236			247
Pool # 884722, ARM, 4.27%, 8/1/2036(e)		349			366
Pool # 745858, ARM, 4.47%, 8/1/2036(e)		133			140
Pool # 745762, ARM, 4.52%, 8/1/2036(e)		1			1

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
MORTGAGE-BACKED SECURITIES — continued
Pool # 886558, ARM, 4.60%, 8/1/2036(e)		308			325
Pool # 887714, ARM, 4.66%, 8/1/2036(e)		223			235
Pool # 882241, ARM, 4.41%, 10/1/2036(e)		235			245
Pool # 894271, ARM, 4.50%, 10/1/2036(e)		194			203
Pool # 870920, ARM, 4.13%, 12/1/2036(e)		48			50
Pool # 905593, ARM, 4.26%, 12/1/2036(e)		104			109
Pool # AD0296, ARM, 4.43%, 12/1/2036(e)		936			974
Pool # 905196, ARM, 4.92%, 12/1/2036(e)		147			155
Pool # 888143, ARM, 3.34%, 1/1/2037(e)		106			110
Pool # 920954, ARM, 3.97%, 1/1/2037(e)		1,104			1,138
Pool # 913984, ARM, 4.03%, 2/1/2037(e)		582			602
Pool # 910178, ARM, 3.81%, 3/1/2037(e)		844			886
Pool # 936588, ARM, 3.76%, 4/1/2037(e)		206			211
Pool # 888750, ARM, 3.90%, 4/1/2037(e)		191			200
Pool # 948208, ARM, 3.80%, 7/1/2037(e)		1,083			1,109
Pool # 944105, ARM, 3.99%, 7/1/2037(e)		16			17
Pool # 888620, ARM, 4.22%, 7/1/2037(e)		114			119
Pool # 950385, ARM, 3.46%, 8/1/2037(e)		24			25
Pool # 950382, ARM, 3.59%, 8/1/2037(e)		1,459			1,486
Pool # AD0081, ARM, 3.75%, 11/1/2037(e)		640			668
Pool # 995108, ARM, 4.34%, 11/1/2037(e)		1,247			1,309
Pool # 952182, ARM, 4.57%, 11/1/2037(e)		375			392
Pool # 966911, ARM, 4.10%, 12/1/2037(e)		251			261
Pool # 914219, ARM, 4.08%, 3/1/2047(e)		267			274
FNMA, 15 Year, Single Family
Pool # 888889, 4.50%, 12/1/2018		—	(g)		—	(g)
Pool # 888681, 5.00%, 12/1/2018		—	(g)		—	(g)
Pool # 725171, 4.00%, 1/1/2019		—	(g)		—	(g)
Pool # 255077, 5.00%, 1/1/2019		2			2
Pool # 725352, 4.50%, 4/1/2019		7			7
Pool # 255227, 4.50%, 5/1/2019		8			8
Pool # 735985, 5.00%, 6/1/2019		—	(g)		—	(g)
Pool # 725793, 5.50%, 9/1/2019		16			16
Pool # 725993, 6.00%, 9/1/2019		—	(g)		—	(g)
Pool # 735439, 6.00%, 9/1/2019		19			19
Pool # 735208, 6.00%, 10/1/2019		9			9
Pool # 785595, 5.00%, 12/1/2019		15			15
Pool # 735370, 5.50%, 1/1/2020		4			4
Pool # 745014, 6.00%, 5/1/2020		5			5
Pool # 888601, 5.50%, 6/1/2020		63			64
Pool # 889265, 5.50%, 6/1/2020		—	(g)		—	(g)
Pool # 735742, 5.00%, 7/1/2020		32			33
Pool # 995886, 6.00%, 4/1/2021		19			19
Pool # AD0452, 6.00%, 4/1/2021		149			150
Pool # 897937, 6.00%, 8/1/2021		388			398
Pool # 890129, 6.00%, 12/1/2021		195			198
Pool # 889094, 6.50%, 1/1/2023		386			400
Pool # 995286, 6.50%, 3/1/2023		26			27
Pool # AL0229, 5.50%, 9/1/2023		815			835
Pool # AA1035, 6.00%, 12/1/2023		125			128
Pool # AD0471, 5.50%, 1/1/2024		1,201			1,230
Pool # 995381, 6.00%, 1/1/2024		278			287
Pool # AE0081, 6.00%, 7/1/2024		1,057			1,101
Pool # AD0365, 5.50%, 9/1/2024		445			458
Pool # AD0662, 5.50%, 1/1/2025		2,284			2,364
Pool # AL2193, 5.50%, 7/1/2025		2,924			3,028
FNMA, 20 Year, Single Family
Pool # 252210, 6.50%, 2/1/2019		—	(g)		—	(g)
Pool # 252348, 6.50%, 3/1/2019		—	(g)		—	(g)
Pool # 252442, 6.50%, 5/1/2019		—	(g)		—	(g)

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
MORTGAGE-BACKED SECURITIES — continued
Pool # 252575, 6.00%, 7/1/2019		—	(g)		1
Pool # 252642, 6.50%, 8/1/2019		1			1
Pool # 535519, 7.00%, 8/1/2020		46			46
Pool # 253946, 7.00%, 8/1/2021		13			13
Pool # 254344, 6.50%, 6/1/2022		447			485
Pool # 745763, 6.50%, 3/1/2025		238			258
Pool # 256714, 5.50%, 5/1/2027		381			406
FNMA, 30 Year, FHA/VA
Pool # 415460, 8.50%, 3/1/2027		8			8
Pool # 801357, 5.50%, 8/1/2034		92			97
FNMA, 30 Year, Single Family
Pool # 545334, 8.50%, 9/1/2021		1			1
Pool # 479469, 10.00%, 2/1/2024		1			1
Pool # 250511, 6.50%, 3/1/2026		4			4
Pool # 457268, 9.50%, 7/1/2028		6			6
Pool # 555889, 8.00%, 12/1/2030		41			43
Pool # 254548, 5.50%, 12/1/2032		2,078			2,234
Pool # 555458, 5.50%, 5/1/2033		3,339			3,638
Pool # 735503, 6.00%, 4/1/2035		2,582			2,825
Pool # 889118, 5.50%, 4/1/2036		5,266			5,670
Pool # 745948, 6.50%, 10/1/2036		415			463
Pool # AD0249, 5.50%, 4/1/2037		3,676			3,948
Pool # 950302, 7.00%, 8/1/2037		783			904
Pool # 888890, 6.50%, 10/1/2037		1,197			1,337
Pool # 929005, 6.00%, 1/1/2038		666			724
Pool # 890268, 6.50%, 10/1/2038		2,086			2,331
Pool # 995149, 6.50%, 10/1/2038		1,292			1,453
FNMA, Other Pool # 745321, 4.50%, 12/1/2019 17					17
GNMA I, 15 Year, Single Family Pool # 782933, 6.50%, 10/15/2023 378					391
GNMA I, 30 Year, Single Family
Pool # 293363, 9.50%, 7/15/2020		6			6
Pool # 780010, 9.50%, 3/15/2023		1			1
Pool # 403964, 9.00%, 9/15/2024		3			3
Pool # 780831, 9.50%, 12/15/2024		10			10
Pool # 780115, 8.50%, 4/15/2025		5			6
Pool # 780965, 9.50%, 12/15/2025		33			34
Pool # 423946, 9.00%, 10/15/2026		1			1
Pool # 687926, 6.50%, 9/15/2038		2,507			2,900
GNMA II
Pool # 8642, ARM, 3.75%, 5/20/2020(e)		2			2
Pool # 8785, ARM, 3.62%, 5/20/2021(e)		1			1
Pool # 8807, ARM, 3.75%, 7/20/2021(e)		7			7
Pool # 8938, ARM, 3.38%, 3/20/2022(e)		5			6
Pool # 8046, ARM, 3.75%, 9/20/2022(e)		15			15
Pool # 8746, ARM, 3.13%, 11/20/2025(e)		42			43
Pool # 8790, ARM, 3.38%, 1/20/2026(e)		17			17
Pool # 80053, ARM, 3.38%, 3/20/2027(e)		1			2
Pool # 80152, ARM, 3.38%, 1/20/2028(e)		1			1
GNMA II, 30 Year, Single Family
Pool # 1974, 8.50%, 3/20/2025		6			6
Pool # 1989, 8.50%, 4/20/2025		10			11
Pool # 2285, 8.00%, 9/20/2026		12			13
Pool # 2499, 8.00%, 10/20/2027		4			4
Pool # 2525, 8.00%, 12/20/2027		1			1
Pool # 2646, 7.50%, 9/20/2028		7			8
Pool # 4224, 7.00%, 8/20/2038		1,920			2,153
Pool # 4245, 6.00%, 9/20/2038		1,829			1,977
Pool # 4247, 7.00%, 9/20/2038		2,245			2,588
TOTAL MORTGAGE-BACKED SECURITIES (Cost $111,772)					112,006

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.2%
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2006-LDP9, Class AMS, 5.34%, 5/15/2047		3,000		2,999
Series 2006-LDP9, Class AM, 5.37%, 5/15/2047		2,019		2,018
Morgan Stanley Re-REMIC Trust Series 2012-IO, Class AXA, 1.00%, 3/27/2051(a)		279		278
TIAA Seasoned Commercial Mortgage Trust Series 2007-C4, Class AJ, 5.48%, 8/15/2039(e)		1,498		1,500
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $6,940)				6,795
	Shares (000)
SHORT-TERM INVESTMENTS — 0.3%
INVESTMENT COMPANIES — 0.3%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.10%(h)(i) (Cost $11,127)		11,127		11,127
Total Investments — 98.2% (Cost $3,291,778)				3,250,743
Other Assets Less Liabilities — 1.8%				58,182
Net Assets — 100.0%				3,308,925

Percentages indicated are based on net assets.

Abbreviations

ABS	Asset-backed securities
ARM	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of November 30, 2018.
CSMC	Credit Suisse Mortgage Trust
FHA	Federal Housing Administration
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
HB	High Coupon Bonds (a.k.a. “IOettes”) represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO’s the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.
ICE	Intercontinental Exchange
IF	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of November 30, 2018. The rate may be subject to a cap and floor.

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

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.
REMIC	Real Estate Mortgage Investment Conduit
STRIPS	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
USD	United States Dollar
VA	Veterans Administration
(a)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(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, 2018.
(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, 2018.
(e)	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, 2018.
(f)	The rate shown is the effective yield as of November 30, 2018.
(g)	Amount rounds to less than one thousand.
(h)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(i)	The rate shown is the current yield as of November 30, 2018.
‡	Value determined using significant unobservable inputs.

A. Valuation of Investments — The valuation of investments is 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 (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.

JPMorgan 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.

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

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 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 related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment to determine the fair value of 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, including J.P. Morgan Funds (the “Underlying Funds”), are valued at each Underlying Fund’s net asset values per share as of the report date.

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at November 30, 2018.

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 (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	344,618	$	31,985		$	376,603
Collateralized Mortgage Obligations		—		168,725		—	(a)		168,725
Commercial Mortgage-Backed Securities		—		6,795		—			6,795
Corporate Bonds
Other Corporate Bonds		—		949,474		—			949,474
Mortgage-Backed Securities		—		112,006		—			112,006
U.S. Government Agency Securities		—		234,526		—			234,526
U.S. Treasury Obligations		—		1,391,487		—			1,391,487
Short-Term Investments
Investment Companies		11,127		—		—			11,127
Total Investments in Securities	$	11,127	$	3,207,631	$	31,985		$	3,250,743

(a) Amount rounds to less than one thousand.

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

There were no significant transfers between level 2 and level 3 during the period ended November 30, 2018.

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

	Balance as of February 28, 2018			Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)		Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of November 30, 2018
Investments in Securities:
Asset-Backed Securities	$	41,189		$	(47	)	$	56		$	3	$	11,857	$	(14,871	)	$	—	$	(6,202	)	$	31,985
Collateralized Mortgage Obligation		—	(a)		—			—	(a)		—		—		—	(a)		—		—			—	(a)
Total	$	41,189		$	(47	)	$	56		$	3	$	11,857	$	(14,871	)	$	—	$	(6,202	)	$	31,985

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

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

(a) Amount rounds to less than one thousand.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at November 30, 2018, which were valued using significant unobservable inputs (level 3), amounted to approximately $(20,000).

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at November 30, 2018			Valuation Technique(s)		Unobservable Input	Range (Weighted Average)
	$	13,900			Discounted Cash Flow	Constant Prepayment Rate		0.00% - 22.00% (19.50%)
						Constant Default Rate		0.00% - 30.00% (0.53%)
						Yield (Discount Rate of Cash Flows)		3.65% - 8.63% (4.44%)
Asset-Backed Securities		13,900
		—	(a)		Discounted Cash Flow	PSA Prepayment Model		232.00% (232.00%)
						Yield (Discount Rate of Cash Flows)		4.71% (4.71%)
Collateralized Mortgage Obligations		—	(a)
Total	$	13,900

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At November 30, 2018, the value of these investments was approximately $18,085,000. The inputs for these investments are not readily available or cannot be reasonably estimated and generally are those inputs described in Note A.

(a) Amount rounds to less than one thousand.

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

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — 95.5%(a)
Alabama — 1.7%
Other Revenue — 0.0%(b)
Montgomery County Public Building Authority, Revenue Refunding Warrants, Facilities Project Rev., 5.00%, 3/1/2023		500		551
Special Tax — 0.2%
Birmingham-Jefferson Civic Center Authority, Special Tax
Series A, Rev., 5.00%, 7/1/2031		1,100		1,253
Series A, Rev., 5.00%, 7/1/2032		1,150		1,304
				2,557
Utility — 1.5%
Black Belt Energy Gas District, Gas Prepay Series B-2, Rev., (SIFMA Municipal Swap Index Yield + 0.62%, 12.00% Cap), 2.31%, 12/6/2018(c)		7,500		7,323
Black Belt Energy Gas District, Gas Supply Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 6/1/2021(d)		8,320		8,583
Southeast Alabama Gas District, Project No.1
Series A, Rev., 5.00%, 4/1/2021		2,865		3,005
Series A, Rev., 5.00%, 4/1/2022		3,220		3,427
				22,338
Total Alabama				25,446
Alaska — 0.0%(b)
Utility — 0.0%(b)
City of Anchorage, Electric Utilities, Senior Lien Series A, Rev., 5.00%, 12/1/2023		500		561
Arizona — 1.7%
Certificate of Participation/Lease — 0.0%(b)
Arizona School Facilities Board Series A-1, COP, 5.00%, 9/1/2019		500		511
General Obligation — 0.2%
City of Scottsdale GO, 5.00%, 7/1/2022		2,550		2,804
Hospital — 0.3%
Arizona Health Facilities Authority, Scottsdale Lincoln Hospitals Series A, Rev., 5.00%, 12/1/2025		3,540		3,946
Industrial Development Revenue/Pollution Control Revenue — 1.2%
Maricopa County Industrial Development Authority, Banner Health
Series B, Rev., 5.00%, 10/18/2022(d)		7,370		8,094
Series C, Rev., 5.00%, 10/18/2024(d)		9,000		10,221
				18,315
Other Revenue — 0.0%(b)
Town of Marana, Excise Tax
Series B, Rev., 4.00%, 7/1/2020		75		77
Series B, Rev., 5.00%, 7/1/2021		100		108
				185
Total Arizona				25,761
Arkansas — 0.6%
Education — 0.3%
University of Arkansas, UAMS Campus
Rev., 5.00%, 3/1/2020		535		554
Rev., 5.00%, 3/1/2025		500		574
Rev., 5.00%, 3/1/2026		1,000		1,143
University of Central Arkansas, Student Housing System Series A, Rev., 5.00%, 11/1/2021		1,600		1,734
				4,005
Other Revenue — 0.3%
Arkansas Development Finance Authority, Department of Community Correction Project Rev., 5.00%, 11/1/2026		325		379
City of Little Rock, Hotel and Restaurant Rev., 5.00%, 7/1/2020		580		606
City of Rogers Series B, Rev., 5.00%, 11/1/2027		3,855		4,484
				5,469
Total Arkansas				9,474
California — 25.7%
Certificate of Participation/Lease — 0.1%
City of Chula Vista, Police Facility Project
COP, 5.00%, 10/1/2021		360		390
COP, 5.00%, 10/1/2022		465		515
COP, 5.00%, 10/1/2023		1,000		1,132
Goleta Water District Series A, COP, AGM, 5.00%, 12/1/2020		140		149
				2,186

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Education — 1.0%
California Educational Facilities Authority, Claremont McKenna College Series A, Rev., 4.00%, 1/1/2024		1,675		1,842
California Municipal Finance Authority, California Lutheran University
Rev., 5.00%, 10/1/2025		275		314
Rev., 5.00%, 10/1/2026		150		173
Rev., 5.00%, 10/1/2027		150		175
Regents of the University of California Series AK, Rev., 5.00%, 5/15/2023(d)		11,505		12,963
				15,467
General Obligation — 9.0%
Allan Hancock Joint Community College District GO, 5.00%, 8/1/2022		1,050		1,162
City and County of San Francisco Series A, GO, 5.00%, 6/15/2025		5,310		5,865
County of Los Angeles, Community College District Series C, GO, 5.00%, 6/1/2026		5,000		5,998
County of Sacramento, San Juan Unified School District, Election of 2002
GO, 5.00%, 8/1/2019		860		879
GO, 5.00%, 8/1/2020		775		815
County of Santa Clara, Moreland School District GO, 5.00%, 8/1/2021		1,000		1,082
County of Santa Clara, San Jose Unified School District GO, 5.00%, 8/1/2023		350		399
Grossmont Healthcare District
Series D, GO, 5.00%, 7/15/2026		1,225		1,437
Series D, GO, 5.00%, 7/15/2027		1,285		1,500
Grossmont Healthcare District, Election of 2006 Series C, GO, 5.00%, 7/15/2026		1,000		1,175
Los Angeles Unified School District Series C, GO, 5.00%, 7/1/2021		11,535		12,420
Novato Unified School District
GO, 4.00%, 2/1/2022		535		569
GO, 5.00%, 2/1/2023		685		767
GO, 5.00%, 2/1/2024		870		994
GO, 5.00%, 8/1/2025		1,500		1,724
GO, 5.00%, 8/1/2026		1,800		2,063
Oak Grove School District GO, 5.00%, 8/1/2023		1,200		1,361
Placentia-Yorba Linda Unified School District GO, 5.00%, 8/1/2025		1,770		2,076
Salinas Union High School District GO, BAN, Zero Coupon, 8/1/2020		2,000		1,925
San Diego Unified School District, Dedicated Unlimited Ad Valorem Property Tax Series R-3, GO, 5.00%, 7/1/2019		6,310		6,433
San Diego Unified School District, Election of 2012 Series F, GO, 5.00%, 7/1/2029		550		639
San Francisco Bay Area Rapid Transit District, Election of 2004
Series D, GO, 3.00%, 8/1/2022		2,735		2,851
Series D, GO, 5.00%, 8/1/2027		1,500		1,760
Series D, GO, 5.00%, 8/1/2028		1,685		1,972
San Francisco Unified School District
Series A, GO, 4.00%, 8/1/2022		30		33
Series B, GO, 5.00%, 8/1/2026		50		60
San Francisco Unified School District, Proposition A, Election of 2011 Series B, GO, 5.00%, 6/15/2024		5,190		5,741
San Mateo County Community College District
GO, 5.00%, 9/1/2025		700		812
GO, 5.00%, 9/1/2026		1,095		1,268
State of California, Various Purpose
Series B, GO, 5.00%, 9/1/2023		2,810		3,173
GO, 5.00%, 11/1/2023		3,560		4,032
GO, 5.00%, 3/1/2026		13,210		15,229
GO, 5.00%, 9/1/2026		4,900		5,789
GO, 4.00%, 8/1/2028		4,000		4,362
GO, 5.00%, 9/1/2028		2,500		2,700
GO, 4.00%, 8/1/2029		4,180		4,530
GO, 5.00%, 8/1/2029		7,830		9,069
GO, 4.00%, 8/1/2030		10,000		10,764
Vacaville Unified School District, Election of 2014 Series B, GO, 4.00%, 8/1/2019		1,000		1,016
Whittier Union School District GO, 5.00%, 8/1/2023		10,495		11,901
				138,345

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Hospital — 2.4%
California Health Facilities Financing Authority, Cedars-Sinai Medical Center Rev., 5.00%, 11/15/2025		1,850		2,180
California Health Facilities Financing Authority, Kaiser Permanente Series D, Rev., 5.00%, 11/1/2022(d)		10,000		11,098
California Health Facilities Financing Authority, Providence Health and Services
Series A, Rev., 5.00%, 10/1/2021		750		812
Series A, Rev., 5.00%, 10/1/2022		1,500		1,663
California Health Facilities Financing Authority, St. Joseph Health System
Series C, Rev., 5.00%, 10/15/2019(d)		5,000		5,138
Series D, Rev., 5.00%, 10/15/2020(d)		12,870		13,599
California Municipal Finance Authority, NorthBay Healthcare Group
Series A, Rev., 5.00%, 11/1/2023		500		543
Series A, Rev., 5.00%, 11/1/2024		800		877
Series A, Rev., 5.00%, 11/1/2025		745		823
California Statewide Communities Development Authority, Marin General Hospital Project Rev., 5.00%, 8/1/2028		250		295
				37,028
Housing — 0.1%
Anaheim Housing and Public Improvements Authority, Electric Utility Distribution System Series 2016-A, Rev., 5.00%, 10/1/2032		1,725		1,857
Other Revenue — 3.3%
Alameda County Transport Authority, Sales Tax
Rev., 4.00%, 3/1/2019		5,000		5,030
Rev., 5.00%, 3/1/2020		1,240		1,290
Rev., 4.00%, 3/1/2022		5,000		5,341
California Infrastructure and Economic Development Bank, The J. Paul Getty Trust
Series A-3, Rev., (ICE LIBOR USD 3 Month + 0.37%, 8.00% Cap), 2.29%, 1/2/2019(c)		8,000		8,087
Series A-4, Rev., (ICE LIBOR USD 3 Month + 0.37%, 8.00% Cap), 2.29%, 1/2/2019(c)		7,000		7,075
California Municipal Finance Authority, Biola University
Rev., 4.00%, 10/1/2019		205		208
Rev., 5.00%, 10/1/2021		370		398
California State Public Works Board, Department of General Services Series F, Rev., 5.00%, 5/1/2021		4,500		4,811
Contra Costa County Transportation Authority, Sales Tax
Series B, Rev., 5.00%, 3/1/2019		1,750		1,765
Series A, Rev., 4.00%, 3/1/2023		3,420		3,718
Series A, Rev., 5.00%, 3/1/2023		2,420		2,730
Series A, Rev., 5.00%, 3/1/2024		2,000		2,308
Golden State Tobacco Securitization Corp., Tobacco Settlement Series A, Rev., 5.00%, 6/1/2021		1,000		1,067
Riverside Community Properties Development, Inc., Riverside County Law Building Project Rev., 5.00%, 10/15/2019(e)		780		801
San Diego County Regional Transportation Commission, Sales Tax
Series A, Rev., 5.00%, 4/1/2021		250		269
Series A, Rev., 5.00%, 4/1/2022		100		110
San Francisco Bay Area Rapid Transit District, Sales Tax
Series A, Rev., 5.00%, 7/1/2024		525		611
Series A, Rev., 5.00%, 7/1/2025		905		1,073
San Francisco State Building Authority and Oakland State Building Authority, Elihu M. Harris State Office Building Series A, Rev., 5.00%, 12/1/2022		1,700		1,887
Santa Clara County Financing Authority, Capital Projects Series A, Rev., 5.00%, 2/1/2019		1,225		1,232
Sonoma County Transportation Authority, Sales Tax Rev., 5.00%, 12/1/2024		1,000		1,171
				50,982

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Prerefunded — 0.4%
Anaheim Housing and Public Improvements Authority, Electric Utility Distribution System Series 2016-A, Rev., 5.00%, 10/1/2021(e)		1,275		1,385
California State Public Works Board, California State University Series E, Rev., 5.00%, 4/1/2019(e)		1,160		1,173
California State Public Works Board, California State University, Davidson Library at Santa Barbara Series C, Rev., 5.00%, 3/1/2023(e)		2,820		3,172
				5,730
Transportation — 4.2%
Bay Area Toll Authority, Toll Bridge, San Francisco Bay Area
Series G, Rev., (SIFMA Municipal Swap Index Yield + 0.60%, 12.00% Cap), 2.29%, 12/6/2018(c)		9,000		9,076
Series C, Rev., 1.88%, 4/1/2019(d)		7,550		7,547
Series S-7, Rev., 4.00%, 4/1/2029		20,000		21,721
City of Los Angeles Department of Airports
Series C, Rev., 5.00%, 5/15/2019		1,000		1,013
Series A, Rev., AMT, 5.00%, 5/15/2021		1,590		1,689
Series C, Rev., 5.00%, 5/15/2022		750		825
Series D, Rev., AMT, 5.00%, 5/15/2022		3,380		3,667
Series B, Rev., 4.00%, 5/15/2023		315		338
Series B, Rev., 4.00%, 5/15/2024		365		397
Series C, Rev., 5.00%, 5/15/2024		700		802
Series D, Rev., AMT, 5.00%, 5/15/2027		2,700		3,054
Series D, Rev., AMT, 5.00%, 5/15/2028		1,950		2,198
Series D, Rev., AMT, 5.00%, 5/15/2029		2,550		2,865
Los Angeles County Metropolitan Transportation Authority Series A, Rev., 5.00%, 7/1/2019		9,665		9,857
				65,049
Utility — 1.6%
California Infrastructure and Economic Development Bank, Pacific Gas and Electric Co. Series E, Rev., 1.75%, 6/1/2022(d)		3,500		3,149
City of Los Angeles, Department of Water and Power, Water System Series A, Rev., 5.00%, 7/1/2025		100		118
Sacramento Municipal Utility District, Electric
Series E, Rev., 5.00%, 8/15/2022		2,740		3,054
Series E, Rev., 5.00%, 8/15/2027		105		127
San Francisco City and County Public Utilities Commission Water, Green Bonds Series C, Rev., 2.12%, 10/1/2023(d)		10,000		9,960
Southern California Public Power Authority, Magnolia Power Project Series 1, Rev., 2.00%, 7/1/2020(d)		7,000		6,966
Southern California, Public Power Authority Canyon Power Project Series A, Rev., 5.00%, 7/1/2026		1,000		1,081
Walnut Energy Center Authority Series A, Rev., 5.00%, 1/1/2023		400		449
				24,904
Water & Sewer — 3.6%
Burlingame Financing Authority Water and Wastewater Rev., 4.00%, 4/1/2020		250		258
California State Department of Water Resources, Central Valley Project Water System Series AU, Rev., (SIFMA Municipal Swap Index Yield + 0.22%, 8.00% Cap), 1.91%, 12/6/2018(c)		10,000		10,040
California State Department of Water Resources, Power Supply Series L, Rev., 5.00%, 5/1/2019		15,000		15,211
City of Los Angeles Wastewater System Subordinate
Series A, Rev., 5.00%, 6/1/2019		1,250		1,271
Series A, Rev., 5.00%, 6/1/2022		2,750		3,046
County of San Mateo, Silicon Valley Clean Water Rev., 4.00%, 2/1/2019		400		402

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Water & Sewer — continued
East Bay Municipal Utility District, Wastewater System
Series B, Rev., 5.00%, 6/1/2019		2,330		2,370
Series A, Rev., 5.00%, 6/1/2020		3,000		3,148
Eastern Municipal Water District, Water and Wastewater
Series C, Rev., 5.00%, 7/1/2021		2,530		2,736
Series C, Rev., 5.00%, 7/1/2022		1,700		1,886
Metropolitan Water District of Southern California
Series A, Rev., 5.00%, 7/1/2019		8,000		8,155
Series C-1, Rev., 3.00%, 10/1/2019(d)		6,105		6,153
				54,676
Total California				396,224
Colorado — 1.8%
Certificate of Participation/Lease — 0.3%
City of Aurora
COP, 3.00%, 12/1/2020		125		127
COP, 4.00%, 12/1/2022		375		400
City of Longmont
Series A, COP, 5.00%, 12/1/2021		100		108
Series A, COP, 5.00%, 12/1/2022		100		111
Series A, COP, 5.00%, 12/1/2024		100		112
County of Boulder, Flood Reconstruction Projects
COP, 5.00%, 12/1/2022		720		761
COP, 5.00%, 12/1/2023		500		529
COP, 5.00%, 12/1/2025		500		528
County of Eagle
COP, 3.00%, 12/1/2018		500		500
COP, 5.00%, 12/1/2022		200		221
State of Colorado Department of Transportation, Headquarters Facilities Lease Purchase Agreement
COP, 3.00%, 6/15/2020		250		253
COP, 3.00%, 6/15/2021		1,000		1,021
COP, 5.00%, 6/15/2023		450		502
				5,173
Education — 0.3%
Board of Governors of the University of Colorado, Enterprise System Series B, Rev., 5.00%, 3/1/2029		650		752
University of Colorado, Enterprise System Series A-2, Rev., 5.00%, 6/1/2022		1,080		1,182
University of Colorado, University Enterprise Series A, Rev., 5.00%, 6/1/2022		3,150		3,447
				5,381
General Obligation — 0.1%
Counties of Gunnison, Watershed School District No. 1
GO, 4.00%, 12/1/2022		300		321
GO, 5.00%, 12/1/2026		500		570
				891
Hospital — 0.3%
Colorado Health Facilities Authority, Parkview Medical Center, Inc. Project
Rev., 5.00%, 9/1/2022		150		163
Rev., 5.00%, 9/1/2027		675		772
Colorado Health Facilities Authority, Valley View Hospital Association Project Rev., 2.80%, 5/15/2023(d)		1,150		1,133
University of Colorado Hospital Authority Series C-1, Rev., 4.00%, 3/1/2020(d)		2,620		2,654
				4,722
Housing — 0.3%
Adams County Colorado Housing Authority Multifamily Housing, Baker School Apartment Project Rev., 1.50%, 11/1/2019(d)		5,000		4,970
Other Revenue — 0.1%
Denver Convention Center Hotel Authority
Rev., 4.00%, 12/1/2019		375		380
Rev., 4.00%, 12/1/2020		500		513
				893
Prerefunded — 0.2%
Regional Transportation District Series A, COP, 5.00%, 6/1/2020(e)		3,700		3,860
Transportation — 0.2%
E-470 Public Highway Authority, Senior LIBOR Index Series A, Rev., (ICE LIBOR USD 1 Month + 0.90%), 2.47%, 12/6/2018(c)		2,500		2,501
Total Colorado				28,391
Connecticut — 3.1%
Education — 2.2%
Connecticut State Health and Educational Facility Authority, Sacred Heart University Series I-1, Rev., 5.00%, 7/1/2031		400		450

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Education — continued
State of Connecticut, Health and Educational Facilities Authority, Hartford Healthcare Issue Series G, Rev., (ICE LIBOR USD 1 Month + 0.95%, 12.00% Cap), 2.55%, 1/2/2019(c)		15,000		15,154
State of Connecticut, Health and Educational Facility Authority Series B, Rev., (ICE LIBOR USD 1 Month + 0.55%, 12.00% Cap), 2.12%, 1/2/2019(c)		18,775		18,815
				34,419
General Obligation — 0.1%
State of Connecticut, SIFMA Index Series B, GO, (SIFMA Municipal Swap Index Yield + 0.49%, 10.00% Cap), 2.18%, 12/6/2018(c)		1,500		1,500
Special Tax — 0.8%
State of Connecticut Special Tax Transportation Infrastructure Purposes Series C, Rev., 5.00%, 10/1/2026		10,000		11,359
Total Connecticut				47,278
Delaware — 0.0%(b)
General Obligation — 0.0%(b)
State of Delaware GO, 5.00%, 7/1/2019		120		122
District of Columbia — 0.3%
Hospital — 0.1%
District of Columbia Children’s Hospital
Rev., 5.00%, 7/15/2021		500		535
Rev., 5.00%, 7/15/2022		850		929
				1,464
Transportation — 0.2%
Metropolitan Washington Airports Authority, Airport System Series C, Rev., 5.00%, 10/1/2021		1,475		1,585
Washington Metropolitan Area Transit Authority Series B, Rev., 5.00%, 7/1/2029		1,120		1,310
				2,895
Total District of Columbia				4,359
Florida — 1.1%
Certificate of Participation/Lease — 0.1%
School Board of Duval County Series B, COP, 5.00%, 7/1/2021		750		799
Seminole County School Board
Series A, COP, 5.00%, 7/1/2019		200		204
Series A, COP, 5.00%, 7/1/2020		210		219
				1,222
Education — 0.8%
Board of Governors of the University of Florida, Student Activity Rev., 5.00%, 7/1/2020		1,660		1,735
State of Florida, State Board of Education Lottery Series B, Rev., 5.00%, 7/1/2027		8,540		9,987
				11,722
General Obligation — 0.1%
Reedy Creek Improvement District Series B, GO, 4.00%, 6/1/2019		1,000		1,010
Transportation — 0.1%
Miami-Dade County Expressway Authority, Toll System
Series A, Rev., 5.00%, 7/1/2020		1,550		1,619
Series A, Rev., 5.00%, 7/1/2022		625		683
				2,302
Water & Sewer — 0.0%(b)
JEA Water and Sewer System Series A, Rev., 5.00%, 10/1/2025		250		286
Total Florida				16,542
Georgia — 2.2%
General Obligation — 1.5%
City of Atlanta Series A, GO, 4.00%, 12/1/2019		1,000		1,020
Cook County School District, Sales Tax GO, 5.00%, 10/1/2021(f)		1,495		1,611
State of Georgia
Series I, GO, 5.00%, 7/1/2019		1,250		1,273
Series I, GO, 5.00%, 7/1/2021		8,165		8,776
Series E, GO, 5.00%, 12/1/2025		6,750		7,923
Series F, GO, 5.00%, 7/1/2028		2,000		2,358
				22,961
Other Revenue — 0.7%
Atlanta Development Authority, New Downtown Atlanta Stadium Project, Senior Lien
Series A-1, Rev., 5.00%, 7/1/2027		1,000		1,141
Series A-1, Rev., 5.00%, 7/1/2028		1,000		1,137

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Other Revenue — continued
Dahlonega Downtown Development Authority, North Georgia MAC, LLC Project
Series 2017, Rev., 5.00%, 7/1/2023		325		361
Series 2017, Rev., 5.00%, 7/1/2025		250		285
Series 2017, Rev., 5.00%, 7/1/2026		275		316
Series 2017, Rev., 5.00%, 7/1/2027		300		347
Series 2017, Rev., 5.00%, 7/1/2028		375		432
Series 2017, Rev., 4.00%, 7/1/2032		1,000		1,041
Fulton County Development Authority, Technology Athletic Association Project Series A, Rev., 5.00%, 10/1/2022		5,000		5,465
				10,525
Total Georgia				33,486
Guam — 0.0%(b)
Other Revenue — 0.0%(b)
Government of Guam, Limited Obligation Section 30 (Guam) Series A, Rev., 5.00%, 12/1/2018		750		750
Hawaii — 1.6%
General Obligation — 1.6%
City and County of Honolulu, Rail Transit Project GO, (SIFMA Municipal Swap Index Yield + 0.30%), 1.99%, 12/6/2018(c)		2,200		2,205
State of Hawaii
Series DY, GO, 5.00%, 2/1/2020		10,160		10,522
Series EF, GO, 5.00%, 11/1/2021		7,640		8,272
Series FK, GO, 5.00%, 5/1/2029		2,765		3,234
				24,233
Total Hawaii				24,233
Illinois — 6.3%
Education — 0.6%
Illinois Educational Facilities Authority, University of Chicago Series B-2, Rev., 1.55%, 2/13/2020(d)		5,000		4,974
Illinois Finance Authority, DePaul University
Rev., 5.00%, 10/1/2023		200		223
Rev., 5.00%, 10/1/2025		300		342
Rev., 5.00%, 10/1/2028		250		284
University of Illinois, Auxiliary Facilities System Series A, Rev., 5.00%, 4/1/2024		2,500		2,739
				8,562
General Obligation — 2.7%
City of Chicago Series C, GO, 5.00%, 1/1/2022		5,000		5,222
City of Waukegan
Series B, GO, AGM, 5.00%, 12/30/2025		1,075		1,214
Series B, GO, AGM, 5.00%, 12/30/2026		1,125		1,280
Series B, GO, AGM, 5.00%, 12/30/2027		1,185		1,345
Series B, GO, AGM, 5.00%, 12/30/2028		1,245		1,402
Series B, GO, AGM, 5.00%, 12/30/2029		1,305		1,461
Cook County Township High School District No. 225 Series A, GO, 5.00%, 12/1/2023		5		6
Cook County, Community Consolidated School District No. 146 Tinley Park GO, 5.00%, 12/1/2026		700		799
Cook County, Proviso Township High School District No. 209
GO, 5.00%, 12/1/2022		2,975		3,227
GO, 5.00%, 12/1/2023		2,350		2,587
County of DuPage, Courthouse Project GO, 5.00%, 1/1/2024		335		375
DuPage County Forest Preserve District GO, 5.00%, 1/1/2021		2,800		2,949
Kane and DeKalb Counties Community Unit School District No. 301 GO, 5.00%, 1/1/2027		355		404
Lincoln Land Community College District No. 526
GO, 5.00%, 12/15/2021		305		329
GO, 4.00%, 12/15/2022		440		462
McHenry County, Woodstock Community Unit School District No. 200 GO, 5.00%, 1/15/2021		300		317
State of Illinois
Series D, GO, 5.00%, 11/1/2020		10,000		10,328
Series D, GO, 5.00%, 11/1/2023		5,000		5,248
Village of Hoffman Estates
GO, 5.00%, 12/1/2030		900		1,027
GO, 5.00%, 12/1/2032		1,200		1,356

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
General Obligation — continued
Will County Forest Preservation District GO, 5.00%, 12/15/2027(f)		805		932
				42,270
Hospital — 1.0%
Illinois Finance Authority, Advocate Health Care Series A-1, Rev., 5.00%, 1/15/2020(d)		6,000		6,188
Illinois Finance Authority, Ascension Health Alliance Senior Credit Group Series E-2, Rev., 1.75%, 4/1/2021(d)		3,750		3,711
Illinois Finance Authority, Edward-Elmhurst Healthcare Series A, Rev., 5.00%, 1/1/2030		2,500		2,777
Illinois Finance Authority, Silver Cross Hospital and Medical Centers
Series C, Rev., 5.00%, 8/15/2021		150		160
Series C, Rev., 5.00%, 8/15/2022		500		542
Southwestern Illinois Development Authority, Hospital Sisters Services, Inc. Obligated Group Series A, Rev., 5.00%, 2/15/2027		2,000		2,308
				15,686
Other Revenue — 1.5%
Sales Tax Securitization Corp.
Series C, Rev., 5.00%, 1/1/2024		3,000		3,307
Series C, Rev., 5.00%, 1/1/2025		4,250		4,735
State of Illinois, Sales Tax, Junior Obligation
Series A, Rev., 5.00%, 6/15/2021		4,600		4,868
Series A, Rev., 5.00%, 6/15/2022		4,600		4,954
Series A, Rev., 5.00%, 6/15/2023		4,600		5,029
				22,893
Transportation — 0.3%
City of Chicago, Chicago Midway Airport Second Lien Revenue Refunding
Series A, Rev., AMT, 5.00%, 1/1/2020		1,425		1,463
Series B, Rev., 5.00%, 1/1/2020		500		514
Series A, Rev., AMT, 5.00%, 1/1/2021		2,580		2,702
				4,679
Water & Sewer — 0.2%
City of Waukegan, First Lien, Water and Sewer System
Series C, Rev., AGM, 5.00%, 12/30/2023		535		592
Series C, Rev., AGM, 5.00%, 12/30/2026		680		778
Series C, Rev., AGM, 5.00%, 12/30/2027		710		812
Series C, Rev., AGM, 5.00%, 12/30/2028		395		449
				2,631
Total Illinois				96,721
Indiana — 0.7%
Education — 0.3%
Indiana Finance Authority, Educational Facilities, Indianapolis Museum of Art, Inc. Project Series B, Rev., 5.00%, 2/1/2019		1,170		1,175
New Albany Floyd County School Building Corp.
Rev., 5.00%, 7/15/2021		700		750
Rev., 5.00%, 7/15/2022		835		915
Purdue University, Student Fee
Series DD, Rev., 5.00%, 7/1/2025		870		1,013
Series DD, Rev., 5.00%, 7/1/2027		10		12
				3,865
Other Revenue — 0.1%
Fort Wayne Redevelopment Authority Lease Rental, Harrison Square Project Rev., 5.00%, 8/1/2023		1,000		1,113
Indiana State Office Building Commission, Indiana State Museum Facility Series C, Rev., NATL-RE, 5.25%, 7/1/2019(e)		750		764
				1,877
Utility — 0.3%
City of Rockport, Indiana Michigan Power Company Project Series B, Rev., 3.05%, 6/1/2025		5,000		5,002
Water & Sewer — 0.0%(b)
Evansville Local Public Improvement Bond Bank, Sewage Works Project Series A, Rev., 5.00%, 7/1/2019		620		631
Total Indiana				11,375

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Iowa — 0.9%
Hospital — 0.9%
Iowa Finance Authority, Health Systems Rev., (SIFMA Municipal Swap Index Yield + 0.58%, 18.00% Cap), 2.27%, 12/6/2018(c)(g)		14,000		13,949
Kansas — 0.4%
General Obligation — 0.2%
Butler County, Unified School District No. 375 GO, 4.00%, 9/1/2024		200		211
Johnson County Unified School District No. 233 Series B, GO, 4.00%, 9/1/2025		625		678
Seward County Unified School District No. 480 Series B, GO, 5.00%, 9/1/2025		1,750		2,003
				2,892
Hospital — 0.0%(b)
University of Kansas Hospital Authority, Health System Series A, Rev., 5.00%, 3/1/2024		275		309
Other Revenue — 0.0%(b)
City of Wichita, Sales Tax, River District Stadium Star Bond Project
Rev., 5.00%, 9/1/2025		300		343
Rev., 5.00%, 9/1/2026		465		535
				878
Water & Sewer — 0.2%
City of Wichita, Water and Sewer Utility Series A, Rev., 5.00%, 10/1/2022		2,200		2,425
Total Kansas				6,504
Kentucky — 0.4%
Education — 0.1%
Northern Kentucky University Series A, Rev., 5.00%, 9/1/2024		1,310		1,468
Prerefunded — 0.0%(b)
Carter County Kentucky School District Finance Corp. Rev., 4.50%, 2/1/2021(e)		250		262
Utility — 0.3%
Kentucky Municipal Power Agency, Prairie State Project Series A, Rev., NATL-RE, 5.00%, 9/1/2023		240		265
Kentucky Public Energy Authority, Gas Supply Series A, Rev., 4.00%, 4/1/2024(d)		2,500		2,606
Louisville/Jefferson County Metropolitan Government, Kentucky Pollution Control, Louisville Gas and Electric Company Project Rev., AMT, 2.55%, 5/3/2021(d)		2,250		2,247
				5,118
Total Kentucky				6,848
Louisiana — 1.2%
Hospital — 0.7%
Louisiana Public Facilities Authority, Louisiana Children’S Medical Center Project Rev., (SIFMA Municipal Swap Index Yield + 0.65%, 12.00% Cap), 2.34%, 12/6/2018(c)		10,000		10,038
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project Rev., 5.00%, 5/15/2023		400		442
				10,480
Other Revenue — 0.2%
Louisiana Local Government Environmental Facilities and Community Development Authority, LCTCS Act 391 Project Rev., 5.00%, 10/1/2021		2,350		2,525
Louisiana Public Facilities Authority, Tulane University Project
Rev., 5.00%, 12/15/2022		230		252
Rev., 5.00%, 12/15/2023		315		352
Rev., 5.00%, 12/15/2025		250		286
				3,415
Water & Sewer — 0.3%
City of Shreveport, Water and Sewer, Junior Lien
Series C, Rev., 3.00%, 12/1/2021		175		178
Series C, Rev., 5.00%, 12/1/2022		270		295
Series C, Rev., 5.00%, 12/1/2023		365		405
Series C, Rev., 5.00%, 12/1/2024		1,510		1,700
Series C, Rev., 5.00%, 12/1/2025		915		1,042
Series C, Rev., 5.00%, 12/1/2026		500		576
Series C, Rev., 5.00%, 12/1/2028		400		469
				4,665
Total Louisiana				18,560

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Maryland — 1.1%
General Obligation — 0.9%
State of Maryland, State and Local Facilities Loan of 2013, Second Series Series A, GO, 5.00%, 8/1/2020		12,795		13,425
Prerefunded — 0.2%
State of Maryland, State and Local Facilities Loan of 2015 Series A, GO, 5.00%, 3/1/2023(e)		3,000		3,341
Total Maryland				16,766
Massachusetts — 2.0%
Education — 0.1%
Massachusetts School Building Authority, Sales Tax Series A, Rev., 5.00%, 2/15/2031		1,000		1,116
General Obligation — 0.5%
City of Boston Series A, GO, 5.00%, 3/1/2023		7,360		8,232
Hospital — 0.7%
Massachusetts Development Finance Agency, Partners Healthcare System Issue Series 2017S, Rev., (SIFMA Municipal Swap Index Yield + 0.50%, 10.00% Cap), 2.19%, 12/6/2018(c)		10,000		10,098
Massachusetts State Development Finance Agency, Lahey Health System Series F, Rev., 5.00%, 8/15/2026		500		522
				10,620
Other Revenue — 0.2%
Massachusetts Development Finance Agency, Caregroup Series H-1, Rev., 5.00%, 7/1/2019		3,250		3,298
Water & Sewer — 0.5%
Massachusetts Clean Water Trust, State Revolving Fund Rev., 5.00%, 8/1/2025		6,775		7,905
Total Massachusetts				31,171
Michigan — 1.1%
General Obligation — 0.3%
City of Royal Oak, Capital Improvement
GO, 5.00%, 4/1/2027		625		721
GO, 5.00%, 4/1/2028		245		284
Kalamazoo Public Schools GO, 5.00%, 5/1/2022		1,000		1,089
Troy School District, School Building and Site
GO, Q-SBLF, 5.00%, 5/1/2019		650		658
GO, Q-SBLF, 5.00%, 5/1/2020		500		520
GO, Q-SBLF, 5.00%, 5/1/2021		550		587
GO, Q-SBLF, 5.00%, 5/1/2022		500		545
				4,404
Hospital — 0.2%
Michigan State Hospital Finance Authority, Ascension Health Credit Group Series B-4, Rev., 5.00%, 11/15/2027		2,250		2,526
Industrial Development Revenue/Pollution Control Revenue — 0.1%
Michigan Strategic Fund, The Detroit Edison Company Pollution Control Bonds Project Series CC, Rev., 1.45%, 9/1/2021(d)		2,600		2,483
Other Revenue — 0.1%
Michigan Finance Authority, Local Government Loan Program
Series B, Rev., 4.00%, 11/1/2019		675		686
Series B, Rev., 4.00%, 11/1/2020		455		469
				1,155
Transportation — 0.2%
Gerald R Ford International Airport Authority, Limited Tax
Rev., 5.00%, 1/1/2023		1,560		1,728
Rev., 5.00%, 1/1/2024		1,400		1,580
				3,308
Water & Sewer — 0.2%
City of Grand Rapids, Sanitary Sewer System Improvement Rev., 5.00%, 1/1/2022		350		378
Michigan Finance Authority, Clean Water Revolving Fund Rev., 5.00%, 10/1/2021		2,250		2,430
				2,808
Total Michigan				16,684
Minnesota — 0.3%
Education — 0.0%(b)
Minnesota Higher Education Facilities Authority Series L, Rev., 4.00%, 4/1/2020		350		359
Minnesota Higher Education Facilities Authority, Macalester College Rev., 5.00%, 3/1/2029		150		174
				533

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Transportation — 0.1%
Minneapolis-St Paul Metropolitan Airports Commission, Subordinate Airport
Series A, Rev., 5.00%, 1/1/2020		220		227
Series A, Rev., 5.00%, 1/1/2022		1,000		1,085
				1,312
Utility — 0.2%
Western Minnesota Municipal Power Agency, Power Supply
Series A, Rev., 5.00%, 1/1/2023		1,500		1,663
Series A, Rev., 5.00%, 1/1/2024		1,000		1,130
				2,793
Total Minnesota				4,638
Mississippi — 0.1%
Other Revenue — 0.1%
Mississippi Development Bank, Rankin County Bond Project Rev., 5.00%, 3/1/2023		750		828
Missouri — 0.8%
Certificate of Participation/Lease — 0.1%
City of Chesterfield COP, 5.00%, 12/1/2021		1,000		1,078
Education — 0.2%
Health and Educational Facilities Authority
Rev., 4.00%, 10/1/2019		625		635
Rev., 4.00%, 10/1/2020		300		310
Rev., 4.00%, 10/1/2021		300		315
Missouri State Health and Educational Facilities Authority, Health Facilities, BJC Health System
Rev., 5.00%, 1/1/2019		855		857
Rev., 5.00%, 1/1/2021		225		238
				2,355
General Obligation — 0.0%(b)
County of Clay, North Kansas City School District 74, Refunding and Improvement, Missouri Direct Deposit Program GO, 5.00%, 3/1/2022		350		380
Industrial Development Revenue/Pollution Control Revenue — 0.0%(b)
Missouri Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water Series B, Rev., 5.00%, 7/1/2023		550		583
Other Revenue — 0.2%
County of Jackson, Harry S. Truman Sports Complex Project Rev., 5.00%, 12/1/2022		3,000		3,301
Transportation — 0.3%
Missouri Airport Refunding, Lambert St. Louis International Airport
Rev., 5.00%, 7/1/2021		1,575		1,691
Rev., 5.00%, 7/1/2022		1,000		1,097
Rev., 5.00%, 7/1/2023		1,080		1,208
				3,996
Total Missouri				11,693
Montana — 0.2%
General Obligation — 0.2%
State of Montana, Long-Range Building Program
GO, 5.00%, 8/1/2021		690		742
GO, 5.00%, 8/1/2022		1,000		1,099
Yellowstone County, School District No. 2 Billings, School Building GO, 5.00%, 6/15/2020		650		679
				2,520
Total Montana				2,520
Nebraska — 0.1%
Certificate of Participation/Lease — 0.1%
Southeast Community College
COP, 5.00%, 12/15/2021		200		216
COP, 5.00%, 12/15/2024		440		503
COP, 5.00%, 12/15/2026		275		321
COP, 5.00%, 12/15/2027		495		583
COP, 5.00%, 12/15/2028		540		638
				2,261
Total Nebraska				2,261
New Hampshire — 0.2%
General Obligation — 0.2%
State of New Hampshire Series A, GO, 5.00%, 3/1/2026		2,880		3,316
Other Revenue — 0.0%(b)
New Hampshire Municipal Bond Bank Series A, Rev., 5.00%, 2/15/2019		520		523
Total New Hampshire				3,839
New Jersey — 4.9%
Education — 0.3%
New Jersey Economic Development Authority, School Facilities Construction
Series A, Rev., 5.25%, 12/15/2020		1,040		1,056
Series DDD, Rev., 5.00%, 6/15/2025		1,500		1,646
Series DDD, Rev., 5.00%, 6/15/2026		1,840		2,026
				4,728
General Obligation — 1.6%
County of Passaic GO, 5.00%, 2/1/2021		90		96
State of New Jersey Series Q, GO, 5.00%, 8/15/2020		10,075		10,551
State of New Jersey, Various Purpose GO, 4.00%, 6/1/2026		3,870		4,083

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
General Obligation — continued
Township of South Brunswick GO, 5.00%, 9/1/2022		425		469
Township of Woodbridge GO, BAN, 3.00%, 8/16/2019		8,925		8,995
				24,194
Housing — 0.2%
New Jersey Housing and Mortgage Finance Agency, Multifamily Conduit, Georgia King Village Project Series 2018-E, Rev., 2.45%, 10/1/2020(d)		3,000		3,006
Other Revenue — 0.4%
Tobacco Settlement Financing Corp.
Series A, Rev., 5.00%, 6/1/2031		3,070		3,390
Series A, Rev., 5.00%, 6/1/2032		2,500		2,740
				6,130
Prerefunded — 0.1%
New Jersey Transportation Trust Fund Authority, Transportation System Series A, Rev., 6.00%, 12/15/2018(e)		1,680		1,682
Transportation — 2.3%
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement
Series A, Rev., 5.00%, 6/15/2028		3,000		3,333
Rev., 5.00%, 6/15/2029		5,350		5,909
Series 2018-A, Rev., 5.00%, 6/15/2030		5,000		5,497
Rev., 5.00%, 6/15/2031		4,750		5,196
New Jersey Transportation Trust Fund Authority, Transportation Program Series BB-1, Rev., (SIFMA Municipal Swap Index Yield + 1.00%, 12.00% Cap), 2.69%, 12/6/2018(c)		5,500		5,513
New Jersey Turnpike Authority Series C-6, Rev., VRDO, 2.39%, 1/2/2019(d)		10,000		10,000
				35,448
Total New Jersey				75,188
New Mexico — 0.2%
Housing — 0.2%
County of Bernalillo, Arroyo Vista Apartments Project Rev., 1.40%, 3/1/2019(d)		2,500		2,496
Other Revenue — 0.0%(b)
New Mexico Finance Authority, Senior Lien Public Project Series B, Rev., 5.00%, 6/1/2021		800		856
Total New Mexico				3,352
New York — 9.4%
Education — 0.8%
New York State Dormitory Authority, Columbia University Series B, Rev., 5.00%, 10/1/2021		585		634
New York State Dormitory Authority, Icahn School of Medicine at Mount Sinai Series 2015-A, Rev., 5.00%, 7/1/2019		5,000		5,086
New York State Dormitory Authority, Montefiore Obligated Group
Rev., 5.00%, 8/1/2027		3,225		3,687
Rev., 5.00%, 8/1/2028		1,700		1,954
New York State Dormitory Authority, The New School Series A, Rev., 5.00%, 7/1/2024		1,100		1,240
				12,601
General Obligation — 1.6%
Bedford Central School District GO, 5.00%, 11/15/2022		2,410		2,676
City of New York, Fiscal Year 2012 Subseries G-1, GO, 5.00%, 4/1/2020		3,860		4,015
City of New York, Fiscal Year 2013 Series B, GO, 4.00%, 8/1/2019		3,695		3,748
Counties of Rockland and Orange, Ramapo Central School District GO, 4.00%, 10/15/2019		2,030		2,069
County of Orange, Public Improvement
Series B, GO, 5.00%, 3/1/2021		1,510		1,614
Series B, GO, 5.00%, 3/1/2022		1,000		1,096
County of Suffolk, Longwood Central School District
GO, 5.00%, 6/15/2026		365		431
GO, 5.00%, 6/15/2027		795		934
Hampton Bays Union Free School District GO, 5.00%, 9/15/2022		2,025		2,234
Town of East Hampton
GO, 5.00%, 5/15/2021		1,000		1,073
GO, 5.00%, 5/15/2023		1,000		1,125
Town of Riverhead Series B, GO, 4.00%, 8/1/2027		1,625		1,802

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
General Obligation — continued
White Plains City School District GO, 5.00%, 5/15/2024		1,550		1,779
				24,596
Hospital — 0.5%
Build Resource Corp., The New York Methodist Hospital Project Rev., 5.00%, 7/1/2021		550		589
Nassau County Local Economic Assistance Corp., Catholic Health Services, Long Island Obligated Group Project Series B, Rev., 5.00%, 7/1/2023		800		881
New York State Dormitory Authority, Memorial Sloan-Kettering Cancer Center
Series 2017-1, Rev., 5.00%, 7/1/2026		1,000		1,176
Series 2017-1, Rev., 5.00%, 7/1/2027		4,705		5,582
				8,228
Industrial Development Revenue/Pollution Control Revenue — 0.2%
New York State Energy Research and Development Authority, Pollution Control, Electric and Gas Corp., Project Series C, Rev., 2.00%, 5/1/2020(d)		3,000		2,976
Other Revenue — 3.5%
Battery Park City Authority Series A, Rev., 4.00%, 11/1/2019		2,500		2,553
Brooklyn Arena Local Development Corp., Pilot Refunding, Barclays Center Series A, Rev., 5.00%, 7/15/2020		500		520
City of Troy Capital Resources Corp., Rensselaer Polytechnic Institute Project Rev., 5.00%, 8/1/2020		500		523
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2003 Series B, Rev., 5.00%, 2/1/2020		2,750		2,848
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014 Series A, Subseries A-1, Rev., 5.00%, 11/1/2020		3,700		3,908
New York Convention Center Development Corp. Hotel Unit Fee Secured Rev., 5.00%, 11/15/2026		5,000		5,800
New York State Dormitory Authority, State Sales Tax
Series A, Rev., 5.00%, 3/15/2021		2,000		2,132
Series A, Rev., 5.00%, 3/15/2024		6,135		6,973
Sales Tax Asset Receivable Corp., Fiscal Year 2015
Series A, Rev., 5.00%, 10/15/2020		15,405		16,283
Series A, Rev., 5.00%, 10/15/2022		4,800		5,329
Series A, Rev., 5.00%, 10/15/2025		4,500		5,174
Schenectady County Capital Resource Corp., Union College Project
Rev., 5.00%, 1/1/2024		960		1,084
Rev., 5.00%, 1/1/2025		400		459
				53,586
Prerefunded — 0.3%
Brooklyn Arena Local Development Corp., Pilot Refunding, Barclays Center Rev., 6.38%, 1/15/2020(e)		4,305		4,520
Special Tax — 0.1%
New York State Dormitory Authority, Personal Income Tax Series G, Rev., 5.00%, 8/15/2021		1,110		1,196
Transportation — 2.3%
Buffalo and Fort Erie Public Bridge Authority, Toll Bridge System
Rev., 5.00%, 1/1/2020		465		480
Rev., 5.00%, 1/1/2021		815		862
Metropolitan Transportation Authority Series D-1, Rev., (ICE LIBOR USD 1 Month + 0.65%, 9.00% Cap), 2.22%, 1/2/2019(c)		5,000		5,051
Subseries C-1, Rev., 5.00%, 11/15/2019		2,000		2,055
Subseries A-1, Rev., 5.00%, 11/15/2020		1,435		1,511
Subseries C-1, Rev., 5.00%, 11/15/2024		3,000		3,390
Metropolitan Transportation Authority, Green Bonds Series B-2, Rev., 4.00%, 11/15/2032		4,000		4,268
New York Transportation Development Corp., Delta Air Lines, Inc., Laguardia Airport Terminals C&D Redevelopment Project Rev., AMT, 5.00%, 1/1/2023		9,200		9,979

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Transportation — continued
Triborough Bridge and Tunnel Authority
Series B, Rev., (SOFRRATE + 0.43%, 9.00% Cap), 1.92%, 12/3/2018(c)		4,500		4,501
Series A, Rev., 5.00%, 11/15/2024		3,290		3,670
				35,767
Utility — 0.1%
Long Island Power Authority, Electric System
Series 2017, Rev., 5.00%, 9/1/2025		500		576
Series 2017, Rev., 5.00%, 9/1/2027		500		587
Series 2017, Rev., 5.00%, 9/1/2028		750		878
				2,041
Total New York				145,511
North Carolina — 1.1%
Education — 0.4%
University of North Carolina, Chapel Hill Series B, Rev., (ICE LIBOR USD 1 Month + 0.40%, 12.00% Cap), 1.97%, 1/2/2019(c)		5,750		5,762
Winston-Salem State University Foundation LLC Rev., AGM, 5.00%, 10/1/2023		445		500
				6,262
General Obligation — 0.7%
State of North Carolina Series D, GO, 4.00%, 6/1/2020		9,670		9,962
Other Revenue — 0.0%(b)
Jacksonville Public Facilities Corp. Series 2017, Rev., 5.00%, 4/1/2027		550		641
Total North Carolina				16,865
Ohio — 2.1%
Education — 0.1%
Ohio Higher Educational Facility Commission, Case Western Reserve University Project Series A, Rev., 4.00%, 12/1/2019		535		546
Ohio State Higher Educational Facility Commission, Oberlin College
Rev., 4.00%, 10/1/2019		675		686
Rev., 5.00%, 10/1/2020		1,000		1,051
				2,283
General Obligation — 0.3%
City of Dublin, Various Purpose GO, 4.00%, 12/1/2028		200		216
Cuyahoga Ohio Community College District, Facilities Construction and Improvement Bonds GO, 5.00%, 12/1/2028		2,300		2,644
Series 2018, GO, 4.00%, 12/1/2032		1,250		1,314
Series 2018, GO, 4.00%, 12/1/2033		1,300		1,358
				5,532
Hospital — 1.4%
Akron, Bath and Copley Joint Township Hospital District, Summa Health Obligated Group Rev., 5.00%, 11/15/2021		375		401
County of Allen, Mercy Health Series B, Rev., (SIFMA Municipal Swap Index Yield + 0.75%, 12.00% Cap), 2.44%, 12/6/2018(c)		10,800		10,821
County of Franklin, Hospital Facilities, OhioHealth Corp. Series B, Rev., (SIFMA Municipal Swap Index Yield + 0.43%, 12.00% Cap), 2.12%, 12/6/2018(c)		4,000		4,037
County of Lake, Hospital Facilities, Lake Hospital System, Inc.
Rev., 5.00%, 8/15/2023		1,445		1,584
Rev., 5.00%, 8/15/2024		1,655		1,835
State of Ohio, University Hospitals Health System, Inc. Series B, Rev., VRDO, 1.94%, 12/3/2018(d)		2,500		2,500
				21,178
Other Revenue — 0.1%
City of Cleveland, Subordinate Lien, Public Facilities Improvements
Rev., 5.00%, 10/1/2024		200		227
Rev., 5.00%, 10/1/2025		150		172
Rev., 5.00%, 10/1/2026		385		447
Rev., 5.00%, 10/1/2027		250		292
Rev., 5.00%, 10/1/2028		250		293
				1,431
Water & Sewer — 0.2%
Hamilton County, Sewer System, Metropolitan Sewer District of Greater Cincinnati
Series A, Rev., 5.00%, 12/1/2018		500		500
Series A, Rev., 5.00%, 12/1/2019		640		659
Series A, Rev., 5.00%, 12/1/2021		1,375		1,490
				2,649
Total Ohio				33,073

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Oklahoma — 0.7%
Education — 0.6%
Blaine County Educational Facilities Authority, Educational Facilities, Watonga Public Schools Project Rev., 5.00%, 12/1/2018		555		555
Carter County Public Facilities Authority, Educational Facilities Lease, Ardmore City Schools Project
Rev., 5.00%, 9/1/2025		365		408
Rev., 5.00%, 9/1/2026		820		924
Rev., 5.00%, 9/1/2027		1,250		1,416
Grady County School Finance Authority, Educational Facilities Lease, Minco Public Schools Project
Rev., 5.00%, 9/1/2028		375		427
Rev., 5.00%, 9/1/2029		1,175		1,337
Oklahoma County Finance Authority, Educational Facilities, Lease Midwest City-Del City Public Schools Project
Series 2018, Rev., 5.00%, 10/1/2022		500		547
Series 2018, Rev., 5.00%, 10/1/2023		355		395
Series 2018, Rev., 5.00%, 10/1/2025		1,000		1,142
Oklahoma County Finance Authority, Educational Facilities, Lease Western Heights Public School Project Rev., 5.00%, 9/1/2019		325		332
Tulsa County Industrial Authority Educational Facilities Lease, Jenks Public Schools Project Rev., 5.00%, 9/1/2021		2,000		2,146
				9,629
Other Revenue — 0.1%
Cleveland County Justice Authority, Sales Tax, Detention Facility Project Rev., 4.00%, 3/1/2020		500		502
Total Oklahoma				10,131
Oregon — 0.6%
Education — 0.0%(b)
Oregon State Facilities Authority, Reed College Project
Series A, Rev., 5.00%, 7/1/2028		125		148
Series A, Rev., 4.00%, 7/1/2032		350		374
				522
Prerefunded — 0.4%
Oregon State Department of Administrative Services, Lottery Series A, Rev., 5.25%, 4/1/2019(e)		6,210		6,278
Transportation — 0.2%
Port of Portland, International Airport
Series 23, Rev., 5.00%, 7/1/2023		1,000		1,116
Series 23, Rev., 5.00%, 7/1/2024		1,595		1,812
				2,928
Water & Sewer — 0.0%(b)
City of Portland, Sewer System, First Lien Series A, Rev., 5.00%, 10/1/2023		40		45
Total Oregon				9,773
Pennsylvania — 4.8%
Education — 0.7%
Pennsylvania State Higher Educational Facilities Authority, Trustees of the University Series B, Rev., 5.00%, 10/1/2022		5,055		5,593
State Public School Building Authority, Community College of Philadelphia Project
Rev., 5.00%, 6/15/2021		2,760		2,932
Rev., 5.00%, 6/15/2024		2,625		2,929
				11,454
General Obligation — 0.4%
Commonwealth of Pennsylvania Series 2011, GO, 4.00%, 11/15/2028		5,000		5,187
Schuylkill Valley School District GO, 5.00%, 4/1/2022		350		380
				5,567
Hospital — 0.4%
Berks County Industrial Development Authority, Tower Health Project
Rev., 5.00%, 11/1/2023		1,000		1,110
Rev., 5.00%, 11/1/2024		1,000		1,123
Montgomery County Higher Education and Health Authority, Thomas Jefferson University Rev., 5.00%, 9/1/2024		1,000		1,129
Southcentral General Authority, Hanover Hospital, Inc. Rev., 5.00%, 12/1/2026		1,400		1,584
Southcentral General Authority, Wellspan Health Obligation Group Series A, Rev., 5.00%, 6/1/2024		380		425
				5,371
Industrial Development Revenue/Pollution Control Revenue — 0.4%
Lehigh County Industrial Development Authority, Pollution Control
Rev., 1.80%, 8/15/2022(d)		4,000		3,873
Rev., 1.80%, 9/1/2022(d)		2,500		2,420
				6,293

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Other Revenue — 0.3%
Commonwealth Financing Authority, Tobacco Master Settlement Payment
Series 2018, Rev., 5.00%, 6/1/2022		555		599
Series 2018, Rev., 5.00%, 6/1/2023		1,785		1,960
Series 2018, Rev., 5.00%, 6/1/2029		1,500		1,716
Cumberland County Municipal Authority, AICUP Financing Program-Messiah College Project Rev., 2.00%, 4/30/2020(d)		1,000		995
				5,270
Transportation — 1.0%
Pennsylvania Turnpike Commission Series A-1, Rev., (SIFMA Municipal Swap Index Yield + 0.60%, 9.00% Cap), 2.29%, 12/6/2018(c)		13,000		12,892
Subseries A-2, Rev., (SIFMA Municipal Swap Index Yield + 0.80%), 2.43%, 12/6/2018(c)		2,500		2,496
				15,388
Water & Sewer — 1.6%
Allegheny County Sanitary Authority, Sewer
Rev., 5.00%, 12/1/2021		3,500		3,778
Rev., 5.00%, 12/1/2022		3,000		3,303
Rev., 5.00%, 12/1/2023		4,000		4,480
City of Philadelphia, Water and Wastewater
Series A, Rev., 5.00%, 1/1/2020		8,530		8,803
Series A, Rev., 5.00%, 7/1/2022		1,510		1,654
Series A, Rev., 5.00%, 7/1/2024		2,595		2,942
				24,960
Total Pennsylvania				74,303
Rhode Island — 0.2%
General Obligation — 0.2%
State of Rhode Island and Providence Plantations, Consolidated Capital Development Loan Series A, GO, 5.00%, 10/15/2019(e)		1,475		1,514
State of Rhode Island and Providence Plantations, Consolidated Capital Development Loan of 2014 Series A, GO, 5.00%, 11/1/2019		1,000		1,028
				2,542
Transportation — 0.0%(b)
Rhode Island Commerce Corp., Department of Transportation Series 2016-A, Rev., GRAN, 5.00%, 6/15/2022		25		27
Total Rhode Island				2,569
South Carolina — 1.2%
General Obligation — 1.1%
County of Charleston Series C, GO, TRAN, 4.00%, 11/1/2028		14,605		16,133
Other Revenue — 0.1%
County of Charleston
Rev., 5.00%, 12/1/2018		645		645
Rev., 5.00%, 12/1/2019		1,000		1,030
				1,675
Total South Carolina				17,808
South Dakota — 0.2%
Education — 0.1%
South Dakota Health and Educational Facilities Authority
Series B, Rev., 4.00%, 11/1/2020		625		645
Series B, Rev., 4.00%, 11/1/2021		500		524
Series B, Rev., 5.00%, 11/1/2022		375		411
				1,580
Other Revenue — 0.1%
South Dakota State Building Authority
Series B, Rev., 5.00%, 6/1/2019		500		508
Series B, Rev., 5.00%, 6/1/2021		485		518
				1,026
Total South Dakota				2,606
Tennessee — 0.8%
General Obligation — 0.6%
County of Rutherford Series A, GO, 5.00%, 4/1/2026		1,165		1,343
State of Tennessee Series A, GO, 4.00%, 8/1/2025		7,000		7,455
				8,798
Other Revenue — 0.0%(b)
Metropolitan Government of Nashville and Davidson, County Sports Authority, Public Improvement Rev., 5.00%, 7/1/2020		5		5
Utility — 0.2%
City of Chattanooga, Electric System Series A, Rev., 5.00%, 9/1/2022		800		882

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Utility — continued
Tennessee Energy Acquisition Corp., Gas Project
Series A, Rev., 4.00%, 5/1/2022		1,460		1,512
Series A, Rev., 4.00%, 5/1/2023		1,400		1,450
				3,844
Total Tennessee				12,647
Texas — 8.5%
Education — 1.3%
Arlington Higher Education Finance Corp., Uplift Education Series A, Rev., PSF-GTD, 4.00%, 12/1/2029		1,000		1,065
Austin Community College District Public Facility Corp., Lease, Highland Campus Parking Garage Project
Series C, Rev., 5.00%, 8/1/2026		250		290
Series C, Rev., 5.00%, 8/1/2027		200		234
Series C, Rev., 5.00%, 8/1/2028		275		320
Series C, Rev., 5.00%, 8/1/2029		325		376
Series C, Rev., 5.00%, 8/1/2030		445		511
Series C, Rev., 5.00%, 8/1/2031		260		297
Austin Community College District, Combined Fee Series A, Rev., 5.00%, 2/1/2021		790		836
County of Harris, Cultural Education Facilities Finance Corp., Children’s Hospital Series 3, Rev., (ICE LIBOR USD 1 Month + 0.85%, 12.00% Cap), 2.44%, 12/6/2018(c)		7,500		7,561
Southwest Higher Education Authority, Inc., Southern Methodist University Project
Series 2017, Rev., 5.00%, 10/1/2021		425		458
Series 2017, Rev., 5.00%, 10/1/2022		400		441
Series 2017, Rev., 5.00%, 10/1/2023		400		450
Series 2017, Rev., 5.00%, 10/1/2024		400		458
Series 2017, Rev., 5.00%, 10/1/2025		600		697
Series 2017, Rev., 5.00%, 10/1/2026		525		617
Texas State University, Financing System Series A, Rev., 5.00%, 3/15/2032		4,365		4,992
				19,603
General Obligation — 2.2%
Austin Independent School District Series B, GO, 5.00%, 8/1/2022		1,630		1,791
City of Abilene, Taylor and Jones Counties GO, 5.00%, 2/15/2021		475		504
City of Colony GO, 5.00%, 8/15/2020		610		640
City of Denton GO, 5.00%, 2/15/2023		1,045		1,158
City of El Paso, Refunding and Improvement
GO, 5.00%, 8/15/2021		530		568
GO, 5.00%, 8/15/2025		4,035		4,627
City of Fort Worth, Certificates of Obligation Series A, GO, 4.00%, 3/1/2019		785		789
City of Fort Worth, Refunding and Improvement, General Purpose GO, 4.00%, 3/1/2019		1,060		1,066
City of Houston, Public Improvement
Series A, GO, 5.00%, 3/1/2021		3,000		3,193
Series A, GO, 5.00%, 3/1/2025		1,195		1,369
City of Odessa Series 2017, GO, 4.00%, 3/1/2025		1,150		1,247
Counties of Harris and Fort Bend, Houston Community College System, Limited Tax GO, 5.00%, 2/15/2026		1,000		1,100
Forney Independent School District, School Building
GO, PSF-GTD, 5.00%, 8/15/2024		1,310		1,488
GO, PSF-GTD, 5.00%, 8/15/2025		3,490		4,015
Galveston County, Unlimited Tax Road
Series 2017, GO, 4.00%, 2/1/2024		980		1,058
Series 2017, GO, 4.00%, 2/1/2025		800		872
Judson Independent School District Series A, GO, 5.00%, 2/1/2019		595		598

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
General Obligation — continued
Katy Independent School District, School Building
GO, PSF-GTD, 4.00%, 2/15/2027		290		308
GO, PSF-GTD, 4.00%, 2/15/2028		350		370
Lewisville Independent School District, School Building
GO, PSF-GTD, 5.00%, 8/15/2024		825		924
GO, PSF-GTD, 5.00%, 8/15/2025		750		839
GO, PSF-GTD, 5.00%, 8/15/2026		750		839
GO, PSF-GTD, 5.00%, 8/15/2027		650		727
Odessa Junior College District, Limited Tax Series 2017, GO, 5.00%, 8/15/2025		800		914
S & S Consolidated Independent School District
GO, PSF-GTD, 4.00%, 2/15/2028		580		643
GO, PSF-GTD, 4.00%, 2/15/2029		605		660
GO, PSF-GTD, 4.00%, 2/15/2030		630		685
Southside Independent School District, School Building GO, PSF-GTD, 5.00%, 8/15/2022		250		275
				33,267
Hospital — 0.3%
Irving Hospital Authority, Baylor Scott and White Medical Center
Rev., VRDO, 2.79%, 12/6/2018(d)		1,750		1,750
Rev., 5.00%, 10/15/2022		250		273
Rev., 5.00%, 10/15/2028		250		281
Rev., 5.00%, 10/15/2029		500		558
Rev., 5.00%, 10/15/2031		1,000		1,106
				3,968
Other Revenue — 1.1%
Austin Convention Enterprises, Inc., Convention Center Hotel First Tier
Series A, Rev., 5.00%, 1/1/2021		500		524
Series A, Rev., 5.00%, 1/1/2022		750		801
Austin Convention Enterprises, Inc., Convention Center Hotel Second Tier Series B, Rev., 5.00%, 1/1/2021		800		832
Lower Colorado River Authority Series B, Rev., 5.00%, 5/15/2023		4,700		5,107
State of Texas Rev., TRAN, 4.00%, 8/29/2019		10,000		10,149
				17,413
Prerefunded — 0.4%
Harris County Health Facilities Development Corp., Memorial Hermann Healthcare System Series B, Rev., 7.25%, 12/1/2018(e)		5,605		5,605
Lower Colorado River Authority Series B, Rev., 5.00%, 5/15/2022(e)		60		65
				5,670
Transportation — 2.1%
Central Texas Regional Mobility Authority, Subordinated Lien Rev., 4.00%, 1/1/2022		1,545		1,602
City of Austin, Airport System
Series B, Rev., AMT, 5.00%, 11/15/2026		1,095		1,258
Series B, Rev., AMT, 5.00%, 11/15/2027		585		670
Series B, Rev., AMT, 5.00%, 11/15/2028		630		718
Grand Parkway Transportation Corp. Rev., BAN, 5.00%, 2/1/2023		10,000		10,989
Harris County Toll Road Authority, Senior Lien Series A, Rev., 5.00%, 8/15/2031		8,000		9,288
North Texas Tollway Authority System, First Tier
Series C, Rev., (SIFMA Municipal Swap Index Yield + 0.67%, 9.00% Cap), 2.36%, 12/6/2018(c)		6,000		5,991
Series A, Rev., 4.00%, 1/1/2033		2,500		2,606
				33,122
Utility — 0.7%
City of Cedar Park, Utility System Rev., 5.00%, 8/15/2022		560		614
City of San Antonio, Electric and Gas Systems, Junior Lien Series B, Rev., 2.00%, 12/1/2021(d)		6,480		6,408
City of Victoria, Utility System
Rev., 2.00%, 12/1/2018		160		160
Rev., 2.50%, 12/1/2019		150		151
Texas Municipal Gas Acquisition and Supply Corp. I Series D, Rev., 6.25%, 12/15/2026		1,865		2,140

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Utility — continued
West Travis County Public Utility Agency
Series 2017, Rev., 5.00%, 8/15/2022		545		597
Series 2017, Rev., 5.00%, 8/15/2023		325		362
Series 2017, Rev., 5.00%, 8/15/2027		350		408
				10,840
Water & Sewer — 0.4%
City of Dallas, Waterworks and Sewer System Series A, Rev., 5.00%, 10/1/2019		3,520		3,607
City of Galveston, Waterworks and Sewer System
Rev., 5.00%, 5/1/2019		205		207
Rev., 5.00%, 5/1/2020		245		255
Rev., 5.00%, 5/1/2021		265		283
Rev., 5.00%, 5/1/2024		380		429
City of San Antonio, Water System, Junior Lien Series E, Rev., 5.00%, 5/15/2019		1,000		1,014
North Harris County, Regional Water Authority, Senior Lien Rev., 5.00%, 12/15/2019		1,035		1,067
				6,862
Total Texas				130,745
Utah — 2.8%
General Obligation — 0.3%
State of Utah GO, 5.00%, 7/1/2021		4,925		5,293
Other Revenue — 1.0%
Utah Infrastructure Agency, Telecommunication Revenue Series A, Rev., 5.00%, 10/15/2025		10,380		11,146
West Valley City Municipal Building Authority
Rev., AGM, 4.00%, 2/1/2024		500		536
Rev., AGM, 5.00%, 2/1/2025		250		284
Rev., AGM, 5.00%, 2/1/2027		720		834
Rev., AGM, 5.00%, 2/1/2029		1,070		1,226
Rev., AGM, 5.00%, 2/1/2030		500		570
				14,596
Transportation — 1.5%
Salt Lake City Corp. Airport
Series A, Rev., AMT, 5.00%, 7/1/2022		1,000		1,088
Series A, Rev., AMT, 5.00%, 7/1/2029		5,250		5,955
Series A, Rev., AMT, 5.00%, 7/1/2031		5,000		5,614
Series A, Rev., AMT, 5.00%, 7/1/2032		5,105		5,706
Series A, Rev., AMT, 5.00%, 7/1/2033		4,260		4,750
				23,113
Total Utah				43,002
Vermont — 0.1%
Education — 0.1%
University of Vermont and State Agricultural College
Rev., 5.00%, 10/1/2021		750		806
Rev., 5.00%, 10/1/2022		855		940
				1,746
Other Revenue — 0.0%(b)
Vermont Municipal Bond Bank Series 3, Rev., 5.00%, 12/1/2021		400		434
Total Vermont				2,180
Virginia — 0.7%
General Obligation — 0.2%
Loudoun County, Public Improvement Series A, GO, 5.00%, 12/1/2026		1,930		2,258
Hospital — 0.1%
Norfolk Economic Development Authority, Sentara Healthcare Series B, Rev., 5.00%, 11/1/2028(d)		1,795		2,105
Water & Sewer — 0.4%
Fairfax County Water Authority Series B, Rev., 5.25%, 4/1/2024		5,615		6,487
Total Virginia				10,850
Washington — 0.3%
Education — 0.0%(b)
University of Washington Rev., 1.75%, 4/1/2019		125		125
General Obligation — 0.1%
King County Public Hospital District No. 2, Evergreenhealth GO, 5.00%, 12/1/2019		870		896
Transportation — 0.2%
Central Puget Sound Regional Transit Authority, Sales Tax and Motor Vehicle Excise Tax
Series S-1, Rev., 5.00%, 11/1/2023		685		773
Series S-1, Rev., 5.00%, 11/1/2034		2,000		2,273
				3,046
Utility — 0.0%(b)
County of Snohomish, Public Utility District No. 1, Electric System Rev., 5.00%, 12/1/2025		500		579
Total Washington				4,646

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
West Virginia — 0.2%
Utility — 0.2%
West Virginia Economic Development Authority, Appalachian Power Co. — AMOS Project Rev., 2.62%, 6/1/2022(d)		2,905		2,898
Wisconsin — 1.1%
Education — 0.5%
Wisconsin Health and Educational Facilities Authority, Ascension Health Alliance Senior Credit Group Series B-2, Rev., 4.00%, 5/30/2019(d)		5,815		5,872
Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group
Rev., 5.00%, 8/15/2024		200		225
Rev., 5.00%, 8/15/2025		325		369
Rev., 5.00%, 8/15/2027		150		172
Wisconsin Health and Educational Facilities Authority, Thedacare, Inc. Rev., 5.00%, 12/15/2020		1,250		1,318
				7,956
General Obligation — 0.4%
City of Racine GO, 4.00%, 12/1/2025		300		327
State of Wisconsin Series A, GO, 5.00%, 5/1/2026		5,050		5,822
				6,149
Transportation — 0.2%
County of Milwaukee, Airport
Series A, Rev., AMT, 5.00%, 12/1/2018		1,400		1,400
Series A, Rev., AMT, 5.00%, 12/1/2028		1,000		1,124
				2,524
Total Wisconsin				16,629
TOTAL MUNICIPAL BONDS (Cost $1,474,262)				1,471,760
COLLATERALIZED MORTGAGE OBLIGATIONS — 0.1%
FNMA REMIC Series 2002-36, Class FS, 2.82%, 6/25/2032(d) (Cost $188)		188		189
	Shares (000)
SHORT-TERM INVESTMENTS — 4.1%
INVESTMENT COMPANIES — 4.1%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.60%(h)(i) (Cost $63,685)		63,686		63,685
Total Investments — 99.7% (Cost $1,538,135)				1,535,634
Other Assets Less Liabilities — 0.3%				5,362
Net Assets — 100.0%				1,540,996

Percentages indicated are based on net assets.

Abbreviations
AGM	Insured by Assured Guaranty Municipal Corp.
AMT	Alternative Minimum Tax
BAN	Bond Anticipation Note
COP	Certificate of Participation
FNMA	Federal National Mortgage Association
GO	General Obligation
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
LIQ	Liquidity Agreement
NATL	Insured by National Public Finance Guarantee Corp.
PSF-GTD	Permanent School Fund Guaranteed
Q-SBLF	Qualified School Bond Loan Fund
RE	Reinsured
REMIC	Real Estate Mortgage Investment Conduit
Rev.	Revenue
TRAN	Tax & Revenue Anticipation Note
USD	United States Dollar
VRDO	Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of November 30, 2018.
(a)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(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, 2018.
(d)	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, 2018.
(e)	Security is prerefunded or escrowed to maturity.
(f)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(g)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(h)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(i)	The rate shown is the current yield as of November 30, 2018.

A. Valuation of Investments — The valuation of investments is 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 (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.

JPMorgan 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 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 (the “Underlying Funds”) are valued at each Underlying Fund’s net asset values per share as of the report date.

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 (“SOI”) (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)		63,685		1,471,949		—		1,535,634

(a) All portfolio holdings designated as level 1 and level 2 are disclosed individually on the SOIs. Level 1 consists of a money market mutual fund that is held for daily investments of cash. Please refer to the SOI for industry specifics of portfolio holdings.

There were no transfers among any levels during the period ended November 30, 2018.

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — 94.4%(a)
Alabama — 0.3%
Other Revenue — 0.3%
Montgomery County Public Building Authority, Warrants, Facilities Project Rev., 5.00%, 3/1/2029		1,000		1,108
UAB Medicine Finance Authority Series B-2, Rev., 3.50%, 9/1/2035		160		153
Total Alabama				1,261
Alaska — 2.1%
Housing — 0.2%
Alaska Housing Finance Corp., General Mortgage
Series A, Rev., 4.00%, 12/1/2018		30		30
Series A, Rev., 3.50%, 6/1/2046		830		850
				880
Prerefunded — 0.8%
Matanuska-Susitna Borough, Goose Creek Correctional Center Project Rev., AGC, 6.00%, 9/1/2019(b)		1,745		1,797
Matanuska-Susitna Borough, Goose Creek Correctional Center Project, Unrefunded Balance Rev., AGC, 6.00%, 9/1/2019(b)		1,005		1,035
				2,832
Utility — 1.1%
Alaska Energy Authority, Power, Bradley Lake Hydroelectric Project, Fourth Series Rev., AGM, 6.00%, 7/1/2019		3,915		4,005
Total Alaska				7,717
Arizona — 0.2%
Education — 0.2%
Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC — Arizona State University Project
Rev., 5.00%, 7/1/2032		350		383
Rev., 5.00%, 7/1/2033		150		164
Rev., 5.00%, 7/1/2037		200		214
				761
Transportation — 0.0%(c)
Phoenix-Mesa Gateway Airport Authority, Mesa Project Rev., 4.00%, 7/1/2019		20		20
Total Arizona				781
Arkansas — 0.2%
Education — 0.1%
Board of Trustees of the University of Arkansas, Various Facility, Fayetteville Campus Series A, Rev., 5.00%, 11/1/2037		185		208
University of Arkansas, Monticello Campus Series A, Rev., 5.00%, 12/1/2027		100		117
University of Arkansas, Student Fee, UALR Campus Rev., 5.00%, 10/1/2029		100		114
				439
General Obligation — 0.0%(c)
State of Arkansas, Four-Lane Highway Construction and Improvement Series 2013, GO, 5.00%, 6/15/2021		60		64
Hospital — 0.1%
County of Pulaski, Arkansas Children’s Hospital Rev., 5.00%, 3/1/2029		350		397
Total Arkansas				900
California — 13.0%
Certificate of Participation/Lease — 0.4%
City of Palm Springs Subseries B, COP, Zero Coupon, 4/15/2021(b)		100		95
Riverside Public Financing Authority, Riverside Pavement Rehabilitation Project COP, AGM, 5.00%, 6/1/2033		1,500		1,654
				1,749
Education — 0.5%
California Educational Facilities Authority, Claremont McKenna College Series A, Rev., 4.00%, 1/1/2039		500		517
California School Finance Authority, Green Dot Public School Projects
Series 2018-A, Rev., 5.00%, 8/1/2020(d)		50		52
Series 2018-A, Rev., 5.00%, 8/1/2021(d)		50		53
Series 2018-A, Rev., 5.00%, 8/1/2022(d)		80		86
Series 2018-A, Rev., 5.00%, 8/1/2023(d)		175		191
Series 2018-A, Rev., 5.00%, 8/1/2024(d)		160		176
Series 2018-A, Rev., 5.00%, 8/1/2025(d)		150		167
Series 2018-A, Rev., 5.00%, 8/1/2026(d)		150		168

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Education — continued
Series 2018-A, Rev., 5.00%, 8/1/2027(d)		150		169
Series 2018-A, Rev., 5.00%, 8/1/2028(d)		190		216
				1,795
General Obligation — 4.3%
Alta Loma School District, Election of 2016 Series A, GO, 5.00%, 8/1/2032		60		70
Campbell Union High School District GO, 3.00%, 8/1/2030		620		622
County of Santa Clara, Campbell Union High School District GO, 3.00%, 8/1/2031		30		30
El Monte City School District GO, BAN, Zero Coupon, 4/1/2023		900		817
Los Angeles Community College District, Election of 2008 Series F, GO, 5.00%, 8/1/2024		60		68
Los Angeles Unified School District Series D, GO, 5.00%, 1/1/2034		5,000		5,091
Mount San Antonio Community College District, Election of 2008 Series A, GO, Zero Coupon, 8/1/2043		7,150		5,891
Pomona Unified School District Series A, GO, NATL-RE, 6.10%, 2/1/2020		50		52
Santa Maria Joint Union High School District, Santa Barbara and San Luis Obispo GO, Zero Coupon, 8/1/2037		2,450		1,012
State of California, Various Purpose GO, 6.50%, 4/1/2033		2,285		2,320
				15,973
Hospital — 1.2%
California Health Facilities Financing Authority, Sutter Health Series A, Rev., 5.00%, 11/15/2041		250		275
California Municipal Finance Authority, Eisenhower Medical Center Series A, Rev., 5.00%, 7/1/2042		1,000		1,083
California Public Finance Authority, Henry Mayo Newhall Hospital
Rev., 5.00%, 10/15/2037		500		531
Rev., 5.00%, 10/15/2047		1,000		1,047
California Statewide Communities Development Authority, Marin General Hospital Project Rev., 4.00%, 8/1/2045		1,500		1,502
				4,438
Other Revenue — 1.7%
Golden State Tobacco Securitization Corp., Tobacco Settlement Series A-1, Rev., 3.50%, 6/1/2036		6,500		6,409
Prerefunded — 2.8%
San Diego Public Facilities Financing Authority, Senior Sewer Series A, Rev., 5.25%, 5/15/2019(b)		7,500		7,621
State of California, Various Purpose GO, 6.50%, 4/1/2019(b)		2,715		2,758
				10,379
Transportation — 0.4%
Bay Area Toll Authority, Toll Bridge, San Francisco Bay Area Rev., 4.00%, 4/1/2032		35		37
City of Los Angeles, Department of Airports Series A, Rev., AMT, 5.00%, 5/15/2038		1,250		1,350
				1,387
Utility — 0.6%
Long Beach Bond Finance Authority, Natural Gas Series A, Rev., 5.25%, 11/15/2021		2,000		2,156
Water & Sewer — 1.1%
East Bay Municipal Utility District Water System, Green Bonds Series B, Rev., 5.00%, 6/1/2033		515		590
East Bay Municipal Utility District, Wastewater System Series A, Rev., 5.00%, 6/1/2036		2,450		2,783
Orange County Water District Series A, Rev., 5.00%, 8/15/2034		650		756
				4,129
Total California				48,415
Colorado — 3.2%
Certificate of Participation/Lease — 1.1%
Adams County, Colorado Refunding and Improvement COP, 4.00%, 12/1/2040		2,815		2,879
Colorado Department of Transportation Headquarters Facilities COP, 5.00%, 6/15/2041		1,000		1,104
				3,983
Hospital — 0.6%
Colorado Health Facilities Authority, Vail Valley Medical Centre Project Rev., 4.00%, 1/15/2045		1,095		1,063

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Hospital — continued
Denver Health and Hospital Authority Series A, Rev., 5.25%, 12/1/2045		1,000		1,053
				2,116
Prerefunded — 1.5%
Colorado Water Resources and Power Development Authority, Water and Wastewater Utility Enterprise Project
Series A, Rev., AGC, 5.13%, 12/1/2018(b)		1,000		1,000
Series A, Rev., AGC, 5.25%, 12/1/2018(b)		1,000		1,000
State of Colorado, Building Excellent Schools Today Series G, COP, 5.00%, 3/15/2021(b)		2,000		2,127
University of Colorado, University Enterprise Series A, Rev., 5.38%, 6/1/2019(b)		1,500		1,526
				5,653
Total Colorado				11,752
Connecticut — 1.3%
Education — 0.6%
Connecticut State Higher Education Supplemental Loan Authority, CHESLA Loan Program
Series A, Rev., AMT, 5.00%, 11/15/2019		175		179
Series A, Rev., AMT, 5.00%, 11/15/2020		300		313
State of Connecticut, Health and Educational Facility Authority
Rev., 5.00%, 7/1/2034		725		789
Rev., 5.00%, 7/1/2036		450		485
Rev., 5.00%, 7/1/2039		490		524
University of Connecticut Series A, Rev., 5.00%, 2/15/2028		15		17
				2,307
General Obligation — 0.1%
State of Connecticut Series A, GO, 5.00%, 4/15/2029		150		168
Town of Cheshire GO, 4.00%, 8/1/2019		80		81
				249
Hospital — 0.3%
Connecticut State Health and Educational Facilities Authority, Covenant Home, Inc. Series B, Rev., 5.00%, 12/1/2025		1,000		1,120
Housing — 0.3%
Connecticut Housing Finance Authority, Housing Mortgage Finance Program
Subseries B-2, Rev., 4.00%, 11/15/2032		475		486
Subseries A-1, Rev., 4.00%, 11/15/2045		140		144
Subseries A-1, Rev., 4.00%, 11/15/2047		435		453
				1,083
Special Tax — 0.0%(c)
State of Connecticut Special Tax Transportation Infrastructure Purposes Series B, Rev., 5.00%, 10/1/2033		30		33
Total Connecticut				4,792
Delaware — 1.0%
Education — 0.3%
The Delaware Economic Development Authority, Newark Charter School, Inc. Project
Series A, Rev., 5.00%, 9/1/2036		500		538
Series A, Rev., 5.00%, 9/1/2046		500		523
				1,061
Hospital — 0.3%
Delaware State Health Facilities Authority, Bayhealth Medical Center Project Series A, Rev., 4.00%, 7/1/2043		1,275		1,276
Housing — 0.1%
Delaware State Housing Authority, Senior Single Family Mortgage Series A-1, Rev., AMT, 4.90%, 7/1/2029		470		481
Industrial Development Revenue/Pollution Control Revenue — 0.3%
Delaware Economic Development Authority, Acts Retirement-Life Communities, Inc. Obligated Group Series 2018-B, Rev., 5.00%, 11/15/2048		1,000		1,074
Total Delaware				3,892
District of Columbia — 2.9%
General Obligation — 1.1%
District of Columbia Series B, GO, NATL-RE, 6.00%, 6/1/2019		3,965		4,046
Prerefunded — 0.3%
District of Columbia Series A, Rev., 6.00%, 7/1/2023(b)		1,000		1,163
Transportation — 1.5%
Washington Metropolitan Area Transit Authority Series B, Rev., 5.00%, 7/1/2042		5,010		5,607
Total District of Columbia				10,816

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Florida — 1.0%
General Obligation — 0.7%
Hillsborough County, Parks and Recreation Program GO, NATL-RE, 5.25%, 7/1/2025		2,415		2,766
Hospital — 0.1%
Orange County Health Facilities Authority Series B, Rev., 4.00%, 10/1/2045		215		207
Housing — 0.0%(c)
Florida Housing Finance Corp., Homeowner Mortgage Series 1, Rev., 5.00%, 7/1/2041		15		15
Florida Housing Finance Corp., Homeowner Mortgage, Special Program Series B, Rev., GNMA/FNMA/FHLMC, 4.50%, 1/1/2029		120		122
				137
Other Revenue — 0.2%
Capital Trust Agency Inc., H-Bay Ministries, Inc., Superior Residences Project
Rev., 3.75%, 7/1/2023		200		201
Rev., 4.00%, 7/1/2028		375		364
				565
Total Florida				3,675
Georgia — 2.8%
Hospital — 1.3%
Dalton Development Authority, Hamilton Health Care System Rev., NATL-RE, 5.50%, 8/15/2026		3,380		3,733
Dalton Whitfield County Joint Development Authority, Hamilton Health Care System Series 2017, Rev., 4.00%, 8/15/2041		1,000		1,009
				4,742
Housing — 0.1%
Georgia Housing and Finance Authority, Single Family Mortgage Rev., 5.00%, 6/1/2029		20		21
Subseries A-1, Rev., 4.00%, 6/1/2044		235		242
				263
Utility — 1.4%
Main Street Natural Gas, Inc., Gas Supply Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 9/1/2023(e)		5,000		5,224
Total Georgia				10,229
Hawaii — 0.6%
General Obligation — 0.6%
City and County of Honolulu Series A, GO, 5.00%, 10/1/2037		1,970		2,207
Illinois — 4.6%
Education — 0.5%
Chicago Public Building Commission, Board of Education Series A, Rev., NATL-RE, 7.00%, 1/1/2020(b)		1,750		1,797
General Obligation — 1.5%
City of Chicago Series 2006A, GO, AGM, 4.75%, 1/1/2030		100		100
City of Rockford, Waterworks System Series B, GO, 4.00%, 12/15/2022(f)		105		110
Cook County Forest Preserve District, Limited Tax Project Series B, GO, 5.00%, 12/15/2037		295		307
State of Illinois
GO, 5.00%, 5/1/2024		205		215
Series D, GO, 5.00%, 11/1/2024		325		342
GO, 5.50%, 7/1/2038		3,000		3,158
Village of Bolingbrook Series A, GO, AGM, 5.00%, 1/1/2033		1,000		1,112
Will County School District No. 86 Joliet Series A, GO, 4.00%, 3/1/2024		220		231
				5,575
Hospital — 0.3%
Illinois Finance Authority, Healthcare Enterprises, Inc.
Series C, Rev., 5.00%, 3/1/2033		305		336
Series C, Rev., 5.00%, 3/1/2034		205		225
Illinois Finance Authority, Presence Health Network Series C, Rev., 4.00%, 2/15/2041		475		471
				1,032
Other Revenue — 1.7%
City of Chicago, Tax Increment, Pilsen Redevelopment Project Series A, Rev., 5.00%, 6/1/2019		410		415

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Other Revenue — continued
Railsplitter Tobacco Settlement Authority Rev., 5.25%, 6/1/2021		200		214
Sales Tax Securitization Corp.
Series C, Rev., 5.00%, 1/1/2026		3,500		3,929
Series C, Rev., 5.25%, 1/1/2043		1,500		1,658
				6,216
Prerefunded — 0.3%
City of Chicago, O’Hare International Airport, Third Lien Series A, Rev., 5.75%, 1/1/2021(b)		1,260		1,354
Transportation — 0.3%
City of Chicago, O’Hare International Airport, Third Lien Series A, Rev., 5.75%, 1/1/2039		240		257
Regional Transportation Authority Series D, Rev., NATL-RE, 7.75%, 6/1/2019		925		951
				1,208
Total Illinois				17,182
Indiana — 1.2%
Hospital — 0.0%(c)
Indiana Finance Authority, Parkview Health Series A, Rev., 4.00%, 11/1/2048		50		49
Indiana Health and Educational Facilities Financing Authority, Ascension Senior Credit Group Series 2006 B-1, Rev., 4.00%, 11/15/2046		15		15
				64
Prerefunded — 1.2%
Indiana Finance Authority, State Revolving Fund Program Series A, Rev., 5.00%, 2/1/2022(b)		4,000		4,356
Total Indiana				4,420
Iowa — 0.2%
Housing — 0.2%
Iowa Finance Authority Single Family Mortgage-Backed Securities Program
Series 2, Rev., GNMA/FNMA/FHLMC, 4.50%, 7/1/2028		105		107
Series 1, Rev., GNMA/FNMA/FHLMC, 4.50%, 1/1/2029		20		20
Series D, Rev., GNMA/FNMA/FHLMC COLL, 3.50%, 7/1/2046		645		661
Total Iowa				788
Kansas — 0.3%
General Obligation — 0.3%
Wyandotte County Unified School District No. 203 Series A, GO, 4.00%, 9/1/2048		1,000		1,006
Kentucky — 0.6%
Education — 0.1%
Kentucky Higher Education Student Loan Corp. Series A, Rev., AMT, 5.00%, 6/1/2019		460		465
Hospital — 0.5%
City of Ashland, Kings Daughters Medical Center Rev., 4.00%, 2/1/2036		1,750		1,692
Housing — 0.0%(c)
Kentucky Housing Corp. Series A, Rev., 5.00%, 1/1/2028		50		52
Total Kentucky				2,209
Louisiana — 0.6%
Hospital — 0.3%
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project Rev., 5.00%, 5/15/2047		1,055		1,129
Other Revenue — 0.3%
Tobacco Settlement Financing Corp., Asset-Backed Series A, Rev., 5.25%, 5/15/2035		1,000		1,045
Utility — 0.0%(c)
State of Louisiana, Gas and Fuels Tax Series A-1, Rev., 5.00%, 5/1/2020		45		47
Total Louisiana				2,221
Maine — 1.7%
Housing — 0.1%
Maine State Housing Authority Series A, Rev., 4.00%, 11/15/2045		510		528
Other Revenue — 0.0%(c)
Maine Municipal Bond Bank Series E, Rev., 4.00%, 11/1/2021		100		105
Prerefunded — 1.6%
Maine Turnpike Authority Rev., 6.00%, 7/1/2019(b)		5,675		5,808
Total Maine				6,441

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Maryland — 0.1%
Hospital — 0.0%(c)
Maryland Health and Higher Educational Facilities Authority, Broadmead Issue Series A, Rev., 5.00%, 7/1/2023		115		126
Housing — 0.1%
Montgomery County Housing Opportunities Commission, Single Family Mortgage Series A, Rev., 4.00%, 1/1/2031		325		335
Total Maryland				461
Massachusetts — 2.6%
Education — 0.3%
Massachusetts Development Finance Agency, Emerson College
Rev., 5.00%, 1/1/2036		825		890
Rev., 5.00%, 1/1/2037		315		339
				1,229
General Obligation — 1.0%
Commonwealth of Massachusetts, Consolidated Loan of 2016 Series J, GO, 4.00%, 12/1/2039		3,690		3,807
Housing — 0.6%
Massachusetts Housing Finance Agency, Single Family Housing
Series 177, Rev., AMT, 4.00%, 6/1/2039		595		612
Series 167, Rev., 4.00%, 12/1/2043		445		457
Series 169, Rev., 4.00%, 12/1/2044		990		1,017
				2,086
Transportation — 0.7%
Commonwealth of Massachusetts Transportation Fund, Rail Enhancement and Accelerated Bridge Programs Series B, Rev., 4.00%, 6/1/2046		2,480		2,493
Total Massachusetts				9,615
Michigan — 0.5%
Housing — 0.1%
Michigan State Housing Development Authority, Single-Family Mortgage Series A, Rev., 4.00%, 6/1/2046		150		155
Transportation — 0.4%
State of Michigan, Trunk Line Rev., 5.00%, 11/15/2036		1,500		1,610
Total Michigan				1,765
Minnesota — 2.5%
Education — 0.5%
Minnesota Higher Education Facilities Authority, Carleton College
Rev., 4.00%, 3/1/2032		1,000		1,070
Rev., 4.00%, 3/1/2033		500		532
				1,602
General Obligation — 0.6%
Aurora Independent School District No. 2711, School Building, Capital Appreciation
Series B, GO, Zero Coupon, 2/1/2026		200		161
Series B, GO, Zero Coupon, 2/1/2027		400		310
Series B, GO, Zero Coupon, 2/1/2028		225		167
Series B, GO, Zero Coupon, 2/1/2029		1,560		1,106
Series B, GO, Zero Coupon, 2/1/2030		880		595
				2,339
Hospital — 0.8%
City of Minneapolis, Health Care System, Fairview Health Services Series A, Rev., 4.00%, 11/15/2048		3,000		2,935
Housing — 0.6%
Dakota County Community Development Agency, Single Family Mortgage, Mortgage-Backed Securities Program Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 6/1/2035		115		118
Minneapolis/St. Paul Housing Finance Board, Single Family Mortgage, Mortgage-Backed Securities Program, City Living Home Programs
Series A, Rev., GNMA COLL, 4.50%, 12/1/2026		95		96
Series A-1, Rev., GNMA/FNMA/FHLMC, 5.25%, 12/1/2040		20		20
Series A-2, Rev., GNMA/FNMA/FHLMC, 5.52%, 3/1/2041		110		112
Minnesota Housing Finance Agency, Homeownership Finance, Mortgage-Backed Securities Program
Series B, Rev., GNMA/FNMA/FHLMC, 4.50%, 1/1/2031		40		41
Series D, Rev., GNMA/FNMA/FHLMC, 4.50%, 7/1/2034		40		41

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Housing — continued
Series E, Rev., GNMA/FNMA/FHLMC, 4.00%, 1/1/2035		90		91
Minnesota Housing Finance Agency, Residential Housing Finance
Series A, Rev., 4.00%, 7/1/2038		305		314
Series D, Rev., GNMA/FNMA/FHLMC, 4.00%, 7/1/2040		145		148
Series C, Rev., AMT, GNMA/FNMA/FHLMC, 4.00%, 1/1/2045		820		846
Series B, Rev., GNMA/FNMA/FHLMC COLL, 4.00%, 7/1/2047		440		457
				2,284
Total Minnesota				9,160
Mississippi — 0.3%
Water & Sewer — 0.3%
Mississippi Development Bank, Water and Sewer System Project, Special Obligation Rev., AGM, 6.88%, 12/1/2040		1,000		1,166
Missouri — 0.9%
Education — 0.6%
Missouri State Health and Educational Facilities Authority, Health Facilities, SSM Health Series A, Rev., 4.00%, 6/1/2048		2,160		2,133
Housing — 0.3%
Missouri Housing Development Commission, Single Family Mortgage, First Place Homeownership Loan Program
Series B, Rev., GNMA/FNMA/FHLMC COLL, 3.50%, 5/1/2041		485		496
Series B-2, Rev., GNMA/FNMA/FHLMC, 4.00%, 11/1/2045		640		666
Missouri Housing Development Commission, Single Family Mortgage, Special Homeownership Loan Program
Series E-3, Rev., GNMA/FNMA/FHLMC, 4.63%, 5/1/2028		20		21
Series E-4, Rev., GNMA/FNMA/FHLMC, 4.25%, 11/1/2030		45		46
				1,229
Industrial Development Revenue/Pollution Control Revenue — 0.0%(c)
Missouri Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water Series B, Rev., 5.00%, 7/1/2025		35		37
Total Missouri				3,399
Montana — 0.2%
Housing — 0.1%
Montana Board of Housing, Single Family Homeownership
Series B2, Rev., AMT, 5.00%, 12/1/2027		240		248
Series A-2, Rev., AMT, 4.00%, 12/1/2038		145		149
				397
Prerefunded — 0.1%
City of Helena COP, 5.00%, 1/1/2019(b)		400		401
Total Montana				798
Nebraska — 0.1%
Utility — 0.1%
Public Power Generation Agency, Whelan Energy Center Unit 2
Series A, Rev., 5.00%, 1/1/2026		100		112
Series A, Rev., 5.00%, 1/1/2034		185		205
Total Nebraska				317
Nevada — 0.7%
Transportation — 0.1%
City of Reno, Sales Tax, Senior Lien, ReTrac-Reno Transportation Rail Access Corridor Project Rev., AGM, 4.00%, 6/1/2048		375		359
Utility — 0.6%
Las Vegas Convention and Visitors Authority, Convention Center Expansion Series B, Rev., 4.00%, 7/1/2049		2,500		2,437
Total Nevada				2,796
New Hampshire — 0.0%(c)
Housing — 0.0%(c)
New Hampshire Housing Finance Authority, Single Family Mortgage
Series C, Rev., 4.00%, 1/1/2028		120		121
Series A, Rev., 5.25%, 7/1/2028		40		41
Total New Hampshire				162
New Jersey — 5.0%
Housing — 0.3%
New Jersey Housing and Mortgage Finance Agency, Single Family Housing Series A, Rev., 4.50%, 10/1/2048		985		1,052

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Industrial Development Revenue/Pollution Control Revenue — 0.9%
New Jersey Economic Development Authority, Biomedical Research Facilities Series A, Rev., 5.00%, 7/15/2027		240		264
New Jersey Economic Development Authority, School Facilities Construction Series NN, Rev., 5.00%, 3/1/2024		150		161
New Jersey Economic Development Authority, State House Project Series B, Rev., 4.13%, 6/15/2039		2,800		2,808
				3,233
Other Revenue — 1.0%
Tobacco Settlement Financing Corp.
Series A, Rev., 4.00%, 6/1/2037		1,000		957
Series A, Rev., 5.00%, 6/1/2046		1,000		1,027
Series A, Rev., 5.25%, 6/1/2046		1,500		1,578
				3,562
Transportation — 2.8%
New Jersey Transportation Trust Fund Authority, Capital Appreciation, Transportation Systems Series A, Rev., Zero Coupon, 12/15/2036		10,355		4,345
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement
Series A-1, Rev., 5.00%, 6/15/2027		2,670		2,987
Rev., 5.00%, 6/15/2031		3,000		3,281
				10,613
Total New Jersey				18,460
New Mexico — 0.3%
Housing — 0.3%
New Mexico Mortgage Finance Authority, Single Family Mortgage Program
Series A, Class I, Rev., GNMA/FNMA/FHLMC, 5.00%, 9/1/2030		35		36
Series A, Class I, Rev., GNMA/FNMA/FHLMC, 4.25%, 3/1/2043		220		225
Series B-1, Rev., GNMA/FNMA/FHLMC, 3.75%, 9/1/2048		630		654
				915
Transportation — 0.0%(c)
New Mexico Finance Authority, State Transportation, Senior Lien Series B, Rev., 5.00%, 6/15/2024		100		104
Total New Mexico				1,019
New York — 8.1%
General Obligation — 0.4%
Town of Orangetown Rockland County, Sparkill-Palisades Fire District
GO, AGM, 4.00%, 11/15/2040		295		302
GO, AGM, 4.00%, 11/15/2041		305		312
GO, AGM, 4.00%, 11/15/2042		315		322
GO, AGM, 4.00%, 11/15/2043		325		331
				1,267
Housing — 0.1%
New York Mortgage Agency, Homeowner Mortgage Series 197, Rev., 3.50%, 10/1/2044		420		431
Other Revenue — 2.3%
New York City Transitional Finance Authority Series C, Rev., 5.00%, 11/1/2021		170		180
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019 Series A, Subseries A-1, Rev., 5.00%, 8/1/2040		5,000		5,652
New York Convention Center Development Corp., Subordinated Lien Hotel Unit fee
Series B, Rev., Zero Coupon, 11/15/2055		4,970		962
Series B, Rev., Zero Coupon, 11/15/2056		6,500		1,194
TSASC, Inc., Tobacco Settlement Series B, Rev., 5.00%, 6/1/2020		500		513
				8,501
Prerefunded — 0.0%(c)
Metropolitan Transportation Authority Series H, Rev., 5.00%, 11/15/2022(b)		65		72
Special Tax — 0.0%(c)
New York State Dormitory Authority, Unrefunded Balance Series A, Rev., 4.00%, 2/15/2019		100		100

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Transportation — 3.2%
Metropolitan Transportation Authority Series D, Rev., 5.00%, 11/15/2031		400		449
New York Transportation Development Corp., Delta Air Lines, Inc., Laguardia Airport Terminals C&D Redevelopment Project
Rev., AMT, 4.00%, 1/1/2036		1,500		1,468
Rev., AMT, 5.00%, 1/1/2036		1,125		1,217
Port Authority of New York and New Jersey, Consolidated, 93rd Series Rev., 6.13%, 6/1/2094		7,495		8,841
				11,975
Utility — 1.3%
Utility Debt Securitization Authority Series TE, Rev., 5.00%, 12/15/2041		4,250		4,640
Water & Sewer — 0.8%
Erie County Water Authority Rev., 4.00%, 12/1/2038		1,000		1,030
New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Municipal Water Finance Authority Projects—Second Resolution Series A, Rev., 5.00%, 6/15/2037		1,750		2,004
				3,034
Total New York				30,020
North Carolina — 1.0%
Education — 0.8%
North Carolina Capital Facilities Finance Agency, Meredith College
Rev., 5.00%, 6/1/2027		1,060		1,194
Rev., 5.00%, 6/1/2028		905		1,012
Rev., 5.00%, 6/1/2029		350		390
Rev., 5.00%, 6/1/2030		450		499
				3,095
Housing — 0.2%
North Carolina Housing Finance Agency, Homeownership
Series 2, Rev., 4.25%, 1/1/2028		55		56
Series 1, Rev., 4.50%, 7/1/2028		110		112
Series A, Rev., AMT, 3.50%, 7/1/2039		405		412
				580
Other Revenue — 0.0%(c)
City of Raleigh Series A, Rev., 4.00%, 10/1/2022		30		32
Total North Carolina				3,707
North Dakota — 0.3%
Housing — 0.3%
North Dakota Housing Finance Agency, Home Mortgage Finance Program
Series B, Rev., 5.00%, 1/1/2019		5		5
Series B, Rev., 4.50%, 1/1/2028		140		144
Series D, Rev., 4.25%, 7/1/2028		110		112
Series A, Rev., 4.00%, 7/1/2034		320		329
Series D, Rev., 3.50%, 7/1/2046		480		491
Total North Dakota				1,081
Ohio — 1.9%
Education — 0.0%(c)
Miami University, A State University of Ohio Rev., 5.00%, 9/1/2029		25		29
General Obligation — 1.1%
County of Union, Memorial Hospital GO, 4.00%, 12/1/2041		1,825		1,837
Greenville City School District, School Improvement
GO, 5.25%, 1/1/2038		1,000		1,082
GO, 5.25%, 1/1/2041		1,000		1,079
State of Ohio, Higher Education Series B, GO, 5.00%, 8/1/2023		110		121
				4,119
Hospital — 0.3%
County of Warren, Otterbein Homes Obligated Group, Healthcare Facilities Series A, Rev., 5.50%, 7/1/2039		1,000		1,089
Housing — 0.1%
Ohio Housing Finance Agency, Single Family Mortgage
Series 1, Rev., GNMA/FNMA/FHLMC, 4.80%, 11/1/2028		35		36
Series 1, Rev., GNMA/FNMA/FHLMC, 5.00%, 11/1/2028		25		25
Series 3, Rev., GNMA/FNMA/FHLMC, 4.50%, 11/1/2029		100		103
				164
Prerefunded — 0.4%
County of Richland, Correctional Facilities Improvement GO, AGC, 5.88%, 12/1/2018(b)		500		500

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Prerefunded — continued
GO, AGC, 6.00%, 12/1/2018(b)		400		400
GO, AGC, 6.13%, 12/1/2018(b)		650		650
				1,550
Total Ohio				6,951
Oklahoma — 1.3%
Hospital — 0.2%
Oklahoma Development Finance Authority, Health System, Ou Medicine Project Series B, Rev., AGM, 4.00%, 8/15/2048		700		694
Housing — 0.0%(c)
Oklahoma Housing Finance Agency, Single Family Mortgage, Homeownership Loan Program
Series B, Rev., GNMA COLL, 4.50%, 9/1/2027		60		62
Series A, Rev., GNMA COLL, 4.75%, 3/1/2028		45		46
				108
Other Revenue — 0.0%(c)
Grand River Dam Authority Series A, Rev., 4.00%, 6/1/2022		10		11
Prerefunded — 0.6%
Oklahoma City Water Utilities Trust, Water and Sewer System Series A, Rev., 5.00%, 7/1/2019(b)		2,000		2,034
Transportation — 0.5%
Oklahoma Turnpike Authority, Turnpike System, Second Senior Series A, Rev., 5.00%, 1/1/2037		1,665		1,863
Total Oklahoma				4,710
Oregon — 0.1%
Utility — 0.1%
City of Eugene, Electric Utility System Series A, Rev., 4.00%, 8/1/2031		325		346
Pennsylvania — 9.4%
Certificate of Participation/Lease — 0.3%
Commonwealth of Pennsylvania, Certificates of Participation Series A, COP, 4.00%, 7/1/2046		1,200		1,204
General Obligation — 0.8%
City of Pittsburgh GO, 4.00%, 9/1/2031		1,155		1,200
Commonwealth of Pennsylvania Series 2004, GO, AGM, 5.38%, 7/1/2020		150		157
The School Board of Philadelphia County
Series B, GO, AGM, 4.00%, 9/1/2043		1,250		1,250
Upper Merion Area School District GO, 5.00%, 1/15/2036		250		281
				2,888
Hospital — 3.8%
Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group Rev., 4.00%, 4/1/2044		2,000		1,915
Berks County Industrial Development Authority, Tower Health Project Rev., 5.00%, 11/1/2037		430		469
DuBois Hospital Authority, Penn Highlands Healthcare Rev., 4.00%, 7/15/2048		1,200		1,152
Lancaster County Hospital Authority, Health Center, Masonic Villages Project
Rev., 5.00%, 11/1/2036		510		557
Rev., 5.00%, 11/1/2037		250		272
Montgomery County Higher Education and Health Authority, Thomas Jefferson University
Rev., 4.00%, 9/1/2038		3,725		3,753
Series 2018-A, Rev., 4.00%, 9/1/2043		3,740		3,738
West Cornwall Township Municipal Authority, Pleasant View Retirement Community Project
Rev., 3.00%, 12/15/2023		550		547
Rev., 4.00%, 12/15/2028		1,000		1,009
Rev., 5.00%, 12/15/2038		750		803
				14,215
Housing — 0.4%
Pennsylvania Housing Finance Agency, Single Family Mortgage
Series 112, Rev., 5.00%, 4/1/2028		55		57
Series 118A, Rev., AMT, 3.50%, 4/1/2040		945		960
Series 122, Rev., 4.00%, 10/1/2046		490		510
				1,527
Industrial Development Revenue/Pollution Control Revenue — 0.9%
Montgomery County Industrial Development Authority, ACTS Retirement-Life Communities, Inc. Obligated Group Rev., 5.00%, 11/15/2025		500		537
Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project Rev., 2.80%, 12/1/2021(e)		2,950		2,949
				3,486

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Other Revenue — 2.7%
Commonwealth Financing Authority, Tobacco Master Settlement Payment Series 2018, Rev., AGM, 4.00%, 6/1/2039		9,950		9,881
Water & Sewer — 0.5%
Erie City Water Authority Series A, Rev., AGM, 5.00%, 12/1/2043		1,500		1,669
Total Pennsylvania				34,870
Rhode Island — 0.1%
Education — 0.1%
Rhode Island Student Loan Authority, Senior Series A, Rev., AMT, 5.00%, 12/1/2020		300		313
South Carolina — 5.4%
Housing — 0.1%
South Carolina State Housing Finance and Development Authority Series A, Rev., 4.00%, 1/1/2047		365		379
Prerefunded — 2.6%
Laurens County School District No. 056 GO, AGC, SCSDE, 6.13%, 3/1/2019(b)		9,515		9,612
Transportation — 0.3%
South Carolina State Ports Authority Rev., AMT, 4.00%, 7/1/2040		1,095		1,080
Utility — 2.4%
Piedmont Municipal Power Agency, Electric Rev., FGIC, 6.75%, 1/1/2020(b)		3,900		4,097
Piedmont Municipal Power Agency, Electric, Unrefunded Balance Rev., NATL-RE, 6.75%, 1/1/2020		4,615		4,836
				8,933
Total South Carolina				20,004
South Dakota — 0.3%
Housing — 0.3%
South Dakota Housing Development Authority, Homeownership Mortgage
Series D, Rev., AMT, 4.00%, 11/1/2029		370		378
Series A, Rev., AMT, 4.50%, 5/1/2031		70		72
Series D, Rev., 4.00%, 11/1/2045		505		522
South Dakota Housing Development Authority, Single Family Mortgage Series 2, Rev., 4.25%, 5/1/2032		140		143
Total South Dakota				1,115
Tennessee — 3.5%
General Obligation — 1.3%
City of Cleveland
Series B, GO, 5.00%, 6/1/2022		205		225
Series B, GO, 5.00%, 6/1/2027		245		290
Series B, GO, 5.00%, 6/1/2028		260		311
Series B, GO, 5.00%, 6/1/2030		285		337
Series B, GO, 4.00%, 6/1/2031		300		323
Series B, GO, 4.00%, 6/1/2032		310		331
Series B, GO, 4.00%, 6/1/2038		395		407
Series B, GO, 4.00%, 6/1/2039		410		422
City of Oak Ridge
GO, 4.00%, 6/1/2037(f)		695		719
GO, 4.00%, 6/1/2038(f)		720		742
GO, 4.00%, 6/1/2039(f)		750		770
				4,877
Hospital — 1.0%
Greeneville Health and Educational Facilities Board, Ballad Health Obligated Group Rev., 4.00%, 7/1/2040		4,000		3,857
Housing — 0.1%
Tennessee Housing Development Agency, Homeownership Program
Series A, Rev., AMT, 4.50%, 7/1/2031		110		113
Series 1A, Rev., AMT, 4.50%, 1/1/2038		105		108
Tennessee Housing Development Agency, Housing Finance Program Series A, Rev., 4.50%, 1/1/2028		45		46
				267
Utility — 1.1%
Tennessee Energy Acquisition Corp., Gas Project Rev., 4.00%, 11/1/2025(e)		4,000		4,178
Total Tennessee				13,179
Texas — 5.3%
Education — 1.5%
Clifton Higher Education Finance Corp., Idea Public Schools Series B, Rev., 4.00%, 8/15/2023		500		525

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Education — continued
Series B, Rev., 5.00%, 8/15/2024		345		382
Series B, Rev., 5.00%, 8/15/2025		460		514
Rev., 6.00%, 8/15/2033		1,250		1,403
Tarrant County Cultural Education Facilities Finance Corp., Hendrick Medical Center, Hospital Rev., 5.50%, 9/1/2043		2,300		2,518
University of Texas System Series A, Rev., 5.00%, 7/1/2031		210		239
				5,581
General Obligation — 0.5%
City of Carrollton GO, 5.00%, 8/15/2026		535		546
City of Mission GO, AGM, 5.00%, 2/15/2031		575		650
County of Collin, Wylie Independent School District, Unlimited Tax GO, PSF-GTD, Zero Coupon, 8/15/2020		135		130
El Paso County Hospital District GO, AGM-CR, 5.00%, 8/15/2023		510		555
				1,881
Hospital — 0.1%
Harris County Health Facilities Development Corp., Children’s Hospital Project Rev., 5.50%, 10/1/2019(b)		485		497
Housing — 0.1%
Texas Department of Housing and Community Affairs, Residential Mortgage Series B, Rev., GNMA COLL, 4.25%, 1/1/2034		230		236
Prerefunded — 1.5%
Harris County Health Facilities Development Corp., Memorial Hermann Healthcare System Series B, Rev., 7.25%, 12/1/2018(b)		3,500		3,500
North Texas Tollway Authority, Special Projects System Series A, Rev., 6.00%, 9/1/2021(b)		2,000		2,205
				5,705
Transportation — 0.6%
Dallas-Fort Worth International Airport, Joint Improvement Series A, Rev., 5.00%, 11/1/2042		1,965		2,050
North Texas Tollway Authority System, Second Tier Rev., 4.00%, 1/1/2038		200		202
				2,252
Utility — 0.1%
City of San Antonio, Electric and Gas Systems Rev., 5.00%, 2/1/2032		35		40
City of San Antonio, Electric and Gas Systems, Junior Lien Rev., 5.00%, 2/1/2031		230		264
				304
Water & Sewer — 0.9%
City of Houston, Water and Sewer System, Junior Lien Series A, Rev., AGM, 5.75%, 12/1/2032(b)		2,500		3,313
Total Texas				19,769
Vermont — 1.4%
Education — 1.1%
Vermont Student Assistance Corp., Education Loan
Series B, Class A-1, Rev., (ICE LIBOR USD 3 Month + 1.50%), 4.25%, 1/2/2019(g)		8		8
Series A, Rev., AMT, 5.00%, 6/15/2022		725		773
Series A, Rev., AMT, 3.63%, 6/15/2029		1,000		977
Series A, Rev., AMT, 3.75%, 6/15/2030		1,400		1,371
Series A, Rev., AMT, 4.00%, 6/15/2031		500		499
Series A, Rev., AMT, 4.00%, 6/15/2032		200		199
Series A, Rev., AMT, 4.00%, 6/15/2033		250		247
Series A, Rev., AMT, 4.00%, 6/15/2034		200		197
				4,271
Housing — 0.3%
Vermont Housing Finance Agency, Mortgage-Backed Securities Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 2/1/2026		120		123
Vermont Housing Finance Agency, Multiple Purpose
Series B, Rev., AMT, 4.13%, 11/1/2042		490		498
Series A, Rev., AMT, 4.00%, 11/1/2046		320		332
				953
Total Vermont				5,224
Virginia — 1.4%
Hospital — 1.2%
Norfolk Economic Development Authority, Sentara Healthcare Series B, Rev., 4.00%, 11/1/2048		4,375		4,298

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
MUNICIPAL BONDS — continued
Other Revenue — 0.0%(c)
Virginia Resources Authority, Infrastructure and State Moral Obligation
Series B, Rev., 5.00%, 11/1/2023		90			97
Series B, Rev., 5.00%, 11/1/2026		50			54
					151
Prerefunded — 0.0%(c)
Virginia Resources Authority, Infrastructure and State Moral Obligation Series B, Rev., 5.00%, 11/1/2021(b)		185			200
Transportation — 0.2%
Capital Region Airport Commission (Richmond International Airport)
Series A, Rev., 4.00%, 7/1/2035		350			359
Series A, Rev., 4.00%, 7/1/2036		320			328
					687
Total Virginia					5,336
Washington — 1.2%
Education — 0.9%
Western Washington University, Housing and Dining System, Junior Lien Series A, Rev., AMBAC, 5.50%, 10/1/2022		2,985			3,211
General Obligation — 0.0%(c)
State of Washington, Various Purpose Series D, GO, 5.00%, 2/1/2020		100			103
Housing — 0.2%
Washington Housing Finance Commission, Single-Family Program Series 2A-R, Rev., AMT, 3.50%, 12/1/2046		370			376
Washington State Housing Finance Commission, Homeownership Program Series B, Rev., GNMA/FNMA/FHLMC, 4.25%, 10/1/2032		295			301
					677
Utility — 0.1%
Chelan County Public Utility District No.1 Series A, Rev., AMT, 5.50%, 7/1/2026		350			378
Water & Sewer — 0.0%(c)
County of King, Sewer Series C, Rev., 5.00%, 1/1/2023		40			44
Total Washington					4,413
West Virginia — 0.3%
Education — 0.3%
West Virginia Hospital Finance Authority, University Health System Rev., 4.00%, 6/1/2051		1,000			942
Wisconsin — 2.4%
Education — 1.6%
Public Finance Authority, Central District Development Project Rev., 5.00%, 3/1/2027		280			317
Wisconsin Health and Educational Facilities Authority, Children’s Hospital of Wisconsin, Inc. Rev., 4.00%, 8/15/2047		4,800			4,735
Wisconsin Health and Educational Facilities Authority, St. John’s Communities, Inc. Project Series A, Rev., 5.00%, 9/15/2040		665			675
					5,727
Housing — 0.8%
Wisconsin Housing and Economic Development Authority, Home Ownership
Series B, Rev., 4.00%, 3/1/2048		1,000			1,041
Series C, Rev., FNMA COLL, 4.00%, 3/1/2048		1,905			1,989
					3,030
Total Wisconsin					8,757
Wyoming — 0.0%(c)
Housing — 0.0%(c)
Wyoming Community Development Authority Housing Series 1, Rev., AMT, 4.00%, 6/1/2032		30			30
TOTAL MUNICIPAL BONDS (Cost $342,791)					350,589
	No. of Warrants (000)
WARRANTS — 0.0%(c)
Road & Rail — 0.0%(c)
Jack Cooper Enterprises, Inc. expiring 10/29/2027, price 1.00*‡ (Cost $ — )		—	(h)		—

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Shares (000)		Value ($000)
SHORT-TERM INVESTMENTS — 7.8%
INVESTMENT COMPANIES — 7.8%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.60%(i)(j)(Cost $28,859)		28,859		28,859
Total Investments — 102.2% (Cost $371,650)				379,448
Liabilities in Excess of Other Assets — (2.2%)				(8,050	)
Net Assets — 100.0%				371,398

Percentages indicated are based on net assets.

Abbreviations
AGC	Insured by Assured Guaranty Corp.
AGM	Insured by Assured Guaranty Municipal Corp.
AMBAC	Insured by American Municipal Bond Assurance Corp.
AMT	Alternative Minimum Tax
BAN	Bond Anticipation Note
CHESLA	Connecticut Higher Education Supplemental Loan Authority
COLL	Collateral
COP	Certificate of Participation
CR	Custodial Receipts
FGIC	Insured by Financial Guaranty Insurance Co.
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GO	General Obligation
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
LIQ	Liquidity Agreement
NATL	Insured by National Public Finance Guarantee Corp.
PSF-GTD	Permanent School Fund Guaranteed
RE	Reinsured
Rev.	Revenue
SCSDE	South Carolina School District Enhancement
USD	United States Dollar
(a)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(b)	Security is prerefunded or escrowed to maturity.
(c)	Amount rounds to less than 0.1% of net assets.

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

(d)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(e)	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, 2018.
(f)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(g)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2018.
(h)	Amount rounds to less than one thousand.
(i)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(j)	The rate shown is the current yield as of November 30, 2018.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Futures contracts outstanding as of November 30, 2018 (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 10 Year Note		(52)		03/2019		USD		(6,215)		(26	)
										(26	)

A. Valuation of Investments — The valuation of investments is 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 (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.

JPMorgan 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.

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments in open-end investment companies (the “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 (“SOI”) (amounts in thousands):

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	28,859		$	350,589	$	—	$	379,448
Depreciation in Other Financial Instruments
Futures Contracts	$	(26	)	$	—	$	—	$	(26	)

(a) All portfolio holdings designated as level 1 and level 2 are disclosed individually on the SOI. Level 1 consists of a money market mutual fund that is held for daily investments of cash. Please refer to the SOI for industry specifics of portfolio holdings.

There were no transfers among any levels during the period ended November 30, 2018.

JPMorgan U.S. Government Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited)

Investments(a)	Principal Amount ($000)		Value ($000)
REPURCHASE AGREEMENTS - 45.2%
Agency Joint Trading Account I, J.P. Morgan Investment Management Inc., as agent, 2.29% - 2.30%, dated 11/30/2018, due 12/3/2018, repurchase price $3,825,395. [1]		3,824,664		3,824,664
Agency Joint Trading Account II, J.P. Morgan Investment Management Inc., as agent, 2.29%, dated 11/30/2018, due 12/3/2018, repurchase price $650,201. [2]		650,077		650,077
Bank of America Corp., 2.29%, dated 11/30/2018, due 12/3/2018, repurchase price $750,143, collateralized by GNMA, 3.50% - 4.00%, due 8/20/2041 - 1/20/2047, with a value of $765,000.		750,000		750,000
Bank of Montreal, 2.28%, dated 11/30/2018, due 12/3/2018, repurchase price $600,114, collateralized by FHLMC, 3.89% - 4.10%, due 10/1/2041 - 9/1/2048, FNMA, 2.78% - 5.00%, due 8/1/2035 - 11/1/2048, and GNMA, 3.00%, due 1/20/2046 - 4/20/2046, with a value of $612,116.		600,000		600,000
Bank of Montreal, 2.40%, dated 11/30/2018, due 12/7/2018, repurchase price $1,000,467, collateralized by U.S. Treasury Securities, 0.00% - 3.75%, due 12/6/2018 - 2/15/2048, with a value of $1,025,780.		1,000,000		1,000,000
Bank of Nova Scotia (The), 2.29%, dated 11/30/2018, due 12/3/2018, repurchase price $1,250,239, collateralized by FHLMC, 2.50% - 5.00%, due 5/1/2026 - 10/1/2048, FNMA, 2.50% - 5.50%, due 2/1/2024 - 8/1/2048, and GNMA, 3.00% - 4.50%, due 11/20/2043 - 4/20/2048, with a value of $1,275,000.		1,250,000		1,250,000
BMO Capital Markets Corp., 2.28%, dated 11/30/2018, due 12/3/2018, repurchase price $700,133, collateralized by FHLB, 3.25%, due 11/16/2028, FHLMC, 2.50% - 6.50%, due 3/15/2019 - 11/1/2048, FNMA, 0.00% - 6.50%, due 12/25/2019 - 10/1/2056 and GNMA, 0.00% - 5.64%, due 2/20/2030 - 11/20/2068, with a value of $718,859.		700,000		700,000
BNP Paribas SA, 2.22%, dated 11/30/2018, due 12/6/2018, repurchase price $2,000,740, collateralized by FHLMC, 2.50% - 7.50%, due 5/1/2020 - 10/15/2048, FNMA, 2.00% - 9.00%, due 12/25/2018 - 4/1/2053, GNMA, 2.00% - 6.00%, due 9/15/2024 - 11/20/2048 and U.S. Treasury Securities, 0.00% - 3.13%, due 2/15/2019 - 8/15/2044, with a value of $2,042,499.		2,000,000		2,000,000
BNP Paribas SA, 2.23%, dated 11/30/2018, due 12/6/2018, repurchase price $500,186, collateralized by U.S. Treasury Securities, 0.00% - 8.13%, due 3/15/2019 - 2/15/2048, with a value of $511,074.		500,000		500,000
BNP Paribas SA, 2.23%, dated 11/30/2018, due 12/7/2018, repurchase price $1,000,434, collateralized by FHLMC, 2.00% - 7.50%, due 12/1/2019 - 11/15/2048, FNMA, 2.43% - 7.00%, due 9/1/2020 - 4/1/2053, GNMA, 2.00% - 6.50%, due 7/20/2022 - 10/20/2048 and U.S. Treasury Securities, 0.00% - 1.50%, due 12/6/2018 - 8/15/2047, with a value of $1,024,950.		1,000,000		1,000,000
BNP Paribas SA, 2.23%, dated 11/30/2018, due 12/7/2018, repurchase price $1,000,434, collateralized by FHLMC, 2.50% - 7.00%, due 1/1/2028 - 11/15/2048, FNMA, 2.48% - 7.00%, due 9/1/2022 - 4/1/2053, and GNMA, 2.00% - 6.50%, due 10/15/2023 - 10/20/2048, with a value of $1,024,505.		1,000,000		1,000,000
BNP Paribas SA, 2.23%, dated 11/30/2018, due 12/7/2018, repurchase price $500,217, collateralized by FHLB, 3.74% - 4.00%, due 9/1/2028 - 4/9/2031, FHLMC, 2.50% - 7.00%, due 12/1/2021 - 11/1/2048, FNMA, 2.46% - 6.25%, due 1/1/2020 - 10/1/2048 and GNMA, 2.75% - 7.00%, due 8/15/2029 - 9/20/2048, with a value of $512,509.		500,000		500,000

JPMorgan U.S. Government Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
REPURCHASE AGREEMENTS — continued
BNP Paribas SA, 2.40%, dated 11/30/2018, due 12/7/2018, repurchase price $2,000,933, collateralized by FFCB, 3.37%, due 5/1/2035, FHLMC, 2.58% - 7.00%, due 3/1/2022 - 11/1/2048, FNMA, 2.58% - 7.00%, due 3/1/2019 - 9/1/2057, GNMA, 2.00% - 6.00%, due 11/15/2023 - 11/20/2048, and U.S. Treasury Securities, 1.00% - 4.75%, due 9/30/2019 - 11/15/2042, with a value of $2,051,045.		2,000,000		2,000,000
Credit Agricole Corporate and Investment Bank, 2.27%, dated 11/30/2018, due 12/3/2018, repurchase price $344,065, collateralized by U.S. Treasury Securities, 1.38% - 5.38%, due 4/30/2020 - 2/15/2031, with a value of $350,880.		344,000		344,000
Credit Suisse AG, 2.26%, dated 11/30/2018, due 12/3/2018, repurchase price $3,000,565, collateralized by U.S. Treasury Securities, 0.00% - 5.00%, due 12/26/2018 - 8/15/2048, with a value of $3,060,576.		3,000,000		3,000,000
Daiwa Capital Markets, Inc., 2.30%, dated 11/30/2018, due 12/3/2018, repurchase price $2,500,479, collateralized by FFCB, 2.07% - 3.64%, due 8/27/2020 - 8/24/2026, FHLMC, 2.01% - 6.00%, due 2/1/2033 - 11/1/2048, FNMA, 1.20% - 6.00%, due 4/1/2019 - 12/1/2048, GNMA, 2.49% - 6.50%, due 7/20/2033 - 10/20/2068, and U.S. Treasury Securities, 0.00% - 5.38%, due 1/10/2019 - 2/15/2031, with a value of $2,553,490.		2,500,000		2,500,000
Daiwa Capital Markets, Inc., 2.23%, dated 11/30/2018, due 12/4/2018, repurchase price $1,500,372, collateralized by FHLMC, 2.43% - 5.00%, due 5/1/2019 - 10/1/2048, FNMA, 2.37% - 9.75%, due 7/1/2019 - 11/1/2048, GNMA, 2.58% - 5.50%, due 7/20/2033 - 4/20/2065 and U.S. Treasury Securities, 0.00% - 2.50%, due 5/31/2020 - 5/15/2023, with a value of $1,532,401.		1,500,000		1,500,000
Deutsche Bank Securities, Inc., 2.28%, dated 11/30/2018, due 12/3/2018, repurchase price $1,998,137, collateralized by U.S. Treasury Securities, 0.13% - 3.88%, due 4/15/2019 - 2/15/2044, with a value of $2,037,712.		1,997,757		1,997,757
Fixed Income Clearing Corp., 2.28%, dated 11/30/2018, due 12/3/2018, repurchase price $5,501,045, collateralized by U.S. Treasury Securities, 1.13% - 3.63%, due 2/15/2020 - 5/31/2025, with a value of $5,610,000.		5,500,000		5,500,000
Fixed Income Clearing Corp., 2.28%, dated 11/30/2018, due 12/3/2018, repurchase price $7,401,406, collateralized by U.S. Treasury Securities, 0.13% - 2.75%, due 4/15/2020 - 5/15/2025, with a value of $7,548,000.		7,400,000		7,400,000
HSBC Securities USA, Inc., 2.22%, dated 11/30/2018, due 12/6/2018, repurchase price $500,185, collateralized by FHLMC, 2.90% - 8.00%, due 5/1/2022 - 12/1/2047, and FNMA, 2.66% - 6.00%, due 12/1/2022 - 11/1/2048, with a value of $510,220.		500,000		500,000
Mitsubishi UFJ Trust & Banking Corp., 2.27%, dated 11/30/2018, due 12/3/2018, repurchase price $500,095, collateralized by GNMA, 3.00% - 4.50%, due 8/20/2041 - 8/20/2046, with a value of $510,032.		500,000		500,000
Mitsubishi UFJ Trust & Banking Corp., 2.21%, dated 11/30/2018, due 12/4/2018, repurchase price $1,900,467, collateralized by U.S. Treasury Securities, 1.63% - 2.25%, due 8/31/2022 - 2/15/2027, with a value of $1,938,476.		1,900,000		1,900,000
Natixis SA, 2.27%, dated 11/30/2018, due 12/3/2018, repurchase price $2,500,473, collateralized by U.S. Treasury Securities, 0.00% - 3.13%, due 1/10/2019 - 5/15/2048, with a value of $2,550,482.		2,500,000		2,500,000
Natixis SA, 2.29%, dated 11/30/2018, due 12/3/2018, repurchase price $1,000,191, collateralized by FFCB, 3.00% - 3.99%, due 9/13/2029 - 4/5/2038, FHLB, 2.63% - 5.63%, due 9/1/2028 - 4/30/2038, FHLMC, 0.00% - 6.00%, due 3/27/2019 - 11/1/2048, FNMA, 0.00% - 6.00%, due 1/21/2020 - 9/1/2048, GNMA, 2.40% - 6.84%, due 1/16/2034 - 8/16/2060, Tennessee Valley Authority, 4.25% - 5.38%, due 9/15/2039 - 9/15/2065, and U.S. Treasury Securities, 0.00% - 8.13%, due 1/10/2019 - 8/15/2048, with a value of $1,021,499.		1,000,000		1,000,000

JPMorgan U.S. Government Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
REPURCHASE AGREEMENTS — continued
Natwest Markets plc, 2.28%, dated 11/30/2018, due 12/3/2018, repurchase price $500,095, collateralized by U.S. Treasury Securities, 0.13% - 3.63%, due 4/15/2020 - 2/15/2046, with a value of $510,097.		500,000		500,000
Natwest Markets Securities, Inc., 2.28%, dated 11/30/2018, due 12/3/2018, repurchase price $2,800,532, collateralized by U.S. Treasury Securities, 0.00% - 8.88%, due 12/6/2018 - 2/15/2048, with a value of $2,856,543.		2,800,000		2,800,000
Nomura Securities Co. Ltd., 2.30%, dated 11/30/2018, due 12/3/2018, repurchase price $6,201,188, collateralized by FHLMC, 2.00% - 9.50%, due 12/15/2018 - 11/1/2048, FNMA, 1.38% - 8.50%, due 12/25/2018 - 2/1/2057, GNMA, 1.50% - 9.50%, due 2/15/2019 - 11/20/2068, and U.S. Treasury Securities, 3.00%, due 1/1/2048, with a value of $6,325,214.		6,200,000		6,200,000
Norinchukin Bank (The), 2.26%, dated 11/30/2018, due 12/4/2018, repurchase price $200,050, collateralized by U.S. Treasury Securities, 2.63%, due 11/15/2020, with a value of $203,782.		200,000		200,000
Norinchukin Bank (The), 2.26%, dated 11/30/2018, due 12/7/2018, repurchase price $450,198, collateralized by U.S. Treasury Securities, 0.38% - 1.13%, due 1/15/2021 - 1/15/2027, with a value of $457,528.		450,000		450,000
Norinchukin Bank (The), 2.26%, dated 11/30/2018, due 12/14/2018, repurchase price $250,220, collateralized by U.S. Treasury Securities, 0.13%, due 4/15/2020, with a value of $254,973.		250,000		250,000
Norinchukin Bank (The), 2.30%, dated 11/30/2018, due 12/14/2018, repurchase price $300,268, collateralized by U.S. Treasury Securities, 0.13% - 0.38%, due 4/15/2020 - 1/15/2027, with a value of $305,936.		300,000		300,000
Norinchukin Bank (The), 2.29%, dated 11/30/2018, due 12/17/2018, repurchase price $250,270, collateralized by U.S. Treasury Securities, 2.63%, due 11/15/2020, with a value of $254,726.		250,000		250,000
Norinchukin Bank (The), 2.29%, dated 11/30/2018, due 12/19/2018, repurchase price $650,786, collateralized by U.S. Treasury Securities, 3.63%, due 4/15/2028, with a value of $660,526.		650,000		650,000
Norinchukin Bank (The), 2.47%, dated 11/30/2018, due 2/6/2019, repurchase price $251,166, collateralized by U.S. Treasury Securities, 2.63%, due 11/15/2020, with a value of $254,726.		250,000		250,000
Norinchukin Bank (The), 2.47%, dated 11/30/2018, due 2/8/2019, repurchase price $703,362, collateralized by U.S. Treasury Securities, 3.63%, due 4/15/2028, with a value of $711,334.		700,000		700,000
Norinchukin Bank (The), 2.48%, dated 11/30/2018, due 2/13/2019, repurchase price $251,292, collateralized by U.S. Treasury Securities, 0.13% - 2.63%, due 4/15/2020 - 11/15/2020, with a value of $254,933.		250,000		250,000
Norinchukin Bank (The), 2.48%, dated 11/30/2018, due 2/14/2019, repurchase price $201,047, collateralized by U.S. Treasury Securities, 2.63%, due 11/15/2020, with a value of $203,782.		200,000		200,000
Norinchukin Bank (The), 2.49%, dated 11/30/2018, due 2/20/2019, repurchase price $502,836, collateralized by U.S. Treasury Securities, 0.13% - 3.63%, due 4/15/2019 - 4/15/2028, with a value of $508,314.		500,000		500,000
RBC Capital Markets LLC, 2.28%, dated 11/30/2018, due 12/3/2018, repurchase price $400,076, collateralized by FNMA, 2.65% - 4.50%, due 6/1/2021 - 10/1/2048, with a value of $408,000.		400,000		400,000
RBC Capital Markets LLC, 2.18%, dated 11/30/2018, due 12/6/2018, repurchase price $1,000,363, collateralized by FFCB, 3.00% - 3.34%, due 10/19/2021 - 10/4/2023, FHLMC, 1.75% - 4.00%, due 12/25/2020 - 8/1/2048, FNMA, 1.99% - 4.50%, due 3/1/2019 - 10/1/2048 and GNMA, 2.00% - 7.50%, due 11/15/2023 - 8/20/2065, with a value of $1,022,210.		1,000,000		1,000,000

JPMorgan U.S. Government Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
REPURCHASE AGREEMENTS — continued
RBC Capital Markets LLC, 2.33%, dated 11/30/2018, due 12/7/2018, repurchase price $1,000,453, collateralized by FFCB, 2.00% - 4.65%, due 8/27/2021 - 11/26/2038, FHLB, 1.63% - 4.59%, due 6/14/2019 - 11/19/2038, FHLMC, 0.88% - 4.00%, due 3/27/2019 - 8/1/2048, FNMA, 0.00% - 4.00%, due 9/12/2023 - 10/1/2048, and Tennessee Valley Authority, 0.00%, due 11/1/2025, with a value of $1,020,993.		1,000,000		1,000,000
RBC Capital Markets LLC, 2.40%, dated 11/30/2018, due 12/7/2018, repurchase price $1,000,467, collateralized by FHLMC, 3.50% - 4.00%, due 8/1/2048 - 11/1/2048, FNMA, 3.50%, due 6/1/2047, and U.S. Treasury Securities, 0.00% - 2.75%, due 12/26/2018 - 5/15/2046, with a value of $1,020,000.		1,000,000		1,000,000
Societe Generale SA, 2.27%, dated 11/30/2018, due 12/3/2018, repurchase price $250,047, collateralized by U.S. Treasury Securities, 1.63% - 3.50%, due 2/29/2020 - 5/15/2026, with a value of $255,000.		250,000		250,000
Societe Generale SA, 2.23%, dated 11/30/2018, due 12/10/2018, repurchase price $750,465, collateralized by U.S. Treasury Securities, 0.00% - 8.13%, due 12/6/2018 - 2/15/2048, with a value of $765,000.		750,000		750,000
Sumitomo Mitsui Banking Corp., 2.29%, dated 11/30/2018, due 12/3/2018, repurchase price $1,000,191, collateralized by GNMA, 3.00%, due 8/20/2042 - 10/20/2047, with a value of $1,024,451.		1,000,000		1,000,000
Sumitomo Mitsui Banking Corp., 2.29%, dated 11/30/2018, due 12/3/2018, repurchase price $3,000,573, collateralized by GNMA, 3.00% - 4.00%, due 10/20/2042 - 5/20/2048, with a value of $3,072,913.		3,000,000		3,000,000
Wells Fargo Securities LLC, 2.30%, dated 11/30/2018, due 12/3/2018, repurchase price $300,058, collateralized by FHLMC, 3.50%, due 9/1/2047, FNMA, 3.50% - 5.50%, due 9/1/2023 - 11/1/2048, and U.S. Treasury Securities, 2.13%, due 9/30/2024, with a value of $306,059.		300,000		300,000
Wells Fargo Securities LLC, 2.30%, dated 11/30/2018, due 12/3/2018, repurchase price $500,096, collateralized by FHLMC, 2.53% - 5.50%, due 3/1/2026 - 11/1/2048, FNMA, 2.38% - 6.00%, due 1/1/2020 - 12/1/2048, and U.S. Treasury Securities, 1.38% - 1.50%, due 5/31/2020 - 6/15/2020, with a value of $510,098.		500,000		500,000
Wells Fargo Securities LLC, 2.25%, dated 11/30/2018, due 12/6/2018, repurchase price $500,188, collateralized by FHLMC, 2.57% - 4.50%, due 11/1/2026 - 6/1/2048, FNMA, 2.39% - 6.00%, due 7/1/2024 - 4/1/2052, and U.S. Treasury Securities, 1.38% - 3.13%, due 3/31/2020 - 5/15/2021, with a value of $511,116.		500,000		500,000
TOTAL REPURCHASE AGREEMENTS (Cost $67,616,498)				67,616,498
U.S. GOVERNMENT AGENCY SECURITIES — 33.6%
FFCB
(ICE LIBOR USD 3 Month - 0.11%), 2.22%, 12/11/2018(b)		400,000		400,000
(ICE LIBOR USD 1 Month - 0.07%), 2.24%, 12/17/2018(b)		275,000		275,000
(ICE LIBOR USD 1 Month - 0.11%), 2.20%, 12/23/2018(b)		300,000		300,000
(ICE LIBOR USD 1 Month - 0.06%), 2.26%, 12/23/2018(b)		300,000		299,995
(US Treasury 3 Month Bill Money Market Yield + 0.06%), 2.44%, 2/9/2019(b)		275,000		275,000
(Federal Reserve Bank Prime Loan Rate US - 2.93%), 2.32%, 2/27/2019(b)		325,000		325,000
DN, 2.53%, 5/28/2019(c)		20,000		19,753
DN, 2.55%, 6/10/2019(c)		72,000		71,037
FHLB
(ICE LIBOR USD 3 Month - 0.30%), 2.02%, 12/3/2018(b)		500,000		500,000
(ICE LIBOR USD 1 Month - 0.10%), 2.21%, 12/3/2018(b)		500,000		500,000
(ICE LIBOR USD 1 Month - 0.09%), 2.21%, 12/3/2018(b)		350,000		350,000

JPMorgan U.S. Government Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
U.S. GOVERNMENT AGENCY SECURITIES — continued
(ICE LIBOR USD 3 Month - 0.23%), 2.54%, 12/3/2018(b)(c)		300,000		300,000
(ICE LIBOR USD 3 Month - 0.23%), 2.54%, 12/3/2018(b)(c)		500,000		500,000
(ICE LIBOR USD 3 Month - 0.23%), 2.54%, 12/3/2018(b)(c)		250,000		250,000
(ICE LIBOR USD 1 Month - 0.08%), 2.23%, 12/4/2018(b)		350,000		350,000
(ICE LIBOR USD 3 Month - 0.23%), 2.52%, 12/4/2018(b)(c)		250,000		250,000
(ICE LIBOR USD 3 Month - 0.30%), 2.03%, 12/6/2018(b)		1,000,000		1,000,000
(ICE LIBOR USD 1 Month - 0.09%), 2.23%, 12/6/2018(b)		835,000		835,000
(ICE LIBOR USD 3 Month - 0.16%), 2.16%, 12/7/2018(b)		250,000		250,052
(ICE LIBOR USD 1 Month - 0.06%), 2.24%, 12/8/2018(b)		500,000		500,000
(ICE LIBOR USD 3 Month - 0.20%), 2.13%, 12/11/2018(b)		250,000		250,000
(ICE LIBOR USD 3 Month - 0.19%), 2.14%, 12/11/2018(b)		300,000		300,000
(ICE LIBOR USD 1 Month - 0.09%), 2.23%, 12/11/2018(b)		425,000		425,000
(ICE LIBOR USD 1 Month - 0.09%), 2.23%, 12/12/2018(b)		380,000		380,000
(ICE LIBOR USD 1 Month - 0.12%), 2.19%, 12/14/2018(b)		2,400,000		2,400,000
(ICE LIBOR USD 1 Month - 0.09%), 2.22%, 12/14/2018(b)		204,000		204,005
(ICE LIBOR USD 1 Month - 0.09%), 2.22%, 12/14/2018(b)		225,000		225,000
(ICE LIBOR USD 1 Month - 0.07%), 2.23%, 12/17/2018(b)		1,000,000		1,000,000
(ICE LIBOR USD 1 Month - 0.07%), 2.23%, 12/17/2018(b)		1,000,000		1,000,000
(ICE LIBOR USD 1 Month - 0.06%), 2.25%, 12/17/2018(b)		3,250,000		3,250,000
(ICE LIBOR USD 3 Month - 0.30%), 2.04%, 12/19/2018(b)		750,000		750,000
(ICE LIBOR USD 1 Month - 0.12%), 2.20%, 12/24/2018(b)		125,000		125,000
(ICE LIBOR USD 1 Month - 0.07%), 2.25%, 12/24/2018(b)		1,500,000		1,500,000
(ICE LIBOR USD 1 Month - 0.12%), 2.20%, 12/25/2018(b)		1,000,000		1,000,000
(ICE LIBOR USD 1 Month - 0.09%), 2.23%, 12/25/2018(b)		250,000		249,999
(ICE LIBOR USD 1 Month - 0.11%), 2.21%, 12/26/2018(b)		250,000		250,000
(ICE LIBOR USD 1 Month - 0.11%), 2.21%, 12/26/2018(b)		480,000		480,000
(ICE LIBOR USD 1 Month - 0.09%), 2.23%, 12/26/2018(b)		250,000		250,011
(ICE LIBOR USD 1 Month - 0.09%), 2.23%, 12/26/2018(b)		975,000		975,000
(ICE LIBOR USD 1 Month - 0.06%), 2.26%, 12/26/2018(b)		1,000,000		1,000,000
(ICE LIBOR USD 1 Month - 0.10%), 2.22%, 12/27/2018(b)		350,000		349,997
(ICE LIBOR USD 3 Month - 0.32%), 2.07%, 12/28/2018(b)		500,000		500,000
(ICE LIBOR USD 1 Month - 0.11%), 2.23%, 12/30/2018(b)		250,000		250,000
(ICE LIBOR USD 3 Month - 0.15%), 2.25%, 1/3/2019(b)		200,000		199,963
(ICE LIBOR USD 3 Month - 0.32%), 2.09%, 1/5/2019(b)		2,000,000		2,000,000
(ICE LIBOR USD 3 Month - 0.32%), 2.09%, 1/10/2019(b)		1,000,000		1,000,000
(ICE LIBOR USD 3 Month - 0.34%), 2.10%, 1/16/2019(b)		100,000		100,000
(ICE LIBOR USD 3 Month - 0.16%), 2.31%, 1/22/2019(b)		500,000		500,000
(ICE LIBOR USD 3 Month - 0.32%), 2.28%, 2/9/2019(b)		2,000,000		2,000,000
(ICE LIBOR USD 3 Month - 0.26%), 2.36%, 2/12/2019(b)		1,600,000		1,600,000
(ICE LIBOR USD 3 Month - 0.26%), 2.37%, 2/16/2019(b)		500,000		500,000

JPMorgan U.S. Government Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
U.S. GOVERNMENT AGENCY SECURITIES — continued
(ICE LIBOR USD 3 Month - 0.26%), 2.37%, 2/16/2019(b)		500,000		500,000
(ICE LIBOR USD 3 Month - 0.25%), 2.38%, 2/16/2019(b)		750,000		750,000
(ICE LIBOR USD 3 Month - 0.25%), 2.38%, 2/16/2019(b)		300,000		300,000
(ICE LIBOR USD 3 Month - 0.25%), 2.38%, 2/16/2019(b)		500,000		500,000
DN, 2.33%, 2/20/2019(c)		150,000		149,217
(ICE LIBOR USD 3 Month - 0.26%), 2.39%, 2/20/2019(b)		250,000		250,000
(ICE LIBOR USD 3 Month - 0.25%), 2.40%, 2/20/2019(b)		570,000		570,000
(ICE LIBOR USD 3 Month - 0.30%), 2.35%, 2/22/2019(b)		250,000		250,000
(ICE LIBOR USD 3 Month - 0.30%), 2.35%, 2/22/2019(b)		200,000		200,000
(ICE LIBOR USD 3 Month - 0.26%), 2.42%, 2/24/2019(b)		2,000,000		2,000,000
(ICE LIBOR USD 3 Month - 0.30%), 2.38%, 2/25/2019(b)		150,000		150,000
(ICE LIBOR USD 3 Month - 0.30%), 2.38%, 2/25/2019(b)		250,000		250,000
(ICE LIBOR USD 3 Month - 0.30%), 2.38%, 2/25/2019(b)		750,000		750,000
DN, 2.33%, 2/28/2019(c)		1,100,000		1,093,688
(ICE LIBOR USD 3 Month - 0.19%), 2.52%, 2/28/2019(b)		300,000		300,000
2.49%, 5/6/2019		1,000,000		999,941
2.50%, 5/10/2019		500,000		499,978
DN, 2.51%, 5/10/2019(c)		500,000		494,489
2.50%, 5/14/2019		425,000		424,956
2.50%, 5/23/2019		400,000		399,909
DN, 2.53%, 5/29/2019(c)		500,000		493,785
DN, 2.53%, 6/6/2019(c)		335,000		330,650
DN, 2.53%, 6/7/2019(c)		350,000		345,431
0.88%, 8/5/2019		124,400		122,928
FHLMC
(ICE LIBOR USD 3 Month - 0.22%), 2.10%, 12/7/2018(b)		1,500,000		1,500,000
(ICE LIBOR USD 3 Month - 0.22%), 2.11%, 12/10/2018(b)		1,000,000		1,000,000
DN, 2.54%, 6/19/2019(c)		1,800,000		1,775,000
FNMA
(SOFRRATE + 0.04%), 2.28%, 1/30/2019(b)		475,000		475,000
(SOFRRATE + 0.07%), 2.31%, 1/30/2019(b)		400,000		400,000
(SOFRRATE + 0.10%), 2.34%, 1/30/2019(b)		300,000		300,000
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $50,139,784)				50,139,784
U.S. TREASURY OBLIGATIONS — 6.0%
U.S. Treasury Floating Rate Notes
(US Treasury 3 Month Bill Money Market Yield + 0.04%), 2.43%, 12/3/2018(b)		963,000		963,357
U.S. Treasury Notes
1.25%, 12/31/2018		1,515,000		1,513,893
1.38%, 12/31/2018		450,000		449,717
1.50%, 12/31/2018		1,100,000		1,099,419
(US Treasury 3 Month Bill Money Market Yield + 0.05%), 2.43%, 1/31/2019(b)		3,200,000		3,199,920
1.50%, 2/28/2019		1,000,000		998,006
0.88%, 4/15/2019		800,000		795,365
TOTAL U.S. TREASURY OBLIGATIONS (Cost $9,019,677)				9,019,677
SHORT-TERM INVESTMENTS — 13.4%
U.S. TREASURY OBLIGATIONS — 13.4%
U.S. Treasury Bills
2.19%, 1/24/2019(c)		1,500,000		1,495,127
2.22%, 2/21/2019(c)		2,500,000		2,487,506
2.23%, 2/28/2019(c)		3,750,000		3,729,536
2.27%, 3/7/2019(c)		3,500,000		3,479,092
2.30%, 3/14/2019(c)		3,500,000		3,477,267
2.34%, 3/21/2019(c)		2,000,000		1,985,883
2.38%, 4/4/2019(c)		3,337,000		3,309,922
TOTAL U.S. TREASURY OBLIGATIONS (Cost $19,964,333)				19,964,333
TOTAL SHORT-TERM INVESTMENTS (Cost $19,964,333)				19,964,333
Total Investments — 98.2% (Cost $146,740,292)*				146,740,292
Other Assets Less Liabilities — 1.8%				2,685,214
Net Assets — 100.0%				149,425,506

Percentages indicated are based on net assets.

JPMorgan U.S. Government Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Abbreviations
DN	Discount Notes
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
SOFRRATE	SOFR Secured Overnight Financing Rate
USD	United States Dollar
(a)	The date shown represents the earliest of the next put date, next demand date or final maturity date.
(b)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2018.
(c)	The rate shown is the effective yield as of November 30, 2018.
*	The cost of securities is substantially the same for federal income tax purposes.

Additional Investment Information:

[1] Agency Joint Trading Account I — At November 30, 2018, certain Funds had undivided interests in the Agency Joint Trading Account I with a maturity date of December 03, 2018, as follows (amounts in thousands):

Fund	Principal Amount		Repurchase Price		Collateral Value Allocation
JPMorgan U.S. Government Money Market Fund	$	3,824,664	$	3,825,395	$	3,902,757

Repurchase Agreements — November 30, 2018, the Principal Amounts of certain Funds’ interests in the Agency Joint Trading Account I were as follows (amounts in thousands):

Counterparty	Interest Rate			JPMorgan U.S. Government Money Market Fund
BNP Paribas SA		2.30	%	$	797,782
MUFG Securities Americas, Inc.		2.29	%		680,462
TD Securities (USA) LLC		2.29	%		234,642
Wells Fargo Securities LLC		2.29	%		2,111,778
Total				$	3,824,664

November 30, 2018, the Agency Joint Trading Account I was fully collateralized by:

Issuer	Interest Rates		Maturity Dates
FFCB		2.89% - 2.89%	6/19/2023 - 6/19/2023
FHLB		1.13% - 3.00%	12/21/2018 - 9/13/2024
FHLMC		0.00% - 7.00%	7/1/2019 - 11/15/2048
FNMA		0.00% - 7.00%	12/25/2018 - 6/25/2053
GNMA		2.00% - 8.50%	11/20/2023 - 9/20/2068
Tennessee Valley Authority		0.00% - 2.88%	11/1/2025 - 2/1/2027
U.S. Treasury Securities		0.00% - 2.38%	12/26/2018 - 11/15/2025

JPMorgan U.S. Government Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

[2] Agency Joint Trading Account II — At November 30, 2018, certain Funds had undivided interests in the Agency Joint Trading Account II with a maturity date of December 03, 2018, as follows (amounts in thousands):

Fund	Principal Amount		Repurchase Price		Collateral Value Allocation
JPMorgan U.S. Government Money Market Fund	$	650,077	$	650,201	$	663,078

Repurchase Agreements — At November 30, 2018, the Principal Amounts of certain Funds’ interests in the Agency Joint Trading Account II were as follows (amounts in thousands):

Counterparty	Interest Rate			JPMorgan U.S. Government Money Market Fund
Citibank NA		2.29	%	$	81,260
Citigroup Global Markets Holdings, Inc.		2.29	%		90,288
Merrill Lynch PFS, Inc.		2.29	%		478,529
Total				$	650,077

At November 30, 2018, the Agency Joint Trading Account II was fully collateralized by:

Issuer	Interest Rates		Maturity Dates
FHLMC		2.59% - 4.50%	10/1/2035 - 1/1/2048
FNMA		2.23% - 4.50%	7/1/2024 - 4/1/2048
GNMA		3.50% - 4.50%	3/20/2047 - 11/20/2048
U.S. Treasury Securities		0.13% - 2.50%	2/15/2019 - 2/15/2046

A. Valuation of Investments — The valuation of investments is 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 (the “Board”), which established the following approach to valuation, as described more fully below: securities and other debt instruments held by money market funds pursuant to Rule 2a-7 under the 1940 Act shall be valued using the amortized cost method provided that certain conditions are met.

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 be expected to vary inversely with changes in prevailing interest rates.

JPMorgan 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 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 on a daily basis that the amortized cost valuation method fairly reflects the market-based net asset value of the Fund.

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 fair value of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 — Quoted prices in active markets for identical securities.

• Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

• Level 3 — Significant unobservable inputs (including the Fund’s own 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 securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as level 2.

JPMorgan U.S. Government Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

The following is a summary of the inputs used as of November 30, 2018, in valuing the Fund’s assets and liabilities carried at amortized cost which approximates fair value (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	146,740,292	$	—	$	146,740,292

(a) All portfolio holdings designated as level 2 are disclosed individually on the Schedule of Portfolio Investment (“SOI”). Please refer to the SOI for specifics of the major categories of portfolio holdings.

There were no transfers among any levels during the period ended November 30, 2018.

JPMorgan U.S. Treasury Plus Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited)

Investments(a)	Principal Amount ($000)		Value ($000)
REPURCHASE AGREEMENTS — 61.6%
BNP Paribas SA, 2.23%, dated 11/30/2018, due 12/6/2018, repurchase price $1,500,558, collateralized by U.S. Treasury Securities, 0.00% - 8.13%, due 4/4/2019 - 11/15/2047, with a value of $1,533,222.		1,500,000		1,500,000
Fixed Income Clearing Corp., 2.28%, dated 11/30/2018, due 12/3/2018, repurchase price $2,000,380, collateralized by U.S. Treasury Securities, 1.63% - 4.25%, due 6/15/2021 - 5/15/2039, with a value of $2,040,000.		2,000,000		2,000,000
Fixed Income Clearing Corp., 2.28%, dated 11/30/2018, due 12/3/2018, repurchase price $600,114, collateralized by U.S. Treasury Securities, 2.13% - 7.63%, due 1/15/2019 - 2/15/2041, with a value of $612,000.		600,000		600,000
J.P. Morgan Securities LLC, 2.27%, dated 11/30/2018, due 12/3/2018, repurchase price $250,047, collateralized by U.S. Treasury Securities, 0.13% - 5.25%, due 7/15/2026 - 2/15/2029, with a value of $255,048.		250,000		250,000
Merrill Lynch PFS, Inc., 2.27%, dated 11/30/2018, due 12/3/2018, repurchase price $204,748, collateralized by U.S. Treasury Securities, 0.00% - 1.38%, due 1/15/2020 - 8/15/2029, with a value of $208,803.		204,709		204,709
Mizuho Securities USA LLC, 2.28%, dated 11/30/2018, due 12/3/2018, repurchase price $500,095, collateralized by U.S. Treasury Securities, 2.00% - 2.13%, due 2/28/2021 - 11/30/2023, with a value of $510,000.		500,000		500,000
MUFG Securities Americas, Inc., 2.27%, dated 11/30/2018, due 12/3/2018, repurchase price $250,047, collateralized by U.S. Treasury Securities, 0.00% - 5.38%, due 2/28/2019 - 8/15/2047, with a value of $255,048.		250,000		250,000
Natixis SA, 2.27%, dated 11/30/2018, due 12/3/2018, repurchase price $3,500,662, collateralized by U.S. Treasury Securities, 0.13% - 3.63%, due 4/15/2019 - 8/15/2047, with a value of $3,570,675.		3,500,000		3,500,000
Norinchukin Bank (The), 2.26%, dated 11/30/2018, due 12/7/2018, repurchase price $150,066, collateralized by U.S. Treasury Securities, 2.63%, due 11/15/2020, with a value of $152,837.		150,000		150,000
Norinchukin Bank (The), 2.29%, dated 11/30/2018, due 12/19/2018, repurchase price $100,121, collateralized by U.S. Treasury Securities, 2.63%, due 11/15/2020, with a value of $101,893.		100,000		100,000
Norinchukin Bank (The), 2.29%, dated 11/30/2018, due 12/19/2018, repurchase price $100,121, collateralized by U.S. Treasury Securities, 2.63%, due 11/15/2020, with a value of $101,893.		100,000		100,000
Norinchukin Bank (The), 2.47%, dated 11/30/2018, due 2/6/2019, repurchase price $251,166, collateralized by U.S. Treasury Securities, 2.63%, due 11/15/2020, with a value of $254,726.		250,000		250,000
Societe Generale SA, 2.27%, dated 11/30/2018, due 12/3/2018, repurchase price $750,142, collateralized by U.S. Treasury Securities, 0.00% - 7.25%, due 2/28/2019 - 2/15/2047, with a value of $765,000.		750,000		750,000
Societe Generale SA, 2.23%, dated 11/30/2018, due 12/10/2018, repurchase price $250,155, collateralized by U.S. Treasury Securities, 0.00% - 6.75%, due 12/31/2018 - 8/15/2046, with a value of $255,000.		250,000		250,000
Sumitomo Mitsui Banking Corp., 2.27%, dated 11/30/2018, due 12/3/2018, repurchase price $4,750,899, collateralized by U.S. Treasury Securities, 1.38% - 3.75%, due 6/30/2019 - 5/15/2044, with a value of $4,845,917.		4,750,000		4,750,000
Treasury Joint Trading Account I, J.P. Morgan Investment Management Inc., as agent, 2.27%, dated 11/30/2018, due 12/3/2018, repurchase price $2,550,483. [1]		2,550,000		2,550,000

JPMorgan U.S. Treasury Plus Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
REPURCHASE AGREEMENTS — continued
UBS Securities LLC, 2.27%, dated 11/30/2018, due 12/3/2018, repurchase price $500,095, collateralized by U.S. Treasury Securities, 0.00% - 7.50%, due 12/31/2018 - 5/15/2048, with a value of $510,000.		500,000		500,000
TOTAL REPURCHASE AGREEMENTS (Cost 18,204,709)				18,204,709
U.S. TREASURY OBLIGATIONS — 27.5%
U.S. Treasury Floating Rate Notes
(US Treasury 3 Month Bill Money Market Yield + 0.00%), 2.38%, 12/3/2018(b)		990,000		989,904
(US Treasury 3 Month Bill Money Market Yield + 0.03%), 2.42%, 12/3/2018(b)		1,023,000		1,023,144
(US Treasury 3 Month Bill Money Market Yield + 0.04%), 2.43%, 12/3/2018(b)		445,000		444,996
(US Treasury 3 Month Bill Money Market Yield + 0.05%), 2.43%, 12/3/2018(b)		850,000		850,067
(US Treasury 3 Month Bill Money Market Yield + 0.06%), 2.44%, 12/3/2018(b)		300,000		300,000
(US Treasury 3 Month Bill Money Market Yield + 0.07%), 2.45%, 12/3/2018(b)		828,000		828,100
(US Treasury 3 Month Bill Money Market Yield + 0.14%), 2.52%, 12/3/2018(b)		500,000		500,044
U.S. Treasury Notes 1.38%, 12/31/2018		500,000		499,685
1.50%, 12/31/2018		250,000		249,864
(US Treasury 3 Month Bill Money Market Yield + 0.05%), 2.43%, 1/31/2019(b)		850,000		850,021
1.50%, 2/28/2019		150,000		149,702
1.50%, 3/31/2019		100,000		99,690
1.63%, 3/31/2019		200,000		199,433
0.88%, 4/15/2019		233,000		231,651
0.88%, 7/31/2019		100,000		98,855
1.63%, 7/31/2019		500,000		496,749
0.75%, 8/15/2019		314,000		309,893
TOTAL U.S. TREASURY OBLIGATIONS (Cost $8,121,798)				8,121,798
SHORT-TERM INVESTMENTS — 8.1%
U.S. TREASURY OBLIGATIONS — 8.1%
U.S. Treasury Bills 2.10%, 12/27/2018(c)		350,000		349,474
2.16%, 1/17/2019(c)		500,000		498,603
2.27%, 3/7/2019(c)		750,000		745,520
2.29%, 3/14/2019(c)		400,000		397,412
2.38%, 4/4/2019(c)		400,000		396,762
TOTAL U.S. TREASURY OBLIGATIONS (Cost $2,387,771)				2,387,771
TOTAL SHORT-TERM INVESTMENTS (Cost $2,387,771)				2,387,771
Total Investments — 97.2% (Cost $28,714,278)*				28,714,278
Other Assets Less Liabilities — 2.8%				820,368
Net Assets — 100.0%				29,534,646

Percentages indicated are based on net assets.

(a) The date shown represents the earliest of the next put date, next demand date or final maturity date.

(b) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2018.

(c) The rate shown is the effective yield as of November 30, 2018.

* The cost of securities is substantially the same for federal income tax purposes.

JPMorgan U.S. Treasury Plus Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Additional Investment Information:

[1] Treasury Joint Trading Account I — At November 30, 2018, certain Funds had undivided interests in the Treasury Joint Trading Account I with a maturity date of December 03, 2018, as follows (amounts in thousands):

Fund	Principal Amount		Repurchase Price		Collateral Value Allocation
JPMorgan U.S. Treasury Plus Money Market Fund	$	2,550,000	$	2,550,483	$	2,601,474

Repurchase Agreements — At November 30, 2018, the Principal Amounts of certain Funds’ interests in the Treasury Joint Account I were as follows (amounts in thousands):

Counterparty	Interest Rate			JPMorgan U.S. Treasury Plus Money Market Fund
BNP Paribas		2.28	%	$	1,133,333
Citibank NA		2.27	%		94,445
Wells Fargo Securities LLC		2.27	%		1,322,222
Total				$	2,550,000

At November 30, 2018, the Treasury Joint Account I was fully collateralized by:

Issuer	Interest Rates	Maturity Dates
U.S. Treasury Securities	0.00% - 8.88%		12/6/2018 - 11/15/2048

A. Valuation of Investments — The valuation of investments is 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 (the “Board”), which established the following approach to valuation, as described more fully below: securities and other debt instruments held by money market funds pursuant to Rule 2a-7 under the 1940 Act shall be valued using the amortized cost method provided that certain conditions are met.

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 be expected to vary inversely with changes in prevailing interest rates.

JPMorgan 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 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 on a daily basis that the amortized cost valuation method fairly reflects the market-based net asset value (“NAV”) of the Fund.

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 fair value of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 — Quoted prices in active markets for identical securities.

• Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

• Level 3 — Significant unobservable inputs (including the Fund’s own 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 securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as level 2.

The following is a summary of the inputs used as of November 30, 2018, in valuing the Fund’s assets and liabilities carried at amortized cost which approximates fair value (amounts in thousands):

JPMorgan U.S. Treasury Plus Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	28,714,278	$	—	$	28,714,278

(a) All portfolio holdings designated as level 2 are disclosed individually on the Schedule of Portfolio Investment. Please refer to the SOI for specifics of the major categories of portfolio holdings.

There were no transfers among any levels during the period ended November 30, 2018.

ITEM 2. CONTROLS AND PROCEDURES.

(a) The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal controls over financial reporting.

ITEM 3. EXHIBITS.

CERTIFICATIONS PURSUANT TO RULE 30a-2(a) UNDER THE INVESTMENT COMPANY ACT OF 1940 ARE ATTACHED HERETO.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

JPMorgan Trust II
By:	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	January 28, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	January 28, 2019
By:	/s/ Timothy J. Clemens
	Timothy J. Clemens
	Treasurer and Principal Financial Officer
	January 28, 2019