JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — 37.7%
Aerospace & Defense — 0.8%
Boeing Co. (The) 4.88%, 5/1/2025		7,100		7,536
Leidos, Inc.
2.95%, 5/15/2023(a)		4,150		4,296
3.63%, 5/15/2025(a)		985		1,057
Northrop Grumman Corp. 2.55%, 10/15/2022		10,185		10,662
				23,551
Auto Components — 0.1%
Toyota Industries Corp. (Japan) 3.11%, 3/12/2022(a)		4,050		4,166
Automobiles — 1.4%
BMW US Capital LLC (Germany)
1.85%, 9/15/2021(a)		1,826		1,834
3.80%, 4/6/2023(a)		7,240		7,597
Daimler Finance North America LLC (Germany)
2.85%, 1/6/2022(a)		1,178		1,186
3.40%, 2/22/2022(a)		5,000		5,101
Hyundai Capital America
3.95%, 2/1/2022(a)		1,500		1,523
3.00%, 6/20/2022(a)		1,445		1,444
2.85%, 11/1/2022(a)		3,885		3,866
2.38%, 2/10/2023(a)		3,810		3,750
Volkswagen Group of America Finance LLC (Germany)
4.00%, 11/12/2021(a)		2,700		2,783
2.90%, 5/13/2022(a)		13,965		14,209
				43,293
Banks — 15.5%
ABN AMRO Bank NV (Netherlands)
2.65%, 1/19/2021(a)		4,075		4,120
3.40%, 8/27/2021(a)		3,700		3,822
AIB Group plc (Ireland)
4.75%, 10/12/2023(a)		2,415		2,557
(ICE LIBOR USD 3 Month + 1.87%), 4.26%, 4/10/2025(a)(b)		4,465		4,650
ANZ New Zealand Int’l Ltd. (New Zealand) 2.88%, 1/25/2022(a)		3,000		3,086
ASB Bank Ltd. (New Zealand) 3.13%, 5/23/2024(a)		1,256		1,325
Australia & New Zealand Banking Group Ltd. (Australia)
4.88%, 1/12/2021(a)		1,000		1,027
2.63%, 11/9/2022		6,055		6,320
Banco Santander SA (Spain) 2.75%, 5/28/2025		4,400		4,491
Bank of America Corp.
5.00%, 5/13/2021		4,605		4,805
(ICE LIBOR USD 3 Month + 0.66%), 2.37%, 7/21/2021(b)		7,951		7,961
(ICE LIBOR USD 3 Month + 0.63%), 3.50%, 5/17/2022(b)		13,625		13,949
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023(b)		5,370		5,549
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023(b)		5,450		5,695
(ICE LIBOR USD 3 Month + 0.94%), 3.86%, 7/23/2024(b)		4,980		5,391
Bank of New Zealand (New Zealand) 3.50%, 2/20/2024(a)		2,370		2,527
Bank of Nova Scotia (The) (Canada)
2.00%, 11/15/2022		14,818		15,230
1.95%, 2/1/2023		2,285		2,341
Banque Federative du Credit Mutuel SA (France)
2.13%, 11/21/2022(a)		11,835		12,023
3.75%, 7/20/2023(a)		1,480		1,592
Barclays Bank plc (United Kingdom)
5.14%, 10/14/2020		1,310		1,328
10.18%, 6/12/2021(a)		2,080		2,251
1.70%, 5/12/2022		7,470		7,572
Barclays plc (United Kingdom)
3.68%, 1/10/2023		2,835		2,934
(ICE LIBOR USD 3 Month + 1.40%), 4.61%, 2/15/2023(b)		7,355		7,706
BBVA USA
3.50%, 6/11/2021		2,820		2,860
2.88%, 6/29/2022		3,824		3,864
BNP Paribas SA (France)
2.95%, 5/23/2022(a)		5,000		5,136
3.50%, 3/1/2023(a)		2,100		2,208
BNZ International Funding Ltd. (New Zealand) 2.90%, 2/21/2022(a)		5,410		5,595
Canadian Imperial Bank of Commerce (Canada)
(ICE LIBOR USD 3 Month + 0.79%), 2.61%, 7/22/2023(b)		2,500		2,573
3.10%, 4/2/2024		4,805		5,097
Citigroup, Inc.
2.70%, 10/27/2022		2,500		2,589
(SOFR + 0.87%), 2.31%, 11/4/2022(b)		3,960		4,014
(ICE LIBOR USD 3 Month + 0.72%), 3.14%, 1/24/2023(b)		13,924		14,328
(ICE LIBOR USD 3 Month + 0.95%), 2.88%, 7/24/2023(b)		6,966		7,186
(SOFR + 2.75%), 3.11%, 4/8/2026(b)		8,525		8,975
Citizens Bank NA 2.55%, 5/13/2021		3,640		3,700
Citizens Financial Group, Inc. 2.38%, 7/28/2021		1,620		1,643
Cooperatieve Rabobank UA (Netherlands)
2.75%, 1/10/2022		500		517
3.88%, 2/8/2022		2,000		2,107
Credit Agricole SA (France)
3.38%, 1/10/2022(a)		5,000		5,155

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
3.75%, 4/24/2023(a)		2,885		3,055
Danske Bank A/S (Denmark) 2.00%, 9/8/2021(a)		800		805
Discover Bank 3.20%, 8/9/2021		3,000		3,030
DNB Bank ASA (Norway) 2.15%, 12/2/2022(a)		14,706		15,155
Fifth Third Bancorp
3.50%, 3/15/2022		1,000		1,045
2.60%, 6/15/2022		6,850		7,070
First Horizon National Corp. 3.50%, 12/15/2020		1,970		1,987
HSBC Holdings plc (United Kingdom)
2.95%, 5/25/2021		3,710		3,792
2.65%, 1/5/2022		22,825		23,380
HSBC USA, Inc. 9.30%, 6/1/2021		1,400		1,512
Huntington Bancshares, Inc.
7.00%, 12/15/2020		1,815		1,869
3.15%, 3/14/2021		803		815
KeyBank NA 2.50%, 11/22/2021		750		768
KeyCorp 2.90%, 9/15/2020		4,000		4,027
Lloyds Bank plc (United Kingdom)
3.30%, 5/7/2021		13,774		14,108
2.25%, 8/14/2022		600		617
Lloyds Banking Group plc (United Kingdom)
3.00%, 1/11/2022		1,200		1,236
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.50%), 3.87%, 7/9/2025(b)		5,850		6,212
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.54%, 7/26/2021		1,600		1,653
3.22%, 3/7/2022		1,400		1,450
2.62%, 7/18/2022		800		823
2.67%, 7/25/2022		3,535		3,649
3.76%, 7/26/2023		4,272		4,574
3.41%, 3/7/2024		2,970		3,161
Mizuho Financial Group, Inc. (Japan)
2.95%, 2/28/2022		4,290		4,436
2.60%, 9/11/2022		536		552
(ICE LIBOR USD 3 Month + 0.84%), 2.72%, 7/16/2023(b)		5,022		5,129
National Bank of Canada (Canada)
2.15%, 10/7/2022(a)		3,890		3,975
2.10%, 2/1/2023		5,755		5,875
NatWest Markets plc (United Kingdom) 2.38%, 5/21/2023(a)		6,015		6,067
Nordea Bank Abp (Finland)
4.88%, 5/13/2021(a)		700		723
4.25%, 9/21/2022(a)		870		911
3.75%, 8/30/2023(a)		1,115		1,184
Royal Bank of Canada (Canada) 1.95%, 1/17/2023		6,800		7,010
Royal Bank of Scotland Group plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.48%), 3.50%, 5/15/2023(b)		6,535		6,723
Santander UK Group Holdings plc (United Kingdom)
3.13%, 1/8/2021		5,000		5,057
2.88%, 8/5/2021		5,100		5,187
Santander UK plc (United Kingdom)
2.13%, 11/3/2020		1,000		1,007
2.10%, 1/13/2023		6,070		6,237
Skandinaviska Enskilda Banken AB (Sweden)
2.63%, 11/17/2020(a)		850		858
2.80%, 3/11/2022		1,700		1,757
3.05%, 3/25/2022(a)		1,600		1,658
Societe Generale SA (France)
3.25%, 1/12/2022(a)		1,905		1,950
4.25%, 9/14/2023(a)		2,850		3,039
3.88%, 3/28/2024(a)		2,890		3,043
Standard Chartered plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.20%), 2.74%, 9/10/2022(a)(b)		7,000		7,039
(ICE LIBOR USD 3 Month + 1.15%), 4.25%, 1/20/2023(a)(b)		1,400		1,447
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.44%, 10/19/2021		900		923
2.85%, 1/11/2022		1,890		1,942
2.78%, 7/12/2022		3,010		3,108
Svenska Handelsbanken AB (Sweden) 2.45%, 3/30/2021		1,000		1,017
Truist Bank
2.85%, 4/1/2021		300		305
2.80%, 5/17/2022		1,500		1,561
(ICE LIBOR USD 3 Month + 0.59%), 3.50%, 8/2/2022(b)		1,610		1,658
1.25%, 3/9/2023		7,780		7,837
Truist Financial Corp.
2.90%, 3/3/2021		3,125		3,176
2.05%, 5/10/2021		2,500		2,535
3.05%, 6/20/2022		8,275		8,636
Wells Fargo & Co.
2.50%, 3/4/2021		7,634		7,746
2.10%, 7/26/2021		8,248		8,372
3.07%, 1/24/2023		7,095		7,308
3.75%, 1/24/2024		600		645
(SOFR + 1.60%), 1.65%, 6/2/2024(b)		5,175		5,190
(SOFR + 2.00%), 2.19%, 4/30/2026(b)		4,065		4,119
Wells Fargo Bank NA
3.63%, 10/22/2021		3,300		3,425

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
(ICE LIBOR USD 3 Month + 0.61%), 2.90%, 5/27/2022(b)		1,100		1,120
				465,079
Beverages — 0.3%
Coca-Cola European Partners plc (United Kingdom)
3.50%, 9/15/2020		1,460		1,470
3.25%, 8/19/2021		350		356
Constellation Brands, Inc. 3.75%, 5/1/2021		2,000		2,055
Keurig Dr Pepper, Inc.
3.55%, 5/25/2021		1,000		1,028
2.53%, 11/15/2021		1,255		1,286
3.13%, 12/15/2023		1,735		1,858
Pernod Ricard SA (France)
5.75%, 4/7/2021(a)		850		882
4.45%, 1/15/2022(a)		600		634
				9,569
Biotechnology — 0.9%
AbbVie, Inc.
5.00%, 12/15/2021(a)		420		442
2.30%, 11/21/2022(a)		19,695		20,330
Gilead Sciences, Inc. 4.40%, 12/1/2021		5,015		5,253
				26,025
Building Products — 0.0%(c)
Masco Corp. 3.50%, 4/1/2021		815		828
Capital Markets — 4.6%
Ameriprise Financial, Inc.
3.00%, 3/22/2022		1,035		1,075
3.00%, 4/2/2025		4,755		5,106
Credit Suisse Group AG (Switzerland) 3.57%, 1/9/2023(a)		14,956		15,420
Deutsche Bank AG (Germany)
3.13%, 1/13/2021		12,000		12,012
3.15%, 1/22/2021		1,325		1,326
Goldman Sachs Group, Inc. (The)
2.88%, 2/25/2021		1,000		1,013
5.25%, 7/27/2021		7,063		7,397
2.35%, 11/15/2021		1,200		1,208
3.00%, 4/26/2022		2,375		2,416
(ICE LIBOR USD 3 Month + 0.82%), 2.88%, 10/31/2022(b)		18,799		19,208
(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 6/5/2023(b)		6,825		7,014
3.50%, 4/1/2025		5,130		5,506
Macquarie Bank Ltd. (Australia) 2.10%, 10/17/2022(a)		13,725		14,006
Macquarie Group Ltd. (Australia) (ICE LIBOR USD 3 Month + 1.02%), 3.19%, 11/28/2023(a)(b)		2,000		2,058
Morgan Stanley
5.75%, 1/25/2021		4,236		4,376
3.13%, 1/23/2023		10,319		10,894
3.75%, 2/25/2023		4,362		4,666
(SOFR + 1.99%), 2.19%, 4/28/2026(b)		4,805		4,936
State Street Corp. (SOFR + 2.69%), 2.82%, 3/30/2023(a)(b)		5,355		5,537
UBS AG (Switzerland) 1.75%, 4/21/2022(a)		8,310		8,446
UBS Group AG (Switzerland) 2.65%, 2/1/2022(a)		3,626		3,715
				137,335
Chemicals — 0.0%(c)
International Flavors & Fragrances, Inc. 3.40%, 9/25/2020		651		653
Consumer Finance — 3.1%
AerCap Ireland Capital DAC (Ireland)
3.95%, 2/1/2022		1,105		1,041
3.50%, 5/26/2022		1,625		1,507
4.63%, 7/1/2022		7,540		7,106
3.30%, 1/23/2023		3,500		3,204
American Express Co. 3.00%, 2/22/2021		1,000		1,016
American Honda Finance Corp. 2.05%, 1/10/2023		4,674		4,773
Avolon Holdings Funding Ltd. (Ireland)
5.13%, 10/1/2023(a)		4,787		4,046
5.25%, 5/15/2024(a)		2,625		2,215
Capital One Financial Corp.
3.05%, 3/9/2022		5,340		5,511
3.20%, 1/30/2023		2,500		2,591
2.60%, 5/11/2023		6,365		6,536
Caterpillar Financial Services Corp.
1.93%, 10/1/2021		1,952		1,980
2.95%, 2/26/2022		7,135		7,415
0.95%, 5/13/2022		2,325		2,348
1.90%, 9/6/2022		6,140		6,314
John Deere Capital Corp. 1.20%, 4/6/2023		5,875		5,951
Park Aerospace Holdings Ltd. (Ireland)
5.25%, 8/15/2022(a)		2,250		1,986
4.50%, 3/15/2023(a)		1,490		1,262
Toyota Motor Credit Corp.
1.15%, 5/26/2022		14,550		14,620
2.90%, 3/30/2023		8,880		9,343
				90,765
Diversified Financial Services — 0.5%
AIG Global Funding
3.35%, 6/25/2021(a)		1,685		1,733
2.70%, 12/15/2021(a)		1,700		1,744
CK Hutchison International 17 II Ltd. (United Kingdom) 2.25%, 9/29/2020(a)		513		514
CK Hutchison International 17 Ltd. (United Kingdom) 2.88%, 4/5/2022(a)		1,200		1,224

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan)
3.41%, 2/28/2022(a)		685		699
3.96%, 9/19/2023(a)		1,000		1,073
Shell International Finance BV (Netherlands) 2.38%, 4/6/2025		5,960		6,347
Siemens Financieringsmaatschappij NV (Germany) 2.90%, 5/27/2022(a)		610		638
				13,972
Electric Utilities — 1.1%
Edison International
3.13%, 11/15/2022		1,495		1,539
2.95%, 3/15/2023		7,680		7,834
Emera US Finance LP (Canada) 2.70%, 6/15/2021		1,930		1,955
Enel Finance International NV (Italy) 2.88%, 5/25/2022(a)		3,100		3,182
Entergy Corp. 5.13%, 9/15/2020		444		445
Entergy Louisiana LLC 4.80%, 5/1/2021		310		319
Exelon Corp. 3.50%, 6/1/2022(d)		850		884
NextEra Energy Capital Holdings, Inc.
2.90%, 4/1/2022		860		894
2.75%, 5/1/2025		4,735		5,063
Progress Energy, Inc. 4.40%, 1/15/2021		6,135		6,218
Southern California Edison Co.
1.85%, 2/1/2022		475		474
Series E, 3.70%, 8/1/2025		2,700		2,958
Xcel Energy, Inc. 2.60%, 3/15/2022		1,300		1,332
				33,097
Energy Equipment & Services — 0.0%(c)
Baker Hughes a GE Co. LLC 2.77%, 12/15/2022		1,190		1,232
Entertainment — 0.2%
TWDC Enterprises 18 Corp. 2.35%, 12/1/2022		4,755		4,949
Equity Real Estate Investment Trusts (REITs) — 0.6%
American Tower Corp.
3.30%, 2/15/2021		2,190		2,222
2.25%, 1/15/2022		1,000		1,022
3.00%, 6/15/2023		3,140		3,319
Crown Castle International Corp. 2.25%, 9/1/2021		6,091		6,179
Office Properties Income Trust
4.15%, 2/1/2022		1,433		1,423
4.00%, 7/15/2022		3,423		3,378
WEA Finance LLC (France) 3.25%, 10/5/2020(a)		1,000		1,001
				18,544
Food Products — 0.3%
Cargill, Inc.
3.25%, 11/15/2021(a)		2,775		2,875
1.38%, 7/23/2023(a)		4,420		4,495
McCormick & Co., Inc. 3.50%, 9/1/2023		1,000		1,068
				8,438
Gas Utilities — 0.2%
Dominion Energy Gas Holdings LLC 2.80%, 11/15/2020		7,023		7,078
Health Care Equipment & Supplies — 0.0%(c)
Becton Dickinson and Co. 2.40%, 6/5/2020		960		960
Health Care Providers & Services — 0.5%
Anthem, Inc.
4.35%, 8/15/2020		815		821
2.50%, 11/21/2020		833		841
Cigna Corp.
4.13%, 9/15/2020(a)		3,014		3,038
3.75%, 7/15/2023		1,330		1,447
CVS Health Corp. 3.70%, 3/9/2023		8,745		9,368
				15,515
Hotels, Restaurants & Leisure — 0.2%
McDonald’s Corp. 1.45%, 9/1/2025		6,129		6,248
Household Products — 0.0%(c)
Reckitt Benckiser Treasury Services plc (United Kingdom) 2.38%, 6/24/2022(a)		800		822
Independent Power and Renewable Electricity Producers — 0.2%
Exelon Generation Co. LLC
3.40%, 3/15/2022		1,798		1,861
3.25%, 6/1/2025		4,675		4,840
				6,701
Industrial Conglomerates — 0.0%(c)
Roper Technologies, Inc. 3.00%, 12/15/2020		830		837
Insurance — 2.2%
American International Group, Inc. 3.30%, 3/1/2021		4,015		4,085
Athene Global Funding
4.00%, 1/25/2022(a)		600		613
3.00%, 7/1/2022(a)		3,863		3,897
2.75%, 6/25/2024(a)		2,970		2,954
Jackson National Life Global Funding
3.30%, 6/11/2021(a)		1,400		1,431
3.30%, 2/1/2022(a)		1,295		1,333
2.50%, 6/27/2022(a)		9,615		9,807
Liberty Mutual Group, Inc.
5.00%, 6/1/2021(a)		800		824
4.95%, 5/1/2022(a)		500		528
Lincoln National Corp. 4.20%, 3/15/2022		600		635
Marsh & McLennan Cos., Inc. 3.50%, 12/29/2020		565		574
MassMutual Global Funding II 2.00%, 4/15/2021(a)		2,272		2,304
Metropolitan Life Global Funding I
3.38%, 1/11/2022(a)		1,500		1,562
2.40%, 6/17/2022(a)		1,650		1,705

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
3.00%, 1/10/2023(a)		5,600		5,903
1.95%, 1/13/2023(a)		4,955		5,085
Nationwide Financial Services, Inc. 5.38%, 3/25/2021(a)		707		729
New York Life Global Funding 1.10%, 5/5/2023(a)		3,995		4,042
Pricoa Global Funding I
2.55%, 11/24/2020(a)		4,417		4,459
3.45%, 9/1/2023(a)		466		500
Principal Life Global Funding II 2.25%, 11/21/2024(a)		6,890		7,156
Reliance Standard Life Global Funding II
2.15%, 1/21/2023(a)		3,770		3,788
3.85%, 9/19/2023(a)		1,388		1,475
WR Berkley Corp. 5.38%, 9/15/2020		500		506
				65,895
Media — 0.1%
Charter Communications Operating LLC 3.58%, 7/23/2020		3,770		3,770
Multi-Utilities — 0.2%
Ameren Corp. 2.70%, 11/15/2020		552		556
Berkshire Hathaway Energy Co. 4.05%, 4/15/2025(a)		3,785		4,269
Southern Co. Gas Capital Corp. 3.50%, 9/15/2021		500		510
				5,335
Oil, Gas & Consumable Fuels — 1.3%
APT Pipelines Ltd. (Australia) 3.88%, 10/11/2022(a)		5,800		6,061
BG Energy Capital plc (United Kingdom) 4.00%, 10/15/2021(a)		1,990		2,060
BP Capital Markets America, Inc.
4.50%, 10/1/2020		470		476
2.94%, 4/6/2023		8,280		8,746
Chevron Corp. 1.14%, 5/11/2023		7,070		7,202
Enbridge Energy Partners LP 4.20%, 9/15/2021		750		773
Enbridge, Inc. (Canada) 2.90%, 7/15/2022		400		411
Equinor ASA (Norway) 2.88%, 4/6/2025		5,835		6,287
Magellan Midstream Partners LP 4.25%, 2/1/2021		800		812
Marathon Petroleum Corp. 3.40%, 12/15/2020		1,350		1,351
ONEOK Partners LP 5.00%, 9/15/2023		840		890
Pioneer Natural Resources Co. 3.45%, 1/15/2021		425		427
Sabine Pass Liquefaction LLC 5.63%, 2/1/2021(d)		1,250		1,275
Texas Gas Transmission LLC 4.50%, 2/1/2021(a)		1,100		1,100
TransCanada PipeLines Ltd. (Canada) 3.80%, 10/1/2020		715		722
				38,593
Pharmaceuticals — 0.9%
AstraZeneca plc (United Kingdom) 3.50%, 8/17/2023		4,166		4,510
Bristol-Myers Squibb Co.
3.55%, 8/15/2022(a)		5,985		6,352
2.75%, 2/15/2023(a)		1,500		1,576
Mylan NV 3.15%, 6/15/2021		1,610		1,640
Shire Acquisitions Investments Ireland DAC
2.40%, 9/23/2021		3,970		4,049
2.88%, 9/23/2023		8,647		9,119
				27,246
Real Estate Management & Development — 0.1%
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada) 3.13%, 3/20/2022(a)		3,000		3,031
Road & Rail — 0.3%
Penske Truck Leasing Co. LP 3.65%, 7/29/2021(a)		1,000		1,017
Ryder System, Inc.
3.50%, 6/1/2021		645		653
3.35%, 9/1/2025		2,705		2,759
SMBC Aviation Capital Finance DAC (Ireland) 3.00%, 7/15/2022(a)		6,200		6,155
				10,584
Specialty Retail — 0.5%
Advance Auto Parts, Inc. 4.50%, 1/15/2022		1,200		1,251
AutoZone, Inc.
2.50%, 4/15/2021		1,000		1,013
3.63%, 4/15/2025		5,285		5,804
O’Reilly Automotive, Inc. 3.80%, 9/1/2022		725		747
TJX Cos., Inc. (The) 3.50%, 4/15/2025		6,310		7,049
				15,864
Thrifts & Mortgage Finance — 0.4%
BPCE SA (France)
2.75%, 12/2/2021		500		514
3.00%, 5/22/2022(a)		5,850		6,005
Nationwide Building Society (United Kingdom)
2.00%, 1/27/2023(a)		5,085		5,194
(ICE LIBOR USD 3 Month + 1.18%), 3.62%, 4/26/2023(a)(b)		615		633
				12,346
Tobacco — 0.8%
Altria Group, Inc.
2.85%, 8/9/2022		4,818		5,002
2.35%, 5/6/2025		1,645		1,704
Philip Morris International, Inc.

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
2.63%, 2/18/2022		12,340		12,746
1.13%, 5/1/2023		4,355		4,406
				23,858
Trading Companies & Distributors — 0.4%
Air Lease Corp.
2.25%, 1/15/2023		3,095		2,887
2.75%, 1/15/2023		6,305		5,805
BOC Aviation Ltd. (Singapore) 2.38%, 9/15/2021(a)		1,900		1,901
International Lease Finance Corp. 8.25%, 12/15/2020		2,700		2,746
				13,339
Wireless Telecommunication Services — 0.0%(c)
Crown Castle Towers LLC 3.72%, 7/15/2023(a)		1,400		1,458
TOTAL CORPORATE BONDS (Cost $1,116,991)				1,140,976
ASSET-BACKED SECURITIES — 22.0%
American Credit Acceptance Receivables Trust
Series 2017-1, Class D, 3.54%, 3/13/2023(a)		5,213		5,236
Series 2019-1, Class B, 3.32%, 4/12/2023(a)		1,550		1,560
Series 2017-2, Class D, 3.69%, 6/12/2023(a)		2,776		2,786
Series 2019-3, Class B, 2.59%, 8/14/2023(a)		4,900		4,936
Series 2017-4, Class C, 2.94%, 1/10/2024(a)		86		86
AmeriCredit Automobile Receivables Trust
Series 2017-3, Class A3, 1.90%, 3/18/2022		545		546
Series 2016-4, Class D, 2.74%, 12/8/2022		1,400		1,419
Series 2018-2, Class A3, 3.15%, 3/20/2023		4,357		4,417
Series 2017-3, Class B, 2.24%, 6/19/2023		5,405		5,429
Series 2018-2, Class B, 3.45%, 6/18/2024		3,000		3,082
Amur Equipment Finance Receivables V LLC Series 2018-1A, Class A2, 3.24%, 12/20/2023(a)		3,349		3,368
BCC Funding Corp. XVI LLC Series 2019-1A, Class A2, 2.46%, 8/20/2024(a)		9,000		9,048
Bear Stearns Asset-Backed Securities Trust Series 2003-SD2, Class 2A, 4.50%, 6/25/2043‡(e)		190		181
British Airways Pass-Through Trust (United Kingdom) Series 2013-1, Class A, 4.63%, 6/20/2024(a)		1,768		1,627
BXG Receivables Note Trust Series 2012-A, Class A, 2.66%, 12/2/2027(a)		213		209
California Republic Auto Receivables Trust Series 2016-2, Class A4, 1.83%, 12/15/2021		108		108
CarMax Auto Owner Trust
Series 2017-4, Class A3, 2.11%, 10/17/2022		727		732
Series 2018-3, Class A3, 3.13%, 6/15/2023		3,000		3,063
Series 2019-1, Class A3, 3.05%, 3/15/2024		14,720		15,163
Carnow Auto Receivables Trust
Series 2018-1A, Class A, 3.61%, 10/15/2021(a)		216		215
Series 2019-1A, Class A, 2.72%, 11/15/2022(a)		6,034		6,045
Carvana Auto Receivables Trust
Series 2019-1A, Class A3, 3.08%, 11/15/2022(a)		4,967		4,982
Series 2019-2A, Class A3, 2.58%, 3/15/2023(a)		9,380		9,438
Series 2019-3A, Class B, 2.51%, 4/15/2024(a)		4,070		4,071
CIG Auto Receivables Trust
Series 2017-1A, Class A, 2.71%, 5/15/2023(a)		910		911
Series 2019-1A, Class A, 3.33%, 8/15/2024(a)		1,209		1,210
CNH Equipment Trust Series 2017-B, Class A3, 1.86%, 9/15/2022		675		677
Colony American Finance Ltd. (Cayman Islands)
Series 2016-1, Class A, 2.54%, 6/15/2048(a)		803		803
Series 2016-2, Class A, 2.55%, 11/15/2048(a)		1,571		1,571
Consumer Loan Underlying Bond Credit Trust
Series 2018-P1, Class A, 3.39%, 7/15/2025(a)		204		204
Series 2018-P3, Class A, 3.82%, 1/15/2026(a)		273		272
CPS Auto Receivables Trust
Series 2019-B, Class A, 2.89%, 5/16/2022(a)		196		196
Series 2019-A, Class A, 3.18%, 6/15/2022(a)		451		453
Series 2019-C, Class A, 2.55%, 9/15/2022(a)		1,189		1,196
Series 2019-B, Class B, 3.09%, 4/17/2023(a)		760		765
Series 2020-A, Class A, 2.09%, 5/15/2023(a)		2,617		2,621
Series 2017-C, Class D, 3.79%, 6/15/2023(a)		2,000		2,011
Series 2019-C, Class B, 2.63%, 8/15/2023(a)		4,785		4,802

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2019-D, Class B, 2.35%, 11/15/2023(a)		4,915		4,921
Series 2019-A, Class B, 3.58%, 12/16/2024(a)		3,060		3,066
CPS Auto Trust Series 2018-C, Class B, 3.43%, 7/15/2022(a)		934		936
Credit Acceptance Auto Loan Trust
Series 2017-2A, Class A, 2.55%, 2/17/2026(a)		1,075		1,075
Series 2017-3A, Class A, 2.65%, 6/15/2026(a)		2,300		2,304
Series 2018-1A, Class A, 3.01%, 2/16/2027(a)		2,538		2,548
Series 2018-2A, Class A, 3.47%, 5/17/2027(a)		5,520		5,568
Series 2018-2A, Class B, 3.94%, 7/15/2027(a)		4,000		4,036
Series 2018-3A, Class A, 3.55%, 8/15/2027(a)		7,178		7,240
Series 2019-1A, Class A, 3.33%, 2/15/2028(a)		10,000		10,074
Series 2020-1A, Class A, 2.01%, 2/15/2029(a)		8,835		8,767
CWABS, Inc. Asset-Backed Certificates Trust
Series 2004-6, Class M1, 1.07%, 10/25/2034(e)		141		127
Delta Air Lines Pass-Through Trust
Series 2007-1, Class A, 6.82%, 8/10/2022		969		899
Series 2002-1, Class G-1, 6.72%, 1/2/2023		1,418		1,382
Diamond Resorts Owner Trust Series 2019-1A, Class A, 2.89%, 2/20/2032(a)		6,473		6,219
Drive Auto Receivables Trust
Series 2019-1, Class A3, 3.18%, 10/17/2022		1,093		1,094
Series 2018-1, Class C, 3.22%, 3/15/2023		739		740
Series 2019-1, Class B, 3.41%, 6/15/2023		6,460		6,496
Series 2019-2, Class B, 3.17%, 11/15/2023		710		717
Series 2017-AA, Class D, 4.16%, 5/15/2024(a)		6,258		6,339
Series 2018-2, Class D, 4.14%, 8/15/2024		5,125		5,231
Series 2018-5, Class C, 3.99%, 1/15/2025		5,000		5,090
Series 2018-4, Class D, 4.09%, 1/15/2026		1,625		1,659
DT Auto Owner Trust
Series 2018-3A, Class A, 3.02%, 2/15/2022(a)		202		202
Series 2019-1A, Class A, 3.08%, 9/15/2022(a)		1,153		1,156
Series 2018-3A, Class B, 3.56%, 9/15/2022(a)		3,600		3,629
Series 2016-4A, Class D, 3.77%, 10/17/2022(a)		272		273
Series 2019-2A, Class B, 2.99%, 4/17/2023(a)		1,670		1,680
Series 2019-1A, Class B, 3.41%, 4/17/2023(a)		3,675		3,690
Series 2019-3A, Class B, 2.60%, 5/15/2023(a)		1,885		1,903
Series 2017-4A, Class D, 3.47%, 7/17/2023(a)		4,352		4,385
Series 2018-1A, Class C, 3.47%, 12/15/2023(a)		748		749
Series 2019-4A, Class B, 2.36%, 1/16/2024(a)		1,700		1,715
Series 2018-3A, Class C, 3.79%, 7/15/2024(a)		8,000		8,074
Series 2019-3A, Class C, 2.74%, 4/15/2025(a)		1,870		1,867
Exeter Automobile Receivables Trust
Series 2019-1A, Class A, 3.20%, 4/15/2022(a)		62		62
Series 2017-2A, Class B, 2.82%, 5/16/2022(a)		586		587
Series 2019-2A, Class A, 2.93%, 7/15/2022(a)		607		609
Series 2019-3A, Class A, 2.59%, 9/15/2022(a)		810		813
Series 2015-3A, Class D, 6.55%, 10/17/2022(a)		2,641		2,644
Series 2017-1A, Class C, 3.95%, 12/15/2022(a)		3,201		3,190
Series 2018-1A, Class C, 3.03%, 1/17/2023(a)		440		443
Series 2019-1A, Class B, 3.45%, 2/15/2023(a)		3,925		3,946
Series 2016-2A, Class D, 8.25%, 4/17/2023(a)		7,077		7,152
Series 2020-1A, Class A, 2.05%, 6/15/2023(a)		4,226		4,240
Series 2019-3A, Class B, 2.58%, 8/15/2023(a)		4,565		4,610
Series 2018-4A, Class C, 3.97%, 9/15/2023(a)		7,000		7,083
Series 2017-1A, Class D, 6.20%, 11/15/2023(a)		2,635		2,610
Series 2019-4A, Class B, 2.30%, 12/15/2023(a)		7,965		7,968
Series 2020-1A, Class B, 2.26%, 4/15/2024(a)		3,025		3,032
Fair Square Issuance Trust Series 2020-AA, Class A, 2.90%, 9/20/2024(a)		2,250		2,171
FHLMC, Structured Pass-Through Securities Certificates Series T-20, Class A6, 7.49%, 9/25/2029(d)		2		2
First Investors Auto Owner Trust
Series 2016-1A, Class C, 3.41%, 4/18/2022(a)		186		186

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2017-3A, Class A2, 2.41%, 12/15/2022(a)		638		640
Series 2018-1A, Class A2, 3.22%, 1/17/2023(a)		2,771		2,776
Series 2017-3A, Class B, 2.72%, 4/17/2023(a)		1,085		1,091
Series 2017-3A, Class C, 3.00%, 1/16/2024(a)		2,000		2,009
Series 2019-1A, Class A, 2.89%, 3/15/2024(a)		1,360		1,371
Flagship Credit Auto Trust
Series 2015-3, Class C, 4.65%, 3/15/2022(a)		569		571
Series 2017-4, Class A, 2.07%, 4/15/2022(a)		159		159
Series 2018-1, Class A, 2.59%, 6/15/2022(a)		434		435
Series 2018-1, Class B, 3.13%, 1/17/2023(a)		1,600		1,610
Series 2018-3, Class A, 3.07%, 2/15/2023(a)		2,833		2,853
Series 2018-4, Class A, 3.41%, 5/15/2023(a)		1,584		1,601
Series 2019-1, Class A, 3.11%, 8/15/2023(a)		3,300		3,342
Series 2017-3, Class C, 2.91%, 9/15/2023(a)		4,250		4,307
Series 2017-4, Class C, 2.92%, 11/15/2023(a)		3,130		3,146
Series 2016-2, Class D, 8.56%, 11/15/2023(a)		4,000		4,139
Series 2019-3, Class A, 2.33%, 2/15/2024(a)		2,400		2,416
Ford Credit Auto Owner Trust
Series 2019-C, Class A3, 1.87%, 3/15/2024		460		469
Series 2016-1, Class A, 2.31%, 8/15/2027(a)		2,700		2,720
FREED ABS Trust
Series 2018-1, Class A, 3.61%, 7/18/2024(a)		170		169
Series 2019-1, Class A, 3.42%, 6/18/2026(a)		598		598
Series 2019-2, Class A, 2.62%, 11/18/2026(a)		4,910		4,839
Series 2020-FP1, Class A, 2.52%, 3/18/2027(a)		6,571		6,480
GLS Auto Receivables Issuer Trust
Series 2019-1A, Class A, 3.37%, 1/17/2023(a)		1,070		1,076
Series 2019-3A, Class A, 2.58%, 7/17/2023(a)		2,141		2,157
GLS Auto Receivables Trust
Series 2018-2A, Class A, 3.25%, 4/18/2022(a)		224		224
Series 2018-1A, Class A, 2.82%, 7/15/2022(a)		730		731
Series 2018-3A, Class A, 3.35%, 8/15/2022(a)		560		562
GM Financial Automobile Leasing Trust Series 2018-2, Class A3, 3.06%, 6/21/2021		517		519
GM Financial Consumer Automobile Receivables Trust Series 2019-1, Class A3, 2.97%, 11/16/2023		6,065		6,214
Kabbage Funding LLC Series 2019-1, Class A, 3.83%, 3/15/2024‡(a)		7,950		7,876
Legacy Mortgage Asset Trust Series 2019-GS5, Class A1, 3.20%, 5/25/2059‡(a)(d)		2,564		2,489
Lending Point Asset Securitization Trust Series 2020-1, Class A, 2.51%, 2/10/2026(a)		6,862		6,780
Lendmark Funding Trust Series 2019-1A, Class A, 3.00%, 12/20/2027(a)		6,400		5,881
LV Tower 52 Issuer Series 2013-1, Class A, 5.75%, 7/15/2019‡(a)		12,527		12,635
Mariner Finance Issuance Trust
Series 2018-AA, Class A, 4.20%, 11/20/2030(a)		12,490		12,108
Series 2019-AA, Class A, 2.96%, 7/20/2032(a)		7,845		7,265
Marlette Funding Trust
Series 2018-3A, Class A, 3.20%, 9/15/2028(a)		669		668
Series 2018-4A, Class A, 3.71%, 12/15/2028(a)		847		840
Series 2019-1A, Class A, 3.44%, 4/16/2029(a)		3,875		3,837
Series 2019-2A, Class A, 3.13%, 7/16/2029(a)		683		683
Series 2019-3A, Class A, 2.69%, 9/17/2029(a)		6,870		6,855
Series 2020-1A, Class A, 2.24%, 3/15/2030(a)		2,508		2,498
Mercedes-Benz Auto Lease Trust Series 2019-A, Class A4, 3.25%, 10/15/2024		1,500		1,532
Morgan Stanley ABS Capital I, Inc. Trust Series 2003-SD1, Class M1, 2.42%, 3/25/2033‡(e)		239		219
NCUA Guaranteed Notes Trust Series 2010-A1, Class A, 0.57%, 12/7/2020(e)		2,208		2,202
Nissan Auto Lease Trust Series 2020-A, Class A2A, 1.80%, 5/16/2022		4,500		4,531
NRZ Advance Receivables Trust Series 2019-T1, Class AT1, 2.59%, 7/15/2052(a)		2,640		2,570
Ocwen Master Advance Receivables Trust Series 2019-T2, Class AT2, 2.42%, 8/15/2051(a)		2,365		2,351

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
OneMain Direct Auto Receivables Trust Series 2018-1A, Class A, 3.43%, 12/16/2024(a)		3,507		3,557
OneMain Financial Issuance Trust
Series 2019-1A, Class A, 3.48%, 2/14/2031(a)		9,130		9,238
Series 2017-1A, Class A1, 2.37%, 9/14/2032(a)		972		974
Oportun Funding XIII LLC Series 2019-A, Class A, 3.08%, 8/8/2025(a)		5,950		5,428
Prestige Auto Receivables Trust
Series 2016-1A, Class D, 5.15%, 11/15/2021(a)		4,000		4,023
Series 2016-2A, Class D, 3.91%, 11/15/2022(a)		2,500		2,512
Pretium Mortgage Credit Partners I LLC
Series 2019-CFL1, Class A1, 3.72%, 1/25/2059‡(a)(d)		3,732		3,442
Series 2020-NPL1, Class A1, 2.86%, 5/27/2059(a)(d)		5,993		5,401
Series 2020-CFL1, Class A1, 3.10%, 2/27/2060(a)(d)		4,926		4,914
Prosper Marketplace Issuance Trust
Series 2019-1A, Class A, 3.54%, 4/15/2025(a)		485		484
Series 2019-3A, Class A, 3.19%, 7/15/2025(a)		2,883		2,859
Series 2019-2A, Class A, 3.20%, 9/15/2025(a)		1,156		1,154
PRPM LLC Series 2019-3A, Class A1, 3.35%, 7/25/2024‡(a)(d)		1,399		1,344
Regional Management Issuance Trust Series 2018-1, Class A, 3.83%, 7/15/2027(a)		2,713		2,659
Santander Drive Auto Receivables Trust
Series 2017-1, Class C, 2.58%, 5/16/2022		185		185
Series 2018-2, Class B, 3.03%, 9/15/2022		471		472
Series 2017-3, Class C, 2.76%, 12/15/2022		593		595
Series 2018-4, Class B, 3.27%, 1/17/2023		3,959		3,972
Series 2018-5, Class C, 3.81%, 12/16/2024		8,200		8,299
Santander Retail Auto Lease Trust
Series 2018-A, Class A3, 2.93%, 5/20/2021(a)		822		824
Series 2019-B, Class A3, 2.30%, 1/20/2023(a)		7,750		7,844
Sierra Timeshare Receivables Funding LLC
Series 2018-3A, Class A, 3.69%, 9/20/2035(a)		1,140		1,120
Series 2019-3A, Class A, 2.34%, 8/20/2036(a)		1,827		1,763
Skopos Auto Receivables Trust Series 2019-1A, Class A, 2.90%, 12/15/2022(a)		4,703		4,694
Small Business Lending Trust Series 2020-A, Class A, 2.62%, 12/15/2026(a)		5,700		5,594
SoFi Consumer Loan Program LLC
Series 2016-3, Class A, 3.05%, 12/26/2025(a)		989		985
Series 2017-3, Class A, 2.77%, 5/25/2026(a)		2,887		2,897
Series 2016-5, Class A, 3.06%, 9/25/2028(a)		142		141
SoFi Consumer Loan Program Trust
Series 2018-4, Class A, 3.54%, 11/26/2027(a)		1,248		1,257
Series 2019-1, Class A, 3.24%, 2/25/2028(a)		1,650		1,664
Synchrony Credit Card Master Note Trust
Series 2016-2, Class A, 2.21%, 5/15/2024		2,538		2,565
Series 2017-2, Class A, 2.62%, 10/15/2025		3,839		4,003
Tesla Auto Lease Trust Series 2018-B, Class A, 3.71%, 8/20/2021(a)		6,019		6,114
Tidewater Auto Receivables Trust Series 2018-AA, Class A2, 3.12%, 7/15/2022(a)		23		23
Toyota Auto Receivables Owner Trust Series 2018-D, Class A3, 3.18%, 3/15/2023		520		534
Tricon American Homes Trust Series 2016-SFR1, Class A, 2.59%, 11/17/2033‡(a)		6,069		6,100
United Auto Credit Securitization Trust Series 2018-2, Class D, 4.26%, 5/10/2023(a)		3,585		3,613
Upgrade Receivables Trust
Series 2018-1A, Class A, 3.76%, 11/15/2024(a)		16		16
Series 2019-1A, Class A, 3.48%, 3/15/2025(a)		1,290		1,287
Upstart Securitization Trust Series 2020-1, Class A, 2.32%, 4/22/2030(a)		7,099		7,038
US Auto Funding LLC Series 2019-1A, Class A, 3.61%, 4/15/2022(a)		1,561		1,565
Vericrest Opportunity Loan Trust
Series 2019-NPL4, Class A1A, 3.35%, 8/25/2049‡(a)(d)		4,575		4,381
Series 2019-NPL5, Class A1A, 3.35%, 9/25/2049‡(a)(d)		6,416		6,053
Series 2019-NPL7, Class A1A, 3.18%, 10/25/2049‡(a)(d)		2,408		2,270

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Series 2020-NPL2, Class A1A, 2.98%, 2/25/2050‡(a)(d)		14,616			13,800
Series 2020-NPL5, Class A1A, 2.98%, 3/25/2050‡(a)(d)		8,176			7,722
Verizon Owner Trust Series 2017-2A, Class B, 2.22%, 12/20/2021‡(a)		10,526			10,571
Veros Automobile Receivables Trust
Series 2018-1, Class A, 3.63%, 5/15/2023(a)		329			329
Series 2020-1, Class A, 1.67%, 9/15/2023(a)		4,912			4,887
Volkswagen Auto Loan Enhanced Trust Series 2018-1, Class A4, 3.15%, 7/22/2024		3,450			3,546
VOLT LXXX LLC Series 2019-NPL6, Class A1A, 3.23%, 10/25/2049‡(a)(d)		8,027			7,649
VOLT LXXXV LLC Series 2020-NPL1, Class A1A, 3.23%, 1/25/2050‡(a)(d)		7,092			6,689
VOLT LXXXVII LLC Series 2020-NPL3, Class A1A, 2.98%, 2/25/2050(a)(d)		11,363			10,775
Westlake Automobile Receivables Trust
Series 2019-1A, Class A2A, 3.06%, 5/16/2022(a)		887			891
Series 2017-2A, Class D, 3.28%, 12/15/2022(a)		1,500			1,512
Series 2018-1A, Class D, 3.41%, 5/15/2023(a)		3,140			3,163
Series 2018-3A, Class C, 3.61%, 10/16/2023(a)		4,117			4,182
Series 2018-2A, Class C, 3.50%, 1/16/2024(a)		4,000			4,022
Series 2017-2A, Class E, 4.63%, 7/15/2024(a)		6,000			6,068
World Financial Network Credit Card Master Trust
Series 2015-B, Class A, 2.55%, 6/17/2024		1,494			1,496
Series 2018-A, Class A, 3.07%, 12/16/2024		10,351			10,441
Series 2016-A, Class A, 2.03%, 4/15/2025		8,830			8,867
Series 2019-C, Class A, 2.21%, 7/15/2026		3,090			3,101
World Omni Auto Receivables Trust
Series 2017-B, Class A3, 1.95%, 2/15/2023		928			935
Series 2019-A, Class A3, 3.04%, 5/15/2024		3,590			3,687
TOTAL ASSET-BACKED SECURITIES (Cost $669,822)					665,872
COLLATERALIZED MORTGAGE OBLIGATIONS — 18.1%
Alternative Loan Trust Series 2003-J3, Class 2A1, 6.25%, 12/25/2033		14			14
Antler Mortgage Trust
Series 2019-RTL1, Class A1, 4.46%, 6/27/2022(a)		6,500			5,894
Series 2018-RTL1, Class A1, 4.34%, 7/25/2022(a)		10,519			10,417
Bear Stearns ARM Trust Series 2003-7, Class 3A, 3.96%, 10/25/2033(e)		37			34
CHL Mortgage Pass-Through Trust Series 2004-8, Class 2A1, 4.50%, 6/25/2019		2			2
Citicorp Mortgage Securities Trust Series 2006-1, Class 2A1, 5.00%, 2/25/2021		29			29
Citigroup Mortgage Loan Trust, Inc.
Series 2003-UP3, Class A1, 7.00%, 9/25/2033		33			33
Series 2004-UST1, Class A6, 3.78%, 8/25/2034(e)		326			296
COLT Mortgage Loan Trust Series 2019-4, Class A1, 2.58%, 11/25/2049(a)(e)		3,044			3,039
CSFB Mortgage-Backed Pass-Through Certificates Series 2004-8, Class 6A1, 4.50%, 12/25/2019		67			67
CSMC Mortgage-Backed Trust Series 2007-5, Class 5A5, 5.46%, 4/1/2037(e)		490			233
FHLMC - GNMA
Series 31, Class Z, 8.00%, 4/25/2024		102			109
Series 56, Class Z, 7.50%, 9/20/2026		36			41
FHLMC, REMIC
Series 4305, Class EA, 1.75%, 9/15/2020		48			48
Series 3750, Class GB, 2.50%, 10/15/2020		20			20
Series 1807, Class G, 9.00%, 10/15/2020		—	(f)		—	(f)
Series 1056, Class KZ, 6.50%, 3/15/2021		—	(f)		—	(f)
Series 1053, Class G, 7.00%, 3/15/2021		—	(f)		—	(f)
Series 1082, Class C, 9.00%, 5/15/2021		—	(f)		—	(f)
Series 1087, Class I, 8.50%, 6/15/2021		—	(f)		—	(f)
Series 1125, Class Z, 8.25%, 8/15/2021		2			2
Series 3925, Class CA, 2.00%, 9/15/2021		605			608

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Series 3929, Class DA, 2.00%, 9/15/2021		480			482
Series 159, Class H, 4.50%, 9/15/2021		—	(f)		—	(f)
Series 189, Class D, 6.50%, 10/15/2021		—	(f)		—	(f)
Series 1142, Class IA, 7.00%, 10/15/2021		1			1
Series 1169, Class G, 7.00%, 11/15/2021		—	(f)		—	(f)
Series 3872, Class ND, 2.00%, 12/15/2021		51			51
Series 2418, Class MF, 6.00%, 2/15/2022		48			50
Series 1343, Class LA, 8.00%, 8/15/2022		3			4
Series 1424, Class F, 1.43%, 11/15/2022(e)		—	(f)		—	(f)
Series 1480, Class LZ, 7.50%, 3/15/2023		18			19
Series 3784, Class F, 0.58%, 7/15/2023(e)		665			663
Series 3784, Class S, IF, IO, 6.42%, 7/15/2023(e)		714			52
Series 3229, Class AF, 0.43%, 8/15/2023(e)		378			377
Series 1560, Class Z, 7.00%, 8/15/2023		47			50
Series 2682, Class JG, 4.50%, 10/15/2023		998			1,040
Series 2686, Class GC, 5.00%, 10/15/2023		1,163			1,219
Series 2790, Class TN, 4.00%, 5/15/2024		132			137
Series 1754, Class Z, 8.50%, 9/15/2024		22			24
Series 3800, Class CD, 3.10%, 3/15/2025		208			209
Series 1779, Class Z, 8.50%, 4/15/2025		62			71
Series 3763, Class NE, 2.50%, 5/15/2025		232			235
Series 4303, Class VA, 3.50%, 5/15/2025		497			526
Series 2989, Class TG, 5.00%, 6/15/2025		1,887			2,004
Series 2997, Class BC, 5.00%, 6/15/2025		2,393			2,549
Series 3005, Class ED, 5.00%, 7/15/2025		947			1,007
Series 3973, Class MA, 3.00%, 8/15/2025		214			217
Series 3955, Class WA, 2.50%, 11/15/2025		169			170
Series 3815, Class EA, 4.00%, 12/15/2025		50			50
Series 3826, Class BK, 3.00%, 3/15/2026		817			851
Series 3945, Class CA, 3.00%, 3/15/2026		605			620
Series 3864, Class PG, 3.50%, 5/15/2026		135			141
Series 3887, Class GM, 4.00%, 7/15/2026(d)		160			171
Series 3903, Class GB, 4.00%, 8/15/2026		845			886
Series 3909, Class HG, 4.00%, 8/15/2026(d)		444			472
Series 1888, Class Z, 7.00%, 8/15/2026		94			104
Series 3936, Class AB, 3.00%, 10/15/2026		840			874
Series 3946, Class BU, 3.00%, 10/15/2026		320			334
Series 3996, Class BA, 1.50%, 2/15/2027		289			293
Series 4015, Class GL, 2.25%, 3/15/2027		252			260
Series 4020, Class N, 3.00%, 3/15/2027		143			150
Series 4054, Class AE, 1.50%, 4/15/2027		572			579
Series 4039, Class AB, 1.50%, 5/15/2027		494			506
Series 4039, Class PB, 1.50%, 5/15/2027		1,288			1,302
Series 4043, Class PB, 1.50%, 5/15/2027		957			967
Series 4097, Class HJ, 1.50%, 8/15/2027		1,541			1,561
Series 4103, Class HA, 2.50%, 9/15/2027		405			419
Series 4361, Class CA, 2.50%, 9/15/2027		1,029			1,065
Series 4257, Class A, 2.50%, 10/15/2027		881			904
Series 4131, Class BC, 1.25%, 11/15/2027		267			269
Series 4129, Class AP, 1.50%, 11/15/2027		1,545			1,559
Series 4286, Class J, 2.50%, 11/15/2027		931			945
Series 4141, Class BI, IO, 2.50%, 12/15/2027		7,164			430
Series 4207, Class JD, 1.50%, 5/15/2028		410			412
Series 4204, Class EG, 1.75%, 5/15/2028		2,218			2,266
Series 4217, Class UD, 1.75%, 6/15/2028		650			658
Series 4085, Class VB, 3.50%, 9/15/2028		2,404			2,540
Series 2090, Class F, 0.38%, 10/15/2028(e)		169			168
Series 4710, Class HV, 3.50%, 11/15/2028		806			829

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 4304, Class TD, 2.00%, 12/15/2028		3,407		3,507
Series 3523, Class MX, 4.50%, 4/15/2029		177		190
Series 2995, Class FT, 0.43%, 5/15/2029(e)		193		192
Series 4338, Class TH, 2.25%, 5/15/2029		2,965		3,046
Series 4338, Class GE, 2.50%, 5/15/2029		217		226
Series 3976, Class AE, 2.50%, 8/15/2029		122		123
Series 3737, Class JL, 3.50%, 8/15/2029		301		301
Series 3738, Class CT, 3.50%, 8/15/2029		637		637
Series 3977, Class AB, 3.00%, 9/15/2029		9		9
Series 3984, Class EA, 3.50%, 11/15/2029		133		134
Series 3721, Class DG, 2.75%, 9/15/2030		426		444
Series 3775, Class DB, 4.00%, 12/15/2030		666		727
Series 3779, Class LB, 4.00%, 12/15/2030		731		803
Series 2303, Class FY, 0.48%, 4/15/2031(e)		215		213
Series 4051, Class MB, 2.00%, 4/15/2031		440		451
Series 2326, Class ZQ, 6.50%, 6/15/2031		232		262
Series 4252, Class MD, 3.00%, 7/15/2031		184		190
Series 2362, Class F, 0.58%, 9/15/2031(e)		153		152
Series 4254, Class TA, 2.50%, 10/15/2031		1,370		1,420
Series 2500, Class FD, 0.68%, 3/15/2032(e)		260		260
Series 4318, Class KB, 2.50%, 4/15/2032		772		797
Series 4170, Class QE, 2.00%, 5/15/2032		289		296
Series 4094, Class BF, 0.58%, 8/15/2032(e)		737		735
Series 2492, Class GH, 6.00%, 8/15/2032		369		432
Series 4120, Class KA, 1.75%, 10/15/2032		1,203		1,232
Series 4142, Class PG, 2.00%, 12/15/2032		184		188
Series 2711, Class FC, 1.08%, 2/15/2033(e)		1,640		1,672
Series 2602, Class FH, 0.49%, 4/15/2033(e)		302		300
Series 4206, Class DZ, 3.00%, 5/15/2033		1,742		1,795
Series 2617, Class Z, 5.50%, 5/15/2033		147		170
Series 2662, Class MT, 4.50%, 8/15/2033		171		184
Series 2693, Class Z, 5.50%, 10/15/2033		269		310
Series 3005, Class PV, IF, 12.44%, 10/15/2033(e)		10		12
Series 2806, Class FA, 1.18%, 2/15/2034(e)		458		468
Series 2989, Class MU, IF, IO, 6.82%, 7/15/2034(e)		2,098		372
Series 3204, Class ZM, 5.00%, 8/15/2034		950		1,082
Series 2953, Class MF, 0.48%, 12/15/2034(e)		168		168
Series 2898, Class PG, 5.00%, 12/15/2034		1,144		1,315
Series 3003, Class LD, 5.00%, 12/15/2034		202		234
Series 4265, Class FD, 0.58%, 1/15/2035(e)		514		514
Series 2933, Class EM, 5.50%, 1/15/2035		128		143
Series 2929, Class PG, 5.00%, 2/15/2035		148		169
Series 2941, Class Z, 4.50%, 3/15/2035		991		1,097
Series 2953, Class PG, 5.50%, 3/15/2035		524		608
Series 2976, Class HZ, 4.50%, 5/15/2035		493		537
Series 3002, Class BN, 5.00%, 7/15/2035		430		491
Series 3013, Class HZ, 5.00%, 8/15/2035		1,467		1,705
Series 3036, Class NE, 5.00%, 9/15/2035		184		212
Series 3101, Class UZ, 6.00%, 1/15/2036		334		407
Series 3174, Class LF, 0.53%, 5/15/2036(e)		442		441
Series 3710, Class FL, 0.68%, 5/15/2036(e)		21		21
Series 3662, Class ZB, 5.50%, 8/15/2036		261		306
Series 3704, Class DC, 4.00%, 11/15/2036		1,093		1,138
Series 3855, Class AM, 6.50%, 11/15/2036		3,601		4,166
Series 3258, Class PM, 5.50%, 12/15/2036		774		882
Series 4655, Class CA, 3.00%, 1/15/2037		363		365
Series 4279, Class JA, 3.00%, 2/15/2037		927		948
Series 4181, Class LA, 3.00%, 3/15/2037		770		776

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 3305, Class IW, IF, IO, 6.27%, 4/15/2037(e)		480		57
Series 3318, Class HF, 0.44%, 5/15/2037(e)		674		669
Series 3326, Class FG, 0.53%, 6/15/2037(e)		1,160		1,156
Series 4182, Class C, 3.00%, 6/15/2037		207		208
Series 3724, Class CM, 5.50%, 6/15/2037		551		647
Series 3351, Class ZC, 5.50%, 7/15/2037		2,052		2,403
Series 3420, Class EI, IO, 1.12%, 8/15/2037(d)		5,860		290
Series 3805, Class PA, 4.50%, 10/15/2037		316		321
Series 4305, Class KA, 3.00%, 3/15/2038		313		313
Series 3429, Class S, IF, IO, 6.64%, 3/15/2038(e)		767		180
Series 4318, Class LH, 3.00%, 6/15/2038		22		22
Series 3459, Class MB, 5.00%, 6/15/2038		191		217
Series 4290, Class CA, 3.50%, 12/15/2038		465		475
Series 4085, Class FB, 0.58%, 1/15/2039(e)		157		158
Series 3546, Class A, 3.64%, 2/15/2039(e)		703		724
Series 4061, Class CF, 0.53%, 3/15/2039(e)		315		315
Series 4059, Class BC, 2.50%, 4/15/2039		248		249
Series 3540, Class A, 5.00%, 5/15/2039		571		628
Series 4428, Class LA, 3.00%, 6/15/2039		1,798		1,882
Series 4346, Class A, 3.50%, 7/15/2039		169		181
Series 3597, Class HM, 4.50%, 8/15/2039		492		533
Series 3569, Class NY, 5.00%, 8/15/2039		1,004		1,146
Series 4209, Class A, 4.00%, 9/15/2039		415		423
Series 3572, Class JS, IF, IO, 6.62%, 9/15/2039(e)		743		123
Series 3962, Class FB, 0.68%, 10/15/2039(e)		97		97
Series 4212, Class LA, 3.00%, 10/15/2039		1,403		1,432
Series 3585, Class KW, 4.50%, 10/15/2039		2,995		3,329
Series 3768, Class MB, 4.00%, 12/15/2039		278		290
Series 3910, Class CT, 4.00%, 12/15/2039		246		254
Series 3609, Class SA, IF, IO, 6.16%, 12/15/2039(e)		3,566		678
Series 4329, Class KA, 3.00%, 1/15/2040		1,064		1,090
Series 4327, Class A, 4.00%, 2/15/2040		258		262
Series 3632, Class PK, 5.00%, 2/15/2040		750		839
Series 4352, Class A, 3.00%, 4/15/2040		385		396
Series 3656, Class PM, 5.00%, 4/15/2040		4,430		5,099
Series 3819, Class G, 4.00%, 6/15/2040		136		143
Series 3786, Class NA, 4.50%, 7/15/2040		223		237
Series 3960, Class FJ, 0.53%, 8/15/2040(e)		156		157
Series 3726, Class PA, 3.00%, 8/15/2040		574		598
Series 4088, Class LE, 4.00%, 10/15/2040		1,351		1,390
Series 3803, Class FY, 0.58%, 1/15/2041(e)		300		300
Series 4080, Class DA, 2.00%, 3/15/2041		588		606
Series 3844, Class FA, 0.63%, 4/15/2041(e)		422		422
Series 3862, Class GA, 4.00%, 4/15/2041		441		490
Series 4074, Class PA, 3.00%, 5/15/2041		3,032		3,142
Series 4229, Class MA, 3.50%, 5/15/2041		12,051		12,689
Series 3859, Class JB, 5.00%, 5/15/2041		627		708
Series 4150, Class JE, 2.00%, 6/15/2041		1,652		1,693
Series 3939, Class BZ, 4.50%, 6/15/2041		5,336		5,635
Series 4150, Class FN, 0.48%, 7/15/2041(e)		789		787
Series 4105, Class HA, 2.00%, 7/15/2041		2,644		2,705
Series 4150, Class FY, 0.48%, 8/15/2041(e)		766		764
Series 4152, Class LE, 1.75%, 8/15/2041		8,188		8,280
Series 4143, Class NA, 2.50%, 8/15/2041		8,797		9,084
Series 3966, Class VZ, 4.00%, 12/15/2041		1,675		1,819
Series 4215, Class NA, 3.00%, 4/15/2042		307		323
Series 4143, Class AE, 2.00%, 9/15/2042		3,308		3,400
Series 4136, Class EZ, 3.00%, 11/15/2042		1,245		1,251

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Series 4247, Class AK, 4.50%, 12/15/2042		1,166			1,235
Series 4795, Class MP, 3.50%, 5/15/2043		4,139			4,253
Series 4314, Class LP, 3.50%, 7/15/2043		231			245
Series 4311, Class ED, 2.75%, 9/15/2043		578			591
Series 4480, Class LA, 3.50%, 9/15/2043		968			1,015
Series 4330, Class PE, 3.00%, 11/15/2043		599			624
Series 4338, Class A, 2.50%, 5/15/2044		990			1,033
Series 4505, Class P, 3.50%, 5/15/2044		2,432			2,605
Series 4800, Class UA, 3.50%, 12/15/2044		455			463
Series 4425, Class TA, 2.00%, 1/15/2045		1,000			1,013
Series 4759, Class MA, 3.00%, 9/15/2045		487			500
Series 4374, Class NC, 3.75%, 2/15/2046(d)		1,463			1,472
FHLMC, STRIPS
Series 302, Class 350, 3.50%, 2/15/2028		436			458
Series 218, PO, 2/1/2032		154			149
FNMA, REMIC
Series 2010-60, IO, 4.00%, 6/25/2020		—	(f)		—	(f)
Series 1990-61, Class H, 7.00%, 6/25/2020		—	(f)		—	(f)
Series 1990-106, Class J, 8.50%, 9/25/2020		—	(f)		—	(f)
Series 1990-111, Class Z, 8.75%, 9/25/2020		—	(f)		—	(f)
Series 1990-123, Class G, 7.00%, 10/25/2020		—	(f)		—	(f)
Series 1990-117, Class E, 8.95%, 10/25/2020		—	(f)		—	(f)
Series 1990-132, Class Z, 7.00%, 11/25/2020		—	(f)		—	(f)
Series 1990-137, Class X, 9.00%, 12/25/2020		—	(f)		—	(f)
Series 2011-17, Class CJ, 2.75%, 3/25/2021		37			37
Series 2011-67, Class EJ, 2.50%, 7/25/2021		—	(f)		—	(f)
Series 2011-66, Class QA, 3.50%, 7/25/2021		50			50
Series 1991-130, Class C, 9.00%, 9/25/2021		—	(f)		—	(f)
Series 2011-104, Class DC, 1.50%, 10/25/2021		192			192
Series G92-19, Class M, 8.50%, 4/25/2022		15			16
Series 1992-96, Class B, PO, 5/25/2022		—	(f)		—	(f)
Series G92-40, Class ZC, 7.00%, 7/25/2022		1			1
Series G92-35, Class E, 7.50%, 7/25/2022		1			2
Series G92-35, Class EA, 8.00%, 7/25/2022		46			48
Series G92-44, Class ZQ, 8.00%, 7/25/2022		—	(f)		—	(f)
Series 1992-131, Class KB, 8.00%, 8/25/2022		136			144
Series G92-54, Class ZQ, 7.50%, 9/25/2022		1			1
Series 1992-185, Class L, 8.00%, 10/25/2022		144			153
Series G92-64, Class J, 8.00%, 11/25/2022		336			353
Series G92-66, Class K, 8.00%, 12/25/2022		147			155
Series 2011-98, Class VC, 3.50%, 1/25/2023		360			361
Series 2011-116, Class VA, 3.50%, 2/25/2023		547			557
Series 1997-44, Class N, PO, 6/25/2023		95			93
Series 1993-216, Class E, PO, 8/25/2023		52			51
Series 1993-235, Class G, PO, 9/25/2023		4			4
Series 1993-165, Class SN, IF, 11.47%, 9/25/2023(e)		1			1
Series 2003-106, Class WG, 4.50%, 11/25/2023		2,439			2,538
Series 1993-226, Class PK, 6.00%, 12/25/2023		144			151
Series 1994-15, Class ZK, 5.50%, 2/25/2024		332			351
Series 1994-43, Class PK, 6.35%, 2/25/2024		153			162
Series 2001-40, PO, 4/25/2024		66			65
Series G94-6, Class PJ, 8.00%, 5/17/2024		136			146
Series 2013-52, Class PV, 3.00%, 10/25/2024		2,101			2,175
Series 2010-38, Class B, 4.00%, 4/25/2025		320			332
Series 2011-26, Class EG, 3.00%, 6/25/2025		1,232			1,247
Series 2014-3, Class BV, 3.00%, 6/25/2025		1,562			1,597
Series 2011-141, Class CA, 2.00%, 12/25/2025		925			935
Series 2011-17, Class GD, 3.50%, 2/25/2026		156			159
Series 2011-48, Class CN, 4.00%, 6/25/2026(d)		140			151
Series 2011-61, Class B, 3.00%, 7/25/2026		779			811

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2013-100, Class VW, 3.00%, 11/25/2026		1,326		1,387
Series 2012-32, Class DE, 3.00%, 12/25/2026		393		411
Series 2015-96, Class EA, 3.00%, 12/25/2026		555		597
Series 2012-26, Class CA, 2.50%, 3/25/2027		1,584		1,626
Series 2012-53, Class BK, 1.75%, 5/25/2027		4,209		4,296
Series 2012-46, Class KI, IO, 3.50%, 5/25/2027		11,881		781
Series 2012-102, Class GA, 1.38%, 9/25/2027		3,382		3,414
Series 2012-127, Class AC, 1.50%, 11/25/2027		1,075		1,091
Series 2012-124, Class HG, 2.00%, 11/25/2027		675		694
Series 2013-5, Class DA, 1.50%, 2/25/2028		709		716
Series 2014-26, Class HC, 2.50%, 2/25/2028		322		329
Series 2013-13, Class KD, 1.50%, 3/25/2028		521		541
Series 2008-72, IO, 5.00%, 8/25/2028		83		5
Series 2013-137, Class BA, 1.50%, 1/25/2029		883		888
Series 2009-15, Class AC, 5.50%, 3/25/2029		1,308		1,442
Series 2010-14, Class AC, 4.00%, 3/25/2030		399		431
Series 2013-101, Class HA, 3.00%, 10/25/2030		245		252
Series 2012-14, Class EA, 2.50%, 12/25/2030		125		128
Series 2012-20, Class BD, 2.00%, 1/25/2031		5,653		5,796
Series 2001-38, Class EA, PO, 8/25/2031		79		76
Series 2015-89, Class KE, 2.00%, 11/25/2031		209		215
Series 2012-98, Class QG, 1.75%, 1/25/2032		1,242		1,267
Series 2001-81, Class HE, 6.50%, 1/25/2032		3,298		3,898
Series 2002-34, Class FA, 0.68%, 5/18/2032(e)		191		192
Series 2016-12, Class EG, 2.00%, 5/25/2032		2,099		2,149
Series 2013-109, Class BA, 3.00%, 10/25/2032		1,462		1,539
Series 2002-64, Class PG, 5.50%, 10/25/2032		2,739		3,160
Series 2004-61, Class FH, 0.97%, 11/25/2032(e)		1,390		1,407
Series 2002-77, Class TF, 1.18%, 12/18/2032(e)		271		276
Series 2002-77, Class QG, 5.50%, 12/25/2032		661		746
Series 2002-84, Class DZ, 5.50%, 12/25/2032		410		478
Series 2012-148, Class CK, 1.75%, 1/25/2033		2,124		2,192
Series 2002-94, Class BZ, 5.50%, 1/25/2033		1,535		1,769
Series 2003-7, Class FB, 0.92%, 2/25/2033(e)		400		405
Series 2013-18, Class TG, 2.00%, 2/25/2033		1,070		1,095
Series 2003-42, Class CI, IO, 6.50%, 5/25/2033		268		50
Series 2003-49, IO, 6.50%, 6/25/2033		381		78
Series 2003-58, Class GL, 3.50%, 7/25/2033		196		211
Series 2003-84, Class PZ, 5.00%, 9/25/2033		111		127
Series 2013-119, Class VA, 3.00%, 10/25/2033		2,793		2,918
Series 2003-107, Class ZD, 6.00%, 11/25/2033		2,271		2,680
Series 2014-19, Class VK, 4.50%, 4/25/2034		2,000		2,168
Series 2004-60, Class LB, 5.00%, 4/25/2034		115		118
Series 2004-72, Class F, 0.67%, 9/25/2034(e)		245		246
Series 2004-91, Class BR, 5.50%, 12/25/2034		110		127
Series 2004-90, Class ZU, 6.00%, 12/25/2034		1,531		1,832
Series 2005-5, Class PA, 5.00%, 1/25/2035		687		758
Series 2004-101, Class AR, 5.50%, 1/25/2035		22		25
Series 2005-27, Class HZ, 5.00%, 4/25/2035		3,080		3,522
Series 2005-31, Class PB, 5.50%, 4/25/2035		1,430		1,640
Series 2005-38, Class FK, 0.47%, 5/25/2035(e)		755		755
Series 2005-66, Class PF, 0.42%, 7/25/2035(e)		269		268
Series 2005-64, Class PL, 5.50%, 7/25/2035		124		137
Series 2005-103, Class BT, IF, 6.50%, 7/25/2035(e)		343		405
Series 2006-4, Class PB, 6.00%, 9/25/2035		1,475		1,601
Series 2010-39, Class FT, 1.12%, 10/25/2035(e)		1,147		1,171
Series 2005-88, Class ZC, 5.00%, 10/25/2035		3,544		4,051
Series 2007-109, Class VZ, 5.00%, 10/25/2035		3,014		3,440

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2005-84, Class MB, 5.75%, 10/25/2035		29		33
Series 2013-114, Class JA, 3.00%, 11/25/2035		338		351
Series 2005-99, Class AF, 0.52%, 12/25/2035(e)		173		172
Series 2014-88, Class ER, 2.50%, 2/25/2036		153		159
Series 2006-16, Class FC, 0.47%, 3/25/2036(e)		171		170
Series 2006-14, Class DB, 5.50%, 3/25/2036		616		705
Series 2006-27, Class BF, 0.47%, 4/25/2036(e)		338		337
Series 2006-46, Class FW, 0.57%, 6/25/2036(e)		501		498
Series 2006-42, Class PF, 0.58%, 6/25/2036(e)		374		373
Series 2006-50, Class PE, 5.00%, 6/25/2036		623		715
Series 2009-71, Class JT, 6.00%, 6/25/2036		331		392
Series 2006-101, Class FC, 0.47%, 7/25/2036(e)		407		406
Series 2006-101, Class FD, 0.47%, 7/25/2036(e)		260		259
Series 2006-56, Class DC, 0.82%, 7/25/2036(e)		436		438
Series 2006-58, Class ST, IF, IO, 6.98%, 7/25/2036(e)		355		78
Series 2014-23, Class PA, 3.50%, 8/25/2036		6,150		6,210
Series 2007-1, Class NF, 0.42%, 2/25/2037(e)		650		646
Series 2007-16, Class FC, 0.92%, 3/25/2037(e)		29		30
Series 2007-22, Class SC, IF, IO, 5.91%, 3/25/2037(e)		47		2
Series 2007-33, Class MS, IF, IO, 6.42%, 4/25/2037(e)		2,170		377
Series 2011-71, Class FB, 0.67%, 5/25/2037(e)		607		607
Series 2007-57, Class ZE, 4.75%, 5/25/2037		824		877
Series 2007-54, Class FA, 0.57%, 6/25/2037(e)		240		241
Series 2013-55, Class BA, 3.00%, 6/25/2037		1,220		1,236
Series 2007-B2, Class ZA, 5.50%, 6/25/2037		3,554		4,169
Series 2008-93, Class AM, 5.50%, 6/25/2037		258		268
Series 2008-5, Class PE, 5.00%, 8/25/2037		170		195
Series 2007-85, Class SH, IF, IO, 6.33%, 9/25/2037(e)		1,385		142
Series 2013-74, Class HP, 3.00%, 10/25/2037		369		378
Series 2013-83, Class CA, 3.50%, 10/25/2037		2,752		2,772
Series 2010-68, Class DA, 4.50%, 10/25/2037		92		94
Series 2013-88, Class EA, 3.00%, 11/25/2037		1,464		1,485
Series 2007-117, Class FM, 0.87%, 1/25/2038(e)		275		279
Series 2007-117, Class MF, 0.87%, 1/25/2038(e)		515		523
Series 2008-24, Class PF, 0.82%, 2/25/2038(e)		242		243
Series 2012-22, Class DA, 2.00%, 3/25/2038		5,204		5,266
Series 2008-18, Class SE, IF, IO, 6.10%, 3/25/2038(e)		142		21
Series 2010-149, Class LB, 4.00%, 4/25/2038		575		581
Series 2008-25, Class DZ, 5.75%, 4/25/2038		676		779
Series 2010-136, Class CA, 2.00%, 6/25/2038		4,083		4,097
Series 2012-3, Class AD, 3.00%, 7/25/2038		126		126
Series 2013-139, Class EA, 3.00%, 8/25/2038		2,244		2,290
Series 2013-96, Class YA, 3.50%, 9/25/2038		1,368		1,421
Series 2008-83, Class CA, 6.00%, 9/25/2038		820		973
Series 2011-48, Class HC, 3.00%, 10/25/2038		341		348
Series 2013-92, Class A, 3.50%, 12/25/2038		3,524		3,580
Series 2013-15, Class EF, 0.52%, 3/25/2039(e)		224		224
Series 2012-56, Class FG, 0.67%, 3/25/2039(e)		323		324
Series 2010-134, Class DJ, 2.25%, 3/25/2039		1,796		1,819
Series 2011-104, Class KE, 2.50%, 3/25/2039		66		67
Series 2011-104, Class KY, 4.00%, 3/25/2039		256		269
Series 2012-89, Class FD, 0.62%, 4/25/2039(e)		1,606		1,608
Series 2009-29, Class LA, 1.35%, 5/25/2039(e)		1,660		1,649
Series 2009-62, Class HJ, 6.00%, 5/25/2039		487		527
Series 2012-73, Class LF, 0.62%, 6/25/2039(e)		441		442
Series 2012-14, Class DA, 2.00%, 7/25/2039		65		65
Series 2009-70, Class FA, 1.37%, 9/25/2039(e)		187		189
Series 2014-82, Class LA, 3.00%, 9/25/2039		1,359		1,385

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2009-73, Class HJ, 6.00%, 9/25/2039		216		251
Series 2010-118, Class EF, 0.62%, 10/25/2039(e)		278		279
Series 2009-86, Class PE, 5.00%, 10/25/2039		5,371		6,189
Series 2009-87, Class B, 4.50%, 11/25/2039		2,996		3,306
Series 2009-112, Class SW, IF, IO, 6.08%, 1/25/2040(e)		4,248		674
Series 2013-1, Class BA, 3.00%, 2/25/2040		2,695		2,763
Series 2010-35, Class KF, 0.67%, 4/25/2040(e)		669		671
Series 2011-4, Class PK, 3.00%, 4/25/2040		2,102		2,172
Series 2010-37, Class CY, 5.00%, 4/25/2040		99		113
Series 2011-3, Class KA, 5.00%, 4/25/2040		714		759
Series 2011-61, Class ZA, 5.00%, 4/25/2040		1,876		2,157
Series 2011-21, Class PA, 4.50%, 5/25/2040		1,740		1,874
Series 2010-43, Class HJ, 5.50%, 5/25/2040		305		359
Series 2010-58, Class FA, 0.72%, 6/25/2040(e)		595		599
Series 2010-58, Class FY, 0.90%, 6/25/2040(e)		255		258
Series 2012-63, Class MA, 4.00%, 6/25/2040		1,371		1,437
Series 2010-64, Class DM, 5.00%, 6/25/2040		1,597		1,802
Series 2015-15, Class EH, 2.50%, 8/25/2040		866		878
Series 2016-66, Class DE, 2.00%, 9/25/2040		2,554		2,563
Series 2012-44, Class LA, 3.50%, 9/25/2040		403		412
Series 2012-9, Class YF, 0.57%, 11/25/2040(e)		307		307
Series 2013-106, Class GA, 2.50%, 11/25/2040		276		283
Series 2010-126, Class LI, IO, 4.00%, 11/25/2040		1,720		124
Series 2015-44, Class J, 3.50%, 12/25/2040		97		99
Series 2012-70, Class HP, 2.00%, 1/25/2041		5,467		5,618
Series 2011-18, Class KY, 4.00%, 3/25/2041		1,431		1,605
Series 2013-15, Class CP, 1.75%, 4/25/2041		6,778		6,878
Series 2013-96, Class CA, 4.00%, 4/25/2041		1,362		1,408
Series 2011-53, Class FT, 0.75%, 6/25/2041(e)		222		224
Series 2011-52, Class GB, 5.00%, 6/25/2041		186		214
Series 2013-77, Class EP, 2.50%, 7/25/2041		3,484		3,576
Series 2012-16, Class WH, 4.00%, 7/25/2041		282		291
Series 2011-128, Class KP, 4.50%, 7/25/2041		186		200
Series 2011-59, Class NZ, 5.50%, 7/25/2041		1,221		1,420
Series 2012-147, Class NE, 1.75%, 8/25/2041		5,201		5,254
Series 2013-5, Class AE, 1.75%, 9/25/2041		6,978		7,050
Series 2013-126, Class CA, 4.00%, 9/25/2041		718		781
Series 2011-141, Class MA, 3.50%, 10/25/2041		1,832		1,978
Series 2012-27, Class PL, 2.00%, 2/25/2042		511		526
Series 2012-133, Class AP, 1.75%, 3/25/2042		8,343		8,431
Series 2012-100, Class TL, 4.00%, 4/25/2042		570		617
Series 2013-9, Class CB, 5.50%, 4/25/2042		5,080		5,858
Series 2012-128, Class VF, 0.42%, 6/25/2042(e)		1,004		999
Series 2013-96, Class FY, 0.52%, 7/25/2042(e)		363		363
Series 2013-93, Class PJ, 3.00%, 7/25/2042		1,462		1,526
Series 2013-81, Class NC, 3.00%, 10/25/2042		1,270		1,336
Series 2013-72, Class AF, 0.42%, 11/25/2042(e)		166		165
Series 2018-22, Class DE, 3.50%, 11/25/2042		1,070		1,085
Series 2013-61, Class BA, 3.00%, 1/25/2043		3,500		3,661
Series 2013-58, Class FP, 0.42%, 2/25/2043(e)		1,456		1,448
Series 2013-64, Class PF, 0.42%, 4/25/2043(e)		1,113		1,106
Series 2013-66, Class LB, 1.50%, 4/25/2043		173		174
Series 2018-38, Class EC, 4.00%, 4/25/2043		110		112
Series 2014-3, Class BL, 2.50%, 6/25/2043		223		228
Series 2014-32, Class DK, 3.00%, 8/25/2043		896		941
Series 2016-100, Class P, 3.50%, 11/25/2044		212		222
Series 2015-33, Class P, 2.50%, 6/25/2045		2,439		2,535
Series 2017-18, Class DA, 3.00%, 8/25/2045		3,944		4,138

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Series 2016-2, Class GA, 3.00%, 2/25/2046		3,430			3,663
Series 2017-10, Class FA, 0.57%, 3/25/2047(e)		480			479
Series 2019-65, Class PA, 2.50%, 5/25/2048		381			395
Series 2019-25, Class GQ, 3.50%, 6/25/2049		6,856			7,164
Series 2019-72, Class KA, 2.50%, 9/25/2049		1,810			1,857
FNMA, REMIC Trust, Whole Loan Series 1995-W3, Class A, 9.00%, 4/25/2025		—	(f)		—	(f)
FNMA, REMIC, Whole Loan
Series 2007-106, Class A7, 6.19%, 10/25/2037(e)		296			340
Series 2001-50, Class BA, 7.00%, 10/25/2041		121			140
FNMA, STRIPS
Series 268, Class 2, IO, 9.00%, 2/25/2023		—	(f)		—	(f)
Series 289, Class 1, PO, 11/25/2027		159			154
Series 334, Class 17, IO, 6.50%, 2/25/2033(e)		239			49
Series 334, Class 9, IO, 6.00%, 3/25/2033		542			106
Series 334, Class 13, IO, 6.00%, 3/25/2033(e)		205			37
Series 356, Class 16, IO, 5.50%, 6/25/2035(e)		166			28
Series 359, Class 16, IO, 5.50%, 10/25/2035(e)		156			28
Series 369, Class 19, IO, 6.00%, 10/25/2036(e)		182			37
Series 369, Class 26, IO, 6.50%, 10/25/2036(e)		117			25
Series 386, Class 20, IO, 6.50%, 8/25/2038(e)		259			51
Series 394, Class C3, IO, 6.50%, 9/25/2038		503			107
FNMA, Whole Loan Series 2007-W1, Class 1AF1, 0.43%, 11/25/2046(e)		2,212			2,179
GNMA
Series 2011-132, Class GJ, 2.00%, 9/16/2026		610			631
Series 2011-155, Class A, 3.00%, 11/20/2026		181			190
Series 2011-158, Class AB, 3.00%, 11/20/2026		594			619
Series 2012-3, Class AK, 3.00%, 1/16/2027		2,795			2,928
Series 2012-32, Class EG, 3.00%, 3/16/2027		1,317			1,377
Series 2013-75, Class AC, 1.50%, 5/20/2028		2,519			2,560
Series 2003-11, PO, 2/16/2033		110			110
Series 2003-11, Class FC, 0.68%, 2/16/2033(e)		280			280
Series 2003-50, Class F, 0.48%, 5/16/2033(e)		227			226
Series 2004-39, Class IN, IO, 5.50%, 6/20/2033		274			27
Series 2006-23, Class S, IF, IO, 6.33%, 1/20/2036(e)		612			7
Series 2006-26, Class S, IF, IO, 6.33%, 6/20/2036(e)		6,330			996
Series 2012-38, Class TF, 0.48%, 12/16/2036(e)		37			37
Series 2007-16, Class KU, IF, IO, 6.48%, 4/20/2037(e)		3,964			735
Series 2009-106, Class XL, IF, IO, 6.58%, 6/20/2037(e)		3,627			732
Series 2013-23, Class BP, 3.00%, 9/20/2037		1,013			1,050
Series 2010-143, Class PH, 3.00%, 11/16/2037		149			150
Series 2008-75, Class SP, IF, IO, 7.30%, 8/20/2038(e)		1,248			171
Series 2009-108, Class WG, 4.00%, 9/20/2038		35			35
Series 2009-14, Class SA, IF, IO, 5.91%, 3/20/2039(e)		3,789			402
Series 2009-14, Class KS, IF, IO, 6.13%, 3/20/2039(e)		1,571			235
Series 2009-14, Class NI, IO, 6.50%, 3/20/2039		475			107
Series 2010-162, Class PE, 3.00%, 5/20/2039		2,722			2,732
Series 2018-63, Class EC, 3.00%, 6/20/2039		2,322			2,363
Series 2009-75, Class NB, 4.50%, 6/20/2039		259			278
Series 2011-48, Class QA, 5.00%, 8/16/2039		401			407
Series 2010-144, Class DA, 4.00%, 9/16/2039		159			168
Series 2013-117, Class A, 2.50%, 10/20/2039		1,401			1,417
Series 2013-167, Class EP, 2.50%, 11/20/2039		1,841			1,877
Series 2011-26, Class PA, 4.00%, 7/20/2040		149			157
Series 2013-71, Class NA, 2.50%, 8/20/2041		162			169
Series 2012-96, Class WP, 6.50%, 8/16/2042		4,856			5,833
Series 2015-80, Class CP, 4.50%, 6/20/2045		1,037			1,144
Series 2015-80, Class CQ, 5.00%, 6/20/2045		749			840
Series 2019-74, Class AT, 3.00%, 6/20/2049		1,166			1,247
Series 2010-H26, Class LF, 1.37%, 8/20/2058(e)		337			336

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Series 2010-H03, Class FA, 0.99%, 3/20/2060(e)		4,599			4,599
Series 2011-H08, Class FA, 1.62%, 2/20/2061(e)		3,837			3,843
Series 2011-H11, Class FA, 1.52%, 3/20/2061(e)		624			624
Series 2011-H11, Class FB, 1.52%, 4/20/2061(e)		591			591
Series 2011-H21, Class FA, 1.62%, 10/20/2061(e)		379			379
Series 2013-H05, Class FB, 1.42%, 2/20/2062(e)		1,220			1,218
Series 2012-H14, Class NA, 2.00%, 6/20/2062		—	(f)		—	(f)
Series 2012-H14, Class FK, 1.60%, 7/20/2062(e)		588			588
Series 2012-H18, Class NA, 1.54%, 8/20/2062(e)		390			390
Series 2012-H20, Class BA, 1.58%, 9/20/2062(e)		1,085			1,086
Series 2012-H29, Class FA, 1.53%, 10/20/2062(e)		205			205
Series 2012-H23, Class WA, 1.54%, 10/20/2062(e)		481			481
Series 2012-H30, Class GA, 1.37%, 12/20/2062(e)		447			445
Series 2013-H08, Class FA, 1.37%, 3/20/2063(e)		856			853
Series 2013-H11, Class FA, 1.47%, 4/20/2063(e)		710			709
Series 2013-H14, Class FG, 1.49%, 5/20/2063(e)		211			210
Series 2013-H19, Class FC, 1.62%, 8/20/2063(e)		6,225			6,234
Series 2014-H05, Class FB, 1.62%, 12/20/2063(e)		844			845
Series 2014-H02, Class FB, 1.67%, 12/20/2063(e)		2,718			2,726
Series 2014-H14, Class GF, 1.49%, 7/20/2064(e)		466			465
Series 2014-H16, Class FL, 1.83%, 7/20/2064(e)		1,098			1,097
Series 2014-H21, Class FA, 1.67%, 10/20/2064(e)		434			434
Series 2015-H04, Class FL, 1.49%, 2/20/2065(e)		275			274
Series 2015-H13, Class FG, 1.42%, 4/20/2065(e)		677			675
Series 2015-H09, Class FA, 1.64%, 4/20/2065(e)		592			592
Series 2015-H14, Class FB, 1.45%, 5/20/2065(e)		295			295
Series 2015-H14, Class FA, 1.59%, 6/20/2065(e)		2,259			2,255
Series 2015-H27, Class FA, 1.77%, 9/20/2065(e)		2,165			2,175
Series 2015-H29, Class FA, 1.72%, 10/20/2065(e)		91			91
Series 2017-H07, Class FG, 1.48%, 2/20/2067(e)		773			772
Series 2017-H14, Class FD, 1.49%, 6/20/2067(e)		842			841
Series 2017-H16, Class CF, 1.49%, 7/20/2067(e)		1,088			1,085
Series 2017-H15, Class FN, 1.52%, 7/20/2067(e)		771			770
Series 2018-H04, Class FG, 1.30%, 2/20/2068(e)		851			844
Series 2018-H07, Class FE, 1.37%, 2/20/2068(e)		351			349
Headlands Residential LLC Series 2019-RPL1, Class NOTE, 3.97%, 6/25/2024(a)(d)		7,000			6,381
JP Morgan Mortgage Trust
Series 2004-S2, Class 5A1, 5.50%, 12/25/2019		301			290
Series 2006-A2, Class 4A1, 4.40%, 8/25/2034(e)		777			775
MASTR Alternative Loan Trust Series 2004-8, Class 6A1, 5.50%, 9/25/2019		—	(f)		—	(f)
NCUA Guaranteed Notes Trust
Series 2010-R3, Class 1A, 0.81%, 12/8/2020(e)		5,878			5,865
Series 2010-R3, Class 3A, 2.40%, 12/8/2020		232			233
Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2005-AR6, Class 4A1, 0.43%, 12/25/2035(e)		1,430			529
Prime Mortgage Trust Series 2005-2, Class 1A1, 4.75%, 7/25/2020		—	(f)		—	(f)
Verus Securitization Trust Series 2019-2, Class A1, 3.21%, 5/25/2059(a)(e)		1,017			1,024
Visio Trust Series 2019-2, Class A1, 2.72%, 11/25/2054(a)(e)		7,331			7,261
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $535,896)					548,041
U.S. TREASURY OBLIGATIONS — 14.0%
U.S. Treasury Notes
1.25%, 10/31/2021		47,315			48,028
1.50%, 10/31/2021		2,265			2,307
2.00%, 10/31/2021		18,500			18,976
1.75%, 11/30/2021		37,000			37,869
2.50%, 1/15/2022		7,115			7,382
1.63%, 8/31/2022		80,525			83,135

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
1.50%, 9/15/2022		500			515
1.63%, 11/15/2022		5,235			5,420
2.00%, 11/30/2022		50,505			52,792
1.63%, 12/15/2022		2,216			2,297
1.50%, 1/15/2023		2,515			2,602
2.38%, 1/31/2023		3,090			3,270
0.50%, 3/15/2023		46,465			46,873
1.63%, 4/30/2023		79,320			82,617
0.50%, 3/31/2025		24,010			24,238
0.38%, 4/30/2025		5,905			5,925
TOTAL U.S. TREASURY OBLIGATIONS (Cost $412,756)					424,246
MORTGAGE-BACKED SECURITIES — 5.0%
FHLMC
Pool # 611141, ARM, 3.77%, 1/1/2027(e)		15			15
Pool # 786211, ARM, 5.75%, 1/1/2027(e)		1			1
Pool # 846774, ARM, 4.16%, 12/1/2027(e)		18			19
Pool # 1B2844, ARM, 3.58%, 3/1/2035(e)		66			67
Pool # 1L1380, ARM, 4.62%, 3/1/2035(e)		1,400			1,483
Pool # 1L1379, ARM, 4.57%, 10/1/2035(e)		859			885
Pool # 1G1861, ARM, 4.04%, 3/1/2036(e)		414			442
Pool # 1J1380, ARM, 4.62%, 3/1/2036(e)		535			572
Pool # 1J1313, ARM, 4.30%, 6/1/2036(e)		103			107
Pool # 1G1028, ARM, 4.56%, 7/1/2036(e)		33			35
Pool # 1N0273, ARM, 3.72%, 8/1/2036(e)		204			212
Pool # 1K0035, ARM, 4.73%, 8/1/2036(e)		303			310
Pool # 1J1393, ARM, 3.97%, 10/1/2036(e)		828			864
Pool # 1J1378, ARM, 3.76%, 11/1/2036(e)		230			242
Pool # 1N0346, ARM, 3.44%, 12/1/2036(e)		114			114
Pool # 1J1467, ARM, 3.64%, 12/1/2036(e)		166			175
Pool # 1J1418, ARM, 3.81%, 12/1/2036(e)		82			83
Pool # 1J1541, ARM, 3.93%, 1/1/2037(e)		806			849
Pool # 1J1516, ARM, 3.70%, 2/1/2037(e)		78			82
Pool # 1J1543, ARM, 4.36%, 2/1/2037(e)		103			103
Pool # 1N1458, ARM, 3.42%, 3/1/2037(e)		361			373
Pool # 1J1635, ARM, 3.57%, 3/1/2037(e)		223			234
Pool # 1J1522, ARM, 4.18%, 3/1/2037(e)		191			205
Pool # 1Q0339, ARM, 3.88%, 4/1/2037(e)		34			36
Pool # 1Q0697, ARM, 3.38%, 5/1/2037(e)		747			768
Pool # 1J1681, ARM, 4.86%, 6/1/2037(e)		1,224			1,293
Pool # 1J1685, ARM, 4.86%, 6/1/2037(e)		548			552
Pool # 847871, ARM, 2.96%, 8/1/2037(e)		119			120
Pool # 1J2834, ARM, 4.15%, 8/1/2037(e)		159			167
Pool # 1B3605, ARM, 4.53%, 8/1/2037(e)		220			221
Pool # 1Q0476, ARM, 4.11%, 10/1/2037(e)		198			200
Pool # 1J2945, ARM, 4.00%, 11/1/2037(e)		56			56
Pool # 1Q0894, ARM, 4.00%, 1/1/2038(e)		438			445
Pool # 1Q0722, ARM, 4.15%, 4/1/2038(e)		384			410
FHLMC Gold Pools, 15 Year
Pool # G12859, 6.00%, 6/1/2020		—	(f)		—	(f)
Pool # G13056, 5.50%, 12/1/2020		2			2
Pool # G12880, 5.00%, 1/1/2021		—	(f)		—	(f)
Pool # G13621, 6.50%, 8/1/2021		2			2
Pool # J03447, 6.00%, 9/1/2021		7			7
Pool # G13821, 6.00%, 11/1/2021		42			43
Pool # J10285, 5.50%, 4/1/2022		1			1
Pool # G13274, 5.50%, 10/1/2023		491			513
Pool # G13301, 5.50%, 10/1/2023		1,520			1,599
Pool # J10284, 6.00%, 12/1/2023		40			41
Pool # G13433, 5.50%, 1/1/2024		204			214
Pool # J14494, 4.00%, 2/1/2026		4,590			4,875
Pool # J14783, 4.00%, 3/1/2026		122			130
Pool # J15974, 4.00%, 6/1/2026		1,729			1,835

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Pool # G14643, 4.00%, 8/1/2026		147			157
Pool # J18745, 3.00%, 4/1/2027		1,224			1,299
Pool # G14973, 4.00%, 12/1/2028		142			154
Pool # J31731, 3.00%, 5/1/2030		724			775
FHLMC Gold Pools, 20 Year
Pool # G30195, 6.50%, 5/1/2021		—	(f)		—	(f)
Pool # G30262, 6.00%, 10/1/2024		124			138
Pool # G30325, 5.50%, 3/1/2027		1,011			1,120
Pool # C91261, 4.50%, 8/1/2029		228			247
Pool # C91349, 4.50%, 12/1/2030		217			238
Pool # G30565, 4.50%, 10/1/2031		451			494
Pool # G30701, 5.00%, 11/1/2031		185			204
Pool # C91447, 3.50%, 5/1/2032		365			392
Pool # C91581, 3.00%, 11/1/2032		1,779			1,894
Pool # G30669, 4.50%, 12/1/2033		2,545			2,804
Pool # C91761, 4.00%, 5/1/2034		1,732			1,873
FHLMC Gold Pools, 30 Year
Pool # A30588, 6.00%, 7/1/2032		120			134
Pool # G01665, 5.50%, 3/1/2034		2,857			3,333
Pool # G05046, 5.00%, 11/1/2036		167			191
Pool # G03073, 5.50%, 7/1/2037		1,436			1,674
Pool # G04772, 7.00%, 8/1/2038		159			192
Pool # G05798, 5.50%, 1/1/2040		334			383
Pool # G08729, 4.50%, 9/1/2046		1,295			1,415
FHLMC Gold Pools, Other
Pool # T45022, 2.50%, 1/1/2028		6,702			6,925
Pool # U79013, 2.50%, 4/1/2028(g)		1,342			1,405
Pool # U79014, 2.50%, 5/1/2028(g)		1,634			1,711
Pool # T40143, 2.50%, 7/1/2028		1,483			1,531
Pool # U79019, 3.00%, 7/1/2028		266			280
Pool # U79026, 2.50%, 9/1/2028		338			354
Pool # U49013, 3.00%, 9/1/2028		2,547			2,699
Pool # G20027, 10.00%, 10/1/2030		65			70
Pool # G20028, 7.50%, 12/1/2036		3,485			3,993
FNMA
Pool # 325081, ARM, 4.35%, 10/1/2025(e)		4			4
Pool # 409902, ARM, 3.64%, 6/1/2027(e)		8			8
Pool # 52597, ARM, 2.69%, 7/1/2027(e)		2			2
Pool # 725902, ARM, 3.90%, 9/1/2034(e)		53			53
Pool # 810896, ARM, 3.03%, 1/1/2035(e)		48			50
Pool # 865095, ARM, 4.70%, 10/1/2035(e)		751			774
Pool # 848757, ARM, 3.36%, 12/1/2035(e)		170			171
Pool # AD0295, ARM, 4.32%, 3/1/2036(e)		689			695
Pool # 877009, ARM, 4.42%, 3/1/2036(e)		1,122			1,195
Pool # 894571, ARM, 4.50%, 3/1/2036(e)		1,030			1,099
Pool # 871502, ARM, 3.59%, 4/1/2036(e)		52			52
Pool # 895687, ARM, 3.01%, 5/1/2036(e)		103			107
Pool # 886952, ARM, 4.43%, 6/1/2036(e)		3			3
Pool # 882099, ARM, 3.40%, 7/1/2036(e)		132			134
Pool # 884722, ARM, 3.99%, 8/1/2036(e)		133			134
Pool # 886558, ARM, 4.11%, 8/1/2036(e)		222			234
Pool # 745858, ARM, 4.20%, 8/1/2036(e)		111			117
Pool # 887714, ARM, 4.54%, 8/1/2036(e)		146			148
Pool # 745762, ARM, 4.65%, 8/1/2036(e)		1			1
Pool # 882241, ARM, 4.20%, 10/1/2036(e)		219			220
Pool # 870920, ARM, 3.66%, 12/1/2036(e)		28			29
Pool # AD0296, ARM, 3.78%, 12/1/2036(e)		490			493
Pool # 905593, ARM, 3.88%, 12/1/2036(e)		80			84
Pool # 905196, ARM, 4.12%, 12/1/2036(e)		55			58
Pool # 920954, ARM, 3.07%, 1/1/2037(e)		721			739
Pool # 888143, ARM, 3.60%, 1/1/2037(e)		55			58

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Pool # 913984, ARM, 3.36%, 2/1/2037(e)		391			402
Pool # 910178, ARM, 3.82%, 3/1/2037(e)		598			603
Pool # 936588, ARM, 2.77%, 4/1/2037(e)		153			156
Pool # 888750, ARM, 3.64%, 4/1/2037(e)		105			111
Pool # 948208, ARM, 3.10%, 7/1/2037(e)		695			708
Pool # 888620, ARM, 3.62%, 7/1/2037(e)		108			109
Pool # 944105, ARM, 3.89%, 7/1/2037(e)		12			12
Pool # 950385, ARM, 2.80%, 8/1/2037(e)		14			14
Pool # 950382, ARM, 2.99%, 8/1/2037(e)		1,217			1,234
Pool # 952182, ARM, 3.58%, 11/1/2037(e)		324			340
Pool # AD0081, ARM, 3.66%, 11/1/2037(e)		311			315
Pool # 995108, ARM, 4.21%, 11/1/2037(e)		1,026			1,069
Pool # 966911, ARM, 3.76%, 12/1/2037(e)		142			150
FNMA UMBS, 10 Year Pool # MA2233, 2.50%, 4/1/2025		142			149
FNMA UMBS, 15 Year
Pool # 888601, 5.50%, 6/1/2020		—	(f)		—	(f)
Pool # 735742, 5.00%, 7/1/2020		—	(f)		—	(f)
Pool # 995886, 6.00%, 4/1/2021		2			2
Pool # AD0452, 6.00%, 4/1/2021		12			12
Pool # 897937, 6.00%, 8/1/2021		111			113
Pool # 890129, 6.00%, 12/1/2021		43			44
Pool # 889094, 6.50%, 1/1/2023		158			166
Pool # 995286, 6.50%, 3/1/2023		11			12
Pool # AL0229, 5.50%, 9/1/2023		319			330
Pool # AA1035, 6.00%, 12/1/2023		70			73
Pool # AD0471, 5.50%, 1/1/2024		390			400
Pool # 995381, 6.00%, 1/1/2024		127			133
Pool # AE0081, 6.00%, 7/1/2024		521			550
Pool # 931730, 5.00%, 8/1/2024		176			188
Pool # AD0365, 5.50%, 9/1/2024		175			181
Pool # AD0662, 5.50%, 1/1/2025		1,159			1,221
Pool # AL2193, 5.50%, 7/1/2025		1,537			1,624
Pool # AJ5336, 3.00%, 11/1/2026		141			148
Pool # AK0971, 3.00%, 2/1/2027		135			143
Pool # AO0800, 3.00%, 4/1/2027		182			192
Pool # AP7842, 3.00%, 9/1/2027		144			153
Pool # AL3439, 4.00%, 9/1/2027		682			729
Pool # AU6018, 3.00%, 9/1/2028		327			346
Pool # AL6105, 4.00%, 12/1/2029		120			127
FNMA UMBS, 20 Year
Pool # 535519, 7.00%, 8/1/2020		—	(f)		—	(f)
Pool # 253946, 7.00%, 8/1/2021		4			4
Pool # 254344, 6.50%, 6/1/2022		196			218
Pool # 745763, 6.50%, 3/1/2025		135			150
Pool # 256714, 5.50%, 5/1/2027		278			307
Pool # MA0214, 5.00%, 10/1/2029		1,484			1,642
Pool # AD5474, 5.00%, 5/1/2030		479			531
Pool # MA0534, 4.00%, 10/1/2030		214			231
Pool # AL4165, 4.50%, 1/1/2031		1,188			1,298
Pool # MA0804, 4.00%, 7/1/2031		211			228
Pool # MA0792, 4.50%, 7/1/2031		1,805			1,979
Pool # MA3894, 4.00%, 9/1/2031		316			342
Pool # 890653, 4.50%, 1/1/2032		857			940
Pool # AL5958, 4.00%, 3/1/2032		2,337			2,502
Pool # MA1037, 3.00%, 4/1/2032		2,124			2,260
Pool # AL1722, 4.50%, 4/1/2032		160			175
Pool # AL3190, 4.00%, 12/1/2032		745			806
Pool # MA1802, 3.00%, 1/1/2034(g)		1,411			1,498
Pool # AL5373, 4.50%, 5/1/2034		825			909

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
FNMA UMBS, 30 Year
Pool # 545334, 8.50%, 9/1/2021		—	(f)		—	(f)
Pool # 250511, 6.50%, 3/1/2026		2			3
Pool # 555889, 8.00%, 12/1/2030		22			24
Pool # 254548, 5.50%, 12/1/2032		1,566			1,784
Pool # 555458, 5.50%, 5/1/2033		2,628			3,048
Pool # AB0054, 4.50%, 12/1/2034		4,252			4,674
Pool # 735503, 6.00%, 4/1/2035		1,990			2,300
Pool # 745275, 5.00%, 2/1/2036		3,756			4,311
Pool # 889118, 5.50%, 4/1/2036		3,822			4,422
Pool # 889209, 5.00%, 5/1/2036		212			242
Pool # 745948, 6.50%, 10/1/2036		309			367
Pool # 889494, 5.50%, 1/1/2037		301			351
Pool # AD0249, 5.50%, 4/1/2037		2,804			3,237
Pool # 995024, 5.50%, 8/1/2037		439			512
Pool # 950302, 7.00%, 8/1/2037		641			782
Pool # 888890, 6.50%, 10/1/2037		876			1,044
Pool # 929005, 6.00%, 1/1/2038		636			733
Pool # 890268, 6.50%, 10/1/2038		1,589			1,847
Pool # 995149, 6.50%, 10/1/2038		966			1,133
Pool # AL7521, 5.00%, 6/1/2039		554			632
Pool # AC3237, 5.00%, 10/1/2039		247			284
Pool # AB2025, 5.00%, 1/1/2040		1,357			1,555
Pool # AD6431, 4.50%, 6/1/2040		348			390
FNMA, 30 Year
Pool # 415460, 8.50%, 3/1/2027		5			5
Pool # 801357, 5.50%, 8/1/2034		72			79
FNMA, Other
Pool # AM8263, 2.42%, 4/1/2022		998			1,018
Pool # AB7351, 2.50%, 12/1/2027(g)		1,261			1,320
Pool # AQ8837, 2.50%, 12/1/2027(g)		951			996
Pool # AQ9357, 2.50%, 1/1/2028		444			459
Pool # AQ9760, 2.50%, 2/1/2028(g)		1,972			2,064
Pool # MA1360, 2.50%, 2/1/2028(g)		2,368			2,479
Pool # MA1557, 3.00%, 8/1/2028		451			477
Pool # BK4847, 2.50%, 4/1/2033		876			928
Pool # MA0896, 4.00%, 11/1/2041(g)		1,299			1,363
GNMA I, 15 Year
Pool # 782933, 6.50%, 10/15/2023		176			183
Pool # 783929, 4.00%, 5/15/2026		186			197
GNMA I, 30 Year
Pool # 780010, 9.50%, 3/15/2023		—	(f)		—	(f)
Pool # 403964, 9.00%, 9/15/2024		1			1
Pool # 780831, 9.50%, 12/15/2024		4			4
Pool # 780115, 8.50%, 4/15/2025		3			4
Pool # 780965, 9.50%, 12/15/2025		9			9
Pool # 423946, 9.00%, 10/15/2026		—	(f)		1
Pool # 687926, 6.50%, 9/15/2038		2,197			2,745
GNMA II
Pool # 8785, ARM, 3.88%, 5/20/2021(e)		—	(f)		—	(f)
Pool # 8807, ARM, 3.25%, 7/20/2021(e)		3			3
Pool # 8938, ARM, 3.00%, 3/20/2022(e)		2			2
Pool # 8046, ARM, 3.25%, 9/20/2022(e)		8			8
Pool # 8746, ARM, 3.13%, 11/20/2025(e)		29			30
Pool # 8790, ARM, 3.00%, 1/20/2026(e)		12			12
Pool # 80053, ARM, 3.00%, 3/20/2027(e)		1			1
Pool # 80152, ARM, 3.00%, 1/20/2028(e)		1			1
GNMA II, 15 Year
Pool # 5136, 4.00%, 8/20/2026		124			132
Pool # 5208, 3.00%, 10/20/2026		2,129			2,226
Pool # 5277, 3.50%, 1/20/2027		394			415
GNMA II, 30 Year
Pool # 1974, 8.50%, 3/20/2025		5			5

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Pool # 1989, 8.50%, 4/20/2025		7		8
Pool # 2285, 8.00%, 9/20/2026		8		9
Pool # 2499, 8.00%, 10/20/2027		2		3
Pool # 2525, 8.00%, 12/20/2027		1		1
Pool # 2646, 7.50%, 9/20/2028		5		6
Pool # 4224, 7.00%, 8/20/2038		1,249		1,456
Pool # 4245, 6.00%, 9/20/2038		1,412		1,622
Pool # 4247, 7.00%, 9/20/2038		1,849		2,240
TOTAL MORTGAGE-BACKED SECURITIES (Cost $144,643)				150,209
COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.5%
BX Commercial Mortgage Trust Series 2020-BXLP, Class A, 0.98%, 12/15/2036(a)(e)		8,145		7,880
Commercial Mortgage Trust
Series 2020-CBM, Class A2, 2.90%, 2/10/2037(a)		4,355		4,236
Series 2020-CBM, Class B, 3.10%, 2/10/2037‡(a)		4,765		4,462
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $17,535)				16,578
	Shares (000)
SHORT-TERM INVESTMENTS — 3.3%
INVESTMENT COMPANIES — 3.2%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.09%(h)(i) (Cost $96,584)		96,584		96,584
	Principal Amount ($000)
U.S. TREASURY OBLIGATIONS — 0.1%
U.S. Treasury Bills 0.09%, 7/16/2020(j)(k) (Cost $2,405)		2,405		2,404
TOTAL SHORT-TERM INVESTMENTS (Cost $98,989)				98,988
Total Investments — 100.6% (Cost $2,996,632)				3,044,910
Liabilities in Excess of Other Assets — (0.6)%				(17,174	)
Net Assets — 100.0%				3,027,736

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 May 31, 2020.
CSMC	Credit Suisse Mortgage Trust
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange
IF	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index or have an interest rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the rate in effect as of May 31, 2020. 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.

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

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
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.
UMBS	Uniform Mortgage-Backed Securities
USD	United States Dollar
(a)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(b)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2020.
(c)	Amount rounds to less than 0.1% of net assets.
(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 May 31, 2020.
(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 May 31, 2020.
(f)	Amount rounds to less than one thousand.
(g)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(h)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(i)	The rate shown is the current yield as of May 31, 2020.
(j)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(k)	The rate shown is the effective yield as of May 31, 2020.
‡	Value determined using significant unobservable inputs.

Futures contracts outstanding as of May 31, 2020 (amounts in thousands, except number of contracts):

Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
U.S. Treasury 2 Year Note		3,152			09/2020		USD		696,075			50
												50
Short Contracts
U.S. Treasury 5 Year Note		(2,515	)		09/2020		USD		(315,947	)		(590	)
U.S. Treasury 10 Year Note		(206	)		09/2020		USD		(28,647	)		(37	)
U.S. Treasury 10 Year Ultra Note		(114	)		09/2020		USD		(17,926	)		(68	)
												(695	)
												(645	)

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Abbreviations
USD	United States Dollar

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

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

A market-based approach is primarily used to value the Fund’s investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

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

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

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

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 May 31, 2020.

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
Asset-Backed Securities	$	—		$	572,451	$	93,421	$	665,872
Collateralized Mortgage Obligations		—			548,041		—		548,041
Commercial Mortgage-Backed Securities		—			12,116		4,462		16,578
Corporate Bonds		—			1,140,976		—		1,140,976
Mortgage-Backed Securities		—			150,209		—		150,209
U.S. Treasury Obligations		—			424,246		—		424,246
Short-Term Investments
Investment Companies		96,584			—		—		96,584
U.S. Treasury Obligations		—			2,404		—		2,404
Total Short-Term Investments		96,584			2,404		—		98,988
Total Investments in Securities	$	96,584		$	2,850,443	$	97,883	$	3,044,910
Appreciation in Other Financial Instruments
Futures Contracts	$	50		$	—	$	—	$	50
Depreciation in Other Financial Instruments
Futures Contracts	$	(695	)	$	—	$	—	$	(695	)

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 29, 2020			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 May 31, 2020
Investments in Securities:
Asset-Backed Securities	$	83,736		$	—		$	(3,699	)	$	14		$	—	$	(5,812	)	$	19,182	$	—	$	93,421
Collateralized Mortgage Obligations		—	(a)		—	(a)		—	(a)		—			—		—	(a)		—		—		—
Commercial Mortgage-Backed Securities		—			—			(509	)		(2	)		—		—			4,973		—		4,462
Total	$	83,736		$	—	(a)	$	(4,208	)	$	12		$	—	$	(5,812	)	$	24,155	$	—	$	97,883

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 May 31, 2020, which were valued using significant unobservable inputs (level 3) amounted to approximately $(4.209,000).

Transfers from level 2 to level 3 are due to a decline in market activity (e.g. frequency of trades), which resulted in a lack of available market inputs to determine the price for the period ended May 31, 2020.

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at May 31, 2020		Valuation Technique(s)		Unobservable Input	Range (Weighted Average) (a)
	$	80,786		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 20.00% (13.11%)
					Constant Default Rate		0.00% - 4.40% (0.01%)
					Yield (Discount Rate of Cash Flows)		0.83% - 14.49% (6.87%)
Asset-Backed Securities		80,786
		4,462		Discounted Cash Flow	PSA Prepayment Model
					Yield (Discount Rate of Cash Flows)		4.63% (0.26%)
Commercial Mortgage-Backed Securities		4,462
Total	$	85,248

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At May 31, 2020, the value of these investments was approximately $12,635,000. 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.

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

For the period ended May 31, 2020
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at May 31, 2020		Shares at May 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares(a)	$	—	$	221	$	221	$	—	$	—	$	—		—	$	—	(c)	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.09%(a)(b)		43,227		415,329		361,972		—		—		96,584		96,584		48			—
Total	$	43,227	$	415,550	$	362,193	$	—	$	—	$	96,584			$	48		$	—

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of May 31, 2020.

(c) Amount rounds to less than one thousand.