JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — 36.9%
Aerospace & Defense — 0.7%
Airbus SE (France)
3.15%, 4/10/2027 (a)		655		696
3.95%, 4/10/2047 (a)		150		178
BAE Systems plc (United Kingdom)
1.90%, 2/15/2031 (a)		764		728
3.00%, 9/15/2050 (a)		1,494		1,462
Boeing Co. (The)
1.17%, 2/4/2023		1,115		1,115
1.95%, 2/1/2024		965		978
1.43%, 2/4/2024		2,275		2,275
2.85%, 10/30/2024		2,200		2,284
2.75%, 2/1/2026		2,445		2,512
2.20%, 2/4/2026		28,580		28,522
3.10%, 5/1/2026		1,330		1,384
2.70%, 2/1/2027		6,025		6,142
5.04%, 5/1/2027		8,825		9,937
3.75%, 2/1/2050		5,435		5,636
3.95%, 8/1/2059		4,110		4,289
BWX Technologies, Inc.
4.13%, 6/30/2028 (a)		695		695
4.13%, 4/15/2029 (a)		3,390		3,389
Howmet Aerospace, Inc.
5.13%, 10/1/2024		3,362		3,596
5.95%, 2/1/2037		4,161		4,879
Lockheed Martin Corp.
3.80%, 3/1/2045		600		698
4.09%, 9/15/2052		2,500		3,121
Precision Castparts Corp. 3.25%, 6/15/2025		2,017		2,156
Raytheon Technologies Corp.
3.95%, 8/16/2025		240		260
2.38%, 3/15/2032		8,955		8,960
4.50%, 6/1/2042		3,181		3,930
4.35%, 4/15/2047		166		204
3.03%, 3/15/2052		2,840		2,870
Rolls-Royce plc (United Kingdom) 5.75%, 10/15/2027 (a)		1,747		1,924
Spirit AeroSystems, Inc. 7.50%, 4/15/2025 (a)		2,575		2,694
TransDigm, Inc.
6.25%, 3/15/2026 (a)		7,485		7,765
5.50%, 11/15/2027		1,500		1,510
Triumph Group, Inc.
8.88%, 6/1/2024 (a)		2,115		2,316
6.25%, 9/15/2024 (a)		1,475		1,481
7.75%, 8/15/2025		2,364		2,349
				122,935
Airlines — 0.2%
American Airlines, Inc.
5.50%, 4/20/2026 (a)		4,000		4,085
5.75%, 4/20/2029 (a)		6,074		6,336
Continental Airlines Pass-Through Trust Series 2012-2, Class A Shares, 4.00%, 10/29/2024		3,779		3,944
Delta Air Lines, Inc.
4.50%, 10/20/2025 (a)		1,135		1,190
4.75%, 10/20/2028 (a)		1,589		1,741
United Airlines Holdings, Inc.
5.00%, 2/1/2024		3,104		3,173
4.88%, 1/15/2025		2,241		2,275
United Airlines, Inc. 4.38%, 4/15/2026 (a)		2,345		2,354
				25,098
Auto Components — 0.3%
Adient Global Holdings Ltd. 4.88%, 8/15/2026 (a)		700		701
Allison Transmission, Inc.
4.75%, 10/1/2027 (a)		250		258
5.88%, 6/1/2029 (a)		3,625		3,873
3.75%, 1/30/2031 (a)		2,959		2,829
American Axle & Manufacturing, Inc.
6.88%, 7/1/2028		1,420		1,517
5.00%, 10/1/2029		5,475		5,195
Clarios Global LP
6.75%, 5/15/2025 (a)		2,992		3,123
6.25%, 5/15/2026 (a)		2,477		2,574
Cooper-Standard Automotive, Inc.
13.00%, 6/1/2024 (a)		584		631
5.63%, 11/15/2026 (a)		4,490		3,660
Dana Financing Luxembourg SARL 5.75%, 4/15/2025 (a)		4,125		4,213
Dana, Inc. 5.63%, 6/15/2028		1,350		1,421
Goodyear Tire & Rubber Co. (The)
5.00%, 7/15/2029 (a)		6,885		7,187
5.25%, 4/30/2031		3,660		3,859
Icahn Enterprises LP
6.38%, 12/15/2025		3,382		3,423
6.25%, 5/15/2026		957		983
5.25%, 5/15/2027		1,490		1,511
Lear Corp.
2.60%, 1/15/2032		2,095		2,061
3.55%, 1/15/2052		7,240		7,142
				56,161
Automobiles — 0.3%
Daimler Finance North America LLC (Germany) 3.30%, 5/19/2025 (a)		500		531
General Motors Co.
6.13%, 10/1/2025		550		634
5.15%, 4/1/2038		3,970		4,789
Hyundai Capital America
0.80%, 1/8/2024 (a)		13,230		13,120
4.30%, 2/1/2024 (a)		2,000		2,125
1.80%, 10/15/2025 (a)		4,110		4,104
1.50%, 6/15/2026 (a)		3,500		3,407
3.00%, 2/10/2027 (a)		4,000		4,166
2.38%, 10/15/2027 (a)		1,120		1,118
1.80%, 1/10/2028 (a)		5,390		5,211
Nissan Motor Co. Ltd. (Japan) 4.35%, 9/17/2027 (a)		3,509		3,781
				42,986

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Banks — 6.2%
ABN AMRO Bank NV (Netherlands)
4.75%, 7/28/2025 (a)		14,000		15,299
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.80%), 1.54%, 6/16/2027 (a) (b)		7,600		7,466
AIB Group plc (Ireland) (ICE LIBOR USD 3 Month + 1.87%), 4.26%, 4/10/2025 (a) (b)		1,940		2,053
ANZ New Zealand Int’l Ltd. (New Zealand)
3.40%, 3/19/2024 (a)		1,200		1,265
3.45%, 7/17/2027 (a)		889		965
2.55%, 2/13/2030 (a)		397		411
Banco Bilbao Vizcaya Argentaria SA (Spain) 1.13%, 9/18/2025		4,000		3,922
Banco Nacional de Comercio Exterior SNC (Mexico) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.00%), 2.72%, 8/11/2031 (a) (b)		2,850		2,822
Banco Santander SA (Spain)
3.13%, 2/23/2023		1,600		1,642
1.85%, 3/25/2026		2,400		2,392
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.72%, 9/14/2027 (b)		7,800		7,655
4.38%, 4/12/2028		3,400		3,818
2.75%, 12/3/2030		1,000		978
Bank of America Corp.
(ICE LIBOR USD 3 Month + 0.94%), 3.86%, 7/23/2024 (b)		5,000		5,223
Series X, (ICE LIBOR USD 3 Month + 3.71%), 6.25%, 9/5/2024 (b) (c) (d)		1,980		2,099
4.00%, 1/22/2025		7,677		8,212
Series L, 3.95%, 4/21/2025		1,326		1,423
(ICE LIBOR USD 3 Month + 1.09%), 3.09%, 10/1/2025 (b)		519		542
(ICE LIBOR USD 3 Month + 0.87%), 2.46%, 10/22/2025 (b)		2,000		2,058
(ICE LIBOR USD 3 Month + 0.81%), 3.37%, 1/23/2026 (b)		6,000		6,335
4.45%, 3/3/2026		1,294		1,424
(SOFR + 1.01%), 1.20%, 10/24/2026 (b)		3,500		3,427
Series N, (SOFR + 0.91%), 1.66%, 3/11/2027 (b)		3,175		3,151
(ICE LIBOR USD 3 Month + 1.06%), 3.56%, 4/23/2027 (b)		25,260		26,954
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (b)		1,000		1,080
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (b)		3,655		3,894
(ICE LIBOR USD 3 Month + 1.07%), 3.97%, 3/5/2029 (b)		13,000		14,288
(ICE LIBOR USD 3 Month + 0.99%), 2.50%, 2/13/2031 (b)		12,400		12,422
(SOFR + 1.53%), 1.90%, 7/23/2031 (b)		12,000		11,475
(SOFR + 1.37%), 1.92%, 10/24/2031 (b)		7,380		7,043
Series N, (SOFR + 1.22%), 2.65%, 3/11/2032 (b)		14,000		14,150
(SOFR + 1.32%), 2.69%, 4/22/2032 (b)		13,590		13,762
(SOFR + 1.22%), 2.30%, 7/21/2032 (b)		39,165		38,432
(SOFR + 1.21%), 2.57%, 10/20/2032 (b)		27,930		28,049
6.98%, 3/7/2037		1,500		2,081
(ICE LIBOR USD 3 Month + 1.32%), 4.08%, 4/23/2040 (b)		1,535		1,774
(SOFR + 1.93%), 2.68%, 6/19/2041 (b)		12,665		12,298
Series L, 4.75%, 4/21/2045		2,000		2,534
(ICE LIBOR USD 3 Month + 3.15%), 4.08%, 3/20/2051 (b)		3,500		4,272
Bank of Montreal (Canada)
Series E, 3.30%, 2/5/2024		2,500		2,619
(USD Swap Semi 5 Year + 1.43%), 3.80%, 12/15/2032 (b)		372		400
Bank of Nova Scotia (The) (Canada)
(ICE LIBOR USD 3 Month + 2.65%), 4.65%, 10/12/2022 (b) (c) (d)		4,800		4,678
2.20%, 2/3/2025		1,738		1,788
1.30%, 6/11/2025		2,080		2,074
2.70%, 8/3/2026		1,660		1,736
1.30%, 9/15/2026		1,500		1,472
Banque Federative du Credit Mutuel SA (France)
3.75%, 7/20/2023 (a)		2,770		2,902
1.60%, 10/4/2026 (a)		3,530		3,500
Barclays plc (United Kingdom) (ICE LIBOR USD 3 Month + 1.36%), 4.34%, 5/16/2024 (b)		800		838
BNP Paribas SA (France)
(ICE LIBOR USD 3 Month + 2.24%), 4.70%, 1/10/2025 (a) (b)		2,000		2,139
(SOFR + 2.07%), 2.22%, 6/9/2026 (a) (b)		558		566
(SOFR + 1.00%), 1.32%, 1/13/2027 (a) (b)		442		431
(SOFR + 1.61%), 1.90%, 9/30/2028 (a) (b)		1,000		982
(SOFR + 1.22%), 2.16%, 9/15/2029 (a) (b)		7,030		6,906
(SOFR + 1.51%), 3.05%, 1/13/2031 (a) (b)		2,960		3,065

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Canadian Imperial Bank of Commerce (Canada)
3.10%, 4/2/2024		921		964
2.25%, 1/28/2025		3,100		3,184
CIT Group, Inc.
5.00%, 8/1/2023		2,694		2,842
4.75%, 2/16/2024		1,105		1,166
6.13%, 3/9/2028		1,882		2,221
Citigroup, Inc.
(ICE LIBOR USD 3 Month + 4.07%), 5.95%, 1/30/2023 (b) (c) (d)		581		594
Series M, (ICE LIBOR USD 3 Month + 3.42%), 6.30%, 5/15/2024 (b) (c) (d)		1,652		1,724
Series V, (SOFR + 3.23%), 4.70%, 1/30/2025 (b) (c) (d)		146		147
Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025 (b) (c) (d)		700		744
6.88%, 6/1/2025		645		755
7.00%, 12/1/2025		1,115		1,336
Series W, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.60%), 4.00%, 12/10/2025 (b) (c) (d)		8,450		8,429
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.42%), 3.88%, 2/18/2026 (b) (c) (d)		14,060		13,919
(SOFR + 2.84%), 3.11%, 4/8/2026 (b)		2,500		2,621
4.30%, 11/20/2026		2,500		2,757
(ICE LIBOR USD 3 Month + 1.56%), 3.89%, 1/10/2028 (b)		15,910		17,248
6.63%, 1/15/2028		838		1,053
(ICE LIBOR USD 3 Month + 1.39%), 3.67%, 7/24/2028 (b)		803		864
(ICE LIBOR USD 3 Month + 1.15%), 3.52%, 10/27/2028 (b)		6,945		7,446
(ICE LIBOR USD 3 Month + 1.34%), 3.98%, 3/20/2030 (b)		3,600		3,986
(SOFR + 1.42%), 2.98%, 11/5/2030 (b)		8,090		8,410
(SOFR + 1.15%), 2.67%, 1/29/2031 (b)		2,600		2,639
(SOFR + 3.91%), 4.41%, 3/31/2031 (b)		17,210		19,632
(SOFR + 2.11%), 2.57%, 6/3/2031 (b)		5,000		5,028
(SOFR + 1.17%), 2.56%, 5/1/2032 (b)		1,090		1,095
(SOFR + 1.18%), 2.52%, 11/3/2032 (b)		6,975		6,971
(SOFR + 4.55%), 5.32%, 3/26/2041 (b)		7,000		9,276
Citizens Bank NA 3.70%, 3/29/2023		2,090		2,166
Comerica, Inc. 4.00%, 2/1/2029		1,500		1,696
Cooperatieve Rabobank UA (Netherlands) 4.63%, 12/1/2023		1,650		1,765
Credit Agricole SA (France)
4.38%, 3/17/2025 (a)		5,765		6,216
(USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025 (a) (b) (c) (d)		3,840		4,522
(SOFR + 1.68%), 1.91%, 6/16/2026 (a) (b)		5,080		5,103
(USD Swap Semi 5 Year + 1.64%), 4.00%, 1/10/2033 (a) (b)		8,939		9,571
2.81%, 1/11/2041 (a)		1,015		963
Danske Bank A/S (Denmark)
2.70%, 3/2/2022 (a)		619		622
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.03%), 1.17%, 12/8/2023 (a) (b)		2,829		2,831
DNB Bank ASA (Norway)
2.15%, 12/2/2022 (a)		1,500		1,525
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 1.13%, 9/16/2026 (a) (b)		3,590		3,525
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.68%), 1.60%, 3/30/2028 (a) (b)		1,115		1,095
Fifth Third Bank NA
3.95%, 7/28/2025		500		546
3.85%, 3/15/2026		234		254
HSBC Holdings plc (United Kingdom)
(ICE LIBOR USD 3 Month + 0.99%), 3.95%, 5/18/2024 (b)		1,250		1,300
4.25%, 8/18/2025		1,333		1,437
4.30%, 3/8/2026		3,581		3,926
(SOFR + 1.54%), 1.64%, 4/18/2026 (b)		10,520		10,472
3.90%, 5/25/2026		506		547
(SOFR + 1.29%), 1.59%, 5/24/2027 (b)		3,595		3,512
(SOFR + 1.10%), 2.25%, 11/22/2027 (b)		8,370		8,389
(ICE LIBOR USD 3 Month + 1.55%), 4.04%, 3/13/2028 (b)		11,837		12,782
(SOFR + 1.73%), 2.01%, 9/22/2028 (b)		15,820		15,456
(SOFR + 1.29%), 2.21%, 8/17/2029 (b)		7,335		7,180
(ICE LIBOR USD 3 Month + 1.61%), 3.97%, 5/22/2030 (b)		16,630		18,131
(SOFR + 1.19%), 2.80%, 5/24/2032 (b)		5,890		5,891
(SOFR + 1.41%), 2.87%, 11/22/2032 (b)		9,850		9,863
6.50%, 5/2/2036		1,265		1,721
6.10%, 1/14/2042		715		1,023
ING Groep NV (Netherlands)
3.55%, 4/9/2024		440		464

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
(USD Swap Semi 5 Year + 4.45%), 6.50%, 4/16/2025 (b) (c) (d)		3,000		3,242
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.40%, 7/1/2026 (a) (b)		1,210		1,199
(SOFR + 1.01%), 1.73%, 4/1/2027 (b)		2,245		2,236
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.86%), 3.88%, 5/16/2027 (b) (c) (d)		8,000		7,495
Intesa Sanpaolo SpA (Italy) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.75%), 4.95%, 6/1/2042 (a) (b)		16,017		16,531
KeyBank NA
3.18%, 5/22/2022		1,621		1,641
3.40%, 5/20/2026		1,545		1,660
KeyCorp 2.25%, 4/6/2027		1,290		1,318
Lloyds Banking Group plc (United Kingdom)
(ICE LIBOR USD 3 Month + 0.81%), 2.91%, 11/7/2023 (b)		2,650		2,698
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 1.63%, 5/11/2027 (b)		3,060		3,011
4.38%, 3/22/2028		633		711
(ICE LIBOR USD 3 Month + 1.21%), 3.57%, 11/7/2028 (b)		4,500		4,809
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.00%, 2/22/2022		413		415
2.67%, 7/25/2022		2,150		2,180
3.76%, 7/26/2023		4,582		4,804
2.53%, 9/13/2023		423		436
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.68%), 0.85%, 9/15/2024 (b)		3,000		2,992
1.41%, 7/17/2025		1,460		1,454
3.20%, 7/18/2029		2,605		2,755
3.75%, 7/18/2039		3,145		3,566
Mizuho Financial Group, Inc. (Japan)
(ICE LIBOR USD 3 Month + 1.00%), 3.92%, 9/11/2024 (b)		2,000		2,102
(ICE LIBOR USD 3 Month + 0.83%), 2.23%, 5/25/2026 (b)		4,400		4,472
2.56%, 9/13/2031		10,160		10,012
National Australia Bank Ltd. (Australia)
3.38%, 1/14/2026		3,248		3,511
2.33%, 8/21/2030 (a)		1,330		1,277
2.99%, 5/21/2031 (a)		14,950		15,033
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.88%), 3.93%, 8/2/2034 (a) (b)		2,605		2,792
National Bank of Canada (Canada) 2.15%, 10/7/2022 (a)		1,800		1,825
NatWest Group plc (United Kingdom)
4.80%, 4/5/2026		7,481		8,338
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.64%, 6/14/2027 (b)		19,790		19,494
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.55%), 3.07%, 5/22/2028 (b)		8,215		8,557
NatWest Markets plc (United Kingdom)
0.80%, 8/12/2024 (a)		2,080		2,052
1.60%, 9/29/2026 (a)		3,000		2,953
Nordea Bank Abp (Finland)
4.25%, 9/21/2022 (a)		886		911
3.75%, 8/30/2023 (a)		1,250		1,312
PNC Bank NA 2.70%, 10/22/2029		4,150		4,310
PNC Financial Services Group, Inc. (The)
2.60%, 7/23/2026		2,000		2,097
2.55%, 1/22/2030		1,975		2,035
Royal Bank of Canada (Canada)
2.25%, 11/1/2024		2,600		2,680
4.65%, 1/27/2026		423		469
Santander UK Group Holdings plc (United Kingdom)
(SOFR + 0.79%), 1.09%, 3/15/2025 (b)		3,260		3,231
(SOFR + 0.99%), 1.67%, 6/14/2027 (b)		16,600		16,282
(SOFR + 1.48%), 2.90%, 3/15/2032 (b)		6,805		6,884
Societe Generale SA (France)
2.63%, 10/16/2024 (a)		8,806		9,070
2.63%, 1/22/2025 (a)		11,635		11,963
4.25%, 4/14/2025 (a)		8,625		9,187
4.75%, 11/24/2025 (a)		6,630		7,217
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.49%, 12/14/2026 (a) (b)		11,590		11,327
3.00%, 1/22/2030 (a)		4,000		4,125
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.30%), 2.89%, 6/9/2032 (a) (b)		16,765		16,748
Standard Chartered plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.15%), 4.25%, 1/20/2023 (a) (b)		800		804

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.17%), 1.32%, 10/14/2023 (a) (b)		2,825		2,831
(ICE LIBOR USD 3 Month + 1.08%), 3.89%, 3/15/2024 (a) (b)		1,200		1,240
(ICE LIBOR USD 3 Month + 1.21%), 2.82%, 1/30/2026 (a) (b)		10,365		10,642
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 1.46%, 1/14/2027 (a) (b)		9,915		9,628
Sumitomo Mitsui Financial Group, Inc. (Japan)
3.75%, 7/19/2023		1,250		1,307
3.94%, 10/16/2023		654		691
4.44%, 4/2/2024 (a)		1,200		1,280
1.47%, 7/8/2025		1,500		1,497
3.04%, 7/16/2029		1,395		1,462
2.75%, 1/15/2030		3,500		3,611
Sumitomo Mitsui Trust Bank Ltd. (Japan) 1.05%, 9/12/2025 (a)		2,350		2,307
Toronto-Dominion Bank (The) (Canada) 1.15%, 6/12/2025		2,000		1,988
Truist Bank
3.20%, 4/1/2024		1,250		1,311
2.15%, 12/6/2024		500		514
Truist Financial Corp.
3.75%, 12/6/2023		1,600		1,690
4.00%, 5/1/2025		1,857		2,012
UniCredit SpA (Italy)
3.75%, 4/12/2022 (a)		2,000		2,022
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 1.98%, 6/3/2027 (a) (b)		11,519		11,243
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 3.13%, 6/3/2032 (a) (b)		10,390		10,286
(USD ICE Swap Rate 5 Year + 4.91%), 7.30%, 4/2/2034 (a) (b)		9,300		11,094
US Bancorp
Series X, 3.15%, 4/27/2027		1,660		1,776
3.00%, 7/30/2029		1,325		1,405
Wachovia Corp.
6.61%, 10/1/2025		1,650		1,935
7.57%, 8/1/2026 (e)		515		638
Wells Fargo & Co.
(ICE LIBOR USD 3 Month + 0.75%), 2.16%, 2/11/2026 (b)		1,000		1,020
Series BB, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.45%), 3.90%, 3/15/2026 (b) (c) (d)		13,220		13,299
3.00%, 10/23/2026		5,000		5,263
(ICE LIBOR USD 3 Month + 1.17%), 3.20%, 6/17/2027 (b)		3,813		4,032
4.30%, 7/22/2027		173		192
(ICE LIBOR USD 3 Month + 1.31%), 3.58%, 5/22/2028 (b)		4,475		4,817
(SOFR + 2.10%), 2.39%, 6/2/2028 (b)		2,000		2,026
4.15%, 1/24/2029		5,000		5,585
(SOFR + 1.43%), 2.88%, 10/30/2030 (b)		8,700		9,024
(SOFR + 1.26%), 2.57%, 2/11/2031 (b)		7,000		7,102
(SOFR + 2.53%), 3.07%, 4/30/2041 (b)		16,505		16,980
5.38%, 11/2/2043		853		1,128
4.90%, 11/17/2045		6,610		8,429
4.40%, 6/14/2046		3,016		3,609
Westpac Banking Corp. (Australia)
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.35%), 2.89%, 2/4/2030 (b)		2,000		2,047
(USD ICE Swap Rate 5 Year + 2.24%), 4.32%, 11/23/2031 (b)		16,815		18,243
4.42%, 7/24/2039		520		617
				1,032,777
Beverages — 0.4%
Anheuser-Busch Cos. LLC (Belgium) 4.70%, 2/1/2036		13,415		16,132
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
4.00%, 4/13/2028		7,690		8,606
4.38%, 4/15/2038		5,000		5,824
3.75%, 7/15/2042		5,500		6,014
4.44%, 10/6/2048		3,000		3,607
Coca-Cola Femsa SAB de CV (Mexico)
2.75%, 1/22/2030		1,380		1,421
1.85%, 9/1/2032		500		473
Constellation Brands, Inc. 4.65%, 11/15/2028		3,000		3,433
Diageo Investment Corp. (United Kingdom) 8.00%, 9/15/2022		365		386
Fomento Economico Mexicano SAB de CV (Mexico) 3.50%, 1/16/2050		3,160		3,367
Keurig Dr Pepper, Inc.
3.40%, 11/15/2025		1,700		1,812
2.55%, 9/15/2026		507		528
3.43%, 6/15/2027		225		243
4.60%, 5/25/2028		4,110		4,696

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Molson Coors Beverage Co. 4.20%, 7/15/2046		2,000		2,215
				58,757
Biotechnology — 0.7%
AbbVie, Inc.
2.80%, 3/15/2023		500		509
3.60%, 5/14/2025		5,000		5,326
2.95%, 11/21/2026		5,550		5,841
3.20%, 11/21/2029		25,826		27,400
4.05%, 11/21/2039		20,053		22,948
4.63%, 10/1/2042		3,900		4,736
Amgen, Inc. 2.20%, 2/21/2027		215		218
Biogen, Inc.
2.25%, 5/1/2030		8,287		8,107
3.15%, 5/1/2050		2,954		2,901
Emergent BioSolutions, Inc. 3.88%, 8/15/2028 (a)		4,435		4,212
Gilead Sciences, Inc.
1.65%, 10/1/2030		4,000		3,809
2.60%, 10/1/2040		5,200		4,969
4.50%, 2/1/2045		6,500		7,980
2.80%, 10/1/2050		3,800		3,692
Grifols Escrow Issuer SA (Spain) 4.75%, 10/15/2028 (a)		2,180		2,158
Regeneron Pharmaceuticals, Inc. 2.80%, 9/15/2050		10,315		9,714
				114,520
Building Products — 0.2%
Builders FirstSource, Inc. 4.25%, 2/1/2032 (a)		3,803		3,820
CRH America Finance, Inc. (Ireland) 3.40%, 5/9/2027 (a)		200		215
Griffon Corp. 5.75%, 3/1/2028		5,295		5,457
JELD-WEN, Inc. 6.25%, 5/15/2025 (a)		1,175		1,225
PGT Innovations, Inc. 4.38%, 10/1/2029 (a)		3,155		3,127
Standard Industries, Inc.
5.00%, 2/15/2027 (a)		350		359
4.75%, 1/15/2028 (a)		5,118		5,157
3.38%, 1/15/2031 (a)		3,156		2,907
Summit Materials LLC 5.25%, 1/15/2029 (a)		3,801		3,956
Trane Technologies Co. LLC 7.20%, 6/1/2025		60		68
				26,291
Capital Markets — 2.4%
Bank of New York Mellon Corp. (The) 3.25%, 5/16/2027		1,200		1,294
Blackstone Holdings Finance Co. LLC 4.45%, 7/15/2045 (a)		159		203
Brookfield Finance, Inc. (Canada)
3.90%, 1/25/2028		1,265		1,397
4.85%, 3/29/2029		280		327
4.70%, 9/20/2047		645		799
Charles Schwab Corp. (The)
Series I, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.17%), 4.00%, 6/1/2026 (b) (c) (d)		8,170		8,139
2.75%, 10/1/2029		800		844
Series H, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 3.08%), 4.00%, 12/1/2030 (b) (c) (d)		15,790		15,633
Coinbase Global, Inc.
3.38%, 10/1/2028 (a)		776		729
3.63%, 10/1/2031 (a)		776		720
Credit Suisse Group AG (Switzerland)
(USD Swap Semi 5 Year + 4.60%), 7.50%, 12/11/2023 (a) (b) (c) (d)		12,300		13,246
(SOFR + 1.56%), 2.59%, 9/11/2025 (a) (b)		250		256
(SOFR + 2.04%), 2.19%, 6/5/2026 (a) (b)		300		303
(SOFR + 0.98%), 1.31%, 2/2/2027 (a) (b)		1,890		1,829
4.28%, 1/9/2028 (a)		14,706		16,036
(ICE LIBOR USD 3 Month + 1.41%), 3.87%, 1/12/2029 (a) (b)		831		890
(SOFR + 1.73%), 3.09%, 5/14/2032 (a) (b)		20,755		21,035
Daiwa Securities Group, Inc. (Japan) 3.13%, 4/19/2022 (a)		1,098		1,108
Deutsche Bank AG (Germany) (SOFR + 2.16%), 2.22%, 9/18/2024 (b)		2,620		2,657
Goldman Sachs Group, Inc. (The)
3.50%, 1/23/2025		2,566		2,714
3.75%, 5/22/2025		4,789		5,121
(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 9/29/2025 (b)		1,612		1,691
4.25%, 10/21/2025		364		396
Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.97%), 3.80%, 5/10/2026 (b) (c) (d)		2,605		2,538
3.50%, 11/16/2026		15,000		15,975
Series VAR, (SOFR + 0.79%), 1.09%, 12/9/2026 (b)		3,140		3,053
3.85%, 1/26/2027		1,664		1,783
(SOFR + 0.80%), 1.43%, 3/9/2027 (b)		20,395		19,995
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (b)		6,079		6,551
(ICE LIBOR USD 3 Month + 1.30%), 4.22%, 5/1/2029 (b)		9,035		10,018
(SOFR + 1.28%), 2.62%, 4/22/2032 (b)		9,495		9,514
(SOFR + 1.25%), 2.38%, 7/21/2032 (b)		19,360		18,996
(SOFR + 1.26%), 2.65%, 10/21/2032 (b)		15,505		15,541

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038 (b)		15,310		17,480
(SOFR + 1.51%), 3.21%, 4/22/2042 (b)		2,260		2,335
Jefferies Group LLC
6.45%, 6/8/2027		104		127
6.25%, 1/15/2036		950		1,266
Lehman Brothers Holdings, Inc.
8.00%, 8/1/2015 (f)		295		2
3.60%, 12/30/2016 (f)		235		1
5.75%, 5/17/2049 (f)		1,000		5
LPL Holdings, Inc. 4.00%, 3/15/2029 (a)		1,860		1,868
Macquarie Group Ltd. (Australia)
(ICE LIBOR USD 3 Month + 1.75%), 5.03%, 1/15/2030 (a) (b)		800		933
(SOFR + 1.44%), 2.69%, 6/23/2032 (a) (b)		400		398
Morgan Stanley
4.88%, 11/1/2022		3,500		3,632
4.10%, 5/22/2023		750		784
(ICE LIBOR USD 3 Month + 0.85%), 3.74%, 4/24/2024 (b)		2,240		2,324
3.70%, 10/23/2024		1,241		1,323
(SOFR + 1.15%), 2.72%, 7/22/2025 (b)		1,259		1,299
4.00%, 7/23/2025		2,677		2,904
5.00%, 11/24/2025		1,617		1,808
3.88%, 1/27/2026		4,268		4,631
(SOFR + 0.88%), 1.59%, 5/4/2027 (b)		22,160		21,910
(ICE LIBOR USD 3 Month + 1.34%), 3.59%, 7/22/2028 (b)		6,667		7,172
(ICE LIBOR USD 3 Month + 1.14%), 3.77%, 1/24/2029 (b)		3,388		3,698
(ICE LIBOR USD 3 Month + 1.63%), 4.43%, 1/23/2030 (b)		8,282		9,443
(SOFR + 1.14%), 2.70%, 1/22/2031 (b)		15,650		16,069
(SOFR + 1.03%), 1.79%, 2/13/2032 (b)		2,490		2,359
(SOFR + 1.18%), 2.24%, 7/21/2032 (b)		7,360		7,213
(SOFR + 1.20%), 2.51%, 10/20/2032 (b)		11,150		11,186
(ICE LIBOR USD 3 Month + 1.43%), 4.46%, 4/22/2039 (b)		5,425		6,568
(SOFR + 1.49%), 3.22%, 4/22/2042 (b)		5,500		5,799
MSCI, Inc. 3.63%, 9/1/2030 (a)		1,860		1,883
Nomura Holdings, Inc. (Japan)
2.65%, 1/16/2025		2,856		2,953
1.85%, 7/16/2025		1,300		1,306
Northern Trust Corp. (ICE LIBOR USD 3 Month + 1.13%), 3.38%, 5/8/2032 (b)		1,000		1,058
Nuveen LLC 4.00%, 11/1/2028 (a)		710		797
S&P Global, Inc. 3.25%, 12/1/2049		2,500		2,771
UBS Group AG (Switzerland)
(EUR Swap Annual 5 Year + 5.29%), 5.75%, 2/19/2022 (b) (c) (d) (g)	EUR	11,400		13,046
(ICE LIBOR USD 3 Month + 0.95%), 2.86%, 8/15/2023 (a) (b)		1,303		1,322
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.08%), 1.36%, 1/30/2027 (a) (b)		3,000		2,938
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 1.49%, 8/10/2027 (a) (b)		21,658		21,184
(ICE LIBOR USD 3 Month + 1.47%), 3.13%, 8/13/2030 (a) (b)		16,300		17,091
				402,217
Chemicals — 0.6%
Air Products and Chemicals, Inc. 2.70%, 5/15/2040		800		821
Axalta Coating Systems LLC 4.75%, 6/15/2027 (a)		5,239		5,414
Braskem Idesa SAPI (Mexico) 6.99%, 2/20/2032 (a)		1,320		1,290
CF Industries, Inc.
5.15%, 3/15/2034		1,800		2,158
4.95%, 6/1/2043		10,230		12,308
Chemours Co. (The)
5.38%, 5/15/2027		3,835		4,008
5.75%, 11/15/2028 (a)		2,885		2,957
CVR Partners LP 9.25%, 6/15/2023 (a)		616		617
Element Solutions, Inc. 3.88%, 9/1/2028 (a)		4,675		4,628
INEOS Quattro Finance 2 plc (United Kingdom) 3.38%, 1/15/2026 (a)		4,580		4,557
International Flavors & Fragrances, Inc.
1.83%, 10/15/2027 (a)		1,890		1,863
3.27%, 11/15/2040 (a)		1,630		1,674
3.47%, 12/1/2050 (a)		1,270		1,336
LYB International Finance III LLC
3.38%, 5/1/2030		2,000		2,166
3.38%, 10/1/2040		2,000		2,081
3.63%, 4/1/2051		4,160		4,438
NOVA Chemicals Corp. (Canada)
4.88%, 6/1/2024 (a)		2,300		2,383
5.00%, 5/1/2025 (a)		2,430		2,546
5.25%, 6/1/2027 (a)		6,162		6,471
4.25%, 5/15/2029 (a)		945		926
Nutrien Ltd. (Canada)
2.95%, 5/13/2030		1,435		1,505
4.13%, 3/15/2035		511		580
Olin Corp. 5.63%, 8/1/2029		1,495		1,612

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Scotts Miracle-Gro Co. (The)
5.25%, 12/15/2026		2,020		2,071
4.50%, 10/15/2029		5,513		5,692
Trinseo Materials Operating SCA 5.38%, 9/1/2025 (a)		6,323		6,393
Union Carbide Corp. 7.75%, 10/1/2096		1,305		2,360
Valvoline, Inc. 4.25%, 2/15/2030 (a)		2,990		2,964
WR Grace Holdings LLC
4.88%, 6/15/2027 (a)		3,346		3,320
5.63%, 8/15/2029 (a)		965		970
				92,109
Commercial Services & Supplies — 0.5%
ACCO Brands Corp. 4.25%, 3/15/2029 (a)		4,530		4,428
ADT Security Corp. (The)
4.13%, 8/1/2029 (a)		2,664		2,592
4.88%, 7/15/2032 (a)		5,260		5,207
Allied Universal Holdco LLC 4.63%, 6/1/2028 (a)		3,642		3,524
Aramark Services, Inc.
5.00%, 4/1/2025 (a)		1,100		1,114
5.00%, 2/1/2028 (a)		4,115		4,135
Brink’s Co. (The) 4.63%, 10/15/2027 (a)		2,800		2,856
Ford Foundation (The) Series 2020, 2.82%, 6/1/2070		3,000		3,141
Garda World Security Corp. (Canada)
4.63%, 2/15/2027 (a)		1,880		1,838
9.50%, 11/1/2027 (a)		1,550		1,615
GFL Environmental, Inc. (Canada)
3.75%, 8/1/2025 (a)		6,375		6,454
4.00%, 8/1/2028 (a)		3,675		3,565
3.50%, 9/1/2028 (a)		1,905		1,846
Harsco Corp. 5.75%, 7/31/2027 (a)		1,110		1,124
ILFC E-Capital Trust I (USD Constant Maturity 30 Year + 1.55%), 3.46%, 12/21/2065 (a) (b)		5,334		4,386
Madison IAQ LLC 4.13%, 6/30/2028 (a)		7,265		7,029
Nielsen Finance LLC 5.63%, 10/1/2028 (a)		6,795		6,936
Prime Security Services Borrower LLC 5.75%, 4/15/2026 (a)		6,973		7,374
Republic Services, Inc.
4.75%, 5/15/2023		103		108
1.45%, 2/15/2031		2,010		1,873
Stericycle, Inc.
5.38%, 7/15/2024 (a)		1,260		1,289
3.88%, 1/15/2029 (a)		5,265		5,133
				77,567
Communications Equipment — 0.1%
CommScope Technologies LLC 5.00%, 3/15/2027 (a)		3,370		3,026
CommScope, Inc.
6.00%, 3/1/2026 (a)		7,639		7,813
4.75%, 9/1/2029 (a)		2,876		2,783
Plantronics, Inc. 4.75%, 3/1/2029 (a)		2,877		2,592
				16,214
Construction & Engineering — 0.1%
AECOM 5.13%, 3/15/2027		2,676		2,868
Bioceanico Sovereign Certificate Ltd. (Paraguay) Zero Coupon, 6/5/2034 (a)		1,827		1,364
Dycom Industries, Inc. 4.50%, 4/15/2029 (a)		4,345		4,375
MasTec, Inc. 4.50%, 8/15/2028 (a)		4,700		4,841
Weekley Homes LLC 4.88%, 9/15/2028 (a)		4,085		4,205
				17,653
Construction Materials — 0.0% (h)
Cemex SAB de CV (Mexico) 3.88%, 7/11/2031 (a)		3,843		3,734
CRH America, Inc. (Ireland) 5.13%, 5/18/2045 (a)		1,249		1,671
				5,405
Consumer Finance — 1.2%
AerCap Ireland Capital DAC (Ireland)
3.50%, 5/26/2022		400		405
4.63%, 7/1/2022		3,040		3,109
4.50%, 9/15/2023		1,780		1,875
6.50%, 7/15/2025		398		455
1.75%, 1/30/2026		2,550		2,500
2.45%, 10/29/2026		2,480		2,486
3.00%, 10/29/2028		16,065		16,177
3.30%, 1/30/2032		8,320		8,383
3.85%, 10/29/2041		2,725		2,812
Ally Financial, Inc.
5.75%, 11/20/2025		6,155		6,970
8.00%, 11/1/2031		1,780		2,518
American Express Co.
3.63%, 12/5/2024		276		294
4.20%, 11/6/2025		3,000		3,316
American Honda Finance Corp. 2.30%, 9/9/2026		320		331
Avolon Holdings Funding Ltd. (Ireland)
5.25%, 5/15/2024 (a)		3,120		3,357
2.88%, 2/15/2025 (a)		2,301		2,350
5.50%, 1/15/2026 (a)		2,175		2,414
2.13%, 2/21/2026 (a)		8,230		8,058
4.25%, 4/15/2026 (a)		2,215		2,365
2.53%, 11/18/2027 (a)		23,994		23,400
Capital One Financial Corp.
3.20%, 2/5/2025		200		210
3.75%, 7/28/2026		840		901
(SOFR + 0.86%), 1.88%, 11/2/2027 (b)		1,840		1,830
Ford Motor Credit Co. LLC
3.22%, 1/9/2022		3,480		3,484
3.37%, 11/17/2023		1,655		1,693

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
4.06%, 11/1/2024		3,440		3,588
5.13%, 6/16/2025		1,220		1,319
4.13%, 8/4/2025		6,700		7,003
3.38%, 11/13/2025		1,247		1,273
4.39%, 1/8/2026		3,750		3,960
4.54%, 8/1/2026		8,140		8,695
2.70%, 8/10/2026		906		899
4.27%, 1/9/2027		3,910		4,133
4.13%, 8/17/2027		3,405		3,592
5.11%, 5/3/2029		1,887		2,089
4.00%, 11/13/2030		6,651		6,975
3.63%, 6/17/2031		13,250		13,516
General Motors Financial Co., Inc.
3.60%, 6/21/2030		10,625		11,260
2.70%, 6/10/2031		2,075		2,056
Global Aircraft Leasing Co. Ltd. (Cayman Islands) 6.50% (cash), 9/15/2024 (a) (i)		3,694		3,580
ILFC E-Capital Trust II (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year + 1.80%), 3.71%, 12/21/2065 (a) (b)		1,790		1,557
John Deere Capital Corp. 2.65%, 6/10/2026		1,000		1,050
Navient Corp.
6.13%, 3/25/2024		1,895		1,986
6.75%, 6/25/2025		1,970		2,123
5.00%, 3/15/2027		915		918
OneMain Finance Corp.
6.88%, 3/15/2025		575		633
7.13%, 3/15/2026		4,258		4,785
6.63%, 1/15/2028		3,952		4,378
5.38%, 11/15/2029		3,233		3,402
Park Aerospace Holdings Ltd. (Ireland) 5.50%, 2/15/2024 (a)		3,127		3,367
				199,830
Containers & Packaging — 0.4%
Ardagh Packaging Finance plc
5.25%, 4/30/2025 (a)		417		429
4.13%, 8/15/2026 (a)		9,580		9,688
5.25%, 8/15/2027 (a)		1,725		1,691
Ball Corp.
5.25%, 7/1/2025		2,095		2,305
2.88%, 8/15/2030		1,910		1,814
3.13%, 9/15/2031		1,325		1,275
Berry Global, Inc.
4.88%, 7/15/2026 (a)		3,660		3,797
5.63%, 7/15/2027 (a)		185		192
Canpack SA (Poland) 3.88%, 11/15/2029 (a)		3,185		3,086
Crown Americas LLC 4.75%, 2/1/2026		1,855		1,905
Greif, Inc. 6.50%, 3/1/2027 (a)		6,054		6,288
Klabin Austria GmbH (Brazil) 5.75%, 4/3/2029 (g)		1,889		2,009
LABL, Inc. 6.75%, 7/15/2026 (a)		4,605		4,720
Mauser Packaging Solutions Holding Co. 5.50%, 4/15/2024 (a)		4,525		4,529
Owens-Brockway Glass Container, Inc. 6.63%, 5/13/2027 (a)		3,340		3,495
Packaging Corp. of America 3.05%, 10/1/2051		2,345		2,392
Pactiv Evergreen Group Issuer, Inc. 4.00%, 10/15/2027 (a)		6,558		6,296
Sealed Air Corp.
5.25%, 4/1/2023 (a)		625		649
5.13%, 12/1/2024 (a)		2,365		2,519
4.00%, 12/1/2027 (a)		1,875		1,931
Trivium Packaging Finance BV (Netherlands) 5.50%, 8/15/2026 (a) (e)		3,113		3,214
WRKCo, Inc. 4.65%, 3/15/2026		2,500		2,805
				67,029
Distributors — 0.0% (h)
Wolverine Escrow LLC 9.00%, 11/15/2026 (a)		8,352		7,872
Diversified Consumer Services — 0.0% (h)
Service Corp. International 5.13%, 6/1/2029		5,135		5,469
University of Southern California Series A, 3.23%, 10/1/2120		800		862
				6,331
Diversified Financial Services — 0.3%
CK Hutchison International 17 Ltd. (United Kingdom) 2.88%, 4/5/2022 (a)		800		806
CK Hutchison International 19 Ltd. (United Kingdom) 3.63%, 4/11/2029 (a)		1,135		1,249
EDP Finance BV (Portugal) 1.71%, 1/24/2028 (a)		13,425		13,086
GTP Acquisition Partners I LLC 3.48%, 6/16/2025 (a)		3,623		3,768
Hutchison Whampoa International 12 II Ltd. (United Kingdom) 3.25%, 11/8/2022 (a)		257		263
LSEGA Financing plc (United Kingdom) 2.00%, 4/6/2028 (a)		4,725		4,693
Mitsubishi HC Capital, Inc. (Japan)
2.65%, 9/19/2022 (a)		200		203
3.96%, 9/19/2023 (a)		1,215		1,276
3.56%, 2/28/2024 (a)		1,900		1,992
ORIX Corp. (Japan)
4.05%, 1/16/2024		300		318
3.25%, 12/4/2024		2,850		3,010
Petronas Capital Ltd. (Malaysia) 2.48%, 1/28/2032 (a)		4,000		3,997
Sabre GLBL, Inc.
9.25%, 4/15/2025 (a)		2,285		2,542

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
7.38%, 9/1/2025 (a)		400		414
Shell International Finance BV (Netherlands)
3.25%, 5/11/2025		1,098		1,170
2.88%, 5/10/2026		246		261
3.63%, 8/21/2042		6,600		7,299
4.00%, 5/10/2046		3,000		3,519
Siemens Financieringsmaatschappij NV (Germany) 3.30%, 9/15/2046 (a)		2,000		2,236
Voya Financial, Inc. 5.70%, 7/15/2043		300		416
				52,518
Diversified Telecommunication Services — 1.6%
Altice France Holding SA (Luxembourg) 10.50%, 5/15/2027 (a)		2,500		2,691
Altice France SA (France)
5.13%, 7/15/2029 (a)		3,336		3,170
5.50%, 10/15/2029 (a)		2,371		2,288
AT&T, Inc.
1.65%, 2/1/2028		5,000		4,865
6.88%, 10/15/2031		2,025		2,714
3.50%, 6/1/2041		5,000		5,136
3.10%, 2/1/2043		1,380		1,332
Bell Canada (The) (Canada) Series US-6, 3.20%, 2/15/2052		915		949
CCO Holdings LLC
5.50%, 5/1/2026 (a)		1,621		1,673
5.13%, 5/1/2027 (a)		11,999		12,350
5.00%, 2/1/2028 (a)		9,925		10,223
5.38%, 6/1/2029 (a)		8,896		9,410
4.75%, 3/1/2030 (a)		20,221		20,719
4.50%, 8/15/2030 (a)		15,275		15,396
4.25%, 2/1/2031 (a)		3,250		3,202
4.25%, 1/15/2034 (a)		3,020		2,905
Cincinnati Bell, Inc. 8.00%, 10/15/2025 (a)		1,638		1,704
Embarq Corp. 8.00%, 6/1/2036		4,092		4,486
Frontier Communications Holdings LLC 5.88%, 10/15/2027 (a)		5,217		5,387
Intelsat Jackson Holdings SA (Luxembourg)
8.00%, 2/15/2024 (a) (e) (f)		1,760		1,791
8.50%, 10/15/2024 (a) (f)		7,233		3,635
Level 3 Financing, Inc.
5.25%, 3/15/2026		2,557		2,619
4.63%, 9/15/2027 (a)		5,707		5,781
Lumen Technologies, Inc.
5.63%, 4/1/2025		1,197		1,247
5.13%, 12/15/2026 (a)		10,925		10,944
4.00%, 2/15/2027 (a)		7,383		7,357
5.38%, 6/15/2029 (a)		2,297		2,237
Sprint Capital Corp.
8.75%, 3/15/2032		8,352		12,348
Switch Ltd. 3.75%, 9/15/2028 (a)		7,975		7,895
Telecom Italia Capital SA (Italy)
6.38%, 11/15/2033		1,061		1,103
6.00%, 9/30/2034		3,048		3,071
7.72%, 6/4/2038		190		216
Telecom Italia SpA (Italy) 5.30%, 5/30/2024 (a)		4,990		5,176
Verizon Communications, Inc.
2.10%, 3/22/2028		3,270		3,261
4.33%, 9/21/2028		2,156		2,456
4.02%, 12/3/2029		12,013		13,470
1.68%, 10/30/2030		14,010		13,223
2.55%, 3/21/2031		10,395		10,507
2.36%, 3/15/2032 (a)		15,314		15,157
2.65%, 11/20/2040		14,625		13,962
3.40%, 3/22/2041		2,425		2,578
2.99%, 10/30/2056		545		524
3.70%, 3/22/2061		2,395		2,646
Virgin Media Secured Finance plc (United Kingdom) 5.50%, 5/15/2029 (a)		5,778		5,992
Zayo Group Holdings, Inc. 4.00%, 3/1/2027 (a)		4,603		4,384
				264,180
Electric Utilities — 1.8%
AEP Texas, Inc. Series E, 6.65%, 2/15/2033		750		1,009
AEP Transmission Co. LLC
3.15%, 9/15/2049		485		504
Series M, 3.65%, 4/1/2050		2,000		2,264
AES Panama Generation Holdings SRL (Panama) 4.38%, 5/31/2030 (a)		980		996
Alabama Power Co.
6.13%, 5/15/2038		891		1,258
5.50%, 3/15/2041		1,250		1,664
Series A, 4.30%, 7/15/2048		350		431
Appalachian Power Co. Series Y, 4.50%, 3/1/2049		315		391
Arizona Public Service Co.
4.70%, 1/15/2044		150		183
4.25%, 3/1/2049		1,000		1,201
Baltimore Gas and Electric Co.
4.25%, 9/15/2048		1,400		1,756
3.20%, 9/15/2049		1,475		1,561
2.90%, 6/15/2050		840		850
CenterPoint Energy Houston Electric LLC Series AD, 2.90%, 7/1/2050		2,000		2,070
China Southern Power Grid International Finance BVI Co. Ltd. (China) 3.50%, 5/8/2027 (a)		720		776
Cleveland Electric Illuminating Co. (The) 5.50%, 8/15/2024		200		222
Comision Federal de Electricidad (Mexico) 3.35%, 2/9/2031 (a)		11,948		11,446

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Commonwealth Edison Co. 4.00%, 3/1/2048		300		359
Connecticut Light and Power Co. (The) 4.00%, 4/1/2048		1,686		2,097
DTE Electric Co. 3.95%, 6/15/2042		381		434
Duke Energy Carolinas LLC 3.70%, 12/1/2047		1,000		1,128
Duke Energy Corp. 3.50%, 6/15/2051		6,135		6,431
Duke Energy Florida LLC
3.80%, 7/15/2028		600		665
1.75%, 6/15/2030		1,000		962
5.90%, 3/1/2033		412		534
Duke Energy Indiana LLC Series YYY, 3.25%, 10/1/2049		2,235		2,393
Duke Energy Ohio, Inc. 4.30%, 2/1/2049		1,470		1,815
Duke Energy Progress LLC
4.10%, 5/15/2042		305		355
3.70%, 10/15/2046		200		230
Edison International 4.95%, 4/15/2025		1,033		1,126
Emera US Finance LP (Canada) 2.64%, 6/15/2031 (a)		14,530		14,489
Empresa de Transmision Electrica SA (Panama) 5.13%, 5/2/2049 (a)		1,270		1,410
Enel Finance International NV (Italy)
1.88%, 7/12/2028 (a)		8,823		8,655
2.25%, 7/12/2031 (a)		9,677		9,461
Entergy Louisiana LLC
3.12%, 9/1/2027		750		793
1.60%, 12/15/2030		1,570		1,478
4.20%, 4/1/2050		1,400		1,720
Entergy Mississippi LLC
3.85%, 6/1/2049		500		583
3.50%, 6/1/2051		1,580		1,766
Entergy Texas, Inc. 3.55%, 9/30/2049		775		843
Eskom Holdings SOC Ltd. (South Africa) 6.75%, 8/6/2023 (g)		2,900		2,962
Evergy Metro, Inc. 4.20%, 6/15/2047		735		900
Exelon Corp. 4.95%, 6/15/2035		123		149
FEL Energy VI SARL (Mexico) 5.75%, 12/1/2040 (a)		3,729		3,542
Florida Power & Light Co.
5.40%, 9/1/2035		600		785
3.70%, 12/1/2047		4,600		5,415
3.95%, 3/1/2048		665		814
Hydro-Quebec (Canada)
Series HY, 8.40%, 1/15/2022		842		850
Series HK, 9.38%, 4/15/2030		1,000		1,568
Interchile SA (Chile) 4.50%, 6/30/2056 (a)		4,247		4,433
Interstate Power and Light Co. 4.10%, 9/26/2028		800		900
ITC Holdings Corp.
3.65%, 6/15/2024		576		605
2.95%, 5/14/2030 (a)		4,000		4,125
Jersey Central Power & Light Co. 6.15%, 6/1/2037		800		1,085
John Sevier Combined Cycle Generation LLC 4.63%, 1/15/2042		412		501
Massachusetts Electric Co. 5.90%, 11/15/2039 (a)		988		1,333
MidAmerican Energy Co.
3.65%, 4/15/2029		3,970		4,368
3.65%, 8/1/2048		2,000		2,293
Mississippi Power Co. 3.95%, 3/30/2028		560		614
Monongahela Power Co. 4.10%, 4/15/2024 (a)		8,000		8,465
Nevada Power Co.
Series CC, 3.70%, 5/1/2029		1,700		1,877
5.38%, 9/15/2040		626		814
NextEra Energy Capital Holdings, Inc. 3.55%, 5/1/2027		537		580
NextEra Energy Operating Partners LP
4.25%, 9/15/2024 (a)		87		91
4.50%, 9/15/2027 (a)		1,091		1,154
Niagara Mohawk Power Corp. 4.28%, 12/15/2028 (a)		650		722
Northern States Power Co.
6.20%, 7/1/2037		173		252
2.60%, 6/1/2051		1,160		1,129
NPC Ukrenergo (Ukraine) 6.88%, 11/9/2026 (a)		1,593		1,492
NRG Energy, Inc.
6.63%, 1/15/2027		678		701
2.45%, 12/2/2027 (a)		2,625		2,604
5.75%, 1/15/2028		1,197		1,251
3.38%, 2/15/2029 (a)		2,149		2,074
5.25%, 6/15/2029 (a)		5,040		5,225
3.63%, 2/15/2031 (a)		632		600
3.88%, 2/15/2032 (a)		1,516		1,455
Ohio Power Co.
Series P, 2.60%, 4/1/2030		2,600		2,674
4.00%, 6/1/2049		600		711
Series R, 2.90%, 10/1/2051		9,855		9,730
Oklahoma Gas and Electric Co. 0.55%, 5/26/2023		140		139
Oncor Electric Delivery Co. LLC
3.10%, 9/15/2049		1,000		1,073
5.35%, 10/1/2052		550		836
Pacific Gas and Electric Co.
1.37%, 3/10/2023		4,225		4,201
1.70%, 11/15/2023		1,500		1,498
3.45%, 7/1/2025		1,630		1,690
2.95%, 3/1/2026		1,030		1,046
3.30%, 3/15/2027		17,630		17,913
4.65%, 8/1/2028		12,247		13,395
4.20%, 6/1/2041		1,670		1,701
4.60%, 6/15/2043		1,951		2,015

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
4.25%, 3/15/2046		8,746		8,965
PacifiCorp
7.24%, 8/16/2023		250		273
5.75%, 4/1/2037		880		1,177
4.13%, 1/15/2049		1,655		1,967
3.30%, 3/15/2051		3,850		4,102
PECO Energy Co. 2.80%, 6/15/2050		750		749
Pepco Holdings LLC 7.45%, 8/15/2032		1,000		1,376
PG&E Corp.
5.00%, 7/1/2028		6,745		6,947
5.25%, 7/1/2030		1,445		1,481
Pinnacle West Capital Corp. 1.30%, 6/15/2025		800		790
Potomac Electric Power Co. 6.50%, 11/15/2037		360		531
Public Service Co. of Colorado 4.05%, 9/15/2049		2,650		3,257
Public Service Co. of Oklahoma Series G, 6.63%, 11/15/2037		1,100		1,577
Public Service Electric and Gas Co.
2.25%, 9/15/2026		989		1,019
5.80%, 5/1/2037		850		1,165
5.38%, 11/1/2039		416		553
Southern California Edison Co.
1.85%, 2/1/2022		61		61
Series E, 3.70%, 8/1/2025		2,000		2,148
Series B, 3.65%, 3/1/2028		1,000		1,079
2.85%, 8/1/2029		1,800		1,860
Series 06-E, 5.55%, 1/15/2037		450		560
Series 08-A, 5.95%, 2/1/2038		285		374
Series C, 3.60%, 2/1/2045		1,270		1,323
Series C, 4.13%, 3/1/2048		1,000		1,138
Series 20A, 2.95%, 2/1/2051		8,810		8,418
Southwestern Electric Power Co.
3.55%, 2/15/2022		250		250
Series N, 1.65%, 3/15/2026		2,440		2,429
Series M, 4.10%, 9/15/2028		400		444
Series J, 3.90%, 4/1/2045		1,242		1,383
State Grid Overseas Investment BVI Ltd. (China) 3.75%, 5/2/2023 (a)		2,000		2,076
Texas Competitive Electric Holdings Co. LLC
8.50%, 12/1/2021 ‡ (f)		2,117		2
8.50%, 10/1/2022 ‡ (f)		4,117		6
Tucson Electric Power Co.
3.05%, 3/15/2025		600		627
4.85%, 12/1/2048		600		785
Union Electric Co.
2.95%, 6/15/2027		644		681
4.00%, 4/1/2048		2,050		2,464
Virginia Electric and Power Co.
3.45%, 2/15/2024		490		511
6.35%, 11/30/2037		235		340
8.88%, 11/15/2038		670		1,198
Vistra Operations Co. LLC
5.50%, 9/1/2026 (a)		4,042		4,141
5.63%, 2/15/2027 (a)		3,900		4,005
5.00%, 7/31/2027 (a)		6,057		6,122
4.38%, 5/1/2029 (a)		784		769
4.30%, 7/15/2029 (a)		5,000		5,355
Xcel Energy, Inc. 3.40%, 6/1/2030		2,250		2,427
				303,564
Electrical Equipment — 0.1%
Eaton Corp. 4.15%, 11/2/2042		2,500		2,979
EnerSys
5.00%, 4/30/2023 (a)		4,052		4,174
4.38%, 12/15/2027 (a)		1,060		1,092
Sensata Technologies BV
4.88%, 10/15/2023 (a)		1,780		1,875
5.63%, 11/1/2024 (a)		2,538		2,766
5.00%, 10/1/2025 (a)		554		600
				13,486
Electronic Equipment, Instruments & Components — 0.1%
Arrow Electronics, Inc.
4.00%, 4/1/2025		653		698
3.88%, 1/12/2028		221		239
CDW LLC
5.50%, 12/1/2024		500		544
4.25%, 4/1/2028		1,648		1,693
3.25%, 2/15/2029		2,435		2,435
Corning, Inc. 5.35%, 11/15/2048		5,000		6,968
Sensata Technologies, Inc. 3.75%, 2/15/2031 (a)		1,085		1,066
				13,643
Energy Equipment & Services — 0.3%
Baker Hughes Holdings LLC
2.77%, 12/15/2022		1,500		1,531
4.49%, 5/1/2030		1,200		1,380
5.13%, 9/15/2040		903		1,132
4.08%, 12/15/2047		6,150		6,898
Guara Norte SARL (Brazil) 5.20%, 6/15/2034 (a)		6,298		6,008
Halliburton Co.
3.80%, 11/15/2025		43		47
4.75%, 8/1/2043		270		316
7.60%, 8/15/2096 (a)		275		389
Nabors Industries, Inc. 5.75%, 2/1/2025		3,550		2,967
Oceaneering International, Inc.
4.65%, 11/15/2024		930		944
6.00%, 2/1/2028		1,516		1,487
Precision Drilling Corp. (Canada) 7.13%, 1/15/2026 (a)		745		750
Schlumberger Finance Canada Ltd. 1.40%, 9/17/2025		2,220		2,232
Schlumberger Holdings Corp.
3.75%, 5/1/2024 (a)		505		532
4.00%, 12/21/2025 (a)		39		42
3.90%, 5/17/2028 (a)		14,394		15,720
Schlumberger Investment SA 2.40%, 8/1/2022 (a)		640		645

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Telford Offshore Ltd. (United Arab Emirates) 12.00% (PIK), 12/31/2164 (c) (d) (i)		819		38
Transocean Pontus Ltd. 6.13%, 8/1/2025 (a)		818		802
Transocean Poseidon Ltd. 6.88%, 2/1/2027 (a)		452		429
Transocean Proteus Ltd. 6.25%, 12/1/2024 (a)		1,819		1,801
				46,090
Entertainment — 0.5%
Activision Blizzard, Inc. 2.50%, 9/15/2050		23,376		20,356
Cinemark USA, Inc.
8.75%, 5/1/2025 (a)		435		462
5.88%, 3/15/2026 (a)		500		494
5.25%, 7/15/2028 (a)		2,730		2,587
Live Nation Entertainment, Inc.
5.63%, 3/15/2026 (a)		1,687		1,733
6.50%, 5/15/2027 (a)		4,259		4,617
4.75%, 10/15/2027 (a)		4,000		4,000
Netflix, Inc.
5.88%, 2/15/2025		1,332		1,498
4.88%, 4/15/2028		3,458		3,912
5.38%, 11/15/2029 (a)		14,878		17,599
4.88%, 6/15/2030 (a)		5,006		5,797
Walt Disney Co. (The)
8.88%, 4/26/2023		147		163
7.75%, 1/20/2024		800		912
2.00%, 9/1/2029		4,310		4,303
WMG Acquisition Corp.
3.88%, 7/15/2030 (a)		3,690		3,699
3.00%, 2/15/2031 (a)		2,985		2,811
				74,943
Equity Real Estate Investment Trusts (REITs) — 0.9%
Alexandria Real Estate Equities, Inc. 1.88%, 2/1/2033		1,145		1,078
American Tower Corp.
1.45%, 9/15/2026		1,445		1,414
2.10%, 6/15/2030		19,130		18,367
3.10%, 6/15/2050		115		111
Boston Properties LP 3.80%, 2/1/2024		299		314
Camden Property Trust 3.15%, 7/1/2029		2,955		3,162
Corporate Office Properties LP 2.25%, 3/15/2026		1,550		1,569
Crown Castle International Corp. 2.90%, 4/1/2041		7,134		6,877
Duke Realty LP
3.25%, 6/30/2026		180		192
1.75%, 7/1/2030		2,500		2,397
ERP Operating LP 2.85%, 11/1/2026		3,000		3,161
Essex Portfolio LP 2.65%, 3/15/2032		3,255		3,283
GLP Capital LP 4.00%, 1/15/2030		4,050		4,268
Goodman US Finance Three LLC (Australia) 3.70%, 3/15/2028 (a)		599		648
Healthpeak Properties, Inc. 3.00%, 1/15/2030		500		526
Iron Mountain, Inc.
4.88%, 9/15/2027 (a)		2,370		2,404
5.25%, 7/15/2030 (a)		1,000		1,019
4.50%, 2/15/2031 (a)		1,364		1,339
Life Storage LP 2.20%, 10/15/2030		1,470		1,452
MGM Growth Properties Operating Partnership LP
5.63%, 5/1/2024		5,455		5,834
4.63%, 6/15/2025 (a)		701		747
5.75%, 2/1/2027		735		832
MPT Operating Partnership LP 4.63%, 8/1/2029		1,425		1,487
National Retail Properties, Inc.
3.60%, 12/15/2026		948		1,019
4.30%, 10/15/2028		800		904
Office Properties Income Trust
4.50%, 2/1/2025		6,666		7,058
3.45%, 10/15/2031		2,510		2,444
Prologis LP 3.00%, 4/15/2050		5,139		5,351
Public Storage 1.50%, 11/9/2026		2,734		2,724
Realty Income Corp.
3.88%, 7/15/2024		2,018		2,151
3.88%, 4/15/2025		840		910
3.25%, 1/15/2031		555		596
1.80%, 3/15/2033		1,100		1,041
Regency Centers LP 3.70%, 6/15/2030		3,855		4,213
RHP Hotel Properties LP 4.75%, 10/15/2027		7,301		7,319
Sabra Health Care LP 3.20%, 12/1/2031		2,260		2,217
Safehold Operating Partnership LP 2.80%, 6/15/2031		5,000		4,971
SBA Communications Corp.
3.88%, 2/15/2027		3,080		3,153
3.13%, 2/1/2029 (a)		3,052		2,899
Scentre Group Trust 1 (Australia)
3.50%, 2/12/2025 (a)		1,420		1,504
3.25%, 10/28/2025 (a)		1,000		1,057
Scentre Group Trust 2 (Australia) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.38%), 4.75%, 9/24/2080 (a) (b)		1,500		1,567
Simon Property Group LP 3.25%, 9/13/2049		5,239		5,435
UDR, Inc.
2.10%, 8/1/2032		950		906
1.90%, 3/15/2033		505		471
Ventas Realty LP
3.75%, 5/1/2024		588		619
3.50%, 2/1/2025		448		474

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
4.13%, 1/15/2026		86		94
3.25%, 10/15/2026		218		233
3.85%, 4/1/2027		618		674
VICI Properties LP
3.50%, 2/15/2025 (a)		1,650		1,668
4.25%, 12/1/2026 (a)		2,314		2,389
3.75%, 2/15/2027 (a)		575		589
4.63%, 12/1/2029 (a)		5,846		6,211
4.13%, 8/15/2030 (a)		575		601
WP Carey, Inc.
4.25%, 10/1/2026		2,155		2,377
2.25%, 4/1/2033		2,880		2,754
				141,074
Food & Staples Retailing — 0.4%
7-Eleven, Inc.
0.63%, 2/10/2023 (a)		2,235		2,228
0.95%, 2/10/2026 (a)		1,390		1,341
1.30%, 2/10/2028 (a)		1,114		1,060
2.50%, 2/10/2041 (a)		1,133		1,051
2.80%, 2/10/2051 (a)		4,250		3,978
Albertsons Cos., Inc.
3.50%, 2/15/2023 (a)		710		716
3.25%, 3/15/2026 (a)		2,934		2,927
4.63%, 1/15/2027 (a)		17,265		17,898
5.88%, 2/15/2028 (a)		1,095		1,153
3.50%, 3/15/2029 (a)		1,129		1,119
4.88%, 2/15/2030 (a)		1,010		1,073
Alimentation Couche-Tard, Inc. (Canada)
3.44%, 5/13/2041 (a)		450		467
3.63%, 5/13/2051 (a)		505		540
Kroger Co. (The) Series B, 7.70%, 6/1/2029		900		1,228
Performance Food Group, Inc. 5.50%, 10/15/2027 (a)		4,904		5,051
Rite Aid Corp. 8.00%, 11/15/2026 (a)		7,000		6,959
Sysco Corp.
2.40%, 2/15/2030		4,000		4,042
3.30%, 2/15/2050		7,685		8,006
				60,837
Food Products — 0.4%
Archer-Daniels-Midland Co.
2.50%, 8/11/2026		1,650		1,723
4.50%, 3/15/2049		1,200		1,618
Bimbo Bakeries USA, Inc. (Mexico) 4.00%, 5/17/2051 (a)		1,526		1,687
Campbell Soup Co. 4.15%, 3/15/2028		1,700		1,892
Darling Ingredients, Inc. 5.25%, 4/15/2027 (a)		4,878		5,042
JBS USA LUX SA 6.50%, 4/15/2029 (a)		4,528		4,962
Kraft Heinz Foods Co. 3.75%, 4/1/2030		11,775		12,830
Lamb Weston Holdings, Inc.
4.88%, 5/15/2028 (a)		2,060		2,186
4.13%, 1/31/2030 (a)		2,906		2,898
4.38%, 1/31/2032 (a)		969		964
MARB BondCo plc (Brazil) 3.95%, 1/29/2031 (a)		2,523		2,363
Mars, Inc. 0.88%, 7/16/2026 (a)		2,300		2,230
Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025		497		545
Pilgrim’s Pride Corp. 5.88%, 9/30/2027 (a)		1,266		1,329
Post Holdings, Inc.
5.75%, 3/1/2027 (a)		8,790		9,055
4.63%, 4/15/2030 (a)		2,775		2,740
Tyson Foods, Inc.
4.35%, 3/1/2029		4,100		4,666
5.15%, 8/15/2044		155		203
Unilever Capital Corp. (United Kingdom) 2.13%, 9/6/2029		1,900		1,937
Viterra Finance BV (Netherlands) 3.20%, 4/21/2031 (a)		5,250		5,346
				66,216
Gas Utilities — 0.1%
AmeriGas Partners LP
5.63%, 5/20/2024		2,234		2,379
5.88%, 8/20/2026		1,475		1,610
5.75%, 5/20/2027		2,436		2,630
Atmos Energy Corp.
5.50%, 6/15/2041		1,110		1,494
4.15%, 1/15/2043		582		676
2.85%, 2/15/2052		955		957
Brooklyn Union Gas Co. (The)
3.87%, 3/4/2029 (a)		1,030		1,121
4.27%, 3/15/2048 (a)		1,000		1,151
ONE Gas, Inc. 4.50%, 11/1/2048		400		505
Piedmont Natural Gas Co., Inc. 3.50%, 6/1/2029		800		866
Southern California Gas Co.
Series TT, 2.60%, 6/15/2026		1,100		1,148
Series XX, 2.55%, 2/1/2030		715		737
Southern Natural Gas Co. LLC
0.63%, 4/28/2023 (a)		1,380		1,375
8.00%, 3/1/2032		350		491
4.80%, 3/15/2047 (a)		204		250
				17,390
Health Care Equipment & Supplies — 0.3%
Abbott Laboratories 1.15%, 1/30/2028		660		637
Avantor Funding, Inc. 4.63%, 7/15/2028 (a)		6,096		6,295
Becton Dickinson and Co.
3.73%, 12/15/2024		219		234
3.70%, 6/6/2027		13,360		14,455
6.00%, 5/15/2039		400		532
DH Europe Finance II SARL 3.25%, 11/15/2039		1,400		1,501
Hill-Rom Holdings, Inc. 4.38%, 9/15/2027 (a)		4,442		4,608
Hologic, Inc.

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
4.63%, 2/1/2028 (a)		1,143		1,186
3.25%, 2/15/2029 (a)		5,590		5,485
Mozart Debt Merger Sub, Inc.
3.88%, 4/1/2029 (a)		4,310		4,256
5.25%, 10/1/2029 (a)		3,356		3,352
Zimmer Biomet Holdings, Inc. 3.55%, 3/20/2030		3,500		3,806
				46,347
Health Care Providers & Services — 1.7%
Acadia Healthcare Co., Inc.
5.50%, 7/1/2028 (a)		4,817		5,015
5.00%, 4/15/2029 (a)		2,500		2,538
AdaptHealth LLC 4.63%, 8/1/2029 (a)		6,600		6,467
Aetna, Inc.
2.80%, 6/15/2023		546		560
4.50%, 5/15/2042		224		268
Ascension Health 3.95%, 11/15/2046		687		869
Banner Health 1.90%, 1/1/2031		2,439		2,385
Centene Corp. 4.63%, 12/15/2029		25,670		27,467
Children’s Hospital Series 2020, 2.93%, 7/15/2050		763		777
Cigna Corp.
4.50%, 2/25/2026		1,000		1,106
4.38%, 10/15/2028		13,285		15,053
3.40%, 3/15/2051		4,055		4,297
CommonSpirit Health
1.55%, 10/1/2025		1,275		1,268
2.78%, 10/1/2030		1,275		1,310
3.91%, 10/1/2050		1,255		1,445
Community Health Systems, Inc.
5.63%, 3/15/2027 (a)		3,588		3,678
6.00%, 1/15/2029 (a)		2,669		2,776
4.75%, 2/15/2031 (a)		6,320		6,225
Cottage Health Obligated Group Series 2020, 3.30%, 11/1/2049		500		552
CVS Health Corp.
4.30%, 3/25/2028		1,463		1,647
4.78%, 3/25/2038		5,500		6,702
2.70%, 8/21/2040		2,620		2,508
DaVita, Inc.
4.63%, 6/1/2030 (a)		8,065		7,964
3.75%, 2/15/2031 (a)		1,938		1,797
Encompass Health Corp.
4.50%, 2/1/2028		5,135		5,187
4.75%, 2/1/2030		4,840		4,870
Envision Healthcare Corp. 8.75%, 10/15/2026 (a)		4,480		2,722
Hackensack Meridian Health, Inc. Series 2020, 2.88%, 9/1/2050		1,580		1,627
Hartford HealthCare Corp. 3.45%, 7/1/2054		2,350		2,508
HCA, Inc.
5.38%, 2/1/2025		2,000		2,181
5.88%, 2/15/2026		375		420
5.38%, 9/1/2026		9,105		10,161
4.50%, 2/15/2027		20,305		22,337
5.63%, 9/1/2028		27,251		31,492
5.88%, 2/1/2029		16,788		19,705
3.50%, 9/1/2030		360		375
5.50%, 6/15/2047		2,000		2,634
3.50%, 7/15/2051		6,085		6,217
McKesson Corp. 0.90%, 12/3/2025		2,720		2,638
Memorial Health Services 3.45%, 11/1/2049		645		734
Memorial Sloan-Kettering Cancer Center
4.13%, 7/1/2052		225		290
Series 2015, 4.20%, 7/1/2055		785		1,025
MidMichigan Health Series 2020, 3.41%, 6/1/2050		955		1,063
Mount Sinai Hospitals Group, Inc. Series 2017, 3.98%, 7/1/2048		666		763
MultiCare Health System 2.80%, 8/15/2050		355		358
New York and Presbyterian Hospital (The) 2.61%, 8/1/2060		700		675
NYU Langone Hospitals Series 2020, 3.38%, 7/1/2055		1,110		1,207
Providence St Joseph Health Obligated Group Series H, 2.75%, 10/1/2026		363		380
Quest Diagnostics, Inc. 2.95%, 6/30/2030		1,000		1,045
Tenet Healthcare Corp.
4.63%, 7/15/2024		1,745		1,760
4.63%, 9/1/2024 (a)		1,385		1,410
7.50%, 4/1/2025 (a)		925		973
4.88%, 1/1/2026 (a)		8,625		8,819
6.25%, 2/1/2027 (a)		500		518
5.13%, 11/1/2027 (a)		13,532		13,895
4.63%, 6/15/2028 (a)		2,050		2,092
4.25%, 6/1/2029 (a)		1,754		1,736
Texas Health Resources
2.33%, 11/15/2050		500		461
4.33%, 11/15/2055		1,075		1,449
UnitedHealth Group, Inc.
4.63%, 7/15/2035		98		121
3.05%, 5/15/2041		8,890		9,267
3.95%, 10/15/2042		615		714
3.75%, 10/15/2047		1,120		1,299
3.25%, 5/15/2051		1,955		2,126
3.88%, 8/15/2059		805		973
Universal Health Services, Inc. 2.65%, 10/15/2030 (a)		6,655		6,455
Yale-New Haven Health Services Corp. Series 2020, 2.50%, 7/1/2050		970		921
				282,277
Health Care Technology — 0.0% (h)
IQVIA, Inc.
5.00%, 10/15/2026 (a)		2,575		2,633

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
5.00%, 5/15/2027 (a)		5,377		5,538
				8,171
Hotels, Restaurants & Leisure — 0.6%
1011778 BC ULC (Canada)
3.88%, 1/15/2028 (a)		4,250		4,196
4.00%, 10/15/2030 (a)		3,334		3,186
Boyd Gaming Corp. 4.75%, 12/1/2027		4,045		4,106
Boyne USA, Inc. 4.75%, 5/15/2029 (a)		1,785		1,798
Caesars Resort Collection LLC 5.75%, 7/1/2025 (a)		4,465		4,638
Carnival Corp.
9.88%, 8/1/2027 (a)		5,660		6,370
4.00%, 8/1/2028 (a)		1,896		1,844
6.00%, 5/1/2029 (a)		3,528		3,428
Cedar Fair LP
5.50%, 5/1/2025 (a)		605		625
5.38%, 4/15/2027		5,630		5,729
5.25%, 7/15/2029		387		397
Chukchansi Economic Development Authority 8.00%, 4/15/2028 (a)		104		99
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023 (a)		4,860		5,091
Hilton Domestic Operating Co., Inc.
5.38%, 5/1/2025 (a)		1,425		1,474
3.75%, 5/1/2029 (a)		1,882		1,864
4.88%, 1/15/2030		1,000		1,050
4.00%, 5/1/2031 (a)		378		379
3.63%, 2/15/2032 (a)		1,465		1,422
Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024		2,672		2,754
Hilton Worldwide Finance LLC 4.88%, 4/1/2027		1,395		1,432
International Game Technology plc 6.50%, 2/15/2025 (a)		4,247		4,608
Marriott International, Inc. Series EE, 5.75%, 5/1/2025		215		243
Marriott Ownership Resorts, Inc.
4.75%, 1/15/2028		118		118
4.50%, 6/15/2029 (a)		2,551		2,504
MGM Resorts International
6.75%, 5/1/2025		940		979
5.75%, 6/15/2025		4,038		4,261
5.50%, 4/15/2027		817		851
Royal Caribbean Cruises Ltd.
9.13%, 6/15/2023 (a)		2,392		2,537
11.50%, 6/1/2025 (a)		349		390
Scientific Games International, Inc. 5.00%, 10/15/2025 (a)		4,552		4,671
Six Flags Entertainment Corp. 4.88%, 7/31/2024 (a)		5,056		5,094
Six Flags Theme Parks, Inc. 7.00%, 7/1/2025 (a)		1,995		2,099
Starbucks Corp. 3.80%, 8/15/2025		1,010		1,091
Travel + Leisure Co. 6.00%, 4/1/2027 (e)		1,050		1,107
Vail Resorts, Inc. 6.25%, 5/15/2025 (a)		2,151		2,248
Wynn Las Vegas LLC 5.50%, 3/1/2025 (a)		4,389		4,395
Wynn Resorts Finance LLC
7.75%, 4/15/2025 (a)		1,302		1,357
5.13%, 10/1/2029 (a)		4,356		4,258
Yum! Brands, Inc.
7.75%, 4/1/2025 (a)		3,300		3,478
4.75%, 1/15/2030 (a)		804		848
3.63%, 3/15/2031		1,220		1,183
4.63%, 1/31/2032		1,569		1,604
				101,806
Household Durables — 0.3%
CD&R Smokey Buyer, Inc. 6.75%, 7/15/2025 (a)		2,960		3,090
Lennar Corp.
4.50%, 4/30/2024		290		309
4.75%, 11/29/2027		9,985		11,348
MDC Holdings, Inc.
3.85%, 1/15/2030		9,275		9,762
2.50%, 1/15/2031		7,260		6,992
Newell Brands, Inc.
4.70%, 4/1/2026 (e)		6,500		6,961
5.87%, 4/1/2036 (e)		3,265		3,986
Tempur Sealy International, Inc. 4.00%, 4/15/2029 (a)		6,989		6,938
				49,386
Household Products — 0.1%
Central Garden & Pet Co.
5.13%, 2/1/2028		535		555
4.13%, 10/15/2030		4,140		4,137
4.13%, 4/30/2031 (a)		745		747
Energizer Holdings, Inc.
4.75%, 6/15/2028 (a)		5,135		5,065
4.38%, 3/31/2029 (a)		3,895		3,695
Kimberly-Clark Corp. 3.20%, 4/25/2029		1,000		1,086
Reckitt Benckiser Treasury Services plc (United Kingdom)
2.75%, 6/26/2024 (a)		1,000		1,035
3.00%, 6/26/2027 (a)		350		371
Spectrum Brands, Inc.
5.75%, 7/15/2025		259		264
5.00%, 10/1/2029 (a)		2,620		2,758
5.50%, 7/15/2030 (a)		2,779		2,960
				22,673
Independent Power and Renewable Electricity Producers — 0.2%
AES Corp. (The) 3.30%, 7/15/2025 (a)		1,525		1,595
Calpine Corp.
5.25%, 6/1/2026 (a)		6,044		6,184
4.50%, 2/15/2028 (a)		3,000		2,984
5.13%, 3/15/2028 (a)		3,940		3,900
Exelon Generation Co. LLC
3.25%, 6/1/2025		595		625
6.25%, 10/1/2039		200		256
5.75%, 10/1/2041		875		1,071

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
5.60%, 6/15/2042		9,230		11,114
				27,729
Industrial Conglomerates — 0.1%
GE Capital Funding LLC 4.05%, 5/15/2027		5,000		5,575
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/2035		3,500		4,230
Roper Technologies, Inc. 1.75%, 2/15/2031		1,200		1,119
				10,924
Insurance — 0.5%
Aflac, Inc. 3.60%, 4/1/2030		2,500		2,770
AIA Group Ltd. (Hong Kong)
3.20%, 3/11/2025 (a)		996		1,044
3.90%, 4/6/2028 (a)		2,495		2,770
3.60%, 4/9/2029 (a)		495		543
3.20%, 9/16/2040 (a)		1,680		1,725
American Financial Group, Inc. 3.50%, 8/15/2026		1,600		1,720
American International Group, Inc. 3.88%, 1/15/2035		2,041		2,280
Aon Corp. 6.25%, 9/30/2040		240		346
Athene Global Funding
0.95%, 1/8/2024 (a)		1,365		1,361
2.75%, 6/25/2024 (a)		630		653
2.50%, 1/14/2025 (a)		385		396
1.45%, 1/8/2026 (a)		1,770		1,747
2.95%, 11/12/2026 (a)		4,500		4,709
Berkshire Hathaway Finance Corp.
4.25%, 1/15/2049		4,410		5,479
2.85%, 10/15/2050		4,720		4,716
2.50%, 1/15/2051		2,255		2,114
Cincinnati Financial Corp. 6.13%, 11/1/2034		1,100		1,497
CNA Financial Corp. 3.95%, 5/15/2024		373		396
F&G Global Funding 1.75%, 6/30/2026 (a)		635		633
Great-West Lifeco Finance 2018 LP (Canada) 4.58%, 5/17/2048 (a)		406		528
Guardian Life Global Funding 3.40%, 4/25/2023 (a)		2,830		2,937
Guardian Life Insurance Co. of America (The) 4.85%, 1/24/2077 (a)		271		362
Intact US Holdings, Inc. 4.60%, 11/9/2022		800		826
Jackson National Life Global Funding
3.25%, 1/30/2024 (a)		575		602
3.88%, 6/11/2025 (a)		2,637		2,853
John Hancock Life Insurance Co. 7.38%, 2/15/2024 (a)		2,550		2,891
Liberty Mutual Group, Inc. 3.95%, 10/15/2050 (a)		475		542
Lincoln National Corp. 3.35%, 3/9/2025		1,100		1,169
Manulife Financial Corp. (Canada) 4.15%, 3/4/2026		1,207		1,332
Marsh & McLennan Cos., Inc. 2.75%, 1/30/2022		433		434
MassMutual Global Funding II
2.75%, 6/22/2024 (a)		2,000		2,089
2.95%, 1/11/2025 (a)		1,200		1,264
MetLife, Inc.
6.50%, 12/15/2032		700		981
4.13%, 8/13/2042		500		593
Metropolitan Life Global Funding I 3.05%, 6/17/2029 (a)		1,500		1,614
Metropolitan Life Insurance Co. 7.80%, 11/1/2025 (a)		1,650		2,018
New York Life Global Funding 3.00%, 1/10/2028 (a)		2,831		3,044
New York Life Insurance Co. 6.75%, 11/15/2039 (a)		303		460
Pacific Life Insurance Co. (ICE LIBOR USD 3 Month + 2.80%), 4.30%, 10/24/2067 (a) (b)		2,730		3,241
Principal Financial Group, Inc. 3.70%, 5/15/2029		605		671
Principal Life Global Funding II 3.00%, 4/18/2026 (a)		586		620
Protective Life Corp. 4.30%, 9/30/2028 (a)		700		802
Protective Life Global Funding 1.30%, 9/20/2026 (a)		1,500		1,469
Prudential Financial, Inc. 3.91%, 12/7/2047		2,259		2,668
Prudential Insurance Co. of America (The) 8.30%, 7/1/2025 (a)		150		184
Reliance Standard Life Global Funding II 3.85%, 9/19/2023 (a)		1,420		1,492
Swiss Re Finance Luxembourg SA (Switzerland) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.58%), 5.00%, 4/2/2049 (a) (b)		1,000		1,115
Teachers Insurance & Annuity Association of America
4.90%, 9/15/2044 (a)		500		658
4.27%, 5/15/2047 (a)		800		987
Travelers Property Casualty Corp. 7.75%, 4/15/2026		700		879
W R Berkley Corp. 3.55%, 3/30/2052		2,535		2,801
				81,025
Internet & Direct Marketing Retail — 0.0% (h)
Amazon.com, Inc.
3.15%, 8/22/2027		2,000		2,153
3.10%, 5/12/2051		3,845		4,155

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026 (a)		1,460		1,465
				7,773
IT Services — 0.4%
Arches Buyer, Inc. 4.25%, 6/1/2028 (a)		5,085		5,034
Black Knight InfoServ LLC 3.63%, 9/1/2028 (a)		5,125		5,002
CGI, Inc. (Canada) 1.45%, 9/14/2026 (a)		3,735		3,651
Fidelity National Information Services, Inc. 4.50%, 8/15/2046		2,000		2,467
Gartner, Inc.
4.50%, 7/1/2028 (a)		1,645		1,710
3.63%, 6/15/2029 (a)		4,840		4,810
3.75%, 10/1/2030 (a)		5,320		5,306
Global Payments, Inc.
2.90%, 5/15/2030		4,500		4,557
2.90%, 11/15/2031		14,125		14,293
International Business Machines Corp. 4.00%, 6/20/2042		1,727		1,984
Presidio Holdings, Inc. 4.88%, 2/1/2027 (a)		2,750		2,780
Square, Inc.
2.75%, 6/1/2026 (a)		2,591		2,578
3.50%, 6/1/2031 (a)		5,396		5,471
Visa, Inc.
4.15%, 12/14/2035		1,510		1,806
2.70%, 4/15/2040		1,500		1,532
				62,981
Leisure Products — 0.0% (h)
Mattel, Inc.
3.15%, 3/15/2023		1,427		1,434
3.38%, 4/1/2026 (a)		2,444		2,481
5.88%, 12/15/2027 (a)		1,145		1,219
3.75%, 4/1/2029 (a)		2,477		2,535
				7,669
Life Sciences Tools & Services — 0.1%
Charles River Laboratories International, Inc. 3.75%, 3/15/2029 (a)		5,055		4,999
Thermo Fisher Scientific, Inc.
1.75%, 10/15/2028		1,880		1,848
2.60%, 10/1/2029		2,000		2,074
				8,921
Machinery — 0.1%
Amsted Industries, Inc. 5.63%, 7/1/2027 (a)		2,480		2,561
Caterpillar, Inc. 3.80%, 8/15/2042		680		802
Colfax Corp. 6.38%, 2/15/2026 (a)		1,069		1,105
Otis Worldwide Corp. 2.06%, 4/5/2025		2,500		2,546
Parker-Hannifin Corp. 6.25%, 5/15/2038		440		607
TK Elevator US Newco, Inc. (Germany) 5.25%, 7/15/2027 (a)		2,865		2,913
Xylem, Inc. 1.95%, 1/30/2028		1,285		1,284
				11,818
Marine — 0.0% (h)
MV24 Capital BV (Brazil) 6.75%, 6/1/2034 (a)		2,493		2,543
Media — 1.7%
Altice Financing SA (Luxembourg) 5.75%, 8/15/2029 (a)		2,733		2,603
AMC Networks, Inc. 5.00%, 4/1/2024		1,032		1,037
Audacy Capital Corp. 6.50%, 5/1/2027 (a)		928		907
Charter Communications Operating LLC
2.25%, 1/15/2029		10,194		9,880
2.80%, 4/1/2031		4,300		4,262
3.50%, 6/1/2041		3,570		3,496
3.50%, 3/1/2042		5,945		5,752
3.70%, 4/1/2051		3,200		3,102
3.90%, 6/1/2052		1,700		1,718
Clear Channel Outdoor Holdings, Inc. 7.75%, 4/15/2028 (a)		2,020		2,105
Clear Channel Worldwide Holdings, Inc. 5.13%, 8/15/2027 (a)		8,392		8,476
Comcast Corp.
3.38%, 2/15/2025		5,150		5,459
4.40%, 8/15/2035		3,850		4,589
3.90%, 3/1/2038		12,489		14,275
3.25%, 11/1/2039		10,530		11,167
3.97%, 11/1/2047		1,115		1,293
4.00%, 3/1/2048		5,140		5,992
4.00%, 11/1/2049		135		157
3.45%, 2/1/2050		1,708		1,841
2.89%, 11/1/2051 (a)		1,112		1,087
2.45%, 8/15/2052		6,810		6,212
2.94%, 11/1/2056 (a)		4,818		4,682
2.65%, 8/15/2062		4,720		4,261
2.99%, 11/1/2063 (a)		3,177		3,070
Cox Communications, Inc.
1.80%, 10/1/2030 (a)		3,950		3,754
2.95%, 10/1/2050 (a)		2,790		2,670
CSC Holdings LLC
5.25%, 6/1/2024		4,373		4,544
5.50%, 4/15/2027 (a)		6,627		6,804
5.38%, 2/1/2028 (a)		4,127		4,215
6.50%, 2/1/2029 (a)		6,414		6,781
4.50%, 11/15/2031 (a)		2,571		2,487
Diamond Sports Group LLC 5.38%, 8/15/2026 (a)		7,688		3,402
DIRECTV Holdings LLC 5.88%, 8/15/2027 (a)		3,366		3,425
Discovery Communications LLC 4.00%, 9/15/2055		5,855		6,268
DISH DBS Corp.
5.88%, 7/15/2022		2,694		2,728
5.00%, 3/15/2023		5,867		5,961
5.88%, 11/15/2024		9,892		10,004

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
7.75%, 7/1/2026		7,330		7,532
5.25%, 12/1/2026 (a)		9,195		9,107
5.75%, 12/1/2028 (a)		1,835		1,808
Gray Escrow II, Inc. 5.38%, 11/15/2031 (a)		2,177		2,182
iHeartCommunications, Inc.
6.38%, 5/1/2026		2,900		3,002
8.38%, 5/1/2027		5,687		5,982
5.25%, 8/15/2027 (a)		4,358		4,423
Lamar Media Corp. 4.00%, 2/15/2030		5,400		5,400
Meredith Corp.
6.50%, 7/1/2025		1,896		2,017
6.88%, 2/1/2026		1,562		1,616
Midas OpCo Holdings LLC 5.63%, 8/15/2029 (a)		3,050		3,073
News Corp. 3.88%, 5/15/2029 (a)		4,172		4,100
Nexstar Media, Inc.
5.63%, 7/15/2027 (a)		8,365		8,679
4.75%, 11/1/2028 (a)		1,410		1,408
Outfront Media Capital LLC
6.25%, 6/15/2025 (a)		2,067		2,150
5.00%, 8/15/2027 (a)		3,861		3,892
Scripps Escrow II, Inc. 3.88%, 1/15/2029 (a)		3,970		3,945
Sinclair Television Group, Inc. 4.13%, 12/1/2030 (a)		5,585		5,068
Sirius XM Radio, Inc.
5.00%, 8/1/2027 (a)		3,180		3,274
4.00%, 7/15/2028 (a)		3,771		3,729
5.50%, 7/1/2029 (a)		6,862		7,279
4.13%, 7/1/2030 (a)		3,517		3,436
Summer BC Bidco B LLC 5.50%, 10/31/2026 (a)		800		806
TEGNA, Inc.
4.63%, 3/15/2028		1,905		1,897
5.00%, 9/15/2029		1,525		1,529
Time Warner Cable LLC 7.30%, 7/1/2038		335		481
Univision Communications, Inc. 4.50%, 5/1/2029 (a)		4,184		4,181
UPC Broadband Finco BV (Netherlands) 4.88%, 7/15/2031 (a)		1,563		1,579
ViacomCBS, Inc.
4.38%, 3/15/2043		2,405		2,723
5.85%, 9/1/2043		650		881
(ICE LIBOR USD 3 Month + 3.90%), 5.87%, 2/28/2057 (b)		1,234		1,228
Videotron Ltd. (Canada)
5.38%, 6/15/2024 (a)		3,057		3,268
5.13%, 4/15/2027 (a)		4,115		4,223
				286,364
Metals & Mining — 0.9%
Alcoa Nederland Holding BV
5.50%, 12/15/2027 (a)		1,750		1,857
6.13%, 5/15/2028 (a)		3,845		4,095
Allegheny Technologies, Inc. 5.88%, 12/1/2027		3,660		3,810
Anglo American Capital plc (South Africa)
2.63%, 9/10/2030 (a)		3,056		2,987
3.95%, 9/10/2050 (a)		1,000		1,079
Arconic Corp.
6.00%, 5/15/2025 (a)		1,055		1,100
6.13%, 2/15/2028 (a)		7,065		7,346
Cleveland-Cliffs, Inc.
6.75%, 3/15/2026 (a)		2,508		2,649
5.88%, 6/1/2027		1,155		1,192
4.63%, 3/1/2029 (a)		4,374		4,404
Commercial Metals Co. 4.88%, 5/15/2023		2,566		2,651
FMG Resources August 2006 Pty. Ltd. (Australia) 4.50%, 9/15/2027 (a)		5,053		5,236
Freeport-McMoRan, Inc.
3.88%, 3/15/2023		700		720
5.00%, 9/1/2027		2,165		2,252
4.13%, 3/1/2028		1,907		1,959
4.38%, 8/1/2028		2,508		2,615
4.25%, 3/1/2030		1,770		1,835
4.63%, 8/1/2030		17,231		18,194
5.40%, 11/14/2034		4,210		5,010
5.45%, 3/15/2043		9,208		11,348
Glencore Finance Canada Ltd. (Switzerland)
6.90%, 11/15/2037 (a)		100		139
5.55%, 10/25/2042 (a) (e)		4,045		5,116
Glencore Funding LLC (Australia)
4.63%, 4/29/2024 (a)		300		321
3.88%, 10/27/2027 (a)		4,000		4,297
2.50%, 9/1/2030 (a)		875		851
2.85%, 4/27/2031 (a)		9,210		9,158
2.63%, 9/23/2031 (a)		9,140		8,865
Indonesia Asahan Aluminium Persero PT (Indonesia) 6.53%, 11/15/2028 (a)		2,400		2,868
Kaiser Aluminum Corp. 4.63%, 3/1/2028 (a)		3,060		2,997
Novelis Corp.
3.25%, 11/15/2026 (a)		1,543		1,542
4.75%, 1/30/2030 (a)		4,610		4,654
3.88%, 8/15/2031 (a)		772		745
Nucor Corp.
4.00%, 8/1/2023		1,000		1,045
2.98%, 12/15/2055		1,910		1,924
Rio Tinto Finance USA Ltd. (Australia) 5.20%, 11/2/2040		2,000		2,680
Teck Resources Ltd. (Canada)
6.13%, 10/1/2035		1,915		2,487
5.40%, 2/1/2043		1,600		1,969
Vale Overseas Ltd. (Brazil)
3.75%, 7/8/2030		10,362		10,367
8.25%, 1/17/2034		5,880		8,059
				152,423

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Mortgage Real Estate Investment Trusts (REITs) — 0.5%
Arbor Realty Trust, Inc.
REIT, 5.00%, 4/30/2026		5,000		5,017
Series QIB, REIT, 4.50%, 9/1/2026 (a)		19,500		19,543
Series QIB, REIT, 4.50%, 3/15/2027 (a)		30,000		29,439
ReadyCap Holdings LLC Series QIB, REIT, 4.50%, 10/20/2026 (a)		25,000		24,873
				78,872
Multiline Retail — 0.0% (h)
Dollar General Corp. 3.50%, 4/3/2030		1,351		1,470
Multi-Utilities — 0.2%
Ameren Corp. 3.50%, 1/15/2031		2,390		2,596
Ameren Illinois Co. 3.25%, 3/15/2050		3,950		4,295
Berkshire Hathaway Energy Co.
3.25%, 4/15/2028		800		861
6.13%, 4/1/2036		1,349		1,843
2.85%, 5/15/2051		7,740		7,527
Consolidated Edison Co. of New York, Inc.
Series 06-E, 5.70%, 12/1/2036		400		525
Series 2017, 3.88%, 6/15/2047		1,275		1,427
Series E, 4.65%, 12/1/2048		1,700		2,122
4.50%, 5/15/2058		808		1,016
Consumers Energy Co.
4.35%, 4/15/2049		500		640
4.35%, 8/31/2064		491		628
Dominion Energy, Inc.
Series F, 5.25%, 8/1/2033		785		972
7.00%, 6/15/2038		400		583
Series C, 4.90%, 8/1/2041		46		58
Puget Sound Energy, Inc.
5.76%, 7/15/2040		900		1,236
2.89%, 9/15/2051		1,320		1,357
San Diego Gas & Electric Co.
6.00%, 6/1/2026		685		812
6.00%, 6/1/2039		500		704
4.50%, 8/15/2040		249		307
Series UUU, 3.32%, 4/15/2050		4,780		5,143
Southern Co. Gas Capital Corp. Series 21A, 3.15%, 9/30/2051		5,000		5,032
				39,684
Oil, Gas & Consumable Fuels — 3.2%
AI Candelaria Spain SLU (Colombia) 7.50%, 12/15/2028 (g)		1,134		1,195
Antero Midstream Partners LP
7.88%, 5/15/2026 (a)		3,445		3,689
5.38%, 6/15/2029 (a)		2,910		2,942
Antero Resources Corp.
5.00%, 3/1/2025		500		503
7.63%, 2/1/2029 (a)		3,462		3,796
5.38%, 3/1/2030 (a)		2,215		2,284
Apache Corp.
4.63%, 11/15/2025		5,401		5,712
4.88%, 11/15/2027		236		251
APT Pipelines Ltd. (Australia) 4.25%, 7/15/2027 (a)		610		676
Baytex Energy Corp. (Canada) 5.63%, 6/1/2024 (a)		1,032		1,027
BP Capital Markets America, Inc.
3.80%, 9/21/2025		1,500		1,627
3.41%, 2/11/2026		1,750		1,875
3.02%, 1/16/2027		1,325		1,397
3.94%, 9/21/2028		2,300		2,554
3.06%, 6/17/2041		7,320		7,385
3.00%, 2/24/2050		10,130		9,902
2.77%, 11/10/2050		4,090		3,863
2.94%, 6/4/2051		5,350		5,207
3.00%, 3/17/2052		3,040		2,981
BP Capital Markets plc (United Kingdom)
3.54%, 11/4/2024		1,800		1,913
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.04%), 4.38%, 6/22/2025 (b) (c) (d)		11,180		11,683
3.28%, 9/19/2027		2,988		3,194
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.40%), 4.88%, 3/22/2030 (b) (c) (d)		13,870		14,928
Buckeye Partners LP
4.15%, 7/1/2023		2,500		2,556
4.13%, 12/1/2027		4,440		4,384
Cameron LNG LLC 3.70%, 1/15/2039 (a)		961		1,054
Cenovus Energy, Inc. (Canada) 5.38%, 7/15/2025		2,603		2,892
Cheniere Corpus Christi Holdings LLC
5.88%, 3/31/2025		1,435		1,599
5.13%, 6/30/2027		18,138		20,534
3.70%, 11/15/2029		7,000		7,474
2.74%, 12/31/2039 (a)		2,075		2,042
Cheniere Energy Partners LP
4.50%, 10/1/2029		3,750		3,942
4.00%, 3/1/2031 (a)		1,964		2,003
3.25%, 1/31/2032 (a)		3,355		3,259
Cheniere Energy, Inc. 4.63%, 10/15/2028		5,339		5,499
Chesapeake Energy Corp. 5.88%, 2/1/2029 (a)		1,480		1,569
Chevron USA, Inc.
3.25%, 10/15/2029		2,475		2,681
2.34%, 8/12/2050		6,310		5,846
CNX Resources Corp. 7.25%, 3/14/2027 (a)		4,250		4,487
Comstock Resources, Inc.
7.50%, 5/15/2025 (a)		2,928		3,001
6.75%, 3/1/2029 (a)		2,674		2,781
Continental Resources, Inc.
5.75%, 1/15/2031 (a)		878		1,023
2.88%, 4/1/2032 (a)		2,382		2,307

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Coterra Energy, Inc. 3.90%, 5/15/2027 (a)		2,910		3,155
Crestwood Midstream Partners LP 5.75%, 4/1/2025		3,090		3,099
DCP Midstream Operating LP
4.95%, 4/1/2022		522		522
5.38%, 7/15/2025		2,200		2,347
5.13%, 5/15/2029		1,725		1,913
6.75%, 9/15/2037 (a)		1,080		1,426
5.60%, 4/1/2044		480		571
Diamondback Energy, Inc. 3.25%, 12/1/2026		420		441
DT Midstream, Inc.
4.13%, 6/15/2029 (a)		4,183		4,156
4.38%, 6/15/2031 (a)		875		870
Ecopetrol SA (Colombia)
5.88%, 9/18/2023		2,470		2,605
5.88%, 5/28/2045		505		466
Energean Israel Finance Ltd. (Israel)
4.50%, 3/30/2024 (g)		2,428		2,425
4.88%, 3/30/2026 (g)		1,895		1,864
Energy Transfer LP
3.60%, 2/1/2023		1,146		1,173
4.25%, 3/15/2023		2,000		2,065
5.95%, 12/1/2025		464		529
4.75%, 1/15/2026		7,346		8,047
5.50%, 6/1/2027		2,478		2,834
5.80%, 6/15/2038		5,830		7,075
5.00%, 5/15/2050		5,000		5,745
Eni USA, Inc. (Italy) 7.30%, 11/15/2027		500		639
EnLink Midstream Partners LP
4.15%, 6/1/2025		1,962		2,007
4.85%, 7/15/2026		1,665		1,708
5.60%, 4/1/2044		1,930		1,824
Enterprise Products Operating LLC
3.35%, 3/15/2023		1,252		1,286
3.70%, 2/15/2026		1,026		1,104
Series J, 5.75%, 3/1/2035		800		1,005
6.45%, 9/1/2040		375		527
5.95%, 2/1/2041		333		450
4.95%, 10/15/2054		330		414
Series E, (ICE LIBOR USD 3 Month + 3.03%), 5.25%, 8/16/2077 (b)		1,500		1,541
EQM Midstream Partners LP
4.75%, 7/15/2023		451		465
4.00%, 8/1/2024		5,979		6,144
6.00%, 7/1/2025 (a)		1,162		1,235
6.50%, 7/1/2027 (a)		1,410		1,523
4.50%, 1/15/2029 (a)		1,320		1,310
4.75%, 1/15/2031 (a)		1,320		1,333
EQT Corp.
6.63%, 2/1/2025 (e)		3,945		4,403
3.13%, 5/15/2026 (a)		1,750		1,749
3.90%, 10/1/2027		1,485		1,548
Equinor ASA (Norway) 7.15%, 11/15/2025		585		708
Exxon Mobil Corp.
2.99%, 3/19/2025		1,990		2,096
3.00%, 8/16/2039		11,405		11,753
3.10%, 8/16/2049		4,970		5,119
Flex Intermediate Holdco LLC
3.36%, 6/30/2031 (a)		4,165		4,209
4.32%, 12/30/2039 (a)		1,280		1,350
Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates) 2.94%, 9/30/2040 (a)		1,700		1,670
Genesis Energy LP
6.25%, 5/15/2026		570		549
7.75%, 2/1/2028		1,314		1,285
Gray Oak Pipeline LLC
2.00%, 9/15/2023 (a)		1,090		1,102
2.60%, 10/15/2025 (a)		1,852		1,884
3.45%, 10/15/2027 (a)		1,465		1,527
Greenko Dutch BV (India) 3.85%, 3/29/2026 (a)		2,144		2,165
Gulfport Energy Operating Corp.
6.63%, 5/1/2023 ‡ (f)		1,320		63
6.00%, 10/15/2024 ‡ (f)		2,737		130
6.38%, 1/15/2026 ‡ (f)		1,018		48
8.00%, 5/17/2026 (a)		1,496		1,608
Hess Midstream Operations LP 5.63%, 2/15/2026 (a)		4,870		4,980
HollyFrontier Corp.
2.63%, 10/1/2023		2,025		2,072
5.88%, 4/1/2026		3,529		3,980
Leviathan Bond Ltd. (Israel)
6.13%, 6/30/2025 (g)		1,090		1,144
6.50%, 6/30/2027 (g)		1,182		1,241
6.75%, 6/30/2030 (g)		680		708
Lundin Energy Finance BV (Netherlands) 2.00%, 7/15/2026 (a)		1,669		1,659
MEG Energy Corp. (Canada)
6.50%, 1/15/2025 (a)		1,785		1,805
7.13%, 2/1/2027 (a)		1,999		2,044
MPLX LP 5.20%, 3/1/2047		323		394
NGL Energy Operating LLC 7.50%, 2/1/2026 (a)		3,479		3,454
NGPL PipeCo LLC
3.25%, 7/15/2031 (a)		615		623
7.77%, 12/15/2037 (a)		615		875
NuStar Logistics LP
5.75%, 10/1/2025		2,071		2,188
6.00%, 6/1/2026		1,338		1,417
5.63%, 4/28/2027		3,294		3,364
6.38%, 10/1/2030		666		709
Occidental Petroleum Corp.
8.00%, 7/15/2025		1,533		1,745
5.88%, 9/1/2025		5,574		5,992
5.55%, 3/15/2026		1,000		1,069
8.50%, 7/15/2027		3,301		4,006
6.38%, 9/1/2028		1,488		1,696
3.50%, 8/15/2029		1,250		1,224
8.88%, 7/15/2030		1,887		2,478
6.63%, 9/1/2030		2,878		3,453
6.13%, 1/1/2031		1,563		1,821
7.88%, 9/15/2031		2,600		3,387

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
ONEOK Partners LP 6.65%, 10/1/2036		1,465		1,953
ONEOK, Inc. 7.50%, 9/1/2023		3,050		3,336
PBF Holding Co. LLC
9.25%, 5/15/2025 (a)		514		480
6.00%, 2/15/2028		2,710		1,616
Petrobras Global Finance BV (Brazil) 5.50%, 6/10/2051		3,155		2,783
Petroleos del Peru SA (Peru) 5.63%, 6/19/2047 (a)		5,000		4,859
Petroleos Mexicanos (Mexico)
6.88%, 8/4/2026		2,600		2,744
5.35%, 2/12/2028		3,250		3,109
6.75%, 9/21/2047		395		323
7.69%, 1/23/2050		880		790
6.95%, 1/28/2060		2,667		2,180
Phillips 66 4.65%, 11/15/2034		1,000		1,167
Pioneer Natural Resources Co. 1.13%, 1/15/2026		2,000		1,947
Plains All American Pipeline LP 3.85%, 10/15/2023		1,495		1,556
Range Resources Corp.
5.00%, 3/15/2023		950		963
4.88%, 5/15/2025		3,645		3,718
8.25%, 1/15/2029 (a)		1,305		1,439
Sabine Pass Liquefaction LLC
5.63%, 3/1/2025		3,000		3,345
5.88%, 6/30/2026		26,130		30,048
5.00%, 3/15/2027		2,685		3,023
4.50%, 5/15/2030		8,185		9,259
Saudi Arabian Oil Co. (Saudi Arabia)
1.25%, 11/24/2023 (a)		200		200
1.63%, 11/24/2025 (a)		224		223
SM Energy Co.
6.75%, 9/15/2026		1,895		1,900
6.63%, 1/15/2027		1,293		1,299
Southwestern Energy Co.
4.10%, 3/15/2022		2,110		2,105
6.45%, 1/23/2025 (e)		801		869
7.75%, 10/1/2027		1,075		1,152
5.38%, 2/1/2029		3,640		3,749
5.38%, 3/15/2030		2,656		2,766
Spectra Energy Partners LP 4.50%, 3/15/2045		4,670		5,410
Sunoco LP
6.00%, 4/15/2027		3,353		3,475
4.50%, 5/15/2029		1,922		1,896
Tallgrass Energy Partners LP
7.50%, 10/1/2025 (a)		2,045		2,168
5.50%, 1/15/2028 (a)		4,445		4,339
6.00%, 12/31/2030 (a)		1,640		1,621
Targa Resources Partners LP
5.88%, 4/15/2026		2,440		2,528
5.38%, 2/1/2027		970		992
6.50%, 7/15/2027		1,730		1,840
5.00%, 1/15/2028		4,445		4,596
6.88%, 1/15/2029		900		997
5.50%, 3/1/2030		5,735		6,236
4.88%, 2/1/2031		2,890		3,100
4.00%, 1/15/2032 (a)		1,050		1,085
TerraForm Power Operating LLC
4.25%, 1/31/2023 (a)		1,872		1,886
5.00%, 1/31/2028 (a)		1,468		1,527
Texas Eastern Transmission LP 3.50%, 1/15/2028 (a)		375		403
TotalEnergies Capital International SA (France)
2.99%, 6/29/2041		4,700		4,805
3.46%, 7/12/2049		5,148		5,624
3.13%, 5/29/2050		6,746		6,967
Trinidad Petroleum Holdings Ltd. (Trinidad and Tobago) 9.75%, 6/15/2026 (a)		1,150		1,254
Valero Energy Corp.
1.20%, 3/15/2024		2,840		2,827
2.15%, 9/15/2027		900		897
Western Midstream Operating LP
4.00%, 7/1/2022		1,155		1,158
5.30%, 2/1/2030 (e)		3,345		3,600
Williams Cos., Inc. (The) 5.40%, 3/4/2044		3,250		4,061
				524,047
Personal Products — 0.1%
Edgewell Personal Care Co. 5.50%, 6/1/2028 (a)		5,085		5,301
Estee Lauder Cos., Inc. (The) 3.13%, 12/1/2049		1,800		1,979
Natura Cosmeticos SA (Brazil) 4.13%, 5/3/2028 (a)		1,548		1,469
				8,749
Pharmaceuticals — 0.9%
AstraZeneca plc (United Kingdom) 2.13%, 8/6/2050		8,870		7,915
Bausch Health Americas, Inc.
9.25%, 4/1/2026 (a)		4,654		4,875
8.50%, 1/31/2027 (a)		9,909		10,190
Bausch Health Cos., Inc.
6.13%, 4/15/2025 (a)		2,852		2,881
5.50%, 11/1/2025 (a)		9,362		9,462
5.75%, 8/15/2027 (a)		6,090		6,203
5.00%, 1/30/2028 (a)		5,750		5,113
4.88%, 6/1/2028 (a)		10,768		10,606
5.00%, 2/15/2029 (a)		6,355		5,449
5.25%, 1/30/2030 (a)		1,188		1,019
5.25%, 2/15/2031 (a)		1,251		1,074
Bristol-Myers Squibb Co.
2.90%, 7/26/2024		1,942		2,031
1.45%, 11/13/2030		3,185		3,039
4.13%, 6/15/2039		5,998		7,128
2.35%, 11/13/2040		4,000		3,785
5.00%, 8/15/2045		2,731		3,671
Elanco Animal Health, Inc. 5.90%, 8/28/2028 (e)		2,425		2,774
Jazz Securities DAC 4.38%, 1/15/2029 (a)		6,679		6,805
Organon & Co.

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
4.13%, 4/30/2028 (a)		3,906		3,897
5.13%, 4/30/2031 (a)		4,030		4,116
Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (a)		4,135		4,169
Pfizer, Inc.
2.75%, 6/3/2026		1,500		1,592
3.45%, 3/15/2029		495		546
2.63%, 4/1/2030		2,000		2,096
4.10%, 9/15/2038		3,000		3,586
3.90%, 3/15/2039		2,960		3,469
4.30%, 6/15/2043		4,000		4,960
Pharmacia LLC 6.60%, 12/1/2028 (e)		745		976
Royalty Pharma plc
1.20%, 9/2/2025		645		632
1.75%, 9/2/2027		645		631
Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026		500		529
Takeda Pharmaceutical Co. Ltd. (Japan)
5.00%, 11/26/2028		2,800		3,296
2.05%, 3/31/2030		10,000		9,720
3.03%, 7/9/2040		1,600		1,626
3.18%, 7/9/2050		750		767
Zoetis, Inc. 2.00%, 5/15/2030		2,000		1,967
				142,595
Real Estate Management & Development — 0.1%
Country Garden Holdings Co. Ltd. (China) 3.13%, 10/22/2025 (g)		1,500		1,335
Kennedy-Wilson, Inc.
4.75%, 3/1/2029		5,084		5,152
5.00%, 3/1/2031		1,300		1,328
Mitsui Fudosan Co. Ltd. (Japan) 2.95%, 1/23/2023 (a)		2,480		2,537
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada)
3.13%, 3/20/2022 (a)		579		582
3.88%, 3/20/2027 (a)		603		661
RKPF Overseas Ltd. (China) 6.00%, 9/4/2025 (g)		1,500		1,358
				12,953
Road & Rail — 0.5%
Avis Budget Car Rental LLC 5.75%, 7/15/2027 (a)		2,324		2,411
Burlington Northern Santa Fe LLC
7.08%, 5/13/2029		100		133
6.15%, 5/1/2037		750		1,081
4.38%, 9/1/2042		2,510		3,109
4.15%, 4/1/2045		5,000		6,091
3.55%, 2/15/2050		1,929		2,195
Canadian Pacific Railway Co. (Canada)
2.45%, 12/2/2031		3,970		4,018
3.00%, 12/2/2041		2,000		2,036
3.10%, 12/2/2051		3,980		4,094
CSX Corp.
3.25%, 6/1/2027		1,283		1,378
2.50%, 5/15/2051		4,630		4,300
Empresa de Transporte de Pasajeros Metro SA (Chile) 5.00%, 1/25/2047 (g)		2,400		2,763
ERAC USA Finance LLC
3.30%, 10/15/2022 (a)		200		205
2.70%, 11/1/2023 (a)		470		483
7.00%, 10/15/2037 (a)		291		432
Hertz Corp. (The) 4.63%, 12/1/2026 (a)		2,110		2,080
JB Hunt Transport Services, Inc. 3.85%, 3/15/2024		460		484
Kansas City Southern 3.50%, 5/1/2050		6,185		6,712
Norfolk Southern Corp.
2.90%, 2/15/2023		462		471
3.05%, 5/15/2050		4,405		4,481
4.05%, 8/15/2052		1,000		1,215
Penske Truck Leasing Co. LP
4.13%, 8/1/2023 (a)		1,767		1,853
1.20%, 11/15/2025 (a)		2,165		2,125
SMBC Aviation Capital Finance DAC (Ireland)
3.00%, 7/15/2022 (a)		650		658
4.13%, 7/15/2023 (a)		1,100		1,152
Uber Technologies, Inc.
7.50%, 5/15/2025 (a)		2,710		2,856
4.50%, 8/15/2029 (a)		2,300		2,277
Union Pacific Corp. 3.55%, 8/15/2039		13,101		14,667
XPO Logistics, Inc. 6.25%, 5/1/2025 (a)		4,456		4,633
				80,393
Semiconductors & Semiconductor Equipment — 0.4%
Amkor Technology, Inc. 6.63%, 9/15/2027 (a)		2,313		2,449
ams AG (Austria) 7.00%, 7/31/2025 (a)		3,195		3,366
Broadcom, Inc.
4.11%, 9/15/2028		2,750		3,008
2.45%, 2/15/2031 (a)		2,727		2,625
3.14%, 11/15/2035 (a)		798		784
Intel Corp.
3.25%, 11/15/2049		1,700		1,810
3.10%, 2/15/2060		700		716
KLA Corp. 3.30%, 3/1/2050		783		849
Marvell Technology, Inc. 2.45%, 4/15/2028		2,080		2,094
Microchip Technology, Inc.
0.97%, 2/15/2024 (a)		2,090		2,071
4.25%, 9/1/2025		916		951
NXP BV (China) 3.25%, 5/11/2041 (a)		11,555		11,770
ON Semiconductor Corp. 3.88%, 9/1/2028 (a)		6,872		6,992
QUALCOMM, Inc. 3.25%, 5/20/2050		3,500		3,899

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Texas Instruments, Inc.
2.90%, 11/3/2027		1,000		1,074
2.25%, 9/4/2029		1,800		1,860
3.88%, 3/15/2039		1,620		1,941
4.15%, 5/15/2048		300		384
TSMC Arizona Corp. (Taiwan)
3.13%, 10/25/2041		8,081		8,484
3.25%, 10/25/2051		3,787		4,081
				61,208
Software — 0.6%
CDK Global, Inc.
4.88%, 6/1/2027		1,675		1,725
5.25%, 5/15/2029 (a)		1,939		2,051
Clarivate Science Holdings Corp. 3.88%, 7/1/2028 (a)		5,369		5,278
Intuit, Inc. 0.95%, 7/15/2025		2,850		2,816
Microsoft Corp.
3.50%, 2/12/2035		1,500		1,722
3.45%, 8/8/2036		953		1,095
2.92%, 3/17/2052		2,029		2,161
NCR Corp.
5.75%, 9/1/2027 (a)		2,000		2,073
5.00%, 10/1/2028 (a)		763		771
5.13%, 4/15/2029 (a)		3,534		3,571
6.13%, 9/1/2029 (a)		7,075		7,499
Nuance Communications, Inc. 5.63%, 12/15/2026		4,568		4,706
Open Text Corp. (Canada) 5.88%, 6/1/2026 (a)		2,996		3,084
Oracle Corp.
2.50%, 4/1/2025		2,750		2,831
2.30%, 3/25/2028		3,445		3,464
4.30%, 7/8/2034		567		641
3.90%, 5/15/2035		1,545		1,681
3.85%, 7/15/2036		1,756		1,910
3.80%, 11/15/2037		7,875		8,390
3.65%, 3/25/2041		3,450		3,589
4.13%, 5/15/2045		5,300		5,798
3.95%, 3/25/2051		1,460		1,573
salesforce.com, Inc. 3.70%, 4/11/2028		1,100		1,227
SS&C Technologies, Inc. 5.50%, 9/30/2027 (a)		5,010		5,207
VMware, Inc. 4.65%, 5/15/2027		20,695		23,387
				98,250
Specialty Retail — 0.5%
Asbury Automotive Group, Inc.
4.50%, 3/1/2028		3,700		3,708
4.75%, 3/1/2030		1,235		1,238
Bath & Body Works, Inc.
5.25%, 2/1/2028		769		825
7.50%, 6/15/2029		3,894		4,339
6.88%, 11/1/2035		450		540
6.75%, 7/1/2036		2,235		2,671
Gap, Inc. (The) 3.63%, 10/1/2029 (a)		2,970		2,842
Group 1 Automotive, Inc. 4.00%, 8/15/2028 (a)		4,555		4,506
Home Depot, Inc. (The) 3.50%, 9/15/2056		4,200		4,801
Lithia Motors, Inc.
4.63%, 12/15/2027 (a)		405		422
3.88%, 6/1/2029 (a)		1,980		2,003
4.38%, 1/15/2031 (a)		1,660		1,733
Lowe’s Cos., Inc.
3.13%, 9/15/2024		665		701
2.50%, 4/15/2026		3,000		3,117
3.65%, 4/5/2029		872		959
2.80%, 9/15/2041		6,310		6,174
3.70%, 4/15/2046		5,000		5,562
O’Reilly Automotive, Inc.
3.60%, 9/1/2027		185		202
1.75%, 3/15/2031		1,145		1,090
Penske Automotive Group, Inc. 3.75%, 6/15/2029		5,210		5,080
PetSmart, Inc. 4.75%, 2/15/2028 (a)		9,307		9,420
SRS Distribution, Inc. 4.63%, 7/1/2028 (a)		3,120		3,127
Staples, Inc.
7.50%, 4/15/2026 (a)		9,915		9,844
10.75%, 4/15/2027 (a)		5,981		5,443
				80,347
Technology Hardware, Storage & Peripherals — 0.3%
Apple, Inc.
3.25%, 2/23/2026		372		398
2.20%, 9/11/2029		4,125		4,203
3.45%, 2/9/2045		8,744		9,800
3.75%, 9/12/2047		6,500		7,735
3.75%, 11/13/2047		1,000		1,190
2.85%, 8/5/2061		10,955		11,037
Dell International LLC 4.90%, 10/1/2026		1,630		1,841
Seagate HDD Cayman
3.13%, 7/15/2029 (a)		2,205		2,099
4.13%, 1/15/2031		2,250		2,267
Western Digital Corp. 4.75%, 2/15/2026		2,907		3,139
Xerox Corp. 4.38%, 3/15/2023 (e)		2,232		2,285
				45,994
Textiles, Apparel & Luxury Goods — 0.0% (h)
Hanesbrands, Inc. 4.88%, 5/15/2026 (a)		1,908		2,037
William Carter Co. (The)
5.50%, 5/15/2025 (a)		1,000		1,039
5.63%, 3/15/2027 (a)		3,880		3,995
				7,071
Thrifts & Mortgage Finance — 0.3%
BPCE SA (France)
5.15%, 7/21/2024 (a)		12,810		13,958
2.38%, 1/14/2025 (a)		2,260		2,305
1.00%, 1/20/2026 (a)		2,760		2,681
(SOFR + 1.52%), 1.65%, 10/6/2026 (a) (b)		13,230		13,076
3.38%, 12/2/2026		250		268

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
3.50%, 10/23/2027 (a)		1,100		1,165
(SOFR + 1.31%), 2.28%, 1/20/2032 (a) (b)		2,015		1,935
(SOFR + 1.73%), 3.12%, 10/19/2032 (a) (b)		7,910		7,935
Nationstar Mortgage Holdings, Inc. 6.00%, 1/15/2027 (a)		4,510		4,657
Nationwide Building Society (United Kingdom) 1.00%, 8/28/2025 (a)		555		544
Radian Group, Inc. 4.50%, 10/1/2024		1,286		1,343
Rocket Mortgage LLC
2.88%, 10/15/2026 (a)		1,715		1,671
3.63%, 3/1/2029 (a)		2,936		2,871
3.88%, 3/1/2031 (a)		2,441		2,409
4.00%, 10/15/2033 (a)		582		570
				57,388
Tobacco — 0.6%
Altria Group, Inc.
3.40%, 5/6/2030		7,750		8,009
2.45%, 2/4/2032		4,000		3,766
3.40%, 2/4/2041		9,825		9,092
3.88%, 9/16/2046		5,585		5,461
BAT Capital Corp. (United Kingdom)
3.56%, 8/15/2027		26,716		27,957
2.26%, 3/25/2028		275		269
4.39%, 8/15/2037		33,979		36,080
Philip Morris International, Inc.
4.38%, 11/15/2041		4,073		4,661
4.13%, 3/4/2043		5,000		5,578
				100,873
Trading Companies & Distributors — 0.4%
Air Lease Corp.
2.30%, 2/1/2025		1,000		1,015
3.25%, 3/1/2025		242		252
3.38%, 7/1/2025		3,860		4,046
2.88%, 1/15/2026		2,617		2,686
1.88%, 8/17/2026		2,345		2,309
3.25%, 10/1/2029		1,020		1,043
Aviation Capital Group LLC
5.50%, 12/15/2024 (a)		562		619
4.13%, 8/1/2025 (a)		1,950		2,077
1.95%, 1/30/2026 (a)		5,480		5,378
BOC Aviation Ltd. (Singapore)
2.75%, 9/18/2022 (a)		600		607
3.50%, 10/10/2024 (a)		370		390
Herc Holdings, Inc. 5.50%, 7/15/2027 (a)		4,870		5,039
Imola Merger Corp. 4.75%, 5/15/2029 (a)		8,116		8,163
International Lease Finance Corp. 8.63%, 1/15/2022		1,000		1,009
United Rentals North America, Inc.
4.88%, 1/15/2028		5,474		5,734
4.00%, 7/15/2030		6,000		6,113
3.88%, 2/15/2031		1,308		1,312
WESCO Distribution, Inc.
7.13%, 6/15/2025 (a)		6,595		6,967
7.25%, 6/15/2028 (a)		2,300		2,501
WW Grainger, Inc. 4.60%, 6/15/2045		520		680
				57,940
Transportation Infrastructure — 0.0% (h)
Sydney Airport Finance Co. Pty. Ltd. (Australia) 3.38%, 4/30/2025 (a)		1,300		1,368
Transurban Finance Co. Pty. Ltd. (Australia) 2.45%, 3/16/2031 (a)		635		634
				2,002
Water Utilities — 0.0% (h)
American Water Capital Corp.
3.85%, 3/1/2024		680		718
3.45%, 6/1/2029		620		676
				1,394
Wireless Telecommunication Services — 0.5%
America Movil SAB de CV (Mexico)
3.13%, 7/16/2022		1,266		1,281
4.38%, 4/22/2049		439		541
Empresa Nacional de Telecomunicaciones SA (Chile) 3.05%, 9/14/2032 (a)		3,347		3,205
Hughes Satellite Systems Corp. 6.63%, 8/1/2026		6,628		7,357
Sprint Corp.
7.88%, 9/15/2023		3,143		3,453
7.13%, 6/15/2024		7,061		7,912
7.63%, 2/15/2025		5,843		6,690
7.63%, 3/1/2026		11,153		13,175
T-Mobile USA, Inc.
1.50%, 2/15/2026		5,740		5,664
2.25%, 2/15/2026		1,024		1,012
4.75%, 2/1/2028		5,290		5,526
3.88%, 4/15/2030		10,716		11,646
2.25%, 11/15/2031		5,500		5,282
4.38%, 4/15/2040		7,650		8,687
3.60%, 11/15/2060 (a)		3,000		2,986
				84,417
TOTAL CORPORATE BONDS (Cost $6,005,249)				6,082,170
ASSET-BACKED SECURITIES -13.0%
ACC Trust
Series 2019-2, Class B, 3.63%, 8/21/2023 (a)		10,566		10,636
Series 2021-1, Class C, 2.08%, 12/20/2024 (a)		9,100		9,042
Series 2021-1, Class D, 5.25%, 3/22/2027 (a)		7,800		7,719
Accelerated Assets LLC Series 2018-1, Class C, 6.65%, 12/2/2033 ‡ (a)		2,279		2,374

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
Accelerated LLC Series 2021-1H, Class D, 3.58%, 10/20/2040 ‡ (a)		9,404			9,399
Affirm Asset Securitization Trust Series 2021-A, Class C, 1.66%, 8/15/2025 ‡ (a)		700			702
Air Canada Pass-Through Trust (Canada)
Series 2013-1, Class A, 4.13%, 5/15/2025 (a)		3,795			3,855
Series 2017-1, Class B, 3.70%, 1/15/2026 (a)		2,825			2,741
Series 2015-1, Class A, 3.60%, 3/15/2027 (a)		2,991			3,044
Series 2015-2, Class AA, 3.75%, 12/15/2027 (a)		835			869
Series 2017-1, Class AA, 3.30%, 1/15/2030 (a)		1,874			1,928
Series 2017-1, Class A, 3.55%, 1/15/2030 (a)		1,017			995
Ajax Mortgage Loan Trust Series 2021-B, Class A, 2.24%, 6/25/2066 ‡ (a) (e)		15,963			15,877
American Airlines Pass-Through Trust
Series 2016-2, Class AA, 3.20%, 6/15/2028		787			799
Series 2016-3, Class AA, 3.00%, 10/15/2028		1,937			1,964
Series 2017-1, Class AA, 3.65%, 2/15/2029		1,998			2,109
American Credit Acceptance Receivables Trust
Series 2020-2, Class B, 2.48%, 9/13/2024 (a)		728			731
Series 2020-2, Class C, 3.88%, 4/13/2026 (a)		1,023			1,053
American Homes 4 Rent Series 2015-SFR1, Class E, 5.64%, 4/17/2052 ‡ (a)		1,250			1,348
American Homes 4 Rent Trust
Series 2014-SFR3, Class D, 5.04%, 12/17/2036 ‡ (a)		5,000			5,284
Series 2014-SFR3, Class E, 6.42%, 12/17/2036 ‡ (a)		17,745			19,316
Series 2015-SFR2, Class D, 5.04%, 10/17/2052 ‡ (a)		2,250			2,444
Series 2015-SFR2, Class E, 6.07%, 10/17/2052 ‡ (a)		18,630			20,509
American Tower Trust #1 REIT, 3.07%, 3/15/2023 (a)		3,135			3,138
AmeriCredit Automobile Receivables Trust
Series 2017-2, Class D, 3.42%, 4/18/2023		9,772			9,787
Series 2017-4, Class D, 3.08%, 12/18/2023		20,124			20,367
AMSR Trust
Series 2020-SFR1, Class E, 3.22%, 4/17/2037 (a)		30,000			30,300
Series 2020-SFR2, Class G, 4.00%, 7/17/2037 ‡ (a)		5,500			5,503
Series 2020-SFR2, Class E2, 4.28%, 7/17/2037 ‡ (a)		16,035			16,549
Series 2020-SFR2, Class H, 5.25%, 7/17/2037 ‡ (a)		12,500			12,795
Series 2020-SFR3, Class F, 3.55%, 9/17/2037 ‡ (a)		12,179			12,050
Series 2020-SFR4, Class E2, 2.46%, 11/17/2037 ‡ (a)		23,000			22,556
Series 2020-SFR4, Class F, 2.86%, 11/17/2037 ‡ (a)		20,000			19,545
Series 2021-SFR2, Class F1, 3.28%, 8/17/2038 ‡ (a)		13,000			12,798
Series 2021-SFR3, Class E2, 2.43%, 10/17/2038 ‡ (a)		6,115			6,000
Series 2019-SFR1, Class F, 3.87%, 1/19/2039 ‡ (a)		19,690			19,663
Series 2019-SFR1, Class G, 4.86%, 1/19/2039 ‡ (a)		7,875			8,041
Series 2019-SFR1, Class H, 6.04%, 1/19/2039 ‡ (a)		7,875			8,278
Aqua Finance Trust
Series 2017-A, Class A, 3.72%, 11/15/2035 (a)		2,376			2,426
Series 2019-A, Class B, 3.47%, 7/16/2040 ‡ (a)		19,000			19,408
Series 2020-AA, Class C, 3.97%, 7/17/2046 ‡ (a)		4,250			4,410
BankBoston Home Equity Loan Trust Series 1998-1, Class A6, 6.35%, 7/25/2028 ‡		—	(j)		—	(j)
Bear Stearns Asset-Backed Securities Trust Series 2003-SD2, Class 2A, 2.92%, 6/25/2043 ‡ (k)		151			158
British Airways Pass-Through Trust (United Kingdom)
Series 2013-1, Class A, 4.63%, 6/20/2024 (a)		1,326			1,386
Series 2019-1, Class A, 3.35%, 6/15/2029 (a)		1,354			1,343
Series 2018-1, Class AA, 3.80%, 9/20/2031 (a)		645			674
Series 2018-1, Class A, 4.13%, 9/20/2031 (a)		1,926			1,957
Series 2019-1, Class AA, 3.30%, 12/15/2032 (a)		538			553
Business Jet Securities LLC
Series 2019-1, Class C, 6.95%, 7/15/2034 ‡ (a)		6,437			6,610
Series 2020-1A, Class B, 3.97%, 11/15/2035 ‡ (a)		11,364			11,514
Series 2020-1A, Class C, 7.14%, 11/15/2035 ‡ (a)		7,477			7,725
Series 2021-1A, Class A, 2.16%, 4/15/2036 (a)		10,069			10,071
Series 2021-1A, Class C, 5.07%, 4/15/2036 ‡ (a)		8,190			8,230
BXG Receivables Note Trust Series 2018-A, Class C, 4.44%, 2/2/2034 ‡ (a)		2,109			2,184

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Camillo Issuer LLC
Series 2016-SFR, Class 1-A-1, 5.00%, 12/5/2023 ‡		9,275		9,561
Series 2017-SFR1, Class A, 5.50%, 6/5/2027 ‡ (a)		20,767		21,591
Series 2018-SFR1, Class A, 5.25%, 6/5/2028 ‡ (a)		19,008		19,757
CarMax Auto Owner Trust Series 2018-1, Class D, 3.37%, 7/15/2024		2,732		2,751
Cars Net Lease Mortgage Notes
Series 2020-1A, Class A3, 3.10%, 12/15/2050 (a)		5,773		5,842
CARS-DB4 LP
Series 2020-1A, Class A6, 3.81%, 2/15/2050 (a)		4,737		5,059
Series 2020-1A, Class B2, 4.52%, 2/15/2050 ‡ (a)		8,960		9,242
Series 2020-1A, Class B3, 4.95%, 2/15/2050 ‡ (a)		9,990		10,352
Carvana Auto Receivables Trust
Series 2019-1A, Class C, 3.50%, 2/15/2024 (a)		5,693		5,722
Series 2019-1A, Class D, 3.88%, 10/15/2024 (a)		7,500		7,654
Series 2020-N1A, Class B, 2.01%, 3/17/2025 (a)		24,992		25,129
Series 2019-2A, Class E, 5.01%, 4/15/2026 (a)		9,750		10,250
Series 2019-4A, Class E, 4.70%, 10/15/2026 (a)		5,000		5,177
Cascade MH Asset Trust Series 2019-MH1, Class B, 5.00%, 11/25/2044 ‡ (a) (k)		17,000		16,818
Centex Home Equity Loan Trust Series 2001-B, Class A6, 6.36%, 7/25/2032 ‡		26		26
Citibank Credit Card Issuance Trust Series 2007-A3, Class A3, 6.15%, 6/15/2039		1,372		1,917
Consumer Receivables Asset Investment Trust Series 2021-1, Class A1X, 3.18%, 3/24/2023 (a) (k)		22,100		22,050
COOF Securitization Trust Ltd. Series 2014-1, Class A, IO, 3.67%, 6/25/2040 ‡ (a) (k)		3,021		256
CoreVest American Finance Trust
Series 2020-2, Class A, 3.38%, 5/15/2052 (a)		5,338		5,594
Series 2020-2, Class B, 4.24%, 5/15/2052 ‡ (a) (k)		8,345		9,004
CPS Auto Receivables Trust
Series 2018-A, Class D, 3.66%, 12/15/2023 (a)		1,039		1,046
Series 2018-D, Class D, 4.34%, 9/16/2024 (a)		2,158		2,191
Series 2020-B, Class B, 2.11%, 4/15/2026 (a)		2,959		2,965
Credit Acceptance Auto Loan Trust
Series 2019-3A, Class C, 3.06%, 3/15/2029 (a)		10,500		10,766
Series 2020-1A, Class C, 2.59%, 6/15/2029 (a)		21,735		22,168
Series 2020-2A, Class C, 2.73%, 11/15/2029 (a)		4,895		4,993
Series 2021-3A, Class C, 1.63%, 9/16/2030 (a)		8,573		8,492
Crown Castle Towers LLC
3.72%, 7/15/2023 (a)		250		254
3.66%, 5/15/2025 (a)		2,805		2,940
CSMC Trust Series 2021-JR1, Class A1, 2.46%, 9/27/2066 (a) (k)		15,111		15,069
CWABS, Inc. Asset-Backed Certificates
Series 2004-1, Class M1, 0.84%, 3/25/2034 ‡ (k)		31		31
Series 2004-1, Class M2, 0.92%, 3/25/2034 ‡ (k)		24		24
Series 2004-1, Class 3A, 0.65%, 4/25/2034 ‡ (k)		297		283
CWABS, Inc. Asset-Backed Certificates Trust Series 2004-6, Class M1, 0.99%, 10/25/2034 (k)		232		230
DataBank Issuer Series 2021-1A, Class A2, 2.06%, 2/27/2051 (a)		19,300		18,970
Delta Air Lines Pass-Through Trust
Series 2019-1, Class AA, 3.20%, 4/25/2024		6,270		6,534
Series 2015-1, Class AA, 3.63%, 7/30/2027		3,145		3,336
Diamond Resorts Owner Trust
Series 2017-1A, Class B, 4.11%, 10/22/2029 ‡ (a)		667		671
Series 2018-1, Class D, 5.90%, 1/21/2031 ‡ (a)		719		725
Series 2021-1A, Class D, 3.83%, 11/21/2033 ‡ (a)		9,026		9,054
Drive Auto Receivables Trust
Series 2017-3, Class D, 3.53%, 12/15/2023 (a)		1,359		1,363
Series 2018-2, Class D, 4.14%, 8/15/2024		12,945		13,120
Series 2018-3, Class D, 4.30%, 9/16/2024		7,535		7,638
Series 2019-4, Class D, 2.70%, 2/16/2027		10,500		10,703
DT Auto Owner Trust
Series 2018-1A, Class D, 3.81%, 12/15/2023 (a)		461		461
Series 2019-2A, Class D, 3.48%, 2/18/2025 (a)		19,000		19,485
Series 2019-4A, Class D, 2.85%, 7/15/2025 (a)		2,500		2,560
Series 2020-2A, Class C, 3.28%, 3/16/2026 (a)		5,000		5,148
Series 2020-3A, Class D, 1.84%, 6/15/2026 (a)		7,100		7,129

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
E3 (Cayman Islands)
Series 2019-1, Class A, 3.10%, 9/20/2055 (a)		7,412		7,509
Series 2019-1, Class C, 5.00%, 9/20/2055 ‡ (a)		3,745		3,761
Elara HGV Timeshare Issuer LLC
Series 2017-A, Class A, 2.69%, 3/25/2030 (a)		7,756		7,865
Series 2019-A, Class C, 3.45%, 1/25/2034 ‡ (a)		2,150		2,148
Series 2021-A, Class D, 3.32%, 8/27/2035 ‡ (a)		3,668		3,646
Exeter Automobile Receivables Trust
Series 2017-3A, Class C, 3.68%, 7/17/2023 (a)		3,134		3,164
Series 2018-1A, Class D, 3.53%, 11/15/2023 (a)		8,356		8,468
Series 2017-2A, Class D, 6.39%, 2/15/2024 (a)		5,875		5,914
Series 2018-3A, Class D, 4.35%, 6/17/2024 (a)		17,255		17,586
Series 2020-2A, Class B, 2.08%, 7/15/2024 (a)		5,230		5,245
Series 2018-4A, Class D, 4.35%, 9/16/2024 (a)		22,670		23,211
Series 2020-2A, Class C, 3.28%, 5/15/2025 (a)		7,250		7,397
Series 2018-2A, Class E, 5.33%, 5/15/2025 (a)		7,000		7,296
Series 2020-2A, Class D, 4.73%, 4/15/2026 (a)		3,500		3,685
Series 2020-3A, Class D, 1.73%, 7/15/2026		9,000		9,085
Series 2019-4A, Class E, 3.56%, 10/15/2026 (a)		14,185		14,509
Fifth Third Auto Trust Series 2019-1, Class A3, 2.64%, 12/15/2023		2,436		2,453
First Investors Auto Owner Trust
Series 2017-3A, Class C, 3.00%, 1/16/2024 (a)		1,088		1,091
Series 2017-3A, Class D, 3.44%, 3/15/2024 (a)		5,096		5,151
Series 2017-3A, Class E, 4.92%, 8/15/2024 (a)		1,300		1,326
FirstKey Homes Trust
Series 2020-SFR1, Class F1, 3.64%, 8/17/2037 ‡ (a)		3,500		3,566
Series 2021-SFR1, Class E2, 2.49%, 8/17/2038 ‡ (a)		10,000		9,782
Series 2021-SFR1, Class F1, 3.24%, 8/17/2038 ‡ (a)		10,267		10,048
Flagship Credit Auto Trust
Series 2017-1, Class D, 4.23%, 5/15/2023 (a)		345		345
Series 2017-4, Class C, 2.92%, 11/15/2023 (a)		866		867
Series 2017-1, Class E, 6.46%, 12/15/2023 (a)		3,500		3,509
Series 2017-4, Class D, 3.58%, 1/15/2024 (a)		2,630		2,670
Series 2017-2, Class E, 5.55%, 7/15/2024 (a)		3,630		3,670
Series 2019-2, Class C, 3.09%, 5/15/2025 (a)		8,250		8,426
Series 2019-2, Class D, 3.53%, 5/15/2025 (a)		9,500		9,796
Series 2019-2, Class E, 4.52%, 12/15/2026 (a)		5,000		5,192
FNMA, Grantor Trust Series 2017-T1, Class A, 2.90%, 6/25/2027		99,185		105,323
Foundation Finance Trust
Series 2020-1A, Class B, 4.62%, 7/16/2040 ‡ (a)		1,700		1,822
Series 2020-1A, Class C, 5.75%, 7/16/2040 ‡ (a)		4,650		5,019
Foursight Capital Automobile Receivables Trust
Series 2021-1, Class D, 1.32%, 3/15/2027 (a)		900		883
Series 2021-2, Class D, 1.92%, 9/15/2027 (a)		850		838
FRTKL Series 2021-SFR1, Class F, 3.17%, 9/17/2038 ‡ (a)		4,400		4,304
GE Capital Mortgage Services, Inc. Trust Series 1999-HE1, Class A6, 6.70%, 4/25/2029 ‡ (k)		223		227
Golden Bear LLC Series 2016-R, Class R, 5.65%, 9/20/2047 (a)		335		335
Goodgreen (Cayman Islands) Series 2018-1A, Class A, 3.93%, 10/15/2053 (a) (k)		5,888		6,137
Goodgreen Trust
Series 2017-1A, Class A, 3.74%, 10/15/2052 (a)		1,017		1,057
Series 2016-1A, Class B, 5.24%, 10/15/2052 ‡ (a)		755		793
Series 2017-2A, Class A, 3.26%, 10/15/2053 (a)		6,716		6,850
Harvest SBA Loan Trust Series 2021-1, Class A, 2.09%, 4/25/2048 (a) (k)		4,686		4,606
HERO Funding (Cayman Islands)
Series 2017-3A, Class A1, 3.19%, 9/20/2048 (a)		3,271		3,360
Series 2017-3A, Class A2, 3.95%, 9/20/2048 (a)		2,694		2,775
HERO Funding II (Cayman Islands)
Series 2016-3B, Class B, 5.24%, 9/20/2042 ‡ (a)		154		154
Series 2016-4B, Class B, 9/20/2047 ‡ (a)		2,147		2,178
HERO Funding III (Cayman Islands) Series 2017-1A, Class A, 3.50%, 9/21/2043 (a)		3,705		3,735

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
HERO Funding Trust (Cayman Islands)
Series 2015-3A, Class A, 4.28%, 9/20/2041 (a)		1,973		2,066
Series 2016-3A, Class A1, 3.08%, 9/20/2042 (a)		875		896
Series 2017-1A, Class A2, 4.46%, 9/20/2047 (a)		2,871		3,014
Series 2017-2A, Class A2, 4.07%, 9/20/2048 (a)		3,138		3,262
Hilton Grand Vacations Trust Series 2020-AA, Class C, 6.42%, 2/25/2039 ‡ (a)		6,232		6,833
Home Partners of America Trust Series 2019-2, Class E, 3.32%, 10/19/2039 ‡ (a)		9,456		9,235
KGS-Alpha SBA COOF Trust
Series 2012-4, Class A, IO, 1.20%, 9/25/2037 ‡ (a) (k)		6,269		107
Series 2012-2, Class A, IO, 0.95%, 8/25/2038 ‡ (a) (k)		3,645		73
Series 2013-2, Class A, IO, 2.14%, 3/25/2039 ‡ (a) (k)		3,745		145
Lakeview CDO LLC 2.83%, 11/10/2032 ‡ (k)		12,000		11,807
Lending Point Asset Securitization Trust Series 2020-1, Class C, 4.14%, 2/10/2026 ‡ (a)		2,588		2,598
Lendingpoint Asset Securitization Trust
Series 2021-A, Class C, 2.75%, 12/15/2028 ‡ (a)		12,684		12,579
Series 2021-B, Class C, 3.21%, 2/15/2029 ‡ (a)		10,000		9,907
LendingPoint Asset Securitization Trust Series 2021-1, Class B, 2.85%, 4/15/2027 ‡ (a)		13,636		13,755
Lendingpoint SPE Trust
Series 2020-VFN1, Class A1B, 4.34%, 12/15/2026 (a) (k)		15,000		15,563
Series 2020-VFN1, Class A2B1, 4.34%, 12/15/2026 (a) (k)		10,507		10,818
LFT CRE Ltd. (Cayman Islands)
Series 2021-FL1, Class D, 2.54%, 6/15/2039 ‡ (a) (k)		14,238		14,219
Series 2021-FL1, Class E, 3.04%, 6/15/2039 ‡ (a) (k)		12,500		12,485
LP LMS Asset Securitization Trust
Series 2020-1A, Class B, 5.24%, 2/10/2026 ‡ (a)		2,942		3,044
6.17%, 10/15/2028		7,398		7,680
Series 2021-2A, Class C, 3.85%, 1/15/2029 ‡ (a)		14,000		13,855
Mariner Finance Issuance Trust
Series 2021-AA, Class E, 5.40%, 3/20/2036 ‡ (a)		6,000		6,351
Series 2021-BA, Class E, 4.68%, 11/20/2036 (a)		6,150		6,160
Marlette Funding Trust Series 2020-1A, Class B, 2.38%, 3/15/2030 ‡ (a)		10,851		10,895
Mercury Financial Credit Card Master Trust Series 2021-1A, Class C, 4.21%, 3/20/2026 (a)		10,000		10,075
Mid-State Capital Corp. Trust
Series 2005-1, Class A, 5.75%, 1/15/2040		72		76
Series 2005-1, Class M1, 6.11%, 1/15/2040 ‡		1,712		1,809
Series 2006-1, Class A, 5.79%, 10/15/2040 (a)		1,010		1,053
Series 2006-1, Class M1, 6.08%, 10/15/2040 ‡ (a)		1,226		1,274
Series 2006-1, Class M2, 6.74%, 10/15/2040 ‡ (a)		490		517
Morgan Stanley ABS Capital I, Inc. Trust Series 2003-SD1, Class M1, 2.34%, 3/25/2033 ‡ (k)		176		176
MVW Owner Trust
Series 2019-1A, Class B, 3.00%, 11/20/2036 ‡ (a)		7,018		7,064
Series 2019-1A, Class C, 3.33%, 11/20/2036 ‡ (a)		2,963		2,992
New Century Home Equity Loan Trust
Series 2003-5, Class AI6, 6.00%, 11/25/2033 ‡ (e)		272		278
Series 2005-1, Class M1, 0.77%, 3/25/2035 ‡ (k)		221		221
NRZ Excess Spread-Collateralized Notes
Series 2020-PLS1, Class A, 3.84%, 12/25/2025 (a)		11,092		11,133
Series 2021-GNT1, Class A, 3.47%, 11/25/2026 (a)		26,000		26,000
NRZ FHT Excess LLC Series 2020-FHT1, Class A, 4.21%, 11/25/2025 (a)		11,629		11,696
Ocean Beach Spc (Cayman Islands) Series 2020-1I, Class A, 4.00%, 9/26/2022		3,920		3,936
Octane Receivables Trust Series 2019-1A, Class A, 3.16%, 9/20/2023 (a)		2,381		2,396
OL SP LLC
Series 2018, Class C, 4.25%, 5/15/2025 ‡		592		594
Series 2018, Class A, 4.16%, 2/9/2030		2,185		2,247
Series 2018, Class B, 4.61%, 2/9/2030 ‡		683		698
OneMain Direct Auto Receivables Trust Series 2018-1A, Class C, 3.85%, 10/14/2025 (a)		15,882		15,933
OneMain Financial Issuance Trust Series 2019-1A, Class E, 5.69%, 2/14/2031 ‡ (a)		16,475		16,595
Oportun Funding XIII LLC Series 2019-A, Class B, 3.87%, 8/8/2025 ‡ (a)		7,146		7,238
Oportun Issuance Trust Series 2021-B, Class B, 1.96%, 5/8/2031 ‡ (a)		6,320		6,309

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2021-B, Class C, 3.65%, 5/8/2031 ‡ (a)		8,461		8,491
Orange Lake Timeshare Trust
Series 2018-A, Class C, 3.74%, 11/8/2030 ‡ (a)		2,426		2,466
Series 2019-A, Class D, 4.93%, 4/9/2038 ‡ (a)		3,474		3,543
Pretium Mortgage Credit Partners I LLC
Series 2021-NPL1, Class A1, 2.24%, 9/27/2060 (a) (e)		27,854		27,743
Series 2021-NPL1, Class A2, 4.21%, 9/27/2060 (a) (e)		15,500		15,551
Series 2021-NPL4, Class A1, 2.36%, 10/27/2060 ‡ (a) (e)		15,000		14,905
Progress Residential
Series 2021-SFR3, Class E2, 2.69%, 5/17/2026 ‡ (a)		7,330		7,236
Series 2021-SFR1, Class F, 2.76%, 4/17/2038 ‡ (a)		12,000		11,739
Progress Residential Trust
Series 2020-SFR3, Class F, 2.80%, 10/17/2027 ‡ (a)		10,000		9,887
Series 2020-SFR3, Class G, 4.11%, 10/17/2027 (a)		7,000		7,029
Series 2019-SFR4, Class E, 3.44%, 10/17/2036 ‡ (a)		8,180		8,192
Series 2020-SFR2, Class GREG, PO, 6/17/2037 (a)		19,442		17,084
Series 2020-SFR2, Class B, 2.58%, 6/17/2037 ‡ (a)		12,081		12,188
Series 2020-SFR2, Class C, 3.08%, 6/17/2037 ‡ (a)		9,097		9,219
Series 2020-SFR2, Class D, 3.87%, 6/17/2037 ‡ (a)		9,656		9,860
Series 2021-SFR2, Class E2, 2.65%, 4/19/2038 ‡ (a)		15,150		15,041
Series 2021-SFR8, Class E1, 2.38%, 10/17/2038 ‡ (a)		24,695		24,194
Regional Management Issuance Trust Series 2021-1, Class D, 5.07%, 3/17/2031 ‡ (a)		2,100		2,120
Renew (Cayman Islands)
Series 2017-1A, Class A, 3.67%, 9/20/2052 (a)		1,259		1,302
Series 2017-1A, Class B, 5.75%, 9/20/2052 ‡ (a)		1,386		1,407
Series 2017-2A, Class A, 3.22%, 9/22/2053 (a)		14,299		14,882
Santander Drive Auto Receivables Trust
Series 2018-1, Class D, 3.32%, 3/15/2024		6,275		6,310
Series 2019-1, Class C, 3.42%, 4/15/2025		1,165		1,167
Series 2019-2, Class D, 3.22%, 7/15/2025		28,260		28,894
Series 2021-2, Class D, 1.35%, 7/15/2027		13,400		13,350
Santander Prime Auto Issuance Notes Trust Series 2018-A, Class E, 5.04%, 9/15/2025 (a)		1,404		1,433
Santander Revolving Auto Loan Trust
Series 2019-A, Class A, 2.51%, 1/26/2032 (a)		32,715		33,882
Series 2019-A, Class C, 3.00%, 1/26/2032 (a)		10,750		11,144
Series 2019-A, Class D, 3.45%, 1/26/2032 (a)		7,500		7,796
SCF Equipment Leasing LLC
Series 2019-2A, Class G, 6.00%, 10/20/2031 ‡ (a)		10,662		10,737
Series 2020-1A, Class G, 6.00%, 4/20/2032 ‡ (a)		2,993		3,009
Series 2021-1A, Class F, 5.52%, 8/20/2032 ‡ (a)		40,000		39,658
Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2, 2.92%, 1/25/2036 ‡ (e)		149		151
Sierra Timeshare Receivables Funding LLC
Series 2018-2A, Class C, 3.94%, 6/20/2035 ‡ (a)		3,154		3,214
Series 2019-1A, Class D, 4.75%, 1/20/2036 ‡ (a)		2,795		2,847
Series 2021-1A, Class D, 3.17%, 11/20/2037 ‡ (a)		6,934		6,889
Series 2021-2A, Class D, 3.23%, 9/20/2038 ‡ (a)		4,155		4,133
Soundview Home Loan Trust Series 2007-OPT1, Class 2A1, 0.17%, 6/25/2037 ‡ (k)		887		740
Spirit Airlines Pass-Through Trust Series 2017-1, Class AA, 3.38%, 2/15/2030		670		680
Spruce ABS Trust Series 2016-E1, Class B, 6.90%, 6/15/2028 ‡ (a)		6,007		6,188
Tidewater Auto Receivables Trust Series 2018-AA, Class D, 4.30%, 11/15/2024 (a)		2,214		2,215
Towd Point Mortgage Trust Series 2017-FRE2, Class M6, 4.00%, 11/25/2047 ‡ (a) (e)		8,189		8,229
Tricolor Auto Securitization Trust
Series 2018-2A, Class D, 7.98%, 8/15/2022 (a)		8,226		8,225
Series 2020-1A, Class B, 8.25%, 11/15/2026 (a)		14,295		14,537
Tricon American Homes Trust Series 2019-SFR1, Class F, 3.75%, 3/17/2038 ‡ (a)		7,000		7,074
UAL Pass-Through Trust Series 2007-1, 6.64%, 7/2/2022		576		589
United Airlines Pass-Through Trust Series 2012-1, Class A, 4.15%, 4/11/2024		116		122

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2013-1, Class A, 4.30%, 8/15/2025		457		480
Series 2016-2, Class B, 3.65%, 10/7/2025		1,315		1,315
Series 2014-1, Class A, 4.00%, 4/11/2026		2,405		2,530
Series 2014-2, Class A, 3.75%, 9/3/2026		398		417
Series 2016-1, Class AA, 3.10%, 7/7/2028		1,073		1,112
Series 2016-2, Class AA, 2.88%, 10/7/2028		1,419		1,436
Series 2016-2, Class A, 3.10%, 10/7/2028		792		792
Series 2018-1, Class AA, 3.50%, 3/1/2030		15,452		16,312
Series 2018-1, Class A, 3.70%, 3/1/2030		1,099		1,126
Series 2019-1, Class AA, 4.15%, 8/25/2031		1,377		1,518
Series 2019-1, Class A, 4.55%, 8/25/2031		1,641		1,771
Series 2019-2, Class AA, 2.70%, 5/1/2032		1,741		1,759
US Auto Funding Series 2021-1A, Class D, 4.36%, 3/15/2027 (a)		7,000		6,998
US Auto Funding LLC Series 2019-1A, Class C, 5.34%, 3/15/2023 (a)		5,000		5,038
USASF Receivables LLC
Series 2020-1A, Class B, 3.22%, 5/15/2024 (a)		5,937		6,000
Series 2020-1A, Class C, 5.94%, 8/15/2024 (a)		4,000		4,132
VCAT LLC Series 2021-NPL3, Class A1, 1.74%, 5/25/2051 (a) (e)		5,381		5,336
Verizon Owner Trust Series 2019-A, Class A1A, 2.93%, 9/20/2023		2,815		2,832
VM DEBT TRUST Series 2019-1, 9.50%, 5/31/2024		57,688		57,688
VOLT XCIV LLC Series 2021-NPL3, Class A1, 2.24%, 2/27/2051 (a) (e)		22,580		22,529
VOLT XCIX LLC Series 2021-NPL8, Class A1, 2.12%, 4/25/2051 (a) (e)		15,351		15,319
VOLT XCV LLC Series 2021-NPL4, Class A1, 2.24%, 3/27/2051 ‡ (a) (e)		9,579		9,547
VOLT XCVI LLC Series 2021-NPL5, Class A1, 2.12%, 3/27/2051 (a) (e)		33,158		33,070
VOLT XCVII LLC Series 2021-NPL6, Class A1, 2.24%, 4/25/2051 (a) (e)		18,752		18,680
Welk Resorts LLC Series 2019-AA, Class C, 3.34%, 6/15/2038 ‡ (a)		4,077		4,146
Westgate Resorts LLC
Series 2018-1A, Class A, 3.38%, 12/20/2031 (a)		3,419		3,437
Series 2018-1A, Class B, 3.58%, 12/20/2031 ‡ (a)		2,562		2,580
Series 2020-1A, Class C, 6.21%, 3/20/2034 ‡ (a)		12,381		12,943
World Financial Network Credit Card Master Trust Series 2019-A, Class A, 3.14%, 12/15/2025		16,200		16,297
World Omni Auto Receivables Trust Series 2018-B, Class A3, 2.87%, 7/17/2023		4,017		4,031
TOTAL ASSET-BACKED SECURITIES (Cost $2,123,226)				2,147,755
U.S. TREASURY OBLIGATIONS — 12.8%
U.S. Treasury Bonds
5.25%, 2/15/2029		2,500		3,171
4.50%, 5/15/2038		3,890		5,525
3.50%, 2/15/2039		85		108
4.50%, 8/15/2039		91,997		131,750
1.13%, 5/15/2040		42,248		37,472
4.38%, 5/15/2040		511		725
1.38%, 11/15/2040		65,620		60,509
4.75%, 2/15/2041		35,372		52,643
2.25%, 5/15/2041		47,273		50,316
4.38%, 5/15/2041		37,318		53,247
2.75%, 8/15/2042		9,000		10,389
2.75%, 11/15/2042		70,713		81,676
3.63%, 8/15/2043		17,780		23,408
3.75%, 11/15/2043		16,856		22,620
2.50%, 2/15/2045		53,620		60,073
3.00%, 5/15/2045		8,910		10,860
2.88%, 8/15/2045		45,620		54,607
2.75%, 11/15/2047		15,256		18,192
3.38%, 11/15/2048		54,695		73,325
2.38%, 11/15/2049		89,940		101,562
2.00%, 2/15/2050		144,765		151,257
1.88%, 2/15/2051		24,262		24,668
2.38%, 5/15/2051		175,911		199,522
U.S. Treasury Inflation Indexed Bonds 3.63%, 4/15/2028		1,000		2,273
U.S. Treasury Notes
2.13%, 6/30/2022 (l)		6,985		7,065
2.00%, 8/15/2025 (l)		11,953		12,385
1.63%, 5/15/2026		10,909		11,149
1.88%, 7/31/2026		147,103		152,131
1.13%, 2/28/2027		51,774		51,641
0.50%, 5/31/2027		53,861		51,801
1.25%, 3/31/2028		19,705		19,631
1.25%, 4/30/2028		50,460		50,243

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
1.63%, 5/15/2031		116,169			118,420
U.S. Treasury STRIPS Bonds
2.52%, 5/15/2022 (m)		7,390			7,387
4.62%, 11/15/2022 (m)		5,000			4,993
3.11%, 2/15/2023 (m)		225			224
2.17%, 8/15/2023 (m)		15			15
6.29%, 2/15/2028 (m)		2,615			2,404
2.30%, 5/15/2029 (m)		61,050			54,787
1.73%, 11/15/2030 (m)		15,252			13,284
2.55%, 5/15/2032 (m)		15,038			12,724
1.53%, 8/15/2032 (m)		20,025			16,856
1.98%, 5/15/2033 (m)		118,886			98,572
5.47%, 11/15/2033 (m)		24,367			19,988
1.04%, 8/15/2039 (m)		36,140			26,703
3.03%, 8/15/2040 (m)		30,000			20,836
2.95%, 8/15/2041 (m)		94,093			63,550
3.63%, 2/15/2042 (m)		10,721			7,162
3.37%, 5/15/2042 (m)		19,049			12,665
3.50%, 11/15/2042 (m)		7,855			5,150
2.26%, 11/15/2043 (m)		25,730			16,528
1.50%, 2/15/2050 (m)		34,240			20,602
TOTAL U.S. TREASURY OBLIGATIONS (Cost $2,029,493)					2,108,794
MORTGAGE-BACKED SECURITIES — 12.6%
FHLMC
Pool # 1G1861, ARM, 2.41%, 3/1/2036 (k)		29			30
Pool # 1J1380, ARM, 2.79%, 3/1/2036 (k)		27			29
Pool # 1J1393, ARM, 1.80%, 10/1/2036 (k)		37			39
Pool # 1J1657, ARM, 1.76%, 5/1/2037 (k)		2			2
Pool # 1Q0476, ARM, 2.06%, 10/1/2037 (k)		90			90
FHLMC Gold Pools, 15 Year
Pool # G13385, 5.50%, 11/1/2023		7			7
Pool # G13603, 5.50%, 2/1/2024		2			2
Pool # G13805, 5.50%, 12/1/2024		8			8
Pool # G14252, 5.50%, 12/1/2024		9			9
Pool # J14494, 4.00%, 2/1/2026		327			347
FHLMC Gold Pools, 20 Year
Pool # C91025, 7.00%, 1/1/2027		52			55
Pool # G30591, 6.00%, 2/1/2028		282			313
Pool # D98914, 4.00%, 1/1/2032		2,257			2,444
Pool # G31099, 4.00%, 1/1/2038		9,301			10,194
FHLMC Gold Pools, 30 Year
Pool # C80091, 6.50%, 1/1/2024		9			10
Pool # C80161, 7.50%, 6/1/2024		—	(j)		—	(j)
Pool # G00271, 7.00%, 9/1/2024		10			10
Pool # C80245, 7.50%, 10/1/2024		2			2
Pool # G00278, 7.00%, 11/1/2024		4			4
Pool # C00496, 7.50%, 2/1/2027		—	(j)		—	(j)
Pool # D81734, 7.00%, 8/1/2027		15			16
Pool # G00747, 8.00%, 8/1/2027		18			21
Pool # D86005, 7.00%, 2/1/2028		2			2
Pool # G02210, 7.00%, 12/1/2028		41			45
Pool # C21930, 6.00%, 2/1/2029		6			7
Pool # C00785, 6.50%, 6/1/2029		9			11
Pool # A27201, 6.50%, 3/1/2032		51			56
Pool # A13067, 4.00%, 9/1/2033		20			22
Pool # G60154, 5.00%, 2/1/2034		9,415			10,688
Pool # G60214, 5.00%, 7/1/2035		8,877			10,082
Pool # C02641, 7.00%, 10/1/2036		22			25
Pool # C02660, 6.50%, 11/1/2036		49			58
Pool # G06172, 5.50%, 12/1/2038		932			1,080
Pool # G06576, 5.00%, 9/1/2040		4,318			4,919
Pool # A96733, 4.50%, 2/1/2041		7,290			8,087
Pool # G06493, 4.50%, 5/1/2041		360			398
Pool # G61864, 5.50%, 6/1/2041		3,726			4,307
Pool # Q05956, 4.50%, 2/1/2042		1,241			1,372
Pool # Q11285, 3.50%, 9/1/2042		2,932			3,166
Pool # Q12174, 3.50%, 10/1/2042		3,660			3,954
Pool # G07239, 3.00%, 12/1/2042		3,315			3,515
Pool # Q13796, 3.50%, 12/1/2042		4,659			5,033

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
Pool # Q15767, 3.00%, 2/1/2043		2,714			2,864
Pool # Q33869, 4.00%, 6/1/2045		2,364			2,583
Pool # G61462, 4.00%, 7/1/2045		13,104			14,369
Pool # Q37784, 3.50%, 12/1/2045		1,988			2,131
Pool # Q39092, 4.00%, 2/1/2046		2,976			3,224
Pool # Q39412, 3.50%, 3/1/2046		857			913
Pool # Q40797, 3.50%, 5/1/2046		3,787			4,029
Pool # Q40905, 3.50%, 6/1/2046		122			129
Pool # Q40922, 3.50%, 6/1/2046		1,292			1,372
Pool # Q41602, 3.50%, 7/1/2046		636			671
Pool # Q42079, 3.50%, 7/1/2046		821			872
Pool # Q42657, 3.50%, 8/1/2046		6,371			6,789
Pool # Q42656, 4.00%, 8/1/2046		482			515
Pool # Q43241, 3.50%, 9/1/2046		5,378			5,712
Pool # Q43237, 4.00%, 9/1/2046		1,099			1,189
Pool # G61565, 4.50%, 4/1/2048		20,708			22,873
Pool # Z40179, 4.00%, 7/1/2048		8,491			9,092
FHLMC Gold Pools, Other
Pool # G20027, 10.00%, 10/1/2030		3			3
Pool # B90491, 7.50%, 1/1/2032		126			140
Pool # U89009, 3.50%, 9/1/2032		427			458
Pool # U80074, 3.50%, 10/1/2032		1,436			1,532
Pool # G20028, 7.50%, 12/1/2036		178			198
Pool # U90690, 3.50%, 6/1/2042		1,373			1,475
Pool # U90975, 4.00%, 6/1/2042		301			328
Pool # U90230, 4.50%, 9/1/2042		1,298			1,435
Pool # U90281, 4.00%, 10/1/2042		656			709
Pool # U92021, 5.00%, 9/1/2043		1,200			1,335
Pool # U99076, 4.50%, 12/1/2043		3,142			3,504
Pool # U99084, 4.50%, 2/1/2044		2,633			2,919
Pool # U92996, 3.50%, 6/1/2045		203			214
Pool # U93026, 3.50%, 7/1/2045		813			873
Pool # U99134, 4.00%, 1/1/2046		3,539			3,860
Pool # U93155, 3.50%, 5/1/2046		790			849
Pool # U93158, 3.50%, 6/1/2046		339			359
Pool # U93167, 3.50%, 7/1/2046		716			767
Pool # U93172, 3.50%, 7/1/2046		1,062			1,145
FHLMC UMBS, 30 Year Pool # RA2008, 4.00%, 1/1/2050		11,762			12,677
FNMA
Pool # AM2292, ARM, 0.44%, 1/1/2023 (k)		1,078			1,076
Pool # 766610, ARM, 1.96%, 1/1/2034 (k)		22			23
Pool # 823660, ARM, 1.97%, 5/1/2035 (k)		68			68
Pool # 910181, ARM, 2.05%, 3/1/2037 (k)		25			26
Pool # 888304, ARM, 1.42%, 4/1/2037 (k)		1			1
Pool # 888750, ARM, 2.07%, 4/1/2037 (k)		40			42
Pool # 948208, ARM, 1.47%, 7/1/2037 (k)		27			28
Pool # 888620, ARM, 1.73%, 7/1/2037 (k)		24			24
FNMA UMBS, 15 Year
Pool # 890129, 6.00%, 12/1/2021		—	(j)		—	(j)
Pool # 949379, 6.00%, 8/1/2022		3			4
Pool # 890231, 5.00%, 7/1/2025		71			73
Pool # CA4723, 3.50%, 11/1/2034		7,248			7,697
FNMA UMBS, 20 Year
Pool # MA0602, 3.50%, 12/1/2030		136			144
Pool # BM3254, 4.00%, 1/1/2038		7,496			8,248
Pool # BM3566, 4.00%, 2/1/2038		8,051			8,863
Pool # CA1234, 4.00%, 2/1/2038		2,674			2,934
Pool # CA1238, 4.00%, 2/1/2038		2,891			3,200
FNMA UMBS, 30 Year
Pool # 250228, 9.00%, 4/1/2025		—	(j)		1
Pool # 328066, 8.50%, 10/1/2025		—	(j)		—	(j)

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
Pool # 313692, 8.50%, 12/1/2025		1			1
Pool # 250854, 7.50%, 3/1/2027		—	(j)		1
Pool # 251569, 7.00%, 3/1/2028		1			1
Pool # 420165, 6.50%, 4/1/2028		22			25
Pool # 455598, 5.50%, 12/1/2028		8			9
Pool # 517656, 5.50%, 7/1/2029		8			9
Pool # 252570, 6.50%, 7/1/2029		11			13
Pool # 517679, 6.50%, 7/1/2029		42			47
Pool # 323866, 6.50%, 8/1/2029		9			10
Pool # 995656, 7.00%, 6/1/2033		116			134
Pool # AL6168, 5.00%, 9/1/2033		4,291			4,866
Pool # 725229, 6.00%, 3/1/2034		713			828
Pool # AA0918, 5.50%, 9/1/2034		131			150
Pool # 735503, 6.00%, 4/1/2035		70			80
Pool # 745948, 6.50%, 10/1/2036		11			13
Pool # AL0379, 8.00%, 12/1/2036		826			963
Pool # 995149, 6.50%, 10/1/2038		33			38
Pool # 995504, 7.50%, 11/1/2038		44			54
Pool # AC3237, 5.00%, 10/1/2039		384			437
Pool # AC4467, 4.50%, 12/1/2039		720			798
Pool # AE1526, 4.50%, 9/1/2040		1,151			1,262
Pool # AE3095, 4.50%, 9/1/2040		759			834
Pool # AE0681, 4.50%, 12/1/2040		3,183			3,518
Pool # AL0038, 5.00%, 2/1/2041		3,199			3,643
Pool # AX5292, 5.00%, 1/1/2042		14,183			16,169
Pool # BM1065, 5.50%, 2/1/2042		5,681			6,562
Pool # AL2059, 4.00%, 6/1/2042		11,360			12,626
Pool # AB7575, 3.00%, 1/1/2043		2,315			2,453
Pool # AR6380, 3.00%, 2/1/2043		3,209			3,400
Pool # 890564, 3.00%, 6/1/2043		4,162			4,414
Pool # AT5907, 4.00%, 6/1/2043		6,951			7,726
Pool # AS0214, 3.50%, 8/1/2043		7,040			7,657
Pool # AL6848, 5.00%, 6/1/2044		1,258			1,418
Pool # BA2343, 4.00%, 9/1/2045		2,766			3,017
Pool # BA1210, 3.50%, 5/1/2046		999			1,071
Pool # BA7485, 3.50%, 6/1/2046		797			848
Pool # BC2969, 3.50%, 6/1/2046		459			484
Pool # BD1371, 3.50%, 6/1/2046		1,513			1,612
Pool # BA7492, 4.00%, 6/1/2046		657			704
Pool # BC9368, 4.00%, 6/1/2046		3,153			3,415
Pool # BD1372, 4.00%, 6/1/2046		1,693			1,837
Pool # BD2956, 3.50%, 7/1/2046		5,875			6,250
Pool # BD5456, 3.50%, 8/1/2046		2,290			2,432
Pool # BM1169, 4.00%, 9/1/2046		11,172			12,400
Pool # BE0280, 3.50%, 10/1/2046		3,575			3,795
Pool # AS8335, 4.50%, 11/1/2046		5,724			6,222
Pool # BM1906, 4.00%, 5/1/2047		7,881			8,607
Pool # AS9811, 5.00%, 6/1/2047		2,639			2,929
Pool # BH7565, 4.00%, 8/1/2047		13,395			14,399
Pool # BM3500, 4.00%, 9/1/2047		6,218			6,781
Pool # CA0346, 4.50%, 9/1/2047		9,328			10,098
Pool # BH6687, 4.00%, 11/1/2047		1,803			1,925
Pool # BM3044, 4.00%, 11/1/2047		5,060			5,503
Pool # BE8347, 4.00%, 12/1/2047		736			787
Pool # BJ5254, 4.00%, 12/1/2047		4,924			5,274
Pool # BM3499, 4.00%, 12/1/2047		54,104			58,162
Pool # BJ5777, 4.50%, 12/1/2047		603			651
Pool # BH6689, 4.00%, 1/1/2048		1,056			1,127

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Pool # BJ7311, 4.00%, 1/1/2048		28,120		30,226
Pool # BJ8238, 4.00%, 1/1/2048		9,907		10,660
Pool # BJ8265, 4.00%, 1/1/2048		6,558		7,057
Pool # BK1008, 4.00%, 1/1/2048		1,740		1,877
Pool # BJ4617, 4.00%, 2/1/2048		5,453		5,953
Pool # BJ5772, 4.00%, 2/1/2048		6,178		6,601
Pool # BK1581, 4.00%, 2/1/2048		981		1,054
Pool # FM0035, 3.50%, 3/1/2048		8,706		9,258
Pool # BJ5803, 4.00%, 3/1/2048		5,639		6,025
Pool # BK1963, 4.00%, 3/1/2048		3,418		3,746
Pool # BM3665, 4.00%, 3/1/2048		19,881		21,649
Pool # BJ5789, 4.50%, 3/1/2048		1,846		1,982
Pool # BE2789, 4.00%, 4/1/2048		1,611		1,721
Pool # CA1710, 4.50%, 5/1/2048		4,668		5,029
Pool # BK5943, 5.00%, 6/1/2048		1,587		1,755
Pool # BK4130, 4.50%, 7/1/2048		226		242
Pool # BK6562, 4.50%, 7/1/2048		2,970		3,219
Pool # BK6589, 4.50%, 7/1/2048		1,672		1,794
Pool # BN0133, 4.00%, 8/1/2048		6,116		6,532
Pool # BK9292, 5.00%, 8/1/2048		4,769		5,274
Pool # CA4662, 3.50%, 9/1/2048		6,962		7,493
Pool # BN1312, 4.00%, 9/1/2048		15,024		16,047
Pool # 890863, 5.00%, 9/1/2048		21,457		24,392
Pool # BN0234, 5.00%, 9/1/2048		2,734		3,020
Pool # MA3496, 4.50%, 10/1/2048		3,323		3,578
Pool # BN0861, 5.00%, 10/1/2048		1,761		1,963
Pool # BK9556, 4.00%, 12/1/2048		3,770		4,056
Pool # BK1176, 5.00%, 1/1/2049		2,088		2,291
Pool # BK8748, 4.50%, 5/1/2049		10,068		10,874
Pool # BO2428, 3.50%, 7/1/2049		4,884		5,135
Pool # BO0592, 4.00%, 7/1/2049		1,687		1,812
FNMA, 30 Year Pool # CA2171, 4.00%, 8/1/2048		14,739		15,578
FNMA, Other
Pool # 470622, 2.75%, 3/1/2022		226		227
Pool # AM2285, 2.41%, 1/1/2023		3,312		3,352
Pool # AM2452, 2.44%, 2/1/2023		6,539		6,630
Pool # AM2859, 2.65%, 3/1/2023		3,900		3,982
Pool # AL3876, 2.73%, 6/1/2023 (k)		2,607		2,658
Pool # AM4170, 3.51%, 8/1/2023		15,000		15,504
Pool # AM5032, 3.64%, 12/1/2023		4,496		4,684
Pool # AN2363, 2.23%, 4/1/2024		3,637		3,717
Pool # AM6795, 3.05%, 9/1/2024		10,423		10,937
Pool # AM7290, 2.97%, 12/1/2024		3,973		4,163
Pool # AM7682, 2.84%, 1/1/2025		5,689		5,945
Pool # AM7795, 2.92%, 1/1/2025		9,660		10,133
Pool # AN1302, 2.93%, 1/1/2025		3,937		4,125
Pool # AM8090, 2.48%, 2/1/2025		9,115		9,455
Pool # AM8702, 2.73%, 4/1/2025		18,325		19,180
Pool # AM8674, 2.81%, 4/1/2025		18,640		19,559
Pool # AM8691, 2.64%, 6/1/2025		18,777		19,616
Pool # AM9942, 3.09%, 10/1/2025		11,000		11,689
Pool # AN0287, 2.95%, 11/1/2025		5,000		5,291
Pool # AN0707, 3.13%, 2/1/2026		8,343		8,902
Pool # AN1222, 2.78%, 4/1/2026		7,000		7,400
Pool # AN1413, 2.49%, 5/1/2026		9,568		10,005
Pool # AN1503, 2.62%, 5/1/2026		5,423		5,698
Pool # AN1221, 2.81%, 5/1/2026		4,000		4,236
Pool # AN1497, 2.61%, 6/1/2026		10,122		10,639
Pool # AN2193, 2.53%, 7/1/2026		5,597		5,865
Pool # AN2689, 2.20%, 10/1/2026		6,136		6,377

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Pool # AN4000, 3.00%, 12/1/2026		2,275		2,432
Pool # AL6937, 3.92%, 12/1/2026 (k)		4,812		5,242
Pool # AN4917, 3.13%, 3/1/2027		13,674		14,792
Pool # AN6318, 3.18%, 8/1/2027		8,500		9,011
Pool # BL3525, 2.60%, 9/1/2027		11,359		11,987
Pool # BL0497, 3.84%, 10/1/2027		4,752		5,312
Pool # AN1449, 2.97%, 4/1/2028		6,466		6,973
Pool # AN2005, 2.73%, 7/1/2028		10,370		11,092
Pool # 387807, 3.55%, 8/1/2028		11,451		12,796
Pool # AN2956, 2.44%, 10/1/2028		6,982		7,347
Pool # AN3685, 2.69%, 12/1/2028		15,076		16,102
Pool # AN4004, 3.27%, 12/1/2028		8,615		9,501
Pool # BL1040, 3.81%, 12/1/2028		16,000		18,211
Pool # BL0907, 3.88%, 12/1/2028		290		330
Pool # AN4154, 3.17%, 1/1/2029		16,836		18,508
Pool # AN4349, 3.35%, 1/1/2029		8,606		9,565
Pool # AN4344, 3.37%, 1/1/2029		16,683		18,458
Pool # AN1872, 2.90%, 5/1/2029		3,658		3,931
Pool # AN5677, 3.25%, 6/1/2029		9,450		10,421
Pool # BL3509, 2.66%, 8/1/2029		22,452		24,061
Pool # BL3491, 2.84%, 8/1/2029		15,900		17,033
Pool # 387883, 3.78%, 8/1/2030		16,369		18,821
Pool # AN9293, 3.71%, 9/1/2030		25,065		28,628
Pool # AN0198, 3.34%, 11/1/2030		3,916		4,355
Pool # AN1676, 2.99%, 5/1/2031		3,627		3,944
Pool # AN1953, 3.01%, 6/1/2031		1,853		2,017
Pool # AN1683, 3.03%, 6/1/2031		4,970		5,425
Pool # AN2308, 2.87%, 8/1/2031		8,560		9,305
Pool # AN2625, 2.50%, 10/1/2031		11,897		12,523
Pool # BL3368, 2.84%, 11/1/2031		4,475		4,860
Pool # BL6367, 1.82%, 4/1/2032		36,000		36,084
Pool # BL6302, 2.07%, 5/1/2032		15,158		15,456
Pool # AO7654, 3.50%, 5/1/2032		1,719		1,843
Pool # AO5230, 3.50%, 6/1/2032		983		1,053
Pool # AO7057, 3.50%, 6/1/2032		587		626
Pool # AO7746, 3.50%, 6/1/2032		118		124
Pool # AO8038, 3.50%, 7/1/2032		1,718		1,836
Pool # AP0645, 3.50%, 7/1/2032		1,940		2,080
Pool # AP0682, 3.50%, 7/1/2032		1,918		2,057
Pool # AP1314, 3.50%, 8/1/2032		2,019		2,164
Pool # AQ1534, 3.50%, 10/1/2032		591		633
Pool # AQ1607, 3.50%, 11/1/2032		431		462
Pool # 650236, 5.00%, 12/1/2032		10		10
Pool # AR7961, 3.50%, 3/1/2033		563		603
Pool # BL3453, 3.16%, 8/1/2033		14,690		16,264
Pool # 868763, 6.50%, 4/1/2036		6		6
Pool # 886320, 6.50%, 7/1/2036		17		18
Pool # AO6757, 4.00%, 6/1/2042		2,304		2,511
Pool # MA1125, 4.00%, 7/1/2042		1,464		1,586
Pool # MA1213, 3.50%, 10/1/2042		6,341		6,811
Pool # MA1283, 3.50%, 12/1/2042		944		1,014
Pool # MA1328, 3.50%, 1/1/2043		3,281		3,525
Pool # MA1404, 3.50%, 4/1/2043		1,812		1,946
Pool # MA1462, 3.50%, 6/1/2043		975		1,054
Pool # MA1463, 3.50%, 6/1/2043		2,528		2,715
Pool # MA1510, 4.00%, 7/1/2043		2,018		2,199
Pool # MA1546, 3.50%, 8/1/2043		4,017		4,314
Pool # AU8840, 4.50%, 11/1/2043		1,275		1,413

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
Pool # AV2613, 4.50%, 11/1/2043		2,871			3,150
Pool # MA1711, 4.50%, 12/1/2043		1,975			2,174
Pool # AL6167, 3.50%, 1/1/2044		13,983			15,019
Pool # MA2346, 3.50%, 6/1/2045		445			475
Pool # MA2462, 4.00%, 11/1/2045		3,420			3,712
Pool # MA2482, 4.00%, 12/1/2045		4,064			4,431
Pool # MA2519, 4.00%, 1/1/2046		3,747			4,066
Pool # BC0784, 3.50%, 4/1/2046		446			474
Pool # MA2593, 4.00%, 4/1/2046		9,245			10,084
Pool # MA2631, 4.00%, 5/1/2046		8,891			9,658
Pool # MA2658, 3.50%, 6/1/2046		2,636			2,831
Pool # MA2690, 3.50%, 7/1/2046		5,538			5,968
Pool # BF0090, 3.50%, 5/1/2056		27,138			29,547
FNMA/FHLMC UMBS, Single Family, 30 Year TBA, 2.50%, 2/25/2052 (n)		312,055			318,381
GNMA I, 15 Year Pool # 782933, 6.50%, 10/15/2023		4			4
GNMA I, 30 Year
Pool # 316247, 9.00%, 1/15/2022		—	(j)		—	(j)
Pool # 297656, 7.50%, 10/15/2022		—	(j)		—	(j)
Pool # 380930, 7.00%, 4/15/2024		—	(j)		—	(j)
Pool # 780029, 9.00%, 11/15/2024		—	(j)		—	(j)
Pool # 430999, 7.50%, 7/15/2026		4			4
Pool # 780481, 7.00%, 12/15/2026		1			2
Pool # 460982, 7.00%, 11/15/2027		1			1
Pool # 427295, 7.25%, 1/15/2028		9			10
Pool # 460759, 6.50%, 2/15/2028		24			26
Pool # 781118, 6.50%, 10/15/2029		23			27
Pool # 783867, 6.00%, 8/15/2036		2,325			2,725
Pool # AS4934, 4.50%, 5/15/2046		1,260			1,428
Pool # AT7538, 4.00%, 7/15/2046		4,711			5,173
Pool # AT7652, 4.00%, 8/15/2046		2,833			3,085
Pool # BM1819, 5.00%, 4/15/2049		3,829			4,441
GNMA II, 30 Year
Pool # 2056, 7.50%, 8/20/2025		1			1
Pool # 2270, 8.00%, 8/20/2026		1			1
Pool # 2285, 8.00%, 9/20/2026		14			15
Pool # 2379, 8.00%, 2/20/2027		1			1
Pool # 2397, 8.00%, 3/20/2027		—	(j)		—	(j)
Pool # 2445, 8.00%, 6/20/2027		6			7
Pool # 2457, 7.50%, 7/20/2027		16			18
Pool # 2538, 8.00%, 1/20/2028		2			2
Pool # 2581, 8.00%, 4/20/2028		—	(j)		—	(j)
Pool # 2619, 8.00%, 7/20/2028		1			1
Pool # 2633, 8.00%, 8/20/2028		1			1
Pool # 2714, 6.50%, 2/20/2029		3			3
Pool # 4901, 8.00%, 9/20/2031		209			238
Pool # 5020, 7.50%, 5/20/2032		114			128
Pool # 738210, 7.00%, 6/20/2032		223			249
Pool # 738062, 6.00%, 11/20/2032		238			263
Pool # 738059, 6.00%, 10/20/2033		120			132
Pool # 738049, 6.00%, 3/20/2035		182			200
Pool # 737987, 6.00%, 4/20/2036		207			228
Pool # 737975, 6.00%, 9/20/2036		32			35
Pool # 5034, 7.00%, 8/20/2038		51			57
Pool # 4245, 6.00%, 9/20/2038		62			71
Pool # 4930, 7.00%, 10/20/2038		273			323
Pool # 4964, 7.00%, 12/20/2038		49			51
Pool # 4872, 7.00%, 1/20/2039		313			359
Pool # 5072, 6.50%, 10/20/2039		79			91
Pool # 5218, 6.50%, 10/20/2039		122			140
Pool # AS8103, 3.50%, 6/20/2046		1,647			1,788

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Pool # AS8104, 3.75%, 6/20/2046		1,678		1,832
Pool # AS8105, 4.00%, 6/20/2046		1,111		1,244
Pool # AS8106, 3.50%, 7/20/2046		2,357		2,559
Pool # AS8107, 3.75%, 7/20/2046		2,864		3,126
Pool # AY0571, 4.50%, 11/20/2047		5,551		5,960
Pool # BB8791, 4.00%, 12/20/2047		5,281		5,818
Pool # BD6195, 4.00%, 1/20/2048		6,229		6,605
Pool # BE9507, 4.50%, 3/20/2048		2,706		2,932
Pool # BG2382, 4.50%, 3/20/2048		2,155		2,322
Pool # BA7568, 4.50%, 4/20/2048		7,008		7,540
Pool # BD0512, 5.00%, 4/20/2048		5,757		6,235
Pool # BD0532, 5.00%, 6/20/2048		6,616		7,161
Pool # BG3833, 4.50%, 7/20/2048		11,355		12,218
Pool # BD0549, 5.00%, 8/20/2048		5,690		6,152
Pool # BH9109, 4.50%, 10/20/2048		6,735		7,220
Pool # BJ7085, 5.00%, 12/20/2048		4,444		4,898
Pool # BK7188, 4.50%, 2/20/2049		4,970		5,369
Pool # BK7189, 5.00%, 2/20/2049		5,257		5,759
Pool # BN2622, 4.00%, 6/20/2049		9,358		10,101
Pool # BM9677, 4.50%, 6/20/2049		8,893		9,657
Pool # BM9683, 5.00%, 6/20/2049		8,297		9,117
Pool # BJ1310, 4.50%, 7/20/2049		7,480		8,228
Pool # BO2717, 4.50%, 7/20/2049		8,208		9,077
Pool # BO3146, 4.50%, 7/20/2049		3,776		4,164
Pool # BO3147, 4.50%, 7/20/2049		4,083		4,458
Pool # BO3157, 4.50%, 7/20/2049		3,200		3,525
Pool # BO3158, 4.50%, 7/20/2049		3,276		3,578
Pool # BO3159, 4.50%, 7/20/2049		1,698		1,818
Pool # BM9690, 5.00%, 7/20/2049		2,331		2,562
Pool # BM9701, 4.50%, 8/20/2049		17,924		19,139
Pool # MA7534, 2.50%, 8/20/2051		99,025		101,862
Pool # MA7649, 2.50%, 10/20/2051		24,056		24,746
TOTAL MORTGAGE-BACKED SECURITIES (Cost $2,009,409)				2,077,040
COMMERCIAL MORTGAGE-BACKED SECURITIES — 11.8%
20 Times Square Trust Series 2018-20TS, Class F, 3.20%, 5/15/2035 ‡ (a) (k) 24,120				22,783
ACRE Commercial Mortgage Ltd. (Cayman Islands)
Series 2021-FL4, Class B, 1.49%, 12/18/2037 ‡ (a) (k)		1,570		1,564
Series 2021-FL4, Class C, 1.84%, 12/18/2037 ‡ (a) (k)		9,000		8,967
AREIT Trust
Series 2021-CRE5, Class C, 2.34%, 8/17/2026 ‡ (a) (k)		5,000		5,002
Series 2021-CRE5, Class D, 2.74%, 8/17/2026 (a) (k)		9,000		9,011
BAMLL Re-REMIC Trust
Series 2013-FRR2, Class B, PO, 9/26/2022 (a)		8,992		8,683
Series 2014-FRR4, Class BK29, PO, 4/27/2023 (a)		8,600		8,261
Series 2013-FRR3, Class A, PO, 6/26/2023 (a)		14,650		13,637
Series 2016-FR13, Class A, 1.49%, 8/27/2045 (a) (k)		16,500		16,428
Series 2016-FR13, Class B, 1.99%, 8/27/2045 ‡ (a) (k)		10,308		10,266
Series 2014-FRR5, Class BK37, PO, 1/27/2047 (a)		10,000		9,385
Series 2014-FRR5, Class AK37, 2.45%, 1/27/2047 (a) (k)		15,570		15,453
Series 2014-FRR8, Class A, 2.27%, 11/26/2047 (a) (k)		12,000		11,811
Bancorp Commercial Mortgage Trust Series 2019-CRE6, Class D, 2.46%, 9/15/2036 ‡ (a) (k)		3,000		2,990
BANK Series 2019-BN19, Class A3, 3.18%, 8/15/2061		10,000		10,723
BBCCRE Trust Series 2015-GTP, Class A, 3.97%, 8/10/2033 (a)		9,400		10,045
BB-UBS Trust
Series 2012-SHOW, Class A, 3.43%, 11/5/2036 (a)		13,922		14,470
Series 2012-SHOW, Class E, 4.16%, 11/5/2036 (a) (k)		12,692		10,815

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
BMD2 Re-REMIC Trust
Series 2019-FRR1, Class 1A1, 2.59%, 5/25/2052 (a) (k)		5,293		5,259
Series 2019-FRR1, Class 1A5, 4.29%, 5/25/2052 (a) (k)		2,924		2,914
BWAY Mortgage Trust Series 2013-1515, Class F, 4.06%, 3/10/2033 ‡ (a) (k)		5,000		5,032
BX
Series 2021-MFM1, Class E, 2.34%, 1/15/2034 ‡ (a) (k)		3,250		3,231
Series 2021-MFM1, Class F, 3.09%, 1/15/2034 ‡ (a) (k)		2,000		1,996
Cascade Funding Mortgage Trust
Series 2021-FRR1, Class DK45, 2/28/2025 ‡ (a)		11,000		9,418
Series 2021-FRR1, Class CK45, 1.63%, 2/28/2025 (a)		13,130		12,213
Series 2021-FRR1, Class CKW1, 1/29/2026 (a)		9,000		7,367
Series 2021-FRR1, Class BK54, 2/28/2026 (a)		22,530		18,174
Series 2021-FRR1, Class CK54, 2/28/2026 ‡ (a)		7,000		5,706
Series 2021-FRR1, Class DKW1, 2/28/2026 ‡ (a)		2,800		2,300
Series 2021-FRR1, Class BK98, 8/29/2029 (a)		7,000		4,998
Series 2021-FRR1, Class AK99, 9/29/2029 (a)		8,620		7,142
Series 2021-FRR1, Class BK99, 9/29/2029 ‡ (a)		15,300		10,058
Series 2021-FRR1, Class BK58, 2.51%, 9/29/2029 (a)		11,190		10,318
CFCRE Commercial Mortgage Trust Series 2011-C2, Class D, 5.36%, 12/15/2047 ‡ (a) (k)		5,000		4,985
Citigroup Commercial Mortgage Trust Series 2020-GC46, Class A5, 2.72%, 2/15/2053		47,647		49,671
Commercial Mortgage Trust
Series 2013-WWP, Class A2, 3.42%, 3/10/2031 (a)		6,100		6,278
Series 2018-HOME, Class A, 3.94%, 4/10/2033 (a) (k)		23,900		25,991
Series 2020-CBM, Class D, 3.75%, 2/10/2037 ‡ (a) (k)		8,750		8,686
Series 2012-CR2, Class XA, IO, 1.77%, 8/15/2045 ‡ (k)		19,377		57
Series 2015-CR24, Class A5, 3.70%, 8/10/2048		8,032		8,578
Series 2015-CR25, Class A4, 3.76%, 8/10/2048		6,856		7,348
Credit Suisse Commercial Mortgage Trust Series 2007-C2, Class AX, IO, 0.05%, 1/15/2049 ‡ (a) (k)		9,311		—	(j)
CSAIL Commercial Mortgage Trust
Series 2017-CX10, Class UESC, 4.38%, 10/15/2032 ‡ (a) (k)		19,159		18,890
Series 2015-C3, Class A4, 3.72%, 8/15/2048		12,304		13,135
CSMC OA LLC Series 2014-USA, Class D, 4.37%, 9/15/2037 ‡ (a)		15,200		14,220
FHLMC, Multi-Family Structured Credit Risk
Series 2021-MN1, Class M2, 3.80%, 1/25/2051 (a) (k)		22,534		23,161
Series 2021-MN3, Class M1, 2.35%, 11/25/2051 (a) (k)		5,300		5,310
FHLMC, Multi-Family Structured Pass-Through Certificates
Series KJ13, Class A2, 2.86%, 8/25/2022		3,481		3,525
Series KJ18, Class A2, 3.07%, 8/25/2022		3,492		3,516
Series KJ09, Class A2, 2.84%, 9/25/2022		1,079		1,091
Series KJ07, Class A2, 2.31%, 12/25/2022		7,923		8,032
Series K727, Class AM, 3.04%, 7/25/2024		10,471		10,965
Series K048, Class A2, 3.28%, 6/25/2025 (k)		13,500		14,399
Series KC02, Class A2, 3.37%, 7/25/2025		31,000		31,996
Series KS07, Class A2, 2.74%, 9/25/2025		21,600		22,602
Series KJ17, Class A2, 2.98%, 11/25/2025		9,851		10,338
Series K052, Class A2, 3.15%, 11/25/2025		3,791		4,046
Series KS06, Class A2, 2.72%, 7/25/2026		10,080		10,498
Series K058, Class AM, 2.72%, 8/25/2026 (k)		20,000		21,130
Series K061, Class AM, 3.44%, 11/25/2026 (k)		10,012		10,947
Series K063, Class AM, 3.51%, 1/25/2027 (k)		25,610		28,137
Series K065, Class A2, 3.24%, 4/25/2027		6,633		7,223
Series K065, Class AM, 3.33%, 5/25/2027		3,557		3,884
Series KJ26, Class A2, 2.61%, 7/25/2027		19,000		19,922
Series K069, Class A2, 3.19%, 9/25/2027 (k)		10,340		11,288
Series K070, Class A2, 3.30%, 11/25/2027 (k)		6,045		6,644
Series W5FX, Class AFX, 3.34%, 4/25/2028 (k)		9,910		10,829
Series KL05, Class X1P, IO, 1.02%, 6/25/2029 (k)		175,800		11,174
Series KS11, Class AFX2, 2.65%, 6/25/2029		50,000		51,523
Series KLU3, Class X1, IO, 2.08%, 1/25/2031 (k)		49,958		6,886
Series K152, Class A2, 3.08%, 1/25/2031		8,843		9,718

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series K128, Class X3, IO, 2.89%, 4/25/2031 (k)		12,850		2,756
Series KX04, Class XFX, IO, 1.86%, 1/25/2034 (k)		205,455		19,784
Series K-1520, Class X3, IO, 3.20%, 4/25/2039 (k)		4,450		1,468
Series Q014, Class X, IO, 2.80%, 10/25/2055 (k)		23,289		5,403
FNMA ACES
Series 2013-M7, Class A2, 2.28%, 12/27/2022		1,095		1,110
Series 2014-M3, Class A2, 3.50%, 1/25/2024 (k)		4,084		4,263
Series 2014-M13, Class A2, 3.02%, 8/25/2024 (k)		6,095		6,361
Series 2015-M1, Class A2, 2.53%, 9/25/2024		11,332		11,701
Series 2015-M7, Class A2, 2.59%, 12/25/2024		9,213		9,528
Series 2015-M8, Class A2, 2.90%, 1/25/2025 (k)		11,700		12,200
Series 2015-M5, Class A1, 2.95%, 3/25/2025 (k)		16,007		16,568
Series 2015-M13, Class A2, 2.80%, 6/25/2025 (k)		1,546		1,615
Series 2016-M6, Class A2, 2.49%, 5/25/2026		9,100		9,505
Series 2016-M7, Class A2, 2.50%, 9/25/2026		8,469		8,645
Series 2017-M1, Class A2, 2.50%, 10/25/2026 (k)		9,117		9,506
Series 2017-M3, Class A2, 2.55%, 12/25/2026 (k)		15,869		16,610
Series 2015-M10, Class A2, 3.09%, 4/25/2027 (k)		8,406		9,040
Series 2017-M8, Class A2, 3.06%, 5/25/2027 (k)		10,260		11,049
Series 2018-M2, Class A2, 3.00%, 1/25/2028 (k)		30,000		32,185
Series 2018-M7, Class A2, 3.16%, 3/25/2028 (k)		30,256		32,835
Series 2018-M4, Class A2, 3.16%, 3/25/2028 (k)		10,470		11,322
Series 2018-M10, Class A2, 3.48%, 7/25/2028 (k)		20,853		22,972
Series 2018-M14, Class A2, 3.70%, 8/25/2028 (k)		36,222		40,509
Series 2019-M1, Class A2, 3.67%, 9/25/2028 (k)		57,380		64,315
Series 2020-M38, Class 2A1, 1.59%, 11/25/2028		9,390		9,316
Series 2020-M38, Class X2, IO, 2.11%, 11/25/2028 (k)		39,845		4,649
Series 2019-M7, Class A2, 3.14%, 4/25/2029		20,540		22,500
Series 2017-M5, Class A2, 3.22%, 4/25/2029 (k)		28,485		31,196
Series 2019-M12, Class A2, 2.89%, 6/25/2029 (k)		27,815		30,211
Series 2018-M3, Class A2, 3.19%, 2/25/2030 (k)		7,528		8,269
Series 2020-M50, Class A1, 0.67%, 10/25/2030		13,379		13,028
Series 2020-M50, Class A2, 1.20%, 10/25/2030		5,950		5,808
Series 2020-M50, Class X1, IO, 2.01%, 10/25/2030 (k)		97,283		10,107
FREMF Mortgage Trust
Series 2015-K720, Class B, 3.51%, 7/25/2022 (a) (k)		11,227		11,382
Series 2015-K720, Class C, 3.51%, 7/25/2022 (a) (k)		11,500		11,654
Series 2017-K727, Class C, 3.87%, 7/25/2024 (a) (k)		3,200		3,321
Series 2018-KL2B, Class CB, 3.83%, 1/25/2025 (a) (k)		18,173		18,974
Series 2018-KL3W, Class CW, 4.23%, 8/25/2025 (a) (k)		20,000		19,731
Series 2017-KL1P, Class BP, 3.48%, 10/25/2025 (a) (k)		13,282		13,087
Series 2018-KSL1, Class C, 3.96%, 11/25/2025 (a) (k)		17,034		16,501
Series 2018-KBX1, Class C, 3.69%, 1/25/2026 (a) (k)		7,500		6,456
Series 2018-KHG1, Class C, 3.94%, 12/25/2027 (a) (k)		33,219		32,930
Series 2019-KBF3, Class C, 4.84%, 1/25/2029 (a) (k)		26,000		26,073
Series 2019-KL05, Class CHG, 4.37%, 2/25/2029 (a)		11,614		11,483
Series 2019-KL05, Class BHG, 4.52%, 2/25/2029 (a) (k)		3,605		3,635
Series 2019-KW10, Class B, 3.75%, 10/25/2032 (a) (k)		9,170		9,476
Series 2013-K25, Class C, 3.74%, 11/25/2045 (a) (k)		4,156		4,246
Series 2014-K38, Class C, 4.79%, 6/25/2047 (a) (k)		4,750		5,046
Series 2014-K39, Class C, 4.28%, 8/25/2047 (a) (k)		7,000		7,409
Series 2015-K721, Class B, 3.67%, 11/25/2047 (a) (k)		2,585		2,632
Series 2014-K40, Class C, 4.21%, 11/25/2047 (a) (k)		8,542		9,007
Series 2015-K718, Class C, 3.64%, 2/25/2048 (a) (k)		4,100		4,107
Series 2015-K45, Class B, 3.71%, 4/25/2048 (a) (k)		8,920		9,399
Series 2015-K46, Class C, 3.82%, 4/25/2048 (a) (k)		3,545		3,665
Series 2015-K48, Class B, 3.77%, 8/25/2048 (a) (k)		16,085		17,026
Series 2015-K51, Class B, 4.09%, 10/25/2048 (a) (k)		2,750		2,948
Series 2016-K55, Class B, 4.30%, 4/25/2049 (a) (k)		10,000		10,869
Series 2016-K56, Class B, 4.08%, 6/25/2049 (a) (k)		3,549		3,834

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2016-K722, Class B, 3.99%, 7/25/2049 (a) (k)		8,010		8,291
Series 2017-K68, Class B, 3.97%, 10/25/2049 (a) (k)		9,423		10,205
Series 2016-K59, Class B, 3.70%, 11/25/2049 (a) (k)		4,714		5,023
Series 2017-K61, Class C, 3.81%, 12/25/2049 (a) (k)		5,345		5,532
Series 2017-K63, Class B, 4.00%, 2/25/2050 (a) (k)		11,895		12,832
Series 2017-K63, Class C, 4.00%, 2/25/2050 (a) (k)		5,000		5,282
Series 2018-K74, Class B, 4.23%, 2/25/2051 (a) (k)		10,000		10,964
FRR Re-REMIC Trust
Series 2018-C1, Class C720, 0.00%, 8/27/2047 ‡ (a) (k)		7,500		7,310
Series 2018-C1, Class B720, 2.01%, 8/27/2047 ‡ (a) (k)		4,500		4,459
Series 2018-C1, Class A720, 3.01%, 8/27/2047 (a)		6,500		6,481
Series 2018-C1, Class BK43, 2.84%, 2/27/2048 ‡ (a) (k)		8,000		7,871
Series 2018-C1, Class AK43, 3.05%, 2/27/2048 (a)		5,000		5,000
Series 2018-C1, Class A725, 2.76%, 2/27/2050 (a)		3,000		2,986
Series 2018-C1, Class B725, 2.98%, 2/27/2050 ‡ (a) (k)		6,680		6,639
GS Mortgage Securities Trust Series 2019-GC38, Class A4, 3.97%, 2/10/2052		31,100		34,939
Independence Plaza Trust Series 2018-INDP, Class A, 3.76%, 7/10/2035 (a)		16,270		16,873
JPMCC Re-REMIC Trust
Series 2015-FRR2, Class AK36, 2.13%, 12/27/2046 (a) (k)		5,000		4,970
Series 2015-FRR2, Class BK39, PO, 8/27/2047 (a)		4,045		3,677
Series 2015-FRR2, Class AK39, 2.80%, 8/27/2047 (a) (k)		10,600		10,620
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2005-CB11, Class X1, IO, 0.23%, 8/12/2037 ‡ (a) (k)		2,600		—	(j)
Series 2006-CB15, Class X1, IO, 0.38%, 6/12/2043 ‡ (k)		2,644		—	(j)
KKR Industrial Portfolio Trust Series 2021-KDIP, Class F, 2.14%, 12/15/2037 ‡ (a) (k)		3,938		3,859
MF1 Multi-Family Housing Mortgage Loan Trust Series 2019-Q009, Class B, 2.84%, 4/25/2024 ‡ (a) (k)		3,425		3,424
MHC Commercial Mortgage Trust Series 2021-MHC, Class F, 2.69%, 4/15/2038 ‡ (a) (k)		24,400		24,347
ML-CFC Commercial Mortgage Trust Series 2006-4, Class XC, IO, 1.37%, 12/12/2049 ‡ (a) (k)		47		—	(j)
MRCD MARK Mortgage Trust Series 2019-PARK, Class F, 2.72%, 12/15/2036 ‡ (a)		42,000		40,321
Multi-Family Connecticut Avenue Securities Trust Series 2020-01, Class M10, 3.84%, 3/25/2050 ‡ (a) (k)		5,000		5,200
PFP Ltd. (Cayman Islands)
Series 2021-7, Class C, 1.74%, 4/14/2038 ‡ (a) (k)		8,415		8,363
Series 2021-7, Class D, 2.49%, 4/14/2038 ‡ (a) (k)		14,539		14,503
SBALR Commercial Mortgage Trust
Series 2020-RR1, Class XA, IO, 1.40%, 2/13/2053 (a) (k)		69,946		5,837
Series 2020-RR1, Class A3, 2.83%, 2/13/2053 (a)		40,000		40,950
Series RR Trust
Series 2015-1, Class A, PO, 4/26/2048 (a)		3,000		2,746
Series 2015-1, Class B, PO, 4/26/2048 (a)		19,000		17,008
UBS Commercial Mortgage Trust Series 2012-C1, Class XA, IO, 2.17%, 5/10/2045 (a) (k)		2,919		—	(j)
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 6/10/2030 (a)		2,191		2,197
UBS-Barclays Commercial Mortgage Trust
Series 2012-C2, Class XA, IO, 1.43%, 5/10/2063 ‡ (a) (k)		11,183		41
Series 2012-C2, Class A4, 3.53%, 5/10/2063		1,560		1,571
VNDO Mortgage Trust Series 2012-6AVE, Class A, 3.00%, 11/15/2030 (a)		5,291		5,380
Wachovia Bank Commercial Mortgage Trust Series 2007-C30, Class XC, IO, 0.16%, 12/15/2043 ‡ (a) (k)		223		—	(j)
Wells Fargo Commercial Mortgage Trust Series 2015-C30, Class A4, 3.66%, 9/15/2058		7,598		8,117
WFRBS Commercial Mortgage Trust Series 2013-C11, Class D, 4.38%, 3/15/2045 ‡ (a) (k)		6,640		6,564
Worldwide Plaza Trust Series 2017-WWP, Class A, 3.53%, 11/10/2036 (a)		12,837		13,686
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $1,858,547)				1,938,336

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — 6.0%
ACC 0.00%, 9/15/2022 ‡		17,541			17,541
Acrc 0.00%, 11/15/2026 ‡		40,000			40,000
Alternative Loan Trust
Series 2005-J6, Class 2A1, 5.50%, 7/25/2025		5			5
Series 2003-J3, Class 2A1, 6.25%, 12/25/2033		15			16
Series 2004-22CB, Class 1A1, 6.00%, 10/25/2034		343			355
Series 2005-23CB, Class A2, 5.50%, 7/25/2035		182			173
Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035		729			679
Series 2005-86CB, Class A11, 5.50%, 2/25/2036		356			280
Series 2006-26CB, Class A9, 6.50%, 9/25/2036		121			86
American General Mortgage Loan Trust Series 2006-1, Class A5, 5.75%, 12/25/2035 (a) (k)		3			3
Anchor Mortgage Trust Series 2021-1, Class A2, 3.65%, 10/25/2026 (a) (e)		12,857			12,902
Areit Frn 0.00%, 8/17/2026 ‡		30,000			30,000
Banc of America Alternative Loan Trust Series 2004-6, Class 4A1, 5.00%, 7/25/2019		10			11
Banc of America Funding Trust
Series 2005-5, Class 3A5, 5.50%, 8/25/2035		1,305			1,358
Series 2005-7, Class 30, PO, 11/25/2035 ‡		38			38
Banc of America Mortgage Trust Series 2004-F, Class 1A1, 2.45%, 7/25/2034 (k)		79			81
Bayview Opportunity Master Fund IVB LP 3.20%, 1/10/2031 ‡ (k)		10,050			10,050
Bayview Opportunity Master Fund Trust Series 2014-1SBC, Zero Coupon, 1/10/2031 ‡		3,400			3,400
Bear Stearns ARM Trust Series 2003-7, Class 3A, 2.49%, 10/25/2033 (k)		16			16
Bear Stearns Mortgage Securities, Inc. Series 1997-6, Class 1A, 6.33%, 3/25/2031 (k)		—	(j)		—	(j)
Camden 0.00%, 9/15/2031 ‡		1,749			1,749
Cascade MH Asset Trust
Series 2021-MH1, Class B1, 4.57%, 2/25/2046 ‡ (a)		2,500			2,604
Series 2021-MH1, Class B2, 5.57%, 2/25/2046 ‡ (a)		2,550			2,651
Chase Mortgage Finance Trust Series 2007-A2, Class 2A1, 2.38%, 6/25/2035 (k)		479			485
CHL Mortgage Pass-Through Trust
Series 2004-8, Class 2A1, 4.50%, 6/25/2019		4			—	(j)
Series 2004-3, Class A25, 5.75%, 4/25/2034		101			101
Series 2004-5, Class 2A9, 5.25%, 5/25/2034		113			117
Series 2005-22, Class 2A1, 2.47%, 11/25/2035 (k)		184			176
Citicorp Mortgage Securities Trust Series 2006-1, Class 2A1, 5.00%, 2/25/2021		6			6
Citigroup Mortgage Loan Trust, Inc.
Series 2004-UST1, Class A3, 2.02%, 8/25/2034 (k)		41			42
Series 2004-HYB4, Class AA, 0.42%, 12/25/2034 (k)		32			33
Credit Suisse First Boston Mortgage Securities Corp. (Switzerland)
Series 2005-7, Class 5A1, 4.75%, 8/25/2020		1			—	(j)
Series 2005-1, Class 1A16, 5.50%, 2/25/2035		40			41
CSFB Mortgage-Backed Pass-Through Certificates
Series 2005-10, Class 6A13, 5.50%, 11/25/2035		209			126
Series 2005-10, Class 10A4, 6.00%, 11/25/2035		207			79
CVS Pass-Through Trust
Series 2009, 8.35%, 7/10/2031 (a)		260			336
5.77%, 1/10/2033 (a)		330			387
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-3, Class 4A, PO, 6/25/2035 ‡		8			7
DLJ Mortgage Acceptance Corp. Series 1993-19, Class A7, 6.75%, 1/25/2024		38			38
FHLMC - GNMA
Series 24, Class J, 6.25%, 11/25/2023		58			61
Series 23, Class KZ, 6.50%, 11/25/2023		8			8
Series 31, Class Z, 8.00%, 4/25/2024		5			5
FHLMC, REMIC
Series 1316, Class Z, 8.00%, 6/15/2022		1			1
Series 1343, Class LB, 7.50%, 8/15/2022		1			1
Series 1351, Class TF, HB, 1,010.00%, 8/15/2022		—	(j)		—	(j)
Series 1456, Class Z, 7.50%, 1/15/2023		2			2
Series 1543, Class VN, 7.00%, 7/15/2023		23			23
Series 1911, Class SD, IF, IO, 10.17%, 7/15/2023 (k)		9			1

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2033, Class K, 6.05%, 8/15/2023		30		32
Series 1577, Class PV, 6.50%, 9/15/2023		22		23
Series 1608, Class L, 6.50%, 9/15/2023		49		52
Series 3890, Class ET, 5.50%, 11/15/2023		23		24
Series 1630, Class PK, 6.00%, 11/15/2023		18		19
Series 1611, Class Z, 6.50%, 11/15/2023		48		50
Series 1628, Class LZ, 6.50%, 12/15/2023		38		40
Series 2756, Class NA, 5.00%, 2/15/2024		30		31
Series 1671, Class I, 7.00%, 2/15/2024		13		13
Series 1671, Class QC, IF, 10.00%, 2/15/2024 (k)		8		9
Series 1695, Class G, HB, IF, 30.36%, 3/15/2024 (k)		4		4
Series 1710, Class GB, HB, IF, 45.83%, 4/15/2024 (k)		2		3
Series 2989, Class TG, 5.00%, 6/15/2025		81		85
Series 3005, Class ED, 5.00%, 7/15/2025		130		136
Series 4030, Class IL, IO, 3.50%, 4/15/2027		631		35
Series 4060, Class TB, 2.50%, 6/15/2027		4,000		4,096
Series 2022, Class PE, 6.50%, 1/15/2028		10		12
Series 2036, Class PG, 6.50%, 1/15/2028		61		68
Series 2089, Class PJ, IO, 7.00%, 10/15/2028		12		1
Series 2091, Class PG, 6.00%, 11/15/2028		181		202
Series 2116, Class ZA, 6.00%, 1/15/2029		44		49
Series 2148, Class ZA, 6.00%, 4/15/2029		12		14
Series 2995, Class FT, 0.34%, 5/15/2029 (k)		65		65
Series 2530, Class SK, IF, IO, 8.01%, 6/15/2029 (k)		200		27
Series 2201, Class C, 8.00%, 11/15/2029		33		38
Series 3648, Class CY, 4.50%, 3/15/2030		359		391
Series 3737, Class DG, 5.00%, 10/15/2030		104		110
Series 2293, Class ZA, 6.00%, 3/15/2031		67		74
Series 2310, Class Z, 6.00%, 4/15/2031		10		11
Series 2313, Class LA, 6.50%, 5/15/2031		4		4
Series 2325, Class JO, PO, 6/15/2031		42		39
Series 2330, Class PE, 6.50%, 6/15/2031		103		118
Series 2410, Class QB, 6.25%, 2/15/2032		256		288
Series 2534, Class SI, HB, IF, 20.83%, 2/15/2032 (k)		28		39
Series 2427, Class GE, 6.00%, 3/15/2032		430		496
Series 2430, Class WF, 6.50%, 3/15/2032		322		374
Series 2594, Class IV, IO, 7.00%, 3/15/2032		56		6
Series 2643, Class SA, HB, IF, 44.92%, 3/15/2032 (k)		10		17
Series 2466, Class DH, 6.50%, 6/15/2032		37		42
Series 4146, Class KI, IO, 3.00%, 12/15/2032		3,487		357
Series 2543, Class YX, 6.00%, 12/15/2032		176		200
Series 2557, Class HL, 5.30%, 1/15/2033		116		130
Series 2586, IO, 6.50%, 3/15/2033		194		19
Series 2610, Class UI, IO, 6.50%, 5/15/2033		154		32
Series 2764, Class S, IF, 13.53%, 7/15/2033 (k)		23		28
Series 2656, Class AC, 6.00%, 8/15/2033		89		104
Series 2733, Class SB, IF, 7.93%, 10/15/2033 (k)		227		256
Series 3005, Class PV, IF, 12.59%, 10/15/2033 (k)		2		3
Series 2699, Class W, 5.50%, 11/15/2033		176		203
Series 2990, Class SL, HB, IF, 24.17%, 6/15/2034 (k)		11		12
Series 3611, PO, 7/15/2034		45		42
Series 2845, Class QH, 5.00%, 8/15/2034		150		168
Series 2912, Class EH, 5.50%, 1/15/2035		644		739
Series 4710, Class UV, 4.00%, 2/15/2035		1,374		1,380
Series 3059, Class B, 5.00%, 2/15/2035		3		3
Series 2980, Class QB, 6.50%, 5/15/2035		20		23
Series 3031, Class BN, HB, IF, 21.54%, 8/15/2035 (k)		241		402
Series 3117, Class EO, PO, 2/15/2036		89		82
Series 3134, PO, 3/15/2036		25		24
Series 3152, Class MO, PO, 3/15/2036		175		163
Series 3184, Class YO, PO, 3/15/2036		328		291

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
Series 3138, PO, 4/15/2036		27			24
Series 3187, Class Z, 5.00%, 7/15/2036		766			854
Series 3542, Class TN, IF, 6.00%, 7/15/2036 (k)		15			17
Series 3201, Class IN, IF, IO, 6.16%, 8/15/2036 (k)		132			18
Series 3202, Class HI, IF, IO, 6.56%, 8/15/2036 (k)		619			123
Series 3855, Class AM, 6.50%, 11/15/2036		143			162
Series 3274, Class B, 6.00%, 2/15/2037		73			81
Series 3292, Class DO, PO, 3/15/2037		46			43
Series 3306, Class TC, IF, 2.30%, 4/15/2037 (k)		13			14
Series 3306, Class TB, IF, 2.84%, 4/15/2037 (k)		15			16
Series 3305, Class IW, IF, IO, 6.36%, 4/15/2037 (k)		237			20
Series 3331, PO, 6/15/2037		34			32
Series 3605, Class NC, 5.50%, 6/15/2037		458			524
Series 3383, Class OP, PO, 11/15/2037		65			60
Series 3409, Class DB, 6.00%, 1/15/2038		361			419
Series 3546, Class A, 1.64%, 2/15/2039 (k)		58			60
Series 3531, Class SM, IF, IO, 6.01%, 5/15/2039 (k)		22			4
Series 3572, Class JS, IF, IO, 6.71%, 9/15/2039 (k)		75			10
Series 3592, Class BZ, 5.00%, 10/15/2039		1,794			2,000
Series 3610, Class CA, 4.50%, 12/15/2039		171			189
Series 3609, Class SA, IF, IO, 6.25%, 12/15/2039 (k)		429			57
Series 3653, Class HJ, 5.00%, 4/15/2040		89			100
Series 3677, Class PB, 4.50%, 5/15/2040		1,221			1,319
Series 3852, Class TP, IF, 5.50%, 5/15/2041 (k)		135			146
Series 4796, Class CZ, 4.00%, 5/15/2048		17,664			18,827
Series 4830, Class WZ, 4.00%, 9/15/2048		17,580			18,667
FHLMC, STRIPS
Series 186, PO, 8/1/2027		81			80
Series 262, Class 35, 3.50%, 7/15/2042		2,454			2,631
Series 279, Class 35, 3.50%, 9/15/2042		666			709
Series 323, Class 300, 3.00%, 1/15/2044		2,813			2,929
Series 334, Class 300, 3.00%, 8/15/2044		2,385			2,491
FHLMC, Structured Pass-Through Certificates, Whole Loan Series T-76, Class 2A, 1.60%, 10/25/2037 (k)		259			251
First Horizon Alternative Mortgage Securities Trust Series 2004-AA3, Class A1, 2.28%, 9/25/2034 (k)		81			81
First Horizon Mortgage Pass-Through Trust Series 2004-AR6, Class 2A1, 3.36%, 12/25/2034 (k)		62			64
FMC GMSR Issuer Trust
3.69%, 2/25/2024		52,515			51,464
Series 2020-GT1, Class A, 4.45%, 1/25/2026 (a) (k)		15,000			15,035
Series 2021-GT1, Class B, 4.36%, 7/25/2026 ‡ (a) (k)		8,000			7,907
Series 2021-GT2, Class B, 4.44%, 10/25/2026 ‡ (a) (k)		22,603			22,571
FNMA Trust, Whole Loan
Series 2003-W3, Class 2A5, 5.36%, 6/25/2042		10			11
Series 2003-W6, Class 1A41, 5.40%, 10/25/2042		108			122
Series 2004-W2, Class 1A, 6.00%, 2/25/2044		139			156
Series 2004-W9, Class 1A3, 6.05%, 2/25/2044		251			283
Series 2004-W2, Class 2A2, 7.00%, 2/25/2044		40			46
Series 2004-W8, Class 3A, 7.50%, 6/25/2044		92			108
Series 2005-W4, Class 1A1, 6.00%, 8/25/2045		173			196
FNMA, Grantor Trust, Whole Loan
Series 2001-T12, IO, 0.50%, 8/25/2041 (k)		9,789			108
Series 2002-T4, IO, 0.40%, 12/25/2041 (k)		21,654			158
Series 2002-T4, Class A2, 7.00%, 12/25/2041		248			287
Series 2002-T4, Class A4, 9.50%, 12/25/2041		426			511
Series 2002-T19, Class A1, 6.50%, 7/25/2042		358			413
Series 2002-T16, Class A2, 7.00%, 7/25/2042		423			501
Series 2004-T2, Class 1A3, 7.00%, 11/25/2043		144			169
Series 2004-T2, Class 1A4, 7.50%, 11/25/2043		162			185
Series 2004-T1, Class 1A1, 6.00%, 1/25/2044		171			194
Series 2004-T3, Class 14, IO, 0.60%, 2/25/2044 (k)		3,348			45
FNMA, REMIC
Series 1992-31, Class M, 7.75%, 3/25/2022		—	(j)		—	(j)

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
Series G92-30, Class Z, 7.00%, 6/25/2022		—	(j)		—	(j)
Series 1992-101, Class J, 7.50%, 6/25/2022		1			1
Series 1992-79, Class Z, 9.00%, 6/25/2022		—	(j)		—	(j)
Series G92-62, Class B, PO, 10/25/2022		—	(j)		—	(j)
Series 1995-4, Class Z, 7.50%, 10/25/2022		7			7
Series 1992-200, Class SK, HB, IF, 25.43%, 11/25/2022 (k)		6			6
Series 2003-17, Class EQ, 5.50%, 3/25/2023		34			35
Series 1993-23, Class PZ, 7.50%, 3/25/2023		1			1
Series 1993-56, Class PZ, 7.00%, 5/25/2023		7			8
Series 1993-60, Class Z, 7.00%, 5/25/2023		4			4
Series 1993-79, Class PL, 7.00%, 6/25/2023		6			6
Series 1993-141, Class Z, 7.00%, 8/25/2023		15			16
Series 1993-149, Class M, 7.00%, 8/25/2023		8			9
Series 1993-205, Class H, PO, 9/25/2023		—	(j)		—	(j)
Series 1993-160, Class ZA, 6.50%, 9/25/2023		12			12
Series 1993-165, Class SA, IF, 19.65%, 9/25/2023 (k)		3			3
Series 1995-19, Class Z, 6.50%, 11/25/2023		61			63
Series 1993-255, Class E, 7.10%, 12/25/2023		3			3
Series 1993-247, Class SM, HB, IF, 29.83%, 12/25/2023 (k)		3			3
Series 1994-29, Class Z, 6.50%, 2/25/2024		35			37
Series 1994-65, Class PK, PO, 4/25/2024		5			5
Series 1997-20, Class D, 7.00%, 3/17/2027		46			50
Series 1997-11, Class E, 7.00%, 3/18/2027		11			12
Series 1997-27, Class J, 7.50%, 4/18/2027		6			7
Series 2012-46, Class KI, IO, 3.50%, 5/25/2027		1,014			54
Series 1997-42, Class EG, 8.00%, 7/18/2027		68			75
Series 1997-63, Class ZA, 6.50%, 9/18/2027		40			43
Series 2013-13, Class IK, IO, 2.50%, 3/25/2028		3,884			175
Series 1998-66, Class FB, 0.44%, 12/25/2028 (k)		4			4
Series 1999-47, Class JZ, 8.00%, 9/18/2029		146			166
Series 2000-8, Class Z, 7.50%, 2/20/2030		72			82
Series 2001-36, Class ST, IF, IO, 8.41%, 11/25/2030 (k)		85			13
Series 2001-14, Class Z, 6.00%, 5/25/2031		53			59
Series 2001-16, Class Z, 6.00%, 5/25/2031		78			88
Series 2001-72, Class SB, IF, IO, 7.41%, 12/25/2031 (k)		205			25
Series 2001-81, Class HE, 6.50%, 1/25/2032		386			449
Series 2002-19, Class SC, IF, 14.02%, 3/17/2032 (k)		27			31
Series 2002-56, Class PE, 6.00%, 9/25/2032		458			524
Series 2002-86, Class PG, 6.00%, 12/25/2032		309			360
Series 2012-148, Class IE, IO, 3.00%, 1/25/2033		3,502			388
Series 2003-25, Class KP, 5.00%, 4/25/2033		1,014			1,122
Series 2003-22, Class Z, 6.00%, 4/25/2033		204			234
Series 2003-47, Class PE, 5.75%, 6/25/2033		274			309
Series 2003-64, Class SX, IF, 13.53%, 7/25/2033 (k)		17			21
Series 2003-91, Class SD, IF, 12.35%, 9/25/2033 (k)		5			6
Series 2003-130, Class HZ, 6.00%, 1/25/2034		7,659			8,691
Series 2004-72, Class F, 0.59%, 9/25/2034 (k)		76			76
Series 2005-19, Class PB, 5.50%, 3/25/2035		2,063			2,320
Series 2005-42, Class PS, IF, 16.77%, 5/25/2035 (k)		5			6
Series 2005-51, Class MO, PO, 6/25/2035		16			14
Series 2005-53, Class CS, IF, IO, 6.61%, 6/25/2035 (k)		362			33
Series 2005-65, Class KO, PO, 8/25/2035		56			52
Series 2005-72, Class WS, IF, IO, 6.66%, 8/25/2035 (k)		148			20
Series 2005-84, Class XM, 5.75%, 10/25/2035		76			85
Series 2005-90, Class ES, IF, 16.64%, 10/25/2035 (k)		35			46
Series 2005-106, Class US, HB, IF, 24.23%, 11/25/2035 (k)		33			46
Series 2006-9, Class KZ, 6.00%, 3/25/2036		182			209
Series 2006-22, Class AO, PO, 4/25/2036		104			97

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2006-27, Class OB, PO, 4/25/2036		745		672
Series 2006-27, Class OH, PO, 4/25/2036		33		31
Series 2006-20, Class IB, IF, IO, 6.50%, 4/25/2036 (k)		175		31
Series 2011-19, Class ZY, 6.50%, 7/25/2036		164		193
Series 2006-77, Class PC, 6.50%, 8/25/2036		154		176
Series 2006-110, PO, 11/25/2036		89		83
Series 2006-128, PO, 1/25/2037		92		85
Series 2007-10, Class Z, 6.00%, 2/25/2037		30		35
Series 2007-22, Class SC, IF, IO, 5.99%, 3/25/2037 (k)		33		1
Series 2008-93, Class AM, 5.50%, 6/25/2037		8		8
Series 2007-54, Class IB, IF, IO, 6.32%, 6/25/2037 (k)		3,120		562
Series 2007-68, Class IA, IO, 6.50%, 6/25/2037		5		—	(j)
Series 2007-109, Class YI, IF, IO, 6.36%, 12/25/2037 (k)		1,799		304
Series 2008-91, Class SI, IF, IO, 5.91%, 3/25/2038 (k)		436		45
Series 2010-70, Class SA, IF, IO, 6.00%, 4/25/2038 (k)		608		110
Series 2008-62, Class SM, IF, IO, 6.11%, 7/25/2038 (k)		577		67
Series 2009-29, Class LA, 1.36%, 5/25/2039 (k)		263		260
Series 2009-52, Class PI, IO, 5.00%, 7/25/2039		193		29
Series 2009-112, Class ST, IF, IO, 6.16%, 1/25/2040 (k)		325		56
Series 2009-112, Class SW, IF, IO, 6.16%, 1/25/2040 (k)		213		26
Series 2010-10, Class NT, 5.00%, 2/25/2040		746		850
Series 2010-49, Class SC, IF, 12.48%, 3/25/2040 (k)		117		148
Series 2010-35, Class SB, IF, IO, 6.33%, 4/25/2040 (k)		413		64
Series 2010-129, Class PZ, 4.50%, 11/25/2040		1,556		1,644
Series 2011-126, Class KB, 4.00%, 12/25/2041		11,439		12,439
Series 2016-33, Class JA, 3.00%, 7/25/2045		12,181		12,704
Series 2016-38, Class NA, 3.00%, 1/25/2046		8,897		9,420
Series 2007-71, Class GZ, 6.00%, 7/25/2047		128		139
Series 2019-20, Class H, 3.50%, 5/25/2049		9,620		10,097
FNMA, REMIC Trust, Whole Loan
Series 2002-W7, Class 1, IO, 0.90%, 6/25/2029 (k)		3,730		72
Series 2001-W3, Class A, 7.00%, 9/25/2041 (k)		163		176
Series 2002-W10, IO, 0.91%, 8/25/2042 (k)		1,942		38
Series 2003-W4, Class 2A, 5.52%, 10/25/2042 (k)		73		82
Series 2004-W11, Class 11, IO, 0.35%, 5/25/2044 (k)		9,831		97
FNMA, REMIC, Whole Loan Series 2009-89, Class A1, 5.41%, 5/25/2035		251		259
FNMA, STRIPS
Series 203, Class 2, IO, 8.00%, 2/25/2023		84		3
Series 266, Class 2, IO, 7.50%, 8/25/2024		23		1
Series 313, Class 1, PO, 6/25/2031		380		351
Series 380, Class S36, IF, IO, 7.81%, 7/25/2037 (k)		104		16
Series 383, Class 68, IO, 6.50%, 9/25/2037		62		12
Series 383, Class 86, IO, 7.00%, 9/25/2037 (k)		37		8
Series 383, Class 69, IO, 6.50%, 10/25/2037 (k)		88		17
FTF 8.00%, 8/15/2024		13,500		10,935
GMACM Mortgage Loan Trust
Series 2003-J10, Class A1, 4.75%, 1/25/2019		13		13
Series 2005-AR3, Class 3A4, 3.08%, 6/19/2035 (k)		41		40
GNMA
Series 2014-60, Class W, 4.18%, 2/20/2029 (k)		676		709
Series 2002-13, Class QA, IF, IO, 7.96%, 2/16/2032 (k)		208		1
Series 2002-84, Class PH, 6.00%, 11/16/2032		356		355
Series 2003-18, Class PG, 5.50%, 3/20/2033		389		413
Series 2003-52, Class SB, IF, 11.39%, 6/16/2033 (k)		43		49
Series 2003-101, Class SK, IF, IO, 6.47%, 10/17/2033 (k)		699		2
Series 2004-2, Class SA, HB, IF, 20.22%, 1/16/2034 (k)		174		213
Series 2004-19, Class KE, 5.00%, 3/16/2034		1,524		1,666
Series 2004-86, Class SP, IF, IO, 6.01%, 9/20/2034 (k)		268		21
Series 2004-90, Class SI, IF, IO, 6.01%, 10/20/2034 (k)		281		38
Series 2010-31, Class SK, IF, IO, 6.01%, 11/20/2034 (k)		184		18

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2004-105, Class SN, IF, IO, 6.01%, 12/20/2034 (k)		630		53
Series 2005-56, Class IC, IO, 5.50%, 7/20/2035		42		7
Series 2006-26, Class S, IF, IO, 6.41%, 6/20/2036 (k)		434		53
Series 2006-33, Class PK, 6.00%, 7/20/2036		147		166
Series 2009-81, Class A, 5.75%, 9/20/2036		89		99
Series 2007-7, Class EI, IF, IO, 6.11%, 2/20/2037 (k)		697		97
Series 2007-9, Class CI, IF, IO, 6.11%, 3/20/2037 (k)		401		55
Series 2007-17, Class JO, PO, 4/16/2037		47		42
Series 2007-22, Class PK, 5.50%, 4/20/2037		707		792
Series 2007-16, Class KU, IF, IO, 6.56%, 4/20/2037 (k)		468		69
Series 2007-26, Class SC, IF, IO, 6.11%, 5/20/2037 (k)		137		19
Series 2007-24, Class SA, IF, IO, 6.42%, 5/20/2037 (k)		666		102
Series 2009-16, Class SJ, IF, IO, 6.71%, 5/20/2037 (k)		651		84
Series 2008-34, Class OC, PO, 6/20/2037		138		130
Series 2009-106, Class XL, IF, IO, 6.66%, 6/20/2037 (k)		233		36
Series 2009-79, Class OK, PO, 11/16/2037		98		93
Series 2007-67, Class SI, IF, IO, 6.42%, 11/20/2037 (k)		132		20
Series 2008-40, Class SA, IF, IO, 6.31%, 5/16/2038 (k)		520		86
Series 2008-40, Class PS, IF, IO, 6.41%, 5/16/2038 (k)		222		27
Series 2009-77, Class CS, IF, IO, 6.91%, 6/16/2038 (k)		11		—	(j)
Series 2008-49, Class PH, 5.25%, 6/20/2038		717		795
Series 2008-55, Class PL, 5.50%, 6/20/2038		631		704
Series 2008-50, Class SA, IF, IO, 6.14%, 6/20/2038 (k)		1,001		124
Series 2009-12, Class IE, IO, 5.50%, 3/20/2039		258		28
Series 2009-75, Class IY, IO, 5.50%, 6/20/2039		293		22
Series 2009-72, Class SM, IF, IO, 6.16%, 8/16/2039 (k)		246		34
Series 2010-157, Class OP, PO, 12/20/2040		203		191
Series 2015-157, Class GA, 3.00%, 1/20/2045		489		509
Series 2012-H11, Class FA, 0.78%, 2/20/2062 (k)		4,042		4,067
Series 2012-H18, Class FA, 0.63%, 8/20/2062 (k)		968		971
Series 2013-H04, Class BA, 1.65%, 2/20/2063		34		34
Series 2013-H20, Class FB, 1.08%, 8/20/2063 (k)		3,467		3,493
Series 2013-H23, Class FA, 1.38%, 9/20/2063 (k)		4,638		4,701
Series 2015-H02, Class HA, 2.50%, 1/20/2065		2,505		2,558
Series 2015-H04, Class FL, 0.55%, 2/20/2065 (k)		5,865		5,882
Series 2015-H23, Class FB, 0.60%, 9/20/2065 (k)		5,665		5,692
Series 2015-H32, Class FH, 0.74%, 12/20/2065 (k)		5,132		5,180
Series 2016-H16, Class FD, 0.63%, 6/20/2066 (k)		7,689		7,647
Series 2016-H17, Class FC, 0.91%, 8/20/2066 (k)		5,082		5,156
Series 2016-H23, Class F, 0.83%, 10/20/2066 (k)		13,384		13,542
Series 2017-H08, Class XI, IO, 2.17%, 3/20/2067 (k)		17,136		1,496
Series 2017-H11, Class XI, IO, 2.01%, 5/20/2067 (k)		46,241		3,625
Series 2017-H14, Class XI, IO, 1.68%, 6/20/2067 (k)		17,413		1,184
Series 2017-H14, Class AI, IO, 2.03%, 6/20/2067 (k)		25,080		2,306
Series 2017-H23, Class FA, 0.56%, 10/20/2067 (k)		23,868		23,958
Series 2019-H09, Class FA, 0.58%, 5/20/2069 (k)		16,928		17,001
Series 2021-H10, Class AF, 1.55%, 6/20/2071 (k)		32,258		34,657
Goodgreen Trust Series 2017-R1, 5.00%, 10/20/2051		7,655		7,081
GSR Mortgage Loan Trust
Series 2003-7F, Class 1A4, 5.25%, 6/25/2033		29		31
Series 2004-6F, Class 2A4, 5.50%, 5/25/2034		58		60
Series 2004-6F, Class 3A4, 6.50%, 5/25/2034		63		65
Series 2004-8F, Class 2A3, 6.00%, 9/25/2034		26		26
Series 2005-5F, Class 8A1, 0.59%, 6/25/2035 (k)		12		12
Series 2005-5F, Class 8A3, 0.59%, 6/25/2035 (k)		7		7
Series 2007-2F, Class 2A7, 5.75%, 2/25/2037		2		34
Headlands Residential LLC
Series 2017-RPL1, Class A, 3.88%, 11/25/2024 (a) (e)		11,950		11,940
Series 2021-RPL1, Class NOTE, 2.49%, 9/25/2026 (a) (k)		15,000		15,000

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
Home RE Ltd. (Bermuda) Series 2021-2, Class M1B, 1.65%, 1/25/2034 ‡ (a) (k)		9,565			9,536
Hunt Companies Finance Trust, Inc. 7.25%, 2/13/2025		26,750			26,750
Impac CMB Trust
Series 2004-10, Class 3A1, 0.79%, 3/25/2035 (k)		342			331
Series 2004-10, Class 3A2, 0.89%, 3/25/2035 (k)		214			200
Impac Secured Assets CMN Owner Trust Series 2003-2, Class A1, 5.50%, 8/25/2033		5			5
JPMorgan Mortgage Trust
Series 2004-S2, Class 5A1, 5.50%, 12/25/2019		33			33
Series 2006-A2, Class 5A3, 2.27%, 11/25/2033 (k)		65			66
Series 2006-A2, Class 4A1, 2.23%, 8/25/2034 (k)		100			105
Series 2004-S1, Class 3A1, 5.50%, 9/25/2034		18			20
Series 2004-S2, Class 4A5, 6.00%, 11/25/2034		294			298
Series 2007-A1, Class 5A2, 2.43%, 7/25/2035 (k)		31			31
LHOME Mortgage Trust Series 2019-RTL3, Class A1, 3.87%, 7/25/2024 (a)		10,520			10,558
MASTR Adjustable Rate Mortgages Trust Series 2004-13, Class 2A1, 2.62%, 4/21/2034 (k)		25			25
MASTR Alternative Loan Trust
Series 2004-10, Class 1A1, 4.50%, 9/25/2019		9			9
Series 2004-8, Class 6A1, 5.50%, 9/25/2019		1			1
Series 2005-1, Class 5A1, 5.50%, 1/25/2020		—	(j)		—	(j)
Series 2003-8, Class 3A1, 5.50%, 12/25/2033		—	(j)		—	(j)
Series 2004-6, Class 7A1, 6.00%, 7/25/2034		242			258
Series 2004-6, Class 6A1, 6.50%, 7/25/2034		328			353
Series 2004-7, Class 30, PO, 8/25/2034 ‡		24			20
Series 2004-7, Class 3A1, 6.50%, 8/25/2034		20			21
MASTR Asset Securitization Trust
Series 2004-6, Class 15, PO, 7/25/2019 ‡		—	(j)		—	(j)
Series 2004-6, Class 3A1, 5.25%, 7/25/2019		—	(j)		—	(j)
Series 2004-P7, Class A6, 5.50%, 12/27/2033 (a)		39			38
MASTR Resecuritization Trust Series 2005-PO, Class 3, PO, 5/28/2035 ‡ (a)		14			12
Merrill Lynch Mortgage Investors Trust
Series 2004-C, Class A2, 0.76%, 7/25/2029 (k)		64			64
Series 2004-D, Class A3, 1.88%, 9/25/2029 (k)		62			62
Mill City Securities Ltd. (Cayman Islands) Series 2021-RS1, Class A2, 3.95%, 4/28/2066 (a) (k)		12,000			11,994
Morgan Stanley Mortgage Loan Trust
Series 2004-3, Class 4A, 5.64%, 4/25/2034 (k)		170			179
Series 2004-7AR, Class 2A6, 2.47%, 9/25/2034 (k)		56			58
MRA Issuance Trust Series 2021-EBO2, Class A, 2.82%, 12/31/2049 (a) (k)		46,000			46,000
NACC Reperforming Loan REMIC Trust Series 2004-R2, Class A1, 6.50%, 10/25/2034 (a) (k)		94			92
New Residential Mortgage Loan Trust Series 2020-RPL2, Class A1, 3.58%, 8/25/2025 (a) (k)		7,663			7,746
Ocwen Series 2021-GNMSR1, 5.00%, 3/15/2022		23,600			23,600
P-stlb 9.25%, 10/11/2026 ‡		18,500			18,500
PHH Mortgage Trust Series 2008-CIM2, Class 5A1, 6.00%, 7/25/2038		41			44
PMT Credit Risk Transfer Trust Series 2021-1R, Class A, 2.99%, 2/27/2024 (a) (k)		25,031			25,379
Prime Mortgage Trust Series 2004-CL1, Class 1A1, 6.00%, 2/25/2034		69			72
PRPM LLC Series 2021-2, Class A1, 2.12%, 3/25/2026 (a) (k)		20,493			20,387
Radnor RE Ltd. (Bermuda) Series 2021-1, Class M1B, 1.75%, 12/27/2033 ‡ (a) (k)		3,500			3,498
RALI Trust
Series 2003-QS14, Class A1, 5.00%, 7/25/2018		2			1
Series 2005-QS5, Class A4, 5.75%, 4/25/2035		1,069			1,029
Residential Asset Securitization Trust
Series 2003-A8, Class A1, 3.75%, 10/25/2018		8			8
Series 2006-A6, Class 2A13, 6.00%, 7/25/2036		102			79
RFMSI Trust Series 2005-SA4, Class 1A1, 2.25%, 9/25/2035 (k)		28			25
RSFR Series 2020-1, Class PT, 4.21%, 2/17/2025 (a) (e)		29,535			29,446

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
SACO I, Inc. Series 1997-2, Class 1A5, 7.00%, 8/25/2036 (a)		16		16
SART
Series 2017-1, 4.75%, 7/15/2024		8,884		8,880
Series 2018-1, 4.76%, 6/15/2025		12,736		12,736
Seasoned Credit Risk Transfer Trust
Series 2019-3, Class M55D, 4.00%, 10/25/2058 ‡		16,291		17,580
Series 2019-4, Class MB, 3.00%, 2/25/2059 ‡		42,886		46,496
Series 2021-1, Class BXS, 14.67%, 9/25/2060 ‡ (a) (k)		10,550		10,159
Series 2021-2, Class BXS, 13.10%, 11/25/2060 ‡ (a) (k)		4,998		4,780
Sequoia Mortgage Trust Series 2004-8, Class A2, 0.90%, 9/20/2034 (k)		249		254
Structured Adjustable Rate Mortgage Loan Trust Series 2004-14, Class 1A, 2.61%, 10/25/2034 (k)		86		90
Structured Asset Securities Corp.
Series 2003-37A, Class 2A, 2.05%, 12/25/2033 (k)		76		78
Series 2003-37A, Class 1A, 2.84%, 12/25/2033 (k)		555		575
Structured Asset Securities Corp. Mortgage Pass-Through Certificates
Series 2003-26A, Class 3A5, 2.21%, 9/25/2033 (k)		396		409
Towd Point Mortgage Trust
Series 2021-R1, Class A1, 2.92%, 11/30/2060 (a) (k)		38,509		38,647
Series 2021-R1, Class A2C, 3.31%, 11/30/2060 (a)		30,000		30,181
Vendee Mortgage Trust
Series 1996-2, Class 1Z, 6.75%, 6/15/2026		154		170
Series 1998-1, Class 2E, 7.00%, 3/15/2028		463		507
Series 1999-1, Class 2Z, 6.50%, 1/15/2029		69		76
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-AR8, Class A, 2.67%, 8/25/2033 (k)		88		90
Series 2003-AR9, Class 1A6, 2.51%, 9/25/2033 (k)		64		64
Series 2004-AR3, Class A1, 2.59%, 6/25/2034 (k)		24		24
Series 2004-AR3, Class A2, 2.59%, 6/25/2034 (k)		218		223
Series 2004-S2, Class 2A4, 5.50%, 6/25/2034		185		190
Series 2004-AR11, Class A, 2.36%, 10/25/2034 (k)		191		190
Series 2005-AR2, Class 2A21, 0.75%, 1/25/2045 (k)		29		29
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2005-4, Class CB7, 5.50%, 6/25/2035		342		349
Washington Mutual MSC Mortgage Pass-Through Certificates Trust Series 2004-RA1, Class 2A, 7.00%, 3/25/2034		180		192
Wells Fargo Mortgage-Backed Securities Trust
Series 2004-K, Class 1A2, 2.62%, 7/25/2034 (k)		63		64
Series 2004-U, Class A1, 2.77%, 10/25/2034 (k)		127		126
ZH Trust Series 2021-2, Class B, 3.51%, 10/17/2027 ‡ (a)		18,975		18,266
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $985,020)				983,676
FOREIGN GOVERNMENT SECURITIES — 0.9%
Arab Republic of Egypt (Egypt)
3.88%, 2/16/2026 (a)		5,702		5,160
7.50%, 1/31/2027 (g)		3,300		3,312
8.15%, 11/20/2059 (a)		2,900		2,342
Dominican Republic Government Bond (Dominican Republic)
5.95%, 1/25/2027 (g)		2,500		2,756
4.88%, 9/23/2032 (a)		1,310		1,300
5.30%, 1/21/2041 (a)		5,891		5,641
5.88%, 1/30/2060 (a)		3,545		3,296
Federal Republic of Nigeria (Nigeria)
6.50%, 11/28/2027 (g)		6,550		6,377
6.13%, 9/28/2028 (a)		2,880		2,691
7.14%, 2/23/2030 (g)		2,700		2,558
8.75%, 1/21/2031 (g)		3,800		3,848
7.38%, 9/28/2033 (a)		2,327		2,118
Hungary Government Bond (Hungary) 3.13%, 9/21/2051 (a)		2,533		2,400
Islamic Republic of Pakistan (Pakistan) 6.00%, 4/8/2026 (a)		5,784		5,698
Kingdom of Bahrain (Bahrain)
7.00%, 10/12/2028 (g)		2,500		2,678
7.38%, 5/14/2030 (g)		1,400		1,530
5.45%, 9/16/2032 (a)		1,677		1,585
Province of Alberta (Canada) 3.30%, 3/15/2028		24,500		26,943
Province of Manitoba (Canada) 2.13%, 6/22/2026		1,250		1,292
Province of Quebec (Canada)
7.13%, 2/9/2024		2,220		2,516
6.35%, 1/30/2026		300		356
Republic of Belarus (Belarus)
6.88%, 2/28/2023 (g)		1,400		1,393
6.38%, 2/24/2031 (a)		2,430		1,977

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments		Principal Amount ($000)		Value ($000)
Republic of Colombia (Colombia) 10.38%, 1/28/2033			370		524
Republic of Cote d’Ivoire (Ivory Coast)
5.75%, 12/31/2032 (e) (g)			1,364		1,334
6.13%, 6/15/2033 (g)			866		882
6.88%, 10/17/2040 (g)	EUR		3,400		3,918
Republic of El Salvador (El Salvador) 7.12%, 1/20/2050 (g)			2,965		1,754
Republic of Ghana (Ghana)
Zero Coupon, 4/7/2025 (a)			5,100		3,407
7.63%, 5/16/2029 (g)			2,430		1,968
8.63%, 4/7/2034 (a)			3,267		2,573
8.63%, 6/16/2049 (g)			2,600		1,976
Republic of Kenya (Kenya)
8.00%, 5/22/2032 (g)			5,300		5,591
6.30%, 1/23/2034 (a)			4,299		4,052
8.25%, 2/28/2048 (g)			1,500		1,472
Republic of Paraguay (Paraguay)
5.00%, 4/15/2026 (g)			1,500		1,647
5.60%, 3/13/2048 (g)			2,489		2,771
5.40%, 3/30/2050 (g)			7,500		8,240
Republic of Senegal (Senegal) 6.75%, 3/13/2048 (g)			3,800		3,658
Republic of South Africa (South Africa) 4.30%, 10/12/2028			2,442		2,431
Sultanate of Oman Government Bond (Oman)
5.63%, 1/17/2028 (g)			2,850		2,932
6.25%, 1/25/2031 (a)			1,193		1,248
Ukraine Government Bond (Ukraine)
7.75%, 9/1/2023 (g)			4,935		4,977
7.75%, 9/1/2025 (g)			1,910		1,910
United Mexican States (Mexico)
3.75%, 1/11/2028			376		403
5.00%, 4/27/2051			2,420		2,687
TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $160,338)					152,122
LOAN ASSIGNMENTS — 0.4% (o)
Auto Components — 0.0% (h)
Adient US LLC, Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 3.59%, 4/10/2028 (b)			4,638		4,623
Beverages — 0.0% (h)
Triton Water Holdings, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.00%, 3/31/2028 (b)			4,988		4,961
Chemicals — 0.0% (h)
Axalta Coating Systems US Holdings, Inc., Term Loan B (ICE LIBOR USD 3 Month + 1.75%), 1.88%, 6/1/2024 (b)			1,150		1,145
Construction & Engineering — 0.0% (h)
Thor, 1st Lien Term Loan C Series 2018, Class C Shares, (ICE LIBOR USD 1 Month + 4.25%), 4.50%, 5/15/2025 ‡ (b)			3,339		3,351
Containers & Packaging — 0.2%
Bway Holding Co., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 3.35%, 4/3/2024 (b)			5,477		5,364
Graham Packaging, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 3.75%, 8/4/2027 (b)			3,460		3,431
					8,795
Electrical Equipment — 0.0% (h)
Cortes NP Acquisition Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 2.84%, 3/2/2027 (b)			3,193		3,163
Food & Staples Retailing — 0.0% (h)
Moran Foods LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 7.00%), 7.00%, 12/31/2038 (b)			39		40
Moran Foods LLC, 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 6.00%), 8.00%, 4/1/2024 ‡ (b)			292		298
Moran Foods LLC, Tranche A Second Lien Term Loan (ICE LIBOR USD 2 Month + 10.75%), 11.75%, 10/1/2024 (b)			1,605		1,381
					1,719
Internet & Direct Marketing Retail — 0.0% (h)
GoodRx, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 2.84%, 10/10/2025 (b)			5,622		5,580
IT Services — 0.0% (h)
MH Sub I LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 4.75%, 1/1/2028 (b) (p)			1,978		1,969
Leisure Products — 0.0% (h)
FGI Operating Co. LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 11.00%), 12.00%, 5/16/2022 ‡ (b) (f)			149		16
FGI Operating Co. LLC, 1st Lien Term Loan B 12/31/2100 (f)			789		—	(j)
					16
Machinery — 0.0% (h)
Alliance Laundry Systems LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.25%, 10/8/2027 (b)			4,420		4,415

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Media — 0.0% (h)
Meredith Corp., 1st Lien Term Loan B (3-MONTH PRIME + 1.50%), 4.75%, 1/31/2025 (b)		1,866		1,863
Personal Products — 0.0% (h)
Nestle Skin Health, Term Loan B (Luxembourg) (ICE LIBOR USD 3 Month + 3.75%), 4.50%, 10/1/2026 (b)		6,243		6,215
Road & Rail — 0.0% (h)
First Student Bidco, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 3.50%, 7/21/2028 (b) (p)		3,086		3,054
First Student Bidco, Inc., 1st Lien Term Loan C (ICE LIBOR USD 3 Month + 3.00%), 3.50%, 7/21/2028 (b) (p)		1,139		1,127
				4,181
Software — 0.2%
Ascend Learning LLC, Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.75%, 7/12/2024 (b)		3,168		3,168
Greeneden U.S. Holdings I LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 4.75%, 12/1/2027 (b)		6,198		6,179
				9,347
Specialty Retail — 0.0% (h)
AppleCaramel Buyer LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 4.50%, 10/19/2027 (b)		3,168		3,152
Claire’s Stores, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 6.50%), 6.59%, 12/18/2026 (b) (q)		1,513		1,497
				4,649
TOTAL LOAN ASSIGNMENTS (Cost $65,358)				65,992
U.S. GOVERNMENT AGENCY SECURITIES — 0.3%
Resolution Funding Corp. STRIPS
DN, 3.65%, 4/15/2030 (m)		43,000		37,583
3.71%, 4/15/2030 (m)		20,500		17,917
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $48,186)				55,500
MUNICIPAL BONDS — 0.2% (r)
California — 0.1%
Alameda County Joint Powers Authority, Multiple Capital Projects Series 2010A, Rev., 7.05%, 12/1/2044		200		333
City of Los Angeles Department of Airports, Federally Taxable Build America Bonds Direct Payment to Issuer Series 2009C, Rev., 6.58%, 5/15/2039		1,000		1,344
Regents of the University of California Medical Center Pooled Series 2020N, Rev., 3.71%, 5/15/2120		1,820		2,080
State of California, Build America Bonds GO, 7.35%, 11/1/2039		1,980		3,180
University of California, Taxable Series AD, Rev., 4.86%, 5/15/2112		774		1,177
Total California				8,114
Colorado — 0.0% (h)
Colorado Health Facilities Authority, Covenant Living Communities and Services
Rev., 2.80%, 12/1/2026		1,400		1,422
Rev., 3.36%, 12/1/2030		2,350		2,424
Total Colorado				3,846
District of Columbia — 0.0% (h)
District of Columbia, Water and Sewer Authority, Public Utility, Senior Lien Series 2014A, Rev., 4.81%, 10/1/2114		345		536
Missouri — 0.0% (h)
Health and Educational Facilities Authority of the State of Missouri, The Washington University Series 2020A, Rev., 3.23%, 5/15/2050		3,000		3,456
New York — 0.0% (h)
New York State Dormitory Authority, State Personal Income Tax, Build America Bonds, General Purpose
Series 2010H, Rev., 5.29%, 3/15/2033		560		684
Series 2010H, Rev., 5.39%, 3/15/2040		1,165		1,592
Port Authority of New York and New Jersey, Consolidated
Series 164, Rev., 5.65%, 11/1/2040		1,450		2,045
Series 165, Rev., 5.65%, 11/1/2040		155		219
Series 174, Rev., 4.46%, 10/1/2062		740		1,014
Total New York				5,554

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Ohio — 0.1%
American Municipal Power, Inc., Meldahl Hydroelectric Project
Series 2010B, Rev., 7.50%, 2/15/2050		1,040		1,748
Ohio State University (The), General Receipts
Series 2011-A, Rev., 4.80%, 6/1/2111		1,563		2,491
Rev., 5.59%, 12/1/2114		2,000		3,211
Total Ohio				7,450
TOTAL MUNICIPAL BONDS (Cost $22,930)				28,956
	Shares (000)
COMMON STOCKS — 0.2%
Communications Equipment — 0.0% (h)
Goodman Networks, Inc. * ‡		39		—	(j)
Diversified Financial Services — 0.0% (h)
ACC Claims Holdings LLC * ‡ (s)		1,551		4
Energy Equipment & Services — 0.0% (h)
Telford Offshore Holdings Ltd. (Cayman Islands) * ‡		34		—	(j)
Food & Staples Retailing — 0.0% (h)
Moran Foods Backstop Equity * ‡		61		243
Independent Power and Renewable Electricity Producers — 0.0% (h)
Vistra Common Equity *		1		16
Vistra Corp.		3		52
				68
Internet & Direct Marketing Retail — 0.0% (h)
MYT Holding Co. * ‡		935		4,932
Media — 0.0% (h)
Clear Channel Outdoor Holdings, Inc. *		502		1,542
iHeartMedia, Inc., Class A *		126		2,481
				4,023
Multiline Retail — 0.0% (h)
Neiman Marcus Group Restricted Equity *		2		245
Oil, Gas & Consumable Fuels — 0.2%
Chesapeake Energy Corp.		6		333
EP Energy Corp. *		75		6,600
Gulfport Energy Corp. *		56		4,099
Oasis Petroleum, Inc.		20		2,439
				13,471
Professional Services — 0.0% (h)
NMG, Inc. *		9		1,364
Specialty Retail — 0.0% (h)
Claire’s Stores, Inc. * ‡		2		649
TOTAL COMMON STOCKS (Cost $12,894)				24,999
CONVERTIBLE PREFERRED STOCKS — 0.0% (h)
Specialty Retail — 0.0% (h)
Claire’s Stores, Inc. * ‡ (Cost $504)		1		3,646
PREFERRED STOCKS — 0.0% (h)
Communications Equipment — 0.0% (h)
Goodman Networks, Inc. * ‡		46		—	(j)
Internet & Direct Marketing Retail — 0.0% (h)
MYT Holding LLC
Series A, 10.00%, 6/6/2029 ‡		2,070		2,210
TOTAL PREFERRED STOCKS (Cost $2,145)				2,210
	No. of Warrants (000)
WARRANTS — 0.0% (h)
Diversified Telecommunication Services — 0.0% (h)
Windstream Holdings, Inc. expiring 12/31/2049, price 10.75 USD * ‡		6		86
Media — 0.0% (h)
Nmg Research Ltd. expiring 9/24/2027, price 1.00 USD (United Kingdom) * ‡		33		648
Oil, Gas & Consumable Fuels — 0.0% (h)
Chesapeake Energy Corp. expiring 2/9/2026, price 27.27 USD *		17		596
expiring 2/9/2026, price 31.71 USD *		19		581
expiring 2/9/2026, price 35.71 USD *		11		290
				1,467
TOTAL WARRANTS (Cost $ — (j))				2,201

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
CONVERTIBLE BONDS — 0.0% (h)
Oil, Gas & Consumable Fuels — 0.0% (h)
Gulfport Energy Operating Corp.
15.00% (PIK), 12/30/2021 ‡ (c) (d) (i) (Cost $141)		—	(j)		772
	No. of Rights (000)
RIGHTS — 0.0% (h)
Independent Power and Renewable Electricity Producers — 0.0% (h)
Vistra Corp., expiring 12/31/2049 * ‡ (Cost $ — )		104			144
	Shares (000)
SHORT-TERM INVESTMENTS — 6.7%
INVESTMENT COMPANIES — 6.7%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (t) (u) (Cost $1,111,782)		1,111,452			1,111,896
INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED — 0.0% (h)
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.10% (t) (u)		120			120
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (t) (u)		371			371
TOTAL INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED (Cost $491)					491
TOTAL SHORT-TERM INVESTMENTS (Cost $1,112,273)					1,112,387
Total Investments — 101.8% (Cost $16,435,713)					16,786,700
Liabilities in Excess of Other Assets — (1.8)%					(301,372	)
Net Assets — 100.0%					16,485,328

Percentages indicated are based on net assets.

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Abbreviations
ABS	Asset-Backed Securities
ACES	Alternative Credit Enhancement Securities
ARM	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of November 30, 2021.
CDO	Collateralized Debt Obligations
CSMC	Credit Suisse Mortgage Trust
DN	Discount Notes
EUR	Euro
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GO	General Obligation
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 or have an interest rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the rate in effect as of November 30, 2021. The rate may be subject to a cap and floor.
IO	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
LIBOR	London Interbank Offered Rate
PO	Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
PT	Limited liability company
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
Re-REMIC	Combined Real Estate Mortgage Investment Conduit
Rev.	Revenue
SCA	Limited partnership with share capital
SOFR	Secured Overnight Financing Rate
SPC	Special purpose company
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.

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

TBA	To Be Announced; Security is subject to delayed delivery.
UMBS	Uniform Mortgage-Backed Securities
USD	United States Dollar
(a)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(b)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2021.
(c)	Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of November 30, 2021.
(d)	Security is an interest bearing note with preferred security characteristics.
(e)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of November 30, 2021.
(f)	Defaulted security.
(g)	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.
(h)	Amount rounds to less than 0.1% of net assets.
(i)	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(j)	Amount rounds to less than one thousand.
(k)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2021.
(l)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(m)	The rate shown is the effective yield as of November 30, 2021.
(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, 2021. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
(q)	Fund is subject to legal or contractual restrictions on the resale of the security.
(r)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(s)	The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 is $1.
(t)	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.
(u)	The rate shown is the current yield as of November 30, 2021.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
U.S. Treasury 2 Year Note		3,697			03/2022		USD		808,199			1,033
U.S. Treasury 5 Year Note		2,300			03/2022		USD		279,127			1,723
U.S. Treasury 10 Year Ultra Note		244			03/2022		USD		35,857			560
U.S. Treasury Ultra Bond		266			03/2022		USD		53,308			1,429
												4,745
Short Contracts
U.S. Treasury 5 Year Note		(313	)		03/2022		USD		(37,986	)		(238	)
U.S. Treasury 10 Year Note		(2,453	)		03/2022		USD		(320,806	)		(3,263	)
U.S. Treasury Long Bond		(804	)		03/2022		USD		(130,374	)		(2,395	)
												(5,896	)
												(1,151	)

Abbreviations
USD	United States Dollar

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

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
USD	12,354		EUR	10,694	Standard Chartered Bank		12/15/2021		219
Total unrealized appreciation									219

Abbreviations
EUR	Euro
USD	United States Dollar

Over-the-Counter (“OTC”) Credit default swap contracts outstanding—buy protection^(a) as of November 30, 2021 (amounts in thousands):

Reference Obligation/Index

Financing Rate Paid by the Fund (%)

Payment Frequency

Counterparty

Maturity Date

Implied Credit Spread (%) (b)

Notional Amount (c)

Upfront Payments (Receipts) ($) (d)

Unrealized Appreciation (Depreciation) ($)

Value ($)

Federative Republic of Brazil, 4.25%, 1/7/2025

1.00

Quarterly

Barclays Bank plc

6/20/2024

1.74

USD 75,000

823

427

1,250

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

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

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

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

Abbreviations
USD	United States Dollar

Summary of total OTC swap contracts outstanding as of November 30, 2021 (amounts in thousands):

	Net Upfront Payments (Receipts) ($)		Value ($)
Assets
OTC Credit default swap contracts outstanding - buy protection		823		1,250

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Dollar values in thousands)

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

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

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

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

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

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

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

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

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

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

• 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.

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Dollar values in thousands)

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

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

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

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Investments in Securities
Asset-Backed Securities	$	—		$	1,275,416		$	872,339		$	2,147,755
Collateralized Mortgage Obligations		—			716,311			267,365			983,676
Commercial Mortgage-Backed Securities		—			1,669,284			269,052			1,938,336
Common Stocks
Communications Equipment		—			—			—	(a)		—	(a)
Diversified Financial Services		—			—			4			4
Energy Equipment & Services		—			—			—	(a)		—	(a)
Food & Staples Retailing		—			—			243			243
Independent Power and Renewable Electricity Producers		68			—			—			68
Internet & Direct Marketing Retail		—			—			4,932			4,932
Media		4,023			—			—			4,023
Multiline Retail		244			—			—			244
Oil, Gas & Consumable Fuels		6,871			6,601			—			13,472
Professional Services		—			1,364			—			1,364
Specialty Retail		—			—			649			649
Total Common Stocks		11,206			7,965			5,828			24,999
Convertible Bonds		—			—			772			772
Convertible Preferred Stocks		—			—			3,646			3,646
Corporate Bonds
Aerospace & Defense		—			122,935			—			122,935
Airlines		—			25,098			—			25,098
Auto Components		—			56,161			—			56,161
Automobiles		—			42,986			—			42,986
Banks		—			1,032,777			—			1,032,777
Beverages		—			58,757			—			58,757
Biotechnology		—			114,520			—			114,520
Building Products		—			26,291			—			26,291
Capital Markets		—			402,217			—			402,217
Chemicals		—			92,109			—			92,109
Commercial Services & Supplies		—			77,567			—			77,567
Communications Equipment		—			16,214			—			16,214
Construction & Engineering		—			17,653			—			17,653
Construction Materials		—			5,405			—			5,405
Consumer Finance		—			199,830			—			199,830
Containers & Packaging		—			67,029			—			67,029
Distributors		—			7,872			—			7,872
Diversified Consumer Services		—			6,331			—			6,331
Diversified Financial Services		—			52,518			—			52,518
Diversified Telecommunication Services		—			264,180			—			264,180
Electric Utilities		—			303,556			8			303,564
Electrical Equipment		—			13,486			—			13,486
Electronic Equipment, Instruments & Components		—			13,643			—			13,643
Energy Equipment & Services		—			46,090			—			46,090
Entertainment		—			74,943			—			74,943
Equity Real Estate Investment Trusts (REITs)		—			141,074			—			141,074
Food & Staples Retailing		—			60,837			—			60,837
Food Products		—			66,216			—			66,216
Gas Utilities		—			17,390			—			17,390
Health Care Equipment & Supplies		—			46,347			—			46,347
Health Care Providers & Services		—			282,277			—			282,277
Health Care Technology		—			8,171			—			8,171
Hotels, Restaurants & Leisure		—			101,806			—			101,806
Household Durables		—			49,386			—			49,386
Household Products		—			22,673			—			22,673
Independent Power and Renewable Electricity Producers		—			27,729			—			27,729
Industrial Conglomerates		—			10,924			—			10,924
Insurance		—			81,025			—			81,025
Internet & Direct Marketing Retail		—			7,773			—			7,773
IT Services		—			62,981			—			62,981
Leisure Products		—			7,669			—			7,669
Life Sciences Tools & Services		—			8,921			—			8,921
Machinery		—			11,818			—			11,818
Marine		—			2,543			—			2,543
Media		—			286,364			—			286,364
Metals & Mining		—			152,423			—			152,423
Mortgage Real Estate Investment Trusts (REITs)		—			78,872			—			78,872
Multiline Retail		—			1,470			—			1,470
Multi-Utilities		—			39,684			—			39,684
Oil, Gas & Consumable Fuels		—			523,806			241			524,047
Personal Products		—			8,749			—			8,749
Pharmaceuticals		—			142,595			—			142,595
Real Estate Management & Development		—			12,953			—			12,953
Road & Rail		—			80,393			—			80,393
Semiconductors & Semiconductor Equipment		—			61,208			—			61,208
Software		—			98,250			—			98,250
Specialty Retail		—			80,347			—			80,347
Technology Hardware, Storage & Peripherals		—			45,994			—			45,994
Textiles, Apparel & Luxury Goods		—			7,071			—			7,071
Thrifts & Mortgage Finance		—			57,388			—			57,388
Tobacco		—			100,873			—			100,873
Trading Companies & Distributors		—			57,940			—			57,940
Transportation Infrastructure		—			2,002			—			2,002
Water Utilities		—			1,394			—			1,394
Wireless Telecommunication Services		—			84,417			—			84,417
Total Corporate Bonds		—			6,081,921			249			6,082,170
Foreign Government Securities		—			152,122			—			152,122
Loan Assignments
Auto Components		—			4,623			—			4,623
Beverages		—			4,961			—			4,961
Chemicals		—			1,145			—			1,145
Construction & Engineering		—			—			3,351			3,351
Containers & Packaging		—			8,795			—			8,795
Electrical Equipment		—			3,163			—			3,163
Food & Staples Retailing		—			1,421			298			1,719
Internet & Direct Marketing Retail		—			5,580			—			5,580
IT Services		—			1,969			—			1,969
Leisure Products		—			—	(a)		16			16
Machinery		—			4,415			—			4,415
Media		—			1,863			—			1,863
Personal Products		—			6,215			—			6,215
Road & Rail		—			4,181			—			4,181
Software		—			9,347			—			9,347
Specialty Retail		—			4,649			—			4,649
Total Loan Assignments		—			62,327			3,665			65,992
Mortgage-Backed Securities		—			2,077,040			—			2,077,040
Municipal Bonds		—			28,956			—			28,956
Preferred Stocks		—			—			2,210			2,210
Rights		—			—			144			144
U.S. Government Agency Securities		—			55,500			—			55,500
U.S. Treasury Obligations		—			2,108,794			—			2,108,794
Warrants
Diversified Telecommunication Services		—			—			86			86
Media		—			—			648			648
Oil, Gas & Consumable Fuels		1,467			—			—			1,467
Total Warrants		1,467			—			734			2,201
Short-Term Investments
Investment Companies		1,111,896			—			—			1,111,896
Investment of Cash Collateral from Securities Loaned		491			—			—			491
Total Short-Term Investments		1,112,387			—			—			1,112,387
Total Investments in Securities	$	1,125,060		$	14,235,636		$	1,426,004		$	16,786,700
Appreciation in Other Financial Instruments
Forward Currency Contracts	$	—		$	219		$	—		$	219
Futures Contracts		4,745			—			—			4,745
Swaps		—			427			—			427
Depreciation in Other Financial Instruments
Futures Contracts		(5,896	)		—			—			(5,896	)
Total Net Appreciation/Depreciation in Other Financial Instruments	$	(1,151	)	$	646		$	—		$	(505	)

(a) Amount rounds to less than one thousand.

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

	Balance as of February 28, 2021		Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of November 30, 2021
Investments in Securities:
Asset-Backed Securities	$	819,904	$	2		$	(14,686	)	$	(244	)	$	338,517	$	(321,753	)	$	51,478	$	(879	)	$	872,339
Collateralized Mortgage Obligations		176,369		—			55			(32	)		234,477		(131,967	)		—		(11,537	)		267,365
Commercial Mortgage-Backed Securities		182,974		—			(423	)		(82	)		112,613		(27,598	)		1,568		—			269,052
Common Stocks		6,327		(177	)		(322	)		—			—		—			—		—			5,828
Convertible Bonds		—		(734	)		631			—			876		(1	)		—		—			772
Convertible Preferred Stocks		2,575		151			1,118			—			—		(198	)		—		—			3,646
Corporate Bonds		1,488		138			133			—			1		(1,511	)		—		—			249
Loan Assignments		4,922		—			(3	)		12			4,223		(5,489	)		—		—			3,665
Preferred Stocks		3,225		18			(658	)		—			—		(375	)		—		—			2,210
Rights		121		—			23			—			—		—			—		—			144
Warrants		80		—			654			—			—		—			—		—			734
Total	$	1,197,985	$	(602	)	$	(13,478	)	$	(346	)	$	690,707	$	(488,892	)	$	53,046	$	(12,416	)	$	1,426,004

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 changes in net unrealized appreciation (depreciation) attributable to securities owned at November 30, 2021, which were valued using significant unobservable inputs (level 3) amounted to $(9,206).

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

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

Quantitative Information about Level 3 Fair Value Measurements #

	Fair Value at November 30, 2021			Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	4		Terms of Exchange Offer	Expected Recovery	$0.004 ($0.004)
		—	(b)	Market Comparable Companies	EBITDA Multiple (c)	5.0x (5.0x)
					Liquidity Discount	30.00% (30.00%)
Common Stocks		4
		—	(b)	Market Comparable Companies	EBITDA Multiple (c)	5.0x (5.0x)
					Liquidity Discount	30.00% (30.00%)
Preferred Stocks		—	(b)
		281,876		Discounted Cash Flow	Constant Prepayment Rate	0.00% - 35.00% (8.20%)
					Constant Default Rate	0.00% - 4.00% (0.08%)
					Yield (Discount Rate of Cash Flows)	0.20% - 5.33% (3.15%)
Asset-Backed Securities		281,876
		74,294		Discounted Cash Flow	Constant Prepayment Rate	14.62% - 100.00% (99.93%)
					Constant Default Rate	0.00% - 1.81% (0.00%)
					Yield (Discount Rate of Cash Flows)	1.93% - 6.42% (2.67%)
Collateralized Mortgage Obligations		74,294
		77,463		Discounted Cash Flow	Constant Prepayment Rate	0.00% - 100.00% (0.12%)
					Yield (Discount Rate of Cash Flows)	(1.07)% - 7.16% (5.84%)
Commercial Mortgage-Backed Securities		77,463
		3,665		Terms of Exchange Offer	Expected Recovery	10.90% - 100.00% (99.56%)
Loan Assignments		3,665
		86		Market Comparable Companies	EBITDA Multiple (c)	5.3x (5.3x)
Warrants		86
Total	$	437,388

# The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At November 30, 2021, the value of these investments was $988,616. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A.

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

(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 such multiples when pricing the investments.

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

For the period ended November 30, 2021
Security Description	Value at February 28, 2021	Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at November 30, 2021		Shares at November 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (a) (b)	$1,467,826	$	3,724,692	$	4,080,515	$	(41	)	$	(66	)	$	1,111,896		1,111,452	$	538		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.10% (a) (b)	120		—		—		—			—	(c)		120		120		—	(c)		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)	371		—		—		—			—			371		371		—	(c)		—
Total	$1,468,317	$	3,724,692	$	4,080,515	$	(41	)	$	(66	)	$	1,112,387			$	538		$	—

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

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

(c) Amount rounds to less than one thousand.

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

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

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

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Dollar values in thousands)

Counterparty credit risk may be mitigated to the extent a counterparty posts additional 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 treasury futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to positive and negative price fluctuation or a particular countries or regions. The Fund also used futures contracts to lengthen or shorten the duration of the overall investment portfolio.

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

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

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

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

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

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

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

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

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

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Dollar values in thousands)

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

The 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.