NPORT-EX 2 JPMSDBF.htm EDGAR HTML
JPMorgan Short Duration Bond Fund
Schedule of Portfolio Investments as of November 30, 2024
(Unaudited) 
THE “UNAUDITED MUTUAL FUNDS HOLDINGS” LIST (“the
List”) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS
NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR
SALES LITERATURE WITH THE GENERAL PUBLIC. The list is
submitted for the general information of the shareholders of the Fund.
It is not authorized for distribution to prospective investors in the Fund
unless preceded or accompanied by a prospectus. The list has been
created from the books and records of the Fund. Holdings are
available 60 days after the fund’s fiscal quarter, using a trade date
accounting convention, by contacting the appropriate service center.
The list is subject to change without notice. The list is for
informational purposes only and is not intended as an offer or
solicitation with respect to the purchase or sale of any security.
JPMorgan Asset Management is the marketing name for the asset
management business of J.P. Morgan Chase & Co.
J.P. Morgan Distribution Services, Inc., member FINRA.
© J.P. Morgan Chase & Co., 2024.
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — 24.8%
Automobiles — 0.6%
General Motors Co. 6.13%, 10/1/2025
9,000
9,074
Hyundai Capital America
1.80%, 10/15/2025 (a)
8,440
8,213
1.30%, 1/8/2026 (a)
5,075
4,882
3.00%, 2/10/2027 (a)
5,806
5,588
5.28%, 6/24/2027 (a)
12,355
12,490
4.55%, 9/26/2029 (a)
18,395
18,070
 
58,317
Banks — 15.1%
ABN AMRO Bank NV (Netherlands) 4.75%, 7/28/2025 (a)
9,191
9,156
AIB Group plc (Ireland) (SOFR + 2.33%), 6.61%, 9/13/2029 (a) (b)
14,120
14,894
ASB Bank Ltd. (New Zealand) 5.35%, 6/15/2026 (a)
17,260
17,445
Banco Bilbao Vizcaya Argentaria SA (Spain) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 5.86%,
9/14/2026 (b)
24,200
24,328
Banco Santander SA (Spain)
2.75%, 5/28/2025
4,400
4,352
5.15%, 8/18/2025
8,400
8,414
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.72%, 9/14/2027 (b)
5,000
4,718
6.61%, 11/7/2028
8,200
8,725
Bank of America Corp.
(SOFR + 1.15%), 1.32%, 6/19/2026 (b)
14,105
13,838
(SOFR + 1.29%), 5.08%, 1/20/2027 (b)
35,240
35,340
(3-MONTH CME TERM SOFR + 1.77%), 3.71%, 4/24/2028 (b)
6,558
6,401
(SOFR + 1.63%), 5.20%, 4/25/2029 (b)
25,545
25,852
Bank of Ireland Group plc (Ireland)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.65%), 6.25%, 9/16/2026 (a) (b)
11,690
11,788
(SOFR + 1.62%), 5.60%, 3/20/2030 (a) (b)
8,870
9,047
Bank of Montreal (Canada)
5.30%, 6/5/2026
20,025
20,235
5.27%, 12/11/2026
10,410
10,550
Series f2f, (SOFR + 0.88%), 4.57%, 9/10/2027 (b)
23,025
22,980
Bank of New Zealand (New Zealand) 4.85%, 2/7/2028 (a)
15,120
15,215
Bank of Nova Scotia (The) (Canada)
4.75%, 2/2/2026
21,890
21,923
5.35%, 12/7/2026
16,400
16,642
(SOFR + 1.00%), 4.40%, 9/8/2028 (b)
20,120
19,971
Banque Federative du Credit Mutuel SA (France)
4.94%, 1/26/2026 (a)
19,910
19,944
5.90%, 7/13/2026 (a)
13,540
13,784
5.09%, 1/23/2027 (a)
11,975
12,071
Barclays plc (United Kingdom)
(SOFR + 1.49%), 5.67%, 3/12/2028 (b)
20,355
20,685
(SOFR + 1.34%), 4.84%, 9/10/2028 (b)
13,245
13,190
BNP Paribas SA (France)
(SOFR + 2.07%), 2.22%, 6/9/2026 (a) (b)
17,100
16,845
(SOFR + 1.00%), 1.32%, 1/13/2027 (a) (b)
9,670
9,276
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.50%), 5.34%, 6/12/2029 (a) (b)
12,000
12,149
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Banks — continued
(SOFR + 1.28%), 5.28%, 11/19/2030 (a) (b)
22,355
22,455
BPCE SA (France)
(SOFR + 1.52%), 1.65%, 10/6/2026 (a) (b)
16,801
16,328
(SOFR + 2.10%), 5.98%, 1/18/2027 (a) (b)
10,480
10,567
(SOFR + 2.27%), 6.71%, 10/19/2029 (a) (b)
10,000
10,532
CaixaBank SA (Spain) (SOFR + 2.08%), 6.68%, 9/13/2027 (a) (b)
18,495
19,011
Canadian Imperial Bank of Commerce (Canada)
(SOFR + 0.93%), 4.51%, 9/11/2027 (b)
19,135
19,066
5.00%, 4/28/2028
17,230
17,388
Citibank NA 5.49%, 12/4/2026
12,135
12,341
Citigroup, Inc.
(SOFR + 2.84%), 3.11%, 4/8/2026 (b)
8,525
8,472
(SOFR + 1.55%), 5.61%, 9/29/2026 (b)
23,415
23,555
(SOFR + 0.77%), 1.12%, 1/28/2027 (b)
13,725
13,147
(SOFR + 1.36%), 5.17%, 2/13/2030 (b)
18,585
18,785
(SOFR + 1.34%), 4.54%, 9/19/2030 (b)
22,140
21,801
Cooperatieve Rabobank UA (Netherlands)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.73%), 1.00%, 9/24/2026 (a) (b)
10,550
10,214
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.40%), 5.56%, 2/28/2029 (a) (b)
9,495
9,713
Credit Agricole SA (France)
4.38%, 3/17/2025 (a)
29,887
29,787
(SOFR + 1.68%), 1.91%, 6/16/2026 (a) (b)
12,090
11,886
(SOFR + 1.86%), 6.32%, 10/3/2029 (a) (b)
8,895
9,304
Danske Bank A/S (Denmark) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.40%), 5.71%,
3/1/2030 (a) (b)
7,155
7,328
DNB Bank ASA (Norway)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 1.13%, 9/16/2026 (a) (b)
14,945
14,503
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.68%), 1.61%, 3/30/2028 (a) (b)
20,942
19,471
Federation des Caisses Desjardins du Quebec (Canada)
2.05%, 2/10/2025 (a)
2,378
2,365
4.40%, 8/23/2025 (a)
2,052
2,048
(SOFRINDX + 1.09%), 5.28%, 1/23/2026 (a) (b)
25,970
25,972
5.25%, 4/26/2029 (a)
15,410
15,651
HSBC Holdings plc (United Kingdom)
(SOFR + 1.43%), 3.00%, 3/10/2026 (b)
10,650
10,590
(SOFR + 1.54%), 1.65%, 4/18/2026 (b)
15,272
15,080
(SOFR + 1.93%), 2.10%, 6/4/2026 (b)
11,950
11,778
(SOFR + 1.57%), 5.89%, 8/14/2027 (b)
15,380
15,615
(SOFR + 1.06%), 5.60%, 5/17/2028 (b)
18,740
19,009
(SOFR + 1.04%), 5.13%, 11/19/2028 (b)
19,840
19,926
KBC Group NV (Belgium)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.10%), 5.80%, 1/19/2029 (a) (b)
5,645
5,784
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.07%), 4.93%, 10/16/2030 (a) (b)
18,155
18,029
Lloyds Banking Group plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.75%), 4.72%, 8/11/2026 (b)
21,380
21,326
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.48%), 5.99%, 8/7/2027 (b)
16,745
17,020
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.70%), 5.87%, 3/6/2029 (b)
13,210
13,567
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Banks — continued
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.07%), 5.72%, 6/5/2030 (b)
20,665
21,228
Mitsubishi UFJ Financial Group, Inc. (Japan) 1.41%, 7/17/2025
5,310
5,201
Mizuho Financial Group, Inc. (Japan) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.67%), 1.23%,
5/22/2027 (b)
18,070
17,159
Morgan Stanley Bank NA
(SOFR + 0.68%), 4.45%, 10/15/2027 (b)
32,680
32,509
(SOFR + 0.93%), 4.97%, 7/14/2028 (b)
6,720
6,756
NatWest Group plc (United Kingdom)
4.80%, 4/5/2026
13,000
13,002
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.85%), 7.47%, 11/10/2026 (b)
2,770
2,832
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.35%), 5.85%, 3/2/2027 (b)
16,754
16,935
NatWest Markets plc (United Kingdom) 5.41%, 5/17/2029 (a)
15,350
15,719
Nordea Bank Abp (Finland) 4.75%, 9/22/2025 (a)
19,165
19,178
Royal Bank of Canada (Canada)
(SOFR + 0.79%), 5.07%, 7/23/2027 (b)
21,930
22,068
(SOFRINDX + 0.86%), 4.52%, 10/18/2028 (b)
23,060
22,991
Santander UK Group Holdings plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.25%), 1.53%, 8/21/2026 (b)
5,660
5,519
(SOFR + 2.75%), 6.83%, 11/21/2026 (b)
10,560
10,728
Skandinaviska Enskilda Banken AB (Sweden) 5.38%, 3/5/2029 (a)
15,980
16,318
Societe Generale SA (France)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.05%), 2.23%, 1/21/2026 (a) (b)
13,440
13,379
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 6.45%, 1/12/2027 (a) (b)
31,760
32,179
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 1.79%, 6/9/2027 (a) (b)
2,059
1,955
Standard Chartered plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.05%), 5.69%, 5/14/2028 (a) (b)
33,120
33,600
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.15%), 5.01%, 10/15/2030 (a) (b)
12,805
12,709
Sumitomo Mitsui Financial Group, Inc. (Japan) 1.47%, 7/8/2025
20,905
20,509
Sumitomo Mitsui Trust Bank Ltd. (Japan)
5.65%, 3/9/2026 (a)
7,590
7,680
4.45%, 9/10/2027 (a)
23,220
23,103
Toronto-Dominion Bank (The) (Canada) 5.53%, 7/17/2026
17,645
17,867
Wells Fargo & Co.
(SOFR + 1.32%), 3.91%, 4/25/2026 (b)
600
598
(SOFR + 1.51%), 3.53%, 3/24/2028 (b)
14,645
14,236
(SOFR + 1.07%), 5.71%, 4/22/2028 (b)
23,760
24,236
(SOFR + 1.98%), 4.81%, 7/25/2028 (b)
14,025
14,019
(SOFR + 1.74%), 5.57%, 7/25/2029 (b)
16,450
16,864
(SOFR + 1.79%), 6.30%, 10/23/2029 (b)
7,920
8,330
Westpac New Zealand Ltd. (New Zealand)
5.13%, 2/26/2027 (a)
10,695
10,813
4.90%, 2/15/2028 (a)
8,935
8,988
 
1,468,380
Beverages — 0.1%
Constellation Brands, Inc. 5.00%, 2/2/2026
13,160
13,154
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Capital Markets — 3.9%
Bank of New York Mellon Corp. (The) (SOFR + 0.84%), 4.89%, 7/21/2028 (b)
21,905
22,050
Deutsche Bank AG (Germany)
(SOFR + 1.87%), 2.13%, 11/24/2026 (b)
8,703
8,462
(SOFR + 1.22%), 2.31%, 11/16/2027 (b)
4,997
4,742
(SOFR + 1.59%), 5.71%, 2/8/2028 (b)
6,000
6,076
5.41%, 5/10/2029
5,235
5,342
(SOFR + 2.51%), 6.82%, 11/20/2029 (b)
8,395
8,867
Goldman Sachs Bank USA (SOFR + 0.75%), 5.41%, 5/21/2027 (b)
7,050
7,109
Goldman Sachs Group, Inc. (The)
(SOFR + 1.08%), 5.80%, 8/10/2026 (b)
28,070
28,253
(SOFR + 0.79%), 1.09%, 12/9/2026 (b)
13,850
13,335
(SOFR + 1.77%), 6.48%, 10/24/2029 (b)
13,300
14,071
(SOFR + 1.27%), 5.73%, 4/25/2030 (b)
13,460
13,892
(SOFR + 1.21%), 5.05%, 7/23/2030 (b)
20,450
20,559
Macquarie Bank Ltd. (Australia) 5.27%, 7/2/2027 (a)
16,030
16,342
Macquarie Group Ltd. (Australia) (SOFR + 1.07%), 1.34%, 1/12/2027 (a) (b)
15,754
15,131
Morgan Stanley
(SOFR + 0.51%), 5.10%, 1/22/2025 (b)
46,955
46,962
(SOFR + 0.72%), 0.99%, 12/10/2026 (b)
18,126
17,425
(SOFR + 2.24%), 6.30%, 10/18/2028 (b)
20,930
21,785
(SOFR + 1.73%), 5.12%, 2/1/2029 (b)
10,610
10,714
(SOFR + 1.63%), 5.45%, 7/20/2029 (b)
3,690
3,770
(SOFR + 1.26%), 5.66%, 4/18/2030 (b)
17,775
18,307
Nomura Holdings, Inc. (Japan)
1.85%, 7/16/2025
8,625
8,459
1.65%, 7/14/2026
20,765
19,704
UBS AG (Switzerland) 7.50%, 2/15/2028
7,755
8,359
UBS Group AG (Switzerland)
3.75%, 3/26/2025
2,555
2,546
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 5.71%, 1/12/2027 (a) (b)
8,594
8,663
(SOFR + 3.70%), 6.44%, 8/11/2028 (a) (b)
5,038
5,233
(USD SOFR ICE Swap Rate 1 Year + 1.34%), 5.62%, 9/13/2030 (a) (b)
24,645
25,250
 
381,408
Construction & Engineering — 0.1%
Quanta Services, Inc. 4.75%, 8/9/2027
12,175
12,180
Consumer Finance — 1.5%
AerCap Ireland Capital DAC (Ireland)
6.50%, 7/15/2025
12,660
12,757
4.45%, 10/1/2025
4,295
4,282
2.45%, 10/29/2026
5,000
4,780
6.45%, 4/15/2027
14,854
15,390
American Express Co.
(SOFR + 1.00%), 4.99%, 5/1/2026 (b)
11,195
11,203
(SOFRINDX + 0.75%), 5.65%, 4/23/2027 (b)
20,170
20,400
(SOFR + 0.93%), 5.04%, 7/26/2028 (b)
13,755
13,859
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Consumer Finance — continued
Avolon Holdings Funding Ltd. (Ireland)
5.50%, 1/15/2026 (a)
16,775
16,806
5.75%, 3/1/2029 (a)
22,610
23,142
Capital One Financial Corp.
(SOFR + 2.08%), 5.47%, 2/1/2029 (b)
10,450
10,571
(SOFR + 1.91%), 5.70%, 2/1/2030 (b)
13,230
13,544
 
146,734
Consumer Staples Distribution & Retail — 0.1%
Kroger Co. (The) 4.60%, 8/15/2027
12,450
12,505
Electric Utilities — 0.6%
Alliant Energy Finance LLC 1.40%, 3/15/2026 (a)
4,640
4,429
Enel Finance International NV (Italy) 5.13%, 6/26/2029 (a)
11,710
11,817
Entergy Corp. 0.90%, 9/15/2025
2,915
2,825
NextEra Energy Capital Holdings, Inc. 5.75%, 9/1/2025
7,435
7,482
Pacific Gas and Electric Co. 5.55%, 5/15/2029
26,901
27,544
Virginia Power Fuel Securitization LLC Series A-1, 5.09%, 5/1/2027
3,479
3,494
 
57,591
Entertainment — 0.0% ^
Take-Two Interactive Software, Inc. 5.40%, 6/12/2029
1,680
1,717
Financial Services — 0.6%
Global Payments, Inc. 4.95%, 8/15/2027
12,305
12,364
Nationwide Building Society (United Kingdom)
(SOFR + 1.91%), 6.56%, 10/18/2027 (a) (b)
17,115
17,600
(SOFR + 1.29%), 2.97%, 2/16/2028 (a) (b)
5,000
4,789
5.13%, 7/29/2029 (a)
22,135
22,365
 
57,118
Ground Transportation — 0.1%
Penske Truck Leasing Co. LP 1.20%, 11/15/2025 (a)
9,600
9,270
Independent Power and Renewable Electricity Producers — 0.2%
Constellation Energy Generation LLC
3.25%, 6/1/2025
4,675
4,633
5.60%, 3/1/2028
10,415
10,710
 
15,343
Insurance — 1.0%
Athene Global Funding 2.50%, 1/14/2025 (a)
3,165
3,155
CNO Global Funding 5.88%, 6/4/2027 (a)
16,775
17,148
Equitable Financial Life Global Funding 1.00%, 1/9/2026 (a)
13,395
12,858
F&G Global Funding
1.75%, 6/30/2026 (a)
11,240
10,676
5.88%, 6/10/2027 (a)
20,970
21,310
Jackson National Life Global Funding 3.88%, 6/11/2025 (a)
10,000
9,949
Protective Life Global Funding 5.21%, 4/14/2026 (a)
17,325
17,439
 
92,535
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Multi-Utilities — 0.3%
DTE Energy Co. 5.10%, 3/1/2029
20,225
20,455
NiSource, Inc. 0.95%, 8/15/2025
7,710
7,500
WEC Energy Group, Inc. 5.00%, 9/27/2025
5,625
5,638
 
33,593
Oil, Gas & Consumable Fuels — 0.3%
Energy Transfer LP 5.63%, 5/1/2027 (a)
16,335
16,376
Gray Oak Pipeline LLC 2.60%, 10/15/2025 (a)
12,825
12,556
 
28,932
Semiconductors & Semiconductor Equipment — 0.1%
Microchip Technology, Inc. 4.25%, 9/1/2025
7,850
7,814
Wireless Telecommunication Services — 0.2%
T-Mobile USA, Inc. 3.38%, 4/15/2029
17,770
16,747
Total Corporate Bonds
(Cost $2,402,837)
2,413,338
Asset-Backed Securities — 24.3%
ACC Trust Series 2022-1, Class B, 2.55%, 2/20/2025 (a)
185
185
Accelerated LLC Series 2021-1H, Class A, 1.35%, 10/20/2040 (a)
790
722
Affirm Asset Securitization Trust
Series 2023-A, Class 1A, 6.61%, 1/18/2028 (a)
11,645
11,667
Series 2024-X1, Class A, 6.27%, 5/15/2029 (a)
4,613
4,629
Ally Auto Receivables Trust Series 2024-1, Class A3, 5.08%, 12/15/2028
7,491
7,545
American Credit Acceptance Receivables Trust
Series 2023-2, Class B, 5.61%, 6/14/2027 (a)
1,957
1,958
Series 2024-2, Class B, 6.10%, 12/13/2027 (a)
5,330
5,390
Series 2022-3, Class D, 5.83%, 10/13/2028 (a)
4,299
4,320
Series 2022-4, Class C, 7.86%, 2/15/2029 (a)
3,655
3,678
Series 2023-1, Class C, 5.59%, 4/12/2029 (a)
9,401
9,427
Series 2023-1, Class D, 6.35%, 4/12/2029 (a)
3,625
3,667
Series 2023-2, Class D, 6.47%, 8/13/2029 (a)
5,000
5,070
Series 2024-2, Class C, 6.24%, 4/12/2030 (a)
11,879
12,088
Series 2024-4, Class C, 4.91%, 8/12/2031 (a)
7,700
7,677
Series 2024-4, Class D, 5.34%, 8/12/2031 (a)
2,561
2,549
AMSR Trust
Series 2020-SFR3, Class A, 1.36%, 9/17/2037 (a)
5,682
5,531
Series 2020-SFR3, Class B, 1.81%, 9/17/2037 (a)
9,780
9,538
Series 2020-SFR4, Class A, 1.36%, 11/17/2037 (a)
3,366
3,273
Series 2020-SFR5, Class A, 1.38%, 11/17/2037 (a)
6,233
6,061
Series 2020-SFR4, Class C, 1.86%, 11/17/2037 (a)
8,000
7,747
Series 2021-SFR1, Class B, 2.15%, 6/17/2038 (a)
8,230
7,436
Series 2021-SFR2, Class B, 1.78%, 8/17/2038 (a)
15,096
14,248
Series 2021-SFR2, Class C, 1.88%, 8/17/2038 (a)
2,000
1,882
Series 2021-SFR3, Class A, 1.48%, 10/17/2038 (a)
11,422
10,754
Series 2021-SFR3, Class B, 1.73%, 10/17/2038 (a)
7,207
6,774
Series 2021-SFR4, Class B, 2.42%, 12/17/2038 (a)
7,500
7,119
Series 2022-SFR1, Class C, 3.74%, 3/17/2039 (a)
5,500
5,289
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Asset-Backed Securities — continued
Series 2022-SFR3, Class C, 4.00%, 10/17/2039 (a)
2,000
1,924
Amur Equipment Finance Receivables LLC
Series 2023-1A, Class A2, 6.09%, 12/20/2029 (a)
3,769
3,814
Series 2024-1A, Class A2, 5.38%, 1/21/2031 (a)
5,455
5,498
Aqua Finance Trust
Series 2019-A, Class A, 3.14%, 7/16/2040 (a)
1,116
1,077
Series 2021-A, Class A, 1.54%, 7/17/2046 (a)
1,315
1,204
Series 2020-AA, Class A, 1.90%, 7/17/2046 (a)
457
431
Arbor Realty Commercial Real Estate Notes Ltd. Series 2021-FL4, Class A, 6.07%, 11/15/2036 (a) (c)
2,780
2,776
AREIT Trust Series 2021-CRE5, Class C, 6.97%, 11/17/2038 (a) (c)
8,292
8,259
Ares CLO Ltd. (Cayman Islands) Series 2015-4A, Class A1RR, 5.74%, 10/15/2030 (a) (c)
8,760
8,768
Auxilior Term Funding LLC Series 2023-1A, Class A2, 6.18%, 12/15/2028 (a)
9,911
10,020
Avis Budget Rental Car Funding AESOP LLC
Series 2020-2A, Class A, 2.02%, 2/20/2027 (a)
22,865
22,233
Series 2021-2A, Class A, 1.66%, 2/20/2028 (a)
11,899
11,147
Series 2023-3A, Class A, 5.44%, 2/22/2028 (a)
14,000
14,107
Series 2022-1A, Class B, 4.30%, 8/21/2028 (a)
3,000
2,894
Series 2023-6A, Class C, 7.03%, 12/20/2029 (a)
6,250
6,434
Series 2024-1A, Class C, 6.48%, 6/20/2030 (a)
2,000
2,021
Barings CLO Ltd. (Cayman Islands)
Series 2018-4A, Class A1R, 5.81%, 10/15/2030 (a) (c)
15,365
15,370
Series 2015-2A, Class B2R, 6.47%, 10/20/2030 (a) (c)
1,800
1,801
Bayview Opportunity Master Fund LLC Series 2024-CAR1, Class A, 5.83%, 12/26/2031 (a) (c)
6,854
6,864
Bayview Opportunity Master Fund Trust
Series 2024-SN1, Class A2, 5.67%, 4/15/2027 (a)
2,429
2,434
Series 2024-SN1, Class C, 5.83%, 12/15/2028 (a)
1,029
1,039
Bear Stearns Asset-Backed Securities Trust Series 2003-SD2, Class 2A, 6.63%, 6/25/2043 (c)
91
90
BHG Securitization Trust Series 2021-B, Class A, 0.90%, 10/17/2034 (a)
822
818
BOF Funding Trust
Series 2023-CAR3, Class C, 4.50%, 7/26/2032 (a)
1,573
1,553
Series 2023-CAR3, Class A2, 6.29%, 7/26/2032 (a)
7,453
7,561
BofA Auto Trust
Series 2024-1A, Class A3, 5.35%, 11/15/2028 (a)
6,975
7,069
Series 2024-1A, Class A4, 5.31%, 6/17/2030 (a)
4,260
4,340
Bridge Trust Series 2022-SFR1, Class B, 4.15%, 11/17/2037 (a)
10,575
10,422
Bridgecrest Lending Auto Securitization Trust
Series 2024-1, Class A3, 5.53%, 1/18/2028
4,000
4,014
Series 2024-1, Class B, 5.43%, 8/15/2028
5,500
5,535
Series 2024-1, Class C, 5.65%, 4/16/2029
6,750
6,836
Series 2024-3, Class C, 5.70%, 7/16/2029
10,434
10,558
Series 2023-1, Class B, 6.80%, 8/15/2029
1,546
1,576
Series 2023-1, Class C, 7.10%, 8/15/2029
6,950
7,174
Series 2024-2, Class B, 5.94%, 2/15/2030
1,075
1,092
Series 2024-2, Class C, 6.07%, 2/15/2030
10,360
10,563
Series 2024-4, Class B, 4.77%, 8/15/2030
4,000
3,995
Series 2024-4, Class C, 4.83%, 8/15/2030
6,440
6,423
BRSP Ltd. Series 2021-FL1, Class A, 5.87%, 8/19/2038 (a) (c)
3,764
3,746
BSPRT Issuer Ltd. Series 2021-FL7, Class B, 6.77%, 12/15/2038 (a) (c)
7,025
6,965
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Asset-Backed Securities — continued
Business Jet Securities LLC
Series 2024-1A, Class A, 6.20%, 5/15/2039 ‡ (a)
14,646
14,877
Series 2024-2A, Class A, 5.36%, 9/15/2039 ‡ (a)
21,896
21,649
Buttermilk Park CLO Ltd. (Cayman Islands) Series 2018-1A, Class A1R, 5.74%, 10/15/2031 (a) (c)
7,713
7,721
BXMT Ltd. Series 2021-FL4, Class A, 5.77%, 5/15/2038 (a) (c)
5,777
5,662
CarMax Auto Owner Trust Series 2024-2, Class A3, 5.50%, 1/16/2029
5,125
5,215
CarVal CLO Ltd. (Cayman Islands)
Series 2018-1A, Class AR, 5.88%, 7/16/2031 (a) (c)
16,729
16,753
Series 2019-1A, Class AR2, 0.00%, 4/20/2032 ‡ (a) (c) (d)
27,500
27,500
Carvana Auto Receivables Trust
Series 2023-N1, Class B, 5.85%, 11/10/2027 (a)
13,950
14,018
Series 2024-N1, Class A3, 5.60%, 3/10/2028 (a)
6,500
6,546
Series 2022-P2, Class B, 5.08%, 4/10/2028
4,175
4,195
Series 2023-P3, Class A3, 5.82%, 8/10/2028 (a)
3,445
3,484
Series 2021-N4, Class B, 1.24%, 9/11/2028
965
923
Series 2021-N4, Class C, 1.72%, 9/11/2028
1,050
1,008
Series 2023-P1, Class A4, 5.94%, 1/10/2029 (a)
3,500
3,570
Series 2024-P1, Class A3, 5.05%, 4/10/2029 (a)
10,198
10,254
Series 2024-P2, Class A3, 5.33%, 7/10/2029
7,714
7,807
Series 2023-P3, Class A4, 5.71%, 7/10/2029 (a)
1,750
1,787
Series 2024-P3, Class A3, 4.26%, 10/10/2029
12,545
12,435
Series 2024-P1, Class A4, 5.08%, 3/11/2030 (a)
3,250
3,286
Series 2024-P1, Class B, 5.37%, 5/10/2030 (a)
5,700
5,755
Series 2024-N1, Class B, 5.63%, 5/10/2030 (a)
9,857
9,962
Series 2024-P2, Class B, 5.38%, 8/12/2030
8,186
8,358
Series 2024-P3, Class A4, 4.31%, 9/10/2030
1,000
986
CFMT LLC
Series 2024-HB13, Class A, 3.00%, 5/25/2034 ‡ (a) (c)
3,913
3,806
Series 2022-HB9, Class A, 3.25%, 9/25/2037 ‡ (a) (c)
4,886
4,665
Cherry Securitization Trust Series 2024-1A, Class A, 5.70%, 4/15/2032 (a)
12,115
12,017
Clarus Capital Funding LLC Series 2024-1A, Class A2, 4.71%, 8/20/2032 (a)
9,666
9,620
CoreVest American Finance Trust
Series 2020-4, Class A, 1.17%, 12/15/2052 (a)
1,794
1,741
Series 2020-3, Class A, 1.36%, 8/15/2053 (a)
1,083
1,040
CPS Auto Receivables Trust
Series 2022-A, Class C, 2.17%, 4/16/2029 (a)
3,741
3,722
Series 2022-A, Class D, 2.84%, 4/16/2029 (a)
4,425
4,331
Series 2023-A, Class D, 6.44%, 4/16/2029 (a)
2,250
2,291
Series 2022-C, Class C, 5.28%, 4/15/2030 (a)
8,120
8,135
Series 2022-C, Class D, 6.45%, 4/15/2030 (a)
5,040
5,119
Credit Acceptance Auto Loan Trust
Series 2021-4, Class A, 1.26%, 10/15/2030 (a)
44
44
Series 2021-4, Class B, 1.74%, 12/16/2030 (a)
2,596
2,587
Series 2023-1A, Class A, 6.48%, 3/15/2033 (a)
2,250
2,276
Series 2023-2A, Class A, 5.92%, 5/16/2033 (a)
9,250
9,319
Series 2023-1A, Class B, 7.02%, 5/16/2033 (a)
6,000
6,150
Series 2023-2A, Class B, 6.61%, 7/15/2033 (a)
6,000
6,114
Series 2023-1A, Class C, 7.71%, 7/15/2033 (a)
7,000
7,268
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Asset-Backed Securities — continued
Series 2023-3A, Class A, 6.39%, 8/15/2033 (a)
1,858
1,891
Series 2023-3A, Class B, 7.09%, 10/17/2033 (a)
1,350
1,392
Series 2023-3A, Class C, 7.62%, 12/15/2033 (a)
5,952
6,205
Series 2023-5A, Class B, 6.71%, 2/15/2034 (a)
4,000
4,112
Series 2024-1A, Class A, 5.68%, 3/15/2034 (a)
14,025
14,222
Series 2023-5A, Class C, 7.30%, 4/17/2034 (a)
8,892
9,231
Series 2024-2A, Class A, 5.95%, 6/15/2034 (a)
7,714
7,846
Series 2024-1A, Class C, 6.71%, 7/17/2034 (a)
10,450
10,667
Series 2024-2A, Class B, 6.11%, 8/15/2034 (a)
8,000
8,160
Series 2024-3A, Class A, 4.68%, 9/15/2034 (a)
9,381
9,289
Series 2024-2A, Class C, 6.70%, 10/16/2034 (a)
5,000
5,140
Series 2024-3A, Class B, 4.85%, 11/15/2034 (a)
9,343
9,211
Series 2024-3A, Class C, 5.39%, 1/16/2035 (a)
4,000
3,946
Crossroads Asset Trust
Series 2024-A, Class A2, 5.90%, 8/20/2030 (a)
7,000
7,083
Series 2024-A, Class B, 5.94%, 8/20/2030 (a)
3,945
4,009
Series 2022-A, Class A, 6.35%, 4/21/2031 (a)
2,123
2,134
CWABS, Inc. Asset-Backed Certificates Trust Series 2004-6, Class M1, 5.60%, 10/25/2034 (c)
63
63
Diamond Resorts Owner Trust
Series 2021-1A, Class A, 1.51%, 11/21/2033 (a)
1,060
1,032
Series 2021-1A, Class B, 2.05%, 11/21/2033 (a)
244
237
Drive Auto Receivables Trust
Series 2024-1, Class B, 5.31%, 1/16/2029
3,750
3,776
Series 2024-2, Class B, 4.52%, 7/16/2029
20,728
20,594
Series 2024-1, Class C, 5.43%, 11/17/2031
7,142
7,197
Series 2024-2, Class C, 4.67%, 5/17/2032
10,137
10,067
Driven Brands Funding LLC Series 2019-1A, Class A2, 4.64%, 4/20/2049 (a)
1,127
1,111
Dryden CLO Ltd. (Cayman Islands) Series 2019-68A, Class ARR, 0.00%, 7/15/2035 ‡ (a) (c) (d)
2,000
2,000
Dryden Senior Loan Fund (Cayman Islands)
Series 2017-49A, Class AR, 5.84%, 7/18/2030 (a) (c)
524
525
Series 2016-43A, Class AR2, 5.92%, 4/20/2034 (a) (c)
2,520
2,520
DT Auto Owner Trust
Series 2021-1A, Class D, 1.16%, 11/16/2026 (a)
2,145
2,121
Series 2021-3A, Class D, 1.31%, 5/17/2027 (a)
9,549
9,279
Series 2021-4A, Class C, 1.50%, 9/15/2027 (a)
2,745
2,724
Series 2022-3A, Class C, 7.69%, 7/17/2028 (a)
7,478
7,589
Series 2023-1A, Class C, 5.55%, 10/16/2028 (a)
13,425
13,479
Series 2023-1A, Class D, 6.44%, 11/15/2028 (a)
1,993
2,025
Series 2023-3A, Class C, 6.40%, 5/15/2029 (a)
6,746
6,859
Elara HGV Timeshare Issuer LLC
Series 2021-A, Class A, 1.36%, 8/27/2035 (a)
409
382
Series 2021-A, Class B, 1.74%, 8/27/2035 (a)
560
524
Elmwood CLO Ltd. (Cayman Islands) Series 2021-3A, Class A1R, 5.89%, 4/20/2034 (a) (c)
21,665
21,682
Equify ABS LLC Series 2023-1A, Class A, 7.20%, 9/15/2031 (a)
5,046
5,064
Exeter Automobile Receivables Trust
Series 2021-3A, Class C, 0.96%, 10/15/2026
774
772
Series 2023-3A, Class B, 6.11%, 9/15/2027
1,889
1,895
Series 2021-4A, Class C, 1.46%, 10/15/2027
725
724
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Asset-Backed Securities — continued
Series 2024-2A, Class B, 5.61%, 4/17/2028
2,383
2,395
Series 2023-3A, Class C, 6.21%, 6/15/2028
6,815
6,898
Series 2023-5A, Class C, 6.85%, 1/16/2029
9,000
9,260
Series 2022-6A, Class D, 8.03%, 4/6/2029
6,964
7,257
Series 2024-2A, Class C, 5.74%, 5/15/2029
15,216
15,435
Series 2023-5A, Class D, 7.13%, 2/15/2030
3,300
3,429
FHF Trust
Series 2021-2A, Class A, 0.83%, 12/15/2026 (a)
1,727
1,711
Series 2023-1A, Class A2, 6.57%, 6/15/2028 (a)
5,843
5,915
First Investors Auto Owner Trust Series 2023-1A, Class B, 6.55%, 12/17/2029 (a)
5,685
5,855
FirstKey Homes Trust
Series 2020-SFR1, Class A, 1.34%, 8/17/2037 (a)
5,708
5,571
Series 2020-SFR1, Class C, 1.94%, 8/17/2037 (a)
2,307
2,244
Series 2020-SFR2, Class A, 1.27%, 10/19/2037 (a)
6,360
6,179
Series 2021-SFR1, Class B, 1.79%, 8/17/2038 (a)
5,165
4,896
Series 2021-SFR1, Class C, 1.89%, 8/17/2038 (a)
4,000
3,773
Series 2021-SFR1, Class D, 2.19%, 8/17/2038 (a)
13,000
12,339
Series 2022-SFR1, Class B, 4.49%, 5/19/2039 (a)
5,000
4,915
Series 2022-SFR1, Class C, 4.64%, 5/19/2039 (a)
7,000
6,858
Flagship Credit Auto Trust
Series 2020-2, Class D, 5.75%, 4/15/2026 (a)
846
847
Series 2020-3, Class C, 1.73%, 9/15/2026 (a)
644
643
Series 2020-3, Class D, 2.50%, 9/15/2026 (a)
4,665
4,607
Series 2020-4, Class C, 1.28%, 2/16/2027 (a)
84
83
Series 2021-1, Class C, 0.91%, 3/15/2027 (a)
2,975
2,950
Series 2021-3, Class C, 1.46%, 9/15/2027 (a)
16,250
15,920
Series 2022-3, Class D, 6.00%, 7/17/2028 (a)
6,666
6,620
Series 2023-3, Class C, 6.01%, 7/16/2029 (a)
2,550
2,592
Foundation Finance Trust
Series 2020-1A, Class A, 3.54%, 7/16/2040 (a)
957
949
Series 2021-1A, Class A, 1.27%, 5/15/2041 (a)
7,050
6,549
FRTKL
Series 2021-SFR1, Class B, 1.72%, 9/17/2038 (a)
4,960
4,654
Series 2021-SFR1, Class C, 1.92%, 9/17/2038 (a)
5,000
4,688
Galaxy CLO Ltd. (Cayman Islands) Series 2018-26A, Class AR, 5.68%, 11/22/2031 (a) (c)
8,909
8,906
GLS Auto Receivables Issuer Trust
Series 2021-3A, Class C, 1.11%, 9/15/2026 (a)
819
816
Series 2020-4A, Class D, 1.64%, 10/15/2026 (a)
1,779
1,772
Series 2024-1A, Class C, 5.64%, 12/17/2029 (a)
4,925
4,983
GLS Auto Select Receivables Trust
Series 2023-2A, Class A2, 6.37%, 6/15/2028 (a)
3,899
3,944
Series 2023-1A, Class A3, 5.96%, 10/16/2028 (a)
4,000
4,055
Series 2023-1A, Class B, 6.09%, 3/15/2029 (a)
3,400
3,477
Series 2024-3A, Class A2, 5.59%, 10/15/2029 (a)
6,000
6,061
Series 2024-1A, Class A2, 5.24%, 3/15/2030 (a)
4,090
4,111
Series 2024-1A, Class B, 5.32%, 3/15/2030 (a)
2,000
2,007
Series 2024-1A, Class C, 5.69%, 3/15/2030 (a)
973
980
Goldman Home Improvement Trust Issuer Trust Series 2021-GRN2, Class A, 1.15%, 6/25/2051 (a)
5,102
4,881
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Asset-Backed Securities — continued
Granite Park Equipment Leasing LLC Series 2023-1A, Class A3, 6.46%, 9/20/2032 (a)
12,000
12,434
GreenSky Home Improvement Trust Series 2024-1, Class A2, 5.88%, 6/25/2059 (a)
12,766
12,831
Harley-Davidson Motorcycle Trust
Series 2024-A, Class A3, 5.37%, 3/15/2029
15,539
15,706
Series 2024-B, Class A3, 4.31%, 7/16/2029
8,867
8,835
Hertz Vehicle Financing LLC
Series 2022-4A, Class A, 3.73%, 9/25/2026 (a)
1,140
1,131
Series 2023-3A, Class A, 5.94%, 2/25/2028 (a)
10,500
10,680
Hilton Grand Vacations Trust
Series 2023-1A, Class A, 5.72%, 1/25/2038 (a)
2,161
2,187
Series 2024-2A, Class A, 5.50%, 3/25/2038 (a)
1,531
1,545
Series 2020-AA, Class A, 2.74%, 2/25/2039 (a)
167
161
Series 2024-3A, Class A, 4.98%, 8/27/2040 (a)
12,000
12,005
Home Partners of America Trust
Series 2021-2, Class A, 1.90%, 12/17/2026 (a)
1,308
1,233
Series 2021-2, Class B, 2.30%, 12/17/2026 (a)
13,318
12,520
Series 2022-1, Class D, 4.73%, 4/17/2039 (a)
16,243
15,838
Honda Auto Receivables Owner Trust Series 2024-1, Class A3, 5.21%, 8/15/2028
18,416
18,609
Hyundai Auto Lease Securitization Trust Series 2024-A, Class A4, 5.07%, 2/15/2028 (a)
5,000
5,031
Hyundai Auto Receivables Trust Series 2024-A, Class A3, 4.99%, 2/15/2029
9,487
9,562
John Deere Owner Trust Series 2024-C, Class A4, 4.15%, 8/15/2031
6,830
6,757
KKR Static CLO Ltd. (Cayman Islands) Series 2022-1A, Class AR, 6.02%, 7/20/2031 (a) (c)
6,602
6,607
LCM LP (Cayman Islands) Series 14A, Class AR, 5.92%, 7/20/2031 (a) (c)
6,515
6,519
Lendbuzz Securitization Trust
Series 2022-1A, Class A, 4.22%, 5/17/2027 (a)
7,240
7,202
Series 2023-2A, Class A2, 7.09%, 10/16/2028 (a)
2,354
2,397
Lendmark Funding Trust
Series 2021-2A, Class A, 2.00%, 4/20/2032 (a)
4,888
4,529
Series 2024-2A, Class A, 4.47%, 2/21/2034 (a)
8,625
8,482
LP LMS Asset Securitization Trust Series 2023-1A, Class A, 8.18%, 10/17/2033 (a)
1,893
1,897
M&T Equipment Notes Series 2023-1A, Class A3, 5.74%, 7/15/2030 (a)
11,454
11,578
Magnetite Ltd. (Cayman Islands) Series 2015-15A, Class AR, 5.90%, 7/25/2031 (a) (c)
441
442
Marble Point CLO Ltd. (Cayman Islands) Series 2019-1A, Class A1R2, 5.60%, 7/23/2032 (a) (c)
11,465
11,465
Mariner Finance Issuance Trust
Series 2023-AA, Class A, 6.70%, 10/22/2035 (a)
14,800
15,022
Series 2021-AA, Class A, 1.86%, 3/20/2036 (a)
15,923
15,122
Series 2024-AA, Class A, 5.13%, 9/22/2036 (a)
13,441
13,502
Merchants Fleet Funding LLC
Series 2023-1A, Class A, 7.21%, 5/20/2036 (a)
10,461
10,605
Series 2024-1A, Class A, 5.82%, 4/20/2037 (a)
15,285
15,417
Mercury Financial Credit Card Master Trust
Series 2023-1A, Class A, 8.04%, 9/20/2027 (a)
15,481
15,507
Series 2024-2A, Class A, 6.56%, 7/20/2029 (a)
12,886
13,020
Morgan Stanley ABS Capital I, Inc. Trust Series 2003-SD1, Class M1, 6.95%, 3/25/2033 (c)
60
58
MVW LLC
Series 2020-1A, Class A, 1.74%, 10/20/2037 (a)
810
775
Series 2024-2A, Class A, 4.43%, 3/20/2042 (a)
8,631
8,491
Neuberger Berman CLO (Cayman Islands) Series 2013-15A, Class A1R2, 5.84%, 10/15/2029 (a) (c)
9,160
9,166
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Asset-Backed Securities — continued
Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands) Series 2022-49A, Class AR, 5.78%, 7/25/2035 (a) (c)
19,596
19,643
New Economy Assets Phase Sponsor LLC Series 2021-1, Class A1, 1.91%, 10/20/2061 (a)
1,816
1,674
Nissan Auto Lease Trust
Series 2024-A, Class A2A, 5.11%, 10/15/2026
4,524
4,533
Series 2024-A, Class A3, 4.91%, 4/15/2027
5,714
5,735
NMEF Funding LLC
Series 2022-A, Class B, 3.35%, 10/16/2028 (a)
2,220
2,206
Series 2023-A, Class A2, 6.57%, 6/17/2030 (a)
6,879
6,953
NRZ Excess Spread-Collateralized Notes
Series 2021-FNT1, Class A, 2.98%, 3/25/2026 (a)
717
693
Series 2021-FNT2, Class A, 3.23%, 5/25/2026 (a)
7,906
7,638
Series 2021-GNT1, Class A, 3.47%, 11/25/2026 (a)
2,454
2,346
OCP CLO Ltd. (Cayman Islands)
Series 2014-6A, Class A1R2, 5.80%, 10/17/2030 (a) (c)
8,291
8,291
Series 2017-13A, Class AR2, 5.89%, 11/26/2037 (a) (c)
2,300
2,300
Octagon Investment Partners Ltd. (Cayman Islands) Series 2018-18A, Class A1A, 5.87%, 4/16/2031 (a) (c)
3,036
3,043
Octane Receivables Trust
Series 2021-2A, Class A, 1.21%, 9/20/2028 (a)
410
406
Series 2021-2A, Class B, 2.02%, 9/20/2028 (a)
4,800
4,678
Series 2023-1A, Class A, 5.87%, 5/21/2029 (a)
2,722
2,733
Series 2023-1A, Class B, 5.96%, 7/20/2029 (a)
6,348
6,404
Series 2024-1A, Class A2, 5.68%, 5/20/2030 (a)
13,828
13,946
Series 2024-2A, Class B, 5.77%, 7/20/2032 (a)
2,000
2,025
Series 2024-2A, Class C, 5.90%, 7/20/2032 (a)
2,500
2,532
OnDeck Asset Securitization Trust IV LLC Series 2023-1A, Class A, 7.00%, 8/19/2030 (a)
5,850
5,956
Oportun Funding Trust Series 2024-3, Class A, 5.26%, 8/15/2029 (a)
19,472
19,477
Oportun Funding XIV LLC Series 2021-A, Class A, 1.21%, 3/8/2028 (a)
2,263
2,217
Oportun Issuance Trust
Series 2021-B, Class B, 1.96%, 5/8/2031 (a)
4,056
3,928
Series 2021-C, Class A, 2.18%, 10/8/2031 (a)
17,820
17,252
Pagaya AI Debt Selection Trust Series 2021-HG1, Class A, 1.22%, 1/16/2029 (a)
529
522
Pagaya AI Debt Trust Series 2023-1, Class A, 7.56%, 7/15/2030 (a)
718
720
Palmer Square Loan Funding Ltd. (Cayman Islands)
Series 2022-1A, Class A1, 5.70%, 4/15/2030 (a) (c)
4,133
4,135
Series 2023-2A, Class A1, 6.08%, 1/25/2032 (a) (c)
11,372
11,394
Series 2024-3A, Class A1, 5.60%, 8/8/2032 (a) (c)
15,642
15,641
Pawneee Equipment Receivables LLC
Series 2021-1, Class B, 1.82%, 7/15/2027 (a)
5,923
5,870
Series 2022-1, Class A3, 5.17%, 2/15/2028 (a)
3,316
3,319
PEAC Solutions Receivables LLC
Series 2024-2A, Class A2, 4.74%, 4/20/2027 (a)
9,275
9,236
Series 2024-1A, Class A2, 5.79%, 6/21/2027 (a)
12,917
13,029
Series 2024-2A, Class A3, 4.65%, 10/20/2031 (a)
3,500
3,459
Post Road Equipment Finance LLC Series 2024-1A, Class A2, 5.59%, 11/15/2029 (a)
15,255
15,353
PowerPay Issuance Trust Series 2024-1A, Class A, 6.53%, 2/18/2039 (a)
2,443
2,480
PRET LLC
Series 2021-NPL3, Class A1, 4.87%, 7/25/2051 (a) (e)
8,717
8,684
Series 2021-NPL6, Class A1, 5.49%, 7/25/2051 (a) (e)
3,674
3,657
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Asset-Backed Securities — continued
Progress Residential
Series 2021-SFR3, Class B, 1.89%, 5/17/2026 (a)
16,067
15,459
Series 2021-SFR3, Class E1, 2.54%, 5/17/2026 (a)
1,800
1,731
Series 2021-SFR1, Class B, 1.30%, 4/17/2038 (a)
2,750
2,637
Series 2021-SFR4, Class B, 1.81%, 5/17/2038 (a)
8,800
8,471
Progress Residential Trust
Series 2021-SFR6, Class A, 1.52%, 7/17/2038 (a)
7,246
6,915
Series 2021-SFR6, Class B, 1.75%, 7/17/2038 (a)
17,500
16,691
Series 2021-SFR8, Class B, 1.68%, 10/17/2038 (a)
9,000
8,498
Series 2021-SFR8, Class E1, 2.38%, 10/17/2038 (a)
4,650
4,377
Series 2022-SFR6, Class B, 5.00%, 7/20/2039 (a)
4,000
3,978
PRPM LLC
Series 2021-4, Class A1, 4.87%, 4/25/2026 (a) (e)
4,549
4,526
Series 2021-5, Class A1, 4.79%, 6/25/2026 (a) (e)
11,324
11,242
Series 2021-6, Class A1, 4.79%, 7/25/2026 (a) (e)
8,637
8,600
Series 2021-11, Class A1, 5.49%, 11/25/2026 (a) (e)
1,552
1,550
Reach ABS Trust Series 2023-1A, Class A, 7.05%, 2/18/2031 (a)
326
326
Regional Management Issuance Trust
Series 2020-1, Class A, 2.34%, 10/15/2030 (a)
282
281
Series 2021-1, Class A, 1.68%, 3/17/2031 (a)
4,954
4,894
Series 2021-2, Class A, 1.90%, 8/15/2033 (a)
1,103
1,026
Republic Finance Issuance Trust
Series 2021-A, Class A, 2.30%, 12/22/2031 (a)
9,937
9,777
Series 2021-A, Class B, 2.80%, 12/22/2031 (a)
3,000
2,879
Series 2024-B, Class A, 5.42%, 11/20/2037 (a)
14,486
14,511
Santander Bank Auto Credit-Linked Notes
Series 2024-A, Class A2, 5.61%, 6/15/2032 (a)
2,579
2,606
Series 2024-A, Class B, 5.62%, 6/15/2032 (a)
4,000
4,030
Series 2024-A, Class C, 5.82%, 6/15/2032 (a)
7,250
7,294
Series 2024-A, Class D, 6.11%, 6/15/2032 (a)
3,000
3,015
Series 2022-C, Class B, 6.45%, 12/15/2032 (a)
601
604
Series 2023-B, Class D, 6.66%, 12/15/2033 (a)
1,068
1,079
Santander Consumer Auto Receivables Trust Series 2021-AA, Class C, 1.03%, 11/16/2026 (a)
1,500
1,474
Santander Drive Auto Receivables Trust
Series 2021-1, Class D, 1.13%, 11/16/2026
1,121
1,114
Series 2020-4, Class D, 1.48%, 1/15/2027
1,585
1,579
Series 2021-2, Class D, 1.35%, 7/15/2027
1,578
1,560
Series 2021-3, Class D, 1.33%, 9/15/2027
1,633
1,609
Series 2023-4, Class B, 5.77%, 12/15/2028
7,291
7,396
Series 2023-6, Class B, 5.98%, 4/16/2029
2,500
2,548
Series 2022-3, Class C, 4.49%, 8/15/2029
12,595
12,550
Series 2024-4, Class B, 4.93%, 9/17/2029
817
821
Series 2022-4, Class C, 5.00%, 11/15/2029
20,750
20,835
Series 2023-3, Class C, 5.77%, 11/15/2030
4,000
4,089
Series 2022-5, Class D, 5.67%, 12/16/2030
16,625
16,836
Series 2024-5, Class C, 4.78%, 1/15/2031
2,249
2,241
Series 2022-6, Class D, 5.69%, 2/18/2031
10,600
10,739
Series 2023-5, Class C, 6.43%, 2/18/2031
6,750
7,003
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Asset-Backed Securities — continued
Series 2024-2, Class D, 6.28%, 8/15/2031
4,700
4,836
Series 2023-4, Class C, 6.04%, 12/15/2031
14,925
15,317
SBNA Auto Lease Trust
Series 2024-A, Class A3, 5.39%, 11/20/2026 (a)
22,050
22,167
Series 2024-B, Class A3, 5.56%, 11/22/2027 (a)
1,560
1,579
Series 2024-B, Class A4, 5.55%, 12/20/2028 (a)
9,000
9,140
Series 2024-A, Class A4, 5.24%, 1/22/2029 (a)
4,000
4,022
SBNA Auto Receivables Trust Series 2024-A, Class D, 6.04%, 4/15/2030 (a)
2,000
2,040
SCF Equipment Leasing LLC
Series 2024-1A, Class A3, 5.52%, 1/20/2032 (a)
7,073
7,218
Series 2022-2A, Class B, 6.50%, 2/20/2032 (a)
2,000
2,054
Series 2023-1A, Class A3, 6.17%, 5/20/2032 (a)
4,057
4,198
Sierra Timeshare Receivables Funding LLC
Series 2020-2A, Class A, 1.33%, 7/20/2037 (a)
123
121
Series 2020-2A, Class B, 2.32%, 7/20/2037 (a)
481
474
Series 2021-1A, Class A, 0.99%, 11/20/2037 (a)
682
659
Series 2021-1A, Class B, 1.34%, 11/20/2037 (a)
420
405
Series 2021-1A, Class C, 1.79%, 11/20/2037 (a)
373
360
Series 2022-3A, Class B, 6.32%, 7/20/2039 (a)
967
981
Series 2022-2A, Class B, 5.04%, 6/20/2040 (a)
495
489
Series 2022-2A, Class C, 6.36%, 6/20/2040 (a)
495
494
Series 2024-2A, Class A, 5.14%, 6/20/2041 (a)
9,641
9,572
Stonepeak ABS Series 2021-1A, 2.30%, 2/28/2033 ‡ (a)
4,342
4,133
Stream Innovations Issuer Trust Series 2024-2A, Class A, 5.21%, 2/15/2045 (a)
4,888
4,897
Symphony CLO Ltd. (Cayman Islands)
Series 2018-19A, Class A, 5.87%, 4/16/2031 (a) (c)
2,028
2,030
Series 2015-16A, Class ARR, 5.86%, 10/15/2031 (a) (c)
17,163
17,180
Series 2018-20A, Class AR2, 5.75%, 1/16/2032 (a) (c)
16,395
16,416
TCI-Symphony CLO Ltd. (Cayman Islands) Series 2016-1A, Class AR2, 5.94%, 10/13/2032 (a) (c)
4,234
4,242
Tesla Auto Lease Trust
Series 2024-A, Class A3, 5.30%, 6/21/2027 (a)
16,104
16,181
Series 2024-B, Class A3, 4.82%, 10/20/2027 (a)
7,666
7,651
Theorem Funding Trust
Series 2022-2A, Class A, 6.06%, 12/15/2028 (a)
1,944
1,949
Series 2022-3A, Class A, 7.60%, 4/15/2029 (a)
1,362
1,374
THL Credit Wind River CLO Ltd. (Cayman Islands) Series 2019-3A, Class AR2, 5.72%, 4/15/2031 ‡ (a) (c) (d)
14,750
14,769
Toyota Lease Owner Trust Series 2024-A, Class A3, 5.25%, 4/20/2027 (a)
18,400
18,543
Tricon Residential Trust
Series 2021-SFR1, Class A, 1.94%, 7/17/2038 (a)
1,793
1,714
Series 2021-SFR1, Class B, 2.24%, 7/17/2038 (a)
4,100
3,906
Series 2024-SFR2, Class A, 4.75%, 6/17/2040 (a)
11,388
11,282
Upgrade Receivables Trust Series 2024-1A, Class A, 5.37%, 1/15/2031 ‡ (a)
7,700
7,704
Upstart Pass-Through Trust
Series 2021-ST5, Class A, 2.00%, 7/20/2027 (a)
187
182
Series 2021-ST6, Class A, 1.85%, 8/20/2027 (a)
245
242
Series 2021-ST9, Class A, 1.70%, 11/20/2029 (a)
40
40
Series 2021-ST10, Class A, 2.25%, 1/20/2030 (a)
835
831
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Asset-Backed Securities — continued
Upstart Securitization Trust
Series 2021-5, Class B, 2.49%, 11/20/2031 (a)
561
559
Series 2022-4, Class A, 5.98%, 8/20/2032 (a)
1,397
1,393
Series 2023-1, Class A, 6.59%, 2/20/2033 (a)
193
193
Upstart Structured Pass-Through Trust Series 2022-4A, Class A, 7.01%, 11/15/2030 (a)
517
517
US Bank NA Series 2023-1, Class B, 6.79%, 8/25/2032 (a)
10,190
10,330
Veros Auto Receivables Trust
Series 2022-1, Class C, 5.03%, 8/16/2027 (a)
2,750
2,739
Series 2024-1, Class A, 6.28%, 11/15/2027 (a)
2,400
2,416
Series 2023-1, Class A, 7.12%, 11/15/2028 (a)
1,713
1,723
Series 2023-1, Class B, 7.17%, 11/15/2028 (a)
5,000
5,073
Series 2023-1, Class C, 8.32%, 11/15/2028 (a)
1,500
1,553
Series 2022-1, Class D, 7.23%, 7/16/2029 (a)
2,750
2,744
VFI ABS LLC Series 2023-1A, Class A, 7.27%, 3/26/2029 (a)
3,496
3,531
VOLT C LLC Series 2021-NPL9, Class A1, 4.99%, 5/25/2051 (a) (e)
2,542
2,530
VOLT CI LLC Series 2021-NP10, Class A1, 4.99%, 5/25/2051 (a) (e)
6,508
6,497
VOLT CIII LLC Series 2021-CF1, Class A1, 4.99%, 8/25/2051 (a) (e)
8,871
8,845
VOLT XCII LLC Series 2021-NPL1, Class A1, 4.89%, 2/27/2051 (a) (e)
1,542
1,539
VOLT XCIII LLC Series 2021-NPL2, Class A1, 4.89%, 2/27/2051 (a) (e)
4,694
4,685
VOLT XCIV LLC Series 2021-NPL3, Class A1, 5.24%, 2/27/2051 (a) (e)
5,315
5,300
VOLT XCIX LLC Series 2021-NPL8, Class A1, 5.12%, 4/25/2051 (a) (e)
2,960
2,958
VOLT XCV LLC Series 2021-NPL4, Class A1, 5.24%, 3/27/2051 (a) (e)
5,003
4,992
VOLT XCVI LLC Series 2021-NPL5, Class A1, 5.12%, 3/27/2051 (a) (e)
4,238
4,234
VOLT XCVII LLC Series 2021-NPL6, Class A1, 5.24%, 4/25/2051 (a) (e)
3,938
3,938
Volvo Financial Equipment LLC Series 2024-1A, Class A3, 4.29%, 10/16/2028 (a)
11,818
11,707
VStrong Auto Receivables Trust
Series 2023-A, Class A3, 6.87%, 11/15/2027 (a)
6,400
6,471
Series 2023-A, Class B, 7.11%, 2/15/2030 (a)
5,375
5,545
Westgate Resorts LLC
Series 2024-1A, Class A, 6.06%, 1/20/2038 (a)
8,025
8,076
Series 2024-1A, Class B, 6.56%, 1/20/2038 (a)
5,796
5,830
Westlake Automobile Receivables Trust
Series 2021-1A, Class D, 1.23%, 4/15/2026 (a)
7,804
7,762
Series 2021-3A, Class C, 1.58%, 1/15/2027 (a)
6,326
6,303
Series 2021-3A, Class D, 2.12%, 1/15/2027 (a)
9,550
9,396
Series 2023-3A, Class B, 5.92%, 9/15/2028 (a)
11,000
11,112
Series 2023-3A, Class C, 6.02%, 9/15/2028 (a)
6,400
6,499
Series 2023-4A, Class C, 6.64%, 11/15/2028 (a)
5,000
5,123
Series 2023-1A, Class D, 6.79%, 11/15/2028 (a)
3,500
3,593
Series 2023-2A, Class D, 7.01%, 11/15/2028 (a)
7,072
7,263
Series 2024-3A, Class C, 4.92%, 11/15/2029 (a)
6,800
6,795
Westlake Flooring Master Trust
Series 2024-1A, Class A, 5.43%, 2/15/2028 (a)
7,750
7,806
Series 2024-1A, Class B, 6.07%, 2/15/2028 (a)
4,100
4,134
Wheels Fleet Lease Funding LLC Series 2024-1A, Class A1, 5.49%, 2/18/2039 (a)
12,736
12,870
Wingspire Equipment Finance LLC Series 2024-1A, Class A2, 4.99%, 9/20/2032 (a)
13,400
13,412
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Asset-Backed Securities — continued
World Omni Automobile Lease Securitization Trust Series 2024-A, Class A3, 5.26%, 10/15/2027
11,571
11,714
Total Asset-Backed Securities
(Cost $2,363,172)
2,370,928
U.S. Treasury Obligations — 24.2%
U.S. Treasury Notes
4.25%, 12/31/2024
3,410
3,409
3.88%, 3/31/2025
1,417
1,415
4.63%, 6/30/2025
329,815
330,182
5.00%, 8/31/2025
3,685
3,699
4.00%, 12/15/2025
6,360
6,337
3.88%, 1/15/2026
9,835
9,788
4.00%, 2/15/2026
983
979
4.00%, 1/15/2027
295,070
294,021
4.13%, 2/15/2027
235,350
235,093
4.25%, 3/15/2027
225,340
225,771
4.50%, 4/15/2027
142,560
143,651
2.75%, 4/30/2027
28,000
27,113
4.50%, 5/15/2027
232,785
234,649
4.38%, 7/15/2027
103,100
103,720
0.38%, 7/31/2027
19,020
17,235
3.38%, 9/15/2027
191,665
187,952
3.88%, 10/15/2027
414,335
411,584
0.50%, 10/31/2027
127,000
114,494
4.13%, 10/31/2027
13,085
13,090
Total U.S. Treasury Obligations
(Cost $2,359,455)
2,364,182
Collateralized Mortgage Obligations — 11.7%
Alternative Loan Trust Series 2003-J3, Class 2A1, 6.25%, 12/25/2033
5
6
Angel Oak Mortgage Trust Series 2020-5, Class A1, 1.37%, 5/25/2065 (a) (c)
911
859
Bear Stearns ARM Trust Series 2003-7, Class 3A, 7.34%, 10/25/2033 (c)
9
9
CFMT LLC Series 2024-HB15, Class A, 4.00%, 8/25/2034 ‡ (a) (c)
10,542
10,348
CHL Mortgage Pass-Through Trust Series 2004-8, Class 2A1, 4.50%, 6/25/2019 ‡
2
1
Citigroup Mortgage Loan Trust Series 2004-UST1, Class A6, 7.54%, 8/25/2034 (c)
103
98
Connecticut Avenue Securities Trust Series 2022-R02, Class 2M2, 7.73%, 1/25/2042 (a) (c)
1,775
1,823
CSFB Mortgage-Backed Pass-Through Certificates Series 2004-8, Class 6A1, 4.50%, 12/25/2019
67
49
CSMC Mortgage-Backed Trust Series 2007-5, Class 5A5, 5.50%, 4/1/2037 (c)
173
—
CSMC Trust Series 2021-RPL1, Class A1, 4.07%, 9/27/2060 (a) (c)
7,677
7,651
FHLMC - GNMA Series 56, Class Z, 7.50%, 9/20/2026
3
3
FHLMC Structured Pass-Through Securities Certificates Series T-20, Class A6, 7.99%, 9/25/2029 (e)
—
—
FHLMC, Reference REMIC
Series R003, Class ZA, 5.50%, 10/15/2035
20,755
21,448
Series R005, Class ZA, 5.50%, 2/15/2036
1,892
1,959
FHLMC, REMIC
Series 1779, Class Z, 8.50%, 4/15/2025
—
—
Series 4303, Class VA, 3.50%, 5/15/2025
53
53
Series 3005, Class ED, 5.00%, 7/15/2025
23
23
Series 3826, Class BK, 3.00%, 3/15/2026
56
55
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 3864, Class PG, 3.50%, 5/15/2026
8
8
Series 3887, Class GM, 4.00%, 7/15/2026 (e)
14
14
Series 3903, Class GB, 4.00%, 8/15/2026
13
13
Series 3909, Class HG, 4.00%, 8/15/2026 (e)
41
41
Series 1888, Class Z, 7.00%, 8/15/2026
5
5
Series 3936, Class AB, 3.00%, 10/15/2026
107
105
Series 3946, Class BU, 3.00%, 10/15/2026
33
33
Series 3996, Class BA, 1.50%, 2/15/2027
23
23
Series 4015, Class GL, 2.25%, 3/15/2027
30
29
Series 4020, Class N, 3.00%, 3/15/2027
18
18
Series 4054, Class AE, 1.50%, 4/15/2027
47
46
Series 4029, Class LY, 3.00%, 4/15/2027
1,000
983
Series 4039, Class AB, 1.50%, 5/15/2027
60
59
Series 4039, Class PB, 1.50%, 5/15/2027
212
205
Series 4043, Class PB, 1.50%, 5/15/2027
156
151
Series 4097, Class HJ, 1.50%, 8/15/2027
230
222
Series 4089, Class AI, IO, 3.00%, 8/15/2027
970
24
Series 4103, Class HA, 2.50%, 9/15/2027
74
72
Series 4361, Class CA, 2.50%, 9/15/2027
165
162
Series 4131, Class BC, 1.25%, 11/15/2027
50
48
Series 4129, Class AP, 1.50%, 11/15/2027
292
281
Series 4141, Class BI, IO, 2.50%, 12/15/2027
1,178
29
Series 4304, Class DW, 2.50%, 12/15/2027
692
675
Series 4207, Class JD, 1.50%, 5/15/2028
65
62
Series 4217, Class UD, 1.75%, 6/15/2028
116
112
Series 2090, Class F, 5.12%, 10/15/2028 (c)
1
1
Series 3523, Class MX, 4.50%, 4/15/2029
41
41
Series 4338, Class GE, 2.50%, 5/15/2029
15
14
Series 2995, Class FT, 5.17%, 5/15/2029 (c)
55
54
Series 3721, Class DG, 2.75%, 9/15/2030
95
91
Series 3775, Class DB, 4.00%, 12/15/2030
195
194
Series 3779, Class LB, 4.00%, 12/15/2030
214
212
Series 2303, Class FY, 5.22%, 4/15/2031 (c)
65
65
Series 2326, Class ZQ, 6.50%, 6/15/2031
57
58
Series 2362, Class F, 5.32%, 9/15/2031 (c)
5
5
Series 2500, Class FD, 5.42%, 3/15/2032 (c)
87
86
Series 4170, Class QE, 2.00%, 5/15/2032
24
24
Series 4094, Class BF, 5.32%, 8/15/2032 (c)
221
221
Series 2492, Class GH, 6.00%, 8/15/2032
135
139
Series 4120, Class KA, 1.75%, 10/15/2032
321
301
Series 4142, Class PG, 2.00%, 12/15/2032
32
31
Series 4156, Class PE, 2.00%, 1/15/2033
1,686
1,577
Series 2711, Class FC, 5.82%, 2/15/2033 (c)
593
598
Series 2602, Class FH, 5.23%, 4/15/2033 (c)
105
105
Series 4206, Class DZ, 3.00%, 5/15/2033
527
492
Series 4423, Class VN, 3.00%, 5/15/2033
984
968
Series 2617, Class Z, 5.50%, 5/15/2033
2,382
2,440
Series 4283, Class ZL, 3.00%, 8/15/2033
24,156
23,060
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 2662, Class MT, 4.50%, 8/15/2033
35
35
Series 4620, IO, 5.00%, 9/15/2033
212
30
Series 4255, Class LZ, 3.00%, 10/15/2033
7,816
7,443
Series 2686, Class KZ, 4.50%, 10/15/2033
445
432
Series 3005, Class PV, IF, 5.00%, 10/15/2033 (c)
1
1
Series 2693, Class Z, 5.50%, 10/15/2033
97
100
Series 2727, Class PM, 4.50%, 1/15/2034
568
564
Series 2736, Class PE, 5.00%, 1/15/2034
2,346
2,373
Series 4301, Class UL, 3.50%, 2/15/2034
7,150
6,917
Series 2806, Class FA, 5.92%, 2/15/2034 (c)
178
176
Series 4342, Class CY, 3.00%, 5/15/2034
3,268
3,057
Series 2989, Class MU, IF, IO, 2.08%, 7/15/2034 (c)
660
39
Series 3204, Class ZM, 5.00%, 8/15/2034
360
364
Series 3863, Class ZA, 5.50%, 8/15/2034
9,774
9,995
Series 4401, Class BL, 3.50%, 10/15/2034
7,353
7,082
Series 5369, Class V, 6.00%, 10/25/2034
7,502
7,619
Series 2963, Class ZG, 5.00%, 11/15/2034
321
325
Series 2898, Class PG, 5.00%, 12/15/2034
492
498
Series 3003, Class LD, 5.00%, 12/15/2034
78
78
Series 2901, Class S, IF, 5.11%, 12/15/2034 (c)
275
280
Series 4265, Class FD, 5.32%, 1/15/2035 (c)
186
184
Series 2933, Class EM, 5.50%, 1/15/2035
34
34
Series 2929, Class PG, 5.00%, 2/15/2035
57
57
Series 2941, Class Z, 4.50%, 3/15/2035
1,198
1,156
Series 2953, Class PG, 5.50%, 3/15/2035
199
204
Series 5417, Class V, 5.50%, 4/25/2035
2,361
2,377
Series 4492, Class BW, 3.50%, 7/15/2035
2,314
2,209
Series 3002, Class BN, 5.00%, 7/15/2035
163
161
Series 5440, Class MV, 5.00%, 7/25/2035
1,078
1,071
Series 3013, Class HZ, 5.00%, 8/15/2035
536
542
Series 3101, Class UZ, 6.00%, 1/15/2036
126
132
Series 3174, Class LF, 5.27%, 5/15/2036 (c)
86
86
Series 3662, Class ZB, 5.50%, 8/15/2036
107
111
Series 4646, Class JV, 3.50%, 11/15/2036
6,446
6,305
Series 3688, Class NB, 4.50%, 11/15/2036
442
439
Series 3855, Class AM, 6.50%, 11/15/2036
963
985
Series 3704, Class CZ, 4.00%, 12/15/2036
1,094
1,038
Series 3249, Class CL, 4.25%, 12/15/2036
584
571
Series 3258, Class PM, 5.50%, 12/15/2036
218
223
Series 5280, Class T, 5.50%, 1/25/2037
18,649
19,210
Series 3305, Class IW, IF, IO, 1.53%, 4/15/2037 (c)
193
9
Series 3318, Class HF, 5.18%, 5/15/2037 (c)
87
85
Series 3326, Class FG, 5.27%, 6/15/2037 (c)
375
369
Series 3724, Class CM, 5.50%, 6/15/2037
231
239
Series 3351, Class ZC, 5.50%, 7/15/2037
889
907
Series 3420, Class EI, IO, 1.12%, 8/15/2037 (e)
1,865
89
Series 3429, Class S, IF, IO, 1.90%, 3/15/2038 (c)
347
31
Series 3447, Class DB, 5.00%, 5/15/2038
1,062
1,073
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 3459, Class MB, 5.00%, 6/15/2038
72
74
Series 3575, Class ZA, 5.00%, 6/15/2038
2,742
2,785
Series 3546, Class A, 6.96%, 2/15/2039 (c)
276
280
Series 3540, Class A, 5.00%, 5/15/2039
129
129
Series 4346, Class A, 3.50%, 7/15/2039
34
34
Series 3597, Class HM, 4.50%, 8/15/2039
44
44
Series 3569, Class NY, 5.00%, 8/15/2039
488
495
Series 3572, Class JS, IF, IO, 1.88%, 9/15/2039 (c)
181
12
Series 4212, Class LA, 3.00%, 10/15/2039
14
14
Series 3585, Class KW, 4.50%, 10/15/2039
1,137
1,131
Series 3609, Class SA, IF, IO, 1.42%, 12/15/2039 (c)
1,173
69
Series 3632, Class PK, 5.00%, 2/15/2040
180
181
Series 3656, Class PM, 5.00%, 4/15/2040
1,847
1,878
Series 3786, Class NA, 4.50%, 7/15/2040
48
48
Series 3726, Class PA, 3.00%, 8/15/2040
52
51
Series 3706, Class P, 4.00%, 8/15/2040
2,632
2,549
Series 3719, Class PJ, 4.50%, 9/15/2040
9,688
9,606
Series 4655, Class DJ, 3.00%, 10/15/2040
1,703
1,603
Series 4318, Class KZ, 4.00%, 12/15/2040
2,090
2,018
Series 3769, Class ZC, 4.50%, 12/15/2040
938
927
Series 3803, Class FY, 5.32%, 1/15/2041 (c)
12
12
Series 3822, Class ZG, 4.00%, 2/15/2041
5,395
5,210
Series 4080, Class DA, 2.00%, 3/15/2041
154
146
Series 3862, Class GA, 4.00%, 4/15/2041
148
145
Series 3844, Class FA, 5.37%, 4/15/2041 (c)
178
176
Series 4074, Class PA, 3.00%, 5/15/2041
214
210
Series 3859, Class JB, 5.00%, 5/15/2041
241
244
Series 4150, Class JE, 2.00%, 6/15/2041
547
520
Series 3884, Class BL, 4.50%, 6/15/2041
4,225
4,182
Series 3939, Class BZ, 4.50%, 6/15/2041
1,970
1,927
Series 3871, Class KB, 5.50%, 6/15/2041
10,035
10,381
Series 3881, Class AT, 5.85%, 6/15/2041
16,946
17,604
Series 4150, Class FN, 5.22%, 7/15/2041 (c)
258
256
Series 4152, Class LE, 1.75%, 8/15/2041
1,877
1,748
Series 3904, Class HC, 4.00%, 8/15/2041
512
488
Series 3906, Class B, 4.00%, 8/15/2041
2,376
2,295
Series 4150, Class FY, 5.22%, 8/15/2041 (c)
263
260
Series 3952, Class BQ, 2.00%, 10/15/2041
1,872
1,683
Series 3947, Class BH, 2.50%, 10/15/2041
2,787
2,477
Series 3934, Class KB, 5.00%, 10/15/2041
416
422
Series 3960, Class PL, 4.00%, 11/15/2041
3,079
2,979
Series 3966, Class VZ, 4.00%, 12/15/2041
574
551
Series 4550, Class NA, 3.00%, 1/15/2042
264
259
Series 4122, Class PA, 1.50%, 2/15/2042
171
162
Series 4144, Class KD, 1.75%, 3/15/2042
389
352
Series 4215, Class NA, 3.00%, 4/15/2042
82
80
Series 5296, Class CA, 5.50%, 5/25/2042
10,112
10,166
Series 4088, Class BP, 3.00%, 8/15/2042
3,381
3,052
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 4143, Class AE, 2.00%, 9/15/2042
1,186
1,112
Series 4112, Class PB, 4.00%, 9/15/2042
500
471
Series 4158, Class TC, 1.75%, 12/15/2042
182
169
Series 4247, Class AK, 4.50%, 12/15/2042
195
194
Series 4158, Class LD, 2.00%, 1/15/2043
394
342
Series 4199, Class YZ, 3.50%, 5/15/2043
3,371
3,146
Series 4302, Class MA, 3.00%, 7/15/2043
687
673
Series 4314, Class LP, 3.50%, 7/15/2043
18
18
Series 5115, Class FD, 4.00%, 8/15/2043 (c)
6,145
5,859
Series 4311, Class ED, 2.75%, 9/15/2043
22
22
Series 4480, Class LA, 3.50%, 9/15/2043
59
59
Series 4330, Class PE, 3.00%, 11/15/2043
100
96
Series 4286, Class MP, 4.00%, 12/15/2043
313
300
Series 4316, Class DZ, 3.00%, 3/15/2044
3,293
3,000
Series 4338, Class A, 2.50%, 5/15/2044
292
277
Series 4505, Class P, 3.50%, 5/15/2044
829
798
Series 4571, Class EB, 3.50%, 5/15/2044
1,674
1,621
Series 4483, Class CA, 3.00%, 6/15/2044
32,543
31,006
Series 4360, Class PZ, 3.00%, 7/15/2044
1,001
892
Series 4417, Class PZ, 3.00%, 12/15/2044
3,063
2,737
Series 4545, Class PG, 3.00%, 12/15/2044
313
304
Series 4745, Class EC, 3.00%, 12/15/2044
1,006
978
Series 4425, Class TA, 2.00%, 1/15/2045
293
245
Series 4461, Class LZ, 3.00%, 3/15/2045
3,805
3,359
Series 4457, Class KZ, 3.00%, 4/15/2045
7,545
6,649
Series 4478, Class PC, 2.00%, 5/15/2045
844
727
Series 4631, Class PA, 3.00%, 5/15/2045
1,692
1,562
Series 4664, Class PH, 3.50%, 5/15/2045
698
682
Series 4698, Class DA, 4.50%, 5/15/2045
1,354
1,322
Series 5427, Class DA, 5.50%, 5/25/2045
32,642
32,687
Series 4759, Class MA, 3.00%, 9/15/2045
48
47
Series 4591, Class QE, 2.75%, 4/15/2046
181
161
Series 4574, Class YH, 3.00%, 4/15/2046
256
228
Series 4774, Class LP, 3.50%, 9/15/2046
2,367
2,287
Series 4714, Class PA, 3.00%, 11/15/2046
1,501
1,395
Series 4657, Class VZ, 3.00%, 2/15/2047
8,653
7,622
Series 4830, Class AP, 4.00%, 2/15/2047
797
765
Series 4675, Class EZ, 3.50%, 4/15/2047
1,695
1,506
Series 4682, Class LC, 2.50%, 5/15/2047
453
389
Series 4682, Class AP, 3.00%, 5/15/2047
594
521
Series 4703, Class KZ, 3.50%, 7/15/2047
5,395
4,955
Series 5275, Class KA, 5.50%, 9/25/2047
8,078
8,090
Series 4740, Class JA, 3.00%, 10/15/2047
1,618
1,429
Series 5271, Class AC, 5.00%, 10/25/2047
2,925
2,902
Series 4749, Class ZL, 3.50%, 12/15/2047
14,957
13,497
Series 4936, Class AP, 2.50%, 9/25/2048
212
193
Series 4941, Class NP, 2.50%, 5/25/2049
765
648
Series 4922, Class GE, 2.50%, 7/25/2049
691
601
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 4952, Class PA, 2.50%, 2/25/2050
1,108
947
Series 5433, Class B, 5.50%, 4/25/2051
10,315
10,313
Series 5397, Class CA, 5.00%, 2/25/2052
12,734
12,646
Series 5407, Class PA, 5.50%, 2/25/2053
11,502
11,494
FHLMC, STRIPS
Series 302, Class 350, 3.50%, 2/15/2028
77
75
Series 218, PO, 2/1/2032
57
50
Series 290, Class 200, 2.00%, 11/15/2032
281
261
Series 277, Class 30, 3.00%, 9/15/2042
2,247
2,022
Series 359, Class 350, 3.50%, 10/15/2047
1,257
1,171
FNMA, REMIC
Series 2011-48, Class CN, 4.00%, 6/25/2026 (e)
13
13
Series 2011-61, Class B, 3.00%, 7/25/2026
63
62
Series 2011-72, Class KB, 3.50%, 8/25/2026
66
66
Series 2012-26, Class CA, 2.50%, 3/25/2027
142
139
Series 2012-46, Class KI, IO, 3.50%, 5/25/2027
1,496
33
Series 2012-102, Class IB, IO, 3.50%, 9/25/2027
899
24
Series 2012-127, Class AC, 1.50%, 11/25/2027
177
171
Series 2012-124, Class HG, 2.00%, 11/25/2027
73
71
Series 2013-5, Class DA, 1.50%, 2/25/2028
96
92
Series 2013-13, Class KD, 1.50%, 3/25/2028
100
96
Series 2013-137, Class BA, 1.50%, 1/25/2029
183
175
Series 2009-15, Class AC, 5.50%, 3/25/2029
376
378
Series 2009-58, Class B, 4.50%, 8/25/2029
473
471
Series 2010-14, Class AC, 4.00%, 3/25/2030
101
100
Series 2010-92, Class B, 4.50%, 8/25/2030
1,995
1,988
Series 2016-8, Class CA, 2.00%, 3/25/2031
8,158
7,721
Series 2011-45, Class ZA, 4.00%, 5/25/2031
7,332
7,218
Series 2001-38, Class EA, PO, 8/25/2031
11
10
Series 2015-89, Class KE, 2.00%, 11/25/2031
49
47
Series 2012-98, Class QG, 1.75%, 1/25/2032
96
94
Series 2001-81, Class HE, 6.50%, 1/25/2032
1,189
1,233
Series 2002-34, Class FA, 5.41%, 5/18/2032 (c)
41
41
Series 2012-112, Class AY, 3.00%, 10/25/2032
13,425
12,591
Series 2013-109, Class BA, 3.00%, 10/25/2032
366
358
Series 2002-64, Class PG, 5.50%, 10/25/2032
977
997
Series 2004-61, Class FH, 5.65%, 11/25/2032 (c)
506
509
Series 2002-77, Class TF, 5.91%, 12/18/2032 (c)
97
98
Series 2012-134, Class JY, 3.00%, 12/25/2032
14,229
13,384
Series 2002-77, Class QG, 5.50%, 12/25/2032
218
222
Series 2002-84, Class DZ, 5.50%, 12/25/2032
111
114
Series 2002-94, Class BZ, 5.50%, 1/25/2033
638
653
Series 2013-18, Class TG, 2.00%, 2/25/2033
199
191
Series 2003-7, Class FB, 5.60%, 2/25/2033 (c)
138
139
Series 2013-31, Class NL, 4.00%, 4/25/2033
291
287
Series 2003-42, Class CI, IO, 6.50%, 5/25/2033
102
11
Series 2003-63, Class A7, 5.50%, 6/25/2033
1,093
1,095
Series 2003-49, IO, 6.50%, 6/25/2033
145
21
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 2013-69, Class L, 3.00%, 7/25/2033
10,000
9,467
Series 2003-58, Class GL, 3.50%, 7/25/2033
69
67
Series 2013-133, Class WA, 3.00%, 8/25/2033
1,278
1,233
Series 2013-91, Class DZ, 3.00%, 9/25/2033
21,713
20,391
Series 2013-97, Class EL, 3.00%, 9/25/2033
15,090
14,369
Series 2003-84, Class PZ, 5.00%, 9/25/2033
39
39
Series 2013-100, Class WB, 3.00%, 10/25/2033
5,144
4,898
Series 2003-107, Class ZD, 6.00%, 11/25/2033
874
903
Series 2013-126, Class JZ, 3.50%, 12/25/2033
15,911
15,388
Series 2013-129, Class CZ, 2.50%, 1/25/2034
9,753
9,124
Series 2003-129, Class ZT, 5.50%, 1/25/2034
5,028
5,161
Series 2004-38, Class AO, PO, 5/25/2034
1,483
1,138
Series 2014-23, Class CZ, 3.50%, 5/25/2034
7,856
7,598
Series 2004-72, Class F, 5.35%, 9/25/2034 (c)
54
54
Series 2004-91, Class BR, 5.50%, 12/25/2034
42
44
Series 2004-90, Class ZU, 6.00%, 12/25/2034
692
722
Series 2005-5, Class PA, 5.00%, 1/25/2035
173
170
Series 2004-101, Class AR, 5.50%, 1/25/2035
5
5
Series 2005-27, Class HZ, 5.00%, 4/25/2035
1,212
1,224
Series 2005-31, Class PB, 5.50%, 4/25/2035
409
417
Series 2015-31, Class UY, 3.00%, 5/25/2035
3,821
3,596
Series 2005-38, Class FK, 5.15%, 5/25/2035 (c)
244
242
Series 2015-41, Class CA, 3.00%, 6/25/2035
374
354
Series 2005-66, Class PF, 5.10%, 7/25/2035 (c)
63
62
Series 2005-55, Class PN, 5.50%, 7/25/2035
1,226
1,266
Series 2005-64, Class PL, 5.50%, 7/25/2035
31
31
Series 2005-103, Class BT, IF, 6.50%, 7/25/2035 (c)
168
167
Series 2005-88, Class ZC, 5.00%, 10/25/2035
1,463
1,477
Series 2007-109, Class VZ, 5.00%, 10/25/2035
1,082
1,092
Series 2005-84, Class MB, 5.75%, 10/25/2035
355
362
Series 2010-39, Class FT, 5.80%, 10/25/2035 (c)
437
441
Series 2013-114, Class JA, 3.00%, 11/25/2035
—
—
Series 2015-87, Class TB, 4.00%, 11/25/2035
2,799
2,752
Series 2005-101, Class B, 5.00%, 11/25/2035
647
654
Series 2005-99, Class AF, 5.20%, 12/25/2035 (c)
73
72
Series 2014-88, Class ER, 2.50%, 2/25/2036
43
41
Series 2006-16, Class FC, 5.15%, 3/25/2036 (c)
48
47
Series 2006-14, Class DB, 5.50%, 3/25/2036
230
236
Series 2006-27, Class BF, 5.15%, 4/25/2036 (c)
79
78
Series 2006-50, Class PE, 5.00%, 6/25/2036
233
236
Series 2006-46, Class FW, 5.25%, 6/25/2036 (c)
183
181
Series 2006-42, Class PF, 5.26%, 6/25/2036 (c)
124
123
Series 2009-71, Class JT, 6.00%, 6/25/2036
140
146
Series 2006-58, Class ST, IF, IO, 2.30%, 7/25/2036 (c)
355
33
Series 2006-101, Class FC, 5.15%, 7/25/2036 (c)
98
97
Series 2006-101, Class FD, 5.15%, 7/25/2036 (c)
63
62
Series 2006-56, Class DC, 5.50%, 7/25/2036 (c)
161
159
Series 2007-1, Class NF, 5.10%, 2/25/2037 (c)
156
155
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 2007-22, Class SC, IF, IO, 1.23%, 3/25/2037 (c)
22
—
Series 2007-16, Class FC, 5.60%, 3/25/2037 (c)
12
12
Series 2007-33, Class MS, IF, IO, 1.74%, 4/25/2037 (c)
796
68
Series 2007-57, Class ZE, 4.75%, 5/25/2037
89
89
Series 2007-B2, Class ZA, 5.50%, 6/25/2037
1,343
1,388
Series 2007-61, Class PE, 5.50%, 7/25/2037
2,088
2,138
Series 2008-5, Class PE, 5.00%, 8/25/2037
66
66
Series 2007-85, Class SH, IF, IO, 1.65%, 9/25/2037 (c)
586
18
Series 2007-117, Class FM, 5.55%, 1/25/2038 (c)
112
111
Series 2007-117, Class MF, 5.55%, 1/25/2038 (c)
210
209
Series 2008-24, Class PF, 5.50%, 2/25/2038 (c)
18
18
Series 2008-18, Class SE, IF, IO, 1.42%, 3/25/2038 (c)
75
6
Series 2008-25, Class DZ, 5.75%, 4/25/2038
385
383
Series 2022-8, Class D, 2.00%, 8/25/2038
9,538
8,805
Series 2008-83, Class CA, 6.00%, 9/25/2038
364
382
Series 2009-29, Class LA, 1.12%, 5/25/2039 (c)
761
645
Series 2013-25, Class DC, 2.50%, 6/25/2039
306
291
Series 2009-59, Class HB, 5.00%, 8/25/2039
894
903
Series 2009-73, Class HJ, 6.00%, 9/25/2039
91
95
Series 2009-70, Class FA, 6.05%, 9/25/2039 (c)
57
58
Series 2009-86, Class PE, 5.00%, 10/25/2039
2,059
2,082
Series 2013-125, Class AB, 4.00%, 11/25/2039
162
156
Series 2009-87, Class B, 4.50%, 11/25/2039
826
825
Series 2009-112, Class SW, IF, IO, 1.40%, 1/25/2040 (c)
1,651
140
Series 2010-37, Class CY, 5.00%, 4/25/2040
38
39
Series 2011-3, Class KA, 5.00%, 4/25/2040
—
—
Series 2011-61, Class ZA, 5.00%, 4/25/2040
698
706
Series 2010-35, Class KF, 5.35%, 4/25/2040 (c)
111
111
Series 2010-43, Class HJ, 5.50%, 5/25/2040
127
131
Series 2010-64, Class DM, 5.00%, 6/25/2040
394
395
Series 2010-58, Class FA, 5.40%, 6/25/2040 (c)
231
230
Series 2010-58, Class FY, 5.58%, 6/25/2040 (c)
106
106
Series 2010-109, Class M, 3.00%, 9/25/2040
805
777
Series 2010-126, Class LI, IO, 4.00%, 11/25/2040
152
7
Series 2011-74, Class LQ, 4.50%, 11/25/2040
15,000
14,870
Series 2010-154, Class MW, 3.50%, 1/25/2041
2,783
2,690
Series 2011-63, Class LB, 4.00%, 1/25/2041
2,313
2,227
Series 2011-18, Class KY, 4.00%, 3/25/2041
497
482
Series 2011-35, Class PE, 4.00%, 4/25/2041
927
885
Series 2011-52, Class GB, 5.00%, 6/25/2041
70
71
Series 2011-53, Class FT, 5.43%, 6/25/2041 (c)
90
89
Series 2011-128, Class KP, 4.50%, 7/25/2041
35
34
Series 2011-59, Class NZ, 5.50%, 7/25/2041
508
518
Series 2012-147, Class NE, 1.75%, 8/25/2041
979
928
Series 2012-14, Class PA, 2.00%, 8/25/2041
128
121
Series 2013-72, Class LY, 3.50%, 8/25/2041
246
242
Series 2015-45, Class GA, 2.50%, 9/25/2041
173
170
Series 2013-126, Class CA, 4.00%, 9/25/2041
198
195
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 2011-123, Class BP, 2.00%, 10/25/2041
2,259
2,084
Series 2011-141, Class MA, 3.50%, 10/25/2041
59
59
Series 2012-64, Class PK, 4.50%, 12/25/2041
750
738
Series 2012-113, Class DC, 2.25%, 1/25/2042
97
93
Series 2012-27, Class PL, 2.00%, 2/25/2042
116
110
Series 2012-139, Class NY, 5.00%, 2/25/2042
1,145
1,152
Series 2012-133, Class AP, 1.75%, 3/25/2042
2,892
2,609
Series 2012-100, Class TL, 4.00%, 4/25/2042
196
190
Series 2012-80, Class EB, 4.50%, 4/25/2042
77
77
Series 2013-9, Class CB, 5.50%, 4/25/2042
10,639
10,841
Series 2013-73, Class PG, 2.50%, 6/25/2042
590
553
Series 2012-128, Class VF, 5.10%, 6/25/2042 (c)
316
313
Series 2013-93, Class PJ, 3.00%, 7/25/2042
510
487
Series 2013-96, Class FY, 5.20%, 7/25/2042 (c)
157
155
Series 2013-34, Class PC, 2.50%, 8/25/2042
393
371
Series 2014-18, Class DE, 4.00%, 8/25/2042
568
556
Series 2012-94, Class K, 2.00%, 9/25/2042
745
632
Series 2013-60, Class PD, 2.00%, 10/25/2042
430
399
Series 2012-112, Class DA, 3.00%, 10/25/2042
1,613
1,461
Series 2013-81, Class NC, 3.00%, 10/25/2042
227
223
Series 2013-72, Class AF, 5.10%, 11/25/2042 (c)
21
21
Series 2013-6, Class HD, 1.50%, 12/25/2042
300
262
Series 2013-35, Class LP, 3.00%, 1/25/2043
6,100
5,802
Series 2013-61, Class BA, 3.00%, 1/25/2043
1,374
1,277
Series 2013-10, Class PA, 1.50%, 2/25/2043
798
679
Series 2013-10, Class UB, 2.00%, 2/25/2043
932
790
Series 2013-58, Class FP, 5.10%, 2/25/2043 (c)
485
478
Series 2013-18, Class BZ, 3.00%, 3/25/2043
6,354
6,094
Series 2013-100, Class PL, 4.50%, 3/25/2043
528
524
Series 2013-66, Class LB, 1.50%, 4/25/2043
43
41
Series 2013-26, Class ZV, 3.50%, 4/25/2043
11,210
10,303
Series 2013-33, Class UZ, 3.50%, 4/25/2043
7,906
7,361
Series 2013-64, Class PF, 5.10%, 4/25/2043 (c)
431
424
Series 2013-66, Class MB, 3.00%, 7/25/2043
1,745
1,581
Series 2014-43, Class PZ, 3.00%, 7/25/2043
1,281
1,061
Series 2014-32, Class DK, 3.00%, 8/25/2043
312
299
Series 2013-92, Class DE, 4.00%, 9/25/2043
600
552
Series 2015-34, Class UP, 3.00%, 11/25/2043
524
504
Series 2020-45, Class CB, 2.00%, 2/25/2044
3,556
3,320
Series 2016-80, Class KV, 3.00%, 6/25/2044
2,933
2,855
Series 2014-56, Class Z, 3.50%, 9/25/2044
5,615
5,212
Series 2017-74, Class KA, 3.00%, 11/25/2044
85
84
Series 2016-100, Class P, 3.50%, 11/25/2044
52
51
Series 2020-18, Class DC, 2.50%, 2/25/2045
33
33
Series 2015-33, Class DT, 2.50%, 6/25/2045
390
362
Series 2015-51, Class KC, 3.00%, 6/25/2045
202
192
Series 2017-18, Class DA, 3.00%, 8/25/2045
701
680
Series 2016-84, Class LA, 3.00%, 12/25/2045
719
673
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 2016-2, Class GA, 3.00%, 2/25/2046
1,403
1,319
Series 2024-20, Class HD, 5.50%, 3/25/2046
8,619
8,636
Series 2016-16, Class AL, 3.00%, 4/25/2046
8,156
7,374
Series 2017-15, Class PE, 3.50%, 4/25/2046
961
915
Series 2017-68, Class HQ, 3.00%, 7/25/2046
1,001
933
Series 2016-80, Class JP, 3.00%, 11/25/2046
597
526
Series 2017-85, Class HA, 3.00%, 12/25/2046
1,106
1,030
Series 2017-11, Class PH, 2.50%, 3/25/2047
178
153
Series 2017-10, Class AE, 3.00%, 3/25/2047
1,712
1,617
Series 2017-9, Class B, 3.00%, 3/25/2047
1,811
1,713
Series 2017-10, Class FA, 5.25%, 3/25/2047 (c)
165
163
Series 2017-89, Class KZ, 3.50%, 8/25/2047
7,239
6,178
Series 2017-84, Class JA, 2.75%, 9/25/2047
498
438
Series 2017-96, Class MA, 3.00%, 12/25/2047
398
349
Series 2017-102, Class PZ, 3.50%, 12/25/2047
2,427
2,093
Series 2018-37, Class BC, 3.50%, 12/25/2047
234
219
Series 2024-41, Class GA, 5.50%, 2/25/2048
5,921
5,916
Series 2018-13, Class PA, 3.00%, 3/25/2048
7,133
6,229
Series 2018-15, Class NZ, 3.00%, 3/25/2048
7,130
6,357
Series 2018-15, Class ZG, 3.50%, 3/25/2048
1,576
1,425
Series 2019-17, Class KA, 3.50%, 4/25/2048
185
179
Series 2019-65, Class PA, 2.50%, 5/25/2048
142
128
Series 2019-11, Class EA, 3.00%, 5/25/2048
582
542
Series 2019-20, Class PB, 2.75%, 7/25/2048
222
200
Series 2018-87, Class BA, 4.00%, 7/25/2048
103
98
Series 2020-94, PO, 9/25/2048
376
311
Series 2019-9, Class ZA, 3.50%, 9/25/2048
5,973
5,376
Series 2019-51, Class DW, 3.50%, 11/25/2048
401
389
Series 2020-49, Class GA, 1.50%, 2/25/2049
2,236
1,804
Series 2009-11, Class ZY, 5.50%, 3/25/2049
2,622
2,626
Series 2019-13, Class CG, 4.50%, 4/25/2049
2,469
2,437
Series 2019-18, Class BA, 3.50%, 5/25/2049
7,210
6,846
Series 2019-70, Class JA, 2.50%, 9/25/2049
112
98
Series 2019-72, Class KA, 2.50%, 9/25/2049
157
135
Series 2020-15, Class EA, 2.00%, 10/25/2049
581
488
Series 2019-70, Class MB, 2.50%, 12/25/2049
1,000
736
Series 2019-81, Class LA, 2.50%, 12/25/2049
332
280
Series 2020-7, Class DZ, 3.00%, 2/25/2050
659
553
Series 2020-15, Class EM, 3.00%, 3/25/2050
521
446
Series 2024-81, Class BA, 5.00%, 7/25/2050
8,957
8,873
Series 2024-60, Class H, 5.00%, 11/25/2050
10,854
10,743
Series 2024-65, Class DB, 5.00%, 5/25/2051
12,714
12,651
Series 2024-50, Class DA, 5.50%, 5/25/2051
8,707
8,712
Series 2024-58, Class BA, 5.00%, 9/25/2053
15,601
15,533
Series 2019-33, Class MA, 3.50%, 7/25/2055
438
428
Series 2018-70, Class HA, 3.50%, 10/25/2056
474
461
FNMA, REMIC, Whole Loan
Series 2007-54, Class FA, 5.25%, 6/25/2037 (c)
96
95
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 2007-106, Class A7, 6.01%, 10/25/2037 (c)
106
106
Series 2001-50, Class BA, 7.00%, 10/25/2041
42
43
FNMA, STRIPS
Series 289, Class 1, PO, 11/25/2027
29
28
Series 334, Class 17, IO, 6.50%, 2/25/2033 (c)
92
12
Series 334, Class 13, IO, 6.00%, 3/25/2033 (c)
76
9
Series 334, Class 9, IO, 6.00%, 3/25/2033
202
24
Series 356, Class 16, IO, 5.50%, 6/25/2035 (c)
59
8
Series 359, Class 16, IO, 5.50%, 10/25/2035 (c)
54
8
Series 369, Class 19, IO, 6.00%, 10/25/2036 (c)
35
6
Series 369, Class 26, IO, 6.50%, 10/25/2036 (c)
25
4
Series 386, Class 20, IO, 6.50%, 8/25/2038 (c)
113
19
Series 394, Class C3, IO, 6.50%, 9/25/2038
207
35
Series 411, Class A3, 3.00%, 8/25/2042
948
860
FNMA, Whole Loan Series 2007-W1, Class 1AF1, 5.11%, 11/25/2046 (c)
789
781
GNMA
Series 2011-132, Class GJ, 2.00%, 9/16/2026
51
50
Series 2011-155, Class A, 3.00%, 11/20/2026
18
18
Series 2013-75, Class AC, 1.50%, 5/20/2028
424
407
Series 2003-50, Class F, 5.02%, 5/16/2033 (c)
37
37
Series 2004-39, Class IN, IO, 5.50%, 6/20/2033
38
1
Series 2003-102, Class PE, 6.00%, 11/20/2033
753
752
Series 2006-26, Class S, IF, IO, 1.78%, 6/20/2036 (c)
2,696
91
Series 2007-16, Class KU, IF, IO, 1.93%, 4/20/2037 (c)
1,502
68
Series 2009-106, Class XL, IF, IO, 2.03%, 6/20/2037 (c)
1,366
72
Series 2013-23, Class BP, 3.00%, 9/20/2037
6
6
Series 2008-75, Class SP, IF, IO, 2.75%, 8/20/2038 (c)
554
24
Series 2009-14, Class SA, IF, IO, 1.36%, 3/20/2039 (c)
1,647
44
Series 2009-14, Class KS, IF, IO, 1.58%, 3/20/2039 (c)
683
22
Series 2009-14, Class NI, IO, 6.50%, 3/20/2039
207
19
Series 2009-75, Class NB, 4.50%, 6/20/2039
36
36
Series 2010-59, Class HZ, 4.50%, 5/16/2040
1,056
1,040
Series 2010-98, Class ME, 4.50%, 8/20/2040
10,378
10,302
Series 2013-71, Class NA, 2.50%, 8/20/2041
39
38
Series 2012-96, Class WP, 6.50%, 8/16/2042
1,883
1,969
Series 2013-42, Class ND, 1.75%, 11/20/2042
75
70
Series 2013-28, Class DE, 1.75%, 12/20/2042
180
158
Series 2014-3, Class GA, 2.50%, 1/16/2044
3,062
2,852
Series 2014-12, Class ZA, 3.00%, 1/20/2044
13,482
12,252
Series 2014-41, Class AL, 2.25%, 3/16/2044
4,252
3,953
Series 2018-29, Class LC, 3.00%, 4/20/2044
56
55
Series 2014-137, Class DT, 2.25%, 9/16/2044
7,667
7,082
Series 2016-25, Class QH, 3.00%, 12/16/2044
952
895
Series 2015-80, Class CP, 4.50%, 6/20/2045
207
200
Series 2015-80, Class CQ, 5.00%, 6/20/2045
150
146
Series 2018-36, Class AM, 3.00%, 7/20/2045
342
329
Series 2016-79, Class LA, 3.00%, 9/20/2045
165
162
Series 2016-90, Class MA, 3.00%, 10/20/2045
111
109
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 2016-104, Class MA, 3.00%, 11/20/2045
41
41
Series 2023-107, Class PA, 5.50%, 1/20/2046
6,404
6,405
Series 2020-125, Class AG, 2.50%, 2/20/2046
1,036
994
Series 2016-91, Class WH, 2.75%, 3/20/2046
850
771
Series 2017-65, Class DZ, 3.00%, 4/20/2047
2,937
2,460
Series 2017-139, Class PE, 2.75%, 8/20/2047
3,446
2,946
Series 2018-34, Class TY, 3.50%, 3/20/2048
798
714
Series 2019-74, Class AT, 3.00%, 6/20/2049
422
385
Series 2023-58, Class BA, 5.00%, 6/20/2049
3,287
3,264
Series 2019-145, Class PA, 3.50%, 8/20/2049
177
167
Series 2023-183, Class A, 4.50%, 11/20/2049
9,442
9,358
Series 2020-5, Class NA, 3.50%, 12/20/2049
2,649
2,443
Series 2020-74, Class DY, 2.00%, 5/20/2050
837
691
Series 2020-83, Class KP, 3.00%, 6/20/2050
257
225
Series 2024-24, Class AD, 5.00%, 3/20/2052
14,423
14,401
Series 2023-80, Class AC, 6.00%, 6/20/2053
5,271
5,352
Series 2024-79, Class PT, 6.00%, 5/20/2054
10,925
11,019
Series 2023-115, Class E, 5.50%, 11/20/2057
22,542
22,681
Series 2010-H26, Class LF, 5.32%, 8/20/2058 (c)
35
35
Series 2010-H03, Class FA, 5.37%, 3/20/2060 (c)
609
609
Series 2011-H07, Class FA, 5.47%, 2/20/2061 (c)
558
557
Series 2011-H08, Class FA, 5.57%, 2/20/2061 (c)
438
438
Series 2011-H11, Class FA, 5.47%, 3/20/2061 (c)
125
125
Series 2011-H11, Class FB, 5.47%, 4/20/2061 (c)
77
77
Series 2011-H21, Class FA, 5.57%, 10/20/2061 (c)
52
52
Series 2013-H05, Class FB, 5.19%, 2/20/2062 (c)
56
55
Series 2012-H14, Class FK, 5.55%, 7/20/2062 (c)
77
77
Series 2012-H18, Class NA, 5.49%, 8/20/2062 (c)
56
56
Series 2012-H20, Class BA, 5.53%, 9/20/2062 (c)
100
98
Series 2012-H23, Class WA, 5.49%, 10/20/2062 (c)
75
75
Series 2012-H29, Class FA, 5.49%, 10/20/2062 (c)
19
19
Series 2012-H30, Class GA, 5.32%, 12/20/2062 (c)
71
71
Series 2013-H08, Class FA, 5.32%, 3/20/2063 (c)
236
235
Series 2013-H11, Class FA, 5.42%, 4/20/2063 (c)
72
72
Series 2013-H14, Class FG, 5.44%, 5/20/2063 (c)
196
195
Series 2013-H15, Class FA, 5.51%, 6/20/2063 (c)
192
192
Series 2013-H19, Class FC, 5.57%, 8/20/2063 (c)
259
259
Series 2014-H05, Class FB, 5.57%, 12/20/2063 (c)
37
37
Series 2014-H02, Class FB, 5.62%, 12/20/2063 (c)
172
172
Series 2024-64, Class ED, 5.50%, 4/20/2064
8,909
8,899
Series 2014-H14, Class GF, 5.44%, 7/20/2064 (c)
46
46
Series 2014-H16, Class FL, 5.78%, 7/20/2064 (c)
419
417
Series 2014-H21, Class FA, 5.62%, 10/20/2064 (c)
193
193
Series 2015-H06, Class FB, 5.62%, 2/20/2065 (c)
6,914
6,901
Series 2015-H04, Class FL, 5.78%, 2/20/2065 (c)
92
92
Series 2015-H13, Class FG, 5.37%, 4/20/2065 (c)
107
106
Series 2015-H10, Class FH, 5.57%, 4/20/2065 (c)
653
651
Series 2015-H09, Class FA, 5.59%, 4/20/2065 (c)
263
262
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 2015-H10, Class FK, 5.59%, 4/20/2065 (c)
6,667
6,650
Series 2015-H14, Class FB, 5.40%, 5/20/2065 (c)
28
28
Series 2015-H12, Class FB, 5.57%, 5/20/2065 (c)
5,141
5,130
Series 2015-H12, Class FD, 5.57%, 5/20/2065 (c)
1,009
1,006
Series 2015-H14, Class FA, 5.54%, 6/20/2065 (c)
2,455
2,449
Series 2015-H16, Class FM, 5.57%, 7/20/2065 (c)
2,014
2,008
Series 2015-H24, Class FA, 5.62%, 9/20/2065 (c)
3,602
3,595
Series 2015-H27, Class FA, 5.72%, 9/20/2065 (c)
943
943
Series 2015-H25, Class FD, 5.62%, 10/20/2065 (c)
3,864
3,856
Series 2015-H29, Class FA, 5.67%, 10/20/2065 (c)
2
2
Series 2015-H29, Class FJ, 5.65%, 11/20/2065 (c)
2,474
2,470
Series 2016-H01, Class FA, 5.87%, 1/20/2066 (c)
2,266
2,274
Series 2016-H06, Class FC, 5.89%, 2/20/2066 (c)
1,359
1,361
Series 2016-H06, Class FA, 5.92%, 2/20/2066 (c)
1,533
1,536
Series 2016-H09, Class FN, 5.82%, 3/20/2066 (c)
1,648
1,649
Series 2016-H14, Class FA, 5.77%, 6/20/2066 (c)
905
905
Series 2016-H22, Class FA, 5.74%, 10/20/2066 (c)
3,395
3,402
Series 2016-H24, Class AF, 5.82%, 11/20/2066 (c)
1,495
1,496
Series 2017-H07, Class FG, 5.43%, 2/20/2067 (c)
143
142
Series 2017-H14, Class FD, 5.44%, 6/20/2067 (c)
273
272
Series 2017-H16, Class CF, 5.44%, 7/20/2067 (c)
4,585
4,576
Series 2017-H15, Class FN, 5.47%, 7/20/2067 (c)
104
103
Series 2017-H19, Class FA, 5.42%, 8/20/2067 (c)
272
271
Series 2018-H04, Class FG, 5.25%, 2/20/2068 (c)
193
192
Series 2018-H07, Class FE, 5.32%, 2/20/2068 (c)
30
30
Series 2019-H01, Class FT, 5.37%, 10/20/2068 (c)
201
200
Series 2019-H05, Class FT, 4.34%, 4/20/2069 (c)
652
652
Series 2020-H13, Class FK, 5.47%, 7/20/2070 (c)
3,056
3,037
JPMorgan Mortgage Trust
Series 2004-S2, Class 5A1, 5.50%, 12/25/2019
103
96
Series 2006-A2, Class 4A1, 7.30%, 8/25/2034 (c)
262
265
Legacy Mortgage Asset Trust Series 2021-GS3, Class A1, 4.75%, 7/25/2061 (a) (e)
3,160
3,150
LHOME Mortgage Trust Series 2024-RTL5, Class A1, 5.32%, 9/25/2039 (a) (e)
13,067
12,950
MASTR Alternative Loan Trust Series 2004-8, Class 6A1, 5.50%, 9/25/2019
—
—
MFA Trust
Series 2024-RTL3, Class A1, 5.91%, 11/25/2039 (a) (e)
12,170
12,184
Series 2021-NQM2, Class A1, 1.03%, 11/25/2064 (a) (c)
843
740
New Residential Mortgage Loan Trust
Series 2024-RTL1, Class A1, 6.66%, 3/25/2039 (a) (e)
6,035
6,085
Series 2024-RTL2, Class A1, 5.44%, 9/25/2039 (a) (e)
15,750
15,555
Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2005-AR6, Class 4A1, 5.22%, 12/25/2035 (c)
1,206
297
NYMT Loan Trust
Series 2024-BPL3, Class A1, 5.27%, 9/25/2039 (a) (e)
7,000
6,922
Series 2021-SP1, Class A1, 4.67%, 8/25/2061 (a) (e)
8,731
8,648
OBX Trust Series 2020-EXP3, Class 2A1, 5.60%, 1/25/2060 (a) (c)
501
506
PRPM LLC
Series 2020-4, Class A1, 6.61%, 10/25/2025 (a) (e)
6,652
6,659
Series 2020-6, Class A1, 6.36%, 11/25/2025 (a) (e)
2,587
2,590
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 2021-RPL2, Class A1, 1.46%, 10/25/2051 (a) (c)
1,465
1,335
Visio Trust Series 2019-2, Class A1, 2.72%, 11/25/2054 (a) (c)
1,062
1,033
Total Collateralized Mortgage Obligations
(Cost $1,181,031)
1,136,934
Mortgage-Backed Securities — 8.7%
FHLMC
Pool # 611141, ARM, 6.28%, 1/1/2027 (c)
1
1
Pool # 846774, ARM, 6.27%, 12/1/2027 (c)
—
—
Pool # 1B2844, ARM, 6.27%, 3/1/2035 (c)
26
26
Pool # 1L1380, ARM, 7.27%, 3/1/2035 (c)
456
474
Pool # 1L1379, ARM, 7.34%, 10/1/2035 (c)
342
353
Pool # 1G1861, ARM, 6.54%, 3/1/2036 (c)
173
176
Pool # 1J1380, ARM, 7.66%, 3/1/2036 (c)
51
52
Pool # 1J1313, ARM, 7.33%, 6/1/2036 (c)
33
34
Pool # 1G1028, ARM, 7.67%, 7/1/2036 (c)
14
14
Pool # 1K0035, ARM, 7.48%, 8/1/2036 (c)
49
50
Pool # 1N0273, ARM, 7.60%, 8/1/2036 (c)
41
41
Pool # 1J1393, ARM, 7.15%, 10/1/2036 (c)
163
167
Pool # 1J1378, ARM, 5.89%, 11/1/2036 (c)
94
95
Pool # 1J1418, ARM, 5.94%, 12/1/2036 (c)
61
62
Pool # 1J1467, ARM, 6.65%, 12/1/2036 (c)
86
89
Pool # 1N0346, ARM, 7.31%, 12/1/2036 (c)
91
91
Pool # 1J1541, ARM, 6.05%, 1/1/2037 (c)
295
299
Pool # 1J1516, ARM, 6.07%, 2/1/2037 (c)
60
62
Pool # 1J1635, ARM, 6.06%, 3/1/2037 (c)
120
123
Pool # 1J1522, ARM, 6.66%, 3/1/2037 (c)
61
62
Pool # 1N1458, ARM, 7.19%, 3/1/2037 (c)
79
81
Pool # 1Q0339, ARM, 6.66%, 4/1/2037 (c)
8
9
Pool # 1Q0697, ARM, 7.15%, 5/1/2037 (c)
420
424
Pool # 1J1681, ARM, 7.73%, 6/1/2037 (c)
368
376
Pool # 1J1685, ARM, 7.73%, 6/1/2037 (c)
136
138
Pool # 847871, ARM, 6.71%, 8/1/2037 (c)
97
97
Pool # 1J2834, ARM, 7.64%, 8/1/2037 (c)
25
25
Pool # 1Q0476, ARM, 7.34%, 10/1/2037 (c)
79
81
Pool # 1J2945, ARM, 7.50%, 11/1/2037 (c)
46
46
Pool # 1Q0894, ARM, 7.18%, 1/1/2038 (c)
157
158
Pool # 1Q0722, ARM, 6.58%, 4/1/2038 (c)
141
144
FHLMC Gold Pools, 15 Year
Pool # J14783, 4.00%, 3/1/2026
9
9
Pool # G14643, 4.00%, 8/1/2026
14
14
Pool # G14973, 4.00%, 12/1/2028
31
31
Pool # J30812, 3.00%, 2/1/2030
4,619
4,479
Pool # J31731, 3.00%, 5/1/2030
184
178
Pool # G16018, 3.00%, 12/1/2031
2,658
2,560
Pool # G18643, 2.50%, 5/1/2032
8,054
7,621
Pool # G18692, 3.50%, 6/1/2033
7,169
6,965
Pool # G16584, 3.50%, 8/1/2033
10,284
9,985
Pool # G18713, 3.50%, 11/1/2033
17,059
16,552
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Mortgage-Backed Securities — continued
FHLMC Gold Pools, 20 Year
Pool # G30325, 5.50%, 3/1/2027
157
157
Pool # C91261, 4.50%, 8/1/2029
56
56
Pool # C91349, 4.50%, 12/1/2030
63
63
Pool # G30565, 4.50%, 10/1/2031
148
147
Pool # G30701, 5.00%, 11/1/2031
49
50
Pool # C91388, 3.50%, 2/1/2032
1,439
1,395
Pool # C91447, 3.50%, 5/1/2032
111
107
Pool # C91449, 4.00%, 5/1/2032
496
487
Pool # C91581, 3.00%, 11/1/2032
587
558
Pool # K90311, 3.00%, 4/1/2033
1,183
1,122
Pool # G30669, 4.50%, 12/1/2033
794
790
Pool # C91761, 4.00%, 5/1/2034
600
589
Pool # K92617, 3.00%, 4/1/2035
3,374
3,171
Pool # C91862, 3.50%, 1/1/2036
2,169
2,082
Pool # C91880, 3.50%, 6/1/2036
1,243
1,186
FHLMC Gold Pools, 30 Year
Pool # A30588, 6.00%, 7/1/2032
51
53
Pool # G01665, 5.50%, 3/1/2034
1,110
1,132
Pool # G05046, 5.00%, 11/1/2036
65
65
Pool # G03073, 5.50%, 7/1/2037
539
549
Pool # G04772, 7.00%, 8/1/2038
63
67
Pool # G05091, 4.50%, 9/1/2038
513
506
Pool # G05798, 5.50%, 1/1/2040
134
137
Pool # G08729, 4.50%, 9/1/2046
356
349
FHLMC Gold Pools, Other
Pool # T45022, 2.50%, 1/1/2028
1,421
1,379
Pool # U79013, 2.50%, 4/1/2028
258
251
Pool # U79014, 2.50%, 5/1/2028
314
305
Pool # T40143, 2.50%, 7/1/2028
302
294
Pool # U79019, 3.00%, 7/1/2028
54
53
Pool # U79026, 2.50%, 9/1/2028
64
62
Pool # U49013, 3.00%, 9/1/2028
501
489
Pool # G20027, 10.00%, 10/1/2030
4
4
Pool # ZT1051, 3.50%, 12/1/2033
1,531
1,473
Pool # G20028, 7.50%, 12/1/2036
837
857
Pool # RE6019, 3.00%, 12/1/2049
512
444
Pool # RE6030, 3.50%, 2/1/2050
362
325
Pool # RE6028, 3.00%, 4/1/2050
294
252
Pool # RE6048, 2.50%, 5/1/2050
1,242
1,021
Pool # RE6041, 3.00%, 5/1/2050
4,616
3,956
FHLMC UMBS, 10 Year
Pool # RD5058, 2.00%, 5/1/2031
12,193
11,448
Pool # RD5059, 1.50%, 6/1/2031
12,969
11,987
Pool # RD5121, 4.50%, 9/1/2032
2,081
2,073
Pool # RD5122, 4.00%, 10/1/2032
2,448
2,405
Pool # RD5146, 4.50%, 5/1/2033
2,615
2,606
Pool # RD5150, 5.00%, 5/1/2033
4,751
4,797
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Mortgage-Backed Securities — continued
Pool # RD5157, 4.50%, 7/1/2033
1,893
1,886
FHLMC UMBS, 15 Year
Pool # ZS6893, 3.00%, 1/1/2029
10,587
10,299
Pool # ZK7588, 3.00%, 2/1/2029
6,525
6,372
Pool # ZS7344, 3.00%, 1/1/2031
9,360
9,012
Pool # SB1025, 2.50%, 2/1/2031
9,609
9,193
Pool # ZS8602, 3.00%, 3/1/2031
2,897
2,786
Pool # ZK8739, 3.00%, 5/1/2032
7,428
7,111
Pool # SB0722, 3.00%, 4/1/2033
4,020
3,879
Pool # ZS8076, 4.00%, 7/1/2033
1,219
1,200
Pool # ZS8124, 4.00%, 8/1/2033
1,913
1,884
Pool # ZT1403, 3.50%, 11/1/2033
11,106
10,767
Pool # ZT1412, 4.00%, 11/1/2033
12,145
11,952
Pool # SB1084, 3.00%, 3/1/2035
12,455
12,010
Pool # SB0754, 2.00%, 3/1/2036
859
777
Pool # SB1182, 6.00%, 2/1/2038
24,341
24,840
FHLMC UMBS, 20 Year
Pool # ZA2217, 3.50%, 2/1/2032
9,410
9,112
Pool # ZT2375, 4.00%, 3/1/2032
7,850
7,721
Pool # ZS9162, 3.00%, 9/1/2033
4,137
3,947
Pool # ZT1674, 5.00%, 2/1/2035
2,284
2,294
Pool # SC0379, 4.50%, 4/1/2035
3,253
3,225
Pool # ZT1808, 3.50%, 5/1/2037
7,410
7,127
Pool # ZA5795, 4.00%, 11/1/2038
8,700
8,413
Pool # SC0353, 6.00%, 4/1/2043 (d)
32,459
33,084
FHLMC UMBS, 30 Year
Pool # SD1278, 5.00%, 9/1/2049
7,021
7,108
Pool # SD4986, 5.50%, 11/1/2052
5,645
5,750
FNMA
Pool # 325081, ARM, 7.10%, 10/1/2025 (c)
—
—
Pool # 409902, ARM, 6.49%, 6/1/2027 (c)
3
3
Pool # 52597, ARM, 4.55%, 7/1/2027 (c)
1
1
Pool # 810896, ARM, 6.74%, 1/1/2035 (c)
14
14
Pool # 865095, ARM, 8.18%, 10/1/2035 (c)
162
165
Pool # AD0295, ARM, 7.11%, 3/1/2036 (c)
211
214
Pool # 894571, ARM, 7.22%, 3/1/2036 (c)
387
405
Pool # 877009, ARM, 8.18%, 3/1/2036 (c)
147
151
Pool # 895687, ARM, 6.49%, 5/1/2036 (c)
31
32
Pool # 882099, ARM, 7.03%, 7/1/2036 (c)
61
61
Pool # 884722, ARM, 7.12%, 8/1/2036 (c)
27
27
Pool # 886558, ARM, 7.34%, 8/1/2036 (c)
86
88
Pool # 745858, ARM, 7.66%, 8/1/2036 (c)
14
14
Pool # 887714, ARM, 7.67%, 8/1/2036 (c)
37
37
Pool # 882241, ARM, 7.53%, 10/1/2036 (c)
100
101
Pool # 870920, ARM, 6.13%, 12/1/2036 (c)
14
14
Pool # 905593, ARM, 6.19%, 12/1/2036 (c)
10
10
Pool # AD0296, ARM, 6.24%, 12/1/2036 (c)
157
158
Pool # 905196, ARM, 6.67%, 12/1/2036 (c)
13
14
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Mortgage-Backed Securities — continued
Pool # 888143, ARM, 5.81%, 1/1/2037 (c)
36
37
Pool # 920954, ARM, 6.91%, 1/1/2037 (c)
264
270
Pool # 913984, ARM, 7.18%, 2/1/2037 (c)
133
135
Pool # 910178, ARM, 6.37%, 3/1/2037 (c)
290
295
Pool # 936588, ARM, 6.27%, 4/1/2037 (c)
54
55
Pool # 888750, ARM, 6.47%, 4/1/2037 (c)
25
25
Pool # 948208, ARM, 6.74%, 7/1/2037 (c)
158
160
Pool # 944105, ARM, 7.11%, 7/1/2037 (c)
4
4
Pool # 950385, ARM, 6.63%, 8/1/2037 (c)
2
2
Pool # 950382, ARM, 6.78%, 8/1/2037 (c)
435
443
Pool # AD0081, ARM, 6.32%, 11/1/2037 (c)
53
54
Pool # 952182, ARM, 6.70%, 11/1/2037 (c)
109
110
Pool # 995108, ARM, 7.14%, 11/1/2037 (c)
189
195
Pool # 966911, ARM, 6.25%, 12/1/2037 (c)
34
35
FNMA UMBS, 10 Year
Pool # MA2233, 2.50%, 4/1/2025
3
3
Pool # MA4040, 2.00%, 6/1/2030
301
285
Pool # MA4332, 2.00%, 5/1/2031
11,708
11,007
Pool # MA4367, 1.50%, 6/1/2031
15,710
14,521
Pool # BP3513, 2.00%, 6/1/2031
944
886
Pool # FS0868, 2.50%, 3/1/2032
2,359
2,225
Pool # MA4637, 3.00%, 6/1/2032
608
580
Pool # FS5461, 3.50%, 12/1/2032
3,079
2,999
Pool # MA5079, 5.00%, 6/1/2033
1,657
1,673
Pool # MA5117, 4.50%, 7/1/2033
1,476
1,471
FNMA UMBS, 15 Year
Pool # AL2193, 5.50%, 7/1/2025
—
—
Pool # AJ5336, 3.00%, 11/1/2026
16
16
Pool # AK0971, 3.00%, 2/1/2027
20
19
Pool # AO0800, 3.00%, 4/1/2027
26
26
Pool # AP7842, 3.00%, 9/1/2027
21
21
Pool # AL3439, 4.00%, 9/1/2027
83
83
Pool # AL4307, 4.00%, 10/1/2028
230
228
Pool # AL6105, 4.00%, 12/1/2029
14
14
Pool # AZ0888, 3.50%, 7/1/2030
2,242
2,193
Pool # AZ8018, 3.00%, 9/1/2030
3,334
3,219
Pool # FM9465, 3.00%, 1/1/2031
2,846
2,773
Pool # AL9065, 3.00%, 9/1/2031
4,298
4,138
Pool # FM3524, 3.00%, 4/1/2032
4,769
4,622
Pool # BM5110, 3.00%, 9/1/2032
10,185
9,818
Pool # MA3540, 3.50%, 12/1/2033
6,902
6,689
Pool # MA3559, 3.50%, 1/1/2034
7,200
6,977
Pool # BN6225, 3.50%, 3/1/2034
2,562
2,483
Pool # CA3614, 3.50%, 5/1/2034
8,533
8,250
Pool # CA4258, 2.50%, 10/1/2034
3,910
3,603
Pool # CA4263, 3.00%, 10/1/2034
3,795
3,619
Pool # FS4368, 4.00%, 11/1/2034
23,178
22,785
Pool # FS4292, 3.00%, 2/1/2035
2,710
2,611
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Mortgage-Backed Securities — continued
Pool # MA3984, 2.50%, 4/1/2035
2,612
2,425
Pool # FS3924, 3.00%, 6/1/2035
16,867
16,237
Pool # FS4504, 3.50%, 9/1/2035
4,478
4,370
Pool # FS5951, 3.50%, 9/1/2035
4,360
4,257
Pool # FS4848, 3.00%, 7/1/2036
2,932
2,803
Pool # FS4430, 3.50%, 1/1/2037
3,831
3,731
Pool # FS6749, 3.50%, 1/1/2037
3,137
3,009
FNMA UMBS, 20 Year
Pool # 256714, 5.50%, 5/1/2027
43
43
Pool # MA0214, 5.00%, 10/1/2029
391
393
Pool # AD5474, 5.00%, 5/1/2030
128
128
Pool # MA0534, 4.00%, 10/1/2030
58
57
Pool # AL4165, 4.50%, 1/1/2031
330
327
Pool # MA0804, 4.00%, 7/1/2031
67
66
Pool # MA0792, 4.50%, 7/1/2031
588
585
Pool # MA3894, 4.00%, 9/1/2031
87
85
Pool # 890653, 4.50%, 1/1/2032
274
272
Pool # AL5958, 4.00%, 3/1/2032
656
643
Pool # MA1037, 3.00%, 4/1/2032
606
579
Pool # AL1722, 4.50%, 4/1/2032
49
49
Pool # AB5811, 3.00%, 8/1/2032
906
858
Pool # AL7474, 3.50%, 10/1/2032
559
538
Pool # MA1270, 2.50%, 11/1/2032
401
376
Pool # AL3190, 4.00%, 12/1/2032
259
253
Pool # AU5910, 3.50%, 9/1/2033
4,758
4,575
Pool # MA1802, 3.00%, 1/1/2034
507
477
Pool # BM4298, 3.50%, 4/1/2034
8,807
8,481
Pool # AL8051, 4.00%, 5/1/2034
2,305
2,252
Pool # AL5373, 4.50%, 5/1/2034
267
264
Pool # MA1922, 4.00%, 6/1/2034
13,877
13,561
Pool # BM4606, 4.00%, 1/1/2036
9,501
9,323
Pool # MA2587, 3.50%, 4/1/2036
1,532
1,469
Pool # FM2477, 3.00%, 5/1/2036
2,136
2,021
Pool # AS7789, 3.00%, 8/1/2036
2,767
2,588
Pool # FM6297, 3.50%, 12/1/2036
2,260
2,175
Pool # FS0448, 3.00%, 1/1/2037
5,410
5,124
Pool # BM1370, 3.00%, 4/1/2037
1,326
1,236
Pool # BJ2544, 3.00%, 12/1/2037
991
914
Pool # FM2922, 3.00%, 2/1/2038
1,537
1,456
Pool # FM8386, 3.00%, 6/1/2038 (d)
2,150
2,029
Pool # FS4583, 4.00%, 6/1/2038
1,590
1,555
Pool # FS1689, 4.50%, 4/1/2039
1,273
1,266
Pool # FS4048, 4.50%, 4/1/2039
10,181
10,125
FNMA UMBS, 30 Year
Pool # 250511, 6.50%, 3/1/2026
—
—
Pool # 555889, 8.00%, 12/1/2030
4
4
Pool # 254548, 5.50%, 12/1/2032
544
558
Pool # 555458, 5.50%, 5/1/2033
1,115
1,126
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Mortgage-Backed Securities — continued
Pool # AB0054, 4.50%, 12/1/2034
1,432
1,411
Pool # 735503, 6.00%, 4/1/2035
808
835
Pool # 745275, 5.00%, 2/1/2036
1,411
1,423
Pool # 889118, 5.50%, 4/1/2036
1,510
1,528
Pool # 889209, 5.00%, 5/1/2036
79
78
Pool # 745948, 6.50%, 10/1/2036
123
128
Pool # 889494, 5.50%, 1/1/2037
107
109
Pool # AD0249, 5.50%, 4/1/2037
1,069
1,083
Pool # 995024, 5.50%, 8/1/2037
168
172
Pool # FS4003, 5.50%, 8/1/2037
5,848
5,957
Pool # 950302, 7.00%, 8/1/2037
275
287
Pool # 888890, 6.50%, 10/1/2037
355
372
Pool # 929005, 6.00%, 1/1/2038
237
247
Pool # 995049, 5.50%, 2/1/2038
3,369
3,481
Pool # 890268, 6.50%, 10/1/2038
626
647
Pool # 995149, 6.50%, 10/1/2038
385
397
Pool # AL7521, 5.00%, 6/1/2039
205
207
Pool # AC3237, 5.00%, 10/1/2039
106
107
Pool # AB2025, 5.00%, 1/1/2040
261
263
Pool # AD6431, 4.50%, 6/1/2040
111
109
Pool # AK6740, 4.00%, 3/1/2042
1,217
1,180
Pool # AO7185, 4.00%, 9/1/2042
609
582
Pool # AL7590, 3.50%, 10/1/2045
560
518
Pool # FS5552, 5.00%, 12/1/2047
5,518
5,560
Pool # FS6870, 5.50%, 11/1/2052
3,911
4,002
FNMA, 30 Year Pool # 801357, 5.50%, 8/1/2034
28
28
FNMA, Other
Pool # AN0254, 2.97%, 12/1/2025
4,713
4,626
Pool # AN1461, 2.59%, 5/1/2026
10,000
9,708
Pool # AN1613, 2.55%, 7/1/2026
9,147
8,853
Pool # BL4482, 2.19%, 11/1/2026
10,051
9,640
Pool # AM8146, 2.78%, 2/1/2027
7,202
6,964
Pool # AN5041, 3.08%, 3/1/2027
5,049
4,902
Pool # AN6585, 2.84%, 9/1/2027
6,481
6,213
Pool # AN6586, 2.84%, 9/1/2027
5,929
5,678
Pool # AN7169, 2.83%, 10/1/2027
5,307
5,082
Pool # BL9763, 1.24%, 12/1/2027
2,500
2,279
Pool # AB7351, 2.50%, 12/1/2027
260
252
Pool # AQ8837, 2.50%, 12/1/2027
159
155
Pool # AQ9357, 2.50%, 1/1/2028
90
87
Pool # AN8048, 3.08%, 1/1/2028
3,160
3,059
Pool # AQ9760, 2.50%, 2/1/2028
467
452
Pool # MA1360, 2.50%, 2/1/2028
533
517
Pool # BS1625, 1.35%, 4/1/2028
4,989
4,525
Pool # BS8763, 4.50%, 6/1/2028
1,335
1,335
Pool # BS9129, 4.39%, 7/1/2028
3,798
3,783
Pool # MA1557, 3.00%, 8/1/2028
95
93
Pool # AN9814, 3.63%, 8/1/2028
3,547
3,433
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Mortgage-Backed Securities — continued
Pool # BS9300, 4.46%, 8/1/2028
4,840
4,829
Pool # BS9278, 4.65%, 8/1/2028
1,444
1,451
Pool # BS9323, 4.86%, 8/1/2028
1,224
1,238
Pool # BS9062, 4.54%, 9/1/2028
5,425
5,398
Pool # BS9590, 4.82%, 9/1/2028
7,345
7,399
Pool # BS9454, 5.34%, 9/1/2028
4,505
4,622
Pool # BZ0016, 5.55%, 12/1/2028
5,000
5,167
Pool # BL1106, 3.63%, 1/1/2029
9,578
9,276
Pool # BZ0809, 4.89%, 4/1/2029
1,264
1,283
Pool # BZ0931, 4.71%, 5/1/2029
8,965
9,018
Pool # BZ1385, 4.65%, 7/1/2029
2,000
2,012
Pool # BZ1274, 4.72%, 7/1/2029
1,993
2,007
Pool # BM7222, 3.50%, 10/1/2029
2,767
2,711
Pool # BM7221, 3.00%, 2/1/2031
5,386
5,258
Pool # BK4847, 2.50%, 4/1/2033
185
177
Pool # BM6947, 3.50%, 7/1/2033
2,657
2,574
Pool # AL6151, 3.50%, 8/1/2034
8,805
8,427
Pool # BM6595, 4.00%, 6/1/2037
1,675
1,639
Pool # BF0077, 4.50%, 3/1/2039
7,876
7,722
Pool # BF0194, 4.50%, 7/1/2040
2,039
1,999
Pool # BF0238, 4.50%, 8/1/2041
11,851
11,771
Pool # MA0896, 4.00%, 11/1/2041
284
269
Pool # MA1188, 3.00%, 9/1/2042
1,443
1,288
Pool # MA1349, 3.00%, 2/1/2043
1,472
1,313
Pool # MA1371, 3.00%, 3/1/2043
492
439
Pool # MA1433, 3.00%, 5/1/2043
636
568
Pool # MA1510, 4.00%, 7/1/2043
684
656
Pool # AL6167, 3.50%, 1/1/2044
1,026
952
Pool # BM3994, 3.50%, 1/1/2044
1,320
1,225
Pool # AL6854, 3.00%, 2/1/2044
1,880
1,706
Pool # AL7826, 3.50%, 1/1/2046
1,491
1,424
Pool # MA2621, 3.50%, 5/1/2046
305
278
Pool # MA2744, 3.50%, 9/1/2046
786
716
Pool # AL9060, 5.57%, 4/1/2047
3,723
3,829
Pool # BH8493, 3.00%, 11/1/2047
1,079
943
Pool # MA3197, 3.00%, 11/1/2047
524
457
Pool # BM5053, 3.00%, 4/1/2048
390
351
Pool # BF0371, 5.00%, 7/1/2048
1,553
1,562
Pool # BF0573, 5.50%, 12/1/2048
12,212
12,295
Pool # BM6073, 3.00%, 7/1/2049
798
718
Pool # MA3913, 3.00%, 1/1/2050
936
802
Pool # CA5133, 3.00%, 2/1/2050
458
393
Pool # MA3971, 3.00%, 3/1/2050
3,010
2,580
Pool # CA5979, 3.00%, 5/1/2050
411
352
Pool # MA4029, 3.00%, 5/1/2050
379
325
Pool # MA4057, 2.50%, 6/1/2050
733
603
Pool # CA6065, 3.00%, 6/1/2050
363
312
Pool # MA4058, 3.00%, 6/1/2050
299
256
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Mortgage-Backed Securities — continued
Pool # CA6385, 3.00%, 7/1/2050
449
385
GNMA I, 15 Year Pool # 783929, 4.00%, 5/15/2026
3
3
GNMA I, 30 Year
Pool # 780115, 8.50%, 4/15/2025
—
—
Pool # 423946, 9.00%, 10/15/2026
—
—
Pool # 786458, 5.50%, 3/15/2033
2,728
2,784
Pool # 784278, 5.50%, 1/15/2034
2,051
2,095
Pool # 687926, 6.50%, 9/15/2038
804
832
Pool # 785282, 4.25%, 10/15/2040
7,353
7,168
Pool # 785859, 5.50%, 6/15/2041
22,347
22,946
Pool # AE7700, 3.50%, 8/15/2043
398
373
GNMA II
Pool # 8746, ARM, 3.75%, 11/20/2025 (c)
3
3
Pool # 8790, ARM, 4.62%, 1/20/2026 (c)
1
1
Pool # 80053, ARM, 4.62%, 3/20/2027 (c)
—
—
Pool # 80152, ARM, 4.62%, 1/20/2028 (c)
—
—
GNMA II, 15 Year
Pool # 5136, 4.00%, 8/20/2026
12
12
Pool # 5208, 3.00%, 10/20/2026
236
233
Pool # 5277, 3.50%, 1/20/2027
53
52
Pool # MA3495, 2.50%, 3/20/2031
6,813
6,489
Pool # MA3638, 2.50%, 5/20/2031
3,690
3,508
GNMA II, 30 Year
Pool # 1989, 8.50%, 4/20/2025
—
—
Pool # 2285, 8.00%, 9/20/2026
1
1
Pool # 2499, 8.00%, 10/20/2027
1
1
Pool # 2525, 8.00%, 12/20/2027
—
—
Pool # 2646, 7.50%, 9/20/2028
1
1
Pool # 4224, 7.00%, 8/20/2038
386
398
Pool # 4245, 6.00%, 9/20/2038
564
600
Pool # 4247, 7.00%, 9/20/2038
786
811
Pool # MA8619, 6.50%, 11/20/2038
2,741
2,813
Pool # MA8918, 5.50%, 12/20/2038
1,887
1,928
GNMA II, Other Pool # MA6081, 3.50%, 8/20/2049
660
591
Total Mortgage-Backed Securities
(Cost $859,819)
852,086
Commercial Mortgage-Backed Securities — 2.2%
BX Series 2021-MFM1, Class A, 5.42%, 1/15/2034 (a) (c)
1,143
1,142
Commercial Mortgage Trust
Series 2020-CBM, Class B, 3.10%, 2/10/2037 (a)
4,765
4,717
Series 2014-UBS3, Class B, 4.31%, 6/10/2047
3,000
2,599
Series 2015-CR26, Class B, 4.61%, 10/10/2048 (c)
2,000
1,947
DBJPM Mortgage Trust Series 2017-C6, Class A3, 3.27%, 6/10/2050
208
200
FHLMC, Multi-Family Structured Pass-Through Certificates
Series KC07, Class A7, 2.51%, 10/25/2026
2,244
2,159
Series K068, Class X1, IO, 0.54%, 8/25/2027 (c)
64,312
637
Series K740, Class X1, IO, 0.82%, 9/25/2027 (c)
102,399
1,741
Series K506, Class A1, 4.65%, 5/25/2028
1,176
1,179
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Commercial Mortgage-Backed Securities — continued
Series K507, Class A2, 4.80%, 9/25/2028 (c)
2,500
2,518
Series K512, Class A2, 5.00%, 11/25/2028
12,000
12,203
Series KG04, Class A1, 0.85%, 6/25/2030
3,556
3,175
Series K114, Class X1, IO, 1.21%, 6/25/2030 (c)
39,657
2,006
FNMA ACES Series 2020-M10, Class X1, IO, 1.90%, 12/25/2030 (c)
53,869
3,490
FREMF Mortgage Trust
Series 2018-K733, Class C, 4.21%, 9/25/2025 (a) (c)
7,000
6,891
Series 2019-K735, Class B, 4.16%, 5/25/2026 (a) (c)
15,980
15,698
Series 2015-K44, Class C, 3.84%, 1/25/2048 (a) (c)
2,000
1,990
Series 2015-K42, Class C, 3.90%, 1/25/2048 (a) (c)
1,000
996
Series 2015-K43, Class C, 3.82%, 2/25/2048 (a) (c)
6,000
5,966
Series 2015-K45, Class B, 3.75%, 4/25/2048 (a) (c)
1,246
1,240
Series 2015-K45, Class C, 3.75%, 4/25/2048 (a) (c)
9,700
9,650
Series 2016-K54, Class B, 4.19%, 4/25/2048 (a) (c)
1,500
1,478
Series 2015-K50, Class B, 3.91%, 10/25/2048 (a) (c)
26,500
26,152
Series 2015-K50, Class C, 3.91%, 10/25/2048 (a) (c)
2,000
1,971
Series 2015-K51, Class B, 4.09%, 10/25/2048 (a) (c)
5,000
4,939
Series 2016-K52, Class B, 4.07%, 1/25/2049 (a) (c)
3,000
2,958
Series 2016-K53, Class B, 4.16%, 3/25/2049 (a) (c)
27,760
27,345
Series 2016-K57, Class B, 4.05%, 8/25/2049 (a) (c)
2,000
1,959
Series 2017-K62, Class B, 4.01%, 1/25/2050 (a) (c)
5,500
5,373
Series 2017-K71, Class B, 3.88%, 11/25/2050 (a) (c)
1,000
968
Series 2019-K734, Class B, 4.18%, 2/25/2051 (a) (c)
3,400
3,343
Series 2019-K90, Class B, 4.46%, 2/25/2052 (a) (c)
13,582
13,158
Independence Plaza Trust Series 2018-INDP, Class C, 4.16%, 7/10/2035 (a)
3,225
3,138
JPMBB Commercial Mortgage Securities Trust
Series 2015-C30, Class C, 4.37%, 7/15/2048 (c)
9,000
6,506
Series 2015-C31, Class C, 4.78%, 8/15/2048 (c)
2,750
2,069
JPMCC Commercial Mortgage Securities Trust Series 2017-JP6, Class A3, 3.11%, 7/15/2050
3,895
3,758
MHC Commercial Mortgage Trust
Series 2021-MHC, Class A, 5.52%, 4/15/2038 (a) (c)
1,066
1,065
Series 2021-MHC, Class D, 6.32%, 4/15/2038 (a) (c)
2,000
1,995
Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C31, Class B, 3.88%, 11/15/2049 (c)
4,140
3,755
Morgan Stanley Capital I Trust Series 2021-L6, Class A2, 2.13%, 6/15/2054 (c)
3,767
3,441
MRCD MARK Mortgage Trust Series 2019-PARK, Class B, 2.72%, 12/15/2036 (a)
6,000
4,942
OPG Trust Series 2021-PORT, Class B, 5.44%, 10/15/2036 (a) (c)
4,076
4,045
Wells Fargo Commercial Mortgage Trust
Series 2021-SAVE, Class A, 5.87%, 2/15/2040 (a) (c)
6,613
6,573
Series 2015-C28, Class B, 4.21%, 5/15/2048 (c)
3,000
2,925
Series 2015-C29, Class C, 4.36%, 6/15/2048 (c)
1,250
1,171
Series 2017-C41, Class A2, 2.59%, 11/15/2050
1,452
1,378
Total Commercial Mortgage-Backed Securities
(Cost $227,568)
218,549
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS 
SHARES
(000)
VALUE
($000)
Short-Term Investments — 4.6%
Investment Companies — 2.8%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 4.49% (f) (g)
(Cost $275,634)
275,634
275,634
 
PRINCIPAL
AMOUNT
($000)
U.S. Treasury Obligations — 1.8%
U.S. Treasury Bills
4.80%, 1/30/2025 (h) (i)
23,480
23,309
5.08%, 5/15/2025 (h)
149,765
146,829
Total U.S. Treasury Obligations
(Cost $169,737)
170,138
Total Short-Term Investments
(Cost $445,371)
445,772
Total Investments — 100.5%
(Cost $9,839,253)
9,801,789
Liabilities in Excess of Other Assets — (0.5)%
(49,151
)
NET ASSETS — 100.0%
9,752,638
 
Percentages indicated are based on net assets.
Amounts presented as a dash ("-") represent amounts that round to less than a thousand.
 
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, 2024.
CLO
Collateralized Loan Obligations
CME
Chicago Mercantile Exchange
CSMC
Credit Suisse Mortgage Trust
FHLMC
Federal Home Loan Mortgage Corp.
FNMA
Federal National Mortgage Association
GNMA
Government National Mortgage Association
ICE
Intercontinental Exchange
IF
Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index or have an interest
rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the
rate in effect as of November 30, 2024. The rate may be subject to a cap and floor.
IO
Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown
represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or
refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
PO
Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is
extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on
these securities increases.
REMIC
Real Estate Mortgage Investment Conduit
SOFR
Secured Overnight Financing Rate
SOFRINDX
Compounding index of the Secured Overnight Financing Rate
STRIPS
Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal
components of eligible notes and bonds as separate securities.
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
UMBS
Uniform Mortgage-Backed Securities
USD
United States Dollar
 
^
Amount rounds to less than 0.1% of net assets.
‡
Value determined using significant unobservable inputs.
 
(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, 2024.
 
(c)
Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments
on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2024.
 
(d)
All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
 
(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, 2024.
 
(f)
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.
 
(g)
The rate shown is the current yield as of November 30, 2024.
 
(h)
The rate shown is the effective yield as of November 30, 2024.
 
(i)
All or a portion of this security is deposited with the broker as initial margin for futures contracts.
 
Futures contracts outstanding as of November 30, 2024 (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
11,624
03/31/2025
USD
2,395,997
5,372
Short Contracts
U.S. Treasury 10 Year Note
(1,664
)
03/20/2025
USD
(185,068
)
(2,446
)
U.S. Treasury 10 Year Ultra Note
(887
)
03/20/2025
USD
(101,866
)
(1,790
)
U.S. Treasury Long Bond
(386
)
03/20/2025
USD
(46,151
)
(1,199
)
U.S. Treasury Ultra Bond
(1
)
03/20/2025
USD
(127
)
(4
)
U.S. Treasury 5 Year Note
(8,337
)
03/31/2025
USD
(897,335
)
(6,777
)
 
(12,216
)
 
(6,844
)
 
Abbreviations
 
USD
United States Dollar
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (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.
Under Section 2(a)(41) of the Investment Company Act of 1940, the Board is required to determine fair value for securities that do not have readily available market quotations. Under Securities and Exchange Commission Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Fund. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC 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 using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”), or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.
Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s net asset values per share as of the report date.
Futures contracts are generally valued on the basis of available market quotations.
See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at November 30, 2024.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
(Dollar values in thousands)
The following table represents each valuation input as presented on the Schedule of Portfolio Investments: 
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Asset-Backed Securities
$—
$2,269,825
$101,103
$2,370,928
Collateralized Mortgage Obligations
—
1,126,585
10,349
1,136,934
Commercial Mortgage-Backed Securities
—
218,549
—
218,549
Corporate Bonds
—
2,413,338
—
2,413,338
Mortgage-Backed Securities
—
852,086
—
852,086
U.S. Treasury Obligations
—
2,364,182
—
2,364,182
Short-Term Investments
Investment Companies
275,634
—
—
275,634
U.S. Treasury Obligations
—
170,138
—
170,138
Total Short-Term Investments
275,634
170,138
—
445,772
Total Investments in Securities
$275,634
$9,414,703
$111,452
$9,801,789
Appreciation in Other Financial Instruments
Futures Contracts
$5,372
$—
$—
$5,372
Depreciation in Other Financial Instruments
Futures Contracts
(12,216
)
—
—
(12,216
)
Total Net Appreciation/ Depreciation in Other
Financial Instruments
$(6,844
)
$—
$—
$(6,844
)
The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value: 
 
Balance as of
February 29,
2024
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,
2024
Investments in Securities:
Asset-Backed Securities
$43,814
$—
$1,521
$32
$94,888
$(31,207
)
$—
$(7,945
)
$101,103
Collateralized Mortgage
Obligations
56
—
2
5
11,771
(1,430
)
—
(55
)
10,349
Total
$43,870
$—
$1,523
$37
$106,659
$(32,637
)
$—
$(8,000
)
$111,452
 
 
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, 2024, which were valued using significant unobservable inputs (level 3) amounted to $438.
There were no significant transfers into or out of level 3 for the period ended November 30, 2024.
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
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
(Dollar values in thousands)
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, 2024
Valuation
Technique(s)
Unobservable
Input
Range (Weighted
Average) (a)
 
$49,131
Discounted Cash Flow
Constant Prepayment Rate
0.00% - 75.00% (10.56%)
 
 
Yield (Discount Rate of Cash Flows)
5.19% - 6.52% (5.86%)
 
 
 
 
Asset-Backed Securities
49,131
 
 
 
 
10,348
Discounted Cash Flow
Constant Prepayment Rate
90.00% (90.00%)
 
 
Yield (Discount Rate of Cash Flows)
5.83% (5.83%)
 
 
 
 
Collateralized Mortgage
Obligations
10,348
 
 
 
Total
$59,479
 
 
 
 
#
The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At November 30, 2024, the value
of these investments was $51,973. 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. Investment Transactions with Affiliates— The Fund invested in an Underlying Fund advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund's distributions may be reinvested into such Underlying Fund. Reinvestment amounts are included in the purchases at cost amounts in the table below. 
 
For the period ended November 30, 2024
Security Description
Value at
February 29,
2024
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
November 30,
2024
Shares at
November 30,
2024
Dividend
Income
Capital Gain
Distributions
JPMorgan U.S. Government Money Market
Fund Class Institutional Shares, 4.49%
 (a) (b)
$184,181
$2,320,398
$2,228,945
$—
$—
$275,634
275,634
$10,947
$—
 
 
(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, 2024.