JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited)                

Investments	Principal Amount ($000)			Value ($000)
MORTGAGE-BACKED SECURITIES — 55.5%
FHLMC
Pool # 645242, ARM, 4.38%, 1/1/2030(a)		5			5
Pool # 781087, ARM, 3.98%, 12/1/2033(a)		64			65
Pool # 1B1665, ARM, 3.64%, 4/1/2034(a)		33			34
Pool # 782979, ARM, 3.88%, 1/1/2035(a)		75			78
Pool # 1B2844, ARM, 3.58%, 3/1/2035(a)		39			39
Pool # 1Q0007, ARM, 4.01%, 12/1/2035(a)		51			52
Pool # 972200, ARM, 3.77%, 3/1/2036(a)		62			62
Pool # 1J1380, ARM, 4.62%, 3/1/2036(a)		46			49
Pool # 1H2618, ARM, 4.26%, 5/1/2036(a)		41			43
Pool # 1G2557, ARM, 4.13%, 6/1/2036(a)		126			134
Pool # 1A1085, ARM, 3.57%, 8/1/2036(a)		70			72
Pool # 1Q0105, ARM, 4.34%, 9/1/2036(a)		49			52
Pool # 1A1096, ARM, 3.36%, 10/1/2036(a)		124			129
Pool # 1N0249, ARM, 3.51%, 10/1/2036(a)		18			19
Pool # 1B7163, ARM, 3.94%, 10/1/2036(a)		3			3
Pool # 1J1348, ARM, 4.21%, 10/1/2036(a)		113			114
Pool # 1G2671, ARM, 3.65%, 11/1/2036(a)		68			70
Pool # 1J1378, ARM, 3.76%, 11/1/2036(a)		76			79
Pool # 1Q0737, ARM, 4.07%, 11/1/2036(a)		72			73
Pool # 782760, ARM, 4.33%, 11/1/2036(a)		140			147
Pool # 1G1386, ARM, 3.93%, 12/1/2036(a)		26			28
Pool # 1J1516, ARM, 3.70%, 2/1/2037(a)		22			23
Pool # 1J0282, ARM, 3.88%, 2/1/2037(a)		43			44
Pool # 1G1555, ARM, 4.09%, 2/1/2037(a)		30			32
Pool # 1J1543, ARM, 4.36%, 2/1/2037(a)		12			12
Pool # 1Q0739, ARM, 3.75%, 3/1/2037(a)		125			130
Pool # 1Q0697, ARM, 3.38%, 5/1/2037(a)		60			62
Pool # 1B3485, ARM, 4.53%, 7/1/2037(a)		15			15
Pool # 1G2229, ARM, 4.22%, 9/1/2037(a)		40			41
Pool # 1K0134, ARM, 4.49%, 10/1/2037(a)		16			16
Pool # 1Q0722, ARM, 4.15%, 4/1/2038(a)		45			48
Pool # 1Q0789, ARM, 3.87%, 5/1/2038(a)		25			25
FHLMC Gold Pools, 15 Year
Pool # G13753, 5.50%, 2/1/2021		—	(b)		—	(b)
Pool # G13073, 6.00%, 7/1/2021		1			1
Pool # G13012, 6.00%, 3/1/2022		—	(b)		—	(b)
Pool # G12825, 6.50%, 3/1/2022		5			5
Pool # G12978, 5.50%, 12/1/2022		58			61
FHLMC Gold Pools, 20 Year
Pool # C91042, 5.50%, 5/1/2027		285			314
Pool # C91158, 6.50%, 1/1/2028		230			259
Pool # C91180, 5.50%, 3/1/2028		106			117
Pool # D98938, 4.00%, 2/1/2032		764			825
FHLMC Gold Pools, 30 Year
Pool # D53146, 6.50%, 5/1/2024		1			1
Pool # C18115, 6.00%, 11/1/2028		1			1
Pool # C00701, 6.50%, 1/1/2029		26			29
Pool # G03029, 6.00%, 10/1/2029		49			54
Pool # C68485, 7.00%, 7/1/2032		20			22
Pool # G01448, 7.00%, 8/1/2032		35			41
Pool # C75791, 5.50%, 1/1/2033		112			130
Pool # C01735, 4.00%, 10/1/2033		61			65
Pool # A13625, 5.50%, 10/1/2033		281			328
Pool # A16253, 6.00%, 11/1/2033		29			32
Pool # A16843, 6.00%, 12/1/2033		66			74
Pool # A24712, 6.50%, 7/1/2034		54			60
Pool # A28796, 6.50%, 11/1/2034		102			121
Pool # A46417, 7.00%, 4/1/2035		256			311

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
Pool # A46987, 5.50%, 7/1/2035		557			640
Pool # A80290, 5.00%, 11/1/2035		616			707
Pool # G05713, 6.50%, 12/1/2035		515			597
Pool # A54679, 6.50%, 6/1/2036		35			41
Pool # C02637, 7.00%, 10/1/2036		150			177
Pool # C02660, 6.50%, 11/1/2036		95			111
Pool # G04077, 6.50%, 3/1/2038		154			182
Pool # G05190, 7.50%, 9/1/2038		25			29
Pool # C03466, 5.50%, 3/1/2040		151			172
Pool # A93511, 5.00%, 8/1/2040		1,495			1,712
Pool # G06493, 4.50%, 5/1/2041		1,976			2,199
Pool # G60039, 3.00%, 4/1/2043		6,689			7,160
Pool # G60105, 5.00%, 6/1/2044		3,000			3,433
Pool # Q37784, 3.50%, 12/1/2045		1,840			1,976
Pool # Q39412, 3.50%, 3/1/2046		1,516			1,628
Pool # Q40797, 3.50%, 5/1/2046		2,423			2,596
Pool # Q40922, 3.50%, 6/1/2046		1,164			1,247
Pool # Q42079, 3.50%, 7/1/2046		1,885			2,017
Pool # Q61709, 4.50%, 2/1/2049		4,152			4,487
Pool # Q62088, 4.50%, 2/1/2049		1,091			1,214
FHLMC Gold Pools, Other
Pool # G80208, Class 360, 10.50%, 7/20/2021		—	(b)		—	(b)
Pool # G20027, 10.00%, 10/1/2030		11			12
Pool # B90491, 7.50%, 1/1/2032		159			183
Pool # U80047, 4.00%, 9/1/2032		738			795
Pool # U80068, 3.50%, 10/1/2032		758			816
Pool # U80125, 3.50%, 1/1/2033		1,645			1,769
Pool # U80173, 3.50%, 1/1/2033		1,786			1,922
Pool # U80265, 3.50%, 4/1/2033		2,195			2,362
Pool # L10221, 6.00%, 1/1/2034		45			48
Pool # L10224, 6.00%, 12/1/2034		121			131
Pool # H00158, 6.00%, 4/1/2036		215			227
Pool # L10291, 6.50%, 11/1/2036		304			355
Pool # P51353, 6.50%, 11/1/2036		124			141
Pool # P50595, 6.50%, 12/1/2036		452			527
Pool # P51361, 6.50%, 12/1/2036		104			125
Pool # G20028, 7.50%, 12/1/2036		182			208
Pool # G80365, 6.50%, 10/17/2038		157			183
Pool # U90690, 3.50%, 6/1/2042		6,463			7,000
Pool # U90975, 4.00%, 6/1/2042		3,818			4,175
Pool # T65101, 4.00%, 10/1/2042		925			970
Pool # U90378, 4.00%, 11/1/2042		5,449			5,964
Pool # U90542, 4.00%, 12/1/2042		2,594			2,838
Pool # U91449, 4.00%, 5/1/2043		4,835			5,296
Pool # U99051, 3.50%, 6/1/2043		979			1,061
Pool # U99134, 4.00%, 1/1/2046		2,650			2,899
Pool # U69030, 4.50%, 1/1/2046		2,134			2,360
Pool # U69039, 4.00%, 2/1/2046		4,602			5,034
FHLMC UMBS, 30 Year
Pool # RA1617, 3.50%, 8/1/2049		6,450			6,803
Pool # RA1623, 4.00%, 9/1/2049		5,670			6,118
Pool # QA5403, 4.00%, 11/1/2049		1,187			1,295
Pool # QA5096, 4.00%, 12/1/2049		6,170			6,622
Pool # QA5982, 4.00%, 12/1/2049		1,073			1,170
Pool # RA2008, 4.00%, 1/1/2050		7,761			8,454
Pool # QA7351, 3.00%, 2/1/2050		670			708
Pool # RA2272, 3.50%, 2/1/2050		29,489			31,986
Pool # QA9332, 2.50%, 5/1/2050		8,692			9,025
FNMA
Pool # 54844, ARM, 2.70%, 9/1/2027(a)		3			3

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
Pool # 303532, ARM, 4.05%, 3/1/2029(a)		9			9
Pool # 555258, ARM, 3.28%, 1/1/2033(a)		93			94
Pool # 722421, ARM, 3.29%, 7/1/2033(a)		20			20
Pool # 686040, ARM, 3.85%, 7/1/2033(a)		91			92
Pool # 746299, ARM, 4.06%, 9/1/2033(a)		63			66
Pool # 743546, ARM, 3.49%, 11/1/2033(a)		146			147
Pool # 749923, ARM, 3.90%, 11/1/2033(a)		4			4
Pool # 766610, ARM, 3.71%, 1/1/2034(a)		43			44
Pool # 735648, ARM, 3.67%, 2/1/2034(a)		63			64
Pool # 770377, ARM, 3.11%, 4/1/2034(a)		45			45
Pool # 751531, ARM, 2.71%, 5/1/2034(a)		59			59
Pool # 778908, ARM, 2.55%, 6/1/2034(a)		41			41
Pool # 800422, ARM, 3.07%, 8/1/2034(a)		258			261
Pool # 735332, ARM, 3.86%, 8/1/2034(a)		75			78
Pool # 793062, ARM, 4.14%, 8/1/2034(a)		50			50
Pool # 790964, ARM, 3.84%, 9/1/2034(a)		28			28
Pool # 735740, ARM, 3.18%, 10/1/2034(a)		74			75
Pool # 794797, ARM, 3.47%, 10/1/2034(a)		68			70
Pool # 803594, ARM, 3.56%, 10/1/2034(a)		51			52
Pool # 803599, ARM, 3.67%, 10/1/2034(a)		90			91
Pool # 896463, ARM, 4.44%, 10/1/2034(a)		146			152
Pool # 810896, ARM, 3.03%, 1/1/2035(a)		572			588
Pool # 816594, ARM, 3.42%, 2/1/2035(a)		22			22
Pool # 745862, ARM, 3.49%, 4/1/2035(a)		101			102
Pool # 735539, ARM, 3.67%, 4/1/2035(a)		212			222
Pool # 821378, ARM, 2.14%, 5/1/2035(a)		86			86
Pool # 823660, ARM, 2.88%, 5/1/2035(a)		48			49
Pool # 821179, ARM, 3.39%, 5/1/2035(a)		15			15
Pool # 745766, ARM, 3.73%, 6/1/2035(a)		49			50
Pool # 832801, ARM, 3.73%, 9/1/2035(a)		60			62
Pool # 849251, ARM, 3.66%, 1/1/2036(a)		59			61
Pool # 920843, ARM, 4.26%, 3/1/2036(a)		888			940
Pool # 872825, ARM, 4.21%, 6/1/2036(a)		148			156
Pool # 892868, ARM, 4.39%, 7/1/2036(a)		59			60
Pool # 886558, ARM, 4.11%, 8/1/2036(a)		49			52
Pool # 920547, ARM, 3.35%, 9/1/2036(a)		135			139
Pool # 894239, ARM, 3.97%, 10/1/2036(a)		47			47
Pool # 900191, ARM, 4.33%, 10/1/2036(a)		61			62
Pool # 902818, ARM, 3.75%, 11/1/2036(a)		13			13
Pool # 902955, ARM, 3.86%, 12/1/2036(a)		37			38
Pool # 905189, ARM, 3.94%, 12/1/2036(a)		23			23
Pool # 995919, ARM, 4.00%, 7/1/2037(a)		141			147
Pool # 938346, ARM, 4.34%, 7/1/2037(a)		27			27
Pool # AD0085, ARM, 3.77%, 11/1/2037(a)		76			79
Pool # AD0179, ARM, 4.17%, 12/1/2037(a)		63			66
Pool # 966946, ARM, 3.79%, 1/1/2038(a)		17			17
FNMA UMBS, 15 Year
Pool # 826493, 5.00%, 7/1/2020		1			1
Pool # 735911, 6.50%, 8/1/2020		1			1
Pool # 995886, 6.00%, 4/1/2021		—	(b)		—	(b)
Pool # 938569, 6.00%, 7/1/2021		1			1
Pool # AD0142, 6.00%, 8/1/2021		2			3
Pool # 888834, 6.50%, 4/1/2022		6			7
Pool # 995428, 5.50%, 11/1/2023		20			21
Pool # 995456, 6.50%, 2/1/2024		66			70
Pool # AD0133, 5.00%, 8/1/2024		57			60
Pool # AX7598, 3.00%, 1/1/2030		2,823			2,996
FNMA UMBS, 20 Year
Pool # 254002, 7.50%, 9/1/2021		2			2

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Pool # 254305, 6.50%, 5/1/2022		20		22
Pool # 555791, 6.50%, 12/1/2022		25		28
Pool # 889889, 6.50%, 7/1/2024		19		22
Pool # 257055, 6.50%, 12/1/2027		96		109
Pool # AE0049, 6.00%, 9/1/2029		95		106
Pool # MA0602, 3.50%, 12/1/2030		1,096		1,156
Pool # AP3582, 3.50%, 8/1/2032		1,707		1,831
Pool # AL6238, 4.00%, 1/1/2035		1,821		1,990
FNMA UMBS, 30 Year
Pool # 689977, 8.00%, 3/1/2027		27		30
Pool # 695533, 8.00%, 6/1/2027		13		14
Pool # 756020, 8.50%, 12/1/2027		12		12
Pool # 527285, 7.00%, 11/1/2028		7		8
Pool # 755973, 8.00%, 11/1/2028		102		119
Pool # 455759, 6.00%, 12/1/2028		20		22
Pool # 776702, 4.50%, 5/1/2029		14		15
Pool # 889020, 6.50%, 11/1/2029		116		131
Pool # 567036, 8.50%, 2/1/2030		31		33
Pool # 598559, 6.50%, 8/1/2031		32		38
Pool # 613000, 7.00%, 11/1/2031		26		27
Pool # 610591, 7.00%, 1/1/2032		51		59
Pool # 788150, 6.00%, 3/1/2032		24		27
Pool # 649734, 7.00%, 6/1/2032		30		32
Pool # 668825, 7.00%, 8/1/2032		10		10
Pool # 682078, 5.50%, 11/1/2032		234		272
Pool # 668562, 6.00%, 12/1/2032		44		49
Pool # 675555, 6.00%, 12/1/2032		26		29
Pool # AL0045, 6.00%, 12/1/2032		249		286
Pool # 357363, 5.50%, 3/1/2033		370		425
Pool # 674349, 6.00%, 3/1/2033		16		18
Pool # 688625, 6.00%, 3/1/2033		28		32
Pool # 688655, 6.00%, 3/1/2033		30		33
Pool # 695584, 6.00%, 3/1/2033		8		9
Pool # 702901, 6.00%, 5/1/2033		221		257
Pool # 695403, 5.00%, 6/1/2033		141		161
Pool # 995656, 7.00%, 6/1/2033		195		233
Pool # 723852, 5.00%, 7/1/2033		66		75
Pool # 729296, 5.00%, 7/1/2033		161		183
Pool # 726912, 4.00%, 8/1/2033		8		8
Pool # 753696, 4.00%, 8/1/2033		26		28
Pool # 729379, 6.00%, 8/1/2033		28		31
Pool # 726914, 6.50%, 8/1/2033		13		15
Pool # 737825, 6.00%, 9/1/2033		40		45
Pool # AA7943, 4.00%, 10/1/2033		428		479
Pool # 750977, 4.50%, 11/1/2033		48		53
Pool # 725017, 5.50%, 12/1/2033		346		404
Pool # 759424, 5.50%, 1/1/2034		79		92
Pool # 751182, 5.50%, 3/1/2034		63		74
Pool # 751341, 5.50%, 3/1/2034		19		22
Pool # 767378, 5.50%, 3/1/2034		39		44
Pool # 776565, 4.00%, 4/1/2034		384		414
Pool # AC1317, 4.50%, 9/1/2034		314		345
Pool # 820347, 5.00%, 9/1/2035		64		74
Pool # 745281, 6.00%, 1/1/2036		48		55
Pool # 888417, 6.50%, 1/1/2036		100		114
Pool # 833629, 7.00%, 3/1/2036		29		33
Pool # 893268, 6.50%, 8/1/2036		69		77
Pool # 833657, 7.50%, 8/1/2036		18		21
Pool # AA0922, 6.00%, 9/1/2036		276		319

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Pool # 878225, 6.50%, 10/1/2036		108		128
Pool # 985683, 8.00%, 10/1/2036		94		113
Pool # 888476, 7.50%, 5/1/2037		59		75
Pool # 945870, 6.50%, 8/1/2037		62		71
Pool # 946338, 7.00%, 9/1/2037		43		52
Pool # 888707, 7.50%, 10/1/2037		132		161
Pool # 889883, 6.50%, 3/1/2038		113		130
Pool # AC9081, 6.50%, 9/1/2038		171		209
Pool # 909236, 7.00%, 9/1/2038		363		440
Pool # 934591, 7.00%, 10/1/2038		68		85
Pool # AB2869, 6.00%, 11/1/2038		291		338
Pool # 995504, 7.50%, 11/1/2038		43		54
Pool # 257510, 7.00%, 12/1/2038		175		215
Pool # AD0753, 7.00%, 1/1/2039		321		386
Pool # 890661, 7.00%, 2/1/2039		1,621		1,928
Pool # AD0780, 7.50%, 4/1/2039		655		876
Pool # AD6377, 5.50%, 5/1/2040		183		210
Pool # AD4951, 5.00%, 7/1/2040		2,793		3,205
Pool # BM5364, 4.00%, 4/1/2042		3,267		3,605
Pool # AL6839, 5.00%, 4/1/2042		1,826		2,078
Pool # AR8128, 3.50%, 3/1/2043		1,930		2,096
Pool # AL8256, 3.00%, 8/1/2043		3,989		4,341
Pool # AZ8089, 4.00%, 7/1/2045		1,996		2,170
Pool # BA2343, 4.00%, 9/1/2045		4,215		4,575
Pool # BC9441, 3.50%, 4/1/2046		535		577
Pool # BC6982, 4.00%, 4/1/2046		3,210		3,482
Pool # BD0299, 3.50%, 5/1/2046		737		794
Pool # BC1249, 3.50%, 6/1/2046		647		691
Pool # BD1243, 3.50%, 6/1/2046		911		977
Pool # BD3066, 3.50%, 7/1/2046		2,233		2,394
Pool # BD3088, 3.50%, 7/1/2046		802		858
Pool # BD5248, 3.50%, 8/1/2046		3,108		3,343
Pool # BD7764, 3.50%, 9/1/2046		1,999		2,142
Pool # BE5870, 3.50%, 1/1/2047		4,989		5,388
Pool # BH4665, 4.00%, 6/1/2047		7,246		7,922
Pool # BH7626, 4.00%, 8/1/2047		3,010		3,231
Pool # BM3500, 4.00%, 9/1/2047		3,899		4,336
Pool # BJ1778, 4.50%, 10/1/2047		1,555		1,690
Pool # BM3044, 4.00%, 11/1/2047		4,507		4,947
Pool # BE8351, 4.00%, 2/1/2048		2,575		2,755
Pool # BM3455, 4.50%, 2/1/2048		3,572		4,022
Pool # BK7006, 4.50%, 6/1/2048		1,666		1,810
Pool # BD9084, 4.50%, 7/1/2048		2,240		2,515
Pool # CA4662, 3.50%, 9/1/2048		3,798		4,148
Pool # 890863, 5.00%, 9/1/2048		4,469		5,044
Pool # BN1829, 4.50%, 10/1/2048		3,940		4,308
Pool # BN4960, 5.00%, 12/1/2048		1,869		2,043
Pool # BM5430, 5.00%, 1/1/2049		5,521		6,258
Pool # BN5013, 5.00%, 1/1/2049		4,353		4,934
Pool # BN6788, 4.50%, 2/1/2049		1,735		1,873
Pool # BK0317, 4.00%, 3/1/2049		3,807		4,081
Pool # BO0719, 5.00%, 6/1/2049		1,872		2,119
Pool # BO0721, 5.00%, 6/1/2049		3,655		4,111
Pool # BO0722, 5.00%, 6/1/2049		2,779		3,118
Pool # BO4280, 4.00%, 7/1/2049		6,760		7,316
Pool # BN8529, 4.50%, 7/1/2049		996		1,094
Pool # BO3436, 4.50%, 7/1/2049		4,450		4,956
Pool # BO0718, 5.00%, 7/1/2049		2,336		2,662

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
Pool # BO0720, 5.00%, 7/1/2049		2,955			3,336
Pool # BO2496, 5.00%, 7/1/2049		3,695			4,211
Pool # BO2497, 5.00%, 7/1/2049		4,249			4,836
Pool # BO2498, 5.00%, 7/1/2049		5,063			5,733
Pool # BO2499, 5.00%, 7/1/2049		1,444			1,633
Pool # BO3408, 5.00%, 7/1/2049		1,402			1,530
Pool # BO3999, 4.00%, 8/1/2049		3,798			4,080
Pool # BO1036, 4.50%, 8/1/2049		1,230			1,327
Pool # BO2495, 5.00%, 8/1/2049		3,708			4,248
Pool # BK8769, 3.50%, 10/1/2049		5,822			6,143
Pool # CA4363, 4.00%, 10/1/2049		6,708			7,166
Pool # BO2888, 4.00%, 11/1/2049		4,693			5,024
Pool # BO4387, 4.00%, 11/1/2049		3,507			3,768
Pool # BP1125, 4.00%, 12/1/2049		1,114			1,213
Pool # FM2526, 4.00%, 12/1/2049(c)		6,464			7,039
Pool # BP1128, 4.00%, 1/1/2050		1,510			1,636
Pool # BP1132, 4.00%, 1/1/2050		1,871			2,074
Pool # BP1141, 4.00%, 1/1/2050		965			1,032
Pool # BP1847, 4.50%, 1/1/2050		2,000			2,245
Pool # BP6363, 3.00%, 4/1/2050		9,000			9,502
Pool # BP5296, 3.50%, 4/1/2050		5,822			6,363
Pool # BP7684, 2.50%, 5/1/2050		5,334			5,539
Pool # BP7685, 2.50%, 5/1/2050		5,946			6,203
Pool # CA5729, 3.00%, 5/1/2050		15,285			16,108
Pool # BP4091, 2.50%, 6/1/2050(c)		8,000			8,323
FNMA, 30 Year
Pool # 535183, 8.00%, 6/1/2028		15			17
Pool # 252155, 7.00%, 10/1/2028		33			37
Pool # 252334, 6.50%, 2/1/2029		94			105
Pool # 252409, 6.50%, 3/1/2029		89			100
Pool # 253275, 8.50%, 3/1/2030		1			1
Pool # 535442, 8.50%, 6/1/2030		2			2
Pool # 653815, 7.00%, 2/1/2033		20			21
Pool # 752786, 6.00%, 9/1/2033		39			44
Pool # 954255, 6.50%, 8/1/2037		687			790
Pool # 931717, 6.50%, 8/1/2039		313			358
Pool # CA3030, 4.50%, 1/1/2049		10,433			11,561
Pool # CA4047, 4.00%, 8/1/2049		11,530			12,435
Pool # CA4520, 3.50%, 11/1/2049		7,203			7,773
FNMA, Other
Pool # FN0022, 3.51%, 12/1/2020(a)		379			384
Pool # 466689, 3.59%, 12/1/2020		660			661
Pool # FN0003, 4.33%, 1/1/2021(a)		418			420
Pool # 467278, 4.35%, 2/1/2021		1,771			1,785
Pool # 467344, 4.48%, 2/1/2021		1,721			1,734
Pool # 468243, 3.97%, 6/1/2021		2,177			2,212
Pool # 468237, 4.02%, 6/1/2021		3,000			3,049
Pool # 468066, 4.30%, 6/1/2021		1,340			1,374
Pool # 468102, 4.34%, 6/1/2021		9,000			9,163
Pool # 458063, 9.16%, 6/15/2021		—	(b)		—	(b)
Pool # 468614, 3.86%, 7/1/2021		2,119			2,155
Pool # 468667, 3.94%, 7/1/2021		4,000			4,100
Pool # 468665, 3.97%, 7/1/2021		3,020			3,075
Pool # 468564, 4.06%, 7/1/2021		2,819			2,873
Pool # 468128, 4.33%, 7/1/2021		1,139			1,162
Pool # 468699, 4.05%, 8/1/2021		2,780			2,838
Pool # AM6602, 2.63%, 9/1/2021		600			609
Pool # AM7314, 2.63%, 11/1/2021		2,000			2,044
Pool # 469552, 3.43%, 11/1/2021		2,224			2,273
Pool # 469873, 3.03%, 12/1/2021		6,889			7,030

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Pool # 470324, 3.03%, 1/1/2022		3,865		3,950
Pool # 470166, 3.09%, 1/1/2022		6,370		6,514
Pool # 470302, 3.13%, 1/1/2022		1,681		1,721
Pool # 470350, 3.24%, 1/1/2022		4,462		4,572
Pool # 470546, 2.99%, 2/1/2022		2,020		2,067
Pool # 470202, 3.14%, 2/1/2022		2,528		2,592
Pool # 470622, 2.75%, 3/1/2022		768		788
Pool # 923803, 5.00%, 4/1/2022		5		5
Pool # 471177, 2.94%, 5/1/2022		3,393		3,486
Pool # 471199, 3.00%, 5/1/2022		2,724		2,802
Pool # 471151, 3.02%, 5/1/2022		4,306		4,429
Pool # 471313, 3.08%, 5/1/2022		2,125		2,188
Pool # 471599, 2.60%, 6/1/2022		4,546		4,653
Pool # 471747, 2.76%, 6/1/2022		6,883		7,118
Pool # 471674, 2.79%, 6/1/2022		1,888		1,937
Pool # 471735, 2.79%, 6/1/2022		2,267		2,327
Pool # 471256, 2.98%, 6/1/2022		3,000		3,091
Pool # 471839, 2.67%, 7/1/2022		5,034		5,165
Pool # 471947, 2.75%, 7/1/2022		1,608		1,652
Pool # 471828, 2.65%, 8/1/2022		8,320		8,551
Pool # 471871, 2.86%, 8/1/2022		3,841		3,959
Pool # 471901, 2.90%, 9/1/2022		2,718		2,807
Pool # AM0903, 2.53%, 10/1/2022		3,753		3,856
Pool # AM0904, 2.53%, 10/1/2022		4,727		4,856
Pool # AM1196, 2.37%, 11/1/2022		3,947		4,083
Pool # AM0585, 2.38%, 11/1/2022		1,721		1,781
Pool # AM1619, 2.34%, 12/1/2022		4,160		4,305
Pool # AM0811, 2.42%, 12/1/2022		3,001		3,101
Pool # AM1835, 2.53%, 12/1/2022		2,000		2,074
Pool # AM2111, 2.34%, 1/1/2023		3,191		3,306
Pool # AM2859, 2.65%, 3/1/2023		2,000		2,084
Pool # AM3069, 2.64%, 4/1/2023		1,770		1,846
Pool # AM3563, 2.51%, 6/1/2023		861		896
Pool # AM3990, 3.74%, 7/1/2023		946		1,018
Pool # AM4066, 3.59%, 8/1/2023		3,000		3,229
Pool # AM4044, 3.49%, 9/1/2023		6,040		6,481
Pool # AM4716, 3.38%, 12/1/2023		1,441		1,554
Pool # AM7024, 2.90%, 12/1/2024		1,000		1,077
Pool # AM7589, 2.95%, 12/1/2024		1,918		2,064
Pool # AM7290, 2.97%, 12/1/2024		1,157		1,248
Pool # AM7576, 3.04%, 12/1/2024		1,987		2,150
Pool # AM7124, 3.11%, 12/1/2024		3,972		4,311
Pool # AM7682, 2.84%, 1/1/2025		1,660		1,787
Pool # AM7571, 2.89%, 1/1/2025		1,510		1,627
Pool # AN0029, 3.10%, 9/1/2025		2,336		2,563
Pool # AN0287, 2.95%, 11/1/2025		4,500		4,912
Pool # AM4660, 3.77%, 12/1/2025		4,889		5,504
Pool # AM6381, 3.29%, 8/1/2026		5,000		5,597
Pool # 468574, 4.55%, 8/1/2026		2,664		3,039
Pool # 468573, 4.76%, 8/1/2026		2,582		2,988
Pool # AM6808, 3.24%, 10/1/2026		1,980		2,209
Pool # AM7321, 3.12%, 11/1/2026		958		1,063
Pool # 469615, 4.08%, 11/1/2026		9,823		11,162
Pool # AM7118, 3.14%, 12/1/2026		1,798		1,998
Pool # AN4571, 3.07%, 2/1/2027		1,743		1,930
Pool # AN4363, 3.25%, 2/1/2027		4,239		4,742
Pool # AN4917, 3.13%, 3/1/2027		4,100		4,601
Pool # AM8529, 3.03%, 4/1/2027		999		1,110

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Pool # BL1958, 3.42%, 4/1/2027		3,288		3,702
Pool # 470893, 3.46%, 4/1/2027		2,130		2,382
Pool # AM8745, 2.81%, 5/1/2027		1,668		1,833
Pool # AM8595, 2.83%, 5/1/2027		4,000		4,415
Pool # AM8987, 2.79%, 6/1/2027		910		997
Pool # AM9169, 3.08%, 6/1/2027		2,338		2,601
Pool # AN6318, 3.18%, 8/1/2027		3,000		3,284
Pool # AM0414, 2.87%, 9/1/2027		1,300		1,443
Pool # AM3894, 3.85%, 7/1/2028		1,070		1,228
Pool # AN2216, 2.64%, 8/1/2028		2,500		2,750
Pool # AN2497, 2.60%, 9/1/2028		3,955		4,335
Pool # 109421, 3.75%, 9/1/2028		1,959		2,260
Pool # AN9248, 3.81%, 9/1/2028		5,250		5,508
Pool # BL0920, 3.82%, 9/1/2028		2,498		2,906
Pool # AN3570, 2.71%, 11/1/2028		10,000		11,073
Pool # BL0418, 3.85%, 11/1/2028		5,300		6,248
Pool # AN3828, 2.67%, 12/1/2028		3,638		4,010
Pool # AN3685, 2.69%, 12/1/2028		4,020		4,453
Pool # BL0819, 3.95%, 12/1/2028		5,075		6,030
Pool # AN4154, 3.17%, 1/1/2029		6,060		6,956
Pool # AN4349, 3.35%, 1/1/2029		2,970		3,453
Pool # BL1435, 3.53%, 1/1/2029		8,000		9,328
Pool # BL1430, 3.85%, 1/1/2029		3,000		3,528
Pool # AN4697, 3.22%, 2/1/2029		4,981		5,722
Pool # AN4975, 3.21%, 3/1/2029		2,065		2,374
Pool # AN6158, 2.99%, 7/1/2029		2,400		2,716
Pool # AN5989, 3.21%, 7/1/2029		3,000		3,365
Pool # AM7018, 3.63%, 10/1/2029		1,830		2,090
Pool # AM7013, 3.39%, 12/1/2029		1,416		1,614
Pool # AN7947, 3.16%, 1/1/2030		2,000		2,303
Pool # AN8154, 3.17%, 2/1/2030		6,375		7,334
Pool # AN8514, 3.27%, 2/1/2030		1,992		2,307
Pool # AM7516, 3.55%, 2/1/2030		2,000		2,299
Pool # AM8692, 3.03%, 4/1/2030		3,000		3,373
Pool # AN6878, 3.11%, 4/1/2030		921		1,042
Pool # AM8889, 2.92%, 5/1/2030		3,000		3,298
Pool # AM8666, 2.96%, 6/1/2030		1,871		2,082
Pool # AM8958, 2.97%, 6/1/2030		3,000		3,358
Pool # AM9012, 3.13%, 6/1/2030		1,000		1,120
Pool # AM9014, 3.20%, 6/1/2030		1,478		1,684
Pool # AM9320, 3.30%, 7/1/2030		1,005		1,157
Pool # AM9489, 3.40%, 7/1/2030		1,878		2,195
Pool # AM9755, 3.32%, 8/1/2030		2,357		2,741
Pool # AM9676, 3.37%, 9/1/2030		1,388		1,596
Pool # AM9218, 3.39%, 9/1/2030		2,482		2,835
Pool # AN0099, 3.28%, 11/1/2030		7,038		8,057
Pool # 467096, 4.97%, 2/1/2031		3,024		3,616
Pool # AN1676, 2.99%, 5/1/2031		3,850		4,328
Pool # AI2479, 5.00%, 5/1/2031		395		434
Pool # AN4187, 3.49%, 1/1/2032		1,991		2,305
Pool # AN6123, 3.06%, 8/1/2032		800		899
Pool # AN6651, 2.94%, 10/1/2032		668		747
Pool # AD8548, 5.50%, 1/1/2033		170		184
Pool # AR7484, 3.50%, 2/1/2033		1,589		1,710
Pool # AT7117, 3.50%, 6/1/2033		1,896		2,039
Pool # 754922, 5.50%, 9/1/2033		67		77
Pool # 762520, 4.00%, 11/1/2033		309		333

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
Pool # BL1425, 4.06%, 1/1/2034		2,921			3,462
Pool # AM9188, 3.12%, 6/1/2035		2,000			2,256
Pool # 847108, 6.50%, 10/1/2035		76			87
Pool # 881628, 5.00%, 1/1/2036		24			25
Pool # 256128, 6.00%, 2/1/2036		21			24
Pool # 868763, 6.50%, 4/1/2036		7			7
Pool # 872740, 6.50%, 6/1/2036		61			71
Pool # 907742, 7.00%, 12/1/2036		36			41
Pool # 256651, 6.00%, 3/1/2037		31			36
Pool # 888408, 6.00%, 3/1/2037		97			113
Pool # 888373, 7.00%, 3/1/2037		49			55
Pool # 888796, 6.00%, 9/1/2037		131			142
Pool # 888698, 7.00%, 10/1/2037		154			181
Pool # 953501, 7.00%, 11/1/2037		142			163
Pool # 257172, 5.50%, 4/1/2038		34			39
Pool # AD0810, 6.00%, 11/1/2039		1			1
Pool # AB1830, 3.50%, 11/1/2040		876			937
Pool # AL2606, 4.00%, 3/1/2042		532			558
Pool # AO6757, 4.00%, 6/1/2042		2,161			2,363
Pool # AO7225, 4.00%, 7/1/2042		1,543			1,687
Pool # AO9352, 4.00%, 7/1/2042		861			942
Pool # AO9353, 4.00%, 7/1/2042		853			932
Pool # AP0838, 4.00%, 7/1/2042		8,068			8,833
Pool # MA1125, 4.00%, 7/1/2042		677			740
Pool # MA1177, 3.50%, 9/1/2042		813			880
Pool # MA1178, 4.00%, 9/1/2042		1,823			1,994
Pool # MA1213, 3.50%, 10/1/2042		4,013			4,345
Pool # AR1397, 3.00%, 1/1/2043		1,542			1,645
Pool # AB8517, 3.00%, 2/1/2043		881			941
Pool # MA1373, 3.50%, 3/1/2043		3,881			4,204
Pool # MA1437, 3.50%, 5/1/2043		1,199			1,298
Pool # MA1442, 4.00%, 5/1/2043		3,048			3,333
Pool # MA1463, 3.50%, 6/1/2043		1,961			2,124
Pool # MA1552, 3.00%, 8/1/2043		1,051			1,121
Pool # MA1582, 3.50%, 9/1/2043		257			278
Pool # MA2434, 3.50%, 9/1/2045		1,317			1,422
Pool # MA2493, 3.50%, 12/1/2045		298			322
Pool # BC1157, 3.50%, 1/1/2046		1,078			1,163
Pool # MA2545, 3.50%, 2/1/2046		578			624
Pool # BC4832, 3.50%, 3/1/2046		673			726
Pool # AS6970, 3.50%, 4/1/2046		4,015			4,333
Pool # BC8400, 3.50%, 5/1/2046		890			960
Pool # AS7424, 3.50%, 6/1/2046		1,765			1,904
Pool # MA2658, 3.50%, 6/1/2046		5,763			6,219
FNMA/FHLMC UMBS, Single Family, 30 Year TBA, 2.50%, 7/25/2050(c)		25,000			25,875
GNMA I, 30 Year
Pool # 608665, 6.50%, 8/15/2022		56			58
Pool # 313110, 7.50%, 11/15/2022		—	(b)		—	(b)
Pool # 554105, 6.50%, 3/15/2023		16			16
Pool # 345288, 7.50%, 3/15/2023		3			3
Pool # 623185, 7.00%, 8/15/2023		9			9
Pool # 628407, 6.50%, 11/15/2023		16			17
Pool # 782507, 9.50%, 10/15/2024		3			4
Pool # 441957, 6.38%, 8/15/2026		37			42
Pool # 780653, 6.50%, 10/15/2027		326			367
Pool # 450038, 7.50%, 7/15/2028		5			5
Pool # 486537, 7.50%, 9/15/2028		4			5
Pool # 486631, 6.50%, 10/15/2028		2			2
Pool # 556255, 6.50%, 10/15/2031		35			38

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Pool # 569568, 6.50%, 1/15/2032		213		249
Pool # 611453, 7.00%, 4/15/2032		11		11
Pool # 569423, 7.00%, 5/15/2032		61		70
Pool # 591882, 6.50%, 7/15/2032		20		22
Pool # 552665, 7.00%, 7/15/2032		53		61
Pool # 782032, 7.00%, 10/15/2032		140		167
Pool # 591420, 7.50%, 1/15/2033		19		19
Pool # 607645, 6.50%, 2/15/2033		19		21
Pool # 604168, 6.50%, 4/15/2033		36		40
Pool # 615786, 7.00%, 5/15/2033		19		20
Pool # 781614, 7.00%, 6/15/2033		47		58
Pool # 638733, 7.00%, 3/15/2037		162		178
Pool # AT7652, 4.00%, 8/15/2046		2,565		2,787
Pool # 784450, 4.00%, 2/15/2048		8,987		9,575
Pool # BI6468, 5.00%, 12/15/2048		7,565		8,709
Pool # BM1750, 5.00%, 4/15/2049		4,914		5,603
Pool # BM1957, 5.00%, 5/15/2049		7,625		8,733
Pool # BM9691, 4.50%, 7/15/2049		11,669		12,814
Pool # BM2141, 5.00%, 7/15/2049		5,674		6,496
Pool # BM2163, 5.00%, 7/15/2049		8,826		10,058
Pool # BM2281, 5.00%, 7/15/2049		7,309		8,368
Pool # BM2305, 5.00%, 8/15/2049		5,318		6,043
GNMA II, 30 Year
Pool # 1974, 8.50%, 3/20/2025		2		2
Pool # 2006, 8.50%, 5/20/2025		3		3
Pool # 2234, 8.00%, 6/20/2026		2		2
Pool # 2270, 8.00%, 8/20/2026		2		2
Pool # 2324, 8.00%, 11/20/2026		1		2
Pool # 2499, 8.00%, 10/20/2027		4		4
Pool # 2549, 7.50%, 2/20/2028		1		2
Pool # 2646, 7.50%, 9/20/2028		4		4
Pool # 737076, 6.50%, 10/20/2033		212		238
Pool # 616732, 6.50%, 9/20/2034		131		141
Pool # 748766, 6.50%, 1/20/2039		101		117
Pool # 752496, 6.50%, 1/20/2039		172		207
Pool # 783389, 6.00%, 8/20/2039		959		1,095
Pool # 783444, 5.50%, 9/20/2039		191		219
Pool # 742853, 3.88%, 4/20/2040		2,542		2,783
Pool # 742810, 3.88%, 6/20/2040		2,080		2,264
Pool # 742801, 3.88%, 8/20/2040		803		879
Pool # 742876, 3.25%, 11/20/2040		1,621		1,769
Pool # 742878, 3.88%, 11/20/2040		6,237		6,828
Pool # 742883, 3.25%, 2/20/2041		3,293		3,604
Pool # 742885, 3.75%, 2/20/2041		481		522
Pool # 742884, 3.88%, 2/20/2041		3,881		4,215
Pool # 751810, 3.50%, 3/20/2041		1,018		1,109
Pool # AE8053, 4.00%, 12/20/2043		1,961		2,141
Pool # AJ9020, 4.50%, 10/20/2044		463		495
Pool # 783967, 4.25%, 12/20/2044		1,926		2,102
Pool # AK8803, 4.00%, 3/20/2046		1,624		1,804
Pool # AS8110, 3.75%, 8/20/2046		2,644		2,850
Pool # AY2378, 3.25%, 2/20/2047		351		375
Pool # AY2381, 4.25%, 7/20/2047		1,316		1,465
Pool # AY2388, 4.25%, 9/20/2047		3,664		4,080
Pool # AY2392, 4.25%, 11/20/2047		4,334		4,826
Pool # BB8795, 4.00%, 1/20/2048		6,306		6,876
Pool # AY2395, 4.25%, 1/20/2048		3,543		3,944
Pool # AY2404, 4.25%, 5/20/2048		5,223		5,815
Pool # BG6360, 5.00%, 5/20/2048		4,632		5,224

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Pool # BF2645, 5.50%, 5/20/2048		1,867		2,103
Pool # AY2405, 4.25%, 6/20/2048		6,162		6,859
Pool # BD0531, 5.00%, 6/20/2048		2,729		3,007
Pool # BD0532, 5.00%, 6/20/2048		2,292		2,498
Pool # BF2971, 5.00%, 6/20/2048		3,296		3,721
Pool # AY2407, 4.25%, 7/20/2048		2,485		2,767
Pool # AY2408, 4.50%, 7/20/2048		1,526		1,717
Pool # BG7397, 4.50%, 7/20/2048		1,694		1,881
Pool # BF3017, 5.00%, 7/20/2048		1,842		2,036
Pool # AY2409, 4.25%, 8/20/2048		1,949		2,170
Pool # AY2410, 4.50%, 8/20/2048		1,269		1,421
Pool # BD0550, 5.00%, 8/20/2048		4,260		4,685
Pool # BG7389, 5.00%, 8/20/2048		1,963		2,203
Pool # BG7391, 5.00%, 8/20/2048		2,712		3,018
Pool # AY2412, 4.50%, 9/20/2048		6,131		6,902
Pool # 784626, 4.50%, 10/20/2048		3,308		3,585
Pool # BI4488, 4.50%, 11/20/2048		2,415		2,642
Pool # BK2584, 5.00%, 11/20/2048		1,183		1,315
Pool # BK2585, 5.00%, 11/20/2048		3,399		3,762
Pool # BK2586, 5.00%, 11/20/2048		3,744		4,131
Pool # BI6431, 4.50%, 12/20/2048		3,950		4,396
Pool # BI6669, 4.50%, 12/20/2048		3,682		4,084
Pool # BJ9819, 4.75%, 12/20/2048		5,758		6,475
Pool # BH3133, 5.00%, 12/20/2048		5,424		6,116
Pool # BJ7083, 5.00%, 12/20/2048		1,443		1,616
Pool # BJ7084, 5.00%, 12/20/2048		4,136		4,611
Pool # BK7169, 5.00%, 12/20/2048		3,748		4,133
Pool # BJ9821, 4.75%, 1/20/2049		5,735		6,451
Pool # BJ1334, 5.00%, 1/20/2049		5,850		6,583
Pool # BJ9637, 5.00%, 1/20/2049		1,741		1,960
Pool # BJ9641, 5.00%, 1/20/2049		2,972		3,355
Pool # BJ9642, 5.00%, 1/20/2049		1,963		2,215
Pool # BJ9824, 4.50%, 2/20/2049		2,601		2,929
Pool # BJ9825, 4.50%, 2/20/2049		1,465		1,646
Pool # BK7188, 4.50%, 2/20/2049		4,936		5,407
Pool # BJ9630, 5.00%, 2/20/2049		1,591		1,797
Pool # BJ9633, 5.00%, 2/20/2049		1,947		2,179
Pool # BJ9830, 5.00%, 2/20/2049		1,620		1,850
Pool # BK7189, 5.00%, 2/20/2049		4,296		4,740
Pool # BK7198, 4.50%, 3/20/2049		3,705		4,065
Pool # BJ9841, 4.75%, 5/20/2049		1,958		2,201
Pool # BJ9842, 5.00%, 5/20/2049		1,805		2,061
Pool # BL6765, 5.50%, 5/20/2049		7,470		8,292
Pool # BN0907, 4.50%, 6/20/2049		2,344		2,573
Pool # BJ9844, 4.75%, 6/20/2049		2,638		2,967
Pool # BN1498, 5.00%, 6/20/2049		3,326		3,699
Pool # BN1499, 5.00%, 6/20/2049		5,923		6,565
Pool # BN1500, 5.50%, 6/20/2049		1,646		1,867
Pool # BO0521, 4.00%, 7/20/2049		1,513		1,625
Pool # BJ9848, 4.75%, 7/20/2049		3,566		4,006
Pool # BJ9847, 5.00%, 7/20/2049		4,106		4,687
Pool # BN0879, 5.00%, 7/20/2049		1,331		1,521
Pool # BO3160, 5.00%, 7/20/2049		1,099		1,255
Pool # BP4237, 5.00%, 7/20/2049		1,385		1,579
Pool # BP4238, 5.00%, 7/20/2049		1,088		1,240
Pool # BP4240, 5.00%, 7/20/2049		990		1,126
Pool # BP4241, 5.00%, 7/20/2049		1,524		1,733
Pool # BP4242, 5.00%, 7/20/2049		990		1,127

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Pool # BL9354, 4.00%, 8/20/2049		3,454		3,770
Pool # BM2418, 4.00%, 8/20/2049		5,726		6,248
Pool # BN0884, 4.00%, 8/20/2049		1,335		1,450
Pool # BN0889, 4.50%, 8/20/2049		1,765		1,943
Pool # BN7048, 4.50%, 8/20/2049		5,141		5,670
Pool # BN7049, 4.50%, 8/20/2049		6,583		7,346
Pool # BJ9851, 5.00%, 8/20/2049		4,724		5,394
Pool # BN0890, 5.00%, 8/20/2049		728		833
Pool # BN0891, 5.00%, 8/20/2049		1,187		1,357
Pool # BN0892, 5.00%, 8/20/2049		1,429		1,633
Pool # BN0893, 5.00%, 8/20/2049		1,801		2,054
Pool # BO3257, 5.00%, 8/20/2049		1,186		1,354
Pool # BP4290, 5.00%, 8/20/2049		1,185		1,325
Pool # BP4291, 5.00%, 8/20/2049		1,305		1,452
Pool # BP4292, 5.00%, 8/20/2049		2,806		3,124
Pool # BP4293, 5.00%, 8/20/2049		2,109		2,342
Pool # BP4294, 5.00%, 8/20/2049		1,949		2,164
Pool # BN0896, 4.00%, 9/20/2049		1,733		1,873
Pool # BM9714, 4.50%, 9/20/2049		4,336		4,812
Pool # 784810, 5.00%, 9/20/2049		7,837		8,884
Pool # AC2995, 5.00%, 9/20/2049		4,992		5,594
Pool # BJ9855, 5.00%, 9/20/2049		4,544		5,190
Pool # BP2853, 5.00%, 9/20/2049		4,280		4,799
Pool # BP8644, 5.00%, 9/20/2049		1,553		1,775
Pool # BP8645, 5.00%, 9/20/2049		1,936		2,204
Pool # AC2994, 4.50%, 10/20/2049		1,825		2,013
Pool # BQ9513, 3.50%, 11/20/2049		4,976		5,353
Pool # BQ3791, 4.00%, 11/20/2049		4,967		5,408
Pool # 784847, 4.50%, 11/20/2049		7,367		8,122
Pool # BP2896, 4.50%, 11/20/2049		3,169		3,546
Pool # BP7772, 4.50%, 11/20/2049		1,425		1,584
Pool # BP8665, 4.50%, 11/20/2049		1,422		1,577
Pool # BP8666, 4.50%, 11/20/2049		2,067		2,261
Pool # BJ9864, 4.75%, 11/20/2049		1,146		1,289
Pool # BJ9865, 5.00%, 11/20/2049		5,049		5,769
Pool # BP8667, 5.00%, 11/20/2049		1,238		1,417
Pool # BP8668, 5.00%, 11/20/2049		1,300		1,484
Pool # BR1542, 5.00%, 11/20/2049		1,985		2,216
Pool # BP8669, 5.50%, 11/20/2049		1,189		1,359
Pool # BP7668, 3.50%, 12/20/2049		13,363		14,432
Pool # BP7795, 3.50%, 12/20/2049		3,894		4,196
Pool # BP8670, 3.50%, 12/20/2049		1,104		1,188
Pool # BL9372, 4.00%, 12/20/2049		1,961		2,141
Pool # BP5516, 4.00%, 12/20/2049		2,066		2,266
Pool # BP8672, 4.00%, 12/20/2049		1,054		1,172
Pool # BP8673, 4.00%, 12/20/2049		1,227		1,358
Pool # BP8674, 4.00%, 12/20/2049		1,503		1,634
Pool # BQ3790, 4.00%, 12/20/2049		7,945		8,711
Pool # BJ9866, 4.50%, 12/20/2049		3,775		4,253
Pool # BL9374, 4.50%, 12/20/2049		1,245		1,383
Pool # BP8676, 4.50%, 12/20/2049		1,021		1,133
Pool # BP8677, 4.50%, 12/20/2049		2,231		2,474
Pool # BP8678, 5.00%, 12/20/2049		1,477		1,690
Pool # BQ7048, 5.00%, 12/20/2049		2,223		2,540
Pool # BP8679, 5.50%, 12/20/2049		1,197		1,370
Pool # BP8021, 3.50%, 1/20/2050		3,046		3,320
Pool # BP8681, 3.50%, 1/20/2050		1,577		1,681
Pool # BL9379, 4.00%, 1/20/2050		3,214		3,510

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Pool # BP8682, 4.00%, 1/20/2050		1,614		1,794
Pool # BP8683, 4.00%, 1/20/2050		1,754		1,942
Pool # BT0281, 4.00%, 1/20/2050		6,285		6,936
Pool # BP8688, 4.50%, 1/20/2050		2,607		2,892
Pool # BR0539, 4.50%, 1/20/2050		5,182		5,803
Pool # BQ7050, 5.00%, 1/20/2050		1,126		1,286
Pool # BP8020, 3.50%, 2/20/2050		2,984		3,252
Pool # BP8022, 3.50%, 2/20/2050		2,190		2,387
Pool # BQ1338, 4.00%, 2/20/2050		7,612		8,425
Pool # BQ7054, 4.00%, 2/20/2050		2,719		3,025
Pool # BQ7056, 5.00%, 2/20/2050		1,061		1,214
Pool # BS8384, 5.00%, 2/20/2050		2,957		3,290
Pool # BS8400, 3.00%, 3/20/2050		8,990		9,528
Pool # BT0397, 3.00%, 3/20/2050		1,775		1,882
Pool # BQ4110, 3.50%, 3/20/2050		10,629		11,712
Pool # BS5879, 3.50%, 3/20/2050		1,494		1,630
Pool # BS8411, 3.50%, 3/20/2050		11,167		11,848
Pool # BT0399, 3.50%, 3/20/2050		3,316		3,532
Pool # BT3628, 3.50%, 3/20/2050		4,069		4,484
Pool # BT3629, 3.50%, 3/20/2050		1,553		1,711
Pool # BT8043, 3.50%, 3/20/2050		1,430		1,539
Pool # BT8044, 3.50%, 3/20/2050		3,723		4,029
Pool # BT8045, 3.50%, 3/20/2050		4,574		4,949
Pool # BT8046, 3.50%, 3/20/2050		6,720		7,276
Pool # BT8047, 3.50%, 3/20/2050		4,427		4,813
Pool # BT8048, 3.50%, 3/20/2050		4,618		5,089
Pool # BS5873, 4.00%, 3/20/2050		1,422		1,573
Pool # BS5874, 4.00%, 3/20/2050		3,991		4,413
Pool # BT3736, 3.50%, 4/20/2050		4,476		4,816
Pool # BQ4098, 3.00%, 5/20/2050		9,500		10,080
Pool # BT4019, 3.00%, 5/20/2050		4,950		5,246
Pool # BQ7069, 3.25%, 5/20/2050		2,655		2,823
Pool # BS7609, 3.50%, 5/20/2050		6,000		6,396
Pool # BT3843, 3.50%, 5/20/2050		3,278		3,548
Pool # BQ7073, 4.00%, 5/20/2050		1,238		1,313
Pool # MA6661, 5.50%, 5/20/2050		262		288
GNMA II, Other
Pool # AD0018, 3.75%, 12/20/2032		1,264		1,344
Pool # AH5895, 4.00%, 6/20/2034		348		376
Pool # 4285, 6.00%, 11/20/2038		49		54
Pool # BO1377, 3.75%, 2/20/2040		1,241		1,361
Pool # AC0979, 4.32%, 4/20/2063(a)		1,113		1,129
Pool # AC0973, 4.30%, 5/20/2063(a)		494		500
Pool # AC0977, 4.31%, 5/20/2063(a)		894		908
TOTAL MORTGAGE-BACKED SECURITIES (Cost $1,591,562)				1,661,706
COLLATERALIZED MORTGAGE OBLIGATIONS — 19.1%
Acre 6.25%, 12/22/2021		3,315		3,315
Alternative Loan Trust
Series 2004-J3, Class 4A1, 4.75%, 4/25/2019		7		7
Series 2004-2CB, Class 1A9, 5.75%, 3/25/2034		706		715
Series 2005-J1, Class 1A4, IF, IO, 4.93%, 2/25/2035‡(a)		51		1
Series 2005-1CB, Class 1A6, IF, IO, 6.93%, 3/25/2035‡(a)		408		68
Series 2005-22T1, Class A2, IF, IO, 4.90%, 6/25/2035‡(a)		1,932		335
Series 2005-20CB, Class 3A8, IF, IO, 4.58%, 7/25/2035‡(a)		2,195		330
Series 2005-28CB, Class 3A5, 6.00%, 8/25/2035		78		52
Series 2005-37T1, Class A2, IF, IO, 4.88%, 9/25/2035‡(a)		3,453		580
Series 2005-54CB, Class 1A2, IF, IO, 4.68%, 11/25/2035‡(a)		2,555		425

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035		428		380
Series 2005-54CB, Class 1A7, 5.50%, 11/25/2035		14		13
Series 2005-57CB, Class 3A2, IF, IO, 4.93%, 12/25/2035‡(a)		282		38
Series 2005-64CB, Class 1A9, 5.50%, 12/25/2035		216		206
Series 2005-86CB, Class A11, 5.50%, 2/25/2036		289		236
Series 2006-7CB, Class 1A2, IF, IO, 5.13%, 5/25/2036‡(a)		9,582		2,343
Series 2006-26CB, Class A9, 6.50%, 9/25/2036		362		264
American General Mortgage Loan Trust Series 2006-1, Class A5, 5.75%, 12/25/2035(a)(d)		11		12
Angel Oak Mortgage Trust I LLC Series 2017-1, Class A3, 3.64%, 1/25/2047(a)(d)		88		88
Antler Mortgage Trust
Series 2019-RTL1, Class A1, 4.46%, 6/27/2022(d)		5,400		4,897
Series 2018-RTL1, Class A1, 4.34%, 7/25/2022(d)		3,554		3,519
Series 2019-RTL1, Class A2, 4.95%, 8/25/2022(a)(d)		4,008		4,098
ASG Resecuritization Trust Series 2011-1, Class 2A35, 6.00%, 9/28/2036(d)		170		166
Banc of America Alternative Loan Trust Series 2005-12, Class CBIO, IO, 5.75%, 1/25/2036‡		713		109
Banc of America Funding Trust
Series 2004-1, PO, 3/25/2034‡		66		52
Series 2004-3, Class 1A1, 5.50%, 10/25/2034		131		139
Series 2004-C, Class 1A1, 4.41%, 12/20/2034(a)		135		128
Series 2005-1, Class 30IO, IO, 5.50%, 2/25/2035‡		227		38
Series 2005-E, Class 4A1, 4.44%, 3/20/2035(a)		64		64
Series 2005-4, Class 30PO, PO, 8/25/2035‡		33		26
Series 2005-6, Class 2A7, 5.50%, 10/25/2035		138		130
Series 2005-7, Class 30PO, PO, 11/25/2035‡		19		17
Series 2005-8, Class 30PO, PO, 1/25/2036‡		84		62
Banc of America Mortgage Trust
Series 2003-C, Class 3A1, 4.00%, 4/25/2033(a)		75		71
Series 2003-J, Class 3A2, 4.55%, 11/25/2033(a)		160		157
BCAP LLC Trust Series 2009-RR5, Class 8A1, 5.50%, 11/26/2034(a)(d)		68		68
Bear Stearns ARM Trust
Series 2003-4, Class 3A1, 3.98%, 7/25/2033(a)		126		123
Series 2003-7, Class 3A, 3.96%, 10/25/2033(a)		42		39
Series 2004-1, Class 12A1, 3.89%, 4/25/2034(a)		218		204
Series 2004-2, Class 14A, 3.74%, 5/25/2034(a)		91		82
Series 2006-1, Class A1, 3.84%, 2/25/2036(a)		386		377
Bear Stearns Asset-Backed Securities Trust Series 2003-AC5, Class A1, 5.75%, 10/25/2033(e)		283		295
Cascade Funding Mortgage Trust Series 2018-RM1, Class A1, 4.58%, 6/25/2048(d)(e)		1,814		1,765
Cendant Mortgage Capital CDMC Mortgage Pass-Through Certificates Series 2003-9, Class 1P, PO, 11/25/2033‡		9		9
Chase Mortgage Finance Trust
Series 2007-A2, Class 2A1, 4.16%, 6/25/2035(a)		230		220
Series 2007-A1, Class 1A3, 4.15%, 2/25/2037(a)		886		857
Series 2007-A1, Class 7A1, 4.21%, 2/25/2037(a)		94		90
Series 2007-A1, Class 9A1, 4.25%, 2/25/2037(a)		159		153
Series 2007-A1, Class 2A1, 4.45%, 2/25/2037(a)		64		62
CHL Mortgage Pass-Through Trust
Series 2004-3, PO, 4/25/2034‡		14		12
Series 2004-3, Class A26, 5.50%, 4/25/2034		154		157
Series 2004-HYB1, Class 2A, 3.50%, 5/20/2034(a)		49		46
Series 2004-HYB3, Class 2A, 3.07%, 6/20/2034(a)		296		277
Series 2004-7, Class 2A1, 3.57%, 6/25/2034(a)		44		43
Series 2004-5, Class 1A4, 5.50%, 6/25/2034		384		387
Series 2004-13, Class 1A4, 5.50%, 8/25/2034		260		263
Series 2004-HYB6, Class A3, 3.92%, 11/20/2034(a)		188		179
Series 2005-16, Class A23, 5.50%, 9/25/2035		109		95
Series 2005-22, Class 2A1, 3.56%, 11/25/2035(a)		541		476
Series 2007-4, Class 1A52, IF, IO, 5.23%, 5/25/2037‡(a)		1,896		467

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
Citicorp Mortgage Securities REMIC Pass-Through Certificates Trust Series 2005-6, Class APO, PO, 9/25/2035‡		26			21
Citigroup Global Markets Mortgage Securities VII, Inc.
Series 2003-UP2, Class PO1, PO, 6/25/2033‡		1			—	(b)
Series 2003-HYB1, Class A, 4.24%, 9/25/2033(a)		107			103
Citigroup Mortgage Loan Trust
Series 2009-10, Class 1A1, 4.31%, 9/25/2033(a)(d)		249			242
Series 2015-A, Class B2, 4.50%, 6/25/2058(a)(d)		645			642
Citigroup Mortgage Loan Trust, Inc.
Series 2003-1, Class WPO2, PO, 6/25/2031‡		6			5
Series 2003-1, Class WA2, 6.50%, 6/25/2031‡		6			6
Series 2003-1, Class PO3, PO, 9/25/2033‡		32			29
Series 2003-UP3, Class A3, 7.00%, 9/25/2033		7			7
Series 2003-1, Class 2A5, 5.25%, 10/25/2033		42			43
Series 2004-UST1, Class A6, 3.78%, 8/25/2034(a)		47			43
Series 2004-UST1, Class A3, 3.87%, 8/25/2034(a)		58			55
Series 2005-1, Class 2A1A, 2.66%, 2/25/2035(a)		127			102
Series 2005-2, Class 2A11, 5.50%, 5/25/2035		299			311
Series 2005-5, Class 1A2, 3.78%, 8/25/2035(a)		368			281
Conix Mortgage Asset Trust Series 2013-1, Class A, 12/25/2047‡(a)(f)		1,618			26
Credit Suisse First Boston Mortgage Securities Corp.
Series 2004-5, Class 3A1, 5.25%, 8/25/2019		32			29
Series 2003-1, Class DB1, 6.73%, 2/25/2033(a)		421			435
Series 2003-AR15, Class 3A1, 3.72%, 6/25/2033(a)		224			213
Series 2003-21, Class 1A4, 5.25%, 9/25/2033		104			107
Series 2004-AR2, Class 2A1, 3.87%, 3/25/2034(a)		292			287
CSFB Mortgage-Backed Pass-Through Certificates
Series 2003-27, Class 5A3, 5.25%, 11/25/2033		247			251
Series 2003-27, Class 5A4, 5.25%, 11/25/2033		198			204
Series 2003-29, Class 1A1, 6.50%, 12/25/2033		230			233
Series 2003-29, Class 5A1, 7.00%, 12/25/2033		164			172
Series 2004-4, Class 2A4, 5.50%, 9/25/2034		137			140
Series 2004-8, Class 1A4, 5.50%, 12/25/2034		224			227
Series 2005-4, Class 2X, IO, 5.50%, 6/25/2035‡(a)		722			73
Series 2005-9, Class DX, IO, 5.50%, 10/25/2035‡		519			6
Csma Consulting Ltd. (United Kingdom) Zero Coupon, 7/31/2023‡		5,547			5,269
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-1, Class 2A1, 5.06%, 2/25/2020(a)		41			41
Epobuyeritrus3.06 3.06%, 4/14/2055‡		4,750			4,624
FHLMC, REMIC
Series 1807, Class G, 9.00%, 10/15/2020		—	(b)		—	(b)
Series 1065, Class J, 9.00%, 4/15/2021		—	(b)		—	(b)
Series 1084, Class F, 1.13%, 5/15/2021(a)		—	(b)		—	(b)
Series 1079, Class S, HB, IF, 33.38%, 5/15/2021(a)		—	(b)		—	(b)
Series 1084, Class S, HB, IF, 44.40%, 5/15/2021(a)		—	(b)		—	(b)
Series 1133, Class H, 7.00%, 9/15/2021		—	(b)		—	(b)
Series 1144, Class KB, 8.50%, 9/15/2021		1			1
Series 189, Class K, HB, 1,009.50%, 10/15/2021		—	(b)		—	(b)
Series 3688, Class CU, 6.97%, 11/15/2021(a)		16			17
Series 3511, IO, 5.00%, 12/15/2021		2			—	(b)
Series 1196, Class B, HB, IF, 1,104.54%, 1/15/2022(a)		—	(b)		—	(b)
Series 3282, Class YD, 5.50%, 2/15/2022		272			278
Series 2462, Class NB, 6.50%, 6/15/2022		29			30
Series 1343, Class LB, 7.50%, 8/15/2022		2			2
Series 1343, Class LA, 8.00%, 8/15/2022		4			4
Series 1395, Class G, 6.00%, 10/15/2022		2			2
Series 1374, Class Z, 7.00%, 10/15/2022		5			5
Series 1401, Class J, 7.00%, 10/15/2022		12			12
Series 2535, Class BK, 5.50%, 12/15/2022		15			15
Series 1470, Class F, 1.99%, 2/15/2023(a)		1			1
Series 1466, Class PZ, 7.50%, 2/15/2023		22			23

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
Series 1798, Class F, 5.00%, 5/15/2023		11			11
Series 1518, Class G, IF, 8.79%, 5/15/2023(a)		7			8
Series 1505, Class QB, IF, 18.87%, 5/15/2023(a)		1			1
Series 204, Class E, HB, IF, 1,851.93%, 5/15/2023(a)		—	(b)		—	(b)
Series 2033, Class J, 5.60%, 6/15/2023		43			45
Series 1526, Class L, 6.50%, 6/15/2023		4			4
Series 1541, Class O, 0.00%, 7/15/2023(a)		9			9
Series 1677, Class Z, 7.50%, 7/15/2023		31			34
Series 1570, Class F, 2.38%, 8/15/2023(a)		2			2
Series 1552, Class IA, HB, IF, 20.52%, 8/15/2023(a)		76			92
Series 1570, Class SA, HB, IF, 23.30%, 8/15/2023(a)		5			6
Series 1578, Class K, 6.90%, 9/15/2023		20			21
Series 1578, Class V, IO, 7.00%, 9/15/2023		2			—	(b)
Series 2571, Class SK, HB, IF, 33.71%, 9/15/2023(a)		12			17
Series 1591, Class PV, 6.25%, 10/15/2023		40			42
Series 1602, Class SA, HB, IF, 20.10%, 10/15/2023(a)		9			11
Series 1813, Class I, PO, 11/15/2023		89			88
Series 1813, Class J, IF, IO, 5.75%, 11/15/2023(a)		346			25
Series 2720, Class PC, 5.00%, 12/15/2023		103			109
Series 1628, Class LZ, 6.50%, 12/15/2023		55			59
Series 1638, Class H, 6.50%, 12/15/2023		58			62
Series 2283, Class K, 6.50%, 12/15/2023		13			14
Series 1644, Class K, 6.75%, 12/15/2023		24			26
Series 1658, Class GZ, 7.00%, 1/15/2024		67			73
Series 1865, Class D, PO, 2/15/2024		6			6
Series 1760, Class ZD, 0.18%, 2/15/2024(a)		96			95
Series 2756, Class NA, 5.00%, 2/15/2024		29			30
Series 1671, Class QC, IF, 10.00%, 2/15/2024(a)		6			7
Series 1686, Class SH, IF, 17.41%, 2/15/2024(a)		2			2
Series 1699, Class FC, 1.41%, 3/15/2024(a)		4			4
Series 1695, Class EB, 7.00%, 3/15/2024		28			30
Series 2033, Class SN, HB, IF, 27.46%, 3/15/2024(a)		2			—	(b)
Series 2306, Class K, PO, 5/15/2024		6			6
Series 2306, Class SE, IF, IO, 9.92%, 5/15/2024(a)		16			2
Series 1745, Class D, 7.50%, 8/15/2024		12			14
Series 3614, Class QB, 4.00%, 12/15/2024		1,171			1,232
Series 2967, Class S, HB, IF, 32.82%, 4/15/2025(a)		24			32
Series 3022, Class SX, IF, 16.42%, 8/15/2025(a)		30			38
Series 1829, Class ZB, 6.50%, 3/15/2026		18			19
Series 1863, Class Z, 6.50%, 7/15/2026		38			41
Series 1899, Class ZE, 8.00%, 9/15/2026		19			22
Series 1963, Class Z, 7.50%, 1/15/2027		20			23
Series 2470, Class SL, IF, 9.00%, 1/15/2027(a)		8			9
Series 1985, Class PR, IO, 8.00%, 7/15/2027		7			1
Series 2065, Class PX, IO, 0.75%, 8/17/2027		2,848			33
Series 1987, Class PE, 7.50%, 9/15/2027		8			9
Series 2038, Class PN, IO, 7.00%, 3/15/2028		5			1
Series 2042, Class T, 7.00%, 3/15/2028		4			4
Series 2040, Class PE, 7.50%, 3/15/2028		45			53
Series 2060, Class Z, 6.50%, 5/15/2028		16			18
Series 2061, Class DC, IO, 6.50%, 6/15/2028		37			4
Series 2075, Class PH, 6.50%, 8/15/2028		100			115
Series 2086, Class GB, 6.00%, 9/15/2028		16			18
Series 2089, Class PJ, IO, 7.00%, 10/15/2028		8			1
Series 2110, Class PG, 6.00%, 1/15/2029		67			76
Series 2111, Class SB, IF, IO, 7.32%, 1/15/2029(a)		90			12
Series 2125, Class JZ, 6.00%, 2/15/2029		25			28
Series 2130, Class QS, 6.00%, 3/15/2029		55			61

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2132, Class ZL, 6.50%, 3/15/2029		15		17
Series 2132, Class SB, HB, IF, 28.95%, 3/15/2029(a)		10		17
Series 2141, IO, 7.00%, 4/15/2029		2		—	(b)
Series 2303, Class ZN, 8.50%, 4/15/2029		147		173
Series 2163, Class PC, IO, 7.50%, 6/15/2029		8		1
Series 2178, Class PB, 7.00%, 8/15/2029		15		18
Series 2201, Class C, 8.00%, 11/15/2029		22		25
Series 2204, Class GB, 8.00%, 12/20/2029(a)		2		2
Series 2209, Class TC, 8.00%, 1/15/2030		87		104
Series 2210, Class Z, 8.00%, 1/15/2030		51		62
Series 2224, Class CB, 8.00%, 3/15/2030		16		20
Series 2247, Class Z, 7.50%, 8/15/2030		12		14
Series 2256, Class MC, 7.25%, 9/15/2030		51		62
Series 2254, Class Z, 9.00%, 9/15/2030		107		133
Series 2259, Class ZM, 7.00%, 10/15/2030		60		72
Series 2271, Class PC, 7.25%, 12/15/2030		69		83
Series 2296, Class PD, 7.00%, 3/15/2031		23		27
Series 2303, Class ZD, 7.00%, 4/15/2031		342		410
Series 2694, Class BA, 4.00%, 6/15/2031		21		21
Series 2359, Class ZB, 8.50%, 6/15/2031		52		64
Series 2388, Class UZ, 8.50%, 6/15/2031		19		23
Series 2344, Class ZD, 6.50%, 8/15/2031		151		176
Series 2344, Class ZJ, 6.50%, 8/15/2031		17		21
Series 2345, Class NE, 6.50%, 8/15/2031		9		11
Series 2372, Class F, 0.68%, 10/15/2031(a)		11		11
Series 2367, Class ZK, 6.00%, 10/15/2031		191		221
Series 2368, Class AS, HB, IF, 20.45%, 10/15/2031(a)		6		9
Series 2383, Class FD, 0.68%, 11/15/2031(a)		11		11
Series 2399, Class TH, 6.50%, 1/15/2032		161		190
Series 2410, Class OE, 6.38%, 2/15/2032		32		36
Series 2494, Class SX, IF, IO, 6.82%, 2/15/2032(a)		416		71
Series 2410, Class QX, IF, IO, 8.47%, 2/15/2032(a)		31		7
Series 2410, Class QS, IF, 19.02%, 2/15/2032(a)		38		61
Series 2433, Class SA, HB, IF, 20.45%, 2/15/2032(a)		83		126
Series 2431, Class F, 0.68%, 3/15/2032(a)		508		508
Series 2464, Class FE, 1.18%, 3/15/2032(a)		133		136
Series 2423, Class MC, 7.00%, 3/15/2032		43		52
Series 2423, Class MT, 7.00%, 3/15/2032		51		61
Series 2444, Class ES, IF, IO, 7.77%, 3/15/2032(a)		35		7
Series 2450, Class SW, IF, IO, 7.82%, 3/15/2032(a)		40		8
Series 2434, Class TC, 7.00%, 4/15/2032		54		64
Series 2436, Class MC, 7.00%, 4/15/2032		72		83
Series 2450, Class GZ, 7.00%, 5/15/2032		45		54
Series 3393, Class JO, PO, 9/15/2032		162		152
Series 2513, Class ZC, 5.50%, 10/15/2032		120		143
Series 2517, Class Z, 5.50%, 10/15/2032		95		106
Series 2835, Class QO, PO, 12/15/2032		49		46
Series 2552, Class FP, 1.18%, 1/15/2033(a)		712		727
Series 2557, Class HL, 5.30%, 1/15/2033		475		548
Series 2586, Class WI, IO, 6.50%, 3/15/2033		132		26
Series 2611, Class SQ, IF, 12.63%, 5/15/2033(a)		34		46
Series 2631, Class SA, IF, 14.51%, 6/15/2033(a)		23		32
Series 2692, Class SC, IF, 12.92%, 7/15/2033(a)		84		114
Series 2671, Class S, IF, 14.42%, 9/15/2033(a)		37		53
Series 2725, Class SC, IF, 8.52%, 11/15/2033(a)		99		109
Series 2722, Class PF, 0.78%, 12/15/2033(a)		965		962
Series 2763, Class ZA, 6.00%, 3/15/2034		3,289		3,875
Series 2779, Class ZC, 6.00%, 4/15/2034		2,092		2,476

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2802, Class ZY, 6.00%, 5/15/2034		247		308
Series 3318, Class BT, IF, 7.00%, 5/15/2034(a)		1,047		1,194
Series 2990, Class SL, HB, IF, 23.82%, 6/15/2034(a)		44		57
Series 3611, PO, 7/15/2034		198		189
Series 3305, Class MB, IF, 2.66%, 7/15/2034(a)		69		74
Series 3077, Class TO, PO, 4/15/2035		138		134
Series 2990, Class WP, IF, 14.93%, 6/15/2035(a)		2		3
Series 3035, Class Z, 5.85%, 9/15/2035		920		1,075
Series 3117, Class EO, PO, 2/15/2036		127		120
Series 3117, Class OG, PO, 2/15/2036		122		116
Series 3117, Class OK, PO, 2/15/2036		130		123
Series 3143, Class BC, 5.50%, 2/15/2036		229		268
Series 3122, Class OH, PO, 3/15/2036		22		21
Series 3134, PO, 3/15/2036		18		18
Series 3152, Class MO, PO, 3/15/2036		233		222
Series 3122, Class ZB, 6.00%, 3/15/2036		25		39
Series 3138, PO, 4/15/2036		72		69
Series 3607, Class AO, PO, 4/15/2036		167		154
Series 3607, Class BO, PO, 4/15/2036		167		158
Series 3137, Class XP, 6.00%, 4/15/2036		714		848
Series 3219, Class DI, IO, 6.00%, 4/15/2036		110		24
Series 3149, Class SO, PO, 5/15/2036		58		50
Series 3151, PO, 5/15/2036		201		190
Series 3153, Class EO, PO, 5/15/2036		112		103
Series 3210, PO, 5/15/2036		150		149
Series 3604, PO, 5/15/2036		171		156
Series 3998, Class GF, 0.63%, 5/15/2036(a)		711		712
Series 3171, Class MO, PO, 6/15/2036		102		99
Series 3179, Class OA, PO, 7/15/2036		87		83
Series 3194, Class SA, IF, IO, 6.92%, 7/15/2036(a)		39		7
Series 3200, PO, 8/15/2036		146		139
Series 3232, Class ST, IF, IO, 6.52%, 10/15/2036(a)		154		31
Series 3237, Class AO, PO, 11/15/2036		177		162
Series 3704, Class DT, 7.50%, 11/15/2036		895		1,100
Series 3704, Class ET, 7.50%, 12/15/2036		650		808
Series 3260, Class CS, IF, IO, 5.96%, 1/15/2037(a)		106		21
Series 3262, Class SG, IF, IO, 6.22%, 1/15/2037(a)		29		5
Series 3274, Class JO, PO, 2/15/2037		36		35
Series 3274, Class MO, PO, 2/15/2037		64		61
Series 3275, Class FL, 0.62%, 2/15/2037(a)		36		36
Series 3288, Class GS, IF, 0.00%, 3/15/2037(a)		29		29
Series 3290, Class SB, IF, IO, 6.27%, 3/15/2037(a)		277		57
Series 3373, Class TO, PO, 4/15/2037		141		132
Series 3316, Class JO, PO, 5/15/2037		20		19
Series 3607, PO, 5/15/2037		416		390
Series 3322, Class NS, IF, 7.00%, 5/15/2037(a)		773		923
Series 3371, Class FA, 0.78%, 9/15/2037(a)		47		48
Series 3385, Class SN, IF, IO, 5.82%, 11/15/2037(a)		69		11
Series 3387, Class SA, IF, IO, 6.24%, 11/15/2037(a)		200		39
Series 3422, Class AI, IO, 0.25%, 1/15/2038(e)		780		5
Series 3404, Class SC, IF, IO, 5.82%, 1/15/2038(a)		307		64
Series 3451, Class SA, IF, IO, 5.87%, 5/15/2038(a)		64		9
Series 3537, Class MI, IO, 5.00%, 6/15/2038		527		94
Series 3461, Class LZ, 6.00%, 6/15/2038		112		130
Series 3481, Class SJ, IF, IO, 5.67%, 8/15/2038(a)		419		83
Series 3895, Class WA, 5.70%, 10/15/2038(a)		273		309
Series 3546, Class A, 3.64%, 2/15/2039(a)		49		51
Series 3511, Class SA, IF, IO, 5.82%, 2/15/2039(a)		98		19
Series 3531, Class SA, IF, IO, 6.12%, 5/15/2039(a)		310		28
Series 3549, Class FA, 1.38%, 7/15/2039(a)		46		46
Series 4580, Class PT, 6.95%, 8/15/2039(a)		1,604		1,875
Series 3572, Class JS, IF, IO, 6.62%, 9/15/2039(a)		323		54
Series 3795, Class EI, IO, 5.00%, 10/15/2039		630		50

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
Series 3621, PO, 1/15/2040		288			272
Series 3621, Class BO, PO, 1/15/2040		199			189
Series 3623, Class LO, PO, 1/15/2040		277			255
Series 3632, Class BS, IF, 16.89%, 2/15/2040(a)		835			1,237
Series 3714, Class IP, IO, 5.00%, 8/15/2040		1,213			142
Series 3966, Class BF, 0.68%, 10/15/2040(a)		759			760
Series 3747, Class PY, 4.00%, 10/15/2040		1,500			1,771
Series 3747, Class CY, 4.50%, 10/15/2040		2,373			2,859
Series 3740, Class SC, IF, IO, 5.82%, 10/15/2040(a)		633			118
Series 3753, PO, 11/15/2040		1,867			1,780
Series 3770, Class PY, 5.00%, 12/15/2040		1,655			2,034
Series 3860, Class PZ, 5.00%, 5/15/2041		3,134			3,838
Series 3852, Class QN, IF, 5.50%, 5/15/2041(a)		132			148
Series 3852, Class TP, IF, 5.50%, 5/15/2041(a)		242			269
Series 3966, Class NA, 4.00%, 12/15/2041		1,817			2,023
Series 4015, Class MY, 3.50%, 3/15/2042		1,000			1,103
Series 4830, Class K, 4.00%, 8/15/2042		1,139			1,148
Series 4136, Class HS, IF, 3.82%, 11/15/2042(a)		1,099			1,151
Series 4177, Class MQ, 2.50%, 3/15/2043		1,000			1,055
Series 4274, Class EM, 4.00%, 11/15/2043		1,000			1,226
Series 4280, Class EO, PO, 12/15/2043		1,378			1,194
Series 4281, Class OB, PO, 12/15/2043		1,580			1,372
Series 4377, Class JP, 3.00%, 8/15/2044		5,082			5,424
Series 4456, Class SA, IF, IO, 5.97%, 3/15/2045(a)		7,520			1,438
Series 4480, Class SE, IF, IO, 6.00%, 6/15/2045(a)		7,181			1,363
Series 4708, Class F, 0.48%, 8/15/2047(a)		5,230			5,185
Series 4888, Class AZ, 4.00%, 12/15/2048		5,828			6,452
Series 4903, Class SN, IF, IO, 5.92%, 8/25/2049(a)		19,107			3,626
FHLMC, STRIPS
Series 243, Class 16, IO, 4.50%, 11/15/2020		—	(b)		—	(b)
Series 243, Class 17, IO, 4.50%, 12/15/2020		—	(b)		—	(b)
Series 134, Class B, IO, 9.00%, 4/1/2022		—	(b)		—	(b)
Series 191, IO, 8.00%, 1/1/2028		477			84
Series 197, PO, 4/1/2028		196			190
Series 233, Class 11, IO, 5.00%, 9/15/2035		251			45
Series 233, Class 12, IO, 5.00%, 9/15/2035		146			28
Series 233, Class 13, IO, 5.00%, 9/15/2035		345			60
Series 239, Class S30, IF, IO, 7.52%, 8/15/2036(a)		464			118
Series 262, Class 35, 3.50%, 7/15/2042		14,403			16,118
Series 299, Class 300, 3.00%, 1/15/2043		753			815
Series 310, PO, 9/15/2043		1,785			1,685
FHLMC, Structured Pass-Through Certificates, Whole Loan
Series T-41, Class 3A, 5.32%, 7/25/2032(a)		182			205
Series T-76, Class 2A, 2.25%, 10/25/2037(a)		2,118			2,339
Series T-42, Class A5, 7.50%, 2/25/2042		646			794
Series T-51, Class 2A, 7.50%, 8/25/2042(a)		52			69
Series T-54, Class 2A, 6.50%, 2/25/2043		1,146			1,400
Series T-54, Class 3A, 7.00%, 2/25/2043		535			659
Series T-56, Class A5, 5.23%, 5/25/2043		972			1,116
Series T-58, Class APO, PO, 9/25/2043		78			68
Series T-51, Class 1A, 6.50%, 9/25/2043(a)		43			53
Series T-59, Class 1AP, PO, 10/25/2043		79			63
Series T-62, Class 1A1, 2.89%, 10/25/2044(a)		953			960
First Horizon Alternative Mortgage Securities Trust
Series 2004-AA4, Class A1, 3.57%, 10/25/2034(a)		237			228
Series 2005-FA8, Class 1A19, 5.50%, 11/25/2035		228			171
Series 2007-FA4, Class 1A2, IF, IO, 5.48%, 8/25/2037‡(a)		3,436			894
FNMA Trust, Whole Loan
Series 2003-W17, Class 1A7, 5.75%, 8/25/2033		3,307			3,790
Series 2004-W1, Class 2A2, 7.00%, 12/25/2033		246			291
Series 2003-W8, Class 3F1, 0.57%, 5/25/2042(a)		160			160
Series 2003-W2, Class 1A1, 6.50%, 7/25/2042		206			243

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
Series 2003-W8, Class 2A, 7.00%, 10/25/2042		141			169
Series 2004-W2, Class 2A2, 7.00%, 2/25/2044		197			232
Series 2005-W3, Class 2AF, 0.39%, 3/25/2045(a)		416			415
Series 2005-W4, Class 3A, 3.86%, 6/25/2045(a)		953			1,019
Series 2005-W4, Class 1A1, 6.00%, 8/25/2045		157			182
Series 2006-W2, Class 1AF1, 0.39%, 2/25/2046(a)		215			215
FNMA, Grantor Trust, Whole Loan
Series 2001-T7, Class A1, 7.50%, 2/25/2041		344			413
Series 2001-T12, Class A2, 7.50%, 8/25/2041		228			275
Series 2001-T10, PO, 12/25/2041		14			14
Series 2002-T4, Class A2, 7.00%, 12/25/2041		144			169
Series 2002-T4, Class A3, 7.50%, 12/25/2041		322			385
Series 2002-T16, Class A2, 7.00%, 7/25/2042		133			162
Series 2002-T19, Class A2, 7.00%, 7/25/2042		299			361
Series 2004-T1, Class 1A1, 6.00%, 1/25/2044		225			262
Series 2004-T3, Class PT1, 10.18%, 1/25/2044(a)		177			216
FNMA, REMIC
Series 1990-93, Class G, 5.50%, 8/25/2020		—	(b)		—	(b)
Series 1990-102, Class J, 6.50%, 8/25/2020		—	(b)		—	(b)
Series 1990-95, Class J, HB, 1,118.04%, 8/25/2020		—	(b)		—	(b)
Series 1990-134, Class SC, HB, IF, 21.35%, 11/25/2020(a)		—	(b)		—	(b)
Series 1990-140, Class K, HB, 652.15%, 12/25/2020		—	(b)		—	(b)
Series 1991-44, Class G, 8.50%, 5/25/2021		—	(b)		—	(b)
Series 1991-60, Class PM, HB, 1,009.00%, 6/25/2021		—	(b)		—	(b)
Series G92-7, Class JQ, 8.50%, 1/25/2022		2			3
Series G92-14, Class Z, 7.00%, 2/25/2022		—	(b)		—	(b)
Series 2007-15, Class NO, PO, 3/25/2022		14			13
Series 1992-101, Class J, 7.50%, 6/25/2022		1			1
Series G92-42, Class Z, 7.00%, 7/25/2022		1			1
Series G92-44, Class ZQ, 8.00%, 7/25/2022		1			1
Series 1996-59, Class J, 6.50%, 8/25/2022		1			1
Series G92-54, Class ZQ, 7.50%, 9/25/2022		3			3
Series G92-62, Class B, PO, 10/25/2022		1			1
Series G92-61, Class Z, 7.00%, 10/25/2022		13			13
Series G93-1, Class KA, 7.90%, 1/25/2023		10			10
Series 1993-108, Class D, PO, 2/25/2023		—	(b)		—	(b)
Series 1993-27, Class S, IF, 9.50%, 2/25/2023(a)		9			10
Series 1993-25, Class J, 7.50%, 3/25/2023		20			21
Series 1993-31, Class K, 7.50%, 3/25/2023		4			4
Series G93-17, Class SI, IF, 6.00%, 4/25/2023(a)		8			8
Series 1993-54, Class Z, 7.00%, 4/25/2023		41			43
Series 1993-62, Class SA, IF, 18.47%, 4/25/2023(a)		2			3
Series 1998-43, Class SA, HB, IF, 21.11%, 4/25/2023(a)		18			4
Series 1993-97, Class FA, 1.42%, 5/25/2023(a)		2			2
Series 2008-47, Class SI, IF, IO, 6.33%, 6/25/2023(a)		41			1
Series 1993-162, Class F, 1.12%, 8/25/2023(a)		5			6
Series 1996-14, Class SE, IF, IO, 10.00%, 8/25/2023(a)		30			3
Series 1993-228, Class G, PO, 9/25/2023		2			2
Series 1993-165, Class SD, IF, 12.98%, 9/25/2023(a)		1			1
Series 2000-18, Class EC, PO, 10/25/2023		58			58
Series 1993-179, Class SB, HB, IF, 25.88%, 10/25/2023(a)		10			12
Series 1993-230, Class FA, 1.09%, 12/25/2023(a)		2			2
Series 2002-1, Class UD, HB, IF, 23.91%, 12/25/2023(a)		14			18
Series 1994-26, Class J, PO, 1/25/2024		142			140
Series 2009-9, IO, 5.00%, 2/25/2024		2			—	(b)
Series 2009-12, IO, 4.50%, 3/25/2024		—	(b)		—	(b)
Series 1994-37, Class L, 6.50%, 3/25/2024		13			14
Series G94-7, Class PJ, 7.50%, 5/17/2024		81			88
Series 2004-53, Class NC, 5.50%, 7/25/2024		78			82

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 1995-2, Class Z, 8.50%, 1/25/2025		5		6
Series 2006-72, Class HO, PO, 8/25/2026		61		59
Series 2006-94, Class GI, IF, IO, 6.48%, 10/25/2026(a)		676		77
Series 2006-94, Class GK, HB, IF, 32.41%, 10/25/2026(a)		28		44
Series G97-2, Class ZA, 8.50%, 2/17/2027		22		26
Series 1997-20, IO, 1.84%, 3/25/2027(a)		5		—	(b)
Series 1997-27, Class J, 7.50%, 4/18/2027		4		5
Series 1997-24, Class Z, 8.00%, 4/18/2027		5		6
Series 1997-46, Class Z, 7.50%, 6/17/2027		122		138
Series 1997-81, Class PI, IO, 7.00%, 12/18/2027		4		—	(b)
Series 1998-30, Class ZA, 6.50%, 5/20/2028		276		313
Series 1998-36, Class ZB, 6.00%, 7/18/2028		33		37
Series 2002-7, Class FD, 0.87%, 4/25/2029(a)		76		76
Series 1999-62, Class PB, 7.50%, 12/18/2029		29		34
Series 2000-52, IO, 8.50%, 1/25/2031		5		1
Series 2002-60, Class FA, 0.92%, 2/25/2031(a)		248		250
Series 2002-60, Class FB, 0.92%, 2/25/2031(a)		248		250
Series 2001-4, Class ZA, 6.50%, 3/25/2031		247		284
Series 2001-7, Class PF, 7.00%, 3/25/2031		21		25
Series 2002-50, Class ZA, 6.00%, 5/25/2031		369		419
Series 2001-33, Class ID, IO, 6.00%, 7/25/2031		30		5
Series 2001-49, Class LZ, 8.50%, 7/25/2031		55		65
Series 2001-38, Class FB, 0.67%, 8/25/2031(a)		80		81
Series 2001-36, Class DE, 7.00%, 8/25/2031		46		55
Series 2001-44, Class PD, 7.00%, 9/25/2031		21		25
Series 2001-44, Class PU, 7.00%, 9/25/2031		30		36
Series 2001-53, Class FX, 0.52%, 10/25/2031(a)		227		226
Series 2003-52, Class SX, HB, IF, 22.45%, 10/25/2031(a)		12		20
Series 2001-61, Class Z, 7.00%, 11/25/2031		126		151
Series 2001-72, Class SX, IF, 17.07%, 12/25/2031(a)		12		18
Series 2002-1, Class SA, HB, IF, 24.64%, 2/25/2032(a)		6		10
Series 2002-13, Class SJ, IF, IO, 1.60%, 3/25/2032(a)		148		5
Series 2002-13, Class ST, IF, 10.00%, 3/25/2032(a)		8		10
Series 2002-30, Class Z, 6.00%, 5/25/2032		209		245
Series 2002-37, Class Z, 6.50%, 6/25/2032		14		16
Series 2006-130, Class GI, IO, 6.50%, 7/25/2032		293		52
Series 2004-61, Class FH, 0.97%, 11/25/2032(a)		1,191		1,206
Series 2011-39, Class ZA, 6.00%, 11/25/2032		1,314		1,528
Series 2004-61, Class SK, IF, 8.50%, 11/25/2032(a)		48		58
Series 2004-59, Class BG, PO, 12/25/2032		69		66
Series 2002-77, Class S, IF, 14.17%, 12/25/2032(a)		33		44
Series 2003-2, Class F, 0.92%, 2/25/2033(a)		519		524
Series 2003-14, Class TI, IO, 5.00%, 3/25/2033		285		22
Series 2003-22, Class UD, 4.00%, 4/25/2033		402		446
Series 2003-39, IO, 6.00%, 5/25/2033(a)		22		4
Series 2003-33, Class IA, IO, 6.50%, 5/25/2033		469		106
Series 2004-4, Class QI, IF, IO, 6.93%, 6/25/2033(a)		130		8
Series 2003-44, Class IU, IO, 7.00%, 6/25/2033		619		147
Series 2004-4, Class QM, IF, 13.86%, 6/25/2033(a)		33		36
Series 2003-132, Class OA, PO, 8/25/2033		19		18
Series 2003-132, Class PI, IO, 5.50%, 8/25/2033		49		4
Series 2003-72, Class IE, IO, 5.50%, 8/25/2033		220		41
Series 2003-74, Class SH, IF, 9.87%, 8/25/2033(a)		27		35
Series 2003-86, Class ZA, 5.50%, 9/25/2033		251		287
Series 2003-91, Class SD, IF, 12.22%, 9/25/2033(a)		33		42
Series 2003-105, Class AZ, 5.50%, 10/25/2033		1,313		1,527
Series 2003-116, Class SB, IF, IO, 7.43%, 11/25/2033(a)		244		52

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2006-44, Class P, PO, 12/25/2033		477		452
Series 2003-122, Class ZJ, 6.00%, 12/25/2033		1,403		1,717
Series 2004-87, Class F, 0.92%, 1/25/2034(a)		196		198
Series 2003-130, Class SX, IF, 11.27%, 1/25/2034(a)		13		15
Series 2003-131, Class SK, IF, 15.23%, 1/25/2034(a)		26		31
Series 2004-46, Class EP, PO, 3/25/2034		144		142
Series 2004-28, Class PF, 0.57%, 3/25/2034(a)		360		360
Series 2004-17, Class H, 5.50%, 4/25/2034		389		458
Series 2004-25, Class SA, IF, 19.06%, 4/25/2034(a)		95		144
Series 2004-46, Class SK, IF, 16.04%, 5/25/2034(a)		42		59
Series 2004-36, Class SA, IF, 19.06%, 5/25/2034(a)		163		254
Series 2004-46, Class QB, HB, IF, 23.33%, 5/25/2034(a)		71		114
Series 2004-50, Class VZ, 5.50%, 7/25/2034		1,619		1,849
Series 2004-51, Class SY, IF, 13.90%, 7/25/2034(a)		21		27
Series 2014-44, Class B, 2.50%, 8/25/2034		928		992
Series 2005-67, Class HG, 5.50%, 1/25/2035		5		5
Series 2005-7, Class LO, PO, 2/25/2035		511		485
Series 2005-15, Class MO, PO, 3/25/2035		119		109
Series 2005-13, Class FL, 0.57%, 3/25/2035(a)		101		101
Series 2006-60, Class DO, PO, 4/25/2035		12		12
Series 2005-74, Class SK, IF, 19.67%, 5/25/2035(a)		212		281
Series 2005-56, Class S, IF, IO, 6.54%, 7/25/2035(a)		303		72
Series 2005-66, Class SV, IF, IO, 6.58%, 7/25/2035(a)		328		38
Series 2005-103, Class SC, IF, 10.96%, 7/25/2035(a)		275		363
Series 2005-66, Class SG, IF, 16.95%, 7/25/2035(a)		112		169
Series 2005-68, Class PG, 5.50%, 8/25/2035		285		325
Series 2005-73, Class PS, IF, 16.28%, 8/25/2035(a)		80		112
Series 2005-90, PO, 9/25/2035		118		117
Series 2005-90, Class AO, PO, 10/25/2035		38		37
Series 2010-39, Class OT, PO, 10/25/2035		153		149
Series 2005-84, Class XM, 5.75%, 10/25/2035		162		183
Series 2005-90, Class ES, IF, 16.45%, 10/25/2035(a)		283		405
Series 2005-106, Class US, HB, IF, 23.95%, 11/25/2035(a)		171		265
Series 2006-15, Class OT, PO, 1/25/2036		3		3
Series 2006-8, Class WQ, PO, 3/25/2036		468		428
Series 2006-16, Class HZ, 5.50%, 3/25/2036		181		209
Series 2006-8, Class WN, IF, IO, 6.53%, 3/25/2036(a)		1,717		389
Series 2006-23, Class KO, PO, 4/25/2036		71		69
Series 2006-27, Class OH, PO, 4/25/2036		156		149
Series 2006-44, Class GO, PO, 6/25/2036		192		181
Series 2006-50, Class JO, PO, 6/25/2036		114		107
Series 2006-50, Class PS, PO, 6/25/2036		162		158
Series 2006-53, Class US, IF, IO, 6.41%, 6/25/2036(a)		307		62
Series 2006-113, PO, 7/25/2036		27		27
Series 2006-58, PO, 7/25/2036		189		179
Series 2006-58, Class AP, PO, 7/25/2036		69		65
Series 2006-65, Class QO, PO, 7/25/2036		79		75
Series 2006-56, Class FT, 0.92%, 7/25/2036(a)		741		792
Series 2006-63, Class ZH, 6.50%, 7/25/2036		228		272
Series 2006-72, Class TO, PO, 8/25/2036		94		87
Series 2006-79, Class DO, PO, 8/25/2036		123		120
Series 2007-7, Class SG, IF, IO, 6.33%, 8/25/2036(a)		254		91
Series 2006-77, Class PC, 6.50%, 8/25/2036		668		767
Series 2006-78, Class BZ, 6.50%, 8/25/2036		164		192
Series 2006-86, Class OB, PO, 9/25/2036		167		160
Series 2006-90, Class AO, PO, 9/25/2036		133		127
Series 2009-19, Class IP, IO, 5.50%, 10/25/2036		920		210
Series 2006-110, PO, 11/25/2036		97		91

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2006-111, Class EO, PO, 11/25/2036		54		50
Series 2006-105, Class ME, 5.50%, 11/25/2036		948		1,104
Series 2006-115, Class OK, PO, 12/25/2036		203		189
Series 2006-119, PO, 12/25/2036		60		57
Series 2006-120, Class PF, 0.42%, 12/25/2036(a)		154		153
Series 2006-118, Class A2, 0.55%, 12/25/2036(a)		108		107
Series 2006-117, Class GS, IF, IO, 6.48%, 12/25/2036(a)		172		37
Series 2006-120, IO, 6.50%, 12/25/2036		352		73
Series 2015-91, Class AC, 7.50%, 12/25/2036(a)		2,440		3,074
Series 2006-126, Class AO, PO, 1/25/2037		348		326
Series 2007-1, Class SD, HB, IF, 37.99%, 2/25/2037(a)		33		120
Series 2007-14, Class OP, PO, 3/25/2037		114		109
Series 2007-16, Class FC, 0.92%, 3/25/2037(a)		47		49
Series 2009-63, Class P, 5.00%, 3/25/2037		28		32
Series 2007-22, Class SC, IF, IO, 5.91%, 3/25/2037(a)		36		2
Series 2007-18, Class MZ, 6.00%, 3/25/2037		380		431
Series 2007-14, Class ES, IF, IO, 6.27%, 3/25/2037(a)		4,348		838
Series 2010-54, Class FD, 0.41%, 5/25/2037(a)		8,617		8,539
Series 2007-39, Class EF, 0.42%, 5/25/2037(a)		39		39
Series 2007-46, Class ZK, 5.50%, 5/25/2037		725		814
Series 2007-54, Class FA, 0.57%, 6/25/2037(a)		144		144
Series 2007-54, Class WI, IF, IO, 5.93%, 6/25/2037(a)		454		94
Series 2007-72, Class EK, IF, IO, 6.23%, 7/25/2037(a)		996		205
Series 2007-65, Class KI, IF, IO, 6.45%, 7/25/2037(a)		244		41
Series 2007-60, Class AX, IF, IO, 6.98%, 7/25/2037(a)		349		90
Series 2007-76, Class ZG, 6.00%, 8/25/2037		324		378
Series 2007-78, Class CB, 6.00%, 8/25/2037		85		100
Series 2007-79, Class SB, HB, IF, 23.40%, 8/25/2037(a)		35		59
Series 2007-88, Class VI, IF, IO, 6.37%, 9/25/2037(a)		151		33
Series 2009-86, Class OT, PO, 10/25/2037		538		500
Series 2007-100, Class SM, IF, IO, 6.28%, 10/25/2037(a)		389		77
Series 2007-91, Class ES, IF, IO, 6.29%, 10/25/2037(a)		527		119
Series 2007-112, Class SA, IF, IO, 6.28%, 12/25/2037(a)		924		217
Series 2007-116, Class HI, IO, 2.70%, 1/25/2038(a)		785		34
Series 2008-1, Class BI, IF, IO, 5.74%, 2/25/2038(a)		286		55
Series 2008-12, Class CO, PO, 3/25/2038		646		608
Series 2008-16, Class IS, IF, IO, 6.03%, 3/25/2038(a)		159		25
Series 2008-10, Class XI, IF, IO, 6.06%, 3/25/2038(a)		148		28
Series 2008-20, Class SA, IF, IO, 6.82%, 3/25/2038(a)		278		62
Series 2009-79, Class UA, 7.00%, 3/25/2038		30		35
Series 2008-32, Class SA, IF, IO, 6.68%, 4/25/2038(a)		52		6
Series 2008-27, Class SN, IF, IO, 6.73%, 4/25/2038(a)		88		18
Series 2008-44, PO, 5/25/2038		17		15
Series 2011-47, Class ZA, 5.50%, 7/25/2038		487		563
Series 2008-53, Class CI, IF, IO, 7.03%, 7/25/2038(a)		135		25
Series 2008-80, Class SA, IF, IO, 5.68%, 9/25/2038(a)		262		50
Series 2008-81, Class SB, IF, IO, 5.68%, 9/25/2038(a)		187		32
Series 2008-80, Class GP, 6.25%, 9/25/2038		20		23
Series 2010-148, Class MA, 4.00%, 2/25/2039		62		62
Series 2009-4, Class BD, 4.50%, 2/25/2039		28		31
Series 2009-6, Class GS, IF, IO, 6.38%, 2/25/2039(a)		136		29
Series 2009-17, Class QS, IF, IO, 6.48%, 3/25/2039(a)		148		27
Series 2009-62, Class HJ, 6.00%, 5/25/2039		136		148
Series 2009-52, Class PI, IO, 5.00%, 7/25/2039		343		57
Series 2009-47, Class MT, 7.00%, 7/25/2039		23		28
Series 2009-69, PO, 9/25/2039		129		121
Series 2009-86, Class IP, IO, 5.50%, 10/25/2039		219		39
Series 2009-84, Class WS, IF, IO, 5.73%, 10/25/2039(a)		107		16

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2009-92, Class AD, 6.00%, 11/25/2039		198		220
Series 2009-103, Class MB, 3.94%, 12/25/2039(a)		700		727
Series 2009-99, Class SC, IF, IO, 6.01%, 12/25/2039(a)		80		12
Series 2009-99, Class WA, 6.30%, 12/25/2039(a)		475		549
Series 2009-113, Class FB, 0.72%, 1/25/2040(a)		148		148
Series 2009-112, Class ST, IF, IO, 6.08%, 1/25/2040(a)		278		61
Series 2010-1, Class WA, 6.22%, 2/25/2040(a)		1,001		1,148
Series 2010-23, Class KS, IF, IO, 6.93%, 2/25/2040(a)		234		42
Series 2010-16, Class WB, 6.20%, 3/25/2040(a)		1,669		1,933
Series 2010-16, Class WA, 6.44%, 3/25/2040(a)		838		961
Series 2010-49, Class SC, IF, 12.32%, 3/25/2040(a)		392		531
Series 2010-40, Class FJ, 0.77%, 4/25/2040(a)		170		171
Series 2010-35, Class SB, IF, IO, 6.25%, 4/25/2040(a)		223		39
Series 2010-43, Class FD, 0.77%, 5/25/2040(a)		445		448
Series 2010-42, Class S, IF, IO, 6.23%, 5/25/2040(a)		98		20
Series 2010-61, Class WA, 6.01%, 6/25/2040(a)		307		357
Series 2010-68, Class SA, IF, IO, 4.83%, 7/25/2040(a)		960		146
Series 2010-103, Class ME, 4.00%, 9/25/2040		993		1,097
Series 2010-111, Class AM, 5.50%, 10/25/2040		1,218		1,450
Series 2010-123, Class FL, 0.60%, 11/25/2040(a)		98		98
Series 2010-125, Class SA, IF, IO, 4.27%, 11/25/2040(a)		1,103		142
Series 2010-130, Class CY, 4.50%, 11/25/2040		2,721		3,212
Series 2010-147, Class SA, IF, IO, 6.36%, 1/25/2041(a)		2,381		545
Series 2011-20, Class MW, 5.00%, 3/25/2041		1,674		2,014
Series 2011-30, Class LS, IO, 2.34%, 4/25/2041(a)		590		38
Series 2011-75, Class FA, 0.72%, 8/25/2041(a)		139		140
Series 2011-118, Class LB, 7.00%, 11/25/2041		957		1,178
Series 2011-118, Class MT, 7.00%, 11/25/2041		1,527		1,870
Series 2011-118, Class NT, 7.00%, 11/25/2041		1,527		1,824
Series 2013-2, Class LZ, 3.00%, 2/25/2043		558		552
Series 2013-4, Class AJ, 3.50%, 2/25/2043		3,152		3,491
Series 2013-92, PO, 9/25/2043		1,861		1,718
Series 2013-101, Class DO, PO, 10/25/2043		1,935		1,689
Series 2018-11, Class LA, 3.50%, 7/25/2045		5,129		5,366
Series 2015-85, Class HD, 3.00%, 11/25/2045		182		183
Series 2018-63, Class DA, 3.50%, 9/25/2048		4,575		4,826
Series 2018-68, Class DZ, 4.00%, 9/25/2048		2,145		2,347
Series 2019-20, Class H, 3.50%, 5/25/2049		4,589		4,872
Series 2010-103, Class SB, IF, IO, 5.93%, 11/25/2049(a)		733		73
Series 2011-2, Class WA, 5.85%, 2/25/2051(a)		178		204
Series 2011-43, Class WA, 5.89%, 5/25/2051(a)		256		302
Series 2011-58, Class WA, 5.43%, 7/25/2051(a)		567		655
Series 2012-21, Class WA, 5.63%, 3/25/2052(a)		894		1,044
FNMA, REMIC Trust Series 2006-72, Class GO, PO, 8/25/2036		139		135
FNMA, REMIC Trust, Whole Loan
Series 2004-W4, Class A7, 5.50%, 6/25/2034		806		937
Series 2007-W2, Class 1A1, 0.49%, 3/25/2037(a)		224		223
Series 2007-W3, Class 1A3, 6.75%, 4/25/2037		122		137
Series 2007-W7, Class 1A4, HB, IF, 38.17%, 7/25/2037(a)		19		40
Series 2001-W3, Class A, 7.00%, 9/25/2041(a)		456		508
Series 2002-W10, IO, 0.90%, 8/25/2042(a)		1,697		36
Series 2003-W4, Class 2A, 5.78%, 10/25/2042(a)		25		29
Series 2003-W1, Class 1A1, 5.25%, 12/25/2042(a)		197		217
Series 2003-W1, Class 2A, 5.76%, 12/25/2042(a)		125		140
Series 2004-W11, Class 1A1, 6.00%, 5/25/2044		422		510
Series 2006-W3, Class 2A, 6.00%, 9/25/2046		175		199
Series 2006-W3, Class 1AF1, 0.41%, 10/25/2046(a)		141		141
Series 2009-W1, Class A, 6.00%, 12/25/2049		966		1,118

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
FNMA, REMIC, Whole Loan
Series 2007-101, Class A2, 0.65%, 6/27/2036(a)		254			250
Series 2007-64, Class FB, 0.54%, 7/25/2037(a)		206			206
Series 2007-106, Class A7, 6.19%, 10/25/2037(a)		71			81
Series 2003-7, Class A1, 6.50%, 12/25/2042		221			257
FNMA, STRIPS
Series 368, Class 3, IO, 4.50%, 11/25/2020		—	(b)		—	(b)
Series 213, Class 2, IO, 8.00%, 3/25/2023		44			4
Series 218, Class 2, IO, 7.50%, 4/25/2023		60			5
Series 265, Class 2, 9.00%, 3/25/2024		2			2
Series 300, Class 1, PO, 9/25/2024		70			68
Series 293, Class 1, PO, 12/25/2024		137			135
Series 285, Class 1, PO, 2/25/2027		4			3
Series 331, Class 13, IO, 7.00%, 11/25/2032		143			30
Series 345, Class 6, IO, 5.00%, 12/25/2033(a)		69			10
Series 351, Class 7, IO, 5.00%, 4/25/2034(a)		152			21
Series 356, Class 3, IO, 5.00%, 1/25/2035		192			28
Series 365, Class 8, IO, 5.50%, 5/25/2036		243			52
Series 373, Class 1, PO, 7/25/2036		1,507			1,436
Series 374, Class 5, IO, 5.50%, 8/25/2036		89			17
Series 393, Class 6, IO, 5.50%, 4/25/2037		42			7
Series 383, Class 32, IO, 6.00%, 1/25/2038		208			45
GMACM Mortgage Loan Trust Series 2005-AR3, Class 3A4, 3.75%, 6/19/2035(a)		441			404
GNMA
Series 1999-4, Class ZB, 6.00%, 2/20/2029		75			75
Series 2001-35, Class SA, IF, IO, 8.07%, 8/16/2031(a)		51			—	(b)
Series 2010-14, Class AO, PO, 12/20/2032		15			15
Series 2003-11, Class SK, IF, IO, 7.52%, 2/16/2033(a)		216			1
Series 2008-29, PO, 2/17/2033		29			29
Series 2003-24, PO, 3/16/2033		7			7
Series 2003-41, Class ID, IO, 5.50%, 5/20/2033		267			36
Series 2003-90, PO, 10/20/2033		20			20
Series 2010-41, Class WA, 5.82%, 10/20/2033(a)		961			1,088
Series 2003-112, Class SA, IF, IO, 6.37%, 12/16/2033(a)		306			40
Series 2005-24, Class ST, IF, 7.50%, 1/17/2034(a)		21			22
Series 2004-28, Class S, IF, 19.16%, 4/16/2034(a)		80			124
Series 2004-46, Class AO, PO, 6/20/2034		107			102
Series 2004-73, Class AE, IF, 14.48%, 8/17/2034(a)		26			28
Series 2010-103, Class WA, 5.71%, 8/20/2034(a)		498			577
Series 2004-73, Class JL, IF, IO, 6.37%, 9/16/2034(a)		1,054			223
Series 2004-71, Class ST, IF, 7.00%, 9/20/2034(a)		26			28
Series 2004-90, Class SI, IF, IO, 5.93%, 10/20/2034(a)		339			57
Series 2005-68, Class DP, IF, 15.99%, 6/17/2035(a)		92			120
Series 2010-14, Class CO, PO, 8/20/2035		778			736
Series 2005-58, Class NI, IO, 5.50%, 8/20/2035(a)		1,024			173
Series 2005-72, Class AZ, 5.50%, 9/20/2035		666			754
Series 2005-68, Class KI, IF, IO, 6.13%, 9/20/2035(a)		635			142
Series 2005-85, IO, 5.50%, 11/16/2035		256			38
Series 2010-14, Class BO, PO, 11/20/2035		119			113
Series 2006-16, Class OP, PO, 3/20/2036		108			101
Series 2006-22, Class AO, PO, 5/20/2036		75			74
Series 2006-38, Class SW, IF, IO, 6.33%, 6/20/2036(a)		158			12
Series 2006-34, PO, 7/20/2036		64			62
Series 2006-59, Class SD, IF, IO, 6.53%, 10/20/2036(a)		99			20
Series 2011-22, Class WA, 5.88%, 2/20/2037(a)		1,326			1,544
Series 2007-57, PO, 3/20/2037		265			254
Series 2007-17, Class JO, PO, 4/16/2037		83			76
Series 2007-17, Class JI, IF, IO, 6.63%, 4/16/2037(a)		604			139
Series 2010-129, Class AW, 5.96%, 4/20/2037(a)		507			586

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2007-31, Class AO, PO, 5/16/2037		406		367
Series 2007-25, Class FN, 0.48%, 5/16/2037(a)		65		65
Series 2007-28, Class BO, PO, 5/20/2037		15		14
Series 2007-26, Class SC, IF, IO, 6.03%, 5/20/2037(a)		288		42
Series 2007-36, Class HO, PO, 6/16/2037		14		13
Series 2007-36, Class SE, IF, IO, 6.29%, 6/16/2037(a)		283		43
Series 2007-36, Class SG, IF, IO, 6.30%, 6/20/2037(a)		439		71
Series 2007-45, Class QA, IF, IO, 6.47%, 7/20/2037(a)		128		20
Series 2007-40, Class SD, IF, IO, 6.58%, 7/20/2037(a)		308		56
Series 2007-42, Class SB, IF, IO, 6.58%, 7/20/2037(a)		308		55
Series 2007-50, Class AI, IF, IO, 6.60%, 8/20/2037(a)		204		32
Series 2008-20, PO, 9/20/2037		49		49
Series 2007-53, Class SW, IF, 19.69%, 9/20/2037(a)		41		56
Series 2008-32, Class PI, IO, 5.50%, 10/16/2037		203		15
Series 2009-79, Class OK, PO, 11/16/2037		202		193
Series 2007-74, Class SL, IF, IO, 6.36%, 11/16/2037(a)		793		119
Series 2007-76, Class SA, IF, IO, 6.36%, 11/20/2037(a)		252		37
Series 2007-79, Class SY, IF, IO, 6.38%, 12/20/2037(a)		354		54
Series 2008-2, Class MS, IF, IO, 6.98%, 1/16/2038(a)		202		40
Series 2008-1, PO, 1/20/2038		44		41
Series 2015-137, Class WA, 5.49%, 1/20/2038(a)		404		478
Series 2008-13, Class PI, IO, 5.50%, 2/16/2038		603		89
Series 2008-10, Class S, IF, IO, 5.66%, 2/20/2038(a)		138		19
Series 2009-106, Class ST, IF, IO, 5.83%, 2/20/2038(a)		841		134
Series 2008-33, Class XS, IF, IO, 7.52%, 4/16/2038(a)		130		25
Series 2008-36, Class SH, IF, IO, 6.13%, 4/20/2038(a)		309		1
Series 2012-52, Class WA, 6.18%, 4/20/2038(a)		3,143		3,702
Series 2008-40, Class SA, IF, IO, 6.22%, 5/16/2038(a)		1,184		225
Series 2008-55, Class SA, IF, IO, 6.03%, 6/20/2038(a)		152		27
Series 2008-62, Class SA, IF, IO, 5.98%, 7/20/2038(a)		911		147
Series 2012-59, Class WA, 5.56%, 8/20/2038(a)		606		705
Series 2008-71, Class SC, IF, IO, 5.83%, 8/20/2038(a)		56		8
Series 2009-25, Class SE, IF, IO, 7.43%, 9/20/2038(a)		147		25
Series 2011-97, Class WA, 6.13%, 11/20/2038(a)		1,498		1,763
Series 2008-93, Class AS, IF, IO, 5.53%, 12/20/2038(a)		232		32
Series 2008-96, Class SL, IF, IO, 5.83%, 12/20/2038(a)		170		17
Series 2011-163, Class WA, 5.87%, 12/20/2038(a)		1,443		1,689
Series 2009-65, Class IQ, IO, 6.00%, 12/20/2038		54		3
Series 2008-95, Class DS, IF, IO, 7.13%, 12/20/2038(a)		596		128
Series 2009-6, Class SA, IF, IO, 5.92%, 2/16/2039(a)		204		28
Series 2009-10, Class SA, IF, IO, 5.78%, 2/20/2039(a)		330		43
Series 2009-12, Class IE, IO, 5.50%, 3/20/2039		1,030		174
Series 2009-24, Class DS, IF, IO, 6.13%, 3/20/2039(a)		2		—	(b)
Series 2009-14, Class KI, IO, 6.50%, 3/20/2039		210		38
Series 2009-14, Class NI, IO, 6.50%, 3/20/2039		250		56
Series 2009-33, Class CI, IO, 5.50%, 5/20/2039		76		11
Series 2009-33, Class TI, IO, 6.00%, 5/20/2039		177		35
Series 2009-102, Class SM, IF, IO, 6.22%, 6/16/2039(a)		70		1
Series 2009-43, Class SA, IF, IO, 5.78%, 6/20/2039(a)		216		32
Series 2009-42, Class SC, IF, IO, 5.91%, 6/20/2039(a)		412		62
Series 2009-64, Class SN, IF, IO, 5.92%, 7/16/2039(a)		366		56
Series 2009-54, Class JZ, 5.50%, 7/20/2039		1,496		1,743
Series 2009-67, Class SA, IF, IO, 5.87%, 8/16/2039(a)		297		47
Series 2009-72, Class SM, IF, IO, 6.07%, 8/16/2039(a)		569		118
Series 2009-104, Class AB, 7.00%, 8/16/2039		468		529
Series 2009-106, Class AS, IF, IO, 6.22%, 11/16/2039(a)		623		119
Series 2015-91, Class W, 5.25%, 5/20/2040(a)		1,216		1,413
Series 2013-75, Class WA, 5.15%, 6/20/2040(a)		584		671
Series 2011-137, Class WA, 5.57%, 7/20/2040(a)		2,110		2,489

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2010-130, Class CP, 7.00%, 10/16/2040		435		527
Series 2010-157, Class OP, PO, 12/20/2040		1,280		1,220
Series 2011-100, Class MY, 4.00%, 7/20/2041		2,000		2,206
Series 2012-24, Class WA, 5.56%, 7/20/2041(a)		3,057		3,569
Series 2013-26, Class AK, 4.67%, 9/20/2041(a)		1,594		1,817
Series 2014-188, Class W, 4.59%, 10/20/2041(a)		1,533		1,730
Series 2012-141, Class WA, 4.53%, 11/16/2041(a)		4,308		4,977
Series 2012-141, Class WC, 3.70%, 1/20/2042(a)		2,547		2,827
Series 2012-141, Class WB, 3.97%, 9/16/2042(a)		3,916		4,393
Series 2012-138, Class PT, 4.02%, 11/16/2042(a)		3,893		4,343
Series 2013-54, Class WA, 4.79%, 11/20/2042(a)		2,146		2,445
Series 2017-99, Class PT, 6.01%, 8/20/2044(a)		1,309		1,559
Series 2019-31, Class HC, 3.50%, 5/20/2046		6,168		6,390
Series 2018-160, Class PA, 3.50%, 7/20/2046		6,726		7,023
Series 2016-90, Class LI, IO, 4.00%, 7/20/2046		5,169		528
Series 2019-111, IO, 5.00%, 4/20/2049		15,151		2,027
Series 2019-65, Class ST, IF, IO, 5.88%, 5/20/2049(a)		19,143		2,990
Series 2019-112, Class GS, IF, IO, 5.90%, 9/20/2049(a)		5,753		858
Series 2020-47, Class AI, IO, 4.50%, 4/16/2050		13,113		2,134
Series 2012-H24, Class FG, 1.45%, 4/20/2060(a)		34		34
Series 2013-H03, Class FA, 1.32%, 8/20/2060(a)		10		9
Series 2013-H05, Class FB, 1.42%, 2/20/2062(a)		81		81
Series 2013-H07, Class MA, 1.57%, 4/20/2062(a)		9		9
Series 2012-H08, Class FC, 1.59%, 4/20/2062(a)		2,835		2,837
Series 2013-H02, Class HF, 1.32%, 11/20/2062(a)		16		16
Series 2013-H01, Class JA, 1.34%, 1/20/2063(a)		3,339		3,323
Series 2013-H04, Class SA, 1.44%, 2/20/2063(a)		2,326		2,316
Series 2013-H08, Class BF, 1.42%, 3/20/2063(a)		1,382		1,377
Series 2013-H07, Class HA, 1.43%, 3/20/2063(a)		3,948		3,936
Series 2013-H09, Class HA, 1.65%, 4/20/2063		1,324		1,329
Series 2014-H17, Class FC, 1.52%, 7/20/2064(a)		801		799
Series 2015-H32, Class FH, 1.68%, 12/20/2065(a)		3,774		3,791
Series 2016-H13, Class FD, 0.62%, 5/20/2066(a)		5,373		5,330
Series 2016-H11, Class FD, 1.40%, 5/20/2066(a)		2,054		2,056
Series 2016-H13, Class FT, 1.60%, 5/20/2066(a)		2,590		2,592
Series 2016-H16, Class FC, 2.89%, 7/20/2066(a)		7,151		7,150
Series 2016-H26, Class FC, 2.02%, 12/20/2066(a)		1,578		1,602
Series 2017-H05, Class FC, 1.77%, 2/20/2067(a)		1,702		1,711
Series 2017-H08, Class XI, IO, 2.32%, 3/20/2067(a)		6,473		717
Series 2017-H11, Class XI, IO, 1.23%, 5/20/2067(a)		17,198		1,785
Series 2017-H14, Class XI, IO, 1.62%, 6/20/2067(a)		7,608		668
Series 2017-H14, Class AI, IO, 1.92%, 6/20/2067(a)		9,178		955
Series 2017-H16, Class F, 2.25%, 8/20/2067(a)		4,350		4,295
Series 2017-H17, Class FQ, 2.39%, 9/20/2067(a)		5,593		5,571
Series 2018-H13, Class DF, 2.22%, 7/20/2068(a)		5,279		5,202
Series 2019-H09, Class IB, IO, 1.80%, 4/20/2069(a)		23,878		933
Series 2019-H14, Class IE, IO, 0.81%, 5/20/2069(a)		69,423		2,007
Series 2019-H10, Class IB, IO, 2.07%, 5/20/2069(a)		32,349		1,766
Series 2019-H12, Class JI, IO, 2.02%, 7/20/2069(a)		30,114		1,789
Series 2019-H14, Class KI, IO, 2.26%, 7/20/2069(a)		20,520		1,381
Series 2019-H15, Class IJ, IO, 2.01%, 8/20/2069(a)		25,866		1,780
Series 2019-H18, Class CI, IO, 1.46%, 10/20/2069(a)		38,922		3,059
Series 2019-H18, Class KI, IO, 2.34%, 11/20/2069(a)		23,967		1,538
Series 2020-H02, Class DI, IO, 2.16%, 12/20/2069(a)		35,123		2,357
Series 2020-H05, Class FK, 0.78%, 3/20/2070(a)		7,327		7,356
Series 2020-H05, IO, 2.00%, 3/20/2070(a)		37,021		3,560
Series 2020-H07, Class DI, IO, 2.02%, 4/20/2070(a)		51,006		4,670
GNMA II, 30 Year Series 2020-85, Class IA, IO, 4.50%, 6/20/2050(c)		35,667		5,885

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
GNMA, Whole Loan Series 2020-H04, Class FH, 1.62%, 2/20/2070(a)		6,016		6,036
Goodgreen Trust Series 2017-R1, 5.00%, 10/20/2051		3,039		3,043
GSMPS Mortgage Loan Trust
Series 2001-2, Class A, 7.50%, 6/19/2032(a)(d)		257		252
Series 2004-4, Class 1AF, 0.57%, 6/25/2034(a)(d)		132		110
Series 2005-RP2, Class 1AF, 0.52%, 3/25/2035(a)(d)		250		221
Series 2005-RP3, Class 1AF, 0.52%, 9/25/2035(a)(d)		1,585		1,322
Series 2005-RP3, Class 1AS, IO, 3.95%, 9/25/2035‡(a)(d)		721		105
Series 2006-RP2, Class 1AS2, IF, IO, 5.59%, 4/25/2036‡(a)(d)		1,436		254
GSR Mortgage Loan Trust
Series 2003-6F, Class A2, 0.57%, 9/25/2032(a)		11		10
Series 2003-7F, Class 1A4, 5.25%, 6/25/2033		190		197
Series 2003-13, Class 1A1, 4.27%, 10/25/2033(a)		44		43
Series 2004-3F, Class 3A8, 13.50%, 2/25/2034		22		26
Series 2004-6F, Class 2A4, 5.50%, 5/25/2034		317		322
Series 2004-8F, Class 2A3, 6.00%, 9/25/2034		291		294
Series 2004-13F, Class 3A3, 6.00%, 11/25/2034		175		184
Series 2005-5F, Class 8A3, 0.67%, 6/25/2035(a)		47		43
Series 2005-7F, Class 3A9, 6.00%, 9/25/2035		535		548
Series 2006-1F, Class 1AP, PO, 2/25/2036‡		131		104
Series 2006-1F, Class 2A4, 6.00%, 2/25/2036		1,921		1,430
Headlands Residential LLC
Series 2017-RPL1, Class A, 3.88%, 8/25/2022(d)(e)		3,325		3,364
Series 2018-RPL1, Class A, 4.25%, 6/25/2023(d)(e)		3,570		3,605
Series 2019-RPL1, Class NOTE, 3.97%, 6/25/2024(d)(e)		6,000		5,470
Impac CMB Trust Series 2005-2, Class 2M1, 0.95%, 4/25/2035‡(a)		62		56
Impac Secured Assets CMN Owner Trust Series 2001-8, Class A6, 6.44%, 1/25/2032		386		408
Impac Secured Assets Trust Series 2006-2, Class 2A1, 0.52%, 8/25/2036(a)		146		143
IndyMac INDX Mortgage Loan Trust Series 2006-AR3, Class 2A1A, 3.50%, 3/25/2036(a)		113		94
JP Morgan Mortgage Trust
Series 2006-A2, Class 5A2, 4.11%, 11/25/2033(a)		213		208
Series 2006-A2, Class 5A3, 4.11%, 11/25/2033(a)		385		377
Series 2004-A3, Class 4A1, 4.49%, 7/25/2034(a)		18		19
Series 2006-A3, Class 6A1, 3.97%, 8/25/2034(a)		93		86
Series 2006-A2, Class 4A1, 4.40%, 8/25/2034(a)		256		255
Series 2004-A4, Class 1A1, 4.82%, 9/25/2034(a)		55		52
Series 2004-S1, Class 1A7, 5.00%, 9/25/2034		8		8
Series 2005-A1, Class 3A4, 4.01%, 2/25/2035(a)		168		160
Series 2007-A1, Class 5A2, 3.97%, 7/25/2035(a)		119		114
Legacy Mortgage Asset Trust Series 2020-GS1, Class A1, 2.88%, 10/25/2059(d)(e)		4,874		4,700
Lehman Mortgage Trust
Series 2006-2, Class 1A1, 5.96%, 4/25/2036(a)		233		201
Series 2007-6, Class 1A8, 6.00%, 7/25/2037		108		100
Series 2008-2, Class 1A6, 6.00%, 3/25/2038		421		255
LHOME Mortgage Trust
Series 2019-RTL2, Class A1, 3.84%, 3/25/2024(d)		2,595		2,445
Series 2019-RTL3, Class A1, 3.87%, 7/25/2024(d)		5,500		5,132
Series 2020-RTL1, Class A1, 3.23%, 10/25/2024(d)		7,250		6,702
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1, 4.35%, 4/21/2034(a)		70		69
Series 2004-3, Class 4A2, 3.44%, 4/25/2034(a)		37		32
Series 2004-4, Class 2A1, 3.89%, 5/25/2034(a)		18		17
Series 2004-13, Class 3A7, 4.51%, 11/21/2034(a)		354		349
Series 2004-15, Class 3A1, 4.17%, 12/25/2034(a)		107		97
MASTR Alternative Loan Trust
Series 2003-8, Class 5A1, 5.00%, 11/25/2018		1		1
Series 2004-10, Class 1A1, 4.50%, 9/25/2019		6		6
Series 2003-4, Class 2A1, 6.25%, 6/25/2033		203		218
Series 2003-8, Class 3A1, 5.50%, 12/25/2033		37		37

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
Series 2003-9, Class 8A1, 6.00%, 1/25/2034		60			62
Series 2004-1, Class 30PO, PO, 2/25/2034‡		54			47
Series 2004-3, Class 30PO, PO, 4/25/2034‡		115			95
Series 2004-3, Class 30X1, IO, 6.00%, 4/25/2034‡		68			12
Series 2004-3, Class 2A1, 6.25%, 4/25/2034		165			169
Series 2004-5, Class 30PO, PO, 6/25/2034‡		131			107
Series 2004-5, Class 30X1, IO, 6.00%, 6/25/2034‡		36			5
Series 2004-6, Class 30X1, IO, 5.50%, 7/25/2034‡		54			7
Series 2004-6, Class 7A1, 6.00%, 7/25/2034		554			588
Series 2004-7, Class 30PO, PO, 8/25/2034‡		34			28
Series 2004-7, Class AX1, IO, 5.50%, 8/25/2034‡		168			24
Series 2005-3, Class AX2, IO, 6.00%, 4/25/2035‡		1,045			167
MASTR Asset Securitization Trust
Series 2003-11, Class 15PO, PO, 12/25/2018‡		—	(b)		—	(b)
Series 2004-8, PO, 8/25/2019‡		1			1
Series 2004-8, Class 1A1, 4.75%, 8/25/2019		—	(b)		—
Series 2003-12, Class 6A1, 5.00%, 12/25/2033		48			48
Series 2004-P7, Class A6, 5.50%, 12/27/2033(d)		70			70
Series 2004-1, Class 30PO, PO, 2/25/2034‡		9			8
Series 2004-3, PO, 3/25/2034‡		4			3
MASTR Reperforming Loan Trust Series 2005-2, Class 1A1F, 0.52%, 5/25/2035(a)(d)		1,477			677
MASTR Resecuritization Trust Series 2005-PO, Class 3PO, PO, 5/28/2035‡(d)		99			83
Merrill Lynch Mortgage Investors Trust
Series 2003-A, Class 2A2, 2.49%, 3/25/2028(a)		84			80
Series 2003-E, Class A1, 0.79%, 10/25/2028(a)		393			379
Series 2003-F, Class A1, 0.81%, 10/25/2028(a)		691			662
Series 2004-D, Class A2, 2.39%, 9/25/2029(a)		296			275
Series 2004-E, Class A2A, 1.67%, 11/25/2029(a)		127			123
Series 2003-A4, Class 2A, 4.03%, 7/25/2033(a)		64			61
Series 2003-A5, Class 2A6, 3.84%, 8/25/2033(a)		161			153
Series 2004-A4, Class A2, 3.98%, 8/25/2034(a)		230			226
Series 2004-1, Class 2A1, 3.53%, 12/25/2034(a)		191			184
Series 2005-A1, Class 3A, 4.10%, 12/25/2034(a)		33			33
Morgan Stanley Mortgage Loan Trust Series 2004-3, Class 4A, 5.62%, 4/25/2034(a)		313			332
MortgageIT Trust Series 2005-5, Class A1, 0.69%, 12/25/2035(a)		70			65
NACC Reperforming Loan REMIC Trust Series 2004-R2, Class A1, 6.50%, 10/25/2034(a)(d)		272			264
Nomura Asset Acceptance Corp. Alternative Loan Trust
Series 2003-A1, Class A5, 7.00%, 4/25/2033		23			25
Series 2003-A1, Class A1, 5.50%, 5/25/2033		22			22
Series 2003-A1, Class A2, 6.00%, 5/25/2033		34			35
P-stla 7.25%, 10/11/2022‡		3,200			3,200
Prime Mortgage Trust
Series 2004-CL1, Class 1A1, 6.00%, 2/25/2034		229			241
Series 2004-1, Class 2A3, 5.25%, 8/25/2034		10			10
Series 2005-4, Class 2PO, PO, 10/25/2035‡		94			64
Provident Funding Mortgage Loan Trust Series 2005-1, Class 2A1, 3.82%, 5/25/2035(a)		10			10
PRPM Series 2019-GS1, Class A1, 3.50%, 10/25/2024(a)(d)		2,254			2,169
RALI Trust
Series 2002-QS16, Class A3, IF, 16.27%, 10/25/2017(a)		—	(b)		—	(b)
Series 2003-QS9, Class A3, IF, IO, 7.38%, 5/25/2018‡(a)		1			—	(b)
Series 2003-QS12, Class A5, IO, 5.00%, 6/25/2018‡		—	(b)		—
Series 2003-QS12, Class A2A, IF, IO, 7.43%, 6/25/2018‡(a)		—	(b)		—
Series 2003-QS14, Class A1, 5.00%, 7/25/2018		3			2
Series 2004-QA4, Class NB3, 4.76%, 9/25/2034‡(a)		229			219
Series 2004-QA6, Class NB2, 3.01%, 12/26/2034(a)		95			78
Series 2005-QA6, Class A32, 4.67%, 5/25/2035(a)		659			445

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
Series 2005-QA10, Class A31, 4.53%, 9/25/2035(a)		85			70
Series 2007-QS1, Class 1A1, 6.00%, 1/25/2037		177			161
RBSSP Resecuritization Trust
Series 2009-12, Class 1A1, 5.34%, 11/25/2033(a)(d)		134			134
Series 2009-1, Class 1A1, 6.50%, 2/26/2036(a)(d)		218			223
RCO Trust
Series 2017-INV1, Class A, 3.20%, 11/25/2052(a)(d)		2,063			2,001
Series 2017-INV1, Class M1, 3.90%, 11/25/2052‡(a)(d)		2,265			2,193
Repo Buyer 8.32%, 5/14/2022‡		5,499			5,499
Residential Asset Securitization Trust
Series 2003-A14, Class A1, 4.75%, 2/25/2019		—	(b)		—	(b)
Series 2003-A5, Class A1, 5.50%, 6/25/2033		130			130
Series 2004-IP2, Class 1A1, 4.01%, 12/25/2034(a)		351			341
Series 2005-A2, Class A4, IF, IO, 4.88%, 3/25/2035‡(a)		2,045			208
Series 2005-A16, Class AX, IO, 5.75%, 2/25/2036‡		808			156
Series 2006-A4, Class 2A5, 6.00%, 5/25/2036		280			268
Series 2006-A6, Class 2A13, 6.00%, 7/25/2036		232			186
RFMSI Trust Series 2005-SA4, Class 1A1, 3.98%, 9/25/2035(a)		136			118
RMIP 5.60%, 8/25/2021‡		2,117			2,011
Seasoned Credit Risk Transfer Trust
Series 2017-4, Class MT, 3.50%, 6/25/2057‡		4,287			4,683
Series 2019-1, Class M55D, 4.00%, 7/25/2058		5,446			5,924
Series 2019-3, Class M55D, 4.00%, 10/25/2058‡		4,522			4,917
Series 2019-4, Class M55D, 4.00%, 2/25/2059		4,405			4,799
Series 2020-1, Class M55G, 3.00%, 8/25/2059		6,888			7,223
Sequoia Mortgage Trust
Series 2003-1, Class 1A, 0.93%, 4/20/2033(a)		272			258
Series 2004-8, Class A1, 0.87%, 9/20/2034(a)		485			459
Series 2004-8, Class A2, 2.45%, 9/20/2034(a)		389			368
Series 2004-9, Class A1, 0.85%, 10/20/2034(a)		1,086			1,010
Series 2004-10, Class A1A, 0.79%, 11/20/2034(a)		392			358
Structured Asset Mortgage Investments II Trust
Series 2004-AR5, Class 1A1, 0.83%, 10/19/2034(a)		533			507
Series 2005-AR5, Class A3, 0.42%, 7/19/2035(a)		898			834
Structured Asset Securities Corp. Series 2003-37A, Class 2A, 3.86%, 12/25/2033(a)		678			637
Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-34A, Class 3A3, 3.73%, 11/25/2033(a)		142			137
Thornburg Mortgage Securities Trust
Series 2003-4, Class A1, 0.81%, 9/25/2043(a)		35			33
Series 2004-1, Class II2A, 2.70%, 3/25/2044‡(a)		35			34
Toorak Mortgage Corp. Ltd. Series 2019-2, Class A1, 3.72%, 9/25/2022(e)		3,440			3,179
TVC Mortgage Trust Series 2020-RTL1, Class A1, 3.47%, 9/25/2024(d)		6,660			6,112
Vendee Mortgage Trust
Series 1994-1, Class 2ZB, 6.50%, 2/15/2024		777			837
Series 1996-1, Class 1Z, 6.75%, 2/15/2026		173			198
Series 1996-2, Class 1Z, 6.75%, 6/15/2026		92			105
Series 1997-1, Class 2Z, 7.50%, 2/15/2027		205			236
Series 1998-1, Class 2E, 7.00%, 3/15/2028		153			173
vMobo, Inc. 7.50%, 5/31/2024		10,000			9,396
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-S1, Class A5, 5.50%, 4/25/2033		187			193
Series 2003-S3, Class 1A4, 5.50%, 6/25/2033		74			77
Series 2003-AR7, Class A7, 4.40%, 8/25/2033(a)		185			177
Series 2003-AR8, Class A, 4.42%, 8/25/2033(a)		165			160
Series 2003-AR9, Class 1A6, 4.31%, 9/25/2033(a)		654			620
Series 2003-AR9, Class 2A, 4.35%, 9/25/2033(a)		125			116
Series 2003-S9, Class P, PO, 10/25/2033‡		9			8
Series 2003-AR11, Class A6, 4.17%, 10/25/2033(a)		464			438
Series 2003-S9, Class A8, 5.25%, 10/25/2033		485			501
Series 2004-AR3, Class A1, 3.68%, 6/25/2034(a)		38			36
Series 2004-AR3, Class A2, 3.68%, 6/25/2034(a)		258			246

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2004-S2, Class 2A4, 5.50%, 6/25/2034		861		891
Series 2006-AR10, Class 2P, 3.80%, 9/25/2036‡(a)		43		33
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
Series 2005-4, Class DP, PO, 6/25/2020‡		22		15
Series 2005-1, Class 1A1, 5.50%, 3/25/2035		58		57
Series 2005-2, Class 1A4, IF, IO, 4.88%, 4/25/2035‡(a)		2,998		449
Series 2005-4, Class CB7, 5.50%, 6/25/2035		391		337
Series 2005-6, Class 2A4, 5.50%, 8/25/2035		281		269
Series 2005-11, Class A4, IF, IO, 4.78%, 1/25/2036‡(a)		4,576		698
Washington Mutual MSC Mortgage Pass-Through Certificates Trust Series 2004-RA2, Class 2A, 7.00%, 7/25/2033		214		228
Wells Fargo Mortgage-Backed Securities Trust
Series 2004-U, Class A1, 4.36%, 10/25/2034(a)		493		491
Series 2007-7, Class A7, 6.00%, 6/25/2037		204		200
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $549,450)				571,283
ASSET-BACKED SECURITIES — 10.8%
ABFC Trust Series 2005-AQ1, Class A4, 4.64%, 1/25/2034‡(e)		223		225
Accelerated Assets LLC Series 2018-1, Class B, 4.51%, 12/2/2033‡(d)		2,523		2,466
American Homes 4 Rent
Series 2015-SFR1, Class A, 3.47%, 4/17/2052‡(d)		1,815		1,903
Series 2015-SFR1, Class D, 4.41%, 4/17/2052‡(d)		4,390		4,459
Series 2015-SFR1, Class E, 5.64%, 4/17/2052‡(d)		3,975		4,093
American Homes 4 Rent Trust
Series 2014-SFR2, Class A, 3.79%, 10/17/2036‡(d)		3,109		3,296
Series 2014-SFR2, Class D, 5.15%, 10/17/2036‡(d)		4,085		4,334
Series 2014-SFR2, Class E, 6.23%, 10/17/2036(d)		1,500		1,631
Series 2014-SFR3, Class B, 4.20%, 12/17/2036‡(d)		5,850		6,212
Series 2014-SFR3, Class C, 4.60%, 12/17/2036(d)		1,570		1,652
Series 2014-SFR3, Class D, 5.04%, 12/17/2036‡(d)		3,650		3,831
Series 2014-SFR3, Class E, 6.42%, 12/17/2036‡(d)		3,172		3,481
Series 2015-SFR2, Class A, 3.73%, 10/17/2052‡(d)		1,842		1,962
Series 2015-SFR2, Class D, 5.04%, 10/17/2052‡(d)		3,100		3,109
Series 2015-SFR2, Class E, 6.07%, 10/17/2052‡(d)		3,600		3,577
B2R Mortgage Trust
Series 2015-2, Class A, 3.34%, 11/15/2048(d)		586		586
Series 2016-1, Class A, 2.57%, 6/15/2049(d)		1,630		1,630
Series 2016-1, Class B, 3.87%, 6/15/2049‡(d)		2,000		2,005
BXG Receivables Note Trust Series 2012-A, Class A, 2.66%, 12/2/2027(d)		170		168
Camillo Issuer LLC
Series 2016-SFR, Class 1-A-1, 5.00%, 12/5/2023‡		3,836		3,829
Series 2018-SFR1, Class A, 5.25%, 6/5/2028‡(d)		2,810		2,810
CARS-DB4 LP Series 2020-1A, Class B1, 4.17%, 2/15/2050‡(d)		11,500		10,703
Chase Funding Trust
Series 2002-3, Class 1A5, 5.91%, 6/25/2032‡(e)		876		865
Series 2003-4, Class 1A5, 5.11%, 5/25/2033‡(e)		444		456
Series 2003-6, Class 1A7, 5.01%, 11/25/2034‡(e)		300		309
Colony American Finance Ltd. (Cayman Islands)
Series 2016-1, Class A, 2.54%, 6/15/2048(d)		207		207
Series 2016-2, Class A, 2.55%, 11/15/2048(d)		1,280		1,280
CoreVest American Finance Trust
Series 2017-2, Class M, 5.62%, 12/25/2027‡(d)		2,200		2,392
Series 2019-3, Class XB, IO, 1.39%, 10/15/2052(a)(d)		27,000		2,617
Series 2019-3, Class XA, IO, 2.04%, 10/15/2052(a)(d)		23,359		2,005
Series 2019-3, Class A, 2.71%, 10/15/2052(d)		3,048		3,026
Diamond Resorts Owner Trust
Series 2016-1, Class A, 3.08%, 11/20/2028(d)		1,643		1,636
Series 2017-1A, Class A, 3.27%, 10/22/2029(d)		626		613
Series 2017-1A, Class B, 4.11%, 10/22/2029‡(d)		427		417

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2018-1, Class B, 4.19%, 1/21/2031‡(d)		2,503		2,433
Series 2019-1A, Class B, 3.53%, 2/20/2032‡(d)		4,196		3,993
Series 2019-1A, Class C, 4.02%, 2/20/2032‡(d)		2,627		2,471
Dominion Financial Services 2 LLC Series 2018-1, Class A, 5.35%, 9/15/2022‡(d)(e)		7,300		7,300
E3 (Cayman Islands)
Series 2019-1, Class B, 4.15%, 9/20/2055‡(d)		2,564		2,604
Series 2019-1, Class C, 5.00%, 9/20/2055‡(d)		1,704		1,703
FNMA, Grantor Trust Series 2017-T1, Class A, 2.90%, 6/25/2027		5,860		6,319
FNMA, REMIC Trust Series 2001-W4, Class AF6, 5.61%, 1/25/2032(e)		64		70
FORT CRE LLC Series 2018-1A, Class C, 3.00%, 11/16/2035‡(a)(d)		900		808
Golden Bear LLC Series 2016-R, Class R, 5.65%, 9/20/2047‡(d)		848		832
Goodgreen Series 2019-2A, Class A, 2.76%, 10/15/2054(d)		2,896		2,828
Goodgreen Trust Series 2017-1A, Class A, 3.74%, 10/15/2052(d)		428		444
HERO Funding (Cayman Islands) Series 2017-3A, Class A2, 3.95%, 9/20/2048(d)		1,536		1,591
HERO Funding II (Cayman Islands)
Series 2016-3B, Class B, 5.24%, 9/20/2042‡(d)		1,687		1,700
Series 2016-4B, Class B, 4.99%, 9/20/2047‡(d)		1,864		1,901
HERO Funding III (Cayman Islands) Series 2017-1A, Class A, 3.50%, 9/21/2043(d)		1,293		1,322
HERO Funding Trust
Series 2015-1A, Class A, 3.84%, 9/21/2040(d)		38		40
Series 2016-2A, Class A, 3.75%, 9/20/2041(d)		1,561		1,648
Series 2016-3A, Class A1, 3.08%, 9/20/2042(d)		1,044		1,067
Series 2016-4A, Class A1, 3.57%, 9/20/2047(d)		3,118		3,233
Series 2016-4A, Class A2, 4.29%, 9/20/2047(d)		3,118		3,287
Series 2017-1A, Class A2, 4.46%, 9/20/2047(d)		1,366		1,485
Series 2017-2A, Class A1, 3.28%, 9/20/2048(d)		2,133		2,242
HERO Residual Funding (Cayman Islands) Series 2016-1R, Class A1, 4.50%, 9/21/2042(d)		466		443
Home Equity Mortgage Loan Asset-Backed Trust Series 2006-A, Class A3, 0.37%, 3/25/2036‡(a)		53		52
Home Partners of America Trust Series 2019-1, Class E, 3.60%, 9/17/2039(d)		4,186		3,984
KGS-Alpha SBA COOF Trust
Series 2012-3, Class A, IO, 1.20%, 9/25/2026‡(a)(d)		343		4
Series 2012-4, Class A, IO, 0.92%, 9/25/2037‡(a)(d)		8,007		197
Series 2012-6, Class A, IO, 0.55%, 5/25/2039‡(a)(d)		5,991		90
Series 2015-2, Class A, IO, 3.59%, 7/25/2041‡(a)(d)		839		100
Long Beach Mortgage Loan Trust Series 2004-1, Class M1, 0.92%, 2/25/2034‡(a)		544		516
LV Tower 52 Issuer
Series 2013-1, Class A, 5.75%, 7/15/2019‡(d)		2,205		2,224
Series 2013-1, Class M, 7.75%, 7/15/2019‡(d)		893		900
Madison Avenue Manufactured Housing Contract Trust Series 2002-A, IO, 0.30%, 3/25/2032‡		60,228		397
Mid-State Capital Corp. Trust Series 2006-1, Class M1, 6.08%, 10/15/2040‡(d)		1,594		1,682
Mid-State Capital Trust
Series 2010-1, Class A, 3.50%, 12/15/2045(d)		379		385
Series 2010-1, Class M, 5.25%, 12/15/2045‡(d)		585		603
New Century Home Equity Loan Trust Series 2003-5, Class AI6, 5.04%, 11/25/2033‡(e)		257		261
Ocwen Master Advance Receivables Trust Series 2019-T2, Class DT2, 3.04%, 8/15/2051‡(d)		5,000		4,971
Orange Lake Timeshare Trust Series 2019-A, Class C, 3.61%, 4/9/2038‡(d)		5,198		4,811
Pretium Mortgage Credit Partners I LLC
Series 2019-CFL1, Class A1, 3.72%, 1/25/2059‡(d)(e)		4,992		4,604
Series 2020-NPL1, Class A1, 2.86%, 5/27/2059(d)(e)		9,550		8,607
Series 2020-CFL1, Class A1, 3.10%, 2/27/2060(d)(e)		4,975		4,963
Progress Residential Trust
Series 2017-SFR2, Class C, 3.40%, 12/17/2034‡(d)		2,320		2,326
Series 2019-SFR1, Class E, 4.47%, 8/17/2035‡(d)		6,400		6,283

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2019-SFR2, Class E, 4.14%, 5/17/2036‡(d)		6,285		6,097
Series 2019-SFR3, Class E, 3.37%, 9/17/2036‡(d)		7,300		6,853
Series 2019-SFR4, Class E, 3.44%, 10/17/2036‡(d)		1,325		1,246
PRPM LLC
Series 2019-3A, Class A1, 3.35%, 7/25/2024‡(d)(e)		8,568		8,233
Series 2019-4A, Class A1, 3.35%, 11/25/2024‡(d)(e)		6,497		6,249
Series 2020-1A, Class A1, 2.98%, 2/25/2025‡(d)(e)		5,541		5,310
Renaissance Home Equity Loan Trust Series 2007-2, Class AF2, 5.68%, 6/25/2037‡(e)		479		145
Renew (Cayman Islands)
Series 2017-1A, Class A, 3.67%, 9/20/2052(d)		554		591
Series 2017-1A, Class B, 5.75%, 9/20/2052‡(d)		346		355
Rice Park Financing Trust Series 2016-A, Class A, 4.63%, 10/31/2041‡(d)		1,869		1,869
Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2, 3.28%, 1/25/2036‡(e)		72		66
Sierra Timeshare Receivables Funding LLC
Series 2018-3A, Class C, 4.17%, 9/20/2035‡(d)		513		486
Series 2019-1A, Class C, 3.77%, 1/20/2036‡(d)		2,158		2,076
Series 2019-3A, Class B, 2.75%, 8/20/2036‡(d)		6,898		6,357
Structured Asset Securities Corp. Pass-Through Certificates
Series 2002-AL1, Class A2, 3.45%, 2/25/2032‡		118		113
Series 2002-AL1, Class A3, 3.45%, 2/25/2032‡		338		326
Tricon American Homes Trust Series 2016-SFR1, Class C, 3.49%, 11/17/2033‡(d)		1,247		1,250
Vericrest Opportunity Loan Trust
Series 2019-NPL4, Class A1B, 4.15%, 8/25/2049‡(d)(e)		5,800		4,536
Series 2019-NPL5, Class A1B, 4.25%, 9/25/2049(d)(e)		4,900		3,873
Series 2019-NPL7, Class A1B, 3.97%, 10/25/2049(d)(e)		3,500		2,759
Series 2019-NPL8, Class A1A, 3.28%, 11/25/2049‡(d)(e)		4,265		4,042
Series 2019-NPL8, Class A1B, 4.09%, 11/25/2049(d)(e)		5,980		4,729
Series 2020-NPL2, Class A1A, 2.98%, 2/25/2050‡(d)(e)		4,151		3,919
Series 2020-NPL2, Class A1B, 3.67%, 2/25/2050‡(d)(e)		2,810		2,171
Series 2020-NPL5, Class A1A, 2.98%, 3/25/2050‡(d)(e)		7,270		6,865
Series 2020-NPL5, Class A1B, 3.47%, 3/25/2050‡(d)(e)		3,745		2,929
VMD-WL1 4.71%, 1/31/2021(a)		2,220		2,207
VOLT LXXX LLC Series 2019-NPL6, Class A1A, 3.23%, 10/25/2049‡(d)(e)		2,833		2,700
VOLT LXXXIII LLC Series 2019-NPL9, Class A1B, 4.09%, 11/26/2049(d)(e)		6,360		5,138
VOLT LXXXIV LLC Series 2019-NP10, Class A1A, 3.43%, 12/27/2049‡(d)(e)		6,793		6,417
VOLT LXXXV LLC
Series 2020-NPL1, Class A1A, 3.23%, 1/25/2050‡(d)(e)		9,341		8,810
Series 2020-NPL1, Class A1B, 3.72%, 1/25/2050‡(d)(e)		7,500		5,878
VOLT LXXXVII LLC
Series 2020-NPL3, Class A1A, 2.98%, 2/25/2050(d)(e)		8,880		8,421
Series 2020-NPL3, Class A1B, 3.67%, 2/25/2050‡(d)(e)		4,000		3,108
VOLT LXXXVIII LLC Series 2020-NPL4, Class A1, 2.98%, 3/25/2050‡(d)(e)		6,684		6,326
VSE VOI Mortgage LLC Series 2018-A, Class A, 3.56%, 2/20/2036(d)		882		865
Welk Resorts LLC
Series 2019-AA, Class A, 2.80%, 6/15/2038(d)		3,811		3,642
Series 2019-AA, Class C, 3.34%, 6/15/2038‡(d)		3,770		3,274
Westgate Resorts LLC Series 2016-1A, Class B, 4.50%, 12/20/2028(d)		1,412		1,404
TOTAL ASSET-BACKED SECURITIES (Cost $341,567)				325,144
COMMERCIAL MORTGAGE-BACKED SECURITIES — 7.4%
BAMLL Commercial Mortgage Securities Trust
Series 2014-520M, Class C, 4.21%, 8/15/2046‡(a)(d)		2,500		2,474
Series 2016-FR14, Class A, 2.92%, 2/27/2048(a)(d)		5,185		5,102

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
BAMLL Re-REMIC Trust
Series 2013-FRR1, Class A1, PO, 12/26/2020(d)		5,500		5,320
Series 2016-FR16, Class A, 0.92%, 5/27/2021(a)(d)		1,985		1,970
Series 2014-FRR5, Class AK30, PO, 6/27/2045(d)		4,500		4,090
Series 2016-FR13, Class A, 1.60%, 8/27/2045(a)(d)		6,365		5,501
Series 2015-FR11, Class AK25, 2.54%, 9/27/2045(a)(d)		4,500		4,354
Series 2014-FRR5, Class A714, PO, 1/27/2047(d)		3,000		2,958
Series 2014-FRR8, Class A, 2.15%, 11/26/2047(a)(d)		3,585		2,846
Bancorp Commercial Mortgage Trust Series 2019-CRE5, Class D, 2.53%, 3/15/2036‡(a)(d)		2,000		1,704
BB-UBS Trust
Series 2012-TFT, Class A, 2.89%, 6/5/2030(d)		966		963
Series 2012-SHOW, Class A, 3.43%, 11/5/2036(d)		4,100		3,871
Series 2012-SHOW, Class E, 4.03%, 11/5/2036(a)(d)		3,575		2,804
Commercial Mortgage Trust
Series 2013-300P, Class A1, 4.35%, 8/10/2030(d)		1,500		1,584
Series 2013-SFS, Class A2, 2.99%, 4/12/2035(a)(d)		1,247		1,179
Series 2006-GG7, Class AM, 5.62%, 7/10/2038(a)		107		106
Series 2013-CR9, Class XB, IO, 0.21%, 7/10/2045‡(a)(d)		140,329		952
Series 2012-CR2, Class XA, IO, 1.63%, 8/15/2045‡(a)		4,671		129
Series 2014-CR19, Class A5, 3.80%, 8/10/2047		1,500		1,599
Series 2015-CR24, Class A5, 3.70%, 8/10/2048		1,542		1,675
Series 2015-CR25, Class A4, 3.76%, 8/10/2048		1,562		1,689
CSAIL Commercial Mortgage Trust
Series 2017-CX10, Class UESB, 4.24%, 10/15/2032‡(a)(d)		7,969		7,981
Series 2017-CX10, Class UESC, 4.24%, 10/15/2032‡(a)(d)		2,900		2,654
CSMC OA LLC Series 2014-USA, Class D, 4.37%, 9/15/2037‡(d)		1,700		1,328
DBWF Mortgage Trust Series 2015-LCM, Class A1, 3.00%, 6/10/2034(d)		1,199		1,172
FHLMC, Multi-Family Structured Pass-Through Certificates
Series KJ09, Class A2, 2.84%, 9/25/2022		1,300		1,359
Series KJ07, Class A2, 2.31%, 12/25/2022		3,056		3,180
Series KS01, Class A2, 2.52%, 1/25/2023		1,909		1,977
Series KPLB, Class A, 2.77%, 5/25/2025		321		347
Series K065, Class A2, 3.24%, 4/25/2027		1,848		2,091
Series K065, Class AM, 3.33%, 5/25/2027		993		1,126
Series K077, Class AM, 3.85%, 5/25/2028(a)		4,025		4,775
FNMA ACES
Series 2016-M2, Class AV2, 2.15%, 1/25/2023		3,073		3,142
Series 2014-M3, Class A2, 3.48%, 1/25/2024(a)		1,874		2,030
Series 2014-M9, Class A2, 3.10%, 7/25/2024(a)		4,209		4,519
Series 2015-M3, Class A2, 2.72%, 10/25/2024		2,897		3,103
Series 2015-M7, Class A2, 2.59%, 12/25/2024		1,150		1,227
Series 2015-M2, Class A3, 3.04%, 12/25/2024(a)		1,948		2,102
Series 2015-M13, Class A2, 2.71%, 6/25/2025(a)		3,091		3,329
Series 2016-M6, Class A2, 2.49%, 5/25/2026		4,500		4,809
Series 2017-M3, Class A2, 2.48%, 12/25/2026(a)		1,890		2,042
Series 2017-M8, Class A2, 3.06%, 5/25/2027(a)		2,860		3,148
Series 2017-M15, Class A2, 2.96%, 9/25/2027(a)		5,000		5,574
Series 2018-M7, Class A2, 3.05%, 3/25/2028(a)		4,377		4,843
Series 2019-M1, Class A2, 3.56%, 9/25/2028(a)		4,615		5,335
Series 2019-M2, Class A2, 3.63%, 11/25/2028(a)		5,625		6,469
Series 2018-M3, Class A2, 3.09%, 2/25/2030(a)		1,255		1,419
FREMF Mortgage Trust
Series 2015-K720, Class B, 3.39%, 7/25/2022(a)(d)		6,000		6,035
Series 2014-K39, Class C, 4.16%, 8/25/2047(a)(d)		3,099		3,053
Series 2014-K41, Class C, 3.83%, 11/25/2047(a)(d)		1,830		1,778
Series 2014-K40, Class C, 4.07%, 11/25/2047(a)(d)		1,626		1,593
Series 2015-K45, Class B, 3.59%, 4/25/2048(a)(d)		5,075		5,023

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2015-K46, Class C, 3.69%, 4/25/2048(a)(d)		3,000		2,884
Series 2015-K48, Class B, 3.64%, 8/25/2048(a)(d)		5,545		5,710
Series 2015-K48, Class C, 3.64%, 8/25/2048(a)(d)		5,000		4,783
Series 2015-K49, Class C, 3.72%, 10/25/2048(a)(d)		3,000		2,875
Series 2015-K50, Class B, 3.78%, 10/25/2048(a)(d)		2,100		2,195
Series 2015-K51, Class B, 3.95%, 10/25/2048(a)(d)		1,000		1,055
Series 2016-K722, Class B, 3.84%, 7/25/2049(a)(d)		5,250		5,324
Series 2016-K59, Class B, 3.58%, 11/25/2049(a)(d)		1,902		1,914
GS Mortgage Securities Trust Series 2006-GG8, Class X, IO, 1.05%, 11/10/2039‡(a)(d)		1,919		7
JP Morgan Chase Commercial Mortgage Securities Trust Series 2006-CB15, Class X1, IO, 0.19%, 6/12/2043‡(a)		4,088		5
JPMCC Re-REMIC Trust
Series 2015-FRR2, Class AK36, 2.19%, 12/27/2046(a)(d)		3,500		3,270
Series 2014-FRR1, Class BK10, 2.10%, 11/27/2049‡(a)(d)		3,500		3,403
Series 2014-FRR1, Class AK10, 4.29%, 11/27/2049(d)		456		447
Ladder Capital Commercial Mortgage Trust Series 2013-GCP, Class A2, 3.99%, 2/15/2036(d)		2,686		2,769
LB-UBS Commercial Mortgage Trust Series 2006-C1, Class XCL, IO, 0.38%, 2/15/2041‡(a)(d)		2,553		—	(b)
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C14, Class A3, 3.67%, 2/15/2047		423		426
Morgan Stanley Capital I Trust Series 2012-C4, Class A3, 2.99%, 3/15/2045		278		279
MRCD Mortgage Trust
Series 2019-PARK, Class A, 2.72%, 12/15/2036(d)		5,000		4,965
Series 2019-PARK, Class E, 2.72%, 12/15/2036‡(d)		7,000		6,458
Multi-Family Connecticut Avenue Securities Trust Series 2019-01, Class M7, 1.87%, 10/15/2049‡(a)(d)		3,583		3,063
PFP Ltd. (Cayman Islands) Series 2019-5, Class D, 2.83%, 4/14/2036‡(a)(d)		3,000		2,639
RBS Commercial Funding, Inc. Trust Series 2013-SMV, Class A, 3.26%, 3/11/2031(d)		2,123		2,071
UBS Commercial Mortgage Trust Series 2012-C1, Class XA, IO, 2.07%, 5/10/2045(a)(d)		5,644		155
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 6/10/2030(d)		3,015		3,070
UBS-Barclays Commercial Mortgage Trust
Series 2013-C6, Class A4, 3.24%, 4/10/2046		857		885
Series 2012-C2, Class XA, IO, 1.30%, 5/10/2063‡(a)(d)		10,232		232
Series 2012-C2, Class A4, 3.53%, 5/10/2063		1,300		1,339
VNDO Mortgage Trust
Series 2013-PENN, Class A, 3.81%, 12/13/2029(d)		2,500		2,508
Series 2012-6AVE, Class A, 3.00%, 11/15/2030(d)		2,991		3,053
Wachovia Bank Commercial Mortgage Trust Series 2006-C24, Class XC, IO, 0.00%, 3/15/2045‡(a)(d)		484		—	(b)
WFRBS Commercial Mortgage Trust
Series 2011-C3, Class A4, 4.38%, 3/15/2044(d)		1,197		1,210
Series 2013-C11, Class D, 4.26%, 3/15/2045‡(a)(d)		750		601
Series 2012-C6, Class A4, 3.44%, 4/15/2045		1,162		1,179
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $215,881)				222,207
U.S. TREASURY OBLIGATIONS — 0.0%(g)
U.S. Treasury STRIPS Bonds 7.01%, 11/15/2030(h) (Cost $92)		150		138
	Shares (000)
SHORT-TERM INVESTMENTS — 6.7%
INVESTMENT COMPANIES — 6.7%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.44%(i)(j) (Cost $202,209)		202,071		202,273
Total Investments — 99.5% (Cost $2,900,761)				2,982,751
Other Assets Less Liabilities — 0.5%				15,369
Net Assets — 100.0%				2,998,120

Percentages indicated are based on net assets.

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Abbreviations
ACES	Alternative Credit Enhancement Securities
ARM	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of May 31, 2020.
CSMC	Credit Suisse Mortgage Trust
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
HB	High Coupon Bonds (a.k.a. “IOettes”) represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO’s the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.
IF	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index or have an interest rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the rate in effect as of May 31, 2020. The rate may be subject to a cap and floor.
IO	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
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
Re-REMIC	Combined Real Estate Mortgage Investment Conduit
STRIPS	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
TBA	To Be Announced; Security is subject to delayed delivery
UMBS	Uniform Mortgage-Backed Securities

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(a)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of May 31, 2020.
(b)	Amount rounds to less than one thousand.
(c)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(d)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(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 May 31, 2020.
(f)	Defaulted security.
(g)	Amount rounds to less than 0.1% of net assets.
(h)	The rate shown is the effective yield as of May 31, 2020.
(i)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(j)	The rate shown is the current yield as of May 31, 2020.
‡	Value determined using significant unobservable inputs.

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

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

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

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

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

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at May 31, 2020.

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

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

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

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

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

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

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities	$	–	$	94,638	$	230,506	$	325,144
Collateralized Mortgage Obligations		–		529,925		41,358		571,283
Commercial Mortgage-Backed Securities		–		188,577		33,630		222,207
Mortgage-Backed Securities		–		1,661,706		–		1,661,706
U.S. Treasury Obligations		–		138		–		138
Short-Term Investments
Investment Companies		202,273		–		–		202,273
Total Investments in Securities	$	202,273	$	2,474,984	$	305,494	$	2,982,751

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

	Balance as of February 29, 2020		Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of May 31, 2020
Investments in Securities:
Asset-Backed Securities	$	249,350	$	—	(a)	$	(17,114	)	$	(66	)	$	1,573	$	(20,583	)	$	38,301	$	(20,955	)	$	230,506
Collateralized Mortgage Obligations		37,944		—			(408	)		(420	)		359		(1,250	)		5,133		—			41,358
Commercial Mortgage-Backed Securities		37,188		—			(3,345	)		(116	)		10		(107	)		—		—			33,630
Total	$	324,482	$	—	(a)	$	(20,867	)	$	(602	)	$	1,942	$	(21,940	)	$	43,434	$	(20,955	)	$	305,494

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

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

(a) Amount rounds to less than one thousand.

The change in net unrealized appreciation (depreciation) attributable to securities owned at May 31, 2020, which were valued using significant unobservable inputs (level 3), amounted to approximately $(20,873,000).    

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

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at May 31, 2020		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	209,148	Discounted Cash Flow	Constant Prepayment Rate	0.00% - 35.00% (10.16%)
				Constant Default Rate	0.00% - 4.00% (0.07%)
				Yield (Discount Rate of Cash Flows)	2.24% - 13.69% (6.17%)
Asset-Backed Securities		209,148
		20,578	Discounted Cash Flow	PSA Prepayment Model
				Constant Prepayment Rate	0.00% - 100.00% (52.93%)
				Constant Default Rate	0.00% - 4.92% (0.97%)
				Yield (Discount Rate of Cash Flows)	1.77% - 199.00% (7.29%)
Collateralized Mortgage Obligations		20,578
		30,040	Discounted Cash Flow	Constant Prepayment Rate	0.00% - 100.00% (1.19%)
				Yield (Discount Rate of Cash Flows)	(0.96)% - 42.58% (5.65%)
Commercial Mortgage-Backed Securities		30,040
Total	$	259,766

# The table above does not include certain level 3 securities that are valued by brokers and pricing services. At May 31, 2020, the value of these investments was approximately $45,728,000. The inputs for these investments are not readily available or cannot be reasonably estimated and generally are those inputs described in Note A.

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

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

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At May 31, 2020, the value of these investments was approximately $xx,000. The inputs for these investments are not readily available or cannot be reasonably estimated and generally are those inputs described in Note A.

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

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

For the period ended May 31, 2020
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at May 31, 2020		Shares at May 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.44%(a)(b)	$	196,979	$	582,262	$	576,872	$	(120	)	$	24	$	202,273		202,071	$	256	$	—

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

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