JPMorgan Trust IV NPORT-P JPMorgan Core Focus SMA Fund (Nov 2020 report)

JPMorgan Core Focus SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited)

Investments	Principal Amount ($)		Value ($)
COLLATERALIZED MORTGAGE OBLIGATIONS — 29.2%
FHLMC, REMIC
Series 2488, Class GM, 6.00%, 8/15/2032		26,195		30,614
Series 4151, Class YC, 2.50%, 1/15/2033		208,252		214,657
Series 2740, Class PE, 5.50%, 1/15/2034		96,535		112,582
Series 2943, Class ZC, 5.00%, 2/15/2034		35,903		40,993
Series 2768, Class PK, 5.00%, 3/15/2034		34,323		37,695
Series 3237, Class CE, 5.50%, 11/15/2036		50,000		63,031
Series 3249, Class CB, 4.25%, 12/15/2036		43,307		48,387
Series 3258, Class XX, 5.50%, 12/15/2036		53,000		63,805
Series 4031, Class AB, 5.50%, 6/15/2037		117,656		135,421
Series 3404, Class DC, 5.50%, 1/15/2038		50,000		59,626
Series 3601, Class HB, 5.00%, 11/15/2039		25,000		29,656
Series 3626, Class ME, 5.00%, 1/15/2040		29,000		34,795
Series 3680, Class ZA, 4.50%, 6/15/2040		113,933		128,688
Series 3777, Class WA, 4.00%, 12/15/2040		98,408		109,652
Series 3772, Class NE, 4.50%, 12/15/2040		180,000		211,354
Series 3939, Class AZ, 4.00%, 3/15/2041		152,703		168,720
Series 4240, Class DK, 4.00%, 11/15/2042		60,123		67,447
Series 4283, Class EW, 4.50%, 12/15/2043 (a)		92,333		103,276
FNMA, REMIC
Series 2013-17, Class YM, 4.00%, 3/25/2033		84,570		95,998
Series 2003-32, Class UJ, 5.50%, 5/25/2033		22,041		24,732
Series 2003-82, Class Z, 5.50%, 8/25/2033		37,621		43,651
Series 2004-17, Class H, 5.50%, 4/25/2034		94,650		111,160
Series 2004-31, Class MZ, 4.25%, 5/25/2034		30,204		36,054
Series 2004-36, Class CB, 5.00%, 5/25/2034		23,671		27,181
Series 2004-91, Class BR, 5.50%, 12/25/2034		31,796		36,816
Series 2009-13, Class PM, 4.00%, 4/25/2035		77,106		80,494
Series 2005-29, Class WQ, 5.50%, 4/25/2035		109,882		128,763
Series 2005-109, Class GD, 6.00%, 10/25/2035		18,750		20,375
Series 2015-65, Class LD, 3.50%, 1/25/2036		147,250		166,480
Series 2005-122, Class PY, 6.00%, 1/25/2036		71,000		85,705
Series 2006-24, Class Z, 5.50%, 4/25/2036		98,366		112,604
Series 2007-36, Class PH, 5.50%, 4/25/2037		31,173		34,285
Series 2007-60, Class ZB, 4.75%, 5/25/2037		234,684		256,520
Series 2009-42, Class TZ, 4.50%, 3/25/2039		227,123		261,099
Series 2009-66, Class KE, 4.00%, 9/25/2039		55,740		60,651
Series 2009-105, Class DB, 4.50%, 12/25/2039		25,000		30,153
Series 2010-43, Class EM, 5.00%, 5/25/2040		20,600		26,255
Series 2010-87, Class PJ, 3.50%, 6/25/2040		22,737		23,486
Series 2010-59, Class EB, 5.00%, 6/25/2040		300,000		391,404
Series 2011-146, Class LX, 3.50%, 10/25/2040		200,000		216,407
Series 2011-1, Class QA, 4.50%, 10/25/2040		40,505		41,475
Series 2010-133, Class GP, 4.00%, 11/25/2040		250,000		292,422
Series 2010-123, Class KU, 4.50%, 11/25/2040		123,589		142,207
Series 2010-129, Class PZ, 4.50%, 11/25/2040		249,068		269,970
Series 2010-136, Class CY, 4.00%, 12/25/2040		290,000		337,055
Series 2010-141, Class AL, 4.00%, 12/25/2040		150,592		162,245
Series 2010-154, Class KZ, 4.50%, 1/25/2041		45,742		59,008
Series 2011-55, Class BZ, 3.50%, 6/25/2041		174,222		192,850
Series 2011-115, Class UC, 4.00%, 11/25/2041		70,000		81,770
Series 2013-114, Class LM, 4.00%, 3/25/2042		200,000		229,259
Series 2012-120, Class PA, 3.50%, 10/25/2042		74,187		81,994

JPMorgan Core Focus SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($)		Value ($)
Series 2014-19, Class Z, 4.50%, 4/25/2044		269,820		316,722
Series 2015-61, Class PV, 3.50%, 5/25/2044		19,903		21,874
Series 2016-32, Class PA, 3.00%, 12/25/2045		131,501		140,856
GNMA
Series 2003-46, Class HA, 4.50%, 6/20/2033		79,746		86,551
Series 2004-55, Class MC, 5.50%, 7/20/2034		18,735		21,409
Series 2005-16, Class CA, 5.00%, 2/20/2035		29,000		31,674
Series 2005-17, Class GE, 5.00%, 2/20/2035		135,812		153,355
Series 2008-25, Class AD, 4.50%, 3/20/2038		96,142		105,692
Series 2009-16, Class ZD, 6.00%, 3/20/2039		126,890		147,670
Series 2009-58, Class PA, 4.50%, 7/20/2039		154,504		170,643
Series 2010-69, Class ME, 3.00%, 4/20/2040		31,961		32,386
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $6,456,161)				7,049,759
ASSET-BACKED SECURITIES — 26.9%
American Credit Acceptance Receivables Trust
Series 2019-3, Class A, 2.44%, 12/12/2022 (b)		6,220		6,225
Series 2017-1, Class D, 3.54%, 3/13/2023 (b)		107,383		107,730
Series 2020-1, Class B, 2.08%, 12/13/2023 (b)		94,000		94,848
Business Jet Securities LLC
Series 2018-2, Class A, 4.45%, 6/15/2033 (b)		122,702		124,471
Series 2018-2, Class B, 5.44%, 6/15/2033 (b)		128,731		130,875
Series 2019-1, Class A, 4.21%, 7/15/2034 (b)		96,260		98,299
CarMax Auto Owner Trust Series 2020-1, Class B, 2.21%, 9/15/2025		112,000		116,663
CoreVest American Finance Trust Series 2019-2, Class B, 3.42%, 6/15/2052‡ (b)		250,000		268,032
CPS Auto Receivables Trust
Series 2015-B, Class C, 4.20%, 5/17/2021 (b)		5,897		5,907
Series 2019-C, Class B, 2.63%, 8/15/2023 (b)		130,000		131,116
Credit Acceptance Auto Loan Trust
Series 2018-2A, Class A, 3.47%, 5/17/2027 (b)		97,864		98,586
Series 2020-1A, Class A, 2.01%, 2/15/2029 (b)		250,000		255,758
Series 2020-3A, Class A, 1.24%, 10/15/2029 (b)		250,000		252,076
Drive Auto Receivables Trust Series 2018-5, Class B, 3.68%, 7/15/2023		44,142		44,251
DT Auto Owner Trust
Series 2017-1A, Class D, 3.55%, 11/15/2022 (b)		9,696		9,709
Series 2018-1A, Class D, 3.81%, 12/15/2023 (b)		88,000		89,187
Series 2020-2A, Class A, 1.14%, 1/16/2024 (b)		45,385		45,576
Series 2020-1A, Class B, 2.16%, 5/15/2024 (b)		50,000		50,656
Series 2019-1A, Class C, 3.61%, 11/15/2024 (b)		90,000		91,914
Series 2019-2A, Class C, 3.18%, 2/18/2025 (b)		190,000		194,013
Exeter Automobile Receivables Trust
Series 2019-4A, Class A, 2.18%, 1/17/2023 (b)		31,941		32,018
Series 2019-3A, Class B, 2.58%, 8/15/2023 (b)		195,000		196,432
Series 2020-1A, Class B, 2.26%, 4/15/2024 (b)		40,000		40,550
First Investors Auto Owner Trust
Series 2016-2A, Class C, 2.53%, 7/15/2022 (b)		53,246		53,341
Series 2019-1A, Class B, 3.02%, 3/17/2025 (b)		120,000		123,606
Flagship Credit Auto Trust
Series 2016-2, Class C, 6.22%, 9/15/2022 (b)		60,174		61,004
Series 2018-2, Class B, 3.56%, 5/15/2023 (b)		150,000		152,070
Series 2019-1, Class A, 3.11%, 8/15/2023 (b)		84,672		85,684
Series 2019-2, Class A, 2.83%, 10/16/2023 (b)		118,128		119,279
Series 2017-4, Class C, 2.92%, 11/15/2023 (b)		400,000		404,524
Series 2019-3, Class B, 2.48%, 8/15/2024 (b)		225,000		231,654
Series 2019-1, Class D, 4.08%, 2/18/2025 (b)		167,000		174,986

JPMorgan Core Focus SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($)		Value ($)
Ford Credit Auto Lease Trust Series 2019-A, Class A4, 2.98%, 6/15/2022		200,000		202,920
FREED ABS Trust
Series 2018-2, Class A, 3.99%, 10/20/2025 (b)		7,468		7,492
Series 2020-FP1, Class A, 2.52%, 3/18/2027 (b)		59,904		60,084
GLS Auto Receivables Issuer Trust
Series 2019-1A, Class A, 3.37%, 1/17/2023 (b)		8,243		8,281
Series 2019-2A, Class A, 3.06%, 4/17/2023 (b)		20,117		20,270
Series 2019-3A, Class A, 2.58%, 7/17/2023 (b)		45,961		46,349
GLS Auto Receivables Trust
Series 2018-3A, Class A, 3.35%, 8/15/2022 (b)		482		483
Series 2018-3A, Class B, 3.78%, 8/15/2023 (b)		125,000		126,880
Goodgreen (Cayman Islands) Series 2018-1A, Class A, 3.93%, 10/15/2053 (a) (b)		118,755		126,675
HERO Funding (Cayman Islands) Series 2017-3A, Class A2, 3.95%, 9/20/2048 (b)		62,127		65,065
Hyundai Auto Lease Securitization Trust Series 2019-A, Class A3, 2.98%, 7/15/2022 (b)		122,505		123,400
Lendmark Funding Trust Series 2019-1A, Class A, 3.00%, 12/20/2027 (b)		175,000		179,892
Marlette Funding Trust
Series 2019-1A, Class A, 3.44%, 4/16/2029 (b)		64,283		64,841
Series 2020-1A, Class A, 2.24%, 3/15/2030 (b)		93,062		93,679
Progress Residential Trust Series 2020-SFR2, Class A, 2.08%, 6/17/2037 (b)		150,000		153,792
Prosper Marketplace Issuance Trust Series 2019-3A, Class A, 3.19%, 7/15/2025 (b)		23,209		23,309
Santander Drive Auto Receivables Trust
Series 2017-3, Class C, 2.76%, 12/15/2022		6,745		6,763
Series 2019-1, Class B, 3.21%, 9/15/2023		52,940		53,171
Santander Retail Auto Lease Trust Series 2018-A, Class D, 3.75%, 12/20/2022 (b)		200,000		201,204
SoFi Consumer Loan Program LLC Series 2017-2, Class A, 3.28%, 2/25/2026 (b)		1,277		1,279
Springleaf Funding Trust Series 2015-BA, Class B, 3.80%, 5/15/2028‡ (b)		100,000		100,015
Tesla Auto Lease Trust Series 2018-B, Class A, 3.71%, 8/20/2021 (b)		26,040		26,258
Tidewater Auto Receivables Trust Series 2018-AA, Class C, 3.84%, 11/15/2024 (b)		250,000		252,921
Towd Point Mortgage Trust Series 2017-6, Class A1, 2.75%, 10/25/2057‡ (a) (b)		58,535		60,296
Vericrest Opportunity Loan Trust Series 2020-NPL2, Class A1A, 2.98%, 2/25/2050‡ (b) (c)		107,645		107,760
VOLT XCI LLC Series 2020-NPL7, Class A1, 3.10%, 11/25/2050 (b) (c)		237,363		237,370
Westgate Resorts LLC
Series 2018-1A, Class A, 3.38%, 12/20/2031 (b)		101,379		102,669
Series 2018-1A, Class B, 3.58%, 12/20/2031‡ (b)		101,379		100,784
World Omni Auto Receivables Trust Series 2017-B, Class A3, 1.95%, 2/15/2023		36,896		37,154
TOTAL ASSET-BACKED SECURITIES (Cost $6,371,272)				6,482,096
CORPORATE BONDS — 25.3%
Aerospace & Defense — 0.8%
Boeing Co. (The) 4.51%, 5/1/2023		70,000		75,068
Lockheed Martin Corp. 2.80%, 6/15/2050		15,000		16,431
Northrop Grumman Corp.
3.20%, 2/1/2027		30,000		33,603
3.85%, 4/15/2045		20,000		24,400
Raytheon Technologies Corp. 4.15%, 5/15/2045		40,000		50,050
				199,552
Automobiles — 0.1%
Hyundai Capital America 3.45%, 3/12/2021 (b)		30,000		30,231

JPMorgan Core Focus SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($)		Value ($)
Banks — 2.3%
Bank of America Corp.
4.20%, 8/26/2024		60,000		67,129
5.00%, 1/21/2044		55,000		78,471
(ICE LIBOR USD 3 Month + 1.19%), 3.95%, 1/23/2049 (d)		15,000		18,877
Citigroup, Inc.
3.75%, 6/16/2024		41,000		45,254
3.20%, 10/21/2026		19,000		21,078
8.13%, 7/15/2039		30,000		54,311
Fifth Third Bancorp 3.65%, 1/25/2024		25,000		27,216
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.78%, 3/2/2025		15,000		16,778
3.74%, 3/7/2029		55,000		64,078
Santander UK Group Holdings plc (United Kingdom) 3.13%, 1/8/2021		30,000		30,081
Sumitomo Mitsui Financial Group, Inc. (Japan) 3.36%, 7/12/2027		25,000		28,160
Wells Fargo & Co. 4.65%, 11/4/2044		30,000		38,709
Westpac Banking Corp. (Australia) 2.85%, 5/13/2026		65,000		71,842
				561,984
Beverages — 0.8%
Anheuser-Busch Cos. LLC (Belgium) 4.90%, 2/1/2046		25,000		32,603
Anheuser-Busch InBev Finance, Inc. (Belgium) 4.90%, 2/1/2046		10,000		12,999
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
4.00%, 4/13/2028		15,000		17,576
4.95%, 1/15/2042		45,000		58,572
Constellation Brands, Inc.
3.70%, 12/6/2026		10,000		11,470
3.75%, 5/1/2050		5,000		5,865
Keurig Dr Pepper, Inc.
4.60%, 5/25/2028		15,000		18,145
5.09%, 5/25/2048		5,000		7,023
Molson Coors Beverage Co. 4.20%, 7/15/2046		15,000		17,311
				181,564
Biotechnology — 0.5%
AbbVie, Inc.
4.55%, 3/15/2035		10,000		12,731
4.70%, 5/14/2045		15,000		19,510
4.45%, 5/14/2046		25,000		31,511
4.88%, 11/14/2048		15,000		20,447
Amgen, Inc. 2.20%, 2/21/2027		10,000		10,605
Gilead Sciences, Inc. 4.80%, 4/1/2044		15,000		19,757
				114,561
Building Products — 0.1%
Masco Corp. 4.45%, 4/1/2025		25,000		28,636
Capital Markets — 1.2%
Credit Suisse USA, Inc. (Switzerland) 7.13%, 7/15/2032		15,000		23,443
Goldman Sachs Group, Inc. (The) (ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038 (d)		65,000		79,735
Macquarie Group Ltd. (Australia)
6.25%, 1/14/2021 (b)		30,000		30,204
(ICE LIBOR USD 3 Month + 1.37%), 3.76%, 11/28/2028 (b) (d)		20,000		22,028
Morgan Stanley
3.13%, 7/27/2026		35,000		39,087
3.95%, 4/23/2027		25,000		28,793
(ICE LIBOR USD 3 Month + 1.63%), 4.43%, 1/23/2030 (d)		50,000		60,899
				284,189
Chemicals — 0.6%
DuPont de Nemours, Inc.
4.49%, 11/15/2025		20,000		23,302
5.32%, 11/15/2038		20,000		27,262
Mosaic Co. (The)
3.25%, 11/15/2022		10,000		10,454
4.05%, 11/15/2027		10,000		11,247
Nutrien Ltd. (Canada)
3.00%, 4/1/2025		20,000		21,608
6.13%, 1/15/2041		20,000		28,733
Sherwin-Williams Co. (The) 2.30%, 5/15/2030		30,000		31,609
				154,215
Construction Materials — 0.1%
Martin Marietta Materials, Inc. 3.45%, 6/1/2027		30,000		33,438
Consumer Finance — 0.6%
Avolon Holdings Funding Ltd. (Ireland) 5.50%, 1/15/2023 (b)		35,000		36,511
Capital One Financial Corp.
4.20%, 10/29/2025		15,000		17,027
3.75%, 3/9/2027		25,000		28,460
General Motors Financial Co., Inc. 4.20%, 3/1/2021		25,000		25,136

JPMorgan Core Focus SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($)		Value ($)
HSBC Finance Corp. 6.68%, 1/15/2021		30,000		30,170
				137,304
Diversified Financial Services — 0.4%
ORIX Corp. (Japan) 3.70%, 7/18/2027		30,000		34,221
Shell International Finance BV (Netherlands) 5.50%, 3/25/2040		20,000		28,943
Voya Financial, Inc. 3.65%, 6/15/2026		20,000		22,910
				86,074
Diversified Telecommunication Services — 1.1%
AT&T, Inc.
4.25%, 3/1/2027		45,000		52,774
2.25%, 2/1/2032		15,000		15,177
3.50%, 9/15/2053 (b)		68,000		69,642
Telefonica Emisiones SA (Spain) 7.05%, 6/20/2036		15,000		22,503
Verizon Communications, Inc.
4.33%, 9/21/2028		41,000		49,738
4.86%, 8/21/2046		46,000		63,210
				273,044
Electric Utilities — 1.2%
Cleveland Electric Illuminating Co. (The) 5.95%, 12/15/2036		20,000		24,848
Duke Energy Corp.
2.65%, 9/1/2026		25,000		27,200
3.75%, 9/1/2046		25,000		29,804
Emera US Finance LP (Canada)
3.55%, 6/15/2026		10,000		11,171
4.75%, 6/15/2046		20,000		25,138
Entergy Louisiana LLC 4.00%, 3/15/2033		40,000		50,015
Fortis, Inc. (Canada) 3.06%, 10/4/2026		19,000		20,833
Indiana Michigan Power Co. Series K, 4.55%, 3/15/2046		15,000		19,783
Metropolitan Edison Co. 3.50%, 3/15/2023 (b)		15,000		15,645
PNM Resources, Inc. 3.25%, 3/9/2021		15,000		15,109
PPL Capital Funding, Inc. 3.10%, 5/15/2026		20,000		22,222
Southern Co. (The) 3.25%, 7/1/2026		30,000		33,579
				295,347
Electrical Equipment — 0.1%
Eaton Corp. 3.10%, 9/15/2027		25,000		27,911
Electronic Equipment, Instruments & Components — 0.3%
Arrow Electronics, Inc.
3.25%, 9/8/2024		15,000		16,166
3.88%, 1/12/2028		15,000		16,927
Corning, Inc.
5.35%, 11/15/2048		20,000		28,331
4.38%, 11/15/2057		15,000		18,729
				80,153
Energy Equipment & Services — 0.7%
Baker Hughes a GE Co. LLC
3.34%, 12/15/2027		30,000		33,052
4.08%, 12/15/2047		30,000		34,487
Halliburton Co.
3.80%, 11/15/2025		2,000		2,212
4.50%, 11/15/2041		10,000		10,557
National Oilwell Varco, Inc. 3.60%, 12/1/2029		30,000		30,703
Schlumberger Holdings Corp.
4.00%, 12/21/2025 (b)		15,000		16,832
4.30%, 5/1/2029 (b)		30,000		34,361
				162,204
Equity Real Estate Investment Trusts (REITs) — 2.2%
American Tower Corp.
5.00%, 2/15/2024		30,000		34,001
3.95%, 3/15/2029		15,000		17,444
1.88%, 10/15/2030		50,000		50,604
Boston Properties LP 3.40%, 6/21/2029		25,000		27,497
Brixmor Operating Partnership LP 3.65%, 6/15/2024		25,000		26,664
Crown Castle International Corp. 4.45%, 2/15/2026		30,000		34,591
Duke Realty LP 4.00%, 9/15/2028		25,000		29,373
Healthcare Trust of America Holdings LP 3.75%, 7/1/2027		25,000		28,031
Healthpeak Properties, Inc. 4.20%, 3/1/2024		50,000		54,836
Host Hotels & Resorts LP 3.88%, 4/1/2024		15,000		15,605
Life Storage LP 4.00%, 6/15/2029		25,000		28,905
Mid-America Apartments LP 3.95%, 3/15/2029		25,000		29,240
National Retail Properties, Inc. 4.00%, 11/15/2025		20,000		22,289
Realty Income Corp. 3.65%, 1/15/2028		25,000		28,312
Simon Property Group LP 4.75%, 3/15/2042		10,000		11,857
UDR, Inc.
4.40%, 1/26/2029		20,000		23,860
3.00%, 8/15/2031		20,000		21,955

JPMorgan Core Focus SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($)		Value ($)
VEREIT Operating Partnership LP 4.88%, 6/1/2026		10,000		11,436
Welltower, Inc.
4.00%, 6/1/2025		25,000		28,208
6.50%, 3/15/2041		10,000		13,783
				538,491
Food & Staples Retailing — 0.3%
Kroger Co. (The) 5.15%, 8/1/2043		30,000		41,169
Sysco Corp. 5.65%, 4/1/2025		25,000		29,794
				70,963
Food Products — 0.3%
Conagra Brands, Inc. 5.30%, 11/1/2038		5,000		6,702
Mead Johnson Nutrition Co. (United Kingdom) 4.60%, 6/1/2044		20,000		26,742
Tyson Foods, Inc.
3.95%, 8/15/2024		15,000		16,697
5.15%, 8/15/2044		10,000		13,768
				63,909
Health Care Equipment & Supplies — 0.4%
Abbott Laboratories
4.75%, 11/30/2036		15,000		20,800
5.30%, 5/27/2040		15,000		22,217
Becton Dickinson and Co.
3.70%, 6/6/2027		10,000		11,478
2.82%, 5/20/2030		30,000		32,779
Boston Scientific Corp. 4.70%, 3/1/2049		10,000		13,620
				100,894
Health Care Providers & Services — 0.9%
Aetna, Inc. 2.80%, 6/15/2023		20,000		21,025
Anthem, Inc. 4.63%, 5/15/2042		20,000		26,296
CVS Health Corp.
4.30%, 3/25/2028		41,000		48,219
4.78%, 3/25/2038		27,000		34,221
HCA, Inc.
4.50%, 2/15/2027		20,000		22,993
5.25%, 6/15/2049		15,000		19,768
Quest Diagnostics, Inc. 2.80%, 6/30/2031		30,000		33,063
				205,585
Hotels, Restaurants & Leisure — 0.2%
McDonald’s Corp. 4.70%, 12/9/2035		30,000		39,175
Starbucks Corp. 4.45%, 8/15/2049		15,000		19,472
				58,647
Industrial Conglomerates — 0.4%
General Electric Co. 6.75%, 3/15/2032		70,000		95,438
Insurance — 1.2%
American Financial Group, Inc. 3.50%, 8/15/2026		20,000		21,691
American International Group, Inc.
3.75%, 7/10/2025		20,000		22,446
3.88%, 1/15/2035		25,000		30,182
4.38%, 1/15/2055		15,000		19,208
Athene Global Funding
3.00%, 7/1/2022 (b)		25,000		25,806
2.95%, 11/12/2026 (b)		30,000		31,825
Athene Holding Ltd. 4.13%, 1/12/2028		10,000		11,092
Cincinnati Financial Corp. 6.92%, 5/15/2028		20,000		26,530
Lincoln National Corp. 4.35%, 3/1/2048		20,000		24,445
Markel Corp.
3.50%, 11/1/2027		20,000		22,372
5.00%, 5/20/2049		15,000		20,707
Principal Financial Group, Inc. 3.70%, 5/15/2029		5,000		5,889
Prudential Financial, Inc. 3.88%, 3/27/2028		30,000		35,235
				297,428
Media — 1.1%
Charter Communications Operating LLC
4.91%, 7/23/2025		25,000		28,938
6.38%, 10/23/2035		20,000		27,681
5.75%, 4/1/2048		10,000		13,243
Comcast Corp.
3.20%, 7/15/2036		40,000		45,576
6.40%, 5/15/2038		30,000		46,680
4.50%, 1/15/2043		15,000		20,062
Cox Communications, Inc. 3.15%, 8/15/2024 (b)		25,000		27,033
Discovery Communications LLC 3.63%, 5/15/2030		25,000		28,496
ViacomCBS, Inc. 4.95%, 1/15/2031		30,000		37,216
				274,925
Metals & Mining — 0.2%
Glencore Funding LLC (Australia)
4.63%, 4/29/2024 (b)		15,000		16,708
1.63%, 9/1/2025 (b)		20,000		20,285
Newcrest Finance Pty. Ltd. (Australia) 3.25%, 5/13/2030 (b)		10,000		11,013
				48,006

JPMorgan Core Focus SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($)		Value ($)
Multiline Retail — 0.1%
Dollar General Corp.
4.13%, 5/1/2028		5,000		5,882
3.50%, 4/3/2030		20,000		22,995
				28,877
Multi-Utilities — 0.3%
Dominion Energy, Inc.
Series D, 2.85%, 8/15/2026		25,000		27,429
Series C, 4.05%, 9/15/2042		20,000		24,002
Sempra Energy 3.80%, 2/1/2038		25,000		29,086
				80,517
Oil, Gas & Consumable Fuels — 2.7%
APT Pipelines Ltd. (Australia) 4.25%, 7/15/2027 (b)		30,000		33,822
Boardwalk Pipelines LP 5.95%, 6/1/2026		20,000		23,251
Buckeye Partners LP 5.85%, 11/15/2043		10,000		9,300
CNOOC Petroleum North America ULC (China) 5.88%, 3/10/2035		20,000		27,344
Enbridge, Inc. (Canada)
4.25%, 12/1/2026		20,000		23,148
4.50%, 6/10/2044		15,000		17,223
Energy Transfer Operating LP 6.25%, 4/15/2049		15,000		17,529
Energy Transfer Partners LP 5.88%, 3/1/2022		15,000		15,713
Enterprise Products Operating LLC
3.13%, 7/31/2029		15,000		16,619
5.10%, 2/15/2045		25,000		31,955
Kinder Morgan Energy Partners LP 3.95%, 9/1/2022		25,000		26,317
Kinder Morgan, Inc.
2.00%, 2/15/2031		25,000		24,532
3.25%, 8/1/2050		10,000		9,710
Magellan Midstream Partners LP 4.20%, 10/3/2047		10,000		10,791
Marathon Petroleum Corp. 6.50%, 3/1/2041		15,000		19,048
MPLX LP
4.13%, 3/1/2027		15,000		16,915
4.50%, 4/15/2038		10,000		11,080
5.20%, 3/1/2047		15,000		17,700
Noble Energy, Inc.
3.85%, 1/15/2028		15,000		17,362
5.05%, 11/15/2044		30,000		40,925
ONEOK, Inc.
3.40%, 9/1/2029		30,000		31,118
4.45%, 9/1/2049		15,000		14,973
Phillips 66 4.88%, 11/15/2044		20,000		25,254
Plains All American Pipeline LP 3.55%, 12/15/2029		30,000		30,750
Spectra Energy Partners LP 4.50%, 3/15/2045		20,000		23,079
Suncor Energy, Inc. (Canada) 5.35%, 7/15/2033		20,000		23,331
Sunoco Logistics Partners Operations LP
4.00%, 10/1/2027		10,000		10,750
5.35%, 5/15/2045		30,000		31,443
TransCanada PipeLines Ltd. (Canada) 4.63%, 3/1/2034		15,000		17,892
Williams Cos., Inc. (The) 3.90%, 1/15/2025		20,000		22,074
				640,948
Pharmaceuticals — 0.6%
Bristol-Myers Squibb Co. 4.63%, 5/15/2044		10,000		13,602
Mylan, Inc. 5.20%, 4/15/2048		10,000		13,248
Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026		50,000		55,845
Utah Acquisition Sub, Inc. 3.95%, 6/15/2026		10,000		11,409
Zoetis, Inc.
4.50%, 11/13/2025		15,000		17,566
2.00%, 5/15/2030		15,000		15,555
4.70%, 2/1/2043		15,000		20,492
				147,717
Road & Rail — 0.8%
Burlington Northern Santa Fe LLC 4.40%, 3/15/2042		30,000		39,444
CSX Corp.
2.40%, 2/15/2030		15,000		16,247
4.30%, 3/1/2048		20,000		26,298
ERAC USA Finance LLC 5.63%, 3/15/2042 (b)		30,000		41,819
JB Hunt Transport Services, Inc. 3.88%, 3/1/2026		40,000		45,758
Norfolk Southern Corp.
4.65%, 1/15/2046		10,000		13,655
4.05%, 8/15/2052		15,000		19,333
				202,554
Semiconductors & Semiconductor Equipment — 0.3%
Broadcom Corp.
3.13%, 1/15/2025		30,000		32,325
3.88%, 1/15/2027		25,000		28,090
				60,415
Software — 0.3%
Oracle Corp. 3.85%, 7/15/2036		50,000		60,726

JPMorgan Core Focus SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($)		Value ($)
Specialty Retail — 0.3%
AutoZone, Inc.
4.00%, 4/15/2030		10,000		11,769
1.65%, 1/15/2031		20,000		19,637
O’Reilly Automotive, Inc.
3.60%, 9/1/2027		15,000		17,063
1.75%, 3/15/2031		15,000		14,917
				63,386
Technology Hardware, Storage & Peripherals — 0.4%
Apple, Inc. 4.65%, 2/23/2046		30,000		43,161
Dell International LLC
5.45%, 6/15/2023 (b)		15,000		16,596
6.02%, 6/15/2026 (b)		20,000		24,279
				84,036
Tobacco — 0.3%
Altria Group, Inc. 3.88%, 9/16/2046		15,000		16,146
BAT Capital Corp. (United Kingdom)
3.22%, 8/15/2024		5,000		5,410
3.56%, 8/15/2027		20,000		22,222
Reynolds American, Inc. (United Kingdom) 5.85%, 8/15/2045		25,000		31,942
				75,720
Trading Companies & Distributors — 0.6%
Air Lease Corp.
3.50%, 1/15/2022		25,000		25,683
3.25%, 3/1/2025		10,000		10,496
3.25%, 10/1/2029		20,000		20,405
Aviation Capital Group LLC
2.88%, 1/20/2022 (b)		30,000		30,509
3.50%, 11/1/2027 (b)		20,000		19,073
International Lease Finance Corp. 4.63%, 4/15/2021		35,000		35,465
				141,631
Wireless Telecommunication Services — 0.5%
Rogers Communications, Inc. (Canada)
2.90%, 11/15/2026		10,000		11,096
4.50%, 3/15/2043		10,000		12,683
T-Mobile USA, Inc.
3.75%, 4/15/2027 (b)		15,000		16,981
4.50%, 4/15/2050 (b)		5,000		6,248
Vodafone Group plc (United Kingdom)
3.75%, 1/16/2024		20,000		21,872
4.38%, 5/30/2028		25,000		30,021
5.00%, 5/30/2038		11,000		14,379
				113,280
TOTAL CORPORATE BONDS (Cost $5,471,614)				6,104,500
COMMERCIAL MORTGAGE-BACKED SECURITIES — 7.1%
20 Times Square Trust
Series 2018-20TS, Class D, 3.20%, 5/15/2035‡ (a) (b)		100,000		96,778
Series 2018-20TS, Class E, 3.20%, 5/15/2035‡ (a) (b)		100,000		94,522
Citigroup Commercial Mortgage Trust
Series 2013-GC11, Class A3, 2.82%, 4/10/2046		23,593		24,423
Series 2014-GC19, Class A3, 3.75%, 3/10/2047		8,070		8,657
Series 2014-GC23, Class A3, 3.36%, 7/10/2047		11,750		12,605
Commercial Mortgage Trust
Series 2014-UBS2, Class A4, 3.69%, 3/10/2047		15,000		16,096
Series 2014-CR17, Class A4, 3.70%, 5/10/2047		29,158		31,556
Series 2014-UBS3, Class A3, 3.55%, 6/10/2047		23,871		25,610
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K731, Class AM, 3.60%, 2/25/2025 (a)		200,000		223,000
Series K090, Class A2, 3.42%, 2/25/2029		120,000		140,998
FREMF Mortgage Trust Series 2013-K26, Class B, 3.72%, 12/25/2045 (a) (b)		99,000		103,838
GPMT Ltd. (Cayman Islands) Series 2018-FL1, Class AS, 1.35%, 11/21/2035‡ (a) (b)		150,000		148,316
GS Mortgage Securities Trust
Series 2013-GC16, Class AS, 4.65%, 11/10/2046		111,000		120,802
Series 2013-GC16, Class B, 5.16%, 11/10/2046 (a)		50,000		52,710
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2013-LC11, Class A4, 2.69%, 4/15/2046		13,593		14,098
Series 2011-C5, Class B, 5.61%, 8/15/2046 (a) (b)		169,000		170,318
JPMBB Commercial Mortgage Securities Trust Series 2013-C15, Class C, 5.37%, 11/15/2045 (a)		30,000		31,943
JPMCC Re-REMIC Trust Series 2014-FRR1, Class BK10, 0.46%, 11/27/2049 (a) (b)		89,944		89,944

JPMorgan Core Focus SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($)		Value ($)
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C27, Class A3, 3.47%, 12/15/2047		130,000		140,425
Wells Fargo Commercial Mortgage Trust Series 2015-NXS4, Class A3, 3.45%, 12/15/2048		127,296		141,078
WFRBS Commercial Mortgage Trust Series 2013-C13, Class A3, 2.75%, 5/15/2045		25,815		26,604
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $1,615,688)				1,714,321
MORTGAGE-BACKED SECURITIES — 1.7%
FNMA, Other
Pool # AM4660, 3.77%, 12/1/2025		130,928		146,894
Pool # AM5940, 3.24%, 6/1/2026		66,673		73,872
Pool # AM6428, 3.58%, 8/1/2029		85,342		95,221
Pool # AM6430, 3.58%, 8/1/2029		85,342		98,182
TOTAL MORTGAGE-BACKED SECURITIES (Cost $373,364)				414,169
U.S. TREASURY OBLIGATIONS — 0.4%
U.S. Treasury Bonds 2.00%, 2/15/2050(Cost $97,641)		85,000		93,663
Investments	Shares		Value ($)
SHORT-TERM INVESTMENTS — 9.1%
INVESTMENT COMPANIES — 9.1%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (e) (f) (Cost $2,187,246)		2,186,109		2,187,421
Total Investments — 99.7% (Cost $22,572,986)				24,045,929
Other Assets Less Liabilities — 0.3%				70,518
Net Assets — 100.0%				24,116,447

Percentages indicated are based on net assets.

Abbreviations
ABS	Asset-backed securities
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
REMIC	Real Estate Mortgage Investment Conduit
Re-REMIC	Combined Real Estate Mortgage Investment Conduit
USD	United States Dollar
(a)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2020.
(b)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(c)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of November 30, 2020.
(d)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2020.
(e)	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.
(f)	The rate shown is the current yield as of November 30, 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.

JPMorgan Core Focus SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

A market-based approach is primarily used to value the Fund’s investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and/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 November 30, 2020.

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

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

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

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

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

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities	$	—	$	5,845,209	$	636,887	$	6,482,096
Collateralized Mortgage Obligations		—		7,049,759		—		7,049,759
Commercial Mortgage-Backed Securities		—		1,374,705		339,616		1,714,321
Corporate Bonds		—		6,104,500		—		6,104,500
Mortgage-Backed Securities		—		414,169		—		414,169
U.S. Treasury Obligations		—		93,663		—		93,663
Short-Term Investments
Investment Companies		2,187,421		—		—		2,187,421
Total Investments in Securities	$	2,187,421	$	20,882,005	$	976,503	$	24,045,929

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

	Balance as of February 29, 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 November 30, 2020
Investments in Securities:
Asset-Backed Securities	$	955,903	$	—	$	(9,790	)	$	81	$	—	$	(309,307	)	$	—	$	—		$	636,887
Commercial Mortgage-Backed Securities		429,650		—		(13,509	)		390		—		—			101,927		(178,842	)		339,616
Total	$	1,385,553	$	—	$	(23,299	)	$	471	$	—	$	(309,307	)	$	101,927	$	(178,842	)	$	976,503

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

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

The changes in net unrealized appreciation (depreciation) attributable to securities owned at November 30, 2020, which were valued using significant unobservable inputs (level 3), amounted to $(21,623).

Transfers between level 2 and level 3 are due to a decline or an increase in market activity (e.g. frequency of trades), which resulted in a lack or increase of available market inputs to determine the price for the period ended November 30, 2020.

Quantitative Information about Level 3 Fair Value Measurements #

	Fair Value at November 30, 2020		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	636,887	Discounted Cash Flow	Constant Prepayment Rate	0.00% - 30.00% (11.42%)
				Yield (Discount Rate of Cash Flows)	1.26% - 4.15% (2.91%)
Asset-Backed Securities		636,887
		191,300	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	4.52% - 5.54% (5.02%)
Commercial Mortgage-Backed Securities		191,300
Total	$	828,187

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At November 30, 2020, the value of these investments was $148,316. 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.

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.

For the period ended November 30, 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 November 30, 2020		Shares at November 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (a) (b)	$	2,582,926	$	16,630,164	$	17,027,379	$	2,251	$	(541	)	$	2,187,421		2,186,109	$	8,159	$	—
Total	$	2,582,926	$	16,630,164	$	17,027,379	$	2,251	$	(541	)	$	2,187,421			$	8,159	$	—

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

(b) The rate shown is the current yield as of November 30, 2020.