JPMorgan Trust IV NPORT-P JPMorgan Core Focus SMA Fund (Nov 2021 report)

JPMorgan Core Focus SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — 29.5%
FHLMC, REMIC
Series 2926, Class EW, 5.00%, 1/15/2025		166		173
Series 3935, Class GA, 3.00%, 10/15/2026		240		249
Series 2488, Class GM, 6.00%, 8/15/2032		20		23
Series 4151, Class YC, 2.50%, 1/15/2033		105		108
Series 2740, Class PE, 5.50%, 1/15/2034		74		85
Series 2943, Class ZC, 5.00%, 2/15/2034		28		31
Series 2768, Class PK, 5.00%, 3/15/2034		26		29
Series 3237, Class CE, 5.50%, 11/15/2036		50		60
Series 3249, Class CB, 4.25%, 12/15/2036		39		43
Series 3258, Class XX, 5.50%, 12/15/2036		52		60
Series 4031, Class AB, 5.50%, 6/15/2037		89		101
Series 3404, Class DC, 5.50%, 1/15/2038		50		58
Series 3601, Class HB, 5.00%, 11/15/2039		25		28
Series 3626, Class ME, 5.00%, 1/15/2040		28		31
Series 3680, Class ZA, 4.50%, 6/15/2040		80		89
Series 3777, Class WA, 4.00%, 12/15/2040		62		66
Series 3772, Class NE, 4.50%, 12/15/2040		180		199
Series 3939, Class AZ, 4.00%, 3/15/2041		83		87
Series 4240, Class DK, 4.00%, 11/15/2042		45		47
Series 4283, Class EW, 4.50%, 12/15/2043(a)		65		71
Series 4887, Class EA, 2.50%, 6/15/2049		339		347
Series 4924, Class KA, 2.50%, 8/25/2049		189		194
FNMA, REMIC
Series 2011-61, Class MG, 4.00%, 7/25/2026(b)		241		253
Series 2013-17, Class YM, 4.00%, 3/25/2033		60		65
Series 2003-32, Class UJ, 5.50%, 5/25/2033		18		21
Series 2003-82, Class Z, 5.50%, 8/25/2033		31		35
Series 2004-17, Class H, 5.50%, 4/25/2034		73		83
Series 2004-31, Class MZ, 4.25%, 5/25/2034		32		36
Series 2004-36, Class CB, 5.00%, 5/25/2034		19		21
Series 2004-91, Class BR, 5.50%, 12/25/2034		24		27
Series 2009-13, Class PM, 4.00%, 4/25/2035		48		49
Series 2005-29, Class WQ, 5.50%, 4/25/2035		89		102
Series 2005-109, Class GD, 6.00%, 10/25/2035		14		15
Series 2015-65, Class LD, 3.50%, 1/25/2036		147		160
Series 2005-122, Class PY, 6.00%, 1/25/2036		71		82
Series 2006-24, Class Z, 5.50%, 4/25/2036		80		90
Series 2007-36, Class PH, 5.50%, 4/25/2037		25		27
Series 2007-60, Class ZB, 4.75%, 5/25/2037		188		203
Series 2009-42, Class TZ, 4.50%, 3/25/2039		238		262
Series 2009-66, Class KE, 4.00%, 9/25/2039		40		43
Series 2009-105, Class DB, 4.50%, 12/25/2039		25		29
Series 2010-43, Class EM, 5.00%, 5/25/2040		21		25
Series 2010-87, Class PJ, 3.50%, 6/25/2040		11		11
Series 2010-59, Class EB, 5.00%, 6/25/2040		300		376
Series 2012-113, Class PB, 2.00%, 10/25/2040		188		191
Series 2011-146, Class LX, 3.50%, 10/25/2040		200		209
Series 2011-1, Class QA, 4.50%, 10/25/2040		9		9
Series 2010-133, Class GP, 4.00%, 11/25/2040		250		278
Series 2010-123, Class KU, 4.50%, 11/25/2040		93		104
Series 2010-129, Class PZ, 4.50%, 11/25/2040		121		128
Series 2010-136, Class CY, 4.00%, 12/25/2040		290		321
Series 2010-141, Class AL, 4.00%, 12/25/2040		90		96
Series 2010-154, Class KZ, 4.50%, 1/25/2041		48		58
Series 2011-55, Class BZ, 3.50%, 6/25/2041		158		170

JPMorgan Core Focus SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2011-115, Class UC, 4.00%, 11/25/2041		49		52
Series 2013-114, Class LM, 4.00%, 3/25/2042		200		217
Series 2012-124, Class PA, 2.50%, 7/25/2042		196		201
Series 2012-120, Class PA, 3.50%, 10/25/2042		61		65
Series 2014-19, Class Z, 4.50%, 4/25/2044		282		321
Series 2016-103, Class LA, 3.00%, 5/25/2044		251		256
Series 2015-61, Class PV, 3.50%, 5/25/2044		18		19
Series 2016-32, Class PA, 3.00%, 12/25/2045		106		111
Series 2017-110, Class PB, 3.00%, 2/25/2057		265		280
GNMA
Series 2003-46, Class HA, 4.50%, 6/20/2033		64		68
Series 2004-55, Class MC, 5.50%, 7/20/2034		14		16
Series 2005-16, Class CA, 5.00%, 2/20/2035		23		26
Series 2005-17, Class GE, 5.00%, 2/20/2035		107		118
Series 2008-25, Class AD, 4.50%, 3/20/2038		76		81
Series 2009-16, Class ZD, 6.00%, 3/20/2039		95		108
Series 2009-58, Class PA, 4.50%, 7/20/2039		110		119
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $7,490)				7,816
ASSET-BACKED SECURITIES — 28.2%
ACC Auto Trust Series 2021-A, Class A, 1.08%, 4/15/2027(c)		104		104
Aligned Data Centers Issuer LLC Series 2021-1A, Class A2, 1.94%, 8/15/2046(c)		330		327
American Credit Acceptance Receivables Trust
Series 2020-3, Class C, 1.85%, 6/15/2026(c)		148		149
Series 2021-2, Class C, 0.97%, 7/13/2027(c)		204		204
Business Jet Securities LLC Series 2019-1, Class A, 4.21%, 7/15/2034(c)		63		64
CarMax Auto Owner Trust Series 2020-1, Class B, 2.21%, 9/15/2025		112		115
CarNow Auto Receivables Trust Series 2021-1A, Class A, 0.97%, 10/15/2024(c)		96		96
Carvana Auto Receivables Trust
Series 2021-P1, Class B, 1.19%, 1/11/2027		200		198
Series 2021-P1, Class C, 1.53%, 3/10/2027		200		198
CoreVest American Finance Trust Series 2019-2, Class B, 3.42%, 6/15/2052‡(c)		250		264
Credit Acceptance Auto Loan Trust
Series 2020-1A, Class A, 2.01%, 2/15/2029(c)		250		251
Series 2020-3A, Class A, 1.24%, 10/15/2029(c)		250		251
Series 2020-3A, Class B, 1.77%, 12/17/2029(c)		250		251
Diamond Resorts Owner Trust Series 2021-1A, Class A, 1.51%, 11/21/2033(c)		77		77
Drive Auto Receivables Trust
Series 2019-1, Class D, 4.09%, 6/15/2026		240		246
Series 2020-1, Class D, 2.70%, 5/17/2027		400		408
DT Auto Owner Trust
Series 2018-1A, Class D, 3.81%, 12/15/2023(c)		7		7
Series 2020-2A, Class A, 1.14%, 1/16/2024(c)		9		9
Series 2020-1A, Class B, 2.16%, 5/15/2024(c)		43		43
Series 2019-1A, Class C, 3.61%, 11/15/2024(c)		18		18
Series 2019-2A, Class C, 3.18%, 2/18/2025(c)		121		123
Elara HGV Timeshare Issuer LLC Series 2021-A, Class A, 1.36%, 8/27/2035(c)		98		97
Exeter Automobile Receivables Trust Series 2020-1A, Class B, 2.26%, 4/15/2024(c)		10		10
First Investors Auto Owner Trust Series 2019-1A, Class B, 3.02%, 3/17/2025(c)		86		87
Flagship Credit Auto Trust
Series 2019-2, Class A, 2.83%, 10/16/2023(c)		4		4
Series 2017-4, Class C, 2.92%, 11/15/2023(c)		61		61
Series 2019-3, Class B, 2.48%, 8/15/2024(c)		225		227
Series 2019-1, Class D, 4.08%, 2/18/2025(c)		167		173
Series 2020-1, Class C, 2.24%, 1/15/2026(c)		500		505

JPMorgan Core Focus SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
FREED ABS Trust
Series 2020-FP1, Class A, 2.52%, 3/18/2027(c)		1		1
Series 2021-1CP, Class A, 0.66%, 3/20/2028(c)		81		81
FRTKL Series 2021-SFR1, Class A, 1.57%, 9/17/2038(c)		150		147
GLS Auto Receivables Trust
Series 2018-3A, Class B, 3.78%, 8/15/2023(c)		4		4
Series 2021-2A, Class B, 0.77%, 9/15/2025(c)		40		40
Goodgreen (Cayman Islands) Series 2018-1A, Class A, 3.93%, 10/15/2053(a)(c)		93		97
HERO Funding (Cayman Islands) Series 2017-3A, Class A2, 3.95%, 9/20/2048(c)		45		46
Home Partners of America Trust Series 2021-2, Class A, 1.90%, 12/17/2026(c)		150		150
Lendingpoint Asset Securitization Trust Series 2021-A, Class A, 1.00%, 12/15/2028(c)		187		187
Lendmark Funding Trust Series 2019-1A, Class A, 3.00%, 12/20/2027(c)		175		177
Marlette Funding Trust Series 2021-1A, Class A, 0.60%, 6/16/2031(c)		52		52
NMEF Funding LLC Series 2021-A, Class A2, 0.81%, 12/15/2027(c)		310		310
Octane Receivables Trust Series 2021-1A, Class A, 0.93%, 3/22/2027(c)		82		82
Progress Residential Trust
Series 2020-SFR2, Class A, 2.08%, 6/17/2037(c)		150		151
Series 2021-SFR8, Class A, 1.51%, 10/17/2038(c)		155		152
Santander Consumer Auto Receivables Trust Series 2020-AA, Class C, 3.71%, 2/17/2026(c)		400		415
Santander Drive Auto Receivables Trust Series 2020-4, Class D, 1.48%, 1/15/2027		200		201
Tidewater Auto Receivables Trust Series 2018-AA, Class C, 3.84%, 11/15/2024(c)		9		9
Towd Point Mortgage Trust Series 2017-6, Class A1, 2.75%, 10/25/2057‡(a)(c)		37		38
Upstart Securitization Trust Series 2021-1, Class A, 0.87%, 3/20/2031(c)		228		227
US Auto Funding Series 2021-1A, Class A, 0.79%, 7/15/2024(c)		92		92
Westgate Resorts LLC
Series 2018-1A, Class A, 3.38%, 12/20/2031(c)		55		55
Series 2018-1A, Class B, 3.58%, 12/20/2031‡(c)		55		55
Westlake Automobile Receivables Trust Series 2021-1A, Class C, 0.95%, 3/16/2026(c)		125		124
TOTAL ASSET-BACKED SECURITIES (Cost $7,449)				7,460
CORPORATE BONDS — 25.1%
Aerospace & Defense — 0.8%
Boeing Co. (The)
2.75%, 2/1/2026		70		72
3.63%, 2/1/2031		10		11
5.81%, 5/1/2050		15		20
Northrop Grumman Corp.
3.20%, 2/1/2027		30		32
3.85%, 4/15/2045		20		23
Raytheon Technologies Corp. 4.15%, 5/15/2045		40		48
				206
Air Freight & Logistics — 0.1%
FedEx Corp. 4.05%, 2/15/2048		30		34
Auto Components — 0.1%
Lear Corp. 3.55%, 1/15/2052		35		35
Automobiles — 0.9%
Hyundai Capital America
1.00%, 9/17/2024(c)		70		69
1.80%, 10/15/2025(c)		100		99
Nissan Motor Acceptance Co. LLC
3.88%, 9/21/2023(c)		30		31
2.00%, 3/9/2026(c)		45		45
				244
Banks — 1.6%
Bank of America Corp.
4.20%, 8/26/2024		60		64
5.00%, 1/21/2044		55		72
(ICE LIBOR USD 3 Month + 1.19%), 3.95%, 1/23/2049(d)		15		18
Citigroup, Inc.
3.20%, 10/21/2026		19		20
8.13%, 7/15/2039		30		51
Fifth Third Bancorp 3.65%, 1/25/2024		25		26
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.78%, 3/2/2025		15		16
3.74%, 3/7/2029		55		61

JPMorgan Core Focus SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Regions Financial Corp. 1.80%, 8/12/2028		20		20
Sumitomo Mitsui Financial Group, Inc. (Japan) 3.36%, 7/12/2027		25		27
Wells Fargo & Co. 4.65%, 11/4/2044		30		37
				412
Beverages — 0.7%
Anheuser-Busch Cos. LLC (Belgium) 4.90%, 2/1/2046		25		32
Anheuser-Busch InBev Finance, Inc. (Belgium) 4.90%, 2/1/2046		10		13
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
4.00%, 4/13/2028		15		17
4.95%, 1/15/2042		45		55
Constellation Brands, Inc.
3.70%, 12/6/2026		10		10
3.75%, 5/1/2050		5		6
Keurig Dr Pepper, Inc.
4.60%, 5/25/2028		15		17
5.09%, 5/25/2048		5		7
Molson Coors Beverage Co. 4.20%, 7/15/2046		15		17
				174
Biotechnology — 0.6%
AbbVie, Inc.
4.55%, 3/15/2035		10		12	��
4.70%, 5/14/2045		15		19
4.45%, 5/14/2046		25		30
4.88%, 11/14/2048		15		19
Biogen, Inc.
2.25%, 5/1/2030		30		29
3.15%, 5/1/2050		30		30
Gilead Sciences, Inc. 4.80%, 4/1/2044		15		19
				158
Capital Markets — 1.3%
Credit Suisse USA, Inc. (Switzerland) 7.13%, 7/15/2032		15		21
Goldman Sachs Group, Inc. (The) (ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038(d)		65		74
Macquarie Group Ltd. (Australia)
(ICE LIBOR USD 3 Month + 1.37%), 3.76%, 11/28/2028(c)(d)		20		22
(SOFR + 1.44%), 2.69%, 6/23/2032(c)(d)		100		99
Morgan Stanley
3.13%, 7/27/2026		35		37
3.95%, 4/23/2027		25		27
(ICE LIBOR USD 3 Month + 1.63%), 4.43%, 1/23/2030(d)		50		58
(SOFR + 1.49%), 3.22%, 4/22/2042(d)		10		11
				349
Chemicals — 0.6%
DuPont de Nemours, Inc. 5.32%, 11/15/2038		20		26
LYB International Finance II BV 3.50%, 3/2/2027		20		22
LYB International Finance III LLC 3.38%, 10/1/2040		20		21
Mosaic Co. (The)
3.25%, 11/15/2022		10		10
4.05%, 11/15/2027		10		11
Nutrien Ltd. (Canada)
3.00%, 4/1/2025		20		21
6.13%, 1/15/2041		20		28
Sherwin-Williams Co. (The) 2.30%, 5/15/2030		30		30
				169
Construction Materials — 0.3%
Eagle Materials, Inc. 2.50%, 7/1/2031		50		50
Martin Marietta Materials, Inc. 3.45%, 6/1/2027		30		32
				82
Consumer Finance — 0.7%
Avolon Holdings Funding Ltd. (Ireland)
2.88%, 2/15/2025(c)		65		66
5.50%, 1/15/2026(c)		25		28
2.53%, 11/18/2027(c)		45		44
Capital One Financial Corp.
4.20%, 10/29/2025		15		16
3.75%, 3/9/2027		25		27
General Motors Financial Co., Inc. 1.25%, 1/8/2026		15		15
				196
Diversified Financial Services — 0.2%
Element Fleet Management Corp. (Canada)
1.60%, 4/6/2024(c)		5		5
3.85%, 6/15/2025(c)		30		33
Shell International Finance BV (Netherlands) 5.50%, 3/25/2040		20		27
				65
Diversified Telecommunication Services — 1.2%
AT&T, Inc.
2.25%, 2/1/2032		15		14
2.55%, 12/1/2033		52		50
3.50%, 9/15/2053		68		69
Deutsche Telekom International Finance BV (Germany) 8.75%, 6/15/2030(b)		25		37
Telefonica Emisiones SA (Spain) 7.05%, 6/20/2036		15		22

JPMorgan Core Focus SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Verizon Communications, Inc.
2.10%, 3/22/2028		25		25
4.33%, 9/21/2028		41		47
4.86%, 8/21/2046		46		60
				324
Electric Utilities — 1.4%
Cleveland Electric Illuminating Co. (The) 5.95%, 12/15/2036		20		27
Duke Energy Corp. 3.75%, 9/1/2046		25		27
Emera US Finance LP (Canada)
3.55%, 6/15/2026		10		11
4.75%, 6/15/2046		20		23
Entergy Louisiana LLC 4.00%, 3/15/2033		40		46
Evergy, Inc. 2.90%, 9/15/2029		30		31
Fortis, Inc. (Canada) 3.06%, 10/4/2026		19		20
Indiana Michigan Power Co. Series K, 4.55%, 3/15/2046		15		19
Metropolitan Edison Co. 3.50%, 3/15/2023(c)		15		15
NextEra Energy Capital Holdings, Inc. 2.25%, 6/1/2030		30		30
Pacific Gas and Electric Co. 1.37%, 3/10/2023		80		80
PPL Capital Funding, Inc. 3.10%, 5/15/2026		20		21
Southern Co. (The) 3.25%, 7/1/2026		30		32
				382
Electrical Equipment — 0.1%
Eaton Corp. 3.10%, 9/15/2027		25		27
Electronic Equipment, Instruments & Components — 0.3%
Arrow Electronics, Inc.
3.25%, 9/8/2024		15		16
3.88%, 1/12/2028		15		16
Corning, Inc.
5.35%, 11/15/2048		20		28
4.38%, 11/15/2057		15		18
				78
Energy Equipment & Services — 0.6%
Baker Hughes Holdings LLC
3.34%, 12/15/2027		30		32
4.08%, 12/15/2047		30		33
Halliburton Co. 4.50%, 11/15/2041		10		11
NOV, Inc. 3.60%, 12/1/2029		30		31
Schlumberger Holdings Corp.
4.00%, 12/21/2025(c)		15		16
4.30%, 5/1/2029(c)		30		34
				157
Equity Real Estate Investment Trusts (REITs) — 2.6%
American Campus Communities Operating Partnership LP 2.25%, 1/15/2029		10		10
American Tower Corp.
5.00%, 2/15/2024		30		32
3.95%, 3/15/2029		15		16
1.88%, 10/15/2030		50		47
Boston Properties LP 3.40%, 6/21/2029		25		27
Brixmor Operating Partnership LP 3.65%, 6/15/2024		25		26
Crown Castle International Corp. 4.45%, 2/15/2026		30		33
CubeSmart LP 2.25%, 12/15/2028		15		15
Duke Realty LP 4.00%, 9/15/2028		25		28
Equinix, Inc. 3.20%, 11/18/2029		18		19
ERP Operating LP 3.00%, 7/1/2029		30		32
Host Hotels & Resorts LP 3.88%, 4/1/2024		15		16
Kilroy Realty LP 2.65%, 11/15/2033		20		20
Life Storage LP
4.00%, 6/15/2029		25		27
2.40%, 10/15/2031		25		25
National Retail Properties, Inc. 4.00%, 11/15/2025		20		22
Realty Income Corp.
4.88%, 6/1/2026		10		11
3.65%, 1/15/2028		25		27
2.85%, 12/15/2032		25		26
Regency Centers LP
3.60%, 2/1/2027		20		22
3.70%, 6/15/2030		20		21
Scentre Group Trust 1 (Australia) 3.63%, 1/28/2026(c)		60		64
Simon Property Group LP 4.75%, 3/15/2042		10		13
UDR, Inc.
4.40%, 1/26/2029		20		22
3.00%, 8/15/2031		20		21
Welltower, Inc.
4.00%, 6/1/2025		25		27
6.50%, 3/15/2041		10		15
WP Carey, Inc. 2.40%, 2/1/2031		25		25
				689
Food & Staples Retailing — 0.3%
Kroger Co. (The) 5.15%, 8/1/2043		30		39
Sysco Corp. 5.65%, 4/1/2025		25		28
				67
Food Products — 0.2%
Conagra Brands, Inc. 5.30%, 11/1/2038		5		6
Mead Johnson Nutrition Co. (United Kingdom) 4.60%, 6/1/2044		20		27

JPMorgan Core Focus SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Tyson Foods, Inc. 5.15%, 8/15/2044		10		13
				46
Gas Utilities — 0.0%(e)
CenterPoint Energy Resources Corp. 0.70%, 3/2/2023		10		10
Health Care Equipment & Supplies — 0.4%
Abbott Laboratories 4.75%, 11/30/2036		15		19
Becton Dickinson and Co.
3.70%, 6/6/2027		10		11
2.82%, 5/20/2030		30		31
Boston Scientific Corp. 4.70%, 3/1/2049		10		13
Zimmer Biomet Holdings, Inc. 2.60%, 11/24/2031		20		20
				94
Health Care Providers & Services — 0.7%
Anthem, Inc. 4.63%, 5/15/2042		20		25
Beth Israel Lahey Health, Inc. Series L, 3.08%, 7/1/2051		15		16
Cigna Corp. 3.40%, 3/15/2051		25		26
CVS Health Corp.
4.30%, 3/25/2028		10		11
4.78%, 3/25/2038		27		33
HCA, Inc.
4.50%, 2/15/2027		20		22
5.25%, 6/15/2049		15		19
Quest Diagnostics, Inc. 2.80%, 6/30/2031		30		31
				183
Hotels, Restaurants & Leisure — 0.2%
McDonald’s Corp. 4.70%, 12/9/2035		30		37
Starbucks Corp. 4.45%, 8/15/2049		15		19
				56
Industrial Conglomerates — 0.4%
General Electric Co. 6.75%, 3/15/2032		70		97
Insurance — 1.0%
American Financial Group, Inc. 3.50%, 8/15/2026		20		22
American International Group, Inc.
3.88%, 1/15/2035		25		28
4.38%, 1/15/2055		15		19
Athene Global Funding
3.00%, 7/1/2022(c)		25		25
2.95%, 11/12/2026(c)		30		31
Athene Holding Ltd. 4.13%, 1/12/2028		10		11
Cincinnati Financial Corp. 6.92%, 5/15/2028		20		26
Lincoln National Corp. 4.35%, 3/1/2048		20		24
Markel Corp.
3.50%, 11/1/2027		20		22
5.00%, 5/20/2049		15		20
Principal Financial Group, Inc. 3.70%, 5/15/2029		5		6
Prudential Financial, Inc. 3.88%, 3/27/2028		19		21
				255
IT Services — 0.1%
Fiserv, Inc. 2.65%, 6/1/2030		30		30
Media — 1.0%
Charter Communications Operating LLC
4.91%, 7/23/2025		25		27
3.75%, 2/15/2028		15		16
6.38%, 10/23/2035		20		25
5.75%, 4/1/2048		10		13
4.80%, 3/1/2050		20		23
Comcast Corp.
3.20%, 7/15/2036		40		43
3.90%, 3/1/2038		45		51
Discovery Communications LLC 4.65%, 5/15/2050		30		36
ViacomCBS, Inc. 4.95%, 1/15/2031		30		36
				270
Metals & Mining — 0.4%
Glencore Funding LLC (Australia)
4.63%, 4/29/2024(c)		15		16
1.63%, 9/1/2025(c)		20		20
2.63%, 9/23/2031(c)		30		29
Newcrest Finance Pty. Ltd. (Australia) 3.25%, 5/13/2030(c)		10		11
Teck Resources Ltd. (Canada) 6.13%, 10/1/2035		20		26
				102
Multiline Retail — 0.2%
Dollar General Corp.
4.13%, 5/1/2028		5		6
3.50%, 4/3/2030		20		22
Kohl’s Corp.
3.38%, 5/1/2031		10		10
5.55%, 7/17/2045		10		12
				50
Multi-Utilities — 0.3%
Ameren Corp. 1.75%, 3/15/2028		5		5
Dominion Energy, Inc. Series C, 4.05%, 9/15/2042		20		23
Puget Energy, Inc. 2.38%, 6/15/2028		10		10
Sempra Energy 3.80%, 2/1/2038		25		27
Southern Co. Gas Capital Corp. Series 21A, 3.15%, 9/30/2051		5		5
				70

JPMorgan Core Focus SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Oil, Gas & Consumable Fuels — 2.4%
APT Pipelines Ltd. (Australia) 4.25%, 7/15/2027(c)		30		33
Boardwalk Pipelines LP 5.95%, 6/1/2026		20		23
Buckeye Partners LP 5.85%, 11/15/2043		10		10
Chevron USA, Inc. 5.05%, 11/15/2044		30		40
CNOOC Petroleum North America ULC (China) 5.88%, 3/10/2035		20		25
Devon Energy Corp. 5.25%, 9/15/2024(c)		20		22
Enbridge, Inc. (Canada)
4.25%, 12/1/2026		20		22
4.50%, 6/10/2044		15		17
Energy Transfer LP
5.88%, 3/1/2022		15		15
4.00%, 10/1/2027		10		11
5.35%, 5/15/2045		30		35
6.25%, 4/15/2049		15		19
Enterprise Products Operating LLC
3.13%, 7/31/2029		15		16
5.10%, 2/15/2045		25		31
Gray Oak Pipeline LLC 2.60%, 10/15/2025(c)		50		51
Kinder Morgan, Inc. 3.25%, 8/1/2050		10		9
Magellan Midstream Partners LP 4.20%, 10/3/2047		10		11
Marathon Petroleum Corp. 6.50%, 3/1/2041		15		21
MPLX LP
4.13%, 3/1/2027		15		16
4.50%, 4/15/2038		10		11
5.20%, 3/1/2047		15		19
ONEOK, Inc. 4.45%, 9/1/2049		15		17
Phillips 66 4.88%, 11/15/2044		20		25
Pioneer Natural Resources Co. 1.90%, 8/15/2030		30		28
Plains All American Pipeline LP 3.55%, 12/15/2029		30		31
Spectra Energy Partners LP 4.50%, 3/15/2045		20		23
Suncor Energy, Inc. (Canada) 5.35%, 7/15/2033		20		24
TransCanada PipeLines Ltd. (Canada) 4.63%, 3/1/2034		15		18
Williams Cos., Inc. (The) 3.90%, 1/15/2025		20		21
				644
Pharmaceuticals — 0.5%
Mylan, Inc. 5.20%, 4/15/2048		10		12
Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026		50		53
Utah Acquisition Sub, Inc. 3.95%, 6/15/2026		10		11
Zoetis, Inc.
4.50%, 11/13/2025		15		17
2.00%, 5/15/2030		15		15
4.70%, 2/1/2043		15		19
				127
Road & Rail — 0.9%
Burlington Northern Santa Fe LLC 4.40%, 3/15/2042		30		37
Canadian Pacific Railway Co. (Canada) 2.45%, 12/2/2031		10		10
CSX Corp.
2.40%, 2/15/2030		15		15
4.30%, 3/1/2048		20		25
ERAC USA Finance LLC 5.63%, 3/15/2042(c)		30		42
Norfolk Southern Corp.
4.65%, 1/15/2046		10		13
2.90%, 8/25/2051		60		59
4.05%, 8/15/2052		15		18
Triton Container International Ltd. (Bermuda) 2.05%, 4/15/2026(c)		30		30
				249
Semiconductors & Semiconductor Equipment — 0.3%
Broadcom Corp.
3.13%, 1/15/2025		30		31
3.88%, 1/15/2027		25		27
Microchip Technology, Inc. 0.97%, 2/15/2024(c)		21		21
				79
Software — 0.2%
Oracle Corp. 3.85%, 7/15/2036		50		54
VMware, Inc. 1.80%, 8/15/2028		5		5
				59
Specialty Retail — 0.2%
AutoZone, Inc.
4.00%, 4/15/2030		10		11
1.65%, 1/15/2031		20		19
O’Reilly Automotive, Inc. 1.75%, 3/15/2031		15		14
				44
Technology Hardware, Storage & Peripherals — 0.2%
Dell International LLC
5.45%, 6/15/2023		9		10
6.02%, 6/15/2026		20		23
6.20%, 7/15/2030		10		13
				46
Tobacco — 0.4%
Altria Group, Inc.
3.40%, 5/6/2030		30		31
3.88%, 9/16/2046		15		15
BAT Capital Corp. (United Kingdom)
3.22%, 8/15/2024		5		5
3.56%, 8/15/2027		20		21

JPMorgan Core Focus SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Reynolds American, Inc. (United Kingdom) 5.85%, 8/15/2045		25		30
				102
Trading Companies & Distributors — 0.4%
Air Lease Corp.
3.50%, 1/15/2022		25		26
3.25%, 3/1/2025		10		10
3.25%, 10/1/2029		20		20
Aviation Capital Group LLC
2.88%, 1/20/2022(c)		30		30
3.50%, 11/1/2027(c)		20		21
				107
Wireless Telecommunication Services — 0.3%
Rogers Communications, Inc. (Canada) 4.50%, 3/15/2043		10		11
T-Mobile USA, Inc.
3.75%, 4/15/2027		15		16
4.50%, 4/15/2050		5		6
Vodafone Group plc (United Kingdom)
4.38%, 5/30/2028		25		28
5.00%, 5/30/2038		11		14
				75
TOTAL CORPORATE BONDS (Cost $6,291)				6,643
MORTGAGE-BACKED SECURITIES — 6.2%
FHLMC Gold Pools, Other Pool # U90067, 4.00%, 8/1/2042		89		96
FNMA, Other
Pool # AM4660, 3.77%, 12/1/2025		129		140
Pool # AM5940, 3.24%, 6/1/2026		65		70
Pool # AN3452, 2.82%, 12/1/2026		493		523
Pool # BL0004, 3.50%, 9/1/2028		250		279
Pool # AM6428, 3.58%, 8/1/2029		83		91
Pool # AM6430, 3.58%, 8/1/2029		83		93
Pool # BL9673, 1.53%, 12/1/2030		345		340
TOTAL MORTGAGE-BACKED SECURITIES (Cost $1,613)				1,632
COMMERCIAL MORTGAGE-BACKED SECURITIES — 5.8%
20 Times Square Trust
Series 2018-20TS, Class D, 3.20%, 5/15/2035‡(a)(c)		100		98
Series 2018-20TS, Class E, 3.20%, 5/15/2035‡(a)(c)		100		96
Cantor Commercial Real Estate Lending Series 2019-CF1, Class A5, 3.79%, 5/15/2052		150		166
Citigroup Commercial Mortgage Trust
Series 2013-GC11, Class A3, 2.82%, 4/10/2046		24		24
Series 2014-GC19, Class A3, 3.75%, 3/10/2047		8		8
Series 2014-GC23, Class A3, 3.36%, 7/10/2047		8		9
Commercial Mortgage Trust
Series 2014-UBS2, Class A4, 3.69%, 3/10/2047		10		10
Series 2014-CR17, Class A4, 3.70%, 5/10/2047		28		28
Series 2014-UBS3, Class A3, 3.55%, 6/10/2047		24		25
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K731, Class AM, 3.60%, 2/25/2025(a)		200		212
Series K090, Class A2, 3.42%, 2/25/2029		120		134
FREMF Mortgage Trust Series 2013-K26, Class B, 3.72%, 12/25/2045(a)(c)		99		101
GS Mortgage Securities Trust
Series 2013-GC16, Class AS, 4.65%, 11/10/2046		111		117
Series 2013-GC16, Class B, 5.16%, 11/10/2046(a)		50		52
JPMBB Commercial Mortgage Securities Trust Series 2013-C15, Class C, 5.37%, 11/15/2045(a)		30		31
JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-LC11, Class A4, 2.69%, 4/15/2046		14		14
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C27, Class A3, 3.47%, 12/15/2047		125		130
SLG Office Trust Series 2021-OVA, Class A, 2.59%, 7/15/2041(c)		120		123
Wells Fargo Commercial Mortgage Trust Series 2015-NXS4, Class A3, 3.45%, 12/15/2048		123		128

JPMorgan Core Focus SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
WFRBS Commercial Mortgage Trust Series 2013-C13, Class A3, 2.75%, 5/15/2045		25		25
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $1,479)				1,531
U.S. TREASURY OBLIGATIONS — 0.0%(e)
U.S. Treasury Bonds 2.00%, 2/15/2050(Cost $11)		10		10
Investments	Shares (000)		Value ($000)
SHORT-TERM INVESTMENTS — 5.1%
INVESTMENT COMPANIES — 5.1%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05%(f)(g) (Cost $1,346)		1,346		1,347
Total Investments — 99.9% (Cost $25,679)				26,439
Other Assets Less Liabilities — 0.1%				27
Net Assets — 100.0%				26,466

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
SOFR	Secured Overnight Financing Rate
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, 2021.
(b)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of November 30, 2021.
(c)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(d)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2021.

JPMorgan Core Focus SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(e)	Amount rounds to less than 0.1% of net assets.
(f)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(g)	The rate shown is the current yield as of November 30, 2021.
‡	Value determined using significant unobservable inputs.

JPMorgan Core Focus SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Dollar values in thousands)

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

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

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

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

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, 2021.

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

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

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

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

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

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

JPMorgan Core Focus SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Dollar values in thousands)

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities		$ —		$ 7,103		$357		$ 7,460
Collateralized Mortgage Obligations		—		7,816		—		7,816
Commercial Mortgage-Backed Securities		—		1,337		194		1,531
Corporate Bonds		—		6,643		—		6,643
Mortgage-Backed Securities		—		1,632		—		1,632
U.S. Treasury Obligations		—		10		—		10
Short-Term Investments
Investment Companies		1,347		—		—		1,347
Total Investments in Securities		$1,347		$24,541		$551		$26,439

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

	Balance as of February 28, 2021		Realized gain (loss)		Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3		Balance as of November 30, 2021
Investments in Securities:
Asset-Backed Securities	$	812	$	—	$	(6	)	$	—	(a)	$	—	$	(449	)	$	—	$	—	$	357
Commercial Mortgage-Backed Securities		345		—		(1	)		—	(a)		—		(150	)		—		—		194
Total	$	1,157	$	—	$	(7	)	$	—	(a)	$	—	$	(599	)	$	—	$	—	$	551

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

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

(a) Amount rounds to less than one thousand.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at November 30, 2021, which were valued using significant unobservable inputs (level 3) amounted to $(5).

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

Core Focus SMA Fund

Quantitative Information about Level 3 Fair Value Measurements #

	Fair Value at November 30, 2021		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	357	Discounted Cash Flow	Constant Prepayment Rate	0.00% - 16.00% (4.00%)
				Yield (Discount Rate of Cash Flows)	0.20% - 2.59% (2.06%)
Asset-Backed Securities		357
		194	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	4.91% - 5.66% (5.29%)
Commercial Mortgage-Backed Securities		194
Total	$	551

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

B. Investment Transactions with Affiliates — The Fund invested in an Underlying Fund 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 such Underlying Fund. Reinvestment amounts are included in the purchase cost amount in the table below.

For the period ended November 30, 2021
Security Description	Value at February 28, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at November 30, 2021		Shares at November 30, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05%(a)(b)	$	1,175	$	13,177	$	13,005	$	—	(c)	$	—	(c)	$	1,347		1,346	$	1,242	$	—

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

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

(c) Amount rounds to less than one thousand.