UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-21638

JPMorgan Institutional Trust

(Exact name of registrant as specified in charter)

270 Park Avenue

New York, New York 10017

(Address of principal executive offices) (Zip code)

Frank J. Nasta

270 Park Avenue

New York, New York 10017

(Name and Address of Agent for Service)

Registrant’s telephone number, including area code: (800) 343-1113

Date of fiscal year end: Last day of February

Date of reporting period: November 30, 2017

ITEM 1. SCHEDULE OF INVESTMENTS.

JPMorgan Institutional Trust

Schedule of Portfolio Investments as of November 30, 2017

(Unaudited)

THE “UNAUDITED CERTIFIED MUTUAL FUNDS HOLDINGS” LIST (“the List”) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR SALES LITERATURE WITH THE GENERAL PUBLIC. The list is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by 2017 a prospectus. The list has been created from the books and records of the Fund. Certified holdings are available 60 days after the fund’s fiscal quarter, using a trade date accounting convention, by contacting the appropriate service center. The list is subject to change without notice. The list is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security.

J.P. Morgan Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

JPMorgan Distribution Services, Inc.

© JPMorgan Chase & Co., 2017.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 11.3%
		Academic Loan Funding Trust,
	110	Series 2012-1A, Class A1, 2.13%, 12/27/2022 (e) (z)		110
	1,228	Series 2013-1A, Class A, 2.13%, 12/26/2044 (e) (z)		1,223
	357	Air Canada Pass-Through Trust, (Canada), Series 2013-1, Class A, 4.13%, 05/15/2025 (e)		373
	3,660	Ajax Mortgage Loan Trust, Series 2016-2, Class A, SUB, 4.12%, 10/25/2056 (e) (bb)		3,652
		American Airlines Pass-Through Trust,
	156	Series 2011-1, Class A, 5.25%, 01/31/2021		166
	502	Series 2013-2, Class A, 4.95%, 01/15/2023		533
	276	Series 2016-2, Class A, 3.65%, 06/15/2028		280
	565	Series 2017-1, Class AA, 3.65%, 02/15/2029		586
	409	Series 2017-2, Class AA, 3.35%, 10/15/2029		412
		American Credit Acceptance Receivables Trust,
	1,225	Series 2015-2, Class C, 4.32%, 05/12/2021 (e)		1,239
	870	Series 2016-4, Class C, 2.91%, 02/13/2023 (e) (bb)		871
	2,395	Series 2016-1A, Class B, 4.24%, 06/13/2022 (e) (bb)		2,413
	1,480	Series 2017-1, Class C, 2.88%, 03/13/2023 (e)		1,479
		American Homes 4 Rent Trust,
	3,791	Series 2014-SFR2, Class A, 3.79%, 10/17/2036 (e)		3,960
	2,000	Series 2014-SFR2, Class D, 5.15%, 10/17/2036 (e) (bb)		2,150
	850	Series 2014-SFR2, Class E, 6.23%, 10/17/2036 (e)		950
	2,842	Series 2014-SFR3, Class A, 3.68%, 12/17/2036 (e)		2,945
	500	Series 2014-SFR3, Class C, 4.60%, 12/17/2036 (e)		529
	2,380	Series 2014-SFR3, Class E, 6.42%, 12/17/2036 (e) (bb)		2,685
	4,049	Series 2015-SFR1, Class A, 3.47%, 04/17/2052 (e) (bb)		4,144
	1,275	Series 2015-SFR1, Class E, 5.64%, 04/17/2052 (e) (bb)		1,388
	889	AmeriCredit Automobile Receivables, Series 2016-1, Class A3, 1.81%, 10/08/2020		889
		AmeriCredit Automobile Receivables Trust,
	416	Series 2016-2, Class A2A, 1.42%, 10/08/2019		416
	794	Series 2016-3, Class A3, 1.46%, 05/10/2021		790
	10,700	Anchor Assets IX LLC, Series 2016-1, Class A, 5.13%, 02/15/2020 (e) (bb)		10,700
	296	Axis Equipment Finance Receivables III LLC, Series 2015-1A, Class A2, 1.90%, 03/20/2020 (e)		296
		B2R Mortgage Trust,
	1,401	Series 2015-1, Class A1, 2.52%, 05/15/2048 (e)		1,390
	2,785	Series 2015-2, Class A, 3.34%, 11/15/2048 (e)		2,819
	467	Banc of America Funding Corp., Series 2012-R6, Class 1A1, 3.00%, 10/26/2039 (e) (bb)		461
		BCC Funding Corp. X,
	598	Series 2015-1, Class A2, 2.22%, 10/20/2020 (e)		597
	550	Series 2015-1, Class D, 4.54%, 12/21/2020 (e) (bb)		550
	165	Bear Stearns Asset-Backed Securities Trust, Series 2006-SD1, Class A, 1.70%, 04/25/2036 (z) (bb)		162
	355	BXG Receivables Note Trust, Series 2012-A, Class A, 2.66%, 12/02/2027 (e)		351
	880	Cabela’s Credit Card Master Note Trust, Series 2015-2, Class A1, 2.25%, 07/17/2023		879
	1,174	CAM Mortgage Trust, Series 2017-1, Class A1, SUB, 3.22%, 08/01/2057 (e) (bb)		1,174
	5,057	Camillo Issuer LLC, Series 2016-SFR, Class 1A1, 5.00%, 12/05/2023 (bb)		5,046
		CarFinance Capital Auto Trust,
	78	Series 2014-1A, Class B, 2.72%, 04/15/2020 (e)		78
	241	Series 2015-1A, Class A, 1.75%, 06/15/2021 (e)		241
	745	Chase Funding Trust, Series 2003-6, Class 1A7, SUB, 5.11%, 11/25/2034 (bb)		761
		Citi Held For Asset Issuance,
	728	Series 2016-MF1, Class A, 4.48%, 08/15/2022 (e)		733

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	553	Series 2016-PM1, Class A, 4.65%, 04/15/2025 (e)		555
	800	Citibank Credit Card Issuance Trust, Series 2007-A3, Class A3, 6.15%, 06/15/2039		1,059
	102	Citigroup Mortgage Loan Trust, Inc., Series 2003-HE3, Class A, 2.09%, 12/25/2033 (z)		102
	579	CLUB Credit Trust, Series 2017-NP1, Class A, 2.39%, 04/17/2023 (e)		579
	2,301	Colony American Finance Ltd., (Cayman Islands), Series 2016-1, Class A, 2.54%, 06/15/2048 (e)		2,294
	3,323	Colony American Homes, Series 2014-2A, Class A, 2.19%, 07/17/2031 (e) (z)		3,329
		Continental Airlines Pass-Through Trust,
	97	Series 1999-2, Class A-1, 7.26%, 03/15/2020		102
	359	Series 2007-1, Class A, 5.98%, 04/19/2022		395
		CPS Auto Receivables Trust,
	700	Series 2014-D, Class C, 4.35%, 11/16/2020 (e)		719
	119	Series 2015-A, Class A, 1.53%, 07/15/2019 (e)		119
	223	Series 2015-A, Class C, 4.00%, 02/16/2021 (e)		227
	2,535	Series 2015-B, Class C, 4.20%, 05/17/2021 (e)		2,578
	1,376	Series 2015-C, Class D, 4.63%, 08/16/2021 (e) (bb)		1,400
	401	Series 2016-A, Class A, 2.25%, 10/15/2019 (e)		401
	321	Series 2016-B, Class A, 2.07%, 11/15/2019 (e)		322
	1,400	Series 2016-C, Class C, 3.27%, 06/15/2022 (e)		1,405
		Credit Acceptance Auto Loan Trust,
	579	Series 2015-2A, Class C, 3.76%, 02/15/2024 (e)		584
	1,564	Series 2017-1A, Class A, 2.56%, 10/15/2025 (e)		1,563
	686	Series 2017-1A, Class B, 3.04%, 12/15/2025 (e)		683
	574	Series 2017-1A, Class C, 3.48%, 02/17/2026 (e)		576
	604	Series 2017-2A, Class C, 3.35%, 06/15/2026 (e)		598
	940	CVS Pass-Through Trust, 5.93%, 01/10/2034 (e)		1,060
	138	CWABS, Inc. Asset-Backed Certificates Trust, Series 2004-6, Class M1, 2.23%, 10/25/2034 (z)		136
		Delta Air Lines Pass-Through Trust,
	243	Series 2010-2, Class A, 4.95%, 05/23/2019		250
	109	Series 2011-1, Class A, 5.30%, 04/15/2019		113
	265	Series 2012-1, Class A, 4.75%, 05/07/2020		278
		Drive Auto Receivables Trust,
	1,471	Series 2015-AA, Class D, 4.12%, 07/15/2022 (e)		1,496
	2,882	Series 2015-BA, Class D, 3.84%, 07/15/2021 (e)		2,935
	1,059	Series 2015-CA, Class D, 4.20%, 09/15/2021 (e)		1,085
	1,320	Series 2015-DA, Class D, 4.59%, 01/17/2023 (e) (bb)		1,354
	314	Series 2016-AA, Class B, 3.17%, 05/15/2020 (e)		314
	2,535	Series 2016-AA, Class C, 3.91%, 05/17/2021 (e)		2,559
	279	Series 2016-BA, Class B, 2.56%, 06/15/2020 (e)		279
	3,101	Series 2016-CA, Class D, 4.18%, 03/15/2024 (e)		3,194
	2,635	Series 2017-1, Class C, 2.84%, 04/15/2022		2,649
	2,992	Series 2017-1, Class D, 3.84%, 03/15/2023		3,047
		DT Auto Owner Trust,
	1,808	Series 2015-2A, Class D, 4.25%, 02/15/2022 (e)		1,843
	932	Series 2016-4A, Class B, 2.02%, 08/17/2020 (e)		931
	1,609	Series 2016-4A, Class D, 3.77%, 10/17/2022 (e)		1,610
	2,244	Series 2017-2A, Class C, 3.03%, 01/17/2023 (e)		2,247
	639	Engs Commercial Finance Trust, Series 2016-1A, Class A2, 2.63%, 02/22/2022 (e)		636
		Exeter Automobile Receivables Trust,
	90	Series 2014-3A, Class B, 2.77%, 11/15/2019 (e)		90
	14	Series 2015-3A, Class A, 2.00%, 03/16/2020 (e)		14
	539	Series 2016-2A, Class A, 2.21%, 07/15/2020 (e)		539

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	1,171	Series 2016-3A, Class B, 2.84%, 08/16/2021 (e)		1,171
	11	Fifth Third Auto Trust, Series 2014-3, Class A3, 0.96%, 03/15/2019		11
		First Investors Auto Owner Trust,
	171	Series 2014-3A, Class A3, 1.67%, 11/16/2020 (e)		171
	373	Series 2015-2A, Class D, 4.22%, 12/15/2021 (e)		379
		FirstKey Lending Trust,
	6,173	Series 2015-SFR1, Class A, 2.55%, 03/09/2047 (e)		6,144
	2,246	Series 2015-SFR1, Class B, 3.42%, 03/09/2047 (e) (bb)		2,253
		Flagship Credit Auto Trust,
	59	Series 2014-1, Class B, 2.55%, 02/18/2020 (e)		59
	780	Series 2014-2, Class B, 2.84%, 11/16/2020 (e)		783
	440	Series 2014-2, Class C, 3.95%, 12/15/2020 (e)		447
	248	Series 2015-1, Class A, 1.63%, 06/15/2020 (e)		248
	1,601	Series 2015-3, Class A, 2.38%, 10/15/2020 (e)		1,605
	757	Series 2015-3, Class B, 3.68%, 03/15/2022 (e)		765
	756	Series 2015-3, Class C, 4.65%, 03/15/2022 (e)		775
	3,000	Series 2016-2, Class C, 6.22%, 09/15/2022 (e)		3,180
	144	GE Capital Mortgage Services, Inc. Trust, Series 1999-HE1, Class M, 6.71%, 04/25/2029 (z) (bb)		122
		GLS Auto Receivables Trust,
	479	Series 2015-1A, Class A, 2.25%, 12/15/2020 (e)		479
	1,431	Series 2015-1A, Class B, 4.43%, 12/15/2020 (e)		1,437
	1,371	Series 2016-1A, Class A, 2.73%, 10/15/2020 (e)		1,370
	1,200	Series 2016-1A, Class C, 6.90%, 10/15/2021 (e)		1,227
	322	GMAT Trust, Series 2013-1A, Class A, SUB, 6.97%, 11/25/2043 (e) (bb)		323
	2	GO Financial Auto Securitization Trust, Series 2015-1, Class B, 3.59%, 10/15/2020 (e)		2
	853	Gold Key Resorts LLC, Series 2014-A, Class A, 3.22%, 03/17/2031 (e)		851
	861	Goodgreen Trust, Series 2017-1A, Class A, 3.74%, 10/15/2052 (e)		866
	1,609	Green Tree Agency Advance Funding Trust I, Series 2016-T1, Class BT1, 3.12%, 10/15/2048 (e) (bb)		1,599
	2,820	Hero Funding, (Cayman Islands), Series 2017-3A, Class A2, 3.95%, 09/20/2048 (e)		2,890
		HERO Funding Trust,
	1,502	Series 2016-3A, Class A1, 3.08%, 09/20/2042 (e)		1,480
	3,033	Series 2017-1A, Class A2, 4.46%, 09/20/2047 (e)		3,129
	425	Hilton Grand Vacations Trust, Series 2017-AA, Class A, 2.66%, 12/26/2028 (e)		422
	93	Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-A, Class A3, 1.53%, 03/25/2036 (z) (bb)		87
		Kabbage Asset Securitization LLC,
	8,515	Series 2017-1, Class A, 4.57%, 03/15/2022 (e)		8,718
	2,525	Series 2017-1, Class B, 5.79%, 03/15/2022 (e) (bb)		2,605
		KGS-Alpha SBA COOF Trust,
	7,752	Series 2012-2, Class A, IO, 0.76%, 08/25/2038 (e) (z) (bb)		185
	5,913	Series 2013-2, Class A, IO, 1.73%, 03/25/2039 (e) (z) (bb)		250
	3,506	Series 2015-2, Class A, IO, 2.81%, 07/25/2041 (e) (z)		369
	370	LendingClub Issuance Trust, Series 2016-NP1, Class A, 3.75%, 06/15/2022 (e)		371
		Lendmark Funding Trust,
	2,894	Series 2016-A, Class A, 4.82%, 08/21/2023 (e)		2,941
	1,866	Series 2017-1A, Class A, 2.83%, 01/22/2024 (e)		1,865
	115	Long Beach Mortgage Loan Trust, Series 2006-WL2, Class 2A3, 1.53%, 01/25/2036 (z) (bb)		114
		LV Tower 52 Issuer,
	6,429	Series 2013-1, Class A, 5.75%, 02/15/2023 (e) (bb)		6,429
	2,292	Series 2013-1, Class M, 7.75%, 02/15/2023 (e) (bb)		2,292
	2,130	Mariner Finance Issuance Trust, Series 2017-AA, Class A, 3.62%, 02/20/2029 (e)		2,136

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
		Marlette Funding Trust,
	998	Series 2016-1A, Class A, 3.06%, 01/17/2023 (e)		1,001
	2,823	Series 2017-1A, Class A, 2.83%, 03/15/2024 (e)		2,835
	808	Mid-State Capital Corp. Trust, Series 2006-1, Class M1, 6.08%, 10/15/2040 (e) (bb)		908
	522	Murray Hill Marketplace Trust, Series 2016-LC1, Class A, 4.19%, 11/25/2022 (e)		523
	380	Nationstar HECM Loan Trust, Series 2017-1A, Class M1, 2.94%, 05/25/2027 (e) (bb)		380
	300	NCUA Guaranteed Notes Trust, Series 2010-A1, Class A, 1.59%, 12/07/2020 (z)		300
	568	New Century Home Equity Loan Trust, Series 2003-5, Class AI6, SUB, 5.13%, 11/25/2033 (bb)		575
	2,565	New Residential Advance Receivables Trust Advance Receivables Backed Notes, Series 2016-T2, Class AT2, 2.58%, 10/15/2049 (e)		2,543
		NRPL Trust,
	1,896	Series 2015-1A, Class A1, SUB, 3.88%, 11/01/2054 (e)		1,893
	1,522	Series 2015-1A, Class A2, SUB, 3.88%, 11/01/2054 (e)		1,526
	5,413	Series 2015-2A, Class A1, SUB, 3.75%, 10/25/2057 (e) (bb)		5,427
	1,200	Series 2015-2A, Class A2, SUB, 3.75%, 10/25/2057 (e) (bb)		1,196
	1,400	Ocwen Master Advance Receivables Trust, Series 2016-T1, Class AT1, 2.52%, 08/17/2048 (e)		1,393
		OnDeck Asset Securitization Trust II LLC,
	2,169	Series 2016-1A, Class A, 4.21%, 05/17/2020 (e)		2,177
	1,174	Series 2016-1A, Class B, 7.63%, 05/17/2020 (e)		1,205
		OneMain Financial Issuance Trust,
	207	Series 2014-2A, Class A, 2.47%, 09/18/2024 (e)		207
	1,491	Series 2014-2A, Class B, 3.02%, 09/18/2024 (e) (bb)		1,493
	550	Series 2015-1A, Class B, 3.85%, 03/18/2026 (e)		556
	4,975	Series 2015-2A, Class A, 2.57%, 07/18/2025 (e)		4,975
	1,911	Series 2015-2A, Class B, 3.10%, 07/18/2025 (e) (bb)		1,911
	2,755	Series 2016-1A, Class A, 3.66%, 02/20/2029 (e)		2,815
	1,800	Series 2016-1A, Class C, 6.00%, 02/20/2029 (e)		1,865
	1,622	Oportun Funding II LLC, Series 2016-A, Class B, 6.41%, 03/08/2021 (e) (bb)		1,646
	1,455	Oportun Funding VI LLC, Series 2017-A, Class A, 3.23%, 06/08/2023 (e)		1,452
		Progress Residential Trust,
	3,917	Series 2015-SFR2, Class A, 2.74%, 06/12/2032 (e)		3,907
	2,012	Series 2015-SFR2, Class B, 3.14%, 06/12/2032 (e) (bb)		2,011
	2,566	Series 2015-SFR2, Class C, 3.44%, 06/12/2032 (e) (bb)		2,574
	1,230	Series 2015-SFR2, Class E, 4.43%, 06/12/2032 (e) (bb)		1,244
	5,206	Series 2015-SFR3, Class A, 3.07%, 11/12/2032 (e)		5,232
	295	Series 2015-SFR3, Class D, 4.67%, 11/12/2032 (e)		304
	1,200	Series 2015-SFR3, Class E, 5.66%, 11/12/2032 (e)		1,255
	1,338	Prosper Marketplace Issuance Trust, Series 2017-1A, Class A, 2.56%, 06/15/2023 (e)		1,343
	295	Purchasing Power Funding LLC, Series 2016-A, 5.99%, 02/27/2019 (e) (z) (bb)		295
	751	RBSHD Trust, Series 2013-1A, Class A, SUB, 7.69%, 10/25/2047 (e) (bb)		753
	3,900	RCM Fund 1 Issuer LLC, Series 2017-1, Class A, 5.50%, 10/25/2021 (e) (bb)		3,900
	288	Renaissance Home Equity Loan Trust, Series 2007-2, Class AF2, SUB, 5.68%, 06/25/2037 (bb)		140
	1,183	Renew, (Cayman Islands), Series 2017-1A, Class A, 3.67%, 09/20/2052 (e)		1,182
	95	Saxon Asset Securities Trust, Series 2003-1, Class AF6, SUB, 4.78%, 06/25/2033 (bb)		96
	245	Securitized Asset-Backed Receivables LLC Trust, Series 2006-CB1, Class AF2, SUB, 3.44%, 01/25/2036 (bb)		220
	6	Skopos Auto Receivables Trust, Series 2015-2A, Class A, 3.55%, 02/15/2020 (e)		6

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	1,330	SoFi Consumer Loan Program LLC, Series 2016-2, Class A, 3.09%, 10/27/2025 (e)		1,339
	398	Spirit Airlines Pass Through Trust, Series 2017-1AA, 3.38%, 02/15/2030		397
	2,666	SpringCastle America Funding LLC, Series 2016-AA, Class A, 3.05%, 04/25/2029 (e)		2,687
		Springleaf Funding Trust,
	3,841	Series 2015-AA, Class A, 3.16%, 11/15/2024 (e)		3,859
	1,087	Series 2015-AA, Class B, 3.62%, 11/15/2024 (e)		1,092
	2,040	Series 2016-AA, Class B, 3.80%, 11/15/2029 (e)		2,058
	1,368	Spruce ABS Trust, Series 2016-E1, Class A, 4.32%, 06/15/2028 (e)		1,356
	1,860	Tricolor Auto Securitization Trust, Series 2017-1, Class A, 5.09%, 05/15/2020 (e) (bb)		1,860
	1,824	Tricon American Homes Trust, Series 2016-SFR1, Class A, 2.59%, 11/17/2033 (e) (bb)		1,797
	1,045	United Airlines Pass-Through Trust, Series 2016-1, Class A, 3.45%, 07/07/2028		1,063
	1,435	Upstart Securitization Trust, Series 2017-1, Class A, 2.64%, 06/20/2024 (e)		1,433
	250	Verizon Owner Trust, Series 2016-1A, Class A, 1.42%, 01/20/2021 (e)		248
	3,655	VM DEBT LLC, Series 2017-1, Class A, 6.50%, 10/02/2024 (e) (bb)		3,655
	1,044	VOLT LIV LLC, Series 2017-NPL1, Class A1, SUB, 3.50%, 02/25/2047 (e) (bb)		1,049
	1,076	VOLT LIX LLC, Series 2017-NPL6, Class A1, SUB, 3.25%, 05/25/2047 (e) (bb)		1,081
	1,216	VOLT LV LLC, Series 2017-NPL2, Class A1, SUB, 3.50%, 03/25/2047 (e) (bb)		1,222
	1,727	VOLT LX LLC, Series 2017-NPL7, Class A1, SUB, 3.25%, 04/25/2059 (e)		1,733
	785	VOLT XL LLC, Series 2015-NP14, Class A1, SUB, 4.38%, 11/27/2045 (e) (bb)		788
		Westgate Resorts LLC,
	204	Series 2015-1A, Class A, 2.75%, 05/20/2027 (e)		204
	1,489	Series 2017-1A, Class A, 3.05%, 12/20/2030 (e)		1,488
		Westlake Automobile Receivables Trust,
	941	Series 2017-1A, Class C, 2.70%, 10/17/2022 (e)		942
	947	Series 2017-1A, Class D, 3.46%, 10/17/2022 (e)		953
		Total Asset-Backed Securities (Cost $266,344)		268,788
	Collateralized Mortgage Obligations — 14.9%
	1,644	Access PT Funding Trust, Series 2016-1, 6.25%, 02/16/2021 (bb)		1,644
		Alternative Loan Trust,
	8,100	Series 2004-2CB, Class 1A9, 5.75%, 03/25/2034		8,289
	1,015	Series 2005-1CB, Class 1A6, IF, IO, 5.77%, 03/25/2035 (z) (bb)		185
	2,689	Series 2005-20CB, Class 3A8, IF, IO, 3.42%, 07/25/2035 (z) (bb)		315
	5,198	Series 2005-22T1, Class A2, IF, IO, 3.74%, 06/25/2035 (z) (bb)		666
	2,658	Series 2005-28CB, Class 1A4, 5.50%, 08/25/2035		2,568
	99	Series 2005-28CB, Class 3A5, 6.00%, 08/25/2035		78
	3,903	Series 2005-37T1, Class A2, IF, IO, 3.72%, 09/25/2035 (z) (bb)		518
	2,077	Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035		1,966
	5,206	Series 2005-54CB, Class 1A2, IF, IO, 3.52%, 11/25/2035 (z) (bb)		611
	1,184	Series 2005-57CB, Class 3A2, IF, IO, 3.77%, 12/25/2035 (z) (bb)		145
	882	Series 2005-64CB, Class 1A9, 5.50%, 12/25/2035		878
	1,355	Series 2005-J1, Class 1A4, IF, IO, 3.77%, 02/25/2035 (z)		50
	1,390	Series 2006-26CB, Class A9, 6.50%, 09/25/2036		1,164
		Angel Oak Mortgage Trust LLC,
	304	Series 2015-1, Class A, SUB, 4.50%, 11/25/2045 (e)		303
	533	Series 2015-1, Class M, SUB, 5.50%, 11/25/2045 (e) (bb)		530
		ASG Resecuritization Trust,
	402	Series 2009-3, Class A65, 2.88%, 03/26/2037 (e) (z)		403
	164	Series 2011-1, Class 3A50, 3.62%, 11/28/2035 (e) (z)		164

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Banc of America Alternative Loan Trust,
	34	Series 2004-6, Class 15PO, PO, 07/25/2019 (bb)		32
	737	Series 2005-5, Class 1CB1, 5.50%, 06/25/2035		692
	1,804	Series 2005-6, Class CBIO, IO, 5.50%, 07/25/2035 (bb)		387
	479	Series 2006-4, Class 1A4, 6.00%, 05/25/2046		386
		Banc of America Funding Trust,
	184	Series 2004-1, Class PO, PO, 03/25/2034 (bb)		154
	105	Series 2004-2, Class 30PO, PO, 09/20/2034 (bb)		95
	159	Series 2004-C, Class 1A1, 3.88%, 12/20/2034 (z)		159
	327	Series 2005-6, Class 2A7, 5.50%, 10/25/2035		317
	228	Series 2005-7, Class 30PO, PO, 11/25/2035		189
	127	Series 2005-8, Class 30PO, PO, 01/25/2036 (z)		96
	478	Series 2005-E, Class 4A1, 3.52%, 03/20/2035 (z)		485
	327	Series 2006-A, Class 3A2, 3.54%, 02/20/2036 (z)		295
		Banc of America Mortgage Trust,
	101	Series 2004-A, Class 2A2, 3.58%, 02/25/2034 (z)		101
	466	Series 2004-J, Class 3A1, 3.92%, 11/25/2034 (z)		467
		BCAP LLC Trust,
	146	Series 2009-RR5, Class 8A1, 5.50%, 11/26/2034 (e) (z)		150
	887	Series 2010-RR7, Class 2A1, 3.18%, 07/26/2045 (e) (z)		875
		Bear Stearns ARM Trust,
	69	Series 2003-7, Class 3A, 3.39%, 10/25/2033 (z)		68
	408	Series 2004-1, Class 12A1, 3.62%, 04/25/2034 (z)		410
	65	Series 2004-2, Class 14A, 3.57%, 05/25/2034 (z)		65
	771	Series 2005-5, Class A1, 3.28%, 08/25/2035 (z)		785
	1,777	Series 2006-1, Class A1, 3.67%, 02/25/2036 (z)		1,780
		CHL Mortgage Pass-Through Trust,
	256	Series 2004-7, Class 2A1, 3.53%, 06/25/2034 (z)		258
	31	Series 2004-8, Class 2A1, 4.50%, 06/25/2019		31
	92	Series 2004-HYB1, Class 2A, 3.29%, 05/20/2034 (z)		93
	440	Series 2004-HYB3, Class 2A, 3.18%, 06/20/2034 (z)		440
	321	Series 2004-HYB6, Class A3, 3.49%, 11/20/2034 (z)		327
	31	Series 2004-J8, Class 1A2, 4.75%, 11/25/2019		31
	594	Series 2005-16, Class A23, 5.50%, 09/25/2035		585
	1,796	Series 2005-22, Class 2A1, 3.45%, 11/25/2035 (z)		1,575
		Citicorp Mortgage Securities REMIC Pass-Through Certificates Trust,
	58	Series 2005-5, Class APO, PO, 08/25/2035 (bb)		52
	94	Series 2005-8, Class APO, PO, 11/25/2035 (bb)		81
		Citigroup Global Markets Mortgage Securities VII, Inc.,
	116	Series 2003-HYB1, Class A, 3.74%, 09/25/2033 (z)		117
	1	Series 2003-UP2, Class PO1, PO, 12/25/2018 (bb)		1
		Citigroup Mortgage Loan Trust,
	137	Series 2009-10, Class 2A1A, 7.00%, 12/25/2035 (e) (z)		140
	472	Series 2015-A, Class B2, 4.50%, 06/25/2058 (e) (z)		458
		Citigroup Mortgage Loan Trust, Inc.,
	100	Series 2003-1, Class 2A5, 5.25%, 10/25/2033		101
	52	Series 2003-1, Class 2A6, PO, 10/25/2033 (bb)		48
	46	Series 2003-1, Class PO2, PO, 10/25/2033 (bb)		40
	37	Series 2003-1, Class PO3, PO, 09/25/2033 (bb)		35
	29	Series 2003-UP3, Class A3, 7.00%, 09/25/2033		29
	55	Series 2003-UST1, Class A1, 5.50%, 12/25/2018		55
	17	Series 2003-UST1, Class PO1, PO, 12/25/2018 (bb)		17
	3	Series 2003-UST1, Class PO3, PO, 12/25/2018 (bb)		3
	87	Series 2004-UST1, Class A6, 3.25%, 08/25/2034 (z)		85

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	251		Series 2005-1, Class 2A1A, 2.44%, 02/25/2035 (z)		219
	305		Series 2005-2, Class 2A11, 5.50%, 05/25/2035		314
	341		Series 2005-5, Class 1A2, 4.17%, 08/25/2035 (z)		288
	1,079		Conix Mortgage Asset Trust, Series 2013-1, Class A12/25/2047 (d) (z) (bb)		116
			Credit Suisse First Boston Mortgage Securities Corp.,
	415		Series 2003-1, Class DB1, 6.69%, 02/25/2033 (z)		418
	139		Series 2003-21, Class 1A4, 5.25%, 09/25/2033		143
	247		Series 2003-25, Class 1P, PO, 10/25/2033 (bb)		225
	4		Series 2004-5, Class 5P, PO, 08/25/2019 (bb)		4
			CSFB Mortgage-Backed Pass-Through Certificates,
	2		Series 2003-17, Class 2A1, 5.00%, 07/25/2018		2
	2,496		Series 2005-4, Class 3A18, 5.50%, 06/25/2035		2,558
	2,849		Series 2005-4, Class 3A23, 5.50%, 06/25/2035		2,848
	248		CSMC, Series 2010-11R, Class A6, 2.34%, 06/28/2047 (e) (z)		248
	83		FHLMC - GNMA, Series 8, Class ZA, 7.00%, 03/25/2023		88
			FHLMC REMIC,
	–	(h)	Series 22, Class C, 9.50%, 04/15/2020		—	(h)
	1		Series 23, Class F, 9.60%, 04/15/2020		2
	–	(h)	Series 47, Class F, 10.00%, 06/15/2020		—	(h)
	1		Series 99, Class Z, 9.50%, 01/15/2021		1
	–	(h)	Series 204, Class E, HB, IF, IO, 1,639.90%, 05/15/2023 (z)		—	(h)
	–	(h)	Series 1045, Class G, HB, IO, 1,066.21%, 02/15/2021		—	(h)
	2		Series 1065, Class J, 9.00%, 04/15/2021		2
	–	(h)	Series 1079, Class S, HB, IF, 29.75%, 05/15/2021 (z)		—	(h)
	1		Series 1084, Class F, 2.20%, 05/15/2021 (z)		1
	1		Series 1084, Class S, HB, IF, 39.60%, 05/15/2021 (z)		1
	3		Series 1116, Class I Shares, 5.50%, 08/15/2021		3
	5		Series 1144, Class KB, 8.50%, 09/15/2021		5
	–	(h)	Series 1172, Class L Shares, HB, IO, 1,181.25%, 11/15/2021 (z)		—	(h)
	–	(h)	Series 1196, Class B, HB, IF, IO, 1,104.54%, 01/15/2022 (z)		—	(h)
	3		Series 1250, Class J, 7.00%, 05/15/2022		3
	8		Series 1343, Class LA, 8.00%, 08/15/2022		9
	10		Series 1343, Class LB, 7.50%, 08/15/2022		11
	16		Series 1370, Class JA, 2.40%, 09/15/2022 (z)		17
	15		Series 1455, Class WB, IF, 4.05%, 12/15/2022 (z)		16
	82		Series 1466, Class PZ, 7.50%, 02/15/2023		89
	1		Series 1470, Class F, 1.73%, 02/15/2023 (z)		1
	88		Series 1498, Class I Shares, 2.40%, 04/15/2023 (z)		89
	133		Series 1502, Class PX, 7.00%, 04/15/2023		144
	14		Series 1505, Class Q, 7.00%, 05/15/2023		15
	34		Series 1518, Class G, IF, 7.70%, 05/15/2023 (z)		37
	12		Series 1541, Class M, HB, IF, 24.61%, 07/15/2023 (z)		16
	32		Series 1541, Class O, 1.66%, 07/15/2023 (z)		32
	3		Series 1570, Class F, 2.23%, 08/15/2023 (z)		3
	110		Series 1573, Class PZ, 7.00%, 09/15/2023		120
	68		Series 1591, Class PV, 6.25%, 10/15/2023		73
	27		Series 1602, Class SA, IF, 18.69%, 10/15/2023 (z)		35
	304		Series 1608, Class L Shares, 6.50%, 09/15/2023		337
	207		Series 1638, Class H, 6.50%, 12/15/2023		222
	154		Series 1642, Class PJ, 6.00%, 11/15/2023		164
	14		Series 1671, Class QC, IF, 10.00%, 02/15/2024 (z)		18
	7		Series 1686, Class SH, IF, 16.42%, 02/15/2024 (z)		9

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	50	Series 1695, Class EB, 7.00%, 03/15/2024		54
	10	Series 1699, Class FC, 1.85%, 03/15/2024 (z)		10
	46	Series 1700, Class GA, PO, 02/15/2024		45
	134	Series 1706, Class K, 7.00%, 03/15/2024		146
	5	Series 1709, Class FA, 1.48%, 03/15/2024 (z)		5
	21	Series 1745, Class D, 7.50%, 08/15/2024		24
	286	Series 1760, Class ZD, 1.83%, 02/15/2024 (z)		284
	107	Series 1798, Class F, 5.00%, 05/15/2023		111
	1	Series 1807, Class G, 9.00%, 10/15/2020		1
	23	Series 1829, Class ZB, 6.50%, 03/15/2026		25
	27	Series 1863, Class Z, 6.50%, 07/15/2026		30
	39	Series 1865, Class D, PO, 02/15/2024		35
	25	Series 1890, Class H, 7.50%, 09/15/2026		28
	87	Series 1899, Class ZE, 8.00%, 09/15/2026		100
	5	Series 1935, Class FL, 1.95%, 02/15/2027 (z)		5
	59	Series 1963, Class Z, 7.50%, 01/15/2027		68
	7	Series 1970, Class PG, 7.25%, 07/15/2027		8
	104	Series 1981, Class Z, 6.00%, 05/15/2027		112
	39	Series 1987, Class PE, 7.50%, 09/15/2027		45
	88	Series 2019, Class Z, 6.50%, 12/15/2027		97
	24	Series 2033, Class SN, HB, IF, IO, 28.16%, 03/15/2024 (z)		8
	76	Series 2038, Class PN, IO, 7.00%, 03/15/2028		14
	167	Series 2040, Class PE, 7.50%, 03/15/2028		191
	22	Series 2043, Class CJ, 6.50%, 04/15/2028		24
	109	Series 2054, Class PV, 7.50%, 05/15/2028		123
	212	Series 2075, Class PH, 6.50%, 08/15/2028		235
	238	Series 2075, Class PM, 6.25%, 08/15/2028		258
	56	Series 2086, Class GB, 6.00%, 09/15/2028		61
	99	Series 2089, Class PJ, IO, 7.00%, 10/15/2028		12
	273	Series 2095, Class PE, 6.00%, 11/15/2028		300
	92	Series 2125, Class JZ, 6.00%, 02/15/2029		101
	22	Series 2132, Class SB, HB, IF, 25.17%, 03/15/2029 (z)		34
	4	Series 2134, Class PI, IO, 6.50%, 03/15/2019		—	(h)
	115	Series 2136, Class PG, 6.00%, 03/15/2029		127
	34	Series 2141, Class IO, IO, 7.00%, 04/15/2029		4
	36	Series 2163, Class PC, IO, 7.50%, 06/15/2029		4
	334	Series 2169, Class TB, 7.00%, 06/15/2029		376
	202	Series 2172, Class QC, 7.00%, 07/15/2029		230
	183	Series 2176, Class OJ, 7.00%, 08/15/2029		207
	98	Series 2201, Class C, 8.00%, 11/15/2029		112
	90	Series 2209, Class TC, 8.00%, 01/15/2030		106
	164	Series 2210, Class Z, 8.00%, 01/15/2030		193
	33	Series 2224, Class CB, 8.00%, 03/15/2030		38
	94	Series 2230, Class Z, 8.00%, 04/15/2030		110
	65	Series 2234, Class PZ, 7.50%, 05/15/2030		76
	69	Series 2247, Class Z, 7.50%, 08/15/2030		78
	104	Series 2256, Class MC, 7.25%, 09/15/2030		120
	133	Series 2259, Class ZM, 7.00%, 10/15/2030		152
	1	Series 2261, Class ZY, 7.50%, 10/15/2030		1
	19	Series 2262, Class Z, 7.50%, 10/15/2030		22
	168	Series 2271, Class PC, 7.25%, 12/15/2030		193
	122	Series 2283, Class K, 6.50%, 12/15/2023		131

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	85	Series 2296, Class PD, 7.00%, 03/15/2031		97
	22	Series 2306, Class K, PO, 05/15/2024		21
	53	Series 2306, Class SE, IF, IO, 8.27%, 05/15/2024 (z)		9
	92	Series 2313, Class LA, 6.50%, 05/15/2031		104
	108	Series 2325, Class PM, 7.00%, 06/15/2031		124
	874	Series 2344, Class ZD, 6.50%, 08/15/2031		1,010
	68	Series 2344, Class ZJ, 6.50%, 08/15/2031		75
	65	Series 2345, Class NE, 6.50%, 08/15/2031		73
	66	Series 2351, Class PZ, 6.50%, 08/15/2031		74
	507	Series 2353, Class AZ, 6.00%, 09/15/2031		546
	260	Series 2359, Class ZB, 8.50%, 06/15/2031		299
	135	Series 2367, Class ME, 6.50%, 10/15/2031		149
	308	Series 2396, Class FM, 1.70%, 12/15/2031 (z)		309
	163	Series 2399, Class OH, 6.50%, 01/15/2032		184
	231	Series 2399, Class TH, 6.50%, 01/15/2032		261
	232	Series 2410, Class NG, 6.50%, 02/15/2032		262
	87	Series 2410, Class OE, 6.38%, 02/15/2032		94
	156	Series 2410, Class QS, IF, 16.25%, 02/15/2032 (z)		228
	94	Series 2410, Class QX, IF, IO, 7.40%, 02/15/2032 (z)		23
	190	Series 2412, Class SP, IF, 13.60%, 02/15/2032 (z)		238
	266	Series 2420, Class XK, 6.50%, 02/15/2032		301
	245	Series 2423, Class MC, 7.00%, 03/15/2032		279
	209	Series 2423, Class MT, 7.00%, 03/15/2032		239
	419	Series 2430, Class WF, 6.50%, 03/15/2032		473
	248	Series 2434, Class TC, 7.00%, 04/15/2032		281
	283	Series 2435, Class CJ, 6.50%, 04/15/2032		318
	180	Series 2436, Class MC, 7.00%, 04/15/2032		202
	159	Series 2444, Class ES, IF, IO, 6.70%, 03/15/2032 (z)		35
	118	Series 2450, Class GZ, 7.00%, 05/15/2032		136
	127	Series 2450, Class SW, IF, IO, 6.75%, 03/15/2032 (z)		25
	467	Series 2455, Class GK, 6.50%, 05/15/2032		505
	189	Series 2462, Class JG, 6.50%, 06/15/2032		214
	397	Series 2464, Class SI, IF, IO, 6.75%, 02/15/2032 (z)		77
	357	Series 2466, Class PH, 6.50%, 06/15/2032		402
	171	Series 2474, Class NR, 6.50%, 07/15/2032		189
	228	Series 2484, Class LZ, 6.50%, 07/15/2032		256
	229	Series 2500, Class MC, 6.00%, 09/15/2032		256
	182	Series 2512, Class PG, 5.50%, 10/15/2022		191
	97	Series 2535, Class BK, 5.50%, 12/15/2022		102
	2	Series 2537, Class TE, 5.50%, 12/15/2017		2
	386	Series 2543, Class YX, 6.00%, 12/15/2032		426
	345	Series 2544, Class HC, 6.00%, 12/15/2032		387
	505	Series 2552, Class ME, 6.00%, 01/15/2033		569
	423	Series 2567, Class QD, 6.00%, 02/15/2033		477
	247	Series 2568, Class KG, 5.50%, 02/15/2023		262
	47	Series 2571, Class SK, HB, IF, 29.11%, 09/15/2023 (z)		69
	1,146	Series 2575, Class ME, 6.00%, 02/15/2033		1,272
	148	Series 2586, Class WI, IO, 6.50%, 03/15/2033		28
	22	Series 2587, Class WX, 5.00%, 03/15/2018		22
	306	Series 2596, Class QG, 6.00%, 03/15/2033		327
	13	Series 2611, Class UH, 4.50%, 05/15/2018		13
	24	Series 2617, Class GR, 4.50%, 05/15/2018		24

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	18	Series 2626, Class NS, IF, IO, 5.30%, 06/15/2023 (z)		—	(h)
	30	Series 2631, Class LC, 4.50%, 06/15/2018		30
	15	Series 2636, Class Z, 4.50%, 06/15/2018		15
	17	Series 2637, Class SA, IF, IO, 4.85%, 06/15/2018 (z)		—	(h)
	21	Series 2638, Class DS, IF, 7.35%, 07/15/2023 (z)		22
	5	Series 2650, Class PO, PO, 12/15/2032		5
	91	Series 2650, Class SO, PO, 12/15/2032		90
	24	Series 2651, Class VZ, 4.50%, 07/15/2018		24
	158	Series 2675, Class CK, 4.00%, 09/15/2018		158
	68	Series 2692, Class SC, IF, 10.79%, 07/15/2033 (z)		83
	43	Series 2695, Class DG, 4.00%, 10/15/2018		44
	663	Series 2710, Class HB, 5.50%, 11/15/2023		703
	395	Series 2716, Class UN, 4.50%, 12/15/2023		413
	74	Series 2744, Class PE, 5.50%, 02/15/2034		77
	102	Series 2783, Class AT, 4.00%, 04/15/2019		103
	273	Series 2809, Class UC, 4.00%, 06/15/2019		275
	33	Series 2835, Class QO, PO, 12/15/2032		29
	6	Series 2840, Class JO, PO, 06/15/2023		6
	20	Series 2922, Class JN, 4.50%, 02/15/2020		20
	135	Series 2934, Class EC, PO, 02/15/2020		132
	112	Series 2934, Class HI, IO, 5.00%, 02/15/2020		5
	87	Series 2934, Class KI, IO, 5.00%, 02/15/2020		3
	33	Series 2958, Class QD, 4.50%, 04/15/2020		33
	358	Series 2965, Class GD, 4.50%, 04/15/2020		363
	3	Series 2989, Class PO, PO, 06/15/2023		3
	2,558	Series 2990, Class UZ, 5.75%, 06/15/2035		2,861
	1,233	Series 3004, Class EK, 5.50%, 07/15/2035		1,279
	56	Series 3014, Class OD, PO, 08/15/2035		52
	944	Series 3047, Class OD, 5.50%, 10/15/2035		1,066
	3,095	Series 3064, Class MC, 5.50%, 11/15/2035		3,372
	2	Series 3068, Class AO, PO, 01/15/2035		2
	66	Series 3068, Class QB, 4.50%, 06/15/2020		66
	809	Series 3074, Class BH, 5.00%, 11/15/2035		858
	212	Series 3085, Class WF, 2.05%, 08/15/2035 (z)		216
	343	Series 3102, Class FB, 1.55%, 01/15/2036 (z)		344
	80	Series 3102, Class HS, IF, 19.98%, 01/15/2036 (z)		115
	474	Series 3117, Class EO, PO, 02/15/2036		414
	275	Series 3117, Class OK, PO, 02/15/2036		239
	21	Series 3122, Class ZB, 6.00%, 03/15/2036		30
	866	Series 3131, Class BK, 5.50%, 03/15/2026		922
	73	Series 3134, Class PO, PO, 03/15/2036		65
	350	Series 3138, Class PO, PO, 04/15/2036		314
	30	Series 3149, Class SO, PO, 05/15/2036		24
	115	Series 3151, Class UC, 5.50%, 08/15/2035		117
	354	Series 3152, Class MO, PO, 03/15/2036		309
	80	Series 3171, Class MO, PO, 06/15/2036		73
	304	Series 3179, Class OA, PO, 07/15/2036		269
	44	Series 3194, Class SA, IF, IO, 5.85%, 07/15/2036 (z)		4
	326	Series 3211, Class SO, PO, 09/15/2036		285
	148	Series 3218, Class AO, PO, 09/15/2036		117
	264	Series 3219, Class DI, IO, 6.00%, 04/15/2036		54
	800	Series 3229, Class HE, 5.00%, 10/15/2026		843

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	333	Series 3232, Class ST, IF, IO, 5.45%, 10/15/2036 (z)		50
	114	Series 3233, Class OP, PO, 05/15/2036		100
	199	Series 3256, Class PO, PO, 12/15/2036		171
	441	Series 3260, Class CS, IF, IO, 4.89%, 01/15/2037 (z)		59
	236	Series 3261, Class OA, PO, 01/15/2037		205
	73	Series 3274, Class JO, PO, 02/15/2037		65
	74	Series 3275, Class FL, 1.69%, 02/15/2037 (z)		74
	491	Series 3290, Class SB, IF, IO, 5.20%, 03/15/2037 (z)		64
	468	Series 3315, Class HZ, 6.00%, 05/15/2037		479
	28	Series 3318, Class AO, PO, 05/15/2037		26
	26	Series 3326, Class JO, PO, 06/15/2037		24
	230	Series 3331, Class PO, PO, 06/15/2037		207
	135	Series 3385, Class SN, IF, IO, 4.75%, 11/15/2037 (z)		12
	328	Series 3387, Class SA, IF, IO, 5.17%, 11/15/2037 (z)		41
	537	Series 3404, Class SC, IF, IO, 4.75%, 01/15/2038 (z)		86
	2,480	Series 3422, Class AI, SUB, 0.25%, 01/15/2038		24
	378	Series 3424, Class PI, IF, IO, 5.55%, 04/15/2038 (z)		58
	681	Series 3481, Class SJ, IF, IO, 4.60%, 08/15/2038 (z)		96
	419	Series 3511, Class SA, IF, IO, 4.75%, 02/15/2039 (z)		61
	94	Series 3549, Class FA, 2.45%, 07/15/2039 (z)		96
	164	Series 3607, Class BO, PO, 04/15/2036		144
	658	Series 3607, Class OP, PO, 07/15/2037		574
	323	Series 3607, Class PO, PO, 05/15/2037		274
	78	Series 3611, Class PO, PO, 07/15/2034		68
	240	Series 3621, Class BO, PO, 01/15/2040		212
	258	Series 3720, Class A, 4.50%, 09/15/2025		271
	582	Series 3747, Class HI, IO, 4.50%, 07/15/2037		11
	1,000	Series 3747, Class PY, 4.00%, 10/15/2040		1,063
	450	Series 3759, Class HI, IO, 4.00%, 08/15/2037		16
	375	Series 3760, Class GI, IO, 4.00%, 10/15/2037		10
	84	Series 3804, Class FN, 1.70%, 03/15/2039 (z)		85
	1,537	Series 3819, Class ZQ, 6.00%, 04/15/2036		1,713
	355	Series 3852, Class QN, IF, 5.50%, 05/15/2041 (z)		368
	1,214	Series 3852, Class TP, IF, 5.50%, 05/15/2041 (z)		1,372
	1,162	Series 3920, Class LP, 5.00%, 01/15/2034		1,250
	753	Series 3925, Class FL, 1.70%, 01/15/2041 (z)		757
	519	Series 3957, Class B, 4.00%, 11/15/2041		542
	807	Series 3966, Class NA, 4.00%, 12/15/2041		854
	293	Series 3997, Class PF, 1.70%, 11/15/2039 (z)		294
	1,545	Series 4048, Class FJ, 1.64%, 07/15/2037 (z)		1,546
	2,000	Series 4217, Class KY, 3.00%, 06/15/2043		1,945
	2,501	Series 4240, Class B, 3.00%, 08/15/2033		2,473
	3,684	Series 4251, Class KW, 2.50%, 04/15/2028		3,516
	3,028	Series 4374, Class NC, SUB, 3.75%, 02/15/2046		3,100
		FHLMC STRIPS,
	1	Series 134, Class B, IO, 9.00%, 04/01/2022		—	(h)
	572	Series 233, Class 11, IO, 5.00%, 09/15/2035		122
	797	Series 233, Class 13, IO, 5.00%, 09/15/2035		160
	53	Series 243, Class 16, IO, 4.50%, 11/15/2020		1
	134	Series 243, Class 17, IO, 4.50%, 12/15/2020		4
	5,885	Series 299, Class 300, 3.00%, 01/15/2043		5,852
	1,874	Series 310, Class PO, PO, Zero Coupon, 09/15/2043		1,486

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	3,719		Series 323, Class 300, 3.00%, 01/15/2044		3,722
			FHLMC Structured Pass-Through Securities Certificates,
	355		Series T-41, Class 3A, 5.66%, 07/25/2032 (z)		380
	234		Series T-51, Class 2A, 7.50%, 08/25/2042 (z)		279
	1,343		Series T-54, Class 2A, 6.50%, 02/25/2043		1,562
	384		Series T-54, Class 3A, 7.00%, 02/25/2043		444
	144		Series T-58, Class APO, PO, 09/25/2043		119
	332		Series T-59, Class 1AP, PO, 10/25/2043		270
	1,270		Series T-76, Class 2A, 3.73%, 10/25/2037 (z)		1,292
			First Horizon Alternative Mortgage Securities Trust,
	477		Series 2004-AA4, Class A1, 3.35%, 10/25/2034 (z)		475
	831		Series 2005-FA8, Class 1A19, 5.50%, 11/25/2035		736
	1,576		Series 2007-FA4, Class 1A2, IF, IO, 4.32%, 08/25/2037 (z) (bb)		323
	522		First Horizon Mortgage Pass-Through Trust, Series 2005-AR1, Class 2A2, 3.16%, 04/25/2035 (z)		532
			FNMA Grantor Trust,
	670		Series 2002-T19, Class A2, 7.00%, 07/25/2042		764
	459		Series 2004-T3, Class 1A3, 7.00%, 02/25/2044		531
			FNMA REMIC,
	–	(h)	Series 1988-7, Class Z, 9.25%, 04/25/2018		—	(h)
	2		Series 1989-70, Class G, 8.00%, 10/25/2019		2
	1		Series 1989-78, Class H, 9.40%, 11/25/2019		1
	2		Series 1989-83, Class H, 8.50%, 11/25/2019		2
	1		Series 1989-89, Class H, 9.00%, 11/25/2019		1
	2		Series 1990-1, Class D, 8.80%, 01/25/2020		2
	–	(h)	Series 1990-60, Class K, 5.50%, 06/25/2020		—	(h)
	1		Series 1990-63, Class H, 9.50%, 06/25/2020		1
	–	(h)	Series 1990-93, Class G, 5.50%, 08/25/2020		—	(h)
	–	(h)	Series 1990-94, Class H, HB, 505.00%, 08/25/2020		—	(h)
	–	(h)	Series 1990-95, Class J, HB, IO, 1,118.04%, 08/25/2020		—	(h)
	6		Series 1990-102, Class J, 6.50%, 08/25/2020		6
	5		Series 1990-120, Class H, 9.00%, 10/25/2020		5
	1		Series 1990-134, Class SC, IF, 19.61%, 11/25/2020 (z)		1
	–	(h)	Series 1990-140, Class K, HB, IO, 652.15%, 12/25/2020		—	(h)
	–	(h)	Series 1991-7, Class K, HB, IO, 908.50%, 02/25/2021		—	(h)
	2		Series 1991-24, Class Z, 5.00%, 03/25/2021		2
	1		Series 1992-101, Class J, 7.50%, 06/25/2022		1
	15		Series 1992-136, Class PK, 6.00%, 08/25/2022		16
	10		Series 1992-143, Class MA, 5.50%, 09/25/2022		10
	38		Series 1992-163, Class M, 7.75%, 09/25/2022		41
	60		Series 1992-188, Class PZ, 7.50%, 10/25/2022		65
	23		Series 1993-21, Class KA, 7.70%, 03/25/2023		25
	40		Series 1993-25, Class J, 7.50%, 03/25/2023		43
	9		Series 1993-27, Class SA, IF, 15.50%, 02/25/2023 (z)		12
	14		Series 1993-62, Class SA, IF, 18.83%, 04/25/2023 (z)		17
	8		Series 1993-165, Class SD, IF, 13.31%, 09/25/2023 (z)		9
	17		Series 1993-165, Class SK, IF, 12.50%, 09/25/2023 (z)		19
	12		Series 1993-179, Class SB, HB, IF, 26.56%, 10/25/2023 (z)		16
	8		Series 1993-179, Class SC, IF, 10.50%, 10/25/2023 (z)		9
	22		Series 1993-205, Class H, PO, 09/25/2023		21
	38		Series 1993-225, Class UB, 6.50%, 12/25/2023		41
	13		Series 1993-230, Class FA, 1.93%, 12/25/2023 (z)		13
	30		Series 1993-247, Class FE, 2.33%, 12/25/2023 (z)		31

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	14	Series 1993-247, Class SU, IF, 12.22%, 12/25/2023 (z)		17
	124	Series 1994-37, Class L Shares, 6.50%, 03/25/2024		134
	671	Series 1994-40, Class Z, 6.50%, 03/25/2024		727
	29	Series 1995-2, Class Z, 8.50%, 01/25/2025		31
	149	Series 1995-19, Class Z, 6.50%, 11/25/2023		165
	132	Series 1996-14, Class SE, IF, IO, 8.33%, 08/25/2023 (z)		21
	11	Series 1996-59, Class J, 6.50%, 08/25/2022		12
	93	Series 1997-20, Class IO, IO, 1.84%, 03/25/2027 (z)		2
	11	Series 1997-27, Class J, 7.50%, 04/18/2027		13
	25	Series 1997-29, Class J, 7.50%, 04/20/2027		29
	169	Series 1997-39, Class PD, 7.50%, 05/20/2027		193
	14	Series 1997-42, Class ZC, 6.50%, 07/18/2027		15
	237	Series 1997-61, Class ZC, 7.00%, 02/25/2023		257
	46	Series 1997-81, Class PI, IO, 7.00%, 12/18/2027		5
	6	Series 1998-4, Class C, PO, 04/25/2023		6
	69	Series 1998-36, Class ZB, 6.00%, 07/18/2028		77
	45	Series 1998-43, Class SA, IF, IO, 17.03%, 04/25/2023 (z)		14
	76	Series 1998-66, Class SB, IF, IO, 6.82%, 12/25/2028 (z)		8
	50	Series 1999-17, Class C, 6.35%, 04/25/2029		55
	188	Series 1999-18, Class Z, 5.50%, 04/18/2029		205
	10	Series 1999-38, Class SK, IF, IO, 6.72%, 08/25/2023 (z)		1
	22	Series 1999-52, Class NS, IF, 19.66%, 10/25/2023 (z)		29
	75	Series 1999-62, Class PB, 7.50%, 12/18/2029		85
	243	Series 2000-2, Class ZE, 7.50%, 02/25/2030		279
	145	Series 2000-20, Class SA, IF, IO, 7.77%, 07/25/2030 (z)		24
	20	Series 2000-52, Class IO, IO, 8.50%, 01/25/2031		4
	44	Series 2001-4, Class PC, 7.00%, 03/25/2021		46
	44	Series 2001-7, Class PF, 7.00%, 03/25/2031		50
	150	Series 2001-30, Class PM, 7.00%, 07/25/2031		173
	162	Series 2001-33, Class ID, IO, 6.00%, 07/25/2031		36
	153	Series 2001-36, Class DE, 7.00%, 08/25/2031		173
	404	Series 2001-44, Class MY, 7.00%, 09/25/2031		465
	49	Series 2001-44, Class PD, 7.00%, 09/25/2031		56
	69	Series 2001-44, Class PU, 7.00%, 09/25/2031		79
	338	Series 2001-48, Class Z, 6.50%, 09/25/2021		357
	40	Series 2001-49, Class Z, 6.50%, 09/25/2031		44
	49	Series 2001-52, Class KB, 6.50%, 10/25/2031		53
	498	Series 2001-61, Class Z, 7.00%, 11/25/2031		574
	14	Series 2001-72, Class SX, IF, 14.37%, 12/25/2031 (z)		17
	33	Series 2002-1, Class HC, 6.50%, 02/25/2022		35
	31	Series 2002-1, Class SA, HB, IF, 20.87%, 02/25/2032 (z)		42
	30	Series 2002-1, Class UD, IF, 19.85%, 12/25/2023 (z)		40
	552	Series 2002-13, Class SJ, IF, IO, 1.60%, 03/25/2032 (z)		28
	7	Series 2002-13, Class ST, IF, 10.00%, 03/25/2032 (z)		9
	15	Series 2002-21, Class LO, PO, 04/25/2032		13
	149	Series 2002-21, Class PE, 6.50%, 04/25/2032		168
	389	Series 2002-28, Class PK, 6.50%, 05/25/2032		438
	97	Series 2002-37, Class Z, 6.50%, 06/25/2032		108
	557	Series 2002-48, Class GH, 6.50%, 08/25/2032		625
	85	Series 2002-77, Class S, IF, 12.05%, 12/25/2032 (z)		102
	259	Series 2002-83, Class CS, 6.88%, 08/25/2023		278
	5	Series 2003-3, Class HJ, 5.00%, 02/25/2018		5

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	1,672	Series 2003-22, Class UD, 4.00%, 04/25/2033		1,746
	547	Series 2003-33, Class IA, IO, 6.50%, 05/25/2033		114
	330	Series 2003-34, Class AX, 6.00%, 05/25/2033		369
	1,298	Series 2003-34, Class ED, 6.00%, 05/25/2033		1,395
	21	Series 2003-35, Class UC, 3.75%, 05/25/2033		21
	65	Series 2003-39, Class IO, IO, 6.00%, 05/25/2033 (z)		15
	484	Series 2003-39, Class LW, 5.50%, 05/25/2023		512
	264	Series 2003-41, Class PE, 5.50%, 05/25/2023		276
	95	Series 2003-42, Class GB, 4.00%, 05/25/2033		99
	237	Series 2003-47, Class PE, 5.75%, 06/25/2033		265
	87	Series 2003-52, Class SX, IF, 18.97%, 10/25/2031 (z)		116
	70	Series 2003-64, Class SX, IF, 10.64%, 07/25/2033 (z)		83
	420	Series 2003-71, Class DS, IF, 5.81%, 08/25/2033 (z)		441
	530	Series 2003-72, Class IE, IO, 5.50%, 08/25/2033		88
	61	Series 2003-74, Class SH, IF, 7.78%, 08/25/2033 (z)		69
	20	Series 2003-76, Class GQ, 4.50%, 08/25/2018		20
	45	Series 2003-81, Class LC, 4.50%, 09/25/2018		45
	222	Series 2003-83, Class PG, 5.00%, 06/25/2023		225
	116	Series 2003-91, Class SD, IF, 10.29%, 09/25/2033 (z)		134
	782	Series 2003-116, Class SB, IF, IO, 6.27%, 11/25/2033 (z)		146
	28	Series 2003-128, Class NG, 4.00%, 01/25/2019		28
	31	Series 2003-130, Class SX, IF, 9.53%, 01/25/2034 (z)		35
	53	Series 2003-132, Class OA, PO, 08/25/2033		50
	648	Series 2004-4, Class QI, IF, IO, 5.77%, 06/25/2033 (z)		45
	61	Series 2004-4, Class QM, IF, 11.54%, 06/25/2033 (z)		69
	159	Series 2004-10, Class SC, HB, IF, 23.29%, 02/25/2034 (z)		180
	99	Series 2004-25, Class PC, 5.50%, 01/25/2034		100
	449	Series 2004-25, Class SA, IF, 15.87%, 04/25/2034 (z)		598
	276	Series 2004-27, Class HB, 4.00%, 05/25/2019		278
	68	Series 2004-36, Class PC, 5.50%, 02/25/2034		70
	733	Series 2004-36, Class SA, IF, 15.87%, 05/25/2034 (z)		968
	131	Series 2004-36, Class SN, IF, 11.54%, 07/25/2033 (z)		136
	281	Series 2004-46, Class QB, IF, 18.69%, 05/25/2034 (z)		415
	832	Series 2004-46, Class SK, IF, 12.85%, 05/25/2034 (z)		1,052
	134	Series 2004-51, Class SY, IF, 11.59%, 07/25/2034 (z)		163
	134	Series 2004-53, Class NC, 5.50%, 07/25/2024		142
	192	Series 2004-59, Class BG, PO, 12/25/2032		168
	61	Series 2004-61, Class SK, IF, 8.50%, 11/25/2032 (z)		70
	19	Series 2004-76, Class CL, 4.00%, 10/25/2019		19
	184	Series 2004-79, Class SP, IF, 16.15%, 11/25/2034 (z)		208
	12	Series 2005-52, Class PA, 6.50%, 06/25/2035		12
	759	Series 2005-56, Class S, IF, IO, 5.38%, 07/25/2035 (z)		123
	190	Series 2005-66, Class SG, IF, 14.06%, 07/25/2035 (z)		252
	199	Series 2005-68, Class BC, 5.25%, 06/25/2035		204
	752	Series 2005-68, Class PG, 5.50%, 08/25/2035		823
	269	Series 2005-68, Class UC, 5.00%, 06/25/2035		275
	315	Series 2005-74, Class CS, IF, 16.37%, 05/25/2035 (z)		397
	2,447	Series 2005-84, Class XM, 5.75%, 10/25/2035		2,680
	942	Series 2005-109, Class PC, 6.00%, 12/25/2035		1,030
	4,326	Series 2005-110, Class GL, 5.50%, 12/25/2035		4,872
	306	Series 2005-110, Class MN, 5.50%, 06/25/2035		311
	39	Series 2006-15, Class OT, PO, 01/25/2036		38

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	264	Series 2006-16, Class OA, PO, 03/25/2036		236
	387	Series 2006-22, Class AO, PO, 04/25/2036		344
	93	Series 2006-23, Class KO, PO, 04/25/2036		85
	781	Series 2006-39, Class WC, 5.50%, 01/25/2036		836
	535	Series 2006-44, Class GO, PO, 06/25/2036		480
	1,260	Series 2006-44, Class P, PO, 12/25/2033		1,086
	783	Series 2006-46, Class UC, 5.50%, 12/25/2035		840
	803	Series 2006-53, Class US, IF, IO, 5.25%, 06/25/2036 (z)		125
	767	Series 2006-56, Class FC, 1.62%, 07/25/2036 (z)		766
	430	Series 2006-56, Class PO, PO, 07/25/2036		390
	455	Series 2006-58, Class AP, PO, 07/25/2036		405
	59	Series 2006-58, Class FL, 1.79%, 07/25/2036 (z)		60
	238	Series 2006-58, Class PO, PO, 07/25/2036		209
	39	Series 2006-59, Class QO, PO, 01/25/2033		39
	4,192	Series 2006-60, Class DZ, 6.50%, 07/25/2036		5,033
	362	Series 2006-65, Class QO, PO, 07/25/2036		318
	70	Series 2006-72, Class TO, PO, 08/25/2036		64
	1,317	Series 2006-77, Class PC, 6.50%, 08/25/2036		1,477
	290	Series 2006-79, Class DO, PO, 08/25/2036		260
	246	Series 2006-90, Class AO, PO, 09/25/2036		224
	108	Series 2006-109, Class PO, PO, 11/25/2036		96
	672	Series 2006-110, Class PO, PO, 11/25/2036		585
	73	Series 2006-111, Class EO, PO, 11/25/2036		66
	437	Series 2006-118, Class A2, 1.39%, 12/25/2036 (z)		432
	71	Series 2006-119, Class PO, PO, 12/25/2036		64
	867	Series 2006-124, Class HB, 3.41%, 11/25/2036 (z)		895
	417	Series 2006-128, Class BP, 5.50%, 01/25/2037		437
	431	Series 2006-130, Class GI, IO, 6.50%, 07/25/2032		67
	785	Series 2007-7, Class SG, IF, IO, 5.17%, 08/25/2036 (z)		206
	987	Series 2007-14, Class ES, IF, IO, 5.11%, 03/25/2037 (z)		148
	80	Series 2007-15, Class NO, PO, 03/25/2022		77
	194	Series 2007-16, Class FC, 2.08%, 03/25/2037 (z)		199
	83	Series 2007-42, Class AO, PO, 05/25/2037		76
	167	Series 2007-48, Class PO, PO, 05/25/2037		150
	412	Series 2007-54, Class FA, 1.73%, 06/25/2037 (z)		412
	2,755	Series 2007-60, Class AX, IF, IO, 5.82%, 07/25/2037 (z)		563
	102	Series 2007-77, Class FG, 1.83%, 03/25/2037 (z)		102
	505	Series 2007-81, Class GE, 6.00%, 08/25/2037		547
	1,825	Series 2007-88, Class VI, IF, IO, 5.21%, 09/25/2037 (z)		321
	1,372	Series 2007-91, Class ES, IF, IO, 5.13%, 10/25/2037 (z)		217
	953	Series 2007-97, Class KI, IO, 7.00%, 05/25/2033		119
	687	Series 2007-101, Class A2, 1.58%, 06/27/2036 (z)		676
	244	Series 2007-106, Class A7, 6.09%, 10/25/2037 (z)		268
	1,200	Series 2007-116, Class HI, IO, 1.32%, 01/25/2038 (z)		50
	557	Series 2008-1, Class BI, IF, IO, 4.58%, 02/25/2038 (z)		76
	340	Series 2008-10, Class XI, IF, IO, 4.90%, 03/25/2038 (z)		39
	184	Series 2008-16, Class IS, IF, IO, 4.87%, 03/25/2038 (z)		23
	36	Series 2008-19, Class IC, IO, 5.00%, 03/25/2023		—	(h)
	36	Series 2008-24, Class DY, 5.00%, 04/25/2023		37
	232	Series 2008-27, Class SN, IF, IO, 5.57%, 04/25/2038 (z)		32
	14	Series 2008-39, Class CI, IO, 4.50%, 05/25/2018		—	(h)
	132	Series 2008-42, Class AO, PO, 09/25/2036		122

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	14		Series 2008-44, Class PO, PO, 05/25/2038		11
	219		Series 2008-47, Class SI, IF, IO, 5.17%, 06/25/2023 (z)		12
	357		Series 2008-53, Class CI, IF, IO, 5.87%, 07/25/2038 (z)		62
	23		Series 2008-76, Class GF, 1.98%, 09/25/2023 (z)		23
	792		Series 2008-80, Class SA, IF, IO, 4.52%, 09/25/2038 (z)		100
	542		Series 2008-81, Class SB, IF, IO, 4.52%, 09/25/2038 (z)		59
	742		Series 2009-6, Class GS, IF, IO, 5.22%, 02/25/2039 (z)		118
	174		Series 2009-9, Class IO, IO, 5.00%, 02/25/2024		8
	109		Series 2009-18, Class IO, IO, 5.00%, 03/25/2024		3
	1,474		Series 2009-19, Class IP, IO, 5.50%, 10/25/2036		270
	585		Series 2009-60, Class HT, 6.00%, 08/25/2039		654
	316		Series 2009-62, Class HJ, 6.00%, 05/25/2039		342
	572		Series 2009-70, Class CO, PO, 01/25/2037		491
	205		Series 2009-99, Class SC, IF, IO, 4.85%, 12/25/2039 (z)		27
	544		Series 2009-103, Class MB, 3.50%, 12/25/2039 (z)		580
	156		Series 2010-45, Class BD, 4.50%, 11/25/2038		157
	665		Series 2010-49, Class SC, IF, 10.01%, 03/25/2040 (z)		779
	378		Series 2010-64, Class DM, 5.00%, 06/25/2040		407
	510		Series 2010-71, Class HJ, 5.50%, 07/25/2040		566
	1,795		Series 2010-147, Class SA, IF, IO, 5.20%, 01/25/2041 (z)		326
	255		Series 2010-148, Class MA, 4.00%, 02/25/2039		261
	516		Series 2011-2, Class WA, 5.82%, 02/25/2051 (z)		556
	1,698		Series 2011-30, Class LS, IO, 1.77%, 04/25/2041 (z)		76
	2,500		Series 2011-31, Class DB, 3.50%, 04/25/2031		2,597
	399		Series 2011-75, Class FA, 1.88%, 08/25/2041 (z)		404
	780		Series 2011-118, Class MT, 7.00%, 11/25/2041		905
	1,158		Series 2011-130, Class CA, 6.00%, 12/25/2041		1,304
	481		Series 2012-14, Class FB, 1.78%, 08/25/2037 (z)		483
	3,000		Series 2012-66, Class CB, 3.00%, 06/25/2032		2,991
	2,000		Series 2013-81, Class TA, 3.00%, 02/25/2043		1,913
	1,694		Series 2013-90, Class PM, 3.50%, 09/25/2043		1,717
	1,741		Series 2013-92, Class PO, PO, 09/25/2043		1,402
	3,349		Series 2013-101, Class AE, 3.00%, 10/25/2033		3,318
	2,626		Series 2013-101, Class DO, PO, 10/25/2043		2,112
	3,000		Series 2013-101, Class E, 3.00%, 10/25/2033		2,989
	3,500		Series 2013-103, Class VG, 3.00%, 03/25/2030		3,546
	4,000		Series 2013-108, Class GU, 3.00%, 10/25/2033		3,994
	3,279		Series 2013-128, Class PO, PO, 12/25/2043		2,680
	–	(h)	Series G-17, Class S, HB, 944.49%, 06/25/2021 (z)		—	(h)
	3		Series G-28, Class S, IF, 13.77%, 09/25/2021 (z)		3
	7		Series G-35, Class M, 8.75%, 10/25/2021		7
	2		Series G-51, Class SA, HB, IF, 23.64%, 12/25/2021 (z)		2
	–	(h)	Series G92-27, Class SQ, HB, IF, 371.60%, 05/25/2022 (z)		—	(h)
	47		Series G92-35, Class E, 7.50%, 07/25/2022		51
	–	(h)	Series G92-35, Class G, HB, IO, 1,184.78%, 07/25/2022		1
	6		Series G92-42, Class Z, 7.00%, 07/25/2022		6
	4		Series G92-44, Class ZQ, 8.00%, 07/25/2022		4
	8		Series G92-52, Class FD, 1.35%, 09/25/2022 (z)		8
	43		Series G92-54, Class ZQ, 7.50%, 09/25/2022		46
	6		Series G92-59, Class F, 1.43%, 10/25/2022 (z)		6
	16		Series G92-61, Class Z, 7.00%, 10/25/2022		17
	11		Series G92-62, Class B, PO, 10/25/2022		10

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	56		Series G93-1, Class KA, 7.90%, 01/25/2023		62
	14		Series G93-5, Class Z, 6.50%, 02/25/2023		14
	17		Series G93-14, Class J, 6.50%, 03/25/2023		18
	39		Series G93-17, Class SI, IF, 6.00%, 04/25/2023 (z)		43
	34		Series G93-27, Class FD, 2.21%, 08/25/2023 (z)		35
	9		Series G93-37, Class H, PO, 09/25/2023		8
	26		Series G95-1, Class C, 8.80%, 01/25/2025		30
			FNMA REMIC Trust,
	595		Series 2003-W1, Class 1A1, 6.50%, 12/25/2042 (z)		638
	245		Series 2003-W1, Class 2A, 7.50%, 12/25/2042 (z)		276
	73		Series 2003-W4, Class 2A, 6.50%, 10/25/2042 (z)		85
	19		Series 2007-W7, Class 1A4, HB, IF, 31.21%, 07/25/2037 (z)		25
	1,031		Series 2009-W1, Class A, 6.00%, 12/25/2049		1,155
			FNMA STRIPS,
	–	(h)	Series 50, Class 2, IO, 10.50%, 03/25/2019		—	(h)
	5		Series 218, Class 2, IO, 7.50%, 04/25/2023		1
	6		Series 265, Class 2, 9.00%, 03/25/2024		7
	67		Series 329, Class 1, PO, 01/25/2033		60
	14		Series 339, Class 18, IO, 4.50%, 07/25/2018		—	(h)
	23		Series 339, Class 21, IO, 4.50%, 08/25/2018		—	(h)
	2		Series 339, Class 28, IO, 5.50%, 08/25/2018		—	(h)
	96		Series 345, Class 6, IO, 5.00%, 12/25/2033 (z)		17
	320		Series 351, Class 7, IO, 5.00%, 04/25/2034 (z)		64
	258		Series 355, Class 11, IO, 6.00%, 07/25/2034		45
	19		Series 355, Class 31, IO, 4.50%, 12/25/2018 (z)		—	(h)
	414		Series 365, Class 8, IO, 5.50%, 05/25/2036		92
	16		Series 368, Class 3, IO, 4.50%, 11/25/2020		—	(h)
	212		Series 374, Class 5, IO, 5.50%, 08/25/2036		48
	102		Series 383, Class 32, IO, 6.00%, 01/25/2038		22
	270		Series 383, Class 33, IO, 6.00%, 01/25/2038		53
	81		Series 393, Class 6, IO, 5.50%, 04/25/2037		14
			FNMA Trust,
	148		Series 2004-W1, Class 2A2, 7.00%, 12/25/2033		171
	349		Series 2004-W2, Class 2A2, 7.00%, 02/25/2044		399
	454		Series 2004-W15, Class 2AF, 1.58%, 08/25/2044 (z)		451
	1,262		Series 2005-W3, Class 2AF, 1.55%, 03/25/2045 (z)		1,232
	440		Series 2006-W2, Class 1AF1, 1.55%, 02/25/2046 (z)		439
	1,799		GMACM Mortgage Loan Trust, Series 2005-AR3, Class 3A4, 3.82%, 06/19/2035 (z)		1,775
			GNMA,
	649		Series 1994-7, Class PQ, 6.50%, 10/16/2024		648
	480		Series 1999-4, Class ZB, 6.00%, 02/20/2029		481
	60		Series 1999-30, Class S, IF, IO, 7.34%, 08/16/2029 (z)		1
	82		Series 2000-9, Class Z, 8.00%, 06/20/2030		95
	680		Series 2000-9, Class ZJ, 8.50%, 02/16/2030		782
	921		Series 2000-21, Class Z, 9.00%, 03/16/2030		943
	151		Series 2000-31, Class Z, 9.00%, 10/20/2030		178
	94		Series 2000-35, Class ZA, 9.00%, 11/20/2030		112
	9		Series 2000-36, Class IK, IO, 9.00%, 11/16/2030		1
	45		Series 2001-6, Class SD, IF, IO, 7.29%, 03/16/2031 (z)		12
	126		Series 2001-35, Class SA, IF, IO, 6.99%, 08/16/2031 (z)		1
	117		Series 2001-36, Class S, IF, IO, 6.79%, 08/16/2031 (z)		31
	434		Series 2002-24, Class AG, IF, IO, 6.69%, 04/16/2032 (z)		74
	41		Series 2002-24, Class SB, IF, 10.03%, 04/16/2032 (z)		48

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	790	Series 2002-31, Class SE, IF, IO, 6.24%, 04/16/2030 (z)		103
	15	Series 2002-41, Class SV, IF, 9.00%, 06/16/2032 (z)		18
	1,030	Series 2002-45, Class QE, 6.50%, 06/20/2032		1,162
	368	Series 2002-47, Class PG, 6.50%, 07/16/2032		422
	669	Series 2002-47, Class ZA, 6.50%, 07/20/2032		775
	577	Series 2002-52, Class GH, 6.50%, 07/20/2032		670
	949	Series 2002-75, Class PB, 6.00%, 11/20/2032		1,059
	422	Series 2003-11, Class SK, IF, IO, 6.44%, 02/16/2033 (z)		56
	197	Series 2003-12, Class SP, IF, IO, 6.42%, 02/20/2033 (z)		42
	39	Series 2003-24, Class PO, PO, 03/16/2033		36
	1,046	Series 2003-40, Class TJ, 6.50%, 03/20/2033		1,172
	646	Series 2003-46, Class MG, 6.50%, 05/20/2033		732
	494	Series 2003-46, Class TC, 6.50%, 03/20/2033		550
	176	Series 2003-52, Class AP, PO, 06/16/2033		150
	873	Series 2003-58, Class BE, 6.50%, 01/20/2033		978
	54	Series 2003-90, Class PO, PO, 10/20/2033		48
	686	Series 2003-112, Class SA, IF, IO, 5.29%, 12/16/2033 (z)		115
	281	Series 2004-28, Class S, IF, 16.19%, 04/16/2034 (z)		380
	75	Series 2004-73, Class AE, IF, 12.25%, 08/17/2034 (z)		85
	922	Series 2004-90, Class SI, IF, IO, 4.82%, 10/20/2034 (z)		140
	181	Series 2005-35, Class FL, 1.63%, 03/20/2032 (z)		182
	1,544	Series 2005-58, Class NI, IO, 5.50%, 08/20/2035		296
	136	Series 2005-68, Class DP, IF, 13.39%, 06/17/2035 (z)		163
	2,116	Series 2005-68, Class KI, IF, IO, 5.02%, 09/20/2035 (z)		309
	297	Series 2005-91, Class PI, IO, 6.00%, 12/20/2035		58
	141	Series 2006-16, Class OP, PO, 03/20/2036		128
	306	Series 2006-38, Class SW, IF, IO, 5.22%, 06/20/2036 (z)		25
	1,580	Series 2006-38, Class ZK, 6.50%, 08/20/2036		1,775
	424	Series 2006-59, Class SD, IF, IO, 5.42%, 10/20/2036 (z)		58
	707	Series 2006-65, Class SA, IF, IO, 5.52%, 11/20/2036 (z)		120
	1,203	Series 2007-17, Class JI, IF, IO, 5.55%, 04/16/2037 (z)		211
	129	Series 2007-17, Class JO, PO, 04/16/2037		112
	663	Series 2007-19, Class SD, IF, IO, 4.92%, 04/20/2037 (z)		88
	629	Series 2007-26, Class SC, IF, IO, 4.92%, 05/20/2037 (z)		87
	546	Series 2007-27, Class SA, IF, IO, 4.92%, 05/20/2037 (z)		81
	148	Series 2007-28, Class BO, PO, 05/20/2037		127
	420	Series 2007-36, Class SE, IF, IO, 5.21%, 06/16/2037 (z)		65
	1,216	Series 2007-40, Class SB, IF, IO, 5.47%, 07/20/2037 (z)		201
	727	Series 2007-42, Class SB, IF, IO, 5.47%, 07/20/2037 (z)		110
	2,500	Series 2007-47, Class PH, 6.00%, 07/16/2037		2,928
	449	Series 2007-50, Class AI, IF, IO, 5.49%, 08/20/2037 (z)		74
	64	Series 2007-53, Class SW, IF, 16.36%, 09/20/2037 (z)		84
	310	Series 2007-57, Class PO, PO, 03/20/2037		279
	55	Series 2007-71, Class SB, IF, IO, 5.42%, 07/20/2036 (z)		1
	367	Series 2007-72, Class US, IF, IO, 5.27%, 11/20/2037 (z)		57
	384	Series 2007-73, Class MI, IF, IO, 4.72%, 11/20/2037 (z)		59
	739	Series 2007-76, Class SA, IF, IO, 5.25%, 11/20/2037 (z)		116
	361	Series 2007-79, Class SY, IF, IO, 5.27%, 12/20/2037 (z)		58
	196	Series 2008-2, Class MS, IF, IO, 5.90%, 01/16/2038 (z)		35
	652	Series 2008-2, Class NS, IF, IO, 5.28%, 01/16/2038 (z)		96
	424	Series 2008-10, Class S, IF, IO, 4.55%, 02/20/2038 (z)		52
	258	Series 2008-32, Class PI, IO, 5.50%, 10/16/2037		31

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	590	Series 2008-36, Class SH, IF, IO, 5.02%, 04/20/2038 (z)		72
	3,554	Series 2008-40, Class SA, IF, IO, 5.14%, 05/16/2038 (z)		565
	327	Series 2008-55, Class SA, IF, IO, 4.92%, 06/20/2038 (z)		42
	2	Series 2008-60, Class PO, PO, 01/20/2038		2
	165	Series 2008-71, Class SC, IF, IO, 4.72%, 08/20/2038 (z)		20
	395	Series 2008-93, Class AS, IF, IO, 4.42%, 12/20/2038 (z)		49
	451	Series 2009-6, Class SA, IF, IO, 4.84%, 02/16/2039 (z)		56
	111	Series 2009-10, Class SL, IF, IO, 5.24%, 03/16/2034 (z)		1
	990	Series 2009-12, Class IE, IO, 5.50%, 03/20/2039		190
	388	Series 2009-14, Class KI, IO, 6.50%, 03/20/2039		92
	382	Series 2009-14, Class NI, IO, 6.50%, 03/20/2039		102
	945	Series 2009-22, Class SA, IF, IO, 4.99%, 04/20/2039 (z)		122
	283	Series 2009-25, Class SE, IF, IO, 6.32%, 09/20/2038 (z)		50
	218	Series 2009-33, Class CI, IO, 5.50%, 05/20/2039		42
	226	Series 2009-33, Class TI, IO, 6.00%, 05/20/2039		48
	400	Series 2009-43, Class SA, IF, IO, 4.67%, 06/20/2039 (z)		54
	288	Series 2009-65, Class IQ, IO, 6.00%, 12/20/2038		33
	927	Series 2009-72, Class SM, IF, IO, 4.99%, 08/16/2039 (z)		138
	229	Series 2009-79, Class OK, PO, 11/16/2037		207
	338	Series 2010-14, Class CO, PO, 08/20/2035		301
	1,796	Series 2010-31, Class NO, PO, 03/20/2040		1,632
	259	Series 2010-130, Class CP, 7.00%, 10/16/2040		296
	1,892	Series 2010-157, Class OP, PO, 12/20/2040		1,628
	644	Series 2011-22, Class WA, 5.93%, 02/20/2037 (z)		713
	1,202	Series 2011-75, Class SM, IF, IO, 5.32%, 05/20/2041 (z)		212
	557	Series 2012-141, Class WC, 3.72%, 01/20/2042 (z)		580
	319	Series 2012-H15, Class FA, 1.68%, 05/20/2062 (z)		319
	1,206	Series 2012-H21, Class CF, 1.93%, 05/20/2061 (z)		1,209
	2,347	Series 2012-H22, Class FD, 1.70%, 01/20/2061 (z)		2,350
	740	Series 2012-H24, Class FG, 1.66%, 04/20/2060 (z)		741
	733	Series 2012-H26, Class MA, 1.78%, 07/20/2062 (z)		734
	1,302	Series 2012-H28, Class FA, 1.81%, 09/20/2062 (z)		1,305
	1,456	Series 2012-H29, Class FA, 1.75%, 10/20/2062 (z)		1,455
	39	Series 2012-H30, Class PA, 1.68%, 11/20/2059 (z)		39
	1,505	Series 2012-H31, Class FD, 1.57%, 12/20/2062 (z)		1,496
	2,596	Series 2013-54, Class WA, 4.74%, 11/20/2042 (z)		2,791
	1,904	Series 2013-75, Class WA, 5.22%, 06/20/2040 (z)		2,090
	1,125	Series 2013-91, Class WA, 4.49%, 04/20/2043 (z)		1,173
	1,300	Series 2013-116, Class JY, 4.00%, 08/16/2043		1,384
	2,484	Series 2013-H01, Class FA, 1.65%, 01/20/2063		2,461
	74	Series 2013-H03, Class FA, 1.53%, 08/20/2060 (z)		74
	1,220	Series 2013-H04, Class BA, 1.65%, 02/20/2063		1,208
	1,810	Series 2013-H05, Class FB, 1.63%, 02/20/2062 (z)		1,810
	1,402	Series 2013-H07, Class HA, 1.64%, 03/20/2063 (z)		1,397
	1,350	Series 2013-H08, Class FC, 1.68%, 02/20/2063 (z)		1,347
	1,677	Series 2013-H09, Class HA, 1.65%, 04/20/2063		1,651
	2,970	Series 2013-H18, Class JA, 1.83%, 08/20/2063 (z)		2,975
	894	Series 2014-188, Class W, 4.64%, 10/20/2041 (z)		954
	1,490	Series 2014-H01, Class FD, 1.88%, 01/20/2064 (z)		1,496
	1,536	Series 2014-H09, Class TA, 1.83%, 04/20/2064 (z)		1,540
	5,337	Series 2015-H05, Class FC, 1.71%, 02/20/2065 (z)		5,326
	6,591	Series 2015-H12, Class FA, 1.71%, 05/20/2065 (z)		6,577

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	1,790	Series 2015-H15, Class FD, 1.67%, 06/20/2065 (z)		1,783
	3,882	Series 2015-H15, Class FJ, 1.67%, 06/20/2065 (z)		3,866
	3,002	Series 2015-H16, Class FG, 1.67%, 07/20/2065 (z)		2,990
	2,811	Series 2015-H23, Class FB, 1.75%, 09/20/2065 (z)		2,810
	2,042	Series 2015-H32, Class FH, 1.89%, 12/20/2065 (z)		2,055
	8,973	Series 2017-H08, Class XI, IO, 2.08%, 03/20/2067 (z)		1,238
		GSMPS Mortgage Loan Trust,
	650	Series 2001-2, Class A, 7.50%, 06/19/2032 (e) (z)		648
	938	Series 2005-RP3, Class 1AF, 1.68%, 09/25/2035 (e) (z)		815
	709	Series 2005-RP3, Class 1AS, IO, 3.37%, 09/25/2035 (e) (z) (bb)		77
	3,100	Series 2006-RP2, Class 1AS2, IF, IO, 4.84%, 04/25/2036 (e) (z) (bb)		326
		GSR Mortgage Loan Trust,
	495	Series 2004-13F, Class 3A3, 6.00%, 11/25/2034		510
	320	Series 2004-6F, Class 3A4, 6.50%, 05/25/2034		342
	203	Series 2004-8F, Class 2A3, 6.00%, 09/25/2034		209
	25	Series 2005-4F, Class AP, PO, 05/25/2035 (bb)		24
	1,007	Series 2005-7F, Class 3A9, 6.00%, 09/25/2035		1,064
	1,646	Series 2006-1F, Class 2A4, 6.00%, 02/25/2036		1,470
	884	Homeowner Assistance Program Reverse Mortgage Loan Trust, Series 2013-RM1, Class A, 4.00%, 05/26/2053 (e) (bb)		882
		Impac CMB Trust,
	1,385	Series 2004-7, Class 1A1, 2.07%, 11/25/2034 (z)		1,378
	162	Series 2005-4, Class 2A1, 1.93%, 05/25/2035 (z)		160
		Impac Secured Assets Trust,
	458	Series 2006-1, Class 2A1, 1.68%, 05/25/2036 (z)		435
	270	Series 2006-2, Class 2A1, 1.68%, 08/25/2036 (z)		265
		JP Morgan Mortgage Trust,
	594	Series 2006-A2, Class 4A1, 3.73%, 08/25/2034 (z)		599
	754	Series 2006-A2, Class 5A3, 3.58%, 11/25/2033 (z)		767
	128	Series 2006-A3, Class 6A1, 3.62%, 08/25/2034 (z)		129
		Lehman Mortgage Trust,
	402	Series 2006-2, Class 1A1, 5.83%, 04/25/2036 (z)		369
	760	Series 2008-2, Class 1A6, 6.00%, 03/25/2038		539
		MASTR Adjustable Rate Mortgages Trust,
	49	Series 2004-4, Class 2A1, 3.25%, 05/25/2034 (z)		46
	328	Series 2004-13, Class 2A1, 3.59%, 04/21/2034 (z)		336
	800	Series 2004-13, Class 3A7, 3.47%, 11/21/2034 (z)		820
	289	Series 2004-15, Class 3A1, 4.07%, 12/25/2034 (z)		281
		MASTR Alternative Loan Trust,
	132	Series 2003-3, Class 1A1, 6.50%, 05/25/2033		133
	404	Series 2003-9, Class 8A1, 6.00%, 01/25/2034		417
	347	Series 2004-3, Class 2A1, 6.25%, 04/25/2034		362
	425	Series 2004-4, Class 10A1, 5.00%, 05/25/2024		442
	233	Series 2004-6, Class 30PO, PO, 07/25/2034 (bb)		192
	385	Series 2004-6, Class 7A1, 6.00%, 07/25/2034		393
	160	Series 2004-7, Class 30PO, PO, 08/25/2034 (bb)		133
	182	Series 2004-8, Class 6A1, 5.50%, 09/25/2019		184
	31	Series 2004-10, Class 1A1, 4.50%, 09/25/2019		31
		MASTR Asset Securitization Trust,
	30	Series 2003-12, Class 30PO, PO, 12/25/2033 (bb)		29
	25	Series 2004-1, Class 30PO, PO, 02/25/2034 (bb)		21
	5	Series 2004-4, Class 3A1, 4.50%, 04/25/2019		5
	5	Series 2004-6, Class 15PO, PO, 07/25/2019 (bb)		5
	12	Series 2004-8, Class 1A1, 4.75%, 08/25/2019		13
	5	Series 2004-8, Class PO, PO, 08/25/2019 (bb)		5

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	1,868	MASTR Reperforming Loan Trust, Series 2005-2, Class 1A1F, 1.68%, 05/25/2035 (e) (z)		1,571
	213	MASTR Resecuritization Trust, Series 2005-PO, Class 3PO, PO, 05/28/2035 (e) (bb)		173
		Merrill Lynch Mortgage Investors Trust,
	146	Series 2003-E, Class A1, 1.95%, 10/25/2028 (z)		142
	1,585	Series 2003-F, Class A1, 1.97%, 10/25/2028 (z)		1,554
	395	Series 2004-1, Class 2A1, 3.17%, 12/25/2034 (z)		398
	280	Series 2004-A, Class A1, 1.79%, 04/25/2029 (z)		277
	2	ML Trust XLVII, Series 47, Class Z, 8.99%, 10/20/2020 (bb)		2
	341	NACC Reperforming Loan REMIC Trust, Series 2004-R2, Class A1, 6.50%, 10/25/2034 (e) (z)		345
		Nomura Asset Acceptance Corp. Alternative Loan Trust,
	145	Series 2003-A1, Class A1, 5.50%, 05/25/2033		147
	92	Series 2003-A1, Class A2, 6.00%, 05/25/2033		93
	34	Series 2003-A1, Class A5, 7.00%, 04/25/2033		35
	2	PaineWebber CMO Trust, Series P, Class 4, 8.50%, 08/01/2019		2
	112	Provident Funding Mortgage Loan Trust, Series 2005-1, Class 2A1, 3.47%, 05/25/2035 (z)		110
		RALI Trust,
	5	Series 2003-QS3, Class A2, IF, 13.58%, 02/25/2018 (z)		5
	32	Series 2003-QS9, Class A3, IF, IO, 6.22%, 05/25/2018 (z) (bb)		—	(h)
	32	Series 2003-QS12, Class A2A, IF, IO, 6.27%, 06/25/2018 (z) (bb)		—	(h)
	10	Series 2003-QS12, Class A5, IO, 5.00%, 06/25/2018 (bb)		—	(h)
	136	Series 2003-QS14, Class A1, 5.00%, 07/25/2018		136
	43	Series 2003-QS18, Class A1, 5.00%, 09/25/2018		43
	1,158	Series 2004-QA6, Class NB2, 3.77%, 12/26/2034 (z)		1,020
		RBSSP Resecuritization Trust,
	125	Series 2009-2, Class 1A1, 7.00%, 08/26/2037 (e) (z)		128
	349	Series 2009-12, Class 1A1, 5.61%, 11/25/2033 (e) (z)		358
		Residential Asset Securitization Trust,
	5	Series 2003-A14, Class A1, 4.75%, 02/25/2019		4
	1,737	Series 2005-A2, Class A4, IF, IO, 3.72%, 03/25/2035 (z) (bb)		158
	430	Series 2006-A4, Class 2A5, 6.00%, 05/25/2036		417
		RFMSI Trust,
	6	Series 2003-S14, Class A4, PO, 07/25/2018 (bb)		6
	20	Series 2004-S3, Class A1, 4.75%, 03/25/2019		20
	20	Series 2004-S9, Class 2A1, 4.75%, 12/25/2019		20
	363	Series 2005-SA4, Class 1A1, 3.55%, 09/25/2035 (z)		328
	485	Structured Asset Mortgage Investments II Trust, Series 2004-AR5, Class 1A1, 1.94%, 10/19/2034 (z)		468
		Structured Asset Securities Corp. Mortgage Pass-Through Certificates,
	504	Series 2003-33H, Class 1A1, 5.50%, 10/25/2033		513
	802	Series 2004-5H, Class A4, 5.54%, 12/25/2033		820
	63	Structured Asset Securities Corp. Trust, Series 2005-10, Class 5A9, 5.25%, 12/25/2034		62
		Thornburg Mortgage Securities Trust,
	245	Series 2003-4, Class A1, 1.97%, 09/25/2043 (z)		237
	619	Series 2004-4, Class 3A, 2.91%, 12/25/2044 (z)		621
		Vendee Mortgage Trust,
	274	Series 1994-1, Class 1, 5.35%, 02/15/2024 (z)		288
	361	Series 1994-1, Class 2ZB, 6.50%, 02/15/2024		390
	405	Series 1996-1, Class 1Z, 6.75%, 02/15/2026		450
	319	Series 1996-2, Class 1Z, 6.75%, 06/15/2026		352
	571	Series 1997-1, Class 2Z, 7.50%, 02/15/2027		644
	665	Series 1998-1, Class 2E, 7.00%, 03/15/2028		756
	1,316	Series 1999-1, Class 2Z, 6.50%, 01/15/2029		1,449

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	5,991	Series 2003-2, Class Z, 5.00%, 05/15/2033		6,496
	1,132	WaMu Mortgage Pass-Through Certificates, Series 2004-RS2, Class A4, 5.00%, 11/25/2033		1,149
		WaMu Mortgage Pass-Through Certificates Trust,
	91	Series 2003-AR8, Class A, 3.23%, 08/25/2033 (z)		92
	1,340	Series 2003-AR9, Class 1A6, 3.32%, 09/25/2033 (z)		1,365
	215	Series 2003-AR9, Class 2A, 3.36%, 09/25/2033 (z)		217
	17	Series 2003-S8, Class A6, 4.50%, 09/25/2018		17
	638	Series 2003-S9, Class A8, 5.25%, 10/25/2033		665
	56	Series 2003-S9, Class P, PO, 10/25/2033 (bb)		49
	116	Series 2004-AR3, Class A1, 3.16%, 06/25/2034 (z)		118
	97	Series 2004-AR3, Class A2, 3.16%, 06/25/2034 (z)		99
	124	Series 2006-AR10, Class 2P, 3.35%, 09/25/2036 (z) (bb)		107
	126	Series 2006-AR12, Class 2P, 2.77%, 10/25/2036 (z) (bb)		117
		Washington Mutual Mortgage Pass-Through Certificates WMALT Trust,
	5,422	Series 2005-2, Class 1A4, IF, IO, 3.72%, 04/25/2035 (z)		637
	1,343	Series 2005-2, Class 2A3, IF, IO, 3.67%, 04/25/2035 (z) (bb)		160
	1,461	Series 2005-3, Class CX, IO, 5.50%, 05/25/2035 (bb)		286
	1,724	Series 2005-4, Class CB7, 5.50%, 06/25/2035		1,645
	1,397	Series 2005-4, Class CX, IO, 5.50%, 06/25/2035 (bb)		275
	386	Series 2005-6, Class 2A4, 5.50%, 08/25/2035		374
	2,470	Series 2005-6, Class 2A9, 5.50%, 08/25/2035		2,393
		Wells Fargo Mortgage-Backed Securities Trust,
	108	Series 2003-K, Class 1A1, 3.57%, 11/25/2033 (z)		110
	205	Series 2003-K, Class 1A2, 3.57%, 11/25/2033 (z)		208
	214	Series 2004-EE, Class 2A1, 3.42%, 12/25/2034 (z)		217
	280	Series 2004-EE, Class 3A1, 3.76%, 12/25/2034 (z)		290
	1,230	Series 2004-P, Class 2A1, 3.54%, 09/25/2034 (z)		1,259
	223	Series 2004-V, Class 1A1, 3.48%, 10/25/2034 (z)		226
	80	Series 2005-16, Class APO, PO, 01/25/2036 (bb)		68
	2,092	Series 2005-AR3, Class 1A1, 3.45%, 03/25/2035 (z)		2,147
	234	Series 2005-AR8, Class 2A1, 3.47%, 06/25/2035 (z)		240
	213	Series 2005-AR16, Class 2A1, 3.42%, 02/25/2034 (z)		218
	322	Series 2006-2, Class APO, PO, 03/25/2036 (bb)		270
	120	Series 2006-4, Class 1APO, PO, 04/25/2036 (bb)		108
	484	Series 2007-7, Class A7, 6.00%, 06/25/2037		481
	152	Series 2007-11, Class A14, 6.00%, 08/25/2037		152
		Total Collateralized Mortgage Obligations (Cost $336,972)		354,478
	Commercial Mortgage-Backed Securities — 5.0%
	12	A10 Securitization LLC, Series 2015-1, Class A2, 3.13%, 04/15/2034 (e)		12
		BAMLL Commercial Mortgage Securities Trust,
	560	Series 2012-PARK, Class A, 2.96%, 12/10/2030 (e)		567
	1,300	Series 2014-520M, Class C, 4.35%, 08/15/2046 (e) (z)		1,265
		BAMLL Re-REMIC Trust,
	1,950	Series 2014-FRR5, Class A714, PO, 01/27/2047 (e)		1,731
	2,600	Series 2016-FR16, Class A, 1.00%, 05/27/2021 (e) (z)		2,383
		BB-UBS Trust,
	4,400	Series 2012-SHOW, Class A, 3.43%, 11/05/2036 (e)		4,462
	483	Series 2012-TFT, Class A, 2.89%, 06/05/2030 (e)		476
	405	Bear Stearns Commercial Mortgage Securities Trust, Series 2005-PWR8, Class X1, IO, 0.52%, 06/11/2041 (e) (z)		4
	2,453	CD Commercial Mortgage Trust, Series 2007-CD4, Class XC, IO, 0.75%, 12/11/2049 (e) (z)		7

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
	1,152	COBALT CMBS Commercial Mortgage Trust, Series 2006-C1, Class IO, IO, 1.07%, 08/15/2048 (z) (bb)		10
		Commercial Mortgage Trust,
	124	Series 2006-GG7, Class AM, 5.96%, 07/10/2038 (z)		125
	2,513	Series 2012-CR2, Class XA, IO, 1.82%, 08/15/2045 (z) (bb)		160
	3,500	Series 2013-300P, Class A1, 4.35%, 08/10/2030 (e)		3,759
	1,060	Series 2013-SFS, Class A2, 3.09%, 04/12/2035 (e) (z)		1,062
	1,400	Series 2014-TWC, Class A, 2.09%, 02/13/2032 (e) (z)		1,401
	1,156	Series 2015-CR24, Class A5, 3.70%, 08/10/2048		1,203
	2,812	Series 2015-CR25, Class A4, 3.76%, 08/10/2048		2,938
		FHLMC Multifamily Structured Pass-Through Certificates,
	3,560	Series K052, Class A2, 3.15%, 11/25/2025		3,653
	2,467	Series K065, Class A2, 3.24%, 04/25/2027		2,531
	1,322	Series K065, Class AM, 3.33%, 05/25/2027		1,353
	1,748	Series K070, Class A2, 1.00%, 11/25/2027 (w) (z)		1,800
	703	Series KJ02, Class A2, 2.60%, 09/25/2020		708
	2,759	Series KJ09, Class A2, 2.84%, 09/25/2022		2,805
	5,500	Series KPLB, Class A, 2.77%, 05/25/2025		5,484
	1,000	Series KS01, Class A2, 2.52%, 01/25/2023		1,001
		FNMA ACES,
	2,604	Series 2010-M3, Class A3, 4.33%, 03/25/2020 (z)		2,692
	32	Series 2011-M2, Class A2, 3.65%, 04/25/2021		32
	8,500	Series 2011-M2, Class A3, 3.76%, 04/25/2021		8,849
	106	Series 2012-M11, Class FA, 1.74%, 08/25/2019 (z)		107
	1,878	Series 2013-M7, Class A2, 2.28%, 12/27/2022		1,863
	2,500	Series 2014-M3, Class A2, 3.50%, 01/25/2024 (z)		2,619
	8,555	Series 2015-M10, Class A2, 3.09%, 04/25/2027 (z)		8,668
	6,250	Series 2017-M3, Class A2, 2.57%, 12/25/2026 (z)		6,048
	3,376	Series 2017-M5, Class A2, 3.30%, 04/25/2029		3,409
	3,815	Series 2017-M8, Class A2, 3.06%, 05/25/2027 (z)		3,854
	4,864	FNMA Grantor Trust, Series 2017-T1, Class A, 2.90%, 06/25/2027		4,810
		FORT CRE LLC,
	1,256	Series 2016-1A, Class B, 4.04%, 05/21/2036 (e) (z)		1,265
	1,887	Series 2016-1A, Class C, 4.54%, 05/21/2036 (e) (z)		1,899
	1,218	GS Mortgage Securities Corp. II, Series 2013-KING, Class A, 2.71%, 12/10/2027 (e)		1,226
	400	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2006-LDP9, Class AMS, 5.34%, 05/15/2047		402
	998	Ladder Capital Commercial Mortgage Trust, Series 2013-GCP, Class A2, 3.99%, 02/15/2036 (e)		1,040
	2,687	LB-UBS Commercial Mortgage Trust, Series 2006-C7, Class XW, IO, 0.91%, 11/15/2038 (e) (z) (bb)		5
	775	ML-CFC Commercial Mortgage Trust, Series 2006-4, Class XC, IO, 0.71%, 12/12/2049 (e) (z) (bb)		—	(h)
	2,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C14, Class A3, 3.67%, 02/15/2047		2,062
		Morgan Stanley Capital I Trust,
	4,000	Series 2006-IQ12, Class X1, IO, 0.65%, 12/15/2043 (e) (z) (bb)		—	(h)
	11,018	Series 2007-HQ11, Class X, IO, 0.43%, 02/12/2044 (e) (z) (bb)		138
	639	Series 2011-C3, Class A3, 4.05%, 07/15/2049		657
		Morgan Stanley Re-REMIC Trust,
	232	Series 2012-IO, Class AXA, 1.00%, 03/27/2051 (e)		233
	1,431	Series 2012-XA, Class B, 0.25%, 07/27/2049 (e) (bb)		1,362
		PFP Ltd., (Cayman Islands),
	577	Series 2015-2, Class A, 2.70%, 07/14/2034 (e) (z)		578
	1,055	Series 2015-2, Class C, 4.50%, 07/14/2034 (e) (z) (bb)		1,056
	730	Series 2015-2, Class D, 5.25%, 07/14/2034 (e) (z) (bb)		731

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
	1,805	RAIT Trust, Series 2015-FL5, Class B, 5.15%, 01/15/2031 (e) (z) (bb)		1,807
	664	RBS Commercial Funding, Inc. Trust, Series 2013-SMV, Class A, 3.26%, 03/11/2031 (e)		666
		Resource Capital Corp. Ltd., (Cayman Islands),
	157	Series 2015-CRE4, Class A, 2.65%, 08/15/2032 (e) (z)		157
	1,151	Series 2015-CRE4, Class B, 4.25%, 08/15/2032 (e) (z) (bb)		1,139
	2,236	UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.66%, 06/10/2030 (e)		2,273
		UBS-Barclays Commercial Mortgage Trust,
	1,053	Series 2012-C2, Class A4, 3.53%, 05/10/2063		1,090
	7,507	Series 2012-C2, Class XA, IO, 1.53%, 05/10/2063 (e) (z) (bb)		373
	857	Series 2013-C6, Class A4, 3.24%, 04/10/2046		875
		VNDO Mortgage Trust,
	1,398	Series 2012-6AVE, Class A, 3.00%, 11/15/2030 (e)		1,413
	5,000	Series 2013-PENN, Class A, 3.81%, 12/13/2029 (e)		5,175
		Wells Fargo Commercial Mortgage Trust,
	2,500	Series 2013-120B, Class A, 2.80%, 03/18/2028 (e) (z)		2,507
	1,094	Series 2015-C30, Class A4, 3.66%, 09/15/2058		1,136
		WFRBS Commercial Mortgage Trust,
	1,700	Series 2011-C3, Class A4, 4.38%, 03/15/2044 (e)		1,790
	800	Series 2012-C6, Class A4, 3.44%, 04/15/2045		823
	400	Series 2013-C11, Class D, 4.41%, 03/15/2045 (e) (z) (bb)		380
		Total Commercial Mortgage-Backed Securities (Cost $116,189)		118,109
	Corporate Bonds — 26.0%
		Consumer Discretionary — 1.5%
		Automobiles — 0.3%
		Daimler Finance North America LLC, (Germany),
	532	1.88%, 01/11/2018 (e)		532
	305	2.25%, 03/02/2020 (e)		304
	981	2.38%, 08/01/2018 (e)		984
	1,500	Ford Motor Co., 7.45%, 07/16/2031		1,946
	2,286	General Motors Co., 6.60%, 04/01/2036		2,737
		Hyundai Capital America,
	526	2.40%, 10/30/2018 (e)		525
	1,000	3.00%, 03/18/2021 (e)		999
				8,027
		Diversified Consumer Services — 0.0% (g)
	643	President & Fellows of Harvard College, 3.30%, 07/15/2056		622
		Hotels, Restaurants & Leisure — 0.1%
	412	Darden Restaurants, Inc., 3.85%, 05/01/2027		417
	900	McDonald’s Corp., 4.70%, 12/09/2035		1,003
				1,420
		Internet & Direct Marketing Retail — 0.1%
	1,435	Amazon.com, Inc., 4.80%, 12/05/2034		1,654
		Media — 0.9%
		21st Century Fox America, Inc.,
	100	6.20%, 12/15/2034		123
	400	6.65%, 11/15/2037		520
	250	6.90%, 08/15/2039		333
	430	8.88%, 04/26/2023		542
		CBS Corp.,
	792	4.00%, 01/15/2026		807
	140	4.85%, 07/01/2042		143
		Charter Communications Operating LLC,
	1,797	4.91%, 07/23/2025		1,898
	703	6.38%, 10/23/2035		809
		Comcast Corp.,
	871	4.00%, 11/01/2049 (e)		866
	387	4.05%, 11/01/2052 (e)		382
	555	4.20%, 08/15/2034		587
	2,383	6.50%, 11/15/2035		3,181
	275	Cox Communications, Inc., 4.60%, 08/15/2047 (e)		274
	450	Cox Enterprises, Inc., 7.38%, 07/15/2027 (e)		553
	569	Discovery Communications LLC, 6.35%, 06/01/2040		648
		Grupo Televisa SAB, (Mexico),
	221	4.63%, 01/30/2026		234
	200	6.13%, 01/31/2046		234

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Media — continued
		Historic TW, Inc.,
	300	7.57%, 02/01/2024		371
	1,197	9.15%, 02/01/2023		1,542
	800	NBCUniversal Media LLC, 5.95%, 04/01/2041		1,018
		Time Warner Cable LLC,
	800	4.13%, 02/15/2021		823
	359	5.50%, 09/01/2041		374
	400	6.55%, 05/01/2037		458
	1,410	Time Warner Entertainment Co. LP, 8.38%, 07/15/2033		1,915
		Time Warner, Inc.,
	500	3.60%, 07/15/2025		502
	313	5.38%, 10/15/2041		338
	150	6.20%, 03/15/2040		178
	172	6.25%, 03/29/2041		208
		Viacom, Inc.,
	67	3.25%, 03/15/2023		65
	1,643	3.88%, 04/01/2024		1,629
	464	4.38%, 03/15/2043		387
	256	4.85%, 12/15/2034		242
				22,184
		Multiline Retail — 0.0% (g)
	350	Target Corp., 2.50%, 04/15/2026		334
		Specialty Retail — 0.1%
	196	Home Depot, Inc. (The), 3.50%, 09/15/2056		180
	739	Lowe’s Cos., Inc., 4.65%, 04/15/2042		830
	432	O’Reilly Automotive, Inc., 3.60%, 09/01/2027		433
				1,443
		Total Consumer Discretionary		35,684
		Consumer Staples — 1.1%
		Beverages — 0.5%
		Anheuser-Busch InBev Finance, Inc., (Belgium),
	94	1.90%, 02/01/2019		94
	4,522	3.30%, 02/01/2023		4,636
	2,633	3.65%, 02/01/2026		2,701
	1,430	4.70%, 02/01/2036		1,583
	1,135	4.90%, 02/01/2046		1,279
	1,123	Anheuser-Busch InBev Worldwide, Inc., (Belgium), 4.44%, 10/06/2048		1,185
	250	Coca-Cola Femsa SAB de CV, (Mexico), 3.88%, 11/26/2023		258
	255	Diageo Investment Corp., (United Kingdom), 8.00%, 09/15/2022		314
	250	Dr Pepper Snapple Group, Inc., 3.43%, 06/15/2027 (e)		250
	534	PepsiCo, Inc., 4.45%, 04/14/2046		594
				12,894
		Food & Staples Retailing — 0.2%
	725	CVS Health Corp., 4.00%, 12/05/2023		755
		Kroger Co. (The),
	491	6.90%, 04/15/2038		623
	589	7.50%, 04/01/2031		769
	291	Sysco Corp., 3.75%, 10/01/2025		302
	200	Walgreen Co., 4.40%, 09/15/2042		196
		Walgreens Boots Alliance, Inc.,
	100	3.80%, 11/18/2024		102
	386	4.50%, 11/18/2034		400
	400	4.80%, 11/18/2044		418
		Wal-Mart Stores, Inc.,
	500	3.63%, 12/15/2047		515
	350	7.55%, 02/15/2030		510
				4,590
		Food Products — 0.4%
	95	Bunge Ltd. Finance Corp., 3.50%, 11/24/2020		97
	600	Cargill, Inc., 3.30%, 03/01/2022 (e)		612
	400	Kellogg Co., 3.40%, 11/15/2027		396
		Kraft Heinz Foods Co.,
	414	3.50%, 06/06/2022		423
	400	3.95%, 07/15/2025		412
	694	5.00%, 06/04/2042		729
	2,353	6.88%, 01/26/2039		3,020
		McCormick & Co., Inc.,
	179	3.15%, 08/15/2024		180
	264	3.40%, 08/15/2027		266
		Mead Johnson Nutrition Co., (United Kingdom),
	317	3.00%, 11/15/2020		322
	153	4.13%, 11/15/2025		163
		Tyson Foods, Inc.,
	777	3.95%, 08/15/2024		815
	1,100	4.88%, 08/15/2034		1,212
				8,647
		Tobacco — 0.0% (g)
	342	BAT Capital Corp., (United Kingdom), 4.39%, 08/15/2037 (e)		353

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Tobacco — continued
	100	Reynolds American, Inc., (United Kingdom), 7.00%, 08/04/2041		134
				487
		Total Consumer Staples		26,618
		Energy — 3.1%
		Energy Equipment & Services — 0.1%
	300	Baker Hughes a GE Co. LLC, 5.13%, 09/15/2040		350
	1,000	Halliburton Co., 7.45%, 09/15/2039		1,401
		Nabors Industries, Inc.,
	200	4.63%, 09/15/2021		191
	200	5.00%, 09/15/2020		202
		Schlumberger Holdings Corp.,
	649	3.63%, 12/21/2022 (e)		669
	200	4.00%, 12/21/2025 (e)		209
	441	Schlumberger Investment SA, 3.30%, 09/14/2021 (e)		452
				3,474
		Oil, Gas & Consumable Fuels — 3.0%
	330	Anadarko Petroleum Corp., 8.70%, 03/15/2019		356
	268	Andeavor Logistics LP, 4.25%, 12/01/2027		268
		Apache Corp.,
	138	3.25%, 04/15/2022		139
	556	4.75%, 04/15/2043		563
	732	APT Pipelines Ltd., (Australia), 4.25%, 07/15/2027 (e)		759
	235	BG Energy Capital plc, (United Kingdom), 5.13%, 10/15/2041 (e)		279
		Boardwalk Pipelines LP,
	338	4.95%, 12/15/2024		359
	318	5.95%, 06/01/2026		354
		BP Capital Markets plc, (United Kingdom),
	1,982	3.22%, 04/14/2024		2,019
	375	3.28%, 09/19/2027		376
	451	3.51%, 03/17/2025		464
	1,337	3.81%, 02/10/2024		1,407
		Buckeye Partners LP,
	95	3.95%, 12/01/2026		93
	500	4.35%, 10/15/2024		512
	330	4.88%, 02/01/2021		348
	770	5.85%, 11/15/2043		824
	350	Canadian Natural Resources Ltd., (Canada), 6.45%, 06/30/2033		422
	186	Carlyle Promissory Note, 3.36%, 07/15/2019 (bb)		184
		Cenovus Energy, Inc., (Canada),
	356	4.45%, 09/15/2042		323
	1,509	6.75%, 11/15/2039		1,777
		Chevron Corp.,
	560	2.36%, 12/05/2022		554
	1,200	2.57%, 05/16/2023		1,196
	215	2.90%, 03/03/2024		217
	1,852	CNOOC Finance 2015 Australia Pty. Ltd., (China), 2.63%, 05/05/2020		1,850
	1,789	CNOOC Nexen Finance 2014 ULC, (China), 4.25%, 04/30/2024		1,894
	230	Conoco Funding Co., 7.25%, 10/15/2031		315
		ConocoPhillips,
	200	5.90%, 10/15/2032		247
	200	6.50%, 02/01/2039		270
		ConocoPhillips Co.,
	964	4.20%, 03/15/2021		1,016
	945	4.95%, 03/15/2026		1,065
	750	Devon Energy Corp., 3.25%, 05/15/2022		763
		Ecopetrol SA, (Colombia),
	533	4.13%, 01/16/2025		537
	773	5.38%, 06/26/2026		829
	226	5.88%, 09/18/2023		252
		Enbridge, Inc., (Canada),
	215	3.70%, 07/15/2027		215
	350	5.50%, 12/01/2046		403
		Encana Corp., (Canada),
	545	6.50%, 05/15/2019		575
	150	6.50%, 08/15/2034		183
	760	7.38%, 11/01/2031		970
		Energy Transfer LP,
	143	3.60%, 02/01/2023		143
	964	4.05%, 03/15/2025		965
	321	4.75%, 01/15/2026		334
	305	4.90%, 02/01/2024		323
	531	5.00%, 10/01/2022		568
	375	6.05%, 06/01/2041		397
	364	6.50%, 02/01/2042		408
	925	Eni SpA, (Italy), 5.70%, 10/01/2040 (e)		985
		EnLink Midstream Partners LP,
	400	4.15%, 06/01/2025		403
	500	5.05%, 04/01/2045		482

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
		Enterprise Products Operating LLC,
	506	3.70%, 02/15/2026		516
	343	3.75%, 02/15/2025		352
	475	3.90%, 02/15/2024		493
	333	3.95%, 02/15/2027		346
	199	4.85%, 03/15/2044		211
	155	4.95%, 10/15/2054		165
	318	5.10%, 02/15/2045		352
	201	5.95%, 02/01/2041		243
	902	EOG Resources, Inc., 5.10%, 01/15/2036		1,039
	950	Gulf South Pipeline Co. LP, 4.00%, 06/15/2022		980
	900	Hess Corp., 7.13%, 03/15/2033		1,074
		Kerr-McGee Corp.,
	200	6.95%, 07/01/2024		236
	1,700	7.88%, 09/15/2031		2,244
		Magellan Midstream Partners LP,
	353	3.20%, 03/15/2025		347
	1,127	5.15%, 10/15/2043		1,257
	250	6.55%, 07/15/2019		266
	833	Marathon Oil Corp., 2.80%, 11/01/2022		822
	578	Marathon Petroleum Corp., 3.63%, 09/15/2024		587
		MPLX LP,
	259	4.88%, 12/01/2024		278
	323	5.20%, 03/01/2047		341
		Noble Energy, Inc.,
	294	5.63%, 05/01/2021		301
	314	6.00%, 03/01/2041		366
	1,022	Occidental Petroleum Corp., 3.50%, 06/15/2025		1,050
		ONEOK Partners LP,
	515	3.20%, 09/15/2018		519
	151	3.38%, 10/01/2022		153
	2,000	4.90%, 03/15/2025		2,140
	334	5.00%, 09/15/2023		358
	350	6.65%, 10/01/2036		422
	450	8.63%, 03/01/2019		483
		Petro-Canada, (Canada),
	324	6.05%, 05/15/2018		330
	1,295	6.80%, 05/15/2038		1,747
		Petroleos Mexicanos, (Mexico),
	393	4.88%, 01/18/2024		410
	158	5.50%, 06/27/2044		148
	617	5.63%, 01/23/2046		577
	647	6.38%, 02/04/2021		705
	846	6.38%, 01/23/2045		863
	250	6.63%, 06/15/2035		270
	313	6.75%, 09/21/2047		330
	1,710	6.88%, 08/04/2026		1,951
		Plains All American Pipeline LP,
	1,000	3.60%, 11/01/2024		968
	323	3.65%, 06/01/2022		325
	2,500	4.65%, 10/15/2025		2,550
	1,480	4.90%, 02/15/2045		1,372
	831	Sinopec Group Overseas Development 2013 Ltd., (China), 4.38%, 10/17/2023 (e)		887
	452	Spectra Energy Partners LP, 5.95%, 09/25/2043		541
		Statoil ASA, (Norway),
	456	3.25%, 11/10/2024		466
	253	4.25%, 11/23/2041		268
	180	Suncor Energy, Inc., (Canada), 5.95%, 12/01/2034		224
		Sunoco Logistics Partners Operations LP,
	244	3.90%, 07/15/2026		239
	259	4.25%, 04/01/2024		265
	170	5.30%, 04/01/2044		166
	1,133	5.35%, 05/15/2045		1,110
	400	6.10%, 02/15/2042		420
	391	TC PipeLines LP, 3.90%, 05/25/2027		391
	554	Texas Eastern Transmission LP, 2.80%, 10/15/2022 (e)		551
		Tosco Corp.,
	310	7.80%, 01/01/2027		409
	400	8.13%, 02/15/2030		560
		TransCanada PipeLines Ltd., (Canada),
	394	4.88%, 01/15/2026		441
	1,100	7.25%, 08/15/2038		1,575
	250	Valero Energy Corp., 7.50%, 04/15/2032		333
		Western Gas Partners LP,
	74	5.38%, 06/01/2021		79
	280	5.45%, 04/01/2044		292
	512	Williams Partners LP, 3.90%, 01/15/2025		521
				70,410
		Total Energy		73,884

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Financials — 10.2%
		Banks — 4.3%
	1,216	ABN AMRO Bank NV, (Netherlands), 4.75%, 07/28/2025 (e)		1,286
		ANZ New Zealand Int’l Ltd., (New Zealand),
	750	2.60%, 09/23/2019 (e)		754
	402	2.85%, 08/06/2020 (e)		406
		Australia & New Zealand Banking Group Ltd., (Australia),
	263	4.40%, 05/19/2026 (e)		274
	228	4.88%, 01/12/2021 (e)		244
		Bank of America Corp.,
	600	2.00%, 01/11/2018		600
	1,052	2.50%, 10/21/2022		1,038
	1,855	(ICE LIBOR USD 3 Month + 1.02%), 2.88%, 04/24/2023 (aa)		1,857
	1,189	3.25%, 10/21/2027		1,175
	1,473	3.30%, 01/11/2023		1,504
	1,700	(ICE LIBOR USD 3 Month + 1.51%), 3.70%, 04/24/2028 (aa)		1,741
	4,752	3.88%, 08/01/2025		4,981
	972	4.00%, 04/01/2024		1,026
	700	4.00%, 01/22/2025		723
	547	4.13%, 01/22/2024		581
	851	4.25%, 10/22/2026		893
	542	4.45%, 03/03/2026		575
	740	5.63%, 07/01/2020		798
	645	5.65%, 05/01/2018		655
	420	5.75%, 12/01/2017		420
	794	6.88%, 04/25/2018		810
	875	7.63%, 06/01/2019		943
	799	Series L, 2.25%, 04/21/2020		797
	760	Series L, 2.65%, 04/01/2019		765
	921	Series L, 3.95%, 04/21/2025		947
		Barclays plc, (United Kingdom),
	419	3.20%, 08/10/2021		423
	1,808	3.65%, 03/16/2025		1,804
	1,008	3.68%, 01/10/2023		1,023
	400	4.38%, 01/12/2026		416
	435	5.25%, 08/17/2045		493
	740	BB&T Corp., 5.25%, 11/01/2019		780
		BNZ International Funding Ltd., (New Zealand),
	450	2.10%, 09/14/2021 (e)		441
	632	2.65%, 11/03/2022 (e)		626
	952	Canadian Imperial Bank of Commerce, (Canada), 2.25%, 07/21/2020 (e)		952
	1,950	Capital One Bank USA NA, 3.38%, 02/15/2023		1,971
		Capital One NA,
	978	2.35%, 08/17/2018		980
	850	2.40%, 09/05/2019		850
		Citigroup, Inc.,
	1,210	2.05%, 12/07/2018		1,210
	1,096	2.15%, 07/30/2018		1,098
	115	2.35%, 08/02/2021		114
	500	2.40%, 02/18/2020		500
	778	2.70%, 03/30/2021		781
	1,000	3.40%, 05/01/2026		1,002
	1,900	3.70%, 01/12/2026		1,947
	500	3.88%, 03/26/2025		509
	1,200	4.30%, 11/20/2026		1,249
	569	4.40%, 06/10/2025		598
	1,000	4.75%, 05/18/2046		1,073
	106	5.30%, 05/06/2044		121
	865	5.50%, 09/13/2025		973
	321	5.88%, 01/30/2042		411
	250	6.63%, 01/15/2028		308
	223	8.13%, 07/15/2039		348
	148	Comerica, Inc., 3.80%, 07/22/2026		149
	832	Commonwealth Bank of Australia, (Australia), 4.50%, 12/09/2025 (e)		870
		Cooperatieve Rabobank UA, (Netherlands),
	1,488	4.38%, 08/04/2025		1,567
	500	5.80%, 09/30/2110 (e)		635
	1,250	Credit Agricole SA, (France), 4.38%, 03/17/2025 (e)		1,306
		Credit Suisse Group Funding Guernsey Ltd., (Switzerland),
	250	2.75%, 03/26/2020		251
	340	3.75%, 03/26/2025		347
	800	3.80%, 06/09/2023		827
		Discover Bank,
	343	3.10%, 06/04/2020		348
	1,205	4.25%, 03/13/2026		1,252
	887	Series AI, 4.20%, 08/08/2023		934
		Fifth Third Bank,
	600	2.38%, 04/25/2019		602
	340	2.88%, 10/01/2021		344

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
	575	HSBC Bank plc, (United Kingdom), 4.75%, 01/19/2021 (e)		613
		HSBC Holdings plc, (United Kingdom),
	2,212	2.65%, 01/05/2022		2,202
	473	(ICE LIBOR USD 3 Month + 0.92%), 3.03%, 11/22/2023 (aa)		475
	1,854	3.60%, 05/25/2023		1,915
	200	3.90%, 05/25/2026		207
	1,056	4.00%, 03/30/2022		1,108
	939	4.25%, 08/18/2025		975
	321	Huntington Bancshares, Inc., 3.15%, 03/14/2021		326
		Huntington National Bank (The),
	250	2.00%, 06/30/2018		250
	858	2.88%, 08/20/2020		868
	859	Intesa Sanpaolo SpA, (Italy), 3.88%, 07/14/2027 (e)		859
	729	KeyBank NA, 3.18%, 05/22/2022		738
		Lloyds Banking Group plc, (United Kingdom),
	612	3.00%, 01/11/2022		613
	381	3.75%, 01/11/2027		387
	400	4.58%, 12/10/2025		420
	2,100	Manufacturers & Traders Trust Co., 6.63%, 12/04/2017		2,100
	422	Mitsubishi UFJ Financial Group, Inc., (Japan), 2.95%, 03/01/2021		427
		Mizuho Bank Ltd., (Japan),
	393	1.80%, 03/26/2018 (e)		393
	623	2.65%, 09/25/2019 (e)		627
	742	Mizuho Financial Group, Inc., (Japan), 2.63%, 04/12/2021 (e)		739
	270	MUFG Americas Holdings Corp., 2.25%, 02/10/2020		269
	945	Nordea Bank AB, (Sweden), 4.25%, 09/21/2022 (e)		995
		PNC Bank NA,
	490	1.95%, 03/04/2019		489
	400	6.88%, 04/01/2018		407
		PNC Financial Services Group, Inc. (The),
	864	4.38%, 08/11/2020		909
	298	6.70%, 06/10/2019		318
	964	Regions Financial Corp., 3.20%, 02/08/2021		982
	337	Royal Bank of Canada, (Canada), 4.65%, 01/27/2026		361
		Santander UK Group Holdings plc, (United Kingdom),
	452	3.13%, 01/08/2021		457
	200	3.57%, 01/10/2023		203
	400	4.75%, 09/15/2025 (e)		419
	850	Societe Generale SA, (France), 2.50%, 04/08/2021 (e)		848
	927	SpareBank 1 Boligkreditt A/S, (Norway), 1.75%, 11/15/2019 (e)		916
	1,148	Stadshypotek AB, (Sweden), 1.88%, 10/02/2019 (e)		1,141
		Standard Chartered plc, (United Kingdom),
	769	4.05%, 04/12/2026 (e)		789
	700	5.20%, 01/26/2024 (e)		751
		Sumitomo Mitsui Financial Group, Inc., (Japan),
	872	2.63%, 07/14/2026		825
	542	2.78%, 10/18/2022		540
	253	SunTrust Banks, Inc., 2.90%, 03/03/2021		256
		Toronto-Dominion Bank (The), (Canada),
	114	1.80%, 07/13/2021		112
	115	2.13%, 04/07/2021		114
	521	2.25%, 11/05/2019		522
		UBS Group Funding Switzerland AG, (Switzerland),
	200	(ICE LIBOR USD 3 Month + 0.95%), 2.86%, 08/15/2023 (e) (aa)		198
	269	3.49%, 05/23/2023 (e)		274
	300	4.13%, 09/24/2025 (e)		314
	963	4.13%, 04/15/2026 (e)		1,008
	1,277	US Bancorp, 7.50%, 06/01/2026		1,648
	896	US Bank NA, 2.80%, 01/27/2025		888
	2,106	Wachovia Corp., 5.75%, 02/01/2018		2,120
		Wells Fargo & Co.,
	453	3.00%, 02/19/2025		449
	540	3.00%, 04/22/2026		526
	500	3.07%, 01/24/2023		504
	1,000	3.30%, 09/09/2024		1,014
	850	3.50%, 03/08/2022		876
	637	4.10%, 06/03/2026		662
	541	4.30%, 07/22/2027		570
	702	4.48%, 01/16/2024		753
	920	4.65%, 11/04/2044		986

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
	1,280	5.61%, 01/15/2044		1,556
				101,437
		Capital Markets — 2.8%
		Bank of New York Mellon Corp. (The),
	909	2.60%, 08/17/2020		917
	254	2.80%, 05/04/2026		248
	700	3.25%, 09/11/2024		712
	413	3.55%, 09/23/2021		430
	760	4.60%, 01/15/2020		798
	950	Series 0012, 3.65%, 02/04/2024		996
	429	Blackstone Holdings Finance Co. LLC, 4.45%, 07/15/2045 (e)		448
	234	Brookfield Finance, Inc., (Canada), 4.70%, 09/20/2047		239
	285	CME Group, Inc., 5.30%, 09/15/2043		359
		Credit Suisse AG, (Switzerland),
	728	2.30%, 05/28/2019		730
	271	3.00%, 10/29/2021		275
	402	3.63%, 09/09/2024		415
		Credit Suisse Group AG, (Switzerland),
	729	3.57%, 01/09/2023 (e)		742
	762	4.28%, 01/09/2028 (e)		790
		Deutsche Bank AG, (Germany),
	1,000	3.30%, 11/16/2022		998
	1,000	4.25%, 10/14/2021		1,040
	400	4.50%, 04/01/2025		406
	160	E*TRADE Financial Corp., 3.80%, 08/24/2027		159
	500	FMR LLC, 6.45%, 11/15/2039 (e)		665
		Goldman Sachs Group, Inc. (The),
	1,940	2.35%, 11/15/2021		1,908
	322	2.60%, 04/23/2020		323
	493	(ICE LIBOR USD 3 Month + 0.99%), 2.90%, 07/24/2023 (aa)		488
	2,473	(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 06/05/2023 (aa)		2,458
	557	3.50%, 01/23/2025		564
	469	3.50%, 11/16/2026		470
	2,093	(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 06/05/2028 (aa)		2,112
	1,984	3.75%, 05/22/2025		2,034
	830	3.85%, 01/26/2027		847
	1,415	4.25%, 10/21/2025		1,478
	1,786	5.38%, 03/15/2020		1,899
	1,200	5.75%, 01/24/2022		1,334
	2,890	5.95%, 01/18/2018		2,905
	685	6.75%, 10/01/2037		903
	2,678	7.50%, 02/15/2019		2,842
	949	Series D, 6.00%, 06/15/2020		1,029
		Intercontinental Exchange, Inc.,
	447	2.50%, 10/15/2018		449
	884	4.00%, 10/15/2023		941
		Invesco Finance plc,
	390	3.75%, 01/15/2026		404
	657	4.00%, 01/30/2024		695
		Jefferies Group LLC,
	1,015	5.13%, 04/13/2018		1,027
	1,010	6.45%, 06/08/2027		1,175
	880	6.88%, 04/15/2021		988
		Macquarie Bank Ltd., (Australia),
	896	2.60%, 06/24/2019 (e)		899
	1,000	2.85%, 07/29/2020 (e)		1,007
	1,000	4.00%, 07/29/2025 (e)		1,047
		Macquarie Group Ltd., (Australia),
	700	(ICE LIBOR USD 3 Month + 1.37%), 3.76%, 11/28/2028 (e) (aa)		697
	1,200	6.00%, 01/14/2020 (e)		1,283
	1,650	6.25%, 01/14/2021 (e)		1,815
		Morgan Stanley,
	1,064	2.50%, 04/21/2021		1,060
	500	2.65%, 01/27/2020		503
	1,250	3.70%, 10/23/2024		1,290
	2,365	3.75%, 02/25/2023		2,448
	946	3.88%, 01/27/2026		980
	2,873	4.00%, 07/23/2025		3,008
	1,550	4.10%, 05/22/2023		1,618
	480	4.35%, 09/08/2026		501
	1,574	5.00%, 11/24/2025		1,720
	475	5.50%, 07/24/2020		511
	559	5.50%, 07/28/2021		614
	1,265	5.63%, 09/23/2019		1,337
	906	5.75%, 01/25/2021		992
	1,400	6.63%, 04/01/2018		1,421
	970	7.30%, 05/13/2019		1,039
	369	State Street Corp., 3.10%, 05/15/2023		374
				66,804
		Consumer Finance — 1.0%
		AerCap Ireland Capital DAC, (Netherlands),
	390	3.50%, 05/26/2022		397

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Consumer Finance — continued
	600	3.50%, 01/15/2025		595
		American Express Credit Corp.,
	1,028	1.88%, 11/05/2018		1,028
	1,126	2.25%, 05/05/2021		1,119
	1,455	2.38%, 05/26/2020		1,457
	715	2.70%, 03/03/2022		718
		Capital One Financial Corp.,
	1,069	3.20%, 02/05/2025		1,058
	962	3.75%, 04/24/2024		989
	1,462	4.20%, 10/29/2025		1,496
		Ford Motor Credit Co. LLC,
	340	2.15%, 01/09/2018		340
	991	2.24%, 06/15/2018		992
	1,602	3.34%, 03/28/2022		1,623
	1,085	3.81%, 01/09/2024		1,107
	1,162	4.13%, 08/04/2025		1,195
		General Motors Financial Co., Inc.,
	489	3.10%, 01/15/2019		493
	1,275	3.45%, 01/14/2022		1,294
	1,091	3.45%, 04/10/2022		1,106
	640	3.50%, 11/07/2024		639
	1,230	3.70%, 05/09/2023		1,253
	1,400	3.95%, 04/13/2024		1,434
	460	4.00%, 01/15/2025		469
	550	4.30%, 07/13/2025		569
	875	4.35%, 01/17/2027		899
	207	HSBC Finance Corp., 7.35%, 11/27/2032		270
		John Deere Capital Corp.,
	893	2.80%, 03/06/2023		900
	233	3.15%, 10/15/2021		239
	660	Synchrony Financial, 4.25%, 08/15/2024		687
				24,366
		Diversified Financial Services — 0.9%
	6,783	GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/2035		7,205
		GTP Acquisition Partners I LLC,
	1,236	2.35%, 06/15/2020 (e)		1,228
	1,436	3.48%, 06/16/2025 (e)		1,430
	539	Hutchison Whampoa International 12 II Ltd., (Hong Kong), 3.25%, 11/08/2022 (e)		547
	606	Mitsubishi UFJ Lease & Finance Co. Ltd., (Japan), 2.65%, 09/19/2022 (e)		598
		National Rural Utilities Cooperative Finance Corp.,
	306	2.95%, 02/07/2024		308
	290	10.38%, 11/01/2018		312
	400	Nationwide Building Society, (United Kingdom), 4.00%, 09/14/2026 (e)		404
	553	ORIX Corp., (Japan), 2.90%, 07/18/2022		552
	681	Private Export Funding Corp., Series KK, 3.55%, 01/15/2024		727
		Shell International Finance BV, (Netherlands),
	2,854	4.00%, 05/10/2046		2,919
	2,069	4.13%, 05/11/2035		2,214
		Siemens Financieringsmaatschappij NV, (Germany),
	634	2.90%, 05/27/2022 (e)		642
	750	3.13%, 03/16/2024 (e)		762
	513	4.40%, 05/27/2045 (e)		562
				20,410
		Insurance — 1.1%
	520	AIG SunAmerica Global Financing X, 6.90%, 03/15/2032 (e)		697
		American International Group, Inc.,
	674	3.75%, 07/10/2025		691
	296	3.88%, 01/15/2035		290
	641	4.13%, 02/15/2024		676
	1,685	4.70%, 07/10/2035		1,817
	306	Aon Corp., 6.25%, 09/30/2040		397
		Athene Global Funding,
	1,055	2.75%, 04/20/2020 (e)		1,059
	515	4.00%, 01/25/2022 (e)		531
	1,574	Berkshire Hathaway Finance Corp., 4.40%, 05/15/2042		1,738
		CNA Financial Corp.,
	463	3.95%, 05/15/2024		480
	337	4.50%, 03/01/2026		359
	526	Dai-ichi Life Insurance Co. Ltd. (The), (Japan), (ICE LIBOR USD 3 Month + 3.66%), 4.00%, 07/24/2026 (e) (x) (y) (aa)		517
	700	Great-West Lifeco Finance Delaware LP, (Canada), 4.15%, 06/03/2047 (e)		717
	208	Guardian Life Insurance Co. of America (The), 4.85%, 01/24/2077 (e)		226
		Jackson National Life Global Funding,
	563	1.88%, 10/15/2018 (e)		563

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Insurance — continued
	675	3.05%, 04/29/2026 (e)		664
		Liberty Mutual Group, Inc.,
	408	4.95%, 05/01/2022 (e)		442
	900	6.50%, 03/15/2035 (e)		1,135
	100	Liberty Mutual Insurance Co., 8.50%, 05/15/2025 (e)		129
	598	Lincoln National Corp., 4.20%, 03/15/2022		631
		Marsh & McLennan Cos., Inc.,
	192	2.75%, 01/30/2022		192
	288	3.30%, 03/14/2023		295
		Massachusetts Mutual Life Insurance Co.,
	280	5.38%, 12/01/2041 (e)		335
	91	8.88%, 06/01/2039 (e)		149
	626	MassMutual Global Funding II, 2.50%, 10/17/2022 (e)		621
	600	MetLife, Inc., 4.88%, 11/13/2043		689
		Metropolitan Life Global Funding I,
	604	1.55%, 09/13/2019 (e)		598
	1,277	3.88%, 04/11/2022 (e)		1,339
	750	Nationwide Mutual Insurance Co., 9.38%, 08/15/2039 (e)		1,245
		New York Life Global Funding,
	129	1.95%, 02/11/2020 (e)		128
	3,951	2.15%, 06/18/2019 (e)		3,953
	603	Prudential Financial, Inc., Series B, 5.75%, 07/15/2033		733
	1,750	Prudential Insurance Co. of America (The), 8.30%, 07/01/2025 (e)		2,284
	388	Reliance Standard Life Global Funding II, 3.05%, 01/20/2021 (e)		392
	400	Teachers Insurance & Annuity Association of America, 4.27%, 05/15/2047 (e)		414
				27,126
		Thrifts & Mortgage Finance — 0.1%
		BPCE SA, (France),
	850	1.63%, 01/26/2018		850
	400	3.38%, 12/02/2026		405
	800	4.63%, 07/11/2024 (e)		843
				2,098
		Total Financials		242,241
		Health Care — 1.4%
		Biotechnology — 0.5%
		AbbVie, Inc.,
	2,273	2.85%, 05/14/2023		2,268
	872	3.20%, 11/06/2022		884
	813	3.60%, 05/14/2025		830
	315	4.30%, 05/14/2036		329
	1,483	4.50%, 05/14/2035		1,586
		Amgen, Inc.,
	1,320	4.66%, 06/15/2051		1,423
	500	4.95%, 10/01/2041		562
		Baxalta, Inc.,
	500	3.60%, 06/23/2022		513
	167	5.25%, 06/23/2045		189
	250	Biogen, Inc., 5.20%, 09/15/2045		287
		Celgene Corp.,
	700	3.45%, 11/15/2027		696
	633	5.70%, 10/15/2040		729
		Gilead Sciences, Inc.,
	140	2.50%, 09/01/2023		138
	210	3.50%, 02/01/2025		215
	632	3.65%, 03/01/2026		653
	189	3.70%, 04/01/2024		198
	816	4.60%, 09/01/2035		900
				12,400
		Health Care Equipment & Supplies — 0.1%
		Becton Dickinson and Co.,
	142	2.68%, 12/15/2019		143
	113	3.73%, 12/15/2024		115
	399	Covidien International Finance SA, 2.95%, 06/15/2023		403
		Medtronic, Inc.,
	422	3.13%, 03/15/2022		432
	960	4.38%, 03/15/2035		1,054
	128	Stryker Corp., 3.50%, 03/15/2026		131
				2,278
		Health Care Providers & Services — 0.4%
	440	Aetna, Inc., 6.75%, 12/15/2037		592
		Anthem, Inc.,
	467	2.30%, 07/15/2018		468
	615	3.13%, 05/15/2022		620
	280	3.30%, 01/15/2023		284
	500	4.63%, 05/15/2042		534
	535	4.65%, 01/15/2043		569
	648	4.65%, 08/15/2044		692
		Cardinal Health, Inc.,
	540	2.40%, 11/15/2019		540
	690	3.75%, 09/15/2025		702

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Health Care Providers & Services — continued
		Express Scripts Holding Co.,
	305	3.00%, 07/15/2023		301
	900	3.50%, 06/15/2024		905
	300	4.50%, 02/25/2026		317
	425	Mayo Clinic, Series 2016, 4.13%, 11/15/2052		445
	588	Memorial Sloan-Kettering Cancer Center, Series 2015, 4.20%, 07/01/2055		624
	251	Quest Diagnostics, Inc., 3.45%, 06/01/2026		251
	640	Texas Health Resources, 4.33%, 11/15/2055		679
		UnitedHealth Group, Inc.,
	760	4.63%, 07/15/2035		868
	620	6.63%, 11/15/2037		869
				10,260
		Life Sciences Tools & Services — 0.1%
		Thermo Fisher Scientific, Inc.,
	369	3.00%, 04/15/2023		370
	520	3.15%, 01/15/2023		527
	343	4.15%, 02/01/2024		363
				1,260
		Pharmaceuticals — 0.3%
		Allergan Funding SCS,
	937	3.45%, 03/15/2022		953
	443	3.85%, 06/15/2024		453
	706	4.55%, 03/15/2035		732
		Allergan, Inc.,
	525	2.80%, 03/15/2023		513
	453	3.38%, 09/15/2020		462
	395	Bayer US Finance LLC, (Germany), 2.38%, 10/08/2019 (e)		395
		Johnson & Johnson,
	926	3.40%, 01/15/2038		926
	282	4.38%, 12/05/2033		318
	210	Merck & Co., Inc., 3.70%, 02/10/2045		212
		Mylan NV,
	463	3.95%, 06/15/2026		462
	318	5.25%, 06/15/2046		339
		Mylan, Inc.,
	520	3.13%, 01/15/2023 (e)		513
	250	5.40%, 11/29/2043		266
				6,544
		Total Health Care		32,742
		Industrials — 1.4%
		Aerospace & Defense — 0.4%
	557	Airbus Group Finance BV, (France), 2.70%, 04/17/2023 (e)		558
	150	Airbus SE, (France), 3.95%, 04/10/2047 (e)		157
		BAE Systems Holdings, Inc., (United Kingdom),
	900	3.80%, 10/07/2024 (e)		938
	400	6.38%, 06/01/2019 (e)		423
	676	BAE Systems plc, (United Kingdom), 5.80%, 10/11/2041 (e)		826
		Lockheed Martin Corp.,
	131	3.10%, 01/15/2023		133
	1,281	4.07%, 12/15/2042		1,322
	200	Northrop Grumman Corp., 3.25%, 01/15/2028		200
	300	Northrop Grumman Systems Corp., 7.75%, 02/15/2031		425
	1,350	Precision Castparts Corp., 3.25%, 06/15/2025		1,380
		Rockwell Collins, Inc.,
	350	3.20%, 03/15/2024		353
	199	4.35%, 04/15/2047		212
	370	Textron, Inc., 3.65%, 03/15/2027		374
		United Technologies Corp.,
	543	4.15%, 05/15/2045		566
	914	4.50%, 06/01/2042		997
				8,864
		Air Freight & Logistics — 0.0% (g)
		FedEx Corp.,
	318	3.90%, 02/01/2035		319
	239	4.10%, 04/15/2043		240
				559
		Airlines — 0.0% (g)
	169	Continental Airlines Pass-Through Trust, Series 2012-2, Class A, 4.00%, 10/29/2024		176
		Building Products — 0.1%
		Johnson Controls International plc,
	591	3.75%, 12/01/2021		613
	675	4.25%, 03/01/2021		710
	223	5.13%, 09/14/2045		255
	1,000	5.25%, 12/01/2041		1,141
	273	SUB, 4.95%, 07/02/2064		293
				3,012

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Commercial Services & Supplies — 0.0% (g)
		Republic Services, Inc.,
	175	2.90%, 07/01/2026		170
	614	3.55%, 06/01/2022		635
				805
		Construction & Engineering — 0.0% (g)
	292	ABB Finance USA, Inc., (Switzerland), 2.88%, 05/08/2022		296
	789	Fluor Corp., 3.38%, 09/15/2021		809
				1,105
		Electrical Equipment — 0.0% (g)
		Eaton Corp.,
	170	4.00%, 11/02/2032		176
	300	7.63%, 04/01/2024		357
				533
		Industrial Conglomerates — 0.1%
		General Electric Co.,
	107	2.70%, 10/09/2022		107
	573	3.10%, 01/09/2023		581
	573	3.15%, 09/07/2022		584
	541	3.45%, 05/15/2024		560
	191	5.30%, 02/11/2021		207
	95	5.88%, 01/14/2038		120
	192	Roper Technologies, Inc., 3.00%, 12/15/2020		195
				2,354
		Machinery — 0.2%
		Deere & Co.,
	819	2.60%, 06/08/2022		822
	346	3.90%, 06/09/2042		365
		Illinois Tool Works, Inc.,
	400	3.50%, 03/01/2024		418
	825	3.90%, 09/01/2042		861
	95	4.88%, 09/15/2041		112
	290	Ingersoll-Rand Co., 6.39%, 11/15/2027		343
	592	Parker-Hannifin Corp., 4.45%, 11/21/2044		648
	197	Xylem, Inc., 3.25%, 11/01/2026		195
				3,764
		Road & Rail — 0.5%
		Burlington Northern Santa Fe LLC,
	375	4.38%, 09/01/2042		409
	500	4.40%, 03/15/2042		550
	769	5.15%, 09/01/2043		928
	425	5.75%, 05/01/2040		542
	250	6.70%, 08/01/2028		321
		Canadian Pacific Railway Co., (Canada),
	600	4.50%, 01/15/2022		640
	1,130	6.13%, 09/15/2115		1,458
	250	7.13%, 10/15/2031		343
		CSX Corp.,
	191	4.75%, 05/30/2042		211
	575	5.50%, 04/15/2041		698
	746	ERAC USA Finance LLC, 6.70%, 06/01/2034 (e)		932
		Norfolk Southern Corp.,
	78	3.94%, 11/01/2047 (e)		79
	2,059	4.05%, 08/15/2052 (e)		2,087
	1,131	Penske Truck Leasing Co. LP, 3.38%, 02/01/2022 (e)		1,154
	517	Ryder System, Inc., 2.88%, 09/01/2020		521
		Union Pacific Corp.,
	285	3.60%, 09/15/2037		288
	200	4.30%, 06/15/2042		217
				11,378
		Trading Companies & Distributors — 0.1%
	500	Air Lease Corp., 3.88%, 04/01/2021		520
	450	BOC Aviation Ltd., (Singapore), 2.75%, 09/18/2022 (e)		443
	506	International Lease Finance Corp., 5.88%, 08/15/2022		565
				1,528
		Total Industrials		34,078
		Information Technology — 1.8%
		Communications Equipment — 0.1%
		Cisco Systems, Inc.,
	350	5.50%, 01/15/2040		453
	755	5.90%, 02/15/2039		1,008
	850	Harris Corp., 3.83%, 04/27/2025		879
				2,340
		Electronic Equipment, Instruments & Components — 0.1%
		Arrow Electronics, Inc.,
	219	3.00%, 03/01/2018		220
	219	3.25%, 09/08/2024		216
	442	3.88%, 01/12/2028		440
	190	4.50%, 03/01/2023		200
				1,076
		Internet Software & Services — 0.0% (g)
	220	Alibaba Group Holding Ltd., (China), 4.00%, 12/06/2037		223

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Internet Software & Services — continued
		eBay, Inc.,
	348	3.45%, 08/01/2024		353
	271	4.00%, 07/15/2042		248
				824
		IT Services — 0.1%
	478	DXC Technology Co., 4.25%, 04/15/2024		498
	1,100	Western Union Co. (The), 3.60%, 03/15/2022		1,117
				1,615
		Semiconductors & Semiconductor Equipment — 0.2%
	300	Analog Devices, Inc., 4.50%, 12/05/2036		311
	1,747	Broadcom Corp., 3.63%, 01/15/2024 (e)		1,729
		Intel Corp.,
	375	3.10%, 07/29/2022		384
	652	3.70%, 07/29/2025		686
	1,185	4.00%, 12/15/2032		1,270
	453	4.90%, 07/29/2045		544
	815	QUALCOMM, Inc., 3.25%, 05/20/2027		784
				5,708
		Software — 0.7%
		Microsoft Corp.,
	489	2.38%, 05/01/2023		484
	2,878	2.88%, 02/06/2024		2,910
	836	3.30%, 02/06/2027		861
	291	3.50%, 02/12/2035		297
	305	4.00%, 02/12/2055		319
	1,359	4.10%, 02/06/2037		1,490
	615	4.20%, 11/03/2035		675
	117	4.50%, 10/01/2040		134
	1,190	4.50%, 02/06/2057		1,362
	639	4.75%, 11/03/2055		761
		Oracle Corp.,
	1,000	2.40%, 09/15/2023		985
	587	2.50%, 05/15/2022		588
	1,750	2.95%, 05/15/2025		1,755
	1,088	4.30%, 07/08/2034		1,186
	1,740	4.38%, 05/15/2055		1,851
				15,658
		Technology Hardware, Storage & Peripherals — 0.6%
		Apple, Inc.,
	2,556	2.40%, 05/03/2023		2,529
	815	2.45%, 08/04/2026		781
	920	2.75%, 01/13/2025		912
	467	2.85%, 05/11/2024		468
	586	3.00%, 02/09/2024		595
	1,125	3.00%, 06/20/2027		1,117
	1,539	3.20%, 05/13/2025		1,570
	686	3.20%, 05/11/2027		693
	625	3.45%, 02/09/2045		593
	569	3.85%, 08/04/2046		577
	426	4.50%, 02/23/2036		482
	2,613	Dell International LLC, 6.02%, 06/15/2026 (e)		2,870
	300	Dell, Inc., 7.10%, 04/15/2028		336
	849	HP, Inc., 6.00%, 09/15/2041		899
				14,422
		Total Information Technology		41,643
		Materials — 0.6%
		Chemicals — 0.4%
		Agrium, Inc., (Canada),
	490	3.38%, 03/15/2025		492
	525	4.13%, 03/15/2035		534
	757	5.25%, 01/15/2045		871
		CF Industries, Inc.,
	342	4.50%, 12/01/2026 (e)		357
	500	7.13%, 05/01/2020		548
		Dow Chemical Co. (The),
	375	4.25%, 10/01/2034		391
	200	5.25%, 11/15/2041		228
		Ecolab, Inc.,
	302	3.25%, 12/01/2027 (e)		300
	150	5.50%, 12/08/2041		185
	208	Monsanto Co., 4.70%, 07/15/2064		212
		Mosaic Co. (The),
	79	4.88%, 11/15/2041		78
	861	5.45%, 11/15/2033		920
		Potash Corp. of Saskatchewan, Inc., (Canada),
	660	3.00%, 04/01/2025		643
	85	3.25%, 12/01/2017		85
		PPG Industries, Inc.,
	114	5.50%, 11/15/2040		136
	355	9.00%, 05/01/2021		424
	381	Sherwin-Williams Co. (The), 3.13%, 06/01/2024		382

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Chemicals — continued
		Union Carbide Corp.,
	1,000	7.50%, 06/01/2025		1,248
	850	7.75%, 10/01/2096		1,146
	237	Westlake Chemical Corp., 4.38%, 11/15/2047		237
				9,417
		Construction Materials — 0.1%
		CRH America, Inc., (Ireland),
	417	3.88%, 05/18/2025 (e)		433
	893	5.13%, 05/18/2045 (e)		1,021
	770	Martin Marietta Materials, Inc., 3.45%, 06/01/2027		760
				2,214
		Containers & Packaging — 0.0% (g)
		International Paper Co.,
	600	7.30%, 11/15/2039		831
	470	8.70%, 06/15/2038		701
				1,532
		Metals & Mining — 0.1%
	295	Barrick Gold Corp., (Canada), 6.45%, 10/15/2035		370
	150	BHP Billiton Finance USA Ltd., (Australia), 5.00%, 09/30/2043		178
	283	Nucor Corp., 4.00%, 08/01/2023		297
	300	Vale Canada Ltd., (Brazil), 7.20%, 09/15/2032		336
	306	Vale Overseas Ltd., (Brazil), 6.25%, 08/10/2026		354
				1,535
		Total Materials		14,698
		Real Estate — 0.9%
		Equity Real Estate Investment Trusts (REITs) — 0.9%
		American Tower Corp.,
	312	3.38%, 10/15/2026		306
	1,043	3.50%, 01/31/2023		1,067
	974	5.00%, 02/15/2024		1,070
	100	5.90%, 11/01/2021		111
		American Tower Trust #1,
	471	1.55%, 03/15/2018 (e)		470
	750	3.07%, 03/15/2023 (e)		750
	700	AvalonBay Communities, Inc., 2.85%, 03/15/2023		701
		Boston Properties LP,
	360	2.75%, 10/01/2026		340
	532	3.20%, 01/15/2025		529
	483	3.65%, 02/01/2026		489
	400	Brixmor Operating Partnership LP, 3.85%, 02/01/2025		399
	264	Crown Castle International Corp., 4.00%, 03/01/2027		269
	330	DDR Corp., 4.70%, 06/01/2027		340
	252	Digital Realty Trust LP, 3.70%, 08/15/2027		253
	239	Duke Realty LP, 3.25%, 06/30/2026		236
	621	EPR Properties, 4.50%, 06/01/2027		625
	600	Equity Commonwealth, 5.88%, 09/15/2020		636
	784	Government Properties Income Trust, 4.00%, 07/15/2022		789
		HCP, Inc.,
	265	3.40%, 02/01/2025		263
	2,294	3.88%, 08/15/2024		2,350
	230	4.20%, 03/01/2024		240
	445	Kimco Realty Corp., 3.80%, 04/01/2027		448
	783	National Retail Properties, Inc., 4.00%, 11/15/2025		799
	133	Prologis LP, 3.75%, 11/01/2025		140
	556	Realty Income Corp., 4.65%, 03/15/2047		583
	420	Scentre Group Trust 1, (Australia), 3.50%, 02/12/2025 (e)		421
		Simon Property Group LP,
	868	3.38%, 10/01/2024		887
	532	3.75%, 02/01/2024		554
	382	UDR, Inc., 2.95%, 09/01/2026		366
		Ventas Realty LP,
	242	3.50%, 02/01/2025		243
	593	3.75%, 05/01/2024		609
	554	3.85%, 04/01/2027		563
	406	4.13%, 01/15/2026		422
	1,000	VEREIT Operating Partnership LP, 4.60%, 02/06/2024		1,047
		Welltower, Inc.,
	223	4.00%, 06/01/2025		230
	732	4.50%, 01/15/2024		780
		Total Real Estate		20,325
		Telecommunication Services — 1.7%
		Diversified Telecommunication Services — 1.7%
		AT&T, Inc.,
	1,704	3.00%, 06/30/2022		1,702

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Diversified Telecommunication Services — continued
	2,218	3.40%, 05/15/2025		2,172
	2,716	3.60%, 02/17/2023		2,778
	832	3.95%, 01/15/2025		847
	821	4.13%, 02/17/2026		836
	348	4.30%, 12/15/2042		322
	462	4.35%, 06/15/2045		417
	577	4.45%, 04/01/2024		609
	525	4.50%, 05/15/2035		511
	977	4.55%, 03/09/2049		900
	1,000	4.60%, 02/15/2021		1,055
	563	4.75%, 05/15/2046		538
	860	5.35%, 09/01/2040		898
	2,000	6.00%, 08/15/2040		2,257
	2,700	6.30%, 01/15/2038		3,155
	400	6.50%, 09/01/2037		472
	2,250	BellSouth LLC, 6.55%, 06/15/2034		2,647
	150	British Telecommunications plc, (United Kingdom), 9.12%, 12/15/2030		223
	600	Centel Capital Corp., 9.00%, 10/15/2019		648
		Deutsche Telekom International Finance BV, (Germany),
	325	3.60%, 01/19/2027 (e)		326
	232	4.88%, 03/06/2042 (e)		259
	741	Qwest Corp., 6.75%, 12/01/2021		791
		Telefonica Emisiones SAU, (Spain),
	252	3.19%, 04/27/2018		253
	534	4.10%, 03/08/2027		546
	526	5.13%, 04/27/2020		558
	547	5.21%, 03/08/2047		601
	316	5.46%, 02/16/2021		342
		Verizon Communications, Inc.,
	1,322	2.95%, 03/15/2022		1,330
	2,804	3.38%, 02/15/2025 (e)		2,801
	400	3.50%, 11/01/2021		412
	938	4.15%, 03/15/2024		986
	200	4.27%, 01/15/2036		196
	2,645	4.40%, 11/01/2034		2,657
	832	4.50%, 08/10/2033		861
	1,693	4.81%, 03/15/2039		1,741
	2,100	4.86%, 08/21/2046		2,143
	566	5.01%, 08/21/2054		571
	457	5.25%, 03/16/2037		500
				40,861
		Wireless Telecommunication Services — 0.0% (g)
	400	Rogers Communications, Inc., (Canada), 8.75%, 05/01/2032		568
		Total Telecommunication Services		41,429
		Utilities — 2.3%
		Electric Utilities — 1.4%
	239	Alabama Power Co., 6.13%, 05/15/2038		310
		Arizona Public Service Co.,
	133	2.20%, 01/15/2020		133
	296	4.50%, 04/01/2042		328
	467	5.05%, 09/01/2041		550
		Baltimore Gas & Electric Co.,
	455	2.80%, 08/15/2022		458
	376	3.50%, 08/15/2046		361
	1,234	China Southern Power Grid International Finance BVI Co. Ltd., (China), 3.50%, 05/08/2027 (e)		1,235
	831	Comision Federal de Electricidad, (Mexico), 4.88%, 05/26/2021 (e)		882
	195	Connecticut Light & Power Co. (The), 5.65%, 05/01/2018		198
		Duke Energy Carolinas LLC,
	129	4.25%, 12/15/2041		139
	100	6.00%, 01/15/2038		131
	245	Duke Energy Florida LLC, 6.40%, 06/15/2038		339
	1,320	Duke Energy Indiana LLC, 6.35%, 08/15/2038		1,791
		Duke Energy Progress LLC,
	273	4.10%, 05/15/2042		288
	125	4.10%, 03/15/2043		132
	1,300	Electricite de France SA, (France), 6.00%, 01/22/2114 (e)		1,445
	740	Enel Finance International NV, (Italy), 3.63%, 05/25/2027 (e)		728
	175	Entergy Arkansas, Inc., 3.50%, 04/01/2026		180
	336	Entergy Corp., 2.95%, 09/01/2026		325
	629	Entergy Louisiana LLC, 3.05%, 06/01/2031		606
	559	Entergy Mississippi, Inc., 2.85%, 06/01/2028		541
		FirstEnergy Corp.,
	299	Series B, 3.90%, 07/15/2027		305
	289	Series C, 4.85%, 07/15/2047		311
	350	Florida Power & Light Co., 5.95%, 02/01/2038		460

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Electric Utilities — continued
	679	Great Plains Energy, Inc., 4.85%, 06/01/2021		722
		Hydro-Quebec, (Canada),
	1,000	Series HY, 8.40%, 01/15/2022		1,204
	350	Series IO, 8.05%, 07/07/2024		453
	100	Indiana Michigan Power Co., 7.00%, 03/15/2019		106
	900	ITC Holdings Corp., 2.70%, 11/15/2022 (e)		897
	100	Jersey Central Power & Light Co., 7.35%, 02/01/2019		106
	771	John Sevier Combined Cycle Generation LLC, 4.63%, 01/15/2042		850
	1,400	Kansas City Power & Light Co., 5.30%, 10/01/2041		1,624
		Nevada Power Co.,
	55	5.38%, 09/15/2040		68
	305	5.45%, 05/15/2041		364
	100	Series N, 6.65%, 04/01/2036		136
	168	New England Power Co., (United Kingdom), 3.80%, 12/05/2047 (e)		167
	371	NextEra Energy Capital Holdings, Inc., 2.40%, 09/15/2019		371
		Niagara Mohawk Power Corp.,
	493	3.51%, 10/01/2024 (e)		509
	300	4.88%, 08/15/2019 (e)		312
	510	Northern States Power Co., 6.25%, 06/01/2036		681
		Oncor Electric Delivery Co. LLC,
	840	6.80%, 09/01/2018		870
	110	7.00%, 09/01/2022		131
		Pacific Gas & Electric Co.,
	492	2.95%, 03/01/2026		479
	781	3.50%, 06/15/2025		795
	217	4.45%, 04/15/2042		231
	390	4.50%, 12/15/2041		409
	90	4.60%, 06/15/2043		98
	100	6.05%, 03/01/2034		124
	160	8.25%, 10/15/2018		168
	150	Pennsylvania Electric Co., 3.25%, 03/15/2028 (e)		148
	316	Pepco Holdings LLC, 7.45%, 08/15/2032		417
	1,085	Potomac Electric Power Co., 6.50%, 11/15/2037		1,495
		PPL Capital Funding, Inc.,
	200	3.40%, 06/01/2023		205
	317	4.00%, 09/15/2047		318
		Progress Energy, Inc.,
	673	3.15%, 04/01/2022		682
	300	7.00%, 10/30/2031		400
	214	Public Service Co. of Colorado, 3.55%, 06/15/2046		209
	2,490	Public Service Co. of Oklahoma, Series G, 6.63%, 11/15/2037		3,310
	317	Public Service Electric & Gas Co., 5.38%, 11/01/2039		393
	150	South Carolina Electric & Gas Co., 6.05%, 01/15/2038		183
	200	Southern California Edison Co., Series 08-A, 5.95%, 02/01/2038		264
	200	Southwestern Public Service Co., 4.50%, 08/15/2041		224
	312	State Grid Overseas Investment 2013 Ltd., (China), 1.75%, 05/22/2018 (e)		311
	300	Toledo Edison Co. (The), 6.15%, 05/15/2037		382
	64	Virginia Electric & Power Co., 3.45%, 02/15/2024		66
		Xcel Energy, Inc.,
	440	3.30%, 06/01/2025		444
	92	4.80%, 09/15/2041		102
	200	6.50%, 07/01/2036		267
				33,871
		Gas Utilities — 0.2%
		Atmos Energy Corp.,
	125	4.13%, 10/15/2044		133
	828	4.15%, 01/15/2043		878
	375	8.50%, 03/15/2019		405
	308	Boston Gas Co., 4.49%, 02/15/2042 (e)		338
	335	CenterPoint Energy Resources Corp., 4.50%, 01/15/2021		352
	382	Dominion Energy Gas Holdings LLC, 2.80%, 11/15/2020		386
	653	Korea Gas Corp., (South Korea), 1.88%, 07/18/2021 (e)		629
		Southern Natural Gas Co. LLC,
	367	4.80%, 03/15/2047 (e)		398
	351	8.00%, 03/01/2032		475
				3,994
		Independent Power and Renewable Electricity Producers — 0.1%
		Exelon Generation Co. LLC,
	300	2.95%, 01/15/2020		303

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Independent Power and Renewable Electricity Producers — continued
	622	3.40%, 03/15/2022		635
	518	4.25%, 06/15/2022		545
	235	5.75%, 10/01/2041		252
		Southern Power Co.,
	357	4.15%, 12/01/2025		377
	600	5.15%, 09/15/2041		656
	417	Tri-State Generation & Transmission Association, Inc., 4.25%, 06/01/2046		421
				3,189
		Multi-Utilities — 0.5%
		CMS Energy Corp.,
	475	3.00%, 05/15/2026		466
	400	3.88%, 03/01/2024		418
	596	Consolidated Edison Co. of New York, Inc., 5.70%, 06/15/2040		762
	286	Consumers Energy Co., 3.25%, 08/15/2046		265
	235	Delmarva Power & Light Co., 4.00%, 06/01/2042		238
		Dominion Energy, Inc.,
	300	7.00%, 06/15/2038		407
	331	Series B, 2.75%, 01/15/2022		330
	920	Series F, 5.25%, 08/01/2033		1,062
	200	DTE Energy Co., 6.38%, 04/15/2033		252
		NiSource Finance Corp.,
	370	3.85%, 02/15/2023		385
	1,256	5.80%, 02/01/2042		1,525
		San Diego Gas & Electric Co.,
	379	3.95%, 11/15/2041		386
	275	6.00%, 06/01/2026		327
		Sempra Energy,
	350	2.88%, 10/01/2022		351
	236	3.55%, 06/15/2024		242
	1,013	4.05%, 12/01/2023		1,061
	460	9.80%, 02/15/2019		501
		Southern Co. Gas Capital Corp.,
	254	3.25%, 06/15/2026		252
	563	3.50%, 09/15/2021		578
	1,445	5.88%, 03/15/2041		1,764
	1,009	WEC Energy Group, Inc., 3.55%, 06/15/2025		1,034
				12,606
		Water Utilities — 0.1%
	793	American Water Capital Corp., 3.40%, 03/01/2025		813
		Total Utilities		54,473
		Total Corporate Bonds (Cost $592,031)		617,815
	Foreign Government Securities — 1.8%
		Israel Government AID Bond, (Israel),
	6,165	Zero Coupon, 11/01/2023		5,334
	5,535	Zero Coupon, 05/01/2024		4,707
	2,000	Zero Coupon, 08/15/2024		1,685
	7,805	Zero Coupon, 08/15/2024		6,577
	1,000	Zero Coupon, 11/01/2024		836
	8,205	Zero Coupon, 11/01/2024		6,859
	5,000	Zero Coupon, 08/15/2025		4,077
	1,000	5.50%, 09/18/2033		1,324
	377	Province of Quebec, (Canada), SUB, 7.36%, 03/06/2026		491
		Republic of Colombia, (Colombia),
	922	4.00%, 02/26/2024		954
	581	4.50%, 01/28/2026		621
	515	5.00%, 06/15/2045		538
	200	5.63%, 02/26/2044		227
	200	7.38%, 09/18/2037		267
	88	Republic of Peru, (Peru), 5.63%, 11/18/2050		112
	1,133	Republic of Poland, (Poland), 4.00%, 01/22/2024		1,210
	640	Republic of South Africa, (South Africa), 5.88%, 09/16/2025		690
		United Mexican States, (Mexico),
	788	3.60%, 01/30/2025		803
	1,132	4.00%, 10/02/2023		1,190
	316	4.13%, 01/21/2026		332
	186	4.35%, 01/15/2047		180
	120	4.75%, 03/08/2044		122
	3,613	5.55%, 01/21/2045		4,112
		Total Foreign Government Securities (Cost $41,801)		43,248
	Mortgage-Backed Securities — 15.0%
		FHLMC,
	254	ARM, 2.86%, 12/01/2033 (z)		269
	2	ARM, 2.94%, 07/01/2019 (z)		2
	245	ARM, 2.94%, 01/01/2035 (z)		259
	56	ARM, 3.00%, 05/01/2036 (z)		58
	24	ARM, 3.09%, 04/01/2030 (z)		25
	122	ARM, 3.19%, 12/01/2034 (z)		129
	159	ARM, 3.20%, 07/01/2036 (z)		168

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Mortgage-Backed Securities — continued
	195		ARM, 3.28%, 10/01/2036 (z)		204
	155		ARM, 3.31%, 12/01/2036 (z)		162
	404		ARM, 3.32%, 03/01/2037 (z)		425
	164		ARM, 3.33%, 11/01/2036 (z)		172
	53		ARM, 3.35%, 10/01/2036 (z)		56
	342		ARM, 3.40%, 02/01/2036 (z)		360
	315		ARM, 3.41%, 11/01/2036 (z)		332
	332		ARM, 3.50%, 04/01/2034 (z)		349
	110		ARM, 3.51%, 02/01/2037 (z)		116
	530		ARM, 3.58%, 07/01/2040 (z)		556
	187		ARM, 3.94%, 10/01/2036 (z)		199
			FHLMC Gold Pools, 15 Year, Single Family,
	6		4.50%, 08/01/2018		6
	1		6.00%, 04/01/2018		1
	1		6.50%, 12/01/2017 – 02/01/2019		1
			FHLMC Gold Pools, 20 Year, Single Family,
	384		3.50%, 03/01/2032		399
	36		6.00%, 12/01/2022		40
			FHLMC Gold Pools, 30 Year, Single Family,
	4,548		3.00%, 08/01/2043		4,570
	489		4.00%, 09/01/2035		512
	2,823		4.50%, 05/01/2041		3,011
	2,320		5.00%, 09/01/2034 – 08/01/2040		2,533
	1,070		5.50%, 10/01/2033 – 07/01/2035		1,197
	242		6.00%, 12/01/2033 – 01/01/2034		276
	873		6.50%, 11/01/2034 – 11/01/2036		990
	258		7.00%, 07/01/2032 – 10/01/2036		289
	120		FHLMC Gold Pools, FHA/VA, 10.00%, 10/01/2030		128
			FHLMC Gold Pools, Other,
	746		3.00%, 03/01/2033		760
	15,896		4.00%, 01/01/2032 – 01/01/2046		16,804
	5,006		4.50%, 01/01/2046		5,393
	217		5.50%, 10/01/2033 – 01/01/2034		231
	152		6.00%, 02/01/2033		164
	50		7.00%, 07/01/2029		55
			FNMA,
	1		ARM, 1.87%, 01/01/2019 (z)		1
	887		ARM, 2.03%, 03/01/2022 (z)		888
	21		ARM, 2.43%, 09/01/2027 (z)		21
	–	(h)	ARM, 2.60%, 03/01/2019 (z)		—	(h)
	609		ARM, 2.79%, 01/01/2033 (z)		627
	177		ARM, 2.79%, 07/01/2033 (z)		183
	59		ARM, 2.81%, 09/01/2034 (z)		59
	140		ARM, 2.91%, 01/01/2036 (z)		147
	606		ARM, 2.92%, 01/01/2035 (z)		628
	258		ARM, 2.94%, 07/01/2036 (z)		268
	290		ARM, 2.95%, 11/01/2034 (z)		301
	1,044		ARM, 3.03%, 04/01/2035 (z)		1,104
	837		ARM, 3.03%, 09/01/2035 (z)		868
	425		ARM, 3.11%, 06/01/2035 (z)		444
	284		ARM, 3.12%, 01/01/2035 (z)		299
	67		ARM, 3.14%, 07/01/2034 (z)		71
	323		ARM, 3.14%, 08/01/2034 (z)		340
	140		ARM, 3.16%, 04/01/2034 (z)		146
	181		ARM, 3.17%, 04/01/2035 (z)		191
	329		ARM, 3.17%, 05/01/2035 (z)		341
	34		ARM, 3.19%, 07/01/2033 (z)		36
	88		ARM, 3.21%, 02/01/2035 (z)		93
	267		ARM, 3.21%, 05/01/2034 (z)		282
	581		ARM, 3.21%, 11/01/2034 (z)		610
	123		ARM, 3.22%, 01/01/2034 (z)		130
	267		ARM, 3.26%, 07/01/2033 (z)		281
	93		ARM, 3.30%, 09/01/2035 (z)		97
	334		ARM, 3.30%, 10/01/2034 (z)		350
	309		ARM, 3.34%, 10/01/2034 (z)		323
	52		ARM, 3.39%, 09/01/2034 (z)		55
	189		ARM, 3.40%, 08/01/2034 (z)		199
	93		ARM, 3.40%, 11/01/2033 (z)		99
	51		ARM, 3.41%, 01/01/2038 (z)		53
	93		ARM, 3.42%, 05/01/2035 (z)		97
	108		ARM, 3.44%, 06/01/2036 (z)		113
	152		ARM, 3.49%, 10/01/2034 (z)		161
	215		ARM, 3.56%, 09/01/2033 (z)		227
	159		ARM, 3.83%, 10/01/2036 (z)		169
	36		ARM, 3.88%, 01/01/2036 (z)		36
	15		ARM, 3.96%, 03/01/2029 (z)		16
	92		ARM, 4.00%, 02/01/2034 (z)		94
			FNMA, 15 Year, Single Family,
	28		4.00%, 08/01/2018		29
	259		4.50%, 06/01/2018 – 12/01/2019		264
	181		5.00%, 06/01/2018 – 08/01/2024		190
	33		5.50%, 03/01/2020 – 07/01/2020		34
	1,231		6.00%, 03/01/2018 – 01/01/2024		1,304
	14		6.50%, 08/01/2020		14
			FNMA, 20 Year, Single Family,
	874		3.50%, 08/01/2032		908
	43		4.50%, 04/01/2024		46

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage-Backed Securities — continued
	306	6.50%, 05/01/2022 – 04/01/2025		338
		FNMA, 30 Year, FHA/VA,
	69	6.00%, 09/01/2033		75
	451	6.50%, 03/01/2029 – 08/01/2039		503
	11	7.00%, 02/01/2033		11
	29	8.00%, 06/01/2028		32
		FNMA, 30 Year, Single Family,
	3,834	3.00%, 06/01/2043		3,858
	5,336	4.50%, 11/01/2033 – 10/01/2047 (w)		5,732
	711	5.00%, 07/01/2033 – 09/01/2035		783
	1,049	5.50%, 09/01/2031 – 03/01/2034		1,181
	1,267	6.00%, 12/01/2028 – 09/01/2037		1,437
	546	6.50%, 11/01/2029 – 08/01/2031		618
	480	7.00%, 01/01/2024 – 01/01/2039		544
	182	7.50%, 08/01/2036 – 11/01/2037		209
	321	8.00%, 03/01/2027 – 11/01/2028		363
	6	9.50%, 07/01/2028		6
		FNMA, Other,
	3,350	1.74%, 05/01/2020		3,309
	1,877	1.94%, 07/01/2019		1,869
	222	2.03%, 08/01/2019		223
	2,500	2.12%, 09/01/2021		2,452
	2,500	2.66%, 12/01/2022		2,524
	3,007	2.75%, 03/01/2022		3,048
	1,551	2.77%, 05/01/2022		1,574
	5,109	2.78%, 06/01/2027		5,086
	10,916	2.79%, 05/01/2027 – 06/01/2027		10,864
	12,000	2.92%, 12/01/2024 – 05/01/2030		11,905
	1,352	2.94%, 05/01/2022		1,381
	6,185	2.95%, 08/01/2023 – 12/01/2024		6,318
	2,953	2.96%, 06/01/2027		2,980
	7,465	2.97%, 12/01/2024 – 06/01/2030		7,496
	4,475	2.98%, 07/01/2022		4,581
	986	2.99%, 01/01/2025		1,008
	2,138	3.00%, 01/01/2043		2,138
	2,330	3.02%, 07/01/2023		2,390
	3,049	3.03%, 06/01/2035		2,969
	13,000	3.04%, 12/01/2024 – 04/01/2030		13,080
	14,150	3.08%, 04/01/2030 – 06/01/2030		14,181
	8,780	3.10%, 05/01/2030		8,821
	6,136	3.11%, 12/01/2024 – 12/01/2026		6,285
	11,663	3.12%, 01/01/2022 – 06/01/2035		11,696
	2,907	3.14%, 12/01/2026		2,978
	2,564	3.16%, 02/01/2022		2,638
	3,000	3.17%, 02/01/2030		3,031
	4,235	3.24%, 12/01/2026		4,353
	13,735	3.25%, 07/01/2025 – 09/01/2026		14,194
	3,941	3.26%, 12/01/2026		4,057
	7,860	3.29%, 10/01/2020 – 11/01/2026		8,097
	8,022	3.30%, 12/01/2026 – 07/01/2030		8,237
	3,000	3.34%, 02/01/2027		3,151
	1,929	3.35%, 09/01/2030		1,980
	797	3.37%, 11/01/2020		819
	2,000	3.38%, 12/01/2023		2,083
	1,349	3.43%, 09/01/2020		1,388
	7,682	3.50%, 12/01/2032 – 05/01/2033		7,978
	1,816	3.52%, 01/01/2018		1,814
	2,000	3.55%, 02/01/2030		2,087
	2,500	3.59%, 08/01/2023		2,632
	2,668	3.60%, 09/01/2020		2,759
	931	3.64%, 01/01/2025		984
	1,500	3.69%, 11/01/2023		1,582
	1,761	3.74%, 07/01/2020		1,823
	4,875	3.76%, 10/01/2023 – 11/01/2023		5,164
	3,000	3.77%, 09/01/2021		3,148
	3,573	3.78%, 01/01/2026		3,823
	1,499	3.87%, 01/01/2021		1,566
	3,729	3.93%, 07/01/2020 – 01/01/2021		3,890
	1,500	3.95%, 07/01/2020		1,558
	1,787	3.97%, 12/01/2025		1,934
	6,179	4.00%, 10/01/2032 – 07/01/2042		6,497
	1,356	4.13%, 08/01/2021		1,437
	4,380	4.25%, 04/01/2021		4,647
	1,963	4.26%, 07/01/2021		2,088
	1,017	4.28%, 01/01/2021		1,075
	935	4.30%, 04/01/2021		992
	1,272	4.31%, 07/01/2021		1,352
	1,993	4.33%, 04/01/2021		2,116
	5,000	4.34%, 06/01/2021		5,333
	1,825	4.37%, 02/01/2020		1,902
	653	4.38%, 04/01/2020		683
	1,889	4.39%, 05/01/2021		2,000
	2,000	4.40%, 02/01/2020		2,079
	2,720	4.48%, 02/01/2021		2,877
	7,968	4.50%, 12/01/2043 – 03/01/2044		8,528
	2,718	4.54%, 07/01/2026		2,988
	1,776	5.24%, 07/01/2019		1,848
	166	5.50%, 09/01/2033		186
	137	6.00%, 09/01/2037		147
	149	6.50%, 01/01/2036 – 07/01/2036		162

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage-Backed Securities — continued
	6	10.50%, 04/15/2019		6
		GNMA I, 30 Year, Single Family,
	177	6.50%, 03/15/2028 – 04/15/2033		197
	124	7.00%, 02/15/2033 – 06/15/2033		143
	23	7.50%, 11/15/2022 – 09/15/2028		25
	5	8.00%, 08/15/2028		5
	81	9.50%, 10/15/2024		86
		GNMA II, 30 Year, Single Family,
	1,852	4.25%, 03/20/2045		1,963
	156	4.50%, 08/20/2033		166
	1,217	6.00%, 09/20/2038		1,359
	33	7.50%, 02/20/2028 – 09/20/2028		38
	54	8.00%, 12/20/2025 – 09/20/2028		60
	17	8.50%, 05/20/2025		19
		GNMA II, Other,
	2,920	4.46%, 05/20/2063 (z)		3,030
	1,770	4.49%, 04/20/2063 (z)		1,843
		Total Mortgage-Backed Securities (Cost $352,900)		355,931
	Municipal Bonds — 0.5% (t)
		California — 0.1%
	440	Los Angeles City Department of Airports, International Airport, Series C, Rev., 6.58%, 05/15/2039		569
	350	State of California, Various Purpose, GO, 7.30%, 10/01/2039		519
				1,088
		New York — 0.2%
	360	New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series D, Rev., 5.60%, 03/15/2040		451
		Port Authority of New York & New Jersey, Consolidated,
	1,825	Series 164, Rev., 5.65%, 11/01/2040		2,362
	440	Series 165, Rev., 5.65%, 11/01/2040		573
	2,060	Series 174, Rev., 4.46%, 10/01/2062		2,353
				5,739
		Ohio — 0.2%
	1,315	American Municipal Power, Inc., Meldahl Hydroelectric Project, Series B, Rev., 7.50%, 02/15/2050		1,963
		Ohio State University, General Receipts,
	200	Rev., 5.59%, 12/01/2114		238
	325	Series A, Rev., 4.05%, 12/01/2056		335
	1,563	Series A, Rev., 4.80%, 06/01/2111		1,726
				4,262
		Total Municipal Bonds (Cost $9,182)		11,089
	Supranational — 0.1%
	3,000	African Development Bank, (Supranational), 8.80%, 09/01/2019 (Cost $3,291)		3,324
	U.S. Government Agency Securities — 1.7%
	1,525	FHLB, 5.50%, 07/15/2036		2,066
	4,260	FNMA, 10.09%, 10/09/2019		4,103
	13,319	Government Trust Certificate, Series 1-Z10/01/2019		12,842
		Resolution Funding Corp. STRIPS,
	8,040	1.74%, 10/15/2019 (n)		7,760
	510	2.70%, 10/15/2027 (n)		389
	580	2.87%, 01/15/2026 (n)		467
		Tennessee Valley Authority,
	304	4.63%, 09/15/2060		376
	4,196	5.25%, 09/15/2039		5,567
	1,115	5.88%, 04/01/2036		1,549
		Tennessee Valley Authority STRIPS,
	5,000	3.47%, 11/01/2025 (n)		4,040
	800	4.46%, 06/15/2035 (n)		451
	2,000	4.59%, 05/01/2019 (n)		1,943
		Total U.S. Government Agency Securities (Cost $40,644)		41,553
	U.S. Treasury Obligations — 21.6%
		U.S. Treasury Bonds,
	350	2.88%, 05/15/2043		354
	5,750	3.63%, 08/15/2043		6,604
	2,000	3.75%, 11/15/2043		2,346
	880	4.38%, 05/15/2040		1,120
	300	6.13%, 08/15/2029		411
		U.S. Treasury Inflation Linked Bonds,
	300	1.75%, 01/15/2028		393
	300	2.50%, 01/15/2029		413
	799	3.63%, 04/15/2028		1,584
		U.S. Treasury Inflation Linked Notes,
	2,453	0.13%, 01/15/2022		2,659
	630	1.38%, 07/15/2018		728
	607	1.38%, 01/15/2020		710
		U.S. Treasury Notes,
	1,755	05/15/2019		1,712

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligations — continued
	10,535	02/15/2020		10,123
	10,000	0.88%, 07/15/2018		9,961
	25,000	1.00%, 09/15/2018		24,879
	20,000	1.00%, 11/15/2019		19,698
	15,000	1.25%, 10/31/2018		14,944
	8,000	1.38%, 02/29/2020		7,920
	20,000	1.38%, 03/31/2020		19,786
	3,000	1.50%, 02/28/2023		2,899
	1,100	2.00%, 10/31/2021		1,098
	23,000	2.13%, 08/15/2021		23,084
	8,000	2.88%, 03/31/2018		8,038
	7,250	3.13%, 05/15/2021		7,526
		U.S. Treasury STRIPS Bonds,
	23,265	1.97%, 05/15/2021 (n)		21,711
	2,755	2.19%, 02/15/2020 (n)		2,649
	12,570	2.24%, 08/15/2023 (n)		11,024
	14,000	2.28%, 11/15/2023 (n)		12,194
	2,200	2.33%, 02/15/2024 (n)		1,902
	18,545	2.41%, 05/15/2022 (n)		16,859
	17,095	2.44%, 02/15/2021 (n)		16,064
	14,400	2.68%, 11/15/2022 (n)		12,904
	15,768	2.72%, 02/15/2022 (n)		14,430
	4,800	2.91%, 08/15/2022 (n)		4,333
	15,400	2.94%, 05/15/2023 (n)		13,603
	14,395	2.95%, 08/15/2032 (n)		9,665
	21,700	3.09%, 08/15/2031 (n)		15,014
	18,600	3.10%, 05/15/2034 (n)		11,833
	9,575	3.12%, 02/15/2032 (n)		6,526
	15,650	3.25%, 11/15/2031 (n)		10,746
	38,462	3.30%, 02/15/2023 (n)		34,211
	1,592	3.34%, 08/15/2026 (n)		1,282
	5,000	3.35%, 05/15/2031 (n)		3,486
	9,980	3.39%, 11/15/2021 (n)		9,198
	14,465	3.55%, 08/15/2020 (n)		13,754
	6,100	3.55%, 08/15/2021 (n)		5,659
	18,050	3.61%, 05/15/2032 (n)		12,208
	9,500	3.69%, 02/15/2034 (n)		6,093
	1,650	3.73%, 08/15/2034 (n)		1,042
	5,500	3.76%, 02/15/2033 (n)		3,635
	10,140	4.06%, 11/15/2032 (n)		6,748
	8,000	4.22%, 02/15/2031 (n)		5,612
	16,500	4.27%, 05/15/2033 (n)		10,813
	10,524	4.60%, 05/15/2020 (n)		10,066
	6,400	4.66%, 05/15/2030 (n)		4,605
	12,800	4.86%, 08/15/2030 (n)		9,134
	600	4.87%, 08/15/2024 (n)		512
	9,925	5.26%, 11/15/2030 (n)		7,029
	8,822	5.34%, 05/15/2019 (n)		8,607
	5,190	5.35%, 08/15/2019 (n)		5,036
	3,050	5.77%, 08/15/2033 (n)		1,986
	100	6.29%, 11/15/2029 (n)		73
	1,500	6.45%, 05/15/2026 (n)		1,218
	2,550	6.56%, 05/15/2027 (n)		2,011
	200	6.58%, 05/15/2024 (n)		172
		Total U.S. Treasury Obligations (Cost $500,480)		514,637
	Loan Assignments — 0.1% (cc)
		Consumer Discretionary — 0.1%
		Hotels, Restaurants & Leisure — 0.1%
	3,054	Lila Mexican Holdings LLC, Tranche B, (ICE LIBOR USD 1 Month + 3.00%), 4.25%, 08/11/2022 (aa) (bb) (Cost $2,978)		3,010
SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 1.9%
		Investment Company — 1.9%
	44,067	JPMorgan Prime Money Market Fund, Institutional Class Shares, 1.20% (b) (l) (Cost $44,076)		44,076
		Total Investments — 99.9% (Cost $2,306,888)		2,376,058
		Other Assets in Excess of Liabilities — 0.1%		2,378
		NET ASSETS — 100.0%		$2,378,436

Percentages indicated are based on net assets.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ACES	—	Alternative Credit Enhancement Securities
ARM	—	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of November 30, 2017.
CMBS	—	Commercial Mortgage Backed Security
CSMC	—	Credit Suisse Mortgage Trust
FHA	—	Federal Housing Administration
FHLB	—	Federal Home Loan Bank
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
GNMA	—	Government National Mortgage Association
GO	—	General Obligation
HB	—	High Coupon Bonds (a.k.a. “IOettes”) represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO’s the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.
ICE	—	Intercontinental Exchange
IF	—	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of November 30, 2017. The rate may be subject to a cap and floor.
IO	—	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
LIBOR	—	London Interbank Offered Rate
PO	—	Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
REMIC	—	Real Estate Mortgage Investment Conduit
Rev.	—	Revenue
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.
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of November 30, 2017.
USD	—	United States Dollar
VA	—	Veterans Administration
(b)	—	Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)	—	Defaulted Security. Security has not paid its last interest payment and/or interest is not being accrued.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(g)	—	Amount rounds to less than 0.05%.
(h)	—	Amount rounds to less than 500.
(l)	—	The rate shown is the current yield as of November 30, 2017.
(n)	—	The rate shown is the effective yield as of November 30, 2017.
(t)	—	The date shown represents the earliest of the next put date, next demand date or final maturity date.
(w)	—	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(x)	—	Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of November 30, 2017.
(y)	—	Security is an interest bearing note with preferred security characteristics.
(z)	—	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, 2017.
(aa)	—	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2017.
(bb)	—	Security has been valued using significant unobservable inputs.
(cc)	—	Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.

A. Valuation of Investments — The valuation of investments is 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 (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 such unadjusted quoted prices 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.

JPMorgan 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 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 related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of 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 (the “Underlying Funds”) are valued at each Underlying Fund’s NAV as of the report date.

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.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

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
Debt Securities
Asset-Backed Securities	$	—	$	177,397	$	91,391	$	268,788
Collateralized Mortgage Obligations		—		344,778		9,700		354,478
Commercial Mortgage-Backed Securities		—		110,948		7,161		118,109
Corporate Bonds
Consumer Discretionary		—		35,684		—		35,684
Consumer Staples		—		26,618		—		26,618
Energy		—		73,700		184		73,884
Financials		—		242,241		—		242,241
Health Care		—		32,742		—		32,742
Industrials		—		34,078		—		34,078
Information Technology		—		41,643		—		41,643
Materials		—		14,698		—		14,698
Real Estate		—		20,325		—		20,325
Telecommunication Services		—		41,429		—		41,429
Utilities		—		54,473		—		54,473
Total Corporate Bonds		—		617,631		184		617,815
Foreign Government Securities		—		43,248		—		43,248
Mortgage-Backed Securities		—		355,931		—		355,931
Municipal Bonds		—		11,089		—		11,089
Supranational		—		3,324		—		3,324
U.S. Government Agency Securities		—		41,553		—		41,553
U.S. Treasury Obligations		—		514,637		—		514,637
Loan Assignment
Consumer Discretionary		—		—		3,010		3,010
Short-Term Investment
Investment Company		44,076		—		—		44,076
Total Investments in Securities	$	44,076	$	2,220,536	$	111,446	$	2,376,058

Transfers between fair value levels are valued utilizing values as of the beginning of the period.

There were no transfers between levels 1 and 2 during the period ended November 30, 2017.

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

Core Bond Trust	Balance as of February 28, 2017		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, 2017
Investments in Securities:
Asset-Backed Securities	$	131,541	$	(458	)	$	1,205		$	(171	)	$	15,442	$	(63,092	)	$	12,114	$	(5,190	)	$	91,391
Collateralized Mortgage Obligations		16,382		13			(302	)		(202	)		—		(4,937	)		—		(1,254	)		9,700
Commercial Mortgage-Backed Securities		8,819		—	(a)		125			(149	)		49		(1,698	)		17		(2	)		7,161
Corporate Bond — Energy		—		—			—	(a)		—	(a)		211		(27	)		—		—			184
Loan Assignment — Consumer Discretionary		—		—			(22	)		15			12		(1,698	)		4,703		—			3,010
	$	156,742	$	(445	)	$	1,006		$	(507	)	$	15,714	$	(71,452	)	$	16,834	$	(6,446	)	$	111,446

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 $500.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at November 30, 2017, which were valued using significant unobservable inputs (level 3) amounted to approximately $452,000.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

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, 2017.

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at November 30, 2017		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	51,261	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 30.00% (5.63%)
				Constant Default Rate		0.00% - 30.00% (0.66%)
				Yield (Discount Rate of Cash Flows)		1.77% - 8.14% (3.58%)
Asset-Backed Securities		51,261
		8,420	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 28.00% (13.39%)
				PSA Prepayment Model		300.00% (300.00%)
				Constant Default Rate		0.00% - 12.68% (3.74%)
				Yield (Discount Rate of Cash Flows)		0.38% - 199.00% (6.87%)
Collateralized Mortgage Obligations		8,420
		2,705	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (19.87%)
				Yield (Discount Rate of Cash Flows)		1.77% - 5.51% (4.53%)
Commercial Mortgage-Backed Securities		2,705
		184	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		3.23% (3.23%)
				Liquidity Discount		1.00% (1.00%)
Corporate Bonds		184
Total	$	62,570

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At November 30, 2017, the value of these investments was approximately $48,876,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally 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.

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 10.7%
	10	Academic Loan Funding Trust, Series 2012-1A, Class A1, 2.13%, 12/27/2022 (e) (z)		10
		American Airlines Pass-Through Trust,
	146	Series 2013-2, Class A, 4.95%, 01/15/2023		155
	82	Series 2017-2, Class AA, 3.35%, 10/15/2029		83
	245	American Credit Acceptance Receivables Trust, Series 2015-2, Class C, 4.32%, 05/12/2021 (e)		248
	91	AmeriCredit Automobile Receivables Trust, Series 2017-3, Class A3, 1.90%, 03/18/2022		91
	750	Anchor Assets IX LLC, Series 2016-1, Class A, 5.13%, 02/15/2020 (e) (bb)		750
	29	Axis Equipment Finance Receivables III LLC, Series 2015-1A, Class A2, 1.90%, 03/20/2020 (e)		29
		B2R Mortgage Trust,
	103	Series 2015-1, Class A1, 2.52%, 05/15/2048 (e)		102
	232	Series 2015-2, Class A, 3.34%, 11/15/2048 (e)		235
	53	BCC Funding Corp. X, Series 2015-1, Class A2, 2.22%, 10/20/2020 (e)		53
	15	Bear Stearns Asset-Backed Securities Trust, Series 2006-SD1, Class A, 1.70%, 04/25/2036 (z) (bb)		15
		CarFinance Capital Auto Trust,
	26	Series 2014-1A, Class B, 2.72%, 04/15/2020 (e)		26
	19	Series 2014-2A, Class A, 1.44%, 11/16/2020 (e)		19
	30	Series 2015-1A, Class A, 1.75%, 06/15/2021 (e)		30
		Citi Held For Asset Issuance,
	129	Series 2016-MF1, Class A, 4.48%, 08/15/2022 (e)		130
	400	Series 2016-MF1, Class B, 6.64%, 08/15/2022 (e)		412
	44	Series 2016-PM1, Class A, 4.65%, 04/15/2025 (e)		44
	399	Colony American Homes, Series 2014-2A, Class A, 2.19%, 07/17/2031 (e) (z)		399
	14	Continental Airlines Pass-Through Trust, Series 1999-2, Class A-1, 7.26%, 03/15/2020		14
		CPS Auto Receivables Trust,
	15	Series 2015-A, Class A, 1.53%, 07/15/2019 (e)		15
	140	Series 2015-B, Class A, 1.65%, 11/15/2019 (e)		140
	425	Series 2015-B, Class C, 4.20%, 05/17/2021 (e)		432
	310	Series 2015-C, Class D, 4.63%, 08/16/2021 (e) (bb)		315
	47	Series 2016-A, Class A, 2.25%, 10/15/2019 (e)		47
	100	Series 2017-C, Class B, 2.30%, 07/15/2021 (e)		100
	250	Credit Acceptance Auto Loan Trust, Series 2015-2A, Class C, 3.76%, 02/15/2024 (e)		252
	47	CVS Pass-Through Trust, 5.93%, 01/10/2034 (e)		53
	29	Delta Air Lines Pass-Through Trust, Series 2010-2, Class A, 4.95%, 05/23/2019		30
		Drive Auto Receivables Trust,
	177	Series 2015-AA, Class D, 4.12%, 07/15/2022 (e)		180
	320	Series 2015-BA, Class D, 3.84%, 07/15/2021 (e)		326
	220	Series 2015-DA, Class D, 4.59%, 01/17/2023 (e) (bb)		226
		DT Auto Owner Trust,
	301	Series 2015-2A, Class D, 4.25%, 02/15/2022 (e)		307
	61	Series 2017-3A, Class B, 2.40%, 05/17/2021 (e)		61
		Exeter Automobile Receivables Trust,
	9	Series 2014-3A, Class B, 2.77%, 11/15/2019 (e)		9
	234	Series 2015-1A, Class B, 2.84%, 03/16/2020 (e)		234
	29	Series 2016-1A, Class A, 2.35%, 07/15/2020 (e)		30
	310	Series 2016-1A, Class C, 5.52%, 10/15/2021 (e)		319
	370	Series 2016-2A, Class B, 3.64%, 02/15/2022 (e)		373
	413	Federal Express Corp. Pass-Through Trust, Series 981A, 6.72%, 01/15/2022		447
		First Investors Auto Owner Trust,
	27	Series 2014-3A, Class A3, 1.67%, 11/16/2020 (e)		27
	100	Series 2015-2A, Class D, 4.22%, 12/15/2021 (e)		101

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
			FirstKey Lending Trust,
	270		Series 2015-SFR1, Class A, 2.55%, 03/09/2047 (e)		269
	144		Series 2015-SFR1, Class B, 3.42%, 03/09/2047 (e) (bb)		145
			Flagship Credit Auto Trust,
	78		Series 2014-2, Class B, 2.84%, 11/16/2020 (e)		78
	44		Series 2014-2, Class C, 3.95%, 12/15/2020 (e)		45
	31		Series 2015-1, Class A, 1.63%, 06/15/2020 (e)		31
	213		Series 2015-3, Class A, 2.38%, 10/15/2020 (e)		214
	114		Series 2015-3, Class B, 3.68%, 03/15/2022 (e)		115
	113		Series 2015-3, Class C, 4.65%, 03/15/2022 (e)		116
	400		Series 2016-1, Class C, 6.22%, 06/15/2022 (e)		421
	33		GE Capital Mortgage Services, Inc. Trust, Series 1999-HE1, Class M, 6.71%, 04/25/2029 (z) (bb)		28
			GLS Auto Receivables Trust,
	34		Series 2015-1A, Class A, 2.25%, 12/15/2020 (e)		34
	190		Series 2016-1A, Class A, 2.73%, 10/15/2020 (e)		190
	40		GM Financial Automobile Leasing Trust, Series 2017-3, Class A3, 2.01%, 11/20/2020		40
	52		GMAT Trust, Series 2013-1A, Class A, SUB, 6.97%, 11/25/2043 (e) (bb)		52
			GO Financial Auto Securitization Trust,
	–(h	)	Series 2015-1, Class B, 3.59%, 10/15/2020 (e)		—	(h)
	159		Series 2015-2, Class B, 4.80%, 08/17/2020 (e)		160
	75		Gold Key Resorts LLC, Series 2014-A, Class A, 3.22%, 03/17/2031 (e)		74
	60		Honda Auto Receivables Owner Trust, Series 2017-3, Class A3, 1.79%, 09/20/2021		60
	200		Hyundai Auto Receivables Trust, Series 2017-B, Class A3, 1.77%, 01/18/2022		199
	342		Lendmark Funding Trust, Series 2016-A, Class A, 4.82%, 08/21/2023 (e)		347
	1,429		LV Tower 52 Issuer, Series 2013-1, Class A, 5.75%, 02/15/2023 (e) (bb)		1,429
	21		Nissan Auto Receivables Owner Trust, Series 2014-B, Class A3, 1.11%, 05/15/2019		21
			NRPL Trust,
	202		Series 2015-1A, Class A1, SUB, 3.88%, 11/01/2054 (e)		202
	474		Series 2015-2A, Class A1, SUB, 3.75%, 10/25/2057 (e) (bb)		475
	200		Series 2015-2A, Class A2, SUB, 3.75%, 10/25/2057 (e) (bb)		199
			OneMain Financial Issuance Trust,
	51		Series 2014-2A, Class A, 2.47%, 09/18/2024 (e)		51
	403		Series 2015-1A, Class A, 3.19%, 03/18/2026 (e)		406
	464		Series 2015-2A, Class A, 2.57%, 07/18/2025 (e)		464
	233		Series 2015-2A, Class B, 3.10%, 07/18/2025 (e) (bb)		233
	484		Oportun Funding II LLC, Series 2016-A, Class A, 4.70%, 03/08/2021 (e)		489
	476		Oportun Funding III LLC, Series 2016-B, Class A, 3.69%, 07/08/2021 (e)		479
			Progress Residential Trust,
	856		Series 2015-SFR2, Class A, 2.74%, 06/12/2032 (e)		853
	351		Series 2015-SFR2, Class B, 3.14%, 06/12/2032 (e) (bb)		351
	781		Series 2015-SFR3, Class A, 3.07%, 11/12/2032 (e)		786
	200		Series 2015-SFR3, Class D, 4.67%, 11/12/2032 (e)		206
	33		Securitized Asset-Backed Receivables LLC Trust, Series 2006-CB1, Class AF2, SUB, 3.44%, 01/25/2036 (bb)		30
	1		Skopos Auto Receivables Trust, Series 2015-2A, Class A, 3.55%, 02/15/2020 (e)		1
	46		Spirit Airlines Pass Through Trust, Series 2017-1AA, 3.38%, 02/15/2030		46
	461		Springleaf Funding Trust, Series 2015-AA, Class A, 3.16%, 11/15/2024 (e)		463
	339		Toyota Auto Receivables Owner Trust, Series 2016-A, Class A3, 1.25%, 03/16/2020		337
	120		United Airlines Pass-Through Trust, Series 2016-2, Class AA, 2.88%, 10/07/2028		117
	102		VOLT XL LLC, Series 2015-NP14, Class A1, SUB, 4.38%, 11/27/2045 (e) (bb)		102

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	549		VOLT XXV LLC, Series 2015-NPL8, Class A1, SUB, 3.50%, 06/26/2045 (e) (bb)		549
	200		Westlake Automobile Receivables Trust, Series 2015-3A, Class D, 4.40%, 05/17/2021 (e)		202
			World Omni Auto Receivables Trust,
	28		Series 2015-A, Class A3, 1.34%, 05/15/2020		28
	104		Series 2017-B, Class A3, 1.95%, 02/15/2023		104
			Total Asset-Backed Securities (Cost $17,937)		18,110
	Collateralized Mortgage Obligations — 19.1%
	180		Access PT Funding Trust, Series 2016-1, 6.25%, 02/16/2021 (bb)		180
			Alternative Loan Trust,
	1,087		Series 2004-2CB, Class 1A9, 5.75%, 03/25/2034		1,113
	171		Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035		161
	39		Angel Oak Mortgage Trust LLC, Series 2015-1, Class A, SUB, 4.50%, 11/25/2045 (e)		39
	38		ASG Resecuritization Trust, Series 2009-3, Class A65, 2.88%, 03/26/2037 (e) (z)		38
	18		Banc of America Funding Trust, Series 2004-1, Class PO, PO, 03/25/2034 (bb)		15
	149		BCAP LLC Trust, Series 2010-RR7, Class 2A1, 3.18%, 07/26/2045 (e) (z)		147
	51		Bear Stearns ARM Trust, Series 2005-5, Class A1, 3.28%, 08/25/2035 (z)		52
			CHL Mortgage Pass-Through Trust,
	35		Series 2004-5, Class 1A4, 5.50%, 06/25/2034		36
	18		Series 2004-HYB3, Class 2A, 3.18%, 06/20/2034 (z)		18
	175		Series 2005-22, Class 2A1, 3.45%, 11/25/2035 (z)		154
			Citigroup Global Markets Mortgage Securities VII, Inc.,
	28		Series 2003-HYB1, Class A, 3.74%, 09/25/2033 (z)		28
	–	(h)	Series 2003-UP2, Class PO1, PO, 12/25/2018 (bb)		—	(h)
			Citigroup Mortgage Loan Trust, Inc.,
	8		Series 2003-UP3, Class A3, 7.00%, 09/25/2033		8
	7		Series 2003-UST1, Class A1, 5.50%, 12/25/2018		8
	1		Series 2003-UST1, Class PO1, PO, 12/25/2018 (bb)		1
	–	(h)	Series 2003-UST1, Class PO3, PO, 12/25/2018 (bb)		—	(h)
	3		Credit Suisse First Boston Mortgage Securities Corp., Series 2003-23, Class 2A5, 5.00%, 10/25/2018		3
	22		CSMC, Series 2010-11R, Class A6, 2.34%, 06/28/2047 (e) (z)		22
	60		Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series 2005-3, Class 1A1, 3.45%, 06/25/2020 (z)		57
	1		Deutsche Mortgage Securities, Inc., Mortgage Loan Trust, Series 2004-1, Class 2APO, PO, 10/25/2018 (bb)		1
	21		FHLMC – GNMA, Series 24, Class ZE, 6.25%, 11/25/2023		23
			FHLMC REMIC,
	–	(h)	Series 46, Class B, 7.80%, 09/15/2020		—	(h)
	–	(h)	Series 47, Class F, 10.00%, 06/15/2020		—	(h)
	–	(h)	Series 85, Class C, 8.60%, 01/15/2021		—	(h)
	–	(h)	Series 99, Class Z, 9.50%, 01/15/2021		—	(h)
	3		Series 114, Class H, 6.95%, 01/15/2021		3
	–	(h)	Series 1079, Class S, HB, IF, 29.75%, 05/15/2021 (z)		—	(h)
	–	(h)	Series 1084, Class F, 2.20%, 05/15/2021 (z)		—	(h)
	–	(h)	Series 1084, Class S, HB, IF, 39.60%, 05/15/2021 (z)		—	(h)
	3		Series 1144, Class KB, 8.50%, 09/15/2021		3
	–	(h)	Series 1172, Class L, HB, IO, 1,181.25%, 11/15/2021 (z)		—	(h)
	–	(h)	Series 1196, Class B, HB, IF, IO, 1,104.54%, 01/15/2022 (z)		—	(h)
	2		Series 1206, Class IA, 7.00%, 03/15/2022		2
	1		Series 1250, Class J, 7.00%, 05/15/2022		1
	6		Series 1343, Class LA, 8.00%, 08/15/2022		7
	28		Series 1466, Class PZ, 7.50%, 02/15/2023		31
	–	(h)	Series 1470, Class F, 1.73%, 02/15/2023 (z)		—	(h)
	10		Series 1491, Class I, 7.50%, 04/15/2023		11

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	10		Series 1518, Class G, IF, 7.70%, 05/15/2023 (z)		11
	9		Series 1541, Class O, 1.66%, 07/15/2023 (z)		9
	3		Series 1602, Class SA, IF, 18.69%, 10/15/2023 (z)		4
	31		Series 1608, Class L, 6.50%, 09/15/2023		34
	4		Series 1671, Class L, 7.00%, 02/15/2024		5
	5		Series 1700, Class GA, PO, 02/15/2024		5
	53		Series 1706, Class K, 7.00%, 03/15/2024		58
	177		Series 1720, Class PL, 7.50%, 04/15/2024		193
	8		Series 1745, Class D, 7.50%, 08/15/2024		8
	11		Series 1798, Class F, 5.00%, 05/15/2023		11
	–	(h)	Series 1807, Class G, 9.00%, 10/15/2020		—	(h)
	64		Series 1927, Class PH, 7.50%, 01/15/2027		72
	27		Series 1981, Class Z, 6.00%, 05/15/2027		29
	9		Series 1987, Class PE, 7.50%, 09/15/2027		10
	3		Series 2033, Class SN, HB, IF, IO, 28.16%, 03/15/2024 (z)		1
	11		Series 2038, Class PN, IO, 7.00%, 03/15/2028		2
	59		Series 2040, Class PE, 7.50%, 03/15/2028		67
	1		Series 2056, Class TD, 6.50%, 05/15/2018		1
	61		Series 2063, Class PG, 6.50%, 06/15/2028		67
	7		Series 2064, Class TE, 7.00%, 06/15/2028		8
	42		Series 2075, Class PH, 6.50%, 08/15/2028		46
	40		Series 2075, Class PM, 6.25%, 08/15/2028		44
	13		Series 2089, Class PJ, IO, 7.00%, 10/15/2028		2
	25		Series 2125, Class JZ, 6.00%, 02/15/2029		27
	6		Series 2163, Class PC, IO, 7.50%, 06/15/2029		1
	112		Series 2169, Class TB, 7.00%, 06/15/2029		126
	43		Series 2172, Class QC, 7.00%, 07/15/2029		49
	–	(h)	Series 2196, Class TL, 7.50%, 11/15/2029		—	(h)
	21		Series 2201, Class C, 8.00%, 11/15/2029		24
	55		Series 2210, Class Z, 8.00%, 01/15/2030		65
	15		Series 2224, Class CB, 8.00%, 03/15/2030		17
	32		Series 2256, Class MC, 7.25%, 09/15/2030		37
	29		Series 2259, Class ZM, 7.00%, 10/15/2030		33
	28		Series 2271, Class PC, 7.25%, 12/15/2030		32
	16		Series 2283, Class K, 6.50%, 12/15/2023		17
	14		Series 2296, Class PD, 7.00%, 03/15/2031		16
	6		Series 2306, Class K, PO, 05/15/2024		6
	15		Series 2306, Class SE, IF, IO, 8.27%, 05/15/2024 (z)		3
	26		Series 2333, Class HC, 6.00%, 07/15/2031		29
	265		Series 2344, Class ZD, 6.50%, 08/15/2031		307
	30		Series 2344, Class ZJ, 6.50%, 08/15/2031		33
	21		Series 2345, Class NE, 6.50%, 08/15/2031		24
	6		Series 2347, Class VP, 6.50%, 03/15/2020		6
	25		Series 2351, Class PZ, 6.50%, 08/15/2031		28
	21		Series 2410, Class NG, 6.50%, 02/15/2032		24
	32		Series 2410, Class OE, 6.38%, 02/15/2032		35
	15		Series 2410, Class QX, IF, IO, 7.40%, 02/15/2032 (z)		4
	56		Series 2412, Class SP, IF, 13.60%, 02/15/2032 (z)		71
	17		Series 2423, Class MC, 7.00%, 03/15/2032		20
	34		Series 2423, Class MT, 7.00%, 03/15/2032		39
	122		Series 2435, Class CJ, 6.50%, 04/15/2032		137
	36		Series 2441, Class GF, 6.50%, 04/15/2032		40

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	35		Series 2444, Class ES, IF, IO, 6.70%, 03/15/2032 (z)		8
	47		Series 2450, Class GZ, 7.00%, 05/15/2032		54
	14		Series 2450, Class SW, IF, IO, 6.75%, 03/15/2032 (z)		3
	48		Series 2455, Class GK, 6.50%, 05/15/2032		52
	74		Series 2466, Class DH, 6.50%, 06/15/2032		83
	37		Series 2474, Class NR, 6.50%, 07/15/2032		41
	68		Series 2484, Class LZ, 6.50%, 07/15/2032		76
	61		Series 2500, Class MC, 6.00%, 09/15/2032		69
	98		Series 2512, Class PG, 5.50%, 10/15/2022		102
	17		Series 2535, Class BK, 5.50%, 12/15/2022		18
	–	(h)	Series 2537, Class TE, 5.50%, 12/15/2017		1
	125		Series 2543, Class YX, 6.00%, 12/15/2032		138
	146		Series 2568, Class KG, 5.50%, 02/15/2023		155
	246		Series 2575, Class ME, 6.00%, 02/15/2033		273
	21		Series 2586, Class WI, IO, 6.50%, 03/15/2033		4
	4		Series 2622, Class PE, 4.50%, 05/15/2018		4
	3		Series 2631, Class LC, 4.50%, 06/15/2018		3
	4		Series 2651, Class VZ, 4.50%, 07/15/2018		5
	22		Series 2934, Class EC, PO, 02/15/2020		22
	49		Series 2990, Class SL, IF, 19.91%, 06/15/2034 (z)		61
	738		Series 2990, Class UZ, 5.75%, 06/15/2035		826
	65		Series 2999, Class ND, 4.50%, 07/15/2020		66
	1		Series 3068, Class AO, PO, 01/15/2035		1
	76		Series 3117, Class EO, PO, 02/15/2036		66
	8		Series 3117, Class OK, PO, 02/15/2036		7
	94		Series 3122, Class OH, PO, 03/15/2036		84
	115		Series 3137, Class XP, 6.00%, 04/15/2036		129
	6		Series 3149, Class SO, PO, 05/15/2036		5
	177		Series 3152, Class MO, PO, 03/15/2036		154
	61		Series 3171, Class MO, PO, 06/15/2036		56
	28		Series 3179, Class OA, PO, 07/15/2036		25
	252		Series 3202, Class HI, IF, IO, 5.40%, 08/15/2036 (z)		44
	42		Series 3232, Class ST, IF, IO, 5.45%, 10/15/2036 (z)		6
	6		Series 3253, Class PO, PO, 12/15/2021		6
	9		Series 3316, Class JO, PO, 05/15/2037		8
	450		Series 3417, Class EO, PO, 11/15/2036		415
	136		Series 3481, Class SJ, IF, IO, 4.60%, 08/15/2038 (z)		19
	47		Series 3607, Class AO, PO, 04/15/2036		41
	211		Series 3607, Class OP, PO, 07/15/2037		184
	31		Series 3611, Class PO, PO, 07/15/2034		27
	331		Series 3680, Class MA, 4.50%, 07/15/2039		350
	30		Series 3804, Class FN, 1.70%, 03/15/2039 (z)		30
	307		Series 3819, Class ZQ, 6.00%, 04/15/2036		343
	88		Series 3997, Class PF, 1.70%, 11/15/2039 (z)		88
	556		Series 4219, Class JA, 3.50%, 08/15/2039		575
	649		Series 4374, Class NC, SUB, 3.75%, 02/15/2046		664
			FHLMC STRIPS,
	6		Series 243, Class 16, IO, 4.50%, 11/15/2020		—	(h)
	618		Series 262, Class 35, 3.50%, 07/15/2042		634
			FHLMC Structured Pass-Through Securities Certificates,
	28		Series T-41, Class 3A, 5.66%, 07/25/2032 (z)		30
	25		Series T-51, Class 2A, 7.50%, 08/25/2042 (z)		30

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	249		Series T-54, Class 2A, 6.50%, 02/25/2043		290
	83		Series T-54, Class 3A, 7.00%, 02/25/2043		95
	630		Series T-56, Class A5, 5.23%, 05/25/2043		702
	19		Series T-58, Class APO, PO, 09/25/2043		16
	159		Series T-76, Class 2A, 3.73%, 10/25/2037 (z)		162
			First Horizon Mortgage Pass-Through Trust,
	65		Series 2004-AR7, Class 2A2, 3.19%, 02/25/2035 (z)		65
	58		Series 2005-AR1, Class 2A2, 3.16%, 04/25/2035 (z)		59
			FNMA REMIC,
	–	(h)	Series 1988-7, Class Z, 9.25%, 04/25/2018		—	(h)
	1		Series 1989-70, Class G, 8.00%, 10/25/2019		1
	1		Series 1989-78, Class H, 9.40%, 11/25/2019		1
	1		Series 1989-83, Class H, 8.50%, 11/25/2019		1
	–	(h)	Series 1989-89, Class H, 9.00%, 11/25/2019		—	(h)
	–	(h)	Series 1990-1, Class D, 8.80%, 01/25/2020		—	(h)
	–	(h)	Series 1990-7, Class B, 8.50%, 01/25/2020		—	(h)
	–	(h)	Series 1990-60, Class K, 5.50%, 06/25/2020		—	(h)
	–	(h)	Series 1990-63, Class H, 9.50%, 06/25/2020		—	(h)
	–	(h)	Series 1990-93, Class G, 5.50%, 08/25/2020		—	(h)
	–	(h)	Series 1990-94, Class H, HB, 505.00%, 08/25/2020		—	(h)
	–	(h)	Series 1990-95, Class J, HB, IO, 1,118.04%, 08/25/2020		—	(h)
	3		Series 1990-102, Class J, 6.50%, 08/25/2020		3
	1		Series 1990-120, Class H, 9.00%, 10/25/2020		1
	–	(h)	Series 1990-134, Class SC, IF, 19.61%, 11/25/2020 (z)		—	(h)
	–	(h)	Series 1990-140, Class K, HB, IO, 652.15%, 12/25/2020		—	(h)
	1		Series 1991-42, Class S, IF, 15.35%, 05/25/2021 (z)		1
	14		Series 1992-107, Class SB, HB, IF, 26.15%, 06/25/2022 (z)		18
	1		Series 1992-143, Class MA, 5.50%, 09/25/2022		1
	9		Series 1993-25, Class J, 7.50%, 03/25/2023		10
	56		Series 1993-37, Class PX, 7.00%, 03/25/2023		60
	19		Series 1993-54, Class Z, 7.00%, 04/25/2023		21
	4		Series 1993-62, Class SA, IF, 18.83%, 04/25/2023 (z)		5
	5		Series 1993-122, Class M, 6.50%, 07/25/2023		5
	2		Series 1993-165, Class SD, IF, 13.31%, 09/25/2023 (z)		3
	9		Series 1993-178, Class PK, 6.50%, 09/25/2023		10
	137		Series 1993-183, Class KA, 6.50%, 10/25/2023		152
	59		Series 1993-189, Class PL, 6.50%, 10/25/2023		63
	14		Series 1993-247, Class SA, HB, IF, 27.78%, 12/25/2023 (z)		19
	1		Series 1994-9, Class E, PO, 11/25/2023		1
	39		Series 1996-14, Class SE, IF, IO, 8.33%, 08/25/2023 (z)		6
	4		Series 1996-59, Class J, 6.50%, 08/25/2022		4
	15		Series 1997-20, Class IB, IO, 1.84%, 03/25/2027 (z)		—	(h)
	14		Series 1997-20, Class IO, IO, 1.84%, 03/25/2027 (z)		—	(h)
	12		Series 1997-27, Class J, 7.50%, 04/18/2027		14
	15		Series 1997-29, Class J, 7.50%, 04/20/2027		17
	33		Series 1997-39, Class PD, 7.50%, 05/20/2027		37
	9		Series 1997-81, Class PI, IO, 7.00%, 12/18/2027		1
	1		Series 1998-4, Class C, PO, 04/25/2023		1
	7		Series 1998-36, Class ZB, 6.00%, 07/18/2028		8
	89		Series 1998-43, Class EA, PO, 04/25/2023		85
	65		Series 2000-2, Class ZE, 7.50%, 02/25/2030		75
	12		Series 2001-4, Class PC, 7.00%, 03/25/2021		13

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	40	Series 2001-33, Class ID, IO, 6.00%, 07/25/2031		9
	50	Series 2001-36, Class DE, 7.00%, 08/25/2031		57
	10	Series 2001-44, Class PD, 7.00%, 09/25/2031		12
	48	Series 2001-48, Class Z, 6.50%, 09/25/2021		51
	9	Series 2001-49, Class Z, 6.50%, 09/25/2031		10
	8	Series 2001-81, Class LO, PO, 01/25/2032		7
	18	Series 2002-1, Class HC, 6.50%, 02/25/2022		19
	6	Series 2002-1, Class SA, HB, IF, 20.87%, 02/25/2032 (z)		9
	29	Series 2002-21, Class PE, 6.50%, 04/25/2032		32
	30	Series 2002-28, Class PK, 6.50%, 05/25/2032		34
	35	Series 2002-37, Class Z, 6.50%, 06/25/2032		39
	122	Series 2003-22, Class UD, 4.00%, 04/25/2033		127
	8	Series 2003-34, Class GB, 6.00%, 03/25/2033		8
	304	Series 2003-34, Class GE, 6.00%, 05/25/2033		332
	7	Series 2003-39, Class IO, IO, 6.00%, 05/25/2033 (z)		1
	116	Series 2003-47, Class PE, 5.75%, 06/25/2033		130
	14	Series 2003-52, Class SX, IF, 18.97%, 10/25/2031 (z)		18
	15	Series 2003-64, Class SX, IF, 10.64%, 07/25/2033 (z)		18
	94	Series 2003-71, Class DS, IF, 5.81%, 08/25/2033 (z)		99
	17	Series 2003-83, Class PG, 5.00%, 06/25/2023		17
	10	Series 2003-91, Class SD, IF, 10.29%, 09/25/2033 (z)		12
	105	Series 2003-116, Class SB, IF, IO, 6.27%, 11/25/2033 (z)		20
	7	Series 2003-130, Class SX, IF, 9.53%, 01/25/2034 (z)		8
	35	Series 2004-25, Class PC, 5.50%, 01/25/2034		36
	60	Series 2004-25, Class SA, IF, 15.87%, 04/25/2034 (z)		80
	24	Series 2004-36, Class PC, 5.50%, 02/25/2034		24
	72	Series 2004-36, Class SA, IF, 15.87%, 05/25/2034 (z)		95
	42	Series 2004-46, Class SK, IF, 12.85%, 05/25/2034 (z)		53
	444	Series 2004-50, Class VZ, 5.50%, 07/25/2034		482
	39	Series 2004-61, Class SH, IF, 18.68%, 11/25/2032 (z)		57
	34	Series 2004-74, Class SW, IF, 12.93%, 11/25/2031 (z)		45
	7	Series 2004-76, Class CL, 4.00%, 10/25/2019		7
	72	Series 2005-45, Class DC, IF, 19.44%, 06/25/2035 (z)		99
	3	Series 2005-52, Class PA, 6.50%, 06/25/2035		3
	51	Series 2005-56, Class S, IF, IO, 5.38%, 07/25/2035 (z)		8
	89	Series 2005-56, Class TP, IF, 14.17%, 08/25/2033 (z)		107
	296	Series 2005-68, Class PG, 5.50%, 08/25/2035		324
	133	Series 2005-73, Class PS, IF, 13.38%, 08/25/2035 (z)		167
	52	Series 2005-74, Class CS, IF, 16.37%, 05/25/2035 (z)		66
	100	Series 2005-106, Class US, IF, 19.70%, 11/25/2035 (z)		146
	331	Series 2005-121, Class DX, 5.50%, 01/25/2026		354
	91	Series 2006-27, Class OH, PO, 04/25/2036		82
	36	Series 2006-44, Class P, PO, 12/25/2033		31
	230	Series 2006-56, Class FC, 1.62%, 07/25/2036 (z)		230
	6	Series 2006-59, Class QO, PO, 01/25/2033		6
	35	Series 2006-65, Class QO, PO, 07/25/2036		31
	53	Series 2006-72, Class GO, PO, 08/25/2036		48
	100	Series 2006-77, Class PC, 6.50%, 08/25/2036		112
	41	Series 2006-79, Class DO, PO, 08/25/2036		37
	67	Series 2006-110, Class PO, PO, 11/25/2036		58
	87	Series 2006-124, Class HB, 3.41%, 11/25/2036 (z)		90
	49	Series 2007-14, Class ES, IF, IO, 5.11%, 03/25/2037 (z)		7

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	44		Series 2007-79, Class SB, IF, 19.15%, 08/25/2037 (z)		66
	180		Series 2007-81, Class GE, 6.00%, 08/25/2037		195
	122		Series 2007-88, Class VI, IF, IO, 5.21%, 09/25/2037 (z)		21
	343		Series 2007-91, Class ES, IF, IO, 5.13%, 10/25/2037 (z)		54
	49		Series 2007-106, Class A7, 6.09%, 10/25/2037 (z)		54
	87		Series 2007-116, Class HI, IO, 1.32%, 01/25/2038 (z)		4
	24		Series 2008-10, Class XI, IF, IO, 4.90%, 03/25/2038 (z)		3
	18		Series 2008-16, Class IS, IF, IO, 4.87%, 03/25/2038 (z)		2
	41		Series 2008-28, Class QS, IF, 16.72%, 04/25/2038 (z)		52
	83		Series 2008-46, Class HI, IO, 1.59%, 06/25/2038 (z)		4
	59		Series 2009-69, Class PO, PO, 09/25/2039		53
	136		Series 2009-103, Class MB, 3.50%, 12/25/2039 (z)		145
	204		Series 2010-71, Class HJ, 5.50%, 07/25/2040		226
	260		Series 2011-118, Class MT, 7.00%, 11/25/2041		302
	229		Series 2011-118, Class NT, 7.00%, 11/25/2041		261
	161		Series 2012-47, Class HF, 1.73%, 05/25/2027 (z)		162
	349		Series 2013-101, Class DO, PO, 10/25/2043		281
	328		Series 2013-128, Class PO, PO, 12/25/2043		268
	1		Series G-14, Class L, 8.50%, 06/25/2021		1
	3		Series G-18, Class Z, 8.75%, 06/25/2021		3
	2		Series G-35, Class M, 8.75%, 10/25/2021		3
	13		Series G92-35, Class E, 7.50%, 07/25/2022		14
	1		Series G92-42, Class Z, 7.00%, 07/25/2022		1
	–	(h)	Series G92-44, Class ZQ, 8.00%, 07/25/2022		—	(h)
	10		Series G92-54, Class ZQ, 7.50%, 09/25/2022		11
	4		Series G93-5, Class Z, 6.50%, 02/25/2023		4
	8		Series G95-1, Class C, 8.80%, 01/25/2025		9
			FNMA REMIC Trust,
	101		Series 2003-W1, Class 1A1, 6.50%, 12/25/2042 (z)		109
	21		Series 2003-W4, Class 2A, 6.50%, 10/25/2042 (z)		24
	11		Series 2007-W7, Class 1A4, HB, IF, 31.21%, 07/25/2037 (z)		15
			FNMA STRIPS,
	–	(h)	Series 50, Class 2, IO, 10.50%, 03/25/2019		—	(h)
	1		Series 218, Class 2, IO, 7.50%, 04/25/2023		—	(h)
	33		Series 300, Class 1, PO, 09/25/2024		32
	7		Series 329, Class 1, PO, 01/25/2033		6
			FNMA Trust,
	42		Series 2004-W2, Class 2A2, 7.00%, 02/25/2044		48
	130		Series 2005-W3, Class 2AF, 1.55%, 03/25/2045 (z)		127
			GNMA,
	87		Series 1994-7, Class PQ, 6.50%, 10/16/2024		87
	13		Series 1999-30, Class S, IF, IO, 7.34%, 08/16/2029 (z)		—	(h)
	7		Series 2000-9, Class Z, 8.00%, 06/20/2030		9
	134		Series 2000-9, Class ZJ, 8.50%, 02/16/2030		154
	21		Series 2002-31, Class S, IF, IO, 7.44%, 01/16/2031 (z)		4
	56		Series 2002-47, Class PG, 6.50%, 07/16/2032		64
	66		Series 2002-47, Class PY, 6.00%, 07/20/2032		74
	68		Series 2002-47, Class ZA, 6.50%, 07/20/2032		79
	11		Series 2003-24, Class PO, PO, 03/16/2033		10
	241		Series 2003-40, Class TJ, 6.50%, 03/20/2033		270
	58		Series 2003-52, Class AP, PO, 06/16/2033		50
	17		Series 2004-28, Class S, IF, 16.19%, 04/16/2034 (z)		22
	32		Series 2004-71, Class SB, HB, IF, 23.17%, 09/20/2034 (z)		48
	20		Series 2004-73, Class AE, IF, 12.25%, 08/17/2034 (z)		23

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	179	Series 2004-90, Class SI, IF, IO, 4.82%, 10/20/2034 (z)		27
	45	Series 2005-68, Class DP, IF, 13.39%, 06/17/2035 (z)		54
	331	Series 2005-68, Class KI, IF, IO, 5.02%, 09/20/2035 (z)		48
	527	Series 2006-38, Class ZK, 6.50%, 08/20/2036		592
	33	Series 2006-59, Class SD, IF, IO, 5.42%, 10/20/2036 (z)		5
	139	Series 2007-17, Class JI, IF, IO, 5.55%, 04/16/2037 (z)		24
	164	Series 2007-27, Class SA, IF, IO, 4.92%, 05/20/2037 (z)		24
	243	Series 2007-40, Class SB, IF, IO, 5.47%, 07/20/2037 (z)		40
	146	Series 2007-45, Class QA, IF, IO, 5.36%, 07/20/2037 (z)		22
	128	Series 2007-50, Class AI, IF, IO, 5.49%, 08/20/2037 (z)		21
	34	Series 2007-53, Class ES, IF, IO, 5.27%, 09/20/2037 (z)		5
	32	Series 2007-53, Class SW, IF, 16.36%, 09/20/2037 (z)		42
	5	Series 2007-71, Class SB, IF, IO, 5.42%, 07/20/2036 (z)		—	(h)
	73	Series 2007-72, Class US, IF, IO, 5.27%, 11/20/2037 (z)		11
	74	Series 2007-76, Class SA, IF, IO, 5.25%, 11/20/2037 (z)		12
	47	Series 2008-33, Class XS, IF, IO, 6.44%, 04/16/2038 (z)		9
	148	Series 2008-40, Class SA, IF, IO, 5.14%, 05/16/2038 (z)		24
	188	Series 2008-50, Class KB, 6.00%, 06/20/2038		211
	93	Series 2008-55, Class SA, IF, IO, 4.92%, 06/20/2038 (z)		12
	99	Series 2008-93, Class AS, IF, IO, 4.42%, 12/20/2038 (z)		12
	30	Series 2009-6, Class SA, IF, IO, 4.84%, 02/16/2039 (z)		4
	46	Series 2009-14, Class NI, IO, 6.50%, 03/20/2039		12
	140	Series 2009-22, Class SA, IF, IO, 4.99%, 04/20/2039 (z)		18
	118	Series 2009-31, Class TS, IF, IO, 5.02%, 03/20/2039 (z)		11
	130	Series 2009-79, Class OK, PO, 11/16/2037		117
	822	Series 2009-92, Class ZC, 5.00%, 10/20/2039		913
	253	Series 2009-106, Class ST, IF, IO, 4.72%, 02/20/2038 (z)		39
	45	Series 2010-14, Class AO, PO, 12/20/2032		43
	1,000	Series 2010-105, Class B, 5.00%, 08/20/2040		1,096
	86	Series 2010-130, Class CP, 7.00%, 10/16/2040		99
	302	Series 2011-137, Class WA, 5.56%, 07/20/2040 (z)		335
	174	Series 2012-H21, Class DF, 1.88%, 05/20/2061 (z)		174
	12	Series 2012-H24, Class FA, 1.68%, 03/20/2060 (z)		12
	183	Series 2012-H26, Class MA, 1.78%, 07/20/2062 (z)		184
	655	Series 2012-H29, Class FA, 1.75%, 10/20/2062 (z)		655
	563	Series 2013-91, Class WA, 4.49%, 04/20/2043 (z)		586
	18	Series 2013-H03, Class FA, 1.53%, 08/20/2060 (z)		18
	724	Series 2014-H15, Class FA, 1.73%, 07/20/2064 (z)		723
	643	Series 2014-H17, Class FC, 1.73%, 07/20/2064 (z)		643
	647	Series 2015-H15, Class FJ, 1.67%, 06/20/2065 (z)		644
	574	Series 2015-H18, Class FA, 1.68%, 06/20/2065 (z)		573
	602	Series 2015-H20, Class FA, 1.70%, 08/20/2065 (z)		601
	725	Series 2015-H26, Class FG, 1.75%, 10/20/2065 (z)		724
	101	GSR Mortgage Loan Trust, Series 2006-1F, Class 1A3, 5.50%, 02/25/2036		97
	41	Impac Secured Assets CMN Owner Trust, Series 2002-2, Class APO, PO, 04/25/2033 (bb)		28
		JP Morgan Mortgage Trust,
	337	Series 2003-A1, Class 1A1, 3.09%, 10/25/2033 (z)		341
	30	Series 2006-A2, Class 4A1, 3.73%, 08/25/2034 (z)		30
	96	Series 2006-A2, Class 5A3, 3.58%, 11/25/2033 (z)		98
		MASTR Adjustable Rate Mortgages Trust,
	30	Series 2004-3, Class 4A2, 3.06%, 04/25/2034 (z)		28

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	83	Series 2004-13, Class 2A1, 3.59%, 04/21/2034 (z)		85
		MASTR Alternative Loan Trust,
	115	Series 2003-9, Class 8A1, 6.00%, 01/25/2034		119
	181	Series 2004-4, Class 10A1, 5.00%, 05/25/2024		188
	14	Series 2004-7, Class 30PO, PO, 08/25/2034 (bb)		11
	5	Series 2004-10, Class 1A1, 4.50%, 09/25/2019		5
	49	Series 2005-6, Class 3A1, 5.50%, 11/25/2020		48
	1	MASTR Asset Securitization Trust, Series 2004-8, Class PO, PO, 08/25/2019 (bb)		1
	15	MASTR Resecuritization Trust, Series 2005-PO, Class 3PO, PO, 05/28/2035 (e) (bb)		12
		Merrill Lynch Mortgage Investors Trust,
	158	Series 2003-E, Class A1, 1.95%, 10/25/2028 (z)		154
	56	Series 2004-A, Class A1, 1.79%, 04/25/2029 (z)		55
	46	NACC Reperforming Loan REMIC Trust, Series 2004-R2, Class A1, 6.50%, 10/25/2034 (e) (z)		46
	42	NCUA Guaranteed Notes Trust, Series 2010-R3, Class 3A, 2.40%, 12/08/2020		42
		Nomura Asset Acceptance Corp. Alternative Loan Trust,
	26	Series 2003-A1, Class A1, 5.50%, 05/25/2033		27
	19	Series 2003-A1, Class A2, 6.00%, 05/25/2033		19
	7	Series 2003-A1, Class A5, 7.00%, 04/25/2033		7
		RALI Trust,
	1	Series 2003-QS3, Class A2, IF, 13.58%, 02/25/2018 (z)		1
	8	Series 2003-QS9, Class A3, IF, IO, 6.22%, 05/25/2018 (z) (bb)		—	(h)
	25	Series 2004-QS3, Class CB, 5.00%, 03/25/2019		25
	68	Reperforming Loan REMIC Trust, Series 2005-R1, Class 2APO, PO, 03/25/2035 (e) (bb)		60
	2	Residential Asset Securitization Trust, Series 2003-A14, Class A1, 4.75%, 02/25/2019		2
	61	Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2003-33H, Class 1A1, 5.50%, 10/25/2033		62
		Vendee Mortgage Trust,
	240	Series 1993-1, Class ZB, 7.25%, 02/15/2023		261
	136	Series 1994-1, Class 1, 5.35%, 02/15/2024 (z)		143
	202	Series 1996-1, Class 1Z, 6.75%, 02/15/2026		224
	67	Series 1996-2, Class 1Z, 6.75%, 06/15/2026		74
	273	Series 1997-1, Class 2Z, 7.50%, 02/15/2027		308
	65	Series 1998-1, Class 2E, 7.00%, 03/15/2028		74
		WaMu Mortgage Pass-Through Certificates Trust,
	3	Series 2002-S8, Class 2A7, 5.25%, 01/25/2018		3
	73	Series 2003-AR5, Class A7, 3.06%, 06/25/2033 (z)		74
	39	Series 2004-AR3, Class A2, 3.16%, 06/25/2034 (z)		39
	161	Washington Mutual Mortgage Pass-Through Certificates WMALT Trust, Series 2005-4, Class CB7, 5.50%, 06/25/2035		154
		Washington Mutual MSC Mortgage Pass-Through Certificates Trust,
	12	Series 2003-MS2, Class 1A1, 5.75%, 02/25/2033		12
	2	Series 2003-MS7, Class P, PO, 03/25/2033 (bb)		2
		Wells Fargo Mortgage-Backed Securities Trust,
	27	Series 2003-K, Class 1A1, 3.57%, 11/25/2033 (z)		27
	43	Series 2004-EE, Class 3A1, 3.76%, 12/25/2034 (z)		45
	129	Series 2004-P, Class 2A1, 3.54%, 09/25/2034 (z)		132
	209	Series 2005-AR3, Class 1A1, 3.45%, 03/25/2035 (z)		214
		Total Collateralized Mortgage Obligations (Cost $31,421)		32,414
	Commercial Mortgage-Backed Securities — 3.7%
	396	CD Commercial Mortgage Trust, Series 2007-CD4, Class XC, IO, 0.75%, 12/11/2049 (e) (z)		1

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
		Commercial Mortgage Trust,
	132	Series 2014-PAT, Class A, 2.04%, 08/13/2027 (e) (z)		132
	400	Series 2014-TWC, Class A, 2.09%, 02/13/2032 (e) (z)		400
	281	Series 2015-CR25, Class A4, 3.76%, 08/10/2048		294
		FHLMC Multifamily Structured Pass-Through Certificates,
	416	Series KF12, Class A, 2.03%, 09/25/2022 (z)		416
	500	Series KSMC, Class A2, 2.62%, 01/25/2023		502
		FNMA ACES,
	394	Series 2010-M3, Class A3, 4.33%, 03/25/2020 (z)		408
	91	Series 2012-M11, Class FA, 1.74%, 08/25/2019 (z)		91
	444	Series 2014-M2, Class A2, 3.51%, 12/25/2023 (z)		466
	636	Series 2014-M13, Class A2, 3.02%, 08/25/2024 (z)		649
	820	Series 2015-M7, Class A2, 2.59%, 12/25/2024		815
	547	Series 2015-M17, Class FA, 2.17%, 11/25/2022 (z)		547
		PFP Ltd., (Cayman Islands),
	144	Series 2015-2, Class A, 2.70%, 07/14/2034 (e) (z)		145
	100	Series 2015-2, Class C, 4.50%, 07/14/2034 (e) (z) (bb)		100
	100	Series 2015-2, Class D, 5.25%, 07/14/2034 (e) (z) (bb)		100
	250	RAIT Trust, Series 2015-FL5, Class B, 5.15%, 01/15/2031 (e) (z) (bb)		250
		Resource Capital Corp. Ltd., (Cayman Islands),
	42	Series 2015-CRE4, Class A, 2.65%, 08/15/2032 (e) (z)		42
	153	Series 2015-CRE4, Class B, 4.25%, 08/15/2032 (e) (z) (bb)		151
	116	UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.66%, 06/10/2030 (e)		118
	104	UBS-Barclays Commercial Mortgage Trust, Series 2012-C2, Class A4, 3.53%, 05/10/2063		108
	500	VNDO Mortgage Trust, Series 2013-PENN, Class A, 3.81%, 12/13/2029 (e)		517
		Total Commercial Mortgage-Backed Securities (Cost $6,210)		6,252
	Corporate Bonds — 26.3%
		Consumer Discretionary — 2.3%
		Automobiles — 0.6%
	150	Daimler Finance North America LLC, (Germany), 2.20%, 05/05/2020 (e)		149
	600	General Motors Co., 4.20%, 10/01/2027		610
	200	Nissan Motor Acceptance Corp., 2.60%, 09/28/2022 (e)		198
				957
		Hotels, Restaurants & Leisure — 0.0% (g)
	50	Darden Restaurants, Inc., 3.85%, 05/01/2027		51
		Household Durables — 0.1%
	150	DR Horton, Inc., 2.55%, 12/01/2020		150
		Internet & Direct Marketing Retail — 0.1%
	100	Amazon.com, Inc., 3.80%, 12/05/2024		105
		Media — 1.1%
	100	21st Century Fox America, Inc., 7.70%, 10/30/2025		128
	208	CBS Corp., 4.00%, 01/15/2026		212
	160	Charter Communications Operating LLC, 4.91%, 07/23/2025		169
	80	Comcast Corp., 3.38%, 08/15/2025		82
	154	Cox Communications, Inc., 3.50%, 08/15/2027 (e)		151
	78	Discovery Communications LLC, 4.38%, 06/15/2021		81
	100	Historic TW, Inc., 7.57%, 02/01/2024		123
	200	NBCUniversal Media LLC, 2.88%, 01/15/2023		202
	35	Time Warner Cable LLC, 8.75%, 02/14/2019		38
	150	Time Warner, Inc., 3.60%, 07/15/2025		150
		Viacom, Inc.,
	11	3.25%, 03/15/2023		11
	180	3.88%, 04/01/2024		178
	250	Walt Disney Co. (The), 2.95%, 06/15/2027		248
				1,773
		Multiline Retail — 0.0% (g)
	21	Macy’s Retail Holdings, Inc., 6.90%, 04/01/2029		22
	35	Nordstrom, Inc., 4.00%, 10/15/2021		36
				58

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Specialty Retail — 0.4%
	200	Advance Auto Parts, Inc., 4.50%, 12/01/2023		210
	150	Home Depot, Inc. (The), 2.80%, 09/14/2027		147
	200	Lowe’s Cos., Inc., 3.38%, 09/15/2025		205
		O’Reilly Automotive, Inc.,
	100	3.55%, 03/15/2026		100
	62	3.60%, 09/01/2027		62
				724
		Total Consumer Discretionary		3,818
		Consumer Staples — 1.5%
		Beverages — 0.4%
		Anheuser-Busch InBev Finance, Inc., (Belgium),
	300	3.30%, 02/01/2023		308
	74	3.65%, 02/01/2026		76
	76	3.70%, 02/01/2024		79
	200	Coca-Cola Co. (The), 2.90%, 05/25/2027		199
	70	Diageo Capital plc, (United Kingdom), 4.83%, 07/15/2020		74
				736
		Food & Staples Retailing — 0.2%
		Kroger Co. (The),
	90	4.00%, 02/01/2024		93
	30	6.15%, 01/15/2020		32
	100	Sysco Corp., 3.75%, 10/01/2025		104
	200	Wal-Mart Stores, Inc., 2.35%, 12/15/2022		199
				428
		Food Products — 0.6%
	95	Bunge Ltd. Finance Corp., 3.00%, 09/25/2022		94
	100	Cargill, Inc., 3.30%, 03/01/2022 (e)		102
	200	General Mills, Inc., 2.60%, 10/12/2022		199
	200	Kellogg Co., 3.40%, 11/15/2027		198
		Kraft Heinz Foods Co.,
	15	3.50%, 06/06/2022		15
	15	3.95%, 07/15/2025		16
	66	5.00%, 07/15/2035		72
	22	5.38%, 02/10/2020		23
	45	McCormick & Co., Inc., 3.15%, 08/15/2024		45
	92	Mead Johnson Nutrition Co., (United Kingdom), 4.13%, 11/15/2025		98
	73	Tyson Foods, Inc., 3.95%, 08/15/2024		77
				939
		Household Products — 0.0% (g)
	20	Kimberly-Clark Corp., 2.40%, 03/01/2022		20
	37	Procter & Gamble—ESOP, Series A, 9.36%, 01/01/2021		42
				62
		Tobacco — 0.3%
	200	BAT Capital Corp., (United Kingdom), 3.22%, 08/15/2024 (e)		199
	250	Philip Morris International, Inc., 3.13%, 08/17/2027		249
				448
		Total Consumer Staples		2,613
		Energy — 2.5%
		Energy Equipment & Services — 0.1%
	107	Halliburton Co., 3.50%, 08/01/2023		110
		Nabors Industries, Inc.,
	30	4.63%, 09/15/2021		29
	30	5.00%, 09/15/2020		30
	15	National Oilwell Varco, Inc., 1.35%, 12/01/2017		15
	47	Schlumberger Investment SA, 3.30%, 09/14/2021 (e)		48
				232
		Oil, Gas & Consumable Fuels — 2.4%
	27	Andeavor Logistics LP, 4.25%, 12/01/2027		27
		Apache Corp.,
	42	3.25%, 04/15/2022		42
	25	6.90%, 09/15/2018		26
	29	Boardwalk Pipelines LP, 4.95%, 12/15/2024		31
		BP Capital Markets plc, (United Kingdom),
	200	3.22%, 04/14/2024		203
	60	3.51%, 03/17/2025		62
	166	3.81%, 02/10/2024		175
		Buckeye Partners LP,
	30	4.35%, 10/15/2024		31
	40	4.88%, 02/01/2021		42
	25	5.85%, 11/15/2043		27
	25	Canadian Natural Resources Ltd., (Canada), 3.90%, 02/01/2025		26
	15	Carlyle Promissory Note, 3.36%, 07/15/2019 (bb)		14

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
	21	Cenovus Energy, Inc., (Canada), 3.00%, 08/15/2022		21
	40	Chevron Corp., 2.36%, 12/05/2022		40
	200	CNOOC Nexen Finance 2014 ULC, (China), 4.25%, 04/30/2024		212
	58	Ecopetrol SA, (Colombia), 4.13%, 01/16/2025		58
		Energy Transfer LP,
	28	3.60%, 02/01/2023		28
	91	4.05%, 03/15/2025		91
	61	4.90%, 02/01/2024		65
	200	Eni SpA, (Italy), 4.15%, 10/01/2020 (e)		208
	174	EnLink Midstream Partners LP, 4.15%, 06/01/2025		175
		Enterprise Products Operating LLC,
	37	3.75%, 02/15/2025		38
	49	3.90%, 02/15/2024		51
		EOG Resources, Inc.,
	23	2.63%, 03/15/2023		23
	100	4.10%, 02/01/2021		104
	50	Gulf South Pipeline Co. LP, 4.00%, 06/15/2022		52
	50	Magellan Midstream Partners LP, 6.55%, 07/15/2019		53
	67	Marathon Petroleum Corp., 3.63%, 09/15/2024		68
		Noble Energy, Inc.,
	100	3.85%, 01/15/2028		99
	36	5.63%, 05/01/2021		37
	91	Occidental Petroleum Corp., 3.50%, 06/15/2025		93
		ONEOK Partners LP,
	40	3.20%, 09/15/2018		40
	12	3.38%, 10/01/2022		12
	200	4.90%, 03/15/2025		214
	28	5.00%, 09/15/2023		30
		Petroleos Mexicanos, (Mexico),
	69	4.88%, 01/18/2024		72
	149	6.38%, 02/04/2021		163
	51	6.88%, 08/04/2026		58
	100	Plains All American Pipeline LP, 3.60%, 11/01/2024		97
	200	Sinopec Group Overseas Development 2013 Ltd., (China), 4.38%, 10/17/2023 (e)		213
	150	Spectra Energy Capital LLC, 5.65%, 03/01/2020		159
		Oil, Gas & Consumable Fuels — continued
	63	Spectra Energy Partners LP, 3.50%, 03/15/2025		63
	180	Sunoco Logistics Partners Operations LP, 4.65%, 02/15/2022		189
	42	TC PipeLines LP, 3.90%, 05/25/2027		42
		TransCanada PipeLines Ltd., (Canada),
	172	3.75%, 10/16/2023		180
	100	6.50%, 08/15/2018		103
	30	7.13%, 01/15/2019		32
	86	Williams Partners LP, 3.90%, 01/15/2025		88
				3,977
		Total Energy		4,209
		Financials — 9.6%
		Banks — 3.9%
	200	ANZ New Zealand Int’l Ltd., (New Zealand), 2.60%, 09/23/2019 (e)		201
		Bank of America Corp.,
	100	(ICE LIBOR USD 3 Month + 1.02%), 2.88%, 04/24/2023 (aa)		100
	150	3.30%, 01/11/2023		153
	485	3.88%, 08/01/2025		508
	42	4.13%, 01/22/2024		45
	154	Series L, 3.95%, 04/21/2025		158
	200	Bank of Montreal, (Canada), 2.35%, 09/11/2022		197
	300	Bank of Nova Scotia (The), (Canada), 2.15%, 07/14/2020		299
	317	Barclays plc, (United Kingdom), 3.20%, 08/10/2021		320
		Citigroup, Inc.,
	82	2.15%, 07/30/2018		82
	450	4.13%, 07/25/2028		461
	115	5.50%, 09/13/2025		130
	16	Comerica, Inc., 3.80%, 07/22/2026		16
	201	Commonwealth Bank of Australia, (Australia), 4.50%, 12/09/2025 (e)		210
	118	Cooperatieve Rabobank UA, (Netherlands), 3.88%, 02/08/2022		124
	250	Discover Bank, 3.10%, 06/04/2020		253
	200	HSBC Holdings plc, (United Kingdom), (ICE LIBOR USD 3 Month + 0.92%), 3.03%, 11/22/2023 (aa)		201
	250	Huntington National Bank (The), 2.88%, 08/20/2020		253
	50	KeyCorp, 5.10%, 03/24/2021		54
	250	Lloyds Banking Group plc, (United Kingdom), 3.75%, 01/11/2027		254

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
	225	Mitsubishi UFJ Financial Group, Inc., (Japan), 3.29%, 07/25/2027		222
	200	Mizuho Bank Ltd., (Japan), 2.65%, 09/25/2019 (e)		201
	36	MUFG Americas Holdings Corp., 2.25%, 02/10/2020		36
		PNC Financial Services Group, Inc. (The),
	100	3.90%, 04/29/2024		105
	133	4.38%, 08/11/2020		140
	107	Regions Financial Corp., 3.20%, 02/08/2021		109
	200	Standard Chartered plc, (United Kingdom), 5.20%, 01/26/2024 (e)		214
	200	Toronto-Dominion Bank (The), (Canada), 1.85%, 09/11/2020		198
		Wells Fargo & Co.,
	450	2.63%, 07/22/2022		447
	99	3.00%, 02/19/2025		98
	400	(ICE LIBOR USD 3 Month + 1.31%), 3.58%, 05/22/2028 (aa)		404
	21	4.10%, 06/03/2026		22
	30	4.30%, 07/22/2027		32
	300	Westpac Banking Corp., (Australia), 2.50%, 06/28/2022		299
				6,546
		Capital Markets — 2.5%
		Bank of New York Mellon Corp. (The),
	150	3.25%, 09/11/2024		152
	75	4.60%, 01/15/2020		79
	150	Blackstone Holdings Finance Co. LLC, 5.88%, 03/15/2021 (e)		165
	40	Charles Schwab Corp. (The), 3.23%, 09/01/2022		41
		Deutsche Bank AG, (Germany),
	319	1.88%, 02/13/2018		319
	38	3.13%, 01/13/2021		38
	62	3.38%, 05/12/2021		63
		Goldman Sachs Group, Inc. (The),
	564	(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 09/29/2025 (aa)		559
	349	(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 06/05/2028 (aa)		352
	257	3.75%, 05/22/2025		264
	80	5.75%, 01/24/2022		89
		Intercontinental Exchange, Inc.,
	47	2.50%, 10/15/2018		47
		Capital Markets — continued
	88	4.00%, 10/15/2023		94
		Invesco Finance plc,
	125	3.75%, 01/15/2026		130
	71	4.00%, 01/30/2024		75
	125	Jefferies Group LLC, 6.88%, 04/15/2021		140
		Macquarie Bank Ltd., (Australia),
	100	2.85%, 07/29/2020 (e)		100
	100	4.00%, 07/29/2025 (e)		105
	40	Macquarie Group Ltd., (Australia), 6.25%, 01/14/2021 (e)		44
		Morgan Stanley,
	300	2.75%, 05/19/2022		299
	83	3.70%, 10/23/2024		86
	155	5.00%, 11/24/2025		169
	166	5.50%, 07/24/2020		178
	100	5.50%, 07/28/2021		110
	100	5.75%, 01/25/2021		110
	100	6.63%, 04/01/2018		102
	84	Nomura Holdings, Inc., (Japan), 6.70%, 03/04/2020		91
	17	Northern Trust Corp., (ICE LIBOR USD 3 Month + 1.13%), 3.37%, 05/08/2032 (aa)		17
	36	State Street Corp., 3.10%, 05/15/2023		36
	34	TD Ameritrade Holding Corp., 2.95%, 04/01/2022		34
	200	UBS AG, (Switzerland), 2.45%, 12/01/2020 (e)		200
				4,288
		Consumer Finance — 1.1%
	250	AerCap Ireland Capital DAC, (Netherlands), 3.50%, 01/15/2025		248
	200	American Honda Finance Corp., 1.95%, 07/20/2020		198
	235	Capital One Financial Corp., 3.20%, 02/05/2025		233
		Caterpillar Financial Services Corp.,
	200	1.85%, 09/04/2020		198
	58	2.85%, 06/01/2022		59
		Ford Motor Credit Co. LLC,
	250	2.98%, 08/03/2022		248
	250	3.16%, 08/04/2020		254
	100	General Motors Financial Co., Inc., 4.35%, 01/17/2027		103
		John Deere Capital Corp.,
	100	2.65%, 06/24/2024		99

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Consumer Finance — continued
	33	3.15%, 10/15/2021		34
	50	Series 14, 2.45%, 09/11/2020		50
	100	Synchrony Financial, 4.25%, 08/15/2024		104
				1,828
		Diversified Financial Services — 1.2%
	150	AIG Global Funding, 2.15%, 07/02/2020 (e)		149
	349	GE Capital International Funding Co. Unlimited Co., 2.34%, 11/15/2020		348
	174	GTP Acquisition Partners I LLC, 2.35%, 06/15/2020 (e)		173
	200	National Rural Utilities Cooperative Finance Corp., 2.30%, 09/15/2022		198
	81	ORIX Corp., (Japan), 2.90%, 07/18/2022		81
		Private Export Funding Corp.,
	500	Series EE, 2.80%, 05/15/2022		510
	200	Series KK, 3.55%, 01/15/2024		214
	200	Protective Life Global Funding, 2.62%, 08/22/2022 (e)		197
	100	Shell International Finance BV, (Netherlands), 3.25%, 05/11/2025		102
				1,972
		Insurance — 0.9%
	61	Allstate Corp. (The), 3.15%, 06/15/2023		62
	100	Alterra Finance LLC, 6.25%, 09/30/2020		109
	161	American International Group, Inc., 3.75%, 07/10/2025		165
	143	Aon plc, 3.88%, 12/15/2025		149
	130	Chubb INA Holdings, Inc., 2.88%, 11/03/2022		131
		CNA Financial Corp.,
	52	3.95%, 05/15/2024		54
	38	4.50%, 03/01/2026		41
	125	Guardian Life Global Funding, 2.50%, 05/08/2022 (e)		124
	35	Lincoln National Corp., 4.20%, 03/15/2022		37
	100	Manulife Financial Corp., (Canada), 4.15%, 03/04/2026		106
	50	Marsh & McLennan Cos., Inc., 3.30%, 03/14/2023		51
	250	Metropolitan Life Global Funding I, 3.00%, 09/19/2027 (e)		245
	150	Principal Financial Group, Inc., 3.10%, 11/15/2026		148
	150	Prudential Insurance Co. of America (The), 8.30%, 07/01/2025 (e)		196
				1,618
		Total Financials		16,252
		Health Care — 2.1%
		Biotechnology — 0.6%
		AbbVie, Inc.,
	214	2.85%, 05/14/2023		214
	35	3.20%, 11/06/2022		35
		Amgen, Inc.,
	44	3.63%, 05/15/2022		45
	40	5.70%, 02/01/2019		42
	75	Baxalta, Inc., 3.60%, 06/23/2022		77
	184	Biogen, Inc., 3.63%, 09/15/2022		190
	98	Celgene Corp., 3.25%, 08/15/2022		100
		Gilead Sciences, Inc.,
	150	1.85%, 09/20/2019		149
	13	2.50%, 09/01/2023		13
	25	3.50%, 02/01/2025		26
	57	3.65%, 03/01/2026		59
	21	3.70%, 04/01/2024		22
				972
		Health Care Equipment & Supplies — 0.4%
	300	Abbott Laboratories, 3.25%, 04/15/2023		304
	152	Koninklijke Philips NV, (Netherlands), 3.75%, 03/15/2022		158
	200	Medtronic, Inc., 3.50%, 03/15/2025		207
				669
		Health Care Providers & Services — 0.7%
	200	Aetna, Inc., 2.80%, 06/15/2023		196
		Anthem, Inc.,
	115	3.13%, 05/15/2022		116
	106	3.50%, 08/15/2024		107
		Cardinal Health, Inc.,
	45	2.40%, 11/15/2019		45
	49	3.75%, 09/15/2025		50
		Express Scripts Holding Co.,
	200	3.05%, 11/30/2022		200
	72	3.50%, 06/15/2024		72
	214	Laboratory Corp. of America Holdings, 3.20%, 02/01/2022		218
	112	UnitedHealth Group, Inc., 3.38%, 11/15/2021		116
				1,120

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Life Sciences Tools & Services — 0.1%
		Thermo Fisher Scientific, Inc.,
	57	3.15%, 01/15/2023		58
	100	3.20%, 08/15/2027		98
	34	4.15%, 02/01/2024		36
				192
		Pharmaceuticals — 0.3%
	300	Actavis Funding SCS, 3.80%, 03/15/2025		302
	69	Allergan Funding SCS, 3.45%, 03/15/2022		70
	118	Johnson & Johnson, 2.63%, 01/15/2025		117
	30	Merck & Co., Inc., 3.70%, 02/10/2045		31
				520
		Total Health Care		3,473
		Industrials — 1.6%
		Aerospace & Defense — 0.3%
	43	Airbus Group Finance BV, (France), 2.70%, 04/17/2023 (e)		43
	68	BAE Systems Holdings, Inc., (United Kingdom), 3.80%, 10/07/2024 (e)		71
	174	Lockheed Martin Corp., 3.10%, 01/15/2023		177
	150	Northrop Grumman Corp., 2.93%, 01/15/2025		149
				440
		Building Products — 0.1%
		Johnson Controls International plc,
	99	3.75%, 12/01/2021		103
	32	3.90%, 02/14/2026		33
				136
		Commercial Services & Supplies — 0.1%
	50	Pitney Bowes, Inc., 5.60%, 03/15/2018		50
	200	Republic Services, Inc., 3.38%, 11/15/2027		201
				251
		Construction & Engineering — 0.1%
	41	ABB Finance USA, Inc., (Switzerland), 2.88%, 05/08/2022		41
	70	Fluor Corp., 3.38%, 09/15/2021		72
				113
		Electrical Equipment — 0.1%
		Eaton Corp.,
	140	3.10%, 09/15/2027		137
	50	5.60%, 05/15/2018		51
				188
		Industrial Conglomerates — 0.0% (g)
	34	Ingersoll-Rand Global Holding Co. Ltd., 4.25%, 06/15/2023		36
	49	Pentair Finance Sarl, (United Kingdom), 2.90%, 09/15/2018		50
				86
		Machinery — 0.2%
	31	Caterpillar, Inc., 2.60%, 06/26/2022		31
	89	Deere & Co., 2.60%, 06/08/2022		89
	175	Illinois Tool Works, Inc., 3.50%, 03/01/2024		183
	25	Parker-Hannifin Corp., 5.50%, 05/15/2018		25
				328
		Road & Rail — 0.6%
		Burlington Northern Santa Fe LLC,
	43	3.05%, 03/15/2022		44
	32	3.45%, 09/15/2021		33
	19	3.60%, 09/01/2020		20
	55	Canadian Pacific Railway Co., (Canada), 4.50%, 01/15/2022		59
	162	CSX Corp., 3.25%, 06/01/2027		161
		ERAC USA Finance LLC,
	27	4.50%, 08/16/2021 (e)		29
	48	5.25%, 10/01/2020 (e)		51
		Penske Truck Leasing Co. LP,
	53	2.88%, 07/17/2018 (e)		53
	200	3.38%, 02/01/2022 (e)		204
		Ryder System, Inc.,
	25	2.50%, 03/01/2018		25
	28	2.50%, 05/11/2020		28
	86	2.88%, 09/01/2020		87
		Union Pacific Corp.,
	21	2.95%, 01/15/2023		21
	61	3.60%, 09/15/2037		62
	75	3.65%, 02/15/2024		79
				956
		Trading Companies & Distributors — 0.1%
	200	Air Lease Corp., 3.63%, 12/01/2027		199
	55	WW Grainger, Inc., 4.60%, 06/15/2045		59
				258
		Total Industrials		2,756
		Information Technology — 1.2%
		Communications Equipment — 0.2%
	44	Cisco Systems, Inc., 2.95%, 02/28/2026		44
	200	Harris Corp., 4.85%, 04/27/2035		221
				265

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Electronic Equipment, Instruments & Components — 0.1%
		Arrow Electronics, Inc.,
	32	3.00%, 03/01/2018		32
	100	3.88%, 01/12/2028		100
	16	4.50%, 03/01/2023		17
				149
		IT Services — 0.1%
	200	Western Union Co. (The), 3.60%, 03/15/2022		203
		Semiconductors & Semiconductor Equipment — 0.1%
	130	Intel Corp., 3.70%, 07/29/2025		137
	94	QUALCOMM, Inc., 3.25%, 05/20/2027		90
				227
		Software — 0.3%
	34	Microsoft Corp., 2.38%, 05/01/2023		34
	400	Oracle Corp., 2.95%, 11/15/2024		401
				435
		Technology Hardware, Storage & Peripherals — 0.4%
		Apple, Inc.,
	200	2.75%, 01/13/2025		198
	400	2.90%, 09/12/2027		395
		HP, Inc.,
	118	4.38%, 09/15/2021		125
	45	4.65%, 12/09/2021		48
				766
		Total Information Technology		2,045
		Materials — 0.7%
		Chemicals — 0.6%
		Agrium, Inc., (Canada),
	45	3.38%, 03/15/2025		45
	100	4.13%, 03/15/2035		102
		Dow Chemical Co. (The),
	60	4.13%, 11/15/2021		63
	20	8.55%, 05/15/2019		22
		Ecolab, Inc.,
	88	3.25%, 01/14/2023		90
	43	3.25%, 12/01/2027 (e)		43
	246	Mosaic Co. (The), 4.25%, 11/15/2023		254
	25	Potash Corp. of Saskatchewan, Inc., (Canada), 3.25%, 12/01/2017		25
	41	Praxair, Inc., 2.65%, 02/05/2025		41
		Sherwin-Williams Co. (The),
	110	3.30%, 02/01/2025		109
	51	3.45%, 06/01/2027		52
	150	Union Carbide Corp., 7.50%, 06/01/2025		187
				1,033
		Construction Materials — 0.0% (g)
	78	Martin Marietta Materials, Inc., 3.45%, 06/01/2027		77
		Containers & Packaging — 0.1%
	80	WestRock Co., 3.00%, 09/15/2024 (e)		79
		Metals & Mining — 0.0% (g)
	27	Nucor Corp., 4.00%, 08/01/2023		28
		Total Materials		1,217
		Real Estate — 1.6%
		Equity Real Estate Investment Trusts (REITs) — 1.5%
		American Tower Corp.,
	80	3.50%, 01/31/2023		82
	38	5.00%, 02/15/2024		42
	45	American Tower Trust #1, 1.55%, 03/15/2018 (e)		45
	100	AvalonBay Communities, Inc., 3.20%, 01/15/2028		99
	152	Boston Properties LP, 3.20%, 01/15/2025		151
	100	Brixmor Operating Partnership LP, 3.85%, 02/01/2025		100
	121	DDR Corp., 3.90%, 08/15/2024		121
	62	EPR Properties, 4.50%, 06/01/2027		62
	125	Equity Commonwealth, 5.88%, 09/15/2020		133
	255	ERP Operating LP, 4.63%, 12/15/2021		274
	52	Goodman US Finance Three LLC, (Australia), 3.70%, 03/15/2028 (e)		51
		HCP, Inc.,
	38	3.40%, 02/01/2025		38
	205	3.88%, 08/15/2024		210
	17	4.20%, 03/01/2024		18
	53	Prologis LP, 4.25%, 08/15/2023		57
		Realty Income Corp.,
	150	3.65%, 01/15/2028		150
	50	3.88%, 07/15/2024		51
	150	Scentre Group Trust 1, (Australia), 3.50%, 02/12/2025 (e)		150

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Equity Real Estate Investment Trusts (REITs) — continued
		Simon Property Group LP,
	62	3.38%, 10/01/2024		63
	38	3.75%, 02/01/2024		40
	81	4.13%, 12/01/2021		85
	75	Tanger Properties LP, 3.75%, 12/01/2024		75
		Ventas Realty LP,
	27	3.50%, 02/01/2025		27
	44	3.75%, 05/01/2024		45
	62	4.13%, 01/15/2026		65
		VEREIT Operating Partnership LP,
	100	3.95%, 08/15/2027		99
	100	4.60%, 02/06/2024		104
	73	Welltower, Inc., 4.50%, 01/15/2024		78
				2,515
		Real Estate Management & Development — 0.1%
	200	Ontario Teachers’ Cadillac Fairview Properties Trust, (Canada), 3.13%, 03/20/2022 (e)		202
		Total Real Estate		2,717
		Telecommunication Services — 1.3%
		Diversified Telecommunication Services — 1.2%
		AT&T, Inc.,
	227	3.60%, 02/17/2023		232
	52	3.95%, 01/15/2025		53
	34	4.45%, 04/01/2024		36
	150	4.60%, 02/15/2021		158
	350	Bellsouth Capital Funding Corp., 7.88%, 02/15/2030		451
	148	Qwest Corp., 6.75%, 12/01/2021		158
	31	Telefonica Emisiones SAU, (Spain), 5.13%, 04/27/2020		33
		Verizon Communications, Inc.,
	300	2.95%, 03/15/2022		302
	156	4.15%, 03/15/2024		164
	208	4.50%, 08/10/2033		215
	148	4.81%, 03/15/2039		152
				1,954
		Wireless Telecommunication Services — 0.1%
	160	Rogers Communications, Inc., (Canada), 4.10%, 10/01/2023		169
		Total Telecommunication Services		2,123
		Utilities — 1.9%
		Electric Utilities — 1.3%
	27	American Electric Power Co., Inc., Series E, 1.65%, 12/15/2017		27
	27	Arizona Public Service Co., 2.20%, 01/15/2020		27
	43	Baltimore Gas & Electric Co., 2.80%, 08/15/2022		43
	200	Commonwealth Edison Co., Series 122, 2.95%, 08/15/2027		197
	30	Connecticut Light & Power Co. (The), 5.65%, 05/01/2018		30
	20	DTE Electric Co., 2.65%, 06/15/2022		20
	60	Duke Energy Indiana LLC, 3.75%, 07/15/2020		62
	40	Duke Energy Progress LLC, 2.80%, 05/15/2022		41
	60	Electricite de France SA, (France), 2.15%, 01/22/2019 (e)		60
	200	Enel Finance International NV, (Italy), 3.63%, 05/25/2027 (e)		197
	186	Entergy Mississippi, Inc., 2.85%, 06/01/2028		180
		Jersey Central Power & Light Co.,
	200	4.30%, 01/15/2026 (e)		209
	25	7.35%, 02/01/2019		26
	47	Kansas City Power & Light Co., 3.15%, 03/15/2023		48
	60	Nevada Power Co., 7.13%, 03/15/2019		64
		NextEra Energy Capital Holdings, Inc.,
	27	2.40%, 09/15/2019		27
	89	3.55%, 05/01/2027		91
		Niagara Mohawk Power Corp.,
	28	3.51%, 10/01/2024 (e)		29
	40	4.88%, 08/15/2019 (e)		42
	25	Ohio Power Co., 6.05%, 05/01/2018		25
	50	Oncor Electric Delivery Co. LLC, 6.80%, 09/01/2018		52
		Pacific Gas & Electric Co.,
	68	2.45%, 08/15/2022		67
	50	3.25%, 06/15/2023		50
	132	Pennsylvania Electric Co., 3.25%, 03/15/2028 (e)		130
	51	Public Service Co. of Colorado, 3.20%, 11/15/2020		52
	74	Public Service Co. of Oklahoma, 4.40%, 02/01/2021		78

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
			Electric Utilities — continued
	37		Southern California Edison Co., 1.85%, 02/01/2022		37
			Virginia Electric & Power Co.,
	21		3.45%, 02/15/2024		21
	40		Series A, 6.00%, 05/15/2037		52
	191		Series C, 2.75%, 03/15/2023		191
					2,175
			Gas Utilities — 0.0% (g)
	30		Atmos Energy Corp., 8.50%, 03/15/2019		33
			Independent Power and Renewable Electricity Producers — 0.3%
			Exelon Generation Co. LLC,
	45		2.95%, 01/15/2020		45
	35		3.40%, 03/15/2022		36
	37		4.25%, 06/15/2022		39
	317		Southern Power Co., 4.15%, 12/01/2025		335
					455
			Multi-Utilities — 0.3%
	50		Consumers Energy Co., 5.65%, 04/15/2020		54
	79		DTE Energy Co., Series B, 3.30%, 06/15/2022		80
	200		NiSource Finance Corp., 3.85%, 02/15/2023		208
	48		Sempra Energy, 4.05%, 12/01/2023		50
	94		Southern Co. Gas Capital Corp., 3.50%, 09/15/2021		97
	87		WEC Energy Group, Inc., 3.55%, 06/15/2025		89
					578
			Total Utilities		3,241
			Total Corporate Bonds (Cost $43,761)		44,464
	Foreign Government Securities — 0.4%
	150		Republic of Colombia, (Colombia), 7.38%, 09/18/2037		200
			Republic of Poland, (Poland),
	125		3.25%, 04/06/2026		128
	92		4.00%, 01/22/2024		98
	244		United Mexican States, (Mexico), 3.63%, 03/15/2022		254
			Total Foreign Government Securities (Cost $656)		680
	Mortgage-Backed Securities — 10.1%
			FHLMC,
	18		ARM, 2.87%, 01/01/2027 (z)		19
	121		ARM, 3.11%, 08/01/2036 (z)		126
	10		ARM, 3.13%, 07/01/2026 (z)		10
	39		ARM, 3.17%, 01/01/2037 (z)		41
	81		ARM, 3.32%, 03/01/2037 (z)		85
	116		ARM, 3.48%, 12/01/2034 (z)		124
	45		ARM, 3.50%, 11/01/2036 (z)		48
	52		ARM, 3.53%, 09/01/2036 (z)		55
	72		ARM, 3.61%, 09/01/2036 (z)		75
	137		ARM, 3.68%, 06/01/2036 (z)		145
	71		ARM, 3.77%, 04/01/2038 (z)		75
	51		ARM, 3.96%, 02/01/2037 (z)		54
			FHLMC Gold Pools, 15 Year, Single Family,
	13		4.00%, 06/01/2019		13
	1		4.50%, 10/01/2018		1
	–	(h)	6.00%, 04/01/2018		1
	17		6.50%, 02/01/2019 - 03/01/2022		17
			FHLMC Gold Pools, 20 Year, Single Family,
	3		6.00%, 12/01/2022		4
	14		6.50%, 08/01/2026		15
			FHLMC Gold Pools, 30 Year, Single Family,
	38		6.00%, 01/01/2034		44
	32		7.00%, 04/01/2026 - 02/01/2037		37
	3		7.50%, 08/01/2025		4
	3		8.00%, 07/01/2020 - 11/01/2024		4
	10		8.50%, 07/01/2028		11
	59		FHLMC Gold Pools, FHA/VA, 10.00%, 10/01/2030		63
			FHLMC Gold Pools, Other,
	1,806		3.50%, 05/01/2033 - 05/01/2043		1,864
	312		4.00%, 06/01/2042		329
	43		6.00%, 02/01/2033		47
			FNMA,
	977		ARM, 2.02%, 12/01/2025 (z)		976
	4		ARM, 2.43%, 09/01/2027 (z)		4
	–	(h)	ARM, 2.60%, 03/01/2019 (z)		—	(h)
	–	(h)	ARM, 2.88%, 08/01/2019 (z)		—	(h)
	32		ARM, 2.88%, 02/01/2037 (z)		33
	65		ARM, 2.92%, 01/01/2035 (z)		67
	85		ARM, 2.96%, 02/01/2035 (z)		88
	106		ARM, 3.02%, 01/01/2035 (z)		113
	105		ARM, 3.03%, 09/01/2035 (z)		108

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage-Backed Securities — continued
	70	ARM, 3.08%, 04/01/2033 (z)		74
	35	ARM, 3.13%, 08/01/2035 (z)		36
	80	ARM, 3.14%, 08/01/2034 (z)		84
	60	ARM, 3.17%, 04/01/2035 (z)		64
	59	ARM, 3.21%, 02/01/2035 (z)		62
	60	ARM, 3.23%, 11/01/2033 (z)		63
	93	ARM, 3.30%, 09/01/2035 (z)		97
	52	ARM, 3.33%, 09/01/2036 (z)		54
	106	ARM, 3.34%, 09/01/2034 (z)		112
	99	ARM, 3.40%, 02/01/2037 (z)		105
	76	ARM, 3.49%, 10/01/2034 (z)		81
	28	ARM, 3.53%, 08/01/2036 (z)		30
	86	ARM, 3.56%, 09/01/2033 (z)		91
	75	ARM, 3.63%, 07/01/2046 (z)		80
	3	ARM, 3.96%, 03/01/2029 (z)		3
	83	ARM, 3.97%, 02/01/2036 (z)		88
		FNMA, 15 Year, Single Family,
	6	4.00%, 05/01/2019		6
	27	4.50%, 05/01/2018 - 05/01/2019		28
	40	5.00%, 06/01/2018 - 04/01/2019		41
	12	5.50%, 01/01/2020 - 06/01/2020		12
	88	6.00%, 03/01/2021 - 01/01/2024		93
	4	6.50%, 08/01/2020		4
	38	FNMA, 20 Year, Single Family, 6.50%, 05/01/2022		42
		FNMA, 30 Year, FHA/VA,
	11	6.00%, 09/01/2033		12
	15	6.50%, 03/01/2029		17
	1	9.50%, 12/01/2018		1
		FNMA, 30 Year, Single Family,
	35	4.50%, 08/01/2033		37
	501	5.00%, 07/01/2033 - 08/01/2040		548
	59	5.50%, 12/01/2033		67
	248	6.00%, 12/01/2032 - 09/01/2037		281
	21	6.50%, 08/01/2031		25
	3	7.00%, 09/01/2027 - 08/01/2032		4
	6	7.50%, 11/01/2022 - 10/01/2024		6
	224	8.00%, 03/01/2021 - 11/01/2032		261
	3	8.50%, 07/01/2024 - 05/01/2025		4
	1	10.00%, 02/01/2024		1
		FNMA, Other,
	473	2.24%, 12/01/2022		469
	626	2.40%, 01/01/2022		625
	1,000	2.79%, 05/01/2027		995
	1,000	3.03%, 04/01/2027		1,013
	1,000	3.24%, 12/01/2026		1,028
	1,000	3.29%, 08/01/2026		1,032
	500	3.34%, 02/01/2027		525
	479	3.76%, 10/01/2023		507
	558	4.00%, 07/01/2042		588
	327	4.26%, 06/01/2021		345
	748	4.30%, 04/01/2021		793
	472	4.39%, 05/01/2021		500
	25	5.50%, 04/01/2038		26
	43	6.00%, 03/01/2037		46
		GNMA I, 30 Year, Single Family,
	184	6.00%, 11/15/2028 - 12/15/2038		207
	155	6.50%, 01/15/2024 - 12/15/2035		175
	159	7.00%, 08/15/2023 - 06/15/2035		178
	11	7.50%, 11/15/2022 - 09/15/2028		12
	2	8.00%, 08/15/2028		2
	2	9.00%, 02/15/2020 - 11/15/2024		2
	21	9.50%, 09/15/2018 - 12/15/2025		22
		GNMA II, 30 Year, Single Family,
	132	6.00%, 03/20/2028 - 09/20/2038		149
	7	7.50%, 02/20/2028 - 09/20/2028		7
	19	8.00%, 12/20/2025 - 08/20/2028		20
	10	8.50%, 03/20/2025 - 05/20/2025		12
	497	GNMA II, Other, 3.50%, 11/20/2033		519
		Total Mortgage-Backed Securities (Cost $16,761)		17,111
	U.S. Government Agency Securities — 1.6%
	1,440	Financing Corp. STRIPS, Series 1P, 1.61%, 05/11/2018 (n)		1,428
	85	FNMA, 1.82%, 10/09/2019 (n)		82
		Resolution Funding Corp. STRIPS,
	330	1.22%, 01/15/2021 (n)		310
	165	1.60%, 10/15/2019 (n)		159
	250	1.71%, 07/15/2020 (n)		237
	80	2.70%, 10/15/2027 (n)		61
	90	2.87%, 01/15/2026 (n)		72
	333	Tennessee Valley Authority STRIPS, 4.60%, 05/01/2019 (n)		323
		Total U.S. Government Agency Securities (Cost $2,679)		2,672
	U.S. Treasury Obligations — 25.7%
	516	U.S. Treasury Bonds, 6.00%, 02/15/2026		656
		U.S. Treasury Notes,
	4,000	1.38%, 01/31/2021		3,929
	4,000	1.50%, 02/28/2019		3,988

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligations — continued
	10,000	1.63%, 02/15/2026		9,435
	1,000	1.88%, 01/31/2022		992
	10,000	1.88%, 04/30/2022		9,899
		U.S. Treasury STRIPS Bonds,
	3,825	2.10%, 08/15/2023 (n)		3,355
	200	2.17%, 05/15/2024 (n)		172
	2,150	2.26%, 11/15/2023 (n)		1,873
	200	2.29%, 05/15/2026 (n)		162
	3,000	2.37%, 02/15/2024 (n)		2,594
	10	2.41%, 05/15/2028 (n)		8
	300	2.58%, 02/15/2027 (n)		238
	750	2.60%, 05/15/2023 (n)		662
	2,400	2.67%, 02/15/2022 (n)		2,196
	1,300	2.74%, 11/15/2022 (n)		1,165
	200	2.83%, 05/15/2025 (n)		167
	53	2.93%, 02/15/2028 (n)		41
	200	3.08%, 08/15/2028 (n)		152
	47	3.33%, 08/15/2026 (n)		38
	300	3.52%, 11/15/2026 (n)		240
	100	3.69%, 08/15/2027 (n)		78
	140	3.78%, 11/15/2027 (n)		109
	1,525	3.84%, 11/15/2021 (n)		1,406
		Total U.S. Treasury Obligations (Cost $43,679)		43,555
SHARES
	Short-Term Investment — 2.2%
		Investment Company — 2.2%
	3,776	JPMorgan Prime Money Market Fund, Institutional Class Shares, 1.20% (b) (l) (Cost $3,776)		3,777
		Total Investments — 99.8% (Cost $166,880)		169,035
		Other Assets in Excess of Liabilities — 0.2%		271
		NET ASSETS — 100.0%	$	169,306

Percentages indicated are based on net assets.

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ACES	—	Alternative Credit Enhancement Securities
ARM	—	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of November 30, 2017.
CSMC	—	Credit Suisse Mortgage Trust
ESOP	—	Employee Stock Ownership Program
FHA	—	Federal Housing Administration
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.
ICE	—	Intercontinental Exchange
IF	—	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of November 30, 2017. The rate may be subject to a cap and floor.
IO	—	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
LIBOR	—	London Interbank Offered Rate
PO	—	Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
REMIC	—	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.
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of November 30, 2017.
USD	—	United States Dollar
VA	—	Veterans Administration
(b)	—	Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—	Amount rounds to less than 0.05%.
(h)	—	Amount rounds to less than 500.

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

(l)	—	The rate shown is the current yield as of November 30, 2017.
(n)	—	The rate shown is the effective yield as of November 30, 2017.
(z)	—	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, 2017.
(aa)	—	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2017.
(bb)	—	Security has been valued using significant unobservable inputs.

A. Valuation of Investments - The valuation of investments is 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 (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 such unadjusted quoted prices 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.

JPMorgan 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 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 related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of 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, including J.P. Morgan Funds (the “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, 2017.

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 Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2017 (Unaudited) (continued)

(Amounts 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
Debt Securities
Asset-Backed Securities	$	—	$	13,211	$	4,899	$	18,110
Collateralized Mortgage Obligations		—		32,103		311		32,414
Commercial Mortgage-Backed Securities		—		5,651		601		6,252
Corporate Bonds
Consumer Discretionary		—		3,818		—		3,818
Consumer Staples		—		2,613		—		2,613
Energy		—		4,195		14		4,209
Financials		—		16,252		—		16,252
Health Care		—		3,473		—		3,473
Industrials		—		2,756		—		2,756
Information Technology		—		2,045		—		2,045
Materials		—		1,217		—		1,217
Real Estate		—		2,717		—		2,717
Telecommunication Services		—		2,123		—		2,123
Utilities		—		3,241		—		3,241
Total Corporate Bonds		—		44,450		14		44,464
Foreign Government Securities		—		680		—		680
Mortgage-Backed Securities		—		17,111		—		17,111
U.S. Government Agency Securities		—		2,672		—		2,672
U.S. Treasury Obligations		—		43,555		—		43,555
Short-Term Investment
Investment Company		3,777		—		—		3,777
Total Investments in Securities	$	3,777	$	159,433	$	5,825	$	169,035

Transfers between fair value levels are valued utilizing values as of beginning of the period.

There were no significant transfers between level 2 and level 3 during the period ended November 30, 2017.

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

JPMorgan Intermediate Bond Trust	Balance as of February 28, 2017		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, 2017
Investments in Securities:
Asset-Backed Securities	$	7,994	$	(36	)	$	84		$	—	(a)	$	—	$	(3,143	)	$	—	$	—		$	4,899
Collateralized Mortgage Obligations		764		2			13			1			—		(469	)		—		—			311
Commercial Mortgage-Backed Securities		594		—			7			—			—		—			—		—	(a)		601
Corporate Bond — Energy		—		—			—	(a)		—	(a)		16		(2	)		—		—			14
	$	9,352	$	(34	)	$	104		$	1		$	16	$	(3,614	)	$	—	$	—		$	5,825

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 $500.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at November 30, 2017, which were valued using significant unobservable inputs (level 3) amounted to approximately $59,000.

Quantitative Information about Level 3 Fair Value Measurements #

	Fair Value at November 30, 2017		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	2,521	Discounted Cash Flow	Constant Prepayment Rate	0.00% - 30.00% (9.23%)
				Constant Default Rate	0.00% - 30.00% (0.73%)
				Yield (Discount Rate of Cash Flows)	2.67% - 8.14% (3.41%)
Asset-Backed Securities		2,521
		301	Discounted Cash Flow	Constant Prepayment Rate	0.00% - 28.00% (16.36%)
				Constant Default Rate	0.00% - 6.50% (2.05%)
				Yield (Discount Rate of Cash Flows)	(0.44%) - 199.00% (4.73%)
Collateralized Mortgage Obligations		301
		200	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	4.57% - 5.30% (4.94%)
Commercial Mortgage-Backed Securities		200
		14	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	3.24% (3.24%)
Corporate Bonds		14
Total	$	3,036

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At November 30, 2017, the value of these investments was approximately $2,789,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally 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.

ITEM 2. CONTROLS AND PROCEDURES.

(a) The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal controls over financial reporting.

ITEM 3. EXHIBITS.

CERTIFICATIONS PURSUANT TO RULE 30a-2(a) UNDER THE INVESTMENT COMPANY ACT OF 1940 ARE ATTACHED HERETO.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

JPMorgan Institutional Trust

By:	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	January 26, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	January 26, 2018
By:	/s/ Matthew J. Plastina
	Matthew J. Plastina
	Acting Treasurer and Principal Financial Officer
	January 26, 2018