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: May 31, 2018

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

ITEM 1. SCHEDULE OF INVESTMENTS.

JPMorgan Institutional Trust

Schedule of Portfolio Investments as of May 31, 2018

(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 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., 2018.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited)

Investments	Principal Amount($000)		Value($000)
CORPORATE BONDS — 24.9%
Aerospace & Defense — 0.4%
Airbus Finance BV (France) 2.70%, 4/17/2023 (a)		557		541
Airbus SE (France) 3.95%, 4/10/2047 (a)		150		147
BAE Systems Holdings, Inc. (United Kingdom)
6.38%, 6/1/2019 (a)		400		413
3.80%, 10/7/2024 (a)		900		899
BAE Systems plc (United Kingdom) 5.80%, 10/11/2041 (a)		676		784
Harris Corp. 3.83%, 4/27/2025		850		842
Lockheed Martin Corp.
3.10%, 1/15/2023		131		129
4.07%, 12/15/2042		600		584
Northrop Grumman Corp. 3.25%, 1/15/2028		200		189
Northrop Grumman Systems Corp. 7.75%, 2/15/2031		300		401
Precision Castparts Corp. 3.25%, 6/15/2025		1,350		1,321
Rockwell Collins, Inc.
3.20%, 3/15/2024		350		338
4.35%, 4/15/2047		199		192
Textron, Inc. 3.65%, 3/15/2027		370		354
United Technologies Corp.
4.50%, 6/1/2042		914		898
4.15%, 5/15/2045		543		507
				8,539
Air Freight & Logistics — 0.0% (b)
FedEx Corp.
3.90%, 2/1/2035		318		302
4.10%, 4/15/2043		239		222
				524
Airlines — 0.0% (b)
Continental Airlines Pass-Through Trust Series 2012-2, Class A, 4.00%, 10/29/2024		164		165
Automobiles — 0.3%
Daimler Finance North America LLC (Germany)
2.38%, 8/1/2018 (a)		981		981
2.25%, 3/2/2020 (a)		305		301
Ford Motor Co. 7.45%, 7/16/2031		1,500		1,771
General Motors Co. 6.60%, 4/1/2036		2,286		2,542
Hyundai Capital America
2.40%, 10/30/2018 (a)		526		525
3.00%, 3/18/2021 (a)		1,000		982
				7,102
Banks — 4.5%
ABN AMRO Bank NV (Netherlands) 4.75%, 7/28/2025 (a)		1,216		1,217
ANZ New Zealand Int’l Ltd. (New Zealand)
2.60%, 9/23/2019 (a)		750		748
2.85%, 8/6/2020 (a)		402		399
Australia & New Zealand Banking Group Ltd. (Australia)
4.88%, 1/12/2021 (a)		228		237
4.40%, 5/19/2026 (a)		263		261
Banco Santander SA (Spain)
3.13%, 2/23/2023		400		381
4.38%, 4/12/2028		400		385
Bank of America Corp.
Series L, 2.65%, 4/1/2019		760		760
Series L, 2.25%, 4/21/2020		799		788
2.50%, 10/21/2022		1,052		1,008
3.30%, 1/11/2023		885		877
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023 (c)		588		580
(ICE LIBOR USD 3 Month + 1.02%), 2.88%, 4/24/2023 (c)		1,855		1,809
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (c)		1,747		1,696
(ICE LIBOR USD 3 Month + 0.78%), 3.55%, 3/5/2024 (c)		547		542
4.00%, 1/22/2025		700		692
Series L, 3.95%, 4/21/2025		921		905
(ICE LIBOR USD 3 Month + 1.09%), 3.09%, 10/1/2025 (c)		526		501
4.45%, 3/3/2026		542		547
4.25%, 10/22/2026		851		850
3.25%, 10/21/2027		1,189		1,111
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (c)		1,700		1,639
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (c)		5,475		5,162
Bank of Montreal (Canada) 2.10%, 12/12/2019		3,000		2,968
Barclays plc (United Kingdom)
3.68%, 1/10/2023		1,427		1,399
3.65%, 3/16/2025		1,808		1,699
4.38%, 1/12/2026		400		389
BB&T Corp. 5.25%, 11/1/2019		740		764
BNP Paribas SA (France)
3.50%, 3/1/2023 (a)		290		285
3.38%, 1/9/2025 (a)		425		403
(USD Swap Semi 5 Year + 1.48%), 4.38%, 3/1/2033 (a) (c)		250		237
BNZ International Funding Ltd. (New Zealand)
2.10%, 9/14/2021 (a)		450		432
2.65%, 11/3/2022 (a)		632		606

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount($000)		Value($000)
CORPORATE BONDS — continued
Banks — continued
Canadian Imperial Bank of Commerce (Canada) 2.25%, 7/21/2020 (a)		952		938
Capital One Bank USA NA 3.38%, 2/15/2023		1,950		1,903
Capital One NA
2.35%, 8/17/2018		978		978
2.40%, 9/5/2019		850		844
Citigroup, Inc.
2.15%, 7/30/2018		1,096		1,096
2.05%, 12/7/2018		1,210		1,207
2.40%, 2/18/2020		500		495
2.70%, 3/30/2021		778		765
2.35%, 8/2/2021		115		112
3.88%, 3/26/2025		500		486
4.40%, 6/10/2025		569		570
5.50%, 9/13/2025		865		924
3.70%, 1/12/2026		1,900		1,847
3.40%, 5/1/2026		1,000		951
4.30%, 11/20/2026		1,200		1,184
6.63%, 1/15/2028		250		293
8.13%, 7/15/2039		223		320
5.88%, 1/30/2042		321		378
5.30%, 5/6/2044		106		112
4.75%, 5/18/2046		1,000		973
Citizens Bank NA 3.70%, 3/29/2023		720		723
Comerica, Inc. 3.80%, 7/22/2026		148		144
Commonwealth Bank of Australia (Australia)
3.45%, 3/16/2023 (a)		600		597
4.50%, 12/9/2025 (a)		832		827
3.90%, 3/16/2028 (a)		600		596
Cooperatieve Rabobank UA (Netherlands)
4.38%, 8/4/2025		1,488		1,464
5.80%, 9/30/2110 (a)		500		583
Credit Agricole SA (France) 4.38%, 3/17/2025 (a)		1,250		1,221
Credit Suisse Group Funding Guernsey Ltd. (Switzerland)
2.75%, 3/26/2020		250		248
3.80%, 6/9/2023		800		794
3.75%, 3/26/2025		340		328
Discover Bank
3.10%, 6/4/2020		343		342
4.20%, 8/8/2023		887		896
4.25%, 3/13/2026		1,205		1,186
Fifth Third Bancorp 3.95%, 3/14/2028		500		496
Fifth Third Bank
2.38%, 4/25/2019		600		599
2.88%, 10/1/2021		340		336
HSBC Bank plc (United Kingdom) 4.75%, 1/19/2021 (a)		575		596
HSBC Holdings plc (United Kingdom)
2.65%, 1/5/2022		2,212		2,146
4.00%, 3/30/2022		1,056		1,073
3.60%, 5/25/2023		1,054		1,049
(ICE LIBOR USD 3 Month + 0.92%), 3.03%, 11/22/2023 (c)		473		460
4.25%, 8/18/2025		939		926
3.90%, 5/25/2026		200		197
Huntington Bancshares, Inc. 3.15%, 3/14/2021		321		320
Huntington National Bank (The)
2.00%, 6/30/2018		250		250
2.88%, 8/20/2020		858		855
Intesa Sanpaolo SpA (Italy) 3.88%, 7/14/2027 (a)		859		753
KeyBank NA 3.18%, 5/22/2022		729		722
Lloyds Banking Group plc (United Kingdom)
(ICE LIBOR USD 3 Month + 0.81%), 2.91%, 11/7/2023 (c)		612		585
4.58%, 12/10/2025		400		393
3.75%, 1/11/2027		181		171
4.38%, 3/22/2028		475		468
Mitsubishi UFJ Financial Group, Inc. (Japan) 2.95%, 3/1/2021		243		241
Mitsubishi UFJ Trust & Banking Corp. (Japan) 2.45%, 10/16/2019 (a)		800		794
Mizuho Bank Ltd. (Japan) 2.65%, 9/25/2019 (a)		623		620
Mizuho Financial Group, Inc. (Japan) 2.63%, 4/12/2021 (a)		742		726
MUFG Americas Holdings Corp. 2.25%, 2/10/2020		270		266
National Australia Bank Ltd. (Australia) 2.50%, 1/12/2021		700		687
Nordea Bank AB (Sweden) 4.25%, 9/21/2022 (a)		945		968
PNC Bank NA 1.95%, 3/4/2019		490		488
PNC Financial Services Group, Inc. (The)
6.70%, 6/10/2019		298		310
4.38%, 8/11/2020		864		887
Regions Financial Corp. 3.20%, 2/8/2021		964		962
Royal Bank of Canada (Canada) 4.65%, 1/27/2026		337		345
Royal Bank of Scotland Group plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.75%), 4.89%, 5/18/2029 (c)		290		289

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount($000)		Value($000)
CORPORATE BONDS — continued
Banks — continued
Santander UK Group Holdings plc (United Kingdom)
3.13%, 1/8/2021		452		447
3.57%, 1/10/2023		200		195
4.75%, 9/15/2025 (a)		400		394
Societe Generale SA (France) 2.50%, 4/8/2021 (a)		850		830
SpareBank 1 Boligkreditt A/S (Norway) 1.75%, 11/15/2019 (a)		927		913
Stadshypotek AB (Sweden) 1.88%, 10/2/2019 (a)		1,148		1,135
Standard Chartered plc (United Kingdom) 5.20%, 1/26/2024 (a)		700		722
(ICE LIBOR USD 3 Month + 1.08%), 3.89%, 3/15/2024 (a) (c)		400		393
4.05%, 4/12/2026 (a)		769		746
(ICE LIBOR USD 3 Month + 1.97%), 4.87%, 3/15/2033 (a) (c)		200		194
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.78%, 10/18/2022		542		525
3.10%, 1/17/2023		689		676
2.63%, 7/14/2026		872		797
SunTrust Banks, Inc.
2.90%, 3/3/2021		253		251
4.00%, 5/1/2025		265		267
Toronto-Dominion Bank (The) (Canada)
2.25%, 11/5/2019		521		518
2.13%, 4/7/2021		115		112
1.80%, 7/13/2021		114		109
UBS Group Funding Switzerland AG (Switzerland) 3.49%, 5/23/2023 (a)		269		265
(ICE LIBOR USD 3 Month + 0.95%), 2.86%, 8/15/2023 (a) (c)		200		192
4.13%, 9/24/2025 (a)		300		299
4.13%, 4/15/2026 (a)		963		954
US Bancorp 7.50%, 6/1/2026		1,277		1,565
US Bank NA 2.80%, 1/27/2025		896		853
Wells Fargo & Co.
3.50%, 3/8/2022		850		851
3.07%, 1/24/2023		500		487
4.48%, 1/16/2024		702		720
3.30%, 9/9/2024		1,000		967
3.00%, 2/19/2025		453		427
3.00%, 4/22/2026		540		504
4.10%, 6/3/2026		637		627
4.30%, 7/22/2027		541		535
5.61%, 1/15/2044		1,280		1,402
4.65%, 11/4/2044		920		890
Westpac Banking Corp. (Australia) 3.40%, 1/25/2028		690		664
				100,006
Beverages — 0.5%
Anheuser-Busch InBev Finance, Inc. (Belgium)
3.30%, 2/1/2023		2,722		2,707
3.65%, 2/1/2026		2,633		2,585
4.70%, 2/1/2036		1,430		1,467
4.90%, 2/1/2046		1,135		1,178
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
4.38%, 4/15/2038		400		395
4.75%, 4/15/2058		710		704
Coca-Cola Femsa SAB de CV (Mexico) 3.88%, 11/26/2023		250		249
Diageo Investment Corp. (United Kingdom) 8.00%, 9/15/2022		255		302
Dr Pepper Snapple Group, Inc. 3.43%, 6/15/2027 (a)		250		233
Maple Escrow Subsidiary, Inc.
4.42%, 5/25/2025 (a)		149		150
4.99%, 5/25/2038 (a)		215		218
PepsiCo, Inc. 4.45%, 4/14/2046		534		564
				10,752
Biotechnology — 0.3%
AbbVie, Inc.
3.60%, 5/14/2025		813		792
4.50%, 5/14/2035		1,300		1,288
Amgen, Inc.
4.95%, 10/1/2041		500		517
4.66%, 6/15/2051		620		617
Baxalta, Inc.
3.60%, 6/23/2022		500		497
5.25%, 6/23/2045		167		175
Celgene Corp.
3.45%, 11/15/2027		250		232
5.70%, 10/15/2040		633		689
Gilead Sciences, Inc.
3.70%, 4/1/2024		189		190
3.50%, 2/1/2025		210		208
3.65%, 3/1/2026		632		625
4.60%, 9/1/2035		816		842
				6,672
Building Products — 0.2%
Johnson Controls International plc
4.25%, 3/1/2021		675		692
3.75%, 12/1/2021		591		598
5.25%, 12/1/2041		1,000		1,070
5.13%, 9/14/2045		223		238
4.95%, 7/2/2064 (d)		273		268
Masco Corp. 6.50%, 8/15/2032		600		681
				3,547

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount($000)		Value($000)
CORPORATE BONDS — continued
Capital Markets — 2.6%
Bank of New York Mellon Corp. (The)
4.60%, 1/15/2020		760		782
2.60%, 8/17/2020		909		902
(ICE LIBOR USD 3 Month + 0.63%), 2.66%, 5/16/2023 (c)		1,363		1,325
3.25%, 9/11/2024		700		687
2.80%, 5/4/2026		254		238
Blackstone Holdings Finance Co. LLC 4.45%, 7/15/2045 (a)		429		418
Brookfield Finance, Inc. (Canada)
3.90%, 1/25/2028		337		321
4.70%, 9/20/2047		427		413
Carlyle Promissory Note 4.35%, 7/15/2019 ‡		133		132
CME Group, Inc. 5.30%, 9/15/2043		285		339
Credit Suisse AG (Switzerland)
2.30%, 5/28/2019		728		725
3.63%, 9/9/2024		402		398
Credit Suisse Group AG (Switzerland)
3.57%, 1/9/2023 (a)		729		718
4.28%, 1/9/2028 (a)		762		743
Deutsche Bank AG (Germany)
4.25%, 10/14/2021		1,000		991
3.30%, 11/16/2022		1,000		951
4.50%, 4/1/2025		400		358
FMR LLC 6.45%, 11/15/2039 (a)		500		644
Goldman Sachs Group, Inc. (The)
5.38%, 3/15/2020		1,786		1,856
2.75%, 9/15/2020		506		501
2.35%, 11/15/2021		1,940		1,871
3.00%, 4/26/2022		1,200		1,178
(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 6/5/2023 (c)		2,473		2,395
(ICE LIBOR USD 3 Month + 0.99%), 2.90%, 7/24/2023 (c)		493		476
3.50%, 1/23/2025		557		539
3.75%, 5/22/2025		1,984		1,940
4.25%, 10/21/2025		1,415		1,401
3.50%, 11/16/2026		469		445
3.85%, 1/26/2027		830		804
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (c)		2,093		1,989
(ICE LIBOR USD 3 Month + 1.30%), 4.22%, 5/1/2029 (c)		1,000		986
6.75%, 10/1/2037		685		822
Intercontinental Exchange, Inc.
2.50%, 10/15/2018		447		447
4.00%, 10/15/2023		884		905
Invesco Finance plc
4.00%, 1/30/2024		657		671
3.75%, 1/15/2026		390		389
Jefferies Group LLC
6.88%, 4/15/2021		880		954
6.45%, 6/8/2027		1,010		1,113
Macquarie Bank Ltd. (Australia)
2.60%, 6/24/2019 (a)		896		894
2.85%, 7/29/2020 (a)		1,000		991
4.00%, 7/29/2025 (a)		1,000		994
Macquarie Group Ltd. (Australia)
6.00%, 1/14/2020 (a)		1,200		1,249
6.25%, 1/14/2021 (a)		1,650		1,756
(ICE LIBOR USD 3 Month + 1.37%), 3.76%, 11/28/2028 (a) (c)		700		648
Morgan Stanley
7.30%, 5/13/2019		970		1,010
5.63%, 9/23/2019		1,265		1,310
2.65%, 1/27/2020		500		497
5.50%, 7/24/2020		475		498
5.75%, 1/25/2021		906		962
2.50%, 4/21/2021		1,064		1,041
5.50%, 7/28/2021		559		594
3.75%, 2/25/2023		2,365		2,373
4.10%, 5/22/2023		1,550		1,572
3.70%, 10/23/2024		1,250		1,241
4.00%, 7/23/2025		2,873		2,883
5.00%, 11/24/2025		1,574		1,642
3.88%, 1/27/2026		946		935
4.35%, 9/8/2026		480		477
State Street Corp. 3.10%, 5/15/2023		369		365
				56,699
Chemicals — 0.3%
Albemarle Corp. 5.45%, 12/1/2044		150		159
Chevron Phillips Chemical Co. LLC 3.70%, 6/1/2028 (a)		600		596
Dow Chemical Co. (The) 4.25%, 10/1/2034		375		365
Ecolab, Inc.
3.25%, 12/1/2027		302		291
5.50%, 12/8/2041		21		25
Monsanto Co. 4.70%, 7/15/2064		208		190
Mosaic Co. (The)
5.45%, 11/15/2033		861		877
4.88%, 11/15/2041		79		73
Nutrien Ltd. (Canada)
3.38%, 3/15/2025		490		466
3.00%, 4/1/2025		660		613
4.13%, 3/15/2035		525		493
Sherwin-Williams Co. (The) 3.13%, 6/1/2024		381		367
Union Carbide Corp.
7.50%, 6/1/2025		1,000		1,184
7.75%, 10/1/2096		850		1,069
Westlake Chemical Corp. 4.38%, 11/15/2047		237		222
				6,990

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount($000)		Value($000)
CORPORATE BONDS — continued
Commercial Services & Supplies — 0.0% (b)
Republic Services, Inc. 3.55%, 6/1/2022		614		618
2.90%, 7/1/2026		175		162
				780
Communications Equipment — 0.1%
Cisco Systems, Inc.
5.90%, 2/15/2039		755		951
5.50%, 1/15/2040		350		425
				1,376
Construction & Engineering — 0.0% (b)
Fluor Corp. 3.38%, 9/15/2021		789		791
Construction Materials — 0.1%
CRH America, Inc. (Ireland)
3.88%, 5/18/2025 (a)		417		411
5.13%, 5/18/2045 (a)		893		922
Martin Marietta Materials, Inc. 3.45%, 6/1/2027		770		719
				2,052
Consumer Finance — 1.0%
AerCap Ireland Capital DAC (Ireland)
3.30%, 1/23/2023		390		378
3.50%, 1/15/2025		600		566
American Express Credit Corp.
1.88%, 11/5/2018		1,028		1,026
2.38%, 5/26/2020		1,455		1,437
2.25%, 5/5/2021		1,126		1,099
2.70%, 3/3/2022		715		701
Capital One Financial Corp.
3.75%, 4/24/2024		962		950
3.20%, 2/5/2025		1,069		1,008
4.20%, 10/29/2025		1,462		1,432
Ford Motor Credit Co. LLC
2.24%, 6/15/2018		991		990
3.34%, 3/28/2022		1,000		984
3.81%, 1/9/2024		1,085		1,061
4.13%, 8/4/2025		1,162		1,140
General Motors Financial Co., Inc.
3.45%, 4/10/2022		1,091		1,079
3.70%, 5/9/2023		1,230		1,215
3.95%, 4/13/2024		1,400		1,382
3.50%, 11/7/2024		640		612
4.00%, 1/15/2025		460		451
4.35%, 4/9/2025		540		537
4.30%, 7/13/2025		550		545
4.35%, 1/17/2027		875		858
John Deere Capital Corp.
3.15%, 10/15/2021		233		234
2.70%, 1/6/2023		819		800
2.80%, 3/6/2023		893		874
Synchrony Financial 4.25%, 8/15/2024		660		651
				22,010
Containers & Packaging — 0.1%
International Paper Co.
8.70%, 6/15/2038		470		670
7.30%, 11/15/2039		600		769
WestRock Co. 3.75%, 3/15/2025 (a)		400		395
				1,834
Diversified Consumer Services — 0.0% (b)
President & Fellows of Harvard College 3.30%, 7/15/2056		643		581
Diversified Financial Services — 0.8%
GE Capital International Funding Co. Unlimited Co.
3.37%, 11/15/2025		573		550
4.42%, 11/15/2035		7,083		6,784
GTP Acquisition Partners I LLC
2.35%, 6/15/2020 (a)		1,236		1,213
3.48%, 6/16/2025 (a)		1,436		1,417
Hutchison Whampoa International 12 II Ltd. (Hong Kong) 3.25%, 11/8/2022 (a)		539		532
Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan) 2.65%, 9/19/2022 (a)		606		581
National Rural Utilities Cooperative Finance Corp.
10.38%, 11/1/2018		290		299
2.95%, 2/7/2024		306		298
Nationwide Building Society (United Kingdom) 4.00%, 9/14/2026 (a)		400		373
(ICE LIBOR USD 3 Month + 1.45%), 4.30%, 3/8/2029 (a) (c)		746		723
ORIX Corp. (Japan) 2.90%, 7/18/2022		553		538
Private Export Funding Corp. Series KK, 3.55%, 1/15/2024		681		701
Shell International Finance BV (Netherlands) 4.13%, 5/11/2035		2,069		2,104
Siemens Financieringsmaatschappij NV (Germany)
2.90%, 5/27/2022 (a)		634		625
3.13%, 3/16/2024 (a)		750		735
4.40%, 5/27/2045 (a)		513		537
				18,010
Diversified Telecommunication Services — 1.2%
AT&T, Inc.
3.95%, 1/15/2025		1,126		1,109
4.13%, 2/17/2026		821		811
4.30%, 2/15/2030 (a)		4,567		4,394
4.50%, 5/15/2035		525		495
6.00%, 8/15/2040		2,000		2,148
5.35%, 9/1/2040		860		870
4.30%, 12/15/2042		348		306
4.35%, 6/15/2045		462		401
5.15%, 11/15/2046 (a)		5,382		5,228

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount($000)		Value($000)
CORPORATE BONDS — continued
Diversified Telecommunication Services — continued
British Telecommunications plc (United Kingdom) 9.12%, 12/15/2030		150		213
Centel Capital Corp. 9.00%, 10/15/2019		600		641
Deutsche Telekom International Finance BV (Germany)
3.60%, 1/19/2027 (a)		175		168
4.88%, 3/6/2042 (a)		232		240
Qwest Corp. 6.75%, 12/1/2021		741		796
Telefonica Emisiones SAU (Spain)
5.13%, 4/27/2020		526		546
5.46%, 2/16/2021		316		333
4.10%, 3/8/2027		321		313
Verizon Communications, Inc.
3.50%, 11/1/2021		400		402
4.15%, 3/15/2024		938		956
3.38%, 2/15/2025		2,304		2,217
4.40%, 11/1/2034		1,895		1,814
4.27%, 1/15/2036		200		186
5.25%, 3/16/2037		457		474
4.81%, 3/15/2039		943		920
5.01%, 8/21/2054		566		540
				26,521
Electric Utilities — 1.5%
Alabama Power Co. 6.13%, 5/15/2038		239		300
Arizona Public Service Co.
2.20%, 1/15/2020		133		132
5.05%, 9/1/2041		467		523
Baltimore Gas & Electric Co.
2.80%, 8/15/2022		455		445
3.50%, 8/15/2046		376		337
China Southern Power Grid International Finance BVI Co. Ltd. (China) 3.50%, 5/8/2027 (a)		1,234		1,181
Comision Federal de Electricidad (Mexico) 4.88%, 5/26/2021 (a)		831		842
Connecticut Light & Power Co. (The) 4.00%, 4/1/2048		236		237
Duke Energy Carolinas LLC
6.00%, 1/15/2038		100		127
6.05%, 4/15/2038		155		195
4.25%, 12/15/2041		129		134
Duke Energy Florida LLC 6.40%, 6/15/2038		90		119
Duke Energy Indiana LLC 6.35%, 8/15/2038		1,320		1,715
Duke Energy Progress LLC
4.10%, 5/15/2042		273		278
4.10%, 3/15/2043		125		126
Edison International 4.13%, 3/15/2028		200		199
Electricite de France SA (France) 6.00%, 1/22/2114 (a)		1,300		1,350
Enel Finance International NV (Italy) 3.63%, 5/25/2027 (a)		740		676
Entergy Arkansas, Inc. 3.50%, 4/1/2026		175		173
Entergy Corp. 2.95%, 9/1/2026		336		308
Entergy Louisiana LLC 3.05%, 6/1/2031		629		582
Entergy Mississippi, Inc. 2.85%, 6/1/2028		559		516
FirstEnergy Corp. Series C, 4.85%, 7/15/2047		289		300
Florida Power & Light Co. 5.95%, 2/1/2038		350		447
Great Plains Energy, Inc. 4.85%, 6/1/2021		679		700
Hydro-Quebec (Canada) Series HY, 8.40%, 1/15/2022		1,000		1,163
8.05%, 7/7/2024		350		436
Indiana Michigan Power Co. 7.00%, 3/15/2019		100		103
ITC Holdings Corp. 2.70%, 11/15/2022 (a)		900		873
Jersey Central Power & Light Co. 7.35%, 2/1/2019		100		103
John Sevier Combined Cycle Generation LLC 4.63%, 1/15/2042		764		793
Kansas City Power & Light Co. 5.30%, 10/1/2041		1,400		1,566
Korea Southern Power Co. Ltd. (South Korea) 3.00%, 1/29/2021 (a)		228		226
Mid-Atlantic Interstate Transmission LLC 4.10%, 5/15/2028 (a)		315		317
Nevada Power Co.
Series N, 6.65%, 4/1/2036		100		131
5.38%, 9/15/2040		55		64
5.45%, 5/15/2041		305		361
New England Power Co. (United Kingdom) 3.80%, 12/5/2047 (a)		168		160
NextEra Energy Capital Holdings, Inc. 2.40%, 9/15/2019		371		369
Niagara Mohawk Power Corp.
4.88%, 8/15/2019 (a)		300		307
3.51%, 10/1/2024 (a)		493		494
Northern States Power Co. 6.25%, 6/1/2036		510		661
Oncor Electric Delivery Co. LLC
6.80%, 9/1/2018		840		849
7.00%, 9/1/2022		110		125
Pacific Gas & Electric Co.
3.50%, 6/15/2025		781		753
2.95%, 3/1/2026		492		451
6.05%, 3/1/2034		100		116
4.50%, 12/15/2041		390		369

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount($000)		Value($000)
CORPORATE BONDS — continued
Electric Utilities — continued
4.45%, 4/15/2042		217		211
4.60%, 6/15/2043		90		89
Pennsylvania Electric Co. 3.25%, 3/15/2028 (a)		150		141
Pepco Holdings LLC 7.45%, 8/15/2032		316		391
Potomac Electric Power Co. 6.50%, 11/15/2037		1,085		1,437
PPL Capital Funding, Inc. 3.40%, 6/1/2023		200		198
Progress Energy, Inc.
3.15%, 4/1/2022		673		665
7.00%, 10/30/2031		300		382
Public Service Co. of Colorado 3.55%, 6/15/2046		214		193
Public Service Co. of Oklahoma
Series G, 6.63%, 11/15/2037		2,490		3,202
Public Service Electric & Gas Co. 5.38%, 11/1/2039		317		372
Southern California Edison Co.
Series B, 3.65%, 3/1/2028		400		398
Series 08-A, 5.95%, 2/1/2038		200		244
Southern Co. (The) 3.25%, 7/1/2026		357		336
Southwestern Public Service Co. 4.50%, 8/15/2041		200		212
Toledo Edison Co. (The) 6.15%, 5/15/2037		300		368
Virginia Electric & Power Co. 3.45%, 2/15/2024		64		64
Xcel Energy, Inc.
3.30%, 6/1/2025		440		428
6.50%, 7/1/2036		178		230
4.80%, 9/15/2041		92		100
				32,393
Electrical Equipment — 0.0% (b)
ABB Finance USA, Inc. (Switzerland) 2.88%, 5/8/2022		292		289
Eaton Corp.
7.63%, 4/1/2024		300		353
4.00%, 11/2/2032		170		168
				810
Electronic Equipment, Instruments & Components — 0.0% (b)
Arrow Electronics, Inc.
4.50%, 3/1/2023		190		192
3.25%, 9/8/2024		219		206
3.88%, 1/12/2028		442		420
				818
Energy Equipment & Services — 0.1%
Baker Hughes a GE Co. LLC 5.13%, 9/15/2040		300		324
Halliburton Co. 7.45%, 9/15/2039		1,000		1,357
Nabors Industries, Inc. 4.63%, 9/15/2021		200		196
Schlumberger Holdings Corp.
3.63%, 12/21/2022 (a)		649		650
4.00%, 12/21/2025 (a)		200		200
Schlumberger Investment SA 3.30%, 9/14/2021 (a)		441		444
				3,171
Equity Real Estate Investment Trusts (REITs) — 1.1%
American Tower Corp.
5.90%, 11/1/2021		100		107
3.50%, 1/31/2023		1,043		1,033
5.00%, 2/15/2024		974		1,018
3.38%, 10/15/2026		312		290
American Tower Trust #1 3.07%, 3/15/2023 (a)		750		739
AvalonBay Communities, Inc. 2.85%, 3/15/2023		700		681
Boston Properties LP
3.20%, 1/15/2025		532		508
3.65%, 2/1/2026		483		468
2.75%, 10/1/2026		360		324
Brixmor Operating Partnership LP 3.85%, 2/1/2025		400		388
Crown Castle International Corp. 4.00%, 3/1/2027		264		255
DDR Corp. 4.70%, 6/1/2027		330		333
Digital Realty Trust LP 3.70%, 8/15/2027		252		239
Duke Realty LP 3.25%, 6/30/2026		239		224
EPR Properties
4.50%, 6/1/2027		621		594
4.95%, 4/15/2028		305		296
Equity Commonwealth 5.88%, 9/15/2020		600		622
Government Properties Income Trust
3.75%, 8/15/2019		2,150		2,156
4.00%, 7/15/2022		784		779
HCP, Inc.
4.20%, 3/1/2024		230		231
3.88%, 8/15/2024		2,294		2,258
3.40%, 2/1/2025		265		251
Kimco Realty Corp. 3.80%, 4/1/2027		445		425
National Retail Properties, Inc. 4.00%, 11/15/2025		783		771
Realty Income Corp.
3.88%, 4/15/2025		485		479
4.65%, 3/15/2047		556		562
Scentre Group Trust 1 (Australia) 3.50%, 2/12/2025 (a)		420		407
Select Income 3.60%, 2/1/2020		1,000		996
Senior Housing Properties Trust
3.25%, 5/1/2019		500		501
4.75%, 2/15/2028		400		387
Simon Property Group LP
3.75%, 2/1/2024		532		534
3.38%, 10/1/2024		868		849

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount($000)		Value($000)
CORPORATE BONDS — continued
Equity Real Estate Investment Trusts (REITs) — continued
UDR, Inc. 2.95%, 9/1/2026		382		351
Ventas Realty LP
3.75%, 5/1/2024		593		586
3.50%, 2/1/2025		242		233
4.13%, 1/15/2026		406		402
3.85%, 4/1/2027		554		533
VEREIT Operating Partnership LP 4.60%, 2/6/2024		1,000		1,001
Vornado Realty LP 3.50%, 1/15/2025		200		193
Welltower, Inc.
4.50%, 1/15/2024		732		746
4.00%, 6/1/2025		223		218
4.25%, 4/15/2028		325		318
				24,286
Food & Staples Retailing — 0.2%
CVS Pass-Through Trust 4.70%, 1/10/2036 (a)		698		688
Kroger Co. (The)
7.50%, 4/1/2031		589		739
6.90%, 4/15/2038		491		603
Sysco Corp.
3.55%, 3/15/2025		140		138
3.75%, 10/1/2025		291		289
4.45%, 3/15/2048		100		96
Walgreen Co. 4.40%, 9/15/2042		200		185
Walgreens Boots Alliance, Inc.
3.80%, 11/18/2024		100		100
4.50%, 11/18/2034		386		374
				3,212
Food Products — 0.3%
Bunge Ltd. Finance Corp.
3.50%, 11/24/2020		95		95
Campbell Soup Co. 3.95%, 3/15/2025		720		698
Cargill, Inc.
3.30%, 3/1/2022 (a)		600		602
3.25%, 3/1/2023 (a)		115		115
General Mills, Inc.
4.00%, 4/17/2025		490		488
4.20%, 4/17/2028		315		311
4.55%, 4/17/2038		120		117
Kellogg Co. 3.40%, 11/15/2027		400		373
Kraft Heinz Foods Co.
6.88%, 1/26/2039		1,071		1,266
5.00%, 6/4/2042		694		671
McCormick & Co., Inc.
3.15%, 8/15/2024		179		172
3.40%, 8/15/2027		264		251
Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025		153		157
Tyson Foods, Inc.
3.95%, 8/15/2024		777		780
4.88%, 8/15/2034		1,100		1,131
Unilever Capital Corp. (United Kingdom) 3.38%, 3/22/2025		290		290
				7,517
Gas Utilities — 0.2%
Atmos Energy Corp.
8.50%, 3/15/2019		375		392
4.15%, 1/15/2043		828		829
4.13%, 10/15/2044		125		126
Boston Gas Co. 4.49%, 2/15/2042 (a)		308		322
Brooklyn Union Gas Co. (The) 4.27%, 3/15/2048 (a)		440		444
CenterPoint Energy Resources Corp. 4.50%, 1/15/2021		335		344
Dominion Energy Gas Holdings LLC 2.80%, 11/15/2020		382		378
Korea Gas Corp. (South Korea) 1.88%, 7/18/2021 (a)		653		621
Southern Natural Gas Co. LLC
8.00%, 3/1/2032		351		454
4.80%, 3/15/2047 (a)		367		370
				4,280
Health Care Equipment & Supplies — 0.1%
Becton Dickinson and Co. 3.73%, 12/15/2024		113		111
Covidien International Finance SA 2.95%, 6/15/2023		399		393
Medtronic, Inc. 3.13%, 3/15/2022		422		420
4.38%, 3/15/2035		960		1,004
Stryker Corp. 3.50%, 3/15/2026		128		126
Zimmer Biomet Holdings, Inc. 3.70%, 3/19/2023		213		212
				2,266
Health Care Providers & Services — 0.7%
Aetna, Inc. 6.75%, 12/15/2037		440		566
Anthem, Inc.
2.30%, 7/15/2018		467		467
3.13%, 5/15/2022		615		607
3.30%, 1/15/2023		280		277
4.63%, 5/15/2042		500		484
4.65%, 1/15/2043		535		520
4.65%, 8/15/2044		648		634
Cardinal Health, Inc.
2.40%, 11/15/2019		540		535
3.75%, 9/15/2025		690		669
CVS Health Corp.
4.00%, 12/5/2023		725		732
4.10%, 3/25/2025		2,911		2,912
4.30%, 3/25/2028		779		773
4.78%, 3/25/2038		1,150		1,141
5.05%, 3/25/2048		642		655

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount($000)		Value($000)
CORPORATE BONDS — continued
Health Care Providers & Services — continued
Express Scripts Holding Co.
3.00%, 7/15/2023		305		289
3.50%, 6/15/2024		900		865
4.50%, 2/25/2026		300		301
Mayo Clinic
Series 2016, 4.13%, 11/15/2052		425		437
McKesson Corp. 3.95%, 2/16/2028		153		149
Memorial Sloan-Kettering Cancer Center
Series 2015, 4.20%, 7/1/2055		588		608
Quest Diagnostics, Inc. 3.45%, 6/1/2026		251		240
Texas Health Resources 4.33%, 11/15/2055		640		655
UnitedHealth Group, Inc. 4.63%, 7/15/2035		760		813
				15,329
Hotels, Restaurants & Leisure — 0.1%
McDonald’s Corp.
3.35%, 4/1/2023		140		140
4.70%, 12/9/2035		900		955
4.45%, 3/1/2047		120		121
				1,216
Household Durables — 0.0% (b)
Newell Brands, Inc. 5.50%, 4/1/2046		230		232
Household Products — 0.0% (b)
Reckitt Benckiser Treasury Services plc (United Kingdom) 2.38%, 6/24/2022 (a)		700		671
Independent Power and Renewable Electricity Producers — 0.1%
Exelon Generation Co. LLC
3.40%, 3/15/2022		922		917
4.25%, 6/15/2022		518		531
5.75%, 10/1/2041		235		240
Southern Power Co.
5.15%, 9/15/2041		600		617
Tri-State Generation & Transmission Association, Inc. 4.25%, 6/1/2046		417		398
				2,703
Industrial Conglomerates — 0.1%
General Electric Co.
5.30%, 2/11/2021		191		200
2.70%, 10/9/2022		107		104
3.10%, 1/9/2023		573		565
3.45%, 5/15/2024		541		532
5.88%, 1/14/2038		95		108
Roper Technologies, Inc. 3.00%, 12/15/2020		192		191
				1,700
Insurance — 1.3%
AIG SunAmerica Global Financing X 6.90%, 3/15/2032 (a)		520		666
American International Group, Inc.
4.13%, 2/15/2024		641		646
3.75%, 7/10/2025		674		657
3.88%, 1/15/2035		296		268
4.70%, 7/10/2035		1,685		1,665
Aon Corp. 6.25%, 9/30/2040		306		371
Assurant, Inc. 4.20%, 9/27/2023		660		663
Athene Global Funding
2.75%, 4/20/2020 (a)		1,055		1,043
4.00%, 1/25/2022 (a)		515		519
Athene Holding Ltd. 4.13%, 1/12/2028		575		542
Berkshire Hathaway Finance Corp. 4.40%, 5/15/2042		1,574		1,638
CNA Financial Corp. 3.95%, 5/15/2024		463		463
Dai-ichi Life Insurance Co. Ltd. (The) (Japan)
(ICE LIBOR USD 3 Month + 3.66%), 4.00%, 7/24/2026 (a) (c) (e) (f)		526		496
Great-West Lifeco Finance Delaware LP (Canada) 4.15%, 6/3/2047 (a)		700		666
Guardian Life Insurance Co. of America (The) 4.85%, 1/24/2077 (a)		208		208
Hartford Financial Services Group, Inc. (The) 4.30%, 4/15/2043		570		552
Jackson National Life Global Funding
1.88%, 10/15/2018 (a)		563		562
3.05%, 4/29/2026 (a)		675		640
Liberty Mutual Group, Inc.
4.95%, 5/1/2022 (a)		408		428
6.50%, 3/15/2035 (a)		900		1,091
Liberty Mutual Insurance Co. 8.50%, 5/15/2025 (a)		100		123
Lincoln National Corp. 4.20%, 3/15/2022		598		614
Marsh & McLennan Cos., Inc.
2.75%, 1/30/2022		192		188
3.30%, 3/14/2023		288		285
Massachusetts Mutual Life Insurance Co.
8.88%, 6/1/2039 (a)		91		142
5.38%, 12/1/2041 (a)		280		322
MassMutual Global Funding II 2.50%, 10/17/2022 (a)		626		607
MetLife, Inc. 4.88%, 11/13/2043		600		635
Metropolitan Life Global Funding I
1.55%, 9/13/2019 (a)		604		594
3.88%, 4/11/2022 (a)		1,277		1,298
Nationwide Mutual Insurance Co. 9.38%, 8/15/2039 (a)		750		1,186

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount($000)		Value($000)
CORPORATE BONDS — continued
Insurance — continued
New York Life Global Funding
2.15%, 6/18/2019 (a)		3,951		3,934
1.95%, 2/11/2020 (a)		129		127
OneBeacon US Holdings, Inc. 4.60%, 11/9/2022		500		505
Progressive Corp. (The)
Series B, (ICE LIBOR USD 3 Month + 2.54%), 5.37%, 3/15/2023 (c) (e) (f)		360		360
Prudential Financial, Inc. 3.91%, 12/7/2047		764		699
Prudential Insurance Co. of America (The) 8.30%, 7/1/2025 (a)		1,750		2,193
Reliance Standard Life Global Funding II 3.05%, 1/20/2021 (a)		388		385
Teachers Insurance & Annuity Association of America 4.27%, 5/15/2047 (a)		400		390
				28,371
Internet & Direct Marketing Retail — 0.1%
Amazon.com, Inc. 4.80%, 12/5/2034		1,435		1,592
Internet Software & Services — 0.1%
Alibaba Group Holding Ltd. (China) 4.00%, 12/6/2037		220		207
eBay, Inc. 4.00%, 7/15/2042		271		238
Tencent Holdings Ltd. (China) 3.60%, 1/19/2028 (a)		740		708
				1,153
IT Services — 0.1%
DXC Technology Co. 4.25%, 4/15/2024		478		481
IBM Credit LLC
2.65%, 2/5/2021		600		595
3.00%, 2/6/2023		920		908
Western Union Co. (The) 3.60%, 3/15/2022		1,100		1,095
				3,079
Life Sciences Tools & Services — 0.1%
Thermo Fisher Scientific, Inc.
3.15%, 1/15/2023		520		510
3.00%, 4/15/2023		369		360
4.15%, 2/1/2024		343		350
				1,220
Machinery — 0.1%
Illinois Tool Works, Inc.
3.50%, 3/1/2024		400		404
4.88%, 9/15/2041		95		107
3.90%, 9/1/2042		825		817
Nvent Finance SARL (United Kingdom) 4.55%, 4/15/2028 (a)		450		442
Parker-Hannifin Corp. 4.45%, 11/21/2044		592		621
Xylem, Inc. 3.25%, 11/1/2026		197		188
				2,579
Media — 0.8%
21st Century Fox America, Inc.
8.88%, 4/26/2023		430		525
6.20%, 12/15/2034		100		119
6.65%, 11/15/2037		400		509
6.90%, 8/15/2039		250		326
CBS Corp.
4.00%, 1/15/2026		792		774
4.85%, 7/1/2042		140		134
Charter Communications Operating LLC
4.91%, 7/23/2025		1,797		1,827
6.38%, 10/23/2035		703		746
5.38%, 4/1/2038		305		296
Comcast Corp.
3.55%, 5/1/2028		443		424
4.20%, 8/15/2034		555		535
6.50%, 11/15/2035		2,383		2,877
4.00%, 11/1/2049		871		765
4.05%, 11/1/2052		387		339
Cox Communications, Inc. 4.60%, 8/15/2047 (a)		275		257
Discovery Communications LLC 6.35%, 6/1/2040		569		631
Grupo Televisa SAB (Mexico)
4.63%, 1/30/2026		221		223
6.13%, 1/31/2046		200		209
NBCUniversal Media LLC 5.95%, 4/1/2041		800		913
Time Warner Cable LLC
4.13%, 2/15/2021		800		808
6.55%, 5/1/2037		400		434
5.50%, 9/1/2041		359		344
Time Warner Entertainment Co. LP 8.38%, 7/15/2033		700		888
Time Warner, Inc.
3.60%, 7/15/2025		500		482
5.38%, 10/15/2041		313		324
Viacom, Inc.
3.88%, 4/1/2024		1,019		999
4.38%, 3/15/2043		464		397
				17,105
Metals & Mining — 0.1%
Anglo American Capital plc (South Africa) 4.00%, 9/11/2027 (a)		500		470
Barrick Gold Corp. (Canada) 6.45%, 10/15/2035		295		356
BHP Billiton Finance USA Ltd. (Australia) 5.00%, 9/30/2043		150		169

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount($000)		Value($000)
CORPORATE BONDS — continued
Metals & Mining — continued
Nucor Corp. 4.00%, 8/1/2023		283		290
Vale Canada Ltd. (Brazil) 7.20%, 9/15/2032		300		331
Vale Overseas Ltd. (Brazil) 6.25%, 8/10/2026		119		129
				1,745
Multiline Retail — 0.0% (b)
Dollar General Corp. 4.13%, 5/1/2028		235		233
Target Corp. 2.50%, 4/15/2026		350		323
				556
Multi-Utilities — 0.5%
CMS Energy Corp.
3.88%, 3/1/2024		400		402
3.00%, 5/15/2026		475		446
Consolidated Edison Co. of New York, Inc. 5.70%, 6/15/2040		596		723
Consumers Energy Co. 3.25%, 8/15/2046		286		248
Delmarva Power & Light Co. 4.00%, 6/1/2042		235		232
Dominion Energy, Inc.
Series B, 2.75%, 1/15/2022		331		322
Series F, 5.25%, 8/1/2033		920		997
7.00%, 6/15/2038		300		384
NiSource, Inc.
3.85%, 2/15/2023		370		373
5.80%, 2/1/2042		1,256		1,450
San Diego Gas & Electric Co.
6.00%, 6/1/2026		275		314
3.95%, 11/15/2041		379		369
Sempra Energy
9.80%, 2/15/2019		460		482
2.88%, 10/1/2022		350		342
4.05%, 12/1/2023		1,013		1,034
3.55%, 6/15/2024		236		233
Southern Co. Gas Capital Corp.
3.50%, 9/15/2021		563		564
3.25%, 6/15/2026		254		240
5.88%, 3/15/2041		1,445		1,701
WEC Energy Group, Inc. 3.55%, 6/15/2025		1,009		991
				11,847
Oil, Gas & Consumable Fuels — 2.5%
Anadarko Petroleum Corp. 8.70%, 3/15/2019		330		344
Andeavor Logistics LP 4.25%, 12/1/2027		268		260
Apache Corp.
3.25%, 4/15/2022		138		137
4.75%, 4/15/2043		556		543
APT Pipelines Ltd. (Australia) 4.25%, 7/15/2027 (a)		732		717
BG Energy Capital plc (United Kingdom) 5.13%, 10/15/2041 (a)		235		261
Boardwalk Pipelines LP 4.95%, 12/15/2024		147		151
BP Capital Markets plc (United Kingdom)
3.81%, 2/10/2024		1,337		1,358
3.22%, 4/14/2024		1,982		1,950
3.51%, 3/17/2025		451		449
3.28%, 9/19/2027		175		169
Buckeye Partners LP
4.88%, 2/1/2021		330		337
3.95%, 12/1/2026		95		89
5.85%, 11/15/2043		770		770
Canadian Natural Resources Ltd. (Canada)
6.45%, 6/30/2033		350		418
Cenovus Energy, Inc. (Canada) 6.75%, 11/15/2039		1,509		1,695
Chevron Corp.
2.36%, 12/5/2022		560		542
2.57%, 5/16/2023		1,200		1,164
2.90%, 3/3/2024		215		211
CNOOC Finance 2015 Australia Pty. Ltd. (China) 2.63%, 5/5/2020		1,852		1,823
CNOOC Nexen Finance 2014 ULC (China) 4.25%, 4/30/2024		1,789		1,820
Ecopetrol SA (Colombia)
5.88%, 9/18/2023		226		239
4.13%, 1/16/2025		533		512
5.38%, 6/26/2026		773		791
Enable Midstream Partners LP 4.95%, 5/15/2028		325		325
Enbridge, Inc. (Canada)
3.70%, 7/15/2027		215		206
4.50%, 6/10/2044		350		333
(ICE LIBOR USD 3 Month + 3.64%), 6.25%, 3/1/2078 (c)		400		384
Encana Corp. (Canada)
6.50%, 5/15/2019		545		561
7.38%, 11/1/2031		760		943
6.50%, 8/15/2034		150		179
Energy Transfer Partners LP
5.00%, 10/1/2022		531		550
3.60%, 2/1/2023		143		139
4.90%, 2/1/2024		305		313
4.05%, 3/15/2025		964		932
4.75%, 1/15/2026		321		321
6.05%, 6/1/2041		375		378
6.50%, 2/1/2042		364		386
Eni SpA (Italy) 5.70%, 10/1/2040 (a)		925		998
EnLink Midstream Partners LP
2.70%, 4/1/2019		250		249
4.15%, 6/1/2025		400		382

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount($000)		Value($000)
CORPORATE BONDS — continued
Oil, Gas & Consumable Fuels — continued
Enterprise Products Operating LLC
3.90%, 2/15/2024		475		479
3.75%, 2/15/2025		343		343
3.70%, 2/15/2026		506		498
3.95%, 2/15/2027		333		333
5.95%, 2/1/2041		201		233
4.85%, 3/15/2044		199		203
5.10%, 2/15/2045		318		334
4.95%, 10/15/2054		155		156
Equinor ASA (Norway) 3.25%, 11/10/2024		456		451
Kerr-McGee Corp.
6.95%, 7/1/2024		200		230
7.88%, 9/15/2031		700		900
Kinder Morgan, Inc. 4.30%, 3/1/2028		1,090		1,067
Magellan Midstream Partners LP
6.55%, 7/15/2019		250		259
3.20%, 3/15/2025		353		337
5.15%, 10/15/2043		1,127		1,224
Marathon Oil Corp. 2.80%, 11/1/2022		400		385
Marathon Petroleum Corp. 3.63%, 9/15/2024		578		570
MPLX LP
4.88%, 12/1/2024		259		270
4.00%, 3/15/2028		259		250
4.50%, 4/15/2038		79		75
5.20%, 3/1/2047		323		329
Noble Energy, Inc. 6.00%, 3/1/2041		314		359
ONEOK Partners LP
3.20%, 9/15/2018		515		516
8.63%, 3/1/2019		450		469
3.38%, 10/1/2022		151		149
5.00%, 9/15/2023		334		351
4.90%, 3/15/2025		2,000		2,075
6.65%, 10/1/2036		350		418
Petro-Canada (Canada) 6.80%, 5/15/2038		1,295		1,689
Petroleos Mexicanos (Mexico)
6.38%, 2/4/2021		647		676
4.88%, 1/18/2024		393		384
6.88%, 8/4/2026		1,710		1,794
5.35%, 2/12/2028 (a)		282		265
6.63%, 6/15/2035		250		242
6.38%, 1/23/2045		846		771
6.75%, 9/21/2047		313		295
6.35%, 2/12/2048 (a)		869		786
Phillips 66 3.90%, 3/15/2028		355		352
Plains All American Pipeline LP
3.60%, 11/1/2024		1,000		953
4.65%, 10/15/2025		200		200
Sinopec Capital Ltd. (China) 3.13%, 4/24/2023 (a)		500		483
Sinopec Group Overseas Development 2013 Ltd. (China) 4.38%, 10/17/2023 (a)		831		852
Spectra Energy Partners LP 5.95%, 9/25/2043		452		515
Sunoco Logistics Partners Operations LP
4.25%, 4/1/2024		259		256
3.90%, 7/15/2026		244		229
6.10%, 2/15/2042		400		408
5.30%, 4/1/2044		170		156
5.35%, 5/15/2045		1,133		1,042
TC PipeLines LP 3.90%, 5/25/2027		391		370
Texas Eastern Transmission LP
2.80%, 10/15/2022 (a)		554		533
3.50%, 1/15/2028 (a)		90		86
TransCanada PipeLines Ltd. (Canada)
4.88%, 1/15/2026		394		414
7.25%, 8/15/2038		1,100		1,435
Valero Energy Corp. 7.50%, 4/15/2032		250		322
Valero Energy Partners LP 4.50%, 3/15/2028		110		109
Western Gas Partners LP
5.38%, 6/1/2021		74		77
4.50%, 3/1/2028		129		128
5.45%, 4/1/2044		280		278
5.30%, 3/1/2048		279		272
Williams Partners LP
3.90%, 1/15/2025		512		499
4.85%, 3/1/2048		409		396
				54,859
Pharmaceuticals — 0.2%
Allergan Funding SCS
3.45%, 3/15/2022		937		925
3.85%, 6/15/2024		443		434
Allergan, Inc.
3.38%, 9/15/2020		453		453
2.80%, 3/15/2023		525		498
Bayer US Finance LLC (Germany) 2.38%, 10/8/2019 (a)		395		392
Johnson & Johnson
4.38%, 12/5/2033		282		304
3.40%, 1/15/2038		926		877
Merck & Co., Inc. 3.70%, 2/10/2045		210		202
Mylan NV 3.95%, 6/15/2026		463		442
Mylan, Inc. 5.40%, 11/29/2043		250		249
				4,776
Road & Rail — 0.3%
Burlington Northern Santa Fe LLC
6.70%, 8/1/2028		250		308
5.75%, 5/1/2040		425		513
4.38%, 9/1/2042		375		383
5.15%, 9/1/2043		769		875

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount($000)		Value($000)
CORPORATE BONDS — continued
Road & Rail — continued
Canadian Pacific Railway Co. (Canada)
7.13%, 10/15/2031		250		320
6.13%, 9/15/2115		765		939
CSX Corp.
5.50%, 4/15/2041		575		646
4.75%, 5/30/2042		191		198
ERAC USA Finance LLC 6.70%, 6/1/2034 (a)		746		903
Norfolk Southern Corp. 4.05%, 8/15/2052		800		752
Penske Truck Leasing Co. LP 3.38%, 2/1/2022 (a)		1,131		1,124
Ryder System, Inc. 2.88%, 9/1/2020		517		513
				7,474
Semiconductors & Semiconductor Equipment — 0.2%
Analog Devices, Inc. 4.50%, 12/5/2036		300		298
Broadcom Corp. 3.63%, 1/15/2024		1,747		1,700
Intel Corp.
3.70%, 7/29/2025		652		661
4.00%, 12/15/2032		1,185		1,220
3.73%, 12/8/2047 (a)		493		469
QUALCOMM, Inc. 3.25%, 5/20/2027		815		765
				5,113
Software — 0.6%
Microsoft Corp.
2.38%, 5/1/2023		489		474
2.88%, 2/6/2024		2,878		2,831
3.30%, 2/6/2027		836		826
3.50%, 2/12/2035		291		285
4.20%, 11/3/2035		615		652
4.10%, 2/6/2037		800		834
4.50%, 10/1/2040		117		127
4.00%, 2/12/2055		305		303
4.75%, 11/3/2055		639		719
4.50%, 2/6/2057		470		509
Oracle Corp.
2.50%, 5/15/2022		587		575
2.40%, 9/15/2023		1,000		957
2.95%, 5/15/2025		1,750		1,683
4.30%, 7/8/2034		700		730
4.38%, 5/15/2055		900		901
				12,406
Specialty Retail — 0.1%
Lowe’s Cos., Inc. 4.65%, 4/15/2042		739		783
O’Reilly Automotive, Inc. 3.60%, 9/1/2027		432		412
				1,195
Technology Hardware, Storage & Peripherals — 0.6%
Apple, Inc.
3.00%, 2/9/2024		2,056		2,019
2.85%, 5/11/2024		1,553		1,512
2.75%, 1/13/2025		920		883
3.20%, 5/13/2025		1,539		1,514
2.45%, 8/4/2026		815		750
3.20%, 5/11/2027		686		666
3.00%, 6/20/2027		1,125		1,076
4.50%, 2/23/2036		426		464
3.45%, 2/9/2045		625		562
3.85%, 8/4/2046		569		549
Dell International LLC 6.02%, 6/15/2026 (a)		2,613		2,756
Dell, Inc. 7.10%, 4/15/2028		300		324
				13,075
Thrifts & Mortgage Finance — 0.1%
BPCE SA (France)
4.63%, 7/11/2024 (a)		800		800
3.38%, 12/2/2026		400		380
				1,180
Tobacco — 0.0% (b)
BAT Capital Corp. (United Kingdom) 4.39%, 8/15/2037 (a)		342		326
Reynolds American, Inc. (United Kingdom) 7.00%, 8/4/2041		100		125
				451
Trading Companies & Distributors — 0.1%
Air Lease Corp. 3.88%, 4/1/2021		500		505
Aviation Capital Group LLC
3.88%, 5/1/2023 (a)		490		489
3.50%, 11/1/2027 (a)		700		652
BOC Aviation Ltd. (Singapore) 2.75%, 9/18/2022 (a)		450		427
International Lease Finance Corp. 5.88%, 8/15/2022		506		542
				2,615
Water Utilities — 0.0% (b)
American Water Capital Corp. 3.40%, 3/1/2025		793		786
Wireless Telecommunication Services — 0.1%
Rogers Communications, Inc. (Canada) 8.75%, 5/1/2032		400		539
Vodafone Group plc (United Kingdom)
4.13%, 5/30/2025		501		500
5.00%, 5/30/2038		901		898
5.25%, 5/30/2048		496		500
				2,437
TOTAL CORPORATE BONDS (Cost $551,387)				551,169

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount($000)		Value($000)
U.S. TREASURY OBLIGATIONS — 24.2%
U.S. Treasury Bonds
6.13%, 8/15/2029		300		393
4.38%, 2/15/2038		500		608
4.38%, 5/15/2040		80		98
2.88%, 5/15/2043		17,375		16,973
3.63%, 8/15/2043		27,650		30,647
3.75%, 11/15/2043		10,300		11,647
3.63%, 2/15/2044		14,260		15,823
2.50%, 2/15/2045		3,900		3,532
3.00%, 2/15/2048		670		668
U.S. Treasury Inflation Indexed Bonds
1.75%, 1/15/2028		300		390
3.63%, 4/15/2028		799		1,564
2.50%, 1/15/2029		300		409
U.S. Treasury Inflation Indexed Notes
1.38%, 7/15/2018		630		733
1.38%, 1/15/2020		607		711
0.13%, 1/15/2022		2,453		2,661
U.S. Treasury Notes
1.00%, 9/15/2018		25,000		24,930
1.25%, 10/31/2018		15,000		14,950
1.38%, 2/28/2019		7,000		6,956
1.00%, 11/15/2019		20,000		19,610
1.38%, 2/29/2020		8,000		7,859
1.38%, 3/31/2020		20,000		19,630
3.13%, 5/15/2021		7,250		7,366
2.13%, 8/15/2021		23,000		22,671
2.00%, 10/31/2021		1,100		1,078
2.00%, 7/31/2022		5,000		4,871
1.63%, 8/31/2022		3,000		2,876
1.50%, 2/28/2023		3,000		2,843
2.50%, 5/15/2024		500		493
U.S. Treasury STRIPS Bonds
2.26%, 2/15/2020 (g)		2,755		2,646
3.67%, 8/15/2020 (g)		14,465		13,697
2.52%, 2/15/2021 (g)		12,095		11,302
1.95%, 5/15/2021 (g)		23,265		21,572
3.66%, 8/15/2021 (g)		6,100		5,616
3.39%, 11/15/2021 (g)		9,980		9,114
2.80%, 2/15/2022 (g)		15,768		14,305
2.40%, 5/15/2022 (g)		18,545		16,694
3.00%, 8/15/2022 (g)		4,800		4,289
2.67%, 11/15/2022 (g)		14,400		12,764
3.41%, 2/15/2023 (g)		38,462		33,815
2.95%, 5/15/2023 (g)		14,070		12,293
2.30%, 8/15/2023 (g)		13,900		12,050
2.26%, 11/15/2023 (g)		14,000		12,052
2.39%, 2/15/2024 (g)		2,200		1,879
6.63%, 5/15/2024 (g)		200		169
5.05%, 8/15/2024 (g)		600		505
6.49%, 5/15/2026 (g)		1,500		1,194
3.45%, 8/15/2026 (g)		1,592		1,256
6.61%, 5/15/2027 (g)		2,550		1,966
6.33%, 11/15/2029 (g)		100		71
5.77%, 8/15/2030 (g)		9,800		6,828
5.28%, 11/15/2030 (g)		9,925		6,862
4.37%, 2/15/2031 (g)		8,000		5,482
3.34%, 5/15/2031 (g)		5,000		3,402
3.19%, 8/15/2031 (g)		21,700		14,640
3.25%, 11/15/2031 (g)		15,650		10,484
3.22%, 2/15/2032 (g)		9,575		6,359
3.61%, 5/15/2032 (g)		18,050		11,898
3.05%, 8/15/2032 (g)		14,395		9,411
4.06%, 11/15/2032 (g)		10,140		6,580
3.89%, 2/15/2033 (g)		5,500		3,544
4.28%, 5/15/2033 (g)		16,500		10,543
5.99%, 8/15/2033 (g)		3,050		1,936
3.82%, 2/15/2034 (g)		9,500		5,938
3.35%, 5/15/2034 (g)		10,600		6,567
3.85%, 8/15/2034 (g)		1,650		1,016
U.S. Treasury STRIPS Notes 1.69%, 2/15/2020 (g)		10,535		10,109
TOTAL U.S. TREASURY OBLIGATIONS (Cost $531,907)				533,838
MORTGAGE-BACKED SECURITIES — 15.2%
FHLMC
Pool # 846489, ARM, 3.43%, 7/1/2019 (h)		1		1
Pool # 846812, ARM, 3.60%, 4/1/2030 (h)		12		12
Pool # 781087, ARM, 3.48%, 12/1/2033 (h)		248		262
Pool # 1B1665, ARM, 3.95%, 4/1/2034 (h)		258		270
Pool # 847356, ARM, 3.94%, 12/1/2034 (h)		104		109
Pool # 782979, ARM, 3.70%, 1/1/2035 (h)		194		204
Pool # 848431, ARM, 3.48%, 2/1/2036 (h)		194		205
Pool # 1Q0025, ARM, 3.50%, 2/1/2036 (h)		102		107
Pool # 1L1286, ARM, 4.12%, 5/1/2036 (h)		52		55
Pool # 848365, ARM, 3.52%, 7/1/2036 (h)		145		153
Pool # 1G2539, ARM, 3.35%, 10/1/2036 (h)		38		40
Pool # 1A1096, ARM, 3.85%, 10/1/2036 (h)		192		200
Pool # 1J1348, ARM, 3.95%, 10/1/2036 (h)		103		109
Pool # 782760, ARM, 3.42%, 11/1/2036 (h)		270		285
Pool # 1G2671, ARM, 3.45%, 11/1/2036 (h)		143		150

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount($000)			Value($000)
MORTGAGE-BACKED SECURITIES — continued
Pool # 1J1634, ARM, 3.42%, 12/1/2036 (h)		102			106
Pool # 1J0282, ARM, 3.71%, 2/1/2037 (h)		81			85
Pool # 1Q0739, ARM, 3.66%, 3/1/2037 (h)		321			336
Pool # 848699, ARM, 3.68%, 7/1/2040 (h)		476			500
FHLMC Gold Pools, 15 Year, Single Family
Pool # E97838, 4.50%, 8/1/2018		1			1
Pool # G11695, 6.50%, 2/1/2019		—	(i)		1
FHLMC Gold Pools, 20 Year, Single Family
Pool # C91403, 3.50%, 3/1/2032		356			362
FHLMC Gold Pools, 30 Year, Single Family
Pool # C68485, 7.00%, 7/1/2032		23			25
Pool # G01448, 7.00%, 8/1/2032		67			76
Pool # A13625, 5.50%, 10/1/2033		304			337
Pool # A16107, 6.00%, 12/1/2033		89			98
Pool # A17537, 6.00%, 1/1/2034		122			136
Pool # A61572, 5.00%, 9/1/2034		768			826
Pool # A28796, 6.50%, 11/1/2034		203			231
Pool # G03369, 6.50%, 1/1/2035		325			365
Pool # A46987, 5.50%, 7/1/2035		706			768
Pool # G01919, 4.00%, 9/1/2035		420			431
Pool # C02641, 7.00%, 10/1/2036		144			161
Pool # C02660, 6.50%, 11/1/2036		256			288
Pool # A93511, 5.00%, 8/1/2040		719			770
Pool # A93383, 5.00%, 8/1/2040		684			733
Pool # G06493, 4.50%, 5/1/2041		2,528			2,665
Pool # V80351, 3.00%, 8/1/2043		4,333			4,234
FHLMC Gold Pools, FHA/VA
Pool # G20027, 10.00%, 10/1/2030		79			83
FHLMC Gold Pools, Other
Pool # P20570, 7.00%, 7/1/2029		49			53
Pool # U50105, 4.00%, 1/1/2032		710			738
Pool # L10151, 6.00%, 2/1/2033		106			111
Pool # U80254, 3.00%, 3/1/2033		707			700
Pool # P20409, 5.50%, 10/1/2033		100			105
Pool # P50201, 5.50%, 1/1/2034		113			118
Pool # U90975, 4.00%, 6/1/2042		3,096			3,192
Pool # U90673, 4.00%, 1/1/2043		621			640
Pool # U99134, 4.00%, 1/1/2046		10,281			10,597
Pool # U69030, 4.50%, 1/1/2046		4,694			4,950
FNMA
Pool # 70226, ARM, 2.00%, 1/1/2019 (h)		—	(i)		—	(i)
Pool # 116612, ARM, 3.44%, 3/1/2019 (h)		—	(i)		—	(i)
Pool # 470623, ARM, 2.71%, 3/1/2022 (h)		877			877
Pool # 54844, ARM, 2.49%, 9/1/2027 (h)		20			20
Pool # 303532, ARM, 3.99%, 3/1/2029 (h)		14			14
Pool # 555258, ARM, 3.05%, 1/1/2033 (h)		560			576
Pool # 722421, ARM, 3.04%, 7/1/2033 (h)		168			172
Pool # 722985, ARM, 3.19%, 7/1/2033 (h)		33			35
Pool # 686040, ARM, 3.26%, 7/1/2033 (h)		261			274
Pool # 746299, ARM, 3.56%, 9/1/2033 (h)		188			199
Pool # 749923, ARM, 3.40%, 11/1/2033 (h)		21			22
Pool # 766610, ARM, 3.43%, 1/1/2034 (h)		112			118
Pool # 920467, ARM, 4.00%, 2/1/2034 (h)		90			92
Pool # 770377, ARM, 3.74%, 4/1/2034 (h)		129			134
Pool # 751531, ARM, 3.21%, 5/1/2034 (h)		261			277
Pool # 782306, ARM, 3.26%, 7/1/2034 (h)		48			50
Pool # 790235, ARM, 3.38%, 8/1/2034 (h)		170			179
Pool # 735332, ARM, 3.63%, 8/1/2034 (h)		295			311
Pool # 791961, ARM, 3.19%, 9/1/2034 (h)		58			58
Pool # 725902, ARM, 3.40%, 9/1/2034 (h)		36			38

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount($000)			Value($000)
MORTGAGE-BACKED SECURITIES — continued
Pool # 803594, ARM, 3.30%, 10/1/2034 (h)		323			337
Pool # 803599, ARM, 3.33%, 10/1/2034 (h)		254			265
Pool # 896463, ARM, 3.49%, 10/1/2034 (h)		144			154
Pool # 806776, ARM, 3.34%, 11/1/2034 (h)		277			287
Pool # 806778, ARM, 3.38%, 11/1/2034 (h)		486			508
Pool # 810896, ARM, 3.22%, 1/1/2035 (h)		550			568
Pool # 802692, ARM, 3.37%, 1/1/2035 (h)		278			292
Pool # 816597, ARM, 3.45%, 2/1/2035 (h)		86			90
Pool # 745862, ARM, 3.47%, 4/1/2035 (h)		161			170
Pool # 735539, ARM, 3.77%, 4/1/2035 (h)		853			898
Pool # 821378, ARM, 3.24%, 5/1/2035 (h)		290			299
Pool # 823660, ARM, 3.64%, 5/1/2035 (h)		91			95
Pool # 745766, ARM, 3.26%, 6/1/2035 (h)		395			412
Pool # 832801, ARM, 3.31%, 9/1/2035 (h)		91			95
Pool # 843026, ARM, 3.45%, 9/1/2035 (h)		793			821
Pool # 849251, ARM, 3.41%, 1/1/2036 (h)		128			134
Pool # 920465, ARM, 4.25%, 1/1/2036 (h)		35			35
Pool # 872622, ARM, 3.77%, 6/1/2036 (h)		64			67
Pool # 895141, ARM, 3.19%, 7/1/2036 (h)		253			262
Pool # 900197, ARM, 3.83%, 10/1/2036 (h)		142			151
Pool # 966946, ARM, 3.79%, 1/1/2038 (h)		36			38
FNMA, 15 Year, Single Family
Pool # 710238, 4.50%, 6/1/2018		—	(i)		—	(i)
Pool # 709877, 5.00%, 6/1/2018		—	(i)		—	(i)
Pool # 555607, 4.50%, 7/1/2018		—	(i)		—	(i)
Pool # 555694, 4.00%, 8/1/2018		5			5
Pool # 733772, 4.50%, 8/1/2018		3			3
Pool # 740462, 5.00%, 11/1/2018		2			2
Pool # 742078, 4.50%, 3/1/2019		15			15
Pool # 725414, 4.50%, 5/1/2019		10			11
Pool # 780956, 4.50%, 5/1/2019		17			17
Pool # 734630, 6.00%, 8/1/2019		10			10
Pool # 745048, 5.00%, 10/1/2019		16			17
Pool # 735841, 4.50%, 11/1/2019		33			33
Pool # 735290, 4.50%, 12/1/2019		56			57
Pool # 888557, 5.50%, 3/1/2020		6			6
Pool # 889805, 5.50%, 7/1/2020		6			6
Pool # 735911, 6.50%, 8/1/2020		9			9
Pool # 889634, 6.00%, 2/1/2023		584			608
Pool # 995381, 6.00%, 1/1/2024		121			127
Pool # 995425, 6.00%, 1/1/2024		291			306
Pool # AD0133, 5.00%, 8/1/2024		115			119
FNMA, 20 Year, Single Family
Pool # 254305, 6.50%, 5/1/2022		32			36
Pool # 555791, 6.50%, 12/1/2022		92			102
Pool # 255217, 4.50%, 4/1/2024		36			38
Pool # 888656, 6.50%, 4/1/2025		118			131
Pool # MA1138, 3.50%, 8/1/2032		812			825
FNMA, 30 Year, FHA/VA
Pool # 535183, 8.00%, 6/1/2028		26			29
Pool # 252409, 6.50%, 3/1/2029		76			83
Pool # 653815, 7.00%, 2/1/2033		10			11
Pool # 752786, 6.00%, 9/1/2033		68			73
Pool # 931717, 6.50%, 8/1/2039		328			358
FNMA, 30 Year, Single Family
Pool # 50966, 7.00%, 1/1/2024		2			3
Pool # 399269, 7.00%, 4/1/2026		34			36
Pool # 689977, 8.00%, 3/1/2027		45			48
Pool # 695533, 8.00%, 6/1/2027		16			18

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount($000)		Value($000)
MORTGAGE-BACKED SECURITIES — continued
Pool # 457268, 9.50%, 7/1/2028		4		4
Pool # 756024, 8.00%, 9/1/2028		70		78
Pool # 755973, 8.00%, 11/1/2028		167		189
Pool # 455759, 6.00%, 12/1/2028		22		24
Pool # 252211, 6.00%, 1/1/2029		28		31
Pool # 459097, 7.00%, 1/1/2029		52		56
Pool # 889020, 6.50%, 11/1/2029		446		496
Pool # 598559, 6.50%, 8/1/2031		46		52
Pool # 622542, 5.50%, 9/1/2031		370		403
Pool # 788150, 6.00%, 3/1/2032		55		60
Pool # 649734, 7.00%, 6/1/2032		35		36
Pool # 649624, 7.00%, 8/1/2032		6		6
Pool # AL0045, 6.00%, 12/1/2032		441		489
Pool # 675555, 6.00%, 12/1/2032		96		107
Pool # 695584, 6.00%, 3/1/2033		17		18
Pool # 674349, 6.00%, 3/1/2033		16		18
Pool # 688655, 6.00%, 3/1/2033		27		30
Pool # 688625, 6.00%, 3/1/2033		29		32
Pool # 702901, 6.00%, 5/1/2033		139		156
Pool # 723852, 5.00%, 7/1/2033		180		194
Pool # 729296, 5.00%, 7/1/2033		358		385
Pool # 729379, 6.00%, 8/1/2033		51		57
Pool # 737825, 6.00%, 9/1/2033		55		62
Pool # 750977, 4.50%, 11/1/2033		133		139
Pool # 725017, 5.50%, 12/1/2033		531		590
Pool # 751341, 5.50%, 3/1/2034		65		71
Pool # 888568, 5.00%, 12/1/2034		13		14
Pool # 815426, 4.50%, 2/1/2035		2		2
Pool # 820347, 5.00%, 9/1/2035		104		113
Pool # 833657, 7.50%, 8/1/2036		98		112
Pool # 986648, 6.00%, 9/1/2037		178		197
Pool # 888892, 7.50%, 11/1/2037		62		71
Pool # 257510, 7.00%, 12/1/2038		171		197
Pool # AD0753, 7.00%, 1/1/2039		144		164
Pool # AT5891, 3.00%, 6/1/2043		3,600		3,521
Pool # AL7527, 4.50%, 9/1/2043		1,981		2,088
Pool # BM3500, 4.00%, 9/1/2047		4,940		5,067
Pool # BJ1778, 4.50%, 10/1/2047		2,862		3,008
FNMA, Other
Pool # 458096, 10.50%, 4/15/2019		2		2
Pool # AM0081, 1.94%, 7/1/2019		1,857		1,839
Pool # 462862, 5.24%, 7/1/2019		1,757		1,791
Pool # 471819, 2.03%, 8/1/2019		222		221
Pool # AD0851, 4.37%, 2/1/2020		1,524		1,560
Pool # 464572, 4.40%, 2/1/2020		2,000		2,043
Pool # AE0136, 4.38%, 4/1/2020		573		588
Pool # AM3370, 1.74%, 5/1/2020		3,315		3,260
Pool # 465659, 3.74%, 7/1/2020		1,741		1,771
Pool # 465578, 3.93%, 7/1/2020		1,822		1,860
Pool # 465602, 3.95%, 7/1/2020		1,500		1,527
Pool # 466038, 3.43%, 9/1/2020		1,333		1,349
Pool # 465936, 3.60%, 9/1/2020		2,639		2,681
Pool # 466030, 3.29%, 10/1/2020		1,841		1,857
Pool # FN0005, 3.37%, 11/1/2020		748		756
Pool # 466836, 3.87%, 1/1/2021		1,487		1,523
Pool # 466919, 3.93%, 1/1/2021		1,873		1,916
Pool # FN0003, 4.28%, 1/1/2021		999		1,031

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount($000)		Value($000)
MORTGAGE-BACKED SECURITIES — continued
Pool # 467344, 4.48%, 2/1/2021		2,693		2,781
Pool # 467944, 4.25%, 4/1/2021		2,000		2,067
Pool # 467755, 4.25%, 4/1/2021		2,380		2,460
Pool # 467630, 4.30%, 4/1/2021		927		958
Pool # 467757, 4.33%, 4/1/2021		1,973		2,042
Pool # 468058, 4.39%, 5/1/2021		1,872		1,933
Pool # 468102, 4.34%, 6/1/2021		5,000		5,190
Pool # 468159, 4.26%, 7/1/2021		1,948		2,018
Pool # AL0602, 4.31%, 7/1/2021		1,185		1,227
Pool # 468896, 4.13%, 8/1/2021		1,342		1,386
Pool # AM1771, 2.12%, 9/1/2021		2,500		2,416
Pool # 468958, 3.77%, 9/1/2021		3,000		3,080
Pool # 470124, 3.12%, 1/1/2022		1,954		1,964
Pool # 470407, 3.16%, 2/1/2022		2,536		2,552
Pool # 470622, 2.75%, 3/1/2022		2,972		2,938
Pool # 471718, 2.77%, 5/1/2022		1,537		1,519
Pool # 471177, 2.94%, 5/1/2022		1,337		1,335
Pool # 471190, 3.12%, 5/1/2022		1,700		1,708
Pool # 471254, 2.98%, 7/1/2022		2,464		2,463
Pool # 471284, 2.98%, 7/1/2022		1,971		1,970
Pool # AM7303, 2.66%, 12/1/2022		2,482		2,443
Pool # AM3789, 3.02%, 7/1/2023		2,308		2,306
Pool # AM7245, 2.95%, 8/1/2023		4,545		4,527
Pool # AM4066, 3.59%, 8/1/2023		2,500		2,553
Pool # AM4466, 3.76%, 10/1/2023		2,852		2,931
Pool # AM4628, 3.69%, 11/1/2023		1,500		1,535
Pool # AM4668, 3.76%, 11/1/2023		1,986		2,038
Pool # AM4716, 3.38%, 12/1/2023		1,987		2,005
Pool # AM7231, 2.92%, 12/1/2024		4,000		3,947
Pool # AM7589, 2.95%, 12/1/2024		1,589		1,572
Pool # AM7290, 2.97%, 12/1/2024		3,465		3,430
Pool # AM7576, 3.04%, 12/1/2024		4,000		3,975
Pool # AM7124, 3.11%, 12/1/2024		2,500		2,495
Pool # 470300, 3.64%, 1/1/2025		924		943
Pool # AM3833, 3.25%, 7/1/2025		3,698		3,707
Pool # AM4991, 3.97%, 12/1/2025		1,771		1,847
Pool # AL6805, 3.78%, 1/1/2026		3,557		3,669
Pool # 468645, 4.54%, 7/1/2026		2,690		2,852
Pool # AM6392, 3.29%, 8/1/2026		4,000		4,002
Pool # AM6448, 3.25%, 9/1/2026		10,000		9,978
Pool # AM7223, 3.11%, 12/1/2026		3,601		3,564
Pool # AM7118, 3.14%, 12/1/2026		2,878		2,850
Pool # AM7485, 3.24%, 12/1/2026		4,235		4,206
Pool # AM7390, 3.26%, 12/1/2026		3,907		3,901
Pool # AM7265, 3.30%, 12/1/2026		3,975		3,979
Pool # AM7827, 3.12%, 2/1/2027		964		953
Pool # AM7515, 3.34%, 2/1/2027		3,000		3,018
Pool # AM8432, 2.79%, 5/1/2027		9,000		8,635
Pool # AM8803, 2.78%, 6/1/2027		5,064		4,882
Pool # AM8987, 2.79%, 6/1/2027		1,897		1,832
Pool # AM9003, 2.96%, 6/1/2027		2,928		2,851
Pool # AM7785, 3.17%, 2/1/2030		2,987		2,938
Pool # AM7516, 3.55%, 2/1/2030		2,000		2,016
Pool # AM8427, 3.04%, 4/1/2030		8,987		8,633
Pool # AM8544, 3.08%, 4/1/2030		7,988		7,703
Pool # AM8889, 2.92%, 5/1/2030		8,000		7,528

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount($000)			Value($000)
MORTGAGE-BACKED SECURITIES — continued
Pool # AM8807, 3.10%, 5/1/2030		4,915			4,803
Pool # AM8804, 3.10%, 5/1/2030		3,791			3,662
Pool # AM9020, 2.97%, 6/1/2030		4,000			3,815
Pool # AM8967, 3.08%, 6/1/2030		6,150			5,919
Pool # AM9320, 3.30%, 7/1/2030		4,022			3,941
Pool # AM9219, 3.35%, 9/1/2030		1,911			1,888
Pool # AP9762, 4.00%, 10/1/2032		812			838
Pool # AP9632, 4.00%, 10/1/2032		928			959
Pool # AQ7084, 3.50%, 12/1/2032		936			947
Pool # AT4180, 3.50%, 5/1/2033		1,308			1,324
Pool # AT2703, 3.50%, 5/1/2033		2,240			2,268
Pool # AT4939, 3.50%, 5/1/2033		1,230			1,245
Pool # AT2954, 3.50%, 5/1/2033		1,405			1,422
Pool # 754922, 5.50%, 9/1/2033		162			176
Pool # 762520, 4.00%, 11/1/2033		585			593
Pool # AM8922, 3.03%, 6/1/2035		2,992			2,881
Pool # AM9188, 3.12%, 6/1/2035		7,000			6,584
Pool # 849215, 6.50%, 1/1/2036		31			33
Pool # 872740, 6.50%, 6/1/2036		89			97
Pool # 886320, 6.50%, 7/1/2036		26			27
Pool # 888796, 6.00%, 9/1/2037		108			116
Pool # AO9352, 4.00%, 7/1/2042		971			998
Pool # AO7225, 4.00%, 7/1/2042		915			941
Pool # MA1125, 4.00%, 7/1/2042		1,537			1,580
Pool # AR1397, 3.00%, 1/1/2043		2,028			1,981
Pool # MA1711, 4.50%, 12/1/2043		4,237			4,452
Pool # MA1828, 4.50%, 3/1/2044		3,138			3,297
GNMA I, 30 Year, Single Family
Pool # 313110, 7.50%, 11/15/2022		—	(i)		—	(i)
Pool # 345288, 7.50%, 3/15/2023		1			1
Pool # 782507, 9.50%, 10/15/2024		56			59
Pool # 554108, 6.50%, 3/15/2028		50			56
Pool # 481872, 7.50%, 7/15/2028		5			5
Pool # 468149, 8.00%, 8/15/2028		5			5
Pool # 486537, 7.50%, 9/15/2028		16			17
Pool # 486631, 6.50%, 10/15/2028		7			8
Pool # 591882, 6.50%, 7/15/2032		16			18
Pool # 607645, 6.50%, 2/15/2033		49			55
Pool # 607724, 7.00%, 2/15/2033		39			42
Pool # 604209, 6.50%, 4/15/2033		48			54
Pool # 781614, 7.00%, 6/15/2033		79			91
GNMA II, 30 Year, Single Family
Pool # 2006, 8.50%, 5/20/2025		16			17
Pool # 2141, 8.00%, 12/20/2025		2			2
Pool # 2234, 8.00%, 6/20/2026		7			8
Pool # 2270, 8.00%, 8/20/2026		4			5
Pool # 2285, 8.00%, 9/20/2026		4			5
Pool # 2324, 8.00%, 11/20/2026		5			6
Pool # 2499, 8.00%, 10/20/2027		9			10
Pool # 2512, 8.00%, 11/20/2027		10			11
Pool # 2525, 8.00%, 12/20/2027		4			5
Pool # 2549, 7.50%, 2/20/2028		8			8
Pool # 2646, 7.50%, 9/20/2028		22			25
Pool # 2647, 8.00%, 9/20/2028		3			3
Pool # 3427, 4.50%, 8/20/2033		141			148
Pool # 4245, 6.00%, 9/20/2038		1,095			1,211
Pool # AK8806, 4.25%, 3/20/2045		1,736			1,813

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount($000)		Value($000)
MORTGAGE-BACKED SECURITIES — continued
GNMA II, Other
Pool # AC0979, 4.47%, 4/20/2063 (h)		1,582		1,623
Pool # AC0973, 4.46%, 5/20/2063 (h)		2,675		2,732
TOTAL MORTGAGE-BACKED SECURITIES (Cost $342,551)				336,543
COLLATERALIZED MORTGAGE OBLIGATIONS — 14.5%
Acre 12/15/2020 ‡		3,785		3,785
Alternative Loan Trust
Series 2004-2CB, Class 1A9, 5.75%, 3/25/2034		7,268		7,450
Series 2005-J1, Class 1A4, IF, IO, 3.14%, 2/25/2035 ‡ (h)		1,204		30
Series 2005-1CB, Class 1A6, IF, IO, 5.14%, 3/25/2035 ‡ (h)		913		121
Series 2005-22T1, Class A2, IF, IO, 3.11%, 6/25/2035 ‡ (h)		4,942		461
Series 2005-20CB, Class 3A8, IF, IO, 2.79%, 7/25/2035 ‡ (h)		2,467		214
Series 2005-28CB, Class 1A4, 5.50%, 8/25/2035		2,433		2,347
Series 2005-28CB, Class 3A5, 6.00%, 8/25/2035		93		72
Series 2005-37T1, Class A2, IF, IO, 3.09%, 9/25/2035 ‡ (h)		3,582		364
Series 2005-54CB, Class 1A2, IF, IO, 2.89%, 11/25/2035 ‡ (h)		4,640		415
Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035		1,844		1,748
Series 2005-57CB, Class 3A2, IF, IO, 3.14%, 12/25/2035 ‡ (h)		1,046		99
Series 2005-64CB, Class 1A9, 5.50%, 12/25/2035		805		796
Series 2006-26CB, Class A9, 6.50%, 9/25/2036		1,302		1,080
Angel Oak Mortgage Trust LLC
Series 2015-1, Class A, 4.50%, 11/25/2045 (a) (d)		138		138
Series 2015-1, Class M, 5.50%, 11/25/2045 ‡ (a) (d)		533		534
ASG Resecuritization Trust
Series 2011-1, Class 3A50, 3.89%, 11/28/2035 (a) (h)		122		122
Banc of America Alternative Loan Trust
Series 2004-6, Class 15PO, PO, 7/25/2019 ‡		23		22
Series 2005-5, Class 1CB1, 5.50%, 6/25/2035		671		634
Series 2005-6, Class CBIO, IO, 5.50%, 7/25/2035 ‡		1,662		348
Series 2006-4, Class 1A4, 6.00%, 5/25/2046		455		371
Banc of America Funding Trust
Series 2004-1, PO, 3/25/2034 ‡		173		146
Series 2004-2, Class 30PO, PO, 9/20/2034 ‡		102		93
Series 2004-C, Class 1A1, 3.88%, 12/20/2034 (h)		155		156
Series 2005-E, Class 4A1, 3.68%, 3/20/2035 (h)		309		313
Series 2005-6, Class 2A7, 5.50%, 10/25/2035		273		264
Series 2005-7, Class 30PO, PO, 11/25/2035 ‡		212		176
Series 2005-8, Class 30PO, PO, 1/25/2036 ‡ (h)		113		85
Series 2006-A, Class 3A2, 3.68%, 2/20/2036 (h)		292		275
Banc of America Mortgage Trust
Series 2004-A, Class 2A2, 3.86%, 2/25/2034 (h)		91		91
Series 2004-J, Class 3A1, 3.75%, 11/25/2034 (h)		377		378
BCAP LLC Trust
Series 2009-RR5, Class 8A1, 5.50%, 11/26/2034 (a) (h)		133		136
Series 2010-RR7, Class 2A1, 3.56%, 7/26/2045 (a) (h)		741		733
Bear Stearns ARM Trust
Series 2003-7, Class 3A, 3.62%, 10/25/2033 (h)		67		66
Series 2004-1, Class 12A1, 3.86%, 4/25/2034 (h)		368		370
Series 2004-2, Class 14A, 3.83%, 5/25/2034 (h)		61		62
Series 2006-1, Class A1, 3.67%, 2/25/2036 (h)		1,524		1,532
CHL Mortgage Pass-Through Trust
Series 2004-8, Class 2A1, 4.50%, 6/25/2019		17		17
Series 2004-J8, Class 1A2, 4.75%, 11/25/2019		15		15
Series 2004-HYB1, Class 2A, 3.47%, 5/20/2034 (h)		83		83
Series 2004-HYB3, Class 2A, 3.58%, 6/20/2034 (h)		410		413
Series 2004-7, Class 2A1, 3.96%, 6/25/2034 (h)		240		246
Series 2004-HYB6, Class A3, 3.53%, 11/20/2034 (h)		276		282
Series 2005-16, Class A23, 5.50%, 9/25/2035		518		505
Series 2005-22, Class 2A1, 3.45%, 11/25/2035 (h)		1,374		1,227

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount($000)			Value($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Citicorp Mortgage Securities REMIC Pass-Through Certificates Trust
Series 2005-5, Class APO, PO, 8/25/2035 ‡		50			45
Series 2005-8, Class APO, PO, 11/25/2035 ‡		93			80
Citigroup Global Markets Mortgage Securities VII, Inc.
Series 2003-UP2, Class PO1, PO, 12/25/2018 ‡		1			1
Series 2003-HYB1, Class A, 3.74%, 9/25/2033 (h)		70			71
Citigroup Mortgage Loan Trust
Series 2009-10, Class 2A1A, 7.00%, 12/25/2035 (a) (h)		96			98
Series 2015-A, Class B2, 4.50%, 6/25/2058 (a) (h)		465			479
Citigroup Mortgage Loan Trust, Inc.
Series 2003-UST1, Class PO1, PO, 12/25/2018 ‡		5			5
Series 2003-UST1, Class PO3, PO, 12/25/2018 ‡		1			1
Series 2003-UST1, Class A1, 5.50%, 12/25/2018		27			27
Series 2003-1, Class PO3, PO, 9/25/2033 ‡		33			31
Series 2003-UP3, Class A3, 7.00%, 9/25/2033		28			28
Series 2003-1, Class 2A6, PO, 10/25/2033 ‡		46			44
Series 2003-1, Class PO2, PO, 10/25/2033 ‡		45			39
Series 2003-1, Class 2A5, 5.25%, 10/25/2033		90			91
Series 2004-UST1, Class A6, 3.81%, 8/25/2034 (h)		81			79
Series 2005-1, Class 2A1A, 3.06%, 2/25/2035 (h)		248			217
Series 2005-2, Class 2A11, 5.50%, 5/25/2035		272			279
Series 2005-5, Class 1A2, 3.95%, 8/25/2035 (h)		308			256
Conix Mortgage Asset Trust
Series 2013-1, Class A, 12/25/2047 ‡ (h) (j)		1,079			116
Credit Suisse First Boston Mortgage Securities Corp.
Series 2004-5, Class 5P, PO, 8/25/2019 ‡		2			2
Series 2003-1, Class DB1, 6.74%, 2/25/2033 (h)		359			363
Series 2003-21, Class 1A4, 5.25%, 9/25/2033		127			131
Series 2003-25, Class 1P, PO, 10/25/2033 ‡		243			220
CSFB Mortgage-Backed Pass-Through Certificates
Series 2005-4, Class 3A18, 5.50%, 6/25/2035		1,889			1,932
Series 2005-4, Class 3A23, 5.50%, 6/25/2035		2,929			2,931
FHLMC - GNMA
Series 8, Class ZA, 7.00%, 3/25/2023		70			74
FHLMC REMIC
Series 2637, Class SA, IF, IO, 4.18%, 6/15/2018 (h)		—	(i)		—	(i)
Series 2631, Class LC, 4.50%, 6/15/2018		1			1
Series 2636, Class Z, 4.50%, 6/15/2018		—	(i)		—	(i)
Series 2651, Class VZ, 4.50%, 7/15/2018		2			2
Series 2675, Class CK, 4.00%, 9/15/2018		44			44
Series 2695, Class DG, 4.00%, 10/15/2018		9			9
Series 2134, Class PI, IO, 6.50%, 3/15/2019		2			—	(i)
Series 2783, Class AT, 4.00%, 4/15/2019		38			39
Series 2809, Class UC, 4.00%, 6/15/2019		105			105
Series 2934, Class EC, PO, 2/15/2020		87			86
Series 2922, Class JN, 4.50%, 2/15/2020		13			13
Series 2934, Class HI, IO, 5.00%, 2/15/2020		73			2
Series 2934, Class KI, IO, 5.00%, 2/15/2020		55			2
Series 2958, Class QD, 4.50%, 4/15/2020		—	(i)		—	(i)
Series 2965, Class GD, 4.50%, 4/15/2020		199			201
Series 23, Class F, 9.60%, 4/15/2020		—	(i)		—	(i)
Series 3068, Class QB, 4.50%, 6/15/2020		40			40
Series 47, Class F, 10.00%, 6/15/2020		—	(i)		—	(i)
Series 1807, Class G, 9.00%, 10/15/2020		1			1
Series 99, Class Z, 9.50%, 1/15/2021		—	(i)		—	(i)
Series 1045, Class G, HB, 1,066.21%, 2/15/2021		—	(i)		—	(i)
Series 1065, Class J, 9.00%, 4/15/2021		2			2
Series 1084, Class F, 2.87%, 5/15/2021 (h)		1			1
Series 1079, Class S, HB, IF, 27.48%, 5/15/2021 (h)		—	(i)		—	(i)
Series 1084, Class S, HB, IF, 36.59%, 5/15/2021 (h)		—	(i)		—	(i)

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount($000)			Value($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 1116, Class I, 5.50%, 8/15/2021		2			2
Series 1144, Class KB, 8.50%, 9/15/2021		4			4
Series 1172, Class L, HB, 1,181.25%, 11/15/2021 (h)		—	(i)		—	(i)
Series 1196, Class B, HB, IF, 962.15%, 1/15/2022 (h)		—	(i)		—	(i)
Series 1250, Class J, 7.00%, 5/15/2022		3			3
Series 1343, Class LB, 7.50%, 8/15/2022		8			9
Series 1343, Class LA, 8.00%, 8/15/2022		7			7
Series 1370, Class JA, 3.07%, 9/15/2022 (h)		14			14
Series 2512, Class PG, 5.50%, 10/15/2022		154			160
Series 1455, Class WB, IF, 3.72%, 12/15/2022 (h)		14			14
Series 2535, Class BK, 5.50%, 12/15/2022		81			84
Series 1470, Class F, 1.81%, 2/15/2023 (h)		1			1
Series 2568, Class KG, 5.50%, 2/15/2023		209			218
Series 1466, Class PZ, 7.50%, 2/15/2023		71			76
Series 1498, Class I, 3.07%, 4/15/2023 (h)		76			78
Series 1502, Class PX, 7.00%, 4/15/2023		115			122
Series 1798, Class F, 5.00%, 5/15/2023		93			96
Series 1505, Class Q, 7.00%, 5/15/2023		12			13
Series 1518, Class G, IF, 7.03%, 5/15/2023 (h)		30			32
Series 204, Class E, HB, IF, 1,511.36%, 5/15/2023 (h)		—	(i)		—	(i)
Series 1541, Class O, 2.26%, 7/15/2023 (h)		27			27
Series 2638, Class DS, IF, 6.68%, 7/15/2023 (h)		19			19
Series 1541, Class M, HB, IF, 24.28%, 7/15/2023 (h)		10			13
Series 1570, Class F, 2.32%, 8/15/2023 (h)		3			3
Series 1608, Class L, 6.50%, 9/15/2023		272			290
Series 1573, Class PZ, 7.00%, 9/15/2023		90			96
Series 2571, Class SK, HB, IF, 26.23%, 9/15/2023 (h)		40			54
Series 1591, Class PV, 6.25%, 10/15/2023		60			63
Series 1602, Class SA, IF, 16.51%, 10/15/2023 (h)		27			32
Series 2710, Class HB, 5.50%, 11/15/2023		555			579
Series 1642, Class PJ, 6.00%, 11/15/2023		131			137
Series 2716, Class UN, 4.50%, 12/15/2023		337			350
Series 1638, Class H, 6.50%, 12/15/2023		184			193
Series 2283, Class K, 6.50%, 12/15/2023		99			104
Series 1700, Class GA, PO, 2/15/2024		36			35
Series 1865, Class D, PO, 2/15/2024		39			35
Series 1760, Class ZD, 2.38%, 2/15/2024 (h)		242			239
Series 1671, Class QC, IF, 10.00%, 2/15/2024 (h)		14			18
Series 1686, Class SH, IF, 14.92%, 2/15/2024 (h)		6			7
Series 1709, Class FA, 2.03%, 3/15/2024 (h)		4			4
Series 1699, Class FC, 2.52%, 3/15/2024 (h)		8			8
Series 1695, Class EB, 7.00%, 3/15/2024		43			46
Series 1706, Class K, 7.00%, 3/15/2024		119			127
Series 2033, Class SN, HB, IF, 27.78%, 3/15/2024 (h)		20			6
Series 2306, Class K, PO, 5/15/2024		20			18
Series 2306, Class SE, IF, IO, 7.72%, 5/15/2024 (h)		47			7
Series 1745, Class D, 7.50%, 8/15/2024		20			22
Series 3720, Class A, 4.50%, 9/15/2025		225			233
Series 3131, Class BK, 5.50%, 3/15/2026		758			805
Series 1829, Class ZB, 6.50%, 3/15/2026		20			21
Series 1863, Class Z, 6.50%, 7/15/2026		24			27
Series 1890, Class H, 7.50%, 9/15/2026		23			25
Series 1899, Class ZE, 8.00%, 9/15/2026		77			87
Series 3229, Class HE, 5.00%, 10/15/2026		712			739
Series 1963, Class Z, 7.50%, 1/15/2027		55			62
Series 1935, Class FL, 2.62%, 2/15/2027 (h)		4			4

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount($000)		Value($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 1981, Class Z, 6.00%, 5/15/2027		91		97
Series 1970, Class PG, 7.25%, 7/15/2027		6		7
Series 1987, Class PE, 7.50%, 9/15/2027		38		42
Series 2019, Class Z, 6.50%, 12/15/2027		77		83
Series 2038, Class PN, IO, 7.00%, 3/15/2028		69		13
Series 2040, Class PE, 7.50%, 3/15/2028		147		164
Series 4251, Class KW, 2.50%, 4/15/2028		3,684		3,433
Series 2043, Class CJ, 6.50%, 4/15/2028		20		23
Series 2054, Class PV, 7.50%, 5/15/2028		97		109
Series 2075, Class PM, 6.25%, 8/15/2028		207		221
Series 2075, Class PH, 6.50%, 8/15/2028		185		201
Series 2086, Class GB, 6.00%, 9/15/2028		53		57
Series 2089, Class PJ, IO, 7.00%, 10/15/2028		88		10
Series 2095, Class PE, 6.00%, 11/15/2028		244		263
Series 2125, Class JZ, 6.00%, 2/15/2029		84		91
Series 2136, Class PG, 6.00%, 3/15/2029		104		112
Series 2132, Class SB, HB, IF, 22.29%, 3/15/2029 (h)		19		28
Series 2141, IO, 7.00%, 4/15/2029		29		3
Series 2169, Class TB, 7.00%, 6/15/2029		308		341
Series 2163, Class PC, IO, 7.50%, 6/15/2029		33		4
Series 2172, Class QC, 7.00%, 7/15/2029		190		212
Series 2176, Class OJ, 7.00%, 8/15/2029		166		186
Series 2201, Class C, 8.00%, 11/15/2029		88		98
Series 2209, Class TC, 8.00%, 1/15/2030		84		97
Series 2210, Class Z, 8.00%, 1/15/2030		148		170
Series 2224, Class CB, 8.00%, 3/15/2030		31		36
Series 2230, Class Z, 8.00%, 4/15/2030		80		92
Series 2234, Class PZ, 7.50%, 5/15/2030		62		71
Series 2247, Class Z, 7.50%, 8/15/2030		65		73
Series 2256, Class MC, 7.25%, 9/15/2030		96		109
Series 2259, Class ZM, 7.00%, 10/15/2030		120		134
Series 2261, Class ZY, 7.50%, 10/15/2030		1		1
Series 2262, Class Z, 7.50%, 10/15/2030		18		20
Series 2271, Class PC, 7.25%, 12/15/2030		157		177
Series 2296, Class PD, 7.00%, 3/15/2031		79		88
Series 2313, Class LA, 6.50%, 5/15/2031		80		92
Series 2325, Class PM, 7.00%, 6/15/2031		101		113
Series 2359, Class ZB, 8.50%, 6/15/2031		236		267
Series 2344, Class ZD, 6.50%, 8/15/2031		793		912
Series 2344, Class ZJ, 6.50%, 8/15/2031		64		72
Series 2345, Class NE, 6.50%, 8/15/2031		60		66
Series 2351, Class PZ, 6.50%, 8/15/2031		63		72
Series 2353, Class AZ, 6.00%, 9/15/2031		460		487
Series 2367, Class ME, 6.50%, 10/15/2031		118		132
Series 2396, Class FM, 2.37%, 12/15/2031 (h)		282		282
Series 2399, Class OH, 6.50%, 1/15/2032		153		169
Series 2399, Class TH, 6.50%, 1/15/2032		205		226
Series 2464, Class SI, IF, IO, 6.08%, 2/15/2032 (h)		365		61
Series 2410, Class OE, 6.38%, 2/15/2032		78		83
Series 2410, Class NG, 6.50%, 2/15/2032		207		228
Series 2420, Class XK, 6.50%, 2/15/2032		250		276
Series 2410, Class QX, IF, IO, 6.73%, 2/15/2032 (h)		86		18
Series 2412, Class SP, IF, 12.26%, 2/15/2032 (h)		180		212
Series 2410, Class QS, IF, 14.51%, 2/15/2032 (h)		141		183
Series 2444, Class ES, IF, IO, 6.03%, 3/15/2032 (h)		146		26
Series 2450, Class SW, IF, IO, 6.08%, 3/15/2032 (h)		117		20

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount($000)			Value($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2430, Class WF, 6.50%, 3/15/2032		382			427
Series 2423, Class MC, 7.00%, 3/15/2032		222			247
Series 2423, Class MT, 7.00%, 3/15/2032		195			219
Series 2435, Class CJ, 6.50%, 4/15/2032		257			284
Series 2434, Class TC, 7.00%, 4/15/2032		228			253
Series 2436, Class MC, 7.00%, 4/15/2032		165			182
Series 2455, Class GK, 6.50%, 5/15/2032		410			449
Series 2450, Class GZ, 7.00%, 5/15/2032		110			124
Series 2462, Class JG, 6.50%, 6/15/2032		176			195
Series 2466, Class PH, 6.50%, 6/15/2032		316			349
Series 2474, Class NR, 6.50%, 7/15/2032		163			184
Series 2484, Class LZ, 6.50%, 7/15/2032		206			234
Series 2500, Class MC, 6.00%, 9/15/2032		210			231
Series 2650, Class SO, PO, 12/15/2032		—	(i)		—	(i)
Series 2835, Class QO, PO, 12/15/2032		30			25
Series 2543, Class YX, 6.00%, 12/15/2032		370			407
Series 2544, Class HC, 6.00%, 12/15/2032		336			372
Series 2552, Class ME, 6.00%, 1/15/2033		465			513
Series 2567, Class QD, 6.00%, 2/15/2033		396			438
Series 2575, Class ME, 6.00%, 2/15/2033		1,064			1,157
Series 2596, Class QG, 6.00%, 3/15/2033		278			291
Series 2586, Class WI, IO, 6.50%, 3/15/2033		135			25
Series 2692, Class SC, IF, 9.45%, 7/15/2033 (h)		65			73
Series 4240, Class B, 3.00%, 8/15/2033		2,501			2,385
Series 3920, Class LP, 5.00%, 1/15/2034		1,062			1,119
Series 2744, Class PE, 5.50%, 2/15/2034		57			58
Series 3611, PO, 7/15/2034		70			60
Series 2990, Class UZ, 5.75%, 6/15/2035		2,382			2,615
Series 3004, Class EK, 5.50%, 7/15/2035		1,233			1,233
Series 3014, Class OD, PO, 8/15/2035		55			49
Series 3085, Class WF, 2.72%, 8/15/2035 (h)		190			194
Series 3151, Class UC, 5.50%, 8/15/2035		50			51
Series 3047, Class OD, 5.50%, 10/15/2035		944			1,031
Series 3074, Class BH, 5.00%, 11/15/2035		679			708
Series 3064, Class MC, 5.50%, 11/15/2035		3,095			3,270
Series 3102, Class FB, 2.22%, 1/15/2036(h)		292			292
Series 3102, Class HS, IF, 17.53%, 1/15/2036 (h)		71			94
Series 3117, Class EO, PO, 2/15/2036		440			374
Series 3117, Class OK, PO, 2/15/2036		256			216
Series 3134, PO, 3/15/2036		64			56
Series 3152, Class MO, PO, 3/15/2036		326			277
Series 3122, Class ZB, 6.00%, 3/15/2036		22			29
Series 3138, PO, 4/15/2036		318			281
Series 3607, Class BO, PO, 4/15/2036		146			124
Series 3219, Class DI, IO, 6.00%, 4/15/2036		238			49
Series 3819, Class ZQ, 6.00%, 4/15/2036		1,392			1,536
Series 3149, Class SO, PO, 5/15/2036		30			24
Series 3233, Class OP, PO, 5/15/2036		102			86
Series 3171, Class MO, PO, 6/15/2036		70			63
Series 3179, Class OA, PO, 7/15/2036		269			233
Series 3194, Class SA, IF, IO, 5.18%, 7/15/2036 (h)		44			3
Series 3211, Class SO, PO, 9/15/2036		298			256
Series 3218, Class AO, PO, 9/15/2036		135			104
Series 3232, Class ST, IF, IO, 4.78%, 10/15/2036 (h)		327			48
Series 3256, PO, 12/15/2036		182			153
Series 3261, Class OA, PO, 1/15/2037		221			187
Series 3260, Class CS, IF, IO, 4.22%, 1/15/2037 (h)		406			55
Series 3274, Class JO, PO, 2/15/2037		64			57
Series 3275, Class FL, 2.36%, 2/15/2037 (h)		64			64

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount($000)		Value($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 3290, Class SB, IF, IO, 4.53%, 3/15/2037 (h)		433		49
Series 3318, Class AO, PO, 5/15/2037		26		19
Series 3607, PO, 5/15/2037		290		245
Series 3315, Class HZ, 6.00%, 5/15/2037		391		396
Series 3326, Class JO, PO, 6/15/2037		22		20
Series 3331, PO, 6/15/2037		206		182
Series 3607, Class OP, PO, 7/15/2037		621		531
Series 4048, Class FJ, 2.31%, 7/15/2037 (h)		1,333		1,333
Series 3747, Class HI, IO, 4.50%, 7/15/2037		228		3
Series 3759, Class HI, IO, 4.00%, 8/15/2037		285		8
Series 3760, Class GI, IO, 4.00%, 10/15/2037		238		5
Series 3385, Class SN, IF, IO, 4.08%, 11/15/2037 (h)		91		8
Series 3387, Class SA, IF, IO, 4.50%, 11/15/2037 (h)		309		30
Series 3422, Class AI, 0.25%, 1/15/2038 (d)		2,068		17
Series 3404, Class SC, IF, IO, 4.08%, 1/15/2038 (h)		502		65
Series 3424, Class PI, IF, IO, 4.88%, 4/15/2038 (h)		350		44
Series 3481, Class SJ, IF, IO, 3.93%, 8/15/2038 (h)		616		70
Series 3511, Class SA, IF, IO, 4.08%, 2/15/2039 (h)		381		46
Series 3804, Class FN, 2.37%, 3/15/2039 (h)		35		35
Series 3549, Class FA, 3.12%, 7/15/2039 (h)		68		70
Series 3997, Class PF, 2.37%, 11/15/2039 (h)		235		236
Series 3621, Class BO, PO, 1/15/2040		220		189
Series 3747, Class PY, 4.00%, 10/15/2040		1,000		1,017
Series 3925, Class FL, 2.37%, 1/15/2041 (h)		682		686
Series 3852, Class QN, IF, 5.50%, 5/15/2041 (h)		321		324
Series 3852, Class TP, IF, 5.50%, 5/15/2041 (h)		1,097		1,142
Series 3957, Class B, 4.00%, 11/15/2041		476		486
Series 3966, Class NA, 4.00%, 12/15/2041		737		763
Series 4217, Class KY, 3.00%, 6/15/2043		2,000		1,867
Series 4374, Class NC, 3.75%, 2/15/2046 (d)		2,153		2,181
FHLMC STRIPS
Series 243, Class 16, IO, 4.50%, 11/15/2020		28		1
Series 243, Class 17, IO, 4.50%, 12/15/2020		76		2
Series 134, Class B, IO, 9.00%, 4/1/2022		1		—	(i)
Series 233, Class 11, IO, 5.00%, 9/15/2035		517		100
Series 233, Class 13, IO, 5.00%, 9/15/2035		722		155
Series 299, Class 300, 3.00%, 1/15/2043		5,490		5,413
Series 310, PO, Zero Coupon, 9/15/2043		1,770		1,410
Series 323, Class 300, 3.00%, 1/15/2044		3,437		3,348
FHLMC Structured Pass-Through Securities Certificates
Series T-41, Class 3A, 5.58%, 7/25/2032 (h)		348		361
Series T-76, Class 2A, 4.17%, 10/25/2037 (h)		1,158		1,171
Series T-51, Class 2A, 7.50%, 8/25/2042 (h)		223		260
Series T-54, Class 2A, 6.50%, 2/25/2043		1,278		1,448
Series T-54, Class 3A, 7.00%, 2/25/2043		367		416
Series T-58, Class APO, PO, 9/25/2043		135		108
Series T-59, Class 1AP, PO, 10/25/2043		306		230
First Horizon Alternative Mortgage Securities Trust
Series 2004-AA4, Class A1, 3.72%, 10/25/2034 (h)		411		408
Series 2005-FA8, Class 1A19, 5.50%, 11/25/2035		766		646
Series 2007-FA4, Class 1A2, IF, IO, 3.69%, 8/25/2037 ‡ (h)		1,487		253
First Horizon Mortgage Pass-Through Trust
Series 2005-AR1, Class 2A2, 3.99%, 4/25/2035 (h)		388		396
FN 1/1/2028 (k)		4,800		4,815
FNMA Grantor Trust
Series 2002-T19, Class A2, 7.00%, 7/25/2042		636		712
Series 2004-T3, Class 1A3, 7.00%, 2/25/2044		442		499
FNMA REMIC
Series 2003-76, Class GQ, 4.50%, 8/25/2018		1		1
Series 2003-81, Class LC, 4.50%, 9/25/2018		11		11

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount($000)			Value($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2003-128, Class NG, 4.00%, 1/25/2019		7			7
Series 2004-27, Class HB, 4.00%, 5/25/2019		137			137
Series 2004-76, Class CL, 4.00%, 10/25/2019		5			5
Series 1989-70, Class G, 8.00%, 10/25/2019		1			1
Series 1989-83, Class H, 8.50%, 11/25/2019		1			1
Series 1989-89, Class H, 9.00%, 11/25/2019		—	(i)		1
Series 1989-78, Class H, 9.40%, 11/25/2019		1			1
Series 1990-1, Class D, 8.80%, 1/25/2020		1			1
Series 1990-60, Class K, 5.50%, 6/25/2020		—	(i)		—	(i)
Series 1990-63, Class H, 9.50%, 6/25/2020		—	(i)		—	(i)
Series 1990-93, Class G, 5.50%, 8/25/2020		—	(i)		—	(i)
Series 1990-102, Class J, 6.50%, 8/25/2020		4			4
Series 1990-94, Class H, HB, 505.00%, 8/25/2020		—	(i)		—	(i)
Series 1990-95, Class J, HB, 1,118.04%, 8/25/2020		—	(i)		—	(i)
Series 1990-120, Class H, 9.00%, 10/25/2020		4			4
Series 1990-134, Class SC, IF, 18.66%, 11/25/2020 (h)		—	(i)		1
Series 1990-140, Class K, HB, 652.15%, 12/25/2020		—	(i)		—	(i)
Series 1991-7, Class K, HB, 908.50%, 2/25/2021		—	(i)		—	(i)
Series 1991-24, Class Z, 5.00%, 3/25/2021		2			2
Series 2001-4, Class PC, 7.00%, 3/25/2021		32			33
Series G-17, Class S, HB, 879.55%, 6/25/2021 (h)		—	(i)		—	(i)
Series 2001-48, Class Z, 6.50%, 9/25/2021		286			299
Series G-28, Class S, IF, 13.14%, 9/25/2021 (h)		1			1
Series G-35, Class M, 8.75%, 10/25/2021		5			5
Series G-51, Class SA, HB, IF, 21.70%, 12/25/2021 (h)		1			1
Series 2002-1, Class HC, 6.50%, 2/25/2022		28			29
Series 2007-15, Class NO, PO, 3/25/2022		63			61
Series 1992-101, Class J, 7.50%, 6/25/2022		1			1
Series G92-42, Class Z, 7.00%, 7/25/2022		5			5
Series G92-35, Class E, 7.50%, 7/25/2022		39			41
Series G92-44, Class ZQ, 8.00%, 7/25/2022		3			3
Series G92-35, Class G, HB, 1,184.78%, 7/25/2022		—	(i)		—	(i)
Series 1992-136, Class PK, 6.00%, 8/25/2022		12			13
Series 1996-59, Class J, 6.50%, 8/25/2022		9			9
Series G92-52, Class FD, 1.98%, 9/25/2022 (h)		6			6
Series 1992-143, Class MA, 5.50%, 9/25/2022		8			9
Series G92-54, Class ZQ, 7.50%, 9/25/2022		33			35
Series 1992-163, Class M, 7.75%, 9/25/2022		29			31
Series G92-62, Class B, PO, 10/25/2022		8			8
Series G92-59, Class F, 1.52%, 10/25/2022 (h)		5			5
Series G92-61, Class Z, 7.00%, 10/25/2022		14			15
Series 1992-188, Class PZ, 7.50%, 10/25/2022		53			57
Series G93-1, Class KA, 7.90%, 1/25/2023		47			51
Series G93-5, Class Z, 6.50%, 2/25/2023		12			12
Series 1997-61, Class ZC, 7.00%, 2/25/2023		205			218
Series 1993-27, Class SA, IF, 15.50%, 2/25/2023 (h)		8			10
Series 2008-19, Class IC, IO, 5.00%, 3/25/2023		4			—	(i)
Series G93-14, Class J, 6.50%, 3/25/2023		15			16
Series 1993-25, Class J, 7.50%, 3/25/2023		34			36
Series 1993-21, Class KA, 7.70%, 3/25/2023		20			22
Series 1998-4, Class C, PO, 4/25/2023		5			5
Series 2008-24, Class DY, 5.00%, 4/25/2023		10			10
Series G93-17, Class SI, IF, 6.00%, 4/25/2023 (h)		33			35
Series 1998-43, Class SA, IF, IO, 15.70%, 4/25/2023 (h)		40			10
Series 1993-62, Class SA, IF, 18.63%, 4/25/2023 (h)		12			14
Series 2003-39, Class LW, 5.50%, 5/25/2023		407			425

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount($000)		Value($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2003-41, Class PE, 5.50%, 5/25/2023		211		218
Series 2008-47, Class SI, IF, IO, 4.54%, 6/25/2023 (h)		171		7
Series 2003-83, Class PG, 5.00%, 6/25/2023		115		116
Series G93-27, Class FD, 2.84%, 8/25/2023 (h)		28		29
Series 1999-38, Class SK, IF, IO, 6.09%, 8/25/2023 (h)		8		1
Series 2002-83, Class CS, 6.88%, 8/25/2023		223		235
Series 1996-14, Class SE, IF, IO, 7.87%, 8/25/2023 (h)		114		16
Series 1993-205, Class H, PO, 9/25/2023		19		18
Series G93-37, Class H, PO, 9/25/2023		7		7
Series 2008-76, Class GF, 2.61%, 9/25/2023 (h)		7		7
Series 1993-165, Class SK, IF, 12.50%, 9/25/2023 (h)		15		16
Series 1993-165, Class SD, IF, 13.13%, 9/25/2023 (h)		7		7
Series 1993-179, Class SC, IF, 10.50%, 10/25/2023 (h)		7		8
Series 1999-52, Class NS, IF, 17.89%, 10/25/2023 (h)		19		24
Series 1993-179, Class SB, HB, IF, 26.19%, 10/25/2023 (h)		10		13
Series 1995-19, Class Z, 6.50%, 11/25/2023		128		143
Series 1993-230, Class FA, 2.56%, 12/25/2023 (h)		11		11
Series 1993-247, Class FE, 2.96%, 12/25/2023 (h)		26		26
Series 1993-225, Class UB, 6.50%, 12/25/2023		32		34
Series 1993-247, Class SU, IF, 12.13%, 12/25/2023 (h)		12		14
Series 2002-1, Class UD, IF, 17.64%, 12/25/2023 (h)		26		31
Series 2009-9, IO, 5.00%, 2/25/2024		120		4
Series 2009-18, IO, 5.00%, 3/25/2024		62		2
Series 1994-37, Class L, 6.50%, 3/25/2024		103		109
Series 1994-40, Class Z, 6.50%, 3/25/2024		592		632
Series 2004-53, Class NC, 5.50%, 7/25/2024		115		120
Series 1995-2, Class Z, 8.50%, 1/25/2025		27		28
Series G95-1, Class C, 8.80%, 1/25/2025		24		26
Series 1997-20, IO, 1.84%, 3/25/2027 (h)		76		2
Series 1997-27, Class J, 7.50%, 4/18/2027		10		11
Series 1997-29, Class J, 7.50%, 4/20/2027		23		26
Series 1997-39, Class PD, 7.50%, 5/20/2027		150		169
Series 1997-42, Class ZC, 6.50%, 7/18/2027		12		14
Series 1997-81, Class PI, IO, 7.00%, 12/18/2027		41		4
Series 1998-36, Class ZB, 6.00%, 7/18/2028		65		72
Series 1998-66, Class SB, IF, IO, 6.19%, 12/25/2028 (h)		67		5
Series 1999-18, Class Z, 5.50%, 4/18/2029		170		182
Series 1999-17, Class C, 6.35%, 4/25/2029		44		47
Series 1999-62, Class PB, 7.50%, 12/18/2029		66		74
Series 2000-2, Class ZE, 7.50%, 2/25/2030		226		253
Series 2013-103, Class VG, 3.00%, 3/25/2030		3,500		3,449
Series 2000-20, Class SA, IF, IO, 7.14%, 7/25/2030 (h)		128		17
Series 2000-52, IO, 8.50%, 1/25/2031		18		4
Series 2001-7, Class PF, 7.00%, 3/25/2031		42		47
Series 2011-31, Class DB, 3.50%, 4/25/2031		2,500		2,535
Series 2001-33, Class ID, IO, 6.00%, 7/25/2031		143		31
Series 2001-30, Class PM, 7.00%, 7/25/2031		137		155
Series 2001-36, Class DE, 7.00%, 8/25/2031		144		160
Series 2001-49, Class Z, 6.50%, 9/25/2031		36		40
Series 2001-44, Class MY, 7.00%, 9/25/2031		375		423
Series 2001-44, Class PD, 7.00%, 9/25/2031		46		52
Series 2001-44, Class PU, 7.00%, 9/25/2031		67		76
Series 2001-52, Class KB, 6.50%, 10/25/2031		42		44
Series 2003-52, Class SX, IF, 17.07%, 10/25/2031 (h)		80		110
Series 2001-61, Class Z, 7.00%, 11/25/2031		468		529
Series 2001-72, Class SX, IF, 12.90%, 12/25/2031 (h)		12		14

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount($000)		Value($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2002-1, Class SA, IF, 18.82%, 2/25/2032 (h)		19		26
Series 2002-13, Class SJ, IF, IO, 1.60%, 3/25/2032 (h)		469		23
Series 2002-13, Class ST, IF, 10.00%, 3/25/2032 (h)		6		8
Series 2002-21, Class LO, PO, 4/25/2032		14		12
Series 2002-21, Class PE, 6.50%, 4/25/2032		135		149
Series 2002-28, Class PK, 6.50%, 5/25/2032		343		378
Series 2012-66, Class CB, 3.00%, 6/25/2032		3,000		2,893
Series 2002-37, Class Z, 6.50%, 6/25/2032		89		99
Series 2006-130, Class GI, IO, 6.50%, 7/25/2032		385		57
Series 2002-48, Class GH, 6.50%, 8/25/2032		480		536
Series 2004-61, Class SK, IF, 8.50%, 11/25/2032 (h)		56		62
Series 2004-59, Class BG, PO, 12/25/2032		174		149
Series 2002-77, Class S, IF, 10.89%, 12/25/2032 (h)		77		88
Series 2003-22, Class UD, 4.00%, 4/25/2033		1,566		1,610
Series 2003-35, Class UC, 3.75%, 5/25/2033		18		19
Series 2003-42, Class GB, 4.00%, 5/25/2033		90		92
Series 2003-34, Class AX, 6.00%, 5/25/2033		299		327
Series 2003-34, Class ED, 6.00%, 5/25/2033		1,205		1,268
Series 2003-39, IO, 6.00%, 5/25/2033 (h)		59		13
Series 2003-33, Class IA, IO, 6.50%, 5/25/2033		491		102
Series 2007-97, Class KI, IO, 7.00%, 5/25/2033		862		106
Series 2004-4, Class QI, IF, IO, 5.14%, 6/25/2033 (h)		564		30
Series 2003-47, Class PE, 5.75%, 6/25/2033		224		244
Series 2004-4, Class QM, IF, 10.28%, 6/25/2033 (h)		53		57
Series 2003-64, Class SX, IF, 8.98%, 7/25/2033 (h)		66		73
Series 2004-36, Class SN, IF, 10.28%, 7/25/2033 (h)		105		106
Series 2003-132, Class OA, PO, 8/25/2033		44		42
Series 2003-71, Class DS, IF, 4.92%, 8/25/2033 (h)		404		397
Series 2003-72, Class IE, IO, 5.50%, 8/25/2033		482		82
Series 2003-74, Class SH, IF, 6.64%, 8/25/2033 (h)		61		67
Series 2003-91, Class SD, IF, 9.23%, 9/25/2033 (h)		106		117
Series 2013-101, Class AE, 3.00%, 10/25/2033		3,349		3,210
Series 2013-101, Class E, 3.00%, 10/25/2033		3,000		2,901
Series 2013-108, Class GU, 3.00%, 10/25/2033		4,000		3,863
Series 2003-116, Class SB, IF, IO, 5.64%, 11/25/2033 (h)		696		111
Series 2006-44, Class P, PO, 12/25/2033		1,119		929
Series 2004-25, Class PC, 5.50%, 1/25/2034		55		56
Series 2003-130, Class SX, IF, 8.58%, 1/25/2034 (h)		25		28
Series 2004-36, Class PC, 5.50%, 2/25/2034		39		39
Series 2004-10, Class SC, HB, IF, 20.76%, 2/25/2034 (h)		96		102
Series 2004-25, Class SA, IF, 14.14%, 4/25/2034 (h)		391		488
Series 2004-46, Class SK, IF, 11.11%, 5/25/2034 (h)		700		824
Series 2004-36, Class SA, IF, 14.14%, 5/25/2034 (h)		672		887
Series 2004-46, Class QB, IF, 16.16%, 5/25/2034 (h)		267		335
Series 2004-51, Class SY, IF, 10.32%, 7/25/2034 (h)		120		138
Series 2004-79, Class SP, IF, 14.41%, 11/25/2034 (h)		145		156
Series 2005-74, Class CS, IF, 14.63%, 5/25/2035 (h)		276		326
Series 2005-68, Class UC, 5.00%, 6/25/2035		201		203
Series 2005-68, Class BC, 5.25%, 6/25/2035		149		151
Series 2005-110, Class MN, 5.50%, 6/25/2035		158		158
Series 2005-52, Class PA, 6.50%, 6/25/2035		5		5
Series 2005-56, Class S, IF, IO, 4.75%, 7/25/2035 (h)		699		96
Series 2005-66, Class SG, IF, 12.48%, 7/25/2035 (h)		175		221
Series 2005-68, Class PG, 5.50%, 8/25/2035		684		734
Series 2005-84, Class XM, 5.75%, 10/25/2035		2,132		2,302
Series 2005-110, Class GL, 5.50%, 12/25/2035		4,326		4,735

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount($000)		Value($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2006-46, Class UC, 5.50%, 12/25/2035		700		740
Series 2005-109, Class PC, 6.00%, 12/25/2035		807		866
Series 2006-15, Class OT, PO, 1/25/2036		29		29
Series 2006-39, Class WC, 5.50%, 1/25/2036		672		711
Series 2006-16, Class OA, PO, 3/25/2036		236		209
Series 2006-22, Class AO, PO, 4/25/2036		361		318
Series 2006-23, Class KO, PO, 4/25/2036		81		73
Series 2006-44, Class GO, PO, 6/25/2036		481		409
Series 2006-53, Class US, IF, IO, 4.62%, 6/25/2036 (h)		731		96
Series 2007-101, Class A2, 2.21%, 6/27/2036 (h)		492		483
Series 2006-56, PO, 7/25/2036		382		342
Series 2006-58, PO, 7/25/2036		214		183
Series 2006-58, Class AP, PO, 7/25/2036		412		358
Series 2006-65, Class QO, PO, 7/25/2036		328		281
Series 2006-56, Class FC, 2.25%, 7/25/2036 (h)		698		697
Series 2006-58, Class FL, 2.42%, 7/25/2036 (h)		53		54
Series 2006-60, Class DZ, 6.50%, 7/25/2036		4,330		5,007
Series 2006-72, Class TO, PO, 8/25/2036		62		55
Series 2006-79, Class DO, PO, 8/25/2036		264		232
Series 2007-7, Class SG, IF, IO, 4.54%, 8/25/2036 (h)		785		174
Series 2006-77, Class PC, 6.50%, 8/25/2036		1,138		1,252
Series 2006-90, Class AO, PO, 9/25/2036		218		197
Series 2008-42, Class AO, PO, 9/25/2036		108		96
Series 2009-19, Class IP, IO, 5.50%, 10/25/2036		1,339		252
Series 2006-109, PO, 11/25/2036		96		84
Series 2006-110, PO, 11/25/2036		612		520
Series 2006-111, Class EO, PO, 11/25/2036		66		57
Series 2006-124, Class HB, 3.50%, 11/25/2036 (h)		788		812
Series 2006-119, PO, 12/25/2036		66		59
Series 2006-118, Class A2, 2.02%, 12/25/2036 (h)		395		390
Series 2009-70, Class CO, PO, 1/25/2037		524		438
Series 2006-128, Class BP, 5.50%, 1/25/2037		337		348
Series 2007-77, Class FG, 2.46%, 3/25/2037 (h)		89		90
Series 2007-16, Class FC, 2.71%, 3/25/2037 (h)		160		164
Series 2007-14, Class ES, IF, IO, 4.48%, 3/25/2037 (h)		866		112
Series 2007-42, Class AO, PO, 5/25/2037		69		62
Series 2007-48, PO, 5/25/2037		152		134
Series 2007-54, Class FA, 2.36%, 6/25/2037 (h)		347		349
Series 2007-60, Class AX, IF, IO, 5.19%, 7/25/2037 (h)		2,414		471
Series 2012-14, Class FB, 2.41%, 8/25/2037 (h)		392		394
Series 2007-81, Class GE, 6.00%, 8/25/2037		378		404
Series 2007-88, Class VI, IF, IO, 4.58%, 9/25/2037 (h)		1,654		283
Series 2007-91, Class ES, IF, IO, 4.50%, 10/25/2037 (h)		1,198		160
Series 2007-106, Class A7, 6.05%, 10/25/2037 (h)		227		245
Series 2007-116, Class HI, IO, 1.14%, 1/25/2038 (h)		980		36
Series 2008-1, Class BI, IF, IO, 3.95%, 2/25/2038 (h)		468		54
Series 2008-16, Class IS, IF, IO, 4.24%, 3/25/2038 (h)		147		19
Series 2008-10, Class XI, IF, IO, 4.27%, 3/25/2038 (h)		331		27
Series 2008-27, Class SN, IF, IO, 4.94%, 4/25/2038 (h)		201		24
Series 2008-44, PO, 5/25/2038		13		11
Series 2008-53, Class CI, IF, IO, 5.24%, 7/25/2038 (h)		332		46
Series 2008-80, Class SA, IF, IO, 3.89%, 9/25/2038 (h)		700		73
Series 2008-81, Class SB, IF, IO, 3.89%, 9/25/2038 (h)		519		48
Series 2010-45, Class BD, 4.50%, 11/25/2038		90		90
Series 2010-148, Class MA, 4.00%, 2/25/2039		231		235
Series 2009-6, Class GS, IF, IO, 4.59%, 2/25/2039 (h)		670		102

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount($000)			Value($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2009-62, Class HJ, 6.00%, 5/25/2039		278			296
Series 2009-60, Class HT, 6.00%, 8/25/2039		531			581
Series 2009-103, Class MB, 3.79%, 12/25/2039 (h)		376			403
Series 2009-99, Class SC, IF, IO, 4.22%, 12/25/2039 (h)		178			19
Series 2010-49, Class SC, IF, 8.74%, 3/25/2040 (h)		599			658
Series 2010-64, Class DM, 5.00%, 6/25/2040		328			347
Series 2010-71, Class HJ, 5.50%, 7/25/2040		466			510
Series 2010-147, Class SA, IF, IO, 4.57%, 1/25/2041 (h)		1,652			340
Series 2011-30, Class LS, IO, 1.45%, 4/25/2041 (h)		1,334			71
Series 2011-75, Class FA, 2.51%, 8/25/2041 (h)		356			360
Series 2011-118, Class MT, 7.00%, 11/25/2041		682			776
Series 2011-130, Class CA, 6.00%, 12/25/2041		1,071			1,183
Series 2013-81, Class TA, 3.00%, 2/25/2043		2,000			1,850
Series 2013-92, PO, 9/25/2043		1,593			1,236
Series 2013-90, Class PM, 3.50%, 9/25/2043		1,694			1,638
Series 2013-101, Class DO, PO, 10/25/2043		2,463			1,895
Series 2013-128, PO, 12/25/2043		3,068			2,425
Series 2011-2, Class WA, 5.82%, 2/25/2051 (h)		438			461
FNMA REMIC Trust
Series 2007-W7, Class 1A4, HB, IF, 27.42%, 7/25/2037 (h)		17			26
Series 2003-W4, Class 2A, 6.50%, 10/25/2042 (h)		67			76
Series 2003-W1, Class 1A1, 5.42%, 12/25/2042 (h)		552			578
Series 2003-W1, Class 2A, 5.98%, 12/25/2042 (h)		229			250
Series 2009-W1, Class A, 6.00%, 12/25/2049		923			1,022
FNMA STRIPS
Series 339, Class 18, IO, 4.50%, 7/25/2018		—	(i)		—
Series 339, Class 21, IO, 4.50%, 8/25/2018		—	(i)		—	(i)
Series 355, Class 31, IO, 4.50%, 12/25/2018 (h)		4			—	(i)
Series 50, Class 2, IO, 10.50%, 3/25/2019		—	(i)		—	(i)
Series 368, Class 3, IO, 4.50%, 11/25/2020		9			—	(i)
Series 218, Class 2, IO, 7.50%, 4/25/2023		4			—	(i)
Series 265, Class 2, 9.00%, 3/25/2024		5			6
Series 329, Class 1, PO, 1/25/2033		60			53
Series 345, Class 6, IO, 5.00%, 12/25/2033 (h)		88			18
Series 351, Class 7, IO, 5.00%, 4/25/2034 (h)		286			58
Series 355, Class 11, IO, 6.00%, 7/25/2034		240			41
Series 365, Class 8, IO, 5.50%, 5/25/2036		373			85
Series 374, Class 5, IO, 5.50%, 8/25/2036		193			44
Series 393, Class 6, IO, 5.50%, 4/25/2037		72			13
Series 383, Class 32, IO, 6.00%, 1/25/2038		91			20
Series 383, Class 33, IO, 6.00%, 1/25/2038		240			47
FNMA Trust
Series 2004-W1, Class 2A2, 7.00%, 12/25/2033		141			159
Series 2004-W2, Class 2A2, 7.00%, 2/25/2044		313			350
Series 2004-W15, Class 2AF, 2.21%, 8/25/2044 (h)		422			420
Series 2005-W3, Class 2AF, 2.18%, 3/25/2045 (h)		1,169			1,164
Series 2006-W2, Class 1AF1, 2.18%, 2/25/2046 (h)		401			401
GMACM Mortgage Loan Trust
Series 2005-AR3, Class 3A4, 3.84%, 6/19/2035 (h)		1,439			1,414
GNMA
Series 1994-7, Class PQ, 6.50%, 10/16/2024		570			604
Series 1999-4, Class ZB, 6.00%, 2/20/2029		442			442
Series 1999-30, Class S, IF, IO, 6.67%, 8/16/2029 (h)		55			1
Series 2000-9, Class ZJ, 8.50%, 2/16/2030		608			687
Series 2000-21, Class Z, 9.00%, 3/16/2030		826			830
Series 2002-31, Class SE, IF, IO, 5.57%, 4/16/2030 (h)		756			79
Series 2000-9, Class Z, 8.00%, 6/20/2030		76			87
Series 2000-31, Class Z, 9.00%, 10/20/2030		142			166
Series 2000-36, Class IK, IO, 9.00%, 11/16/2030		9			1

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount($000)		Value($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2000-35, Class ZA, 9.00%, 11/20/2030		89		104
Series 2001-6, Class SD, IF, IO, 6.62%, 3/16/2031 (h)		44		10
Series 2001-36, Class S, IF, IO, 6.12%, 8/16/2031 (h)		99		23
Series 2001-35, Class SA, IF, IO, 6.32%, 8/16/2031 (h)		113		1
Series 2005-35, Class FL, 2.30%, 3/20/2032 (h)		164		165
Series 2002-24, Class AG, IF, IO, 6.02%, 4/16/2032 (h)		397		56
Series 2002-24, Class SB, IF, 9.02%, 4/16/2032 (h)		38		43
Series 2002-41, Class SV, IF, 9.00%, 6/16/2032 (h)		13		16
Series 2002-45, Class QE, 6.50%, 6/20/2032		960		1,067
Series 2002-47, Class PG, 6.50%, 7/16/2032		323		365
Series 2002-47, Class ZA, 6.50%, 7/20/2032		626		702
Series 2002-52, Class GH, 6.50%, 7/20/2032		538		604
Series 2002-75, Class PB, 6.00%, 11/20/2032		949		1,035
Series 2003-58, Class BE, 6.50%, 1/20/2033		801		886
Series 2003-11, Class SK, IF, IO, 5.77%, 2/16/2033 (h)		367		45
Series 2003-12, Class SP, IF, IO, 5.75%, 2/20/2033 (h)		181		33
Series 2003-24, PO, 3/16/2033		36		33
Series 2003-40, Class TJ, 6.50%, 3/20/2033		955		1,056
Series 2003-46, Class TC, 6.50%, 3/20/2033		451		495
Series 2003-46, Class MG, 6.50%, 5/20/2033		590		658
Series 2003-52, Class AP, PO, 6/16/2033		160		134
Series 2003-90, PO, 10/20/2033		49		43
Series 2003-112, Class SA, IF, IO, 4.62%, 12/16/2033 (h)		666		92
Series 2009-10, Class SL, IF, IO, 4.57%, 3/16/2034 (h)		21		—	(i)
Series 2004-28, Class S, IF, 14.34%, 4/16/2034 (h)		255		341
Series 2004-73, Class AE, IF, 10.87%, 8/17/2034 (h)		66		71
Series 2004-90, Class SI, IF, IO, 4.15%, 10/20/2034 (h)		840		112
Series 2005-68, Class DP, IF, 11.77%, 6/17/2035 (h)		119		134
Series 2010-14, Class CO, PO, 8/20/2035		309		268
Series 2005-58, Class NI, IO, 5.50%, 8/20/2035		1,412		273
Series 2005-68, Class KI, IF, IO, 4.35%, 9/20/2035 (h)		1,934		256
Series 2005-91, Class PI, IO, 6.00%, 12/20/2035		272		53
Series 2006-16, Class OP, PO, 3/20/2036		127		113
Series 2006-38, Class SW, IF, IO, 4.55%, 6/20/2036 (h)		265		17
Series 2006-38, Class ZK, 6.50%, 8/20/2036		1,444		1,603
Series 2006-59, Class SD, IF, IO, 4.75%, 10/20/2036 (h)		404		43
Series 2006-65, Class SA, IF, IO, 4.85%, 11/20/2036 (h)		651		89
Series 2011-22, Class WA, 5.91%, 2/20/2037 (h)		599		662
Series 2007-57, PO, 3/20/2037		274		244
Series 2007-17, Class JO, PO, 4/16/2037		116		98
Series 2007-17, Class JI, IF, IO, 4.88%, 4/16/2037 (h)		1,079		151
Series 2007-19, Class SD, IF, IO, 4.25%, 4/20/2037 (h)		600		64
Series 2007-28, Class BO, PO, 5/20/2037		134		112
Series 2007-26, Class SC, IF, IO, 4.25%, 5/20/2037 (h)		571		65
Series 2007-27, Class SA, IF, IO, 4.25%, 5/20/2037 (h)		510		58
Series 2007-36, Class SE, IF, IO, 4.54%, 6/16/2037 (h)		359		45
Series 2007-47, Class PH, 6.00%, 7/16/2037		2,500		2,808
Series 2007-40, Class SB, IF, IO, 4.80%, 7/20/2037 (h)		1,096		150
Series 2007-42, Class SB, IF, IO, 4.80%, 7/20/2037 (h)		649		80
Series 2007-50, Class AI, IF, IO, 4.83%, 8/20/2037 (h)		409		53
Series 2007-53, Class SW, IF, 14.36%, 9/20/2037 (h)		59		71
Series 2008-32, Class PI, IO, 5.50%, 10/16/2037		225		26
Series 2009-79, Class OK, PO, 11/16/2037		207		183
Series 2007-73, Class MI, IF, IO, 4.05%, 11/20/2037 (h)		349		42
Series 2007-76, Class SA, IF, IO, 4.58%, 11/20/2037 (h)		671		87
Series 2007-72, Class US, IF, IO, 4.60%, 11/20/2037 (h)		332		42

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount($000)		Value($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2007-79, Class SY, IF, IO, 4.60%, 12/20/2037 (h)		324		44
Series 2008-2, Class NS, IF, IO, 4.61%, 1/16/2038 (h)		618		80
Series 2008-2, Class MS, IF, IO, 5.23%, 1/16/2038 (h)		186		28
Series 2008-10, Class S, IF, IO, 3.88%, 2/20/2038 (h)		385		40
Series 2008-36, Class SH, IF, IO, 4.35%, 4/20/2038 (h)		531		65
Series 2008-40, Class SA, IF, IO, 4.47%, 5/16/2038 (h)		3,273		434
Series 2008-55, Class SA, IF, IO, 4.25%, 6/20/2038 (h)		297		33
Series 2008-71, Class SC, IF, IO, 4.05%, 8/20/2038 (h)		148		14
Series 2009-25, Class SE, IF, IO, 5.65%, 9/20/2038 (h)		254		37
Series 2008-93, Class AS, IF, IO, 3.75%, 12/20/2038 (h)		367		34
Series 2009-65, Class IQ, IO, 6.00%, 12/20/2038		255		25
Series 2009-6, Class SA, IF, IO, 4.17%, 2/16/2039 (h)		402		50
Series 2009-12, Class IE, IO, 5.50%, 3/20/2039		891		172
Series 2009-14, Class KI, IO, 6.50%, 3/20/2039		348		77
Series 2009-14, Class NI, IO, 6.50%, 3/20/2039		346		91
Series 2009-22, Class SA, IF, IO, 4.32%, 4/20/2039 (h)		842		87
Series 2009-33, Class CI, IO, 5.50%, 5/20/2039		192		37
Series 2009-33, Class TI, IO, 6.00%, 5/20/2039		204		46
Series 2009-43, Class SA, IF, IO, 4.00%, 6/20/2039 (h)		361		42
Series 2009-72, Class SM, IF, IO, 4.32%, 8/16/2039 (h)		830		103
Series 2010-31, Class NO, PO, 3/20/2040		1,620		1,415
Series 2013-75, Class WA, 5.20%, 6/20/2040 (h)		1,679		1,807
Series 2010-130, Class CP, 7.00%, 10/16/2040		235		264
Series 2010-157, Class OP, PO, 12/20/2040		1,723		1,410
Series 2011-75, Class SM, IF, IO, 4.65%, 5/20/2041 (h)		1,102		161
Series 2014-188, Class W, 4.60%, 10/20/2041 (h)		814		851
Series 2012-141, Class WC, 3.72%, 1/20/2042 (h)		519		529
Series 2013-54, Class WA, 4.75%, 11/20/2042 (h)		2,421		2,546
Series 2013-91, Class WA, 4.49%, 4/20/2043 (h)		1,087		1,109
Series 2013-116, Class JY, 4.00%, 8/16/2043		1,300		1,326
Series 2012-H24, Class FG, 2.31%, 4/20/2060 (h)		555		555
Series 2013-H03, Class FA, 2.18%, 8/20/2060 (h)		42		42
Series 2012-H22, Class FD, 2.35%, 1/20/2061 (h)		1,892		1,894
Series 2012-H21, Class CF, 2.58%, 5/20/2061 (h)		523		524
Series 2013-H05, Class FB, 2.28%, 2/20/2062 (h)		851		851
Series 2012-H15, Class FA, 2.33%, 5/20/2062 (h)		198		198
Series 2012-H26, Class MA, 2.43%, 7/20/2062 (h)		321		321
Series 2012-H28, Class FA, 2.46%, 9/20/2062 (h)		893		895
Series 2012-H29, Class FA, 2.40%, 10/20/2062 (h)		1,394		1,399
Series 2012-H31, Class FD, 2.22%, 12/20/2062 (h)		1,397		1,396
Series 2013-H01, Class FA, 1.65%, 1/20/2063		2,251		2,215
Series 2013-H04, Class BA, 1.65%, 2/20/2063		1,116		1,099
Series 2013-H08, Class FC, 2.33%, 2/20/2063 (h)		1,277		1,280
Series 2013-H07, Class HA, 2.29%, 3/20/2063 (h)		1,354		1,355
Series 2013-H09, Class HA, 1.65%, 4/20/2063		1,495		1,463
Series 2013-H18, Class JA, 2.48%, 8/20/2063 (h)		2,838		2,854
Series 2014-H01, Class FD, 2.53%, 1/20/2064 (h)		1,451		1,463
Series 2014-H09, Class TA, 2.48%, 4/20/2064 (h)		1,464		1,473
Series 2015-H05, Class FC, 2.36%, 2/20/2065 (h)		5,156		5,179
Series 2015-H12, Class FA, 2.36%, 5/20/2065 (h)		6,287		6,315
Series 2015-H15, Class FD, 2.32%, 6/20/2065 (h)		1,759		1,765
Series 2015-H15, Class FJ, 2.32%, 6/20/2065 (h)		3,768		3,779
Series 2015-H16, Class FG, 2.32%, 7/20/2065 (h)		2,863		2,871
Series 2015-H23, Class FB, 2.40%, 9/20/2065 (h)		2,665		2,682
Series 2015-H32, Class FH, 2.54%, 12/20/2065 (h)		1,950		1,974
Series 2017-H08, Class XI, IO, 2.08%, 3/20/2067 (h)		8,920		1,194

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount($000)		Value($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
GSMPS Mortgage Loan Trust
Series 2001-2, Class A, 7.50%, 6/19/2032 (a) (h)		614		599
Series 2005-RP3, Class 1AF, 2.31%, 9/25/2035 (a) (h)		882		792
Series 2005-RP3, Class 1AS, IO, 2.67%, 9/25/2035 ‡ (a) (h)		666		48
Series 2006-RP2, Class 1AS2, IF, IO, 4.18%, 4/25/2036 ‡ (a) (h)		2,923		364
GSR Mortgage Loan Trust
Series 2004-6F, Class 3A4, 6.50%, 5/25/2034		270		289
Series 2004-8F, Class 2A3, 6.00%, 9/25/2034		148		152
Series 2004-13F, Class 3A3, 6.00%, 11/25/2034		403		414
Series 2005-4F, Class AP, PO, 5/25/2035 ‡		8		8
Series 2005-7F, Class 3A9, 6.00%, 9/25/2035		849		895
Series 2006-1F, Class 2A4, 6.00%, 2/25/2036		1,471		1,263
Impac CMB Trust
Series 2004-7, Class 1A1, 2.70%, 11/25/2034 (h)		1,240		1,238
Series 2005-4, Class 2A1, 2.56%, 5/25/2035 (h)		150		148
Impac Secured Assets Trust
Series 2006-1, Class 2A1, 2.31%, 5/25/2036 (h)		450		445
Series 2006-2, Class 2A1, 2.31%, 8/25/2036 (h)		270		266
JP Morgan Mortgage Trust
Series 2006-A2, Class 5A3, 3.59%, 11/25/2033 (h)		667		680
Series 2006-A3, Class 6A1, 3.59%, 8/25/2034 (h)		114		113
Series 2006-A2, Class 4A1, 3.84%, 8/25/2034 (h)		482		487
Lehman Mortgage Trust
Series 2006-2, Class 1A1, 5.77%, 4/25/2036 (h)		330		301
Series 2008-2, Class 1A6, 6.00%, 3/25/2038		696		529
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1, 3.82%, 4/21/2034 (h)		282		289
Series 2004-4, Class 2A1, 3.39%, 5/25/2034 (h)		43		41
Series 2004-13, Class 3A7, 3.67%, 11/21/2034 (h)		678		696
Series 2004-15, Class 3A1, 4.12%, 12/25/2034 (h)		236		228
MASTR Alternative Loan Trust
Series 2004-10, Class 1A1, 4.50%, 9/25/2019		18		18
Series 2004-8, Class 6A1, 5.50%, 9/25/2019		122		123
Series 2004-4, Class 10A1, 5.00%, 5/25/2024		394		409
Series 2003-3, Class 1A1, 6.50%, 5/25/2033		126		127
Series 2003-9, Class 8A1, 6.00%, 1/25/2034		382		393
Series 2004-3, Class 2A1, 6.25%, 4/25/2034		278		289
Series 2004-6, Class 30PO, PO, 7/25/2034 ‡		219		181
Series 2004-6, Class 7A1, 6.00%, 7/25/2034		357		365
Series 2004-7, Class 30PO, PO, 8/25/2034 ‡		150		125
MASTR Asset Securitization Trust
Series 2004-4, Class 3A1, 4.50%, 4/25/2019		3		3
Series 2004-6, Class 15PO, PO, 7/25/2019 ‡		2		2
Series 2004-8, PO, 8/25/2019 ‡		3		3
Series 2004-8, Class 1A1, 4.75%, 8/25/2019		8		8
Series 2003-12, Class 30PO, PO, 12/25/2033 ‡		27		25
Series 2004-1, Class 30PO, PO, 2/25/2034 ‡		19		16
MASTR Reperforming Loan Trust Series 2005-2, Class 1A1F, 2.31%, 5/25/2035 (a) (h)		1,763		1,453
MASTR Resecuritization Trust Series 2005-PO, Class 3PO, PO, 5/28/2035 ‡ (a)		192		155
Merrill Lynch Mortgage Investors Trust
Series 2003-E, Class A1, 2.58%, 10/25/2028 (h)		135		134
Series 2003-F, Class A1, 2.60%, 10/25/2028 (h)		1,336		1,322
Series 2004-A, Class A1, 2.42%, 4/25/2029 (h)		246		243
Series 2004-1, Class 2A1, 3.45%, 12/25/2034 (h)		363		365
ML Trust XLVII Series 47, Class Z, 8.99%, 10/20/2020 ‡		1		1
NACC Reperforming Loan REMIC Trust Series 2004-R2, Class A1, 6.50%, 10/25/2034 (a) (h)		323		325
Nomura Asset Acceptance Corp. Alternative Loan Trust
Series 2003-A1, Class A5, 7.00%, 4/25/2033		34		35
Series 2003-A1, Class A1, 5.50%, 5/25/2033		44		45

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount($000)		Value($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2003-A1, Class A2, 6.00%, 5/25/2033		90		91
PaineWebber CMO Trust Series P, Class 4, 8.50%, 8/1/2019		1		1
Provident Funding Mortgage Loan Trust Series 2005-1, Class 2A1, 3.81%, 5/25/2035 (h)		97		95
RALI Trust
Series 2003-QS3, Class A2, IF, 12.19%, 2/25/2018 (h)		2		2
Series 2003-QS12, Class A5, IO, 5.00%, 6/25/2018 ‡		1		—	(i)
Series 2003-QS12, Class A2A, IF, IO, 5.64%, 6/25/2018 ‡ (h)		3		—	(i)
Series 2003-QS14, Class A1, 5.00%, 7/25/2018		66		65
Series 2003-QS18, Class A1, 5.00%, 9/25/2018		21		21
Series 2004-QA6, Class NB2, 9.63%, 12/26/2034 (h)		1,055		935
RBSSP Resecuritization Trust
Series 2009-12, Class 1A1, 5.63%, 11/25/2033 (a) (h)		294		301
Series 2009-2, Class 1A1, 7.00%, 8/26/2037 (a) (h)		39		40
Residential Asset Securitization Trust
Series 2003-A14, Class A1, 4.75%, 2/25/2019		4		4
Series 2005-A2, Class A4, IF, IO, 3.09%, 3/25/2035 ‡ (h)		1,582		103
Series 2006-A4, Class 2A5, 6.00%, 5/25/2036		421		410
RFMSI Trust
Series 2003-S14, Class A4, PO, 7/25/2018 ‡		1		1
Series 2004-S3, Class A1, 4.75%, 3/25/2019		12		11
Series 2004-S9, Class 2A1, 4.75%, 12/25/2019		11		11
Series 2005-SA4, Class 1A1, 3.52%, 9/25/2035 (h)		273		246
Structured Asset Mortgage Investments II Trust Series 2004-AR5, Class 1A1, 2.61%, 10/19/2034 (h)		430		411
Structured Asset Securities Corp. Mortgage Pass-Through Certificates
Series 2003-33H, Class 1A1, 5.50%, 10/25/2033		472		480
Series 2004-5H, Class A4, 5.54%, 12/25/2033		735		751
Structured Asset Securities Corp. Trust Series 2005-10, Class 5A9, 5.25%, 12/25/2034		49		48
Thornburg Mortgage Securities Trust
Series 2003-4, Class A1, 2.60%, 9/25/2043 (h)		222		215
Series 2004-4, Class 3A, 3.15%, 12/25/2044 (h)		580		583
Vendee Mortgage Trust
Series 1994-1, Class 1, 5.32%, 2/15/2024 (h)		248		256
Series 1994-1, Class 2ZB, 6.50%, 2/15/2024		308		326
Series 1996-1, Class 1Z, 6.75%, 2/15/2026		365		401
Series 1996-2, Class 1Z, 6.75%, 6/15/2026		286		308
Series 1997-1, Class 2Z, 7.50%, 2/15/2027		521		574
Series 1998-1, Class 2E, 7.00%, 3/15/2028		611		680
Series 1999-1, Class 2Z, 6.50%, 1/15/2029		1,204		1,329
Series 2003-2, Class Z, 5.00%, 5/15/2033		5,405		5,716
WaMu Mortgage Pass-Through Certificates Series 2004-RS2, Class A4, 5.00%, 11/25/2033		1,015		1,030
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-S8, Class A6, 4.50%, 9/25/2018		6		6
Series 2003-AR8, Class A, 3.25%, 8/25/2033 (h)		79		79
Series 2003-AR9, Class 1A6, 3.36%, 9/25/2033 (h)		1,198		1,227
Series 2003-AR9, Class 2A, 3.37%, 9/25/2033 (h)		193		195
Series 2003-S9, Class P, PO, 10/25/2033 ‡		34		30
Series 2003-S9, Class A8, 5.25%, 10/25/2033		561		573
Series 2004-AR3, Class A1, 3.95%, 6/25/2034 (h)		104		106
Series 2004-AR3, Class A2, 3.95%, 6/25/2034 (h)		87		89
Series 2006-AR10, Class 2P, 3.44%, 9/25/2036 ‡ (h)		120		104
Series 2006-AR12, Class 2P, 2.93%, 10/25/2036 ‡ (h)		110		111
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
Series 2005-2, Class 2A3, IF, IO, 3.04%, 4/25/2035 ‡ (h)		1,219		119
Series 2005-2, Class 1A4, IF, IO, 3.09%, 4/25/2035 ‡ (h)		4,923		435
Series 2005-3, Class CX, IO, 5.50%, 5/25/2035 ‡		1,333		252
Series 2005-4, Class CB7, 5.50%, 6/25/2035		1,574		1,516

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount($000)		Value($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2005-4, Class CX, IO, 5.50%, 6/25/2035 ‡		1,286		244
Series 2005-6, Class 2A4, 5.50%, 8/25/2035		336		326
Series 2005-6, Class 2A9, 5.50%, 8/25/2035		2,156		2,090
Wells Fargo Mortgage-Backed Securities Trust
Series 2003-K, Class 1A1, 3.57%, 11/25/2033 (h)		101		102
Series 2003-K, Class 1A2, 3.57%, 11/25/2033 (h)		190		194
Series 2005-AR16, Class 2A1, 3.81%, 2/25/2034 (h)		183		188
Series 2004-P, Class 2A1, 3.56%, 9/25/2034 (h)		1,091		1,120
Series 2004-V, Class 1A1, 3.72%, 10/25/2034 (h)		193		196
Series 2004-EE, Class 2A1, 3.85%, 12/25/2034 (h)		177		180
Series 2004-EE, Class 3A1, 3.92%, 12/25/2034 (h)		257		266
Series 2005-AR3, Class 1A1, 3.86%, 3/25/2035 (h)		1,734		1,784
Series 2005-AR8, Class 2A1, 3.85%, 6/25/2035 (h)		207		212
Series 2005-16, Class APO, PO, 1/25/2036 ‡		66		56
Series 2006-2, Class APO, PO, 3/25/2036 ‡		276		232
Series 2006-4, Class 1APO, PO, 4/25/2036 ‡		116		105
Series 2007-7, Class A7, 6.00%, 6/25/2037		399		397
Series 2007-11, Class A14, 6.00%, 8/25/2037		127		126
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $309,904)				320,325
ASSET-BACKED SECURITIES — 11.3%
Academic Loan Funding Trust Series 2013-1A, Class A, 2.76%, 12/26/2044 (a) (h)		1,156		1,158
Air Canada Pass-Through Trust (Canada)
Series 2013-1, Class A, 4.13%, 5/15/2025 (a)		661		666
Series 2017-1, Class AA, 3.30%, 1/15/2030 (a)		491		473
Series 2017-1, Class A, 3.55%, 1/15/2030 (a)		695		667
Ajax Mortgage Loan Trust Series 2016-2, Class A, 4.13%, 10/25/2056 ‡ (a) (d)		3,383		3,373
American Airlines Pass-Through Trust
Series 2011-1, Class A, 5.25%, 1/31/2021		144		149
Series 2013-2, Class A, 4.95%, 1/15/2023		480		497
Series 2016-2, Class A, 3.65%, 6/15/2028		268		262
Series 2016-3, Class AA, 3.00%, 10/15/2028		387		363
Series 2017-1, Class AA, 3.65%, 2/15/2029		543		533
American Credit Acceptance Receivables Trust
Series 2015-2, Class C, 4.32%, 5/12/2021 (a)		1,115		1,120
Series 2016-1A, Class B, 4.24%, 6/13/2022 ‡ (a)		996		998
Series 2016-4, Class C, 2.91%, 2/13/2023 ‡ (a)		870		869
Series 2017-1, Class C, 2.88%, 3/13/2023 (a)		1,480		1,476
American Homes 4 Rent
Series 2015-SFR1, Class A, 3.47%, 4/17/2052 ‡ (a)		4,010		3,984
Series 2015-SFR1, Class E, 5.64%, 4/17/2052 (a)		1,275		1,365
American Homes 4 Rent Trust
Series 2014-SFR2, Class A, 3.79%, 10/17/2036 (a)		3,757		3,813
Series 2014-SFR2, Class D, 5.15%, 10/17/2036 ‡ (a)		2,000		2,112
Series 2014-SFR2, Class E, 6.23%, 10/17/2036 (a)		850		941
Series 2014-SFR3, Class A, 3.68%, 12/17/2036 (a)		2,816		2,835
Series 2014-SFR3, Class C, 4.60%, 12/17/2036 (a)		500		517
Series 2014-SFR3, Class E, 6.42%, 12/17/2036 (a)		2,380		2,664
AmeriCredit Automobile Receivables Series 2016-1, Class A3, 1.81%, 10/8/2020		447		446
AmeriCredit Automobile Receivables Trust Series 2016-3, Class A3, 1.46%, 5/10/2021		698		694
Anchor Assets IX LLC Series 2016-1, Class A, 5.13%, 2/15/2020 ‡ (a)		10,700		10,700
B2R Mortgage Trust
Series 2015-1, Class A1, 2.52%, 5/15/2048 (a)		1,202		1,186
Series 2015-2, Class A, 3.34%, 11/15/2048 (a)		2,153		2,146
Banc of America Funding Corp. Series 2012-R6, Class 1A1, 3.00%, 10/26/2039 ‡ (a)		257		255

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount($000)		Value($000)
ASSET-BACKED SECURITIES — continued
BCC Funding Corp. X
Series 2015-1, Class A2, 2.22%, 10/20/2020 (a)		8		8
Series 2015-1, Class D, 4.54%, 12/21/2020 ‡ (a)		550		555
Bear Stearns Asset-Backed Securities Trust Series 2006-SD1, Class A, 2.33%, 4/25/2036 ‡ (h)		90		88
British Airways Pass-Through Trust (United Kingdom)
Series 2018-1, Class AA, 3.80%, 9/20/2031 (a)		621		620
Series 2018-1, Class A, 4.13%, 9/20/2031 (a)		793		792
Business Jet Securities LLC Series 2018-1, Class A, 4.34%, 2/15/2033 (a)		2,628		2,635
BXG Receivables Note Trust Series 2012-A, Class A, 2.66%, 12/2/2027 (a)		290		285
Cabela’s Credit Card Master Note Trust Series 2015-2, Class A1, 2.25%, 7/17/2023		880		869
CAM Mortgage Trust Series 2017-1, Class A1, 3.22%, 8/1/2057 (a) (d)		787		784
Camillo Issuer LLC Series 2016-SFR, Class 1A1, 5.00%, 12/5/2023 ‡		5,017		5,006
CarFinance Capital Auto Trust Series 2015-1A, Class A, 1.75%, 6/15/2021 (a)		106		106
Carnow Auto Receivables Trust Series 2017-1A, Class A, 2.92%, 9/15/2022 (a)		1,062		1,057
Chase Funding Trust Series 2003-6, Class 1A7, 5.08%, 11/25/2034 ‡ (d)		676		692
Citi Held For Asset Issuance Series 2016-MF1, Class A, 4.48%, 8/15/2022 (a)		95		95
Citibank Credit Card Issuance Trust Series 2007-A3, Class A3, 6.15%, 6/15/2039		800		1,010
Citigroup Mortgage Loan Trust, Inc. Series 2003-HE3, Class A, 2.72%, 12/25/2033 (h)		76		75
Colony American Finance Ltd. (Cayman Islands) Series 2016-1, Class A, 2.54%, 6/15/2048 (a)		2,110		2,078
Continental Airlines Pass-Through Trust
Series 1999-2, Class A-1, 7.26%, 3/15/2020		74		77
Series 2007-1, Class A, 5.98%, 4/19/2022		351		374
Continental Credit Card Series 2017-1A, Class A, 4.29%, 1/15/2024 (a)		2,652		2,650
CPS Auto Receivables Trust
Series 2016-B, Class A, 2.07%, 11/15/2019 (a)		18		18
Series 2014-D, Class C, 4.35%, 11/16/2020 (a)		700		709
Series 2015-A, Class C, 4.00%, 2/16/2021 (a)		223		225
Series 2015-B, Class C, 4.20%, 5/17/2021 (a)		2,535		2,562
Series 2015-C, Class D, 4.63%, 8/16/2021 ‡ (a)		1,376		1,398
Series 2016-C, Class C, 3.27%, 6/15/2022 (a)		1,400		1,403
Credit Acceptance Auto Loan Trust
Series 2015-2A, Class C, 3.76%, 2/15/2024 (a)		579		581
Series 2017-1A, Class A, 2.56%, 10/15/2025 (a)		1,564		1,556
Series 2017-1A, Class B, 3.04%, 12/15/2025 (a)		686		683
Series 2017-1A, Class C, 3.48%, 2/17/2026 (a)		574		570
Series 2017-2A, Class C, 3.35%, 6/15/2026 (a)		604		595
Series 2018-1A, Class A, 3.01%, 2/16/2027 (a)		1,543		1,531
CVS Pass-Through Trust 5.93%, 1/10/2034 (a)		919		998
CWABS, Inc. Asset-Backed Certificates Trust Series 2004-6, Class M1, 2.86%, 10/25/2034 (h)		138		136
Delta Air Lines Pass-Through Trust
Series 2011-1, Class A, 5.30%, 4/15/2019		100		102
Series 2010-2, Class A, 4.95%, 5/23/2019		207		209
Series 2012-1, Class A, 4.75%, 5/7/2020		234		239
Drive Auto Receivables Trust
Series 2016-AA, Class C, 3.91%, 5/17/2021 (a)		1,722		1,730
Series 2015-BA, Class D, 3.84%, 7/15/2021 (a)		2,882		2,902
Series 2015-CA, Class D, 4.20%, 9/15/2021 (a)		1,059		1,070
Series 2017-1, Class C, 2.84%, 4/15/2022		2,635		2,633
Series 2015-AA, Class D, 4.12%, 7/15/2022 (a)		1,471		1,487
Series 2015-DA, Class D, 4.59%, 1/17/2023 ‡ (a)		1,320		1,343
Series 2017-1, Class D, 3.84%, 3/15/2023		2,992		3,020
Series 2017-3, Class D, 3.53%, 12/15/2023 (a)		4,800		4,791
Series 2016-CA, Class D, 4.18%, 3/15/2024 (a)		3,101		3,150
Series 2018-2, Class C, 3.63%, 8/15/2024		1,755		1,760

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount($000)		Value($000)
ASSET-BACKED SECURITIES — continued
DT Auto Owner Trust
Series 2016-4A, Class B, 2.02%, 8/17/2020 (a)		286		286
Series 2015-2A, Class D, 4.25%, 2/15/2022 (a)		1,808		1,821
Series 2016-4A, Class D, 3.77%, 10/17/2022 (a)		1,609		1,608
Series 2017-2A, Class C, 3.03%, 1/17/2023 (a)		2,244		2,239
Engs Commercial Finance Trust Series 2016-1A, Class A2, 2.63%, 2/22/2022 (a)		519		513
Exeter Automobile Receivables Trust
Series 2016-2A, Class A, 2.21%, 7/15/2020 (a)		113		113
Series 2016-3A, Class B, 2.84%, 8/16/2021 (a)		1,171		1,170
First Investors Auto Owner Trust Series 2015-2A, Class D, 4.22%, 12/15/2021 (a)		373		375
FirstKey Lending Trust
Series 2015-SFR1, Class A, 2.55%, 3/9/2047 (a)		5,900		5,867
Series 2015-SFR1, Class B, 3.42%, 3/9/2047 ‡ (a)		2,246		2,242
Flagship Credit Auto Trust
Series 2015-3, Class A, 2.38%, 10/15/2020 (a)		876		875
Series 2014-2, Class B, 2.84%, 11/16/2020 (a)		289		289
Series 2014-2, Class C, 3.95%, 12/15/2020 (a)		440		443
Series 2015-3, Class B, 3.68%, 3/15/2022 (a)		757		762
Series 2015-3, Class C, 4.65%, 3/15/2022 (a)		756		769
Series 2016-2, Class C, 6.22%, 9/15/2022 (a)		3,000		3,145
Series 2018-2, Class A, 2.97%, 10/17/2022 (a)		3,251		3,251
GE Capital Mortgage Services, Inc. Trust Series 1999-HE1, Class M, 6.70%, 4/25/2029 ‡ (h)		126		106
GLS Auto Receivables Trust
Series 2016-1A, Class A, 2.73%, 10/15/2020 (a)		487		487
Series 2015-1A, Class B, 4.43%, 12/15/2020 (a)		1,166		1,169
Series 2016-1A, Class C, 6.90%, 10/15/2021 (a)		1,200		1,249
GMAT Trust Series 2013-1A, Class A, 6.97%, 11/25/2043 ‡ (a) (d)		205		205
Gold Key Resorts LLC Series 2014-A, Class A, 3.22%, 3/17/2031 (a)		695		687
Goodgreen Trust Series 2017-1A, Class A, 3.74%, 10/15/2052 (a)		794		798
HERO (Cayman Islands) Series 2018-1ASI, Class A, 4.00%, 9/20/2047 (a)		2,768		2,765
Hero Funding (Cayman Islands) Series 2017-3A, Class A2, 3.95%, 9/20/2048 (a)		2,660		2,678
HERO Funding Trust (Cayman Islands)
Series 2016-3A, Class A1, 3.08%, 9/20/2042 (a)		1,357		1,335
Series 2017-1A, Class A2, 4.46%, 9/20/2047 (a)		2,763		2,846
Hilton Grand Vacations Trust Series 2017-AA, Class A, 2.66%, 12/26/2028 (a)		361		356
Home Equity Mortgage Loan Asset-Backed Trust Series 2006-A, Class A3, 2.16%, 3/25/2036 ‡ (h)		82		81
Kabbage Asset Securitization LLC
Series 2017-1, Class A, 4.57%, 3/15/2022 (a)		8,515		8,603
Series 2017-1, Class B, 5.79%, 3/15/2022 ‡ (a)		2,525		2,581
KGS-Alpha SBA COOF Trust
Series 2012-2, Class A, IO, 0.99%, 8/25/2038 ‡ (a) (h)		6,275		149
Series 2013-2, Class A, IO, 1.68%, 3/25/2039 ‡ (a) (h)		5,400		226
Series 2015-2, Class A, IO, 2.83%, 7/25/2041 (a) (h)		3,322		342
LendingClub Issuance Trust Series 2016-NP1, Class A, 3.75%, 6/15/2022 (a)		26		26
Lendmark Funding Trust Series 2017-1A, Class A, 2.83%, 1/22/2024 (a)		1,866		1,849
LV Tower 52 Issuer
Series 2013-1, Class A, 5.75%, 2/15/2023 ‡ (a)		5,897		5,897
Series 2013-1, Class M, 7.75%, 2/15/2023 ‡ (a)		2,112		2,112
Mariner Finance Issuance Trust Series 2017-AA, Class A, 3.62%, 2/20/2029 (a)		2,130		2,140
Marlette Funding Trust
Series 2016-1A, Class A, 3.06%, 1/17/2023 (a)		263		263
Series 2017-1A, Class A, 2.83%, 3/15/2024 (a)		1,545		1,545
Series 2018-1A, Class A, 2.61%, 3/15/2028 (a)		2,424		2,417

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount($000)	Value($000)
ASSET-BACKED SECURITIES — continued
Mid-State Capital Corp. Trust Series 2006-1, Class M1, 6.08%, 10/15/2040 ‡ (a)	773		854
Nationstar HECM Loan Trust Series 2017-1A, Class M1, 2.94%, 5/25/2027 ‡ (a)	380		379
NCUA Guaranteed Notes Trust Series 2010-A1, Class A, 2.27%, 12/7/2020 (h)	285		286
New Century Home Equity Loan Trust Series 2003-5, Class AI6, 5.10%, 11/25/2033 ‡ (d)	503		508
New Residential Advance Receivables Trust Advance Receivables Backed Notes Series 2016-T2, Class AT2, 2.58%, 10/15/2049 (a)	2,565		2,542
Ocwen Master Advance Receivables Trust Series 2016-T1, Class AT1, 2.52%, 8/17/2048 (a)	1,400		1,402
OnDeck Asset Securitization Trust LLC Series 2018-1A, Class A, 3.50%, 4/18/2022 (a)	1,801		1,814
OneMain Financial Issuance Trust
Series 2015-2A, Class A, 2.57%, 7/18/2025 (a)	1,626		1,625
Series 2015-2A, Class B, 3.10%, 7/18/2025‡ (a)	1,911		1,911
Series 2015-1A, Class B, 3.85%, 3/18/2026 (a)	550		554
Series 2016-1A, Class A, 3.66%, 2/20/2029 (a)	2,755		2,780
Series 2016-1A, Class C, 6.00%, 2/20/2029 (a)	1,800		1,851
Oportun Funding VI LLC Series 2017-A, Class A, 3.23%, 6/8/2023 (a)	1,455		1,445
Progress Residential Trust
Series 2015-SFR2, Class A, 2.74%, 6/12/2032 (a)	3,909		3,860
Series 2015-SFR2, Class B, 3.14%, 6/12/2032 (a)	2,012		1,991
Series 2015-SFR2, Class C, 3.44%, 6/12/2032 ‡ (a)	2,566		2,549
Series 2015-SFR2, Class E, 4.43%, 6/12/2032 (a)	1,230		1,234
Series 2015-SFR3, Class A, 3.07%, 11/12/2032 (a)	5,206		5,164
Series 2015-SFR3, Class D, 4.67%, 11/12/2032 ‡ ( a)	295		300
Series 2015-SFR3, Class E, 5.66%, 11/12/2032 (a)	1,200		1,238
Prosper Marketplace Issuance Trust Series 2017-1A, Class A, 2.56%, 6/15/2023 (a)	581		581
RBSHD Trust Series 2013-1A, Class A, 7.69%, 10/25/2047 ‡ (a) (d)	692		617
RCM Fund 1 Issuer LLC Series 2017-1, Class A, 5.50%, 10/25/2021 ‡ (a)	3,900		3,900
Renaissance Home Equity Loan Trust Series 2007-2, Class AF2, 5.68%, 6/25/2037 ‡ (d)	287		133
Renew (Cayman Islands) Series 2017-1A, Class A, 3.67%, 9/20/2052 (a)	1,068		1,038
Saxon Asset Securities Trust Series 2003-1, Class AF6, 4.74%, 6/25/2033 (d)	72		73
Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2, 3.46%, 1/25/2036 ‡ (d)	234		208
SoFi Consumer Loan Program LLC Series 2016-2, Class A, 3.09%, 10/27/2025 (a)	985		984
Spirit Airlines Pass-Through Trust Series 2017-1, Class AA, 3.38%, 2/15/2030	398		390
SpringCastle America Funding LLC Series 2016-AA, Class A, 3.05%, 4/25/2029 (a)	2,227		2,221
Springleaf Funding Trust Series 2015-AA, Class A, 3.16%, 11/15/2024 (a)	2,753		2,753
Series 2015-AA, Class B, 3.62%, 11/15/2024 (a)	1,087		1,085
Series 2016-AA, Class B, 3.80%, 11/15/2029 (a)	2,040		2,042
Spruce ABS Trust Series 2016-E1, Class A, 4.32%, 6/15/2028 (a)	1,145		1,155
Tricon American Homes Trust Series 2016-SFR1, Class A, 2.59%, 11/17/2033 ‡ (a)	1,820		1,765
United Airlines Pass-Through Trust
Series 2018-1, Class A, 4.60%, 3/1/2026	227		226
Series 2016-1, Class A, 3.45%, 7/7/2028	1,017		995
Series 2018-1, Class AA, 3.50%, 3/1/2030	1,093		1,070
Series 2018-1, Class A, 3.70%, 3/1/2030	742		730
Upstart Securitization Trust Series 2017-1, Class A, 2.64%, 6/20/2024 (a)	791		790
Verizon Owner Trust Series 2016-1A, Class A, 1.42%, 1/20/2021 (a)	250		248
VM DEBT LLC Series 2017-1, Class A, 6.50%, 10/2/2024 ‡ (a)	3,655		3,655

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount($000)		Value($000)
ASSET-BACKED SECURITIES — continued
VOLT LIV LLC Series 2017-NPL1, Class A1, 3.50%, 2/25/2047 (a) (d)		373		373
VOLT LIX LLC Series 2017-NPL6, Class A1, 3.25%, 5/25/2047 ‡ (a) (d)		831		826
VOLT LV LLC Series 2017-NPL2, Class A1, 3.50%, 3/25/2047 (a) (d)		1,070		1,068
VOLT LX LLC Series 2017-NPL7, Class A1, 3.25%, 6/25/2047 ‡ (a) (d)		1,371		1,364
VOLT Trust Series 2018-FT1, Class A1, 3.26%, 1/27/2023 ‡ (h)		3,273		3,235
VOLT XL LLC Series 2015-NP14, Class A1, 4.37%, 11/27/2045 ‡ (a) (d)		516		519
Westgate Resorts LLC
Series 2015-1A, Class A, 2.75%, 5/20/2027 (a)		138		137
Series 2017-1A, Class A, 3.05%, 12/20/2030 (a)		1,299		1,288
Westlake Automobile Receivables Trust
Series 2017-1A, Class C, 2.70%, 10/17/2022 (a)		941		937
Series 2017-1A, Class D, 3.46%, 10/17/2022 (a)		947		951
World Omni Auto Receivables Trust Series 2018-B, Class A3, 2.87%, 7/17/2023		6,900		6,892
TOTAL ASSET-BACKED SECURITIES (Cost $250,653)				250,735
COMMERCIAL MORTGAGE-BACKED SECURITIES — 4.8%
BAMLL Commercial Mortgage Securities Trust
Series 2012-PARK, Class A, 2.96%, 12/10/2030 (a)		560		553
Series 2014-520M, Class C, 4.21%, 8/15/2046 ‡ (a) (h)		1,300		1,220
BAMLL Re-REMIC Trust
Series 2016-FR16, Class A, 1.41%, 5/27/2021 (a) (h)		2,600		2,384
Series 2014-FRR5, Class A714, PO, 1/27/2047 (a)		1,950		1,741
BB-UBS Trust
Series 2012-TFT, Class A, 2.89%, 6/5/2030 (a)		483		473
Series 2012-SHOW, Class A, 3.43%, 11/5/2036 (a)		4,400		4,352
Bear Stearns Commercial Mortgage Securities Trust Series 2005-PWR8, Class X1, IO, 0.34%, 6/11/2041 ‡ (a) (h)		398		3
CD Commercial Mortgage Trust Series 2007-CD4, Class XC, IO, 0.59%, 12/11/2049 ‡ (a) (h)		1,741		5
COBALT CMBS Commercial Mortgage Trust Series 2006-C1, IO, 0.86%, 8/15/2048 ‡ (h)		1,134		11
Commercial Mortgage Trust
Series 2013-300P, Class A1, 4.35%, 8/10/2030 (a)		3,500		3,635
Series 2014-TWC, Class A, 2.78%, 2/13/2032 (a) (h)		1,400		1,399
Series 2013-SFS, Class A2, 2.99%, 4/12/2035 (a) (h)		1,060		1,032
Series 2006-GG7, Class AM, 5.75%, 7/10/2038 (h)		99		99
Series 2012-CR2, Class XA, IO, 1.66%, 8/15/2045 ‡ (h)		2,479		140
Series 2015-CR24, Class A5, 3.70%, 8/10/2048		1,156		1,165
Series 2015-CR25, Class A4, 3.76%, 8/10/2048		2,812		2,845
FHLMC Multifamily Structured Pass-Through Certificates
Series KJ02, Class A2, 2.60%, 9/25/2020		610		606
Series KJ09, Class A2, 2.84%, 9/25/2022		2,759		2,737
Series KS01, Class A2, 2.52%, 1/25/2023		1,000		981
Series KPLB, Class A, 2.77%, 5/25/2025		353		344
Series K052, Class A2, 3.15%, 11/25/2025		3,560		3,543
Series K065, Class A2, 3.24%, 4/25/2027		2,467		2,450
Series K065, Class AM, 3.33%, 5/25/2027		1,322		1,313
Series K070, Class A2, 3.30%, 11/25/2027 (h)		1,748		1,738
FNMA ACES
Series 2012-M11, Class FA, 2.39%, 8/25/2019 (h)		105		105
Series 2010-M3, Class A3, 4.33%, 3/25/2020 (h)		2,362		2,405
Series 2011-M2, Class A3, 3.76%, 4/25/2021		8,226		8,388
Series 2013-M7, Class A2, 2.28%, 12/27/2022		1,878		1,824
Series 2014-M3, Class A2, 3.46%, 1/25/2024 (h)		2,500		2,551
Series 2017-M3, Class A2, 2.49%, 12/25/2026 (h)		6,250		5,872
Series 2015-M10, Class A2, 3.09%, 4/25/2027 (h)		8,555		8,317
Series 2017-M8, Class A2, 3.06%, 5/25/2027 (h)		3,815		3,712

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount($000)		Value($000)
COMMERCIAL MORTGAGE-BACKED SECURITIES — continued
Series 2017-M5, Class A2, 3.18%, 4/25/2029 (h)		3,376		3,288
FNMA Grantor Trust Series 2017-T1, Class A, 2.90%, 6/25/2027		4,863		4,686
FORT CRE LLC
Series 2016-1A, Class B, 4.71%, 5/21/2036 (a) (h)		1,070		1,072
Series 2016-1A, Class C, 5.21%, 5/21/2036 (a) (h)		1,887		1,893
GS Mortgage Securities Corp. II Series 2013-KING, Class A, 2.71%, 12/10/2027 (a)		1,189		1,184
JP Morgan Chase Commercial Mortgage Securities Trust Series 2006-LDP9, Class AMS, 5.34%, 5/15/2047		400		402
Ladder Capital Commercial Mortgage Trust Series 2013-GCP, Class A2, 3.99%, 2/15/2036 (a)		998		998
LB-UBS Commercial Mortgage Trust Series  2006-C7, Class XW, IO, 0.72%, 11/15/2038 ‡ (a) (h)		2,513		2
ML-CFC Commercial Mortgage Trust Series 2006-4, Class XC, IO, 0.52%, 12/12/2049 ‡ (a) (h)		714		—	(i)
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C14, Class A3, 3.67%, 2/15/2047		2,000		2,027
Morgan Stanley Capital I Trust		3,716
Series 2006-IQ12, Class X1, IO, 0.50%, 12/15/2043 ‡ (a) (h)				—	(i)
Series 2007-HQ11, Class X, IO, 0.37%, 2/12/2044 ‡ (a) (h)		997		2
Series 2011-C3, Class A3, 4.05%, 7/15/2049		609		616
Morgan Stanley Re-REMIC Trust
Series 2012-XA, Class B, 0.25%, 7/27/2049 ‡ (a)		619		596
Series 2012-IO, Class AXA, 1.00%, 3/27/2051 (a)		133		132
RAIT Trust
Series 2015-FL5, Class B, 5.83%, 1/15/2031 ‡ (a) (h)		1,805		1,805
RBS Commercial Funding, Inc. Trust
Series 2013-SMV, Class A, 3.26%, 3/11/2031 (a)		664		649
Resource Capital Corp. Ltd. (Cayman Islands)
Series 2015-CRE4, Class B, 4.94%, 8/15/2032 ‡ (a) (h)		1,068		1,057
UBS-BAMLL Trust
Series 2012-WRM, Class A, 3.66%, 6/10/2030 (a)		2,236		2,229
UBS-Barclays Commercial Mortgage Trust
Series 2013-C6, Class A4, 3.24%, 4/10/2046		857		853
Series 2012-C2, Class XA, IO, 1.34%, 5/10/2063 ‡ (a) (h)		7,398		327
Series 2012-C2, Class A4, 3.53%, 5/10/2063		1,053		1,064
VNDO Mortgage Trust
Series 2013-PENN, Class A, 3.81%, 12/13/2029 (a)		5,000		5,061
Series 2012-6AVE, Class A, 3.00%, 11/15/2030 (a)		1,398		1,381
Wells Fargo Commercial Mortgage Trust
Series 2013-120B, Class A, 2.71%, 3/18/2028 (a) (h)		2,500		2,479
Series 2015-C30, Class A4, 3.66%, 9/15/2058		1,094		1,101
WFRBS Commercial Mortgage Trust
Series 2011-C3, Class A4, 4.38%, 3/15/2044 (a)		1,700		1,750
Series 2013-C11, Class D, 4.27%, 3/15/2045 ‡ (a) (h)		400		377
Series 2012-C6, Class A4, 3.44%, 4/15/2045		800		807
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $106,836)				105,781
U.S. GOVERNMENT AGENCY SECURITIES — 1.9%
FHLB 5.50%, 7/15/2036		1,525		1,995
FNMA 1.83%, 10/9/2019 (g)		4,260		4,120
Government Trust Certificate 2.80%, 10/1/2019 (g)		13,319		12,886
Resolution Funding Corp. STRIPS 1.74%, 10/15/2019 (g)		8,040		7,774
DN, 2.96%, 1/15/2026 (g)		580		457
DN, 2.72%, 10/15/2027 (g)		510		378
Tennessee Valley Authority 5.88%, 4/1/2036		5,311		7,031
4.63%, 9/15/2060		304		367
Tennessee Valley Authority STRIPS 4.60%, 5/1/2019 (g)		2,000		1,953
DN, 3.47%, 11/1/2025 (g)		5,000		3,934
DN, 4.57%, 6/15/2035 (g)		800		436
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $41,315)				41,331

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount($000)		Value($000)
FOREIGN GOVERNMENT SECURITIES — 1.9%
Israel Government AID Bond (Israel)
Zero Coupon, 11/1/2023		6,165		5,251
Zero Coupon, 5/1/2024		5,535		4,628
Zero Coupon, 8/15/2024		9,805		8,126
Zero Coupon, 11/1/2024		9,205		7,558
Zero Coupon, 8/15/2025		5,000		3,973
5.50%, 9/18/2033		1,000		1,252
Province of Quebec (Canada) 7.37%, 3/6/2026 (d)		377		472
Republic of Colombia (Colombia) 4.00%, 2/26/2024		922		915
4.50%, 1/28/2026		581		587
7.38%, 9/18/2037		200		249
5.63%, 2/26/2044		200		211
5.00%, 6/15/2045		515		498
Republic of Panama (Panama) 4.50%, 4/16/2050		325		315
Republic of Peru (Peru) 5.63%, 11/18/2050		88		102
Republic of South Africa (South Africa) 5.88%, 9/16/2025		640		666
United Mexican States (Mexico) 3.60%, 1/30/2025		788		759
4.13%, 1/21/2026		316		313
3.75%, 1/11/2028		1,216		1,141
4.75%, 3/8/2044		120		111
5.55%, 1/21/2045		3,613		3,726
4.35%, 1/15/2047		186		162
4.60%, 2/10/2048		200		180
TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $41,683)				41,195
MUNICIPAL BONDS — 0.5% (l)
California — 0.1%
General Obligation - 0.0% (b)
State of California, Various Purpose
GO, 7.30%, 10/1/2039		350		499
Transportation — 0.1%
Los Angeles City Department of Airports, International Airport
Series C, Rev., 6.58%, 5/15/2039		440		559
Total California				1,058
New York — 0.2%
Special Tax — 0.0% (b)
New York State Dormitory Authority, State Personal Income Tax, General Purpose
Series D, Rev., 5.60%, 3/15/2040		360		435
Transportation — 0.2%
Port Authority of New York & New Jersey, Consolidated
Series 164, Rev., 5.65%, 11/1/2040		1,825		2,246
Series 165, Rev., 5.65%, 11/1/2040		440		548
Series 174, Rev., 4.46%, 10/1/2062		2,060		2,229
				5,023
Total New York				5,458
Ohio — 0.2%
Education — 0.1%
Ohio State University, General Receipts
Series A, Rev., 4.05%, 12/1/2056		325		325
Series A, Rev., 4.80%, 6/1/2111		1,563		1,682
Rev., 5.59%, 12/1/2114		200		230
				2,237
Utility — 0.1%
American Municipal Power, Inc., Meldahl Hydroelectric Project
Series B, Rev., 7.50%, 2/15/2050		1,315		1,930
Total Ohio				4,167
TOTAL MUNICIPAL BONDS (Cost $9,178)				10,683
SUPRANATIONAL — 0.1%
African Development Bank (Supranational) 8.80%, 9/1/2019 (Cost $3,209)		3,000		3,207
Shares(000)
SHORT-TERM INVESTMENTS — 1.7%
INVESTMENT COMPANIES — 1.7%
JPMorgan Prime Money Market Fund, Institutional Class Shares, 1.90%, (m) (n) (Cost $37,029)		37,029		37,036
Total Investments — 101.0% (Cost $2,225,652)				2,231,843
Liabilities in Excess of Other Assets — (1.0%)				(21,205	)
Net Assets — 100.0%				2,210,638
Percentages indicated are based on net assets.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Abbreviations
ACES	Alternative Credit Enhancement Securities
ARM	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of May 31, 2018.
CMBS	Commercial Mortgage Backed Security
DN	Discount Notes
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 May 31, 2018. 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.
USD	United States Dollar
VA	Veterans Administration

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

(a)	—	Securities exempt from registration under Rule 144A or section 4(2), of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(b)	—	Amount rounds to less than 0.05% of net assets.
(c)	—	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2018.
(d)	—	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown was the current rate as of May 31, 2018.
(e)	—	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 May 31, 2018.
(f)	—	Security is an interest bearing note with preferred security characteristics.
(g)	—	The rate shown is the effective yield as of May 31, 2018.
(h)	—	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of May 31, 2018.
(i)	—	Amount rounds to less than one thousand.
(j)	—	Defaulted security.
(k)	—	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(l)	—	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(m)	—	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(n)	—	The rate shown was the current yield as of May 31, 2018.
‡	—	Value determined 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.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

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 net asset values per share as of the report date.

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at May 31, 2018.

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

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

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

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

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

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	183,040	$	67,695	$	250,735
Collateralized Mortgage Obligations		—		309,875		10,450		320,325
Commercial Mortgage-Backed Securities		—		100,236		5,545		105,781
Corporate Bonds
Aerospace & Defense		—		8,539		—		8,539
Air Freight & Logistics		—		524		—		524
Airlines		—		165		—		165
Automobiles		—		7,102		—		7,102
Banks		—		100,006		—		100,006
Beverages		—		10,752		—		10,752
Biotechnology		—		6,672		—		6,672
Building Products		—		3,547		—		3,547
Capital Markets		—		56,567		132		56,699
Chemicals		—		6,990		—		6,990
Commercial Services & Supplies		—		780		—		780
Communications Equipment		—		1,376		—		1,376
Construction & Engineering		—		791		—		791
Construction Materials		—		2,052		—		2,052
Consumer Finance		—		22,010		—		22,010
Containers & Packaging		—		1,834		—		1,834
Diversified Consumer Services		—		581		—		581
Diversified Financial Services		—		18,010		—		18,010
Diversified Telecommunication Services		—		26,521		—		26,521
Electric Utilities		—		32,393		—		32,393
Electrical Equipment		—		810		—		810
Electronic Equipment, Instruments & Components		—		818		—		818
Energy Equipment & Services		—		3,171		—		3,171
Equity Real Estate Investment Trusts (REITs)		—		24,286		—		24,286
Food & Staples Retailing		—		3,212		—		3,212
Food Products		—		7,517		—		7,517
Gas Utilities		—		4,280		—		4,280
Health Care Equipment & Supplies		—		2,266		—		2,266
Health Care Providers & Services		—		15,329		—		15,329
Hotels, Restaurants & Leisure		—		1,216		—		1,216
Household Durables		—		232		—		232
Household Products		—		671		—		671
Independent Power and Renewable Electricity Producers		—		2,703		—		2,703
Industrial Conglomerates		—		1,700		—		1,700
Insurance		—		28,371		—		28,371
Internet & Direct Marketing Retail		—		1,592		—		1,592
Internet Software & Services		—		1,153		—		1,153

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
IT Services	$	—	$	3,079	$	—	$	3,079
Life Sciences Tools & Services		—		1,220		—		1,220
Machinery		—		2,579		—		2,579
Media		—		17,105		—		17,105
Metals & Mining		—		1,745		—		1,745
Multiline Retail		—		556		—		556
Multi-Utilities		—		11,847		—		11,847
Oil, Gas & Consumable Fuels		—		54,859		—		54,859
Pharmaceuticals		—		4,776		—		4,776
Road & Rail		—		7,474		—		7,474
Semiconductors & Semiconductor Equipment		—		5,113		—		5,113
Software		—		12,406		—		12,406
Specialty Retail		—		1,195		—		1,195
Technology Hardware, Storage & Peripherals		—		13,075		—		13,075
Thrifts & Mortgage Finance		—		1,180		—		1,180
Tobacco		—		451		—		451
Trading Companies & Distributors		—		2,615		—		2,615
Water Utilities		—		786		—		786
Wireless Telecommunication Services		—		2,437		—		2,437
Total Corporate Bonds		—		551,037		132		551,169
Foreign Government Securities		—		41,195		—		41,195
Mortgage-Backed Securities		—		336,543		—		336,543
Municipal Bonds		—		10,683		—		10,683
Supranational		—		3,207		—		3,207
U.S. Government Agency Securities		—		41,331		—		41,331
U.S. Treasury Obligations		—		533,838		—		533,838
Short-Term Investments
Investment Companies		37,036		—		—		37,036
Total Investments in Securities	$	37,036	$	2,110,985	$	83,822	$	2,231,843

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 May 31, 2018.

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, 2018		Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of May 31, 2018
Investments in Securities:
Asset-Backed Securities	$	91,372	$	109		$	(231	)	$	(3	)	$	3,451	$	(7,698	)	$	84	$	(19,389	)	$	67,695
Collateralized Mortgage Obligations		10,130		11			(49	)		(130	)		—		(1,065	)		1,553		—			10,450
Commercial Mortgage-Backed Securities		6,785		118			(223	)		(34	)		—		(2,307	)		1,206		—			5,545
Corporate Bonds — Capital Markets		158		—	(a)		—	(a)		—	(a)		—		(26	)		—		—			132
Loan Assignments — Hotels, Restaurants & Leisure		2,289		76			(26	)		2			—		(2,341	)		—		—			—
	$	110,734	$	314		$	(529	)	$	(165	)	$	3,451	$	(13,437	)	$	2,843	$	(19,389	)	$	83,822

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

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

(a) Amount rounds to less than one thousand.

There were no significant transfers between levels 2 and 3 during the period ended May 31, 2018.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at May 31, 2018, which were valued using significant unobservable inputs (level 3) amounted to approximately $(419,000).

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at May 31, 2018		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	28,509	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 30.00% (4.66%)
				Constant Default Rate		0.00% - 30.00% (0.91%)
				Yield (Discount Rate of Cash Flows)		2.55% - 8.14% (3.70%)
Asset-Backed Securities		28,509
		6,294	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 40.00% (15.26%)
				PSA Prepayment Model		256.00% (256.00%)
				Constant Default Rate		0.00% - 12.68% (3.16%)
				Yield (Discount Rate of Cash Flows)		(111.56%) - 43.65% (7.13%)
Collateralized Mortgage Obligations		6,294
		2,074	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (22.82%)
Commercial Mortgage-Backed Securities		2,074		Yield (Discount Rate of Cash Flows)		2.39% - 7.68% (4.53%)
		132	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		3.76% (3.67%)
				Liquidity Discount		0.75% (0.75%)
Corporate Bonds		132
Total	$	37,009

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At May 31, 2018, the value of these investments was approximately $46,813,000. The inputs for these investments are not readily available or cannot be reasonably estimated and generally are those inputs described in Note A.

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

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — 30.6%
Aerospace & Defense — 0.4%
Airbus Finance BV (France) 2.70%, 4/17/2023(a)		43		42
BAE Systems Holdings, Inc. (United Kingdom) 3.80%, 10/7/2024(a)		68		68
General Dynamics Corp. 3.50%, 5/15/2025		100		100
Lockheed Martin Corp. 3.10%, 1/15/2023		174		172
Northrop Grumman Corp. 2.93%, 1/15/2025		150		142
United Technologies Corp. 1.50%, 11/1/2019		180		177
				701
Automobiles — 0.6%
Daimler Finance North America LLC (Germany) 2.20%, 5/5/2020(a)		150		148
General Motors Co. 4.20%, 10/1/2027		600		579
Nissan Motor Acceptance Corp. 2.60%, 9/28/2022(a)		200		193
				920
Banks — 5.5%
ANZ New Zealand Int’l Ltd. (New Zealand) 2.60%, 9/23/2019(a)		200		199
Bank of America Corp. 3.30%, 1/11/2023		90		89
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023(b)		60		59
(ICE LIBOR USD 3 Month + 1.02%), 2.88%, 4/24/2023(b)		100		98
(ICE LIBOR USD 3 Month + 0.78%), 3.55%, 3/5/2024(b)		42		42
Series L, 3.95%, 4/21/2025		154		151
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028(b)		510		481
Bank of Montreal (Canada) 2.35%, 9/11/2022		200		192
Bank of Nova Scotia (The) (Canada) 2.15%, 7/14/2020		300		295
Barclays plc (United Kingdom) 3.68%, 1/10/2023		317		311
Branch Banking & Trust Co. 2.25%, 6/1/2020		250		246
Citibank NA 2.00%, 3/20/2019		350		348
Citigroup, Inc.
5.50%, 9/13/2025		115		123
4.13%, 7/25/2028		450		435
Comerica, Inc. 3.80%, 7/22/2026		16		16
Commonwealth Bank of Australia (Australia) 4.50%, 12/9/2025(a)		201		200
Cooperative Rabobank UA (Netherlands)
4.75%, 1/15/2020(a)		200		206
3.88%, 2/8/2022		118		120
Discover Bank 3.10%, 6/4/2020		250		249
Fifth Third Bank 1.63%, 9/27/2019		325		320
HSBC Holdings plc (United Kingdom)
(ICE LIBOR USD 3 Month + 0.92%), 3.03%, 11/22/2023(b)		200		195
(ICE LIBOR USD 3 Month + 0.99%), 3.95%, 5/18/2024(b)		200		200
4.30%, 3/8/2026		200		202
Huntington National Bank (The) 2.88%, 8/20/2020		250		249
KeyCorp 5.10%, 3/24/2021		50		52
Lloyds Banking Group plc (United Kingdom) 3.75%, 1/11/2027		250		236
Mitsubishi UFJ Financial Group, Inc. (Japan) 3.29%, 7/25/2027		225		215
Mizuho Bank Ltd. (Japan) 2.65%, 9/25/2019(a)		200		199
MUFG Americas Holdings Corp. 2.25%, 2/10/2020		36		35
Nordea Bank AB (Sweden) 4.88%, 1/27/2020(a)		250		257
PNC Financial Services Group, Inc. (The)
4.38%, 8/11/2020		133		137
3.90%, 4/29/2024		100		100
Regions Financial Corp. 3.20%, 2/8/2021		107		107
Standard Chartered plc (United Kingdom) 5.20%, 1/26/2024(a)		200		206
SunTrust Banks, Inc. 2.50%, 5/1/2019		300		299
Swedbank AB (Sweden) 2.20%, 3/4/2020(a)		300		296
Toronto-Dominion Bank (The) (Canada) 1.85%, 9/11/2020		200		195
US Bancorp 3.90%, 4/26/2028		200		203
Wells Fargo & Co.
2.63%, 7/22/2022		450		433
3.00%, 2/19/2025		99		93
4.10%, 6/3/2026		21		21
4.30%, 7/22/2027		30		30
(ICE LIBOR USD 3 Month + 1.31%), 3.58%, 5/22/2028(b)		400		382
Westpac Banking Corp. (Australia) 2.50%, 6/28/2022		300		290
				8,812

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Beverages — 0.6%
Anheuser-Busch InBev Finance, Inc. (Belgium)
3.30%, 2/1/2023		300		298
3.70%, 2/1/2024		76		76
3.65%, 2/1/2026		74		73
Coca-Cola Co. (The) 2.90%, 5/25/2027		200		190
Diageo Capital plc (United Kingdom) 4.83%, 7/15/2020		70		73
Maple Escrow Subsidiary, Inc. 4.42%, 5/25/2025(a)		75		76
Molson Coors Brewing Co. 1.90%, 3/15/2019		255		253
				1,039
Biotechnology — 0.5%
AbbVie, Inc.
3.20%, 11/6/2022		35		34
2.85%, 5/14/2023		100		97
Amgen, Inc.
5.70%, 2/1/2019		40		41
2.20%, 5/22/2019		160		159
3.63%, 5/15/2022		44		44
Baxalta, Inc. 3.60%, 6/23/2022		75		75
Biogen, Inc. 3.63%, 9/15/2022		30		30
Celgene Corp. 3.25%, 8/15/2022		98		96
Gilead Sciences, Inc.
1.85%, 9/20/2019		150		148
3.70%, 4/1/2024		36		36
3.50%, 2/1/2025		25		25
3.65%, 3/1/2026		57		57
				842
Building Products — 0.1%
Johnson Controls International plc
3.75%, 12/1/2021		99		100
3.90%, 2/14/2026		32		32
				132
Capital Markets — 2.6%
Bank of New York Mellon Corp. (The)
4.60%, 1/15/2020		75		77
3.25%, 9/11/2024		150		147
Blackstone Holdings Finance Co. LLC 5.88%, 3/15/2021(a)		150		160
Carlyle Promissory Note 4.35%, 7/15/2019‡		10		10
Charles Schwab Corp. (The)
3.23%, 9/1/2022		40		40
3.20%, 1/25/2028		200		191
Deutsche Bank AG (Germany)
3.13%, 1/13/2021		38		37
3.38%, 5/12/2021		62		61
Goldman Sachs Group, Inc. (The)
2.35%, 11/15/2021		200		193
3.00%, 4/26/2022		80		78
3.75%, 5/22/2025		257		251
(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 9/29/2025(b)		564		539
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028(b)		349		332
ING Bank NV (Netherlands) 2.50%, 10/1/2019(a)		200		199
Intercontinental Exchange, Inc.
2.50%, 10/15/2018		47		47
4.00%, 10/15/2023		88		90
Invesco Finance plc
4.00%, 1/30/2024		71		72
3.75%, 1/15/2026		125		125
Jefferies Group LLC 6.88%, 4/15/2021		125		135
Macquarie Bank Ltd. (Australia)
2.85%, 7/29/2020(a)		100		99
4.00%, 7/29/2025(a)		100		99
Macquarie Group Ltd. (Australia)
6.00%, 1/14/2020(a)		100		104
6.25%, 1/14/2021(a)		40		43
Morgan Stanley
5.50%, 7/24/2020		166		174
5.75%, 1/25/2021		100		106
5.50%, 7/28/2021		100		106
3.70%, 10/23/2024		83		83
5.00%, 11/24/2025		155		162
Nomura Holdings, Inc. (Japan) 6.70%, 3/4/2020		84		89
Northern Trust Corp. (ICE LIBOR USD 3 Month + 1.13%), 3.38%, 5/8/2032(b)		17		16
State Street Corp. 3.10%, 5/15/2023		36		36
TD Ameritrade Holding Corp. 2.95%, 4/1/2022		34		34
UBS AG (Switzerland) 2.45%, 12/1/2020(a)		200		196
				4,131
Chemicals — 0.6%
Chevron Phillips Chemical Co. LLC 3.30%, 5/1/2023(a)		100		100
Dow Chemical Co. (The)
8.55%, 5/15/2019		20		21
4.13%, 11/15/2021		60		61
Ecolab, Inc.
3.25%, 1/14/2023		88		88
3.25%, 12/1/2027		43		41
Mosaic Co. (The) 3.25%, 11/15/2022		246		240
Nutrien Ltd. (Canada) 3.38%, 3/15/2025		45		43

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Chemicals — continued
Praxair, Inc. 2.65%, 2/5/2025		41		39
Sherwin-Williams Co. (The)
3.30%, 2/1/2025		110		106
3.45%, 6/1/2027		51		48
Union Carbide Corp. 7.50%, 6/1/2025		150		178
				965
Commercial Services & Supplies — 0.1%
Republic Services, Inc. 3.38%, 11/15/2027		200		191
Communications Equipment — 0.2%
Cisco Systems, Inc.
4.95%, 2/15/2019		200		204
2.95%, 2/28/2026		44		42
				246
Construction & Engineering — 0.0%(c)
Fluor Corp. 3.38%, 9/15/2021		70		70
Construction Materials — 0.1%
Martin Marietta Materials, Inc.
3.45%, 6/1/2027		78		73
3.50%, 12/15/2027		160		149
				222
Consumer Finance — 1.3%
AerCap Ireland Capital DAC (Ireland) 3.50%, 1/15/2025		250		236
American Express Co. 3.38%, 5/17/2021		100		100
American Honda Finance Corp. 1.95%, 7/20/2020		200		196
Capital One Financial Corp. 3.20%, 2/5/2025		235		221
Caterpillar Financial Services Corp.
1.85%, 9/4/2020		200		196
2.85%, 6/1/2022		58		57
Ford Motor Credit Co. LLC
2.38%, 3/12/2019		200		199
3.16%, 8/4/2020		250		249
2.98%, 8/3/2022		250		242
John Deere Capital Corp.
Series 0014, 2.45%, 9/11/2020		50		49
3.15%, 10/15/2021		33		33
2.70%, 1/6/2023		89		87
2.65%, 6/24/2024		100		96
Synchrony Financial 4.25%, 8/15/2024		100		99
				2,060
Containers & Packaging — 0.0%(c)
WestRock Co. 3.00%, 9/15/2024(a)		80		76
Diversified Financial Services — 1.3%
AIG Global Funding 2.15%, 7/2/2020(a)		150		147
GE Capital International Funding Co. Unlimited Co. 2.34%, 11/15/2020		349		342
GTP Acquisition Partners I LLC 2.35%, 6/15/2020(a)		174		171
National Rural Utilities Cooperative Finance Corp. 2.30%, 9/15/2022		200		192
ORIX Corp. (Japan) 2.90%, 7/18/2022		81		79
Private Export Funding Corp.
Series EE, 2.80%, 5/15/2022		500		499
Series KK, 3.55%, 1/15/2024		200		206
Protective Life Global Funding 2.62%, 8/22/2022(a)		200		194
Shell International Finance BV (Netherlands)
1.38%, 9/12/2019		230		227
3.25%, 5/11/2025		100		98
				2,155
Diversified Telecommunication Services — 0.9%
AT&T, Inc.
5.80%, 2/15/2019		253		258
4.45%, 4/1/2024		17		17
3.95%, 1/15/2025		69		68
4.10%, 2/15/2028(a)		160		156
7.88%, 2/15/2030(a)		350		432
Qwest Corp. 6.75%, 12/1/2021		148		159
Telefonica Emisiones SAU (Spain) 5.13%, 4/27/2020		31		32
Verizon Communications, Inc.
4.15%, 3/15/2024		156		159
4.50%, 8/10/2033		208		204
				1,485
Electric Utilities — 1.6%
Arizona Public Service Co. 2.20%, 1/15/2020		27		27
Baltimore Gas & Electric Co. 2.80%, 8/15/2022		43		42
Commonwealth Edison Co. Series 122, 2.95%, 8/15/2027		200		190
DTE Electric Co. 2.65%, 6/15/2022		20		19
Duke Energy Corp. 3.75%, 4/15/2024		300		301
Duke Energy Indiana LLC 3.75%, 7/15/2020		60		61
Duke Energy Progress LLC 2.80%, 5/15/2022		40		39
Electricite de France SA (France) 2.15%, 1/22/2019(a)		60		60
Enel Finance International NV (Italy) 3.63%, 5/25/2027(a)		200		183
Entergy Mississippi, Inc. 2.85%, 6/1/2028		186		172

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Electric Utilities — continued
Jersey Central Power & Light Co.
7.35%, 2/1/2019		25		25
4.30%, 1/15/2026(a)		200		204
Kansas City Power & Light Co. 3.15%, 3/15/2023		47		46
Nevada Power Co. 7.13%, 3/15/2019		60		62
NextEra Energy Capital Holdings, Inc.
2.40%, 9/15/2019		27		27
3.55%, 5/1/2027		89		85
Niagara Mohawk Power Corp.
4.88%, 8/15/2019(a)		40		41
3.51%, 10/1/2024(a)		28		28
Oncor Electric Delivery Co. LLC 6.80%, 9/1/2018		50		50
Pacific Gas & Electric Co.
2.45%, 8/15/2022		68		65
3.25%, 6/15/2023		50		49
Pennsylvania Electric Co. 3.25%, 3/15/2028(a)		132		124
Public Service Co. of Colorado 3.20%, 11/15/2020		51		51
Public Service Co. of Oklahoma 4.40%, 2/1/2021		74		76
Southern California Edison Co. 1.85%, 2/1/2022		33		33
Southern Co. (The) 3.25%, 7/1/2026		317		299
Virginia Electric & Power Co.
Series C, 2.75%, 3/15/2023		191		185
3.45%, 2/15/2024		21		21
				2,565
Electrical Equipment — 0.1%
ABB Finance USA, Inc. (Switzerland) 2.88%, 5/8/2022		41		41
Eaton Corp. 3.10%, 9/15/2027		140		131
				172
Electronic Equipment, Instruments & Components — 0.1%
Arrow Electronics, Inc.
4.50%, 3/1/2023		16		16
3.88%, 1/12/2028		100		95
				111
Energy Equipment & Services — 0.2%
Baker Hughes a GE Co. LLC 2.77%, 12/15/2022		150		147
Halliburton Co. 3.50%, 8/1/2023		107		107
Nabors Industries, Inc. 4.63%, 9/15/2021		30		29
Schlumberger Investment SA 3.30%, 9/14/2021(a)		47		47
				330
Equity Real Estate Investment Trusts (REITs) — 1.5%
American Tower Corp.
3.50%, 1/31/2023		80		79
5.00%, 2/15/2024		38		40
AvalonBay Communities, Inc. 3.20%, 1/15/2028		100		94
Boston Properties LP 3.20%, 1/15/2025		152		145
Brixmor Operating Partnership LP 3.85%, 2/1/2025		100		97
EPR Properties 4.50%, 6/1/2027		62		59
Equity Commonwealth 5.88%, 9/15/2020		125		130
ERP Operating LP 4.63%, 12/15/2021		255		265
Goodman US Finance Three LLC (Australia) 3.70%, 3/15/2028(a)		52		49
HCP, Inc.
4.20%, 3/1/2024		17		17
3.88%, 8/15/2024		205		202
3.40%, 2/1/2025		38		36
Prologis LP 4.25%, 8/15/2023		53		55
Realty Income Corp.
3.88%, 7/15/2024		50		50
3.65%, 1/15/2028		150		144
Scentre Group Trust 1 (Australia) 3.50%, 2/12/2025(a)		150		145
Select Income 3.60%, 2/1/2020		75		75
Senior Housing Properties Trust 4.75%, 2/15/2028		100		97
Simon Property Group LP
4.13%, 12/1/2021		81		83
3.75%, 2/1/2024		38		38
3.38%, 10/1/2024		62		61
Tanger Properties LP 3.75%, 12/1/2024		75		72
Ventas Realty LP
3.75%, 5/1/2024		44		44
3.50%, 2/1/2025		27		26
4.13%, 1/15/2026		62		61
VEREIT Operating Partnership LP
4.60%, 2/6/2024		100		100
3.95%, 8/15/2027		100		93
Welltower, Inc. 4.50%, 1/15/2024		73		74
				2,431
Food & Staples Retailing — 0.2%
Kroger Co. (The)
1.50%, 9/30/2019		200		196
4.00%, 2/1/2024		90		91
Sysco Corp. 3.75%, 10/1/2025		100		99
				386
Food Products — 0.7%
Campbell Soup Co. 3.95%, 3/15/2025		100		97
Cargill, Inc. 3.30%, 3/1/2022(a)		100		100

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Food Products — continued
General Mills, Inc. 2.60%, 10/12/2022		200		192
Kellogg Co. 3.40%, 11/15/2027		200		187
Kraft Heinz Foods Co.
5.38%, 2/10/2020		22		23
3.50%, 6/6/2022		165		164
3.95%, 7/15/2025		15		15
McCormick & Co., Inc. 3.15%, 8/15/2024		45		44
Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025		92		94
Tyson Foods, Inc. 3.95%, 8/15/2024		73		73
Unilever Capital Corp. (United Kingdom) 3.38%, 3/22/2025		100		100
				1,089
Gas Utilities — 0.0%(c)
Atmos Energy Corp. 8.50%, 3/15/2019		30		31
Health Care Equipment & Supplies — 0.5%
Abbott Laboratories 3.25%, 4/15/2023		300		296
Becton Dickinson and Co. 2.68%, 12/15/2019		250		248
Medtronic Global Holdings SCA 1.70%, 3/28/2019		175		174
Zimmer Biomet Holdings, Inc. 3.70%, 3/19/2023		19		19
				737
Health Care Providers & Services — 1.0%
Aetna, Inc. 2.80%, 6/15/2023		200		192
Anthem, Inc.
3.13%, 5/15/2022		115		113
3.50%, 8/15/2024		106		104
CVS Health Corp. 4.10%, 3/25/2025		380		380
Express Scripts Holding Co.
3.05%, 11/30/2022		200		194
3.50%, 6/15/2024		72		69
Laboratory Corp. of America Holdings 3.20%, 2/1/2022		214		212
UnitedHealth Group, Inc.
1.70%, 2/15/2019		200		199
3.38%, 11/15/2021		112		113
				1,576
Hotels, Restaurants & Leisure — 0.1%
Starbucks Corp. 3.10%, 3/1/2023		150		149
Household Durables — 0.1%
DR Horton, Inc. 2.55%, 12/1/2020		150		147
Household Products — 0.2%
Kimberly-Clark Corp. 2.40%, 3/1/2022		20		20
Procter & Gamble - ESOP Series A, 9.36%, 1/1/2021		33		35
Procter & Gamble Co. (The) 1.75%, 10/25/2019		200		198
				253
Independent Power and Renewable Electricity Producers — 0.1%
Exelon Generation Co. LLC
3.40%, 3/15/2022		80		80
4.25%, 6/15/2022		37		38
				118
Industrial Conglomerates — 0.2%
Ingersoll-Rand Global Holding Co. Ltd. 4.25%, 6/15/2023		34		35
Pentair Finance SARL (United Kingdom) 2.90%, 9/15/2018		49		49
Roper Technologies, Inc. 6.25%, 9/1/2019		175		182
				266
Insurance — 1.5%
Allstate Corp. (The) 3.15%, 6/15/2023		61		60
Alterra Finance LLC 6.25%, 9/30/2020		100		107
American International Group, Inc. 3.75%, 7/10/2025		161		157
Aon plc 3.88%, 12/15/2025		143		141
Assurant, Inc. 4.20%, 9/27/2023		90		90
Berkshire Hathaway Finance Corp. 1.30%, 8/15/2019		280		276
Chubb INA Holdings, Inc. 2.88%, 11/3/2022		130		128
CNA Financial Corp.
3.95%, 5/15/2024		52		52
4.50%, 3/1/2026		38		39
Guardian Life Global Funding 2.50%, 5/8/2022(a)		125		122
Lincoln National Corp. 4.20%, 3/15/2022		35		36
Manulife Financial Corp. (Canada) 4.15%, 3/4/2026		100		101
Marsh & McLennan Cos., Inc.
2.35%, 9/10/2019		156		155
3.30%, 3/14/2023		50		50
Metropolitan Life Global Funding I 3.00%, 9/19/2027(a)		250		234
Principal Financial Group, Inc. 3.10%, 11/15/2026		150		141
Prudential Insurance Co. of America (The) 8.30%, 7/1/2025(a)		150		188
Travelers Cos., Inc. (The) 5.90%, 6/2/2019		250		258
				2,335

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Internet & Direct Marketing Retail — 0.1%
Amazon.com, Inc. 2.80%, 8/22/2024(a)		100		97
IT Services — 0.2%
IBM Credit LLC 2.65%, 2/5/2021		150		149
Western Union Co. (The) 3.60%, 3/15/2022		200		199
				348
Life Sciences Tools & Services — 0.1%
Thermo Fisher Scientific, Inc.
3.15%, 1/15/2023		57		56
4.15%, 2/1/2024		34		35
3.20%, 8/15/2027		100		94
				185
Machinery — 0.1%
Caterpillar, Inc. 2.60%, 6/26/2022		31		30
Illinois Tool Works, Inc. 3.50%, 3/1/2024		175		177
				207
Media — 0.9%
21st Century Fox America, Inc. 7.70%, 10/30/2025		100		122
CBS Corp. 4.00%, 1/15/2026		208		203
Charter Communications Operating LLC 4.91%, 7/23/2025		160		163
Comcast Corp. 3.38%, 8/15/2025		80		77
Cox Communications, Inc. 3.50%, 8/15/2027(a)		154		145
Discovery Communications LLC 4.38%, 6/15/2021		78		80
NBCUniversal Media LLC 2.88%, 1/15/2023		200		194
Time Warner Cable LLC 8.75%, 2/14/2019		35		36
Time Warner, Inc. 3.60%, 7/15/2025		150		145
Viacom, Inc. 3.88%, 4/1/2024		112		110
Walt Disney Co. (The) 2.95%, 6/15/2027		250		238
				1,513
Metals & Mining — 0.0%(c)
Nucor Corp. 4.00%, 8/1/2023		27		28
Multiline Retail — 0.0%(c)
Macy’s Retail Holdings, Inc. 6.90%, 4/1/2029		21		23
Nordstrom, Inc. 4.00%, 10/15/2021		35		35
				58
Multi-Utilities — 0.5%
Consolidated Edison Co. of New York, Inc. 3.80%, 5/15/2028		155		157
Consumers Energy Co. 5.65%, 4/15/2020		50		53
Dominion Energy, Inc. 2.96%, 7/1/2019(d)		100		100
DTE Energy Co. Series B, 3.30%, 6/15/2022		79		78
NiSource, Inc. 3.85%, 2/15/2023		200		202
Sempra Energy 4.05%, 12/1/2023		48		49
Southern Co. Gas Capital Corp. 3.50%, 9/15/2021		94		94
WEC Energy Group, Inc. 3.55%, 6/15/2025		87		85
				818
Oil, Gas & Consumable Fuels — 2.4%
Andeavor Logistics LP 4.25%, 12/1/2027		27		26
Apache Corp.
6.90%, 9/15/2018		25		25
3.25%, 4/15/2022		42		42
Boardwalk Pipelines LP 4.95%, 12/15/2024		13		13
BP Capital Markets plc (United Kingdom)
3.81%, 2/10/2024		166		168
3.51%, 3/17/2025		60		60
Buckeye Partners LP
5.50%, 8/15/2019		50		51
4.88%, 2/1/2021		40		41
Canadian Natural Resources Ltd. (Canada) 3.90%, 2/1/2025		25		25
Cenovus Energy, Inc. (Canada)
5.70%, 10/15/2019		200		206
3.00%, 8/15/2022		21		20
Chevron Corp. 2.36%, 12/5/2022		40		39
CNOOC Nexen Finance 2014 ULC (China) 4.25%, 4/30/2024		200		203
Ecopetrol SA (Colombia) 4.13%, 1/16/2025		58		56
Energy Transfer Partners LP
3.60%, 2/1/2023		28		27
4.90%, 2/1/2024		61		63
4.05%, 3/15/2025		91		88

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Oil, Gas & Consumable Fuels — continued
Eni SpA (Italy) 4.15%, 10/1/2020(a)		200		203
EnLink Midstream Partners LP 4.15%, 6/1/2025		174		166
Enterprise Products Operating LLC
2.80%, 2/15/2021		200		198
3.90%, 2/15/2024		49		50
3.75%, 2/15/2025		37		37
EOG Resources, Inc.
4.10%, 2/1/2021		100		103
2.63%, 3/15/2023		23		22
Gulf South Pipeline Co. LP 4.00%, 6/15/2022		50		50
Magellan Midstream Partners LP 6.55%, 7/15/2019		50		52
Marathon Petroleum Corp. 3.63%, 9/15/2024		67		66
MPLX LP 3.38%, 3/15/2023		32		32
Noble Energy, Inc. 3.85%, 1/15/2028		100		98
Occidental Petroleum Corp. 3.50%, 6/15/2025		30		30
ONEOK Partners LP
3.20%, 9/15/2018		40		40
3.38%, 10/1/2022		12		12
5.00%, 9/15/2023		28		29
4.90%, 3/15/2025		200		208
Petroleos Mexicanos (Mexico)
6.38%, 2/4/2021		149		156
4.88%, 1/18/2024		69		67
6.88%, 8/4/2026		51		54
5.35%, 2/12/2028(a)		42		39
Phillips 66 3.90%, 3/15/2028		70		69
Plains All American Pipeline LP 3.60%, 11/1/2024		100		95
Sinopec Group Overseas Development 2013 Ltd. (China) 4.38%, 10/17/2023(a)		200		205
Spectra Energy Partners LP 3.50%, 3/15/2025		63		60
Sunoco Logistics Partners Operations LP 4.65%, 2/15/2022		180		185
TC PipeLines LP 3.90%, 5/25/2027		42		40
TransCanada PipeLines Ltd. (Canada)
6.50%, 8/15/2018		100		101
7.13%, 1/15/2019		30		31
3.75%, 10/16/2023		172		173
Williams Partners LP 3.90%, 1/15/2025		86		84
				3,908
Pharmaceuticals — 0.3%
Allergan Funding SCS 3.45%, 3/15/2022		69		68
Johnson & Johnson 2.63%, 1/15/2025		118		113
Mylan, Inc. 2.55%, 3/28/2019		59		59
Shire Acquisitions Investments Ireland DAC 1.90%, 9/23/2019		200		197
				437
Real Estate Management & Development — 0.1%
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada) 3.13%, 3/20/2022(a)		200		198
Road & Rail — 0.8%
Burlington Northern Santa Fe LLC
4.70%, 10/1/2019		150		154
3.60%, 9/1/2020		19		19
3.45%, 9/15/2021		32		32
3.05%, 3/15/2022		43		43
Canadian Pacific Railway Co. (Canada)
7.25%, 5/15/2019		200		208
4.50%, 1/15/2022		55		57
CSX Corp. 3.25%, 6/1/2027		162		154
ERAC USA Finance LLC
5.25%, 10/1/2020(a)		48		50
4.50%, 8/16/2021(a)		27		28
Penske Truck Leasing Co. LP
2.88%, 7/17/2018(a)		53		53
3.38%, 2/1/2022(a)		200		199
Ryder System, Inc.
2.50%, 5/11/2020		28		28
2.88%, 9/1/2020		86		85
Union Pacific Corp. 2.25%, 2/15/2019		175		175
				1,285
Semiconductors & Semiconductor Equipment — 0.2%
Analog Devices, Inc. 2.95%, 1/12/2021		70		70
Intel Corp. 3.70%, 7/29/2025		130		132
QUALCOMM, Inc. 3.25%, 5/20/2027		94		88
				290
Software — 0.5%
Microsoft Corp. 2.38%, 5/1/2023		34		33
Oracle Corp.
2.38%, 1/15/2019		350		350
2.95%, 11/15/2024		400		388
				771
Specialty Retail — 0.4%
Advance Auto Parts, Inc. 4.50%, 12/1/2023		167		172
Home Depot, Inc. (The) 2.80%, 9/14/2027		150		140
Lowe’s Cos., Inc. 3.38%, 9/15/2025		200		198
O’Reilly Automotive, Inc.
3.55%, 3/15/2026		100		97
3.60%, 9/1/2027		62		59
				666

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
CORPORATE BONDS — continued
Technology Hardware, Storage & Peripherals — 0.4%
Apple, Inc.
2.75%, 1/13/2025		200			192
3.35%, 2/9/2027		201			198
2.90%, 9/12/2027		199			189
					579
Tobacco — 0.2%
BAT Capital Corp. (United Kingdom) 3.22%, 8/15/2024(a)		200			191
Philip Morris International, Inc. 3.38%, 8/11/2025		150			145
					336
Trading Companies & Distributors — 0.2%
Air Lease Corp. 3.63%, 12/1/2027		200			185
Aviation Capital Group LLC 3.88%, 5/1/2023(a)		100			100
					285
Water Utilities — 0.1%
American Water Capital Corp. 3.85%, 3/1/2024		150			152
Wireless Telecommunication Services — 0.2%
Rogers Communications, Inc. (Canada) 4.10%, 10/1/2023		160			164
Vodafone Group plc (United Kingdom) 4.13%, 5/30/2025		76			76
					240
TOTAL CORPORATE BONDS (Cost $49,894)					49,144
U.S. TREASURY OBLIGATIONS — 24.5%
U.S. Treasury Bonds 6.00%, 2/15/2026		516			630
U.S. Treasury Notes
1.25%, 8/31/2019		2,000			1,974
1.88%, 1/31/2022		1,000			974
1.88%, 4/30/2022		6,000			5,829
2.25%, 1/31/2024		6,000			5,846
2.50%, 5/15/2024		30			29
1.63%, 2/15/2026		10,500			9,626
U.S. Treasury STRIPS Bonds
3.83%, 11/15/2021(e)		1,525			1,393
2.75%, 2/15/2022(e)		2,400			2,177
2.73%, 11/15/2022(e)		1,300			1,152
2.64%, 5/15/2023(e)		685			599
2.16%, 8/15/2023(e)		3,890			3,372
2.25%, 11/15/2023(e)		2,150			1,851
2.44%, 2/15/2024(e)		3,000			2,562
2.16%, 5/15/2024(e)		200			170
2.82%, 5/15/2025(e)		200			164
2.28%, 5/15/2026(e)		200			159
3.44%, 8/15/2026(e)		47			37
3.51%, 11/15/2026(e)		300			235
2.66%, 2/15/2027(e)		300			233
3.81%, 8/15/2027(e)		100			76
3.78%, 11/15/2027(e)		140			106
3.01%, 2/15/2028(e)		53			40
2.36%, 5/15/2028(e)		10			8
3.18%, 8/15/2028(e)		200			148
TOTAL U.S. TREASURY OBLIGATIONS (Cost $39,906)					39,390
COLLATERALIZED MORTGAGE OBLIGATIONS — 17.7%
Alternative Loan Trust
Series 2004-2CB, Class 1A9, 5.75%, 3/25/2034		976			1,000
Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035		152			144
Angel Oak Mortgage Trust LLC Series 2015-1, Class A, 4.50%, 11/25/2045(a)(d)		18			18
Banc of America Funding Trust Series 2004-1, PO, 3/25/2034‡		17			14
BCAP LLC Trust Series 2010-RR7, Class 2A1, 3.56%, 7/26/2045(a)(f)		125			123
CHL Mortgage Pass-Through Trust
Series 2004-HYB3, Class 2A, 3.58%, 6/20/2034(f)		17			17
Series 2004-5, Class 1A4, 5.50%, 6/25/2034		34			35
Series 2005-22, Class 2A1, 3.45%, 11/25/2035(f)		134			119
Citigroup Global Markets Mortgage Securities VII, Inc.
Series 2003-UP2, Class PO1, PO, 12/25/2018‡		—	(g)		—	(g)
Series 2003-HYB1, Class A, 3.74%, 9/25/2033(f)		17			17
Citigroup Mortgage Loan Trust, Inc.
Series 2003-UST1, Class PO1, PO, 12/25/2018‡		—	(g)		—	(g)
Series 2003-UST1, Class PO3, PO, 12/25/2018‡		—	(g)		—	(g)
Series 2003-UST1, Class A1, 5.50%, 12/25/2018		4			4

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2003-UP3, Class A3, 7.00%, 9/25/2033		7			8
Credit Suisse First Boston Mortgage Securities Corp. Series 2003-23, Class 2A5, 5.00%, 10/25/2018		—	(g)		—	(g)
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-3, Class 1A1, 3.86%, 6/25/2020(f)		47			46
Deutsche Mortgage Securities, Inc., Mortgage Loan Trust Series 2004-1, Class 2APO, PO, 10/25/2018‡		—	(g)		—	(g)
FHLMC – GNMA Series 24, Class ZE, 6.25%, 11/25/2023		19			20
FHLMC REMIC
Series 2631, Class LC, 4.50%, 6/15/2018		—	(g)		—	(g)
Series 2651, Class VZ, 4.50%, 7/15/2018		—	(g)		—	(g)
Series 2934, Class EC, PO, 2/15/2020		15			14
Series 2347, Class VP, 6.50%, 3/15/2020		4			4
Series 47, Class F, 10.00%, 6/15/2020		—	(g)		—	(g)
Series 2999, Class ND, 4.50%, 7/15/2020		44			45
Series 46, Class B, 7.80%, 9/15/2020		—	(g)		—	(g)
Series 1807, Class G, 9.00%, 10/15/2020		—	(g)		—	(g)
Series 114, Class H, 6.95%, 1/15/2021		2			2
Series 85, Class C, 8.60%, 1/15/2021		—	(g)		—	(g)
Series 99, Class Z, 9.50%, 1/15/2021		—	(g)		—	(g)
Series 1084, Class F, 2.87%, 5/15/2021(f)		—	(g)		—	(g)
Series 1079, Class S, HB, IF, 27.48%, 5/15/2021(f)		—	(g)		—	(g)
Series 1084, Class S, HB, IF, 36.59%, 5/15/2021(f)		—	(g)		—	(g)
Series 1144, Class KB, 8.50%, 9/15/2021		2			2
Series 1172, Class L, HB, 1,181.25%, 11/15/2021(f)		—	(g)		—	(g)
Series 3253, PO, 12/15/2021		1			—	(g)
Series 1196, Class B, HB, IF, 962.15%, 1/15/2022(f)		—	(g)		—	(g)
Series 1206, Class IA, 7.00%, 3/15/2022		2			2
Series 1250, Class J, 7.00%, 5/15/2022		1			1
Series 1343, Class LA, 8.00%, 8/15/2022		5			6
Series 2512, Class PG, 5.50%, 10/15/2022		83			86
Series 2535, Class BK, 5.50%, 12/15/2022		14			15
Series 1470, Class F, 1.81%, 2/15/2023(f)		—	(g)		—	(g)
Series 2568, Class KG, 5.50%, 2/15/2023		124			129
Series 1466, Class PZ, 7.50%, 2/15/2023		25			27
Series 1491, Class I, 7.50%, 4/15/2023		9			10
Series 1798, Class F, 5.00%, 5/15/2023		9			10
Series 1518, Class G, IF, 7.03%, 5/15/2023(f)		9			9
Series 1541, Class O, 2.26%, 7/15/2023(f)		8			8
Series 1608, Class L, 6.50%, 9/15/2023		28			30
Series 1602, Class SA, IF, 16.51%, 10/15/2023(f)		3			3
Series 2283, Class K, 6.50%, 12/15/2023		13			14
Series 1700, Class GA, PO, 2/15/2024		4			4
Series 1671, Class L, 7.00%, 2/15/2024		4			5
Series 1706, Class K, 7.00%, 3/15/2024		47			51
Series 2033, Class SN, HB, IF, 27.78%, 3/15/2024(f)		3			1
Series 1720, Class PL, 7.50%, 4/15/2024		147			158
Series 2306, Class K, PO, 5/15/2024		5			5
Series 2306, Class SE, IF, IO, 7.72%, 5/15/2024(f)		13			2
Series 1745, Class D, 7.50%, 8/15/2024		7			8
Series 1927, Class PH, 7.50%, 1/15/2027		58			64
Series 1981, Class Z, 6.00%, 5/15/2027		24			25
Series 1987, Class PE, 7.50%, 9/15/2027		8			9
Series 2038, Class PN, IO, 7.00%, 3/15/2028		10			2
Series 2040, Class PE, 7.50%, 3/15/2028		52			58
Series 2063, Class PG, 6.50%, 6/15/2028		55			63
Series 2064, Class TE, 7.00%, 6/15/2028		7			7
Series 2075, Class PM, 6.25%, 8/15/2028		35			37

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2075, Class PH, 6.50%, 8/15/2028		36			40
Series 2089, Class PJ, IO, 7.00%, 10/15/2028		11			1
Series 2125, Class JZ, 6.00%, 2/15/2029		23			24
Series 2169, Class TB, 7.00%, 6/15/2029		104			114
Series 2163, Class PC, IO, 7.50%, 6/15/2029		6			1
Series 2172, Class QC, 7.00%, 7/15/2029		41			45
Series 2196, Class TL, 7.50%, 11/15/2029		—	(g)		—	(g)
Series 2201, Class C, 8.00%, 11/15/2029		19			21
Series 2210, Class Z, 8.00%, 1/15/2030		50			57
Series 2224, Class CB, 8.00%, 3/15/2030		14			16
Series 2256, Class MC, 7.25%, 9/15/2030		29			33
Series 2259, Class ZM, 7.00%, 10/15/2030		26			29
Series 2271, Class PC, 7.25%, 12/15/2030		26			29
Series 2296, Class PD, 7.00%, 3/15/2031		13			14
Series 2333, Class HC, 6.00%, 7/15/2031		26			28
Series 2344, Class ZD, 6.50%, 8/15/2031		241			277
Series 2344, Class ZJ, 6.50%, 8/15/2031		28			32
Series 2345, Class NE, 6.50%, 8/15/2031		19			21
Series 2351, Class PZ, 6.50%, 8/15/2031		24			28
Series 2410, Class OE, 6.38%, 2/15/2032		29			31
Series 2410, Class NG, 6.50%, 2/15/2032		19			21
Series 2410, Class QX, IF, IO, 6.73%, 2/15/2032(f)		14			3
Series 2412, Class SP, IF, 12.26%, 2/15/2032(f)		53			63
Series 2444, Class ES, IF, IO, 6.03%, 3/15/2032(f)		32			6
Series 2450, Class SW, IF, IO, 6.08%, 3/15/2032(f)		13			2
Series 2423, Class MC, 7.00%, 3/15/2032		16			17
Series 2423, Class MT, 7.00%, 3/15/2032		31			35
Series 2435, Class CJ, 6.50%, 4/15/2032		111			122
Series 2441, Class GF, 6.50%, 4/15/2032		32			36
Series 2455, Class GK, 6.50%, 5/15/2032		42			46
Series 2450, Class GZ, 7.00%, 5/15/2032		44			49
Series 2466, Class DH, 6.50%, 6/15/2032		61			69
Series 2474, Class NR, 6.50%, 7/15/2032		35			40
Series 2484, Class LZ, 6.50%, 7/15/2032		61			70
Series 2500, Class MC, 6.00%, 9/15/2032		57			62
Series 2543, Class YX, 6.00%, 12/15/2032		120			132
Series 2575, Class ME, 6.00%, 2/15/2033		229			249
Series 2586, Class WI, IO, 6.50%, 3/15/2033		19			4
Series 2990, Class SL, IF, 17.46%, 6/15/2034(f)		43			50
Series 3611, PO, 7/15/2034		28			24
Series 2990, Class UZ, 5.75%, 6/15/2035		687			754
Series 3117, Class EO, PO, 2/15/2036		70			60
Series 3117, Class OK, PO, 2/15/2036		8			6
Series 3122, Class OH, PO, 3/15/2036		82			73
Series 3152, Class MO, PO, 3/15/2036		163			139
Series 3607, Class AO, PO, 4/15/2036		42			35
Series 3137, Class XP, 6.00%, 4/15/2036		102			112
Series 3819, Class ZQ, 6.00%, 4/15/2036		278			307
Series 3149, Class SO, PO, 5/15/2036		6			5
Series 3171, Class MO, PO, 6/15/2036		54			49
Series 3179, Class OA, PO, 7/15/2036		24			21
Series 3202, Class HI, IF, IO, 4.73%, 8/15/2036(f)		228			32
Series 3232, Class ST, IF, IO, 4.78%, 10/15/2036(f)		41			6
Series 3417, Class EO, PO, 11/15/2036		409			368
Series 3316, Class JO, PO, 5/15/2037		8			7
Series 3607, Class OP, PO, 7/15/2037		199			170
Series 3481, Class SJ, IF, IO, 3.93%, 8/15/2038(f)		123			14

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 3804, Class FN, 2.37%, 3/15/2039(f)		12			12
Series 3680, Class MA, 4.50%, 7/15/2039		288			300
Series 4219, Class JA, 3.50%, 8/15/2039		493			500
Series 3997, Class PF, 2.37%, 11/15/2039(f)		70			71
Series 4374, Class NC, 3.75%, 2/15/2046(d)		461			467
FHLMC STRIPS
Series 243, Class 16, IO, 4.50%, 11/15/2020		3			—	(g)
Series 262, Class 35, 3.50%, 7/15/2042		575			576
FHLMC Structured Pass-Through Securities Certificates
Series T-41, Class 3A, 5.58%, 7/25/2032(f)		27			28
Series T-76, Class 2A, 4.17%, 10/25/2037(f)		145			146
Series T-51, Class 2A, 7.50%, 8/25/2042(f)		24			28
Series T-54, Class 2A, 6.50%, 2/25/2043		237			269
Series T-54, Class 3A, 7.00%, 2/25/2043		79			89
Series T-56, Class A5, 5.23%, 5/25/2043		595			647
Series T-58, Class APO, PO, 9/25/2043		18			15
First Horizon Mortgage Pass-Through Trust
Series 2004-AR7, Class 2A2, 3.72%, 2/25/2035(f)		51			51
Series 2005-AR1, Class 2A2, 3.99%, 4/25/2035(f)		43			44
FNMA REMIC
Series 2004-76, Class CL, 4.00%, 10/25/2019		2			2
Series 1989-70, Class G, 8.00%, 10/25/2019		1			1
Series 1989-83, Class H, 8.50%, 11/25/2019		—	(g)		—	(g)
Series 1989-89, Class H, 9.00%, 11/25/2019		—	(g)		—	(g)
Series 1989-78, Class H, 9.40%, 11/25/2019		—	(g)		—	(g)
Series 1990-7, Class B, 8.50%, 1/25/2020		—	(g)		—	(g)
Series 1990-1, Class D, 8.80%, 1/25/2020		—	(g)		—	(g)
Series 1990-60, Class K, 5.50%, 6/25/2020		—	(g)		—	(g)
Series 1990-63, Class H, 9.50%, 6/25/2020		—	(g)		—	(g)
Series 1990-93, Class G, 5.50%, 8/25/2020		—	(g)		—	(g)
Series 1990-102, Class J, 6.50%, 8/25/2020		2			2
Series 1990-94, Class H, HB, 505.00%, 8/25/2020		—	(g)		—	(g)
Series 1990-95, Class J, HB, 1,118.04%, 8/25/2020		—	(g)		—	(g)
Series 1990-120, Class H, 9.00%, 10/25/2020		—	(g)		1
Series 1990-134, Class SC, IF, 18.66%, 11/25/2020(f)		—	(g)		—	(g)
Series 1990-140, Class K, HB, 652.15%, 12/25/2020		—	(g)		—	(g)
Series 2001-4, Class PC, 7.00%, 3/25/2021		9			9
Series 1991-42, Class S, IF, 14.25%, 5/25/2021(f)		—	(g)		—	(g)
Series G-14, Class L, 8.50%, 6/25/2021		—	(g)		1
Series G-18, Class Z, 8.75%, 6/25/2021		2			2
Series 2001-48, Class Z, 6.50%, 9/25/2021		41			42
Series G-35, Class M, 8.75%, 10/25/2021		2			2
Series 2002-1, Class HC, 6.50%, 2/25/2022		15			16
Series 1992-107, Class SB, HB, IF, 24.47%, 6/25/2022(f)		11			14
Series G92-42, Class Z, 7.00%, 7/25/2022		1			1
Series G92-35, Class E, 7.50%, 7/25/2022		11			12
Series G92-44, Class ZQ, 8.00%, 7/25/2022		—	(g)		—	(g)
Series 1996-59, Class J, 6.50%, 8/25/2022		3			4
Series 1992-143, Class MA, 5.50%, 9/25/2022		1			1
Series G92-54, Class ZQ, 7.50%, 9/25/2022		8			8
Series G93-5, Class Z, 6.50%, 2/25/2023		3			3
Series 1993-37, Class PX, 7.00%, 3/25/2023		49			52
Series 1993-25, Class J, 7.50%, 3/25/2023		8			8
Series 1998-4, Class C, PO, 4/25/2023		1			1
Series 1998-43, Class EA, PO, 4/25/2023		79			75
Series 1993-54, Class Z, 7.00%, 4/25/2023		16			17
Series 1993-62, Class SA, IF, 18.63%, 4/25/2023(f)		3			4
Series 2003-83, Class PG, 5.00%, 6/25/2023		9			9

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 1993-122, Class M, 6.50%, 7/25/2023		4		4
Series 1996-14, Class SE, IF, IO, 7.87%, 8/25/2023(f)		33		5
Series 1993-178, Class PK, 6.50%, 9/25/2023		8		8
Series 1993-165, Class SD, IF, 13.13%, 9/25/2023(f)		2		2
Series 1993-183, Class KA, 6.50%, 10/25/2023		119		133
Series 1993-189, Class PL, 6.50%, 10/25/2023		49		52
Series 1994-9, Class E, PO, 11/25/2023		1		1
Series 1993-247, Class SA, HB, IF, 27.41%, 12/25/2023(f)		12		15
Series G95-1, Class C, 8.80%, 1/25/2025		7		8
Series 2005-121, Class DX, 5.50%, 1/25/2026		293		310
Series 1997-20, IO, 1.84%, 3/25/2027(f)		11		—	(g)
Series 1997-20, Class IB, IO, 1.84%, 3/25/2027(f)		13		—	(g)
Series 1997-27, Class J, 7.50%, 4/18/2027		11		12
Series 1997-29, Class J, 7.50%, 4/20/2027		13		15
Series 1997-39, Class PD, 7.50%, 5/20/2027		29		33
Series 2012-47, Class HF, 2.36%, 5/25/2027(f)		142		143
Series 1997-81, Class PI, IO, 7.00%, 12/18/2027		8		1
Series 1998-36, Class ZB, 6.00%, 7/18/2028		7		7
Series 2000-2, Class ZE, 7.50%, 2/25/2030		61		68
Series 2001-33, Class ID, IO, 6.00%, 7/25/2031		36		8
Series 2001-36, Class DE, 7.00%, 8/25/2031		48		53
Series 2001-49, Class Z, 6.50%, 9/25/2031		8		9
Series 2001-44, Class PD, 7.00%, 9/25/2031		9		11
Series 2003-52, Class SX, IF, 17.07%, 10/25/2031(f)		13		17
Series 2004-74, Class SW, IF, 11.63%, 11/25/2031(f)		31		39
Series 2001-81, Class LO, PO, 1/25/2032		7		6
Series 2002-1, Class SA, IF, 18.82%, 2/25/2032(f)		4		5
Series 2002-21, Class PE, 6.50%, 4/25/2032		26		29
Series 2002-28, Class PK, 6.50%, 5/25/2032		26		29
Series 2002-37, Class Z, 6.50%, 6/25/2032		32		36
Series 2004-61, Class SH, IF, 16.15%, 11/25/2032(f)		35		47
Series 2003-22, Class UD, 4.00%, 4/25/2033		114		117
Series 2003-34, Class GE, 6.00%, 5/25/2033		292		312
Series 2003-39, IO, 6.00%, 5/25/2033(f)		6		1
Series 2003-47, Class PE, 5.75%, 6/25/2033		110		119
Series 2003-64, Class SX, IF, 8.98%, 7/25/2033(f)		14		16
Series 2003-71, Class DS, IF, 4.92%, 8/25/2033(f)		91		89
Series 2005-56, Class TP, IF, 12.27%, 8/25/2033(f)		80		89
Series 2003-91, Class SD, IF, 9.23%, 9/25/2033(f)		9		11
Series 2003-116, Class SB, IF, IO, 5.64%, 11/25/2033(f)		94		15
Series 2006-44, Class P, PO, 12/25/2033		32		27
Series 2004-25, Class PC, 5.50%, 1/25/2034		20		20
Series 2003-130, Class SX, IF, 8.58%, 1/25/2034(f)		6		7
Series 2004-36, Class PC, 5.50%, 2/25/2034		14		14
Series 2004-25, Class SA, IF, 14.14%, 4/25/2034(f)		52		65
Series 2004-46, Class SK, IF, 11.11%, 5/25/2034(f)		35		41
Series 2004-36, Class SA, IF, 14.14%, 5/25/2034(f)		66		87
Series 2004-50, Class VZ, 5.50%, 7/25/2034		401		426
Series 2005-74, Class CS, IF, 14.63%, 5/25/2035(f)		46		54
Series 2005-52, Class PA, 6.50%, 6/25/2035		1		1
Series 2005-45, Class DC, IF, 17.12%, 6/25/2035(f)		66		82
Series 2005-56, Class S, IF, IO, 4.75%, 7/25/2035(f)		47		6
Series 2005-68, Class PG, 5.50%, 8/25/2035		269		289
Series 2005-73, Class PS, IF, 11.80%, 8/25/2035(f)		121		142
Series 2005-106, Class US, IF, 17.38%, 11/25/2035(f)		88		116
Series 2006-27, Class OH, PO, 4/25/2036		78		69

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2006-65, Class QO, PO, 7/25/2036		32			27
Series 2006-56, Class FC, 2.25%, 7/25/2036(f)		209			209
Series 2006-72, Class GO, PO, 8/25/2036		48			42
Series 2006-79, Class DO, PO, 8/25/2036		38			33
Series 2006-77, Class PC, 6.50%, 8/25/2036		86			95
Series 2006-110, PO, 11/25/2036		61			51
Series 2006-124, Class HB, 3.50%, 11/25/2036(f)		79			81
Series 2007-14, Class ES, IF, IO, 4.48%, 3/25/2037(f)		43			6
Series 2007-81, Class GE, 6.00%, 8/25/2037		135			144
Series 2007-79, Class SB, IF, 16.83%, 8/25/2037(f)		40			54
Series 2007-88, Class VI, IF, IO, 4.58%, 9/25/2037(f)		110			19
Series 2007-91, Class ES, IF, IO, 4.50%, 10/25/2037(f)		300			40
Series 2007-106, Class A7, 6.05%, 10/25/2037(f)		45			49
Series 2007-116, Class HI, IO, 1.14%, 1/25/2038(f)		71			3
Series 2008-16, Class IS, IF, IO, 4.24%, 3/25/2038(f)		15			2
Series 2008-10, Class XI, IF, IO, 4.27%, 3/25/2038(f)		24			2
Series 2008-28, Class QS, IF, 14.82%, 4/25/2038(f)		37			44
Series 2008-46, Class HI, IO, 1.40%, 6/25/2038(f)		66			3
Series 2009-69, PO, 9/25/2039		54			48
Series 2009-103, Class MB, 3.79%, 12/25/2039(f)		94			101
Series 2010-71, Class HJ, 5.50%, 7/25/2040		186			204
Series 2011-118, Class MT, 7.00%, 11/25/2041		228			259
Series 2011-118, Class NT, 7.00%, 11/25/2041		202			227
Series 2013-101, Class DO, PO, 10/25/2043		327			252
Series 2013-128, PO, 12/25/2043		307			243
FNMA REMIC Trust
Series 2007-W7, Class 1A4, HB, IF, 27.42%, 7/25/2037(f)		10			15
Series 2003-W4, Class 2A, 6.50%, 10/25/2042(f)		19			22
Series 2003-W1, Class 1A1, 5.42%, 12/25/2042(f)		94			98
FNMA STRIPS
Series 50, Class 2, IO, 10.50%, 3/25/2019		—	(g)		—	(g)
Series 218, Class 2, IO, 7.50%, 4/25/2023		1			—	(g)
Series 300, Class 1, PO, 9/25/2024		29			27
Series 329, Class 1, PO, 1/25/2033		6			5
FNMA Trust
Series 2004-W2, Class 2A2, 7.00%, 2/25/2044		37			42
Series 2005-W3, Class 2AF, 2.18%, 3/25/2045(f)		121			120
GNMA
Series 1994-7, Class PQ, 6.50%, 10/16/2024		77			81
Series 1999-30, Class S, IF, IO, 6.67%, 8/16/2029(f)		12			—	(g)
Series 2000-9, Class ZJ, 8.50%, 2/16/2030		120			135
Series 2000-9, Class Z, 8.00%, 6/20/2030		7			8
Series 2002-31, Class S, IF, IO, 6.77%, 1/16/2031(f)		21			4
Series 2002-47, Class PG, 6.50%, 7/16/2032		49			55
Series 2002-47, Class PY, 6.00%, 7/20/2032		59			65
Series 2002-47, Class ZA, 6.50%, 7/20/2032		63			71
Series 2010-14, Class AO, PO, 12/20/2032		36			34
Series 2003-24, PO, 3/16/2033		10			9
Series 2003-40, Class TJ, 6.50%, 3/20/2033		220			243
Series 2003-52, Class AP, PO, 6/16/2033		53			45
Series 2004-28, Class S, IF, 14.34%, 4/16/2034(f)		15			20
Series 2004-73, Class AE, IF, 10.87%, 8/17/2034(f)		18			19
Series 2004-71, Class SB, IF, 19.90%, 9/20/2034(f)		29			40
Series 2004-90, Class SI, IF, IO, 4.15%, 10/20/2034(f)		163			22
Series 2005-68, Class DP, IF, 11.77%, 6/17/2035(f)		40			45
Series 2005-68, Class KI, IF, IO, 4.35%, 9/20/2035(f)		302			40
Series 2006-38, Class ZK, 6.50%, 8/20/2036		481			534
Series 2006-59, Class SD, IF, IO, 4.75%, 10/20/2036(f)		32			3
Series 2007-17, Class JI, IF, IO, 4.88%, 4/16/2037(f)		124			18

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2007-27, Class SA, IF, IO, 4.25%, 5/20/2037(f)		153		18
Series 2007-45, Class QA, IF, IO, 4.69%, 7/20/2037(f)		132		16
Series 2007-40, Class SB, IF, IO, 4.80%, 7/20/2037(f)		219		30
Series 2007-50, Class AI, IF, IO, 4.83%, 8/20/2037(f)		117		15
Series 2007-53, Class ES, IF, IO, 4.60%, 9/20/2037(f)		33		5
Series 2007-53, Class SW, IF, 14.36%, 9/20/2037(f)		29		35
Series 2009-79, Class OK, PO, 11/16/2037		117		104
Series 2007-76, Class SA, IF, IO, 4.58%, 11/20/2037(f)		67		9
Series 2007-72, Class US, IF, IO, 4.60%, 11/20/2037(f)		66		8
Series 2009-106, Class ST, IF, IO, 4.05%, 2/20/2038(f)		233		28
Series 2008-33, Class XS, IF, IO, 5.77%, 4/16/2038(f)		44		7
Series 2008-40, Class SA, IF, IO, 4.47%, 5/16/2038(f)		137		18
Series 2008-55, Class SA, IF, IO, 4.25%, 6/20/2038(f)		85		9
Series 2008-50, Class KB, 6.00%, 6/20/2038		169		187
Series 2008-93, Class AS, IF, IO, 3.75%, 12/20/2038(f)		92		9
Series 2009-6, Class SA, IF, IO, 4.17%, 2/16/2039(f)		27		3
Series 2009-31, Class TS, IF, IO, 4.35%, 3/20/2039(f)		105		8
Series 2009-14, Class NI, IO, 6.50%, 3/20/2039		41		11
Series 2009-22, Class SA, IF, IO, 4.32%, 4/20/2039(f)		125		13
Series 2009-92, Class ZC, 5.00%, 10/20/2039		741		810
Series 2011-137, Class WA, 5.55%, 7/20/2040(f)		275		301
Series 2010-105, Class B, 5.00%, 8/20/2040		995		1,064
Series 2010-130, Class CP, 7.00%, 10/16/2040		78		88
Series 2013-91, Class WA, 4.49%, 4/20/2043(f)		543		555
Series 2012-H24, Class FA, 2.33%, 3/20/2060(f)		5		6
Series 2013-H03, Class FA, 2.18%, 8/20/2060(f)		10		10
Series 2012-H21, Class DF, 2.53%, 5/20/2061(f)		75		75
Series 2012-H26, Class MA, 2.43%, 7/20/2062(f)		80		80
Series 2012-H29, Class FA, 2.40%, 10/20/2062(f)		627		629
Series 2014-H15, Class FA, 2.38%, 7/20/2064(f)		694		698
Series 2014-H17, Class FC, 2.38%, 7/20/2064(f)		622		625
Series 2015-H15, Class FJ, 2.32%, 6/20/2065(f)		628		630
Series 2015-H18, Class FA, 2.33%, 6/20/2065(f)		552		554
Series 2015-H20, Class FA, 2.35%, 8/20/2065(f)		582		584
Series 2015-H26, Class FG, 2.40%, 10/20/2065(f)		701		705
GSR Mortgage Loan Trust Series 2006-1F, Class 1A3, 5.50%, 2/25/2036		91		104
Impac Secured Assets CMN Owner Trust Series 2002-2, Class APO, PO, 4/25/2033‡		40		28
JP Morgan Mortgage Trust
Series 2003-A1, Class 1A1, 3.47%, 10/25/2033(f)		237		240
Series 2006-A2, Class 5A3, 3.59%, 11/25/2033(f)		85		87
Series 2006-A2, Class 4A1, 3.84%, 8/25/2034(f)		24		24
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1, 3.82%, 4/21/2034(f)		71		73
Series 2004-3, Class 4A2, 3.28%, 4/25/2034(f)		30		28
MASTR Alternative Loan Trust
Series 2004-10, Class 1A1, 4.50%, 9/25/2019		3		3
Series 2005-6, Class 3A1, 5.50%, 11/25/2020		42		40
Series 2004-4, Class 10A1, 5.00%, 5/25/2024		167		174
Series 2003-9, Class 8A1, 6.00%, 1/25/2034		109		112
Series 2004-7, Class 30PO, PO, 8/25/2034‡		13		10
MASTR Asset Securitization Trust Series 2004-8, PO, 8/25/2019‡		1		1
MASTR Resecuritization Trust Series 2005-PO, Class 3PO, PO, 5/28/2035‡(a)		13		11
Merrill Lynch Mortgage Investors Trust
Series 2003-E, Class A1, 2.58%, 10/25/2028(f)		146		145
Series 2004-A, Class A1, 2.42%, 4/25/2029(f)		49		49
NACC Reperforming Loan REMIC Trust Series 2004-R2, Class A1, 6.50%, 10/25/2034(a)(f)		43		43

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
NCUA Guaranteed Notes Trust Series 2010-R3, Class 3A, 2.40%, 12/8/2020		33			32
Nomura Asset Acceptance Corp. Alternative Loan Trust
Series 2003-A1, Class A5, 7.00%, 4/25/2033		7			7
Series 2003-A1, Class A1, 5.50%, 5/25/2033		8			8
Series 2003-A1, Class A2, 6.00%, 5/25/2033		18			18
RALI Trust
Series 2003-QS3, Class A2, IF, 12.19%, 2/25/2018(f)		—	(g)		—	(g)
Series 2004-QS3, Class CB, 5.00%, 3/25/2019		14			15
Reperforming Loan REMIC Trust Series 2005-R1, Class 2APO, PO, 3/25/2035‡(a)		61			53
Residential Asset Securitization Trust Series 2003-A14, Class A1, 4.75%, 2/25/2019		2			2
Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-33H, Class 1A1, 5.50%, 10/25/2033		57			58
Vendee Mortgage Trust
Series 1993-1, Class ZB, 7.25%, 2/15/2023		204			220
Series 1994-1, Class 1, 5.32%, 2/15/2024(f)		123			127
Series 1996-1, Class 1Z, 6.75%, 2/15/2026		182			200
Series 1996-2, Class 1Z, 6.75%, 6/15/2026		60			65
Series 1997-1, Class 2Z, 7.50%, 2/15/2027		249			274
Series 1998-1, Class 2E, 7.00%, 3/15/2028		60			67
WaMu Mortgage Pass-Through Certificates Trust
Series 2002-S8, Class 2A7, 5.25%, 1/25/2033		3			3
Series 2003-AR5, Class A7, 4.09%, 6/25/2033(f)		65			66
Series 2004-AR3, Class A2, 3.95%, 6/25/2034(f)		35			35
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2005-4, Class CB7, 5.50%, 6/25/2035		147			142
Washington Mutual MSC Mortgage Pass-Through Certificates Trust
Series 2003-MS2, Class 1A1, 5.75%, 2/25/2033		5			5
Series 2003-MS7, Class P, PO, 3/25/2033‡		1			1
Wells Fargo Mortgage-Backed Securities Trust
Series 2003-K, Class 1A1, 3.57%, 11/25/2033(f)		25			25
Series 2004-P, Class 2A1, 3.56%, 9/25/2034(f)		114			117
Series 2004-EE, Class 3A1, 3.92%, 12/25/2034(f)		40			41
Series 2005-AR3, Class 1A1, 3.86%, 3/25/2035(f)		173			179
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $27,902)					28,368
ASSET-BACKED SECURITIES — 9.5%
Ally Auto Receivables Trust Series 2018-2, Class A3, 2.92%, 11/15/2022		246			246
American Airlines Pass-Through Trust
Series 2013-2, Class A, 4.95%, 1/15/2023		140			144
Series 2016-3, Class AA, 3.00%, 10/15/2028		78			73
American Credit Acceptance Receivables Trust
Series 2018-1, Class A, 2.72%, 3/10/2021(a)		84			84
Series 2015-2, Class C, 4.32%, 5/12/2021(a)		223			224
AmeriCredit Automobile Receivables Trust
Series 2017-3, Class A3, 1.90%, 3/18/2022		91			90
Series 2018-1, Class A3, 3.07%, 12/19/2022		115			115
Anchor Assets IX LLC Series 2016-1, Class A, 5.13%, 2/15/2020‡(a)		750			750
B2R Mortgage Trust
Series 2015-1, Class A1, 2.52%, 5/15/2048(a)		153			151
Series 2015-2, Class A, 3.34%, 11/15/2048(a)		180			179
BCC Funding Corp. X Series 2015-1, Class A2, 2.22%, 10/20/2020(a)		1			1
Bear Stearns Asset-Backed Securities Trust Series 2006-SD1, Class A, 2.33%, 4/25/2036‡(f)		8			8
British Airways Pass-Through Trust (United Kingdom) Series 2018-1, Class AA, 3.80%, 9/20/2031(a)		66			66
CarFinance Capital Auto Trust Series 2015-1A, Class A, 1.75%, 6/15/2021(a)		13			13

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
ASSET-BACKED SECURITIES — continued
CarMax Auto Owner Trust Series 2018-2, Class A3, 2.98%, 1/17/2023		136		136
Citi Held For Asset Issuance
Series 2016-MF1, Class A, 4.48%, 8/15/2022(a)		17		17
Series 2016-MF1, Class B, 6.64%, 8/15/2022(a)		400		404
Continental Airlines Pass-Through Trust Series 1999-2, Class A-1, 7.26%, 3/15/2020		10		11
CPS Auto Receivables Trust
Series 2015-B, Class A, 1.65%, 11/15/2019(a)		15		15
Series 2015-B, Class C, 4.20%, 5/17/2021(a)		425		430
Series 2017-C, Class B, 2.30%, 7/15/2021(a)		100		99
Series 2015-C, Class D, 4.63%, 8/16/2021‡(a)		310		315
Credit Acceptance Auto Loan Trust
Series 2015-2A, Class C, 3.76%, 2/15/2024(a)		250		251
Series 2018-2A, Class A, 3.47%, 5/17/2027(a)		250		250
CVS Pass-Through Trust 5.93%, 1/10/2034(a)		46		50
Delta Air Lines Pass-Through Trust Series 2010-2, Class A, 4.95%, 5/23/2019		25		25
Drive Auto Receivables Trust
Series 2015-BA, Class D, 3.84%, 7/15/2021(a)		320		322
Series 2015-AA, Class D, 4.12%, 7/15/2022(a)		177		179
Series 2015-DA, Class D, 4.59%, 1/17/2023‡(a)		220		224
Series 2018-2, Class C, 3.63%, 8/15/2024		100		100
DT Auto Owner Trust
Series 2017-3A, Class B, 2.40%, 5/17/2021(a)		61		61
Series 2015-2A, Class D, 4.25%, 2/15/2022(a)		301		303
Exeter Automobile Receivables Trust
Series 2015-1A, Class B, 2.84%, 3/16/2020(a)		4		4
Series 2016-1A, Class C, 5.52%, 10/15/2021(a)		310		318
Series 2016-2A, Class B, 3.64%, 2/15/2022(a)		370		372
Federal Express Corp. Pass-Through Trust Series 1998, 6.72%, 1/15/2022		333		353
First Investors Auto Owner Trust
Series 2015-2A, Class D, 4.22%, 12/15/2021(a)		100		101
Series 2018-1A, Class A2, 3.22%, 1/17/2023(a)		68		68
FirstKey Lending Trust
Series 2015-SFR1, Class A, 2.55%, 3/9/2047(a)		258		257
Series 2015-SFR1, Class B, 3.42%, 3/9/2047‡(a)		144		144
Flagship Credit Auto Trust
Series 2014-2, Class B, 2.84%, 11/16/2020(a)		29		29
Series 2014-2, Class C, 3.95%, 12/15/2020(a)		44		44
Series 2015-3, Class B, 3.68%, 3/15/2022(a)		114		115
Series 2015-3, Class C, 4.65%, 3/15/2022(a)		113		115
Series 2016-1, Class C, 6.22%, 6/15/2022(a)		400		417
Series 2018-2, Class A, 2.97%, 10/17/2022(a)		193		193
GE Capital Mortgage Services, Inc. Trust Series 1999-HE1, Class M, 6.70%, 4/25/2029‡(f)		29		24
GLS Auto Receivables Trust Series 2016-1A, Class A, 2.73%, 10/15/2020(a)		68		68
GM Financial Automobile Leasing Trust
Series 2017-3, Class A3, 2.01%, 11/20/2020		40		40
Series 2018-1, Class A4, 2.68%, 12/20/2021		76		75
GM Financial Consumer Automobile Receivables Trust Series 2018-2, Class A3, 2.81%, 12/16/2022		134		134
GMAT Trust Series 2013-1A, Class A, 6.97%, 11/25/2043‡(a)(d)		33		33
GO Financial Auto Securitization Trust Series 2015-2, Class B, 4.80%, 8/17/2020(a)		21		21
Gold Key Resorts LLC Series 2014-A, Class A, 3.22%, 3/17/2031(a)		61		60
Honda Auto Receivables Owner Trust
Series 2017-3, Class A3, 1.79%, 9/20/2021		60		59
Series 2018-2, Class A3, 3.01%, 5/18/2022		128		128
Hyundai Auto Receivables Trust
Series 2017-B, Class A3, 1.77%, 1/18/2022		200		197
Series 2018-A, Class A3, 2.79%, 7/15/2022		78		78
LV Tower 52 Issuer Series 2013-1, Class A, 5.75%, 2/15/2023‡(a)		1,310		1,310

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
ASSET-BACKED SECURITIES — continued
OneMain Financial Issuance Trust
Series 2015-2A, Class A, 2.57%, 7/18/2025(a)		152			152
Series 2015-2A, Class B, 3.10%, 7/18/2025‡(a)		233			233
Series 2015-1A, Class A, 3.19%, 3/18/2026(a)		260			260
Oportun Funding III LLC Series 2016-B, Class A, 3.69%, 7/8/2021(a)		476			476
Oportun Funding VIII LLC Series 2018-A, Class A, 3.61%, 3/8/2024(a)		491			490
Progress Residential Trust
Series 2015-SFR2, Class A, 2.74%, 6/12/2032(a)		854			843
Series 2015-SFR2, Class B, 3.14%, 6/12/2032(a)		351			347
Series 2015-SFR3, Class A, 3.07%, 11/12/2032(a)		781			775
Series 2015-SFR3, Class D, 4.67%, 11/12/2032‡(a)		200			204
Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2, 3.46%, 1/25/2036‡(d)		32			28
Spirit Airlines Pass-Through Trust Series 2017-1, Class AA, 3.38%, 2/15/2030		46			45
Springleaf Funding Trust Series 2015-AA, Class A, 3.16%, 11/15/2024(a)		330			331
Toyota Auto Receivables Owner Trust Series 2016-A, Class A3, 1.25%, 3/16/2020		198			198
United Airlines Pass-Through Trust Series 2016-2, Class AA, 2.88%, 10/7/2028		117			109
VOLT XL LLC Series 2015-NP14, Class A1, 4.37%, 11/27/2045‡(a)(d)		67			68
VOLT XXV LLC Series 2015-NPL8, Class A1, 3.50%, 6/26/2045(a)(d)		375			374
Westlake Automobile Receivables Trust Series 2015-3A, Class D, 4.40%, 5/17/2021(a)		200			201
World Omni Auto Receivables Trust
Series 2015-A, Class A3, 1.34%, 5/15/2020		10			10
Series 2017-B, Class A3, 1.95%, 2/15/2023		104			102
TOTAL ASSET-BACKED SECURITIES (Cost $15,304)					15,339
MORTGAGE-BACKED SECURITIES — 9.4%
FHLMC
Pool # 785618, ARM, 3.13%, 7/1/2026(f)		10			10
Pool # 611141, ARM, 3.61%, 1/1/2027(f)		17			17
Pool # 1B2656, ARM, 3.54%, 12/1/2034(f)		86			91
Pool # 1G2557, ARM, 4.08%, 6/1/2036(f)		111			117
Pool # 1A1085, ARM, 3.46%, 8/1/2036(f)		90			94
Pool # 1Q0105, ARM, 3.56%, 9/1/2036(f)		50			52
Pool # 1B7242, ARM, 3.86%, 9/1/2036(f)		70			74
Pool # 1Q0737, ARM, 3.52%, 11/1/2036(f)		44			46
Pool # 1N1511, ARM, 3.91%, 1/1/2037(f)		38			40
Pool # 1J1543, ARM, 4.25%, 2/1/2037(f)		44			47
Pool # 1Q0739, ARM, 3.66%, 3/1/2037(f)		64			67
Pool # 1Q0722, ARM, 4.03%, 4/1/2038(f)		51			53
FHLMC Gold Pools, 15 Year, Single Family
Pool # B12489, 4.50%, 10/1/2018		—	(g)		—	(g)
Pool # G11695, 6.50%, 2/1/2019		—	(g)		—	(g)
Pool # G12251, 4.00%, 6/1/2019		7			7
Pool # G12825, 6.50%, 3/1/2022		14			14
FHLMC Gold Pools, 20 Year, Single Family Pool # C90985, 6.50%, 8/1/2026		12			13
FHLMC Gold Pools, 30 Year, Single Family
Pool # A01047, 8.00%, 7/1/2020		—	(g)		—	(g)
Pool # G00245, 8.00%, 8/1/2024		2			2
Pool # C00376, 8.00%, 11/1/2024		1			1
Pool # C00414, 7.50%, 8/1/2025		3			3
Pool # C00452, 7.00%, 4/1/2026		3			3
Pool # G00981, 8.50%, 7/1/2028		9			10
Pool # A17537, 6.00%, 1/1/2034		31			35
Pool # G02682, 7.00%, 2/1/2037		26			29

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
MORTGAGE-BACKED SECURITIES — continued
FHLMC Gold Pools, FHA/VA Pool # G20027, 10.00%, 10/1/2030		39			41
FHLMC Gold Pools, Other
Pool # L10151, 6.00%, 2/1/2033		30			32
Pool # U80336, 3.50%, 5/1/2033		564			571
Pool # U90690, 3.50%, 6/1/2042		284			285
Pool # U90975, 4.00%, 6/1/2042		287			295
Pool # U91427, 3.50%, 5/1/2043		788			790
FNMA
Pool # 116612, ARM, 3.44%, 3/1/2019(f)		—	(g)		—	(g)
Pool # 111366, ARM, 2.87%, 8/1/2019(f)		—	(g)		—	(g)
Pool # AN0483, ARM, 2.67%, 12/1/2025(f)		977			973
Pool # 54844, ARM, 2.49%, 9/1/2027(f)		4			4
Pool # 303532, ARM, 3.99%, 3/1/2029(f)		3			3
Pool # 745446, ARM, 3.78%, 4/1/2033(f)		58			61
Pool # 746299, ARM, 3.56%, 9/1/2033(f)		75			79
Pool # 743546, ARM, 3.27%, 11/1/2033(f)		51			53
Pool # 735332, ARM, 3.63%, 8/1/2034(f)		73			77
Pool # 790964, ARM, 3.35%, 9/1/2034(f)		76			80
Pool # 896463, ARM, 3.49%, 10/1/2034(f)		72			77
Pool # 816361, ARM, 3.21%, 1/1/2035(f)		104			110
Pool # 810896, ARM, 3.22%, 1/1/2035(f)		59			61
Pool # 816594, ARM, 3.26%, 2/1/2035(f)		67			69
Pool # 816597, ARM, 3.45%, 2/1/2035(f)		58			60
Pool # 745862, ARM, 3.47%, 4/1/2035(f)		54			57
Pool # 838972, ARM, 3.14%, 8/1/2035(f)		9			9
Pool # 832801, ARM, 3.31%, 9/1/2035(f)		91			95
Pool # 843026, ARM, 3.45%, 9/1/2035(f)		99			102
Pool # 920340, ARM, 4.38%, 2/1/2036(f)		44			46
Pool # 886558, ARM, 3.56%, 8/1/2036(f)		22			23
Pool # 893424, ARM, 3.33%, 9/1/2036(f)		45			47
Pool # 913984, ARM, 3.16%, 2/1/2037(f)		29			30
Pool # 915645, ARM, 3.66%, 2/1/2037(f)		65			69
Pool # 887094, ARM, 3.76%, 7/1/2046(f)		66			70
FNMA, 15 Year, Single Family
Pool # 709877, 5.00%, 6/1/2018		—	(g)		—	(g)
Pool # 742078, 4.50%, 3/1/2019		3			3
Pool # 761326, 5.00%, 4/1/2019		19			19
Pool # 782005, 4.00%, 5/1/2019		4			4
Pool # 780956, 4.50%, 5/1/2019		10			10
Pool # 735386, 5.50%, 1/1/2020		4			4
Pool # 889265, 5.50%, 6/1/2020		1			1
Pool # 735911, 6.50%, 8/1/2020		3			3
Pool # 745406, 6.00%, 3/1/2021		26			27
Pool # 995381, 6.00%, 1/1/2024		43			45
FNMA, 20 Year, Single Family
Pool # 254305, 6.50%, 5/1/2022		31			35
FNMA, 30 Year, FHA/VA
Pool # 426839, 9.50%, 12/1/2018		—	(g)		—	(g)
Pool # 252409, 6.50%, 3/1/2029		14			15
Pool # 752786, 6.00%, 9/1/2033		11			12
FNMA, 30 Year, Single Family
Pool # 70825, 8.00%, 3/1/2021		—	(g)		—	(g)
Pool # 189190, 7.50%, 11/1/2022		4			4
Pool # 479469, 10.00%, 2/1/2024		1			1
Pool # 250066, 8.00%, 5/1/2024		1			1
Pool # 250103, 8.50%, 7/1/2024		3			3
Pool # 303031, 7.50%, 10/1/2024		1			1
Pool # 308499, 8.50%, 5/1/2025		—	(g)		—	(g)
Pool # 695533, 8.00%, 6/1/2027		8			8

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
MORTGAGE-BACKED SECURITIES — continued
Pool # 313687, 7.00%, 9/1/2027		2			2
Pool # 755973, 8.00%, 11/1/2028		15			17
Pool # 598559, 6.50%, 8/1/2031		20			22
Pool # 649624, 7.00%, 8/1/2032		1			1
Pool # 995409, 8.00%, 11/1/2032		176			205
Pool # 675555, 6.00%, 12/1/2032		30			34
Pool # 674349, 6.00%, 3/1/2033		13			14
Pool # 702901, 6.00%, 5/1/2033		54			61
Pool # 723852, 5.00%, 7/1/2033		34			36
Pool # 729296, 5.00%, 7/1/2033		61			66
Pool # 721535, 5.00%, 7/1/2033		79			85
Pool # 713700, 4.50%, 8/1/2033		30			31
Pool # 737825, 6.00%, 9/1/2033		15			17
Pool # 725027, 5.00%, 11/1/2033		59			63
Pool # 725017, 5.50%, 12/1/2033		53			59
Pool # AA0922, 6.00%, 9/1/2036		86			95
Pool # 986648, 6.00%, 9/1/2037		36			39
Pool # AD9151, 5.00%, 8/1/2040		225			242
FNMA, Other
Pool # 467630, 4.30%, 4/1/2021		741			767
Pool # 468058, 4.39%, 5/1/2021		468			483
Pool # AL0569, 4.26%, 6/1/2021		306			315
Pool # AM1802, 2.24%, 12/1/2022		468			452
Pool # AM4466, 3.76%, 10/1/2023		475			488
Pool # AM6381, 3.29%, 8/1/2026		1,000			1,000
Pool # AM7485, 3.24%, 12/1/2026		1,000			993
Pool # AM7515, 3.34%, 2/1/2027		500			503
Pool # AM8529, 3.03%, 4/1/2027		1,000			978
Pool # AM8432, 2.79%, 5/1/2027		1,000			959
Pool # 888408, 6.00%, 3/1/2037		31			33
Pool # 257172, 5.50%, 4/1/2038		19			20
Pool # MA1125, 4.00%, 7/1/2042		512			527
GNMA I, 30 Year, Single Family
Pool # 286315, 9.00%, 2/15/2020		—	(g)		—	(g)
Pool # 313110, 7.50%, 11/15/2022		—	(g)		—	(g)
Pool # 352108, 7.00%, 8/15/2023		1			1
Pool # 363030, 7.00%, 9/15/2023		38			40
Pool # 352022, 7.00%, 11/15/2023		2			2
Pool # 366706, 6.50%, 1/15/2024		8			9
Pool # 371281, 7.00%, 2/15/2024		16			17
Pool # 782507, 9.50%, 10/15/2024		11			12
Pool # 780029, 9.00%, 11/15/2024		1			1
Pool # 780965, 9.50%, 12/15/2025		4			4
Pool # 442119, 7.50%, 11/15/2026		3			3
Pool # 411829, 7.50%, 7/15/2027		4			4
Pool # 468149, 8.00%, 8/15/2028		2			2
Pool # 468236, 6.50%, 9/15/2028		40			45
Pool # 486537, 7.50%, 9/15/2028		4			4
Pool # 466406, 6.00%, 11/15/2028		25			28
Pool # 607645, 6.50%, 2/15/2033		13			15
Pool # 781614, 7.00%, 6/15/2033		19			22
Pool # 782615, 7.00%, 6/15/2035		69			78
Pool # 782025, 6.50%, 12/15/2035		83			93
Pool # 681638, 6.00%, 12/15/2038		100			110
GNMA II, 30 Year, Single Family
Pool # 1974, 8.50%, 3/20/2025		1			1
Pool # 1989, 8.50%, 4/20/2025		5			5
Pool # 2006, 8.50%, 5/20/2025		4			4

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
MORTGAGE-BACKED SECURITIES — continued
Pool # 2141, 8.00%, 12/20/2025		1			1
Pool # 2234, 8.00%, 6/20/2026		2			2
Pool # 2270, 8.00%, 8/20/2026		2			2
Pool # 2285, 8.00%, 9/20/2026		2			2
Pool # 2324, 8.00%, 11/20/2026		1			1
Pool # 2499, 8.00%, 10/20/2027		4			4
Pool # 2512, 8.00%, 11/20/2027		3			3
Pool # 2525, 8.00%, 12/20/2027		1			2
Pool # 2549, 7.50%, 2/20/2028		1			1
Pool # 2562, 6.00%, 3/20/2028		20			23
Pool # 2606, 8.00%, 6/20/2028		1			1
Pool # 2633, 8.00%, 8/20/2028		—	(g)		—	(g)
Pool # 2646, 7.50%, 9/20/2028		5			6
Pool # 4245, 6.00%, 9/20/2038		99			109
GNMA II, Other Pool # AD0860, 3.50%, 11/20/2033		489			496
TOTAL MORTGAGE-BACKED SECURITIES (Cost $15,060)					15,050
COMMERCIAL MORTGAGE-BACKED SECURITIES — 3.8%
20 Times Square Trust Series 2018-20TS, Class A, 3.20%, 5/15/2035(a)(f)		145			143
CD Commercial Mortgage Trust Series 2007-CD4, Class XC, IO, 0.59%, 12/11/2049‡(a)(f)		281			1
Commercial Mortgage Trust
Series 2014-PAT, Class A, 2.73%, 8/13/2027(a)(f)		132			132
Series 2014-TWC, Class A, 2.78%, 2/13/2032(a)(f)		400			400
Series 2015-CR25, Class A4, 3.76%, 8/10/2048		281			284
FHLMC Multifamily Structured Pass-Through Certificates
Series KF12, Class A, 2.61%, 9/25/2022(f)		329			329
Series KSMC, Class A2, 2.62%, 1/25/2023		500			492
Series K069, Class A2, 3.19%, 9/25/2027(f)		500			491
FNMA ACES
Series 2012-M11, Class FA, 2.39%, 8/25/2019(f)		90			90
Series 2010-M3, Class A3, 4.33%, 3/25/2020(f)		358			364
Series 2015-M17, Class FA, 2.82%, 11/25/2022(f)		442			445
Series 2014-M2, Class A2, 3.51%, 12/25/2023(f)		444			454
Series 2014-M13, Class A2, 3.02%, 8/25/2024(f)		636			629
Series 2015-M7, Class A2, 2.59%, 12/25/2024		820			794
RAIT Trust Series 2015-FL5, Class B, 5.83%, 1/15/2031‡(a)(f)		250			250
Resource Capital Corp. Ltd. (Cayman Islands) Series 2015-CRE4, Class B, 4.94%, 8/15/2032‡(a)(f)		142			140
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 6/10/2030(a)		116			116
UBS-Barclays Commercial Mortgage Trust Series 2012-C2, Class A4, 3.53%, 5/10/2063		104			105
VNDO Mortgage Trust Series 2013-PENN, Class A, 3.81%, 12/13/2029(a)		500			506
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $6,208)					6,165
U.S. GOVERNMENT AGENCY SECURITIES — 0.8%
FNMA
1.83%10/9/2019		85			82
Resolution Funding Corp. STRIPS
1.60%, 10/15/2019(e)		165			160
1.76%, 7/15/2020(e)		250			237
1.25%, 1/15/2021(e)		330			308
DN, 2.96%, 1/15/2026(e)		90			71
DN, 2.72%, 10/15/2027(e)		80			59
Tennessee Valley Authority STRIPS 4.60%, 5/1/2019(e)		333			325
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $1,262)					1,242

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
FOREIGN GOVERNMENT SECURITIES — 0.1%
United Mexican States (Mexico) 3.63%, 3/15/2022 (Cost $250)		244		242
	Shares (000)
SHORT-TERM INVESTMENTS — 3.0%
INVESTMENT COMPANIES — 3.0%
JPMorgan Prime Money Market Fund, Institutional Class Shares, 1.90%, (h)(i) (Cost $4,774)		4,773		4,774
Total Investments — 99.4% (Cost $160,560)				159,714
Other Assets in Excess of Liabilities — 0.6%				905
Net Assets — 100.0%				160,619

Percentages indicated are based on net assets.

Abbreviations

ACES		Alternative Credit Enhancement Securities
ARM		Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of May 31, 2018.
DN		Discount Notes
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 May 31, 2018. 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.
USD		United States Dollar
VA		Veterans Administration
(a)	—	Securities exempt from registration under Rule 144A or section 4(2), of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(b)	—	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2018.
(c)	—	Amount rounds to less than 0.05% of net assets.
(d)	—	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown was the current rate as of May 31, 2018.
(e)	—	The rate shown is the effective yield as of May 31, 2018.
(f)	—	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of May 31, 2018.
(g)	—	Amount rounds to less than one thousand.
(h)	—	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(i)	—	The rate shown was the current yield as of May 31, 2018.
‡	—	Value determined using significant unobservable inputs.

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

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 or NAV per share as of the report date.

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at May 31, 2018.

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 MAY 31, 2018 (Unaudited) (continued)

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	11,998	$	3,341	$	15,339
Collateralized Mortgage Obligations		—		28,250		118		28,368
Commercial Mortgage-Backed Securities		—		5,774		391		6,165
Corporate Bonds
Aerospace & Defense		—		701		—		701
Automobiles		—		920		—		920
Banks		—		8,812		—		8,812
Beverages		—		1,039		—		1,039
Biotechnology		—		842		—		842
Building Products		—		132		—		132
Capital Markets		—		4,121		10		4,131
Chemicals		—		965		—		965
Commercial Services & Supplies		—		191		—		191
Communications Equipment		—		246		—		246
Construction & Engineering		—		70		—		70
Construction Materials		—		222		—		222
Consumer Finance		—		2,060		—		2,060
Containers & Packaging		—		76		—		76
Diversified Financial Services		—		2,155		—		2,155
Diversified Telecommunication Services		—		1,485		—		1,485
Electric Utilities		—		2,565		—		2,565
Electrical Equipment		—		172		—		172
Electronic Equipment, Instruments & Components		—		111		—		111
Energy Equipment & Services		—		330		—		330
Equity Real Estate Investment Trusts (REITs)		—		2,431		—		2,431
Food & Staples Retailing		—		386		—		386
Food Products		—		1,089		—		1,089
Gas Utilities		—		31		—		31
Health Care Equipment & Supplies		—		737		—		737
Health Care Providers & Services		—		1,576		—		1,576
Hotels, Restaurants & Leisure		—		149		—		149
Household Durables		—		147		—		147
Household Products		—		253		—		253
Independent Power and Renewable Electricity Producers		—		118		—		118
Industrial Conglomerates		—		266		—		266
Insurance		—		2,335		—		2,335
Internet & Direct Marketing Retail		—		97		—		97
IT Services		—		348		—		348

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Life Sciences Tools & Services	$	—	$	185	$	—	$	185
Machinery		—		207		—		207
Media		—		1,513		—		1,513
Metals & Mining		—		28		—		28
Multiline Retail		—		58		—		58
Multi-Utilities		—		818		—		818
Oil, Gas & Consumable Fuels		—		3,908		—		3,908
Pharmaceuticals		—		437		—		437
Real Estate Management & Development		—		198		—		198
Road & Rail		—		1,285		—		1,285
Semiconductors & Semiconductor Equipment		—		290		—		290
Software		—		771		—		771
Specialty Retail		—		666		—		666
Technology Hardware, Storage & Peripherals		—		579		—		579
Tobacco		—		336		—		336
Trading Companies & Distributors		—		285		—		285
Water Utilities		—		152		—		152
Wireless Telecommunication Services		—		240		—		240
Total Corporate Bonds		—		49,134		10		49,144
Foreign Government Securities		—		242		—		242
Mortgage-Backed Securities		—		15,050		—		15,050
U.S. Government Agency Securities		—		1,242		—		1,242
U.S. Treasury Obligations		—		39,390		—		39,390
Short-Term Investments
Investment Companies		4,774		—		—		4,774
Total Investments in Securities	$	4,774	$	151,080	$	3,860	$	159,714

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 May 31, 2018.

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

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

Intermediate Bond Trust	Balance as of February 28, 2018		Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of May  31, 2018
Investments in Securities:
Asset-Backed Securities	$	5,171	$	15		$	(13	)	$	—	(a)	$	—	$	(299	)	$	—	$	(1,533	)		3,341
Collateralized Mortgage Obligations		219		2			(1	)		—	(a)		—		(113	)		11		—			118
Commercial Mortgage-Backed Securities		604		—			(1	)		—	(a)		—		(212	)		—		—			391
Corporate Bonds — Capital Markets		12		—	(a)		—	(a)		—	(a)		—		(2	)		—		—			10
	$	6,006	$	17		$	(15	)	$	—		$	—	$	(626	)	$	11	$	(1,533	)	$	3,860

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

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

(a) Amount rounds to less than one thousand.

Transfers from level 3 to level 2 are due to an increase in market activity (e.g. frequency of trades), which resulted in an increase of available market inputs to determine the price for the period ended May 31, 2018.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at May 31, 2018, which were valued using significant unobservable inputs (level 3) amounted to approximately $(3).

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2018 (Unaudited) (continued)

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at May  31, 2018		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	1,281	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 30.00% (7.47%)
				Constant Default Rate		0.00% - 30.00% (0.94%)
				Yield (Discount Rate of Cash Flows)		2.66% - 8.14% (3.44%)
Asset-Backed Securities		1,281
		108	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 28.00% (10.88%)
				Constant Default Rate		0.00% - 5.91% (4.40%)
				Yield (Discount Rate of Cash Flows)		(0.44%) - 13.80% (2.26%)
Collateralized Mortgage Obligations		108
		1	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 35.00% (0.35%)
				Constant Default Rate		0.00%
				Yield (Discount Rate of Cash Flows)		3.65% (3.65%)
Commercial Mortgage-Backed Securities		1
		10	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		3.67% (3.67%)
Corporate Bonds		10
Total	$	1,400

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At May 31, 2018, the value of these investments was approximately $2,460,000. The inputs for these investments are not readily available or cannot be reasonably estimated and generally are those inputs described in Note A.

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

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 July 25, 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 July 25, 2018

By:	/s/ Timothy J. Clemens
	Timothy J. Clemens
	Treasurer and Principal Financial Officer July 25, 2018