N-Q

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)

Noah D. Greenhill, Esq.

270 Park Avenue

New York, New York 10017

(Name and Address of Agent for Service)

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

Date of fiscal year end: Last day of February

Date of reporting period: November 30, 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 November 30, 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., 2019.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited)

Investments	Principal Amount ($000)		Value ($000)
U.S. TREASURY OBLIGATIONS — 25.2%
U.S. Treasury Bonds
6.13%, 8/15/2029		300		384
5.38%, 2/15/2031		45		55
4.38%, 5/15/2040		80		94
3.13%, 2/15/2043		2,000		1,942
2.88%, 5/15/2043		17,375		16,131
3.63%, 8/15/2043		27,650		29,169
3.75%, 11/15/2043		11,654		12,543
3.63%, 2/15/2044		17,780		18,756
2.50%, 2/15/2045		7,900		6,781
2.88%, 8/15/2045		2,300		2,124
3.00%, 2/15/2048		670		631
3.13%, 5/15/2048		5,127		4,949
U.S. Treasury Inflation Indexed Bonds
1.75%, 1/15/2028		300		383
3.63%, 4/15/2028		799		1,526
2.50%, 1/15/2029		300		400
U.S. Treasury Inflation Indexed Notes
1.38%, 1/15/2020		607		707
0.13%, 1/15/2022		2,453		2,656
U.S. Treasury Notes
1.00%, 11/15/2019		8,000		7,871
1.38%, 2/29/2020		6,000		5,897
1.38%, 3/31/2020		20,000		19,632
1.38%, 1/31/2021		880		853
2.63%, 5/15/2021		1,006		1,001
3.13%, 5/15/2021		7,250		7,303
2.13%, 8/15/2021		23,000		22,582
2.00%, 10/31/2021		1,100		1,075
2.00%, 7/31/2022		5,000		4,854
1.63%, 8/31/2022		3,000		2,871
2.00%, 10/31/2022		1,650		1,599
1.50%, 2/28/2023		3,000		2,839
1.75%, 5/15/2023		2,221		2,119
2.13%, 2/29/2024		269		259
2.50%, 5/15/2024		500		490
1.88%, 8/31/2024		569		539
2.25%, 11/15/2024		400		386
2.88%, 4/30/2025		1,212		1,210
2.88%, 5/31/2025		7,419		7,402
2.00%, 8/15/2025		262		248
1.63%, 2/15/2026		28		25
2.25%, 2/15/2027		15,368		14,565
U.S. Treasury STRIPS Bonds
3.68%, 8/15/2020 (a)		14,465		13,787
2.51%, 2/15/2021 (a)		12,095		11,369
2.00%, 5/15/2021 (a)		23,265		21,700
3.66%, 8/15/2021 (a)		6,100		5,652
3.49%, 11/15/2021 (a)		9,980		9,181
2.79%, 2/15/2022 (a)		15,768		14,390
2.46%, 5/15/2022 (a)		18,545		16,806
2.99%, 8/15/2022 (a)		4,800		4,317
2.75%, 11/15/2022 (a)		14,400		12,858
3.40%, 2/15/2023 (a)		38,462		34,078
3.04%, 5/15/2023 (a)		14,070		12,375
2.29%, 8/15/2023 (a)		13,900		12,148
2.33%, 11/15/2023 (a)		14,000		12,136
2.38%, 2/15/2024 (a)		2,200		1,893
6.89%, 5/15/2024 (a)		200		171
5.06%, 8/15/2024 (a)		600		508
6.75%, 5/15/2026 (a)		1,500		1,201
3.44%, 8/15/2026 (a)		1,592		1,264
4.18%, 5/15/2027 (a)		6,550		5,068
6.58%, 11/15/2029 (a)		100		71
4.73%, 11/15/2030 (a)		12,855		8,820
3.22%, 2/15/2032 (a)		9,575		6,292
3.73%, 5/15/2032 (a)		18,050		11,768
3.04%, 8/15/2032 (a)		14,395		9,315
4.20%, 11/15/2032 (a)		10,140		6,496
3.89%, 2/15/2033 (a)		5,500		3,493
4.43%, 5/15/2033 (a)		16,500		10,395
6.02%, 8/15/2033 (a)		3,050		1,904
3.82%, 2/15/2034 (a)		9,500		5,831
3.46%, 5/15/2034 (a)		10,600		6,450
3.85%, 8/15/2034 (a)		1,650		996
3.11%, 11/15/2041 (a)		23,500		11,040
TOTAL U.S. TREASURY OBLIGATIONS (Cost $485,952)				478,624
CORPORATE BONDS — 22.7%
Aerospace & Defense — 0.4%
Airbus Finance BV (France) 2.70%, 4/17/2023 (b)		557		537
Airbus SE (France) 3.95%, 4/10/2047 (b)		150		138
BAE Systems Holdings, Inc. (United Kingdom) 6.38%, 6/1/2019 (b)		400		406
Harris Corp. 3.83%, 4/27/2025		850		825
Lockheed Martin Corp. 4.07%, 12/15/2042		600		558
Northrop Grumman Corp. 3.25%, 1/15/2028		200		186
Northrop Grumman Systems Corp. 7.75%, 2/15/2031		300		393
Precision Castparts Corp. 3.25%, 6/15/2025		1,350		1,302
Rockwell Collins, Inc.
3.20%, 3/15/2024		350		335
4.35%, 4/15/2047		199		182
United Technologies Corp.
3.95%, 8/16/2025		215		212
4.45%, 11/16/2038		210		203
4.50%, 6/1/2042		914		868
4.15%, 5/15/2045		543		485
				6,630

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — (continued)
Air Freight & Logistics — 0.0% (c)
FedEx Corp. 3.90%, 2/1/2035		318		288
Airlines — 0.0% (c)
Continental Airlines Pass-Through Trust Series 2012-2, Class A, 4.00%, 10/29/2024		159		158
Automobiles — 0.1%
Daimler Finance North America LLC (Germany) 2.25%, 3/2/2020 (b)		305		300
Ford Motor Co. 7.45%, 7/16/2031		481		495
General Motors Co. 6.60%, 4/1/2036		1,286		1,246
				2,041
Banks — 4.2%
ABN AMRO Bank NV (Netherlands) 4.75%, 7/28/2025 (b)		1,216		1,204
AIB Group plc (Ireland) 4.75%, 10/12/2023 (b)		1,165		1,145
ANZ New Zealand Int’l Ltd. (New Zealand)
2.60%, 9/23/2019 (b)		750		746
2.85%, 8/6/2020 (b)		402		397
Australia & New Zealand Banking Group Ltd. (Australia)
4.88%, 1/12/2021 (b)		228		234
4.40%, 5/19/2026 (b)		263		253
Banco Santander SA (Spain)
3.13%, 2/23/2023		400		375
4.38%, 4/12/2028		400		369
Bank of America Corp. 3.30%, 1/11/2023		885		863
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023 (d)		588		574
(ICE LIBOR USD 3 Month + 1.02%), 2.88%, 4/24/2023 (d)		1,855		1,793
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (d)		1,747		1,675
(ICE LIBOR USD 3 Month + 0.78%), 3.55%, 3/5/2024 (d)		547		536
(ICE LIBOR USD 3 Month + 1.09%), 3.09%, 10/1/2025 (d)		526		495
3.25%, 10/21/2027		1,189		1,093
(ICE LIBOR USD 3 Month + 1.51%), 3.70%, 4/24/2028 (d)		1,700		1,605
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (d)		4,975		4,588
Bank of Montreal (Canada) 2.10%, 12/12/2019		3,000		2,968
Bank of Nova Scotia (The) (Canada) 2.70%, 3/7/2022		114		111
Barclays plc (United Kingdom)
3.68%, 1/10/2023		770		735
3.65%, 3/16/2025		1,808		1,660
4.38%, 1/12/2026		400		378
BNP Paribas SA (France)
3.50%, 3/1/2023 (b)		290		279
3.38%, 1/9/2025 (b)		425		396
BNZ International Funding Ltd. (New Zealand)
2.10%, 9/14/2021 (b)		450		430
2.65%, 11/3/2022 (b)		632		605
Canadian Imperial Bank of Commerce (Canada) 2.25%, 7/21/2020 (b)		952		939
Capital One Bank USA NA 3.38%, 2/15/2023		300		288
Capital One NA 2.40%, 9/5/2019		850		844
Citigroup, Inc.
2.65%, 10/26/2020		1,210		1,189
2.70%, 3/30/2021		778		761
2.35%, 8/2/2021		115		111
3.88%, 3/26/2025		500		481
5.50%, 9/13/2025		865		901
3.70%, 1/12/2026		1,900		1,806
3.40%, 5/1/2026		1,000		931
4.30%, 11/20/2026		1,200		1,156
6.63%, 1/15/2028		250		286
8.13%, 7/15/2039		223		305
5.88%, 1/30/2042		321		357
Citizens Bank NA 3.70%, 3/29/2023		720		715
Commonwealth Bank of Australia (Australia)
3.45%, 3/16/2023 (b)		600		593
4.50%, 12/9/2025 (b)		832		808
2.85%, 5/18/2026 (b)		600		553
Cooperatieve Rabobank UA (Netherlands)
4.38%, 8/4/2025		1,738		1,698
5.80%, 9/30/2110 (b)		500		539
Credit Agricole SA (France) 4.38%, 3/17/2025 (b)		1,250		1,201
Credit Suisse Group Funding Guernsey Ltd. (Switzerland)
2.75%, 3/26/2020		250		247
3.80%, 6/9/2023		800		780
3.75%, 3/26/2025		340		322
Discover Bank
3.35%, 2/6/2023		343		330
4.25%, 3/13/2026		1,205		1,168
Fifth Third Bancorp 3.95%, 3/14/2028		500		488
Fifth Third Bank
2.38%, 4/25/2019		600		598
2.88%, 10/1/2021		340		334
HSBC Bank plc (United Kingdom) 4.75%, 1/19/2021 (b)		575		587

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — (continued)
Banks — (continued)
HSBC Holdings plc (United Kingdom)
2.65%, 1/5/2022		2,212		2,130
4.00%, 3/30/2022		1,056		1,062
3.60%, 5/25/2023		1,054		1,033
(ICE LIBOR USD 3 Month + 0.92%), 3.03%, 11/22/2023 (d)		473		453
4.25%, 8/18/2025		939		901
3.90%, 5/25/2026		200		190
Huntington Bancshares, Inc. 3.15%, 3/14/2021		321		317
Huntington National Bank (The) 2.88%, 8/20/2020		858		850
Intesa Sanpaolo SpA (Italy) 3.88%, 7/14/2027 (b)		859		700
KeyBank NA 3.18%, 5/22/2022		729		718
KeyCorp 4.15%, 10/29/2025		280		281
Lloyds Banking Group plc (United Kingdom)
(ICE LIBOR USD 3 Month + 0.81%), 2.91%, 11/7/2023 (d)		612		575
4.58%, 12/10/2025		400		378
4.38%, 3/22/2028		475		446
Mitsubishi UFJ Financial Group, Inc. (Japan) 2.95%, 3/1/2021		243		240
Mizuho Bank Ltd. (Japan) 2.65%, 9/25/2019 (b)		623		621
Mizuho Financial Group, Inc. (Japan) 2.63%, 4/12/2021 (b)		742		725
National Australia Bank Ltd. (Australia)
2.50%, 1/12/2021		700		685
3.38%, 1/14/2026		800		768
Nordea Bank AB (Finland) 4.25%, 9/21/2022 (b)		945		942
PNC Financial Services Group, Inc. (The)
6.70%, 6/10/2019		298		303
4.38%, 8/11/2020		864		877
Royal Bank of Canada (Canada)
3.70%, 10/5/2023		1,000		996
4.65%, 1/27/2026		337		341
Royal Bank of Scotland Group plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.75%), 4.89%, 5/18/2029 (d)		290		274
Santander UK Group Holdings plc (United Kingdom)
3.13%, 1/8/2021		452		442
3.57%, 1/10/2023		200		191
Societe Generale SA (France) 2.50%, 4/8/2021 (b)		850		828
SpareBank 1 Boligkreditt A/S (Norway) 1.75%, 11/15/2019 (b)		927		915
Standard Chartered plc (United Kingdom)
5.20%, 1/26/2024 (b)		700		706
(ICE LIBOR USD 3 Month + 1.08%), 3.89%, 3/15/2024 (b) (d)		400		386
4.05%, 4/12/2026 (b)		769		727
(ICE LIBOR USD 3 Month + 1.97%), 4.87%, 3/15/2033 (b) (d)		200		189
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.78%, 10/18/2022		542		522
3.10%, 1/17/2023		689		671
2.63%, 7/14/2026		872		785
SunTrust Banks, Inc.
2.90%, 3/3/2021		253		250
4.00%, 5/1/2025		265		262
Toronto-Dominion Bank (The) (Canada)
2.25%, 11/5/2019		521		516
2.13%, 4/7/2021		115		112
UBS Group Funding Switzerland AG (Switzerland) 3.49%, 5/23/2023 (b)		269		261
(ICE LIBOR USD 3 Month + 0.95%), 2.86%, 8/15/2023 (b) (d)		200		191
4.13%, 9/24/2025 (b)		300		295
4.13%, 4/15/2026 (b)		963		938
US Bancorp 7.50%, 6/1/2026		1,277		1,522
US Bank NA 2.80%, 1/27/2025		896		844
Wells Fargo & Co.
3.50%, 3/8/2022		850		840
3.07%, 1/24/2023		500		483
4.48%, 1/16/2024		702		712
3.30%, 9/9/2024		1,000		958
3.00%, 2/19/2025		453		425
3.00%, 4/22/2026		540		498
4.10%, 6/3/2026		637		615
Westpac Banking Corp. (Australia) 2.85%, 5/13/2026		690		637
				80,350
Beverages — 0.4%
Anheuser-Busch Cos. LLC (Belgium)
3.65%, 2/1/2026 (b)		2,633		2,489
4.70%, 2/1/2036 (b)		1,430		1,347
4.90%, 2/1/2046 (b)		1,135		1,061
Coca-Cola Femsa SAB de CV (Mexico) 3.88%, 11/26/2023		250		247
Constellation Brands, Inc.
4.40%, 11/15/2025		325		324
5.25%, 11/15/2048		220		219

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — (continued)
Beverages — (continued)
Diageo Investment Corp. (United Kingdom) 8.00%, 9/15/2022		255		295
Keurig Dr Pepper, Inc.
3.13%, 12/15/2023		500		468
4.42%, 5/25/2025 (b)		149		147
3.43%, 6/15/2027		250		227
4.99%, 5/25/2038 (b)		215		205
PepsiCo, Inc. 4.45%, 4/14/2046		534		544
				7,573
Biotechnology — 0.2%
AbbVie, Inc. 3.60%, 5/14/2025		813		776
Amgen, Inc. 4.95%, 10/1/2041		500		496
Baxalta, Inc.
3.60%, 6/23/2022		149		146
5.25%, 6/23/2045		50		49
Celgene Corp.
3.45%, 11/15/2027		250		227
5.70%, 10/15/2040		633		652
Gilead Sciences, Inc.
3.70%, 4/1/2024		189		188
3.50%, 2/1/2025		210		203
3.65%, 3/1/2026		632		614
4.60%, 9/1/2035		816		798
				4,149
Building Products — 0.1%
Johnson Controls International plc 4.95%, 7/2/2064 (e)		273		246
Masco Corp. 6.50%, 8/15/2032		600		644
				890
Capital Markets — 2.6%
Bank of New York Mellon Corp. (The)
4.60%, 1/15/2020		760		772
(ICE LIBOR USD 3 Month + 0.63%), 2.66%, 5/16/2023 (d)		1,363		1,315
3.25%, 9/11/2024		700		679
2.80%, 5/4/2026		254		236
Blackstone Holdings Finance Co. LLC 4.45%, 7/15/2045 (b)		429		388
Brookfield Finance, Inc. (Canada)
3.90%, 1/25/2028		337		314
4.70%, 9/20/2047		427		394
Carlyle Promissory Note 4.44%, 7/15/2019 ‡		80		79
CME Group, Inc. 5.30%, 9/15/2043		285		322
Credit Suisse AG (Switzerland)
2.30%, 5/28/2019		728		725
3.63%, 9/9/2024		402		391
Credit Suisse Group AG (Switzerland)
3.57%, 1/9/2023 (b)		729		709
4.28%, 1/9/2028 (b)		762		726
Deutsche Bank AG (Germany)
4.25%, 10/14/2021		1,000		976
3.30%, 11/16/2022		1,000		932
FMR LLC 6.45%, 11/15/2039 (b)		500		604
Goldman Sachs Group, Inc. (The)
5.38%, 3/15/2020		1,786		1,827
2.35%, 11/15/2021		1,940		1,852
3.00%, 4/26/2022		1,200		1,162
(ICE LIBOR USD 3 Month + 0.82%), 2.88%, 10/31/2022 (d)		505		487
(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 6/5/2023 (d)		2,473		2,370
(ICE LIBOR USD 3 Month + 0.99%), 2.90%, 7/24/2023 (d)		493		471
3.50%, 1/23/2025		557		527
3.75%, 5/22/2025		1,984		1,895
4.25%, 10/21/2025		1,415		1,365
3.50%, 11/16/2026		469		432
3.85%, 1/26/2027		830		781
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (d)		2,093		1,937
(ICE LIBOR USD 3 Month + 1.30%), 4.22%, 5/1/2029 (d)		1,000		957
6.75%, 10/1/2037		685		780
Intercontinental Exchange, Inc. 4.00%, 10/15/2023		884		899
Invesco Finance plc
4.00%, 1/30/2024		657		651
3.75%, 1/15/2026		390		374
Jefferies Group LLC 6.45%, 6/8/2027		749		789
Macquarie Bank Ltd. (Australia)
2.60%, 6/24/2019 (b)		896		893
2.85%, 7/29/2020 (b)		1,000		989
4.00%, 7/29/2025 (b)		1,000		978
Macquarie Group Ltd. (Australia)
6.00%, 1/14/2020 (b)		1,200		1,231
6.25%, 1/14/2021 (b)		1,650		1,730
(ICE LIBOR USD 3 Month + 1.37%), 3.76%, 11/28/2028 (b) (d)		700		635
(ICE LIBOR USD 3 Month + 1.75%), 5.03%, 1/15/2030 (b) (d)		700		694
Morgan Stanley
7.30%, 5/13/2019		970		988
5.63%, 9/23/2019		1,265		1,288
2.65%, 1/27/2020		500		496
5.50%, 7/24/2020		475		489
5.75%, 1/25/2021		906		943
2.50%, 4/21/2021		1,064		1,035
5.50%, 7/28/2021		559		583
3.75%, 2/25/2023		2,365		2,342
4.00%, 7/23/2025		2,873		2,811
3.88%, 1/27/2026		946		912
State Street Corp. 3.10%, 5/15/2023		369		358
				48,513

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — (continued)
Chemicals — 0.3%
Albemarle Corp. 5.45%, 12/1/2044		150		147
Chevron Phillips Chemical Co. LLC 3.70%, 6/1/2028 (b)		600		589
Dow Chemical Co. (The) 4.25%, 10/1/2034		375		337
DowDuPont, Inc.
4.49%, 11/15/2025		500		506
5.32%, 11/15/2038		215		219
International Flavors & Fragrances, Inc.
4.45%, 9/26/2028		300		298
5.00%, 9/26/2048		365		351
Mosaic Co. (The)
5.45%, 11/15/2033		861		873
4.88%, 11/15/2041		79		72
Nutrien Ltd. (Canada)
3.38%, 3/15/2025		490		457
3.00%, 4/1/2025		660		609
4.13%, 3/15/2035		455		404
Sherwin-Williams Co. (The) 3.13%, 6/1/2024		381		360
Union Carbide Corp. 7.75%, 10/1/2096		850		1,014
Westlake Chemical Corp. 4.38%, 11/15/2047		237		199
				6,435
Commercial Services & Supplies — 0.0% (c)
Republic Services, Inc. 2.90%, 7/1/2026		175		162
Communications Equipment — 0.1%
Cisco Systems, Inc.
5.90%, 2/15/2039		755		906
5.50%, 1/15/2040		350		404
				1,310
Construction & Engineering — 0.0% (c)
Mexico City Airport Trust (Mexico) 4.25%, 10/31/2026 (b)		450		368
Construction Materials — 0.1%
CRH America, Inc. (Ireland)
3.88%, 5/18/2025 (b)		417		400
5.13%, 5/18/2045 (b)		893		858
Martin Marietta Materials, Inc. 3.45%, 6/1/2027		770		702
				1,960
Consumer Finance — 0.8%
AerCap Ireland Capital DAC (Ireland)
3.30%, 1/23/2023		390		371
3.50%, 1/15/2025		600		550
American Express Credit Corp.
2.25%, 5/5/2021		1,126		1,092
2.70%, 3/3/2022		715		694
Capital One Financial Corp.
3.20%, 2/5/2025		1,069		986
4.20%, 10/29/2025		250		239
Ford Motor Credit Co. LLC
3.34%, 3/28/2022		1,000		942
3.81%, 1/9/2024		1,085		988
4.13%, 8/4/2025		1,162		1,042
General Motors Financial Co., Inc.
3.45%, 4/10/2022		1,091		1,048
3.70%, 5/9/2023		1,230		1,171
3.95%, 4/13/2024		1,400		1,328
3.50%, 11/7/2024		640		586
4.35%, 4/9/2025		540		513
4.30%, 7/13/2025		550		517
John Deere Capital Corp.
3.15%, 10/15/2021		233		232
2.70%, 1/6/2023		1,712		1,649
Synchrony Financial 4.25%, 8/15/2024		660		606
				14,554
Containers & Packaging — 0.1%
International Paper Co. 7.30%, 11/15/2039		600		707
WRKCo., Inc. 3.75%, 3/15/2025 (b)		400		384
				1,091
Diversified Consumer Services — 0.0% (c)
President & Fellows of Harvard College 3.30%, 7/15/2056		643		537
Diversified Financial Services — 0.8%
GE Capital International Funding Co. Unlimited Co.
3.37%, 11/15/2025		573		495
4.42%, 11/15/2035		7,083		5,712
GTP Acquisition Partners I LLC
2.35%, 6/15/2020 (b)		1,236		1,211
3.48%, 6/16/2025 (b)		1,436		1,388
Hutchison Whampoa International 12 II Ltd. (Hong Kong) 3.25%, 11/8/2022 (b)		539		529
Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan) 2.65%, 9/19/2022 (b)		606		578
National Rural Utilities Cooperative Finance Corp. 2.95%, 2/7/2024		306		297
ORIX Corp. (Japan) 2.90%, 7/18/2022		553		536
Shell International Finance BV (Netherlands) 4.13%, 5/11/2035		2,069		2,010
Siemens Financieringsmaatschappij NV (Germany)
2.90%, 5/27/2022 (b)		634		619
3.13%, 3/16/2024 (b)		750		727
4.40%, 5/27/2045 (b)		513		507
				14,609

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — (continued)
Diversified Telecommunication Services — 0.9%
AT&T, Inc.
3.95%, 1/15/2025		1,126		1,087
4.13%, 2/17/2026		400		386
4.30%, 2/15/2030		4,567		4,256
6.00%, 8/15/2040		2,000		2,017
5.35%, 9/1/2040		500		472
4.35%, 6/15/2045		462		378
British Telecommunications plc (United Kingdom) 9.63%, 12/15/2030 (e)		150		203
Centel Capital Corp. 9.00%, 10/15/2019		600		620
Deutsche Telekom International Finance BV (Germany)
3.60%, 1/19/2027 (b)		175		163
4.88%, 3/6/2042 (b)		232		222
Qwest Corp. 6.75%, 12/1/2021		741		772
Telefonica Emisiones SAU (Spain)
5.13%, 4/27/2020		526		537
5.46%, 2/16/2021		316		327
4.10%, 3/8/2027		321		304
Verizon Communications, Inc.
3.50%, 11/1/2021		400		400
3.38%, 2/15/2025		2,304		2,217
4.33%, 9/21/2028		962		956
4.40%, 11/1/2034		1,895		1,798
4.27%, 1/15/2036		200		184
5.25%, 3/16/2037		457		470
				17,769
Electric Utilities — 1.3%
Alabama Power Co. 6.13%, 5/15/2038		239		284
Arizona Public Service Co.
2.20%, 1/15/2020		133		132
5.05%, 9/1/2041		467		489
Baltimore Gas & Electric Co. 3.50%, 8/15/2046		376		318
China Southern Power Grid International Finance BVI Co. Ltd. (China) 3.50%, 5/8/2027 (b)		1,234		1,159
Comision Federal de Electricidad (Mexico) 4.88%, 5/26/2021 (b)		831		824
Connecticut Light & Power Co. (The) 4.00%, 4/1/2048		236		221
Duke Energy Carolinas LLC
6.00%, 1/15/2038		100		119
6.05%, 4/15/2038		155		184
4.25%, 12/15/2041		129		124
Duke Energy Florida LLC 6.40%, 6/15/2038		90		112
Duke Energy Progress LLC
4.10%, 5/15/2042		273		255
4.10%, 3/15/2043		125		118
Edison International 4.13%, 3/15/2028		200		188
Electricite de France SA (France) 6.00%, 1/22/2114 (b)		1,300		1,261
Enel Finance International NV (Italy)
4.63%, 9/14/2025 (b)		265		250
3.63%, 5/25/2027 (b)		740		638
Entergy Arkansas, Inc. 3.50%, 4/1/2026		175		171
Entergy Corp. 2.95%, 9/1/2026		336		304
Entergy Louisiana LLC 3.05%, 6/1/2031		629		566
Entergy Mississippi, Inc. 2.85%, 6/1/2028		559		510
Evergy, Inc. 4.85%, 6/1/2021		679		693
FirstEnergy Corp. Series C, 4.85%, 7/15/2047		289		278
Florida Power & Light Co. 5.95%, 2/1/2038		350		420
Hydro-Quebec (Canada)
Series HY, 8.40%, 1/15/2022		1,000		1,141
Series IO, 8.05%, 7/7/2024		350		428
ITC Holdings Corp. 2.70%, 11/15/2022		900		859
Jersey Central Power & Light Co. 7.35%, 2/1/2019		100		101
John Sevier Combined Cycle Generation LLC 4.63%, 1/15/2042		757		792
Kansas City Power & Light Co. 5.30%, 10/1/2041		1,400		1,495
Korea Southern Power Co. Ltd. (South Korea) 3.00%, 1/29/2021 (b)		228		224
Mid-Atlantic Interstate Transmission LLC 4.10%, 5/15/2028 (b)		315		305
Nevada Power Co.
Series N, 6.65%, 4/1/2036		100		126
5.45%, 5/15/2041		305		337
New England Power Co. (United Kingdom) 3.80%, 12/5/2047 (b)		168		152
NextEra Energy Capital Holdings, Inc. 2.40%, 9/15/2019		371		368
Niagara Mohawk Power Corp.
4.88%, 8/15/2019 (b)		300		303
3.51%, 10/1/2024 (b)		493		486
Northern States Power Co. 6.25%, 6/1/2036		510		626
Oncor Electric Delivery Co. LLC 5.75%, 3/15/2029 (b)		110		124
Pennsylvania Electric Co. 3.25%, 3/15/2028 (b)		150		139

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — (continued)
Electric Utilities — (continued)
Pepco Holdings LLC 7.45%, 8/15/2032		316		380
Potomac Electric Power Co. 6.50%, 11/15/2037		1,085		1,358
PPL Capital Funding, Inc. 3.40%, 6/1/2023		200		197
Progress Energy, Inc.
3.15%, 4/1/2022		673		658
7.00%, 10/30/2031		300		374
Public Service Co. of Colorado 3.55%, 6/15/2046		214		182
Public Service Co. of Oklahoma Series G, 6.63%, 11/15/2037		2,490		3,069
Public Service Electric & Gas Co. 5.38%, 11/1/2039		317		349
Southern California Edison Co.
Series B, 3.65%, 3/1/2028		400		381
Series 08-A, 5.95%, 2/1/2038		200		214
Southwestern Public Service Co. 4.50%, 8/15/2041		200		199
Toledo Edison Co. (The) 6.15%, 5/15/2037		300		351
				25,336
Electrical Equipment — 0.1%
ABB Finance USA, Inc. (Switzerland) 2.88%, 5/8/2022		292		285
Eaton Corp.
7.63%, 4/1/2024		300		342
4.00%, 11/2/2032		170		163
				790
Electronic Equipment, Instruments & Components — 0.1%
Arrow Electronics, Inc.
4.50%, 3/1/2023		190		191
3.25%, 9/8/2024		219		203
3.88%, 1/12/2028		442		403
				797
Energy Equipment & Services — 0.1%
Baker Hughes a GE Co. LLC 5.13%, 9/15/2040		300		285
Halliburton Co. 7.45%, 9/15/2039		500		624
Schlumberger Holdings Corp.
3.63%, 12/21/2022 (b)		649		640
4.00%, 12/21/2025 (b)		200		196
Schlumberger Investment SA 3.30%, 9/14/2021 (b)		441		440
				2,185
Entertainment — 0.2%
21st Century Fox America, Inc.
8.88%, 4/26/2023		430		513
6.20%, 12/15/2034		100		119
6.65%, 11/15/2037		400		509
NBCUniversal Media LLC 5.95%, 4/1/2041		800		886
Viacom, Inc.
3.88%, 4/1/2024		1,019		1,008
4.38%, 3/15/2043		464		376
Warner Media LLC
3.60%, 7/15/2025		500		469
5.38%, 10/15/2041		313		297
				4,177
Equity Real Estate Investment Trusts (REITs) — 1.0%
American Tower Corp.
5.90%, 11/1/2021		100		106
3.50%, 1/31/2023		1,043		1,015
5.00%, 2/15/2024		974		1,006
3.38%, 10/15/2026		312		286
American Tower Trust #1 3.07%, 3/15/2023 (b)		750		734
AvalonBay Communities, Inc. 2.85%, 3/15/2023		700		677
Boston Properties LP
3.20%, 1/15/2025		532		502
3.65%, 2/1/2026		483		462
Brixmor Operating Partnership LP 3.85%, 2/1/2025		400		383
Crown Castle International Corp. 4.00%, 3/1/2027		264		253
Digital Realty Trust LP 3.70%, 8/15/2027		252		234
Duke Realty LP 3.25%, 6/30/2026		239		225
EPR Properties
4.50%, 6/1/2027		621		587
4.95%, 4/15/2028		305		297
Equity Commonwealth 5.88%, 9/15/2020		600		614
Government Properties Income Trust
3.75%, 8/15/2019		2,150		2,155
4.00%, 7/15/2022		784		778
HCP, Inc.
4.20%, 3/1/2024		230		229
3.88%, 8/15/2024		794		771
3.40%, 2/1/2025		265		250
National Retail Properties, Inc. 4.00%, 11/15/2025		783		768
Realty Income Corp. 4.65%, 3/15/2047		556		537
Scentre Group Trust 1 (Australia) 3.50%, 2/12/2025 (b)		420		399
Select Income 3.60%, 2/1/2020		1,000		993
Senior Housing Properties Trust
3.25%, 5/1/2019		500		499
4.75%, 2/15/2028		400		379
Simon Property Group LP
3.75%, 2/1/2024		532		528
3.38%, 10/1/2024		300		292
SITE Centers Corp. 4.70%, 6/1/2027		330		326
UDR, Inc. 2.95%, 9/1/2026		382		346
Ventas Realty LP

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — (continued)
Equity Real Estate Investment Trusts (REITs) — (continued)
3.50%, 2/1/2025		242		230
4.13%, 1/15/2026		406		397
3.85%, 4/1/2027		554		527
VEREIT Operating Partnership LP 4.60%, 2/6/2024		1,000		998
Welltower, Inc. 4.50%, 1/15/2024		732		743
				19,526
Food & Staples Retailing — 0.1%
CVS Pass-Through Trust 4.70%, 1/10/2036 (b)		687		677
Sysco Corp.
3.55%, 3/15/2025		140		135
3.75%, 10/1/2025		291		283
4.45%, 3/15/2048		100		91
Walgreen Co. 4.40%, 9/15/2042		200		175
Walgreens Boots Alliance, Inc. 4.50%, 11/18/2034		386		363
				1,724
Food Products — 0.3%
Campbell Soup Co. 3.95%, 3/15/2025		720		682
Cargill, Inc.
3.30%, 3/1/2022 (b)		600		595
3.25%, 3/1/2023 (b)		115		113
Conagra Brands, Inc.
4.60%, 11/1/2025		290		289
5.30%, 11/1/2038		650		625
General Mills, Inc.
4.00%, 4/17/2025		490		478
4.20%, 4/17/2028		315		304
Kellogg Co. 3.40%, 11/15/2027		190		173
Kraft Heinz Foods Co. 6.88%, 1/26/2039		1,071		1,199
McCormick & Co., Inc.
3.15%, 8/15/2024		179		171
3.40%, 8/15/2027		264		249
Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025		153		154
Tyson Foods, Inc. 4.88%, 8/15/2034		300		287
Unilever Capital Corp. (United Kingdom) 3.38%, 3/22/2025		290		284
				5,603
Gas Utilities — 0.2%
Atmos Energy Corp.
8.50%, 3/15/2019		375		381
4.15%, 1/15/2043		828		791
4.13%, 10/15/2044		125		117
Boston Gas Co. 4.49%, 2/15/2042 (b)		308		299
Brooklyn Union Gas Co. (The) 4.27%, 3/15/2048 (b)		440		413
CenterPoint Energy Resources Corp. 4.50%, 1/15/2021		335		339
Dominion Energy Gas Holdings LLC 2.80%, 11/15/2020		382		376
Korea Gas Corp. (South Korea) 1.88%, 7/18/2021 (b)		653		624
Southern Natural Gas Co. LLC
8.00%, 3/1/2032		351		442
4.80%, 3/15/2047 (b)		367		334
				4,116
Health Care Equipment & Supplies — 0.1%
Covidien International Finance SA 2.95%, 6/15/2023		399		389
Medtronic, Inc.
3.13%, 3/15/2022		422		416
4.38%, 3/15/2035		460		461
				1,266
Health Care Providers & Services — 0.5%
Aetna, Inc. 6.75%, 12/15/2037		440		527
Anthem, Inc.
4.63%, 5/15/2042		500		468
4.65%, 1/15/2043		535		507
4.65%, 8/15/2044		100		95
CVS Health Corp.
4.10%, 3/25/2025		2,911		2,867
4.30%, 3/25/2028		779		759
4.78%, 3/25/2038		1,150		1,099
5.05%, 3/25/2048		642		622
Express Scripts Holding Co.
3.00%, 7/15/2023		305		291
3.50%, 6/15/2024		500		485
4.50%, 2/25/2026		300		301
Mayo Clinic Series 2016, 4.13%, 11/15/2052		225		220
Memorial Sloan-Kettering Cancer Center Series 2015, 4.20%, 7/1/2055		200		192
Quest Diagnostics, Inc. 3.45%, 6/1/2026		150		141
Texas Health Resources 4.33%, 11/15/2055		300		289
UnitedHealth Group, Inc. 4.63%, 7/15/2035		400		414
				9,277
Hotels, Restaurants & Leisure — 0.0%(c)
McDonald’s Corp. 4.70%, 12/9/2035		700		698
Household Durables — 0.0%(c)
Newell Brands, Inc. 5.50%, 4/1/2046		230		208
Household Products — 0.0%(c)
Reckitt Benckiser Treasury Services plc (United Kingdom) 2.38%, 6/24/2022 (b)		700		668

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — (continued)
Independent Power and Renewable Electricity Producers — 0.0% (c)
Exelon Generation Co. LLC 5.75%, 10/1/2041		235		232
Tri-State Generation & Transmission Association, Inc. 4.25%, 6/1/2046		417		381
				613
Industrial Conglomerates — 0.1%
General Electric Co.
5.30%, 2/11/2021		191		189
2.70%, 10/9/2022		107		97
3.10%, 1/9/2023		573		520
3.45%, 5/15/2024		541		484
5.88%, 1/14/2038		95		88
Roper Technologies, Inc. 3.00%, 12/15/2020		192		190
				1,568
Insurance — 1.1%
AIG SunAmerica Global Financing X 6.90%, 3/15/2032 (b)		520		645
American International Group, Inc. 3.75%, 7/10/2025		674		637
Assurant, Inc. 4.20%, 9/27/2023		660		652
Athene Global Funding
2.75%, 4/20/2020 (b)		1,055		1,041
4.00%, 1/25/2022 (b)		515		517
Athene Holding Ltd. 4.13%, 1/12/2028		575		524
Berkshire Hathaway Finance Corp. 4.40%, 5/15/2042		1,000		983
CNA Financial Corp. 3.95%, 5/15/2024		463		455
Dai-ichi Life Insurance Co. Ltd. (The) (Japan) (ICE LIBOR USD 3 Month + 3.66%), 4.00%, 7/24/2026 (b) (d) (f) (g)		526		486
Great-West Lifeco Finance Delaware LP (Canada) 4.15%, 6/3/2047 (b)		700		636
Guardian Life Insurance Co. of America (The) 4.85%, 1/24/2077 (b)		208		198
Hartford Financial Services Group, Inc. (The) 4.30%, 4/15/2043		400		363
Jackson National Life Global Funding 3.05%, 4/29/2026 (b)		675		634
Liberty Mutual Group, Inc.
4.95%, 5/1/2022 (b)		408		416
6.50%, 3/15/2035 (b)		900		1,026
Liberty Mutual Insurance Co. 8.50%, 5/15/2025 (b)		100		121
Lincoln National Corp. 4.20%, 3/15/2022		598		609
Massachusetts Mutual Life Insurance Co.
8.88%, 6/1/2039 (b)		91		137
5.38%, 12/1/2041 (b)		280		304
MassMutual Global Funding II 2.50%, 10/17/2022 (b)		626		603
MetLife, Inc. 4.88%, 11/13/2043		600		609
Metropolitan Life Global Funding I 3.88%, 4/11/2022 (b)		1,277		1,287
New York Life Global Funding
2.15%, 6/18/2019 (b)		3,951		3,932
1.95%, 2/11/2020 (b)		129		127
OneBeacon US Holdings, Inc. 4.60%, 11/9/2022		500		504
Progressive Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.54%), 5.38%, 3/15/2023 (d) (f) (g)		360		351
Prudential Financial, Inc. 3.91%, 12/7/2047		300		258
Prudential Insurance Co. of America (The) 8.30%, 7/1/2025 (b)		1,750		2,131
Reliance Standard Life Global Funding II 3.05%, 1/20/2021 (b)		388		383
Teachers Insurance & Annuity Association of America 4.27%, 5/15/2047 (b)		400		376
Torchmark Corp. 4.55%, 9/15/2028		485		485
				21,430
Internet & Direct Marketing Retail — 0.1%
Amazon.com, Inc. 4.80%, 12/5/2034		1,435		1,507
IT Services — 0.1%
DXC Technology Co. 4.25%, 4/15/2024		478		468
Western Union Co. (The) 3.60%, 3/15/2022		1,100		1,089
				1,557
Life Sciences Tools & Services — 0.0% (c)
Thermo Fisher Scientific, Inc.
3.00%, 4/15/2023		369		355
4.15%, 2/1/2024		343		344
				699
Machinery — 0.1%
Illinois Tool Works, Inc.
3.50%, 3/1/2024		400		401
4.88%, 9/15/2041		95		102
3.90%, 9/1/2042		825		779
Nvent Finance SARL (United Kingdom) 4.55%, 4/15/2028		450		435
Parker-Hannifin Corp. 4.45%, 11/21/2044		592		582
Xylem, Inc. 3.25%, 11/1/2026		197		184
				2,483

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — (continued)
Media — 0.7%
CBS Corp.
4.00%, 1/15/2026		792		762
4.85%, 7/1/2042		140		130
Charter Communications Operating LLC
4.91%, 7/23/2025		1,797		1,789
6.38%, 10/23/2035		703		718
5.38%, 4/1/2038		305		278
Comcast Corp.
3.95%, 10/15/2025		696		693
3.15%, 3/1/2026		740		695
3.55%, 5/1/2028		443		419
4.20%, 8/15/2034		555		525
6.50%, 11/15/2035		2,383		2,794
4.60%, 10/15/2038		845		828
4.95%, 10/15/2058		620		609
Cox Communications, Inc. 4.60%, 8/15/2047 (b)		275		245
Discovery Communications LLC 6.35%, 6/1/2040		569		605
Grupo Televisa SAB (Mexico)
4.63%, 1/30/2026		221		216
6.13%, 1/31/2046		200		196
Time Warner Cable LLC
4.13%, 2/15/2021		800		801
6.55%, 5/1/2037		400		406
5.50%, 9/1/2041		359		322
Time Warner Entertainment Co. LP 8.38%, 7/15/2033		700		848
				13,879
Metals & Mining — 0.1%
Anglo American Capital plc (South Africa) 4.00%, 9/11/2027 (b)		500		450
Barrick Gold Corp. (Canada) 6.45%, 10/15/2035		295		327
BHP Billiton Finance USA Ltd. (Australia) 5.00%, 9/30/2043		150		159
Vale Canada Ltd. (Brazil) 7.20%, 9/15/2032		300		327
Vale Overseas Ltd. (Brazil) 6.25%, 8/10/2026		119		127
				1,390
Multiline Retail — 0.0% (c)
Dollar General Corp. 4.13%, 5/1/2028		235		227
Target Corp. 2.50%, 4/15/2026		350		321
				548
Multi-Utilities — 0.4%
CMS Energy Corp.
3.88%, 3/1/2024		400		397
3.00%, 5/15/2026		475		436
Consolidated Edison Co. of New York, Inc. 5.70%, 6/15/2040		596		680
Consumers Energy Co. 3.25%, 8/15/2046		286		239
Delmarva Power & Light Co. 4.00%, 6/1/2042		235		213
Dominion Energy, Inc.
Series B, 2.75%, 1/15/2022		331		319
Series F, 5.25%, 8/1/2033		920		965
NiSource, Inc.
3.85%, 2/15/2023		370		370
5.80%, 2/1/2042		1,256		1,342
San Diego Gas & Electric Co.
6.00%, 6/1/2026		275		312
3.95%, 11/15/2041		379		340
Sempra Energy
9.80%, 2/15/2019		460		466
4.05%, 12/1/2023		1,013		1,002
Southern Co. Gas Capital Corp.
3.50%, 9/15/2021		563		557
3.25%, 6/15/2026		254		235
				7,873
Oil, Gas & Consumable Fuels — 2.4%
Anadarko Petroleum Corp. 8.70%, 3/15/2019		330		335
Andeavor Logistics LP 5.25%, 1/15/2025		268		272
Apache Corp.
3.25%, 4/15/2022		109		106
4.75%, 4/15/2043		556		477
APT Pipelines Ltd. (Australia) 4.25%, 7/15/2027 (b)		732		703
BG Energy Capital plc (United Kingdom) 5.13%, 10/15/2041 (b)		235		244
BP Capital Markets plc (United Kingdom)
3.81%, 2/10/2024		1,337		1,332
3.22%, 4/14/2024		1,982		1,922
3.51%, 3/17/2025		451		440
Buckeye Partners LP
4.88%, 2/1/2021		330		335
3.95%, 12/1/2026		67		60
5.85%, 11/15/2043		770		698
Canadian Natural Resources Ltd. (Canada) 6.45%, 6/30/2033		350		397
Cenovus Energy, Inc. (Canada) 6.75%, 11/15/2039		1,509		1,450
Chevron Corp.
2.36%, 12/5/2022		560		536
2.57%, 5/16/2023		1,200		1,150

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — (continued)
Oil, Gas & Consumable Fuels — (continued)
2.90%, 3/3/2024		215		207
CNOOC Finance 2015 Australia Pty. Ltd. (China) 2.63%, 5/5/2020		1,852		1,826
CNOOC Nexen Finance 2014 ULC (China) 4.25%, 4/30/2024		1,789		1,794
Ecopetrol SA (Colombia)
5.88%, 9/18/2023		226		235
4.13%, 1/16/2025		533		502
Enable Midstream Partners LP 4.95%, 5/15/2028		325		306
Enbridge, Inc. (Canada)
3.70%, 7/15/2027		215		201
4.50%, 6/10/2044		350		311
(ICE LIBOR USD 3 Month + 3.64%), 6.25%, 3/1/2078 (d)		400		355
Encana Corp. (Canada)
6.50%, 5/15/2019		545		553
7.38%, 11/1/2031		760		882
Energy Transfer Operating LP
3.60%, 2/1/2023		674		650
4.90%, 2/1/2024		305		306
4.05%, 3/15/2025		964		910
4.75%, 1/15/2026		321		311
Eni SpA (Italy) 5.70%, 10/1/2040 (b)		925		907
EnLink Midstream Partners LP 2.70%, 4/1/2019		250		248
Enterprise Products Operating LLC
3.90%, 2/15/2024		475		472
3.75%, 2/15/2025		343		335
3.70%, 2/15/2026		506		487
Equinor ASA (Norway) 3.25%, 11/10/2024		456		448
Kerr-McGee Corp.
6.95%, 7/1/2024		200		222
7.88%, 9/15/2031		700		842
Kinder Morgan, Inc. 4.30%, 3/1/2028		1,090		1,049
Magellan Midstream Partners LP
6.55%, 7/15/2019		250		254
3.20%, 3/15/2025		353		337
5.15%, 10/15/2043		1,127		1,110
Marathon Petroleum Corp. 3.63%, 9/15/2024		200		192
MPLX LP
4.88%, 12/1/2024		259		262
4.13%, 3/1/2027		259		243
4.50%, 4/15/2038		79		68
5.20%, 3/1/2047		323		292
Noble Energy, Inc. 6.00%, 3/1/2041		314		308
ONEOK Partners LP
8.63%, 3/1/2019		450		456
3.38%, 10/1/2022		151		146
5.00%, 9/15/2023		334		341
4.90%, 3/15/2025		1,000		1,011
6.65%, 10/1/2036		350		382
Petro-Canada (Canada) 6.80%, 5/15/2038		645		748
Petroleos Mexicanos (Mexico)
6.38%, 2/4/2021		647		652
4.88%, 1/18/2024		393		363
6.88%, 8/4/2026		1,710		1,640
5.35%, 2/12/2028 (b)		282		242
6.50%, 1/23/2029 (b)		404		371
6.63%, 6/15/2035		250		217
6.38%, 1/23/2045		846		682
6.75%, 9/21/2047		313		259
6.35%, 2/12/2048 (b)		869		691
Phillips 66 3.90%, 3/15/2028		355		337
Plains All American Pipeline LP
3.60%, 11/1/2024		1,000		940
4.65%, 10/15/2025		200		194
Spectra Energy Partners LP 5.95%, 9/25/2043		452		475
Sunoco Logistics Partners Operations LP
4.25%, 4/1/2024		259		254
3.90%, 7/15/2026		244		222
6.10%, 2/15/2042		400		386
5.30%, 4/1/2044		170		147
5.35%, 5/15/2045		1,133		984
TC PipeLines LP 3.90%, 5/25/2027		391		363
Texas Eastern Transmission LP
2.80%, 10/15/2022 (b)		554		529
3.50%, 1/15/2028 (b)		90		83
TransCanada PipeLines Ltd. (Canada)
4.88%, 1/15/2026		394		401
7.25%, 8/15/2038		1,100		1,330
Valero Energy Corp. 7.50%, 4/15/2032		250		303
Western Gas Partners LP
4.00%, 7/1/2022		74		73
4.50%, 3/1/2028		129		121
5.45%, 4/1/2044		280		243
5.30%, 3/1/2048		279		239
Williams Cos., Inc. (The)
3.90%, 1/15/2025		512		494
4.85%, 3/1/2048		409		361
				44,562
Pharmaceuticals — 0.3%
Allergan Funding SCS
3.45%, 3/15/2022		937		917
3.85%, 6/15/2024		443		430
Allergan, Inc.
3.38%, 9/15/2020		453		451
2.80%, 3/15/2023		525		499
Bayer US Finance II LLC (Germany) 4.70%, 7/15/2064 (b)		208		164
Bayer US Finance LLC (Germany) 2.38%, 10/8/2019 (b)		395		391

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — (continued)
Pharmaceuticals — (continued)
Johnson & Johnson
4.38%, 12/5/2033		282		297
3.40%, 1/15/2038		926		844
Merck & Co., Inc. 3.70%, 2/10/2045		210		195
Mylan NV 3.95%, 6/15/2026		300		276
Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026		900		810
				5,274
Road & Rail — 0.3%
Burlington Northern Santa Fe LLC
6.70%, 8/1/2028		250		302
5.75%, 5/1/2040		425		482
4.38%, 9/1/2042		375		367
5.15%, 9/1/2043		769		825
Canadian Pacific Railway Co. (Canada) 6.13%, 9/15/2115		506		572
CSX Corp.
5.50%, 4/15/2041		150		160
4.75%, 5/30/2042		191		188
ERAC USA Finance LLC 6.70%, 6/1/2034 (b)		746		869
Norfolk Southern Corp. 4.05%, 8/15/2052		600		528
Penske Truck Leasing Co. LP 4.13%, 8/1/2023 (b)		1,131		1,120
Ryder System, Inc. 2.88%, 9/1/2020		517		513
				5,926
Semiconductors & Semiconductor Equipment — 0.2%
Analog Devices, Inc. 4.50%, 12/5/2036		300		281
Broadcom Corp. 3.63%, 1/15/2024		1,747		1,652
Intel Corp.
4.00%, 12/15/2032		1,185		1,193
3.73%, 12/8/2047		493		439
				3,565
Software — 0.6%
Microsoft Corp.
2.38%, 5/1/2023		489		470
2.88%, 2/6/2024		2,878		2,795
3.30%, 2/6/2027		836		814
3.50%, 2/12/2035		291		272
4.20%, 11/3/2035		615		623
4.10%, 2/6/2037		800		802
4.50%, 10/1/2040		117		123
4.00%, 2/12/2055		305		287
4.75%, 11/3/2055		639		691
4.50%, 2/6/2057		470		483
Oracle Corp.
2.50%, 5/15/2022		587		569
2.40%, 9/15/2023		1,000		947
2.95%, 5/15/2025		1,750		1,664
4.30%, 7/8/2034		700		688
4.38%, 5/15/2055		900		848
				12,076
Specialty Retail — 0.1%
Lowe’s Cos., Inc. 4.65%, 4/15/2042		739		729
O’Reilly Automotive, Inc. 3.60%, 9/1/2027		432		403
				1,132
Technology Hardware, Storage & Peripherals — 0.7%
Apple, Inc.
3.00%, 2/9/2024		2,056		1,997
2.85%, 5/11/2024		1,553		1,496
2.75%, 1/13/2025		920		870
3.20%, 5/13/2025		1,539		1,490
2.45%, 8/4/2026		815		741
3.20%, 5/11/2027		686		653
3.00%, 6/20/2027		1,125		1,050
4.50%, 2/23/2036		426		441
3.45%, 2/9/2045		625		535
3.85%, 8/4/2046		569		518
Dell International LLC 6.02%, 6/15/2026 (b)		2,613		2,643
Dell, Inc. 7.10%, 4/15/2028		300		315
				12,749
Thrifts & Mortgage Finance — 0.1%
BPCE SA (France)
4.63%, 7/11/2024 (b)		800		783
3.38%, 12/2/2026		400		372
				1,155
Tobacco — 0.0% (c)
BAT Capital Corp. (United Kingdom) 4.39%, 8/15/2037		342		290
Reynolds American, Inc. (United Kingdom) 7.00%, 8/4/2041		100		109
				399
Trading Companies & Distributors — 0.1%
Aircastle Ltd. 4.40%, 9/25/2023		620		612
Aviation Capital Group LLC
3.88%, 5/1/2023 (b)		490		481
3.50%, 11/1/2027 (b)		700		624
BOC Aviation Ltd. (Singapore) 2.75%, 9/18/2022 (b)		450		429
International Lease Finance Corp. 5.88%, 8/15/2022		506		530
				2,676
Water Utilities — 0.0% (c)
American Water Capital Corp. 3.40%, 3/1/2025		793		778
Wireless Telecommunication Services — 0.1%
Rogers Communications, Inc. (Canada) 8.75%, 5/1/2032		200		267

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
CORPORATE BONDS — (continued)
Wireless Telecommunication Services — (continued)
Vodafone Group plc (United Kingdom)
4.13%, 5/30/2025		501			489
5.00%, 5/30/2038		601			551
5.25%, 5/30/2048		496			457
					1,764
TOTAL CORPORATE BONDS (Cost $445,072)					431,361
MORTGAGE-BACKED SECURITIES — 16.4%
FHLMC
Pool # 846489, ARM, 3.73%, 7/1/2019 (h)		—	(i)		—	(i)
Pool # 846812, ARM, 3.93%, 4/1/2030 (h)		11			11
Pool # 781087, ARM, 3.48%, 12/1/2033 (h)		218			230
Pool # 1B1665, ARM, 4.07%, 4/1/2034 (h)		224			234
Pool # 847356, ARM, 3.94%, 12/1/2034 (h)		102			107
Pool # 782979, ARM, 3.70%, 1/1/2035 (h)		184			194
Pool # 1Q0025, ARM, 3.97%, 2/1/2036 (h)		92			96
Pool # 848431, ARM, 4.58%, 2/1/2036 (h)		152			160
Pool # 1L1286, ARM, 4.12%, 5/1/2036 (h)		44			47
Pool # 848365, ARM, 4.22%, 7/1/2036 (h)		126			133
Pool # 1A1096, ARM, 4.25%, 10/1/2036 (h)		157			163
Pool # 1G2539, ARM, 4.34%, 10/1/2036 (h)		37			39
Pool # 1J1348, ARM, 5.02%, 10/1/2036 (h)		75			79
Pool # 1G2671, ARM, 3.94%, 11/1/2036 (h)		132			138
Pool # 782760, ARM, 4.56%, 11/1/2036 (h)		219			231
Pool # 1J1634, ARM, 4.04%, 12/1/2036 (h)		89			93
Pool # 1J0282, ARM, 3.69%, 2/1/2037 (h)		59			62
Pool # 1Q0739, ARM, 4.38%, 3/1/2037 (h)		260			271
Pool # 848699, ARM, 4.40%, 7/1/2040 (h)		392			410
FHLMC Gold Pools, 20 Year, Single Family
Pool # C91403, 3.50%, 3/1/2032		330			332
FHLMC Gold Pools, 30 Year, Single Family
Pool # C68485, 7.00%, 7/1/2032		22			24
Pool # G01448, 7.00%, 8/1/2032		60			66
Pool # A13625, 5.50%, 10/1/2033		289			315
Pool # A16107, 6.00%, 12/1/2033		86			93
Pool # A17537, 6.00%, 1/1/2034		112			125
Pool # A61572, 5.00%, 9/1/2034		644			680
Pool # A28796, 6.50%, 11/1/2034		182			207
Pool # G03369, 6.50%, 1/1/2035		282			309
Pool # A46987, 5.50%, 7/1/2035		640			691
Pool # G01919, 4.00%, 9/1/2035		391			395
Pool # C02641, 7.00%, 10/1/2036		105			116
Pool # C02660, 6.50%, 11/1/2036		241			273
Pool # A93383, 5.00%, 8/1/2040		664			703
Pool # A93511, 5.00%, 8/1/2040		670			709
Pool # G06493, 4.50%, 5/1/2041		2,299			2,392
FHLMC Gold Pools, FHA/VA
Pool # G20027, 10.00%, 10/1/2030		49			52
FHLMC Gold Pools, Other
Pool # P20570, 7.00%, 7/1/2029		47			51
Pool # U50105, 4.00%, 1/1/2032		685			705
Pool # L10151, 6.00%, 2/1/2033		61			63
Pool # U80254, 3.00%, 3/1/2033		668			651
Pool # P20409, 5.50%, 10/1/2033		97			101
Pool # P50201, 5.50%, 1/1/2034		110			114
Pool # U90975, 4.00%, 6/1/2042		2,801			2,837
Pool # U90673, 4.00%, 1/1/2043		594			602
Pool # U99134, 4.00%, 1/1/2046		9,656			9,780
Pool # U69030, 4.50%, 1/1/2046		4,343			4,516

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
MORTGAGE-BACKED SECURITIES — (continued)
FNMA
Pool # 70226, ARM, 2.13%, 1/1/2019 (h)		—	(i)		—	(i)
Pool # 116612, ARM, 3.62%, 3/1/2019 (h)		—	(i)		—	(i)
Pool # 470623, ARM, 3.11%, 3/1/2022 (h)		867			868
Pool # 54844, ARM, 2.69%, 9/1/2027 (h)		18			18
Pool # 303532, ARM, 4.02%, 3/1/2029 (h)		13			13
Pool # 555258, ARM, 3.91%, 1/1/2033 (h)		531			545
Pool # 722421, ARM, 3.91%, 7/1/2033 (h)		57			58
Pool # 722985, ARM, 4.32%, 7/1/2033 (h)		20			21
Pool # 686040, ARM, 4.36%, 7/1/2033 (h)		254			266
Pool # 746299, ARM, 4.69%, 9/1/2033 (h)		156			164
Pool # 749923, ARM, 4.65%, 11/1/2033 (h)		20			21
Pool # 766610, ARM, 4.09%, 1/1/2034 (h)		110			114
Pool # 920467, ARM, 5.00%, 2/1/2034 (h)		88			90
Pool # 770377, ARM, 3.73%, 4/1/2034 (h)		114			119
Pool # 751531, ARM, 4.21%, 5/1/2034 (h)		152			160
Pool # 782306, ARM, 4.48%, 7/1/2034 (h)		47			47
Pool # 735332, ARM, 4.23%, 8/1/2034 (h)		279			293
Pool # 790235, ARM, 4.39%, 8/1/2034 (h)		146			153
Pool # 791961, ARM, 3.81%, 9/1/2034 (h)		33			33
Pool # 725902, ARM, 4.40%, 9/1/2034 (h)		35			36
Pool # 803594, ARM, 4.37%, 10/1/2034 (h)		261			273
Pool # 803599, ARM, 4.37%, 10/1/2034 (h)		247			257
Pool # 896463, ARM, 4.62%, 10/1/2034 (h)		127			134
Pool # 806776, ARM, 4.09%, 11/1/2034 (h)		263			271
Pool # 806778, ARM, 4.17%, 11/1/2034 (h)		475			495
Pool # 810896, ARM, 4.06%, 1/1/2035 (h)		463			477
Pool # 802692, ARM, 4.25%, 1/1/2035 (h)		273			285
Pool # 816597, ARM, 3.48%, 2/1/2035 (h)		54			57
Pool # 735539, ARM, 3.93%, 4/1/2035 (h)		762			804
Pool # 745862, ARM, 4.19%, 4/1/2035 (h)		136			144
Pool # 821378, ARM, 3.91%, 5/1/2035 (h)		270			279
Pool # 823660, ARM, 4.12%, 5/1/2035 (h)		71			74
Pool # 745766, ARM, 4.19%, 6/1/2035 (h)		330			341
Pool # 843026, ARM, 4.03%, 9/1/2035 (h)		703			727
Pool # 832801, ARM, 4.36%, 9/1/2035 (h)		68			72
Pool # 849251, ARM, 4.04%, 1/1/2036 (h)		115			118
Pool # 920465, ARM, 4.25%, 1/1/2036 (h)		34			35
Pool # 872622, ARM, 4.17%, 6/1/2036 (h)		27			28
Pool # 895141, ARM, 4.07%, 7/1/2036 (h)		213			221
Pool # 900197, ARM, 4.84%, 10/1/2036 (h)		122			129
Pool # 966946, ARM, 3.79%, 1/1/2038 (h)		36			37
FNMA, 15 Year, Single Family
Pool # 742078, 4.50%, 3/1/2019		5			5
Pool # 725414, 4.50%, 5/1/2019		3			3
Pool # 780956, 4.50%, 5/1/2019		7			7
Pool # 734630, 6.00%, 8/1/2019		3			3
Pool # 745048, 5.00%, 10/1/2019		5			5
Pool # 735841, 4.50%, 11/1/2019		13			13
Pool # 735290, 4.50%, 12/1/2019		20			21
Pool # 888557, 5.50%, 3/1/2020		2			2
Pool # 889805, 5.50%, 7/1/2020		2			2
Pool # 735911, 6.50%, 8/1/2020		5			5
Pool # 889634, 6.00%, 2/1/2023		465			479
Pool # 995381, 6.00%, 1/1/2024		97			101
Pool # 995425, 6.00%, 1/1/2024		234			243
Pool # AD0133, 5.00%, 8/1/2024		85			88

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MORTGAGE-BACKED SECURITIES — (continued)
FNMA, 20 Year, Single Family
Pool # 254305, 6.50%, 5/1/2022		25		27
Pool # 555791, 6.50%, 12/1/2022		71		77
Pool # 255217, 4.50%, 4/1/2024		31		32
Pool # 888656, 6.50%, 4/1/2025		92		100
Pool # MA1138, 3.50%, 8/1/2032		745		750
FNMA, 30 Year, FHA/VA
Pool # 535183, 8.00%, 6/1/2028		25		27
Pool # 252409, 6.50%, 3/1/2029		70		76
Pool # 653815, 7.00%, 2/1/2033		10		10
Pool # 752786, 6.00%, 9/1/2033		66		70
Pool # 931717, 6.50%, 8/1/2039		323		351
FNMA, 30 Year, Single Family
Pool # 50966, 7.00%, 1/1/2024		2		2
Pool # 399269, 7.00%, 4/1/2026		32		33
Pool # 689977, 8.00%, 3/1/2027		42		45
Pool # 695533, 8.00%, 6/1/2027		16		17
Pool # 457268, 9.50%, 7/1/2028		3		3
Pool # 756024, 8.00%, 9/1/2028		68		74
Pool # 755973, 8.00%, 11/1/2028		149		167
Pool # 455759, 6.00%, 12/1/2028		18		19
Pool # 252211, 6.00%, 1/1/2029		26		29
Pool # 459097, 7.00%, 1/1/2029		40		42
Pool # 889020, 6.50%, 11/1/2029		399		439
Pool # 598559, 6.50%, 8/1/2031		37		41
Pool # 622542, 5.50%, 9/1/2031		319		343
Pool # 788150, 6.00%, 3/1/2032		51		55
Pool # 649734, 7.00%, 6/1/2032		34		35
Pool # 649624, 7.00%, 8/1/2032		6		6
Pool # 675555, 6.00%, 12/1/2032		88		95
Pool # AL0045, 6.00%, 12/1/2032		398		435
Pool # 674349, 6.00%, 3/1/2033		16		17
Pool # 688625, 6.00%, 3/1/2033		28		31
Pool # 688655, 6.00%, 3/1/2033		27		29
Pool # 695584, 6.00%, 3/1/2033		15		16
Pool # 702901, 6.00%, 5/1/2033		128		141
Pool # 723852, 5.00%, 7/1/2033		159		169
Pool # 729296, 5.00%, 7/1/2033		326		346
Pool # 729379, 6.00%, 8/1/2033		38		41
Pool # 737825, 6.00%, 9/1/2033		47		51
Pool # 750977, 4.50%, 11/1/2033		123		127
Pool # 725017, 5.50%, 12/1/2033		476		519
Pool # 751341, 5.50%, 3/1/2034		56		60
Pool # 888568, 5.00%, 12/1/2034		12		12
Pool # 815426, 4.50%, 2/1/2035		1		2
Pool # 820347, 5.00%, 9/1/2035		93		99
Pool # 833657, 7.50%, 8/1/2036		73		79
Pool # 986648, 6.00%, 9/1/2037		170		185
Pool # 888892, 7.50%, 11/1/2037		51		54
Pool # 257510, 7.00%, 12/1/2038		150		172
Pool # AD0753, 7.00%, 1/1/2039		129		147
Pool # AT5891, 3.00%, 6/1/2043		3,429		3,299
Pool # AL7527, 4.50%, 9/1/2043		1,852		1,927
Pool # BM3500, 4.00%, 9/1/2047		4,823		4,868
Pool # BJ1778, 4.50%, 10/1/2047		2,727		2,825
FNMA, Other
Pool # BL1040, 3.88%, 12/1/2018 (j)		3,000		3,001
Pool # AM0081, 1.94%, 7/1/2019		1,837		1,825
Pool # AD0851, 4.37%, 2/1/2020		1,128		1,142
Pool # AE0136, 4.38%, 4/1/2020		567		575

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MORTGAGE-BACKED SECURITIES — (continued)
Pool # AM3370, 1.74%, 5/1/2020		3,280		3,231
Pool # 465659, 3.74%, 7/1/2020		1,720		1,736
Pool # 465578, 3.93%, 7/1/2020		1,804		1,825
Pool # 465936, 3.60%, 9/1/2020		2,610		2,630
Pool # 466030, 3.29%, 10/1/2020		1,822		1,825
Pool # FN0005, 3.37%, 11/1/2020		737		739
Pool # 466836, 3.87%, 1/1/2021		1,475		1,496
Pool # 466919, 3.93%, 1/1/2021		1,857		1,885
Pool # FN0003, 4.28%, 1/1/2021		989		1,012
Pool # 467344, 4.48%, 2/1/2021		2,667		2,733
Pool # 467755, 4.25%, 4/1/2021		2,380		2,433
Pool # 467944, 4.25%, 4/1/2021		2,000		2,045
Pool # 467630, 4.30%, 4/1/2021		918		940
Pool # 467757, 4.33%, 4/1/2021		1,954		2,000
Pool # 468102, 4.34%, 6/1/2021		5,000		5,131
Pool # 468159, 4.26%, 7/1/2021		1,934		1,981
Pool # AL0602, 4.31%, 7/1/2021		1,066		1,091
Pool # 468896, 4.13%, 8/1/2021		1,328		1,357
Pool # AM1771, 2.12%, 9/1/2021		2,500		2,415
Pool # 470407, 3.16%, 2/1/2022		2,508		2,506
Pool # 470622, 2.75%, 3/1/2022		2,937		2,910
Pool # 471718, 2.77%, 5/1/2022		1,522		1,500
Pool # 471177, 2.94%, 5/1/2022		1,322		1,312
Pool # 471190, 3.12%, 5/1/2022		1,681		1,678
Pool # 471254, 2.98%, 7/1/2022		2,442		2,426
Pool # 471284, 2.98%, 7/1/2022		1,953		1,941
Pool # AM7303, 2.66%, 12/1/2022		2,460		2,410
Pool # AM3789, 3.02%, 7/1/2023		2,286		2,272
Pool # AM7245, 2.95%, 8/1/2023		4,505		4,459
Pool # AM4066, 3.59%, 8/1/2023		2,500		2,531
Pool # AM4466, 3.76%, 10/1/2023		2,829		2,881
Pool # AM4628, 3.69%, 11/1/2023		1,500		1,524
Pool # AM4668, 3.76%, 11/1/2023		1,973		2,010
Pool # AM4716, 3.38%, 12/1/2023		1,971		1,979
Pool # AM7231, 2.92%, 12/1/2024		4,000		3,908
Pool # AM7589, 2.95%, 12/1/2024		1,576		1,544
Pool # AM7290, 2.97%, 12/1/2024		3,465		3,394
Pool # AM7576, 3.04%, 12/1/2024		4,000		3,934
Pool # AM7124, 3.11%, 12/1/2024		2,500		2,468
Pool # 470300, 3.64%, 1/1/2025		917		924
Pool # AM3833, 3.25%, 7/1/2025		3,663		3,642
Pool # AM4991, 3.97%, 12/1/2025		1,755		1,817
Pool # AL6805, 3.78%, 1/1/2026		3,540		3,601
Pool # 468645, 4.54%, 7/1/2026		2,663		2,792
Pool # AM6392, 3.29%, 8/1/2026		4,000		3,969
Pool # AM6448, 3.25%, 9/1/2026		9,973		9,870
Pool # AM7223, 3.11%, 12/1/2026		3,566		3,498
Pool # AM7118, 3.14%, 12/1/2026		2,848		2,799
Pool # AM7485, 3.24%, 12/1/2026		4,235		4,164
Pool # AM7390, 3.26%, 12/1/2026		3,873		3,835
Pool # AM7265, 3.30%, 12/1/2026		3,945		3,901
Pool # AM7515, 3.34%, 2/1/2027		3,000		2,969
Pool # AM8432, 2.79%, 5/1/2027		9,000		8,559
Pool # AM8803, 2.78%, 6/1/2027		5,019		4,801
Pool # AM8987, 2.79%, 6/1/2027		1,879		1,796
Pool # AM9003, 2.96%, 6/1/2027		2,904		2,813

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
MORTGAGE-BACKED SECURITIES — (continued)
Pool # AN9656, 3.57%, 7/1/2028		4,797			4,788
Pool # AM7785, 3.17%, 2/1/2030		2,963			2,825
Pool # AM7516, 3.55%, 2/1/2030		2,000			1,973
Pool # AM8427, 3.04%, 4/1/2030		8,915			8,395
Pool # AM8544, 3.08%, 4/1/2030		7,922			7,488
Pool # AM8889, 2.92%, 5/1/2030		8,000			7,376
Pool # AM8804, 3.10%, 5/1/2030		3,762			3,562
Pool # AM8807, 3.10%, 5/1/2030		4,872			4,615
Pool # AM9020, 2.97%, 6/1/2030		3,972			3,759
Pool # AM8967, 3.08%, 6/1/2030		6,150			5,761
Pool # AM9320, 3.30%, 7/1/2030		4,022			3,823
Pool # AM9219, 3.35%, 9/1/2030		1,893			1,833
Pool # AP9632, 4.00%, 10/1/2032		834			849
Pool # AP9762, 4.00%, 10/1/2032		790			803
Pool # AQ7084, 3.50%, 12/1/2032		908			905
Pool # AT2703, 3.50%, 5/1/2033		1,949			1,943
Pool # AT2954, 3.50%, 5/1/2033		1,267			1,263
Pool # AT4180, 3.50%, 5/1/2033		1,235			1,231
Pool # AT4939, 3.50%, 5/1/2033		1,066			1,062
Pool # 754922, 5.50%, 9/1/2033		112			120
Pool # 762520, 4.00%, 11/1/2033		560			563
Pool # AM8922, 3.03%, 6/1/2035		2,936			2,799
Pool # AM9188, 3.12%, 6/1/2035		7,000			6,415
Pool # 849215, 6.50%, 1/1/2036		31			32
Pool # 872740, 6.50%, 6/1/2036		86			92
Pool # 886320, 6.50%, 7/1/2036		26			27
Pool # 888796, 6.00%, 9/1/2037		106			115
Pool # AO7225, 4.00%, 7/1/2042		817			827
Pool # AO9352, 4.00%, 7/1/2042		941			953
Pool # MA1125, 4.00%, 7/1/2042		1,404			1,421
Pool # AR1397, 3.00%, 1/1/2043		1,824			1,753
Pool # MA1711, 4.50%, 12/1/2043		3,853			4,001
Pool # MA1828, 4.50%, 3/1/2044		2,952			3,065
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		40			41
Pool # 554108, 6.50%, 3/15/2028		48			53
Pool # 481872, 7.50%, 7/15/2028		5			5
Pool # 468149, 8.00%, 8/15/2028		4			5
Pool # 486537, 7.50%, 9/15/2028		15			16
Pool # 486631, 6.50%, 10/15/2028		7			7
Pool # 591882, 6.50%, 7/15/2032		16			17
Pool # 607645, 6.50%, 2/15/2033		48			52
Pool # 607724, 7.00%, 2/15/2033		38			41
Pool # 604209, 6.50%, 4/15/2033		47			51
Pool # 781614, 7.00%, 6/15/2033		76			88
GNMA II, 30 Year, Single Family
Pool # 2006, 8.50%, 5/20/2025		14			15
Pool # 2141, 8.00%, 12/20/2025		2			2
Pool # 2234, 8.00%, 6/20/2026		6			6
Pool # 2270, 8.00%, 8/20/2026		4			4
Pool # 2285, 8.00%, 9/20/2026		4			5
Pool # 2324, 8.00%, 11/20/2026		5			5
Pool # 2499, 8.00%, 10/20/2027		8			9
Pool # 2512, 8.00%, 11/20/2027		9			10
Pool # 2525, 8.00%, 12/20/2027		4			4

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MORTGAGE-BACKED SECURITIES — (continued)
Pool # 2549, 7.50%, 2/20/2028		7		8
Pool # 2646, 7.50%, 9/20/2028		20		22
Pool # 2647, 8.00%, 9/20/2028		2		3
Pool # 3427, 4.50%, 8/20/2033		130		135
Pool # 4245, 6.00%, 9/20/2038		984		1,064
Pool # AK8806, 4.25%, 3/20/2045		1,719		1,777
GNMA II, Other
Pool # AC0979, 4.46%, 4/20/2063 (h)		1,463		1,486
Pool # AC0973, 4.45%, 5/20/2063 (h)		2,318		2,348
TOTAL MORTGAGE-BACKED SECURITIES (Cost $320,906)				311,572
COLLATERALIZED MORTGAGE OBLIGATIONS — 14.8%
Acre 12/15/2020‡		3,785		3,785
Alternative Loan Trust
Series 2004-2CB, Class 1A9, 5.75%, 3/25/2034		6,590		6,815
Series 2005-J1, Class 1A4, IF, IO, 2.79%, 2/25/2035 ‡ (h)		815		14
Series 2005-1CB, Class 1A6, IF, IO, 4.79%, 3/25/2035 ‡ (h)		847		98
Series 2005-22T1, Class A2, IF, IO, 2.76%, 6/25/2035 ‡ (h)		4,757		387
Series 2005-20CB, Class 3A8, IF, IO, 2.44%, 7/25/2035 ‡ (h)		2,232		160
Series 2005-28CB, Class 1A4, 5.50%, 8/25/2035		2,251		2,157
Series 2005-28CB, Class 3A5, 6.00%, 8/25/2035		87		64
Series 2005-37T1, Class A2, IF, IO, 2.74%, 9/25/2035 ‡ (h)		3,430		307
Series 2005-54CB, Class 1A2, IF, IO, 2.54%, 11/25/2035 ‡ (h)		4,229		332
Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035		1,680		1,573
Series 2005-57CB, Class 3A2, IF, IO, 2.79%, 12/25/2035 ‡ (h)		962		76
Series 2005-64CB, Class 1A9, 5.50%, 12/25/2035		726		703
Series 2006-26CB, Class A9, 6.50%, 9/25/2036		1,208		981
ARIVO 9/15/2019 ‡		1,868		1,868
ASG Resecuritization Trust Series 2011-1, Class 3A50, 4.20%, 11/28/2035 (b) (h)		68		68
Banc of America Alternative Loan Trust
Series 2004-6, Class 15PO, PO, 7/25/2019 ‡		12		11
Series 2005-5, Class 1CB1, 5.50%, 6/25/2035		608		566
Series 2005-6, Class CBIO, IO, 5.50%, 7/25/2035 ‡		1,467		302
Series 2006-4, Class 1A4, 6.00%, 5/25/2046		390		315
Banc of America Funding Trust
Series 2004-1, PO, 3/25/2034 ‡		157		133
Series 2004-2, Class 30PO, PO, 9/20/2034‡		99		91
Series 2004-C, Class 1A1, 4.97%, 12/20/2034 (h)		127		127
Series 2005-E, Class 4A1, 4.43%, 3/20/2035 (h)		245		246
Series 2005-6, Class 2A7, 5.50%, 10/25/2035		250		238
Series 2005-7, Class 30PO, PO, 11/25/2035 ‡		203		169
Series 2005-8, Class 30PO, PO, 1/25/2036 ‡		103		77
Series 2006-A, Class 3A2, 4.17%, 2/20/2036 (h)		254		236
Banc of America Mortgage Trust
Series 2004-A, Class 2A2, 3.86%, 2/25/2034 (h)		80		80
Series 2004-J, Class 3A1, 4.87%, 11/25/2034 (h)		283		283
BCAP LLC Trust
Series 2009-RR5, Class 8A1, 5.50%, 11/26/2034 (b) (h)		129		132
Series 2010-RR7, Class 2A1, 3.65%, 7/26/2045 (b) (h)		612		607
Bear Stearns ARM Trust
Series 2003-7, Class 3A, 4.20%, 10/25/2033 (h)		65		65
Series 2004-1, Class 12A1, 3.96%, 4/25/2034 (h)		340		341
Series 2004-2, Class 14A, 3.86%, 5/25/2034 (h)		57		57
Series 2006-1, Class A1, 4.91%, 2/25/2036 (h)		1,200		1,207
CHL Mortgage Pass-Through Trust
Series 2004-8, Class 2A1, 4.50%, 6/25/2019		7		7
Series 2004-HYB1, Class 2A, 3.74%, 5/20/2034 (h)		70		69
Series 2004-HYB3, Class 2A, 3.63%, 6/20/2034 (h)		372		373
Series 2004-7, Class 2A1, 3.96%, 6/25/2034 (h)		204		209

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)
Series 2004-HYB6, Class A3, 4.27%, 11/20/2034 (h)		241			245
Series 2005-16, Class A23, 5.50%, 9/25/2035		466			445
Series 2005-22, Class 2A1, 4.08%, 11/25/2035 (h)		1,354			1,192
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 ‡		86			73
Citigroup Global Markets Mortgage Securities VII, Inc.
Series 2003-UP2, Class PO1, PO, 12/25/2018 ‡		1			1
Series 2003-HYB1, Class A, 4.74%, 9/25/2033 (h)		61			61
Citigroup Mortgage Loan Trust
Series 2009-10, Class 2A1A, 7.00%, 12/25/2035 (b) (h)		73			74
Series 2015-A, Class B2, 4.50%, 6/25/2058 (b) (h)		458			467
Citigroup Mortgage Loan Trust, Inc.
Series 2003-UST1, Class PO1, PO, 12/25/2018 ‡		5			5
Series 2003-UST1, Class A1, 5.50%, 12/25/2018		15			15
Series 2003-1, Class PO3, PO, 9/25/2033 ‡		32			30
Series 2003-UP3, Class A3, 7.00%, 9/25/2033		26			26
Series 2003-1, Class 2A6, PO, 10/25/2033 ‡		41			39
Series 2003-1, Class PO2, PO, 10/25/2033 ‡		44			38
Series 2003-1, Class 2A5, 5.25%, 10/25/2033		79			80
Series 2004-UST1, Class A6, 4.28%, 8/25/2034 (h)		60			58
Series 2005-1, Class 2A1A, 3.26%, 2/25/2035 (h)		227			195
Series 2005-2, Class 2A11, 5.50%, 5/25/2035		247			251
Series 2005-5, Class 1A2, 3.97%, 8/25/2035 (h)		281			228
Conix Mortgage Asset Trust Series 2013-1, Class A, 12/25/2047‡ (h) (k)		1,079			130
Credit Suisse First Boston Mortgage Securities Corp.
Series 2004-5, Class 5P, PO, 8/25/2019 ‡		1			1
Series 2003-1, Class DB1, 6.72%, 2/25/2033 (h)		327			339
Series 2003-21, Class 1A4, 5.25%, 9/25/2033		108			111
Series 2003-25, Class 1P, PO, 10/25/2033 ‡		238			217
CSFB Mortgage-Backed Pass-Through Certificates
Series 2005-4, Class 3A18, 5.50%, 6/25/2035		1,413			1,441
Series 2005-4, Class 3A23, 5.50%, 6/25/2035		2,980			2,949
FHLMC - GNMA Series 8, Class ZA, 7.00%, 3/25/2023		57			60
FHLMC REMIC
Series 2134, Class PI, IO, 6.50%, 3/15/2019		—	(i)		—	(i)
Series 2783, Class AT, 4.00%, 4/15/2019		11			11
Series 2809, Class UC, 4.00%, 6/15/2019		11			11
Series 2934, Class EC, PO, 2/15/2020		49			48
Series 2934, Class HI, IO, 5.00%, 2/15/2020		41			1
Series 2934, Class KI, IO, 5.00%, 2/15/2020		30			1
Series 2965, Class GD, 4.50%, 4/15/2020		83			84
Series 23, Class F, 9.60%, 4/15/2020		—	(i)		—	(i)
Series 47, Class F, 10.00%, 6/15/2020		—	(i)		—	(i)
Series 1807, Class G, 9.00%, 10/15/2020		—	(i)		—	(i)
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		1			1
Series 1084, Class F, 3.26%, 5/15/2021 (h)		—	(i)		—	(i)
Series 1079, Class S, HB, IF, 26.16%, 5/15/2021 (h)		—	(i)		—	(i)
Series 1084, Class S, HB, IF, 34.85%, 5/15/2021 (h)		—	(i)		—	(i)
Series 1116, Class I, 5.50%, 8/15/2021		2			2
Series 1144, Class KB, 8.50%, 9/15/2021		3			3
Series 1196, Class B, HB, IF, 1,104.54%, 1/15/2022 (h)		—	(i)		—	(i)
Series 1250, Class J, 7.00%, 5/15/2022		2			2
Series 1343, Class LB, 7.50%, 8/15/2022		7			7
Series 1343, Class LA, 8.00%, 8/15/2022		5			6
Series 1370, Class JA, 3.46%, 9/15/2022 (h)		12			12
Series 2512, Class PG, 5.50%, 10/15/2022		126			130

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)
Series 1455, Class WB, IF, 3.52%, 12/15/2022 (h)		11			11
Series 2535, Class BK, 5.50%, 12/15/2022		68			70
Series 1470, Class F, 2.02%, 2/15/2023 (h)		1			1
Series 2568, Class KG, 5.50%, 2/15/2023		170			177
Series 1466, Class PZ, 7.50%, 2/15/2023		53			56
Series 1498, Class I, 3.46%, 4/15/2023 (h)		64			66
Series 1502, Class PX, 7.00%, 4/15/2023		96			101
Series 1798, Class F, 5.00%, 5/15/2023		80			81
Series 1518, Class G, IF, 6.53%, 5/15/2023 (h)		25			27
Series 1505, Class Q, 7.00%, 5/15/2023		10			11
Series 204, Class E, HB, IF, 1,429.94%, 5/15/2023 (h)		—	(i)		—	(i)
Series 1541, Class O, 2.44%, 7/15/2023 (h)		24			24
Series 2638, Class DS, IF, 6.29%, 7/15/2023 (h)		17			17
Series 1541, Class M, HB, IF, 23.48%, 7/15/2023 (h)		9			11
Series 1570, Class F, 2.52%, 8/15/2023 (h)		2			2
Series 1608, Class L, 6.50%, 9/15/2023		229			241
Series 1573, Class PZ, 7.00%, 9/15/2023		75			79
Series 2571, Class SK, HB, IF, 24.55%, 9/15/2023 (h)		34			44
Series 1591, Class PV, 6.25%, 10/15/2023		48			50
Series 1602, Class SA, IF, 15.25%, 10/15/2023 (h)		27			30
Series 2710, Class HB, 5.50%, 11/15/2023		455			473
Series 1642, Class PJ, 6.00%, 11/15/2023		109			113
Series 2716, Class UN, 4.50%, 12/15/2023		284			294
Series 1638, Class H, 6.50%, 12/15/2023		162			170
Series 2283, Class K, 6.50%, 12/15/2023		79			83
Series 1700, Class GA, PO, 2/15/2024		29			27
Series 1865, Class D, PO, 2/15/2024		39			35
Series 1760, Class ZD, 2.64%, 2/15/2024 (h)		204			201
Series 1671, Class QC, IF, 10.00%, 2/15/2024 (h)		14			17
Series 1686, Class SH, IF, 14.05%, 2/15/2024 (h)		5			6
Series 1709, Class FA, 2.29%, 3/15/2024 (h)		3			3
Series 1699, Class FC, 2.91%, 3/15/2024 (h)		7			7
Series 1695, Class EB, 7.00%, 3/15/2024		35			37
Series 1706, Class K, 7.00%, 3/15/2024		105			112
Series 2033, Class SN, HB, IF, 26.86%, 3/15/2024 (h)		17			4
Series 2306, Class K, PO, 5/15/2024		17			16
Series 2306, Class SE, IF, IO, 7.46%, 5/15/2024 (h)		40			6
Series 1745, Class D, 7.50%, 8/15/2024		18			20
Series 3720, Class A, 4.50%, 9/15/2025		193			198
Series 3131, Class BK, 5.50%, 3/15/2026		663			703
Series 1829, Class ZB, 6.50%, 3/15/2026		17			18
Series 1863, Class Z, 6.50%, 7/15/2026		21			22
Series 1890, Class H, 7.50%, 9/15/2026		21			23
Series 1899, Class ZE, 8.00%, 9/15/2026		65			73
Series 3229, Class HE, 5.00%, 10/15/2026		608			627
Series 1963, Class Z, 7.50%, 1/15/2027		49			54
Series 1935, Class FL, 3.01%, 2/15/2027 (h)		4			4
Series 1981, Class Z, 6.00%, 5/15/2027		80			84
Series 1970, Class PG, 7.25%, 7/15/2027		6			7
Series 1987, Class PE, 7.50%, 9/15/2027		35			40
Series 2019, Class Z, 6.50%, 12/15/2027		65			69
Series 2038, Class PN, IO, 7.00%, 3/15/2028		62			11
Series 2040, Class PE, 7.50%, 3/15/2028		132			147
Series 4251, Class KW, 2.50%, 4/15/2028		3,684			3,429
Series 2043, Class CJ, 6.50%, 4/15/2028		19			20
Series 2054, Class PV, 7.50%, 5/15/2028		87			97

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)
Series 2075, Class PM, 6.25%, 8/15/2028		188		199
Series 2075, Class PH, 6.50%, 8/15/2028		167		181
Series 2086, Class GB, 6.00%, 9/15/2028		51		54
Series 2089, Class PJ, IO, 7.00%, 10/15/2028		79		9
Series 2095, Class PE, 6.00%, 11/15/2028		221		237
Series 2125, Class JZ, 6.00%, 2/15/2029		76		81
Series 2136, Class PG, 6.00%, 3/15/2029		93		100
Series 2132, Class SB, HB, IF, 20.59%, 3/15/2029 (h)		16		22
Series 2141, IO, 7.00%, 4/15/2029		26		3
Series 2169, Class TB, 7.00%, 6/15/2029		276		303
Series 2163, Class PC, IO, 7.50%, 6/15/2029		30		3
Series 2172, Class QC, 7.00%, 7/15/2029		174		193
Series 2176, Class OJ, 7.00%, 8/15/2029		137		152
Series 2201, Class C, 8.00%, 11/15/2029		79		88
Series 2209, Class TC, 8.00%, 1/15/2030		72		82
Series 2210, Class Z, 8.00%, 1/15/2030		130		149
Series 2224, Class CB, 8.00%, 3/15/2030		29		33
Series 2230, Class Z, 8.00%, 4/15/2030		76		85
Series 2234, Class PZ, 7.50%, 5/15/2030		55		62
Series 2247, Class Z, 7.50%, 8/15/2030		60		67
Series 2256, Class MC, 7.25%, 9/15/2030		80		90
Series 2259, Class ZM, 7.00%, 10/15/2030		103		115
Series 2261, Class ZY, 7.50%, 10/15/2030		1		—	(i)
Series 2262, Class Z, 7.50%, 10/15/2030		17		19
Series 2271, Class PC, 7.25%, 12/15/2030		133		148
Series 2296, Class PD, 7.00%, 3/15/2031		75		83
Series 2313, Class LA, 6.50%, 5/15/2031		73		82
Series 2325, Class PM, 7.00%, 6/15/2031		89		99
Series 2359, Class ZB, 8.50%, 6/15/2031		207		239
Series 2344, Class ZD, 6.50%, 8/15/2031		706		802
Series 2344, Class ZJ, 6.50%, 8/15/2031		61		66
Series 2345, Class NE, 6.50%, 8/15/2031		51		56
Series 2351, Class PZ, 6.50%, 8/15/2031		56		62
Series 2353, Class AZ, 6.00%, 9/15/2031		420		440
Series 2367, Class ME, 6.50%, 10/15/2031		105		115
Series 2396, Class FM, 2.76%, 12/15/2031 (h)		233		234
Series 2399, Class OH, 6.50%, 1/15/2032		143		157
Series 2399, Class TH, 6.50%, 1/15/2032		186		204
Series 2464, Class SI, IF, IO, 5.69%, 2/15/2032 (h)		327		51
Series 2410, Class QX, IF, IO, 6.34%, 2/15/2032 (h)		80		15
Series 2410, Class OE, 6.38%, 2/15/2032		71		75
Series 2410, Class NG, 6.50%, 2/15/2032		187		205
Series 2420, Class XK, 6.50%, 2/15/2032		237		260
Series 2412, Class SP, IF, 11.49%, 2/15/2032 (h)		157		180
Series 2410, Class QS, IF, 13.50%, 2/15/2032 (h)		128		156
Series 2444, Class ES, IF, IO, 5.64%, 3/15/2032 (h)		135		22
Series 2450, Class SW, IF, IO, 5.69%, 3/15/2032 (h)		108		17
Series 2430, Class WF, 6.50%, 3/15/2032		351		389
Series 2423, Class MC, 7.00%, 3/15/2032		194		215
Series 2423, Class MT, 7.00%, 3/15/2032		169		188
Series 2435, Class CJ, 6.50%, 4/15/2032		242		265
Series 2434, Class TC, 7.00%, 4/15/2032		182		201
Series 2436, Class MC, 7.00%, 4/15/2032		152		166
Series 2455, Class GK, 6.50%, 5/15/2032		374		413
Series 2450, Class GZ, 7.00%, 5/15/2032		100		113
Series 2462, Class JG, 6.50%, 6/15/2032		160		176

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)
Series 2466, Class PH, 6.50%, 6/15/2032		283		311
Series 2474, Class NR, 6.50%, 7/15/2032		154		172
Series 2484, Class LZ, 6.50%, 7/15/2032		187		210
Series 2500, Class MC, 6.00%, 9/15/2032		185		201
Series 2835, Class QO, PO, 12/15/2032		27		23
Series 2543, Class YX, 6.00%, 12/15/2032		334		365
Series 2544, Class HC, 6.00%, 12/15/2032		327		359
Series 2552, Class ME, 6.00%, 1/15/2033		445		487
Series 2567, Class QD, 6.00%, 2/15/2033		384		421
Series 2575, Class ME, 6.00%, 2/15/2033		936		1,012
Series 2596, Class QG, 6.00%, 3/15/2033		254		264
Series 2586, Class WI, IO, 6.50%, 3/15/2033		122		28
Series 2692, Class SC, IF, 8.67%, 7/15/2033 (h)		62		68
Series 4240, Class B, 3.00%, 8/15/2033		2,501		2,362
Series 3920, Class LP, 5.00%, 1/15/2034		979		1,044
Series 2744, Class PE, 5.50%, 2/15/2034		43		44
Series 3611, PO, 7/15/2034		64		54
Series 2990, Class UZ, 5.75%, 6/15/2035		2,236		2,441
Series 3004, Class EK, 5.50%, 7/15/2035		1,233		1,219
Series 3014, Class OD, PO, 8/15/2035		52		46
Series 3085, Class WF, 3.11%, 8/15/2035 (h)		172		176
Series 3151, Class UC, 5.50%, 8/15/2035		31		31
Series 3047, Class OD, 5.50%, 10/15/2035		944		1,017
Series 3074, Class BH, 5.00%, 11/15/2035		570		589
Series 3064, Class MC, 5.50%, 11/15/2035		3,095		3,226
Series 3102, Class FB, 2.61%, 1/15/2036(h)		245		245
Series 3102, Class HS, IF, 16.11%, 1/15/2036 (h)		61		78
Series 3117, Class EO, PO, 2/15/2036		387		325
Series 3117, Class OK, PO, 2/15/2036		225		188
Series 3134, PO, 3/15/2036		59		51
Series 3152, Class MO, PO, 3/15/2036		299		253
Series 3122, Class ZB, 6.00%, 3/15/2036		23		30
Series 3138, PO, 4/15/2036		283		244
Series 3607, Class BO, PO, 4/15/2036		132		111
Series 3219, Class DI, IO, 6.00%, 4/15/2036		216		45
Series 3819, Class ZQ, 6.00%, 4/15/2036		1,272		1,402
Series 3149, Class SO, PO, 5/15/2036		30		23
Series 3233, Class OP, PO, 5/15/2036		92		77
Series 3171, Class MO, PO, 6/15/2036		61		54
Series 3179, Class OA, PO, 7/15/2036		254		218
Series 3194, Class SA, IF, IO, 4.79%, 7/15/2036 (h)		43		2
Series 3211, Class SO, PO, 9/15/2036		278		239
Series 3218, Class AO, PO, 9/15/2036		125		95
Series 3232, Class ST, IF, IO, 4.39%, 10/15/2036 (h)		321		42
Series 3256, PO, 12/15/2036		165		139
Series 3261, Class OA, PO, 1/15/2037		203		170
Series 3260, Class CS, IF, IO, 3.83%, 1/15/2037 (h)		348		44
Series 3274, Class JO, PO, 2/15/2037		55		48
Series 3275, Class FL, 2.75%, 2/15/2037 (h)		57		57
Series 3290, Class SB, IF, IO, 4.14%, 3/15/2037 (h)		410		46
Series 3318, Class AO, PO, 5/15/2037		21		16
Series 3607, PO, 5/15/2037		267		223
Series 3315, Class HZ, 6.00%, 5/15/2037		333		335
Series 3326, Class JO, PO, 6/15/2037		20		18
Series 3331, PO, 6/15/2037		189		165
Series 3607, Class OP, PO, 7/15/2037		534		453
Series 4048, Class FJ, 2.66%, 7/15/2037 (h)		1,093		1,090
Series 3759, Class HI, IO, 4.00%, 8/15/2037		181		3
Series 3760, Class GI, IO, 4.00%, 10/15/2037		97		1
Series 3385, Class SN, IF, IO, 3.69%, 11/15/2037 (h)		90		7

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)
Series 3387, Class SA, IF, IO, 4.11%, 11/15/2037 (h)		262			23
Series 3422, Class AI, IO, 0.25%, 1/15/2038(e)		1,720			13
Series 3404, Class SC, IF, IO, 3.69%, 1/15/2038 (h)		457			51
Series 3424, Class PI, IF, IO, 4.49%, 4/15/2038 (h)		333			41
Series 3481, Class SJ, IF, IO, 3.54%, 8/15/2038 (h)		538			53
Series 3511, Class SA, IF, IO, 3.69%, 2/15/2039 (h)		341			38
Series 3549, Class FA, 3.51%, 7/15/2039 (h)		55			56
Series 3997, Class PF, 2.76%, 11/15/2039 (h)		188			189
Series 3621, Class BO, PO, 1/15/2040		195			167
Series 3747, Class PY, 4.00%, 10/15/2040		1,000			1,001
Series 3925, Class FL, 2.76%, 1/15/2041 (h)		637			640
Series 3852, Class QN, IF, 5.50%, 5/15/2041 (h)		282			282
Series 3852, Class TP, IF, 5.50%, 5/15/2041 (h)		981			1,041
Series 3957, Class B, 4.00%, 11/15/2041		404			411
Series 3966, Class NA, 4.00%, 12/15/2041		676			696
Series 4217, Class KY, 3.00%, 6/15/2043		2,000			1,842
Series 4374, Class NC, 3.75%, 2/15/2046 (e)		1,548			1,557
FHLMC STRIPS
Series 243, Class 16, IO, 4.50%, 11/15/2020		12			—	(i)
Series 243, Class 17, IO, 4.50%, 12/15/2020		33			1
Series 134, Class B, IO, 9.00%, 4/1/2022		—	(i)		—	(i)
Series 233, Class 11, IO, 5.00%, 9/15/2035		466			89
Series 233, Class 13, IO, 5.00%, 9/15/2035		662			138
Series 299, Class 300, 3.00%, 1/15/2043		5,067			4,941
Series 310, PO, Zero Coupon, 9/15/2043		1,638			1,281
Series 323, Class 300, 3.00%, 1/15/2044		3,113			3,025
FHLMC Structured Pass-Through Securities Certificates
Series T-41, Class 3A, 5.51%, 7/25/2032 (h)		337			354
Series T-76, Class 2A, 2.49%, 10/25/2037 (h)		1,059			1,090
Series T-51, Class 2A, 7.50%, 8/25/2042 (h)		215			248
Series T-54, Class 2A, 6.50%, 2/25/2043		1,216			1,369
Series T-54, Class 3A, 7.00%, 2/25/2043		342			385
Series T-58, Class APO, PO, 9/25/2043		123			97
Series T-59, Class 1AP, PO, 10/25/2043		288			146
First Horizon Alternative Mortgage Securities Trust
Series 2004-AA4, Class A1, 4.22%, 10/25/2034 (h)		318			314
Series 2005-FA8, Class 1A19, 5.50%, 11/25/2035		711			587
Series 2007-FA4, Class 1A2, IF, IO, 3.34%, 8/25/2037 ‡ (h)		1,368			187
First Horizon Mortgage Pass-Through Trust Series 2005-AR1, Class 2A2, 3.96%, 4/25/2035 (h)		287			291
FNMA Grantor Trust
Series 2002-T19, Class A2, 7.00%, 7/25/2042		603			671
Series 2004-T3, Class 1A3, 7.00%, 2/25/2044		420			471
FNMA REMIC
Series 2004-27, Class HB, 4.00%, 5/25/2019		49			49
Series 1989-70, Class G, 8.00%, 10/25/2019		—	(i)		—	(i)
Series 1989-83, Class H, 8.50%, 11/25/2019		1			1
Series 1989-89, Class H, 9.00%, 11/25/2019		—	(i)		—	(i)
Series 1989-78, Class H, 9.40%, 11/25/2019		—	(i)		—	(i)
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		3			3
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		2			2
Series 1990-134, Class SC, IF, 18.13%, 11/25/2020 (h)		—	(i)		—	(i)

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)
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		1			1
Series 2001-4, Class PC, 7.00%, 3/25/2021		22			23
Series G-17, Class S, HB, 843.04%, 6/25/2021 (h)		—	(i)		—	(i)
Series 2001-48, Class Z, 6.50%, 9/25/2021		218			226
Series G-28, Class S, IF, 12.78%, 9/25/2021 (h)		—	(i)		—	(i)
Series G-35, Class M, 8.75%, 10/25/2021		3			3
Series G-51, Class SA, HB, IF, 21.39%, 12/25/2021 (h)		1			1
Series 2002-1, Class HC, 6.50%, 2/25/2022		22			23
Series 2007-15, Class NO, PO, 3/25/2022		48			46
Series 1992-101, Class J, 7.50%, 6/25/2022		—	(i)		1
Series G92-42, Class Z, 7.00%, 7/25/2022		3			3
Series G92-35, Class E, 7.50%, 7/25/2022		30			32
Series G92-44, Class ZQ, 8.00%, 7/25/2022		2			2
Series G92-35, Class G, HB, 1,184.78%, 7/25/2022		—	(i)		—	(i)
Series 1992-136, Class PK, 6.00%, 8/25/2022		10			11
Series 1996-59, Class J, 6.50%, 8/25/2022		7			7
Series G92-52, Class FD, 2.34%, 9/25/2022 (h)		5			5
Series 1992-143, Class MA, 5.50%, 9/25/2022		6			7
Series G92-54, Class ZQ, 7.50%, 9/25/2022		23			24
Series 1992-163, Class M, 7.75%, 9/25/2022		23			25
Series G92-62, Class B, PO, 10/25/2022		7			7
Series G92-59, Class F, 1.72%, 10/25/2022 (h)		4			4
Series G92-61, Class Z, 7.00%, 10/25/2022		11			12
Series 1992-188, Class PZ, 7.50%, 10/25/2022		43			45
Series G93-1, Class KA, 7.90%, 1/25/2023		38			41
Series G93-5, Class Z, 6.50%, 2/25/2023		10			10
Series 1997-61, Class ZC, 7.00%, 2/25/2023		176			186
Series 1993-27, Class SA, IF, 15.50%, 2/25/2023 (h)		6			8
Series G93-14, Class J, 6.50%, 3/25/2023		13			13
Series 1993-25, Class J, 7.50%, 3/25/2023		28			30
Series 1993-21, Class KA, 7.70%, 3/25/2023		17			18
Series 1998-4, Class C, PO, 4/25/2023		5			4
Series 2008-24, Class DY, 5.00%, 4/25/2023		3			3
Series G93-17, Class SI, IF, 6.00%, 4/25/2023 (h)		27			29
Series 1998-43, Class SA, IF, IO, 15.16%, 4/25/2023 (h)		34			8
Series 1993-62, Class SA, IF, 18.16%, 4/25/2023 (h)		10			11
Series 2003-39, Class LW, 5.50%, 5/25/2023		344			358
Series 2003-41, Class PE, 5.50%, 5/25/2023		166			170
Series 2008-47, Class SI, IF, IO, 4.18%, 6/25/2023 (h)		127			4
Series 2003-83, Class PG, 5.00%, 6/25/2023		11			11
Series G93-27, Class FD, 3.20%, 8/25/2023 (h)		23			24
Series 1999-38, Class SK, IF, IO, 5.73%, 8/25/2023 (h)		7			—	(i)
Series 2002-83, Class CS, 6.88%, 8/25/2023		189			197
Series 1996-14, Class SE, IF, IO, 7.61%, 8/25/2023 (h)		97			12
Series 1993-205, Class H, PO, 9/25/2023		16			15
Series G93-37, Class H, PO, 9/25/2023		6			6
Series 2008-76, Class GF, 2.96%, 9/25/2023 (h)		2			2
Series 1993-165, Class SK, IF, 12.50%, 9/25/2023 (h)		12			13
Series 1993-165, Class SD, IF, 12.70%, 9/25/2023 (h)		6			6
Series 1993-179, Class SC, IF, 10.50%, 10/25/2023 (h)		6			7
Series 1999-52, Class NS, IF, 16.90%, 10/25/2023 (h)		16			19
Series 1993-179, Class SB, HB, IF, 25.30%, 10/25/2023 (h)		9			11
Series 1995-19, Class Z, 6.50%, 11/25/2023		108			117
Series 1993-230, Class FA, 2.92%, 12/25/2023 (h)		9			9

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)
Series 1993-247, Class FE, 3.32%, 12/25/2023 (h)		22		22
Series 1993-225, Class UB, 6.50%, 12/25/2023		27		29
Series 1993-247, Class SU, IF, 11.93%, 12/25/2023 (h)		10		11
Series 2002-1, Class UD, IF, 16.40%, 12/25/2023 (h)		22		26
Series 2009-9, IO, 5.00%, 2/25/2024		77		2
Series 2009-18, IO, 5.00%, 3/25/2024		31		1
Series 1994-37, Class L, 6.50%, 3/25/2024		85		89
Series 1994-40, Class Z, 6.50%, 3/25/2024		496		525
Series 2004-53, Class NC, 5.50%, 7/25/2024		96		100
Series 1995-2, Class Z, 8.50%, 1/25/2025		22		24
Series G95-1, Class C, 8.80%, 1/25/2025		16		18
Series 1997-20, IO, 1.84%, 3/25/2027 (h)		61		1
Series 1997-27, Class J, 7.50%, 4/18/2027		9		10
Series 1997-29, Class J, 7.50%, 4/20/2027		20		22
Series 1997-39, Class PD, 7.50%, 5/20/2027		141		158
Series 1997-42, Class ZC, 6.50%, 7/18/2027		11		11
Series 1997-81, Class PI, IO, 7.00%, 12/18/2027		37		4
Series 1998-36, Class ZB, 6.00%, 7/18/2028		55		60
Series 1998-66, Class SB, IF, IO, 5.83%, 12/25/2028 (h)		57		3
Series 1999-18, Class Z, 5.50%, 4/18/2029		138		141
Series 1999-17, Class C, 6.35%, 4/25/2029		39		42
Series 1999-62, Class PB, 7.50%, 12/18/2029		60		67
Series 2000-2, Class ZE, 7.50%, 2/25/2030		203		226
Series 2013-103, Class VG, 3.00%, 3/25/2030		3,500		3,440
Series 2000-20, Class SA, IF, IO, 6.78%, 7/25/2030 (h)		113		13
Series 2000-52, IO, 8.50%, 1/25/2031		16		3
Series 2001-7, Class PF, 7.00%, 3/25/2031		35		39
Series 2011-31, Class DB, 3.50%, 4/25/2031		2,500		2,519
Series 2001-33, Class ID, IO, 6.00%, 7/25/2031		130		27
Series 2001-30, Class PM, 7.00%, 7/25/2031		123		138
Series 2001-36, Class DE, 7.00%, 8/25/2031		134		148
Series 2001-49, Class Z, 6.50%, 9/25/2031		34		37
Series 2001-44, Class MY, 7.00%, 9/25/2031		343		384
Series 2001-44, Class PD, 7.00%, 9/25/2031		43		47
Series 2001-44, Class PU, 7.00%, 9/25/2031		66		73
Series 2001-52, Class KB, 6.50%, 10/25/2031		38		41
Series 2003-52, Class SX, IF, 16.00%, 10/25/2031 (h)		75		98
Series 2001-61, Class Z, 7.00%, 11/25/2031		423		473
Series 2001-72, Class SX, IF, 12.07%, 12/25/2031 (h)		11		13
Series 2002-1, Class SA, IF, 17.66%, 2/25/2032 (h)		18		24
Series 2002-13, Class SJ, IF, IO, 1.60%, 3/25/2032 (h)		403		19
Series 2002-13, Class ST, IF, 10.00%, 3/25/2032 (h)		6		7
Series 2002-21, Class LO, PO, 4/25/2032		13		11
Series 2002-21, Class PE, 6.50%, 4/25/2032		120		132
Series 2002-28, Class PK, 6.50%, 5/25/2032		306		335
Series 2012-66, Class CB, 3.00%, 6/25/2032		3,000		2,866
Series 2002-37, Class Z, 6.50%, 6/25/2032		79		86
Series 2006-130, Class GI, IO, 6.50%, 7/25/2032		344		49
Series 2002-48, Class GH, 6.50%, 8/25/2032		430		472
Series 2004-61, Class SK, IF, 8.50%, 11/25/2032 (h)		52		57
Series 2004-59, Class BG, PO, 12/25/2032		157		133
Series 2002-77, Class S, IF, 10.24%, 12/25/2032 (h)		69		78
Series 2003-22, Class UD, 4.00%, 4/25/2033		1,385		1,414
Series 2003-35, Class UC, 3.75%, 5/25/2033		16		16
Series 2003-42, Class GB, 4.00%, 5/25/2033		87		89
Series 2003-34, Class AX, 6.00%, 5/25/2033		277		301

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)
Series 2003-34, Class ED, 6.00%, 5/25/2033		1,156			1,209
Series 2003-39, IO, 6.00%, 5/25/2033 (h)		54			12
Series 2003-33, Class IA, IO, 6.50%, 5/25/2033		441			99
Series 2007-97, Class KI, IO, 7.00%, 5/25/2033		795			98
Series 2004-4, Class QI, IF, IO, 4.78%, 6/25/2033 (h)		486			20
Series 2003-47, Class PE, 5.75%, 6/25/2033		197			214
Series 2004-4, Class QM, IF, 9.57%, 6/25/2033 (h)		46			49
Series 2003-64, Class SX, IF, 8.00%, 7/25/2033 (h)		62			66
Series 2004-36, Class SN, IF, 9.57%, 7/25/2033 (h)		65			65
Series 2003-132, Class OA, PO, 8/25/2033		38			35
Series 2003-71, Class DS, IF, 4.40%, 8/25/2033 (h)		394			378
Series 2003-72, Class IE, IO, 5.50%, 8/25/2033		431			75
Series 2003-74, Class SH, IF, 6.00%, 8/25/2033 (h)		61			65
Series 2003-91, Class SD, IF, 8.64%, 9/25/2033 (h)		95			103
Series 2013-101, Class AE, 3.00%, 10/25/2033		3,349			3,204
Series 2013-101, Class E, 3.00%, 10/25/2033		3,000			2,879
Series 2013-108, Class GU, 3.00%, 10/25/2033		4,000			3,831
Series 2003-116, Class SB, IF, IO, 5.28%, 11/25/2033 (h)		620			94
Series 2006-44, Class P, PO, 12/25/2033		1,033			860
Series 2004-25, Class PC, 5.50%, 1/25/2034		18			18
Series 2003-130, Class SX, IF, 8.05%, 1/25/2034 (h)		21			23
Series 2004-36, Class PC, 5.50%, 2/25/2034		14			14
Series 2004-10, Class SC, IF, 19.34%, 2/25/2034 (h)		44			45
Series 2004-25, Class SA, IF, 13.16%, 4/25/2034 (h)		341			413
Series 2004-46, Class SK, IF, 10.13%, 5/25/2034 (h)		624			701
Series 2004-36, Class SA, IF, 13.16%, 5/25/2034 (h)		614			782
Series 2004-46, Class QB, IF, 14.74%, 5/25/2034 (h)		239			287
Series 2004-51, Class SY, IF, 9.61%, 7/25/2034 (h)		109			122
Series 2004-79, Class SP, IF, 13.43%, 11/25/2034 (h)		109			114
Series 2005-74, Class CS, IF, 13.65%, 5/25/2035 (h)		241			275
Series 2005-68, Class UC, 5.00%, 6/25/2035		139			140
Series 2005-68, Class BC, 5.25%, 6/25/2035		103			104
Series 2005-110, Class MN, 5.50%, 6/25/2035		14			14
Series 2005-52, Class PA, 6.50%, 6/25/2035		—	(i)		—	(i)
Series 2005-56, Class S, IF, IO, 4.39%, 7/25/2035 (h)		653			79
Series 2005-66, Class SG, IF, 11.59%, 7/25/2035 (h)		162			197
Series 2005-68, Class PG, 5.50%, 8/25/2035		599			638
Series 2005-84, Class XM, 5.75%, 10/25/2035		1,856			1,987
Series 2005-110, Class GL, 5.50%, 12/25/2035		4,269			4,617
Series 2006-46, Class UC, 5.50%, 12/25/2035		610			639
Series 2005-109, Class PC, 6.00%, 12/25/2035		690			734
Series 2006-15, Class OT, PO, 1/25/2036		21			20
Series 2006-39, Class WC, 5.50%, 1/25/2036		602			632
Series 2006-16, Class OA, PO, 3/25/2036		219			185
Series 2006-22, Class AO, PO, 4/25/2036		329			273
Series 2006-23, Class KO, PO, 4/25/2036		71			63
Series 2006-44, Class GO, PO, 6/25/2036		437			367
Series 2006-53, Class US, IF, IO, 4.26%, 6/25/2036 (h)		663			89
Series 2007-101, Class A2, 2.56%, 6/27/2036 (h)		446			438
Series 2006-56, PO, 7/25/2036		351			307
Series 2006-58, PO, 7/25/2036		195			165
Series 2006-58, Class AP, PO, 7/25/2036		381			327
Series 2006-65, Class QO, PO, 7/25/2036		296			251
Series 2006-56, Class FC, 2.61%, 7/25/2036 (h)		629			628
Series 2006-58, Class FL, 2.78%, 7/25/2036 (h)		49			49
Series 2006-60, Class DZ, 6.50%, 7/25/2036		4,473			5,106

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)
Series 2006-72, Class TO, PO, 8/25/2036		58		51
Series 2006-79, Class DO, PO, 8/25/2036		243		213
Series 2007-7, Class SG, IF, IO, 4.18%, 8/25/2036 (h)		785		157
Series 2006-77, Class PC, 6.50%, 8/25/2036		988		1,078
Series 2006-90, Class AO, PO, 9/25/2036		194		171
Series 2008-42, Class AO, PO, 9/25/2036		95		84
Series 2009-19, Class IP, IO, 5.50%, 10/25/2036		1,215		233
Series 2006-109, PO, 11/25/2036		87		74
Series 2006-110, PO, 11/25/2036		546		458
Series 2006-111, Class EO, PO, 11/25/2036		59		50
Series 2006-124, Class HB, 4.32%, 11/25/2036 (h)		771		799
Series 2006-119, PO, 12/25/2036		64		56
Series 2006-118, Class A2, 2.34%, 12/25/2036 (h)		353		349
Series 2009-70, Class CO, PO, 1/25/2037		479		394
Series 2006-128, Class BP, 5.50%, 1/25/2037		272		284
Series 2007-77, Class FG, 2.82%, 3/25/2037 (h)		82		83
Series 2007-16, Class FC, 3.07%, 3/25/2037 (h)		126		131
Series 2007-14, Class ES, IF, IO, 4.12%, 3/25/2037 (h)		796		108
Series 2007-42, Class AO, PO, 5/25/2037		59		53
Series 2007-48, PO, 5/25/2037		137		121
Series 2007-54, Class FA, 2.72%, 6/25/2037 (h)		302		304
Series 2007-60, Class AX, IF, IO, 4.83%, 7/25/2037 (h)		2,185		394
Series 2012-14, Class FB, 2.77%, 8/25/2037 (h)		294		296
Series 2007-81, Class GE, 6.00%, 8/25/2037		324		344
Series 2007-88, Class VI, IF, IO, 4.22%, 9/25/2037 (h)		1,522		241
Series 2007-91, Class ES, IF, IO, 4.14%, 10/25/2037 (h)		1,138		129
Series 2007-106, Class A7, 6.07%, 10/25/2037 (h)		193		207
Series 2007-116, Class HI, IO, 1.22%, 1/25/2038 (h)		791		28
Series 2008-1, Class BI, IF, IO, 3.59%, 2/25/2038 (h)		423		45
Series 2008-16, Class IS, IF, IO, 3.88%, 3/25/2038 (h)		122		15
Series 2008-10, Class XI, IF, IO, 3.91%, 3/25/2038 (h)		308		29
Series 2008-27, Class SN, IF, IO, 4.58%, 4/25/2038 (h)		177		19
Series 2008-44, PO, 5/25/2038		11		9
Series 2008-53, Class CI, IF, IO, 4.88%, 7/25/2038 (h)		276		37
Series 2008-80, Class SA, IF, IO, 3.53%, 9/25/2038 (h)		624		59
Series 2008-81, Class SB, IF, IO, 3.53%, 9/25/2038 (h)		493		36
Series 2010-45, Class BD, 4.50%, 11/25/2038		23		23
Series 2010-148, Class MA, 4.00%, 2/25/2039		192		194
Series 2009-6, Class GS, IF, IO, 4.23%, 2/25/2039 (h)		604		86
Series 2009-62, Class HJ, 6.00%, 5/25/2039		228		241
Series 2009-60, Class HT, 6.00%, 8/25/2039		478		521
Series 2009-99, Class SC, IF, IO, 3.86%, 12/25/2039 (h)		152		15
Series 2009-103, Class MB, 4.29%, 12/25/2039 (h)		284		304
Series 2010-49, Class SC, IF, 8.03%, 3/25/2040 (h)		540		578
Series 2010-64, Class DM, 5.00%, 6/25/2040		285		298
Series 2010-71, Class HJ, 5.50%, 7/25/2040		422		459
Series 2010-147, Class SA, IF, IO, 4.21%, 1/25/2041 (h)		1,509		262
Series 2011-30, Class LS, IO, 1.32%, 4/25/2041 (h)		923		43
Series 2011-75, Class FA, 2.87%, 8/25/2041 (h)		293		296
Series 2011-118, Class MT, 7.00%, 11/25/2041		586		663
Series 2011-130, Class CA, 6.00%, 12/25/2041		1,005		1,105
Series 2013-81, Class TA, 3.00%, 2/25/2043		2,000		1,838
Series 2013-92, PO, 9/25/2043		1,481		1,135
Series 2013-90, Class PM, 3.50%, 9/25/2043		1,694		1,607
Series 2013-101, Class DO, PO, 10/25/2043		2,284		1,720
Series 2013-128, PO, 12/25/2043		2,873		2,247

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)
Series 2011-2, Class WA, 5.82%, 2/25/2051 (h)		379		397
FNMA REMIC Trust
Series 2007-W7, Class 1A4, HB, IF, 25.29%, 7/25/2037 (h)		15		23
Series 2003-W4, Class 2A, 6.50%, 10/25/2042 (h)		60		66
Series 2003-W1, Class 1A1, 5.39%, 12/25/2042 (h)		517		536
Series 2003-W1, Class 2A, 5.90%, 12/25/2042 (h)		216		229
Series 2009-W1, Class A, 6.00%, 12/25/2049		800		879
FNMA STRIPS
Series 368, Class 3, IO, 4.50%, 11/25/2020		4		—	(i)
Series 218, Class 2, IO, 7.50%, 4/25/2023		3		—	(i)
Series 265, Class 2, 9.00%, 3/25/2024		4		5
Series 329, Class 1, PO, 1/25/2033		54		47
Series 345, Class 6, IO, 5.00%, 12/25/2033 (h)		78		16
Series 351, Class 7, IO, 5.00%, 4/25/2034 (h)		261		53
Series 355, Class 11, IO, 6.00%, 7/25/2034		224		38
Series 365, Class 8, IO, 5.50%, 5/25/2036		336		78
Series 374, Class 5, IO, 5.50%, 8/25/2036		172		40
Series 393, Class 6, IO, 5.50%, 4/25/2037		67		11
Series 383, Class 32, IO, 6.00%, 1/25/2038		81		18
Series 383, Class 33, IO, 6.00%, 1/25/2038		212		42
FNMA Trust
Series 2004-W1, Class 2A2, 7.00%, 12/25/2033		131		148
Series 2004-W2, Class 2A2, 7.00%, 2/25/2044		288		319
Series 2004-W15, Class 2AF, 2.57%, 8/25/2044 (h)		382		380
Series 2005-W3, Class 2AF, 2.54%, 3/25/2045 (h)		1,068		1,064
Series 2006-W2, Class 1AF1, 2.54%, 2/25/2046 (h)		362		361
GMACM Mortgage Loan Trust Series 2005-AR3, Class 3A4, 3.91%, 6/19/2035 (h)		1,160		1,133
GNMA
Series 1994-7, Class PQ, 6.50%, 10/16/2024		486		510
Series 1999-4, Class ZB, 6.00%, 2/20/2029		399		398
Series 1999-30, Class S, IF, IO, 6.29%, 8/16/2029 (h)		50		1
Series 2002-31, Class SE, IF, IO, 5.19%, 4/16/2030 (h)		609		55
Series 2000-31, Class Z, 9.00%, 10/20/2030		134		155
Series 2000-36, Class IK, IO, 9.00%, 11/16/2030		9		1
Series 2000-35, Class ZA, 9.00%, 11/20/2030		84		98
Series 2001-6, Class SD, IF, IO, 6.24%, 3/16/2031 (h)		42		9
Series 2001-36, Class S, IF, IO, 5.74%, 8/16/2031 (h)		95		21
Series 2001-35, Class SA, IF, IO, 5.94%, 8/16/2031 (h)		104		1
Series 2002-24, Class AG, IF, IO, 5.64%, 4/16/2032 (h)		361		55
Series 2002-24, Class SB, IF, 8.46%, 4/16/2032 (h)		34		37
Series 2002-41, Class SV, IF, 9.00%, 6/16/2032(h)		12		14
Series 2002-45, Class QE, 6.50%, 6/20/2032		888		981
Series 2002-47, Class PG, 6.50%, 7/16/2032		303		339
Series 2002-47, Class ZA, 6.50%, 7/20/2032		581		642
Series 2002-52, Class GH, 6.50%, 7/20/2032		495		499
Series 2002-75, Class PB, 6.00%, 11/20/2032		949		1,023
Series 2003-58, Class BE, 6.50%, 1/20/2033		743		817
Series 2003-11, Class SK, IF, IO, 5.39%, 2/16/2033 (h)		319		34
Series 2003-12, Class SP, IF, IO, 5.40%, 2/20/2033 (h)		166		27
Series 2003-24, PO, 3/16/2033		32		29
Series 2003-40, Class TJ, 6.50%, 3/20/2033		874		961
Series 2003-46, Class TC, 6.50%, 3/20/2033		413		451
Series 2003-46, Class MG, 6.50%, 5/20/2033		546		605
Series 2003-52, Class AP, PO, 6/16/2033		148		124
Series 2003-90, PO, 10/20/2033		44		39
Series 2003-112, Class SA, IF, IO, 4.24%, 12/16/2033 (h)		576		72
Series 2004-28, Class S, IF, 13.31%, 4/16/2034 (h)		242		312
Series 2004-73, Class AE, IF, 10.09%, 8/17/2034 (h)		55		59

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)
Series 2004-90, Class SI, IF, IO, 3.80%, 10/20/2034 (h)		772		91
Series 2005-68, Class DP, IF, 10.87%, 6/17/2035 (h)		104		114
Series 2010-14, Class CO, PO, 8/20/2035		283		242
Series 2005-58, Class NI, IO, 5.50%, 8/20/2035 (h)		1,292		252
Series 2005-68, Class KI, IF, IO, 4.00%, 9/20/2035 (h)		1,775		210
Series 2005-91, Class PI, IO, 6.00%, 12/20/2035		251		48
Series 2006-16, Class OP, PO, 3/20/2036		118		105
Series 2006-38, Class SW, IF, IO, 4.20%, 6/20/2036 (h)		234		11
Series 2006-38, Class ZK, 6.50%, 8/20/2036		1,338		1,473
Series 2006-59, Class SD, IF, IO, 4.40%, 10/20/2036 (h)		390		59
Series 2006-65, Class SA, IF, IO, 4.50%, 11/20/2036 (h)		587		72
Series 2011-22, Class WA, 5.89%, 2/20/2037 (h)		554		609
Series 2007-57, PO, 3/20/2037		243		216
Series 2007-17, Class JO, PO, 4/16/2037		103		87
Series 2007-17, Class JI, IF, IO, 4.50%, 4/16/2037 (h)		962		138
Series 2007-19, Class SD, IF, IO, 3.90%, 4/20/2037 (h)		557		50
Series 2007-28, Class BO, PO, 5/20/2037		122		102
Series 2007-26, Class SC, IF, IO, 3.90%, 5/20/2037 (h)		508		51
Series 2007-27, Class SA, IF, IO, 3.90%, 5/20/2037 (h)		470		46
Series 2007-36, Class SE, IF, IO, 4.16%, 6/16/2037 (h)		324		37
Series 2007-47, Class PH, 6.00%, 7/16/2037		2,500		2,774
Series 2007-40, Class SB, IF, IO, 4.45%, 7/20/2037 (h)		986		124
Series 2007-42, Class SB, IF, IO, 4.45%, 7/20/2037 (h)		583		89
Series 2007-50, Class AI, IF, IO, 4.47%, 8/20/2037 (h)		373		39
Series 2007-53, Class SW, IF, 13.30%, 9/20/2037 (h)		53		62
Series 2008-32, Class PI, IO, 5.50%, 10/16/2037		195		22
Series 2009-79, Class OK, PO, 11/16/2037		188		161
Series 2007-73, Class MI, IF, IO, 3.70%, 11/20/2037 (h)		320		34
Series 2007-76, Class SA, IF, IO, 4.23%, 11/20/2037 (h)		618		70
Series 2007-72, Class US, IF, IO, 4.25%, 11/20/2037 (h)		305		34
Series 2007-79, Class SY, IF, IO, 4.25%, 12/20/2037 (h)		295		35
Series 2008-2, Class NS, IF, IO, 4.23%, 1/16/2038 (h)		563		67
Series 2008-2, Class MS, IF, IO, 4.85%, 1/16/2038 (h)		169		23
Series 2008-10, Class S, IF, IO, 3.53%, 2/20/2038 (h)		348		35
Series 2008-36, Class SH, IF, IO, 4.00%, 4/20/2038 (h)		491		56
Series 2008-40, Class SA, IF, IO, 4.09%, 5/16/2038 (h)		3,029		389
Series 2008-55, Class SA, IF, IO, 3.90%, 6/20/2038 (h)		269		26
Series 2008-71, Class SC, IF, IO, 3.70%, 8/20/2038 (h)		134		11
Series 2009-25, Class SE, IF, IO, 5.30%, 9/20/2038 (h)		233		31
Series 2008-93, Class AS, IF, IO, 3.40%, 12/20/2038 (h)		335		27
Series 2009-65, Class IQ, IO, 6.00%, 12/20/2038		209		19
Series 2009-6, Class SA, IF, IO, 3.79%, 2/16/2039 (h)		388		43
Series 2009-12, Class IE, IO, 5.50%, 3/20/2039		803		157
Series 2009-14, Class KI, IO, 6.50%, 3/20/2039		318		71
Series 2009-14, Class NI, IO, 6.50%, 3/20/2039		314		82
Series 2009-22, Class SA, IF, IO, 3.97%, 4/20/2039 (h)		760		70
Series 2009-33, Class CI, IO, 5.50%, 5/20/2039		174		35
Series 2009-33, Class TI, IO, 6.00%, 5/20/2039		182		41
Series 2009-43, Class SA, IF, IO, 3.65%, 6/20/2039 (h)		326		34
Series 2009-72, Class SM, IF, IO, 3.94%, 8/16/2039 (h)		740		86
Series 2010-31, Class NO, PO, 3/20/2040		1,470		1,258
Series 2013-75, Class WA, 5.19%, 6/20/2040 (h)		1,547		1,656
Series 2010-130, Class CP, 7.00%, 10/16/2040		214		239
Series 2010-157, Class OP, PO, 12/20/2040		1,578		1,268
Series 2011-75, Class SM, IF, IO, 4.30%, 5/20/2041 (h)		1,022		137
Series 2014-188, Class W, 4.60%, 10/20/2041 (h)		753		783

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)
Series 2012-141, Class WC, 3.72%, 1/20/2042 (h)		477		483
Series 2013-54, Class WA, 4.75%, 11/20/2042 (h)		2,288		2,390
Series 2013-91, Class WA, 4.49%, 4/20/2043 (h)		995		1,010
Series 2013-116, Class JY, 4.00%, 8/16/2043		1,300		1,297
Series 2012-H24, Class FG, 2.70%, 4/20/2060 (h)		321		320
Series 2013-H03, Class FA, 2.57%, 8/20/2060 (h)		27		27
Series 2012-H22, Class FD, 2.74%, 1/20/2061 (h)		1,125		1,125
Series 2012-H21, Class CF, 2.97%, 5/20/2061 (h)		150		151
Series 2013-H05, Class FB, 2.67%, 2/20/2062 (h)		376		376
Series 2012-H15, Class FA, 2.72%, 5/20/2062 (h)		98		98
Series 2012-H26, Class MA, 2.82%, 7/20/2062 (h)		81		81
Series 2012-H28, Class FA, 2.85%, 9/20/2062 (h)		557		557
Series 2012-H29, Class FA, 2.79%, 10/20/2062 (h)		1,333		1,336
Series 2012-H31, Class FD, 2.61%, 12/20/2062 (h)		1,346		1,343
Series 2013-H01, Class FA, 1.65%, 1/20/2063		1,880		1,849
Series 2013-H04, Class BA, 1.65%, 2/20/2063		918		903
Series 2013-H08, Class FC, 2.72%, 2/20/2063 (h)		1,212		1,213
Series 2013-H07, Class HA, 2.68%, 3/20/2063 (h)		1,313		1,313
Series 2013-H09, Class HA, 1.65%, 4/20/2063		1,330		1,302
Series 2013-H18, Class JA, 2.87%, 8/20/2063 (h)		2,641		2,653
Series 2014-H01, Class FD, 2.92%, 1/20/2064 (h)		1,368		1,376
Series 2014-H09, Class TA, 2.87%, 4/20/2064 (h)		1,396		1,403
Series 2015-H15, Class FD, 2.71%, 6/20/2065 (h)		1,746		1,748
Series 2015-H15, Class FJ, 2.71%, 6/20/2065 (h)		3,690		3,695
Series 2015-H16, Class FG, 2.71%, 7/20/2065 (h)		2,677		2,681
Series 2015-H23, Class FB, 2.79%, 9/20/2065 (h)		2,550		2,562
Series 2015-H32, Class FH, 2.93%, 12/20/2065 (h)		1,919		1,939
Series 2017-H08, Class XI, IO, 2.08%, 3/20/2067 (h)		8,788		1,092
GSMPS Mortgage Loan Trust
Series 2001-2, Class A, 7.50%, 6/19/2032 (b) (h)		581		563
Series 2005-RP3, Class 1AS, IO, 2.24%, 9/25/2035‡ (b) (h)		629		42
Series 2005-RP3, Class 1AF, 2.66%, 9/25/2035 (b) (h)		832		744
Series 2006-RP2, Class 1AS2, IF, IO, 3.79%, 4/25/2036‡ (b) (h)		2,736		300
GSR Mortgage Loan Trust
Series 2004-6F, Class 3A4, 6.50%, 5/25/2034		259		274
Series 2004-8F, Class 2A3, 6.00%, 9/25/2034		127		130
Series 2004-13F, Class 3A3, 6.00%, 11/25/2034		395		402
Series 2005-4F, Class AP, PO, 5/25/2035‡		8		7
Series 2005-7F, Class 3A9, 6.00%, 9/25/2035		773		805
Series 2006-1F, Class 2A4, 6.00%, 2/25/2036		1,391		1,162
Impac CMB Trust
Series 2004-7, Class 1A1, 3.05%, 11/25/2034 (h)		1,102		1,093
Series 2005-4, Class 2A1, 2.92%, 5/25/2035 (h)		147		145
Impac Secured Assets Trust
Series 2006-1, Class 2A1, 2.66%, 5/25/2036 (h)		386		379
Series 2006-2, Class 2A1, 2.66%, 8/25/2036 (h)		270		262
JP Morgan Mortgage Trust
Series 2006-A2, Class 5A3, 4.61%, 11/25/2033 (h)		538		550
Series 2006-A3, Class 6A1, 4.11%, 8/25/2034 (h)		106		105
Series 2006-A2, Class 4A1, 4.48%, 8/25/2034 (h)		434		437
Lehman Mortgage Trust
Series 2006-2, Class 1A1, 5.77%, 4/25/2036 (h)		283		255
Series 2008-2, Class 1A6, 6.00%, 3/25/2038		662		471
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1, 4.66%, 4/21/2034 (h)		242		248
Series 2004-4, Class 2A1, 3.95%, 5/25/2034 (h)		36		34
Series 2004-13, Class 3A7, 4.44%, 11/21/2034 (h)		543		555
Series 2004-15, Class 3A1, 4.63%, 12/25/2034 (h)		230		221
MASTR Alternative Loan Trust
Series 2004-10, Class 1A1, 4.50%, 9/25/2019		11		11

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)
Series 2004-8, Class 6A1, 5.50%, 9/25/2019		56			57
Series 2004-4, Class 10A1, 5.00%, 5/25/2024		358			368
Series 2003-3, Class 1A1, 6.50%, 5/25/2033		124			123
Series 2003-9, Class 8A1, 6.00%, 1/25/2034		374			380
Series 2004-3, Class 2A1, 6.25%, 4/25/2034		265			275
Series 2004-6, Class 30PO, PO, 7/25/2034‡		200			166
Series 2004-6, Class 7A1, 6.00%, 7/25/2034		338			344
Series 2004-7, Class 30PO, PO, 8/25/2034‡		133			111
MASTR Asset Securitization Trust
Series 2004-4, Class 3A1, 4.50%, 4/25/2019		1			1
Series 2004-6, Class 15PO, PO, 7/25/2019‡		1			1
Series 2004-8, PO, 8/25/2019‡		1			1
Series 2004-8, Class 1A1, 4.75%, 8/25/2019		2			3
Series 2003-12, Class 30PO, PO, 12/25/2033‡		26			24
Series 2004-1, Class 30PO, PO, 2/25/2034‡		15			12
MASTR Reperforming Loan Trust Series 2005-2, Class 1A1F, 2.66%, 5/25/2035 (b) (h)		1,678			1,356
MASTR Resecuritization Trust Series 2005-PO, Class 3PO, PO, 5/28/2035 (b)		165			133
Merrill Lynch Mortgage Investors Trust
Series 2003-E, Class A1, 2.93%, 10/25/2028 (h)		120			119
Series 2003-F, Class A1, 2.95%, 10/25/2028 (h)		1,195			1,178
Series 2004-A, Class A1, 2.77%, 4/25/2029 (h)		205			202
Series 2004-1, Class 2A1, 4.14%, 12/25/2034 (h)		299			299
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 (b) (h)		298			291
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		40			40
Series 2003-A1, Class A2, 6.00%, 5/25/2033		87			87
PaineWebber CMO Trust Series P, Class 4, 8.50%, 8/1/2019		—	(i)		—	(i)
Provident Funding Mortgage Loan Trust Series 2005-1, Class 2A1, 3.90%, 5/25/2035 (h)		80			79
RALI Trust
Series 2002-QS8, Class A5, 6.25%, 6/25/2017		5			4
Series 2002-QS16, Class A3, IF, 11.78%, 10/25/2017 (h)		—	(i)		—	(i)
Series 2003-QS3, Class A2, IF, 11.41%, 2/25/2018‡ (h)		2			2
Series 2003-QS9, Class A3, IF, IO, 5.24%, 5/25/2018‡ (h)		5			—	(i)
Series 2003-QS12, Class A5, IO, 5.00%, 6/25/2018‡		1			—	(i)
Series 2003-QS12, Class A2A, IF, IO, 5.29%, 6/25/2018‡ (h)		2			—	(i)
Series 2003-QS14, Class A1, 5.00%, 7/25/2018		23			23
Series 2003-QS18, Class A1, 5.00%, 9/25/2018		9			9
Series 2004-QA6, Class NB2, 4.15%, 12/26/2034 (h)		969			846
RBSSP Resecuritization Trust Series 2009-12, Class 1A1, 5.53%, 11/25/2033 (b) (h)		234			240
Residential Asset Securitization Trust
Series 2003-A14, Class A1, 4.75%, 2/25/2019		1			1
Series 2005-A2, Class A4, IF, IO, 2.74%, 3/25/2035‡ (h)		1,473			80
Series 2006-A4, Class 2A5, 6.00%, 5/25/2036		368			353
RFMSI Trust
Series 2004-S3, Class A1, 4.75%, 3/25/2019		5			5
Series 2004-S9, Class 2A1, 4.75%, 12/25/2019		5			5
Series 2005-SA4, Class 1A1, 4.00%, 9/25/2035 (h)		206			185
SART 4.75%, 7/15/2024		5,829			5,835
Structured Asset Mortgage Investments II Trust Series 2004-AR5, Class 1A1, 2.96%, 10/19/2034 (h)		383			377
Structured Asset Securities Corp. Mortgage Pass-Through Certificates
Series 2003-33H, Class 1A1, 5.50%, 10/25/2033		433			440
Series 2004-5H, Class A4, 5.54%, 12/25/2033		671			685

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)
Structured Asset Securities Corp. Trust Series 2005-10, Class 5A9, 5.25%, 12/25/2034		37		36
Thornburg Mortgage Securities Trust
Series 2003-4, Class A1, 2.95%, 9/25/2043 (h)		187		185
Series 2004-4, Class 3A, 3.59%, 12/25/2044 (h)		535		536
Vendee Mortgage Trust
Series 1994-1, Class 1, 5.30%, 2/15/2024 (h)		216		224
Series 1994-1, Class 2ZB, 6.50%, 2/15/2024		263		277
Series 1996-1, Class 1Z, 6.75%, 2/15/2026		323		352
Series 1996-2, Class 1Z, 6.75%, 6/15/2026		254		276
Series 1997-1, Class 2Z, 7.50%, 2/15/2027		476		519
Series 1998-1, Class 2E, 7.00%, 3/15/2028		547		601
Series 1999-1, Class 2Z, 6.50%, 1/15/2029		1,092		1,193
Series 2003-2, Class Z, 5.00%, 5/15/2033		4,803		5,079
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-AR8, Class A, 4.23%, 8/25/2033 (h)		68		69
Series 2003-AR9, Class 1A6, 4.33%, 9/25/2033 (h)		1,035		1,058
Series 2003-AR9, Class 2A, 4.41%, 9/25/2033 (h)		141		142
Series 2003-S9, Class P, PO, 10/25/2033‡		22		19
Series 2003-S9, Class A8, 5.25%, 10/25/2033		516		521
Series 2004-RS2, Class A4, 5.00%, 11/25/2033		897		901
Series 2004-AR3, Class A1, 3.96%, 6/25/2034 (h)		91		93
Series 2004-AR3, Class A2, 3.96%, 6/25/2034 (h)		77		78
Series 2006-AR10, Class 2P, 3.99%, 9/25/2036‡ (h)		109		92
Series 2006-AR12, Class 2P, 3.47%, 10/25/2036‡ (h)		94		89
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
Series 2005-2, Class 2A3, IF, IO, 2.69%, 4/25/2035‡ (h)		1,203		100
Series 2005-2, Class 1A4, IF, IO, 2.74%, 4/25/2035‡ (h)		4,368		340
Series 2005-3, Class CX, IO, 5.50%, 5/25/2035‡		1,243		235
Series 2005-4, Class CB7, 5.50%, 6/25/2035		1,447		1,387
Series 2005-4, Class CX, IO, 5.50%, 6/25/2035‡		1,200		226
Series 2005-6, Class 2A4, 5.50%, 8/25/2035		305		291
Series 2005-6, Class 2A9, 5.50%, 8/25/2035		1,952		1,863
Wells Fargo Mortgage-Backed Securities Trust
Series 2003-K, Class 1A1, 4.69%, 11/25/2033 (h)		85		87
Series 2003-K, Class 1A2, 4.69%, 11/25/2033 (h)		162		165
Series 2005-AR16, Class 2A1, 4.21%, 2/25/2034 (h)		151		155
Series 2004-P, Class 2A1, 4.64%, 9/25/2034 (h)		914		937
Series 2004-V, Class 1A1, 4.45%, 10/25/2034 (h)		173		175
Series 2004-EE, Class 2A1, 4.48%, 12/25/2034 (h)		145		147
Series 2004-EE, Class 3A1, 4.53%, 12/25/2034 (h)		222		230
Series 2005-AR3, Class 1A1, 4.46%, 3/25/2035 (h)		1,480		1,520
Series 2005-AR8, Class 2A1, 4.31%, 6/25/2035 (h)		167		172
Series 2005-16, Class APO, PO, 12/25/2035‡		64		55
Series 2006-2, Class APO, PO, 3/25/2036‡		189		161
Series 2006-4, Class 1APO, PO, 4/25/2036‡		114		103
Series 2007-7, Class A7, 6.00%, 6/25/2037		350		347
Series 2007-11, Class A14, 6.00%, 8/25/2037		109		107
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $272,432)				279,370
ASSET-BACKED SECURITIES — 13.3%
Academic Loan Funding Trust Series 2013-1A, Class A, 3.12%, 12/26/2044 (b) (h)		1,073		1,070
Air Canada Pass-Through Trust (Canada)
Series 2013-1, Class A, 4.13%, 5/15/2025 (b)		640		636
Series 2017-1, Class AA, 3.30%, 1/15/2030 (b)		491		471
Series 2017-1, Class A, 3.55%, 1/15/2030 (b)		695		667
American Airlines Pass-Through Trust
Series 2011-1, Class A, 5.25%, 1/31/2021		132		136

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
ASSET-BACKED SECURITIES — (continued)
Series 2013-2, Class A, 4.95%, 1/15/2023		458			468
Series 2016-2, Class A, 3.65%, 6/15/2028		261			248
Series 2016-3, Class AA, 3.00%, 10/15/2028		377			354
Series 2017-1, Class AA, 3.65%, 2/15/2029		522			513
American Credit Acceptance Receivables Trust
Series 2015-2, Class C, 4.32%, 5/12/2021 (b)		665			666
Series 2016-4, Class C, 2.91%, 2/13/2023 ‡ (b)		767			765
Series 2017-1, Class C, 2.88%, 3/13/2023 (b)		1,374			1,371
American Homes 4 Rent Trust
Series 2014-SFR2, Class A, 3.79%, 10/17/2036 ‡ (b)		3,724			3,728
Series 2014-SFR2, Class D, 5.15%, 10/17/2036 ‡ (b)		2,000			2,079
Series 2014-SFR2, Class E, 6.23%, 10/17/2036 (b)		850			920
Series 2014-SFR3, Class A, 3.68%, 12/17/2036 (b)		2,790			2,778
Series 2014-SFR3, Class C, 4.60%, 12/17/2036 (b)		500			511
Series 2014-SFR3, Class E, 6.42%, 12/17/2036 ‡ (b)		2,380			2,603
Series 2015-SFR1, Class A, 3.47%, 4/17/2052 (b)		3,972			3,906
Series 2015-SFR1, Class E, 5.64%, 4/17/2052 ‡ (b)		1,275			1,338
AmeriCredit Automobile Receivables Trust
Series 2016-1, Class A3, 1.81%, 10/8/2020		61			61
Series 2016-3, Class A3, 1.46%, 5/10/2021		373			371
Anchor Assets IX LLC Series 2016-1, Class A, 5.13%, 2/15/2020‡ (b)		10,700			10,700
B2R Mortgage Trust
Series 2015-1, Class A1, 2.52%, 5/15/2048 (b)		649			642
Series 2015-2, Class A, 3.34%, 11/15/2048 (b)		1,588			1,573
Banc of America Funding Corp. Series 2012-R6, Class 1A1, 3.00%, 10/26/2039‡ (b)		—	(i)		—	(i)
BCC Funding Corp. X Series 2015-1, Class D, 4.54%, 12/21/2020 ‡ (b)		550			551
Bear Stearns Asset-Backed Securities Trust Series 2006-SD1, Class A, 2.68%, 4/25/2036 ‡ (h)		80			80
British Airways Pass-Through Trust (United Kingdom)
Series 2018-1, Class AA, 3.80%, 9/20/2031 (b)		621			610
Series 2018-1, Class A, 4.13%, 9/20/2031 (b)		993			978
Business Jet Securities LLC
Series 2018-1, Class A, 4.34%, 2/15/2033 (b)		2,354			2,351
Series 2018-2, Class B, 5.44%, 6/15/2033 (b)		689			691
BXG Receivables Note Trust Series 2012-A, Class A, 2.66%, 12/2/2027 (b)		234			230
Cabela’s Credit Card Master Note Trust Series 2015-2, Class A1, 2.25%, 7/17/2023		880			868
Camillo Issuer LLC Series 2016-SFR, Class 1-A-1, 5.00%, 12/5/2023 ‡		4,998			4,987
Carnow Auto Receivables Trust Series 2017-1A, Class A, 2.92%, 9/15/2022 (b)		662			658
Chase Funding Trust Series 2003-6, Class 1A7, 5.06%, 11/25/2034 ‡ (e)		607			622
Citibank Credit Card Issuance Trust Series 2007-A3, Class A3, 6.15%, 6/15/2039		800			987
Citigroup Mortgage Loan Trust, Inc. Series 2003-HE3, Class A, 3.07%, 12/25/2033 (h)		54			54
Colony American Finance Ltd. (Cayman Islands) Series 2016-1, Class A, 2.54%, 6/15/2048 (b)		1,106			1,084
Continental Airlines Pass-Through Trust
Series 1999-2, Class A-1, 7.26%, 3/15/2020		61			63
Series 2007-1, Class A, 5.98%, 4/19/2022		342			359
Continental Credit Card Series 2017-1A, Class A, 4.29%, 1/15/2024 (b)		1,753			1,742
CPS Auto Receivables Trust
Series 2014-D, Class C, 4.35%, 11/16/2020 (b)		700			703
Series 2015-A, Class C, 4.00%, 2/16/2021 (b)		223			224
Series 2015-B, Class C, 4.20%, 5/17/2021 (b)		2,535			2,553
Series 2015-C, Class D, 4.63%, 8/16/2021 ‡ (b)		1,376			1,393
Series 2016-C, Class C, 3.27%, 6/15/2022 (b)		1,400			1,399
CPS Auto Trust Series 2018-C, Class D, 4.40%, 6/17/2024 (b)		2,964			2,988
Credit Acceptance Auto Loan Trust
Series 2017-1A, Class A, 2.56%, 10/15/2025 (b)		1,564			1,557

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
ASSET-BACKED SECURITIES — (continued)
Series 2017-1A, Class B, 3.04%, 12/15/2025 (b)		686		679
Series 2017-1A, Class C, 3.48%, 2/17/2026 (b)		574		569
Series 2017-2A, Class C, 3.35%, 6/15/2026 (b)		604		596
Series 2018-1A, Class A, 3.01%, 2/16/2027 (b)		1,543		1,528
Series 2018-3A, Class B, 3.89%, 10/15/2027 (b)		2,097		2,092
CVS Pass-Through Trust 5.93%, 1/10/2034 (b)		904		963
CWABS, Inc. Asset-Backed Certificates Trust Series 2004-6, Class M1, 3.21%, 10/25/2034 (h)		138		136
Delta Air Lines Pass-Through Trust
Series 2011-1, Class A, 5.30%, 4/15/2019		91		92
Series 2010-2, Class A, 4.95%, 5/23/2019		75		75
Series 2012-1, Class A, 4.75%, 5/7/2020		205		207
Drive Auto Receivables Trust
Series 2016-AA, Class C, 3.91%, 5/17/2021 (b)		790		792
Series 2015-BA, Class D, 3.84%, 7/15/2021 (b)		2,199		2,203
Series 2015-CA, Class D, 4.20%, 9/15/2021 (b)		862		865
Series 2017-1, Class C, 2.84%, 4/15/2022		2,635		2,631
Series 2015-AA, Class D, 4.12%, 7/15/2022 (b)		1,471		1,478
Series 2015-DA, Class D, 4.59%, 1/17/2023 ‡ (b)		1,320		1,330
Series 2017-1, Class D, 3.84%, 3/15/2023		2,992		2,993
Series 2017-3, Class D, 3.53%, 12/15/2023 (b)		4,800		4,780
Series 2016-CA, Class D, 4.18%, 3/15/2024 (b)		3,101		3,113
Series 2018-2, Class C, 3.63%, 8/15/2024		1,755		1,754
DT Auto Owner Trust
Series 2015-2A, Class D, 4.25%, 2/15/2022 (b)		1,321		1,325
Series 2016-4A, Class D, 3.77%, 10/17/2022 (b)		1,609		1,613
Series 2017-2A, Class C, 3.03%, 1/17/2023 (b)		2,244		2,241
Engs Commercial Finance Trust Series 2016-1A, Class A2, 2.63%, 2/22/2022 (b)		379		377
Exeter Automobile Receivables Trust
Series 2016-3A, Class B, 2.84%, 8/16/2021 (b)		1,171		1,169
Series 2018-4A, Class B, 3.64%, 11/15/2022 (b)		1,175		1,177
First Investors Auto Owner Trust Series 2015-2A, Class D, 4.22%, 12/15/2021 (b)		373		375
Flagship Credit Auto Trust
Series 2015-3, Class A, 2.38%, 10/15/2020 (b)		273		273
Series 2014-2, Class C, 3.95%, 12/15/2020 (b)		371		372
Series 2015-3, Class B, 3.68%, 3/15/2022 (b)		757		759
Series 2015-3, Class C, 4.65%, 3/15/2022 (b)		756		765
Series 2016-2, Class C, 6.22%, 9/15/2022 (b)		3,000		3,106
Series 2018-2, Class A, 2.97%, 10/17/2022 (b)		2,509		2,500
FREED ABS Trust Series 2018-2, Class A, 3.99%, 10/20/2025 (b)		3,661		3,660
GE Capital Mortgage Services, Inc. Trust Series 1999-HE1, Class M, 6.71%, 4/25/2029 ‡ (h)		113		94
GLS Auto Receivables Trust
Series 2015-1A, Class B, 4.43%, 12/15/2020 (b)		544		544
Series 2016-1A, Class C, 6.90%, 10/15/2021 (b)		1,200		1,237
GMAT Trust Series 2013-1A, Class A, 6.97%, 11/25/2043 ‡ (b) (e)		78		78
Gold Key Resorts LLC Series 2014-A, Class A, 3.22%, 3/17/2031 (b)		565		560
Goodgreen Trust Series 2017-1A, Class A, 3.74%, 10/15/2052 (b)		709		704
HERO (Cayman Islands) Series 2018-1ASI, Class A, 4.00%, 9/20/2047 (b)		2,214		2,211
HERO Funding (Cayman Islands) Series 2017-3A, Class A2, 3.95%, 9/20/2048 (b)		2,458		2,461
HERO Funding Trust (Cayman Islands)
Series 2016-3A, Class A1, 3.08%, 9/20/2042 (b)		1,120		1,084
Series 2017-1A, Class A2, 4.46%, 9/20/2047 (b)		2,344		2,388
Hilton Grand Vacations Trust Series 2017-AA, Class A, 2.66%, 12/26/2028 (b)		301		296
Home Equity Mortgage Loan Asset-Backed Trust Series 2006-A, Class A3, 2.51%, 3/25/2036 ‡ (h)		73		72

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
ASSET-BACKED SECURITIES — (continued)
Kabbage Asset Securitization LLC
Series 2017-1, Class A, 4.57%, 3/15/2022 (b)		8,515		8,555
Series 2017-1, Class B, 5.79%, 3/15/2022 ‡ (b)		2,525		2,558
KGS-Alpha SBA COOF Trust
Series 2012-2, Class A, IO, 0.80%, 8/25/2038 ‡ (b) (h)		5,276		128
Series 2013-2, Class A, IO, 1.78%, 3/25/2039 ‡ (b) (h)		4,738		196
Series 2015-2, Class A, IO, 2.93%, 7/25/2041 ‡ (b) (h)		2,586		265
Lendmark Funding Trust Series 2017-1A, Class A, 2.83%, 12/22/2025 (b)		1,866		1,844
LV Tower 52 Issuer
Series 2013-1, Class A, 5.75%, 7/15/2019 ‡ (b)		5,208		5,208
Series 2013-1, Class M, 7.75%, 7/15/2019 ‡ (b)		1,924		1,924
Mariner Finance Issuance Trust Series 2017-AA, Class A, 3.62%, 2/20/2029 (b)		2,130		2,128
Marlette Funding Trust
Series 2017-1A, Class A, 2.83%, 3/15/2024 (b)		553		553
Series 2018-1A, Class A, 2.61%, 3/15/2028 (b)		1,489		1,483
Mid-State Capital Corp. Trust Series 2006-1, Class M1, 6.08%, 10/15/2040‡ (b)		737		808
NCUA Guaranteed Notes Trust Series 2010-A1, Class A, 2.67%, 12/7/2020 (h)		273		273
New Century Home Equity Loan Trust Series 2003-5, Class AI6, 5.08%, 11/25/2033‡ (e)		461		465
New Residential Advance Receivables Trust Advance Receivables Backed Notes Series 2016-T2, Class AT2, 2.58%, 10/15/2049 (b)		1,283		1,273
Ocwen Master Advance Receivables Trust Series 2018-T2, Class AT2, 3.60%, 8/15/2050 (b)		3,309		3,303
OnDeck Asset Securitization Trust LLC Series 2018-1A, Class A, 3.50%, 4/18/2022 (b)		1,801		1,797
OneMain Direct Auto Receivables Trust Series 2018-1A, Class B, 3.71%, 4/14/2025 (b)		1,863		1,861
OneMain Financial Issuance Trust
Series 2015-2A, Class B, 3.10%, 7/18/2025 ‡ (b)		1,206		1,206
Series 2015-1A, Class B, 3.85%, 3/18/2026 (b)		550		551
Series 2016-1A, Class A, 3.66%, 2/20/2029 (b)		2,755		2,760
Series 2016-1A, Class C, 6.00%, 2/20/2029 (b)		1,800		1,832
Oportun Funding VI LLC Series 2017-A, Class A, 3.23%, 6/8/2023 (b)		1,455		1,437
Oportun Funding X LLC Series 2018-C, Class A, 4.10%, 10/8/2024 (b)		5,756		5,775
Pretium Mortgage Credit Partners I LLC Series 2018-NPL4, Class A1, 4.83%, 9/27/2058 (b) (e)		2,800		2,800
Progress Residential Trust
Series 2015-SFR2, Class A, 2.74%, 6/12/2032 (b)		3,906		3,845
Series 2015-SFR2, Class B, 3.14%, 6/12/2032 ‡ (b)		2,012		1,987
Series 2015-SFR2, Class C, 3.44%, 6/12/2032 ‡ (b)		2,566		2,542
Series 2015-SFR2, Class E, 4.43%, 6/12/2032 ‡ (b)		1,230		1,227
Series 2015-SFR3, Class A, 3.07%, 11/12/2032 (b)		5,203		5,139
Series 2015-SFR3, Class D, 4.67%, 11/12/2032 ‡ (b)		295		297
Series 2015-SFR3, Class E, 5.66%, 11/12/2032 (b)		1,200		1,222
RCM Fund 1 Issuer LLC Series 2017-1, Class A, 5.50%, 10/25/2021 ‡ (b)		2,858		2,858
Regional Management Issuance Trust Series 2018-1, Class A, 3.83%, 7/15/2027 (b)		1,705		1,701
Renaissance Home Equity Loan Trust Series 2007-2, Class AF2, 5.68%, 6/25/2037 ‡ (e)		287		126
Renew (Cayman Islands) Series 2017-1A, Class A, 3.67%, 9/20/2052 (b)		938		927
Santander Drive Auto Receivables Trust Series 2015-5, Class E, 4.67%, 2/15/2023 (b)		4,200		4,238
Saxon Asset Securities Trust Series 2003-1, Class AF6, 4.68%, 6/25/2033 (e)		50		51
Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2, 3.49%, 1/25/2036 ‡ (e)		222		192
SoFi Consumer Loan Program LLC Series 2016-2, Class A, 3.09%, 10/27/2025 (b)		685		682
Spirit Airlines Pass-Through Trust Series 2017-1, Class AA, 3.38%, 2/15/2030		391		371
Springleaf Funding Trust Series 2015-AA, Class A, 3.16%, 11/15/2024 (b)		1,208		1,207

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
ASSET-BACKED SECURITIES — (continued)
Series 2015-AA, Class B, 3.62%, 11/15/2024 (b)		1,087		1,084
Series 2016-AA, Class B, 3.80%, 11/15/2029 (b)		2,040		2,033
Spruce ABS Trust Series 2016-E1, Class A, 4.32%, 6/15/2028 (b)		938		939
Synchrony Card Issuance Trust Series 2018-A1, Class A1, 3.38%, 9/15/2024		2,600		2,607
Tricolor Auto Securitization Trust Series 2018-2A, Class A, 3.96%, 10/15/2021 (b)		5,000		5,004
Tricon American Homes Trust Series 2016-SFR1, Class A, 2.59%, 11/17/2033 (b)		1,816		1,745
United Airlines Pass-Through Trust
Series 2018-1, Class B, 4.60%, 3/1/2026		227		230
Series 2016-1, Class A, 3.45%, 7/7/2028		990		945
Series 2018-1, Class AA, 3.50%, 3/1/2030		1,093		1,056
Series 2018-1, Class A, 3.70%, 3/1/2030		742		718
Upstart Securitization Trust Series 2017-1, Class A, 2.64%, 6/20/2024 (b)		226		225
Verizon Owner Trust
Series 2016-1A, Class A, 1.42%, 1/20/2021 (b)		146		145
Series 2018-A, Class A1A, 3.23%, 4/20/2023		2,405		2,406
VM DEBT LLC Series 2017-1, Class A, 6.50%, 10/2/2024 ‡ (b)		3,971		3,971
VOLT LX LLC Series 2017-NPL7, Class A1, 3.25%, 6/25/2047 ‡ (b) (e)		1,027		1,019
VOLT LXIX LLC Series 2018-NPL5, Class A1A, 4.21%, 8/25/2048 ‡ (b) (e)		1,648		1,645
VOLT LXVIII LLC Series 2018-NPL4, Class A1A, 4.34%, 7/27/2048 ‡ (b) (e)		2,095		2,093
VOLT LXX LLC Series 2018-NPL6, Class A1A, 4.11%, 9/25/2048 ‡ (b) (e)		1,688		1,683
VOLT LXXII LLC Series 2018-NPL8, Class A1A, 4.21%, 10/26/2048 (b) (e)		4,868		4,870
VOLT Trust Series 2018-FT1, Class A1, 2.26%, 1/27/2023 ‡ (h)		1,393		1,375
Westgate Resorts LLC Series 2017-1A, Class A, 3.05%, 12/20/2030 (b)		1,108		1,098
Westlake Automobile Receivables Trust
Series 2017-1A, Class C, 2.70%, 10/17/2022 (b)		941		937
Series 2017-1A, Class D, 3.46%, 10/17/2022 (b)		947		942
World Omni Auto Receivables Trust Series 2018-B, Class A3, 2.87%, 7/17/2023		6,900		6,860
TOTAL ASSET-BACKED SECURITIES (Cost $252,690)				251,849
COMMERCIAL MORTGAGE-BACKED SECURITIES — 4.5%
BAMLL Commercial Mortgage Securities Trust
Series 2012-PARK, Class A, 2.96%, 12/10/2030 (b)		560		554
Series 2014-520M, Class C, 4.35%, 8/15/2046 ‡ (b) (h)		1,300		1,179
BAMLL Re-REMIC Trust
Series 2016-FR16, Class A, 0.95%, 5/27/2021 (b) (h)		2,600		2,404
Series 2014-FRR5, Class A714, PO, 1/27/2047 (b)		1,950		1,773
BB-UBS Trust
Series 2012-TFT, Class A, 2.89%, 6/5/2030 (b)		483		474
Series 2012-SHOW, Class A, 3.43%, 11/5/2036 (b)		4,400		4,308
Bear Stearns Commercial Mortgage Securities Trust Series 2005-PWR8, Class X1, IO, 0.52%, 6/11/2041 (b) (h)		390		2
CD Commercial Mortgage Trust Series 2007-CD4, Class XC, IO, 0.93%, 12/11/2049 (b) (h)		307		3
COBALT CMBS Commercial Mortgage Trust Series 2006-C1, IO, 1.02%, 8/15/2048 ‡ (h)		885		13
Commercial Mortgage Trust
Series 2013-300P, Class A1, 4.35%, 8/10/2030 (b)		3,500		3,633
Series 2014-TWC, Class A, 3.16%, 2/13/2032 (b) (h)		1,400		1,400
Series 2013-SFS, Class A2, 3.09%, 4/12/2035 (b) (h)		1,060		1,037
Series 2006-GG7, Class AM, 5.86%, 7/10/2038 (h)		83		82

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)
Series 2012-CR2, Class XA, IO, 1.81%, 8/15/2045 ‡ (h)		2,449		121
FHLMC Multifamily Structured Pass-Through Certificates
Series KJ02, Class A2, 2.60%, 9/25/2020		318		316
Series KJ09, Class A2, 2.84%, 9/25/2022		2,759		2,723
Series KS01, Class A2, 2.52%, 1/25/2023		1,000		977
Series KPLB, Class A, 2.77%, 5/25/2025		353		340
Series K052, Class A2, 3.15%, 11/25/2025		3,560		3,510
Series K065, Class A2, 3.24%, 4/25/2027		2,467		2,407
Series K065, Class AM, 3.33%, 5/25/2027		1,322		1,292
Series K070, Class A2, 3.30%, 11/25/2027 (h)		1,748		1,706
FNMA ACES
Series 2012-M11, Class FA, 2.78%, 8/25/2019 (h)		70		70
Series 2010-M3, Class A3, 4.33%, 3/25/2020 (h)		1,780		1,796
Series 2014-M3, Class A2, 3.50%, 1/25/2024 (h)		2,500		2,523
Series 2017-M3, Class A2, 2.57%, 12/25/2026 (h)		6,250		5,766
Series 2015-M10, Class A2, 3.09%, 4/25/2027 (h)		8,555		8,261
Series 2017-M8, Class A2, 3.06%, 5/25/2027 (h)		3,815		3,651
Series 2018-M8, Class A2, 3.44%, 6/25/2028 (h)		2,580		2,523
Series 2018-M10, Class A2, 3.50%, 7/25/2028 (h)		3,335		3,281
Series 2017-M5, Class A2, 3.30%, 4/25/2029 (h)		3,376		3,225
FNMA Grantor Trust Series 2017-T1, Class A, 2.90%, 6/25/2027		4,860		4,533
GS Mortgage Securities Corp. II Series 2013-KING, Class A, 2.71%, 12/10/2027 (b)		1,159		1,152
JP Morgan Chase Commercial Mortgage Securities Trust Series 2006-LDP9, Class AMS, 5.34%, 5/15/2047		400		400
Ladder Capital Commercial Mortgage Trust Series 2013-GCP, Class A2, 3.99%, 2/15/2036 (b)		998		992
LB-UBS Commercial Mortgage Trust Series 2006-C7, Class XW, IO, 0.90%, 11/15/2038 ‡ (b) (h)		2,434		1
ML-CFC Commercial Mortgage Trust Series 2006-4, Class XC, IO, 0.80%, 12/12/2049 ‡ (b) (h)		491		—	(i)
Morgan Stanley Capital I Trust
Series 2006-IQ12, Class X1, IO, 0.75%, 12/15/2043 ‡ (b) (h)		1,496		—	(i)
Series 2007-HQ11, Class X, IO, 0.53%, 2/12/2044 ‡ (b) (h)		984		2
Series 2011-C3, Class A3, 4.05%, 7/15/2049		560		562
Morgan Stanley Re-REMIC Trust
Series 2012-XA, Class B, 0.25%, 7/27/2049 ‡ (b)		192		181
Series 2012-IO, Class AXA, 1.00%, 3/27/2051 (b)		23		23
RBS Commercial Funding, Inc. Trust Series 2013-SMV, Class A, 3.26%, 3/11/2031 (b)		664		650
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 6/10/2030 (b)		2,236		2,223
UBS-Barclays Commercial Mortgage Trust
Series 2013-C6, Class A4, 3.24%, 4/10/2046		857		847
Series 2012-C2, Class XA, IO, 1.48%, 5/10/2063‡ (b) (h)		7,290		280
VNDO Mortgage Trust
Series 2013-PENN, Class A, 3.81%, 12/13/2029 (b)		5,000		5,038
Series 2012-6AVE, Class A, 3.00%, 11/15/2030 (b)		1,398		1,372
Wells Fargo Commercial Mortgage Trust Series 2013-120B, Class A, 2.80%, 3/18/2028 (b) (h)		2,500		2,478
WFRBS Commercial Mortgage Trust
Series 2011-C3, Class A4, 4.38%, 3/15/2044 (b)		1,700		1,732
Series 2013-C11, Class D, 4.41%, 3/15/2045‡ (b) (h)		400		387
Series 2012-C6, Class A4, 3.44%, 4/15/2045		800		799
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $86,974)				85,002
U.S. GOVERNMENT AGENCY SECURITIES — 1.5%
FHLB 5.50%, 7/15/2036		1,525		1,904
Government Trust Certificate 2.85%, 10/1/2019 (a)		13,319		13,011
Resolution Funding Corp. STRIPS
DN, 2.95%, 1/15/2026 (a)		580		462
DN, 2.78%, 10/15/2027 (a)		510		379

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
U.S. GOVERNMENT AGENCY SECURITIES — (continued)
Tennessee Valley Authority
5.88%, 4/1/2036		5,311		6,698
4.63%, 9/15/2060		304		347
Tennessee Valley Authority STRIPS
4.73%, 5/1/2019 (a)		2,000		1,977
DN, 3.58%, 11/1/2025 (a)		5,000		3,972
DN, 4.63%, 6/15/2035 (a)		800		418
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $29,525)				29,168
MUNICIPAL BONDS — 0.5% (l)
California — 0.0% (c)
General Obligation — 0.0% (c)
State of California, Various Purpose GO, 7.30%, 10/1/2039		350		476
Transportation — 0.0% (c)
Los Angeles City Department of Airports, International Airport Series C, Rev., 6.58%, 5/15/2039		440		538
Total California				1,014
New York — 0.3%
Other Revenue — 0.0% (c)
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series D, Rev., 5.60%, 3/15/2040		360		419
Transportation — 0.3%
Port Authority of New York and New Jersey, Consolidated
Series 164, Rev., 5.65%, 11/1/2040		1,825		2,138
Series 165, Rev., 5.65%, 11/1/2040		440		516
Series 174, Rev., 4.46%, 10/1/2062		2,060		2,032
				4,686
Total New York				5,105
Ohio — 0.2%
Education — 0.1%
Ohio State University, General Receipts
Series A, Rev., 4.05%, 12/1/2056		325		305
Series A, Rev., 4.80%, 6/1/2111		1,563		1,599
Rev., 5.59%, 12/1/2114		200		213
				2,117
Utility — 0.1%
American Municipal Power, Inc., Meldahl Hydroelectric Project Series B, Rev., 7.50%, 2/15/2050		1,315		1,832
Total Ohio				3,949
TOTAL MUNICIPAL BONDS (Cost $9,173)				10,068
FOREIGN GOVERNMENT SECURITIES — 0.4%
Province of Quebec (Canada) 7.36%, 3/6/2026 (e)		377		464
Republic of Colombia (Colombia)
4.00%, 2/26/2024		922		904
4.50%, 1/28/2026		581		577
7.38%, 9/18/2037		200		239
5.63%, 2/26/2044		200		203
5.00%, 6/15/2045		515		481
Republic of Panama (Panama) 4.50%, 4/16/2050		325		302
Republic of Peru (Peru) 5.63%, 11/18/2050		88		99
Republic of South Africa (South Africa) 5.88%, 9/16/2025		640		636
United Mexican States (Mexico)
3.60%, 1/30/2025		788		746
4.13%, 1/21/2026		316		305
3.75%, 1/11/2028		1,216		1,124
5.55%, 1/21/2045		2,113		2,079
TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $8,421)				8,159
SUPRANATIONAL — 0.2%
African Development Bank (Supranational) 8.80%, 9/1/2019 (Cost $3,126)		3,000		3,125
Shares (000)
SHORT-TERM INVESTMENTS — 2.0%
INVESTMENT COMPANIES — 2.0%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.30% (m) (n) (Cost $38,026)		38,022		38,026
Total Investments — 101.5% (Cost $1,952,297)				1,926,324
Liabilities in Excess of Other Assets — (1.5%)				(29,039)
Net Assets — 100.0%				1,897,285
Percentages indicated are based on net assets.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Abbreviations

ABS	Asset-backed securities
ACES	Alternative Credit Enhancement Securities
ARM	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of November 30, 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
GS	Goldman Sachs
HB	High Coupon Bonds (a.k.a. “IOettes”) represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO’s the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.
ICE	Intercontinental Exchange
IF	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of November 30, 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 NOVEMBER 30, 2018 (Unaudited) (continued)

(a)	—	The rate shown is the effective yield as of November 30, 2018.
(b)	—	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. 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.
(c)	—	Amount rounds to less than 0.1% of net assets.
(d)	—	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2018.
(e)	—	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of November 30, 2018.
(f)	—	Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of November 30, 2018.
(g)	—	Security is an interest bearing note with preferred security characteristics.
(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 November 30, 2018.
(i)	—	Amount rounds to less than one thousand.
(j)	—	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(k)	—	Defaulted security.
(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 is the current yield as of November 30, 2018.
‡	—	Value determined using significant unobservable inputs.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 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 their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

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 November 30, 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	$	—	$	187,655	$	64,194	$	251,849
Collateralized Mortgage Obligations		—		268,627		10,743		279,370
Commercial Mortgage-Backed Securities		—		82,838		2,164		85,002

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Corporate Bonds
Capital Markets	$	—	$	48,434	$	79	$	48,513
Other Corporate Bonds		—		382,848		—		382,848
Total Corporate Bonds		—		431,282		79		431,361
Foreign Government Securities		—		8,159		—		8,159
Mortgage-Backed Securities		—		311,572		—		311,572
Municipal Bonds		—		10,068		—		10,068
Supranational		—		3,125		—		3,125
U.S. Government Agency Securities		—		29,168		—		29,168
U.S. Treasury Obligations		—		478,624		—		478,624
Short-Term Investments
Investment Companies		38,026		—		—		38,026
Total Investments in Securities	$	38,026	$	1,811,118	$	77,180	$	1,926,324

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 November 30, 2018.

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

	Balance as of February 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 November 30, 2018
Investments in Securities:
Asset-Backed Securities	$	91,372	$	114		$	(490	)	$	(63	)	$	9,500	$	(25,569	)	$	433	$	(11,103	)	$	64,194
Collateralized Mortgage Obligations		10,130		(4	)		(551	)		(521	)		2,184		(1,885	)		1,390		—			10,743
Commercial Mortgage-Backed Securities		6,785		300			(344	)		(101	)		—		(5,673	)		1,206		(9	)		2,164
Corporate Bonds — Capital Markets		158		—	(a)		—	(a)		—	(a)		—		(79	)		—		—			79
Loan Assignments — Hotels, Restaurants & Leisure		2,289		76			(26	)		2			—		(2,341	)		—		—			—
	$	110,734	$	486		$	(1,411	)	$	(683	)	$	11,684	$	(35,547	)	$	3,029	$	(11,112	)	$	77,180

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

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

(a) Amount rounds to less than one thousand.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at November 30, 2018, which were valued using significant unobservable inputs (level 3) amounted to approximately $(1,412,000).

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at November 30, 2018		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	32,030	Discounted Cash Flow	Constant Prepayment Rate		0.00%  - 30.00% (5.96%)
				Constant Default Rate		0.00%  - 30.00% (0.24%)
				Yield (Discount Rate of Cash Flows)		3.16% -  8.47% (4.18%)
Asset-Backed Securities		32,030
		4,911	Discounted Cash Flow	Constant Prepayment Rate		0.00% -  28.00% (11.32%)
				PSA Prepayment Model		232.00% (232.00%)
				Constant Default Rate		0.00% - 12.68% (3.18%)
				Yield (Discount Rate of Cash Flows)		-55.19% - 56.87% (7.76%)
Collateralized Mortgage Obligations		4,911
		1,967	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (20.39%)
Commercial Mortgage-Backed Securities		1,967		Yield (Discount Rate of Cash Flows)		2.68% - 6.69% (4.70%)
		79	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		4.38% (4.38%)
				Liquidity Discount		0.38% (0.38%)
Corporate Bonds		79
Total	$	38,987

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At November 30, 2018, the value of these investments was approximately $38,193,000. 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 NOVEMBER 30, 2018 (Unaudited)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — 33.9%
Aerospace & Defense — 0.6%
Airbus Finance BV (France) 2.70%, 4/17/2023(a)		43		41
General Dynamics Corp. 3.50%, 5/15/2025		100		99
Lockheed Martin Corp. 3.10%, 1/15/2023		174		171
Northrop Grumman Corp. 2.93%, 1/15/2025		150		142
United Technologies Corp.
1.50%, 11/1/2019		180		177
3.95%, 8/16/2025		150		148
				778
Automobiles — 0.6%
Daimler Finance North America LLC (Germany) 2.20%, 5/5/2020(a)		150		147
General Motors Co. 4.20%, 10/1/2027		500		454
Nissan Motor Acceptance Corp. 2.60%, 9/28/2022(a)		200		189
				790
Banks — 6.3%
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		88
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023(b)		60		58
(ICE LIBOR USD 3 Month + 1.02%), 2.88%, 4/24/2023(b)		100		97
(ICE LIBOR USD 3 Month + 0.78%), 3.55%, 3/5/2024(b)		42		41
Series L, 3.95%, 4/21/2025		154		149
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028(b)		910		839
Bank of Montreal (Canada) 2.35%, 9/11/2022		200		191
Bank of Nova Scotia (The) (Canada) 2.15%, 7/14/2020		300		295
Barclays plc (United Kingdom) 3.68%, 1/10/2023		317		303
Branch Banking & Trust Co. 2.25%, 6/1/2020		250		246
Citibank NA 2.00%, 3/20/2019		350		349
Citigroup, Inc.
5.50%, 9/13/2025		115		120
4.45%, 9/29/2027		450		434
Commonwealth Bank of Australia (Australia) 4.50%, 12/9/2025(a)		201		195
Cooperatieve Rabobank UA (Netherlands)
4.75%, 1/15/2020(a)		200		203
3.88%, 2/8/2022		118		119
Discover Bank 3.35%, 2/6/2023		250		240
Fifth Third Bank 1.63%, 9/27/2019		325		321
HSBC Holdings plc (United Kingdom)
(ICE LIBOR USD 3 Month + 0.92%), 3.03%, 11/22/2023(b)		200		192
(ICE LIBOR USD 3 Month + 0.99%), 3.95%, 5/18/2024(b)		200		197
4.30%, 3/8/2026		200		195
Huntington National Bank (The) 2.88%, 8/20/2020		250		248
KeyCorp 5.10%, 3/24/2021		50		52
Lloyds Banking Group plc (United Kingdom) 3.75%, 1/11/2027		250		226
Mitsubishi UFJ Financial Group, Inc. (Japan) 3.85%, 3/1/2026		225		221
Mizuho Bank Ltd. (Japan) 2.65%, 9/25/2019(a)		200		199
Nordea Bank AB (Finland) 4.88%, 1/27/2020(a)		250		254
PNC Financial Services Group, Inc. (The)
4.38%, 8/11/2020		133		135
3.90%, 4/29/2024		100		99
Regions Financial Corp. 3.20%, 2/8/2021		107		106
Standard Chartered plc (United Kingdom) 5.20%, 1/26/2024(a)		200		202
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) 2.50%, 12/14/2020		200		197
US Bancorp
Series V, 2.38%, 7/22/2026		133		119
Series X, 3.15%, 4/27/2027		68		64
Wells Fargo & Co.
2.63%, 7/22/2022		450		431
3.00%, 2/19/2025		99		93
4.10%, 6/3/2026		21		20
4.30%, 7/22/2027		30		29
(ICE LIBOR USD 3 Month + 1.31%), 3.58%, 5/22/2028(b)		250		237
Westpac Banking Corp. (Australia) 2.50%, 6/28/2022		300		289
				8,887

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Beverages — 0.9%
Anheuser-Busch Cos. LLC (Belgium) 3.65%, 2/1/2026(a)		474		448
Anheuser-Busch InBev Finance, Inc. (Belgium)
3.30%, 2/1/2023		300		290
3.70%, 2/1/2024		76		74
Diageo Capital plc (United Kingdom) 4.83%, 7/15/2020		70		72
Keurig Dr Pepper, Inc. 4.42%, 5/25/2025(a)		75		74
Molson Coors Brewing Co. 1.90%, 3/15/2019		255		254
				1,212
Biotechnology — 0.6%
AbbVie, Inc.
3.20%, 11/6/2022		35		34
2.85%, 5/14/2023		100		95
Amgen, Inc.
5.70%, 2/1/2019		40		40
2.20%, 5/22/2019		160		159
3.63%, 5/15/2022		44		44
Baxalta, Inc. 3.60%, 6/23/2022		23		23
Biogen, Inc. 3.63%, 9/15/2022		30		30
Celgene Corp. 3.25%, 8/15/2022		98		95
Gilead Sciences, Inc.
1.85%, 9/20/2019		150		149
3.70%, 4/1/2024		36		36
3.50%, 2/1/2025		25		24
3.65%, 3/1/2026		57		55
				784
Building Products — 0.1%
Johnson Controls International plc
3.75%, 12/1/2021		99		100
3.90%, 2/14/2026		32		31
				131
Capital Markets — 3.1%
Bank of New York Mellon Corp. (The)
4.60%, 1/15/2020		75		76
3.25%, 9/11/2024		150		146
Blackstone Holdings Finance Co. LLC 5.88%, 3/15/2021(a)		150		157
Carlyle Promissory Note
4.44%, 7/15/2019 ‡		6		6
Charles Schwab Corp. (The)
3.23%, 9/1/2022		40		40
3.20%, 1/25/2028		200		187
Deutsche Bank AG (Germany)
3.13%, 1/13/2021		38		37
3.38%, 5/12/2021		62		60
Goldman Sachs Group, Inc. (The)
2.35%, 11/15/2021		200		191
3.00%, 4/26/2022		80		77
3.75%, 5/22/2025		257		246
(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 9/29/2025(b)		564		526
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028(b)		349		323
ING Bank NV (Netherlands) 2.50%, 10/1/2019(a)		200		199
Intercontinental Exchange, Inc. 4.00%, 10/15/2023		88		89
Invesco Finance plc
4.00%, 1/30/2024		71		70
3.75%, 1/15/2026		125		120
Jefferies Group LLC 6.88%, 4/15/2021		50		53
Macquarie Bank Ltd. (Australia)
2.85%, 7/29/2020(a)		100		99
4.00%, 7/29/2025(a)		100		98
Macquarie Group Ltd. (Australia)
6.00%, 1/14/2020(a)		100		103
6.25%, 1/14/2021(a)		40		42
Morgan Stanley
5.50%, 7/24/2020		166		171
5.75%, 1/25/2021		100		104
5.50%, 7/28/2021		100		104
3.70%, 10/23/2024		83		81
5.00%, 11/24/2025		155		157
(ICE LIBOR USD 3 Month + 1.34%), 3.59%, 7/22/2028(b)		500		466
Nomura Holdings, Inc. (Japan) 6.70%, 3/4/2020		84		87
Northern Trust Corp.
(ICE LIBOR USD 3 Month + 1.13%), 3.37%, 5/8/2032(b)		17		16
State Street Corp. 3.10%, 5/15/2023		36		35
TD Ameritrade Holding Corp. 2.95%, 4/1/2022		34		33
UBS AG (Switzerland) 2.45%, 12/1/2020(a)		200		196
				4,395
Chemicals — 0.6%
Chevron Phillips Chemical Co. LLC 3.30%, 5/1/2023(a)		100		98
Dow Chemical Co. (The)
8.55%, 5/15/2019		20		20
4.13%, 11/15/2021		60		61
Ecolab, Inc.
3.25%, 1/14/2023		88		87
3.25%, 12/1/2027		43		41
International Flavors & Fragrances, Inc. 4.45%, 9/26/2028		9		9
Mosaic Co. (The) 3.25%, 11/15/2022		246		239
Nutrien Ltd. (Canada) 3.38%, 3/15/2025		45		42
Praxair, Inc. 2.65%, 2/5/2025		41		38

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Chemicals — continued
Sherwin-Williams Co. (The)
3.30%, 2/1/2025		110		103
3.45%, 6/1/2027		51		47
Union Carbide Corp. 7.50%, 6/1/2025		100		115
				900
Commercial Services & Supplies — 0.1%
Republic Services, Inc. 3.38%, 11/15/2027		200		188
Communications Equipment — 0.2%
Cisco Systems, Inc.
4.95%, 2/15/2019		200		201
2.95%, 2/28/2026		44		42
				243
Construction Materials — 0.2%
Martin Marietta Materials, Inc.
3.45%, 6/1/2027		78		71
3.50%, 12/15/2027		160		145
				216
Consumer Finance — 1.3%
AerCap Ireland Capital DAC (Ireland) 3.50%, 1/15/2025		250		229
American Express Co. 3.38%, 5/17/2021		100		99
American Honda Finance Corp. 1.95%, 7/20/2020		200		196
Capital One Financial Corp. 3.20%, 2/5/2025		235		217
Caterpillar Financial Services Corp.
1.85%, 9/4/2020		200		195
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		245
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		86
2.65%, 6/24/2024		100		95
Synchrony Financial 4.25%, 8/15/2024		100		92
				1,792
Containers & Packaging — 0.0%(c)
WRKCo., Inc. 3.00%, 9/15/2024(a)		80		74
Diversified Financial Services — 1.4%
AIG Global Funding 2.15%, 7/2/2020(a)		150		147
GE Capital International Funding Co. Unlimited Co. 2.34%, 11/15/2020		349		332
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		78
Private Export Funding Corp.
Series EE, 2.80%, 5/15/2022		500		497
Series KK, 3.55%, 1/15/2024		200		205
Shell International Finance BV (Netherlands)
1.38%, 9/12/2019		230		227
3.25%, 5/11/2025		100		97
				1,946
Diversified Telecommunication Services — 1.0%
AT&T, Inc.
5.80%, 2/15/2019		253		254
3.95%, 1/15/2025		69		66
3.40%, 5/15/2025		17		16
4.10%, 2/15/2028		160		151
7.88%, 2/15/2030		350		409
Qwest Corp. 6.75%, 12/1/2021		148		154
Telefonica Emisiones SAU (Spain) 5.13%, 4/27/2020		31		32
Verizon Communications, Inc.
4.33%, 9/21/2028		160		159
4.50%, 8/10/2033		208		203
				1,444
Electric Utilities — 1.8%
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		189
DTE Electric Co. 2.65%, 6/15/2022		20		19
Duke Energy Corp. 3.75%, 4/15/2024		300		297
Duke Energy Indiana LLC 3.75%, 7/15/2020		60		60
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		172
Entergy Mississippi, Inc. 2.85%, 6/1/2028		186		170
Jersey Central Power & Light Co.
7.35%, 2/1/2019		25		25
4.30%, 1/15/2026(a)		200		199
Kansas City Power & Light Co. 3.15%, 3/15/2023		47		46
Nevada Power Co. 7.13%, 3/15/2019		60		61
NextEra Energy Capital Holdings, Inc.
2.40%, 9/15/2019		27		27
3.55%, 5/1/2027		89		84

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Electric Utilities — continued
Niagara Mohawk Power Corp.
4.88%, 8/15/2019(a)		40		40
3.51%, 10/1/2024(a)		28		28
Pacific Gas & Electric Co.
2.45%, 8/15/2022		68		60
3.25%, 6/15/2023		50		44
Pennsylvania Electric Co. 3.25%, 3/15/2028(a)		132		122
Public Service Co. of Colorado 3.20%, 11/15/2020		51		51
Public Service Co. of Oklahoma 4.40%, 2/1/2021		74		75
Southern California Edison Co. 1.85%, 2/1/2022		29		28
Southern Co. (The) 3.25%, 7/1/2026		317		293
Virginia Electric & Power Co.
Series C, 2.75%, 3/15/2023		191		184
3.45%, 2/15/2024		21		21
				2,463
Electrical Equipment — 0.1%
ABB Finance USA, Inc. (Switzerland) 2.88%, 5/8/2022		41		40
Eaton Corp. 3.10%, 9/15/2027		140		130
				170
Electronic Equipment, Instruments & Components — 0.1%
Arrow Electronics, Inc.
4.50%, 3/1/2023		16		16
3.88%, 1/12/2028		100		91
				107
Energy Equipment & Services — 0.2%
Baker Hughes a GE Co. LLC 2.77%, 12/15/2022		150		141
Halliburton Co. 3.50%, 8/1/2023		107		105
Schlumberger Investment SA 3.30%, 9/14/2021(a)		47		47
				293
Entertainment — 0.4%
21st Century Fox America, Inc. 7.70%, 10/30/2025		50		61
Viacom, Inc. 3.88%, 4/1/2024		112		111
Walt Disney Co. (The) 1.85%, 7/30/2026		250		219
Warner Media LLC 3.60%, 7/15/2025		150		140
				531
Equity Real Estate Investment Trusts (REITs) — 1.6%
American Tower Corp.
3.50%, 1/31/2023		80		78
5.00%, 2/15/2024		38		39
AvalonBay Communities, Inc. 3.20%, 1/15/2028		100		94
Boston Properties LP 3.20%, 1/15/2025		152		143
Brixmor Operating Partnership LP 3.85%, 2/1/2025		50		48
EPR Properties 4.50%, 6/1/2027		62		59
Equity Commonwealth 5.88%, 9/15/2020		125		128
ERP Operating LP 4.63%, 12/15/2021		255		262
Goodman US Finance Three LLC (Australia) 3.70%, 3/15/2028(a)		52		48
HCP, Inc.
4.20%, 3/1/2024		17		17
3.88%, 8/15/2024		205		199
3.40%, 2/1/2025		38		36
Realty Income Corp.
3.88%, 7/15/2024		50		50
3.65%, 1/15/2028		150		143
Scentre Group Trust 1 (Australia) 3.50%, 2/12/2025(a)		150		142
Select Income 3.60%, 2/1/2020		75		74
Senior Housing Properties Trust 4.75%, 2/15/2028		100		95
Simon Property Group LP
4.13%, 12/1/2021		81		82
3.75%, 2/1/2024		38		38
3.38%, 10/1/2024		62		60
Tanger Properties LP 3.75%, 12/1/2024		75		72
Ventas Realty LP
3.75%, 5/1/2024		44		43
3.50%, 2/1/2025		27		26
4.13%, 1/15/2026		62		60
VEREIT Operating Partnership LP 4.60%, 2/6/2024		100		100
Welltower, Inc. 4.50%, 1/15/2024		100		102
				2,238
Food & Staples Retailing — 0.3%
Kroger Co. (The)
1.50%, 9/30/2019		200		197
4.00%, 2/1/2024		90		90
Sysco Corp. 3.75%, 10/1/2025		100		97
				384
Food Products — 0.8%
Campbell Soup Co. 3.95%, 3/15/2025		100		95
Cargill, Inc. 3.30%, 3/1/2022(a)		100		99
Conagra Brands, Inc. 4.60%, 11/1/2025		35		35
General Mills, Inc. 2.60%, 10/12/2022		200		191
Kellogg Co. 3.40%, 11/15/2027		95		87

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Food Products — continued
Kraft Heinz Foods Co.
3.50%, 6/6/2022		165		162
4.00%, 6/15/2023		22		22
3.95%, 7/15/2025		15		14
Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025		92		93
Nestle Holdings, Inc. 3.50%, 9/24/2025(a)		200		198
Tyson Foods, Inc. 3.95%, 8/15/2024		73		72
Unilever Capital Corp. (United Kingdom) 3.38%, 3/22/2025		100		98
				1,166
Gas Utilities — 0.0%(c)
Atmos Energy Corp. 8.50%, 3/15/2019		30		31
Health Care Equipment & Supplies — 0.3%
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
3.55%, 4/1/2025		50		47
				488
Health Care Providers & Services — 1.4%
Aetna, Inc. 2.80%, 6/15/2023		200		189
Anthem, Inc.
3.13%, 5/15/2022		115		113
3.50%, 8/15/2024		106		102
CVS Health Corp.
4.10%, 3/25/2025		380		374
4.30%, 3/25/2028		400		390
Express Scripts Holding Co.
3.05%, 11/30/2022		200		193
3.50%, 6/15/2024		72		70
Laboratory Corp. of America Holdings 3.20%, 2/1/2022		214		211
UnitedHealth Group, Inc.
1.70%, 2/15/2019		200		200
3.38%, 11/15/2021		112		112
				1,954
Hotels, Restaurants & Leisure — 0.1%
Starbucks Corp. 3.10%, 3/1/2023		150		146
Household Durables — 0.1%
DR Horton, Inc. 2.55%, 12/1/2020		150		146
Household Products — 0.2%
Kimberly-Clark Corp. 2.40%, 3/1/2022		20		19
Procter & Gamble - ESOP Series A, 9.36%, 1/1/2021		28		30
Procter & Gamble Co. (The) 1.75%, 10/25/2019		200		198
				247
Independent Power and Renewable Electricity Producers — 0.1%
Exelon Generation Co. LLC
3.40%, 3/15/2022		80		79
4.25%, 6/15/2022		37		37
				116
Industrial Conglomerates — 0.0%(c)
Ingersoll-Rand Global Holding Co. Ltd. 4.25%, 6/15/2023		34		35
Insurance — 1.8%
Allstate Corp. (The) 3.15%, 6/15/2023		61		60
Alterra Finance LLC 6.25%, 9/30/2020		100		105
American International Group, Inc. 3.75%, 7/10/2025		161		152
Aon plc 3.88%, 12/15/2025		143		139
Assurant, Inc. 4.20%, 9/27/2023		90		89
Berkshire Hathaway Finance Corp. 1.30%, 8/15/2019		280		277
Chubb INA Holdings, Inc. 2.88%, 11/3/2022		130		127
CNA Financial Corp.
3.95%, 5/15/2024		52		51
4.50%, 3/1/2026		38		38
Guardian Life Global Funding 2.50%, 5/8/2022(a)		125		121
Lincoln National Corp. 4.20%, 3/15/2022		35		36
Manulife Financial Corp. (Canada) 4.15%, 3/4/2026		100		100
Marsh & McLennan Cos., Inc.
2.35%, 9/10/2019		156		155
3.30%, 3/14/2023		50		49
Metropolitan Life Global Funding I 3.45%, 12/18/2026(a)		250		241
Principal Financial Group, Inc. 3.10%, 11/15/2026		150		139
Protective Life Global Funding 2.62%, 8/22/2022(a)		200		193
Prudential Insurance Co. of America (The) 8.30%, 7/1/2025(a)		150		183
Torchmark Corp. 4.55%, 9/15/2028		40		40
Travelers Cos., Inc. (The) 5.90%, 6/2/2019		250		253
				2,548

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 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		100		96
IT Services — 0.1%
IBM Credit LLC 2.65%, 2/5/2021		150		147
Western Union Co. (The) 3.60%, 3/15/2022		20		20
				167
Life Sciences Tools & Services — 0.1%
Thermo Fisher Scientific, Inc.
3.15%, 1/15/2023		57		55
4.15%, 2/1/2024		34		34
3.20%, 8/15/2027		100		92
				181
Machinery — 0.1%
Caterpillar, Inc. 2.60%, 6/26/2022		31		30
Illinois Tool Works, Inc. 3.50%, 3/1/2024		175		175
				205
Media — 0.6%
CBS Corp. 4.00%, 1/15/2026		208		200
Charter Communications Operating LLC 4.91%, 7/23/2025		160		159
Comcast Corp.
3.00%, 2/1/2024		117		113
3.38%, 2/15/2025		77		74
3.38%, 8/15/2025		80		77
3.95%, 10/15/2025		14		14
3.15%, 3/1/2026		16		15
Cox Communications, Inc. 3.50%, 8/15/2027(a)		154		142
Discovery Communications LLC 4.38%, 6/15/2021		78		79
Time Warner Cable LLC 8.75%, 2/14/2019		35		35
				908
Metals & Mining — 0.0%(c)
Nucor Corp. 4.00%, 8/1/2023		27		27
Multiline Retail — 0.0%(c)
Macy’s Retail Holdings, Inc. 6.90%, 4/1/2029		21		22
Nordstrom, Inc. 4.00%, 10/15/2021		35		35
				57
Multi-Utilities — 0.6%
Consolidated Edison Co. of New York, Inc. 3.80%, 5/15/2028		155		154
Consumers Energy Co. 5.65%, 4/15/2020		50		51
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		200
Sempra Energy 4.05%, 12/1/2023		48		48
Southern Co. Gas Capital Corp. 3.50%, 9/15/2021		94		93
WEC Energy Group, Inc. 3.55%, 6/15/2025		87		85
				809
Oil, Gas & Consumable Fuels — 2.4%
Andeavor Logistics LP 4.25%, 12/1/2027		27		25
Apache Corp. 3.25%, 4/15/2022		34		33
BP Capital Markets plc (United Kingdom)
3.81%, 2/10/2024		166		165
3.51%, 3/17/2025		60		59
Buckeye Partners LP
5.50%, 8/15/2019		50		51
4.88%, 2/1/2021		40		40
Canadian Natural Resources Ltd. (Canada) 3.90%, 2/1/2025		25		24
Cenovus Energy, Inc. (Canada)
5.70%, 10/15/2019		77		78
3.00%, 8/15/2022		21		20
Chevron Corp. 2.36%, 12/5/2022		40		38
CNOOC Nexen Finance 2014 ULC (China) 4.25%, 4/30/2024		200		201
Ecopetrol SA (Colombia) 4.13%, 1/16/2025		58		55
Energy Transfer Operating LP
3.60%, 2/1/2023		28		27
4.90%, 2/1/2024		61		61
4.05%, 3/15/2025		91		86
Eni SpA (Italy) 4.15%, 10/1/2020(a)		200		200
Enterprise Products Operating LLC
2.80%, 2/15/2021		200		196
3.90%, 2/15/2024		49		49
3.75%, 2/15/2025		37		36
EOG Resources, Inc.
4.10%, 2/1/2021		100		101
2.63%, 3/15/2023		23		22
Gulf South Pipeline Co. LP 4.00%, 6/15/2022		50		49
Magellan Midstream Partners LP 6.55%, 7/15/2019		50		51
Marathon Petroleum Corp. 3.63%, 9/15/2024		67		64

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Oil, Gas & Consumable Fuels — continued
MPLX LP 3.38%, 3/15/2023		32		31
Noble Energy, Inc. 3.85%, 1/15/2028		100		91
Occidental Petroleum Corp. 3.50%, 6/15/2025		30		29
ONEOK Partners LP
3.38%, 10/1/2022		12		12
5.00%, 9/15/2023		28		29
4.90%, 3/15/2025		200		202
Petroleos Mexicanos (Mexico)
6.38%, 2/4/2021		149		150
4.88%, 1/18/2024		69		64
6.88%, 8/4/2026		51		49
5.35%, 2/12/2028(a)		42		36
Phillips 66 3.90%, 3/15/2028		70		66
Plains All American Pipeline LP 3.60%, 11/1/2024		100		94
Sinopec Group Overseas Development 2013 Ltd. (China) 4.38%, 10/17/2023(a)		200		203
Spectra Energy Partners LP 3.50%, 3/15/2025		63		59
Sunoco Logistics Partners Operations LP 4.65%, 2/15/2022		180		182
TC PipeLines LP 3.90%, 5/25/2027		42		39
TransCanada PipeLines Ltd. (Canada)
7.13%, 1/15/2019		30		30
3.75%, 10/16/2023		172		170
Williams Cos., Inc. (The) 3.90%, 1/15/2025		86		83
				3,350
Pharmaceuticals — 0.3%
Allergan Funding SCS 3.45%, 3/15/2022		69		67
Johnson & Johnson 2.63%, 1/15/2025		118		113
Shire Acquisitions Investments Ireland DAC 1.90%, 9/23/2019		200		197
				377
Real Estate Management & Development — 0.1%
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada) 3.13%, 3/20/2022(a)		200		197
Road & Rail — 0.9%
Burlington Northern Santa Fe LLC
4.70%, 10/1/2019		150		152
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		204
4.50%, 1/15/2022		55		56
CSX Corp. 3.25%, 6/1/2027		162		150
ERAC USA Finance LLC
5.25%, 10/1/2020(a)		48		49
4.50%, 8/16/2021(a)		27		28
Penske Truck Leasing Co. LP 4.13%, 8/1/2023(a)		200		198
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
				1,219
Semiconductors & Semiconductor Equipment — 0.2%
Analog Devices, Inc. 2.95%, 1/12/2021		70		69
Intel Corp. 3.70%, 7/29/2025		130		129
QUALCOMM, Inc. 3.25%, 5/20/2027		94		86
				284
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		382
				765
Specialty Retail — 0.4%
Advance Auto Parts, Inc. 4.50%, 12/1/2023		30		31
Home Depot, Inc. (The) 2.80%, 9/14/2027		150		139
Lowe’s Cos., Inc. 3.38%, 9/15/2025		200		194
O’Reilly Automotive, Inc.
3.55%, 3/15/2026		100		95
3.60%, 9/1/2027		62		58
				517
Technology Hardware, Storage & Peripherals — 0.6%
Apple, Inc.
2.75%, 1/13/2025		200		189
3.35%, 2/9/2027		451		433
2.90%, 9/12/2027		199		184
				806
Tobacco — 0.2%
BAT Capital Corp. (United Kingdom) 3.22%, 8/15/2024		200		185
Philip Morris International, Inc. 3.38%, 8/11/2025		150		145
				330
Trading Companies & Distributors — 0.2%
Air Lease Corp. 3.63%, 12/1/2027		100		87
Aircastle Ltd. 4.40%, 9/25/2023		65		64
Aviation Capital Group LLC 3.88%, 5/1/2023(a)		100		99
				250

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
CORPORATE BONDS — continued
Water Utilities — 0.1%
American Water Capital Corp. 3.85%, 3/1/2024		150			151
Wireless Telecommunication Services — 0.1%
Rogers Communications, Inc. (Canada) 4.10%, 10/1/2023		160			162
TOTAL CORPORATE BONDS (Cost $49,008)					47,701
U.S. TREASURY OBLIGATIONS — 21.0%
U.S. Treasury Bonds
6.00%, 2/15/2026		516			619
U.S. Treasury Notes
1.25%, 8/31/2019		2,500			2,474
3.63%, 2/15/2020		3,000			3,029
1.88%, 1/31/2022		700			680
1.88%, 4/30/2022		2,000			1,938
2.25%, 1/31/2024		6,000			5,823
2.25%, 11/15/2024		250			241
2.88%, 5/31/2025		299			298
U.S. Treasury STRIPS Bonds
3.96%, 11/15/2021(e)		1,525			1,403
2.74%, 2/15/2022(e)		2,400			2,190
2.81%, 11/15/2022(e)		1,300			1,161
2.72%, 5/15/2023(e)		685			602
2.14%, 8/15/2023(e)		3,890			3,400
2.31%, 11/15/2023(e)		2,150			1,864
2.42%, 2/15/2024(e)		3,000			2,581
2.21%, 5/15/2024(e)		200			171
2.90%, 5/15/2025(e)		200			165
2.34%, 5/15/2026(e)		200			160
3.43%, 8/15/2026(e)		47			37
3.63%, 11/15/2026(e)		300			236
2.84%, 2/15/2027(e)		100			78
3.81%, 8/15/2027(e)		100			77
3.91%, 11/15/2027(e)		140			106
3.00%, 2/15/2028(e)		53			40
2.46%, 5/15/2028(e)		10			8
3.17%, 8/15/2028(e)		200			148
TOTAL U.S. TREASURY OBLIGATIONS (Cost $30,067)					29,529
COLLATERALIZED MORTGAGE OBLIGATIONS — 18.5%
Alternative Loan Trust
Series 2004-2CB, Class 1A9, 5.75%, 3/25/2034		885			915
Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035		138			129
Banc of America Funding Trust Series 2004-1, PO, 3/25/2034‡		15			13
BCAP LLC Trust Series 2010-RR7, Class 2A1, 3.65%, 7/26/2045(a)(f)		103			102
CHL Mortgage Pass-Through Trust
Series 2004-HYB3, Class 2A, 3.63%, 6/20/2034(f)		15			15
Series 2004-5, Class 1A4, 5.50%, 6/25/2034		32			32
Series 2005-22, Class 2A1, 4.08%, 11/25/2035(f)		132			116
Citigroup Global Markets Mortgage Securities VII, Inc.
Series 2003-UP2, Class PO1, PO, 12/25/2018‡		—	(g)		—	(g)
Series 2003-HYB1, Class A, 4.74%, 9/25/2033(f)		15			15
Citigroup Mortgage Loan Trust, Inc.
Series 2003-UST1, Class PO1, PO, 12/25/2018‡		—	(g)		1
Series 2003-UST1, Class A1, 5.50%, 12/25/2018		2			2
Series 2003-UP3, Class A3, 7.00%, 9/25/2033		7			7
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
Series 2005-3, Class 1A1, 3.57%, 6/25/2020(f)		43			42
FHLMC - GNMA
Series 24, Class ZE, 6.25%, 11/25/2023		16			17
FHLMC REMIC
Series 2934, Class EC, PO, 2/15/2020		8			8
Series 2347, Class VP, 6.50%, 3/15/2020		3			3
Series 47, Class F, 10.00%, 6/15/2020		—	(g)		—	(g)
Series 2999, Class ND, 4.50%, 7/15/2020		27			27
Series 1807, Class G, 9.00%, 10/15/2020		—	(g)		—	(g)
Series 114, Class H, 6.95%, 1/15/2021		1			1
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, 3.26%, 5/15/2021(f)		—	(g)		—	(g)

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 1079, Class S, HB, IF, 26.16%, 5/15/2021(f)		—	(g)		—	(g)
Series 1084, Class S, HB, IF, 34.85%, 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 1196, Class B, HB, IF, 1,104.54%, 1/15/2022(f)		—	(g)		—	(g)
Series 1206, Class IA, 7.00%, 3/15/2022		1			1
Series 1250, Class J, 7.00%, 5/15/2022		1			1
Series 1343, Class LA, 8.00%, 8/15/2022		4			5
Series 2512, Class PG, 5.50%, 10/15/2022		68			70
Series 2535, Class BK, 5.50%, 12/15/2022		12			13
Series 1470, Class F, 2.02%, 2/15/2023(f)		—	(g)		—	(g)
Series 2568, Class KG, 5.50%, 2/15/2023		101			104
Series 1466, Class PZ, 7.50%, 2/15/2023		19			20
Series 1491, Class I, 7.50%, 4/15/2023		8			8
Series 1798, Class F, 5.00%, 5/15/2023		8			8
Series 1518, Class G, IF, 6.53%, 5/15/2023(f)		7			8
Series 1541, Class O, 2.44%, 7/15/2023(f)		7			7
Series 1608, Class L, 6.50%, 9/15/2023		23			25
Series 1602, Class SA, IF, 15.25%, 10/15/2023(f)		3			3
Series 2283, Class K, 6.50%, 12/15/2023		10			11
Series 1700, Class GA, PO, 2/15/2024		3			3
Series 1671, Class L, 7.00%, 2/15/2024		4			4
Series 1706, Class K, 7.00%, 3/15/2024		42			44
Series 2033, Class SN, HB, IF, 26.86%, 3/15/2024(f)		2			—	(g)
Series 1720, Class PL, 7.50%, 4/15/2024		125			133
Series 2306, Class K, PO, 5/15/2024		5			4
Series 2306, Class SE, IF, IO, 7.46%, 5/15/2024(f)		11			2
Series 1745, Class D, 7.50%, 8/15/2024		7			7
Series 1927, Class PH, 7.50%, 1/15/2027		51			56
Series 1981, Class Z, 6.00%, 5/15/2027		21			22
Series 1987, Class PE, 7.50%, 9/15/2027		8			9
Series 2038, Class PN, IO, 7.00%, 3/15/2028		9			2
Series 2040, Class PE, 7.50%, 3/15/2028		46			52
Series 2063, Class PG, 6.50%, 6/15/2028		47			51
Series 2064, Class TE, 7.00%, 6/15/2028		6			6
Series 2075, Class PM, 6.25%, 8/15/2028		32			34
Series 2075, Class PH, 6.50%, 8/15/2028		33			36
Series 2089, Class PJ, IO, 7.00%, 10/15/2028		10			1
Series 2125, Class JZ, 6.00%, 2/15/2029		20			22
Series 2169, Class TB, 7.00%, 6/15/2029		93			102
Series 2163, Class PC, IO, 7.50%, 6/15/2029		5			1
Series 2172, Class QC, 7.00%, 7/15/2029		37			41
Series 2196, Class TL, 7.50%, 11/15/2029		—	(g)		—	(g)
Series 2201, Class C, 8.00%, 11/15/2029		17			19
Series 2210, Class Z, 8.00%, 1/15/2030		44			50
Series 2224, Class CB, 8.00%, 3/15/2030		13			15
Series 2256, Class MC, 7.25%, 9/15/2030		24			27
Series 2259, Class ZM, 7.00%, 10/15/2030		22			25
Series 2271, Class PC, 7.25%, 12/15/2030		22			25
Series 2296, Class PD, 7.00%, 3/15/2031		12			13
Series 2333, Class HC, 6.00%, 7/15/2031		25			27
Series 2344, Class ZD, 6.50%, 8/15/2031		215			244
Series 2344, Class ZJ, 6.50%, 8/15/2031		27			29
Series 2345, Class NE, 6.50%, 8/15/2031		17			18
Series 2351, Class PZ, 6.50%, 8/15/2031		22			24
Series 2410, Class QX, IF, IO, 6.34%, 2/15/2032(f)		13			2

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2410, Class OE, 6.38%, 2/15/2032		26			28
Series 2410, Class NG, 6.50%, 2/15/2032		17			19
Series 2412, Class SP, IF, 11.49%, 2/15/2032(f)		46			53
Series 2444, Class ES, IF, IO, 5.64%, 3/15/2032(f)		30			5
Series 2450, Class SW, IF, IO, 5.69%, 3/15/2032(f)		12			2
Series 2423, Class MC, 7.00%, 3/15/2032		14			15
Series 2423, Class MT, 7.00%, 3/15/2032		27			30
Series 2435, Class CJ, 6.50%, 4/15/2032		104			114
Series 2441, Class GF, 6.50%, 4/15/2032		30			33
Series 2455, Class GK, 6.50%, 5/15/2032		38			42
Series 2450, Class GZ, 7.00%, 5/15/2032		40			45
Series 2466, Class DH, 6.50%, 6/15/2032		57			63
Series 2474, Class NR, 6.50%, 7/15/2032		33			37
Series 2484, Class LZ, 6.50%, 7/15/2032		56			63
Series 2500, Class MC, 6.00%, 9/15/2032		50			54
Series 2543, Class YX, 6.00%, 12/15/2032		108			118
Series 2575, Class ME, 6.00%, 2/15/2033		201			218
Series 2586, Class WI, IO, 6.50%, 3/15/2033		17			4
Series 2990, Class SL, IF, 16.04%, 6/15/2034(f)		37			41
Series 3611, PO, 7/15/2034		26			21
Series 2990, Class UZ, 5.75%, 6/15/2035		645			704
Series 3117, Class EO, PO, 2/15/2036		62			52
Series 3117, Class OK, PO, 2/15/2036		7			6
Series 3122, Class OH, PO, 3/15/2036		69			60
Series 3152, Class MO, PO, 3/15/2036		150			126
Series 3607, Class AO, PO, 4/15/2036		38			31
Series 3137, Class XP, 6.00%, 4/15/2036		92			101
Series 3819, Class ZQ, 6.00%, 4/15/2036		254			280
Series 3149, Class SO, PO, 5/15/2036		6			5
Series 3171, Class MO, PO, 6/15/2036		47			42
Series 3179, Class OA, PO, 7/15/2036		23			20
Series 3202, Class HI, IF, IO, 4.34%, 8/15/2036(f)		206			26
Series 3232, Class ST, IF, IO, 4.39%, 10/15/2036(f)		40			5
Series 3417, Class EO, PO, 11/15/2036		367			326
Series 3316, Class JO, PO, 5/15/2037		7			6
Series 3607, Class OP, PO, 7/15/2037		171			145
Series 3481, Class SJ, IF, IO, 3.54%, 8/15/2038(f)		108			11
Series 3680, Class MA, 4.50%, 7/15/2039		242			249
Series 4219, Class JA, 3.50%, 8/15/2039		428			430
Series 3997, Class PF, 2.76%, 11/15/2039(f)		56			57
Series 4374, Class NC, 3.75%, 2/15/2046(d)		332			334
FHLMC STRIPS
Series 243, Class 16, IO, 4.50%, 11/15/2020		1			—	(g)
Series 262, Class 35, 3.50%, 7/15/2042		520			515
FHLMC Structured Pass-Through Securities Certificates
Series T-41, Class 3A, 5.51%, 7/25/2032(f)		26			28
Series T-76, Class 2A, 2.49%, 10/25/2037(f)		132			136
Series T-51, Class 2A, 7.50%, 8/25/2042(f)		23			27
Series T-54, Class 2A, 6.50%, 2/25/2043		226			254
Series T-54, Class 3A, 7.00%, 2/25/2043		74			83
Series T-56, Class A5, 5.23%, 5/25/2043		565			585
Series T-58, Class APO, PO, 9/25/2043		17			13
First Horizon Mortgage Pass-Through Trust
Series 2004-AR7, Class 2A2, 3.71%, 2/25/2035(f)		41			41
Series 2005-AR1, Class 2A2, 3.96%, 4/25/2035(f)		32			32
FN 3.88%, 10/1/2028(h)		300			301
3.88%, 1/25/2029(h)		150			150
FNMA REMIC
Series 1989-70, Class G, 8.00%, 10/25/2019		—	(g)		—	(g)

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
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)		—	(g)
Series 1990-134, Class SC, IF, 18.13%, 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		6			6
Series 1991-42, Class S, IF, 13.62%, 5/25/2021(f)		—	(g)		—	(g)
Series G-14, Class L, 8.50%, 6/25/2021		—	(g)		—	(g)
Series G-18, Class Z, 8.75%, 6/25/2021		1			1
Series 2001-48, Class Z, 6.50%, 9/25/2021		31			32
Series G-35, Class M, 8.75%, 10/25/2021		1			1
Series 2002-1, Class HC, 6.50%, 2/25/2022		12			12
Series 1992-107, Class SB, HB, IF, 23.24%, 6/25/2022(f)		9			11
Series G92-42, Class Z, 7.00%, 7/25/2022		—	(g)		1
Series G92-35, Class E, 7.50%, 7/25/2022		9			9
Series G92-44, Class ZQ, 8.00%, 7/25/2022		—	(g)		—	(g)
Series 1996-59, Class J, 6.50%, 8/25/2022		3			3
Series 1992-143, Class MA, 5.50%, 9/25/2022		1			1
Series G92-54, Class ZQ, 7.50%, 9/25/2022		5			5
Series G93-5, Class Z, 6.50%, 2/25/2023		3			3
Series 1993-37, Class PX, 7.00%, 3/25/2023		43			45
Series 1993-25, Class J, 7.50%, 3/25/2023		6			7
Series 1998-4, Class C, PO, 4/25/2023		1			1
Series 1998-43, Class EA, PO, 4/25/2023		68			64
Series 1993-54, Class Z, 7.00%, 4/25/2023		14			14
Series 1993-62, Class SA, IF, 18.16%, 4/25/2023(f)		3			3
Series 2003-83, Class PG, 5.00%, 6/25/2023		1			1
Series 1993-122, Class M, 6.50%, 7/25/2023		4			4
Series 1996-14, Class SE, IF, IO, 7.61%, 8/25/2023(f)		28			4
Series 1993-178, Class PK, 6.50%, 9/25/2023		7			7
Series 1993-165, Class SD, IF, 12.70%, 9/25/2023(f)		2			2
Series 1993-183, Class KA, 6.50%, 10/25/2023		100			105
Series 1993-189, Class PL, 6.50%, 10/25/2023		40			42
Series 1994-9, Class E, PO, 11/25/2023		1			1
Series 1993-247, Class SA, HB, IF, 26.50%, 12/25/2023(f)		10			12
Series G95-1, Class C, 8.80%, 1/25/2025		5			5
Series 2005-121, Class DX, 5.50%, 1/25/2026		254			268
Series 1997-20, IO, 1.84%, 3/25/2027(f)		9			—	(g)
Series 1997-20, Class IB, IO, 1.84%, 3/25/2027(f)		10			—	(g)
Series 1997-27, Class J, 7.50%, 4/18/2027		9			10
Series 1997-29, Class J, 7.50%, 4/20/2027		12			13
Series 1997-39, Class PD, 7.50%, 5/20/2027		27			31
Series 2012-47, Class HF, 2.72%, 5/25/2027(f)		125			125
Series 1997-81, Class PI, IO, 7.00%, 12/18/2027		7			1
Series 1998-36, Class ZB, 6.00%, 7/18/2028		6			6
Series 2000-2, Class ZE, 7.50%, 2/25/2030		55			61
Series 2001-33, Class ID, IO, 6.00%, 7/25/2031		32			7

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2001-36, Class DE, 7.00%, 8/25/2031		44			49
Series 2001-49, Class Z, 6.50%, 9/25/2031		8			9
Series 2001-44, Class PD, 7.00%, 9/25/2031		9			10
Series 2003-52, Class SX, IF, 16.00%, 10/25/2031(f)		12			15
Series 2004-74, Class SW, IF, 10.90%, 11/25/2031(f)		28			34
Series 2001-81, Class LO, PO, 1/25/2032		6			5
Series 2002-1, Class SA, IF, 17.66%, 2/25/2032(f)		4			5
Series 2002-21, Class PE, 6.50%, 4/25/2032		23			25
Series 2002-28, Class PK, 6.50%, 5/25/2032		23			26
Series 2002-37, Class Z, 6.50%, 6/25/2032		28			31
Series 2004-61, Class SH, IF, 14.73%, 11/25/2032(f)		33			41
Series 2003-22, Class UD, 4.00%, 4/25/2033		101			103
Series 2003-34, Class GE, 6.00%, 5/25/2033		232			246
Series 2003-39, IO, 6.00%, 5/25/2033(f)		6			1
Series 2003-47, Class PE, 5.75%, 6/25/2033		97			105
Series 2003-64, Class SX, IF, 8.00%, 7/25/2033(f)		13			14
Series 2003-71, Class DS, IF, 4.40%, 8/25/2033(f)		88			85
Series 2005-56, Class TP, IF, 11.20%, 8/25/2033(f)		68			73
Series 2003-91, Class SD, IF, 8.64%, 9/25/2033(f)		9			9
Series 2003-116, Class SB, IF, IO, 5.28%, 11/25/2033(f)		83			13
Series 2006-44, Class P, PO, 12/25/2033		30			25
Series 2004-25, Class PC, 5.50%, 1/25/2034		7			7
Series 2003-130, Class SX, IF, 8.05%, 1/25/2034(f)		5			5
Series 2004-36, Class PC, 5.50%, 2/25/2034		5			5
Series 2004-25, Class SA, IF, 13.16%, 4/25/2034(f)		45			55
Series 2004-46, Class SK, IF, 10.13%, 5/25/2034(f)		31			35
Series 2004-36, Class SA, IF, 13.16%, 5/25/2034(f)		60			77
Series 2004-50, Class VZ, 5.50%, 7/25/2034		358			378
Series 2005-74, Class CS, IF, 13.65%, 5/25/2035(f)		40			46
Series 2005-52, Class PA, 6.50%, 6/25/2035		—	(g)		—	(g)
Series 2005-45, Class DC, IF, 15.82%, 6/25/2035(f)		60			72
Series 2005-56, Class S, IF, IO, 4.39%, 7/25/2035(f)		44			5
Series 2005-68, Class PG, 5.50%, 8/25/2035		236			251
Series 2005-73, Class PS, IF, 10.91%, 8/25/2035(f)		104			119
Series 2005-106, Class US, IF, 16.08%, 11/25/2035(f)		78			99
Series 2006-27, Class OH, PO, 4/25/2036		67			59
Series 2006-65, Class QO, PO, 7/25/2036		29			25
Series 2006-56, Class FC, 2.61%, 7/25/2036(f)		189			188
Series 2006-72, Class GO, PO, 8/25/2036		44			38
Series 2006-79, Class DO, PO, 8/25/2036		35			30
Series 2006-77, Class PC, 6.50%, 8/25/2036		75			82
Series 2006-110, PO, 11/25/2036		54			45
Series 2006-124, Class HB, 4.32%, 11/25/2036(f)		77			80
Series 2007-14, Class ES, IF, IO, 4.12%, 3/25/2037(f)		40			5
Series 2007-81, Class GE, 6.00%, 8/25/2037		116			123
Series 2007-79, Class SB, IF, 15.53%, 8/25/2037(f)		35			46
Series 2007-88, Class VI, IF, IO, 4.22%, 9/25/2037(f)		101			16
Series 2007-91, Class ES, IF, IO, 4.14%, 10/25/2037(f)		285			32
Series 2007-106, Class A7, 6.07%, 10/25/2037(f)		39			41
Series 2007-116, Class HI, IO, 1.22%, 1/25/2038(f)		57			2
Series 2008-16, Class IS, IF, IO, 3.88%, 3/25/2038(f)		12			2
Series 2008-10, Class XI, IF, IO, 3.91%, 3/25/2038(f)		22			2
Series 2008-28, Class QS, IF, 13.75%, 4/25/2038(f)		32			37
Series 2008-46, Class HI, IO, 1.46%, 6/25/2038(f)		63			3
Series 2009-69, PO, 9/25/2039		51			46
Series 2009-103, Class MB, 4.29%, 12/25/2039(f)		71			76

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2010-71, Class HJ, 5.50%, 7/25/2040		169		184
Series 2011-118, Class MT, 7.00%, 11/25/2041		195		221
Series 2011-118, Class NT, 7.00%, 11/25/2041		179		200
Series 2013-101, Class DO, PO, 10/25/2043		304		229
Series 2013-128, PO, 12/25/2043		287		225
FNMA REMIC Trust
Series 2007-W7, Class 1A4, HB, IF, 25.29%, 7/25/2037(f)		9		14
Series 2003-W4, Class 2A, 6.50%, 10/25/2042(f)		17		19
Series 2003-W1, Class 1A1, 5.39%, 12/25/2042(f)		88		91
FNMA STRIPS
Series 218, Class 2, IO, 7.50%, 4/25/2023		1		—	(g)
Series 300, Class 1, PO, 9/25/2024		25		23
Series 329, Class 1, PO, 1/25/2033		6		5
FNMA Trust
Series 2004-W2, Class 2A2, 7.00%, 2/25/2044		34		38
Series 2005-W3, Class 2AF, 2.54%, 3/25/2045(f)		110		110
GNMA
Series 1994-7, Class PQ, 6.50%, 10/16/2024		65		68
Series 1999-30, Class S, IF, IO, 6.29%, 8/16/2029(f)		11		—	(g)
Series 2002-31, Class S, IF, IO, 6.39%, 1/16/2031(f)		20		3
Series 2002-47, Class PG, 6.50%, 7/16/2032		46		51
Series 2002-47, Class PY, 6.00%, 7/20/2032		54		59
Series 2002-47, Class ZA, 6.50%, 7/20/2032		59		65
Series 2010-14, Class AO, PO, 12/20/2032		28		27
Series 2003-24, PO, 3/16/2033		9		8
Series 2003-40, Class TJ, 6.50%, 3/20/2033		201		221
Series 2003-52, Class AP, PO, 6/16/2033		49		41
Series 2004-28, Class S, IF, 13.31%, 4/16/2034(f)		14		18
Series 2004-73, Class AE, IF, 10.09%, 8/17/2034(f)		15		16
Series 2004-71, Class SB, IF, 18.17%, 9/20/2034(f)		26		35
Series 2004-90, Class SI, IF, IO, 3.80%, 10/20/2034(f)		150		18
Series 2005-68, Class DP, IF, 10.87%, 6/17/2035(f)		35		38
Series 2005-68, Class KI, IF, IO, 4.00%, 9/20/2035(f)		277		33
Series 2006-38, Class ZK, 6.50%, 8/20/2036		446		491
Series 2006-59, Class SD, IF, IO, 4.40%, 10/20/2036(f)		31		5
Series 2007-17, Class JI, IF, IO, 4.50%, 4/16/2037(f)		111		16
Series 2007-27, Class SA, IF, IO, 3.90%, 5/20/2037(f)		141		14
Series 2007-45, Class QA, IF, IO, 4.34%, 7/20/2037(f)		121		13
Series 2007-40, Class SB, IF, IO, 4.45%, 7/20/2037(f)		197		25
Series 2007-50, Class AI, IF, IO, 4.47%, 8/20/2037(f)		107		11
Series 2007-53, Class ES, IF, IO, 4.25%, 9/20/2037(f)		31		4
Series 2007-53, Class SW, IF, 13.30%, 9/20/2037(f)		27		31
Series 2009-79, Class OK, PO, 11/16/2037		106		91
Series 2007-76, Class SA, IF, IO, 4.23%, 11/20/2037(f)		62		7
Series 2007-72, Class US, IF, IO, 4.25%, 11/20/2037(f)		61		7
Series 2009-106, Class ST, IF, IO, 3.70%, 2/20/2038(f)		215		23
Series 2008-33, Class XS, IF, IO, 5.39%, 4/16/2038(f)		40		6
Series 2008-40, Class SA, IF, IO, 4.09%, 5/16/2038(f)		126		16
Series 2008-55, Class SA, IF, IO, 3.90%, 6/20/2038(f)		77		7
Series 2008-50, Class KB, 6.00%, 6/20/2038		152		169
Series 2008-93, Class AS, IF, IO, 3.40%, 12/20/2038(f)		84		7
Series 2009-6, Class SA, IF, IO, 3.79%, 2/16/2039(f)		26		3
Series 2009-31, Class TS, IF, IO, 4.00%, 3/20/2039(f)		92		6
Series 2009-14, Class NI, IO, 6.50%, 3/20/2039		38		10
Series 2009-22, Class SA, IF, IO, 3.97%, 4/20/2039(f)		113		10
Series 2009-92, Class ZC, 5.00%, 10/20/2039		671		729
Series 2011-137, Class WA, 5.56%, 7/20/2040(f)		257		280
Series 2010-105, Class B, 5.00%, 8/20/2040		904		961

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2010-130, Class CP, 7.00%, 10/16/2040		71			80
Series 2013-91, Class WA, 4.49%, 4/20/2043(f)		497			505
Series 2012-H24, Class FA, 2.72%, 3/20/2060(f)		5			5
Series 2013-H03, Class FA, 2.57%, 8/20/2060(f)		7			7
Series 2012-H21, Class DF, 2.92%, 5/20/2061(f)		22			22
Series 2012-H26, Class MA, 2.82%, 7/20/2062(f)		20			20
Series 2012-H29, Class FA, 2.79%, 10/20/2062(f)		600			601
Series 2014-H15, Class FA, 2.77%, 7/20/2064(f)		673			676
Series 2014-H17, Class FC, 2.77%, 7/20/2064(f)		609			611
Series 2015-H15, Class FJ, 2.71%, 6/20/2065(f)		615			616
Series 2015-H18, Class FA, 2.72%, 6/20/2065(f)		525			525
Series 2015-H20, Class FA, 2.74%, 8/20/2065(f)		571			572
Series 2015-H26, Class FG, 2.79%, 10/20/2065(f)		668			671
GSR Mortgage Loan Trust Series 2006-1F, Class 1A3, 5.50%, 2/25/2036		83			95
Impac Secured Assets CMN Owner Trust Series 2002-2, Class APO, PO, 4/25/2033‡		39			27
JP Morgan Mortgage Trust
Series 2003-A1, Class 1A1, 4.12%, 10/25/2033(f)		202			204
Series 2006-A2, Class 5A3, 4.61%, 11/25/2033(f)		69			70
Series 2006-A2, Class 4A1, 4.48%, 8/25/2034(f)		22			22
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1, 4.66%, 4/21/2034(f)		61			63
Series 2004-3, Class 4A2, 3.67%, 4/25/2034(f)		18			16
MASTR Alternative Loan Trust
Series 2004-10, Class 1A1, 4.50%, 9/25/2019		2			2
Series 2005-6, Class 3A1, 5.50%, 11/25/2020		32			31
Series 2004-4, Class 10A1, 5.00%, 5/25/2024		152			156
Series 2003-9, Class 8A1, 6.00%, 1/25/2034		106			108
Series 2004-7, Class 30PO, PO, 8/25/2034‡		11			9
MASTR Asset Securitization Trust Series 2004-8, PO, 8/25/2019‡		—	(g)		—	(g)
MASTR Resecuritization Trust Series 2005-PO, Class 3PO, PO, 5/28/2035(a)		11			9
Merrill Lynch Mortgage Investors Trust
Series 2003-E, Class A1, 2.93%, 10/25/2028(f)		130			130
Series 2004-A, Class A1, 2.77%, 4/25/2029(f)		41			40
NACC Reperforming Loan REMIC Trust Series 2004-R2, Class A1, 6.50%, 10/25/2034(a)(f)		40			39
NCUA Guaranteed Notes Trust Series 2010-R3, Class 3A, 2.40%, 12/8/2020		24			24
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		7			7
Series 2003-A1, Class A2, 6.00%, 5/25/2033		18			18
RALI Trust
Series 2002-QS8, Class A5, 6.25%, 6/25/2017		2			2
Series 2002-QS16, Class A3, IF, 11.78%, 10/25/2017(f)		—	(g)		—	(g)
Series 2003-QS3, Class A2, IF, 11.41%, 2/25/2018‡(f)		—	(g)		—	(g)
Series 2003-QS9, Class A3, IF, IO, 5.24%, 5/25/2018‡(f)		1			—	(g)
Series 2004-QS3, Class CB, 5.00%, 3/25/2019		5			5
Reperforming Loan REMIC Trust Series 2005-R1, Class 2APO, PO, 3/25/2035‡(a)		57			48
Residential Asset Securitization Trust Series 2003-A14, Class A1, 4.75%, 2/25/2019		1			1
Seasoned Loans Structured Transaction Series 2018-2, Class A1, 3.50%, 11/25/2028		500			493
Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-33H, Class 1A1, 5.50%, 10/25/2033		52			53
Vendee Mortgage Trust
Series 1993-1, Class ZB, 7.25%, 2/15/2023		169			180
Series 1994-1, Class 1, 5.30%, 2/15/2024(f)		107			111
Series 1996-1, Class 1Z, 6.75%, 2/15/2026		161			175

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 1996-2, Class 1Z, 6.75%, 6/15/2026		53			58
Series 1997-1, Class 2Z, 7.50%, 2/15/2027		227			248
Series 1998-1, Class 2E, 7.00%, 3/15/2028		53			59
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-AR5, Class A7, 4.08%, 6/25/2033(f)		52			53
Series 2004-AR3, Class A2, 3.96%, 6/25/2034(f)		30			31
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
Series 2005-4, Class CB7, 5.50%, 6/25/2035		135			130
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, 4.69%, 11/25/2033(f)		21			21
Series 2004-P, Class 2A1, 4.64%, 9/25/2034(f)		96			98
Series 2004-EE, Class 3A1, 4.53%, 12/25/2034(f)		34			36
Series 2005-AR3, Class 1A1, 4.46%, 3/25/2035(f)		148			152
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $25,808)					25,999
MORTGAGE-BACKED SECURITIES—10.3%
FHLMC
Pool # 785618, ARM, 4.25%, 7/1/2026(f)		9			9
Pool # 611141, ARM, 3.69%, 1/1/2027(f)		15			16
Pool # 1B2656, ARM, 4.51%, 12/1/2034(f)		70			74
Pool # 1G2557, ARM, 4.32%, 6/1/2036(f)		97			103
Pool # 1A1085, ARM, 4.19%, 8/1/2036(f)		86			89
Pool # 1B7242, ARM, 4.27%, 9/1/2036(f)		55			58
Pool # 1Q0105, ARM, 4.48%, 9/1/2036(f)		40			42
Pool # 1Q0737, ARM, 4.48%, 11/1/2036(f)		37			39
Pool # 1N1511, ARM, 4.16%, 1/1/2037(f)		37			39
Pool # 1J1543, ARM, 4.31%, 2/1/2037(f)		30			31
Pool # 1Q0739, ARM, 4.38%, 3/1/2037(f)		52			54
Pool # 1Q0722, ARM, 4.07%, 4/1/2038(f)		35			37
FHLMC Gold Pools, 15 Year, Single Family
Pool # G12251, 4.00%, 6/1/2019		3			2
Pool # G12825, 6.50%, 3/1/2022		11			11
FHLMC Gold Pools, 20 Year, Single Family
Pool # C90985, 6.50%, 8/1/2026		11			11
FHLMC Gold Pools, 30 Year, Single Family
Pool # A01047, 8.00%, 7/1/2020		—	(g)		—	(g)
Pool # G00245, 8.00%, 8/1/2024		1			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		7			8
Pool # A17537, 6.00%, 1/1/2034		29			32
Pool # G02682, 7.00%, 2/1/2037		24			27
Pool # Q58054, 4.50%, 11/1/2046		392			405
FHLMC Gold Pools, FHA/VA
Pool # G20027, 10.00%, 10/1/2030		24			25
FHLMC Gold Pools, Other
Pool # L10151, 6.00%, 2/1/2033		17			18
Pool # U80336, 3.50%, 5/1/2033		550			548
Pool # U90690, 3.50%, 6/1/2042		262			258
Pool # U90975, 4.00%, 6/1/2042		259			263
Pool # U91427, 3.50%, 5/1/2043		620			610
FNMA
Pool # 116612, ARM, 3.62%, 3/1/2019(f)		—	(g)		—	(g)
Pool # 54844, ARM, 2.69%, 9/1/2027(f)		3			3
Pool # 303532, ARM, 4.02%, 3/1/2029(f)		2			2

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
MORTGAGE-BACKED SECURITIES — continued
Pool # 745446, ARM, 4.05%, 4/1/2033(f)		48			51
Pool # 746299, ARM, 4.69%, 9/1/2033(f)		62			66
Pool # 743546, ARM, 4.39%, 11/1/2033(f)		47			49
Pool # 735332, ARM, 4.23%, 8/1/2034(f)		69			73
Pool # 790964, ARM, 4.34%, 9/1/2034(f)		63			66
Pool # 896463, ARM, 4.62%, 10/1/2034(f)		63			67
Pool # 816361, ARM, 3.69%, 1/1/2035(f)		102			107
Pool # 810896, ARM, 4.06%, 1/1/2035(f)		50			51
Pool # 816597, ARM, 3.48%, 2/1/2035(f)		36			38
Pool # 816594, ARM, 4.04%, 2/1/2035(f)		52			53
Pool # 745862, ARM, 4.19%, 4/1/2035(f)		45			48
Pool # 838972, ARM, 4.14%, 8/1/2035(f)		9			9
Pool # 843026, ARM, 4.03%, 9/1/2035(f)		88			91
Pool # 832801, ARM, 4.36%, 9/1/2035(f)		68			72
Pool # 920340, ARM, 5.00%, 2/1/2036(f)		43			45
Pool # 886558, ARM, 4.60%, 8/1/2036(f)		17			18
Pool # 893424, ARM, 4.34%, 9/1/2036(f)		44			46
Pool # 913984, ARM, 4.03%, 2/1/2037(f)		22			23
Pool # 915645, ARM, 4.53%, 2/1/2037(f)		51			54
Pool # 887094, ARM, 4.48%, 7/1/2046(f)		62			66
FNMA, 15 Year, Single Family
Pool # 742078, 4.50%, 3/1/2019		1			1
Pool # 761326, Pool, 5.00%, 4/1/2019		5			6
Pool # 782005, Pool, 4.00%, 5/1/2019		1			1
Pool # 780956, 4.50%, 5/1/2019		4			4
Pool # 735386, Pool, 5.50%, 1/1/2020		2			2
Pool # 889265, Pool, 5.50%, 6/1/2020		—	(g)		—	(g)
Pool # 735911, 6.50%, 8/1/2020		1			1
Pool # 745406, Pool, 6.00%, 3/1/2021		19			19
Pool # 995381, 6.00%, 1/1/2024		35			36
FNMA, 20 Year, Single Family
Pool # 254305, 6.50%, 5/1/2022		24			26
FNMA, 30 Year, FHA/VA
Pool # 426839, Pool, 9.50%, 12/1/2018		—	(g)		—	(g)
Pool # 252409, 6.50%, 3/1/2029		13			13
Pool # 752786, 6.00%, 9/1/2033		11			12
FNMA, 30 Year, Single Family
Pool # 70825, Pool, 8.00%, 3/1/2021		—	(g)		—	(g)
Pool # 189190, Pool, 7.50%, 11/1/2022		3			2
Pool # 479469, Pool, 10.00%, 2/1/2024		—	(g)		—	(g)
Pool # 250066, Pool, 8.00%, 5/1/2024		1			1
Pool # 250103, Pool, 8.50%, 7/1/2024		3			3
Pool # 303031, Pool, 7.50%, 10/1/2024		1			1
Pool # 308499, Pool, 8.50%, 5/1/2025		—	(g)		—	(g)
Pool # 695533, 8.00%, 6/1/2027		7			8
Pool # 313687, Pool, 7.00%, 9/1/2027		2			2
Pool # 755973, 8.00%, 11/1/2028		13			15
Pool # 598559, 6.50%, 8/1/2031		16			18
Pool # 649624, 7.00%, 8/1/2032		1			1
Pool # 995409, Pool, 8.00%, 11/1/2032		164			190
Pool # 675555, 6.00%, 12/1/2032		28			30
Pool # 674349, 6.00%, 3/1/2033		12			13
Pool # 702901, 6.00%, 5/1/2033		50			55
Pool # 721535, Pool, 5.00%, 7/1/2033		74			79
Pool # 723852, 5.00%, 7/1/2033		30			32
Pool # 729296, 5.00%, 7/1/2033		55			59
Pool # 713700, Pool, 4.50%, 8/1/2033		29			30
Pool # 737825, 6.00%, 9/1/2033		13			14
Pool # 725027, Pool, 5.00%, 11/1/2033		54			57

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
MORTGAGE-BACKED SECURITIES — continued
Pool # 725017, 5.50%, 12/1/2033		48			52
Pool # AA0922, Pool, 6.00%, 9/1/2036		77			84
Pool # 986648, 6.00%, 9/1/2037		34			37
Pool # AD9151, Pool, 5.00%, 8/1/2040		215			228
FNMA, Other
Pool # 467630, 4.30%, 4/1/2021		735			752
Pool # AL0569, Pool, 4.26%, 6/1/2021		303			309
Pool # AM4466, 3.76%, 10/1/2023		472			480
Pool # AM6381, Pool, 3.29%, 8/1/2026		1,000			992
Pool # AM7485, 3.24%, 12/1/2026		1,000			983
Pool # AM7515, 3.34%, 2/1/2027		500			495
Pool # AM8529, Pool, 3.03%, 4/1/2027		1,000			968
Pool # AM8432, 2.79%, 5/1/2027		1,000			951
Pool # AM6755, Pool, 3.65%, 9/1/2029		286			284
Pool # AM6892, Pool, 3.76%, 9/1/2029		235			236
Pool # BM4162, Pool, 3.20%, 10/1/2029		299			287
Pool # 109707, Pool, 3.80%, 9/1/2033		253			254
Pool # 888408, Pool, 6.00%, 3/1/2037		31			33
Pool # 257172, Pool, 5.50%, 4/1/2038		12			12
Pool # MA1125, 4.00%, 7/1/2042		468			474
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		25			26
Pool # 352022, 7.00%, 11/15/2023		2			2
Pool # 366706, 6.50%, 1/15/2024		8			8
Pool # 371281, 7.00%, 2/15/2024		15			16
Pool # 782507, 9.50%, 10/15/2024		8			8
Pool # 780029, 9.00%, 11/15/2024		1			1
Pool # 780965, 9.50%, 12/15/2025		3			3
Pool # 442119, 7.50%, 11/15/2026		2			2
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		39			42
Pool # 486537, 7.50%, 9/15/2028		4			4
Pool # 466406, 6.00%, 11/15/2028		24			26
Pool # 607645, 6.50%, 2/15/2033		13			14
Pool # 781614, 7.00%, 6/15/2033		18			21
Pool # 782615, 7.00%, 6/15/2035		62			70
Pool # 782025, 6.50%, 12/15/2035		76			84
Pool # 681638, 6.00%, 12/15/2038		99			107
GNMA II, 30 Year, Single Family
Pool # 1974, 8.50%, 3/20/2025		1			1
Pool # 1989, 8.50%, 4/20/2025		4			4
Pool # 2006, 8.50%, 5/20/2025		4			4
Pool # 2141, 8.00%, 12/20/2025		1			1
Pool # 2234, 8.00%, 6/20/2026		1			2
Pool # 2270, 8.00%, 8/20/2026		1			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			1
Pool # 2549, 7.50%, 2/20/2028		1			1
Pool # 2562, 6.00%, 3/20/2028		18			20
Pool # 2606, 8.00%, 6/20/2028		1			1
Pool # 2633, 8.00%, 8/20/2028		—	(g)		—	(g)

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MORTGAGE-BACKED SECURITIES — continued
Pool # 2646, 7.50%, 9/20/2028		4		5
Pool # 4245, 6.00%, 9/20/2038		89		96
Pool # BA7567, 4.50%, 5/20/2048		376		389
Pool # BI0416, 4.50%, 11/20/2048		500		521
GNMA II, Other
Pool # AD0860, 3.50%, 11/20/2033		464		464
TOTAL MORTGAGE-BACKED SECURITIES (Cost $14,660)				14,521
ASSET-BACKED SECURITIES — 10.0%
Ally Auto Receivables Trust Series 2018-2, Class A3, 2.92%, 11/15/2022		246		245
American Airlines Pass-Through Trust
Series 2013-2, Class A, 4.95%, 1/15/2023		133		136
Series 2016-3, Class AA, 3.00%, 10/15/2028		76		71
American Credit Acceptance Receivables Trust
Series 2018-1, Class A, 2.72%, 3/10/2021(a)		38		38
Series 2015-2, Class C, 4.32%, 5/12/2021(a)		133		133
Series 2018-3, Class B, 3.49%, 6/13/2022(a)		55		55
Americredit Automobile Receivables Trust
Series 2018-1, Class A3, 3.07%, 12/19/2022		115		114
Series 2018-2, Class A3, 3.15%, 3/20/2023		148		148
AmeriCredit Automobile Receivables Trust Series 2017-3, Class A3, 1.90%, 3/18/2022		91		90
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)		83		82
Series 2015-2, Class A, 3.34%, 11/15/2048(a)		132		131
Bear Stearns Asset-Backed Securities Trust Series 2006-SD1, Class A, 2.68%, 4/25/2036‡(f)		7		7
British Airways Pass-Through Trust (United Kingdom) Series 2018-1, Class AA, 3.80%, 9/20/2031(a)		66		65
CarMax Auto Owner Trust
Series 2018-2, Class A3, 2.98%, 1/17/2023		136		136
Series 2018-3, Class A3, 3.13%, 6/15/2023		234		233
Citi Held For Asset Issuance Series 2016-MF1, Class B, 6.64%, 8/15/2022(a)		119		120
Continental Airlines Pass-Through Trust Series 1999-2, Class A-1, 7.26%, 3/15/2020		9		9
CPS Auto Receivables Trust
Series 2015-B, Class C, 4.20%, 5/17/2021(a)		425		428
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		314
CPS Auto Trust Series 2018-C, Class A, 2.87%, 9/15/2021(a)		81		81
Credit Acceptance Auto Loan Trust Series 2018-2A, Class A, 3.47%, 5/17/2027(a)		250		249
CVS Pass-Through Trust 5.93%, 1/10/2034(a)		46		48
Delta Air Lines Pass-Through Trust Series 2010-2, Class A, 4.95%, 5/23/2019		9		9
Drive Auto Receivables Trust
Series 2015-BA, Class D, 3.84%, 7/15/2021(a)		244		244
Series 2018-3, Class A3, 3.01%, 11/15/2021		106		106
Series 2015-AA, Class D, 4.12%, 7/15/2022(a)		177		178
Series 2018-4, Class B, 3.36%, 10/17/2022		118		118
Series 2015-DA, Class D, 4.59%, 1/17/2023‡(a)		220		222
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 2018-2A, Class A, 2.84%, 9/15/2021(a)		131		131
Series 2015-2A, Class D, 4.25%, 2/15/2022(a)		220		220
Exeter Automobile Receivables Trust
Series 2016-1A, Class C, 5.52%, 10/15/2021(a)		310		314
Series 2018-3A, Class A, 2.90%, 1/18/2022(a)		118		118
Series 2016-2A, Class B, 3.64%, 2/15/2022(a)		231		232

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
ASSET-BACKED SECURITIES — continued
Federal Express Corp. Pass-Through Trust Series 1998, 6.72%, 1/15/2022		333		347
First Investors Auto Owner Trust
Series 2015-2A, Class D, 4.22%, 12/15/2021(a)		100		100
Series 2018-1A, Class A2, 3.22%, 1/17/2023(a)		68		68
Flagship Credit Auto Trust
Series 2014-2, Class C, 3.95%, 12/15/2020(a)		37		37
Series 2015-3, Class B, 3.68%, 3/15/2022(a)		114		114
Series 2015-3, Class C, 4.65%, 3/15/2022(a)		113		114
Series 2016-1, Class C, 6.22%, 6/15/2022(a)		400		413
Series 2018-2, Class A, 2.97%, 10/17/2022(a)		149		149
Series 2018-3, Class A, 3.07%, 2/15/2023(a)		94		94
Ford Credit Auto Lease Trust Series 2018-B, Class A4, 3.30%, 2/15/2022		88		88
GE Capital Mortgage Services, Inc. Trust Series 1999-HE1, Class M, 6.71%, 4/25/2029‡(f)		26		21
GM Financial Automobile Leasing Trust
Series 2017-3, Class A3, 2.01%, 11/20/2020		40		40
Series 2018-2, Class A3, 3.06%, 6/21/2021		117		117
Series 2018-3, Class A3, 3.18%, 6/21/2021		107		107
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		133
GMAT Trust Series 2013-1A, Class A, 6.97%, 11/25/2043‡(a)(d)		13		13
Gold Key Resorts LLC Series 2014-A, Class A, 3.22%, 3/17/2031(a)		49		49
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 Lease Securitization Trust Series 2018-B, Class A4, 3.20%, 6/15/2022(a)		127		127
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%, 7/15/2019‡(a)		1,157		1,157
OneMain Direct Auto Receivables Trust Series 2018-1A, Class A, 3.43%, 12/16/2024(a)		164		164
OneMain Financial Issuance Trust
Series 2015-2A, Class B, 3.10%, 7/18/2025‡(a)		147		147
Series 2015-1A, Class A, 3.19%, 3/18/2026(a)		102		102
Oportun Funding VIII LLC Series 2018-A, Class A, 3.61%, 3/8/2024(a)		491		484
Progress Residential Trust
Series 2015-SFR2, Class A, 2.74%, 6/12/2032(a)		853		840
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		771
Series 2015-SFR3, Class D, 4.67%, 11/12/2032‡(a)		200		201
Santander Drive Auto Receivables Trust
Series 2018-3, Class A3, 3.03%, 2/15/2022		62		62
Series 2018-4, Class A3, 3.01%, 3/15/2022		49		49
Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2, 3.49%, 1/25/2036‡(d)		30		26
Spirit Airlines Pass-Through Trust Series 2017-1, Class AA, 3.38%, 2/15/2030		45		43
Springleaf Funding Trust Series 2015-AA, Class A, 3.16%, 11/15/2024(a)		145		145
Synchrony Card Issuance Trust Series 2018-A1, Class A1, 3.38%, 9/15/2024		260		261
Toyota Auto Receivables Owner Trust Series 2016-A, Class A3, 1.25%, 3/16/2020		85		85
United Airlines Pass-Through Trust Series 2016-2, Class AA, 2.88%, 10/7/2028		114		105
Verizon Owner Trust Series 2018-A, Class A1A, 3.23%, 4/20/2023		100		100
Westlake Automobile Receivables Trust Series 2015-3A, Class D, 4.40%, 5/17/2021(a)		127		127
World Financial Network Credit Card Master Trust Series 2018-B, Class A, 3.46%, 7/15/2025		156		156

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
ASSET-BACKED SECURITIES — continued
World Omni Auto Receivables Trust Series 2017-B, Class A3, 1.95%, 2/15/2023 104				102
World Omni Automobile Lease Securitization Trust Series 2018-B, Class A3, 3.19%, 12/15/2021		93		93
TOTAL ASSET-BACKED SECURITIES (Cost $14,093)				14,070
COMMERCIAL MORTGAGE-BACKED SECURITIES — 4.7%
20 Times Square Trust Series 2018-20TS, Class A, 3.20%, 5/15/2035(a)(f)		145		141
CD Commercial Mortgage Trust Series 2007-CD4, Class XC, IO, 0.93%, 12/11/2049(a)(f)		49		1
Commercial Mortgage Trust
Series 2014-PAT, Class A, 3.11%, 8/13/2027(a)(f)		132		132
Series 2014-TWC, Class A, 3.16%, 2/13/2032(a)(f)		400		400
Series 2015-CR25, Class A4, 3.76%, 8/10/2048		281		280
FHLMC Multifamily Structured Pass-Through Certificates
Series KF12, Class A, 3.01%, 9/25/2022(f)		181		181
Series KSMC, Class A2, 2.62%, 1/25/2023		500		489
Series KL3L, Class ALNZ, 3.46%, 4/25/2025(f)		500		499
Series K069, Class A2, 3.19%, 9/25/2027(f)		500		485
Series K081, Class A1, 3.88%, 2/25/2028		120		122
Series K083, Class A2, 4.05%, 9/25/2028(f)		297		306
FNMA ACES
Series 2012-M11, Class FA, 2.78%, 8/25/2019(f)		60		60
Series 2010-M3, Class A3, 4.33%, 3/25/2020(f)		270		272
Series 2015-M17, Class FA, 3.21%, 11/25/2022(f)		349		352
Series 2014-M2, Class A2, 3.51%, 12/25/2023(f)		444		447
Series 2014-M13, Class A2, 3.02%, 8/25/2024(f)		636		625
Series 2015-M7, Class A2, 2.59%, 12/25/2024		820		786
Series 2018-M13, Class A1, 3.82%, 3/25/2030(f)		225		230
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 6/10/2030(a)		116		115
UBS-Barclays Commercial Mortgage Trust Series 2012-C2, Class A4, 3.53%, 5/10/2063		104		104
VNDO Mortgage Trust Series 2013-PENN, Class A, 3.81%, 12/13/2029(a)		500		504
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $6,598)				6,531
U.S. GOVERNMENT AGENCY SECURITIES — 0.9%
FNMA 10.68%, 10/9/2019		85		83
Resolution Funding Corp. STRIPS
1.62%, 10/15/2019(e)		165		161
1.74%, 7/15/2020(e)		250		239
1.23%, 1/15/2021(e)		330		310
DN, 2.95%, 1/15/2026(e)		90		72
DN, 2.78%, 10/15/2027(e)		80		59
Tennessee Valley Authority STRIPS 4.73%, 5/1/2019(e)		333		329
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $1,276)				1,253
FOREIGN GOVERNMENT SECURITIES — 0.2%
United Mexican States (Mexico) 3.63%, 3/15/2022(Cost $250)		244		239
	Shares (000)
SHORT-TERM INVESTMENTS — 0.5%
INVESTMENT COMPANIES — 0.5%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.30%(i)(j) (Cost $720)		720		720
Total Investments — 100.0% (Cost $142,480)				140,563
Liabilities in Excess of Other Assets — 0.0%(c)				(18	)
Net Assets — 100.0%				140,545

Percentages indicated are based on net assets.

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Abbreviations
ACES	Alternative Credit Enhancement Securities
ARM	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of November 30, 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 November 30, 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
SCA	Limited partnership with share capital
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(a)(2), of the Securities Act of 1933, as amended. 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 November 30, 2018.
(c)	Amount rounds to less than 0.1% 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 is the current rate as of November 30, 2018.
(e)	The rate shown is the effective yield as of November 30, 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 November 30, 2018.
(g)	Amount rounds to less than one thousand.
(h)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(i)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(j)	The rate shown is the current yield as of November 30, 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 their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

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 November 30, 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.

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

• 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	$	—	$	10,865	$	3,205	$	14,070
Collateralized Mortgage Obligations		—		25,900		99		25,999
Commercial Mortgage-Backed Securities		—		6,531		—		6,531
Corporate Bonds
Capital Markets		—		4,389		6		4,395
Other Corporate Bonds		—		43,306		—		43,306
Total Corporate Bonds		—		47,695		6		47,701
Foreign Government Securities		—		239		—		239
Mortgage-Backed Securities		—		14,521		—		14,521
U.S. Government Agency Securities		—		1,253		—		1,253
U.S. Treasury Obligations		—		29,529		—		29,529
Short-Term Investments
Investment Companies		720		—		—		720
Total Investments in Securities	$	720	$	136,533	$	3,310	$	140,563

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 November 30, 2018.

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

	Balance as of February 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 November 30, 2018
Investments in Securities:
Asset-Backed Securities	$	5,171	$	14		$	(21	)	$	—	(a)	$	—	$	(1,180	)	$	—	$	(779	)	$	3,205
Collateralized Mortgage Obligations		219		—	(a)		—	(a)		1			—		(121	)		—		—			99
Commercial Mortgage-Backed Securities		604		—			—	(a)		—			—		(603	)		—		(1	)		—
Corporate Bonds — Capital Markets		12		—	(a)		—	(a)		—	(a)		—		(6	)		—		—			6
	$	6,006	$	14		$	(21	)	$	1		$	—	$	(1,910	)	$	—	$	(780	)	$	3,310

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

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

^(a)  Amount rounds to less than one thousand.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at November 30, 2018, which were valued using significant unobservable inputs (level 3) amounted to approximately $(12,000).

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at November 30, 2018		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	1,298	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 30.00% (4.28%)
				Constant Default Rate		0.00% - 30.00% (0.41%)
				Yield (Discount Rate of Cash Flows)		3.16% - 8.47% (3.76%)
Asset-Backed Securities		1,298
		99	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 24.00% (9.61%)
				Constant Default Rate		0.00% - 5.91% (3.82%)
				Yield (Discount Rate of Cash Flows)		(0.44%) - 8.83% (2.19%)
Collateralized Mortgage Obligations		99
		6	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		4.38% (4.38%)
				Liquidity Discount		0.38% (0.38%)
Corporate Bonds		6
Total	$	1,403

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At November 30, 2018, the value of these investments was approximately $1,907,000. 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
	January 28, 2019

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

By:	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	January 28, 2019

By:	/s/ Timothy J. Clemens
	Timothy J. Clemens
	Treasurer and Principal Financial Officer
	January 28, 2019

EX-99.CERT

EXHIBIT 99.302CERT

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE INVESTMENT COMPANY ACT OF 1940

I, Brian S. Shlissel, certify that:

1. I have reviewed this report on Form N-Q of JPMorgan Core Bond Trust and JPMorgan Intermediate Bond Trust (the “Funds”), each a series of JPMorgan Institutional Trust (the “Registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Funds as of the end of the fiscal quarter for which the report is filed;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Funds and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Funds, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the Funds’ disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Funds’ most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer and I have disclosed to the Funds’ auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weakness in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Funds’ ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date:	January 28, 2019	By:	/s/ Brian S. Shlissel
			Brian S. Shlissel
			President and Principal Executive Officer

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE INVESTMENT COMPANY ACT OF 1940

I, Timothy J. Clemens, certify that:

1. I have reviewed this report on Form N-Q of JPMorgan Core Bond Trust and JPMorgan Intermediate Bond Trust (the “Funds”), each a series of JPMorgan Institutional Trust (the “Registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Funds as of the end of the fiscal quarter for which the report is filed;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Funds and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Funds, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the Funds’ disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Funds’ most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer and I have disclosed to the Funds’ auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weakness in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Funds’ ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date:	January 28, 2019	By:	/s/ Timothy J. Clemens
			Timothy J. Clemens
			Treasurer and Principal Financial Officer