JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited)

Investments	Principal Amount ($000)		Value ($000)
U.S. TREASURY OBLIGATIONS — 23.9%
U.S. Treasury Bonds
3.13%, 2/15/2043		565		661
2.88%, 5/15/2043		22,775		25,627
3.63%, 8/15/2043		27,650		35,005
3.75%, 11/15/2043		12,028		15,532
3.63%, 2/15/2044		17,780		22,565
2.50%, 2/15/2045		25,900		27,376
2.88%, 8/15/2045		2,300		2,603
2.25%, 8/15/2046		7,778		7,838
3.00%, 2/15/2048		670		781
3.13%, 5/15/2048		3,757		4,483
2.25%, 8/15/2049		4,785		4,827
U.S. Treasury Inflation Indexed Bonds
1.75%, 1/15/2028		300		413
3.63%, 4/15/2028		799		1,623
2.50%, 1/15/2029		300		432
U.S. Treasury Inflation Indexed Notes
1.38%, 1/15/2020		607		721
0.13%, 1/15/2022		2,453		2,766
U.S. Treasury Notes
1.50%, 5/15/2020		15,000		14,989
2.38%, 12/31/2020		880		886
2.63%, 5/15/2021		1,006		1,019
3.13%, 5/15/2021		2,250		2,296
2.13%, 8/15/2021		13,000		13,098
1.25%, 10/31/2021		20,000		19,844
2.00%, 10/31/2021		1,100		1,107
1.88%, 11/30/2021		5,100		5,123
1.75%, 2/28/2022		12,700		12,732
1.75%, 7/15/2022		5,000		5,017
1.63%, 8/31/2022		3,000		3,001
2.00%, 10/31/2022		1,650		1,668
1.50%, 2/28/2023		3,000		2,989
1.75%, 5/15/2023		2,221		2,230
2.50%, 5/15/2024		8,840		9,165
1.88%, 8/31/2024		569		575
2.25%, 11/15/2024		400		411
2.88%, 4/30/2025		1,212		1,287
2.25%, 2/15/2027		11,738		12,153
1.63%, 8/15/2029		430		424
U.S. Treasury STRIPS Bonds
2.66%, 5/15/2020 (a)		1,535		1,524
2.41%, 2/15/2021 (a)		14,685		14,385
2.03%, 5/15/2021 (a)		20,675		20,186
3.78%, 8/15/2021 (a)		6,100		5,927
3.32%, 11/15/2021 (a)		11,340		10,975
2.87%, 2/15/2022 (a)		15,768		15,190
2.51%, 5/15/2022 (a)		18,545		17,795
3.08%, 8/15/2022 (a)		1,905		1,821
2.80%, 11/15/2022 (a)		14,400		13,712
3.51%, 2/15/2023 (a)		38,462		36,469
3.10%, 5/15/2023 (a)		14,070		13,273
2.34%, 8/15/2023 (a)		13,900		13,060
2.49%, 11/15/2023 (a)		4,845		4,529
1.81%, 2/15/2024 (a)		11,355		10,565
1.78%, 8/15/2024 (a)		10,600		9,772
7.03%, 5/15/2026 (a)		1,500		1,334
3.54%, 8/15/2026 (a)		1,592		1,410
4.32%, 5/15/2027 (a)		6,550		5,710
12.30%, 11/15/2032 (a)		4,140		3,181
4.03%, 2/15/2033 (a)		5,500		4,200
4.57%, 5/15/2033 (a)		16,500		12,506
6.29%, 8/15/2033 (a)		3,050		2,299
3.96%, 2/15/2034 (a)		9,500		7,068
4.78%, 5/15/2034 (a)		3,600		2,660
3.97%, 8/15/2034 (a)		1,650		1,212
2.35%, 11/15/2041 (a)		500		303
TOTAL U.S. TREASURY OBLIGATIONS (Cost $465,427)				494,333
CORPORATE BONDS — 23.7%
Aerospace & Defense — 0.4%
Airbus Finance BV (France) 2.70%, 4/17/2023 (b)		557		568
Airbus SE (France) 3.95%, 4/10/2047 (b)		150		172
Boeing Co. (The) 3.95%, 8/1/2059		775		850
L3Harris Technologies, Inc. 3.83%, 4/27/2025		850		906
Northrop Grumman Corp. 3.25%, 1/15/2028		200		208
Precision Castparts Corp. 3.25%, 6/15/2025		897		944
Rockwell Collins, Inc.
3.20%, 3/15/2024		350		364
4.35%, 4/15/2047		199		236
United Technologies Corp.
3.95%, 8/16/2025		215		234
4.45%, 11/16/2038		210		250
4.50%, 6/1/2042		2,799		3,375
4.15%, 5/15/2045		543		628
				8,735
Airlines — 0.0% (c)
Continental Airlines Pass-Through Trust Series 2012-2, Class A Shares, 4.00%, 10/29/2024		148		157
Automobiles — 0.0% (c)
Daimler Finance North America LLC (Germany) 2.25%, 3/2/2020 (b)		305		305
Banks — 4.7%
ABN AMRO Bank NV (Netherlands) 4.75%, 7/28/2025 (b)		1,216		1,318
AIB Group plc (Ireland) 4.75%, 10/12/2023 (b)		1,165		1,245

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
ANZ New Zealand Int’l Ltd. (New Zealand) 2.85%, 8/6/2020 (b)		402		404
ASB Bank Ltd. (New Zealand) 3.13%, 5/23/2024 (b)		905		931
Australia & New Zealand Banking Group Ltd. (Australia) 4.40%, 5/19/2026 (b)		263		281
Banco Santander SA (Spain) 3.13%, 2/23/2023		400		407
Bank of America Corp.
3.30%, 1/11/2023		885		915
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023 (d)		588		599
(ICE LIBOR USD 3 Month + 1.02%), 2.88%, 4/24/2023 (d)		1,855		1,885
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (d)		1,747		1,784
(ICE LIBOR USD 3 Month + 0.78%), 3.55%, 3/5/2024 (d)		547		568
(ICE LIBOR USD 3 Month + 1.09%), 3.09%, 10/1/2025 (d)		526		542
3.25%, 10/21/2027		1,189		1,240
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (d)		1,700		1,813
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (d)		4,975		5,216
(ICE LIBOR USD 3 Month + 1.32%), 4.08%, 4/23/2040 (d)		1,000		1,131
(ICE LIBOR USD 3 Month + 1.52%), 4.33%, 3/15/2050 (d)		1,000		1,203
Bank of Montreal (Canada) 2.10%, 12/12/2019		3,000		3,000
Banque Federative du Credit Mutuel SA (France)
3.75%, 7/20/2023 (b)		540		566
2.38%, 11/21/2024 (b)		813		811
Barclays plc (United Kingdom) 3.65%, 3/16/2025		1,000		1,032
BNP Paribas SA (France)
3.50%, 3/1/2023 (b)		290		300
3.38%, 1/9/2025 (b)		425		440
BNZ International Funding Ltd. (New Zealand)
2.10%, 9/14/2021 (b)		450		449
2.65%, 11/3/2022 (b)		632		639
Capital One Bank USA NA 3.38%, 2/15/2023		300		309
Citigroup, Inc.
2.70%, 3/30/2021		778		784
3.88%, 3/26/2025		500		528
(ICE LIBOR USD 3 Month + 0.90%), 3.35%, 4/24/2025 (d)		355		368
4.40%, 6/10/2025		865		934
3.40%, 5/1/2026		1,000		1,050
4.30%, 11/20/2026		1,200		1,307
6.63%, 1/15/2028		250		316
(ICE LIBOR USD 3 Month + 1.39%), 3.67%, 7/24/2028 (d)		1,573		1,670
(ICE LIBOR USD 3 Month + 1.34%), 3.98%, 3/20/2030 (d)		1,000		1,090
8.13%, 7/15/2039		223		369
4.65%, 7/23/2048		1,021		1,267
Citizens Bank NA 3.70%, 3/29/2023		720		753
Commonwealth Bank of Australia (Australia)
3.45%, 3/16/2023 (b)		600		624
4.50%, 12/9/2025 (b)		832		901
2.85%, 5/18/2026 (b)		600		615
3.74%, 9/12/2039 (b)		711		711
Cooperatieve Rabobank UA (Netherlands)
4.38%, 8/4/2025		783		850
3.75%, 7/21/2026		945		986
5.80%, 9/30/2110 (b)		500		758
Credit Agricole SA (France)
3.75%, 4/24/2023 (b)		500		522
4.38%, 3/17/2025 (b)		1,250		1,334
Credit Suisse Group Funding Guernsey Ltd. (Switzerland)
2.75%, 3/26/2020		250		251
3.80%, 6/9/2023		800		836
3.75%, 3/26/2025		340		358
Discover Bank
3.35%, 2/6/2023		343		353
4.25%, 3/13/2026		1,205		1,304
Fifth Third Bancorp 3.95%, 3/14/2028		500		550
Fifth Third Bank 2.88%, 10/1/2021		340		345
HSBC Bank plc (United Kingdom) 4.75%, 1/19/2021 (b)		575		592
HSBC Holdings plc (United Kingdom)
2.65%, 1/5/2022		2,212		2,231
4.00%, 3/30/2022		552		575
(ICE LIBOR USD 3 Month + 0.92%), 3.03%, 11/22/2023 (d)		991		1,011
(ICE LIBOR USD 3 Month + 0.99%), 3.95%, 5/18/2024 (d)		1,054		1,103
4.25%, 8/18/2025		939		998
3.90%, 5/25/2026		200		213
Huntington Bancshares, Inc. 3.15%, 3/14/2021		321		325
Huntington National Bank (The) 2.88%, 8/20/2020		858		863
KeyBank NA 3.18%, 5/22/2022		729		743
KeyCorp 4.15%, 10/29/2025		280		306
Lloyds Banking Group plc (United Kingdom)
(ICE LIBOR USD 3 Month + 0.81%), 2.91%, 11/7/2023 (d)		612		619

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
4.58%, 12/10/2025		400		429
4.38%, 3/22/2028		475		521
Mitsubishi UFJ Financial Group, Inc. (Japan)
2.95%, 3/1/2021		243		246
3.41%, 3/7/2024		1,260		1,313
3.75%, 7/18/2039		760		830
Mizuho Financial Group, Inc. (Japan)
2.63%, 4/12/2021 (b)		742		747
(ICE LIBOR USD 3 Month + 1.31%), 2.87%, 9/13/2030 (d)		720		720
National Australia Bank Ltd. (Australia)
3.38%, 1/14/2026		800		846
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.88%), 3.93%, 8/2/2034 (b) (d)		1,025		1,047
NatWest Markets plc (United Kingdom) 3.63%, 9/29/2022 (b)		1,025		1,059
Nordea Bank Abp (Finland) 4.25%, 9/21/2022 (b)		945		989
PNC Financial Services Group, Inc. (The) 4.38%, 8/11/2020		864		878
Royal Bank of Canada (Canada)
3.70%, 10/5/2023		1,000		1,055
4.65%, 1/27/2026		337		374
Royal Bank of Scotland Group plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.76%), 4.27%, 3/22/2025 (d)		480		506
(ICE LIBOR USD 3 Month + 1.75%), 4.89%, 5/18/2029 (d)		290		328
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.10%), 3.75%, 11/1/2029 (d)		900		908
(ICE LIBOR USD 3 Month + 1.87%), 4.44%, 5/8/2030 (d)		640		697
Santander UK Group Holdings plc (United Kingdom)
3.13%, 1/8/2021		452		456
3.57%, 1/10/2023		200		204
Societe Generale SA (France)
2.50%, 4/8/2021 (b)		850		853
3.88%, 3/28/2024 (b)		815		853
Standard Chartered plc (United Kingdom)
5.20%, 1/26/2024 (b)		700		752
(ICE LIBOR USD 3 Month + 1.08%), 3.89%, 3/15/2024 (b) (d)		400		414
(ICE LIBOR USD 3 Month + 1.91%), 4.30%, 5/21/2030 (b) (d)		550		597
(USD ICE Swap Rate 5 Year + 1.97%), 4.87%, 3/15/2033 (b) (d)		200		216
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.78%, 10/18/2022		542		551
3.10%, 1/17/2023		689		706
4.44%, 4/2/2024 (b)		500		532
2.63%, 7/14/2026		872		873
3.04%, 7/16/2029		1,315		1,344
SunTrust Bank 3.30%, 5/15/2026		400		417
SunTrust Banks, Inc.
2.90%, 3/3/2021		253		255
4.00%, 5/1/2025		265		287
Toronto-Dominion Bank (The) (Canada)
2.13%, 4/7/2021		115		115
2.65%, 6/12/2024		1,200		1,224
US Bancorp 7.50%, 6/1/2026		1,277		1,623
US Bank NA 2.80%, 1/27/2025		896		925
Wells Fargo & Co.
3.50%, 3/8/2022		850		876
3.07%, 1/24/2023		500		510
4.48%, 1/16/2024		702		759
3.75%, 1/24/2024		675		713
3.30%, 9/9/2024		1,000		1,043
3.00%, 4/22/2026		993		1,023
4.10%, 6/3/2026		637		688
(ICE LIBOR USD 3 Month + 1.17%), 3.20%, 6/17/2027 (d)		1,395		1,440
4.65%, 11/4/2044		1,180		1,411
4.40%, 6/14/2046		300		346
4.75%, 12/7/2046		325		397
Westpac Banking Corp. (Australia)
2.85%, 5/13/2026		690		706
4.42%, 7/24/2039		580		628
				97,571
Beverages — 0.5%
Anheuser-Busch Cos. LLC (Belgium)
4.70%, 2/1/2036		3,945		4,586
4.90%, 2/1/2046		1,135		1,361
Anheuser-Busch InBev Finance, Inc. (Belgium) 4.63%, 2/1/2044		70		79
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
4.75%, 1/23/2029		441		513
4.44%, 10/6/2048		780		886
Coca-Cola Femsa SAB de CV (Mexico) 3.88%, 11/26/2023		250		264
Constellation Brands, Inc.
4.40%, 11/15/2025		325		357
5.25%, 11/15/2048		220		271

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Diageo Investment Corp. (United Kingdom) 8.00%, 9/15/2022		255		295
Keurig Dr Pepper, Inc.
3.13%, 12/15/2023		500		514
4.42%, 5/25/2025		149		162
3.43%, 6/15/2027		250		262
4.99%, 5/25/2038		215		252
				9,802
Biotechnology — 0.3%
AbbVie, Inc.
3.20%, 11/21/2029 (b)		1,832		1,860
4.05%, 11/21/2039 (b)		1,809		1,886
4.40%, 11/6/2042		790		852
4.45%, 5/14/2046		190		204
Baxalta, Inc.
3.60%, 6/23/2022		149		153
5.25%, 6/23/2045		50		64
				5,019
Building Products — 0.0% (c)
Masco Corp. 6.50%, 8/15/2032		600		744
Capital Markets — 2.7%
Bank of New York Mellon Corp. (The)
(ICE LIBOR USD 3 Month + 0.63%), 2.66%, 5/16/2023 (d)		2,123		2,150
3.25%, 9/11/2024		700		735
2.80%, 5/4/2026		254		262
Blackstone Holdings Finance Co. LLC 4.45%, 7/15/2045 (b)		429		483
Brookfield Finance, Inc. (Canada)
3.90%, 1/25/2028		337		360
4.85%, 3/29/2029		895		1,022
4.70%, 9/20/2047		427		486
CME Group, Inc. 5.30%, 9/15/2043		285		387
Credit Suisse AG (Switzerland) 3.63%, 9/9/2024		402		425
Credit Suisse Group AG (Switzerland)
3.57%, 1/9/2023 (b)		729		747
(SOFR + 1.56%), 2.59%, 9/11/2025 (b) (d)		250		250
4.28%, 1/9/2028 (b)		1,162		1,263
Deutsche Bank AG (Germany)
4.25%, 10/14/2021		1,000		1,022
3.30%, 11/16/2022		1,000		1,005
FMR LLC 6.45%, 11/15/2039 (b)		500		710
Goldman Sachs Group, Inc. (The)
5.38%, 3/15/2020		1,786		1,803
2.35%, 11/15/2021		1,255		1,260
3.00%, 4/26/2022		1,200		1,213
(ICE LIBOR USD 3 Month + 0.82%), 2.88%, 10/31/2022 (d)		505		511
(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 6/5/2023 (d)		2,473		2,509
(ICE LIBOR USD 3 Month + 0.99%), 2.90%, 7/24/2023 (d)		493		501
3.50%, 1/23/2025		557		582
3.75%, 5/22/2025		1,984		2,098
4.25%, 10/21/2025		1,415		1,528
3.50%, 11/16/2026		469		489
3.85%, 1/26/2027		830		883
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (d)		2,093		2,219
(ICE LIBOR USD 3 Month + 1.30%), 4.22%, 5/1/2029 (d)		1,000		1,101
6.75%, 10/1/2037		685		941
4.80%, 7/8/2044		685		838
Intercontinental Exchange, Inc. 4.00%, 10/15/2023		884		942
Invesco Finance plc
4.00%, 1/30/2024		657		697
3.75%, 1/15/2026		390		415
Jefferies Group LLC 6.45%, 6/8/2027		749		880
Macquarie Bank Ltd. (Australia) 4.00%, 7/29/2025 (b)		1,000		1,069
Macquarie Group Ltd. (Australia)
6.00%, 1/14/2020 (b)		1,200		1,206
6.25%, 1/14/2021 (b)		1,650		1,722
(ICE LIBOR USD 3 Month + 1.37%), 3.76%, 11/28/2028 (b) (d)		700		733
(ICE LIBOR USD 3 Month + 1.75%), 5.03%, 1/15/2030 (b) (d)		700		799
Morgan Stanley
5.50%, 7/24/2020		475		486
5.75%, 1/25/2021		906		943
5.50%, 7/28/2021		559		590
3.75%, 2/25/2023		3,429		3,589
(ICE LIBOR USD 3 Month + 0.85%), 3.74%, 4/24/2024 (d)		1,765		1,846
4.00%, 7/23/2025		2,873		3,105
3.88%, 1/27/2026		946		1,019
(ICE LIBOR USD 3 Month + 1.43%), 4.46%, 4/22/2039 (d)		1,265		1,473
4.30%, 1/27/2045		485		572
S&P Global, Inc. 3.25%, 12/1/2049		960		970
State Street Corp. 3.10%, 5/15/2023		369		381
UBS Group AG (Switzerland)
3.49%, 5/23/2023 (b)		269		276
(ICE LIBOR USD 3 Month + 0.95%), 2.86%, 8/15/2023 (b) (d)		200		203
4.13%, 9/24/2025 (b)		300		325
(ICE LIBOR USD 3 Month + 1.47%), 3.13%, 8/13/2030 (b) (d)		965		980
				55,004

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Chemicals — 0.3%
Albemarle Corp. 5.45%, 12/1/2044		150		175
DuPont de Nemours, Inc.
4.49%, 11/15/2025		500		550
5.32%, 11/15/2038		215		258
International Flavors & Fragrances, Inc.
4.45%, 9/26/2028		300		331
5.00%, 9/26/2048		365		426
Mosaic Co. (The)
5.45%, 11/15/2033		861		991
4.88%, 11/15/2041		79		83
Nutrien Ltd. (Canada)
4.20%, 4/1/2029		175		192
4.13%, 3/15/2035		455		478
5.00%, 4/1/2049		230		269
Sherwin-Williams Co. (The) 3.13%, 6/1/2024		381		394
Union Carbide Corp. 7.75%, 10/1/2096		850		1,181
				5,328
Commercial Services & Supplies — 0.0% (c)
Republic Services, Inc. 2.90%, 7/1/2026		175		179
Waste Management, Inc. 3.45%, 6/15/2029		390		419
				598
Construction Materials — 0.1%
CRH America, Inc. (Ireland)
3.88%, 5/18/2025 (b)		417		443
5.13%, 5/18/2045 (b)		893		1,046
Martin Marietta Materials, Inc. 3.45%, 6/1/2027		770		795
				2,284
Consumer Finance — 0.5%
AerCap Ireland Capital DAC (Ireland)
3.30%, 1/23/2023		390		399
3.50%, 1/15/2025		600		618
Avolon Holdings Funding Ltd. (Ireland) 4.38%, 5/1/2026 (b)		820		865
Capital One Financial Corp.
3.20%, 2/5/2025		1,069		1,102
4.20%, 10/29/2025		250		268
General Motors Financial Co., Inc.
3.45%, 4/10/2022		1,091		1,112
3.70%, 5/9/2023		1,230		1,266
3.95%, 4/13/2024		1,400		1,455
3.50%, 11/7/2024		640		653
4.35%, 4/9/2025		540		568
4.30%, 7/13/2025		550		579
John Deere Capital Corp. 2.25%, 9/14/2026		430		429
				9,314
Containers & Packaging — 0.1%
Packaging Corp. of America 4.05%, 12/15/2049		845		880
WRKCo, Inc.
3.75%, 3/15/2025		400		420
3.90%, 6/1/2028		170		181
				1,481
Diversified Consumer Services — 0.0% (c)
President & Fellows of Harvard College 3.30%, 7/15/2056		643		697
Diversified Financial Services — 0.6%
CK Hutchison International Ltd. (United Kingdom) 3.63%, 4/11/2029 (b)		1,215		1,283
GE Capital International Funding Co. Unlimited Co.
2.34%, 11/15/2020		930		929
4.42%, 11/15/2035		3,583		3,855
GTP Acquisition Partners I LLC
2.35%, 6/15/2020 (b)		1,236		1,234
3.48%, 6/16/2025 (b)		1,436		1,487
Hutchison Whampoa International 12 II Ltd. (United Kingdom) 3.25%, 11/8/2022 (b)		539		551
Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan) 2.65%, 9/19/2022 (b)		606		610
National Rural Utilities Cooperative Finance Corp. 2.95%, 2/7/2024		306		316
ORIX Corp. (Japan) 2.90%, 7/18/2022		553		562
Siemens Financieringsmaatschappij NV (Germany)
2.90%, 5/27/2022 (b)		634		647
3.13%, 3/16/2024 (b)		750		778
4.40%, 5/27/2045 (b)		513		625
				12,877
Diversified Telecommunication Services — 0.9%
AT&T, Inc.
3.95%, 1/15/2025		1,126		1,204
3.60%, 7/15/2025		500		526
4.13%, 2/17/2026		400		432
4.30%, 2/15/2030		826		908
6.00%, 8/15/2040		2,000		2,532
5.35%, 9/1/2040		500		598
5.38%, 10/15/2041		313		365
4.35%, 6/15/2045		462		493
4.50%, 3/9/2048		406		442
British Telecommunications plc (United Kingdom) 9.63%, 12/15/2030 (e)		150		229
Deutsche Telekom International Finance BV (Germany)
3.60%, 1/19/2027 (b)		175		185
4.88%, 3/6/2042 (b)		232		272
Qwest Corp. 6.75%, 12/1/2021		741		794

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Telefonica Emisiones SA (Spain)
5.13%, 4/27/2020		526		532
5.46%, 2/16/2021		316		329
Verizon Communications, Inc.
2.63%, 8/15/2026		306		312
4.33%, 9/21/2028		962		1,091
4.02%, 12/3/2029		885		989
4.40%, 11/1/2034		1,895		2,199
4.27%, 1/15/2036		1,445		1,648
5.25%, 3/16/2037		457		577
4.86%, 8/21/2046		396		495
4.67%, 3/15/2055		400		500
				17,652
Electric Utilities — 1.6%
Alabama Power Co. 6.13%, 5/15/2038		239		335
Arizona Public Service Co.
2.20%, 1/15/2020		80		80
5.05%, 9/1/2041		200		247
Baltimore Gas & Electric Co. 3.50%, 8/15/2046		376		389
China Southern Power Grid International Finance BVI Co. Ltd. (China) 3.50%, 5/8/2027 (b)		1,234		1,299
Comision Federal de Electricidad (Mexico) 4.88%, 5/26/2021 (b)		831		855
Connecticut Light & Power Co. (The) 4.00%, 4/1/2048		236		276
Duke Energy Carolinas LLC
6.00%, 1/15/2038		100		136
4.25%, 12/15/2041		129		150
Duke Energy Corp. 3.40%, 6/15/2029		1,098		1,151
Duke Energy Florida LLC 6.40%, 6/15/2038		90		132
Duke Energy Progress LLC
4.10%, 5/15/2042		273		313
4.10%, 3/15/2043		125		142
Duquesne Light Holdings, Inc. 3.62%, 8/1/2027 (b)		750		759
Edison International
3.55%, 11/15/2024		1,591		1,602
5.75%, 6/15/2027		400		440
4.13%, 3/15/2028		285		288
Electricite de France SA (France) 6.00%, 1/22/2114 (b)		951		1,144
Enel Finance International NV (Italy)
4.63%, 9/14/2025 (b)		265		287
3.63%, 5/25/2027 (b)		740		769
Entergy Arkansas LLC 3.50%, 4/1/2026		175		184
Entergy Corp. 2.95%, 9/1/2026		336		342
Entergy Louisiana LLC 3.05%, 6/1/2031		629		651
Entergy Mississippi LLC 2.85%, 6/1/2028		559		575
Evergy Metro, Inc. 5.30%, 10/1/2041		1,400		1,801
Evergy, Inc. 2.90%, 9/15/2029		985		980
FirstEnergy Corp. Series C, 4.85%, 7/15/2047		289		343
FirstEnergy Transmission LLC 4.55%, 4/1/2049 (b)		240		277
Florida Power & Light Co. 5.95%, 2/1/2038		350		492
Fortis, Inc. (Canada) 3.06%, 10/4/2026		500		514
Hydro-Quebec (Canada)
Series HY, 8.40%, 1/15/2022		1,000		1,131
Series IO, 8.05%, 7/7/2024		350		443
ITC Holdings Corp. 2.70%, 11/15/2022		900		911
Jersey Central Power & Light Co. 4.30%, 1/15/2026 (b)		560		611
John Sevier Combined Cycle Generation LLC 4.63%, 1/15/2042		743		887
Korea Southern Power Co. Ltd. (South Korea) 3.00%, 1/29/2021 (b)		228		230
Mid-Atlantic Interstate Transmission LLC 4.10%, 5/15/2028 (b)		315		347
Nevada Power Co.
Series N, 6.65%, 4/1/2036		100		141
5.45%, 5/15/2041		305		384
Niagara Mohawk Power Corp. 3.51%, 10/1/2024 (b)		493		519
Northern States Power Co.
6.25%, 6/1/2036		510		718
2.90%, 3/1/2050		710		690
Oncor Electric Delivery Co. LLC 5.75%, 3/15/2029		110		139
Pennsylvania Electric Co. 3.25%, 3/15/2028 (b)		150		155
Pepco Holdings LLC 7.45%, 8/15/2032		316		421
Potomac Electric Power Co. 6.50%, 11/15/2037		1,085		1,553
PPL Capital Funding, Inc. 3.40%, 6/1/2023		200		206
Progress Energy, Inc.
3.15%, 4/1/2022		673		687
7.00%, 10/30/2031		300		408
Public Service Co. of Colorado 3.55%, 6/15/2046		214		224
Public Service Co. of Oklahoma Series G, 6.63%, 11/15/2037		2,490		3,515
Public Service Electric & Gas Co. 5.38%, 11/1/2039		317		415

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Southern California Edison Co.
Series B, 3.65%, 3/1/2028		400		425
Series 08-A, 5.95%, 2/1/2038		200		253
4.05%, 3/15/2042		552		579
Southwestern Public Service Co. 4.50%, 8/15/2041		200		235
Toledo Edison Co. (The) 6.15%, 5/15/2037		300		414
				33,594
Electrical Equipment — 0.0% (c)
Eaton Corp.
7.63%, 4/1/2024		300		349
4.00%, 11/2/2032		170		194
				543
Electronic Equipment, Instruments & Components — 0.1%
Arrow Electronics, Inc.
4.50%, 3/1/2023		190		199
3.25%, 9/8/2024		219		222
3.88%, 1/12/2028		442		455
Corning, Inc. 3.90%, 11/15/2049		1,043		1,061
				1,937
Energy Equipment & Services — 0.1%
Baker Hughes a GE Co. LLC 5.13%, 9/15/2040		300		349
Halliburton Co. 4.75%, 8/1/2043		540		585
Schlumberger Holdings Corp.
4.00%, 12/21/2025 (b)		13		14
3.90%, 5/17/2028 (b)		1,126		1,192
				2,140
Entertainment — 0.2%
NBCUniversal Media LLC 5.95%, 4/1/2041		800		1,096
Viacom, Inc.
3.88%, 4/1/2024		1,019		1,069
4.38%, 3/15/2043		464		479
Walt Disney Co. (The)
8.88%, 4/26/2023		430		522
6.20%, 12/15/2034		100		142
				3,308
Equity Real Estate Investment Trusts (REITs) — 1.1%
Alexandria Real Estate Equities, Inc.
3.80%, 4/15/2026		135		144
4.00%, 2/1/2050		653		720
American Campus Communities Operating Partnership LP 3.63%, 11/15/2027		500		526
American Tower Corp.
5.90%, 11/1/2021		100		107
3.50%, 1/31/2023		1,043		1,080
5.00%, 2/15/2024		974		1,072
3.38%, 10/15/2026		312		324
3.70%, 10/15/2049		935		930
American Tower Trust #1 3.07%, 3/15/2023 (b)		750		760
Boston Properties LP
3.20%, 1/15/2025		532		550
3.65%, 2/1/2026		483		512
Brixmor Operating Partnership LP 3.85%, 2/1/2025		400		419
Crown Castle International Corp. 4.00%, 3/1/2027		264		285
Digital Realty Trust LP 3.70%, 8/15/2027		252		266
Duke Realty LP 3.25%, 6/30/2026		239		248
Healthcare Trust of America Holdings LP 3.10%, 2/15/2030		1,604		1,595
Healthpeak Properties, Inc.
4.20%, 3/1/2024		230		246
3.88%, 8/15/2024		794		846
3.40%, 2/1/2025		265		277
3.50%, 7/15/2029		772		808
Life Storage LP 4.00%, 6/15/2029		859		926
National Retail Properties, Inc.
4.00%, 11/15/2025		783		837
4.30%, 10/15/2028		620		689
Office Properties Income Trust
3.60%, 2/1/2020		1,000		1,001
4.00%, 7/15/2022		784		800
Realty Income Corp. 4.65%, 3/15/2047		556		684
Regency Centers LP 2.95%, 9/15/2029		745		749
Scentre Group Trust 1 (Australia) 3.50%, 2/12/2025 (b)		420		436
Senior Housing Properties Trust 4.75%, 2/15/2028		400		405
Simon Property Group LP 2.45%, 9/13/2029		1,327		1,305
SITE Centers Corp. 4.70%, 6/1/2027		330		360
UDR, Inc.
2.95%, 9/1/2026		382		390
3.00%, 8/15/2031		305		307
Ventas Realty LP
3.50%, 2/1/2025		242		252
4.13%, 1/15/2026		406		437
3.85%, 4/1/2027		554		586
Welltower, Inc.
4.50%, 1/15/2024		732		791
3.10%, 1/15/2030		670		677
				23,347
Food & Staples Retailing — 0.1%
CVS Pass-Through Trust
5.93%, 1/10/2034 (b)		866		1,015
Series 2013, 4.70%, 1/10/2036 (b)		661		710
				1,725

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Food Products — 0.2%
Cargill, Inc.
3.30%, 3/1/2022 (b)		600		615
3.25%, 3/1/2023 (b)		115		119
Conagra Brands, Inc.
4.60%, 11/1/2025		290		319
5.30%, 11/1/2038		650		757
General Mills, Inc.
4.00%, 4/17/2025		490		529
4.15%, 2/15/2043		450		486
Kellogg Co. 3.40%, 11/15/2027		190		199
Kraft Heinz Foods Co. 5.00%, 7/15/2035		625		681
McCormick & Co., Inc.
3.15%, 8/15/2024		179		185
3.40%, 8/15/2027		264		277
Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025		153		167
Tyson Foods, Inc. 4.88%, 8/15/2034		300		361
				4,695
Gas Utilities — 0.3%
Atmos Energy Corp.
4.15%, 1/15/2043		828		951
4.13%, 10/15/2044		125		146
Boston Gas Co. 4.49%, 2/15/2042 (b)		308		360
Brooklyn Union Gas Co. (The) 4.27%, 3/15/2048 (b)		440		494
CenterPoint Energy Resources Corp. 4.50%, 1/15/2021		335		342
Dominion Energy Gas Holdings LLC
2.80%, 11/15/2020		382		385
Series C, 3.90%, 11/15/2049		807		810
Korea Gas Corp. (South Korea) 1.88%, 7/18/2021 (b)		653		649
Southern Natural Gas Co. LLC
8.00%, 3/1/2032		351		507
4.80%, 3/15/2047 (b)		367		414
				5,058
Health Care Equipment & Supplies — 0.3%
Abbott Laboratories 4.90%, 11/30/2046		1,185		1,571
Boston Scientific Corp.
3.75%, 3/1/2026		530		571
4.00%, 3/1/2029		1,050		1,169
Covidien International Finance SA 2.95%, 6/15/2023		399		411
DH Europe Finance II SARL 3.25%, 11/15/2039		1,000		1,013
Medtronic, Inc. 4.38%, 3/15/2035		330		395
				5,130
Health Care Providers & Services — 0.6%
Aetna, Inc. 6.75%, 12/15/2037		440		594
Anthem, Inc.
4.63%, 5/15/2042		500		560
4.65%, 1/15/2043		535		605
4.65%, 8/15/2044		100		113
Cigna Corp. 4.50%, 2/25/2026 (b)		300		328
CVS Health Corp.
4.30%, 3/25/2028		779		850
3.25%, 8/15/2029		895		909
4.78%, 3/25/2038		1,945		2,212
5.05%, 3/25/2048		942		1,114
HCA, Inc.
5.25%, 6/15/2026		850		950
5.13%, 6/15/2039		725		801
Laboratory Corp. of America Holdings 2.95%, 12/1/2029		1,690		1,697
Mayo Clinic Series 2016, 4.13%, 11/15/2052		225		267
Memorial Sloan-Kettering Cancer Center Series 2015, 4.20%, 7/1/2055		200		239
Quest Diagnostics, Inc. 3.45%, 6/1/2026		150		157
Texas Health Resources 4.33%, 11/15/2055		300		363
UnitedHealth Group, Inc.
4.63%, 7/15/2035		400		489
3.50%, 8/15/2039		815		863
				13,111
Hotels, Restaurants & Leisure — 0.1%
McDonald’s Corp. 4.70%, 12/9/2035		700		837
Household Products — 0.0% (c)
Reckitt Benckiser Treasury Services plc (United Kingdom) 2.38%, 6/24/2022 (b)		700		704
Independent Power and Renewable Electricity Producers — 0.1%
Exelon Generation Co. LLC 5.75%, 10/1/2041		235		276
NRG Energy, Inc. 4.45%, 6/15/2029 (b)		615		648
Tri-State Generation & Transmission Association, Inc. 4.25%, 6/1/2046		417		461
				1,385
Industrial Conglomerates — 0.1%
General Electric Co.
5.30%, 2/11/2021		191		197
2.70%, 10/9/2022		107		108
3.10%, 1/9/2023		573		585
5.55%, 1/5/2026		1,114		1,270
5.88%, 1/14/2038		95		116
Roper Technologies, Inc. 3.00%, 12/15/2020		192		194
				2,470

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Insurance — 1.1%
AIA Group Ltd. (Hong Kong) 3.60%, 4/9/2029 (b)		445		472
AIG SunAmerica Global Financing X 6.90%, 3/15/2032 (b)		520		733
American International Group, Inc.
3.75%, 7/10/2025		674		717
3.88%, 1/15/2035		605		644
Assurant, Inc. 4.20%, 9/27/2023		660		687
Athene Global Funding
2.75%, 4/20/2020 (b)		1,055		1,058
2.95%, 11/12/2026 (b)		2,800		2,795
Berkshire Hathaway Finance Corp. 4.40%, 5/15/2042		1,000		1,195
CNA Financial Corp. 3.95%, 5/15/2024		463		496
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		550
Guardian Life Insurance Co. of America (The) 4.85%, 1/24/2077 (b)		208		262
Harborwalk Funding Trust (ICE LIBOR USD 3 Month + 3.19%), 5.08%, 2/15/2069 (b) (d)		900		1,095
Hartford Financial Services Group, Inc. (The) 4.30%, 4/15/2043		400		445
Jackson National Life Global Funding 3.05%, 4/29/2026 (b)		675		695
Liberty Mutual Group, Inc.
4.57%, 2/1/2029 (b)		408		460
3.95%, 10/15/2050 (b)		900		917
Liberty Mutual Insurance Co. 8.50%, 5/15/2025 (b)		100		125
Lincoln National Corp.
4.20%, 3/15/2022		598		625
3.05%, 1/15/2030		650		654
Markel Corp. 3.50%, 11/1/2027		200		207
Massachusetts Mutual Life Insurance Co. 3.73%, 10/15/2070 (b)		523		522
MassMutual Global Funding II 2.50%, 10/17/2022 (b)		626		637
MetLife, Inc. 4.88%, 11/13/2043		600		746
Metropolitan Life Global Funding I 3.88%, 4/11/2022 (b)		1,277		1,329
New York Life Global Funding 1.95%, 2/11/2020 (b)		129		129
OneBeacon US Holdings, Inc. 4.60%, 11/9/2022		500		526
Pacific Life Insurance Co. (ICE LIBOR USD 3 Month + 2.80%), 4.30%, 10/24/2067 (b) (d)		266		285
Progressive Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.54%), 5.38%, 3/15/2023 (d) (f) (g)		360		374
Prudential Financial, Inc. 3.91%, 12/7/2047		300		325
Prudential Insurance Co. of America (The) 8.30%, 7/1/2025 (b)		1,750		2,246
Reliance Standard Life Global Funding II 3.85%, 9/19/2023 (b)		390		409
Swiss Re Finance Luxembourg SA (Switzerland) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.58%), 5.00%, 4/2/2049 (b) (d)		600		663
Teachers Insurance & Annuity Association of America 4.27%, 5/15/2047 (b)		400		464
				23,487
IT Services — 0.4%
DXC Technology Co. 4.25%, 4/15/2024		478		502
Fidelity National Information Services, Inc. 4.75%, 5/15/2048		353		425
Fiserv, Inc.
3.20%, 7/1/2026		395		409
4.40%, 7/1/2049		375		418
Global Payments, Inc. 4.15%, 8/15/2049		795		831
International Business Machines Corp.
3.30%, 5/15/2026		1,530		1,610
3.50%, 5/15/2029		2,845		3,067
Western Union Co. (The) 3.60%, 3/15/2022		1,100		1,128
				8,390
Life Sciences Tools & Services — 0.0% (c)
Thermo Fisher Scientific, Inc.
3.00%, 4/15/2023		369		379
4.15%, 2/1/2024		343		368
				747
Machinery — 0.1%
Illinois Tool Works, Inc.
3.50%, 3/1/2024		400		424
4.88%, 9/15/2041		95		122
nVent Finance SARL (United Kingdom) 4.55%, 4/15/2028		450		464
Parker-Hannifin Corp. 4.45%, 11/21/2044		592		667
Xylem, Inc. 3.25%, 11/1/2026		197		204
				1,881

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Media — 0.7%
CBS Corp.
4.00%, 1/15/2026		792		848
4.85%, 7/1/2042		140		156
Charter Communications Operating LLC
6.38%, 10/23/2035		528		658
4.80%, 3/1/2050		900		938
Comcast Corp.
3.95%, 10/15/2025		696		759
3.15%, 3/1/2026		740		777
3.55%, 5/1/2028		443		478
4.20%, 8/15/2034		555		641
6.50%, 11/15/2035		2,383		3,356
4.60%, 10/15/2038		845		1,013
3.25%, 11/1/2039		715		726
4.95%, 10/15/2058		620		809
Cox Communications, Inc. 4.60%, 8/15/2047 (b)		275		304
Discovery Communications LLC 6.35%, 6/1/2040		569		719
Fox Corp. 4.71%, 1/25/2029 (b)		390		443
Grupo Televisa SAB (Mexico)
4.63%, 1/30/2026		221		237
6.13%, 1/31/2046		200		242
Time Warner Cable LLC
6.55%, 5/1/2037		400		489
5.50%, 9/1/2041		359		399
Time Warner Entertainment Co. LP 8.38%, 7/15/2033		700		979
				14,971
Metals & Mining — 0.1%
Anglo American Capital plc (South Africa) 4.00%, 9/11/2027 (b)		500		520
Barrick Gold Corp. (Canada) 6.45%, 10/15/2035		295		380
Newmont Goldcorp Corp. 2.80%, 10/1/2029		510		505
				1,405
Multiline Retail — 0.0% (c)
Dollar General Corp. 4.13%, 5/1/2028		235		258
Multi-Utilities — 0.4%
CMS Energy Corp.
3.88%, 3/1/2024		400		421
3.00%, 5/15/2026		475		486
Consolidated Edison Co. of New York, Inc. 5.70%, 6/15/2040		596		795
Delmarva Power & Light Co. 4.00%, 6/1/2042		235		253
Dominion Energy, Inc.
Series B, 2.75%, 1/15/2022		331		335
Series F, 5.25%, 8/1/2033		920		1,105
NiSource, Inc.
3.85%, 2/15/2023		370		386
5.80%, 2/1/2042		1,256		1,612
San Diego Gas & Electric Co.
6.00%, 6/1/2026		275		326
3.95%, 11/15/2041		379		391
Sempra Energy 4.05%, 12/1/2023		1,013		1,075
Southern Co. Gas Capital Corp.
3.50%, 9/15/2021		563		575
3.25%, 6/15/2026		254		264
				8,024
Oil, Gas & Consumable Fuels — 2.1%
Apache Corp.
3.25%, 4/15/2022		56		57
4.75%, 4/15/2043		556		512
APT Pipelines Ltd. (Australia) 4.25%, 7/15/2027 (b)		732		788
Boardwalk Pipelines LP 4.80%, 5/3/2029		410		433
BP Capital Markets America, Inc. 3.22%, 4/14/2024		1,982		2,060
BP Capital Markets plc (United Kingdom)
3.81%, 2/10/2024		1,337		1,423
3.51%, 3/17/2025		451		480
Buckeye Partners LP
4.88%, 2/1/2021		330		335
3.95%, 12/1/2026		67		62
5.85%, 11/15/2043		770		657
Canadian Natural Resources Ltd. (Canada) 6.45%, 6/30/2033		350		445
Cenovus Energy, Inc. (Canada) 6.75%, 11/15/2039		1,200		1,486
CNOOC Finance 2015 Australia Pty. Ltd. (China) 2.63%, 5/5/2020		1,852		1,854
Ecopetrol SA (Colombia)
5.88%, 9/18/2023		226		249
4.13%, 1/16/2025		533		556
Enable Midstream Partners LP
4.95%, 5/15/2028		325		325
4.15%, 9/15/2029		594		554
Enbridge, Inc. (Canada)
3.70%, 7/15/2027		215		227
4.50%, 6/10/2044		350		379
(ICE LIBOR USD 3 Month + 3.64%), 6.25%, 3/1/2078 (d)		400		429
Encana Corp. (Canada) 7.38%, 11/1/2031		760		929
Energy Transfer Operating LP
4.75%, 1/15/2026		321		343
6.25%, 4/15/2049		800		942
Eni SpA (Italy) 5.70%, 10/1/2040 (b)		925		1,132

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Enterprise Products Operating LLC
3.90%, 2/15/2024		475		504
3.75%, 2/15/2025		343		364
3.70%, 2/15/2026		506		537
4.20%, 1/31/2050		530		567
EQM Midstream Partners LP 4.00%, 8/1/2024		700		660
Equinor ASA (Norway) 3.25%, 11/10/2024		456		481
Exxon Mobil Corp.
3.00%, 8/16/2039		895		907
3.10%, 8/16/2049		1,115		1,125
Kinder Morgan, Inc. 4.30%, 3/1/2028		1,090		1,181
Magellan Midstream Partners LP
3.20%, 3/15/2025		353		360
5.15%, 10/15/2043		600		702
Marathon Petroleum Corp. 3.63%, 9/15/2024		200		210
MPLX LP
5.25%, 1/15/2025 (b)		268		281
4.13%, 3/1/2027		259		269
4.50%, 4/15/2038		338		337
5.20%, 3/1/2047		323		340
Noble Energy, Inc. 6.00%, 3/1/2041		999		1,180
Occidental Petroleum Corp.
6.95%, 7/1/2024		200		233
3.50%, 8/15/2029		1,210		1,222
7.88%, 9/15/2031		700		933
4.30%, 8/15/2039		670		678
ONEOK Partners LP
3.38%, 10/1/2022		151		155
5.00%, 9/15/2023		334		362
6.65%, 10/1/2036		350		432
ONEOK, Inc. 3.40%, 9/1/2029		615		611
Petroleos Mexicanos (Mexico)
6.88%, 8/4/2026		250		270
5.35%, 2/12/2028		282		273
6.50%, 1/23/2029		350		360
6.84%, 1/23/2030 (b)		402		422
6.63%, 6/15/2035		250		251
6.75%, 9/21/2047		313		309
6.35%, 2/12/2048		869		820
7.69%, 1/23/2050 (b)		768		823
Phillips 66 3.90%, 3/15/2028		355		385
Phillips 66 Partners LP 3.15%, 12/15/2029		985		969
Plains All American Pipeline LP
3.60%, 11/1/2024		1,000		1,020
4.65%, 10/15/2025		200		212
Spectra Energy Partners LP 5.95%, 9/25/2043		452		562
Suncor Energy, Inc. (Canada) 6.80%, 5/15/2038		1,195		1,673
Sunoco Logistics Partners Operations LP
3.90%, 7/15/2026		244		251
6.10%, 2/15/2042		400		440
5.30%, 4/1/2044		170		176
TC PipeLines LP 3.90%, 5/25/2027		391		407
Texas Eastern Transmission LP
2.80%, 10/15/2022 (b)		554		559
3.50%, 1/15/2028 (b)		90		93
Total Capital International SA (France) 3.46%, 7/12/2049		815		872
TransCanada PipeLines Ltd. (Canada) 4.88%, 1/15/2026		394		441
Valero Energy Corp. 7.50%, 4/15/2032		250		339
Williams Cos., Inc. (The)
3.90%, 1/15/2025		512		534
4.85%, 3/1/2048		409		428
				44,177
Personal Products — 0.0% (c)
Estee Lauder Cos., Inc. (The) 3.13%, 12/1/2049		600		605
Pharmaceuticals — 0.7%
Allergan Finance LLC 4.63%, 10/1/2042		480		524
Allergan Funding SCS
3.45%, 3/15/2022		937		957
3.85%, 6/15/2024		443		465
Allergan, Inc.
3.38%, 9/15/2020		453		456
2.80%, 3/15/2023		525		529
AstraZeneca plc (United Kingdom)
6.45%, 9/15/2037		300		423
4.00%, 9/18/2042		240		266
Bristol-Myers Squibb Co.
3.20%, 6/15/2026 (b)		810		851
3.40%, 7/26/2029 (b)		870		934
4.13%, 6/15/2039 (b)		545		630
5.70%, 10/15/2040 (b)		633		816
5.00%, 8/15/2045 (b)		975		1,251
Eli Lilly & Co. 4.15%, 3/15/2059		460		553
Johnson & Johnson
4.38%, 12/5/2033		282		340
3.40%, 1/15/2038		926		999
Mylan NV 3.95%, 6/15/2026		300		312
Pfizer, Inc. 3.90%, 3/15/2039		950		1,082
Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026		1,713		1,772
Takeda Pharmaceutical Co. Ltd. (Japan) 5.00%, 11/26/2028 (b)		895		1,044
				14,204

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Road & Rail — 0.4%
Burlington Northern Santa Fe LLC
5.75%, 5/1/2040		425		578
4.38%, 9/1/2042		375		438
5.15%, 9/1/2043		769		991
3.55%, 2/15/2050		653		696
Canadian Pacific Railway Co. (Canada) 6.13%, 9/15/2115		506		748
CSX Corp.
5.50%, 4/15/2041		150		190
4.75%, 5/30/2042		191		226
4.75%, 11/15/2048		600		737
3.35%, 9/15/2049		95		94
ERAC USA Finance LLC 6.70%, 6/1/2034 (b)		746		1,010
JB Hunt Transport Services, Inc. 3.88%, 3/1/2026		515		553
Norfolk Southern Corp. 4.05%, 8/15/2052		600		669
Penske Truck Leasing Co. LP 4.13%, 8/1/2023 (b)		1,131		1,195
Ryder System, Inc. 2.88%, 9/1/2020		517		520
				8,645
Semiconductors & Semiconductor Equipment — 0.2%
Analog Devices, Inc. 4.50%, 12/5/2036		300		319
Broadcom Corp. 3.63%, 1/15/2024		1,747		1,797
Broadcom, Inc. 4.75%, 4/15/2029 (b)		1,575		1,685
				3,801
Software — 0.3%
Microsoft Corp.
3.50%, 2/12/2035		291		322
4.20%, 11/3/2035		615		733
4.10%, 2/6/2037		800		946
4.00%, 2/12/2055		660		784
3.95%, 8/8/2056		324		380
Oracle Corp.
4.30%, 7/8/2034		700		817
3.80%, 11/15/2037		500		550
4.38%, 5/15/2055		900		1,059
				5,591
Specialty Retail — 0.1%
Lowe’s Cos., Inc.
3.65%, 4/5/2029		418		448
4.65%, 4/15/2042		739		852
4.55%, 4/5/2049		403		468
O’Reilly Automotive, Inc. 3.60%, 9/1/2027		432		462
				2,230
Technology Hardware, Storage & Peripherals — 0.5%
Apple, Inc.
2.75%, 1/13/2025		920		949
3.20%, 5/13/2025		1,539		1,623
2.45%, 8/4/2026		815		828
3.20%, 5/11/2027		686		728
3.00%, 6/20/2027		1,125		1,185
3.45%, 2/9/2045		1,130		1,195
3.85%, 8/4/2046		569		644
3.75%, 11/13/2047		150		168
2.95%, 9/11/2049		1,094		1,063
Dell International LLC 6.02%, 6/15/2026 (b)		1,410		1,611
				9,994
Thrifts & Mortgage Finance — 0.1%
BPCE SA (France)
4.63%, 7/11/2024 (b)		800		859
3.38%, 12/2/2026		400		423
				1,282
Tobacco — 0.0%(c)
BAT Capital Corp. (United Kingdom) 4.39%, 8/15/2037		342		338
Reynolds American, Inc. (United Kingdom) 7.00%, 8/4/2041		100		123
				461
Trading Companies & Distributors — 0.3%
Air Lease Corp.
3.75%, 6/1/2026		985		1,032
3.25%, 10/1/2029		2,080		2,065
Aircastle Ltd. 4.40%, 9/25/2023		620		657
Aviation Capital Group LLC
3.88%, 5/1/2023 (b)		490		505
3.50%, 11/1/2027(b)		700		698
BOC Aviation Ltd. (Singapore)
2.75%, 9/18/2022 (b)		450		451
3.50%, 10/10/2024 (b)		310		319
International Lease Finance Corp. 5.88%, 8/15/2022		506		552
				6,279
Water Utilities — 0.0%(c)
American Water Capital Corp. 3.40%, 3/1/2025		793		832
Wireless Telecommunication Services — 0.2%
America Movil SAB de CV (Mexico)
3.63%, 4/22/2029		880		934
4.38%, 4/22/2049		441		507
Rogers Communications, Inc. (Canada) 4.35%, 5/1/2049		560		639
Vodafone Group plc (United Kingdom)
5.25%, 5/30/2048		496		592
4.88%, 6/19/2049		1,105		1,252
				3,924
TOTAL CORPORATE BONDS (Cost $454,844)				488,740

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MORTGAGE-BACKED SECURITIES — 16.6%
FHLMC
Pool # 846812, ARM, 4.77%, 4/1/2030 (h)		8		8
Pool # 781087, ARM, 4.73%, 12/1/2033 (h)		189		198
Pool # 1B1665, ARM, 4.69%, 4/1/2034 (h)		139		146
Pool # 847356, ARM, 5.19%, 12/1/2034 (h)		98		103
Pool # 782979, ARM, 4.95%, 1/1/2035 (h)		165		174
Pool # 848431, ARM, 4.29%, 2/1/2036 (h)		114		121
Pool # 1Q0025, ARM, 4.44%, 2/1/2036 (h)		61		64
Pool # 1L1286, ARM, 4.75%, 5/1/2036 (h)		36		38
Pool # 848365, ARM, 4.67%, 7/1/2036 (h)		97		103
Pool # 1G2539, ARM, 3.85%, 10/1/2036 (h)		12		12
Pool # 1A1096, ARM, 3.91%, 10/1/2036 (h)		127		132
Pool # 1J1348, ARM, 4.21%, 10/1/2036 (h)		72		77
Pool # 1G2671, ARM, 4.25%, 11/1/2036 (h)		117		122
Pool # 782760, ARM, 4.34%, 11/1/2036 (h)		155		164
Pool # 1J1634, ARM, 4.37%, 12/1/2036 (h)		85		90
Pool # 1J0282, ARM, 4.92%, 2/1/2037 (h)		45		47
Pool # 1Q0739, ARM, 4.30%, 3/1/2037 (h)		177		186
Pool # 848699, ARM, 4.41%, 7/1/2040 (h)		288		304
FHLMC Gold Pools, 20 Year Pool # C91403, 3.50%, 3/1/2032		278		290
FHLMC Gold Pools, 30 Year
Pool # C68485, 7.00%, 7/1/2032		21		23
Pool # G01448, 7.00%, 8/1/2032		54		62
Pool # A13625, 5.50%, 10/1/2033		249		281
Pool # A16107, 6.00%, 12/1/2033		76		84
Pool # A17537, 6.00%, 1/1/2034		101		115
Pool # A61572, 5.00%, 9/1/2034		580		641
Pool # A28796, 6.50%, 11/1/2034		104		119
Pool # G03369, 6.50%, 1/1/2035		253		282
Pool # A46987, 5.50%, 7/1/2035		537		596
Pool # G01919, 4.00%, 9/1/2035		372		389
Pool # C02641, 7.00%, 10/1/2036		85		97
Pool # C02660, 6.50%, 11/1/2036		203		231
Pool # A93383, 5.00%, 8/1/2040		528		583
Pool # A93511, 5.00%, 8/1/2040		577		638
Pool # G06493, 4.50%, 5/1/2041		1,981		2,148
FHLMC Gold Pools, Other
Pool # P20570, 7.00%, 7/1/2029		44		48
Pool # G20027, 10.00%, 10/1/2030		19		20
Pool # U50105, 4.00%, 1/1/2032		632		663
Pool # L10151, 6.00%, 2/1/2033		24		26
Pool # U80254, 3.00%, 3/1/2033		543		556
Pool # P20409, 5.50%, 10/1/2033		92		98
Pool # P50201, 5.50%, 1/1/2034		57		60
Pool # U90975, 4.00%, 6/1/2042		2,344		2,490
Pool # U90673, 4.00%, 1/1/2043		571		607
Pool # U99134, 4.00%, 1/1/2046		8,775		9,348
Pool # U69030, 4.50%, 1/1/2046		3,755		4,062
FNMA
Pool # 470623, ARM, 2.59%, 3/1/2022 (h)		847		849
Pool # 54844, ARM, 2.82%, 9/1/2027 (h)		14		14
Pool # 303532, ARM, 4.07%, 3/1/2029 (h)		10		10
Pool # 555258, ARM, 3.99%, 1/1/2033 (h)		417		428
Pool # 722421, ARM, 4.03%, 7/1/2033 (h)		44		45
Pool # 722985, ARM, 4.53%, 7/1/2033 (h)		19		20
Pool # 686040, ARM, 4.62%, 7/1/2033 (h)		169		178

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Pool # 746299, ARM, 4.06%, 9/1/2033 (h)		131		139
Pool # 749923, ARM, 3.90%, 11/1/2033 (h)		12		12
Pool # 766610, ARM, 4.26%, 1/1/2034 (h)		82		86
Pool # 920467, ARM, 4.75%, 2/1/2034 (h)		84		86
Pool # 770377, ARM, 4.38%, 4/1/2034 (h)		90		94
Pool # 751531, ARM, 4.71%, 5/1/2034 (h)		106		111
Pool # 782306, ARM, 3.87%, 7/1/2034 (h)		37		38
Pool # 790235, ARM, 3.75%, 8/1/2034 (h)		114		118
Pool # 735332, ARM, 4.49%, 8/1/2034 (h)		204		215
Pool # 791961, ARM, 3.56%, 9/1/2034 (h)		31		31
Pool # 725902, ARM, 3.90%, 9/1/2034 (h)		14		15
Pool # 803594, ARM, 3.56%, 10/1/2034 (h)		154		161
Pool # 803599, ARM, 3.80%, 10/1/2034 (h)		218		225
Pool # 896463, ARM, 4.57%, 10/1/2034 (h)		107		114
Pool # 806776, ARM, 3.55%, 11/1/2034 (h)		164		169
Pool # 806778, ARM, 3.78%, 11/1/2034 (h)		416		435
Pool # 810896, ARM, 3.76%, 1/1/2035 (h)		358		370
Pool # 802692, ARM, 4.37%, 1/1/2035 (h)		262		274
Pool # 816597, ARM, 4.69%, 2/1/2035 (h)		28		29
Pool # 745862, ARM, 4.71%, 4/1/2035 (h)		96		100
Pool # 735539, ARM, 4.82%, 4/1/2035 (h)		564		595
Pool # 821378, ARM, 4.15%, 5/1/2035 (h)		107		109
Pool # 823660, ARM, 4.52%, 5/1/2035 (h)		68		71
Pool # 745766, ARM, 3.97%, 6/1/2035 (h)		237		248
Pool # 832801, ARM, 3.73%, 9/1/2035 (h)		62		65
Pool # 843026, ARM, 3.80%, 9/1/2035 (h)		444		460
Pool # 849251, ARM, 4.28%, 1/1/2036 (h)		97		101
Pool # 872622, ARM, 4.42%, 6/1/2036 (h)		26		28
Pool # 895141, ARM, 4.07%, 7/1/2036 (h)		136		141
Pool # 900197, ARM, 4.27%, 10/1/2036 (h)		81		87
Pool # 966946, ARM, 4.91%, 1/1/2038 (h)		35		36
FNMA, 30 Year
Pool # 535183, 8.00%, 6/1/2028		19		21
Pool # 252409, 6.50%, 3/1/2029		58		64
Pool # 653815, 7.00%, 2/1/2033		9		10
Pool # 752786, 6.00%, 9/1/2033		63		69
Pool # 931717, 6.50%, 8/1/2039		286		322
FNMA, Other
Pool # AD0851, 4.37%, 2/1/2020		17		17
Pool # AE0136, 4.38%, 4/1/2020		359		361
Pool # 465659, 3.74%, 7/1/2020		1,678		1,680
Pool # FN0005, 3.37%, 11/1/2020		471		477
Pool # 466836, 3.87%, 1/1/2021		1,449		1,466
Pool # FN0003, 4.28%, 1/1/2021		698		716
Pool # 467344, 4.48%, 2/1/2021		2,611		2,659
Pool # 467755, 4.25%, 4/1/2021		2,380		2,432
Pool # 467944, 4.25%, 4/1/2021		2,000		2,042
Pool # 467757, 4.33%, 4/1/2021		1,912		1,953
Pool # 468102, 4.34%, 6/1/2021		5,000		5,131
Pool # 468159, 4.26%, 7/1/2021		1,903		1,955
Pool # AL0602, 4.31%, 7/1/2021		813		840
Pool # AM1771, 2.12%, 9/1/2021		2,500		2,499
Pool # 470407, 3.16%, 2/1/2022		2,448		2,504
Pool # 470622, 2.75%, 3/1/2022		522		532
Pool # 471177, 2.94%, 5/1/2022		1,289		1,321
Pool # 471254, 2.98%, 7/1/2022		2,395		2,462
Pool # 471284, 2.98%, 7/1/2022		1,916		1,969

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Pool # AM3789, 3.02%, 7/1/2023		2,239		2,316
Pool # AM7245, 2.95%, 8/1/2023		4,422		4,551
Pool # AM4066, 3.59%, 8/1/2023		2,500		2,641
Pool # AM4628, 3.69%, 11/1/2023		1,480		1,573
Pool # AM4668, 3.76%, 11/1/2023		1,944		2,070
Pool # AM4716, 3.38%, 12/1/2023		1,939		2,038
Pool # AM7231, 2.92%, 12/1/2024		4,000		4,168
Pool # AM7589, 2.95%, 12/1/2024		1,548		1,614
Pool # AM7290, 2.97%, 12/1/2024		3,465		3,619
Pool # AM7576, 3.04%, 12/1/2024		4,000		4,191
Pool # AM7124, 3.11%, 12/1/2024		2,500		2,627
Pool # 470300, 3.64%, 1/1/2025		902		968
Pool # AM3833, 3.25%, 7/1/2025		3,587		3,790
Pool # AM4991, 3.97%, 12/1/2025		1,721		1,888
Pool # AL6805, 3.78%, 1/1/2026		3,486		3,792
Pool # 468645, 4.54%, 7/1/2026		2,605		2,921
Pool # AM6392, 3.29%, 8/1/2026		3,984		4,253
Pool # AM6448, 3.25%, 9/1/2026		9,802		10,441
Pool # AM7223, 3.11%, 12/1/2026		3,492		3,689
Pool # AM7118, 3.14%, 12/1/2026		2,787		2,948
Pool # AM7485, 3.24%, 12/1/2026		4,235		4,506
Pool # AM7390, 3.26%, 12/1/2026		3,803		4,055
Pool # AM7265, 3.30%, 12/1/2026		3,882		4,152
Pool # AM7515, 3.34%, 2/1/2027		3,000		3,213
Pool # AM8432, 2.79%, 5/1/2027		9,000		9,351
Pool # AM8803, 2.78%, 6/1/2027		4,926		5,110
Pool # AM8987, 2.79%, 6/1/2027		1,840		1,908
Pool # AM9003, 2.96%, 6/1/2027		2,852		2,992
Pool # AN9656, 3.57%, 7/1/2028		4,719		5,145
Pool # BL1040, 3.81%, 12/1/2028		3,000		3,342
Pool # BL4364, 2.24%, 11/1/2029		5,456		5,446
Pool # BL4948, 2.49%, 11/1/2029		2,115		2,150
Pool # BL4333, 2.52%, 11/1/2029		6,200		6,327
Pool # AM7785, 3.17%, 2/1/2030		2,912		3,114
Pool # AM7516, 3.55%, 2/1/2030		2,000		2,197
Pool # AM8427, 3.04%, 4/1/2030		8,763		9,283
Pool # AM8544, 3.08%, 4/1/2030		7,782		8,268
Pool # AM8889, 2.92%, 5/1/2030		8,000		8,369
Pool # AM8804, 3.10%, 5/1/2030		3,699		3,937
Pool # AM8807, 3.10%, 5/1/2030		4,781		5,087
Pool # AM9020, 2.97%, 6/1/2030		3,904		4,116
Pool # AM8967, 3.08%, 6/1/2030		6,110		6,469
Pool # AM9320, 3.30%, 7/1/2030		4,022		4,353
Pool # AM9219, 3.35%, 9/1/2030		1,857		2,014
Pool # BL4315, 2.39%, 9/1/2031		4,550		4,540
Pool # AP9632, 4.00%, 10/1/2032		731		769
Pool # AP9762, 4.00%, 10/1/2032		675		711
Pool # AQ7084, 3.50%, 12/1/2032		728		753
Pool # AT2703, 3.50%, 5/1/2033		1,768		1,829
Pool # AT2954, 3.50%, 5/1/2033		1,059		1,095
Pool # AT4180, 3.50%, 5/1/2033		1,126		1,165
Pool # AT4939, 3.50%, 5/1/2033		922		954
Pool # 754922, 5.50%, 9/1/2033		86		95
Pool # 762520, 4.00%, 11/1/2033		491		511
Pool # AM8922, 3.03%, 6/1/2035		2,818		2,979
Pool # AM9188, 3.12%, 6/1/2035		7,000		7,320

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Pool # 849215, 6.50%, 1/1/2036		21			21
Pool # 872740, 6.50%, 6/1/2036		82			92
Pool # 886320, 6.50%, 7/1/2036		25			27
Pool # 888796, 6.00%, 9/1/2037		102			115
Pool # AO7225, 4.00%, 7/1/2042		737			783
Pool # AO9352, 4.00%, 7/1/2042		827			879
Pool # MA1125, 4.00%, 7/1/2042		1,162			1,234
Pool # AR1397, 3.00%, 1/1/2043		1,611			1,658
Pool # MA1711, 4.50%, 12/1/2043		3,268			3,519
Pool # MA1828, 4.50%, 3/1/2044		2,542			2,737
GNMA I, 30 Year
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		11			12
Pool # 554108, 6.50%, 3/15/2028		45			49
Pool # 481872, 7.50%, 7/15/2028		4			4
Pool # 468149, 8.00%, 8/15/2028		4			4
Pool # 486537, 7.50%, 9/15/2028		10			11
Pool # 486631, 6.50%, 10/15/2028		6			6
Pool # 591882, 6.50%, 7/15/2032		15			17
Pool # 607645, 6.50%, 2/15/2033		37			41
Pool # 607724, 7.00%, 2/15/2033		36			41
Pool # 604209, 6.50%, 4/15/2033		39			43
Pool # 781614, 7.00%, 6/15/2033		70			83
Pool # BM2141, 5.00%, 7/15/2049		1,756			1,955
GNMA II, 30 Year
Pool # 2006, 8.50%, 5/20/2025		11			12
Pool # 2141, 8.00%, 12/20/2025		1			1
Pool # 2234, 8.00%, 6/20/2026		4			5
Pool # 2270, 8.00%, 8/20/2026		3			3
Pool # 2285, 8.00%, 9/20/2026		3			4
Pool # 2324, 8.00%, 11/20/2026		4			4
Pool # 2499, 8.00%, 10/20/2027		6			7
Pool # 2512, 8.00%, 11/20/2027		8			9
Pool # 2525, 8.00%, 12/20/2027		3			4
Pool # 2549, 7.50%, 2/20/2028		6			7
Pool # 2646, 7.50%, 9/20/2028		16			17
Pool # 2647, 8.00%, 9/20/2028		2			2
Pool # 3427, 4.50%, 8/20/2033		109			115
Pool # 4245, 6.00%, 9/20/2038		831			952
Pool # AK8806, 4.25%, 3/20/2045		1,495			1,597
Pool # BM2118, 4.50%, 6/20/2049		1,590			1,678
Pool # BO0535, 4.00%, 7/20/2049		3,086			3,226
Pool # BO8227, 5.00%, 7/20/2049		2,050			2,238
Pool # BO8228, 5.00%, 7/20/2049		1,884			2,056
Pool # BO8229, 5.00%, 7/20/2049		3,736			4,075
Pool # BM9734, 4.00%, 10/20/2049		4,893			5,159
GNMA II, Other
Pool # AC0979, 4.39%, 4/20/2063 (h)		992			1,007
Pool # AC0973, 4.42%, 5/20/2063 (h)		1,354			1,372
FNMA UMBS, 15 Year
Pool # 889805, 5.50%, 7/1/2020		—	(i)		—	(i)
Pool # 735911, 6.50%, 8/1/2020		1			1
Pool # 889634, 6.00%, 2/1/2023		266			275
Pool # 995381, 6.00%, 1/1/2024		62			64
Pool # 995425, 6.00%, 1/1/2024		143			149
Pool # AD0133, 5.00%, 8/1/2024		58			60
FNMA UMBS, 20 Year Pool # 254305, 6.50%, 5/1/2022		14			16

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Pool # 555791, 6.50%, 12/1/2022		42		47
Pool # 255217, 4.50%, 4/1/2024		23		24
Pool # 888656, 6.50%, 4/1/2025		54		60
Pool # MA1138, 3.50%, 8/1/2032		638		666
FNMA UMBS, 30 Year
Pool # 50966, 7.00%, 1/1/2024		2		2
Pool # 399269, 7.00%, 4/1/2026		28		29
Pool # 689977, 8.00%, 3/1/2027		38		41
Pool # 695533, 8.00%, 6/1/2027		14		15
Pool # 756024, 8.00%, 9/1/2028		62		69
Pool # 755973, 8.00%, 11/1/2028		122		139
Pool # 455759, 6.00%, 12/1/2028		16		17
Pool # 252211, 6.00%, 1/1/2029		21		23
Pool # 459097, 7.00%, 1/1/2029		21		22
Pool # 889020, 6.50%, 11/1/2029		324		360
Pool # 598559, 6.50%, 8/1/2031		30		35
Pool # 622542, 5.50%, 9/1/2031		254		281
Pool # 788150, 6.00%, 3/1/2032		34		38
Pool # 649734, 7.00%, 6/1/2032		32		34
Pool # 675555, 6.00%, 12/1/2032		83		94
Pool # AL0045, 6.00%, 12/1/2032		337		387
Pool # 674349, 6.00%, 3/1/2033		15		17
Pool # 688625, 6.00%, 3/1/2033		22		24
Pool # 688655, 6.00%, 3/1/2033		25		28
Pool # 695584, 6.00%, 3/1/2033		7		8
Pool # 702901, 6.00%, 5/1/2033		108		124
Pool # 723852, 5.00%, 7/1/2033		131		144
Pool # 729296, 5.00%, 7/1/2033		279		308
Pool # 729379, 6.00%, 8/1/2033		24		27
Pool # 737825, 6.00%, 9/1/2033		34		38
Pool # 750977, 4.50%, 11/1/2033		93		100
Pool # 725017, 5.50%, 12/1/2033		426		480
Pool # 751341, 5.50%, 3/1/2034		45		50
Pool # 888568, 5.00%, 12/1/2034		10		11
Pool # 815426, 4.50%, 2/1/2035		1		1
Pool # AD0755, 7.00%, 6/1/2035		3,073		3,551
Pool # 820347, 5.00%, 9/1/2035		85		94
Pool # 833657, 7.50%, 8/1/2036		41		45
Pool # 986648, 6.00%, 9/1/2037		146		168
Pool # 888892, 7.50%, 11/1/2037		45		53
Pool # 257510, 7.00%, 12/1/2038		131		158
Pool # AD0753, 7.00%, 1/1/2039		109		130
Pool # AT5891, 3.00%, 6/1/2043		3,034		3,136
Pool # AL7527, 4.50%, 9/1/2043		1,567		1,698
Pool # BM3500, 4.00%, 9/1/2047		4,560		4,850
Pool # BJ1778, 4.50%, 10/1/2047		2,290		2,437
Pool # BN9180, 4.00%, 6/1/2049		1,635		1,710
Pool # BK8753, 4.50%, 6/1/2049		4,644		4,972
Pool # BO1219, 4.50%, 6/1/2049		5,454		5,763
Pool # BO7077, 3.00%, 9/1/2049		3,713		3,787
TOTAL MORTGAGE-BACKED SECURITIES (Cost $334,214)				343,920

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — 13.4%
ACC 1/15/2021 ‡		873		873
Acre 6.71%, 12/15/2020		3,785		3,785
Alternative Loan Trust
Series 2004-2CB, Class 1A9, 5.75%, 3/25/2034		5,622		5,994
Series 2005-J1, Class 1A4, IF, IO, 3.39%, 2/25/2035 ‡ (h)		301		4
Series 2005-1CB, Class 1A6, IF, IO, 5.39%, 3/25/2035 ‡ (h)		714		103
Series 2005-22T1, Class A2, IF, IO, 3.36%, 6/25/2035 ‡ (h)		4,110		573
Series 2005-20CB, Class 3A8, IF, IO, 3.04%, 7/25/2035 ‡ (h)		1,880		219
Series 2005-28CB, Class 1A4, 5.50%, 8/25/2035		1,851		1,848
Series 2005-28CB, Class 3A5, 6.00%, 8/25/2035		78		55
Series 2005-37T1, Class A2, IF, IO, 3.34%, 9/25/2035 ‡ (h)		3,153		423
Series 2005-54CB, Class 1A2, IF, IO, 3.14%, 11/25/2035 ‡ (h)		3,577		470
Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035		1,421		1,345
Series 2005-57CB, Class 3A2, IF, IO, 3.39%, 12/25/2035 ‡ (h)		827		101
Series 2005-64CB, Class 1A9, 5.50%, 12/25/2035		606		599
Series 2006-26CB, Class A9, 6.50%, 9/25/2036		1,098		876
Banc of America Alternative Loan Trust
Series 2004-6, Class 15PO, PO, 7/25/2019 ‡		6		5
Series 2005-5, Class 1CB1, 5.50%, 6/25/2035		527		526
Series 2006-4, Class 1A4, 6.00%, 5/25/2046		334		321
Banc of America Funding Trust
Series 2004-1, PO, 3/25/2034 ‡		143		126
Series 2004-2, Class 30PO, PO, 9/20/2034 ‡		93		87
Series 2004-C, Class 1A1, 4.38%, 12/20/2034 (h)		80		82
Series 2005-E, Class 4A1, 4.50%, 3/20/2035 (h)		57		57
Series 2005-6, Class 2A7, 5.50%, 10/25/2035		214		207
Series 2005-7, Class 30PO, PO, 11/25/2035 ‡		168		146
Series 2005-8, Class 30PO, PO, 1/25/2036 ‡		93		72
Series 2006-A, Class 3A2, 4.17%, 2/20/2036 (h)		212		206
Banc of America Mortgage Trust Series 2004-A, Class 2A2, 4.79%, 2/25/2034 (h)		59		60
BCAP LLC Trust
Series 2009-RR5, Class 8A1, 5.50%, 11/26/2034 (b) (h)		77		79
Series 2010-RR7, Class 2A1, 4.23%, 7/26/2045 (b) (h)		13		13
Bear Stearns ARM Trust
Series 2003-7, Class 3A, 4.34%, 10/25/2033 (h)		62		63
Series 2004-1, Class 12A1, 4.65%, 4/25/2034 (h)		298		305
Series 2004-2, Class 14A, 4.41%, 5/25/2034 (h)		47		48
Series 2006-1, Class A1, 3.84%, 2/25/2036 (h)		833		854
CHL Mortgage Pass-Through Trust
Series 2004-8, Class 2A1, 4.50%, 6/25/2019		2		3
Series 2004-HYB1, Class 2A, 3.97%, 5/20/2034 (h)		53		54
Series 2004-HYB3, Class 2A, 3.83%, 6/20/2034 (h)		244		251
Series 2004-7, Class 2A1, 4.61%, 6/25/2034 (h)		147		153
Series 2004-HYB6, Class A3, 3.94%, 11/20/2034 (h)		202		207
Series 2005-16, Class A23, 5.50%, 9/25/2035		406		373
Series 2005-22, Class 2A1, 3.63%, 11/25/2035 (h)		1,073		972
Citicorp Mortgage Securities REMIC Pass-Through Certificates Trust
Series 2005-5, Class APO, PO, 8/25/2035 ‡		42		37
Series 2005-8, Class APO, PO, 11/25/2035 ‡		77		68
Citigroup Global Markets Mortgage Securities VII, Inc.
Series 2003-UP2, Class PO1, PO, 6/25/2033 ‡		1		1
Series 2003-HYB1, Class A, 4.24%, 9/25/2033 (h)		42		43
Citigroup Mortgage Loan Trust Series 2015-A, Class B2, 4.50%, 6/25/2058 (b) (h)		444		469
Citigroup Mortgage Loan Trust, Inc.
Series 2003-1, Class PO3, PO, 9/25/2033 ‡		29		27
Series 2003-UP3, Class A3, 7.00%, 9/25/2033		12		13
Series 2003-1, Class 2A6, PO, 10/25/2033 ‡		26		25
Series 2003-1, Class PO2, PO, 10/25/2033 ‡		23		21
Series 2003-1, Class 2A5, 5.25%, 10/25/2033		50		51
Series 2004-UST1, Class A6, 4.58%, 8/25/2034 (h)		30		30
Series 2005-1, Class 2A1A, 2.92%, 2/25/2035 (h)		184		160
Series 2005-2, Class 2A11, 5.50%, 5/25/2035		210		220
Series 2005-5, Class 1A2, 3.98%, 8/25/2035 (h)		244		197

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Conix Mortgage Asset Trust Series 2013-1, Class A, 12/25/2047 ‡ (h) (j)		1,079			37
Credit Suisse First Boston Mortgage Securities Corp.
Series 2003-1, Class DB1, 6.73%, 2/25/2033 (h)		275			295
Series 2003-21, Class 1A4, 5.25%, 9/25/2033		89			94
Series 2003-25, Class 1P, PO, 10/25/2033 ‡		220			210
CSFB Mortgage-Backed Pass-Through Certificates
Series 2005-4, Class 3A18, 5.50%, 6/25/2035		1,219			1,262
Series 2005-4, Class 3A23, 5.50%, 6/25/2035		2,570			2,582
csma sfr
4/25/2023 ‡		3,193			3,193
7/25/2023 ‡		3,045			3,042
FHLMC — GNMA Series 8, Class ZA, 7.00%, 3/25/2023		36			38
FHLMC, REMIC
Series 2934, Class EC, PO, 2/15/2020		1			1
Series 2934, Class HI, IO, 5.00%, 2/15/2020		1			—	(i)
Series 2965, Class GD, 4.50%, 4/15/2020		7			7
Series 1807, Class G, 9.00%, 10/15/2020		—	(i)		—	(i)
Series 1045, Class G, HB, 1,066.21%, 2/15/2021		—	(i)		—	(i)
Series 1065, Class J, 9.00%, 4/15/2021		—	(i)		1
Series 1084, Class F, 2.72%, 5/15/2021 (h)		—	(i)		—	(i)
Series 1079, Class S, HB, IF, 28.00%, 5/15/2021 (h)		—	(i)		—	(i)
Series 1084, Class S, HB, IF, 37.28%, 5/15/2021 (h)		—	(i)		—	(i)
Series 1116, Class I, 5.50%, 8/15/2021		—	(i)		—	(i)
Series 1144, Class KB, 8.50%, 9/15/2021		2			2
Series 1196, Class B, HB, IF, 1,104.54%, 1/15/2022 (h)		—	(i)		—	(i)
Series 1250, Class J, 7.00%, 5/15/2022		1			1
Series 1343, Class LB, 7.50%, 8/15/2022		5			5
Series 1343, Class LA, 8.00%, 8/15/2022		4			4
Series 1370, Class JA, 2.92%, 9/15/2022 (h)		7			7
Series 2512, Class PG, 5.50%, 10/15/2022		77			80
Series 1455, Class WB, IF, 3.71%, 12/15/2022 (h)		8			8
Series 2535, Class BK, 5.50%, 12/15/2022		41			42
Series 1470, Class F, 2.16%, 2/15/2023 (h)		1			1
Series 2568, Class KG, 5.50%, 2/15/2023		110			115
Series 1466, Class PZ, 7.50%, 2/15/2023		32			34
Series 1498, Class I, 2.92%, 4/15/2023 (h)		42			43
Series 1502, Class PX, 7.00%, 4/15/2023		65			69
Series 1798, Class F, 5.00%, 5/15/2023		52			53
Series 1505, Class Q, 7.00%, 5/15/2023		7			8
Series 1518, Class G, IF, 7.35%, 5/15/2023 (h)		16			18
Series 1541, Class O, 0.90%, 7/15/2023 (h)		16			16
Series 2638, Class DS, IF, 6.83%, 7/15/2023 (h)		13			13
Series 1541, Class M, HB, IF, 22.94%, 7/15/2023 (h)		6			7
Series 1570, Class F, 2.63%, 8/15/2023 (h)		2			2
Series 1608, Class L, 6.50%, 9/15/2023		165			176
Series 1573, Class PZ, 7.00%, 9/15/2023		49			52
Series 2571, Class SK, HB, IF, 26.89%, 9/15/2023 (h)		23			30
Series 1591, Class PV, 6.25%, 10/15/2023		32			34
Series 1602, Class SA, IF, 16.51%, 10/15/2023 (h)		20			23
Series 2710, Class HB, 5.50%, 11/15/2023		291			300
Series 1642, Class PJ, 6.00%, 11/15/2023		77			81
Series 2716, Class UN, 4.50%, 12/15/2023		193			199
Series 1638, Class H, 6.50%, 12/15/2023		109			116
Series 2283, Class K, 6.50%, 12/15/2023		50			53
Series 1700, Class GA, PO, 2/15/2024		14			14
Series 1865, Class D, PO, 2/15/2024		39			37
Series 1760, Class ZD, 1.28%, 2/15/2024 (h)		138			137
Series 1671, Class QC, IF, 10.00%, 2/15/2024 (h)		14			16

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 1686, Class SH, IF, 14.91%, 2/15/2024 (h)		4		4
Series 1709, Class FA, 0.93%, 3/15/2024 (h)		2		2
Series 1699, Class FC, 2.52%, 3/15/2024 (h)		5		5
Series 1695, Class EB, 7.00%, 3/15/2024		25		26
Series 1706, Class K, 7.00%, 3/15/2024		72		77
Series 2033, Class SN, HB, IF, 26.37%, 3/15/2024 (h)		12		2
Series 2306, Class K, PO, 5/15/2024		12		12
Series 2306, Class SE, IF, IO, 8.82%, 5/15/2024 (h)		29		4
Series 1745, Class D, 7.50%, 8/15/2024		15		17
Series 3720, Class A, 4.50%, 9/15/2025		141		147
Series 3131, Class BK, 5.50%, 3/15/2026		499		526
Series 1829, Class ZB, 6.50%, 3/15/2026		12		13
Series 1863, Class Z, 6.50%, 7/15/2026		15		16
Series 1890, Class H, 7.50%, 9/15/2026		16		18
Series 1899, Class ZE, 8.00%, 9/15/2026		45		51
Series 3229, Class HE, 5.00%, 10/15/2026		457		483
Series 1963, Class Z, 7.50%, 1/15/2027		40		46
Series 1935, Class FL, 2.47%, 2/15/2027 (h)		3		3
Series 1981, Class Z, 6.00%, 5/15/2027		63		68
Series 1970, Class PG, 7.25%, 7/15/2027		5		5
Series 1987, Class PE, 7.50%, 9/15/2027		22		26
Series 2019, Class Z, 6.50%, 12/15/2027		52		57
Series 2038, Class PN, IO, 7.00%, 3/15/2028		48		8
Series 2040, Class PE, 7.50%, 3/15/2028		102		116
Series 4251, Class KW, 2.50%, 4/15/2028		3,684		3,744
Series 2043, Class CJ, 6.50%, 4/15/2028		15		17
Series 2054, Class PV, 7.50%, 5/15/2028		70		80
Series 2075, Class PM, 6.25%, 8/15/2028		153		166
Series 2075, Class PH, 6.50%, 8/15/2028		136		151
Series 2086, Class GB, 6.00%, 9/15/2028		39		43
Series 2089, Class PJ, IO, 7.00%, 10/15/2028		63		7
Series 2095, Class PE, 6.00%, 11/15/2028		182		201
Series 2125, Class JZ, 6.00%, 2/15/2029		61		66
Series 2136, Class PG, 6.00%, 3/15/2029		73		80
Series 2132, Class SB, HB, IF, 22.83%, 3/15/2029 (h)		13		19
Series 2141, IO, 7.00%, 4/15/2029		21		2
Series 2169, Class TB, 7.00%, 6/15/2029		215		242
Series 2163, Class PC, IO, 7.50%, 6/15/2029		23		3
Series 2172, Class QC, 7.00%, 7/15/2029		142		162
Series 2176, Class OJ, 7.00%, 8/15/2029		103		118
Series 2201, Class C, 8.00%, 11/15/2029		57		64
Series 2209, Class TC, 8.00%, 1/15/2030		57		67
Series 2210, Class Z, 8.00%, 1/15/2030		111		131
Series 2224, Class CB, 8.00%, 3/15/2030		26		30
Series 2230, Class Z, 8.00%, 4/15/2030		64		74
Series 2234, Class PZ, 7.50%, 5/15/2030		49		58
Series 2247, Class Z, 7.50%, 8/15/2030		48		55
Series 2256, Class MC, 7.25%, 9/15/2030		69		80
Series 2259, Class ZM, 7.00%, 10/15/2030		89		103
Series 2262, Class Z, 7.50%, 10/15/2030		14		17
Series 2271, Class PC, 7.25%, 12/15/2030		107		124
Series 2296, Class PD, 7.00%, 3/15/2031		61		70
Series 2313, Class LA, 6.50%, 5/15/2031		50		57
Series 2325, Class PM, 7.00%, 6/15/2031		75		87
Series 2359, Class ZB, 8.50%, 6/15/2031		175		208
Series 2344, Class ZD, 6.50%, 8/15/2031		594		699

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2344, Class ZJ, 6.50%, 8/15/2031		53		59
Series 2345, Class NE, 6.50%, 8/15/2031		39		45
Series 2351, Class PZ, 6.50%, 8/15/2031		50		56
Series 2353, Class AZ, 6.00%, 9/15/2031		328		356
Series 2367, Class ME, 6.50%, 10/15/2031		95		105
Series 2396, Class FM, 2.22%, 12/15/2031 (h)		193		192
Series 2399, Class OH, 6.50%, 1/15/2032		127		144
Series 2399, Class TH, 6.50%, 1/15/2032		154		175
Series 2464, Class SI, IF, IO, 6.23%, 2/15/2032 (h)		284		44
Series 2410, Class OE, 6.38%, 2/15/2032		52		56
Series 2410, Class NG, 6.50%, 2/15/2032		138		157
Series 2420, Class XK, 6.50%, 2/15/2032		205		233
Series 2410, Class QX, IF, IO, 6.88%, 2/15/2032 (h)		64		14
Series 2412, Class SP, IF, 12.57%, 2/15/2032 (h)		134		174
Series 2410, Class QS, IF, 14.91%, 2/15/2032 (h)		110		159
Series 2444, Class ES, IF, IO, 6.18%, 3/15/2032 (h)		114		20
Series 2450, Class SW, IF, IO, 6.23%, 3/15/2032 (h)		91		16
Series 2430, Class WF, 6.50%, 3/15/2032		299		344
Series 2423, Class MC, 7.00%, 3/15/2032		166		191
Series 2423, Class MT, 7.00%, 3/15/2032		135		156
Series 2435, Class CJ, 6.50%, 4/15/2032		209		237
Series 2434, Class TC, 7.00%, 4/15/2032		148		171
Series 2436, Class MC, 7.00%, 4/15/2032		115		129
Series 2455, Class GK, 6.50%, 5/15/2032		320		366
Series 2450, Class GZ, 7.00%, 5/15/2032		86		101
Series 2462, Class JG, 6.50%, 6/15/2032		141		161
Series 2466, Class PH, 6.50%, 6/15/2032		228		260
Series 2474, Class NR, 6.50%, 7/15/2032		137		155
Series 2484, Class LZ, 6.50%, 7/15/2032		156		182
Series 2500, Class MC, 6.00%, 9/15/2032		155		176
Series 2835, Class QO, PO, 12/15/2032		23		20
Series 2543, Class YX, 6.00%, 12/15/2032		288		319
Series 2544, Class HC, 6.00%, 12/15/2032		289		330
Series 2552, Class ME, 6.00%, 1/15/2033		322		366
Series 2567, Class QD, 6.00%, 2/15/2033		309		353
Series 2575, Class ME, 6.00%, 2/15/2033		783		881
Series 2596, Class QG, 6.00%, 3/15/2033		215		233
Series 2586, Class WI, IO, 6.50%, 3/15/2033		100		20
Series 2692, Class SC, IF, 9.76%, 7/15/2033 (h)		56		69
Series 4240, Class B, 3.00%, 8/15/2033		2,501		2,584
Series 3920, Class LP, 5.00%, 1/15/2034		832		927
Series 2744, Class PE, 5.50%, 2/15/2034		25		26
Series 3611, PO, 7/15/2034		54		49
Series 2990, Class UZ, 5.75%, 6/15/2035		1,913		2,196
Series 3004, Class EK, 5.50%, 7/15/2035		1,233		1,487
Series 3014, Class OD, PO, 8/15/2035		49		44
Series 3085, Class WF, 2.57%, 8/15/2035 (h)		145		148
Series 3047, Class OD, 5.50%, 10/15/2035		944		1,042
Series 3074, Class BH, 5.00%, 11/15/2035		400		426
Series 3064, Class MC, 5.50%, 11/15/2035		3,095		3,655
Series 3102, Class FB, 2.07%, 1/15/2036 (h)		185		185
Series 3102, Class HS, IF, 18.09%, 1/15/2036 (h)		48		69
Series 3117, Class EO, PO, 2/15/2036		337		302
Series 3117, Class OK, PO, 2/15/2036		197		177
Series 3134, PO, 3/15/2036		51		47
Series 3152, Class MO, PO, 3/15/2036		253		229
Series 3122, Class ZB, 6.00%, 3/15/2036		24		37
Series 3138, PO, 4/15/2036		231		209

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Series 3607, Class BO, PO, 4/15/2036		112			102
Series 3219, Class DI, IO, 6.00%, 4/15/2036		182			38
Series 3819, Class ZQ, 6.00%, 4/15/2036		1,084			1,243
Series 3149, Class SO, PO, 5/15/2036		30			25
Series 3233, Class OP, PO, 5/15/2036		77			69
Series 3171, Class MO, PO, 6/15/2036		46			43
Series 3179, Class OA, PO, 7/15/2036		228			207
Series 3194, Class SA, IF, IO, 5.33%, 7/15/2036 (h)		42			8
Series 3211, Class SO, PO, 9/15/2036		221			201
Series 3218, Class AO, PO, 9/15/2036		109			90
Series 3232, Class ST, IF, IO, 4.93%, 10/15/2036 (h)		234			31
Series 3256, PO, 12/15/2036		141			126
Series 3261, Class OA, PO, 1/15/2037		180			159
Series 3260, Class CS, IF, IO, 4.37%, 1/15/2037 (h)		291			46
Series 3274, Class JO, PO, 2/15/2037		46			42
Series 3275, Class FL, 2.21%, 2/15/2037 (h)		50			50
Series 3290, Class SB, IF, IO, 4.68%, 3/15/2037 (h)		336			55
Series 3318, Class AO, PO, 5/15/2037		13			12
Series 3607, PO, 5/15/2037		227			201
Series 3315, Class HZ, 6.00%, 5/15/2037		255			275
Series 3326, Class JO, PO, 6/15/2037		14			13
Series 3331, PO, 6/15/2037		155			140
Series 3607, Class OP, PO, 7/15/2037		472			411
Series 4048, Class FJ, 2.43%, 7/15/2037 (h)		835			833
Series 3385, Class SN, IF, IO, 4.23%, 11/15/2037 (h)		64			8
Series 3387, Class SA, IF, IO, 4.65%, 11/15/2037 (h)		227			39
Series 3422, Class AI, IO, 0.25%, 1/15/2038 (e)		1,406			11
Series 3404, Class SC, IF, IO, 4.23%, 1/15/2038 (h)		380			57
Series 3424, Class PI, IF, IO, 5.03%, 4/15/2038 (h)		285			40
Series 3481, Class SJ, IF, IO, 4.08%, 8/15/2038 (h)		440			75
Series 3511, Class SA, IF, IO, 4.23%, 2/15/2039 (h)		291			47
Series 3549, Class FA, 2.97%, 7/15/2039 (h)		39			40
Series 3997, Class PF, 2.22%, 11/15/2039 (h)		109			110
Series 3621, Class BO, PO, 1/15/2040		163			147
Series 3747, Class PY, 4.00%, 10/15/2040		1,000			1,125
Series 3925, Class FL, 2.22%, 1/15/2041 (h)		496			497
Series 3852, Class QN, IF, 5.50%, 5/15/2041 (h)		239			253
Series 3852, Class TP, IF, 5.50%, 5/15/2041 (h)		804			883
Series 3957, Class B, 4.00%, 11/15/2041		341			362
Series 3966, Class NA, 4.00%, 12/15/2041		569			613
Series 4217, Class KY, 3.00%, 6/15/2043		2,000			2,081
Series 4374, Class NC, 3.75%, 2/15/2046 (e)		833			841
FHLMC, STRIPS
Series 243, Class 16, IO, 4.50%, 11/15/2020		2			—	(i)
Series 243, Class 17, IO, 4.50%, 12/15/2020		4			—	(i)
Series 134, Class B, IO, 9.00%, 4/1/2022		—	(i)		—	(i)
Series 233, Class 11, IO, 5.00%, 9/15/2035		392			76
Series 233, Class 13, IO, 5.00%, 9/15/2035		563			107
Series 299, Class 300, 3.00%, 1/15/2043		4,145			4,327
Series 310, PO, 9/15/2043		1,403			1,238
Series 323, Class 300, 3.00%, 1/15/2044		2,667			2,743
FHLMC, Structured Pass-Through Certificates, Whole Loan
Series T-41, Class 3A, 5.42%, 7/25/2032 (h)		298			329
Series T-76, Class 2A, 2.27%, 10/25/2037 (h)		901			965
Series T-51, Class 2A, 7.50%, 8/25/2042 (h)		194			241
Series T-54, Class 2A, 6.50%, 2/25/2043		1,101			1,288
Series T-54, Class 3A, 7.00%, 2/25/2043		309			367
Series T-58, Class APO, PO, 9/25/2043		106			89
Series T-59, Class 1AP, PO, 10/25/2043		251			170

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
First Horizon Alternative Mortgage Securities Trust
Series 2004-AA4, Class A1, 3.97%, 10/25/2034 (h)		240			242
Series 2005-FA8, Class 1A19, 5.50%, 11/25/2035		624			505
Series 2007-FA4, Class 1A2, IF, IO, 3.94%, 8/25/2037 ‡ (h)		1,248			253
FNMA Trust, Whole Loan
Series 2004-W1, Class 2A2, 7.00%, 12/25/2033		104			119
Series 2004-W2, Class 2A2, 7.00%, 2/25/2044		236			270
Series 2004-W15, Class 2AF, 1.96%, 8/25/2044 (h)		327			325
Series 2005-W3, Class 2AF, 1.93%, 3/25/2045 (h)		891			888
Series 2006-W2, Class 1AF1, 1.93%, 2/25/2046 (h)		304			305
FNMA, Grantor Trust, Whole Loan
Series 2002-T19, Class A2, 7.00%, 7/25/2042		567			660
Series 2004-T3, Class 1A3, 7.00%, 2/25/2044		330			384
FNMA, REMIC
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		1			1
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 1990-134, Class SC, IF, 19.04%, 11/25/2020 (h)		—	(i)		—	(i)
Series 1990-140, Class K, HB, 652.15%, 12/25/2020		—	(i)		—	(i)
Series 1991-24, Class Z, 5.00%, 3/25/2021		—	(i)		1
Series 2001-4, Class PC, 7.00%, 3/25/2021		8			8
Series G-17, Class S, HB, 893.62%, 6/25/2021 (h)		—	(i)		—	(i)
Series 2001-48, Class Z, 6.50%, 9/25/2021		116			118
Series G-28, Class S, IF, 13.39%, 9/25/2021 (h)		—	(i)		—	(i)
Series G-35, Class M, 8.75%, 10/25/2021		1			1
Series G-51, Class SA, HB, IF, 25.25%, 12/25/2021 (h)		—	(i)		—	(i)
Series 2002-1, Class HC, 6.50%, 2/25/2022		12			12
Series 2007-15, Class NO, PO, 3/25/2022		26			26
Series 1992-101, Class J, 7.50%, 6/25/2022		—	(i)		—	(i)
Series G92-42, Class Z, 7.00%, 7/25/2022		2			2
Series G92-35, Class E, 7.50%, 7/25/2022		16			17
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		7			7
Series 1996-59, Class J, 6.50%, 8/25/2022		5			5
Series G92-52, Class FD, 1.84%, 9/25/2022 (h)		3			3
Series 1992-143, Class MA, 5.50%, 9/25/2022		4			4
Series G92-54, Class ZQ, 7.50%, 9/25/2022		11			11
Series 1992-163, Class M, 7.75%, 9/25/2022		12			13
Series G92-62, Class B, PO, 10/25/2022		5			4
Series G92-59, Class F, 1.83%, 10/25/2022 (h)		3			3
Series G92-61, Class Z, 7.00%, 10/25/2022		6			7
Series 1992-188, Class PZ, 7.50%, 10/25/2022		30			31
Series G93-1, Class KA, 7.90%, 1/25/2023		24			26
Series G93-5, Class Z, 6.50%, 2/25/2023		7			7
Series 1997-61, Class ZC, 7.00%, 2/25/2023		115			121
Series 1993-27, Class SA, IF, 15.50%, 2/25/2023 (h)		4			5
Series G93-14, Class J, 6.50%, 3/25/2023		8			9
Series 1993-25, Class J, 7.50%, 3/25/2023		19			20
Series 1993-21, Class KA, 7.70%, 3/25/2023		11			12
Series 1998-4, Class C, PO, 4/25/2023		3			3
Series 2008-24, Class DY, 5.00%, 4/25/2023		—	(i)		—	(i)
Series G93-17, Class SI, IF, 6.00%, 4/25/2023 (h)		18			20
Series 1993-62, Class SA, IF, 17.90%, 4/25/2023 (h)		7			8
Series 1998-43, Class SA, IF, IO, 18.36%, 4/25/2023 (h)		23			5

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Series 2003-39, Class LW, 5.50%, 5/25/2023		219			226
Series 2003-41, Class PE, 5.50%, 5/25/2023		99			103
Series 2008-47, Class SI, IF, IO, 4.79%, 6/25/2023 (h)		58			2
Series G93-27, Class FD, 2.59%, 8/25/2023 (h)		15			15
Series 1999-38, Class SK, IF, IO, 6.34%, 8/25/2023 (h)		4			—	(i)
Series 2002-83, Class CS, 6.88%, 8/25/2023		134			140
Series 1996-14, Class SE, IF, IO, 8.97%, 8/25/2023 (h)		68			8
Series 1993-205, Class H, PO, 9/25/2023		11			10
Series G93-37, Class H, PO, 9/25/2023		4			4
Series 2008-76, Class GF, 2.36%, 9/25/2023 (h)		—	(i)		—	(i)
Series 1993-165, Class SD, IF, 12.47%, 9/25/2023 (h)		4			4
Series 1993-165, Class SK, IF, 12.50%, 9/25/2023 (h)		9			9
Series 1993-179, Class SC, IF, 10.50%, 10/25/2023 (h)		4			4
Series 1999-52, Class NS, IF, 18.60%, 10/25/2023 (h)		11			13
Series 1993-179, Class SB, HB, IF, 24.82%, 10/25/2023 (h)		6			7
Series 1995-19, Class Z, 6.50%, 11/25/2023		76			85
Series 1993-230, Class FA, 2.42%, 12/25/2023 (h)		7			7
Series 1993-247, Class FE, 2.71%, 12/25/2023 (h)		15			15
Series 1993-225, Class UB, 6.50%, 12/25/2023		20			21
Series 1993-247, Class SU, IF, 11.82%, 12/25/2023 (h)		7			8
Series 2002-1, Class UD, IF, 18.52%, 12/25/2023 (h)		15			19
Series 2009-9, IO, 5.00%, 2/25/2024		14			—	(i)
Series 2009-18, IO, 5.00%, 3/25/2024		5			—	(i)
Series 1994-37, Class L, 6.50%, 3/25/2024		58			61
Series 1994-40, Class Z, 6.50%, 3/25/2024		361			385
Series 2004-53, Class NC, 5.50%, 7/25/2024		65			68
Series 1995-2, Class Z, 8.50%, 1/25/2025		16			18
Series G95-1, Class C, 8.80%, 1/25/2025		11			12
Series 1997-20, IO, 1.84%, 3/25/2027 (h)		35			1
Series 1997-27, Class J, 7.50%, 4/18/2027		7			8
Series 1997-29, Class J, 7.50%, 4/20/2027		16			18
Series 1997-39, Class PD, 7.50%, 5/20/2027		117			133
Series 1997-42, Class ZC, 6.50%, 7/18/2027		8			9
Series 1997-81, Class PI, IO, 7.00%, 12/18/2027		29			3
Series 1998-36, Class ZB, 6.00%, 7/18/2028		39			43
Series 1998-66, Class SB, IF, IO, 6.44%, 12/25/2028 (h)		35			2
Series 1999-18, Class Z, 5.50%, 4/18/2029		89			95
Series 1999-17, Class C, 6.35%, 4/25/2029		31			33
Series 1999-62, Class PB, 7.50%, 12/18/2029		47			54
Series 2000-2, Class ZE, 7.50%, 2/25/2030		158			181
Series 2013-103, Class VG, 3.00%, 3/25/2030		3,500			3,559
Series 2000-20, Class SA, IF, IO, 7.39%, 7/25/2030 (h)		84			11
Series 2000-52, IO, 8.50%, 1/25/2031		13			3
Series 2001-7, Class PF, 7.00%, 3/25/2031		32			37
Series 2011-31, Class DB, 3.50%, 4/25/2031		2,244			2,351
Series 2001-33, Class ID, IO, 6.00%, 7/25/2031		110			19
Series 2001-30, Class PM, 7.00%, 7/25/2031		104			121
Series 2001-36, Class DE, 7.00%, 8/25/2031		122			140
Series 2001-49, Class Z, 6.50%, 9/25/2031		29			33
Series 2001-44, Class MY, 7.00%, 9/25/2031		258			300
Series 2001-44, Class PD, 7.00%, 9/25/2031		37			43
Series 2001-44, Class PU, 7.00%, 9/25/2031		45			52
Series 2001-52, Class KB, 6.50%, 10/25/2031		35			38
Series 2003-52, Class SX, IF, 17.83%, 10/25/2031 (h)		63			98
Series 2001-61, Class Z, 7.00%, 11/25/2031		358			417
Series 2001-72, Class SX, IF, 13.49%, 12/25/2031 (h)		10			14

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2002-1, Class SA, IF, 19.64%, 2/25/2032 (h)		17		23
Series 2002-13, Class SJ, IF, IO, 1.60%, 3/25/2032 (h)		332		13
Series 2002-13, Class ST, IF, 10.00%, 3/25/2032 (h)		5		6
Series 2002-21, Class LO, PO, 4/25/2032		11		10
Series 2002-21, Class PE, 6.50%, 4/25/2032		98		111
Series 2002-28, Class PK, 6.50%, 5/25/2032		253		287
Series 2012-66, Class CB, 3.00%, 6/25/2032		3,000		3,107
Series 2002-37, Class Z, 6.50%, 6/25/2032		67		75
Series 2006-130, Class GI, IO, 6.50%, 7/25/2032		275		49
Series 2002-48, Class GH, 6.50%, 8/25/2032		362		409
Series 2004-61, Class SK, IF, 8.50%, 11/25/2032 (h)		43		50
Series 2004-59, Class BG, PO, 12/25/2032		133		121
Series 2002-77, Class S, IF, 11.35%, 12/25/2032 (h)		59		72
Series 2003-22, Class UD, 4.00%, 4/25/2033		1,157		1,238
Series 2003-35, Class UC, 3.75%, 5/25/2033		13		13
Series 2003-42, Class GB, 4.00%, 5/25/2033		81		86
Series 2003-34, Class AX, 6.00%, 5/25/2033		226		257
Series 2003-34, Class ED, 6.00%, 5/25/2033		1,026		1,162
Series 2003-39, IO, 6.00%, 5/25/2033 (h)		47		9
Series 2003-33, Class IA, IO, 6.50%, 5/25/2033		368		83
Series 2007-97, Class KI, IO, 7.00%, 5/25/2033		653		78
Series 2004-4, Class QI, IF, IO, 5.39%, 6/25/2033 (h)		324		15
Series 2003-47, Class PE, 5.75%, 6/25/2033		176		198
Series 2004-4, Class QM, IF, 10.78%, 6/25/2033 (h)		31		33
Series 2003-64, Class SX, IF, 9.30%, 7/25/2033 (h)		48		56
Series 2004-36, Class SN, IF, 10.78%, 7/25/2033 (h)		10		10
Series 2003-132, Class OA, PO, 8/25/2033		27		26
Series 2003-71, Class DS, IF, 5.09%, 8/25/2033 (h)		358		389
Series 2003-72, Class IE, IO, 5.50%, 8/25/2033		369		69
Series 2003-74, Class SH, IF, 7.10%, 8/25/2033 (h)		61		71
Series 2003-91, Class SD, IF, 9.65%, 9/25/2033 (h)		77		91
Series 2013-101, Class AE, 3.00%, 10/25/2033		3,349		3,464
Series 2013-101, Class E, 3.00%, 10/25/2033		3,000		3,102
Series 2013-108, Class GU, 3.00%, 10/25/2033		4,000		4,131
Series 2003-116, Class SB, IF, IO, 5.89%, 11/25/2033 (h)		521		92
Series 2006-44, Class P, PO, 12/25/2033		874		792
Series 2003-130, Class SX, IF, 8.96%, 1/25/2034 (h)		14		17
Series 2004-25, Class SA, IF, 14.83%, 4/25/2034 (h)		258		351
Series 2004-46, Class SK, IF, 11.80%, 5/25/2034 (h)		476		604
Series 2004-36, Class SA, IF, 14.83%, 5/25/2034 (h)		510		728
Series 2004-46, Class QB, IF, 17.17%, 5/25/2034 (h)		186		263
Series 2004-51, Class SY, IF, 10.82%, 7/25/2034 (h)		91		110
Series 2004-79, Class SP, IF, 15.10%, 11/25/2034 (h)		52		55
Series 2005-74, Class CS, IF, 15.32%, 5/25/2035 (h)		180		222
Series 2005-68, Class UC, 5.00%, 6/25/2035		34		34
Series 2005-68, Class BC, 5.25%, 6/25/2035		25		25
Series 2005-56, Class S, IF, IO, 5.00%, 7/25/2035 (h)		528		109
Series 2005-66, Class SG, IF, 13.11%, 7/25/2035 (h)		139		190
Series 2005-68, Class PG, 5.50%, 8/25/2035		469		519
Series 2005-84, Class XM, 5.75%, 10/25/2035		1,400		1,551
Series 2005-110, Class GL, 5.50%, 12/25/2035		3,510		3,943
Series 2006-46, Class UC, 5.50%, 12/25/2035		471		502
Series 2005-109, Class PC, 6.00%, 12/25/2035		501		549
Series 2006-15, Class OT, PO, 1/25/2036		8		8
Series 2006-39, Class WC, 5.50%, 1/25/2036		450		482
Series 2006-16, Class OA, PO, 3/25/2036		181		163

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2006-22, Class AO, PO, 4/25/2036		270		245
Series 2006-23, Class KO, PO, 4/25/2036		54		50
Series 2006-44, Class GO, PO, 6/25/2036		367		332
Series 2006-53, Class US, IF, IO, 4.87%, 6/25/2036 (h)		563		91
Series 2006-56, PO, 7/25/2036		294		265
Series 2006-58, PO, 7/25/2036		163		147
Series 2006-58, Class AP, PO, 7/25/2036		341		305
Series 2006-65, Class QO, PO, 7/25/2036		252		229
Series 2006-56, Class FC, 2.00%, 7/25/2036 (h)		530		529
Series 2006-58, Class FL, 2.17%, 7/25/2036 (h)		40		41
Series 2006-60, Class DZ, 6.50%, 7/25/2036		4,773		5,781
Series 2006-72, Class TO, PO, 8/25/2036		51		45
Series 2006-79, Class DO, PO, 8/25/2036		202		189
Series 2007-7, Class SG, IF, IO, 4.79%, 8/25/2036 (h)		785		233
Series 2006-77, Class PC, 6.50%, 8/25/2036		741		835
Series 2006-90, Class AO, PO, 9/25/2036		152		139
Series 2008-42, Class AO, PO, 9/25/2036		76		68
Series 2009-19, Class IP, IO, 5.50%, 10/25/2036		1,003		232
Series 2006-109, PO, 11/25/2036		71		63
Series 2006-110, PO, 11/25/2036		468		422
Series 2006-111, Class EO, PO, 11/25/2036		49		44
Series 2006-124, Class HB, 4.09%, 11/25/2036 (h)		668		694
Series 2006-119, PO, 12/25/2036		50		46
Series 2006-118, Class A2, 1.88%, 12/25/2036 (h)		265		262
Series 2009-70, Class CO, PO, 1/25/2037		380		343
Series 2006-128, Class BP, 5.50%, 1/25/2037		177		189
Series 2007-77, Class FG, 2.21%, 3/25/2037 (h)		70		71
Series 2007-16, Class FC, 2.46%, 3/25/2037 (h)		96		99
Series 2007-14, Class ES, IF, IO, 4.73%, 3/25/2037 (h)		683		110
Series 2007-48, PO, 5/25/2037		113		106
Series 2007-54, Class FA, 2.11%, 6/25/2037 (h)		246		248
Series 2007-60, Class AX, IF, IO, 5.44%, 7/25/2037 (h)		1,910		456
Series 2012-14, Class FB, 2.16%, 8/25/2037 (h)		171		172
Series 2007-81, Class GE, 6.00%, 8/25/2037		233		257
Series 2007-88, Class VI, IF, IO, 4.83%, 9/25/2037 (h)		1,315		259
Series 2007-91, Class ES, IF, IO, 4.75%, 10/25/2037 (h)		946		175
Series 2007-106, Class A7, 6.18%, 10/25/2037 (h)		148		164
Series 2007-116, Class HI, IO, 1.74%, 1/25/2038 (h)		584		26
Series 2008-1, Class BI, IF, IO, 4.20%, 2/25/2038 (h)		326		53
Series 2008-16, Class IS, IF, IO, 4.49%, 3/25/2038 (h)		103		11
Series 2008-10, Class XI, IF, IO, 4.52%, 3/25/2038 (h)		298		53
Series 2008-27, Class SN, IF, IO, 5.19%, 4/25/2038 (h)		153		26
Series 2008-44, PO, 5/25/2038		8		7
Series 2008-53, Class CI, IF, IO, 5.49%, 7/25/2038 (h)		248		35
Series 2008-80, Class SA, IF, IO, 4.14%, 9/25/2038 (h)		523		80
Series 2008-81, Class SB, IF, IO, 4.14%, 9/25/2038 (h)		478		38
Series 2010-148, Class MA, 4.00%, 2/25/2039		114		115
Series 2009-6, Class GS, IF, IO, 4.84%, 2/25/2039 (h)		528		93
Series 2009-62, Class HJ, 6.00%, 5/25/2039		162		173
Series 2009-60, Class HT, 6.00%, 8/25/2039		407		465
Series 2009-103, Class MB, 4.43%, 12/25/2039 (h)		212		218
Series 2009-99, Class SC, IF, IO, 4.47%, 12/25/2039 (h)		118		14
Series 2010-49, Class SC, IF, 9.24%, 3/25/2040 (h)		449		538
Series 2010-64, Class DM, 5.00%, 6/25/2040		213		231
Series 2010-71, Class HJ, 5.50%, 7/25/2040		351		399
Series 2010-147, Class SA, IF, IO, 4.82%, 1/25/2041 (h)		1,283		266

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2011-30, Class LS, IO, 2.14%, 4/25/2041 (h)		604		35
Series 2011-75, Class FA, 2.26%, 8/25/2041 (h)		213		215
Series 2011-118, Class MT, 7.00%, 11/25/2041		465		550
Series 2011-130, Class CA, 6.00%, 12/25/2041		864		1,008
Series 2013-81, Class TA, 3.00%, 2/25/2043		2,000		2,037
Series 2013-92, PO, 9/25/2043		1,270		1,101
Series 2013-90, Class PM, 3.50%, 9/25/2043		1,694		1,842
Series 2013-101, Class DO, PO, 10/25/2043		1,996		1,749
Series 2013-128, PO, 12/25/2043		2,473		2,187
Series 2011-2, Class WA, 5.86%, 2/25/2051 (h)		298		328
FNMA, REMIC Trust Series 2007-42, Class AO, PO, 5/25/2037		38		35
FNMA, REMIC Trust, Whole Loan
Series 2007-W7, Class 1A4, HB, IF, 28.24%, 7/25/2037 (h)		12		21
Series 2003-W4, Class 2A, 5.80%, 10/25/2042 (h)		50		56
Series 2003-W1, Class 1A1, 5.30%, 12/25/2042 (h)		458		499
Series 2003-W1, Class 2A, 5.82%, 12/25/2042 (h)		189		205
Series 2009-W1, Class A, 6.00%, 12/25/2049		656		750
FNMA, REMIC, Whole Loan Series 2007-101, Class A2, 1.95%, 6/27/2036 (h)		349		343
FNMA, STRIPS
Series 368, Class 3, IO, 4.50%, 11/25/2020		1		—	(i)
Series 218, Class 2, IO, 7.50%, 4/25/2023		2		—	(i)
Series 265, Class 2, 9.00%, 3/25/2024		3		3
Series 329, Class 1, PO, 1/25/2033		45		41
Series 345, Class 6, IO, 5.00%, 12/25/2033 (h)		66		10
Series 351, Class 7, IO, 5.00%, 4/25/2034 (h)		214		29
Series 355, Class 11, IO, 6.00%, 7/25/2034		182		36
Series 365, Class 8, IO, 5.50%, 5/25/2036		282		59
Series 374, Class 5, IO, 5.50%, 8/25/2036		152		28
Series 393, Class 6, IO, 5.50%, 4/25/2037		59		10
Series 383, Class 32, IO, 6.00%, 1/25/2038		69		16
Series 383, Class 33, IO, 6.00%, 1/25/2038		181		35
GMACM Mortgage Loan Trust Series 2005-AR3, Class 3A4, 3.89%, 6/19/2035 (h)		804		804
GNMA
Series 1994-7, Class PQ, 6.50%, 10/16/2024		339		339
Series 1999-4, Class ZB, 6.00%, 2/20/2029		316		316
Series 2000-31, Class Z, 9.00%, 10/20/2030		110		110
Series 2000-36, Class IK, IO, 9.00%, 11/16/2030		8		—	(i)
Series 2001-35, Class SA, IF, IO, 6.49%, 8/16/2031 (h)		93		1
Series 2002-52, Class GH, 6.50%, 7/20/2032		430		429
Series 2002-75, Class PB, 6.00%, 11/20/2032		872		917
Series 2003-58, Class BE, 6.50%, 1/20/2033		627		700
Series 2003-11, Class SK, IF, IO, 5.94%, 2/16/2033 (h)		233		6
Series 2003-12, Class SP, IF, IO, 5.98%, 2/20/2033 (h)		140		23
Series 2003-24, PO, 3/16/2033		27		25
Series 2003-40, Class TJ, 6.50%, 3/20/2033		742		826
Series 2003-46, Class TC, 6.50%, 3/20/2033		350		384
Series 2003-46, Class MG, 6.50%, 5/20/2033		462		516
Series 2003-52, Class AP, PO, 6/16/2033		131		119
Series 2003-90, PO, 10/20/2033		37		35
Series 2003-112, Class SA, IF, IO, 4.79%, 12/16/2033 (h)		469		62
Series 2004-28, Class S, IF, 14.82%, 4/16/2034 (h)		212		301
Series 2004-73, Class AE, IF, 11.22%, 8/17/2034 (h)		36		39
Series 2004-90, Class SI, IF, IO, 4.38%, 10/20/2034 (h)		667		89
Series 2005-68, Class DP, IF, 12.19%, 6/17/2035 (h)		79		96
Series 2010-14, Class CO, PO, 8/20/2035		237		214
Series 2005-58, Class NI, IO, 5.50%, 8/20/2035 (h)		1,084		235

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2005-68, Class KI, IF, IO, 4.58%, 9/20/2035 (h)		1,516		303
Series 2005-91, Class PI, IO, 6.00%, 12/20/2035		216		36
Series 2006-16, Class OP, PO, 3/20/2036		99		90
Series 2006-38, Class SW, IF, IO, 4.78%, 6/20/2036 (h)		181		12
Series 2006-38, Class ZK, 6.50%, 8/20/2036		1,161		1,299
Series 2006-59, Class SD, IF, IO, 4.98%, 10/20/2036 (h)		332		58
Series 2006-65, Class SA, IF, IO, 5.08%, 11/20/2036 (h)		509		63
Series 2011-22, Class WA, 5.88%, 2/20/2037 (h)		472		538
Series 2007-57, PO, 3/20/2037		190		179
Series 2007-17, Class JO, PO, 4/16/2037		91		79
Series 2007-17, Class JI, IF, IO, 5.05%, 4/16/2037 (h)		849		154
Series 2007-19, Class SD, IF, IO, 4.48%, 4/20/2037 (h)		480		48
Series 2007-28, Class BO, PO, 5/20/2037		102		92
Series 2007-26, Class SC, IF, IO, 4.48%, 5/20/2037 (h)		420		46
Series 2007-27, Class SA, IF, IO, 4.48%, 5/20/2037 (h)		402		44
Series 2007-36, Class SE, IF, IO, 4.71%, 6/16/2037 (h)		236		29
Series 2007-47, Class PH, 6.00%, 7/16/2037		2,500		2,867
Series 2007-40, Class SB, IF, IO, 5.03%, 7/20/2037 (h)		841		139
Series 2007-42, Class SB, IF, IO, 5.03%, 7/20/2037 (h)		499		76
Series 2007-50, Class AI, IF, IO, 5.05%, 8/20/2037 (h)		310		58
Series 2007-53, Class SW, IF, 15.03%, 9/20/2037 (h)		44		56
Series 2008-32, Class PI, IO, 5.50%, 10/16/2037		148		12
Series 2009-79, Class OK, PO, 11/16/2037		155		142
Series 2007-73, Class MI, IF, IO, 4.28%, 11/20/2037 (h)		278		29
Series 2007-76, Class SA, IF, IO, 4.81%, 11/20/2037 (h)		540		61
Series 2007-72, Class US, IF, IO, 4.83%, 11/20/2037 (h)		266		46
Series 2007-79, Class SY, IF, IO, 4.83%, 12/20/2037 (h)		256		31
Series 2008-2, Class NS, IF, IO, 4.78%, 1/16/2038 (h)		524		83
Series 2008-2, Class MS, IF, IO, 5.40%, 1/16/2038 (h)		157		28
Series 2008-10, Class S, IF, IO, 4.11%, 2/20/2038 (h)		302		33
Series 2008-36, Class SH, IF, IO, 4.58%, 4/20/2038 (h)		422		32
Series 2008-40, Class SA, IF, IO, 4.64%, 5/16/2038 (h)		2,570		393
Series 2008-55, Class SA, IF, IO, 4.48%, 6/20/2038 (h)		230		36
Series 2008-71, Class SC, IF, IO, 4.28%, 8/20/2038 (h)		112		13
Series 2009-25, Class SE, IF, IO, 5.88%, 9/20/2038 (h)		199		26
Series 2008-93, Class AS, IF, IO, 3.98%, 12/20/2038 (h)		287		30
Series 2009-65, Class IQ, IO, 6.00%, 12/20/2038		139		10
Series 2009-6, Class SA, IF, IO, 4.34%, 2/16/2039 (h)		323		35
Series 2009-12, Class IE, IO, 5.50%, 3/20/2039		674		121
Series 2009-14, Class KI, IO, 6.50%, 3/20/2039		278		51
Series 2009-14, Class NI, IO, 6.50%, 3/20/2039		270		67
Series 2009-22, Class SA, IF, IO, 4.55%, 4/20/2039 (h)		639		66
Series 2009-33, Class CI, IO, 5.50%, 5/20/2039		146		22
Series 2009-33, Class TI, IO, 6.00%, 5/20/2039		155		29
Series 2009-43, Class SA, IF, IO, 4.23%, 6/20/2039 (h)		274		32
Series 2009-72, Class SM, IF, IO, 4.49%, 8/16/2039 (h)		636		119
Series 2010-31, Class NO, PO, 3/20/2040		1,239		1,123
Series 2013-75, Class WA, 5.16%, 6/20/2040 (h)		1,301		1,440
Series 2010-130, Class CP, 7.00%, 10/16/2040		179		210
Series 2010-157, Class OP, PO, 12/20/2040		1,332		1,196
Series 2011-75, Class SM, IF, IO, 4.88%, 5/20/2041 (h)		888		134
Series 2014-188, Class W, 4.61%, 10/20/2041 (h)		635		691
Series 2012-141, Class WC, 3.69%, 1/20/2042 (h)		386		413
Series 2013-54, Class WA, 4.78%, 11/20/2042 (h)		1,905		2,095
Series 2013-91, Class WA, 4.49%, 4/20/2043 (h)		825		882
Series 2013-116, Class JY, 4.00%, 8/16/2043		1,300		1,473

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2018-160, Class PA, 3.50%, 7/20/2046		5,667		5,841
Series 2012-H24, Class FG, 2.43%, 4/20/2060 (h)		49		49
Series 2013-H03, Class FA, 2.30%, 8/20/2060 (h)		4		4
Series 2012-H21, Class CF, 2.70%, 5/20/2061 (h)		44		44
Series 2013-H05, Class FB, 2.40%, 2/20/2062 (h)		213		213
Series 2012-H15, Class FA, 2.45%, 5/20/2062 (h)		10		10
Series 2012-H26, Class MA, 2.55%, 7/20/2062 (h)		33		33
Series 2012-H28, Class FA, 2.58%, 9/20/2062 (h)		152		152
Series 2012-H29, Class FA, 2.51%, 10/20/2062 (h)		1,067		1,068
Series 2012-H31, Class FD, 2.34%, 12/20/2062 (h)		1,148		1,143
Series 2013-H01, Class FA, 1.65%, 1/20/2063		861		858
Series 2013-H04, Class BA, 1.65%, 2/20/2063		493		491
Series 2013-H08, Class FC, 2.45%, 2/20/2063 (h)		1,051		1,049
Series 2013-H07, Class HA, 2.41%, 3/20/2063 (h)		1,147		1,144
Series 2013-H09, Class HA, 1.65%, 4/20/2063		818		813
Series 2013-H18, Class JA, 2.60%, 8/20/2063 (h)		2,185		2,189
Series 2014-H01, Class FD, 2.65%, 1/20/2064 (h)		1,292		1,296
Series 2014-H09, Class TA, 2.60%, 4/20/2064 (h)		1,307		1,310
Series 2015-H15, Class FD, 2.44%, 6/20/2065 (h)		1,582		1,577
Series 2015-H15, Class FJ, 2.44%, 6/20/2065 (h)		3,528		3,519
Series 2015-H16, Class FG, 2.44%, 7/20/2065 (h)		2,426		2,420
Series 2015-H23, Class FB, 2.52%, 9/20/2065 (h)		2,428		2,429
Series 2015-H32, Class FH, 2.66%, 12/20/2065 (h)		1,819		1,829
Series 2017-H08, Class XI, IO, 2.22%, 3/20/2067 (h)		8,451		975
GSMPS Mortgage Loan Trust
Series 2001-2, Class A, 7.50%, 6/19/2032 (b) (h)		485		479
Series 2005-RP3, Class 1AF, 2.06%, 9/25/2035 (b) (h)		759		670
Series 2005-RP3, Class 1AS, IO, 2.66%, 9/25/2035 ‡ (b) (h)		573		71
Series 2006-RP2, Class 1AS2, IF, IO, 4.26%, 4/25/2036 ‡ (b) (h)		2,388		379
GSR Mortgage Loan Trust
Series 2004-6F, Class 3A4, 6.50%, 5/25/2034		204		219
Series 2004-8F, Class 2A3, 6.00%, 9/25/2034		103		105
Series 2004-13F, Class 3A3, 6.00%, 11/25/2034		340		359
Series 2005-4F, Class AP, PO, 5/25/2035 ‡		6		6
Series 2005-7F, Class 3A9, 6.00%, 9/25/2035		621		657
Series 2006-1F, Class 2A4, 6.00%, 2/25/2036		1,165		943
Headlands Residential LLC Series 2019-RPL1, 3.97%, 6/25/2024 (b) (e)		4,600		4,629
Impac CMB Trust
Series 2004-7, Class 1A1, 2.45%, 11/25/2034 (h)		879		894
Series 2005-4, Class 2A1, 2.31%, 5/25/2035 (h)		118		115
Impac Secured Assets Trust
Series 2006-1, Class 2A1, 2.06%, 5/25/2036 (h)		227		221
Series 2006-2, Class 2A1, 2.06%, 8/25/2036 (h)		98		99
JP Morgan Mortgage Trust
Series 2006-A2, Class 5A3, 4.09%, 11/25/2033 (h)		391		405
Series 2006-A3, Class 6A1, 4.16%, 8/25/2034 (h)		83		84
Series 2006-A2, Class 4A1, 4.71%, 8/25/2034 (h)		313		326
Lehman Mortgage Trust
Series 2006-2, Class 1A1, 5.78%, 4/25/2036 (h)		266		233
Series 2008-2, Class 1A6, 6.00%, 3/25/2038		607		395
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1, 4.60%, 4/21/2034 (h)		165		168
Series 2004-4, Class 2A1, 4.10%, 5/25/2034 (h)		33		32
Series 2004-13, Class 3A7, 4.70%, 11/21/2034 (h)		385		395
Series 2004-15, Class 3A1, 4.48%, 12/25/2034 (h)		222		220
MASTR Alternative Loan Trust
Series 2004-10, Class 1A1, 4.50%, 9/25/2019		5		5
Series 2004-8, Class 6A1, 5.50%, 9/25/2019		3		3
Series 2004-4, Class 10A1, 5.00%, 5/25/2024		293		303

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Series 2003-3, Class 1A1, 6.50%, 5/25/2033		113			116
Series 2003-9, Class 8A1, 6.00%, 1/25/2034		334			352
Series 2004-3, Class 2A1, 6.25%, 4/25/2034		223			232
Series 2004-6, Class 30PO, PO, 7/25/2034 ‡		167			142
Series 2004-6, Class 7A1, 6.00%, 7/25/2034		280			291
Series 2004-7, Class 30PO, PO, 8/25/2034 ‡		104			90
MASTR Asset Securitization Trust
Series 2004-6, Class 15PO, PO, 7/25/2019 ‡		—	(i)		—	(i)
Series 2004-8, PO, 8/25/2019 ‡		1			1
Series 2004-8, Class 1A1, 4.75%, 8/25/2019		—	(i)		—
Series 2003-12, Class 30PO, PO, 12/25/2033 ‡		20			19
Series 2004-1, Class 30PO, PO, 2/25/2034 ‡		14			12
MASTR Reperforming Loan Trust Series 2005-2, Class 1A1F, 2.06%, 5/25/2035 (b) (h)		1,545			1,083
MASTR Resecuritization Trust Series 2005-PO, Class 3PO, PO, 5/28/2035 ‡ (b)		116			97
Merrill Lynch Mortgage Investors Trust
Series 2003-E, Class A1, 2.33%, 10/25/2028 (h)		91			92
Series 2003-F, Class A1, 2.35%, 10/25/2028 (h)		919			921
Series 2004-A, Class A1, 2.17%, 4/25/2029 (h)		154			151
Series 2004-1, Class 2A1, 4.03%, 12/25/2034 (h)		217			220
ML Trust XLVII Series 47, Class Z, 8.99%, 10/20/2020 ‡		—	(i)		—	(i)
NACC Reperforming Loan REMIC Trust Series 2004-R2, Class A1, 6.50%, 10/25/2034 (b) (h)		263			263
Nomura Asset Acceptance Corp. Alternative Loan Trust
Series 2003-A1, Class A5, 7.00%, 4/25/2033		34			36
Series 2003-A1, Class A1, 5.50%, 5/25/2033		39			39
Series 2003-A1, Class A2, 6.00%, 5/25/2033		84			86
P -stla 10/11/2022 ‡		2,600			2,600
Provident Funding Mortgage Loan Trust Series 2005-1, Class 2A1, 4.71%, 5/25/2035 (h)		6			6
RALI Trust
Series 2002-QS16, Class A3, IF, 13.05%, 10/25/2017 (h)		—	(i)		—	(i)
Series 2003-QS9, Class A3, IF, IO, 5.84%, 5/25/2018 ‡ (h)		4			—	(i)
Series 2003-QS12, Class A5, IO, 5.00%, 6/25/2018 ‡		—	(i)		—
Series 2003-QS12, Class A2A, IF, IO, 5.89%, 6/25/2018 ‡ (h)		2			—	(i)
Series 2003-QS14, Class A1, 5.00%, 7/25/2018		7			7
Series 2004-QA6, Class NB2, 4.04%, 12/26/2034 (h)		771			685
RBSSP Resecuritization Trust Series 2009-12, Class 1A1, 5.46%, 11/25/2033 (b) (h)		206			213
Residential Asset Securitization Trust
Series 2003-A14, Class A1, 4.75%, 2/25/2019		—	(i)		—	(i)
Series 2005-A2, Class A4, IF, IO, 3.34%, 3/25/2035 ‡ (h)		1,322			114
Series 2006-A4, Class 2A5, 6.00%, 5/25/2036		323			317
RFMSI Trust
Series 2004-S9, Class 2A1, 4.75%, 12/25/2019		—	(i)		—	(i)
Series 2005-SA4, Class 1A1, 4.09%, 9/25/2035 (h)		185			171
Rmip Frn 8/25/2021‡		2,600			2,600
SART
4.75%, 7/15/2024		3,917			3,999
4.76%, 6/15/2025		3,968			4,050
Seasoned Credit Risk Transfer Trust
Series 2019-1, Class MT, 3.50%, 7/25/2058 ‡		4,384			4,606
Series 2019-3, Class MB, 3.50%, 10/25/2058 ‡		1,725			1,837
Structured Asset Mortgage Investments II Trust Series 2004-AR5, Class 1A1, 2.39%, 10/19/2034 (h)		298			299
Thornburg Mortgage Securities Trust
Series 2003-4, Class A1, 2.35%, 9/25/2043 (h)		154			156
Series 2004-4, Class 3A, 3.94%, 12/25/2044 (h)		396			405
Toorak Mortgage Corp. Ltd. Series 2019-2, Class A1, 3.72%, 9/25/2022 (e)		2,795			2,807
Vendee Mortgage Trust
Series 1994-1, Class 1, 5.30%, 2/15/2024 (h)		148			155
Series 1994-1, Class 2ZB, 6.50%, 2/15/2024		187			201
Series 1996-1, Class 1Z, 6.75%, 2/15/2026		254			282

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 1996-2, Class 1Z, 6.75%, 6/15/2026		197		218
Series 1997-1, Class 2Z, 7.50%, 2/15/2027		383		427
Series 1998-1, Class 2E, 7.00%, 3/15/2028		447		505
Series 1999-1, Class 2Z, 6.50%, 1/15/2029		885		997
Series 2003-2, Class Z, 5.00%, 5/15/2033		3,946		4,321
vMobo, Inc. 7.50%, 5/31/2024		3,100		3,100
WaMu Mortgage Pass-Through Certificates Series 2004-RS2, Class A4, 5.00%, 11/25/2033		738		763
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-AR8, Class A, 4.42%, 8/25/2033 (h)		50		51
Series 2003-AR9, Class 1A6, 4.32%, 9/25/2033 (h)		821		853
Series 2003-AR9, Class 2A, 4.40%, 9/25/2033 (h)		109		112
Series 2003-S9, Class P, PO, 10/25/2033 ‡		21		19
Series 2003-S9, Class A8, 5.25%, 10/25/2033		417		431
Series 2004-AR3, Class A1, 4.49%, 6/25/2034 (h)		67		69
Series 2004-AR3, Class A2, 4.49%, 6/25/2034 (h)		56		58
Series 2006-AR10, Class 2P, 3.87%, 9/25/2036 ‡ (h)		67		57
Series 2006-AR12, Class 2P, 3.33%, 10/25/2036 ‡ (h)		85		84
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
Series 2005-2, Class 2A3, IF, IO, 3.29%, 4/25/2035 ‡ (h)		1,101		150
Series 2005-2, Class 1A4, IF, IO, 3.34%, 4/25/2035 ‡ (h)		3,660		436
Series 2005-3, Class CX, IO, 5.50%, 5/25/2035 ‡		1,019		201
Series 2005-4, Class CB7, 5.50%, 6/25/2035		1,214		1,199
Series 2005-4, Class CX, IO, 5.50%, 6/25/2035 ‡		1,035		211
Series 2005-6, Class 2A4, 5.50%, 8/25/2035		236		231
Series 2005-6, Class 2A9, 5.50%, 8/25/2035		1,512		1,482
Wells Fargo Mortgage-Backed Securities Trust Series 2007-7, Class A7, 6.00%, 6/25/2037		269		269
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $258,770)				276,543
ASSET-BACKED SECURITIES — 12.3%
Academic Loan Funding Trust Series 2013-1A, Class A, 2.51%, 12/26/2044 (b) (h)		957		947
ACC Trust Series 2019-2, Class A, 2.82%, 2/21/2023 (b)		2,810		2,812
Air Canada Pass-Through Trust (Canada)
Series 2013-1, Class A, 4.13%, 5/15/2025 (b)		600		638
Series 2015-2, Class AA, 3.75%, 12/15/2027 (b)		231		246
Series 2017-1, Class AA, 3.30%, 1/15/2030 (b)		466		480
Series 2017-1, Class A, 3.55%, 1/15/2030 (b)		659		674
American Airlines Pass-Through Trust
Series 2011-1, Class A, 5.25%, 1/31/2021		110		113
Series 2013-2, Class A, 4.95%, 1/15/2023		342		357
Series 2016-2, Class A, 3.65%, 6/15/2028		248		259
Series 2016-3, Class AA, 3.00%, 10/15/2028		357		362
Series 2017-1, Class AA, 3.65%, 2/15/2029		495		526
American Credit Acceptance Receivables Trust
Series 2016-4, Class C, 2.91%, 2/13/2023 (b)		71		71
Series 2017-1, Class C, 2.88%, 3/13/2023 (b)		82		82
American Homes 4 Rent
Series 2015-SFR1, Class A, 3.47%, 4/17/2052 ‡ (b)		3,894		4,033
Series 2015-SFR1, Class E, 5.64%, 4/17/2052 ‡ (b)		1,275		1,382
American Homes 4 Rent Trust
Series 2014-SFR2, Class A, 3.79%, 10/17/2036 ‡ (b)		3,656		3,845
Series 2014-SFR2, Class D, 5.15%, 10/17/2036 ‡ (b)		2,000		2,156
Series 2014-SFR2, Class E, 6.23%, 10/17/2036 (b)		850		939
Series 2014-SFR3, Class A, 3.68%, 12/17/2036 (b)		2,737		2,857
Series 2014-SFR3, Class C, 4.60%, 12/17/2036 (b)		500		534
Series 2014-SFR3, Class E, 6.42%, 12/17/2036 ‡ (b)		2,380		2,653
B2R Mortgage Trust Series 2015-2, Class A, 3.34%, 11/15/2048 (b)		718		721

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
British Airways Pass-Through Trust (United Kingdom)
Series 2018-1, Class AA, 3.80%, 9/20/2031 (b)		593		632
Series 2018-1, Class A, 4.13%, 9/20/2031 (b)		949		997
Series 2019-1, Class AA, 3.30%, 12/15/2032 (b)		695		725
Business Jet Securities LLC
Series 2018-1, Class A, 4.34%, 2/15/2033 (b)		1,734		1,754
Series 2018-2, Class B, 5.44%, 6/15/2033 (b)		2,195		2,235
Series 2019-1, Class A, 4.21%, 7/15/2034 (b)		1,806		1,857
Series 2019-1, Class B, 5.19%, 7/15/2034 ‡ (b)		3,649		3,706
BXG Receivables Note Trust Series 2012-A, Class A, 2.66%, 12/2/2027 (b)		135		135
Cabela’s Credit Card Master Note Trust
Series 2015-2, Class A1, 2.25%, 7/17/2023		880		881
Camillo Issuer LLC Series 2016-SFR, Class 1-A-1, 5.00%, 12/5/2023 ‡		4,924		4,913
Carnow Auto Receivables Trust Series 2017-1A, Class A, 2.92%, 9/15/2022 (b)		68		68
Carvana Auto Receivables Trust
Series 2019-2A, Class C, 3.00%, 6/17/2024 (b)		4,675		4,696
Series 2019-3A, Class C, 2.71%, 10/15/2024 (b)		5,240		5,242
Chase Funding Trust Series 2003-6, Class 1A7, 5.03%, 11/25/2034 ‡ (e)		505		526
Citibank Credit Card Issuance Trust Series 2007-A3, Class A3, 6.15%, 6/15/2039		800		1,114
Citigroup Mortgage Loan Trust, Inc. Series 2003-HE3, Class A, 2.47%, 12/25/2033 (h)		12		12
Colony American Finance Ltd. (Cayman Islands) Series 2016-1, Class A, 2.54%, 6/15/2048 (b)		532		531
Continental Airlines Pass-Through Trust
Series 1999-2, Class A-1, 7.26%, 3/15/2020		13		13
Series 2007-1, Class A, 5.98%, 4/19/2022		324		341
Continental Credit Card Series 2017-1A, Class A, 4.29%, 1/15/2024 (b)		610		613
CoreVest American Finance Trust Series 2019-2, Class D, 4.22%, 6/15/2052 ‡ (b)		2,000		2,095
CPS Auto Receivables Trust
Series 2014-D, Class C, 4.35%, 11/16/2020 (b)		115		115
Series 2015-A, Class C, 4.00%, 2/16/2021 (b)		82		82
Series 2015-B, Class C, 4.20%, 5/17/2021 (b)		1,567		1,577
Series 2015-C, Class D, 4.63%, 8/16/2021 (b)		1,209		1,219
Series 2016-C, Class C, 3.27%, 6/15/2022 (b)		459		459
CPS Auto Trust Series 2018-C, Class D, 4.40%, 6/17/2024 (b)		2,964		3,060
Credit Acceptance Auto Loan Trust
Series 2017-1A, Class A, 2.56%, 10/15/2025 (b)		176		176
Series 2017-1A, Class B, 3.04%, 12/15/2025 (b)		686		688
Series 2017-1A, Class C, 3.48%, 2/17/2026 (b)		574		577
Series 2017-2A, Class C, 3.35%, 6/15/2026 (b)		604		609
Series 2018-1A, Class A, 3.01%, 2/16/2027 (b)		1,543		1,550
Series 2018-3A, Class B, 3.89%, 10/15/2027 (b)		2,097		2,162
CWABS, Inc. Asset-Backed Certificates Trust Series 2004-6, Class M1, 2.61%, 10/25/2034 (h)		78		75
Delta Air Lines Pass-Through Trust
Series 2012-1, Class A, 4.75%, 5/7/2020		164		166
Series 2015-1, Class AA, 3.63%, 7/30/2027		273		289
Diamond Resorts Owner Trust Series 2019-1A, Class A, 2.89%, 2/20/2032 (b)		5,548		5,567
Drive Auto Receivables Trust
Series 2017-1, Class C, 2.84%, 4/15/2022		259		259
Series 2015-DA, Class D, 4.59%, 1/17/2023 (b)		801		804
Series 2017-1, Class D, 3.84%, 3/15/2023		2,992		3,024
Series 2017-3, Class D, 3.53%, 12/15/2023 (b)		4,800		4,849
Series 2016-CA, Class D, 4.18%, 3/15/2024 (b)		3,099		3,139
Series 2018-2, Class C, 3.63%, 8/15/2024		1,755		1,765
Series 2019-4, Class C, 2.51%, 11/17/2025		1,960		1,963
DT Auto Owner Trust
Series 2016-4A, Class D, 3.77%, 10/17/2022 (b)		1,049		1,055
Series 2017-2A, Class C, 3.03%, 1/17/2023 (b)		56		56

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Engs Commercial Finance Trust Series 2016-1A, Class A2, 2.63%, 2/22/2022 (b)		111		111
Exeter Automobile Receivables Trust
Series 2016-3A, Class B, 2.84%, 8/16/2021 (b)		93		93
Series 2018-4A, Class B, 3.64%, 11/15/2022 (b)		1,175		1,182
Series 2019-4A, Class C, 2.44%, 9/16/2024 (b)		2,170		2,163
Series 2019-3A, Class D, 3.11%, 8/15/2025 (b)		3,540		3,572
First Investors Auto Owner Trust Series 2015-2A, Class D, 4.22%, 12/15/2021 (b)		373		376
Flagship Credit Auto Trust
Series 2015-3, Class B, 3.68%, 3/15/2022 (b)		59		59
Series 2015-3, Class C, 4.65%, 3/15/2022 (b)		756		763
Series 2016-2, Class C, 6.22%, 9/15/2022 (b)		3,000		3,088
Series 2018-2, Class A, 2.97%, 10/17/2022 (b)		1,191		1,195
FNMA, Grantor Trust Series 2017-T1, Class A, 2.90%, 6/25/2027		4,856		5,036
Foundation Finance Trust Series 2019-1A, Class A, 3.86%, 11/15/2034 (b)		1,444		1,468
FREED ABS Trust
Series 2018-2, Class A, 3.99%, 10/20/2025 (b)		1,510		1,521
Series 2019-2, Class A, 2.62%, 11/18/2026 (b)		2,011		2,011
GE Capital Mortgage Services, Inc. Trust Series 1999-HE1, Class M, 6.71%, 4/25/2029 ‡ (h)		88		75
GLS Auto Receivables Trust Series 2016-1A, Class C, 6.90%, 10/15/2021 (b)		734		745
GMAT Trust Series 2013-1A, Class A, 6.97%, 11/25/2043 ‡ (b) (e)		13		13
Gold Key Resorts LLC Series 2014-A, Class A, 3.22%, 3/17/2031 (b)		355		355
Goodgreen Series 2019-2A, Class A, 2.76%, 4/15/2055 (b)		2,536		2,543
Goodgreen Trust Series 2017-1A, Class A, 3.74%, 10/15/2052 (b)		589		611
HERO (Cayman Islands) Series 2018-1ASI, Class A, 4.00%, 9/20/2047 (b)		1,438		1,436
HERO Funding (Cayman Islands) Series 2017-3A, Class A2, 3.95%, 9/20/2048 (b)		1,956		2,035
HERO Funding Trust (Cayman Islands)
Series 2016-3A, Class A1, 3.08%, 9/20/2042 (b)		862		867
Series 2017-1A, Class A2, 4.46%, 9/20/2047 (b)		1,878		1,974
Hilton Grand Vacations Trust Series 2017-AA, Class A, 2.66%, 12/26/2028 (b)		218		219
Home Equity Mortgage Loan Asset-Backed Trust Series 2006-A, Class A3, 1.91%, 3/25/2036 ‡ (h)		53		53
Kabbage Funding LLC
Series 2019-1, Class A, 3.83%, 3/15/2024 (b)		6,044		6,108
Series 2019-1, Class B, 4.07%, 3/15/2024 (b)		3,070		3,100
KGS-Alpha SBA COOF Trust
Series 2012-2, Class A, IO, 0.69%, 8/25/2038 ‡ (b) (h)		3,577		79
Series 2013-2, Class A, IO, 1.96%, 3/25/2039 ‡ (b) (h)		3,451		147
Series 2015-2, Class A, IO, 3.26%, 7/25/2041 ‡ (b) (h)		1,367		153
Lendingpoint Asset Securitization Trust Series 2019-2, Class A, 3.07%, 11/10/2025 (b)		5,000		5,000
Lendmark Funding Trust Series 2019-1A, Class B, 3.40%, 12/20/2027 ‡ (b)		3,319		3,338
LV Tower 52 Issuer
Series 2013-1, Class A, 5.75%, 7/15/2019 ‡ (b)		4,205		4,226
Series 2013-1, Class M, 7.75%, 7/15/2019 ‡ (b)		1,526		1,534
Mid-State Capital Corp. Trust Series 2006-1, Class M1, 6.08%, 10/15/2040 ‡ (b)		670		746
MVW LLC Series 2019-2A, Class B, 2.44%, 10/20/2038 (b) ‡		4,624		4,606
NCUA Guaranteed Notes Trust Series 2010-A1, Class A, 2.12%, 12/7/2020 (h)		223		223
New Century Home Equity Loan Trust Series 2003-5, Class AI6, 5.04%, 11/25/2033 ‡ (e)		403		411
OnDeck Asset Securitization Trust LLC Series 2018-1A, Class A, 3.50%, 4/18/2022 (b)		1,801		1,803

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
OneMain Direct Auto Receivables Trust Series 2018-1A, Class B, 3.71%, 4/14/2025 (b)		1,863		1,907
OneMain Financial Issuance Trust
Series 2016-1A, Class A, 3.66%, 2/20/2029 (b)		581		582
Series 2016-1A, Class C, 6.00%, 2/20/2029 (b)		1,800		1,836
Oportun Funding VI LLC Series 2017-A, Class A, 3.23%, 6/8/2023 (b)		1,455		1,455
Oportun Funding X LLC Series 2018-C, Class A, 4.10%, 10/8/2024 (b)		5,756		5,925
Oportun Funding XIII LLC Series 2019-A, Class A, 3.08%, 8/8/2025 (b)		3,010		3,026
Pretium Mortgage Credit Partners I LLC Series 2018-NPL4, Class A1, 4.83%, 9/25/2058 ‡ (b) (e)		1,555		1,565
Progress Residential Trust
Series 2015-SFR3, Class A, 3.07%, 11/12/2032 ‡ (b)		5,187		5,180
Series 2015-SFR3, Class D, 4.67%, 11/12/2032 ‡ (b)		295		295
Series 2015-SFR3, Class E, 5.66%, 11/12/2032 (b)		1,200		1,199
Series 2019-SFR4, Class D, 3.14%, 10/17/2036 (b) ‡		5,000		4,998
Prosper Marketplace Issuance Trust Series 2019-3A, Class A, 3.19%, 7/15/2025 (b)		1,111		1,116
Regional Management Issuance Trust Series 2018-1, Class A, 3.83%, 7/15/2027 (b)		1,705		1,714
Renaissance Home Equity Loan Trust Series 2007-2, Class AF2, 5.68%, 6/25/2037 ‡ (e)		287		121
Renew (Cayman Islands) Series 2017-1A, Class A, 3.67%, 9/20/2052 (b)		758		782
Santander Drive Auto Receivables Trust Series 2015-5, Class E, 4.67%, 2/15/2023 (b)		4,200		4,217
Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2, 3.28%, 1/25/2036 ‡ (e)		208		187
Sierra Timeshare Receivables Funding LLC Series 2019-2A, Class C, 3.12%, 5/20/2036 ‡ (b)		3,343		3,357
SoFi Consumer Loan Program LLC Series 2016-2, Class A, 3.09%, 10/27/2025 (b)		243		243
Spirit Airlines Pass-Through Trust Series 2017-1, Class AA, 3.38%, 2/15/2030		368		381
Springleaf Funding Trust Series 2016-AA, Class B, 3.80%, 11/15/2029 (b)		2,040		2,044
Spruce ABS Trust Series 2016-E1, Class A, 4.32%, 6/15/2028 (b)		525		536
Synchrony Card Funding LLC
Series 2019-A1, Class A, 2.95%, 3/15/2025		4,681		4,778
Series 2019-A2, Class A, 2.34%, 6/15/2025		5,000		5,040
Synchrony Card Issuance Trust Series 2018-A1, Class A, 3.38%, 9/15/2024		2,600		2,664
Tricolor Auto Securitization Trust Series 2018-2A, Class A, 3.96%, 10/15/2021 (b)		1,732		1,739
Tricon American Homes Trust Series 2016-SFR1, Class A, 2.59%, 11/17/2033 ‡ (b)		1,770		1,766
United Airlines Pass-Through Trust
Series 2018-1, Class B, 4.60%, 3/1/2026		209		217
Series 2016-1, Class A, 3.45%, 7/7/2028		935		966
Series 2018-1, Class AA, 3.50%, 3/1/2030		1,047		1,111
Series 2018-1, Class A, 3.70%, 3/1/2030		711		735
Series 2019-1, Class AA, 4.15%, 8/25/2031		1,120		1,218
Series 2019-1, Class A, 4.55%, 8/25/2031		1,000		1,094
Series 2019-2, Class AA, 2.70%, 5/1/2032		1,314		1,316
Vericrest Opportunity Loan Trust Series 2019-NPL8, Class A1A, 3.28%, 11/25/2049 (b) (e)		3,335		3,335
Verizon Owner Trust Series 2018-A, Class A1A, 3.23%, 4/20/2023		2,405		2,447
VOLT LXXII LLC Series 2018-NPL8, Class A1A, 4.21%, 10/26/2048 ‡ (b) (e)		3,639		3,641
VOLT LXXV LLC Series 2019-NPL1, Class A1A, 4.34%, 1/25/2049 ‡ (b) (e)		2,486		2,504
VOLT LXXXIII LLC Series 2019-NPL9, Class A1A, 3.33%, 11/26/2049 (b) (e)		3,599		3,601
VOLT Trust Series 2018-FT1, Class A1, 3.26%, 1/27/2023 (h)		432		430

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Westgate Resorts LLC Series 2017-1A, Class A, 3.05%, 12/20/2030 (b)		742		746
Westlake Automobile Receivables Trust
Series 2017-1A, Class C, 2.70%, 10/17/2022 (b)		265		265
Series 2017-1A, Class D, 3.46%, 10/17/2022 (b)		947		954
Series 2019-2A, Class D, 3.20%, 11/15/2024 (b)		2,500		2,536
World Financial Network Credit Card Master Trust Series 2019-A, Class A, 3.14%, 12/15/2025		2,245		2,294
World Omni Auto Receivables Trust Series 2018-B, Class A3, 2.87%, 7/17/2023		6,900		6,964
TOTAL ASSET-BACKED SECURITIES (Cost $252,015)				255,123
COMMERCIAL MORTGAGE-BACKED SECURITIES — 3.9%
BAMLL Commercial Mortgage Securities Trust
Series 2012-PARK, Class A, 2.96%, 12/10/2030 (b)		560		575
Series 2014-520M, Class C, 4.35%, 8/15/2046 ‡ (b) (h)		1,300		1,395
BAMLL Re-REMIC Trust
Series 2016-FR16, Class A, 0.93%, 5/27/2021 (b) (h)		2,600		2,532
Series 2014-FRR5, Class A714, PO, 1/27/2047 (b)		1,950		1,886
BB-UBS Trust
Series 2012-TFT, Class A, 2.89%, 6/5/2030 (b)		483		483
Series 2012-SHOW, Class A, 3.43%, 11/5/2036 (b)		4,400		4,598
Bear Stearns Commercial Mortgage Securities Trust Series 2005-PWR8, Class X1, IO, 0.80%, 6/11/2041 ‡ (b) (h)		235		1
CD Commercial Mortgage Trust Series 2007-CD4, Class XC, IO, 1.04%, 12/11/2049 ‡ (b) (h)		64		3
COBALT CMBS Commercial Mortgage Trust Series 2006-C1, IO, 1.08%, 8/15/2048 ‡ (h)		499		8
Commercial Mortgage Trust
Series 2013-300P, Class A1, 4.35%, 8/10/2030 (b)		3,500		3,725
Series 2013-SFS, Class A2, 3.09%, 4/12/2035 (b) (h)		1,060		1,085
Series 2006-GG7, Class AM, 5.81%, 7/10/2038 (h)		46		47
Series 2012-CR2, Class XA, IO, 1.80%, 8/15/2045 ‡ (h)		2,368		83
FHLMC, Multifamily Structured Pass-Through Certificates
Series KJ02, Class A2, 2.60%, 9/25/2020		37		37
Series KJ09, Class A2, 2.84%, 9/25/2022		2,421		2,471
Series KS01, Class A2, 2.52%, 1/25/2023		971		981
Series KPLB, Class A, 2.77%, 5/25/2025		353		364
Series K052, Class A2, 3.15%, 11/25/2025		3,560		3,765
Series K065, Class A2, 3.24%, 4/25/2027		2,467		2,641
Series K065, Class AM, 3.33%, 5/25/2027		1,322		1,418
Series K070, Class A2, 3.30%, 11/25/2027 (h)		1,748		1,879
FNMA ACES
Series 2010-M3, Class A3, 4.33%, 3/25/2020 (h)		541		543
Series 2014-M3, Class A2, 3.50%, 1/25/2024 (h)		1,975		2,076
Series 2017-M3, Class A2, 2.57%, 12/25/2026 (h)		6,250		6,384
Series 2015-M10, Class A2, 3.09%, 4/25/2027 (h)		8,555		9,011
Series 2017-M8, Class A2, 3.06%, 5/25/2027 (h)		3,815		4,019
Series 2018-M8, Class A2, 3.44%, 6/25/2028 (h)		2,580		2,777
Series 2018-M10, Class A2, 3.50%, 7/25/2028 (h)		3,335		3,603
Series 2017-M5, Class A2, 3.30%, 4/25/2029 (h)		3,376		3,606
GS Mortgage Securities Corp. II Series 2013-KING, Class A, 2.71%, 12/10/2027 (b)		1,098		1,097
Ladder Capital Commercial Mortgage Trust Series 2013-GCP, Class A2, 3.99%, 2/15/2036 (b)		998		1,098
LB-UBS Commercial Mortgage Trust Series 2006-C7, Class XW, IO, 0.88%, 11/15/2038 ‡ (b) (h)		2,176		—	(i)
ML-CFC Commercial Mortgage Trust Series 2006-4, Class XC, IO, 0.76%, 12/12/2049 ‡ (b) (h)		407		—	(i)
Morgan Stanley Capital I Trust
Series 2006-IQ12, Class X1, IO, 0.75%, 12/15/2043 ‡ (b) (h)		535		—	(i)
Series 2007-HQ11, Class X, IO, 0.41%, 2/12/2044 ‡ (b) (h)		481		1
RBS Commercial Funding, Inc. Trust Series 2013-SMV, Class A, 3.26%, 3/11/2031 (b)		664		681

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 6/10/2030 (b)		2,236		2,293
UBS-Barclays Commercial Mortgage Trust
Series 2013-C6, Class A4, 3.24%, 4/10/2046		857		883
Series 2012-C2, Class XA, IO, 1.47%, 5/10/2063 ‡ (b) (h)		7,068		201
VNDO Mortgage Trust
Series 2013-PENN, Class A, 3.81%, 12/13/2029 (b)		5,000		5,080
Series 2012-6AVE, Class A, 3.00%, 11/15/2030 (b)		1,398		1,427
Wells Fargo Commercial Mortgage Trust Series 2013-120B, Class A, 2.80%, 3/18/2028 (b) (h)		2,500		2,498
WFRBS Commercial Mortgage Trust
Series 2011-C3, Class A4, 4.38%, 3/15/2044 (b)		1,700		1,736
Series 2013-C11, Class D, 4.40%, 3/15/2045 ‡ (b) (h)		400		406
Series 2012-C6, Class A4, 3.44%, 4/15/2045		800		816
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $77,028)				80,213
U.S. GOVERNMENT AGENCY SECURITIES — 0.8%
Resolution Funding Corp. STRIPS
DN, 3.03%, 1/15/2026 (a)		580		513
DN, 2.83%, 10/15/2027 (a)		510		433
Tennessee Valley Authority
5.88%, 4/1/2036		6,839		9,874
4.63%, 9/15/2060		304		433
Tennessee Valley Authority STRIPS
DN, 3.67%, 11/1/2025 (a)		5,000		4,395
DN, 4.81%, 6/15/2035 (a)		800		523
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $14,716)				16,171
MUNICIPAL BONDS — 0.6% (k)
California — 0.1%
General Obligation — 0.0% (c)
State of California, Various Purpose GO, 7.30%, 10/1/2039		350		539
Transportation — 0.1%
City of Los Angeles, Department of Airports Series 2009C, Rev., 6.58%, 5/15/2039		440		594
Total California				1,133
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		466
Transportation — 0.3%
Port Authority of New York and New Jersey, Consolidated
Series 164, Rev., 5.65%, 11/1/2040		1,825		2,486
Series 165, Rev., 5.65%, 11/1/2040		440		599
Series 174, Rev., 4.46%, 10/1/2062		2,060		2,568
				5,653
Total New York				6,119
Ohio — 0.2%
Education — 0.1%
Ohio State University, General Receipts
Series 2016A, Rev., 4.05%, 12/1/2056		325		390
Series A, Rev., 4.80%, 6/1/2111		1,563		2,072
Rev., 5.59%, 12/1/2114		200		268
				2,730
Utility — 0.1%
American Municipal Power, Inc., Meldahl Hydroelectric Project Series 2010B, Rev., 7.50%, 2/15/2050		1,315		2,078
Total Ohio				4,808
TOTAL MUNICIPAL BONDS (Cost $9,164)				12,060
FOREIGN GOVERNMENT SECURITIES — 0.4%
Province of Quebec (Canada) 7.36%, 3/6/2026 (e)		377		486
Republic of Colombia (Colombia)
4.00%, 2/26/2024		922		967
4.50%, 1/28/2026		581		630
7.38%, 9/18/2037		200		280
5.63%, 2/26/2044		200		245
5.00%, 6/15/2045		515		592
Republic of Panama (Panama) 4.50%, 4/16/2050		325		382

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Republic of Peru (Peru) 5.63%, 11/18/2050		88		128
Republic of South Africa (South Africa) 5.88%, 9/16/2025		640		698
United Mexican States (Mexico)
3.60%, 1/30/2025		788		824
4.13%, 1/21/2026		316		338
3.75%, 1/11/2028		1,216		1,264
4.60%, 1/23/2046		2,113		2,262
TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $8,537)				9,096
	Shares (000)
SHORT-TERM INVESTMENTS — 3.7%
INVESTMENT COMPANIES — 3.7%
JPMorgan Prime Money Market Fund Class Institutional Shares, 1.74%(l)(m) (Cost $75,776)		75,754		75,777
Total Investments — 99.3% (Cost $1,950,491)				2,051,976
Other Assets Less Liabilities — 0.7%				14,873
Net Assets — 100.0%				2,066,849

Percentages indicated are based on net assets.

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, 2019.
CMBS	Commercial Mortgage-Backed Security
DN	Discount Notes
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GO	General Obligation
HB	High Coupon Bonds (a.k.a. “IOettes”) represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO’s the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.
ICE	Intercontinental Exchange
IF	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of November 30, 2019. The rate may be subject to a cap and floor.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

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
Re-REMIC	Combined Real Estate Mortgage Investment Conduit
Rev.	Revenue
SOFR	Secured Overnight Financing Rate
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.
UMBS	Uniform Mortgage-Backed Securities
USD	United States Dollar
(a)	The rate shown is the effective yield as of November 30, 2019.
(b)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(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, 2019.
(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, 2019.
(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, 2019.
(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, 2019.
(i)	Amount rounds to less than one thousand.
(j)	Defaulted security.
(k)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(l)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(m)	The rate shown is the current yield as of November 30, 2019.
‡	Value determined using significant unobservable inputs.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

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

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

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

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

Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s net asset values per share as of the report date.

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at November 30, 2019.

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 (“SOI”) (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	$	—	$	190,819	$	64,304	$	255,123
Collateralized Mortgage Obligations		—		252,695		23,848		276,543
Commercial Mortgage-Backed Securities		—		78,115		2,098		80,213
Corporate Bonds		—		488,740		—		488,740
Foreign Government Securities		—		9,096		—		9,096
Mortgage-Backed Securities		—		343,920		—		343,920
Municipal Bonds		—		12,060		—		12,060
U.S. Government Agency Securities		—		16,171		—		16,171
U.S. Treasury Obligations		—		494,333		—		494,333
Short-Term Investments
Investment Companies		75,777		—		—		75,777
Total Investments in Securities	$	75,777	$	1,885,949	$	90,250	$	2,051,976

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

Core Bond Trust	Balance as of February 28, 2019		Realized gain (loss)			Change in unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3		Balance as of November 30, 2019
Investments in Securities
Asset-Backed Securities	$	68,402	$	3		$	622		$	(77	)	$	23,020	$	(32,101	)	$	4,435	$	—	$	64,304
Collateralized Mortgage Obligations		7,549		—	(a)		655			(571	)		25,359		(9,144	)		—		—		23,848
Commercial Mortgage -Backed Securities		1,973		—			214			(123	)		146		(112	)		—		—		2,098
Corporate Bonds - Capital Markets		53		—			—	(a)		—	(a)		—		(53	)		—		—		—
Total	$	77,977	$	3		$	1,491		$	(771	)	$	48,525	$	(41,410	)	$	4,435	$	—	$	90,250

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 change in net unrealized appreciation (depreciation) attributable to securities owned at November 30, 2019, which were valued using significant unobservable inputs (level 3) amounted to approximately $1,761,000.

There were no significant transfers into or out of level 3 during the period ended November 30, 2019.

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at November 30, 2019		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	53,249	Discounted Cash Flow	Constant Prepayment Rate		0.00% -  31.00% (6.79%)
				Constant Default Rate		0.00% - 30.00% (0.05%)
				Yield (Discount Rate of Cash Flows)		2.58% - 7.02% (3.38%)
Asset-Backed Securities		53,249
		11,303	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (52.84%)
				PSA Prepayment Model		100.00% - 234.00% (100.00%)
				Constant Default Rate		0.00% - 6.61% (1.10%)
				Yield (Discount Rate of Cash Flows)		0.00% - 199.00% (6.36%)
Collateralized Mortgage Obligations		11,303
		2,089	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (2.93%)
				Yield (Discount Rate of Cash Flows)		1.47% - 7.02% (3.43%)
Commercial Mortgage-Backed Securities		2,089
Total	$	66,641

# The table above does not include level 3 securities that are valued by brokers and pricing services. At November 30, 2019, the value of these securities was approximately $23,609,000. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A.

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

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

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

B. Investment Transactions with Affiliates — The Fund invested in an Underlying Fund which is advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund’s distributions may be reinvested into the Underlying Fund. Reinvestment amounts are included in the purchase cost amount in the table below. Amounts in the table below are in thousands.

For the period ended November 30, 2019
Security Description	Value at February 28, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at November 30, 2019		Shares at November 30, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 1.74% (a) (b)	$	38,750	$	457,352	$	420,318	$	(4	)	$	(3	)	$	75,777		75,754	$	1,342	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		—		4,101		4,101		—			—			—		—		2		—
Total	$	38,750	$	461,453	$	424,419	$	(4	)	$	(3	)	$	75,777			$	1,344	$	—

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

(b) The rate shown is the current yield as of November 30, 2019.