JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited)

Investments	Principal Amount ($000)		Value ($000)
U.S. TREASURY OBLIGATIONS — 26.8%
U.S. Treasury Bonds
4.38%, 2/15/2038		447		694
1.13%, 5/15/2040		5,500		5,443
3.88%, 8/15/2040		235		350
3.63%, 8/15/2043		16,214		23,623
3.75%, 11/15/2043		10,188		15,135
3.63%, 2/15/2044		7,780		11,369
3.00%, 11/15/2044		17,000		22,718
2.50%, 2/15/2045		17,900		22,029
2.88%, 8/15/2045		2,300		3,025
2.25%, 8/15/2046		11,193		13,244
3.13%, 5/15/2048		3,757		5,255
2.25%, 8/15/2049		5,365		6,435
2.38%, 11/15/2049		2,000		2,465
2.00%, 2/15/2050		8,859		10,127
1.25%, 5/15/2050		7,000		6,709
U.S. Treasury Inflation Indexed Bonds
1.75%, 1/15/2028		300		435
3.63%, 4/15/2028		799		1,690
2.50%, 1/15/2029		300		455
U.S. Treasury Inflation Indexed Notes
0.13%, 1/15/2022		2,453		2,804
U.S. Treasury Notes
2.38%, 12/31/2020		880		891
2.63%, 5/15/2021		1,006		1,029
3.13%, 5/15/2021		2,250		2,313
2.13%, 8/15/2021		13,000		13,300
1.13%, 9/30/2021		6,240		6,318
2.00%, 10/31/2021		1,100		1,128
1.88%, 11/30/2021		5,100		5,230
1.75%, 2/28/2022		12,700		13,048
2.13%, 5/15/2022		50,000		51,901
1.75%, 7/15/2022		5,000		5,167
1.63%, 8/31/2022		3,000		3,097
2.00%, 10/31/2022		1,650		1,722
1.50%, 2/28/2023		3,000		3,108
1.75%, 5/15/2023		2,221		2,323
2.50%, 5/15/2024		8,840		9,623
1.88%, 8/31/2024		569		608
2.25%, 11/15/2024		400		435
1.75%, 12/31/2024		13,555		14,458
2.00%, 2/15/2025		35,000		37,780
2.88%, 4/30/2025		1,212		1,364
1.75%, 12/31/2026		10,154		10,997
2.88%, 5/15/2028		1,198		1,415
1.63%, 8/15/2029		130		142
1.50%, 2/15/2030		1,036		1,120
U.S. Treasury STRIPS Bonds
3.89%, 8/15/2021 (a)		6,100		6,086
3.34%, 11/15/2021 (a)		11,340		11,307
3.22%, 2/15/2022 (a)		11,793		11,755
2.51%, 5/15/2022 (a)		18,545		18,477
3.16%, 8/15/2022 (a)		1,905		1,897
2.16%, 11/15/2022 (a)		18,375		18,289
3.61%, 2/15/2023 (a)		38,462		38,254
3.12%, 5/15/2023 (a)		14,070		13,980
2.40%, 8/15/2023 (a)		13,900		13,786
2.49%, 11/15/2023 (a)		4,845		4,802
1.85%, 2/15/2024 (a)		11,355		11,229
1.71%, 8/15/2024 (a)		20,600		20,300
7.14%, 5/15/2026 (a)		1,500		1,455
3.64%, 8/15/2026 (a)		1,592		1,540
4.36%, 5/15/2027 (a)		6,550		6,286
4.09%, 8/15/2034 (a)		1,650		1,423
2.36%, 11/15/2041 (a)		500		366
TOTAL U.S. TREASURY OBLIGATIONS (Cost $481,226)				523,754
CORPORATE BONDS — 24.7%
Aerospace & Defense — 0.6%
Airbus Finance BV (France) 2.70%, 4/17/2023 (b)		557		572
Airbus SE (France) 3.95%, 4/10/2047 (b)		150		144
Boeing Co. (The)
4.51%, 5/1/2023		2,503		2,586
4.88%, 5/1/2025		605		642
5.15%, 5/1/2030		940		1,004
5.71%, 5/1/2040		745		815
L3Harris Technologies, Inc. 3.83%, 4/27/2025		850		918
Northrop Grumman Corp. 3.25%, 1/15/2028		200		222
Precision Castparts Corp. 3.25%, 6/15/2025		897		989
Raytheon Technologies Corp.
4.50%, 6/1/2042		2,799		3,431
4.15%, 5/15/2045		543		643
Rockwell Collins, Inc.
3.20%, 3/15/2024		350		371
4.35%, 4/15/2047		199		228
				12,565
Airlines — 0.0% (c)
Continental Airlines Pass-Through Trust Series 2012-2, Class A Shares, 4.00%, 10/29/2024		143		127
Banks — 5.0%
ABN AMRO Bank NV (Netherlands) 4.75%, 7/28/2025 (b)		1,216		1,315
AIB Group plc (Ireland) 4.75%, 10/12/2023 (b)		1,165		1,234
ANZ New Zealand Int’l Ltd. (New Zealand)
2.85%, 8/6/2020 (b)		402		404
2.55%, 2/13/2030 (b)		1,245		1,286
ASB Bank Ltd. (New Zealand)

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
3.13%, 5/23/2024 (b)		905		955
Australia & New Zealand Banking Group Ltd. (Australia) 4.40%, 5/19/2026 (b)		263		288
Banco Santander SA (Spain)
3.13%, 2/23/2023		400		413
2.75%, 5/28/2025		800		816
Bank of America Corp.
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023 (d)		588		608
(ICE LIBOR USD 3 Month + 1.02%), 2.88%, 4/24/2023 (d)		1,855		1,915
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (d)		1,747		1,825
(ICE LIBOR USD 3 Month + 0.78%), 3.55%, 3/5/2024 (d)		547		582
(ICE LIBOR USD 3 Month + 1.09%), 3.09%, 10/1/2025 (d)		526		560
3.25%, 10/21/2027		1,189		1,300
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (d)		1,700		1,872
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (d)		4,155		4,520
(SOFR + 2.15%), 2.59%, 4/29/2031 (d)		1,510		1,552
Bank of Montreal (Canada) 1.85%, 5/1/2025		950		974
Bank of Nova Scotia (The) (Canada) 1.63%, 5/1/2023		3,330		3,390
Banque Federative du Credit Mutuel SA (France)
3.75%, 7/20/2023(b)		540		581
2.38%, 11/21/2024(b)		813		842
Barclays plc (United Kingdom) 3.65%, 3/16/2025		1,000		1,060
BNP Paribas SA (France)
3.50%, 3/1/2023 (b)		290		305
3.38%, 1/9/2025 (b)		425		451
(SOFR + 1.51%), 3.05%, 1/13/2031 (b) (d)		1,065		1,091
BNZ International Funding Ltd. (New Zealand)
2.10%, 9/14/2021(b)		450		459
2.65%, 11/3/2022(b)		632		654
Capital One Bank USA NA 3.38%, 2/15/2023		300		311
Citigroup, Inc.
3.88%, 3/26/2025		500		540
(ICE LIBOR USD 3 Month + 0.90%), 3.35%, 4/24/2025 (d)		355		378
4.40%, 6/10/2025		865		957
(SOFR + 2.75%), 3.11%, 4/8/2026 (d)		1,900		1,999
4.30%, 11/20/2026		1,200		1,336
6.63%, 1/15/2028		250		319
(ICE LIBOR USD 3 Month + 1.39%), 3.67%, 7/24/2028 (d)		1,573		1,708
(ICE LIBOR USD 3 Month + 1.34%), 3.98%, 3/20/2030 (d)		1,000		1,118
8.13%, 7/15/2039		223		375
Citizens Bank NA 3.70%, 3/29/2023		720		763
Commonwealth Bank of Australia (Australia)
3.45%, 3/16/2023 (b)		600		643
4.50%, 12/9/2025 (b)		832		933
3.74%, 9/12/2039 (b)		711		721
Cooperatieve Rabobank UA (Netherlands)
4.38%, 8/4/2025		783		867
3.75%, 7/21/2026		945		1,023
5.80%, 9/30/2110 (b)		500		871
Credit Agricole SA (France)
3.75%, 4/24/2023 (b)		500		529
4.38%, 3/17/2025 (b)		1,250		1,349
Credit Suisse Group Funding Guernsey Ltd. (Switzerland)
3.80%, 6/9/2023		800		849
3.75%, 3/26/2025		340		369
Discover Bank
3.35%, 2/6/2023		343		352
4.25%, 3/13/2026		1,205		1,289
HSBC Bank plc (United Kingdom) 4.75%, 1/19/2021 (b)		575		590
HSBC Holdings plc (United Kingdom)
4.00%, 3/30/2022		552		581
(ICE LIBOR USD 3 Month + 0.92%), 3.03%, 11/22/2023 (d)		991		1,029
(ICE LIBOR USD 3 Month + 0.99%), 3.95%, 5/18/2024 (d)		1,054		1,125
4.25%, 8/18/2025		939		1,009
3.90%, 5/25/2026		200		220
KeyBank NA 3.18%, 5/22/2022		729		752
Lloyds Banking Group plc (United Kingdom)
(ICE LIBOR USD 3 Month + 0.81%), 2.91%, 11/7/2023 (d)		612		629
4.58%, 12/10/2025		400		433
4.38%, 3/22/2028		475		532
Mitsubishi UFJ Financial Group, Inc. (Japan)
2.95%, 3/1/2021		243		247
3.41%, 3/7/2024		1,260		1,341
3.75%, 7/18/2039		760		837
Mizuho Financial Group, Inc. (Japan)
2.63%, 4/12/2021 (b)		742		755
(ICE LIBOR USD 3 Month + 0.83%), 2.23%, 5/25/2026 (d)		875		886
(ICE LIBOR USD 3 Month + 1.31%), 2.87%, 9/13/2030 (d)		720		751
National Australia Bank Ltd. (Australia)
3.38%, 1/14/2026		800		880

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.88%), 3.93%, 8/2/2034 (b) (d)		1,025		1,087
NatWest Markets plc (United Kingdom) 3.63%, 9/29/2022(b)		1,025		1,066
Nordea Bank Abp (Finland) 4.25%, 9/21/2022(b)		945		989
Royal Bank of Canada (Canada)
3.70%, 10/5/2023		1,000		1,089
4.65%, 1/27/2026		337		387
Royal Bank of Scotland Group plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.76%), 4.27%, 3/22/2025 (d)		480		512
(ICE LIBOR USD 3 Month + 1.75%), 4.89%, 5/18/2029 (d)		290		332
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.10%), 3.75%, 11/1/2029 (d)		900		911
(ICE LIBOR USD 3 Month + 1.87%), 4.44%, 5/8/2030 (d)		640		723
Santander UK Group Holdings plc (United Kingdom)
3.13%, 1/8/2021		452		457
3.57%, 1/10/2023		200		206
Societe Generale SA (France)
3.88%, 3/28/2024 (b)		815		858
3.00%, 1/22/2030 (b)		2,008		1,998
Standard Chartered plc (United Kingdom)
5.20%, 1/26/2024 (b)		700		746
(ICE LIBOR USD 3 Month + 1.08%), 3.89%, 3/15/2024 (b) (d)		400		417
(ICE LIBOR USD 3 Month + 1.21%), 2.82%, 1/30/2026 (b) (d)		570		574
(ICE LIBOR USD 3 Month + 1.91%), 4.30%, 5/21/2030 (b) (d)		550		598
(USD ICE Swap Rate 5 Year + 1.97%), 4.87%, 3/15/2033 (b) (d)		200		213
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.78%, 10/18/2022		542		563
3.10%, 1/17/2023		689		723
4.44%, 4/2/2024 (b)		500		538
2.63%, 7/14/2026		872		920
3.04%, 7/16/2029		1,315		1,399
Truist Bank 3.30%, 5/15/2026		400		428
Truist Financial Corp.
2.90%, 3/3/2021		253		257
4.00%, 5/1/2025		265		299
US Bancorp 7.50%, 6/1/2026		1,277		1,662
Wells Fargo & Co.
3.50%, 3/8/2022		850		890
3.07%, 1/24/2023		500		515
4.48%, 1/16/2024		702		774
3.75%, 1/24/2024		675		726
3.30%, 9/9/2024		1,000		1,077
3.00%, 4/22/2026		993		1,063
(SOFR + 2.00%), 2.19%, 4/30/2026 (d)		425		431
4.10%, 6/3/2026		637		698
(ICE LIBOR USD 3 Month + 1.17%), 3.20%, 6/17/2027 (d)		1,395		1,483
(SOFR + 2.53%), 3.07%, 4/30/2041 (d)		1,120		1,121
4.65%, 11/4/2044		1,180		1,400
4.40%, 6/14/2046		300		339
4.75%, 12/7/2046		325		383
Westpac Banking Corp. (Australia) 2.85%, 5/13/2026		690		750
				95,050
Beverages — 0.9%
Anheuser-Busch Cos. LLC (Belgium)
4.70%, 2/1/2036		3,945		4,499
4.90%, 2/1/2046		2,235		2,592
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		521
3.50%, 6/1/2030		510		560
4.35%, 6/1/2040		800		893
4.44%, 10/6/2048		780		851
4.50%, 6/1/2050		1,050		1,173
4.60%, 6/1/2060		375		424
Coca-Cola Femsa SAB de CV (Mexico) 2.75%, 1/22/2030		790		803
Constellation Brands, Inc.
4.40%, 11/15/2025		325		370
5.25%, 11/15/2048		220		276
Diageo Capital plc (United Kingdom)
1.38%, 9/29/2025		870		879
2.00%, 4/29/2030		1,180		1,199
Diageo Investment Corp. (United Kingdom) 8.00%, 9/15/2022		255		296
Keurig Dr Pepper, Inc.
3.13%, 12/15/2023		500		535
4.42%, 5/25/2025		149		170
3.43%, 6/15/2027		250		271
4.99%, 5/25/2038		215		270
				16,661

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Biotechnology — 0.5%
AbbVie, Inc.
3.38%, 9/15/2020 (b)		453		457
3.45%, 3/15/2022 (b)		937		975
2.80%, 3/15/2023 (b)		525		544
3.85%, 6/15/2024 (b)		443		484
3.20%, 11/21/2029 (b)		1,832		1,963
4.05%, 11/21/2039 (b)		1,809		2,031
4.63%, 10/1/2042 (b)		480		574
4.40%, 11/6/2042		790		918
4.45%, 5/14/2046		190		220
Baxalta, Inc.
3.60%, 6/23/2022		149		156
5.25%, 6/23/2045		50		68
Biogen, Inc.
2.25%, 5/1/2030		315		319
3.15%, 5/1/2050		310		300
				9,009
Building Products — 0.0% (c)
Masco Corp. 6.50%, 8/15/2032		600		705
Capital Markets — 2.3%
Bank of New York Mellon Corp. (The) 2.80%, 5/4/2026		254		279
BlackRock, Inc. 1.90%, 1/28/2031		1,400		1,436
Blackstone Holdings Finance Co. LLC 4.45%, 7/15/2045 (b)		429		463
Brookfield Finance, Inc. (Canada)
3.90%, 1/25/2028		337		353
4.85%, 3/29/2029		411		460
4.70%, 9/20/2047		427		437
Credit Suisse AG (Switzerland) 3.63%, 9/9/2024		402		439
Credit Suisse Group AG (Switzerland)
3.57%, 1/9/2023 (b)		729		752
(SOFR + 1.56%), 2.59%, 9/11/2025 (b) (d)		250		256
4.28%, 1/9/2028 (b)		1,162		1,271
Deutsche Bank AG (Germany)
4.25%, 10/14/2021		1,000		1,015
3.30%, 11/16/2022		1,000		1,009
FMR LLC 6.45%, 11/15/2039 (b)		500		713
Goldman Sachs Group, Inc. (The)
(ICE LIBOR USD 3 Month + 0.82%), 2.88%, 10/31/2022 (d)		505		516
(ICE LIBOR USD 3 Month + 0.99%), 2.90%, 7/24/2023 (d)		493		507
3.50%, 1/23/2025		557		598
3.75%, 5/22/2025		1,984		2,161
4.25%, 10/21/2025		1,415		1,572
3.50%, 11/16/2026		469		506
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (d)		2,093		2,287
6.75%, 10/1/2037		685		947
Intercontinental Exchange, Inc. 4.00%, 10/15/2023		884		979
Invesco Finance plc
4.00%, 1/30/2024		657		697
3.75%, 1/15/2026		390		419
Jefferies Group LLC 6.45%, 6/8/2027		749		831
Macquarie Bank Ltd. (Australia) 4.00%, 7/29/2025 (b)		1,000		1,108
Macquarie Group Ltd. (Australia) 6.25%, 1/14/2021 (b)		1,650		1,700
(ICE LIBOR USD 3 Month + 1.37%), 3.76%, 11/28/2028 (b) (d)		700		734
(ICE LIBOR USD 3 Month + 1.75%), 5.03%, 1/15/2030 (b) (d)		700		799
Morgan Stanley
5.50%, 7/24/2020		475		478
5.50%, 7/28/2021		559		589
3.75%, 2/25/2023		3,429		3,667
(ICE LIBOR USD 3 Month + 0.85%), 3.74%, 4/24/2024 (d)		1,765		1,884
4.00%, 7/23/2025		2,873		3,212
3.88%, 1/27/2026		946		1,064
(SOFR + 1.99%), 2.19%, 4/28/2026 (d)		985		1,012
(ICE LIBOR USD 3 Month + 1.43%), 4.46%, 4/22/2039 (d)		1,265		1,532
4.30%, 1/27/2045		485		588
Nomura Holdings, Inc. (Japan) 2.65%, 1/16/2025		1,094		1,130
Northern Trust Corp. 1.95%, 5/1/2030		1,885		1,935
State Street Corp. 3.10%, 5/15/2023		369		393
UBS AG (Switzerland) 1.75%, 4/21/2022 (b)		870		884
UBS Group AG (Switzerland)
3.49%, 5/23/2023 (b)		269		280
(ICE LIBOR USD 3 Month + 0.95%), 2.86%, 8/15/2023 (b) (d)		200		206
4.13%, 9/24/2025 (b)		300		335
(ICE LIBOR USD 3 Month + 1.47%), 3.13%, 8/13/2030 (b) (d)		965		1,019
				45,452
Chemicals — 0.3%
Air Products and Chemicals, Inc.
1.85%, 5/15/2027		1,540		1,588
2.80%, 5/15/2050		1,080		1,130
Albemarle Corp. 5.45%, 12/1/2044		150		155
DuPont de Nemours, Inc. 5.32%, 11/15/2038		215		272
International Flavors & Fragrances, Inc.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
4.45%, 9/26/2028		300		324
5.00%, 9/26/2048		365		414
Nutrien Ltd. (Canada)
4.20%, 4/1/2029		175		199
4.13%, 3/15/2035		455		489
5.00%, 4/1/2049		230		283
Sherwin-Williams Co. (The) 3.13%, 6/1/2024		381		407
Union Carbide Corp. 7.75%, 10/1/2096		850		1,074
				6,335
Construction Materials — 0.1%
CRH America, Inc. (Ireland)
3.88%, 5/18/2025 (b)		417		450
5.13%, 5/18/2045 (b)		893		995
Martin Marietta Materials, Inc. 3.45%, 6/1/2027		770		811
				2,256
Consumer Finance — 0.2%
AerCap Ireland Capital DAC (Ireland)
3.30%, 1/23/2023		390		357
3.50%, 1/15/2025		600		509
Avolon Holdings Funding Ltd. (Ireland) 4.38%, 5/1/2026 (b)		820		668
Capital One Financial Corp.
3.20%, 2/5/2025		1,069		1,115
4.20%, 10/29/2025		250		264
Park Aerospace Holdings Ltd. (Ireland) 5.25%, 8/15/2022 (b)		620		547
				3,460
Containers & Packaging — 0.1%
Packaging Corp. of America 4.05%, 12/15/2049		845		984
WRKCo, Inc.
3.75%, 3/15/2025		400		432
3.90%, 6/1/2028		170		183
				1,599
Diversified Consumer Services — 0.2%
Emory University Series 2020, 2.14%, 9/1/2030		1,060		1,082
Pepperdine University Series 2020, 3.30%, 12/1/2059		600		622
President & Fellows of Harvard College 3.30%, 7/15/2056		643		776
University of Southern California Series A, 3.23%, 10/1/2120		570		557
				3,037
Diversified Financial Services — 0.7%
CK Hutchison International 19 Ltd. (United Kingdom) 3.63%, 4/11/2029 (b)		1,215		1,346
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/2035		3,583		3,578
GTP Acquisition Partners I LLC
2.35%, 6/15/2020 (b)		1,236		1,239
3.48%, 6/16/2025 (b)		1,436		1,503
Hutchison Whampoa International 12 II Ltd. (United Kingdom) 3.25%, 11/8/2022 (b)		539		559
Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan) 2.65%, 9/19/2022 (b)		606		621
National Rural Utilities Cooperative Finance Corp. 2.95%, 2/7/2024		306		330
ORIX Corp. (Japan) 2.90%, 7/18/2022		553		572
Shell International Finance BV (Netherlands) 2.38%, 11/7/2029		2,280		2,383
Siemens Financieringsmaatschappij NV (Germany)
2.90%, 5/27/2022 (b)		634		663
3.13%, 3/16/2024 (b)		750		807
4.40%, 5/27/2045 (b)		513		651
				14,252
Diversified Telecommunication Services — 0.9%
AT&T, Inc.
3.95%, 1/15/2025		1,126		1,233
3.60%, 7/15/2025		500		543
2.30%, 6/1/2027		2,340		2,367
4.30%, 2/15/2030		826		939
3.50%, 6/1/2041		646		650
5.38%, 10/15/2041		313		382
Deutsche Telekom AG (Germany) 3.63%, 1/21/2050 (b)		685		740
Deutsche Telekom International Finance BV (Germany)
3.60%, 1/19/2027 (b)		175		192
4.88%, 3/6/2042 (b)		232		276
Qwest Corp. 6.75%, 12/1/2021		741		781
Telefonica Emisiones SA (Spain) 5.46%, 2/16/2021		316		326
Verizon Communications, Inc.
2.63%, 8/15/2026		306		330
4.33%, 9/21/2028		962		1,149
3.15%, 3/22/2030		2,190		2,428
4.40%, 11/1/2034		1,895		2,325
4.27%, 1/15/2036		1,445		1,741
5.25%, 3/16/2037		457		615
4.86%, 8/21/2046		396		531
4.67%, 3/15/2055		400		550
				18,098
Electric Utilities — 1.7%
Alabama Power Co. 6.13%, 5/15/2038		239		328
Arizona Public Service Co. 5.05%, 9/1/2041		200		245
Baltimore Gas & Electric Co.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
3.50%, 8/15/2046		376		407
China Southern Power Grid International Finance BVI Co. Ltd. (China) 3.50%, 5/8/2027 (b)		1,234		1,335
Comision Federal de Electricidad (Mexico) 4.88%, 5/26/2021 (b)		831		846
Duke Energy Carolinas LLC 4.25%, 12/15/2041		129		157
Duke Energy Progress LLC
4.10%, 5/15/2042		273		327
4.10%, 3/15/2043		125		148
Duquesne Light Holdings, Inc. 3.62%, 8/1/2027 (b)		750		749
Edison International
3.55%, 11/15/2024		1,591		1,657
5.75%, 6/15/2027		400		451
Emera US Finance LP (Canada) 4.75%, 6/15/2046		700		793
Enel Finance International NV (Italy)
4.63%, 9/14/2025 (b)		265		301
3.63%, 5/25/2027 (b)		740		788
Entergy Arkansas LLC 3.50%, 4/1/2026		175		196
Entergy Corp. 2.95%, 9/1/2026		336		366
Entergy Louisiana LLC 3.05%, 6/1/2031		629		695
Evergy Metro, Inc. 5.30%, 10/1/2041		1,400		1,806
Evergy, Inc. 2.90%, 9/15/2029		985		1,027
FirstEnergy Corp.
2.65%, 3/1/2030		1,095		1,141
Series C, 4.85%, 7/15/2047		289		364
Series C, 3.40%, 3/1/2050		1,040		1,097
FirstEnergy Transmission LLC 4.55%, 4/1/2049 (b)		240		286
Fortis, Inc. (Canada) 3.06%, 10/4/2026		500		536
Hydro-Quebec (Canada)
Series HY, 8.40%, 1/15/2022		1,000		1,125
Series IO, 8.05%, 7/7/2024		350		448
ITC Holdings Corp.
2.70%, 11/15/2022		900		935
2.95%, 5/14/2030 (b)		440		463
Jersey Central Power & Light Co. 4.30%, 1/15/2026 (b)		560		642
John Sevier Combined Cycle Generation LLC 4.63%, 1/15/2042		736		917
Korea Southern Power Co. Ltd. (South Korea) 3.00%, 1/29/2021 (b)		228		231
Mid-Atlantic Interstate Transmission LLC 4.10%, 5/15/2028 (b)		315		357
Nevada Power Co.
Series N, 6.65%, 4/1/2036		100		142
5.45%, 5/15/2041		305		377
Niagara Mohawk Power Corp. 3.51%, 10/1/2024 (b)		493		541
NRG Energy, Inc. 4.45%, 6/15/2029 (b)		615		661
Oncor Electric Delivery Co. LLC 5.75%, 3/15/2029		110		143
Pennsylvania Electric Co. 3.25%, 3/15/2028 (b)		150		161
Pepco Holdings LLC 7.45%, 8/15/2032		316		439
Potomac Electric Power Co. 6.50%, 11/15/2037		1,085		1,568
PPL Capital Funding, Inc. 3.40%, 6/1/2023		200		209
Progress Energy, Inc.
3.15%, 4/1/2022		673		698
7.00%, 10/30/2031		300		411
Public Service Co. of Colorado 3.55%, 6/15/2046		214		231
Public Service Co. of Oklahoma Series G, 6.63%, 11/15/2037		2,490		3,457
Public Service Electric & Gas Co. 5.38%, 11/1/2039		317		434
Southern California Edison Co.
Series B, 3.65%, 3/1/2028		400		443
Series 08-A, 5.95%, 2/1/2038		200		259
4.05%, 3/15/2042		552		612
Southwestern Public Service Co. 4.50%, 8/15/2041		200		241
Toledo Edison Co. (The) 6.15%, 5/15/2037		300		427
				32,618
Electrical Equipment — 0.0% (c)
Eaton Corp.
7.63%, 4/1/2024		300		349
4.00%, 11/2/2032		170		193
				542
Electronic Equipment, Instruments & Components — 0.1%
Arrow Electronics, Inc.
4.50%, 3/1/2023		190		201
3.25%, 9/8/2024		219		230
3.88%, 1/12/2028		442		451
Corning, Inc. 3.90%, 11/15/2049		1,043		1,101
				1,983
Energy Equipment & Services — 0.1%
Baker Hughes Holdings LLC 5.13%, 9/15/2040		300		352
Halliburton Co. 4.75%, 8/1/2043		540		510
Schlumberger Holdings Corp. 4.00%, 12/21/2025 (b)		13		14

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
3.90%, 5/17/2028 (b)		1,126		1,175
				2,051
Entertainment — 0.1%
NBCUniversal Media LLC 5.95%, 4/1/2041		800		1,154
Walt Disney Co. (The)
8.88%, 4/26/2023		430		521
6.20%, 12/15/2034		100		144
				1,819
Equity Real Estate Investment Trusts (REITs) — 1.0%
Alexandria Real Estate Equities, Inc.
3.80%, 4/15/2026		135		148
4.00%, 2/1/2050		653		734
American Campus Communities Operating Partnership LP 3.63%, 11/15/2027		500		474
American Tower Corp.
5.00%, 2/15/2024		974		1,110
3.38%, 10/15/2026		312		344
2.90%, 1/15/2030		350		371
3.70%, 10/15/2049		935		1,035
American Tower Trust #1 3.07%, 3/15/2023 (b)		750		767
Boston Properties LP
3.20%, 1/15/2025		532		558
3.65%, 2/1/2026		483		518
Brixmor Operating Partnership LP 3.85%, 2/1/2025		400		401
Crown Castle International Corp. 4.00%, 3/1/2027		264		295
Digital Realty Trust LP 3.70%, 8/15/2027		252		281
Duke Realty LP 3.25%, 6/30/2026		239		254
Healthcare Trust of America Holdings LP 3.10%, 2/15/2030		1,604		1,525
Healthpeak Properties, Inc.
4.20%, 3/1/2024		230		241
3.88%, 8/15/2024		794		850
3.40%, 2/1/2025		265		276
3.50%, 7/15/2029		772		784
Life Storage LP 4.00%, 6/15/2029		859		888
National Retail Properties, Inc.
4.00%, 11/15/2025		783		822
4.30%, 10/15/2028		620		630
Office Properties Income Trust 4.00%, 7/15/2022		784		774
Realty Income Corp. 4.65%, 3/15/2047		556		669
Regency Centers LP 2.95%, 9/15/2029		745		715
Scentre Group Trust 1 (Australia) 3.50%, 2/12/2025 (b)		420		428
SITE Centers Corp. 4.70%, 6/1/2027		330		324
UDR, Inc.
2.95%, 9/1/2026		382		385
3.00%, 8/15/2031		305		311
Ventas Realty LP
3.50%, 2/1/2025		242		241
4.13%, 1/15/2026		406		408
3.85%, 4/1/2027		554		548
Welltower, Inc.
2.70%, 2/15/2027		414		398
3.10%, 1/15/2030		670		640
6.50%, 3/15/2041		350		419
WP Carey, Inc. 4.25%, 10/1/2026		350		361
				19,927
Food & Staples Retailing — 0.1%
Alimentation Couche-Tard, Inc. (Canada) 3.80%, 1/25/2050 (b)		810		767
CVS Pass-Through Trust Series 2013, 4.70%, 1/10/2036 (b)		647		670
Kroger Co. (The) 5.00%, 4/15/2042		1,100		1,357
				2,794
Food Products — 0.3%
Campbell Soup Co. 4.80%, 3/15/2048		335		426
Cargill, Inc.
3.30%, 3/1/2022 (b)		600		626
3.25%, 3/1/2023 (b)		115		122
2.13%, 4/23/2030 (b)		1,417		1,440
Conagra Brands, Inc. 5.30%, 11/1/2038		220		280
General Mills, Inc.
4.00%, 4/17/2025		490		553
4.15%, 2/15/2043		450		517
Kellogg Co. 2.10%, 6/1/2030		620		620
Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025		153		176
Mondelez International, Inc.
1.50%, 5/4/2025		370		377
2.75%, 4/13/2030		679		716
Tyson Foods, Inc.
4.88%, 8/15/2034		300		362
5.15%, 8/15/2044		210		256
				6,471
Gas Utilities — 0.3%
Atmos Energy Corp.
4.15%, 1/15/2043		828		984
4.13%, 10/15/2044		125		152
Boston Gas Co. 4.49%, 2/15/2042 (b)		308		362
Brooklyn Union Gas Co. (The) 4.27%, 3/15/2048 (b)		440		520
CenterPoint Energy Resources Corp. 4.50%, 1/15/2021		335		339

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Dominion Energy Gas Holdings LLC
2.80%, 11/15/2020		382		385
Series C, 3.90%, 11/15/2049		807		819
Korea Gas Corp. (South Korea) 1.88%, 7/18/2021 (b)		653		658
Southern Natural Gas Co. LLC
8.00%, 3/1/2032		351		487
4.80%, 3/15/2047 (b)		367		398
				5,104
Health Care Equipment & Supplies — 0.3%
Abbott Laboratories
4.75%, 11/30/2036		380		503
4.90%, 11/30/2046		1,185		1,671
Becton Dickinson and Co. 4.67%, 6/6/2047		600		747
Boston Scientific Corp. 3.75%, 3/1/2026		530		600
Covidien International Finance SA 2.95%, 6/15/2023		399		424
DH Europe Finance II SARL 3.25%, 11/15/2039		1,000		1,090
				5,035
Health Care Providers & Services — 0.7%
Advocate Health & Hospitals Corp. Series 2020, 2.21%, 6/15/2030		710		721
Aetna, Inc. 6.75%, 12/15/2037		440		623
Anthem, Inc.
4.63%, 5/15/2042		500		614
4.65%, 1/15/2043		535		662
4.65%, 8/15/2044		100		125
Ascension Health Series B, 2.53%, 11/15/2029		430		452
Cigna Corp. 4.50%, 2/25/2026 (b)		300		348
CVS Health Corp.
4.30%, 3/25/2028		779		888
3.25%, 8/15/2029		895		968
HCA, Inc.
5.25%, 6/15/2026		850		968
5.13%, 6/15/2039		725		844
Mayo Clinic Series 2016, 4.13%, 11/15/2052		225		266
Memorial Health Services 3.45%, 11/1/2049		1,340		1,322
Memorial Sloan-Kettering Cancer Center Series 2015, 4.20%, 7/1/2055		200		251
Quest Diagnostics, Inc. 3.45%, 6/1/2026		150		166
Rush Obligated Group Series 2020, 3.92%, 11/15/2029		1,137		1,248
Texas Health Resources 4.33%, 11/15/2055		300		365
UnitedHealth Group, Inc.
2.00%, 5/15/2030		600		618
4.63%, 7/15/2035		400		522
3.50%, 8/15/2039		815		938
				12,909
Hotels, Restaurants & Leisure — 0.1%
McDonald’s Corp. 4.70%, 12/9/2035		700		878
Starbucks Corp. 2.55%, 11/15/2030		780		797
				1,675
Household Products — 0.0% (c)
Reckitt Benckiser Treasury Services plc (United Kingdom) 2.38%, 6/24/2022 (b)		700		720
Independent Power and Renewable Electricity Producers — 0.0% (c)
Exelon Generation Co. LLC 5.75%, 10/1/2041		235		264
Tri-State Generation & Transmission Association, Inc. 4.25%, 6/1/2046		417		483
				747
Industrial Conglomerates — 0.2%
General Electric Co.
3.10%, 1/9/2023		573		590
5.55%, 1/5/2026		1,114		1,237
3.45%, 5/1/2027		540		535
3.63%, 5/1/2030		780		771
5.88%, 1/14/2038		95		106
Honeywell International, Inc. 1.95%, 6/1/2030		1,050		1,074
Roper Technologies, Inc. 3.00%, 12/15/2020		192		194
				4,507
Insurance — 1.0%
AIA Group Ltd. (Hong Kong) 3.60%, 4/9/2029 (b)		445		482
AIG SunAmerica Global Financing X 6.90%, 3/15/2032 (b)		520		732
American International Group, Inc. 3.88%, 1/15/2035		605		659
Assurant, Inc. 4.20%, 9/27/2023		660		692
Athene Global Funding 2.95%, 11/12/2026 (b)		2,800		2,792
Berkshire Hathaway Finance Corp. 4.40%, 5/15/2042		1,000		1,254
CNA Financial Corp. 3.95%, 5/15/2024		463		499
Dai-ichi Life Insurance Co. Ltd. (The) (Japan) (ICE LIBOR USD 3 Month + 3.66%), 4.00%, 7/24/2026 (b) (d) (e) (f)		526		556
Guardian Life Insurance Co. of America (The) 4.85%, 1/24/2077 (b)		208		250

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Hartford Financial Services Group, Inc. (The) 4.30%, 4/15/2043		400		450
Jackson National Life Global Funding 3.05%, 4/29/2026(b)		675		716
Liberty Mutual Group, Inc.
4.57%, 2/1/2029(b)		408		460
3.95%, 10/15/2050(b)		900		918
Liberty Mutual Insurance Co. 8.50%, 5/15/2025(b)		100		125
Lincoln National Corp. 4.20%, 3/15/2022		598		632
Markel Corp. 3.50%, 11/1/2027		200		211
MassMutual Global Funding II 2.50%, 10/17/2022(b)		626		653
MetLife, Inc. 4.88%, 11/13/2043		600		761
Metropolitan Life Global Funding I 3.88%, 4/11/2022(b)		1,277		1,343
OneBeacon US Holdings, Inc. 4.60%, 11/9/2022		500		529
Pacific Life Insurance Co. (ICE LIBOR USD 3 Month + 2.80%), 4.30%, 10/24/2067(b)(d)		266		262
Progressive Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.54%), 5.38%, 3/15/2023(d)(e)(f)		360		347
Prudential Financial, Inc. 3.91%, 12/7/2047		300		318
Prudential Insurance Co. of America (The) 8.30%, 7/1/2025(b)		1,750		2,253
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		661
Teachers Insurance & Annuity Association of America 4.27%, 5/15/2047(b)		400		470
				19,025
IT Services — 0.4%
DXC Technology Co. 4.25%, 4/15/2024		478		504
Fiserv, Inc.
3.20%, 7/1/2026		395		430
4.40%, 7/1/2049		375		455
Global Payments, Inc. 4.15%, 8/15/2049		795		890
International Business Machines Corp.
3.30%, 5/15/2026		1,530		1,714
1.70%, 5/15/2027		2,675		2,714
Western Union Co. (The) 3.60%, 3/15/2022		1,100		1,145
				7,852
Life Sciences Tools & Services — 0.0% (c)
Thermo Fisher Scientific, Inc.
3.00%, 4/15/2023		369		393
4.15%, 2/1/2024		343		382
				775
Machinery — 0.1%
nVent Finance SARL (United Kingdom) 4.55%, 4/15/2028		450		479
Otis Worldwide Corp. 2.57%, 2/15/2030(b)		1,430		1,444
Parker-Hannifin Corp. 4.45%, 11/21/2044		592		680
Xylem, Inc. 3.25%, 11/1/2026		197		213
				2,816
Media — 0.8%
Charter Communications Operating LLC
6.38%, 10/23/2035		528		691
4.80%, 3/1/2050		1,475		1,642
Comcast Corp.
3.95%, 10/15/2025		696		797
3.15%, 3/1/2026		740		821
3.55%, 5/1/2028		443		502
1.95%, 1/15/2031		1,345		1,347
4.20%, 8/15/2034		555		674
4.60%, 10/15/2038		845		1,049
3.25%, 11/1/2039		715		782
3.45%, 2/1/2050		918		1,017
4.95%, 10/15/2058		620		868
Cox Communications, Inc. 4.60%, 8/15/2047(b)		275		322
Discovery Communications LLC 6.35%, 6/1/2040		569		700
Grupo Televisa SAB (Mexico)
4.63%, 1/30/2026		221		236
6.13%, 1/31/2046		200		241
Time Warner Cable LLC
6.55%, 5/1/2037		400		510
5.50%, 9/1/2041		359		424
Time Warner Entertainment Co. LP 8.38%, 7/15/2033		700		1,022
ViacomCBS, Inc.
4.00%, 1/15/2026		792		847
4.85%, 7/1/2042		140		138
4.38%, 3/15/2043		464		442
				15,072
Metals & Mining — 0.1%
Anglo American Capital plc (South Africa) 4.00%, 9/11/2027(b)		500		510
Barrick Gold Corp. (Canada) 6.45%, 10/15/2035		295		402
Steel Dynamics, Inc.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
3.45%, 4/15/2030		909		903
				1,815
Multiline Retail — 0.0% (c)
Dollar General Corp. 4.13%, 5/1/2028		235		267
Multi-Utilities — 0.4%
CMS Energy Corp. 3.00%, 5/15/2026		475		507
Delmarva Power & Light Co. 4.00%, 6/1/2042		235		257
Dominion Energy, Inc.
Series B, 2.75%, 1/15/2022		331		341
Series F, 5.25%, 8/1/2033		920		1,076
NiSource, Inc.
3.85%, 2/15/2023		370		390
5.80%, 2/1/2042		1,256		1,686
San Diego Gas & Electric Co.
6.00%, 6/1/2026		275		342
3.95%, 11/15/2041		379		415
Sempra Energy 4.05%, 12/1/2023		1,013		1,100
Southern Co. Gas Capital Corp.
3.50%, 9/15/2021		563		574
3.25%, 6/15/2026		254		268
				6,956
Oil, Gas & Consumable Fuels — 1.8%
Apache Corp.
3.25%, 4/15/2022		56		54
4.75%, 4/15/2043		556		430
APT Pipelines Ltd. (Australia) 4.25%, 7/15/2027 (b)		732		793
Boardwalk Pipelines LP 4.80%, 5/3/2029		410		400
BP Capital Markets plc (United Kingdom) 3.51%, 3/17/2025		451		498
Buckeye Partners LP 5.85%, 11/15/2043		770		642
Cameron LNG LLC 3.70%, 1/15/2039 (b)		961		990
Chevron Corp. 2.24%, 5/11/2030		615		648
Ecopetrol SA (Colombia)
5.88%, 9/18/2023		226		244
4.13%, 1/16/2025		533		540
Enable Midstream Partners LP
4.95%, 5/15/2028		325		275
4.15%, 9/15/2029		594		484
Enbridge, Inc. (Canada)
3.70%, 7/15/2027		215		230
4.50%, 6/10/2044		350		362
(ICE LIBOR USD 3 Month + 3.64%), 6.25%, 3/1/2078 (d)		400		384
Energy Transfer Operating LP
4.75%, 1/15/2026		321		342
6.25%, 4/15/2049		800		868
Eni SpA (Italy) 5.70%, 10/1/2040 (b)		925		976
Enterprise Products Operating LLC
3.90%, 2/15/2024		475		519
3.70%, 2/15/2026		506		564
4.20%, 1/31/2050		530		569
3.70%, 1/31/2051		770		774
3.95%, 1/31/2060		490		490
Exxon Mobil Corp.
2.99%, 3/19/2025		1,410		1,543
2.61%, 10/15/2030		1,290		1,372
3.00%, 8/16/2039		895		950
Hess Corp. 6.00%, 1/15/2040		510		514
Kinder Morgan, Inc. 4.30%, 3/1/2028		1,090		1,216
Magellan Midstream Partners LP
3.20%, 3/15/2025		353		361
5.15%, 10/15/2043		600		643
Marathon Petroleum Corp. 3.63%, 9/15/2024		200		208
MPLX LP
5.25%, 1/15/2025		268		278
4.13%, 3/1/2027		259		268
4.50%, 4/15/2038		338		335
5.20%, 3/1/2047		323		351
4.70%, 4/15/2048		65		66
5.50%, 2/15/2049		585		662
Noble Energy, Inc. 6.00%, 3/1/2041		999		918
ONEOK Partners LP
3.38%, 10/1/2022		151		152
5.00%, 9/15/2023		334		354
6.65%, 10/1/2036		350		385
ONEOK, Inc.
3.40%, 9/1/2029		615		568
5.20%, 7/15/2048		850		856
Ovintiv, Inc. 7.38%, 11/1/2031		760		650
Phillips 66 Partners LP 3.15%, 12/15/2029		985		964
Plains All American Pipeline LP 4.70%, 6/15/2044		610		535
Spectra Energy Partners LP 5.95%, 9/25/2043		452		556
Suncor Energy, Inc. (Canada) 6.80%, 5/15/2038		1,195		1,524
Sunoco Logistics Partners Operations LP
3.90%, 7/15/2026		244		246
6.10%, 2/15/2042		400		411
5.30%, 4/1/2044		170		168
TC PipeLines LP 3.90%, 5/25/2027		391		400
Texas Eastern Transmission LP
2.80%, 10/15/2022 (b)		554		560
3.50%, 1/15/2028 (b)		90		92
Total Capital International SA (France)

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
3.46%, 7/12/2049		815		872
3.13%, 5/29/2050		1,180		1,192
TransCanada PipeLines Ltd. (Canada) 4.88%, 1/15/2026		394		457
Valero Energy Corp.
2.70%, 4/15/2023		735		761
7.50%, 4/15/2032		175		230
Williams Cos., Inc. (The)
3.90%, 1/15/2025		512		547
4.85%, 3/1/2048		409		455
				34,696
Personal Products — 0.1%
Estee Lauder Cos., Inc. (The) 2.60%, 4/15/2030		1,880		2,032
Pharmaceuticals — 0.6%
AstraZeneca plc (United Kingdom)
6.45%, 9/15/2037		300		452
4.00%, 9/18/2042		240		293
Bristol-Myers Squibb Co.
3.20%, 6/15/2026 (b)		810		909
4.13%, 6/15/2039 (b)		545		690
5.70%, 10/15/2040 (b)		633		911
5.00%, 8/15/2045 (b)		975		1,345
Eli Lilly and Co. 2.25%, 5/15/2050		575		541
Mylan NV 3.95%, 6/15/2026		300		326
Pfizer, Inc.
3.90%, 3/15/2039		950		1,145
2.55%, 5/28/2040		550		556
Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026		1,713		1,891
Takeda Pharmaceutical Co. Ltd. (Japan) 5.00%, 11/26/2028		895		1,096
Zoetis, Inc. 2.00%, 5/15/2030		760		765
				10,920
Road & Rail — 0.4%
Burlington Northern Santa Fe LLC
5.75%, 5/1/2040		425		590
4.38%, 9/1/2042		375		456
5.15%, 9/1/2043		769		1,027
3.55%, 2/15/2050		653		728
CSX Corp.
5.50%, 4/15/2041		150		200
4.75%, 5/30/2042		191		238
4.75%, 11/15/2048		600		771
3.35%, 9/15/2049		95		102
JB Hunt Transport Services, Inc. 3.88%, 3/1/2026		515		580
Norfolk Southern Corp. 4.05%, 8/15/2052		600		695
Penske Truck Leasing Co. LP 4.13%, 8/1/2023 (b)		1,131		1,195
Ryder System, Inc. 2.88%, 9/1/2020		517		517
				7,099
Semiconductors & Semiconductor Equipment — 0.3%
Analog Devices, Inc. 4.50%, 12/5/2036		300		350
Broadcom, Inc.
4.11%, 9/15/2028 (b)		1,838		1,932
4.75%, 4/15/2029 (b)		1,575		1,725
QUALCOMM, Inc. 2.15%, 5/20/2030		2,055		2,108
				6,115
Software — 0.4%
Microsoft Corp.
3.50%, 2/12/2035		291		352
4.20%, 11/3/2035		615		807
4.10%, 2/6/2037		800		1,018
4.00%, 2/12/2055		660		863
3.95%, 8/8/2056		324		423
Oracle Corp.
4.30%, 7/8/2034		82		101
3.80%, 11/15/2037		500		569
3.60%, 4/1/2040		1,600		1,768
4.38%, 5/15/2055		900		1,138
				7,039
Specialty Retail — 0.2%
Home Depot, Inc. (The) 3.13%, 12/15/2049		1,630		1,779
Lowe’s Cos., Inc.
3.65%, 4/5/2029		418		473
4.65%, 4/15/2042		739		909
4.55%, 4/5/2049		403		502
O’Reilly Automotive, Inc. 3.60%, 9/1/2027		432		473
TJX Cos., Inc. (The) 3.88%, 4/15/2030		490		575
				4,711
Technology Hardware, Storage & Peripherals — 0.4%
Apple, Inc.
3.20%, 5/11/2027		686		774
3.00%, 6/20/2027		1,125		1,257
3.85%, 5/4/2043		150		185
3.45%, 2/9/2045		1,130		1,306
3.85%, 8/4/2046		569		696
3.75%, 11/13/2047		150		181
2.95%, 9/11/2049		1,094		1,182
Dell International LLC 6.02%, 6/15/2026 (b)		1,410		1,593
				7,174
Thrifts & Mortgage Finance — 0.1%
BPCE SA (France)
4.63%, 7/11/2024 (b)		800		852
3.38%, 12/2/2026		400		438
				1,290
Tobacco — 0.0% (c)
BAT Capital Corp. (United Kingdom) 4.54%, 8/15/2047		265		281

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Reynolds American, Inc. (United Kingdom) 7.00%, 8/4/2041		100		120
				401
Trading Companies & Distributors — 0.2%
Air Lease Corp.
3.75%, 6/1/2026		985		897
3.25%, 10/1/2029		2,080		1,771
Aviation Capital Group LLC
3.88%, 5/1/2023 (b)		490		392
3.50%, 11/1/2027 (b)		700		485
BOC Aviation Ltd. (Singapore)
2.75%, 9/18/2022 (b)		450		450
3.50%, 10/10/2024 (b)		310		318
International Lease Finance Corp. 5.88%, 8/15/2022		506		514
				4,827
Water Utilities — 0.1%
American Water Capital Corp.
3.45%, 6/1/2029		795		893
3.45%, 5/1/2050		1,096		1,202
				2,095
Wireless Telecommunication Services — 0.5%
America Movil SAB de CV (Mexico)
3.63%, 4/22/2029		880		961
4.38%, 4/22/2049		441		521
Rogers Communications, Inc. (Canada) 4.35%, 5/1/2049		560		680
T-Mobile USA, Inc.
3.50%, 4/15/2025 (b)		1,420		1,521
3.75%, 4/15/2027 (b)		2,275		2,461
3.88%, 4/15/2030 (b)		1,980		2,146
Vodafone Group plc (United Kingdom)
5.25%, 5/30/2048		496		643
4.88%, 6/19/2049		1,105		1,376
				10,309
TOTAL CORPORATE BONDS (Cost $446,030)				480,794
MORTGAGE-BACKED SECURITIES — 17.7%
FHLMC
Pool # 846812, ARM, 4.05%, 4/1/2030 (g)		7		7
Pool # 781087, ARM, 3.98%, 12/1/2033 (g)		183		186
Pool # 1B1665, ARM, 3.64%, 4/1/2034 (g)		135		139
Pool # 847356, ARM, 4.19%, 12/1/2034 (g)		95		95
Pool # 782979, ARM, 3.88%, 1/1/2035 (g)		149		157
Pool # 1Q0025, ARM, 3.88%, 2/1/2036 (g)		51		54
Pool # 848431, ARM, 4.14%, 2/1/2036 (g)		94		99
Pool # 1L1286, ARM, 3.75%, 5/1/2036 (g)		32		34
Pool # 848365, ARM, 4.37%, 7/1/2036 (g)		88		92
Pool # 1A1096, ARM, 3.36%, 10/1/2036 (g)		124		129
Pool # 1G2539, ARM, 3.85%, 10/1/2036 (g)		12		12
Pool # 1J1348, ARM, 4.21%, 10/1/2036 (g)		71		71
Pool # 1G2671, ARM, 3.65%, 11/1/2036 (g)		114		116
Pool # 782760, ARM, 4.33%, 11/1/2036 (g)		140		147
Pool # 1J1634, ARM, 4.09%, 12/1/2036 (g)		83		88
Pool # 1J0282, ARM, 3.88%, 2/1/2037 (g)		43		44
Pool # 1Q0739, ARM, 3.75%, 3/1/2037 (g)		156		163
Pool # 848699, ARM, 4.22%, 7/1/2040 (g)		240		250
FHLMC Gold Pools, 20 Year Pool # C91403, 3.50%, 3/1/2032 251				270
FHLMC Gold Pools, 30 Year
Pool # C68485, 7.00%, 7/1/2032		20		23
Pool # G01448, 7.00%, 8/1/2032		45		53
Pool # A13625, 5.50%, 10/1/2033		236		276
Pool # A16107, 6.00%, 12/1/2033		74		82
Pool # A17537, 6.00%, 1/1/2034		97		114
Pool # A61572, 5.00%, 9/1/2034		531		610
Pool # A28796, 6.50%, 11/1/2034		102		121
Pool # G03369, 6.50%, 1/1/2035		239		271
Pool # A46987, 5.50%, 7/1/2035		510		586
Pool # G01919, 4.00%, 9/1/2035		305		328
Pool # C02641, 7.00%, 10/1/2036		83		97
Pool # C02660, 6.50%, 11/1/2036		174		203
Pool # A93383, 5.00%, 8/1/2040		450		516

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Pool # A93511, 5.00%, 8/1/2040		498			571
Pool # G06493, 4.50%, 5/1/2041		1,779			1,979
FHLMC Gold Pools, Other
Pool # P20570, 7.00%, 7/1/2029		43			48
Pool # G20027, 10.00%, 10/1/2030		12			13
Pool # U50105, 4.00%, 1/1/2032		605			649
Pool # U80254, 3.00%, 3/1/2033		480			510
Pool # P20409, 5.50%, 10/1/2033		89			98
Pool # P50201, 5.50%, 1/1/2034		56			60
Pool # U90975, 4.00%, 6/1/2042		2,062			2,255
Pool # U90673, 4.00%, 1/1/2043		479			524
Pool # U99134, 4.00%, 1/1/2046		8,356			9,144
Pool # U69030, 4.50%, 1/1/2046		3,493			3,863
FNMA
Pool # 470623, ARM, 1.13%, 3/1/2022 (g)		837			833
Pool # 54844, ARM, 2.70%, 9/1/2027 (g)		12			13
Pool # 303532, ARM, 4.05%, 3/1/2029 (g)		9			9
Pool # 555258, ARM, 3.28%, 1/1/2033 (g)		384			388
Pool # 722421, ARM, 3.29%, 7/1/2033 (g)		38			38
Pool # 686040, ARM, 3.85%, 7/1/2033 (g)		134			134
Pool # 722985, ARM, 4.53%, 7/1/2033 (g)		18			18
Pool # 746299, ARM, 4.06%, 9/1/2033 (g)		115			120
Pool # 749923, ARM, 3.90%, 11/1/2033 (g)		10			10
Pool # 766610, ARM, 3.71%, 1/1/2034 (g)		80			82
Pool # 920467, ARM, 4.75%, 2/1/2034 (g)		82			82
Pool # 770377, ARM, 3.11%, 4/1/2034 (g)		78			79
Pool # 751531, ARM, 2.71%, 5/1/2034 (g)		103			104
Pool # 782306, ARM, 3.80%, 7/1/2034 (g)		25			25
Pool # 790235, ARM, 3.74%, 8/1/2034 (g)		101			103
Pool # 735332, ARM, 3.86%, 8/1/2034 (g)		190			198
Pool # 791961, ARM, 3.19%, 9/1/2034 (g)		30			31
Pool # 725902, ARM, 3.90%, 9/1/2034 (g)		14			14
Pool # 803594, ARM, 3.56%, 10/1/2034 (g)		150			151
Pool # 803599, ARM, 3.67%, 10/1/2034 (g)		132			133
Pool # 896463, ARM, 4.44%, 10/1/2034 (g)		97			102
Pool # 806776, ARM, 2.83%, 11/1/2034 (g)		146			147
Pool # 806778, ARM, 3.48%, 11/1/2034 (g)		405			408
Pool # 810896, ARM, 3.03%, 1/1/2035 (g)		325			334
Pool # 802692, ARM, 3.62%, 1/1/2035 (g)		256			258
Pool # 816597, ARM, 3.54%, 2/1/2035 (g)		18			18
Pool # 745862, ARM, 3.49%, 4/1/2035 (g)		86			88
Pool # 735539, ARM, 3.67%, 4/1/2035 (g)		485			507
Pool # 821378, ARM, 2.14%, 5/1/2035 (g)		86			86
Pool # 823660, ARM, 2.88%, 5/1/2035 (g)		66			67
Pool # 745766, ARM, 3.73%, 6/1/2035 (g)		222			226
Pool # 843026, ARM, 3.35%, 9/1/2035 (g)		350			359
Pool # 832801, ARM, 3.73%, 9/1/2035 (g)		60			62
Pool # 849251, ARM, 3.66%, 1/1/2036 (g)		89			91
Pool # 872622, ARM, 2.42%, 6/1/2036 (g)		26			26
Pool # 895141, ARM, 3.44%, 7/1/2036 (g)		107			110
Pool # 900197, ARM, 4.27%, 10/1/2036 (g)		80			85
Pool # 966946, ARM, 3.79%, 1/1/2038 (g)		34			34
FNMA UMBS, 15 Year
Pool # 735911, 6.50%, 8/1/2020		—	(h)		—	(h)
Pool # 889634, 6.00%, 2/1/2023		187			195
Pool # 995381, 6.00%, 1/1/2024		44			46
Pool # 995425, 6.00%, 1/1/2024		109			115
Pool # AD0133, 5.00%, 8/1/2024		43			45

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
FNMA UMBS, 20 Year
Pool # 254305, 6.50%, 5/1/2022		10		11
Pool # 555791, 6.50%, 12/1/2022		27		30
Pool # 255217, 4.50%, 4/1/2024		20		22
Pool # 888656, 6.50%, 4/1/2025		41		46
Pool # MA1138, 3.50%, 8/1/2032		579		621
FNMA UMBS, 30 Year
Pool # 50966, 7.00%, 1/1/2024		1		1
Pool # 399269, 7.00%, 4/1/2026		26		27
Pool # 689977, 8.00%, 3/1/2027		35		39
Pool # 695533, 8.00%, 6/1/2027		13		15
Pool # 756024, 8.00%, 9/1/2028		58		66
Pool # 755973, 8.00%, 11/1/2028		113		132
Pool # 455759, 6.00%, 12/1/2028		15		17
Pool # 252211, 6.00%, 1/1/2029		19		21
Pool # 459097, 7.00%, 1/1/2029		6		6
Pool # 889020, 6.50%, 11/1/2029		290		327
Pool # 598559, 6.50%, 8/1/2031		29		35
Pool # 622542, 5.50%, 9/1/2031		241		273
Pool # 788150, 6.00%, 3/1/2032		31		35
Pool # 649734, 7.00%, 6/1/2032		31		34
Pool # 675555, 6.00%, 12/1/2032		81		92
Pool # AL0045, 6.00%, 12/1/2032		298		343
Pool # 674349, 6.00%, 3/1/2033		12		13
Pool # 688625, 6.00%, 3/1/2033		21		24
Pool # 688655, 6.00%, 3/1/2033		24		27
Pool # 695584, 6.00%, 3/1/2033		6		7
Pool # 702901, 6.00%, 5/1/2033		96		112
Pool # 723852, 5.00%, 7/1/2033		122		139
Pool # 729296, 5.00%, 7/1/2033		256		291
Pool # 729379, 6.00%, 8/1/2033		23		26
Pool # 737825, 6.00%, 9/1/2033		31		36
Pool # 750977, 4.50%, 11/1/2033		86		95
Pool # 725017, 5.50%, 12/1/2033		406		474
Pool # 751341, 5.50%, 3/1/2034		42		47
Pool # 888568, 5.00%, 12/1/2034		9		11
Pool # 815426, 4.50%, 2/1/2035		1		1
Pool # AD0755, 7.00%, 6/1/2035		2,808		3,347
Pool # 820347, 5.00%, 9/1/2035		80		92
Pool # 833657, 7.50%, 8/1/2036		40		46
Pool # 986648, 6.00%, 9/1/2037		139		160
Pool # 888892, 7.50%, 11/1/2037		43		52
Pool # 257510, 7.00%, 12/1/2038		123		151
Pool # AD0753, 7.00%, 1/1/2039		94		113
Pool # AT5891, 3.00%, 6/1/2043		2,851		3,104
Pool # AL7527, 4.50%, 9/1/2043		1,401		1,559
Pool # BM3500, 4.00%, 9/1/2047		4,332		4,816
Pool # BJ1778, 4.50%, 10/1/2047		1,670		1,815
Pool # BN9180, 4.00%, 6/1/2049		1,429		1,532
Pool # BK8753, 4.50%, 6/1/2049		4,288		4,713
Pool # BO1219, 4.50%, 6/1/2049		4,930		5,323
Pool # BO7077, 3.00%, 9/1/2049		3,672		3,878
FNMA, 30 Year
Pool # 535183, 8.00%, 6/1/2028		14		16
Pool # 252409, 6.50%, 3/1/2029		52		58
Pool # 653815, 7.00%, 2/1/2033		9		9
Pool # 752786, 6.00%, 9/1/2033		62		69
Pool # 931717, 6.50%, 8/1/2039		281		321

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
FNMA, Other
Pool # FN0005, 3.44%, 11/1/2020 (g)		313		316
Pool # 466836, 3.87%, 1/1/2021		1,436		1,441
Pool # FN0003, 4.33%, 1/1/2021 (g)		626		629
Pool # 467344, 4.48%, 2/1/2021		2,581		2,601
Pool # 468102, 4.34%, 6/1/2021		5,000		5,091
Pool # AL0602, 4.21%, 7/1/2021 (g)		758		779
Pool # 468159, 4.26%, 7/1/2021		1,887		1,925
Pool # AM1771, 2.12%, 9/1/2021		2,500		2,543
Pool # 470407, 3.16%, 2/1/2022		2,417		2,479
Pool # 470622, 2.75%, 3/1/2022		515		528
Pool # 471177, 2.94%, 5/1/2022		1,273		1,308
Pool # 471254, 2.98%, 7/1/2022		2,371		2,446
Pool # 471284, 2.98%, 7/1/2022		1,897		1,965
Pool # AM3789, 3.02%, 7/1/2023		2,214		2,343
Pool # AM7245, 2.95%, 8/1/2023		4,378		4,619
Pool # AM4066, 3.59%, 8/1/2023		2,500		2,691
Pool # AM4628, 3.69%, 11/1/2023		1,469		1,591
Pool # AM4668, 3.76%, 11/1/2023		1,929		2,091
Pool # AM4716, 3.38%, 12/1/2023		1,922		2,072
Pool # AM7231, 2.92%, 12/1/2024		3,972		4,277
Pool # AM7589, 2.95%, 12/1/2024		1,534		1,651
Pool # AM7290, 2.97%, 12/1/2024		3,440		3,713
Pool # AM7576, 3.04%, 12/1/2024		3,973		4,300
Pool # AM7124, 3.11%, 12/1/2024		2,483		2,694
Pool # 470300, 3.64%, 1/1/2025		895		985
Pool # AM3833, 3.25%, 7/1/2025		3,547		3,898
Pool # AM4991, 3.97%, 12/1/2025		1,703		1,927
Pool # AL6805, 3.78%, 1/1/2026 (g)		3,456		3,881
Pool # 468645, 4.54%, 7/1/2026		2,575		2,961
Pool # AM6448, 3.25%, 9/1/2026		9,714		10,868
Pool # AM7223, 3.11%, 12/1/2026		3,454		3,824
Pool # AM7118, 3.14%, 12/1/2026		2,755		3,063
Pool # AM7485, 3.24%, 12/1/2026		4,235		4,769
Pool # AM7390, 3.26%, 12/1/2026		3,766		4,222
Pool # AM7265, 3.30%, 12/1/2026		3,849		4,328
Pool # AM7515, 3.34%, 2/1/2027		3,000		3,376
Pool # AM8432, 2.79%, 5/1/2027		9,000		9,896
Pool # AM8803, 2.78%, 6/1/2027		4,878		5,350
Pool # AM8987, 2.79%, 6/1/2027		1,820		1,994
Pool # AM9003, 2.96%, 6/1/2027		2,825		3,122
Pool # BL1040, 3.81%, 12/1/2028		3,000		3,531
Pool # BL4364, 2.24%, 11/1/2029		5,456		5,877
Pool # BL4333, 2.52%, 11/1/2029		6,200		6,789
Pool # AM7785, 3.17%, 2/1/2030		2,885		3,266
Pool # AM7516, 3.55%, 2/1/2030		2,000		2,299
Pool # AM8544, 3.08%, 4/1/2030		7,709		8,677
Pool # AM8889, 2.92%, 5/1/2030		8,000		8,793
Pool # AM8804, 3.10%, 5/1/2030		3,666		4,134
Pool # AM8807, 3.10%, 5/1/2030		4,734		5,335
Pool # AM9020, 2.97%, 6/1/2030		3,868		4,323
Pool # AM8967, 3.08%, 6/1/2030		6,061		6,844
Pool # AM9320, 3.30%, 7/1/2030		4,022		4,631
Pool # AM9219, 3.35%, 9/1/2030		1,837		2,109
Pool # BL4315, 2.39%, 9/1/2031		4,550		4,920
Pool # AP9632, 4.00%, 10/1/2032		525		565
Pool # AP9762, 4.00%, 10/1/2032		654		707

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Pool # AQ7084, 3.50%, 12/1/2032		679			731
Pool # AT2703, 3.50%, 5/1/2033		1,548			1,665
Pool # AT2954, 3.50%, 5/1/2033		988			1,063
Pool # AT4180, 3.50%, 5/1/2033		894			957
Pool # AT4939, 3.50%, 5/1/2033		836			899
Pool # 754922, 5.50%, 9/1/2033		84			96
Pool # 762520, 4.00%, 11/1/2033		447			481
Pool # AM8922, 3.03%, 6/1/2035		2,756			3,120
Pool # AM9188, 3.12%, 6/1/2035		7,000			7,894
Pool # 849215, 6.50%, 1/1/2036		20			21
Pool # 872740, 6.50%, 6/1/2036		80			93
Pool # 886320, 6.50%, 7/1/2036		25			27
Pool # 888796, 6.00%, 9/1/2037		66			72
Pool # AO7225, 4.00%, 7/1/2042		624			683
Pool # AO9352, 4.00%, 7/1/2042		736			805
Pool # MA1125, 4.00%, 7/1/2042		1,016			1,110
Pool # AR1397, 3.00%, 1/1/2043		1,542			1,645
Pool # MA1711, 4.50%, 12/1/2043		3,059			3,411
Pool # MA1828, 4.50%, 3/1/2044		2,322			2,589
FNMA/FHLMC UMBS, Single Family, 30 Year
TBA, 2.00%, 7/25/2050 (i)		10,480			10,663
TBA, 2.50%, 7/25/2050 (i)		12,250			12,679
GNMA I, 30 Year
Pool # 313110, 7.50%, 11/15/2022		—	(h)		—	(h)
Pool # 345288, 7.50%, 3/15/2023		1			1
Pool # 782507, 9.50%, 10/15/2024		4			5
Pool # 554108, 6.50%, 3/15/2028		43			47
Pool # 481872, 7.50%, 7/15/2028		4			4
Pool # 468149, 8.00%, 8/15/2028		3			3
Pool # 486537, 7.50%, 9/15/2028		10			11
Pool # 486631, 6.50%, 10/15/2028		5			5
Pool # 591882, 6.50%, 7/15/2032		15			16
Pool # 607645, 6.50%, 2/15/2033		34			39
Pool # 607724, 7.00%, 2/15/2033		35			41
Pool # 604209, 6.50%, 4/15/2033		38			43
Pool # 781614, 7.00%, 6/15/2033		68			84
Pool # BM2141, 5.00%, 7/15/2049		1,668			1,910
GNMA II, 30 Year
Pool # 2006, 8.50%, 5/20/2025		10			10
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			3
Pool # 2324, 8.00%, 11/20/2026		3			4
Pool # 2499, 8.00%, 10/20/2027		5			6
Pool # 2512, 8.00%, 11/20/2027		7			8
Pool # 2525, 8.00%, 12/20/2027		3			3
Pool # 2549, 7.50%, 2/20/2028		5			6
Pool # 2646, 7.50%, 9/20/2028		13			15
Pool # 2647, 8.00%, 9/20/2028		2			2
Pool # 3427, 4.50%, 8/20/2033		101			112
Pool # 4245, 6.00%, 9/20/2038		759			873
Pool # AK8806, 4.25%, 3/20/2045		1,479			1,647
Pool # BM2118, 4.50%, 6/20/2049		1,577			1,712
Pool # BO0535, 4.00%, 7/20/2049		2,822			3,024
Pool # BO8227, 5.00%, 7/20/2049		2,035			2,292
Pool # BO8228, 5.00%, 7/20/2049		1,871			2,099
Pool # BO8229, 5.00%, 7/20/2049		3,584			4,018
Pool # BM9734, 4.00%, 10/20/2049		4,852			5,248

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Pool # BQ4115, 3.00%, 3/20/2050		5,305		5,623
GNMA II, Other
Pool # AC0979, 4.32%, 4/20/2063 (g)		742		753
Pool # AC0973, 4.30%, 5/20/2063 (g)		741		750
TOTAL MORTGAGE-BACKED SECURITIES (Cost $323,666)				344,278
COLLATERALIZED MORTGAGE OBLIGATIONS — 13.6%
ACC 1/15/2021 ‡		1,632		1,632
Acre 6.25%, 12/22/2021		3,785		3,785
Alternative Loan Trust
Series 2004-2CB, Class 1A9, 5.75%, 3/25/2034		5,121		5,179
Series 2005-J1, Class 1A4, IF, IO, 4.93%, 2/25/2035 ‡ (g)		118		2
Series 2005-1CB, Class 1A6, IF, IO, 6.93%, 3/25/2035 ‡ (g)		654		109
Series 2005-22T1, Class A2, IF, IO, 4.90%, 6/25/2035 ‡ (g)		3,889		674
Series 2005-20CB, Class 3A8, IF, IO, 4.58%, 7/25/2035 ‡ (g)		1,756		264
Series 2005-28CB, Class 1A4, 5.50%, 8/25/2035		1,724		1,669
Series 2005-28CB, Class 3A5, 6.00%, 8/25/2035		72		48
Series 2005-37T1, Class A2, IF, IO, 4.88%, 9/25/2035 ‡ (g)		2,878		483
Series 2005-54CB, Class 1A2, IF, IO, 4.68%, 11/25/2035 ‡ (g)		3,193		531
Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035		1,269		1,127
Series 2005-57CB, Class 3A2, IF, IO, 4.93%, 12/25/2035 ‡ (g)		753		103
Series 2005-64CB, Class 1A9, 5.50%, 12/25/2035		539		515
Series 2006-26CB, Class A9, 6.50%, 9/25/2036		1,033		755
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		481		472
Series 2006-4, Class 1A4, 6.00%, 5/25/2046		288		250
Banc of America Funding Trust
Series 2004-1, PO, 3/25/2034 ‡		132		104
Series 2004-2, Class 30PO, PO, 9/20/2034 ‡		91		75
Series 2004-C, Class 1A1, 4.41%, 12/20/2034 (g)		67		64
Series 2005-E, Class 4A1, 4.44%, 3/20/2035 (g)		49		49
Series 2005-6, Class 2A7, 5.50%, 10/25/2035		203		192
Series 2005-7, Class 30PO, PO, 11/25/2035 ‡		155		136
Series 2005-8, Class 30PO, PO, 1/25/2036 ‡		92		68
Series 2006-A, Class 3A2, 3.81%, 2/20/2036 (g)		189		167
Banc of America Mortgage Trust
Series 2004-A, Class 2A2, 3.87%, 2/25/2034 (g)		47		45
BCAP LLC Trust
Series 2009-RR5, Class 8A1, 5.50%, 11/26/2034 (b) (g)		45		45
Bear Stearns ARM Trust
Series 2003-7, Class 3A, 3.96%, 10/25/2033 (g)		37		34
Series 2004-1, Class 12A1, 3.89%, 4/25/2034 (g)		261		244
Series 2004-2, Class 14A, 3.74%, 5/25/2034 (g)		41		37
Series 2006-1, Class A1, 3.84%, 2/25/2036 (g)		739		722
CHL Mortgage Pass-Through Trust
Series 2004-8, Class 2A1, 4.50%, 6/25/2019		2		2
Series 2004-HYB1, Class 2A, 3.50%, 5/20/2034 (g)		40		38
Series 2004-HYB3, Class 2A, 3.07%, 6/20/2034 (g)		238		223
Series 2004-7, Class 2A1, 3.57%, 6/25/2034 (g)		137		136
Series 2004-HYB6, Class A3, 3.92%, 11/20/2034 (g)		188		179
Series 2005-16, Class A23, 5.50%, 9/25/2035		362		315
Series 2005-22, Class 2A1, 3.56%, 11/25/2035 (g)		1,016		892
Citicorp Mortgage Securities REMIC Pass-Through Certificates Trust
Series 2005-5, Class APO, PO, 8/25/2035 ‡		35		30
Series 2005-8, Class APO, PO, 11/25/2035 ‡		76		64
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 (g)		41		39

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Citigroup Mortgage Loan Trust Series 2015-A, Class B2, 4.50%, 6/25/2058 (b) (g)		430			428
Citigroup Mortgage Loan Trust, Inc.
Series 2003-1, Class PO3, PO, 9/25/2033 ‡		28			25
Series 2003-UP3, Class A3, 7.00%, 9/25/2033		11			12
Series 2003-1, Class 2A6, PO, 10/25/2033 ‡		24			22
Series 2003-1, Class PO2, PO, 10/25/2033 ‡		21			18
Series 2003-1, Class 2A5, 5.25%, 10/25/2033		46			47
Series 2004-UST1, Class A6, 3.78%, 8/25/2034 (g)		30			27
Series 2005-1, Class 2A1A, 2.66%, 2/25/2035 (g)		182			146
Series 2005-2, Class 2A11, 5.50%, 5/25/2035		199			207
Series 2005-5, Class 1A2, 3.78%, 8/25/2035 (g)		228			174
Conix Mortgage Asset Trust Series 2013-1, Class A, 12/25/2047 ‡ (g) (j)		1,079			17
Credit Suisse First Boston Mortgage Securities Corp.
Series 2003-1, Class DB1, 6.73%, 2/25/2033 (g)		262			270
Series 2003-21, Class 1A4, 5.25%, 9/25/2033		78			80
Series 2003-25, Class 1P, PO, 10/25/2033 ‡		193			173
CSFB Mortgage-Backed Pass-Through Certificates
Series 2005-4, Class 3A18, 5.50%, 6/25/2035		1,192			1,216
Series 2005-4, Class 3A23, 5.50%, 6/25/2035		2,515			2,490
CSMA SFR Zero Coupon, 4/25/2023 ‡		3,063			3,002
CSMA SFR Holdings II 7/25/2023 ‡		2,969			2,966
FHLMC - GNMA Series 8, Class ZA, 7.00%, 3/25/2023		28			29
FHLMC, REMIC
Series 1807, Class G, 9.00%, 10/15/2020		—	(h)		—	(h)
Series 1065, Class J, 9.00%, 4/15/2021		—	(h)		—	(h)
Series 1084, Class F, 1.13%, 5/15/2021 (g)		—	(h)		—	(h)
Series 1084, Class S, HB, IF, 44.40%, 5/15/2021 (g)		—	(h)		—	(h)
Series 1144, Class KB, 8.50%, 9/15/2021		1			1
Series 1196, Class B, HB, IF, 1,104.54%, 1/15/2022 (g)		—	(h)		—	(h)
Series 1250, Class J, 7.00%, 5/15/2022		1			1
Series 1343, Class LB, 7.50%, 8/15/2022		3			3
Series 1343, Class LA, 8.00%, 8/15/2022		3			3
Series 1370, Class JA, 1.33%, 9/15/2022 (g)		5			5
Series 2512, Class PG, 5.50%, 10/15/2022		58			61
Series 1455, Class WB, IF, 4.27%, 12/15/2022 (g)		6			6
Series 2535, Class BK, 5.50%, 12/15/2022		30			31
Series 1470, Class F, 1.99%, 2/15/2023 (g)		1			1
Series 2568, Class KG, 5.50%, 2/15/2023		83			86
Series 1466, Class PZ, 7.50%, 2/15/2023		26			28
Series 1498, Class I, 1.33%, 4/15/2023 (g)		34			34
Series 1502, Class PX, 7.00%, 4/15/2023		53			56
Series 1798, Class F, 5.00%, 5/15/2023		41			43
Series 1505, Class Q, 7.00%, 5/15/2023		6			6
Series 1518, Class G, IF, 8.79%, 5/15/2023 (g)		13			14
Series 1541, Class O, 0.00%, 7/15/2023 (g)		14			14
Series 2638, Class DS, IF, 8.42%, 7/15/2023 (g)		10			11
Series 1541, Class M, HB, IF, 23.59%, 7/15/2023 (g)		5			6
Series 1570, Class F, 2.38%, 8/15/2023 (g)		1			1
Series 1608, Class L, 6.50%, 9/15/2023		130			140
Series 1573, Class PZ, 7.00%, 9/15/2023		40			43
Series 2571, Class SK, HB, IF, 33.71%, 9/15/2023 (g)		18			25
Series 1591, Class PV, 6.25%, 10/15/2023		25			27
Series 1602, Class SA, HB, IF, 20.10%, 10/15/2023 (g)		16			19
Series 2710, Class HB, 5.50%, 11/15/2023		225			235
Series 1642, Class PJ, 6.00%, 11/15/2023		64			68
Series 2716, Class UN, 4.50%, 12/15/2023		156			162
Series 1638, Class H, 6.50%, 12/15/2023		88			94

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2283, Class K, 6.50%, 12/15/2023		38		41
Series 1700, Class GA, PO, 2/15/2024		9		9
Series 1865, Class D, PO, 2/15/2024		39		38
Series 1760, Class ZD, 0.18%, 2/15/2024 (g)		115		114
Series 1671, Class QC, IF, 10.00%, 2/15/2024 (g)		14		16
Series 1686, Class SH, IF, 17.41%, 2/15/2024 (g)		3		4
Series 1709, Class FA, 0.00%, 3/15/2024 (g)		2		2
Series 1699, Class FC, 1.41%, 3/15/2024 (g)		4		4
Series 1695, Class EB, 7.00%, 3/15/2024		20		22
Series 1706, Class K, 7.00%, 3/15/2024		61		66
Series 2033, Class SN, HB, IF, 27.46%, 3/15/2024 (g)		10		2
Series 2306, Class K, PO, 5/15/2024		10		10
Series 2306, Class SE, IF, IO, 9.92%, 5/15/2024 (g)		25		3
Series 1745, Class D, 7.50%, 8/15/2024		14		15
Series 3720, Class A, 4.50%, 9/15/2025		118		126
Series 3131, Class BK, 5.50%, 3/15/2026		416		447
Series 1829, Class ZB, 6.50%, 3/15/2026		10		11
Series 1863, Class Z, 6.50%, 7/15/2026		13		13
Series 1890, Class H, 7.50%, 9/15/2026		14		16
Series 1899, Class ZE, 8.00%, 9/15/2026		42		48
Series 3229, Class HE, 5.00%, 10/15/2026		401		429
Series 1963, Class Z, 7.50%, 1/15/2027		37		42
Series 1935, Class FL, 0.88%, 2/15/2027 (g)		3		3
Series 1981, Class Z, 6.00%, 5/15/2027		56		61
Series 1970, Class PG, 7.25%, 7/15/2027		4		5
Series 1987, Class PE, 7.50%, 9/15/2027		20		24
Series 2019, Class Z, 6.50%, 12/15/2027		46		52
Series 2038, Class PN, IO, 7.00%, 3/15/2028		42		7
Series 2040, Class PE, 7.50%, 3/15/2028		91		106
Series 4251, Class KW, 2.50%, 4/15/2028		3,684		3,849
Series 2043, Class CJ, 6.50%, 4/15/2028		13		15
Series 2054, Class PV, 7.50%, 5/15/2028		62		71
Series 2075, Class PM, 6.25%, 8/15/2028		134		150
Series 2075, Class PH, 6.50%, 8/15/2028		119		136
Series 2086, Class GB, 6.00%, 9/15/2028		34		39
Series 2089, Class PJ, IO, 7.00%, 10/15/2028		57		6
Series 2095, Class PE, 6.00%, 11/15/2028		162		184
Series 2125, Class JZ, 6.00%, 2/15/2029		55		61
Series 2136, Class PG, 6.00%, 3/15/2029		62		70
Series 2132, Class SB, HB, IF, 28.95%, 3/15/2029 (g)		11		19
Series 2141, IO, 7.00%, 4/15/2029		18		2
Series 2169, Class TB, 7.00%, 6/15/2029		197		229
Series 2163, Class PC, IO, 7.50%, 6/15/2029		21		2
Series 2172, Class QC, 7.00%, 7/15/2029		133		156
Series 2176, Class OJ, 7.00%, 8/15/2029		95		112
Series 2201, Class C, 8.00%, 11/15/2029		50		58
Series 2209, Class TC, 8.00%, 1/15/2030		51		61
Series 2210, Class Z, 8.00%, 1/15/2030		100		121
Series 2224, Class CB, 8.00%, 3/15/2030		23		28
Series 2230, Class Z, 8.00%, 4/15/2030		59		70
Series 2234, Class PZ, 7.50%, 5/15/2030		44		53
Series 2247, Class Z, 7.50%, 8/15/2030		43		51
Series 2256, Class MC, 7.25%, 9/15/2030		56		67
Series 2259, Class ZM, 7.00%, 10/15/2030		84		99
Series 2262, Class Z, 7.50%, 10/15/2030		14		16
Series 2271, Class PC, 7.25%, 12/15/2030		92		109

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2296, Class PD, 7.00%, 3/15/2031		55		65
Series 2313, Class LA, 6.50%, 5/15/2031		45		52
Series 2325, Class PM, 7.00%, 6/15/2031		66		79
Series 2359, Class ZB, 8.50%, 6/15/2031		159		195
Series 2344, Class ZD, 6.50%, 8/15/2031		543		631
Series 2344, Class ZJ, 6.50%, 8/15/2031		50		60
Series 2345, Class NE, 6.50%, 8/15/2031		37		43
Series 2351, Class PZ, 6.50%, 8/15/2031		42		48
Series 2353, Class AZ, 6.00%, 9/15/2031		301		336
Series 2367, Class ME, 6.50%, 10/15/2031		89		100
Series 2396, Class FM, 0.63%, 12/15/2031 (g)		179		179
Series 2399, Class OH, 6.50%, 1/15/2032		118		139
Series 2399, Class TH, 6.50%, 1/15/2032		137		162
Series 2410, Class OE, 6.38%, 2/15/2032		47		52
Series 2410, Class NG, 6.50%, 2/15/2032		130		153
Series 2420, Class XK, 6.50%, 2/15/2032		190		224
Series 2464, Class SI, IF, IO, 7.82%, 2/15/2032 (g)		257		49
Series 2410, Class QX, IF, IO, 8.47%, 2/15/2032 (g)		60		13
Series 2412, Class SP, IF, 15.73%, 2/15/2032 (g)		128		177
Series 2410, Class QS, IF, 19.02%, 2/15/2032 (g)		100		161
Series 2430, Class WF, 6.50%, 3/15/2032		266		316
Series 2423, Class MC, 7.00%, 3/15/2032		144		172
Series 2423, Class MT, 7.00%, 3/15/2032		124		149
Series 2444, Class ES, IF, IO, 7.77%, 3/15/2032 (g)		104		22
Series 2450, Class SW, IF, IO, 7.82%, 3/15/2032 (g)		83		17
Series 2435, Class CJ, 6.50%, 4/15/2032		197		232
Series 2434, Class TC, 7.00%, 4/15/2032		138		164
Series 2436, Class MC, 7.00%, 4/15/2032		90		104
Series 2455, Class GK, 6.50%, 5/15/2032		291		345
Series 2450, Class GZ, 7.00%, 5/15/2032		81		98
Series 2462, Class JG, 6.50%, 6/15/2032		132		157
Series 2466, Class PH, 6.50%, 6/15/2032		204		240
Series 2474, Class NR, 6.50%, 7/15/2032		129		147
Series 2484, Class LZ, 6.50%, 7/15/2032		139		167
Series 2500, Class MC, 6.00%, 9/15/2032		146		171
Series 2835, Class QO, PO, 12/15/2032		21		20
Series 2543, Class YX, 6.00%, 12/15/2032		261		302
Series 2544, Class HC, 6.00%, 12/15/2032		234		267
Series 2552, Class ME, 6.00%, 1/15/2033		302		356
Series 2567, Class QD, 6.00%, 2/15/2033		297		351
Series 2575, Class ME, 6.00%, 2/15/2033		717		834
Series 2596, Class QG, 6.00%, 3/15/2033		193		217
Series 2586, Class WI, IO, 6.50%, 3/15/2033		90		18
Series 2692, Class SC, IF, 12.92%, 7/15/2033 (g)		53		71
Series 4240, Class B, 3.00%, 8/15/2033		2,501		2,786
Series 3920, Class LP, 5.00%, 1/15/2034		770		889
Series 2744, Class PE, 5.50%, 2/15/2034		19		20
Series 3611, PO, 7/15/2034		50		47
Series 2990, Class UZ, 5.75%, 6/15/2035		1,757		2,032
Series 3004, Class EK, 5.50%, 7/15/2035		1,233		1,545
Series 3014, Class OD, PO, 8/15/2035		47		43
Series 3085, Class WF, 0.98%, 8/15/2035 (g)		132		134
Series 3047, Class OD, 5.50%, 10/15/2035		944		1,062
Series 3074, Class BH, 5.00%, 11/15/2035		334		366
Series 3064, Class MC, 5.50%, 11/15/2035		3,095		3,795
Series 3102, Class FB, 0.48%, 1/15/2036 (g)		153		153
Series 3102, Class HS, HB, IF, 23.89%, 1/15/2036 (g)		40		61

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Series 3117, Class EO, PO, 2/15/2036		310			292
Series 3117, Class OK, PO, 2/15/2036		181			172
Series 3134, PO, 3/15/2036		46			44
Series 3152, Class MO, PO, 3/15/2036		233			222
Series 3122, Class ZB, 6.00%, 3/15/2036		25			38
Series 3138, PO, 4/15/2036		208			198
Series 3607, Class BO, PO, 4/15/2036		104			99
Series 3219, Class DI, IO, 6.00%, 4/15/2036		165			35
Series 3819, Class ZQ, 6.00%, 4/15/2036		992			1,179
Series 3149, Class SO, PO, 5/15/2036		29			25
Series 3233, Class OP, PO, 5/15/2036		70			66
Series 3171, Class MO, PO, 6/15/2036		40			39
Series 3179, Class OA, PO, 7/15/2036		195			186
Series 3194, Class SA, IF, IO, 6.92%, 7/15/2036 (g)		30			5
Series 3211, Class SO, PO, 9/15/2036		205			196
Series 3218, Class AO, PO, 9/15/2036		98			85
Series 3232, Class ST, IF, IO, 6.52%, 10/15/2036 (g)		230			46
Series 3256, PO, 12/15/2036		132			124
Series 3261, Class OA, PO, 1/15/2037		167			156
Series 3260, Class CS, IF, IO, 5.96%, 1/15/2037 (g)		271			55
Series 3274, Class JO, PO, 2/15/2037		45			43
Series 3275, Class FL, 0.62%, 2/15/2037 (g)		48			48
Series 3290, Class SB, IF, IO, 6.27%, 3/15/2037 (g)		317			65
Series 3318, Class AO, PO, 5/15/2037		13			13
Series 3607, PO, 5/15/2037		208			195
Series 3315, Class HZ, 6.00%, 5/15/2037		232			265
Series 3326, Class JO, PO, 6/15/2037		14			13
Series 3331, PO, 6/15/2037		148			141
Series 3607, Class OP, PO, 7/15/2037		443			406
Series 4048, Class FJ, 1.38%, 7/15/2037 (g)		747			747
Series 3385, Class SN, IF, IO, 5.82%, 11/15/2037 (g)		45			7
Series 3387, Class SA, IF, IO, 6.24%, 11/15/2037 (g)		200			39
Series 3422, Class AI, IO, 0.25%, 1/15/2038 (k)		1,277			8
Series 3404, Class SC, IF, IO, 5.82%, 1/15/2038 (g)		362			75
Series 3424, Class PI, IF, IO, 6.62%, 4/15/2038 (g)		271			45
Series 3481, Class SJ, IF, IO, 5.67%, 8/15/2038 (g)		419			83
Series 3511, Class SA, IF, IO, 5.82%, 2/15/2039 (g)		274			53
Series 3549, Class FA, 1.38%, 7/15/2039 (g)		37			37
Series 3997, Class PF, 0.63%, 11/15/2039 (g)		76			76
Series 3621, Class BO, PO, 1/15/2040		147			139
Series 3747, Class PY, 4.00%, 10/15/2040		1,000			1,181
Series 3925, Class FL, 0.63%, 1/15/2041 (g)		423			423
Series 3852, Class QN, IF, 5.50%, 5/15/2041 (g)		216			242
Series 3852, Class TP, IF, 5.50%, 5/15/2041 (g)		692			769
Series 3957, Class B, 4.00%, 11/15/2041		304			336
Series 3966, Class NA, 4.00%, 12/15/2041		519			578
Series 4217, Class KY, 3.00%, 6/15/2043		2,000			2,218
Series 4374, Class NC, 3.75%, 2/15/2046 (k)		334			336
Series 4822, Class ZB, 4.00%, 7/15/2048		3,753			4,115
FHLMC, STRIPS
Series 243, Class 16, IO, 4.50%, 11/15/2020		—	(h)		—	(h)
Series 243, Class 17, IO, 4.50%, 12/15/2020		—	(h)		—	(h)
Series 134, Class B, IO, 9.00%, 4/1/2022		—	(h)		—	(h)
Series 233, Class 11, IO, 5.00%, 9/15/2035		359			64
Series 233, Class 13, IO, 5.00%, 9/15/2035		517			91
Series 299, Class 300, 3.00%, 1/15/2043		3,764			4,075
Series 310, PO, 9/15/2043		1,279			1,207
Series 323, Class 300, 3.00%, 1/15/2044		2,485			2,723
FHLMC, Structured Pass-Through Certificates, Whole Loan
Series T-41, Class 3A, 5.32%, 7/25/2032 (g)		285			323

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Series T-76, Class 2A, 2.25%, 10/25/2037 (g)		847			935
Series T-51, Class 2A, 7.50%, 8/25/2042 (g)		188			251
Series T-54, Class 2A, 6.50%, 2/25/2043		1,067			1,305
Series T-54, Class 3A, 7.00%, 2/25/2043		300			370
Series T-58, Class APO, PO, 9/25/2043		100			88
Series T-59, Class 1AP, PO, 10/25/2043		236			190
First Horizon Alternative Mortgage Securities Trust
Series 2004-AA4, Class A1, 3.57%, 10/25/2034 (g)		215			207
Series 2005-FA8, Class 1A19, 5.50%, 11/25/2035		569			428
Series 2007-FA4, Class 1A2, IF, IO, 5.48%, 8/25/2037 ‡ (g)		1,145			298
FNMA Trust, Whole Loan
Series 2004-W1, Class 2A2, 7.00%, 12/25/2033		98			116
Series 2004-W2, Class 2A2, 7.00%, 2/25/2044		214			252
Series 2004-W15, Class 2AF, 0.42%, 8/25/2044 (g)		303			301
Series 2005-W3, Class 2AF, 0.39%, 3/25/2045 (g)		827			824
Series 2006-W2, Class 1AF1, 0.39%, 2/25/2046 (g)		268			268
FNMA, Grantor Trust, Whole Loan
Series 2002-T19, Class A2, 7.00%, 7/25/2042		542			654
Series 2004-T3, Class 1A3, 7.00%, 2/25/2044		316			380
FNMA, REMIC
Series 1990-93, Class G, 5.50%, 8/25/2020		—	(h)		—	(h)
Series 1990-102, Class J, 6.50%, 8/25/2020		—	(h)		—	(h)
Series 1990-94, Class H, HB, 505.00%, 8/25/2020		—	(h)		—	(h)
Series 1990-95, Class J, HB, 1,118.04%, 8/25/2020		—	(h)		—	(h)
Series 1990-134, Class SC, HB, IF, 21.35%, 11/25/2020 (g)		—	(h)		—	(h)
Series 1990-140, Class K, HB, 652.15%, 12/25/2020		—	(h)		—	(h)
Series 1991-24, Class Z, 5.00%, 3/25/2021		—	(h)		—	(h)
Series 2001-4, Class PC, 7.00%, 3/25/2021		4			4
Series 2001-48, Class Z, 6.50%, 9/25/2021		68			69
Series G-35, Class M, 8.75%, 10/25/2021		—	(h)		—	(h)
Series G-51, Class SA, HB, IF, 28.58%, 12/25/2021 (g)		—	(h)		—	(h)
Series 2002-1, Class HC, 6.50%, 2/25/2022		8			8
Series 2007-15, Class NO, PO, 3/25/2022		16			16
Series 1992-101, Class J, 7.50%, 6/25/2022		—	(h)		—	(h)
Series G92-42, Class Z, 7.00%, 7/25/2022		1			1
Series G92-35, Class E, 7.50%, 7/25/2022		11			11
Series G92-44, Class ZQ, 8.00%, 7/25/2022		1			1
Series G92-35, Class G, HB, 1,184.78%, 7/25/2022		—	(h)		—	(h)
Series 1992-136, Class PK, 6.00%, 8/25/2022		6			6
Series 1996-59, Class J, 6.50%, 8/25/2022		3			4
Series G92-52, Class FD, 0.51%, 9/25/2022 (g)		2			2
Series 1992-143, Class MA, 5.50%, 9/25/2022		3			3
Series G92-54, Class ZQ, 7.50%, 9/25/2022		7			7
Series 1992-163, Class M, 7.75%, 9/25/2022		9			10
Series G92-62, Class B, PO, 10/25/2022		4			4
Series G92-59, Class F, 1.58%, 10/25/2022 (g)		2			2
Series G92-61, Class Z, 7.00%, 10/25/2022		4			4
Series 1992-188, Class PZ, 7.50%, 10/25/2022		23			24
Series G93-1, Class KA, 7.90%, 1/25/2023		17			18
Series G93-5, Class Z, 6.50%, 2/25/2023		5			6
Series 1997-61, Class ZC, 7.00%, 2/25/2023		91			96
Series 1993-27, Class SA, IF, 15.50%, 2/25/2023 (g)		3			4
Series G93-14, Class J, 6.50%, 3/25/2023		6			7
Series 1993-25, Class J, 7.50%, 3/25/2023		14			15
Series 1993-21, Class KA, 7.70%, 3/25/2023		9			10
Series 1998-4, Class C, PO, 4/25/2023		3			3
Series 2008-24, Class DY, 5.00%, 4/25/2023		—	(h)		—	(h)
Series G93-17, Class SI, IF, 6.00%, 4/25/2023 (g)		14			15

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 1993-62, Class SA, IF, 18.47%, 4/25/2023 (g)		5		6
Series 1998-43, Class SA, HB, IF, 21.11%, 4/25/2023 (g)		18		4
Series 2003-39, Class LW, 5.50%, 5/25/2023		171		178
Series 2003-41, Class PE, 5.50%, 5/25/2023		74		77
Series 2008-47, Class SI, IF, IO, 6.33%, 6/25/2023(g)		33		1
Series G93-27, Class FD, 1.05%, 8/25/2023 (g)		11		11
Series 2002-83, Class CS, 6.88%, 8/25/2023		105		112
Series 1999-38, Class SK, IF, IO, 7.88%, 8/25/2023 (g)		4		—	(h)
Series 1996-14, Class SE, IF, IO, 10.00%, 8/25/2023 (g)		54		6
Series 1993-205, Class H, PO, 9/25/2023		8		8
Series G93-37, Class H, PO, 9/25/2023		3		3
Series 1993-165, Class SK, IF, 12.50%, 9/25/2023 (g)		7		8
Series 1993-165, Class SD, IF, 12.98%, 9/25/2023 (g)		3		3
Series 1993-179, Class SC, IF, 10.50%, 10/25/2023 (g)		3		4
Series 1999-52, Class NS, HB, IF, 22.91%, 10/25/2023 (g)		9		12
Series 1993-179, Class SB, HB, IF, 25.88%, 10/25/2023 (g)		5		6
Series 1995-19, Class Z, 6.50%, 11/25/2023		62		66
Series 1993-230, Class FA, 1.09%, 12/25/2023 (g)		6		6
Series 1993-247, Class FE, 1.17%, 12/25/2023 (g)		12		12
Series 1993-225, Class UB, 6.50%, 12/25/2023		16		17
Series 1993-247, Class SU, IF, 12.07%, 12/25/2023 (g)		6		6
Series 2002-1, Class UD, HB, IF, 23.91%, 12/25/2023 (g)		12		16
Series 2009-9, IO, 5.00%, 2/25/2024		1		—	(h)
Series 2009-18, IO, 5.00%, 3/25/2024		1		—	(h)
Series 1994-37, Class L, 6.50%, 3/25/2024		47		51
Series 1994-40, Class Z, 6.50%, 3/25/2024		297		321
Series 2004-53, Class NC, 5.50%, 7/25/2024		52		54
Series 1995-2, Class Z, 8.50%, 1/25/2025		13		15
Series G95-1, Class C, 8.80%, 1/25/2025		10		11
Series 1997-20, IO, 1.84%, 3/25/2027 (g)		28		1
Series 1997-27, Class J, 7.50%, 4/18/2027		6		7
Series 1997-29, Class J, 7.50%, 4/20/2027		15		17
Series 1997-39, Class PD, 7.50%, 5/20/2027		101		115
Series 1997-42, Class ZC, 6.50%, 7/18/2027		6		7
Series 1997-81, Class PI, IO, 7.00%, 12/18/2027		26		2
Series 1998-36, Class ZB, 6.00%, 7/18/2028		36		41
Series 1998-66, Class SB, IF, IO, 7.98%, 12/25/2028 (g)		29		2
Series 1999-18, Class Z, 5.50%, 4/18/2029		67		73
Series 1999-17, Class C, 6.35%, 4/25/2029		27		30
Series 1999-62, Class PB, 7.50%, 12/18/2029		43		49
Series 2000-2, Class ZE, 7.50%, 2/25/2030		134		158
Series 2013-103, Class VG, 3.00%, 3/25/2030		3,500		3,635
Series 2000-20, Class SA, IF, IO, 8.93%, 7/25/2030 (g)		72		10
Series 2000-52, IO, 8.50%, 1/25/2031		12		2
Series 2001-7, Class PF, 7.00%, 3/25/2031		30		35
Series 2011-31, Class DB, 3.50%, 4/25/2031		2,021		2,180
Series 2001-33, Class ID, IO, 6.00%, 7/25/2031		101		18
Series 2001-30, Class PM, 7.00%, 7/25/2031		97		116
Series 2001-36, Class DE, 7.00%, 8/25/2031		95		113
Series 2001-49, Class Z, 6.50%, 9/25/2031		25		29
Series 2001-44, Class MY, 7.00%, 9/25/2031		236		283
Series 2001-44, Class PD, 7.00%, 9/25/2031		32		39
Series 2001-44, Class PU, 7.00%, 9/25/2031		28		33
Series 2001-52, Class KB, 6.50%, 10/25/2031		29		33
Series 2003-52, Class SX, HB, IF, 22.45%, 10/25/2031 (g)		53		88

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2001-61, Class Z, 7.00%, 11/25/2031		327		393
Series 2001-72, Class SX, IF, 17.07%, 12/25/2031 (g)		9		13
Series 2002-1, Class SA, HB, IF, 24.64%, 2/25/2032 (g)		14		22
Series 2002-13, Class SJ, IF, IO, 1.60%, 3/25/2032 (g)		298		11
Series 2002-13, Class ST, IF, 10.00%, 3/25/2032 (g)		4		5
Series 2002-21, Class LO, PO, 4/25/2032		10		9
Series 2002-21, Class PE, 6.50%, 4/25/2032		88		104
Series 2002-28, Class PK, 6.50%, 5/25/2032		226		264
Series 2012-66, Class CB, 3.00%, 6/25/2032		3,000		3,355
Series 2002-37, Class Z, 6.50%, 6/25/2032		61		69
Series 2006-130, Class GI, IO, 6.50%, 7/25/2032		251		44
Series 2002-48, Class GH, 6.50%, 8/25/2032		343		409
Series 2004-61, Class SK, IF, 8.50%, 11/25/2032 (g)		39		48
Series 2004-59, Class BG, PO, 12/25/2032		115		109
Series 2002-77, Class S, IF, 14.17%, 12/25/2032 (g)		51		69
Series 2003-22, Class UD, 4.00%, 4/25/2033		1,075		1,195
Series 2003-35, Class UC, 3.75%, 5/25/2033		11		12
Series 2003-42, Class GB, 4.00%, 5/25/2033		65		73
Series 2003-34, Class AX, 6.00%, 5/25/2033		214		252
Series 2003-34, Class ED, 6.00%, 5/25/2033		968		1,135
Series 2003-39, IO, 6.00%, 5/25/2033(g)		43		8
Series 2003-33, Class IA, IO, 6.50%, 5/25/2033		335		76
Series 2007-97, Class KI, IO, 7.00%, 5/25/2033		615		73
Series 2003-47, Class PE, 5.75%, 6/25/2033		151		179
Series 2004-4, Class QI, IF, IO, 6.93%, 6/25/2033 (g)		260		16
Series 2004-4, Class QM, IF, 13.86%, 6/25/2033 (g)		25		28
Series 2003-64, Class SX, IF, 12.82%, 7/25/2033 (g)		45		59
Series 2003-132, Class OA, PO, 8/25/2033		22		22
Series 2003-72, Class IE, IO, 5.50%, 8/25/2033		340		63
Series 2003-71, Class DS, IF, 6.97%, 8/25/2033 (g)		340		405
Series 2003-74, Class SH, IF, 9.87%, 8/25/2033 (g)		61		78
Series 2003-91, Class SD, IF, 12.22%, 9/25/2033 (g)		71		91
Series 2013-101, Class AE, 3.00%, 10/25/2033		3,349		3,711
Series 2013-101, Class E, 3.00%, 10/25/2033		3,000		3,305
Series 2013-108, Class GU, 3.00%, 10/25/2033		4,000		4,419
Series 2003-116, Class SB, IF, IO, 7.43%, 11/25/2033 (g)		466		100
Series 2006-44, Class P, PO, 12/25/2033		801		760
Series 2003-130, Class SX, IF, 11.27%, 1/25/2034 (g)		12		14
Series 2004-25, Class SA, IF, 19.06%, 4/25/2034 (g)		224		338
Series 2004-46, Class SK, IF, 16.04%, 5/25/2034 (g)		422		589
Series 2004-36, Class SA, IF, 19.06%, 5/25/2034 (g)		462		722
Series 2004-46, Class QB, HB, IF, 23.33%, 5/25/2034 (g)		164		263
Series 2004-51, Class SY, IF, 13.90%, 7/25/2034 (g)		83		108
Series 2004-79, Class SP, IF, 19.34%, 11/25/2034 (g)		29		30
Series 2005-74, Class CS, IF, 19.56%, 5/25/2035 (g)		154		203
Series 2005-56, Class S, IF, IO, 6.54%, 7/25/2035 (g)		455		108
Series 2005-66, Class SG, IF, 16.95%, 7/25/2035 (g)		129		195
Series 2005-68, Class PG, 5.50%, 8/25/2035		423		483
Series 2005-84, Class XM, 5.75%, 10/25/2035		1,214		1,376
Series 2005-110, Class GL, 5.50%, 12/25/2035		3,260		3,644
Series 2006-46, Class UC, 5.50%, 12/25/2035		380		411
Series 2005-109, Class PC, 6.00%, 12/25/2035		426		479
Series 2006-15, Class OT, PO, 1/25/2036		3		3
Series 2006-39, Class WC, 5.50%, 1/25/2036		376		411
Series 2006-16, Class OA, PO, 3/25/2036		161		152
Series 2006-22, Class AO, PO, 4/25/2036		253		240

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2006-23, Class KO, PO, 4/25/2036		48		46
Series 2006-44, Class GO, PO, 6/25/2036		337		317
Series 2006-53, Class US, IF, IO, 6.41%, 6/25/2036 (g)		521		105
Series 2006-56, PO, 7/25/2036		269		253
Series 2006-58, PO, 7/25/2036		143		136
Series 2006-58, Class AP, PO, 7/25/2036		304		284
Series 2006-65, Class QO, PO, 7/25/2036		231		219
Series 2006-56, Class FC, 0.46%, 7/25/2036 (g)		484		481
Series 2006-58, Class FL, 0.63%, 7/25/2036 (g)		36		36
Series 2006-60, Class DZ, 6.50%, 7/25/2036		4,930		5,700
Series 2006-72, Class TO, PO, 8/25/2036		47		43
Series 2006-79, Class DO, PO, 8/25/2036		181		177
Series 2007-7, Class SG, IF, IO, 6.33%, 8/25/2036 (g)		785		281
Series 2006-77, Class PC, 6.50%, 8/25/2036		645		741
Series 2006-90, Class AO, PO, 9/25/2036		133		127
Series 2008-42, Class AO, PO, 9/25/2036		68		64
Series 2009-19, Class IP, IO, 5.50%, 10/25/2036		920		210
Series 2006-109, PO, 11/25/2036		66		62
Series 2006-110, PO, 11/25/2036		428		402
Series 2006-111, Class EO, PO, 11/25/2036		45		42
Series 2006-124, Class HB, 3.81%, 11/25/2036 (g)		624		636
Series 2006-119, PO, 12/25/2036		48		46
Series 2006-118, Class A2, 0.55%, 12/25/2036 (g)		232		229
Series 2009-70, Class CO, PO, 1/25/2037		351		327
Series 2006-128, Class BP, 5.50%, 1/25/2037		142		155
Series 2007-77, Class FG, 0.67%, 3/25/2037 (g)		67		68
Series 2007-16, Class FC, 0.92%, 3/25/2037 (g)		87		90
Series 2007-14, Class ES, IF, IO, 6.27%, 3/25/2037 (g)		652		126
Series 2007-48, PO, 5/25/2037		104		101
Series 2007-54, Class FA, 0.57%, 6/25/2037 (g)		228		229
Series 2007-60, Class AX, IF, IO, 6.98%, 7/25/2037 (g)		1,744		450
Series 2012-14, Class FB, 0.62%, 8/25/2037 (g)		84		84
Series 2007-81, Class GE, 6.00%, 8/25/2037		210		239
Series 2007-88, Class VI, IF, IO, 6.37%, 9/25/2037 (g)		1,130		251
Series 2007-91, Class ES, IF, IO, 6.29%, 10/25/2037 (g)		879		198
Series 2007-116, Class HI, IO, 2.70%, 1/25/2038 (g)		542		24
Series 2008-1, Class BI, IF, IO, 5.74%, 2/25/2038 (g)		286		55
Series 2008-16, Class IS, IF, IO, 6.03%, 3/25/2038 (g)		99		16
Series 2008-10, Class XI, IF, IO, 6.06%, 3/25/2038 (g)		258		50
Series 2008-27, Class SN, IF, IO, 6.73%, 4/25/2038 (g)		141		28
Series 2008-44, PO, 5/25/2038		8		8
Series 2008-53, Class CI, IF, IO, 7.03%, 7/25/2038 (g)		212		39
Series 2008-80, Class SA, IF, IO, 5.68%, 9/25/2038 (g)		477		91
Series 2008-81, Class SB, IF, IO, 5.68%, 9/25/2038 (g)		470		80
Series 2010-148, Class MA, 4.00%, 2/25/2039		62		62
Series 2009-6, Class GS, IF, IO, 6.38%, 2/25/2039 (g)		469		99
Series 2009-62, Class HJ, 6.00%, 5/25/2039		136		148
Series 2009-60, Class HT, 6.00%, 8/25/2039		379		449
Series 2009-103, Class MB, 3.94%, 12/25/2039 (g)		200		208
Series 2009-99, Class SC, IF, IO, 6.01%, 12/25/2039 (g)		103		16
Series 2010-49, Class SC, IF, 12.32%, 3/25/2040 (g)		392		531
Series 2010-64, Class DM, 5.00%, 6/25/2040		184		207
Series 2010-71, Class HJ, 5.50%, 7/25/2040		312		364
Series 2010-147, Class SA, IF, IO, 6.36%, 1/25/2041 (g)		1,191		273
Series 2011-30, Class LS, IO, 2.34%, 4/25/2041 (g)		544		35
Series 2011-75, Class FA, 0.72%, 8/25/2041 (g)		186		186

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Series 2011-118, Class MT, 7.00%, 11/25/2041		416			510
Series 2011-130, Class CA, 6.00%, 12/25/2041		804			972
Series 2013-81, Class TA, 3.00%, 2/25/2043		2,000			2,119
Series 2013-92, PO, 9/25/2043		1,155			1,067
Series 2013-90, Class PM, 3.50%, 9/25/2043		1,694			1,923
Series 2013-101, Class DO, PO, 10/25/2043		1,821			1,589
Series 2013-128, PO, 12/25/2043		2,289			2,016
Series 2011-2, Class WA, 5.85%, 2/25/2051 (g)		271			311
FNMA, REMIC Trust Series 2007-42, Class AO, PO, 5/25/2037		32			30
FNMA, REMIC Trust, Whole Loan
Series 2007-W7, Class 1A4, HB, IF, 38.17%, 7/25/2037 (g)		12			25
Series 2003-W4, Class 2A, 5.78%, 10/25/2042 (g)		47			54
Series 2003-W1, Class 1A1, 5.25%, 12/25/2042 (g)		429			473
Series 2003-W1, Class 2A, 5.76%, 12/25/2042 (g)		176			196
Series 2009-W1, Class A, 6.00%, 12/25/2049		580			671
FNMA, REMIC, Whole Loan
Series 2007-101, Class A2, 0.65%, 6/27/2036 (g)		310			305
Series 2007-106, Class A7, 6.19%, 10/25/2037 (g)		141			162
FNMA, STRIPS
Series 368, Class 3, IO, 4.50%, 11/25/2020		—	(h)		—	(h)
Series 218, Class 2, IO, 7.50%, 4/25/2023		2			—	(h)
Series 265, Class 2, 9.00%, 3/25/2024		2			2
Series 329, Class 1, PO, 1/25/2033		41			39
Series 345, Class 6, IO, 5.00%, 12/25/2033 (g)		60			9
Series 351, Class 7, IO, 5.00%, 4/25/2034 (g)		197			27
Series 355, Class 11, IO, 6.00%, 7/25/2034		169			33
Series 365, Class 8, IO, 5.50%, 5/25/2036		255			55
Series 374, Class 5, IO, 5.50%, 8/25/2036		134			25
Series 393, Class 6, IO, 5.50%, 4/25/2037		49			8
Series 383, Class 32, IO, 6.00%, 1/25/2038		62			13
Series 383, Class 33, IO, 6.00%, 1/25/2038		163			33
GMACM Mortgage Loan Trust Series 2005-AR3, Class 3A4, 3.75%, 6/19/2035 (g)		716			657
GNMA
Series 1999-4, Class ZB, 6.00%, 2/20/2029		284			284
Series 2001-35, Class SA, IF, IO, 8.07%, 8/16/2031 (g)		87			—	(h)
Series 2002-52, Class GH, 6.50%, 7/20/2032		401			401
Series 2002-75, Class PB, 6.00%, 11/20/2032		786			829
Series 2003-58, Class BE, 6.50%, 1/20/2033		572			651
Series 2003-11, Class SK, IF, IO, 7.52%, 2/16/2033 (g)		197			1
Series 2003-12, Class SP, IF, IO, 7.53%, 2/20/2033 (g)		129			19
Series 2003-24, PO, 3/16/2033		25			24
Series 2003-40, Class TJ, 6.50%, 3/20/2033		688			788
Series 2003-46, Class TC, 6.50%, 3/20/2033		325			366
Series 2003-46, Class MG, 6.50%, 5/20/2033		431			497
Series 2003-52, Class AP, PO, 6/16/2033		123			117
Series 2003-90, PO, 10/20/2033		34			33
Series 2003-112, Class SA, IF, IO, 6.37%, 12/16/2033 (g)		446			59
Series 2004-28, Class S, IF, 19.16%, 4/16/2034 (g)		197			304
Series 2004-73, Class AE, IF, 14.48%, 8/17/2034 (g)		27			29
Series 2004-90, Class SI, IF, IO, 5.93%, 10/20/2034 (g)		623			105
Series 2005-68, Class DP, IF, 15.99%, 6/17/2035 (g)		69			90
Series 2010-14, Class CO, PO, 8/20/2035		218			206
Series 2005-58, Class NI, IO, 5.50%, 8/20/2035 (g)		995			168
Series 2005-68, Class KI, IF, IO, 6.13%, 9/20/2035 (g)		1,407			314
Series 2005-91, Class PI, IO, 6.00%, 12/20/2035		200			33
Series 2006-16, Class OP, PO, 3/20/2036		90			84
Series 2006-38, Class SW, IF, IO, 6.33%, 6/20/2036 (g)		158			12

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2006-38, Class ZK, 6.50%, 8/20/2036		1,084		1,253
Series 2006-59, Class SD, IF, IO, 6.53%, 10/20/2036 (g)		317		63
Series 2006-65, Class SA, IF, IO, 6.63%, 11/20/2036 (g)		459		69
Series 2011-22, Class WA, 5.88%, 2/20/2037 (g)		442		515
Series 2007-57, PO, 3/20/2037		166		159
Series 2007-17, Class JO, PO, 4/16/2037		84		77
Series 2007-17, Class JI, IF, IO, 6.63%, 4/16/2037 (g)		786		180
Series 2007-19, Class SD, IF, IO, 6.03%, 4/20/2037 (g)		447		48
Series 2007-28, Class BO, PO, 5/20/2037		94		89
Series 2007-26, Class SC, IF, IO, 6.03%, 5/20/2037 (g)		372		54
Series 2007-27, Class SA, IF, IO, 6.03%, 5/20/2037 (g)		367		59
Series 2007-36, Class SE, IF, IO, 6.29%, 6/16/2037 (g)		227		35
Series 2007-47, Class PH, 6.00%, 7/16/2037		2,500		2,945
Series 2007-40, Class SB, IF, IO, 6.58%, 7/20/2037 (g)		771		121
Series 2007-42, Class SB, IF, IO, 6.58%, 7/20/2037 (g)		462		82
Series 2007-50, Class AI, IF, IO, 6.60%, 8/20/2037 (g)		285		45
Series 2007-53, Class SW, IF, 19.69%, 9/20/2037 (g)		41		56
Series 2008-32, Class PI, IO, 5.50%, 10/16/2037		127		9
Series 2009-79, Class OK, PO, 11/16/2037		138		132
Series 2007-73, Class MI, IF, IO, 5.83%, 11/20/2037 (g)		259		35
Series 2007-76, Class SA, IF, IO, 6.36%, 11/20/2037 (g)		504		75
Series 2007-72, Class US, IF, IO, 6.38%, 11/20/2037 (g)		247		36
Series 2007-79, Class SY, IF, IO, 6.38%, 12/20/2037 (g)		236		36
Series 2008-2, Class NS, IF, IO, 6.36%, 1/16/2038 (g)		504		79
Series 2008-2, Class MS, IF, IO, 6.98%, 1/16/2038 (g)		151		30
Series 2008-10, Class S, IF, IO, 5.66%, 2/20/2038 (g)		275		39
Series 2008-36, Class SH, IF, IO, 6.13%, 4/20/2038 (g)		386		1
Series 2008-40, Class SA, IF, IO, 6.22%, 5/16/2038 (g)		2,362		450
Series 2008-55, Class SA, IF, IO, 6.03%, 6/20/2038 (g)		212		38
Series 2008-71, Class SC, IF, IO, 5.83%, 8/20/2038 (g)		103		15
Series 2009-25, Class SE, IF, IO, 7.43%, 9/20/2038 (g)		184		32
Series 2008-93, Class AS, IF, IO, 5.53%, 12/20/2038 (g)		266		37
Series 2009-65, Class IQ, IO, 6.00%, 12/20/2038		120		7
Series 2009-6, Class SA, IF, IO, 5.92%, 2/16/2039 (g)		307		42
Series 2009-12, Class IE, IO, 5.50%, 3/20/2039		618		105
Series 2009-14, Class KI, IO, 6.50%, 3/20/2039		256		46
Series 2009-14, Class NI, IO, 6.50%, 3/20/2039		250		56
Series 2009-22, Class SA, IF, IO, 6.10%, 4/20/2039 (g)		583		98
Series 2009-33, Class CI, IO, 5.50%, 5/20/2039		133		20
Series 2009-33, Class TI, IO, 6.00%, 5/20/2039		142		28
Series 2009-43, Class SA, IF, IO, 5.78%, 6/20/2039 (g)		251		38
Series 2009-72, Class SM, IF, IO, 6.07%, 8/16/2039 (g)		575		119
Series 2010-31, Class NO, PO, 3/20/2040		1,124		1,085
Series 2013-75, Class WA, 5.15%, 6/20/2040 (g)		1,167		1,341
Series 2010-130, Class CP, 7.00%, 10/16/2040		163		198
Series 2010-157, Class OP, PO, 12/20/2040		1,210		1,154
Series 2011-75, Class SM, IF, IO, 6.43%, 5/20/2041 (g)		813		154
Series 2014-188, Class W, 4.59%, 10/20/2041 (g)		575		649
Series 2012-141, Class WC, 3.70%, 1/20/2042 (g)		353		391
Series 2013-54, Class WA, 4.79%, 11/20/2042 (g)		1,789		2,038
Series 2013-91, Class WA, 4.47%, 4/20/2043 (g)		785		867
Series 2013-116, Class JY, 4.00%, 8/16/2043		1,300		1,530
Series 2018-160, Class PA, 3.50%, 7/20/2046		5,381		5,617
Series 2012-H24, Class FG, 1.45%, 4/20/2060 (g)		17		17
Series 2013-H03, Class FA, 1.32%, 8/20/2060 (g)		2		2
Series 2012-H21, Class CF, 1.72%, 5/20/2061 (g)		33		34

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2013-H05, Class FB, 1.42%, 2/20/2062 (g)		203		203
Series 2012-H15, Class FA, 1.47%, 5/20/2062 (g)		1		1
Series 2012-H26, Class MA, 1.57%, 7/20/2062 (g)		22		22
Series 2012-H28, Class FA, 1.60%, 9/20/2062 (g)		38		38
Series 2012-H29, Class FA, 1.53%, 10/20/2062 (g)		911		911
Series 2012-H31, Class FD, 1.36%, 12/20/2062 (g)		1,069		1,063
Series 2013-H01, Class FA, 1.65%, 1/20/2063		456		457
Series 2013-H08, Class FC, 1.47%, 2/20/2063 (g)		982		980
Series 2013-H04, Class BA, 1.65%, 2/20/2063		198		198
Series 2013-H07, Class HA, 1.43%, 3/20/2063 (g)		1,054		1,051
Series 2013-H09, Class HA, 1.65%, 4/20/2063		442		443
Series 2013-H18, Class JA, 1.62%, 8/20/2063 (g)		1,909		1,911
Series 2014-H01, Class FD, 1.67%, 1/20/2064 (g)		1,253		1,257
Series 2014-H09, Class TA, 1.62%, 4/20/2064 (g)		1,243		1,245
Series 2015-H15, Class FD, 1.46%, 6/20/2065 (g)		1,520		1,514
Series 2015-H15, Class FJ, 1.46%, 6/20/2065 (g)		3,402		3,388
Series 2015-H16, Class FG, 1.46%, 7/20/2065 (g)		2,316		2,307
Series 2015-H23, Class FB, 1.54%, 9/20/2065 (g)		2,323		2,321
Series 2015-H32, Class FH, 1.68%, 12/20/2065 (g)		1,783		1,791
Series 2017-H08, Class XI, IO, 2.32%, 3/20/2067 (g)		8,127		900
GSMPS Mortgage Loan Trust
Series 2001-2, Class A, 7.50%, 6/19/2032 (b) (g)		452		443
Series 2005-RP3, Class 1AF, 0.52%, 9/25/2035 (b) (g)		721		602
Series 2005-RP3, Class 1AS, IO, 3.95%, 9/25/2035 ‡ (b) (g)		544		79
Series 2006-RP2, Class 1AS2, IF, IO, 5.59%, 4/25/2036 ‡ (b) (g)		2,256		400
GSR Mortgage Loan Trust
Series 2004-6F, Class 3A4, 6.50%, 5/25/2034		191		202
Series 2004-8F, Class 2A3, 6.00%, 9/25/2034		97		98
Series 2004-13F, Class 3A3, 6.00%, 11/25/2034		305		320
Series 2005-4F, Class AP, PO, 5/25/2035 ‡		6		5
Series 2005-7F, Class 3A9, 6.00%, 9/25/2035		589		603
Series 2006-1F, Class 2A4, 6.00%, 2/25/2036		1,098		817
Headlands Residential LLC Series 2019-RPL1, Class NOTE, 3.97%, 6/25/2024 (b) (k)		4,600		4,193
Impac CMB Trust
Series 2004-7, Class 1A1, 0.91%, 11/25/2034 (g)		772		760
Series 2005-4, Class 2A1, 0.77%, 5/25/2035 (g)		113		100
Impac Secured Assets Trust
Series 2006-1, Class 2A1, 0.52%, 5/25/2036 (g)		206		184
Series 2006-2, Class 2A1, 0.52%, 8/25/2036 (g)		79		77
JP Morgan Mortgage Trust
Series 2006-A2, Class 5A3, 4.11%, 11/25/2033 (g)		329		322
Series 2006-A3, Class 6A1, 3.97%, 8/25/2034 (g)		67		62
Series 2006-A2, Class 4A1, 4.40%, 8/25/2034 (g)		244		243
Lehman Mortgage Trust
Series 2006-2, Class 1A1, 5.96%, 4/25/2036 (g)		245		211
Series 2008-2, Class 1A6, 6.00%, 3/25/2038		561		340
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1, 4.35%, 4/21/2034 (g)		143		139
Series 2004-4, Class 2A1, 3.89%, 5/25/2034 (g)		32		30
Series 2004-13, Class 3A7, 4.51%, 11/21/2034 (g)		330		326
Series 2004-15, Class 3A1, 4.17%, 12/25/2034 (g)		155		141
MASTR Alternative Loan Trust
Series 2004-10, Class 1A1, 4.50%, 9/25/2019		4		4
Series 2004-8, Class 6A1, 5.50%, 9/25/2019		3		3
Series 2004-4, Class 10A1, 5.00%, 5/25/2024		240		245
Series 2003-3, Class 1A1, 6.50%, 5/25/2033		110		112
Series 2003-9, Class 8A1, 6.00%, 1/25/2034		275		286
Series 2004-3, Class 2A1, 6.25%, 4/25/2034		207		212
Series 2004-6, Class 30PO, PO, 7/25/2034‡		158		134

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Series 2004-6, Class 7A1, 6.00%, 7/25/2034		277			293
Series 2004-7, Class 30PO, PO, 8/25/2034 ‡		93			78
MASTR Asset Securitization Trust
Series 2004-6, Class 15PO, PO, 7/25/2019 ‡		—	(h)		—	(h)
Series 2004-8, PO, 8/25/2019 ‡		1			—	(h)
Series 2004-8, Class 1A1, 4.75%, 8/25/2019		—	(h)		—
Series 2003-12, Class 30PO, PO, 12/25/2033 ‡		20			18
Series 2004-1, Class 30PO, PO, 2/25/2034 ‡		13			11
MASTR Reperforming Loan Trust Series 2005-2, Class 1A1F, 0.52%, 5/25/2035 (b) (g)		1,477			677
MASTR Resecuritization Trust Series 2005-PO, Class 3PO, PO, 5/28/2035 ‡ (b)		112			93
Merrill Lynch Mortgage Investors Trust
Series 2003-E, Class A1, 0.79%, 10/25/2028 (g)		79			76
Series 2003-F, Class A1, 0.81%, 10/25/2028 (g)		829			794
Series 2004-A, Class A1, 0.63%, 4/25/2029 (g)		136			126
Series 2004-1, Class 2A1, 3.53%, 12/25/2034 (g)		191			184
NACC Reperforming Loan REMIC Trust Series 2004-R2, Class A1, 6.50%, 10/25/2034 (b) (g)		244			236
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			41
Series 2003-A1, Class A2, 6.00%, 5/25/2033		84			85
P -stla 7.25%, 10/11/2022 ‡		2,600			2,600
Provident Funding Mortgage Loan Trust Series 2005-1, Class 2A1, 3.82%, 5/25/2035 (g)		5			5
RALI Trust
Series 2002-QS16, Class A3, IF, 16.27%, 10/25/2017 (g)		—	(h)		—	(h)
Series 2003-QS9, Class A3, IF, IO, 7.38%, 5/25/2018 ‡ (g)		4			—	(h)
Series 2003-QS12, Class A5, IO, 5.00%, 6/25/2018 ‡		—	(h)		—
Series 2003-QS12, Class A2A, IF, IO, 7.43%, 6/25/2018 ‡ (g)		—	(h)		—	(h)
Series 2003-QS14, Class A1, 5.00%, 7/25/2018		7			6
Series 2004-QA6, Class NB2, 3.01%, 12/26/2034 (g)		690			572
RBSSP Resecuritization Trust Series 2009-12, Class 1A1, 5.34%, 11/25/2033 (b) (g)		134			134
Residential Asset Securitization Trust
Series 2003-A14, Class A1, 4.75%, 2/25/2019		—	(h)		—	(h)
Series 2005-A2, Class A4, IF, IO, 4.88%, 3/25/2035 ‡ (g)		1,227			125
Series 2006-A4, Class 2A5, 6.00%, 5/25/2036		280			268
RFMSI Trust
Series 2004-S9, Class 2A1, 4.75%, 12/25/2019		—	(h)		—	(h)
Series 2005-SA4, Class 1A1, 3.98%, 9/25/2035 (g)		170			148
RMIP 5.60%, 8/25/2021 ‡		1,798			1,708
SART 4.75%, 7/15/2024		3,144			3,081
4.76%, 6/15/2025		3,238			3,206
Seasoned Credit Risk Transfer Trust
Series 2019-1, Class MT, 3.50%, 7/25/2058 ‡		4,154			4,544
Series 2019-3, Class MB, 3.50%, 10/25/2058 ‡		1,722			1,968
Structured Asset Mortgage Investments II Trust Series 2004-AR5, Class 1A1, 0.83%, 10/19/2034 (g)		271			257
Thornburg Mortgage Securities Trust
Series 2003-4, Class A1, 0.81%, 9/25/2043 (g)		126			121
Series 2004-4, Class 3A, 3.48%, 12/25/2044 (g)		292			282
Toorak Mortgage Corp. Ltd. Series 2019-2, Class A1, 3.72%, 9/25/2022 (k)		2,795			2,583
Vendee Mortgage Trust
Series 1994-1, Class 1, 5.30%, 2/15/2024 (g)		112			119
Series 1994-1, Class 2ZB, 6.50%, 2/15/2024		155			167
Series 1996-1, Class 1Z, 6.75%, 2/15/2026		226			258
Series 1996-2, Class 1Z, 6.75%, 6/15/2026		172			196
Series 1997-1, Class 2Z, 7.50%, 2/15/2027		335			385
Series 1998-1, Class 2E, 7.00%, 3/15/2028		409			461
Series 1999-1, Class 2Z, 6.50%, 1/15/2029		799			903
Series 2003-2, Class Z, 5.00%, 5/15/2033		3,516			4,071

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
vMobo, Inc. 7.50%, 5/31/2024		3,100		2,913
WaMu Mortgage Pass-Through Certificates Series 2004-RS2, Class A4, 5.00%, 11/25/2033		648		673
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-AR8, Class A, 4.42%, 8/25/2033 (g)		44		43
Series 2003-AR9, Class 1A6, 4.31%, 9/25/2033 (g)		766		724
Series 2003-AR9, Class 2A, 4.35%, 9/25/2033 (g)		83		78
Series 2003-S9, Class P, PO, 10/25/2033 ‡		20		17
Series 2003-S9, Class A8, 5.25%, 10/25/2033		364		375
Series 2004-AR3, Class A1, 3.68%, 6/25/2034 (g)		57		55
Series 2004-AR3, Class A2, 3.68%, 6/25/2034 (g)		48		46
Series 2006-AR10, Class 2P, 3.80%, 9/25/2036 ‡ (g)		62		49
Series 2006-AR12, Class 2P, 3.33%, 10/25/2036 ‡ (g)		80		77
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
Series 2005-2, Class 2A3, IF, IO, 4.83%, 4/25/2035 ‡ (g)		1,039		175
Series 2005-2, Class 1A4, IF, IO, 4.88%, 4/25/2035 ‡ (g)		3,460		519
Series 2005-3, Class CX, IO, 5.50%, 5/25/2035 ‡		941		163
Series 2005-4, Class CB7, 5.50%, 6/25/2035		1,124		968
Series 2005-4, Class CX, IO, 5.50%, 6/25/2035 ‡		929		167
Series 2005-6, Class 2A4, 5.50%, 8/25/2035		205		196
Series 2005-6, Class 2A9, 5.50%, 8/25/2035		1,339		1,282
Wells Fargo Mortgage-Backed Securities Trust Series 2007-7, Class A7, 6.00%, 6/25/2037		232		227
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $243,353)				263,525
ASSET-BACKED SECURITIES — 11.2%
Academic Loan Funding Trust Series 2013-1A, Class A, 0.97%, 12/26/2044 (b) (g)		903		856
ACC Trust Series 2019-2, Class A, 2.82%, 2/21/2023 (b)		1,951		1,961
Air Canada Pass-Through Trust (Canada)
Series 2013-1, Class A, 4.13%, 5/15/2025 (b)		580		513
Series 2015-2, Class AA, 3.75%, 12/15/2027 (b)		224		208
Series 2017-1, Class AA, 3.30%, 1/15/2030 (b)		453		396
Series 2017-1, Class A, 3.55%, 1/15/2030 (b)		642		527
American Airlines Pass-Through Trust
Series 2011-1, Class A, 5.25%, 1/31/2021		100		82
Series 2013-2, Class A, 4.95%, 1/15/2023		325		255
Series 2016-2, Class A, 3.65%, 6/15/2028		242		179
Series 2016-3, Class AA, 3.00%, 10/15/2028		346		303
Series 2017-1, Class AA, 3.65%, 2/15/2029		482		447
American Homes 4 Rent
Series 2015-SFR1, Class A, 3.47%, 4/17/2052 ‡ (b)		3,856		4,044
Series 2015-SFR1, Class E, 5.64%, 4/17/2052 ‡ (b)		1,275		1,313
American Homes 4 Rent Trust
Series 2014-SFR2, Class A, 3.79%, 10/17/2036 ‡ (b)		3,621		3,839
Series 2014-SFR2, Class D, 5.15%, 10/17/2036 ‡ (b)		2,000		2,122
Series 2014-SFR2, Class E, 6.23%, 10/17/2036 (b)		850		924
Series 2014-SFR3, Class A, 3.68%, 12/17/2036 (b)		2,703		2,852
Series 2014-SFR3, Class C, 4.60%, 12/17/2036 (b)		500		526
Series 2014-SFR3, Class E, 6.42%, 12/17/2036 ‡ (b)		2,380		2,612
B2R Mortgage Trust Series 2015-2, Class A, 3.34%, 11/15/2048 (b)		440		440
British Airways Pass-Through Trust (United Kingdom)
Series 2018-1, Class AA, 3.80%, 9/20/2031 (b)		572		514
Series 2018-1, Class A, 4.13%, 9/20/2031 (b)		916		711
Series 2019-1, Class AA, 3.30%, 12/15/2032 (b)		695		606
Business Jet Securities LLC
Series 2018-1, Class A, 4.34%, 2/15/2033 (b)		1,263		1,101
Series 2018-2, Class B, 5.44%, 6/15/2033 (b)		1,992		1,487

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2019-1, Class A, 4.21%, 7/15/2034 (b)		1,716		1,498
Series 2019-1, Class B, 5.19%, 7/15/2034 ‡ (b)		3,487		2,276
BXG Receivables Note Trust Series 2012-A, Class A, 2.66%, 12/2/2027 (b)		96		94
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 ‡		4,885		4,874
Carvana Auto Receivables Trust
Series 2019-4A, Class A3, 2.30%, 9/15/2023 (b)		1,202		1,208
Series 2019-2A, Class C, 3.00%, 6/17/2024 (b)		4,675		4,653
Series 2019-3A, Class C, 2.71%, 10/15/2024 (b)		5,240		5,165
Chase Funding Trust Series 2003-6, Class 1A7, 5.01%, 11/25/2034 ‡ (k)		447		460
Citibank Credit Card Issuance Trust Series 2007-A3, Class A3, 6.15%, 6/15/2039		800		1,157
Colony American Finance Ltd. (Cayman Islands) Series 2016-1, Class A, 2.54%, 6/15/2048 (b)		326		325
Continental Airlines Pass-Through Trust Series 2007-1, Class A, 5.98%, 4/19/2022		304		272
Continental Credit Card Series 2017-1A, Class A, 4.29%, 1/15/2024 (b)		41		41
CoreVest American Finance Trust Series 2019-2, Class D, 4.22%, 6/15/2052 ‡ (b)		2,000		1,683
CPS Auto Receivables Trust
Series 2015-B, Class C, 4.20%, 5/17/2021 (b)		748		751
Series 2015-C, Class D, 4.63%, 8/16/2021 (b)		607		609
CPS Auto Trust Series 2018-C, Class D, 4.40%, 6/17/2024 (b)		2,964		2,925
Credit Acceptance Auto Loan Trust
Series 2017-1A, Class C, 3.48%, 2/17/2026 (b)		389		389
Series 2017-2A, Class C, 3.35%, 6/15/2026 (b)		604		606
Series 2018-1A, Class A, 3.01%, 2/16/2027 (b)		1,065		1,069
Series 2018-3A, Class B, 3.89%, 10/15/2027 (b)		2,097		2,116
CVS Pass-Through Trust 5.93%, 1/10/2034 (b)		846		937
CWABS, Inc. Asset-Backed Certificates Trust Series 2004-6, Class M1, 1.07%, 10/25/2034 (g)		74		67
Delta Air Lines Pass-Through Trust Series 2015-1, Class AA, 3.63%, 7/30/2027		266		256
Diamond Resorts Owner Trust Series 2019-1A, Class A, 2.89%, 2/20/2032 (b)		4,395		4,222
Drive Auto Receivables Trust
Series 2017-1, Class D, 3.84%, 3/15/2023		2,097		2,123
Series 2017-3, Class D, 3.53%, 12/15/2023 (b)		4,076		4,121
Series 2016-CA, Class D, 4.18%, 3/15/2024 (b)		2,203		2,221
Series 2018-2, Class C, 3.63%, 8/15/2024		827		831
Series 2019-4, Class C, 2.51%, 11/17/2025		1,960		1,952
DT Auto Owner Trust Series 2016-4A, Class D, 3.77%, 10/17/2022 (b)		433		434
Engs Commercial Finance Trust Series 2016-1A, Class A2, 2.63%, 2/22/2022 (b)		14		14
Exeter Automobile Receivables Trust
Series 2018-4A, Class B, 3.64%, 11/15/2022 (b)		638		641
Series 2019-4A, Class C, 2.44%, 9/16/2024 (b)		2,170		2,153
Series 2019-3A, Class D, 3.11%, 8/15/2025 (b)		3,540		3,421
First Investors Auto Owner Trust Series 2015-2A, Class D, 4.22%, 12/15/2021 (b)		238		239
Flagship Credit Auto Trust
Series 2015-3, Class C, 4.65%, 3/15/2022 (b)		430		432
Series 2016-2, Class C, 6.22%, 9/15/2022 (b)		3,000		3,049
Series 2018-2, Class A, 2.97%, 10/17/2022 (b)		638		641
FNMA, Grantor Trust Series 2017-T1, Class A, 2.90%, 6/25/2027		4,852		5,231
Foundation Finance Trust Series 2019-1A, Class A, 3.86%, 11/15/2034 (b)		1,184		1,178
FREED ABS Trust
Series 2018-2, Class A, 3.99%, 10/20/2025 (b)		740		735
Series 2019-2, Class A, 2.62%, 11/18/2026 (b)		1,402		1,382
GE Capital Mortgage Services, Inc. Trust Series 1999-HE1, Class M, 6.71%, 4/25/2029 ‡ (g)		74		64

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
GLS Auto Receivables Trust Series 2016-1A, Class C, 6.90%, 10/15/2021 (b)		331		333
Gold Key Resorts LLC Series 2014-A, Class A, 3.22%, 3/17/2031 (b)		278		277
Goodgreen Series 2019-2A, Class A, 2.76%, 10/15/2054 (b)		2,405		2,349
Goodgreen Trust Series 2017-1A, Class A, 3.74%, 10/15/2052 (b)		538		558
HERO (Cayman Islands) Series 2018-1ASI, Class A, 4.00%, 9/20/2047 (b)		1,121		1,065
HERO Funding (Cayman Islands) Series 2017-3A, Class A2, 3.95%, 9/20/2048 (b)		1,755		1,819
HERO Funding Trust (Cayman Islands)
Series 2016-3A, Class A1, 3.08%, 9/20/2042 (b)		783		800
Series 2017-1A, Class A2, 4.46%, 9/20/2047 (b)		1,716		1,866
Hilton Grand Vacations Trust Series 2017-AA, Class A, 2.66%, 12/26/2028 (b)		185		179
Home Equity Mortgage Loan Asset-Backed Trust Series 2006-A, Class A3, 0.37%, 3/25/2036 ‡ (g)		42		41
Kabbage Funding LLC
Series 2019-1, Class A, 3.83%, 3/15/2024 ‡(b)		6,044		5,988
Series 2019-1, Class B, 4.07%, 3/15/2024 ‡ (b)		3,070		2,943
KGS-Alpha SBA COOF Trust
Series 2012-2, Class A, IO, 0.66%, 8/25/2038 ‡ (b) (g)		2,963		60
Series 2013-2, Class A, IO, 1.95%, 3/25/2039 ‡ (b) (g)		2,933		124
Series 2015-2, Class A, IO, 3.59%, 7/25/2041 ‡ (b) (g)		870		103
Lendingpoint Asset Securitization Trust Series 2019-2, Class A, 3.07%, 11/10/2025 (b)		2,627		2,590
Lendmark Funding Trust Series 2019-1A, Class B, 3.40%, 12/20/2027 ‡ (b)		3,319		2,857
LV Tower 52 Issuer
Series 2013-1, Class A, 5.75%, 7/15/2019 ‡ (b)		3,608		3,639
Series 2013-1, Class M, 7.75%, 7/15/2019 ‡ (b)		1,316		1,327
Mid-State Capital Corp. Trust Series 2006-1, Class M1, 6.08%, 10/15/2040 ‡ (b)		638		673
MVW LLC Series 2019-2A, Class B, 2.44%, 10/20/2038 ‡ (b)		4,115		3,725
NCUA Guaranteed Notes Trust Series 2010-A1, Class A, 0.57%, 12/7/2020 (g)		218		217
New Century Home Equity Loan Trust Series 2003-5, Class AI6, 5.04%, 11/25/2033 ‡ (k)		367		373
OnDeck Asset Securitization Trust LLC Series 2018-1A, Class A, 3.50%, 4/18/2022 (b)		1,462		1,462
OneMain Direct Auto Receivables Trust Series 2018-1A, Class B, 3.71%, 4/14/2025 (b)		1,863		1,880
OneMain Financial Issuance Trust Series 2016-1A, Class C, 6.00%, 2/20/2029 (b)		1,800		1,804
Oportun Funding X LLC Series 2018-C, Class A, 4.10%, 10/8/2024 (b)		5,756		5,589
Oportun Funding XIII LLC Series 2019-A, Class A, 3.08%, 8/8/2025 (b)		3,010		2,746
Pretium Mortgage Credit Partners I LLC Series 2020-CFL1, Class A1, 3.10%, 2/27/2060 (b) (k)		3,448		3,439
Progress Residential Trust Series 2019-SFR4, Class D, 3.14%, 10/17/2036 ‡ (b)		5,000		4,862
Prosper Marketplace Issuance Trust Series 2019-3A, Class A, 3.19%, 7/15/2025 (b)		625		620
Regional Management Issuance Trust Series 2018-1, Class A, 3.83%, 7/15/2027 (b)		1,705		1,671
Renaissance Home Equity Loan Trust Series 2007-2, Class AF2, 5.68%, 6/25/2037 ‡ (k)		287		87
Renew (Cayman Islands) Series 2017-1A, Class A, 3.67%, 9/20/2052 (b)		697		743
Santander Retail Auto Lease Trust Series 2020-A, Class A4, 1.76%, 3/20/2024 (b)		3,955		3,918
Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2, 3.28%, 1/25/2036 ‡ (k)		198		181
Sierra Timeshare Receivables Funding LLC Series 2019-2A, Class C, 3.12%, 5/20/2036 ‡ (b)		2,579		2,426
SoFi Consumer Loan Program LLC Series 2016-2, Class A, 3.09%, 10/27/2025 (b)		70		70
Spirit Airlines Pass-Through Trust Series 2017-1, Class AA, 3.38%, 2/15/2030		357		308

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
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)		340		344
Synchrony Card Funding LLC
Series 2019-A1, Class A, 2.95%, 3/15/2025		4,681		4,798
Series 2019-A2, Class A, 2.34%, 6/15/2025		5,000		5,052
Synchrony Card Issuance Trust Series 2018-A1, Class A, 3.38%, 9/15/2024		2,600		2,665
Tricolor Auto Securitization Trust Series 2018-2A, Class A, 3.96%, 10/15/2021 (b)		421		422
Tricon American Homes Trust Series 2016-SFR1, Class A, 2.59%, 11/17/2033 ‡ (b)		1,743		1,752
United Airlines Pass-Through Trust
Series 2018-1, Class B, 4.60%, 3/1/2026		198		132
Series 2018-1, Class AA, 3.50%, 3/1/2030		1,020		924
Series 2019-1, Class AA, 4.15%, 8/25/2031		995		930
Series 2019-1, Class A, 4.55%, 8/25/2031		889		661
Series 2019-2, Class AA, 2.70%, 5/1/2032		1,314		1,168
Upstart Securitization Trust Series 2020-1, Class A, 2.32%, 4/22/2030 (b)		4,787		4,746
Vericrest Opportunity Loan Trust
Series 2019-NPL8, Class A1A, 3.28%, 11/25/2049 ‡ (b) (k)		2,744		2,600
Series 2020-NPL2, Class A1A, 2.98%, 2/25/2050 ‡ (b) (k)		2,966		2,801
Verizon Owner Trust Series 2018-A, Class A1A, 3.23%, 4/20/2023		2,405		2,462
VOLT LXXXIII LLC Series 2019-NPL9, Class A1A, 3.33%, 11/26/2049 ‡ (b) (k)		2,980		2,812
VOLT LXXXV LLC Series 2020-NPL1, Class A1A, 3.23%, 1/25/2050 ‡ (b) (k)		2,530		2,386
VOLT LXXXVII LLC Series 2020-NPL3, Class A1A, 2.98%, 2/25/2050 (b) (k)		3,003		2,847
Westgate Resorts LLC Series 2017-1A, Class A, 3.05%, 12/20/2030 (b)		568		557
Westlake Automobile Receivables Trust
Series 2017-1A, Class D, 3.46%, 10/17/2022 (b)		684		686
Series 2019-2A, Class D, 3.20%, 11/15/2024 (b)		2,500		2,478
World Financial Network Credit Card Master Trust Series 2019-A, Class A, 3.14%, 12/15/2025		2,245		2,299
World Omni Auto Receivables Trust Series 2018-B, Class A3, 2.87%, 7/17/2023		5,892		5,988
TOTAL ASSET-BACKED SECURITIES (Cost $223,063)				217,480
COMMERCIAL MORTGAGE-BACKED SECURITIES — 3.9%
BAMLL Commercial Mortgage Securities Trust
Series 2012-PARK, Class A, 2.96%, 12/10/2030 (b)		560		582
Series 2014-520M, Class C, 4.21%, 8/15/2046 ‡ (b) (g)		1,300		1,287
BAMLL Re-REMIC Trust
Series 2016-FR16, Class A, 0.92%, 5/27/2021 (b) (g)		2,600		2,579
Series 2014-FRR5, Class A714, PO, 1/27/2047 (b)		1,950		1,923
BB-UBS Trust
Series 2012-TFT, Class A, 2.89%, 6/5/2030 (b)		483		482
Series 2012-SHOW, Class A, 3.43%, 11/5/2036 (b)		4,400		4,154
Bear Stearns Commercial Mortgage Securities Trust Series 2005-PWR8, Class X1, IO, 0.57%, 6/11/2041 ‡ (b) (g)		177		—	(h)
CD Commercial Mortgage Trust Series 2007-CD4, Class XC, IO, 1.30%, 12/11/2049 ‡ (b) (g)		62		2
COBALT CMBS Commercial Mortgage Trust Series 2006-C1, IO, 0.88%, 8/15/2048 ‡ (g)		486		5
Commercial Mortgage Trust
Series 2013-300P, Class A1, 4.35%, 8/10/2030 (b)		3,500		3,695
Series 2013-SFS, Class A2, 2.99%, 4/12/2035 (b) (g)		1,060		1,002
Series 2006-GG7, Class AM, 5.62%, 7/10/2038 (g)		46		45
Series 2012-CR2, Class XA, IO, 1.63%, 8/15/2045 ‡ (g)		2,335		65

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
FHLMC, Multi-Family Structured Pass-Through Certificates
Series KJ09, Class A2, 2.84%, 9/25/2022		1,734		1,812
Series KS01, Class A2, 2.52%, 1/25/2023		954		988
Series KPLB, Class A, 2.77%, 5/25/2025		353		382
Series K052, Class A2, 3.15%, 11/25/2025		3,560		3,954
Series K065, Class A2, 3.24%, 4/25/2027		2,467		2,791
Series K065, Class AM, 3.33%, 5/25/2027		1,322		1,499
Series K070, Class A2, 3.30%, 11/25/2027 (g)		1,748		1,995
FNMA ACES
Series 2014-M3, Class A2, 3.48%, 1/25/2024 (g)		1,874		2,030
Series 2017-M3, Class A2, 2.48%, 12/25/2026 (g)		1,181		1,276
Series 2015-M10, Class A2, 3.09%, 4/25/2027 (g)		8,555		9,333
Series 2017-M8, Class A2, 3.06%, 5/25/2027 (g)		3,815		4,199
Series 2018-M8, Class A2, 3.33%, 6/25/2028 (g)		2,580		2,928
Series 2018-M10, Class A2, 3.38%, 7/25/2028 (g)		3,335		3,821
Series 2017-M5, Class A2, 3.17%, 4/25/2029 (g)		3,376		3,838
Ladder Capital Commercial Mortgage Trust Series 2013-GCP, Class A2, 3.99%, 2/15/2036 (b)		998		1,029
LB-UBS Commercial Mortgage Trust Series 2006-C7, Class XW, IO, 0.71%, 11/15/2038 ‡ (b) (g)		2,109		1
ML-CFC Commercial Mortgage Trust Series 2006-4, Class XC, IO, 0.55%, 12/12/2049 ‡ (b) (g)		402		—	(h)
Morgan Stanley Capital I Trust
Series 2006-IQ12, Class X1, IO, 0.59%, 12/15/2043 ‡ (b) (g)		426		—	(h)
Series 2007-HQ11, Class X, IO, 0.17%, 2/12/2044 ‡ (b) (g)		404		—	(h)
MRCD Mortgage Trust
Series 2019-PARK, Class A, 2.72%, 12/15/2036 (b)		2,050		2,036
Series 2019-PARK, Class D, 2.72%, 12/15/2036 ‡ (b)		2,685		2,548
RBS Commercial Funding, Inc. Trust Series 2013-SMV, Class A, 3.26%, 3/11/2031 (b)		664		648
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 6/10/2030 (b)		2,236		2,277
UBS-Barclays Commercial Mortgage Trust
Series 2013-C6, Class A4, 3.24%, 4/10/2046		857		885
Series 2012-C2, Class XA, IO, 1.30%, 5/10/2063 ‡ (b) (g)		6,958		158
VNDO Mortgage Trust
Series 2013-PENN, Class A, 3.81%, 12/13/2029 (b)		5,000		5,016
Series 2012-6AVE, Class A, 3.00%, 11/15/2030 (b)		1,398		1,427
WFRBS Commercial Mortgage Trust
Series 2011-C3, Class A4, 4.38%, 3/15/2044 (b)		1,628		1,645
Series 2013-C11, Class D, 4.26%, 3/15/2045 ‡ (b) (g)		400		321
Series 2012-C6, Class A4, 3.44%, 4/15/2045		775		786
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $71,718)				75,444
U.S. GOVERNMENT AGENCY SECURITIES — 0.9%
Resolution Funding Corp. STRIPS DN, 2.88%, 10/15/2027 (a)		510		471
Tennessee Valley Authority
5.88%, 4/1/2036		6,839		10,531
4.63%, 9/15/2060		304		481
Tennessee Valley Authority STRIPS
DN, 3.68%, 11/1/2025 (a)		5,000		4,749
DN, 4.90%, 6/15/2035 (a)		800		599
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $14,258)				16,831
MUNICIPAL BONDS — 0.6% (l)
California — 0.1%
General Obligation — 0.0% (c)
State of California, Various Purpose GO, 7.30%, 10/1/2039		350		569
Transportation — 0.1%
City of Los Angeles, Department of Airports Series 2009C, Rev., 6.58%, 5/15/2039		440		575
Total California				1,144

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
New York — 0.2%
Special Tax — 0.0% (c)
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series D, Rev., 5.60%, 3/15/2040		360		485
Transportation — 0.2%
Port Authority of New York and New Jersey, Consolidated
Series 164, Rev., 5.65%, 11/1/2040		1,825		2,603
Series 165, Rev., 5.65%, 11/1/2040		440		627
Series 174, Rev., 4.46%, 10/1/2062		2,060		2,600
				5,830
Total New York				6,315
Ohio — 0.3%
Education — 0.2%
Ohio State University, General Receipts
Series 2016A, Rev., 4.05%, 12/1/2056		325		400
Series A, Rev., 4.80%, 6/1/2111		1,563		2,251
Rev., 5.59%, 12/1/2114		200		295
				2,946
Utility — 0.1%
American Municipal Power, Inc., Meldahl Hydroelectric Project Series 2010B, Rev., 7.50%, 2/15/2050		1,315		2,066
Total Ohio				5,012
TOTAL MUNICIPAL BONDS (Cost $9,160)				12,471
FOREIGN GOVERNMENT SECURITIES — 0.5%
Province of Quebec (Canada) 7.36%, 3/6/2026 (k)		377		507
Republic of Colombia (Colombia) 4.00%, 2/26/2024		922		969
4.50%, 1/28/2026		581		631
7.38%, 9/18/2037		200		276
5.63%, 2/26/2044		200		242
5.00%, 6/15/2045		515		585
Republic of Panama (Panama) 4.50%, 4/16/2050		325		384
Republic of Peru (Peru) 5.63%, 11/18/2050		88		137
Republic of South Africa (South Africa) 5.88%, 9/16/2025		640		669
United Mexican States (Mexico) 3.60%, 1/30/2025		788		825
4.13%, 1/21/2026		316		338
3.75%, 1/11/2028		1,216		1,258
4.60%, 1/23/2046		2,113		2,179
TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $8,530)				9,000
	Shares (000)
SHORT-TERM INVESTMENTS — 1.7%
INVESTMENT COMPANIES — 1.7%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.44% (m) (n) (Cost $32,465)		32,457		32,490
Total Investments — 101.6% (Cost $1,853,469)				1,976,067
Liabilities in Excess of Other Assets — (1.6)%				(31,739	)
Net Assets — 100.0%				1,944,328

Percentages indicated are based on net assets.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Abbreviations
ABS	Asset-backed securities
ACES	Alternative Credit Enhancement Securities
ARM	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of May 31, 2020.
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 or have an interest rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the rate in effect as of May 31, 2020. The rate may be subject to a cap and floor.
IO	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
LIBOR	London Interbank Offered Rate
PO	Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
REMIC	Real Estate Mortgage Investment Conduit
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.
TBA	To Be Announced; Security is subject to delayed delivery
UMBS	Uniform Mortgage-Backed Securities
USD	United States Dollar

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

(a)	The rate shown is the effective yield as of May 31, 2020.
(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 May 31, 2020.
(e)	Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of May 31, 2020.
(f)	Security is an interest bearing note with preferred security characteristics.
(g)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of May 31, 2020.
(h)	Amount rounds to less than one thousand.
(i)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(j)	Defaulted security.
(k)	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 May 31, 2020.
(l)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(m)	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.
(n)	The rate shown is the current yield as of May 31, 2020.
‡	Value determined using significant unobservable inputs.

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

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

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 per share as of the report date.

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at May 31, 2020.

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

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

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

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

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

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities	$	—	$	152,433	$	65,047	$	217,480
Collateralized Mortgage Obligations		—		239,793		23,732		263,525
Commercial Mortgage-Backed Securities		—		71,057		4,387		75,444
Corporate Bonds		—		480,794		—		480,794
Foreign Government Securities		—		9,000		—		9,000
Mortgage-Backed Securities		—		344,278		—		344,278
Municipal Bonds		—		12,471		—		12,471
U.S. Government Agency Securities		—		16,831		—		16,831
U.S. Treasury Obligations		—		523,754		—		523,754
Short-Term Investments
Investment Companies		32,490		—		—		32,490
Total Investments in Securities	$	32,490	$	1,850,411	$	93,166	$	1,976,067

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

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

	Balance as of February 29, 2020		Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3		Balance as of May 31, 2020
Investments in Securities:
Asset-Backed Securities	$	72,411	$	—	(a)	$	(4,707	)	$	(27	)	$	157	$	(8,951	)	$	6,164	$	—	$	65,047
Collateralized Mortgage Obligations		20,213		—			(23	)		(242	)		975		(1,842	)		4,651.00		—		23,732
Commercial Mortgage-Backed Securities		4,846		—			(435	)		(30	)		6		—	(a)		—		—		4,387
Total	$	97,470	$	—	(a)	$	(5,165	)	$	(299	)	$	1,138	$	(10,793	)	$	10,815	$	—	$	93,166

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

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

(a) Amount rounds to less than one thousand.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at May 31, 2020, which were valued using significant unobservable inputs (level 3), amounted to approximately $(5,149,000).

Transfers from level 2 to level 3 are due to a decline in market activity (e.g. frequency of trades), which resulted in a lack of available market inputs to determine the price for the period ended May 31, 2020.

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at May 31, 2020		Valuation Technique(s)	Unobservable Input		Range (Weighted Average) (a)
	$	51,977	Discounted Cash Flow		Constant Prepayment Rate		0.00% - 35.00% (8.64%)
					Constant Default Rate		0.00% - 4.92% (0.09%)
					Yield (Discount Rate of Cash Flows)		2.17% - 17.77% (6.85%)
Asset-Backed Securities		51,977
		11,604	Discounted Cash Flow		Constant Prepayment Rate		0.00% - 100.00% (59.89%)
					PSA Prepayment Model		0.00% 0.00% (0.00%)
					Constant Default Rate		0.00% - 4.92% (1.00%)
					Yield (Discount Rate of Cash Flows)		1.39% - 33.06% (6.93%)
Collateralized Mortgage Obligations		11,604
		4,381	Discounted Cash Flow		Constant Prepayment Rate		0.00% - 100.00% (4.96%)
					Yield (Discount Rate of Cash Flows)		-0.96% - 13.57% (4.60%)
Commercial Mortgage-Backed Securities		4,381
Total	$	67,962

# The table above does not include certain level 3 securities that are valued by brokers and pricing services. At May 31, 2020, the value of these investments was approximately $25,204,000. The inputs for these investments are not readily available or cannot be reasonably estimated and generally are 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.

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

For the period ended May 31, 2020
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at May 31, 2020		Shares at May 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.44% (a) (b)	$	58,446	$	235,034	$	261,022	$	21	$	11	$	32,490		32,457	$	78	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		619		1,680		2,299		—		—		—		—		1		—
Total	$	59,065	$	236,714	$	263,321	$	21	$	11	$	32,490			$	79	$	—

(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 May 31, 2020.