JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — 31.6%
Aerospace & Defense — 0.9%
Airbus Finance BV (France) 2.70%, 4/17/2023 (a)		557		584
Airbus SE (France) 3.95%, 4/10/2047 (a)		150		171
BAE Systems plc (United Kingdom)
1.90%, 2/15/2031 (a)		1,007		1,014
3.00%, 9/15/2050 (a)		502		531
Boeing Co. (The)
4.51%, 5/1/2023		2,503		2,684
1.95%, 2/1/2024		1,030		1,040
4.88%, 5/1/2025		605		675
2.75%, 2/1/2026		995		1,020
3.10%, 5/1/2026		320		333
5.15%, 5/1/2030		940		1,104
5.71%, 5/1/2040		745		940
L3Harris Technologies, Inc.
3.83%, 4/27/2025		850		955
1.80%, 1/15/2031		840		852
Leidos, Inc. 2.30%, 2/15/2031 (a)		465		472
Northrop Grumman Corp. 3.25%, 1/15/2028		200		226
Precision Castparts Corp. 3.25%, 6/15/2025		897		994
Raytheon Technologies Corp.
3.20%, 3/15/2024 (a)		350		377
4.50%, 6/1/2042		2,799		3,699
4.15%, 5/15/2045		543		680
4.35%, 4/15/2047 (a)		199		257
				18,608
Airlines — 0.0% (b)
Continental Airlines Pass-Through Trust Series 2012-2, Class A Shares, 4.00%, 10/29/2024		138		136
Automobiles — 0.2%
Hyundai Capital America
1.15%, 11/10/2022 (a)		1,500		1,504
1.80%, 10/15/2025 (a)		490		496
2.38%, 10/15/2027 (a)		530		546
Nissan Motor Co. Ltd. (Japan) 4.81%, 9/17/2030 (a)		1,102		1,217
Volkswagen Group of America Finance LLC (Germany) 1.63%, 11/24/2027 (a)		705		705
				4,468
Banks — 5.6%
ABN AMRO Bank NV (Netherlands) 4.75%, 7/28/2025 (a)		1,216		1,395
AIB Group plc (Ireland) 4.75%, 10/12/2023 (a)		1,165		1,281
ANZ New Zealand Int’l Ltd. (New Zealand) 2.55%, 2/13/2030 (a)		1,245		1,358
ASB Bank Ltd. (New Zealand) 3.13%, 5/23/2024 (a)		905		976
Australia & New Zealand Banking Group Ltd. (Australia) 4.40%, 5/19/2026 (a)		263		302
Banco Nacional de Panama (Panama) 2.50%, 8/11/2030 (a)		1,250		1,247
Banco Santander SA (Spain)
3.13%, 2/23/2023		400		422
2.75%, 5/28/2025		800		851
2.75%, 12/3/2030		600		600
Bank of America Corp.
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023 (c)		588		606
(ICE LIBOR USD 3 Month + 1.02%), 2.88%, 4/24/2023 (c)		1,855		1,916
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (c)		1,747		1,835
(ICE LIBOR USD 3 Month + 0.78%), 3.55%, 3/5/2024 (c)		547		583
(ICE LIBOR USD 3 Month + 1.09%), 3.09%, 10/1/2025 (c)		526		569
3.25%, 10/21/2027		1,189		1,322
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (c)		1,700		1,939
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (c)		4,155		4,675
(SOFR + 2.15%), 2.59%, 4/29/2031 (c)		1,510		1,608
(SOFR + 1.93%), 2.68%, 6/19/2041 (c)		4,685		4,891
Bank of Montreal (Canada) 1.85%, 5/1/2025		950		996
Bank of Nova Scotia (The) (Canada) 1.63%, 5/1/2023		3,330		3,426
Banque Federative du Credit Mutuel SA (France)
3.75%, 7/20/2023 (a)		540		585
2.38%, 11/21/2024 (a)		813		864
Barclays plc (United Kingdom)
3.65%, 3/16/2025		1,000		1,095
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.90%), 2.64%, 6/24/2031 (c)		1,500		1,559
BNP Paribas SA (France)
3.38%, 1/9/2025 (a)		425		463
(SOFR + 2.07%), 2.22%, 6/9/2026 (a) (c)		730		761
(SOFR + 1.51%), 3.05%, 1/13/2031 (a) (c)		1,065		1,155
BNZ International Funding Ltd. (New Zealand) 2.65%, 11/3/2022 (a)		632		659
Capital One Bank USA NA 3.38%, 2/15/2023		300		318

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Citigroup, Inc.
3.88%, 3/26/2025		500		558
(ICE LIBOR USD 3 Month + 0.90%), 3.35%, 4/24/2025 (c)		355		385
4.40%, 6/10/2025		865		991
(SOFR + 2.75%), 3.11%, 4/8/2026 (c)		1,900		2,065
4.30%, 11/20/2026		1,200		1,388
6.63%, 1/15/2028		250		327
(ICE LIBOR USD 3 Month + 1.39%), 3.67%, 7/24/2028 (c)		1,573		1,783
(ICE LIBOR USD 3 Month + 1.34%), 3.98%, 3/20/2030 (c)		1,000		1,171
8.13%, 7/15/2039		223		404
Citizens Bank NA 3.70%, 3/29/2023		720		771
Commonwealth Bank of Australia (Australia)
3.45%, 3/16/2023 (a)		600		643
4.50%, 12/9/2025 (a)		832		952
3.74%, 9/12/2039 (a)		711		820
Cooperatieve Rabobank UA (Netherlands)
4.38%, 8/4/2025		783		895
3.75%, 7/21/2026		945		1,063
5.80%, 9/30/2110 (a)		500		795
Credit Agricole SA (France)
4.38%, 3/17/2025 (a)		1,250		1,397
(SOFR + 1.68%), 1.91%, 6/16/2026 (a)(c)		500		516
Danske Bank A/S (Denmark) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.03%), 1.17%, 12/8/2023 (a) (c)		2,110		2,118
Discover Bank
3.35%, 2/6/2023		343		363
4.25%, 3/13/2026		1,205		1,385
HSBC Holdings plc (United Kingdom)
4.00%, 3/30/2022		552		578
(ICE LIBOR USD 3 Month + 0.92%), 3.03%, 11/22/2023 (c)		991		1,037
(ICE LIBOR USD 3 Month + 0.99%), 3.95%, 5/18/2024 (c)		1,054		1,135
4.25%, 8/18/2025		939		1,060
3.90%, 5/25/2026		200		226
(SOFR + 1.73%), 2.01%, 9/22/2028 (c)		1,215		1,235
(SOFR + 1.95%), 2.36%, 8/18/2031 (c)		1,160		1,194
6.10%, 1/14/2042		700		1,044
KeyBank NA 3.18%, 5/22/2022		729		757
Lloyds Banking Group plc (United Kingdom)
(ICE LIBOR USD 3 Month + 0.81%), 2.91%, 11/7/2023 (c)		612		638
4.58%, 12/10/2025		400		450
4.38%, 3/22/2028		475		563
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.41%, 3/7/2024		1,260		1,366
3.75%, 7/18/2039		760		916
Mizuho Financial Group, Inc. (Japan)
(ICE LIBOR USD 3 Month + 0.83%), 2.23%, 5/25/2026 (c)		875		917
(ICE LIBOR USD 3 Month + 1.31%), 2.87%, 9/13/2030 (c)		720		780
National Australia Bank Ltd. (Australia)
3.38%, 1/14/2026		800		900
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.88%), 3.93%, 8/2/2034 (a) (c)		1,025		1,147
Natwest Group plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.76%), 4.27%, 3/22/2025 (c)		480		529
(ICE LIBOR USD 3 Month + 1.75%), 4.89%, 5/18/2029 (c)		290		348
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.10%), 3.75%, 11/1/2029 (c)		900		953
(ICE LIBOR USD 3 Month + 1.87%), 4.44%, 5/8/2030 (c)		640		758
NatWest Markets plc (United Kingdom) 3.63%, 9/29/2022 (a)		1,025		1,081
Nordea Bank Abp (Finland) 4.25%, 9/21/2022 (a)		945		1,004
Royal Bank of Canada (Canada)
3.70%, 10/5/2023		1,000		1,092
4.65%, 1/27/2026		337		400
Santander UK Group Holdings plc (United Kingdom)
3.13%, 1/8/2021		452		453
3.57%, 1/10/2023		200		206
Societe Generale SA (France)
3.88%, 3/28/2024 (a)		815		885
2.63%, 10/16/2024 (a)		1,000		1,050
3.00%, 1/22/2030 (a)		2,008		2,121
Standard Chartered plc (United Kingdom)
5.20%, 1/26/2024 (a)		700		769
(ICE LIBOR USD 3 Month + 1.08%), 3.89%, 3/15/2024 (a) (c)		400		425
(ICE LIBOR USD 3 Month + 1.21%), 2.82%, 1/30/2026 (a) (c)		570		600
(ICE LIBOR USD 3 Month + 1.91%), 4.30%, 5/21/2030 (a) (c)		550		642
(USD ICE Swap Rate 5 Year + 1.97%), 4.87%, 3/15/2033 (a) (c)		200		224

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.78%, 10/18/2022		542		566
3.10%, 1/17/2023		689		728
4.44%, 4/2/2024 (a)		500		551
2.63%, 7/14/2026		872		946
3.04%, 7/16/2029		1,315		1,460
Truist Bank 3.30%, 5/15/2026		400		447
Truist Financial Corp.
4.00%, 5/1/2025		265		301
1.95%, 6/5/2030		580		604
UniCredit SpA (Italy) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 2.57%, 9/22/2026 (a) (c)		905		920
US Bancorp 7.50%, 6/1/2026		1,277		1,692
Wells Fargo & Co.
3.07%, 1/24/2023		500		514
4.48%, 1/16/2024		702		778
3.75%, 1/24/2024		675		733
3.30%, 9/9/2024		1,000		1,092
3.00%, 4/22/2026		993		1,090
4.10%, 6/3/2026		637		733
(ICE LIBOR USD 3 Month + 1.17%), 3.20%, 6/17/2027 (c)		1,395		1,542
(SOFR + 2.10%), 2.39%, 6/2/2028 (c)		425		449
(SOFR + 2.53%), 3.07%, 4/30/2041 (c)		1,120		1,219
4.65%, 11/4/2044		1,180		1,523
4.40%, 6/14/2046		300		379
4.75%, 12/7/2046		325		432
Westpac Banking Corp. (Australia)
2.85%, 5/13/2026		690		763
2.96%, 11/16/2040		780		839
				110,831
Beverages — 0.9%
Anheuser-Busch Cos. LLC (Belgium)
4.70%, 2/1/2036		3,945		5,039
4.90%, 2/1/2046		2,235		2,915
Anheuser-Busch InBev Finance, Inc. (Belgium) 4.63%, 2/1/2044		70		88
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
4.35%, 6/1/2040		800		992
4.44%, 10/6/2048		780		976
4.50%, 6/1/2050		1,050		1,315
4.60%, 6/1/2060		375		479
Coca-Cola Femsa SAB de CV (Mexico)
2.75%, 1/22/2030		790		855
1.85%, 9/1/2032		675		681
Constellation Brands, Inc.
4.40%, 11/15/2025		325		378
5.25%, 11/15/2048		220		312
Diageo Capital plc (United Kingdom)
1.38%, 9/29/2025		870		894
2.00%, 4/29/2030		1,180		1,237
Diageo Investment Corp. (United Kingdom) 8.00%, 9/15/2022		255		289
Fomento Economico Mexicano SAB de CV (Mexico) 3.50%, 1/16/2050		1,060		1,164
Keurig Dr Pepper, Inc.
3.13%, 12/15/2023		500		537
4.42%, 5/25/2025		149		172
3.43%, 6/15/2027		250		285
4.99%, 5/25/2038		215		287
				18,895
Biotechnology — 0.6%
AbbVie, Inc.
3.45%, 3/15/2022		937		969
2.80%, 3/15/2023		525		549
3.85%, 6/15/2024		443		488
3.20%, 11/21/2029		1,832		2,077
4.05%, 11/21/2039		1,809		2,193
4.63%, 10/1/2042		480		618
4.40%, 11/6/2042		790		996
4.45%, 5/14/2046		190		239
Baxalta, Inc.
3.60%, 6/23/2022		149		155
5.25%, 6/23/2045		50		70
Biogen, Inc.
2.25%, 5/1/2030		1,150		1,188
3.15%, 5/1/2050		310		313
Gilead Sciences, Inc. 2.60%, 10/1/2040		1,225		1,240
Regeneron Pharmaceuticals, Inc. 1.75%, 9/15/2030		1,270		1,249
				12,344
Building Products — 0.1%
Masco Corp.
2.00%, 10/1/2030		340		345
6.50%, 8/15/2032		600		777
				1,122
Capital Markets — 2.3%
Bank of New York Mellon Corp. (The) 2.80%, 5/4/2026		254		282
BlackRock, Inc. 1.90%, 1/28/2031		631		657
Blackstone Holdings Finance Co. LLC 4.45%, 7/15/2045 (a)		429		554
Brookfield Finance, Inc. (Canada)
3.90%, 1/25/2028		337		387
4.85%, 3/29/2029		411		504
4.70%, 9/20/2047		427		545
Credit Suisse AG (Switzerland) 3.63%, 9/9/2024		402		446
Credit Suisse Group AG (Switzerland)
3.57%, 1/9/2023 (a)		729		752
3.80%, 6/9/2023		800		861
3.75%, 3/26/2025		340		377
(SOFR + 1.56%), 2.59%, 9/11/2025 (a) (c)		250		264
(SOFR + 2.04%), 2.19%, 6/5/2026 (a) (c)		490		511
4.28%, 1/9/2028 (a)		1,162		1,342

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Deutsche Bank AG (Germany)
4.25%, 10/14/2021		1,000		1,026
3.30%, 11/16/2022		1,000		1,042
(SOFR + 2.16%), 2.22%, 9/18/2024 (c)		1,225		1,250
(SOFR + 1.87%), 2.13%, 11/24/2026 (c)		780		789
FMR LLC 6.45%, 11/15/2039 (a)		500		773
Goldman Sachs Group, Inc. (The)
(ICE LIBOR USD 3 Month + 0.82%), 2.88%, 10/31/2022 (c)		505		516
(ICE LIBOR USD 3 Month + 0.99%), 2.90%, 7/24/2023 (c)		493		513
3.50%, 1/23/2025		557		612
3.75%, 5/22/2025		1,984		2,221
4.25%, 10/21/2025		1,415		1,625
3.50%, 11/16/2026		469		524
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (c)		2,093		2,394
6.75%, 10/1/2037		685		1,048
Intercontinental Exchange, Inc. 4.00%, 10/15/2023		884		972
Invesco Finance plc
4.00%, 1/30/2024		657		719
3.75%, 1/15/2026		390		440
Jefferies Group LLC 6.45%, 6/8/2027		749		950
Macquarie Bank Ltd. (Australia) 4.00%, 7/29/2025 (a)		1,000		1,142
Macquarie Group Ltd. (Australia)
6.25%, 1/14/2021 (a)		1,650		1,661
(ICE LIBOR USD 3 Month + 1.37%), 3.76%, 11/28/2028 (a) (c)		700		771
(ICE LIBOR USD 3 Month + 1.75%), 5.03%, 1/15/2030 (a) (c)		700		842
Morgan Stanley
3.75%, 2/25/2023		3,429		3,675
(ICE LIBOR USD 3 Month + 0.85%), 3.74%, 4/24/2024 (c)		1,765		1,897
4.00%, 7/23/2025		2,873		3,289
3.88%, 1/27/2026		946		1,082
(SOFR + 1.99%), 2.19%, 4/28/2026 (c)		985		1,039
(SOFR + 1.03%), 1.79%, 2/13/2032 (c)		440		443
(ICE LIBOR USD 3 Month + 1.43%), 4.46%, 4/22/2039 (c)		1,265		1,655
4.30%, 1/27/2045		485		659
Nomura Holdings, Inc. (Japan)
2.65%, 1/16/2025		1,094		1,162
2.68%, 7/16/2030		700		739
UBS Group AG (Switzerland) 3.49%, 5/23/2023 (a)		269		280
(ICE LIBOR USD 3 Month + 0.95%), 2.86%, 8/15/2023 (a) (c)		200		208
4.13%, 9/24/2025 (a)		300		343
(ICE LIBOR USD 3 Month + 1.47%), 3.13%, 8/13/2030 (a) (c)		965		1,078
				46,861
Chemicals — 0.4%
Air Products and Chemicals, Inc.
1.85%, 5/15/2027		1,540		1,625
2.80%, 5/15/2050		1,080		1,180
Albemarle Corp. 5.45%, 12/1/2044		150		173
DuPont de Nemours, Inc. 5.32%, 11/15/2038		980		1,336
International Flavors & Fragrances, Inc.
4.45%, 9/26/2028		300		355
5.00%, 9/26/2048		365		486
Nutrien Ltd. (Canada)
4.20%, 4/1/2029		175		210
4.13%, 3/15/2035		455		532
5.00%, 4/1/2049		230		318
Sherwin-Williams Co. (The) 3.13%, 6/1/2024		381		413
Union Carbide Corp. 7.75%, 10/1/2096		850		1,254
				7,882
Commercial Services & Supplies — 0.1%
Ford Foundation (The) Series 2020, 2.82%, 6/1/2070		365		381
Republic Services, Inc. 1.45%, 2/15/2031		910		898
				1,279
Construction & Engineering — 0.1%
Quanta Services, Inc. 2.90%, 10/1/2030		1,440		1,551
Construction Materials — 0.1%
CRH America, Inc. (Ireland)
3.88%, 5/18/2025 (a)		417		469
5.13%, 5/18/2045 (a)		893		1,150
Martin Marietta Materials, Inc. 3.45%, 6/1/2027		770		858
				2,477
Consumer Finance — 1.0%
AerCap Ireland Capital DAC (Ireland)
4.45%, 12/16/2021		600		618
3.95%, 2/1/2022		775		795
3.30%, 1/23/2023		390		403
4.50%, 9/15/2023		2,420		2,591
3.15%, 2/15/2024		1,500		1,544
2.88%, 8/14/2024		600		614
Avolon Holdings Funding Ltd. (Ireland)
3.63%, 5/1/2022 (a)		2,000		2,030
5.50%, 1/15/2023 (a)		1,580		1,648
5.50%, 1/15/2026 (a)		1,000		1,089
4.25%, 4/15/2026 (a)		1,200		1,243
4.38%, 5/1/2026 (a)		820		846

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Capital One Financial Corp.
3.20%, 2/5/2025		1,069		1,163
4.20%, 10/29/2025		250		284
Park Aerospace Holdings Ltd. (Ireland)
5.25%, 8/15/2022 (a)		3,550		3,712
5.50%, 2/15/2024 (a)		900		961
				19,541
Containers & Packaging — 0.1%
Packaging Corp. of America 4.05%, 12/15/2049		845		1,053
WRKCo, Inc.
3.75%, 3/15/2025		400		446
3.90%, 6/1/2028		170		196
				1,695
Diversified Consumer Services — 0.2%
Emory University Series 2020, 2.14%, 9/1/2030		1,060		1,109
Pepperdine University Series 2020, 3.30%, 12/1/2059		600		650
President and Fellows of Harvard College 3.30%, 7/15/2056		643		774
University of Southern California Series A, 3.23%, 10/1/2120		570		587
				3,120
Diversified Financial Services — 0.7%
Blackstone 3.65%, 7/14/2023 (a)		795		820
CK Hutchison International 19 Ltd. (United Kingdom) 3.63%, 4/11/2029 (a)		1,215		1,370
GE Capital Funding LLC 4.40%, 5/15/2030 (a)		540		622
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/2035		3,583		4,133
GTP Acquisition Partners I LLC 3.48%, 6/16/2025 (a)		1,436		1,541
Hutchison Whampoa International 12 II Ltd. (United Kingdom) 3.25%, 11/8/2022 (a)		539		563
Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan) 2.65%, 9/19/2022 (a)		606		625
National Rural Utilities Cooperative Finance Corp. 2.95%, 2/7/2024		306		327
ORIX Corp. (Japan) 2.90%, 7/18/2022		553		572
Shell International Finance BV (Netherlands) 2.38%, 11/7/2029		2,280		2,446
Siemens Financieringsmaatschappij NV (Germany)
3.13%, 3/16/2024 (a)		750		808
4.40%, 5/27/2045 (a)		513		697
				14,524
Diversified Telecommunication Services — 0.9%
AT&T, Inc.
2.30%, 6/1/2027		2,340		2,480
1.65%, 2/1/2028		1,000		1,014
4.30%, 2/15/2030		826		986
2.25%, 2/1/2032		2,065		2,090
3.50%, 6/1/2041		646		696
3.55%, 9/15/2055 (a)		387		396
Deutsche Telekom AG (Germany) 3.63%, 1/21/2050 (a)		335		389
Deutsche Telekom International Finance BV (Germany)
3.60%, 1/19/2027 (a)		175		197
4.88%, 3/6/2042 (a)		232		307
Qwest Corp. 6.75%, 12/1/2021		741		780
Telefonica Emisiones SA (Spain) 5.46%, 2/16/2021		316		319
Verizon Communications, Inc.
2.63%, 8/15/2026		306		335
4.33%, 9/21/2028		962		1,167
4.40%, 11/1/2034		1,895		2,393
4.27%, 1/15/2036		1,445		1,811
2.65%, 11/20/2040		988		1,016
4.86%, 8/21/2046		396		544
4.67%, 3/15/2055		400		551
2.99%, 10/30/2056 (a)		545		576
				18,047
Electric Utilities — 2.1%
Alabama Power Co. 6.13%, 5/15/2038		239		357
Arizona Public Service Co. 5.05%, 9/1/2041		200		272
Baltimore Gas and Electric Co.
3.50%, 8/15/2046		376		439
2.90%, 6/15/2050		450		484
China Southern Power Grid International Finance BVI Co. Ltd. (China) 3.50%, 5/8/2027 (a)		1,234		1,354
Comision Federal de Electricidad (Mexico) 4.88%, 5/26/2021 (a)		831		846
Duke Energy Carolinas LLC 4.25%, 12/15/2041		129		165
Duke Energy Progress LLC
4.10%, 5/15/2042		273		346
4.10%, 3/15/2043		125		157
Duquesne Light Holdings, Inc. 3.62%, 8/1/2027 (a)		750		817
Edison International
3.55%, 11/15/2024		1,591		1,690
5.75%, 6/15/2027		400		468
Emera US Finance LP (Canada) 4.75%, 6/15/2046		700		880
Enel Finance International NV (Italy)
4.63%, 9/14/2025 (a)		265		309
3.63%, 5/25/2027 (a)		740		839

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Entergy Arkansas LLC
3.50%, 4/1/2026		175		198
2.65%, 6/15/2051		415		432
Entergy Corp. 2.95%, 9/1/2026		336		371
Entergy Louisiana LLC
3.05%, 6/1/2031		629		715
2.90%, 3/15/2051		490		530
Evergy Metro, Inc. 5.30%, 10/1/2041		1,400		1,895
Evergy, Inc. 2.90%, 9/15/2029		985		1,069
FirstEnergy Transmission LLC 4.55%, 4/1/2049 (a)		240		280
Fortis, Inc. (Canada) 3.06%, 10/4/2026		500		548
Hydro-Quebec (Canada)
Series HY, 8.40%, 1/15/2022		1,000		1,087
Series IO, 8.05%, 7/7/2024		350		439
ITC Holdings Corp.
2.70%, 11/15/2022		900		936
2.95%, 5/14/2030 (a)		440		481
Jersey Central Power & Light Co. 4.30%, 1/15/2026 (a)		560		624
John Sevier Combined Cycle Generation LLC 4.63%, 1/15/2042		728		922
Mid-Atlantic Interstate Transmission LLC 4.10%, 5/15/2028 (a)		315		355
Nevada Power Co.
Series N, 6.65%, 4/1/2036		100		150
5.45%, 5/15/2041		305		418
Niagara Mohawk Power Corp.
3.51%, 10/1/2024 (a)		493		539
1.96%, 6/27/2030 (a)		1,000		1,032
NRG Energy, Inc.
2.00%, 12/2/2025 (a)		710		720
2.45%, 12/2/2027 (a)		795		815
4.45%, 6/15/2029 (a)		615		703
Oncor Electric Delivery Co. LLC 5.75%, 3/15/2029		110		145
Pacific Gas and Electric Co.
(ICE LIBOR USD 3 Month + 1.38%), 1.60%, 11/15/2021 (c)		3,005		3,008
1.75%, 6/16/2022		4,500		4,509
3.75%, 8/15/2042 (d)		308		309
4.30%, 3/15/2045		525		565
PECO Energy Co. 2.80%, 6/15/2050		410		439
Pennsylvania Electric Co. 3.25%, 3/15/2028 (a)		150		162
Pepco Holdings LLC 7.45%, 8/15/2032		316		446
Potomac Electric Power Co. 6.50%, 11/15/2037		1,085		1,665
PPL Capital Funding, Inc. 3.40%, 6/1/2023		200		213
Progress Energy, Inc. 7.00%, 10/30/2031		300		428
Public Service Co. of Colorado 3.55%, 6/15/2046		214		244
Public Service Co. of Oklahoma Series G, 6.63%, 11/15/2037		2,490		3,619
Public Service Electric and Gas Co. 5.38%, 11/1/2039		317		451
Southern California Edison Co.
Series B, 3.65%, 3/1/2028		400		447
Series 08-A, 5.95%, 2/1/2038		200		269
4.05%, 3/15/2042		552		624
Southwestern Public Service Co. 4.50%, 8/15/2041		200		260
Toledo Edison Co. (The) 6.15%, 5/15/2037		300		414
				42,899
Electrical Equipment — 0.0% (b)
Eaton Corp.
7.63%, 4/1/2024		300		358
4.00%, 11/2/2032		170		208
				566
Electronic Equipment, Instruments & Components — 0.1%
Arrow Electronics, Inc.
4.50%, 3/1/2023		190		202
3.25%, 9/8/2024		219		236
3.88%, 1/12/2028		442		498
Corning, Inc. 3.90%, 11/15/2049		1,043		1,268
				2,204
Energy Equipment & Services — 0.2%
Baker Hughes Holdings LLC 5.13%, 9/15/2040		300		393
Halliburton Co. 4.75%, 8/1/2043		540		583
Schlumberger Holdings Corp.
4.00%, 12/21/2025 (a)		13		14
3.90%, 5/17/2028 (a)		1,126		1,251
Schlumberger Investment SA 2.65%, 6/26/2030		800		841
				3,082
Entertainment — 0.1%
NBCUniversal Media LLC 5.95%, 4/1/2041		800		1,227
Walt Disney Co. (The)
8.88%, 4/26/2023		430		513
6.20%, 12/15/2034		100		151
				1,891
Equity Real Estate Investment Trusts (REITs) — 1.7%
Alexandria Real Estate Equities, Inc.
3.80%, 4/15/2026		135		154
4.00%, 2/1/2050		653		810
American Campus Communities Operating Partnership LP 3.63%, 11/15/2027		500		546

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
American Tower Corp.
5.00%, 2/15/2024		974		1,104
3.38%, 10/15/2026		312		350
1.50%, 1/31/2028		1,215		1,220
2.90%, 1/15/2030		350		382
2.10%, 6/15/2030		630		648
1.88%, 10/15/2030		1,090		1,103
3.70%, 10/15/2049		935		1,060
2.95%, 1/15/2051		820		828
Boston Properties LP
3.20%, 1/15/2025		532		577
3.65%, 2/1/2026		483		543
Brixmor Operating Partnership LP 3.85%, 2/1/2025		400		433
Crown Castle International Corp.
4.00%, 3/1/2027		264		302
2.25%, 1/15/2031		1,235		1,278
Digital Realty Trust LP 3.70%, 8/15/2027		252		289
Duke Realty LP
3.25%, 6/30/2026		239		266
2.88%, 11/15/2029		380		417
Equinix, Inc. 1.55%, 3/15/2028		1,130		1,139
Essex Portfolio LP 2.65%, 3/15/2032		2,000		2,121
Healthcare Trust of America Holdings LP
3.10%, 2/15/2030		1,604		1,743
2.00%, 3/15/2031		610		601
Healthpeak Properties, Inc.
4.20%, 3/1/2024		230		252
3.88%, 8/15/2024		794		879
3.40%, 2/1/2025		265		291
3.50%, 7/15/2029		772		873
Kimco Realty Corp. 2.70%, 10/1/2030		1,250		1,300
Life Storage LP 4.00%, 6/15/2029		859		993
National Retail Properties, Inc.
4.00%, 11/15/2025		783		873
4.30%, 10/15/2028		620		712
Office Properties Income Trust 4.00%, 7/15/2022		784		795
Prologis LP 3.00%, 4/15/2050		905		1,005
Realty Income Corp. 4.65%, 3/15/2047		556		751
Regency Centers LP 2.95%, 9/15/2029		745		787
Scentre Group Trust 1 (Australia) 3.50%, 2/12/2025 (a)		420		447
Scentre Group Trust 2 (Australia) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.38%), 4.75%, 9/24/2080 (a) (c)		1,320		1,373
SITE Centers Corp. 4.70%, 6/1/2027		330		351
UDR, Inc.
2.95%, 9/1/2026		382		417
3.00%, 8/15/2031		305		335
2.10%, 8/1/2032		640		645
Ventas Realty LP
3.50%, 2/1/2025		242		267
4.13%, 1/15/2026		406		465
3.85%, 4/1/2027		554		619
Welltower, Inc.
2.70%, 2/15/2027		414		450
3.10%, 1/15/2030		670		725
6.50%, 3/15/2041		350		482
WP Carey, Inc. 4.25%, 10/1/2026		350		399
				34,400
Food & Staples Retailing — 0.2%
Alimentation Couche-Tard, Inc. (Canada) 3.80%, 1/25/2050 (a)		810		948
CVS Pass-Through Trust 5.93%, 1/10/2034 (a)		826		988
Series 2013, 4.70%, 1/10/2036 (a)		633		721
Kroger Co. (The) 5.00%, 4/15/2042		1,100		1,457
				4,114
Food Products — 0.4%
Campbell Soup Co. 3.13%, 4/24/2050		315		333
Cargill, Inc.
3.25%, 3/1/2023 (a)		115		122
2.13%, 4/23/2030 (a)		1,417		1,508
Conagra Brands, Inc. 5.30%, 11/1/2038		220		295
General Mills, Inc.
4.00%, 4/17/2025		490		555
4.15%, 2/15/2043		450		559
Kellogg Co. 2.10%, 6/1/2030		620		647
Mars, Inc. 1.63%, 7/16/2032 (a)		1,570		1,561
Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025		153		176
Mondelez International, Inc. 1.50%, 5/4/2025		370		383
Smithfield Foods, Inc. 3.00%, 10/15/2030 (a)		1,500		1,561
Tyson Foods, Inc.
4.88%, 8/15/2034		300		396
5.15%, 8/15/2044		210		289
				8,385
Gas Utilities — 0.2%
Atmos Energy Corp.
4.15%, 1/15/2043		828		1,041
4.13%, 10/15/2044		125		157
Boston Gas Co. 4.49%, 2/15/2042 (a)		308		391
Brooklyn Union Gas Co. (The) 4.27%, 3/15/2048 (a)		440		560

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Eastern Energy Gas Holdings LLC Series C, 3.90%, 11/15/2049		807		944
Korea Gas Corp. (South Korea) 1.88%, 7/18/2021 (a)		653		659
Southern Natural Gas Co. LLC
8.00%, 3/1/2032		351		494
4.80%, 3/15/2047 (a)		367		429
				4,675
Health Care Equipment & Supplies — 0.2%
Abbott Laboratories
1.15%, 1/30/2028		660		669
4.75%, 11/30/2036		380		527
Becton Dickinson and Co. 4.67%, 6/6/2047		600		789
Boston Scientific Corp. 4.00%, 3/1/2029		535		628
DH Europe Finance II SARL 3.25%, 11/15/2039		1,000		1,153
				3,766
Health Care Providers & Services — 1.0%
Advocate Health & Hospitals Corp. Series 2020, 2.21%, 6/15/2030		710		738
Aetna, Inc. 6.75%, 12/15/2037		440		671
Anthem, Inc.
4.63%, 5/15/2042		500		657
4.65%, 1/15/2043		535		707
4.65%, 8/15/2044		100		133
Ascension Health Series B, 2.53%, 11/15/2029		430		470
Bon Secours Mercy Health, Inc. Series 20-2, 3.21%, 6/1/2050		800		853
Children’s Hospital Series 2020, 2.93%, 7/15/2050		650		643
Children’s Hospital Corp. (The) Series 2020, 2.59%, 2/1/2050		580		583
Cigna Corp. 4.50%, 2/25/2026		300		352
CommonSpirit Health
1.55%, 10/1/2025		555		563
2.78%, 10/1/2030		550		567
3.91%, 10/1/2050		545		578
CVS Health Corp.
4.30%, 3/25/2028		779		916
3.25%, 8/15/2029		895		999
2.70%, 8/21/2040		470		475
HCA, Inc.
5.25%, 6/15/2026		1,680		1,982
5.13%, 6/15/2039		725		932
Mayo Clinic Series 2016, 4.13%, 11/15/2052		225		293
Memorial Health Services 3.45%, 11/1/2049		1,340		1,413
Memorial Sloan-Kettering Cancer Center Series 2015, 4.20%, 7/1/2055		200		265
MidMichigan Health Series 2020, 3.41%, 6/1/2050		310		345
Quest Diagnostics, Inc. 3.45%, 6/1/2026		150		169
Rush Obligated Group Series 2020, 3.92%, 11/15/2029		1,137		1,317
Texas Health Resources 4.33%, 11/15/2055		300		389
UnitedHealth Group, Inc.
4.63%, 7/15/2035		400		542
3.50%, 8/15/2039		815		970
Universal Health Services, Inc. 2.65%, 10/15/2030 (a)		690		711
Yale-New Haven Health Services Corp. Series 2020, 2.50%, 7/1/2050		780		769
				20,002
Hotels, Restaurants & Leisure — 0.1%
McDonald’s Corp. 4.70%, 12/9/2035		700		914
Starbucks Corp. 2.55%, 11/15/2030		780		842
				1,756
Household Products — 0.0% (b)
Reckitt Benckiser Treasury Services plc (United Kingdom) 2.38%, 6/24/2022 (a)		700		721
Independent Power and Renewable Electricity Producers — 0.1%
Alexander Funding Trust 1.84%, 11/15/2023 (a)		1,000		1,007
Exelon Generation Co. LLC 5.75%, 10/1/2041		235		271
Tri-State Generation and Transmission Association, Inc. 4.25%, 6/1/2046		417		477
				1,755
Industrial Conglomerates — 0.2%
General Electric Co.
3.10%, 1/9/2023		573		602
5.55%, 1/5/2026		1,114		1,332
3.63%, 5/1/2030		780		874
5.88%, 1/14/2038		95		123
Roper Technologies, Inc.
1.40%, 9/15/2027		1,370		1,387
2.00%, 6/30/2030		570		586
				4,904
Insurance — 1.0%
AIA Group Ltd. (Hong Kong)
3.60%, 4/9/2029 (a)		445		503
3.20%, 9/16/2040 (a)		520		558
AIG SunAmerica Global Financing X 6.90%, 3/15/2032 (a)		520		788
American International Group, Inc. 3.88%, 1/15/2035		605		730
Assurant, Inc. 4.20%, 9/27/2023		660		716
Athene Global Funding 2.95%, 11/12/2026 (a)		2,800		2,970

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Berkshire Hathaway Finance Corp. 4.40%, 5/15/2042		1,000		1,350
Brown & Brown, Inc. 2.38%, 3/15/2031		1,830		1,909
CNA Financial Corp. 3.95%, 5/15/2024		463		511
Dai-ichi Life Insurance Co. Ltd. (The) (Japan) (ICE LIBOR USD 3 Month + 3.66%), 4.00%, 7/24/2026 (a) (c) (e) (f)		526		579
Guardian Life Insurance Co. of America (The) 4.85%, 1/24/2077 (a)		208		274
Hanover Insurance Group, Inc. (The) 2.50%, 9/1/2030		500		520
Hartford Financial Services Group, Inc. (The) 4.30%, 4/15/2043		400		496
Intact US Holdings, Inc. 4.60%, 11/9/2022		500		533
Jackson National Life Global Funding 3.05%, 4/29/2026 (a)		675		746
Liberty Mutual Group, Inc.
4.57%, 2/1/2029 (a)		408		500
3.95%, 10/15/2050 (a)		900		1,083
Liberty Mutual Insurance Co. 8.50%, 5/15/2025 (a)		100		126
Markel Corp. 3.50%, 11/1/2027		200		224
MetLife, Inc. 4.88%, 11/13/2043		600		850
Pacific Life Insurance Co. (ICE LIBOR USD 3 Month + 2.80%), 4.30%, 10/24/2067 (a) (c)		266		287
Progressive Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.54%), 5.38%, 3/15/2023 (c) (e) (f)		360		369
Prudential Financial, Inc. 3.91%, 12/7/2047		300		364
Prudential Insurance Co. of America (The) 8.30%, 7/1/2025 (a)		1,750		2,273
Swiss Re Finance Luxembourg SA (Switzerland) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.58%), 5.00%, 4/2/2049 (a) (c)		600		698
Teachers Insurance & Annuity Association of America 4.27%, 5/15/2047 (a)		400		493
				20,450
Internet & Direct Marketing Retail — 0.1%
Amazon.com, Inc.
2.50%, 6/3/2050		500		528
2.70%, 6/3/2060		460		500
				1,028
IT Services — 0.4%
DXC Technology Co. 4.25%, 4/15/2024		478		515
Fiserv, Inc.
3.20%, 7/1/2026		395		443
4.40%, 7/1/2049		375		496
Global Payments, Inc. 4.15%, 8/15/2049		795		991
International Business Machines Corp.
3.30%, 5/15/2026		1,530		1,725
1.70%, 5/15/2027		2,675		2,774
Western Union Co. (The) 3.60%, 3/15/2022		1,100		1,138
				8,082
Life Sciences Tools & Services — 0.0% (b)
Thermo Fisher Scientific, Inc.
3.00%, 4/15/2023		369		390
4.15%, 2/1/2024		343		379
				769
Machinery — 0.2%
nVent Finance SARL (United Kingdom) 4.55%, 4/15/2028		450		487
Otis Worldwide Corp. 2.57%, 2/15/2030		1,430		1,534
Parker-Hannifin Corp. 4.45%, 11/21/2044		592		757
Xylem, Inc. 3.25%, 11/1/2026		197		221
				2,999
Media — 1.0%
Charter Communications Operating LLC
6.38%, 10/23/2035		528		731
4.80%, 3/1/2050		1,475		1,768
3.70%, 4/1/2051		450		471
Comcast Corp.
3.95%, 10/15/2025		696		798
3.15%, 3/1/2026		740		825
3.55%, 5/1/2028		443		512
1.95%, 1/15/2031		1,345		1,387
1.50%, 2/15/2031		1,250		1,243
4.20%, 8/15/2034		555		697
4.60%, 10/15/2038		845		1,117
3.25%, 11/1/2039		715		816
3.45%, 2/1/2050		918		1,083
4.95%, 10/15/2058		620		951
Cox Communications, Inc.
4.60%, 8/15/2047 (a)		275		360
2.95%, 10/1/2050 (a)		635		655
Discovery Communications LLC
5.20%, 9/20/2047		175		222
4.00%, 9/15/2055 (a)		784		872
Fox Corp. 5.58%, 1/25/2049		690		1,008
Grupo Televisa SAB (Mexico)
4.63%, 1/30/2026		221		251
6.13%, 1/31/2046		200		270

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Time Warner Cable LLC
6.55%, 5/1/2037		400		551
5.50%, 9/1/2041		359		457
Time Warner Entertainment Co. LP 8.38%, 7/15/2033		700		1,091
ViacomCBS, Inc.
4.00%, 1/15/2026		792		904
4.85%, 7/1/2042		140		170
4.38%, 3/15/2043		464		538
				19,748
Metals & Mining — 0.5%
Anglo American Capital plc (South Africa)
4.00%, 9/11/2027 (a)		500		565
2.63%, 9/10/2030 (a)		656		672
Barrick Gold Corp. (Canada) 6.45%, 10/15/2035		295		411
Glencore Funding LLC (Australia)
4.13%, 5/30/2023 (a)		454		488
1.63%, 9/1/2025 (a)		1,325		1,344
2.50%, 9/1/2030 (a)		2,945		2,936
Reliance Steel & Aluminum Co. 1.30%, 8/15/2025		2,500		2,529
Steel Dynamics, Inc. 3.45%, 4/15/2030		909		1,021
				9,966
Multiline Retail — 0.0% (b)
Dollar General Corp. 4.13%, 5/1/2028		235		276
Multi-Utilities — 0.3%
CMS Energy Corp. 3.00%, 5/15/2026		475		523
Delmarva Power & Light Co. 4.00%, 6/1/2042		235		284
Dominion Energy, Inc.
Series B, 2.75%, 1/15/2022		331		339
Series F, 5.25%, 8/1/2033		920		1,184
NiSource, Inc.
1.70%, 2/15/2031		740		738
5.80%, 2/1/2042		1,256		1,756
San Diego Gas & Electric Co.
6.00%, 6/1/2026		275		342
3.95%, 11/15/2041		379		443
Southern Co. Gas Capital Corp.
3.50%, 9/15/2021		563		572
3.25%, 6/15/2026		254		282
				6,463
Oil, Gas & Consumable Fuels — 2.5%
APT Pipelines Ltd. (Australia) 4.25%, 7/15/2027 (a)		732		825
Boardwalk Pipelines LP 4.80%, 5/3/2029		410		462
BP Capital Markets America, Inc. 1.75%, 8/10/2030		1,070		1,077
BP Capital Markets plc (United Kingdom) 3.51%, 3/17/2025		451		502
Buckeye Partners LP 5.85%, 11/15/2043		770		716
Cameron LNG LLC 3.70%, 1/15/2039 (a)		961		1,089
Chevron Corp. 2.24%, 5/11/2030		615		661
Concho Resources, Inc. 2.40%, 2/15/2031		505		527
Diamondback Energy, Inc.
4.75%, 5/31/2025		1,085		1,210
3.25%, 12/1/2026		570		603
Ecopetrol SA (Colombia)
5.88%, 9/18/2023		226		252
4.13%, 1/16/2025		533		575
Enable Midstream Partners LP
4.95%, 5/15/2028		325		320
4.15%, 9/15/2029		594		552
Enbridge, Inc. (Canada)
3.70%, 7/15/2027		215		241
4.50%, 6/10/2044		350		402
(ICE LIBOR USD 3 Month + 3.64%), 6.25%, 3/1/2078 (c)		400		428
Energy Transfer Operating LP
4.75%, 1/15/2026		1,191		1,322
6.25%, 4/15/2049		800		935
5.00%, 5/15/2050		500		530
Eni SpA (Italy) 5.70%, 10/1/2040 (a)		925		1,127
Enterprise Products Operating LLC
3.90%, 2/15/2024		475		520
3.70%, 2/15/2026		506		570
Exxon Mobil Corp.
2.99%, 3/19/2025		1,410		1,540
2.61%, 10/15/2030		1,290		1,408
3.00%, 8/16/2039		895		960
Gray Oak Pipeline LLC
2.00%, 9/15/2023 (a)		535		539
2.60%, 10/15/2025 (a)		650		660
Hess Corp. 6.00%, 1/15/2040		510		612
HollyFrontier Corp. 2.63%, 10/1/2023		850		857
Kinder Morgan, Inc.
2.00%, 2/15/2031		590		579
3.25%, 8/1/2050		650		631
Magellan Midstream Partners LP
3.20%, 3/15/2025		353		379
5.15%, 10/15/2043		600		718
Marathon Petroleum Corp.
4.50%, 5/1/2023		304		329
3.63%, 9/15/2024		200		215
4.70%, 5/1/2025		180		204
MPLX LP
5.25%, 1/15/2025		268		275
4.13%, 3/1/2027		259		292
2.65%, 8/15/2030		820		830
4.50%, 4/15/2038		338		375
5.20%, 3/1/2047		323		381
4.70%, 4/15/2048		65		73
5.50%, 2/15/2049		585		727

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Noble Energy, Inc. 6.00%, 3/1/2041		999		1,462
ONEOK Partners LP
3.38%, 10/1/2022		151		157
5.00%, 9/15/2023		334		364
6.65%, 10/1/2036		350		425
ONEOK, Inc.
3.40%, 9/1/2029		615		638
5.20%, 7/15/2048		850		924
Ovintiv, Inc. 7.38%, 11/1/2031		760		845
Phillips 66 Partners LP 3.15%, 12/15/2029		985		999
Pioneer Natural Resources Co. 1.90%, 8/15/2030		1,050		1,032
Plains All American Pipeline LP
3.80%, 9/15/2030		462		482
4.70%, 6/15/2044		610		600
Saudi Arabian Oil Co. (Saudi Arabia)
1.25%, 11/24/2023 (a)		200		202
1.63%, 11/24/2025 (a)		278		283
Spectra Energy Partners LP 5.95%, 9/25/2043		452		580
Suncor Energy, Inc. (Canada) 6.80%, 5/15/2038		1,195		1,615
Sunoco Logistics Partners Operations LP
3.90%, 7/15/2026		244		261
6.10%, 2/15/2042		400		444
5.30%, 4/1/2044		170		178
TC PipeLines LP 3.90%, 5/25/2027		391		434
Tennessee Gas Pipeline Co. LLC 2.90%, 3/1/2030 (a)		930		981
Texas Eastern Transmission LP
2.80%, 10/15/2022 (a)		554		568
3.50%, 1/15/2028 (a)		90		97
Total Capital International SA (France)
2.99%, 6/29/2041		1,200		1,298
3.46%, 7/12/2049		815		933
3.13%, 5/29/2050		1,180		1,292
TransCanada PipeLines Ltd. (Canada) 4.88%, 1/15/2026		394		467
Valero Energy Corp.
2.70%, 4/15/2023		735		764
1.20%, 3/15/2024		920		920
2.15%, 9/15/2027		830		829
7.50%, 4/15/2032		175		241
Williams Cos., Inc. (The)
3.90%, 1/15/2025		512		565
4.85%, 3/1/2048		409		490
				49,400
Personal Products — 0.1%
Estee Lauder Cos., Inc. (The) 2.60%, 4/15/2030		1,880		2,086
Pharmaceuticals — 1.0%
AstraZeneca plc (United Kingdom)
1.38%, 8/6/2030		460		454
6.45%, 9/15/2037		300		469
4.00%, 9/18/2042		240		302
Bristol-Myers Squibb Co.
3.20%, 6/15/2026		810		909
1.13%, 11/13/2027		985		992
4.13%, 6/15/2039		545		702
5.70%, 10/15/2040		633		924
5.00%, 8/15/2045		975		1,415
Eli Lilly and Co.
2.25%, 5/15/2050		575		559
2.50%, 9/15/2060		1,000		1,008
Mylan, Inc. 5.40%, 11/29/2043		520		698
Pfizer, Inc. 3.90%, 3/15/2039		950		1,181
Royalty Pharma plc
0.75%, 9/2/2023 (a)		945		949
1.20%, 9/2/2025 (a)		840		847
1.75%, 9/2/2027 (a)		840		857
3.30%, 9/2/2040 (a)		400		418
3.55%, 9/2/2050 (a)		410		426
Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026		1,713		1,913
Takeda Pharmaceutical Co. Ltd. (Japan)
5.00%, 11/26/2028		895		1,113
3.03%, 7/9/2040		615		651
3.18%, 7/9/2050		590		631
3.38%, 7/9/2060		415		459
Utah Acquisition Sub, Inc. 3.95%, 6/15/2026		300		342
Viatris, Inc. 3.85%, 6/22/2040 (a)		567		639
Zoetis, Inc. 2.00%, 5/15/2030		760		788
				19,646
Road & Rail — 0.4%
Burlington Northern Santa Fe LLC
5.75%, 5/1/2040		425		634
4.38%, 9/1/2042		375		498
5.15%, 9/1/2043		769		1,118
3.55%, 2/15/2050		653		818
CSX Corp.
5.50%, 4/15/2041		150		212
4.75%, 5/30/2042		191		252
4.75%, 11/15/2048		600		839
3.35%, 9/15/2049		95		110
JB Hunt Transport Services, Inc. 3.88%, 3/1/2026		515		589
Norfolk Southern Corp. 4.05%, 8/15/2052		600		773
Penske Truck Leasing Co. LP 4.13%, 8/1/2023 (a)		1,131		1,229
				7,072

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Semiconductors & Semiconductor Equipment — 0.3%
Analog Devices, Inc. 4.50%, 12/5/2036		300		359
Broadcom, Inc.
4.25%, 4/15/2026		1,000		1,142
4.11%, 9/15/2028		1,838		2,104
4.75%, 4/15/2029		1,575		1,875
				5,480
Software — 0.9%
G2, Inc. 2.50%, 11/20/2050 (g)		9,400		9,877
Microsoft Corp.
3.50%, 2/12/2035		291		363
4.20%, 11/3/2035		615		820
4.10%, 2/6/2037		503		663
2.53%, 6/1/2050		297		318
3.95%, 8/8/2056		268		368
2.68%, 6/1/2060		716		785
Oracle Corp.
4.30%, 7/8/2034		82		105
3.80%, 11/15/2037		500		598
3.60%, 4/1/2040		1,600		1,867
4.38%, 5/15/2055		900		1,201
				16,965
Specialty Retail — 0.2%
AutoZone, Inc. 1.65%, 1/15/2031		690		678
Home Depot, Inc. (The) 3.13%, 12/15/2049		1,630		1,876
Lowe’s Cos., Inc. 3.65%, 4/5/2029		418		487
O’Reilly Automotive, Inc. 3.60%, 9/1/2027		432		491
				3,532
Technology Hardware, Storage & Peripherals — 0.5%
Apple, Inc.
3.20%, 5/11/2027		686		778
3.00%, 6/20/2027		1,125		1,266
3.85%, 5/4/2043		150		193
3.45%, 2/9/2045		1,130		1,385
3.85%, 8/4/2046		569		733
3.75%, 11/13/2047		150		192
2.95%, 9/11/2049		1,094		1,245
2.55%, 8/20/2060		850		881
Dell International LLC
5.45%, 6/15/2023 (a)		485		536
6.02%, 6/15/2026 (a)		1,410		1,712
Hewlett Packard Enterprise Co. 1.45%, 4/1/2024		1,070		1,094
HP, Inc. 3.00%, 6/17/2027		665		724
				10,739
Thrifts & Mortgage Finance — 0.1%
BPCE SA (France)
4.63%, 7/11/2024 (a)		800		891
(SOFR + 1.52%), 1.65%, 10/6/2026 (a) (c)		690		701
3.38%, 12/2/2026		400		451
				2,043
Tobacco — 0.1%
BAT Capital Corp. (United Kingdom)
2.26%, 3/25/2028		780		804
3.73%, 9/25/2040		520		542
4.54%, 8/15/2047		265		299
3.98%, 9/25/2050		815		854
Reynolds American, Inc. (United Kingdom) 7.00%, 8/4/2041		100		133
				2,632
Trading Companies & Distributors — 0.4%
Air Lease Corp.
3.38%, 7/1/2025		476		502
2.88%, 1/15/2026		1,000		1,035
3.75%, 6/1/2026		526		567
3.25%, 10/1/2029		2,080		2,122
Aviation Capital Group LLC
3.88%, 5/1/2023 (a)		490		501
5.50%, 12/15/2024 (a)		1,047		1,121
BOC Aviation Ltd. (Singapore)
2.75%, 9/18/2022 (a)		450		458
3.50%, 10/10/2024 (a)		310		327
International Lease Finance Corp. 5.88%, 8/15/2022		506		545
				7,178
Transportation Infrastructure — 0.0% (b)
Transurban Finance Co. Pty. Ltd. (Australia) 2.45%, 3/16/2031 (a)		540		566
Water Utilities — 0.1%
American Water Capital Corp.
3.45%, 6/1/2029		795		914
3.45%, 5/1/2050		1,096		1,303
				2,217
Wireless Telecommunication Services — 0.7%
America Movil SAB de CV (Mexico)
3.63%, 4/22/2029		880		1,004
4.38%, 4/22/2049		441		573
Rogers Communications, Inc. (Canada) 4.35%, 5/1/2049		560		722
T-Mobile USA, Inc.
1.50%, 2/15/2026 (a)		2,105		2,136
3.75%, 4/15/2027 (a)		2,275		2,576
2.05%, 2/15/2028 (a)		1,550		1,595
3.88%, 4/15/2030 (a)		1,980		2,271
Vodafone Group plc (United Kingdom)
5.25%, 5/30/2048		496		675
4.88%, 6/19/2049		1,105		1,453
				13,005
TOTAL CORPORATE BONDS (Cost $570,618)				630,843

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
U.S. TREASURY OBLIGATIONS — 21.2%
U.S. Treasury Bonds
4.38%, 2/15/2038		447		672
1.13%, 5/15/2040		1,615		1,552
3.88%, 8/15/2040		235		341
3.63%, 8/15/2043		5,214		7,456
3.75%, 11/15/2043		4,988		7,269
3.63%, 2/15/2044		7,780		11,153
3.00%, 11/15/2044		17,000		22,274
2.50%, 2/15/2045		17,900		21,608
2.88%, 8/15/2045		2,300		2,962
2.25%, 8/15/2046		11,193		12,938
3.13%, 5/15/2048		3,757		5,109
2.25%, 8/15/2049		5,365		6,227
2.38%, 11/15/2049		3,700		4,407
2.00%, 2/15/2050		7,389		8,142
1.25%, 5/15/2050		7,125		6,560
1.38%, 8/15/2050		565		537
1.63%, 11/15/2050		8,000		8,084
U.S. Treasury Inflation Indexed Bonds
1.75%, 1/15/2028		300		452
3.63%, 4/15/2028		799		1,751
2.50%, 1/15/2029		300		472
U.S. Treasury Inflation Indexed Notes 0.13%, 1/15/2022		2,453		2,861
U.S. Treasury Notes
2.38%, 12/31/2020		880		882
2.63%, 5/15/2021		1,006		1,017
3.13%, 5/15/2021		2,250		2,281
1.13%, 9/30/2021		6,240		6,293
2.00%, 10/31/2021		1,100		1,119
2.13%, 5/15/2022		50,000		51,439
1.75%, 7/15/2022		5,000		5,130
1.63%, 8/31/2022		3,000		3,077
2.00%, 10/31/2022		1,650		1,708
1.50%, 2/28/2023		3,000		3,090
1.75%, 5/15/2023		2,221		2,307
2.50%, 5/15/2024		8,840		9,530
1.88%, 8/31/2024		569		603
2.25%, 11/15/2024		400		431
1.75%, 12/31/2024		13,555		14,359
2.88%, 4/30/2025		1,212		1,348
1.75%, 12/31/2026		10,154		10,911
0.38%, 9/30/2027		4,690		4,618
2.88%, 5/15/2028		1,198		1,392
1.63%, 8/15/2029		130		140
0.63%, 8/15/2030		970		950
U.S. Treasury STRIPS Bonds
4.90%, 8/15/2021 (h)		3,100		3,098
3.44%, 11/15/2021 (h)		11,340		11,329
3.23%, 2/15/2022 (h)		11,793		11,778
2.59%, 5/15/2022 (h)		18,545		18,519
3.17%, 8/15/2022 (h)		1,905		1,901
2.22%, 11/15/2022 (h)		18,375		18,320
3.63%, 2/15/2023 (h)		38,462		38,318
3.22%, 5/15/2023 (h)		14,070		14,003
2.40%, 8/15/2023 (h)		13,900		13,821
2.73%, 11/15/2023 (h)		1,052		1,045
1.85%, 2/15/2024 (h)		11,355		11,257
1.70%, 8/15/2024 (h)		20,600		20,371
7.42%, 5/15/2026 (h)		1,500		1,458
3.65%, 8/15/2026 (h)		1,592		1,540
2.42%, 11/15/2041 (h)		500		364
TOTAL U.S. TREASURY OBLIGATIONS (Cost $394,556)				422,574
MORTGAGE-BACKED SECURITIES — 16.1%
FHLMC
Pool # 846812, ARM, 3.67%, 4/1/2030 (i)		6		6
Pool # 781087, ARM, 3.98%, 12/1/2033 (i)		161		163
Pool # 1B1665, ARM, 3.64%, 4/1/2034 (i)		131		134
Pool # 847356, ARM, 4.19%, 12/1/2034 (i)		54		54
Pool # 782979, ARM, 3.88%, 1/1/2035 (i)		131		139
Pool # 848431, ARM, 2.58%, 2/1/2036 (i)		82		87
Pool # 1Q0025, ARM, 3.19%, 2/1/2036 (i)		46		48
Pool # 1L1286, ARM, 3.75%, 5/1/2036 (i)		28		29
Pool # 848365, ARM, 2.93%, 7/1/2036 (i)		80		84
Pool # 1A1096, ARM, 2.02%, 10/1/2036 (i)		116		121
Pool # 1G2539, ARM, 2.15%, 10/1/2036 (i)		11		11
Pool # 1J1348, ARM, 2.74%, 10/1/2036 (i)		69		70
Pool # 782760, ARM, 2.49%, 11/1/2036 (i)		123		130
Pool # 1G2671, ARM, 3.38%, 11/1/2036 (i)		89		90
Pool # 1J1634, ARM, 2.98%, 12/1/2036 (i)		75		79
Pool # 1J0282, ARM, 3.88%, 2/1/2037 (i)		42		42
Pool # 1Q0739, ARM, 2.43%, 3/1/2037 (i)		135		142
Pool # 848699, ARM, 2.84%, 7/1/2040 (i)		182		190
FHLMC Gold Pools, 20 Year Pool # C91403, 3.50%, 3/1/2032		208		225

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
FHLMC Gold Pools, 30 Year
Pool # C68485, 7.00%, 7/1/2032		19		22
Pool # G01448, 7.00%, 8/1/2032		44		52
Pool # A13625, 5.50%, 10/1/2033		210		247
Pool # A16107, 6.00%, 12/1/2033		71		80
Pool # A17537, 6.00%, 1/1/2034		94		113
Pool # A61572, 5.00%, 9/1/2034		508		590
Pool # A28796, 6.50%, 11/1/2034		100		118
Pool # G03369, 6.50%, 1/1/2035		214		242
Pool # A46987, 5.50%, 7/1/2035		439		513
Pool # G01919, 4.00%, 9/1/2035		196		212
Pool # C02641, 7.00%, 10/1/2036		81		95
Pool # C02660, 6.50%, 11/1/2036		152		176
Pool # A93383, 5.00%, 8/1/2040		380		442
Pool # A93511, 5.00%, 8/1/2040		395		457
Pool # G06493, 4.50%, 5/1/2041		1,609		1,807
FHLMC Gold Pools, Other
Pool # P20570, 7.00%, 7/1/2029		41		46
Pool # G20027, 10.00%, 10/1/2030		9		9
Pool # U50105, 4.00%, 1/1/2032		347		372
Pool # U80254, 3.00%, 3/1/2033		423		446
Pool # P20409, 5.50%, 10/1/2033		86		95
Pool # P50201, 5.50%, 1/1/2034		55		59
Pool # U90975, 4.00%, 6/1/2042		1,616		1,757
Pool # U90673, 4.00%, 1/1/2043		410		450
Pool # U99134, 4.00%, 1/1/2046		7,662		8,403
Pool # U69030, 4.50%, 1/1/2046		3,095		3,433
FHLMC UMBS, 20 Year Pool # RB5085, 2.00%, 11/1/2040		5,226		5,444
FNMA
Pool # 470623, ARM, 0.94%, 3/1/2022 (i)		827		826
Pool # 54844, ARM, 2.34%, 9/1/2027 (i)		11		11
Pool # 303532, ARM, 3.95%, 3/1/2029 (i)		8		8
Pool # 555258, ARM, 2.28%, 1/1/2033 (i)		262		263
Pool # 722421, ARM, 2.29%, 7/1/2033 (i)		31		31
Pool # 722985, ARM, 2.53%, 7/1/2033 (i)		18		18
Pool # 686040, ARM, 2.63%, 7/1/2033 (i)		129		130
Pool # 746299, ARM, 2.40%, 9/1/2033 (i)		105		110
Pool # 749923, ARM, 2.28%, 11/1/2033 (i)		7		7
Pool # 766610, ARM, 2.89%, 1/1/2034 (i)		78		79
Pool # 920467, ARM, 2.88%, 2/1/2034 (i)		79		79
Pool # 770377, ARM, 3.11%, 4/1/2034 (i)		76		76
Pool # 751531, ARM, 2.71%, 5/1/2034 (i)		100		101
Pool # 782306, ARM, 2.17%, 7/1/2034 (i)		24		24
Pool # 790235, ARM, 2.12%, 8/1/2034 (i)		93		94
Pool # 735332, ARM, 3.03%, 8/1/2034 (i)		176		181
Pool # 725902, ARM, 2.16%, 9/1/2034 (i)		13		13
Pool # 791961, ARM, 2.19%, 9/1/2034 (i)		30		30
Pool # 803594, ARM, 2.06%, 10/1/2034 (i)		136		137
Pool # 803599, ARM, 2.10%, 10/1/2034 (i)		102		102
Pool # 896463, ARM, 2.66%, 10/1/2034 (i)		87		92
Pool # 806776, ARM, 1.81%, 11/1/2034 (i)		142		143
Pool # 806778, ARM, 2.34%, 11/1/2034 (i)		393		396
Pool # 810896, ARM, 1.96%, 1/1/2035 (i)		279		288
Pool # 802692, ARM, 2.62%, 1/1/2035 (i)		249		251
Pool # 816597, ARM, 3.54%, 2/1/2035 (i)		17		17
Pool # 745862, ARM, 3.01%, 4/1/2035 (i)		79		80
Pool # 735539, ARM, 3.60%, 4/1/2035 (i)		467		491
Pool # 821378, ARM, 2.14%, 5/1/2035 (i)		67		68
Pool # 823660, ARM, 2.88%, 5/1/2035 (i)		65		65
Pool # 745766, ARM, 2.38%, 6/1/2035 (i)		198		202
Pool # 843026, ARM, 1.88%, 9/1/2035 (i)		326		339

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Pool # 832801, ARM, 2.10%, 9/1/2035 (i)		48		49
Pool # 849251, ARM, 2.76%, 1/1/2036 (i)		79		82
Pool # 872622, ARM, 2.42%, 6/1/2036 (i)		25		25
Pool # 895141, ARM, 2.19%, 7/1/2036 (i)		104		107
Pool # 900197, ARM, 2.58%, 10/1/2036 (i)		63		67
Pool # 966946, ARM, 3.79%, 1/1/2038 (i)		33		33
FNMA UMBS, 15 Year
Pool # 889634, 6.00%, 2/1/2023		117		120
Pool # 995381, 6.00%, 1/1/2024		31		32
Pool # 995425, 6.00%, 1/1/2024		78		81
Pool # AD0133, 5.00%, 8/1/2024		34		36
FNMA UMBS, 20 Year
Pool # 254305, 6.50%, 5/1/2022		6		7
Pool # 555791, 6.50%, 12/1/2022		15		17
Pool # 255217, 4.50%, 4/1/2024		15		16
Pool # 888656, 6.50%, 4/1/2025		27		30
Pool # MA1138, 3.50%, 8/1/2032		491		530
FNMA UMBS, 30 Year
Pool # 50966, 7.00%, 1/1/2024		1		1
Pool # 399269, 7.00%, 4/1/2026		5		5
Pool # 689977, 8.00%, 3/1/2027		32		36
Pool # 695533, 8.00%, 6/1/2027		12		14
Pool # 756024, 8.00%, 9/1/2028		40		45
Pool # 755973, 8.00%, 11/1/2028		102		118
Pool # 455759, 6.00%, 12/1/2028		9		11
Pool # 252211, 6.00%, 1/1/2029		16		19
Pool # 459097, 7.00%, 1/1/2029		6		6
Pool # 889020, 6.50%, 11/1/2029		258		289
Pool # 598559, 6.50%, 8/1/2031		28		33
Pool # 622542, 5.50%, 9/1/2031		218		251
Pool # 788150, 6.00%, 3/1/2032		28		32
Pool # 649734, 7.00%, 6/1/2032		30		32
Pool # 675555, 6.00%, 12/1/2032		71		81
Pool # AL0045, 6.00%, 12/1/2032		256		301
Pool # 674349, 6.00%, 3/1/2033		11		13
Pool # 688625, 6.00%, 3/1/2033		20		23
Pool # 688655, 6.00%, 3/1/2033		15		16
Pool # 695584, 6.00%, 3/1/2033		6		6
Pool # 702901, 6.00%, 5/1/2033		86		102
Pool # 723852, 5.00%, 7/1/2033		103		119
Pool # 729296, 5.00%, 7/1/2033		232		266
Pool # 729379, 6.00%, 8/1/2033		19		21
Pool # 737825, 6.00%, 9/1/2033		30		35
Pool # 750977, 4.50%, 11/1/2033		68		75
Pool # 725017, 5.50%, 12/1/2033		363		427
Pool # 751341, 5.50%, 3/1/2034		41		47
Pool # 888568, 5.00%, 12/1/2034		8		10
Pool # 815426, 4.50%, 2/1/2035		1		1
Pool # AD0755, 7.00%, 6/1/2035		2,571		3,019
Pool # 820347, 5.00%, 9/1/2035		69		80
Pool # 833657, 7.50%, 8/1/2036		39		44
Pool # 986648, 6.00%, 9/1/2037		119		141
Pool # 888892, 7.50%, 11/1/2037		40		48
Pool # 257510, 7.00%, 12/1/2038		109		129
Pool # AD0753, 7.00%, 1/1/2039		86		103
Pool # AT5891, 3.00%, 6/1/2043		2,591		2,823
Pool # AL7527, 4.50%, 9/1/2043		1,198		1,345
Pool # BM3500, 4.00%, 9/1/2047		3,824		4,260
Pool # BJ1778, 4.50%, 10/1/2047		1,423		1,558
Pool # BN9180, 4.00%, 6/1/2049		1,414		1,518

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Pool # BK8753, 4.50%, 6/1/2049		3,500		3,845
Pool # BO1219, 4.50%, 6/1/2049		4,451		4,835
Pool # BO7077, 3.00%, 9/1/2049		3,492		3,672
FNMA, 30 Year
Pool # 535183, 8.00%, 6/1/2028		10		11
Pool # 252409, 6.50%, 3/1/2029		48		53
Pool # 653815, 7.00%, 2/1/2033		8		8
Pool # 752786, 6.00%, 9/1/2033		60		67
Pool # 931717, 6.50%, 8/1/2039		276		317
FNMA, Other
Pool # FN0003, 4.20%, 1/1/2021 (i)		145		145
Pool # 468102, 4.34%, 6/1/2021		5,000		5,013
Pool # AL0602, 4.18%, 7/1/2021 (i)		500		502
Pool # 468159, 4.26%, 7/1/2021		1,870		1,881
Pool # 470407, 3.16%, 2/1/2022		2,386		2,430
Pool # 470622, 2.75%, 3/1/2022		508		519
Pool # AM3789, 3.02%, 7/1/2023		2,190		2,308
Pool # AM7245, 2.95%, 8/1/2023		4,335		4,560
Pool # AM4066, 3.59%, 8/1/2023		2,500		2,672
Pool # AM4628, 3.69%, 11/1/2023		1,459		1,569
Pool # AM4668, 3.76%, 11/1/2023		1,914		2,067
Pool # AM4716, 3.38%, 12/1/2023		1,905		2,052
Pool # AM7231, 2.92%, 12/1/2024		3,938		4,246
Pool # AM7589, 2.95%, 12/1/2024		1,520		1,638
Pool # AM7290, 2.97%, 12/1/2024		3,411		3,684
Pool # AM7576, 3.04%, 12/1/2024		3,941		4,268
Pool # AM7124, 3.11%, 12/1/2024		2,462		2,673
Pool # 470300, 3.64%, 1/1/2025		887		973
Pool # AM3833, 3.25%, 7/1/2025		3,507		3,841
Pool # AM4991, 3.97%, 12/1/2025		1,685		1,891
Pool # AL6805, 3.78%, 1/1/2026 (i)		3,426		3,839
Pool # 468645, 4.54%, 7/1/2026		2,545		2,912
Pool # AM6448, 3.25%, 9/1/2026		9,626		10,733
Pool # AM7223, 3.11%, 12/1/2026		3,416		3,792
Pool # AM7118, 3.14%, 12/1/2026		2,724		3,019
Pool # AM7390, 3.26%, 12/1/2026		3,730		4,151
Pool # AM7265, 3.30%, 12/1/2026		3,817		4,264
Pool # AM7515, 3.34%, 2/1/2027		3,000		3,365
Pool # AM8803, 2.78%, 6/1/2027		4,829		5,302
Pool # AM8987, 2.79%, 6/1/2027		1,799		1,974
Pool # BL1040, 3.81%, 12/1/2028		3,000		3,529
Pool # BL4364, 2.24%, 11/1/2029		5,456		5,856
Pool # BL4333, 2.52%, 11/1/2029		6,200		6,758
Pool # AM7785, 3.17%, 2/1/2030		2,859		3,232
Pool # AM7516, 3.55%, 2/1/2030		2,000		2,303
Pool # AM8544, 3.08%, 4/1/2030		7,637		8,618
Pool # AM8889, 2.92%, 5/1/2030		8,000		9,007
Pool # AM8804, 3.10%, 5/1/2030		3,634		4,107
Pool # AM9020, 2.97%, 6/1/2030		3,832		4,295
Pool # AM9320, 3.30%, 7/1/2030		4,022		4,631
Pool # BL4315, 2.39%, 9/1/2031		4,550		4,933
Pool # AP9632, 4.00%, 10/1/2032		400		431
Pool # AP9762, 4.00%, 10/1/2032		563		609
Pool # AQ7084, 3.50%, 12/1/2032		626		673
Pool # AT2703, 3.50%, 5/1/2033		1,440		1,548
Pool # AT2954, 3.50%, 5/1/2033		916		986
Pool # AT4180, 3.50%, 5/1/2033		733		788
Pool # AT4939, 3.50%, 5/1/2033		741		797
Pool # 754922, 5.50%, 9/1/2033		82		95

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Pool # 762520, 4.00%, 11/1/2033		421		455
Pool # AM8922, 3.03%, 6/1/2035		2,694		3,014
Pool # AM9188, 3.12%, 6/1/2035		7,000		7,993
Pool # 849215, 6.50%, 1/1/2036		20		21
Pool # 872740, 6.50%, 6/1/2036		78		90
Pool # 886320, 6.50%, 7/1/2036		24		27
Pool # 888796, 6.00%, 9/1/2037		65		73
Pool # AO7225, 4.00%, 7/1/2042		540		592
Pool # AO9352, 4.00%, 7/1/2042		649		712
Pool # MA1125, 4.00%, 7/1/2042		799		869
Pool # AR1397, 3.00%, 1/1/2043		1,381		1,493
Pool # MA1711, 4.50%, 12/1/2043		2,677		2,992
Pool # MA1828, 4.50%, 3/1/2044		2,124		2,375
Pool # BF0464, 3.50%, 3/1/2060 (g)		4,387		4,840
FNMA/FHLMC UMBS, Single Family, 30 Year
TBA, 1.50%, 12/25/2050 (g)		4,275		4,325
TBA, 2.00%, 12/25/2050 (g)		23,170		24,070
TBA, 2.00%, 1/25/2051 (g)		21,930		22,739
GNMA I, 30 Year
Pool # 345288, 7.50%, 3/15/2023		1		1
Pool # 782507, 9.50%, 10/15/2024		2		2
Pool # 554108, 6.50%, 3/15/2028		41		45
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		9		10
Pool # 486631, 6.50%, 10/15/2028		5		5
Pool # 591882, 6.50%, 7/15/2032		14		15
Pool # 607645, 6.50%, 2/15/2033		32		36
Pool # 607724, 7.00%, 2/15/2033		34		40
Pool # 604209, 6.50%, 4/15/2033		37		42
Pool # 781614, 7.00%, 6/15/2033		58		70
Pool # BM2141, 5.00%, 7/15/2049		1,047		1,196
GNMA II, 30 Year
Pool # 2006, 8.50%, 5/20/2025		8		9
Pool # 2141, 8.00%, 12/20/2025		1		1
Pool # 2234, 8.00%, 6/20/2026		3		4
Pool # 2270, 8.00%, 8/20/2026		2		2
Pool # 2285, 8.00%, 9/20/2026		2		3
Pool # 2324, 8.00%, 11/20/2026		3		3
Pool # 2499, 8.00%, 10/20/2027		5		5
Pool # 2512, 8.00%, 11/20/2027		7		7
Pool # 2525, 8.00%, 12/20/2027		3		3
Pool # 2549, 7.50%, 2/20/2028		5		5
Pool # 2646, 7.50%, 9/20/2028		12		13
Pool # 2647, 8.00%, 9/20/2028		2		2
Pool # 3427, 4.50%, 8/20/2033		88		98
Pool # 4245, 6.00%, 9/20/2038		652		753
Pool # AK8806, 4.25%, 3/20/2045		1,397		1,576
Pool # BM2118, 4.50%, 6/20/2049		804		868
Pool # BO0535, 4.00%, 7/20/2049		2,541		2,712
Pool # BO8227, 5.00%, 7/20/2049		1,837		2,082
Pool # BO8228, 5.00%, 7/20/2049		1,033		1,151
Pool # BO8229, 5.00%, 7/20/2049		2,752		3,096
Pool # BM9734, 4.00%, 10/20/2049		4,779		5,146
Pool # BQ4115, 3.00%, 3/20/2050		5,113		5,340
GNMA II, Other
Pool # AC0979, 3.98%, 4/20/2063 (i)		217		222
Pool # AC0973, 4.08%, 5/20/2063 (i)		272		275
TOTAL MORTGAGE-BACKED SECURITIES (Cost $303,645)				320,823

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — 12.0%
ACC 1/15/2021 ‡		2,187		2,187
Acre 6.25%, 12/22/2021 ‡		3,785		3,747
Alternative Loan Trust
Series 2004-2CB, Class 1A9, 5.75%, 3/25/2034		4,589		4,645
Series 2005-1CB, Class 1A6, IF, IO, 6.95%, 3/25/2035 ‡ (i)		582		95
Series 2005-22T1, Class A2, IF, IO, 4.92%, 6/25/2035 ‡ (i)		3,556		611
Series 2005-20CB, Class 3A8, IF, IO, 4.60%, 7/25/2035 ‡ (i)		1,629		239
Series 2005-28CB, Class 1A4, 5.50%, 8/25/2035		1,561		1,546
Series 2005-28CB, Class 3A5, 6.00%, 8/25/2035		66		44
Series 2005-37T1, Class A2, IF, IO, 4.90%, 9/25/2035 ‡ (i)		2,698		449
Series 2005-54CB, Class 1A2, IF, IO, 4.70%, 11/25/2035 ‡ (i)		2,760		455
Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035		1,096		1,046
Series 2005-57CB, Class 3A2, IF, IO, 4.95%, 12/25/2035 ‡ (i)		687		94
Series 2005-64CB, Class 1A9, 5.50%, 12/25/2035		486		481
Series 2006-26CB, Class A9, 6.50%, 9/25/2036		973		726
Banc of America Alternative Loan Trust
Series 2004-6, Class 15, PO, 7/25/2019 ‡		6		5
Series 2005-5, Class 1CB1, 5.50%, 6/25/2035		396		399
Series 2006-4, Class 1A4, 6.00%, 5/25/2046		283		261
Banc of America Funding Trust
Series 2004-1, PO, 3/25/2034 ‡		110		88
Series 2004-2, Class 30, PO, 9/20/2034 ‡		87		73
Series 2004-C, Class 1A1, 3.23%, 12/20/2034 (i)		66		66
Series 2005-E, Class 4A1, 3.11%, 3/20/2035 (i)		29		30
Series 2005-6, Class 2A7, 5.50%, 10/25/2035		179		174
Series 2005-7, Class 30, PO, 11/25/2035 ‡		124		115
Series 2005-8, Class 30, PO, 1/25/2036 ‡		89		66
Series 2006-A, Class 3A2, 3.18%, 2/20/2036 (i)		165		157
Banc of America Mortgage Trust Series 2004-A, Class 2A2, 3.90%, 2/25/2034 (i)		41		41
BCAP LLC Trust Series 2009-RR5, Class 8A1, 5.50%, 11/26/2034 (a) (i)		16		16
Bear Stearns ARM Trust
Series 2003-7, Class 3A, 2.65%, 10/25/2033 (i)		36		34
Series 2004-1, Class 12A1, 3.76%, 4/25/2034 (i)		236		231
Series 2004-2, Class 14A, 3.65%, 5/25/2034 (i)		36		35
Series 2006-1, Class A1, 2.37%, 2/25/2036 (i)		591		603
CHL Mortgage Pass-Through Trust
Series 2004-8, Class 2A1, 4.50%, 6/25/2019		2		3
Series 2004-HYB1, Class 2A, 3.00%, 5/20/2034 (i)		39		39
Series 2004-HYB3, Class 2A, 3.00%, 6/20/2034 (i)		231		229
Series 2004-7, Class 2A1, 3.58%, 6/25/2034 (i)		123		130
Series 2004-HYB6, Class A3, 2.74%, 11/20/2034 (i)		170		173
Series 2005-16, Class A23, 5.50%, 9/25/2035		283		255
Series 2005-22, Class 2A1, 2.71%, 11/25/2035 (i)		938		884
Citicorp Mortgage Securities REMIC Pass-Through Certificates Trust
Series 2005-5, Class A, PO, 8/25/2035 ‡		35		29
Series 2005-8, Class A, PO, 11/25/2035 ‡		65		55
Citigroup Global Markets Mortgage Securities VII, Inc.
Series 2003-UP2, Class 1, PO, 6/25/2033 ‡		1		1
Series 2003-HYB1, Class A, 2.60%, 9/25/2033 (i)		36		36
Citigroup Mortgage Loan Trust Series 2015-A, Class B2, 4.50%,  6/25/2058 (a) (i)		400		421
Citigroup Mortgage Loan Trust, Inc.
Series 2003-1, Class 3, PO, 9/25/2033 ‡		25		23
Series 2003-UP3, Class A3, 7.00%, 9/25/2033		11		11
Series 2003-1, Class 2, PO, 10/25/2033 ‡		6		5
Series 2003-1, Class 2A6, PO, 10/25/2033 ‡		14		14
Series 2003-1, Class 2A5, 5.25%, 10/25/2033		28		29
Series 2004-UST1, Class A6, 2.63%, 8/25/2034 (i)		12		12
Series 2005-1, Class 2A1A, 2.50%, 2/25/2035 (i)		173		155
Series 2005-2, Class 2A11, 5.50%, 5/25/2035		179		185
Series 2005-5, Class 1A2, 2.96%, 8/25/2035 (i)		219		173

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Conix Mortgage Asset Trust Series 2013-1, Class A, 12/25/2047 ‡ (i) (j)		1,079			17
Credit Suisse First Boston Mortgage Securities Corp.
Series 2003-1, Class DB1, 6.72%, 2/25/2033 (i)		251			256
Series 2003-21, Class 1A4, 5.25%, 9/25/2033		65			67
Series 2003-25, Class 1P, PO, 10/25/2033 ‡		188			169
CSFB Mortgage-Backed Pass-Through Certificates
Series 2005-4, Class 3A18, 5.50%, 6/25/2035		1,003			1,043
Series 2005-4, Class 3A23, 5.50%, 6/25/2035		2,115			2,135
CSMA SFR Holdings II 7/25/2023 ‡		2,968			2,965
FHLMC - GNMA Series 8, Class ZA, 7.00%, 3/25/2023		18			18
FHLMC, REMIC
Series 1065, Class J, 9.00%, 4/15/2021		—	(k)		—	(k)
Series 1084, Class F, 1.09%, 5/15/2021 (i)		—	(k)		—	(k)
Series 1084, Class S, HB, IF, 44.59%, 5/15/2021 (i)		—	(k)		—	(k)
Series 1144, Class KB, 8.50%, 9/15/2021		1			1
Series 1250, Class J, 7.00%, 5/15/2022		1			1
Series 1343, Class LB, 7.50%, 8/15/2022		2			2
Series 1343, Class LA, 8.00%, 8/15/2022		2			2
Series 1370, Class JA, 1.29%, 9/15/2022 (i)		4			4
Series 2512, Class PG, 5.50%, 10/15/2022		42			43
Series 1455, Class WB, IF, 4.60%, 12/15/2022 (i)		4			4
Series 2535, Class BK, 5.50%, 12/15/2022		20			21
Series 1470, Class F, 1.53%, 2/15/2023 (i)		—	(k)		—	(k)
Series 2568, Class KG, 5.50%, 2/15/2023		59			61
Series 1466, Class PZ, 7.50%, 2/15/2023		19			20
Series 1498, Class I, 1.29%, 4/15/2023 (i)		25			26
Series 1502, Class PX, 7.00%, 4/15/2023		40			42
Series 1798, Class F, 5.00%, 5/15/2023		31			32
Series 1505, Class Q, 7.00%, 5/15/2023		5			5
Series 1518, Class G, IF, 8.80%, 5/15/2023 (i)		10			11
Series 1541, Class O, 0.00%, 7/15/2023 (i)		10			10
Series 2638, Class DS, IF, 8.46%, 7/15/2023 (i)		8			8
Series 1541, Class M, HB, IF, 25.39%, 7/15/2023 (i)		4			4
Series 1570, Class F, 2.02%, 8/15/2023 (i)		1			1
Series 1608, Class L, 6.50%, 9/15/2023		104			111
Series 1573, Class PZ, 7.00%, 9/15/2023		31			33
Series 2571, Class SK, HB, IF, 33.89%, 9/15/2023 (i)		14			19
Series 1591, Class PV, 6.25%, 10/15/2023		20			21
Series 1602, Class SA, HB, IF, 22.27%, 10/15/2023 (i)		12			14
Series 2710, Class HB, 5.50%, 11/15/2023		176			182
Series 1642, Class PJ, 6.00%, 11/15/2023		51			54
Series 2716, Class UN, 4.50%, 12/15/2023		118			122
Series 1638, Class H, 6.50%, 12/15/2023		70			75
Series 2283, Class K, 6.50%, 12/15/2023		29			31
Series 1700, Class GA, PO, 2/15/2024		6			6
Series 1865, Class D, PO, 2/15/2024		35			35
Series 1760, Class ZD, 0.33%, 2/15/2024 (i)		90			89
Series 1671, Class QC, IF, 10.00%, 2/15/2024 (i)		13			14
Series 1686, Class SH, IF, 18.90%, 2/15/2024 (i)		2			3
Series 1709, Class FA, 0.00%, 3/15/2024 (i)		1			1
Series 1699, Class FC, 0.75%, 3/15/2024 (i)		3			3
Series 1695, Class EB, 7.00%, 3/15/2024		16			18
Series 1706, Class K, 7.00%, 3/15/2024		49			52
Series 2033, Class SN, HB, IF, 29.08%, 3/15/2024 (i)		8			1
Series 2306, Class K, PO, 5/15/2024		9			9
Series 2306, Class SE, IF, IO, 9.77%, 5/15/2024 (i)		21			2
Series 1745, Class D, 7.50%, 8/15/2024		12			13
Series 3720, Class A, 4.50%, 9/15/2025		95			101
Series 3131, Class BK, 5.50%, 3/15/2026		340			364

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 1829, Class ZB, 6.50%, 3/15/2026		8		9
Series 1863, Class Z, 6.50%, 7/15/2026		10		11
Series 1890, Class H, 7.50%, 9/15/2026		12		14
Series 1899, Class ZE, 8.00%, 9/15/2026		38		44
Series 3229, Class HE, 5.00%, 10/15/2026		348		371
Series 1963, Class Z, 7.50%, 1/15/2027		33		37
Series 1935, Class FL, 0.84%, 2/15/2027 (i)		2		2
Series 1981, Class Z, 6.00%, 5/15/2027		48		53
Series 1970, Class PG, 7.25%, 7/15/2027		4		5
Series 1987, Class PE, 7.50%, 9/15/2027		19		22
Series 2019, Class Z, 6.50%, 12/15/2027		42		47
Series 2038, Class PN, IO, 7.00%, 3/15/2028		37		5
Series 2040, Class PE, 7.50%, 3/15/2028		78		90
Series 4251, Class KW, 2.50%, 4/15/2028		3,684		3,849
Series 2043, Class CJ, 6.50%, 4/15/2028		11		13
Series 2054, Class PV, 7.50%, 5/15/2028		54		63
Series 2075, Class PM, 6.25%, 8/15/2028		119		132
Series 2075, Class PH, 6.50%, 8/15/2028		106		120
Series 2086, Class GB, 6.00%, 9/15/2028		32		36
Series 2089, Class PJ, IO, 7.00%, 10/15/2028		52		5
Series 2095, Class PE, 6.00%, 11/15/2028		140		158
Series 2125, Class JZ, 6.00%, 2/15/2029		49		54
Series 2136, Class PG, 6.00%, 3/15/2029		54		61
Series 2132, Class SB, HB, IF, 29.90%, 3/15/2029 (i)		10		16
Series 2141, IO, 7.00%, 4/15/2029		16		2
Series 2169, Class TB, 7.00%, 6/15/2029		178		205
Series 2163, Class PC, IO, 7.50%, 6/15/2029		18		2
Series 2172, Class QC, 7.00%, 7/15/2029		118		139
Series 2176, Class OJ, 7.00%, 8/15/2029		86		100
Series 2201, Class C, 8.00%, 11/15/2029		44		51
Series 2209, Class TC, 8.00%, 1/15/2030		46		55
Series 2210, Class Z, 8.00%, 1/15/2030		87		105
Series 2224, Class CB, 8.00%, 3/15/2030		21		25
Series 2230, Class Z, 8.00%, 4/15/2030		54		64
Series 2234, Class PZ, 7.50%, 5/15/2030		37		45
Series 2247, Class Z, 7.50%, 8/15/2030		39		46
Series 2256, Class MC, 7.25%, 9/15/2030		52		62
Series 2259, Class ZM, 7.00%, 10/15/2030		78		92
Series 2262, Class Z, 7.50%, 10/15/2030		11		13
Series 2271, Class PC, 7.25%, 12/15/2030		85		101
Series 2296, Class PD, 7.00%, 3/15/2031		51		60
Series 2313, Class LA, 6.50%, 5/15/2031		41		47
Series 2325, Class PM, 7.00%, 6/15/2031		61		73
Series 2359, Class ZB, 8.50%, 6/15/2031		144		176
Series 2344, Class ZD, 6.50%, 8/15/2031		486		565
Series 2344, Class ZJ, 6.50%, 8/15/2031		43		51
Series 2345, Class NE, 6.50%, 8/15/2031		34		40
Series 2351, Class PZ, 6.50%, 8/15/2031		40		45
Series 2353, Class AZ, 6.00%, 9/15/2031		270		302
Series 2367, Class ME, 6.50%, 10/15/2031		85		95
Series 2396, Class FM, 0.59%, 12/15/2031 (i)		141		141
Series 2399, Class OH, 6.50%, 1/15/2032		104		122
Series 2399, Class TH, 6.50%, 1/15/2032		128		151
Series 2410, Class OE, 6.38%, 2/15/2032		40		44
Series 2410, Class NG, 6.50%, 2/15/2032		116		137
Series 2420, Class XK, 6.50%, 2/15/2032		170		199
Series 2464, Class SI, IF, IO, 7.86%, 2/15/2032 (i)		232		43
Series 2410, Class QX, IF, IO, 8.51%, 2/15/2032 (i)		54		11

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2412, Class SP, IF, 15.82%, 2/15/2032 (i)		111		145
Series 2410, Class QS, IF, 19.13%, 2/15/2032 (i)		91		138
Series 2430, Class WF, 6.50%, 3/15/2032		242		287
Series 2423, Class MC, 7.00%, 3/15/2032		131		156
Series 2423, Class MT, 7.00%, 3/15/2032		113		135
Series 2444, Class ES, IF, IO, 7.81%, 3/15/2032 (i)		94		18
Series 2450, Class SW, IF, IO, 7.86%, 3/15/2032 (i)		75		15
Series 2435, Class CJ, 6.50%, 4/15/2032		180		212
Series 2434, Class TC, 7.00%, 4/15/2032		128		153
Series 2436, Class MC, 7.00%, 4/15/2032		81		93
Series 2455, Class GK, 6.50%, 5/15/2032		261		306
Series 2450, Class GZ, 7.00%, 5/15/2032		71		85
Series 2462, Class JG, 6.50%, 6/15/2032		120		142
Series 2466, Class PH, 6.50%, 6/15/2032		188		222
Series 2474, Class NR, 6.50%, 7/15/2032		105		120
Series 2484, Class LZ, 6.50%, 7/15/2032		126		151
Series 2500, Class MC, 6.00%, 9/15/2032		121		141
Series 2835, Class QO, PO, 12/15/2032		19		18
Series 2543, Class YX, 6.00%, 12/15/2032		241		276
Series 2544, Class HC, 6.00%, 12/15/2032		217		256
Series 2552, Class ME, 6.00%, 1/15/2033		262		307
Series 2567, Class QD, 6.00%, 2/15/2033		288		339
Series 2575, Class ME, 6.00%, 2/15/2033		665		775
Series 2596, Class QG, 6.00%, 3/15/2033		167		188
Series 2586, Class WI, IO, 6.50%, 3/15/2033		82		16
Series 2692, Class SC, IF, 13.00%, 7/15/2033 (i)		47		64
Series 4240, Class B, 3.00%, 8/15/2033		2,501		2,779
Series 3920, Class LP, 5.00%, 1/15/2034		683		788
Series 2744, Class PE, 5.50%, 2/15/2034		14		15
Series 3611, PO, 7/15/2034		44		42
Series 2990, Class UZ, 5.75%, 6/15/2035		1,598		1,857
Series 3004, Class EK, 5.50%, 7/15/2035		1,233		1,537
Series 3014, Class OD, PO, 8/15/2035		43		39
Series 3085, Class WF, 0.94%, 8/15/2035 (i)		116		118
Series 3047, Class OD, 5.50%, 10/15/2035		870		972
Series 3074, Class BH, 5.00%, 11/15/2035		279		306
Series 3064, Class MC, 5.50%, 11/15/2035		3,095		3,765
Series 3102, Class FB, 0.44%, 1/15/2036 (i)		132		132
Series 3102, Class HS, HB, IF, 24.05%, 1/15/2036 (i)		37		54
Series 3117, Class EO, PO, 2/15/2036		273		256
Series 3117, Class OK, PO, 2/15/2036		160		151
Series 3134, PO, 3/15/2036		40		39
Series 3152, Class MO, PO, 3/15/2036		216		205
Series 3122, Class ZB, 6.00%, 3/15/2036		26		41
Series 3138, PO, 4/15/2036		181		169
Series 3607, Class BO, PO, 4/15/2036		93		88
Series 3219, Class DI, IO, 6.00%, 4/15/2036		146		31
Series 3819, Class ZQ, 6.00%, 4/15/2036		890		1,060
Series 3149, Class SO, PO, 5/15/2036		29		25
Series 3233, Class OP, PO, 5/15/2036		61		57
Series 3171, Class MO, PO, 6/15/2036		35		34
Series 3179, Class OA, PO, 7/15/2036		168		154
Series 3194, Class SA, IF, IO, 6.96%, 7/15/2036 (i)		29		7
Series 3211, Class SO, PO, 9/15/2036		187		178
Series 3218, Class AO, PO, 9/15/2036		89		77
Series 3232, Class ST, IF, IO, 6.56%, 10/15/2036 (i)		210		44
Series 3256, PO, 12/15/2036		122		114
Series 3261, Class OA, PO, 1/15/2037		148		138
Series 3260, Class CS, IF, IO, 6.00%, 1/15/2037 (i)		241		48
Series 3274, Class JO, PO, 2/15/2037		38		36
Series 3275, Class FL, 0.58%, 2/15/2037 (i)		47		47

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Series 3290, Class SB, IF, IO, 6.31%, 3/15/2037 (i)		311			62
Series 3318, Class AO, PO, 5/15/2037		11			11
Series 3607, PO, 5/15/2037		189			176
Series 3315, Class HZ, 6.00%, 5/15/2037		194			222
Series 3326, Class JO, PO, 6/15/2037		11			10
Series 3331, PO, 6/15/2037		134			128
Series 3607, Class OP, PO, 7/15/2037		400			366
Series 4048, Class FJ, 0.55%, 7/15/2037 (i)		620			620
Series 3385, Class SN, IF, IO, 5.86%, 11/15/2037 (i)		37			7
Series 3387, Class SA, IF, IO, 6.28%, 11/15/2037 (i)		179			34
Series 3422, Class AI, IO, 0.25%, 1/15/2038 (d)		1,117			8
Series 3404, Class SC, IF, IO, 5.86%, 1/15/2038 (i)		323			66
Series 3424, Class PI, IF, IO, 6.66%, 4/15/2038 (i)		267			63
Series 3481, Class SJ, IF, IO, 5.71%, 8/15/2038 (i)		377			74
Series 3511, Class SA, IF, IO, 5.86%, 2/15/2039 (i)		254			46
Series 3549, Class FA, 1.34%, 7/15/2039 (i)		30			30
Series 3997, Class PF, 0.59%, 11/15/2039 (i)		21			21
Series 3621, Class BO, PO, 1/15/2040		132			125
Series 3747, Class PY, 4.00%, 10/15/2040		1,000			1,172
Series 3925, Class FL, 0.59%, 1/15/2041 (i)		314			315
Series 3852, Class QN, IF, 5.50%, 5/15/2041 (i)		177			197
Series 3852, Class TP, IF, 5.50%, 5/15/2041 (i)		539			592
Series 3957, Class B, 4.00%, 11/15/2041		248			274
Series 3966, Class NA, 4.00%, 12/15/2041		447			499
Series 4217, Class KY, 3.00%, 6/15/2043		2,000			2,216
Series 4822, Class ZB, 4.00%, 7/15/2048		3,829			4,181
FHLMC, STRIPS
Series 134, Class B, IO, 9.00%, 4/1/2022		—	(k)		—	(k)
Series 233, Class 11, IO, 5.00%, 9/15/2035		309			54
Series 233, Class 13, IO, 5.00%, 9/15/2035		441			76
Series 299, Class 300, 3.00%, 1/15/2043		2,848			3,010
Series 310, PO, 9/15/2043		1,134			1,026
Series 323, Class 300, 3.00%, 1/15/2044		2,193			2,376
FHLMC, Structured Pass-Through Certificates, Whole Loan
Series T-41, Class 3A, 5.22%, 7/25/2032 (i)		273			310
Series T-76, Class 2A, 1.72%, 10/25/2037 (i)		803			825
Series T-51, Class 2A, 7.50%, 8/25/2042 (i)		181			241
Series T-54, Class 2A, 6.50%, 2/25/2043		1,028			1,255
Series T-54, Class 3A, 7.00%, 2/25/2043		286			353
Series T-58, Class A, PO, 9/25/2043		95			82
Series T-59, Class 1AP, PO, 10/25/2043		223			172
First Horizon Alternative Mortgage Securities Trust
Series 2004-AA4, Class A1, 2.44%, 10/25/2034 (i)		200			203
Series 2005-FA8, Class 1A19, 5.50%, 11/25/2035		531			402
Series 2007-FA4, Class 1A2, IF, IO, 5.50%, 8/25/2037 ‡ (i)		1,089			277
FNMA Trust, Whole Loan
Series 2004-W1, Class 2A2, 7.00%, 12/25/2033		92			109
Series 2004-W2, Class 2A2, 7.00%, 2/25/2044		192			227
Series 2004-W15, Class 2AF, 0.40%, 8/25/2044 (i)		278			277
Series 2005-W3, Class 2AF, 0.37%, 3/25/2045 (i)		770			767
Series 2006-W2, Class 1AF1, 0.37%, 2/25/2046 (i)		242			242
FNMA, Grantor Trust, Whole Loan
Series 2002-T19, Class A2, 7.00%, 7/25/2042		531			642
Series 2004-T3, Class 1A3, 7.00%, 2/25/2044		283			339
FNMA, REMIC
Series 1991-24, Class Z, 5.00%, 3/25/2021		—	(k)		—	(k)
Series 2001-4, Class PC, 7.00%, 3/25/2021		—	(k)		—	(k)
Series 2001-48, Class Z, 6.50%, 9/25/2021		25			25
Series G-51, Class SA, HB, IF, 28.35%, 12/25/2021 (i)		—	(k)		—	(k)
Series 2002-1, Class HC, 6.50%, 2/25/2022		4			4
Series 2007-15, Class NO, PO, 3/25/2022		8			8
Series 1992-101, Class J, 7.50%, 6/25/2022		—	(k)		—	(k)
Series G92-42, Class Z, 7.00%, 7/25/2022		1			1

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Series G92-35, Class E, 7.50%, 7/25/2022		6			6
Series G92-44, Class ZQ, 8.00%, 7/25/2022		1			1
Series G92-35, Class G, HB, 1,184.78%, 7/25/2022		—	(k)		—	(k)
Series 1992-136, Class PK, 6.00%, 8/25/2022		4			4
Series 1996-59, Class J, 6.50%, 8/25/2022		2			2
Series G92-52, Class FD, 0.17%, 9/25/2022 (i)		1			1
Series 1992-143, Class MA, 5.50%, 9/25/2022		2			2
Series G92-54, Class ZQ, 7.50%, 9/25/2022		4			4
Series 1992-163, Class M, 7.75%, 9/25/2022		6			7
Series G92-62, Class B, PO, 10/25/2022		3			3
Series G92-59, Class F, 1.22%, 10/25/2022 (i)		1			1
Series G92-61, Class Z, 7.00%, 10/25/2022		2			2
Series 1992-188, Class PZ, 7.50%, 10/25/2022		17			17
Series G93-1, Class KA, 7.90%, 1/25/2023		11			12
Series G93-5, Class Z, 6.50%, 2/25/2023		4			4
Series 1997-61, Class ZC, 7.00%, 2/25/2023		62			65
Series 1993-27, Class SA, IF, 15.50%, 2/25/2023 (i)		2			3
Series G93-14, Class J, 6.50%, 3/25/2023		5			5
Series 1993-25, Class J, 7.50%, 3/25/2023		10			11
Series 1993-21, Class KA, 7.70%, 3/25/2023		6			7
Series 1998-4, Class C, PO, 4/25/2023		2			2
Series G93-17, Class SI, IF, 6.00%, 4/25/2023 (i)		10			11
Series 1993-62, Class SA, IF, 19.31%, 4/25/2023 (i)		4			4
Series 1998-43, Class SA, HB, IF, 20.95%, 4/25/2023 (i)		13			2
Series 2003-39, Class LW, 5.50%, 5/25/2023		124			129
Series 2003-41, Class PE, 5.50%, 5/25/2023		53			55
Series 2008-47, Class SI, IF, IO, 6.35%, 6/25/2023 (i)		13			—	(k)
Series G93-27, Class FD, 1.03%, 8/25/2023 (i)		8			8
Series 2002-83, Class CS, 6.88%, 8/25/2023		84			88
Series 1999-38, Class SK, IF, IO, 7.90%, 8/25/2023 (i)		3			—	(k)
Series 1996-14, Class SE, IF, IO, 9.92%, 8/25/2023 (i)		43			4
Series 1993-205, Class H, PO, 9/25/2023		6			6
Series G93-37, Class H, PO, 9/25/2023		2			2
Series 1993-165, Class SK, IF, 12.50%, 9/25/2023 (i)		5			6
Series 1993-165, Class SD, IF, 13.75%, 9/25/2023 (i)		2			3
Series 1993-179, Class SC, IF, 10.50%, 10/25/2023 (i)		2			3
Series 1999-52, Class NS, HB, IF, 22.96%, 10/25/2023 (i)		7			9
Series 1993-179, Class SB, HB, IF, 27.46%, 10/25/2023 (i)		4			4
Series 1995-19, Class Z, 6.50%, 11/25/2023		50			53
Series 1993-230, Class FA, 0.75%, 12/25/2023 (i)		4			4
Series 1993-247, Class FE, 1.15%, 12/25/2023 (i)		10			10
Series 1993-225, Class UB, 6.50%, 12/25/2023		12			13
Series 1993-247, Class SU, IF, 12.43%, 12/25/2023 (i)		4			5
Series 2002-1, Class UD, HB, IF, 23.97%, 12/25/2023 (i)		10			12
Series 2009-9, IO, 5.00%, 2/25/2024		—	(k)		—	(k)
Series 2009-18, IO, 5.00%, 3/25/2024		—	(k)		—	(k)
Series 1994-37, Class L, 6.50%, 3/25/2024		37			40
Series 1994-40, Class Z, 6.50%, 3/25/2024		238			255
Series 2004-53, Class NC, 5.50%, 7/25/2024		39			41
Series 1995-2, Class Z, 8.50%, 1/25/2025		9			10
Series G95-1, Class C, 8.80%, 1/25/2025		9			10
Series 1997-20, IO, 1.84%, 3/25/2027 (i)		20			—	(k)
Series 1997-27, Class J, 7.50%, 4/18/2027		6			7
Series 1997-29, Class J, 7.50%, 4/20/2027		13			15
Series 1997-39, Class PD, 7.50%, 5/20/2027		77			88
Series 1997-42, Class ZC, 6.50%, 7/18/2027		6			7
Series 1997-81, Class PI, IO, 7.00%, 12/18/2027		22			2

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 1998-36, Class ZB, 6.00%, 7/18/2028		33		38
Series 1998-66, Class SB, IF, IO, 8.00%, 12/25/2028 (i)		17		1
Series 1999-18, Class Z, 5.50%, 4/18/2029		47		51
Series 1999-17, Class C, 6.35%, 4/25/2029		23		26
Series 1999-62, Class PB, 7.50%, 12/18/2029		38		44
Series 2000-2, Class ZE, 7.50%, 2/25/2030		113		132
Series 2013-103, Class VG, 3.00%, 3/25/2030		3,500		3,599
Series 2000-20, Class SA, IF, IO, 8.95%, 7/25/2030 (i)		57		7
Series 2000-52, IO, 8.50%, 1/25/2031		11		2
Series 2001-7, Class PF, 7.00%, 3/25/2031		25		29
Series 2011-31, Class DB, 3.50%, 4/25/2031		1,695		1,835
Series 2001-33, Class ID, IO, 6.00%, 7/25/2031		91		14
Series 2001-30, Class PM, 7.00%, 7/25/2031		79		95
Series 2001-36, Class DE, 7.00%, 8/25/2031		86		102
Series 2001-49, Class Z, 6.50%, 9/25/2031		20		24
Series 2001-44, Class MY, 7.00%, 9/25/2031		212		254
Series 2001-44, Class PD, 7.00%, 9/25/2031		29		35
Series 2001-44, Class PU, 7.00%, 9/25/2031		26		32
Series 2001-52, Class KB, 6.50%, 10/25/2031		28		32
Series 2003-52, Class SX, HB, IF, 22.50%, 10/25/2031 (i)		49		79
Series 2001-61, Class Z, 7.00%, 11/25/2031		294		353
Series 2001-72, Class SX, IF, 17.12%, 12/25/2031 (i)		8		11
Series 2002-1, Class SA, HB, IF, 24.70%, 2/25/2032 (i)		14		21
Series 2002-13, Class SJ, IF, IO, 1.60%, 3/25/2032 (i)		256		9
Series 2002-13, Class ST, IF, 10.00%, 3/25/2032 (i)		4		4
Series 2002-21, Class LO, PO, 4/25/2032		8		8
Series 2002-21, Class PE, 6.50%, 4/25/2032		78		91
Series 2002-28, Class PK, 6.50%, 5/25/2032		204		239
Series 2012-66, Class CB, 3.00%, 6/25/2032		3,000		3,336
Series 2002-37, Class Z, 6.50%, 6/25/2032		53		61
Series 2006-130, Class GI, IO, 6.50%, 7/25/2032		224		36
Series 2002-48, Class GH, 6.50%, 8/25/2032		319		379
Series 2004-61, Class SK, IF, 8.50%, 11/25/2032 (i)		36		43
Series 2004-59, Class BG, PO, 12/25/2032		98		93
Series 2002-77, Class S, IF, 14.21%, 12/25/2032 (i)		43		57
Series 2003-22, Class UD, 4.00%, 4/25/2033		942		1,049
Series 2003-35, Class UC, 3.75%, 5/25/2033		10		10
Series 2003-42, Class GB, 4.00%, 5/25/2033		63		70
Series 2003-34, Class AX, 6.00%, 5/25/2033		186		218
Series 2003-34, Class ED, 6.00%, 5/25/2033		849		993
Series 2003-39, IO, 6.00%, 5/25/2033 (i)		37		7
Series 2003-33, Class IA, IO, 6.50%, 5/25/2033		303		64
Series 2007-97, Class KI, IO, 7.00%, 5/25/2033		541		60
Series 2003-47, Class PE, 5.75%, 6/25/2033		143		161
Series 2004-4, Class QI, IF, IO, 6.95%, 6/25/2033 (i)		188		9
Series 2004-4, Class QM, IF, 13.90%, 6/25/2033 (i)		18		19
Series 2003-64, Class SX, IF, 13.38%, 7/25/2033 (i)		41		52
Series 2003-132, Class OA, PO, 8/25/2033		19		19
Series 2003-72, Class IE, IO, 5.50%, 8/25/2033		298		52
Series 2003-71, Class DS, IF, 7.27%, 8/25/2033 (i)		315		367
Series 2003-74, Class SH, IF, 9.90%, 8/25/2033 (i)		61		75
Series 2003-91, Class SD, IF, 12.25%, 9/25/2033 (i)		65		82
Series 2013-101, Class AE, 3.00%, 10/25/2033		3,349		3,707
Series 2013-101, Class E, 3.00%, 10/25/2033		3,000		3,299
Series 2013-108, Class GU, 3.00%, 10/25/2033		4,000		4,418
Series 2003-116, Class SB, IF, IO, 7.45%, 11/25/2033 (i)		424		88
Series 2006-44, Class P, PO, 12/25/2033		728		690
Series 2003-130, Class SX, IF, 11.29%, 1/25/2034 (i)		10		11

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2004-25, Class SA, IF, 19.11%, 4/25/2034 (i)		195		290
Series 2004-46, Class SK, IF, 16.09%, 5/25/2034 (i)		371		509
Series 2004-36, Class SA, IF, 19.11%, 5/25/2034 (i)		417		639
Series 2004-46, Class QB, HB, IF, 23.40%, 5/25/2034 (i)		145		227
Series 2004-51, Class SY, IF, 13.94%, 7/25/2034 (i)		74		94
Series 2004-79, Class SP, IF, 19.39%, 11/25/2034 (i)		7		7
Series 2005-74, Class CS, IF, 19.61%, 5/25/2035 (i)		130		168
Series 2005-56, Class S, IF, IO, 6.56%, 7/25/2035 (i)		405		92
Series 2005-66, Class SG, IF, 17.00%, 7/25/2035 (i)		118		174
Series 2005-68, Class PG, 5.50%, 8/25/2035		379		432
Series 2005-84, Class XM, 5.75%, 10/25/2035		1,051		1,193
Series 2005-110, Class GL, 5.50%, 12/25/2035		2,932		3,330
Series 2006-46, Class UC, 5.50%, 12/25/2035		315		339
Series 2005-109, Class PC, 6.00%, 12/25/2035		361		406
Series 2006-39, Class WC, 5.50%, 1/25/2036		335		364
Series 2006-16, Class OA, PO, 3/25/2036		137		130
Series 2006-22, Class AO, PO, 4/25/2036		228		216
Series 2006-23, Class KO, PO, 4/25/2036		40		40
Series 2006-44, Class GO, PO, 6/25/2036		303		286
Series 2006-53, Class US, IF, IO, 6.43%, 6/25/2036 (i)		461		90
Series 2006-56, PO, 7/25/2036		245		231
Series 2006-58, PO, 7/25/2036		130		123
Series 2006-58, Class AP, PO, 7/25/2036		277		259
Series 2006-65, Class QO, PO, 7/25/2036		205		195
Series 2006-56, Class FC, 0.44%, 7/25/2036 (i)		441		442
Series 2006-58, Class FL, 0.61%, 7/25/2036 (i)		32		33
Series 2006-60, Class DZ, 6.50%, 7/25/2036		4,857		5,587
Series 2006-72, Class TO, PO, 8/25/2036		40		37
Series 2006-79, Class DO, PO, 8/25/2036		160		156
Series 2007-7, Class SG, IF, IO, 6.35%, 8/25/2036 (i)		785		263
Series 2006-77, Class PC, 6.50%, 8/25/2036		553		640
Series 2006-90, Class AO, PO, 9/25/2036		117		111
Series 2008-42, Class AO, PO, 9/25/2036		62		58
Series 2009-19, Class IP, IO, 5.50%, 10/25/2036		815		175
Series 2006-109, PO, 11/25/2036		61		57
Series 2006-110, PO, 11/25/2036		386		364
Series 2006-111, Class EO, PO, 11/25/2036		43		40
Series 2006-124, Class HB, 2.74%, 11/25/2036 (i)		608		623
Series 2006-119, PO, 12/25/2036		45		43
Series 2006-118, Class A2, 0.21%, 12/25/2036 (i)		199		197
Series 2009-70, Class CO, PO, 1/25/2037		318		297
Series 2006-128, Class BP, 5.50%, 1/25/2037		115		125
Series 2007-77, Class FG, 0.65%, 3/25/2037 (i)		62		62
Series 2007-16, Class FC, 0.90%, 3/25/2037 (i)		77		80
Series 2007-14, Class ES, IF, IO, 6.29%, 3/25/2037 (i)		599		112
Series 2007-42, Class AO, PO, 5/25/2037		26		24
Series 2007-48, PO, 5/25/2037		93		90
Series 2007-54, Class FA, 0.55%, 6/25/2037 (i)		201		203
Series 2007-60, Class AX, IF, IO, 7.00%, 7/25/2037 (i)		1,574		402
Series 2007-81, Class GE, 6.00%, 8/25/2037		191		219
Series 2007-88, Class VI, IF, IO, 6.39%, 9/25/2037 (i)		1,059		232
Series 2007-91, Class ES, IF, IO, 6.31%, 10/25/2037 (i)		800		174
Series 2007-116, Class HI, IO, 1.74%, 1/25/2038 (i)		464		20
Series 2008-1, Class BI, IF, IO, 5.76%, 2/25/2038 (i)		249		49
Series 2008-16, Class IS, IF, IO, 6.05%, 3/25/2038 (i)		95		15
Series 2008-10, Class XI, IF, IO, 6.08%, 3/25/2038 (i)		252		48
Series 2008-27, Class SN, IF, IO, 6.75%, 4/25/2038 (i)		130		25
Series 2008-44, PO, 5/25/2038		7		7

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2008-53, Class CI, IF, IO, 7.05%, 7/25/2038 (i)		204		38
Series 2008-80, Class SA, IF, IO, 5.70%, 9/25/2038 (i)		453		86
Series 2008-81, Class SB, IF, IO, 5.70%, 9/25/2038 (i)		454		76
Series 2010-148, Class MA, 4.00%, 2/25/2039		2		2
Series 2009-6, Class GS, IF, IO, 6.40%, 2/25/2039 (i)		403		91
Series 2009-62, Class HJ, 6.00%, 5/25/2039		106		114
Series 2009-60, Class HT, 6.00%, 8/25/2039		329		389
Series 2009-103, Class MB, 3.06%, 12/25/2039 (i)		158		164
Series 2009-99, Class SC, IF, IO, 6.03%, 12/25/2039 (i)		95		15
Series 2010-49, Class SC, IF, 12.36%, 3/25/2040 (i)		335		435
Series 2010-64, Class DM, 5.00%, 6/25/2040		158		179
Series 2010-71, Class HJ, 5.50%, 7/25/2040		273		317
Series 2010-147, Class SA, IF, IO, 6.38%, 1/25/2041 (i)		1,069		250
Series 2011-30, Class LS, IO, 2.80%, 4/25/2041 (i)		493		33
Series 2011-75, Class FA, 0.70%, 8/25/2041 (i)		153		154
Series 2011-118, Class MT, 7.00%, 11/25/2041		363		442
Series 2011-130, Class CA, 6.00%, 12/25/2041		644		759
Series 2013-81, Class TA, 3.00%, 2/25/2043		2,000		2,091
Series 2013-92, PO, 9/25/2043		1,001		922
Series 2013-90, Class PM, 3.50%, 9/25/2043		1,694		1,894
Series 2013-101, Class DO, PO, 10/25/2043		1,631		1,494
Series 2013-128, PO, 12/25/2043		1,925		1,782
Series 2011-2, Class WA, 5.85%, 2/25/2051 (i)		244		281
FNMA, REMIC Trust, Whole Loan
Series 2007-W7, Class 1A4, HB, IF, 38.28%, 7/25/2037 (i)		10		18
Series 2003-W4, Class 2A, 5.76%, 10/25/2042 (i)		45		52
Series 2003-W1, Class 1A1, 5.20%, 12/25/2042 (i)		404		446
Series 2003-W1, Class 2A, 5.68%, 12/25/2042 (i)		165		185
Series 2009-W1, Class A, 6.00%, 12/25/2049		518		599
FNMA, REMIC, Whole Loan
Series 2007-101, Class A2, 0.39%, 6/27/2036 (i)		296		292
Series 2007-106, Class A7, 6.21%, 10/25/2037 (i)		135		155
FNMA, STRIPS
Series 218, Class 2, IO, 7.50%, 4/25/2023		1		—	(k)
Series 265, Class 2, 9.00%, 3/25/2024		2		2
Series 329, Class 1, PO, 1/25/2033		36		34
Series 345, Class 6, IO, 5.00%, 12/25/2033 (i)		53		8
Series 351, Class 7, IO, 5.00%, 4/25/2034 (i)		175		23
Series 355, Class 11, IO, 6.00%, 7/25/2034		147		27
Series 365, Class 8, IO, 5.50%, 5/25/2036		226		46
Series 374, Class 5, IO, 5.50%, 8/25/2036		116		21
Series 393, Class 6, IO, 5.50%, 4/25/2037		45		7
Series 383, Class 32, IO, 6.00%, 1/25/2038		55		12
Series 383, Class 33, IO, 6.00%, 1/25/2038		143		28
GMACM Mortgage Loan Trust Series 2005-AR3, Class 3A4, 3.50%, 6/19/2035 (i)		582		555
GNMA
Series 1999-4, Class ZB, 6.00%, 2/20/2029		243		243
Series 2001-35, Class SA, IF, IO, 8.11%, 8/16/2031 (i)		77		—	(k)
Series 2002-52, Class GH, 6.50%, 7/20/2032		349		349
Series 2002-75, Class PB, 6.00%, 11/20/2032		686		705
Series 2003-58, Class BE, 6.50%, 1/20/2033		498		542
Series 2003-11, Class SK, IF, IO, 7.56%, 2/16/2033 (i)		164		—	(k)
Series 2003-12, Class SP, IF, IO, 7.55%, 2/20/2033 (i)		114		15
Series 2003-24, PO, 3/16/2033		22		22
Series 2003-40, Class TJ, 6.50%, 3/20/2033		603		658
Series 2003-46, Class TC, 6.50%, 3/20/2033		285		315
Series 2003-46, Class MG, 6.50%, 5/20/2033		377		425
Series 2003-52, Class AP, PO, 6/16/2033		108		103
Series 2003-90, PO, 10/20/2033		31		30

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2003-112, Class SA, IF, IO, 6.41%, 12/16/2033 (i)		378		47
Series 2004-28, Class S, IF, 19.28%, 4/16/2034 (i)		176		262
Series 2004-73, Class AE, IF, 14.56%, 8/17/2034 (i)		12		12
Series 2004-90, Class SI, IF, IO, 5.95%, 10/20/2034 (i)		536		91
Series 2005-68, Class DP, IF, 16.09%, 6/17/2035 (i)		60		77
Series 2010-14, Class CO, PO, 8/20/2035		187		177
Series 2005-58, Class NI, IO, 5.50%, 8/20/2035 (i)		853		134
Series 2005-68, Class KI, IF, IO, 6.15%, 9/20/2035 (i)		1,222		261
Series 2005-91, Class PI, IO, 6.00%, 12/20/2035		173		27
Series 2006-16, Class OP, PO, 3/20/2036		79		75
Series 2006-38, Class SW, IF, IO, 6.35%, 6/20/2036 (i)		115		7
Series 2006-38, Class ZK, 6.50%, 8/20/2036		940		1,065
Series 2006-59, Class SD, IF, IO, 6.55%, 10/20/2036 (i)		241		39
Series 2006-65, Class SA, IF, IO, 6.65%, 11/20/2036 (i)		420		58
Series 2011-22, Class WA, 5.85%, 2/20/2037 (i)		404		467
Series 2007-57, PO, 3/20/2037		132		128
Series 2007-17, Class JO, PO, 4/16/2037		74		67
Series 2007-17, Class JI, IF, IO, 6.67%, 4/16/2037 (i)		689		154
Series 2007-19, Class SD, IF, IO, 6.05%, 4/20/2037 (i)		386		41
Series 2007-28, Class BO, PO, 5/20/2037		82		77
Series 2007-26, Class SC, IF, IO, 6.05%, 5/20/2037 (i)		321		56
Series 2007-27, Class SA, IF, IO, 6.05%, 5/20/2037 (i)		325		49
Series 2007-36, Class SE, IF, IO, 6.33%, 6/16/2037 (i)		196		28
Series 2007-47, Class PH, 6.00%, 7/16/2037		2,500		2,917
Series 2007-40, Class SB, IF, IO, 6.60%, 7/20/2037 (i)		662		121
Series 2007-42, Class SB, IF, IO, 6.60%, 7/20/2037 (i)		397		68
Series 2007-50, Class AI, IF, IO, 6.63%, 8/20/2037 (i)		241		17
Series 2007-53, Class SW, IF, 19.77%, 9/20/2037 (i)		35		47
Series 2008-32, Class PI, IO, 5.50%, 10/16/2037		85		4
Series 2009-79, Class OK, PO, 11/16/2037		114		109
Series 2007-73, Class MI, IF, IO, 5.85%, 11/20/2037 (i)		226		30
Series 2007-76, Class SA, IF, IO, 6.38%, 11/20/2037 (i)		440		62
Series 2007-72, Class US, IF, IO, 6.40%, 11/20/2037 (i)		215		30
Series 2007-79, Class SY, IF, IO, 6.40%, 12/20/2037 (i)		202		30
Series 2008-2, Class NS, IF, IO, 6.40%, 1/16/2038 (i)		399		57
Series 2008-2, Class MS, IF, IO, 7.02%, 1/16/2038 (i)		120		25
Series 2008-10, Class S, IF, IO, 5.68%, 2/20/2038 (i)		239		32
Series 2008-36, Class SH, IF, IO, 6.15%, 4/20/2038 (i)		333		1
Series 2008-40, Class SA, IF, IO, 6.26%, 5/16/2038 (i)		2,031		387
Series 2008-55, Class SA, IF, IO, 6.05%, 6/20/2038 (i)		183		31
Series 2008-71, Class SC, IF, IO, 5.85%, 8/20/2038 (i)		89		13
Series 2009-25, Class SE, IF, IO, 7.45%, 9/20/2038 (i)		158		26
Series 2008-93, Class AS, IF, IO, 5.55%, 12/20/2038 (i)		227		32
Series 2009-65, Class IQ, IO, 6.00%, 12/20/2038		84		4
Series 2009-6, Class SA, IF, IO, 5.96%, 2/16/2039 (i)		238		30
Series 2009-12, Class IE, IO, 5.50%, 3/20/2039		529		80
Series 2009-14, Class KI, IO, 6.50%, 3/20/2039		229		40
Series 2009-14, Class NI, IO, 6.50%, 3/20/2039		217		47
Series 2009-22, Class SA, IF, IO, 6.12%, 4/20/2039 (i)		504		83
Series 2009-33, Class CI, IO, 5.50%, 5/20/2039		117		16
Series 2009-33, Class TI, IO, 6.00%, 5/20/2039		121		22
Series 2009-43, Class SA, IF, IO, 5.80%, 6/20/2039 (i)		217		31
Series 2009-72, Class SM, IF, IO, 6.11%, 8/16/2039 (i)		490		86
Series 2010-31, Class NO, PO, 3/20/2040		898		861
Series 2013-75, Class WA, 5.15%, 6/20/2040 (i)		1,036		1,190
Series 2010-130, Class CP, 7.00%, 10/16/2040		138		166
Series 2010-157, Class OP, PO, 12/20/2040		960		910
Series 2011-75, Class SM, IF, IO, 6.45%, 5/20/2041 (i)		633		97

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2014-188, Class W, 4.61%, 10/20/2041 (i)		458		511
Series 2012-141, Class WC, 3.70%, 1/20/2042 (i)		287		316
Series 2013-54, Class WA, 4.84%, 11/20/2042 (i)		1,566		1,787
Series 2013-91, Class WA, 4.48%, 4/20/2043 (i)		705		781
Series 2013-116, Class JY, 4.00%, 8/16/2043		1,300		1,561
Series 2018-160, Class PA, 3.50%, 7/20/2046		4,419		4,596
Series 2012-H24, Class FG, 0.57%, 4/20/2060 (i)		10		10
Series 2013-H03, Class FA, 0.44%, 8/20/2060 (i)		2		2
Series 2012-H21, Class CF, 0.84%, 5/20/2061 (i)		20		20
Series 2013-H05, Class FB, 0.54%, 2/20/2062 (i)		108		108
Series 2012-H15, Class FA, 0.59%, 5/20/2062 (i)		1		1
Series 2012-H26, Class MA, 0.69%, 7/20/2062 (i)		6		6
Series 2012-H28, Class FA, 0.72%, 9/20/2062 (i)		18		18
Series 2012-H29, Class FA, 0.65%, 10/20/2062 (i)		812		814
Series 2012-H31, Class FD, 0.48%, 12/20/2062 (i)		994		992
Series 2013-H01, Class FA, 1.65%, 1/20/2063		216		216
Series 2013-H08, Class FC, 0.59%, 2/20/2063 (i)		892		893
Series 2013-H04, Class BA, 1.65%, 2/20/2063		82		82
Series 2013-H07, Class HA, 0.55%, 3/20/2063 (i)		964		964
Series 2013-H09, Class HA, 1.65%, 4/20/2063		206		207
Series 2013-H18, Class JA, 0.74%, 8/20/2063 (i)		1,684		1,691
Series 2014-H01, Class FD, 0.79%, 1/20/2064 (i)		1,143		1,150
Series 2014-H09, Class TA, 0.74%, 4/20/2064 (i)		1,195		1,200
Series 2015-H15, Class FD, 0.58%, 6/20/2065 (i)		1,473		1,474
Series 2015-H15, Class FJ, 0.58%, 6/20/2065 (i)		3,300		3,303
Series 2015-H16, Class FG, 0.58%, 7/20/2065 (i)		2,171		2,173
Series 2015-H23, Class FB, 0.66%, 9/20/2065 (i)		2,221		2,229
Series 2015-H32, Class FH, 0.80%, 12/20/2065 (i)		1,683		1,698
Series 2017-H08, Class XI, IO, 2.32%, 3/20/2067 (i)		7,823		807
GSMPS Mortgage Loan Trust
Series 2001-2, Class A, 7.50%, 6/19/2032 (a) (i)		414		415
Series 2005-RP3, Class 1AF, 0.50%, 9/25/2035 (a) (i)		682		566
Series 2005-RP3, Class 1AS, IO, 4.25%, 9/25/2035 ‡ (a) (i)		516		71
Series 2006-RP2, Class 1AS2, IF, IO, 5.92%, 4/25/2036 ‡ (a) (i)		2,118		359
GSR Mortgage Loan Trust
Series 2004-6F, Class 3A4, 6.50%, 5/25/2034		188		202
Series 2004-8F, Class 2A3, 6.00%, 9/25/2034		85		87
Series 2004-13F, Class 3A3, 6.00%, 11/25/2034		247		259
Series 2005-4F, Class AP, PO, 5/25/2035 ‡		5		5
Series 2005-7F, Class 3A9, 6.00%, 9/25/2035		472		491
Series 2006-1F, Class 2A4, 6.00%, 2/25/2036		1,007		747
Headlands Residential LLC Series 2019-RPL1, Class NOTE, 3.97%, 6/25/2024 (a) (d)		4,600		4,622
Impac CMB Trust
Series 2004-7, Class 1A1, 0.89%, 11/25/2034 (i)		702		703
Series 2005-4, Class 2A1, 0.75%, 5/25/2035 (i)		111		107
Impac Secured Assets Trust
Series 2006-1, Class 2A1, 0.50%, 5/25/2036 (i)		198		191
Series 2006-2, Class 2A1, 0.50%, 8/25/2036 (i)		61		61
JP Morgan Mortgage Trust
Series 2006-A2, Class 5A3, 2.53%, 11/25/2033 (i)		286		294
Series 2006-A3, Class 6A1, 3.02%, 8/25/2034 (i)		57		56
Series 2006-A2, Class 4A1, 3.08%, 8/25/2034 (i)		217		223
Lehman Mortgage Trust
Series 2006-2, Class 1A1, 5.96%, 4/25/2036 (i)		242		211
Series 2008-2, Class 1A6, 6.00%, 3/25/2038		527		305
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1, 3.11%, 4/21/2034 (i)		127		128
Series 2004-4, Class 2A1, 2.91%, 5/25/2034 (i)		32		31
Series 2004-13, Class 3A7, 3.19%, 11/21/2034 (i)		301		307
Series 2004-15, Class 3A1, 3.64%, 12/25/2034 (i)		151		142

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
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		154			157
Series 2003-3, Class 1A1, 6.50%, 5/25/2033		108			112
Series 2003-9, Class 8A1, 6.00%, 1/25/2034		266			277
Series 2004-3, Class 2A1, 6.25%, 4/25/2034		182			187
Series 2004-6, Class 30, PO, 7/25/2034 ‡		156			131
Series 2004-6, Class 7A1, 6.00%, 7/25/2034		270			287
Series 2004-7, Class 30, PO, 8/25/2034 ‡		84			71
MASTR Asset Securitization Trust
Series 2004-6, Class 15, PO, 7/25/2019 ‡		—	(k)		—	(k)
Series 2003-12, Class 30, PO, 12/25/2033 ‡		12			10
Series 2004-1, Class 30, PO, 2/25/2034 ‡		10			9
MASTR Reperforming Loan Trust Series 2005-2, Class 1A1F, 0.50%, 5/25/2035 (a) (i)		1,429			779
MASTR Resecuritization Trust Series 2005-PO, Class 3, PO, 5/28/2035 ‡ (a)		100			83
Merrill Lynch Mortgage Investors Trust
Series 2003-E, Class A1, 0.77%, 10/25/2028 (i)		68			67
Series 2003-F, Class A1, 0.79%, 10/25/2028 (i)		637			632
Series 2004-A, Class A1, 0.61%, 4/25/2029 (i)		119			116
Series 2004-1, Class 2A1, 2.63%, 12/25/2034 (i)		173			174
NACC Reperforming Loan REMIC Trust Series 2004-R2, Class A1, 6.50%, 10/25/2034 (a) (i)		229			228
Nomura Asset Acceptance Corp. Alternative Loan Trust
Series 2003-A1, Class A5, 7.00%, 4/25/2033		34			35
Series 2003-A1, Class A1, 5.50%, 5/25/2033		37			38
Series 2003-A1, Class A2, 6.00%, 5/25/2033		58			60
P -stla 7.25%, 10/11/2026 ‡		2,600			2,600
RALI Trust
Series 2002-QS16, Class A3, IF, 16.31%, 10/25/2017 (i)		—	(k)		—	(k)
Series 2003-QS9, Class A3, IF, IO, 7.40%, 5/25/2018 ‡ (i)		3			—	(k)
Series 2003-QS12, Class A5, IO, 5.00%, 6/25/2018 ‡		—	(k)		—
Series 2003-QS12, Class A2A, IF, IO, 7.45%, 6/25/2018 ‡ (i)		—	(k)		—	(k)
Series 2003-QS14, Class A1, 5.00%, 7/25/2018		6			6
Series 2004-QA6, Class NB2, 3.59%, 12/26/2034 (i)		618			542
RBSSP Resecuritization Trust Series 2009-12, Class 1A1, 5.35%, 11/25/2033 (a) (i)		88			88
Residential Asset Securitization Trust
Series 2005-A2, Class A4, IF, IO, 4.90%, 3/25/2035 ‡ (i)		1,151			231
Series 2006-A4, Class 2A5, 6.00%, 5/25/2036		251			246
RFMSI Trust
Series 2004-S9, Class 2A1, 4.75%, 12/25/2019		—	(k)		—	(k)
Series 2005-SA4, Class 1A1, 2.89%, 9/25/2035 (i)		120			109
RMIP 5.60%, 8/25/2021 ‡		1,688			1,657
SART
4.75%, 7/15/2024		2,535			2,548
4.76%, 6/15/2025		2,631			2,670
Seasoned Credit Risk Transfer Trust
Series 2019-1, Class MT, 3.50%, 7/25/2058 ‡		3,847			4,295
Series 2019-3, Class MB, 3.50%, 10/25/2058 ‡		1,722			2,024
Structured Asset Mortgage Investments II Trust Series 2004-AR5, Class 1A1, 0.81%, 10/19/2034 (i)		252			253
Thornburg Mortgage Securities Trust
Series 2003-4, Class A1, 0.79%, 9/25/2043 (i)		116			116
Series 2004-4, Class 3A, 2.75%, 12/25/2044 (i)		249			247
Toorak Mortgage Corp. Ltd.Series 2019-2, Class A1, 3.72%, 9/25/2022 (d)		2,795			2,838
Vendee Mortgage Trust
Series 1994-1, Class 1, 5.24%, 2/15/2024 (i)		90			95
Series 1994-1, Class 2ZB, 6.50%, 2/15/2024		125			133
Series 1996-1, Class 1Z, 6.75%, 2/15/2026		196			222
Series 1996-2, Class 1Z, 6.75%, 6/15/2026		151			171
Series 1997-1, Class 2Z, 7.50%, 2/15/2027		299			341
Series 1998-1, Class 2E, 7.00%, 3/15/2028		360			405
Series 1999-1, Class 2Z, 6.50%, 1/15/2029		714			802
Series 2003-2, Class Z, 5.00%, 5/15/2033		3,170			3,648

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
vMobo, Inc.7.50%, 5/31/2024		3,100		3,045
WaMu Mortgage Pass-Through Certificates Series 2004-RS2, Class A4, 5.00%, 11/25/2033		534		554
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-AR8, Class A, 2.89%, 8/25/2033 (i)		40		41
Series 2003-AR9, Class 2A, 2.78%, 9/25/2033 (i)		73		70
Series 2003-AR9, Class 1A6, 2.80%, 9/25/2033 (i)		628		626
Series 2003-S9, Class P, PO, 10/25/2033 ‡		19		17
Series 2003-S9, Class A8, 5.25%, 10/25/2033		301		310
Series 2004-AR3, Class A1, 3.65%, 6/25/2034 (i)		47		48
Series 2004-AR3, Class A2, 3.65%, 6/25/2034 (i)		40		40
Series 2006-AR10, Class 2P, 3.07%, 9/25/2036 ‡ (i)		61		49
Series 2006-AR12, Class 2P, 2.64%, 10/25/2036 ‡ (i)		78		77
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
Series 2005-2, Class 2A3, IF, IO, 4.85%, 4/25/2035 ‡ (i)		797		130
Series 2005-2, Class 1A4, IF, IO, 4.90%, 4/25/2035 ‡ (i)		3,092		455
Series 2005-3, Class CX, IO, 5.50%, 5/25/2035 ‡		876		150
Series 2005-4, Class CB7, 5.50%, 6/25/2035		998		954
Series 2005-4, Class CX, IO, 5.50%, 6/25/2035 ‡		824		146
Series 2005-6, Class 2A4, 5.50%, 8/25/2035		175		173
Series 2005-6, Class 2A9, 5.50%, 8/25/2035		1,123		1,109
Wells Fargo Mortgage-Backed Securities Trust Series 2007-7, Class A7, 6.00%, 6/25/2037		195		195
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $219,241)				239,323
ASSET-BACKED SECURITIES — 10.3%
Academic Loan Funding Trust Series 2013-1A, Class A, 0.95%, 12/26/2044 (a) (i)		844		836
ACC Trust Series 2019-2, Class A, 2.82%, 2/21/2023 (a)		1,235		1,241
Air Canada Pass-Through Trust (Canada)
Series 2013-1, Class A, 4.13%, 5/15/2025 (a)		560		530
Series 2015-2, Class AA, 3.75%, 12/15/2027 (a)		218		214
Series 2017-1, Class AA, 3.30%, 1/15/2030 (a)		441		423
Series 2017-1, Class A, 3.55%, 1/15/2030 (a)		624		530
American Airlines Pass-Through Trust
Series 2011-1, Class A, 5.25%, 1/31/2021		89		89
Series 2016-3, Class AA, 3.00%, 10/15/2028		336		324
Series 2017-1, Class AA, 3.65%, 2/15/2029		468		458
American Homes 4 Rent
Series 2015-SFR1, Class A, 3.47%, 4/17/2052 (a)		3,817		4,068
Series 2015-SFR1, Class E, 5.64%, 4/17/2052 ‡ (a)		1,275		1,401
American Homes 4 Rent Trust
Series 2014-SFR2, Class A, 3.79%, 10/17/2036 (a)		3,583		3,836
Series 2014-SFR2, Class D, 5.15%, 10/17/2036 ‡ (a)		2,000		2,186
Series 2014-SFR2, Class E, 6.23%, 10/17/2036 (a)		850		945
Series 2014-SFR3, Class A, 3.68%, 12/17/2036 (a)		2,678		2,864
Series 2014-SFR3, Class C, 4.60%, 12/17/2036 (a)		500		543
Series 2014-SFR3, Class E, 6.42%, 12/17/2036 ‡ (a)		2,380		2,671
American Tower Trust #1 3.07%, 3/15/2023 (a)		750		765
AMSR Trust
Series 2020-SFR2, Class C, 2.53%, 7/17/2037 ‡ (a)		3,500		3,581
Series 2020-SFR4, Class C, 1.86%, 11/17/2037 ‡ (a)		4,000		4,013
British Airways Pass-Through Trust (United Kingdom)
Series 2018-1, Class AA, 3.80%, 9/20/2031 (a)		550		560
Series 2018-1, Class A, 4.13%, 9/20/2031 (a)		882		794
Series 2019-1, Class AA, 3.30%, 12/15/2032 (a)		691		663
Business Jet Securities LLC
Series 2018-2, Class B, 5.44%, 6/15/2033 (a)		1,805		1,836
Series 2019-1, Class A, 4.21%, 7/15/2034 (a)		1,463		1,494
Series 2019-1, Class B, 5.19%, 7/15/2034 ‡ (a)		3,030		3,046
Series 2020-1A, Class A, 2.98%, 11/15/2035 (a)		1,393		1,410

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Camillo Issuer LLC Series 2016-SFR, Class 1-A-1, 5.00%, 12/5/2023 ‡		4,845		4,835
Cars Net Lease Mortgage Notes Series 2020-1A, Class A3, 3.10%, 12/15/2050 (a) (g)		805		805
Carvana Auto Receivables Trust
Series 2019-4A, Class A3, 2.30%, 9/15/2023 (a)		1,202		1,215
Series 2019-2A, Class C, 3.00%, 6/17/2024 (a)		4,675		4,800
Series 2019-3A, Class C, 2.71%, 10/15/2024 (a)		5,240		5,375
Chase Funding Trust Series 2003-6, Class 1A7, 5.00%, 11/25/2034 ‡ (d)		395		416
Citibank Credit Card Issuance Trust Series 2007-A3, Class A3, 6.15%, 6/15/2039		800		1,166
Continental Airlines Pass-Through Trust Series 2007-1, Class A, 5.98%, 4/19/2022		259		259
CoreVest American Finance Trust
Series 2019-2, Class D, 4.22%, 6/15/2052 ‡ (a)		2,000		2,183
Series 2020-3, Class B, 2.20%, 8/15/2053 ‡ (a)		2,855		2,817
CPS Auto Receivables Trust
Series 2015-B, Class C, 4.20%, 5/17/2021 (a)		75		75
Series 2015-C, Class D, 4.63%, 8/16/2021 (a)		102		102
CPS Auto Trust Series 2018-C, Class D, 4.40%, 6/17/2024 (a)		2,964		3,067
Credit Acceptance Auto Loan Trust
Series 2018-1A, Class A, 3.01%, 2/16/2027 (a)		212		213
Series 2018-3A, Class B, 3.89%, 10/15/2027 (a)		2,097		2,146
Credit Suisse ABS Trust Series 2020-AT1, Class A, 2.63%, 10/15/2026 (a)		3,649		3,657
CWABS, Inc. Asset-Backed Certificates Trust Series 2004-6, Class M1, 1.05%, 10/25/2034 (i)		71		67
Delta Air Lines Pass-Through Trust Series 2015-1, Class AA, 3.63%, 7/30/2027		258		260
Diamond Resorts Owner Trust Series 2019-1A, Class A, 2.89%, 2/20/2032 (a)		3,748		3,874
Drive Auto Receivables Trust
Series 2017-1, Class D, 3.84%, 3/15/2023		1,257		1,273
Series 2017-3, Class D, 3.53%, 12/15/2023 (a)		2,649		2,688
Series 2016-CA, Class D, 4.18%, 3/15/2024 (a)		1,589		1,610
Series 2018-2, Class C, 3.63%, 8/15/2024		157		157
Series 2019-4, Class C, 2.51%, 11/17/2025		1,960		2,000
Exeter Automobile Receivables Trust
Series 2019-4A, Class C, 2.44%, 9/16/2024 (a)		2,170		2,214
Series 2019-3A, Class D, 3.11%, 8/15/2025 (a)		3,540		3,649
FirstKey Homes Trust Series 2020-SFR2, Class E, 2.67%, 10/19/2037 ‡ (a)		3,000		2,991
Flagship Credit Auto Trust
Series 2016-2, Class C, 6.22%, 9/15/2022 (a)		1,805		1,830
Series 2018-2, Class A, 2.97%, 10/17/2022 (a)		148		149
FNMA, Grantor Trust Series 2017-T1, Class A, 2.90%, 6/25/2027		4,850		5,327
Foundation Finance Trust Series 2019-1A, Class A, 3.86%, 11/15/2034 (a)		988		1,023
FREED ABS Trust
Series 2018-2, Class A, 3.99%, 10/20/2025 (a)		222		222
Series 2019-2, Class A, 2.62%, 11/18/2026 (a)		769		774
GE Capital Mortgage Services, Inc. Trust Series 1999-HE1, Class M, 6.71%, 4/25/2029 ‡ (i)		62		55
GLS Auto Receivables Trust Series 2016-1A, Class C, 6.90%, 10/15/2021 (a)		2		2
Gold Key Resorts LLC Series 2014-A, Class A, 3.22%, 3/17/2031 (a)		210		212
Goodgreen Series 2019-2A, Class A, 2.76%, 4/15/2055 (a)		2,234		2,290
Goodgreen Trust Series 2017-1A, Class A, 3.74%, 10/15/2052 (a)		480		506
HERO (Cayman Islands)Series 2018-1ASI, Class A, 4.00%, 9/20/2047 (a)		741		704
HERO Funding (Cayman Islands)Series 2017-3A, Class A2, 3.95%, 9/20/2048 (a)		1,485		1,555
HERO Funding Trust (Cayman Islands)
Series 2016-3A, Class A1, 3.08%, 9/20/2042 (a)		643		658
Series 2017-1A, Class A2, 4.46%, 9/20/2047 (a)		1,467		1,576
Hilton Grand Vacations Trust Series 2017-AA, Class A, 2.66%, 12/26/2028 (a)		156		160

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Home Equity Mortgage Loan Asset-Backed Trust Series 2006-A, Class A3, 0.35%, 3/25/2036 ‡ (i)		29		29
Kabbage Funding LLC Series 2019-1, Class B, 4.07%, 3/15/2024 ‡ (a)		280		281
KGS-Alpha SBA COOF Trust
Series 2012-2, Class A, IO, 0.54%, 8/25/2038 ‡ (a) (i)		2,669		56
Series 2013-2, Class A, IO, 1.52%, 3/25/2039 ‡ (a) (i)		2,602		106
Series 2015-2, Class A, IO, 2.87%, 7/25/2041 ‡ (a) (i)		857		100
Lendingpoint Asset Securitization Trust Series 2019-2, Class A, 3.07%, 11/10/2025 (a)		598		599
Lendmark Funding Trust Series 2019-1A, Class B, 3.40%, 12/20/2027 ‡ (a)		3,319		3,370
LV Tower 52 Issuer
Series 2013-1, Class A, 5.75%, 7/15/2019 ‡ (a)		2,994		3,020
Series 2013-1, Class M, 7.75%, 7/15/2019 ‡ (a)		1,097		1,106
Mid-State Capital Corp. Trust Series 2006-1, Class M1, 6.08%, 10/15/2040 ‡ (a)		594		639
MVW LLC Series 2019-2A, Class B, 2.44%, 10/20/2038 ‡ (a)		3,609		3,670
NCUA Guaranteed Notes Trust Series 2010-A1, Class A, 0.48%, 12/7/2020 (i)		188		188
New Century Home Equity Loan Trust Series 2003-5, Class AI6, 5.01%, 11/25/2033 ‡ (d)		330		341
OneMain Direct Auto Receivables Trust Series 2018-1A, Class B, 3.71%, 4/14/2025 (a)		1,863		1,907
Oportun Funding X LLC Series 2018-C, Class A, 4.10%, 10/8/2024 (a)		5,756		5,858
Oportun Funding XIII LLC Series 2019-A, Class A, 3.08%, 8/8/2025 (a)		3,010		3,042
Pretium Mortgage Credit Partners I LLC Series 2020-CFL1, Class A1, 3.10%, 2/27/2060 (a) (d)		3,381		3,384
Progress Residential Trust
Series 2020-SFR3, Class C, 1.70%, 10/17/2027 ‡ (a)		3,250		3,259
Series 2019-SFR4, Class D, 3.14%, 10/17/2036 ‡ (a)		5,000		5,098
Prosper Marketplace Issuance Trust Series 2019-3A, Class A, 3.19%, 7/15/2025 (a)		234		235
Renaissance Home Equity Loan Trust Series 2007-2, Class AF2, 5.68%, 6/25/2037 ‡ (d)		287		108
Renew (Cayman Islands)Series 2017-1A, Class A, 3.67%, 9/20/2052 (a)		616		639
Santander Retail Auto Lease Trust Series 2020-A, Class A4, 1.76%, 3/20/2024 (a)		3,955		4,058
Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2, 3.11%, 1/25/2036 ‡ (d)		190		188
Sierra Timeshare Receivables Funding LLC Series 2019-2A, Class C, 3.12%, 5/20/2036 ‡ (a)		2,067		2,086
Spirit Airlines Pass-Through Trust Series 2017-1, Class AA, 3.38%, 2/15/2030		345		329
Spruce ABS Trust Series 2016-E1, Class A, 4.32%, 6/15/2028 (a)		166		169
Synchrony Card Funding LLC
Series 2019-A1, Class A, 2.95%, 3/15/2025		4,681		4,838
Series 2019-A2, Class A, 2.34%, 6/15/2025		5,000		5,152
Synchrony Card Issuance Trust Series 2018-A1, Class A, 3.38%, 9/15/2024		2,600		2,663
Tricolor Auto Securitization Trust Series 2020-1A, Class A, 4.88%, 11/15/2026 (a)		4,077		4,077
Tricon American Homes Trust Series 2016-SFR1, Class A, 2.59%, 11/17/2033 (a)		1,706		1,706
United Airlines Pass-Through Trust
Series 2018-1, Class B, 4.60%, 3/1/2026		187		165
Series 2018-1, Class AA, 3.50%, 3/1/2030		993		954
Series 2019-1, Class AA, 4.15%, 8/25/2031		970		964
Series 2019-1, Class A, 4.55%, 8/25/2031		866		785
Series 2019-2, Class AA, 2.70%, 5/1/2032		1,295		1,221
Upstart Securitization Trust Series 2020-1, Class A, 2.32%, 4/22/2030 (a)		3,479		3,505
Vericrest Opportunity Loan Trust
Series 2019-NPL8, Class A1A, 3.28%, 11/25/2049 ‡ (a) (d)		2,099		2,104
Series 2020-NPL2, Class A1A, 2.98%, 2/25/2050 ‡ (a) (d)		2,318		2,320
Verizon Owner Trust Series 2018-A, Class A1A, 3.23%, 4/20/2023		2,133		2,160

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
VOLT LXXXIII LLC Series 2019-NPL9, Class A1A, 3.33%, 11/26/2049 ‡ (a) (d)		2,306		2,310
VOLT LXXXV LLC Series 2020-NPL1, Class A1A, 3.23%, 1/25/2050 ‡ (a) (d)		2,007		2,012
VOLT LXXXVII LLC Series 2020-NPL3, Class A1A, 2.98%, 2/25/2050 ‡ (a) (d)		2,353		2,353
Westgate Resorts LLC Series 2017-1A, Class A, 3.05%, 12/20/2030 (a)		420		422
Westlake Automobile Receivables Trust Series 2019-2A, Class D, 3.20%, 11/15/2024 (a)		2,500		2,576
World Financial Network Credit Card Master Trust Series 2019-A, Class A, 3.14%, 12/15/2025		2,245		2,319
World Omni Auto Receivables Trust Series 2018-B, Class A3, 2.87%, 7/17/2023		3,888		3,946
TOTAL ASSET-BACKED SECURITIES (Cost $201,219)				204,695
COMMERCIAL MORTGAGE-BACKED SECURITIES — 3.9%
BAMLL Commercial Mortgage Securities Trust
Series 2012-PARK, Class A, 2.96%, 12/10/2030 (a)		560		585
Series 2014-520M, Class C, 4.35%, 8/15/2046 ‡ (a) (i)		1,300		1,397
BAMLL Re-REMIC Trust Series 2016-FR16, Class A, 0.87%, 5/27/2021 (a) (i)		2,600		2,590
BB-UBS Trust
Series 2012-TFT, Class A, 2.89%, 6/5/2030 (a)		483		482
Series 2012-SHOW, Class A, 3.43%, 11/5/2036 (a)		4,400		4,491
Bear Stearns Commercial Mortgage Securities Trust Series 2005-PWR8, Class X1, IO, 0.72%, 6/11/2041 ‡ (a) (i)		14		—	(k)
CD Commercial Mortgage Trust Series 2007-CD4, Class XC, IO, 1.38%, 12/11/2049 ‡ (a) (i)		59		—	(k)
COBALT CMBS Commercial Mortgage Trust Series 2006-C1, IO, 1.10%, 8/15/2048 ‡ (i)		129		—	(k)
Commercial Mortgage Trust
Series 2013-300P, Class A1, 4.35%, 8/10/2030 (a)		3,500		3,727
Series 2013-SFS, Class A2, 3.09%, 4/12/2035 (a) (i)		1,060		1,051
Series 2012-CR2, Class XA, IO, 1.78%, 8/15/2045 ‡ (i)		2,302		44
FHLMC, Multi-Family Structured Pass-Through Certificates
Series KJ09, Class A2, 2.84%, 9/25/2022		1,151		1,189
Series KS01, Class A2, 2.52%, 1/25/2023		893		919
Series KPLB, Class A, 2.77%, 5/25/2025		353		381
Series K052, Class A2, 3.15%, 11/25/2025		3,560		3,958
Series K065, Class A2, 3.24%, 4/25/2027		2,467		2,811
Series K065, Class AM, 3.33%, 5/25/2027		1,322		1,510
Series K070, Class A2, 3.30%, 11/25/2027 (i)		1,748		2,018
FNMA ACES
Series 2014-M3, Class A2, 3.50%, 1/25/2024 (i)		1,681		1,816
Series 2017-M3, Class A2, 2.56%, 12/25/2026 (i)		1,181		1,287
Series 2015-M10, Class A2, 3.09%, 4/25/2027 (i)		8,555		9,553
Series 2017-M8, Class A2, 3.06%, 5/25/2027 (i)		3,815		4,277
Series 2018-M8, Class A2, 3.44%, 6/25/2028 (i)		2,580		2,978
Series 2018-M10, Class A2, 3.48%, 7/25/2028 (i)		3,335		3,845
Series 2017-M5, Class A2, 3.29%, 4/25/2029 (i)		3,376		3,843
Series 2020-M50, Class A1, 0.67%, 10/25/2030		5,287		5,245
Series 2020-M50, Class A2, 1.20%, 10/25/2030		1,325		1,344
Series 2020-M50, Class X1, IO, 2.05%, 10/25/2030 (i)		23,885		2,889
Ladder Capital Commercial Mortgage Trust Series 2013-GCP, Class A2, 3.99%, 2/15/2036 (a)		998		1,124
LB-UBS Commercial Mortgage Trust Series 2006-C7, Class XW, IO, 0.87%, 11/15/2038 ‡ (a) (i)		1,959		1
ML-CFC Commercial Mortgage Trust Series 2006-4, Class XC, IO, 0.74%, 12/12/2049 ‡ (a) (i)		397		—	(k)
Morgan Stanley Capital I Trust
Series 2006-IQ12, Class X1, IO, 0.29%, 12/15/2043 ‡ (a) (i)		330		—	(k)
Series 2007-HQ11, Class X, IO, 0.36%, 2/12/2044 (a) (i)		401		—	(k)
MRCD MARK Mortgage Trust
Series 2019-PARK, Class A, 2.72%, 12/15/2036 (a)		2,050		2,143
Series 2019-PARK, Class D, 2.72%, 12/15/2036 ‡ (a)		2,685		2,666

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
RBS Commercial Funding, Inc. Trust Series 2013-SMV, Class A, 3.26%, 3/11/2031 (a)		664		661
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 6/10/2030 (a)		2,236		2,193
UBS-Barclays Commercial Mortgage Trust
Series 2013-C6, Class A4, 3.24%, 4/10/2046		857		896
Series 2012-C2, Class XA, IO, 1.45%, 5/10/2063 ‡ (a) (i)		6,846		112
VNDO Mortgage Trust Series 2012-6AVE, Class A, 3.00%, 11/15/2030 (a)		1,398		1,439
WFRBS Commercial Mortgage Trust
Series 2011-C3, Class A4, 4.38%, 3/15/2044 (a)		1,401		1,405
Series 2013-C11, Class D, 4.40%, 3/15/2045 ‡ (a) (i)		400		365
Series 2012-C6, Class A4, 3.44%, 4/15/2045		757		767
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $72,904)				78,002
U.S. GOVERNMENT AGENCY SECURITIES — 0.8%
Tennessee Valley Authority
5.88%, 4/1/2036		6,839		10,508
4.63%, 9/15/2060		304		472
Tennessee Valley Authority STRIPS
DN, 3.80%, 11/1/2025 (h)		5,000		4,793
DN, 5.00%, 6/15/2035 (h)		800		609
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $13,864)				16,382
MUNICIPAL BONDS — 0.6% (l)
California — 0.1%
City of Los Angeles, Department of Airports Series 2009C, Rev., 6.58%, 5/15/2039		440		590
State of California, Various Purpose GO, 7.30%, 10/1/2039		350		576
Total California				1,166
New York — 0.3%
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series 2010-D, Rev., 5.60%, 3/15/2040		360		496
Port Authority of New York and New Jersey, Consolidated
Series 164, Rev., 5.65%, 11/1/2040		1,825		2,592
Series 165, Rev., 5.65%, 11/1/2040		440		625
Series 174, Rev., 4.46%, 10/1/2062		2,060		2,684
Total New York				6,397
Ohio — 0.2%
American Municipal Power, Inc., Meldahl Hydroelectric Project Series 2010B, Rev., 7.50%, 2/15/2050		1,315		2,176
Ohio State University (The), General Receipts
Series 2016A, Rev., 4.05%, 12/1/2056		325		420
Series 2011-A, Rev., 4.80%, 6/1/2111		1,563		2,252
Rev., 5.59%, 12/1/2114		200		282
Total Ohio				5,130
TOTAL MUNICIPAL BONDS (Cost $9,155)				12,693
FOREIGN GOVERNMENT SECURITIES — 0.6%
Province of Quebec (Canada)7.36%, 3/6/2026 (d)		377		498
Republic of Colombia (Colombia)
4.00%, 2/26/2024		922		989
4.50%, 1/28/2026		581		650
7.38%, 9/18/2037		200		288
5.63%, 2/26/2044		200		255
5.00%, 6/15/2045		515		618
4.13%, 5/15/2051		295		322
Republic of Panama (Panama)4.50%, 4/16/2050		325		411
Republic of Peru (Peru)5.63%, 11/18/2050		88		135
Republic of South Africa (South Africa)5.88%, 9/16/2025		640		715
United Mexican States (Mexico)
3.60%, 1/30/2025		788		863
4.13%, 1/21/2026		316		357
3.75%, 1/11/2028		1,216		1,344
2.66%, 5/24/2031		1,075		1,077
4.60%, 1/23/2046		2,113		2,397
3.77%, 5/24/2061		772		769
TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $10,661)				11,688

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Shares (000)		Value ($000)
SHORT-TERM INVESTMENTS — 5.5%
INVESTMENT COMPANIES — 5.5%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (m) (n) (Cost $110,571)		110,519		110,585
Total Investments — 102.6% (Cost $1,906,434)				2,047,608
Liabilities in Excess of Other Assets — (2.6)%				(50,954	)
Net Assets — 100.0%				1,996,654

Percentages indicated are based on net assets.

Abbreviations
ABS	Asset-backed securities
ACES	Alternative Credit Enhancement Securities
ARM	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of November 30, 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 November 30, 2020. The rate may be subject to a cap and floor.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

IO	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
LIBOR	London Interbank Offered Rate
PO	Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
REMIC	Real Estate Mortgage Investment Conduit
Re-REMIC	Combined Real Estate Mortgage Investment Conduit
Rev.	Revenue
SOFR	Secured Overnight Financing Rate
STRIPS	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
TBA	To Be Announced; Security is subject to delayed delivery
UMBS	Uniform Mortgage-Backed Securities
USD	United States Dollar
(a)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2020.
(d)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of November 30, 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 November 30, 2020.
(f)	Security is an interest bearing note with preferred security characteristics.
(g)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(h)	The rate shown is the effective yield as of November 30, 2020.
(i)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2020.
(j)	Defaulted security.
(k)	Amount rounds to less than one thousand.
(l)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

(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 November 30, 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 which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

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

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at November 30, 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	$	—	$	139,944	$	64,751	$	204,695
Collateralized Mortgage Obligations		—		214,974		24,349		239,323
Commercial Mortgage-Backed Securities		—		73,417		4,585		78,002
Corporate Bonds		—		630,843		—		630,843
Foreign Government Securities		—		11,688		—		11,688
Mortgage-Backed Securities		—		320,823		—		320,823
Municipal Bonds		—		12,693		—		12,693
U.S. Government Agency Securities		—		16,382		—		16,382
U.S. Treasury Obligations		—		422,574		—		422,574
Short-Term Investments
Investment Companies		110,585		—		—		110,585
Total Investments in Securities	$	110,585	$	1,843,338	$	93,685	$	2,047,608

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 November 30, 2020
Investments in Securities:
Asset-Backed Securities	$	72,411	$	—	(a)	$	(226	)	$	(65	)	$	21,126	$	(21,870	)	$	3,177	$	(9,802	)	$	64,751
Collateralized Mortgage Obligations		20,213		—	(a)		(55	)		(738	)		2,047		(5,554	)		8,436		—			24,349
Commercial Mortgage-Backed Securities		4,846		—			(179	)		(99	)		17		—	(a)		—		—	(a)		4,585
Total	$	97,470	$	—		$	(460	)	$	(902	)	$	23,190	$	(27,424	)	$	11,613	$	(9,802	)	$	93,685

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

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

(a) Amount rounds to less than one thousand.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at November 30, 2020, which were valued using significant unobservable inputs (level 3), amounted to approximately $(417,000).

Transfers between level 2 and level 3 are due to a decline or an increase in market activity (e.g. frequency of trades), which resulted in a lack or increase of available market inputs to determine the price for the period ended November 30, 2020.

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at November 30, 2020		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	55,531	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 30.00% (7.61%)
				Constant Default Rate		0.00% - 4.92% (0.10%)
				Yield (Discount Rate of Cash Flows)		1.35% - 5.11% (2.75%)
Asset-Backed Securities		55,531
		10,984	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (61.35%)
				Constant Default Rate		0.00% -  4.92% (0.96%)
				Yield (Discount Rate of Cash Flows)		1.38% -25.71% (6.28%)
Collateralized Mortgage Obligations		10,984
		4,585	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (3.30%)
				Yield (Discount Rate of Cash Flows)		-1.01% - 8.90% (3.49%)
Commercial Mortgage-Backed Securities		4,585
Total	$	71,100

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At November 30, 2020, the value of these investments was approximately $22,585,000. 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.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

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 November 30, 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 November 30, 2020		Shares at November 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (a) (b)	$	58,446	$	604,066	$	551,940	$	12	$	1	$	110,585		110,519	$	122	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		619		1,680		2,299		—		—		—		—		1		—
Total	$	59,065	$	605,746	$	554,239	$	12	$	1	$	110,585			$	123	$	—

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

(b) The rate shown is the current yield as of November 30, 2020.