JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — 30.6%
Aerospace & Defense — 1.2%
Airbus Finance BV (France) 2.70%, 4/17/2023 (a)		557		579
Airbus SE (France) 3.95%, 4/10/2047 (a)		150		162
BAE Systems plc (United Kingdom)
1.90%, 2/15/2031 (a)		1,007		954
3.00%, 9/15/2050 (a)		502		470
Boeing Co. (The)
1.17%, 2/4/2023		1,115		1,120
4.51%, 5/1/2023		2,503		2,675
1.95%, 2/1/2024		1,030		1,058
1.43%, 2/4/2024		2,265		2,273
4.88%, 5/1/2025		605		680
2.75%, 2/1/2026		995		1,036
2.20%, 2/4/2026		1,385		1,391
3.10%, 5/1/2026		320		340
5.04%, 5/1/2027		960		1,107
3.25%, 3/1/2028		840		880
5.15%, 5/1/2030		940		1,100
5.71%, 5/1/2040		745		927
L3Harris Technologies, Inc.
3.83%, 4/27/2025		850		935
1.80%, 1/15/2031		840		802
Leidos, Inc. 2.30%, 2/15/2031 (a)		465		445
Northrop Grumman Corp. 3.25%, 1/15/2028		200		216
Precision Castparts Corp. 3.25%, 6/15/2025		897		977
Raytheon Technologies Corp.
3.20%, 3/15/2024		350		374
4.50%, 6/1/2042		2,799		3,347
4.15%, 5/15/2045		543		618
4.35%, 4/15/2047		199		234
				24,700
Airlines — 0.0% (b)
Continental Airlines Pass-Through Trust Series 2012-2, Class A Shares, 4.00%, 10/29/2024		133		140
Automobiles — 0.4%
General Motors Co. 6.13%, 10/1/2025		515		612
Hyundai Capital America
1.15%, 11/10/2022 (a)		1,500		1,509
1.80%, 10/15/2025 (a)		490		496
1.30%, 1/8/2026 (a)		425		421
3.00%, 2/10/2027 (a)		355		376
2.38%, 10/15/2027 (a)		530		540
1.80%, 1/10/2028 (a)		805		788
Nissan Motor Co. Ltd. (Japan)
4.35%, 9/17/2027 (a)		2,393		2,615
4.81%, 9/17/2030 (a)		1,102		1,219
Volkswagen Group of America Finance LLC (Germany) 1.63%, 11/24/2027 (a)		705		697
				9,273
Banks — 5.6%
ABN AMRO Bank NV (Netherlands) 4.75%, 7/28/2025 (a)		1,216		1,368
AIB Group plc (Ireland) 4.75%, 10/12/2023 (a)		1,165		1,271
ANZ New Zealand Int’l Ltd. (New Zealand) 2.55%, 2/13/2030 (a)		778		802
ASB Bank Ltd. (New Zealand) 3.13%, 5/23/2024 (a)		905		970
Australia & New Zealand Banking Group Ltd. (Australia) 4.40%, 5/19/2026 (a)		263		298
Banco Nacional de Panama (Panama) 2.50%, 8/11/2030 (a)		1,250		1,206
Banco Santander SA (Spain)
3.13%, 2/23/2023		400		418
2.75%, 5/28/2025		800		848
1.85%, 3/25/2026		1,000		1,015
2.75%, 12/3/2030		600		589
Bank of America Corp.
(ICE LIBOR USD 3 Month + 0.78%), 3.55%, 3/5/2024 (c)		547		577
(ICE LIBOR USD 3 Month + 1.09%), 3.09%, 10/1/2025 (c)		526		564
Series N, (SOFR + 0.91%), 1.66%, 3/11/2027 (c)		590		598
(SOFR + 0.96%), 1.73%, 7/22/2027 (c)		642		650
3.25%, 10/21/2027		547		595
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (c)		1,700		1,884
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (c)		7,757		8,474
(SOFR + 2.15%), 2.59%, 4/29/2031 (c)		1,510		1,537
(SOFR + 1.93%), 2.68%, 6/19/2041 (c)		4,685		4,427
Bank of Montreal (Canada) 1.85%, 5/1/2025		950		986
Bank of Nova Scotia (The) (Canada) 2.20%, 2/3/2025		1,256		1,314

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Banque Federative du Credit Mutuel SA (France)
3.75%, 7/20/2023 (a)		540		578
2.38%, 11/21/2024 (a)		813		854
Barclays plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.80%), 1.01%, 12/10/2024 (c)		1,452		1,460
3.65%, 3/16/2025		1,000		1,086
BNP Paribas SA (France)
3.38%, 1/9/2025 (a)		425		459
(SOFR + 2.07%), 2.22%, 6/9/2026 (a) (c)		407		421
(SOFR + 1.00%), 1.32%, 1/13/2027 (a) (c)		323		320
(SOFR + 1.51%), 3.05%, 1/13/2031 (a) (c)		1,065		1,105
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.05%), 2.59%, 8/12/2035 (a) (c)		805		773
2.82%, 1/26/2041 (a)		395		360
BNZ International Funding Ltd. (New Zealand) 2.65%, 11/3/2022 (a)		632		654
Capital One Bank USA NA 3.38%, 2/15/2023		300		315
Citigroup, Inc.
4.40%, 6/10/2025		865		970
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.42%), 3.88%, 2/18/2026 (c) (d) (e)		1,835		1,849
4.30%, 11/20/2026		1,200		1,360
6.63%, 1/15/2028		250		320
(ICE LIBOR USD 3 Month + 1.39%), 3.67%, 7/24/2028 (c)		1,573		1,738
(ICE LIBOR USD 3 Month + 1.34%), 3.98%, 3/20/2030 (c)		1,000		1,125
(SOFR + 1.17%), 2.56%, 5/1/2032 (c)		2,145		2,150
8.13%, 7/15/2039		223		374
Citizens Bank NA 3.70%, 3/29/2023		720		761
Cooperatieve Rabobank UA (Netherlands)
4.38%, 8/4/2025		783		874
3.75%, 7/21/2026		945		1,040
5.80%, 9/30/2110 (a)		500		686
Credit Agricole SA (France)
4.38%, 3/17/2025 (a)		1,250		1,378
(SOFR + 1.68%), 1.91%, 6/16/2026 (a) (c)		500		512
(SOFR + 0.89%), 1.25%, 1/26/2027 (a) (c)		1,500		1,481
2.81%, 1/11/2041 (a)		470		430
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		2,121
Discover Bank
3.35%, 2/6/2023		343		359
4.25%, 3/13/2026		1,205		1,357
HSBC Holdings plc (United Kingdom)
(ICE LIBOR USD 3 Month + 0.99%), 3.95%, 5/18/2024 (c)		1,054		1,125
4.25%, 8/18/2025		939		1,042
3.90%, 5/25/2026		200		223
(ICE LIBOR USD 3 Month + 1.55%), 4.04%, 3/13/2028 (c)		904		1,005
(SOFR + 1.73%), 2.01%, 9/22/2028 (c)		1,215		1,217
(SOFR + 1.95%), 2.36%, 8/18/2031 (c)		1,160		1,137
6.10%, 1/14/2042		700		985
ING Groep NV (Netherlands) (SOFR + 1.01%), 1.73%, 4/1/2027 (c)		705		714
KeyBank NA 3.18%, 5/22/2022		729		750
Lloyds Banking Group plc (United Kingdom)
(ICE LIBOR USD 3 Month + 0.81%), 2.91%, 11/7/2023 (c)		612		633
4.58%, 12/10/2025		400		451
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 1.63%, 5/11/2027 (c)		980		985
4.38%, 3/22/2028		475		543
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.41%, 3/7/2024		1,260		1,357
3.75%, 7/18/2039		760		841
Mizuho Financial Group, Inc. (Japan)
(ICE LIBOR USD 3 Month + 0.83%), 2.23%, 5/25/2026 (c)		875		907

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.67%), 1.23%, 5/22/2027 (c)		1,057		1,043
(SOFR + 1.57%), 2.87%, 9/13/2030 (c)		720		745
National Australia Bank Ltd. (Australia)
3.38%, 1/14/2026		800		884
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.88%), 3.93%, 8/2/2034 (a) (c)		1,025		1,097
2.65%, 1/14/2041 (a)		525		474
Natwest Group plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.76%), 4.27%, 3/22/2025 (c)		480		524
4.80%, 4/5/2026		2,010		2,311
(ICE LIBOR USD 3 Month + 1.75%), 4.89%, 5/18/2029 (c)		290		336
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.10%), 3.75%, 11/1/2029 (c)		900		960
(ICE LIBOR USD 3 Month + 1.87%), 4.44%, 5/8/2030 (c)		640		725
Nordea Bank Abp (Finland) 4.25%, 9/21/2022 (a)		945		991
Royal Bank of Canada (Canada) 4.65%, 1/27/2026		337		388
Santander UK Group Holdings plc (United Kingdom) 3.57%, 1/10/2023		200		204
Societe Generale SA (France)
5.00%, 1/17/2024 (a)		370		405
3.88%, 3/28/2024 (a)		815		882
2.63%, 10/16/2024 (a)		1,000		1,051
4.25%, 8/19/2026 (a)		1,950		2,148
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.49%, 12/14/2026 (a) (c)		2,205		2,193
3.00%, 1/22/2030 (a)		835		859
Standard Chartered plc (United Kingdom)
5.20%, 1/26/2024 (a)		700		771
(ICE LIBOR USD 3 Month + 1.08%), 3.89%, 3/15/2024 (a) (c)		400		422
(ICE LIBOR USD 3 Month + 1.21%), 2.82%, 1/30/2026 (a) (c)		570		600
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 1.46%, 1/14/2027 (a) (c)		485		480
(USD ICE Swap Rate 5 Year + 1.97%), 4.87%, 3/15/2033 (a) (c)		200		220
Sumitomo Mitsui Financial Group, Inc. (Japan)
4.44%, 4/2/2024 (a)		500		548
1.47%, 7/8/2025		542		550
2.63%, 7/14/2026		872		925
3.04%, 7/16/2029		1,315		1,393
SVB Financial Group Series C, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.20%), 4.00%, 5/15/2026 (c) (d) (e)		1,730		1,757
Truist Bank 3.30%, 5/15/2026		400		440
Truist Financial Corp. 4.00%, 5/1/2025		265		295
UniCredit SpA (Italy)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 2.57%, 9/22/2026 (a) (c)		905		919
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 1.98%, 6/3/2027 (a) (c)		665		665
(USD ICE Swap Rate 5 Year + 3.70%), 5.86%, 6/19/2032 (a) (c)		200		223
(USD ICE Swap Rate 5 Year + 4.91%), 7.30%, 4/2/2034 (a) (c)		300		358
US Bancorp 7.50%, 6/1/2026		1,277		1,650
Wells Fargo & Co.
4.48%, 1/16/2024		702		773
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.45%), 3.90%, 3/15/2026 (c) (d) (e)		905		928
4.10%, 6/3/2026		637		717
(ICE LIBOR USD 3 Month + 1.17%), 3.20%, 6/17/2027 (c)		3,570		3,881

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
(SOFR + 2.53%), 3.07%, 4/30/2041 (c)		1,120		1,117
4.65%, 11/4/2044		1,180		1,398
4.40%, 6/14/2046		300		347
4.75%, 12/7/2046		325		395
Westpac Banking Corp. (Australia) 2.85%, 5/13/2026		690		746
				114,314
Beverages — 0.7%
Anheuser-Busch Cos. LLC (Belgium)
4.70%, 2/1/2036		3,945		4,700
4.90%, 2/1/2046		2,235		2,679
Anheuser-Busch InBev Finance, Inc. (Belgium) 4.63%, 2/1/2044		70		82
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
4.35%, 6/1/2040		800		913
4.44%, 10/6/2048		780		886
4.50%, 6/1/2050		1,050		1,204
4.60%, 6/1/2060		375		431
Coca-Cola Femsa SAB de CV (Mexico)
2.75%, 1/22/2030		790		811
1.85%, 9/1/2032		675		633
Constellation Brands, Inc.
4.40%, 11/15/2025		325		370
5.25%, 11/15/2048		220		282
Diageo Investment Corp. (United Kingdom) 8.00%, 9/15/2022		255		280
Fomento Economico Mexicano SAB de CV (Mexico) 3.50%, 1/16/2050		1,060		1,069
Keurig Dr Pepper, Inc.
3.13%, 12/15/2023		500		530
4.42%, 5/25/2025		149		168
3.43%, 6/15/2027		250		275
4.99%, 5/25/2038		215		266
				15,579
Biotechnology — 0.6%
AbbVie, Inc.
3.45%, 3/15/2022		937		956
2.80%, 3/15/2023		525		543
3.85%, 6/15/2024		443		482
3.20%, 11/21/2029		1,832		1,964
4.05%, 11/21/2039		1,809		2,023
4.63%, 10/1/2042		480		571
4.40%, 11/6/2042		790		916
4.45%, 5/14/2046		190		222
Baxalta, Inc.
3.60%, 6/23/2022		149		154
5.25%, 6/23/2045		50		64
Biogen, Inc.
2.25%, 5/1/2030		1,150		1,134
3.15%, 5/1/2050		310		289
Gilead Sciences, Inc. 2.60%, 10/1/2040		1,225		1,145
Regeneron Pharmaceuticals, Inc. 1.75%, 9/15/2030		1,270		1,190
				11,653
Building Products — 0.1%
Masco Corp.
2.00%, 10/1/2030		340		327
6.50%, 8/15/2032		600		785
				1,112
Capital Markets — 2.5%
Bank of New York Mellon Corp. (The) 2.80%, 5/4/2026		254		275
Blackstone Holdings Finance Co. LLC 4.45%, 7/15/2045 (a)		429		509
Blackstone Secured Lending Fund 3.65%, 7/14/2023 (a)		795		832
Brookfield Finance, Inc. (Canada)
3.90%, 1/25/2028		337		371
4.85%, 3/29/2029		411		478
4.70%, 9/20/2047		427		499
Charles Schwab Corp. (The)
Series I, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.17%), 4.00%, 6/1/2026 (c) (d) (e)		1,395		1,451
Series H, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 3.08%), 4.00%, 12/1/2030 (c) (d) (e)		1,025		1,030
Credit Suisse AG (Switzerland) 3.63%, 9/9/2024		402		439
Credit Suisse Group AG (Switzerland)
3.57%, 1/9/2023 (a)		729		742
3.80%, 6/9/2023		800		850
3.75%, 3/26/2025		340		369
(SOFR + 1.56%), 2.59%, 9/11/2025 (a) (c)		250		261
(SOFR + 2.04%), 2.19%, 6/5/2026 (a) (c)		490		503
(SOFR + 0.98%), 1.31%, 2/2/2027 (a) (c)		1,060		1,038
4.28%, 1/9/2028 (a)		1,162		1,293
(SOFR + 1.73%), 3.09%, 5/14/2032 (a) (c)		840		852
Deutsche Bank AG (Germany)
4.25%, 10/14/2021		1,000		1,014
3.30%, 11/16/2022		1,000		1,039
(SOFR + 2.16%), 2.22%, 9/18/2024 (c)		1,225		1,260

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
(SOFR + 1.87%), 2.13%, 11/24/2026 (c)		780		793
FMR LLC 6.45%, 11/15/2039 (a)		500		709
Goldman Sachs Group, Inc. (The)
4.25%, 10/21/2025		1,415		1,591
Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.97%), 3.80%, 5/10/2026 (c) (d) (e)		715		716
3.50%, 11/16/2026		469		512
(SOFR + 0.80%), 1.43%, 3/9/2027 (c)		2,900		2,903
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (c)		3,776		4,175
(ICE LIBOR USD 3 Month + 1.30%), 4.22%, 5/1/2029 (c)		505		573
(SOFR + 1.09%), 1.99%, 1/27/2032 (c)		880		840
(SOFR + 1.28%), 2.62%, 4/22/2032 (c)		1,000		1,008
6.75%, 10/1/2037		685		977
Invesco Finance plc 3.75%, 1/15/2026		390		432
Jefferies Group LLC 6.45%, 6/8/2027		749		937
Macquarie Bank Ltd. (Australia)
4.00%, 7/29/2025 (a)		1,000		1,113
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.70%), 3.05%, 3/3/2036 (a) (c)		575		559
Macquarie Group Ltd. (Australia)
(SOFR + 1.07%), 1.34%, 1/12/2027 (a) (c)		510		505
(ICE LIBOR USD 3 Month + 1.75%), 5.03%, 1/15/2030 (a) (c)		700		823
Morgan Stanley
4.00%, 7/23/2025		2,873		3,212
3.88%, 1/27/2026		946		1,060
(SOFR + 1.99%), 2.19%, 4/28/2026 (c)		985		1,030
3.63%, 1/20/2027		3,430		3,820
(SOFR + 1.03%), 1.79%, 2/13/2032 (c)		440		415
(ICE LIBOR USD 3 Month + 1.43%), 4.46%, 4/22/2039 (c)		1,265		1,516
4.30%, 1/27/2045		485		574
Nomura Holdings, Inc. (Japan)
2.65%, 1/16/2025		1,094		1,148
2.68%, 7/16/2030		700		696
UBS Group AG (Switzerland)
3.49%, 5/23/2023 (a)		269		277
(ICE LIBOR USD 3 Month + 0.95%), 2.86%, 8/15/2023 (a) (c)		200		206
4.13%, 9/24/2025 (a)		300		336
(ICE LIBOR USD 3 Month + 1.47%), 3.13%, 8/13/2030 (a) (c)		965		1,019
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 2.09%, 2/11/2032 (a) (c)		1,480		1,423
				51,003
Chemicals — 0.3%
Albemarle Corp. 5.45%, 12/1/2044		150		181
DuPont de Nemours, Inc. 5.32%, 11/15/2038		980		1,254
International Flavors & Fragrances, Inc.
4.45%, 9/26/2028		300		342
2.30%, 11/1/2030 (a)		2,030		1,993
5.00%, 9/26/2048		365		450
Nutrien Ltd. (Canada)
4.20%, 4/1/2029		175		200
4.13%, 3/15/2035		455		511
5.00%, 4/1/2049		230		293
PPG Industries, Inc. 1.20%, 3/15/2026		590		589
Union Carbide Corp. 7.75%, 10/1/2096		850		1,366
				7,179
Commercial Services & Supplies — 0.1%
Ford Foundation (The) Series 2020, 2.82%, 6/1/2070		365		347
Republic Services, Inc. 1.45%, 2/15/2031		910		837
				1,184
Construction & Engineering — 0.1%
Quanta Services, Inc. 2.90%, 10/1/2030		1,440		1,482
Construction Materials — 0.1%
CRH America, Inc. (Ireland)
3.88%, 5/18/2025 (a)		417		459
5.13%, 5/18/2045 (a)		893		1,127
Martin Marietta Materials, Inc. 3.45%, 6/1/2027		770		846
				2,432
Consumer Finance — 1.2%
AerCap Ireland Capital DAC (Ireland)

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
4.45%, 12/16/2021		600		611
3.95%, 2/1/2022		775		790
4.50%, 9/15/2023		2,420		2,599
2.88%, 8/14/2024		600		628
6.50%, 7/15/2025		246		288
1.75%, 1/30/2026		860		847
Avolon Holdings Funding Ltd. (Ireland)
3.63%, 5/1/2022 (a)		2,000		2,049
5.50%, 1/15/2023 (a)		4,115		4,367
5.50%, 1/15/2026 (a)		1,000		1,124
2.13%, 2/21/2026 (a)		620		613
4.25%, 4/15/2026 (a)		1,200		1,291
4.38%, 5/1/2026 (a)		820		884
Capital One Financial Corp.
3.20%, 2/5/2025		1,069		1,153
4.20%, 10/29/2025		250		281
General Motors Financial Co., Inc.
1.25%, 1/8/2026		2,211		2,194
2.35%, 1/8/2031		1,190		1,153
Park Aerospace Holdings Ltd. (Ireland)
5.25%, 8/15/2022 (a)		3,550		3,732
4.50%, 3/15/2023 (a)		235		247
5.50%, 2/15/2024 (a)		900		989
				25,840
Containers & Packaging — 0.1%
Graphic Packaging International LLC 1.51%, 4/15/2026 (a)		1,246		1,244
Packaging Corp. of America 4.05%, 12/15/2049		845		948
WRKCo, Inc.
3.75%, 3/15/2025		400		440
3.90%, 6/1/2028		170		190
				2,822
Diversified Consumer Services — 0.1%
Pepperdine University Series 2020, 3.30%, 12/1/2059		600		585
University of Southern California Series A, 3.23%, 10/1/2120		570		527
				1,112
Diversified Financial Services — 0.6%
CK Hutchison International 19 Ltd. (United Kingdom) 3.63%, 4/11/2029 (a)		1,215		1,326
GE Capital Funding LLC 4.40%, 5/15/2030		540		621
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/2035		3,583		4,165
GTP Acquisition Partners I LLC 3.48%, 6/16/2025 (a)		1,436		1,533
Hutchison Whampoa International 12 II Ltd. (United Kingdom) 3.25%, 11/8/2022 (a)		539		561
Mitsubishi HC Capital, Inc. (Japan) 2.65%, 9/19/2022 (a)		606		621
ORIX Corp. (Japan) 2.90%, 7/18/2022		553		568
Shell International Finance BV (Netherlands) 2.38%, 11/7/2029		2,280		2,341
Siemens Financieringsmaatschappij NV (Germany) 4.40%, 5/27/2045 (a)		513		628
				12,364
Diversified Telecommunication Services — 0.9%
AT&T, Inc.
2.30%, 6/1/2027		2,340		2,423
1.65%, 2/1/2028		1,000		986
3.50%, 6/1/2041		646		648
3.55%, 9/15/2055 (a)		2,487		2,352
Deutsche Telekom AG (Germany) 3.63%, 1/21/2050 (a)		335		340
Deutsche Telekom International Finance BV (Germany) 4.88%, 3/6/2042 (a)		232		277
Qwest Corp. 6.75%, 12/1/2021		741		761
Verizon Communications, Inc.
2.63%, 8/15/2026		306		325
2.10%, 3/22/2028		1,495		1,515
4.33%, 9/21/2028		962		1,106
4.40%, 11/1/2034		1,895		2,213
4.27%, 1/15/2036		1,445		1,668
2.65%, 11/20/2040		988		910
3.40%, 3/22/2041		1,060		1,078
4.86%, 8/21/2046		396		491
4.67%, 3/15/2055		400		493
2.99%, 10/30/2056		545		486
3.70%, 3/22/2061		1,045		1,055
				19,127
Electric Utilities — 2.2%
Alabama Power Co. 6.13%, 5/15/2038		239		332
Arizona Public Service Co. 5.05%, 9/1/2041		200		251
Baltimore Gas and Electric Co.
3.50%, 8/15/2046		376		399
2.90%, 6/15/2050		450		429
China Southern Power Grid International Finance BVI Co. Ltd. (China) 3.50%, 5/8/2027 (a)		1,234		1,352
Duke Energy Carolinas LLC 4.25%, 12/15/2041		129		152
Duke Energy Progress LLC
4.10%, 5/15/2042		273		313
4.10%, 3/15/2043		125		143

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Duquesne Light Holdings, Inc. 3.62%, 8/1/2027 (a)		750		818
Edison International
3.55%, 11/15/2024		1,591		1,710
5.75%, 6/15/2027		400		459
Emera US Finance LP (Canada) 4.75%, 6/15/2046		700		801
Enel Finance International NV (Italy)
4.63%, 9/14/2025 (a)		265		301
3.63%, 5/25/2027 (a)		740		814
Entergy Arkansas LLC
3.50%, 4/1/2026		175		193
2.65%, 6/15/2051		415		376
Entergy Corp. 2.95%, 9/1/2026		336		359
Entergy Louisiana LLC
3.05%, 6/1/2031		629		672
2.90%, 3/15/2051		490		465
Evergy Metro, Inc. 5.30%, 10/1/2041		1,400		1,781
Evergy, Inc. 2.90%, 9/15/2029		985		1,017
FirstEnergy Transmission LLC 4.55%, 4/1/2049 (a)		240		268
Fortis, Inc. (Canada) 3.06%, 10/4/2026		500		539
Hydro-Quebec (Canada)
Series HY, 8.40%, 1/15/2022		1,000		1,050
Series IO, 8.05%, 7/7/2024		350		429
ITC Holdings Corp.
2.70%, 11/15/2022		900		927
2.95%, 5/14/2030 (a)		440		458
Jersey Central Power & Light Co. 4.30%, 1/15/2026 (a)		560		621
John Sevier Combined Cycle Generation LLC 4.63%, 1/15/2042		721		867
Mid-Atlantic Interstate Transmission LLC 4.10%, 5/15/2028 (a)		315		350
Nevada Power Co.
Series N, 6.65%, 4/1/2036		100		143
5.45%, 5/15/2041		305		396
Niagara Mohawk Power Corp.
3.51%, 10/1/2024 (a)		493		532
1.96%, 6/27/2030 (a)		1,000		975
NRG Energy, Inc.
2.00%, 12/2/2025 (a)		710		723
2.45%, 12/2/2027 (a)		795		799
4.45%, 6/15/2029 (a)		615		671
OGE Energy Corp. 0.70%, 5/26/2023		560		560
Oklahoma Gas and Electric Co. 0.55%, 5/26/2023		675		675
Oncor Electric Delivery Co. LLC 5.75%, 3/15/2029		110		138
Pacific Gas and Electric Co.
(ICE LIBOR USD 3 Month + 1.38%), 1.53%, 11/15/2021 (c)		3,005		3,012
1.75%, 6/16/2022		4,500		4,501
1.37%, 3/10/2023		2,135		2,137
3.45%, 7/1/2025		795		834
2.95%, 3/1/2026		500		512
4.20%, 6/1/2041		695		668
3.75%, 8/15/2042 (f)		308		274
4.30%, 3/15/2045		525		486
PECO Energy Co. 2.80%, 6/15/2050		410		392
Pennsylvania Electric Co. 3.25%, 3/15/2028 (a)		150		156
Pepco Holdings LLC 7.45%, 8/15/2032		316		438
Potomac Electric Power Co. 6.50%, 11/15/2037		1,085		1,568
PPL Capital Funding, Inc. 3.40%, 6/1/2023		200		210
Progress Energy, Inc. 7.00%, 10/30/2031		300		410
Public Service Co. of Colorado 3.55%, 6/15/2046		214		223
Public Service Co. of Oklahoma Series G, 6.63%, 11/15/2037		2,490		3,480
Public Service Electric and Gas Co. 5.38%, 11/1/2039		317		416
Southern California Edison Co.
Series B, 3.65%, 3/1/2028		400		434
Series 08-A, 5.95%, 2/1/2038		200		258
4.05%, 3/15/2042		552		577
Southwestern Public Service Co. 4.50%, 8/15/2041		200		240
Toledo Edison Co. (The) 6.15%, 5/15/2037		300		396
				45,880
Electrical Equipment — 0.0% (b)
Eaton Corp.
7.63%, 4/1/2024		300		356
4.00%, 11/2/2032		170		196
				552
Electronic Equipment, Instruments & Components — 0.1%
Arrow Electronics, Inc.
4.50%, 3/1/2023		190		200
3.25%, 9/8/2024		219		235
3.88%, 1/12/2028		442		489
Corning, Inc. 3.90%, 11/15/2049		1,043		1,138
				2,062

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Energy Equipment & Services — 0.1%
Baker Hughes Holdings LLC 5.13%, 9/15/2040		300		372
Halliburton Co. 4.75%, 8/1/2043		540		605
Schlumberger Holdings Corp.
4.00%, 12/21/2025 (a)		13		15
3.90%, 5/17/2028 (a)		1,126		1,241
Schlumberger Investment SA 2.65%, 6/26/2030		800		824
				3,057
Entertainment — 0.1%
NBCUniversal Media LLC 5.95%, 4/1/2041		800		1,126
Walt Disney Co. (The)
8.88%, 4/26/2023		430		498
6.20%, 12/15/2034		100		139
				1,763
Equity Real Estate Investment Trusts (REITs) — 1.8%
Alexandria Real Estate Equities, Inc.
3.80%, 4/15/2026		135		150
2.00%, 5/18/2032		980		933
4.00%, 2/1/2050		653		712
American Campus Communities Operating Partnership LP 3.63%, 11/15/2027		500		548
American Tower Corp.
5.00%, 2/15/2024		974		1,085
3.38%, 10/15/2026		312		341
1.50%, 1/31/2028		1,215		1,176
2.90%, 1/15/2030		350		362
2.10%, 6/15/2030		630		609
1.88%, 10/15/2030		1,090		1,035
3.70%, 10/15/2049		935		962
3.10%, 6/15/2050		496		461
2.95%, 1/15/2051		324		295
Boston Properties LP
3.20%, 1/15/2025		532		571
3.65%, 2/1/2026		483		534
Brixmor Operating Partnership LP
3.85%, 2/1/2025		400		435
2.25%, 4/1/2028		840		835
Crown Castle International Corp.
4.00%, 3/1/2027		264		295
2.25%, 1/15/2031		1,235		1,194
Digital Realty Trust LP 3.70%, 8/15/2027		252		282
Duke Realty LP
3.25%, 6/30/2026		239		259
2.88%, 11/15/2029		380		395
Equinix, Inc. 2.90%, 11/18/2026		1,130		1,203
Essex Portfolio LP 2.65%, 3/15/2032		2,000		1,987
Healthcare Trust of America Holdings LP
3.10%, 2/15/2030		1,604		1,675
2.00%, 3/15/2031		610		577
Healthpeak Properties, Inc.
3.40%, 2/1/2025		17		18
3.50%, 7/15/2029		772		843
Life Storage LP 4.00%, 6/15/2029		859		948
Mid-America Apartments LP 3.95%, 3/15/2029		920		1,029
National Retail Properties, Inc.
4.00%, 11/15/2025		783		867
4.30%, 10/15/2028		620		698
Office Properties Income Trust 4.00%, 7/15/2022		784		809
Prologis LP 3.00%, 4/15/2050		905		873
Realty Income Corp. 1.80%, 3/15/2033		530		490
Regency Centers LP 2.95%, 9/15/2029		745		769
Safehold Operating Partnership LP 2.80%, 6/15/2031		2,940		2,905
Scentre Group Trust 1 (Australia) 3.50%, 2/12/2025 (a)		420		453
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		1,400
SITE Centers Corp. 4.70%, 6/1/2027		330		368
UDR, Inc.
2.95%, 9/1/2026		382		409
3.00%, 8/15/2031		305		315
2.10%, 8/1/2032		640		604
Ventas Realty LP
3.50%, 2/1/2025		242		262
4.13%, 1/15/2026		114		128
3.25%, 10/15/2026		292		318
3.85%, 4/1/2027		554		618
Welltower, Inc.
2.70%, 2/15/2027		414		440
6.50%, 3/15/2041		350		482
WP Carey, Inc.
4.25%, 10/1/2026		350		394
2.25%, 4/1/2033		1,180		1,111
				36,462
Food & Staples Retailing — 0.4%
7-Eleven, Inc.
1.30%, 2/10/2028 (a)		565		545
2.50%, 2/10/2041 (a)		574		516
Alimentation Couche-Tard, Inc. (Canada)

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
3.44%, 5/13/2041 (a)		1,275		1,274
3.80%, 1/25/2050 (a)		810		831
3.63%, 5/13/2051 (a)		1,420		1,427
CVS Pass-Through Trust
5.93%, 1/10/2034 (a)		804		960
Series 2013, 4.70%, 1/10/2036 (a)		618		696
Kroger Co. (The) 5.00%, 4/15/2042		1,100		1,353
				7,602
Food Products — 0.3%
Bunge Ltd. Finance Corp. 2.75%, 5/14/2031		1,565		1,564
Campbell Soup Co. 3.13%, 4/24/2050		315		297
Cargill, Inc. 2.13%, 4/23/2030 (a)		1,417		1,408
Conagra Brands, Inc. 5.30%, 11/1/2038		220		272
General Mills, Inc. 3.00%, 2/1/2051 (a)		451		436
Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025		153		173
Mondelez International, Inc. 1.50%, 5/4/2025		370		378
Smithfield Foods, Inc. 3.00%, 10/15/2030 (a)		1,500		1,496
Tyson Foods, Inc.
4.88%, 8/15/2034		300		368
5.15%, 8/15/2044		210		264
				6,656
Gas Utilities — 0.2%
Atmos Energy Corp.
0.63%, 3/9/2023		430		430
4.15%, 1/15/2043		828		947
4.13%, 10/15/2044		125		142
Boston Gas Co. 4.49%, 2/15/2042 (a)		308		353
Brooklyn Union Gas Co. (The) 4.27%, 3/15/2048 (a)		440		494
Eastern Energy Gas Holdings LLC Series C, 3.90%, 11/15/2049		807		845
Korea Gas Corp. (South Korea) 1.88%, 7/18/2021 (a)		653		655
Southern Natural Gas Co. LLC
8.00%, 3/1/2032		351		491
4.80%, 3/15/2047 (a)		367		433
				4,790
Health Care Equipment & Supplies — 0.1%
Abbott Laboratories 4.75%, 11/30/2036		380		476
Becton Dickinson and Co. 4.67%, 6/6/2047		600		718
Boston Scientific Corp. 4.00%, 3/1/2029		535		601
DH Europe Finance II SARL 3.25%, 11/15/2039		1,000		1,038
				2,833
Health Care Providers & Services — 1.0%
Advocate Health & Hospitals Corp. Series 2020, 2.21%, 6/15/2030		710		709
Aetna, Inc. 6.75%, 12/15/2037		440		633
Anthem, Inc.
4.63%, 5/15/2042		500		595
4.65%, 1/15/2043		535		641
4.65%, 8/15/2044		100		120
Ascension Health Series B, 2.53%, 11/15/2029		430		446
Bon Secours Mercy Health, Inc. Series 20-2, 3.21%, 6/1/2050		800		797
Children’s Hospital Series 2020, 2.93%, 7/15/2050		650		618
Children’s Hospital Corp. (The) Series 2020, 2.59%, 2/1/2050		580		528
Cigna Corp. 4.50%, 2/25/2026		300		343
CommonSpirit Health
1.55%, 10/1/2025		555		561
2.78%, 10/1/2030		550		562
3.91%, 10/1/2050		545		572
CVS Health Corp.
4.30%, 3/25/2028		440		504
3.25%, 8/15/2029		895		963
1.88%, 2/28/2031		1,238		1,180
2.70%, 8/21/2040		470		438
Hackensack Meridian Health, Inc. Series 2020, 2.68%, 9/1/2041		1,430		1,357
HCA, Inc.
5.25%, 6/15/2026		1,680		1,953
5.13%, 6/15/2039		725		882
5.50%, 6/15/2047		190		239
Mayo Clinic Series 2016, 4.13%, 11/15/2052		225		274
Memorial Health Services 3.45%, 11/1/2049		1,340		1,407
Memorial Sloan-Kettering Cancer Center Series 2015, 4.20%, 7/1/2055		200		242
MidMichigan Health Series 2020, 3.41%, 6/1/2050		310		318

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Quest Diagnostics, Inc. 3.45%, 6/1/2026		150		165
Texas Health Resources 4.33%, 11/15/2055		300		376
UnitedHealth Group, Inc.
3.50%, 8/15/2039		815		882
3.25%, 5/15/2051		560		572
Universal Health Services, Inc. 2.65%, 10/15/2030 (a)		690		682
Yale-New Haven Health Services Corp. Series 2020, 2.50%, 7/1/2050		780		692
				20,251
Hotels, Restaurants & Leisure — 0.1%
McDonald’s Corp. 4.70%, 12/9/2035		700		848
Starbucks Corp. 2.55%, 11/15/2030		780		790
				1,638
Household Durables — 0.0% (b)
Lennar Corp. 4.50%, 4/30/2024		365		400
Household Products — 0.0% (b)
Reckitt Benckiser Treasury Services plc (United Kingdom) 2.38%, 6/24/2022 (a)		700		714
Independent Power and Renewable Electricity Producers — 0.1%
Alexander Funding Trust 1.84%, 11/15/2023 (a)		1,000		1,015
Exelon Generation Co. LLC 5.75%, 10/1/2041		235		267
Tri-State Generation and Transmission Association, Inc. 4.25%, 6/1/2046		417		430
				1,712
Industrial Conglomerates — 0.1%
General Electric Co.
3.63%, 5/1/2030		780		856
5.88%, 1/14/2038		95		126
Roper Technologies, Inc.
1.40%, 9/15/2027		1,370		1,345
2.00%, 6/30/2030		570		551
				2,878
Insurance — 1.0%
AIA Group Ltd. (Hong Kong)
3.60%, 4/9/2029 (a)		445		486
3.20%, 9/16/2040 (a)		520		518
AIG SunAmerica Global Financing X 6.90%, 3/15/2032 (a)		520		731
American International Group, Inc. 3.88%, 1/15/2035		605		667
Assurant, Inc. 4.20%, 9/27/2023		660		711
Athene Global Funding
0.95%, 1/8/2024 (a)		1,145		1,151
1.45%, 1/8/2026 (a)		865		864
2.95%, 11/12/2026 (a)		2,800		2,987
Berkshire Hathaway Finance Corp. 4.40%, 5/15/2042		1,000		1,219
Brown & Brown, Inc. 2.38%, 3/15/2031		1,830		1,796
CNA Financial Corp. 3.95%, 5/15/2024		463		504
Dai-ichi Life Insurance Co. Ltd. (The) (Japan) (ICE LIBOR USD 3 Month + 3.66%), 4.00%, 7/24/2026 (a) (c) (d) (e)		526		566
Guardian Life Insurance Co. of America (The) 4.85%, 1/24/2077 (a)		208		250
Hanover Insurance Group, Inc. (The) 2.50%, 9/1/2030		500		496
Hartford Financial Services Group, Inc. (The) 4.30%, 4/15/2043		400		458
Intact US Holdings, Inc. 4.60%, 11/9/2022		500		525
Jackson National Life Global Funding 3.05%, 4/29/2026 (a)		675		728
Liberty Mutual Group, Inc.
4.57%, 2/1/2029 (a)		408		472
3.95%, 10/15/2050 (a)		900		940
Liberty Mutual Insurance Co. 8.50%, 5/15/2025 (a)		100		124
Markel Corp. 3.50%, 11/1/2027		200		222
Northwestern Mutual Global Funding 1.70%, 6/1/2028 (a)		795		793
Pacific Life Insurance Co. (ICE LIBOR USD 3 Month + 2.80%), 4.30%, 10/24/2067 (a) (c)		266		294
Progressive Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.54%), 5.38%, 3/15/2023 (c) (d) (e)		360		378
Prudential Financial, Inc. 3.91%, 12/7/2047		300		333
Prudential Insurance Co. of America (The) 8.30%, 7/1/2025 (a)		1,750		2,212
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		677

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Teachers Insurance & Annuity Association of America 4.27%, 5/15/2047 (a)		400		458
				21,560
IT Services — 0.1%
DXC Technology Co. 4.25%, 4/15/2024		478		520
Fiserv, Inc.
3.20%, 7/1/2026		395		429
4.40%, 7/1/2049		375		434
Global Payments, Inc. 4.15%, 8/15/2049		795		871
				2,254
Machinery — 0.1%
nVent Finance SARL (United Kingdom) 4.55%, 4/15/2028		450		485
Otis Worldwide Corp. 2.57%, 2/15/2030		1,430		1,459
Parker-Hannifin Corp. 4.45%, 11/21/2044		592		704
Xylem, Inc. 3.25%, 11/1/2026		197		216
				2,864
Media — 0.8%
Charter Communications Operating LLC
6.38%, 10/23/2035		528		690
4.80%, 3/1/2050		1,475		1,618
3.70%, 4/1/2051		1,120		1,052
Comcast Corp.
3.95%, 10/15/2025		696		781
3.15%, 3/1/2026		740		808
3.55%, 5/1/2028		443		492
4.20%, 8/15/2034		555		644
4.60%, 10/15/2038		845		1,018
3.25%, 11/1/2039		715		737
3.45%, 2/1/2050		918		955
4.95%, 10/15/2058		620		819
Cox Communications, Inc.
4.60%, 8/15/2047 (a)		275		321
2.95%, 10/1/2050 (a)		635		569
Discovery Communications LLC
5.20%, 9/20/2047		175		206
4.00%, 9/15/2055 (a)		784		776
Grupo Televisa SAB (Mexico)
4.63%, 1/30/2026		221		246
6.13%, 1/31/2046		200		266
Time Warner Cable LLC
6.55%, 5/1/2037		400		530
5.50%, 9/1/2041		359		432
Time Warner Entertainment Co. LP 8.38%, 7/15/2033		700		1,044
ViacomCBS, Inc.
4.00%, 1/15/2026		792		881
4.85%, 7/1/2042		140		162
4.38%, 3/15/2043		464		505
5.85%, 9/1/2043		230		298
				15,850
Metals & Mining — 0.4%
Anglo American Capital plc (South Africa)
4.00%, 9/11/2027 (a)		500		556
2.63%, 9/10/2030 (a)		656		650
Barrick Gold Corp. (Canada) 6.45%, 10/15/2035		295		400
Glencore Funding LLC (Australia)
4.13%, 5/30/2023 (a)		454		484
1.63%, 9/1/2025 (a)		1,325		1,337
Reliance Steel & Aluminum Co. 1.30%, 8/15/2025		2,500		2,499
Steel Dynamics, Inc. 3.45%, 4/15/2030		909		982
Vale Overseas Ltd. (Brazil) 3.75%, 7/8/2030		1,275		1,348
				8,256
Multiline Retail — 0.1%
Dollar General Corp. 4.13%, 5/1/2028		235		266
Nordstrom, Inc. 4.25%, 8/1/2031 (a)		1,243		1,261
				1,527
Multi-Utilities — 0.3%
CMS Energy Corp. 3.00%, 5/15/2026		475		511
Delmarva Power & Light Co. 4.00%, 6/1/2042		235		259
Dominion Energy, Inc.
Series B, 2.75%, 1/15/2022		331		335
Series F, 5.25%, 8/1/2033		920		1,140
NiSource, Inc.
1.70%, 2/15/2031		740		690
5.80%, 2/1/2042		1,256		1,651
San Diego Gas & Electric Co.
6.00%, 6/1/2026		275		338
3.95%, 11/15/2041		379		409
Southern Co. Gas Capital Corp.
3.50%, 9/15/2021		563		563
3.25%, 6/15/2026		254		276
				6,172
Oil, Gas & Consumable Fuels — 2.6%
APT Pipelines Ltd. (Australia) 4.25%, 7/15/2027 (a)		732		819
Boardwalk Pipelines LP 4.80%, 5/3/2029		410		467
BP Capital Markets America, Inc.
1.75%, 8/10/2030		1,070		1,026
2.94%, 6/4/2051		1,995		1,844
BP Capital Markets plc (United Kingdom) 3.51%, 3/17/2025		451		497

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Buckeye Partners LP 5.85%, 11/15/2043		770		747
Cameron LNG LLC 3.70%, 1/15/2039 (a)		961		1,033
Cheniere Corpus Christi Holdings LLC
5.88%, 3/31/2025		1,490		1,712
5.13%, 6/30/2027		605		702
Chevron USA, Inc. 6.00%, 3/1/2041		999		1,431
Cimarex Energy Co. 3.90%, 5/15/2027		935		1,027
ConocoPhillips 2.40%, 2/15/2031 (a)		505		507
Diamondback Energy, Inc.
4.75%, 5/31/2025		1,085		1,228
3.25%, 12/1/2026		570		614
Ecopetrol SA (Colombia)
5.88%, 9/18/2023		226		244
4.13%, 1/16/2025		533		558
Enable Midstream Partners LP
4.95%, 5/15/2028		325		368
4.15%, 9/15/2029		594		640
5.00%, 5/15/2044 (f)		620		646
Energy Transfer LP
4.75%, 1/15/2026		1,191		1,336
3.90%, 7/15/2026		244		267
6.10%, 2/15/2042		400		476
5.30%, 4/1/2044		170		188
6.25%, 4/15/2049		800		998
5.00%, 5/15/2050		500		552
Eni SpA (Italy) 5.70%, 10/1/2040 (a)		925		1,156
Enterprise Products Operating LLC
3.90%, 2/15/2024		475		514
3.70%, 2/15/2026		506		562
Exxon Mobil Corp.
2.99%, 3/19/2025		1,410		1,522
3.00%, 8/16/2039		895		894
Flex Intermediate Holdco LLC
3.36%, 6/30/2031 (a)		775		776
4.32%, 12/30/2039 (a)		545		547
Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates) 2.94%, 9/30/2040 (a)		1,100		1,086
Gray Oak Pipeline LLC
2.00%, 9/15/2023 (a)		535		546
2.60%, 10/15/2025 (a)		650		670
Hess Corp. 6.00%, 1/15/2040		510		638
HollyFrontier Corp.
2.63%, 10/1/2023		1,275		1,318
5.88%, 4/1/2026		577		666
Kinder Morgan, Inc.
2.00%, 2/15/2031		590		558
3.25%, 8/1/2050		650		596
Magellan Midstream Partners LP
3.20%, 3/15/2025		353		374
5.15%, 10/15/2043		600		723
Marathon Petroleum Corp.
4.50%, 5/1/2023		304		326
3.63%, 9/15/2024		200		216
4.70%, 5/1/2025		180		204
MPLX LP
4.13%, 3/1/2027		259		290
2.65%, 8/15/2030		524		521
4.50%, 4/15/2038		338		375
5.20%, 3/1/2047		323		380
5.20%, 12/1/2047		585		684
ONEOK Partners LP
3.38%, 10/1/2022		151		156
5.00%, 9/15/2023		334		362
6.65%, 10/1/2036		350		459
ONEOK, Inc. 3.40%, 9/1/2029		615		647
Phillips 66 Partners LP 3.15%, 12/15/2029		985		1,021
Pioneer Natural Resources Co. 1.90%, 8/15/2030		1,050		988
Plains All American Pipeline LP
5.15%, 6/1/2042		460		490
4.70%, 6/15/2044		610		624
Saudi Arabian Oil Co. (Saudi Arabia)
1.25%, 11/24/2023 (a)		200		202
1.63%, 11/24/2025 (a)		278		282
Spectra Energy Partners LP 5.95%, 9/25/2043		452		593
Suncor Energy, Inc. (Canada) 6.80%, 5/15/2038		1,195		1,674
TC PipeLines LP 3.90%, 5/25/2027		391		431
Tennessee Gas Pipeline Co. LLC 2.90%, 3/1/2030 (a)		930		947
Texas Eastern Transmission LP
2.80%, 10/15/2022 (a)		554		567
3.50%, 1/15/2028 (a)		90		97
Total Capital International SA (France)
2.99%, 6/29/2041		1,200		1,184
3.46%, 7/12/2049		815		846
3.13%, 5/29/2050		1,180		1,142
TransCanada PipeLines Ltd. (Canada) 4.88%, 1/15/2026		394		455
Valero Energy Corp.
2.70%, 4/15/2023		735		764
1.20%, 3/15/2024		920		931
2.15%, 9/15/2027		830		834
7.50%, 4/15/2032		175		240
Williams Cos., Inc. (The)
3.90%, 1/15/2025		512		561

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
4.85%, 3/1/2048		409		473
				53,039
Personal Products — 0.1%
Estee Lauder Cos., Inc. (The) 2.60%, 4/15/2030		1,880		1,950
Pharmaceuticals — 0.6%
AstraZeneca plc (United Kingdom)
6.45%, 9/15/2037		300		437
4.00%, 9/18/2042		240		275
Bristol-Myers Squibb Co.
4.13%, 6/15/2039		545		643
5.00%, 8/15/2045		740		970
Mylan, Inc. 5.40%, 11/29/2043		520		626
Royalty Pharma plc
0.75%, 9/2/2023 (a)		945		946
1.20%, 9/2/2025 (a)		840		834
1.75%, 9/2/2027 (a)		840		832
3.30%, 9/2/2040 (a)		400		388
3.55%, 9/2/2050 (a)		410		393
Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026		1,713		1,871
Takeda Pharmaceutical Co. Ltd. (Japan)
5.00%, 11/26/2028		895		1,069
3.03%, 7/9/2040		615		602
3.18%, 7/9/2050		590		565
3.38%, 7/9/2060		415		404
Utah Acquisition Sub, Inc. 3.95%, 6/15/2026		300		332
Viatris, Inc. 3.85%, 6/22/2040 (a)		567		586
Zoetis, Inc. 2.00%, 5/15/2030		760		742
				12,515
Road & Rail — 0.4%
Burlington Northern Santa Fe LLC
5.75%, 5/1/2040		425		582
4.38%, 9/1/2042		375		448
5.15%, 9/1/2043		769		1,016
3.55%, 2/15/2050		465		502
CSX Corp.
5.50%, 4/15/2041		150		196
4.75%, 5/30/2042		191		235
4.75%, 11/15/2048		600		739
3.35%, 9/15/2049		95		96
JB Hunt Transport Services, Inc. 3.88%, 3/1/2026		515		574
Kansas City Southern 4.70%, 5/1/2048		712		850
Norfolk Southern Corp. 4.05%, 8/15/2052		600		679
Penske Truck Leasing Co. LP 4.13%, 8/1/2023 (a)		1,131		1,212
Triton Container International Ltd. (Bermuda) 1.15%, 6/7/2024 (a)		1,105		1,105
				8,234
Semiconductors & Semiconductor Equipment — 0.6%
Analog Devices, Inc. 4.50%, 12/5/2036		300		346
Broadcom, Inc.
4.25%, 4/15/2026		1,000		1,120
1.95%, 2/15/2028 (a)		2,500		2,478
4.11%, 9/15/2028		1,838		2,031
4.75%, 4/15/2029		1,575		1,801
Microchip Technology, Inc.
0.97%, 2/15/2024 (a)		1,290		1,292
0.98%, 9/1/2024 (a)		1,400		1,402
NXP BV (China)
2.50%, 5/11/2031 (a)		1,405		1,412
3.25%, 5/11/2041 (a)		1,445		1,445
				13,327
Software — 0.4%
Citrix Systems, Inc. 1.25%, 3/1/2026		375		370
Microsoft Corp.
3.50%, 2/12/2035		291		329
2.92%, 3/17/2052		1,118		1,119
3.04%, 3/17/2062		268		270
Oracle Corp.
2.30%, 3/25/2028		1,405		1,436
4.30%, 7/8/2034		82		93
3.80%, 11/15/2037		500		531
3.60%, 4/1/2040		1,600		1,630
3.65%, 3/25/2041		1,155		1,177
4.38%, 5/15/2055		900		986
				7,941
Specialty Retail — 0.2%
AutoZone, Inc. 1.65%, 1/15/2031		690		642
Lowe’s Cos., Inc.
3.65%, 4/5/2029		418		462
2.63%, 4/1/2031		2,760		2,805
O’Reilly Automotive, Inc. 3.60%, 9/1/2027		432		480
				4,389
Technology Hardware, Storage & Peripherals — 0.2%
Apple, Inc.
3.45%, 2/9/2045		1,130		1,209
3.85%, 8/4/2046		569		644
3.75%, 11/13/2047		150		170
Dell International LLC
5.45%, 6/15/2023 (a)		485		528
6.02%, 6/15/2026 (a)		1,410		1,680
HP, Inc. 3.00%, 6/17/2027		665		714
				4,945

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Thrifts & Mortgage Finance — 0.2%
BPCE SA (France)
4.63%, 7/11/2024 (a)		800		884
1.00%, 1/20/2026 (a)		1,005		994
(SOFR + 1.52%), 1.65%, 10/6/2026 (a) (c)		690		695
3.38%, 12/2/2026		400		439
(SOFR + 1.31%), 2.28%, 1/20/2032 (a) (c)		730		708
				3,720
Tobacco — 0.2%
Altria Group, Inc. 2.45%, 2/4/2032		1,700		1,610
BAT Capital Corp. (United Kingdom)
2.26%, 3/25/2028		780		767
3.73%, 9/25/2040		520		489
4.54%, 8/15/2047		265		265
3.98%, 9/25/2050		815		757
Reynolds American, Inc. (United Kingdom) 7.00%, 8/4/2041		100		130
				4,018
Trading Companies & Distributors — 0.4%
Air Lease Corp.
3.38%, 7/1/2025		476		511
2.88%, 1/15/2026		1,000		1,048
3.75%, 6/1/2026		526		569
1.88%, 8/15/2026		960		956
3.25%, 10/1/2029		2,080		2,118
Aviation Capital Group LLC
3.88%, 5/1/2023 (a)		490		514
5.50%, 12/15/2024 (a)		1,047		1,180
BOC Aviation Ltd. (Singapore)
2.75%, 9/18/2022 (a)		450		459
3.50%, 10/10/2024 (a)		310		331
International Lease Finance Corp. 5.88%, 8/15/2022		506		537
				8,223
Water Utilities — 0.1%
American Water Capital Corp.
3.45%, 6/1/2029		795		874
3.45%, 5/1/2050		1,096		1,127
				2,001
Wireless Telecommunication Services — 0.6%
America Movil SAB de CV (Mexico)
3.63%, 4/22/2029		880		958
4.38%, 4/22/2049		441		521
Rogers Communications, Inc. (Canada) 4.35%, 5/1/2049		560		626
T-Mobile USA, Inc.
1.50%, 2/15/2026		2,105		2,110
3.75%, 4/15/2027		2,275		2,500
2.05%, 2/15/2028		1,550		1,543
3.88%, 4/15/2030		1,980		2,170
Vodafone Group plc (United Kingdom)
5.25%, 5/30/2048		496		625
4.88%, 6/19/2049		1,105		1,332
				12,385
TOTAL CORPORATE BONDS (Cost $603,213)				635,736
U.S. TREASURY OBLIGATIONS — 21.4%
U.S. Treasury Bonds
4.38%, 2/15/2038		447		600
1.13%, 5/15/2040		1,615		1,346
3.88%, 8/15/2040		10,235		13,079
1.88%, 2/15/2041		6,600		6,250
2.75%, 11/15/2042		3,800		4,143
3.63%, 8/15/2043		5,214		6,506
3.75%, 11/15/2043		238		303
3.63%, 2/15/2044		7,780		9,732
3.00%, 11/15/2044		8,200		9,314
2.88%, 8/15/2045		2,300		2,562
2.25%, 8/15/2046		11,193		11,108
3.13%, 5/15/2048		3,757		4,399
2.25%, 8/15/2049		5,365		5,310
2.38%, 11/15/2049		3,700		3,763
2.00%, 2/15/2050		5,329		4,990
1.25%, 5/15/2050		6,080		4,712
1.38%, 8/15/2050		565		452
1.63%, 11/15/2050		8,500		7,262
1.88%, 2/15/2051		18,645		16,952
U.S. Treasury Inflation Indexed Bonds
1.75%, 1/15/2028		300		462
3.63%, 4/15/2028		799		1,780
2.50%, 1/15/2029		300		480
U.S. Treasury Inflation Indexed Notes 0.13%, 1/15/2022		2,453		2,941
U.S. Treasury Notes
2.13%, 5/15/2022		30,000		30,587
1.75%, 7/15/2022		5,000		5,093
1.63%, 8/31/2022		3,000		3,057
2.00%, 10/31/2022		1,650		1,694
1.50%, 2/28/2023		3,000		3,071
1.75%, 5/15/2023		2,221		2,290
2.13%, 3/31/2024		30,000		31,565
2.50%, 5/15/2024		8,840		9,414
1.88%, 8/31/2024		569		596
2.25%, 11/15/2024		400		425
1.75%, 12/31/2024		13,555		14,175
2.88%, 4/30/2025		21,212		23,138
0.38%, 12/31/2025		10,000		9,846

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
0.50%, 2/28/2026		4,820		4,763
1.75%, 12/31/2026		10,154		10,599
0.38%, 9/30/2027		4,690		4,472
0.75%, 1/31/2028		4,500		4,368
1.25%, 3/31/2028		9,090		9,097
1.25%, 4/30/2028		17,110		17,105
1.63%, 8/15/2029		130		132
0.63%, 8/15/2030		970		892
0.88%, 11/15/2030		2,800		2,628
U.S. Treasury STRIPS Bonds
3.95%, 2/15/2022 (g)		5,793		5,791
2.63%, 5/15/2022 (g)		9,795		9,790
3.26%, 8/15/2022 (g)		1,905		1,903
2.21%, 11/15/2022 (g)		18,375		18,343
3.73%, 2/15/2023 (g)		38,462		38,376
3.20%, 5/15/2023 (g)		14,070		14,033
2.46%, 8/15/2023 (g)		13,900		13,844
2.71%, 11/15/2023 (g)		1,052		1,046
1.89%, 2/15/2024 (g)		11,355		11,271
1.74%, 8/15/2024 (g)		20,600		20,329
7.45%, 5/15/2026 (g)		1,500		1,435
3.76%, 8/15/2026 (g)		1,592		1,513
2.41%, 11/15/2041 (g)		500		306
TOTAL U.S. TREASURY OBLIGATIONS (Cost $441,408)				445,433
MORTGAGE-BACKED SECURITIES — 17.4%
FHLMC
Pool # 846812, ARM, 2.41%, 4/1/2030 (h)		5		5
Pool # 781087, ARM, 2.36%, 12/1/2033 (h)		129		131
Pool # 1B1665, ARM, 2.07%, 4/1/2034 (h)		101		102
Pool # 847356, ARM, 2.69%, 12/1/2034 (h)		52		52
Pool # 782979, ARM, 2.37%, 1/1/2035 (h)		120		128
Pool # 1Q0025, ARM, 2.21%, 2/1/2036 (h)		41		44
Pool # 848431, ARM, 2.41%, 2/1/2036 (h)		65		69
Pool # 1L1286, ARM, 2.37%, 5/1/2036 (h)		20		21
Pool # 848365, ARM, 2.56%, 7/1/2036 (h)		65		69
Pool # 1A1096, ARM, 1.98%, 10/1/2036 (h)		113		118
Pool # 1G2539, ARM, 2.15%, 10/1/2036 (h)		11		11
Pool # 1J1348, ARM, 2.74%, 10/1/2036 (h)		67		68
Pool # 1G2671, ARM, 2.07%, 11/1/2036 (h)		86		87
Pool # 782760, ARM, 2.49%, 11/1/2036 (h)		103		110
Pool # 1J1634, ARM, 2.27%, 12/1/2036 (h)		69		73
Pool # 1J0282, ARM, 2.26%, 2/1/2037 (h)		41		41
Pool # 1Q0739, ARM, 2.15%, 3/1/2037 (h)		99		104
Pool # 848699, ARM, 2.55%, 7/1/2040 (h)		167		176
FHLMC Gold Pools, 20 Year Pool # C91403, 3.50%, 3/1/2032		170		182
FHLMC Gold Pools, 30 Year
Pool # C68485, 7.00%, 7/1/2032		18		21
Pool # G01448, 7.00%, 8/1/2032		42		49
Pool # A13625, 5.50%, 10/1/2033		183		213
Pool # A16107, 6.00%, 12/1/2033		69		78
Pool # A17537, 6.00%, 1/1/2034		79		94
Pool # A61572, 5.00%, 9/1/2034		468		536
Pool # A28796, 6.50%, 11/1/2034		97		114
Pool # G03369, 6.50%, 1/1/2035		195		220
Pool # A46987, 5.50%, 7/1/2035		409		472
Pool # G01919, 4.00%, 9/1/2035		190		208
Pool # C02641, 7.00%, 10/1/2036		79		93
Pool # C02660, 6.50%, 11/1/2036		125		148
Pool # A93383, 5.00%, 8/1/2040		291		331
Pool # A93511, 5.00%, 8/1/2040		324		370
Pool # G06493, 4.50%, 5/1/2041		1,389		1,554
FHLMC Gold Pools, Other
Pool # P20570, 7.00%, 7/1/2029		39		44
Pool # G20027, 10.00%, 10/1/2030		7		8
Pool # U50105, 4.00%, 1/1/2032		334		359
Pool # U80254, 3.00%, 3/1/2033		361		381
Pool # P20409, 5.50%, 10/1/2033		83		92
Pool # P50201, 5.50%, 1/1/2034		53		57

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Pool # U90975, 4.00%, 6/1/2042		1,328		1,461
Pool # U90673, 4.00%, 1/1/2043		348		384
Pool # U99134, 4.00%, 1/1/2046		6,789		7,491
Pool # U69030, 4.50%, 1/1/2046		2,601		2,874
FHLMC UMBS, 20 Year Pool # SC0104, 3.50%, 8/1/2035		2,520		2,693
FNMA
Pool # 470623, ARM, 0.91%, 3/1/2022 (h)		817		816
Pool # 54844, ARM, 2.25%, 9/1/2027 (h)		10		11
Pool # 303532, ARM, 3.91%, 3/1/2029 (h)		6		7
Pool # 555258, ARM, 1.65%, 1/1/2033 (h)		251		253
Pool # 722421, ARM, 1.66%, 7/1/2033 (h)		26		26
Pool # 686040, ARM, 2.49%, 7/1/2033 (h)		123		124
Pool # 722985, ARM, 2.53%, 7/1/2033 (h)		17		17
Pool # 746299, ARM, 2.39%, 9/1/2033 (h)		94		99
Pool # 749923, ARM, 2.28%, 11/1/2033 (h)		3		3
Pool # 766610, ARM, 2.06%, 1/1/2034 (h)		51		52
Pool # 920467, ARM, 2.87%, 2/1/2034 (h)		77		77
Pool # 770377, ARM, 1.67%, 4/1/2034 (h)		66		66
Pool # 751531, ARM, 2.33%, 5/1/2034 (h)		97		98
Pool # 782306, ARM, 2.17%, 7/1/2034 (h)		6		6
Pool # 790235, ARM, 2.14%, 8/1/2034 (h)		82		83
Pool # 735332, ARM, 2.32%, 8/1/2034 (h)		161		166
Pool # 791961, ARM, 1.56%, 9/1/2034 (h)		29		29
Pool # 725902, ARM, 2.15%, 9/1/2034 (h)		13		13
Pool # 803594, ARM, 2.02%, 10/1/2034 (h)		91		92
Pool # 803599, ARM, 2.10%, 10/1/2034 (h)		98		98
Pool # 896463, ARM, 2.63%, 10/1/2034 (h)		76		81
Pool # 806776, ARM, 1.81%, 11/1/2034 (h)		137		138
Pool # 806778, ARM, 1.96%, 11/1/2034 (h)		379		381
Pool # 810896, ARM, 1.76%, 1/1/2035 (h)		226		235
Pool # 802692, ARM, 2.00%, 1/1/2035 (h)		89		90
Pool # 816597, ARM, 1.92%, 2/1/2035 (h)		17		17
Pool # 735539, ARM, 2.33%, 4/1/2035 (h)		403		428
Pool # 745862, ARM, 2.40%, 4/1/2035 (h)		70		71
Pool # 821378, ARM, 1.52%, 5/1/2035 (h)		65		65
Pool # 823660, ARM, 1.97%, 5/1/2035 (h)		63		63
Pool # 745766, ARM, 2.05%, 6/1/2035 (h)		181		184
Pool # 843026, ARM, 1.78%, 9/1/2035 (h)		305		317
Pool # 832801, ARM, 2.08%, 9/1/2035 (h)		39		40
Pool # 849251, ARM, 2.13%, 1/1/2036 (h)		70		74
Pool # 895141, ARM, 1.82%, 7/1/2036 (h)		87		89
Pool # 900197, ARM, 2.58%, 10/1/2036 (h)		61		66
Pool # 966946, ARM, 2.16%, 1/1/2038 (h)		33		33
FNMA UMBS, 15 Year
Pool # 889634, 6.00%, 2/1/2023		63		65
Pool # 995381, 6.00%, 1/1/2024		20		20
Pool # 995425, 6.00%, 1/1/2024		50		52
Pool # AD0133, 5.00%, 8/1/2024		23		24
FNMA UMBS, 20 Year
Pool # 254305, 6.50%, 5/1/2022		4		4
Pool # 555791, 6.50%, 12/1/2022		7		8
Pool # 255217, 4.50%, 4/1/2024		12		13
Pool # 888656, 6.50%, 4/1/2025		17		19
Pool # MA1138, 3.50%, 8/1/2032		412		440
FNMA UMBS, 30 Year
Pool # 50966, 7.00%, 1/1/2024		1		1
Pool # 399269, 7.00%, 4/1/2026		4		4
Pool # 689977, 8.00%, 3/1/2027		29		32
Pool # 695533, 8.00%, 6/1/2027		11		13
Pool # 756024, 8.00%, 9/1/2028		34		37

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Pool # 755973, 8.00%, 11/1/2028		81		92
Pool # 455759, 6.00%, 12/1/2028		9		10
Pool # 252211, 6.00%, 1/1/2029		14		16
Pool # 459097, 7.00%, 1/1/2029		5		5
Pool # 889020, 6.50%, 11/1/2029		224		255
Pool # 598559, 6.50%, 8/1/2031		26		31
Pool # 622542, 5.50%, 9/1/2031		192		218
Pool # 788150, 6.00%, 3/1/2032		25		29
Pool # 649734, 7.00%, 6/1/2032		29		31
Pool # 675555, 6.00%, 12/1/2032		42		47
Pool # AL0045, 6.00%, 12/1/2032		236		279
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		9		10
Pool # 695584, 6.00%, 3/1/2033		5		6
Pool # 702901, 6.00%, 5/1/2033		79		94
Pool # 723852, 5.00%, 7/1/2033		81		92
Pool # 729296, 5.00%, 7/1/2033		217		247
Pool # 729379, 6.00%, 8/1/2033		17		19
Pool # 737825, 6.00%, 9/1/2033		29		34
Pool # 750977, 4.50%, 11/1/2033		55		60
Pool # 725017, 5.50%, 12/1/2033		327		380
Pool # 751341, 5.50%, 3/1/2034		40		45
Pool # 888568, 5.00%, 12/1/2034		7		8
Pool # 815426, 4.50%, 2/1/2035		1		1
Pool # AD0755, 7.00%, 6/1/2035		2,338		2,774
Pool # 820347, 5.00%, 9/1/2035		59		68
Pool # 833657, 7.50%, 8/1/2036		37		42
Pool # 986648, 6.00%, 9/1/2037		109		130
Pool # 888892, 7.50%, 11/1/2037		33		38
Pool # 257510, 7.00%, 12/1/2038		100		121
Pool # AD0753, 7.00%, 1/1/2039		75		91
Pool # AT5891, 3.00%, 6/1/2043		2,346		2,518
Pool # AL7527, 4.50%, 9/1/2043		1,028		1,149
Pool # BM3500, 4.00%, 9/1/2047		3,304		3,657
Pool # BJ1778, 4.50%, 10/1/2047		1,130		1,232
Pool # BN9180, 4.00%, 6/1/2049		1,240		1,335
Pool # BK8753, 4.50%, 6/1/2049		2,407		2,627
Pool # BO1219, 4.50%, 6/1/2049		3,111		3,373
Pool # BO7077, 3.00%, 9/1/2049		3,107		3,268
FNMA, 30 Year
Pool # 535183, 8.00%, 6/1/2028		4		4
Pool # 252409, 6.50%, 3/1/2029		42		47
Pool # 653815, 7.00%, 2/1/2033		8		8
Pool # 752786, 6.00%, 9/1/2033		58		65
Pool # 931717, 6.50%, 8/1/2039		253		289
FNMA, Other
Pool # 468102, 4.34%, 6/1/2021		5,000		5,000
Pool # AL0602, 4.14%, 7/1/2021 (h)		152		152
Pool # 470622, 2.75%, 3/1/2022		500		507
Pool # AM3789, 3.02%, 7/1/2023		2,164		2,256
Pool # AM7245, 2.95%, 8/1/2023		4,288		4,493
Pool # AM4066, 3.59%, 8/1/2023		2,500		2,636
Pool # AM4628, 3.69%, 11/1/2023		1,448		1,554
Pool # AM4668, 3.76%, 11/1/2023		1,898		2,019
Pool # AM4716, 3.38%, 12/1/2023		1,887		2,025
Pool # AM7231, 2.92%, 12/1/2024		3,903		4,192
Pool # AM7589, 2.95%, 12/1/2024		1,505		1,618
Pool # AM7290, 2.97%, 12/1/2024		3,380		3,636

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Pool # AM7576, 3.04%, 12/1/2024		3,906			4,212
Pool # AM7124, 3.11%, 12/1/2024		2,440			2,636
Pool # 470300, 3.64%, 1/1/2025		879			963
Pool # AM3833, 3.25%, 7/1/2025		3,465			3,786
Pool # AM4991, 3.97%, 12/1/2025		1,666			1,868
Pool # AL6805, 3.78%, 1/1/2026 (h)		3,393			3,788
Pool # 468645, 4.54%, 7/1/2026		2,513			2,851
Pool # AM6448, 3.25%, 9/1/2026		9,533			10,545
Pool # AM7223, 3.11%, 12/1/2026		3,376			3,715
Pool # AM7118, 3.14%, 12/1/2026		2,690			2,964
Pool # AM7390, 3.26%, 12/1/2026		3,691			4,077
Pool # AM7265, 3.30%, 12/1/2026		3,782			4,192
Pool # AM7515, 3.34%, 2/1/2027		3,000			3,332
Pool # AM8803, 2.78%, 6/1/2027		4,779			5,206
Pool # AM8987, 2.79%, 6/1/2027		1,778			1,937
Pool # BL1040, 3.81%, 12/1/2028		3,000			3,475
Pool # BL4364, 2.24%, 11/1/2029		5,456			5,739
Pool # BL4333, 2.52%, 11/1/2029		6,146			6,592
Pool # AM7785, 3.17%, 2/1/2030		2,831			3,131
Pool # AM7516, 3.55%, 2/1/2030		2,000			2,254
Pool # AM8544, 3.08%, 4/1/2030		7,560			8,343
Pool # AM8889, 2.92%, 5/1/2030		8,000			8,713
Pool # AM8804, 3.10%, 5/1/2030		3,599			3,977
Pool # AM9020, 2.97%, 6/1/2030		3,794			4,157
Pool # BL9251, 1.45%, 10/1/2030		4,500			4,443
Pool # BL4315, 2.39%, 9/1/2031		4,550			4,798
Pool # AP9632, 4.00%, 10/1/2032		257			277
Pool # AP9762, 4.00%, 10/1/2032		494			535
Pool # AQ7084, 3.50%, 12/1/2032		591			636
Pool # AT2703, 3.50%, 5/1/2033		1,112			1,191
Pool # AT2954, 3.50%, 5/1/2033		724			776
Pool # AT4180, 3.50%, 5/1/2033		653			702
Pool # AT4939, 3.50%, 5/1/2033		637			685
Pool # 754922, 5.50%, 9/1/2033		68			76
Pool # 762520, 4.00%, 11/1/2033		324			344
Pool # AM8922, 3.03%, 6/1/2035		2,629			2,867
Pool # AM9188, 3.12%, 6/1/2035		7,000			7,738
Pool # 849215, 6.50%, 1/1/2036		19			21
Pool # 872740, 6.50%, 6/1/2036		49			52
Pool # 886320, 6.50%, 7/1/2036		18			19
Pool # 888796, 6.00%, 9/1/2037		64			71
Pool # AO7225, 4.00%, 7/1/2042		427			468
Pool # AO9352, 4.00%, 7/1/2042		579			639
Pool # MA1125, 4.00%, 7/1/2042		624			682
Pool # AR1397, 3.00%, 1/1/2043		1,198			1,281
Pool # MA1711, 4.50%, 12/1/2043		2,293			2,552
Pool # MA1828, 4.50%, 3/1/2044		1,729			1,913
Pool # BF0464, 3.50%, 3/1/2060		4,148			4,520
FNMA/FHLMC UMBS, Single Family, 15 Year TBA, 2.00%, 7/25/2036 (i)		5,320			5,489
FNMA/FHLMC UMBS, Single Family, 30 Year
TBA, 2.50%, 6/25/2051 (i)		15,000			15,529
TBA, 2.00%, 7/25/2051 (i)		24,330			24,519
TBA, 2.50%, 8/25/2051 (i)		32,695			33,699
GNMA I, 30 Year
Pool # 345288, 7.50%, 3/15/2023		—	(j)		—	(j)
Pool # 782507, 9.50%, 10/15/2024		1			1
Pool # 554108, 6.50%, 3/15/2028		38			43
Pool # 481872, 7.50%, 7/15/2028		3			3
Pool # 468149, 8.00%, 8/15/2028		3			3
Pool # 486537, 7.50%, 9/15/2028		8			9
Pool # 486631, 6.50%, 10/15/2028		3			4

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Pool # 591882, 6.50%, 7/15/2032		14		15
Pool # 607645, 6.50%, 2/15/2033		30		34
Pool # 607724, 7.00%, 2/15/2033		33		38
Pool # 604209, 6.50%, 4/15/2033		36		40
Pool # 781614, 7.00%, 6/15/2033		55		67
Pool # BM2141, 5.00%, 7/15/2049		888		1,029
GNMA II, 30 Year
Pool # 2006, 8.50%, 5/20/2025		7		7
Pool # 2141, 8.00%, 12/20/2025		1		1
Pool # 2234, 8.00%, 6/20/2026		3		3
Pool # 2270, 8.00%, 8/20/2026		2		2
Pool # 2285, 8.00%, 9/20/2026		2		2
Pool # 2324, 8.00%, 11/20/2026		3		3
Pool # 2499, 8.00%, 10/20/2027		4		5
Pool # 2512, 8.00%, 11/20/2027		5		6
Pool # 2525, 8.00%, 12/20/2027		3		3
Pool # 2549, 7.50%, 2/20/2028		4		5
Pool # 2646, 7.50%, 9/20/2028		9		10
Pool # 2647, 8.00%, 9/20/2028		1		1
Pool # 3427, 4.50%, 8/20/2033		76		85
Pool # 4245, 6.00%, 9/20/2038		559		637
Pool # AK8806, 4.25%, 3/20/2045		1,379		1,552
Pool # BM2118, 4.50%, 6/20/2049		503		542
Pool # BO0535, 4.00%, 7/20/2049		1,633		1,752
Pool # BO8227, 5.00%, 7/20/2049		1,081		1,203
Pool # BO8228, 5.00%, 7/20/2049		404		445
Pool # BO8229, 5.00%, 7/20/2049		1,520		1,702
Pool # BM9734, 4.00%, 10/20/2049		3,862		4,165
Pool # BQ4115, 3.00%, 3/20/2050		4,926		5,142
Pool # MA7052, 2.50%, 12/20/2050		9,189		9,524
Pool # MA7136, 2.50%, 1/20/2051		23,397		24,243
Pool # 785294, 3.50%, 1/20/2051		4,927		5,418
Pool # CB1543, 3.00%, 2/20/2051		2,876		3,056
GNMA II, Other
Pool # AC0979, 3.95%, 4/20/2063 (h)		48		48
Pool # AC0973, 4.48%, 5/20/2063 (h)		12		13
TOTAL MORTGAGE-BACKED SECURITIES (Cost $348,919)				361,981
COLLATERALIZED MORTGAGE OBLIGATIONS — 14.3%
ACC 0.00%, 9/15/2022 ‡		4,450		4,450
Acre 6.25%, 12/22/2021 ‡		2,065		2,044
Alternative Loan Trust
Series 2004-2CB, Class 1A9, 5.75%, 3/25/2034		4,009		4,035
Series 2005-1CB, Class 1A6, IF, IO, 7.01%, 3/25/2035 ‡ (h)		523		80
Series 2005-22T1, Class A2, IF, IO, 4.98%, 6/25/2035 ‡ (h)		3,281		496
Series 2005-20CB, Class 3A8, IF, IO, 4.66%, 7/25/2035 ‡ (h)		1,375		179
Series 2005-28CB, Class 1A4, 5.50%, 8/25/2035		1,415		1,411
Series 2005-28CB, Class 3A5, 6.00%, 8/25/2035		60		40
Series 2005-37T1, Class A2, IF, IO, 4.96%, 9/25/2035 ‡ (h)		2,480		363
Series 2005-54CB, Class 1A2, IF, IO, 4.76%, 11/25/2035 ‡ (h)		2,308		331
Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035		917		866
Series 2005-57CB, Class 3A2, IF, IO, 5.01%, 12/25/2035 ‡ (h)		571		71
Series 2005-64CB, Class 1A9, 5.50%, 12/25/2035		433		429
Series 2006-26CB, Class A9, 6.50%, 9/25/2036		915		655
Banc of America Alternative Loan Trust
Series 2004-6, Class 15, PO, 7/25/2019 ‡		6		4
Series 2006-4, Class 1A4, 6.00%, 5/25/2046		279		276
Banc of America Funding Trust
Series 2004-1, PO, 3/25/2034 ‡		89		71
Series 2004-2, Class 30, PO, 9/20/2034 ‡		84		71

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Series 2004-C, Class 1A1, 3.23%, 12/20/2034 (h)		64			66
Series 2005-E, Class 4A1, 2.97%, 3/20/2035 (h)		16			16
Series 2005-6, Class 2A7, 5.50%, 10/25/2035		157			158
Series 2005-7, Class 30, PO, 11/25/2035 ‡		113			108
Series 2005-8, Class 30, PO, 1/25/2036 ‡		62			46
Series 2006-A, Class 3A2, 2.86%, 2/20/2036 (h)		147			143
Banc of America Mortgage Trust Series 2004-A, Class 2A2, 2.53%, 2/25/2034 (h)		37			37
Bayview Financing Trust Series 2020-3F, Class A, 3.10%, 11/10/2022 ‡ (a) (h)		3,733			3,733
Bear Stearns ARM Trust
Series 2003-7, Class 3A, 2.19%, 10/25/2033 (h)		34			34
Series 2004-1, Class 12A1, 2.79%, 4/25/2034 (h)		202			200
Series 2004-2, Class 14A, 2.70%, 5/25/2034 (h)		32			31
Series 2006-1, Class A1, 2.37%, 2/25/2036 (h)		494			512
CFMT LLC Series 2020-HB4, Class A, 0.95%, 12/26/2030 (a) (h)		3,554			3,558
CHL Mortgage Pass-Through Trust
Series 2004-8, Class 2A1, 4.50%, 6/25/2019		2			—	(j)
Series 2004-HYB1, Class 2A, 2.58%, 5/20/2034 (h)		34			35
Series 2004-HYB3, Class 2A, 2.13%, 6/20/2034 (h)		187			191
Series 2004-7, Class 2A1, 2.45%, 6/25/2034 (h)		120			122
Series 2004-HYB6, Class A3, 2.77%, 11/20/2034 (h)		156			161
Series 2005-16, Class A23, 5.50%, 9/25/2035		252			220
Series 2005-22, Class 2A1, 2.61%, 11/25/2035 (h)		764			728
Citicorp Mortgage Securities REMIC Pass-Through Certificates Trust
Series 2005-5, Class A, PO, 8/25/2035 ‡		34			28
Series 2005-8, Class A, PO, 11/25/2035 ‡		54			46
Citigroup Global Markets Mortgage Securities VII, Inc.
Series 2003-UP2, Class 1, PO, 6/25/2033 ‡		1			1
Series 2003-HYB1, Class A, 2.59%, 9/25/2033 (h)		25			25
Citigroup Mortgage Loan Trust Series 2015-A, Class B2, 4.50%, 6/25/2058 (a) (h)		369			389
Citigroup Mortgage Loan Trust, Inc.
Series 2003-1, Class 3, PO, 9/25/2033 ‡		25			22
Series 2003-UP3, Class A3, 7.00%, 9/25/2033		10			10
Series 2003-1, Class 2, PO, 10/25/2033 ‡		3			3
Series 2003-1, Class 2A6, PO, 10/25/2033 ‡		11			10
Series 2003-1, Class 2A5, 5.25%, 10/25/2033		21			21
Series 2004-UST1, Class A6, 2.50%, 8/25/2034 (h)		12			12
Series 2005-1, Class 2A1A, 2.34%, 2/25/2035 (h)		160			154
Series 2005-2, Class 2A11, 5.50%, 5/25/2035		160			166
Series 2005-5, Class 1A2, 2.89%, 8/25/2035 (h)		200			162
Conix Mortgage Asset Trust Series 2013-1, Class A, 0.00%, 12/25/2047 ‡ (h) (k)		1,079			17
Credit Suisse First Boston Mortgage Securities Corp.
Series 2003-1, Class DB1, 6.71%, 2/25/2033 (h)		232			235
Series 2003-21, Class 1A4, 5.25%, 9/25/2033		58			60
Series 2003-25, Class 1P, PO, 10/25/2033 ‡		109			95
CSFB Mortgage-Backed Pass-Through Certificates
Series 2005-4, Class 3A18, 5.50%, 6/25/2035		802			807
Series 2005-4, Class 3A23, 5.50%, 6/25/2035		1,691			1,702
CSMA SFR Holdings II 0.00%, 7/25/2023 ‡		2,965			2,962
CSMC Trust Series 2021-RPL1, Class A1, 1.67%, 9/27/2060 (a) (h)		7,501			7,500
FHLMC - GNMA Series 8, Class ZA, 7.00%, 3/25/2023		11			11
FHLMC, REMIC
Series 1144, Class KB, 8.50%, 9/15/2021		—	(j)		—	(j)
Series 1250, Class J, 7.00%, 5/15/2022		—	(j)		—	(j)
Series 1343, Class LB, 7.50%, 8/15/2022		1			1
Series 1343, Class LA, 8.00%, 8/15/2022		1			1
Series 1370, Class JA, 1.25%, 9/15/2022 (h)		2			2
Series 2512, Class PG, 5.50%, 10/15/2022		25			26
Series 1455, Class WB, IF, 4.62%, 12/15/2022 (h)		3			3
Series 2535, Class BK, 5.50%, 12/15/2022		12			12

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Series 1470, Class F, 1.41%, 2/15/2023 (h)		—	(j)		—	(j)
Series 2568, Class KG, 5.50%, 2/15/2023		40			41
Series 1466, Class PZ, 7.50%, 2/15/2023		14			14
Series 1498, Class I, 1.25%, 4/15/2023 (h)		18			18
Series 1502, Class PX, 7.00%, 4/15/2023		28			29
Series 1798, Class F, 5.00%, 5/15/2023		23			23
Series 1505, Class Q, 7.00%, 5/15/2023		3			4
Series 1518, Class G, IF, 8.89%, 5/15/2023 (h)		7			8
Series 1541, Class O, 1.02%, 7/15/2023 (h)		8			8
Series 2638, Class DS, IF, 8.50%, 7/15/2023 (h)		5			5
Series 1541, Class M, HB, IF, 25.87%, 7/15/2023 (h)		3			3
Series 1570, Class F, 1.88%, 8/15/2023 (h)		1			1
Series 1608, Class L, 6.50%, 9/15/2023		78			83
Series 1573, Class PZ, 7.00%, 9/15/2023		24			26
Series 2571, Class SK, HB, IF, 34.06%, 9/15/2023 (h)		11			13
Series 1591, Class PV, 6.25%, 10/15/2023		14			15
Series 1602, Class SA, HB, IF, 22.38%, 10/15/2023 (h)		8			10
Series 2710, Class HB, 5.50%, 11/15/2023		125			129
Series 1642, Class PJ, 6.00%, 11/15/2023		38			40
Series 2716, Class UN, 4.50%, 12/15/2023		86			89
Series 1638, Class H, 6.50%, 12/15/2023		55			58
Series 2283, Class K, 6.50%, 12/15/2023		21			23
Series 1700, Class GA, PO, 2/15/2024		1			1
Series 1865, Class D, PO, 2/15/2024		26			26
Series 1760, Class ZD, 1.08%, 2/15/2024 (h)		64			64
Series 1671, Class QC, IF, 10.00%, 2/15/2024 (h)		10			10
Series 1686, Class SH, IF, 18.98%, 2/15/2024 (h)		2			2
Series 1699, Class FC, 0.71%, 3/15/2024 (h)		2			2
Series 1709, Class FA, 0.73%, 3/15/2024 (h)		1			1
Series 1695, Class EB, 7.00%, 3/15/2024		13			13
Series 1706, Class K, 7.00%, 3/15/2024		34			36
Series 2033, Class SN, HB, IF, 29.74%, 3/15/2024 (h)		6			1
Series 2306, Class K, PO, 5/15/2024		7			7
Series 2306, Class SE, IF, IO, 9.02%, 5/15/2024 (h)		16			2
Series 1745, Class D, 7.50%, 8/15/2024		10			11
Series 3720, Class A, 4.50%, 9/15/2025		75			80
Series 3131, Class BK, 5.50%, 3/15/2026		274			293
Series 1829, Class ZB, 6.50%, 3/15/2026		7			7
Series 1863, Class Z, 6.50%, 7/15/2026		8			8
Series 1890, Class H, 7.50%, 9/15/2026		10			12
Series 1899, Class ZE, 8.00%, 9/15/2026		34			39
Series 3229, Class HE, 5.00%, 10/15/2026		286			304
Series 1963, Class Z, 7.50%, 1/15/2027		28			32
Series 1935, Class FL, 0.80%, 2/15/2027 (h)		2			2
Series 1981, Class Z, 6.00%, 5/15/2027		41			44
Series 1970, Class PG, 7.25%, 7/15/2027		3			3
Series 1987, Class PE, 7.50%, 9/15/2027		17			20
Series 2019, Class Z, 6.50%, 12/15/2027		38			43
Series 2038, Class PN, IO, 7.00%, 3/15/2028		32			4
Series 2040, Class PE, 7.50%, 3/15/2028		68			79
Series 4251, Class KW, 2.50%, 4/15/2028		3,684			3,852
Series 2043, Class CJ, 6.50%, 4/15/2028		9			11
Series 2054, Class PV, 7.50%, 5/15/2028		46			53
Series 2075, Class PM, 6.25%, 8/15/2028		105			118
Series 2075, Class PH, 6.50%, 8/15/2028		94			107
Series 2086, Class GB, 6.00%, 9/15/2028		26			29
Series 2089, Class PJ, IO, 7.00%, 10/15/2028		46			4
Series 2095, Class PE, 6.00%, 11/15/2028		119			134

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2125, Class JZ, 6.00%, 2/15/2029		41		46
Series 2136, Class PG, 6.00%, 3/15/2029		47		54
Series 2132, Class SB, HB, IF, 30.07%, 3/15/2029 (h)		9		13
Series 2141, IO, 7.00%, 4/15/2029		13		1
Series 2169, Class TB, 7.00%, 6/15/2029		159		183
Series 2163, Class PC, IO, 7.50%, 6/15/2029		16		2
Series 2172, Class QC, 7.00%, 7/15/2029		107		125
Series 2176, Class OJ, 7.00%, 8/15/2029		78		91
Series 2201, Class C, 8.00%, 11/15/2029		39		45
Series 2209, Class TC, 8.00%, 1/15/2030		42		49
Series 2210, Class Z, 8.00%, 1/15/2030		77		93
Series 2224, Class CB, 8.00%, 3/15/2030		19		23
Series 2230, Class Z, 8.00%, 4/15/2030		48		58
Series 2234, Class PZ, 7.50%, 5/15/2030		34		40
Series 2247, Class Z, 7.50%, 8/15/2030		36		43
Series 2256, Class MC, 7.25%, 9/15/2030		48		57
Series 2259, Class ZM, 7.00%, 10/15/2030		71		84
Series 2262, Class Z, 7.50%, 10/15/2030		8		10
Series 2271, Class PC, 7.25%, 12/15/2030		80		95
Series 2296, Class PD, 7.00%, 3/15/2031		46		54
Series 2313, Class LA, 6.50%, 5/15/2031		36		41
Series 2325, Class PM, 7.00%, 6/15/2031		57		67
Series 2359, Class ZB, 8.50%, 6/15/2031		129		158
Series 2344, Class ZD, 6.50%, 8/15/2031		436		507
Series 2344, Class ZJ, 6.50%, 8/15/2031		39		46
Series 2345, Class NE, 6.50%, 8/15/2031		31		36
Series 2351, Class PZ, 6.50%, 8/15/2031		34		39
Series 2353, Class AZ, 6.00%, 9/15/2031		239		270
Series 2367, Class ME, 6.50%, 10/15/2031		72		82
Series 2396, Class FM, 0.55%, 12/15/2031 (h)		111		111
Series 2399, Class OH, 6.50%, 1/15/2032		96		109
Series 2399, Class TH, 6.50%, 1/15/2032		114		134
Series 2410, Class OE, 6.38%, 2/15/2032		31		33
Series 2410, Class NG, 6.50%, 2/15/2032		107		125
Series 2420, Class XK, 6.50%, 2/15/2032		158		186
Series 2464, Class SI, IF, IO, 7.90%, 2/15/2032 (h)		204		36
Series 2410, Class QX, IF, IO, 8.55%, 2/15/2032 (h)		46		9
Series 2412, Class SP, IF, 15.90%, 2/15/2032 (h)		94		124
Series 2410, Class QS, IF, 19.24%, 2/15/2032 (h)		80		117
Series 2430, Class WF, 6.50%, 3/15/2032		209		247
Series 2423, Class MC, 7.00%, 3/15/2032		121		144
Series 2423, Class MT, 7.00%, 3/15/2032		104		124
Series 2444, Class ES, IF, IO, 7.85%, 3/15/2032 (h)		83		15
Series 2450, Class SW, IF, IO, 7.90%, 3/15/2032 (h)		66		12
Series 2435, Class CJ, 6.50%, 4/15/2032		151		177
Series 2434, Class TC, 7.00%, 4/15/2032		115		137
Series 2436, Class MC, 7.00%, 4/15/2032		72		82
Series 2455, Class GK, 6.50%, 5/15/2032		229		261
Series 2450, Class GZ, 7.00%, 5/15/2032		66		79
Series 2462, Class JG, 6.50%, 6/15/2032		103		121
Series 2466, Class PH, 6.50%, 6/15/2032		171		201
Series 2474, Class NR, 6.50%, 7/15/2032		97		112
Series 2484, Class LZ, 6.50%, 7/15/2032		118		141
Series 2500, Class MC, 6.00%, 9/15/2032		114		133
Series 2835, Class QO, PO, 12/15/2032		16		15
Series 2543, Class YX, 6.00%, 12/15/2032		210		244
Series 2544, Class HC, 6.00%, 12/15/2032		161		193
Series 2552, Class ME, 6.00%, 1/15/2033		237		278

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2567, Class QD, 6.00%, 2/15/2033		272		319
Series 2575, Class ME, 6.00%, 2/15/2033		597		694
Series 2596, Class QG, 6.00%, 3/15/2033		148		168
Series 2586, Class WI, IO, 6.50%, 3/15/2033		73		14
Series 2692, Class SC, IF, 13.08%, 7/15/2033 (h)		40		53
Series 4240, Class B, 3.00%, 8/15/2033		2,501		2,725
Series 3920, Class LP, 5.00%, 1/15/2034		589		678
Series 2744, Class PE, 5.50%, 2/15/2034		11		11
Series 3611, PO, 7/15/2034		39		37
Series 2990, Class UZ, 5.75%, 6/15/2035		1,465		1,697
Series 3004, Class EK, 5.50%, 7/15/2035		1,233		1,506
Series 3014, Class OD, PO, 8/15/2035		40		36
Series 3085, Class WF, 0.90%, 8/15/2035 (h)		100		103
Series 3047, Class OD, 5.50%, 10/15/2035		738		827
Series 3074, Class BH, 5.00%, 11/15/2035		233		256
Series 3064, Class MC, 5.50%, 11/15/2035		3,095		3,669
Series 3102, Class FB, 0.40%, 1/15/2036 (h)		101		102
Series 3102, Class HS, HB, IF, 24.20%, 1/15/2036 (h)		31		44
Series 3117, Class EO, PO, 2/15/2036		251		232
Series 3117, Class OK, PO, 2/15/2036		147		136
Series 3134, PO, 3/15/2036		37		36
Series 3152, Class MO, PO, 3/15/2036		198		185
Series 3122, Class ZB, 6.00%, 3/15/2036		26		39
Series 3138, PO, 4/15/2036		155		142
Series 3607, Class BO, PO, 4/15/2036		82		77
Series 3219, Class DI, IO, 6.00%, 4/15/2036		125		26
Series 3819, Class ZQ, 6.00%, 4/15/2036		783		929
Series 3149, Class SO, PO, 5/15/2036		28		25
Series 3233, Class OP, PO, 5/15/2036		53		49
Series 3171, Class MO, PO, 6/15/2036		30		29
Series 3179, Class OA, PO, 7/15/2036		138		124
Series 3194, Class SA, IF, IO, 7.00%, 7/15/2036 (h)		29		6
Series 3211, Class SO, PO, 9/15/2036		170		159
Series 3218, Class AO, PO, 9/15/2036		81		69
Series 3232, Class ST, IF, IO, 6.60%, 10/15/2036 (h)		206		42
Series 3256, PO, 12/15/2036		111		102
Series 3261, Class OA, PO, 1/15/2037		133		122
Series 3260, Class CS, IF, IO, 6.04%, 1/15/2037 (h)		216		43
Series 3274, Class JO, PO, 2/15/2037		28		27
Series 3275, Class FL, 0.54%, 2/15/2037 (h)		36		36
Series 3290, Class SB, IF, IO, 6.35%, 3/15/2037 (h)		277		49
Series 3318, Class AO, PO, 5/15/2037		9		8
Series 3607, PO, 5/15/2037		167		152
Series 3315, Class HZ, 6.00%, 5/15/2037		181		210
Series 3326, Class JO, PO, 6/15/2037		9		9
Series 3331, PO, 6/15/2037		119		111
Series 3607, Class OP, PO, 7/15/2037		365		327
Series 4048, Class FJ, 0.52%, 7/15/2037 (h)		519		519
Series 3385, Class SN, IF, IO, 5.90%, 11/15/2037 (h)		36		6
Series 3387, Class SA, IF, IO, 6.32%, 11/15/2037 (h)		163		30
Series 3422, Class AI, IO, 0.25%, 1/15/2038 (f)		1,069		8
Series 3404, Class SC, IF, IO, 5.90%, 1/15/2038 (h)		299		59
Series 3424, Class PI, IF, IO, 6.70%, 4/15/2038 (h)		234		56
Series 3481, Class SJ, IF, IO, 5.75%, 8/15/2038 (h)		323		61
Series 3511, Class SA, IF, IO, 5.90%, 2/15/2039 (h)		229		36
Series 3549, Class FA, 1.30%, 7/15/2039 (h)		26		26
Series 3621, Class BO, PO, 1/15/2040		119		110
Series 3747, Class PY, 4.00%, 10/15/2040		1,000		1,129
Series 3925, Class FL, 0.55%, 1/15/2041 (h)		222		223
Series 3852, Class QN, IF, 5.50%, 5/15/2041 (h)		143		154
Series 3852, Class TP, IF, 5.50%, 5/15/2041 (h)		425		455
Series 3957, Class B, 4.00%, 11/15/2041		171		189

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Series 3966, Class NA, 4.00%, 12/15/2041		372			415
Series 4217, Class KY, 3.00%, 6/15/2043		2,000			2,129
Series 4822, Class ZB, 4.00%, 7/15/2048		3,906			4,215
FHLMC, STRIPS
Series 134, Class B, IO, 9.00%, 4/1/2022		—	(j)		—	(j)
Series 233, Class 11, IO, 5.00%, 9/15/2035		267			50
Series 233, Class 13, IO, 5.00%, 9/15/2035		378			70
Series 299, Class 300, 3.00%, 1/15/2043		2,253			2,330
Series 310, PO, 9/15/2043		945			815
Series 323, Class 300, 3.00%, 1/15/2044		1,814			1,895
FHLMC, Structured Pass-Through Certificates, Whole Loan
Series T-41, Class 3A, 5.10%, 7/25/2032 (h)		254			285
Series T-76, Class 2A, 1.73%, 10/25/2037 (h)		733			745
Series T-51, Class 2A, 7.50%, 8/25/2042 (h)		175			222
Series T-54, Class 2A, 6.50%, 2/25/2043		991			1,174
Series T-54, Class 3A, 7.00%, 2/25/2043		274			328
Series T-58, Class A, PO, 9/25/2043		90			76
Series T-59, Class 1AP, PO, 10/25/2043		210			144
First Horizon Alternative Mortgage Securities Trust
Series 2004-AA4, Class A1, 2.37%, 10/25/2034 (h)		173			178
Series 2005-FA8, Class 1A19, 5.50%, 11/25/2035		452			328
Series 2007-FA4, Class 1A2, IF, IO, 5.56%, 8/25/2037 ‡ (h)		1,030			225
FMC GMSR Issuer Trust
3.69%, 2/25/2024		7,325			7,327
Series 2020-GT1, Class A, 4.45%, 1/25/2026 (a) (h)		5,000			5,040
FNMA Trust, Whole Loan
Series 2004-W1, Class 2A2, 7.00%, 12/25/2033		85			100
Series 2004-W2, Class 2A2, 7.00%, 2/25/2044		170			201
Series 2004-W15, Class 2AF, 0.34%, 8/25/2044 (h)		240			238
Series 2005-W3, Class 2AF, 0.31%, 3/25/2045 (h)		696			694
Series 2006-W2, Class 1AF1, 0.31%, 2/25/2046 (h)		220			220
FNMA, Grantor Trust, Whole Loan
Series 2002-T19, Class A2, 7.00%, 7/25/2042		510			611
Series 2004-T3, Class 1A3, 7.00%, 2/25/2044		274			328
FNMA, REMIC
Series 2001-48, Class Z, 6.50%, 9/25/2021		4			4
Series G-51, Class SA, HB, IF, 26.32%, 12/25/2021 (h)		—	(j)		—	(j)
Series 2002-1, Class HC, 6.50%, 2/25/2022		1			1
Series 2007-15, Class NO, PO, 3/25/2022		2			2
Series 1992-101, Class J, 7.50%, 6/25/2022		—	(j)		—	(j)
Series G92-42, Class Z, 7.00%, 7/25/2022		—	(j)		—	(j)
Series G92-35, Class E, 7.50%, 7/25/2022		3			3
Series G92-44, Class ZQ, 8.00%, 7/25/2022		—	(j)		—	(j)
Series G92-35, Class G, HB, 1,184.78%, 7/25/2022		—	(j)		—	(j)
Series 1992-136, Class PK, 6.00%, 8/25/2022		3			3
Series 1996-59, Class J, 6.50%, 8/25/2022		1			2
Series G92-52, Class FD, 0.13%, 9/25/2022 (h)		—	(j)		—	(j)
Series 1992-143, Class MA, 5.50%, 9/25/2022		1			1
Series G92-54, Class ZQ, 7.50%, 9/25/2022		1			1
Series 1992-163, Class M, 7.75%, 9/25/2022		4			4
Series G92-62, Class B, PO, 10/25/2022		1			1
Series G92-59, Class F, 1.08%, 10/25/2022 (h)		—	(j)		—	(j)
Series G92-61, Class Z, 7.00%, 10/25/2022		1			1
Series 1992-188, Class PZ, 7.50%, 10/25/2022		11			11
Series G93-1, Class KA, 7.90%, 1/25/2023		7			7
Series G93-5, Class Z, 6.50%, 2/25/2023		2			2
Series 1997-61, Class ZC, 7.00%, 2/25/2023		41			43
Series 1993-27, Class SA, IF, 15.50%, 2/25/2023 (h)		2			2
Series G93-14, Class J, 6.50%, 3/25/2023		3			3
Series 1993-25, Class J, 7.50%, 3/25/2023		7			8
Series 1993-21, Class KA, 7.70%, 3/25/2023		5			5
Series 1998-4, Class C, PO, 4/25/2023		1			1
Series G93-17, Class SI, IF, 6.00%, 4/25/2023 (h)		7			7

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 1998-43, Class SA, IF, IO, 19.38%, 4/25/2023 (h)		8		1
Series 1993-62, Class SA, IF, 19.65%, 4/25/2023 (h)		3		3
Series 2003-39, Class LW, 5.50%, 5/25/2023		86		89
Series 2003-41, Class PE, 5.50%, 5/25/2023		36		37
Series 2008-47, Class SI, IF, IO, 6.41%, 6/25/2023 (h)		2		—	(j)
Series G93-27, Class FD, 0.97%, 8/25/2023 (h)		5		5
Series 2002-83, Class CS, 6.88%, 8/25/2023		61		64
Series 1999-38, Class SK, IF, IO, 7.96%, 8/25/2023 (h)		2		—	(j)
Series 1996-14, Class SE, IF, IO, 9.17%, 8/25/2023 (h)		31		2
Series 1993-205, Class H, PO, 9/25/2023		5		5
Series G93-37, Class H, PO, 9/25/2023		1		1
Series 1993-165, Class SK, IF, 12.50%, 9/25/2023 (h)		4		4
Series 1993-165, Class SD, IF, 14.06%, 9/25/2023 (h)		2		2
Series 1993-179, Class SC, IF, 10.50%, 10/25/2023 (h)		2		2
Series 1999-52, Class NS, HB, IF, 23.12%, 10/25/2023 (h)		5		6
Series 1993-179, Class SB, HB, IF, 28.10%, 10/25/2023 (h)		3		3
Series 1995-19, Class Z, 6.50%, 11/25/2023		36		38
Series 1993-230, Class FA, 0.71%, 12/25/2023 (h)		3		3
Series 1993-247, Class FE, 1.09%, 12/25/2023 (h)		7		7
Series 1993-225, Class UB, 6.50%, 12/25/2023		9		10
Series 1993-247, Class SU, IF, 12.57%, 12/25/2023 (h)		3		4
Series 2002-1, Class UD, HB, IF, 24.18%, 12/25/2023 (h)		7		9
Series 1994-37, Class L, 6.50%, 3/25/2024		29		31
Series 1994-40, Class Z, 6.50%, 3/25/2024		181		193
Series 2004-53, Class NC, 5.50%, 7/25/2024		27		28
Series 1995-2, Class Z, 8.50%, 1/25/2025		7		8
Series G95-1, Class C, 8.80%, 1/25/2025		8		9
Series 1997-20, IO, 1.84%, 3/25/2027 (h)		14		—	(j)
Series 1997-27, Class J, 7.50%, 4/18/2027		5		6
Series 1997-29, Class J, 7.50%, 4/20/2027		12		13
Series 1997-39, Class PD, 7.50%, 5/20/2027		66		75
Series 1997-42, Class ZC, 6.50%, 7/18/2027		5		6
Series 1997-81, Class PI, IO, 7.00%, 12/18/2027		19		1
Series 1998-36, Class ZB, 6.00%, 7/18/2028		25		28
Series 1998-66, Class SB, IF, IO, 8.06%, 12/25/2028 (h)		9		—	(j)
Series 1999-18, Class Z, 5.50%, 4/18/2029		40		44
Series 1999-17, Class C, 6.35%, 4/25/2029		20		23
Series 1999-62, Class PB, 7.50%, 12/18/2029		32		37
Series 2000-2, Class ZE, 7.50%, 2/25/2030		101		119
Series 2013-103, Class VG, 3.00%, 3/25/2030		3,500		3,550
Series 2000-20, Class SA, IF, IO, 9.01%, 7/25/2030 (h)		46		5
Series 2000-52, IO, 8.50%, 1/25/2031		10		2
Series 2001-7, Class PF, 7.00%, 3/25/2031		23		27
Series 2011-31, Class DB, 3.50%, 4/25/2031		1,382		1,495
Series 2001-33, Class ID, IO, 6.00%, 7/25/2031		82		11
Series 2001-30, Class PM, 7.00%, 7/25/2031		71		85
Series 2001-36, Class DE, 7.00%, 8/25/2031		77		91
Series 2001-49, Class Z, 6.50%, 9/25/2031		21		24
Series 2001-44, Class MY, 7.00%, 9/25/2031		192		229
Series 2001-44, Class PD, 7.00%, 9/25/2031		26		31
Series 2001-44, Class PU, 7.00%, 9/25/2031		25		30
Series 2001-52, Class KB, 6.50%, 10/25/2031		26		31
Series 2003-52, Class SX, HB, IF, 22.68%, 10/25/2031 (h)		41		60
Series 2001-61, Class Z, 7.00%, 11/25/2031		277		332
Series 2001-72, Class SX, IF, 17.25%, 12/25/2031 (h)		7		9
Series 2002-1, Class SA, HB, IF, 24.89%, 2/25/2032 (h)		11		17
Series 2002-13, Class SJ, IF, IO, 1.60%, 3/25/2032 (h)		227		8

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2002-13, Class ST, IF, 10.00%, 3/25/2032 (h)		3		4
Series 2002-21, Class LO, PO, 4/25/2032		7		7
Series 2002-21, Class PE, 6.50%, 4/25/2032		70		82
Series 2002-28, Class PK, 6.50%, 5/25/2032		177		208
Series 2012-66, Class CB, 3.00%, 6/25/2032		3,000		3,267
Series 2002-37, Class Z, 6.50%, 6/25/2032		49		56
Series 2006-130, Class GI, IO, 6.50%, 7/25/2032		196		28
Series 2002-48, Class GH, 6.50%, 8/25/2032		265		314
Series 2004-61, Class SK, IF, 8.50%, 11/25/2032 (h)		33		38
Series 2004-59, Class BG, PO, 12/25/2032		88		83
Series 2002-77, Class S, IF, 14.32%, 12/25/2032 (h)		39		49
Series 2003-22, Class UD, 4.00%, 4/25/2033		839		925
Series 2003-35, Class UC, 3.75%, 5/25/2033		8		9
Series 2003-42, Class GB, 4.00%, 5/25/2033		60		67
Series 2003-34, Class AX, 6.00%, 5/25/2033		142		166
Series 2003-34, Class ED, 6.00%, 5/25/2033		729		852
Series 2003-39, IO, 6.00%, 5/25/2033 (h)		33		5
Series 2003-33, Class IA, IO, 6.50%, 5/25/2033		272		57
Series 2007-97, Class KI, IO, 7.00%, 5/25/2033		488		50
Series 2003-47, Class PE, 5.75%, 6/25/2033		130		149
Series 2004-4, Class QI, IF, IO, 7.01%, 6/25/2033 (h)		119		4
Series 2004-4, Class QM, IF, 14.02%, 6/25/2033 (h)		11		12
Series 2003-64, Class SX, IF, 13.47%, 7/25/2033 (h)		38		48
Series 2003-132, Class OA, PO, 8/25/2033		15		15
Series 2003-72, Class IE, IO, 5.50%, 8/25/2033		245		41
Series 2003-71, Class DS, IF, 7.32%, 8/25/2033 (h)		287		319
Series 2003-74, Class SH, IF, 10.01%, 8/25/2033 (h)		61		71
Series 2003-91, Class SD, IF, 12.35%, 9/25/2033 (h)		59		72
Series 2013-101, Class AE, 3.00%, 10/25/2033		3,349		3,632
Series 2013-101, Class E, 3.00%, 10/25/2033		3,000		3,248
Series 2013-108, Class GU, 3.00%, 10/25/2033		4,000		4,336
Series 2003-116, Class SB, IF, IO, 7.51%, 11/25/2033 (h)		377		73
Series 2006-44, Class P, PO, 12/25/2033		647		604
Series 2003-130, Class SX, IF, 11.38%, 1/25/2034 (h)		8		9
Series 2004-25, Class SA, IF, 19.27%, 4/25/2034 (h)		169		241
Series 2004-46, Class SK, IF, 16.25%, 5/25/2034 (h)		316		419
Series 2004-36, Class SA, IF, 19.27%, 5/25/2034 (h)		365		534
Series 2004-46, Class QB, HB, IF, 23.63%, 5/25/2034 (h)		127		189
Series 2004-51, Class SY, IF, 14.06%, 7/25/2034 (h)		67		80
Series 2005-74, Class CS, IF, 19.77%, 5/25/2035 (h)		108		135
Series 2005-56, Class S, IF, IO, 6.62%, 7/25/2035 (h)		332		67
Series 2005-66, Class SG, IF, 17.15%, 7/25/2035 (h)		108		150
Series 2005-68, Class PG, 5.50%, 8/25/2035		324		371
Series 2005-84, Class XM, 5.75%, 10/25/2035		909		1,032
Series 2005-110, Class GL, 5.50%, 12/25/2035		2,608		2,985
Series 2006-46, Class UC, 5.50%, 12/25/2035		236		254
Series 2005-109, Class PC, 6.00%, 12/25/2035		306		344
Series 2006-39, Class WC, 5.50%, 1/25/2036		256		273
Series 2006-16, Class OA, PO, 3/25/2036		124		116
Series 2006-22, Class AO, PO, 4/25/2036		207		193
Series 2006-23, Class KO, PO, 4/25/2036		35		34
Series 2006-44, Class GO, PO, 6/25/2036		268		251
Series 2006-53, Class US, IF, IO, 6.49%, 6/25/2036 (h)		407		79
Series 2006-56, PO, 7/25/2036		220		205
Series 2006-58, PO, 7/25/2036		115		107
Series 2006-58, Class AP, PO, 7/25/2036		223		205
Series 2006-65, Class QO, PO, 7/25/2036		181		171
Series 2006-56, Class FC, 0.38%, 7/25/2036 (h)		396		398

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2006-58, Class FL, 0.55%, 7/25/2036 (h)		29		29
Series 2006-60, Class DZ, 6.50%, 7/25/2036		4,514		5,246
Series 2006-72, Class TO, PO, 8/25/2036		33		30
Series 2006-79, Class DO, PO, 8/25/2036		145		139
Series 2007-7, Class SG, IF, IO, 6.41%, 8/25/2036 (h)		785		219
Series 2006-77, Class PC, 6.50%, 8/25/2036		476		551
Series 2006-90, Class AO, PO, 9/25/2036		102		97
Series 2008-42, Class AO, PO, 9/25/2036		56		51
Series 2009-19, Class IP, IO, 5.50%, 10/25/2036		724		148
Series 2006-109, PO, 11/25/2036		54		49
Series 2006-110, PO, 11/25/2036		338		315
Series 2006-111, Class EO, PO, 11/25/2036		38		35
Series 2006-124, Class HB, 2.20%, 11/25/2036 (h)		511		521
Series 2006-119, PO, 12/25/2036		41		39
Series 2006-118, Class A2, 0.17%, 12/25/2036 (h)		179		177
Series 2009-70, Class CO, PO, 1/25/2037		294		274
Series 2006-128, Class BP, 5.50%, 1/25/2037		92		101
Series 2007-77, Class FG, 0.59%, 3/25/2037 (h)		52		53
Series 2007-16, Class FC, 0.84%, 3/25/2037 (h)		69		71
Series 2007-14, Class ES, IF, IO, 6.35%, 3/25/2037 (h)		502		92
Series 2007-42, Class AO, PO, 5/25/2037		21		20
Series 2007-48, PO, 5/25/2037		83		81
Series 2007-60, Class AX, IF, IO, 7.06%, 7/25/2037 (h)		1,440		366
Series 2007-81, Class GE, 6.00%, 8/25/2037		176		204
Series 2007-88, Class VI, IF, IO, 6.45%, 9/25/2037 (h)		942		204
Series 2007-91, Class ES, IF, IO, 6.37%, 10/25/2037 (h)		675		144
Series 2007-116, Class HI, IO, 1.49%, 1/25/2038 (h)		424		18
Series 2008-1, Class BI, IF, IO, 5.82%, 2/25/2038 (h)		227		44
Series 2008-16, Class IS, IF, IO, 6.11%, 3/25/2038 (h)		85		14
Series 2008-10, Class XI, IF, IO, 6.14%, 3/25/2038 (h)		213		40
Series 2008-27, Class SN, IF, IO, 6.81%, 4/25/2038 (h)		122		22
Series 2008-44, PO, 5/25/2038		7		6
Series 2008-53, Class CI, IF, IO, 7.11%, 7/25/2038 (h)		157		29
Series 2008-80, Class SA, IF, IO, 5.76%, 9/25/2038 (h)		426		78
Series 2008-81, Class SB, IF, IO, 5.76%, 9/25/2038 (h)		404		68
Series 2009-6, Class GS, IF, IO, 6.46%, 2/25/2039 (h)		355		79
Series 2009-62, Class HJ, 6.00%, 5/25/2039		79		83
Series 2009-60, Class HT, 6.00%, 8/25/2039		301		354
Series 2009-103, Class MB, 2.22%, 12/25/2039 (h)		144		151
Series 2009-99, Class SC, IF, IO, 6.09%, 12/25/2039 (h)		88		14
Series 2010-49, Class SC, IF, 12.48%, 3/25/2040 (h)		263		335
Series 2010-64, Class DM, 5.00%, 6/25/2040		137		154
Series 2010-71, Class HJ, 5.50%, 7/25/2040		215		250
Series 2010-147, Class SA, IF, IO, 6.44%, 1/25/2041 (h)		955		209
Series 2011-30, Class LS, IO, 1.62%, 4/25/2041 (h)		403		27
Series 2011-75, Class FA, 0.64%, 8/25/2041 (h)		115		116
Series 2011-118, Class MT, 7.00%, 11/25/2041		306		373
Series 2011-130, Class CA, 6.00%, 12/25/2041		561		660
Series 2013-81, Class TA, 3.00%, 2/25/2043		1,915		1,984
Series 2013-92, PO, 9/25/2043		867		781
Series 2013-90, Class PM, 3.50%, 9/25/2043		1,694		1,797
Series 2013-101, Class DO, PO, 10/25/2043		1,402		1,208
Series 2013-128, PO, 12/25/2043		1,596		1,406
Series 2011-2, Class WA, 5.85%, 2/25/2051 (h)		199		228
FNMA, REMIC Trust, Whole Loan
Series 2007-W7, Class 1A4, HB, IF, 38.63%, 7/25/2037 (h)		9		17
Series 2003-W4, Class 2A, 5.68%, 10/25/2042 (h)		43		50
Series 2003-W1, Class 1A1, 5.12%, 12/25/2042 (h)		377		413
Series 2003-W1, Class 2A, 5.60%, 12/25/2042 (h)		156		174

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2009-W1, Class A, 6.00%, 12/25/2049		455		528
FNMA, REMIC, Whole Loan
Series 2007-101, Class A2, 0.33%, 6/27/2036 (h)		259		256
Series 2007-54, Class FA, 0.49%, 6/25/2037 (h)		184		187
Series 2007-106, Class A7, 6.25%, 10/25/2037 (h)		103		121
FNMA, STRIPS
Series 218, Class 2, IO, 7.50%, 4/25/2023		1		—	(j)
Series 265, Class 2, 9.00%, 3/25/2024		1		1
Series 329, Class 1, PO, 1/25/2033		32		30
Series 345, Class 6, IO, 5.00%, 12/25/2033 (h)		46		6
Series 351, Class 7, IO, 5.00%, 4/25/2034 (h)		154		19
Series 355, Class 11, IO, 6.00%, 7/25/2034		129		22
Series 365, Class 8, IO, 5.50%, 5/25/2036		194		40
Series 374, Class 5, IO, 5.50%, 8/25/2036		107		19
Series 393, Class 6, IO, 5.50%, 4/25/2037		38		5
Series 383, Class 32, IO, 6.00%, 1/25/2038		50		12
Series 383, Class 33, IO, 6.00%, 1/25/2038		129		25
Freedom Frn 0.00%, 3/25/2022		4,400		4,400
GMACM Mortgage Loan Trust Series 2005-AR3, Class 3A4, 3.31%, 6/19/2035 (h)		578		564
GNMA
Series 1999-4, Class ZB, 6.00%, 2/20/2029		208		208
Series 2001-35, Class SA, IF, IO, 8.15%, 8/16/2031 (h)		71		—	(j)
Series 2002-52, Class GH, 6.50%, 7/20/2032		309		309
Series 2002-75, Class PB, 6.00%, 11/20/2032		606		606
Series 2003-58, Class BE, 6.50%, 1/20/2033		441		475
Series 2003-12, Class SP, IF, IO, 7.58%, 2/20/2033 (h)		102		12
Series 2003-24, PO, 3/16/2033		20		20
Series 2003-40, Class TJ, 6.50%, 3/20/2033		537		581
Series 2003-46, Class TC, 6.50%, 3/20/2033		254		277
Series 2003-46, Class MG, 6.50%, 5/20/2033		338		377
Series 2003-52, Class AP, PO, 6/16/2033		97		93
Series 2003-90, PO, 10/20/2033		27		27
Series 2003-112, Class SA, IF, IO, 6.45%, 12/16/2033 (h)		349		38
Series 2004-28, Class S, IF, 19.39%, 4/16/2034 (h)		158		225
Series 2004-73, Class AE, IF, 14.65%, 8/17/2034 (h)		6		6
Series 2004-90, Class SI, IF, IO, 6.00%, 10/20/2034 (h)		478		76
Series 2005-68, Class DP, IF, 16.19%, 6/17/2035 (h)		52		65
Series 2010-14, Class CO, PO, 8/20/2035		164		152
Series 2005-58, Class NI, IO, 5.50%, 8/20/2035 (h)		748		115
Series 2005-68, Class KI, IF, IO, 6.20%, 9/20/2035 (h)		1,072		222
Series 2005-91, Class PI, IO, 6.00%, 12/20/2035		155		23
Series 2006-16, Class OP, PO, 3/20/2036		70		66
Series 2006-38, Class SW, IF, IO, 6.40%, 6/20/2036 (h)		84		5
Series 2006-38, Class ZK, 6.50%, 8/20/2036		835		939
Series 2006-59, Class SD, IF, IO, 6.60%, 10/20/2036 (h)		226		33
Series 2006-65, Class SA, IF, IO, 6.70%, 11/20/2036 (h)		375		48
Series 2011-22, Class WA, 5.87%, 2/20/2037 (h)		363		419
Series 2007-57, PO, 3/20/2037		105		102
Series 2007-17, Class JO, PO, 4/16/2037		66		60
Series 2007-17, Class JI, IF, IO, 6.71%, 4/16/2037 (h)		617		136
Series 2007-19, Class SD, IF, IO, 6.10%, 4/20/2037 (h)		342		35
Series 2007-28, Class BO, PO, 5/20/2037		72		67
Series 2007-26, Class SC, IF, IO, 6.10%, 5/20/2037 (h)		278		46
Series 2007-27, Class SA, IF, IO, 6.10%, 5/20/2037 (h)		296		42
Series 2007-36, Class SE, IF, IO, 6.37%, 6/16/2037 (h)		190		24
Series 2007-47, Class PH, 6.00%, 7/16/2037		2,500		2,886
Series 2007-40, Class SB, IF, IO, 6.65%, 7/20/2037 (h)		603		115
Series 2007-42, Class SB, IF, IO, 6.65%, 7/20/2037 (h)		361		58
Series 2007-50, Class AI, IF, IO, 6.68%, 8/20/2037 (h)		213		7

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Series 2007-53, Class SW, IF, 19.91%, 9/20/2037 (h)		30			40
Series 2008-32, Class PI, IO, 5.50%, 10/16/2037		64			3
Series 2009-79, Class OK, PO, 11/16/2037		100			94
Series 2007-73, Class MI, IF, IO, 5.90%, 11/20/2037 (h)		200			25
Series 2007-76, Class SA, IF, IO, 6.43%, 11/20/2037 (h)		393			52
Series 2007-72, Class US, IF, IO, 6.45%, 11/20/2037 (h)		191			25
Series 2007-79, Class SY, IF, IO, 6.45%, 12/20/2037 (h)		176			25
Series 2008-2, Class NS, IF, IO, 6.44%, 1/16/2038 (h)		346			47
Series 2008-2, Class MS, IF, IO, 7.06%, 1/16/2038 (h)		104			19
Series 2008-10, Class S, IF, IO, 5.73%, 2/20/2038 (h)		213			27
Series 2008-36, Class SH, IF, IO, 6.20%, 4/20/2038 (h)		294			1
Series 2008-40, Class SA, IF, IO, 6.30%, 5/16/2038 (h)		1,831			331
Series 2008-55, Class SA, IF, IO, 6.10%, 6/20/2038 (h)		160			26
Series 2008-71, Class SC, IF, IO, 5.90%, 8/20/2038 (h)		77			11
Series 2009-25, Class SE, IF, IO, 7.50%, 9/20/2038 (h)		139			22
Series 2008-93, Class AS, IF, IO, 5.60%, 12/20/2038 (h)		208			27
Series 2009-65, Class IQ, IO, 6.00%, 12/20/2038		62			2
Series 2009-6, Class SA, IF, IO, 6.00%, 2/16/2039 (h)		209			21
Series 2009-12, Class IE, IO, 5.50%, 3/20/2039		459			65
Series 2009-14, Class KI, IO, 6.50%, 3/20/2039		201			36
Series 2009-14, Class NI, IO, 6.50%, 3/20/2039		193			43
Series 2009-22, Class SA, IF, IO, 6.17%, 4/20/2039 (h)		433			69
Series 2009-33, Class CI, IO, 5.50%, 5/20/2039		100			14
Series 2009-33, Class TI, IO, 6.00%, 5/20/2039		107			19
Series 2009-43, Class SA, IF, IO, 5.85%, 6/20/2039 (h)		190			25
Series 2009-72, Class SM, IF, IO, 6.15%, 8/16/2039 (h)		432			65
Series 2010-31, Class NO, PO, 3/20/2040		738			693
Series 2013-75, Class WA, 5.14%, 6/20/2040 (h)		931			1,064
Series 2010-130, Class CP, 7.00%, 10/16/2040		120			144
Series 2010-157, Class OP, PO, 12/20/2040		773			727
Series 2011-75, Class SM, IF, IO, 6.50%, 5/20/2041 (h)		576			80
Series 2014-188, Class W, 4.60%, 10/20/2041 (h)		394			440
Series 2012-141, Class WC, 3.67%, 1/20/2042 (h)		241			265
Series 2013-54, Class WA, 4.84%, 11/20/2042 (h)		1,435			1,636
Series 2013-91, Class WA, 4.48%, 4/20/2043 (h)		676			749
Series 2013-116, Class JY, 4.00%, 8/16/2043		1,300			1,498
Series 2018-160, Class PA, 3.50%, 7/20/2046		3,409			3,544
Series 2012-H24, Class FG, 0.54%, 4/20/2060 (h)		9			9
Series 2013-H03, Class FA, 0.41%, 8/20/2060 (h)		1			1
Series 2012-H21, Class CF, 0.81%, 5/20/2061 (h)		11			11
Series 2013-H05, Class FB, 0.51%, 2/20/2062 (h)		67			67
Series 2012-H15, Class FA, 0.56%, 5/20/2062 (h)		—	(j)		—	(j)
Series 2012-H26, Class MA, 0.66%, 7/20/2062 (h)		3			3
Series 2012-H28, Class FA, 0.69%, 9/20/2062 (h)		9			9
Series 2012-H29, Class FA, 0.62%, 10/20/2062 (h)		688			691
Series 2012-H31, Class FD, 0.45%, 12/20/2062 (h)		903			905
Series 2013-H01, Class FA, 1.65%, 1/20/2063		89			89
Series 2013-H08, Class FC, 0.56%, 2/20/2063 (h)		806			809
Series 2013-H04, Class BA, 1.65%, 2/20/2063		37			38
Series 2013-H07, Class HA, 0.52%, 3/20/2063 (h)		810			813
Series 2013-H09, Class HA, 1.65%, 4/20/2063		67			68
Series 2013-H18, Class JA, 0.71%, 8/20/2063 (h)		1,487			1,497
Series 2014-H01, Class FD, 0.76%, 1/20/2064 (h)		1,075			1,084
Series 2014-H09, Class TA, 0.71%, 4/20/2064 (h)		1,097			1,104
Series 2015-H15, Class FD, 0.55%, 6/20/2065 (h)		1,409			1,417
Series 2015-H15, Class FJ, 0.55%, 6/20/2065 (h)		3,131			3,147
Series 2015-H16, Class FG, 0.55%, 7/20/2065 (h)		2,036			2,047
Series 2015-H23, Class FB, 0.63%, 9/20/2065 (h)		2,093			2,110

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Series 2015-H32, Class FH, 0.77%, 12/20/2065 (h)		1,579			1,600
Series 2017-H08, Class XI, IO, 2.18%, 3/20/2067 (h)		7,240			691
GSMPS Mortgage Loan Trust
Series 2001-2, Class A, 7.50%, 6/19/2032 (a) (h)		383			384
Series 2005-RP3, Class 1AF, 0.44%, 9/25/2035 (a) (h)		649			555
Series 2005-RP3, Class 1AS, IO, 4.25%, 9/25/2035 ‡ (a) (h)		491			57
Series 2006-RP2, Class 1AS2, IF, IO, 5.95%, 4/25/2036 ‡ (a) (h)		2,017			299
GSR Mortgage Loan Trust
Series 2004-6F, Class 3A4, 6.50%, 5/25/2034		119			129
Series 2004-8F, Class 2A3, 6.00%, 9/25/2034		73			75
Series 2004-13F, Class 3A3, 6.00%, 11/25/2034		210			219
Series 2005-4F, Class AP, PO, 5/25/2035 ‡		3			3
Series 2005-7F, Class 3A9, 6.00%, 9/25/2035		394			410
Series 2006-1F, Class 2A4, 6.00%, 2/25/2036		919			659
Headlands Residential LLC Series 2019-RPL1, Class NOTE, 3.97%, 6/25/2024 (a) (f)		4,600			4,620
Impac CMB Trust
Series 2004-7, Class 1A1, 0.83%, 11/25/2034 (h)		647			654
Series 2005-4, Class 2A1, 0.69%, 5/25/2035 (h)		102			102
Impac Secured Assets Trust Series 2006-1, Class 2A1, 0.79%, 5/25/2036 (h)		67			67
JPMorgan Mortgage Trust
Series 2006-A2, Class 5A3, 2.52%, 11/25/2033 (h)		232			233
Series 2006-A2, Class 4A1, 2.74%, 8/25/2034 (h)		188			197
Series 2006-A3, Class 6A1, 2.91%, 8/25/2034 (h)		54			55
Lehman Mortgage Trust
Series 2006-2, Class 1A1, 5.95%, 4/25/2036 (h)		220			184
Series 2008-2, Class 1A6, 6.00%, 3/25/2038		498			268
LHOME Mortgage Trust Series 2021-RTL1, Class A1, 2.09%, 9/25/2026 (a) (h)		2,075			2,080
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1, 2.70%, 4/21/2034 (h)		111			112
Series 2004-4, Class 2A1, 2.22%, 5/25/2034 (h)		31			31
Series 2004-13, Class 3A7, 2.97%, 11/21/2034 (h)		271			273
Series 2004-15, Class 3A1, 2.62%, 12/25/2034 (h)		52			51
MASTR Alternative Loan Trust
Series 2004-10, Class 1A1, 4.50%, 9/25/2019		3			3
Series 2004-8, Class 6A1, 5.50%, 9/25/2019		2			3
Series 2004-4, Class 10A1, 5.00%, 5/25/2024		124			126
Series 2003-3, Class 1A1, 6.50%, 5/25/2033		101			104
Series 2003-9, Class 8A1, 6.00%, 1/25/2034		225			233
Series 2004-3, Class 2A1, 6.25%, 4/25/2034		175			177
Series 2004-6, Class 30, PO, 7/25/2034 ‡		155			130
Series 2004-6, Class 7A1, 6.00%, 7/25/2034		269			280
Series 2004-7, Class 30, PO, 8/25/2034 ‡		76			64
MASTR Asset Securitization Trust
Series 2004-6, Class 15, PO, 7/25/2019 ‡		—	(j)		—	(j)
Series 2003-12, Class 30, PO, 12/25/2033 ‡		11			11
Series 2004-1, Class 30, PO, 2/25/2034 ‡		9			7
MASTR Reperforming Loan Trust Series 2005-2, Class 1A1F, 0.44%, 5/25/2035 (a) (h)		1,362			739
MASTR Resecuritization Trust Series 2005-PO, Class 3, PO, 5/28/2035 ‡ (a)		85			71
Merrill Lynch Mortgage Investors Trust
Series 2003-E, Class A1, 0.71%, 10/25/2028 (h)		58			58
Series 2003-F, Class A1, 0.73%, 10/25/2028 (h)		500			504
Series 2004-A, Class A1, 0.55%, 4/25/2029 (h)		103			102
Series 2004-1, Class 2A1, 2.12%, 12/25/2034 (h)		158			161
MRA Issuance Trust
Series 2021-EBO5, Class A1X, 1.84%, 2/16/2022 (a) (h)		6,700			6,700
Series 2021-EBO2, Class A, 0.00%, 12/31/2049 (a) (h)		6,500			6,500
NACC Reperforming Loan REMIC Trust Series 2004-R2, Class A1, 6.50%, 10/25/2034 (a) (h)		208			206
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		10			10

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Series 2003-A1, Class A2, 6.00%, 5/25/2033		38			38
P -stla 7.25%, 10/11/2026 ‡		2,600			2,600
Pretium Mortgage Credit Partners I LLC Series 2021-NPL1, Class A1, 2.24%, 9/27/2060 (a) (f)		5,265			5,271
PRPM LLC Series 2021-1, Class A1, 2.12%, 1/25/2026 (a) (h)		4,035			4,047
RALI Trust
Series 2002-QS16, Class A3, IF, 16.43%, 10/25/2017 (h)		—	(j)		—	(j)
Series 2003-QS9, Class A3, IF, IO, 7.46%, 5/25/2018 ‡ (h)		3			—	(j)
Series 2003-QS12, Class A5, IO, 5.00%, 6/25/2018 ‡		—	(j)		—
Series 2003-QS12, Class A2A, IF, IO, 7.51%, 6/25/2018 ‡ (h)		—	(j)		—	(j)
Series 2003-QS14, Class A1, 5.00%, 7/25/2018		6			5
Series 2004-QA6, Class NB2, 2.94%, 12/26/2034 (h)		523			470
RBSSP Resecuritization Trust Series 2009-12, Class 1A1, 5.21%, 11/25/2033 (a) (h)		31			31
Residential Asset Securitization Trust
Series 2005-A2, Class A4, IF, IO, 4.96%, 3/25/2035 ‡ (h)		1,063			187
Series 2006-A4, Class 2A5, 6.00%, 5/25/2036		229			229
RFMSI Trust
Series 2004-S9, Class 2A1, 4.75%, 12/25/2019		—	(j)		—	(j)
Series 2005-SA4, Class 1A1, 2.92%, 9/25/2035 (h)		94			85
RMIP 5.60%, 8/25/2021 ‡		1,643			1,615
SART
4.75%, 7/15/2024		1,951			1,961
4.76%, 6/15/2025		2,074			2,084
Seasoned Credit Risk Transfer Trust
Series 2019-1, Class MT, 3.50%, 7/25/2058 ‡		3,485			3,811
Series 2019-3, Class MB, 3.50%, 10/25/2058 ‡		1,722			1,930
Structured Asset Mortgage Investments II Trust Series 2004-AR5, Class 1A1, 0.76%, 10/19/2034 (h)		238			234
Thornburg Mortgage Securities Trust
Series 2003-4, Class A1, 0.73%, 9/25/2043 (h)		105			107
Series 2004-4, Class 3A, 1.94%, 12/25/2044 (h)		233			232
Toorak Mortgage Corp. Ltd. Series 2019-2, Class A1, 3.72%, 9/25/2022 (f)		2,795			2,833
Towd Point Mortgage Trust Series 2021-R1, Class A1, 2.92%, 11/30/2060 (a) (h)		6,000			6,123
Vendee Mortgage Trust
Series 1994-1, Class 1, 5.15%, 2/15/2024 (h)		69			72
Series 1994-1, Class 2ZB, 6.50%, 2/15/2024		98			104
Series 1996-1, Class 1Z, 6.75%, 2/15/2026		171			192
Series 1996-2, Class 1Z, 6.75%, 6/15/2026		131			146
Series 1997-1, Class 2Z, 7.50%, 2/15/2027		263			296
Series 1998-1, Class 2E, 7.00%, 3/15/2028		312			348
Series 1999-1, Class 2Z, 6.50%, 1/15/2029		623			694
Series 2003-2, Class Z, 5.00%, 5/15/2033		2,844			3,214
vMobo, Inc. 7.50%, 5/31/2024		3,100			3,100
VOLT CI LLC Series 2021-NP10, Class A1, 1.99%, 5/25/2051 (a) (f)		2,613			2,614
VOLT XCIII LLC Series 2021-NPL2, Class A1, 1.89%, 2/27/2051 (a) (f)		6,214			6,188
VOLT XCIV LLC Series 2021-NPL3, Class A1, 2.24%, 2/27/2051 (a) (f)		4,440			4,448
VOLT XCVI LLC Series 2021-NPL5, Class A1, 2.12%, 3/27/2051 (a) (f)		3,729			3,729
VOLT XCVII LLC Series 2021-NPL6, Class A1, 2.24%, 4/25/2051 (a) (f)		3,833			3,836
WaMu Mortgage Pass-Through Certificates Series 2004-RS2, Class A4, 5.00%, 11/25/2033		450			462
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-AR8, Class A, 2.91%, 8/25/2033 (h)		34			35
Series 2003-AR9, Class 1A6, 2.74%, 9/25/2033 (h)		544			553
Series 2003-AR9, Class 2A, 2.79%, 9/25/2033 (h)		68			67
Series 2003-S9, Class P, PO, 10/25/2033 ‡		18			16
Series 2003-S9, Class A8, 5.25%, 10/25/2033		275			282
Series 2004-AR3, Class A1, 2.60%, 6/25/2034 (h)		40			41
Series 2004-AR3, Class A2, 2.60%, 6/25/2034 (h)		33			34
Series 2006-AR10, Class 2P, 3.07%, 9/25/2036 ‡ (h)		60			48
Series 2006-AR12, Class 2P, 2.64%, 10/25/2036 ‡ (h)		56			56

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
Series 2005-2, Class 2A3, IF, IO, 4.91%, 4/25/2035 ‡ (h)		655		93
Series 2005-2, Class 1A4, IF, IO, 4.96%, 4/25/2035 ‡ (h)		2,720		357
Series 2005-3, Class CX, IO, 5.50%, 5/25/2035‡		810		138
Series 2005-4, Class CB7, 5.50%, 6/25/2035		869		875
Series 2005-4, Class CX, IO, 5.50%, 6/25/2035 ‡		736		126
Series 2005-6, Class 2A4, 5.50%, 8/25/2035		156		154
Series 2005-6, Class 2A9, 5.50%, 8/25/2035		999		991
Wells Fargo Mortgage-Backed Securities Trust Series 2007-7, Class A7, 6.00%, 6/25/2037		162		161
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $282,299)				298,498
ASSET-BACKED SECURITIES — 9.6%
Academic Loan Funding Trust Series 2013-1A, Class A, 0.89%, 12/26/2044 (a) (h)		813		810
ACC Trust Series 2019-2, Class A, 2.82%, 2/21/2023 (a)		629		633
Air Canada Pass-Through Trust (Canada)
Series 2013-1, Class A, 4.13%, 5/15/2025 (a)		540		552
Series 2015-2, Class AA, 3.75%, 12/15/2027 (a)		211		218
Series 2017-1, Class AA, 3.30%, 1/15/2030 (a)		428		432
Series 2017-1, Class A, 3.55%, 1/15/2030 (a)		606		589
American Airlines Pass-Through Trust
Series 2016-3, Class AA, 3.00%, 10/15/2028		326		332
Series 2017-1, Class AA, 3.65%, 2/15/2029		455		465
American Homes 4 Rent
Series 2015-SFR1, Class A, 3.47%, 4/17/2052 (a)		3,772		4,037
Series 2015-SFR1, Class E, 5.64%, 4/17/2052 ‡ (a)		1,275		1,404
American Homes 4 Rent Trust
Series 2014-SFR2, Class A, 3.79%, 10/17/2036 (a)		3,541		3,819
Series 2014-SFR2, Class D, 5.15%, 10/17/2036 ‡ (a)		2,000		2,160
Series 2014-SFR2, Class E, 6.23%, 10/17/2036 (a)		850		928
Series 2014-SFR3, Class A, 3.68%, 12/17/2036 (a)		2,648		2,848
Series 2014-SFR3, Class C, 4.60%, 12/17/2036 (a)		500		540
Series 2014-SFR3, Class E, 6.42%, 12/17/2036 ‡ (a)		2,380		2,620
American Tower Trust #1 3.07%, 3/15/2023 (a)		750		756
AMSR Trust
Series 2020-SFR2, Class C, 2.53%, 7/17/2037 ‡ (a)		3,500		3,566
Series 2020-SFR4, Class C, 1.86%, 11/17/2037 ‡ (a)		4,000		3,996
British Airways Pass-Through Trust (United Kingdom)
Series 2018-1, Class AA, 3.80%, 9/20/2031 (a)		528		555
Series 2018-1, Class A, 4.13%, 9/20/2031 (a)		847		857
Series 2019-1, Class AA, 3.30%, 12/15/2032 (a)		679		689
Business Jet Securities LLC
Series 2019-1, Class A, 4.21%, 7/15/2034 (a)		1,385		1,416
Series 2019-1, Class B, 5.19%, 7/15/2034 ‡ (a)		2,893		2,916
Series 2020-1A, Class A, 2.98%, 11/15/2035 (a)		1,161		1,185
Series 2021-1A, Class A, 2.16%, 4/15/2036 (a)		2,282		2,291
Camillo Issuer LLC Series 2016-SFR, Class 1-A-1, 5.00%, 12/5/2023 ‡		4,805		4,931
Cars Net Lease Mortgage Notes Series 2020-1A, Class A3, 3.10%, 12/15/2050 (a)		803		828
Carvana Auto Receivables Trust
Series 2019-4A, Class A3, 2.30%, 9/15/2023 (a)		678		681
Series 2019-2A, Class C, 3.00%, 6/17/2024 (a)		4,675		4,783
Series 2019-3A, Class C, 2.71%, 10/15/2024 (a)		5,240		5,363
Chase Funding Trust Series 2003-6, Class 1A7, 5.28%, 11/25/2034 ‡ (f)		339		357
Citibank Credit Card Issuance Trust Series 2007-A3, Class A3, 6.15%, 6/15/2039		800		1,100
Continental Airlines Pass-Through Trust Series 2007-1, Class A, 5.98%, 4/19/2022		179		184
Continental Finance Credit Card ABS Master Trust Series 2020-1A, Class A, 2.24%, 12/15/2028 (a)		2,070		2,093
CoreVest American Finance Trust
Series 2019-2, Class D, 4.22%, 6/15/2052 ‡ (a)		2,000		2,139

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2020-3, Class B, 2.20%, 8/15/2053 ‡ (a)		2,855		2,740
CPS Auto Trust Series 2018-C, Class D, 4.40%, 6/17/2024 (a)		2,964		3,040
Credit Acceptance Auto Loan Trust
Series 2018-3A, Class B, 3.89%, 10/15/2027 (a)		2,097		2,117
Series 2021-2A, Class C, 1.64%, 6/17/2030 (a)		7,280		7,317
Credit Suisse ABS Trust Series 2020-AT1, Class A, 2.61%, 10/15/2026 (a)		2,778		2,820
CWABS, Inc. Asset-Backed Certificates Trust Series 2004-6, Class M1, 0.99%, 10/25/2034 (h)		71		70
DataBank Issuer Series 2021-1A, Class A2, 2.06%, 2/27/2051 (a)		2,700		2,729
Delta Air Lines Pass-Through Trust Series 2015-1, Class AA, 3.63%, 7/30/2027		251		271
Diamond Resorts Owner Trust Series 2019-1A, Class A, 2.89%, 2/20/2032 (a)		3,055		3,168
Drive Auto Receivables Trust
Series 2017-1, Class D, 3.84%, 3/15/2023		467		470
Series 2017-3, Class D, 3.53%, 12/15/2023 (a)		1,365		1,379
Series 2019-4, Class C, 2.51%, 11/17/2025		1,960		1,993
Exeter Automobile Receivables Trust
Series 2019-4A, Class C, 2.44%, 9/16/2024 (a)		2,170		2,202
Series 2019-3A, Class D, 3.11%, 8/15/2025 (a)		3,540		3,662
FirstKey Homes Trust Series 2020-SFR2, Class E, 2.67%, 10/19/2037 ‡ (a)		3,000		3,057
FNMA, Grantor Trust Series 2017-T1, Class A, 2.90%, 6/25/2027		4,847		5,284
Foundation Finance Trust Series 2019-1A, Class A, 3.86%, 11/15/2034 (a)		804		831
FREED ABS Trust Series 2019-2, Class A, 2.62%, 11/18/2026 (a)		201		202
GE Capital Mortgage Services, Inc. Trust Series 1999-HE1, Class M, 6.71%, 4/25/2029 ‡ (h)		57		52
Gold Key Resorts LLC Series 2014-A, Class A, 3.22%, 3/17/2031 (a)		153		155
Goodgreen Series 2019-2A, Class A, 2.76%, 4/15/2055 (a)		2,043		2,086
Goodgreen Trust Series 2017-1A, Class A, 3.74%, 10/15/2052 (a)		431		458
HERO (Cayman Islands) Series 2018-1ASI, Class A, 4.00%, 9/20/2047 (a)		493		469
HERO Funding (Cayman Islands) Series 2017-3A, Class A2, 3.95%, 9/20/2048 (a)		1,308		1,387
HERO Funding Trust (Cayman Islands)
Series 2016-3A, Class A1, 3.08%, 9/20/2042 (a)		563		582
Series 2017-1A, Class A2, 4.46%, 9/20/2047 (a)		1,295		1,366
Hilton Grand Vacations Trust Series 2017-AA, Class A, 2.66%, 12/26/2028 (a)		128		131
Home Equity Mortgage Loan Asset-Backed Trust Series 2006-A, Class A3, 0.49%, 3/25/2036 ‡ (h)		19		19
KGS-Alpha SBA COOF Trust
Series 2012-2, Class A, IO, 0.98%, 8/25/2038 ‡ (a) (h)		2,362		49
Series 2013-2, Class A, IO, 1.78%, 3/25/2039 ‡ (a) (h)		2,261		91
Series 2015-2, Class A, IO, 3.03%, 7/25/2041 ‡ (a) (h)		844		96
Lendmark Funding Trust Series 2019-1A, Class B, 3.40%, 12/20/2027 ‡ (a)		3,319		3,412
LP LMS Asset Securitization Trust 3.23%, 10/15/2028		4,946		4,948
LV Tower 52 Issuer
Series 2013-1, Class A, 5.75%, 7/15/2019 ‡ (a)		2,361		2,381
Series 2013-1, Class M, 7.75%, 7/15/2019 ‡ (a)		869		877
Mercury Financial Credit Card Master Trust Series 2021-1A, Class A, 1.54%, 3/20/2026 (a)		2,330		2,339
Mid-State Capital Corp. Trust Series 2006-1, Class M1, 6.08%, 10/15/2040 ‡ (a)		541		576
MVW LLC Series 2019-2A, Class B, 2.44%, 10/20/2038 ‡ (a)		2,870		2,923
New Century Home Equity Loan Trust Series 2003-5, Class AI6, 4.93%, 11/25/2033 ‡ (f)		296		303
NRZ Excess Spread-Collateralized Notes Series 2020-PLS1, Class A, 3.84%, 12/25/2025 (a)		1,806		1,828
OneMain Direct Auto Receivables Trust Series 2018-1A, Class B, 3.71%, 4/14/2025 (a)		1,863		1,887
Oportun Funding X LLC Series 2018-C, Class A, 4.10%, 10/8/2024 (a)		5,756		5,777

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Oportun Funding XIII LLC Series 2019-A, Class A, 3.08%, 8/8/2025 (a)		3,010		3,090
Pagaya AI Debt Selection Trust Series 2021-1, Class A, 1.18%, 11/15/2027 (a)		7,650		7,665
Progress Residential Trust
Series 2020-SFR3, Class C, 1.70%, 10/17/2027 ‡ (a)		3,250		3,232
Series 2019-SFR4, Class D, 3.14%, 10/17/2036 ‡ (a)		5,000		5,087
Renaissance Home Equity Loan Trust Series 2007-2, Class AF2, 5.68%, 6/25/2037 ‡ (f)		287		109
Renew (Cayman Islands) Series 2017-1A, Class A, 3.67%, 9/20/2052 (a)		554		592
Santander Retail Auto Lease Trust Series 2020-A, Class A4, 1.76%, 3/20/2024 (a)		3,955		4,047
Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2, 5.74%, 1/25/2036 ‡ (f)		171		173
Sierra Timeshare Receivables Funding LLC Series 2019-2A, Class C, 3.12%, 5/20/2036 ‡ (a)		1,628		1,675
Spirit Airlines Pass-Through Trust Series 2017-1, Class AA, 3.38%, 2/15/2030		334		335
Spruce ABS Trust Series 2016-E1, Class A, 4.32%, 6/15/2028 (a)		8		8
Synchrony Card Funding LLC
Series 2019-A1, Class A, 2.95%, 3/15/2025		4,681		4,785
Series 2019-A2, Class A, 2.34%, 6/15/2025		5,000		5,114
Synchrony Card Issuance Trust Series 2018-A1, Class A, 3.38%, 9/15/2024		2,600		2,624
Tricolor Auto Securitization Trust Series 2020-1A, Class A, 4.88%, 11/15/2026 (a)		2,506		2,510
United Airlines Pass-Through Trust
Series 2016-2, Class B, 3.65%, 10/7/2025		1,050		1,041
Series 2018-1, Class B, 4.60%, 3/1/2026		176		179
Series 2016-1, Class A, 3.45%, 7/7/2028		640		660
Series 2016-2, Class A, 3.10%, 10/7/2028		1,088		1,100
Series 2018-1, Class AA, 3.50%, 3/1/2030		966		1,008
Series 2018-1, Class A, 3.70%, 3/1/2030		1,497		1,525
Series 2019-1, Class AA, 4.15%, 8/25/2031		944		1,019
Series 2019-1, Class A, 4.55%, 8/25/2031		843		899
Series 2019-2, Class AA, 2.70%, 5/1/2032		1,263		1,254
Upstart Securitization Trust Series 2020-1, Class A, 2.32%, 4/22/2030 (a)		2,114		2,130
Verizon Owner Trust Series 2018-A, Class A1A, 3.23%, 4/20/2023		859		868
Westgate Resorts LLC Series 2017-1A, Class A, 3.05%, 12/20/2030 (a)		277		277
Westlake Automobile Receivables Trust Series 2019-2A, Class D, 3.20%, 11/15/2024 (a)		2,500		2,585
World Financial Network Credit Card Master Trust Series 2019-A, Class A, 3.14%, 12/15/2025		2,245		2,292
World Omni Auto Receivables Trust Series 2018-B, Class A3, 2.87%, 7/17/2023		2,120		2,138
TOTAL ASSET-BACKED SECURITIES (Cost $196,721)				200,638
COMMERCIAL MORTGAGE-BACKED SECURITIES — 3.7%
BAMLL Commercial Mortgage Securities Trust
Series 2012-PARK, Class A, 2.96%, 12/10/2030 (a)		560		579
Series 2014-520M, Class C, 4.21%, 8/15/2046 ‡ (a) (h)		1,300		1,365
BB-UBS Trust Series 2012-SHOW, Class A, 3.43%, 11/5/2036 (a)		4,400		4,683
Bear Stearns Commercial Mortgage Securities Trust Series 2005-PWR8, Class X1, IO, 0.72%, 6/11/2041 ‡ (a) (h)		12		—	(j)
Commercial Mortgage Trust
Series 2013-300P, Class A1, 4.35%, 8/10/2030 (a)		3,500		3,723
Series 2013-SFS, Class A2, 2.99%, 4/12/2035 (a) (h)		1,060		1,086
Series 2012-CR2, Class XA, IO, 1.62%, 8/15/2045 ‡ (h)		2,268		25
FHLMC, Multi-Family Structured Pass-Through Certificates
Series KJ09, Class A2, 2.84%, 9/25/2022		894		914
Series KS01, Class A2, 2.52%, 1/25/2023		811		829
Series KPLB, Class A, 2.77%, 5/25/2025		353		380
Series K052, Class A2, 3.15%, 11/25/2025		3,560		3,900

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series K065, Class A2, 3.24%, 4/25/2027		2,467		2,753
Series K065, Class AM, 3.33%, 5/25/2027		1,322		1,479
Series K070, Class A2, 3.30%, 11/25/2027 (h)		1,748		1,963
FNMA ACES
Series 2014-M3, Class A2, 3.49%, 1/25/2024 (h)		1,493		1,594
Series 2017-M3, Class A2, 2.48%, 12/25/2026 (h)		1,181		1,265
Series 2015-M10, Class A2, 3.09%, 4/25/2027 (h)		8,495		9,340
Series 2017-M8, Class A2, 3.06%, 5/25/2027 (h)		3,815		4,199
Series 2018-M8, Class A2, 3.32%, 6/25/2028 (h)		2,580		2,911
Series 2018-M10, Class A2, 3.37%, 7/25/2028 (h)		3,335		3,756
Series 2017-M5, Class A2, 3.16%, 4/25/2029 (h)		3,376		3,776
Series 2020-M50, Class A1, 0.67%, 10/25/2030		3,843		3,776
Series 2020-M50, Class A2, 1.20%, 10/25/2030		1,325		1,309
Series 2020-M50, Class X1, IO, 1.92%, 10/25/2030 (h)		22,423		2,531
Series 2021-M3, Class 1A1, 1.00%, 11/25/2033		901		894
Series 2021-M3, Class X1, IO, 2.01%, 11/25/2033 (h)		4,006		553
FREMF Mortgage Trust Series 2014-K39, Class C, 4.15%, 8/25/2047 (a) (h)		4,650		5,051
Ladder Capital Commercial Mortgage Trust Series 2013-GCP, Class A2, 3.99%, 2/15/2036 (a)		998		1,117
LB-UBS Commercial Mortgage Trust Series 2006-C7, Class XW, IO, 0.51%, 11/15/2038 ‡ (a) (h)		1,164		—	(j)
ML-CFC Commercial Mortgage Trust Series 2006-4, Class XC, IO, 1.18%, 12/12/2049 ‡ (a) (h)		19		—	(j)
Morgan Stanley Capital I Trust
Series 2006-IQ12, Class X1, IO, 0.29%, 12/15/2043 ‡ (a) (h)		313		—	(j)
Series 2007-HQ11, Class X, IO, 0.49%, 2/12/2044 ‡ (a) (h)		233		—	(j)
MRCD MARK Mortgage Trust
Series 2019-PARK, Class A, 2.72%, 12/15/2036 (a)		2,050		2,145
Series 2019-PARK, Class D, 2.72%, 12/15/2036 ‡ (a)		2,685		2,711
RBS Commercial Funding, Inc. Trust Series 2013-SMV, Class A, 3.26%, 3/11/2031 (a)		664		681
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 6/10/2030 (a)		2,236		2,254
UBS-Barclays Commercial Mortgage Trust
Series 2013-C6, Class A4, 3.24%, 4/10/2046		857		891
Series 2012-C2, Class XA, IO, 1.28%, 5/10/2063 ‡ (a) (h)		6,729		69
VNDO Mortgage Trust Series 2012-6AVE, Class A, 3.00%, 11/15/2030 (a)		1,398		1,440
WFRBS Commercial Mortgage Trust
Series 2013-C11, Class D, 4.24%, 3/15/2045 ‡ (a) (h)		400		393
Series 2012-C6, Class A4, 3.44%, 4/15/2045		501		503
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $72,363)				76,838
U.S. GOVERNMENT AGENCY SECURITIES — 0.8%
Tennessee Valley Authority
5.88%, 4/1/2036		6,839		10,019
4.63%, 9/15/2060		304		426
Tennessee Valley Authority STRIPS
DN, 3.80%, 11/1/2025 (g)		5,000		4,829
DN, 5.12%, 6/15/2035 (g)		800		575
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $13,890)				15,849
FOREIGN GOVERNMENT SECURITIES — 0.6%
Kingdom of Saudi Arabia (Saudi Arabia)
2.25%, 2/2/2033 (a)		622		595
3.45%, 2/2/2061 (a)		550		529
Province of Quebec (Canada) 7.36%, 3/6/2026 (f)		377		482
Republic of Chile (Chile) 2.55%, 1/27/2032		497		500
Republic of Colombia (Colombia)
4.00%, 2/26/2024		922		978
4.50%, 1/28/2026		581		633
7.38%, 9/18/2037		200		258
5.63%, 2/26/2044		200		220
5.00%, 6/15/2045		515		531
Republic of Panama (Panama) 4.50%, 4/16/2050		325		360
Republic of Peru (Peru) 5.63%, 11/18/2050		88		115
Republic of South Africa (South Africa) 5.88%, 9/16/2025		640		723

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
United Mexican States (Mexico)
3.60%, 1/30/2025		788		871
4.13%, 1/21/2026		316		358
3.75%, 1/11/2028		1,216		1,329
2.66%, 5/24/2031		1,075		1,046
4.60%, 1/23/2046		2,113		2,246
3.77%, 5/24/2061		772		707
TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $12,053)				12,481
MUNICIPAL BONDS — 0.6%(l)
California — 0.1%
City of Los Angeles Department of Airports, International Airport Subordinate Series 2009C, Rev., 6.58%, 5/15/2039		440		578
State of California, Various Purpose, Build America Bonds GO, 7.30%, 10/1/2039		350		544
Total California				1,122
New York — 0.3%
New York State Dormitory Authority, State Personal Income Tax, Build America Bonds, General Purpose Series 2010-D, Rev., 5.60%, 3/15/2040		360		475
Port Authority of New York & New Jersey
Series 164, Rev., 5.65%, 11/1/2040		1,825		2,498
Series 165, Rev., 5.65%, 11/1/2040		440		602
Series 174, Rev., 4.46%, 10/1/2062		2,060		2,605
Total New York				6,180
Ohio — 0.2%
American Municipal Power, Inc., Meldahl Hydroelectric Project Series 2010B, Rev., 7.50%, 2/15/2050		1,315		2,131
Ohio State University (The), General Receipts
Series 2016A, Rev., 4.05%, 12/1/2056		325		401
Series 2011-A, Rev., 4.80%, 6/1/2111		1,563		2,103
Rev., 5.59%, 12/1/2114		200		262
Total Ohio				4,897
TOTAL MUNICIPAL BONDS (Cost $9,150)				12,199
	Shares (000)
SHORT-TERM INVESTMENTS — 4.3%
INVESTMENT COMPANIES — 4.3%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (m) (n) (Cost $88,465)		88,432		88,477
Total Investments — 103.3% (Cost $2,068,481)				2,148,130
Liabilities in Excess of Other Assets — (3.3)%				(67,864	)
Net Assets — 100.0%				2,080,266

Percentages indicated are based on net assets.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Abbreviations
ABS	Asset-Backed Securities
ACES	Alternative Credit Enhancement Securities
ARM	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of May 31, 2021.
CSMC	Credit Suisse Mortgage Trust
DN	Discount Notes
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GO	General Obligation
HB	High Coupon Bonds (a.k.a. “IOettes”) represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO’s the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.
ICE	Intercontinental Exchange
IF	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index or have an interest rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the rate in effect as of May 31, 2021. The rate may be subject to a cap and floor.
IO	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
LIBOR	London Interbank Offered Rate
PO	Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
REMIC	Real Estate Mortgage Investment Conduit
Rev.	Revenue
SOFR	Secured Overnight Financing Rate
STRIPS	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
TBA	To Be Announced; Security is subject to delayed delivery.
UMBS	Uniform Mortgage-Backed Securities
USD	United States Dollar

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

(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 May 31, 2021.

(d) Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of May 31, 2021.

(e) Security is an interest bearing note with preferred security characteristics.

(f) Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of May 31, 2021.

(g) The rate shown is the effective yield as of May 31, 2021.

(h) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of May 31, 2021.

(i) All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.

(j) Amount rounds to less than one thousand.

(k) Defaulted security.

(l) The date shown represents the earliest of the prerefunded date, next put date or final maturity date.

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

(n) The rate shown is the current yield as of May 31, 2021.

‡ Value determined using significant unobservable inputs.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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 May 31, 2021.

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:

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities	$	—	$	149,697	$	50,941	$	200,638
Collateralized Mortgage Obligations		—		271,423		27,075		298,498
Commercial Mortgage-Backed Securities		—		72,275		4,563		76,838
Corporate Bonds		—		635,736		—		635,736
Foreign Government Securities		—		12,481		—		12,481
Mortgage-Backed Securities		—		361,981		—		361,981
Municipal Bonds		—		12,199		—		12,199
U.S. Government Agency Securities		—		15,849		—		15,849
U.S. Treasury Obligations		—		445,433		—		445,433
Short-Term Investments
Investment Companies		88,477		—		—		88,477
Total Investments in Securities	$	88,477	$	1,977,074	$	82,579	$	2,148,130

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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

	Balance as of February 28, 2021		Realized gain (loss)		Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3		Balance as of May 31, 2021
Investments in Securities:
Asset-Backed Securities	$	58,045	$	—	$	(158	)	$	(19	)	$	—	$	(6,927	)	$	—	$	—	$	50,941
Collateralized Mortgage Obligations		32,493		—		(124	)		(231	)		1,937		(7,000	)		—		—		27,075
Commercial Mortgage-Backed Securities		4,574		—		17			(29	)		1		—	(a)		—		—		4,563
Total	$	95,112	$	—	$	(265	)	$	(279	)	$	1,938	$	(13,927	)	$	—	$	—	$	82,579

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

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

(a) Amount rounds to less than one thousand.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at May 31, 2021, which were valued using significant unobservable inputs (level 3), amounted to $(245).

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed below. 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.

Quantitative Information about Level 3 Fair Value Measurements #

	Fair Value at May 31, 2021		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	42,517	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 30.00% (4.31%)
				Constant Default Rate		0.00%  -  4.92% (0.11%)
				Yield (Discount Rate of Cash Flows)		0.75% - 5.00% (2.47%)
Asset-Backed Securities		42,517
		9,497	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (64.46%)
				Constant Default Rate		0.00%  -  4.45% (0.86%)
				Yield (Discount Rate of Cash Flows)		1.27%  -  24.89% (6.48%)
Collateralized Mortgage Obligations		9,497
		4,563	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (2.00%)
				Yield (Discount Rate of Cash Flows)		-1.09% -  7.75% (3.04%)
Commercial Mortgage-Backed Securities		4,563
Total	$	56,577

# The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At May 31, 2021, the value of these investments was $26,002. 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.

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

For the period ended May 31, 2021
Security Description	Value at February 28, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at May 31, 2021		Shares at May 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (a) (b)	$	108,295	$	115,902	$	135,720	$	(2	)	$	2	$	88,477		88,432	$	19	$	—

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

(b) The rate shown is the current yield as of May 31, 2021.