UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-21638

JPMorgan Institutional Trust

(Exact name of registrant as specified in charter)

270 Park Avenue

New York, New York 10017

(Address of principal executive offices) (Zip code)

Frank J. Nasta

270 Park Avenue

New York, New York 10017

(Name and Address of Agent for Service)

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

Date of fiscal year end: Last day of February

Date of reporting period: May 31, 2014

ITEM 1. SCHEDULE OF INVESTMENTS.

JPMorgan Institutional Trust

Schedule of Portfolio Investments as of May 31, 2014

(Unaudited)

THE “UNAUDITED CERTIFIED MUTUAL FUNDS HOLDINGS” LIST (“the List”) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR SALES LITERATURE WITH THE GENERAL PUBLIC. The list is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a prospectus. The list has been created from the books and records of the Fund. Certified holdings are available 60 days after the fund’s fiscal quarter, using a trade date accounting convention, by contacting the appropriate service center. The list is subject to change without notice. The list is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security.

J.P. Morgan Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

JPMorgan Distribution Services, Inc.

© JPMorgan Chase & Co., 2014.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 6.1%
		Academic Loan Funding Trust,
	1,325	Series 2012-1A, Class A1, VAR, 0.950%, 12/27/22 (e)		1,336
	2,696	Series 2013-1A, Class A, VAR, 0.950%, 12/26/44 (e)		2,700
		Ally Auto Receivables Trust,
	85	Series 2010-3, Class A4, 1.550%, 08/17/15		85
	508	Series 2012-1, Class A3, 0.930%, 02/16/16		509
	449	Series 2012-2, Class A3, 0.740%, 04/15/16		449
	770	Series 2012-3, Class A3, 0.850%, 08/15/16		772
	92	Series 2012-5, Class A2, 0.450%, 07/15/15		92
	1,722	Series 2013-2, Class A3, 0.790%, 01/15/18		1,727
	300	Series 2013-2, Class A4, 1.240%, 11/15/18		300
		American Credit Acceptance Receivables Trust,
	390	Series 2012-3, Class A, 1.640%, 11/15/16 (e)		391
	969	Series 2013-1, Class A, 1.450%, 04/16/18 (e)		973
	632	Series 2013-2, Class A, 1.320%, 02/15/17 (e)		633
	2,910	Series 2014-2, Class A, 0.990%, 10/10/17 (e)		2,909
	1,182	Series 2014-2, Class B, 2.260%, 03/10/20 (e)		1,183
		AmeriCredit Automobile Receivables Trust,
	179	Series 2011-4, Class A3, 1.170%, 05/09/16		179
	365	Series 2011-5, Class A3, 1.550%, 07/08/16		365
	109	Series 2012-1, Class A3, 1.230%, 09/08/16		109
	83	Series 2012-2, Class A3, 1.050%, 10/11/16		83
	319	Series 2012-3, Class A3, 0.960%, 01/09/17		320
	44	Series 2012-4, Class A2, 0.490%, 04/08/16		44
	145	Series 2012-5, Class A2, 0.510%, 01/08/16		145
	290	Series 2012-5, Class A3, 0.620%, 06/08/17		290
	1,166	Series 2013-4, Class A2, 0.740%, 11/08/16		1,167
	590	Series 2013-5, Class A3, 0.900%, 09/10/18		591
	237	Ascentium Equipment Receivables LLC, Series 2012-1A, Class A, 1.830%, 09/15/19 (e)		237
	2,408	Axis Equipment Finance Receivables II LLC, Series 2013-1A, Class A, 1.750%, 03/20/17 (e)		2,409
	272	Bank of America Auto Trust, Series 2012-1, Class A3, 0.780%, 06/15/16		273
	2,440	Bayview Opportunity Master Fund IIa Trust, Series 2013-8NPL, Class A, VAR, 3.228%, 03/28/33 (e)		2,451
	478	Bear Stearns Asset-Backed Securities Trust, Series 2006-SD1, Class A, VAR, 0.520%, 04/25/36		457
	34	BMW Vehicle Lease Trust, Series 2012-1, Class A3, 0.750%, 02/20/15		34
	678	BMW Vehicle Owner Trust, Series 2013-A, Class A3, 0.670%, 11/27/17		679
	1,000	BXG Receivables Note Trust, Series 2012-A, Class A, 2.660%, 12/02/27 (e)		999
	700	Cabela’s Master Credit Card Trust, Series 2012-1A, Class A1, 1.630%, 02/18/20 (e)		711
	874	California Republic Auto Receivables Trust, Series 2012-1, Class A, 1.180%, 08/15/17 (e)		878
	1,500	Capital Auto Receivables Asset Trust, Series 2013-3, Class A1B, VAR, 0.579%, 11/20/15		1,501
		CarFinance Capital Auto Trust,
	379	Series 2013-1A, Class A, 1.650%, 07/17/17 (e)		380
	394	Series 2013-2A, Class A, 1.750%, 11/15/17 (e)		396
	1,063	Series 2014-1A, Class A, 1.460%, 12/17/18 (e)		1,061
	375	Series 2014-1A, Class B, 2.720%, 04/15/20 (e)		375
	3,207	Carlyle Global Market Strategies Commodities Funding Ltd., (Cayman Islands), Series 2014-1A, Class A, VAR, 2.176%, 10/15/21 (e)		3,207
		CarMax Auto Owner Trust,
	737	Series 2011-1, Class A4, 2.160%, 09/15/16		743
	521	Series 2011-3, Class A3, 1.070%, 06/15/16		522
	676	Series 2013-4, Class A3, 0.800%, 07/16/18		676
	440	Series 2013-4, Class A4, 1.280%, 05/15/19		440
	758	Carnow Auto Receivables Trust, Series 2013-1A, Class A, 1.160%, 10/16/17 (e)		758
	388	Centex Home Equity Loan Trust, Series 2004-D, Class AF4, SUB, 4.680%, 06/25/32		400

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	1,371	Chase Funding Trust, Series 2003-6, Class 1A7, SUB, 4.277%, 11/25/34		1,386
	800	Citibank Credit Card Issuance Trust, Series 2007-A3, Class A3, 6.150%, 06/15/39		1,003
	338	Citigroup Mortgage Loan Trust, Inc., Series 2003-HE3, Class A, VAR, 0.530%, 12/25/33		323
		CNH Equipment Trust,
	604	Series 2011-A, Class A4, 2.040%, 10/17/16		608
	318	Series 2012-A, Class A3, 0.940%, 05/15/17		319
	11	Series 2012-C, Class A2, 0.440%, 02/16/16		11
		Concord Funding Co. LLC,
	2,800	Series 2012-2, Class A, 3.145%, 01/15/17 (e)		2,800
	1,650	Series 2013-1, Class A, 2.420%, 02/15/15 (e)		1,635
	1,100	Conix Mortgage Asset Trust, Series 2013-1, Class A, VAR, 4.704%, 12/25/47 (e) (i)		1,113
	832	Countrywide Asset-Backed Certificates, Series 2004-6, Class M1, VAR, 0.750%, 10/25/34		791
		CPS Auto Receivables Trust,
	644	Series 2011-C, Class A, 4.210%, 03/15/19 (e)		663
	338	Series 2012-A, Class A, 2.780%, 06/17/19 (e)		343
	1,968	Series 2012-B, Class A, 2.520%, 09/16/19 (e)		1,995
	2,865	Series 2013-C, Class A, 1.640%, 04/16/18 (e)		2,881
	3,715	Series 2013-D, Class A, 1.540%, 07/16/18 (e)		3,728
	495	Series 2014-A, Class A, 1.210%, 08/15/18 (e)		495
		CPS Auto Trust,
	1,157	Series 2012-C, Class A, 1.820%, 12/16/19 (e)		1,166
	183	Series 2012-D, Class A, 1.480%, 03/16/20 (e)		183
		Credit Acceptance Auto Loan Trust,
	108	Series 2011-1, Class A, 2.610%, 03/15/19 (e)		108
	417	Series 2012-1A, Class A, 2.200%, 09/16/19 (e)		420
	1,512	Series 2012-2A, Class A, 1.520%, 03/16/20 (e)		1,520
	813	Discover Card Execution Note Trust, Series 2012-A1, Class A1, 0.810%, 08/15/17		816
		Exeter Automobile Receivables Trust,
	438	Series 2012-2A, Class A, 1.300%, 06/15/17 (e)		438
	748	Series 2013-1A, Class A, 1.290%, 10/16/17 (e)		750
	1,861	Series 2013-2A, Class A, 1.490%, 11/15/17 (e)		1,869
	1,277	Series 2014-1A, Class A, 1.290%, 05/15/18 (e)		1,281
	349	Fifth Third Auto Trust, Series 2013-1, Class A3, 0.880%, 10/16/17		351
	405	First Investors Auto Owner Trust, Series 2012-2A, Class A2, 1.470%, 05/15/18 (e)		407
		Flagship Credit Auto Trust,
	1,056	Series 2013-1, Class A, 1.320%, 04/16/18 (e)		1,058
	1,557	Series 2013-2, Class A, 1.940%, 01/15/19 (e)		1,564
	1,501	Series 2014-1, Class A, 1.210%, 04/15/19 (e)		1,498
	245	Series 2014-1, Class B, 2.550%, 02/18/20 (e)		246
		Ford Credit Auto Lease Trust,
	503	Series 2013-B, Class A3, 0.760%, 09/15/16		504
	265	Series 2014-A, Class A2A, 0.500%, 10/15/16		265
		Ford Credit Auto Owner Trust,
	674	Series 2012-A, Class A3, 0.840%, 08/15/16		676
	346	Series 2012-B, Class A3, 0.720%, 12/15/16		346
	7	Series 2012-D, Class A2, 0.400%, 09/15/15		7
	659	Series 2012-D, Class A3, 0.510%, 04/15/17		659
	669	Ford Credit Floorplan Master Owner Trust, Series 2013-1, Class A2, VAR, 0.531%, 01/15/18		670
	609	Freedom Trust, Series 2011-2, Class A11, VAR, 4.202%, 08/01/46 (e)		623
		FRT Trust,
	1,287	Series 2013-1A, Class A1N, SUB, 3.960%, 10/25/33 (e) (i)		1,297
	521	Series 2013-1A, Class AR, SUB, 4.210%, 10/25/18 (e) (i)		524
	281	GE Capital Mortgage Services, Inc. Trust, Series 1999-HE1, Class M, VAR, 6.705%, 04/25/29		277
		GE Equipment Midticket LLC,
	688	Series 2012-1, Class A3, 0.600%, 05/23/16		688

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	360	Series 2012-1, Class A4, 0.780%, 09/22/20		360
		GMAT Trust,
	1,879	Series 2013-1A, Class A, SUB, 3.967%, 11/25/43 (e)		1,882
	1,289	Series 2014-1A, Class A, SUB, 3.721%, 02/25/44 (e)		1,293
		HLSS Servicer Advance Receivables Backed Notes,
	2,662	Series 2013-T2, Class A2, 1.147%, 05/16/44 (e)		2,663
	2,140	Series 2013-T7, Class A7, 1.981%, 11/15/46 (e)		2,149
		HLSS Servicer Advance Receivables Trust,
	1,560	Series 2012-T2, Class A2, 1.990%, 10/15/45 (e)		1,573
	1,197	Series 2013-T1, Class A2, 1.495%, 01/16/46 (e)		1,198
	497	Series 2013-T1, Class B2, 1.744%, 01/16/46 (e)		496
	718	Series 2014-T1, Class AT1, 1.244%, 01/17/45 (e)		719
	997	Series 2014-T2, Class AT2, 2.217%, 01/15/47 (e)		1,006
	185	Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-A, Class A3, VAR, 0.350%, 03/25/36		138
		Honda Auto Receivables Owner Trust,
	259	Series 2011-1, Class A4, 1.800%, 04/17/17		259
	388	Series 2012-1, Class A4, 0.970%, 04/16/18		390
	271	Series 2012-2, Class A3, 0.700%, 02/16/16		271
	71	Series 2013-1, Class A2, 0.350%, 06/22/15		72
	1,527	Series 2013-4, Class A3, 0.690%, 09/18/17		1,530
	930	Series 2014-2, Class A3, 0.770%, 03/19/18		924
		HSBC Home Equity Loan Trust USA,
	752	Series 2006-1, Class A1, VAR, 0.309%, 01/20/36		747
	1,417	Series 2007-3, Class APT, VAR, 1.349%, 11/20/36		1,420
		Huntington Auto Trust,
	191	Series 2011-1A, Class A3, 1.010%, 01/15/16 (e)		192
	1,000	Series 2011-1A, Class A4, 1.310%, 11/15/16 (e)		1,007
	372	Series 2012-1, Class A3, 0.810%, 09/15/16		373
		Hyundai Auto Receivables Trust,
	484	Series 2010-B, Class A4, 1.630%, 03/15/17		488
	255	Series 2011-A, Class A4, 1.780%, 12/15/15		256
	708	Series 2011-B, Class A4, 1.650%, 02/15/17		711
	323	Series 2013-A, Class A2, 0.400%, 12/15/15		323
		John Deere Owner Trust,
	252	Series 2011-A, Class A4, 1.960%, 04/16/18		252
	581	Series 2012-B, Class A4, 0.690%, 01/15/19		582
		KGS-Alpha Capital Markets LP,
	20,395	IO, VAR, 9.869%, 08/25/38		787
	12,733	Series 2013-2, VAR, 4.096%, 03/25/39		736
	594	Kondaur Mortgage Asset Trust LLC, Series 2013-1, Class A, VAR, 4.458%, 08/25/52 (e)		597
	378	Lake Country Mortgage Loan Trust, Series 2006-HE1, Class A3, VAR, 0.500%, 07/25/34 (e)		377
	463	Long Beach Mortgage Loan Trust, Series 2006-WL2, Class 2A3, VAR, 0.350%, 01/25/36		433
		LV Tower 52 Issuer LLC,
	2,874	Series 2013-1, Class A, 5.500%, 06/15/18 (e) (i)		2,886
	1,642	Series 2013-1, Class M, 7.500%, 06/15/18 (e) (i)		1,642
	693	Macquarie Equipment Funding Trust, Series 2012-A, Class A2, 0.610%, 04/20/15 (e)		692
	759	Madison Avenue Manufactured Housing Contract Trust, Series 2002-A, Class M2, VAR, 2.400%, 03/25/32		758
	1,087	Mid-State Capital Corp. Trust, Series 2006-1, Class M1, 6.083%, 10/15/40 (e)		1,121
	3,100	MMCA Auto Owner Trust, Series 2012-A, Class A4, 1.570%, 08/15/17 (e)		3,130
		Nationstar Agency Advance Funding Trust,
	1,078	Series 2013-T1A, Class AT1, 0.997%, 02/15/45 (e)		1,076
	439	Series 2013-T2A, Class AT2, 1.892%, 02/18/48 (e)		430
	216	Series 2013-T2A, Class BT2, 2.487%, 02/18/48 (e)		215
	2,300	Nationstar Mortgage Advance Receivable Trust, Series 2013-T2A, Class A2, 1.679%, 06/20/46 (e)		2,303
	1,103	Navitas Equipment Receivables LLC, Series 2013-1, Class A, 1.950%, 11/15/16 (e)		1,104

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	747	NCUA Guaranteed Notes Trust, Series 2010-A1, Class A, VAR, 0.501%, 12/07/20		747
	985	New Century Home Equity Loan Trust, Series 2003-5, Class AI6, SUB, 5.500%, 11/25/33		1,016
	2,417	New Residential Advance Receivables Trust, Series 2014-T1, Class A1, 1.274%, 03/15/45 (e)		2,418
		Nissan Auto Lease Trust,
	155	Series 2012-B, Class A2A, 0.450%, 06/15/15		155
	611	Series 2013-B, Class A3, 0.750%, 06/15/16		612
	333	Nissan Auto Receivables Owner Trust, Series 2012-A, Class A4, 1.000%, 07/16/18		335
	5,824	Normandy Mortgage Loan Co. LLC, Series 2013-NPL3, Class A, SUB, 4.949%, 09/16/43 (e)		5,815
		NYMT Residential LLC,
	1,500	Series 2012-RP1A, Class NOTE, VAR, 4.250%, 12/25/17 (e) (i)		1,500
	2,298	Series 2013-RP3A, Class NOTE, SUB, 4.850%, 09/25/18 (e) (i)		2,298
	1,952	OnDeck Asset Securitization Trust, Series 2014-1A, Class A, 3.150%, 05/17/18 (e)		1,961
		OneMain Financial Issuance Trust,
	2,744	Series 2014-1A, Class A, 2.430%, 06/18/24 (e)		2,744
	402	Series 2014-1A, Class B, 3.240%, 06/18/24 (e)		402
	1,137	Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-MCW1, Class M1, VAR, 1.087%, 10/25/34		1,128
	200	PennyMac Loan Trust, Series 2012-NPL1, Class A, VAR, 3.422%, 05/28/52 (e) (i)		200
	757	PFS Tax Lien Trust, Series 2014-1, Class NOTE, 1.440%, 05/15/29 (e)		757
	1,000	Progreso Receivables Funding I LLC, Series 2013-A, Class A, 4.000%, 07/09/18 (e)		1,004
	2,356	RAMP Trust, Series 2006-RZ1, Class A3, VAR, 0.450%, 03/25/36		2,242
	2,963	RBSHD Trust, Series 2013-1A, Class A, SUB, 4.685%, 10/25/47 (e) (i)		3,001
	297	Renaissance Home Equity Loan Trust, Series 2007-2, Class AF2, SUB, 5.675%, 06/25/37		163
	515	RMAT, Series 2012-1A, Class A1, VAR, 2.734%, 08/26/52 (e) (i)		517
		Santander Drive Auto Receivables Trust,
	561	Series 2010-A, Class A4, 2.390%, 06/15/17 (e)		562
	44	Series 2011-1, Class B, 2.350%, 11/16/15		44
	73	Series 2011-S2A, Class B, 2.060%, 06/15/17 (e)		73
	44	Series 2012-2, Class A3, 1.220%, 12/15/15		44
	86	Series 2012-3, Class A3, 1.080%, 04/15/16		86
	232	Series 2012-6, Class A3, 0.620%, 07/15/16		232
	463	Saxon Asset Securities Trust, Series 2003-1, Class AF6, SUB, 4.795%, 06/25/33		468
	307	Securitized Asset-Backed Receivables LLC Trust, Series 2006-CB1, Class AF2, SUB, 3.517%, 01/25/36		203
		SNAAC Auto Receivables Trust,
	190	Series 2013-1A, Class A, 1.140%, 07/16/18 (e)		190
	1,180	Series 2014-1A, Class A, 1.030%, 09/17/18 (e)		1,180
		SpringCastle America Funding LLC,
	3,637	Series 2013-1A, Class A, 4.000%, 04/03/21 (e)		3,667
	6,941	Series 2013-1A, Class B, 4.000%, 12/03/24 (e)		6,941
		Springleaf Funding Trust,
	9,200	Series 2013-AA, Class A, 2.580%, 09/15/21 (e)		9,258
	3,000	Series 2013-BA, Class A, 3.920%, 01/16/23 (e)		3,081
	2,000	Series 2013-BA, Class B, 4.820%, 01/16/23 (e)		2,071
	6,533	Series 2014-AA, Class A, 2.410%, 12/15/22 (e)		6,547
	525	Series 2014-AA, Class B, 3.450%, 12/15/22 (e)		526
		Stanwich Mortgage Loan Co. LLC,
	809	Series 2012-NPL4, Class A, 2.981%, 09/15/42 (e)		810
	141	Series 2012-NPL5, Class A, 2.981%, 10/18/42 (e)		141
	1,670	Series 2013-NPL2, Class A, 3.228%, 04/16/59 (e)		1,670
	2,291	Stanwich Mortgage Loan Trust, Series 2013-NPL1, Class A, 2.981%, 02/16/43 (e)		2,310
	3,500	Station Place Securitization Trust, Series 2013-1, VAR, 1.424%, 02/25/15		3,500
	193	Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2002-23XS, Class A7, SUB, 6.580%, 11/25/32		203
	495	Toyota Auto Receivables Owner Trust, Series 2011-A, Class A4, 1.560%, 05/15/15		496

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	3,844		Trafigura Securitisation Finance plc, (Ireland), Series 2012-1A, Class A, VAR, 2.551%, 10/15/15 (e)		3,878
	1,458		U.S. Residential Opportunity Fund Trust, Series 2014-1A, SUB, 3.466%, 03/25/34 (e)		1,467
			Vericrest Opportunity Loan Transferee LLC,
	815		Series 2013-NPL4, Class A1, SUB, 3.088%, 11/25/53 (e)		822
	4,070		Series 2013-NPL7, Class A1, SUB, 3.625%, 11/25/53 (e)		4,091
	1,486		Series 2014-3A, Class A1, SUB, 3.250%, 05/26/54 (e)		1,486
	3,155		Series 2014-NPL1, Class A1, SUB, 3.625%, 10/27/53 (e)		3,174
	3,152		Series 2014-NPL2, Class A1, SUB, 3.625%, 11/25/53 (e)		3,172
	6,183		Series 2014-NPL3, Class A1, SUB, 3.250%, 11/25/53 (e)		6,199
	597		Volkswagen Auto Lease Trust, Series 2012-A, Class A3, 0.870%, 07/20/15		598
	1,155		Volkswagen Auto Loan Enhanced Trust, Series 2012-1, Class A3, 0.850%, 08/22/16		1,158
	1,968		VOLT NPL IX LLC, Series 2013-NPL3, Class A1, SUB, 4.250%, 04/25/53 (e)		1,980
	2,066		VOLT RLF XII Trust, Series 2013-RLF1, Class A1, SUB, 4.213%, 04/25/52 (e)		2,078
	3,258		VOLT XIX LLC, Series 2013-NPL5, Class A1, SUB, 3.625%, 04/25/55 (e)		3,278
			VOLT XX LLC,
	4,845		Series 2013-NPL6, Class A1, SUB, 3.625%, 03/25/54 (e)		4,875
	1,299		Series 2013-NPL6, Class A2, SUB, 5.250%, 03/25/54 (e)		1,300
			Westgate Resorts LLC,
	822		Series 2012-1, Class A, 4.500%, 09/20/25 (e)		831
	1,105		Series 2012-2A, Class A, 3.000%, 01/20/25 (e)		1,114
	583		Series 2012-3A, Class A, 2.500%, 03/20/25 (e)		586
	1,190		Series 2013-1A, Class A, 2.250%, 08/20/25 (e)		1,191
			World Omni Auto Receivables Trust,
	165		Series 2012-B, Class A2, 0.430%, 11/16/15		165
	1,164		Series 2013-B, Class A3, 0.830%, 08/15/18		1,166
	413		Series 2013-B, Class A4, 1.320%, 01/15/20		414
			Total Asset-Backed Securities (Cost $235,231)		237,146
	Collateralized Mortgage Obligations — 24.0%
			Agency CMO — 16.7%
	688		Federal Home Loan Bank, Series TQ-2015, Class A, 5.065%, 10/20/15		722
	207		Federal Home Loan Mortgage Corp. - Government National Mortgage Association, Series 8, Class ZA, 7.000%, 03/25/23		231
			Federal Home Loan Mortgage Corp. REMIC,
	11		Series 11, Class D, 9.500%, 07/15/19		11
	9		Series 22, Class C, 9.500%, 04/15/20		10
	14		Series 23, Class F, 9.600%, 04/15/20		16
	–	(h)	Series 41, Class I, HB, 84.000%, 05/15/20		—	(h)
	1		Series 47, Class F, 10.000%, 06/15/20		1
	4		Series 99, Class Z, 9.500%, 01/15/21		5
	–	(h)	Series 204, Class E, HB, IF, 1,858.391%, 05/15/23		—	(h)
	–	(h)	Series 1045, Class G, HB, 1,066.209%, 02/15/21		—	(h)
	6		Series 1065, Class J, 9.000%, 04/15/21		7
	1		Series 1079, Class S, HB, IF, 33.486%, 05/15/21		2
	5		Series 1084, Class F, VAR, 1.101%, 05/15/21		5
	3		Series 1084, Class S, HB, IF, 44.545%, 05/15/21		6
	11		Series 1116, Class I, 5.500%, 08/15/21		12
	14		Series 1144, Class KB, 8.500%, 09/15/21		15
	–	(h)	Series 1172, Class L, HB, VAR, 1,181.250%, 11/15/21		—	(h)
	–	(h)	Series 1196, Class B, HB, IF, 1,181.260%, 01/15/22		7
	12		Series 1250, Class J, 7.000%, 05/15/22		13
	19		Series 1343, Class LA, 8.000%, 08/15/22		22
	24		Series 1343, Class LB, 7.500%, 08/15/22		28
	41		Series 1370, Class JA, VAR, 1.301%, 09/15/22		42
	42		Series 1455, Class WB, IF, 4.599%, 12/15/22		44
	189		Series 1466, Class PZ, 7.500%, 02/15/23		214
	3		Series 1470, Class F, VAR, 1.701%, 02/15/23		3
	210		Series 1498, Class I, VAR, 1.301%, 04/15/23		215
	304		Series 1502, Class PX, 7.000%, 04/15/23		338

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	37	Series 1505, Class Q, 7.000%, 05/15/23		41
	85	Series 1518, Class G, IF, 8.875%, 05/15/23		100
	28	Series 1541, Class M, HB, IF, 24.720%, 07/15/23		46
	75	Series 1541, Class O, VAR, 1.960%, 07/15/23		74
	8	Series 1570, Class F, VAR, 2.201%, 08/15/23		8
	290	Series 1573, Class PZ, 7.000%, 09/15/23		326
	179	Series 1591, Class PV, 6.250%, 10/15/23		196
	27	Series 1602, Class SA, HB, IF, 22.259%, 10/15/23		48
	744	Series 1608, Class L, 6.500%, 09/15/23		818
	59	Series 1609, Class LG, IF, 17.006%, 11/15/23		64
	505	Series 1638, Class H, 6.500%, 12/15/23		562
	355	Series 1642, Class PJ, 6.000%, 11/15/23		397
	14	Series 1671, Class QC, IF, 10.000%, 02/15/24		18
	16	Series 1686, Class SH, IF, 18.898%, 02/15/24		24
	121	Series 1695, Class EB, 7.000%, 03/15/24		137
	24	Series 1699, Class FC, VAR, 0.751%, 03/15/24		24
	134	Series 1700, Class GA, PO, 02/15/24		132
	336	Series 1706, Class K, 7.000%, 03/15/24		380
	11	Series 1709, Class FA, VAR, 1.820%, 03/15/24		12
	36	Series 1745, Class D, 7.500%, 08/15/24		41
	724	Series 1760, Class ZD, VAR, 2.170%, 02/15/24		755
	267	Series 1798, Class F, 5.000%, 05/15/23		290
	4	Series 1807, Class G, 9.000%, 10/15/20		4
	70	Series 1829, Class ZB, 6.500%, 03/15/26		77
	73	Series 1863, Class Z, 6.500%, 07/15/26		81
	39	Series 1865, Class D, PO, 02/15/24		35
	55	Series 1890, Class H, 7.500%, 09/15/26		64
	154	Series 1899, Class ZE, 8.000%, 09/15/26		180
	9	Series 1935, Class FL, VAR, 0.851%, 02/15/27		9
	115	Series 1963, Class Z, 7.500%, 01/15/27		133
	16	Series 1970, Class PG, 7.250%, 07/15/27		19
	219	Series 1981, Class Z, 6.000%, 05/15/27		245
	80	Series 1987, Class PE, 7.500%, 09/15/27		89
	191	Series 2019, Class Z, 6.500%, 12/15/27		217
	57	Series 2033, Class SN, HB, IF, 28.282%, 03/15/24		29
	158	Series 2038, Class PN, IO, 7.000%, 03/15/28		35
	321	Series 2040, Class PE, 7.500%, 03/15/28		370
	50	Series 2043, Class CJ, 6.500%, 04/15/28		57
	260	Series 2054, Class PV, 7.500%, 05/15/28		300
	458	Series 2075, Class PH, 6.500%, 08/15/28		516
	515	Series 2075, Class PM, 6.250%, 08/15/28		583
	149	Series 2086, Class GB, 6.000%, 09/15/28		168
	211	Series 2089, Class PJ, IO, 7.000%, 10/15/28		41
	634	Series 2095, Class PE, 6.000%, 11/15/28		704
	196	Series 2125, Class JZ, 6.000%, 02/15/29		218
	45	Series 2132, Class SB, HB, IF, 29.894%, 03/15/29		80
	26	Series 2134, Class PI, IO, 6.500%, 03/15/19		3
	264	Series 2136, Class PG, 6.000%, 03/15/29		296
	80	Series 2141, Class IO, IO, 7.000%, 04/15/29		17
	68	Series 2163, Class PC, IO, 7.500%, 06/15/29		14
	755	Series 2169, Class TB, 7.000%, 06/15/29		870
	366	Series 2172, Class QC, 7.000%, 07/15/29		416
	342	Series 2176, Class OJ, 7.000%, 08/15/29		397
	191	Series 2201, Class C, 8.000%, 11/15/29		223
	169	Series 2209, Class TC, 8.000%, 01/15/30		204
	289	Series 2210, Class Z, 8.000%, 01/15/30		336
	59	Series 2224, Class CB, 8.000%, 03/15/30		71
	176	Series 2230, Class Z, 8.000%, 04/15/30		207
	129	Series 2234, Class PZ, 7.500%, 05/15/30		149
	107	Series 2247, Class Z, 7.500%, 08/15/30		125
	165	Series 2256, Class MC, 7.250%, 09/15/30		191

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	316	Series 2259, Class ZM, 7.000%, 10/15/30		364
	9	Series 2261, Class ZY, 7.500%, 10/15/30		11
	37	Series 2262, Class Z, 7.500%, 10/15/30		43
	365	Series 2271, Class PC, 7.250%, 12/15/30		421
	452	Series 2283, Class K, 6.500%, 12/15/23		507
	162	Series 2296, Class PD, 7.000%, 03/15/31		187
	51	Series 2306, Class K, PO, 05/15/24		49
	121	Series 2306, Class SE, IF, IO, 7.930%, 05/15/24		23
	225	Series 2313, Class LA, 6.500%, 05/15/31		253
	287	Series 2325, Class PM, 7.000%, 06/15/31		308
	265	Series 2344, Class QG, 6.000%, 08/15/16		276
	1,716	Series 2344, Class ZD, 6.500%, 08/15/31		1,975
	143	Series 2344, Class ZJ, 6.500%, 08/15/31		163
	154	Series 2345, Class NE, 6.500%, 08/15/31		174
	103	Series 2345, Class PQ, 6.500%, 08/15/16		108
	159	Series 2351, Class PZ, 6.500%, 08/15/31		179
	1,375	Series 2353, Class AZ, 6.000%, 09/15/31		1,514
	110	Series 2353, Class TD, 6.000%, 09/15/16		116
	92	Series 2355, Class BP, 6.000%, 09/15/16		96
	59	Series 2359, Class PM, 6.000%, 09/15/16		61
	582	Series 2359, Class ZB, 8.500%, 06/15/31		702
	157	Series 2360, Class PG, 6.000%, 09/15/16		164
	36	Series 2363, Class PF, 6.000%, 09/15/16		37
	70	Series 2366, Class MD, 6.000%, 10/15/16		73
	285	Series 2367, Class ME, 6.500%, 10/15/31		316
	230	Series 2391, Class QR, 5.500%, 12/15/16		239
	107	Series 2394, Class MC, 6.000%, 12/15/16		112
	563	Series 2396, Class FM, VAR, 0.601%, 12/15/31		568
	310	Series 2399, Class OH, 6.500%, 01/15/32		353
	549	Series 2399, Class TH, 6.500%, 01/15/32		593
	500	Series 2410, Class NG, 6.500%, 02/15/32		568
	191	Series 2410, Class OE, 6.375%, 02/15/32		206
	346	Series 2410, Class QS, IF, 19.107%, 02/15/32		540
	183	Series 2410, Class QX, IF, IO, 8.499%, 02/15/32		48
	374	Series 2412, Class SP, IF, 15.798%, 02/15/32		502
	587	Series 2420, Class XK, 6.500%, 02/15/32		668
	469	Series 2423, Class MC, 7.000%, 03/15/32		541
	439	Series 2423, Class MT, 7.000%, 03/15/32		508
	116	Series 2425, Class OB, 6.000%, 03/15/17		122
	912	Series 2430, Class WF, 6.500%, 03/15/32		1,032
	492	Series 2434, Class TC, 7.000%, 04/15/32		553
	565	Series 2435, Class CJ, 6.500%, 04/15/32		619
	430	Series 2436, Class MC, 7.000%, 04/15/32		486
	332	Series 2444, Class ES, IF, IO, 7.799%, 03/15/32		84
	221	Series 2450, Class GZ, 7.000%, 05/15/32		255
	265	Series 2450, Class SW, IF, IO, 7.849%, 03/15/32		68
	1,264	Series 2455, Class GK, 6.500%, 05/15/32		1,427
	58	Series 2458, Class QE, 5.500%, 06/15/17		60
	397	Series 2462, Class JG, 6.500%, 06/15/32		449
	890	Series 2464, Class SI, IF, IO, 7.849%, 02/15/32		219
	883	Series 2466, Class PH, 6.500%, 06/15/32		961
	394	Series 2474, Class NR, 6.500%, 07/15/32		446
	523	Series 2484, Class LZ, 6.500%, 07/15/32		593
	697	Series 2500, Class MC, 6.000%, 09/15/32		781
	45	Series 2503, Class BH, 5.500%, 09/15/17		48
	211	Series 2508, Class AQ, 5.500%, 10/15/17		224
	524	Series 2512, Class PG, 5.500%, 10/15/22		576

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	292	Series 2535, Class BK, 5.500%, 12/15/22		322
	425	Series 2537, Class TE, 5.500%, 12/15/17		451
	997	Series 2543, Class YX, 6.000%, 12/15/32		1,111
	846	Series 2544, Class HC, 6.000%, 12/15/32		942
	1,065	Series 2552, Class ME, 6.000%, 01/15/33		1,187
	1,047	Series 2567, Class QD, 6.000%, 02/15/33		1,159
	733	Series 2568, Class KG, 5.500%, 02/15/23		799
	118	Series 2571, Class SK, HB, IF, 33.848%, 09/15/23		218
	2,715	Series 2575, Class ME, 6.000%, 02/15/33		3,023
	323	Series 2586, Class WI, IO, 6.500%, 03/15/33		66
	890	Series 2587, Class WX, 5.000%, 03/15/18		941
	726	Series 2596, Class QG, 6.000%, 03/15/33		802
	301	Series 2611, Class UH, 4.500%, 05/15/18		316
	536	Series 2617, Class GR, 4.500%, 05/15/18		563
	445	Series 2626, Class NS, IF, IO, 6.399%, 06/15/23		35
	620	Series 2631, Class LC, 4.500%, 06/15/18		651
	304	Series 2636, Class Z, 4.500%, 06/15/18		320
	387	Series 2637, Class SA, IF, IO, 5.949%, 06/15/18		30
	24	Series 2638, Class DS, IF, 8.449%, 07/15/23		27
	105	Series 2645, Class BI, IO, 4.500%, 02/15/18		—	(h)
	296	Series 2650, Class PO, PO, 12/15/32		294
	1,176	Series 2650, Class SO, PO, 12/15/32		1,164
	445	Series 2651, Class VZ, 4.500%, 07/15/18		469
	323	Series 2672, Class ME, 5.000%, 11/15/22		326
	2,008	Series 2675, Class CK, 4.000%, 09/15/18		2,104
	3,318	Series 2684, Class PO, PO, 01/15/33		3,315
	279	Series 2691, Class ME, 4.500%, 04/15/32		283
	133	Series 2692, Class SC, IF, 12.984%, 07/15/33		158
	617	Series 2695, Class DG, 4.000%, 10/15/18		646
	33	Series 2696, Class CO, PO, 10/15/18		33
	1,678	Series 2710, Class HB, 5.500%, 11/15/23		1,847
	360	Series 2715, Class OG, 5.000%, 01/15/23		366
	1,066	Series 2716, Class UN, 4.500%, 12/15/23		1,144
	523	Series 2720, Class PC, 5.000%, 12/15/23		564
	498	Series 2744, Class PE, 5.500%, 02/15/34		532
	847	Series 2744, Class TU, 5.500%, 05/15/32		887
	81	Series 2764, Class TE, 5.000%, 10/15/32		81
	193	Series 2777, Class OM, PO, 12/15/32		193
	42	Series 2780, Class JG, 4.500%, 04/15/19		44
	1,098	Series 2783, Class AT, 4.000%, 04/15/19		1,153
	2,714	Series 2809, Class UC, 4.000%, 06/15/19		2,848
	122	Series 2827, Class XO, PO, 01/15/23		122
	82	Series 2835, Class QO, PO, 12/15/32		76
	143	Series 2840, Class JO, PO, 06/15/23		143
	339	Series 2922, Class JN, 4.500%, 02/15/20		351
	729	Series 2934, Class EC, PO, 02/15/20		725
	8	Series 2934, Class EN, PO, 02/15/18		8
	608	Series 2934, Class HI, IO, 5.000%, 02/15/20		58
	551	Series 2934, Class KI, IO, 5.000%, 02/15/20		51
	488	Series 2958, Class QD, 4.500%, 04/15/20		514
	1,223	Series 2962, Class BE, 4.500%, 04/15/20		1,305
	2,514	Series 2965, Class GD, 4.500%, 04/15/20		2,669
	38	Series 2971, Class GC, 5.000%, 07/15/18		38
	67	Series 2989, Class PO, PO, 06/15/23		67
	4,392	Series 2990, Class UZ, 5.750%, 06/15/35		4,739
	1,483	Series 3004, Class EK, 5.500%, 07/15/35		1,549
	23	Series 3007, Class AI, IO, 5.500%, 07/15/24		—	(h)
	74	Series 3014, Class OD, PO, 08/15/35		62

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	144	Series 3047, Class OB, 5.500%, 12/15/33		145
	944	Series 3047, Class OD, 5.500%, 10/15/35		1,070
	537	Series 3049, Class XF, VAR, 0.501%, 05/15/33		537
	3,095	Series 3064, Class MC, 5.500%, 11/15/35		3,535
	92	Series 3068, Class AO, PO, 01/15/35		92
	385	Series 3068, Class QB, 4.500%, 06/15/20		401
	2,141	Series 3074, Class BH, 5.000%, 11/15/35		2,346
	564	Series 3085, Class WF, VAR, 0.951%, 08/15/35		573
	1,003	Series 3102, Class FB, VAR, 0.451%, 01/15/36		1,005
	245	Series 3102, Class HS, HB, IF, 24.013%, 01/15/36		370
	1,030	Series 3117, Class EO, PO, 02/15/36		962
	593	Series 3117, Class OK, PO, 02/15/36		552
	17	Series 3122, Class ZB, 6.000%, 03/15/36		18
	2,186	Series 3131, Class BK, 5.500%, 03/15/26		2,422
	193	Series 3134, Class PO, PO, 03/15/36		180
	906	Series 3138, Class PO, PO, 04/15/36		843
	31	Series 3149, Class SO, PO, 05/15/36		25
	785	Series 3151, Class UC, 5.500%, 08/15/35		826
	694	Series 3152, Class MO, PO, 03/15/36		663
	194	Series 3171, Class MO, PO, 06/15/36		184
	732	Series 3179, Class OA, PO, 07/15/36		683
	183	Series 3194, Class SA, IF, IO, 6.949%, 07/15/36		35
	700	Series 3211, Class SO, PO, 09/15/36		654
	340	Series 3218, Class AO, PO, 09/15/36		320
	760	Series 3219, Class DI, IO, 6.000%, 04/15/36		121
	1,500	Series 3229, Class HE, 5.000%, 10/15/26		1,658
	704	Series 3232, Class ST, IF, IO, 6.549%, 10/15/36		105
	308	Series 3233, Class OP, PO, 05/15/36		287
	189	Series 3242, Class NE, 5.750%, 02/15/34		190
	466	Series 3256, Class PO, PO, 12/15/36		409
	896	Series 3260, Class CS, IF, IO, 5.989%, 01/15/37		124
	486	Series 3261, Class OA, PO, 01/15/37		447
	305	Series 3274, Class JO, PO, 02/15/37		283
	228	Series 3275, Class FL, VAR, 0.591%, 02/15/37		229
	1,118	Series 3290, Class SB, IF, IO, 6.299%, 03/15/37		167
	2,341	Series 3315, Class HZ, 6.000%, 05/15/37		2,595
	97	Series 3318, Class AO, PO, 05/15/37		93
	169	Series 3326, Class JO, PO, 06/15/37		163
	571	Series 3331, Class PO, PO, 06/15/37		501
	591	Series 3385, Class SN, IF, IO, 5.849%, 11/15/37		69
	799	Series 3387, Class SA, IF, IO, 6.269%, 11/15/37		95
	1,233	Series 3404, Class SC, IF, IO, 5.849%, 01/15/38		165
	5,122	Series 3422, Class AI, IO, SUB, 0.250%, 01/15/38		62
	758	Series 3424, Class PI, IF, IO, 6.649%, 04/15/38		111
	1,485	Series 3481, Class SJ, IF, IO, 5.699%, 08/15/38		194
	1,059	Series 3505, Class SA, IF, IO, 5.849%, 01/15/39		154
	1,207	Series 3511, Class SA, IF, IO, 5.849%, 02/15/39		178
	451	Series 3549, Class FA, VAR, 1.351%, 07/15/39		458
	457	Series 3607, Class BO, PO, 04/15/36		424
	1,122	Series 3607, Class OP, PO, 07/15/37		1,045
	668	Series 3607, Class PO, PO, 05/15/37		574
	201	Series 3611, Class PO, PO, 07/15/34		186
	560	Series 3621, Class BO, PO, 01/15/40		492
	633	Series 3720, Class A, 4.500%, 09/15/25		691
	2,024	Series 3739, Class LI, IO, 4.000%, 03/15/34		124
	5,261	Series 3747, Class HI, IO, 4.500%, 07/15/37		529
	1,000	Series 3747, Class PY, 4.000%, 10/15/40		1,028
	2,584	Series 3759, Class HI, IO, 4.000%, 08/15/37		296
	2,499	Series 3760, Class GI, IO, 4.000%, 10/15/37		249

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	9,334	Series 3774, Class EW, 3.500%, 12/15/25		9,708
	5,000	Series 3793, Class AB, 3.500%, 01/15/26		5,161
	171	Series 3798, Class BF, VAR, 0.451%, 06/15/24		172
	939	Series 3804, Class FN, VAR, 0.601%, 03/15/39		939
	3,942	Series 3819, Class ZQ, 6.000%, 04/15/36		4,416
	781	Series 3852, Class QN, IF, 5.500%, 05/15/41		834
	2,150	Series 3852, Class TP, IF, 5.500%, 05/15/41		2,322
	2,898	Series 3920, Class LP, 5.000%, 01/15/34		3,191
	1,518	Series 3925, Class FL, VAR, 0.601%, 01/15/41		1,527
	1,276	Series 3957, Class B, 4.000%, 11/15/41		1,324
	1,537	Series 3966, Class NA, 4.000%, 12/15/41		1,602
	1,114	Series 3997, Class PF, VAR, 0.601%, 11/15/39		1,117
	3,543	Series 4048, Class FJ, VAR, 0.552%, 07/15/37		3,527
	2,000	Series 4217, Class KY, 3.000%, 06/15/43		1,831
	7,974	Series 4219, Class JA, 3.500%, 08/15/39		8,208
	2,501	Series 4240, Class B, 3.000%, 08/15/33		2,278
	1,300	Series 4244, Class GL, 3.000%, 08/15/33		1,182
	3,684	Series 4251, Class KW, 2.500%, 04/15/28		3,400
		Federal Home Loan Mortgage Corp. STRIPS,
	2	Series 134, Class B, IO, 9.000%, 04/01/22		—	(h)
	1,493	Series 233, Class 11, IO, 5.000%, 09/15/35		251
	2,110	Series 233, Class 13, IO, 5.000%, 09/15/35		350
	412	Series 243, Class 16, IO, 4.500%, 11/15/20		33
	937	Series 243, Class 17, IO, 4.500%, 12/15/20		76
	8,645	Series 262, Class 35, 3.500%, 07/15/42		8,876
	2,427	Series 264, Class F1, VAR, 0.701%, 07/15/42		2,435
	2,253	Series 267, Class F5, VAR, 0.651%, 08/15/42		2,254
	2,752	Series 281, Class F1, VAR, 0.651%, 10/15/42		2,751
	9,278	Series 299, Class 300, 3.000%, 01/15/43		9,266
	2,483	Series 310, Class PO, PO, 09/15/43		1,923
	4,927	Series 323, Class 300, 3.000%, 01/15/44		4,870
		Federal Home Loan Mortgage Corp. Structured Pass-Through Securities,
	554	Series T-41, Class 3A, VAR, 6.752%, 07/25/32		639
	324	Series T-51, Class 2A, VAR, 7.500%, 08/25/42		390
	1,902	Series T-54, Class 2A, 6.500%, 02/25/43		2,260
	574	Series T-54, Class 3A, 7.000%, 02/25/43		699
	230	Series T-58, Class APO, PO, 09/25/43		189
	512	Series T-59, Class 1AP, PO, 10/25/43		457
	1,998	Series T-76, Class 2A, VAR, 3.457%, 10/25/37		1,971
		Federal National Mortgage Association - ACES,
	3,300	Series 2010-M3, Class A3, VAR, 4.332%, 03/25/20		3,647
	1,416	Series 2011-M2, Class A2, 3.645%, 04/25/21		1,514
	8,500	Series 2011-M2, Class A3, 3.764%, 04/25/21		9,082
	654	Series 2012-M11, Class FA, VAR, 0.656%, 08/25/19		656
	4,100	Series 2012-M9, Class A2, 2.482%, 04/25/22		4,015
	4,200	Series 2013-M13, Class A2, VAR, 2.540%, 04/25/23		4,085
	1,878	Series 2013-M7, Class A2, 2.280%, 12/27/22		1,793
	8,000	Series 2013-M9, Class A2, VAR, 2.389%, 01/25/23		7,692
	2,664	Series 2014-M2, Class A2, VAR, 3.513%, 12/25/23		2,779
	2,500	Series 2014-M3, Class A2, VAR, 3.477%, 01/25/24		2,611
	4,545	Series 2014-M5, Class ASQ2, 2.034%, 03/25/19		4,615
	1,185	Series 2014-M5, Class FA, VAR, 0.502%, 01/25/17		1,185
		Federal National Mortgage Association Grantor Trust,
	923	Series 2002-T19, Class A2, 7.000%, 07/25/42		1,062
	713	Series 2004-T3, Class 1A3, 7.000%, 02/25/44		815

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
			Federal National Mortgage Association REMIC,
	5		Series 1988-7, Class Z, 9.250%, 04/25/18		5
	11		Series 1989-70, Class G, 8.000%, 10/25/19		12
	4		Series 1989-78, Class H, 9.400%, 11/25/19		5
	9		Series 1989-83, Class H, 8.500%, 11/25/19		10
	7		Series 1989-89, Class H, 9.000%, 11/25/19		7
	7		Series 1990-1, Class D, 8.800%, 01/25/20		8
	1		Series 1990-60, Class K, 5.500%, 06/25/20		1
	3		Series 1990-63, Class H, 9.500%, 06/25/20		3
	2		Series 1990-93, Class G, 5.500%, 08/25/20		2
	–	(h)	Series 1990-94, Class H, HB, 505.000%, 08/25/20		—	(h)
	–	(h)	Series 1990-95, Class J, HB, 1,118.040%, 08/25/20		1
	15		Series 1990-102, Class J, 6.500%, 08/25/20		17
	18		Series 1990-120, Class H, 9.000%, 10/25/20		20
	2		Series 1990-134, Class SC, HB, IF, 21.375%, 11/25/20		3
	–	(h)	Series 1990-140, Class K, HB, 652.145%, 12/25/20		2
	–	(h)	Series 1991-7, Class K, HB, 908.500%, 02/25/21		—	(h)
	8		Series 1991-24, Class Z, 5.000%, 03/25/21		8
	1		Series 1992-101, Class J, 7.500%, 06/25/22		1
	41		Series 1992-136, Class PK, 6.000%, 08/25/22		45
	35		Series 1992-143, Class MA, 5.500%, 09/25/22		38
	99		Series 1992-163, Class M, 7.750%, 09/25/22		112
	157		Series 1992-188, Class PZ, 7.500%, 10/25/22		181
	63		Series 1993-21, Class KA, 7.700%, 03/25/23		71
	96		Series 1993-25, Class J, 7.500%, 03/25/23		109
	24		Series 1993-27, Class SA, IF, 15.500%, 02/25/23		34
	37		Series 1993-62, Class SA, IF, 18.898%, 04/25/23		55
	18		Series 1993-165, Class SD, IF, 13.370%, 09/25/23		24
	40		Series 1993-165, Class SK, IF, 12.500%, 09/25/23		47
	28		Series 1993-179, Class SB, HB, IF, 26.683%, 10/25/23		47
	19		Series 1993-179, Class SC, IF, 10.500%, 10/25/23		23
	45		Series 1993-199, Class FA, VAR, 0.700%, 10/25/23		45
	53		Series 1993-205, Class H, PO, 09/25/23		51
	83		Series 1993-225, Class UB, 6.500%, 12/25/23		94
	28		Series 1993-230, Class FA, VAR, 0.750%, 12/25/23		29
	76		Series 1993-247, Class FE, VAR, 1.150%, 12/25/23		77
	35		Series 1993-247, Class SU, IF, 12.249%, 12/25/23		46
	61		Series 1993-250, Class Z, 7.000%, 12/25/23		62
	299		Series 1994-37, Class L, 6.500%, 03/25/24		337
	1,465		Series 1994-40, Class Z, 6.500%, 03/25/24		1,615
	65		Series 1995-2, Class Z, 8.500%, 01/25/25		76
	269		Series 1995-19, Class Z, 6.500%, 11/25/23		309
	315		Series 1996-14, Class SE, IF, IO, 8.040%, 08/25/23		63
	8		Series 1996-27, Class FC, VAR, 0.650%, 03/25/17		8
	29		Series 1996-59, Class J, 6.500%, 08/25/22		31
	319		Series 1997-20, Class IO, IO, VAR, 1.840%, 03/25/27		12
	21		Series 1997-27, Class J, 7.500%, 04/18/27		23
	49		Series 1997-29, Class J, 7.500%, 04/20/27		58
	315		Series 1997-39, Class PD, 7.500%, 05/20/27		371
	29		Series 1997-42, Class ZC, 6.500%, 07/18/27		32
	561		Series 1997-61, Class ZC, 7.000%, 02/25/23		636
	95		Series 1997-81, Class PI, IO, 7.000%, 12/18/27		19
	11		Series 1998-4, Class C, PO, 04/25/23		11
	185		Series 1998-36, Class ZB, 6.000%, 07/18/28		208

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	106		Series 1998-43, Class SA, IF, IO, 16.933%, 04/25/23		43
	205		Series 1998-66, Class SB, IF, IO, 8.000%, 12/25/28		39
	101		Series 1999-17, Class C, 6.350%, 04/25/29		113
	489		Series 1999-18, Class Z, 5.500%, 04/18/29		533
	127		Series 1999-38, Class SK, IF, IO, 7.900%, 08/25/23		14
	52		Series 1999-52, Class NS, HB, IF, 22.960%, 10/25/23		82
	150		Series 1999-62, Class PB, 7.500%, 12/18/29		173
	467		Series 2000-2, Class ZE, 7.500%, 02/25/30		539
	265		Series 2000-20, Class SA, IF, IO, 8.950%, 07/25/30		65
	35		Series 2000-52, Class IO, IO, 8.500%, 01/25/31		9
	156		Series 2001-4, Class PC, 7.000%, 03/25/21		172
	96		Series 2001-7, Class PF, 7.000%, 03/25/31		111
	2		Series 2001-7, Class PR, 6.000%, 03/25/16		2
	1		Series 2001-10, Class PR, 6.000%, 04/25/16		1
	312		Series 2001-30, Class PM, 7.000%, 07/25/31		358
	336		Series 2001-33, Class ID, IO, 6.000%, 07/25/31		67
	299		Series 2001-36, Class DE, 7.000%, 08/25/31		345
	723		Series 2001-44, Class MY, 7.000%, 09/25/31		834
	110		Series 2001-44, Class PD, 7.000%, 09/25/31		125
	119		Series 2001-44, Class PU, 7.000%, 09/25/31		137
	1,174		Series 2001-48, Class Z, 6.500%, 09/25/21		1,304
	90		Series 2001-49, Class Z, 6.500%, 09/25/31		101
	86		Series 2001-52, Class KB, 6.500%, 10/25/31		98
	81		Series 2001-52, Class XN, 6.500%, 11/25/15		84
	1,035		Series 2001-61, Class Z, 7.000%, 11/25/31		1,177
	70		Series 2001-71, Class MB, 6.000%, 12/25/16		73
	146		Series 2001-71, Class QE, 6.000%, 12/25/16		152
	43		Series 2001-72, Class SX, IF, 17.116%, 12/25/31		63
	240		Series 2001-74, Class MB, 6.000%, 12/25/16		251
	92		Series 2002-1, Class HC, 6.500%, 02/25/22		103
	113		Series 2002-1, Class SA, HB, IF, 24.700%, 02/25/32		176
	76		Series 2002-1, Class UD, HB, IF, 23.975%, 12/25/23		121
	204		Series 2002-2, Class UC, 6.000%, 02/25/17		213
	473		Series 2002-3, Class OG, 6.000%, 02/25/17		493
	106		Series 2002-7, Class OG, 6.000%, 03/25/17		110
	300		Series 2002-7, Class TG, 6.000%, 03/25/17		311
	115		Series 2002-10, Class SB, IF, 18.840%, 03/25/17		135
	1,088		Series 2002-13, Class SJ, IF, IO, 1.600%, 03/25/32		57
	16		Series 2002-13, Class ST, IF, 10.000%, 03/25/32		20
	–	(h)	Series 2002-18, Class PC, 5.500%, 04/25/17		—	(h)
	107		Series 2002-19, Class PE, 6.000%, 04/25/17		111
	32		Series 2002-21, Class LO, PO, 04/25/32		30
	317		Series 2002-21, Class PE, 6.500%, 04/25/32		346
	265		Series 2002-24, Class AJ, 6.000%, 04/25/17		279
	94		Series 2002-25, Class SG, IF, 18.960%, 05/25/17		113
	819		Series 2002-28, Class PK, 6.500%, 05/25/32		926
	190		Series 2002-37, Class Z, 6.500%, 06/25/32		212
	198		Series 2002-42, Class C, 6.000%, 07/25/17		209
	1,085		Series 2002-48, Class GH, 6.500%, 08/25/32		1,227
	429		Series 2002-62, Class ZE, 5.500%, 11/25/17		454
	118		Series 2002-63, Class KC, 5.000%, 10/25/17		125
	189		Series 2002-77, Class S, IF, 14.208%, 12/25/32		243
	617		Series 2002-83, Class CS, 6.881%, 08/25/23		694
	866		Series 2002-94, Class BK, 5.500%, 01/25/18		909

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	444	Series 2003-3, Class HJ, 5.000%, 02/25/18		468
	2,773	Series 2003-22, Class UD, 4.000%, 04/25/33		2,925
	1,168	Series 2003-33, Class IA, IO, 6.500%, 05/25/33		237
	766	Series 2003-34, Class AX, 6.000%, 05/25/33		851
	1,516	Series 2003-34, Class ED, 6.000%, 05/25/33		1,737
	47	Series 2003-35, Class UC, 3.750%, 05/25/33		49
	138	Series 2003-39, Class IO, IO, VAR, 6.000%, 05/25/33		28
	1,295	Series 2003-39, Class LW, 5.500%, 05/25/23		1,421
	1,050	Series 2003-41, Class PE, 5.500%, 05/25/23		1,145
	300	Series 2003-42, Class GB, 4.000%, 05/25/33		324
	29	Series 2003-45, Class AI, IO, 5.500%, 05/25/33		—	(h)
	526	Series 2003-47, Class PE, 5.750%, 06/25/33		579
	195	Series 2003-52, Class SX, HB, IF, 22.500%, 10/25/31		288
	143	Series 2003-64, Class SX, IF, 13.371%, 07/25/33		172
	569	Series 2003-71, Class DS, IF, 7.265%, 08/25/33		600
	280	Series 2003-71, Class IM, IO, 5.500%, 12/25/31		6
	1,195	Series 2003-72, Class IE, IO, 5.500%, 08/25/33		219
	89	Series 2003-74, Class SH, IF, 9.900%, 08/25/33		100
	377	Series 2003-76, Class GQ, 4.500%, 08/25/18		398
	879	Series 2003-80, Class SY, IF, IO, 7.500%, 06/25/23		82
	661	Series 2003-81, Class LC, 4.500%, 09/25/18		697
	1,450	Series 2003-83, Class PG, 5.000%, 06/25/23		1,533
	287	Series 2003-91, Class SD, IF, 12.250%, 09/25/33		347
	1,582	Series 2003-116, Class SB, IF, IO, 7.450%, 11/25/33		434
	303	Series 2003-122, Class TE, 5.000%, 12/25/22		306
	395	Series 2003-128, Class NG, 4.000%, 01/25/19		413
	114	Series 2003-130, Class SX, IF, 11.295%, 01/25/34		134
	145	Series 2003-132, Class OA, PO, 08/25/33		140
	1,513	Series 2004-4, Class QI, IF, IO, 6.950%, 06/25/33		225
	143	Series 2004-4, Class QM, IF, 13.900%, 06/25/33		175
	687	Series 2004-10, Class SC, HB, IF, 28.000%, 02/25/34		958
	674	Series 2004-25, Class PC, 5.500%, 01/25/34		720
	1,143	Series 2004-25, Class SA, IF, 19.113%, 04/25/34		1,638
	2,236	Series 2004-27, Class HB, 4.000%, 05/25/19		2,371
	462	Series 2004-36, Class PC, 5.500%, 02/25/34		493
	1,440	Series 2004-36, Class SA, IF, 19.113%, 05/25/34		2,024
	488	Series 2004-36, Class SN, IF, 13.900%, 07/25/33		527
	1,405	Series 2004-37, Class AG, 4.500%, 11/25/32		1,457
	568	Series 2004-46, Class QB, HB, IF, 23.400%, 05/25/34		834
	1,853	Series 2004-46, Class SK, IF, 16.088%, 05/25/34		2,403
	304	Series 2004-51, Class SY, IF, 13.940%, 07/25/34		387
	359	Series 2004-53, Class NC, 5.500%, 07/25/24		395
	427	Series 2004-59, Class BG, PO, 12/25/32		394
	903	Series 2004-61, Class FH, VAR, 0.950%, 11/25/32		921
	119	Series 2004-61, Class SK, IF, 8.500%, 11/25/32		144
	279	Series 2004-76, Class CL, 4.000%, 10/25/19		292
	547	Series 2004-79, Class SP, IF, 19.388%, 11/25/34		753
	124	Series 2004-81, Class AC, 4.000%, 11/25/19		130
	4	Series 2004-92, Class JO, PO, 12/25/34		4
	135	Series 2005-52, Class PA, 6.500%, 06/25/35		144
	1,590	Series 2005-56, Class S, IF, IO, 6.560%, 07/25/35		269
	364	Series 2005-66, Class SG, IF, 17.000%, 07/25/35		492
	713	Series 2005-68, Class BC, 5.250%, 06/25/35		773
	1,705	Series 2005-68, Class PG, 5.500%, 08/25/35		1,889

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	965	Series 2005-68, Class UC, 5.000%, 06/25/35		1,038
	725	Series 2005-74, Class CS, IF, 19.607%, 05/25/35		1,028
	6,263	Series 2005-84, Class XM, 5.750%, 10/25/35		6,846
	2,708	Series 2005-109, Class PC, 6.000%, 12/25/35		2,998
	9,651	Series 2005-110, Class GK, 5.500%, 08/25/34		10,145
	4,326	Series 2005-110, Class GL, 5.500%, 12/25/35		4,869
	2,380	Series 2005-110, Class MN, 5.500%, 06/25/35		2,551
	560	Series 2005-116, Class PB, 6.000%, 04/25/34		587
	194	Series 2006-15, Class OT, PO, 01/25/36		193
	552	Series 2006-16, Class OA, PO, 03/25/36		488
	734	Series 2006-22, Class AO, PO, 04/25/36		683
	236	Series 2006-23, Class KO, PO, 04/25/36		225
	2,312	Series 2006-39, Class WC, 5.500%, 01/25/36		2,533
	119	Series 2006-42, Class CF, VAR, 0.600%, 06/25/36		120
	1,204	Series 2006-44, Class GO, PO, 06/25/36		1,122
	2,695	Series 2006-44, Class P, PO, 12/25/33		2,506
	1,706	Series 2006-46, Class UC, 5.500%, 12/25/35		1,871
	1,781	Series 2006-53, Class US, IF, IO, 6.430%, 06/25/36		311
	1,598	Series 2006-56, Class FC, VAR, 0.440%, 07/25/36		1,599
	1,607	Series 2006-56, Class PF, VAR, 0.500%, 07/25/36		1,611
	900	Series 2006-56, Class PO, PO, 07/25/36		820
	1,160	Series 2006-58, Class AP, PO, 07/25/36		1,097
	131	Series 2006-58, Class FL, VAR, 0.610%, 07/25/36		132
	527	Series 2006-58, Class PO, PO, 07/25/36		470
	767	Series 2006-59, Class QO, PO, 01/25/33		761
	3,341	Series 2006-60, Class DZ, 6.500%, 07/25/36		4,141
	817	Series 2006-65, Class QO, PO, 07/25/36		762
	206	Series 2006-72, Class TO, PO, 08/25/36		194
	3,387	Series 2006-77, Class PC, 6.500%, 08/25/36		3,852
	684	Series 2006-79, Class DO, PO, 08/25/36		637
	559	Series 2006-90, Class AO, PO, 09/25/36		529
	226	Series 2006-109, Class PO, PO, 11/25/36		213
	1,717	Series 2006-110, Class PO, PO, 11/25/36		1,533
	151	Series 2006-111, Class EO, PO, 11/25/36		132
	931	Series 2006-118, Class A2, VAR, 0.210%, 12/25/36		911
	220	Series 2006-119, Class PO, PO, 12/25/36		205
	3,410	Series 2006-124, Class HB, VAR, 5.958%, 11/25/36		3,496
	1,000	Series 2006-128, Class BP, 5.500%, 01/25/37		1,104
	980	Series 2006-130, Class GI, IO, 6.500%, 07/25/32		160
	785	Series 2007-7, Class SG, IF, IO, 6.350%, 08/25/36		157
	2,750	Series 2007-14, Class ES, IF, IO, 6.290%, 03/25/37		396
	251	Series 2007-15, Class NO, PO, 03/25/22		248
	953	Series 2007-16, Class FC, VAR, 0.900%, 03/25/37		971
	314	Series 2007-42, Class AO, PO, 05/25/37		289
	366	Series 2007-48, Class PO, PO, 05/25/37		337
	1,107	Series 2007-54, Class FA, VAR, 0.550%, 06/25/37		1,109
	5,924	Series 2007-60, Class AX, IF, IO, 7.000%, 07/25/37		1,022
	284	Series 2007-77, Class FG, VAR, 0.650%, 03/25/37		285
	1,400	Series 2007-81, Class GE, 6.000%, 08/25/37		1,567
	1,955	Series 2007-84, Class PG, 6.000%, 12/25/36		2,056
	3,785	Series 2007-88, Class VI, IF, IO, 6.390%, 09/25/37		631
	2,551	Series 2007-91, Class ES, IF, IO, 6.310%, 10/25/37		359
	1,797	Series 2007-97, Class KI, IO, 7.000%, 05/25/33		395
	3,101	Series 2007-101, Class A2, VAR, 0.400%, 06/27/36		3,053
	698	Series 2007-106, Class A7, VAR, 6.033%, 10/25/37		775
	3,000	Series 2007-114, Class A6, VAR, 0.350%, 10/27/37		2,993
	2,135	Series 2007-116, Class HI, IO, VAR, 1.497%, 01/25/38		160

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	44	Series 2007-118, Class IO, IO, 6.000%, 06/25/36		2
	1,402	Series 2008-1, Class BI, IF, IO, 5.760%, 02/25/38		154
	1,012	Series 2008-10, Class XI, IF, IO, 6.080%, 03/25/38		137
	635	Series 2008-16, Class IS, IF, IO, 6.050%, 03/25/38		70
	768	Series 2008-19, Class IC, IO, 5.000%, 03/25/23		54
	851	Series 2008-24, Class DY, 5.000%, 04/25/23		902
	628	Series 2008-27, Class SN, IF, IO, 6.750%, 04/25/38		94
	384	Series 2008-39, Class CI, IO, 4.500%, 05/25/18		24
	475	Series 2008-42, Class AO, PO, 09/25/36		460
	50	Series 2008-44, Class PO, PO, 05/25/38		46
	764	Series 2008-47, Class SI, IF, IO, 6.350%, 06/25/23		88
	914	Series 2008-53, Class CI, IF, IO, 7.050%, 07/25/38		181
	406	Series 2008-76, Class GF, VAR, 0.800%, 09/25/23		408
	2,073	Series 2008-80, Class SA, IF, IO, 5.700%, 09/25/38		241
	1,274	Series 2008-81, Class SB, IF, IO, 5.700%, 09/25/38		142
	1,779	Series 2009-6, Class GS, IF, IO, 6.400%, 02/25/39		353
	836	Series 2009-9, Class IO, IO, 5.000%, 02/25/24		80
	779	Series 2009-18, Class IO, IO, 5.000%, 03/25/24		65
	2,500	Series 2009-19, Class IP, IO, 5.500%, 10/25/36		486
	1,360	Series 2009-60, Class HT, 6.000%, 08/25/39		1,530
	931	Series 2009-62, Class HJ, 6.000%, 05/25/39		1,016
	1,389	Series 2009-70, Class CO, PO, 01/25/37		1,224
	1,100	Series 2009-86, Class UI, IO, 4.000%, 10/25/14		11
	886	Series 2009-99, Class SC, IF, IO, 6.030%, 12/25/39		93
	1,037	Series 2009-103, Class MB, VAR, 2.413%, 12/25/39		1,061
	1,385	Series 2010-45, Class BD, 4.500%, 11/25/38		1,443
	1,580	Series 2010-49, Class SC, IF, 12.360%, 03/25/40		1,864
	1,005	Series 2010-64, Class DM, 5.000%, 06/25/40		1,106
	1,154	Series 2010-71, Class HJ, 5.500%, 07/25/40		1,274
	2,553	Series 2010-133, Class A, 5.500%, 05/25/38		2,778
	3,226	Series 2010-147, Class SA, IF, IO, 6.380%, 01/25/41		686
	1,448	Series 2010-148, Class MA, 4.000%, 02/25/39		1,488
	1,331	Series 2011-2, Class WA, VAR, 5.825%, 02/25/51		1,422
	1,837	Series 2011-22, Class MA, 6.500%, 04/25/38		2,074
	3,591	Series 2011-30, Class LS, IO, VAR, 2.018%, 04/25/41		254
	2,500	Series 2011-31, Class DB, 3.500%, 04/25/31		2,568
	7,500	Series 2011-44, Class EB, 3.000%, 05/25/26		7,515
	863	Series 2011-75, Class FA, VAR, 0.700%, 08/25/41		872
	1,764	Series 2011-118, Class MT, 7.000%, 11/25/41		2,035
	2,448	Series 2011-130, Class CA, 6.000%, 12/25/41		2,702
	1,519	Series 2012-14, Class FB, VAR, 0.600%, 08/25/37		1,528
	8,387	Series 2012-47, Class HF, VAR, 0.550%, 05/25/27		8,420
	3,000	Series 2012-66, Class CB, 3.000%, 06/25/32		2,768
	5,805	Series 2012-99, Class AE, 2.500%, 05/25/39		5,667
	3,641	Series 2012-108, Class F, VAR, 0.650%, 10/25/42		3,631
	4,551	Series 2012-137, Class CF, VAR, 0.450%, 08/25/41		4,510
	2,000	Series 2013-81, Class TA, 3.000%, 02/25/43		1,975
	1,694	Series 2013-90, Class PM, 3.500%, 09/25/43		1,574
	2,397	Series 2013-92, Class PO, PO, 09/25/43		1,910
	3,349	Series 2013-101, Class AE, 3.000%, 10/25/33		3,196
	3,646	Series 2013-101, Class DO, PO, 10/25/43		2,869
	3,000	Series 2013-101, Class E, 3.000%, 10/25/33		2,887
	3,500	Series 2013-103, Class VG, 3.000%, 03/25/30		3,356
	4,000	Series 2013-108, Class GU, 3.000%, 10/25/33		3,757

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	4,866		Series 2013-128, Class PO, PO, 12/25/43		3,859
	–	(h)	Series G-17, Class S, HB, VAR, 1,065.438%, 06/25/21		6
	21		Series G-28, Class S, IF, 14.950%, 09/25/21		26
	26		Series G-35, Class M, 8.750%, 10/25/21		29
	9		Series G-51, Class SA, HB, IF, 23.532%, 12/25/21		13
	–	(h)	Series G92-27, Class SQ, HB, IF, 1,864.430%, 05/25/22		1
	135		Series G92-35, Class E, 7.500%, 07/25/22		150
	–	(h)	Series G92-35, Class G, HB, 1,184.775%, 07/25/22		2
	16		Series G92-42, Class Z, 7.000%, 07/25/22		18
	349		Series G92-44, Class ZQ, 8.000%, 07/25/22		378
	21		Series G92-52, Class FD, VAR, 0.171%, 09/25/22		21
	158		Series G92-54, Class ZQ, 7.500%, 09/25/22		176
	20		Series G92-59, Class F, VAR, 1.401%, 10/25/22		21
	41		Series G92-61, Class Z, 7.000%, 10/25/22		47
	27		Series G92-62, Class B, PO, 10/25/22		25
	140		Series G93-1, Class KA, 7.900%, 01/25/23		159
	31		Series G93-5, Class Z, 6.500%, 02/25/23		36
	40		Series G93-14, Class J, 6.500%, 03/25/23		45
	97		Series G93-17, Class SI, IF, 6.000%, 04/25/23		108
	87		Series G93-27, Class FD, VAR, 1.030%, 08/25/23		89
	22		Series G93-37, Class H, PO, 09/25/23		21
	41		Series G95-1, Class C, 8.800%, 01/25/25		48
			Federal National Mortgage Association REMIC Trust,
	932		Series 2003-W1, Class 1A1, VAR, 5.921%, 12/25/42		1,058
	360		Series 2003-W1, Class 2A, VAR, 6.663%, 12/25/42		425
	140		Series 2003-W4, Class 2A, VAR, 6.386%, 10/25/42		157
	68		Series 2007-W7, Class 1A4, HB, IF, 38.280%, 07/25/37		102
	2,310		Series 2009-W1, Class A, 6.000%, 12/25/49		2,615
			Federal National Mortgage Association STRIPS,
	1		Series 23, Class 2, IO, 10.000%, 09/01/17		—	(h)
	–	(h)	Series 50, Class 2, IO, 10.500%, 03/01/19		—	(h)
	13		Series 218, Class 2, IO, 7.500%, 04/01/23		3
	13		Series 265, Class 2, 9.000%, 03/01/24		16
	160		Series 329, Class 1, PO, 01/01/33		148
	453		Series 339, Class 18, IO, 4.500%, 07/01/18		28
	646		Series 339, Class 21, IO, 4.500%, 08/25/18		41
	325		Series 339, Class 28, IO, 5.500%, 07/01/18		24
	210		Series 345, Class 6, IO, VAR, 5.000%, 12/01/33		38
	749		Series 351, Class 7, IO, VAR, 5.000%, 04/01/34		101
	633		Series 355, Class 11, IO, 6.000%, 07/01/34		98
	269		Series 355, Class 31, IO, VAR, 4.500%, 12/01/18		18
	1,108		Series 365, Class 8, IO, 5.500%, 05/01/36		199
	141		Series 368, Class 3, IO, 4.500%, 11/01/20		10
	568		Series 374, Class 5, IO, 5.500%, 08/01/36		103
	302		Series 383, Class 32, IO, 6.000%, 01/25/38		54
	795		Series 383, Class 33, IO, 6.000%, 01/25/38		144
	183		Series 393, Class 6, IO, 5.500%, 04/25/37		31
			Federal National Mortgage Association Trust,
	250		Series 2004-W1, Class 2A2, 7.000%, 12/25/33		291
	1,072		Series 2004-W15, Class 2AF, VAR, 0.400%, 08/25/44		1,062
	742		Series 2004-W2, Class 2A2, 7.000%, 02/25/44		862
	2,684		Series 2005-W3, Class 2AF, VAR, 0.370%, 03/25/45		2,679
	934		Series 2006-W2, Class 1AF1, VAR, 0.370%, 02/25/46		930
			Government National Mortgage Association,
	1,456		Series 1994-7, Class PQ, 6.500%, 10/16/24		1,678

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	981	Series 1999-4, Class ZB, 6.000%, 02/20/29		1,105
	1,000	Series 1999-10, Class ZC, 6.500%, 04/20/29		1,132
	94	Series 1999-30, Class S, IF, IO, 8.449%, 08/16/29		24
	14	Series 1999-33, Class SM, IF, 9.200%, 09/16/29		17
	204	Series 1999-40, Class ZW, 7.500%, 11/20/29		239
	281	Series 1999-41, Class Z, 8.000%, 11/16/29		334
	103	Series 1999-44, Class PC, 7.500%, 12/20/29		120
	2,054	Series 1999-44, Class ZC, 8.500%, 12/16/29		2,427
	361	Series 1999-44, Class ZG, 8.000%, 12/20/29		431
	141	Series 2000-9, Class Z, 8.000%, 06/20/30		170
	1,349	Series 2000-9, Class ZJ, 8.500%, 02/16/30		1,620
	234	Series 2000-12, Class ST, HB, IF, 38.743%, 02/16/30		439
	71	Series 2000-16, Class ZN, 7.500%, 02/16/30		73
	1,860	Series 2000-21, Class Z, 9.000%, 03/16/30		2,242
	14	Series 2000-30, Class ST, IF, 11.050%, 12/16/22		16
	275	Series 2000-31, Class Z, 9.000%, 10/20/30		319
	157	Series 2000-35, Class ZA, 9.000%, 11/20/30		169
	23	Series 2000-36, Class IK, IO, 9.000%, 11/16/30		5
	123	Series 2001-6, Class SD, IF, IO, 8.399%, 03/16/31		35
	221	Series 2001-7, Class PK, 6.500%, 03/20/31		251
	187	Series 2001-35, Class SA, IF, IO, 8.099%, 08/16/31		49
	153	Series 2001-36, Class S, IF, IO, 7.899%, 08/16/31		39
	806	Series 2001-64, Class MQ, 6.500%, 12/20/31		935
	216	Series 2002-3, Class SP, IF, IO, 7.239%, 01/16/32		67
	267	Series 2002-7, Class PG, 6.500%, 01/20/32		304
	819	Series 2002-24, Class AG, IF, IO, 7.799%, 04/16/32		182
	74	Series 2002-24, Class SB, IF, 11.698%, 04/16/32		95
	1,809	Series 2002-31, Class SE, IF, IO, 7.349%, 04/16/30		407
	518	Series 2002-40, Class UK, 6.500%, 06/20/32		594
	28	Series 2002-41, Class SV, IF, 9.000%, 06/16/32		35
	1,976	Series 2002-45, Class QE, 6.500%, 06/20/32		2,268
	663	Series 2002-47, Class PG, 6.500%, 07/16/32		764
	1,260	Series 2002-47, Class ZA, 6.500%, 07/20/32		1,447
	36	Series 2002-51, Class SG, HB, IF, 31.853%, 04/20/31		69
	1,075	Series 2002-52, Class GH, 6.500%, 07/20/32		1,251
	498	Series 2002-70, Class PS, IF, IO, 7.551%, 08/20/32		46
	949	Series 2002-75, Class PB, 6.000%, 11/20/32		1,122
	881	Series 2003-11, Class SK, IF, IO, 7.549%, 02/16/33		216
	364	Series 2003-12, Class SP, IF, IO, 7.551%, 02/20/33		106
	79	Series 2003-24, Class PO, PO, 03/16/33		68
	1,319	Series 2003-40, Class TJ, 6.500%, 03/20/33		1,544
	753	Series 2003-46, Class MG, 6.500%, 05/20/33		888
	997	Series 2003-46, Class TC, 6.500%, 03/20/33		1,136
	328	Series 2003-52, Class AP, PO, 06/16/33		305
	1,813	Series 2003-58, Class BE, 6.500%, 01/20/33		2,070
	98	Series 2003-90, Class PO, PO, 10/20/33		81
	1,165	Series 2003-112, Class SA, IF, IO, 6.399%, 12/16/33		226
	1,045	Series 2003-112, Class TS, IF, IO, 6.801%, 10/20/32		74
	3,361	Series 2004-11, Class SW, IF, IO, 5.351%, 02/20/34		420
	108	Series 2004-15, Class SA, IF, 19.252%, 12/20/32		118
	441	Series 2004-28, Class S, IF, 19.247%, 04/16/34		653
	49	Series 2004-68, Class PO, PO, 05/20/31		49
	167	Series 2004-73, Class AE, IF, 14.543%, 08/17/34		201
	1,898	Series 2004-90, Class SI, IF, IO, 5.951%, 10/20/34		283

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	1,295	Series 2005-3, Class SB, IF, IO, 5.951%, 01/20/35		193
	3,278	Series 2005-17, Class SL, IF, IO, 6.551%, 07/20/34		596
	335	Series 2005-35, Class FL, VAR, 0.499%, 03/20/32		335
	78	Series 2005-39, Class KI, IO, 5.500%, 03/20/34		3
	3,195	Series 2005-58, Class NI, IO, 5.500%, 08/20/35		632
	346	Series 2005-68, Class DP, IF, 16.070%, 06/17/35		436
	4,677	Series 2005-68, Class KI, IF, IO, 6.151%, 09/20/35		738
	572	Series 2005-69, Class SY, IF, IO, 6.601%, 11/20/33		93
	607	Series 2005-91, Class PI, IO, 6.000%, 12/20/35		107
	319	Series 2006-16, Class OP, PO, 03/20/36		298
	3	Series 2006-28, Class GO, PO, 03/20/35		3
	904	Series 2006-38, Class SW, IF, IO, 6.351%, 06/20/36		105
	1,032	Series 2006-59, Class SD, IF, IO, 6.551%, 10/20/36		184
	1,756	Series 2006-65, Class SA, IF, IO, 6.651%, 11/20/36		261
	1,103	Series 2007-9, Class DI, IF, IO, 6.361%, 03/20/37		164
	2,514	Series 2007-17, Class JI, IF, IO, 6.659%, 04/16/37		396
	270	Series 2007-17, Class JO, PO, 04/16/37		252
	1,541	Series 2007-19, Class SD, IF, IO, 6.051%, 04/20/37		227
	1,562	Series 2007-26, Class SC, IF, IO, 6.051%, 05/20/37		228
	1,168	Series 2007-27, Class SA, IF, IO, 6.051%, 05/20/37		173
	366	Series 2007-28, Class BO, PO, 05/20/37		319
	946	Series 2007-36, Class SE, IF, IO, 6.319%, 06/16/37		142
	2,757	Series 2007-40, Class SB, IF, IO, 6.601%, 07/20/37		445
	1,647	Series 2007-42, Class SB, IF, IO, 6.601%, 07/20/37		267
	2,500	Series 2007-47, Class PH, 6.000%, 07/16/37		2,981
	1,183	Series 2007-50, Class AI, IF, IO, 6.626%, 08/20/37		193
	169	Series 2007-53, Class SW, IF, 19.757%, 09/20/37		240
	755	Series 2007-57, Class PO, PO, 03/20/37		684
	935	Series 2007-57, Class QA, IF, IO, 6.351%, 10/20/37		136
	1,005	Series 2007-71, Class SB, IF, IO, 6.551%, 07/20/36		85
	878	Series 2007-72, Class US, IF, IO, 6.401%, 11/20/37		117
	898	Series 2007-73, Class MI, IF, IO, 5.851%, 11/20/37		118
	1,746	Series 2007-76, Class SA, IF, IO, 6.381%, 11/20/37		263
	893	Series 2007-79, Class SY, IF, IO, 6.401%, 12/20/37		131
	558	Series 2007-81, Class SP, IF, IO, 6.501%, 12/20/37		92
	1,003	Series 2007-82, Class SA, IF, IO, 6.381%, 12/20/37		151
	487	Series 2008-2, Class MS, IF, IO, 7.009%, 01/16/38		83
	1,624	Series 2008-2, Class NS, IF, IO, 6.389%, 01/16/38		247
	965	Series 2008-10, Class S, IF, IO, 5.681%, 02/20/38		123
	125	Series 2008-23, Class IO, IO, 6.000%, 02/20/37		3
	705	Series 2008-25, Class SB, IF, IO, 6.751%, 03/20/38		105
	695	Series 2008-32, Class PI, IO, 5.500%, 10/16/37		90
	1,355	Series 2008-36, Class SH, IF, IO, 6.151%, 04/20/38		203
	6,630	Series 2008-40, Class SA, IF, IO, 6.249%, 05/16/38		1,123
	1,312	Series 2008-41, Class SA, IF, IO, 6.191%, 05/20/38		200
	843	Series 2008-55, Class SA, IF, IO, 6.051%, 06/20/38		125
	291	Series 2008-60, Class PO, PO, 01/20/38		280
	977	Series 2008-65, Class ME, 5.750%, 09/20/37		1,002
	452	Series 2008-71, Class SC, IF, IO, 5.851%, 08/20/38		59
	967	Series 2008-93, Class AS, IF, IO, 5.551%, 12/20/38		129
	1,470	Series 2009-6, Class SA, IF, IO, 5.949%, 02/16/39		208
	966	Series 2009-10, Class SL, IF, IO, 6.349%, 03/16/34		84
	2,725	Series 2009-12, Class IE, IO, 5.500%, 03/20/39		511
	997	Series 2009-14, Class KI, IO, 6.500%, 03/20/39		193
	898	Series 2009-14, Class NI, IO, 6.500%, 03/20/39		194

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	2,564	Series 2009-22, Class SA, IF, IO, 6.121%, 04/20/39		369
	721	Series 2009-25, Class SE, IF, IO, 7.451%, 09/20/38		145
	617	Series 2009-33, Class CI, IO, 5.500%, 05/20/39		113
	602	Series 2009-33, Class TI, IO, 6.000%, 05/20/39		119
	45	Series 2009-38, Class IO, IO, 5.000%, 09/16/31		—	(h)
	1,064	Series 2009-43, Class SA, IF, IO, 5.801%, 06/20/39		139
	899	Series 2009-65, Class IQ, IO, 6.000%, 12/20/38		137
	2,254	Series 2009-72, Class SM, IF, IO, 6.099%, 08/16/39		337
	484	Series 2009-79, Class OK, PO, 11/16/37		454
	700	Series 2010-14, Class CO, PO, 08/20/35		605
	549	Series 2010-130, Class CP, 7.000%, 10/16/40		647
	3,854	Series 2010-157, Class OP, PO, 12/20/40		3,101
	3,651	Series 2010-H17, Class XQ, VAR, 5.245%, 07/20/60		4,136
	1,245	Series 2011-22, Class WA, VAR, 5.961%, 02/20/37		1,396
	2,650	Series 2011-75, Class SM, IF, IO, 6.451%, 05/20/41		662
	3,148	Series 2012-61, Class FM, VAR, 0.551%, 05/16/42		3,143
	926	Series 2012-141, Class WC, VAR, 3.757%, 01/20/42		969
	4,542	Series 2012-H10, Class FA, VAR, 0.701%, 12/20/61		4,537
	2,615	Series 2012-H15, Class FA, VAR, 0.601%, 05/20/62		2,618
	3,404	Series 2012-H21, Class CF, VAR, 0.851%, 05/20/61		3,422
	2,939	Series 2012-H21, Class DF, VAR, 0.801%, 05/20/61		2,950
	4,828	Series 2012-H22, Class FD, VAR, 0.621%, 01/20/61		4,825
	1,606	Series 2012-H24, Class FA, VAR, 0.601%, 03/20/60		1,608
	3,456	Series 2012-H24, Class FG, VAR, 0.581%, 04/20/60		3,459
	1,940	Series 2012-H26, Class MA, VAR, 0.701%, 07/20/62		1,943
	2,812	Series 2012-H28, Class FA, VAR, 0.731%, 09/20/62		2,819
	3,968	Series 2012-H30, Class PA, VAR, 0.601%, 11/20/59		3,972
	2,218	Series 2012-H31, Class FD, VAR, 0.491%, 12/20/62		2,196
	4,297	Series 2013-54, Class WA, VAR, 4.714%, 11/20/42		4,678
	3,373	Series 2013-75, Class WA, VAR, 5.233%, 06/20/40		3,694
	1,725	Series 2013-91, Class WA, VAR, 4.507%, 04/20/43		1,858
	1,300	Series 2013-116, Class JY, 4.000%, 08/16/43		1,350
	3,084	Series 2013-H01, Class FA, 1.650%, 01/20/63		3,075
	1,633	Series 2013-H03, Class FA, VAR, 0.451%, 08/20/60		1,631
	1,508	Series 2013-H04, Class BA, 1.650%, 02/20/63		1,503
	4,881	Series 2013-H05, Class FB, VAR, 0.552%, 02/20/62		4,873
	1,917	Series 2013-H07, Class HA, VAR, 0.561%, 03/20/63		1,902
	9,936	Series 2013-H07, Class JA, 1.750%, 03/20/63		9,935
	1,831	Series 2013-H08, Class FC, VAR, 0.601%, 02/20/63		1,820
	1,982	Series 2013-H09, Class HA, 1.650%, 04/20/63		1,973
	4,408	Series 2013-H18, Class JA, VAR, 0.751%, 08/20/63		4,414
	1,982	Series 2014-H01, Class FD, VAR, 0.801%, 01/20/64		1,990
		Vendee Mortgage Trust,
	510	Series 1994-1, Class 1, VAR, 5.576%, 02/15/24		561
	789	Series 1994-1, Class 2ZB, 6.500%, 02/15/24		869
	717	Series 1996-1, Class 1Z, 6.750%, 02/15/26		825
	575	Series 1996-2, Class 1Z, 6.750%, 06/15/26		667
	994	Series 1997-1, Class 2Z, 7.500%, 02/15/27		1,180
	1,215	Series 1998-1, Class 2E, 7.000%, 03/15/28		1,420
	2,277	Series 1999-1, Class 2Z, 6.500%, 01/15/29		2,603
	5,912	Series 2003-2, Class Z, 5.000%, 05/15/33		6,712
				650,747
		Non-Agency CMO — 7.3%
	183	AAM ACE Resecuritization Trust, Series 2011-1, Class A20, VAR, 0.385%, 02/02/37 (e)		179

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Non-Agency CMO — continued
			AJAX Mortgage Loan Trust,
	2,563		Series 2013-A, Class A, VAR, 3.500%, 02/25/51 (e) (i)		2,534
	2,884		Series 2013-C, Class A, SUB, 4.500%, 03/25/35 (e) (i)		2,893
			Alternative Loan Trust,
	–	(h)	Series 2002-8, Class A4, 6.500%, 07/25/32		—	(h)
	13,478		Series 2004-2CB, Class 1A9, 5.750%, 03/25/34		13,623
	269		Series 2004-18CB, Class 2A4, 5.700%, 09/25/34		271
	1,955		Series 2005-1CB, Class 1A6, IF, IO, 6.950%, 03/25/35		417
	4,872		Series 2005-20CB, Class 3A8, IF, IO, 4.600%, 07/25/35		588
	8,217		Series 2005-22T1, Class A2, IF, IO, 4.920%, 06/25/35		1,099
	5,011		Series 2005-28CB, Class 1A4, 5.500%, 08/25/35		4,734
	174		Series 2005-28CB, Class 3A5, 6.000%, 08/25/35		144
	6,728		Series 2005-37T1, Class A2, IF, IO, 4.900%, 09/25/35		950
	4,431		Series 2005-54CB, Class 1A11, 5.500%, 11/25/35		4,014
	11,141		Series 2005-54CB, Class 1A2, IF, IO, 4.700%, 11/25/35		1,327
	2,752		Series 2005-57CB, Class 3A2, IF, IO, 4.950%, 12/25/35		385
	1,656		Series 2005-64CB, Class 1A9, 5.500%, 12/25/35		1,528
	6,248		Series 2005-J1, Class 1A4, IF, IO, 4.950%, 02/25/35		627
	2,407		Series 2006-26CB, Class A9, 6.500%, 09/25/36		2,092
	38		Alternative Loan Trust Resecuritization, Series 2005-5R, Class A1, 5.250%, 12/25/18		38
			American General Mortgage Loan Trust,
	1,497		Series 2009-1, Class A7, VAR, 5.750%, 09/25/48 (e)		1,499
	–	(h)	Series 2010-1A, Class A1, VAR, 5.150%, 03/25/58 (e)		—	(h)
	718		Series 2010-1A, Class A2, VAR, 5.650%, 03/25/58 (e)		728
	1,140		Series 2010-1A, Class A3, VAR, 5.650%, 03/25/58 (e)		1,172
	473		Series 2010-1A, Class A4, VAR, 5.650%, 03/25/58 (e)		485
			ASG Resecuritization Trust,
	707		Series 2009-1, Class A60, VAR, 2.134%, 06/26/37 (e)		695
	323		Series 2009-2, Class A55, VAR, 5.355%, 05/24/36 (e)		324
	1,000		Series 2009-2, Class G60, VAR, 5.355%, 05/24/36 (e)		1,018
	3,282		Series 2009-3, Class A65, VAR, 2.067%, 03/26/37 (e)		3,283
	2,119		Series 2009-4, Class A60, 6.000%, 06/28/37 (e)		2,194
	801		Series 2010-2, Class A60, VAR, 1.855%, 01/28/37 (e)		791
	828		Series 2011-1, Class 3A50, VAR, 2.484%, 11/28/35 (e)		812
			Banc of America Alternative Loan Trust,
	174		Series 2003-2, Class PO, PO, 04/25/33		156
	192		Series 2003-9, Class 1CB2, 5.500%, 11/25/33		197
	300		Series 2003-11, Class PO, PO, 01/25/34		269
	149		Series 2004-6, Class 15PO, PO, 07/25/19		147
	1,479		Series 2005-5, Class 1CB1, 5.500%, 06/25/35		1,406
	4,100		Series 2005-6, Class CBIO, IO, 5.500%, 07/25/35		844
	1,198		Series 2006-4, Class 1A4, 6.000%, 05/25/46		812
	2,307		Banc of America Funding Corp., Series 2012-R6, Class 1A1, 3.000%, 10/26/39 (e) (i)		2,293
			Banc of America Funding Trust,
	362		Series 2004-1, Class PO, PO, 03/25/34		288
	519		Series 2004-2, Class 30PO, PO, 09/20/34		442
	343		Series 2004-C, Class 1A1, VAR, 5.082%, 12/20/34		344
	853		Series 2005-6, Class 2A7, 5.500%, 10/25/35		854
	563		Series 2005-7, Class 30PO, PO, 11/25/35		423
	369		Series 2005-8, Class 30PO, PO, 01/25/36		283
	1,471		Series 2005-E, Class 4A1, VAR, 2.681%, 03/20/35		1,477
	588		Series 2006-A, Class 3A2, VAR, 2.708%, 02/20/36		472
	523		Series 2010-R5, Class 1A1, 5.500%, 10/26/37 (e)		536
			Banc of America Mortgage Trust,
	121		Series 2003-3, Class 2A1, VAR, 0.700%, 05/25/18		117
	113		Series 2003-6, Class 2A1, VAR, 0.600%, 08/25/18		112

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	48	Series 2003-7, Class A2, 4.750%, 09/25/18		49
	152	Series 2003-8, Class APO, PO, 11/25/33		122
	972	Series 2004-3, Class 15IO, IO, VAR, 0.064%, 04/25/19		4
	62	Series 2004-4, Class APO, PO, 05/25/34		54
	1,212	Series 2004-5, Class 2A2, 5.500%, 06/25/34		1,235
	568	Series 2004-6, Class 2A5, PO, 07/25/34		471
	276	Series 2004-6, Class APO, PO, 07/25/34		248
	31	Series 2004-8, Class 5PO, PO, 05/25/32		28
	36	Series 2004-8, Class XPO, PO, 10/25/34		33
	274	Series 2004-A, Class 2A2, VAR, 2.680%, 02/25/34		275
	1,042	Series 2004-J, Class 3A1, VAR, 2.913%, 11/25/34		1,046
	1,222	Series 2005-10, Class 1A6, 5.500%, 11/25/35		1,213
		BCAP LLC Trust,
	424	Series 2009-RR13, Class 17A2, VAR, 5.500%, 04/26/37 (e)		440
	558	Series 2009-RR5, Class 8A1, 5.500%, 11/26/34 (e)		575
	705	Series 2010-RR12, Class 2A5, VAR, 4.500%, 01/26/36 (e)		713
	271	Series 2010-RR4, Class 12A1, VAR, 4.000%, 07/26/36 (e)		277
	724	Series 2010-RR6, Class 22A3, VAR, 4.412%, 06/26/36 (e)		741
	528	Series 2010-RR7, Class 16A1, VAR, 0.824%, 02/26/47 (e)		522
	264	Series 2010-RR7, Class 1A5, VAR, 4.977%, 04/26/35 (e)		263
	2,225	Series 2010-RR7, Class 2A1, VAR, 2.207%, 07/26/45 (e)		2,242
	318	Series 2010-RR8, Class 3A3, VAR, 5.061%, 05/26/35 (e)		324
	1,500	Series 2010-RR8, Class 3A4, VAR, 5.061%, 05/26/35 (e)		1,423
	1,096	Series 2011-R11, Class 25A5, VAR, 4.000%, 08/26/21 (e)		1,115
	2,104	Series 2011-RR10, Class 2A1, VAR, 1.036%, 09/26/37 (e)		1,926
	1,853	Series 2011-RR4, Class 6A3, VAR, 5.000%, 08/26/37 (e)		1,885
	1,791	Series 2011-RR5, Class 11A3, VAR, 0.300%, 05/28/36 (e)		1,688
	643	Series 2011-RR5, Class 14A3, VAR, 2.558%, 07/26/36 (e)		640
	1,307	Series 2012-RR10, Class 3A1, VAR, 0.340%, 05/26/36 (e)		1,234
	1,466	Series 2012-RR2, Class 1A1, VAR, 0.320%, 08/26/36 (e)		1,427
	1,149	Series 2012-RR3, Class 2A5, VAR, 1.989%, 05/26/37 (e)		1,151
		Bear Stearns ARM Trust,
	174	Series 2003-7, Class 3A, VAR, 2.440%, 10/25/33		175
	765	Series 2004-1, Class 12A1, VAR, 2.671%, 04/25/34		771
	164	Series 2004-2, Class 14A, VAR, 2.977%, 05/25/34		165
	1,686	Series 2005-5, Class A1, VAR, 2.160%, 08/25/35		1,713
	4,045	Series 2006-1, Class A1, VAR, 2.369%, 02/25/36		4,073
		CAM Mortgage Trust,
	44	Series 2013-1, Class A, VAR, 3.967%, 11/25/57 (e) (i)		44
	539	Series 2014-1, Class A, SUB, 3.352%, 12/15/53 (e)		540
		CHL Mortgage Pass-Through Trust,
	919	Series 2003-26, Class 1A6, 3.500%, 08/25/33		931
	18	Series 2003-44, Class A9, PO, 10/25/33		18
	225	Series 2003-J7, Class 4A3, IF, 9.579%, 08/25/18		236
	553	Series 2004-7, Class 2A1, VAR, 2.479%, 06/25/34		547
	383	Series 2004-8, Class 2A1, 4.500%, 06/25/19		394
	225	Series 2004-HYB1, Class 2A, VAR, 2.545%, 05/20/34		217
	787	Series 2004-HYB3, Class 2A, VAR, 2.342%, 06/20/34		757
	675	Series 2004-HYB6, Class A3, VAR, 2.530%, 11/20/34		649
	284	Series 2004-J8, Class 1A2, 4.750%, 11/25/19		290
	1,478	Series 2005-16, Class A23, 5.500%, 09/25/35		1,364
	3,398	Series 2005-22, Class 2A1, VAR, 2.564%, 11/25/35		2,861
		Citicorp Mortgage Securities REMIC Pass-Through Certificates Trust,
	175	Series 2005-5, Class APO, PO, 08/25/35		154
	159	Series 2005-8, Class APO, PO, 11/25/35		127
		Citigroup Mortgage Loan Trust,
	1,376	Series 2008-AR4, Class 1A1A, VAR, 2.682%, 11/25/38 (e)		1,390

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	582	Series 2009-10, Class 2A1A, 7.000%, 12/25/35 (e)		608
	4,802	Series 2010-8, Class 5A6, 4.000%, 11/25/36 (e)		4,947
	5,224	Series 2010-8, Class 6A6, 4.500%, 12/25/36 (e)		5,388
		Citigroup Mortgage Loan Trust, Inc.,
	297	Series 2003-1, Class 2A5, 5.250%, 10/25/33		308
	154	Series 2003-1, Class 2A6, PO, 10/25/33		130
	105	Series 2003-1, Class PO2, PO, 10/25/33		95
	117	Series 2003-1, Class PO3, PO, 09/25/33		104
	114	Series 2003-UP3, Class A3, 7.000%, 09/25/33		118
	205	Series 2003-UST1, Class A1, 5.500%, 12/25/18		210
	46	Series 2003-UST1, Class PO1, PO, 12/25/18		43
	37	Series 2003-UST1, Class PO3, PO, 12/25/18		35
	164	Series 2004-UST1, Class A6, VAR, 2.816%, 08/25/34		160
	447	Series 2005-1, Class 2A1A, VAR, 2.702%, 04/25/35		352
	541	Series 2005-2, Class 2A11, 5.500%, 05/25/35		558
	536	Series 2005-5, Class 1A2, VAR, 2.624%, 08/25/35		397
	487	Series 2012-A, Class A, 2.500%, 06/25/51 (e) (i)		470
		Credit Suisse First Boston Mortgage Securities Corp.,
	685	Series 2003-1, Class DB1, VAR, 6.675%, 02/25/33		692
	118	Series 2003-17, Class 2A1, 5.000%, 07/25/18		120
	399	Series 2003-21, Class 1A4, 5.250%, 09/25/33		415
	532	Series 2003-25, Class 1P, PO, 10/25/33		466
	38	Series 2004-5, Class 5P, PO, 08/25/19		37
	2,113	Series 2005-4, Class 3A18, 5.500%, 06/25/35		2,137
	2,352	Series 2005-4, Class 3A23, 5.500%, 06/25/35		2,335
		CSMC,
	8,582	Series 2010-11R, Class A6, VAR, 1.150%, 06/28/47 (e)		8,213
	867	Series 2011-1R, Class A1, VAR, 1.150%, 02/27/47 (e)		866
	911	Series 2011-6R, Class 3A1, VAR, 2.714%, 07/28/36 (e)		916
	260	Series 2011-7R, Class A1, VAR, 1.401%, 08/28/47 (e)		260
	1,029	Series 2011-9R, Class A1, VAR, 2.150%, 03/27/46 (e)		1,034
	1,763	Series 2011-16R, Class 7A3, VAR, 3.500%, 12/27/36 (e)		1,782
	863	Series 2012-3R, Class 1A1, VAR, 3.250%, 07/27/37 (e)		859
	627	CSMC Trust, Series 2010-16, Class A3, VAR, 3.590%, 06/25/50 (e)		622
	126	Deutsche Mortgage Securities, Inc., Mortgage Loan Resecuritization Trust, Series 2009-RS2, Class 4A1, VAR, 0.284%, 04/26/37 (e)		125
	712	FDIC Trust, Series 2013-N1, Class A, 4.500%, 10/25/18 (e)		722
	5	First Boston Mortgage Securities Corp. 1987 STRIPS, Series C, Class PO, PO, 04/25/17		5
		First Horizon Alternative Mortgage Securities Trust,
	1,172	Series 2004-AA4, Class A1, VAR, 2.230%, 10/25/34		1,171
	1,755	Series 2005-FA8, Class 1A19, 5.500%, 11/25/35		1,563
	2,951	Series 2007-FA4, Class 1A2, IF, IO, 5.500%, 08/25/37		595
		First Horizon Mortgage Pass-Through Trust,
	743	Series 2004-AR2, Class 2A1, VAR, 2.627%, 05/25/34		743
	1,535	Series 2005-AR1, Class 2A2, VAR, 2.592%, 04/25/35		1,540
	375	Freedom Trust, Series 2011-4, Class A18, VAR, 5.000%, 03/25/37 (e)		377
		GMACM Mortgage Loan Trust,
	647	Series 2003-AR1, Class A4, VAR, 2.944%, 10/19/33		646
	316	Series 2004-J5, Class A7, 6.500%, 01/25/35		333
	124	Series 2004-J6, Class 1A1, 5.000%, 01/25/20		127
	4,770	Series 2005-AR3, Class 3A4, VAR, 2.848%, 06/19/35		4,740
		GSMPS Mortgage Loan Trust,
	976	Series 2001-2, Class A, VAR, 7.500%, 06/19/32 (e)		1,024
	1,398	Series 2005-RP3, Class 1AF, VAR, 0.500%, 09/25/35 (e)		1,197
	1,056	Series 2005-RP3, Class 1AS, IO, VAR, 4.852%, 09/25/35 (e)		148

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	4,648	Series 2006-RP2, Class 1AS2, IF, IO, 5.889%, 04/25/36 (e)		606
		GSR Mortgage Loan Trust,
	697	Series 2004-6F, Class 3A4, 6.500%, 05/25/34		752
	699	Series 2004-8F, Class 2A3, 6.000%, 09/25/34		729
	645	Series 2004-13F, Class 3A3, 6.000%, 11/25/34		638
	296	Series 2005-4F, Class AP, PO, 05/25/35		270
	2,861	Series 2005-7F, Class 3A9, 6.000%, 09/25/35		2,965
	3,529	Series 2006-1F, Class 2A4, 6.000%, 02/25/36		3,244
	3,091	Series 2007-1F, Class 2A4, 5.500%, 01/25/37		3,102
	3,953	Homeowner Assistance Program Reverse Mortgage Loan Trust, Series 2013-RM1, Class A, 4.000%, 05/26/53 (e) (i)		3,871
	364	Impac CMB Trust, Series 2005-4, Class 2A1, VAR, 0.450%, 05/25/35		365
		Impac Secured Assets Trust,
	650	Series 2006-1, Class 2A1, VAR, 0.500%, 05/25/36		645
	884	Series 2006-2, Class 2A1, VAR, 0.500%, 08/25/36		872
	15,306	IndyMac INDX Mortgage Loan Trust, Series 2005-AR11, Class A7, IO, VAR, 0.000%, 08/25/35		5
		JP Morgan Mortgage Trust,
	1,498	Series 2006-A2, Class 4A1, VAR, 2.698%, 08/25/34		1,498
	2,009	Series 2006-A2, Class 5A3, VAR, 2.558%, 11/25/33		2,009
	386	Series 2006-A3, Class 6A1, VAR, 2.733%, 08/25/34		390
	471	JP Morgan Resecuritization Trust, Series 2009-6, Class 4A1, VAR, 2.664%, 09/26/36 (e)		475
		Lehman Mortgage Trust,
	683	Series 2006-2, Class 1A1, VAR, 6.146%, 04/25/36		648
	1,343	Series 2008-2, Class 1A6, 6.000%, 03/25/38		1,227
	1,000	LVII Resecuritization Trust, Series 2009-3, Class M3, VAR, 5.089%, 11/27/37 (e)		1,015
		MASTR Adjustable Rate Mortgages Trust,
	87	Series 2004-4, Class 2A1, VAR, 2.079%, 05/25/34		79
	839	Series 2004-13, Class 2A1, VAR, 2.641%, 04/21/34		851
	2,031	Series 2004-13, Class 3A7, VAR, 2.640%, 11/21/34		2,074
	392	Series 2004-15, Class 3A1, VAR, 2.892%, 12/25/34		395
		MASTR Alternative Loan Trust,
	210	Series 2003-3, Class 1A1, 6.500%, 05/25/33		223
	596	Series 2003-9, Class 8A1, 6.000%, 01/25/34		621
	652	Series 2004-3, Class 2A1, 6.250%, 04/25/34		689
	918	Series 2004-4, Class 10A1, 5.000%, 05/25/24		977
	472	Series 2004-6, Class 30PO, PO, 07/25/34		454
	696	Series 2004-6, Class 7A1, 6.000%, 07/25/34		724
	335	Series 2004-7, Class 30PO, PO, 08/25/34		267
	1,263	Series 2004-8, Class 6A1, 5.500%, 09/25/19		1,311
	191	Series 2004-10, Class 1A1, 4.500%, 09/25/19		194
		MASTR Asset Securitization Trust,
	60	Series 2003-2, Class 2A1, 4.500%, 03/25/18		60
	19	Series 2003-3, Class 4A1, 5.000%, 04/25/18		19
	88	Series 2003-4, Class 3A2, 5.000%, 05/25/18		90
	122	Series 2003-12, Class 30PO, PO, 12/25/33		110
	89	Series 2004-1, Class 30PO, PO, 02/25/34		79
	29	Series 2004-4, Class 3A1, 4.500%, 04/25/19		30
	55	Series 2004-6, Class 15PO, PO, 07/25/19		53
	78	Series 2004-8, Class 1A1, 4.750%, 08/25/19		79
	33	Series 2004-8, Class PO, PO, 08/25/19		31
	2,746	MASTR Reperforming Loan Trust, Series 2005-2, Class 1A1F, VAR, 0.500%, 05/25/35 (e)		2,334
	1,204	MASTR Resecuritization Trust, Series 2005-PO, Class 3PO, PO, 05/28/35 (e)		963
		Merrill Lynch Mortgage Investors Trust,
	362	Series 2003-E, Class A1, VAR, 0.770%, 10/25/28		359
	862	Series 2004-1, Class 2A1, VAR, 2.146%, 12/25/34		847
	666	Series 2004-A, Class A1, VAR, 0.610%, 04/25/29		640
	33	ML Trust XLVII, Series 47, Class Z, 8.985%, 10/20/20		35

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Non-Agency CMO — continued
	675		MortgageIT Trust, Series 2005-1, Class 1A1, VAR, 0.470%, 02/25/35		661
	505		NACC Reperforming Loan REMIC Trust, Series 2004-R2, Class A1, VAR, 6.500%, 10/25/34 (e)		516
			Nomura Asset Acceptance Corp. Alternative Loan Trust,
	263		Series 2003-A1, Class A1, 5.500%, 05/25/33		272
	117		Series 2003-A1, Class A2, 6.000%, 05/25/33		121
	60		Series 2003-A1, Class A5, 7.000%, 04/25/33		62
	6		Series 2003-A1, Class A7, 5.000%, 04/25/18		6
			PaineWebber CMO Trust,
	1		Series H, Class 4, 8.750%, 04/01/18		1
	8		Series P, Class 4, 8.500%, 08/01/19		9
	359		Provident Funding Mortgage Loan Trust, Series 2005-1, Class 2A1, VAR, 2.495%, 05/25/35		367
			RALI Trust,
	98		Series 2002-QS16, Class A3, IF, 16.309%, 10/25/17		102
	319		Series 2002-QS8, Class A5, 6.250%, 06/25/17		324
	4,694		Series 2003-QR19, Class CB4, 5.750%, 10/25/33		4,887
	656		Series 2003-QS12, Class A2A, IF, IO, 7.450%, 06/25/18		65
	200		Series 2003-QS12, Class A5, IO, 5.000%, 06/25/18		13
	1,381		Series 2003-QS14, Class A1, 5.000%, 07/25/18		1,404
	444		Series 2003-QS18, Class A1, 5.000%, 09/25/18		455
	1,603		Series 2003-QS19, Class A1, 5.750%, 10/25/33		1,689
	269		Series 2003-QS3, Class A2, IF, 16.170%, 02/25/18		305
	122		Series 2003-QS3, Class A8, IF, IO, 7.450%, 02/25/18		5
	665		Series 2003-QS9, Class A3, IF, IO, 7.400%, 05/25/18		74
	2,246		Series 2004-QA6, Class NB2, VAR, 2.968%, 12/26/34		1,885
			RBSSP Resecuritization Trust,
	461		Series 2009-2, Class 1A1, 7.000%, 08/26/37 (e)		489
	100		Series 2009-6, Class 15A1, 5.500%, 01/26/21 (e)		102
	618		Series 2009-9, Class 7A4, VAR, 6.000%, 07/26/37 (e)		635
	921		Series 2009-12, Class 1A1, VAR, 5.882%, 11/25/33 (e)		972
	845		Series 2010-9, Class 7A5, VAR, 4.000%, 05/26/37 (e)		865
	224		Series 2010-12, Class 8A1, 4.000%, 06/27/21 (e)		227
			Residential Asset Securitization Trust,
	337		Series 2003-A13, Class A3, 5.500%, 01/25/34		345
	28		Series 2003-A14, Class A1, 4.750%, 02/25/19		29
	3,060		Series 2005-A2, Class A4, IF, IO, 4.900%, 03/25/35		432
	823		Series 2006-A4, Class 2A5, 6.000%, 05/25/36		753
			RFMSI Trust,
	670		Series 2003-S13, Class A3, 5.500%, 06/25/33		674
	110		Series 2003-S14, Class A4, PO, 07/25/18		104
	225		Series 2004-S3, Class A1, 4.750%, 03/25/19		230
	515		Series 2004-S6, Class 2A6, PO, 06/25/34		457
	108		Series 2004-S9, Class 2A1, 4.750%, 12/25/19		110
	802		Series 2005-SA4, Class 1A1, VAR, 2.831%, 09/25/35		672
	20		RFSC Trust, Series 2003-RM2, Class AP-3, PO, 05/25/33		18
			Salomon Brothers Mortgage Securities VII, Inc.,
	321		Series 2003-HYB1, Class A, VAR, 2.618%, 09/25/33		328
	41		Series 2003-UP2, Class PO1, PO, 12/25/18		36
			Springleaf Mortgage Loan Trust,
	1,452		Series 2011-1A, Class A1, VAR, 4.050%, 01/25/58 (e)		1,515
	2,100		Series 2011-1A, Class A2, VAR, 5.450%, 01/25/58 (e)		2,207
	–	(h)	Series 2012-1A, Class A, VAR, 2.667%, 09/25/57 (e)		—	(h)
	1,600		Series 2012-1A, Class M3, VAR, 6.000%, 09/25/57 (e)		1,711
	2,450		Series 2012-2A, Class A, VAR, 2.220%, 10/25/57 (e)		2,483
	2,000		Series 2012-2A, Class M4, VAR, 6.000%, 10/25/57 (e)		2,095
	2,981		Series 2012-3A, Class A, VAR, 1.570%, 12/25/59 (e)		2,979

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	1,130	Series 2012-3A, Class M1, VAR, 2.660%, 12/25/59 (e)		1,125
	589	Series 2012-3A, Class M2, VAR, 3.560%, 12/25/59 (e)		595
	455	Series 2012-3A, Class M3, VAR, 4.440%, 12/25/59 (e)		468
	267	Series 2012-3A, Class M4, VAR, 5.300%, 12/25/59 (e)		276
	2,332	Series 2013-1A, Class A, VAR, 1.270%, 06/25/58 (e)		2,323
	1,116	Series 2013-1A, Class M1, VAR, 2.310%, 06/25/58 (e)		1,089
	900	Series 2013-1A, Class M2, VAR, 3.140%, 06/25/58 (e)		885
	634	Series 2013-1A, Class M3, VAR, 3.790%, 06/25/58 (e)		628
	3,618	Series 2013-2A, Class A, VAR, 1.780%, 12/25/65 (e)		3,612
	1,058	Series 2013-2A, Class M1, VAR, 3.520%, 12/25/65 (e)		1,066
	880	Series 2013-3A, Class A, VAR, 1.870%, 09/25/57 (e)		880
	2,131	Series 2013-3A, Class M1, VAR, 3.790%, 09/25/57 (e)		2,148
	1,233	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-6, Class 5A4, VAR, 3.896%, 06/25/34		1,225
	831	Structured Asset Mortgage Investments II Trust, Series 2004-AR5, Class 1A1, VAR, 0.481%, 10/19/34		790
		Structured Asset Securities Corp. Mortgage Pass-Through Certificates,
	965	Series 2003-33H, Class 1A1, 5.500%, 10/25/33		987
	1,654	Series 2004-5H, Class A4, 5.540%, 12/25/33		1,701
		Structured Asset Securities Corp. Trust,
	195	Series 2005-6, Class 4A1, 5.000%, 05/25/35		198
	260	Series 2005-10, Class 5A9, 5.250%, 12/25/34		260
		Thornburg Mortgage Securities Trust,
	519	Series 2003-4, Class A1, VAR, 0.790%, 09/25/43		510
	497	Series 2004-4, Class 3A, VAR, 2.001%, 12/25/44		499
		WaMu Mortgage Pass-Through Certificates Trust,
	191	Series 2003-AR8, Class A, VAR, 2.414%, 08/25/33		193
	2,737	Series 2003-AR9, Class 1A6, VAR, 2.418%, 09/25/33		2,791
	410	Series 2003-AR9, Class 2A, VAR, 2.443%, 09/25/33		416
	267	Series 2003-S8, Class A6, 4.500%, 09/25/18		271
	1,513	Series 2003-S9, Class A8, 5.250%, 10/25/33		1,555
	151	Series 2003-S9, Class P, PO, 10/25/33		126
	246	Series 2004-AR3, Class A1, VAR, 2.378%, 06/25/34		251
	206	Series 2004-AR3, Class A2, VAR, 2.378%, 06/25/34		210
	2,200	Series 2004-RS2, Class A4, 5.000%, 11/25/33		2,255
	304	Series 2006-AR10, Class 2P, VAR, 2.381%, 09/25/36		186
	229	Series 2006-AR12, Class 2P, VAR, 1.956%, 10/25/36		159
		Washington Mutual Mortgage Pass-Through Certificates WMALT Trust,
	10,052	Series 2005-2, Class 1A4, IF, IO, 4.900%, 04/25/35		1,454
	1,937	Series 2005-2, Class 2A3, IF, IO, 4.850%, 04/25/35		253
	2,544	Series 2005-3, Class CX, IO, 5.500%, 05/25/35		676
	3,142	Series 2005-4, Class CB7, 5.500%, 06/25/35		2,924
	2,600	Series 2005-4, Class CX, IO, 5.500%, 06/25/35		556
	728	Series 2005-6, Class 2A4, 5.500%, 08/25/35		668
	4,664	Series 2005-6, Class 2A9, 5.500%, 08/25/35		4,288
	2,203	Wells Fargo Mortgage Loan Trust, Series 2012-RR1, Class A1, VAR, 2.847%, 08/27/37 (e)		2,217
		Wells Fargo Mortgage-Backed Securities Trust,
	251	Series 2003-K, Class 1A1, VAR, 2.490%, 11/25/33		258
	475	Series 2003-K, Class 1A2, VAR, 2.490%, 11/25/33		492
	577	Series 2004-EE, Class 2A1, VAR, 2.613%, 12/25/34		590
	632	Series 2004-EE, Class 3A1, VAR, 2.634%, 12/25/34		642
	3,045	Series 2004-P, Class 2A1, VAR, 2.613%, 09/25/34		3,112
	602	Series 2004-V, Class 1A1, VAR, 2.622%, 10/25/34		611
	284	Series 2005-16, Class APO, PO, 01/25/36		222
	428	Series 2005-AR16, Class 2A1, VAR, 2.616%, 02/25/34		436

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Non-Agency CMO — continued
	5,296		Series 2005-AR3, Class 1A1, VAR, 2.620%, 03/25/35		5,386
	565		Series 2005-AR8, Class 2A1, VAR, 2.624%, 06/25/35		570
	636		Series 2006-2, Class APO, PO, 03/25/36		408
	315		Series 2006-4, Class 1APO, PO, 04/25/36		244
	1,541		Series 2007-7, Class A7, 6.000%, 06/25/37		1,524
	432		Series 2007-11, Class A14, 6.000%, 08/25/37		430
					283,673
			Total Collateralized Mortgage Obligations (Cost $880,533)		934,420
	Commercial Mortgage-Backed Securities — 3.7%
			A10 Securitization LLC,
	1,187		Series 2012-1, Class A, 3.492%, 04/15/24 (e)		1,192
	1,284		Series 2013-1, Class A, 2.400%, 11/15/25 (e)		1,291
			A10 Term Asset Financing LLC,
	3,577		Series 2013-2, Class A, 2.620%, 11/15/27 (e)		3,584
	696		Series 2013-2, Class B, 4.380%, 11/15/27 (e)		700
	560		BAMLL Commercial Mortgage Securities Trust, Series 2012-PARK, Class A, 2.959%, 12/10/30 (e)		555
			Banc of America Commercial Mortgage Trust,
	385		Series 2006-1, Class A4, VAR, 5.372%, 09/10/45		408
	2,218		Series 2006-4, Class A4, 5.634%, 07/10/46		2,398
	915		Series 2006-5, Class A4, 5.414%, 09/10/47		984
	1,500		Series 2007-5, Class A4, 5.492%, 02/10/51		1,630
			Banc of America Merrill Lynch Commercial Mortgage, Inc.,
	400		Series 2005-3, Class A4, 4.668%, 07/10/43		410
	1,610		Series 2005-3, Class AM, 4.727%, 07/10/43		1,657
	173		Series 2005-6, Class ASB, VAR, 5.177%, 09/10/47		173
			BB-UBS Trust,
	4,400		Series 2012-SHOW, Class A, 3.430%, 11/05/36 (e)		4,369
	2,500		Series 2012-TFT, Class A, 2.892%, 06/05/30 (e)		2,456
			Bear Stearns Commercial Mortgage Securities Trust,
	39,178		Series 2005-PWR8, Class X1, IO, VAR, 0.753%, 06/11/41 (e)		221
	3,148		Series 2006-PW11, Class A4, VAR, 5.441%, 03/11/39		3,339
	91,507		CD Commercial Mortgage Trust, Series 2007-CD4, Class XC, IO, VAR, 0.377%, 12/11/49 (e)		801
	900		CGBAM Commercial Mortgage Trust, Series 2014-HD, Class A, VAR, 0.960%, 02/15/31 (e)		901
	1,250		Citigroup Commercial Mortgage Trust, Series 2005-C3, Class AM, VAR, 4.830%, 05/15/43		1,289
			COBALT CMBS Commercial Mortgage Trust,
	582		Series 2006-C1, Class A4, 5.223%, 08/15/48		623
	17,831		Series 2006-C1, Class IO, IO, VAR, 0.777%, 08/15/48		317
			COMM Mortgage Trust,
	1,100		Series 2005-LP5, Class A4, VAR, 4.982%, 05/10/43		1,129
	2,998		Series 2012-CR2, Class XA, IO, VAR, 1.928%, 08/15/45		323
	3,500		Series 2013-300P, Class A1, 4.353%, 08/10/30 (e)		3,797
	1,060		Series 2013-SFS, Class A2, VAR, 2.987%, 04/12/35 (e)		1,045
	1,000		Series 2014-TWC, Class A, VAR, 1.002%, 02/13/32 (e)		1,000
	311		Commercial Mortgage Pass-Through Certificates, Series 2012-MVP, Class A, VAR, 2.090%, 11/17/26 (e)		313
			Commercial Mortgage Trust,
	500		Series 2005-GG3, Class AJ, VAR, 4.859%, 08/10/42		510
	300		Series 2006-GG7, Class AM, VAR, 5.820%, 07/10/38		326
	700		Credit Suisse Commercial Mortgage Trust, Series 2006-C2, Class A3, VAR, 5.669%, 03/15/39		746
			DBRR Trust,
	47		Series 2012-EZ1, Class A, 0.946%, 09/25/45 (e)		47
	1,537		Series 2013-EZ2, Class A, VAR, 0.853%, 02/25/45 (e)		1,533
	–	(h)	FDIC Guaranteed Notes Trust, Series 2010-C1, Class A, 2.980%, 12/06/20 (e) (h)		—	(h)
			Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates,
	2,557		Series K029, Class A2, VAR, 3.320%, 02/25/23		2,660

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
	2,500	Series KSMC, Class A2, 2.615%, 01/25/23		2,459
	1,866	GE Capital Commercial Mortgage Corp., Series 2005-C1, Class AJ, VAR, 4.826%, 06/10/48		1,903
	4,117	GMAC Commercial Mortgage Securities, Inc. Trust, Series 2006-C1, Class A4, VAR, 5.238%, 11/10/45		4,292
		GS Mortgage Securities Corp. II,
	371	Series 2004-GG2, Class A6, VAR, 5.396%, 08/10/38		371
	1,409	Series 2013-KING, Class A, 2.706%, 12/10/27 (e)		1,429
	488	GS Mortgage Securities Corp. Trust, Series 2013-NYC5, Class A, 2.318%, 01/10/30 (e)		494
	865	GS Mortgage Securities Trust, Series 2006-GG6, Class A4, VAR, 5.553%, 04/10/38		918
	1,000	GSMS Trust, Series 2009-RR1, Class JPB, 5.374%, 05/17/45 (e)		1,093
		JP Morgan Chase Commercial Mortgage Securities Trust,
	1,000	Series 2005-CB11, Class AJ, VAR, 5.390%, 08/12/37		1,036
	400	Series 2006-LDP9, Class AMS, 5.337%, 05/15/47		403
	1,000	Series 2007-C1, Class A4, 5.716%, 02/15/51		1,106
	998	Ladder Capital Commercial Mortgage Trust, Series 2013-GCP, Class A2, 3.985%, 02/15/36 (e)		979
		LB-UBS Commercial Mortgage Trust,
	1,000	Series 2006-C1, Class A4, 5.156%, 02/15/31		1,055
	39,952	Series 2006-C7, Class XW, IO, VAR, 0.651%, 11/15/38 (e)		567
	300	Series 2007-C1, Class AM, 5.455%, 02/15/40		329
	822	Series 2007-C2, Class A3, 5.430%, 02/15/40		905
		Merrill Lynch Mortgage Trust,
	2,865	Series 2005-LC1, Class A4, VAR, 5.291%, 01/12/44		3,024
	81	Series 2005-MCP1, Class ASB, VAR, 4.674%, 06/12/43		82
		ML-CFC Commercial Mortgage Trust,
	3,124	Series 2006-1, Class A4, VAR, 5.465%, 02/12/39		3,307
	29,069	Series 2006-4, Class XC, IO, VAR, 0.206%, 12/12/49 (e)		346
	2,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C14, Class A3, 3.669%, 02/15/47		2,100
		Morgan Stanley Capital I Trust,
	35,037	Series 2006-IQ12, Class X1, IO, VAR, 0.498%, 12/15/43 (e)		385
	67,613	Series 2007-HQ11, Class X, IO, VAR, 0.220%, 02/12/44 (e)		326
	764	Series 2011-C3, Class A3, 4.054%, 07/15/49		824
		Morgan Stanley Re-REMIC Trust,
	199	Series 2010-HQ4B, Class A7A, 4.970%, 04/16/40 (e)		200
	503	Series 2011-IO, Class A, 2.500%, 03/23/51 (e)		504
	1,232	Series 2012-IO, Class AXA, 1.000%, 03/27/51 (e)		1,240
	4,676	Series 2012-XA, Class A, 2.000%, 07/27/49 (e)		4,702
	1,800	Series 2012-XA, Class B, 0.250%, 07/27/49 (e)		1,539
		NCUA Guaranteed Notes Trust,
	20,500	Series 2010-C1, Class A2, 2.900%, 10/29/20		21,338
	10,115	Series 2010-C1, Class APT, 2.650%, 10/29/20		10,410
		NorthStar, (Cayman Islands),
	2,447	Series 2013-1A, Class A, VAR, 2.000%, 08/25/29 (e)		2,450
	1,392	Series 2013-1A, Class B, VAR, 5.150%, 08/25/29 (e)		1,383
	1,673	NorthStar Mortgage Trust, Series 2012-1, Class A, VAR, 1.350%, 08/25/29 (e)		1,674
	2,221	ORES NPL LLC, Series 2013-LV2, Class A, 3.081%, 09/25/25 (e)		2,221
	664	RBS Commercial Funding, Inc. Trust, Series 2013-SMV, Class A, 3.260%, 03/11/31 (e)		665
	1,780	RCMC LLC, Series 2012-CRE1, Class A, 5.623%, 11/15/44 (e)		1,821
	1,731	TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class A3, VAR, 5.562%, 08/15/39		1,762
	2,236	UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.663%, 06/10/30 (e)		2,258
		UBS-Barclays Commercial Mortgage Trust,
	1,053	Series 2012-C2, Class A4, 3.525%, 05/10/63		1,085
	10,336	Series 2012-C2, Class XA, IO, VAR, 1.780%, 05/10/63 (e)		891
	857	Series 2013-C6, Class A4, 3.244%, 04/10/46		860
	1,307	VFC LLC, Series 2013-1, Class A, 3.130%, 03/20/26 (e)		1,322

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
		VNDO Mortgage Trust,
	1,398	Series 2012-6AVE, Class A, 2.996%, 11/15/30 (e)		1,383
	4,000	Series 2013-PENN, Class A, 3.808%, 12/13/29 (e)		4,257
	2,500	Wells Fargo Commercial Mortgage Trust, Series 2013-120B, Class A, VAR, 2.710%, 03/18/28 (e)		2,512
	1,671	Wells Fargo Resecuritization Trust, Series 2012-IO, Class A, 1.750%, 08/20/21 (e)		1,671
		WFRBS Commercial Mortgage Trust,
	1,700	Series 2011-C3, Class A4, 4.375%, 03/15/44 (e)		1,863
	800	Series 2012-C6, Class A4, 3.440%, 04/15/45		828
		Total Commercial Mortgage-Backed Securities (Cost $139,351)		143,299
	Corporate Bonds — 18.6%
		Consumer Discretionary — 1.3%
		Auto Components — 0.1%
		Johnson Controls, Inc.,
	591	3.750%, 12/01/21		619
	675	4.250%, 03/01/21		734
	1,000	5.250%, 12/01/41		1,106
				2,459
		Automobiles — 0.1%
		Daimler Finance North America LLC,
	421	1.650%, 04/10/15 (e)		426
	532	1.875%, 01/11/18 (e)		537
	981	2.375%, 08/01/18 (e)		1,002
	739	2.625%, 09/15/16 (e)		766
	1,425	2.950%, 01/11/17 (e)		1,486
				4,217
		Media — 0.9%
		21st Century Fox America, Inc.,
	100	6.200%, 12/15/34		122
	400	6.650%, 11/15/37		511
	250	6.900%, 08/15/39		328
	1,075	7.300%, 04/30/28		1,365
	505	8.000%, 10/17/16		587
	430	8.875%, 04/26/23		583
		CBS Corp.,
	140	5.500%, 05/15/33		155
	265	5.750%, 04/15/20		308
	150	7.875%, 09/01/23		192
	1,000	7.875%, 07/30/30		1,348
	190	8.875%, 05/15/19		247
	250	Comcast Cable Communications Holdings, Inc., 9.455%, 11/15/22		364
		Comcast Corp.,
	1,082	4.250%, 01/15/33		1,114
	2,910	5.900%, 03/15/16		3,185
	400	6.450%, 03/15/37		511
	1,355	6.500%, 11/15/35		1,740
		Cox Communications, Inc.,
	446	3.250%, 12/15/22 (e)		439
	162	5.450%, 12/15/14		166
	125	8.375%, 03/01/39 (e)		176
	450	Cox Enterprises, Inc., 7.375%, 07/15/27 (e)		564
		DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.,
	435	3.800%, 03/15/22		449
	1,000	4.600%, 02/15/21		1,093
	862	5.000%, 03/01/21		966
	2,000	6.000%, 08/15/40		2,312
		Discovery Communications LLC,
	1,016	4.375%, 06/15/21		1,101
	319	4.950%, 05/15/42		325
	1,197	Historic TW, Inc., 9.150%, 02/01/23		1,672
		NBCUniversal Media LLC,
	310	4.375%, 04/01/21		343
	800	5.950%, 04/01/41		976
	515	6.400%, 04/30/40		660
		Thomson Reuters Corp., (Canada),
	1,278	3.950%, 09/30/21		1,340
	441	4.500%, 05/23/43		414
	325	4.700%, 10/15/19		361
		Time Warner Cable, Inc.,
	359	5.500%, 09/01/41		397
	1,218	5.850%, 05/01/17		1,375

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Media — continued
	400	6.550%, 05/01/37		498
	800	8.250%, 04/01/19		1,019
		Time Warner Entertainment Co. LP,
	160	8.375%, 03/15/23		216
	1,250	8.375%, 07/15/33		1,831
		Time Warner, Inc.,
	555	4.750%, 03/29/21		620
	313	5.375%, 10/15/41		345
	150	6.200%, 03/15/40		181
	172	6.250%, 03/29/41		210
	265	6.500%, 11/15/36		328
	250	7.625%, 04/15/31		347
	171	7.700%, 05/01/32		239
		Viacom, Inc.,
	283	1.250%, 02/27/15		285
	500	3.125%, 06/15/22		493
	67	3.250%, 03/15/23		66
	808	3.875%, 12/15/21		848
	464	4.375%, 03/15/43		430
	100	4.500%, 03/01/21		109
	250	4.500%, 02/27/42		238
	333	Walt Disney Co. (The), 0.450%, 12/01/15		334
				36,426
		Multiline Retail — 0.1%
	280	Kohl’s Corp., 6.250%, 12/15/17		325
		Macy’s Retail Holdings, Inc.,
	516	2.875%, 02/15/23		496
	462	4.375%, 09/01/23		491
	157	5.125%, 01/15/42		168
	230	7.450%, 07/15/17		272
	455	Nordstrom, Inc., 4.000%, 10/15/21		489
		Target Corp.,
	200	6.000%, 01/15/18		232
	268	7.000%, 01/15/38		363
				2,836
		Specialty Retail — 0.1%
	533	Gap, Inc. (The), 5.950%, 04/12/21		615
	1,785	Home Depot, Inc. (The), 5.400%, 03/01/16		1,937
		Lowe’s Cos., Inc.,
	739	4.650%, 04/15/42		781
	326	5.125%, 11/15/41		368
	750	Series B, 7.110%, 05/15/37		1,005
				4,706
		Total Consumer Discretionary		50,644
		Consumer Staples — 0.9%
		Beverages — 0.3%
		Anheuser-Busch Cos. LLC,
	600	5.500%, 01/15/18		684
	920	5.750%, 04/01/36		1,121
	900	Anheuser-Busch InBev Finance, Inc., 3.700%, 02/01/24		935
		Anheuser-Busch InBev Worldwide, Inc.,
	114	1.500%, 07/14/14		114
	515	7.750%, 01/15/19		642
	440	Coca-Cola Co. (The), 4.875%, 03/15/19		502
		Diageo Capital plc, (United Kingdom),
	264	1.500%, 05/11/17		267
	510	4.828%, 07/15/20		578
	800	Diageo Finance B.V., (Netherlands), 5.300%, 10/28/15		854
	255	Diageo Investment Corp., 8.000%, 09/15/22		335
	890	FBG Finance Pty Ltd., (Australia), 5.125%, 06/15/15 (e)		930
	355	Heineken N.V., (Netherlands), 1.400%, 10/01/17 (e)		355
		PepsiCo, Inc.,
	150	0.800%, 08/25/14		150
	287	1.250%, 08/13/17		288
	368	3.000%, 08/25/21		375
	59	7.900%, 11/01/18		74
	500	VAR, 0.437%, 02/26/16		501
		SABMiller Holdings, Inc.,
	574	1.850%, 01/15/15 (e)		579
	698	3.750%, 01/15/22 (e)		729

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Beverages — continued
	250	SABMiller plc, (United Kingdom), 6.500%, 07/01/16 (e)		278
				10,291
		Food & Staples Retailing — 0.3%
		CVS Caremark Corp.,
	536	4.000%, 12/05/23		566
	322	5.300%, 12/05/43		368
	979	5.750%, 05/15/41		1,177
	250	6.125%, 09/15/39		314
	1,049	CVS Pass-Through Trust, 5.926%, 01/10/34 (e)		1,203
		Kroger Co. (The),
	900	4.000%, 02/01/24		937
	1,100	5.000%, 04/15/42		1,151
	2,480	7.500%, 04/01/31		3,273
	1,031	Walgreen Co., 3.100%, 09/15/22		1,019
		Wal-Mart Stores, Inc.,
	762	5.250%, 09/01/35		885
	255	6.200%, 04/15/38		330
	350	7.550%, 02/15/30		507
				11,730
		Food Products — 0.3%
	200	Archer-Daniels-Midland Co., 5.935%, 10/01/32		243
	1,415	Bunge Ltd. Finance Corp., 8.500%, 06/15/19		1,781
	191	Bunge N.A. Finance LP, 5.900%, 04/01/17		213
		Cargill, Inc.,
	600	3.300%, 03/01/22 (e)		602
	535	4.307%, 05/14/21 (e)		586
	850	7.350%, 03/06/19 (e)		1,031
		ConAgra Foods, Inc.,
	223	1.300%, 01/25/16		225
	286	2.100%, 03/15/18		289
	365	Kellogg Co., 1.750%, 05/17/17		370
		Kraft Foods Group, Inc.,
	814	3.500%, 06/06/22		835
	694	5.000%, 06/04/42		740
	1,187	6.125%, 08/23/18		1,385
	1,793	6.875%, 01/26/39		2,336
	1,500	Mondelez International, Inc., 4.000%, 02/01/24		1,553
				12,189
		Household Products — 0.0% (g)
		Kimberly-Clark Corp.,
	220	2.400%, 03/01/22		215
	71	7.500%, 11/01/18		88
	768	Procter & Gamble - ESOP, Series A, 9.360%, 01/01/21		978
	140	Procter & Gamble Co. (The), 5.500%, 02/01/34		170
				1,451
		Total Consumer Staples		35,661
		Energy — 1.7%
		Energy Equipment & Services — 0.2%
		Cameron International Corp.,
	225	1.600%, 04/30/15		227
	199	4.000%, 12/15/23		207
		Halliburton Co.,
	714	3.500%, 08/01/23		736
	1,620	7.450%, 09/15/39		2,362
	188	National Oilwell Varco, Inc., 1.350%, 12/01/17		188
		Noble Holding International Ltd., (Cayman Islands),
	113	3.950%, 03/15/22		115
	83	5.250%, 03/15/42		86
	441	Schlumberger Investment S.A., (Luxembourg), 3.300%, 09/14/21 (e)		458
		Transocean, Inc., (Cayman Islands),
	361	3.800%, 10/15/22		353
	256	6.375%, 12/15/21		294
	905	6.500%, 11/15/20		1,041
	198	7.350%, 12/15/41		246
	100	7.500%, 04/15/31		119
		Weatherford International Ltd., (Bermuda),
	311	4.500%, 04/15/22		331
	113	5.950%, 04/15/42		127
	110	6.500%, 08/01/36		130
	350	9.875%, 03/01/39		551
				7,571

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — 1.5%
	160	Alberta Energy Co., Ltd., (Canada), 7.375%, 11/01/31		209
		Anadarko Petroleum Corp.,
	125	5.750%, 06/15/14		125
	330	8.700%, 03/15/19		427
		Apache Corp.,
	138	3.250%, 04/15/22		143
	556	4.750%, 04/15/43		582
	500	6.900%, 09/15/18		603
	235	BG Energy Capital plc, (United Kingdom), 5.125%, 10/15/41 (e)		263
		BP Capital Markets plc, (United Kingdom),
	92	1.375%, 11/06/17		92
	929	1.846%, 05/05/17		949
	1,283	2.237%, 05/10/19		1,298
	882	2.750%, 05/10/23		848
	437	3.814%, 02/10/24		453
	900	4.742%, 03/11/21		1,011
	200	Burlington Resources Finance Co., (Canada), 7.400%, 12/01/31		286
		Canadian Natural Resources Ltd., (Canada),
	350	6.250%, 03/15/38		438
	1,000	6.750%, 02/01/39		1,325
		Cenovus Energy, Inc., (Canada),
	208	3.000%, 08/15/22		204
	490	4.450%, 09/15/42		488
	450	6.750%, 11/15/39		587
		Chevron Corp.,
	560	2.355%, 12/05/22		537
	1,000	4.950%, 03/03/19		1,148
	1,789	CNOOC Nexen Finance 2014 ULC, (Canada), 4.250%, 04/30/24		1,838
	230	Conoco Funding Co., (Canada), 7.250%, 10/15/31		326
		ConocoPhillips,
	325	5.200%, 05/15/18		368
	525	5.750%, 02/01/19		616
	150	6.000%, 01/15/20		179
	200	6.500%, 02/01/39		271
	1,045	ConocoPhillips Canada Funding Co. I, (Canada), 5.625%, 10/15/16		1,167
		Devon Energy Corp.,
	750	3.250%, 05/15/22		757
	522	4.750%, 05/15/42		538
	360	6.300%, 01/15/19		426
		Encana Corp., (Canada),
	545	6.500%, 05/15/19		648
	150	6.500%, 08/15/34		185
	925	Eni S.p.A., (Italy), Series EX2, 5.700%, 10/01/40 (e)		1,035
		Enterprise Products Operating LLC,
	475	3.900%, 02/15/24		490
	318	5.100%, 02/15/45		341
		EOG Resources, Inc.,
	379	2.625%, 03/15/23		367
	600	4.100%, 02/01/21		656
	180	Hess Corp., 7.875%, 10/01/29		246
		Kerr-McGee Corp.,
	200	6.950%, 07/01/24		256
	1,000	7.875%, 09/15/31		1,395
		Magellan Midstream Partners LP,
	1,127	5.150%, 10/15/43		1,223
	250	6.550%, 07/15/19		299
		Marathon Oil Corp.,
	902	5.900%, 03/15/18		1,041
	1,620	6.000%, 10/01/17		1,854
	402	Occidental Petroleum Corp., 1.750%, 02/15/17		409
		Petrobras Global Finance B.V., (Netherlands),
	841	4.375%, 05/20/23		803
	2,622	6.250%, 03/17/24		2,788
		Petrobras International Finance Co., (Cayman Islands),
	1,020	5.375%, 01/27/21		1,059
	110	6.750%, 01/27/41		114
	175	7.875%, 03/15/19		205
		Petro-Canada, (Canada),
	324	6.050%, 05/15/18		376

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
	1,045	6.800%, 05/15/38		1,393
		Petroleos Mexicanos, (Mexico),
	393	4.875%, 01/18/24 (e)		418
	846	6.375%, 01/23/45 (e)		974
		Phillips 66,
	314	2.950%, 05/01/17		329
	182	4.300%, 04/01/22		198
	831	Sinopec Group Overseas Development Ltd., (United Kingdom), 4.375%, 10/17/23 (e)		868
		Spectra Energy Capital LLC,
	1,500	5.650%, 03/01/20		1,684
	500	6.200%, 04/15/18		578
	400	8.000%, 10/01/19		504
		Spectra Energy Partners LP,
	524	2.950%, 09/25/18		544
	452	5.950%, 09/25/43		539
		Statoil ASA, (Norway),
	906	1.150%, 05/15/18		894
	353	1.200%, 01/17/18		352
	406	2.450%, 01/17/23		392
	1,071	2.650%, 01/15/24		1,032
	313	2.900%, 11/08/20		321
	467	3.125%, 08/17/17		496
	300	3.150%, 01/23/22		306
	253	4.250%, 11/23/41		256
		Suncor Energy, Inc., (Canada),
	180	5.950%, 12/01/34		216
	250	6.850%, 06/01/39		337
		Talisman Energy, Inc., (Canada),
	1,125	5.500%, 05/15/42		1,212
	185	5.850%, 02/01/37		203
	190	6.250%, 02/01/38		220
	850	7.750%, 06/01/19		1,055
	554	Texas Eastern Transmission LP, 2.800%, 10/15/22 (e)		524
		Tosco Corp.,
	310	7.800%, 01/01/27		436
	400	8.125%, 02/15/30		592
	124	Total Capital Canada Ltd., (Canada), VAR, 0.606%, 01/15/16		125
		Total Capital International S.A., (France),
	135	0.750%, 01/25/16		136
	262	1.500%, 02/17/17		266
	508	1.550%, 06/28/17		516
	233	2.875%, 02/17/22		233
		Total Capital S.A., (France),
	1,400	2.300%, 03/15/16		1,446
	370	4.125%, 01/28/21		405
		TransCanada PipeLines Ltd., (Canada),
	550	6.200%, 10/15/37		691
	340	6.500%, 08/15/18		404
	1,100	7.250%, 08/15/38		1,534
				56,921
		Total Energy		64,492
		Financials — 8.7%
		Banks — 3.7%
	669	ABN AMRO Bank N.V., (Netherlands), 2.500%, 10/30/18 (e)		680
	550	ANZ New Zealand International Ltd., (New Zealand), 3.125%, 08/10/15 (e)		567
		Australia & New Zealand Banking Group Ltd., (Australia),
	1,268	2.400%, 11/23/16 (e)		1,314
	900	3.250%, 03/01/16 (e)		939
	228	4.875%, 01/12/21 (e)		258
		Bank of America Corp.,
	600	2.000%, 01/11/18		604
	1,500	Series L, 2.650%, 04/01/19		1,523
	520	3.625%, 03/17/16		545
	972	4.000%, 04/01/24		994
	547	4.100%, 07/24/23		566
	2,065	5.000%, 05/13/21		2,303
	2,215	5.450%, 07/15/14		2,228
	2,730	5.625%, 10/14/16		3,008
	740	5.625%, 07/01/20		853
	645	Series L, 5.650%, 05/01/18		734

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
	420	5.750%, 12/01/17		476
	400	5.875%, 01/05/21		468
	2,996	6.400%, 08/28/17		3,436
	1,564	6.875%, 04/25/18		1,851
	875	7.625%, 06/01/19		1,087
	1,510	7.800%, 09/15/16		1,721
		Bank of Montreal, (Canada),
	741	1.300%, 10/31/14 (e)		744
	1,666	1.400%, 09/11/17		1,669
	1,106	2.550%, 11/06/22		1,073
		Bank of Nova Scotia, (Canada),
	1,034	1.650%, 10/29/15 (e)		1,052
	2,000	2.550%, 01/12/17		2,081
	737	3.400%, 01/22/15		752
		Bank of Tokyo-Mitsubishi UFJ Ltd. (The), (Japan),
	1,275	2.350%, 02/23/17 (e)		1,314
	679	3.850%, 01/22/15 (e)		693
	1,600	Banque Federative du Credit Mutuel S.A., (France), 1.700%, 01/20/17 (e)		1,614
		Barclays Bank plc, (United Kingdom),
	276	2.250%, 05/10/17 (e)		285
	800	2.500%, 09/21/15 (e)		822
	1,735	2.750%, 02/23/15		1,764
	324	3.750%, 05/15/24		328
	310	Series 1, 5.000%, 09/22/16		338
	700	5.200%, 07/10/14		703
	1,000	6.050%, 12/04/17 (e)		1,134
		BB&T Corp.,
	750	3.950%, 04/29/16		796
	740	4.900%, 06/30/17		811
	380	6.850%, 04/30/19		464
	632	BNZ International Funding Ltd., (New Zealand), 2.350%, 03/04/19 (e)		638
	695	Branch Banking & Trust Co., 5.625%, 09/15/16		767
		Canadian Imperial Bank of Commerce, (Canada),
	226	0.900%, 10/01/15		227
	4,000	2.600%, 07/02/15 (e)		4,099
	1,650	Capital One Bank USA N.A., 3.375%, 02/15/23		1,644
		Citigroup, Inc.,
	450	2.250%, 08/07/15		458
	423	3.375%, 03/01/23		419
	500	4.450%, 01/10/17		540
	433	4.500%, 01/14/22		470
	842	4.587%, 12/15/15		891
	871	4.700%, 05/29/15		906
	483	4.750%, 05/19/15		502
	3,127	5.000%, 09/15/14		3,165
	250	5.300%, 05/06/44		256
	1,225	5.375%, 08/09/20		1,404
	865	5.500%, 09/13/25		956
	321	5.875%, 01/30/42		383
	2,154	6.000%, 08/15/17		2,443
	526	6.010%, 01/15/15		544
	475	6.125%, 11/21/17		543
	282	6.375%, 08/12/14		285
	250	6.625%, 01/15/28		308
	400	8.125%, 07/15/39		597
	1,409	8.500%, 05/22/19		1,805
	260	Comerica, Inc., 3.000%, 09/16/15		268
	1,080	Commonwealth Bank of Australia, (Australia), 2.250%, 03/16/17 (e)		1,117
		Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., (Netherlands),
	143	2.125%, 10/13/15		146
	2,400	3.200%, 03/11/15 (e)		2,453
	455	3.375%, 01/19/17		484
	789	3.875%, 02/08/22		837
	500	5.800%, 09/30/10 (e) (†)		557
	601	Discover Bank, 4.200%, 08/08/23		633
	2,011	DNB Boligkreditt A.S., (Norway), 2.100%, 10/14/15 (e)		2,056

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
		Fifth Third Bancorp,
	70	2.300%, 03/01/19		70
	760	5.450%, 01/15/17		837
	600	Fifth Third Bank, 2.375%, 04/25/19		609
		HSBC Bank plc, (United Kingdom),
	1,438	1.500%, 05/15/18 (e)		1,428
	1,745	1.625%, 07/07/14 (e)		1,748
	666	4.125%, 08/12/20 (e)		719
	575	4.750%, 01/19/21 (e)		643
		HSBC Holdings plc, (United Kingdom),
	500	4.000%, 03/30/22		533
	530	4.875%, 01/14/22		595
	556	5.100%, 04/05/21		634
	600	6.100%, 01/14/42		759
	300	KeyCorp, 5.100%, 03/24/21		342
	2,100	Manufacturers & Traders Trust Co., 6.625%, 12/04/17		2,445
		National Australia Bank Ltd., (Australia),
	1,500	2.000%, 06/20/17 (e)		1,537
	750	2.750%, 09/28/15 (e)		772
	1,000	3.000%, 07/27/16 (e)		1,046
	795	3.750%, 03/02/15 (e)		815
	250	National City Bank, 5.800%, 06/07/17		282
		Nordea Bank AB, (Sweden),
	1,000	1.625%, 05/15/18 (e)		996
	1,800	3.125%, 03/20/17 (e)		1,898
	945	4.875%, 05/13/21 (e)		1,021
	837	Oversea-Chinese Banking Corp., Ltd., (Singapore), 1.625%, 03/13/15 (e)		843
	400	PNC Bank N.A., 6.875%, 04/01/18		473
	182	PNC Financial Services Group, Inc. (The), 3.900%, 04/29/24		186
		PNC Funding Corp.,
	709	3.300%, 03/08/22		726
	567	4.375%, 08/11/20		623
	970	5.250%, 11/15/15		1,032
	950	5.625%, 02/01/17		1,054
	595	6.700%, 06/10/19		723
		Royal Bank of Canada, (Canada),
	985	1.200%, 09/19/17		984
	1,789	2.000%, 10/01/18		1,819
	1,000	2.200%, 07/27/18		1,022
	402	Skandinaviska Enskilda Banken AB, (Sweden), 1.750%, 03/19/18 (e)		401
	927	SpareBank 1 Boligkreditt A.S., (Norway), 1.750%, 11/15/19 (e)		908
	1,148	Stadshypotek AB, (Sweden), 1.875%, 10/02/19 (e)		1,136
	1,300	Standard Chartered plc, (United Kingdom), 5.200%, 01/26/24 (e)		1,383
	880	SunTrust Banks, Inc., 6.000%, 09/11/17		1,001
	1,411	Svenska Handelsbanken AB, (Sweden), 3.125%, 07/12/16		1,481
		Toronto-Dominion Bank (The), (Canada),
	2,350	1.500%, 03/13/17 (e)		2,386
	1,140	2.200%, 07/29/15 (e)		1,165
		U.S. Bancorp,
	550	1.650%, 05/15/17		559
	675	2.450%, 07/27/15		690
	540	3.000%, 03/15/22		546
	566	4.125%, 05/24/21		616
	1,277	7.500%, 06/01/26		1,713
	4,780	Wachovia Corp., 5.750%, 02/01/18		5,483
		Wells Fargo & Co.,
	1,826	2.625%, 12/15/16		1,903
	850	3.500%, 03/08/22		882
	484	4.100%, 06/03/26		488
	702	4.480%, 01/16/24		744
	500	4.600%, 04/01/21		557
	1,280	5.606%, 01/15/44		1,453
	2,350	5.625%, 12/11/17		2,675
	1,045	SUB, 3.676%, 06/15/16		1,106
		Wells Fargo Bank N.A.,
	1,515	4.750%, 02/09/15		1,559
	1,000	5.600%, 03/15/16		1,085
	250	5.750%, 05/16/16		274
	250	6.000%, 11/15/17		288

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
		Westpac Banking Corp., (Australia),
	900	4.200%, 02/27/15		926
	2,141	4.875%, 11/19/19		2,414
				142,429
		Capital Markets — 1.7%
	1,500	Ameriprise Financial, Inc., 4.000%, 10/15/23		1,585
		Bank of New York Mellon Corp. (The),
	357	1.200%, 02/20/15		359
	1,789	2.400%, 01/17/17		1,855
	900	Series 1, 2.950%, 06/18/15		924
	413	3.550%, 09/23/21		435
	950	3.650%, 02/04/24		983
	760	4.600%, 01/15/20		850
		BlackRock, Inc.,
	1,200	3.375%, 06/01/22		1,241
	540	3.500%, 12/10/14		549
	867	Series 2, 5.000%, 12/10/19		991
	385	6.250%, 09/15/17		445
	1,940	Blackstone Holdings Finance Co. LLC, 5.875%, 03/15/21 (e)		2,270
	340	Charles Schwab Corp. (The), 3.225%, 09/01/22		344
		Deutsche Bank AG, (Germany),
	650	3.250%, 01/11/16		676
	970	3.875%, 08/18/14		977
	355	6.000%, 09/01/17		405
	500	FMR LLC, 6.450%, 11/15/39 (e)		630
		Goldman Sachs Group, Inc. (The),
	545	2.625%, 01/31/19		552
	764	2.900%, 07/19/18		790
	400	3.300%, 05/03/15		410
	3,060	3.625%, 02/07/16		3,198
	492	3.700%, 08/01/15		509
	800	4.000%, 03/03/24		814
	848	5.250%, 07/27/21		953
	1,366	5.375%, 03/15/20		1,548
	760	5.500%, 11/15/14		778
	800	5.750%, 01/24/22		926
	4,140	5.950%, 01/18/18		4,718
	949	Series D, 6.000%, 06/15/20		1,105
	245	6.150%, 04/01/18		282
	345	6.250%, 09/01/17		394
	685	6.750%, 10/01/37		822
	2,678	7.500%, 02/15/19		3,279
		ING Bank N.V., (Netherlands),
	500	1.375%, 03/07/16 (e)		505
	216	2.000%, 09/25/15 (e)		220
	1,445	3.750%, 03/07/17 (e)		1,541
	657	Invesco Finance plc, (United Kingdom), 4.000%, 01/30/24		689
		Jefferies Group LLC,
	450	3.875%, 11/09/15		467
	1,015	5.125%, 04/13/18		1,113
	1,010	6.450%, 06/08/27		1,143
	880	8.500%, 07/15/19		1,096
		Macquarie Bank Ltd., (Australia),
	373	2.000%, 08/15/16 (e)		379
	2,847	5.000%, 02/22/17 (e)		3,118
		Macquarie Group Ltd., (Australia),
	1,200	6.000%, 01/14/20 (e)		1,359
	1,400	6.250%, 01/14/21 (e)		1,605
	750	7.300%, 08/01/14 (e)		758
	250	7.625%, 08/13/19 (e)		304
		Morgan Stanley,
	179	1.750%, 02/25/16		182
	625	4.000%, 07/24/15		648
	893	4.200%, 11/20/14		909
	871	5.000%, 11/24/25		924
	1,000	5.450%, 01/09/17		1,105
	1,021	5.500%, 07/24/20		1,168
	380	5.500%, 07/28/21		435
	1,265	5.625%, 09/23/19		1,456
	360	5.750%, 01/25/21		417

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Capital Markets — continued
	400	6.625%, 04/01/18		468
	970	7.300%, 05/13/19		1,185
		Nomura Holdings, Inc., (Japan),
	1,050	4.125%, 01/19/16		1,102
	150	5.000%, 03/04/15		155
	547	6.700%, 03/04/20		657
		State Street Corp.,
	369	3.100%, 05/15/23		360
	1,164	3.700%, 11/20/23		1,212
		UBS AG, (Switzerland),
	1,337	3.875%, 01/15/15		1,366
	365	4.875%, 08/04/20		412
	244	5.750%, 04/25/18		281
	247	5.875%, 12/20/17		283
				65,619
		Consumer Finance — 0.8%
	700	American Express Co., 7.000%, 03/19/18		836
		American Express Credit Corp.,
	480	2.375%, 03/24/17		498
	1,028	2.800%, 09/19/16		1,074
	1,150	5.125%, 08/25/14		1,163
		American Honda Finance Corp.,
	667	1.450%, 02/27/15 (e)		673
	363	1.500%, 09/11/17 (e)		366
	533	1.600%, 02/16/18 (e)		535
	565	2.125%, 02/28/17 (e)		582
	417	2.125%, 10/10/18		424
	1,599	2.600%, 09/20/16 (e)		1,664
	150	7.625%, 10/01/18 (e)		184
		Capital One Financial Corp.,
	273	1.000%, 11/06/15		274
	1,281	3.500%, 06/15/23		1,287
		Caterpillar Financial Services Corp.,
	402	2.850%, 06/01/22		400
	560	5.500%, 03/15/16		608
	340	7.050%, 10/01/18		412
	585	7.150%, 02/15/19		722
		Ford Motor Credit Co. LLC,
	513	2.875%, 10/01/18		530
	1,253	3.000%, 06/12/17		1,308
	1,917	3.984%, 06/15/16		2,031
	561	4.207%, 04/15/16		595
	200	4.250%, 09/20/22		212
	803	VAR, 1.474%, 05/09/16		816
		HSBC Finance Corp.,
	3,538	5.000%, 06/30/15		3,701
	207	7.350%, 11/27/32		254
		HSBC USA, Inc.,
	800	1.625%, 01/16/18		804
	1,500	2.375%, 02/13/15		1,521
		John Deere Capital Corp.,
	759	1.200%, 10/10/17		759
	335	1.700%, 01/15/20		327
	400	2.250%, 04/17/19		406
	233	3.150%, 10/15/21		240
	874	Nissan Motor Acceptance Corp., 1.800%, 03/15/18 (e)		877
	663	PACCAR Financial Corp., 1.600%, 03/15/17		672
		Toyota Motor Credit Corp.,
	1,120	1.000%, 02/17/15		1,126
	2,480	2.000%, 09/15/16		2,551
	558	2.000%, 10/24/18		566
	962	3.200%, 06/17/15		990
				31,988
		Diversified Financial Services — 1.1%
	1,231	Associates Corp. of North America, 6.950%, 11/01/18		1,474
	1,455	Bank of America N.A., 5.300%, 03/15/17		1,604
		Berkshire Hathaway, Inc.,
	1,387	3.400%, 01/31/22		1,444
	840	3.750%, 08/15/21		901
	725	Caisse Centrale Desjardins, (Canada), 2.550%, 03/24/16 (e)		752

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Diversified Financial Services — continued
		CME Group, Inc.,
	1,230	3.000%, 09/15/22		1,234
	285	5.300%, 09/15/43		327
	400	Countrywide Financial Corp., 6.250%, 05/15/16		438
		General Electric Capital Corp.,
	167	1.000%, 12/11/15		169
	1,100	1.625%, 07/02/15		1,113
	750	2.300%, 04/27/17		775
	2,000	3.150%, 09/07/22		2,024
	650	4.625%, 01/07/21		726
	2,100	4.650%, 10/17/21		2,340
	191	5.300%, 02/11/21		217
	2,500	5.400%, 02/15/17		2,789
	1,785	5.500%, 01/08/20		2,074
	4,380	5.625%, 05/01/18		5,033
	1,000	5.650%, 06/09/14		1,001
	330	5.875%, 01/14/38		395
	2,772	Series A, 6.750%, 03/15/32		3,662
		IntercontinentalExchange Group, Inc.,
	447	2.500%, 10/15/18		459
	884	4.000%, 10/15/23		935
	300	Murray Street Investment Trust I, SUB, 4.647%, 03/09/17		325
	290	National Rural Utilities Cooperative Finance Corp., 10.375%, 11/01/18		393
	550	Principal Life Global Funding I, 5.050%, 03/15/15 (e)		570
		Private Export Funding Corp.,
	5,000	Series EE, 2.800%, 05/15/22		5,104
	681	Series KK, 3.550%, 01/15/24		718
		Shell International Finance B.V., (Netherlands),
	212	1.125%, 08/21/17		212
	1,020	4.300%, 09/22/19		1,137
	1,005	4.375%, 03/25/20		1,123
	1,280	6.375%, 12/15/38		1,696
	300	Siemens Financieringsmaatschappij N.V., (Netherlands), 5.750%, 10/17/16 (e)		334
				43,498
		Insurance — 1.0%
		ACE INA Holdings, Inc.,
	455	2.600%, 11/23/15		468
	410	5.600%, 05/15/15		430
	520	AIG SunAmerica Global Financing X, 6.900%, 03/15/32 (e)		695
	651	Allstate Corp. (The), 3.150%, 06/15/23		657
		American International Group, Inc.,
	471	4.125%, 02/15/24		495
	3,020	5.450%, 05/18/17		3,380
		Aon Corp.,
	402	3.125%, 05/27/16		420
	346	3.500%, 09/30/15		359
	306	6.250%, 09/30/40		385
		Berkshire Hathaway Finance Corp.,
	404	1.300%, 05/15/18		402
	233	2.450%, 12/15/15		240
	1,111	2.900%, 10/15/20		1,144
	233	3.000%, 05/15/22		236
	748	4.300%, 05/15/43		744
	1,574	4.400%, 05/15/42		1,591
	1,810	5.400%, 05/15/18		2,075
	120	Chubb Corp. (The), 5.750%, 05/15/18		139
		CNA Financial Corp.,
	750	5.850%, 12/15/14		772
	798	5.875%, 08/15/20		936
	408	Liberty Mutual Group, Inc., 5.000%, 06/01/21 (e)		452
		Lincoln National Corp.,
	345	4.200%, 03/15/22		370
	253	4.850%, 06/24/21		283
	280	Massachusetts Mutual Life Insurance Co., 5.375%, 12/01/41 (e)		320
		MassMutual Global Funding II,
	1,500	2.000%, 04/05/17 (e)		1,537
	626	2.500%, 10/17/22 (e)		605
	540	3.125%, 04/14/16 (e)		564
	1,120	Metlife of Connecticut Global Funding I, 5.125%, 08/15/14 (e)		1,130

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Insurance — continued
		MetLife, Inc.,
	600	4.875%, 11/13/43		647
	555	Series A, 6.817%, 08/15/18		665
		Metropolitan Life Global Funding I,
	638	1.300%, 04/10/17 (e)		640
	604	1.700%, 06/29/15 (e)		612
	300	1.875%, 06/22/18 (e)		299
	820	2.500%, 09/29/15 (e)		842
	400	3.125%, 01/11/16 (e)		416
	1,900	3.650%, 06/14/18 (e)		2,032
	1,277	3.875%, 04/11/22 (e)		1,358
	100	5.125%, 06/10/14 (e)		100
	1,750	Nationwide Mutual Insurance Co., 9.375%, 08/15/39 (e)		2,734
		New York Life Global Funding,
	740	0.750%, 07/24/15 (e)		742
	350	1.300%, 01/12/15 (e)		352
	650	Pacific Life Global Funding, 5.000%, 05/15/17 (e)		682
	570	Pacific Life Insurance Co., 9.250%, 06/15/39 (e)		864
		Pricoa Global Funding I,
	384	1.600%, 05/29/18 (e)		378
	2,100	5.450%, 06/11/14 (e)		2,103
	166	Principal Financial Group, Inc., 1.850%, 11/15/17		167
		Principal Life Global Funding II,
	304	1.000%, 12/11/15 (e)		306
	953	2.250%, 10/15/18 (e)		959
	1,750	Prudential Insurance Co. of America (The), 8.300%, 07/01/25 (e)		2,402
	285	Travelers Cos., Inc. (The), 5.800%, 05/15/18		329
				40,458
		Real Estate Investment Trusts (REITs) — 0.4%
		American Tower Corp.,
	450	3.500%, 01/31/23		442
	567	5.000%, 02/15/24		616
	471	American Tower Trust I, 1.551%, 03/15/18 (e)		469
		CommonWealth REIT,
	600	5.875%, 09/15/20		657
	1,345	6.650%, 01/15/18		1,475
	608	ERP Operating LP, 4.625%, 12/15/21		672
		HCP, Inc.,
	331	2.625%, 02/01/20		333
	161	3.750%, 02/01/19		172
	230	4.200%, 03/01/24		239
	598	4.250%, 11/15/23		625
	970	5.375%, 02/01/21		1,109
	732	Health Care REIT, Inc., 4.500%, 01/15/24		774
	534	ProLogis LP, 4.250%, 08/15/23		562
		Simon Property Group LP,
	917	2.150%, 09/15/17		945
	579	4.125%, 12/01/21		628
	32	4.200%, 02/01/15		33
	200	4.375%, 03/01/21		221
	705	5.625%, 08/15/14		712
	685	6.100%, 05/01/16		746
	345	6.125%, 05/30/18		403
		WEA Finance LLC/WT Finance Aust Pty Ltd.,
	579	3.375%, 10/03/22 (e)		597
	1,848	6.750%, 09/02/19 (e)		2,251
				14,681
		Total Financials		338,673
		Health Care — 0.6%
		Biotechnology — 0.2%
		Amgen, Inc.,
	491	3.625%, 05/22/24		496
	1,000	3.875%, 11/15/21		1,059
	237	4.500%, 03/15/20		258
	500	4.950%, 10/01/41		528
	2,000	5.150%, 11/15/41		2,152
	265	5.650%, 06/15/42		307
	680	5.700%, 02/01/19		794
	720	5.750%, 03/15/40		841
		Celgene Corp.,
	1,336	3.250%, 08/15/22		1,332

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Biotechnology — continued
	659	3.625%, 05/15/24		664
				8,431
		Health Care Equipment & Supplies — 0.0% (g)
		Baxter International, Inc.,
	286	1.850%, 06/15/18		287
	270	4.625%, 03/15/15		279
	100	Becton Dickinson and Co., 5.000%, 05/15/19		114
				680
		Health Care Providers & Services — 0.2%
		Aetna, Inc.,
	265	4.500%, 05/15/42		272
	440	6.750%, 12/15/37		587
	164	McKesson Corp., 0.950%, 12/04/15		165
	370	Medco Health Solutions, Inc., 2.750%, 09/15/15		380
		UnitedHealth Group, Inc.,
	173	2.750%, 02/15/23		169
	400	2.875%, 03/15/23		393
	1,050	3.375%, 11/15/21		1,082
	620	6.625%, 11/15/37		821
	353	Ventas Realty LP, 3.750%, 05/01/24		356
		WellPoint, Inc.,
	467	2.300%, 07/15/18		474
	615	3.125%, 05/15/22		617
	280	3.300%, 01/15/23		279
	500	4.625%, 05/15/42		509
	535	4.650%, 01/15/43		545
				6,649
		Life Sciences Tools & Services — 0.0% (g)
		Thermo Fisher Scientific, Inc.,
	176	1.300%, 02/01/17		177
	687	4.150%, 02/01/24		724
				901
		Pharmaceuticals — 0.2%
		AbbVie, Inc.,
	992	1.750%, 11/06/17		1,000
	609	2.900%, 11/06/22		600
	275	Actavis, Inc., 3.250%, 10/01/22		270
	645	AstraZeneca plc, (United Kingdom), 5.400%, 06/01/14		645
		GlaxoSmithKline Capital, Inc.,
	750	5.650%, 05/15/18		867
	530	6.375%, 05/15/38		691
		Merck & Co., Inc.,
	650	1.300%, 05/18/18		643
	474	2.400%, 09/15/22		455
	562	2.800%, 05/18/23		550
	560	Novartis Capital Corp., 3.400%, 05/06/24		571
	650	Pfizer, Inc., 3.000%, 06/15/23		646
		Zoetis, Inc.,
	193	1.875%, 02/01/18		194
	123	4.700%, 02/01/43		127
				7,259
		Total Health Care		23,920
		Industrials — 1.2%
		Aerospace & Defense — 0.2%
	400	BAE Systems Holdings, Inc., 6.375%, 06/01/19 (e)		464
	676	BAE Systems plc, (United Kingdom), 5.800%, 10/11/41 (e)		801
	200	Boeing Co. (The), 7.950%, 08/15/24		281
	557	EADS Finance B.V., (Netherlands), 2.700%, 04/17/23 (e)		537
	415	Honeywell International, Inc., 5.300%, 03/01/18		473
		Lockheed Martin Corp.,
	387	2.125%, 09/15/16		399
	1,281	4.070%, 12/15/42		1,249
	292	4.850%, 09/15/41		322
	300	Northrop Grumman Systems Corp., 7.750%, 02/15/31		414
	215	Precision Castparts Corp., 0.700%, 12/20/15		216
		United Technologies Corp.,
	214	1.800%, 06/01/17		219
	681	3.100%, 06/01/22		695
	914	4.500%, 06/01/42		952
	1,261	6.125%, 02/01/19		1,501
				8,523

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Air Freight & Logistics — 0.0% (g)
		United Parcel Service of America, Inc.,
	355	8.375%, 04/01/20		467
	160	SUB, 8.375%, 04/01/30		235
	214	United Parcel Service, Inc., 2.450%, 10/01/22		208
				910
		Airlines — 0.1%
	430	Air Canada 2013-1 Class A Pass-Through Trust, (Canada), 4.125%, 05/15/25 (e)		432
	249	American Airlines 2011-1 Class A Pass-Through Trust, 5.250%, 01/31/21		269
	668	American Airlines 2013-2 Class A Pass-Through Trust, 4.950%, 01/15/23 (e)		720
	213	Continental Airlines 1999-2 Class A-1 Pass-Through Trust, 7.256%, 03/15/20		242
	421	Continental Airlines 2007-1 Class A Pass-Through Trust, 5.983%, 04/19/22		480
	206	Continental Airlines 2012-2 Class A Pass-Through Trust, 4.000%, 10/29/24		210
	479	Delta Air Lines 2010-2 Class A Pass-Through Trust, 4.950%, 05/23/19		523
	178	Delta Air Lines 2011-1 Class A Pass-Through Trust, 5.300%, 04/15/19		196
	432	Delta Air Lines 2012-1 Class A Pass-Through Trust, 4.750%, 05/07/20		468
				3,540
		Commercial Services & Supplies — 0.1%
		ADT Corp. (The),
	820	3.500%, 07/15/22		752
	264	4.125%, 06/15/23		247
	328	4.875%, 07/15/42		273
	200	Pitney Bowes, Inc., 5.600%, 03/15/18		225
	614	Republic Services, Inc., 3.550%, 06/01/22		632
		Waste Management, Inc.,
	214	4.750%, 06/30/20		240
	465	7.375%, 03/11/19		572
				2,941
		Construction & Engineering — 0.1%
		ABB Finance USA, Inc.,
	226	1.625%, 05/08/17		229
	292	2.875%, 05/08/22		290
	145	4.375%, 05/08/42		150
	789	Fluor Corp., 3.375%, 09/15/21		814
				1,483
		Electrical Equipment — 0.0% (g)
		Eaton Corp.,
	182	1.500%, 11/02/17		183
	170	4.000%, 11/02/32		170
	570	5.600%, 05/15/18		653
	300	7.625%, 04/01/24		384
				1,390
		Industrial Conglomerates — 0.1%
	667	Danaher Corp., 3.900%, 06/23/21		719
		General Electric Co.,
	212	2.700%, 10/09/22		209
	436	3.375%, 03/11/24		444
	539	Hutchison Whampoa International 12 II Ltd., (Cayman Islands), 3.250%, 11/08/22 (e)		531
	412	Ingersoll-Rand Global Holding Co., Ltd., 4.250%, 06/15/23 (e)		433
		Koninklijke Philips N.V., (Netherlands),
	970	3.750%, 03/15/22		1,022
	409	5.750%, 03/11/18		470
	130	7.200%, 06/01/26		162
				3,990
		Machinery — 0.1%
	164	Caterpillar, Inc., 2.600%, 06/26/22		160
		Deere & Co.,
	819	2.600%, 06/08/22		801
	346	3.900%, 06/09/42		330
		Illinois Tool Works, Inc.,
	400	3.500%, 03/01/24		410
	1,920	3.900%, 09/01/42		1,824
	290	Ingersoll-Rand Co., 6.391%, 11/15/27		347
	215	Parker Hannifin Corp., 5.500%, 05/15/18		244
				4,116
		Road & Rail — 0.5%
		Burlington Northern Santa Fe LLC,
	200	3.000%, 03/15/23		197
	522	3.050%, 03/15/22		521
	300	3.450%, 09/15/21		313
	136	3.600%, 09/01/20		144
	249	3.750%, 04/01/24		258

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Road & Rail — continued
	375	4.375%, 09/01/42		372
	769	5.150%, 09/01/43		854
	1,000	5.400%, 06/01/41		1,150
	540	5.650%, 05/01/17		611
	335	5.750%, 03/15/18		385
	425	5.750%, 05/01/40		509
	250	6.700%, 08/01/28		311
	250	Canadian Pacific Railway Co., (Canada), 7.125%, 10/15/31		332
		CSX Corp.,
	191	4.100%, 03/15/44		181
	300	4.250%, 06/01/21		327
	575	5.500%, 04/15/41		669
	145	6.250%, 04/01/15		152
	215	7.375%, 02/01/19		264
	500	7.900%, 05/01/17		585
		ERAC USA Finance LLC,
	355	2.750%, 03/15/17 (e)		367
	559	4.500%, 08/16/21 (e)		609
	436	5.625%, 03/15/42 (e)		494
	350	6.375%, 10/15/17 (e)		403
	746	6.700%, 06/01/34 (e)		937
		Norfolk Southern Corp.,
	746	3.250%, 12/01/21		765
	595	3.950%, 10/01/42		564
	100	6.000%, 03/15/05		120
	1,776	6.000%, 05/23/11 (††)		2,140
	365	7.700%, 05/15/17		433
	479	Penske Truck Leasing Co. LP/PTL Finance Corp., 2.875%, 07/17/18 (e)		493
		Ryder System, Inc.,
	484	2.500%, 03/01/17		496
	434	3.600%, 03/01/16		455
		Union Pacific Corp.,
	182	2.950%, 01/15/23		183
	838	3.646%, 02/15/24		874
	710	4.163%, 07/15/22		775
	200	4.300%, 06/15/42		203
	235	4.875%, 01/15/15		241
				18,687
		Total Industrials		45,580
		Information Technology — 1.1%
		Communications Equipment — 0.1%
		Cisco Systems, Inc.,
	197	2.900%, 03/04/21		201
	500	3.625%, 03/04/24		514
	988	5.500%, 02/22/16		1,073
	350	5.500%, 01/15/40		411
	755	5.900%, 02/15/39		918
				3,117
		Electronic Equipment, Instruments & Components — 0.1%
		Arrow Electronics, Inc.,
	219	3.000%, 03/01/18		226
	575	3.375%, 11/01/15		594
	190	4.500%, 03/01/23		197
	165	6.000%, 04/01/20		186
	500	6.875%, 06/01/18		571
	1,163	7.500%, 01/15/27		1,421
				3,195
		Internet Software & Services — 0.0% (g)
		eBay, Inc.,
	375	2.600%, 07/15/22		360
	271	4.000%, 07/15/42		247
				607
		IT Services — 0.3%
		International Business Machines Corp.,
	409	1.250%, 02/06/17		413
	3,267	1.625%, 05/15/20		3,135
	2,600	5.700%, 09/14/17		2,973
	765	6.220%, 08/01/27		970
	1,075	7.625%, 10/15/18		1,341
		Xerox Corp.,
	271	2.950%, 03/15/17		283
	270	4.500%, 05/15/21		293

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		IT Services — continued
	610	5.625%, 12/15/19		705
	550	6.750%, 02/01/17		627
				10,740
		Semiconductors & Semiconductor Equipment — 0.1%
		Intel Corp.,
	772	3.300%, 10/01/21		801
	685	4.000%, 12/15/32		685
	1,460	National Semiconductor Corp., 6.600%, 06/15/17		1,690
	365	Texas Instruments, Inc., 1.650%, 08/03/19		360
				3,536
		Software — 0.2%
	470	Intuit, Inc., 5.750%, 03/15/17		528
		Microsoft Corp.,
	262	0.875%, 11/15/17		260
	720	1.625%, 09/25/15		733
	384	2.125%, 11/15/22		367
	810	2.375%, 05/01/23		780
	1,155	3.625%, 12/15/23		1,216
	117	4.500%, 10/01/40		123
		Oracle Corp.,
	1,000	3.625%, 07/15/23		1,036
	500	5.000%, 07/08/19		571
	1,422	5.250%, 01/15/16		1,532
	813	5.750%, 04/15/18		942
	475	6.500%, 04/15/38		624
				8,712
		Technology Hardware, Storage & Peripherals — 0.3%
		Apple, Inc.,
	2,556	2.400%, 05/03/23		2,429
	2,364	2.850%, 05/06/21		2,397
	2,069	VAR, 0.473%, 05/03/18		2,070
	300	Dell, Inc., 7.100%, 04/15/28		300
		EMC Corp.,
	850	1.875%, 06/01/18		859
	1,000	3.375%, 06/01/23		1,013
		Hewlett-Packard Co.,
	282	4.300%, 06/01/21		302
	472	4.375%, 09/15/21		507
	201	4.650%, 12/09/21		220
	670	4.750%, 06/02/14		670
	849	6.000%, 09/15/41		958
				11,725
		Total Information Technology		41,632
		Materials — 0.5%
		Chemicals — 0.3%
		Dow Chemical Co. (The),
	542	3.000%, 11/15/22		530
	470	4.125%, 11/15/21		502
	223	4.250%, 11/15/20		241
	200	5.250%, 11/15/41		218
	375	7.375%, 11/01/29		506
	73	8.550%, 05/15/19		94
		E.I. du Pont de Nemours & Co.,
	635	1.950%, 01/15/16		650
	350	4.900%, 01/15/41		384
	1,740	6.000%, 07/15/18		2,042
		Ecolab, Inc.,
	447	1.450%, 12/08/17		448
	150	5.500%, 12/08/41		177
		Mosaic Co. (The),
	280	3.750%, 11/15/21		291
	1,456	4.250%, 11/15/23		1,538
	79	4.875%, 11/15/41		79
	861	5.450%, 11/15/33		960
	347	5.625%, 11/15/43		392
	85	Potash Corp. of Saskatchewan, Inc., (Canada), 3.250%, 12/01/17		90
		PPG Industries, Inc.,
	114	5.500%, 11/15/40		134
	700	6.650%, 03/15/18		820
	355	9.000%, 05/01/21		466
	662	Praxair, Inc., 4.625%, 03/30/15		686
		Union Carbide Corp.,
	1,000	7.500%, 06/01/25		1,257

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Chemicals — continued
	850	7.750%, 10/01/96		1,051
				13,556
		Metals & Mining — 0.2%
		BHP Billiton Finance USA Ltd., (Australia),
	815	3.850%, 09/30/23		856
	410	5.400%, 03/29/17		460
	560	6.500%, 04/01/19		678
		Freeport-McMoRan Copper & Gold, Inc.,
	1,329	2.150%, 03/01/17		1,359
	738	3.100%, 03/15/20		739
	400	3.875%, 03/15/23		395
	299	5.450%, 03/15/43		307
	283	Nucor Corp., 4.000%, 08/01/23		293
	295	Placer Dome, Inc., (Canada), 6.450%, 10/15/35		318
		Rio Tinto Finance USA Ltd., (Australia),
	117	3.500%, 11/02/20		122
	550	3.750%, 09/20/21		580
	650	9.000%, 05/01/19		855
	393	Rio Tinto Finance USA plc, (United Kingdom), 1.625%, 08/21/17		397
				7,359
		Total Materials		20,915
		Telecommunication Services — 1.0%
		Diversified Telecommunication Services — 0.9%
		AT&T, Inc.,
	731	0.900%, 02/12/16		734
	840	3.900%, 03/11/24		872
	879	4.300%, 12/15/42		840
	462	4.350%, 06/15/45		440
	850	4.450%, 05/15/21		935
	375	5.350%, 09/01/40		410
	250	5.500%, 02/01/18		284
	2,700	6.300%, 01/15/38		3,276
	1,378	BellSouth Corp., 5.200%, 09/15/14		1,396
	469	BellSouth Telecommunications LLC, 6.300%, 12/15/15		483
		British Telecommunications plc, (United Kingdom),
	200	2.000%, 06/22/15		203
	531	2.350%, 02/14/19		536
	150	9.625%, 12/15/30		239
	600	Centel Capital Corp., 9.000%, 10/15/19		719
		Deutsche Telekom International Finance B.V., (Netherlands),
	336	2.250%, 03/06/17 (e)		345
	1,150	4.875%, 07/08/14		1,155
	232	4.875%, 03/06/42 (e)		244
	400	6.000%, 07/08/19		473
	325	8.654%, 06/15/30		478
	1,742	GTP Acquisition Partners I LLC, 4.347%, 06/15/16 (e)		1,806
	267	Nippon Telegraph & Telephone Corp., (Japan), 1.400%, 07/18/17		269
		Orange S.A., (France),
	560	2.750%, 09/14/16		582
	1,305	9.000%, 03/01/31		1,960
	741	Qwest Corp., 6.750%, 12/01/21		851
		Telefonica Emisiones S.A.U., (Spain),
	252	3.192%, 04/27/18		263
	316	5.462%, 02/16/21		359
	515	5.877%, 07/15/19		596
	300	6.421%, 06/20/16		332
		Verizon Communications, Inc.,
	418	2.500%, 09/15/16		433
	381	3.450%, 03/15/21		395
	938	4.150%, 03/15/24		983
	1,762	4.500%, 09/15/20		1,947
	100	5.850%, 09/15/35		116
	1,795	6.400%, 09/15/33		2,207
	175	6.400%, 02/15/38		214
	1,250	7.350%, 04/01/39		1,686
	1,475	7.750%, 12/01/30		2,024
	500	Verizon New England, Inc., 7.875%, 11/15/29		642

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Diversified Telecommunication Services — continued
		Verizon Pennsylvania LLC,
	750	6.000%, 12/01/28		821
	1,444	8.350%, 12/15/30		1,887
	500	8.750%, 08/15/31		672
				35,107
		Wireless Telecommunication Services — 0.1%
		America Movil S.A.B. de C.V., (Mexico),
	640	2.375%, 09/08/16		659
	592	3.125%, 07/16/22		582
	485	Crown Castle Towers LLC, 3.214%, 08/15/15 (e)		494
		Rogers Communications, Inc., (Canada),
	1,547	4.100%, 10/01/23		1,617
	400	8.750%, 05/01/32		565
		Vodafone Group plc, (United Kingdom),
	350	1.500%, 02/19/18		349
	1,200	1.625%, 03/20/17		1,215
				5,481
		Total Telecommunication Services		40,588
		Utilities — 1.6%
		Electric Utilities — 1.1%
	239	Alabama Power Co., 6.125%, 05/15/38		308
	286	American Electric Power Co., Inc., 1.650%, 12/15/17		288
		Arizona Public Service Co.,
	296	4.500%, 04/01/42		313
	467	5.050%, 09/01/41		528
	455	Baltimore Gas & Electric Co., 2.800%, 08/15/22		450
	1,025	Cleveland Electric Illuminating Co. (The), Series D, 7.880%, 11/01/17		1,235
	831	Comision Federal de Electricidad, (Mexico), 4.875%, 05/26/21 (e)		885
	195	Connecticut Light & Power Co. (The), 5.650%, 05/01/18		222
	224	DTE Electric Co., 2.650%, 06/15/22		221
		Duke Energy Carolinas LLC,
	129	4.250%, 12/15/41		133
	660	5.100%, 04/15/18		748
	100	6.000%, 01/15/38		128
		Duke Energy Florida, Inc.,
	290	5.650%, 06/15/18		333
	245	6.400%, 06/15/38		330
	1,320	Duke Energy Indiana, Inc., 6.350%, 08/15/38		1,748
		Duke Energy Progress, Inc.,
	540	2.800%, 05/15/22		540
	273	4.100%, 05/15/42		271
	125	4.100%, 03/15/43		124
	325	5.300%, 01/15/19		374
		Electricite de France, (France),
	770	2.150%, 01/22/19 (e)		777
	1,300	6.000%, 01/22/14 (e) (†††)		1,459
	950	Enel Finance International N.V., (Netherlands), 5.125%, 10/07/19 (e)		1,069
		Florida Power & Light Co.,
	420	5.950%, 10/01/33		531
	350	5.950%, 02/01/38		448
	210	Georgia Power Co., 5.950%, 02/01/39		261
	229	Great Plains Energy, Inc., 4.850%, 06/01/21		254
		Hydro-Quebec, (Canada),
	350	8.050%, 07/07/24		486
	1,000	8.400%, 01/15/22		1,331
	100	Indiana Michigan Power Co., 7.000%, 03/15/19		122
	100	Jersey Central Power & Light Co., 7.350%, 02/01/19		121
	814	John Sevier Combined Cycle Generation LLC, 4.626%, 01/15/42		876
		Kansas City Power & Light Co.,
	403	3.150%, 03/15/23		402
	1,400	5.300%, 10/01/41		1,570
	125	MidAmerican Energy Co., 5.300%, 03/15/18		142
		Nevada Power Co.,
	55	5.375%, 09/15/40		65
	305	5.450%, 05/15/41		369
	720	6.500%, 08/01/18		857
	100	Series N, 6.650%, 04/01/36		135
		NextEra Energy Capital Holdings, Inc.,
	196	1.200%, 06/01/15		198
	725	6.000%, 03/01/19		844

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Electric Utilities — continued
	300	7.875%, 12/15/15		332
	300	Niagara Mohawk Power Corp., 4.881%, 08/15/19 (e)		338
	510	Northern States Power Co., 6.250%, 06/01/36		666
	320	Ohio Power Co., 6.050%, 05/01/18		371
		Oncor Electric Delivery Co. LLC,
	840	6.800%, 09/01/18		1,005
	110	7.000%, 09/01/22		141
		Pacific Gas & Electric Co.,
	544	2.450%, 08/15/22		521
	71	3.250%, 09/15/21		73
	250	3.250%, 06/15/23		251
	217	4.450%, 04/15/42		222
	390	4.500%, 12/15/41		400
	810	5.625%, 11/30/17		920
	100	6.050%, 03/01/34		123
	160	8.250%, 10/15/18		201
		PacifiCorp,
	180	5.500%, 01/15/19		208
	150	5.650%, 07/15/18		173
		PECO Energy Co.,
	350	2.375%, 09/15/22		337
	175	5.350%, 03/01/18		198
	1,085	Potomac Electric Power Co., 6.500%, 11/15/37		1,468
	673	Progress Energy, Inc., 3.150%, 04/01/22		681
		Public Service Co. of Colorado,
	250	2.250%, 09/15/22		239
	90	3.200%, 11/15/20		94
	125	5.800%, 08/01/18		144
	2,490	Public Service Co. of Oklahoma, Series G, 6.625%, 11/15/37		3,250
		Public Service Electric & Gas Co.,
	210	5.300%, 05/01/18		240
	317	5.375%, 11/01/39		379
	65	South Carolina Electric & Gas Co., 4.500%, 06/01/64		66
		Southern California Edison Co.,
	318	Series C, 3.500%, 10/01/23		331
	175	4.150%, 09/15/14		177
	785	5.500%, 08/15/18		902
	200	Series 08-A, 5.950%, 02/01/38		254
	1,185	6.050%, 03/15/39		1,520
	363	Southern Co. (The), 1.950%, 09/01/16		373
	570	Southwestern Public Service Co., Series G, 8.750%, 12/01/18		733
	312	State Grid Overseas Investment Ltd., (United Kingdom), 1.750%, 05/22/18 (e)		308
		Virginia Electric and Power Co.,
	64	3.450%, 02/15/24		66
	1,415	5.400%, 04/30/18		1,619
	630	5.950%, 09/15/17		724
		Wisconsin Electric Power Co.,
	21	2.950%, 09/15/21		21
	275	6.250%, 12/01/15		298
		Xcel Energy, Inc.,
	162	0.750%, 05/09/16		162
	92	4.800%, 09/15/41		99
	200	6.500%, 07/01/36		264
				42,388
		Gas Utilities — 0.0% (g)
		Atmos Energy Corp.,
	828	4.150%, 01/15/43		829
	375	8.500%, 03/15/19		481
	308	Boston Gas Co., 4.487%, 02/15/42 (e)		317
	335	CenterPoint Energy Resources Corp., 6.125%, 11/01/17		385
				2,012
		Independent Power & Renewable Electricity Producers — 0.1%
		Exelon Generation Co. LLC,
	1,020	4.000%, 10/01/20		1,080
	235	5.750%, 10/01/41		263
		PSEG Power LLC,
	442	4.300%, 11/15/23		463
	772	5.125%, 04/15/20		870
	202	Southern Power Co., 5.150%, 09/15/41		222
				2,898

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Multi-Utilities — 0.4%
		AGL Capital Corp.,
	563	3.500%, 09/15/21		585
	208	4.400%, 06/01/43		213
	1,445	5.875%, 03/15/41		1,791
	1,243	6.375%, 07/15/16		1,378
	596	Consolidated Edison Co. of New York, Inc., 5.700%, 06/15/40		728
		Consumers Energy Co.,
	216	2.850%, 05/15/22		216
	130	5.650%, 04/15/20		153
	235	Delmarva Power & Light Co., 4.000%, 06/01/42		230
		Dominion Resources, Inc.,
	920	Series F, 5.250%, 08/01/33		1,039
	300	7.000%, 06/15/38		406
	600	8.875%, 01/15/19		772
	289	DTE Energy Co., 3.850%, 12/01/23		303
		NiSource Finance Corp.,
	370	3.850%, 02/15/23		380
	360	4.450%, 12/01/21		389
	1,256	5.800%, 02/01/42		1,434
		San Diego Gas & Electric Co.,
	379	3.950%, 11/15/41		372
	275	6.000%, 06/01/26		345
		Sempra Energy,
	350	2.875%, 10/01/22		344
	1,013	4.050%, 12/01/23		1,071
	1,150	6.150%, 06/15/18		1,343
	180	6.500%, 06/01/16		200
	460	9.800%, 02/15/19		616
				14,308
		Total Utilities		61,606
		Total Corporate Bonds (Cost $672,170)		723,711
	Foreign Government Securities — 1.2%
	825	Federative Republic of Brazil, (Brazil), 4.250%, 01/07/25		840
		Israel Government AID Bond, (Israel),
	20,000	Zero Coupon, 03/15/18		18,920
	1,776	Zero Coupon, 02/15/22		1,449
	1,500	Zero Coupon, 11/01/23		1,130
	1,500	Zero Coupon, 11/01/24		1,080
	1,000	5.500%, 09/18/33		1,257
		Province of Ontario, (Canada),
	1,387	1.650%, 09/27/19		1,368
	700	2.700%, 06/16/15		718
	2,220	2.950%, 02/05/15		2,260
	377	Province of Quebec, (Canada), Series A, SUB, 7.365%, 03/06/26		510
	1,133	Republic of Poland, (Poland), 4.000%, 01/22/24		1,183
	640	Republic of South Africa, (South Africa), 5.875%, 09/16/25		720
		Republic of Turkey, (Turkey),
	719	5.750%, 03/22/24		785
	351	6.625%, 02/17/45		408
	5,000	Tunisia Government AID Bond, (Tunisia), 1.686%, 07/16/19		4,943
		United Mexican States, (Mexico),
	2,030	3.500%, 01/21/21		2,106
	1,732	4.000%, 10/02/23		1,823
	120	4.750%, 03/08/44		123
	4,913	5.550%, 01/21/45		5,613
		Total Foreign Government Securities (Cost $45,763)		47,236
	Mortgage Pass-Through Securities — 14.9%
		Federal Home Loan Mortgage Corp.,
	31	ARM, 2.089%, 07/01/19		31
	418	ARM, 2.124%, 10/01/36		445
	107	ARM, 2.220%, 10/01/36		111
	427	ARM, 2.290%, 11/01/36		453
	943	ARM, 2.303%, 04/01/34		998
	1,024	ARM, 2.314%, 04/01/30 - 03/01/37		1,093
	355	ARM, 2.353%, 12/01/36		376
	547	ARM, 2.355%, 12/01/33		584
	641	ARM, 2.375%, 05/01/36 - 11/01/36		683
	267	ARM, 2.407%, 02/01/36		284
	187	ARM, 2.505%, 02/01/37		200

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	356		ARM, 2.693%, 12/01/34		373
	563		ARM, 2.785%, 10/01/36		592
	537		ARM, 3.933%, 02/01/36		566
	1,844		ARM, 4.007%, 07/01/40		1,966
	352		ARM, 4.270%, 07/01/36		366
	506		ARM, 5.042%, 01/01/35		529
			Federal Home Loan Mortgage Corp. Gold Pools, 15 Year, Single Family,
	–	(h)	4.000%, 05/01/19		—	(h)
	115		4.500%, 08/01/18		122
	299		5.000%, 12/01/18		318
	2,651		5.500%, 06/01/17 - 01/01/24		2,900
	45		6.000%, 04/01/18		47
	369		6.500%, 08/01/16 - 02/01/19		387
	3		7.000%, 04/01/17		3
	–	(h)	7.500%, 10/01/14		—	(h)
	1		8.500%, 11/01/15		1
			Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family,
	2,767		3.500%, 01/01/32 - 03/01/32		2,900
	100		6.000%, 12/01/22		112
	301		6.500%, 11/01/22		339
			Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,
	4,459		3.500%, 04/01/43		4,595
	1,265		4.000%, 09/01/35		1,344
	5,800		4.500%, 05/01/41		6,278
	5,046		5.000%, 09/01/34 - 08/01/40		5,585
	2,018		5.500%, 10/01/33 - 07/01/35		2,259
	361		6.000%, 12/01/33 - 01/01/34		412
	1,878		6.500%, 11/01/34 - 11/01/36		2,131
	561		7.000%, 07/01/32 - 10/01/36		619
	679		Federal Home Loan Mortgage Corp. Gold Pools, FHA/VA, 10.000%, 10/01/30		776
			Federal Home Loan Mortgage Corp. Gold Pools, Other,
	2,928		3.000%, 03/01/33		2,980
	24,373		3.500%, 10/01/32 - 06/01/43		25,262
	9,449		4.000%, 01/01/32 - 01/01/43		10,018
	453		5.500%, 10/01/33 - 01/01/34		492
	660		6.000%, 02/01/33		720
	89		7.000%, 07/01/29		99
			Federal Home Loan Mortgage Corp., 30 Year, Single Family,
	1		12.000%, 08/01/15 - 07/01/19		1
			Federal National Mortgage Association,
	68		ARM, 1.688%, 09/01/34		71
	1,000		ARM, 1.784%, 01/01/33		1,059
	699		ARM, 1.788%, 07/01/33		759
	598		ARM, 1.834%, 05/01/35		638
	9		ARM, 1.875%, 03/01/19		9
	1,742		ARM, 1.899%, 01/01/35		1,832
	1,366		ARM, 1.910%, 09/01/35		1,441
	449		ARM, 1.921%, 11/01/34		478
	603		ARM, 1.940%, 07/01/36		643
	301		ARM, 2.039%, 04/01/34		314
	6		ARM, 2.101%, 01/01/19		6
	627		ARM, 2.120%, 01/01/35		665
	1,008		ARM, 2.124%, 11/01/34		1,062
	305		ARM, 2.142%, 01/01/36		323
	182		ARM, 2.170%, 07/01/34		194
	991		ARM, 2.189%, 06/01/35		1,050
	775		ARM, 2.191%, 10/01/34		824
	260		ARM, 2.199%, 02/01/35		276
	535		ARM, 2.204%, 10/01/34		569
	189		ARM, 2.217%, 09/01/35		202
	171		ARM, 2.220%, 05/01/35		181
	20		ARM, 2.262%, 04/01/34		20
	335		ARM, 2.265%, 08/01/34		361
	307		ARM, 2.274%, 09/01/34		327
	655		ARM, 2.276%, 08/01/34		697
	301		ARM, 2.277%, 07/01/33 - 11/01/33		309
	223		ARM, 2.299%, 01/01/34		237
	232		ARM, 2.300%, 06/01/36		247

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	613	ARM, 2.321%, 07/01/33		653
	483	ARM, 2.335%, 05/01/34		515
	1,716	ARM, 2.341%, 04/01/35		1,825
	416	ARM, 2.355%, 04/01/35		445
	215	ARM, 2.428%, 01/01/38		225
	315	ARM, 2.505%, 10/01/34		335
	479	ARM, 2.560%, 09/01/33		510
	70	ARM, 2.648%, 09/01/27		75
	634	ARM, 2.700%, 10/01/36		680
	73	ARM, 2.875%, 01/01/36		73
	192	ARM, 2.889%, 02/01/34		193
	53	ARM, 3.721%, 03/01/29		56
	2,000	3.760%, 11/01/23		2,141
		Federal National Mortgage Association, 15 Year, Single Family,
	751	3.500%, 09/01/18 - 07/01/19		795
	415	4.000%, 08/01/18 - 10/01/18		442
	2,191	4.500%, 06/01/18 - 12/01/19		2,333
	786	5.000%, 06/01/18 - 08/01/24		848
	765	5.500%, 03/01/20 - 07/01/20		813
	4,598	6.000%, 06/01/16 - 01/01/24		5,052
	192	6.500%, 03/01/17 - 08/01/20		203
	181	7.000%, 03/01/17 - 09/01/17		190
	4	7.500%, 03/01/17		4
	1	8.000%, 11/01/15		1
		Federal National Mortgage Association, 20 Year, Single Family,
	1,606	3.500%, 08/01/32		1,691
	114	4.500%, 04/01/24		123
	1,095	6.500%, 05/01/22 - 04/01/25		1,233
		Federal National Mortgage Association, 30 Year, FHA/VA,
	81	6.000%, 09/01/33		88
	1,137	6.500%, 03/01/29 - 08/01/39		1,243
	17	7.000%, 02/01/33		19
	49	8.000%, 06/01/28		56
	16	9.000%, 05/01/18 - 12/01/25		17
		Federal National Mortgage Association, 30 Year, Single Family,
	380	4.500%, 11/01/33 - 02/01/35		412
	1,482	5.000%, 07/01/33 - 09/01/35		1,653
	1,931	5.500%, 09/01/31 - 03/01/34		2,179
	2,505	6.000%, 12/01/28 - 09/01/37		2,841
	1,160	6.500%, 11/01/29 - 08/01/31		1,318
	983	7.000%, 01/01/24 - 01/01/39		1,095
	473	7.500%, 08/01/36 - 11/01/37		566
	574	8.000%, 03/01/27 - 11/01/28		680
	1	9.000%, 04/01/26		1
	13	9.500%, 07/01/28		14
	1	12.500%, 01/01/16		1
		Federal National Mortgage Association, Other,
	1,460	VAR, 0.512%, 01/01/23		1,474
	5,918	VAR, 0.542%, 10/01/22 - 01/01/23		5,970
	4,954	VAR, 0.612%, 11/01/23		4,996
	4,000	VAR, 0.622%, 12/01/23		4,030
	3,000	VAR, 0.642%, 11/01/23		3,045
	957	VAR, 0.952%, 03/01/22		966
	2,415	VAR, 6.070%, 11/01/18		2,622
	2,629	04/15/16 - 05/25/17		2,629
	2,000	1.690%, 12/01/19		1,956
	3,450	1.792%, 05/01/20		3,379
	3,935	1.808%, 06/01/20		3,851
	2,000	1.940%, 07/01/19		2,013
	1,500	2.066%, 12/01/20		1,466
	12,000	2.077%, 06/01/20		12,011
	4,569	2.097%, 08/01/19		4,604
	5,421	2.190%, 09/01/21 - 12/01/22		5,221
	1,997	2.211%, 04/01/19		2,034
	1,469	2.221%, 04/01/19		1,488
	3,990	2.283%, 12/01/22		3,854
	5,360	2.390%, 12/01/22		5,233
	5,411	2.418%, 12/01/22		5,259

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	1,962	2.428%, 05/01/23		1,901
	3,375	2.449%, 11/01/22		3,295
	3,000	2.459%, 12/01/22		2,928
	3,500	2.480%, 12/01/22		3,429
	5,638	2.490%, 10/01/17		5,857
	2,952	2.500%, 06/01/23		2,881
	4,000	2.531%, 11/01/22		3,943
	2,919	2.542%, 02/01/23		2,854
	1,475	2.593%, 06/01/23		1,449
	6,968	2.604%, 10/01/22 - 05/01/23		6,824
	3,000	2.670%, 07/01/22		2,974
	6,807	2.690%, 10/01/17		7,100
	3,377	2.704%, 04/01/23		3,356
	4,971	2.809%, 07/01/23		4,984
	3,228	2.841%, 03/01/22		3,202
	1,565	2.862%, 05/01/22		1,585
	3,758	2.970%, 11/01/18		3,946
	7,336	3.000%, 02/01/22 - 01/01/43		7,428
	1,450	3.038%, 05/01/22		1,484
	5,961	3.050%, 04/01/22		6,133
	7,019	3.070%, 01/01/22		7,260
	4,500	3.079%, 07/01/22		4,614
	2,000	3.120%, 01/01/22		2,075
	2,743	3.160%, 02/01/22		2,848
	1,839	3.224%, 05/01/22		1,904
	9,755	3.230%, 11/01/20		10,269
	1,467	3.255%, 12/01/21		1,531
	2,213	3.260%, 01/01/22		2,313
	1,982	3.290%, 10/01/20		2,093
	3,914	3.306%, 02/01/22		4,077
	948	3.375%, 11/01/20		1,007
	1,970	3.461%, 11/01/20		2,087
	48,796	3.500%, 12/01/32 - 08/01/43		50,328
	2,000	3.503%, 08/01/17		2,120
	1,932	3.520%, 01/01/18		2,065
	1,448	3.544%, 09/01/20		1,535
	2,500	3.590%, 08/01/23		2,666
	2,848	3.600%, 09/01/20		3,046
	7,428	3.621%, 09/01/20		7,908
	4,889	3.658%, 10/01/20		5,196
	1,500	3.690%, 11/01/23		1,598
	4,579	3.730%, 07/01/22		4,915
	1,887	3.740%, 07/01/20		2,040
	3,000	3.760%, 10/01/23		3,213
	975	3.761%, 01/01/25		1,025
	5,000	3.792%, 07/01/23		5,278
	2,926	3.802%, 09/01/20		3,153
	3,000	3.895%, 09/01/21		3,182
	2,880	3.906%, 09/01/21		3,110
	6,707	3.916%, 09/01/21		7,246
	1,950	3.930%, 07/01/20		2,128
	4,688	3.947%, 06/01/17		5,009
	4,750	3.980%, 11/01/16		4,817
	1,540	3.999%, 01/01/21		1,675
	9,602	4.000%, 10/01/32 - 07/01/42		10,186
	5,000	4.019%, 09/01/21		5,445
	1,991	4.061%, 01/01/21		2,174
	7,956	4.081%, 07/01/20 - 07/01/21		8,686
	1,417	4.130%, 07/01/20		1,556
	2,380	4.250%, 04/01/21		2,621
	1,660	4.257%, 04/01/20		1,829
	4,443	4.267%, 11/01/19 - 08/01/21		4,889
	2,096	4.290%, 06/01/20		2,320
	1,436	4.302%, 01/01/21		1,596
	1,444	4.318%, 07/01/21		1,631
	1,462	4.350%, 04/01/20		1,622
	2,892	4.369%, 02/01/20 - 04/01/20		3,201
	1,435	4.380%, 01/01/21		1,595
	1,874	4.381%, 11/01/19		2,070
	1,987	4.390%, 05/01/21		2,211

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	2,000	4.391%, 04/01/21		2,202
	2,000	4.402%, 07/01/21		2,214
	2,405	4.443%, 08/01/20 - 04/01/21		2,667
	2,114	4.474%, 04/01/21		2,349
	5,000	4.484%, 06/01/21		5,532
	922	4.500%, 03/01/20		1,015
	6,736	4.530%, 12/01/19		7,543
	4,242	4.540%, 01/01/20		4,704
	2,000	4.546%, 02/01/20		2,212
	2,880	4.629%, 02/01/21		3,219
	3,851	4.794%, 01/01/21		4,307
	1,885	5.414%, 07/01/19		2,074
	441	5.500%, 03/01/17 - 09/01/33		479
	1,230	6.000%, 09/01/37 - 06/01/39		1,359
	361	6.500%, 01/01/36 - 07/01/36		394
	61	7.000%, 10/01/46		67
	55	10.571%, 04/15/19		60
		Government National Mortgage Association II, 30 Year, Single Family,
	320	4.500%, 08/20/33		351
	3,458	6.000%, 09/20/38		3,934
	64	7.500%, 02/20/28 - 09/20/28		75
	102	8.000%, 12/20/25 - 09/20/28		121
	32	8.500%, 05/20/25		36
		Government National Mortgage Association II, Other,
	10,147	4.375%, 06/20/63		10,980
	10,506	4.433%, 05/20/63		11,517
	3,066	4.462%, 05/20/63		3,350
	2,063	4.479%, 04/20/63		2,240
		Government National Mortgage Association, 15 Year, Single Family,
	47	6.500%, 06/15/17		49
	27	8.000%, 01/15/16		28
		Government National Mortgage Association, 30 Year, Single Family,
	328	6.500%, 03/15/28 - 04/15/33		373
	198	7.000%, 02/15/33 - 06/15/33		221
	44	7.500%, 11/15/22 - 09/15/28		49
	17	8.000%, 09/15/22 - 08/15/28		18
	2	9.000%, 12/15/16		2
	629	9.500%, 10/15/24		707
		Total Mortgage Pass-Through Securities (Cost $568,054)		579,846
	Municipal Bonds — 0.3% (t)
		California — 0.0% (g)
	440	Los Angeles City Department of Airports, International Airport, Series C, Rev., 6.582%, 05/15/39		557
	350	State of California, Various Purpose, GO, 7.300%, 10/01/39		489
				1,046
		Illinois — 0.0% (g)
	160	State of Illinois, Taxable Pension, GO, 5.100%, 06/01/33		161
		New York — 0.2%
	360	New York State Dormitory Authority, State Personal Income Tax, Series D, Rev., 5.600%, 03/15/40		432
	1,825	Port Authority of New York & New Jersey, Consolidated 164, Rev., 5.647%, 11/01/40		2,194
	2,500	Port Authority of New York & New Jersey, Consolidated 174, Rev., 4.458%, 10/01/62		2,504
				5,130
		Ohio — 0.1%
	1,315	American Municipal Power, Inc., Meldahl Hydroelectric Project, Series B, Rev., 7.499%, 02/15/50		1,808
	1,563	Ohio State University, General Receipts, Series A, Rev., 4.800%, 06/01/11 (††)		1,603
				3,411
		Total Municipal Bonds (Cost $8,735)		9,748
	Supranational — 0.1%
	3,000	African Development Bank, 8.800%, 09/01/19		3,879
	641	Corp. Andina de Fomento, 3.750%, 01/15/16		664
		Total Supranational (Cost $4,471)		4,543
	U.S. Government Agency Securities — 2.4%
	646	Federal Farm Credit Bank, 5.125%, 11/15/18		745
	1,525	Federal Home Loan Bank, 5.500%, 07/15/36		1,973

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Government Agency Securities — continued
	6,000	Federal National Mortgage Association, Zero Coupon, 06/01/17		5,818
		Financing Corp. Fico,
	4,500	Zero Coupon, 05/11/18		4,254
	2,000	Zero Coupon, 04/05/19		1,836
	1,240	Zero Coupon, 09/26/19		1,120
		Government Trust Certificate,
	4,000	Zero Coupon, 10/01/15		3,944
	5,000	Zero Coupon, 04/01/16		4,890
	13,319	Zero Coupon, 10/01/19		11,594
		Residual Funding Corp. STRIPS,
	7,300	Zero Coupon, 10/15/19		6,598
	30,450	Zero Coupon, 07/15/20		26,741
	12,930	Zero Coupon, 10/15/20		11,254
		Tennessee Valley Authority,
	304	4.625%, 09/15/60		321
	3,521	5.250%, 09/15/39		4,250
	1,115	5.880%, 04/01/36		1,438
		Tennessee Valley Authority STRIPS,
	5,000	Zero Coupon, 11/01/25		3,366
	800	Zero Coupon, 06/15/35		337
	2,000	Zero Coupon, 05/01/19		1,820
		Total U.S. Government Agency Securities (Cost $91,830)		92,299
	U.S. Treasury Obligations — 26.0%
		U.S. Treasury Bonds,
	4,900	4.375%, 02/15/38		5,882
	7,575	4.500%, 02/15/36		9,249
	1,300	4.500%, 05/15/38		1,590
	1,750	4.500%, 08/15/39		2,145
	1,500	4.750%, 02/15/37		1,896
	15,370	5.000%, 05/15/37 (m)		20,058
	850	5.250%, 02/15/29		1,096
	1,250	5.375%, 02/15/31		1,651
	750	6.125%, 11/15/27		1,038
	300	6.125%, 08/15/29		421
	2,506	6.250%, 08/15/23		3,327
	900	6.250%, 05/15/30		1,286
	525	6.625%, 02/15/27		750
	4,690	7.500%, 11/15/16		5,484
	1,881	7.875%, 02/15/21		2,589
	864	8.125%, 05/15/21		1,211
	1,845	8.500%, 02/15/20		2,531
	1,500	8.750%, 05/15/20		2,097
	7,000	8.750%, 08/15/20		9,857
	20,115	8.875%, 08/15/17		25,200
		U.S. Treasury Coupon STRIPS,
	19,751	1.538%, 08/15/16 (n)		19,541
	17,000	1.813%, 05/15/21 (n)		14,673
	8,400	1.848%, 05/15/18 (n)		8,001
	2,000	2.046%, 02/15/18 (n)		1,917
	2,435	2.074%, 02/15/20 (n)		2,195
	20,475	2.273%, 02/15/21 (n)		17,836
	14,078	2.537%, 02/15/22 (n)		11,811
	1,500	2.555%, 05/15/22 (n)		1,246
	15,200	2.603%, 05/15/23 (n)		12,147
	4,800	2.656%, 08/15/22 (n)		3,954
	15,025	2.687%, 11/15/21 (m) (n)		12,719
	38,935	2.975%, 08/15/20 (m) (n)		34,474
	17,577	3.032%, 05/15/19 (n)		16,239
	800	3.035%, 05/15/35 (n)		394
	1,592	3.075%, 08/15/26 (n)		1,120
	6,100	3.232%, 08/15/21 (n)		5,215
	5,600	3.253%, 05/15/28 (n)		3,661
	27,150	3.262%, 11/15/26 (m) (n)		18,915
	3,050	3.289%, 02/15/32 (n)		1,706
	48,814	3.362%, 05/15/20 (m) (n)		43,649
	1,650	3.394%, 08/15/34 (n)		837
	3,000	3.443%, 05/15/31 (n)		1,729
	8,300	3.449%, 11/15/27 (n)		5,550
	2,350	3.522%, 08/15/32 (n)		1,289
	10,550	3.577%, 05/15/32 (n)		5,835
	7,150	3.596%, 11/15/31 (n)		4,040

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligations — continued
	28,300	3.602%, 02/15/27 (n)		19,512
	19,232	3.605%, 02/15/23 (n)		15,512
	1,600	3.704%, 08/15/29 (n)		993
	4,805	3.748%, 02/15/29 (n)		3,045
	21,411	3.751%, 08/15/17 (n)		20,788
	7,000	3.833%, 02/15/31 (n)		4,074
	22,360	3.836%, 08/15/19 (n)		20,489
	18,741	3.870%, 08/15/18 (n)		17,725
	7,140	3.900%, 11/15/32 (n)		3,878
	4,500	3.991%, 08/15/31 (n)		2,569
	6,400	4.005%, 05/15/30 (n)		3,846
	2,500	4.050%, 02/15/33 (n)		1,345
	20,736	4.229%, 02/15/17 (n)		20,343
	11,150	4.239%, 05/15/33 (n)		5,938
	600	4.267%, 08/15/24 (n)		457
	2,800	4.278%, 05/15/34 (n)		1,435
	600	4.306%, 02/15/26 (n)		431
	4,750	4.400%, 11/15/33 (n)		2,481
	1,650	4.444%, 11/15/29 (n)		1,013
	9,425	4.571%, 11/15/30 (n)		5,546
	100	4.676%, 08/15/35 (n)		49
	6,675	4.699%, 08/15/27 (n)		4,509
	8,860	4.700%, 02/15/28 (n)		5,856
	1,200	4.861%, 02/15/35 (n)		597
	5,000	4.864%, 02/15/34 (n)		2,588
	22,839	4.910%, 11/15/17 (n)		22,038
	15,857	5.019%, 11/15/16 (n)		15,641
	3,050	5.030%, 08/15/33 (n)		1,609
	22,100	5.104%, 02/15/30 (n)		13,423
	8,200	5.305%, 08/15/30 (n)		4,875
	1,500	5.401%, 05/15/26 (n)		1,066
	3,550	5.428%, 05/15/27 (n)		2,422
	2,500	5.435%, 11/15/28 (n)		1,602
	200	5.527%, 05/15/24 (n)		154
	1,400	5.622%, 11/15/24 (n)		1,057
	3,000	5.737%, 08/15/28 (n)		1,942
	17,230	5.805%, 02/15/15 (m) (n)		17,217
	3,595	6.255%, 05/15/15 (n)		3,590
	5,665	6.272%, 08/15/14 (m) (n)		5,664
	14,257	6.337%, 11/15/15 (n)		14,223
	46,801	6.375%, 02/15/16 (n)		46,593
	2,049	6.396%, 08/15/15 (n)		2,045
	13,056	6.968%, 11/15/14 (m) (n)		13,052
		U.S. Treasury Inflation Indexed Bonds,
	300	2.500%, 01/15/29		418
	799	3.625%, 04/15/28 (m)		1,648
		U.S. Treasury Inflation Indexed Notes,
	1,000	0.500%, 04/15/15		1,107
	1,000	1.125%, 01/15/21		1,170
	630	1.375%, 07/15/18		755
		U.S. Treasury Notes,
	8,000	0.750%, 12/31/17		7,915
	3,560	0.875%, 01/31/18		3,534
	1,500	1.000%, 06/30/19		1,458
	4,510	1.000%, 11/30/19		4,348
	11,635	1.375%, 11/30/18		11,636
	7,400	1.500%, 08/31/18		7,464
	31,250	1.750%, 10/31/18 (m)		31,804
	10,000	2.000%, 02/15/22		9,885
	12,245	2.125%, 12/31/15		12,609
	7,500	2.125%, 08/31/20		7,610
	1,000	2.125%, 01/31/21		1,009
	36,000	2.125%, 08/15/21		36,135
	10,000	2.250%, 07/31/18		10,405
	21,972	2.625%, 12/31/14		22,293
	1,000	2.625%, 02/29/16		1,041
	4,575	2.625%, 04/30/16		4,775
	9,300	2.625%, 01/31/18		9,820
	700	2.625%, 08/15/20		732
	2,300	2.625%, 11/15/20		2,400
	17,985	2.750%, 05/31/17		19,025

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligations — continued
	2,000	2.750%, 12/31/17		2,121
	9,000	3.125%, 10/31/16		9,559
	6,015	3.125%, 04/30/17		6,424
	11,638	3.125%, 05/15/19		12,533
	8,900	3.125%, 05/15/21		9,550
	15,700	3.250%, 12/31/16		16,760
	12,300	3.250%, 03/31/17		13,173
	2,600	3.500%, 02/15/18		2,828
	450	3.500%, 05/15/20		494
	9,500	3.625%, 02/15/21		10,509
	5,000	3.750%, 11/15/18		5,524
	10,000	4.000%, 02/15/15		10,275
		U.S. Treasury Principal STRIPS,
	16,180	Zero Coupon, 02/15/15		16,169
	1,000	Zero Coupon, 05/15/16		993
		Total U.S. Treasury Obligations (Cost $963,512)		1,011,191
	Loan Assignments — 0.4%
		Financials — 0.6%
		Real Estate Management & Development — 0.4%
		Fiveten Group Holdings Ltd., Revolving Loan, (United Kingdom),
	1,672	VAR, 4.500%, 07/15/14 (i)		1,666
		Invitation Homes, Revolving Loan,
	3,567	VAR, 3.750%, 03/15/15 (i)		3,550
		Progress Residential LP, Revolving Loan,
	6,365	VAR, 4.000%, 09/04/15 (i)		6,333
		Tricon Capital Group Inc., Revolving Loan, (Canada),
	3,585	VAR, 4.100%, 06/13/15 (i)		3,567
		Total Loan Assignments (Cost $15,116)		15,116
SHARES
	Short-Term Investment — 3.2%
		Investment Company — 3.2%
	124,607	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.020% (b) (l) (Cost $124,607)		124,607
		Total Investments — 100.9% (Cost $3,749,373)		3,923,162
		Liabilities in Excess of Other Assets — (0.9)%		(34,301	)
		NET ASSETS — 100.0%	$	3,888,861

Percentages indicated are based on net assets.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

ARM	—	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of May 31, 2014.
CDO	—	Collateralized Debt Obligation
CMBS	—	Commercial Mortgage Backed Security
CMO	—	Collateralized Mortgage Obligation
ESOP	—	Employee Stock Ownership Program
FHA	—	Federal Housing Administration
GMAC	—	General Motors Acceptance Corp.
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.
IF	—	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of May 31, 2014. 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.
PO	—	Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
REMIC	—	Real Estate Mortgage Investment Conduit
Rev.	—	Revenue
STRIPS	—	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of May 31, 2014.
VA	—	Veterans Administration
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of May 31, 2014.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—	Amount rounds to less than 0.1%.
(h)	—	Amount rounds to less than one thousand (shares or dollars).
(i)	—	Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.
(l)	—	The rate shown is the current yield as of May 31, 2014.
(m)	—	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.
(n)	—	The rate shown is the effective yield at the date of purchase.
(t)	—	The date shown represents the earliest of the prerefunded date, next put date or final maturity date..
(†)	—	Security matures in 2110.
(††)	—	Security matures in 2111.
(†††)	—	Security matures in 2114.

As of May 31, 2014, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	192,550
Aggregate gross unrealized depreciation		(18,835	)
Net unrealized appreciation/depreciation	$	173,715
Federal income tax cost of investments	$	3,749,447

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

A. Valuation of Investments — Fixed income securities (other than certain short-term investments maturing in less than 61 days) are valued each day based on prices received from independent or affiliated pricing services approved by the Board of Trustees or third party broker-dealers. The pricing services or broker-dealers use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services or broker-dealers may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services or broker-dealers 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 such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair values. Equity securities listed on a North American, Central American, South American or Caribbean securities exchange shall generally be valued at the last sale price on the exchange on which the security is principally traded that is reported before the time when the net assets of the Fund are valued. Securities listed on the NASDAQ Stock Market LLC are generally valued at the NASDAQ Official Closing Price. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at each investment company’s net asset value per share as of the report date.

Certain investments of the Fund may, depending upon market conditions, trade in relatively thin markets and/or in markets that experience significant volatility. As a result of these conditions, the prices used by the Fund to value these securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options are generally valued on the basis of available market quotations. Swaps and other derivatives are valued daily, primarily using independent or affiliated pricing services approved by the Board of Trustees. If valuations are not available from such pricing services or values received are deemed not representative of fair value, values will be obtained from a third party broker-dealer or counterparty.

Securities or other assets for which market quotations are not readily available or for which market quotations are deemed to not represent the fair value of the security or asset at the time of pricing (including certain illiquid securities) are fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. The Board of Trustees has established an Audit and Valuation Committee to assist with the oversight of the valuation of the Fund’s securities. JPMorgan Funds Management, Inc. (the “Administrator” or “JPMFM”), has established a Valuation Committee (“VC”) that is comprised of senior representatives from JPMFM, J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM”) and J.P. Morgan Asset Management’s Legal, Compliance and Risk Management groups and the Fund’s Chief Compliance Officer. The VC’s responsibilities include making determinations regarding Level 3 fair value measurements (“Fair Values”) and/or providing recommendations for approval to the Board of Trustees’ Audit and Valuation Committee, in accordance with the Fund’s valuation policies.

The VC or Board of Trustees, as applicable, primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The VC or Board of Trustees may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate 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. JPMFM and JPMIM are responsible for monitoring developments that may impact Fair Values and for discussing and assessing Fair Values on an ongoing, and at least a quarterly basis with the VC and Board of Trustees, as applicable. The appropriateness of Fair Values is assessed based on results of unchanged price review and consideration of macro or security specific events, back testing, and broker and vendor due diligence.

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, 2014.

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.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

Core Bond Trust

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

• Level 1 – quoted prices in active markets for identical securities

• Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including the Fund’s own 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 securities are not necessarily an indication of the risk associated with investing in those securities.

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	125,530	$	111,616	$	237,146
Collateralized Mortgage Obligations
Agency CMO		—		639,684		11,063		650,747
Non-Agency CMO		—		237,013		46,660		283,673
Total Collateralized Mortgage Obligations		—		876,697		57,723		934,420
Commercial Mortgage-Backed Securities		—		126,242		17,057		143,299
Corporate Bonds
Consumer Discretionary		—		50,644		—		50,644
Consumer Staples		—		35,661		—		35,661
Energy		—		64,492		—		64,492
Financials		—		338,673		—		338,673
Health Care		—		23,920		—		23,920
Industrials		—		42,040		3,540		45,580
Information Technology		—		41,632		—		41,632
Materials		—		20,915		—		20,915
Telecommunication Services		—		40,588		—		40,588
Utilities		—		61,606		—		61,606
Total Corporate Bonds		—		720,171		3,540		723,711
Foreign Government Securities		—		47,236		—		47,236
Mortgage Pass-Through Securities		—		579,846		—		579,846
Municipal Bonds		—		9,748		—		9,748
Supranational		—		4,543		—		4,543
U.S. Government Agency Securities		—		92,299		—		92,299
U.S. Treasury Obligations		—		1,011,191		—		1,011,191
Loan Assignments
Financials		—		—		15,116		15,116
Short-Term Investment
Investment Company		124,607		—		—		124,607
Total Investments in Securities	$	124,607	$	3,593,503	$	205,052	$	3,923,162

There were no transfers between Levels 1 and 2 during the period ended May 31, 2014.

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

Core Bond Trust	Balance as of 02/28/14		Realized gain (loss)			Change in unrealized appreciation (depreciation)		Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of 05/31/14
Investments in Securities
Asset-Backed Securities	$	95,936	$	73			230	$	14		$	26,876	$	(10,665	)	$	—	$	(848	)	$	111,616
Collateralized Mortgage Obligations — Agency CMO		5,515		(2	)		658		(1,589	)		33		(1	)		9,271		(2,822	)		11,063
Collateralized Mortgage Obligations — Non-Agency CMO		48,682		—			224		(659	)		853		(2,132	)		—		(308	)		46,660
Commercial Mortgage-Backed Securities		18,872		—			35		760			—		(2,610	)		—		—			17,057
Corporate Bonds — Industrials		3,605		—			12		(1	)		35		(111	)		—		—			3,540
Loan Assignments — Financials		13,732		—			610		—			5,516		(4,742	)		—		—			15,116
Total	$	186,342	$	71		$	1,769	$	(1,475	)	$	33,313	$	(20,261	)	$	9,271	$	(3,978	)	$	205,052

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.

Transfers into, and out of, Level 3 are valued utilizing values as of the beginning of the period.

Transfers from Level 2 to Level 3 or from Level 3 to Level 2 are due to a decline or an increase in market activity (e.g. frequency of trades), which resulted in a lack of or increase in available market inputs to determine price.

The changes in unrealized appreciation (depreciation) attributable to securities owned at May 31, 2014, which were valued using significant unobservable inputs (Level 3) amounted to approximately $718,000.

JPMorgan Core Bond Trust

Quantitative Information about Level 3 Fair Value Measurements # (Amounts in thousands)

	Fair Value at 5/31/14		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	18,057	Discounted Cash Flow	Constant Prepayment Rate	0.00% - 18.14% (3.50%)
				Constant Default Rate	0.00% - 13.00% (4.95%)
				Yield (Discount Rate of Cash Flows)	1.01% - 8.68% (3.78%)
Asset-Backed Securities		18,057
		45,409	Discounted Cash Flow	Constant Prepayment Rate	0.00% - 35.77% (7.81%)
				Constant Default Rate	0.00% - 9.16% (2.60%)
				PSA Prepayment Model	145.00% - 1,085.00% (436.79%)
				Yield (Discount Rate of Cash Flows)	(152.92%) - 36.33% (4.90%)
Collateralized Mortgage Obligations		45,409
		5,970	Discounted Cash Flow	Constant Prepayment Rate	0.00% - 100.00% (69.97%)
				Yield (Discount Rate of Cash Flows)	(5.15%) - 4.29% (1.38%)
Commercial Mortgage-Backed Securities		5,970
Total		69,436

# The table above does not include level 3 securities that are valued by brokers and pricing services. At May 31, 2014, the value of these securities was $135,616,000. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A. The appropriateness of fair values for these securities is monitored on an ongoing basis which may include results of back testing, unchanged price review, results of broker and vendor due diligence and consideration of macro or security specific events.

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

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — 98.6%
	Consumer Discretionary — 11.8%
			Auto Components — 0.4%
	5		BorgWarner, Inc.		303
	6		Delphi Automotive plc, (United Kingdom)		406
	6		Goodyear Tire & Rubber Co. (The)		153
	14		Johnson Controls, Inc.		677
					1,539
			Automobiles — 0.7%
	83		Ford Motor Co.		1,367
	27		General Motors Co.		951
	5		Harley-Davidson, Inc.		331
					2,649
			Distributors — 0.1%
	3		Genuine Parts Co.		280
			Diversified Consumer Services — 0.1%
	–	(h)	Graham Holdings Co., Class B		62
	6		H&R Block, Inc.		172
					234
			Hotels, Restaurants & Leisure — 1.7%
	9		Carnival Corp.		370
	1		Chipotle Mexican Grill, Inc. (a)		358
	3		Darden Restaurants, Inc.		139
	5		International Game Technology		65
	5		Marriott International, Inc., Class A		287
	21		McDonald’s Corp.		2,117
	16		Starbucks Corp.		1,168
	4		Starwood Hotels & Resorts Worldwide, Inc.		323
	3		Wyndham Worldwide Corp.		200
	2		Wynn Resorts Ltd.		367
	9		Yum! Brands, Inc.		722
					6,116
			Household Durables — 0.4%
	6		D.R. Horton, Inc.		142
	3		Garmin Ltd., (Switzerland)		153
	1		Harman International Industries, Inc.		150
	3		Leggett & Platt, Inc.		99
	4		Lennar Corp., Class A		152
	1		Mohawk Industries, Inc. (a)		175
	6		Newell Rubbermaid, Inc.		172
	7		PulteGroup, Inc.		141
	2		Whirlpool Corp.		235
					1,419
			Internet & Catalog Retail — 1.3%
	8		Amazon.com, Inc. (a)		2,452
	2		Expedia, Inc.		158
	1		Netflix, Inc. (a)		527
	1		Priceline Group, Inc. (The) (a)		1,407
	2		TripAdvisor, Inc. (a)		227
					4,771
			Leisure Products — 0.1%
	2		Hasbro, Inc.		132
	7		Mattel, Inc.		279
					411
			Media — 3.6%
	5		Cablevision Systems Corp., Class A		80
	12		CBS Corp. (Non-Voting), Class B		694
	55		Comcast Corp., Class A		2,869
	10		DIRECTV (a)		824
	5		Discovery Communications, Inc., Class A (a)		361
	5		Gannett Co., Inc.		133
	9		Interpublic Group of Cos., Inc. (The)		171
	11		News Corp., Class A (a)		179
	5		Omnicom Group, Inc.		387
	2		Scripps Networks Interactive, Inc., Class A		177
	6		Time Warner Cable, Inc.		826
	19		Time Warner, Inc.		1,314
	41		Twenty-First Century Fox, Inc., Class A		1,449
	8		Viacom, Inc., Class B		717
	34		Walt Disney Co. (The)		2,887
					13,068
			Multiline Retail — 0.6%
	6		Dollar General Corp. (a)		334
	4		Dollar Tree, Inc. (a)		233
	2		Family Dollar Stores, Inc.		118
	4		Kohl’s Corp.		231
	8		Macy’s, Inc.		465
	3		Nordstrom, Inc.		205
	13		Target Corp.		757
					2,343
			Specialty Retail — 2.0%
	1		AutoNation, Inc. (a)		76
	1		AutoZone, Inc. (a)		379
	4		Bed Bath & Beyond, Inc. (a)		273
	6		Best Buy Co., Inc.		160
	5		CarMax, Inc. (a)		209
	2		GameStop Corp., Class A		92

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — continued
	Specialty Retail — continued
	6	Gap, Inc. (The)		230
	30	Home Depot, Inc. (The)		2,383
	5	L Brands, Inc.		295
	22	Lowe’s Cos., Inc.		1,038
	2	O’Reilly Automotive, Inc. (a)		332
	2	PetSmart, Inc.		126
	5	Ross Stores, Inc.		310
	14	Staples, Inc.		154
	2	Tiffany & Co.		231
	15	TJX Cos., Inc. (The)		817
	3	Tractor Supply Co.		191
	2	Urban Outfitters, Inc. (a)		77
				7,373
		Textiles, Apparel & Luxury Goods — 0.8%
	6	Coach, Inc.		238
	1	Fossil Group, Inc. (a)		106
	4	Michael Kors Holdings Ltd., (Hong Kong) (a)		357
	16	NIKE, Inc., Class B		1,207
	2	PVH Corp.		227
	1	Ralph Lauren Corp.		191
	3	Under Armour, Inc., Class A (a)		174
	7	V.F. Corp.		468
				2,968
		Total Consumer Discretionary		43,171
	Consumer Staples — 9.6%
		Beverages — 2.1%
	3	Brown-Forman Corp., Class B		317
	80	Coca-Cola Co. (The)		3,269
	5	Coca-Cola Enterprises, Inc.		229
	4	Constellation Brands, Inc., Class A (a)		297
	4	Dr. Pepper Snapple Group, Inc.		240
	3	Molson Coors Brewing Co., Class B		219
	3	Monster Beverage Corp. (a)		198
	32	PepsiCo, Inc.		2,836
				7,605
		Food & Staples Retailing — 2.3%
	9	Costco Wholesale Corp.		1,076
	25	CVS Caremark Corp.		1,953
	11	Kroger Co. (The)		520
	5	Safeway, Inc.		167
	12	Sysco Corp.		463
	18	Walgreen Co.		1,326
	34	Wal-Mart Stores, Inc.		2,619
	8	Whole Foods Market, Inc.		300
				8,424
		Food Products — 1.7%
	14	Archer-Daniels-Midland Co.		624
	4	Campbell Soup Co.		173
	9	ConAgra Foods, Inc.		286
	13	General Mills, Inc.		723
	3	Hershey Co. (The)		308
	3	Hormel Foods Corp.		140
	2	JM Smucker Co. (The)		224
	5	Kellogg Co.		374
	3	Keurig Green Mountain, Inc.		307
	13	Kraft Foods Group, Inc.		748
	3	McCormick & Co., Inc. (Non-Voting)		200
	4	Mead Johnson Nutrition Co.		381
	36	Mondelez International, Inc., Class A		1,349
	6	Tyson Foods, Inc., Class A		241
				6,078
		Household Products — 1.9%
	3	Clorox Co. (The)		245
	18	Colgate-Palmolive Co.		1,259
	8	Kimberly-Clark Corp.		899
	57	Procter & Gamble Co. (The)		4,620
				7,023
		Personal Products — 0.1%
	9	Avon Products, Inc.		131
	5	Estee Lauder Cos., Inc. (The), Class A		413
				544
		Tobacco — 1.5%
	42	Altria Group, Inc.		1,746
	8	Lorillard, Inc.		475
	33	Philip Morris International, Inc.		2,960
	7	Reynolds American, Inc.		392
				5,573
		Total Consumer Staples		35,247
	Energy — 10.3%
		Energy Equipment & Services — 2.0%
	9	Baker Hughes, Inc.		650
	4	Cameron International Corp. (a)		276
	1	Diamond Offshore Drilling, Inc.		75
	5	Ensco plc, (United Kingdom), Class A		259
	5	FMC Technologies, Inc. (a)		289
	18	Halliburton Co.		1,160

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — continued
		Energy Equipment & Services — continued
	2	Helmerich & Payne, Inc.		249
	6	Nabors Industries Ltd., (Bermuda)		144
	9	National Oilwell Varco, Inc.		740
	5	Noble Corp. plc, (United Kingdom)		169
	3	Rowan Cos. plc, Class A		81
	28	Schlumberger Ltd.		2,868
	7	Transocean Ltd., (Switzerland)		304
				7,264
		Oil, Gas & Consumable Fuels — 8.3%
	11	Anadarko Petroleum Corp.		1,093
	8	Apache Corp.		776
	9	Cabot Oil & Gas Corp.		323
	11	Chesapeake Energy Corp.		307
	40	Chevron Corp.		4,944
	26	ConocoPhillips		2,067
	5	CONSOL Energy, Inc.		213
	8	Denbury Resources, Inc.		127
	8	Devon Energy Corp.		597
	12	EOG Resources, Inc.		1,219
	3	EQT Corp.		340
	91	Exxon Mobil Corp.		9,161
	6	Hess Corp.		526
	14	Kinder Morgan, Inc.		472
	15	Marathon Oil Corp.		539
	6	Marathon Petroleum Corp.		555
	4	Murphy Oil Corp.		224
	3	Newfield Exploration Co. (a)		105
	8	Noble Energy, Inc.		547
	17	Occidental Petroleum Corp.		1,671
	4	ONEOK, Inc.		283
	6	Peabody Energy Corp.		92
	12	Phillips 66		1,051
	3	Pioneer Natural Resources Co.		633
	4	QEP Resources, Inc.		121
	3	Range Resources Corp.		321
	7	Southwestern Energy Co. (a)		338
	14	Spectra Energy Corp.		573
	3	Tesoro Corp.		156
	11	Valero Energy Corp.		629
	14	Williams Cos., Inc. (The)		678
				30,681
		Total Energy		37,945
	Financials — 15.7%
		Banks — 5.8%
	223	Bank of America Corp.		3,374
	15	BB&T Corp.		568
	64	Citigroup, Inc.		3,046
	4	Comerica, Inc.		184
	18	Fifth Third Bancorp		372
	18	Huntington Bancshares, Inc.		162
	80	JPMorgan Chase & Co. (q)		4,438
	19	KeyCorp		257
	3	M&T Bank Corp.		332
	11	PNC Financial Services Group, Inc. (The)		960
	30	Regions Financial Corp.		305
	11	SunTrust Banks, Inc.		432
	38	U.S. Bancorp		1,622
	101	Wells Fargo & Co.		5,128
	4	Zions Bancorp		111
				21,291
		Capital Markets — 2.0%
	4	Ameriprise Financial, Inc.		453
	24	Bank of New York Mellon Corp. (The)		827
	3	BlackRock, Inc.		808
	25	Charles Schwab Corp. (The)		622
	6	E*TRADE Financial Corp. (a)		124
	9	Franklin Resources, Inc.		470
	9	Goldman Sachs Group, Inc. (The)		1,419
	9	Invesco Ltd.		335
	2	Legg Mason, Inc.		108
	30	Morgan Stanley		913
	5	Northern Trust Corp.		284
	9	State Street Corp.		594
	6	T. Rowe Price Group, Inc.		451
				7,408
		Consumer Finance — 0.9%
	19	American Express Co.		1,763
	12	Capital One Financial Corp.		953
	10	Discover Financial Services		587
	9	Navient Corp. (a)		143
				3,446
		Diversified Financial Services — 1.9%
	38	Berkshire Hathaway, Inc., Class B (a)		4,872
	7	CME Group, Inc.		479
	2	IntercontinentalExchange Group, Inc.		476
	7	Leucadia National Corp.		170
	6	McGraw Hill Financial, Inc.		467

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — continued
		Diversified Financial Services — continued
	4	Moody’s Corp.		339
	2	NASDAQ OMX Group, Inc. (The)		94
				6,897
		Insurance — 2.8%
	7	ACE Ltd., (Switzerland)		736
	10	Aflac, Inc. (m)		589
	9	Allstate Corp. (The)		549
	31	American International Group, Inc.		1,669
	6	Aon plc, (United Kingdom)		571
	2	Assurant, Inc.		103
	5	Chubb Corp. (The)		480
	3	Cincinnati Financial Corp.		152
	10	Genworth Financial, Inc., Class A (a)		178
	9	Hartford Financial Services Group, Inc. (The)		326
	6	Lincoln National Corp.		267
	6	Loews Corp.		278
	12	Marsh & McLennan Cos., Inc.		581
	24	MetLife, Inc.		1,207
	6	Principal Financial Group, Inc.		271
	12	Progressive Corp. (The)		289
	10	Prudential Financial, Inc.		802
	2	Torchmark Corp.		151
	7	Travelers Cos., Inc. (The)		694
	5	Unum Group		186
	6	XL Group plc, (Ireland)		189
				10,268
		Real Estate Investment Trusts (REITs) — 2.2%
	8	American Tower Corp.		747
	3	Apartment Investment & Management Co., Class A		97
	3	AvalonBay Communities, Inc.		364
	3	Boston Properties, Inc.		389
	7	Crown Castle International Corp.		541
	7	Equity Residential		438
	1	Essex Property Trust, Inc.		235
	11	General Growth Properties, Inc.		262
	10	HCP, Inc.		403
	6	Health Care REIT, Inc.		387
	16	Host Hotels & Resorts, Inc.		352
	9	Kimco Realty Corp.		198
	3	Macerich Co. (The)		196
	4	Plum Creek Timber Co., Inc.		168
	11	Prologis, Inc.		437
	3	Public Storage		526
	7	Simon Property Group, Inc.		1,103
	6	Ventas, Inc.		415
	4	Vornado Realty Trust		393
	3	Washington Prime Group, Inc. (a) (m)		66
	12	Weyerhaeuser Co.		387
				8,104
		Real Estate Management & Development — 0.0% (g)
	6	CBRE Group, Inc., Class A (a)		176
		Thrifts & Mortgage Finance — 0.1%
	10	Hudson City Bancorp, Inc.		98
	7	People’s United Financial, Inc.		94
				192
		Total Financials		57,782
	Health Care — 13.1%
		Biotechnology — 2.4%
	4	Alexion Pharmaceuticals, Inc. (a)		694
	16	Amgen, Inc.		1,847
	5	Biogen Idec, Inc. (a)		1,592
	9	Celgene Corp. (a)		1,310
	32	Gilead Sciences, Inc. (a)		2,635
	2	Regeneron Pharmaceuticals, Inc. (a)		510
	5	Vertex Pharmaceuticals, Inc. (a)		359
				8,947
		Health Care Equipment & Supplies — 2.0%
	33	Abbott Laboratories		1,302
	11	Baxter International, Inc.		852
	4	Becton, Dickinson & Co.		479
	28	Boston Scientific Corp. (a)		358
	2	C.R. Bard, Inc.		242
	4	CareFusion Corp. (a)		189
	10	Covidien plc, (Ireland)		695
	3	DENTSPLY International, Inc.		141
	2	Edwards Lifesciences Corp. (a)		184
	1	Intuitive Surgical, Inc. (a)		298
	21	Medtronic, Inc.		1,288
	6	St. Jude Medical, Inc.		388
	6	Stryker Corp.		525
	2	Varian Medical Systems, Inc. (a)		180
	4	Zimmer Holdings, Inc.		373
				7,494
		Health Care Providers & Services — 2.1%
	8	Aetna, Inc.		593

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — continued
		Health Care Providers & Services — continued
	5	AmerisourceBergen Corp.		354
	7	Cardinal Health, Inc.		511
	6	Cigna Corp.		518
	4	DaVita HealthCare Partners, Inc. (a)		263
	16	Express Scripts Holding Co. (a)		1,170
	3	Humana, Inc.		404
	2	Laboratory Corp. of America Holdings (a)		185
	5	McKesson Corp.		920
	2	Patterson Cos., Inc.		68
	3	Quest Diagnostics, Inc.		182
	2	Tenet Healthcare Corp. (a)		96
	21	UnitedHealth Group, Inc.		1,661
	6	WellPoint, Inc.		646
				7,571
		Health Care Technology — 0.1%
	6	Cerner Corp. (a)		337
		Life Sciences Tools & Services — 0.5%
	7	Agilent Technologies, Inc.		400
	2	PerkinElmer, Inc.		107
	8	Thermo Fisher Scientific, Inc.		966
	2	Waters Corp. (a)		180
				1,653
		Pharmaceuticals — 6.0%
	34	AbbVie, Inc.		1,820
	4	Actavis plc (a)		777
	6	Allergan, Inc.		1,054
	35	Bristol-Myers Squibb Co.		1,724
	21	Eli Lilly & Co.		1,244
	5	Forest Laboratories, Inc. (a)		477
	4	Hospira, Inc. (a)		173
	60	Johnson & Johnson		6,053
	62	Merck & Co., Inc.		3,588
	8	Mylan, Inc. (a)		391
	3	Perrigo Co. plc, (Ireland)		390
	135	Pfizer, Inc.		3,988
	11	Zoetis, Inc.		324
				22,003
		Total Health Care		48,005
	Industrials — 10.6%
		Aerospace & Defense — 2.7%
	14	Boeing Co. (The)		1,951
	7	General Dynamics Corp.		810
	17	Honeywell International, Inc.		1,540
	2	L-3 Communications Holdings, Inc.		219
	6	Lockheed Martin Corp.		932
	5	Northrop Grumman Corp.		556
	3	Precision Castparts Corp.		775
	7	Raytheon Co.		647
	3	Rockwell Collins, Inc.		225
	6	Textron, Inc.		234
	18	United Technologies Corp.		2,064
				9,953
		Air Freight & Logistics — 0.8%
	3	C.H. Robinson Worldwide, Inc.		187
	4	Expeditors International of Washington, Inc.		194
	6	FedEx Corp.		845
	15	United Parcel Service, Inc., Class B		1,557
				2,783
		Airlines — 0.3%
	18	Delta Air Lines, Inc.		715
	15	Southwest Airlines Co.		391
				1,106
		Building Products — 0.1%
	2	Allegion plc, (Ireland)		99
	8	Masco Corp.		160
				259
		Commercial Services & Supplies — 0.5%
	4	ADT Corp. (The) (m)		125
	2	Cintas Corp.		132
	4	Iron Mountain, Inc.		112
	4	Pitney Bowes, Inc.		118
	6	Republic Services, Inc.		202
	2	Stericycle, Inc. (a)		205
	10	Tyco International Ltd., (Switzerland)		424
	9	Waste Management, Inc.		407
				1,725
		Construction & Engineering — 0.1%
	3	Fluor Corp.		254
	3	Jacobs Engineering Group, Inc. (a)		153
	5	Quanta Services, Inc. (a)		156
				563
		Electrical Equipment — 0.6%
	5	AMETEK, Inc.		274
	10	Eaton Corp. plc		739
	15	Emerson Electric Co.		989

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — continued
		Electrical Equipment — continued
	3	Rockwell Automation, Inc.		355
				2,357
		Industrial Conglomerates — 2.4%
	13	3M Co.		1,893
	13	Danaher Corp.		994
	212	General Electric Co.		5,668
	2	Roper Industries, Inc.		297
				8,852
		Machinery — 1.7%
	13	Caterpillar, Inc.		1,375
	4	Cummins, Inc.		560
	8	Deere & Co.		711
	4	Dover Corp.		313
	3	Flowserve Corp.		214
	8	Illinois Tool Works, Inc.		713
	5	Ingersoll-Rand plc		326
	2	Joy Global, Inc.		121
	7	PACCAR, Inc.		473
	2	Pall Corp.		196
	3	Parker Hannifin Corp.		394
	4	Pentair Ltd., (Ireland)		311
	1	Snap-on, Inc.		144
	3	Stanley Black & Decker, Inc.		287
	4	Xylem, Inc.		145
				6,283
		Professional Services — 0.2%
	1	Dun & Bradstreet Corp. (The)		82
	3	Equifax, Inc.		182
	6	Nielsen N.V.		289
	3	Robert Half International, Inc.		132
				685
		Road & Rail — 1.0%
	21	CSX Corp.		625
	2	Kansas City Southern		250
	7	Norfolk Southern Corp.		658
	1	Ryder System, Inc.		98
	10	Union Pacific Corp.		1,912
				3,543
		Trading Companies & Distributors — 0.2%
	6	Fastenal Co.		281
	1	W.W. Grainger, Inc.		333
				614
		Total Industrials		38,723
	Information Technology — 18.6%
		Communications Equipment — 1.8%
	109	Cisco Systems, Inc.		2,675
	2	F5 Networks, Inc. (a)		173
	2	Harris Corp.		174
	10	Juniper Networks, Inc. (a)		244
	5	Motorola Solutions, Inc.		321
	36	QUALCOMM, Inc.		2,869
				6,456
		Electronic Equipment, Instruments & Components — 0.4%
	3	Amphenol Corp., Class A		320
	28	Corning, Inc.		588
	3	FLIR Systems, Inc.		104
	4	Jabil Circuit, Inc.		74
	9	TE Connectivity Ltd., (Switzerland)		514
				1,600
		Internet Software & Services — 3.1%
	4	Akamai Technologies, Inc. (a)		205
	25	eBay, Inc. (a)		1,247
	36	Facebook, Inc., Class A (a)		2,280
	6	Google, Inc., Class A (a)		3,403
	6	Google, Inc., Class C (a)		3,339
	3	VeriSign, Inc. (a)		133
	20	Yahoo!, Inc. (a)		686
				11,293
		IT Services — 3.4%
	13	Accenture plc, (Ireland), Class A		1,094
	1	Alliance Data Systems Corp. (a)		287
	10	Automatic Data Processing, Inc.		810
	13	Cognizant Technology Solutions Corp., Class A (a)		623
	3	Computer Sciences Corp.		193
	6	Fidelity National Information Services, Inc.		332
	5	Fiserv, Inc. (a)		323
	21	International Business Machines Corp.		3,806
	22	MasterCard, Inc., Class A		1,645
	7	Paychex, Inc.		281
	3	Teradata Corp. (a)		141
	3	Total System Services, Inc.		105
	11	Visa, Inc., Class A		2,296
	12	Western Union Co. (The)		187
	23	Xerox Corp.		290
				12,413

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — continued
		Semiconductors & Semiconductor Equipment — 2.1%
	7	Altera Corp.		222
	7	Analog Devices, Inc.		345
	26	Applied Materials, Inc.		516
	5	Avago Technologies Ltd., (Singapore)		372
	12	Broadcom Corp., Class A		371
	1	First Solar, Inc. (a)		92
	105	Intel Corp.		2,865
	4	KLA-Tencor Corp.		230
	3	Lam Research Corp. (a)		212
	5	Linear Technology Corp.		230
	4	Microchip Technology, Inc.		200
	22	Micron Technology, Inc. (a)		640
	12	NVIDIA Corp.		222
	23	Texas Instruments, Inc.		1,074
	6	Xilinx, Inc.		264
				7,855
		Software — 3.5%
	10	Adobe Systems, Inc. (a)		632
	5	Autodesk, Inc. (a)		251
	7	CA, Inc.		195
	3	Citrix Systems, Inc. (a)		214
	7	Electronic Arts, Inc. (a)		229
	6	Intuit, Inc.		474
	159	Microsoft Corp.		6,522
	73	Oracle Corp.		3,069
	4	Red Hat, Inc. (a)		200
	12	Salesforce.com, Inc. (a)		623
	15	Symantec Corp.		321
				12,730
		Technology Hardware, Storage & Peripherals — 4.3%
	19	Apple, Inc.		11,907
	43	EMC Corp.		1,135
	40	Hewlett-Packard Co.		1,339
	7	NetApp, Inc.		259
	5	SanDisk Corp.		460
	7	Seagate Technology plc, (Ireland)		372
	4	Western Digital Corp.		389
				15,861
		Total Information Technology		68,208
	Materials — 3.5%
		Chemicals — 2.6%
	4	Air Products & Chemicals, Inc.		536
	1	Airgas, Inc.		149
	1	CF Industries Holdings, Inc.		267
	26	Dow Chemical Co. (The)		1,336
	20	E.I. du Pont de Nemours & Co.		1,355
	3	Eastman Chemical Co.		284
	6	Ecolab, Inc.		623
	3	FMC Corp.		215
	2	International Flavors & Fragrances, Inc.		170
	9	LyondellBasell Industries N.V., Class A		907
	11	Monsanto Co.		1,349
	7	Mosaic Co. (The)		357
	3	PPG Industries, Inc.		589
	6	Praxair, Inc.		820
	2	Sherwin-Williams Co. (The)		368
	3	Sigma-Aldrich Corp.		248
				9,573
		Construction Materials — 0.1%
	3	Vulcan Materials Co.		168
		Containers & Packaging — 0.2%
	2	Avery Dennison Corp.		103
	3	Ball Corp.		179
	2	Bemis Co., Inc.		89
	4	MeadWestvaco Corp.		149
	3	Owens-Illinois, Inc. (a)		115
	4	Sealed Air Corp.		136
				771
		Metals & Mining — 0.5%
	25	Alcoa, Inc.		336
	2	Allegheny Technologies, Inc.		94
	22	Freeport-McMoRan Copper & Gold, Inc.		746
	11	Newmont Mining Corp.		240
	7	Nucor Corp.		340
	3	United States Steel Corp.		70
				1,826
		Paper & Forest Products — 0.1%
	9	International Paper Co.		441
		Total Materials		12,779
	Telecommunication Services — 2.4%
		Diversified Telecommunication Services — 2.4%
	110	AT&T, Inc.		3,895
	12	CenturyLink, Inc.		459
	21	Frontier Communications Corp.		122
	87	Verizon Communications, Inc.		4,363
	13	Windstream Holdings, Inc.		120
		Total Telecommunication Services		8,959

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — continued
	Utilities — 3.0%
		Electric Utilities — 1.7%
	10	American Electric Power Co., Inc.		549
	15	Duke Energy Corp.		1,059
	7	Edison International		379
	4	Entergy Corp.		284
	18	Exelon Corp.		666
	9	FirstEnergy Corp.		298
	9	NextEra Energy, Inc.		894
	7	Northeast Utilities		302
	5	Pepco Holdings, Inc.		146
	2	Pinnacle West Capital Corp.		129
	13	PPL Corp.		467
	19	Southern Co. (The)		820
	11	Xcel Energy, Inc.		323
				6,316
		Gas Utilities — 0.0% (g)
	3	AGL Resources, Inc.		134
		Independent Power & Renewable Electricity Producers — 0.1%
	14	AES Corp.		196
	7	NRG Energy, Inc.		244
				440
		Multi-Utilities — 1.2%
	5	Ameren Corp.		201
	9	CenterPoint Energy, Inc.		218
	6	CMS Energy Corp.		167
	6	Consolidated Edison, Inc.		340
	12	Dominion Resources, Inc.		846
	4	DTE Energy Co.		284
	2	Integrys Energy Group, Inc.		98
	7	NiSource, Inc.		247
	10	PG&E Corp.		443
	11	Public Service Enterprise Group, Inc.		416
	3	SCANA Corp.		155
	5	Sempra Energy		481
	4	TECO Energy, Inc.		75
	5	Wisconsin Energy Corp.		217
				4,188
		Total Utilities		11,078
		Total Common Stocks (Cost $181,365)		361,897
	Exchange Traded Fund — 0.3%
	4	SPDR S&P 500 ETF Trust (Cost $792)		847
PRINCIPAL AMOUNT ($)
	Short-Term Investments — 0.1%
		U.S. Treasury Obligation — 0.1%
	345	U.S. Treasury Bill, 0.028%, 07/10/14 (k) (n)		345
SHARES
		Investment Company — 0.0% (g)
	132	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.020% (b) (l) (m)		132
		Total Short-Term Investments (Cost $477)		477
		Total Investments — 99.0% (Cost $182,634)		363,221
		Other Assets in Excess of Liabilities — 1.0%		3,785
		NET ASSETS — 100.0%	$	367,006

Percentages indicated are based on net assets.

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 05/31/14		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	37	E-mini S&P 500		06/20/14	$	3,555	$	180

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ETF	—	Exchange Traded Fund
SPDR	—	Standard & Poor’s Depositary Receipts
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)	—	Amount rounds to less than 0.1%.
(h)	—	Amount rounds to less than one thousand (shares or dollars).
(k)	—	All or a portion of this security is deposited with the broker as collateral for futures or with brokers as initial margin for futures contracts.
(l)	—	The rate shown is the current yield as of May 31, 2014.
(m)	—	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.
(n)	—	The rate shown is the effective yield at the date of purchase.
(q)	—	Investment in affiliate which is a security in the Fund’s index.

As of May 31, 2014, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	182,180
Aggregate gross unrealized depreciation		(1,593	)
Net unrealized appreciation/depreciation	$	180,587
Federal income tax cost of investments	$	182,634

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

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

• Level 1 – quoted prices in active markets for identical securities

• Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including the Fund’s own 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 securities are not necessarily an indication of the risk associated with investing in those securities.

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

	Level 1 Quoted prices	Level 2 Other significant  observable inputs		Level 3 Significant  unobservable inputs		Total
Total Investments in Securities (a)	$362,876	$	345	$	–	$	363,221
Appreciation in Other Financial Instruments
Futures Contracts	$180	$	–	$	–	$	180

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOI. Level 2 consists of a U.S. Treasury Bill held as collateral for futures contracts. Please refer to the SOI for industry specifics of portfolio holdings.

There were no transfers among any levels during the period ended May 31, 2014.

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 5.6%
	106	Academic Loan Funding Trust, Series 2012-1A, Class A1, VAR, 0.950%, 12/27/22 (e)		107
		Ally Auto Receivables Trust,
	44	Series 2012-1, Class A3, 0.930%, 02/16/16		44
	173	Series 2012-2, Class A3, 0.740%, 04/15/16		173
	10	Series 2012-5, Class A2, 0.450%, 07/15/15		10
	344	Series 2013-2, Class A3, 0.790%, 01/15/18		345
	120	Series 2013-2, Class A4, 1.240%, 11/15/18		120
		American Credit Acceptance Receivables Trust,
	42	Series 2012-2, Class A, 1.890%, 07/15/16 (e)		42
	24	Series 2012-3, Class A, 1.640%, 11/15/16 (e)		24
	119	Series 2013-2, Class A, 1.320%, 02/15/17 (e)		119
		AmeriCredit Automobile Receivables Trust,
	67	Series 2011-5, Class A3, 1.550%, 07/08/16		67
	44	Series 2012-1, Class A3, 1.230%, 09/08/16		44
	8	Series 2012-4, Class A2, 0.490%, 04/08/16		7
	57	Series 2013-1, Class A2, 0.490%, 06/08/16		57
	53	Series 2013-1, Class A3, 0.610%, 10/10/17		53
	373	Series 2013-4, Class A2, 0.740%, 11/08/16		374
	157	Series 2013-5, Class A3, 0.900%, 09/10/18		158
	289	AXIS Equipment Finance Receivables II LLC, Series 2013-1A, Class A, 1.750%, 03/20/17 (e)		289
	43	Bear Stearns Asset-Backed Securities Trust, Series 2006-SD1, Class A, VAR, 0.520%, 04/25/36		42
		BMW Vehicle Lease Trust,
	38	Series 2013-1, Class A2, 0.400%, 01/20/15		38
	48	Series 2013-1, Class A3, 0.540%, 09/21/15		48
	170	BMW Vehicle Owner Trust, Series 2013-A, Class A3, 0.670%, 11/27/17		170
	100	Cabela’s Master Credit Card Trust, Series 2012-1A, Class A1, 1.630%, 02/18/20 (e)		102
	65	California Republic Auto Receivables Trust, Series 2012-1, Class A, 1.180%, 08/15/17 (e)		66
		Capital Auto Receivables Asset Trust,
	247	Series 2013-1, Class A2, 0.620%, 07/20/16		247
	250	Series 2013-3, Class A1B, VAR, 0.579%, 11/20/15		250
		CarFinance Capital Auto Trust,
	49	Series 2013-2A, Class A, 1.750%, 11/15/17 (e)		50
	306	Series 2014-1A, Class A, 1.460%, 12/17/18 (e)		306
	125	Series 2014-1A, Class B, 2.720%, 04/15/20 (e)		125
	250	Carlyle Global Market Strategies Commodities Funding Ltd., (Cayman Islands), Series 2014-1A, Class A, VAR, 2.176%, 10/15/21 (e)		250
		CarMax Auto Owner Trust,
	154	Series 2013-4, Class A3, 0.800%, 07/16/18		154
	137	Series 2013-4, Class A4, 1.280%, 05/15/19		137
	337	Series 2014-2, Class A3, 0.980%, 01/15/19		338
	129	Centex Home Equity Loan Trust, Series 2004-D, Class AF4, SUB, 4.680%, 06/25/32		133
		CNH Equipment Trust,
	34	Series 2012-A, Class A3, 0.940%, 05/15/17		34
	2	Series 2012-C, Class A2, 0.440%, 02/16/16		2
		Concord Funding Co. LLC,
	300	Series 2012-2, Class A, 3.145%, 01/15/17 (e)		300
	100	Series 2013-1, Class A, 2.420%, 02/15/15 (e)		99
		CPS Auto Receivables Trust,
	34	Series 2011-C, Class A, 4.210%, 03/15/19 (e)		35
	31	Series 2012-A, Class A, 2.780%, 06/17/19 (e)		31
	191	Series 2012-B, Class A, 2.520%, 09/16/19 (e)		194
	417	Series 2014-A, Class A, 1.210%, 08/15/18 (e)		416

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	204	Discover Card Execution Note Trust, Series 2012-A1, Class A1, 0.810%, 08/15/17		205
		Exeter Automobile Receivables Trust,
	94	Series 2013-2A, Class A, 1.490%, 11/15/17 (e)		94
	192	Series 2014-1A, Class A, 1.290%, 05/15/18 (e)		192
	175	Fifth Third Auto Trust, Series 2013-1, Class A3, 0.880%, 10/16/17		176
		First Investors Auto Owner Trust,
	40	Series 2012-2A, Class A2, 1.470%, 05/15/18 (e)		41
	55	Series 2013-1A, Class A2, 0.900%, 10/15/18 (e)		55
	273	Flagship Credit Auto Trust, Series 2013-2, Class A, 1.940%, 01/15/19 (e)		274
		Ford Credit Auto Lease Trust,
	235	Series 2013-B, Class A3, 0.760%, 09/15/16		236
	100	Series 2013-B, Class A4, 0.960%, 10/15/16		100
	53	Series 2014-A, Class A2A, 0.500%, 10/15/16		53
		Ford Credit Auto Owner Trust,
	68	Series 2012-A, Class A3, 0.840%, 08/15/16		68
	1	Series 2012-D, Class A2, 0.400%, 09/15/15		1
	100	Series 2012-D, Class A3, 0.510%, 04/15/17		100
	140	Ford Credit Floorplan Master Owner Trust, Series 2013-1, Class A2, VAR, 0.531%, 01/15/18		140
	65	GE Capital Mortgage Services, Inc. Trust, Series 1999-HE1, Class M, VAR, 6.705%, 04/25/29		64
		GE Equipment Midticket LLC,
	172	Series 2012-1, Class A3, 0.600%, 05/23/16		172
	60	Series 2012-1, Class A4, 0.780%, 09/22/20		60
		GMAT Trust,
	306	Series 2013-1A, Class A, SUB, 3.967%, 11/25/43 (e)		306
	144	Series 2014-1A, Class A, SUB, 3.721%, 02/25/44 (e)		144
	357	HLSS Servicer Advance Receivables Backed Notes, Series 2013-T7, Class A7, 1.981%, 11/15/46 (e)		358
		HLSS Servicer Advance Receivables Trust,
	244	Series 2012-T2, Class A2, 1.990%, 10/15/45 (e)		246
	165	Series 2013-T1, Class A2, 1.495%, 01/16/46 (e)		165
	108	Series 2014-T1, Class AT1, 1.244%, 01/17/45 (e)		108
	167	Series 2014-T2, Class AT2, 2.217%, 01/15/47 (e)		169
		Honda Auto Receivables Owner Trust,
	55	Series 2012-1, Class A3, 0.770%, 01/15/16		55
	56	Series 2012-1, Class A4, 0.970%, 04/16/18		56
	29	Series 2013-1, Class A2, 0.350%, 06/22/15		29
	382	Series 2013-4, Class A3, 0.690%, 09/18/17		383
	140	Series 2013-4, Class A4, 1.040%, 02/18/20		140
	186	Series 2014-2, Class A3, 0.770%, 03/19/18		185
		HSBC Home Equity Loan Trust USA,
	38	Series 2006-1, Class A1, VAR, 0.309%, 01/20/36		38
	42	Series 2007-3, Class APT, VAR, 1.349%, 11/20/36		42
		Huntington Auto Trust,
	29	Series 2011-1A, Class A3, 1.010%, 01/15/16 (e)		29
	100	Series 2011-1A, Class A4, 1.310%, 11/15/16 (e)		101
	62	Series 2012-1, Class A3, 0.810%, 09/15/16		62
	15	Series 2012-2, Class A2, 0.380%, 09/15/15		15
		Hyundai Auto Receivables Trust,
	26	Series 2012-A, Class A3, 0.720%, 03/15/16		26
	74	Series 2012-B, Class A3, 0.620%, 09/15/16		74
	281	Series 2014-B, Class A3, 0.900%, 12/17/18		282
	57	Macquarie Equipment Funding Trust, Series 2012-A, Class A2, 0.610%, 04/20/15 (e)		57
	325	MMCA Auto Owner Trust, Series 2012-A, Class A4, 1.570%, 08/15/17 (e)		328

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	135	Nationstar Agency Advance Funding Trust, Series 2013-T1A, Class AT1, 0.997%, 02/15/45 (e)		135
	200	Nationstar Mortgage Advance Receivable Trust, Series 2013-T2A, Class A2, 1.679%, 06/20/46 (e)		200
	147	Navitas Equipment Receivables LLC, Series 2013-1, Class A, 1.950%, 11/15/16 (e)		147
		Nissan Auto Lease Trust,
	16	Series 2012-B, Class A2A, 0.450%, 06/15/15		16
	122	Series 2013-B, Class A3, 0.750%, 06/15/16		122
		Nissan Auto Receivables Owner Trust,
	117	Series 2012-A, Class A4, 1.000%, 07/16/18		118
	49	Series 2013-A, Class A2, 0.370%, 09/15/15		49
	485	Normandy Mortgage Loan Co. LLC, Series 2013-NPL3, Class A, SUB, 4.949%, 09/16/43 (e)		485
	328	NYMT Residential LLC, Series 2013-RP3A, SUB, 4.850%, 09/25/18 (e) (i)		328
	168	Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-MCW1, Class M1, VAR, 1.087%, 10/25/34		167
	118	RAMP Trust, Series 2006-RZ1, Class A3, VAR, 0.450%, 03/25/36		112
		Santander Drive Auto Receivables Trust,
	80	Series 2010-A, Class A4, 2.390%, 06/15/17 (e)		80
	10	Series 2011-1, Class B, 2.350%, 11/16/15		10
	5	Series 2011-S2A, Class B, 2.060%, 06/15/17 (e)		5
	5	Series 2012-2, Class A3, 1.220%, 12/15/15		6
	45	Series 2012-5, Class A3, 0.830%, 12/15/16		45
	39	Series 2012-6, Class A3, 0.620%, 07/15/16		39
	42	Securitized Asset-Backed Receivables LLC Trust, Series 2006-CB1, Class AF2, SUB, 3.517%, 01/25/36		28
	204	Selene Non-Performing Loans LLC, Series 2014-1A, Class A, SUB, 2.981%, 05/25/54 (e)		204
	25	SNAAC Auto Receivables Trust, Series 2013-1A, Class A, 1.140%, 07/16/18 (e)		25
		Springleaf Funding Trust,
	950	Series 2013-AA, Class A, 2.580%, 09/15/21 (e)		956
	840	Series 2014-AA, Class A, 2.410%, 12/15/22 (e)		842
		Stanwich Mortgage Loan Co. LLC,
	37	Series 2012-NPL4, Class A, 2.981%, 09/15/42 (e)		37
	8	Series 2012-NPL5, Class A, 2.981%, 10/18/42 (e)		8
	229	Stanwich Mortgage Loan Trust, Series 2013-NPL1, Class A, 2.981%, 02/16/43 (e)		231
	455	Toyota Auto Receivables Owner Trust, Series 2014-A, Class A2, 0.410%, 08/15/16		455
	321	Trafigura Securitisation Finance plc, (Ireland), Series 2012-1A, Class A, VAR, 2.551%, 10/15/15 (e)		324
	154	USAA Auto Owner Trust, Series 2014-1, Class A2, 0.380%, 10/17/16		154
	495	Vericrest Opportunity Loan Transferee, Series 2014-3A, Class A1, SUB, 3.250%, 05/26/54 (e)		495
	116	Volkswagen Auto Loan Enhanced Trust, Series 2012-1, Class A3, 0.850%, 08/22/16		116
	392	VOLT NPL IX LLC, Series 2013-NPL3, Class A1, SUB, 4.250%, 04/25/53 (e)		394
	154	VOLT NPL X LLC, Series 2013-NPL4, Class A1, SUB, 3.088%, 11/25/53 (e)		155
	408	VOLT XIX LLC, Series 2013-NPL5, Class A1, SUB, 3.625%, 04/25/55 (e)		410
	94	Westgate Resorts LLC, Series 2012-1, Class A, 4.500%, 09/20/25 (e)		95
		World Omni Auto Receivables Trust,
	83	Series 2012-A, Class A3, 0.640%, 02/15/17		83
	17	Series 2012-B, Class A2, 0.430%, 11/16/15		16
	407	Series 2013-B, Class A3, 0.830%, 08/15/18		408
	127	Series 2013-B, Class A4, 1.320%, 01/15/20		127
		Total Asset-Backed Securities (Cost $18,579)		18,656

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — 22.0%
			Agency CMO — 17.7%
	49		Federal Home Loan Mortgage Corp. - Government National Mortgage Association, Series 24, Class ZE, 6.250%, 11/25/23		54
			Federal Home Loan Mortgage Corp. REMIC,
	2		Series 11, Class D, 9.500%, 07/15/19		2
	–	(h)	Series 41, Class I, HB, 84.000%, 05/15/20		—	(h)
	2		Series 46, Class B, 7.800%, 09/15/20		2
	–	(h)	Series 47, Class F, 10.000%, 06/15/20		1
	–	(h)	Series 85, Class C, 8.600%, 01/15/21		—	(h)
	2		Series 99, Class Z, 9.500%, 01/15/21		2
	10		Series 114, Class H, 6.950%, 01/15/21		11
	1		Series 1079, Class S, HB, IF, 33.486%, 05/15/21		1
	–	(h)	Series 1084, Class F, VAR, 1.101%, 05/15/21		—	(h)
	–	(h)	Series 1084, Class S, HB, IF, 44.545%, 05/15/21		1
	8		Series 1144, Class KB, 8.500%, 09/15/21		9
	–	(h)	Series 1172, Class L, HB, VAR, 1,181.250%, 11/15/21		—	(h)
	–	(h)	Series 1196, Class B, HB, IF, 1,181.260%, 01/15/22		1
	6		Series 1206, Class IA, 7.000%, 03/15/22		7
	4		Series 1250, Class J, 7.000%, 05/15/22		5
	15		Series 1343, Class LA, 8.000%, 08/15/22		18
	66		Series 1466, Class PZ, 7.500%, 02/15/23		75
	1		Series 1470, Class F, VAR, 1.701%, 02/15/23		1
	24		Series 1491, Class I, 7.500%, 04/15/23		28
	24		Series 1518, Class G, IF, 8.875%, 05/15/23		29
	21		Series 1541, Class O, VAR, 1.960%, 07/15/23		21
	3		Series 1602, Class SA, HB, IF, 22.259%, 10/15/23		5
	76		Series 1608, Class L, 6.500%, 09/15/23		84
	17		Series 1609, Class LG, IF, 17.006%, 11/15/23		18
	4		Series 1671, Class L, 7.000%, 02/15/24		5
	14		Series 1700, Class GA, PO, 02/15/24		13
	134		Series 1706, Class K, 7.000%, 03/15/24		151
	453		Series 1720, Class PL, 7.500%, 04/15/24		521
	13		Series 1745, Class D, 7.500%, 08/15/24		15
	27		Series 1798, Class F, 5.000%, 05/15/23		29
	1		Series 1807, Class G, 9.000%, 10/15/20		1
	137		Series 1927, Class PH, 7.500%, 01/15/27		157
	57		Series 1981, Class Z, 6.000%, 05/15/27		63
	18		Series 1987, Class PE, 7.500%, 09/15/27		20
	8		Series 2033, Class SN, HB, IF, 28.282%, 03/15/24		4
	23		Series 2038, Class PN, IO, 7.000%, 03/15/28		5
	113		Series 2040, Class PE, 7.500%, 03/15/28		130
	21		Series 2056, Class TD, 6.500%, 05/15/18		22
	128		Series 2063, Class PG, 6.500%, 06/15/28		143
	21		Series 2064, Class TE, 7.000%, 06/15/28		24
	90		Series 2075, Class PH, 6.500%, 08/15/28		102
	87		Series 2075, Class PM, 6.250%, 08/15/28		99
	27		Series 2089, Class PJ, IO, 7.000%, 10/15/28		5
	53		Series 2125, Class JZ, 6.000%, 02/15/29		59
	12		Series 2163, Class PC, IO, 7.500%, 06/15/29		2
	253		Series 2169, Class TB, 7.000%, 06/15/29		292
	79		Series 2172, Class QC, 7.000%, 07/15/29		89
	1		Series 2196, Class TL, 7.500%, 11/15/29		1
	41		Series 2201, Class C, 8.000%, 11/15/29		48
	97		Series 2210, Class Z, 8.000%, 01/15/30		113
	26		Series 2224, Class CB, 8.000%, 03/15/30		32
	50		Series 2256, Class MC, 7.250%, 09/15/30		58
	68		Series 2259, Class ZM, 7.000%, 10/15/30		78
	61		Series 2271, Class PC, 7.250%, 12/15/30		70
	59		Series 2283, Class K, 6.500%, 12/15/23		66
	26		Series 2296, Class PD, 7.000%, 03/15/31		30
	14		Series 2306, Class K, PO, 05/15/24		14
	34		Series 2306, Class SE, IF, IO, 7.930%, 05/15/24		7
	30		Series 2333, Class HC, 6.000%, 07/15/31		30
	12		Series 2344, Class QG, 6.000%, 08/15/16		13
	521		Series 2344, Class ZD, 6.500%, 08/15/31		600
	64		Series 2344, Class ZJ, 6.500%, 08/15/31		72

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	50		Series 2345, Class NE, 6.500%, 08/15/31		56
	23		Series 2345, Class PQ, 6.500%, 08/15/16		25
	32		Series 2347, Class VP, 6.500%, 03/15/20		35
	61		Series 2351, Class PZ, 6.500%, 08/15/31		69
	17		Series 2355, Class BP, 6.000%, 09/15/16		17
	17		Series 2360, Class PG, 6.000%, 09/15/16		18
	15		Series 2366, Class MD, 6.000%, 10/15/16		16
	23		Series 2391, Class QR, 5.500%, 12/15/16		24
	46		Series 2410, Class NG, 6.500%, 02/15/32		52
	71		Series 2410, Class OE, 6.375%, 02/15/32		76
	29		Series 2410, Class QX, IF, IO, 8.499%, 02/15/32		8
	111		Series 2412, Class SP, IF, 15.798%, 02/15/32		149
	33		Series 2423, Class MC, 7.000%, 03/15/32		38
	71		Series 2423, Class MT, 7.000%, 03/15/32		82
	243		Series 2435, Class CJ, 6.500%, 04/15/32		266
	78		Series 2441, Class GF, 6.500%, 04/15/32		88
	73		Series 2444, Class ES, IF, IO, 7.799%, 03/15/32		18
	88		Series 2450, Class GZ, 7.000%, 05/15/32		101
	29		Series 2450, Class SW, IF, IO, 7.849%, 03/15/32		8
	130		Series 2455, Class GK, 6.500%, 05/15/32		147
	174		Series 2466, Class DH, 6.500%, 06/15/32		197
	85		Series 2474, Class NR, 6.500%, 07/15/32		96
	156		Series 2484, Class LZ, 6.500%, 07/15/32		177
	187		Series 2500, Class MC, 6.000%, 09/15/32		210
	281		Series 2512, Class PG, 5.500%, 10/15/22		310
	52		Series 2535, Class BK, 5.500%, 12/15/22		58
	80		Series 2537, Class TE, 5.500%, 12/15/17		85
	323		Series 2543, Class YX, 6.000%, 12/15/32		360
	434		Series 2568, Class KG, 5.500%, 02/15/23		473
	584		Series 2575, Class ME, 6.000%, 02/15/33		650
	46		Series 2586, Class WI, IO, 6.500%, 03/15/33		9
	–	(h)	Series 2617, Class GR, 4.500%, 05/15/18		—	(h)
	85		Series 2622, Class PE, 4.500%, 05/15/18		90
	53		Series 2631, Class LC, 4.500%, 06/15/18		56
	83		Series 2651, Class VZ, 4.500%, 07/15/18		87
	35		Series 2672, Class ME, 5.000%, 11/15/22		35
	–	(h)	Series 2675, Class CK, 4.000%, 09/15/18		—	(h)
	200		Series 2684, Class PO, PO, 01/15/33		200
	103		Series 2744, Class TU, 5.500%, 05/15/32		108
	49		Series 2777, Class KO, PO, 02/15/33		49
	539		Series 2907, Class VC, 4.500%, 05/15/34		548
	122		Series 2934, Class EC, PO, 02/15/20		121
	137		Series 2990, Class SL, HB, IF, 23.939%, 06/15/34		195
	1,267		Series 2990, Class UZ, 5.750%, 06/15/35		1,367
	333		Series 2999, Class ND, 4.500%, 07/15/20		353
	50		Series 3068, Class AO, PO, 01/15/35		50
	165		Series 3117, Class EO, PO, 02/15/36		154
	18		Series 3117, Class OK, PO, 02/15/36		16
	267		Series 3122, Class OH, PO, 03/15/36		256
	255		Series 3137, Class XP, 6.000%, 04/15/36		282
	6		Series 3149, Class SO, PO, 05/15/36		5
	347		Series 3152, Class MO, PO, 03/15/36		332
	149		Series 3171, Class MO, PO, 06/15/36		141
	67		Series 3179, Class OA, PO, 07/15/36		62
	517		Series 3202, Class HI, IF, IO, 6.499%, 08/15/36		87
	88		Series 3232, Class ST, IF, IO, 6.549%, 10/15/36		13
	102		Series 3253, Class PO, PO, 12/15/21		101
	59		Series 3316, Class JO, PO, 05/15/37		53
	297		Series 3481, Class SJ, IF, IO, 5.699%, 08/15/38		39
	132		Series 3607, Class AO, PO, 04/15/36		122
	46		Series 3607, Class EO, PO, 02/15/33		46
	80		Series 3611, Class PO, PO, 07/15/34		74

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	315		Series 3666, Class VA, 5.500%, 12/15/22		319
	656		Series 3680, Class MA, 4.500%, 07/15/39		712
	335		Series 3804, Class FN, VAR, 0.601%, 03/15/39		335
	788		Series 3819, Class ZQ, 6.000%, 04/15/36		883
	334		Series 3997, Class PF, VAR, 0.601%, 11/15/39		335
	949		Series 4219, Class JA, 3.500%, 08/15/39		977
			Federal Home Loan Mortgage Corp. STRIPS,
	48		Series 243, Class 16, IO, 4.500%, 11/15/20		4
	907		Series 262, Class 35, 3.500%, 07/15/42		931
	901		Series 267, Class F5, VAR, 0.651%, 08/15/42		901
	917		Series 274, Class F1, VAR, 0.651%, 08/15/42		919
	901		Series 279, Class F6, VAR, 0.601%, 09/15/42		897
			Federal Home Loan Mortgage Corp. Structured Pass-Through Securities,
	43		Series T-41, Class 3A, VAR, 6.752%, 07/25/32		50
	35		Series T-51, Class 2A, VAR, 7.500%, 08/25/42		42
	353		Series T-54, Class 2A, 6.500%, 02/25/43		419
	123		Series T-54, Class 3A, 7.000%, 02/25/43		150
	928		Series T-56, Class A5, 5.231%, 05/25/43		1,007
	31		Series T-58, Class APO, PO, 09/25/43		25
	250		Series T-76, Class 2A, VAR, 3.457%, 10/25/37		247
			Federal National Mortgage Association - ACES,
	500		Series 2010-M3, Class A3, VAR, 4.332%, 03/25/20		553
	561		Series 2012-M11, Class FA, VAR, 0.656%, 08/25/19		562
	1,000		Series 2012-M9, Class A2, 2.482%, 04/25/22		979
	444		Series 2014-M2, Class A2, VAR, 3.513%, 12/25/23		463
	2,000		Series 2014-M3, Class A2, VAR, 3.477%, 01/25/24		2,089
	105		Federal National Mortgage Association Grantor Trust, Series 2001-T10, Class A2, 7.500%, 12/25/41		122
			Federal National Mortgage Association REMIC,
	1		Series 1988-7, Class Z, 9.250%, 04/25/18		1
	6		Series 1989-70, Class G, 8.000%, 10/25/19		6
	3		Series 1989-78, Class H, 9.400%, 11/25/19		3
	2		Series 1989-83, Class H, 8.500%, 11/25/19		3
	2		Series 1989-89, Class H, 9.000%, 11/25/19		2
	1		Series 1990-1, Class D, 8.800%, 01/25/20		1
	1		Series 1990-7, Class B, 8.500%, 01/25/20		1
	1		Series 1990-60, Class K, 5.500%, 06/25/20		1
	1		Series 1990-63, Class H, 9.500%, 06/25/20		1
	1		Series 1990-93, Class G, 5.500%, 08/25/20		1
	–	(h)	Series 1990-94, Class H, HB, 1,066.208%, 08/25/20		—	(h)
	–	(h)	Series 1990-95, Class J, HB, 1,118.040%, 08/25/20		—	(h)
	8		Series 1990-102, Class J, 6.500%, 08/25/20		9
	2		Series 1990-120, Class H, 9.000%, 10/25/20		3
	1		Series 1990-134, Class SC, HB, IF, 21.375%, 11/25/20		1
	–	(h)	Series 1990-140, Class K, HB, 652.145%, 12/25/20		—	(h)
	–	(h)	Series 1991-7, Class K, HB, 908.500%, 02/25/21		—	(h)
	2		Series 1991-42, Class S, IF, 17.413%, 05/25/21		3
	43		Series 1992-107, Class SB, HB, IF, 29.623%, 06/25/22		73
	3		Series 1992-143, Class MA, 5.500%, 09/25/22		3
	22		Series 1993-25, Class J, 7.500%, 03/25/23		25
	142		Series 1993-37, Class PX, 7.000%, 03/25/23		160
	51		Series 1993-54, Class Z, 7.000%, 04/25/23		58
	11		Series 1993-62, Class SA, IF, 18.898%, 04/25/23		16

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	13	Series 1993-122, Class M, 6.500%, 07/25/23		15
	5	Series 1993-165, Class SD, IF, 13.370%, 09/25/23		7
	22	Series 1993-178, Class PK, 6.500%, 09/25/23		24
	371	Series 1993-183, Class KA, 6.500%, 10/25/23		410
	157	Series 1993-189, Class PL, 6.500%, 10/25/23		178
	35	Series 1993-247, Class SA, HB, IF, 27.907%, 12/25/23		61
	33	Series 1993-250, Class Z, 7.000%, 12/25/23		33
	2	Series 1994-9, Class E, PO, 11/25/23		2
	93	Series 1996-14, Class SE, IF, IO, 8.040%, 08/25/23		18
	3	Series 1996-27, Class FC, VAR, 0.650%, 03/25/17		3
	11	Series 1996-59, Class J, 6.500%, 08/25/22		12
	47	Series 1997-20, Class IB, IO, VAR, 1.840%, 03/25/27		2
	47	Series 1997-20, Class IO, IO, VAR, 1.840%, 03/25/27		2
	22	Series 1997-27, Class J, 7.500%, 04/18/27		25
	29	Series 1997-29, Class J, 7.500%, 04/20/27		34
	61	Series 1997-39, Class PD, 7.500%, 05/20/27		72
	19	Series 1997-81, Class PI, IO, 7.000%, 12/18/27		4
	2	Series 1998-4, Class C, PO, 04/25/23		2
	19	Series 1998-36, Class ZB, 6.000%, 07/18/28		21
	212	Series 1998-43, Class EA, PO, 04/25/23		206
	125	Series 2000-2, Class ZE, 7.500%, 02/25/30		145
	43	Series 2001-4, Class PC, 7.000%, 03/25/21		48
	84	Series 2001-33, Class ID, IO, 6.000%, 07/25/31		17
	99	Series 2001-36, Class DE, 7.000%, 08/25/31		114
	22	Series 2001-44, Class PD, 7.000%, 09/25/31		26
	167	Series 2001-48, Class Z, 6.500%, 09/25/21		185
	21	Series 2001-49, Class Z, 6.500%, 09/25/31		23
	38	Series 2001-71, Class MB, 6.000%, 12/25/16		39
	43	Series 2001-71, Class QE, 6.000%, 12/25/16		44
	271	Series 2001-74, Class MB, 6.000%, 12/25/16		283
	17	Series 2001-81, Class LO, PO, 01/25/32		16
	50	Series 2002-1, Class HC, 6.500%, 02/25/22		55
	23	Series 2002-1, Class SA, HB, IF, 24.700%, 02/25/32		36
	23	Series 2002-2, Class UC, 6.000%, 02/25/17		24
	41	Series 2002-3, Class OG, 6.000%, 02/25/17		43
	61	Series 2002-21, Class PE, 6.500%, 04/25/32		66
	83	Series 2002-24, Class AJ, 6.000%, 04/25/17		87
	63	Series 2002-28, Class PK, 6.500%, 05/25/32		71
	68	Series 2002-37, Class Z, 6.500%, 06/25/32		76
	113	Series 2002-94, Class BK, 5.500%, 01/25/18		119
	202	Series 2003-22, Class UD, 4.000%, 04/25/33		213
	162	Series 2003-34, Class GB, 6.000%, 03/25/33		181
	304	Series 2003-34, Class GE, 6.000%, 05/25/33		353
	14	Series 2003-39, Class IO, IO, VAR, 6.000%, 05/25/33		3
	257	Series 2003-47, Class PE, 5.750%, 06/25/33		283
	31	Series 2003-52, Class SX, HB, IF, 22.500%, 10/25/31		46
	31	Series 2003-64, Class SX, IF, 13.371%, 07/25/33		37
	128	Series 2003-71, Class DS, IF, 7.265%, 08/25/33		135
	112	Series 2003-80, Class SY, IF, IO, 7.500%, 06/25/23		10
	112	Series 2003-83, Class PG, 5.000%, 06/25/23		118
	26	Series 2003-91, Class SD, IF, 12.250%, 09/25/33		31

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	213		Series 2003-116, Class SB, IF, IO, 7.450%, 11/25/33		58
	–	(h)	Series 2003-128, Class NG, 4.000%, 01/25/19		—	(h)
	27		Series 2003-130, Class SX, IF, 11.295%, 01/25/34		32
	242		Series 2004-25, Class PC, 5.500%, 01/25/34		258
	152		Series 2004-25, Class SA, IF, 19.113%, 04/25/34		218
	161		Series 2004-36, Class PC, 5.500%, 02/25/34		172
	141		Series 2004-36, Class SA, IF, 19.113%, 05/25/34		199
	93		Series 2004-46, Class SK, IF, 16.088%, 05/25/34		120
	862		Series 2004-50, Class VZ, 5.500%, 07/25/34		944
	75		Series 2004-61, Class SH, HB, IF, 23.388%, 11/25/32		121
	72		Series 2004-74, Class SW, IF, 15.198%, 11/25/31		99
	101		Series 2004-76, Class CL, 4.000%, 10/25/19		106
	137		Series 2005-45, Class DC, HB, IF, 23.760%, 06/25/35		212
	36		Series 2005-52, Class PA, 6.500%, 06/25/35		38
	106		Series 2005-56, Class S, IF, IO, 6.560%, 07/25/35		18
	207		Series 2005-56, Class TP, IF, 17.700%, 08/25/33		282
	671		Series 2005-68, Class PG, 5.500%, 08/25/35		743
	260		Series 2005-73, Class PS, IF, 16.325%, 08/25/35		344
	121		Series 2005-74, Class CS, IF, 19.607%, 05/25/35		171
	233		Series 2005-106, Class US, HB, IF, 24.017%, 11/25/35		364
	793		Series 2005-121, Class DX, 5.500%, 01/25/26		877
	260		Series 2006-27, Class OH, PO, 04/25/36		251
	77		Series 2006-44, Class P, PO, 12/25/33		72
	479		Series 2006-56, Class FC, VAR, 0.440%, 07/25/36		480
	128		Series 2006-59, Class QO, PO, 01/25/33		127
	80		Series 2006-65, Class QO, PO, 07/25/36		74
	119		Series 2006-72, Class GO, PO, 08/25/36		109
	256		Series 2006-77, Class PC, 6.500%, 08/25/36		291
	97		Series 2006-79, Class DO, PO, 08/25/36		91
	170		Series 2006-110, Class PO, PO, 11/25/36		152
	341		Series 2006-124, Class HB, VAR, 5.958%, 11/25/36		350
	138		Series 2007-14, Class ES, IF, IO, 6.290%, 03/25/37		20
	97		Series 2007-79, Class SB, HB, IF, 23.467%, 08/25/37		144
	500		Series 2007-81, Class GE, 6.000%, 08/25/37		560
	252		Series 2007-88, Class VI, IF, IO, 6.390%, 09/25/37		42
	638		Series 2007-91, Class ES, IF, IO, 6.310%, 10/25/37		90
	140		Series 2007-106, Class A7, VAR, 6.033%, 10/25/37		155
	155		Series 2007-116, Class HI, IO, VAR, 1.497%, 01/25/38		12
	72		Series 2008-10, Class XI, IF, IO, 6.080%, 03/25/38		10
	64		Series 2008-16, Class IS, IF, IO, 6.050%, 03/25/38		7
	103		Series 2008-28, Class QS, HB, IF, 20.250%, 04/25/38		144
	139		Series 2008-46, Class HI, IO, VAR, 1.718%, 06/25/38		13
	139		Series 2009-69, Class PO, PO, 09/25/39		131
	758		Series 2009-71, Class BC, 4.500%, 09/25/24		829
	259		Series 2009-103, Class MB, VAR, 2.413%, 12/25/39		265
	462		Series 2010-71, Class HJ, 5.500%, 07/25/40		510
	854		Series 2010-133, Class A, 5.500%, 05/25/38		930
	1,000		Series 2011-44, Class EB, 3.000%, 05/25/26		1,002
	588		Series 2011-118, Class MT, 7.000%, 11/25/41		679
	570		Series 2011-118, Class NT, 7.000%, 11/25/41		663
	349		Series 2012-47, Class HF, VAR, 0.550%, 05/25/27		351
	–	(h)	Series 2012-108, Class F, VAR, 0.650%, 10/25/42		—	(h)
	923		Series 2012-112, Class FD, VAR, 0.650%, 10/25/42		922

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	485		Series 2013-101, Class DO, PO, 10/25/43		381
	487		Series 2013-128, Class PO, PO, 12/25/43		386
	3		Series G-14, Class L, 8.500%, 06/25/21		3
	11		Series G-18, Class Z, 8.750%, 06/25/21		13
	2		Series G-22, Class G, 6.000%, 12/25/16		2
	9		Series G-35, Class M, 8.750%, 10/25/21		10
	38		Series G92-35, Class E, 7.500%, 07/25/22		42
	2		Series G92-42, Class Z, 7.000%, 07/25/22		3
	26		Series G92-44, Class ZQ, 8.000%, 07/25/22		28
	36		Series G92-54, Class ZQ, 7.500%, 09/25/22		40
	8		Series G93-5, Class Z, 6.500%, 02/25/23		10
	12		Series G95-1, Class C, 8.800%, 01/25/25		14
			Federal National Mortgage Association REMIC Trust,
	159		Series 2003-W1, Class 1A1, VAR, 5.921%, 12/25/42		181
	40		Series 2003-W4, Class 2A, VAR, 6.386%, 10/25/42		44
	41		Series 2007-W7, Class 1A4, HB, IF, 38.280%, 07/25/37		61
			Federal National Mortgage Association STRIPS,
	–	(h)	Series 50, Class 2, IO, 10.500%, 03/01/19		—	(h)
	2		Series 218, Class 2, IO, 7.500%, 04/01/23		1
	92		Series 300, Class 1, PO, 09/01/24		89
	16		Series 329, Class 1, PO, 01/01/33		15
			Federal National Mortgage Association Trust,
	89		Series 2004-W2, Class 2A2, 7.000%, 02/25/44		103
	277		Series 2005-W3, Class 2AF, VAR, 0.370%, 03/25/45		277
			Government National Mortgage Association,
	196		Series 1994-7, Class PQ, 6.500%, 10/16/24		225
	287		Series 1999-10, Class ZC, 6.500%, 04/20/29		325
	20		Series 1999-30, Class S, IF, IO, 8.449%, 08/16/29		5
	30		Series 1999-41, Class Z, 8.000%, 11/16/29		36
	28		Series 1999-44, Class PC, 7.500%, 12/20/29		32
	13		Series 2000-9, Class Z, 8.000%, 06/20/30		15
	266		Series 2000-9, Class ZJ, 8.500%, 02/16/30		319
	25		Series 2000-16, Class ZN, 7.500%, 02/16/30		26
	76		Series 2001-7, Class PK, 6.500%, 03/20/31		86
	173		Series 2001-64, Class MQ, 6.500%, 12/20/31		201
	29		Series 2002-7, Class PG, 6.500%, 01/20/32		33
	41		Series 2002-31, Class S, IF, IO, 8.549%, 01/16/31		12
	107		Series 2002-40, Class UK, 6.500%, 06/20/32		123
	100		Series 2002-47, Class PG, 6.500%, 07/16/32		116
	131		Series 2002-47, Class PY, 6.000%, 07/20/32		148
	128		Series 2002-47, Class ZA, 6.500%, 07/20/32		147
	10		Series 2002-51, Class SG, HB, IF, 31.853%, 04/20/31		20
	21		Series 2003-24, Class PO, PO, 03/16/33		18
	304		Series 2003-40, Class TJ, 6.500%, 03/20/33		356
	109		Series 2003-52, Class AP, PO, 06/16/33		101
	26		Series 2004-28, Class S, IF, 19.247%, 04/16/34		39
	6		Series 2004-68, Class PO, PO, 05/20/31		6
	69		Series 2004-71, Class SB, HB, IF, 28.731%, 09/20/34		114
	45		Series 2004-73, Class AE, IF, 14.543%, 08/17/34		54
	369		Series 2004-90, Class SI, IF, IO, 5.951%, 10/20/34		55
	115		Series 2005-68, Class DP, IF, 16.070%, 06/17/35		145
	731		Series 2005-68, Class KI, IF, IO, 6.151%, 09/20/35		115
	81		Series 2006-59, Class SD, IF, IO, 6.551%, 10/20/36		14
	290		Series 2007-17, Class JI, IF, IO, 6.659%, 04/16/37		46

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	351		Series 2007-27, Class SA, IF, IO, 6.051%, 05/20/37		52
	551		Series 2007-40, Class SB, IF, IO, 6.601%, 07/20/37		89
	331		Series 2007-45, Class QA, IF, IO, 6.491%, 07/20/37		55
	338		Series 2007-50, Class AI, IF, IO, 6.626%, 08/20/37		55
	80		Series 2007-53, Class ES, IF, IO, 6.401%, 09/20/37		12
	85		Series 2007-53, Class SW, IF, 19.757%, 09/20/37		120
	187		Series 2007-57, Class QA, IF, IO, 6.351%, 10/20/37		27
	101		Series 2007-71, Class SB, IF, IO, 6.551%, 07/20/36		9
	176		Series 2007-72, Class US, IF, IO, 6.401%, 11/20/37		23
	175		Series 2007-76, Class SA, IF, IO, 6.381%, 11/20/37		26
	50		Series 2008-25, Class SB, IF, IO, 6.751%, 03/20/38		8
	98		Series 2008-33, Class XS, IF, IO, 7.549%, 04/16/38		22
	277		Series 2008-40, Class SA, IF, IO, 6.249%, 05/16/38		47
	457		Series 2008-50, Class KB, 6.000%, 06/20/38		508
	241		Series 2008-55, Class SA, IF, IO, 6.051%, 06/20/38		36
	242		Series 2008-93, Class AS, IF, IO, 5.551%, 12/20/38		32
	98		Series 2009-6, Class SA, IF, IO, 5.949%, 02/16/39		14
	108		Series 2009-14, Class NI, IO, 6.500%, 03/20/39		23
	380		Series 2009-22, Class SA, IF, IO, 6.121%, 04/20/39		55
	344		Series 2009-31, Class ST, IF, IO, 6.201%, 03/20/39		44
	344		Series 2009-31, Class TS, IF, IO, 6.151%, 03/20/39		45
	274		Series 2009-79, Class OK, PO, 11/16/37		257
	550		Series 2009-106, Class ST, IF, IO, 5.851%, 02/20/38		74
	155		Series 2010-14, Class AO, PO, 12/20/32		145
	183		Series 2010-130, Class CP, 7.000%, 10/16/40		216
	629		Series 2011-137, Class WA, VAR, 5.522%, 07/20/40		709
	490		Series 2012-H21, Class DF, VAR, 0.801%, 05/20/61		492
	425		Series 2012-H24, Class FA, VAR, 0.601%, 03/20/60		425
	485		Series 2012-H26, Class MA, VAR, 0.701%, 07/20/62		486
	862		Series 2013-91, Class WA, VAR, 4.507%, 04/20/43		929
	408		Series 2013-H03, Class FA, VAR, 0.451%, 08/20/60		408
	497		Series 2013-H07, Class JA, 1.750%, 03/20/63		497
	122		NCUA Guaranteed Notes Trust, Series 2010-R3, Class 3A, 2.400%, 12/08/20		124
			Vendee Mortgage Trust,
	564		Series 1993-1, Class ZB, 7.250%, 02/15/23		653
	253		Series 1994-1, Class 1, VAR, 5.576%, 02/15/24		278
	358		Series 1996-1, Class 1Z, 6.750%, 02/15/26		411
	121		Series 1996-2, Class 1Z, 6.750%, 06/15/26		140
	475		Series 1997-1, Class 2Z, 7.500%, 02/15/27		564
	119		Series 1998-1, Class 2E, 7.000%, 03/15/28		139
					58,604
			Non-Agency CMO — 4.3%
			Alternative Loan Trust,
	–	(h)	Series 2002-8, Class A4, 6.500%, 07/25/32		—	(h)
	1,809		Series 2004-2CB, Class 1A9, 5.750%, 03/25/34		1,829
	27		Series 2004-18CB, Class 2A4, 5.700%, 09/25/34		27
	364		Series 2005-54CB, Class 1A11, 5.500%, 11/25/35		330
	133		American General Mortgage Loan Trust, Series 2009-1, Class A7, VAR, 5.750%, 09/25/48 (e)		133
			ASG Resecuritization Trust,
	116		Series 2009-1, Class A60, VAR, 2.134%, 06/26/37 (e)		114
	34		Series 2009-2, Class A55, VAR, 5.355%, 05/24/36 (e)		34

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	310	Series 2009-3, Class A65, VAR, 2.067%, 03/26/37 (e)		310
		Banc of America Alternative Loan Trust,
	85	Series 2003-7, Class 2A4, 5.000%, 09/25/18		86
	38	Series 2003-9, Class 1CB2, 5.500%, 11/25/33		40
	37	Series 2003-11, Class PO, PO, 01/25/34		33
	35	Banc of America Funding Trust, Series 2004-1, Class PO, PO, 03/25/34		28
		Banc of America Mortgage Trust,
	18	Series 2003-8, Class APO, PO, 11/25/33		14
	21	Series 2004-1, Class APO, PO, 02/25/34		18
	63	Series 2004-3, Class 1A26, 5.500%, 04/25/34		65
	25	Series 2004-6, Class APO, PO, 07/25/34		22
		BCAP LLC Trust,
	375	Series 2010-RR7, Class 2A1, VAR, 2.207%, 07/26/45 (e)		378
	321	Series 2011-RR10, Class 2A1, VAR, 1.036%, 09/26/37 (e)		294
	40	Series 2011-RR5, Class 14A3, VAR, 2.558%, 07/26/36 (e)		40
	208	Series 2012-RR2, Class 1A1, VAR, 0.320%, 08/26/36 (e)		203
	112	Bear Stearns ARM Trust, Series 2005-5, Class A1, VAR, 2.160%, 08/25/35		113
		CHL Mortgage Pass-Through Trust,
	145	Series 2003-26, Class 1A6, 3.500%, 08/25/33		147
	13	Series 2003-J13, Class PO, PO, 01/25/34		11
	24	Series 2003-J7, Class 4A3, IF, 9.579%, 08/25/18		25
	82	Series 2004-5, Class 1A4, 5.500%, 06/25/34		88
	33	Series 2004-HYB3, Class 2A, VAR, 2.342%, 06/20/34		31
	331	Series 2005-22, Class 2A1, VAR, 2.564%, 11/25/35		279
		Citigroup Mortgage Loan Trust,
	160	Series 2008-AR4, Class 1A1A, VAR, 2.682%, 11/25/38 (e)		162
	480	Series 2010-8, Class 5A6, 4.000%, 11/25/36 (e)		495
	261	Series 2010-8, Class 6A6, 4.500%, 12/25/36 (e)		269
		Citigroup Mortgage Loan Trust, Inc.,
	31	Series 2003-UP3, Class A3, 7.000%, 09/25/33		32
	28	Series 2003-UST1, Class A1, 5.500%, 12/25/18		28
	4	Series 2003-UST1, Class PO1, PO, 12/25/18		4
	4	Series 2003-UST1, Class PO3, PO, 12/25/18		3
	47	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-23, Class 2A5, 5.000%, 10/25/18		49
		CSMC,
	746	Series 2010-11R, Class A6, VAR, 1.150%, 06/28/47 (e)		714
	49	Series 2011-7R, Class A1, VAR, 1.401%, 08/28/47 (e)		49
	151	Series 2011-9R, Class A1, VAR, 2.150%, 03/27/46 (e)		152
	106	Series 2011-16R, Class 7A3, VAR, 3.500%, 12/27/36 (e)		107
	164	Deutsche Alt-A Securities, Inc., Mortgage Loan Trust, Series 2005-3, Class 1A1, VAR, 5.346%, 06/25/20		167
	17	Deutsche Mortgage Securities, Inc., Mortgage Loan Trust, Series 2004-1, Class 2APO, PO, 10/25/18		17
	102	FDIC Trust, Series 2013-N1, Class A, 4.500%, 10/25/18 (e)		104
		First Horizon Mortgage Pass-Through Trust,
	151	Series 2004-AR7, Class 2A2, VAR, 2.555%, 02/25/35		151
	171	Series 2005-AR1, Class 2A2, VAR, 2.592%, 04/25/35		171
	334	GSR Mortgage Loan Trust, Series 2006-1F, Class 1A3, 5.500%, 02/25/36		311
	53	Impac Secured Assets CMN Owner Trust, Series 2002-2, Class APO, PO, 04/25/33		31
	264	IndyMac INDX Mortgage Loan Trust, Series 2005-AR11, Class A7, IO, VAR, 0.000%, 08/25/35		—	(h)
		JP Morgan Mortgage Trust,
	75	Series 2006-A2, Class 4A1, VAR, 2.698%, 08/25/34		75
	257	Series 2006-A2, Class 5A3, VAR, 2.558%, 11/25/33		257
		MASTR Adjustable Rate Mortgages Trust,
	47	Series 2004-3, Class 4A2, VAR, 2.327%, 04/25/34		44

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Non-Agency CMO — continued
	212		Series 2004-13, Class 2A1, VAR, 2.641%, 04/21/34		215
			MASTR Alternative Loan Trust,
	170		Series 2003-9, Class 8A1, 6.000%, 01/25/34		177
	345		Series 2004-4, Class 10A1, 5.000%, 05/25/24		367
	28		Series 2004-7, Class 30PO, PO, 08/25/34		23
	31		Series 2004-10, Class 1A1, 4.500%, 09/25/19		31
	140		Series 2005-6, Class 3A1, 5.500%, 11/25/20		137
			MASTR Asset Securitization Trust,
	63		Series 2003-2, Class 1A1, 5.000%, 03/25/18		64
	8		Series 2004-8, Class PO, PO, 08/25/19		8
	84		MASTR Resecuritization Trust, Series 2005-PO, Class 3PO, PO, 05/28/35 (e)		67
			Merrill Lynch Mortgage Investors Trust,
	90		Series 2003-E, Class A1, VAR, 0.770%, 10/25/28		90
	133		Series 2004-A, Class A1, VAR, 0.610%, 04/25/29		128
	53		MortgageIT Trust, Series 2005-1, Class 1A1, VAR, 0.470%, 02/25/35		52
	68		NACC Reperforming Loan REMIC Trust, Series 2004-R2, Class A1, VAR, 6.500%, 10/25/34 (e)		69
			Nomura Asset Acceptance Corp. Alternative Loan Trust,
	48		Series 2003-A1, Class A1, 5.500%, 05/25/33		49
	24		Series 2003-A1, Class A2, 6.000%, 05/25/33		24
	12		Series 2003-A1, Class A5, 7.000%, 04/25/33		13
	–	(h)	PaineWebber CMO Trust, Series H, Class 4, 8.750%, 04/01/18		—	(h)
			RALI Trust,
	28		Series 2002-QS16, Class A3, IF, 16.309%, 10/25/17		29
	144		Series 2002-QS8, Class A5, 6.250%, 06/25/17		147
	43		Series 2003-QS3, Class A2, IF, 16.170%, 02/25/18		49
	163		Series 2003-QS9, Class A3, IF, IO, 7.400%, 05/25/18		18
	176		Series 2004-QS3, Class CB, 5.000%, 03/25/19		180
	129		Reperforming Loan REMIC Trust, Series 2005-R1, Class 2APO, PO, 03/25/35 (e)		112
	14		Residential Asset Securitization Trust, Series 2003-A14, Class A1, 4.750%, 02/25/19		14
			Salomon Brothers Mortgage Securities VII, Inc.,
	77		Series 2003-HYB1, Class A, VAR, 2.618%, 09/25/33		78
	6		Series 2003-UP2, Class PO1, PO, 12/25/18		6
			Springleaf Mortgage Loan Trust,
	145		Series 2011-1A, Class A1, VAR, 4.050%, 01/25/58 (e)		151
	281		Series 2012-2A, Class A, VAR, 2.220%, 10/25/57 (e)		285
	213		Series 2012-3A, Class A, VAR, 1.570%, 12/25/59 (e)		213
	103		Series 2012-3A, Class M1, VAR, 2.660%, 12/25/59 (e)		103
	140		Series 2013-1A, Class A, VAR, 1.270%, 06/25/58 (e)		140
	290		Series 2013-2A, Class A, VAR, 1.780%, 12/25/65 (e)		289
	125		Series 2013-2A, Class M1, VAR, 3.520%, 12/25/65 (e)		126
	221		Series 2013-3A, Class A, VAR, 1.870%, 09/25/57 (e)		221
	306		Series 2013-3A, Class M1, VAR, 3.790%, 09/25/57 (e)		308
	117		Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2003-33H, Class 1A1, 5.500%, 10/25/33		120
	73		Structured Asset Securities Corp. Trust, Series 2005-6, Class 4A1, 5.000%, 05/25/35		74
			WaMu Mortgage Pass-Through Certificates Trust,
	34		Series 2002-S8, Class 2A7, 5.250%, 01/25/18		34
	158		Series 2003-AR5, Class A7, VAR, 2.449%, 06/25/33		161
	82		Series 2004-AR3, Class A2, VAR, 2.378%, 06/25/34		84
	294		Washington Mutual Mortgage Pass-Through Certificates WMALT Trust, Series 2005-4, Class CB7, 5.500%, 06/25/35		273

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	36	Washington Mutual MSC Mortgage Pass-Through Certificates, Series 2003-MS2, Class 1A1, 5.750%, 02/25/33		38
	9	Washington Mutual MSC Mortgage Pass-Through Certificates Trust, Series 2003-MS7, Class P, PO, 03/25/33		7
	242	Wells Fargo Mortgage Loan Trust, Series 2012-RR1, Class A1, VAR, 2.847%, 08/27/37 (e)		243
		Wells Fargo Mortgage-Backed Securities Trust,
	62	Series 2003-K, Class 1A1, VAR, 2.490%, 11/25/33		63
	98	Series 2004-EE, Class 3A1, VAR, 2.634%, 12/25/34		99
	319	Series 2004-P, Class 2A1, VAR, 2.613%, 09/25/34		326
	530	Series 2005-AR3, Class 1A1, VAR, 2.620%, 03/25/35		539
				14,128
		Total Collateralized Mortgage Obligations (Cost $69,037)		72,732
	Commercial Mortgage-Backed Securities — 2.0%
	430	A10 Term Asset Financing LLC, Series 2013-2, Class A, 2.620%, 11/15/27 (e)		431
		Banc of America Commercial Mortgage Trust,
	50	Series 2006-1, Class A4, VAR, 5.372%, 09/10/45		53
	293	Series 2006-4, Class A4, 5.634%, 07/10/46		317
	300	Series 2007-5, Class A4, 5.492%, 02/10/51		326
		Banc of America Merrill Lynch Commercial Mortgage, Inc.,
	150	Series 2005-3, Class AM, 4.727%, 07/10/43		155
	19	Series 2005-6, Class ASB, VAR, 5.177%, 09/10/47		19
	200	BB-UBS Trust, Series 2012-TFT, Class A, 2.892%, 06/05/30 (e)		196
	360	Bear Stearns Commercial Mortgage Securities Trust, Series 2006-PW11, Class A4, VAR, 5.441%, 03/11/39		382
	14,759	CD Commercial Mortgage Trust, Series 2007-CD4, Class XC, IO, VAR, 0.377%, 12/11/49 (e)		129
	500	COMM Mortgage Trust, Series 2012-9W57, Class A, 2.365%, 02/10/29 (e)		513
	93	Commercial Mortgage Pass-Through Certificates, Series 2012-MVP, Class A, VAR, 2.090%, 11/17/26 (e)		94
	202	Credit Suisse Mortgage Capital Certificates, Series 2014-ICE, Class A, VAR, 0.000%, 04/15/16		202
	174	DBRR Trust, Series 2013-EZ2, Class A, VAR, 0.853%, 02/25/45 (e)		174
	287	GMAC Commercial Mortgage Securities, Inc. Trust, Series 2006-C1, Class A4, VAR, 5.238%, 11/10/45		299
	50	LB-UBS Commercial Mortgage Trust, Series 2006-C1, Class A4, 5.156%, 02/15/31		53
	12	Merrill Lynch Mortgage Trust, Series 2005-MCP1, Class ASB, VAR, 4.674%, 06/12/43		12
		Morgan Stanley Re-REMIC Trust,
	26	Series 2010-HQ4B, Class A7A, 4.970%, 04/16/40 (e)		26
	18	Series 2011-IO, Class A, 2.500%, 03/23/51 (e)		18
	385	Series 2012-XA, Class A, 2.000%, 07/27/49 (e)		387
	658	NCUA Guaranteed Notes Trust, Series 2010-C1, Class APT, 2.650%, 10/29/20		677
		NorthStar, (Cayman Islands),
	343	Series 2013-1A, Class A, VAR, 2.000%, 08/25/29 (e)		343
	250	Series 2013-1A, Class B, VAR, 5.150%, 08/25/29 (e)		248
	91	NorthStar Mortgage Trust, Series 2012-1, Class A, VAR, 1.350%, 08/25/29 (e)		91
	267	ORES NPL LLC, Series 2013-LV2, Class A, 3.081%, 09/25/25 (e)		267
	309	TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class A3, VAR, 5.562%, 08/15/39		314
	116	UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.663%, 06/10/30 (e)		117
	104	UBS-Barclays Commercial Mortgage Trust, Series 2012-C2, Class A4, 3.525%, 05/10/63		107
	94	VFC LLC, Series 2013-1, Class A, 3.130%, 03/20/26 (e)		95
	500	VNDO Mortgage Trust, Series 2013-PENN, Class A, 3.808%, 12/13/29 (e)		532
	234	Wells Fargo Resecuritization Trust, Series 2012-IO, Class A, 1.750%, 08/20/21 (e)		234
		Total Commercial Mortgage-Backed Securities (Cost $6,611)		6,811

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — 20.3%
		Consumer Discretionary — 1.0%
		Auto Components — 0.0% (g)
	99	Johnson Controls, Inc., 3.750%, 12/01/21		104
		Automobiles — 0.1%
		Daimler Finance North America LLC,
	150	1.650%, 04/10/15 (e)		152
	150	1.875%, 01/11/18 (e)		152
	150	2.625%, 09/15/16 (e)		155
				459
		Media — 0.6%
		21st Century Fox America, Inc.,
	100	7.250%, 05/18/18		121
	100	7.700%, 10/30/25		133
		CBS Corp.,
	25	4.300%, 02/15/21		27
	25	5.750%, 04/15/20		29
	135	8.875%, 05/15/19		175
	100	Comcast Corp., 5.900%, 03/15/16		109
	16	Cox Communications, Inc., 5.450%, 12/15/14		16
		DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.,
	150	4.600%, 02/15/21		164
	353	5.000%, 03/01/21		395
	78	Discovery Communications LLC, 4.375%, 06/15/21		85
		Thomson Reuters Corp., (Canada),
	105	3.950%, 09/30/21		110
	60	4.700%, 10/15/19		67
		Time Warner Cable, Inc.,
	57	5.850%, 05/01/17		64
	50	6.750%, 07/01/18		60
	150	8.250%, 04/01/19		191
	35	8.750%, 02/14/19		45
		Viacom, Inc.,
	33	1.250%, 02/27/15		33
	50	3.125%, 06/15/22		49
	11	3.250%, 03/15/23		11
	43	3.875%, 12/15/21		45
	50	4.500%, 03/01/21		55
	42	Walt Disney Co. (The), 0.450%, 12/01/15		42
				2,026
		Multiline Retail — 0.2%
	40	Kohl’s Corp., 6.250%, 12/15/17		46
		Macy’s Retail Holdings, Inc.,
	37	2.875%, 02/15/23		36
	49	4.375%, 09/01/23		52
	25	7.450%, 07/15/17		29
	35	Nordstrom, Inc., 4.000%, 10/15/21		38
	400	Target Corp., 6.000%, 01/15/18		464
				665
		Specialty Retail — 0.1%
	59	Gap, Inc. (The), 5.950%, 04/12/21		68
	130	Home Depot, Inc. (The), 5.400%, 03/01/16		141
				209
		Total Consumer Discretionary		3,463
		Consumer Staples — 0.8%
		Beverages — 0.3%
	75	Anheuser-Busch Cos. LLC, 5.500%, 01/15/18		86
	150	Anheuser-Busch InBev Finance, Inc., 3.700%, 02/01/24		156
	200	Anheuser-Busch InBev Worldwide, Inc., 7.750%, 01/15/19		249
	50	Coca-Cola Co. (The), 4.875%, 03/15/19		57
	70	Diageo Capital plc, (United Kingdom), 4.828%, 07/15/20		79
	30	Diageo Finance B.V., (Netherlands), 5.300%, 10/28/15		32
	85	FBG Finance Pty Ltd., (Australia), 5.125%, 06/15/15 (e)		89
	30	Heineken N.V., (Netherlands), 1.400%, 10/01/17 (e)		30
		PepsiCo, Inc.,
	33	0.800%, 08/25/14		33
	180	1.250%, 08/13/17		181
	31	3.000%, 08/25/21		32
	6	7.900%, 11/01/18		7
	30	SABMiller plc, (United Kingdom), 6.500%, 07/01/16 (e)		33
				1,064
		Food & Staples Retailing — 0.2%
	179	CVS Caremark Corp., 4.000%, 12/05/23		189
	53	CVS Pass-Through Trust, 5.926%, 01/10/34 (e)		60
		Kroger Co. (The),
	50	2.200%, 01/15/17		51
	90	4.000%, 02/01/24		94
	30	6.150%, 01/15/20		35
	75	6.400%, 08/15/17		87

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Food & Staples Retailing — continued
	94	Walgreen Co., 3.100%, 09/15/22		93
				609
		Food Products — 0.3%
	135	Bunge Ltd. Finance Corp., 8.500%, 06/15/19		170
	14	Bunge N.A. Finance LP, 5.900%, 04/01/17		16
		Cargill, Inc.,
	100	3.300%, 03/01/22 (e)		101
	106	4.307%, 05/14/21 (e)		116
	30	ConAgra Foods, Inc., 2.100%, 03/15/18		30
		Kraft Foods Group, Inc.,
	52	5.375%, 02/10/20		60
	332	6.125%, 08/23/18		387
	150	Mondelez International, Inc., 4.000%, 02/01/24		155
				1,035
		Household Products — 0.0% (g)
	20	Kimberly-Clark Corp., 2.400%, 03/01/22		20
	64	Procter & Gamble - ESOP, Series A, 9.360%, 01/01/21		81
				101
		Total Consumer Staples		2,809
		Energy — 1.7%
		Energy Equipment & Services — 0.2%
	14	Cameron International Corp., 4.000%, 12/15/23		15
	107	Halliburton Co., 3.500%, 08/01/23		110
	15	National Oilwell Varco, Inc., 1.350%, 12/01/17		15
	12	Noble Holding International Ltd., (Cayman Islands), 3.950%, 03/15/22		12
	47	Schlumberger Investment S.A., (Luxembourg), 3.300%, 09/14/21 (e)		49
		Transocean, Inc., (Cayman Islands),
	39	3.800%, 10/15/22		38
	35	6.375%, 12/15/21		40
	100	6.500%, 11/15/20		115
	33	Weatherford International Ltd., (Bermuda), 4.500%, 04/15/22		35
				429
		Oil, Gas & Consumable Fuels — 1.5%
		Apache Corp.,
	42	3.250%, 04/15/22		43
	25	6.900%, 09/15/18		30
		BP Capital Markets plc, (United Kingdom),
	20	1.375%, 11/06/17		20
	233	2.237%, 05/10/19		236
	106	2.750%, 05/10/23		102
	66	3.814%, 02/10/24		68
	100	4.742%, 03/11/21		112
	150	Canadian Natural Resources Ltd., (Canada), 5.900%, 02/01/18		172
	21	Cenovus Energy, Inc., (Canada), 3.000%, 08/15/22		21
	40	Chevron Corp., 2.355%, 12/05/22		38
	200	CNOOC Nexen Finance 2014 ULC, (Canada), 4.250%, 04/30/24		205
	150	ConocoPhillips, 5.750%, 02/01/19		176
	190	ConocoPhillips Canada Funding Co. I, (Canada), 5.625%, 10/15/16		212
	150	Devon Energy Corp., 1.875%, 05/15/17		153
	80	Encana Corp., (Canada), 6.500%, 05/15/19		95
	200	Eni S.p.A., (Italy), 4.150%, 10/01/20 (e)		214
	49	Enterprise Products Operating LLC, 3.900%, 02/15/24		51
		EOG Resources, Inc.,
	23	2.625%, 03/15/23		23
	100	4.100%, 02/01/21		109
	50	Magellan Midstream Partners LP, 6.550%, 07/15/19		60
		Marathon Oil Corp.,
	228	5.900%, 03/15/18		263
	175	6.000%, 10/01/17		200
	35	Occidental Petroleum Corp., 1.750%, 02/15/17		36
	40	PC Financial Partnership, 5.000%, 11/15/14		41
		Petrobras Global Finance B.V., (Netherlands),
	84	4.375%, 05/20/23		80
	295	6.250%, 03/17/24		314
		Petrobras International Finance Co., (Cayman Islands),
	90	5.375%, 01/27/21		94
	50	7.875%, 03/15/19		58
	97	Petro-Canada, (Canada), 6.050%, 05/15/18		113
	69	Petroleos Mexicanos, (Mexico), 4.875%, 01/18/24 (e)		73
	43	Phillips 66, 2.950%, 05/01/17		45
	200	Sinopec Group Overseas Development Ltd., (United Kingdom), 4.375%, 10/17/23 (e)		209

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
		Spectra Energy Capital LLC,
	150	5.650%, 03/01/20		168
	30	5.668%, 08/15/14		30
	140	6.200%, 04/15/18		162
	50	8.000%, 10/01/19		63
	79	Spectra Energy Partners LP, 2.950%, 09/25/18		82
		Statoil ASA, (Norway),
	143	2.650%, 01/15/24		138
	42	2.900%, 11/08/20		43
	67	3.125%, 08/17/17		71
	83	3.150%, 01/23/22		85
	50	Talisman Energy, Inc., (Canada), 7.750%, 06/01/19		62
		Total Capital International S.A., (France),
	27	0.750%, 01/25/16		27
	44	1.500%, 02/17/17		45
	75	1.550%, 06/28/17		76
	175	Total Capital S.A., (France), 2.300%, 03/15/16		181
		TransCanada PipeLines Ltd., (Canada),
	100	6.500%, 08/15/18		119
	30	7.125%, 01/15/19		37
				5,055
		Total Energy		5,484
		Financials — 11.6%
		Banks — 4.7%
	200	ABN AMRO Bank N.V., (Netherlands), 2.500%, 10/30/18 (e)		203
	100	ANZ New Zealand International Ltd., (New Zealand), 3.125%, 08/10/15 (e)		103
	250	Australia & New Zealand Banking Group Ltd., (Australia), 2.400%, 11/23/16 (e)		259
		Bank of America Corp.,
	42	4.100%, 07/24/23		43
	200	5.000%, 01/15/15		205
	100	5.000%, 05/13/21		112
	157	5.450%, 07/15/14		158
	130	5.625%, 07/01/20		150
	300	5.650%, 05/01/18		341
	170	5.750%, 12/01/17		193
	50	5.875%, 01/05/21		58
	814	6.400%, 08/28/17		934
	100	6.500%, 08/01/16		111
	266	6.875%, 04/25/18		315
		Bank of Montreal, (Canada),
	250	1.300%, 10/31/14 (e)		251
	85	2.550%, 11/06/22		83
		Bank of Nova Scotia, (Canada),
	121	1.650%, 10/29/15 (e)		123
	175	2.550%, 01/12/17		182
	123	3.400%, 01/22/15		126
	136	Bank of Tokyo-Mitsubishi UFJ Ltd. (The), (Japan), 3.850%, 01/22/15 (e)		139
	200	Banque Federative du Credit Mutuel S.A., (France), 1.700%, 01/20/17 (e)		202
		Barclays Bank plc, (United Kingdom),
	200	2.500%, 09/21/15 (e)		205
	100	2.750%, 02/23/15		102
	200	5.200%, 07/10/14		201
	250	6.050%, 12/04/17 (e)		284
		BB&T Corp.,
	125	3.950%, 04/29/16		133
	100	4.900%, 06/30/17		109
	300	Capital One Bank USA N.A., 3.375%, 02/15/23		299
		Citigroup, Inc.,
	100	1.250%, 01/15/16		101
	135	3.375%, 03/01/23		134
	43	4.587%, 12/15/15		46
	59	4.750%, 05/19/15		61
	506	5.000%, 09/15/14		512
	54	5.375%, 08/09/20		62
	115	5.500%, 09/13/25		127
	13	6.000%, 08/15/17		15
	192	6.010%, 01/15/15		198
	300	6.125%, 11/21/17		343
	55	Comerica, Inc., 3.000%, 09/16/15		57
	250	Commonwealth Bank of Australia, (Australia), 2.250%, 03/16/17 (e)		258
		Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., (Netherlands),
	250	3.200%, 03/11/15 (e)		256
	34	3.375%, 01/19/17		36
	118	3.875%, 02/08/22		125
	350	Fifth Third Bancorp, 5.450%, 01/15/17		385
		HSBC Holdings plc, (United Kingdom),
	196	4.000%, 03/30/22		209
	300	4.875%, 01/14/22		337
	50	KeyCorp, 5.100%, 03/24/21		57

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
	300	Manufacturers & Traders Trust Co., 6.625%, 12/04/17		349
		National Australia Bank Ltd., (Australia),
	300	2.750%, 09/28/15 (e)		309
	100	3.750%, 03/02/15 (e)		102
	300	Nordea Bank AB, (Sweden), 3.125%, 03/20/17 (e)		316
		PNC Funding Corp.,
	133	4.375%, 08/11/20		146
	265	5.125%, 02/08/20		303
	110	5.250%, 11/15/15		117
	115	5.625%, 02/01/17		128
		Royal Bank of Canada, (Canada),
	239	2.000%, 10/01/18		243
	125	2.200%, 07/27/18		128
	200	2.300%, 07/20/16		207
	250	Stadshypotek AB, (Sweden), 1.875%, 10/02/19 (e)		247
	200	Standard Chartered plc, (United Kingdom), 5.200%, 01/26/24 (e)		213
		Toronto-Dominion Bank (The), (Canada),
	200	1.500%, 03/13/17 (e)		203
	235	2.200%, 07/29/15 (e)		240
		U.S. Bancorp,
	150	2.450%, 07/27/15		153
	208	2.875%, 11/20/14		211
	850	Wachovia Corp., 5.750%, 02/01/18		975
		Wells Fargo & Co.,
	237	4.480%, 01/16/24		251
	415	5.625%, 12/11/17		473
	500	SUB, 3.676%, 06/15/16		529
		Wells Fargo Bank N.A.,
	315	4.750%, 02/09/15		324
	250	6.000%, 11/15/17		288
	285	Westpac Banking Corp., (Australia), 4.875%, 11/19/19		321
				15,719
		Capital Markets — 2.6%
	120	Ameriprise Financial, Inc., 4.000%, 10/15/23		127
		Bank of New York Mellon Corp. (The),
	250	2.950%, 06/18/15		257
	75	3.100%, 01/15/15		76
	100	3.650%, 02/04/24		103
	75	4.600%, 01/15/20		84
		BlackRock, Inc.,
	325	3.500%, 12/10/14		330
	326	5.000%, 12/10/19		373
	150	Blackstone Holdings Finance Co. LLC, 5.875%, 03/15/21 (e)		176
	40	Charles Schwab Corp. (The), 3.225%, 09/01/22		40
		Goldman Sachs Group, Inc. (The),
	100	1.600%, 11/23/15		101
	68	2.625%, 01/31/19		69
	100	3.300%, 05/03/15		102
	255	3.625%, 02/07/16		267
	66	3.700%, 08/01/15		68
	120	4.000%, 03/03/24		122
	68	5.375%, 03/15/20		77
	300	5.500%, 11/15/14		307
	80	5.750%, 01/24/22		93
	1,100	5.950%, 01/18/18		1,254
	250	7.500%, 02/15/19		306
	200	ING Bank N.V., (Netherlands), 3.750%, 03/07/17 (e)		213
	71	Invesco Finance plc, (United Kingdom), 4.000%, 01/30/24		74
		Jefferies Group LLC,
	111	3.875%, 11/09/15		115
	150	5.125%, 04/13/18		164
	125	8.500%, 07/15/19		156
		Macquarie Bank Ltd., (Australia),
	93	2.000%, 08/15/16 (e)		95
	263	5.000%, 02/22/17 (e)		288
		Macquarie Group Ltd., (Australia),
	150	6.000%, 01/14/20 (e)		170
	100	7.300%, 08/01/14 (e)		101
	40	7.625%, 08/13/19 (e)		49
		Morgan Stanley,
	104	4.000%, 07/24/15		108
	195	4.200%, 11/20/14		198
	93	5.000%, 11/24/25		99
	166	5.500%, 07/24/20		190
	100	5.500%, 07/28/21		114
	450	5.625%, 09/23/19		518
	100	5.750%, 01/25/21		116
	100	6.625%, 04/01/18		117
	100	7.300%, 05/13/19		122

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Capital Markets — continued
		Nomura Holdings, Inc., (Japan),
	85	4.125%, 01/19/16		89
	84	6.700%, 03/04/20		101
		State Street Corp.,
	36	3.100%, 05/15/23		35
	192	3.700%, 11/20/23		200
		UBS AG, (Switzerland),
	500	3.875%, 01/15/15		511
	100	5.750%, 04/25/18		115
	100	5.875%, 12/20/17		115
				8,505
		Consumer Finance — 1.1%
	139	American Express Credit Corp., 2.800%, 09/19/16		145
		American Honda Finance Corp.,
	333	1.450%, 02/27/15 (e)		336
	200	2.125%, 02/28/17 (e)		206
	83	2.125%, 10/10/18		84
	110	Capital One Financial Corp., 3.500%, 06/15/23		111
		Caterpillar Financial Services Corp.,
	250	1.000%, 11/25/16		251
	58	2.850%, 06/01/22		58
	100	5.500%, 03/15/16		109
	65	7.050%, 10/01/18		79
	100	7.150%, 02/15/19		123
		Ford Motor Credit Co. LLC,
	350	2.375%, 03/12/19		351
	200	2.875%, 10/01/18		207
	200	3.000%, 06/12/17		209
	200	4.250%, 09/20/22		212
	250	HSBC USA, Inc., 2.375%, 02/13/15		254
		John Deere Capital Corp.,
	50	2.250%, 04/17/19		51
	33	3.150%, 10/15/21		34
	73	Nissan Motor Acceptance Corp., 1.800%, 03/15/18 (e)		73
	66	PACCAR Financial Corp., 1.600%, 03/15/17		67
		Toyota Motor Credit Corp.,
	225	1.750%, 05/22/17		230
	200	2.000%, 09/15/16		206
	105	2.000%, 10/24/18		106
	100	2.050%, 01/12/17		103
	154	3.200%, 06/17/15		158
				3,763
		Diversified Financial Services — 1.6%
	161	Associates Corp. of North America, 6.950%, 11/01/18		193
	425	Bank of America N.A., 5.300%, 03/15/17		468
		Berkshire Hathaway, Inc.,
	202	3.400%, 01/31/22		211
	98	3.750%, 08/15/21		105
	25	Countrywide Financial Corp., 6.250%, 05/15/16		27
		General Electric Capital Corp.,
	17	1.000%, 12/11/15		17
	220	4.375%, 09/16/20		242
	800	4.650%, 10/17/21		891
	500	5.400%, 02/15/17		558
	140	5.500%, 01/08/20		163
	335	5.625%, 05/01/18		385
	500	5.650%, 06/09/14		501
		IntercontinentalExchange Group, Inc.,
	47	2.500%, 10/15/18		48
	88	4.000%, 10/15/23		93
		Private Export Funding Corp.,
	500	2.800%, 05/15/22		510
	200	3.550%, 01/15/24		211
		Shell International Finance B.V., (Netherlands),
	42	1.125%, 08/21/17		42
	184	3.100%, 06/28/15		190
	195	4.375%, 03/25/20		218
	100	Siemens Financieringsmaatschappij N.V., (Netherlands), 5.750%, 10/17/16 (e)		111
				5,184
		Insurance — 1.2%
		ACE INA Holdings, Inc.,
	45	2.600%, 11/23/15		46
	50	5.600%, 05/15/15		53
	61	Allstate Corp. (The), 3.150%, 06/15/23		62
		American International Group, Inc.,
	59	4.125%, 02/15/24		62
	350	5.450%, 05/18/17		392
	45	Aon Corp., 3.500%, 09/30/15		47
		Berkshire Hathaway Finance Corp.,
	65	1.300%, 05/15/18		64
	356	2.900%, 10/15/20		367

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Insurance — continued
	150	5.400%, 05/15/18		172
	90	CNA Financial Corp., 5.875%, 08/15/20		106
	80	Jackson National Life Global Funding, 4.700%, 06/01/18 (e)		86
	41	Liberty Mutual Group, Inc., 5.000%, 06/01/21 (e)		45
	35	Lincoln National Corp., 4.200%, 03/15/22		37
		MassMutual Global Funding II,
	300	2.000%, 04/05/17 (e)		307
	100	3.125%, 04/14/16 (e)		105
	200	Metlife of Connecticut Global Funding I, 5.125%, 08/15/14 (e)		202
		Metropolitan Life Global Funding I,
	100	1.500%, 01/10/18 (e)		100
	107	1.700%, 06/29/15 (e)		108
	200	2.500%, 09/29/15 (e)		206
	175	3.650%, 06/14/18 (e)		187
	100	3.875%, 04/11/22 (e)		106
		New York Life Global Funding,
	170	1.300%, 01/12/15 (e)		171
	125	3.000%, 05/04/15 (e)		128
	150	Pacific Life Global Funding, 5.000%, 05/15/17 (e)		157
	200	Pricoa Global Funding I, 5.450%, 06/11/14 (e)		200
	16	Principal Financial Group, Inc., 1.850%, 11/15/17		16
		Principal Life Global Funding II,
	35	1.000%, 12/11/15 (e)		35
	106	2.250%, 10/15/18 (e)		107
	150	Prudential Insurance Co. of America (The), 8.300%, 07/01/25 (e)		206
				3,880
		Real Estate Investment Trusts (REITs) — 0.4%
		American Tower Corp.,
	80	3.500%, 01/31/23		79
	38	5.000%, 02/15/24		41
	45	American Tower Trust I, 1.551%, 03/15/18 (e)		45
		CommonWealth REIT,
	125	5.875%, 09/15/20		137
	150	6.650%, 01/15/18		164
	27	ERP Operating LP, 4.625%, 12/15/21		30
		HCP, Inc.,
	44	2.625%, 02/01/20		44
	8	3.750%, 02/01/19		8
	17	4.200%, 03/01/24		18
	38	4.250%, 11/15/23		40
	92	5.375%, 02/01/21		105
	73	Health Care REIT, Inc., 4.500%, 01/15/24		77
	53	ProLogis LP, 4.250%, 08/15/23		56
		Simon Property Group LP,
	81	4.125%, 12/01/21		88
	17	4.200%, 02/01/15		17
	40	4.375%, 03/01/21		44
	100	5.625%, 08/15/14		101
	50	5.650%, 02/01/20		59
	40	6.100%, 05/01/16		44
	50	6.125%, 05/30/18		58
	159	WEA Finance LLC/WT Finance Aust Pty Ltd., 6.750%, 09/02/19 (e)		194
				1,449
		Total Financials		38,500
		Health Care — 0.6%
		Biotechnology — 0.2%
		Amgen, Inc.,
	400	3.875%, 11/15/21		423
	44	4.500%, 03/15/20		48
	40	5.700%, 02/01/19		47
		Celgene Corp.,
	98	3.250%, 08/15/22		98
	44	3.625%, 05/15/24		44
				660
		Health Care Equipment & Supplies — 0.0% (g)
	50	Baxter International, Inc., 4.625%, 03/15/15		52
	40	Becton Dickinson and Co., 5.000%, 05/15/19		45
				97
		Health Care Providers & Services — 0.2%
	17	McKesson Corp., 0.950%, 12/04/15		17
	50	Medco Health Solutions, Inc., 2.750%, 09/15/15		51
	112	UnitedHealth Group, Inc., 3.375%, 11/15/21		116
	44	Ventas Realty LP, 3.750%, 05/01/24		44
		WellPoint, Inc.,
	93	2.300%, 07/15/18		95
	115	3.125%, 05/15/22		115
				438

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Life Sciences Tools & Services — 0.0% (g)
		Thermo Fisher Scientific, Inc.,
	22	1.300%, 02/01/17		22
	69	4.150%, 02/01/24		73
				95
		Pharmaceuticals — 0.2%
		AbbVie, Inc.,
	119	1.750%, 11/06/17		120
	87	2.900%, 11/06/22		86
	100	AstraZeneca plc, (United Kingdom), 5.400%, 06/01/14		100
	150	GlaxoSmithKline Capital, Inc., 5.650%, 05/15/18		173
		Merck & Co., Inc.,
	75	1.300%, 05/18/18		74
	62	2.400%, 09/15/22		60
				613
		Total Health Care		1,903
		Industrials — 1.2%
		Aerospace & Defense — 0.1%
	70	BAE Systems Holdings, Inc., 6.375%, 06/01/19 (e)		81
	43	EADS Finance B.V., (Netherlands), 2.700%, 04/17/23 (e)		42
	100	Honeywell International, Inc., 5.300%, 03/01/18		114
	47	Lockheed Martin Corp., 2.125%, 09/15/16		48
	43	Precision Castparts Corp., 0.700%, 12/20/15		43
	50	United Technologies Corp., 6.125%, 02/01/19		60
				388
		Air Freight & Logistics — 0.2%
	541	Federal Express Corp. 1998 Pass-Through Trust, 6.720%, 01/15/22		638
	115	United Parcel Service of America, Inc., 8.375%, 04/01/20		152
				790
		Airlines — 0.1%
	194	American Airlines 2013-2 Class A Pass-Through Trust, 4.950%, 01/15/23 (e)		209
	30	Continental Airlines 1999-2 Class A-1 Pass-Through Trust, 7.256%, 03/15/20		34
	58	Delta Air Lines 2010-2 Class A Pass-Through Trust, 4.950%, 05/23/19		64
				307
		Commercial Services & Supplies — 0.1%
		ADT Corp. (The),
	70	3.500%, 07/15/22		64
	24	4.125%, 06/15/23		23
	50	Pitney Bowes, Inc., 5.600%, 03/15/18		56
	60	Waste Management, Inc., 7.375%, 03/11/19		74
				217
		Construction & Engineering — 0.1%
		ABB Finance USA, Inc.,
	32	1.625%, 05/08/17		32
	41	2.875%, 05/08/22		41
	70	Fluor Corp., 3.375%, 09/15/21		72
				145
		Electrical Equipment — 0.0% (g)
		Eaton Corp.,
	27	1.500%, 11/02/17		27
	50	5.600%, 05/15/18		57
				84
		Industrial Conglomerates — 0.1%
	175	General Electric Co., 3.375%, 03/11/24		178
	34	Ingersoll-Rand Global Holding Co., Ltd., 4.250%, 06/15/23 (e)		36
	152	Koninklijke Philips N.V., (Netherlands), 3.750%, 03/15/22		160
				374
		Machinery — 0.1%
		Caterpillar, Inc.,
	74	1.500%, 06/26/17		75
	31	2.600%, 06/26/22		30
	89	Deere & Co., 2.600%, 06/08/22		87
	25	Parker Hannifin Corp., 5.500%, 05/15/18		29
				221
		Road & Rail — 0.4%
		Burlington Northern Santa Fe LLC,
	43	3.050%, 03/15/22		43
	32	3.450%, 09/15/21		33
	19	3.600%, 09/01/20		20
	100	3.750%, 04/01/24		104
	100	5.650%, 05/01/17		113
		CSX Corp.,
	30	6.250%, 04/01/15		31
	30	7.375%, 02/01/19		37
	50	7.900%, 05/01/17		59
		ERAC USA Finance LLC,
	48	2.750%, 03/15/17 (e)		50

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Road & Rail — continued
	27	4.500%, 08/16/21 (e)		29
		Norfolk Southern Corp.,
	138	3.250%, 12/01/21		142
	50	7.700%, 05/15/17		59
	53	Penske Truck Leasing Co. LP/PTL Finance Corp., 2.875%, 07/17/18 (e)		54
		Ryder System, Inc.,
	48	2.500%, 03/01/17		49
	55	3.600%, 03/01/16		58
		Union Pacific Corp.,
	21	2.950%, 01/15/23		21
	75	3.646%, 02/15/24		78
	233	4.163%, 07/15/22		254
	100	4.875%, 01/15/15		103
				1,337
		Total Industrials		3,863
		Information Technology — 1.0%
		Communications Equipment — 0.0% (g)
	55	Cisco Systems, Inc., 2.900%, 03/04/21		56
		Electronic Equipment, Instruments & Components — 0.1%
		Arrow Electronics, Inc.,
	32	3.000%, 03/01/18		33
	55	3.375%, 11/01/15		57
	16	4.500%, 03/01/23		17
	100	6.875%, 06/01/18		114
	13	7.500%, 01/15/27		16
				237
		IT Services — 0.3%
		International Business Machines Corp.,
	126	1.250%, 02/06/17		127
	309	1.625%, 05/15/20		297
	150	5.700%, 09/14/17		172
	200	7.625%, 10/15/18		249
		Xerox Corp.,
	39	2.950%, 03/15/17		41
	50	5.625%, 12/15/19		58
	40	6.750%, 02/01/17		45
				989
		Semiconductors & Semiconductor Equipment — 0.0% (g)
	30	National Semiconductor Corp., 6.600%, 06/15/17		35
	73	Texas Instruments, Inc., 1.650%, 08/03/19		72
				107
		Software — 0.3%
	25	Intuit, Inc., 5.750%, 03/15/17		28
		Microsoft Corp.,
	23	0.875%, 11/15/17		23
	120	1.625%, 09/25/15		122
	34	2.125%, 11/15/22		33
	68	2.375%, 05/01/23		65
	167	3.625%, 12/15/23		176
		Oracle Corp.,
	200	3.625%, 07/15/23		207
	200	5.250%, 01/15/16		215
	100	5.750%, 04/15/18		116
				985
		Technology Hardware, Storage & Peripherals — 0.3%
		Apple, Inc.,
	199	2.400%, 05/03/23		189
	201	2.850%, 05/06/21		204
	207	VAR, 0.473%, 05/03/18		207
		EMC Corp.,
	100	1.875%, 06/01/18		101
	100	3.375%, 06/01/23		101
		Hewlett-Packard Co.,
	118	4.375%, 09/15/21		127
	45	4.650%, 12/09/21		49
				978
		Total Information Technology		3,352
		Materials — 0.5%
		Chemicals — 0.3%
		Dow Chemical Co. (The),
	81	4.125%, 11/15/21		87
	38	4.250%, 11/15/20		41
	20	8.550%, 05/15/19		26
		E.I. du Pont de Nemours & Co.,
	101	1.950%, 01/15/16		104
	100	6.000%, 07/15/18		117
		Mosaic Co. (The),
	34	3.750%, 11/15/21		35
	212	4.250%, 11/15/23		224
	25	Potash Corp. of Saskatchewan, Inc., (Canada), 3.250%, 12/01/17		26
	230	Praxair, Inc., 4.625%, 03/30/15		238

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Chemicals — continued
	150	Union Carbide Corp., 7.500%, 06/01/25		189
				1,087
		Metals & Mining — 0.2%
		BHP Billiton Finance USA Ltd., (Australia),
	37	1.000%, 02/24/15		37
	95	3.850%, 09/30/23		100
	100	5.400%, 03/29/17		112
	100	6.500%, 04/01/19		121
		Freeport-McMoRan Copper & Gold, Inc.,
	128	2.150%, 03/01/17		131
	67	3.100%, 03/15/20		67
	40	3.875%, 03/15/23		39
	27	Nucor Corp., 4.000%, 08/01/23		28
	27	Rio Tinto Finance USA Ltd., (Australia), 3.500%, 11/02/20		28
	58	Rio Tinto Finance USA plc, (United Kingdom), 1.625%, 08/21/17		59
				722
		Total Materials		1,809
		Telecommunication Services — 0.7%
		Diversified Telecommunication Services — 0.6%
		AT&T, Inc.,
	204	0.900%, 02/12/16		205
	100	4.450%, 05/15/21		110
	180	5.500%, 02/01/18		204
	165	BellSouth Corp., 5.200%, 09/15/14		167
	53	BellSouth Telecommunications LLC, 6.300%, 12/15/15		55
	100	British Telecommunications plc, (United Kingdom), 5.950%, 01/15/18		115
	27	Nippon Telegraph & Telephone Corp., (Japan), 1.400%, 07/18/17		27
	61	Orange S.A., (France), 2.750%, 09/14/16		64
	148	Qwest Corp., 6.750%, 12/01/21		170
	30	Telefonica Emisiones S.A.U., (Spain), 5.877%, 07/15/19		35
		Verizon Communications, Inc.,
	112	2.500%, 09/15/16		116
	72	3.450%, 03/15/21		75
	156	4.150%, 03/15/24		163
	353	4.500%, 09/15/20		390
				1,896
		Wireless Telecommunication Services — 0.1%
	40	Crown Castle Towers LLC, 3.214%, 08/15/15 (e)		41
	160	Rogers Communications, Inc., (Canada), 4.100%, 10/01/23		167
		Vodafone Group plc, (United Kingdom),
	100	1.500%, 02/19/18		100
	100	1.625%, 03/20/17		101
				409
		Total Telecommunication Services		2,305
		Utilities — 1.2%
		Electric Utilities — 0.8%
	27	American Electric Power Co., Inc., 1.650%, 12/15/17		27
	43	Baltimore Gas & Electric Co., 2.800%, 08/15/22		42
	50	Cleveland Electric Illuminating Co. (The), 7.880%, 11/01/17		60
	30	Connecticut Light & Power Co. (The), 5.650%, 05/01/18		34
	20	DTE Electric Co., 2.650%, 06/15/22		20
	60	Duke Energy Indiana, Inc., 3.750%, 07/15/20		64
		Duke Energy Progress, Inc.,
	40	2.800%, 05/15/22		40
	150	5.300%, 01/15/19		173
	60	Electricite de France, (France), 2.150%, 01/22/19 (e)		61
	100	Enel Finance International N.V., (Netherlands), 5.125%, 10/07/19 (e)		113
		Indiana Michigan Power Co.,
	100	3.200%, 03/15/23		100
	135	7.000%, 03/15/19		164
	25	Jersey Central Power & Light Co., 7.350%, 02/01/19		30
	47	Kansas City Power & Light Co., 3.150%, 03/15/23		47
	60	Nevada Power Co., 7.125%, 03/15/19		74
		NextEra Energy Capital Holdings, Inc.,
	25	1.200%, 06/01/15		25
	150	7.875%, 12/15/15		166
	40	Niagara Mohawk Power Corp., 4.881%, 08/15/19 (e)		45
	25	Ohio Power Co., 6.050%, 05/01/18		29
	50	Oncor Electric Delivery Co. LLC, 6.800%, 09/01/18		60
		Pacific Gas & Electric Co.,
	68	2.450%, 08/15/22		65

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
			Electric Utilities — continued
	50		3.250%, 06/15/23		50
	125		5.625%, 11/30/17		142
			PacifiCorp,
	140		3.600%, 04/01/24		145
	100		3.850%, 06/15/21		108
	60		5.650%, 07/15/18		69
	75		PECO Energy Co., 5.350%, 03/01/18		85
	51		Public Service Co. of Colorado, 3.200%, 11/15/20		53
	74		Public Service Co. of Oklahoma, 4.400%, 02/01/21		81
	212		Southern California Edison Co., 3.500%, 10/01/23		221
	45		Southern Co. (The), 1.950%, 09/01/16		46
	30		Southwestern Public Service Co., 8.750%, 12/01/18		39
			Virginia Electric and Power Co.,
	21		3.450%, 02/15/24		22
	100		5.400%, 04/30/18		114
	100		Wisconsin Electric Power Co., 6.250%, 12/01/15		108
	27		Xcel Energy, Inc., 0.750%, 05/09/16		27
					2,749
			Gas Utilities — 0.0% (g)
	30		Atmos Energy Corp., 8.500%, 03/15/19		38
	50		CenterPoint Energy Resources Corp., 6.125%, 11/01/17		58
					96
			Independent Power & Renewable Electricity Producers — 0.1%
	72		Exelon Generation Co. LLC, 4.000%, 10/01/20		76
	37		PSEG Power LLC, 4.300%, 11/15/23		39
					115
			Multi-Utilities — 0.3%
			AGL Capital Corp.,
	94		3.500%, 09/15/21		98
	100		6.375%, 07/15/16		111
	50		Consumers Energy Co., 5.650%, 04/15/20		59
	150		Dominion Resources, Inc., 8.875%, 01/15/19		193
	180		Nisource Finance Corp., 4.450%, 12/01/21		194
			Sempra Energy,
	48		4.050%, 12/01/23		51
	150		9.800%, 02/15/19		201
					907
			Total Utilities		3,867
			Total Corporate Bonds (Cost $62,949)		67,355
	Foreign Government Securities — 1.0%
			Israel Government AID Bond, (Israel),
	1,557		Zero Coupon, 08/15/20		1,353
	500		Zero Coupon, 02/15/22		408
			Province of Ontario, (Canada),
	400		0.950%, 05/26/15		403
	250		2.700%, 06/16/15		256
	300		2.950%, 02/05/15		306
	92		Republic of Poland, (Poland), 4.000%, 01/22/24		96
	200		Republic of Turkey, (Turkey), 5.750%, 03/22/24		218
			United Mexican States, (Mexico),
	244		3.500%, 01/21/21		253
	116		4.000%, 10/02/23		122
			Total Foreign Government Securities (Cost $3,340)		3,415
	Mortgage Pass-Through Securities — 11.3%
			Federal Home Loan Mortgage Corp.,
	133		ARM, 2.040%, 01/01/37		140
	249		ARM, 2.097%, 08/01/36		263
	30		ARM, 2.235%, 01/01/27		32
	13		ARM, 2.250%, 07/01/26		14
	198		ARM, 2.314%, 03/01/37		211
	330		ARM, 2.412%, 12/01/34		351
	71		ARM, 2.421%, 11/01/36		75
	118		ARM, 2.496%, 09/01/36		127
	151		ARM, 2.518%, 09/01/36		161
	288		ARM, 2.551%, 06/01/36		307
	164		ARM, 2.702%, 04/01/38		176
	100		ARM, 2.826%, 02/01/37		107
			Federal Home Loan Mortgage Corp. Gold Pools, 15 Year, Single Family,
	103		4.000%, 06/01/19		110
	30		4.500%, 10/01/18		32
	201		5.500%, 06/01/17 – 01/01/24		220
	23		6.000%, 10/01/17 – 04/01/18		24
	237		6.500%, 01/01/17 – 03/01/22		250
	–	(h)	7.500%, 10/01/14		—	(h)

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
			Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family,
	9		6.000%, 12/01/22		10
	48		6.500%, 11/01/22 – 08/01/26		54
			Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,
	62		6.000%, 01/01/34		71
	77		7.000%, 04/01/26 – 02/01/37		86
	6		7.500%, 08/01/25		7
	7		8.000%, 07/01/20 – 11/01/24		8
	19		8.500%, 07/01/28		23
	331		Federal Home Loan Mortgage Corp. Gold Pools, FHA/VA, 10.000%, 10/01/30		379
			Federal Home Loan Mortgage Corp. Gold Pools, Other,
	2,689		3.500%, 05/01/33 – 05/01/43		2,773
	460		4.000%, 06/01/42		486
	189		6.000%, 02/01/33		206
			Federal Home Loan Mortgage Corp., 30 Year, Single Family,
	–	(h)	12.000%, 08/01/15 – 07/01/19		—	(h)
			Federal National Mortgage Association,
	57		ARM, 1.799%, 02/01/37		59
	3		ARM, 1.875%, 03/01/19		3
	187		ARM, 1.899%, 01/01/35		197
	171		ARM, 1.910%, 09/01/35		180
	272		ARM, 1.915%, 02/01/35		289
	82		ARM, 2.062%, 08/01/35		87
	215		ARM, 2.070%, 01/01/35		225
	107		ARM, 2.127%, 11/01/33		113
	173		ARM, 2.199%, 02/01/35		184
	113		ARM, 2.209%, 09/01/36		119
	189		ARM, 2.217%, 09/01/35		202
	303		ARM, 2.233%, 09/01/34		323
	162		ARM, 2.276%, 08/01/34		172
	139		ARM, 2.355%, 04/01/35		148
	–	(h)	ARM, 2.375%, 08/01/19		1
	71		ARM, 2.390%, 08/01/36		77
	205		ARM, 2.405%, 02/01/37		219
	128		ARM, 2.406%, 04/01/33		136
	282		ARM, 2.505%, 10/01/34 – 07/01/46		301
	192		ARM, 2.560%, 09/01/33		204
	13		ARM, 2.648%, 09/01/27		14
	281		ARM, 2.836%, 02/01/36		300
	10		ARM, 3.721%, 03/01/29		11
			Federal National Mortgage Association, 15 Year, Single Family,
	53		4.000%, 05/01/19		57
	260		4.500%, 05/01/18 – 05/01/19		276
	338		5.000%, 06/01/18 – 04/01/19		361
	214		5.500%, 01/01/20 – 06/01/20		227
	304		6.000%, 03/01/21 – 01/01/24		334
	45		6.500%, 03/01/17 – 08/01/20		48
			Federal National Mortgage Association, 20 Year, Single Family,
	77		6.000%, 04/01/24		86
	104		6.500%, 05/01/22		118
			Federal National Mortgage Association, 30 Year, FHA/VA,
	13		6.000%, 09/01/33		15
	26		6.500%, 03/01/29		30
	6		8.500%, 02/01/30		6
	8		9.000%, 09/01/19 – 12/01/30		8
	6		9.500%, 12/01/18		6
			Federal National Mortgage Association, 30 Year, Single Family,
	77		4.500%, 08/01/33		83
	1,152		5.000%, 07/01/33 – 08/01/40		1,285
	106		5.500%, 12/01/33		121
	558		6.000%, 12/01/32 – 09/01/37		633
	41		6.500%, 08/01/31		47
	6		7.000%, 09/01/27 – 08/01/32		7
	11		7.500%, 11/01/22 – 10/01/24		12
	421		8.000%, 03/01/21 – 11/01/32		507
	7		8.500%, 07/01/24 – 06/01/25		9
	–	(h)	9.000%, 04/01/26		—	(h)
	3		10.000%, 02/01/24		3
	–	(h)	12.500%, 01/01/16		—	(h)
			Federal National Mortgage Association, Other,
	500		VAR, 0.492%, 01/01/23		504
	500		VAR, 0.622%, 12/01/23		504
	1,000		VAR, 0.632%, 08/01/23		1,008
	953		1.940%, 01/01/17		961
	1,000		2.056%, 01/01/17		1,000
	1,000		2.294%, 12/01/22		967
	500		2.314%, 12/01/22		484
	994		2.480%, 06/01/19		1,018
	1,980		2.764%, 06/01/23		1,975
	2,362		3.590%, 12/01/20		2,524
	1,000		3.658%, 10/01/20		1,061

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	1,500	3.760%, 10/01/23 – 11/01/23		1,598
	910	4.000%, 07/01/42		964
	433	4.273%, 06/01/21		478
	1,049	4.298%, 03/01/21		1,155
	1,949	4.380%, 01/01/21 – 04/01/21		2,167
	497	4.390%, 05/01/21		553
	789	4.443%, 04/01/21		875
	922	4.500%, 03/01/20		1,015
	125	5.500%, 04/01/38		137
	139	6.000%, 03/01/37		154
		Government National Mortgage Association II, 30 Year, Single Family,
	351	6.000%, 03/20/28 – 09/20/38		399
	12	7.500%, 02/20/28 – 09/20/28		15
	32	8.000%, 12/20/25 – 08/20/28		38
	22	8.500%, 03/20/25 – 05/20/25		25
		Government National Mortgage Association, 15 Year, Single Family,
	14	6.000%, 10/15/17		15
	4	8.000%, 01/15/16		4
		Government National Mortgage Association, 30 Year, Single Family,
	343	6.000%, 11/15/28 – 12/15/38		390
	306	6.500%, 01/15/24 – 12/15/35		353
	293	7.000%, 08/15/23 – 06/15/35		334
	26	7.500%, 11/15/22 – 09/15/28		29
	6	8.000%, 07/15/22 – 08/15/28		6
	3	8.500%, 11/15/17		3
	8	9.000%, 08/15/16 – 11/15/24		9
	140	9.500%, 09/15/18 – 12/15/25		158
	1	12.000%, 11/15/19		1
		Total Mortgage Pass-Through Securities (Cost $36,046)		37,427
	Supranational — 0.1%
	150	African Development Bank, 8.800%, 09/01/19 (Cost $191)		194
	U.S. Government Agency Securities — 3.2%
	323	Federal Farm Credit Bank, 5.125%, 11/15/18		372
		Federal National Mortgage Association,
	1,300	Zero Coupon, 07/05/14		1,300
	1,000	Zero Coupon, 06/01/17		970
	800	5.000%, 05/11/17		897
	500	Federal National Mortgage Association STRIPS, Zero Coupon, 11/15/21		414
		Financing Corp.,
	1,440	Zero Coupon, 05/11/18		1,361
	500	Zero Coupon, 04/05/19		459
	584	Zero Coupon, 09/26/19		528
	1,000	Government Trust Certificate, Zero Coupon, 10/01/15		986
		Residual Funding Corp. STRIPS,
	250	Zero Coupon, 10/15/19		226
	1,750	Zero Coupon, 07/15/20		1,537
	1,000	Tennessee Valley Authority, 5.500%, 07/18/17		1,140
	333	Tennessee Valley Authority STRIPS, Zero Coupon, 05/01/19		303
		Total U.S. Government Agency Securities (Cost $10,197)		10,493
	U.S. Treasury Obligations — 30.6%
		U.S. Treasury Bonds,
	1,225	7.500%, 11/15/16		1,433
	250	8.750%, 08/15/20		352
	1,500	8.875%, 08/15/17		1,879
	835	11.250%, 02/15/15		900
		U.S. Treasury Coupon STRIPS,
	700	0.923%, 05/15/18 (n)		667
	2,200	1.858%, 02/15/18 (n)		2,109
	2,150	1.958%, 05/15/21 (n)		1,856
	3,925	2.283%, 02/15/21 (n)		3,419
	4,446	2.308%, 08/15/17 (n)		4,317
	1,495	2.479%, 05/15/19 (n)		1,381
	2,075	2.496%, 02/15/22 (n)		1,741
	150	2.499%, 05/15/22 (n)		125
	6,700	2.583%, 08/15/21 (m) (n)		5,728
	3,577	2.618%, 08/15/16 (n)		3,539
	1,000	2.712%, 08/15/22 (n)		824
	53	2.713%, 02/15/28 (n)		35
	4,350	2.741%, 08/15/19 (n)		3,986
	2,300	2.832%, 11/15/21 (n)		1,947
	1,900	2.934%, 02/15/23 (n)		1,532
	1,224	2.941%, 02/15/17 (n)		1,201
	2,000	3.022%, 02/15/20 (n)		1,802
	47	3.064%, 08/15/26 (n)		33
	10,023	3.073%, 05/15/20 (m) (n)		8,963
	300	3.124%, 11/15/26 (n)		209
	150	3.317%, 11/15/27 (n)		100

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligations — continued
	12,550	3.321%, 08/15/20 (n)		11,112
	100	3.345%, 08/15/27 (n)		68
	700	3.688%, 11/15/16 (n)		690
	2,290	3.737%, 11/15/17 (n)		2,210
	3,325	5.884%, 02/15/15 (n)		3,322
	4,266	6.345%, 02/15/16 (m) (n)		4,247
		U.S. Treasury Inflation Indexed Notes,
	1,700	0.500%, 04/15/15		1,882
	700	1.125%, 01/15/21		819
		U.S. Treasury Notes,
	593	0.875%, 01/31/18		589
	800	1.000%, 11/30/19		771
	5,500	1.500%, 08/31/18		5,548
	1,500	1.750%, 10/31/18		1,527
	350	2.625%, 08/15/20		366
	400	2.625%, 11/15/20		417
	1,500	2.750%, 11/30/16		1,581
	1,000	3.125%, 04/30/17		1,068
	850	3.125%, 05/15/21		912
	7,900	3.250%, 12/31/16		8,433
	1,050	3.500%, 02/15/18		1,142
	1,550	3.500%, 05/15/20		1,702
	450	3.625%, 02/15/21		498
	700	4.000%, 02/15/15		719
	400	4.250%, 11/15/17		444
	200	4.500%, 02/15/16		214
	1,000	4.750%, 08/15/17		1,123
		Total U.S. Treasury Obligations (Cost $98,327)		101,482
SHARES
	Short-Term Investment — 3.6%
		Investment Company — 3.6%
	11,766	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.020% (b) (l) (Cost $11,766)		11,766
		Total Investments — 99.7% (Cost $317,043)		330,331
		Other Assets in Excess of Liabilities — 0.3%		860
		NET ASSETS — 100.0%	$	331,191

Percentages indicated are based on net assets.

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ARM	—	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of May 31, 2014.
CMO	—	Collateralized Mortgage Obligation
ESOP	—	Employee Stock Ownership Program
FHA	—	Federal Housing Administration
GMAC	—	General Motors Acceptance Corp.
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.
IF	—	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of May 31, 2014. 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.
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
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.
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of May 31, 2014.
VA	—	Veterans Administration
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of May 31, 2014.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—	Amount rounds to less than 0.1%.
(h)	—	Amount rounds to less than one thousand (shares or dollars).
(i)	—	Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.
(l)	—	The rate shown is the current yield as of May 31, 2014.
(m)	—	All or portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.
(n)	—	The rate shown is the effective yield at the date of purchase.

As of May 31, 2014, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	14,131
Aggregate gross unrealized depreciation		(843	)
Net unrealized appreciation/depreciation	$	13,288
Federal income tax cost of investments	$	317,043

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

A. Valuation of Investments — Fixed income securities (other than certain short-term investments maturing in less than 61 days) are valued each day based on prices received from independent or affiliated pricing services approved by the Board of Trustees or third party broker-dealers. The pricing services or broker-dealers use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services or broker-dealers may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services or broker-dealers 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 such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair values. Equity securities listed on a North American, Central American, South American or Caribbean securities exchange shall generally be valued at the last sale price on the exchange on which the security is principally traded that is reported before the time when the net assets of the Fund are valued. Securities listed on the NASDAQ Stock Market LLC are generally valued at the NASDAQ Official Closing Price. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at each investment company’s net asset value per share as of the report date.

Certain investments of the Fund may, depending upon market conditions, trade in relatively thin markets and/or in markets that experience significant volatility. As a result of these conditions, the prices used by the Fund to value these securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options are generally valued on the basis of available market quotations. Swaps and other derivatives are valued daily, primarily using independent or affiliated pricing services approved by the Board of Trustees. If valuations are not available from such pricing services or values received are deemed not representative of fair value, values will be obtained from a third party broker-dealer or counterparty.

Securities or other assets for which market quotations are not readily available or for which market quotations are deemed to not represent the fair value of the security or asset at the time of pricing (including certain illiquid securities) are fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. The Board of Trustees has established an Audit and Valuation Committee to assist with the oversight of the valuation of the Fund’s securities. JPMorgan Funds Management, Inc. (the “Administrator” or “JPMFM”), has established a Valuation Committee (“VC”) that is comprised of senior representatives from JPMFM, J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM”) and J.P. Morgan Asset Management’s Legal, Compliance and Risk Management groups and the Fund’s Chief Compliance Officer. The VC’s responsibilities include making determinations regarding Level 3 fair value measurements (“Fair Values”) and/or providing recommendations for approval to the Board of Trustees’ Audit and Valuation Committee, in accordance with the Fund’s valuation policies.

The VC or Board of Trustees, as applicable, primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The VC or Board of Trustees may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate 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. JPMFM and JPMIM are responsible for monitoring developments that may impact Fair Values and for discussing and assessing Fair Values on an ongoing, and at least a quarterly basis with the VC and Board of Trustees, as applicable. The appropriateness of Fair Values is assessed based on results of unchanged price review and consideration of macro or security specific events, back testing, and broker and vendor due diligence.

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, 2014.

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.

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

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

• Level 1 – quoted prices in active markets for identical securities

• Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including the Fund’s own 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 securities are not necessarily an indication of the risk associated with investing in those securities.

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	13,858	$	4,798	$	18,656
Collateralized Mortgage Obligations
Agency CMO		—		57,945		659		58,604
Non-Agency CMO		—		13,169		959		14,128
Total Collateralized Mortgage Obligations		—		71,114		1,618		72,732
Commercial Mortgage-Backed Securities		—		5,795		1,016		6,811
Corporate Bonds
Consumer Discretionary		—		3,463		—		3,463
Consumer Staples		—		2,809		—		2,809
Energy		—		5,484		—		5,484
Financials		—		38,500		—		38,500
Health Care		—		1,903		—		1,903
Industrials		—		2,918		945		3,863
Information Technology		—		3,352		—		3,352
Materials		—		1,809		—		1,809
Telecommunication Services		—		2,305		—		2,305
Utilities		—		3,867		—		3,867
Total Corporate Bonds		—		66,410		945		67,355
Foreign Government Securities		—		3,415		—		3,415
Mortgage Pass-Through Securities		—		37,427		—		37,427
Supranational		—		194		—		194
U.S. Government Agency Securities		—		10,493		—		10,493
U.S. Treasury Obligations		—		101,482		—		101,482
Short-Term Investment
Investment Company		11,766		—		—		11,766
Total Investments in Securities	$	11,766	$	310,188	$	8,377	$	330,331

There were no transfers between Levels 1 and 2 during the period ended May 31, 2014.

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

Intermediate Bond Trust	Balance as of 02/28/14		Realized gain  (loss)		Change in unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases¹		Sales²			Transfers into Level 3		Transfers out of Level 3			Balance as of 5/31/14
Investments in Securities
Asset-Backed Securities	$	3,909	$	—	$	3		$	—		$	1,335	$	(449	)	$	—	$	—		$	4,798
Collateralized Mortgage Obligations
Agency CMO		251		—		(18	)		(13	)		—		(6	)		510		(65	)		659
Non-Agency CMO		981		—		2			3			—		(27	)		—		—			959
Commercial Mortgage Backed Securities		1,116		—		(4	)		(10	)		—		(86	)		—		—			1,016
Corporate Bonds - Industrials		945		—		7			(1	)		—		(6	)		—		—			945
	$	7,202	$	—	$	(10	)	$	(21	)	$	1,335	$	(574	)	$	510	$	(65	)	$	8,377

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.

Transfers into, and out of, Level 3 are valued utilizing values as of the beginning of the period.

Transfers from Level 2 to Level 3 or from Level 3 to Level 2 are due to a decline or an increase in market activity (e.g. frequency of trades), respectively, which resulted in a lack of or increase in available market inputs to determine price.

The change in unrealized appreciation (depreciation) attributable to securities owned at May 31, 2014, which were valued using significant unobservable inputs (Level 3), amounted to approximately $(2,000).

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2014 (Unaudited) (continued)

Intermediate Bond Trust Fund

Quantitative Information about Level 3 Fair Value Measurements # (amounts in thousands)

	Fair Value  at 5/31/14		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	625	Discounted Cash Flow	Constant Prepayment Rate	0.00% - 8.00% (3.09%)
				Constant Default Rate	3.95% - 10.00% (6.97%)
				Yield (Discount Rate of Cash Flows)	1.01% - 8.68% (3.22%)
Asset-Backed Securities		625
		1,550	Discounted Cash Flow	Constant Prepayment Rate	0.00% - 35.77% (6.41%)
				Constant Default Rate	0.00% - 4.68% (0.58%)
				PSA Prepayment Model	193.00% - 1,085.00% (450.14%)
				Yield (Discount Rate of Cash Flows)	(7.76%) - 36.33% (5.48%)
Collateralized Mortgage Obligations		1,550
		129	Discounted Cash Flow	Constant Prepayment Rate	100.00% (N/A)
				Yield (Discount Rate of Cash Flows)	1.25% (N/A)
Commercial Mortgage-Backed Securities		129
Total	$	2,304

# The table above does not include Level 3 securities that are valued by brokers and pricing services. At May 31, 2014, the value of these securities was approximately $6,073,000. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A. The appropriateness of fair values for these securities is monitored on an ongoing basis which may include results of back testing, unchanged price reviews, results of broker and vendor due diligence and consideration of macro or security specific events.

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

ITEM 2. CONTROLS AND PROCEDURES.

(a) The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal controls over financial reporting.

ITEM 3. EXHIBITS.

CERTIFICATIONS PURSUANT TO RULE 30a-2(a) UNDER THE INVESTMENT COMPANY ACT OF 1940 ARE ATTACHED HERETO.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

JPMorgan Institutional Trust

By:	/s/ Robert L. Young
	Robert L. Young
	President and Principal Executive Officer
	July 28, 2014

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

By:	/s/ Robert L. Young
	Robert L. Young
	President and Principal Executive Officer
	July 28, 2014
By:	/s/ Laura M. Del Prato
	Laura M. Del Prato
	Treasurer and Principal Financial Officer
	July 28, 2014