N-Q

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: November 30, 2014

ITEM 1. SCHEDULE OF INVESTMENTS.

JPMorgan Institutional Trust

Schedule of Portfolio Investments as of November 30, 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 NOVEMBER 30, 2014 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 6.3%
		Academic Loan Funding Trust,
	1,930	Series 2012-1A, Class A1, VAR, 0.955%, 12/27/22 (e)		1,942
	2,158	Series 2013-1A, Class A, VAR, 0.955%, 12/26/44 (e)		2,150
		Ally Auto Receivables Trust,
	81	Series 2012-1, Class A3, 0.930%, 02/16/16		81
	151	Series 2012-2, Class A3, 0.740%, 04/15/16		151
	383	Series 2012-3, Class A3, 0.850%, 08/15/16		383
	1,722	Series 2013-2, Class A3, 0.790%, 01/15/18		1,724
	300	Series 2013-2, Class A4, 1.240%, 11/15/18		301
	1,981	Series 2014-SN2, Class A3, 1.030%, 09/20/17		1,982
		American Credit Acceptance Receivables Trust,
	154	Series 2012-3, Class A, 1.640%, 11/15/16 (e)		154
	572	Series 2013-1, Class A, 1.450%, 04/16/18 (e)		573
	300	Series 2013-2, Class A, 1.320%, 02/15/17 (e)		300
	1,867	Series 2014-2, Class A, 0.990%, 10/10/17 (e)		1,866
	1,182	Series 2014-2, Class B, 2.260%, 03/10/20 (e)		1,183
	1,009	Series 2014-4, Class A, 1.330%, 07/10/18 (e)		1,008
		AmeriCredit Automobile Receivables Trust,
	10	Series 2012-2, Class A3, 1.050%, 10/11/16		10
	114	Series 2012-3, Class A3, 0.960%, 01/09/17		114
	180	Series 2012-5, Class A3, 0.620%, 06/08/17		180
	499	Series 2013-4, Class A2, 0.740%, 11/08/16		499
	590	Series 2013-5, Class A3, 0.900%, 09/10/18		590
	93	Ascentium Equipment Receivables LLC, Series 2012-1A, Class A, 1.830%, 09/15/19 (e)		93
	1,740	Axis Equipment Finance Receivables II LLC, Series 2013-1A, Class A, 1.750%, 03/20/17 (e)		1,740
	90	Bank of America Auto Trust, Series 2012- 1, Class A3, 0.780%, 06/15/16		90
	429	Bear Stearns Asset-Backed Securities Trust, Series 2006-SD1, Class A, VAR, 0.525%, 04/25/36		410
	678	BMW Vehicle Owner Trust, Series 2013- A, Class A3, 0.670%, 11/27/17		678
	899	BXG Receivables Note Trust, Series 2012- A, Class A, 2.660%, 12/02/27 (e)		897
	700	Cabela’s Credit Card Master Note Trust, Series 2012-1A, Class A1, 1.630%, 02/18/20 (e)		708
	546	California Republic Auto Receivables Trust, Series 2012-1, Class A, 1.180%, 08/15/17 (e)		548
	671	Capital Auto Receivables Asset Trust, Series 2013-3, Class A1B, VAR, 0.585%, 11/20/15		671
		CarFinance Capital Auto Trust,
	493	Series 2013-1A, Class A, 1.650%, 07/17/17 (e)		494
	251	Series 2013-2A, Class A, 1.750%, 11/15/17 (e)		251
	778	Series 2014-1A, Class A, 1.460%, 12/17/18 (e)		780
	375	Series 2014-1A, Class B, 2.720%, 04/15/20 (e)		380
	3,207	Carlyle Global Market Strategies Commodities Funding Ltd., (Cayman Islands), Series 2014-1A, Class A, VAR, 2.131%, 10/15/21 (e) (i)		3,207
		CarMax Auto Owner Trust,
	373	Series 2011-1, Class A4, 2.160%, 09/15/16		374
	128	Series 2011-3, Class A3, 1.070%, 06/15/16		129
	676	Series 2013-4, Class A3, 0.800%, 07/16/18		676
	440	Series 2013-4, Class A4, 1.280%, 05/15/19		439
		Carnow Auto Receivables Trust,
	171	Series 2013-1A, Class A, 1.160%, 10/16/17 (e)		171
	750	Series 2014-1A, Class B, 1.890%, 11/15/18 (e)		752
	336	Centex Home Equity Loan Trust, Series 2004-D, Class AF4, SUB, 4.680%, 06/25/32		345
	1,266	Chase Funding Trust, Series 2003-6, Class 1A7, SUB, 4.277%, 11/25/34		1,282
	800	Citibank Credit Card Issuance Trust, Series 2007-A3, Class A3, 6.150%, 06/15/39		1,048
	296	Citigroup Mortgage Loan Trust, Inc., Series 2003-HE3, Class A, VAR, 0.535%, 12/25/33		284
		CNH Equipment Trust,
	465	Series 2011-A, Class A4, 2.040%, 10/17/16		466
	209	Series 2012-A, Class A3, 0.940%, 05/15/17		209
		Concord Funding Co. LLC,
	2,800	Series 2012-2, Class A, 3.145%, 01/15/17 (e)		2,800

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	1,650	Series 2013-1, Class A, 2.420%, 02/15/15 (e)		1,661
	1,079	Conix Mortgage Asset Trust, Series 2013- 1, Class A, VAR, 4.704%, 12/25/47 (e) (i)		572
		CPS Auto Receivables Trust,
	473	Series 2011-C, Class A, 4.210%, 03/15/19 (e)		484
	251	Series 2012-A, Class A, 2.780%, 06/17/19 (e)		255
	1,506	Series 2012-B, Class A, 2.520%, 09/16/19 (e)		1,526
	2,120	Series 2013-C, Class A, 1.640%, 04/16/18 (e)		2,128
	2,898	Series 2013-D, Class A, 1.540%, 07/16/18 (e)		2,910
	390	Series 2014-A, Class A, 1.210%, 08/15/18 (e)		391
		CPS Auto Trust,
	893	Series 2012-C, Class A, 1.820%, 12/16/19 (e)		902
	143	Series 2012-D, Class A, 1.480%, 03/16/20 (e)		144
		Credit Acceptance Auto Loan Trust,
	62	Series 2012-1A, Class A, 2.200%, 09/16/19 (e)		62
	1,177	Series 2012-2A, Class A, 1.520%, 03/16/20 (e)		1,180
	832	CWABS, Inc. Asset-Backed Certificates, Series 2004-6, Class M1, VAR, 1.055%, 10/25/34		806
	813	Discover Card Execution Note Trust, Series 2012-A1, Class A1, 0.810%, 08/15/17		814
		Exeter Automobile Receivables Trust,
	183	Series 2012-2A, Class A, 1.300%, 06/15/17 (e)		184
	423	Series 2013-1A, Class A, 1.290%, 10/16/17 (e)		424
	1,084	Series 2013-2A, Class A, 1.490%, 11/15/17 (e)		1,085
	845	Series 2014-1A, Class A, 1.290%, 05/15/18 (e)		846
	4,386	Series 2014-3A, Class A, 1.320%, 01/15/19 (e)		4,389
	556	Series 2014-3A, Class B, 2.770%, 11/15/19 (e)		557
		Fifth Third Auto Trust,
	349	Series 2013-1, Class A3, 0.880%, 10/16/17		350
	1,280	Series 2014-3, Class A2A, 0.570%, 05/15/17		1,280
	413	Series 2014-3, Class A3, 0.960%, 03/15/19		413
		First Investors Auto Owner Trust,
	236	Series 2012-2A, Class A2, 1.470%, 05/15/18 (e)		236
	2,031	Series 2014-3A, Class A2, 1.060%, 11/15/18 (e)		2,029
	884	Series 2014-3A, Class A3, 1.670%, 11/16/20 (e)		883
		Flagship Credit Auto Trust,
	722	Series 2013-1, Class A, 1.320%, 04/16/18 (e)		723
	1,166	Series 2013-2, Class A, 1.940%, 01/15/19 (e)		1,170
	1,178	Series 2014-1, Class A, 1.210%, 04/15/19 (e)		1,176
	245	Series 2014-1, Class B, 2.550%, 02/18/20 (e)		246
	2,430	Series 2014-2, Class A, 1.430%, 12/16/19 (e)		2,430
	892	Series 2014-2, Class B, 2.840%, 11/16/20 (e)		895
	440	Series 2014-2, Class C, 3.950%, 12/15/20 (e)		442
		Ford Credit Auto Lease Trust,
	503	Series 2013-B, Class A3, 0.760%, 09/15/16		503
	247	Series 2014-A, Class A2A, 0.500%, 10/15/16		247
		Ford Credit Auto Owner Trust,
	219	Series 2012-A, Class A3, 0.840%, 08/15/16		219
	167	Series 2012-B, Class A3, 0.720%, 12/15/16		167
	408	Series 2012-D, Class A3, 0.510%, 04/15/17		408
	1,500	Series 2014-C, Class A2, 0.610%, 08/15/17		1,500
	1,223	Series 2014-C, Class A3, 1.060%, 05/15/19		1,224
	669	Ford Credit Floorplan Master Owner Trust, Series 2013-1, Class A2, VAR, 0.535%, 01/15/18		670
	445	Freedom Trust, Series 2011-2, Class A11, VAR, 5.000%, 08/01/46 (e)		454
		FRT Trust,
	174	Series 2013-1A, Class A1N, SUB, 3.960%, 10/25/33 (e) (i)		174
	65	Series 2013-1A, Class AR, SUB, 4.210%, 10/25/18 (e) (i)		65
	1,880	GCAT, Series 2014-1, Class A1, VAR, 3.228%, 07/25/19 (e)		1,884
	261	GE Capital Mortgage Services, Inc. Trust, Series 1999-HE1, Class M, VAR, 6.705%, 04/25/29		258
		GE Equipment Midticket LLC,
	373	Series 2012-1, Class A3, 0.600%, 05/23/16		373
	360	Series 2012-1, Class A4, 0.780%, 09/22/20		361

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	3,433	GLC Trust, Series 2014-A, Class A, 3.000%, 07/15/21 (e)		3,412
		GMAT Trust,
	1,549	Series 2013-1A, Class A, SUB, 3.967%, 11/25/43 (e)		1,558
	673	Series 2014-1A, Class A, SUB, 3.721%, 02/25/44 (e)		674
		HLSS Servicer Advance Receivables Backed Notes,
	7,662	Series 2013-T2, Class A2, 1.147%, 05/16/44 (e)		7,637
	2,140	Series 2013-T7, Class AT7, 1.981%, 11/15/46 (e)		2,119
		HLSS Servicer Advance Receivables Trust,
	1,560	Series 2012-T2, Class A2, 1.990%, 10/15/45 (e)		1,559
	1,197	Series 2013-T1, Class A2, 1.495%, 01/16/46 (e)		1,189
	497	Series 2013-T1, Class B2, 1.744%, 01/16/46 (e)		498
	4,568	Series 2014-T1, Class AT1, 1.244%, 01/17/45 (e)		4,564
	997	Series 2014-T2, Class AT2, 2.217%, 01/15/47 (e)		989
	172	Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-A, Class A3, VAR, 0.355%, 03/25/36		142
		Honda Auto Receivables Owner Trust,
	388	Series 2012-1, Class A4, 0.970%, 04/16/18		389
	112	Series 2012-2, Class A3, 0.700%, 02/16/16		112
	1,527	Series 2013-4, Class A3, 0.690%, 09/18/17		1,528
	930	Series 2014-2, Class A3, 0.770%, 03/19/18		930
		HSBC Home Equity Loan Trust USA,
	624	Series 2006-1, Class A1, VAR, 0.315%, 01/20/36		621
	1,220	Series 2007-3, Class APT, VAR, 1.355%, 11/20/36		1,219
		Huntington Auto Trust,
	866	Series 2011-1A, Class A4, 1.310%, 11/15/16 (e)		869
	162	Series 2012-1, Class A3, 0.810%, 09/15/16		162
		Hyundai Auto Receivables Trust,
	250	Series 2010-B, Class A4, 1.630%, 03/15/17		252
	175	Series 2011-B, Class A4, 1.650%, 02/15/17		175
	581	John Deere Owner Trust, Series 2012-B, Class A4, 0.690%, 01/15/19		581
		KGS-Alpha Capital Markets LP,
	18,563	IO, VAR, 11.244%, 08/25/38		711
	11,688	Series 2013-2, IO, VAR, 18.053%, 03/25/39		672
	15	Kondaur Mortgage Asset Trust LLC, Series 2013-1, Class A, VAR, 4.458%, 08/25/52 (e)		15
	181	Lake Country Mortgage Loan Trust, Series 2006-HE1, Class A3, VAR, 0.505%, 07/25/34 (e)		180
	404	Long Beach Mortgage Loan Trust, Series 2006-WL2, Class 2A3, VAR, 0.355%, 01/25/36		386
		LV Tower 52 Issuer LLC,
	2,584	Series 2013-1, Class A, 5.500%, 06/15/18 (e) (i)		2,590
	1,205	Series 2013-1, Class M, 7.500%, 06/15/18 (e) (i)		1,205
	494	Madison Avenue Manufactured Housing Contract Trust, Series 2002-A, Class M2, VAR, 2.405%, 03/25/32		494
	1,053	Mid-State Capital Corp. Trust, Series 2006- 1, Class M1, 6.083%, 10/15/40 (e)		1,085
	2,029	MMCA Auto Owner Trust, Series 2012-A, Class A4, 1.570%, 08/15/17 (e)		2,041
		Nationstar Agency Advance Funding Trust,
	1,078	Series 2013-T1A, Class AT1, 0.997%, 02/15/45 (e)		1,077
	439	Series 2013-T2A, Class AT2, 1.892%, 02/18/48 (e)		431
	216	Series 2013-T2A, Class BT2, 2.487%, 02/18/48 (e)		215
	767	Navitas Equipment Receivables LLC, Series 2013-1, Class A, 1.950%, 11/15/16 (e)		767
	663	NCUA Guaranteed Notes Trust, Series 2010-A1, Class A, VAR, 0.506%, 12/07/20		664
	932	New Century Home Equity Loan Trust, Series 2003-5, Class AI6, SUB, 5.500%, 11/25/33		958
	611	Nissan Auto Lease Trust, Series 2013-B, Class A3, 0.750%, 06/15/16		611
	333	Nissan Auto Receivables Owner Trust, Series 2012-A, Class A4, 1.000%, 07/16/18		334
	5,497	Normandy Mortgage Loan Co. LLC, Series 2013-NPL3, Class A, SUB, 4.949%, 09/16/43 (e)		5,489
		NYMT Residential LLC,
	1,500	Series 2012-RP1A, Class NOTE, VAR, 4.250%, 12/25/17 (e) (i)		1,500
	2,239	Series 2013-RP3A, Class NOTE, SUB, 4.850%, 09/25/18 (e) (i)		2,239
		Oak Hill Advisors Residential Loan Trust,
	5,424	Series 2014-NPL2, Class A1, SUB, 3.352%, 04/25/54 (e)		5,424
	1,371	Series 2014-NPL2, Class A2, SUB, 4.000%, 04/25/54 (e)		1,327

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	2,952	OnDeck Asset Securitization Trust LLC, Series 2014-1A, Class A, 3.150%, 05/17/18 (e)		2,968
		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)		405
	3,672	Series 2014-2A, Class A, 2.470%, 09/18/24 (e)		3,673
	1,491	Series 2014-2A, Class B, 3.020%, 09/18/24 (e)		1,491
	851	Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2004- MCW1, Class M1, VAR, 1.093%, 10/25/34		847
	589	PFS Tax Lien Trust, Series 2014-1, Class NOTE, 1.440%, 05/15/29 (e)		591
	1,000	Progreso Receivables Funding I LLC, Series 2013-A, Class A, 4.000%, 07/09/18 (e)		1,007
	2,353	Progreso Receivables Funding II LLC, Series 2014-A, Class A, 3.500%, 07/08/19 (e)		2,354
	1,980	RAMP Trust, Series 2006-RZ1, Class A3, VAR, 0.455%, 03/25/36		1,929
	2,507	RBSHD Trust, Series 2013-1A, Class A, SUB, 4.685%, 10/25/47 (e) (i)		2,515
	295	Renaissance Home Equity Loan Trust, Series 2007-2, Class AF2, SUB, 5.675%, 06/25/37		154
	389	Saxon Asset Securities Trust, Series 2003- 1, Class AF6, SUB, 4.795%, 06/25/33		393
	297	Securitized Asset-Backed Receivables LLC Trust, Series 2006-CB1, Class AF2, SUB, 3.497%, 01/25/36		229
	605	Selene Non-Performing Loans LLC, Series 2014-1A, Class A, SUB, 2.981%, 05/25/54 (e)		600
		SNAAC Auto Receivables Trust,
	69	Series 2013-1A, Class A, 1.140%, 07/16/18 (e)		69
	779	Series 2014-1A, Class A, 1.030%, 09/17/18 (e)		779
		SpringCastle America Funding LLC,
	9,450	Series 2014-AA, Class A, 2.700%, 05/25/23 (e)		9,459
	1,500	Series 2014-AA, Class B, 4.610%, 10/25/27 (e)		1,506
		Springleaf Funding Trust,
	9,200	Series 2013-AA, Class A, 2.580%, 09/15/21 (e)		9,261
	3,000	Series 2013-BA, Class A, 3.920%, 01/16/23 (e)		3,036
	2,000	Series 2013-BA, Class B, 4.820%, 01/16/23 (e)		2,030
	6,533	Series 2014-AA, Class A, 2.410%, 12/15/22 (e)		6,542
	525	Series 2014-AA, Class B, 3.450%, 12/15/22 (e)		527
		Stanwich Mortgage Loan Co. LLC,
	297	Series 2012-NPL4, Class A, 2.981%, 09/15/42 (e)		297
	1,472	Series 2013-NPL2, Class A, 3.228%, 04/16/59 (e)		1,452
	1,167	Stanwich Mortgage Loan Trust, Series 2013-NPL1, Class A, 2.981%, 02/16/43 (e)		1,166
	177	Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2002- 23XS, Class A7, SUB, 6.580%, 11/25/32		184
	5,000	Sunset Mortgage Loan Co. LLC, Series 2014-NPL2, Class A, SUB, 3.721%, 11/16/44 (e)		5,000
		Trafigura Securitisation Finance plc, (Ireland),
	3,844	Series 2012-1A, Class A, VAR, 2.555%, 10/15/15 (e)		3,869
	4,251	Series 2014-1A, Class A, VAR, 1.105%, 10/15/21 (e)		4,251
		Truman Capital Mortgage Loan Trust,
	2,504	Series 2014-NPL1, Class A1, SUB, 3.228%, 07/25/53 (e)		2,500
	2,143	Series 2014-NPL2, Class A1, SUB, 3.125%, 06/25/54 (e)		2,141
	1,003	Series 2014-NPL2, Class A2, SUB, 4.000%, 06/25/54 (e)		982
	2,026	Series 2014-NPL3, Class A1, SUB, 3.125%, 04/25/53 (e)		2,024
		Vericrest Opportunity Loan Transferee,
	6,461	Series 2014-NPL7, Class A1, SUB, 3.125%, 08/27/57 (e)		6,453
	2,336	Series 2014-NPL8, Class A1, SUB, 3.375%, 10/25/54 (e)		2,336
		Vericrest Opportunity Loan Transferee LLC,
	1,999	Series 2013-NPL7, Class A1, SUB, 3.625%, 11/25/53 (e)		2,001
	2,091	Series 2014-NPL1, Class A1, SUB, 3.625%, 10/27/53 (e)		2,094
	2,119	Series 2014-NPL2, Class A1, SUB, 3.625%, 11/25/53 (e)		2,129
	3,456	Series 2014-NPL3, Class A1, SUB, 3.250%, 11/25/53 (e)		3,461
	3,568	Series 2014-NPL4, Class A1, SUB, 3.125%, 04/27/54 (e)		3,547
	568	Volkswagen Auto Loan Enhanced Trust, Series 2012-1, Class A3, 0.850%, 08/22/16		569
	1,309	VOLT XIX LLC, Series 2013-NPL5, Class A1, SUB, 3.625%, 04/25/55 (e)		1,310

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	865		VOLT XV LLC, Series 2014-3A, Class A1, SUB, 3.250%, 05/26/54 (e)		864
	3,158		VOLT XVI LLC, Series 2014-NPL5, Class A1, SUB, 3.228%, 09/25/58 (e)		3,153
			VOLT XX LLC,
	2,278		Series 2013-NPL6, Class A1, SUB, 3.625%, 03/25/54 (e)		2,286
	1,299		Series 2013-NPL6, Class A2, SUB, 5.250%, 03/25/54 (e)		1,303
	797		VOLT XXIII LLC, Series 2014-NPL2, Class A2, SUB, 4.750%, 11/25/53 (e)		798
			VOLT XXVI LLC,
	2,508		Series 2014-NPL6, Class A1, SUB, 3.125%, 09/25/43 (e)		2,505
	938		Series 2014-NPL6, Class A2, SUB, 4.250%, 09/25/43 (e)		919
			Westgate Resorts LLC,
	437		Series 2012-1, Class A, 4.500%, 09/20/25 (e)		438
	793		Series 2012-2A, Class A, 3.000%, 01/20/25 (e)		799
	441		Series 2012-3A, Class A, 2.500%, 03/20/25 (e)		443
	972		Series 2013-1A, Class A, 2.250%, 08/20/25 (e)		975
			World Omni Auto Receivables Trust,
	1,164		Series 2013-B, Class A3, 0.830%, 08/15/18		1,165
	413		Series 2013-B, Class A4, 1.320%, 01/15/20		414
			Total Asset-Backed Securities (Cost $256,851)		257,744
	Collateralized Mortgage Obligations — 21.0%
			Agency CMO — 14.8%
	612		Federal Home Loan Bank, Series TQ-2015, Class A, 5.065%, 10/20/15		632
	189		Federal Home Loan Mortgage Corp. - Government National Mortgage Association, Series 8, Class ZA, 7.000%, 03/25/23		210
			Federal Home Loan Mortgage Corp. REMIC,
	7		Series 11, Class D, 9.500%, 07/15/19		7
	8		Series 22, Class C, 9.500%, 04/15/20		8
	13		Series 23, Class F, 9.600%, 04/15/20		14
	–	(h)	Series 41, Class I, HB, 84.000%, 05/15/20		—	(h)
	1		Series 47, Class F, 10.000%, 06/15/20		1
	3		Series 99, Class Z, 9.500%, 01/15/21		4
	–	(h)	Series 204, Class E, HB, IF, 1,857.676%, 05/15/23		—	(h)
	–	(h)	Series 1045, Class G, HB, 1,066.209%, 02/15/21		—	(h)
	5		Series 1065, Class J, 9.000%, 04/15/21		5
	1		Series 1079, Class S, HB, IF, 33.474%, 05/15/21		2
	4		Series 1084, Class F, VAR, 1.105%, 05/15/21		4
	3		Series 1084, Class S, HB, IF, 44.529%, 05/15/21		5
	10		Series 1116, Class I, 5.500%, 08/15/21		11
	12		Series 1144, Class KB, 8.500%, 09/15/21		14
	–	(h)	Series 1172, Class L, HB, VAR, 1,181.250%, 11/15/21		—	(h)
	–	(h)	Series 1196, Class B, HB, IF, 1,180.814%, 01/15/22		5
	9		Series 1250, Class J, 7.000%, 05/15/22		10
	16		Series 1343, Class LA, 8.000%, 08/15/22		19
	21		Series 1343, Class LB, 7.500%, 08/15/22		24
	36		Series 1370, Class JA, VAR, 1.305%, 09/15/22		37
	36		Series 1455, Class WB, IF, 4.598%, 12/15/22		38
	168		Series 1466, Class PZ, 7.500%, 02/15/23		189
	3		Series 1470, Class F, VAR, 1.663%, 02/15/23		3
	190		Series 1498, Class I, VAR, 1.305%, 04/15/23		195
	279		Series 1502, Class PX, 7.000%, 04/15/23		309
	32		Series 1505, Class Q, 7.000%, 05/15/23		36
	76		Series 1518, Class G, IF, 8.880%, 05/15/23		89
	25		Series 1541, Class M, HB, IF, 24.869%, 07/15/23		39
	67		Series 1541, Class O, VAR, 1.620%, 07/15/23		68
	7		Series 1570, Class F, VAR, 2.163%, 08/15/23		8
	261		Series 1573, Class PZ, 7.000%, 09/15/23		293
	156		Series 1591, Class PV, 6.250%, 10/15/23		170
	27		Series 1602, Class SA, HB, IF, 22.247%, 10/15/23		47
	655		Series 1608, Class L, 6.500%, 09/15/23		717
	25		Series 1609, Class LG, IF, 16.998%, 11/15/23		26
	440		Series 1638, Class H, 6.500%, 12/15/23		487
	313		Series 1642, Class PJ, 6.000%, 11/15/23		348

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	14	Series 1671, Class QC, IF, 10.000%, 02/15/24		19
	15	Series 1686, Class SH, IF, 18.889%, 02/15/24		22
	105	Series 1695, Class EB, 7.000%, 03/15/24		119
	21	Series 1699, Class FC, VAR, 0.755%, 03/15/24		22
	116	Series 1700, Class GA, PO, 02/15/24		113
	296	Series 1706, Class K, 7.000%, 03/15/24		336
	10	Series 1709, Class FA, VAR, 1.400%, 03/15/24		10
	34	Series 1745, Class D, 7.500%, 08/15/24		40
	640	Series 1760, Class ZD, VAR, 1.750%, 02/15/24		657
	237	Series 1798, Class F, 5.000%, 05/15/23		258
	4	Series 1807, Class G, 9.000%, 10/15/20		4
	62	Series 1829, Class ZB, 6.500%, 03/15/26		68
	64	Series 1863, Class Z, 6.500%, 07/15/26		70
	39	Series 1865, Class D, PO, 02/15/24		34
	49	Series 1890, Class H, 7.500%, 09/15/26		57
	140	Series 1899, Class ZE, 8.000%, 09/15/26		163
	8	Series 1935, Class FL, VAR, 0.855%, 02/15/27		8
	106	Series 1963, Class Z, 7.500%, 01/15/27		123
	15	Series 1970, Class PG, 7.250%, 07/15/27		17
	199	Series 1981, Class Z, 6.000%, 05/15/27		222
	74	Series 1987, Class PE, 7.500%, 09/15/27		82
	174	Series 2019, Class Z, 6.500%, 12/15/27		196
	50	Series 2033, Class SN, HB, IF, 28.453%, 03/15/24		20
	142	Series 2038, Class PN, IO, 7.000%, 03/15/28		26
	297	Series 2040, Class PE, 7.500%, 03/15/28		341
	44	Series 2043, Class CJ, 6.500%, 04/15/28		50
	217	Series 2054, Class PV, 7.500%, 05/15/28		250
	407	Series 2075, Class PH, 6.500%, 08/15/28		457
	457	Series 2075, Class PM, 6.250%, 08/15/28		516
	118	Series 2086, Class GB, 6.000%, 09/15/28		132
	191	Series 2089, Class PJ, IO, 7.000%, 10/15/28		34
	558	Series 2095, Class PE, 6.000%, 11/15/28		617
	173	Series 2125, Class JZ, 6.000%, 02/15/29		192
	40	Series 2132, Class SB, HB, IF, 29.871%, 03/15/29		72
	22	Series 2134, Class PI, IO, 6.500%, 03/15/19		2
	234	Series 2136, Class PG, 6.000%, 03/15/29		261
	70	Series 2141, Class IO, IO, 7.000%, 04/15/29		12
	62	Series 2163, Class PC, IO, 7.500%, 06/15/29		11
	648	Series 2169, Class TB, 7.000%, 06/15/29		745
	331	Series 2172, Class QC, 7.000%, 07/15/29		374
	315	Series 2176, Class OJ, 7.000%, 08/15/29		364
	172	Series 2201, Class C, 8.000%, 11/15/29		200
	162	Series 2209, Class TC, 8.000%, 01/15/30		195
	275	Series 2210, Class Z, 8.000%, 01/15/30		319
	56	Series 2224, Class CB, 8.000%, 03/15/30		68
	151	Series 2230, Class Z, 8.000%, 04/15/30		177
	120	Series 2234, Class PZ, 7.500%, 05/15/30		138
	103	Series 2247, Class Z, 7.500%, 08/15/30		119
	150	Series 2256, Class MC, 7.250%, 09/15/30		173
	281	Series 2259, Class ZM, 7.000%, 10/15/30		324
	9	Series 2261, Class ZY, 7.500%, 10/15/30		10
	35	Series 2262, Class Z, 7.500%, 10/15/30		41
	335	Series 2271, Class PC, 7.250%, 12/15/30		385
	379	Series 2283, Class K, 6.500%, 12/15/23		423
	148	Series 2296, Class PD, 7.000%, 03/15/31		171
	46	Series 2306, Class K, PO, 05/15/24		44
	109	Series 2306, Class SE, IF, IO, 8.350%, 05/15/24		20
	204	Series 2313, Class LA, 6.500%, 05/15/31		230
	265	Series 2325, Class PM, 7.000%, 06/15/31		284
	179	Series 2344, Class QG, 6.000%, 08/15/16		184
	1,520	Series 2344, Class ZD, 6.500%, 08/15/31		1,745
	124	Series 2344, Class ZJ, 6.500%, 08/15/31		141
	119	Series 2345, Class NE, 6.500%, 08/15/31		134

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	70	Series 2345, Class PQ, 6.500%, 08/15/16		72
	135	Series 2351, Class PZ, 6.500%, 08/15/31		153
	1,203	Series 2353, Class AZ, 6.000%, 09/15/31		1,321
	76	Series 2353, Class TD, 6.000%, 09/15/16		79
	58	Series 2355, Class BP, 6.000%, 09/15/16		59
	38	Series 2359, Class PM, 6.000%, 09/15/16		40
	507	Series 2359, Class ZB, 8.500%, 06/15/31		608
	109	Series 2360, Class PG, 6.000%, 09/15/16		113
	23	Series 2363, Class PF, 6.000%, 09/15/16		24
	49	Series 2366, Class MD, 6.000%, 10/15/16		50
	246	Series 2367, Class ME, 6.500%, 10/15/31		271
	155	Series 2391, Class QR, 5.500%, 12/15/16		160
	75	Series 2394, Class MC, 6.000%, 12/15/16		77
	532	Series 2396, Class FM, VAR, 0.605%, 12/15/31		538
	279	Series 2399, Class OH, 6.500%, 01/15/32		317
	468	Series 2399, Class TH, 6.500%, 01/15/32		529
	453	Series 2410, Class NG, 6.500%, 02/15/32		518
	176	Series 2410, Class OE, 6.375%, 02/15/32		189
	311	Series 2410, Class QS, IF, 19.098%, 02/15/32		462
	170	Series 2410, Class QX, IF, IO, 8.495%, 02/15/32		46
	349	Series 2412, Class SP, IF, 15.791%, 02/15/32		466
	513	Series 2420, Class XK, 6.500%, 02/15/32		583
	424	Series 2423, Class MC, 7.000%, 03/15/32		489
	381	Series 2423, Class MT, 7.000%, 03/15/32		440
	86	Series 2425, Class OB, 6.000%, 03/15/17		89
	829	Series 2430, Class WF, 6.500%, 03/15/32		936
	445	Series 2434, Class TC, 7.000%, 04/15/32		500
	565	Series 2435, Class CJ, 6.500%, 04/15/32		617
	377	Series 2436, Class MC, 7.000%, 04/15/32		426
	297	Series 2444, Class ES, IF, IO, 7.795%, 03/15/32		81
	205	Series 2450, Class GZ, 7.000%, 05/15/32		235
	238	Series 2450, Class SW, IF, IO, 7.845%, 03/15/32		53
	1,176	Series 2455, Class GK, 6.500%, 05/15/32		1,326
	36	Series 2458, Class QE, 5.500%, 06/15/17		37
	347	Series 2462, Class JG, 6.500%, 06/15/32		392
	785	Series 2464, Class SI, IF, IO, 7.845%, 02/15/32		202
	787	Series 2466, Class PH, 6.500%, 06/15/32		855
	353	Series 2474, Class NR, 6.500%, 07/15/32		399
	469	Series 2484, Class LZ, 6.500%, 07/15/32		531
	634	Series 2500, Class MC, 6.000%, 09/15/32		719
	33	Series 2503, Class BH, 5.500%, 09/15/17		35
	165	Series 2508, Class AQ, 5.500%, 10/15/17		174
	461	Series 2512, Class PG, 5.500%, 10/15/22		506
	258	Series 2535, Class BK, 5.500%, 12/15/22		283
	314	Series 2537, Class TE, 5.500%, 12/15/17		331
	861	Series 2543, Class YX, 6.000%, 12/15/32		976
	765	Series 2544, Class HC, 6.000%, 12/15/32		850
	980	Series 2552, Class ME, 6.000%, 01/15/33		1,089
	947	Series 2567, Class QD, 6.000%, 02/15/33		1,046
	625	Series 2568, Class KG, 5.500%, 02/15/23		689
	106	Series 2571, Class SK, HB, IF, 33.833%, 09/15/23		187
	2,312	Series 2575, Class ME, 6.000%, 02/15/33		2,567
	285	Series 2586, Class WI, IO, 6.500%, 03/15/33		48
	709	Series 2587, Class WX, 5.000%, 03/15/18		745
	640	Series 2596, Class QG, 6.000%, 03/15/33		706
	236	Series 2611, Class UH, 4.500%, 05/15/18		247
	424	Series 2617, Class GR, 4.500%, 05/15/18		443

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	342	Series 2626, Class NS, IF, IO, 6.395%, 06/15/23		26
	493	Series 2631, Class LC, 4.500%, 06/15/18		515
	236	Series 2636, Class Z, 4.500%, 06/15/18		247
	310	Series 2637, Class SA, IF, IO, 5.945%, 06/15/18		23
	24	Series 2638, Class DS, IF, 8.445%, 07/15/23		27
	228	Series 2650, Class PO, PO, 12/15/32		226
	962	Series 2650, Class SO, PO, 12/15/32		945
	364	Series 2651, Class VZ, 4.500%, 07/15/18		381
	175	Series 2672, Class ME, 5.000%, 11/15/22		176
	1,613	Series 2675, Class CK, 4.000%, 09/15/18		1,685
	2,393	Series 2684, Class PO, PO, 01/15/33		2,381
	162	Series 2691, Class ME, 4.500%, 04/15/32		163
	120	Series 2692, Class SC, IF, 12.977%, 07/15/33		142
	491	Series 2695, Class DG, 4.000%, 10/15/18		514
	23	Series 2696, Class CO, PO, 10/15/18		23
	1,468	Series 2710, Class HB, 5.500%, 11/15/23		1,611
	181	Series 2715, Class OG, 5.000%, 01/15/23		182
	932	Series 2716, Class UN, 4.500%, 12/15/23		1,003
	454	Series 2720, Class PC, 5.000%, 12/15/23		495
	380	Series 2744, Class PE, 5.500%, 02/15/34		406
	684	Series 2744, Class TU, 5.500%, 05/15/32		712
	22	Series 2764, Class TE, 5.000%, 10/15/32		22
	126	Series 2777, Class OM, PO, 12/15/32		126
	29	Series 2780, Class JG, 4.500%, 04/15/19		29
	900	Series 2783, Class AT, 4.000%, 04/15/19		940
	2,225	Series 2809, Class UC, 4.000%, 06/15/19		2,322
	54	Series 2827, Class XO, PO, 01/15/23		54
	70	Series 2835, Class QO, PO, 12/15/32		65
	110	Series 2840, Class JO, PO, 06/15/23		108
	272	Series 2922, Class JN, 4.500%, 02/15/20		282
	615	Series 2934, Class EC, PO, 02/15/20		606
	512	Series 2934, Class HI, IO, 5.000%, 02/15/20		45
	473	Series 2934, Class KI, IO, 5.000%, 02/15/20		41
	391	Series 2958, Class QD, 4.500%, 04/15/20		410
	1,019	Series 2962, Class BE, 4.500%, 04/15/20		1,081
	2,053	Series 2965, Class GD, 4.500%, 04/15/20		2,166
	52	Series 2989, Class PO, PO, 06/15/23		52
	4,084	Series 2990, Class UZ, 5.750%, 06/15/35		4,361
	1,483	Series 3004, Class EK, 5.500%, 07/15/35		1,529
	8	Series 3007, Class AI, IO, 5.500%, 07/15/24		—	(h)
	71	Series 3014, Class OD, PO, 08/15/35		65
	944	Series 3047, Class OD, 5.500%, 10/15/35		1,080
	480	Series 3049, Class XF, VAR, 0.505%, 05/15/33		483
	3,095	Series 3064, Class MC, 5.500%, 11/15/35		3,577
	35	Series 3068, Class AO, PO, 01/15/35		35
	349	Series 3068, Class QB, 4.500%, 06/15/20		362
	2,141	Series 3074, Class BH, 5.000%, 11/15/35		2,335
	497	Series 3085, Class WF, VAR, 0.955%, 08/15/35		506
	861	Series 3102, Class FB, VAR, 0.455%, 01/15/36		865
	207	Series 3102, Class HS, HB, IF, 23.999%, 01/15/36		297
	922	Series 3117, Class EO, PO, 02/15/36		852
	532	Series 3117, Class OK, PO, 02/15/36		490
	18	Series 3122, Class ZB, 6.000%, 03/15/36		25
	1,960	Series 3131, Class BK, 5.500%, 03/15/26		2,169
	169	Series 3134, Class PO, PO, 03/15/36		160
	794	Series 3138, Class PO, PO, 04/15/36		721
	31	Series 3149, Class SO, PO, 05/15/36		28
	692	Series 3151, Class UC, 5.500%, 08/15/35		740
	633	Series 3152, Class MO, PO, 03/15/36		596
	172	Series 3171, Class MO, PO, 06/15/36		162
	620	Series 3179, Class OA, PO, 07/15/36		580

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	181	Series 3194, Class SA, IF, IO, 6.945%, 07/15/36		40
	615	Series 3211, Class SO, PO, 09/15/36		563
	302	Series 3218, Class AO, PO, 09/15/36		287
	633	Series 3219, Class DI, IO, 6.000%, 04/15/36		121
	1,500	Series 3229, Class HE, 5.000%, 10/15/26		1,653
	574	Series 3232, Class ST, IF, IO, 6.545%, 10/15/36		88
	266	Series 3233, Class OP, PO, 05/15/36		247
	7	Series 3242, Class NE, 5.750%, 02/15/34		7
	420	Series 3256, Class PO, PO, 12/15/36		395
	828	Series 3260, Class CS, IF, IO, 5.985%, 01/15/37		109
	433	Series 3261, Class OA, PO, 01/15/37		408
	239	Series 3274, Class JO, PO, 02/15/37		224
	195	Series 3275, Class FL, VAR, 0.595%, 02/15/37		196
	925	Series 3290, Class SB, IF, IO, 6.295%, 03/15/37		126
	1,823	Series 3315, Class HZ, 6.000%, 05/15/37		2,025
	79	Series 3318, Class AO, PO, 05/15/37		68
	142	Series 3326, Class JO, PO, 06/15/37		130
	494	Series 3331, Class PO, PO, 06/15/37		455
	524	Series 3385, Class SN, IF, IO, 5.845%, 11/15/37		74
	695	Series 3387, Class SA, IF, IO, 6.265%, 11/15/37		93
	1,092	Series 3404, Class SC, IF, IO, 5.845%, 01/15/38		142
	4,870	Series 3422, Class AI, IO, SUB, 0.250%, 01/15/38		56
	668	Series 3424, Class PI, IF, IO, 6.645%, 04/15/38		97
	1,321	Series 3481, Class SJ, IF, IO, 5.695%, 08/15/38		173
	883	Series 3505, Class SA, IF, IO, 5.845%, 01/15/39		121
	1,006	Series 3511, Class SA, IF, IO, 5.845%, 02/15/39		159
	373	Series 3549, Class FA, VAR, 1.355%, 07/15/39		381
	392	Series 3607, Class BO, PO, 04/15/36		365
	1,029	Series 3607, Class OP, PO, 07/15/37		945
	598	Series 3607, Class PO, PO, 05/15/37		536
	179	Series 3611, Class PO, PO, 07/15/34		168
	487	Series 3621, Class BO, PO, 01/15/40		451
	558	Series 3720, Class A, 4.500%, 09/15/25		604
	1,727	Series 3739, Class LI, IO, 4.000%, 03/15/34		96
	4,424	Series 3747, Class HI, IO, 4.500%, 07/15/37		385
	1,000	Series 3747, Class PY, 4.000%, 10/15/40		1,059
	2,286	Series 3759, Class HI, IO, 4.000%, 08/15/37		240
	2,163	Series 3760, Class GI, IO, 4.000%, 10/15/37		169
	9,334	Series 3774, Class EW, 3.500%, 12/15/25		9,802
	5,000	Series 3793, Class AB, 3.500%, 01/15/26		5,218
	136	Series 3798, Class BF, VAR, 0.455%, 06/15/24		136
	791	Series 3804, Class FN, VAR, 0.605%, 03/15/39		795
	3,435	Series 3819, Class ZQ, 6.000%, 04/15/36		3,876
	714	Series 3852, Class QN, IF, 5.500%, 05/15/41		736
	1,998	Series 3852, Class TP, IF, 5.500%, 05/15/41		2,075
	2,626	Series 3920, Class LP, 5.000%, 01/15/34		2,879
	1,387	Series 3925, Class FL, VAR, 0.605%, 01/15/41		1,401
	1,160	Series 3957, Class B, 4.000%, 11/15/41		1,224
	1,429	Series 3966, Class NA, 4.000%, 12/15/41		1,518
	952	Series 3997, Class PF, VAR, 0.605%, 11/15/39		956
	3,246	Series 4048, Class FJ, VAR, 0.557%, 07/15/37		3,233
	2,000	Series 4217, Class KY, 3.000%, 06/15/43		1,897
	7,608	Series 4219, Class JA, 3.500%, 08/15/39		7,962
	2,501	Series 4240, Class B, 3.000%, 08/15/33		2,465
	3,684	Series 4251, Class KW, 2.500%, 04/15/28		3,509
		Federal Home Loan Mortgage Corp. STRIPS,
	2	Series 134, Class B, IO, 9.000%, 04/01/22		—	(h)
	1,283	Series 233, Class 11, IO, 5.000%, 09/15/35		187
	1,831	Series 233, Class 13, IO, 5.000%, 09/15/35		268

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	339		Series 243, Class 16, IO, 4.500%, 11/15/20		23
	765		Series 243, Class 17, IO, 4.500%, 12/15/20		54
	8,335		Series 262, Class 35, 3.500%, 07/15/42		8,564
	2,330		Series 264, Class F1, VAR, 0.705%, 07/15/42		2,360
	2,162		Series 267, Class F5, VAR, 0.655%, 08/15/42		2,186
	2,649		Series 281, Class F1, VAR, 0.655%, 10/15/42		2,652
	9,021		Series 299, Class 300, 3.000%, 01/15/43		9,101
	2,415		Series 310, Class PO, PO, 09/15/43		1,900
	4,880		Series 323, Class 300, 3.000%, 01/15/44		4,938
			Federal Home Loan Mortgage Corp. Structured Pass-Through Securities,
	507		Series T-41, Class 3A, VAR, 6.616%, 07/25/32		583
	305		Series T-51, Class 2A, VAR, 7.500%, 08/25/42		367
	1,798		Series T-54, Class 2A, 6.500%, 02/25/43		2,147
	543		Series T-54, Class 3A, 7.000%, 02/25/43		664
	217		Series T-58, Class APO, PO, 09/25/43		185
	474		Series T-59, Class 1AP, PO, 10/25/43		391
	1,891		Series T-76, Class 2A, VAR, 1.299%, 10/25/37		1,808
			Federal National Mortgage Association - ACES,
	3,300		Series 2010-M3, Class A3, VAR, 4.332%, 03/25/20		3,650
	1,416		Series 2011-M2, Class A2, 3.645%, 04/25/21		1,516
	8,500		Series 2011-M2, Class A3, 3.764%, 04/25/21		9,213
	442		Series 2012-M11, Class FA, VAR, 0.676%, 08/25/19		443
	4,100		Series 2012-M9, Class A2, 2.482%, 04/25/22		4,103
	4,200		Series 2013-M13, Class A2, VAR, 2.624%, 04/25/23		4,184
	1,878		Series 2013-M7, Class A2, 2.280%, 12/27/22		1,836
	8,000		Series 2013-M9, Class A2, VAR, 2.389%, 01/25/23		7,874
	7,700		Series 2014-M12, Class ASV2, VAR, 2.614%, 10/25/21		7,822
	3,818		Series 2014-M13, Class A2, 3.021%, 08/25/24		3,895
	2,664		Series 2014-M2, Class A2, VAR, 3.513%, 12/25/23		2,837
	2,500		Series 2014-M3, Class A2, VAR, 3.501%, 01/25/24		2,656
	4,545		Series 2014-M5, Class ASQ2, 2.034%, 03/25/19		4,609
	1,029		Series 2014-M5, Class FA, VAR, 0.520%, 01/25/17		1,029
			Federal National Mortgage Association Grantor Trust,
	884		Series 2002-T19, Class A2, 7.000%, 07/25/42		1,017
	678		Series 2004-T3, Class 1A3, 7.000%, 02/25/44		779
			Federal National Mortgage Association REMIC,
	4		Series 1988-7, Class Z, 9.250%, 04/25/18		4
	9		Series 1989-70, Class G, 8.000%, 10/25/19		10
	4		Series 1989-78, Class H, 9.400%, 11/25/19		4
	8		Series 1989-83, Class H, 8.500%, 11/25/19		9
	6		Series 1989-89, Class H, 9.000%, 11/25/19		7
	6		Series 1990-1, Class D, 8.800%, 01/25/20		7
	1		Series 1990-60, Class K, 5.500%, 06/25/20		1
	2		Series 1990-63, Class H, 9.500%, 06/25/20		2
	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
	14		Series 1990-102, Class J, 6.500%, 08/25/20		15
	16		Series 1990-120, Class H, 9.000%, 10/25/20		18
	2		Series 1990-134, Class SC, HB, IF, 21.367%, 11/25/20		3
	–	(h)	Series 1990-140, Class K, HB, 652.145%, 12/25/20		1
	–	(h)	Series 1991-7, Class K, HB, 908.500%, 02/25/21		—	(h)
	6		Series 1991-24, Class Z, 5.000%, 03/25/21		7
	1		Series 1992-101, Class J, 7.500%, 06/25/22		1
	37		Series 1992-136, Class PK, 6.000%, 08/25/22		40
	31		Series 1992-143, Class MA, 5.500%, 09/25/22		34

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	85		Series 1992-163, Class M, 7.750%, 09/25/22		96
	141		Series 1992-188, Class PZ, 7.500%, 10/25/22		161
	56		Series 1993-21, Class KA, 7.700%, 03/25/23		63
	84		Series 1993-25, Class J, 7.500%, 03/25/23		94
	22		Series 1993-27, Class SA, IF, 15.500%, 02/25/23		29
	33		Series 1993-62, Class SA, IF, 18.986%, 04/25/23		48
	17		Series 1993-165, Class SD, IF, 13.450%, 09/25/23		22
	36		Series 1993-165, Class SK, IF, 12.500%, 09/25/23		42
	25		Series 1993-179, Class SB, HB, IF, 26.849%, 10/25/23		41
	17		Series 1993-179, Class SC, IF, 10.500%, 10/25/23		20
	35		Series 1993-199, Class FA, VAR, 0.705%, 10/25/23		35
	47		Series 1993-205, Class H, PO, 09/25/23		45
	75		Series 1993-225, Class UB, 6.500%, 12/25/23		85
	25		Series 1993-230, Class FA, VAR, 0.755%, 12/25/23		25
	66		Series 1993-247, Class FE, VAR, 1.155%, 12/25/23		67
	30		Series 1993-247, Class SU, IF, 12.287%, 12/25/23		40
	29		Series 1993-250, Class Z, 7.000%, 12/25/23		30
	268		Series 1994-37, Class L, 6.500%, 03/25/24		301
	1,327		Series 1994-40, Class Z, 6.500%, 03/25/24		1,457
	61		Series 1995-2, Class Z, 8.500%, 01/25/25		70
	269		Series 1995-19, Class Z, 6.500%, 11/25/23		307
	286		Series 1996-14, Class SE, IF, IO, 8.500%, 08/25/23		68
	6		Series 1996-27, Class FC, VAR, 0.655%, 03/25/17		6
	24		Series 1996-59, Class J, 6.500%, 08/25/22		26
	276		Series 1997-20, Class IO, IO, VAR, 1.840%, 03/25/27		12
	18		Series 1997-27, Class J, 7.500%, 04/18/27		20
	44		Series 1997-29, Class J, 7.500%, 04/20/27		52
	296		Series 1997-39, Class PD, 7.500%, 05/20/27		347
	25		Series 1997-42, Class ZC, 6.500%, 07/18/27		27
	505		Series 1997-61, Class ZC, 7.000%, 02/25/23		568
	86		Series 1997-81, Class PI, IO, 7.000%, 12/18/27		15
	11		Series 1998-4, Class C, PO, 04/25/23		10
	155		Series 1998-36, Class ZB, 6.000%, 07/18/28		173
	95		Series 1998-43, Class SA, IF, IO, 17.843%, 04/25/23		32
	191		Series 1998-66, Class SB, IF, IO, 7.995%, 12/25/28		40
	92		Series 1999-17, Class C, 6.350%, 04/25/29		103
	387		Series 1999-18, Class Z, 5.500%, 04/18/29		421
	98		Series 1999-38, Class SK, IF, IO, 7.895%, 08/25/23		11
	47		Series 1999-52, Class NS, HB, IF, 22.945%, 10/25/23		72
	134		Series 1999-62, Class PB, 7.500%, 12/18/29		153
	412		Series 2000-2, Class ZE, 7.500%, 02/25/30		474
	254		Series 2000-20, Class SA, IF, IO, 8.945%, 07/25/30		75
	32		Series 2000-52, Class IO, IO, 8.500%, 01/25/31		7
	137		Series 2001-4, Class PC, 7.000%, 03/25/21		150
	88		Series 2001-7, Class PF, 7.000%, 03/25/31		101
	–	(h)	Series 2001-7, Class PR, 6.000%, 03/25/16		—	(h)
	263		Series 2001-30, Class PM, 7.000%, 07/25/31		301
	297		Series 2001-33, Class ID, IO, 6.000%, 07/25/31		53
	262		Series 2001-36, Class DE, 7.000%, 08/25/31		301
	614		Series 2001-44, Class MY, 7.000%, 09/25/31		706
	94		Series 2001-44, Class PD, 7.000%, 09/25/31		107
	107		Series 2001-44, Class PU, 7.000%, 09/25/31		123
	985		Series 2001-48, Class Z, 6.500%, 09/25/21		1,088
	77		Series 2001-49, Class Z, 6.500%, 09/25/31		85

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	82	Series 2001-52, Class KB, 6.500%, 10/25/31		93
	50	Series 2001-52, Class XN, 6.500%, 11/25/15		51
	917	Series 2001-61, Class Z, 7.000%, 11/25/31		1,041
	47	Series 2001-71, Class MB, 6.000%, 12/25/16		49
	96	Series 2001-71, Class QE, 6.000%, 12/25/16		99
	37	Series 2001-72, Class SX, IF, 17.104%, 12/25/31		47
	168	Series 2001-74, Class MB, 6.000%, 12/25/16		174
	80	Series 2002-1, Class HC, 6.500%, 02/25/22		89
	107	Series 2002-1, Class SA, HB, IF, 24.683%, 02/25/32		180
	66	Series 2002-1, Class UD, HB, IF, 23.957%, 12/25/23		100
	146	Series 2002-2, Class UC, 6.000%, 02/25/17		152
	313	Series 2002-3, Class OG, 6.000%, 02/25/17		323
	73	Series 2002-7, Class OG, 6.000%, 03/25/17		75
	196	Series 2002-7, Class TG, 6.000%, 03/25/17		202
	81	Series 2002-10, Class SB, IF, 18.827%, 03/25/17		93
	1,000	Series 2002-13, Class SJ, IF, IO, 1.600%, 03/25/32		58
	15	Series 2002-13, Class ST, IF, 10.000%, 03/25/32		18
	72	Series 2002-19, Class PE, 6.000%, 04/25/17		74
	29	Series 2002-21, Class LO, PO, 04/25/32		26
	282	Series 2002-21, Class PE, 6.500%, 04/25/32		319
	205	Series 2002-24, Class AJ, 6.000%, 04/25/17		214
	76	Series 2002-25, Class SG, IF, 18.947%, 05/25/17		90
	725	Series 2002-28, Class PK, 6.500%, 05/25/32		817
	170	Series 2002-37, Class Z, 6.500%, 06/25/32		190
	149	Series 2002-42, Class C, 6.000%, 07/25/17		157
	1,007	Series 2002-48, Class GH, 6.500%, 08/25/32		1,137
	332	Series 2002-62, Class ZE, 5.500%, 11/25/17		349
	91	Series 2002-63, Class KC, 5.000%, 10/25/17		96
	170	Series 2002-77, Class S, IF, 14.199%, 12/25/32		221
	561	Series 2002-83, Class CS, 6.881%, 08/25/23		628
	629	Series 2002-94, Class BK, 5.500%, 01/25/18		655
	346	Series 2003-3, Class HJ, 5.000%, 02/25/18		364
	2,773	Series 2003-22, Class UD, 4.000%, 04/25/33		2,930
	1,043	Series 2003-33, Class IA, IO, 6.500%, 05/25/33		181
	666	Series 2003-34, Class AX, 6.000%, 05/25/33		736
	1,516	Series 2003-34, Class ED, 6.000%, 05/25/33		1,737
	41	Series 2003-35, Class UC, 3.750%, 05/25/33		43
	124	Series 2003-39, Class IO, IO, VAR, 6.000%, 05/25/33		29
	1,124	Series 2003-39, Class LW, 5.500%, 05/25/23		1,229
	873	Series 2003-41, Class PE, 5.500%, 05/25/23		949
	254	Series 2003-42, Class GB, 4.000%, 05/25/33		274
	3	Series 2003-45, Class AI, IO, 5.500%, 05/25/33		—	(h)
	434	Series 2003-47, Class PE, 5.750%, 06/25/33		480
	169	Series 2003-52, Class SX, HB, IF, 22.484%, 10/25/31		268
	131	Series 2003-64, Class SX, IF, 13.358%, 07/25/33		162
	553	Series 2003-71, Class DS, IF, 7.258%, 08/25/33		581
	99	Series 2003-71, Class IM, IO, 5.500%, 12/25/31		1
	1,035	Series 2003-72, Class IE, IO, 5.500%, 08/25/33		181
	85	Series 2003-74, Class SH, IF, 9.891%, 08/25/33		97
	293	Series 2003-76, Class GQ, 4.500%, 08/25/18		308
	673	Series 2003-80, Class SY, IF, IO, 7.495%, 06/25/23		54
	530	Series 2003-81, Class LC, 4.500%, 09/25/18		555
	1,207	Series 2003-83, Class PG, 5.000%, 06/25/23		1,271
	247	Series 2003-91, Class SD, IF, 12.241%, 09/25/33		290

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	1,402		Series 2003-116, Class SB, IF, IO, 7.445%, 11/25/33		362
	130		Series 2003-122, Class TE, 5.000%, 12/25/22		130
	320		Series 2003-128, Class NG, 4.000%, 01/25/19		333
	95		Series 2003-130, Class SX, IF, 11.287%, 01/25/34		111
	126		Series 2003-132, Class OA, PO, 08/25/33		119
	1,356		Series 2004-4, Class QI, IF, IO, 6.945%, 06/25/33		188
	128		Series 2004-4, Class QM, IF, 13.889%, 06/25/33		151
	596		Series 2004-10, Class SC, HB, IF, 27.979%, 02/25/34		817
	551		Series 2004-25, Class PC, 5.500%, 01/25/34		585
	1,002		Series 2004-25, Class SA, IF, 19.098%, 04/25/34		1,413
	1,825		Series 2004-27, Class HB, 4.000%, 05/25/19		1,901
	378		Series 2004-36, Class PC, 5.500%, 02/25/34		401
	1,312		Series 2004-36, Class SA, IF, 19.098%, 05/25/34		1,824
	410		Series 2004-36, Class SN, IF, 13.889%, 07/25/33		481
	1,005		Series 2004-37, Class AG, 4.500%, 11/25/32		1,030
	514		Series 2004-46, Class QB, HB, IF, 23.379%, 05/25/34		731
	1,680		Series 2004-46, Class SK, IF, 16.073%, 05/25/34		2,140
	267		Series 2004-51, Class SY, IF, 13.930%, 07/25/34		341
	313		Series 2004-53, Class NC, 5.500%, 07/25/24		343
	384		Series 2004-59, Class BG, PO, 12/25/32		357
	824		Series 2004-61, Class FH, VAR, 0.955%, 11/25/32		845
	109		Series 2004-61, Class SK, IF, 8.500%, 11/25/32		128
	222		Series 2004-76, Class CL, 4.000%, 10/25/19		231
	482		Series 2004-79, Class SP, IF, 19.373%, 11/25/34		650
	100		Series 2004-81, Class AC, 4.000%, 11/25/19		104
	–	(h)	Series 2004-92, Class JO, PO, 12/25/34		—	(h)
	103		Series 2005-52, Class PA, 6.500%, 06/25/35		110
	1,434		Series 2005-56, Class S, IF, IO, 6.555%, 07/25/35		284
	336		Series 2005-66, Class SG, IF, 16.987%, 07/25/35		451
	621		Series 2005-68, Class BC, 5.250%, 06/25/35		671
	1,549		Series 2005-68, Class PG, 5.500%, 08/25/35		1,721
	841		Series 2005-68, Class UC, 5.000%, 06/25/35		898
	648		Series 2005-74, Class CS, IF, 19.593%, 05/25/35		892
	5,489		Series 2005-84, Class XM, 5.750%, 10/25/35		5,981
	2,351		Series 2005-109, Class PC, 6.000%, 12/25/35		2,593
	7,525		Series 2005-110, Class GK, 5.500%, 08/25/34		7,934
	4,326		Series 2005-110, Class GL, 5.500%, 12/25/35		4,939
	1,939		Series 2005-110, Class MN, 5.500%, 06/25/35		2,075
	438		Series 2005-116, Class PB, 6.000%, 04/25/34		454
	158		Series 2006-15, Class OT, PO, 01/25/36		156
	489		Series 2006-16, Class OA, PO, 03/25/36		459
	664		Series 2006-22, Class AO, PO, 04/25/36		611
	206		Series 2006-23, Class KO, PO, 04/25/36		185
	1,974		Series 2006-39, Class WC, 5.500%, 01/25/36		2,163
	103		Series 2006-42, Class CF, VAR, 0.605%, 06/25/36		104
	1,058		Series 2006-44, Class GO, PO, 06/25/36		985
	2,413		Series 2006-44, Class P, PO, 12/25/33		2,262
	1,539		Series 2006-46, Class UC, 5.500%, 12/25/35		1,689
	1,563		Series 2006-53, Class US, IF, IO, 6.425%, 06/25/36		252
	1,435		Series 2006-56, Class FC, VAR, 0.445%, 07/25/36		1,441
	1,445		Series 2006-56, Class PF, VAR, 0.505%, 07/25/36		1,456
	809		Series 2006-56, Class PO, PO, 07/25/36		732
	979		Series 2006-58, Class AP, PO, 07/25/36		929
	119		Series 2006-58, Class FL, VAR, 0.615%, 07/25/36		120
	478		Series 2006-58, Class PO, PO, 07/25/36		447
	608		Series 2006-59, Class QO, PO, 01/25/33		602
	3,451		Series 2006-60, Class DZ, 6.500%, 07/25/36		4,241
	718		Series 2006-65, Class QO, PO, 07/25/36		668

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	172	Series 2006-72, Class TO, PO, 08/25/36		164
	2,984	Series 2006-77, Class PC, 6.500%, 08/25/36		3,410
	597	Series 2006-79, Class DO, PO, 08/25/36		556
	505	Series 2006-90, Class AO, PO, 09/25/36		461
	202	Series 2006-109, Class PO, PO, 11/25/36		190
	1,505	Series 2006-110, Class PO, PO, 11/25/36		1,351
	132	Series 2006-111, Class EO, PO, 11/25/36		120
	855	Series 2006-118, Class A2, VAR, 0.215%, 12/25/36		841
	178	Series 2006-119, Class PO, PO, 12/25/36		166
	2,574	Series 2006-124, Class HB, VAR, 5.992%, 11/25/36		2,612
	1,000	Series 2006-128, Class BP, 5.500%, 01/25/37		1,094
	872	Series 2006-130, Class GI, IO, 6.500%, 07/25/32		144
	785	Series 2007-7, Class SG, IF, IO, 6.345%, 08/25/36		162
	2,321	Series 2007-14, Class ES, IF, IO, 6.285%, 03/25/37		317
	218	Series 2007-15, Class NO, PO, 03/25/22		212
	777	Series 2007-16, Class FC, VAR, 0.905%, 03/25/37		792
	261	Series 2007-42, Class AO, PO, 05/25/37		252
	320	Series 2007-48, Class PO, PO, 05/25/37		293
	924	Series 2007-54, Class FA, VAR, 0.555%, 06/25/37		930
	5,142	Series 2007-60, Class AX, IF, IO, 6.995%, 07/25/37		777
	239	Series 2007-77, Class FG, VAR, 0.655%, 03/25/37		242
	1,400	Series 2007-81, Class GE, 6.000%, 08/25/37		1,611
	1,224	Series 2007-84, Class PG, 6.000%, 12/25/36		1,278
	3,415	Series 2007-88, Class VI, IF, IO, 6.385%, 09/25/37		516
	2,296	Series 2007-91, Class ES, IF, IO, 6.305%, 10/25/37		327
	1,617	Series 2007-97, Class KI, IO, 7.000%, 05/25/33		294
	2,681	Series 2007-101, Class A2, VAR, 0.405%, 06/27/36		2,679
	584	Series 2007-106, Class A7, VAR, 6.144%, 10/25/37		650
	5,000	Series 2007-114, Class A6, VAR, 0.355%, 10/27/37		4,949
	2,046	Series 2007-116, Class HI, IO, VAR, 1.535%, 01/25/38		147
	26	Series 2007-118, Class IO, IO, 6.000%, 06/25/36		1
	1,207	Series 2008-1, Class BI, IF, IO, 5.755%, 02/25/38		148
	895	Series 2008-10, Class XI, IF, IO, 6.075%, 03/25/38		126
	481	Series 2008-16, Class IS, IF, IO, 6.045%, 03/25/38		67
	613	Series 2008-19, Class IC, IO, 5.000%, 03/25/23		40
	679	Series 2008-24, Class DY, 5.000%, 04/25/23		715
	518	Series 2008-27, Class SN, IF, IO, 6.745%, 04/25/38		74
	303	Series 2008-39, Class CI, IO, 4.500%, 05/25/18		17
	411	Series 2008-42, Class AO, PO, 09/25/36		396
	44	Series 2008-44, Class PO, PO, 05/25/38		41
	653	Series 2008-47, Class SI, IF, IO, 6.345%, 06/25/23		73
	764	Series 2008-53, Class CI, IF, IO, 7.045%, 07/25/38		142
	321	Series 2008-76, Class GF, VAR, 0.805%, 09/25/23		323
	1,800	Series 2008-80, Class SA, IF, IO, 5.695%, 09/25/38		216
	1,089	Series 2008-81, Class SB, IF, IO, 5.695%, 09/25/38		127
	1,473	Series 2009-6, Class GS, IF, IO, 6.395%, 02/25/39		212
	711	Series 2009-9, Class IO, IO, 5.000%, 02/25/24		63
	643	Series 2009-18, Class IO, IO, 5.000%, 03/25/24		49
	2,500	Series 2009-19, Class IP, IO, 5.500%, 10/25/36		487
	1,201	Series 2009-60, Class HT, 6.000%, 08/25/39		1,362
	813	Series 2009-62, Class HJ, 6.000%, 05/25/39		905
	1,180	Series 2009-70, Class CO, PO, 01/25/37		1,074
	744	Series 2009-99, Class SC, IF, IO, 6.025%, 12/25/39		93
	994	Series 2009-103, Class MB, VAR, 2.324%, 12/25/39		1,012
	1,182	Series 2010-45, Class BD, 4.500%, 11/25/38		1,221
	1,389	Series 2010-49, Class SC, IF, 12.350%, 03/25/40		1,618
	885	Series 2010-64, Class DM, 5.000%, 06/25/40		971

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	1,037		Series 2010-71, Class HJ, 5.500%, 07/25/40		1,180
	2,127		Series 2010-133, Class A, 5.500%, 05/25/38		2,315
	2,987		Series 2010-147, Class SA, IF, IO, 6.375%, 01/25/41		675
	1,267		Series 2010-148, Class MA, 4.000%, 02/25/39		1,339
	1,131		Series 2011-2, Class WA, VAR, 5.819%, 02/25/51		1,252
	1,650		Series 2011-22, Class MA, 6.500%, 04/25/38		1,863
	3,342		Series 2011-30, Class LS, IO, VAR, 1.838%, 04/25/41		243
	2,500		Series 2011-31, Class DB, 3.500%, 04/25/31		2,603
	7,500		Series 2011-44, Class EB, 3.000%, 05/25/26		7,612
	782		Series 2011-75, Class FA, VAR, 0.705%, 08/25/41		793
	1,614		Series 2011-118, Class MT, 7.000%, 11/25/41		1,872
	2,231		Series 2011-130, Class CA, 6.000%, 12/25/41		2,555
	1,377		Series 2012-14, Class FB, VAR, 0.605%, 08/25/37		1,389
	7,596		Series 2012-47, Class HF, VAR, 0.555%, 05/25/27		7,627
	3,000		Series 2012-66, Class CB, 3.000%, 06/25/32		2,845
	5,461		Series 2012-99, Class AE, 2.500%, 05/25/39		5,498
	3,473		Series 2012-108, Class F, VAR, 0.655%, 10/25/42		3,501
	4,281		Series 2012-137, Class CF, VAR, 0.455%, 08/25/41		4,261
	2,000		Series 2013-81, Class TA, 3.000%, 02/25/43		1,900
	1,694		Series 2013-90, Class PM, 3.500%, 09/25/43		1,752
	2,320		Series 2013-92, Class PO, PO, 09/25/43		1,839
	3,349		Series 2013-101, Class AE, 3.000%, 10/25/33		3,343
	3,520		Series 2013-101, Class DO, PO, 10/25/43		2,779
	3,000		Series 2013-101, Class E, 3.000%, 10/25/33		2,986
	3,500		Series 2013-103, Class VG, 3.000%, 03/25/30		3,392
	4,000		Series 2013-108, Class GU, 3.000%, 10/25/33		3,886
	4,680		Series 2013-128, Class PO, PO, 12/25/43		3,741
	–	(h)	Series G-17, Class S, HB, VAR, 1,064.898%, 06/25/21		4
	18		Series G-28, Class S, IF, 14.945%, 09/25/21		22
	23		Series G-35, Class M, 8.750%, 10/25/21		26
	8		Series G-51, Class SA, HB, IF, 24.377%, 12/25/21		11
	–	(h)	Series G92-27, Class SQ, HB, IF, 1,857.770%, 05/25/22		1
	120		Series G92-35, Class E, 7.500%, 07/25/22		134
	–	(h)	Series G92-35, Class G, HB, 1,184.775%, 07/25/22		2
	14		Series G92-42, Class Z, 7.000%, 07/25/22		16
	262		Series G92-44, Class ZQ, 8.000%, 07/25/22		281
	19		Series G92-52, Class FD, VAR, 0.176%, 09/25/22		19
	132		Series G92-54, Class ZQ, 7.500%, 09/25/22		146
	18		Series G92-59, Class F, VAR, 1.363%, 10/25/22		18
	37		Series G92-61, Class Z, 7.000%, 10/25/22		43
	25		Series G92-62, Class B, PO, 10/25/22		24
	126		Series G93-1, Class KA, 7.900%, 01/25/23		145
	28		Series G93-5, Class Z, 6.500%, 02/25/23		32
	37		Series G93-14, Class J, 6.500%, 03/25/23		41
	85		Series G93-17, Class SI, IF, 6.000%, 04/25/23		94
	79		Series G93-27, Class FD, VAR, 1.035%, 08/25/23		81
	19		Series G93-37, Class H, PO, 09/25/23		18
	35		Series G95-1, Class C, 8.800%, 01/25/25		40
			Federal National Mortgage Association REMIC Trust,
	878		Series 2003-W1, Class 1A1, VAR, 5.860%, 12/25/42		1,003
	341		Series 2003-W1, Class 2A, VAR, 6.560%, 12/25/42		393
	127		Series 2003-W4, Class 2A, VAR, 6.368%, 10/25/42		142
	58		Series 2007-W7, Class 1A4, HB, IF, 38.248%, 07/25/37		90
	2,036		Series 2009-W1, Class A, 6.000%, 12/25/49		2,277

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
			Federal National Mortgage Association STRIPS,
	1		Series 23, Class 2, IO, 10.000%, 09/25/17		—	(h)
	–	(h)	Series 50, Class 2, IO, 10.500%, 03/25/19		—	(h)
	11		Series 218, Class 2, IO, 7.500%, 04/25/23		3
	12		Series 265, Class 2, 9.000%, 03/25/24		14
	141		Series 329, Class 1, PO, 01/25/33		127
	356		Series 339, Class 18, IO, 4.500%, 07/25/18		20
	509		Series 339, Class 21, IO, 4.500%, 08/25/18		29
	251		Series 339, Class 28, IO, 5.500%, 08/25/18		16
	191		Series 345, Class 6, IO, VAR, 5.000%, 12/25/33		33
	666		Series 351, Class 7, IO, VAR, 5.000%, 04/25/34		99
	535		Series 355, Class 11, IO, 6.000%, 07/25/34		93
	217		Series 355, Class 31, IO, VAR, 4.500%, 12/25/18		13
	949		Series 365, Class 8, IO, 5.500%, 05/25/36		156
	114		Series 368, Class 3, IO, 4.500%, 11/25/20		7
	493		Series 374, Class 5, IO, 5.500%, 08/25/36		83
	248		Series 383, Class 32, IO, 6.000%, 01/25/38		43
	654		Series 383, Class 33, IO, 6.000%, 01/25/38		115
	159		Series 393, Class 6, IO, 5.500%, 04/25/37		27
			Federal National Mortgage Association Trust,
	234		Series 2004-W1, Class 2A2, 7.000%, 12/25/33		275
	950		Series 2004-W15, Class 2AF, VAR, 0.405%, 08/25/44		945
	658		Series 2004-W2, Class 2A2, 7.000%, 02/25/44		762
	2,444		Series 2005-W3, Class 2AF, VAR, 0.375%, 03/25/45		2,450
	848		Series 2006-W2, Class 1AF1, VAR, 0.375%, 02/25/46		848
			Government National Mortgage Association,
	1,298		Series 1994-7, Class PQ, 6.500%, 10/16/24		1,486
	895		Series 1999-4, Class ZB, 6.000%, 02/20/29		1,009
	88		Series 1999-30, Class S, IF, IO, 8.445%, 08/16/29		23
	191		Series 1999-40, Class ZW, 7.500%, 11/20/29		223
	131		Series 2000-9, Class Z, 8.000%, 06/20/30		157
	1,225		Series 2000-9, Class ZJ, 8.500%, 02/16/30		1,461
	222		Series 2000-12, Class ST, HB, IF, 38.716%, 02/16/30		393
	1,685		Series 2000-21, Class Z, 9.000%, 03/16/30		2,054
	12		Series 2000-30, Class ST, IF, 11.050%, 12/16/22		14
	254		Series 2000-31, Class Z, 9.000%, 10/20/30		294
	148		Series 2000-35, Class ZA, 9.000%, 11/20/30		158
	20		Series 2000-36, Class IK, IO, 9.000%, 11/16/30		4
	100		Series 2001-6, Class SD, IF, IO, 8.395%, 03/16/31		29
	175		Series 2001-35, Class SA, IF, IO, 8.095%, 08/16/31		48
	146		Series 2001-36, Class S, IF, IO, 7.895%, 08/16/31		39
	195		Series 2002-3, Class SP, IF, IO, 7.235%, 01/16/32		56
	758		Series 2002-24, Class AG, IF, IO, 7.795%, 04/16/32		175
	68		Series 2002-24, Class SB, IF, 11.693%, 04/16/32		86
	1,618		Series 2002-31, Class SE, IF, IO, 7.345%, 04/16/30		340
	470		Series 2002-40, Class UK, 6.500%, 06/20/32		537
	26		Series 2002-41, Class SV, IF, 9.000%, 06/16/32		31
	1,780		Series 2002-45, Class QE, 6.500%, 06/20/32		2,038
	605		Series 2002-47, Class PG, 6.500%, 07/16/32		695
	1,137		Series 2002-47, Class ZA, 6.500%, 07/20/32		1,303
	968		Series 2002-52, Class GH, 6.500%, 07/20/32		1,124
	398		Series 2002-70, Class PS, IF, IO, 7.545%, 08/20/32		32
	949		Series 2002-75, Class PB, 6.000%, 11/20/32		1,127
	796		Series 2003-11, Class SK, IF, IO, 7.545%, 02/16/33		183
	330		Series 2003-12, Class SP, IF, IO, 7.545%, 02/20/33		90

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	71	Series 2003-24, Class PO, PO, 03/16/33		61
	1,319	Series 2003-40, Class TJ, 6.500%, 03/20/33		1,539
	753	Series 2003-46, Class MG, 6.500%, 05/20/33		886
	893	Series 2003-46, Class TC, 6.500%, 03/20/33		1,014
	300	Series 2003-52, Class AP, PO, 06/16/33		282
	1,620	Series 2003-58, Class BE, 6.500%, 01/20/33		1,845
	89	Series 2003-90, Class PO, PO, 10/20/33		81
	1,057	Series 2003-112, Class SA, IF, IO, 6.395%, 12/16/33		216
	785	Series 2003-112, Class TS, IF, IO, 6.795%, 10/20/32		41
	2,989	Series 2004-11, Class SW, IF, IO, 5.345%, 02/20/34		384
	51	Series 2004-15, Class SA, IF, 19.236%, 12/20/32		54
	415	Series 2004-28, Class S, IF, 19.237%, 04/16/34		616
	156	Series 2004-73, Class AE, IF, 14.536%, 08/17/34		193
	1,691	Series 2004-90, Class SI, IF, IO, 5.945%, 10/20/34		262
	1,141	Series 2005-3, Class SB, IF, IO, 5.945%, 01/20/35		165
	2,934	Series 2005-17, Class SL, IF, IO, 6.545%, 07/20/34		471
	304	Series 2005-35, Class FL, VAR, 0.505%, 03/20/32		306
	54	Series 2005-39, Class KI, IO, 5.500%, 03/20/34		1
	2,966	Series 2005-58, Class NI, IO, 5.500%, 08/20/35		522
	300	Series 2005-68, Class DP, IF, 16.061%, 06/17/35		403
	4,112	Series 2005-68, Class KI, IF, IO, 6.145%, 09/20/35		650
	514	Series 2005-69, Class SY, IF, IO, 6.595%, 11/20/33		87
	538	Series 2005-91, Class PI, IO, 6.000%, 12/20/35		107
	275	Series 2006-16, Class OP, PO, 03/20/36		258
	765	Series 2006-38, Class SW, IF, IO, 6.345%, 06/20/36		83
	933	Series 2006-59, Class SD, IF, IO, 6.545%, 10/20/36		165
	1,506	Series 2006-65, Class SA, IF, IO, 6.645%, 11/20/36		250
	948	Series 2007-9, Class DI, IF, IO, 6.355%, 03/20/37		145
	2,235	Series 2007-17, Class JI, IF, IO, 6.655%, 04/16/37		361
	240	Series 2007-17, Class JO, PO, 04/16/37		217
	1,342	Series 2007-19, Class SD, IF, IO, 6.045%, 04/20/37		197
	1,298	Series 2007-26, Class SC, IF, IO, 6.045%, 05/20/37		180
	1,012	Series 2007-27, Class SA, IF, IO, 6.045%, 05/20/37		146
	315	Series 2007-28, Class BO, PO, 05/20/37		296
	850	Series 2007-36, Class SE, IF, IO, 6.315%, 06/16/37		128
	2,370	Series 2007-40, Class SB, IF, IO, 6.595%, 07/20/37		381
	1,426	Series 2007-42, Class SB, IF, IO, 6.595%, 07/20/37		230
	2,500	Series 2007-47, Class PH, 6.000%, 07/16/37		3,019
	1,001	Series 2007-50, Class AI, IF, IO, 6.620%, 08/20/37		160
	143	Series 2007-53, Class SW, IF, 19.740%, 09/20/37		198
	661	Series 2007-57, Class PO, PO, 03/20/37		634
	804	Series 2007-57, Class QA, IF, IO, 6.345%, 10/20/37		124
	785	Series 2007-71, Class SB, IF, IO, 6.545%, 07/20/36		57
	742	Series 2007-72, Class US, IF, IO, 6.395%, 11/20/37		117
	762	Series 2007-73, Class MI, IF, IO, 5.845%, 11/20/37		107
	1,469	Series 2007-76, Class SA, IF, IO, 6.375%, 11/20/37		228
	764	Series 2007-79, Class SY, IF, IO, 6.395%, 12/20/37		120
	480	Series 2007-81, Class SP, IF, IO, 6.495%, 12/20/37		77
	864	Series 2007-82, Class SA, IF, IO, 6.375%, 12/20/37		134
	411	Series 2008-2, Class MS, IF, IO, 7.005%, 01/16/38		73
	1,369	Series 2008-2, Class NS, IF, IO, 6.385%, 01/16/38		217
	823	Series 2008-10, Class S, IF, IO, 5.675%, 02/20/38		111
	49	Series 2008-23, Class IO, IO, 6.000%, 02/20/37		1
	601	Series 2008-25, Class SB, IF, IO, 6.745%, 03/20/38		99
	598	Series 2008-32, Class PI, IO, 5.500%, 10/16/37		70
	1,157	Series 2008-36, Class SH, IF, IO, 6.145%, 04/20/38		194

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	6,013	Series 2008-40, Class SA, IF, IO, 6.245%, 05/16/38		1,077
	1,132	Series 2008-41, Class SA, IF, IO, 6.185%, 05/20/38		166
	721	Series 2008-55, Class SA, IF, IO, 6.045%, 06/20/38		102
	228	Series 2008-60, Class PO, PO, 01/20/38		226
	442	Series 2008-65, Class ME, 5.750%, 09/20/37		447
	379	Series 2008-71, Class SC, IF, IO, 5.845%, 08/20/38		50
	834	Series 2008-93, Class AS, IF, IO, 5.545%, 12/20/38		107
	1,210	Series 2009-6, Class SA, IF, IO, 5.945%, 02/16/39		162
	780	Series 2009-10, Class SL, IF, IO, 6.345%, 03/16/34		57
	2,262	Series 2009-12, Class IE, IO, 5.500%, 03/20/39		372
	838	Series 2009-14, Class KI, IO, 6.500%, 03/20/39		169
	774	Series 2009-14, Class NI, IO, 6.500%, 03/20/39		160
	2,164	Series 2009-22, Class SA, IF, IO, 6.115%, 04/20/39		294
	609	Series 2009-25, Class SE, IF, IO, 7.445%, 09/20/38		112
	514	Series 2009-33, Class CI, IO, 5.500%, 05/20/39		84
	512	Series 2009-33, Class TI, IO, 6.000%, 05/20/39		97
	897	Series 2009-43, Class SA, IF, IO, 5.795%, 06/20/39		120
	746	Series 2009-65, Class IQ, IO, 6.000%, 12/20/38		92
	1,947	Series 2009-72, Class SM, IF, IO, 6.095%, 08/16/39		285
	430	Series 2009-79, Class OK, PO, 11/16/37		406
	650	Series 2010-14, Class CO, PO, 08/20/35		612
	485	Series 2010-130, Class CP, 7.000%, 10/16/40		570
	3,618	Series 2010-157, Class OP, PO, 12/20/40		3,058
	3,747	Series 2010-H17, Class XQ, VAR, 5.240%, 07/20/60		4,171
	1,152	Series 2011-22, Class WA, VAR, 5.964%, 02/20/37		1,290
	2,367	Series 2011-75, Class SM, IF, IO, 6.445%, 05/20/41		438
	2,949	Series 2012-61, Class FM, VAR, 0.555%, 05/16/42		2,966
	882	Series 2012-141, Class WC, VAR, 3.756%, 01/20/42		928
	4,397	Series 2012-H10, Class FA, VAR, 0.705%, 12/20/61		4,419
	2,298	Series 2012-H15, Class FA, VAR, 0.605%, 05/20/62		2,305
	3,377	Series 2012-H21, Class CF, VAR, 0.855%, 05/20/61		3,406
	2,916	Series 2012-H21, Class DF, VAR, 0.805%, 05/20/61		2,923
	4,753	Series 2012-H22, Class FD, VAR, 0.625%, 01/20/61		4,770
	1,371	Series 2012-H24, Class FA, VAR, 0.605%, 03/20/60		1,376
	3,229	Series 2012-H24, Class FG, VAR, 0.585%, 04/20/60		3,238
	1,931	Series 2012-H26, Class MA, VAR, 0.705%, 07/20/62		1,941
	2,658	Series 2012-H28, Class FA, VAR, 0.735%, 09/20/62		2,660
	3,577	Series 2012-H30, Class PA, VAR, 0.606%, 11/20/59		3,587
	2,092	Series 2012-H31, Class FD, VAR, 0.495%, 12/20/62		2,084
	3,973	Series 2013-54, Class WA, VAR, 4.706%, 11/20/42		4,316
	3,138	Series 2013-75, Class WA, VAR, 5.229%, 06/20/40		3,563
	1,665	Series 2013-91, Class WA, VAR, 4.520%, 04/20/43		1,797
	1,300	Series 2013-116, Class JY, 4.000%, 08/16/43		1,402
	3,053	Series 2013-H01, Class FA, 1.650%, 01/20/63		3,043
	1,403	Series 2013-H03, Class FA, VAR, 0.455%, 08/20/60		1,404
	1,497	Series 2013-H04, Class BA, 1.650%, 02/20/63		1,493
	4,777	Series 2013-H05, Class FB, VAR, 0.557%, 02/20/62		4,782
	1,850	Series 2013-H07, Class HA, VAR, 0.565%, 03/20/63		1,847
	9,955	Series 2013-H07, Class JA, 1.750%, 03/20/63		9,953
	1,754	Series 2013-H08, Class FC, VAR, 0.605%, 02/20/63		1,754
	1,926	Series 2013-H09, Class HA, 1.650%, 04/20/63		1,917
	4,184	Series 2013-H18, Class JA, VAR, 0.755%, 08/20/63		4,214
	1,944	Series 2014-H01, Class FD, VAR, 0.802%, 01/20/64		1,963
		Vendee Mortgage Trust,
	466	Series 1994-1, Class 1, VAR, 5.573%, 02/15/24		510
	728	Series 1994-1, Class 2ZB, 6.500%, 02/15/24		799

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	667	Series 1996-1, Class 1Z, 6.750%, 02/15/26		765
	538	Series 1996-2, Class 1Z, 6.750%, 06/15/26		622
	924	Series 1997-1, Class 2Z, 7.500%, 02/15/27		1,092
	1,123	Series 1998-1, Class 2E, 7.000%, 03/15/28		1,310
	2,121	Series 1999-1, Class 2Z, 6.500%, 01/15/29		2,425
	6,062	Series 2003-2, Class Z, 5.000%, 05/15/33		6,911
				606,390
		Non-Agency CMO — 6.2%
	45	AAM ACE Resecuritization Trust, Series 2011-1, Class A20, VAR, 0.398%, 02/02/37 (e)		45
		Ajax Mortgage Loan Trust,
	2,396	Series 2013-A, Class A, VAR, 3.500%, 02/25/51 (e) (i)		2,373
	2,767	Series 2013-C, Class A, SUB, 4.500%, 03/25/35 (e) (i)		2,770
		Alternative Loan Trust,
	13,870	Series 2004-2CB, Class 1A9, 5.750%, 03/25/34		14,190
	1,833	Series 2005-1CB, Class 1A6, IF, IO, 6.945%, 03/25/35		384
	4,561	Series 2005-20CB, Class 3A8, IF, IO, 4.595%, 07/25/35		553
	7,775	Series 2005-22T1, Class A2, IF, IO, 4.915%, 06/25/35		1,055
	4,685	Series 2005-28CB, Class 1A4, 5.500%, 08/25/35		4,477
	159	Series 2005-28CB, Class 3A5, 6.000%, 08/25/35		129
	6,116	Series 2005-37T1, Class A2, IF, IO, 4.895%, 09/25/35		850
	4,067	Series 2005-54CB, Class 1A11, 5.500%, 11/25/35		3,695
	10,226	Series 2005-54CB, Class 1A2, IF, IO, 4.695%, 11/25/35		1,211
	2,551	Series 2005-57CB, Class 3A2, IF, IO, 4.945%, 12/25/35		356
	1,528	Series 2005-64CB, Class 1A9, 5.500%, 12/25/35		1,433
	5,282	Series 2005-J1, Class 1A4, IF, IO, 4.945%, 02/25/35		472
	2,255	Series 2006-26CB, Class A9, 6.500%, 09/25/36		1,983
		American General Mortgage Loan Trust,
	536	Series 2010-1A, Class A2, VAR, 5.650%, 03/25/58 (e)		541
	1,140	Series 2010-1A, Class A3, VAR, 5.650%, 03/25/58 (e)		1,173
	473	Series 2010-1A, Class A4, VAR, 5.650%, 03/25/58 (e)		499
		ASG Resecuritization Trust,
	570	Series 2009-1, Class A60, VAR, 2.055%, 06/26/37 (e)		563
	102	Series 2009-2, Class A55, VAR, 4.721%, 05/24/36 (e)		103
	1,000	Series 2009-2, Class G60, VAR, 4.721%, 05/24/36 (e)		1,010
	2,769	Series 2009-3, Class A65, VAR, 2.045%, 03/26/37 (e)		2,758
	1,484	Series 2009-4, Class A60, 6.000%, 06/28/37 (e)		1,506
	682	Series 2010-2, Class A60, VAR, 1.837%, 01/28/37 (e)		671
	794	Series 2011-1, Class 3A50, VAR, 2.570%, 11/28/35 (e)		776
		Banc of America Alternative Loan Trust,
	167	Series 2003-2, Class PO, PO, 04/25/33		148
	89	Series 2003-9, Class 1CB2, 5.500%, 11/25/33		90
	281	Series 2003-11, Class PO, PO, 01/25/34		249
	133	Series 2004-6, Class 15PO, PO, 07/25/19		129
	1,380	Series 2005-5, Class 1CB1, 5.500%, 06/25/35		1,305
	3,641	Series 2005-6, Class CBIO, IO, 5.500%, 07/25/35		746
	1,067	Series 2006-4, Class 1A4, 6.000%, 05/25/46		761
	2,025	Banc of America Funding Corp., Series 2012-R6, Class 1A1, 3.000%, 10/26/39 (e) (i)		2,010
		Banc of America Funding Trust,
	342	Series 2004-1, Class PO, PO, 03/25/34		273
	487	Series 2004-2, Class 30PO, PO, 09/20/34		403
	211	Series 2004-C, Class 1A1, VAR, 2.801%, 12/20/34		208
	753	Series 2005-6, Class 2A7, 5.500%, 10/25/35		746
	498	Series 2005-7, Class 30PO, PO, 11/25/35		373
	313	Series 2005-8, Class 30PO, PO, 01/25/36		240
	1,298	Series 2005-E, Class 4A1, VAR, 2.686%, 03/20/35		1,298
	561	Series 2006-A, Class 3A2, VAR, 2.756%, 02/20/36		452
	282	Series 2010-R5, Class 1A1, 5.500%, 10/26/37 (e)		284

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
		Banc of America Mortgage Trust,
	98	Series 2003-3, Class 2A1, VAR, 0.705%, 05/25/18		95
	85	Series 2003-6, Class 2A1, VAR, 0.605%, 08/25/18		84
	37	Series 2003-7, Class A2, 4.750%, 09/25/18		37
	141	Series 2003-8, Class APO, PO, 11/25/33		113
	823	Series 2004-3, Class 15IO, IO, VAR, 0.036%, 04/25/19		3
	56	Series 2004-4, Class APO, PO, 05/25/34		49
	865	Series 2004-5, Class 2A2, 5.500%, 06/25/34		882
	448	Series 2004-6, Class 2A5, PO, 07/25/34		394
	246	Series 2004-6, Class APO, PO, 07/25/34		219
	27	Series 2004-8, Class 5PO, PO, 05/25/32		24
	31	Series 2004-8, Class XPO, PO, 10/25/34		28
	249	Series 2004-A, Class 2A2, VAR, 2.699%, 02/25/34		247
	901	Series 2004-J, Class 3A1, VAR, 2.811%, 11/25/34		895
	869	Series 2005-10, Class 1A6, 5.500%, 11/25/35		842
		BCAP LLC Trust,
	338	Series 2009-RR13, Class 17A2, VAR, 5.500%, 04/26/37 (e)		349
	442	Series 2009-RR5, Class 8A1, 5.500%, 11/26/34 (e)		454
	616	Series 2010-RR12, Class 2A5, VAR, 4.500%, 01/26/36 (e)		620
	153	Series 2010-RR4, Class 12A1, VAR, 4.000%, 07/26/36 (e)		154
	542	Series 2010-RR6, Class 22A3, VAR, 4.328%, 06/26/36 (e)		550
	374	Series 2010-RR7, Class 16A1, VAR, 0.815%, 02/26/47 (e)		371
	200	Series 2010-RR7, Class 1A5, VAR, 4.834%, 04/26/35 (e)		198
	1,979	Series 2010-RR7, Class 2A1, VAR, 2.071%, 07/26/45 (e)		1,986
	192	Series 2010-RR8, Class 3A3, VAR, 5.059%, 05/26/35 (e)		193
	1,500	Series 2010-RR8, Class 3A4, VAR, 5.059%, 05/26/35 (e)		1,416
	815	Series 2011-R11, Class 25A5, VAR, 4.000%, 08/26/21 (e)		825
	1,948	Series 2011-RR10, Class 2A1, VAR, 0.940%, 09/26/37 (e)		1,788
	1,760	Series 2011-RR4, Class 6A3, VAR, 5.000%, 08/26/37 (e)		1,798
	1,500	Series 2011-RR5, Class 11A3, VAR, 0.305%, 05/28/36 (e)		1,472
	251	Series 2011-RR5, Class 14A3, VAR, 2.593%, 07/26/36 (e)		250
	1,121	Series 2012-RR10, Class 3A1, VAR, 0.345%, 05/26/36 (e)		1,062
	1,198	Series 2012-RR2, Class 1A1, VAR, 0.325%, 08/26/36 (e)		1,171
	1,008	Series 2012-RR3, Class 2A5, VAR, 1.984%, 05/26/37 (e)		1,009
		Bear Stearns ARM Trust,
	166	Series 2003-7, Class 3A, VAR, 2.410%, 10/25/33		166
	722	Series 2004-1, Class 12A1, VAR, 2.728%, 04/25/34		718
	125	Series 2004-2, Class 14A, VAR, 3.076%, 05/25/34		124
	1,564	Series 2005-5, Class A1, VAR, 2.160%, 08/25/35		1,581
	3,706	Series 2006-1, Class A1, VAR, 2.360%, 02/25/36		3,692
	797	CAM Mortgage Trust, Series 2014-2, Class A, SUB, 2.600%, 05/15/48 (e)		797
		CHL Mortgage Pass-Through Trust,
	172	Series 2003-J7, Class 4A3, IF, 9.572%, 08/25/18		180
	516	Series 2004-7, Class 2A1, VAR, 2.470%, 06/25/34		505
	284	Series 2004-8, Class 2A1, 4.500%, 06/25/19		293
	192	Series 2004-HYB1, Class 2A, VAR, 2.511%, 05/20/34		183
	715	Series 2004-HYB3, Class 2A, VAR, 2.208%, 06/20/34		678
	629	Series 2004-HYB6, Class A3, VAR, 2.418%, 11/20/34		603
	249	Series 2004-J8, Class 1A2, 4.750%, 11/25/19		255
	1,259	Series 2005-16, Class A23, 5.500%, 09/25/35		1,176
	3,209	Series 2005-22, Class 2A1, VAR, 2.465%, 11/25/35		2,718
		Citicorp Mortgage Securities REMIC Pass-Through Certificates Trust,
	147	Series 2005-5, Class APO, PO, 08/25/35		133
	134	Series 2005-8, Class APO, PO, 11/25/35		107
		Citigroup Mortgage Loan Trust,
	1,191	Series 2008-AR4, Class 1A1A, VAR, 2.730%, 11/25/38 (e)		1,192
	508	Series 2009-10, Class 2A1A, 7.000%, 12/25/35 (e)		529
	3,868	Series 2010-8, Class 5A6, 4.000%, 11/25/36 (e)		3,940

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	4,091	Series 2010-8, Class 6A6, 4.500%, 12/25/36 (e)		4,200
		Citigroup Mortgage Loan Trust, Inc.,
	266	Series 2003-1, Class 2A5, 5.250%, 10/25/33		271
	138	Series 2003-1, Class 2A6, PO, 10/25/33		125
	100	Series 2003-1, Class PO2, PO, 10/25/33		82
	107	Series 2003-1, Class PO3, PO, 09/25/33		98
	111	Series 2003-UP3, Class A3, 7.000%, 09/25/33		115
	156	Series 2003-UST1, Class A1, 5.500%, 12/25/18		158
	27	Series 2003-UST1, Class PO1, PO, 12/25/18		26
	31	Series 2003-UST1, Class PO3, PO, 12/25/18		31
	147	Series 2004-UST1, Class A6, VAR, 2.445%, 08/25/34		141
	403	Series 2005-1, Class 2A1A, VAR, 2.705%, 04/25/35		306
	483	Series 2005-2, Class 2A11, 5.500%, 05/25/35		503
	505	Series 2005-5, Class 1A2, VAR, 2.768%, 08/25/35		369
	450	Series 2012-A, Class A, 2.500%, 06/25/51 (e) (i)		453
		Credit Suisse First Boston Mortgage Securities Corp.,
	612	Series 2003-1, Class DB1, VAR, 6.704%, 02/25/33		619
	93	Series 2003-17, Class 2A1, 5.000%, 07/25/18		95
	308	Series 2003-21, Class 1A4, 5.250%, 09/25/33		318
	485	Series 2003-25, Class 1P, PO, 10/25/33		431
	27	Series 2004-5, Class 5P, PO, 08/25/19		27
	2,167	Series 2005-4, Class 3A18, 5.500%, 06/25/35		2,194
	2,411	Series 2005-4, Class 3A23, 5.500%, 06/25/35		2,400
		CSMC,
	625	Series 2011-9R, Class A1, VAR, 2.156%, 03/27/46 (e)		626
	1,486	Series 2011-16R, Class 7A3, VAR, 3.500%, 12/27/36 (e)		1,500
		CSMC Trust,
	627	Series 2010-16, Class A3, VAR, 3.765%, 06/25/50 (e)		636
	7,891	Series 2010-11R, Class A6, VAR, 1.156%, 06/28/47 (e)		7,566
	54	Series 2011-1R, Class A1, VAR, 1.156%, 02/27/47 (e)		54
	781	Series 2011-6R, Class 3A1, VAR, 2.658%, 07/28/36 (e)		785
	682	Series 2012-3R, Class 1A1, VAR, 2.353%, 07/27/37 (e)		680
	6	Deutsche Mortgage Securities, Inc., Mortgage Loan Resecuritization Trust, Series 2009-RS2, Class 4A1, VAR, 0.285%, 04/26/37 (e)		6
	505	FDIC Trust, Series 2013-N1, Class A, 4.500%, 10/25/18 (e)		509
	3	First Boston Mortgage Securities Corp. 1987 STRIPS, Series C, Class PO, PO, 04/25/17		3
		First Horizon Alternative Mortgage Securities Trust,
	1,104	Series 2004-AA4, Class A1, VAR, 2.235%, 10/25/34		1,096
	1,568	Series 2005-FA8, Class 1A19, 5.500%, 11/25/35		1,382
	2,718	Series 2007-FA4, Class 1A2, IF, IO, 5.495%, 08/25/37		545
		First Horizon Mortgage Pass-Through Trust,
	620	Series 2004-AR2, Class 2A1, VAR, 2.628%, 05/25/34		617
	1,451	Series 2005-AR1, Class 2A2, VAR, 2.573%, 04/25/35		1,443
	85	Freedom Trust, Series 2011-4, Class A18, VAR, 5.000%, 03/25/37 (e)		85
		GMACM Mortgage Loan Trust,
	547	Series 2003-AR1, Class A4, VAR, 2.854%, 10/19/33		540
	283	Series 2004-J5, Class A7, 6.500%, 01/25/35		295
	106	Series 2004-J6, Class 1A1, 5.000%, 01/25/20		109
	4,421	Series 2005-AR3, Class 3A4, VAR, 2.806%, 06/19/35		4,369
		GSMPS Mortgage Loan Trust,
	904	Series 2001-2, Class A, VAR, 7.500%, 06/19/32 (e)		946
	1,326	Series 2005-RP3, Class 1AF, VAR, 0.505%, 09/25/35 (e)		1,131
	1,002	Series 2005-RP3, Class 1AS, IO, VAR, 4.794%, 09/25/35 (e)		136
	4,409	Series 2006-RP2, Class 1AS2, IF, IO, 5.898%, 04/25/36 (e)		559
		GSR Mortgage Loan Trust,
	650	Series 2004-6F, Class 3A4, 6.500%, 05/25/34		696
	577	Series 2004-8F, Class 2A3, 6.000%, 09/25/34		601
	665	Series 2004-13F, Class 3A3, 6.000%, 11/25/34		658

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	290	Series 2005-4F, Class AP, PO, 05/25/35		267
	2,546	Series 2005-7F, Class 3A9, 6.000%, 09/25/35		2,638
	3,180	Series 2006-1F, Class 2A4, 6.000%, 02/25/36		2,888
	2,705	Series 2007-1F, Class 2A4, 5.500%, 01/25/37		2,695
	3,739	Homeowner Assistance Program Reverse Mortgage Loan Trust, Series 2013-RM1, Class A, 4.000%, 05/26/53 (e) (i)		3,651
		Impac CMB Trust,
	2,406	Series 2004-7, Class 1A1, VAR, 0.895%, 11/25/34		2,284
	311	Series 2005-4, Class 2A1, VAR, 0.455%, 05/25/35		308
		Impac Secured Assets Trust,
	650	Series 2006-1, Class 2A1, VAR, 0.505%, 05/25/36		630
	723	Series 2006-2, Class 2A1, VAR, 0.505%, 08/25/36		710
	14,434	IndyMac INDX Mortgage Loan Trust, Series 2005-AR11, Class A7, IO, VAR, 0.000%, 08/25/35		—	(h)
		JP Morgan Mortgage Trust,
	1,360	Series 2006-A2, Class 4A1, VAR, 2.503%, 08/25/34		1,362
	1,789	Series 2006-A2, Class 5A3, VAR, 2.438%, 11/25/33		1,793
	316	Series 2006-A3, Class 6A1, VAR, 2.538%, 08/25/34		318
	386	JP Morgan Resecuritization Trust, Series 2009-6, Class 4A1, VAR, 2.513%, 09/26/36 (e)		390
		Lehman Mortgage Trust,
	619	Series 2006-2, Class 1A1, VAR, 6.141%, 04/25/36		587
	1,217	Series 2008-2, Class 1A6, 6.000%, 03/25/38		1,100
	1,000	LVII Resecuritization Trust, Series 2009-3, Class M3, VAR, 5.177%, 11/27/37 (e)		1,006
		MASTR Adjustable Rate Mortgages Trust,
	85	Series 2004-4, Class 2A1, VAR, 1.959%, 05/25/34		76
	766	Series 2004-13, Class 2A1, VAR, 2.643%, 04/21/34		770
	1,825	Series 2004-13, Class 3A7, VAR, 2.638%, 11/21/34		1,857
	384	Series 2004-15, Class 3A1, VAR, 2.808%, 12/25/34		385
		MASTR Alternative Loan Trust,
	190	Series 2003-3, Class 1A1, 6.500%, 05/25/33		201
	532	Series 2003-9, Class 8A1, 6.000%, 01/25/34		532
	594	Series 2004-3, Class 2A1, 6.250%, 04/25/34		629
	788	Series 2004-4, Class 10A1, 5.000%, 05/25/24		834
	445	Series 2004-6, Class 30PO, PO, 07/25/34		349
	675	Series 2004-6, Class 7A1, 6.000%, 07/25/34		687
	313	Series 2004-7, Class 30PO, PO, 08/25/34		241
	1,045	Series 2004-8, Class 6A1, 5.500%, 09/25/19		1,081
	167	Series 2004-10, Class 1A1, 4.500%, 09/25/19		170
		MASTR Asset Securitization Trust,
	47	Series 2003-2, Class 2A1, 4.500%, 03/25/18		47
	16	Series 2003-3, Class 4A1, 5.000%, 04/25/18		17
	76	Series 2003-4, Class 3A2, 5.000%, 05/25/18		76
	109	Series 2003-12, Class 30PO, PO, 12/25/33		100
	85	Series 2004-1, Class 30PO, PO, 02/25/34		76
	27	Series 2004-4, Class 3A1, 4.500%, 04/25/19		27
	45	Series 2004-6, Class 15PO, PO, 07/25/19		45
	65	Series 2004-8, Class 1A1, 4.750%, 08/25/19		67
	28	Series 2004-8, Class PO, PO, 08/25/19		26
	2,602	MASTR Reperforming Loan Trust, Series 2005-2, Class 1A1F, VAR, 0.505%, 05/25/35 (e)		2,147
	1,040	MASTR Resecuritization Trust, Series 2005-PO, Class 3PO, PO, 05/28/35 (e)		832
		Merrill Lynch Mortgage Investors Trust,
	300	Series 2003-E, Class A1, VAR, 0.775%, 10/25/28		296
	759	Series 2004-1, Class 2A1, VAR, 2.149%, 12/25/34		740
	586	Series 2004-A, Class A1, VAR, 0.615%, 04/25/29		557
	25	ML Trust XLVII, Series 47, Class Z, 8.985%, 10/20/20		27
	623	MortgageIT Trust, Series 2005-1, Class 1A1, VAR, 0.475%, 02/25/35		607
	472	NACC Reperforming Loan REMIC Trust, Series 2004-R2, Class A1, VAR, 6.500%, 10/25/34 (e)		479

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
		Nomura Asset Acceptance Corp. Alternative Loan Trust,
	257	Series 2003-A1, Class A1, 5.500%, 05/25/33		264
	115	Series 2003-A1, Class A2, 6.000%, 05/25/33		119
	47	Series 2003-A1, Class A5, 7.000%, 04/25/33		49
	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
	7	Series P, Class 4, 8.500%, 08/01/19		8
	304	Provident Funding Mortgage Loan Trust, Series 2005-1, Class 2A1, VAR, 2.480%, 05/25/35		307
		RALI Trust,
	76	Series 2002-QS16, Class A3, IF, 16.298%, 10/25/17		78
	244	Series 2002-QS8, Class A5, 6.250%, 06/25/17		247
	4,301	Series 2003-QR19, Class CB4, 5.750%, 10/25/33		4,475
	524	Series 2003-QS12, Class A2A, IF, IO, 7.445%, 06/25/18		52
	159	Series 2003-QS12, Class A5, IO, 5.000%, 06/25/18		11
	1,147	Series 2003-QS14, Class A1, 5.000%, 07/25/18		1,166
	365	Series 2003-QS18, Class A1, 5.000%, 09/25/18		373
	1,434	Series 2003-QS19, Class A1, 5.750%, 10/25/33		1,510
	204	Series 2003-QS3, Class A2, IF, 16.158%, 02/25/18		228
	44	Series 2003-QS3, Class A8, IF, IO, 7.445%, 02/25/18		1
	524	Series 2003-QS9, Class A3, IF, IO, 7.395%, 05/25/18		53
	2,093	Series 2004-QA6, Class NB2, VAR, 2.943%, 12/26/34		1,734
		RBSSP Resecuritization Trust,
	422	Series 2009-2, Class 1A1, 7.000%, 08/26/37 (e)		447
	527	Series 2009-9, Class 7A4, VAR, 6.000%, 07/26/37 (e)		539
	764	Series 2009-12, Class 1A1, VAR, 5.890%, 11/25/33 (e)		804
	691	Series 2010-9, Class 7A5, VAR, 4.000%, 05/26/37 (e)		702
	73	Series 2010-12, Class 8A1, 4.000%, 06/27/21 (e)		73
		Residential Asset Securitization Trust,
	324	Series 2003-A13, Class A3, 5.500%, 01/25/34		335
	23	Series 2003-A14, Class A1, 4.750%, 02/25/19		23
	2,856	Series 2005-A2, Class A4, IF, IO, 4.895%, 03/25/35		400
	755	Series 2006-A4, Class 2A5, 6.000%, 05/25/36		696
		RFMSI Trust,
	337	Series 2003-S13, Class A3, 5.500%, 06/25/33		337
	87	Series 2003-S14, Class A4, PO, 07/25/18		82
	183	Series 2004-S3, Class A1, 4.750%, 03/25/19		187
	441	Series 2004-S6, Class 2A6, PO, 06/25/34		378
	89	Series 2004-S9, Class 2A1, 4.750%, 12/25/19		90
	784	Series 2005-SA4, Class 1A1, VAR, 2.700%, 09/25/35		655
	16	RFSC Trust, Series 2003-RM2, Class AP-3, PO, 05/25/33		14
		Salomon Brothers Mortgage Securities VII, Inc.,
	274	Series 2003-HYB1, Class A, VAR, 2.494%, 09/25/33		278
	19	Series 2003-UP2, Class PO1, PO, 12/25/18		17
		Springleaf Mortgage Loan Trust,
	1,600	Series 2012-1A, Class M3, VAR, 6.000%, 09/25/57 (e)		1,704
	2,000	Series 2012-2A, Class M4, VAR, 6.000%, 10/25/57 (e)		2,079
	2,397	Series 2012-3A, Class A, VAR, 1.570%, 12/25/59 (e)		2,395
	1,130	Series 2012-3A, Class M1, VAR, 2.660%, 12/25/59 (e)		1,130
	589	Series 2012-3A, Class M2, VAR, 3.560%, 12/25/59 (e)		598
	455	Series 2012-3A, Class M3, VAR, 4.440%, 12/25/59 (e)		466
	267	Series 2012-3A, Class M4, VAR, 5.300%, 12/25/59 (e)		275
	1,960	Series 2013-1A, Class A, VAR, 1.270%, 06/25/58 (e)		1,953
	1,116	Series 2013-1A, Class M1, VAR, 2.310%, 06/25/58 (e)		1,094
	900	Series 2013-1A, Class M2, VAR, 3.140%, 06/25/58 (e)		902
	634	Series 2013-1A, Class M3, VAR, 3.790%, 06/25/58 (e)		639
	3,215	Series 2013-2A, Class A, VAR, 1.780%, 12/25/65 (e)		3,209

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	1,058	Series 2013-2A, Class M1, VAR, 3.520%, 12/25/65 (e)		1,079
	810	Series 2013-3A, Class A, VAR, 1.870%, 09/25/57 (e)		808
	2,131	Series 2013-3A, Class M1, VAR, 3.790%, 09/25/57 (e)		2,146
	3,500	Station Place Securitization Trust, Series 2013-1, Class A, VAR, 1.471%, 02/25/15		3,500
	892	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-6, Class 5A4, VAR, 2.364%, 06/25/34		886
	794	Structured Asset Mortgage Investments II Trust, Series 2004-AR5, Class 1A1, VAR, 0.484%, 10/19/34		749
		Structured Asset Securities Corp. Mortgage Pass-Through Certificates,
	875	Series 2003-33H, Class 1A1, 5.500%, 10/25/33		894
	1,534	Series 2004-5H, Class A4, 5.540%, 12/25/33		1,577
		Structured Asset Securities Corp. Trust,
	157	Series 2005-6, Class 4A1, 5.000%, 05/25/35		158
	228	Series 2005-10, Class 5A9, 5.250%, 12/25/34		233
		Thornburg Mortgage Securities Trust,
	467	Series 2003-4, Class A1, VAR, 0.795%, 09/25/43		449
	443	Series 2004-4, Class 3A, VAR, 1.973%, 12/25/44		440
	1,017	VML LLC, Series 2014-NPL1, Class A1, VAR, 3.875%, 04/25/54 (e)		1,017
	2,098	WaMu Mortgage Pass-Through Certificates, Series 2004-RS2, Class A4, 5.000%, 11/25/33		2,150
		WaMu Mortgage Pass-Through Certificates Trust,
	171	Series 2003-AR8, Class A, VAR, 2.390%, 08/25/33		175
	2,593	Series 2003-AR9, Class 1A6, VAR, 2.406%, 09/25/33		2,667
	361	Series 2003-AR9, Class 2A, VAR, 2.442%, 09/25/33		364
	201	Series 2003-S8, Class A6, 4.500%, 09/25/18		203
	1,331	Series 2003-S9, Class A8, 5.250%, 10/25/33		1,368
	120	Series 2003-S9, Class P, PO, 10/25/33		94
	226	Series 2004-AR3, Class A1, VAR, 2.370%, 06/25/34		230
	189	Series 2004-AR3, Class A2, VAR, 2.370%, 06/25/34		192
	288	Series 2006-AR10, Class 2P, VAR, 2.271%, 09/25/36		254
	222	Series 2006-AR12, Class 2P, VAR, 1.863%, 10/25/36		163
		Washington Mutual Mortgage Pass-Through Certificates WMALT Trust,
	9,504	Series 2005-2, Class 1A4, IF, IO, 4.895%, 04/25/35		1,350
	1,875	Series 2005-2, Class 2A3, IF, IO, 4.845%, 04/25/35		242
	2,384	Series 2005-3, Class CX, IO, 5.500%, 05/25/35		499
	2,916	Series 2005-4, Class CB7, 5.500%, 06/25/35		2,704
	2,373	Series 2005-4, Class CX, IO, 5.500%, 06/25/35		501
	689	Series 2005-6, Class 2A4, 5.500%, 08/25/35		638
	4,408	Series 2005-6, Class 2A9, 5.500%, 08/25/35		4,094
	1,657	Wells Fargo Mortgage Loan Trust, Series 2012-RR1, Class A1, VAR, 2.847%, 08/27/37 (e)		1,632
		Wells Fargo Mortgage-Backed Securities Trust,
	225	Series 2003-K, Class 1A1, VAR, 2.490%, 11/25/33		226
	426	Series 2003-K, Class 1A2, VAR, 2.490%, 11/25/33		432
	521	Series 2004-EE, Class 2A1, VAR, 2.610%, 12/25/34		524
	565	Series 2004-EE, Class 3A1, VAR, 2.496%, 12/25/34		572
	2,691	Series 2004-P, Class 2A1, VAR, 2.613%, 09/25/34		2,722
	558	Series 2004-V, Class 1A1, VAR, 2.605%, 10/25/34		562
	235	Series 2005-16, Class APO, PO, 01/25/36		184
	393	Series 2005-AR16, Class 2A1, VAR, 2.604%, 02/25/34		399
	4,754	Series 2005-AR3, Class 1A1, VAR, 2.619%, 03/25/35		4,782
	499	Series 2005-AR8, Class 2A1, VAR, 2.592%, 06/25/35		502
	544	Series 2006-2, Class APO, PO, 03/25/36		347
	282	Series 2006-4, Class 1APO, PO, 04/25/36		217
	1,331	Series 2007-7, Class A7, 6.000%, 06/25/37		1,347
	382	Series 2007-11, Class A14, 6.000%, 08/25/37		377
				251,411
		Total Collateralized Mortgage Obligations (Cost $809,771)		857,801

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — 3.7%
		A10 Securitization LLC,
	358	Series 2012-1, Class A, 3.492%, 04/15/24 (e)		358
	750	Series 2013-1, Class A, 2.400%, 11/15/25 (e)		753
		A10 Term Asset Financing LLC,
	3,566	Series 2013-2, Class A, 2.620%, 11/15/27 (e)		3,597
	696	Series 2013-2, Class B, 4.380%, 11/15/27 (e)		712
		ACRE Commercial Mortgage Trust, (Cayman Islands),
	360	Series 2014-FL2, Class B, VAR, 2.205%, 08/15/31 (e)		360
	360	Series 2014-FL2, Class C, VAR, 2.655%, 08/15/31 (e)		360
		BAMLL Commercial Mortgage Securities Trust,
	560	Series 2012-PARK, Class A, 2.959%, 12/10/30 (e)		560
	1,300	Series 2014-520M, Class C, VAR, 4.354%, 08/15/46 (e)		1,296
		Banc of America Commercial Mortgage Trust,
	385	Series 2006-1, Class A4, VAR, 5.372%, 09/10/45		398
	2,109	Series 2006-4, Class A4, 5.634%, 07/10/46		2,217
	915	Series 2006-5, Class A4, 5.414%, 09/10/47		963
	1,500	Series 2007-5, Class A4, 5.492%, 02/10/51		1,619
		Banc of America Merrill Lynch Commercial Mortgage, Inc.,
	400	Series 2005-3, Class A4, 4.668%, 07/10/43		404
	1,610	Series 2005-3, Class AM, 4.727%, 07/10/43		1,632
		BB-UBS Trust,
	4,400	Series 2012-SHOW, Class A, 3.430%, 11/05/36 (e)		4,440
	2,500	Series 2012-TFT, Class A, 2.892%, 06/05/30 (e)		2,463
		Bear Stearns Commercial Mortgage Securities Trust,
	33,991	Series 2005-PWR8, Class X1, IO, VAR, 0.930%, 06/11/41 (e)		63
	3,105	Series 2006-PW11, Class A4, VAR, 5.602%, 03/11/39		3,227
	84,117	CD Commercial Mortgage Trust, Series 2007-CD4, Class XC, IO, VAR, 0.549%, 12/11/49 (e)		587
	900	CGBAM Commercial Mortgage Trust, Series 2014-HD, Class A, VAR, 0.955%, 02/15/31 (e)		898
	1,250	Citigroup Commercial Mortgage Trust, Series 2005-C3, Class AM, VAR, 4.830%, 05/15/43		1,263
		COBALT CMBS Commercial Mortgage Trust,
	546	Series 2006-C1, Class A4, 5.223%, 08/15/48		578
	17,204	Series 2006-C1, Class IO, IO, VAR, 0.980%, 08/15/48		247
		COMM Mortgage Trust,
	1,063	Series 2005-LP5, Class A4, VAR, 4.982%, 05/10/43		1,071
	2,974	Series 2012-CR2, Class XA, IO, VAR, 2.072%, 08/15/45		301
	3,500	Series 2013-300P, Class A1, 4.353%, 08/10/30 (e)		3,848
	1,060	Series 2013-SFS, Class A2, VAR, 3.086%, 04/12/35 (e)		1,061
	1,400	Series 2014-TWC, Class A, VAR, 1.003%, 02/13/32 (e)		1,399
	133	Commercial Mortgage Pass-Through Certificates, Series 2012-MVP, Class A, VAR, 2.094%, 11/17/26 (e)		133
		Commercial Mortgage Trust,
	442	Series 2005-GG3, Class AJ, VAR, 4.859%, 08/10/42		442
	300	Series 2006-GG7, Class AM, VAR, 6.014%, 07/10/38		318
	675	Credit Suisse Commercial Mortgage Trust, Series 2006-C2, Class A3, VAR, 5.858%, 03/15/39		704
	2,018	CSMC, Series 2014-ICE, Class A, VAR, 0.955%, 04/15/27 (e)		2,020
	763	DBRR Trust, Series 2013-EZ2, Class A, VAR, 0.853%, 02/25/45 (e)		762
		Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates,
	2,557	Series K029, Class A2, VAR, 3.320%, 02/25/23		2,698
	10,000	Series K037, Class A2, 3.490%, 01/25/24		10,648
	1,000	Series KS01, Class A2, 2.522%, 01/25/23		1,001
	2,500	Series KSMC, Class A2, 2.615%, 01/25/23		2,513
	1,866	GE Capital Commercial Mortgage Corp., Series 2005-C1, Class AJ, VAR, 4.826%, 06/10/48		1,871
	3,599	GMAC Commercial Mortgage Securities, Inc. Trust, Series 2006-C1, Class A4, VAR, 5.238%, 11/10/45		3,672
	1,383	GS Mortgage Securities Corp. II, Series 2013-KING, Class A, 2.706%, 12/10/27 (e)		1,410

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
	488	GS Mortgage Securities Corp. Trust, Series 2013-NYC5, Class A, 2.318%, 01/10/30 (e)		497
	865	GS Mortgage Securities Trust, Series 2006-GG6, Class A4, VAR, 5.553%, 04/10/38		893
	1,000	GSMS Trust, Series 2009-RR1, Class JPB, 5.374%, 05/17/45 (e)		1,066
		JP Morgan Chase Commercial Mortgage Securities Trust,
	1,000	Series 2005-CB11, Class AJ, VAR, 5.537%, 08/12/37		1,011
	400	Series 2006-LDP9, Class AMS, 5.337%, 05/15/47		401
	996	Series 2007-C1, Class A4, 5.716%, 02/15/51		1,084
	998	Ladder Capital Commercial Mortgage Trust, Series 2013-GCP, Class A2, 3.985%, 02/15/36 (e)		1,025
		LB-UBS Commercial Mortgage Trust,
	979	Series 2006-C1, Class A4, 5.156%, 02/15/31		1,008
	39,715	Series 2006-C7, Class XW, IO, VAR, 0.849%, 11/15/38 (e)		440
	300	Series 2007-C1, Class AM, 5.455%, 02/15/40		322
	818	Series 2007-C2, Class A3, 5.430%, 02/15/40		883
	2,781	Merrill Lynch Mortgage Trust, Series 2005-LC1, Class A4, VAR, 5.291%, 01/12/44		2,870
		ML-CFC Commercial Mortgage Trust,
	2,986	Series 2006-1, Class A4, VAR, 5.651%, 02/12/39		3,099
	28,550	Series 2006-4, Class XC, IO, VAR, 0.272%, 12/12/49 (e)		318
	2,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C14, Class A3, 3.669%, 02/15/47		2,108
		Morgan Stanley Capital I Trust,
	33,972	Series 2006-IQ12, Class X1, IO, VAR, 0.652%, 12/15/43 (e)		286
	66,336	Series 2007-HQ11, Class X, IO, VAR, 0.390%, 02/12/44 (e)		268
	764	Series 2011-C3, Class A3, 4.054%, 07/15/49		819
		Morgan Stanley Re-REMIC Trust,
	1,059	Series 2012-IO, Class AXA, 1.000%, 03/27/51 (e)		1,055
	3,833	Series 2012-XA, Class A, 2.000%, 07/27/49 (e)		3,845
	1,800	Series 2012-XA, Class B, 0.250%, 07/27/49 (e)		1,555
		NCUA Guaranteed Notes Trust,
	20,500	Series 2010-C1, Class A2, 2.900%, 10/29/20		21,160
	9,924	Series 2010-C1, Class APT, 2.650%, 10/29/20		10,199
		NorthStar, (Cayman Islands),
	2,318	Series 2013-1A, Class A, VAR, 2.005%, 08/25/29 (e)		2,320
	1,392	Series 2013-1A, Class B, VAR, 5.155%, 08/25/29 (e)		1,406
	470	NorthStar Mortgage Trust, Series 2012-1, Class A, VAR, 1.355%, 08/25/29 (e)		470
	1,543	ORES NPL LLC, Series 2013-LV2, Class A, 3.081%, 09/25/25 (e)		1,543
		RAIT Trust,
	2,002	Series 2014-FL3, Class A, VAR, 1.405%, 12/15/31 (e)		2,003
	2,000	Series 2014-FL3, Class AS, VAR, 1.955%, 12/15/31 (e)		2,001
	750	Series 2014-FL3, Class B, VAR, 2.805%, 12/15/31 (e)		751
	664	RBS Commercial Funding, Inc. Trust, Series 2013-SMV, Class A, 3.260%, 03/11/31 (e)		658
	1,025	RCMC LLC, Series 2012-CRE1, Class A, 5.623%, 11/15/44 (e)		1,058
	934	TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class A3, VAR, 5.563%, 08/15/39		935
	2,236	UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.663%, 06/10/30 (e)		2,296
		UBS-Barclays Commercial Mortgage Trust,
	1,053	Series 2012-C2, Class A4, 3.525%, 05/10/63		1,103
	10,243	Series 2012-C2, Class XA, IO, VAR, 1.919%, 05/10/63 (e)		828
	857	Series 2013-C6, Class A4, 3.244%, 04/10/46		875
		VNDO Mortgage Trust,
	1,398	Series 2012-6AVE, Class A, 2.996%, 11/15/30 (e)		1,405
	4,000	Series 2013-PENN, Class A, 3.808%, 12/13/29 (e)		4,263
	2,500	Wells Fargo Commercial Mortgage Trust, Series 2013-120B, Class A, VAR, 2.710%, 03/18/28 (e)		2,519
	1,147	Wells Fargo Resecuritization Trust, Series 2012-IO, Class A, 1.750%, 08/20/21 (e)		1,147
		WFRBS Commercial Mortgage Trust,
	1,700	Series 2011-C3, Class A4, 4.375%, 03/15/44 (e)		1,862
	800	Series 2012-C6, Class A4, 3.440%, 04/15/45		838
	400	Series 2013-C11, Class D, VAR, 4.322%, 03/15/45 (e)		385
		Total Commercial Mortgage-Backed Securities (Cost $147,897)		151,745

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — 18.1%
		Consumer Discretionary — 1.2%
		Auto Components — 0.0% (g)
		Johnson Controls, Inc.,
	591	3.750%, 12/01/21		617
	675	4.250%, 03/01/21		730
	173	4.950%, 07/02/64		177
	1,000	5.250%, 12/01/41		1,116
				2,640
		Automobiles — 0.1%
		Daimler Finance North America LLC,
	421	1.650%, 04/10/15 (e)		422
	532	1.875%, 01/11/18 (e)		536
	981	2.375%, 08/01/18 (e)		998
	739	2.625%, 09/15/16 (e)		760
	1,425	2.950%, 01/11/17 (e)		1,477
				4,193
		Media — 0.9%
		21st Century Fox America, Inc.,
	100	6.200%, 12/15/34		127
	400	6.650%, 11/15/37		524
	250	6.900%, 08/15/39		338
	1,075	7.300%, 04/30/28		1,380
	505	8.000%, 10/17/16		568
	430	8.875%, 04/26/23		580
		CBS Corp.,
	475	3.700%, 08/15/24		475
	360	4.900%, 08/15/44		365
	140	5.500%, 05/15/33		156
	265	5.750%, 04/15/20		303
	250	Comcast Cable Communications Holdings, Inc., 9.455%, 11/15/22		360
		Comcast Corp.,
	555	4.200%, 08/15/34		568
	1,082	4.250%, 01/15/33		1,123
	2,910	5.900%, 03/15/16		3,103
	400	6.450%, 03/15/37		520
	1,355	6.500%, 11/15/35		1,790
		Cox Communications, Inc.,
	446	3.250%, 12/15/22 (e)		436
	162	5.450%, 12/15/14		162
	125	8.375%, 03/01/39 (e)		179
	450	Cox Enterprises, Inc., 7.375%, 07/15/27 (e)		575
		DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.,
	435	3.800%, 03/15/22		446
	1,000	4.600%, 02/15/21		1,086
	862	5.000%, 03/01/21		954
	2,000	6.000%, 08/15/40		2,256
		Discovery Communications LLC,
	1,016	4.375%, 06/15/21		1,083
	319	4.950%, 05/15/42		322
	1,197	Historic TW, Inc., 9.150%, 02/01/23		1,634
		NBCUniversal Media LLC,
	310	4.375%, 04/01/21		343
	800	5.950%, 04/01/41		1,008
	515	6.400%, 04/30/40		675
	296	Sky plc, (United Kingdom), 3.750%, 09/16/24 (e)		301
		Thomson Reuters Corp., (Canada),
	482	3.850%, 09/29/24		488
	1,278	3.950%, 09/30/21		1,347
	441	4.500%, 05/23/43		428
	325	4.700%, 10/15/19		355
		Time Warner Cable, Inc.,
	359	5.500%, 09/01/41		406
	1,218	5.850%, 05/01/17		1,340
	400	6.550%, 05/01/37		509
	800	8.250%, 04/01/19		989
		Time Warner Entertainment Co. LP,
	160	8.375%, 03/15/23		217
	1,250	8.375%, 07/15/33		1,849
		Time Warner, Inc.,
	555	4.750%, 03/29/21		611
	313	5.375%, 10/15/41		343
	150	6.200%, 03/15/40		180
	172	6.250%, 03/29/41		211
	265	6.500%, 11/15/36		332
	250	7.625%, 04/15/31		344

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Media — continued
	171	7.700%, 05/01/32		238
		Viacom, Inc.,
	153	1.250%, 02/27/15		153
	500	3.125%, 06/15/22		488
	67	3.250%, 03/15/23		65
	808	3.875%, 12/15/21		839
	464	4.375%, 03/15/43		431
	100	4.500%, 03/01/21		108
	250	4.500%, 02/27/42		241
	130	6.250%, 04/30/16		140
	333	Walt Disney Co. (The), 0.450%, 12/01/15		334
				36,726
		Multiline Retail — 0.1%
	280	Kohl’s Corp., 6.250%, 12/15/17		314
		Macy’s Retail Holdings, Inc.,
	516	2.875%, 02/15/23		498
	462	4.375%, 09/01/23		496
	526	4.500%, 12/15/34		528
	157	5.125%, 01/15/42		168
	230	7.450%, 07/15/17		264
	455	Nordstrom, Inc., 4.000%, 10/15/21		489
	200	Target Corp., 6.000%, 01/15/18		227
				2,984
		Specialty Retail — 0.1%
	217	Bed Bath & Beyond, Inc., 4.915%, 08/01/34		221
	533	Gap, Inc. (The), 5.950%, 04/12/21		607
	1,785	Home Depot, Inc. (The), 5.400%, 03/01/16		1,892
		Lowe’s Cos., Inc.,
	739	4.650%, 04/15/42		804
	326	5.125%, 11/15/41		378
	750	Series B, 7.110%, 05/15/37		1,036
				4,938
		Total Consumer Discretionary		51,481
		Consumer Staples — 0.9%
		Beverages — 0.2%
		Anheuser-Busch Cos. LLC,
	600	5.500%, 01/15/18		671
	920	5.750%, 04/01/36		1,108
	900	Anheuser-Busch InBev Finance, Inc., 3.700%, 02/01/24		937
	94	Anheuser-Busch InBev Worldwide, Inc., 7.750%, 01/15/19		115
	440	Coca-Cola Co. (The), 4.875%, 03/15/19		496
		Diageo Capital plc, (United Kingdom),
	264	1.500%, 05/11/17		266
	510	4.828%, 07/15/20		572
	800	Diageo Finance B.V., (Netherlands), 5.300%, 10/28/15		833
	255	Diageo Investment Corp., 8.000%, 09/15/22		339
	890	FBG Finance Pty Ltd., (Australia), 5.125%, 06/15/15 (e)		912
	355	Heineken N.V., (Netherlands), 1.400%, 10/01/17 (e)		355
		PepsiCo, Inc.,
	287	1.250%, 08/13/17		287
	368	3.000%, 08/25/21		378
	59	7.900%, 11/01/18		72
	500	VAR, 0.444%, 02/26/16		501
		SABMiller Holdings, Inc.,
	574	1.850%, 01/15/15 (e)		575
	698	3.750%, 01/15/22 (e)		732
	250	SABMiller plc, (United Kingdom), 6.500%, 07/01/16 (e)		274
				9,423
		Food & Staples Retailing — 0.3%
		CVS Health Corp.,
	536	4.000%, 12/05/23		566
	322	5.300%, 12/05/43		380
	1,035	CVS Pass-Through Trust, 5.926%, 01/10/34 (e)		1,221
		Kroger Co. (The),
	900	4.000%, 02/01/24		945
	1,100	5.000%, 04/15/42		1,178
	2,480	7.500%, 04/01/31		3,317
		Sysco Corp.,
	259	3.000%, 10/02/21		264
	234	4.500%, 10/02/44		246
	1,031	Walgreen Co., 3.100%, 09/15/22		1,027
		Walgreens Boots Alliance, Inc.,
	544	3.300%, 11/18/21		553

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Food & Staples Retailing — continued
	663	3.800%, 11/18/24		677
	386	4.500%, 11/18/34		396
		Wal-Mart Stores, Inc.,
	762	5.250%, 09/01/35		906
	255	6.200%, 04/15/38		336
	350	7.550%, 02/15/30		506
				12,518
		Food Products — 0.3%
	200	Archer-Daniels-Midland Co., 5.935%, 10/01/32		252
	1,415	Bunge Ltd. Finance Corp., 8.500%, 06/15/19		1,755
	191	Bunge N.A. Finance LP, 5.900%, 04/01/17		209
		Cargill, Inc.,
	600	3.300%, 03/01/22 (e)		621
	535	4.307%, 05/14/21 (e)		591
	850	7.350%, 03/06/19 (e)		1,029
		ConAgra Foods, Inc.,
	223	1.300%, 01/25/16		224
	227	2.100%, 03/15/18		227
	365	Kellogg Co., 1.750%, 05/17/17		370
		Kraft Foods Group, Inc.,
	814	3.500%, 06/06/22		840
	694	5.000%, 06/04/42		750
	1,187	6.125%, 08/23/18		1,364
	1,793	6.875%, 01/26/39		2,334
	1,500	Mondelez International, Inc., 4.000%, 02/01/24		1,572
	777	Tyson Foods, Inc., 3.950%, 08/15/24		802
				12,940
		Household Products — 0.1%
		Kimberly-Clark Corp.,
	220	2.400%, 03/01/22		217
	71	7.500%, 11/01/18		86
	728	Procter & Gamble - ESOP, Series A, 9.360%, 01/01/21		909
	140	Procter & Gamble Co. (The), 5.500%, 02/01/34		175
				1,387
		Total Consumer Staples		36,268
		Energy — 1.7%
		Energy Equipment & Services — 0.2%
	199	Cameron International Corp., 4.000%, 12/15/23		209
	348	Diamond Offshore Drilling, Inc., 4.875%, 11/01/43		298
		Halliburton Co.,
	714	3.500%, 08/01/23		728
	1,620	7.450%, 09/15/39		2,236
	188	National Oilwell Varco, Inc., 1.350%, 12/01/17		186
		Noble Holding International Ltd., (Cayman Islands),
	113	3.950%, 03/15/22		107
	83	5.250%, 03/15/42		73
	300	6.050%, 03/01/41		286
	441	Schlumberger Investment S.A., (Luxembourg), 3.300%, 09/14/21 (e)		457
		Transocean, Inc., (Cayman Islands),
	361	3.800%, 10/15/22		312
	256	6.375%, 12/15/21		255
	905	6.500%, 11/15/20		896
	198	7.350%, 12/15/41		195
	100	7.500%, 04/15/31		98
		Weatherford International Ltd., (Bermuda),
	311	4.500%, 04/15/22		308
	113	5.950%, 04/15/42		110
	110	6.500%, 08/01/36		115
	350	9.875%, 03/01/39		499
				7,368
		Oil, Gas & Consumable Fuels — 1.5%
	160	Alberta Energy Co., Ltd., (Canada), 7.375%, 11/01/31		204
	330	Anadarko Petroleum Corp., 8.700%, 03/15/19		413
		Apache Corp.,
	138	3.250%, 04/15/22		139
	556	4.750%, 04/15/43		535
	500	6.900%, 09/15/18		583
	235	BG Energy Capital plc, (United Kingdom), 5.125%, 10/15/41 (e)		258
	338	Boardwalk Pipelines LP, 4.950%, 12/15/24		344

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
		BP Capital Markets plc, (United Kingdom),
	92	1.375%, 11/06/17		92
	929	1.846%, 05/05/17		943
	1,283	2.237%, 05/10/19		1,291
	882	2.750%, 05/10/23		842
	437	3.814%, 02/10/24		449
	900	4.742%, 03/11/21		1,001
	200	Burlington Resources Finance Co., (Canada), 7.400%, 12/01/31		284
		Canadian Natural Resources Ltd., (Canada),
	401	3.900%, 02/01/25		408
	350	6.250%, 03/15/38		418
	1,000	6.750%, 02/01/39		1,249
		Cenovus Energy, Inc., (Canada),
	208	3.000%, 08/15/22		203
	490	4.450%, 09/15/42		466
	450	6.750%, 11/15/39		564
		Chevron Corp.,
	560	2.355%, 12/05/22		544
	1,000	4.950%, 03/03/19		1,127
	1,789	CNOOC Nexen Finance 2014 ULC, (Canada), 4.250%, 04/30/24		1,865
	230	Conoco Funding Co., (Canada), 7.250%, 10/15/31		321
		ConocoPhillips,
	325	5.200%, 05/15/18		363
	525	5.750%, 02/01/19		604
	150	6.000%, 01/15/20		176
	200	6.500%, 02/01/39		266
	1,045	ConocoPhillips Canada Funding Co. I, (Canada), 5.625%, 10/15/16		1,140
	571	ConocoPhillips Co., 3.350%, 11/15/24		579
		Devon Energy Corp.,
	750	3.250%, 05/15/22		751
	522	4.750%, 05/15/42		528
	360	6.300%, 01/15/19		416
	533	Ecopetrol S.A., (Colombia), 4.125%, 01/16/25		514
		Encana Corp., (Canada),
	545	6.500%, 05/15/19		635
	150	6.500%, 08/15/34		180
	925	Eni S.p.A., (Italy), Series EX2, 5.700%, 10/01/40 (e)		1,016
		Enterprise Products Operating LLC,
	343	3.750%, 02/15/25		349
	475	3.900%, 02/15/24		491
	155	4.950%, 10/15/54		158
	318	5.100%, 02/15/45		343
		EOG Resources, Inc.,
	379	2.625%, 03/15/23		366
	600	4.100%, 02/01/21		644
	180	Hess Corp., 7.875%, 10/01/29		240
		Kerr-McGee Corp.,
	200	6.950%, 07/01/24		247
	1,700	7.875%, 09/15/31		2,293
		Magellan Midstream Partners LP,
	1,127	5.150%, 10/15/43		1,234
	250	6.550%, 07/15/19		295
		Marathon Oil Corp.,
	902	5.900%, 03/15/18		1,013
	1,620	6.000%, 10/01/17		1,815
	578	Marathon Petroleum Corp., 3.625%, 09/15/24		572
	314	Noble Energy, Inc., 5.050%, 11/15/44		316
	402	Occidental Petroleum Corp., 1.750%, 02/15/17		408
		Petrobras Global Finance B.V., (Netherlands),
	841	4.375%, 05/20/23		777
	2,622	6.250%, 03/17/24		2,695
		Petrobras International Finance Co. S.A., (Cayman Islands),
	1,020	5.375%, 01/27/21		1,018
	110	6.750%, 01/27/41		108
	175	7.875%, 03/15/19		193
		Petro-Canada, (Canada),
	324	6.050%, 05/15/18		369
	1,045	6.800%, 05/15/38		1,372
		Petroleos Mexicanos, (Mexico),
	370	4.250%, 01/15/25 (e)		374

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
	393	4.875%, 01/18/24		417
	492	5.500%, 06/27/44 (e)		507
	846	6.375%, 01/23/45		971
		Phillips 66,
	314	2.950%, 05/01/17		325
	182	4.300%, 04/01/22		194
	1,000	Plains All American Pipeline LP/PAA Finance Corp., 3.600%, 11/01/24		999
	831	Sinopec Group Overseas Development 2013 Ltd., (United Kingdom), 4.375%, 10/17/23 (e)		879
		Spectra Energy Capital LLC,
	1,500	5.650%, 03/01/20		1,681
	500	6.200%, 04/15/18		565
	400	8.000%, 10/01/19		497
		Spectra Energy Partners LP,
	524	2.950%, 09/25/18		540
	452	5.950%, 09/25/43		541
		Statoil ASA, (Norway),
	906	1.150%, 05/15/18		892
	353	1.200%, 01/17/18		351
	406	2.450%, 01/17/23		391
	1,071	2.650%, 01/15/24		1,023
	313	2.900%, 11/08/20		321
	467	3.125%, 08/17/17		490
	300	3.150%, 01/23/22		308
	456	3.250%, 11/10/24		458
	253	4.250%, 11/23/41		259
		Suncor Energy, Inc., (Canada),
	180	5.950%, 12/01/34		218
	250	6.850%, 06/01/39		332
		Sunoco Logistics Partners Operations LP,
	259	4.250%, 04/01/24		268
	170	5.300%, 04/01/44		174
	1,133	5.350%, 05/15/45		1,168
		Talisman Energy, Inc., (Canada),
	1,125	5.500%, 05/15/42		1,040
	185	5.850%, 02/01/37		177
	190	6.250%, 02/01/38		192
	850	7.750%, 06/01/19		1,001
	554	Texas Eastern Transmission LP, 2.800%, 10/15/22 (e)		530
		Tosco Corp.,
	310	7.800%, 01/01/27		427
	400	8.125%, 02/15/30		582
	124	Total Capital Canada Ltd., (Canada), VAR, 0.611%, 01/15/16		124
		Total Capital International S.A., (France),
	135	0.750%, 01/25/16		135
	262	1.500%, 02/17/17		265
	508	1.550%, 06/28/17		513
	500	2.750%, 06/19/21		505
	233	2.875%, 02/17/22		233
		Total Capital S.A., (France),
	1,400	2.300%, 03/15/16		1,431
	370	4.125%, 01/28/21		405
		TransCanada PipeLines Ltd., (Canada),
	550	6.200%, 10/15/37		659
	340	6.500%, 08/15/18		394
	1,100	7.250%, 08/15/38		1,475
				64,258
		Total Energy		71,626
		Financials — 8.1%
		Banks — 3.4%
	669	ABN AMRO Bank N.V., (Netherlands), 2.500%, 10/30/18 (e)		679
		ANZ New Zealand International Ltd., (New Zealand),
	750	2.600%, 09/23/19 (e)		764
	550	3.125%, 08/10/15 (e)		560
		Australia & New Zealand Banking Group Ltd., (Australia),
	1,268	2.400%, 11/23/16 (e)		1,305
	900	3.250%, 03/01/16 (e)		930
	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		1,521
	520	3.625%, 03/17/16		537
	972	4.000%, 04/01/24		1,016

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
	547	4.100%, 07/24/23		577
	851	4.250%, 10/22/26		856
	2,065	5.000%, 05/13/21		2,302
	2,730	5.625%, 10/14/16		2,946
	740	5.625%, 07/01/20		849
	645	Series L, 5.650%, 05/01/18		722
	150	5.700%, 01/24/22		175
	420	5.750%, 12/01/17		468
	400	5.875%, 01/05/21		465
	2,996	6.400%, 08/28/17		3,369
	1,564	6.875%, 04/25/18		1,814
	875	7.625%, 06/01/19		1,065
	1,510	7.800%, 09/15/16		1,675
		Bank of Montreal, (Canada),
	1,666	1.400%, 09/11/17		1,676
	1,106	2.550%, 11/06/22		1,076
		Bank of Nova Scotia (The), (Canada),
	1,034	1.650%, 10/29/15 (e)		1,046
	2,000	2.550%, 01/12/17		2,063
	737	3.400%, 01/22/15		740
		Bank of Tokyo-Mitsubishi UFJ Ltd. (The), (Japan),
	1,275	2.350%, 02/23/17 (e)		1,303
	679	3.850%, 01/22/15 (e)		683
	1,600	Banque Federative du Credit Mutuel S.A., (France), 1.700%, 01/20/17 (e)		1,610
		Barclays Bank plc, (United Kingdom),
	276	2.250%, 05/10/17 (e)		284
	800	2.500%, 09/21/15 (e)		813
	1,735	2.750%, 02/23/15		1,744
	324	3.750%, 05/15/24		332
	310	Series 1, 5.000%, 09/22/16		332
	1,000	6.050%, 12/04/17 (e)		1,110
		BB&T Corp.,
	750	3.950%, 04/29/16		783
	740	5.250%, 11/01/19		835
	380	6.850%, 04/30/19		454
	632	BNZ International Funding Ltd., (New Zealand), 2.350%, 03/04/19 (e)		636
	695	Branch Banking & Trust Co., 5.625%, 09/15/16		750
		Canadian Imperial Bank of Commerce, (Canada),
	226	0.900%, 10/01/15		227
	4,000	2.600%, 07/02/15 (e)		4,053
	1,650	Capital One Bank USA N.A., 3.375%, 02/15/23		1,637
		Citigroup, Inc.,
	800	1.850%, 11/24/17		803
	423	3.375%, 03/01/23		428
	871	3.750%, 06/16/24		895
	1,200	4.300%, 11/20/26		1,212
	500	4.450%, 01/10/17		532
	433	4.500%, 01/14/22		473
	42	4.587%, 12/15/15		44
	871	4.700%, 05/29/15		888
	483	4.750%, 05/19/15		492
	250	5.300%, 05/06/44		267
	298	5.375%, 08/09/20		341
	865	5.500%, 09/13/25		967
	321	5.875%, 01/30/42		399
	2,154	6.000%, 08/15/17		2,402
	526	6.010%, 01/15/15		529
	475	6.125%, 11/21/17		535
	250	6.625%, 01/15/28		321
	400	8.125%, 07/15/39		608
	1,409	8.500%, 05/22/19		1,776
		Comerica, Inc.,
	260	3.000%, 09/16/15		265
	148	3.800%, 07/22/26		150
	1,080	Commonwealth Bank of Australia, (Australia), 2.250%, 03/16/17 (e)		1,110
		Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., (Netherlands),
	143	2.125%, 10/13/15		145
	2,400	3.200%, 03/11/15 (e)		2,418
	455	3.375%, 01/19/17		477

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
	789	3.875%, 02/08/22		842
	500	5.800%, 09/30/10 (e) ††		572
		Discover Bank,
	1,000	3.200%, 08/09/21		1,008
	601	4.200%, 08/08/23		629
	2,011	DNB Boligkreditt A.S., (Norway), 2.100%, 10/14/15 (e)		2,046
		Fifth Third Bancorp,
	70	2.300%, 03/01/19		71
	760	5.450%, 01/15/17		821
		Fifth Third Bank,
	600	2.375%, 04/25/19		606
	340	2.875%, 10/01/21		340
		HSBC Bank plc, (United Kingdom),
	1,438	1.500%, 05/15/18 (e)		1,428
	666	4.125%, 08/12/20 (e)		724
	575	4.750%, 01/19/21 (e)		643
		HSBC Holdings plc, (United Kingdom),
	500	4.000%, 03/30/22		535
	530	4.875%, 01/14/22		594
	556	5.100%, 04/05/21		631
	600	6.100%, 01/14/42		787
	680	Industrial & Commercial Bank of China Ltd., (China), 2.351%, 11/13/17		681
	300	KeyCorp, 5.100%, 03/24/21		338
	2,100	Manufacturers & Traders Trust Co., 6.625%, 12/04/17		2,400
	623	Mizuho Bank Ltd., (Japan), 2.650%, 09/25/19 (e)		631
		National Australia Bank Ltd., (Australia),
	1,500	2.000%, 06/20/17 (e)		1,533
	750	2.750%, 09/28/15 (e)		763
	1,000	3.000%, 07/27/16 (e)		1,035
	795	3.750%, 03/02/15 (e)		802
	250	National City Bank, 5.800%, 06/07/17		277
		Nordea Bank AB, (Sweden),
	1,000	1.625%, 05/15/18 (e)		997
	1,800	3.125%, 03/20/17 (e)		1,877
	945	4.875%, 05/13/21 (e)		1,034
	837	Oversea-Chinese Banking Corp., Ltd., (Singapore), 1.625%, 03/13/15 (e)		839
	400	PNC Bank N.A., 6.875%, 04/01/18		465
	182	PNC Financial Services Group, Inc. (The), 3.900%, 04/29/24		185
		PNC Funding Corp.,
	709	3.300%, 03/08/22		728
	567	4.375%, 08/11/20		622
	970	5.250%, 11/15/15		1,009
	950	5.625%, 02/01/17		1,033
	595	6.700%, 06/10/19		710
		Royal Bank of Canada, (Canada),
	985	1.200%, 09/19/17		983
	1,789	2.000%, 10/01/18		1,822
	1,000	2.200%, 07/27/18		1,016
	402	Skandinaviska Enskilda Banken AB, (Sweden), 1.750%, 03/19/18 (e)		403
	927	SpareBank 1 Boligkreditt A.S., (Norway), 1.750%, 11/15/19 (e)		920
	1,148	Stadshypotek AB, (Sweden), 1.875%, 10/02/19 (e)		1,144
	1,300	Standard Chartered plc, (United Kingdom), 5.200%, 01/26/24 (e)		1,383
	880	SunTrust Banks, Inc., 6.000%, 09/11/17		987
	1,411	Svenska Handelsbanken AB, (Sweden), 3.125%, 07/12/16		1,465
		Toronto-Dominion Bank (The), (Canada),
	2,350	1.500%, 03/13/17 (e)		2,375
	1,140	2.200%, 07/29/15 (e)		1,154
	521	2.250%, 11/05/19		523
		U.S. Bancorp,
	550	1.650%, 05/15/17		557
	675	2.450%, 07/27/15		684
	540	3.000%, 03/15/22		549
	566	4.125%, 05/24/21		618
	1,277	7.500%, 06/01/26		1,715
	4,780	Wachovia Corp., 5.750%, 02/01/18		5,398
		Wells Fargo & Co.,
	1,826	2.625%, 12/15/16		1,886
	850	3.500%, 03/08/22		888
	484	4.100%, 06/03/26		496

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
	702	4.480%, 01/16/24		749
	500	4.600%, 04/01/21		555
	920	4.650%, 11/04/44		935
	1,280	5.606%, 01/15/44		1,490
	2,350	5.625%, 12/11/17		2,632
	1,045	SUB, 3.676%, 06/15/16		1,091
		Wells Fargo Bank N.A.,
	1,515	Series AI, 4.750%, 02/09/15		1,527
	1,000	5.600%, 03/15/16		1,062
	250	5.750%, 05/16/16		268
	250	6.000%, 11/15/17		283
		Westpac Banking Corp., (Australia),
	900	4.200%, 02/27/15		908
	2,141	4.875%, 11/19/19		2,407
				139,230
		Capital Markets — 1.6%
	1,500	Ameriprise Financial, Inc., 4.000%, 10/15/23		1,587
		Bank of New York Mellon Corp. (The),
	357	1.200%, 02/20/15		357
	1,789	2.400%, 01/17/17		1,840
	900	Series 1, 2.950%, 06/18/15		913
	700	3.250%, 09/11/24		707
	413	3.550%, 09/23/21		432
	950	3.650%, 02/04/24		993
	760	4.600%, 01/15/20		846
		BlackRock, Inc.,
	660	3.375%, 06/01/22		683
	540	3.500%, 12/10/14		540
	540	3.500%, 03/18/24		554
	867	Series 2, 5.000%, 12/10/19		988
	385	6.250%, 09/15/17		436
	1,940	Blackstone Holdings Finance Co. LLC, 5.875%, 03/15/21 (e)		2,264
	340	Charles Schwab Corp. (The), 3.225%, 09/01/22		347
		Credit Suisse, (Switzerland),
	728	2.300%, 05/28/19		731
	271	3.000%, 10/29/21		271
	402	3.625%, 09/09/24		410
		Deutsche Bank AG, (Germany),
	200	1.350%, 05/30/17		200
	450	3.250%, 01/11/16		462
	355	6.000%, 09/01/17		397
	500	FMR LLC, 6.450%, 11/15/39 (e)		648
		Goldman Sachs Group, Inc. (The),
	952	2.550%, 10/23/19		951
	545	2.625%, 01/31/19		552
	764	2.900%, 07/19/18		786
	400	3.300%, 05/03/15		405
	3,060	3.625%, 02/07/16		3,156
	492	3.700%, 08/01/15		502
	800	4.000%, 03/03/24		829
	848	5.250%, 07/27/21		956
	1,366	5.375%, 03/15/20		1,540
	800	5.750%, 01/24/22		926
	4,310	5.950%, 01/18/18		4,836
	949	Series D, 6.000%, 06/15/20		1,099
	420	6.150%, 04/01/18		476
	685	6.750%, 10/01/37		848
	2,678	7.500%, 02/15/19		3,210
		ING Bank N.V., (Netherlands),
	500	1.375%, 03/07/16 (e)		503
	216	2.000%, 09/25/15 (e)		218
	1,445	3.750%, 03/07/17 (e)		1,524
	657	Invesco Finance plc, (United Kingdom), 4.000%, 01/30/24		690
		Jefferies Group LLC,
	450	3.875%, 11/09/15		461
	1,015	5.125%, 04/13/18		1,103
	1,010	6.450%, 06/08/27		1,145
	325	6.875%, 04/15/21		377
	555	8.500%, 07/15/19		681
		Macquarie Bank Ltd., (Australia),
	373	2.000%, 08/15/16 (e)		380
	291	2.600%, 06/24/19 (e)		295

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Capital Markets — continued
	2,847	5.000%, 02/22/17 (e)		3,067
		Macquarie Group Ltd., (Australia),
	1,200	6.000%, 01/14/20 (e)		1,367
	1,650	6.250%, 01/14/21 (e)		1,903
		Morgan Stanley,
	179	1.750%, 02/25/16		181
	1,250	3.700%, 10/23/24		1,269
	625	4.000%, 07/24/15		639
	480	4.350%, 09/08/26		487
	871	5.000%, 11/24/25		935
	1,000	5.450%, 01/09/17		1,084
	1,021	5.500%, 07/24/20		1,160
	380	5.500%, 07/28/21		436
	1,265	5.625%, 09/23/19		1,442
	360	5.750%, 01/25/21		415
	400	6.625%, 04/01/18		460
	970	7.300%, 05/13/19		1,165
		Nomura Holdings, Inc., (Japan),
	1,050	4.125%, 01/19/16		1,085
	150	5.000%, 03/04/15		152
	547	6.700%, 03/04/20		652
		State Street Corp.,
	369	3.100%, 05/15/23		362
	1,164	3.700%, 11/20/23		1,220
		UBS AG, (Switzerland),
	1,337	3.875%, 01/15/15		1,342
	365	4.875%, 08/04/20		411
	244	5.750%, 04/25/18		276
	247	5.875%, 12/20/17		278
				66,843
		Consumer Finance — 0.8%
	700	American Express Co., 7.000%, 03/19/18		817
		American Express Credit Corp.,
	480	2.375%, 03/24/17		493
	1,028	2.800%, 09/19/16		1,064
		American Honda Finance Corp.,
	667	1.450%, 02/27/15 (e)		669
	363	1.500%, 09/11/17 (e)		365
	533	1.600%, 02/16/18 (e)		534
	565	2.125%, 02/28/17 (e)		577
	417	2.250%, 08/15/19		421
	1,599	2.600%, 09/20/16 (e)		1,649
	150	7.625%, 10/01/18 (e)		182
		Capital One Financial Corp.,
	273	1.000%, 11/06/15		274
	1,281	3.500%, 06/15/23		1,288
		Caterpillar Financial Services Corp.,
	882	2.250%, 12/01/19		887
	402	2.850%, 06/01/22		403
	560	5.500%, 03/15/16		595
	340	7.050%, 10/01/18		404
	585	7.150%, 02/15/19		705
		Ford Motor Credit Co. LLC,
	472	1.684%, 09/08/17		470
	513	2.375%, 03/12/19		512
	1,653	3.000%, 06/12/17		1,704
	1,917	3.984%, 06/15/16		1,996
	561	4.207%, 04/15/16		584
	200	4.250%, 09/20/22		212
	803	VAR, 1.482%, 05/09/16		812
		HSBC Finance Corp.,
	3,538	5.000%, 06/30/15		3,626
	207	7.350%, 11/27/32		265
		HSBC USA, Inc.,
	800	1.625%, 01/16/18		802
	1,500	2.375%, 02/13/15		1,506
		John Deere Capital Corp.,
	759	1.200%, 10/10/17		760
	335	1.700%, 01/15/20		327
	400	2.250%, 04/17/19		405
	233	3.150%, 10/15/21		241
	874	Nissan Motor Acceptance Corp., 1.800%, 03/15/18 (e)		875
	663	PACCAR Financial Corp., 1.600%, 03/15/17		672

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Consumer Finance — continued
		Toyota Motor Credit Corp.,
	1,120	1.000%, 02/17/15		1,122
	2,480	2.000%, 09/15/16		2,535
	558	2.000%, 10/24/18		566
	962	3.200%, 06/17/15		977
				32,296
		Diversified Financial Services — 1.1%
	1,231	Associates Corp. of North America, 6.950%, 11/01/18		1,449
	1,455	Bank of America N.A., 5.300%, 03/15/17		1,575
		Berkshire Hathaway, Inc.,
	2,498	3.400%, 01/31/22		2,607
	840	3.750%, 08/15/21		903
	725	Caisse Centrale Desjardins, (Canada), 2.550%, 03/24/16 (e)		744
		CME Group, Inc.,
	1,230	3.000%, 09/15/22		1,253
	285	5.300%, 09/15/43		341
	400	Countrywide Financial Corp., 6.250%, 05/15/16		428
		General Electric Capital Corp.,
	167	1.000%, 12/11/15		168
	1,100	1.625%, 07/02/15		1,109
	750	2.300%, 04/27/17		772
	2,000	3.150%, 09/07/22		2,044
	650	4.625%, 01/07/21		727
	2,100	4.650%, 10/17/21		2,354
	191	5.300%, 02/11/21		218
	2,500	5.400%, 02/15/17		2,737
	1,785	5.500%, 01/08/20		2,063
	4,380	5.625%, 05/01/18		4,963
	330	5.875%, 01/14/38		410
	2,772	Series A, 6.750%, 03/15/32		3,717
		Intercontinental Exchange, Inc.,
	447	2.500%, 10/15/18		457
	884	4.000%, 10/15/23		934
	300	Murray Street Investment Trust I, SUB, 4.647%, 03/09/17		320
	290	National Rural Utilities Cooperative Finance Corp., 10.375%, 11/01/18		382
	550	Principal Life Global Funding I, 5.050%, 03/15/15 (e)		557
		Private Export Funding Corp.,
	5,000	Series EE, 2.800%, 05/15/22		5,088
	681	Series KK, 3.550%, 01/15/24		722
		Shell International Finance B.V., (Netherlands),
	212	1.125%, 08/21/17		212
	1,020	4.300%, 09/22/19		1,127
	1,005	4.375%, 03/25/20		1,115
	1,280	6.375%, 12/15/38		1,724
	300	Siemens Financieringsmaatschappij N.V., (Netherlands), 5.750%, 10/17/16 (e)		327
				43,547
		Insurance — 0.9%
		ACE INA Holdings, Inc.,
	455	2.600%, 11/23/15		464
	410	5.600%, 05/15/15		419
	520	AIG SunAmerica Global Financing X, 6.900%, 03/15/32 (e)		706
	651	Allstate Corp. (The), 3.150%, 06/15/23		654
		American International Group, Inc.,
	471	4.125%, 02/15/24		501
	3,020	5.450%, 05/18/17		3,316
		Aon Corp.,
	402	3.125%, 05/27/16		414
	346	3.500%, 09/30/15		354
	306	6.250%, 09/30/40		381
		Berkshire Hathaway Finance Corp.,
	404	1.300%, 05/15/18		402
	233	2.450%, 12/15/15		238
	233	3.000%, 05/15/22		236
	748	4.300%, 05/15/43		767
	1,574	4.400%, 05/15/42		1,630
	1,810	5.400%, 05/15/18		2,041
	120	Chubb Corp. (The), 5.750%, 05/15/18		137
		CNA Financial Corp.,
	750	5.850%, 12/15/14		751
	798	5.875%, 08/15/20		919
	408	Liberty Mutual Group, Inc., 5.000%, 06/01/21 (e)		448

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Insurance — continued
		Lincoln National Corp.,
	345	4.200%, 03/15/22		366
	253	4.850%, 06/24/21		280
	280	Massachusetts Mutual Life Insurance Co., 5.375%, 12/01/41 (e)		322
		MassMutual Global Funding II,
	1,500	2.000%, 04/05/17 (e)		1,529
	626	2.500%, 10/17/22 (e)		609
	540	3.125%, 04/14/16 (e)		558
		MetLife, Inc.,
	600	4.875%, 11/13/43		662
	555	Series A, 6.817%, 08/15/18		652
		Metropolitan Life Global Funding I,
	638	1.300%, 04/10/17 (e)		639
	604	1.500%, 01/10/18 (e)		605
	300	1.875%, 06/22/18 (e)		302
	820	2.500%, 09/29/15 (e)		833
	400	3.125%, 01/11/16 (e)		412
	1,900	3.650%, 06/14/18 (e)		2,023
	1,277	3.875%, 04/11/22 (e)		1,353
	1,750	Nationwide Mutual Insurance Co., 9.375%, 08/15/39 (e)		2,736
		New York Life Global Funding,
	740	0.750%, 07/24/15 (e)		742
	350	1.300%, 01/12/15 (e)		350
	951	2.150%, 06/18/19 (e)		958
	650	Pacific Life Global Funding, 5.000%, 05/15/17 (e)		697
	570	Pacific Life Insurance Co., 9.250%, 06/15/39 (e)		903
	384	Pricoa Global Funding I, 1.600%, 05/29/18 (e)		381
	166	Principal Financial Group, Inc., 1.850%, 11/15/17		167
		Principal Life Global Funding II,
	304	1.000%, 12/11/15 (e)		305
	953	2.250%, 10/15/18 (e)		965
	1,750	Prudential Insurance Co. of America (The), 8.300%, 07/01/25 (e)		2,395
	285	Travelers Cos., Inc. (The), 5.800%, 05/15/18		325
				36,847
		Real Estate Investment Trusts (REITs) — 0.3%
		American Tower Corp.,
	450	3.500%, 01/31/23		437
	567	5.000%, 02/15/24		604
	471	American Tower Trust I, Class 1A, 1.551%, 03/15/18 (e)		469
		Equity Commonwealth,
	600	5.875%, 09/15/20		663
	1,345	6.650%, 01/15/18		1,482
	608	ERP Operating LP, 4.625%, 12/15/21		670
		HCP, Inc.,
	492	2.625%, 02/01/20		489
	234	3.875%, 08/15/24		237
	230	4.200%, 03/01/24		239
	598	4.250%, 11/15/23		625
	970	5.375%, 02/01/21		1,090
	732	Health Care REIT, Inc., 4.500%, 01/15/24		771
	534	Prologis LP, 4.250%, 08/15/23		564
		Simon Property Group LP,
	917	2.150%, 09/15/17		938
	1,400	3.375%, 10/01/24		1,421
	579	4.125%, 12/01/21		630
	200	4.375%, 03/01/21		219
	345	6.125%, 05/30/18		396
				11,944
		Total Financials		330,707
		Health Care — 0.7%
		Biotechnology — 0.3%
		Amgen, Inc.,
	491	3.625%, 05/22/24		496
	1,000	3.875%, 11/15/21		1,058
	237	4.500%, 03/15/20		261
	500	4.950%, 10/01/41		528
	2,000	5.150%, 11/15/41		2,177
	265	5.650%, 06/15/42		308
	680	5.700%, 02/01/19		769
	720	5.750%, 03/15/40		836
		Celgene Corp.,
	1,336	3.250%, 08/15/22		1,347

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Biotechnology — continued
	659	3.625%, 05/15/24		669
	632	Gilead Sciences, Inc., 3.500%, 02/01/25		651
				9,100
		Health Care Equipment & Supplies — 0.0% (g)
		Baxter International, Inc.,
	286	1.850%, 06/15/18		286
	270	4.625%, 03/15/15		273
	100	Becton Dickinson and Co., 5.000%, 05/15/19		111
				670
		Health Care Providers & Services — 0.2%
		Aetna, Inc.,
	265	4.500%, 05/15/42		267
	440	6.750%, 12/15/37		576
	540	Cardinal Health, Inc., 2.400%, 11/15/19		542
	900	Express Scripts Holding Co., 3.500%, 06/15/24		897
	164	McKesson Corp., 0.950%, 12/04/15		164
	370	Medco Health Solutions, Inc., 2.750%, 09/15/15		376
		UnitedHealth Group, Inc.,
	173	2.750%, 02/15/23		170
	400	2.875%, 03/15/23		397
	1,050	3.375%, 11/15/21		1,103
	620	6.625%, 11/15/37		827
	353	Ventas Realty LP, 3.750%, 05/01/24		354
		WellPoint, Inc.,
	467	2.300%, 07/15/18		472
	615	3.125%, 05/15/22		614
	280	3.300%, 01/15/23		280
	500	4.625%, 05/15/42		508
	535	4.650%, 01/15/43		549
	648	4.650%, 08/15/44		668
				8,764
		Life Sciences Tools & Services — 0.0% (g)
		Thermo Fisher Scientific, Inc.,
	176	1.300%, 02/01/17		176
	687	4.150%, 02/01/24		725
				901
		Pharmaceuticals — 0.2%
		AbbVie, Inc.,
	992	1.750%, 11/06/17		997
	609	2.900%, 11/06/22		596
	275	Actavis, Inc., 3.250%, 10/01/22		269
	395	Bayer U.S. Finance LLC, 2.375%, 10/08/19 (e)		397
	937	Forest Laboratories, Inc., 5.000%, 12/15/21 (e)		1,019
		GlaxoSmithKline Capital, Inc.,
	750	5.650%, 05/15/18		850
	530	6.375%, 05/15/38		692
		Merck & Co., Inc.,
	650	1.300%, 05/18/18		646
	474	2.400%, 09/15/22		461
	562	2.800%, 05/18/23		560
	560	Novartis Capital Corp., 3.400%, 05/06/24		580
	650	Pfizer, Inc., 3.000%, 06/15/23		653
		Zoetis, Inc.,
	193	1.875%, 02/01/18		191
	123	4.700%, 02/01/43		121
				8,032
		Total Health Care		27,467
		Industrials — 1.2%
		Aerospace & Defense — 0.2%
	557	Airbus Group Finance B.V., (Netherlands), 2.700%, 04/17/23 (e)		545
		BAE Systems Holdings, Inc.,
	500	3.800%, 10/07/24 (e)		512
	400	6.375%, 06/01/19 (e)		468
	676	BAE Systems plc, (United Kingdom), 5.800%, 10/11/41 (e)		809
	200	Boeing Co. (The), 7.950%, 08/15/24		281
	415	Honeywell International, Inc., 5.300%, 03/01/18		465
		Lockheed Martin Corp.,
	387	2.125%, 09/15/16		396
	1,281	4.070%, 12/15/42		1,273
	292	4.850%, 09/15/41		326
	300	Northrop Grumman Systems Corp., 7.750%, 02/15/31		422
	215	Precision Castparts Corp., 0.700%, 12/20/15		215
	340	Raytheon Co., 3.150%, 12/15/24		341

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Aerospace & Defense — continued
		United Technologies Corp.,
	214	1.800%, 06/01/17		218
	681	3.100%, 06/01/22		698
	914	4.500%, 06/01/42		987
	1,261	6.125%, 02/01/19		1,476
				9,432
		Air Freight & Logistics — 0.0% (g)
		United Parcel Service of America, Inc.,
	355	8.375%, 04/01/20		461
	160	SUB, 8.375%, 04/01/30		236
	214	United Parcel Service, Inc., 2.450%, 10/01/22		210
				907
		Airlines — 0.1%
	420	Air Canada 2013-1 Class A Pass-Through Trust, (Canada), 4.125%, 05/15/25 (e)		424
	235	American Airlines 2011-1 Class A Pass-Through Trust, 5.250%, 01/31/21		253
	649	American Airlines 2013-2 Class A Pass-Through Trust, 4.950%, 01/15/23		695
	210	Continental Airlines 1999-2 Class A-1 Pass-Through Trust, 7.256%, 03/15/20		235
	413	Continental Airlines 2007-1 Class A Pass-Through Trust, 5.983%, 04/19/22		453
	201	Continental Airlines 2012-2 Class A Pass-Through Trust, 4.000%, 10/29/24		204
	448	Delta Air Lines 2010-2 Class A Pass-Through Trust, 4.950%, 05/23/19		477
	167	Delta Air Lines 2011-1 Class A Pass-Through Trust, 5.300%, 04/15/19		181
	417	Delta Air Lines 2012-1 Class A Pass-Through Trust, 4.750%, 05/07/20		444
				3,366
		Commercial Services & Supplies — 0.1%
		ADT Corp. (The),
	820	3.500%, 07/15/22		717
	264	4.125%, 06/15/23		240
	328	4.875%, 07/15/42		271
	200	Pitney Bowes, Inc., 5.600%, 03/15/18		221
	614	Republic Services, Inc., 3.550%, 06/01/22		631
		Waste Management, Inc.,
	214	4.750%, 06/30/20		237
	465	7.375%, 03/11/19		562
				2,879
		Construction & Engineering — 0.1%
		ABB Finance USA, Inc.,
	226	1.625%, 05/08/17		228
	292	2.875%, 05/08/22		293
	145	4.375%, 05/08/42		153
	789	Fluor Corp., 3.375%, 09/15/21		810
				1,484
		Electrical Equipment — 0.0% (g)
		Eaton Corp.,
	182	1.500%, 11/02/17		182
	170	4.000%, 11/02/32		171
	570	5.600%, 05/15/18		640
	300	7.625%, 04/01/24		387
				1,380
		Industrial Conglomerates — 0.1%
	667	Danaher Corp., 3.900%, 06/23/21		723
		General Electric Co.,
	212	2.700%, 10/09/22		211
	436	3.375%, 03/11/24		452
	539	Hutchison Whampoa International 12 II Ltd., (Cayman Islands), 3.250%, 11/08/22 (e)		539
	412	Ingersoll-Rand Global Holding Co., Ltd., 4.250%, 06/15/23		433
		Koninklijke Philips N.V., (Netherlands),
	970	3.750%, 03/15/22		1,008
	409	5.750%, 03/11/18		459
	130	7.200%, 06/01/26		165
				3,990
		Machinery — 0.1%
	164	Caterpillar, Inc., 2.600%, 06/26/22		162
		Deere & Co.,
	819	2.600%, 06/08/22		812
	346	3.900%, 06/09/42		342
		Illinois Tool Works, Inc.,
	400	3.500%, 03/01/24		416
	1,920	3.900%, 09/01/42		1,890
	290	Ingersoll-Rand Co., 6.391%, 11/15/27		347
	215	Parker Hannifin Corp., 5.500%, 05/15/18		242
	592	Parker-Hannifin Corp., 4.450%, 11/21/44		617
				4,828

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Road & Rail — 0.5%
		Burlington Northern Santa Fe LLC,
	200	3.000%, 03/15/23		199
	522	3.050%, 03/15/22		527
	300	3.450%, 09/15/21		314
	136	3.600%, 09/01/20		144
	249	3.750%, 04/01/24		260
	375	4.375%, 09/01/42		376
	769	5.150%, 09/01/43		869
	1,000	5.400%, 06/01/41		1,164
	540	5.650%, 05/01/17		596
	335	5.750%, 03/15/18		381
	425	5.750%, 05/01/40		514
	250	6.700%, 08/01/28		320
	250	Canadian Pacific Railway Co., (Canada), 7.125%, 10/15/31		340
		CSX Corp.,
	400	3.400%, 08/01/24		404
	191	4.100%, 03/15/44		184
	300	4.250%, 06/01/21		328
	575	5.500%, 04/15/41		680
	49	6.250%, 04/01/15		50
	215	7.375%, 02/01/19		260
	500	7.900%, 05/01/17		576
		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)		504
	350	6.375%, 10/15/17 (e)		396
	746	6.700%, 06/01/34 (e)		961
		Norfolk Southern Corp.,
	746	3.250%, 12/01/21		770
	595	3.950%, 10/01/42		578
	100	6.000%, 03/15/05 †		124
	1,776	6.000%, 05/23/11 †††		2,248
	365	7.700%, 05/15/17		421
	479	Penske Truck Leasing Co. LP/PTL Finance Corp., 2.875%, 07/17/18 (e)		489
		Ryder System, Inc.,
	484	2.500%, 03/01/17		494
	434	3.600%, 03/01/16		448
		Union Pacific Corp.,
	182	2.950%, 01/15/23		184
	838	3.646%, 02/15/24		884
	710	4.163%, 07/15/22		780
	200	4.300%, 06/15/42		208
	235	4.875%, 01/15/15		236
				19,187
		Total Industrials		47,453
		Information Technology — 1.1%
		Communications Equipment — 0.1%
		Cisco Systems, Inc.,
	197	2.900%, 03/04/21		203
	500	3.625%, 03/04/24		522
	988	5.500%, 02/22/16		1,048
	350	5.500%, 01/15/40		418
	755	5.900%, 02/15/39		933
				3,124
		Electronic Equipment, Instruments & Components — 0.1%
		Arrow Electronics, Inc.,
	219	3.000%, 03/01/18		226
	575	3.375%, 11/01/15		587
	190	4.500%, 03/01/23		197
	165	6.000%, 04/01/20		189
	500	6.875%, 06/01/18		571
	1,163	7.500%, 01/15/27		1,426
				3,196
		Internet Software & Services — 0.0% (g)
		eBay, Inc.,
	937	2.600%, 07/15/22		887
	563	2.875%, 08/01/21		556
	500	3.450%, 08/01/24		491
	271	4.000%, 07/15/42		234
				2,168
		IT Services — 0.3%
		International Business Machines Corp.,
	409	1.250%, 02/06/17		412

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		IT Services — continued
	3,267	1.625%, 05/15/20		3,157
	2,600	5.700%, 09/14/17		2,917
	765	6.220%, 08/01/27		977
	1,075	7.625%, 10/15/18		1,306
		Xerox Corp.,
	271	2.950%, 03/15/17		280
	270	4.500%, 05/15/21		290
	610	5.625%, 12/15/19		691
	550	6.750%, 02/01/17		611
				10,641
		Semiconductors & Semiconductor Equipment — 0.1%
		Intel Corp.,
	772	3.300%, 10/01/21		810
	685	4.000%, 12/15/32		685
	1,460	National Semiconductor Corp., 6.600%, 06/15/17		1,658
	365	Texas Instruments, Inc., 1.650%, 08/03/19		359
				3,512
		Software — 0.2%
	470	Intuit, Inc., 5.750%, 03/15/17		516
		Microsoft Corp.,
	262	0.875%, 11/15/17		260
	720	1.625%, 09/25/15		728
	384	2.125%, 11/15/22		373
	810	2.375%, 05/01/23		798
	1,155	3.625%, 12/15/23		1,236
	117	4.500%, 10/01/40		126
		Oracle Corp.,
	586	Series NOTE, 2.800%, 07/08/21		594
	1,000	3.625%, 07/15/23		1,049
	457	4.300%, 07/08/34		477
	500	5.000%, 07/08/19		564
	1,422	5.250%, 01/15/16		1,498
	813	5.750%, 04/15/18		924
	475	6.500%, 04/15/38		628
				9,771
		Technology Hardware, Storage & Peripherals — 0.3%
		Apple, Inc.,
	2,556	2.400%, 05/03/23		2,492
	2,364	2.850%, 05/06/21		2,424
	2,069	VAR, 0.482%, 05/03/18		2,071
	300	Dell, Inc., 7.100%, 04/15/28		306
		EMC Corp.,
	850	1.875%, 06/01/18		846
	1,000	3.375%, 06/01/23		997
		Hewlett-Packard Co.,
	282	4.300%, 06/01/21		295
	472	4.375%, 09/15/21		499
	201	4.650%, 12/09/21		214
	849	6.000%, 09/15/41		943
				11,087
		Total Information Technology		43,499
		Materials — 0.6%
		Chemicals — 0.4%
	757	Agrium, Inc., (Canada), 5.250%, 01/15/45		802
	500	CF Industries, Inc., 7.125%, 05/01/20		602
		Dow Chemical Co. (The),
	542	3.000%, 11/15/22		536
	850	3.500%, 10/01/24		847
	470	4.125%, 11/15/21		502
	223	4.250%, 11/15/20		241
	200	5.250%, 11/15/41		219
	375	7.375%, 11/01/29		506
	73	8.550%, 05/15/19		92
		E.I. du Pont de Nemours & Co.,
	635	1.950%, 01/15/16		645
	350	4.900%, 01/15/41		375
	1,740	6.000%, 07/15/18		2,003
		Ecolab, Inc.,
	447	1.450%, 12/08/17		446
	150	5.500%, 12/08/41		176
		Monsanto Co.,
	664	2.750%, 07/15/21		664
	253	4.200%, 07/15/34		261
	278	4.700%, 07/15/64		287

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Chemicals — continued
		Mosaic Co. (The),
	280	3.750%, 11/15/21		291
	1,456	4.250%, 11/15/23		1,523
	79	4.875%, 11/15/41		80
	861	5.450%, 11/15/33		957
	347	5.625%, 11/15/43		394
	85	Potash Corp. of Saskatchewan, Inc., (Canada), 3.250%, 12/01/17		89
		PPG Industries, Inc.,
	114	5.500%, 11/15/40		137
	700	6.650%, 03/15/18		807
	355	9.000%, 05/01/21		476
	662	Praxair, Inc., 4.625%, 03/30/15		671
		Union Carbide Corp.,
	1,000	7.500%, 06/01/25		1,294
	850	7.750%, 10/01/96		1,095
				17,018
		Metals & Mining — 0.2%
		BHP Billiton Finance USA Ltd., (Australia),
	815	3.850%, 09/30/23		855
	150	5.000%, 09/30/43		170
	410	5.400%, 03/29/17		450
	560	6.500%, 04/01/19		665
		Freeport-McMoRan, Inc.,
	1,329	2.150%, 03/01/17		1,340
	1,138	3.875%, 03/15/23		1,120
	299	5.450%, 03/15/43		300
	283	Nucor Corp., 4.000%, 08/01/23		296
	295	Placer Dome, Inc., (Canada), 6.450%, 10/15/35		321
		Rio Tinto Finance USA Ltd., (Australia),
	117	3.500%, 11/02/20		122
	550	3.750%, 09/20/21		571
	650	9.000%, 05/01/19		833
	393	Rio Tinto Finance USA plc, (United Kingdom), 1.625%, 08/21/17		395
	676	Teck Resources Ltd., (Canada), 4.750%, 01/15/22		689
				8,127
		Total Materials		25,145
		Telecommunication Services — 1.1%
		Diversified Telecommunication Services — 1.0%
		AT&T, Inc.,
	731	0.900%, 02/12/16		730
	840	3.900%, 03/11/24		870
	879	4.300%, 12/15/42		833
	462	4.350%, 06/15/45		437
	850	4.450%, 05/15/21		926
	375	5.350%, 09/01/40		406
	250	5.500%, 02/01/18		278
	2,700	6.300%, 01/15/38		3,271
	358	BellSouth Telecommunications LLC, 6.300%, 12/15/15		358
		British Telecommunications plc, (United Kingdom),
	200	2.000%, 06/22/15		201
	531	2.350%, 02/14/19		534
	150	9.625%, 12/15/30		238
	600	Centel Capital Corp., 9.000%, 10/15/19		725
		Deutsche Telekom International Finance
		B.V., (Netherlands),
	336	2.250%, 03/06/17 (e)		343
	232	4.875%, 03/06/42 (e)		245
	400	6.000%, 07/08/19		466
	325	8.607%, 06/15/30		478
	1,742	GTP Acquisition Partners I LLC, 4.347%, 06/15/16 (e)		1,779
	267	Nippon Telegraph & Telephone Corp., (Japan), 1.400%, 07/18/17		268
		Orange S.A., (France),
	560	2.750%, 09/14/16		576
	1,305	9.000%, 03/01/31		1,972
	741	Qwest Corp., 6.750%, 12/01/21		854
		Telefonica Emisiones S.A.U., (Spain),
	252	3.192%, 04/27/18		262
	319	5.134%, 04/27/20		356
	316	5.462%, 02/16/21		358
	207	5.877%, 07/15/19		238
	300	6.421%, 06/20/16		324

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Diversified Telecommunication Services — continued
		Verizon Communications, Inc.,
	432	2.625%, 02/21/20 (e)		432
	983	3.000%, 11/01/21		986
	381	3.450%, 03/15/21		394
	2,804	3.500%, 11/01/24		2,803
	938	4.150%, 03/15/24		988
	1,685	4.400%, 11/01/34		1,674
	1,762	4.500%, 09/15/20		1,928
	4,762	4.862%, 08/21/46 (e)		4,965
	150	5.150%, 09/15/23		169
	100	5.850%, 09/15/35		118
	980	6.400%, 09/15/33		1,213
	175	6.400%, 02/15/38		218
	500	Verizon New England, Inc., 7.875%, 11/15/29		654
		Verizon Pennsylvania LLC,
	750	6.000%, 12/01/28		837
	1,444	8.350%, 12/15/30		1,954
	500	8.750%, 08/15/31		717
				38,376
		Wireless Telecommunication Services — 0.1%
		America Movil S.A.B. de C.V., (Mexico),
	640	2.375%, 09/08/16		655
	592	3.125%, 07/16/22		588
	485	Crown Castle Towers LLC, 3.214%, 08/15/15 (e)		494
		Rogers Communications, Inc., (Canada),
	1,547	4.100%, 10/01/23		1,633
	400	8.750%, 05/01/32		559
		Vodafone Group plc, (United Kingdom),
	350	1.500%, 02/19/18		347
	1,200	1.625%, 03/20/17		1,205
				5,481
		Total Telecommunication Services		43,857
		Utilities — 1.5%
		Electric Utilities — 1.1%
	239	Alabama Power Co., 6.125%, 05/15/38		317
	286	American Electric Power Co., Inc., 1.650%, 12/15/17		287
		Arizona Public Service Co.,
	296	4.500%, 04/01/42		321
	467	5.050%, 09/01/41		535
	455	Baltimore Gas & Electric Co., 2.800%, 08/15/22		455
	1,025	Cleveland Electric Illuminating Co. (The), Series D, 7.880%, 11/01/17		1,206
	831	Comision Federal de Electricidad, (Mexico), 4.875%, 05/26/21 (e)		889
	195	Connecticut Light & Power Co. (The), 5.650%, 05/01/18		221
	224	DTE Electric Co., 2.650%, 06/15/22		221
		Duke Energy Carolinas LLC,
	129	4.250%, 12/15/41		134
	660	5.100%, 04/15/18		739
	100	6.000%, 01/15/38		130
		Duke Energy Florida, Inc.,
	290	5.650%, 06/15/18		330
	245	6.400%, 06/15/38		332
	1,320	Duke Energy Indiana, Inc., 6.350%, 08/15/38		1,785
		Duke Energy Progress, Inc.,
	540	2.800%, 05/15/22		540
	273	4.100%, 05/15/42		279
	125	4.100%, 03/15/43		128
	387	4.150%, 12/01/44		401
	325	5.300%, 01/15/19		368
		Electricite de France S.A., (France),
	770	2.150%, 01/22/19 (e)		777
	1,300	6.000%, 01/22/14 (e) †††		1,476
	950	Enel Finance International N.V., (Netherlands), 5.125%, 10/07/19 (e)		1,060
		Florida Power & Light Co.,
	420	5.950%, 10/01/33		549
	350	5.950%, 02/01/38		456
	210	Georgia Power Co., 5.950%, 02/01/39		263
	229	Great Plains Energy, Inc., 4.850%, 06/01/21		256
		Hydro-Quebec, (Canada),
	350	Series IO, 8.050%, 07/07/24		492
	1,000	Series HY, 8.400%, 01/15/22		1,327
	100	Indiana Michigan Power Co., 7.000%, 03/15/19		120

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Electric Utilities — continued
	100	Jersey Central Power & Light Co., 7.350%, 02/01/19		119
	808	John Sevier Combined Cycle Generation LLC, 4.626%, 01/15/42		900
		Kansas City Power & Light Co.,
	403	3.150%, 03/15/23		411
	1,400	5.300%, 10/01/41		1,618
	125	MidAmerican Energy Co., 5.300%, 03/15/18		140
		Nevada Power Co.,
	55	5.375%, 09/15/40		67
	305	5.450%, 05/15/41		376
	720	6.500%, 08/01/18		840
	100	Series N, 6.650%, 04/01/36		137
		NextEra Energy Capital Holdings, Inc.,
	196	1.200%, 06/01/15		197
	371	2.400%, 09/15/19		372
	725	6.000%, 03/01/19		834
	300	7.875%, 12/15/15		322
		Niagara Mohawk Power Corp.,
	493	3.508%, 10/01/24 (e)		505
	300	4.881%, 08/15/19 (e)		334
	510	Northern States Power Co., 6.250%, 06/01/36		686
	320	Ohio Power Co., 6.050%, 05/01/18		363
		Oncor Electric Delivery Co. LLC,
	840	6.800%, 09/01/18		989
	110	7.000%, 09/01/22		139
		Pacific Gas & Electric Co.,
	544	2.450%, 08/15/22		526
	71	3.250%, 09/15/21		73
	250	3.250%, 06/15/23		252
	217	4.450%, 04/15/42		224
	390	4.500%, 12/15/41		411
	810	5.625%, 11/30/17		908
	100	6.050%, 03/01/34		126
	160	8.250%, 10/15/18		195
		PacifiCorp,
	180	5.500%, 01/15/19		205
	150	5.650%, 07/15/18		171
		PECO Energy Co.,
	350	2.375%, 09/15/22		340
	175	5.350%, 03/01/18		196
	1,085	Potomac Electric Power Co., 6.500%, 11/15/37		1,497
	673	Progress Energy, Inc., 3.150%, 04/01/22		681
		Public Service Co. of Colorado,
	250	2.250%, 09/15/22		240
	90	3.200%, 11/15/20		94
	125	5.800%, 08/01/18		143
	2,490	Public Service Co. of Oklahoma, Series G, 6.625%, 11/15/37		3,282
		Public Service Electric & Gas Co.,
	210	5.300%, 05/01/18		236
	317	5.375%, 11/01/39		395
	65	South Carolina Electric & Gas Co., 4.500%, 06/01/64		69
		Southern California Edison Co.,
	318	Series C, 3.500%, 10/01/23		335
	785	5.500%, 08/15/18		892
	200	Series 08-A, 5.950%, 02/01/38		259
	1,185	6.050%, 03/15/39		1,534
	363	Southern Co. (The), 1.950%, 09/01/16		370
	570	Southwestern Public Service Co., Series G, 8.750%, 12/01/18		718
	312	State Grid Overseas Investment 2013 Ltd., (United Kingdom), 1.750%, 05/22/18 (e)		309
		Virginia Electric and Power Co.,
	64	3.450%, 02/15/24		66
	1,415	5.400%, 04/30/18		1,594
	630	5.950%, 09/15/17		710
		Wisconsin Electric Power Co.,
	21	2.950%, 09/15/21		21
	275	6.250%, 12/01/15		291
		Xcel Energy, Inc.,
	162	0.750%, 05/09/16		162
	92	4.800%, 09/15/41		101
	200	6.500%, 07/01/36		265
				43,634

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Gas Utilities — 0.0% (g)
		Atmos Energy Corp.,
	125	4.125%, 10/15/44		127
	828	4.150%, 01/15/43		856
	375	8.500%, 03/15/19		470
	308	Boston Gas Co., 4.487%, 02/15/42 (e)		329
	335	CenterPoint Energy Resources Corp., 6.125%, 11/01/17		378
				2,160
		Independent Power & Renewable Electricity Producers — 0.1%
		Exelon Generation Co. LLC,
	1,020	4.000%, 10/01/20		1,074
	235	5.750%, 10/01/41		263
		PSEG Power LLC,
	442	4.300%, 11/15/23		465
	772	5.125%, 04/15/20		864
	202	Southern Power Co., 5.150%, 09/15/41		229
				2,895
		Multi-Utilities — 0.3%
		AGL Capital Corp.,
	563	3.500%, 09/15/21		585
	208	4.400%, 06/01/43		217
	1,445	5.875%, 03/15/41		1,804
	1,243	6.375%, 07/15/16		1,346
	596	Consolidated Edison Co. of New York, Inc., 5.700%, 06/15/40		743
		Consumers Energy Co.,
	216	2.850%, 05/15/22		216
	130	5.650%, 04/15/20		151
	235	Delmarva Power & Light Co., 4.000%, 06/01/42		237
		Dominion Resources, Inc.,
	920	Series F, 5.250%, 08/01/33		1,055
	300	7.000%, 06/15/38		409
	600	8.875%, 01/15/19		756
	289	DTE Energy Co., Series F, 3.850%, 12/01/23		303
		NiSource Finance Corp.,
	370	3.850%, 02/15/23		388
	360	4.450%, 12/01/21		392
	1,256	5.800%, 02/01/42		1,513
		San Diego Gas & Electric Co.,
	379	3.950%, 11/15/41		382
	275	6.000%, 06/01/26		344
		Sempra Energy,
	350	2.875%, 10/01/22		340
	236	3.550%, 06/15/24		240
	1,013	4.050%, 12/01/23		1,076
	1,150	6.150%, 06/15/18		1,314
	180	6.500%, 06/01/16		195
	460	9.800%, 02/15/19		597
				14,603
		Total Utilities		63,292
		Total Corporate Bonds (Cost $693,649)		740,795
	Foreign Government Securities — 1.6%
		Federative Republic of Brazil, (Brazil),
	825	4.250%, 01/07/25		844
	472	5.000%, 01/27/45		468
		Israel Government AID Bond, (Israel),
	6,165	Zero Coupon, 11/01/23		4,859
	5,535	Zero Coupon, 05/01/24		4,276
	1,000	5.500%, 09/18/33		1,315
	7,805	Series 10-Z, Zero Coupon, 08/15/24		5,954
	1,500	Series 2, Zero Coupon, 11/01/24		1,134
	20,000	Series 2-Z, Zero Coupon, 03/15/18		19,114
	1,776	Series 6-Z, Zero Coupon, 02/15/22		1,495
	2,000	Series 8-Z, Zero Coupon, 08/15/24		1,525
		Province of Ontario, (Canada),
	1,387	1.650%, 09/27/19		1,377
	700	2.700%, 06/16/15		709
	2,220	2.950%, 02/05/15		2,230
	377	Province of Quebec, (Canada), Series A, SUB, 7.365%, 03/06/26		525
		Republic of Colombia, (Colombia),
	422	4.000%, 02/26/24		436
	200	5.625%, 02/26/44		227
	416	Republic of Panama, (Panama), 4.000%, 09/22/24		425
	1,133	Republic of Poland, (Poland), 4.000%, 01/22/24		1,197

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Foreign Government Securities — continued
			Republic of South Africa, (South Africa),
	1,436		5.375%, 07/24/44		1,522
	640		5.875%, 09/16/25		731
			Republic of Turkey, (Turkey),
	719		5.750%, 03/22/24		810
	351		6.625%, 02/17/45		437
	5,000		Tunisia Government AID Bond, (Tunisia), 1.686%, 07/16/19		4,983
			United Mexican States, (Mexico),
	2,030		3.500%, 01/21/21		2,092
	788		3.600%, 01/30/25		790
	1,732		4.000%, 10/02/23		1,827
	120		4.750%, 03/08/44		124
	4,913		5.550%, 01/21/45		5,656
			Total Foreign Government Securities (Cost $65,002)		67,082
	Mortgage Pass-Through Securities — 15.7%
			Federal Home Loan Mortgage Corp.,
	25		ARM, 2.088%, 07/01/19		26
	105		ARM, 2.095%, 10/01/36		110
	390		ARM, 2.131%, 10/01/36		414
	397		ARM, 2.197%, 11/01/36		424
	346		ARM, 2.219%, 12/01/36		368
	835		ARM, 2.301%, 04/01/34		888
	962		ARM, 2.310%, 03/01/37		1,026
	34		ARM, 2.313%, 04/01/30		36
	245		ARM, 2.315%, 02/01/36		262
	482		ARM, 2.355%, 12/01/33		515
	595		ARM, 2.375%, 05/01/36 – 11/01/36		635
	187		ARM, 2.505%, 02/01/37		201
	472		ARM, 2.550%, 02/01/36		507
	562		ARM, 2.660%, 10/01/36		603
	349		ARM, 2.693%, 12/01/34		371
	302		ARM, 3.434%, 07/01/36		315
	1,611		ARM, 3.988%, 07/01/40		1,708
	461		ARM, 5.046%, 01/01/35		486
			Federal Home Loan Mortgage Corp. Gold Pools, 15 Year, Single Family,
	83		4.500%, 08/01/18		88
	239		5.000%, 12/01/18		253
	2,267		5.500%, 06/01/17 – 01/01/24		2,488
	36		6.000%, 04/01/18		38
	279		6.500%, 08/01/16 – 02/01/19		292
	2		7.000%, 04/01/17		2
			Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family,
	2,592		3.500%, 01/01/32 – 03/01/32		2,739
	87		6.000%, 12/01/22		99
	258		6.500%, 11/01/22		294
			Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,
	4,297		3.500%, 04/01/43		4,475
	1,092		4.000%, 09/01/35		1,166
	5,347		4.500%, 05/01/41		5,833
	4,604		5.000%, 09/01/34 – 08/01/40		5,124
	1,747		5.500%, 10/01/33 – 07/01/35		1,970
	333		6.000%, 12/01/33 – 01/01/34		380
	1,594		6.500%, 11/01/34 – 11/01/36		1,858
	479		7.000%, 07/01/32 – 10/01/36		537
	578		Federal Home Loan Mortgage Corp. Gold Pools, FHA/VA, 10.000%, 10/01/30		657
			Federal Home Loan Mortgage Corp. Gold Pools, Other,
	2,827		3.000%, 03/01/33		2,914
	23,637		3.500%, 10/01/32 – 06/01/43		24,779
	8,991		4.000%, 01/01/32 – 01/01/43		9,692
	393		5.500%, 10/01/33 – 01/01/34		430
	536		6.000%, 02/01/33		583
	58		7.000%, 07/01/29		63
			Federal Home Loan Mortgage Corp., 30 Year, Single Family,
	–	(h)	12.000%, 08/01/15 – 07/01/19		1
			Federal National Mortgage Association,
	4,835		ARM, 0.707%, 02/01/19		4,840
	67		ARM, 1.688%, 09/01/34		69
	971		ARM, 1.784%, 01/01/33		1,028
	658		ARM, 1.788%, 07/01/33		714
	587		ARM, 1.834%, 05/01/35		628
	7		ARM, 1.875%, 03/01/19		7

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	1,621		ARM, 1.898%, 01/01/35		1,706
	1,298		ARM, 1.910%, 09/01/35		1,368
	417		ARM, 1.918%, 11/01/34		444
	5		ARM, 1.934%, 01/01/19		5
	586		ARM, 1.940%, 07/01/36		625
	989		ARM, 1.999%, 11/01/34		1,041
	280		ARM, 2.035%, 04/01/34		294
	736		ARM, 2.063%, 10/01/34		780
	471		ARM, 2.086%, 10/01/34		501
	615		ARM, 2.120%, 01/01/35		652
	265		ARM, 2.121%, 09/01/34		283
	904		ARM, 2.125%, 06/01/35		961
	311		ARM, 2.135%, 08/01/34		337
	276		ARM, 2.142%, 01/01/36		293
	167		ARM, 2.143%, 09/01/35		179
	178		ARM, 2.170%, 07/01/34		190
	213		ARM, 2.199%, 02/01/35		226
	168		ARM, 2.220%, 05/01/35		178
	228		ARM, 2.248%, 06/01/36		244
	20		ARM, 2.262%, 04/01/34		20
	585		ARM, 2.266%, 08/01/34		623
	282		ARM, 2.277%, 07/01/33 – 11/01/33		291
	208		ARM, 2.295%, 01/01/34		221
	599		ARM, 2.321%, 07/01/33		640
	473		ARM, 2.335%, 05/01/34		508
	1,591		ARM, 2.338%, 04/01/35		1,695
	371		ARM, 2.351%, 04/01/35		398
	204		ARM, 2.428%, 01/01/38		218
	429		ARM, 2.435%, 09/01/33		459
	271		ARM, 2.505%, 10/01/34		292
	612		ARM, 2.575%, 10/01/36		660
	62		ARM, 2.606%, 09/01/27		66
	105		ARM, 2.750%, 02/01/34		105
	72		ARM, 2.875%, 01/01/36		73
	45		ARM, 3.711%, 03/01/29		48
	2,000		3.760%, 11/01/23		2,168
			Federal National Mortgage Association, 15 Year, Single Family,
	571		3.500%, 09/01/18 – 07/01/19		605
	342		4.000%, 08/01/18		364
	1,824		4.500%, 06/01/18 – 12/01/19		1,931
	657		5.000%, 06/01/18 – 08/01/24		708
	603		5.500%, 03/01/20 – 07/01/20		641
	3,850		6.000%, 06/01/16 – 01/01/24		4,234
	145		6.500%, 03/01/17 – 08/01/20		154
	142		7.000%, 03/01/17 – 09/01/17		148
	2		7.500%, 03/01/17		2
	–	(h)	8.000%, 11/01/15		—	(h)
			Federal National Mortgage Association, 20 Year, Single Family,
	1,503		3.500%, 08/01/32		1,592
	104		4.500%, 04/01/24		113
	950		6.500%, 05/01/22 – 04/01/25		1,080
			Federal National Mortgage Association, 30 Year, FHA/VA,
	80		6.000%, 09/01/33		88
	919		6.500%, 03/01/29 – 08/01/39		1,033
	17		7.000%, 02/01/33		19
	47		8.000%, 06/01/28		53
	12		9.000%, 05/01/18 – 12/01/25		12
			Federal National Mortgage Association, 30 Year, Single Family,
	332		4.500%, 11/01/33 – 02/01/35		362
	1,341		5.000%, 07/01/33 – 09/01/35		1,492
	1,773		5.500%, 09/01/31 – 03/01/34		2,010
	2,268		6.000%, 12/01/28 – 09/01/37		2,602
	1,032		6.500%, 11/01/29 – 08/01/31		1,188
	852		7.000%, 01/01/24 – 01/01/39		963
	336		7.500%, 08/01/36 – 11/01/37		383
	549		8.000%, 03/01/27 – 11/01/28		667
	1		9.000%, 04/01/26		1
	12		9.500%, 07/01/28		14
	–	(h)	12.500%, 01/01/16		—	(h)

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
		Federal National Mortgage Association, Other,
	1,445	VAR, 0.517%, 01/01/23		1,458
	2,887	VAR, 0.547%, 01/01/23		2,911
	4,908	VAR, 0.617%, 11/01/23		4,947
	4,000	VAR, 0.627%, 12/01/23		4,029
	3,000	VAR, 0.647%, 11/01/23		3,000
	947	VAR, 0.957%, 03/01/22		947
	2,401	VAR, 6.070%, 11/01/18		2,560
	12,666	12/01/24 - 12/25/26		12,726
	2,000	1.690%, 12/01/19		1,973
	3,450	1.792%, 05/01/20		3,423
	3,899	1.808%, 06/01/20		3,858
	1,989	1.940%, 07/01/19		1,994
	1,500	2.066%, 12/01/20		1,488
	12,000	2.077%, 06/01/20		12,014
	4,569	2.097%, 08/01/19		4,617
	5,392	2.190%, 09/01/21 - 12/01/22		5,301
	1,977	2.211%, 04/01/19		2,012
	1,458	2.221%, 04/01/19		1,481
	3,952	2.283%, 12/01/22		3,910
	5,360	2.390%, 12/01/22		5,352
	5,366	2.418%, 12/01/22		5,329
	1,943	2.428%, 05/01/23		1,926
	3,375	2.449%, 11/01/22		3,362
	3,000	2.459%, 12/01/22		2,989
	3,500	2.480%, 12/01/22		3,487
	5,577	2.490%, 10/01/17		5,758
	2,926	2.500%, 06/01/23		2,910
	4,000	2.531%, 11/01/22		4,005
	2,887	2.542%, 02/01/23		2,905
	5,000	2.590%, 11/01/21		5,056
	1,462	2.593%, 06/01/23		1,463
	6,941	2.604%, 10/01/22 - 05/01/23		6,943
	2,500	2.660%, 12/01/22		2,530
	3,000	2.670%, 07/01/22		3,043
	6,745	2.690%, 10/01/17		7,002
	3,349	2.703%, 04/01/23		3,404
	3,000	2.760%, 05/01/21		3,090
	4,939	2.809%, 07/01/23		5,071
	3,199	2.841%, 03/01/22		3,292
	1,565	2.862%, 05/01/22		1,602
	6,500	2.900%, 12/25/24		6,516
	4,000	2.920%, 12/25/24		4,024
	4,800	2.950%, 08/01/23		4,845
	3,722	2.970%, 11/01/18		3,906
	2,767	3.000%, 01/01/43		2,796
	2,452	3.020%, 07/01/23		2,533
	1,437	3.038%, 05/01/22		1,490
	5,916	3.050%, 04/01/22		6,173
	6,952	3.070%, 01/01/22		7,258
	6,495	3.079%, 03/01/22 - 07/01/22		6,748
	6,325	3.110%, 12/25/24 - 12/01/26		6,488
	2,000	3.120%, 01/01/22		2,094
	2,720	3.160%, 02/01/22		2,860
	1,823	3.224%, 05/01/22		1,911
	9,672	3.230%, 11/01/20		10,251
	4,235	3.240%, 12/25/26		4,247
	3,932	3.250%, 07/01/25		4,080
	1,449	3.255%, 12/01/21		1,523
	6,194	3.260%, 01/01/22 - 12/25/26		6,396
	3,965	3.290%, 10/01/20 - 11/01/26		4,168
	4,000	3.300%, 11/25/26		4,098
	3,894	3.306%, 02/01/22		4,102
	3,000	3.340%, 02/01/27		3,005
	919	3.375%, 11/01/20		982
	2,000	3.380%, 12/01/23		2,117
	1,955	3.461%, 11/01/20		2,083
	47,402	3.500%, 12/01/32 - 08/01/43		49,468
	2,000	3.503%, 08/01/17		2,113
	1,917	3.520%, 01/01/18		2,039
	1,435	3.544%, 09/01/20		1,533

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	2,000	3.550%, 02/01/30		2,002
	2,500	3.590%, 08/01/23		2,709
	2,824	3.600%, 09/01/20		3,043
	7,359	3.621%, 09/01/20		7,912
	4,873	3.658%, 10/01/20		5,230
	1,500	3.690%, 11/01/23		1,618
	4,553	3.730%, 07/01/22		4,938
	1,871	3.740%, 07/01/20		2,028
	2,997	3.760%, 10/01/23		3,249
	969	3.761%, 01/01/25		1,038
	5,000	3.792%, 07/01/23		5,394
	2,904	3.802%, 09/01/20		3,140
	3,000	3.895%, 09/01/21		3,260
	2,857	3.906%, 09/01/21		3,114
	6,650	3.916%, 09/01/21		7,252
	1,935	3.930%, 07/01/20		2,116
	4,645	3.947%, 06/01/17		4,946
	4,750	3.980%, 11/01/16		4,773
	1,540	3.999%, 01/01/21		1,683
	9,184	4.000%, 10/01/32 - 07/01/42		9,861
	5,000	4.019%, 09/01/21		5,481
	1,978	4.061%, 01/01/21		2,167
	7,950	4.081%, 07/01/20 - 07/01/21		8,732
	1,404	4.130%, 07/01/20		1,547
	2,380	4.250%, 04/01/21		2,657
	1,648	4.257%, 04/01/20		1,810
	4,432	4.267%, 11/01/19 - 08/01/21		4,886
	2,096	4.290%, 06/01/20		2,325
	1,341	4.297%, 01/01/21		1,494
	1,433	4.318%, 07/01/21		1,602
	1,453	4.350%, 04/01/20		1,613
	2,754	4.369%, 02/01/20 - 04/01/20		3,059
	1,424	4.380%, 01/01/21		1,590
	1,858	4.381%, 11/01/19		2,047
	1,974	4.390%, 05/01/21		2,210
	2,000	4.391%, 04/01/21		2,235
	2,000	4.402%, 07/01/21		2,231
	2,387	4.443%, 08/01/20 - 04/01/21		2,651
	2,098	4.474%, 04/01/21		2,345
	5,000	4.484%, 06/01/21		5,578
	911	4.500%, 03/01/20		1,010
	6,415	4.514%, 12/01/19		7,156
	4,209	4.540%, 01/01/20		4,673
	2,000	4.546%, 02/01/20		2,225
	2,860	4.629%, 02/01/21		3,211
	2,864	4.691%, 07/01/26		3,248
	3,827	4.794%, 01/01/21		4,323
	1,871	5.414%, 07/01/19		2,118
	393	5.500%, 03/01/17 - 09/01/33		430
	1,146	6.000%, 09/01/37 - 06/01/39		1,247
	304	6.500%, 01/01/36 - 07/01/36		345
	61	7.000%, 10/01/46		67
	42	10.536%, 04/15/19		46
		Government National Mortgage Association II, 30 Year, Single Family,
	288	4.500%, 08/20/33		318
	2,869	6.000%, 09/20/38		3,246
	60	7.500%, 02/20/28 - 09/20/28		73
	87	8.000%, 12/20/25 - 09/20/28		104
	31	8.500%, 05/20/25		36
		Government National Mortgage Association II, Other,
	9,771	4.375%, 06/20/63		10,611
	10,374	4.433%, 05/20/63		11,407
	3,077	4.462%, 05/20/63		3,385
	2,058	4.479%, 04/20/63		2,240
		Government National Mortgage Association, 15 Year, Single Family,
	40	6.500%, 06/15/17		42
	10	8.000%, 01/15/16		10
		Government National Mortgage Association, 30 Year, Single Family,
	298	6.500%, 03/15/28 - 04/15/33		342
	164	7.000%, 02/15/33 - 06/15/33		188
	42	7.500%, 11/15/22 - 09/15/28		47

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	11	8.000%, 09/15/22 - 08/15/28		11
	2	9.000%, 12/15/16		2
	516	9.500%, 10/15/24		580
		Total Mortgage Pass-Through Securities (Cost $624,964)		641,509
	Municipal Bonds — 0.2% (t)
		California — 0.0% (g)
	440	Los Angeles City Department of Airports, International Airport, Series C, Rev., 6.582%, 05/15/39		571
	350	State of California, Various Purpose, GO, 7.300%, 10/01/39		505
				1,076
		Illinois — 0.0% (g)
	160	State of Illinois, Pension Funding, GO, 5.100%, 06/01/33		157
		New York — 0.1%
	360	New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series D, Rev., 5.600%, 03/15/40		453
	2,500	Port Authority of New York & New Jersey, Consolidated, Series 174, Rev., 4.458%, 10/01/62		2,538
	1,825	Port Authority of New York & New Jersey, Consolidated 164, Series 164, Rev., 5.647%, 11/01/40		2,220
				5,211
		Ohio — 0.1%
	1,315	American Municipal Power, Inc., Meldahl Hydroelectric Project, Series B, Rev., 7.499%, 02/15/50		1,906
		Ohio State University, General Receipts,
	200	Rev., 5.590%, 12/01/14 (w) ††††		210
	1,563	Series A, Rev., 4.800%, 06/01/11 †††		1,686
				3,802
		Total Municipal Bonds (Cost $8,932)		10,246
	Supranational — 0.1%
	3,000	African Development Bank, 8.800%, 09/01/19		3,808
	641	Corp. Andina de Fomento, 3.750%, 01/15/16		663
		Total Supranational (Cost $4,397)		4,471
	U.S. Government Agency Securities — 2.3%
	1,525	Federal Home Loan Bank, 5.500%, 07/15/36		2,051
	6,000	Federal National Mortgage Association, Zero Coupon, 06/01/17		5,873
		Financing Corp. Fico,
	4,500	Zero Coupon, 05/11/18		4,289
	2,000	Zero Coupon, 04/05/19		1,861
	1,240	Zero Coupon, 09/26/19		1,135
		Government Trust Certificate,
	4,000	Zero Coupon, 10/01/15		3,965
	5,000	Zero Coupon, 04/01/16		4,922
	13,319	Zero Coupon, 10/01/19		11,820
		Residual Funding Corp. STRIPS,
	7,300	Zero Coupon, 10/15/19		6,672
	30,450	Zero Coupon, 07/15/20		27,134
	12,930	Zero Coupon, 10/15/20		11,476
		Tennessee Valley Authority,
	304	4.625%, 09/15/60		339
	3,521	5.250%, 09/15/39		4,405
	1,115	5.880%, 04/01/36		1,500
		Tennessee Valley Authority STRIPS,
	2,000	Zero Coupon, 05/01/19		1,843
	5,000	Zero Coupon, 11/01/25		3,553
	800	Zero Coupon, 06/15/35		382
		Total U.S. Government Agency Securities (Cost $92,055)		93,220
	U.S. Treasury Obligations — 25.7%
		U.S. Treasury Bonds,
	200	4.250%, 05/15/39		251
	4,900	4.375%, 02/15/38		6,243
	7,575	4.500%, 02/15/36		9,833
	1,300	4.500%, 05/15/38		1,687
	1,750	4.500%, 08/15/39		2,277
	1,500	4.750%, 02/15/37		2,013
	15,370	5.000%, 05/15/37		21,340
	850	5.250%, 02/15/29		1,132
	1,250	5.375%, 02/15/31		1,722
	750	6.125%, 11/15/27		1,062
	300	6.125%, 08/15/29		434
	2,506	6.250%, 08/15/23		3,345
	900	6.250%, 05/15/30		1,333
	525	6.625%, 02/15/27		763

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligations — continued
	4,690	7.500%, 11/15/16		5,327
	1,881	7.875%, 02/15/21		2,560
	864	8.125%, 05/15/21		1,197
	1,845	8.500%, 02/15/20		2,488
	7,000	8.750%, 08/15/20		9,707
	20,115	8.875%, 08/15/17		24,465
		U.S. Treasury Coupon STRIPS,
	19,751	1.533%, 08/15/16 (n)		19,602
	17,765	1.868%, 05/15/21 (n)		15,656
	8,400	1.901%, 05/15/18 (n)		8,075
	2,000	2.038%, 02/15/18 (n)		1,934
	17,095	2.283%, 02/15/21 (n)		15,191
	14,400	2.491%, 11/15/22 (n)		12,132
	1,670	2.502%, 02/15/20 (n)		1,532
	15,768	2.518%, 02/15/22 (n)		13,595
	500	2.543%, 11/15/23 (n)		408
	2,300	2.591%, 08/15/23 (n)		1,892
	1,500	2.617%, 05/15/25 (n)		1,161
	1,500	2.631%, 05/15/22 (n)		1,284
	4,800	2.648%, 08/15/22 (n)		4,076
	15,400	2.718%, 05/15/23 (n)		12,759
	15,025	2.768%, 11/15/21 (n)		13,053
	38,935	2.970%, 08/15/20 (n)		35,157
	40,732	3.007%, 02/15/23 (n)		34,040
	1,592	3.068%, 08/15/26 (n)		1,179
	6,650	3.131%, 11/15/29 (n)		4,406
	800	3.131%, 05/15/35 (n)		443
	17,577	3.133%, 05/15/19 (n)		16,445
	6,100	3.230%, 08/15/21 (n)		5,343
	15,000	3.238%, 08/15/28 (n)		10,368
	4,250	3.329%, 02/15/32 (n)		2,617
	5,600	3.362%, 05/15/28 (n)		3,903
	27,150	3.368%, 11/15/26 (n)		19,929
	1,650	3.392%, 08/15/34 (n)		936
	16,050	3.392%, 05/15/32 (n)		9,799
	50,504	3.416%, 05/15/20 (n)		45,956
	3,350	3.477%, 08/15/32 (n)		2,028
	9,700	3.483%, 08/15/31 (n)		6,072
	6,305	3.513%, 02/15/29 (n)		4,279
	2,400	3.522%, 08/15/29 (n)		1,602
	3,000	3.558%, 05/15/31 (n)		1,895
	8,300	3.566%, 11/15/27 (n)		5,888
	28,300	3.604%, 02/15/27 (n)		20,562
	8,650	3.671%, 11/15/31 (n)		5,372
	21,411	3.753%, 08/15/17 (n)		20,934
	8,000	3.782%, 02/15/31 (n)		5,095
	22,360	3.840%, 08/15/19 (n)		20,796
	18,741	3.874%, 08/15/18 (n)		17,909
	7,140	4.038%, 11/15/32 (n)		4,289
	2,500	4.063%, 02/15/33 (n)		1,488
	6,400	4.150%, 05/15/30 (n)		4,178
	20,736	4.237%, 02/15/17 (n)		20,445
	600	4.279%, 08/15/24 (n)		477
	600	4.315%, 02/15/26 (n)		452
	11,150	4.397%, 05/15/33 (n)		6,586
	2,200	4.410%, 11/15/24 (n)		1,732
	12,300	4.417%, 08/15/30 (n)		7,964
	2,800	4.436%, 05/15/34 (n)		1,603
	4,750	4.566%, 11/15/33 (n)		2,764
	9,925	4.639%, 11/15/30 (n)		6,373
	100	4.686%, 08/15/35 (n)		55
	6,675	4.723%, 08/15/27 (n)		4,770
	8,860	4.725%, 02/15/28 (n)		6,230
	1,200	4.881%, 02/15/35 (n)		669
	5,000	4.890%, 02/15/34 (n)		2,882
	23,600	4.951%, 02/15/30 (n)		15,517
	3,050	5.057%, 08/15/33 (n)		1,789
	22,839	5.100%, 11/15/17 (n)		22,203
	1,500	5.618%, 05/15/26 (n)		1,121
	2,500	5.656%, 11/15/28 (n)		1,712
	2,550	5.694%, 05/15/27 (n)		1,836
	200	5.749%, 05/15/24 (n)		160

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligations — continued
	13,857	5.766%, 11/15/16 (n)		13,714
	17,230	5.833%, 02/15/15 (n)		17,227
	39,501	6.424%, 02/15/16 (n)		39,388
	2,049	6.428%, 08/15/15 (n)		2,047
	3,595	6.494%, 05/15/15 (n)		3,593
	14,257	6.582%, 11/15/15 (n)		14,233
		U.S. Treasury Inflation Indexed Bonds,
	300	2.500%, 01/15/29		415
	799	3.625%, 04/15/28		1,627
		U.S. Treasury Inflation Indexed Notes,
	1,000	0.500%, 04/15/15		1,092
	1,000	1.125%, 01/15/21		1,150
	630	1.375%, 07/15/18		740
		U.S. Treasury Notes,
	8,000	0.750%, 12/31/17		7,949
	3,560	0.875%, 01/31/18		3,547
	1,500	1.000%, 06/30/19		1,471
	4,510	1.000%, 11/30/19		4,398
	31,250	1.250%, 10/31/18		31,260
	11,635	1.375%, 11/30/18		11,684
	2,000	1.375%, 02/28/19		2,002
	7,400	1.500%, 08/31/18		7,486
	2,000	1.750%, 05/15/22		1,970
	10,000	2.000%, 02/15/22		10,052
	12,245	2.125%, 12/31/15		12,499
	7,500	2.125%, 08/31/20		7,672
	1,000	2.125%, 01/31/21		1,019
	36,000	2.125%, 08/15/21		36,543
	10,000	2.250%, 07/31/18		10,389
	21,972	2.625%, 12/31/14		22,016
	1,000	2.625%, 02/29/16		1,030
	4,575	2.625%, 04/30/16		4,729
	9,300	2.625%, 01/31/18		9,774
	700	2.625%, 08/15/20		735
	2,300	2.625%, 11/15/20		2,413
	12,985	2.750%, 05/31/17		13,646
	2,000	2.750%, 12/31/17		2,109
	9,000	3.125%, 10/31/16		9,456
	6,015	3.125%, 04/30/17		6,369
	11,638	3.125%, 05/15/19		12,505
	7,250	3.125%, 05/15/21		7,818
	15,700	3.250%, 12/31/16		16,581
	12,300	3.250%, 03/31/17		13,045
	2,600	3.500%, 02/15/18		2,806
	450	3.500%, 05/15/20		494
	7,000	3.625%, 02/15/21		7,757
	2,500	3.750%, 11/15/18		2,742
	10,000	4.000%, 02/15/15		10,081
		U.S. Treasury Principal STRIPS,
	16,180	Zero Coupon, 02/15/15		16,178
	1,000	Zero Coupon, 05/15/16		995
		Total U.S. Treasury Obligations (Cost $991,406)		1,050,223
	Loan Assignments — 0.3%
		Financials — 0.3%
		Real Estate Management & Development — 0.3%
		Fiveten Group Holdings Ltd., Revolving Loan, (United Kingdom),
	1,607	VAR, 4.500%, 04/10/15 (i)		1,599
		Invitation Homes, Revolving Loan,
	357	VAR, 3.750%, 03/15/15 (i)		355
		Progress Residential LP, Revolving Loan,
	5,142	VAR, 3.732%, 09/04/15 (i)		5,116
		Tricon Capital Group Inc., Revolving Loan, (Canada),
	4,834	VAR 4.100%, 06/13/15 (i)		4,810
		Total Loan Assignments (Cost $11,940)		11,880

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 5.6%
		Investment Company — 5.6%
	229,062	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.030% (b) (l) (m) (Cost $229,062)		229,062
		Total Investments — 100.6% (Cost $3,935,926)		4,115,778
		Liabilities in Excess of Other Assets — (0.6)%		(25,926	)
		NET ASSETS — 100.0%	$	4,089,852

Percentages indicated are based on net assets.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 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 November 30, 2014.
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 November 30, 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 November 30, 2014.
VA	—	Veterans Administration
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of November 30, 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.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

(l)	—	The rate shown is the current yield as of November 30, 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.
(w)	—	When-issued security.
(†)	—	Security matures in 2105.
(††)	—	Security matures in 2110.
(†††)	—	Security matures in 2111.
(††††)	—	Security matures in 2114.

As of November 30, 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	$	193,729
Aggregate gross unrealized depreciation		(13,877	)
Net unrealized appreciation/depreciation	$	179,852
Federal income tax cost of investments	$	3,935,926

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

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

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

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

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

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

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

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

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

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

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	141,661	$	116,083	$	257,744
Collateralized Mortgage Obligations
Agency CMO		—		606,390		—		606,390
Non-Agency CMO		—		204,190		47,221		251,411
Total Collateralized Mortgage Obligations		—		810,580		47,221		857,801
Commercial Mortgage-Backed Securities		—		134,469		17,276		151,745
Corporate Bonds
Consumer Discretionary		—		51,481		—		51,481
Consumer Staples		—		36,268		—		36,268
Energy		—		71,626		—		71,626
Financials		—		330,707		—		330,707
Health Care		—		27,467		—		27,467
Industrials		—		44,087		3,366		47,453
Information Technology		—		43,499		—		43,499
Materials		—		25,145		—		25,145
Telecommunication Services		—		42,078		1,779		43,857
Utilities		—		63,292		—		63,292
Total Corporate Bonds		—		735,650		5,145		740,795
Foreign Government Securities		—		67,082		—		67,082
Mortgage Pass-Through Securities		—		641,509		—		641,509
Municipal Bonds		—		10,246		—		10,246
Supranational		—		4,471		—		4,471
U.S. Government Agency Securities		—		93,220		—		93,220
U.S. Treasury Obligations		—		1,050,223		—		1,050,223
Loan Assignments
Financials		—		—		11,880		11,880
Short-Term Investment
Investment Company		229,062		—		—		229,062
Total Investments in Securities	$	229,062	$	3,689,111	$	197,605	$	4,115,778

There were no transfers between Levels 1 and 2 during the period ended November 30, 2014.

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

	Balance as of February 28, 2014		Realized gain (loss)			Change in unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of November 30, 2014
Investments in Securities
Asset-Backed Securities	$	95,936	$	73		$	(710	)	$	44		$	64,701	$	(41,241	)	$	—	$	(2,720	)	$	116,083
Collateralized Mortgage Obligations — Agency CMO		5,515		(2	)		—			—			—		—			—		(5,513	)		—
Collateralized Mortgage Obligations — Non-Agency CMO		48,682		—			(1,678	)		(1,886	)		2,485		(4,858	)		4,476		—			47,221
Commercial Mortgage-Backed Securities		18,872		—			367			(1,216	)		2,816		(3,563	)		—		—			17,276
Corporate Bonds — Industrials		3,605		—			(44	)		(2	)		35		(228	)		—		—			3,366
Corporate Bonds — Telecommunication Services		—					(53	)		—			—		—			1,832		—			1,779
Loan Assignments — Financials		13,732		—			7			—			11,903		(13,762	)		—		—			11,880
Total	$	186,342	$	71		$	(2,111	)	$	(3,060	)	$	81,940	$	(63,652	)	$	6,308	$	(8,233	)	$	197,605

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 net unrealized appreciation (depreciation) attributable to securities owned at November 30, 2014, which were valued using significant unobservable inputs (Level 3) were $(2,113).

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

	Fair Value at November  30, 2014		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	61,816	Discounted Cash Flow	Constant Prepayment Rate	0.00% - 100.00% (3.32%)
				Constant Default Rate	0.00% - 30.00% (18.97%)
				Yield (Discount Rate of Cash Flows)	0.61% - 6.72% (3.43%)
Asset-Backed Securities		61,816
		34,447	Discounted Cash Flow	Constant Prepayment Rate	0.18% - 35.79% (7.88%)
				Constant Default Rate	0.00% - 9.16% (3.52%)
				PSA Prepayment Model	222.00% - 1,085.00% (509.34%)
				Yield (Discount Rate of Cash Flows)	0.02% - 20.50% (5.41%)
Collateralized Mortgage Obligations		34,447
		8,266	Discounted Cash Flow	Constant Prepayment Rate	0.00% - 100.00% (24.41%)
				Constant Default Rate	0.00% - 28.00% (10.28%)
				Yield (Discount Rate of Cash Flows)	(8.70%) - 4.86% (2.76%)
Commercial Mortgage-Backed Securities		8,266
Total	$	104,529

# The table above does not include certain Level 3 securities that are valued by brokers and pricing services. At November 30, 2014, the value of these investments was approximately $93,076,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A.

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 NOVEMBER 30, 2014 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — 99.0%
	Consumer Discretionary — 11.8%
		Auto Components — 0.4%
	5	BorgWarner, Inc.		260
	6	Delphi Automotive plc, (United Kingdom)		439
	6	Goodyear Tire & Rubber Co. (The)		152
	13	Johnson Controls, Inc.		670
				1,521
		Automobiles — 0.6%
	78	Ford Motor Co.		1,227
	27	General Motors Co.		906
	4	Harley-Davidson, Inc.		305
				2,438
		Distributors — 0.1%
	3	Genuine Parts Co.		317
		Diversified Consumer Services — 0.0% (g)
	6	H&R Block, Inc.		186
		Hotels, Restaurants & Leisure — 1.6%
	9	Carnival Corp.		400
	1	Chipotle Mexican Grill, Inc. (a)		414
	3	Darden Restaurants, Inc.		152
	4	Marriott International, Inc., Class A		345
	20	McDonald’s Corp.		1,912
	15	Starbucks Corp.		1,227
	4	Starwood Hotels & Resorts Worldwide, Inc.		284
	3	Wyndham Worldwide Corp.		210
	2	Wynn Resorts Ltd.		291
	9	Yum! Brands, Inc.		683
				5,918
		Household Durables — 0.4%
	7	D.R. Horton, Inc.		170
	2	Garmin Ltd., (Switzerland)		140
	1	Harman International Industries, Inc.		149
	3	Leggett & Platt, Inc.		116
	4	Lennar Corp., Class A		169
	1	Mohawk Industries, Inc. (a)		191
	6	Newell Rubbermaid, Inc.		200
	7	PulteGroup, Inc.		147
	2	Whirlpool Corp.		292
				1,574
		Internet & Catalog Retail — 1.2%
	8	Amazon.com, Inc. (a)		2,580
	2	Expedia, Inc.		174
	1	Netflix, Inc. (a)		419
	1	Priceline Group, Inc. (The) (a)		1,224
	2	TripAdvisor, Inc. (a)		165
				4,562
		Leisure Products — 0.1%
	2	Hasbro, Inc.		137
	7	Mattel, Inc.		214
				351
		Media — 3.5%
	4	Cablevision Systems Corp., Class A		89
	10	CBS Corp. (Non-Voting), Class B		535
	52	Comcast Corp., Class A		2,969
	10	DIRECTV (a)		886
	3	Discovery Communications, Inc., Class A (a)		104
	5	Discovery Communications, Inc., Class C (a)		187
	5	Gannett Co., Inc.		148
	8	Interpublic Group of Cos., Inc. (The)		172
	10	News Corp., Class A (a)		155
	5	Omnicom Group, Inc.		390
	2	Scripps Networks Interactive, Inc., Class A		163
	6	Time Warner Cable, Inc.		836
	17	Time Warner, Inc.		1,464
	38	Twenty-First Century Fox, Inc., Class A		1,394
	8	Viacom, Inc., Class B		579
	32	Walt Disney Co. (The)		2,938
				13,009
		Multiline Retail — 0.7%
	6	Dollar General Corp. (a)		407
	4	Dollar Tree, Inc. (a)		283
	2	Family Dollar Stores, Inc.		152
	4	Kohl’s Corp.		246
	7	Macy’s, Inc.		461
	3	Nordstrom, Inc.		219
	13	Target Corp.		943
				2,711
		Specialty Retail — 2.3%
	2	AutoNation, Inc. (a)		94
	1	AutoZone, Inc. (a)		379
	4	Bed Bath & Beyond, Inc. (a)		273
	6	Best Buy Co., Inc.		230
	4	CarMax, Inc. (a)		251
	2	GameStop Corp., Class A		86
	6	Gap, Inc. (The)		218

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — continued
	Specialty Retail — continued
	27	Home Depot, Inc. (The)		2,691
	5	L Brands, Inc.		400
	20	Lowe’s Cos., Inc.		1,267
	2	O’Reilly Automotive, Inc. (a)		381
	2	PetSmart, Inc.		157
	4	Ross Stores, Inc.		386
	13	Staples, Inc.		182
	2	Tiffany & Co.		244
	14	TJX Cos., Inc. (The)		922
	3	Tractor Supply Co.		213
	2	Urban Outfitters, Inc. (a)		66
				8,440
		Textiles, Apparel & Luxury Goods — 0.9%
	6	Coach, Inc.		205
	1	Fossil Group, Inc. (a)		105
	4	Michael Kors Holdings Ltd., (Hong Kong) (a)		317
	14	NIKE, Inc., Class B		1,404
	2	PVH Corp.		211
	1	Ralph Lauren Corp.		226
	3	Under Armour, Inc., Class A (a)		242
	7	V.F. Corp.		521
				3,231
		Total Consumer Discretionary		44,258
	Consumer Staples — 9.8%
		Beverages — 2.2%
	3	Brown-Forman Corp., Class B		308
	79	Coca-Cola Co. (The)		3,559
	5	Coca-Cola Enterprises, Inc.		200
	3	Constellation Brands, Inc., Class A (a)		325
	4	Dr. Pepper Snapple Group, Inc.		290
	3	Molson Coors Brewing Co., Class B		248
	3	Monster Beverage Corp. (a)		324
	30	PepsiCo, Inc.		3,034
				8,288
		Food & Staples Retailing — 2.4%
	9	Costco Wholesale Corp.		1,253
	23	CVS Health Corp.		2,128
	10	Kroger Co. (The)		588
	5	Safeway, Inc.		162
	12	Sysco Corp.		475
	18	Walgreen Co.		1,214
	32	Wal-Mart Stores, Inc.		2,780
	7	Whole Foods Market, Inc.		356
				8,956
		Food Products — 1.6%
	13	Archer-Daniels-Midland Co.		684
	4	Campbell Soup Co.		163
	8	ConAgra Foods, Inc.		310
	12	General Mills, Inc.		650
	3	Hershey Co. (The)		301
	3	Hormel Foods Corp.		144
	2	JM Smucker Co. (The)		210
	5	Kellogg Co.		341
	2	Keurig Green Mountain, Inc.		348
	12	Kraft Foods Group, Inc.		719
	3	McCormick & Co., Inc. (Non-Voting)		194
	4	Mead Johnson Nutrition Co.		422
	34	Mondelez International, Inc., Class A		1,329
	6	Tyson Foods, Inc., Class A		249
				6,064
		Household Products — 2.0%
	3	Clorox Co. (The)		263
	17	Colgate-Palmolive Co.		1,201
	8	Kimberly-Clark Corp.		877
	54	Procter & Gamble Co. (The)		4,925
				7,266
		Personal Products — 0.1%
	9	Avon Products, Inc.		85
	5	Estee Lauder Cos., Inc. (The), Class A		336
				421
		Tobacco — 1.5%
	40	Altria Group, Inc.		2,005
	7	Lorillard, Inc.		457
	31	Philip Morris International, Inc.		2,731
	6	Reynolds American, Inc.		409
				5,602
		Total Consumer Staples		36,597
	Energy — 8.3%
		Energy Equipment & Services — 1.4%
	9	Baker Hughes, Inc.		499
	4	Cameron International Corp. (a)		209
	1	Diamond Offshore Drilling, Inc.		40
	5	Ensco plc, (United Kingdom), Class A		159
	5	FMC Technologies, Inc. (a)		226
	17	Halliburton Co.		722

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — continued
		Energy Equipment & Services — continued
	2	Helmerich & Payne, Inc.		151
	6	Nabors Industries Ltd., (Bermuda)		76
	9	National Oilwell Varco, Inc.		580
	5	Noble Corp. plc, (United Kingdom)		92
	26	Schlumberger Ltd.		2,241
	7	Transocean Ltd., (Switzerland)		144
				5,139
		Oil, Gas & Consumable Fuels — 6.9%
	10	Anadarko Petroleum Corp.		805
	8	Apache Corp.		493
	8	Cabot Oil & Gas Corp.		277
	10	Chesapeake Energy Corp.		212
	38	Chevron Corp.		4,158
	2	Cimarex Energy Co.		184
	25	ConocoPhillips		1,634
	5	CONSOL Energy, Inc.		181
	7	Denbury Resources, Inc.		58
	8	Devon Energy Corp.		456
	11	EOG Resources, Inc.		955
	3	EQT Corp.		277
	86	Exxon Mobil Corp.		7,766
	5	Hess Corp.		384
	34	Kinder Morgan, Inc.		1,422
	14	Marathon Oil Corp.		392
	6	Marathon Petroleum Corp.		513
	3	Murphy Oil Corp.		163
	3	Newfield Exploration Co. (a)		75
	7	Noble Energy, Inc.		356
	16	Occidental Petroleum Corp.		1,251
	4	ONEOK, Inc.		227
	11	Phillips 66		821
	3	Pioneer Natural Resources Co.		412
	3	QEP Resources, Inc.		68
	3	Range Resources Corp.		223
	7	Southwestern Energy Co. (a)		228
	13	Spectra Energy Corp.		511
	3	Tesoro Corp.		198
	11	Valero Energy Corp.		516
	14	Williams Cos., Inc. (The)		700
				25,916
		Total Energy		31,055
	Financials — 16.2%
		Banks — 5.8%
	211	Bank of America Corp.		3,604
	14	BB&T Corp.		544
	61	Citigroup, Inc.		3,291
	4	Comerica, Inc.		170
	17	Fifth Third Bancorp		338
	16	Huntington Bancshares, Inc.		166
	76	JPMorgan Chase & Co. (q)		4,551
	18	KeyCorp		238
	3	M&T Bank Corp.		334
	11	PNC Financial Services Group, Inc. (The)		951
	28	Regions Financial Corp.		279
	11	SunTrust Banks, Inc.		420
	36	U.S. Bancorp		1,602
	96	Wells Fargo & Co.		5,205
	4	Zions Bancorp		114
				21,807
		Capital Markets — 2.2%
	1	Affiliated Managers Group, Inc. (a)		227
	4	Ameriprise Financial, Inc.		496
	23	Bank of New York Mellon Corp. (The)		911
	3	BlackRock, Inc.		911
	23	Charles Schwab Corp. (The)		653
	6	E*TRADE Financial Corp. (a)		132
	8	Franklin Resources, Inc.		450
	8	Goldman Sachs Group, Inc. (The)		1,553
	9	Invesco Ltd.		351
	2	Legg Mason, Inc.		116
	31	Morgan Stanley		1,084
	4	Northern Trust Corp.		302
	9	State Street Corp.		654
	5	T. Rowe Price Group, Inc.		442
				8,282
		Consumer Finance — 0.9%
	18	American Express Co.		1,673
	11	Capital One Financial Corp.		939
	9	Discover Financial Services		609
	8	Navient Corp.		177
				3,398
		Diversified Financial Services — 2.1%
	37	Berkshire Hathaway, Inc., Class B (a)		5,452
	6	CME Group, Inc.		538
	2	Intercontinental Exchange, Inc.		516
	6	Leucadia National Corp.		147
	5	McGraw Hill Financial, Inc.		509
	4	Moody’s Corp.		377
	2	NASDAQ OMX Group, Inc. (The)		107
				7,646

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — continued
		Insurance — 2.7%
	7	ACE Ltd., (Switzerland)		772
	9	Aflac, Inc.		544
	9	Allstate Corp. (The)		594
	29	American International Group, Inc.		1,573
	6	Aon plc, (United Kingdom)		540
	1	Assurant, Inc.		97
	5	Chubb Corp. (The)		499
	3	Cincinnati Financial Corp.		151
	10	Genworth Financial, Inc., Class A (a)		91
	9	Hartford Financial Services Group, Inc. (The)		372
	5	Lincoln National Corp.		297
	6	Loews Corp.		255
	11	Marsh & McLennan Cos., Inc.		620
	23	MetLife, Inc.		1,258
	5	Principal Financial Group, Inc.		293
	11	Progressive Corp. (The)		295
	9	Prudential Financial, Inc.		786
	3	Torchmark Corp.		141
	7	Travelers Cos., Inc. (The)		712
	5	Unum Group		170
	5	XL Group plc, (Ireland)		190
				10,250
		Real Estate Investment Trusts (REITs) — 2.3%
	8	American Tower Corp.		837
	3	Apartment Investment & Management Co., Class A		109
	3	AvalonBay Communities, Inc.		424
	3	Boston Properties, Inc.		399
	7	Crown Castle International Corp.		558
	7	Equity Residential		515
	1	Essex Property Trust, Inc.		259
	13	General Growth Properties, Inc.		338
	9	HCP, Inc.		413
	7	Health Care REIT, Inc.		480
	15	Host Hotels & Resorts, Inc.		354
	4	Iron Mountain, Inc.		141
	8	Kimco Realty Corp.		210
	3	Macerich Co. (The)		224
	4	Plum Creek Timber Co., Inc.		149
	10	Prologis, Inc.		425
	3	Public Storage		547
	6	Simon Property Group, Inc.		1,130
	6	Ventas, Inc.		424
	4	Vornado Realty Trust		392
	11	Weyerhaeuser Co.		375
				8,703
		Real Estate Management & Development — 0.1%
	6	CBRE Group, Inc., Class A (a)		189
		Thrifts & Mortgage Finance — 0.1%
	10	Hudson City Bancorp, Inc.		95
	6	People’s United Financial, Inc.		92
				187
		Total Financials		60,462
	Health Care — 14.2%
		Biotechnology — 2.9%
	4	Alexion Pharmaceuticals, Inc. (a)		776
	15	Amgen, Inc.		2,525
	5	Biogen Idec, Inc. (a)		1,461
	16	Celgene Corp. (a)		1,828
	30	Gilead Sciences, Inc. (a)		3,050
	1	Regeneron Pharmaceuticals, Inc. (a)		618
	5	Vertex Pharmaceuticals, Inc. (a)		564
				10,822
		Health Care Equipment & Supplies — 2.2%
	30	Abbott Laboratories		1,346
	11	Baxter International, Inc.		795
	4	Becton, Dickinson and Co.		541
	27	Boston Scientific Corp. (a)		343
	2	C.R. Bard, Inc.		251
	4	CareFusion Corp. (a)		242
	9	Covidien plc, (Ireland)		918
	3	DENTSPLY International, Inc.		157
	2	Edwards Lifesciences Corp. (a)		277
	1	Intuitive Surgical, Inc. (a)		374
	20	Medtronic, Inc.		1,455
	6	St. Jude Medical, Inc.		389
	6	Stryker Corp.		559
	2	Varian Medical Systems, Inc. (a)		184
	3	Zimmer Holdings, Inc.		382
				8,213
		Health Care Providers & Services — 2.3%
	7	Aetna, Inc.		622
	4	AmerisourceBergen Corp.		390

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — continued
		Health Care Providers & Services — continued
	7	Cardinal Health, Inc.		556
	5	Cigna Corp.		546
	3	DaVita HealthCare Partners, Inc. (a)		264
	15	Express Scripts Holding Co. (a)		1,247
	3	Humana, Inc.		428
	2	Laboratory Corp. of America Holdings (a)		179
	5	McKesson Corp.		982
	2	Patterson Cos., Inc.		84
	3	Quest Diagnostics, Inc.		190
	2	Tenet Healthcare Corp. (a)		95
	20	UnitedHealth Group, Inc.		1,927
	2	Universal Health Services, Inc., Class B		192
	6	WellPoint, Inc.		706
				8,408
		Health Care Technology — 0.1%
	6	Cerner Corp. (a)		393
		Life Sciences Tools & Services — 0.4%
	7	Agilent Technologies, Inc.		287
	2	PerkinElmer, Inc.		103
	8	Thermo Fisher Scientific, Inc.		1,037
	2	Waters Corp. (a)		196
				1,623
		Pharmaceuticals — 6.3%
	32	AbbVie, Inc.		2,215
	5	Actavis plc (a)		1,438
	6	Allergan, Inc.		1,279
	33	Bristol-Myers Squibb Co.		1,969
	20	Eli Lilly & Co.		1,347
	3	Hospira, Inc. (a)		202
	57	Johnson & Johnson		6,140
	2	Mallinckrodt plc (a)		210
	58	Merck & Co., Inc.		3,504
	8	Mylan, Inc. (a)		441
	3	Perrigo Co. plc, (Ireland)		431
	128	Pfizer, Inc.		3,973
	10	Zoetis, Inc.		453
				23,602
		Total Health Care		53,061
	Industrials — 10.3%
		Aerospace & Defense — 2.6%
	13	Boeing Co. (The)		1,811
	6	General Dynamics Corp.		929
	16	Honeywell International, Inc.		1,559
	2	L-3 Communications Holdings, Inc.		216
	5	Lockheed Martin Corp.		1,039
	4	Northrop Grumman Corp.		589
	3	Precision Castparts Corp.		687
	6	Raytheon Co.		667
	3	Rockwell Collins, Inc.		232
	6	Textron, Inc.		243
	17	United Technologies Corp.		1,884
				9,856
		Air Freight & Logistics — 0.8%
	3	C.H. Robinson Worldwide, Inc.		218
	4	Expeditors International of Washington, Inc.		184
	5	FedEx Corp.		951
	14	United Parcel Service, Inc., Class B		1,555
				2,908
		Airlines — 0.4%
	17	Delta Air Lines, Inc.		791
	14	Southwest Airlines Co.		577
				1,368
		Building Products — 0.1%
	2	Allegion plc, (Ireland)		104
	7	Masco Corp.		173
				277
		Commercial Services & Supplies — 0.4%
	4	ADT Corp. (The)		122
	2	Cintas Corp.		142
	4	Pitney Bowes, Inc.		101
	5	Republic Services, Inc.		201
	2	Stericycle, Inc. (a)		220
	8	Tyco International plc		361
	9	Waste Management, Inc.		425
				1,572
		Construction & Engineering — 0.1%
	3	Fluor Corp.		197
	3	Jacobs Engineering Group, Inc. (a)		124
	4	Quanta Services, Inc. (a)		133
				454
		Electrical Equipment — 0.6%
	5	AMETEK, Inc.		252
	10	Eaton Corp. plc		649
	14	Emerson Electric Co.		895
	3	Rockwell Automation, Inc.		320
				2,116

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — continued
		Industrial Conglomerates — 2.3%
	13	3M Co.		2,086
	12	Danaher Corp.		1,024
	202	General Electric Co.		5,346
	2	Roper Industries, Inc.		318
				8,774
		Machinery — 1.6%
	13	Caterpillar, Inc.		1,270
	3	Cummins, Inc.		501
	7	Deere & Co.		624
	3	Dover Corp.		258
	3	Flowserve Corp.		162
	7	Illinois Tool Works, Inc.		697
	5	Ingersoll-Rand plc		339
	2	Joy Global, Inc.		97
	7	PACCAR, Inc.		478
	2	Pall Corp.		206
	3	Parker-Hannifin Corp.		386
	4	Pentair plc, (United Kingdom)		251
	1	Snap-on, Inc.		158
	3	Stanley Black & Decker, Inc.		297
	4	Xylem, Inc.		141
				5,865
		Professional Services — 0.2%
	1	Dun & Bradstreet Corp. (The)		93
	2	Equifax, Inc.		195
	6	Nielsen N.V.		255
	3	Robert Half International, Inc.		157
				700
		Road & Rail — 1.0%
	20	CSX Corp.		734
	2	Kansas City Southern		264
	6	Norfolk Southern Corp.		695
	1	Ryder System, Inc.		102
	18	Union Pacific Corp.		2,107
				3,902
		Trading Companies & Distributors — 0.2%
	5	Fastenal Co.		248
	2	United Rentals, Inc. (a)		219
	1	W.W. Grainger, Inc.		301
				768
		Total Industrials		38,560
	Information Technology — 19.8%
		Communications Equipment — 1.6%
	103	Cisco Systems, Inc.		2,835
	1	F5 Networks, Inc. (a)		192
	2	Harris Corp.		151
	8	Juniper Networks, Inc.		179
	4	Motorola Solutions, Inc.		292
	34	QUALCOMM, Inc.		2,457
				6,106
		Electronic Equipment, Instruments & Components — 0.4%
	6	Amphenol Corp., Class A		338
	26	Corning, Inc.		546
	3	FLIR Systems, Inc.		91
	8	TE Connectivity Ltd., (Switzerland)		528
				1,503
		Internet Software & Services — 3.2%
	4	Akamai Technologies, Inc. (a)		232
	23	eBay, Inc. (a)		1,247
	42	Facebook, Inc., Class A (a)		3,256
	6	Google, Inc., Class A (a)		3,137
	6	Google, Inc., Class C (a)		3,095
	2	VeriSign, Inc. (a)		136
	19	Yahoo!, Inc. (a)		963
				12,066
		IT Services — 3.3%
	13	Accenture plc, (Ireland), Class A		1,096
	1	Alliance Data Systems Corp. (a)		342
	10	Automatic Data Processing, Inc.		828
	12	Cognizant Technology Solutions Corp., Class A (a)		660
	3	Computer Sciences Corp.		185
	6	Fidelity National Information Services, Inc.		351
	5	Fiserv, Inc. (a)		358
	19	International Business Machines Corp.		3,026
	20	MasterCard, Inc., Class A		1,728
	7	Paychex, Inc.		312
	3	Teradata Corp. (a)		141
	3	Total System Services, Inc.		110
	10	Visa, Inc., Class A		2,556
	11	Western Union Co. (The)		198
	22	Xerox Corp.		304
				12,195

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — continued
		Semiconductors & Semiconductor Equipment — 2.5%
	6	Altera Corp.		234
	6	Analog Devices, Inc.		345
	25	Applied Materials, Inc.		589
	5	Avago Technologies Ltd., (Singapore)		473
	11	Broadcom Corp., Class A		467
	2	First Solar, Inc. (a)		74
	100	Intel Corp.		3,709
	3	KLA-Tencor Corp.		231
	3	Lam Research Corp.		269
	5	Linear Technology Corp.		221
	4	Microchip Technology, Inc.		182
	22	Micron Technology, Inc. (a)		774
	10	NVIDIA Corp.		217
	21	Texas Instruments, Inc.		1,169
	5	Xilinx, Inc.		245
				9,199
		Software — 3.8%
	10	Adobe Systems, Inc. (a)		700
	5	Autodesk, Inc. (a)		283
	6	CA, Inc.		201
	3	Citrix Systems, Inc. (a)		220
	6	Electronic Arts, Inc. (a)		276
	6	Intuit, Inc.		536
	166	Microsoft Corp.		7,923
	65	Oracle Corp.		2,774
	4	Red Hat, Inc. (a)		237
	12	salesforce.com, Inc. (a)		693
	14	Symantec Corp.		362
				14,205
		Technology Hardware, Storage & Peripherals — 5.0%
	120	Apple, Inc.		14,323
	41	EMC Corp.		1,238
	38	Hewlett-Packard Co.		1,466
	6	NetApp, Inc.		273
	5	SanDisk Corp.		467
	7	Seagate Technology plc, (Ireland)		434
	4	Western Digital Corp.		457
				18,658
		Total Information Technology		73,932
	Materials — 3.2%
		Chemicals — 2.4%
	4	Air Products & Chemicals, Inc.		555
	1	Airgas, Inc.		156
	1	CF Industries Holdings, Inc.		268
	23	Dow Chemical Co. (The)		1,099
	18	E.I. du Pont de Nemours & Co.		1,314
	3	Eastman Chemical Co.		249
	5	Ecolab, Inc.		591
	3	FMC Corp.		146
	2	International Flavors & Fragrances, Inc.		165
	9	LyondellBasell Industries N.V., Class A		674
	10	Monsanto Co.		1,167
	6	Mosaic Co. (The)		293
	3	PPG Industries, Inc.		606
	6	Praxair, Inc.		754
	2	Sherwin-Williams Co. (The)		409
	2	Sigma-Aldrich Corp.		327
				8,773
		Construction Materials — 0.1%
	1	Martin Marietta Materials, Inc.		149
	3	Vulcan Materials Co.		174
				323
		Containers & Packaging — 0.2%
	2	Avery Dennison Corp.		93
	3	Ball Corp.		187
	2	Bemis Co., Inc.		80
	3	MeadWestvaco Corp.		152
	3	Owens-Illinois, Inc. (a)		85
	4	Sealed Air Corp.		169
				766
		Metals & Mining — 0.4%
	24	Alcoa, Inc.		409
	2	Allegheny Technologies, Inc.		74
	21	Freeport-McMoRan, Inc.		561
	10	Newmont Mining Corp.		184
	6	Nucor Corp.		344
				1,572
		Paper & Forest Products — 0.1%
	9	International Paper Co.		462
		Total Materials		11,896
	Telecommunication Services — 2.4%
		Diversified Telecommunication Services — 2.4%
	104	AT&T, Inc.		3,690
	11	CenturyLink, Inc.		468
	20	Frontier Communications Corp.		142
	6	Level 3 Communications, Inc. (a)		280
	83	Verizon Communications, Inc.		4,218

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — continued
		Diversified Telecommunication Services — continued
	12	Windstream Holdings, Inc.		122
		Total Telecommunication Services		8,920
	Utilities — 3.0%
		Electric Utilities — 1.7%
	10	American Electric Power Co., Inc.		566
	14	Duke Energy Corp.		1,151
	7	Edison International		416
	4	Entergy Corp.		303
	17	Exelon Corp.		625
	8	FirstEnergy Corp.		312
	9	NextEra Energy, Inc.		916
	6	Northeast Utilities		322
	5	Pepco Holdings, Inc.		139
	2	Pinnacle West Capital Corp.		140
	13	PPL Corp.		475
	18	Southern Co. (The)		854
	10	Xcel Energy, Inc.		345
				6,564
		Gas Utilities — 0.0% (g)
	2	AGL Resources, Inc.		126
		Independent Power & Renewable Electricity Producers — 0.1%
	13	AES Corp.		186
	7	NRG Energy, Inc.		212
				398
		Multi-Utilities — 1.2%
	5	Ameren Corp.		211
	9	CenterPoint Energy, Inc.		207
	6	CMS Energy Corp.		183
	6	Consolidated Edison, Inc.		372
	12	Dominion Resources, Inc.		850
	4	DTE Energy Co.		290
	2	Integrys Energy Group, Inc.		117
	6	NiSource, Inc.		265
	9	PG&E Corp.		479
	10	Public Service Enterprise Group, Inc.		425
	3	SCANA Corp.		163
	5	Sempra Energy		519
	5	TECO Energy, Inc.		93
	5	Wisconsin Energy Corp.		224
				4,398
		Total Utilities		11,486
		Total Common Stocks (Cost $173,328)		370,227
	Exchange Traded Fund — 0.2%
		U.S. Equity — 0.2%
	3	SPDR S&P 500 ETF Trust (Cost $606 )		642
PRINCIPAL AMOUNT ($)
	Short-Term Investments — 0.8%
		U.S. Treasury Obligation — 0.1%
	345	U.S. Treasury Bill, 0.048%, 01/08/15 (k) (n)		345
SHARES
		Investment Company — 0.7%
	2,648	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.050% (b) (l)		2,648
		Total Short-Term Investments (Cost $2,993)		2,993
		Total Investments — 100.0% (Cost $176,927)		373,862
		Liabilities in Excess of Other Assets — 0.0% (g)		(94	)
		NET ASSETS — 100.0%	$	373,768

Percentages indicated are based on net assets.

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT NOVEMBER 30, 2014		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	20	E-mini S&P 500		12/19/14	$	2,066	$	71

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%.
(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 November 30, 2014.
(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 November 30, 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	$	198,849
Aggregate gross unrealized depreciation		(1,914	)
Net unrealized appreciation/depreciation	$	196,935
Federal income tax cost of investments	$	176,927

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

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

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

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

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

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

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

	Level 1 Quoted prices	Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$373,517	$	345	$	–	$	373,862
Appreciation in Other Financial Instruments
Futures Contracts	$71	$	–	$	–	$	71

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

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 7.7%
	172	Academic Loan Funding Trust, Series 2012-1A, Class A1, VAR, 0.955%, 12/27/22 (e)		173
		Ally Auto Receivables Trust,
	7	Series 2012-1, Class A3, 0.930%, 02/16/16		7
	58	Series 2012-2, Class A3, 0.740%, 04/15/16		58
	344	Series 2013-2, Class A3, 0.790%, 01/15/18		345
	120	Series 2013-2, Class A4, 1.240%, 11/15/18		120
	198	Series 2014-SN2, Class A3, 1.030%, 09/20/17		198
		American Credit Acceptance Receivables Trust,
	9	Series 2012-3, Class A, 1.640%, 11/15/16 (e)		9
	56	Series 2013-2, Class A, 1.320%, 02/15/17 (e)		56
	168	Series 2014-4, Class A, 1.330%, 07/10/18 (e)		168
		AmeriCredit Automobile Receivables Trust,
	46	Series 2013-1, Class A3, 0.610%, 10/10/17		46
	160	Series 2013-4, Class A2, 0.740%, 11/08/16		160
	157	Series 2013-5, Class A3, 0.900%, 09/10/18		157
	209	AXIS Equipment Finance Receivables II LLC, Series 2013-1A, Class A, 1.750%, 03/20/17 (e)		209
	39	Bear Stearns Asset-Backed Securities Trust, Series 2006-SD1, Class A, VAR, 0.525%, 04/25/36		37
	28	BMW Vehicle Lease Trust, Series 2013-1, Class A3, 0.540%, 09/21/15		28
		BMW Vehicle Owner Trust,
	170	Series 2013-A, Class A3, 0.670%, 11/27/17		170
	274	Series 2014-A, Class A2, 0.530%, 04/25/17		274
	160	Series 2014-A, Class A3, 0.970%, 11/26/18		161
	100	Cabela’s Credit Card Master Note Trust, Series 2012-1A, Class A1, 1.630%, 02/18/20 (e)		101
	41	California Republic Auto Receivables Trust, Series 2012-1, Class A, 1.180%, 08/15/17 (e)		41
		Capital Auto Receivables Asset Trust,
	106	Series 2013-1, Class A2, 0.620%, 07/20/16		106
	112	Series 2013-3, Class A1B, VAR, 0.585%, 11/20/15		112
		CarFinance Capital Auto Trust,
	31	Series 2013-2A, Class A, 1.750%, 11/15/17 (e)		31
	224	Series 2014-1A, Class A, 1.460%, 12/17/18 (e)		225
	125	Series 2014-1A, Class B, 2.720%, 04/15/20 (e)		127
	319	Series 2014-2A, Class A, 1.440%, 11/16/20 (e)		319
	250	Carlyle Global Market Strategies Commodities Funding Ltd., (Cayman Islands), Series 2014-1A, Class A, VAR, 2.131%, 10/15/21 (e) (i)		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		337
	202	Carnow Auto Receivables Trust, Series 2014-1A, Class A, 0.960%, 01/17/17 (e)		202
	112	Centex Home Equity Loan Trust, Series 2004-D, Class AF4, SUB, 4.680%, 06/25/32		115
	23	CNH Equipment Trust, Series 2012-A, Class A3, 0.940%, 05/15/17		23
		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)		101
		CPS Auto Receivables Trust,
	25	Series 2011-C, Class A, 4.210%, 03/15/19 (e)		26
	23	Series 2012-A, Class A, 2.780%, 06/17/19 (e)		23
	146	Series 2012-B, Class A, 2.520%, 09/16/19 (e)		148
	328	Series 2014-A, Class A, 1.210%, 08/15/18 (e)		329
	301	Series 2014-B, Class A, 1.110%, 11/15/18 (e)		300
	333	Series 2014-C, Class A, 1.310%, 02/15/19 (e)		333
	204	Discover Card Execution Note Trust, Series 2012-A1, Class A1, 0.810%, 08/15/17		204
		Exeter Automobile Receivables Trust,
	54	Series 2013-2A, Class A, 1.490%, 11/15/17 (e)		54
	210	Series 2014-1A, Class A, 1.290%, 05/15/18 (e)		211
	228	Series 2014-2A, Class A, 1.060%, 08/15/18 (e)		228
	682	Series 2014-3A, Class A, 1.320%, 01/15/19 (e)		683

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	56	Series 2014-3A, Class B, 2.770%, 11/15/19 (e)		56
		Fifth Third Auto Trust,
	175	Series 2013-1, Class A3, 0.880%, 10/16/17		175
	120	Series 2014-3, Class A2A, 0.570%, 05/15/17		120
	77	Series 2014-3, Class A3, 0.960%, 03/15/19		77
		First Investors Auto Owner Trust,
	24	Series 2012-2A, Class A2, 1.470%, 05/15/18 (e)		24
	35	Series 2013-1A, Class A2, 0.900%, 10/15/18 (e)		35
	169	Series 2014-3A, Class A2, 1.060%, 11/15/18 (e)		169
	138	Series 2014-3A, Class A3, 1.670%, 11/16/20 (e)		138
		Flagship Credit Auto Trust,
	204	Series 2013-2, Class A, 1.940%, 01/15/19 (e)		205
	389	Series 2014-2, Class A, 1.430%, 12/16/19 (e)		389
	89	Series 2014-2, Class B, 2.840%, 11/16/20 (e)		89
	44	Series 2014-2, Class C, 3.950%, 12/15/20 (e)		44
		Ford Credit Auto Lease Trust,
	235	Series 2013-B, Class A3, 0.760%, 09/15/16		235
	100	Series 2013-B, Class A4, 0.960%, 10/15/16		100
	49	Series 2014-A, Class A2A, 0.500%, 10/15/16		50
	83	Series 2014-B, Class A3, 0.890%, 09/15/17		83
	33	Series 2014-B, Class A4, 1.100%, 11/15/17		33
		Ford Credit Auto Owner Trust,
	22	Series 2012-A, Class A3, 0.840%, 08/15/16		22
	62	Series 2012-D, Class A3, 0.510%, 04/15/17		62
	300	Series 2014-C, Class A2, 0.610%, 08/15/17		300
	245	Series 2014-C, Class A3, 1.060%, 05/15/19		245
	140	Ford Credit Floorplan Master Owner Trust, Series 2013-1, Class A2, VAR, 0.535%, 01/15/18		140
	282	GCAT, Series 2014-1, Class A1, VAR, 3.228%, 07/25/19 (e)		283
	60	GE Capital Mortgage Services, Inc. Trust, Series 1999-HE1, Class M, VAR, 6.705%, 04/25/29		60
		GE Equipment Midticket LLC,
	93	Series 2012-1, Class A3, 0.600%, 05/23/16		93
	60	Series 2012-1, Class A4, 0.780%, 09/22/20		60
		GMAT Trust,
	252	Series 2013-1A, Class A, SUB, 3.967%, 11/25/43 (e)		254
	75	Series 2014-1A, Class A, SUB, 3.721%, 02/25/44 (e)		75
	357	HLSS Servicer Advance Receivables Backed Notes, Series 2013-T7, Class AT7, 1.981%, 11/15/46 (e)		354
		HLSS Servicer Advance Receivables Trust,
	244	Series 2012-T2, Class A2, 1.990%, 10/15/45 (e)		244
	165	Series 2013-T1, Class A2, 1.495%, 01/16/46 (e)		164
	358	Series 2014-T1, Class AT1, 1.244%, 01/17/45 (e)		358
	167	Series 2014-T2, Class AT2, 2.217%, 01/15/47 (e)		165
		Honda Auto Receivables Owner Trust,
	21	Series 2012-1, Class A3, 0.770%, 01/15/16		22
	56	Series 2012-1, Class A4, 0.970%, 04/16/18		56
	382	Series 2013-4, Class A3, 0.690%, 09/18/17		382
	140	Series 2013-4, Class A4, 1.040%, 02/18/20		140
	186	Series 2014-2, Class A3, 0.770%, 03/19/18		186
		HSBC Home Equity Loan Trust USA,
	31	Series 2006-1, Class A1, VAR, 0.315%, 01/20/36		31
	36	Series 2007-3, Class APT, VAR, 1.355%, 11/20/36		36
		Huntington Auto Trust,
	87	Series 2011-1A, Class A4, 1.310%, 11/15/16 (e)		87
	27	Series 2012-1, Class A3, 0.810%, 09/15/16		27
		Hyundai Auto Receivables Trust,
	27	Series 2012-B, Class A3, 0.620%, 09/15/16		28
	281	Series 2014-B, Class A3, 0.900%, 12/17/18		281
	213	MMCA Auto Owner Trust, Series 2012-A, Class A4, 1.570%, 08/15/17 (e)		214
	135	Nationstar Agency Advance Funding Trust, Series 2013-T1A, Class AT1, 0.997%, 02/15/45 (e)		135
	102	Navitas Equipment Receivables LLC, Series 2013-1, Class A, 1.950%, 11/15/16 (e)		102

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	122	Nissan Auto Lease Trust, Series 2013-B, Class A3, 0.750%, 06/15/16		122
	117	Nissan Auto Receivables Owner Trust, Series 2012-A, Class A4, 1.000%, 07/16/18		118
	458	Normandy Mortgage Loan Co. LLC, Series 2013-NPL3, Class A, SUB, 4.949%, 09/16/43 (e)		457
	320	NYMT Residential LLC, Series 2013-RP3A, Class NOTE, SUB, 4.850%, 09/25/18 (e) (i)		320
	429	Oak Hill Advisors Residential Loan Trust, Series 2014-NPL2, Class A1, SUB, 3.352%, 04/25/54 (e)		429
	552	OneMain Financial Issuance Trust, Series 2014-2A, Class A, 2.470%, 09/18/24 (e)		552
	126	Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2004-MCW1, Class M1, VAR, 1.093%, 10/25/34		126
	500	Progreso Receivables Funding II LLC, Series 2014-A, Class A, 3.500%, 07/08/19 (e)		500
	99	RAMP Trust, Series 2006-RZ1, Class A3, VAR, 0.455%, 03/25/36		96
	6	Santander Drive Auto Receivables Trust, Series 2012-5, Class A3, 0.830%, 12/15/16		6
	41	Securitized Asset-Backed Receivables LLC Trust, Series 2006-CB1, Class AF2, SUB, 3.497%, 01/25/36		31
	202	Selene Non-Performing Loans LLC, Series 2014-1A, Class A, SUB, 2.981%, 05/25/54 (e)		200
	9	SNAAC Auto Receivables Trust, Series 2013-1A, Class A, 1.140%, 07/16/18 (e)		9
		SpringCastle America Funding LLC,
	1,134	Series 2014-AA, Class A, 2.700%, 05/25/23 (e)		1,135
	175	Series 2014-AA, Class B, 4.610%, 10/25/27 (e)		176
		Springleaf Funding Trust,
	950	Series 2013-AA, Class A, 2.580%, 09/15/21 (e)		957
	840	Series 2014-AA, Class A, 2.410%, 12/15/22 (e)		841
		Stanwich Mortgage Loan Trust
	14	Series 2012-NPL4, Class A, 2.981%, 09/15/42 (e)		14
	117	Series 2013-NPL1, Class A, 2.981%, 02/16/43 (e)		116
	800	Sunset Mortgage Loan Co. LLC, Series 2014-NPL2, Class A, SUB, 3.721%, 11/16/44 (e)		800
	175	Tidewater Auto Receivables Trust, Series 2014-AA, Class A3, 1.400%, 07/15/18 (e)		175
		Toyota Auto Receivables Owner Trust,
	418	Series 2014-A, Class A2, 0.410%, 08/15/16		418
	194	Series 2014-C, Class A2, 0.510%, 02/15/17		194
	134	Series 2014-C, Class A3, 0.930%, 07/16/18		134
		Trafigura Securitisation Finance plc, (Ireland),
	321	Series 2012-1A, Class A, VAR, 2.555%, 10/15/15 (e)		323
	266	Series 2014-1A, Class A, VAR, 1.105%, 10/15/21 (e)		266
		Truman Capital Mortgage Loan Trust,
	292	Series 2014-NPL1, Class A1, SUB, 3.228%, 07/25/53 (e)		292
	250	Series 2014-NPL2, Class A1, SUB, 3.125%, 06/25/54 (e)		249
	236	Series 2014-NPL3, Class A1, SUB, 3.125%, 04/25/53 (e)		236
	130	USAA Auto Owner Trust, Series 2014-1, Class A2, 0.380%, 10/17/16		130
		Vericrest Opportunity Loan Transferee,
	554	Series 2014-NPL7, Class A1, SUB, 3.125%, 08/27/57 (e)		553
	374	Series 2014-NPL8, Class A1, SUB, 3.375%, 10/25/54 (e)		374
	535	Vericrest Opportunity Loan Transferee LLC, Series 2014-NPL4, Class A1, SUB, 3.125%, 04/27/54 (e)		532
	57	Volkswagen Auto Loan Enhanced Trust, Series 2012-1, Class A3, 0.850%, 08/22/16		57
	164	VOLT XIX LLC, Series 2013-NPL5, Class A1, SUB, 3.625%, 04/25/55 (e)		164
	288	VOLT XV LLC, Series 2014-3A, Class A1, SUB, 3.250%, 05/26/54 (e)		288
	393	VOLT XVI LLC, Series 2014-NPL5, Class A1, SUB, 3.228%, 09/25/58 (e)		392
		VOLT XXVI LLC,
	585	Series 2014-NPL6, Class A1, SUB, 3.125%, 09/25/43 (e)		584
	117	Series 2014-NPL6, Class A2, SUB, 4.250%, 09/25/43 (e)		115
	50	Westgate Resorts LLC, Series 2012-1, Class A, 4.500%, 09/20/25 (e)		50
		World Omni Auto Receivables Trust,
	44	Series 2012-A, Class A3, 0.640%, 02/15/17		44
	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 $27,284)		27,334

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — 19.7%
			Agency CMO — 16.1%
	44		Federal Home Loan Mortgage Corp. - Government National Mortgage Association, Series 24, Class ZE, 6.250%, 11/25/23		48
			Federal Home Loan Mortgage Corp. REMIC,
	1		Series 11, Class D, 9.500%, 07/15/19		1
	–	(h)	Series 41, Class I, HB, 84.000%, 05/15/20		—	(h)
	1		Series 46, Class B, 7.800%, 09/15/20		1
	–	(h)	Series 47, Class F, 10.000%, 06/15/20		—	(h)
	–	(h)	Series 85, Class C, 8.600%, 01/15/21		—	(h)
	1		Series 99, Class Z, 9.500%, 01/15/21		2
	9		Series 114, Class H, 6.950%, 01/15/21		10
	–	(h)	Series 1079, Class S, HB, IF, 33.474%, 05/15/21		1
	–	(h)	Series 1084, Class F, VAR, 1.105%, 05/15/21		—	(h)
	–	(h)	Series 1084, Class S, HB, IF, 44.529%, 05/15/21		—	(h)
	7		Series 1144, Class KB, 8.500%, 09/15/21		8
	–	(h)	Series 1172, Class L, HB, VAR, 1,181.250%, 11/15/21		—	(h)
	–	(h)	Series 1196, Class B, HB, IF, 1,180.814%, 01/15/22		1
	5		Series 1206, Class IA, 7.000%, 03/15/22		6
	3		Series 1250, Class J, 7.000%, 05/15/22		4
	13		Series 1343, Class LA, 8.000%, 08/15/22		16
	59		Series 1466, Class PZ, 7.500%, 02/15/23		66
	1		Series 1470, Class F, VAR, 1.663%, 02/15/23		1
	22		Series 1491, Class I, 7.500%, 04/15/23		25
	22		Series 1518, Class G, IF, 8.880%, 05/15/23		26
	19		Series 1541, Class O, VAR, 1.620%, 07/15/23		19
	3		Series 1602, Class SA, HB, IF, 22.247%, 10/15/23		5
	67		Series 1608, Class L, 6.500%, 09/15/23		73
	7		Series 1609, Class LG, IF, 16.998%, 11/15/23		7
	4		Series 1671, Class L, 7.000%, 02/15/24		5
	12		Series 1700, Class GA, PO, 02/15/24		12
	118		Series 1706, Class K, 7.000%, 03/15/24		133
	401		Series 1720, Class PL, 7.500%, 04/15/24		457
	12		Series 1745, Class D, 7.500%, 08/15/24		14
	24		Series 1798, Class F, 5.000%, 05/15/23		26
	1		Series 1807, Class G, 9.000%, 10/15/20		1
	126		Series 1927, Class PH, 7.500%, 01/15/27		144
	52		Series 1981, Class Z, 6.000%, 05/15/27		57
	17		Series 1987, Class PE, 7.500%, 09/15/27		18
	7		Series 2033, Class SN, HB, IF, 28.453%, 03/15/24		3
	20		Series 2038, Class PN, IO, 7.000%, 03/15/28		4
	104		Series 2040, Class PE, 7.500%, 03/15/28		120
	16		Series 2056, Class TD, 6.500%, 05/15/18		17
	113		Series 2063, Class PG, 6.500%, 06/15/28		127
	20		Series 2064, Class TE, 7.000%, 06/15/28		23
	80		Series 2075, Class PH, 6.500%, 08/15/28		90
	78		Series 2075, Class PM, 6.250%, 08/15/28		88
	25		Series 2089, Class PJ, IO, 7.000%, 10/15/28		4
	46		Series 2125, Class JZ, 6.000%, 02/15/29		52
	11		Series 2163, Class PC, IO, 7.500%, 06/15/29		2
	218		Series 2169, Class TB, 7.000%, 06/15/29		250
	71		Series 2172, Class QC, 7.000%, 07/15/29		80
	1		Series 2196, Class TL, 7.500%, 11/15/29		1
	37		Series 2201, Class C, 8.000%, 11/15/29		43
	92		Series 2210, Class Z, 8.000%, 01/15/30		107
	25		Series 2224, Class CB, 8.000%, 03/15/30		30
	46		Series 2256, Class MC, 7.250%, 09/15/30		53
	60		Series 2259, Class ZM, 7.000%, 10/15/30		70
	56		Series 2271, Class PC, 7.250%, 12/15/30		64
	49		Series 2283, Class K, 6.500%, 12/15/23		55
	24		Series 2296, Class PD, 7.000%, 03/15/31		28
	13		Series 2306, Class K, PO, 05/15/24		12
	31		Series 2306, Class SE, IF, IO, 8.350%, 05/15/24		6
	30		Series 2333, Class HC, 6.000%, 07/15/31		29
	8		Series 2344, Class QG, 6.000%, 08/15/16		8

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	462	Series 2344, Class ZD, 6.500%, 08/15/31		530
	55	Series 2344, Class ZJ, 6.500%, 08/15/31		63
	39	Series 2345, Class NE, 6.500%, 08/15/31		44
	16	Series 2345, Class PQ, 6.500%, 08/15/16		17
	27	Series 2347, Class VP, 6.500%, 03/15/20		29
	52	Series 2351, Class PZ, 6.500%, 08/15/31		58
	10	Series 2355, Class BP, 6.000%, 09/15/16		11
	12	Series 2360, Class PG, 6.000%, 09/15/16		12
	10	Series 2366, Class MD, 6.000%, 10/15/16		11
	15	Series 2391, Class QR, 5.500%, 12/15/16		16
	41	Series 2410, Class NG, 6.500%, 02/15/32		47
	65	Series 2410, Class OE, 6.375%, 02/15/32		70
	27	Series 2410, Class QX, IF, IO, 8.495%, 02/15/32		7
	103	Series 2412, Class SP, IF, 15.791%, 02/15/32		138
	30	Series 2423, Class MC, 7.000%, 03/15/32		34
	61	Series 2423, Class MT, 7.000%, 03/15/32		71
	243	Series 2435, Class CJ, 6.500%, 04/15/32		265
	68	Series 2441, Class GF, 6.500%, 04/15/32		77
	66	Series 2444, Class ES, IF, IO, 7.795%, 03/15/32		18
	82	Series 2450, Class GZ, 7.000%, 05/15/32		94
	26	Series 2450, Class SW, IF, IO, 7.845%, 03/15/32		6
	121	Series 2455, Class GK, 6.500%, 05/15/32		136
	161	Series 2466, Class DH, 6.500%, 06/15/32		181
	76	Series 2474, Class NR, 6.500%, 07/15/32		86
	140	Series 2484, Class LZ, 6.500%, 07/15/32		158
	170	Series 2500, Class MC, 6.000%, 09/15/32		193
	248	Series 2512, Class PG, 5.500%, 10/15/22		272
	46	Series 2535, Class BK, 5.500%, 12/15/22		51
	59	Series 2537, Class TE, 5.500%, 12/15/17		62
	279	Series 2543, Class YX, 6.000%, 12/15/32		316
	370	Series 2568, Class KG, 5.500%, 02/15/23		408
	497	Series 2575, Class ME, 6.000%, 02/15/33		552
	40	Series 2586, Class WI, IO, 6.500%, 03/15/33		7
	68	Series 2622, Class PE, 4.500%, 05/15/18		71
	42	Series 2631, Class LC, 4.500%, 06/15/18		44
	68	Series 2651, Class VZ, 4.500%, 07/15/18		71
	19	Series 2672, Class ME, 5.000%, 11/15/22		19
	144	Series 2684, Class PO, PO, 01/15/33		143
	83	Series 2744, Class TU, 5.500%, 05/15/32		86
	8	Series 2777, Class KO, PO, 02/15/33		8
	319	Series 2907, Class VC, 4.500%, 05/15/34		322
	102	Series 2934, Class EC, PO, 02/15/20		101
	124	Series 2990, Class SL, HB, IF, 23.926%, 06/15/34		176
	1,178	Series 2990, Class UZ, 5.750%, 06/15/35		1,258
	278	Series 2999, Class ND, 4.500%, 07/15/20		295
	19	Series 3068, Class AO, PO, 01/15/35		19
	148	Series 3117, Class EO, PO, 02/15/36		136
	16	Series 3117, Class OK, PO, 02/15/36		15
	231	Series 3122, Class OH, PO, 03/15/36		219
	217	Series 3137, Class XP, 6.000%, 04/15/36		240
	6	Series 3149, Class SO, PO, 05/15/36		5
	317	Series 3152, Class MO, PO, 03/15/36		298
	132	Series 3171, Class MO, PO, 06/15/36		125
	56	Series 3179, Class OA, PO, 07/15/36		53
	462	Series 3202, Class HI, IF, IO, 6.495%, 08/15/36		78
	72	Series 3232, Class ST, IF, IO, 6.545%, 10/15/36		11
	80	Series 3253, Class PO, PO, 12/15/21		80
	49	Series 3316, Class JO, PO, 05/15/37		45
	264	Series 3481, Class SJ, IF, IO, 5.695%, 08/15/38		35
	113	Series 3607, Class AO, PO, 04/15/36		105
	26	Series 3607, Class EO, PO, 02/15/33		26
	72	Series 3611, Class PO, PO, 07/15/34		67

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	99		Series 3666, Class VA, 5.500%, 12/15/22		99
	605		Series 3680, Class MA, 4.500%, 07/15/39		650
	282		Series 3804, Class FN, VAR, 0.605%, 03/15/39		284
	687		Series 3819, Class ZQ, 6.000%, 04/15/36		775
	286		Series 3997, Class PF, VAR, 0.605%, 11/15/39		287
	906		Series 4219, Class JA, 3.500%, 08/15/39		948
			Federal Home Loan Mortgage Corp. STRIPS,
	40		Series 243, Class 16, IO, 4.500%, 11/15/20		3
	874		Series 262, Class 35, 3.500%, 07/15/42		898
	865		Series 267, Class F5, VAR, 0.655%, 08/15/42		875
	890		Series 274, Class F1, VAR, 0.655%, 08/15/42		899
	862		Series 279, Class F6, VAR, 0.605%, 09/15/42		869
			Federal Home Loan Mortgage Corp. Structured Pass-Through Securities,
	39		Series T-41, Class 3A, VAR, 6.616%, 07/25/32		45
	33		Series T-51, Class 2A, VAR, 7.500%, 08/25/42		39
	334		Series T-54, Class 2A, 6.500%, 02/25/43		399
	117		Series T-54, Class 3A, 7.000%, 02/25/43		143
	882		Series T-56, Class A5, 5.231%, 05/25/43		983
	29		Series T-58, Class APO, PO, 09/25/43		25
	236		Series T-76, Class 2A, VAR, 1.299%, 10/25/37		226
			Federal National Mortgage Association - ACES,
	500		Series 2010-M3, Class A3, VAR, 4.332%, 03/25/20		553
	379		Series 2012-M11, Class FA, VAR, 0.676%, 08/25/19		380
	1,000		Series 2012-M9, Class A2, 2.482%, 04/25/22		1,000
	1,000		Series 2014-M12, Class ASV2, VAR, 2.614%, 10/25/21		1,016
	636		Series 2014-M13, Class A2, 3.021%, 08/25/24		649
	444		Series 2014-M2, Class A2, VAR, 3.513%, 12/25/23		473
	2,000		Series 2014-M3, Class A2, VAR, 3.501%, 01/25/24		2,125
	96		Federal National Mortgage Association Grantor Trust, Series 2001-T10, Class A2, 7.500%, 12/25/41		112
			Federal National Mortgage Association REMIC,
	1		Series 1988-7, Class Z, 9.250%, 04/25/18		1
	5		Series 1989-70, Class G, 8.000%, 10/25/19		5
	2		Series 1989-78, Class H, 9.400%, 11/25/19		3
	2		Series 1989-83, Class H, 8.500%, 11/25/19		2
	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, 505.000%, 08/25/20		—	(h)
	–	(h)	Series 1990-95, Class J, HB, 1,118.040%, 08/25/20		—	(h)
	7		Series 1990-102, Class J, 6.500%, 08/25/20		8
	2		Series 1990-120, Class H, 9.000%, 10/25/20		2
	1		Series 1990-134, Class SC, HB, IF, 21.367%, 11/25/20		1
	–	(h)	Series 1990-140, Class K, HB, 652.145%, 12/25/20		—	(h)
	2		Series 1991-42, Class S, IF, 17.403%, 05/25/21		3
	38		Series 1992-107, Class SB, HB, IF, 29.608%, 06/25/22		64
	3		Series 1992-143, Class MA, 5.500%, 09/25/22		3
	19		Series 1993-25, Class J, 7.500%, 03/25/23		22
	128		Series 1993-37, Class PX, 7.000%, 03/25/23		143
	46		Series 1993-54, Class Z, 7.000%, 04/25/23		51
	10		Series 1993-62, Class SA, IF, 18.986%, 04/25/23		14
	12		Series 1993-122, Class M, 6.500%, 07/25/23		13
	5		Series 1993-165, Class SD, IF, 13.450%, 09/25/23		6
	20		Series 1993-178, Class PK, 6.500%, 09/25/23		22
	326		Series 1993-183, Class KA, 6.500%, 10/25/23		357

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	141	Series 1993-189, Class PL, 6.500%, 10/25/23		159
	30	Series 1993-247, Class SA, HB, IF, 28.075%, 12/25/23		51
	16	Series 1993-250, Class Z, 7.000%, 12/25/23		16
	2	Series 1994-9, Class E, PO, 11/25/23		2
	84	Series 1996-14, Class SE, IF, IO, 8.500%, 08/25/23		20
	2	Series 1996-27, Class FC, VAR, 0.655%, 03/25/17		2
	9	Series 1996-59, Class J, 6.500%, 08/25/22		10
	41	Series 1997-20, Class IB, IO, VAR, 1.840%, 03/25/27		2
	41	Series 1997-20, Class IO, IO, VAR, 1.840%, 03/25/27		2
	19	Series 1997-27, Class J, 7.500%, 04/18/27		22
	26	Series 1997-29, Class J, 7.500%, 04/20/27		30
	57	Series 1997-39, Class PD, 7.500%, 05/20/27		67
	17	Series 1997-81, Class PI, IO, 7.000%, 12/18/27		3
	2	Series 1998-4, Class C, PO, 04/25/23		2
	16	Series 1998-36, Class ZB, 6.000%, 07/18/28		18
	190	Series 1998-43, Class EA, PO, 04/25/23		182
	111	Series 2000-2, Class ZE, 7.500%, 02/25/30		127
	38	Series 2001-4, Class PC, 7.000%, 03/25/21		42
	74	Series 2001-33, Class ID, IO, 6.000%, 07/25/31		13
	87	Series 2001-36, Class DE, 7.000%, 08/25/31		100
	19	Series 2001-44, Class PD, 7.000%, 09/25/31		22
	140	Series 2001-48, Class Z, 6.500%, 09/25/21		155
	18	Series 2001-49, Class Z, 6.500%, 09/25/31		20
	25	Series 2001-71, Class MB, 6.000%, 12/25/16		26
	28	Series 2001-71, Class QE, 6.000%, 12/25/16		29
	190	Series 2001-74, Class MB, 6.000%, 12/25/16		197
	15	Series 2001-81, Class LO, PO, 01/25/32		14
	43	Series 2002-1, Class HC, 6.500%, 02/25/22		48
	22	Series 2002-1, Class SA, HB, IF, 24.683%, 02/25/32		37
	16	Series 2002-2, Class UC, 6.000%, 02/25/17		17
	27	Series 2002-3, Class OG, 6.000%, 02/25/17		28
	54	Series 2002-21, Class PE, 6.500%, 04/25/32		61
	64	Series 2002-24, Class AJ, 6.000%, 04/25/17		67
	56	Series 2002-28, Class PK, 6.500%, 05/25/32		63
	61	Series 2002-37, Class Z, 6.500%, 06/25/32		68
	82	Series 2002-94, Class BK, 5.500%, 01/25/18		85
	202	Series 2003-22, Class UD, 4.000%, 04/25/33		213
	162	Series 2003-34, Class GB, 6.000%, 03/25/33		179
	304	Series 2003-34, Class GE, 6.000%, 05/25/33		357
	13	Series 2003-39, Class IO, IO, VAR, 6.000%, 05/25/33		3
	212	Series 2003-47, Class PE, 5.750%, 06/25/33		235
	27	Series 2003-52, Class SX, HB, IF, 22.484%, 10/25/31		42
	28	Series 2003-64, Class SX, IF, 13.358%, 07/25/33		35
	124	Series 2003-71, Class DS, IF, 7.258%, 08/25/33		130
	86	Series 2003-80, Class SY, IF, IO, 7.495%, 06/25/23		7
	93	Series 2003-83, Class PG, 5.000%, 06/25/23		98
	22	Series 2003-91, Class SD, IF, 12.241%, 09/25/33		26
	188	Series 2003-116, Class SB, IF, IO, 7.445%, 11/25/33		49
	22	Series 2003-130, Class SX, IF, 11.287%, 01/25/34		26
	197	Series 2004-25, Class PC, 5.500%, 01/25/34		210
	134	Series 2004-25, Class SA, IF, 19.098%, 04/25/34		188
	132	Series 2004-36, Class PC, 5.500%, 02/25/34		140
	129	Series 2004-36, Class SA, IF, 19.098%, 05/25/34		179
	84	Series 2004-46, Class SK, IF, 16.073%, 05/25/34		107
	886	Series 2004-50, Class VZ, 5.500%, 07/25/34		973
	69	Series 2004-61, Class SH, HB, IF, 23.367%, 11/25/32		107
	64	Series 2004-74, Class SW, IF, 15.194%, 11/25/31		88

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	80	Series 2004-76, Class CL, 4.000%, 10/25/19		84
	126	Series 2005-45, Class DC, HB, IF, 23.741%, 06/25/35		188
	27	Series 2005-52, Class PA, 6.500%, 06/25/35		29
	96	Series 2005-56, Class S, IF, IO, 6.555%, 07/25/35		19
	184	Series 2005-56, Class TP, IF, 17.684%, 08/25/33		247
	609	Series 2005-68, Class PG, 5.500%, 08/25/35		677
	238	Series 2005-73, Class PS, IF, 16.312%, 08/25/35		313
	108	Series 2005-74, Class CS, IF, 19.593%, 05/25/35		149
	207	Series 2005-106, Class US, HB, IF, 23.997%, 11/25/35		309
	703	Series 2005-121, Class DX, 5.500%, 01/25/26		776
	224	Series 2006-27, Class OH, PO, 04/25/36		213
	69	Series 2006-44, Class P, PO, 12/25/33		65
	430	Series 2006-56, Class FC, VAR, 0.445%, 07/25/36		432
	101	Series 2006-59, Class QO, PO, 01/25/33		100
	70	Series 2006-65, Class QO, PO, 07/25/36		65
	106	Series 2006-72, Class GO, PO, 08/25/36		95
	226	Series 2006-77, Class PC, 6.500%, 08/25/36		258
	85	Series 2006-79, Class DO, PO, 08/25/36		79
	149	Series 2006-110, Class PO, PO, 11/25/36		134
	257	Series 2006-124, Class HB, VAR, 5.992%, 11/25/36		261
	116	Series 2007-14, Class ES, IF, IO, 6.285%, 03/25/37		16
	88	Series 2007-79, Class SB, HB, IF, 23.447%, 08/25/37		127
	500	Series 2007-81, Class GE, 6.000%, 08/25/37		575
	228	Series 2007-88, Class VI, IF, IO, 6.385%, 09/25/37		34
	574	Series 2007-91, Class ES, IF, IO, 6.305%, 10/25/37		82
	117	Series 2007-106, Class A7, VAR, 6.144%, 10/25/37		130
	148	Series 2007-116, Class HI, IO, VAR, 1.535%, 01/25/38		11
	64	Series 2008-10, Class XI, IF, IO, 6.075%, 03/25/38		9
	48	Series 2008-16, Class IS, IF, IO, 6.045%, 03/25/38		7
	94	Series 2008-28, Class QS, HB, IF, 20.234%, 04/25/38		129
	136	Series 2008-46, Class HI, IO, VAR, 1.782%, 06/25/38		13
	119	Series 2009-69, Class PO, PO, 09/25/39		113
	758	Series 2009-71, Class BC, 4.500%, 09/25/24		835
	248	Series 2009-103, Class MB, VAR, 2.324%, 12/25/39		253
	415	Series 2010-71, Class HJ, 5.500%, 07/25/40		472
	712	Series 2010-133, Class A, 5.500%, 05/25/38		775
	1,000	Series 2011-44, Class EB, 3.000%, 05/25/26		1,015
	538	Series 2011-118, Class MT, 7.000%, 11/25/41		624
	510	Series 2011-118, Class NT, 7.000%, 11/25/41		599
	316	Series 2012-47, Class HF, VAR, 0.555%, 05/25/27		318
	885	Series 2012-112, Class FD, VAR, 0.655%, 10/25/42		893
	468	Series 2013-101, Class DO, PO, 10/25/43		369
	468	Series 2013-128, Class PO, PO, 12/25/43		374
	2	Series G-14, Class L, 8.500%, 06/25/21		3
	10	Series G-18, Class Z, 8.750%, 06/25/21		11
	1	Series G-22, Class G, 6.000%, 12/25/16		1
	8	Series G-35, Class M, 8.750%, 10/25/21		9
	34	Series G92-35, Class E, 7.500%, 07/25/22		38
	2	Series G92-42, Class Z, 7.000%, 07/25/22		2
	20	Series G92-44, Class ZQ, 8.000%, 07/25/22		21
	30	Series G92-54, Class ZQ, 7.500%, 09/25/22		34
	8	Series G93-5, Class Z, 6.500%, 02/25/23		9
	10	Series G95-1, Class C, 8.800%, 01/25/25		12
		Federal National Mortgage Association REMIC Trust,
	150	Series 2003-W1, Class 1A1, VAR, 5.860%, 12/25/42		171
	36	Series 2003-W4, Class 2A, VAR, 6.368%, 10/25/42		40
	35	Series 2007-W7, Class 1A4, HB, IF, 38.248%, 07/25/37		54

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
			Federal National Mortgage Association STRIPS,
	–	(h)	Series 50, Class 2, IO, 10.500%, 03/25/19		—	(h)
	2		Series 218, Class 2, IO, 7.500%, 04/25/23		—	(h)
	81		Series 300, Class 1, PO, 09/25/24		78
	14		Series 329, Class 1, PO, 01/25/33		13
			Federal National Mortgage Association Trust,
	79		Series 2004-W2, Class 2A2, 7.000%, 02/25/44		91
	252		Series 2005-W3, Class 2AF, VAR, 0.375%, 03/25/45		253
			Government National Mortgage Association,
	174		Series 1994-7, Class PQ, 6.500%, 10/16/24		199
	19		Series 1999-30, Class S, IF, IO, 8.445%, 08/16/29		5
	12		Series 2000-9, Class Z, 8.000%, 06/20/30		14
	241		Series 2000-9, Class ZJ, 8.500%, 02/16/30		288
	34		Series 2002-31, Class S, IF, IO, 8.545%, 01/16/31		10
	97		Series 2002-40, Class UK, 6.500%, 06/20/32		111
	92		Series 2002-47, Class PG, 6.500%, 07/16/32		105
	116		Series 2002-47, Class PY, 6.000%, 07/20/32		131
	115		Series 2002-47, Class ZA, 6.500%, 07/20/32		132
	19		Series 2003-24, Class PO, PO, 03/16/33		17
	304		Series 2003-40, Class TJ, 6.500%, 03/20/33		355
	99		Series 2003-52, Class AP, PO, 06/16/33		93
	24		Series 2004-28, Class S, IF, 19.237%, 04/16/34		36
	62		Series 2004-71, Class SB, HB, IF, 28.703%, 09/20/34		97
	42		Series 2004-73, Class AE, IF, 14.536%, 08/17/34		52
	329		Series 2004-90, Class SI, IF, IO, 5.945%, 10/20/34		51
	100		Series 2005-68, Class DP, IF, 16.061%, 06/17/35		134
	643		Series 2005-68, Class KI, IF, IO, 6.145%, 09/20/35		102
	73		Series 2006-59, Class SD, IF, IO, 6.545%, 10/20/36		13
	258		Series 2007-17, Class JI, IF, IO, 6.655%, 04/16/37		42
	304		Series 2007-27, Class SA, IF, IO, 6.045%, 05/20/37		44
	474		Series 2007-40, Class SB, IF, IO, 6.595%, 07/20/37		76
	286		Series 2007-45, Class QA, IF, IO, 6.485%, 07/20/37		45
	286		Series 2007-50, Class AI, IF, IO, 6.620%, 08/20/37		46
	68		Series 2007-53, Class ES, IF, IO, 6.395%, 09/20/37		11
	72		Series 2007-53, Class SW, IF, 19.740%, 09/20/37		99
	161		Series 2007-57, Class QA, IF, IO, 6.345%, 10/20/37		25
	78		Series 2007-71, Class SB, IF, IO, 6.545%, 07/20/36		6
	148		Series 2007-72, Class US, IF, IO, 6.395%, 11/20/37		23
	147		Series 2007-76, Class SA, IF, IO, 6.375%, 11/20/37		23
	43		Series 2008-25, Class SB, IF, IO, 6.745%, 03/20/38		7
	88		Series 2008-33, Class XS, IF, IO, 7.545%, 04/16/38		20
	251		Series 2008-40, Class SA, IF, IO, 6.245%, 05/16/38		45
	395		Series 2008-50, Class KB, 6.000%, 06/20/38		444
	206		Series 2008-55, Class SA, IF, IO, 6.045%, 06/20/38		29
	208		Series 2008-93, Class AS, IF, IO, 5.545%, 12/20/38		27
	81		Series 2009-6, Class SA, IF, IO, 5.945%, 02/16/39		11
	93		Series 2009-14, Class NI, IO, 6.500%, 03/20/39		19
	321		Series 2009-22, Class SA, IF, IO, 6.115%, 04/20/39		44
	289		Series 2009-31, Class ST, IF, IO, 6.195%, 03/20/39		36
	289		Series 2009-31, Class TS, IF, IO, 6.145%, 03/20/39		36
	244		Series 2009-79, Class OK, PO, 11/16/37		230
	482		Series 2009-106, Class ST, IF, IO, 5.845%, 02/20/38		68
	132		Series 2010-14, Class AO, PO, 12/20/32		130
	162		Series 2010-130, Class CP, 7.000%, 10/16/40		190
	564		Series 2011-137, Class WA, VAR, 5.525%, 07/20/40		638
	486		Series 2012-H21, Class DF, VAR, 0.805%, 05/20/61		487
	363		Series 2012-H24, Class FA, VAR, 0.605%, 03/20/60		364

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	483	Series 2012-H26, Class MA, VAR, 0.705%, 07/20/62		485
	833	Series 2013-91, Class WA, VAR, 4.520%, 04/20/43		898
	351	Series 2013-H03, Class FA, VAR, 0.455%, 08/20/60		351
	498	Series 2013-H07, Class JA, 1.750%, 03/20/63		497
	987	Series 2014-H15, Class FA, VAR, 0.652%, 07/20/64		988
	996	Series 2014-H17, Class FC, VAR, 0.652%, 07/20/64		997
	1,000	Series 2014-H19, Class FE, VAR, 0.622%, 09/20/64		999
	109	NCUA Guaranteed Notes Trust, Series 2010-R3, Class 3A, 2.400%, 12/08/20		110
		Vendee Mortgage Trust,
	510	Series 1993-1, Class ZB, 7.250%, 02/15/23		586
	231	Series 1994-1, Class 1, VAR, 5.573%, 02/15/24		253
	333	Series 1996-1, Class 1Z, 6.750%, 02/15/26		382
	113	Series 1996-2, Class 1Z, 6.750%, 06/15/26		131
	442	Series 1997-1, Class 2Z, 7.500%, 02/15/27		522
	110	Series 1998-1, Class 2E, 7.000%, 03/15/28		128
				57,068
		Non-Agency CMO — 3.6%
	492	Ajax Mortgage Loan Trust, Series 2014-A, Class A, SUB, 3.750%, 10/25/57 (e)		491
		Alternative Loan Trust,
	1,862	Series 2004-2CB, Class 1A9, 5.750%, 03/25/34		1,905
	334	Series 2005-54CB, Class 1A11, 5.500%, 11/25/35		304
		ASG Resecuritization Trust,
	94	Series 2009-1, Class A60, VAR, 2.055%, 06/26/37 (e)		92
	11	Series 2009-2, Class A55, VAR, 4.721%, 05/24/36 (e)		11
	261	Series 2009-3, Class A65, VAR, 2.045%, 03/26/37 (e)		260
		Banc of America Alternative Loan Trust,
	68	Series 2003-7, Class 2A4, 5.000%, 09/25/18		69
	18	Series 2003-9, Class 1CB2, 5.500%, 11/25/33		18
	35	Series 2003-11, Class PO, PO, 01/25/34		31
	33	Banc of America Funding Trust, Series 2004-1, Class PO, PO, 03/25/34		27
		Banc of America Mortgage Trust,
	16	Series 2003-8, Class APO, PO, 11/25/33		13
	12	Series 2004-1, Class APO, PO, 02/25/34		11
	47	Series 2004-3, Class 1A26, 5.500%, 04/25/34		48
	22	Series 2004-6, Class APO, PO, 07/25/34		20
		BCAP LLC Trust,
	334	Series 2010-RR7, Class 2A1, VAR, 2.071%, 07/26/45 (e)		335
	298	Series 2011-RR10, Class 2A1, VAR, 0.940%, 09/26/37 (e)		273
	16	Series 2011-RR5, Class 14A3, VAR, 2.593%, 07/26/36 (e)		16
	170	Series 2012-RR2, Class 1A1, VAR, 0.325%, 08/26/36 (e)		166
	104	Bear Stearns ARM Trust, Series 2005-5, Class A1, VAR, 2.160%, 08/25/35		105
	120	CAM Mortgage Trust, Series 2014-2, Class A, SUB, 2.600%, 05/15/48 (e)		120
		CHL Mortgage Pass-Through Trust,
	10	Series 2003-J13, Class PO, PO, 01/25/34		10
	18	Series 2003-J7, Class 4A3, IF, 9.572%, 08/25/18		19
	72	Series 2004-5, Class 1A4, 5.500%, 06/25/34		75
	30	Series 2004-HYB3, Class 2A, VAR, 2.208%, 06/20/34		28
	312	Series 2005-22, Class 2A1, VAR, 2.465%, 11/25/35		264
		Citigroup Mortgage Loan Trust,
	138	Series 2008-AR4, Class 1A1A, VAR, 2.730%, 11/25/38 (e)		139
	387	Series 2010-8, Class 5A6, 4.000%, 11/25/36 (e)		394
	205	Series 2010-8, Class 6A6, 4.500%, 12/25/36 (e)		210
		Citigroup Mortgage Loan Trust, Inc.,
	30	Series 2003-UP3, Class A3, 7.000%, 09/25/33		31
	21	Series 2003-UST1, Class A1, 5.500%, 12/25/18		21
	2	Series 2003-UST1, Class PO1, PO, 12/25/18		2
	4	Series 2003-UST1, Class PO3, PO, 12/25/18		4
	36	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-23, Class 2A5, 5.000%, 10/25/18		37
		CSMC,
	92	Series 2011-9R, Class A1, VAR, 2.156%, 03/27/46 (e)		92
	89	Series 2011-16R, Class 7A3, VAR, 3.500%, 12/27/36 (e)		90

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Non-Agency CMO — continued
	686		CSMC Trust, Series 2010-11R, Class A6, VAR, 1.156%, 06/28/47 (e)		658
	142		Deutsche Alt-A Securities, Inc., Mortgage Loan Trust, Series 2005-3, Class 1A1, VAR, 5.300%, 06/25/20		143
	14		Deutsche Mortgage Securities, Inc., Mortgage Loan Trust, Series 2004-1, Class 2APO, PO, 10/25/18		14
	73		FDIC Trust, Series 2013-N1, Class A, 4.500%, 10/25/18 (e)		73
			First Horizon Mortgage Pass-Through Trust,
	143		Series 2004-AR7, Class 2A2, VAR, 2.571%, 02/25/35		143
	161		Series 2005-AR1, Class 2A2, VAR, 2.573%, 04/25/35		160
	297		GSR Mortgage Loan Trust, Series 2006-1F, Class 1A3, 5.500%, 02/25/36		275
	50		Impac Secured Assets CMN Owner Trust, Series 2002-2, Class APO, PO, 04/25/33		29
	249		IndyMac INDX Mortgage Loan Trust, Series 2005-AR11, Class A7, IO, VAR, 0.000%, 08/25/35		—	(h)
			JP Morgan Mortgage Trust,
	68		Series 2006-A2, Class 4A1, VAR, 2.503%, 08/25/34		68
	229		Series 2006-A2, Class 5A3, VAR, 2.438%, 11/25/33		230
			MASTR Adjustable Rate Mortgages Trust,
	44		Series 2004-3, Class 4A2, VAR, 2.317%, 04/25/34		41
	193		Series 2004-13, Class 2A1, VAR, 2.643%, 04/21/34		194
			MASTR Alternative Loan Trust,
	151		Series 2003-9, Class 8A1, 6.000%, 01/25/34		152
	335		Series 2004-4, Class 10A1, 5.000%, 05/25/24		354
	26		Series 2004-7, Class 30PO, PO, 08/25/34		20
	27		Series 2004-10, Class 1A1, 4.500%, 09/25/19		28
	115		Series 2005-6, Class 3A1, 5.500%, 11/25/20		112
			MASTR Asset Securitization Trust,
	47		Series 2003-2, Class 1A1, 5.000%, 03/25/18		47
	7		Series 2004-8, Class PO, PO, 08/25/19		7
	72		MASTR Resecuritization Trust, Series 2005-PO, Class 3PO, PO, 05/28/35 (e)		58
			Merrill Lynch Mortgage Investors Trust,
	75		Series 2003-E, Class A1, VAR, 0.775%, 10/25/28		74
	117		Series 2004-A, Class A1, VAR, 0.615%, 04/25/29		111
	49		MortgageIT Trust, Series 2005-1, Class 1A1, VAR, 0.475%, 02/25/35		48
	63		NACC Reperforming Loan REMIC Trust, Series 2004-R2, Class A1, VAR, 6.500%, 10/25/34 (e)		64
			Nomura Asset Acceptance Corp. Alternative Loan Trust,
	47		Series 2003-A1, Class A1, 5.500%, 05/25/33		48
	23		Series 2003-A1, Class A2, 6.000%, 05/25/33		24
	10		Series 2003-A1, Class A5, 7.000%, 04/25/33		10
	–	(h)	PaineWebber CMO Trust, Series H, Class 4, 8.750%, 04/01/18		—	(h)
			RALI Trust,
	22		Series 2002-QS16, Class A3, IF, 16.298%, 10/25/17		22
	110		Series 2002-QS8, Class A5, 6.250%, 06/25/17		112
	33		Series 2003-QS3, Class A2, IF, 16.158%, 02/25/18		36
	128		Series 2003-QS9, Class A3, IF, IO, 7.395%, 05/25/18		13
	147		Series 2004-QS3, Class CB, 5.000%, 03/25/19		151
	117		Reperforming Loan REMIC Trust, Series 2005-R1, Class 2APO, PO, 03/25/35 (e)		104
	11		Residential Asset Securitization Trust, Series 2003-A14, Class A1, 4.750%, 02/25/19		12
			Salomon Brothers Mortgage Securities VII, Inc.,
	66		Series 2003-HYB1, Class A, VAR, 2.494%, 09/25/33		67
	3		Series 2003-UP2, Class PO1, PO, 12/25/18		2
			Springleaf Mortgage Loan Trust,
	231		Series 2012-2A, Class A, VAR, 2.220%, 10/25/57 (e)		234
	171		Series 2012-3A, Class A, VAR, 1.570%, 12/25/59 (e)		171
	103		Series 2012-3A, Class M1, VAR, 2.660%, 12/25/59 (e)		103
	118		Series 2013-1A, Class A, VAR, 1.270%, 06/25/58 (e)		118
	257		Series 2013-2A, Class A, VAR, 1.780%, 12/25/65 (e)		257
	125		Series 2013-2A, Class M1, VAR, 3.520%, 12/25/65 (e)		127
	203		Series 2013-3A, Class A, VAR, 1.870%, 09/25/57 (e)		203
	306		Series 2013-3A, Class M1, VAR, 3.790%, 09/25/57 (e)		308

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	106	Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2003-33H, Class 1A1, 5.500%, 10/25/33		108
	59	Structured Asset Securities Corp. Trust, Series 2005-6, Class 4A1, 5.000%, 05/25/35		59
	119	VML LLC, Series 2014-NPL1, Class A1, VAR, 3.875%, 04/25/54 (e)		119
		WaMu Mortgage Pass-Through Certificates Trust,
	26	Series 2002-S8, Class 2A7, 5.250%, 01/25/18		26
	143	Series 2003-AR5, Class A7, VAR, 2.443%, 06/25/33		144
	75	Series 2004-AR3, Class A2, VAR, 2.370%, 06/25/34		77
	272	Washington Mutual Mortgage Pass-Through Certificates WMALT Trust, Series 2005-4, Class CB7, 5.500%, 06/25/35		253
		Washington Mutual MSC Mortgage Pass- Through Certificates Trust,
	36	Series 2003-MS2, Class 1A1, 5.750%, 02/25/33		38
	8	Series 2003-MS7, Class P, PO, 03/25/33		6
	182	Wells Fargo Mortgage Loan Trust, Series 2012-RR1, Class A1, VAR, 2.847%, 08/27/37 (e)		179
		Wells Fargo Mortgage-Backed Securities Trust,
	55	Series 2003-K, Class 1A1, VAR, 2.490%, 11/25/33		55
	87	Series 2004-EE, Class 3A1, VAR, 2.496%, 12/25/34		89
	282	Series 2004-P, Class 2A1, VAR, 2.613%, 09/25/34		285
	475	Series 2005-AR3, Class 1A1, VAR, 2.619%, 03/25/35		478
				12,872
		Total Collateralized Mortgage Obligations (Cost $66,635)		69,940
	Commercial Mortgage-Backed Securities — 2.5%
		A10 Term Asset Financing LLC,
	429	Series 2013-2, Class A, 2.620%, 11/15/27 (e)		433
	250	Series 2014-1, Class A1, 1.720%, 04/15/33 (e)		250
		Banc of America Commercial Mortgage Trust,
	50	Series 2006-1, Class A4, VAR, 5.372%, 09/10/45		52
	279	Series 2006-4, Class A4, 5.634%, 07/10/46		293
	300	Series 2007-5, Class A4, 5.492%, 02/10/51		323
	150	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-3, Class AM, 4.727%, 07/10/43		152
	200	BB-UBS Trust, Series 2012-TFT, Class A, 2.892%, 06/05/30 (e)		197
	355	Bear Stearns Commercial Mortgage Securities Trust, Series 2006-PW11, Class A4, VAR, 5.602%, 03/11/39		369
	13,567	CD Commercial Mortgage Trust, Series 2007-CD4, Class XC, IO, VAR, 0.549%, 12/11/49 (e)		95
		COMM Mortgage Trust,
	500	Series 2012-9W57, Class A, 2.365%, 02/10/29 (e)		512
	423	Series 2014-KYO, Class A, VAR, 1.057%, 06/11/27 (e)		423
	132	Series 2014-PAT, Class A, VAR, 0.953%, 08/13/27 (e)		132
	300	Series 2014-TWC, Class A, VAR, 1.003%, 02/13/32 (e)		300
	40	Commercial Mortgage Pass-Through Certificates, Series 2012-MVP, Class A, VAR, 2.094%, 11/17/26 (e)		40
	202	CSMC, Series 2014-ICE, Class A, VAR, 0.955%, 04/15/27 (e)		202
	86	DBRR Trust, Series 2013-EZ2, Class A, VAR, 0.853%, 02/25/45 (e)		86
		Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates,
	1,000	Series K037, Class A2, 3.490%, 01/25/24		1,065
	500	Series KSMC, Class A2, 2.615%, 01/25/23		502
	250	GMAC Commercial Mortgage Securities, Inc. Trust, Series 2006-C1, Class A4, VAR, 5.238%, 11/10/45		256
	49	LB-UBS Commercial Mortgage Trust, Series 2006-C1, Class A4, 5.156%, 02/15/31		50
	316	Morgan Stanley Re-REMIC Trust, Series 2012-XA, Class A, 2.000%, 07/27/49 (e)		317
	645	NCUA Guaranteed Notes Trust, Series 2010-C1, Class APT, 2.650%, 10/29/20		663
		NorthStar, (Cayman Islands),
	325	Series 2013-1A, Class A, VAR, 2.005%, 08/25/29 (e)		325
	250	Series 2013-1A, Class B, VAR, 5.155%, 08/25/29 (e)		252
	26	NorthStar Mortgage Trust, Series 2012-1, Class A, VAR, 1.355%, 08/25/29 (e)		26
	185	ORES NPL LLC, Series 2013-LV2, Class A, 3.081%, 09/25/25 (e)		185
	250	RAIT Trust, Series 2014-FL3, Class A, VAR, 1.405%, 12/15/31 (e)		250
	167	TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class A3, VAR, 5.563%, 08/15/39		167

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
	116	UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.663%, 06/10/30 (e)		119
	104	UBS-Barclays Commercial Mortgage Trust, Series 2012-C2, Class A4, 3.525%, 05/10/63		109
	500	VNDO Mortgage Trust, Series 2013-PENN, Class A, 3.808%, 12/13/29 (e)		533
	161	Wells Fargo Resecuritization Trust, Series 2012-IO, Class A, 1.750%, 08/20/21 (e)		161
		Total Commercial Mortgage-Backed Securities (Cost $8,654)		8,839
	Corporate Bonds — 18.7%
		Consumer Discretionary — 0.9%
		Auto Components — 0.0% (g)
	99	Johnson Controls, Inc., 3.750%, 12/01/21		103
		Automobiles — 0.1%
		Daimler Finance North America LLC,
	150	1.650%, 04/10/15 (e)		151
	150	1.875%, 01/11/18 (e)		151
	150	2.625%, 09/15/16 (e)		154
				456
		Media — 0.5%
		21st Century Fox America, Inc.,
	100	7.250%, 05/18/18		118
	100	7.700%, 10/30/25		132
		CBS Corp.,
	94	3.700%, 08/15/24		94
	25	4.300%, 02/15/21		27
	25	5.750%, 04/15/20		28
	100	Comcast Corp., 5.900%, 03/15/16		107
	16	Cox Communications, Inc., 5.450%, 12/15/14		16
		DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.,
	150	4.600%, 02/15/21		163
	353	5.000%, 03/01/21		390
	78	Discovery Communications LLC, 4.375%, 06/15/21		83
		Thomson Reuters Corp., (Canada),
	51	3.850%, 09/29/24		52
	105	3.950%, 09/30/21		111
	60	4.700%, 10/15/19		65
		Time Warner Cable, Inc.,
	57	5.850%, 05/01/17		63
		Media — continued
	50	6.750%, 07/01/18		58
	150	8.250%, 04/01/19		185
	35	8.750%, 02/14/19		44
		Viacom, Inc.,
	18	1.250%, 02/27/15		18
	50	3.125%, 06/15/22		49
	11	3.250%, 03/15/23		11
	43	3.875%, 12/15/21		44
	50	4.500%, 03/01/21		54
	15	6.250%, 04/30/16		16
	42	Walt Disney Co. (The), 0.450%, 12/01/15		42
				1,970
		Multiline Retail — 0.2%
	40	Kohl’s Corp., 6.250%, 12/15/17		45
		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		454
				654
		Specialty Retail — 0.1%
	32	Bed Bath & Beyond, Inc., 4.915%, 08/01/34		33
	59	Gap, Inc. (The), 5.950%, 04/12/21		67
	130	Home Depot, Inc. (The), 5.400%, 03/01/16		138
				238
		Total Consumer Discretionary		3,421
		Consumer Staples — 0.8%
		Beverages — 0.3%
	75	Anheuser-Busch Cos. LLC, 5.500%, 01/15/18		84
	150	Anheuser-Busch InBev Finance, Inc., 3.700%, 02/01/24		156
	36	Anheuser-Busch InBev Worldwide, Inc., 7.750%, 01/15/19		44
	50	Coca-Cola Co. (The), 4.875%, 03/15/19		56
	70	Diageo Capital plc, (United Kingdom), 4.828%, 07/15/20		79
	30	Diageo Finance B.V., (Netherlands), 5.300%, 10/28/15		31
	85	FBG Finance Pty Ltd., (Australia), 5.125%, 06/15/15 (e)		87

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Beverages — continued
	30	Heineken N.V., (Netherlands), 1.400%, 10/01/17 (e)		30
		PepsiCo, Inc.,
	180	1.250%, 08/13/17		180
	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
				819
		Food & Staples Retailing — 0.2%
	179	CVS Health Corp., 4.000%, 12/05/23		189
	52	CVS Pass-Through Trust, 5.926%, 01/10/34 (e)		62
		Kroger Co. (The),
	50	2.200%, 01/15/17		51
	90	4.000%, 02/01/24		95
	30	6.150%, 01/15/20		35
	75	6.400%, 08/15/17		84
	37	Sysco Corp., 3.000%, 10/02/21		38
	94	Walgreen Co., 3.100%, 09/15/22		94
	91	Walgreens Boots Alliance, Inc., 3.300%, 11/18/21		92
				740
		Food Products — 0.3%
	135	Bunge Ltd. Finance Corp., 8.500%, 06/15/19		168
	14	Bunge N.A. Finance LP, 5.900%, 04/01/17		15
		Cargill, Inc.,
	100	3.300%, 03/01/22 (e)		104
	106	4.307%, 05/14/21 (e)		117
	24	ConAgra Foods, Inc., 2.100%, 03/15/18		24
		Kraft Foods Group, Inc.,
	52	5.375%, 02/10/20		60
	332	6.125%, 08/23/18		381
	150	Mondelez International, Inc., 4.000%, 02/01/24		157
	73	Tyson Foods, Inc., 3.950%, 08/15/24		75
				1,101
		Household Products — 0.0% (g)
	20	Kimberly-Clark Corp., 2.400%, 03/01/22		20
	61	Procter & Gamble - ESOP, Series A, 9.360%, 01/01/21		75
				95
		Total Consumer Staples		2,755
		Energy — 1.6%
		Energy Equipment & Services — 0.1%
	14	Cameron International Corp., 4.000%, 12/15/23
	107	Halliburton Co., 3.500%, 08/01/23		15
	15	National Oilwell Varco, Inc., 1.350%, 12/01/17		109
	12	Noble Holding International Ltd., (Cayman Islands), 3.950%, 03/15/22		15
	47	Schlumberger Investment S.A., (Luxembourg), 3.300%, 09/14/21 (e)		11
		Transocean, Inc., (Cayman Islands),		49
	39	3.800%, 10/15/22
	35	6.375%, 12/15/21		33
	100	6.500%, 11/15/20		35
	33	Weatherford International Ltd., (Bermuda), 4.500%, 04/15/22		99
				33
		Oil, Gas & Consumable Fuels — 1.5%		399
		Apache Corp.,
	42	3.250%, 04/15/22		42
	25	6.900%, 09/15/18		29
	29	Boardwalk Pipelines LP, 4.950%, 12/15/24		29
		BP Capital Markets plc, (United Kingdom),
	20	1.375%, 11/06/17		20
	233	2.237%, 05/10/19		235
	106	2.750%, 05/10/23		101
	66	3.814%, 02/10/24		68
	100	4.742%, 03/11/21		111
		Canadian Natural Resources Ltd., (Canada),
	25	3.900%, 02/01/25		25
	150	5.900%, 02/01/18		169
	21	Cenovus Energy, Inc., (Canada), 3.000%, 08/15/22		21
	40	Chevron Corp., 2.355%, 12/05/22		39
	200	CNOOC Nexen Finance 2014 ULC, (Canada), 4.250%, 04/30/24		208
	150	ConocoPhillips, 5.750%, 02/01/19		172
	190	ConocoPhillips Canada Funding Co. I, (Canada), 5.625%, 10/15/16		207
	58	Ecopetrol S.A., (Colombia), 4.125%, 01/16/25		56
	80	Encana Corp., (Canada), 6.500%, 05/15/19		93
	200	Eni S.p.A., (Italy), 4.150%, 10/01/20 (e)		217

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
		Enterprise Products Operating LLC,
	37	3.750%, 02/15/25		37
	49	3.900%, 02/15/24		51
		EOG Resources, Inc.,
	23	2.625%, 03/15/23		22
	100	4.100%, 02/01/21		108
	50	Magellan Midstream Partners LP, 6.550%, 07/15/19		59
		Marathon Oil Corp.,
	228	5.900%, 03/15/18		256
	175	6.000%, 10/01/17		196
	67	Marathon Petroleum Corp., 3.625%, 09/15/24		66
	35	Occidental Petroleum Corp., 1.750%, 02/15/17		35
		Petrobras Global Finance B.V., (Netherlands),
	84	4.375%, 05/20/23		78
	295	6.250%, 03/17/24		303
		Petrobras International Finance Co. S.A., (Cayman Islands),
	90	5.375%, 01/27/21		90
	50	7.875%, 03/15/19		55
	97	Petro-Canada, (Canada), 6.050%, 05/15/18		111
		Petroleos Mexicanos, (Mexico),
	59	4.250%, 01/15/25 (e)		60
	69	4.875%, 01/18/24		73
	43	Phillips 66, 2.950%, 05/01/17		45
	100	Plains All American Pipeline LP/PAA Finance Corp., 3.600%, 11/01/24		100
	200	Sinopec Group Overseas Development 2013 Ltd., (United Kingdom), 4.375%, 10/17/23 (e)		212
		Spectra Energy Capital LLC,
	150	5.650%, 03/01/20		168
	140	6.200%, 04/15/18		159
	50	8.000%, 10/01/19		62
	79	Spectra Energy Partners LP, 2.950%, 09/25/18		81
		Statoil ASA, (Norway),
	143	2.650%, 01/15/24		137
	42	2.900%, 11/08/20		43
	67	3.125%, 08/17/17		70
	83	3.150%, 01/23/22		85
	50	Talisman Energy, Inc., (Canada), 7.750%, 06/01/19		59
		Total Capital International S.A., (France),
	27	0.750%, 01/25/16		27
	44	1.500%, 02/17/17		44
	75	1.550%, 06/28/17		76
	150	2.750%, 06/19/21		152
	175	Total Capital S.A., (France), 2.300%, 03/15/16		179
		TransCanada PipeLines Ltd., (Canada),
	100	6.500%, 08/15/18		116
	30	7.125%, 01/15/19		36
				5,293
		Total Energy		5,692
		Financials — 10.2%
		Banks — 4.2%
	200	ABN AMRO Bank N.V., (Netherlands), 2.500%, 10/30/18 (e)		203
		ANZ New Zealand International Ltd., (New Zealand),
	200	2.600%, 09/23/19 (e)		204
	100	3.125%, 08/10/15 (e)		102
	250	Australia & New Zealand Banking Group Ltd., (Australia), 2.400%, 11/23/16 (e)		257
		Bank of America Corp.,
	42	4.100%, 07/24/23		44
	200	Series C, 5.000%, 01/15/15		201
	100	5.000%, 05/13/21		111
	130	5.625%, 07/01/20		149
	300	Series L, 5.650%, 05/01/18		336
	150	5.700%, 01/24/22		175
	170	5.750%, 12/01/17		189
	50	5.875%, 01/05/21		58
	814	6.400%, 08/28/17		915
	100	6.500%, 08/01/16		109
	266	6.875%, 04/25/18		309
	85	Bank of Montreal, (Canada), 2.550%, 11/06/22		83
		Bank of Nova Scotia (The), (Canada),
	121	1.650%, 10/29/15 (e)		122
	175	2.550%, 01/12/17		181

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
	123	3.400%, 01/22/15		123
	136	Bank of Tokyo-Mitsubishi UFJ Ltd. (The), (Japan), 3.850%, 01/22/15 (e)		137
	200	Banque Federative du Credit Mutuel S.A., (France), 1.700%, 01/20/17 (e)		201
		Barclays Bank plc, (United Kingdom),
	200	2.500%, 09/21/15 (e)		203
	100	2.750%, 02/23/15		101
	250	6.050%, 12/04/17 (e)		277
		BB&T Corp.,
	125	3.950%, 04/29/16		130
	100	5.250%, 11/01/19		113
	300	Capital One Bank USA N.A., 3.375%, 02/15/23		298
		Citigroup, Inc.,
	13	1.250%, 01/15/16		13
	135	3.375%, 03/01/23		137
	73	3.750%, 06/16/24		75
	3	4.587%, 12/15/15		3
	59	4.750%, 05/19/15		60
	14	5.375%, 08/09/20		16
	115	5.500%, 09/13/25		129
	13	6.000%, 08/15/17		14
	192	6.010%, 01/15/15		193
	300	6.125%, 11/21/17		338
		Comerica, Inc.,
	55	3.000%, 09/16/15		56
	16	3.800%, 07/22/26		16
	250	Commonwealth Bank of Australia, (Australia), 2.250%, 03/16/17 (e)		257
		Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., (Netherlands),
	250	3.200%, 03/11/15 (e)		252
	34	3.375%, 01/19/17		36
	118	3.875%, 02/08/22		126
	350	Fifth Third Bancorp, 5.450%, 01/15/17		378
		HSBC Holdings plc, (United Kingdom),
	196	4.000%, 03/30/22		210
	300	4.875%, 01/14/22		336
	50	KeyCorp, 5.100%, 03/24/21		56
	300	Manufacturers & Traders Trust Co., 6.625%, 12/04/17		343
	200	Mizuho Bank Ltd., (Japan), 2.650%, 09/25/19 (e)		203
		National Australia Bank Ltd., (Australia),
	300	2.750%, 09/28/15 (e)		305
	100	3.750%, 03/02/15 (e)		101
	300	Nordea Bank AB, (Sweden), 3.125%, 03/20/17 (e)		313
		PNC Funding Corp.,
	133	4.375%, 08/11/20		146
	265	5.125%, 02/08/20		300
	110	5.250%, 11/15/15		115
	115	5.625%, 02/01/17		125
		Royal Bank of Canada, (Canada),
	239	2.000%, 10/01/18		243
	125	2.200%, 07/27/18		127
	200	2.300%, 07/20/16		205
	250	Stadshypotek AB, (Sweden), 1.875%, 10/02/19 (e)		249
	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)		202
	235	2.200%, 07/29/15 (e)		238
	104	2.250%, 11/05/19		104
	150	U.S. Bancorp, 2.450%, 07/27/15		152
	850	Wachovia Corp., 5.750%, 02/01/18		960
		Wells Fargo & Co.,
	237	4.480%, 01/16/24		253
	415	5.625%, 12/11/17		465
	500	SUB, 3.676%, 06/15/16		522
		Wells Fargo Bank N.A.,
	315	Series AI, 4.750%, 02/09/15		318
	250	6.000%, 11/15/17		283
	285	Westpac Banking Corp., (Australia), 4.875%, 11/19/19		320
				14,837
		Capital Markets — 2.3%
	120	Ameriprise Financial, Inc., 4.000%, 10/15/23		127
		Bank of New York Mellon Corp. (The),
	250	Series 1, 2.950%, 06/18/15		254

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Capital Markets — continued
	75	3.100%, 01/15/15		75
	150	3.250%, 09/11/24		152
	100	3.650%, 02/04/24		104
	75	4.600%, 01/15/20		83
		BlackRock, Inc.,
	325	3.500%, 12/10/14		325
	326	Series 2, 5.000%, 12/10/19		372
	150	Blackstone Holdings Finance Co. LLC, 5.875%, 03/15/21 (e)		175
	40	Charles Schwab Corp. (The), 3.225%, 09/01/22		41
		Goldman Sachs Group, Inc. (The),
	100	1.600%, 11/23/15		101
	48	2.550%, 10/23/19		48
	68	2.625%, 01/31/19		69
	100	3.300%, 05/03/15		101
	255	3.625%, 02/07/16		263
	66	3.700%, 08/01/15		67
	120	4.000%, 03/03/24		124
	68	5.375%, 03/15/20		77
	80	5.750%, 01/24/22		93
	1,100	5.950%, 01/18/18		1,234
	250	7.500%, 02/15/19		299
	200	ING Bank N.V., (Netherlands), 3.750%, 03/07/17 (e)		211
	71	Invesco Finance plc, (United Kingdom), 4.000%, 01/30/24		75
		Jefferies Group LLC,
	111	3.875%, 11/09/15		114
	150	5.125%, 04/13/18		163
	45	6.875%, 04/15/21		52
	80	8.500%, 07/15/19		98
		Macquarie Bank Ltd., (Australia),
	93	2.000%, 08/15/16 (e)		95
	263	5.000%, 02/22/17 (e)		283
		Macquarie Group Ltd., (Australia),
	150	6.000%, 01/14/20 (e)		171
	40	6.250%, 01/14/21 (e)		46
		Morgan Stanley,
	83	3.700%, 10/23/24		84
	104	4.000%, 07/24/15		106
	93	5.000%, 11/24/25		100
	166	5.500%, 07/24/20		189
	100	5.500%, 07/28/21		115
	450	5.625%, 09/23/19		513
	100	5.750%, 01/25/21		115
	100	6.625%, 04/01/18		115
	100	7.300%, 05/13/19		120
		Nomura Holdings, Inc., (Japan),
	85	4.125%, 01/19/16		88
	84	6.700%, 03/04/20		100
		State Street Corp.,
	36	3.100%, 05/15/23		35
	192	3.700%, 11/20/23		201
		UBS AG, (Switzerland),
	500	3.875%, 01/15/15		502
	100	5.750%, 04/25/18		113
	100	5.875%, 12/20/17		113
				8,101
		Consumer Finance — 1.1%
	139	American Express Credit Corp., 2.800%, 09/19/16		144
		American Honda Finance Corp.,
	333	1.450%, 02/27/15 (e)		334
	200	2.125%, 02/28/17 (e)		204
	83	2.250%, 08/15/19		84
	110	Capital One Financial Corp., 3.500%, 06/15/23		111
		Caterpillar Financial Services Corp.,
	250	1.000%, 11/25/16		251
	206	2.250%, 12/01/19		207
	58	2.850%, 06/01/22		58
	100	5.500%, 03/15/16		106
	65	7.050%, 10/01/18		77
	100	7.150%, 02/15/19		121
		Ford Motor Credit Co. LLC,
	550	2.375%, 03/12/19		549
	200	3.000%, 06/12/17		206
	200	4.250%, 09/20/22		212

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Consumer Finance — continued
	250	HSBC USA, Inc., 2.375%, 02/13/15		251
		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		228
	200	2.000%, 09/15/16		205
	105	2.000%, 10/24/18		107
	100	2.050%, 01/12/17		102
	154	3.200%, 06/17/15		156
				3,938
		Diversified Financial Services — 1.4%
	161	Associates Corp. of North America, 6.950%, 11/01/18		190
	425	Bank of America N.A., 5.300%, 03/15/17		460
		Berkshire Hathaway, Inc.,
	638	3.400%, 01/31/22		666
	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		897
	500	5.400%, 02/15/17		547
	140	5.500%, 01/08/20		162
	335	5.625%, 05/01/18		380
		Intercontinental Exchange, Inc.,
	47	2.500%, 10/15/18		48
	88	4.000%, 10/15/23		93
		Private Export Funding Corp.,
	500	Series EE, 2.800%, 05/15/22		509
	200	Series KK, 3.550%, 01/15/24		212
		Shell International Finance B.V., (Netherlands),
	42	1.125%, 08/21/17		42
	184	3.100%, 06/28/15		187
	195	4.375%, 03/25/20		216
	100	Siemens Financieringsmaatschappij N.V., (Netherlands), 5.750%, 10/17/16 (e)		109
				5,109
		Insurance — 0.9%
		ACE INA Holdings, Inc.,
	45	2.600%, 11/23/15		46
	50	5.600%, 05/15/15		51
	61	Allstate Corp. (The), 3.150%, 06/15/23		61
		American International Group, Inc.,
	59	4.125%, 02/15/24		63
	350	5.450%, 05/18/17		384
	45	Aon Corp., 3.500%, 09/30/15		46
		Berkshire Hathaway Finance Corp.,
	65	1.300%, 05/15/18		65
	150	5.400%, 05/15/18		169
	90	CNA Financial Corp., 5.875%, 08/15/20		104
	80	Jackson National Life Global Funding, 4.700%, 06/01/18 (e)		88
	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)		306
	100	3.125%, 04/14/16 (e)		103
		Metropolitan Life Global Funding I,
	207	1.500%, 01/10/18 (e)		207
	200	2.500%, 09/29/15 (e)		204
	175	3.650%, 06/14/18 (e)		186
	100	3.875%, 04/11/22 (e)		106
		New York Life Global Funding,
	170	1.300%, 01/12/15 (e)		170
	73	2.150%, 06/18/19 (e)		74
	125	3.000%, 05/04/15 (e)		126
	150	Pacific Life Global Funding, 5.000%, 05/15/17 (e)		161
	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

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Insurance — continued
	150	Prudential Insurance Co. of America (The), 8.300%, 07/01/25 (e)		205
				3,165
		Real Estate Investment Trusts (REITs) — 0.3%
		American Tower Corp.,
	80	3.500%, 01/31/23		78
	38	5.000%, 02/15/24		40
	45	American Tower Trust I, 1.551%, 03/15/18 (e)		45
		Equity Commonwealth,
	125	5.875%, 09/15/20		138
	150	6.650%, 01/15/18		165
	27	ERP Operating LP, 4.625%, 12/15/21		30
		HCP, Inc.,
	52	2.625%, 02/01/20		52
	23	3.875%, 08/15/24		23
	17	4.200%, 03/01/24		18
	38	4.250%, 11/15/23		40
	92	5.375%, 02/01/21		103
	73	Health Care REIT, Inc., 4.500%, 01/15/24		77
	53	Prologis LP, 4.250%, 08/15/23		56
		Simon Property Group LP,
	100	3.375%, 10/01/24		102
	81	4.125%, 12/01/21		88
	40	4.375%, 03/01/21		44
	50	5.650%, 02/01/20		58
	50	6.125%, 05/30/18		57
				1,214
		Total Financials		36,364
		Health Care — 0.6%
		Biotechnology — 0.2%
		Amgen, Inc.,
	400	3.875%, 11/15/21		423
	44	4.500%, 03/15/20		49
	40	5.700%, 02/01/19		45
		Celgene Corp.,
	98	3.250%, 08/15/22		99
	44	3.625%, 05/15/24		44
	57	Gilead Sciences, Inc., 3.500%, 02/01/25		59
				719
		Health Care Equipment & Supplies — 0.0% (g)
	50	Baxter International, Inc., 4.625%, 03/15/15		51
	40	Becton Dickinson and Co., 5.000%, 05/15/19		44
				95
		Health Care Providers & Services — 0.2%
	45	Cardinal Health, Inc., 2.400%, 11/15/19		45
	72	Express Scripts Holding Co., 3.500%, 06/15/24		72
	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		117
	44	Ventas Realty LP, 3.750%, 05/01/24		44
		WellPoint, Inc.,
	93	2.300%, 07/15/18		94
	115	3.125%, 05/15/22		115
				555
		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		85
	69	Forest Laboratories, Inc., 5.000%, 12/15/21 (e)		75
	150	GlaxoSmithKline Capital, Inc., 5.650%, 05/15/18		170
		Merck & Co., Inc.,
	75	1.300%, 05/18/18		75
	62	2.400%, 09/15/22		60
				585
		Total Health Care		2,049
		Industrials — 1.1%
		Aerospace & Defense — 0.1%
	43	Airbus Group Finance B.V., (Netherlands), 2.700%, 04/17/23 (e)		42
		BAE Systems Holdings, Inc.,
	68	3.800%, 10/07/24 (e)		70
	70	6.375%, 06/01/19 (e)		82
	100	Honeywell International, Inc., 5.300%, 03/01/18		112

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Aerospace & Defense — continued
	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		58
				455
		Air Freight & Logistics — 0.2%
	541	Federal Express Corp. 1998 Pass-Through Trust, 6.720%, 01/15/22		628
	115	United Parcel Service of America, Inc., 8.375%, 04/01/20		149
				777
		Airlines — 0.1%
	189	American Airlines 2013-2 Class A Pass-Through Trust, 4.950%, 01/15/23		202
	29	Continental Airlines 1999-2 Class A-1 Pass-Through Trust, 7.256%, 03/15/20		33
	54	Delta Air Lines 2010-2 Class A Pass-Through Trust, 4.950%, 05/23/19		58
				293
		Commercial Services & Supplies — 0.1%
		ADT Corp. (The),
	70	3.500%, 07/15/22		61
	24	4.125%, 06/15/23		22
	50	Pitney Bowes, Inc., 5.600%, 03/15/18		55
	60	Waste Management, Inc., 7.375%, 03/11/19		73
				211
		Construction & Engineering — 0.0% (g)
		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		56
				83
		Industrial Conglomerates — 0.1%
	175	General Electric Co., 3.375%, 03/11/24		181
	34	Ingersoll-Rand Global Holding Co., Ltd., 4.250%, 06/15/23		36
	152	Koninklijke Philips N.V., (Netherlands), 3.750%, 03/15/22		158
				375
		Machinery — 0.1%
		Caterpillar, Inc.,
	74	1.500%, 06/26/17		74
	31	2.600%, 06/26/22		31
	89	Deere & Co., 2.600%, 06/08/22		88
	25	Parker Hannifin Corp., 5.500%, 05/15/18		28
				221
		Road & Rail — 0.4%
		Burlington Northern Santa Fe LLC,
	43	3.050%, 03/15/22		44
	32	3.450%, 09/15/21		34
	19	3.600%, 09/01/20		20
	100	3.750%, 04/01/24		104
	100	5.650%, 05/01/17		110
		CSX Corp.,
	100	3.400%, 08/01/24		101
	10	6.250%, 04/01/15		10
	30	7.375%, 02/01/19		36
	50	7.900%, 05/01/17		58
		ERAC USA Finance LLC,
	48	2.750%, 03/15/17 (e)		50
	27	4.500%, 08/16/21 (e)		29
		Norfolk Southern Corp.,
	138	3.250%, 12/01/21		142
	50	7.700%, 05/15/17		58
	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		57
		Union Pacific Corp.,
	21	2.950%, 01/15/23		21
	75	3.646%, 02/15/24		79
	233	4.163%, 07/15/22		256
	100	4.875%, 01/15/15		101
				1,413
		Total Industrials		3,973
		Information Technology — 1.0%
		Communications Equipment — 0.0% (g)
	55	Cisco Systems, Inc., 2.900%, 03/04/21		57

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Electronic Equipment, Instruments & Components — 0.1%
		Arrow Electronics, Inc.,
	32	3.000%, 03/01/18		33
	55	3.375%, 11/01/15		56
	16	4.500%, 03/01/23		17
	100	6.875%, 06/01/18		114
	13	7.500%, 01/15/27		16
				236
		Internet Software & Services — 0.0% (g)
		eBay, Inc.,
	62	2.600%, 07/15/22		59
	63	2.875%, 08/01/21		62
				121
		IT Services — 0.3%
		International Business Machines Corp.,
	126	1.250%, 02/06/17		127
	309	1.625%, 05/15/20		299
	150	5.700%, 09/14/17		168
	200	7.625%, 10/15/18		243
		Xerox Corp.,
	39	2.950%, 03/15/17		40
	50	5.625%, 12/15/19		57
	40	6.750%, 02/01/17		44
				978
		Semiconductors & Semiconductor Equipment — 0.0% (g)
	30	National Semiconductor Corp., 6.600%, 06/15/17		34
	73	Texas Instruments, Inc., 1.650%, 08/03/19		72
				106
		Software — 0.3%
	25	Intuit, Inc., 5.750%, 03/15/17		27
		Microsoft Corp.,
	23	0.875%, 11/15/17		23
	120	1.625%, 09/25/15		121
	34	2.125%, 11/15/22		33
	68	2.375%, 05/01/23		67
	167	3.625%, 12/15/23		179
		Oracle Corp.,
	200	3.625%, 07/15/23		210
	200	5.250%, 01/15/16		211
	100	5.750%, 04/15/18		113
				984
		Technology Hardware, Storage & Peripherals — 0.3%
		Apple, Inc.,
	199	2.400%, 05/03/23		194
	201	2.850%, 05/06/21		206
	207	VAR, 0.482%, 05/03/18		207
		EMC Corp.,
	100	1.875%, 06/01/18		99
	100	3.375%, 06/01/23		100
		Hewlett-Packard Co.,
	118	4.375%, 09/15/21		125
	45	4.650%, 12/09/21		48
				979
		Total Information Technology		3,461
		Materials — 0.6%
		Chemicals — 0.4%
	125	CF Industries, Inc., 7.125%, 05/01/20		151
		Dow Chemical Co. (The),
	100	3.500%, 10/01/24		100
	81	4.125%, 11/15/21		86
	38	4.250%, 11/15/20		41
	20	8.550%, 05/15/19		25
		E.I. du Pont de Nemours & Co.,
	101	1.950%, 01/15/16		103
	100	6.000%, 07/15/18		115
	73	Monsanto Co., 2.750%, 07/15/21		73
		Mosaic Co. (The),
	34	3.750%, 11/15/21		35
	212	4.250%, 11/15/23		222
	25	Potash Corp. of Saskatchewan, Inc., (Canada), 3.250%, 12/01/17		26
	230	Praxair, Inc., 4.625%, 03/30/15		233
	150	Union Carbide Corp., 7.500%, 06/01/25		194
				1,404
		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		109

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Metals & Mining — continued
	100	6.500%, 04/01/19		119
		Freeport-McMoRan, Inc.,
	128	2.150%, 03/01/17		129
	107	3.875%, 03/15/23		106
	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		58
	42	Teck Resources Ltd., (Canada), 4.750%, 01/15/22		43
				757
		Total Materials		2,161
		Telecommunication Services — 0.8%
		Diversified Telecommunication Services — 0.7%
		AT&T, Inc.,
	204	0.900%, 02/12/16		204
	100	4.450%, 05/15/21		109
	180	5.500%, 02/01/18		200
	41	BellSouth Telecommunications LLC, 6.300%, 12/15/15		41
	100	British Telecommunications plc, (United Kingdom), 5.950%, 01/15/18		112
	27	Nippon Telegraph & Telephone Corp., (Japan), 1.400%, 07/18/17		27
	61	Orange S.A., (France), 2.750%, 09/14/16		63
	148	Qwest Corp., 6.750%, 12/01/21		171
		Telefonica Emisiones S.A.U., (Spain),
	19	5.134%, 04/27/20		21
	12	5.877%, 07/15/19		14
		Verizon Communications, Inc.,
	115	2.625%, 02/21/20 (e)		115
	179	3.000%, 11/01/21		179
	72	3.450%, 03/15/21		75
	295	3.500%, 11/01/24		295
	156	4.150%, 03/15/24		164
	353	4.500%, 09/15/20		386
	150	5.150%, 09/15/23		169
				2,345
		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		169
		Vodafone Group plc, (United Kingdom),
	100	1.500%, 02/19/18		99
	100	1.625%, 03/20/17		100
				409
		Total Telecommunication Services		2,754
		Utilities — 1.1%
		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		43
	50	Cleveland Electric Illuminating Co. (The), Series D, 7.880%, 11/01/17		59
	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		170
	60	Electricite de France S.A., (France), 2.150%, 01/22/19 (e)		60
	100	Enel Finance International N.V., (Netherlands), 5.125%, 10/07/19 (e)		112
		Indiana Michigan Power Co.,
	100	Series J, 3.200%, 03/15/23		101
	135	7.000%, 03/15/19		161
	25	Jersey Central Power & Light Co., 7.350%, 02/01/19		30
	47	Kansas City Power & Light Co., 3.150%, 03/15/23		48
	60	Nevada Power Co., 7.125%, 03/15/19		72
		NextEra Energy Capital Holdings, Inc.,
	25	1.200%, 06/01/15		25
	27	2.400%, 09/15/19		27
	150	7.875%, 12/15/15		161
		Niagara Mohawk Power Corp.,
	28	3.508%, 10/01/24 (e)		29
	40	4.881%, 08/15/19 (e)		44
	25	Ohio Power Co., 6.050%, 05/01/18		28
	50	Oncor Electric Delivery Co. LLC, 6.800%, 09/01/18		59
		Pacific Gas & Electric Co.,
	68	2.450%, 08/15/22		66

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 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		140
		PacifiCorp,
	140	3.600%, 04/01/24		146
	100	3.850%, 06/15/21		107
	60	5.650%, 07/15/18		69
	75	PECO Energy Co., 5.350%, 03/01/18		84
	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., Series C, 3.500%, 10/01/23		223
	45	Southern Co. (The), 1.950%, 09/01/16		46
	30	Southwestern Public Service Co., Series G, 8.750%, 12/01/18		38
		Virginia Electric and Power Co.,
	21	3.450%, 02/15/24		21
	100	5.400%, 04/30/18		113
	100	Wisconsin Electric Power Co., 6.250%, 12/01/15		106
	27	Xcel Energy, Inc., 0.750%, 05/09/16		27
				2,784
		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		56
				94
		Independent Power & Renewable Electricity Producers — 0.0% (g)
	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		108
	50	Consumers Energy Co., 5.650%, 04/15/20		58
	150	Dominion Resources, Inc., 8.875%, 01/15/19		189
	180	NiSource Finance Corp., 4.450%, 12/01/21		196
		Sempra Energy,
	48	4.050%, 12/01/23		51
	150	9.800%, 02/15/19		195
				895
		Total Utilities		3,888
		Total Corporate Bonds (Cost $62,766)		66,518
	Foreign Government Securities — 1.5%
		Israel Government AID Bond, (Israel),
	1,557	Zero Coupon, 08/15/20		1,382
	500	Zero Coupon, 02/15/22		421
	1,000	Zero Coupon, 08/15/24		763
	1,000	Zero Coupon, 02/15/25		747
		Province of Ontario, (Canada),
	400	0.950%, 05/26/15		402
	250	2.700%, 06/16/15		253
	300	2.950%, 02/05/15		301
	92	Republic of Poland, (Poland), 4.000%, 01/22/24		97
	200	Republic of Turkey, (Turkey), 5.750%, 03/22/24		225
		United Mexican States, (Mexico),
	244	3.500%, 01/21/21		252
	250	3.600%, 01/30/25		251
	116	4.000%, 10/02/23		122
		Total Foreign Government Securities (Cost $5,105)		5,216
	Mortgage Pass-Through Securities — 11.0%
		Federal Home Loan Mortgage Corp.,
	93	ARM, 2.040%, 01/01/37		98
	238	ARM, 2.098%, 08/01/36		252
	29	ARM, 2.235%, 01/01/27		30
	13	ARM, 2.250%, 07/01/26		13
	62	ARM, 2.276%, 11/01/36		66
	112	ARM, 2.294%, 09/01/36		120
	192	ARM, 2.310%, 03/01/37		205
	287	ARM, 2.354%, 12/01/34		308
	148	ARM, 2.427%, 09/01/36		160
	271	ARM, 2.505%, 06/01/36		291
	157	ARM, 2.659%, 04/01/38		169
	100	ARM, 2.826%, 02/01/37		108

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
			Federal Home Loan Mortgage Corp. Gold Pools, 15 Year, Single Family,
	85		4.000%, 06/01/19		90
	24		4.500%, 10/01/18		26
	172		5.500%, 06/01/17 – 01/01/24		188
	16		6.000%, 10/01/17 – 04/01/18		17
	177		6.500%, 01/01/17 – 03/01/22		188
			Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family,
	8		6.000%, 12/01/22		9
	41		6.500%, 11/01/22 – 08/01/26		47
			Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,
	59		6.000%, 01/01/34		67
	67		7.000%, 04/01/26 – 02/01/37		77
	5		7.500%, 08/01/25		7
	6		8.000%, 07/01/20 – 11/01/24		7
	17		8.500%, 07/01/28		21
	282		Federal Home Loan Mortgage Corp. Gold Pools, FHA/VA, 10.000%, 10/01/30		320
			Federal Home Loan Mortgage Corp. Gold Pools, Other,
	2,640		3.500%, 05/01/33 – 05/01/43		2,759
	441		4.000%, 06/01/42		474
	153		6.000%, 02/01/33		167
			Federal Home Loan Mortgage Corp., 30 Year, Single Family,
	–	(h)	12.000%, 08/01/15 – 07/01/19		—	(h)
			Federal National Mortgage Association,
	51		ARM, 1.809%, 02/01/37		54
	2		ARM, 1.875%, 03/01/19		2
	81		ARM, 1.885%, 08/01/35		85
	174		ARM, 1.898%, 01/01/35		183
	162		ARM, 1.910%, 09/01/35		171
	261		ARM, 1.916%, 02/01/35		277
	190		ARM, 2.070%, 01/01/35		199
	112		ARM, 2.074%, 09/01/36		119
	287		ARM, 2.098%, 09/01/34		307
	105		ARM, 2.127%, 11/01/33		110
	167		ARM, 2.143%, 09/01/35		179
	142		ARM, 2.199%, 02/01/35		151
	67		ARM, 2.244%, 08/01/36		72
	144		ARM, 2.266%, 08/01/34		154
	124		ARM, 2.351%, 04/01/35		133
	196		ARM, 2.405%, 02/01/37		210
	123		ARM, 2.406%, 04/01/33		133
	172		ARM, 2.435%, 09/01/33		184
	118		ARM, 2.445%, 07/01/46		127
	135		ARM, 2.505%, 10/01/34		146
	11		ARM, 2.606%, 09/01/27		12
	–	(h)	ARM, 2.625%, 08/01/19		—	(h)
	280		ARM, 2.836%, 02/01/36		299
	9		ARM, 3.711%, 03/01/29		9
			Federal National Mortgage Association, 15 Year, Single Family,
	43		4.000%, 05/01/19		46
	215		4.500%, 05/01/18 – 05/01/19		228
	279		5.000%, 06/01/18 – 04/01/19		299
	173		5.500%, 01/01/20 – 06/01/20		184
	261		6.000%, 03/01/21 – 01/01/24		287
	36		6.500%, 03/01/17 – 08/01/20		38
			Federal National Mortgage Association, 20 Year, Single Family,
	67		6.000%, 04/01/24		76
	91		6.500%, 05/01/22		103
			Federal National Mortgage Association, 30 Year, FHA/VA,
	13		6.000%, 09/01/33		14
	25		6.500%, 03/01/29		29
	5		8.500%, 02/01/30		6
	6		9.000%, 09/01/19 – 12/01/30		6
	4		9.500%, 12/01/18		5
			Federal National Mortgage Association, 30 Year, Single Family,
	69		4.500%, 08/01/33		76
	1,019		5.000%, 07/01/33 – 08/01/40		1,136
	97		5.500%, 12/01/33		110
	493		6.000%, 12/01/32 – 09/01/37		564
	40		6.500%, 08/01/31		47
	6		7.000%, 09/01/27 – 08/01/32		7

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	10		7.500%, 11/01/22 – 10/01/24		11
	369		8.000%, 03/01/21 – 11/01/32		428
	6		8.500%, 07/01/24 – 06/01/25		7
	–	(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, 0.627%, 12/01/23		504
	996		VAR, 0.637%, 08/01/23		1,003
	943		1.940%, 01/01/17		947
	1,000		2.294%, 12/01/22		990
	500		2.314%, 12/01/22		496
	987		2.480%, 06/01/19		1,014
	1,000		2.760%, 05/01/21		1,030
	1,965		2.764%, 06/01/23		2,011
	1,000		3.110%, 12/25/24		1,026
	1,000		3.240%, 12/25/26		1,003
	500		3.340%, 02/01/27		501
	1,000		3.380%, 12/01/23		1,059
	2,341		3.590%, 12/01/20		2,522
	1,000		3.658%, 10/01/20		1,075
	1,500		3.760%, 10/01/23 – 11/01/23		1,626
	877		4.000%, 07/01/42		943
	406		4.271%, 06/01/21		448
	1,040		4.298%, 03/01/21		1,156
	1,936		4.380%, 01/01/21 – 04/01/21		2,163
	494		4.390%, 05/01/21		553
	784		4.443%, 04/01/21		874
	911		4.500%, 03/01/20		1,010
	103		5.500%, 04/01/38		113
	124		6.000%, 03/01/37		139
			Government National Mortgage Association II, 30 Year, Single Family,
	293		6.000%, 03/20/28 – 09/20/38		332
	12		7.500%, 02/20/28 – 09/20/28		14
	30		8.000%, 12/20/25 – 08/20/28		35
	19		8.500%, 03/20/25 – 05/20/25		22
			Government National Mortgage Association, 15 Year, Single Family,
	12		6.000%, 10/15/17		13
	1		8.000%, 01/15/16		1
			Government National Mortgage Association, 30 Year, Single Family,
	338		6.000%, 11/15/28 – 12/15/38		386
	272		6.500%, 01/15/24 – 12/15/35		316
	262		7.000%, 08/15/23 – 06/15/35		301
	25		7.500%, 11/15/22 – 09/15/28		28
	4		8.000%, 07/15/22 – 08/15/28		4
	2		8.500%, 11/15/17		2
	7		9.000%, 08/15/16 – 11/15/24		8
	117		9.500%, 09/15/18 – 12/15/25		131
	–	(h)	12.000%, 11/15/19		–	(h)
			Total Mortgage Pass-Through Securities (Cost $37,485)		39,109
	Supranational — 0.0% (g)
	150		African Development Bank, 8.800%, 09/01/19 (Cost $188)		190
	U.S. Government Agency Securities — 2.5%
			Federal National Mortgage Association,
	1,000		Zero Coupon, 06/01/17		979
	800		5.000%, 05/11/17		881
	375		Federal National Mortgage Association STRIPS, Zero Coupon, 11/15/21		320
			Financing Corp. Fico,
	1,440		Zero Coupon, 05/11/18		1,373
	500		Zero Coupon, 04/05/19		465
	584		Zero Coupon, 09/26/19		534
	1,000		Government Trust Certificate, Series 1-Z, Zero Coupon, 10/01/15		991
			Residual Funding Corp. STRIPS,
	250		Zero Coupon, 10/15/19		229
	1,750		Zero Coupon, 07/15/20		1,559
	1,000		Tennessee Valley Authority, 5.500%,
			07/18/17		1,116
	333		Tennessee Valley Authority STRIPS, Zero Coupon, 05/01/19		307
			Total U.S. Government Agency Securities (Cost $8,514)		8,754

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligations — 32.7%
		U.S. Treasury Bonds,
	1,225	7.500%, 11/15/16		1,391
	250	8.750%, 08/15/20		347
	1,500	8.875%, 08/15/17		1,824
	835	11.250%, 02/15/15		854
		U.S. Treasury Coupon STRIPS,
	700	0.942%, 05/15/18 (n)		673
	2,200	1.846%, 02/15/18 (n)		2,127
	750	1.903%, 11/15/19 (n)		692
	3,515	2.025%, 05/15/21 (n)		3,098
	2,985	2.099%, 02/15/20 (n)		2,739
	3,275	2.270%, 02/15/21 (n)		2,910
	4,446	2.295%, 08/15/17 (n)		4,347
	2,400	2.479%, 02/15/22 (n)		2,069
	1,300	2.541%, 11/15/22 (n)		1,095
	150	2.542%, 11/15/23 (n)		122
	1,495	2.556%, 05/15/19 (n)		1,399
	6,700	2.573%, 08/15/21 (n)		5,868
	150	2.573%, 05/15/22 (n)		129
	550	2.599%, 05/15/23 (n)		456
	3,577	2.618%, 08/15/16 (n)		3,550
	200	2.618%, 05/15/25 (n)		155
	5,820	2.633%, 02/15/23 (n)		4,864
	53	2.703%, 02/15/28 (n)		37
	1,000	2.704%, 08/15/22 (n)		849
	4,350	2.730%, 08/15/19 (n)		4,046
	200	2.833%, 08/15/28 (n)		138
	2,300	2.920%, 11/15/21 (n)		1,998
	1,224	2.933%, 02/15/17 (n)		1,207
	47	3.064%, 08/15/26 (n)		35
	14,550	3.107%, 08/15/20 (n)		13,138
	10,348	3.129%, 05/15/20 (n)		9,416
	300	3.223%, 11/15/26 (n)		220
	100	3.345%, 08/15/27 (n)		72
	150	3.425%, 11/15/27 (n)		107
	700	3.819%, 11/15/16 (n)		693
	2,290	3.867%, 11/15/17 (n)		2,226
	3,325	5.918%, 02/15/15 (n)		3,324
	3,866	6.373%, 02/15/16 (n)		3,855
		U.S. Treasury Inflation Indexed Notes,
	1,700	0.500%, 04/15/15		1,857
	700	1.125%, 01/15/21		805
		U.S. Treasury Notes,
	593	0.875%, 01/31/18		591
	300	1.000%, 06/30/19		294
	800	1.000%, 11/30/19		780
	1,500	1.250%, 10/31/18		1,500
	1,000	1.375%, 02/28/19		1,001
	5,500	1.500%, 08/31/18		5,564
	400	2.000%, 02/28/21		404
	350	2.625%, 08/15/20		368
	800	2.625%, 11/15/20		839
	1,500	2.750%, 11/30/16		1,567
	2,000	2.750%, 02/15/19		2,115
	500	3.125%, 01/31/17		528
	1,000	3.125%, 04/30/17		1,059
	850	3.125%, 05/15/21		917
	7,900	3.250%, 12/31/16		8,343
	1,050	3.500%, 02/15/18		1,133
	1,550	3.500%, 05/15/20		1,702
	450	3.625%, 02/15/21		499
	700	4.000%, 02/15/15		706
	400	4.250%, 11/15/17		439
	200	4.500%, 02/15/16		210
	1,000	4.750%, 08/15/17		1,106
		Total U.S. Treasury Obligations (Cost $112,938)		116,397

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

SHARES	SECURITY DESCRIPTION	VALUE($)
Short-Term Investment — 3.7%
	Investment Company — 3.7%
13,028	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.050% (b) (l) (m) (Cost $13,028)		13,028
	Total Investments — 100.0% (Cost $342,597)		355,325
	Liabilities in Excess of Other Assets — 0.0% (g)		(15	)
	NET ASSETS — 100.0%	$	355,310

Percentages indicated are based on net assets.

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 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 November 30, 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 November 30, 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 November 30, 2014.
VA	—	Veterans Administration
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of November 30, 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 November 30, 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.

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

(Amounts in thousands)

As of November 30, 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	$	13,361
Aggregate gross unrealized depreciation		(633	)
Net unrealized appreciation/depreciation	$	12,728
Federal income tax cost of investments	$	342,597

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

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

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

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

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

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

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

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

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

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

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (amount 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	$	—	$	18,930	$	8,404	$	27,334
Collateralized Mortgage Obligations
Agency CMO		—		57,068		—		57,068
Non-Agency CMO		—		11,785		1,087		12,872
Total Collateralized Mortgage Obligations		—		68,853		1,087		69,940
Commercial Mortgage-Backed Securities		—		8,014		825		8,839
Corporate Bonds
Consumer Discretionary		—		3,421		—		3,421
Consumer Staples		—		2,755		—		2,755
Energy		—		5,692		—		5,692
Financials		—		36,364		—		36,364
Health Care		—		2,049		—		2,049
Industrials		—		3,052		921		3,973
Information Technology		—		3,461		—		3,461
Materials		—		2,161		—		2,161
Telecommunication
Services		—		2,754		—		2,754
Utilities		—		3,888		—		3,888
Total Corporate Bonds		—		65,597		921		66,518
Foreign Government Securities		—		5,216		—		5,216
Mortgage Pass-Through Securities		—		39,109		—		39,109
Supranational		—		190		—		190
U.S. Government Agency Securities		—		8,754		—		8,754
U.S. Treasury Obligations		—		116,397		—		116,397
Short-Term Investment
Investment Company		13,028		—		—		13,028
Total Investments in Securities	$	13,028	$	331,060	$	11,237	$	355,325

There were no transfers between Levels 1 and 2 during the period ended November 30, 2014.

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

	Balance as of February 28, 2014		Realized gain  (loss)			Change in unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of November 30, 2014
Investments in Securities
Asset-Backed Securities	$	3,909	$	—	(a)	$	(10	)	$	(1	)	$	6,675	$	(2,052	)	$	—	$	(117	)	$	8,404
Collateralized Mortgage Obligations - Agency CMO		251		—			—			—			—		—			—		(251	)		—
Collateralized Mortgage Obligations - Non-Agency CMO		981		—	(a)		(31	)		35			—		(161	)		263		—			1,087
Commercial Mortgage-Backed Securities		1,116		—	(a)		(7	)		(37	)		—		(247	)		—		—			825
Corporate Bonds - Industrials		945		—			(6	)		(1	)		—		(17	)		—		—			921
	$	7,202	$	—	(a)	$	(54	)	$	(4	)	$	6,675	$	(2,477	)	$	263	$	(368	)	$	11,237

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 a corporate actions.

(a) Amount rounds to less than $1,000.

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 November 30, 2014, which were valued using significant unobservable inputs (Level 3), amounted to approximately $(35,000).

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

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

	Fair Value at November 30, 2014		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	4,327	Discounted Cash Flow	Constant Prepayment Rate	0.00% - 100.00% (4.50%)
				Constant Default Rate	3.93% - 30.00% (20.29%)
				Yield (Discount Rate of Cash Flows)	1.07% - 6.72% (3.51%)
Asset-Backed Securities		4,327
	$	851	Discounted Cash Flow	Constant Prepayment Rate	4.00% - 34.55% (6.13%)
				Constant Default Rate	0.00% - 7.51% (1.26%)
				PSA Prepayment Model	386% - 1,085.00% (500.23%)
				Yield (Discount Rate of Cash Flows)	0.64% - 10.64% (3.84%)
Collateralized Mortgage Obligations		851
		95	Discounted Cash Flow	Constant Prepayment Rate	100.00% (NA)
				Constant Default Rate	0.00% (NA)
				Yield (Discount Rate of Cash Flows)	1.19% (NA)
Commercial Mortgage-Backed Securities		95
Total		5,273

# The table above does not include certain Level 3 investments that are valued by brokers and pricing services. At November 30, 2014, the value of these investments was approximately $5,964,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A.

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
	January 28, 2015

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
	January 28, 2015

By:	/s/ Laura M. Del Prato
	Laura M. Del Prato
	Treasurer and Principal Financial Officer
	January 28, 2015

EX-99.CERT

EXHIBIT 99.302CERT

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE INVESTMENT COMPANY ACT OF 1940

I, Robert L. Young, certify that:

1. I have reviewed this report on Form N-Q of the JPMorgan Core Bond Trust, JPMorgan Equity Index Trust and JPMorgan Intermediate Bond Trust (the “Funds”), each a series of JPMorgan Institutional Trust (the “Registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Funds as of the end of the fiscal quarter for which the report is filed;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Funds and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Funds, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the Funds’ disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d) Disclosed in this report any change in the Funds’ internal control over financial reporting that occurred during the Funds’ most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer and I have disclosed to the Funds’ auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weakness in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Funds’ ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Funds’ internal control over financial reporting.

Date: January 28, 2015	By:	/s/ Robert L. Young
		Robert L. Young
		President and Principal Executive Officer

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE INVESTMENT COMPANY ACT OF 1940

I, Laura M. Del Prato, certify that:

1. I have reviewed this report on Form N-Q of the JPMorgan Core Bond Trust, JPMorgan Equity Index Trust and JPMorgan Intermediate Bond Trust (the “Funds”), each a series of JPMorgan Institutional Trust (the “Registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Funds as of the end of the fiscal quarter for which the report is filed;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Funds and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Funds, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the Funds’ disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Funds’ most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer and I have disclosed to the Funds’ auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weakness in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Funds’ ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Funds’ internal control over financial reporting.

Date: January 28, 2015	By:	/s/ Laura M. Del Prato
		Laura M. Del Prato
		Treasurer and Principal Financial Officer