UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-21638

JPMorgan Institutional Trust

(Exact name of registrant as specified in charter)

270 Park Avenue

New York, New York 10017

(Address of principal executive offices) (Zip code)

Frank J. Nasta

270 Park Avenue

New York, New York 10017

(Name and Address of Agent for Service)

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

Date of fiscal year end: Last day of February

Date of reporting period: May 31, 2015

ITEM 1. SCHEDULE OF INVESTMENTS.

JPMorgan Institutional Trust

Schedule of Portfolio Investments as of May 31, 2015

(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., 2015.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 8.3%
		Academic Loan Funding Trust,
	1,538	Series 2012-1A, Class A1, VAR, 0.985%, 12/27/22 (e)		1,539
	1,935	Series 2013-1A, Class A, VAR, 0.985%, 12/26/44 (e)		1,931
		Ally Auto Receivables Trust,
	85	Series 2012-3, Class A3, 0.850%, 08/15/16		85
	1,721	Series 2013-2, Class A3, 0.790%, 01/15/18		1,723
	300	Series 2013-2, Class A4, 1.240%, 11/15/18		300
	1,981	Series 2014-SN2, Class A3, 1.030%, 09/20/17		1,982
		American Credit Acceptance Receivables Trust,
	282	Series 2013-1, Class A, 1.450%, 04/16/18 (e)		282
	29	Series 2013-2, Class A, 1.320%, 02/15/17 (e)		29
	855	Series 2014-2, Class A, 0.990%, 10/10/17 (e)		855
	1,182	Series 2014-2, Class B, 2.260%, 03/10/20 (e)		1,184
	726	Series 2014-4, Class A, 1.330%, 07/10/18 (e)		727
	1,560	Series 2015-1, Class A, 1.430%, 08/12/19 (e)		1,561
		American Homes 4 Rent,
	4,245	Series 2015-SFR1, Class A, 3.467%, 04/17/52 (e)		4,338
	1,275	Series 2015-SFR1, Class E, 5.639%, 04/17/52 (e)		1,343
		American Homes 4 Rent Trust,
	1,981	Series 2014-SFR2, Class A, 3.786%, 10/17/36 (e)		2,075
	2,000	Series 2014-SFR2, Class D, 5.149%, 10/17/36 (e)		2,143
	850	Series 2014-SFR2, Class E, 6.231%, 10/17/36 (e)		929
	2,978	Series 2014-SFR3, Class A, 3.678%, 12/17/36 (e)		3,096
	500	Series 2014-SFR3, Class C, 4.596%, 12/17/36 (e)		528
	1,025	Series 2014-SFR3, Class E, 6.418%, 12/17/36 (e)		1,119
		AmeriCredit Automobile Receivables Trust,
	43	Series 2012-5, Class A3, 0.620%, 06/08/17		43
	590	Series 2013-5, Class A3, 0.900%, 09/10/18		591
	822	Series 2015-2, Class A2A, 0.830%, 09/10/18		822
	1,073	Axis Equipment Finance Receivables II LLC, Series 2013-1A, Class A, 1.750%, 03/20/17 (e)		1,073
	1,903	Axis Equipment Finance Receivables III LLC, Series 2015-1A, Class A2, 1.900%, 03/20/20 (e)		1,903
	1,841	B2R Mortgage Trust, Series 2015-1, Class A1, 2.524%, 05/15/48 (e)		1,839
	1,400	BA Credit Card Trust, Series 2015-A2, Class A, 1.360%, 09/15/20		1,400
	1,829	Banc of America Funding Corp., Series 2012-R6, Class 1A1, 3.000%, 10/26/39 (e) (i)		1,813
	387	Bear Stearns Asset-Backed Securities Trust, Series 2006-SD1, Class A, VAR, 0.555%, 04/25/36		370
	557	BMW Vehicle Owner Trust, Series 2013-A, Class A3, 0.670%, 11/27/17		557
	781	BXG Receivables Note Trust, Series 2012-A, Class A, 2.660%, 12/02/27 (e)		778
	700	Cabela’s Credit Card Master Note Trust, Series 2012-1A, Class A1, 1.630%, 02/18/20 (e)		706
	290	California Republic Auto Receivables Trust, Series 2012-1, Class A, 1.180%, 08/15/17 (e)		290
		CarFinance Capital Auto Trust,
	87	Series 2013-1A, Class A, 1.650%, 07/17/17 (e)		87
	133	Series 2013-2A, Class A, 1.750%, 11/15/17 (e)		133
	542	Series 2014-1A, Class A, 1.460%, 12/17/18 (e)		541
	375	Series 2014-1A, Class B, 2.720%, 04/15/20 (e)		379
	1,534	Series 2015-1A, Class A, 1.750%, 06/15/21 (e)		1,536
	3,207	Carlyle Global Market Strategies Commodities Funding Ltd., (Cayman Islands), Series 2014-1A, Class A, VAR, 2.175%, 10/15/21 (e) (i)		3,207
		CarMax Auto Owner Trust,
	676	Series 2013-4, Class A3, 0.800%, 07/16/18		676
	440	Series 2013-4, Class A4, 1.280%, 05/15/19		441
	5,091	Series 2015-2, Class A2A, 0.820%, 06/15/18		5,093
	750	Carnow Auto Receivables Trust, Series 2014-1A, Class B, 1.890%, 11/15/18 (e)		750
	262	Centex Home Equity Loan Trust, Series 2004-D, Class AF4, SUB, 4.680%, 06/25/32		267
	1,147	Chase Funding Trust, Series 2003-6, Class 1A7, SUB, 4.277%, 11/25/34		1,165
	800	Citibank Credit Card Issuance Trust, Series 2007-A3, Class A3, 6.150%, 06/15/39		1,079
	264	Citigroup Mortgage Loan Trust, Inc., Series 2003-HE3, Class A, VAR, 0.565%, 12/25/33		253
	4,964	Colony American Homes, Series 2014-2A, Class A, VAR, 1.133%, 07/17/31 (e)		4,929

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	2,800	Concord Funding Co. LLC, Series 2012-2, Class A, 3.145%, 01/15/17 (e)		2,800
	1,079	Conix Mortgage Asset Trust, Series 2013-1, Class A, VAR, 12/25/47 (d) (i)		453
	1,355	Consumer Credit Origination Loan Trust, Series 2015-1, Class A, 2.820%, 03/15/21 (e)		1,364
		CPS Auto Receivables Trust,
	339	Series 2011-C, Class A, 4.210%, 03/15/19 (e)		345
	184	Series 2012-A, Class A, 2.780%, 06/17/19 (e)		186
	1,141	Series 2012-B, Class A, 2.520%, 09/16/19 (e)		1,147
	1,461	Series 2013-C, Class A, 1.640%, 04/16/18 (e)		1,463
	2,035	Series 2013-D, Class A, 1.540%, 07/16/18 (e)		2,036
	283	Series 2014-A, Class A, 1.210%, 08/15/18 (e)		282
	3,365	Series 2014-D, Class A, 1.490%, 04/15/19 (e)		3,370
	700	Series 2014-D, Class C, 4.350%, 11/16/20 (e)		711
	2,014	Series 2015-A, Class A, 1.530%, 07/15/19 (e)		2,015
	223	Series 2015-A, Class C, 4.000%, 02/16/21 (e)		223
		CPS Auto Trust,
	690	Series 2012-C, Class A, 1.820%, 12/16/19 (e)		692
	111	Series 2012-D, Class A, 1.480%, 03/16/20 (e)		111
		Credit Acceptance Auto Loan Trust,
	260	Series 2012-2A, Class A, 1.520%, 03/16/20 (e)		261
	1,800	Series 2014-1A, Class A, 1.550%, 10/15/21 (e)		1,800
	687	CWABS, Inc. Asset-Backed Certificates Trust, Series 2004-6, Class M1, VAR, 1.085%, 10/25/34		664
		Drive Auto Receivables Trust,
	1,819	Series 2015-AA, Class A2, 1.010%, 11/15/17 (e)		1,820
	1,471	Series 2015-AA, Class D, 4.120%, 06/15/22 (e)		1,491
	2,449	Series 2015-BA, Class B, 2.120%, 06/17/19 (e)		2,455
	2,882	Series 2015-BA, Class D, 3.840%, 07/15/21 (e)		2,839
		DT Auto Owner Trust,
	2,201	Series 2014-3A, Class A, 0.980%, 04/16/18 (e)		2,201
	1,545	Series 2015-1A, Class A, 1.060%, 09/17/18 (e)		1,545
		Exeter Automobile Receivables Trust,
	171	Series 2013-1A, Class A, 1.290%, 10/16/17 (e)		171
	482	Series 2013-2A, Class A, 1.490%, 11/15/17 (e)		483
	502	Series 2014-1A, Class A, 1.290%, 05/15/18 (e)		503
	3,114	Series 2014-3A, Class A, 1.320%, 01/15/19 (e)		3,114
	556	Series 2014-3A, Class B, 2.770%, 11/15/19 (e)		561
	2,275	Series 2015-1A, Class A, 1.600%, 06/17/19 (e)		2,281
	2,125	Series 2015-1A, Class B, 2.840%, 03/16/20 (e)		2,140
	3,850	Series 2015-2A, Class A, 1.540%, 11/15/19 (e)		3,842
	264	Fifth Third Auto, Series 2013-1, Class A3, 0.880%, 10/16/17		264
		Fifth Third Auto Trust,
	1,207	Series 2014-3, Class A2A, 0.570%, 05/15/17		1,207
	413	Series 2014-3, Class A3, 0.960%, 03/15/19		412
		First Investors Auto Owner Trust,
	121	Series 2012-2A, Class A2, 1.470%, 05/15/18 (e)		121
	1,941	Series 2014-3A, Class A2, 1.060%, 11/15/18 (e)		1,941
	884	Series 2014-3A, Class A3, 1.670%, 11/16/20 (e)		884
	2,196	Series 2015-1A, Class A2, 1.210%, 04/15/19 (e)		2,195
		FirstKey Lending Trust,
	6,858	Series 2015-SFR1, Class A, 2.553%, 03/09/47 (e)		6,886
	2,246	Series 2015-SFR1, Class B, 3.417%, 03/09/47 (e)		2,268
		Flagship Credit Auto Trust,
	425	Series 2013-1, Class A, 1.320%, 04/16/18 (e)		425
	815	Series 2013-2, Class A, 1.940%, 01/15/19 (e)		820
	875	Series 2014-1, Class A, 1.210%, 04/15/19 (e)		874
	245	Series 2014-1, Class B, 2.550%, 02/18/20 (e)		246
	1,934	Series 2014-2, Class A, 1.430%, 12/16/19 (e)		1,933
	892	Series 2014-2, Class B, 2.840%, 11/16/20 (e)		899
	440	Series 2014-2, Class C, 3.950%, 12/15/20 (e)		447
	2,599	Series 2015-1, Class A, 1.630%, 06/15/20 (e)		2,602
		Ford Credit Auto Lease Trust,
	461	Series 2013-B, Class A3, 0.760%, 09/15/16		461
	129	Series 2014-A, Class A2A, 0.500%, 10/15/16		129

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
		Ford Credit Auto Owner Trust,
	29	Series 2012-B, Class A3, 0.720%, 12/15/16		29
	200	Series 2012-D, Class A3, 0.510%, 04/15/17		200
	1,464	Series 2014-C, Class A2, 0.610%, 08/15/17		1,465
	1,223	Series 2014-C, Class A3, 1.060%, 05/15/19		1,226
	5,600	Series 2015-B, Class A2A, 0.720%, 03/15/18		5,598
	669	Ford Credit Floorplan Master Owner Trust, Series 2013-1, Class A2, VAR, 0.566%, 01/15/18		669
	344	Freedom Trust, Series 2011-2, Class A11, VAR, 5.000%, 08/01/46 (e)		349
		FRT Trust,
	60	Series 2013-1A, Class A1N, SUB, 3.960%, 10/25/33 (e) (i)		60
	37	Series 2013-1A, Class AR, SUB, 4.210%, 10/25/18 (e) (i)		37
	1,659	GCAT, Series 2014-1, Class A1, VAR, 3.228%, 07/25/19 (e)		1,671
	240	GE Capital Mortgage Services, Inc. Trust, Series 1999-HE1, Class M, VAR, 6.705%, 04/25/29		233
		GE Equipment Midticket LLC,
	46	Series 2012-1, Class A3, 0.600%, 05/23/16		46
	360	Series 2012-1, Class A4, 0.780%, 09/22/20		360
	4,817	GLC II Trust, Series 2014-A, Class A, 4.000%, 12/18/20 (e)		4,827
	2,582	GLC Trust, Series 2014-A, Class A, 3.000%, 07/15/21 (e)		2,571
		GMAT Trust,
	1,200	Series 2013-1A, Class A, SUB, 3.967%, 11/25/43 (e)		1,202
	399	Series 2014-1A, Class A, SUB, 3.721%, 02/25/44 (e)		398
		GO Financial Auto Securitization Trust,
	6,075	Series 2015-1, Class A, 1.810%, 03/15/18 (e)		6,069
	1,618	Series 2015-1, Class B, 3.590%, 10/15/20 (e)		1,617
	1,842	Gold Key Resorts LLC, Series 2014-A, Class A, 3.220%, 03/17/31 (e)		1,854
	2,140	HLSS Servicer Advance Receivables Backed Notes, Series 2013-T7, Class AT7, 1.981%, 11/15/46 (e)		2,129
		HLSS Servicer Advance Receivables Trust,
	1,560	Series 2012-T2, Class A2, 1.990%, 10/15/45 (e)		1,560
	1,197	Series 2013-T1, Class A2, 1.495%, 01/16/46 (e)		1,196
	497	Series 2013-T1, Class B2, 1.744%, 01/16/46 (e)		497
	997	Series 2014-T2, Class AT2, 2.217%, 01/15/47 (e)		999
	157	Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-A, Class A3, VAR, 0.385%, 03/25/36		128
		Honda Auto Receivables Owner Trust,
	329	Series 2012-1, Class A4, 0.970%, 04/16/18		330
	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
	797	Series 2015-1, Class A2, 0.700%, 06/15/17		797
	1,032	HSBC Home Equity Loan Trust USA, Series 2007-3, Class APT, VAR, 1.384%, 11/20/36		1,027
		Huntington Auto Trust,
	324	Series 2011-1A, Class A4, 1.310%, 11/15/16 (e)		325
	1	Series 2012-1, Class A3, 0.810%, 09/15/16		1
		Hyundai Auto Receivables Trust,
	1,125	Series 2015-A, Class A2, 0.680%, 10/16/17		1,126
	937	Series 2015-B, Class A2A, 0.690%, 04/16/18		937
	931	Series 2015-B, Class A3, 1.120%, 11/15/19		930
	3,750	Invitation Homes Trust, Series 2014-SFR1, Class A, VAR, 1.183%, 06/17/31 (e)		3,738
	581	John Deere Owner Trust, Series 2012-B, Class A4, 0.690%, 01/15/19		581
	16,607	KGS-Alpha Capital Markets LP, IO, VAR, 0.457%, 08/25/38		589
	10,502	KGS-Alpha SBA COOF Trust, Series 2013-2, Class A, IO, VAR, 1.551%, 03/25/39 (e)		584
	27	Lake Country Mortgage Loan Trust, Series 2006-HE1, Class A3, VAR, 0.535%, 07/25/34 (e)		26
	362	Long Beach Mortgage Loan Trust, Series 2006-WL2, Class 2A3, VAR, 0.385%, 01/25/36		349
		LV Tower 52 Issuer LLC,
	2,323	Series 2013-1, Class A, 5.500%, 06/15/18 (e) (i)		2,329
	600	Series 2013-1, Class M, 7.500%, 06/15/18 (e) (i)		600
	247	Madison Avenue Manufactured Housing Contract Trust, Series 2002-A, Class M2, VAR, 2.435%, 03/25/32		247
		MarketPlace Loan Trust,
	4,202	Series 2015-OD1, Class A, 3.250%, 12/29/45		4,188
	500	Series 2015-OD1, Class B, 5.250%, 12/31/45		497

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	1,015	Mid-State Capital Corp. Trust, Series 2006-1, Class M1, 6.083%, 10/15/40 (e)		1,062
	1,043	MMCA Auto Owner Trust, Series 2012-A, Class A4, 1.570%, 08/15/17 (e)		1,046
		Nationstar Agency Advance Funding Trust,
	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)		214
	474	Navitas Equipment Receivables LLC, Series 2013-1, Class A, 1.950%, 11/15/16 (e)		474
	592	NCUA Guaranteed Notes Trust, Series 2010-A1, Class A, VAR, 0.531%, 12/07/20		593
	884	New Century Home Equity Loan Trust, Series 2003-5, Class AI6, SUB, 5.174%, 11/25/33		910
	611	Nissan Auto Lease Trust, Series 2013-B, Class A3, 0.750%, 06/15/16		611
		Nissan Auto Receivables Owner Trust,
	333	Series 2012-A, Class A4, 1.000%, 07/16/18		334
	799	Series 2014-B, Class A3, 1.110%, 05/15/19		800
	3,828	Normandy Mortgage Loan Co. LLC, Series 2013-NPL3, Class A, SUB, 4.949%, 09/16/43 (e)		3,822
		NRPL Trust,
	3,430	Series 2015-1A, Class A1, SUB, 3.875%, 11/01/54 (e)		3,437
	1,522	Series 2015-1A, Class A2, SUB, 3.875%, 11/01/54 (e)		1,456
		NYMT Residential LLC,
	1,099	Series 2012-RP1A, Class NOTE, VAR, 4.250%, 12/25/17 (e) (i)		1,099
	1,735	Series 2013-RP3A, Class NOTE, SUB, 4.850%, 09/25/18 (e) (i)		1,735
		Oak Hill Advisors Residential Loan Trust,
	5,089	Series 2014-NPL2, Class A1, SUB, 3.352%, 04/25/54 (e)		5,106
	1,371	Series 2014-NPL2, Class A2, SUB, 4.000%, 04/25/54 (e)		1,356
	3,426	Series 2015-NPL1, Class A1, SUB, 3.475%, 01/25/55 (e)		3,428
	1,558	Series 2015-NPL1, Class A2, SUB, 4.000%, 01/25/55 (e)		1,510
	2,952	OnDeck Asset Securitization Trust LLC, Series 2014-1A, Class A, 3.150%, 05/17/18 (e)		2,961
		OneMain Financial Issuance Trust,
	2,744	Series 2014-1A, Class A, 2.430%, 06/18/24 (e)		2,750
	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)		3,676
	1,491	Series 2014-2A, Class B, 3.020%, 09/18/24 (e)		1,497
	4,603	Series 2015-1A, Class A, 3.190%, 03/18/26 (e)		4,641
	550	Series 2015-1A, Class B, 3.850%, 03/18/26 (e)		562
	7,874	Series 2015-2A, Class A, 2.570%, 07/18/25 (e)		7,879
	1,911	Series 2015-2A, Class B, 3.100%, 07/18/25 (e)		1,914
	581	Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2004-MCW1, Class M1, VAR, 1.122%, 10/25/34		579
	491	PFS Tax Lien Trust, Series 2014-1, Class NOTE, 1.440%, 04/15/16 (e)		493
	2,500	Progreso Receivables Funding I LLC, Series 2013-A, Class A, 4.000%, 07/09/18 (e)		2,523
	2,353	Progreso Receivables Funding II LLC, Series 2014-A, Class A, 3.500%, 07/08/19 (e)		2,368
		Progreso Receivables Funding III LLC,
	3,531	Series 2015-A, Class A, 3.625%, 02/08/20 (e)		3,541
	906	Series 2015-A, Class B, 5.500%, 02/08/20 (e)		909
		Progress Residential Trust,
	3,974	Series 2015-SFR2, Class A, 2.740%, 06/12/32		3,980
	2,012	Series 2015-SFR2, Class B, 3.138%, 06/12/32		2,015
	2,566	Series 2015-SFR2, Class C, 3.436%, 06/12/32		2,570
	1,230	Series 2015-SFR2, Class E, 4.427%, 06/12/32		1,232
	1,599	RAMP Trust, Series 2006-RZ1, Class A3, VAR, 0.485%, 03/25/36		1,559
	2,037	RBSHD Trust, Series 2013-1A, Class A, SUB, 4.685%, 10/25/47 (e) (i)		2,040
	294	Renaissance Home Equity Loan Trust, Series 2007-2, Class AF2, SUB, 5.675%, 06/25/37		150
	329	Saxon Asset Securities Trust, Series 2003-1, Class AF6, SUB, 4.795%, 06/25/33		332
	291	Securitized Asset-Backed Receivables LLC Trust, Series 2006-CB1, Class AF2, SUB, 3.409%, 01/25/36		216
	1,831	Selene Non-Performing Loans LLC, Series 2014-1A, Class A, SUB, 2.981%, 05/25/54 (e)		1,814
	446	SNAAC Auto Receivables Trust, Series 2014-1A, Class A, 1.030%, 09/17/18 (e)		446
		SpringCastle America Funding LLC,
	7,729	Series 2014-AA, Class A, 2.700%, 05/25/23 (e)		7,765
	1,500	Series 2014-AA, Class B, 4.610%, 10/25/27 (e)		1,522
		Springleaf Funding Trust,
	6,162	Series 2013-AA, Class A, 2.580%, 09/15/21 (e)		6,180

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	3,000	Series 2013-BA, Class A, 3.920%, 01/16/23 (e)		3,006
	2,000	Series 2013-BA, Class B, 4.820%, 01/16/23 (e)		2,002
	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
	3,841	Series 2015-AA, Class A, 3.160%, 11/15/24 (e)		3,896
	1,087	Series 2015-AA, Class B, 3.620%, 11/15/24 (e)		1,103
	1,204	Stanwich Mortgage Loan Co. LLC, Series 2013-NPL2, Class A, 3.228%, 04/16/59 (e)		1,191
	427	Stanwich Mortgage Loan Trust, Series 2013-NPL1, Class A, 2.981%, 02/16/43 (e)		427
	4,185	Sunset Mortgage Loan Co. LLC, Series 2014-NPL2, Class A, SUB, 3.721%, 11/16/44 (e)		4,166
	4,251	Trafigura Securitisation Finance plc, (Ireland), Series 2014-1A, Class A, VAR, 1.136%, 10/15/21 (e) (i)		4,251
	957	Tricon American Homes Trust, Series 2015-SFR1, Class A, VAR, 1.430%, 05/17/32 (e)		958
		Truman Capital Mortgage Loan Trust,
	1,846	Series 2014-NPL1, Class A1, SUB, 3.228%, 07/25/53 (e)		1,844
	1,467	Series 2014-NPL2, Class A1, SUB, 3.125%, 06/25/54 (e)		1,465
	1,003	Series 2014-NPL2, Class A2, SUB, 4.000%, 06/25/54 (e)		984
	1,363	Series 2014-NPL3, Class A1, SUB, 3.125%, 04/25/53 (e)		1,362
	3,415	U.S. Residential Opportunity Fund II Trust, Series 2015-1II, Class A, 3.721%, 02/27/35 (e)		3,429
	5,033	U.S. Residential Opportunity Fund III Trust, Series 2015-1AIII, Class A, 3.721%, 01/27/35 (e)		5,073
	2,552	Vericrest Opportunity Loan Transferee LLC, Series 2014-NPL4, Class A1, SUB, 3.125%, 04/27/54 (e)		2,552
	4,679	Vericrest Opportunity Loan Trust, Series 2015-NPL3, Class A1, SUB, 3.375%, 10/25/58 (e)		4,691
	907	VML LLC, Series 2014-NPL1, Class A1, VAR, 3.875%, 04/27/54 (e)		909
	144	Volkswagen Auto Loan Enhanced Trust, Series 2012-1, Class A3, 0.850%, 08/22/16		144
	1,424	VOLT NPL X LLC, Series 2014-NPL8, Class A1, SUB, 3.375%, 10/26/54 (e)		1,424
		VOLT XIX LLC,
	3,530	Series 2014-NP11, Class A1, SUB, 3.875%, 04/25/55 (e)		3,544
	400	Series 2014-NP11, Class A2, SUB, 5.000%, 04/25/55 (e)		396
	471	VOLT XV LLC, Series 2014-3A, Class A1, SUB, 3.250%, 05/26/54 (e)		469
	2,125	VOLT XVI LLC, Series 2014-NPL5, Class A1, SUB, 3.228%, 09/25/58 (e)		2,126
		VOLT XXII LLC,
	2,683	Series 2015-NPL4, Class A1, SUB, 3.500%, 02/25/55 (e)		2,690
	667	Series 2015-NPL4, Class A2, SUB, 4.250%, 02/25/55 (e)		658
	3,417	VOLT XXIV LLC, Series 2015-NPL6, Class A1, SUB, 3.500%, 02/25/55 (e)		3,418
		VOLT XXVI LLC,
	2,414	Series 2014-NPL6, Class A1, SUB, 3.125%, 09/25/43 (e)		2,410
	938	Series 2014-NPL6, Class A2, SUB, 4.250%, 09/25/43 (e)		922
	6,285	VOLT XXVII LLC, Series 2014-NPL7, Class A1, SUB, 3.375%, 08/27/57 (e)		6,294
	3,389	VOLT XXX LLC, Series 2015-NPL1, Class A1, SUB, 3.625%, 10/25/57 (e)		3,399
	2,869	VOLT XXXI LLC, Series 2015-NPL2, Class A1, SUB, 3.375%, 02/25/55 (e)		2,874
	2,963	VOLT XXXIII LLC, Series 2015-NPL5, Class A1, SUB, 3.500%, 03/25/55 (e)		2,959
		Westgate Resorts LLC,
	514	Series 2012-2A, Class A, 3.000%, 01/20/25 (e)		515
	318	Series 2012-3A, Class A, 2.500%, 03/20/25 (e)		319
	769	Series 2013-1A, Class A, 2.250%, 08/20/25 (e)		771
	641	Series 2015-1A, Class A, 2.750%, 05/20/27 (e)		642
		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 $374,726)		375,396
	Collateralized Mortgage Obligations — 18.3%
		Agency CMO — 13.4%
	542	Federal Home Loan Banks, Series TQ-2015, Class A, 5.065%, 10/20/15		550
	170	Federal Home Loan Mortgage Corp. - Government National Mortgage Association, Series 8, Class ZA, 7.000%, 03/25/23		188
		Federal Home Loan Mortgage Corp. REMIC,
	3	Series 11, Class D, 9.500%, 07/15/19		4
	6	Series 22, Class C, 9.500%, 04/15/20		7
	10	Series 23, Class F, 9.600%, 04/15/20		11
	1	Series 47, Class F, 10.000%, 06/15/20		1

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	3		Series 99, Class Z, 9.500%, 01/15/21		3
	–	(h)	Series 204, Class E, HB, IF, 1,851.533%, 05/15/23		—	(h)
	–	(h)	Series 1045, Class G, HB, 1,066.208%, 02/15/21		—	(h)
	4		Series 1065, Class J, 9.000%, 04/15/21		5
	1		Series 1079, Class S, HB, IF, 33.369%, 05/15/21		2
	4		Series 1084, Class F, VAR, 1.136%, 05/15/21		4
	3		Series 1084, Class S, HB, IF, 44.390%, 05/15/21		4
	9		Series 1116, Class I, 5.500%, 08/15/21		9
	11		Series 1144, Class KB, 8.500%, 09/15/21		12
	–	(h)	Series 1172, Class L, HB, VAR, 1,181.250%, 11/15/21		—	(h)
	–	(h)	Series 1196, Class B, HB, IF, 1,176.984%, 01/15/22		4
	8		Series 1250, Class J, 7.000%, 05/15/22		9
	15		Series 1343, Class LA, 8.000%, 08/15/22		17
	19		Series 1343, Class LB, 7.500%, 08/15/22		22
	32		Series 1370, Class JA, VAR, 1.336%, 09/15/22		33
	32		Series 1455, Class WB, IF, 4.582%, 12/15/22		34
	150		Series 1466, Class PZ, 7.500%, 02/15/23		168
	2		Series 1470, Class F, VAR, 1.687%, 02/15/23		2
	172		Series 1498, Class I, VAR, 1.336%, 04/15/23		176
	250		Series 1502, Class PX, 7.000%, 04/15/23		276
	29		Series 1505, Class Q, 7.000%, 05/15/23		32
	67		Series 1518, Class G, IF, 8.885%, 05/15/23		80
	22		Series 1541, Class M, HB, IF, 24.775%, 07/15/23		35
	59		Series 1541, Class O, VAR, 1.330%, 07/15/23		59
	7		Series 1570, Class F, VAR, 2.187%, 08/15/23		7
	232		Series 1573, Class PZ, 7.000%, 09/15/23		259
	139		Series 1591, Class PV, 6.250%, 10/15/23		155
	27		Series 1602, Class SA, HB, IF, 22.147%, 10/15/23		46
	582		Series 1608, Class L, 6.500%, 09/15/23		669
	385		Series 1638, Class H, 6.500%, 12/15/23		443
	281		Series 1642, Class PJ, 6.000%, 11/15/23		312
	14		Series 1671, Class QC, IF, 10.000%, 02/15/24		21
	14		Series 1686, Class SH, IF, 18.820%, 02/15/24		20
	94		Series 1695, Class EB, 7.000%, 03/15/24		106
	19		Series 1699, Class FC, VAR, 0.786%, 03/15/24		20
	102		Series 1700, Class GA, PO, 02/15/24		102
	262		Series 1706, Class K, 7.000%, 03/15/24		296
	9		Series 1709, Class FA, VAR, 1.050%, 03/15/24		9
	33		Series 1745, Class D, 7.500%, 08/15/24		38
	566		Series 1760, Class ZD, VAR, 1.400%, 02/15/24		575
	212		Series 1798, Class F, 5.000%, 05/15/23		230
	3		Series 1807, Class G, 9.000%, 10/15/20		3
	55		Series 1829, Class ZB, 6.500%, 03/15/26		61
	56		Series 1863, Class Z, 6.500%, 07/15/26		65
	39		Series 1865, Class D, PO, 02/15/24		36
	43		Series 1890, Class H, 7.500%, 09/15/26		50
	131		Series 1899, Class ZE, 8.000%, 09/15/26		152
	7		Series 1935, Class FL, VAR, 0.886%, 02/15/27		8
	96		Series 1963, Class Z, 7.500%, 01/15/27		111
	14		Series 1970, Class PG, 7.250%, 07/15/27		16
	179		Series 1981, Class Z, 6.000%, 05/15/27		198
	69		Series 1987, Class PE, 7.500%, 09/15/27		76
	155		Series 2019, Class Z, 6.500%, 12/15/27		174
	45		Series 2033, Class SN, HB, IF, 28.345%, 03/15/24		14
	127		Series 2038, Class PN, IO, 7.000%, 03/15/28		20
	274		Series 2040, Class PE, 7.500%, 03/15/28		315
	39		Series 2043, Class CJ, 6.500%, 04/15/28		45
	200		Series 2054, Class PV, 7.500%, 05/15/28		231
	372		Series 2075, Class PH, 6.500%, 08/15/28		417
	419		Series 2075, Class PM, 6.250%, 08/15/28		471
	104		Series 2086, Class GB, 6.000%, 09/15/28		118
	174		Series 2089, Class PJ, IO, 7.000%, 10/15/28		25
	489		Series 2095, Class PE, 6.000%, 11/15/28		560
	156		Series 2125, Class JZ, 6.000%, 02/15/29		174

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	37	Series 2132, Class SB, HB, IF, 29.769%, 03/15/29		67
	18	Series 2134, Class PI, IO, 6.500%, 03/15/19		2
	208	Series 2136, Class PG, 6.000%, 03/15/29		239
	62	Series 2141, Class IO, IO, 7.000%, 04/15/29		9
	58	Series 2163, Class PC, IO, 7.500%, 06/15/29		9
	584	Series 2169, Class TB, 7.000%, 06/15/29		671
	305	Series 2172, Class QC, 7.000%, 07/15/29		346
	272	Series 2176, Class OJ, 7.000%, 08/15/29		313
	157	Series 2201, Class C, 8.000%, 11/15/29		182
	150	Series 2209, Class TC, 8.000%, 01/15/30		181
	256	Series 2210, Class Z, 8.000%, 01/15/30		298
	53	Series 2224, Class CB, 8.000%, 03/15/30		64
	140	Series 2230, Class Z, 8.000%, 04/15/30		164
	110	Series 2234, Class PZ, 7.500%, 05/15/30		128
	92	Series 2247, Class Z, 7.500%, 08/15/30		107
	139	Series 2256, Class MC, 7.250%, 09/15/30		160
	233	Series 2259, Class ZM, 7.000%, 10/15/30		269
	9	Series 2261, Class ZY, 7.500%, 10/15/30		10
	33	Series 2262, Class Z, 7.500%, 10/15/30		38
	304	Series 2271, Class PC, 7.250%, 12/15/30		351
	317	Series 2283, Class K, 6.500%, 12/15/23		353
	136	Series 2296, Class PD, 7.000%, 03/15/31		160
	42	Series 2306, Class K, PO, 05/15/24		41
	98	Series 2306, Class SE, IF, IO, 8.700%, 05/15/24		14
	170	Series 2313, Class LA, 6.500%, 05/15/31		195
	247	Series 2325, Class PM, 7.000%, 06/15/31		291
	106	Series 2344, Class QG, 6.000%, 08/15/16		108
	1,392	Series 2344, Class ZD, 6.500%, 08/15/31		1,638
	116	Series 2344, Class ZJ, 6.500%, 08/15/31		133
	111	Series 2345, Class NE, 6.500%, 08/15/31		128
	43	Series 2345, Class PQ, 6.500%, 08/15/16		44
	123	Series 2351, Class PZ, 6.500%, 08/15/31		143
	1,057	Series 2353, Class AZ, 6.000%, 09/15/31		1,210
	46	Series 2353, Class TD, 6.000%, 09/15/16		47
	34	Series 2355, Class BP, 6.000%, 09/15/16		35
	23	Series 2359, Class PM, 6.000%, 09/15/16		24
	457	Series 2359, Class ZB, 8.500%, 06/15/31		544
	61	Series 2360, Class PG, 6.000%, 09/15/16		63
	13	Series 2363, Class PF, 6.000%, 09/15/16		13
	31	Series 2366, Class MD, 6.000%, 10/15/16		31
	225	Series 2367, Class ME, 6.500%, 10/15/31		261
	93	Series 2391, Class QR, 5.500%, 12/15/16		95
	48	Series 2394, Class MC, 6.000%, 12/15/16		50
	457	Series 2396, Class FM, VAR, 0.636%, 12/15/31		462
	256	Series 2399, Class OH, 6.500%, 01/15/32		290
	427	Series 2399, Class TH, 6.500%, 01/15/32		480
	420	Series 2410, Class NG, 6.500%, 02/15/32		479
	157	Series 2410, Class OE, 6.375%, 02/15/32		170
	285	Series 2410, Class QS, IF, 19.017%, 02/15/32		452
	154	Series 2410, Class QX, IF, IO, 8.464%, 02/15/32		49
	317	Series 2412, Class SP, IF, 15.729%, 02/15/32		454
	475	Series 2420, Class XK, 6.500%, 02/15/32		537
	387	Series 2423, Class MC, 7.000%, 03/15/32		447
	343	Series 2423, Class MT, 7.000%, 03/15/32		397
	58	Series 2425, Class OB, 6.000%, 03/15/17		60
	745	Series 2430, Class WF, 6.500%, 03/15/32		872
	413	Series 2434, Class TC, 7.000%, 04/15/32		486
	490	Series 2435, Class CJ, 6.500%, 04/15/32		574
	326	Series 2436, Class MC, 7.000%, 04/15/32		368
	271	Series 2444, Class ES, IF, IO, 7.764%, 03/15/32		73
	183	Series 2450, Class GZ, 7.000%, 05/15/32		210
	217	Series 2450, Class SW, IF, IO, 7.814%, 03/15/32		59

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	1,069	Series 2455, Class GK, 6.500%, 05/15/32		1,248
	21	Series 2458, Class QE, 5.500%, 06/15/17		21
	309	Series 2462, Class JG, 6.500%, 06/15/32		355
	698	Series 2464, Class SI, IF, IO, 7.814%, 02/15/32		175
	714	Series 2466, Class PH, 6.500%, 06/15/32		827
	335	Series 2474, Class NR, 6.500%, 07/15/32		387
	409	Series 2484, Class LZ, 6.500%, 07/15/32		476
	549	Series 2500, Class MC, 6.000%, 09/15/32		631
	24	Series 2503, Class BH, 5.500%, 09/15/17		25
	121	Series 2508, Class AQ, 5.500%, 10/15/17		127
	398	Series 2512, Class PG, 5.500%, 10/15/22		439
	221	Series 2535, Class BK, 5.500%, 12/15/22		242
	236	Series 2537, Class TE, 5.500%, 12/15/17		247
	757	Series 2543, Class YX, 6.000%, 12/15/32		856
	649	Series 2544, Class HC, 6.000%, 12/15/32		744
	846	Series 2552, Class ME, 6.000%, 01/15/33		973
	848	Series 2567, Class QD, 6.000%, 02/15/33		972
	538	Series 2568, Class KG, 5.500%, 02/15/23		595
	95	Series 2571, Class SK, HB, IF, 33.700%, 09/15/23		171
	1,982	Series 2575, Class ME, 6.000%, 02/15/33		2,185
	254	Series 2586, Class WI, IO, 6.500%, 03/15/33		51
	519	Series 2587, Class WX, 5.000%, 03/15/18		541
	559	Series 2596, Class QG, 6.000%, 03/15/33		615
	182	Series 2611, Class UH, 4.500%, 05/15/18		190
	325	Series 2617, Class GR, 4.500%, 05/15/18		337
	257	Series 2626, Class NS, IF, IO, 6.364%, 06/15/23		17
	376	Series 2631, Class LC, 4.500%, 06/15/18		393
	181	Series 2636, Class Z, 4.500%, 06/15/18		189
	243	Series 2637, Class SA, IF, IO, 5.914%, 06/15/18		15
	24	Series 2638, Class DS, IF, 8.414%, 07/15/23		28
	176	Series 2650, Class PO, PO, 12/15/32		176
	818	Series 2650, Class SO, PO, 12/15/32		818
	276	Series 2651, Class VZ, 4.500%, 07/15/18		288
	1	Series 2672, Class ME, 5.000%, 11/15/22		1
	1,261	Series 2675, Class CK, 4.000%, 09/15/18		1,307
	1,573	Series 2684, Class PO, PO, 01/15/33		1,572
	30	Series 2691, Class ME, 4.500%, 04/15/32		30
	113	Series 2692, Class SC, IF, 12.915%, 07/15/33		132
	384	Series 2695, Class DG, 4.000%, 10/15/18		399
	12	Series 2696, Class CO, PO, 10/15/18		12
	1,276	Series 2710, Class HB, 5.500%, 11/15/23		1,410
	28	Series 2715, Class OG, 5.000%, 01/15/23		28
	822	Series 2716, Class UN, 4.500%, 12/15/23		880
	395	Series 2720, Class PC, 5.000%, 12/15/23		430
	290	Series 2744, Class PE, 5.500%, 02/15/34		309
	526	Series 2744, Class TU, 5.500%, 05/15/32		544
	34	Series 2777, Class OM, PO, 12/15/32		34
	21	Series 2780, Class JG, 4.500%, 04/15/19		22
	723	Series 2783, Class AT, 4.000%, 04/15/19		749
	1,796	Series 2809, Class UC, 4.000%, 06/15/19		1,873
	61	Series 2835, Class QO, PO, 12/15/32		58
	83	Series 2840, Class JO, PO, 06/15/23		83
	215	Series 2922, Class JN, 4.500%, 02/15/20		222
	501	Series 2934, Class EC, PO, 02/15/20		501
	418	Series 2934, Class HI, IO, 5.000%, 02/15/20		32
	377	Series 2934, Class KI, IO, 5.000%, 02/15/20		27
	307	Series 2958, Class QD, 4.500%, 04/15/20		320
	851	Series 2962, Class BE, 4.500%, 04/15/20		897
	1,660	Series 2965, Class GD, 4.500%, 04/15/20		1,740
	39	Series 2989, Class PO, PO, 06/15/23		37
	3,761	Series 2990, Class UZ, 5.750%, 06/15/35		4,062

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	1,483	Series 3004, Class EK, 5.500%, 07/15/35		1,527
	68	Series 3014, Class OD, PO, 08/15/35		60
	944	Series 3047, Class OD, 5.500%, 10/15/35		1,079
	424	Series 3049, Class XF, VAR, 0.536%, 05/15/33		426
	3,095	Series 3064, Class MC, 5.500%, 11/15/35		3,571
	24	Series 3068, Class AO, PO, 01/15/35		23
	268	Series 3068, Class QB, 4.500%, 06/15/20		277
	1,918	Series 3074, Class BH, 5.000%, 11/15/35		2,092
	428	Series 3085, Class WF, VAR, 0.986%, 08/15/35		436
	739	Series 3102, Class FB, VAR, 0.486%, 01/15/36		742
	174	Series 3102, Class HS, HB, IF, 23.886%, 01/15/36		267
	821	Series 3117, Class EO, PO, 02/15/36		770
	474	Series 3117, Class OK, PO, 02/15/36		444
	18	Series 3122, Class ZB, 6.000%, 03/15/36		24
	1,696	Series 3131, Class BK, 5.500%, 03/15/26		1,899
	145	Series 3134, Class PO, PO, 03/15/36		127
	692	Series 3138, Class PO, PO, 04/15/36		653
	31	Series 3149, Class SO, PO, 05/15/36		26
	618	Series 3151, Class UC, 5.500%, 08/15/35		659
	573	Series 3152, Class MO, PO, 03/15/36		540
	153	Series 3171, Class MO, PO, 06/15/36		137
	552	Series 3179, Class OA, PO, 07/15/36		531
	158	Series 3194, Class SA, IF, IO, 6.914%, 07/15/36		32
	552	Series 3211, Class SO, PO, 09/15/36		505
	261	Series 3218, Class AO, PO, 09/15/36		231
	550	Series 3219, Class DI, IO, 6.000%, 04/15/36		101
	1,460	Series 3229, Class HE, 5.000%, 10/15/26		1,597
	548	Series 3232, Class ST, IF, IO, 6.514%, 10/15/36		100
	230	Series 3233, Class OP, PO, 05/15/36		215
	366	Series 3256, Class PO, PO, 12/15/36		341
	770	Series 3260, Class CS, IF, IO, 5.954%, 01/15/37		132
	386	Series 3261, Class OA, PO, 01/15/37		364
	194	Series 3274, Class JO, PO, 02/15/37		186
	173	Series 3275, Class FL, VAR, 0.626%, 02/15/37		174
	820	Series 3290, Class SB, IF, IO, 6.264%, 03/15/37		122
	1,519	Series 3315, Class HZ, 6.000%, 05/15/37		1,693
	68	Series 3318, Class AO, PO, 05/15/37		62
	125	Series 3326, Class JO, PO, 06/15/37		117
	430	Series 3331, Class PO, PO, 06/15/37		402
	419	Series 3385, Class SN, IF, IO, 5.814%, 11/15/37		57
	609	Series 3387, Class SA, IF, IO, 6.234%, 11/15/37		88
	962	Series 3404, Class SC, IF, IO, 5.814%, 01/15/38		155
	4,619	Series 3422, Class AI, IO, SUB, 0.250%, 01/15/38		36
	594	Series 3424, Class PI, IF, IO, 6.614%, 04/15/38		98
	1,146	Series 3481, Class SJ, IF, IO, 5.664%, 08/15/38		136
	865	Series 3511, Class SA, IF, IO, 5.814%, 02/15/39		137
	299	Series 3549, Class FA, VAR, 1.386%, 07/15/39		305
	336	Series 3607, Class BO, PO, 04/15/36		315
	955	Series 3607, Class OP, PO, 07/15/37		825
	532	Series 3607, Class PO, PO, 05/15/37		476
	154	Series 3611, Class PO, PO, 07/15/34		135
	424	Series 3621, Class BO, PO, 01/15/40		403
	496	Series 3720, Class A, 4.500%, 09/15/25		538
	1,392	Series 3739, Class LI, IO, 4.000%, 03/15/34		49
	3,595	Series 3747, Class HI, IO, 4.500%, 07/15/37		264
	1,000	Series 3747, Class PY, 4.000%, 10/15/40		1,071
	1,909	Series 3759, Class HI, IO, 4.000%, 08/15/37		148
	1,774	Series 3760, Class GI, IO, 4.000%, 10/15/37		103
	9,334	Series 3774, Class EW, 3.500%, 12/15/25		9,863
	5,000	Series 3793, Class AB, 3.500%, 01/15/26		5,364
	100	Series 3798, Class BF, VAR, 0.486%, 06/15/24		100
	624	Series 3804, Class FN, VAR, 0.636%, 03/15/39		627
	2,974	Series 3819, Class ZQ, 6.000%, 04/15/36		3,375

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	650	Series 3852, Class QN, IF, 5.500%, 05/15/41		711
	1,853	Series 3852, Class TP, IF, 5.500%, 05/15/41		2,046
	2,296	Series 3920, Class LP, 5.000%, 01/15/34		2,520
	1,275	Series 3925, Class FL, VAR, 0.636%, 01/15/41		1,287
	1,042	Series 3957, Class B, 4.000%, 11/15/41		1,106
	1,342	Series 3966, Class NA, 4.000%, 12/15/41		1,444
	813	Series 3997, Class PF, VAR, 0.636%, 11/15/39		817
	2,968	Series 4048, Class FJ, VAR, 0.579%, 07/15/37		2,964
	2,000	Series 4217, Class KY, 3.000%, 06/15/43		1,992
	7,187	Series 4219, Class JA, 3.500%, 08/15/39		7,607
	2,501	Series 4240, Class B, 3.000%, 08/15/33		2,487
	3,684	Series 4251, Class KW, 2.500%, 04/15/28		3,542
	6,578	Series 4374, Class NC, SUB, 1.750%, 02/15/46		6,832
		Federal Home Loan Mortgage Corp. STRIPS,
	2	Series 134, Class B, IO, 9.000%, 04/01/22		1
	1,119	Series 233, Class 11, IO, 5.000%, 09/15/35		222
	1,589	Series 233, Class 13, IO, 5.000%, 09/15/35		311
	274	Series 243, Class 16, IO, 4.500%, 11/15/20		16
	616	Series 243, Class 17, IO, 4.500%, 12/15/20		38
	8,070	Series 262, Class 35, 3.500%, 07/15/42		8,410
	2,224	Series 264, Class F1, VAR, 0.736%, 07/15/42		2,250
	2,070	Series 267, Class F5, VAR, 0.686%, 08/15/42		2,082
	2,554	Series 281, Class F1, VAR, 0.686%, 10/15/42		2,578
	8,661	Series 299, Class 300, 3.000%, 01/15/43		8,815
	2,359	Series 310, Class PO, PO, 09/15/43		1,867
	4,697	Series 323, Class 300, 3.000%, 01/15/44		4,814
		Federal Home Loan Mortgage Corp. Structured Pass-Through Securities,
	477	Series T-41, Class 3A, VAR, 6.157%, 07/25/32		547
	291	Series T-51, Class 2A, VAR, 7.500%, 08/25/42		350
	1,713	Series T-54, Class 2A, 6.500%, 02/25/43		2,032
	510	Series T-54, Class 3A, 7.000%, 02/25/43		627
	207	Series T-58, Class APO, PO, 09/25/43		169
	451	Series T-59, Class 1AP, PO, 10/25/43		351
	1,812	Series T-76, Class 2A, VAR, 3.006%, 10/25/37		1,830
		Federal National Mortgage Association - ACES,
	3,300	Series 2010-M3, Class A3, VAR, 4.332%, 03/25/20		3,637
	1,416	Series 2011-M2, Class A2, 3.645%, 04/25/21		1,520
	8,500	Series 2011-M2, Class A3, 3.764%, 04/25/21		9,219
	269	Series 2012-M11, Class FA, VAR, 0.678%, 08/25/19		270
	4,100	Series 2012-M9, Class A2, 2.482%, 04/25/22		4,160
	4,200	Series 2013-M13, Class A2, VAR, 2.540%, 04/25/23		4,238
	1,878	Series 2013-M7, Class A2, 2.280%, 12/27/22		1,867
	8,000	Series 2013-M9, Class A2, VAR, 2.389%, 01/25/23		8,022
	7,700	Series 2014-M12, Class ASV2, VAR, 2.614%, 10/25/21		7,894
	3,818	Series 2014-M13, Class A2, VAR, 3.021%, 08/25/24		3,915
	2,664	Series 2014-M2, Class A2, VAR, 3.513%, 12/25/23		2,862
	2,500	Series 2014-M3, Class A2, VAR, 3.476%, 01/25/24		2,681
	4,545	Series 2014-M5, Class ASQ2, 2.034%, 03/25/19		4,638
	808	Series 2014-M5, Class FA, VAR, 0.523%, 01/25/17		809
	5,740	Series 2015-M7, Class A2, 2.590%, 12/25/24		5,711
	6,000	Series 2015-M8, Class A2, 2.900%, 01/25/25		6,117
		Federal National Mortgage Association Grantor Trust,
	868	Series 2002-T19, Class A2, 7.000%, 07/25/42		999
	659	Series 2004-T3, Class 1A3, 7.000%, 02/25/44		760
		Federal National Mortgage Association REMIC,
	3	Series 1988-7, Class Z, 9.250%, 04/25/18		3
	8	Series 1989-70, Class G, 8.000%, 10/25/19		9
	3	Series 1989-78, Class H, 9.400%, 11/25/19		4
	6	Series 1989-83, Class H, 8.500%, 11/25/19		7

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	5		Series 1989-89, Class H, 9.000%, 11/25/19		5
	5		Series 1990-1, Class D, 8.800%, 01/25/20		6
	1		Series 1990-60, Class K, 5.500%, 06/25/20		1
	2		Series 1990-63, Class H, 9.500%, 06/25/20		2
	1		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		—	(h)
	12		Series 1990-102, Class J, 6.500%, 08/25/20		13
	15		Series 1990-120, Class H, 9.000%, 10/25/20		16
	2		Series 1990-134, Class SC, HB, IF, 21.323%, 11/25/20		2
	–	(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		6
	1		Series 1992-101, Class J, 7.500%, 06/25/22		1
	30		Series 1992-136, Class PK, 6.000%, 08/25/22		32
	27		Series 1992-143, Class MA, 5.500%, 09/25/22		29
	77		Series 1992-163, Class M, 7.750%, 09/25/22		87
	125		Series 1992-188, Class PZ, 7.500%, 10/25/22		144
	50		Series 1993-21, Class KA, 7.700%, 03/25/23		57
	71		Series 1993-25, Class J, 7.500%, 03/25/23		80
	19		Series 1993-27, Class SA, IF, 15.500%, 02/25/23		27
	29		Series 1993-62, Class SA, IF, 18.930%, 04/25/23		42
	15		Series 1993-165, Class SD, IF, 13.399%, 09/25/23		19
	32		Series 1993-165, Class SK, IF, 12.500%, 09/25/23		36
	23		Series 1993-179, Class SB, HB, IF, 26.744%, 10/25/23		39
	15		Series 1993-179, Class SC, IF, 10.500%, 10/25/23		19
	27		Series 1993-199, Class FA, VAR, 0.735%, 10/25/23		27
	42		Series 1993-205, Class H, PO, 09/25/23		42
	67		Series 1993-225, Class UB, 6.500%, 12/25/23		76
	23		Series 1993-230, Class FA, VAR, 0.785%, 12/25/23		23
	60		Series 1993-247, Class FE, VAR, 1.185%, 12/25/23		61
	28		Series 1993-247, Class SU, IF, 12.263%, 12/25/23		36
	11		Series 1993-250, Class Z, 7.000%, 12/25/23		11
	244		Series 1994-37, Class L, 6.500%, 03/25/24		281
	1,197		Series 1994-40, Class Z, 6.500%, 03/25/24		1,312
	52		Series 1995-2, Class Z, 8.500%, 01/25/25		61
	269		Series 1995-19, Class Z, 6.500%, 11/25/23		310
	259		Series 1996-14, Class SE, IF, IO, 8.810%, 08/25/23		59
	4		Series 1996-27, Class FC, VAR, 0.685%, 03/25/17		4
	22		Series 1996-59, Class J, 6.500%, 08/25/22		24
	235		Series 1997-20, Class IO, IO, VAR, 1.840%, 03/25/27		11
	17		Series 1997-27, Class J, 7.500%, 04/18/27		18
	40		Series 1997-29, Class J, 7.500%, 04/20/27		47
	274		Series 1997-39, Class PD, 7.500%, 05/20/27		322
	22		Series 1997-42, Class ZC, 6.500%, 07/18/27		26
	456		Series 1997-61, Class ZC, 7.000%, 02/25/23		513
	75		Series 1997-81, Class PI, IO, 7.000%, 12/18/27		11
	10		Series 1998-4, Class C, PO, 04/25/23		10
	139		Series 1998-36, Class ZB, 6.000%, 07/18/28		159
	86		Series 1998-43, Class SA, IF, IO, 18.357%, 04/25/23		22
	177		Series 1998-66, Class SB, IF, IO, 7.965%, 12/25/28		34
	84		Series 1999-17, Class C, 6.350%, 04/25/29		94
	340		Series 1999-18, Class Z, 5.500%, 04/18/29		382
	71		Series 1999-38, Class SK, IF, IO, 7.865%, 08/25/23		7
	42		Series 1999-52, Class NS, HB, IF, 22.863%, 10/25/23		66
	120		Series 1999-62, Class PB, 7.500%, 12/18/29		138
	380		Series 2000-2, Class ZE, 7.500%, 02/25/30		437
	236		Series 2000-20, Class SA, IF, IO, 8.915%, 07/25/30		63

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	29		Series 2000-52, Class IO, IO, 8.500%, 01/25/31		6
	120		Series 2001-4, Class PC, 7.000%, 03/25/21		131
	78		Series 2001-7, Class PF, 7.000%, 03/25/31		90
	–	(h)	Series 2001-7, Class PR, 6.000%, 03/25/16		—	(h)
	236		Series 2001-30, Class PM, 7.000%, 07/25/31		271
	269		Series 2001-33, Class ID, IO, 6.000%, 07/25/31		40
	236		Series 2001-36, Class DE, 7.000%, 08/25/31		276
	559		Series 2001-44, Class MY, 7.000%, 09/25/31		644
	87		Series 2001-44, Class PD, 7.000%, 09/25/31		99
	104		Series 2001-44, Class PU, 7.000%, 09/25/31		120
	835		Series 2001-48, Class Z, 6.500%, 09/25/21		930
	62		Series 2001-49, Class Z, 6.500%, 09/25/31		71
	74		Series 2001-52, Class KB, 6.500%, 10/25/31		84
	19		Series 2001-52, Class XN, 6.500%, 11/25/15		19
	832		Series 2001-61, Class Z, 7.000%, 11/25/31		946
	29		Series 2001-71, Class MB, 6.000%, 12/25/16		30
	57		Series 2001-71, Class QE, 6.000%, 12/25/16		58
	29		Series 2001-72, Class SX, IF, 17.036%, 12/25/31		37
	100		Series 2001-74, Class MB, 6.000%, 12/25/16		103
	70		Series 2002-1, Class HC, 6.500%, 02/25/22		79
	102		Series 2002-1, Class SA, HB, IF, 24.587%, 02/25/32		185
	60		Series 2002-1, Class UD, HB, IF, 23.853%, 12/25/23		94
	94		Series 2002-2, Class UC, 6.000%, 02/25/17		97
	185		Series 2002-3, Class OG, 6.000%, 02/25/17		189
	44		Series 2002-7, Class OG, 6.000%, 03/25/17		46
	112		Series 2002-7, Class TG, 6.000%, 03/25/17		115
	54		Series 2002-10, Class SB, IF, 18.757%, 03/25/17		60
	883		Series 2002-13, Class SJ, IF, IO, 1.600%, 03/25/32		44
	14		Series 2002-13, Class ST, IF, 10.000%, 03/25/32		18
	44		Series 2002-19, Class PE, 6.000%, 04/25/17		45
	26		Series 2002-21, Class LO, PO, 04/25/32		25
	254		Series 2002-21, Class PE, 6.500%, 04/25/32		285
	143		Series 2002-24, Class AJ, 6.000%, 04/25/17		148
	57		Series 2002-25, Class SG, IF, 18.877%, 05/25/17		65
	651		Series 2002-28, Class PK, 6.500%, 05/25/32		730
	149		Series 2002-37, Class Z, 6.500%, 06/25/32		172
	109		Series 2002-42, Class C, 6.000%, 07/25/17		113
	904		Series 2002-48, Class GH, 6.500%, 08/25/32		1,053
	235		Series 2002-62, Class ZE, 5.500%, 11/25/17		245
	66		Series 2002-63, Class KC, 5.000%, 10/25/17		68
	148		Series 2002-77, Class S, IF, 14.145%, 12/25/32		199
	507		Series 2002-83, Class CS, 6.881%, 08/25/23		566
	416		Series 2002-94, Class BK, 5.500%, 01/25/18		428
	260		Series 2003-3, Class HJ, 5.000%, 02/25/18		271
	2,773		Series 2003-22, Class UD, 4.000%, 04/25/33		2,926
	932		Series 2003-33, Class IA, IO, 6.500%, 05/25/33		166
	611		Series 2003-34, Class AX, 6.000%, 05/25/33		702
	1,516		Series 2003-34, Class ED, 6.000%, 05/25/33		1,721
	37		Series 2003-35, Class UC, 3.750%, 05/25/33		39
	105		Series 2003-39, Class IO, IO, VAR, 6.000%, 05/25/33		21
	970		Series 2003-39, Class LW, 5.500%, 05/25/23		1,057
	726		Series 2003-41, Class PE, 5.500%, 05/25/23		787
	213		Series 2003-42, Class GB, 4.000%, 05/25/33		228
	390		Series 2003-47, Class PE, 5.750%, 06/25/33		444
	154		Series 2003-52, Class SX, HB, IF, 22.396%, 10/25/31		229
	115		Series 2003-64, Class SX, IF, 13.299%, 07/25/33		141
	534		Series 2003-71, Class DS, IF, 7.226%, 08/25/33		573

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	949	Series 2003-72, Class IE, IO, 5.500%, 08/25/33		176
	85	Series 2003-74, Class SH, IF, 9.837%, 08/25/33		103
	235	Series 2003-76, Class GQ, 4.500%, 08/25/18		245
	497	Series 2003-80, Class SY, IF, IO, 7.465%, 06/25/23		32
	414	Series 2003-81, Class LC, 4.500%, 09/25/18		433
	1,001	Series 2003-83, Class PG, 5.000%, 06/25/23		1,057
	218	Series 2003-91, Class SD, IF, 12.192%, 09/25/33		268
	1,274	Series 2003-116, Class SB, IF, IO, 7.415%, 11/25/33		321
	250	Series 2003-128, Class NG, 4.000%, 01/25/19		260
	79	Series 2003-130, Class SX, IF, 11.243%, 01/25/34		95
	113	Series 2003-132, Class OA, PO, 08/25/33		101
	1,199	Series 2004-4, Class QI, IF, IO, 6.915%, 06/25/33		148
	113	Series 2004-4, Class QM, IF, 13.831%, 06/25/33		139
	521	Series 2004-10, Class SC, HB, IF, 27.861%, 02/25/34		705
	445	Series 2004-25, Class PC, 5.500%, 01/25/34		470
	878	Series 2004-25, Class SA, IF, 19.017%, 04/25/34		1,287
	1,459	Series 2004-27, Class HB, 4.000%, 05/25/19		1,510
	305	Series 2004-36, Class PC, 5.500%, 02/25/34		322
	1,188	Series 2004-36, Class SA, IF, 19.017%, 05/25/34		1,685
	350	Series 2004-36, Class SN, IF, 13.831%, 07/25/33		405
	606	Series 2004-37, Class AG, 4.500%, 11/25/32		615
	471	Series 2004-46, Class QB, HB, IF, 23.261%, 05/25/34		709
	1,490	Series 2004-46, Class SK, IF, 15.992%, 05/25/34		1,970
	239	Series 2004-51, Class SY, IF, 13.871%, 07/25/34		318
	273	Series 2004-53, Class NC, 5.500%, 07/25/24		301
	336	Series 2004-59, Class BG, PO, 12/25/32		318
	754	Series 2004-61, Class FH, VAR, 0.985%, 11/25/32		773
	100	Series 2004-61, Class SK, IF, 8.500%, 11/25/32		125
	173	Series 2004-76, Class CL, 4.000%, 10/25/19		179
	428	Series 2004-79, Class SP, IF, 19.292%, 11/25/34		582
	78	Series 2004-81, Class AC, 4.000%, 11/25/19		81
	78	Series 2005-52, Class PA, 6.500%, 06/25/35		83
	1,276	Series 2005-56, Class S, IF, IO, 6.525%, 07/25/35		228
	303	Series 2005-66, Class SG, IF, 16.913%, 07/25/35		408
	536	Series 2005-68, Class BC, 5.250%, 06/25/35		579
	1,390	Series 2005-68, Class PG, 5.500%, 08/25/35		1,545
	725	Series 2005-68, Class UC, 5.000%, 06/25/35		770
	578	Series 2005-74, Class CS, IF, 19.512%, 05/25/35		803
	4,807	Series 2005-84, Class XM, 5.750%, 10/25/35		5,230
	2,035	Series 2005-109, Class PC, 6.000%, 12/25/35		2,271
	6,055	Series 2005-110, Class GK, 5.500%, 08/25/34		6,356
	4,326	Series 2005-110, Class GL, 5.500%, 12/25/35		4,937
	1,558	Series 2005-110, Class MN, 5.500%, 06/25/35		1,656
	277	Series 2005-116, Class PB, 6.000%, 04/25/34		285
	128	Series 2006-15, Class OT, PO, 01/25/36		126
	426	Series 2006-16, Class OA, PO, 03/25/36		397
	608	Series 2006-22, Class AO, PO, 04/25/36		537
	183	Series 2006-23, Class KO, PO, 04/25/36		169
	1,702	Series 2006-39, Class WC, 5.500%, 01/25/36		1,845
	91	Series 2006-42, Class CF, VAR, 0.635%, 06/25/36		92
	944	Series 2006-44, Class GO, PO, 06/25/36		901
	2,188	Series 2006-44, Class P, PO, 12/25/33		1,919
	1,372	Series 2006-46, Class UC, 5.500%, 12/25/35		1,496
	1,402	Series 2006-53, Class US, IF, IO, 6.395%, 06/25/36		249
	1,301	Series 2006-56, Class FC, VAR, 0.475%, 07/25/36		1,308
	1,314	Series 2006-56, Class PF, VAR, 0.535%, 07/25/36		1,322
	736	Series 2006-56, Class PO, PO, 07/25/36		708
	854	Series 2006-58, Class AP, PO, 07/25/36		832
	107	Series 2006-58, Class FL, VAR, 0.645%, 07/25/36		108

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	431	Series 2006-58, Class PO, PO, 07/25/36		404
	483	Series 2006-59, Class QO, PO, 01/25/33		484
	3,565	Series 2006-60, Class DZ, 6.500%, 07/25/36		4,361
	638	Series 2006-65, Class QO, PO, 07/25/36		618
	145	Series 2006-72, Class TO, PO, 08/25/36		141
	2,618	Series 2006-77, Class PC, 6.500%, 08/25/36		2,987
	529	Series 2006-79, Class DO, PO, 08/25/36		504
	451	Series 2006-90, Class AO, PO, 09/25/36		413
	183	Series 2006-109, Class PO, PO, 11/25/36		178
	1,353	Series 2006-110, Class PO, PO, 11/25/36		1,188
	121	Series 2006-111, Class EO, PO, 11/25/36		116
	774	Series 2006-118, Class A2, VAR, 0.242%, 12/25/36		773
	140	Series 2006-119, Class PO, PO, 12/25/36		131
	2,314	Series 2006-124, Class HB, VAR, 5.962%, 11/25/36		2,355
	1,000	Series 2006-128, Class BP, 5.500%, 01/25/37		1,084
	783	Series 2006-130, Class GI, IO, 6.500%, 07/25/32		158
	785	Series 2007-7, Class SG, IF, IO, 6.315%, 08/25/36		152
	2,015	Series 2007-14, Class ES, IF, IO, 6.255%, 03/25/37		310
	189	Series 2007-15, Class NO, PO, 03/25/22		188
	659	Series 2007-16, Class FC, VAR, 0.935%, 03/25/37		680
	215	Series 2007-42, Class AO, PO, 05/25/37		210
	290	Series 2007-48, Class PO, PO, 05/25/37		279
	841	Series 2007-54, Class FA, VAR, 0.585%, 06/25/37		847
	4,566	Series 2007-60, Class AX, IF, IO, 6.965%, 07/25/37		773
	208	Series 2007-77, Class FG, VAR, 0.685%, 03/25/37		210
	1,400	Series 2007-81, Class GE, 6.000%, 08/25/37		1,594
	728	Series 2007-84, Class PG, 6.000%, 12/25/36		751
	3,076	Series 2007-88, Class VI, IF, IO, 6.355%, 09/25/37		482
	2,125	Series 2007-91, Class ES, IF, IO, 6.275%, 10/25/37		327
	1,481	Series 2007-97, Class KI, IO, 7.000%, 05/25/33		222
	2,239	Series 2007-101, Class A2, VAR, 0.463%, 06/27/36		2,237
	533	Series 2007-106, Class A7, VAR, 6.139%, 10/25/37		595
	4,594	Series 2007-114, Class A6, VAR, 0.385%, 10/27/37		4,538
	1,977	Series 2007-116, Class HI, IO, VAR, 1.505%, 01/25/38		136
	14	Series 2007-118, Class IO, IO, 6.000%, 06/25/36		—	(h)
	1,077	Series 2008-1, Class BI, IF, IO, 5.725%, 02/25/38		135
	756	Series 2008-10, Class XI, IF, IO, 6.045%, 03/25/38		83
	403	Series 2008-16, Class IS, IF, IO, 6.015%, 03/25/38		66
	477	Series 2008-19, Class IC, IO, 5.000%, 03/25/23		27
	521	Series 2008-24, Class DY, 5.000%, 04/25/23		547
	435	Series 2008-27, Class SN, IF, IO, 6.715%, 04/25/38		65
	230	Series 2008-39, Class CI, IO, 4.500%, 05/25/18		11
	355	Series 2008-42, Class AO, PO, 09/25/36		350
	37	Series 2008-44, Class PO, PO, 05/25/38		35
	548	Series 2008-47, Class SI, IF, IO, 6.315%, 06/25/23		57
	602	Series 2008-53, Class CI, IF, IO, 7.015%, 07/25/38		103
	248	Series 2008-76, Class GF, VAR, 0.835%, 09/25/23		250
	1,634	Series 2008-80, Class SA, IF, IO, 5.665%, 09/25/38		203
	1,045	Series 2008-81, Class SB, IF, IO, 5.665%, 09/25/38		142
	1,323	Series 2009-6, Class GS, IF, IO, 6.365%, 02/25/39		274
	599	Series 2009-9, Class IO, IO, 5.000%, 02/25/24		48
	521	Series 2009-18, Class IO, IO, 5.000%, 03/25/24		36
	2,462	Series 2009-19, Class IP, IO, 5.500%, 10/25/36		475
	1,052	Series 2009-60, Class HT, 6.000%, 08/25/39		1,199
	729	Series 2009-62, Class HJ, 6.000%, 05/25/39		822
	1,048	Series 2009-70, Class CO, PO, 01/25/37		950
	626	Series 2009-99, Class SC, IF, IO, 5.995%, 12/25/39		79
	960	Series 2009-103, Class MB, VAR, 2.358%, 12/25/39		1,002
	971	Series 2010-45, Class BD, 4.500%, 11/25/38		1,015

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	1,225		Series 2010-49, Class SC, IF, 12.291%, 03/25/40		1,484
	765		Series 2010-64, Class DM, 5.000%, 06/25/40		847
	929		Series 2010-71, Class HJ, 5.500%, 07/25/40		1,061
	1,786		Series 2010-133, Class A, 5.500%, 05/25/38		1,914
	2,783		Series 2010-147, Class SA, IF, IO, 6.345%, 01/25/41		632
	959		Series 2010-148, Class MA, 4.000%, 02/25/39		1,006
	933		Series 2011-2, Class WA, VAR, 5.817%, 02/25/51		1,029
	1,481		Series 2011-22, Class MA, 6.500%, 04/25/38		1,659
	3,102		Series 2011-30, Class LS, IO, VAR, 1.833%, 04/25/41		219
	2,500		Series 2011-31, Class DB, 3.500%, 04/25/31		2,680
	7,500		Series 2011-44, Class EB, 3.000%, 05/25/26		7,795
	706		Series 2011-75, Class FA, VAR, 0.735%, 08/25/41		716
	1,470		Series 2011-118, Class MT, 7.000%, 11/25/41		1,741
	1,973		Series 2011-130, Class CA, 6.000%, 12/25/41		2,263
	1,212		Series 2012-14, Class FB, VAR, 0.635%, 08/25/37		1,218
	6,897		Series 2012-47, Class HF, VAR, 0.585%, 05/25/27		6,950
	3,000		Series 2012-66, Class CB, 3.000%, 06/25/32		2,853
	5,140		Series 2012-99, Class AE, 2.500%, 05/25/39		5,166
	3,278		Series 2012-108, Class F, VAR, 0.685%, 10/25/42		3,317
	4,073		Series 2012-137, Class CF, VAR, 0.485%, 08/25/41		4,060
	2,000		Series 2013-81, Class TA, 3.000%, 02/25/43		1,928
	1,694		Series 2013-90, Class PM, 3.500%, 09/25/43		1,773
	2,258		Series 2013-92, Class PO, PO, 09/25/43		1,802
	3,349		Series 2013-101, Class AE, 3.000%, 10/25/33		3,412
	3,431		Series 2013-101, Class DO, PO, 10/25/43		2,715
	3,000		Series 2013-101, Class E, 3.000%, 10/25/33		3,003
	3,500		Series 2013-103, Class VG, 3.000%, 03/25/30		3,405
	4,000		Series 2013-108, Class GU, 3.000%, 10/25/33		3,898
	4,503		Series 2013-128, Class PO, PO, 12/25/43		3,632
	–	(h)	Series G-17, Class S, HB, VAR, 1,061.868%, 06/25/21		3
	15		Series G-28, Class S, IF, 14.915%, 09/25/21		18
	21		Series G-35, Class M, 8.750%, 10/25/21		23
	6		Series G-51, Class SA, HB, IF, 25.251%, 12/25/21		9
	–	(h)	Series G92-27, Class SQ, HB, IF, 11,820.374%, 05/25/22		—	(h)
	107		Series G92-35, Class E, 7.500%, 07/25/22		119
	–	(h)	Series G92-35, Class G, HB, 1,184.775%, 07/25/22		1
	13		Series G92-42, Class Z, 7.000%, 07/25/22		14
	188		Series G92-44, Class ZQ, 8.000%, 07/25/22		198
	17		Series G92-52, Class FD, VAR, 0.205%, 09/25/22		17
	113		Series G92-54, Class ZQ, 7.500%, 09/25/22		124
	16		Series G92-59, Class F, VAR, 1.387%, 10/25/22		16
	34		Series G92-61, Class Z, 7.000%, 10/25/22		38
	22		Series G92-62, Class B, PO, 10/25/22		22
	112		Series G93-1, Class KA, 7.900%, 01/25/23		128
	26		Series G93-5, Class Z, 6.500%, 02/25/23		29
	34		Series G93-14, Class J, 6.500%, 03/25/23		37
	78		Series G93-17, Class SI, IF, 6.000%, 04/25/23		89
	70		Series G93-27, Class FD, VAR, 1.065%, 08/25/23		71
	16		Series G93-37, Class H, PO, 09/25/23		16
	32		Series G95-1, Class C, 8.800%, 01/25/25		37
			Federal National Mortgage Association REMIC Trust,
	817		Series 2003-W1, Class 1A1, VAR, 5.802%, 12/25/42		915
	326		Series 2003-W1, Class 2A, VAR, 6.488%, 12/25/42		381
	108		Series 2003-W4, Class 2A, VAR, 6.362%, 10/25/42		126
	46		Series 2007-W7, Class 1A4, HB, IF, 38.072%, 07/25/37		73
	1,836		Series 2009-W1, Class A, 6.000%, 12/25/49		2,128
			Federal National Mortgage Association STRIPS,
	1		Series 23, Class 2, IO, 10.000%, 09/25/17		—	(h)

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	–	(h)	Series 50, Class 2, IO, 10.500%, 03/25/19		—	(h)
	10		Series 218, Class 2, IO, 7.500%, 04/25/23		2
	11		Series 265, Class 2, 9.000%, 03/25/24		13
	123		Series 329, Class 1, PO, 01/25/33		117
	273		Series 339, Class 18, IO, 4.500%, 07/25/18		14
	386		Series 339, Class 21, IO, 4.500%, 08/25/18		17
	191		Series 339, Class 28, IO, 5.500%, 08/25/18		10
	172		Series 345, Class 6, IO, VAR, 5.000%, 12/25/33		34
	581		Series 351, Class 7, IO, VAR, 5.000%, 04/25/34		115
	474		Series 355, Class 11, IO, 6.000%, 07/25/34		104
	169		Series 355, Class 31, IO, VAR, 4.500%, 12/25/18		9
	829		Series 365, Class 8, IO, 5.500%, 05/25/36		179
	91		Series 368, Class 3, IO, 4.500%, 11/25/20		5
	422		Series 374, Class 5, IO, 5.500%, 08/25/36		91
	212		Series 383, Class 32, IO, 6.000%, 01/25/38		43
	559		Series 383, Class 33, IO, 6.000%, 01/25/38		114
	148		Series 393, Class 6, IO, 5.500%, 04/25/37		27
			Federal National Mortgage Association Trust,
	223		Series 2004-W1, Class 2A2, 7.000%, 12/25/33		262
	855		Series 2004-W15, Class 2AF, VAR, 0.435%, 08/25/44		850
	600		Series 2004-W2, Class 2A2, 7.000%, 02/25/44		704
	2,218		Series 2005-W3, Class 2AF, VAR, 0.405%, 03/25/45		2,223
	771		Series 2006-W2, Class 1AF1, VAR, 0.405%, 02/25/46		770
			Government National Mortgage Association,
	1,184		Series 1994-7, Class PQ, 6.500%, 10/16/24		1,353
	827		Series 1999-4, Class ZB, 6.000%, 02/20/29		934
	83		Series 1999-30, Class S, IF, IO, 8.417%, 08/16/29		26
	179		Series 1999-40, Class ZW, 7.500%, 11/20/29		209
	121		Series 2000-9, Class Z, 8.000%, 06/20/30		145
	1,110		Series 2000-9, Class ZJ, 8.500%, 02/16/30		1,324
	209		Series 2000-12, Class ST, HB, IF, 38.599%, 02/16/30		349
	1,530		Series 2000-21, Class Z, 9.000%, 03/16/30		1,879
	237		Series 2000-31, Class Z, 9.000%, 10/20/30		275
	138		Series 2000-35, Class ZA, 9.000%, 11/20/30		148
	14		Series 2000-36, Class IK, IO, 9.000%, 11/16/30		2
	71		Series 2001-6, Class SD, IF, IO, 8.367%, 03/16/31		25
	163		Series 2001-35, Class SA, IF, IO, 8.067%, 08/16/31		55
	142		Series 2001-36, Class S, IF, IO, 7.867%, 08/16/31		44
	180		Series 2002-3, Class SP, IF, IO, 7.207%, 01/16/32		50
	705		Series 2002-24, Class AG, IF, IO, 7.767%, 04/16/32		165
	63		Series 2002-24, Class SB, IF, 11.650%, 04/16/32		85
	1,462		Series 2002-31, Class SE, IF, IO, 7.317%, 04/16/30		296
	431		Series 2002-40, Class UK, 6.500%, 06/20/32		509
	23		Series 2002-41, Class SV, IF, 9.000%, 06/16/32		29
	1,651		Series 2002-45, Class QE, 6.500%, 06/20/32		1,962
	556		Series 2002-47, Class PG, 6.500%, 07/16/32		659
	1,059		Series 2002-47, Class ZA, 6.500%, 07/20/32		1,254
	906		Series 2002-52, Class GH, 6.500%, 07/20/32		1,080
	317		Series 2002-70, Class PS, IF, IO, 7.516%, 08/20/32		22
	949		Series 2002-75, Class PB, 6.000%, 11/20/32		1,129
	716		Series 2003-11, Class SK, IF, IO, 7.517%, 02/16/33		157
	306		Series 2003-12, Class SP, IF, IO, 7.516%, 02/20/33		83
	64		Series 2003-24, Class PO, PO, 03/16/33		54
	1,319		Series 2003-40, Class TJ, 6.500%, 03/20/33		1,542
	753		Series 2003-46, Class MG, 6.500%, 05/20/33		880
	809		Series 2003-46, Class TC, 6.500%, 03/20/33		923
	280		Series 2003-52, Class AP, PO, 06/16/33		264
	1,487		Series 2003-58, Class BE, 6.500%, 01/20/33		1,698

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	83	Series 2003-90, Class PO, PO, 10/20/33		80
	989	Series 2003-112, Class SA, IF, IO, 6.367%, 12/16/33		221
	595	Series 2003-112, Class TS, IF, IO, 6.766%, 10/20/32		28
	2,730	Series 2004-11, Class SW, IF, IO, 5.316%, 02/20/34		386
	5	Series 2004-15, Class SA, IF, 19.157%, 12/20/32		5
	382	Series 2004-28, Class S, IF, 19.158%, 04/16/34		543
	139	Series 2004-73, Class AE, IF, 14.477%, 08/17/34		174
	1,525	Series 2004-90, Class SI, IF, IO, 5.916%, 10/20/34		242
	1,034	Series 2005-3, Class SB, IF, IO, 5.916%, 01/20/35		165
	275	Series 2005-35, Class FL, VAR, 0.534%, 03/20/32		276
	33	Series 2005-39, Class KI, IO, 5.500%, 03/20/34		1
	2,672	Series 2005-58, Class NI, IO, 5.500%, 08/20/35		488
	265	Series 2005-68, Class DP, IF, 15.992%, 06/17/35		366
	3,709	Series 2005-68, Class KI, IF, IO, 6.116%, 09/20/35		605
	465	Series 2005-69, Class SY, IF, IO, 6.566%, 11/20/33		81
	490	Series 2005-91, Class PI, IO, 6.000%, 12/20/35		99
	244	Series 2006-16, Class OP, PO, 03/20/36		227
	672	Series 2006-38, Class SW, IF, IO, 6.316%, 06/20/36		73
	805	Series 2006-59, Class SD, IF, IO, 6.516%, 10/20/36		140
	1,341	Series 2006-65, Class SA, IF, IO, 6.616%, 11/20/36		249
	2,023	Series 2007-17, Class JI, IF, IO, 6.627%, 04/16/37		389
	217	Series 2007-17, Class JO, PO, 04/16/37		211
	1,200	Series 2007-19, Class SD, IF, IO, 6.016%, 04/20/37		189
	1,125	Series 2007-26, Class SC, IF, IO, 6.016%, 05/20/37		161
	882	Series 2007-27, Class SA, IF, IO, 6.016%, 05/20/37		126
	277	Series 2007-28, Class BO, PO, 05/20/37		264
	740	Series 2007-36, Class SE, IF, IO, 6.287%, 06/16/37		116
	2,082	Series 2007-40, Class SB, IF, IO, 6.566%, 07/20/37		355
	1,266	Series 2007-42, Class SB, IF, IO, 6.566%, 07/20/37		229
	2,500	Series 2007-47, Class PH, 6.000%, 07/16/37		3,045
	878	Series 2007-50, Class AI, IF, IO, 6.591%, 08/20/37		140
	126	Series 2007-53, Class SW, IF, 19.653%, 09/20/37		178
	592	Series 2007-57, Class PO, PO, 03/20/37		544
	616	Series 2007-71, Class SB, IF, IO, 6.516%, 07/20/36		39
	657	Series 2007-72, Class US, IF, IO, 6.366%, 11/20/37		103
	679	Series 2007-73, Class MI, IF, IO, 5.816%, 11/20/37		90
	1,312	Series 2007-76, Class SA, IF, IO, 6.346%, 11/20/37		233
	662	Series 2007-79, Class SY, IF, IO, 6.366%, 12/20/37		110
	420	Series 2007-81, Class SP, IF, IO, 6.466%, 12/20/37		72
	385	Series 2008-2, Class MS, IF, IO, 6.977%, 01/16/38		76
	1,283	Series 2008-2, Class NS, IF, IO, 6.357%, 01/16/38		225
	738	Series 2008-10, Class S, IF, IO, 5.646%, 02/20/38		112
	2	Series 2008-23, Class IO, IO, 6.000%, 02/20/37		—	(h)
	522	Series 2008-32, Class PI, IO, 5.500%, 10/16/37		66
	1,036	Series 2008-36, Class SH, IF, IO, 6.116%, 04/20/38		173
	5,504	Series 2008-40, Class SA, IF, IO, 6.217%, 05/16/38		1,086
	999	Series 2008-41, Class SA, IF, IO, 6.156%, 05/20/38		163
	628	Series 2008-55, Class SA, IF, IO, 6.016%, 06/20/38		93
	174	Series 2008-60, Class PO, PO, 01/20/38		173
	69	Series 2008-65, Class ME, 5.750%, 09/20/37		70
	330	Series 2008-71, Class SC, IF, IO, 5.816%, 08/20/38		44
	751	Series 2008-93, Class AS, IF, IO, 5.516%, 12/20/38		108
	997	Series 2009-6, Class SA, IF, IO, 5.917%, 02/16/39		121
	655	Series 2009-10, Class SL, IF, IO, 6.317%, 03/16/34		47
	1,985	Series 2009-12, Class IE, IO, 5.500%, 03/20/39		352
	742	Series 2009-14, Class KI, IO, 6.500%, 03/20/39		159
	686	Series 2009-14, Class NI, IO, 6.500%, 03/20/39		141
	1,898	Series 2009-22, Class SA, IF, IO, 6.086%, 04/20/39		287

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	539	Series 2009-25, Class SE, IF, IO, 7.416%, 09/20/38		109
	448	Series 2009-33, Class CI, IO, 5.500%, 05/20/39		71
	454	Series 2009-33, Class TI, IO, 6.000%, 05/20/39		91
	785	Series 2009-43, Class SA, IF, IO, 5.766%, 06/20/39		105
	614	Series 2009-65, Class IQ, IO, 6.000%, 12/20/38		64
	1,713	Series 2009-72, Class SM, IF, IO, 6.067%, 08/16/39		278
	392	Series 2009-79, Class OK, PO, 11/16/37		353
	585	Series 2010-14, Class CO, PO, 08/20/35		545
	3,648	Series 2010-31, Class NO, PO, 03/20/40		3,221
	436	Series 2010-130, Class CP, 7.000%, 10/16/40		517
	3,391	Series 2010-157, Class OP, PO, 12/20/40		2,943
	3,846	Series 2010-H17, Class XQ, VAR, 5.262%, 07/20/60		4,190
	1,053	Series 2011-22, Class WA, VAR, 5.947%, 02/20/37		1,185
	2,076	Series 2011-75, Class SM, IF, IO, 6.416%, 05/20/41		437
	2,783	Series 2012-61, Class FM, VAR, 0.583%, 05/16/42		2,806
	840	Series 2012-141, Class WC, VAR, 3.747%, 01/20/42		885
	4,223	Series 2012-H10, Class FA, VAR, 0.728%, 12/20/61		4,240
	1,945	Series 2012-H15, Class FA, VAR, 0.628%, 05/20/62		1,952
	3,252	Series 2012-H21, Class CF, VAR, 0.878%, 05/20/61		3,274
	2,808	Series 2012-H21, Class DF, VAR, 0.828%, 05/20/61		2,815
	4,498	Series 2012-H22, Class FD, VAR, 0.648%, 01/20/61		4,512
	1,169	Series 2012-H24, Class FA, VAR, 0.628%, 03/20/60		1,173
	2,843	Series 2012-H24, Class FG, VAR, 0.608%, 04/20/60		2,849
	1,877	Series 2012-H26, Class MA, VAR, 0.728%, 07/20/62		1,886
	2,532	Series 2012-H28, Class FA, VAR, 0.758%, 09/20/62		2,535
	3,000	Series 2012-H30, Class PA, VAR, 0.628%, 11/20/59		3,010
	1,986	Series 2012-H31, Class FD, VAR, 0.518%, 12/20/62		1,977
	3,736	Series 2013-54, Class WA, VAR, 4.704%, 11/20/42		4,131
	2,893	Series 2013-75, Class WA, VAR, 5.230%, 06/20/40		3,239
	1,576	Series 2013-91, Class WA, VAR, 4.512%, 04/20/43		1,695
	1,300	Series 2013-116, Class JY, 4.000%, 08/16/43		1,416
	3,021	Series 2013-H01, Class FA, 1.650%, 01/20/63		3,020
	1,164	Series 2013-H03, Class FA, VAR, 0.478%, 08/20/60		1,165
	1,466	Series 2013-H04, Class BA, 1.650%, 02/20/63		1,466
	4,522	Series 2013-H05, Class FB, VAR, 0.578%, 02/20/62		4,533
	1,799	Series 2013-H07, Class HA, VAR, 0.588%, 03/20/63		1,792
	9,812	Series 2013-H07, Class JA, 1.750%, 03/20/63		9,860
	1,685	Series 2013-H08, Class FC, VAR, 0.628%, 02/20/63		1,682
	1,896	Series 2013-H09, Class HA, 1.650%, 04/20/63		1,893
	3,971	Series 2013-H18, Class JA, VAR, 0.778%, 08/20/63		3,996
	1,410	Series 2014-188, Class W, VAR, 4.696%, 10/20/41		1,554
	1,858	Series 2014-H01, Class FD, VAR, 0.828%, 01/20/64		1,871
	1,876	Series 2014-H09, Class TA, VAR, 0.778%, 04/20/64		1,885
	6,463	Series 2015-H05, Class FC, VAR, 0.658%, 02/20/65		6,467
	10,001	Series 2015-H10, Class FC, VAR, 0.658%, 04/20/65		10,000
	7,867	Series 2015-H12, Class FA, VAR, 0.665%, 05/20/65		7,867
		Vendee Mortgage Trust,
	431	Series 1994-1, Class 1, VAR, 5.570%, 02/15/24		475
	669	Series 1994-1, Class 2ZB, 6.500%, 02/15/24		731
	626	Series 1996-1, Class 1Z, 6.750%, 02/15/26		716
	497	Series 1996-2, Class 1Z, 6.750%, 06/15/26		574
	862	Series 1997-1, Class 2Z, 7.500%, 02/15/27		1,016
	1,032	Series 1998-1, Class 2E, 7.000%, 03/15/28		1,241
	1,995	Series 1999-1, Class 2Z, 6.500%, 01/15/29		2,279
	6,215	Series 2003-2, Class Z, 5.000%, 05/15/33		7,085
				612,275
		Non-Agency CMO — 4.9%
		Ajax Mortgage Loan Trust,
	2,254	Series 2013-A, Class A, VAR, 3.500%, 02/25/51 (e) (i)		2,234

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	2,620	Series 2013-C, Class A, SUB, 4.500%, 03/25/35 (e) (i)		2,649
		Alternative Loan Trust,
	13,540	Series 2004-2CB, Class 1A9, 5.750%, 03/25/34		13,644
	1,655	Series 2005-1CB, Class 1A6, IF, IO, 6.915%, 03/25/35		344
	4,144	Series 2005-20CB, Class 3A8, IF, IO, 4.565%, 07/25/35		507
	7,277	Series 2005-22T1, Class A2, IF, IO, 4.885%, 06/25/35		1,082
	4,395	Series 2005-28CB, Class 1A4, 5.500%, 08/25/35		4,259
	149	Series 2005-28CB, Class 3A5, 6.000%, 08/25/35		121
	5,771	Series 2005-37T1, Class A2, IF, IO, 4.865%, 09/25/35		891
	3,714	Series 2005-54CB, Class 1A11, 5.500%, 11/25/35		3,389
	9,339	Series 2005-54CB, Class 1A2, IF, IO, 4.665%, 11/25/35		1,050
	2,323	Series 2005-57CB, Class 3A2, IF, IO, 4.915%, 12/25/35		309
	1,430	Series 2005-64CB, Class 1A9, 5.500%, 12/25/35		1,348
	4,258	Series 2005-J1, Class 1A4, IF, IO, 4.915%, 02/25/35		410
	2,106	Series 2006-26CB, Class A9, 6.500%, 09/25/36		1,844
		American General Mortgage Loan Trust,
	142	Series 2010-1A, Class A2, VAR, 5.650%, 03/25/58 (e)		142
	1,140	Series 2010-1A, Class A3, VAR, 5.650%, 03/25/58 (e)		1,163
	473	Series 2010-1A, Class A4, VAR, 5.650%, 03/25/58 (e)		496
		ASG Resecuritization Trust,
	446	Series 2009-1, Class A60, VAR, 5.629%, 06/26/37 (e)		441
	506	Series 2009-2, Class G60, VAR, 4.369%, 05/24/36 (e)		507
	2,350	Series 2009-3, Class A65, VAR, 2.057%, 03/26/37 (e)		2,341
	964	Series 2009-4, Class A60, 6.000%, 06/28/37 (e)		972
	563	Series 2010-2, Class A60, VAR, 1.780%, 01/28/37 (e)		555
	695	Series 2011-1, Class 3A50, VAR, 2.564%, 11/28/35 (e)		684
		Banc of America Alternative Loan Trust,
	145	Series 2003-2, Class PO, PO, 04/25/33		131
	261	Series 2003-11, Class PO, PO, 01/25/34		226
	112	Series 2004-6, Class 15PO, PO, 07/25/19		109
	1,224	Series 2005-5, Class 1CB1, 5.500%, 06/25/35		1,152
	3,298	Series 2005-6, Class CBIO, IO, 5.500%, 07/25/35		672
	982	Series 2006-4, Class 1A4, 6.000%, 05/25/46		697
		Banc of America Funding Trust,
	323	Series 2004-1, Class PO, PO, 03/25/34		264
	432	Series 2004-2, Class 30PO, PO, 09/20/34		359
	207	Series 2004-C, Class 1A1, VAR, 2.802%, 12/20/34		203
	648	Series 2005-6, Class 2A7, 5.500%, 10/25/35		638
	454	Series 2005-7, Class 30PO, PO, 11/25/35		367
	285	Series 2005-8, Class 30PO, PO, 01/25/36		222
	1,163	Series 2005-E, Class 4A1, VAR, 2.694%, 03/20/35		1,160
	523	Series 2006-A, Class 3A2, VAR, 2.762%, 02/20/36		422
	116	Series 2010-R5, Class 1A1, 5.500%, 10/26/37 (e)		116
		Banc of America Mortgage Trust,
	82	Series 2003-3, Class 2A1, VAR, 0.735%, 05/25/18		79
	66	Series 2003-6, Class 2A1, VAR, 0.635%, 08/25/18		66
	26	Series 2003-7, Class A2, 4.750%, 09/25/18		27
	128	Series 2003-8, Class APO, PO, 11/25/33		105
	630	Series 2004-3, Class 15IO, IO, VAR, 0.000%, 04/25/19		2
	51	Series 2004-4, Class APO, PO, 05/25/34		45
	796	Series 2004-5, Class 2A2, 5.500%, 06/25/34		811
	377	Series 2004-6, Class 2A5, PO, 07/25/34		333
	202	Series 2004-6, Class APO, PO, 07/25/34		180
	24	Series 2004-8, Class 5PO, PO, 05/25/32		21
	28	Series 2004-8, Class XPO, PO, 10/25/34		24
	236	Series 2004-A, Class 2A2, VAR, 2.666%, 02/25/34		235
	734	Series 2004-J, Class 3A1, VAR, 2.862%, 11/25/34		720
	690	Series 2005-10, Class 1A6, 5.500%, 11/25/35		655
	1,923	BCAP LLC, Series 2015-RR4, Class 1A1, VAR, 1.181%, 09/11/38 (e)		1,802
		BCAP LLC Trust,
	280	Series 2009-RR13, Class 17A2, VAR, 5.500%, 04/26/37 (e)		287

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	379	Series 2009-RR5, Class 8A1, 5.500%, 11/26/34 (e)		396
	558	Series 2010-RR12, Class 2A5, VAR, 4.500%, 01/26/36 (e)		559
	24	Series 2010-RR4, Class 12A1, VAR, 0.000%, 07/26/36 (e)		24
	425	Series 2010-RR6, Class 22A3, VAR, 5.640%, 06/26/36 (e)		428
	224	Series 2010-RR7, Class 16A1, VAR, 0.836%, 02/26/47 (e)		223
	147	Series 2010-RR7, Class 1A5, VAR, 2.670%, 04/26/35 (e)		146
	1,850	Series 2010-RR7, Class 2A1, VAR, 2.068%, 07/26/45 (e)		1,855
	108	Series 2010-RR8, Class 3A3, VAR, 5.061%, 05/26/35 (e)		108
	1,500	Series 2010-RR8, Class 3A4, VAR, 5.061%, 05/26/35 (e)		1,424
	629	Series 2011-R11, Class 25A5, VAR, 4.000%, 08/26/21 (e)		636
	1,754	Series 2011-RR10, Class 2A1, VAR, 0.968%, 09/26/37 (e)		1,686
	1,673	Series 2011-RR4, Class 6A3, VAR, 5.000%, 08/26/37 (e)		1,700
	1,256	Series 2011-RR5, Class 11A3, VAR, 0.331%, 05/28/36 (e)		1,235
	954	Series 2012-RR10, Class 3A1, VAR, 0.371%, 05/26/36 (e)		908
	857	Series 2012-RR2, Class 1A1, VAR, 0.351%, 08/26/36 (e)		843
	835	Series 2012-RR3, Class 2A5, VAR, 2.045%, 05/26/37 (e)		837
		Bear Stearns ARM Trust,
	163	Series 2003-7, Class 3A, VAR, 2.424%, 10/25/33		163
	658	Series 2004-1, Class 12A1, VAR, 2.745%, 04/25/34		652
	117	Series 2004-2, Class 14A, VAR, 2.930%, 05/25/34		116
	1,415	Series 2005-5, Class A1, VAR, 2.160%, 08/25/35		1,425
	3,507	Series 2006-1, Class A1, VAR, 2.360%, 02/25/36		3,492
		CHL Mortgage Pass-Through Trust,
	124	Series 2003-J7, Class 4A3, IF, 9.534%, 08/25/18		129
	445	Series 2004-7, Class 2A1, VAR, 2.506%, 06/25/34		435
	234	Series 2004-8, Class 2A1, 4.500%, 06/25/19		240
	178	Series 2004-HYB1, Class 2A, VAR, 2.512%, 05/20/34		170
	680	Series 2004-HYB3, Class 2A, VAR, 2.276%, 06/20/34		646
	591	Series 2004-HYB6, Class A3, VAR, 2.419%, 11/20/34		565
	212	Series 2004-J8, Class 1A2, 4.750%, 11/25/19		217
	1,068	Series 2005-16, Class A23, 5.500%, 09/25/35		998
	3,061	Series 2005-22, Class 2A1, VAR, 2.458%, 11/25/35		2,592
		Citicorp Mortgage Securities REMIC Pass-Through Certificates Trust,
	126	Series 2005-5, Class APO, PO, 08/25/35		111
	123	Series 2005-8, Class APO, PO, 11/25/35		99
		Citigroup Mortgage Loan Trust,
	1,119	Series 2008-AR4, Class 1A1A, VAR, 2.523%, 11/25/38 (e)		1,121
	470	Series 2009-10, Class 2A1A, 7.000%, 12/25/35 (e)		489
	2,749	Series 2010-8, Class 5A6, 4.000%, 11/25/36 (e)		2,788
	3,125	Series 2010-8, Class 6A6, 4.500%, 12/25/36 (e)		3,192
		Citigroup Mortgage Loan Trust, Inc.,
	244	Series 2003-1, Class 2A5, 5.250%, 10/25/33		249
	126	Series 2003-1, Class 2A6, PO, 10/25/33		113
	87	Series 2003-1, Class PO2, PO, 10/25/33		78
	95	Series 2003-1, Class PO3, PO, 09/25/33		84
	64	Series 2003-UP3, Class A3, 7.000%, 09/25/33		67
	146	Series 2003-UST1, Class A1, 5.500%, 12/25/18		147
	27	Series 2003-UST1, Class PO1, PO, 12/25/18		25
	24	Series 2003-UST1, Class PO3, PO, 12/25/18		23
	135	Series 2004-UST1, Class A6, VAR, 2.213%, 08/25/34		130
	379	Series 2005-1, Class 2A1A, VAR, 2.619%, 04/25/35		296
	457	Series 2005-2, Class 2A11, 5.500%, 05/25/35		476
	483	Series 2005-5, Class 1A2, VAR, 2.827%, 08/25/35		356
	499	Series 2015-A, Class B2, VAR, 4.500%, 06/25/58		487
		Credit Suisse First Boston Mortgage Securities Corp.,
	583	Series 2003-1, Class DB1, VAR, 6.707%, 02/25/33		590
	70	Series 2003-17, Class 2A1, 5.000%, 07/25/18		72
	277	Series 2003-21, Class 1A4, 5.250%, 09/25/33		286
	444	Series 2003-25, Class 1P, PO, 10/25/33		384
	23	Series 2004-5, Class 5P, PO, 08/25/19		23

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	2,233	Series 2005-4, Class 3A18, 5.500%, 06/25/35		2,272
	2,484	Series 2005-4, Class 3A23, 5.500%, 06/25/35		2,468
		CSMC,
	7,331	Series 2010-11R, Class A6, VAR, 1.186%, 06/28/47 (e)		7,054
	675	Series 2011-6R, Class 3A1, VAR, 2.744%, 07/28/36 (e)		678
	340	Series 2011-9R, Class A1, VAR, 2.181%, 03/27/46 (e)		340
	1,022	Series 2011-16R, Class 7A3, VAR, 3.376%, 12/27/36 (e)		1,029
	544	Series 2012-3R, Class 1A1, VAR, 2.254%, 07/27/37 (e)		542
	565	CSMC Trust, Series 2010-16, Class A3, VAR, 3.805%, 06/25/50 (e)		569
	297	FDIC Trust, Series 2013-N1, Class A, 4.500%, 10/25/18 (e)		298
	1	First Boston Mortgage Securities Corp. 1987 STRIPS, Series C, PO, 04/25/17		1
		First Horizon Alternative Mortgage Securities Trust,
	1,005	Series 2004-AA4, Class A1, VAR, 2.246%, 10/25/34		996
	1,412	Series 2005-FA8, Class 1A19, 5.500%, 11/25/35		1,275
	2,465	Series 2007-FA4, Class 1A2, IF, IO, 5.465%, 08/25/37		499
		First Horizon Mortgage Pass-Through Trust,
	475	Series 2004-AR2, Class 2A1, VAR, 2.747%, 05/25/34		472
	1,345	Series 2005-AR1, Class 2A2, VAR, 2.618%, 04/25/35		1,342
		GMACM Mortgage Loan Trust,
	499	Series 2003-AR1, Class A4, VAR, 2.881%, 10/19/33		492
	253	Series 2004-J5, Class A7, 6.500%, 01/25/35		263
	87	Series 2004-J6, Class 1A1, 5.000%, 01/25/20		90
	4,134	Series 2005-AR3, Class 3A4, VAR, 2.864%, 06/19/35		4,074
		GSMPS Mortgage Loan Trust,
	842	Series 2001-2, Class A, VAR, 7.500%, 06/19/32 (e)		881
	1,259	Series 2005-RP3, Class 1AF, VAR, 0.535%, 09/25/35 (e)		1,069
	951	Series 2005-RP3, Class 1AS, IO, VAR, 4.694%, 09/25/35 (e)		122
	4,171	Series 2006-RP2, Class 1AS2, IF, IO, 5.862%, 04/25/36 (e)		514
		GSR Mortgage Loan Trust,
	600	Series 2004-6F, Class 3A4, 6.500%, 05/25/34		646
	487	Series 2004-8F, Class 2A3, 6.000%, 09/25/34		505
	686	Series 2004-13F, Class 3A3, 6.000%, 11/25/34		712
	252	Series 2005-4F, Class AP, PO, 05/25/35		227
	2,175	Series 2005-7F, Class 3A9, 6.000%, 09/25/35		2,252
	2,810	Series 2006-1F, Class 2A4, 6.000%, 02/25/36		2,531
	2,337	Series 2007-1F, Class 2A4, 5.500%, 01/25/37		2,315
	3,363	Homeowner Assistance Program Reverse Mortgage Loan Trust, Series 2013-RM1, Class A, 4.000%, 05/26/53 (e) (i)		3,301
		Impac CMB Trust,
	2,218	Series 2004-7, Class 1A1, VAR, 0.925%, 11/25/34		2,104
	276	Series 2005-4, Class 2A1, VAR, 0.485%, 05/25/35		271
		Impac Secured Assets Trust,
	610	Series 2006-1, Class 2A1, VAR, 0.535%, 05/25/36		590
	525	Series 2006-2, Class 2A1, VAR, 0.535%, 08/25/36		517
	13,391	IndyMac INDX Mortgage Loan Trust, Series 2005-AR11, Class A7, IO, VAR, 0.000%, 08/25/35		—	(h)
		JP Morgan Mortgage Trust,
	1,223	Series 2006-A2, Class 4A1, VAR, 2.521%, 08/25/34		1,224
	1,604	Series 2006-A2, Class 5A3, VAR, 2.432%, 11/25/33		1,606
	277	Series 2006-A3, Class 6A1, VAR, 2.551%, 08/25/34		279
	313	JP Morgan Resecuritization Trust, Series 2009-6, Class 4A1, VAR, 2.498%, 09/26/36 (e)		315
		Lehman Mortgage Trust,
	589	Series 2006-2, Class 1A1, VAR, 5.973%, 04/25/36		549
	1,179	Series 2008-2, Class 1A6, 6.000%, 03/25/38		982
	628	LVII Resecuritization Trust, Series 2009-3, Class M3, VAR, 5.186%, 11/27/37 (e)		629
		MASTR Adjustable Rate Mortgages Trust,
	82	Series 2004-4, Class 2A1, VAR, 1.969%, 05/25/34		73
	700	Series 2004-13, Class 2A1, VAR, 2.666%, 04/21/34		705
	1,602	Series 2004-13, Class 3A7, VAR, 2.665%, 11/21/34		1,638
	379	Series 2004-15, Class 3A1, VAR, 3.133%, 12/25/34		376
		MASTR Alternative Loan Trust,
	176	Series 2003-3, Class 1A1, 6.500%, 05/25/33		187

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Non-Agency CMO — continued
	507		Series 2003-9, Class 8A1, 6.000%, 01/25/34		513
	543		Series 2004-3, Class 2A1, 6.250%, 04/25/34		574
	725		Series 2004-4, Class 10A1, 5.000%, 05/25/24		766
	428		Series 2004-6, Class 30PO, PO, 07/25/34		336
	641		Series 2004-6, Class 7A1, 6.000%, 07/25/34		652
	286		Series 2004-7, Class 30PO, PO, 08/25/34		221
	867		Series 2004-8, Class 6A1, 5.500%, 09/25/19		894
	142		Series 2004-10, Class 1A1, 4.500%, 09/25/19		144
			MASTR Asset Securitization Trust,
	35		Series 2003-2, Class 2A1, 4.500%, 03/25/18		35
	14		Series 2003-3, Class 4A1, 5.000%, 04/25/18		14
	45		Series 2003-4, Class 3A2, 5.000%, 05/25/18		45
	98		Series 2003-12, Class 30PO, PO, 12/25/33		88
	75		Series 2004-1, Class 30PO, PO, 02/25/34		65
	20		Series 2004-4, Class 3A1, 4.500%, 04/25/19		20
	36		Series 2004-6, Class 15PO, PO, 07/25/19		36
	54		Series 2004-8, Class 1A1, 4.750%, 08/25/19		56
	22		Series 2004-8, Class PO, PO, 08/25/19		20
	2,435		MASTR Reperforming Loan Trust, Series 2005-2, Class 1A1F, VAR, 0.535%, 05/25/35 (e)		1,996
	877		MASTR Resecuritization Trust, Series 2005-PO, Class 3PO, PO, 05/28/35 (e)		701
			Merrill Lynch Mortgage Investors Trust,
	272		Series 2003-E, Class A1, VAR, 0.805%, 10/25/28		260
	2,510		Series 2003-F, Class A1, VAR, 0.825%, 10/25/28		2,449
	690		Series 2004-1, Class 2A1, VAR, 2.164%, 12/25/34		692
	514		Series 2004-A, Class A1, VAR, 0.645%, 04/25/29		492
	19		ML Trust XLVII, Series 47, Class Z, 8.985%, 10/20/20		20
	570		MortgageIT Trust, Series 2005-1, Class 1A1, VAR, 0.825%, 02/25/35		556
	446		NACC Reperforming Loan REMIC Trust, Series 2004-R2, Class A1, VAR, 6.500%, 10/25/34 (e)		447
			Nomura Asset Acceptance Corp. Alternative Loan Trust,
	168		Series 2003-A1, Class A1, 5.500%, 05/25/33		173
	106		Series 2003-A1, Class A2, 6.000%, 05/25/33		109
	47		Series 2003-A1, Class A5, 7.000%, 04/25/33		49
	5		Series 2003-A1, Class A7, 5.000%, 04/25/18		5
			PaineWebber CMO Trust,
	–	(h)	Series H, Class 4, 8.750%, 04/01/18		—	(h)
	6		Series P, Class 4, 8.500%, 08/01/19		7
	259		Provident Funding Mortgage Loan Trust, Series 2005-1, Class 2A1, VAR, 2.483%, 05/25/35		262
			RALI Trust,
	56		Series 2002-QS16, Class A3, IF, 16.236%, 10/25/17		57
	178		Series 2002-QS8, Class A5, 6.250%, 06/25/17		180
	4,117		Series 2003-QR19, Class CB4, 5.750%, 10/25/33		4,282
	409		Series 2003-QS12, Class A2A, IF, IO, 7.415%, 06/25/18		33
	124		Series 2003-QS12, Class A5, IO, 5.000%, 06/25/18		7
	919		Series 2003-QS14, Class A1, 5.000%, 07/25/18		932
	289		Series 2003-QS18, Class A1, 5.000%, 09/25/18		294
	1,327		Series 2003-QS19, Class A1, 5.750%, 10/25/33		1,397
	156		Series 2003-QS3, Class A2, IF, 16.094%, 02/25/18		173
	406		Series 2003-QS9, Class A3, IF, IO, 7.365%, 05/25/18		33
	1,983		Series 2004-QA6, Class NB2, VAR, 2.975%, 12/26/34		1,643
			RBSSP Resecuritization Trust,
	379		Series 2009-2, Class 1A1, 7.000%, 08/26/37 (e)		399
	452		Series 2009-9, Class 7A4, VAR, 6.000%, 07/26/37 (e)		461
	729		Series 2009-12, Class 1A1, VAR, 5.773%, 11/25/33 (e)		765
	499		Series 2010-9, Class 7A5, VAR, 4.000%, 05/26/37 (e)		505
			Residential Asset Securitization Trust,
	269		Series 2003-A13, Class A3, 5.500%, 01/25/34		276
	18		Series 2003-A14, Class A1, 4.750%, 02/25/19		19
	2,677		Series 2005-A2, Class A4, IF, IO, 4.865%, 03/25/35		367

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	736	Series 2006-A4, Class 2A5, 6.000%, 05/25/36		662
		RFMSI Trust,
	179	Series 2003-S13, Class A3, 5.500%, 06/25/33		179
	66	Series 2003-S14, Class A4, PO, 07/25/18		65
	131	Series 2004-S3, Class A1, 4.750%, 03/25/19		131
	425	Series 2004-S6, Class 2A6, PO, 06/25/34		364
	74	Series 2004-S9, Class 2A1, 4.750%, 12/25/19		75
	699	Series 2005-SA4, Class 1A1, VAR, 2.648%, 09/25/35		583
	15	RFSC Trust, Series 2003-RM2, Class AP-3, PO, 05/25/33		13
		Salomon Brothers Mortgage Securities VII, Inc.,
	267	Series 2003-HYB1, Class A, VAR, 2.494%, 09/25/33		270
	12	Series 2003-UP2, Class PO1, PO, 12/25/18		11
		Springleaf Mortgage Loan Trust,
	2,000	Series 2012-2A, Class M4, VAR, 6.000%, 10/25/57 (e)		2,073
	1,822	Series 2012-3A, Class A, VAR, 1.570%, 12/25/59 (e)		1,826
	1,130	Series 2012-3A, Class M1, VAR, 2.660%, 12/25/59 (e)		1,136
	589	Series 2012-3A, Class M2, VAR, 3.560%, 12/25/59 (e)		594
	455	Series 2012-3A, Class M3, VAR, 4.440%, 12/25/59 (e)		465
	267	Series 2012-3A, Class M4, VAR, 5.300%, 12/25/59 (e)		275
	1,562	Series 2013-1A, Class A, VAR, 1.270%, 06/25/58 (e)		1,560
	1,116	Series 2013-1A, Class M1, VAR, 2.310%, 06/25/58 (e)		1,120
	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)		638
	2,796	Series 2013-2A, Class A, VAR, 1.780%, 12/25/65 (e)		2,802
	1,058	Series 2013-2A, Class M1, VAR, 3.520%, 12/25/65 (e)		1,078
	729	Series 2013-3A, Class A, VAR, 1.870%, 09/25/57 (e)		727
	2,131	Series 2013-3A, Class M1, VAR, 3.790%, 09/25/57 (e)		2,146
	694	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-6, Class 5A4, VAR, 2.350%, 06/25/34		690
	740	Structured Asset Mortgage Investments II Trust, Series 2004-AR5, Class 1A1, VAR, 0.846%, 10/19/34		707
		Structured Asset Securities Corp. Mortgage Pass-Through Certificates,
	796	Series 2003-33H, Class 1A1, 5.500%, 10/25/33		813
	1,440	Series 2004-5H, Class A4, 5.540%, 12/25/33		1,480
		Structured Asset Securities Corp. Trust,
	149	Series 2005-6, Class 4A1, 5.000%, 05/25/35		151
	213	Series 2005-10, Class 5A9, 5.250%, 12/25/34		213
		Thornburg Mortgage Securities Trust,
	421	Series 2003-4, Class A1, VAR, 0.825%, 09/25/43		406
	1,053	Series 2004-4, Class 3A, VAR, 1.966%, 12/25/44		1,046
	1,833	WaMu Mortgage Pass-Through Certificates, Series 2004-RS2, Class A4, 5.000%, 11/25/33		1,878
		WaMu Mortgage Pass-Through Certificates Trust,
	156	Series 2003-AR8, Class A, VAR, 2.382%, 08/25/33		160
	2,392	Series 2003-AR9, Class 1A6, VAR, 2.405%, 09/25/33		2,415
	338	Series 2003-AR9, Class 2A, VAR, 2.441%, 09/25/33		335
	161	Series 2003-S8, Class A6, 4.500%, 09/25/18		163
	1,134	Series 2003-S9, Class A8, 5.250%, 10/25/33		1,164
	102	Series 2003-S9, Class P, PO, 10/25/33		81
	203	Series 2004-AR3, Class A1, VAR, 2.459%, 06/25/34		205
	170	Series 2004-AR3, Class A2, VAR, 2.459%, 06/25/34		172
	260	Series 2006-AR10, Class 2P, VAR, 2.283%, 09/25/36		229
	192	Series 2006-AR12, Class 2P, VAR, 1.850%, 10/25/36		141
		Washington Mutual Mortgage Pass-Through Certificates WMALT Trust,
	8,593	Series 2005-2, Class 1A4, IF, IO, 4.865%, 04/25/35		1,299
	1,799	Series 2005-2, Class 2A3, IF, IO, 4.815%, 04/25/35		226
	2,235	Series 2005-3, Class CX, IO, 5.500%, 05/25/35		462
	2,714	Series 2005-4, Class CB7, 5.500%, 06/25/35		2,497
	2,162	Series 2005-4, Class CX, IO, 5.500%, 06/25/35		451
	645	Series 2005-6, Class 2A4, 5.500%, 08/25/35		619

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	4,131	Series 2005-6, Class 2A9, 5.500%, 08/25/35		3,964
	1,236	Wells Fargo Mortgage Loan Trust, Series 2012-RR1, Class A1, VAR, 2.847%, 08/27/37 (e)		1,217
		Wells Fargo Mortgage-Backed Securities Trust,
	204	Series 2003-K, Class 1A1, VAR, 2.490%, 11/25/33		205
	386	Series 2003-K, Class 1A2, VAR, 2.490%, 11/25/33		392
	460	Series 2004-EE, Class 2A1, VAR, 2.652%, 12/25/34		463
	512	Series 2004-EE, Class 3A1, VAR, 2.525%, 12/25/34		516
	2,469	Series 2004-P, Class 2A1, VAR, 2.616%, 09/25/34		2,477
	497	Series 2004-V, Class 1A1, VAR, 2.625%, 10/25/34		501
	208	Series 2005-16, Class APO, PO, 01/25/36		164
	354	Series 2005-AR16, Class 2A1, VAR, 2.601%, 02/25/34		359
	4,313	Series 2005-AR3, Class 1A1, VAR, 2.666%, 03/25/35		4,345
	433	Series 2005-AR8, Class 2A1, VAR, 2.608%, 06/25/35		435
	514	Series 2006-2, Class APO, PO, 03/25/36		332
	260	Series 2006-4, Class 1APO, PO, 04/25/36		218
	1,165	Series 2007-7, Class A7, 6.000%, 06/25/37		1,180
	337	Series 2007-11, Class A14, 6.000%, 08/25/37		332
				221,238
		Total Collateralized Mortgage Obligations (Cost $788,975)		833,513
	Commercial Mortgage-Backed Securities — 3.2%
		A10 Securitization LLC,
	286	Series 2012-1, Class A, 3.492%, 04/15/24 (e)		286
	316	Series 2013-1, Class A, 2.400%, 11/15/25 (e)		317
	2,911	Series 2015-1, Class A1, 2.100%, 04/15/34 (e)		2,908
	1,293	Series 2015-1, Class A2, 3.130%, 04/15/34 (e)		1,290
		A10 Term Asset Financing LLC,
	2,790	Series 2013-2, Class A, 2.620%, 11/15/27 (e)		2,806
	696	Series 2013-2, Class B, 4.380%, 11/15/27 (e)		701
		ACRE Commercial Mortgage Trust, (Cayman Islands),
	610	Series 2014-FL2, Class B, VAR, 2.230%, 08/15/31 (e)		608
	710	Series 2014-FL2, Class C, VAR, 2.680%, 08/15/31 (e)		708
	400	Series 2014-FL2, Class D, VAR, 3.580%, 08/15/31 (e)		398
		BAMLL Commercial Mortgage Securities Trust,
	560	Series 2012-PARK, Class A, 2.959%, 12/10/30 (e)		569
	1,300	Series 2014-520M, Class C, VAR, 4.214%, 08/15/46 (e)		1,290
		Banc of America Commercial Mortgage Trust,
	375	Series 2006-1, Class A4, VAR, 5.372%, 09/10/45		378
	1,982	Series 2006-4, Class A4, 5.634%, 07/10/46		2,043
	915	Series 2006-5, Class A4, 5.414%, 09/10/47		943
	1,282	Series 2007-5, Class A4, 5.492%, 02/10/51		1,359
	1,439	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-3, Class AM, 4.727%, 07/10/43		1,439
		BB-UBS Trust,
	4,400	Series 2012-SHOW, Class A, 3.430%, 11/05/36 (e)		4,521
	2,500	Series 2012-TFT, Class A, 2.892%, 06/05/30 (e)		2,492
		Bear Stearns Commercial Mortgage Securities Trust,
	10,597	Series 2005-PWR8, Class X1, IO, VAR, 0.763%, 06/11/41 (e)		—	(h)
	2,908	Series 2006-PW11, Class A4, VAR, 5.430%, 03/11/39		2,961
	83,491	CD Commercial Mortgage Trust, Series 2007-CD4, Class XC, IO, VAR, 0.367%, 12/11/49 (e)		439
	900	CGBAM Commercial Mortgage Trust, Series 2014-HD, Class A, VAR, 0.986%, 02/15/31 (e)		896
		COBALT CMBS Commercial Mortgage Trust,
	498	Series 2006-C1, Class A4, 5.223%, 08/15/48		520
	16,007	Series 2006-C1, Class IO, IO, VAR, 0.778%, 08/15/48		171
		COMM Mortgage Trust,
	2,948	Series 2012-CR2, Class XA, IO, VAR, 1.892%, 08/15/45		277
	3,500	Series 2013-300P, Class A1, 4.353%, 08/10/30 (e)		3,871
	1,060	Series 2013-SFS, Class A2, VAR, 2.987%, 04/12/35 (e)		1,076
	1,400	Series 2014-TWC, Class A, VAR, 1.030%, 02/13/32 (e)		1,398
	116	Commercial Mortgage Pass-Through Certificates, Series 2012-MVP, Class A, VAR, 2.122%, 11/17/26 (e)		116

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
	300	Commercial Mortgage Trust, Series 2006-GG7, Class AM, VAR, 5.819%, 07/10/38		312
	653	Credit Suisse Commercial Mortgage Trust, Series 2006-C2, Class A3, VAR, 5.670%, 03/15/39		665
	3,018	CSMC, Series 2014-ICE, Class A, VAR, 1.050%, 04/15/27 (e)		3,009
	80	DBRR Trust, Series 2013-EZ2, Class A, VAR, 0.853%, 02/25/45 (e)		80
		Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates,
	2,557	Series K029, Class A2, 3.320%, 02/25/23		2,727
	10,000	Series K037, Class A2, 3.490%, 01/25/24		10,735
	1,000	Series KS01, Class A2, 2.522%, 01/25/23		1,010
	2,500	Series KSMC, Class A2, 2.615%, 01/25/23		2,539
	2,940	GMAC Commercial Mortgage Securities, Inc. Trust, Series 2006-C1, Class A4, VAR, 5.238%, 11/10/45		2,957
	1,356	GS Mortgage Securities Corp. II, Series 2013-KING, Class A, 2.706%, 12/10/27 (e)		1,379
	488	GS Mortgage Securities Corp. Trust, Series 2013-NYC5, Class A, 2.318%, 01/10/30 (e)		496
	865	GS Mortgage Securities Trust, Series 2006-GG6, Class A4, VAR, 5.553%, 04/10/38		872
	1,000	GSMS Trust, Series 2009-RR1, Class JPB, 5.374%, 05/17/45 (e)		1,031
		JP Morgan Chase Commercial Mortgage Securities Trust,
	570	Series 2005-CB11, Class AJ, VAR, 5.402%, 08/12/37		570
	400	Series 2006-LDP9, Class AMS, 5.337%, 05/15/47		400
	990	Series 2007-C1, Class A4, 5.716%, 02/15/51		1,050
	998	Ladder Capital Commercial Mortgage Trust, Series 2013-GCP, Class A2, 3.985%, 02/15/36 (e)		1,062
		LB-UBS Commercial Mortgage Trust,
	852	Series 2006-C1, Class A4, 5.156%, 02/15/31		862
	37,521	Series 2006-C7, Class XW, IO, VAR, 0.650%, 11/15/38 (e)		308
	300	Series 2007-C1, Class AM, 5.455%, 02/15/40		318
	815	Series 2007-C2, Class A3, 5.430%, 02/15/40		865
	2,665	Merrill Lynch Mortgage Trust, Series 2005-LC1, Class A4, VAR, 5.291%, 01/12/44		2,692
		ML-CFC Commercial Mortgage Trust,
	2,887	Series 2006-1, Class A4, VAR, 5.465%, 02/12/39		2,933
	22,243	Series 2006-4, Class XC, IO, VAR, 0.607%, 12/12/49 (e)		180
	2,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C14, Class A3, 3.669%, 02/15/47		2,113
		Morgan Stanley Capital I Trust,
	33,240	Series 2006-IQ12, Class X1, IO, VAR, 0.464%, 12/15/43 (e)		196
	64,457	Series 2007-HQ11, Class X, IO, VAR, 0.214%, 02/12/44 (e)		201
	764	Series 2011-C3, Class A3, 4.054%, 07/15/49		819
		Morgan Stanley Re-REMIC Trust,
	905	Series 2012-IO, Class AXA, 1.000%, 03/27/51 (e)		904
	3,018	Series 2012-XA, Class A, 2.000%, 07/27/49 (e)		3,016
	1,800	Series 2012-XA, Class B, 0.250%, 07/27/49 (e)		1,602
		NCUA Guaranteed Notes Trust,
	20,500	Series 2010-C1, Class A2, 2.900%, 10/29/20		21,105
	9,077	Series 2010-C1, Class APT, 2.650%, 10/29/20		9,284
		NorthStar, (Cayman Islands),
	1,590	Series 2013-1A, Class A, VAR, 2.031%, 08/25/29 (e)		1,592
	1,392	Series 2013-1A, Class B, VAR, 5.181%, 08/25/29 (e)		1,406
	934	ORES NPL LLC, Series 2013-LV2, Class A, 3.081%, 09/25/25 (e)		934
		RAIT Trust,
	1,960	Series 2014-FL3, Class A, VAR, 1.428%, 12/15/31 (e)		1,962
	1,986	Series 2014-FL3, Class AS, VAR, 1.978%, 12/15/31 (e)		1,988
	736	Series 2014-FL3, Class B, VAR, 2.828%, 12/15/31 (e)		737
	1,789	Series 2015-FL4, Class A, VAR, 1.535%, 04/15/18 (e)		1,789
	1,500	Series 2015-FL4, Class AS, VAR, 1.935%, 04/15/18 (e)		1,500
	664	RBS Commercial Funding, Inc. Trust, Series 2013-SMV, Class A, 3.260%, 03/11/31 (e)		675
	979	RCMC LLC, Series 2012-CRE1, Class A, 5.623%, 11/15/44 (e)		1,001
	2,236	UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.663%, 06/10/30 (e)		2,343
		UBS-Barclays Commercial Mortgage Trust,
	1,053	Series 2012-C2, Class A4, 3.525%, 05/10/63		1,115
	10,138	Series 2012-C2, Class XA, IO, VAR, 1.739%, 05/10/63 (e)		736

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
	857	Series 2013-C6, Class A4, 3.244%, 04/10/46		890
		VNDO Mortgage Trust,
	1,398	Series 2012-6AVE, Class A, 2.996%, 11/15/30 (e)		1,420
	4,000	Series 2013-PENN, Class A, 3.808%, 12/13/29 (e)		4,272
	2,500	Wells Fargo Commercial Mortgage Trust, Series 2013-120B, Class A, VAR, 2.710%, 03/18/28 (e)		2,527
	761	Wells Fargo Resecuritization Trust, Series 2012-IO, Class A, 1.750%, 08/20/21 (e)		761
		WFRBS Commercial Mortgage Trust,
	1,700	Series 2011-C3, Class A4, 4.375%, 03/15/44 (e)		1,873
	800	Series 2012-C6, Class A4, 3.440%, 04/15/45		846
	400	Series 2013-C11, Class D, VAR, 4.181%, 03/15/45 (e)		392
		Total Commercial Mortgage-Backed Securities (Cost $142,674)		145,832
	Corporate Bonds — 17.5%
		Consumer Discretionary — 1.3%
		Auto Components — 0.0% (g)
		Johnson Controls, Inc.,
	591	3.750%, 12/01/21		621
	675	4.250%, 03/01/21		728
	173	4.950%, 07/02/64		173
	1,000	5.250%, 12/01/41		1,089
				2,611
		Automobiles — 0.1%
		Daimler Finance North America LLC,
	532	1.875%, 01/11/18 (e)		536
	305	2.250%, 03/02/20 (e)		303
	981	2.375%, 08/01/18 (e)		1,003
	739	2.625%, 09/15/16 (e)		754
	1,425	2.950%, 01/11/17 (e)		1,465
				4,061
		Internet & Catalog Retail — 0.1%
		Amazon.com, Inc.,
	1,448	3.300%, 12/05/21		1,490
	1,435	4.800%, 12/05/34		1,486
				2,976
		Media — 0.9%
		21st Century Fox America, Inc.,
	100	6.200%, 12/15/34		121
	400	6.650%, 11/15/37		508
	250	6.900%, 08/15/39		327
	1,075	7.300%, 04/30/28		1,364
	505	8.000%, 10/17/16		553
	430	8.875%, 04/26/23		586
		CBS Corp.,
	265	3.375%, 03/01/22		267
	475	3.700%, 08/15/24		471
	345	4.600%, 01/15/45		318
	360	4.900%, 08/15/44		348
	140	5.500%, 05/15/33		152
	250	Comcast Cable Communications Holdings, Inc., 9.455%, 11/15/22		357
		Comcast Corp.,
	347	3.375%, 08/15/25		352
	555	4.200%, 08/15/34		556
	1,082	4.250%, 01/15/33		1,094
	2,910	5.900%, 03/15/16		3,028
	400	6.450%, 03/15/37		506
	1,355	6.500%, 11/15/35		1,737
		Cox Communications, Inc.,
	446	3.250%, 12/15/22 (e)		438
	885	4.800%, 02/01/35 (e)		856
	125	8.375%, 03/01/39 (e)		167
	450	Cox Enterprises, Inc., 7.375%, 07/15/27 (e)		557
		DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.,
	775	3.800%, 03/15/22		796
	376	3.950%, 01/15/25		380
	1,000	4.600%, 02/15/21		1,077
	522	5.000%, 03/01/21		575
	2,000	6.000%, 08/15/40		2,179
		Discovery Communications LLC,
	1,016	4.375%, 06/15/21		1,086
	569	4.950%, 05/15/42		551
	1,197	Historic TW, Inc., 9.150%, 02/01/23		1,623
		NBCUniversal Media LLC,
	275	2.875%, 01/15/23		273
	310	4.375%, 04/01/21		341
	800	5.950%, 04/01/41		974

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Media — continued
	515	6.400%, 04/30/40		664
	296	Sky plc, (United Kingdom), 3.750%, 09/16/24 (e)		299
		Thomson Reuters Corp., (Canada),
	482	3.850%, 09/29/24		493
	1,278	3.950%, 09/30/21		1,362
	441	4.500%, 05/23/43		425
	325	4.700%, 10/15/19		357
		Time Warner Cable, Inc.,
	359	5.500%, 09/01/41		347
	1,218	5.850%, 05/01/17		1,307
	400	6.550%, 05/01/37		432
	800	8.250%, 04/01/19		948
	300	Time Warner Cos., Inc., 7.570%, 02/01/24		379
		Time Warner Entertainment Co. LP,
	160	8.375%, 03/15/23		201
	1,250	8.375%, 07/15/33		1,582
		Time Warner, Inc.,
	1,700	3.600%, 07/15/25		1,694
	555	4.750%, 03/29/21		611
	313	5.375%, 10/15/41		333
	150	6.200%, 03/15/40		178
	172	6.250%, 03/29/41		199
	265	6.500%, 11/15/36		321
	250	7.625%, 04/15/31		335
	171	7.700%, 05/01/32		232
		Viacom, Inc.,
	235	2.750%, 12/15/19		238
	600	3.125%, 06/15/22		585
	67	3.250%, 03/15/23		65
	808	3.875%, 12/15/21		833
	464	4.375%, 03/15/43		397
	250	4.500%, 02/27/42		224
	262	4.850%, 12/15/34		253
	130	6.250%, 04/30/16		136
	333	Walt Disney Co. (The), 0.450%, 12/01/15		333
				40,281
		Multiline Retail — 0.1%
	280	Kohl’s Corp., 6.250%, 12/15/17		312
		Macy’s Retail Holdings, Inc.,
	516	2.875%, 02/15/23		507
	462	4.375%, 09/01/23		502
	526	4.500%, 12/15/34		531
	157	5.125%, 01/15/42		170
	230	7.450%, 07/15/17		259
	455	Nordstrom, Inc., 4.000%, 10/15/21		492
	200	Target Corp., 6.000%, 01/15/18		224
				2,997
		Specialty Retail — 0.1%
	217	Bed Bath & Beyond, Inc., 4.915%, 08/01/34		222
	502	Gap, Inc. (The), 5.950%, 04/12/21		577
		Home Depot, Inc. (The),
	620	2.625%, 06/01/22		620
	517	4.250%, 04/01/46		520
	1,785	5.400%, 03/01/16		1,851
		Lowe’s Cos., Inc.,
	739	4.650%, 04/15/42		802
	326	5.125%, 11/15/41		377
	750	Series B, 7.110%, 05/15/37		1,007
				5,976
		Total Consumer Discretionary		58,902
		Consumer Staples — 0.8%
		Beverages — 0.2%
		Anheuser-Busch Cos. LLC,
	600	5.500%, 01/15/18		664
	920	5.750%, 04/01/36		1,093
	900	Anheuser-Busch InBev Finance, Inc., 3.700%, 02/01/24		937
	94	Anheuser-Busch InBev Worldwide, Inc., 7.750%, 01/15/19		113
		Diageo Capital plc, (United Kingdom),
	264	1.500%, 05/11/17		266
	510	4.828%, 07/15/20		576
	800	Diageo Finance B.V., (Netherlands), 5.300%, 10/28/15		816
	255	Diageo Investment Corp., 8.000%, 09/15/22		338
	890	FBG Finance Pty Ltd., (Australia), 5.125%, 06/15/15 (e)		892
	355	Heineken N.V., (Netherlands), 1.400%, 10/01/17 (e)		356
		PepsiCo, Inc.,
	287	1.250%, 08/13/17		288

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Beverages — continued
	368	3.000%, 08/25/21		382
	59	7.900%, 11/01/18		71
	500	VAR, 0.492%, 02/26/16		501
	698	SABMiller Holdings, Inc., 3.750%, 01/15/22 (e)		729
				8,022
		Food & Staples Retailing — 0.3%
	858	Costco Wholesale Corp., 2.250%, 02/15/22		850
		CVS Health Corp.,
	536	4.000%, 12/05/23		563
	322	5.300%, 12/05/43		369
	1,020	CVS Pass-Through Trust, 5.926%, 01/10/34 (e)		1,208
		Kroger Co. (The),
	900	4.000%, 02/01/24		960
	1,100	5.000%, 04/15/42		1,191
	2,480	7.500%, 04/01/31		3,301
	259	Sysco Corp., 3.000%, 10/02/21		264
	1,031	Walgreen Co., 3.100%, 09/15/22		1,022
		Walgreens Boots Alliance, Inc.,
	544	3.300%, 11/18/21		550
	663	3.800%, 11/18/24		667
	386	4.500%, 11/18/34		384
	400	4.800%, 11/18/44		396
		Wal-Mart Stores, Inc.,
	762	5.250%, 09/01/35		898
	255	6.200%, 04/15/38		329
	350	7.550%, 02/15/30		513
				13,465
		Food Products — 0.3%
	200	Archer-Daniels-Midland Co., 5.935%, 10/01/32		248
	1,415	Bunge Ltd. Finance Corp., 8.500%, 06/15/19		1,728
	191	Bunge N.A. Finance LP, 5.900%, 04/01/17		205
		Cargill, Inc.,
	600	3.300%, 03/01/22 (e)		624
	535	4.307%, 05/14/21 (e)		591
	850	7.350%, 03/06/19 (e)		1,018
		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		369
		Kraft Foods Group, Inc.,
	814	3.500%, 06/06/22		831
	694	5.000%, 06/04/42		718
	1,187	6.125%, 08/23/18		1,336
	1,793	6.875%, 01/26/39		2,230
	1,500	Mondelez International, Inc., 4.000%, 02/01/24		1,597
	777	Tyson Foods, Inc., 3.950%, 08/15/24		807
				12,753
		Household Products — 0.0% (g)
		Kimberly-Clark Corp.,
	220	2.400%, 03/01/22		218
	71	7.500%, 11/01/18		85
	687	Procter & Gamble - ESOP, Series A, 9.360%, 01/01/21		841
	140	Procter & Gamble Co. (The), 5.500%, 02/01/34		175
				1,319
		Total Consumer Staples		35,559
		Energy — 1.9%
		Energy Equipment & Services — 0.2%
	199	Cameron International Corp., 4.000%, 12/15/23		203
	348	Diamond Offshore Drilling, Inc., 4.875%, 11/01/43		290
	175	Ensco plc, (United Kingdom), 5.200%, 03/15/25		180
		Halliburton Co.,
	714	3.500%, 08/01/23		738
	1,620	7.450%, 09/15/39		2,250
	400	Nabors Industries, Inc., 5.000%, 09/15/20		414
	188	National Oilwell Varco, Inc., 1.350%, 12/01/17		187
		Noble Holding International Ltd., (Cayman Islands),
	115	3.950%, 03/15/22		106
	238	4.000%, 03/16/18		245
	83	5.250%, 03/15/42		66
	300	6.050%, 03/01/41		264
	363	6.950%, 04/01/45		353
	441	Schlumberger Investment S.A., (Luxembourg), 3.300%, 09/14/21 (e)		459
		Transocean, Inc., (Cayman Islands),
	361	4.300%, 10/15/22		288
	648	6.375%, 12/15/21		610

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Energy Equipment & Services — continued
	513	6.500%, 11/15/20		489
	198	7.350%, 12/15/41		171
	100	7.500%, 04/15/31		86
		Weatherford International Ltd., (Bermuda),
	311	4.500%, 04/15/22		301
	113	5.950%, 04/15/42		102
	110	6.500%, 08/01/36		104
	350	9.875%, 03/01/39		419
				8,325
		Oil, Gas & Consumable Fuels — 1.7%
	160	Alberta Energy Co., Ltd., (Canada), 7.375%, 11/01/31		193
	330	Anadarko Petroleum Corp., 8.700%, 03/15/19		402
		Apache Corp.,
	138	3.250%, 04/15/22		139
	556	4.750%, 04/15/43		538
	500	6.900%, 09/15/18		578
	235	BG Energy Capital plc, (United Kingdom), 5.125%, 10/15/41 (e)		260
	338	Boardwalk Pipelines LP, 4.950%, 12/15/24		341
		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		1,300
	1,182	2.750%, 05/10/23		1,152
	451	3.506%, 03/17/25		455
	437	3.814%, 02/10/24		455
	900	4.742%, 03/11/21		1,015
		Buckeye Partners LP,
	500	4.350%, 10/15/24		498
	330	4.875%, 02/01/21		345
	125	5.850%, 11/15/43		125
	200	Burlington Resources Finance Co., (Canada), 7.400%, 12/01/31		274
		Canadian Natural Resources Ltd., (Canada),
	401	3.900%, 02/01/25		405
	350	6.250%, 03/15/38		414
	1,000	6.750%, 02/01/39		1,248
		Cenovus Energy, Inc., (Canada),
	208	3.000%, 08/15/22		200
	356	4.450%, 09/15/42		325
	759	6.750%, 11/15/39		901
		Chevron Corp.,
	560	2.355%, 12/05/22		545
	1,000	4.950%, 03/03/19		1,120
	852	CNOOC Finance 2015 Australia Pty Ltd., (Australia), 2.625%, 05/05/20		849
	1,789	CNOOC Nexen Finance 2014 ULC, (Canada), 4.250%, 04/30/24		1,875
	230	Conoco Funding Co., (Canada), 7.250%, 10/15/31		309
		ConocoPhillips,
	325	5.200%, 05/15/18		360
	525	5.750%, 02/01/19		599
	150	6.000%, 01/15/20		175
	200	6.500%, 02/01/39		258
	1,045	ConocoPhillips Canada Funding Co. I, (Canada), 5.625%, 10/15/16		1,113
		ConocoPhillips Co.,
	205	2.200%, 05/15/20		206
	571	3.350%, 11/15/24		578
	374	3.350%, 05/15/25		378
		Devon Energy Corp.,
	750	3.250%, 05/15/22		753
	522	4.750%, 05/15/42		521
	360	6.300%, 01/15/19		409
	533	Ecopetrol S.A., (Colombia), 4.125%, 01/16/25		502
		Encana Corp., (Canada),
	545	6.500%, 05/15/19		624
	150	6.500%, 08/15/34		171
		Energy Transfer Partners LP,
	448	3.600%, 02/01/23		436
	364	5.150%, 03/15/45		342
	925	Eni S.p.A., (Italy), Series EX2, 5.700%, 10/01/40 (e)		988
		EnLink Midstream Partners LP,
	140	2.700%, 04/01/19		140
	838	4.150%, 06/01/25		840
		Enterprise Products Operating LLC,
	506	3.700%, 02/15/26		509
	343	3.750%, 02/15/25		349
	475	3.900%, 02/15/24		491

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
	486	4.900%, 05/15/46		488
	155	4.950%, 10/15/54		152
	318	5.100%, 02/15/45		330
		EOG Resources, Inc.,
	379	2.625%, 03/15/23		374
	600	4.100%, 02/01/21		651
	1,000	Exxon Mobil Corp., 2.397%, 03/06/22		998
	950	Gulf South Pipeline Co. LP, 4.000%, 06/15/22		918
	180	Hess Corp., 7.875%, 10/01/29		234
		Kerr-McGee Corp.,
	200	6.950%, 07/01/24		249
	1,700	7.875%, 09/15/31		2,289
		Magellan Midstream Partners LP,
	353	3.200%, 03/15/25		347
	1,127	5.150%, 10/15/43		1,193
	250	6.550%, 07/15/19		290
		Marathon Oil Corp.,
	902	5.900%, 03/15/18		998
	1,620	6.000%, 10/01/17		1,781
	578	Marathon Petroleum Corp., 3.625%, 09/15/24		584
	314	Noble Energy, Inc., 5.050%, 11/15/44		316
	402	Occidental Petroleum Corp., 1.750%, 02/15/17		407
		ONEOK Partners LP,
	1,000	3.800%, 03/15/20		1,030
	2,000	4.900%, 03/15/25		2,029
	350	6.650%, 10/01/36		370
		Petrobras Global Finance B.V., (Netherlands),
	841	4.375%, 05/20/23		749
	1,020	5.375%, 01/27/21		993
	2,622	6.250%, 03/17/24		2,598
	110	6.750%, 01/27/41		103
	175	7.875%, 03/15/19		187
		Petro-Canada, (Canada),
	324	6.050%, 05/15/18		364
	1,045	6.800%, 05/15/38		1,352
		Petroleos Mexicanos, (Mexico),
	370	4.250%, 01/15/25 (e)		368
	974	4.500%, 01/23/26 (e)		971
	393	4.875%, 01/18/24		410
	492	5.500%, 06/27/44 (e)		479
	617	5.625%, 01/23/46 (e)		606
	846	6.375%, 01/23/45		918
		Phillips 66,
	314	2.950%, 05/01/17		324
	182	4.300%, 04/01/22		196
		Plains All American Pipeline LP/PAA Finance Corp.,
	323	2.600%, 12/15/19		324
	1,000	3.600%, 11/01/24		984
	1,480	4.900%, 02/15/45		1,458
	831	Sinopec Group Overseas Development 2013 Ltd., (United Kingdom), 4.375%, 10/17/23 (e)		889
		Spectra Energy Capital LLC,
	1,500	5.650%, 03/01/20		1,647
	500	6.200%, 04/15/18		555
	400	8.000%, 10/01/19		480
		Spectra Energy Partners LP,
	524	2.950%, 09/25/18		539
	452	5.950%, 09/25/43		524
		Statoil ASA, (Norway),
	906	1.150%, 05/15/18		903
	353	1.200%, 01/17/18		353
	406	2.450%, 01/17/23		396
	1,071	2.650%, 01/15/24		1,044
	313	2.900%, 11/08/20		324
	467	3.125%, 08/17/17		487
	300	3.150%, 01/23/22		309
	456	3.250%, 11/10/24		466
	253	4.250%, 11/23/41		257
		Suncor Energy, Inc., (Canada),
	180	5.950%, 12/01/34		211
	250	6.850%, 06/01/39		325
		Sunoco Logistics Partners Operations LP,
	259	4.250%, 04/01/24		263
	170	5.300%, 04/01/44		164
	1,133	5.350%, 05/15/45		1,110

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
		Talisman Energy, Inc., (Canada),
	1,125	5.500%, 05/15/42		1,069
	185	5.850%, 02/01/37		184
	190	6.250%, 02/01/38		198
	850	7.750%, 06/01/19		989
	554	Texas Eastern Transmission LP, 2.800%, 10/15/22 (e)		527
		Tosco Corp.,
	310	7.800%, 01/01/27		417
	400	8.125%, 02/15/30		575
	124	Total Capital Canada Ltd., (Canada), VAR, 0.655%, 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		514
	233	2.700%, 01/25/23		230
	500	2.750%, 06/19/21		509
		Total Capital S.A., (France),
	1,400	2.300%, 03/15/16		1,420
	370	4.125%, 01/28/21		404
		TransCanada PipeLines Ltd., (Canada),
	550	6.200%, 10/15/37		660
	340	6.500%, 08/15/18		388
	1,100	7.250%, 08/15/38		1,495
	74	Western Gas Partners LP, 5.375%, 06/01/21		82
				78,881
		Total Energy		87,206
		Financials — 7.4%
		Banks — 3.1%
		ABN AMRO Bank N.V., (Netherlands),
	1,594	1.800%, 06/04/18 (e)		1,593
	669	2.500%, 10/30/18 (e)		682
		ANZ New Zealand International Ltd., (New Zealand),
	750	2.600%, 09/23/19 (e)		761
	550	3.125%, 08/10/15 (e)		553
		Australia & New Zealand Banking Group Ltd., (Australia),
	900	1.450%, 05/15/18		899
	1,268	2.400%, 11/23/16 (e)		1,293
	228	4.875%, 01/12/21 (e)		258
		Bank of America Corp.,
	600	2.000%, 01/11/18		604
	150	3.300%, 01/11/23		150
	520	3.625%, 03/17/16		531
	972	4.000%, 04/01/24		1,013
	547	4.100%, 07/24/23		574
	851	4.250%, 10/22/26		857
	2,065	5.000%, 05/13/21		2,300
	2,730	5.625%, 10/14/16		2,886
	740	5.625%, 07/01/20		846
	420	5.750%, 12/01/17		461
	400	5.875%, 01/05/21		462
	2,996	6.400%, 08/28/17		3,300
	1,564	6.875%, 04/25/18		1,781
	875	7.625%, 06/01/19		1,049
	1,510	7.800%, 09/15/16		1,630
	900	Series L, 2.250%, 04/21/20		890
	1,500	Series L, 2.650%, 04/01/19		1,527
	921	Series L, 3.950%, 04/21/25		913
	645	Series L, 5.650%, 05/01/18		711
		Bank of Montreal, (Canada),
	1,666	1.400%, 09/11/17		1,674
	1,106	2.550%, 11/06/22		1,094
		Bank of Nova Scotia (The), (Canada),
	1,034	1.650%, 10/29/15 (e)		1,039
	2,000	2.550%, 01/12/17		2,048
	1,275	Bank of Tokyo-Mitsubishi UFJ Ltd. (The), (Japan), 2.350%, 02/23/17 (e)		1,297
	1,600	Banque Federative du Credit Mutuel S.A., (France), 1.700%, 01/20/17 (e)		1,611
		Barclays Bank plc, (United Kingdom),
	276	2.250%, 05/10/17 (e)		282
	800	2.500%, 09/21/15 (e)		805
	324	3.750%, 05/15/24		335
	1,000	6.050%, 12/04/17 (e)		1,092
	310	Series 1, 5.000%, 09/22/16		326
	508	Barclays plc, (United Kingdom), 3.650%, 03/16/25		497
		BB&T Corp.,
	750	3.950%, 04/29/16		772

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
	740	5.250%, 11/01/19		819
	380	6.850%, 04/30/19		448
	632	BNZ International Funding Ltd., (New Zealand), 2.350%, 03/04/19 (e)		638
	695	Branch Banking & Trust Co., 5.625%, 09/15/16		735
		Canadian Imperial Bank of Commerce, (Canada),
	226	0.900%, 10/01/15		226
	4,000	2.600%, 07/02/15 (e)		4,008
	1,650	Capital One Bank USA N.A., 3.375%, 02/15/23		1,642
		Citigroup, Inc.,
	1,000	1.700%, 04/27/18		995
	507	1.800%, 02/05/18		507
	800	1.850%, 11/24/17		805
	500	2.400%, 02/18/20		499
	423	3.375%, 03/01/23		431
	871	3.750%, 06/16/24		898
	433	3.875%, 10/25/23		451
	1,200	4.300%, 11/20/26		1,217
	500	4.450%, 01/10/17		524
	250	5.300%, 05/06/44		271
	298	5.375%, 08/09/20		337
	865	5.500%, 09/13/25		964
	321	5.875%, 01/30/42		389
	2,154	6.000%, 08/15/17		2,357
	475	6.125%, 11/21/17		525
	250	6.625%, 01/15/28		316
	400	8.125%, 07/15/39		603
	1,409	8.500%, 05/22/19		1,738
		Comerica, Inc.,
	260	3.000%, 09/16/15		262
	148	3.800%, 07/22/26		147
	1,080	Commonwealth Bank of Australia, (Australia), 2.250%, 03/16/17 (e)		1,104
		Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., (Netherlands),
	143	2.125%, 10/13/15		144
	1,000	2.250%, 01/14/20		1,007
	455	3.375%, 01/19/17		472
	789	3.875%, 02/08/22		840
	500	5.800%, 09/30/10 (e) ††		560
		Credit Suisse Group Funding Guernsey Ltd., (United Kingdom),
	250	2.750%, 03/26/20 (e)		250
	340	3.750%, 03/26/25 (e)		336
	484	4.875%, 05/15/45 (e)		490
		Discover Bank,
	1,000	3.200%, 08/09/21		998
	601	4.200%, 08/08/23		618
	2,011	DNB Boligkreditt A.S., (Norway), 2.100%, 10/14/15 (e)		2,023
		Fifth Third Bancorp,
	70	2.300%, 03/01/19		71
	760	5.450%, 01/15/17		809
		Fifth Third Bank,
	600	2.375%, 04/25/19		608
	340	2.875%, 10/01/21		341
		HSBC Bank plc, (United Kingdom),
	1,438	1.500%, 05/15/18 (e)		1,433
	666	4.125%, 08/12/20 (e)		725
	575	4.750%, 01/19/21 (e)		643
		HSBC Holdings plc, (United Kingdom),
	500	4.000%, 03/30/22		536
	530	4.875%, 01/14/22		593
	556	5.100%, 04/05/21		630
	600	6.100%, 01/14/42		768
	680	Industrial & Commercial Bank of China Ltd., (China), 2.351%, 11/13/17		686
	729	KeyBank N.A., 3.180%, 05/22/22		742
	300	KeyCorp, 5.100%, 03/24/21		338
	651	Lloyds Bank plc, (United Kingdom), 1.750%, 03/16/18		653
	2,100	Manufacturers & Traders Trust Co., 6.625%, 12/04/17		2,357
		Mizuho Bank Ltd., (Japan),
	393	1.800%, 03/26/18 (e)		394
	623	2.650%, 09/25/19 (e)		635
	270	MUFG Americas Holdings Corp., 2.250%, 02/10/20		269
		National Australia Bank Ltd., (Australia),
	1,500	2.000%, 06/20/17 (e)		1,527
	750	2.750%, 09/28/15 (e)		755

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
	1,000	3.000%, 07/27/16 (e)		1,025
	250	National City Bank, 5.800%, 06/07/17		271
		Nordea Bank AB, (Sweden),
	1,000	1.625%, 05/15/18 (e)		1,001
	1,800	3.125%, 03/20/17 (e)		1,862
	945	4.875%, 05/13/21 (e)		1,034
	400	PNC Bank N.A., 6.875%, 04/01/18		455
	182	PNC Financial Services Group, Inc. (The), 3.900%, 04/29/24		189
		PNC Funding Corp.,
	709	3.300%, 03/08/22		734
	567	4.375%, 08/11/20		626
	970	5.250%, 11/15/15		989
	950	5.625%, 02/01/17		1,016
	595	6.700%, 06/10/19		701
		Royal Bank of Canada, (Canada),
	985	1.200%, 09/19/17		985
	1,450	1.875%, 02/05/20		1,446
	1,789	2.000%, 10/01/18		1,818
	1,000	2.200%, 07/27/18		1,020
	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)		1,154
	1,300	Standard Chartered plc, (United Kingdom), 5.200%, 01/26/24 (e)		1,404
	880	SunTrust Banks, Inc., 6.000%, 09/11/17		968
	1,411	Svenska Handelsbanken AB, (Sweden), 3.125%, 07/12/16		1,448
		Toronto-Dominion Bank (The), (Canada),
	2,350	1.500%, 03/13/17 (e)		2,371
	1,140	2.200%, 07/29/15 (e)		1,143
	521	2.250%, 11/05/19		528
		U.S. Bancorp,
	550	1.650%, 05/15/17		557
	675	2.450%, 07/27/15		677
	540	3.000%, 03/15/22		552
	566	4.125%, 05/24/21		622
	1,277	7.500%, 06/01/26		1,700
	896	U.S. Bank N.A., 2.800%, 01/27/25		882
	4,780	Wachovia Corp., 5.750%, 02/01/18		5,312
		Wells Fargo & Co.,
	1,826	2.625%, 12/15/16		1,871
	453	3.000%, 02/19/25		444
	850	3.500%, 03/08/22		892
	484	4.100%, 06/03/26		499
	702	4.480%, 01/16/24		755
	500	4.600%, 04/01/21		557
	920	4.650%, 11/04/44		925
	1,280	5.606%, 01/15/44		1,453
	2,350	5.625%, 12/11/17		2,597
	1,045	SUB, 3.676%, 06/15/16		1,077
	1,200	Series N, 2.150%, 01/30/20		1,200
		Wells Fargo Bank N.A.,
	1,000	5.600%, 03/15/16		1,040
	250	5.750%, 05/16/16		262
	250	6.000%, 11/15/17		277
		Westpac Banking Corp., (Australia),
	338	2.000%, 03/03/20 (e)		339
	2,141	4.875%, 11/19/19		2,405
				140,909
		Capital Markets — 1.5%
	1,500	Ameriprise Financial, Inc., 4.000%, 10/15/23		1,604
		Bank of New York Mellon Corp. (The),
	1,789	2.400%, 01/17/17		1,831
	700	3.250%, 09/11/24		711
	413	3.550%, 09/23/21		437
	950	3.650%, 02/04/24		1,000
	760	4.600%, 01/15/20		843
	900	Series 1, 2.950%, 06/18/15		901
		BlackRock, Inc.,
	660	3.375%, 06/01/22		692
	540	3.500%, 03/18/24		562
	385	6.250%, 09/15/17		428
	867	Series 2, 5.000%, 12/10/19		979
		Blackstone Holdings Finance Co. LLC,
	429	4.450%, 07/15/45 (e)		410
	1,940	5.875%, 03/15/21 (e)		2,249

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Capital Markets — continued
	340	Charles Schwab Corp. (The), 3.225%, 09/01/22		347
		Credit Suisse, (Switzerland),
	417	1.750%, 01/29/18		417
	728	2.300%, 05/28/19		733
	271	3.000%, 10/29/21		273
	402	3.625%, 09/09/24		409
		Deutsche Bank AG, (Germany),
	591	1.875%, 02/13/18		592
	805	6.000%, 09/01/17		882
	500	FMR LLC, 6.450%, 11/15/39 (e)		634
		Goldman Sachs Group, Inc. (The),
	952	2.600%, 04/23/20		957
	545	2.625%, 01/31/19		556
	764	2.900%, 07/19/18		787
	557	3.500%, 01/23/25		551
	3,060	3.625%, 02/07/16		3,117
	492	3.700%, 08/01/15		494
	525	3.750%, 05/22/25		530
	800	4.000%, 03/03/24		826
	848	5.250%, 07/27/21		957
	1,366	5.375%, 03/15/20		1,535
	1,200	5.750%, 01/24/22		1,384
	4,310	5.950%, 01/18/18		4,764
	420	6.150%, 04/01/18		469
	685	6.750%, 10/01/37		841
	2,678	7.500%, 02/15/19		3,173
	949	Series D, 6.000%, 06/15/20		1,095
		ING Bank N.V., (Netherlands),
	500	1.375%, 03/07/16 (e)		502
	216	2.000%, 09/25/15 (e)		217
	1,445	3.750%, 03/07/17 (e)		1,507
	657	Invesco Finance plc, (United Kingdom), 4.000%, 01/30/24		692
		Jefferies Group LLC,
	450	3.875%, 11/09/15		454
	1,015	5.125%, 04/13/18		1,081
	1,010	6.450%, 06/08/27		1,074
	880	6.875%, 04/15/21		1,015
		Macquarie Bank Ltd., (Australia),
	373	2.000%, 08/15/16 (e)		377
	291	2.600%, 06/24/19 (e)		295
	2,847	5.000%, 02/22/17 (e)		3,024
		Macquarie Group Ltd., (Australia),
	1,200	6.000%, 01/14/20 (e)		1,363
	1,650	6.250%, 01/14/21 (e)		1,901
		Morgan Stanley,
	179	1.750%, 02/25/16		180
	500	2.650%, 01/27/20		505
	1,250	3.700%, 10/23/24		1,274
	703	3.950%, 04/23/27		687
	625	4.000%, 07/24/15		628
	480	4.350%, 09/08/26		488
	871	5.000%, 11/24/25		941
	1,000	5.450%, 01/09/17		1,063
	1,021	5.500%, 07/24/20		1,161
	380	5.500%, 07/28/21		435
	1,265	5.625%, 09/23/19		1,431
	360	5.750%, 01/25/21		416
	400	6.625%, 04/01/18		453
	970	7.300%, 05/13/19		1,150
		Nomura Holdings, Inc., (Japan),
	1,050	4.125%, 01/19/16		1,070
	547	6.700%, 03/04/20		650
		State Street Corp.,
	369	3.100%, 05/15/23		371
	1,164	3.700%, 11/20/23		1,234
	379	TD Ameritrade Holding Corp., 2.950%, 04/01/22		383
		UBS AG, (Switzerland),
	365	4.875%, 08/04/20		410
	244	5.750%, 04/25/18		272
	247	5.875%, 12/20/17		273
				67,947
		Consumer Finance — 0.7%
	700	American Express Co., 7.000%, 03/19/18		801
		American Express Credit Corp.,
	480	2.375%, 03/24/17		490
	1,455	2.375%, 05/26/20		1,458

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Consumer Finance — continued
	1,028	2.800%, 09/19/16		1,053
		American Honda Finance Corp.,
	363	1.500%, 09/11/17 (e)		366
	533	1.600%, 02/16/18 (e)		537
	565	2.125%, 02/28/17 (e)		577
	417	2.250%, 08/15/19		423
	1,599	2.600%, 09/20/16 (e)		1,637
	150	7.625%, 10/01/18 (e)		179
		Capital One Financial Corp.,
	273	1.000%, 11/06/15		273
	750	3.200%, 02/05/25		728
	1,281	3.500%, 06/15/23		1,299
		Caterpillar Financial Services Corp.,
	882	2.250%, 12/01/19		895
	402	2.850%, 06/01/22		406
	560	5.500%, 03/15/16		583
	340	7.050%, 10/01/18		399
	585	7.150%, 02/15/19		696
		Ford Motor Credit Co. LLC,
	472	1.684%, 09/08/17		472
	340	2.145%, 01/09/18		343
	513	2.375%, 03/12/19		517
	1,653	3.000%, 06/12/17		1,695
	1,917	3.984%, 06/15/16		1,970
	561	4.207%, 04/15/16		576
	200	4.250%, 09/20/22		213
	803	VAR, 1.529%, 05/09/16		808
		HSBC Finance Corp.,
	3,538	5.000%, 06/30/15		3,551
	207	7.350%, 11/27/32		265
		HSBC USA, Inc.,
	800	1.625%, 01/16/18		803
	1,077	2.350%, 03/05/20		1,078
		John Deere Capital Corp.,
	759	1.200%, 10/10/17		761
	335	1.700%, 01/15/20		331
	400	2.250%, 04/17/19		407
	233	3.150%, 10/15/21		243
	874	Nissan Motor Acceptance Corp., 1.800%, 03/15/18 (e)		881
		PACCAR Financial Corp.,
	626	1.400%, 05/18/18		626
	663	1.600%, 03/15/17		671
		Toyota Motor Credit Corp.,
	412	1.450%, 01/12/18		414
	2,480	2.000%, 09/15/16		2,519
	558	2.100%, 01/17/19		565
	962	3.200%, 06/17/15		963
				33,472
		Diversified Financial Services — 1.0%
	1,231	Associates Corp. of North America, 6.950%, 11/01/18		1,430
	1,455	Bank of America N.A., 5.300%, 03/15/17		1,549
		Berkshire Hathaway, Inc.,
	2,498	3.400%, 01/31/22		2,642
	840	3.750%, 08/15/21		914
	725	Caisse Centrale Desjardins, (Canada), 2.550%, 03/24/16 (e)		736
		CME Group, Inc.,
	1,230	3.000%, 09/15/22		1,259
	777	3.000%, 03/15/25		772
	285	5.300%, 09/15/43		336
	400	Countrywide Financial Corp., 6.250%, 05/15/16		418
		General Electric Capital Corp.,
	167	1.000%, 12/11/15		168
	1,100	1.625%, 07/02/15		1,101
	750	2.300%, 04/27/17		769
	2,000	3.150%, 09/07/22		2,055
	650	4.625%, 01/07/21		728
	2,100	4.650%, 10/17/21		2,354
	191	5.300%, 02/11/21		220
	2,500	5.400%, 02/15/17		2,688
	1,785	5.500%, 01/08/20		2,056
	4,380	5.625%, 05/01/18		4,899
	330	5.875%, 01/14/38		414
	2,772	Series A, 6.750%, 03/15/32		3,735
		Intercontinental Exchange, Inc.,
	447	2.500%, 10/15/18		460

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Diversified Financial Services — continued
	884	4.000%, 10/15/23		942
	300	Murray Street Investment Trust I, SUB, 4.647%, 03/09/17		317
	290	National Rural Utilities Cooperative Finance Corp., 10.375%, 11/01/18		372
		Private Export Funding Corp.,
	5,000	Series EE, 2.800%, 05/15/22		5,138
	681	Series KK, 3.550%, 01/15/24		732
		Shell International Finance B.V., (Netherlands),
	212	1.125%, 08/21/17		213
	804	2.125%, 05/11/20		808
	789	4.125%, 05/11/35		796
	1,020	4.300%, 09/22/19		1,122
	1,005	4.375%, 03/25/20		1,112
	1,280	6.375%, 12/15/38		1,664
		Siemens Financieringsmaatschappij N.V., (Netherlands),
	634	2.900%, 05/27/22 (e)		638
	513	4.400%, 05/27/45 (e)		527
	300	5.750%, 10/17/16 (e)		320
				46,404
		Insurance — 0.8%
	455	ACE INA Holdings, Inc., 2.600%, 11/23/15		459
	520	AIG SunAmerica Global Financing X, 6.900%, 03/15/32 (e)		698
	651	Allstate Corp. (The), 3.150%, 06/15/23		666
		American International Group, Inc.,
	296	3.875%, 01/15/35		280
	471	4.125%, 02/15/24		498
		Aon Corp.,
	402	3.125%, 05/27/16		411
	346	3.500%, 09/30/15		349
	306	6.250%, 09/30/40		383
		Berkshire Hathaway Finance Corp.,
	404	1.300%, 05/15/18		405
	233	2.450%, 12/15/15		236
	233	3.000%, 05/15/22		239
	748	4.300%, 05/15/43		771
	1,574	4.400%, 05/15/42		1,648
	1,810	5.400%, 05/15/18		2,023
	120	Chubb Corp. (The), 5.750%, 05/15/18		135
		CNA Financial Corp.,
	410	3.950%, 05/15/24		419
	388	5.875%, 08/15/20		447
	408	Liberty Mutual Group, Inc., 5.000%, 06/01/21 (e)		449
		Lincoln National Corp.,
	345	4.200%, 03/15/22		370
	253	4.850%, 06/24/21		281
	676	Marsh & McLennan Cos., Inc., 2.350%, 03/06/20		678
	280	Massachusetts Mutual Life Insurance Co., 5.375%, 12/01/41 (e)		321
		MassMutual Global Funding II,
	1,500	2.000%, 04/05/17 (e)		1,526
	626	2.500%, 10/17/22 (e)		614
	540	3.125%, 04/14/16 (e)		552
		MetLife, Inc.,
	600	4.875%, 11/13/43		650
	555	Series A, 6.817%, 08/15/18		644
		Metropolitan Life Global Funding I,
	638	1.300%, 04/10/17 (e)		639
	604	1.500%, 01/10/18 (e)		604
	300	1.875%, 06/22/18 (e)		303
	820	2.500%, 09/29/15 (e)		826
	400	3.125%, 01/11/16 (e)		407
	1,900	3.650%, 06/14/18 (e)		2,018
	1,277	3.875%, 04/11/22 (e)		1,364
	1,750	Nationwide Mutual Insurance Co., 9.375%, 08/15/39 (e)		2,703
		New York Life Global Funding,
	740	0.750%, 07/24/15 (e)		741
	3,000	1.300%, 04/27/18 (e)		2,993
	129	1.950%, 02/11/20 (e)		128
	951	2.150%, 06/18/19 (e)		961
	650	Pacific Life Global Funding, 5.000%, 05/15/17 (e)		688
	570	Pacific Life Insurance Co., 9.250%, 06/15/39 (e)		865
	384	Pricoa Global Funding I, 1.600%, 05/29/18 (e)		384
	166	Principal Financial Group, Inc., 1.850%, 11/15/17		167
		Principal Life Global Funding II,
	304	1.000%, 12/11/15 (e)		304

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Insurance — continued
	953	2.250%, 10/15/18 (e)		972
	1,750	Prudential Insurance Co. of America (The), 8.300%, 07/01/25 (e)		2,376
	285	Travelers Cos., Inc. (The), 5.800%, 05/15/18		320
				35,915
		Real Estate Investment Trusts (REITs) — 0.3%
		American Tower Corp.,
	450	3.500%, 01/31/23		444
	567	5.000%, 02/15/24		609
		American Tower Trust I,
	471	1.551%, 03/15/18 (e)		470
	750	3.070%, 03/15/23 (e)		748
		Equity Commonwealth,
	600	5.875%, 09/15/20		665
	1,345	6.650%, 01/15/18		1,451
	608	ERP Operating LP, 4.625%, 12/15/21		672
		HCP, Inc.,
	492	2.625%, 02/01/20		491
	265	3.400%, 02/01/25		256
	234	3.875%, 08/15/24		235
	230	4.200%, 03/01/24		236
	598	4.250%, 11/15/23		616
	970	5.375%, 02/01/21		1,086
		Health Care REIT, Inc.,
	223	4.000%, 06/01/25		226
	732	4.500%, 01/15/24		777
	534	Prologis LP, 4.250%, 08/15/23		565
		Simon Property Group LP,
	917	2.150%, 09/15/17		936
	1,400	3.375%, 10/01/24		1,428
	579	4.125%, 12/01/21		634
	200	4.375%, 03/01/21		220
	345	6.125%, 05/30/18		391
		Ventas Realty LP,
	242	3.500%, 02/01/25		239
	353	3.750%, 05/01/24		357
				13,752
		Thrifts & Mortgage Finance — 0.0% (g)
	850	BPCE S.A., (France), 1.625%, 01/26/18		853
		Total Financials		339,252
		Health Care — 0.8%
		Biotechnology — 0.2%
		Amgen, Inc.,
	491	3.625%, 05/22/24		503
	1,000	3.875%, 11/15/21		1,064
	237	4.500%, 03/15/20		260
	500	4.950%, 10/01/41		520
	2,000	5.150%, 11/15/41		2,141
	265	5.650%, 06/15/42		304
	680	5.700%, 02/01/19		768
	720	5.750%, 03/15/40		831
		Celgene Corp.,
	1,336	3.250%, 08/15/22		1,356
	659	3.625%, 05/15/24		674
	632	Gilead Sciences, Inc., 3.500%, 02/01/25		647
				9,068
		Health Care Equipment & Supplies — 0.1%
	286	Baxter International, Inc., 1.850%, 06/15/18		287
		Becton, Dickinson and Co.,
	162	2.675%, 12/15/19		165
	243	3.734%, 12/15/24		248
	100	5.000%, 05/15/19		110
		Medtronic, Inc.,
	821	3.150%, 03/15/22 (e)		840
	1,025	4.375%, 03/15/35 (e)		1,051
				2,701
		Health Care Providers & Services — 0.2%
		Aetna, Inc.,
	265	4.500%, 05/15/42		277
	440	6.750%, 12/15/37		585
		Anthem, Inc.,
	467	2.300%, 07/15/18		474
	615	3.125%, 05/15/22		615
	280	3.300%, 01/15/23		281
	500	4.625%, 05/15/42		500
	535	4.650%, 01/15/43		546
	648	4.650%, 08/15/44		657
	540	Cardinal Health, Inc., 2.400%, 11/15/19		543
	900	Express Scripts Holding Co., 3.500%, 06/15/24		906

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Health Care Providers & Services — continued
	639	Laboratory Corp. of America Holdings, 3.200%, 02/01/22		640
	164	McKesson Corp., 0.950%, 12/04/15		164
	370	Medco Health Solutions, Inc., 2.750%, 09/15/15		372
	588	Memorial Sloan-Kettering Cancer Center, 4.200%, 07/01/55		561
	640	Texas Health Resources, 4.330%, 11/15/55		632
		UnitedHealth Group, Inc.,
	173	2.750%, 02/15/23		173
	400	2.875%, 03/15/23		402
	1,050	3.375%, 11/15/21		1,102
	620	6.625%, 11/15/37		833
				10,263
		Life Sciences Tools & Services — 0.0% (g)
		Thermo Fisher Scientific, Inc.,
	176	1.300%, 02/01/17		176
	687	4.150%, 02/01/24		721
				897
		Pharmaceuticals — 0.3%
		AbbVie, Inc.,
	992	1.750%, 11/06/17		995
	1,164	2.500%, 05/14/20		1,164
	609	2.900%, 11/06/22		600
	422	3.200%, 11/06/22		424
	783	4.500%, 05/14/35		788
		Actavis Funding SCS, (Luxembourg),
	453	3.000%, 03/12/20		459
	443	3.450%, 03/15/22		447
	706	4.550%, 03/15/35		700
	275	Actavis, Inc., 3.250%, 10/01/22		272
	395	Bayer U.S. Finance LLC, 2.375%, 10/08/19 (e)		400
	937	Forest Laboratories, Inc., 5.000%, 12/15/21 (e)		1,029
		GlaxoSmithKline Capital, Inc.,
	750	5.650%, 05/15/18		842
	530	6.375%, 05/15/38		689
		Merck & Co., Inc.,
	650	1.300%, 05/18/18		652
	644	2.350%, 02/10/22		636
	474	2.400%, 09/15/22		468
	562	2.800%, 05/18/23		565
	210	3.700%, 02/10/45		195
	560	Novartis Capital Corp., 3.400%, 05/06/24		584
	650	Pfizer, Inc., 3.000%, 06/15/23		657
		Zoetis, Inc.,
	193	1.875%, 02/01/18		193
	123	4.700%, 02/01/43		121
				12,880
		Total Health Care		35,809
		Industrials — 1.1%
		Aerospace & Defense — 0.2%
	557	Airbus Group Finance B.V., (Netherlands), 2.700%, 04/17/23 (e)		551
		BAE Systems Holdings, Inc.,
	500	3.800%, 10/07/24 (e)		516
	400	6.375%, 06/01/19 (e)		461
	676	BAE Systems plc, (United Kingdom), 5.800%, 10/11/41 (e)		810
	200	Boeing Co. (The), 7.950%, 08/15/24		280
	415	Honeywell International, Inc., 5.300%, 03/01/18		461
		Lockheed Martin Corp.,
	387	2.125%, 09/15/16		393
	1,281	4.070%, 12/15/42		1,257
	292	4.850%, 09/15/41		317
	300	Northrop Grumman Systems Corp., 7.750%, 02/15/31		410
	215	Precision Castparts Corp., 0.700%, 12/20/15		215
	340	Raytheon Co., 3.150%, 12/15/24		347
		United Technologies Corp.,
	214	1.800%, 06/01/17		218
	681	3.100%, 06/01/22		700
	543	4.150%, 05/15/45		535
	914	4.500%, 06/01/42		950
				8,421
		Air Freight & Logistics — 0.0% (g)
	318	FedEx Corp., 3.900%, 02/01/35		302
		United Parcel Service of America, Inc.,
	355	8.375%, 04/01/20		456
	160	SUB, 8.375%, 04/01/30		233
	214	United Parcel Service, Inc., 2.450%, 10/01/22		214
				1,205

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Airlines — 0.1%
	409	Air Canada 2013-1 Class A Pass-Through Trust, (Canada), 4.125%, 05/15/25 (e)		427
	221	American Airlines 2011-1 Class A Pass-Through Trust, 5.250%, 01/31/21		240
	630	American Airlines 2013-2 Class A Pass-Through Trust, 4.950%, 01/15/23		677
	184	Continental Airlines 1999-2 Class A-1 Pass-Through Trust, 7.256%, 03/15/20		206
	404	Continental Airlines 2007-1 Class A Pass-Through Trust, 5.983%, 04/19/22		455
	195	Continental Airlines 2012-2 Class A Pass-Through Trust, 4.000%, 10/29/24		205
	416	Delta Air Lines 2010-2 Class A Pass-Through Trust, 4.950%, 05/23/19		442
	157	Delta Air Lines 2011-1 Class A Pass-Through Trust, 5.300%, 04/15/19		170
	401	Delta Air Lines 2012-1 Class A Pass-Through Trust, 4.750%, 05/07/20		431
				3,253
		Commercial Services & Supplies — 0.1%
		ADT Corp. (The),
	820	3.500%, 07/15/22		754
	264	4.125%, 06/15/23		247
	328	4.875%, 07/15/42		261
	200	Pitney Bowes, Inc., 5.600%, 03/15/18		218
	614	Republic Services, Inc., 3.550%, 06/01/22		631
		Waste Management, Inc.,
	156	3.900%, 03/01/35		150
	214	4.750%, 06/30/20		239
				2,500
		Construction & Engineering — 0.0% (g)
		ABB Finance USA, Inc.,
	226	1.625%, 05/08/17		228
	292	2.875%, 05/08/22		294
	145	4.375%, 05/08/42		154
	789	Fluor Corp., 3.375%, 09/15/21		825
				1,501
		Electrical Equipment — 0.0% (g)
		Eaton Corp.,
	182	1.500%, 11/02/17		183
	170	4.000%, 11/02/32		170
	570	5.600%, 05/15/18		632
	300	7.625%, 04/01/24		390
				1,375
		Industrial Conglomerates — 0.1%
	667	Danaher Corp., 3.900%, 06/23/21		722
		General Electric Co.,
	212	2.700%, 10/09/22		212
	436	3.375%, 03/11/24		456
	539	Hutchison Whampoa International 12 II Ltd., (Cayman Islands), 3.250%, 11/08/22 (e)		548
	412	Ingersoll-Rand Global Holding Co., Ltd., 4.250%, 06/15/23		437
		Koninklijke Philips N.V., (Netherlands),
	970	3.750%, 03/15/22		1,001
	409	5.750%, 03/11/18		454
	130	7.200%, 06/01/26		163
				3,993
		Machinery — 0.1%
	164	Caterpillar, Inc., 2.600%, 06/26/22		164
		Deere & Co.,
	819	2.600%, 06/08/22		818
	346	3.900%, 06/09/42		336
		Illinois Tool Works, Inc.,
	400	3.500%, 03/01/24		417
	1,920	3.900%, 09/01/42		1,855
	290	Ingersoll-Rand Co., 6.391%, 11/15/27		350
		Parker-Hannifin Corp.,
	592	4.450%, 11/21/44		625
	215	5.500%, 05/15/18		240
				4,805
		Road & Rail — 0.5%
		Burlington Northern Santa Fe LLC,
	200	3.000%, 03/15/23		200
	522	3.050%, 03/15/22		533
	300	3.450%, 09/15/21		316
	136	3.600%, 09/01/20		144
	249	3.750%, 04/01/24		263
	375	4.375%, 09/01/42		377
	769	5.150%, 09/01/43		864
	1,000	5.400%, 06/01/41		1,150
	540	5.650%, 05/01/17		587
	335	5.750%, 03/15/18		374
	425	5.750%, 05/01/40		510
	250	6.700%, 08/01/28		322

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Road & Rail — continued
		Canadian Pacific Railway Co., (Canada),
	600	4.500%, 01/15/22		659
	250	7.125%, 10/15/31		337
		CSX Corp.,
	400	3.400%, 08/01/24		408
	526	3.950%, 05/01/50		486
	191	4.100%, 03/15/44		182
	300	4.250%, 06/01/21		329
	575	5.500%, 04/15/41		678
	215	7.375%, 02/01/19		255
	500	7.900%, 05/01/17		564
		ERAC USA Finance LLC,
	355	2.750%, 03/15/17 (e)		364
	559	4.500%, 08/16/21 (e)		609
	436	5.625%, 03/15/42 (e)		491
	350	6.375%, 10/15/17 (e)		390
	746	6.700%, 06/01/34 (e)		930
		Norfolk Southern Corp.,
	746	3.250%, 12/01/21		771
	595	3.950%, 10/01/42		562
	100	6.000%, 03/15/05 †		121
	1,776	6.000%, 05/23/11 †††		2,150
	365	7.700%, 05/15/17		409
		Penske Truck Leasing Co. LP/PTL Finance Corp.,
	479	2.875%, 07/17/18 (e)		489
	1,131	3.375%, 02/01/22 (e)		1,119
		Ryder System, Inc.,
	484	2.500%, 03/01/17		493
	723	2.500%, 05/11/20		725
	434	3.600%, 03/01/16		443
		Union Pacific Corp.,
	182	2.950%, 01/15/23		186
	838	3.646%, 02/15/24		886
	163	3.875%, 02/01/55		149
	710	4.163%, 07/15/22		783
	200	4.300%, 06/15/42		208
				21,816
		Total Industrials		48,869
		Information Technology — 1.1%
		Communications Equipment — 0.1%
		Cisco Systems, Inc.,
	197	2.900%, 03/04/21		205
	500	3.625%, 03/04/24		524
	988	5.500%, 02/22/16		1,023
	350	5.500%, 01/15/40		410
	755	5.900%, 02/15/39		924
				3,086
		Electronic Equipment, Instruments & Components — 0.1%
		Arrow Electronics, Inc.,
	219	3.000%, 03/01/18		224
	190	4.500%, 03/01/23		198
	165	6.000%, 04/01/20		187
	500	6.875%, 06/01/18		561
	1,563	7.500%, 01/15/27		1,847
				3,017
		Internet Software & Services — 0.0% (g)
		eBay, Inc.,
	937	2.600%, 07/15/22		892
	563	2.875%, 08/01/21		563
	500	3.450%, 08/01/24		494
	271	4.000%, 07/15/42		232
				2,181
		IT Services — 0.2%
		International Business Machines Corp.,
	409	1.250%, 02/06/17		413
	3,267	1.625%, 05/15/20		3,214
	765	6.220%, 08/01/27		967
	3,675	7.625%, 10/15/18		4,400
		Xerox Corp.,
	271	2.950%, 03/15/17		279
	270	4.500%, 05/15/21		291
	610	5.625%, 12/15/19		688
	550	6.750%, 02/01/17		598
				10,850
		Semiconductors & Semiconductor Equipment — 0.1%
		Intel Corp.,
	772	3.300%, 10/01/21		817
	1,185	4.000%, 12/15/32		1,197

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Semiconductors & Semiconductor Equipment — continued
	1,460	National Semiconductor Corp., 6.600%, 06/15/17		1,623
	365	Texas Instruments, Inc., 1.650%, 08/03/19		364
				4,001
		Software — 0.3%
	470	Intuit, Inc., 5.750%, 03/15/17		506
		Microsoft Corp.,
	262	0.875%, 11/15/17		262
	720	1.625%, 09/25/15		723
	384	2.125%, 11/15/22		373
	1,000	2.375%, 02/12/22		990
	810	2.375%, 05/01/23		802
	291	3.500%, 02/12/35		272
	1,155	3.625%, 12/15/23		1,229
	305	4.000%, 02/12/55		279
	117	4.500%, 10/01/40		123
		Oracle Corp.,
	586	2.800%, 07/08/21		599
	1,750	2.950%, 05/15/25		1,718
	1,000	3.625%, 07/15/23		1,052
	457	4.300%, 07/08/34		467
	1,740	4.375%, 05/15/55		1,679
	500	5.000%, 07/08/19		561
	1,422	5.250%, 01/15/16		1,465
	813	5.750%, 04/15/18		911
	475	6.500%, 04/15/38		614
				14,625
		Technology Hardware, Storage & Peripherals — 0.3%
		Apple, Inc.,
	927	2.150%, 02/09/22		905
	2,556	2.400%, 05/03/23		2,482
	2,364	2.850%, 05/06/21		2,430
	1,539	3.200%, 05/13/25		1,555
	625	3.450%, 02/09/45		545
	2,069	VAR, 0.529%, 05/03/18		2,075
	300	Dell, Inc., 7.100%, 04/15/28		328
		EMC Corp.,
	850	1.875%, 06/01/18		857
	1,000	3.375%, 06/01/23		1,014
		Hewlett-Packard Co.,
	282	4.300%, 06/01/21		299
	472	4.375%, 09/15/21		502
	201	4.650%, 12/09/21		217
	849	6.000%, 09/15/41		894
				14,103
		Total Information Technology		51,863
		Materials — 0.6%
		Chemicals — 0.4%
		Agrium, Inc., (Canada),
	490	3.375%, 03/15/25		479
	240	4.125%, 03/15/35		227
	757	5.250%, 01/15/45		798
	500	CF Industries, Inc., 7.125%, 05/01/20		599
		Dow Chemical Co. (The),
	542	3.000%, 11/15/22		541
	850	3.500%, 10/01/24		847
	693	4.125%, 11/15/21		743
	200	5.250%, 11/15/41		210
	375	7.375%, 11/01/29		500
	73	8.550%, 05/15/19		90
		E.I. du Pont de Nemours & Co.,
	350	4.900%, 01/15/41		379
	1,740	6.000%, 07/15/18		1,972
		Ecolab, Inc.,
	447	1.450%, 12/08/17		446
	150	5.500%, 12/08/41		173
	208	Monsanto Co., 4.700%, 07/15/64		188
		Mosaic Co. (The),
	280	3.750%, 11/15/21		294
	1,456	4.250%, 11/15/23		1,537
	79	4.875%, 11/15/41		80
	861	5.450%, 11/15/33		957
	347	5.625%, 11/15/43		392
		Potash Corp. of Saskatchewan, Inc., (Canada),
	660	3.000%, 04/01/25		657
	85	3.250%, 12/01/17		89

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Chemicals — continued
		PPG Industries, Inc.,
	114	5.500%, 11/15/40		135
	122	6.650%, 03/15/18		138
	355	9.000%, 05/01/21		474
	473	Praxair, Inc., 2.650%, 02/05/25		461
		Union Carbide Corp.,
	1,000	7.500%, 06/01/25		1,270
	850	7.750%, 10/01/96		1,099
				15,775
		Construction Materials — 0.0% (g)
		CRH America, Inc.,
	417	3.875%, 05/18/25 (e)		422
	893	5.125%, 05/18/45 (e)		912
				1,334
		Metals & Mining — 0.2%
		BHP Billiton Finance USA Ltd., (Australia),
	815	3.850%, 09/30/23		858
	150	5.000%, 09/30/43		162
	410	5.400%, 03/29/17		443
	560	6.500%, 04/01/19		655
		Freeport-McMoRan, Inc.,
	1,329	2.150%, 03/01/17		1,334
	1,138	4.550%, 11/14/24		1,091
	345	5.400%, 11/14/34		310
	283	Nucor Corp., 4.000%, 08/01/23		294
	295	Placer Dome, Inc., (Canada), 6.450%, 10/15/35		305
		Rio Tinto Finance USA Ltd., (United Kingdom),
	393	1.625%, 08/21/17		394
	117	3.500%, 11/02/20		123
	550	3.750%, 09/20/21		576
	650	9.000%, 05/01/19		818
		Teck Resources Ltd., (Canada),
	514	3.750%, 02/01/23		464
	676	4.750%, 01/15/22		663
				8,490
		Total Materials		25,599
		Telecommunication Services — 1.1%
		Diversified Telecommunication Services — 1.0%
		AT&T, Inc.,
	731	0.900%, 02/12/16		731
	736	2.450%, 06/30/20		729
	3,094	3.000%, 06/30/22		3,046
	1,120	3.400%, 05/15/25		1,089
	879	4.300%, 12/15/42		793
	462	4.350%, 06/15/45		412
	850	4.450%, 05/15/21		915
	485	4.500%, 05/15/35		460
	563	4.750%, 05/15/46		536
	375	5.350%, 09/01/40		385
	250	5.500%, 02/01/18		275
	2,700	6.300%, 01/15/38		3,078
	700	Bellsouth Capital Funding Corp., 7.875%, 02/15/30		892
	242	BellSouth Telecommunications LLC, 6.300%, 12/15/15		245
		British Telecommunications plc, (United Kingdom),
	200	2.000%, 06/22/15		200
	531	2.350%, 02/14/19		539
	150	9.625%, 12/15/30		236
	600	Centel Capital Corp., 9.000%, 10/15/19		720
		Deutsche Telekom International Finance B.V., (Netherlands),
	336	2.250%, 03/06/17 (e)		341
	232	4.875%, 03/06/42 (e)		246
	400	6.000%, 07/08/19		462
	325	8.750%, 06/15/30		480
		GTP Acquisition Partners I LLC,
	1,236	2.350%, 06/15/20 (e)		1,236
	1,436	3.482%, 06/16/25 (e)		1,436
	267	Nippon Telegraph & Telephone Corp., (Japan), 1.400%, 07/18/17		268
		Orange S.A., (France),
	560	2.750%, 09/14/16		572
	1,305	9.000%, 03/01/31		1,931
	741	Qwest Corp., 6.750%, 12/01/21		834
		Telefonica Emisiones S.A.U., (Spain),
	252	3.192%, 04/27/18		261

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Diversified Telecommunication Services — continued
	526	5.134%, 04/27/20		585
	316	5.462%, 02/16/21		358
	300	6.421%, 06/20/16		316
		Verizon Communications, Inc.,
	432	2.625%, 02/21/20		436
	983	3.000%, 11/01/21		988
	381	3.450%, 03/15/21		395
	2,804	3.500%, 11/01/24		2,810
	938	4.150%, 03/15/24		992
	1,685	4.400%, 11/01/34		1,622
	1,762	4.500%, 09/15/20		1,922
	730	4.522%, 09/15/48 (e)		667
	1,085	4.672%, 03/15/55 (e)		976
	4,762	4.862%, 08/21/46		4,595
	150	5.150%, 09/15/23		167
	100	5.850%, 09/15/35		113
	72	6.400%, 09/15/33		85
	43	6.550%, 09/15/43		52
	764	Verizon New England, Inc., 7.875%, 11/15/29		966
		Verizon Pennsylvania LLC,
	750	6.000%, 12/01/28		823
	1,444	8.350%, 12/15/30		1,884
	500	8.750%, 08/15/31		675
				44,775
		Wireless Telecommunication Services — 0.1%
		America Movil S.A.B. de C.V., (Mexico),
	640	2.375%, 09/08/16		650
	592	3.125%, 07/16/22		595
		Rogers Communications, Inc., (Canada),
	1,547	4.100%, 10/01/23		1,624
	400	8.750%, 05/01/32		561
		Vodafone Group plc, (United Kingdom),
	350	1.500%, 02/19/18		348
	1,200	1.625%, 03/20/17		1,203
				4,981
		Total Telecommunication Services		49,756
		Utilities — 1.4%
		Electric Utilities — 1.0%
		Alabama Power Co.,
	214	3.750%, 03/01/45		203
	239	6.125%, 05/15/38		312
	286	American Electric Power Co., Inc., 1.650%, 12/15/17		287
		Arizona Public Service Co.,
	133	2.200%, 01/15/20		134
	296	4.500%, 04/01/42		311
	467	5.050%, 09/01/41		540
	455	Baltimore Gas & Electric Co., 2.800%, 08/15/22		458
	1,025	Cleveland Electric Illuminating Co. (The), Series D, 7.880%, 11/01/17		1,180
	831	Comision Federal de Electricidad, (Mexico), 4.875%, 05/26/21 (e)		882
	195	Connecticut Light & Power Co. (The), 5.650%, 05/01/18		219
	224	DTE Electric Co., 2.650%, 06/15/22		224
		Duke Energy Carolinas LLC,
	129	4.250%, 12/15/41		133
	660	5.100%, 04/15/18		732
	100	6.000%, 01/15/38		129
		Duke Energy Florida, Inc.,
	290	5.650%, 06/15/18		326
	245	6.400%, 06/15/38		325
	1,320	Duke Energy Indiana, Inc., 6.350%, 08/15/38		1,751
		Duke Energy Progress, Inc.,
	540	2.800%, 05/15/22		546
	273	4.100%, 05/15/42		276
	125	4.100%, 03/15/43		127
	387	4.150%, 12/01/44		394
	325	5.300%, 01/15/19		365
		Electricite de France S.A., (France),
	770	2.150%, 01/22/19 (e)		778
	1,300	6.000%, 01/22/14 (e) ††††		1,458
	950	Enel Finance International N.V., (Netherlands), 5.125%, 10/07/19 (e)		1,055
		Florida Power & Light Co.,
	420	5.950%, 10/01/33		538
	350	5.950%, 02/01/38		452
	210	Georgia Power Co., 5.950%, 02/01/39		259

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Electric Utilities — continued
	229	Great Plains Energy, Inc., 4.850%, 06/01/21		253
		Hydro-Quebec, (Canada),
	1,000	Series HY, 8.400%, 01/15/22		1,341
	350	Series IO, 8.050%, 07/07/24		489
	100	Indiana Michigan Power Co., 7.000%, 03/15/19		118
	100	Jersey Central Power & Light Co., 7.350%, 02/01/19		117
	803	John Sevier Combined Cycle Generation LLC, 4.626%, 01/15/42		890
		Kansas City Power & Light Co.,
	403	3.150%, 03/15/23		402
	1,400	5.300%, 10/01/41		1,578
	125	MidAmerican Energy Co., 5.300%, 03/15/18		138
		Nevada Power Co.,
	55	5.375%, 09/15/40		67
	305	5.450%, 05/15/41		366
	720	6.500%, 08/01/18		829
	100	Series N, 6.650%, 04/01/36		133
		NextEra Energy Capital Holdings, Inc.,
	196	1.200%, 06/01/15		196
	371	2.400%, 09/15/19		374
	725	6.000%, 03/01/19		824
	225	7.875%, 12/15/15		233
		Niagara Mohawk Power Corp.,
	493	3.508%, 10/01/24 (e)		508
	300	4.881%, 08/15/19 (e)		332
	510	Northern States Power Co., 6.250%, 06/01/36		681
	320	Ohio Power Co., 6.050%, 05/01/18		360
		Oncor Electric Delivery Co. LLC,
	840	6.800%, 09/01/18		975
	110	7.000%, 09/01/22		138
		Pacific Gas & Electric Co.,
	544	2.450%, 08/15/22		531
	71	3.250%, 09/15/21		74
	250	3.250%, 06/15/23		255
	217	4.450%, 04/15/42		222
	390	4.500%, 12/15/41		402
	810	5.625%, 11/30/17		890
	100	6.050%, 03/01/34		124
	160	8.250%, 10/15/18		193
		PacifiCorp,
	180	5.500%, 01/15/19		203
	150	5.650%, 07/15/18		169
		PECO Energy Co.,
	350	2.375%, 09/15/22		344
	175	5.350%, 03/01/18		195
	1,085	Potomac Electric Power Co., 6.500%, 11/15/37		1,444
	673	Progress Energy, Inc., 3.150%, 04/01/22		686
		Public Service Co. of Colorado,
	250	2.250%, 09/15/22		244
	90	3.200%, 11/15/20		95
	125	5.800%, 08/01/18		142
	2,490	Public Service Co. of Oklahoma, Series G, 6.625%, 11/15/37		3,262
		Public Service Electric & Gas Co.,
	833	3.000%, 05/15/25		841
	210	5.300%, 05/01/18		233
	317	5.375%, 11/01/39		388
	65	South Carolina Electric & Gas Co., 4.500%, 06/01/64		64
		Southern California Edison Co.,
	155	1.845%, 02/01/22		155
	785	5.500%, 08/15/18		882
	1,185	6.050%, 03/15/39		1,534
	200	Series 08-A, 5.950%, 02/01/38		252
	318	Series C, 3.500%, 10/01/23		334
	363	Southern Co. (The), 1.950%, 09/01/16		368
	570	Southwestern Public Service Co., Series G, 8.750%, 12/01/18		702
	312	State Grid Overseas Investment 2013 Ltd., (United Kingdom), 1.750%, 05/22/18 (e)		310
		Virginia Electric & Power Co.,
	64	3.450%, 02/15/24		67
	1,415	5.400%, 04/30/18		1,576
	630	5.950%, 09/15/17		697
		Wisconsin Electric Power Co.,
	21	2.950%, 09/15/21		21
	275	6.250%, 12/01/15		283
		Xcel Energy, Inc.,
	162	0.750%, 05/09/16		161

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Electric Utilities — continued
	92	4.800%, 09/15/41		100
	200	6.500%, 07/01/36		260
				44,439
		Gas Utilities — 0.0% (g)
		Atmos Energy Corp.,
	125	4.125%, 10/15/44		125
	828	4.150%, 01/15/43		827
	375	8.500%, 03/15/19		459
	308	Boston Gas Co., 4.487%, 02/15/42 (e)		325
	335	CenterPoint Energy Resources Corp., 6.125%, 11/01/17		372
				2,108
		Independent Power & Renewable Electricity Producers — 0.1%
		Exelon Generation Co. LLC,
	300	2.950%, 01/15/20		304
	1,020	4.000%, 10/01/20		1,074
	235	5.750%, 10/01/41		257
		PSEG Power LLC,
	442	4.300%, 11/15/23		467
	772	5.125%, 04/15/20		859
	202	Southern Power Co., 5.150%, 09/15/41		219
				3,180
		Multi-Utilities — 0.3%
		AGL Capital Corp.,
	563	3.500%, 09/15/21		593
	208	4.400%, 06/01/43		215
	1,445	5.875%, 03/15/41		1,784
	1,243	6.375%, 07/15/16		1,315
	596	Consolidated Edison Co. of New York, Inc., 5.700%, 06/15/40		730
		Consumers Energy Co.,
	216	2.850%, 05/15/22		218
	130	5.650%, 04/15/20		151
	235	Delmarva Power & Light Co., 4.000%, 06/01/42		236
		Dominion Resources, Inc.,
	300	7.000%, 06/15/38		394
	920	Series F, 5.250%, 08/01/33		1,011
	289	DTE Energy Co., Series F, 3.850%, 12/01/23		305
		NiSource Finance Corp.,
	370	3.850%, 02/15/23		388
	1,256	5.800%, 02/01/42		1,519
		San Diego Gas & Electric Co.,
	379	3.950%, 11/15/41		379
	275	6.000%, 06/01/26		349
		Sempra Energy,
	350	2.875%, 10/01/22		348
	236	3.550%, 06/15/24		242
	1,013	4.050%, 12/01/23		1,075
	1,150	6.150%, 06/15/18		1,299
	180	6.500%, 06/01/16		190
	460	9.800%, 02/15/19		587
				13,328
		Total Utilities		63,055
		Total Corporate Bonds (Cost $756,633)		795,870
	Foreign Government Securities — 1.2%
		Federative Republic of Brazil, (Brazil),
	825	4.250%, 01/07/25		812
	472	5.000%, 01/27/45		435
		Israel Government AID Bond, (Israel),
	6,165	Zero Coupon, 11/01/23		4,960
	2,121	Zero Coupon, 02/15/24		1,688
	5,535	Zero Coupon, 05/01/24		4,369
	1,000	5.500%, 09/18/33		1,325
	1,000	Series 1, Zero Coupon, 05/01/23		819
	7,805	Series 10-Z, Zero Coupon, 08/15/24		6,094
	1,500	Series 2, Zero Coupon, 11/01/24		1,162
	1,776	Series 6-Z, Zero Coupon, 02/15/22		1,526
	5,000	Series 7-Z, Zero Coupon, 08/15/25		3,768
	3,424	Series 8-Z, Zero Coupon, 02/15/24		2,725
	2,000	Series 8-Z, Zero Coupon, 08/15/24		1,562
		Province of Ontario, (Canada),
	1,387	1.650%, 09/27/19		1,389
	700	2.700%, 06/16/15		700
	377	Province of Quebec, (Canada), Series A, SUB, 7.365%, 03/06/26		528
		Republic of Colombia, (Colombia),
	422	4.000%, 02/26/24		430
	515	5.000%, 06/15/45		509
	200	5.625%, 02/26/44		216

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Foreign Government Securities — continued
			Republic of Panama, (Panama),
	317		3.750%, 03/16/25		318
	416		4.000%, 09/22/24		427
	88		Republic of Peru, (Peru), 5.625%, 11/18/50		103
	1,133		Republic of Poland, (Poland), 4.000%, 01/22/24		1,211
			Republic of South Africa, (South Africa),
	1,436		5.375%, 07/24/44		1,495
	640		5.875%, 09/16/25		725
			Republic of Turkey, (Turkey),
	2,350		4.250%, 04/14/26		2,282
	719		5.750%, 03/22/24		792
			United Mexican States, (Mexico),
	2,030		3.500%, 01/21/21		2,091
	788		3.600%, 01/30/25		792
	1,732		4.000%, 10/02/23		1,801
	200		4.600%, 01/23/46		197
	120		4.750%, 03/08/44		120
	4,913		5.550%, 01/21/45		5,521
			Total Foreign Government Securities (Cost $51,299)		52,892
	Mortgage Pass-Through Securities — 16.0%
			Federal Home Loan Mortgage Corp.,
	104		ARM, 2.095%, 10/01/36		110
	20		ARM, 2.123%, 07/01/19		21
	365		ARM, 2.138%, 10/01/36		386
	326		ARM, 2.204%, 11/01/36		348
	330		ARM, 2.213%, 12/01/36		353
	221		ARM, 2.293%, 02/01/36		235
	948		ARM, 2.309%, 03/01/37		1,005
	33		ARM, 2.330%, 04/01/30		35
	471		ARM, 2.355%, 12/01/33		504
	779		ARM, 2.369%, 04/01/34		825
	877		ARM, 2.375%, 01/01/35 – 11/01/36		936
	187		ARM, 2.483%, 02/01/37		200
	121		ARM, 2.497%, 05/01/36		129
	431		ARM, 2.541%, 02/01/36		462
	521		ARM, 2.657%, 10/01/36		562
	276		ARM, 2.693%, 12/01/34		294
	265		ARM, 3.385%, 07/01/36		276
	1,405		ARM, 3.988%, 07/01/40		1,482
			Federal Home Loan Mortgage Corp. Gold Pools, 15 Year, Single Family,
	70		4.500%, 08/01/18		74
	187		5.000%, 12/01/18		196
	1,925		5.500%, 06/01/17 – 01/01/24		2,109
	27		6.000%, 04/01/18		28
	185		6.500%, 08/01/16 – 02/01/19		191
	1		7.000%, 04/01/17		1
			Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family,
	2,375		3.500%, 01/01/32 – 03/01/32		2,511
	77		6.000%, 12/01/22		88
	227		6.500%, 11/01/22		261
			Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,
	3,409		3.500%, 04/01/43		3,560
	1,056		4.000%, 09/01/35		1,129
	4,897		4.500%, 05/01/41		5,340
	4,081		5.000%, 09/01/34 – 08/01/40		4,570
	1,610		5.500%, 10/01/33 – 07/01/35		1,830
	319		6.000%, 12/01/33 – 01/01/34		367
	1,433		6.500%, 11/01/34 – 11/01/36		1,698
	440		7.000%, 07/01/32 – 10/01/36		533
	470		Federal Home Loan Mortgage Corp. Gold Pools, FHA/VA, 10.000%, 10/01/30		531
			Federal Home Loan Mortgage Corp. Gold Pools, Other,
	2,752		3.000%, 03/01/33		2,846
	22,999		3.500%, 10/01/32 – 06/01/43		24,276
	8,449		4.000%, 01/01/32 – 01/01/43		9,164
	387		5.500%, 10/01/33 – 01/01/34		428
	426		6.000%, 02/01/33		474
	57		7.000%, 07/01/29		64
			Federal Home Loan Mortgage Corp., 30 Year, Single Family,
	–	(h)	12.000%, 08/01/15 – 07/01/19		—	(h)
			Federal National Mortgage Association,
	65		ARM, 1.687%, 09/01/34		68
	854		ARM, 1.784%, 01/01/33		894
	639		ARM, 1.787%, 07/01/33		669
	519		ARM, 1.818%, 05/01/35		549

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	4		ARM, 1.877%, 01/01/19		4
	1,317		ARM, 1.893%, 01/01/35		1,378
	5		ARM, 1.905%, 03/01/19		5
	1,259		ARM, 1.910%, 09/01/35		1,325
	388		ARM, 1.914%, 11/01/34		408
	549		ARM, 1.940%, 07/01/36		579
	969		ARM, 2.017%, 11/01/34		1,026
	722		ARM, 2.063%, 10/01/34		765
	273		ARM, 2.075%, 04/01/34		289
	444		ARM, 2.086%, 10/01/34		472
	824		ARM, 2.107%, 06/01/35		872
	603		ARM, 2.120%, 01/01/35		640
	223		ARM, 2.121%, 09/01/34		237
	157		ARM, 2.135%, 09/01/35		168
	291		ARM, 2.136%, 08/01/34		309
	224		ARM, 2.138%, 01/01/36		236
	174		ARM, 2.186%, 07/01/34		186
	210		ARM, 2.193%, 02/01/35		223
	185		ARM, 2.251%, 01/01/34		197
	19		ARM, 2.262%, 04/01/34		20
	164		ARM, 2.274%, 05/01/35		174
	265		ARM, 2.277%, 07/01/33 – 11/01/33		281
	224		ARM, 2.285%, 06/01/36		239
	555		ARM, 2.314%, 08/01/34		591
	509		ARM, 2.319%, 07/01/33		543
	464		ARM, 2.342%, 05/01/34		495
	342		ARM, 2.363%, 04/01/35		365
	1,498		ARM, 2.400%, 04/01/35		1,597
	150		ARM, 2.410%, 01/01/38		161
	419		ARM, 2.435%, 09/01/33		448
	264		ARM, 2.505%, 10/01/34		283
	611		ARM, 2.575%, 10/01/36		658
	54		ARM, 2.633%, 09/01/27		58
	103		ARM, 2.750%, 02/01/34		105
	70		ARM, 2.875%, 01/01/36		72
	36		ARM, 3.718%, 03/01/29		39
			Federal National Mortgage Association, 15 Year, Single Family,
	432		3.500%, 09/01/18 – 07/01/19		459
	272		4.000%, 08/01/18		286
	1,467		4.500%, 06/01/18 – 12/01/19		1,536
	550		5.000%, 06/01/18 – 08/01/24		590
	458		5.500%, 03/01/20 – 07/01/20		483
	3,229		6.000%, 06/01/16 – 01/01/24		3,538
	108		6.500%, 03/01/17 – 08/01/20		114
	101		7.000%, 03/01/17 – 09/01/17		104
	2		7.500%, 03/01/17		2
	–	(h)	8.000%, 11/01/15		—	(h)
			Federal National Mortgage Association, 20 Year, Single Family,
	1,398		3.500%, 08/01/32		1,481
	90		4.500%, 04/01/24		98
	810		6.500%, 05/01/22 – 04/01/25		932
			Federal National Mortgage Association, 30 Year, FHA/VA,
	78		6.000%, 09/01/33		87
	899		6.500%, 03/01/29 – 08/01/39		1,022
	16		7.000%, 02/01/33		18
	40		8.000%, 06/01/28		46
	8		9.000%, 05/01/18 – 12/01/25		8
			Federal National Mortgage Association, 30 Year, Single Family,
	304		4.500%, 11/01/33 – 02/01/35		332
	1,214		5.000%, 07/01/33 – 09/01/35		1,364
	1,632		5.500%, 09/01/31 – 03/01/34		1,869
	2,076		6.000%, 12/01/28 – 09/01/37		2,399
	940		6.500%, 11/01/29 – 08/01/31		1,097
	760		7.000%, 01/01/24 – 01/01/39		872
	321		7.500%, 08/01/36 – 11/01/37		406
	502		8.000%, 03/01/27 – 11/01/28		604
	–	(h)	9.000%, 04/01/26		—	(h)
	11		9.500%, 07/01/28		12
			Federal National Mortgage Association, Other,
	1,430		VAR, 0.536%, 01/01/23		1,442
	4,000		VAR, 0.546%, 12/01/24		3,999
	2,856		VAR, 0.566%, 01/01/23		2,878

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	4,862	VAR, 0.636%, 11/01/23		4,899
	4,000	VAR, 0.646%, 12/01/23		4,027
	3,000	VAR, 0.666%, 11/01/23		2,999
	937	VAR, 0.976%, 03/01/22		937
	2,386	VAR, 6.070%, 11/01/18		2,561
	4,787	ARM, 0.726%, 02/01/19		4,792
	2,000	08/25/30 (w)		2,030
	2,000	1.690%, 12/01/19		1,987
	3,450	1.735%, 05/01/20		3,440
	3,862	1.750%, 06/01/20		3,854
	1,971	1.940%, 07/01/19		1,987
	1,500	2.000%, 12/01/20		1,501
	12,000	2.010%, 06/01/20		12,081
	4,569	2.030%, 08/01/19		4,627
	2,500	2.120%, 09/01/21		2,468
	1,957	2.140%, 04/01/19		1,995
	1,447	2.150%, 04/01/19		1,473
	2,863	2.190%, 12/01/22		2,857
	3,913	2.210%, 12/01/22		3,909
	5,318	2.340%, 12/01/22		5,344
	1,923	2.350%, 05/01/23		1,929
	3,375	2.370%, 11/01/22		3,399
	2,977	2.380%, 12/01/22		2,999
	5,321	2.390%, 12/01/22		5,359
	3,500	2.400%, 12/01/22		3,522
	2,899	2.420%, 06/01/23		2,920
	4,000	2.450%, 11/01/22		4,036
	2,853	2.460%, 02/01/23		2,908
	5,513	2.490%, 10/01/17		5,654
	1,447	2.510%, 06/01/23		1,478
	6,913	2.520%, 10/01/22 - 05/01/23		6,985
	5,000	2.590%, 11/01/21		5,109
	2,500	2.660%, 12/01/22		2,541
	3,000	2.670%, 07/01/22		3,076
	6,679	2.690%, 10/01/17		6,877
	3,320	2.704%, 04/01/23		3,396
	3,168	2.750%, 03/01/22		3,289
	3,000	2.760%, 05/01/21		3,106
	1,565	2.770%, 05/01/22		1,617
	5,145	2.780%, 06/01/27		5,081
	11,000	2.790%, 05/01/27 - 06/01/27		10,946
	4,686	2.809%, 07/01/23		4,841
	6,500	2.900%, 12/01/24		6,655
	12,000	2.920%, 12/01/24 - 05/01/30		12,097
	1,424	2.940%, 05/01/22		1,487
	6,365	2.950%, 08/01/23 - 12/01/24		6,599
	3,019	2.960%, 06/25/27		3,041
	4,000	2.970%, 06/25/30		3,945
	6,478	2.980%, 03/01/22 - 07/01/22		6,769
	1,000	2.990%, 01/01/25		1,030
	2,717	3.000%, 01/01/43		2,758
	2,432	3.020%, 07/01/23		2,543
	3,300	3.030%, 06/01/35		3,305
	13,000	3.040%, 12/01/24 - 04/01/30		13,255
	5,867	3.050%, 04/01/22		6,139
	6,884	3.070%, 01/01/22		7,222
	14,150	3.080%, 04/01/30 - 06/01/30		14,266
	8,850	3.100%, 05/01/30		9,029
	6,299	3.110%, 12/01/24 - 12/01/26		6,531
	11,806	3.120%, 01/01/22 - 06/01/35		11,890
	3,044	3.140%, 12/01/26		3,159
	1,430	3.150%, 12/01/21		1,506
	2,695	3.160%, 02/01/22		2,841
	3,000	3.170%, 02/01/30		3,074
	3,873	3.200%, 02/01/22		4,093
	9,583	3.230%, 11/01/20		10,175
	4,235	3.240%, 12/01/26		4,427
	13,900	3.250%, 07/01/25 - 09/01/26		14,571
	6,173	3.260%, 01/01/22 - 12/01/26		6,495
	13,949	3.290%, 10/01/20 - 11/01/26		14,678
	4,000	3.300%, 12/01/26		4,204
	3,000	3.340%, 02/01/27		3,163
	1,939	3.350%, 11/01/20		2,064
	910	3.375%, 11/01/20		972
	2,000	3.380%, 12/01/23		2,125
	2,000	3.390%, 08/01/17		2,095
	1,421	3.430%, 09/01/20		1,517

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	45,694	3.500%, 12/01/32 - 08/01/43		48,073
	5,000	3.510%, 05/01/18		5,299
	1,901	3.520%, 01/01/18		2,006
	4,855	3.540%, 10/01/20		5,209
	2,000	3.550%, 02/01/30		2,131
	2,500	3.590%, 08/01/23		2,695
	2,799	3.600%, 09/01/20		3,012
	963	3.640%, 01/01/25		1,040
	5,000	3.670%, 07/01/23		5,401
	1,500	3.690%, 11/01/23		1,631
	4,515	3.730%, 07/01/22		4,888
	1,853	3.740%, 07/01/20		2,007
	4,977	3.760%, 10/01/23 - 11/01/23		5,445
	3,000	3.770%, 09/01/21		3,276
	2,831	3.780%, 09/01/21		3,081
	3,648	3.783%, 01/01/26		3,999
	6,588	3.790%, 09/01/21		7,171
	4,599	3.820%, 06/01/17		4,845
	1,540	3.870%, 01/01/21		1,685
	5,000	3.890%, 09/01/21		5,521
	3,884	3.930%, 07/01/20 - 01/01/21		4,248
	7,939	3.950%, 07/01/20 - 07/01/21		8,716
	1,861	3.970%, 12/01/25		2,041
	4,750	3.980%, 11/01/16		4,741
	8,706	4.000%, 10/01/32 - 07/01/42		9,394
	1,634	4.120%, 04/01/20		1,790
	5,811	4.130%, 11/01/19 - 08/01/21		6,380
	1,841	4.240%, 11/01/19		2,017
	4,380	4.250%, 04/01/21		4,859
	2,000	4.260%, 07/01/21		2,230
	2,096	4.290%, 06/01/20		2,317
	1,319	4.298%, 01/01/21		1,466
	2,367	4.300%, 08/01/20 - 04/01/21		2,621
	1,422	4.318%, 07/01/21		1,582
	2,082	4.330%, 04/01/21		2,310
	5,000	4.340%, 06/01/21		5,558
	1,442	4.350%, 04/01/20		1,595
	900	4.355%, 03/01/20		993
	1,912	4.369%, 02/01/20		2,111
	1,413	4.380%, 01/01/21		1,574
	819	4.381%, 04/01/20		906
	1,961	4.390%, 05/01/21		2,195
	2,000	4.400%, 02/01/20		2,217
	2,837	4.480%, 02/01/21		3,181
	6,360	4.514%, 12/01/19		7,052
	7,013	4.540%, 01/01/20 - 07/01/26		7,866
	3,799	4.640%, 01/01/21		4,282
	1,856	5.240%, 07/01/19		2,087
	349	5.500%, 03/01/17 - 09/01/33		386
	829	6.000%, 09/01/37 - 06/01/39		919
	242	6.500%, 01/01/36 - 07/01/36		267
	61	7.000%, 10/01/46		67
	35	10.508%, 04/15/19		39
		Government National Mortgage Association II, 30 Year, Single Family,
	2,143	4.250%, 03/20/45		2,347
	264	4.500%, 08/20/33		288
	2,501	6.000%, 09/20/38		2,851
	56	7.500%, 02/20/28 - 09/20/28		68
	82	8.000%, 12/20/25 - 09/20/28		97
	30	8.500%, 05/20/25		34
		Government National Mortgage Association II, Other,
	9,532	4.375%, 06/20/63		10,476
	10,095	4.433%, 05/20/63		11,104
	3,032	4.462%, 05/20/63		3,337
	2,079	4.479%, 04/20/63		2,289
		Government National Mortgage Association, 15 Year, Single Family,
	29	6.500%, 06/15/17		30
	2	8.000%, 01/15/16		1
		Government National Mortgage Association, 30 Year, Single Family,
	271	6.500%, 03/15/28 - 04/15/33		311
	156	7.000%, 02/15/33 - 06/15/33		187
	37	7.500%, 11/15/22 - 09/15/28		41
	10	8.000%, 09/15/22 - 08/15/28		10
	1	9.000%, 12/15/16		1

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	407	9.500%, 10/15/24		451
		Total Mortgage Pass-Through Securities (Cost $710,136)		729,039
	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		565
	350	State of California, Various Purpose, GO, 7.300%, 10/01/39		505
				1,070
		Illinois — 0.0% (g)
	160	State of Illinois, Pension Funding, GO, 5.100%, 06/01/33		152
		New York — 0.1%
	360	New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series D, Rev., 5.600%, 03/15/40		444
		Port Authority of New York & New Jersey, Consolidated,
	440	Series 165, Rev., 5.647%, 11/01/40		536
	2,060	Series 174, Rev., 4.458%, 10/01/62		2,128
	1,825	Port Authority of New York & New Jersey, Consolidated 164, Series 164, Rev., 5.647%, 11/01/40		2,225
				5,333
		Ohio — 0.1%
	1,315	American Municipal Power, Inc., Meldahl Hydroelectric Project, Series B, Rev., 7.499%, 02/15/50		1,854
		Ohio State University, General Receipts,
	200	Rev., 5.590%, 12/01/14 ††††		211
	1,563	Series A, Rev., 4.800%, 06/01/11 †††		1,550
				3,615
		Total Municipal Bonds (Cost $9,026)		10,170
	Supranational — 0.1%
	3,000	African Development Bank, 8.800%, 09/01/19		3,754
	641	Corp. Andina de Fomento, 3.750%, 01/15/16		651
		Total Supranational (Cost $4,323)		4,405
	U.S. Government Agency Securities — 2.2%
	1,525	Federal Home Loan Banks, 5.500%, 07/15/36		2,050
	6,000	Federal National Mortgage Association, 3.935%, 06/01/17 (n)		5,913
		Financing Corp. STRIPS,
	4,500	1.553%, 05/11/18 (n)		4,357
	2,000	3.493, 04/05/19 (n)		1,878
	1,240	4.640%, 09/26/19 (n)		1,155
		Government Trust Certificate,
	4,000	1.284%, 10/01/15		3,989
	5,000	1.501%, 04/01/16		4,947
	13,319	2.602%, 10/01/19		12,037
		Residual Funding Corp. STRIPS,
	12,300	1.619%, 10/15/19 (n)		11,432
	30,450	2.186%, 07/15/20 (n)		27,740
	12,930	2.792, 10/15/20 (n)		11,697
		Tennessee Valley Authority,
	304	4.625%, 09/15/60		338
	3,521	5.250%, 09/15/39		4,435
	1,115	5.880%, 04/01/36		1,489
		Tennessee Valley Authority STRIPS,
	2,000	4.135%, 05/01/19 (n)		1,867
	5,000	3.164%, 11/01/25 (n)		3,645
	800	4.076%, 06/15/35 (n)		383
		Total U.S. Government Agency Securities (Cost $97,657)		99,352
	U.S. Treasury Obligations — 25.0%
		U.S. Treasury Bonds,
	2,000	3.500%, 02/15/39		2,244
	200	4.250%, 05/15/39		251
	18,900	4.375%, 02/15/38		24,131
	7,075	4.500%, 02/15/36		9,197
	3,800	4.500%, 05/15/38		4,931
	1,875	4.500%, 08/15/39		2,440
	1,500	4.750%, 02/15/37		2,013
	15,370	5.000%, 05/15/37		21,317
	850	5.250%, 02/15/29		1,136
	1,250	5.375%, 02/15/31		1,724
	750	6.125%, 11/15/27		1,065
	300	6.125%, 08/15/29		435
	2,506	6.250%, 08/15/23		3,327
	900	6.250%, 05/15/30		1,331
	525	6.625%, 02/15/27		764
	4,690	7.500%, 11/15/16		5,167
	864	8.125%, 05/15/21		1,180
	1,845	8.500%, 02/15/20		2,442

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligations — continued
	7,000	8.750%, 08/15/20		9,542
	20,115	8.875%, 08/15/17		23,725
		U.S. Treasury Coupon STRIPS,
	8,000	1.538%, 11/15/19 (n)		7,492
	19,751	1.580%, 08/15/16 (n)		19,662
	23,265	1.848%, 05/15/21 (n)		20,880
	8,400	1.893%, 05/15/18 (n)		8,167
	28,000	2.013%, 11/15/23 (n)		23,400
	2,000	2.097%, 02/15/18 (n)		1,952
	22,570	2.100%, 08/15/23 (n)		18,986
	2,200	2.240%, 02/15/24 (n)		1,820
	17,095	2.347%, 02/15/21 (n)		15,476
	14,400	2.481%, 11/15/22 (n)		12,407
	1,000	2.571%, 02/15/25 (n)		803
	1,670	2.576%, 02/15/20 (n)		1,555
	15,768	2.593%, 02/15/22 (n)		13,858
	1,500	2.608%, 05/15/25 (n)		1,195
	1,500	2.622%, 05/15/22 (n)		1,309
	15,400	2.709%, 05/15/23 (n)		13,051
	15,025	2.760%, 11/15/21 (n)		13,302
	4,800	2.766%, 08/15/22 (n)		4,163
	9,575	2.952%, 02/15/32 (n)		6,012
	19,577	2.987%, 05/15/19 (n)		18,579
	10,350	3.039%, 08/15/32 (n)		6,410
	5,000	3.056%, 05/15/31 (n)		3,242
	38,935	3.063%, 08/15/20 (n)		35,773
	38,462	3.108%, 02/15/23 (n)		32,870
	800	3.126%, 05/15/35 (n)		445
	6,650	3.128%, 11/15/29 (n)		4,535
	1,592	3.163%, 08/15/26 (n)		1,217
	6,015	3.270%, 05/15/28 (n)		4,341
	18,050	3.277%, 05/15/32 (n)		11,279
	6,100	3.335%, 08/15/21 (n)		5,437
	10,650	3.343%, 11/15/31 (n)		6,773
	15,000	3.347%, 08/15/28 (n)		10,710
	27,150	3.366%, 11/15/26 (n)		20,563
	6,600	3.386%, 05/15/34 (n)		3,809
	50,504	3.413%, 05/15/20 (n)		46,652
	1,650	3.503%, 08/15/34 (n)		942
	15,750	3.512%, 05/15/33 (n)		9,481
	5,000	3.566%, 02/15/33 (n)		3,039
	7,885	3.575%, 11/15/27 (n)		5,789
	6,305	3.633%, 02/15/29 (n)		4,417
	2,400	3.639%, 08/15/29 (n)		1,650
	9,700	3.652%, 08/15/31 (n)		6,222
	29,300	3.682%, 02/15/27 (n)		22,035
	9,140	3.750%, 11/15/32 (n)		5,599
	21,411	3.880%, 08/15/17 (n)		21,086
	8,000	3.916%, 02/15/31 (n)		5,221
	22,360	3.971%, 08/15/19 (n)		21,092
	6,400	4.162%, 05/15/30 (n)		4,291
	16,741	4.385%, 08/15/18 (n)		16,193
	20,736	4.388%, 02/15/17 (n)		20,530
	600	4.433%, 08/15/24 (n)		490
	12,800	4.462%, 08/15/30 (n)		8,514
	600	4.469%, 02/15/26 (n)		467
	4,750	4.585%, 11/15/33 (n)		2,788
	9,925	4.660%, 11/15/30 (n)		6,535
	6,675	4.906%, 08/15/27 (n)		4,942
	8,860	4.907%, 02/15/28 (n)		6,455
	100	4.931%, 08/15/35 (n)		55
	1,200	5.067%, 02/15/35 (n)		674
	5,000	5.080%, 02/15/34 (n)		2,910
	1,700	5.117%, 11/15/24 (n)		1,376
	22,839	5.128%, 11/15/17 (n)		22,389
	23,600	5.144%, 02/15/30 (n)		15,959
	3,050	5.255%, 08/15/33 (n)		1,805
	1,500	5.656%, 05/15/26 (n)		1,156
	2,500	5.697%, 11/15/28 (n)		1,772
	2,550	5.736%, 05/15/27 (n)		1,903
	200	5.784%, 05/15/24 (n)		164
	14,257	6.616%, 11/15/15 (n)		14,250
	2,049	6.675%, 08/15/15 (n)		2,049
	39,501	6.765%, 02/15/16 (n)		39,456

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligations — continued
	5,857	7.390%, 11/15/16 (n)		5,817
		U.S. Treasury Inflation Indexed Bonds,
	300	1.750%, 01/15/28		390
	300	2.500%, 01/15/29		415
	799	3.625%, 04/15/28		1,620
		U.S. Treasury Inflation Indexed Notes,
	2,000	0.125%, 01/15/22		2,087
	1,000	1.125%, 01/15/21		1,149
	630	1.375%, 07/15/18		735
		U.S. Treasury Notes,
	8,000	0.750%, 12/31/17		7,987
	3,560	0.875%, 01/31/18		3,563
	1,500	1.000%, 06/30/19		1,483
	4,510	1.000%, 11/30/19		4,432
	31,250	1.250%, 10/31/18		31,411
	1,500	1.250%, 02/29/20		1,487
	11,635	1.375%, 11/30/18		11,741
	15,000	1.375%, 12/31/18		15,122
	2,000	1.375%, 02/28/19		2,013
	7,400	1.500%, 08/31/18		7,508
	8,000	1.500%, 01/31/22		7,836
	4,000	1.750%, 10/31/20		4,034
	2,000	1.750%, 05/15/22		1,988
	25,500	1.750%, 05/15/23		25,120
	12,245	2.125%, 12/31/15		12,384
	7,500	2.125%, 08/31/20		7,719
	1,000	2.125%, 01/31/21		1,026
	46,000	2.125%, 08/15/21		47,031
	10,000	2.250%, 07/31/18		10,388
	1,000	2.625%, 02/29/16		1,018
	4,575	2.625%, 04/30/16		4,672
	9,300	2.625%, 01/31/18		9,738
	700	2.625%, 08/15/20		738
	2,300	2.625%, 11/15/20		2,423
	12,985	2.750%, 05/31/17		13,535
	2,000	2.750%, 12/31/17		2,099
	5,000	2.750%, 02/15/19		5,286
	9,000	3.125%, 10/31/16		9,338
	4,015	3.125%, 04/30/17		4,210
	11,638	3.125%, 05/15/19		12,477
	7,250	3.125%, 05/15/21		7,839
	15,700	3.250%, 12/31/16		16,381
	12,300	3.250%, 03/31/17		12,903
	2,600	3.500%, 02/15/18		2,784
	450	3.500%, 05/15/20		494
	7,000	3.625%, 02/15/21		7,758
	2,500	3.750%, 11/15/18		2,726
	1,000	U.S. Treasury Principal STRIPS, Zero Coupon, 05/15/16		997
		Total U.S. Treasury Obligations (Cost $1,075,525)		1,134,085
	Loan Assignments — 0.2%
		Financials — 0.2%
		Real Estate Management & Development — 0.2%
	4,351	Progress Residential LP, Revolving Loan, VAR, 3.783%, 09/04/15 (i)		4,329
	2,282	Tricon Capital Group Inc., Revolving Loan, (Canada), VAR, 4.100%, 06/13/15 (i)		2,270
		Total Loan Assignments (Cost $6,632)		6,599
SHARES
	Short-Term Investment — 8.8%
		Investment Company — 8.8%
	400,740	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.070% (b) (l) (m) (Cost $400,740)		400,740
		Total Investments — 100.9% (Cost $4,418,346)		4,587,893
		Liabilities in Excess of Other Assets — (0.9)%		(40,731	)
		NET ASSETS — 100.0%	$	4,547,162

Percentages indicated are based on net assets.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ACES	—	Alternative Credit Enhancement Securities
ARM	—	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of May 31, 2015.
CMBS	—	Commercial Mortgage Backed Security
CMO	—	Collateralized Mortgage Obligation
CSMC	—	Credit Suisse Mortgage Trust
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 IOs,the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.
IF	—	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of May 31, 2015. The rate may be subject to a cap and floor.
IO	—	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
PO	—	Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
REMIC	—	Real Estate Mortgage Investment Conduit
Rev.	—	Revenue
STRIPS	—	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of May 31, 2015.
VA	—	Veterans Administration
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of May 31, 2015.
(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.
(d)	—	Defaulted Security.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—	Amount rounds to less than 0.1%.
(h)	—	Amount rounds to less than one thousand (shares or dollars).
(i)	—	Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.
(l)	—	The rate shown is the current yield as of May 31, 2015.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

(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 May 31, 2015, 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	$	183,319
Aggregate gross unrealized depreciation		(13,772	)
Net unrealized appreciation/depreciation	$	169,547
Federal income tax cost of investments	$	4,418,346

A. Valuation of Investments — The valuation of the investments is in accordance with U.S. generally accepted accounting principles (‘GAAP”) and the Fund’s valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (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”) 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.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Fund are calculated on a valuation date.

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 Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”) (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	$	—	$	224,741	$	145,971	$	370,712
Collateralized Mortgage Obligations
Agency CMO		—		612,275		—		612,275
Non-Agency CMO		—		181,706		39,532		221,238
Total Collateralized Mortgage Obligations		—		793,981		39,532		833,513
Commercial Mortgage-Backed Securities		—		128,836		16,996		145,832
Corporate Bonds
Consumer Discretionary		—		58,902		—		58,902
Consumer Staples		—		35,559		—		35,559
Energy		—		87,206		—		87,206
Financials		—		339,252		—		339,252
Health Care		—		35,809		—		35,809
Industrials		—		45,616		3,253		48,869
Information Technology		—		51,863		—		51,863
Materials		—		25,599		—		25,599
Telecommunication Services		—		49,756		—		49,756
Utilities		—		63,055		—		63,055
Total Corporate Bonds		—		792,617		3,253		795,870
Foreign Government Securities		—		52,892		—		52,892
Mortgage Pass-Through Securities		—		733,723		—		733,723
Municipal Bonds		—		10,170		—		10,170
Supranational		—		4,405		—		4,405
U.S. Government Agency Securities		—		99,352		—		99,352
U.S. Treasury Obligations		—		1,134,085		—		1,134,085
Loan Assignments
Financials		—		—		6,599		6,599
Short-Term Investment
Investment Company		400,740		—		—		400,740
Total Investments in Securities	$	400,740	$	3,974,802	$	212,351	$	4,587,893

There were no transfers between Levels 1 and 2 during the period ended May 31, 2015.

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, 2015		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 May 31, 2015
Investments in Securities
Asset-Backed Securities	$	140,371	$	—	$	(93	)	$	85		$	25,604	$	(15,827	)	$	—	$	(4,169	)	$	145,971
Collateralized Mortgage Obligations — Non-Agency CMO		43,717		142		(397	)		(24	)		—		(3,385	)		—		(521	)		39,532
Commercial Mortgage-Backed Securities		18,375		—		(125	)		(356	)		—		(898	)		—		—			16,996
Corporate Bonds — Industrials		3,141		—		(20	)		1			—		(109	)		240		—			3,253
Corporate Bonds — Telecommunication Services		1,772		—		(30	)		—			—		(1,742	)		—		—			—
Loan Assignments — Financials		10,515		42		20			—			2,614		(6,592	)		—		—			6,599
Total	$	217,891	$	184	$	(645	)	$	(294	)	$	28,218	$	(28,553	)	$	240	$	(4,690	)	$	212,351

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.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

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

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

The change in unrealized appreciation (depreciation) attributable to securities owned at May 31, 2015, which were valued using significant unobservable inputs (Level 3), amounted to approximately $184.

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

	Fair Value at May 31, 2015		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	81,054	Discounted Cash Flow	Constant Prepayment Rate	0.00% - 100.00% (2.55%)
				Constant Default Rate	0.00% - 30.00% (18.18%)
				Yield (Discount Rate of Cash Flows)	1.22% - 6.69% (3.68%)
Asset-Backed Securities		81,054
		30,160	Discounted Cash Flow	Constant Prepayment Rate	0.18% - 37.14% (8.54%)
				Constant Default Rate	0.00% - 7.91% (3.64%)
				PSA Prepayment Model	280.00% - 436.00% (399.07%)
				Yield (Discount Rate of Cash Flows)	0.13% - 12.99% (5.35%)
Collateralized Mortgage Obligations		30,160
		8,373	Discounted Cash Flow	Constant Prepayment Rate	0.00% - 100.00% (42.04%)
				Yield (Discount Rate of Cash Flows)	(8.74%) - 4.94% (2.88%)
Commercial Mortgage-Backed Securities		8,373
Total	$	119,587

# The table above does not include certain Level 3 investments that are valued by brokers and pricing services. At May 31, 2015, the value of these investments was approximately $92,764,000. 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 MAY 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — 99.0%
	Consumer Discretionary — 12.3%
		Auto Components — 0.4%
	4	BorgWarner, Inc.		230
	5	Delphi Automotive plc, (United Kingdom)		426
	5	Goodyear Tire & Rubber Co. (The)		145
	11	Johnson Controls, Inc.		578
				1,379
		Automobiles — 0.6%
	67	Ford Motor Co.		1,013
	23	General Motors Co.		822
	4	Harley-Davidson, Inc.		191
				2,026
		Distributors — 0.1%
	3	Genuine Parts Co.		233
		Diversified Consumer Services — 0.0% (g)
	5	H&R Block, Inc.		147
		Hotels, Restaurants & Leisure — 1.7%
	8	Carnival Corp.		352
	1	Chipotle Mexican Grill, Inc. (a)		323
	2	Darden Restaurants, Inc.		137
	4	Marriott International, Inc., Class A		273
	16	McDonald’s Corp.		1,557
	3	Royal Caribbean Cruises Ltd.		211
	25	Starbucks Corp.		1,316
	3	Starwood Hotels & Resorts Worldwide, Inc.		240
	2	Wyndham Worldwide Corp.		173
	1	Wynn Resorts Ltd.		138
	7	Yum! Brands, Inc.		659
				5,379
		Household Durables — 0.4%
	6	D.R. Horton, Inc.		147
	2	Garmin Ltd., (Switzerland)		93
	1	Harman International Industries, Inc.		140
	2	Leggett & Platt, Inc.		110
	3	Lennar Corp., Class A		140
	1	Mohawk Industries, Inc. (a)		196
	5	Newell Rubbermaid, Inc.		181
	6	PulteGroup, Inc.		107
	1	Whirlpool Corp.		243
				1,357
		Internet & Catalog Retail — 1.5%
	6	Amazon.com, Inc. (a)		2,760
	2	Expedia, Inc.		179
	1	Netflix, Inc. (a)		638
	1	Priceline Group, Inc. (The) (a)		1,028
	2	TripAdvisor, Inc. (a)		144
				4,749
		Leisure Products — 0.1%
	2	Hasbro, Inc.		136
	6	Mattel, Inc.		148
				284
		Media — 3.6%
	4	Cablevision Systems Corp., Class A		91
	8	CBS Corp. (Non-Voting), Class B		477
	43	Comcast Corp., Class A		2,509
	8	DIRECTV (a)		773
	3	Discovery Communications, Inc., Class A (a)		85
	5	Discovery Communications, Inc., Class C (a)		144
	4	Gannett Co., Inc.		137
	7	Interpublic Group of Cos., Inc. (The)		142
	8	News Corp., Class A (a)		128
	4	Omnicom Group, Inc.		310
	2	Scripps Networks Interactive, Inc., Class A		110
	5	Time Warner Cable, Inc.		858
	14	Time Warner, Inc.		1,185
	31	Twenty-First Century Fox, Inc., Class A		1,038
	6	Viacom, Inc., Class B		412
	26	Walt Disney Co. (The)		2,914
				11,313
		Multiline Retail — 0.8%
	5	Dollar General Corp.		372
	3	Dollar Tree, Inc. (a)		261
	2	Family Dollar Stores, Inc.		126
	3	Kohl’s Corp.		223
	6	Macy’s, Inc.		385
	2	Nordstrom, Inc.		173
	11	Target Corp.		853
				2,393
		Specialty Retail — 2.3%
	1	AutoNation, Inc. (a)		79
	1	AutoZone, Inc. (a)		363
	3	Bed Bath & Beyond, Inc. (a)		208
	5	Best Buy Co., Inc.		171
	4	CarMax, Inc. (a)		252
	2	GameStop Corp., Class A		80

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — continued
	Specialty Retail — continued
	4	Gap, Inc. (The)		172
	22	Home Depot, Inc. (The)		2,480
	4	L Brands, Inc.		359
	16	Lowe’s Cos., Inc.		1,150
	2	O’Reilly Automotive, Inc. (a)		377
	3	Ross Stores, Inc.		338
	11	Staples, Inc.		178
	2	Tiffany & Co.		178
	12	TJX Cos., Inc. (The)		742
	2	Tractor Supply Co.		200
	2	Urban Outfitters, Inc. (a)		58
				7,385
		Textiles, Apparel & Luxury Goods — 0.8%
	5	Coach, Inc.		165
	1	Fossil Group, Inc. (a)		53
	7	Hanesbrands, Inc.		216
	3	Michael Kors Holdings Ltd., (United Kingdom) (a)		158
	12	NIKE, Inc., Class B		1,201
	1	PVH Corp.		146
	1	Ralph Lauren Corp.		132
	3	Under Armour, Inc., Class A (a)		221
	6	V.F. Corp.		407
				2,699
		Total Consumer Discretionary		39,344
	Consumer Staples — 9.4%
		Beverages — 2.1%
	3	Brown-Forman Corp., Class B		248
	66	Coca-Cola Co. (The)		2,718
	4	Coca-Cola Enterprises, Inc.		162
	3	Constellation Brands, Inc., Class A		335
	3	Dr. Pepper Snapple Group, Inc.		250
	3	Molson Coors Brewing Co., Class B		198
	2	Monster Beverage Corp. (a)		315
	25	PepsiCo, Inc.		2,414
				6,640
		Food & Staples Retailing — 2.3%
	7	Costco Wholesale Corp.		1,059
	19	CVS Health Corp.		1,946
	8	Kroger Co. (The)		604
	10	Sysco Corp.		372
	15	Walgreens Boots Alliance, Inc.		1,264
	27	Wal-Mart Stores, Inc.		1,981
	6	Whole Foods Market, Inc.		251
				7,477
		Food Products — 1.7%
	11	Archer-Daniels-Midland Co.		566
	3	Campbell Soup Co.		145
	7	ConAgra Foods, Inc.		278
	10	General Mills, Inc.		573
	2	Hershey Co. (The)		232
	2	Hormel Foods Corp.		130
	2	J.M. Smucker Co. (The)		204
	4	Kellogg Co.		268
	2	Keurig Green Mountain, Inc.		177
	10	Kraft Foods Group, Inc.		839
	2	McCormick & Co., Inc. (Non-Voting)		170
	3	Mead Johnson Nutrition Co.		332
	28	Mondelez International, Inc., Class A		1,158
	5	Tyson Foods, Inc., Class A		209
				5,281
		Household Products — 1.7%
	2	Clorox Co. (The)		238
	14	Colgate-Palmolive Co.		962
	6	Kimberly-Clark Corp.		672
	46	Procter & Gamble Co. (The)		3,575
				5,447
		Personal Products — 0.1%
	4	Estee Lauder Cos., Inc. (The), Class A		329
		Tobacco — 1.5%
	33	Altria Group, Inc.		1,703
	6	Lorillard, Inc.		441
	26	Philip Morris International, Inc.		2,170
	5	Reynolds American, Inc.		399
				4,713
		Total Consumer Staples		29,887
	Energy — 7.9%
		Energy Equipment & Services — 1.3%
	7	Baker Hughes, Inc.		473
	3	Cameron International Corp. (a)		168
	1	Diamond Offshore Drilling, Inc.		34
	4	Ensco plc, (United Kingdom), Class A		93
	4	FMC Technologies, Inc. (a)		163
	14	Halliburton Co.		652
	2	Helmerich & Payne, Inc.		133
	7	National Oilwell Varco, Inc.		322

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — continued
		Energy Equipment & Services — continued
	4	Noble Corp. plc, (United Kingdom)		69
	22	Schlumberger Ltd.		1,955
	6	Transocean Ltd., (Switzerland)		108
				4,170
		Oil, Gas & Consumable Fuels — 6.6%
	9	Anadarko Petroleum Corp.		715
	6	Apache Corp.		381
	7	Cabot Oil & Gas Corp.		237
	9	Chesapeake Energy Corp.		123
	32	Chevron Corp.		3,270
	1	Cimarex Energy Co.		171
	21	ConocoPhillips		1,324
	4	CONSOL Energy, Inc.		108
	7	Devon Energy Corp.		426
	9	EOG Resources, Inc.		822
	3	EQT Corp.		218
	71	Exxon Mobil Corp.		6,035
	4	Hess Corp.		277
	29	Kinder Morgan, Inc.		1,194
	11	Marathon Oil Corp.		310
	5	Marathon Petroleum Corp.		477
	3	Murphy Oil Corp.		123
	3	Newfield Exploration Co. (a)		103
	7	Noble Energy, Inc.		286
	13	Occidental Petroleum Corp.		1,017
	4	ONEOK, Inc.		148
	9	Phillips 66		726
	3	Pioneer Natural Resources Co.		372
	3	QEP Resources, Inc.		51
	3	Range Resources Corp.		155
	6	Southwestern Energy Co. (a)		167
	11	Spectra Energy Corp.		399
	2	Tesoro Corp.		187
	9	Valero Energy Corp.		515
	11	Williams Cos., Inc. (The)		581
				20,918
		Total Energy		25,088
	Financials — 16.1%
		Banks — 5.9%
	178	Bank of America Corp.		2,931
	12	BB&T Corp.		480
	51	Citigroup, Inc.		2,771
	3	Comerica, Inc.		147
	14	Fifth Third Bancorp		279
	14	Huntington Bancshares, Inc.		152
	63	JPMorgan Chase & Co. (q)		4,142
	14	KeyCorp		211
	2	M&T Bank Corp.		271
	5	People’s United Financial, Inc.		81
	9	PNC Financial Services Group, Inc. (The)		841
	23	Regions Financial Corp.		229
	9	SunTrust Banks, Inc.		378
	30	U.S. Bancorp		1,297
	79	Wells Fargo & Co.		4,431
	3	Zions Bancorp		99
				18,740
		Capital Markets — 2.3%
	1	Affiliated Managers Group, Inc. (a)		206
	3	Ameriprise Financial, Inc.		384
	19	Bank of New York Mellon Corp. (The)		816
	2	BlackRock, Inc.		783
	19	Charles Schwab Corp. (The)		617
	5	E*TRADE Financial Corp. (a)		144
	7	Franklin Resources, Inc.		337
	7	Goldman Sachs Group, Inc. (The)		1,411
	7	Invesco Ltd.		289
	2	Legg Mason, Inc.		89
	26	Morgan Stanley		994
	4	Northern Trust Corp.		276
	7	State Street Corp.		543
	4	T. Rowe Price Group, Inc.		355
				7,244
		Consumer Finance — 0.8%
	15	American Express Co.		1,180
	9	Capital One Financial Corp.		778
	8	Discover Financial Services		440
	7	Navient Corp.		131
				2,529
		Diversified Financial Services — 2.0%
	31	Berkshire Hathaway, Inc., Class B (a)		4,404
	5	CME Group, Inc.		505
	2	Intercontinental Exchange, Inc.		448
	5	Leucadia National Corp.		131
	5	McGraw Hill Financial, Inc.		479
	3	Moody’s Corp.		325
	2	NASDAQ OMX Group, Inc. (The)		103
				6,395

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — continued
		Insurance — 2.6%
	6	ACE Ltd., (Switzerland)		589
	7	Aflac, Inc.		461
	7	Allstate Corp. (The)		473
	23	American International Group, Inc.		1,358
	5	Aon plc, (United Kingdom)		479
	1	Assurant, Inc.		77
	4	Chubb Corp. (The)		380
	2	Cincinnati Financial Corp.		126
	8	Genworth Financial, Inc., Class A (a)		67
	7	Hartford Financial Services Group, Inc. (The)		292
	4	Lincoln National Corp.		247
	5	Loews Corp.		202
	9	Marsh & McLennan Cos., Inc.		530
	19	MetLife, Inc.		986
	5	Principal Financial Group, Inc.		239
	9	Progressive Corp. (The)		248
	8	Prudential Financial, Inc.		649
	2	Torchmark Corp.		123
	5	Travelers Cos., Inc. (The)		549
	4	Unum Group		148
	5	XL Group plc, (Ireland)		192
				8,415
		Real Estate Investment Trusts (REITs) — 2.4%
	7	American Tower Corp.		662
	3	Apartment Investment & Management Co., Class A		100
	2	AvalonBay Communities, Inc.		371
	3	Boston Properties, Inc.		336
	6	Crown Castle International Corp.		460
	6	Equity Residential		457
	1	Essex Property Trust, Inc.		245
	11	General Growth Properties, Inc.		300
	8	HCP, Inc.		301
	6	Health Care REIT, Inc.		415
	13	Host Hotels & Resorts, Inc.		255
	3	Iron Mountain, Inc.		115
	7	Kimco Realty Corp.		167
	2	Macerich Co. (The)		195
	3	Plum Creek Timber Co., Inc.		123
	9	Prologis, Inc.		342
	2	Public Storage		474
	4	Realty Income Corp.		173
	5	Simon Property Group, Inc.		952
	2	SL Green Realty Corp.		198
	6	Ventas, Inc.		372
	3	Vornado Realty Trust		295
	9	Weyerhaeuser Co.		289
				7,597
		Real Estate Management & Development — 0.1%
	5	CBRE Group, Inc., Class A (a)		181
		Thrifts & Mortgage Finance — 0.0% (g)
	8	Hudson City Bancorp, Inc.		77
		Total Financials		51,178
	Health Care — 14.9%
		Biotechnology — 3.0%
	3	Alexion Pharmaceuticals, Inc. (a)		559
	13	Amgen, Inc.		2,003
	4	Biogen, Inc. (a)		1,573
	14	Celgene Corp. (a)		1,547
	25	Gilead Sciences, Inc. (a)		2,824
	1	Regeneron Pharmaceuticals, Inc. (a)		639
	4	Vertex Pharmaceuticals, Inc. (a)		524
				9,669
		Health Care Equipment & Supplies — 2.1%
	25	Abbott Laboratories		1,239
	9	Baxter International, Inc.		610
	4	Becton, Dickinson and Co.		496
	22	Boston Scientific Corp. (a)		411
	1	C.R. Bard, Inc.		214
	2	DENTSPLY International, Inc.		123
	2	Edwards Lifesciences Corp. (a)		238
	1	Intuitive Surgical, Inc. (a)		301
	24	Medtronic plc, (Ireland)		1,837
	5	St. Jude Medical, Inc.		350
	5	Stryker Corp.		486
	2	Varian Medical Systems, Inc. (a)		146
	3	Zimmer Holdings, Inc.		327
				6,778
		Health Care Providers & Services — 2.8%
	6	Aetna, Inc.		701
	4	AmerisourceBergen Corp.		397
	5	Anthem, Inc.		756
	6	Cardinal Health, Inc.		492
	4	Cigna Corp.		615
	3	DaVita HealthCare Partners, Inc. (a)		244
	12	Express Scripts Holding Co. (a)		1,070

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — continued
		Health Care Providers & Services — continued
	5	HCA Holdings, Inc. (a)		407
	1	Henry Schein, Inc. (a)		200
	3	Humana, Inc.		542
	2	Laboratory Corp. of America Holdings (a)		200
	4	McKesson Corp.		933
	1	Patterson Cos., Inc.		69
	2	Quest Diagnostics, Inc.		183
	2	Tenet Healthcare Corp. (a)		88
	16	UnitedHealth Group, Inc.		1,936
	2	Universal Health Services, Inc., Class B		199
				9,032
		Health Care Technology — 0.1%
	5	Cerner Corp. (a)		346
		Life Sciences Tools & Services — 0.5%
	6	Agilent Technologies, Inc.		233
	2	PerkinElmer, Inc.		101
	7	Thermo Fisher Scientific, Inc.		869
	1	Waters Corp. (a)		187
				1,390
		Pharmaceuticals — 6.4%
	29	AbbVie, Inc.		1,934
	7	Actavis plc (a)		2,023
	28	Bristol-Myers Squibb Co.		1,813
	17	Eli Lilly & Co.		1,303
	3	Endo International plc, (Ireland) (a)		251
	3	Hospira, Inc. (a)		256
	47	Johnson & Johnson		4,702
	2	Mallinckrodt plc (a)		255
	48	Merck & Co., Inc.		2,918
	7	Mylan N.V. (a)		499
	2	Perrigo Co. plc, (Ireland)		453
	104	Pfizer, Inc.		3,597
	8	Zoetis, Inc.		421
				20,425
		Total Health Care		47,640
	Industrials — 10.1%
		Aerospace & Defense — 2.6%
	11	Boeing Co. (The)		1,554
	5	General Dynamics Corp.		746
	13	Honeywell International, Inc.		1,377
	1	L-3 Communications Holdings, Inc.		164
	5	Lockheed Martin Corp.		853
	3	Northrop Grumman Corp.		533
	2	Precision Castparts Corp.		507
	5	Raytheon Co.		536
	2	Rockwell Collins, Inc.		214
	5	Textron, Inc.		211
	14	United Technologies Corp.		1,635
				8,330
		Air Freight & Logistics — 0.7%
	2	C.H. Robinson Worldwide, Inc.		153
	3	Expeditors International of Washington, Inc.		148
	4	FedEx Corp.		771
	12	United Parcel Service, Inc., Class B		1,164
				2,236
		Airlines — 0.5%
	12	American Airlines Group, Inc.		513
	14	Delta Air Lines, Inc.		598
	11	Southwest Airlines Co.		423
				1,534
		Building Products — 0.1%
	2	Allegion plc, (Ireland)		101
	6	Masco Corp.		160
				261
		Commercial Services & Supplies — 0.4%
	3	ADT Corp. (The)		105
	2	Cintas Corp.		142
	3	Pitney Bowes, Inc.		74
	4	Republic Services, Inc.		171
	1	Stericycle, Inc. (a)		197
	7	Tyco International plc		286
	7	Waste Management, Inc.		358
				1,333
		Construction & Engineering — 0.1%
	2	Fluor Corp.		140
	2	Jacobs Engineering Group, Inc. (a)		94
	4	Quanta Services, Inc. (a)		105
				339
		Electrical Equipment — 0.5%
	4	AMETEK, Inc.		219
	8	Eaton Corp. plc		574
	12	Emerson Electric Co.		698
	2	Rockwell Automation, Inc.		281
				1,772
		Industrial Conglomerates — 2.4%
	11	3M Co.		1,705

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — continued
		Industrial Conglomerates — continued
	10	Danaher Corp.		895
	170	General Electric Co.		4,635
	2	Roper Technologies, Inc.		297
				7,532
		Machinery — 1.5%
	10	Caterpillar, Inc.		873
	3	Cummins, Inc.		385
	6	Deere & Co.		537
	3	Dover Corp.		208
	2	Flowserve Corp.		125
	6	Illinois Tool Works, Inc.		553
	4	Ingersoll-Rand plc		306
	2	Joy Global, Inc.		64
	6	PACCAR, Inc.		381
	2	Pall Corp.		224
	2	Parker-Hannifin Corp.		290
	3	Pentair plc, (United Kingdom)		197
	1	Snap-on, Inc.		153
	3	Stanley Black & Decker, Inc.		272
	3	Xylem, Inc.		113
				4,681
		Professional Services — 0.2%
	1	Dun & Bradstreet Corp. (The)		78
	2	Equifax, Inc.		202
	6	Nielsen N.V.		282
	2	Robert Half International, Inc.		129
				691
		Road & Rail — 0.9%
	17	CSX Corp.		570
	2	Kansas City Southern		169
	5	Norfolk Southern Corp.		477
	1	Ryder System, Inc.		82
	15	Union Pacific Corp.		1,502
				2,800
		Trading Companies & Distributors — 0.2%
	5	Fastenal Co.		190
	2	United Rentals, Inc. (a)		145
	1	W.W. Grainger, Inc.		244
				579
		Total Industrials		32,088
	Information Technology — 19.9%
		Communications Equipment — 1.6%
	86	Cisco Systems, Inc.		2,527
	1	F5 Networks, Inc. (a)		153
	2	Harris Corp.		165
	6	Juniper Networks, Inc.		170
	3	Motorola Solutions, Inc.		190
	28	QUALCOMM, Inc.		1,941
				5,146
		Electronic Equipment, Instruments & Components — 0.4%
	5	Amphenol Corp., Class A		299
	21	Corning, Inc.		449
	2	FLIR Systems, Inc.		72
	7	TE Connectivity Ltd., (Switzerland)		473
				1,293
		Internet Software & Services — 3.2%
	3	Akamai Technologies, Inc. (a)		230
	19	eBay, Inc. (a)		1,141
	1	Equinix, Inc.		256
	35	Facebook, Inc., Class A (a)		2,807
	5	Google, Inc., Class A (a)		2,630
	5	Google, Inc., Class C (a)		2,579
	2	VeriSign, Inc. (a)		112
	15	Yahoo!, Inc. (a)		631
				10,386
		IT Services — 3.4%
	11	Accenture plc, (Ireland), Class A		1,019
	1	Alliance Data Systems Corp. (a)		316
	8	Automatic Data Processing, Inc.		686
	10	Cognizant Technology Solutions Corp., Class A (a)		666
	2	Computer Sciences Corp.		163
	5	Fidelity National Information Services, Inc.		302
	4	Fiserv, Inc. (a)		323
	16	International Business Machines Corp.		2,634
	16	MasterCard, Inc., Class A		1,521
	6	Paychex, Inc.		273
	2	Teradata Corp. (a)		95
	3	Total System Services, Inc.		115
	33	Visa, Inc., Class A		2,250
	9	Western Union Co. (The)		193
	18	Xerox Corp.		202
				10,758
		Semiconductors & Semiconductor Equipment — 2.5%
	5	Altera Corp.		248
	5	Analog Devices, Inc.		358

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — continued
		Semiconductors & Semiconductor Equipment — continued
	21	Applied Materials, Inc.		418
	4	Avago Technologies Ltd., (Singapore)		642
	9	Broadcom Corp., Class A		523
	1	First Solar, Inc. (a)		63
	80	Intel Corp.		2,756
	3	KLA-Tencor Corp.		164
	3	Lam Research Corp.		221
	4	Linear Technology Corp.		193
	3	Microchip Technology, Inc.		167
	18	Micron Technology, Inc. (a)		508
	9	NVIDIA Corp.		193
	3	Skyworks Solutions, Inc.		353
	18	Texas Instruments, Inc.		989
	4	Xilinx, Inc.		209
				8,005
		Software — 3.8%
	8	Adobe Systems, Inc. (a)		636
	4	Autodesk, Inc. (a)		207
	5	CA, Inc.		164
	3	Citrix Systems, Inc. (a)		175
	5	Electronic Arts, Inc. (a)		330
	5	Intuit, Inc.		487
	139	Microsoft Corp.		6,492
	54	Oracle Corp.		2,354
	3	Red Hat, Inc. (a)		239
	10	Salesforce.com, Inc. (a)		743
	12	Symantec Corp.		284
				12,111
		Technology Hardware, Storage & Peripherals — 5.0%
	98	Apple, Inc.		12,815
	34	EMC Corp.		884
	31	Hewlett-Packard Co.		1,025
	5	NetApp, Inc.		176
	4	SanDisk Corp.		246
	6	Seagate Technology plc		309
	4	Western Digital Corp.		357
				15,812
		Total Information Technology		63,511
	Materials — 3.2%
		Chemicals — 2.4%
	3	Air Products & Chemicals, Inc.		478
	1	Airgas, Inc.		116
	1	CF Industries Holdings, Inc.		256
	18	Dow Chemical Co. (The)		957
	15	E.I. du Pont de Nemours & Co.		1,086
	3	Eastman Chemical Co.		193
	5	Ecolab, Inc.		521
	2	FMC Corp.		129
	1	International Flavors & Fragrances, Inc.		162
	7	LyondellBasell Industries N.V., Class A		676
	8	Monsanto Co.		955
	5	Mosaic Co. (The)		241
	2	PPG Industries, Inc.		526
	5	Praxair, Inc.		599
	1	Sherwin-Williams Co. (The)		392
	2	Sigma-Aldrich Corp.		281
				7,568
		Construction Materials — 0.1%
	1	Martin Marietta Materials, Inc.		155
	2	Vulcan Materials Co.		201
				356
		Containers & Packaging — 0.2%
	2	Avery Dennison Corp.		94
	2	Ball Corp.		165
	3	MeadWestvaco Corp.		143
	3	Owens-Illinois, Inc. (a)		66
	4	Sealed Air Corp.		173
				641
		Metals & Mining — 0.4%
	21	Alcoa, Inc.		258
	2	Allegheny Technologies, Inc.		60
	18	Freeport-McMoRan, Inc.		345
	8	Newmont Mining Corp.		229
	5	Nucor Corp.		255
				1,147
		Paper & Forest Products — 0.1%
	7	International Paper Co.		370
		Total Materials		10,082
	Telecommunication Services — 2.3%
		Diversified Telecommunication Services — 2.3%
	88	AT&T, Inc.		3,027
	10	CenturyLink, Inc.		318
	17	Frontier Communications Corp.		87
	5	Level 3 Communications, Inc. (a)		269
	70	Verizon Communications, Inc.		3,470
		Total Telecommunication Services		7,171

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — continued
	Utilities — 2.9%
		Electric Utilities — 1.7%
	8	American Electric Power Co., Inc.		465
	12	Duke Energy Corp.		905
	6	Edison International		335
	3	Entergy Corp.		233
	5	Eversource Energy		264
	15	Exelon Corp.		491
	7	FirstEnergy Corp.		254
	7	NextEra Energy, Inc.		766
	4	Pepco Holdings, Inc.		116
	2	Pinnacle West Capital Corp.		114
	11	PPL Corp.		391
	15	Southern Co. (The)		671
	9	Xcel Energy, Inc.		291
				5,296
		Gas Utilities — 0.0% (g)
	2	AGL Resources, Inc.		102
		Independent Power & Renewable Electricity Producers — 0.1%
	11	AES Corp.		148
	6	NRG Energy, Inc.		144
				292
		Multi-Utilities — 1.1%
	4	Ameren Corp.		165
	7	CenterPoint Energy, Inc.		148
	5	CMS Energy Corp.		159
	5	Consolidated Edison, Inc.		306
	10	Dominion Resources, Inc.		701
	3	DTE Energy Co.		237
	1	Integrys Energy Group, Inc.		97
	5	NiSource, Inc.		252
	8	PG&E Corp.		430
	9	Public Service Enterprise Group, Inc.		364
	2	SCANA Corp.		128
	4	Sempra Energy		420
	4	TECO Energy, Inc.		75
	4	Wisconsin Energy Corp.		184
				3,666
		Total Utilities		9,356
		Total Common Stocks (Cost $144,139)		315,345
	Exchange Traded Fund — 0.1%
		U.S. Equity — 0.1%
	2	SPDR S&P 500 ETF Trust (Cost $433)		455
NUMBER OF RIGHTS
	Rights — 0.0% (g)
	Consumer Staples — 0.0% (g)
		Food & Staples Retailing — 0.0% (g)
	5	Safeway, Inc., Casa Ley CVR (a) (i)		—	(h)
	5	Safeway, Inc., PDC CVR (a) (i)		—	(h)
		Total Rights (Cost $–)		—	(h)
PRINCIPAL AMOUNT ($)
	Short-Term Investments — 0.4%
		U.S. Treasury Obligations — 0.1%
	240	U.S. Treasury Bill, 0.011%, 08/13/15 (k) (n)		240
SHARES
		Investment Company — 0.3%
	912	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.070% (b) (l)		912
		Total Short-Term Investments (Cost $1,152)		1,152
		Total Investments — 99.5% (Cost $145,724)		316,952
		Other Assets in Excess of Liabilities — 0.5%		1,727
		NET ASSETS — 100.0%	$	318,679

Percentages indicated are based on net assets.

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT MAY 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	21	E-mini S&P 500		06/19/15	$	2,211	$	34

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

CVR	—	Contingent Value Rights
ETF	—	Exchange Traded Fund
SPDR	—	Standard & Poor’s Depositary Receipts
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)	—	Amount rounds to less than 0.1%.
(h)	—	Amount rounds to less than one thousand (shares or dollars).
(i)	—	Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.
(k)	—	All or a portion of this security is deposited with the broker as collateral for futures or with brokers as initial margin for future contracts.
(l)	—	The rate shown is the current yield as of May 31, 2015.
(n)	—	The rate shown is the effective yield at the date of purchase.
(q)	—	Investment in affiliate which is a security in the Fund’s index.

As of May 31, 2015, 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	$	173,004
Aggregate gross unrealized depreciation		(1,776	)
Net unrealized appreciation/depreciation	$	171,228
Federal income tax cost of investments	$	145,724

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

A. Valuation of Investments - The valuation of the investments is in accordance with U.S. generally accepted accounting principles (‘GAAP”) and the Fund’s valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (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”) 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.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Fund are calculated on a valuation date.

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

Futures are generally valued on the basis of available market quotations.

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

The various inputs that are used in determining the valuation of the Funds’ 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 Funds’ 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 Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

The following tables represent each valuation input as presented on the Schedules 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
Common Stocks
Consumer Discretionary	$	39,344	$	–	$	–		$	39,344
Consumer Staples		29,887		–		–			29,887
Energy		25,088		–		–			25,088
Financials		51,178		–		–			51,178
Health Care		47,640		–		–			47,640
Industrials		32,088		–		–			32,088
Information Technology		63,511		–		–			63,511
Materials		10,082		–		–			10,082
Telecommunication Services		7,171		–		–			7,171
Utilities		9,356		–		–			9,356
Total Common Stocks		315,345		–		–			315,345
Exchange Traded Fund		455		–		–			455
Rights
Consumer Staples		–		–		–	(a)		–	(a)
Short-Term Investments
U.S. Treasury Obligations		–		240		–			240
Investment Company		912		–		–			912
Total Investments in Securities	$	316,712	$	240	$	–	(a)	$	316,952
Appreciation in Other Financial Instruments
Futures Contracts	$	34	$	–	$	–		$	34

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

There were no transfers between Level 1 and 2 during the period May 31, 2015.

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 10.3%
	137	Academic Loan Funding Trust, Series 2012-1A, Class A1, VAR, 0.985%, 12/27/22 (e)		137
		Ally Auto Receivables Trust,
	344	Series 2013-2, Class A3, 0.790%, 01/15/18		344
	120	Series 2013-2, Class A4, 1.240%, 11/15/18		120
	198	Series 2014-SN2, Class A3, 1.030%, 09/20/17		198
	688	Series 2015-SN1, Class A2A, 0.930%, 06/20/17		688
	305	Series 2015-SN1, Class A3, 1.210%, 12/20/17		306
		American Credit Acceptance Receivables Trust,
	6	Series 2013-2, Class A, 1.320%, 02/15/17 (e)		6
	121	Series 2014-4, Class A, 1.330%, 07/10/18 (e)		121
	195	Series 2015-1, Class A, 1.430%, 08/12/19 (e)		195
	1,000	American Homes 4 Rent, Series 2015-SFR1, Class A, 3.467%, 04/17/52 (e)		1,022
		AmeriCredit Automobile Receivables Trust,
	21	Series 2013-1, Class A3, 0.610%, 10/10/17		21
	157	Series 2013-5, Class A3, 0.900%, 09/10/18		158
	247	Series 2015-2, Class A2A, 0.830%, 09/10/18		247
	129	AXIS Equipment Finance Receivables II LLC, Series 2013-1A, Class A, 1.750%, 03/20/17 (e)		129
	186	AXIS Equipment Finance Receivables III LLC, Series 2015-1A, Class A2, 1.900%, 03/20/20 (e)		186
	135	B2R Mortgage Trust, Series 2015-1, Class A1, 2.524%, 05/15/48 (e)		135
	250	BA Credit Card Trust, Series 2015-A2, Class A, 1.360%, 09/15/20		250
	35	Bear Stearns Asset-Backed Securities Trust, Series 2006-SD1, Class A, VAR, 0.555%, 04/25/36		34
		BMW Vehicle Owner Trust,
	140	Series 2013-A, Class A3, 0.670%, 11/27/17		140
	251	Series 2014-A, Class A2, 0.530%, 04/25/17		251
	160	Series 2014-A, Class A3, 0.970%, 11/26/18		160
	100	Cabela’s Credit Card Master Note Trust, Series 2012-1A, Class A1, 1.630%, 02/18/20 (e)		101
	22	California Republic Auto Receivables Trust, Series 2012-1, Class A, 1.180%, 08/15/17 (e)		22
		CarFinance Capital Auto Trust,
	17	Series 2013-2A, Class A, 1.750%, 11/15/17 (e)		17
	448	Series 2014-1A, Class A, 1.460%, 12/17/18 (e)		447
	125	Series 2014-1A, Class B, 2.720%, 04/15/20 (e)		126
	247	Series 2014-2A, Class A, 1.440%, 11/16/20 (e)		247
	192	Series 2015-1A, Class A, 1.750%, 06/15/21 (e)		192
	250	Carlyle Global Market Strategies Commodities Funding Ltd., (Cayman Islands), Series 2014-1A, Class A, VAR, 2.175%, 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
	1,212	Series 2015-2, Class A2A, 0.820%, 06/15/18		1,213
	94	Carnow Auto Receivables Trust, Series 2014-1A, Class A, 0.960%, 01/17/17 (e)		94
	87	Centex Home Equity Loan Trust, Series 2004-D, Class AF4, SUB, 4.680%, 06/25/32		89
	596	Colony American Homes, Series 2014-2A, Class A, VAR, 1.133%, 07/17/31 (e)		591
	300	Concord Funding Co. LLC, Series 2012-2, Class A, 3.145%, 01/15/17 (e)		300
	212	Consumer Credit Origination Loan Trust, Series 2015-1, Class A, 2.820%, 03/15/21 (e)		214
		CPS Auto Receivables Trust,
	18	Series 2011-C, Class A, 4.210%, 03/15/19 (e)		19
	17	Series 2012-A, Class A, 2.780%, 06/17/19 (e)		17
	111	Series 2012-B, Class A, 2.520%, 09/16/19 (e)		111

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	238	Series 2014-A, Class A, 1.210%, 08/15/18 (e)		238
	234	Series 2014-B, Class A, 1.110%, 11/15/18 (e)		233
	271	Series 2014-C, Class A, 1.310%, 02/15/19 (e)		270
	337	Series 2014-D, Class A, 1.490%, 04/15/19 (e)		337
	252	Series 2015-A, Class A, 1.530%, 07/15/19 (e)		252
	250	Credit Acceptance Auto Loan Trust, Series 2014-1A, Class A, 1.550%, 10/15/21 (e)		250
		Drive Auto Receivables Trust,
	303	Series 2015-AA, Class A2, 1.010%, 11/15/17 (e)		303
	177	Series 2015-AA, Class D, 4.120%, 06/15/22 (e)		180
	408	Series 2015-BA, Class B, 2.120%, 06/17/19 (e)		409
	320	Series 2015-BA, Class D, 3.840%, 07/15/21 (e)		315
		DT Auto Owner Trust,
	315	Series 2014-3A, Class A, 0.980%, 04/16/18 (e)		315
	193	Series 2015-1A, Class A, 1.060%, 09/17/18 (e)		193
		Exeter Automobile Receivables Trust,
	24	Series 2013-2A, Class A, 1.490%, 11/15/17 (e)		24
	1,539	Series 2014-1A, Class A, 1.290%, 05/15/18 (e)		1,540
	300	Series 2014-1A, Class B, 2.420%, 01/15/19 (e)		302
	143	Series 2014-2A, Class A, 1.060%, 08/15/18 (e)		143
	484	Series 2014-3A, Class A, 1.320%, 01/15/19 (e)		484
	56	Series 2014-3A, Class B, 2.770%, 11/15/19 (e)		57
	342	Series 2015-1A, Class A, 1.600%, 06/17/19 (e)		343
	500	Series 2015-1A, Class B, 2.840%, 03/16/20 (e)		504
	575	Series 2015-2A, Class A, 1.540%, 11/15/19 (e)		574
		Fifth Third Auto Trust,
	132	Series 2013-1, Class A3, 0.880%, 10/16/17		132
	113	Series 2014-3, Class A2A, 0.570%, 05/15/17		113
	77	Series 2014-3, Class A3, 0.960%, 03/15/19		77
		First Investors Auto Owner Trust,
	12	Series 2012-2A, Class A2, 1.470%, 05/15/18 (e)		12
	20	Series 2013-1A, Class A2, 0.900%, 10/15/18 (e)		20
	162	Series 2014-3A, Class A2, 1.060%, 11/15/18 (e)		162
	138	Series 2014-3A, Class A3, 1.670%, 11/16/20 (e)		138
	220	Series 2015-1A, Class A2, 1.210%, 04/15/19 (e)		220
		FirstKey Lending Trust,
	300	Series 2015-SFR1, Class A, 2.553%, 03/09/47 (e)		302
	144	Series 2015-SFR1, Class B, 3.417%, 03/09/47 (e)		145
		Flagship Credit Auto Trust,
	335	Series 2013-1, Class A, 1.320%, 04/16/18 (e)		335
	143	Series 2013-2, Class A, 1.940%, 01/15/19 (e)		143
	310	Series 2014-2, Class A, 1.430%, 12/16/19 (e)		309
	89	Series 2014-2, Class B, 2.840%, 11/16/20 (e)		90
	44	Series 2014-2, Class C, 3.950%, 12/15/20 (e)		45
	325	Series 2015-1, Class A, 1.630%, 06/15/20 (e)		326
		Ford Credit Auto Lease Trust,
	215	Series 2013-B, Class A3, 0.760%, 09/15/16		215
	100	Series 2013-B, Class A4, 0.960%, 10/15/16		100
	26	Series 2014-A, Class A2A, 0.500%, 10/15/16		26
	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,
	30	Series 2012-D, Class A3, 0.510%, 04/15/17		30
	293	Series 2014-C, Class A2, 0.610%, 08/15/17		293
	245	Series 2014-C, Class A3, 1.060%, 05/15/19		246

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	207		Series 2015-A, Class A2A, 0.810%, 01/15/18		207
	471		Series 2015-A, Class A3, 1.280%, 09/15/19		473
	933		Series 2015-B, Class A2A, 0.720%, 03/15/18		933
	140		Ford Credit Floorplan Master Owner Trust, Series 2013-1, Class A2, VAR, 0.566%, 01/15/18		140
	249		GCAT, Series 2014-1, Class A1, VAR, 3.228%, 07/25/19 (e)		251
	55		GE Capital Mortgage Services, Inc. Trust, Series 1999-HE1, Class M, VAR, 6.705%, 04/25/29		54
			GE Equipment Midticket LLC,
	11		Series 2012-1, Class A3, 0.600%, 05/23/16		11
	60		Series 2012-1, Class A4, 0.780%, 09/22/20		60
			GM Financial Automobile Leasing Trust,
	1,357		Series 2015-1, Class A2, 1.100%, 12/20/17		1,361
	428		Series 2015-1, Class A3, 1.530%, 09/20/18		429
	134		Series 2015-1, Class A4, 1.730%, 06/20/19		135
			GMAT Trust,
	195		Series 2013-1A, Class A, SUB, 3.967%, 11/25/43 (e)		196
	44		Series 2014-1A, Class A, SUB, 3.721%, 02/25/44 (e)		44
			GO Financial Auto Securitization Trust,
	675		Series 2015-1, Class A, 1.810%, 03/15/18 (e)		674
	249		Series 2015-1, Class B, 3.590%, 10/15/20 (e)		249
	161		Gold Key Resorts LLC, Series 2014-A, Class A, 3.220%, 03/17/31 (e)		162
	357		HLSS Servicer Advance Receivables Backed Notes, Series 2013-T7, Class AT7, 1.981%, 11/15/46 (e)		355
			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)		165
	167		Series 2014-T2, Class AT2, 2.217%, 01/15/47 (e)		167
			Honda Auto Receivables Owner Trust,
	48		Series 2012-1, Class A4, 0.970%, 04/16/18		48
	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
	228		Series 2015-1, Class A2, 0.700%, 06/15/17		228
	31		HSBC Home Equity Loan Trust USA, Series 2007-3, Class APT, VAR, 1.384%, 11/20/36		31
			Huntington Auto Trust,
	32		Series 2011-1A, Class A4, 1.310%, 11/15/16 (e)		33
	–	(h)	Series 2012-1, Class A3, 0.810%, 09/15/16		—	(h)
			Hyundai Auto Receivables Trust,
	281		Series 2014-B, Class A3, 0.900%, 12/17/18		281
	375		Series 2015-A, Class A2, 0.680%, 10/16/17		375
	313		Series 2015-B, Class A2A, 0.690%, 04/16/18		313
	233		Series 2015-B, Class A3, 1.120%, 11/15/19		233
	600		Invitation Homes Trust, Series 2014-SFR1, Class A, VAR, 1.183%, 06/17/31 (e)		598
	400		MarketPlace Loan Trust, Series 2015-OD1, Class A, 3.250%, 12/29/45		399
	109		MMCA Auto Owner Trust, Series 2012-A, Class A4, 1.570%, 08/15/17 (e)		110
	63		Navitas Equipment Receivables LLC, Series 2013-1, Class A, 1.950%, 11/15/16 (e)		63
	122		Nissan Auto Lease Trust, Series 2013-B, Class A3, 0.750%, 06/15/16		122
			Nissan Auto Receivables Owner Trust,
	117		Series 2012-A, Class A4, 1.000%, 07/16/18		117
	120		Series 2014-B, Class A3, 1.110%, 05/15/19		120
	319		Normandy Mortgage Loan Co. LLC, Series 2013-NPL3, Class A, SUB, 4.949%, 09/16/43 (e)		319
	366		NRPL Trust, Series 2015-1A, Class A1, SUB, 3.875%, 11/01/54 (e)		366

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	248	NYMT Residential LLC, Series 2013-RP3A, Class NOTE, SUB, 4.850%, 09/25/18 (e) (i)		248
	403	OAK Hill Advisors Residential Loan Trust, Series 2014-NPL2, Class A1, SUB, 3.352%, 04/25/54 (e)		404
		OneMain Financial Issuance Trust,
	552	Series 2014-2A, Class A, 2.470%, 09/18/24 (e)		553
	403	Series 2015-1A, Class A, 3.190%, 03/18/26 (e)		406
	875	Series 2015-2A, Class A, 2.570%, 07/18/25 (e)		876
	233	Series 2015-2A, Class B, 3.100%, 07/18/25 (e)		233
	86	Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2004-MCW1, Class M1, VAR, 1.122%, 10/25/34		86
	500	Progreso Receivables Funding II LLC, Series 2014-A, Class A, 3.500%, 07/08/19 (e)		503
	500	Progreso Receivables Funding III LLC, Series 2015-A, Class A, 3.625%, 02/08/20 (e)		501
		Progress Residential Trust,
	568	Series 2015-SFR2, Class A, 2.740%, 06/12/32		569
	201	Series 2015-SFR2, Class B, 3.138%, 06/12/32		201
	80	RAMP Trust, Series 2006-RZ1, Class A3, VAR, 0.485%, 03/25/36		78
	40	Securitized Asset-Backed Receivables LLC Trust, Series 2006-CB1, Class AF2, SUB, 3.409%, 01/25/36		29
	177	Selene Non-Performing Loans LLC, Series 2014-1A, Class A, SUB, 2.981%, 05/25/54 (e)		175
		SpringCastle America Funding LLC,
	927	Series 2014-AA, Class A, 2.700%, 05/25/23 (e)		932
	175	Series 2014-AA, Class B, 4.610%, 10/25/27 (e)		177
		Springleaf Funding Trust,
	636	Series 2013-AA, Class A, 2.580%, 09/15/21 (e)		638
	840	Series 2014-AA, Class A, 2.410%, 12/15/22 (e)		841
	461	Series 2015-AA, Class A, 3.160%, 11/15/24 (e)		468
	43	Stanwich Mortgage Loan Trust, Series 2013-NPL1, Class A, 2.981%, 02/16/43 (e)		43
	670	Sunset Mortgage Loan Co. LLC, Series 2014-NPL2, Class A, SUB, 3.721%, 11/16/44 (e)		667
	175	Tidewater Auto Receivables Trust, Series 2014-AA, Class A3, 1.400%, 07/15/18 (e)		175
		Toyota Auto Receivables Owner Trust,
	177	Series 2014-A, Class A2, 0.410%, 08/15/16		178
	194	Series 2014-C, Class A2, 0.510%, 02/15/17		194
	134	Series 2014-C, Class A3, 0.930%, 07/16/18		134
	266	Trafigura Securitisation Finance plc, (Ireland), Series 2014-1A, Class A, VAR, 1.136%, 10/15/21 (e) (i)		266
	128	Tricon American Homes Trust, Series 2015-SFR1, Class A, VAR, 1.430%, 05/17/32 (e)		128
		Truman Capital Mortgage Loan Trust,
	215	Series 2014-NPL1, Class A1, SUB, 3.228%, 07/25/53 (e)		215
	171	Series 2014-NPL2, Class A1, SUB, 3.125%, 06/25/54 (e)		171
	159	Series 2014-NPL3, Class A1, SUB, 3.125%, 04/25/53 (e)		158
	342	U.S. Residential Opportunity Fund II Trust, Series 2015-1II, Class A, 3.721%, 02/27/35 (e)		343
	37	USAA Auto Owner Trust, Series 2014-1, Class A2, 0.380%, 10/17/16		37
	383	Vericrest Opportunity Loan Transferee LLC, Series 2014-NPL4, Class A1, SUB, 3.125%, 04/27/54 (e)		383
	106	VML LLC, Series 2014-NPL1, Class A1, VAR, 3.875%, 04/27/54 (e)		106
	305	Volkswagen Auto Lease Trust, Series 2015-A, Class A2A, 0.870%, 06/20/17		305
	14	Volkswagen Auto Loan Enhanced Trust, Series 2012-1, Class A3, 0.850%, 08/22/16		14
	228	VOLT NPL X LLC, Series 2014-NPL8, Class A1, SUB, 3.375%, 10/26/54 (e)		228
	157	VOLT XV LLC, Series 2014-3A, Class A1, SUB, 3.250%, 05/26/54 (e)		156
	264	VOLT XVI LLC, Series 2014-NPL5, Class A1, SUB, 3.228%, 09/25/58 (e)		264

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
			VOLT XXVI LLC,
	563		Series 2014-NPL6, Class A1, SUB, 3.125%, 09/25/43 (e)		562
	117		Series 2014-NPL6, Class A2, SUB, 4.250%, 09/25/43 (e)		115
	539		VOLT XXVII LLC, Series 2014-NPL7, Class A1, SUB, 3.375%, 08/27/57 (e)		540
			World Omni Auto Receivables Trust,
	14		Series 2012-A, Class A3, 0.640%, 02/15/17		14
	407		Series 2013-B, Class A3, 0.830%, 08/15/18		407
	127		Series 2013-B, Class A4, 1.320%, 01/15/20		128
	202		Series 2015-A, Class A2A, 0.790%, 07/16/18		202
	77		Series 2015-A, Class A3, 1.340%, 05/15/20		77
			Total Asset-Backed Securities (Cost $45,205)		45,289
	Collateralized Mortgage Obligations — 17.8%
			Agency CMO — 15.0%
	39		Federal Home Loan Mortgage Corp. - Government National Mortgage Association, Series 24, Class ZE, 6.250%, 11/25/23		43
			Federal Home Loan Mortgage Corp. REMIC,
	1		Series 11, Class D, 9.500%, 07/15/19		1
	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		1
	7		Series 114, Class H, 6.950%, 01/15/21		8
	–	(h)	Series 1079, Class S, HB, IF, 33.369%, 05/15/21		1
	–	(h)	Series 1084, Class F, VAR, 1.136%, 05/15/21		—	(h)
	–	(h)	Series 1084, Class S, HB, IF, 44.390%, 05/15/21		—	(h)
	7		Series 1144, Class KB, 8.500%, 09/15/21		7
	–	(h)	Series 1172, Class L, HB, VAR, 1,181.250%, 11/15/21		—	(h)
	–	(h)	Series 1196, Class B, HB, IF, 1,176.984%, 01/15/22		1
	5		Series 1206, Class IA, 7.000%, 03/15/22		5
	3		Series 1250, Class J, 7.000%, 05/15/22		3
	12		Series 1343, Class LA, 8.000%, 08/15/22		14
	52		Series 1466, Class PZ, 7.500%, 02/15/23		59
	1		Series 1470, Class F, VAR, 1.687%, 02/15/23		1
	20		Series 1491, Class I, 7.500%, 04/15/23		22
	19		Series 1518, Class G, IF, 8.885%, 05/15/23		23
	17		Series 1541, Class O, VAR, 1.330%, 07/15/23		17
	3		Series 1602, Class SA, HB, IF, 22.147%, 10/15/23		5
	59		Series 1608, Class L, 6.500%, 09/15/23		68
	4		Series 1671, Class L, 7.000%, 02/15/24		5
	10		Series 1700, Class GA, PO, 02/15/24		10
	104		Series 1706, Class K, 7.000%, 03/15/24		118
	358		Series 1720, Class PL, 7.500%, 04/15/24		408
	12		Series 1745, Class D, 7.500%, 08/15/24		13
	21		Series 1798, Class F, 5.000%, 05/15/23		23
	1		Series 1807, Class G, 9.000%, 10/15/20		1
	112		Series 1927, Class PH, 7.500%, 01/15/27		129
	46		Series 1981, Class Z, 6.000%, 05/15/27		51
	15		Series 1987, Class PE, 7.500%, 09/15/27		17
	6		Series 2033, Class SN, HB, IF, 28.345%, 03/15/24		2
	18		Series 2038, Class PN, IO, 7.000%, 03/15/28		3
	96		Series 2040, Class PE, 7.500%, 03/15/28		111
	12		Series 2056, Class TD, 6.500%, 05/15/18		12
	103		Series 2063, Class PG, 6.500%, 06/15/28		119
	16		Series 2064, Class TE, 7.000%, 06/15/28		19
	73		Series 2075, Class PH, 6.500%, 08/15/28		82
	71		Series 2075, Class PM, 6.250%, 08/15/28		80
	22		Series 2089, Class PJ, IO, 7.000%, 10/15/28		3
	42		Series 2125, Class JZ, 6.000%, 02/15/29		47
	10		Series 2163, Class PC, IO, 7.500%, 06/15/29		2
	196		Series 2169, Class TB, 7.000%, 06/15/29		225
	65		Series 2172, Class QC, 7.000%, 07/15/29		74
	1		Series 2196, Class TL, 7.500%, 11/15/29		1
	34		Series 2201, Class C, 8.000%, 11/15/29		39
	86		Series 2210, Class Z, 8.000%, 01/15/30		100

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	24		Series 2224, Class CB, 8.000%, 03/15/30		29
	42		Series 2256, Class MC, 7.250%, 09/15/30		49
	50		Series 2259, Class ZM, 7.000%, 10/15/30		58
	51		Series 2271, Class PC, 7.250%, 12/15/30		58
	41		Series 2283, Class K, 6.500%, 12/15/23		46
	22		Series 2296, Class PD, 7.000%, 03/15/31		26
	11		Series 2306, Class K, PO, 05/15/24		11
	28		Series 2306, Class SE, IF, IO, 8.700%, 05/15/24		4
	29		Series 2333, Class HC, 6.000%, 07/15/31		29
	5		Series 2344, Class QG, 6.000%, 08/15/16		5
	423		Series 2344, Class ZD, 6.500%, 08/15/31		498
	52		Series 2344, Class ZJ, 6.500%, 08/15/31		59
	36		Series 2345, Class NE, 6.500%, 08/15/31		42
	10		Series 2345, Class PQ, 6.500%, 08/15/16		10
	22		Series 2347, Class VP, 6.500%, 03/15/20		23
	47		Series 2351, Class PZ, 6.500%, 08/15/31		55
	6		Series 2355, Class BP, 6.000%, 09/15/16		6
	7		Series 2360, Class PG, 6.000%, 09/15/16		7
	7		Series 2366, Class MD, 6.000%, 10/15/16		7
	9		Series 2391, Class QR, 5.500%, 12/15/16		9
	38		Series 2410, Class NG, 6.500%, 02/15/32		44
	58		Series 2410, Class OE, 6.375%, 02/15/32		63
	25		Series 2410, Class QX, IF, IO, 8.464%, 02/15/32		8
	94		Series 2412, Class SP, IF, 15.729%, 02/15/32		135
	27		Series 2423, Class MC, 7.000%, 03/15/32		31
	55		Series 2423, Class MT, 7.000%, 03/15/32		64
	211		Series 2435, Class CJ, 6.500%, 04/15/32		247
	62		Series 2441, Class GF, 6.500%, 04/15/32		72
	60		Series 2444, Class ES, IF, IO, 7.764%, 03/15/32		16
	73		Series 2450, Class GZ, 7.000%, 05/15/32		83
	24		Series 2450, Class SW, IF, IO, 7.814%, 03/15/32		6
	110		Series 2455, Class GK, 6.500%, 05/15/32		128
	153		Series 2466, Class DH, 6.500%, 06/15/32		176
	72		Series 2474, Class NR, 6.500%, 07/15/32		83
	122		Series 2484, Class LZ, 6.500%, 07/15/32		142
	147		Series 2500, Class MC, 6.000%, 09/15/32		170
	214		Series 2512, Class PG, 5.500%, 10/15/22		236
	40		Series 2535, Class BK, 5.500%, 12/15/22		43
	44		Series 2537, Class TE, 5.500%, 12/15/17		46
	245		Series 2543, Class YX, 6.000%, 12/15/32		277
	319		Series 2568, Class KG, 5.500%, 02/15/23		352
	426		Series 2575, Class ME, 6.000%, 02/15/33		470
	36		Series 2586, Class WI, IO, 6.500%, 03/15/33		7
	53		Series 2622, Class PE, 4.500%, 05/15/18		55
	32		Series 2631, Class LC, 4.500%, 06/15/18		34
	51		Series 2651, Class VZ, 4.500%, 07/15/18		54
	–	(h)	Series 2672, Class ME, 5.000%, 11/15/22		—	(h)
	95		Series 2684, Class PO, PO, 01/15/33		95
	64		Series 2744, Class TU, 5.500%, 05/15/32		66
	140		Series 2907, Class VC, 4.500%, 05/15/34		141
	84		Series 2934, Class EC, PO, 02/15/20		83
	109		Series 2990, Class SL, HB, IF, 23.813%, 06/15/34		155
	1,085		Series 2990, Class UZ, 5.750%, 06/15/35		1,172
	232		Series 2999, Class ND, 4.500%, 07/15/20		244
	13		Series 3068, Class AO, PO, 01/15/35		13
	131		Series 3117, Class EO, PO, 02/15/36		123
	14		Series 3117, Class OK, PO, 02/15/36		13
	199		Series 3122, Class OH, PO, 03/15/36		185
	200		Series 3137, Class XP, 6.000%, 04/15/36		231
	6		Series 3149, Class SO, PO, 05/15/36		5
	287		Series 3152, Class MO, PO, 03/15/36		270

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	118		Series 3171, Class MO, PO, 06/15/36		106
	50		Series 3179, Class OA, PO, 07/15/36		48
	413		Series 3202, Class HI, IF, IO, 6.464%, 08/15/36		71
	69		Series 3232, Class ST, IF, IO, 6.514%, 10/15/36		12
	62		Series 3253, Class PO, PO, 12/15/21		62
	44		Series 3316, Class JO, PO, 05/15/37		40
	956		Series 3417, Class EO, PO, 11/15/36		865
	229		Series 3481, Class SJ, IF, IO, 5.664%, 08/15/38		27
	97		Series 3607, Class AO, PO, 04/15/36		91
	10		Series 3607, Class EO, PO, 02/15/33		10
	306		Series 3607, Class OP, PO, 07/15/37		264
	62		Series 3611, Class PO, PO, 07/15/34		54
	555		Series 3680, Class MA, 4.500%, 07/15/39		608
	223		Series 3804, Class FN, VAR, 0.636%, 03/15/39		224
	595		Series 3819, Class ZQ, 6.000%, 04/15/36		675
	244		Series 3997, Class PF, VAR, 0.636%, 11/15/39		245
	856		Series 4219, Class JA, 3.500%, 08/15/39		906
	1,410		Series 4374, Class NC, SUB, 1.750%, 02/15/46		1,464
			Federal Home Loan Mortgage Corp. STRIPS,
	32		Series 243, Class 16, IO, 4.500%, 11/15/20		2
	846		Series 262, Class 35, 3.500%, 07/15/42		882
	828		Series 267, Class F5, VAR, 0.686%, 08/15/42		833
	853		Series 274, Class F1, VAR, 0.686%, 08/15/42		856
	822		Series 279, Class F6, VAR, 0.636%, 09/15/42		822
			Federal Home Loan Mortgage Corp. Structured Pass-Through Securities,
	37		Series T-41, Class 3A, VAR, 6.157%, 07/25/32		42
	31		Series T-51, Class 2A, VAR, 7.500%, 08/25/42		38
	318		Series T-54, Class 2A, 6.500%, 02/25/43		377
	110		Series T-54, Class 3A, 7.000%, 02/25/43		135
	836		Series T-56, Class A5, 5.231%, 05/25/43		940
	28		Series T-58, Class APO, PO, 09/25/43		23
	226		Series T-76, Class 2A, VAR, 3.006%, 10/25/37		229
			Federal National Mortgage Association - ACES,
	500		Series 2010-M3, Class A3, VAR, 4.332%, 03/25/20		551
	230		Series 2012-M11, Class FA, VAR, 0.678%, 08/25/19		232
	1,000		Series 2012-M9, Class A2, 2.482%, 04/25/22		1,015
	1,000		Series 2014-M12, Class ASV2, VAR, 2.614%, 10/25/21		1,025
	636		Series 2014-M13, Class A2, VAR, 3.021%, 08/25/24		652
	444		Series 2014-M2, Class A2, VAR, 3.513%, 12/25/23		477
	2,000		Series 2014-M3, Class A2, VAR, 3.476%, 01/25/24		2,145
	1,000		Series 2015-M3, Class A2, 2.723%, 10/25/24		1,006
	820		Series 2015-M7, Class A2, 2.590%, 12/25/24		816
			Federal National Mortgage Association REMIC,
	1		Series 1988-7, Class Z, 9.250%, 04/25/18		1
	4		Series 1989-70, Class G, 8.000%, 10/25/19		5
	2		Series 1989-78, Class H, 9.400%, 11/25/19		2
	2		Series 1989-83, Class H, 8.500%, 11/25/19		2
	1		Series 1989-89, Class H, 9.000%, 11/25/19		1
	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)
	6		Series 1990-102, Class J, 6.500%, 08/25/20		7

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	2		Series 1990-120, Class H, 9.000%, 10/25/20		2
	–	(h)	Series 1990-134, Class SC, HB, IF, 21.323%, 11/25/20		1
	–	(h)	Series 1990-140, Class K, HB, 652.145%, 12/25/20		—	(h)
	2		Series 1991-42, Class S, IF, 17.352%, 05/25/21		2
	35		Series 1992-107, Class SB, HB, IF, 29.521%, 06/25/22		57
	2		Series 1992-143, Class MA, 5.500%, 09/25/22		3
	16		Series 1993-25, Class J, 7.500%, 03/25/23		18
	112		Series 1993-37, Class PX, 7.000%, 03/25/23		125
	40		Series 1993-54, Class Z, 7.000%, 04/25/23		45
	8		Series 1993-62, Class SA, IF, 18.930%, 04/25/23		12
	11		Series 1993-122, Class M, 6.500%, 07/25/23		12
	4		Series 1993-165, Class SD, IF, 13.399%, 09/25/23		5
	17		Series 1993-178, Class PK, 6.500%, 09/25/23		20
	287		Series 1993-183, Class KA, 6.500%, 10/25/23		330
	127		Series 1993-189, Class PL, 6.500%, 10/25/23		143
	27		Series 1993-247, Class SA, HB, IF, 27.969%, 12/25/23		47
	6		Series 1993-250, Class Z, 7.000%, 12/25/23		6
	2		Series 1994-9, Class E, PO, 11/25/23		2
	76		Series 1996-14, Class SE, IF, IO, 8.810%, 08/25/23		17
	2		Series 1996-27, Class FC, VAR, 0.685%, 03/25/17		2
	8		Series 1996-59, Class J, 6.500%, 08/25/22		9
	35		Series 1997-20, Class IB, IO, VAR, 1.840%, 03/25/27		2
	35		Series 1997-20, Class IO, IO, VAR, 1.840%, 03/25/27		2
	18		Series 1997-27, Class J, 7.500%, 04/18/27		20
	23		Series 1997-29, Class J, 7.500%, 04/20/27		28
	53		Series 1997-39, Class PD, 7.500%, 05/20/27		62
	15		Series 1997-81, Class PI, IO, 7.000%, 12/18/27		2
	2		Series 1998-4, Class C, PO, 04/25/23		2
	14		Series 1998-36, Class ZB, 6.000%, 07/18/28		16
	171		Series 1998-43, Class EA, PO, 04/25/23		169
	102		Series 2000-2, Class ZE, 7.500%, 02/25/30		117
	34		Series 2001-4, Class PC, 7.000%, 03/25/21		37
	67		Series 2001-33, Class ID, IO, 6.000%, 07/25/31		10
	78		Series 2001-36, Class DE, 7.000%, 08/25/31		91
	18		Series 2001-44, Class PD, 7.000%, 09/25/31		20
	119		Series 2001-48, Class Z, 6.500%, 09/25/21		132
	14		Series 2001-49, Class Z, 6.500%, 09/25/31		16
	16		Series 2001-71, Class MB, 6.000%, 12/25/16		16
	17		Series 2001-71, Class QE, 6.000%, 12/25/16		17
	113		Series 2001-74, Class MB, 6.000%, 12/25/16		116
	14		Series 2001-81, Class LO, PO, 01/25/32		13
	38		Series 2002-1, Class HC, 6.500%, 02/25/22		42
	21		Series 2002-1, Class SA, HB, IF, 24.587%, 02/25/32		38
	10		Series 2002-2, Class UC, 6.000%, 02/25/17		11
	16		Series 2002-3, Class OG, 6.000%, 02/25/17		17
	49		Series 2002-21, Class PE, 6.500%, 04/25/32		55
	45		Series 2002-24, Class AJ, 6.000%, 04/25/17		46
	50		Series 2002-28, Class PK, 6.500%, 05/25/32		56
	53		Series 2002-37, Class Z, 6.500%, 06/25/32		62
	54		Series 2002-94, Class BK, 5.500%, 01/25/18		56
	202		Series 2003-22, Class UD, 4.000%, 04/25/33		213

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	162	Series 2003-34, Class GB, 6.000%, 03/25/33		177
	304	Series 2003-34, Class GE, 6.000%, 05/25/33		356
	11	Series 2003-39, Class IO, IO, VAR, 6.000%, 05/25/33		2
	191	Series 2003-47, Class PE, 5.750%, 06/25/33		217
	24	Series 2003-52, Class SX, HB, IF, 22.396%, 10/25/31		36
	25	Series 2003-64, Class SX, IF, 13.299%, 07/25/33		30
	120	Series 2003-71, Class DS, IF, 7.226%, 08/25/33		128
	63	Series 2003-80, Class SY, IF, IO, 7.465%, 06/25/23		4
	77	Series 2003-83, Class PG, 5.000%, 06/25/23		81
	19	Series 2003-91, Class SD, IF, 12.192%, 09/25/33		24
	171	Series 2003-116, Class SB, IF, IO, 7.415%, 11/25/33		43
	19	Series 2003-130, Class SX, IF, 11.243%, 01/25/34		22
	160	Series 2004-25, Class PC, 5.500%, 01/25/34		168
	117	Series 2004-25, Class SA, IF, 19.017%, 04/25/34		172
	107	Series 2004-36, Class PC, 5.500%, 02/25/34		113
	117	Series 2004-36, Class SA, IF, 19.017%, 05/25/34		165
	74	Series 2004-46, Class SK, IF, 15.992%, 05/25/34		98
	889	Series 2004-50, Class VZ, 5.500%, 07/25/34		975
	63	Series 2004-61, Class SH, HB, IF, 23.249%, 11/25/32		103
	58	Series 2004-74, Class SW, IF, 15.133%, 11/25/31		83
	62	Series 2004-76, Class CL, 4.000%, 10/25/19		65
	116	Series 2005-45, Class DC, HB, IF, 23.633%, 06/25/35		181
	21	Series 2005-52, Class PA, 6.500%, 06/25/35		22
	85	Series 2005-56, Class S, IF, IO, 6.525%, 07/25/35		15
	162	Series 2005-56, Class TP, IF, 17.596%, 08/25/33		217
	547	Series 2005-68, Class PG, 5.500%, 08/25/35		608
	224	Series 2005-73, Class PS, IF, 16.238%, 08/25/35		306
	96	Series 2005-74, Class CS, IF, 19.512%, 05/25/35		134
	184	Series 2005-106, Class US, HB, IF, 23.889%, 11/25/35		284
	624	Series 2005-121, Class DX, 5.500%, 01/25/26		686
	193	Series 2006-27, Class OH, PO, 04/25/36		181
	63	Series 2006-44, Class P, PO, 12/25/33		55
	390	Series 2006-56, Class FC, VAR, 0.475%, 07/25/36		392
	81	Series 2006-59, Class QO, PO, 01/25/33		81
	62	Series 2006-65, Class QO, PO, 07/25/36		60
	93	Series 2006-72, Class GO, PO, 08/25/36		90
	198	Series 2006-77, Class PC, 6.500%, 08/25/36		226
	75	Series 2006-79, Class DO, PO, 08/25/36		72
	134	Series 2006-110, Class PO, PO, 11/25/36		118
	231	Series 2006-124, Class HB, VAR, 5.962%, 11/25/36		236
	101	Series 2007-14, Class ES, IF, IO, 6.255%, 03/25/37		15
	78	Series 2007-79, Class SB, HB, IF, 23.339%, 08/25/37		117
	500	Series 2007-81, Class GE, 6.000%, 08/25/37		569
	205	Series 2007-88, Class VI, IF, IO, 6.355%, 09/25/37		32
	531	Series 2007-91, Class ES, IF, IO, 6.275%, 10/25/37		82
	107	Series 2007-106, Class A7, VAR, 6.139%, 10/25/37		119
	143	Series 2007-116, Class HI, IO, VAR, 1.505%, 01/25/38		10
	54	Series 2008-10, Class XI, IF, IO, 6.045%, 03/25/38		6
	40	Series 2008-16, Class IS, IF, IO, 6.015%, 03/25/38		7
	80	Series 2008-28, Class QS, HB, IF, 20.146%, 04/25/38		115
	126	Series 2008-46, Class HI, IO, VAR, 1.737%, 06/25/38		10
	107	Series 2009-69, Class PO, PO, 09/25/39		104
	758	Series 2009-71, Class BC, 4.500%, 09/25/24		835

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	240		Series 2009-103, Class MB, VAR, 2.358%, 12/25/39		250
	1,000		Series 2010-47, Class MB, 5.000%, 09/25/39		1,134
	372		Series 2010-71, Class HJ, 5.500%, 07/25/40		424
	598		Series 2010-133, Class A, 5.500%, 05/25/38		641
	1,000		Series 2011-44, Class EB, 3.000%, 05/25/26		1,039
	490		Series 2011-118, Class MT, 7.000%, 11/25/41		581
	455		Series 2011-118, Class NT, 7.000%, 11/25/41		538
	287		Series 2012-47, Class HF, VAR, 0.585%, 05/25/27		290
	844		Series 2012-112, Class FD, VAR, 0.685%, 10/25/42		852
	456		Series 2013-101, Class DO, PO, 10/25/43		361
	450		Series 2013-128, Class PO, PO, 12/25/43		363
	2		Series G-14, Class L, 8.500%, 06/25/21		2
	9		Series G-18, Class Z, 8.750%, 06/25/21		10
	1		Series G-22, Class G, 6.000%, 12/25/16		1
	7		Series G-35, Class M, 8.750%, 10/25/21		8
	30		Series G92-35, Class E, 7.500%, 07/25/22		34
	2		Series G92-42, Class Z, 7.000%, 07/25/22		2
	14		Series G92-44, Class ZQ, 8.000%, 07/25/22		15
	26		Series G92-54, Class ZQ, 7.500%, 09/25/22		29
	7		Series G93-5, Class Z, 6.500%, 02/25/23		8
	10		Series G95-1, Class C, 8.800%, 01/25/25		11
			Federal National Mortgage Association REMIC Trust,
	139		Series 2003-W1, Class 1A1, VAR, 5.802%, 12/25/42		156
	31		Series 2003-W4, Class 2A, VAR, 6.362%, 10/25/42		35
	27		Series 2007-W7, Class 1A4, HB, IF, 38.072%, 07/25/37		44
			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)
	73		Series 300, Class 1, PO, 3.005%, 09/25/24 (n)		72
	13		Series 329, Class 1, PO, 1.936%, 01/25/33 (n)		12
			Federal National Mortgage Association Trust,
	72		Series 2004-W2, Class 2A2, 7.000%, 02/25/44		84
	229		Series 2005-W3, Class 2AF, VAR, 0.405%, 03/25/45		230
			Government National Mortgage Association,
	159		Series 1994-7, Class PQ, 6.500%, 10/16/24		182
	18		Series 1999-30, Class S, IF, IO, 8.417%, 08/16/29		6
	11		Series 2000-9, Class Z, 8.000%, 06/20/30		13
	219		Series 2000-9, Class ZJ, 8.500%, 02/16/30		261
	32		Series 2002-31, Class S, IF, IO, 8.517%, 01/16/31		11
	89		Series 2002-40, Class UK, 6.500%, 06/20/32		105
	84		Series 2002-47, Class PG, 6.500%, 07/16/32		100
	106		Series 2002-47, Class PY, 6.000%, 07/20/32		120
	107		Series 2002-47, Class ZA, 6.500%, 07/20/32		127
	17		Series 2003-24, Class PO, PO, 03/16/33		15
	304		Series 2003-40, Class TJ, 6.500%, 03/20/33		355
	93		Series 2003-52, Class AP, PO, 06/16/33		87
	23		Series 2004-28, Class S, IF, 19.158%, 04/16/34		32
	55		Series 2004-71, Class SB, HB, IF, 28.561%, 09/20/34		93
	37		Series 2004-73, Class AE, IF, 14.477%, 08/17/34		47
	297		Series 2004-90, Class SI, IF, IO, 5.916%, 10/20/34		47
	88		Series 2005-68, Class DP, IF, 15.992%, 06/17/35		122
	580		Series 2005-68, Class KI, IF, IO, 6.116%, 09/20/35		95
	63		Series 2006-59, Class SD, IF, IO, 6.516%, 10/20/36		11

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	233	Series 2007-17, Class JI, IF, IO, 6.627%, 04/16/37		45
	265	Series 2007-27, Class SA, IF, IO, 6.016%, 05/20/37		38
	416	Series 2007-40, Class SB, IF, IO, 6.566%, 07/20/37		71
	254	Series 2007-45, Class QA, IF, IO, 6.456%, 07/20/37		44
	251	Series 2007-50, Class AI, IF, IO, 6.591%, 08/20/37		40
	59	Series 2007-53, Class ES, IF, IO, 6.366%, 09/20/37		9
	63	Series 2007-53, Class SW, IF, 19.653%, 09/20/37		89
	62	Series 2007-71, Class SB, IF, IO, 6.516%, 07/20/36		4
	131	Series 2007-72, Class US, IF, IO, 6.366%, 11/20/37		21
	131	Series 2007-76, Class SA, IF, IO, 6.346%, 11/20/37		23
	79	Series 2008-33, Class XS, IF, IO, 7.517%, 04/16/38		18
	230	Series 2008-40, Class SA, IF, IO, 6.217%, 05/16/38		45
	348	Series 2008-50, Class KB, 6.000%, 06/20/38		398
	179	Series 2008-55, Class SA, IF, IO, 6.016%, 06/20/38		27
	188	Series 2008-93, Class AS, IF, IO, 5.516%, 12/20/38		27
	66	Series 2009-6, Class SA, IF, IO, 5.917%, 02/16/39		8
	82	Series 2009-14, Class NI, IO, 6.500%, 03/20/39		17
	281	Series 2009-22, Class SA, IF, IO, 6.086%, 04/20/39		43
	253	Series 2009-31, Class ST, IF, IO, 6.166%, 03/20/39		32
	253	Series 2009-31, Class TS, IF, IO, 6.116%, 03/20/39		36
	222	Series 2009-79, Class OK, PO, 11/16/37		200
	925	Series 2009-92, Class ZC, 5.000%, 10/20/39		1,061
	434	Series 2009-106, Class ST, IF, IO, 5.816%, 02/20/38		71
	115	Series 2010-14, Class AO, PO, 12/20/32		115
	1,000	Series 2010-105, Class B, 5.000%, 08/20/40		1,152
	145	Series 2010-130, Class CP, 7.000%, 10/16/40		172
	509	Series 2011-137, Class WA, VAR, 5.529%, 07/20/40		579
	468	Series 2012-H21, Class DF, VAR, 0.828%, 05/20/61		469
	309	Series 2012-H24, Class FA, VAR, 0.628%, 03/20/60		310
	469	Series 2012-H26, Class MA, VAR, 0.728%, 07/20/62		471
	788	Series 2013-91, Class WA, VAR, 4.512%, 04/20/43		847
	291	Series 2013-H03, Class FA, VAR, 0.478%, 08/20/60		291
	490	Series 2013-H07, Class JA, 1.750%, 03/20/63		493
	968	Series 2014-H15, Class FA, VAR, 0.678%, 07/20/64		969
	872	Series 2014-H17, Class FC, VAR, 0.678%, 07/20/64		871
	983	Series 2014-H19, Class FE, VAR, 0.648%, 09/20/64		981
	2,943	Series 2015-H04, Class FL, VAR, 0.648%, 02/20/65		2,943
	2,950	Series 2015-H12, Class FA, VAR, 0.665%, 05/20/65		2,950
	98	NCUA Guaranteed Notes Trust, Series 2010-R3, Class 3A, 2.400%, 12/08/20		99
		Vendee Mortgage Trust,
	459	Series 1993-1, Class ZB, 7.250%, 02/15/23		523
	214	Series 1994-1, Class 1, VAR, 5.570%, 02/15/24		236
	312	Series 1996-1, Class 1Z, 6.750%, 02/15/26		358
	104	Series 1996-2, Class 1Z, 6.750%, 06/15/26		120
	412	Series 1997-1, Class 2Z, 7.500%, 02/15/27		486
	101	Series 1998-1, Class 2E, 7.000%, 03/15/28		121
				66,103
		Non-Agency CMO — 2.8%
	467	Ajax Mortgage Loan Trust, Series 2014-A, Class A, SUB, 3.750%, 10/25/57 (e)		466
		Alternative Loan Trust,
	1,818	Series 2004-2CB, Class 1A9, 5.750%, 03/25/34		1,832

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	305	Series 2005-54CB, Class 1A11, 5.500%, 11/25/35		278
		ASG Resecuritization Trust,
	73	Series 2009-1, Class A60, VAR, 5.629%, 06/26/37 (e)		72
	222	Series 2009-3, Class A65, VAR, 2.057%, 03/26/37 (e)		221
		Banc of America Alternative Loan Trust,
	55	Series 2003-7, Class 2A4, 5.000%, 09/25/18		55
	32	Series 2003-11, Class PO, PO, 01/25/34		28
	31	Banc of America Funding Trust, Series 2004-1, Class PO, PO, 03/25/34		26
		Banc of America Mortgage Trust,
	15	Series 2003-8, Class APO, PO, 11/25/33		12
	9	Series 2004-1, Class APO, PO, 02/25/34		8
	36	Series 2004-3, Class 1A26, 5.500%, 04/25/34		37
	18	Series 2004-6, Class APO, PO, 07/25/34		16
		BCAP LLC Trust,
	312	Series 2010-RR7, Class 2A1, VAR, 2.068%, 07/26/45 (e)		313
	268	Series 2011-RR10, Class 2A1, VAR, 0.968%, 09/26/37 (e)		257
	122	Series 2012-RR2, Class 1A1, VAR, 0.351%, 08/26/36 (e)		120
	94	Bear Stearns ARM Trust, Series 2005-5, Class A1, VAR, 2.160%, 08/25/35		94
		CHL Mortgage Pass-Through Trust,
	10	Series 2003-J13, Class PO, PO, 01/25/34		8
	13	Series 2003-J7, Class 4A3, IF, 9.534%, 08/25/18		14
	68	Series 2004-5, Class 1A4, 5.500%, 06/25/34		71
	28	Series 2004-HYB3, Class 2A, VAR, 2.276%, 06/20/34		27
	298	Series 2005-22, Class 2A1, VAR, 2.458%, 11/25/35		252
		Citigroup Mortgage Loan Trust,
	130	Series 2008-AR4, Class 1A1A, VAR, 2.523%, 11/25/38 (e)		130
	275	Series 2010-8, Class 5A6, 4.000%, 11/25/36 (e)		279
	156	Series 2010-8, Class 6A6, 4.500%, 12/25/36 (e)		160
		Citigroup Mortgage Loan Trust, Inc.,
	17	Series 2003-UP3, Class A3, 7.000%, 09/25/33		18
	20	Series 2003-UST1, Class A1, 5.500%, 12/25/18		20
	2	Series 2003-UST1, Class PO1, PO, 12/25/18		2
	3	Series 2003-UST1, Class PO3, PO, 12/25/18		2
	28	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-23, Class 2A5, 5.000%, 10/25/18		29
		CSMC,
	637	Series 2010-11R, Class A6, VAR, 1.186%, 06/28/47 (e)		613
	50	Series 2011-9R, Class A1, VAR, 2.181%, 03/27/46 (e)		50
	61	Series 2011-16R, Class 7A3, VAR, 3.376%, 12/27/36 (e)		62
	119	Deutsche Alt-A Securities, Inc., Mortgage Loan Trust, Series 2005-3, Class 1A1, VAR, 5.277%, 06/25/20		120
	11	Deutsche Mortgage Securities, Inc., Mortgage Loan Trust, Series 2004-1, Class 2APO, PO, 10/25/18		11
	43	FDIC Trust, Series 2013-N1, Class A, 4.500%, 10/25/18 (e)		43
		First Horizon Mortgage Pass-Through Trust,
	132	Series 2004-AR7, Class 2A2, VAR, 2.584%, 02/25/35		133
	150	Series 2005-AR1, Class 2A2, VAR, 2.618%, 04/25/35		149
	256	GSR Mortgage Loan Trust, Series 2006-1F, Class 1A3, 5.500%, 02/25/36		245
	45	Impac Secured Assets CMN Owner Trust, Series 2002-2, Class APO, PO, 04/25/33		26
	231	IndyMac INDX Mortgage Loan Trust, Series 2005-AR11, Class A7, IO, VAR, 0.000%, 08/25/35		—	(h)
		JP Morgan Mortgage Trust,
	682	Series 2003-A1, Class 1A1, VAR, 2.050%, 10/25/33		669
	61	Series 2006-A2, Class 4A1, VAR, 2.521%, 08/25/34		61
	205	Series 2006-A2, Class 5A3, VAR, 2.432%, 11/25/33		206
		MASTR Adjustable Rate Mortgages Trust,
	40	Series 2004-3, Class 4A2, VAR, 2.258%, 04/25/34		37
	177	Series 2004-13, Class 2A1, VAR, 2.666%, 04/21/34		178

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Non-Agency CMO — continued
			MASTR Alternative Loan Trust,
	144		Series 2003-9, Class 8A1, 6.000%, 01/25/34		146
	308		Series 2004-4, Class 10A1, 5.000%, 05/25/24		325
	24		Series 2004-7, Class 30PO, PO, 08/25/34		19
	23		Series 2004-10, Class 1A1, 4.500%, 09/25/19		23
	100		Series 2005-6, Class 3A1, 5.500%, 11/25/20		97
			MASTR Asset Securitization Trust,
	36		Series 2003-2, Class 1A1, 5.000%, 03/25/18		36
	6		Series 2004-8, Class PO, PO, 08/25/19		5
	61		MASTR Resecuritization Trust, Series 2005-PO, Class 3PO, PO, 05/28/35 (e)		49
			Merrill Lynch Mortgage Investors Trust,
	294		Series 2003-E, Class A1, VAR, 0.805%, 10/25/28		281
	103		Series 2004-A, Class A1, VAR, 0.645%, 04/25/29		99
	45		MortgageIT Trust, Series 2005-1, Class 1A1, VAR, 0.825%, 02/25/35		44
	60		NACC Reperforming Loan REMIC Trust, Series 2004-R2, Class A1, VAR, 6.500%, 10/25/34 (e)		60
			Nomura Asset Acceptance Corp. Alternative Loan Trust,
	31		Series 2003-A1, Class A1, 5.500%, 05/25/33		31
	21		Series 2003-A1, Class A2, 6.000%, 05/25/33		22
	9		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,
	16		Series 2002-QS16, Class A3, IF, 16.236%, 10/25/17		17
	81		Series 2002-QS8, Class A5, 6.250%, 06/25/17		81
	25		Series 2003-QS3, Class A2, IF, 16.094%, 02/25/18		28
	100		Series 2003-QS9, Class A3, IF, IO, 7.365%, 05/25/18		8
	119		Series 2004-QS3, Class CB, 5.000%, 03/25/19		121
	110		Reperforming Loan REMIC Trust, Series 2005-R1, Class 2APO, PO, 03/25/35 (e)		95
	9		Residential Asset Securitization Trust, Series 2003-A14, Class A1, 4.750%, 02/25/19		9
			Salomon Brothers Mortgage Securities VII, Inc.,
	64		Series 2003-HYB1, Class A, VAR, 2.494%, 09/25/33		65
	2		Series 2003-UP2, Class PO1, PO, 12/25/18		1
			Springleaf Mortgage Loan Trust,
	175		Series 2012-2A, Class A, VAR, 2.220%, 10/25/57 (e)		176
	130		Series 2012-3A, Class A, VAR, 1.570%, 12/25/59 (e)		131
	103		Series 2012-3A, Class M1, VAR, 2.660%, 12/25/59 (e)		104
	94		Series 2013-1A, Class A, VAR, 1.270%, 06/25/58 (e)		94
	224		Series 2013-2A, Class A, VAR, 1.780%, 12/25/65 (e)		224
	125		Series 2013-2A, Class M1, VAR, 3.520%, 12/25/65 (e)		127
	183		Series 2013-3A, Class A, VAR, 1.870%, 09/25/57 (e)		182
	306		Series 2013-3A, Class M1, VAR, 3.790%, 09/25/57 (e)		308
	96		Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2003-33H, Class 1A1, 5.500%, 10/25/33		98
	56		Structured Asset Securities Corp. Trust, Series 2005-6, Class 4A1, 5.000%, 05/25/35		57
			WaMu Mortgage Pass-Through Certificates Trust,
	22		Series 2002-S8, Class 2A7, 5.250%, 01/25/18		22
	132		Series 2003-AR5, Class A7, VAR, 2.559%, 06/25/33		134
	68		Series 2004-AR3, Class A2, VAR, 2.459%, 06/25/34		68
	254		Washington Mutual Mortgage Pass-Through Certificates WMALT Trust, Series 2005-4, Class CB7, 5.500%, 06/25/35		233
			Washington Mutual MSC Mortgage Pass-Through Certificates Trust,
	35		Series 2003-MS2, Class 1A1, 5.750%, 02/25/33		37
	7		Series 2003-MS7, Class P, PO, 03/25/33		6

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	136	Wells Fargo Mortgage Loan Trust, Series 2012-RR1, Class A1, VAR, 2.847%, 08/27/37 (e)		134
		Wells Fargo Mortgage-Backed Securities Trust,
	50	Series 2003-K, Class 1A1, VAR, 2.490%, 11/25/33		50
	79	Series 2004-EE, Class 3A1, VAR, 2.525%, 12/25/34		80
	258	Series 2004-P, Class 2A1, VAR, 2.616%, 09/25/34		259
	431	Series 2005-AR3, Class 1A1, VAR, 2.666%, 03/25/35		435
				12,081
		Total Collateralized Mortgage Obligations (Cost $74,960)		78,184
	Commercial Mortgage-Backed Securities — 2.0%
	292	A10 Securitization LLC, Series 2015-1, Class A1, 2.100%, 04/15/34 (e)		292
		A10 Term Asset Financing LLC,
	335	Series 2013-2, Class A, 2.620%, 11/15/27 (e)		337
	250	Series 2014-1, Class A1, 1.720%, 04/15/33 (e)		250
		Banc of America Commercial Mortgage Trust,
	49	Series 2006-1, Class A4, VAR, 5.372%, 09/10/45		49
	262	Series 2006-4, Class A4, 5.634%, 07/10/46		270
	256	Series 2007-5, Class A4, 5.492%, 02/10/51		272
	134	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-3, Class AM, 4.727%, 07/10/43		134
	200	BB-UBS Trust, Series 2012-TFT, Class A, 2.892%, 06/05/30 (e)		199
	333	Bear Stearns Commercial Mortgage Securities Trust, Series 2006-PW11, Class A4, VAR, 5.430%, 03/11/39		339
	13,466	CD Commercial Mortgage Trust, Series 2007-CD4, Class XC, IO, VAR, 0.367%, 12/11/49 (e)		71
		COMM Mortgage Trust,
	500	Series 2012-9W57, Class A, 2.365%, 02/10/29 (e)		510
	423	Series 2014-KYO, Class A, VAR, 1.082%, 06/11/27 (e)		422
	132	Series 2014-PAT, Class A, VAR, 0.986%, 08/13/27 (e)		132
	300	Series 2014-TWC, Class A, VAR, 1.030%, 02/13/32 (e)		300
	35	Commercial Mortgage Pass-Through Certificates, Series 2012-MVP, Class A, VAR, 2.122%, 11/17/26 (e)		35
	402	CSMC, Series 2014-ICE, Class A, VAR, 1.050%, 04/15/27 (e)		401
	9	DBRR Trust, Series 2013-EZ2, Class A, VAR, 0.853%, 02/25/45 (e)		9
		Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates,
	1,000	Series K037, Class A2, 3.490%, 01/25/24		1,073
	500	Series KSMC, Class A2, 2.615%, 01/25/23		508
	205	GMAC Commercial Mortgage Securities, Inc. Trust, Series 2006-C1, Class A4, VAR, 5.238%, 11/10/45		206
	43	LB-UBS Commercial Mortgage Trust, Series 2006-C1, Class A4, 5.156%, 02/15/31		43
	249	Morgan Stanley Re-REMIC Trust, Series 2012-XA, Class A, 2.000%, 07/27/49 (e)		248
	590	NCUA Guaranteed Notes Trust, Series 2010-C1, Class APT, 2.650%, 10/29/20		604
		NorthStar, (Cayman Islands),
	223	Series 2013-1A, Class A, VAR, 2.031%, 08/25/29 (e)		223
	250	Series 2013-1A, Class B, VAR, 5.181%, 08/25/29 (e)		252
	112	ORES NPL LLC, Series 2013-LV2, Class A, 3.081%, 09/25/25 (e)		112
		RAIT Trust,
	245	Series 2014-FL3, Class A, VAR, 1.428%, 12/15/31 (e)		245
	397	Series 2015-FL4, Class A, VAR, 1.535%, 04/15/18 (e)		397
	116	UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.663%, 06/10/30 (e)		121
	104	UBS-Barclays Commercial Mortgage Trust, Series 2012-C2, Class A4, 3.525%, 05/10/63		110
	500	VNDO Mortgage Trust, Series 2013-PENN, Class A, 3.808%, 12/13/29 (e)		534

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
	107	Wells Fargo Resecuritization Trust, Series 2012-IO, Class A, 1.750%, 08/20/21 (e)		107
		Total Commercial Mortgage-Backed Securities (Cost $8,649)		8,805
	Corporate Bonds — 17.2%
		Consumer Discretionary — 1.0%
		Auto Components — 0.0% (g)
	99	Johnson Controls, Inc., 3.750%, 12/01/21		104
		Automobiles — 0.1%
		Daimler Finance North America LLC,
	150	1.875%, 01/11/18 (e)		151
	150	2.625%, 09/15/16 (e)		153
				304
		Internet & Catalog Retail — 0.0% (g)
	197	Amazon.com, Inc., 3.300%, 12/05/21		203
		Media — 0.7%
		21st Century Fox America, Inc.,
	100	7.250%, 05/18/18		116
	100	7.700%, 10/30/25		132
		CBS Corp.,
	50	3.375%, 03/01/22		50
	94	3.700%, 08/15/24		93
		Comcast Corp.,
	80	3.375%, 08/15/25		81
	100	5.900%, 03/15/16		104
		DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.,
	140	3.800%, 03/15/22		144
	26	3.950%, 01/15/25		26
	150	4.600%, 02/15/21		161
	213	5.000%, 03/01/21		235
	78	Discovery Communications LLC, 4.375%, 06/15/21		83
	550	NBCUniversal Media LLC, 2.875%, 01/15/23		547
		Thomson Reuters Corp., (Canada),
	51	3.850%, 09/29/24		52
	105	3.950%, 09/30/21		112
	60	4.700%, 10/15/19		66
		Time Warner Cable, Inc.,
	57	5.850%, 05/01/17		61
	50	6.750%, 07/01/18		56
	150	8.250%, 04/01/19		178
	35	8.750%, 02/14/19		42
	100	Time Warner Cos., Inc., 7.570%, 02/01/24		126
	300	Time Warner, Inc., 3.600%, 07/15/25		299
		Viacom, Inc.,
	37	2.750%, 12/15/19		37
	100	3.125%, 06/15/22		98
	11	3.250%, 03/15/23		11
	43	3.875%, 12/15/21		44
	15	6.250%, 04/30/16		16
	42	Walt Disney Co. (The), 0.450%, 12/01/15		42
				3,012
		Multiline Retail — 0.1%
	40	Kohl’s Corp., 6.250%, 12/15/17		44
		Macy’s Retail Holdings, Inc.,
	37	2.875%, 02/15/23		37
	49	4.375%, 09/01/23		53
	25	7.450%, 07/15/17		28
	35	Nordstrom, Inc., 4.000%, 10/15/21		38
	400	Target Corp., 6.000%, 01/15/18		448
				648
		Specialty Retail — 0.1%
	32	Bed Bath & Beyond, Inc., 4.915%, 08/01/34		33
	56	Gap, Inc. (The), 5.950%, 04/12/21		64
		Home Depot, Inc. (The),
	67	2.625%, 06/01/22		67
	130	5.400%, 03/01/16		135
				299
		Total Consumer Discretionary		4,570
		Consumer Staples — 0.7%
		Beverages — 0.2%
	75	Anheuser-Busch Cos. LLC, 5.500%, 01/15/18		83
	150	Anheuser-Busch InBev Finance, Inc., 3.700%, 02/01/24		156
	36	Anheuser-Busch InBev Worldwide, Inc., 7.750%, 01/15/19		43
	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)		85
	30	Heineken N.V., (Netherlands), 1.400%, 10/01/17 (e)		30

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Beverages —continued
		PepsiCo, Inc.,
	180	1.250%, 08/13/17		181
	31	3.000%, 08/25/21		32
	6	7.900%, 11/01/18		7
	200	SABMiller Holdings, Inc., 3.750%, 01/15/22 (e)		209
				936
		Food & Staples Retailing — 0.2%
	86	Costco Wholesale Corp., 2.250%, 02/15/22		85
	179	CVS Health Corp., 4.000%, 12/05/23		188
	51	CVS Pass-Through Trust, 5.926%, 01/10/34 (e)		61
		Kroger Co. (The),
	50	2.200%, 01/15/17		51
	90	4.000%, 02/01/24		96
	30	6.150%, 01/15/20		35
	75	6.400%, 08/15/17		83
	37	Sysco Corp., 3.000%, 10/02/21		38
	94	Walgreen Co., 3.100%, 09/15/22		93
	91	Walgreens Boots Alliance, Inc., 3.300%, 11/18/21		92
				822
		Food Products — 0.3%
	135	Bunge Ltd. Finance Corp., 8.500%, 06/15/19		165
	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.,
	30	3.500%, 06/06/22		30
	22	5.375%, 02/10/20		25
	332	6.125%, 08/23/18		374
	150	Mondelez International, Inc., 4.000%, 02/01/24		160
	73	Tyson Foods, Inc., 3.950%, 08/15/24		76
				1,090
		Household Products — 0.0% (g)
	20	Kimberly-Clark Corp., 2.400%, 03/01/22		20
	57	Procter & Gamble - ESOP, Series A, 9.360%, 01/01/21		70
				90
		Total Consumer Staples		2,938
		Energy — 1.8%
		Energy Equipment & Services — 0.1%
	14	Cameron International Corp., 4.000%, 12/15/23		14
	9	Ensco plc, (United Kingdom), 5.200%, 03/15/25		9
	107	Halliburton Co., 3.500%, 08/01/23		111
	60	Nabors Industries, Inc., 5.000%, 09/15/20		62
	15	National Oilwell Varco, Inc., 1.350%, 12/01/17		15
		Noble Holding International Ltd., (Cayman Islands),
	12	3.950%, 03/15/22		11
	18	4.000%, 03/16/18		19
	47	Schlumberger Investment S.A., (Luxembourg), 3.300%, 09/14/21 (e)		49
		Transocean, Inc., (Cayman Islands),
	39	4.300%, 10/15/22		31
	78	6.375%, 12/15/21		74
	57	6.500%, 11/15/20		54
	33	Weatherford International Ltd., (Bermuda), 4.500%, 04/15/22		32
				481
		Oil, Gas & Consumable Fuels — 1.7%
		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		236
	256	2.750%, 05/10/23		250
	60	3.506%, 03/17/25		60
	66	3.814%, 02/10/24		69
	100	4.742%, 03/11/21		113
		Buckeye Partners LP,
	30	4.350%, 10/15/24		30
	40	4.875%, 02/01/21		42
	25	5.850%, 11/15/43		25
		Canadian Natural Resources Ltd., (Canada),
	25	3.900%, 02/01/25		25
	150	5.900%, 02/01/18		165
	21	Cenovus Energy, Inc., (Canada), 3.000%, 08/15/22		20
	40	Chevron Corp., 2.355%, 12/05/22		39

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
	200	CNOOC Nexen Finance 2014 ULC, (Canada), 4.250%, 04/30/24		210
	150	ConocoPhillips, 5.750%, 02/01/19		171
	190	ConocoPhillips Canada Funding Co. I, (Canada), 5.625%, 10/15/16		202
	41	ConocoPhillips Co., 2.200%, 05/15/20		41
	190	Devon Energy Corp., 6.300%, 01/15/19		216
	58	Ecopetrol S.A., (Colombia), 4.125%, 01/16/25		55
	80	Encana Corp., (Canada), 6.500%, 05/15/19		92
	89	Energy Transfer Partners LP, 3.600%, 02/01/23		87
	200	Eni S.p.A., (Italy), 4.150%, 10/01/20 (e)		211
	74	EnLink Midstream Partners LP, 4.150%, 06/01/25		74
		Enterprise Products Operating LLC,
	500	1.650%, 05/07/18		500
	37	3.750%, 02/15/25		38
	49	3.900%, 02/15/24		51
		EOG Resources, Inc.,
	23	2.625%, 03/15/23		23
	100	4.100%, 02/01/21		108
	250	Gulf South Pipeline Co. LP, 4.000%, 06/15/22		242
	50	Magellan Midstream Partners LP, 6.550%, 07/15/19		58
		Marathon Oil Corp.,
	228	5.900%, 03/15/18		252
	175	6.000%, 10/01/17		193
	67	Marathon Petroleum Corp., 3.625%, 09/15/24		68
	35	Occidental Petroleum Corp., 1.750%, 02/15/17		35
		ONEOK Partners LP,
	80	3.800%, 03/15/20		82
	200	4.900%, 03/15/25		203
		Petrobras Global Finance B.V., (Netherlands),
	84	4.375%, 05/20/23		75
	90	5.375%, 01/27/21		88
	295	6.250%, 03/17/24		292
	50	7.875%, 03/15/19		53
	97	Petro-Canada, (Canada), 6.050%, 05/15/18		109
		Petroleos Mexicanos, (Mexico),
	59	4.250%, 01/15/25 (e)		59
	69	4.875%, 01/18/24		72
	43	Phillips 66, 2.950%, 05/01/17		44
		Plains All American Pipeline LP/PAA Finance Corp.,
	59	2.600%, 12/15/19		59
	100	3.600%, 11/01/24		99
	200	Sinopec Group Overseas Development 2013 Ltd., (United Kingdom), 4.375%, 10/17/23 (e)		214
		Spectra Energy Capital LLC,
	150	5.650%, 03/01/20		165
	140	6.200%, 04/15/18		155
	50	8.000%, 10/01/19		60
		Spectra Energy Partners LP,
	79	2.950%, 09/25/18		81
	63	3.500%, 03/15/25		62
		Statoil ASA, (Norway),
	143	2.650%, 01/15/24		139
	42	2.900%, 11/08/20		43
	67	3.125%, 08/17/17		70
	83	3.150%, 01/23/22		86
	180	Sunoco Logistics Partners Operations LP, 4.650%, 02/15/22		190
	50	Talisman Energy, Inc., (Canada), 7.750%, 06/01/19		58
		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		153
	175	Total Capital S.A., (France), 2.300%, 03/15/16		178
		TransCanada PipeLines Ltd., (Canada),
	172	3.750%, 10/16/23		178
	100	6.500%, 08/15/18		114
	30	7.125%, 01/15/19		35
				7,484
		Total Energy		7,965
		Financials — 8.8%
		Banks — 3.7%
		ABN AMRO Bank N.V., (Netherlands),
	200	1.800%, 06/04/18 (e)		200
	200	2.500%, 10/30/18 (e)		204
		ANZ New Zealand International Ltd., (New Zealand),
	200	2.600%, 09/23/19 (e)		203

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
	100	3.125%, 08/10/15 (e)		100
	250	Australia & New Zealand Banking Group Ltd., (Australia), 2.400%, 11/23/16 (e)		255
		Bank of America Corp.,
	150	3.300%, 01/11/23		150
	200	3.875%, 03/22/17		209
	42	4.100%, 07/24/23		44
	100	5.000%, 05/13/21		111
	130	5.625%, 07/01/20		149
	170	5.750%, 12/01/17		186
	50	5.875%, 01/05/21		58
	814	6.400%, 08/28/17		897
	100	6.500%, 08/01/16		106
	266	6.875%, 04/25/18		303
	208	Series L, 1.950%, 05/12/18		209
	200	Series L, 2.250%, 04/21/20		198
	154	Series L, 3.950%, 04/21/25		152
	300	Series L, 5.650%, 05/01/18		331
	85	Bank of Montreal, (Canada), 2.550%, 11/06/22		84
		Bank of Nova Scotia (The), (Canada),
	121	1.650%, 10/29/15 (e)		122
	175	2.550%, 01/12/17		179
	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)		201
	250	6.050%, 12/04/17 (e)		273
		BB&T Corp.,
	125	3.950%, 04/29/16		128
	100	5.250%, 11/01/19		111
	300	Capital One Bank USA N.A., 3.375%, 02/15/23		299
		Citigroup, Inc.,
	650	1.700%, 04/27/18		647
	106	1.800%, 02/05/18		106
	350	2.400%, 02/18/20		349
	135	3.375%, 03/01/23		137
	73	3.750%, 06/16/24		75
	414	5.375%, 08/09/20		469
	115	5.500%, 09/13/25		128
	13	6.000%, 08/15/17		14
	300	6.125%, 11/21/17		332
		Comerica, Inc.,
	55	3.000%, 09/16/15		55
	16	3.800%, 07/22/26		16
	250	Commonwealth Bank of Australia, (Australia), 2.250%, 03/16/17 (e)		255
		Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., (Netherlands),
	34	3.375%, 01/19/17		35
	118	3.875%, 02/08/22		126
	350	Fifth Third Bancorp, 5.450%, 01/15/17		373
		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
	200	Lloyds Bank plc, (United Kingdom), 1.750%, 03/16/18		201
	300	Manufacturers & Traders Trust Co., 6.625%, 12/04/17		337
	200	Mizuho Bank Ltd., (Japan), 2.650%, 09/25/19 (e)		204
	36	MUFG Americas Holdings Corp., 2.250%, 02/10/20		36
	300	National Australia Bank Ltd., (Australia), 2.750%, 09/28/15 (e)		302
	300	Nordea Bank AB, (Sweden), 3.125%, 03/20/17 (e)		310
		PNC Funding Corp.,
	133	4.375%, 08/11/20		147
	265	5.125%, 02/08/20		300
	110	5.250%, 11/15/15		112
	115	5.625%, 02/01/17		123
		Royal Bank of Canada, (Canada),
	150	1.875%, 02/05/20		150
	239	2.000%, 10/01/18		243
	125	2.200%, 07/27/18		127
	200	2.300%, 07/20/16		204
	250	Stadshypotek AB, (Sweden), 1.875%, 10/02/19 (e)		251
	200	Standard Chartered plc, (United Kingdom), 5.200%, 01/26/24 (e)		216
		Toronto-Dominion Bank (The), (Canada),
	200	1.500%, 03/13/17 (e)		202
	37	1.625%, 03/13/18		37
	235	2.200%, 07/29/15 (e)		236
	104	2.250%, 11/05/19		105
	150	U.S. Bancorp, 2.450%, 07/27/15		150
	250	U.S. Bank N.A., 2.800%, 01/27/25		246
	850	Wachovia Corp., 5.750%, 02/01/18		945

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
		Wells Fargo & Co.,
	99	3.000%, 02/19/25		97
	237	4.480%, 01/16/24		255
	415	5.625%, 12/11/17		459
	500	SUB, 3.676%, 06/15/16		515
	250	Wells Fargo Bank N.A., 6.000%, 11/15/17		277
	285	Westpac Banking Corp., (Australia), 4.875%, 11/19/19		320
				16,489
		Capital Markets — 1.8%
	120	Ameriprise Financial, Inc., 4.000%, 10/15/23		128
		Bank of New York Mellon Corp. (The),
	150	3.250%, 09/11/24		153
	100	3.650%, 02/04/24		105
	75	4.600%, 01/15/20		83
	250	Series 1, 2.950%, 06/18/15		250
	326	BlackRock, Inc., Series 2, 5.000%, 12/10/19		368
	150	Blackstone Holdings Finance Co. LLC, 5.875%, 03/15/21 (e)		174
	40	Charles Schwab Corp. (The), 3.225%, 09/01/22		41
	250	Credit Suisse, (Switzerland), 1.700%, 04/27/18		249
	319	Deutsche Bank AG, (Germany), 1.875%, 02/13/18		320
		Goldman Sachs Group, Inc. (The),
	100	1.600%, 11/23/15		101
	48	2.600%, 04/23/20		48
	68	2.625%, 01/31/19		69
	255	3.625%, 02/07/16		260
	66	3.700%, 08/01/15		66
	137	3.750%, 05/22/25		138
	120	4.000%, 03/03/24		124
	68	5.375%, 03/15/20		77
	80	5.750%, 01/24/22		92
	1,100	5.950%, 01/18/18		1,216
	250	7.500%, 02/15/19		296
	200	ING Bank N.V., (Netherlands), 3.750%, 03/07/17 (e)		209
	71	Invesco Finance plc, (United Kingdom), 4.000%, 01/30/24		75
		Jefferies Group LLC,
	111	3.875%, 11/09/15		112
	150	5.125%, 04/13/18		160
	125	6.875%, 04/15/21		144
		Macquarie Bank Ltd., (Australia),
	93	2.000%, 08/15/16 (e)		94
	263	5.000%, 02/22/17 (e)		279
		Macquarie Group Ltd., (Australia),
	150	6.000%, 01/14/20 (e)		170
	40	6.250%, 01/14/21 (e)		46
		Morgan Stanley,
	40	2.650%, 01/27/20		40
	83	3.700%, 10/23/24		85
	62	3.950%, 04/23/27		61
	104	4.000%, 07/24/15		104
	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		509
	100	5.750%, 01/25/21		115
	100	6.625%, 04/01/18		113
	100	7.300%, 05/13/19		119
		Nomura Holdings, Inc., (Japan),
	85	4.125%, 01/19/16		87
	84	6.700%, 03/04/20		100
		State Street Corp.,
	36	3.100%, 05/15/23		36
	192	3.700%, 11/20/23		204
	34	TD Ameritrade Holding Corp., 2.950%, 04/01/22		34
		UBS AG, (Switzerland),
	100	5.750%, 04/25/18		111
	100	5.875%, 12/20/17		111
				7,880
		Consumer Finance — 0.9%
	139	American Express Credit Corp., 2.800%, 09/19/16		142
		American Honda Finance Corp.,
	200	2.125%, 02/28/17 (e)		204
	83	2.250%, 08/15/19		84
		Capital One Financial Corp.,
	125	3.200%, 02/05/25		121
	110	3.500%, 06/15/23		112
		Caterpillar Financial Services Corp.,
	250	1.000%, 11/25/16		251
	206	2.250%, 12/01/19		209
	58	2.850%, 06/01/22		59

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Consumer Finance — continued
	100	5.500%, 03/15/16		104
	65	7.050%, 10/01/18		76
	100	7.150%, 02/15/19		119
		Ford Motor Credit Co. LLC,
	550	2.375%, 03/12/19		554
	200	3.000%, 06/12/17		205
	200	4.250%, 09/20/22		213
		HSBC USA, Inc.,
	200	1.700%, 03/05/18		201
	180	2.350%, 03/05/20		180
		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)		74
		PACCAR Financial Corp.,
	39	1.400%, 05/18/18		39
	66	1.600%, 03/15/17		67
		Toyota Motor Credit Corp.,
	225	1.750%, 05/22/17		229
	200	2.000%, 09/15/16		203
	100	2.050%, 01/12/17		102
	105	2.100%, 01/17/19		106
	154	3.200%, 06/17/15		154
				3,893
		Diversified Financial Services — 1.4%
	161	Associates Corp. of North America, 6.950%, 11/01/18		187
	425	Bank of America N.A., 5.300%, 03/15/17		452
		Berkshire Hathaway, Inc.,
	638	3.400%, 01/31/22		675
	98	3.750%, 08/15/21		106
	97	CME Group, Inc., 3.000%, 03/15/25		97
	25	Countrywide Financial Corp., 6.250%, 05/15/16		26
		General Electric Capital Corp.,
	17	1.000%, 12/11/15		17
	220	4.375%, 09/16/20		244
	800	4.650%, 10/17/21		897
	500	5.400%, 02/15/17		538
	140	5.500%, 01/08/20		161
	535	5.625%, 05/01/18		598
		Intercontinental Exchange, Inc.,
	47	2.500%, 10/15/18		48
	88	4.000%, 10/15/23		94
		Private Export Funding Corp.,
	500	Series EE, 2.800%, 05/15/22		514
	200	Series KK, 3.550%, 01/15/24		215
		Shell International Finance B.V., (Netherlands),
	42	1.125%, 08/21/17		42
	367	2.125%, 05/11/20		369
	184	3.100%, 06/28/15		184
	100	3.250%, 05/11/25		102
	195	4.375%, 03/25/20		216
		Siemens Financieringsmaatschappij N.V., (Netherlands),
	250	2.900%, 05/27/22 (e)		251
	100	5.750%, 10/17/16 (e)		107
				6,140
		Insurance — 0.6%
	45	ACE INA Holdings, Inc., 2.600%, 11/23/15		45
	61	Allstate Corp. (The), 3.150%, 06/15/23		62
	59	American International Group, Inc., 4.125%, 02/15/24		62
	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		168
		CNA Financial Corp.,
	45	3.950%, 05/15/24		46
	45	5.875%, 08/15/20		52
	80	Jackson National Life Global Funding, 4.700%, 06/01/18 (e)		87
	41	Liberty Mutual Group, Inc., 5.000%, 06/01/21 (e)		45
	35	Lincoln National Corp., 4.200%, 03/15/22		38
		MassMutual Global Funding II,
	300	2.000%, 04/05/17 (e)		305
	100	3.125%, 04/14/16 (e)		102
		Metropolitan Life Global Funding I,
	207	1.500%, 01/10/18 (e)		207
	200	2.500%, 09/29/15 (e)		201
	175	3.650%, 06/14/18 (e)		186
	100	3.875%, 04/11/22 (e)		107
		New York Life Global Funding,
	250	1.300%, 04/27/18 (e)		249
	73	2.150%, 06/18/19 (e)		74

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Insurance — continued
	150	Pacific Life Global Funding, 5.000%, 05/15/17 (e)		159
	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)		108
	150	Prudential Insurance Co. of America (The), 8.300%, 07/01/25 (e)		204
				2,669
		Real Estate Investment Trusts (REITs) — 0.4%
		American Tower Corp.,
	80	3.500%, 01/31/23		79
	38	5.000%, 02/15/24		41
		American Tower Trust I,
	45	1.551%, 03/15/18 (e)		45
	200	3.070%, 03/15/23 (e)		199
		Equity Commonwealth,
	125	5.875%, 09/15/20		139
	150	6.650%, 01/15/18		162
	27	ERP Operating LP, 4.625%, 12/15/21		30
		HCP, Inc.,
	52	2.625%, 02/01/20		52
	38	3.400%, 02/01/25		37
	23	3.875%, 08/15/24		23
	17	4.200%, 03/01/24		17
	38	4.250%, 11/15/23		39
	92	5.375%, 02/01/21		103
	73	Health Care REIT, Inc., 4.500%, 01/15/24		78
	53	Prologis LP, 4.250%, 08/15/23		56
	50	Realty Income Corp., 3.875%, 07/15/24		51
		Simon Property Group LP,
	100	3.375%, 10/01/24		102
	81	4.125%, 12/01/21		89
	90	4.375%, 03/01/21		99
	50	6.125%, 05/30/18		56
		Ventas Realty LP,
	27	3.500%, 02/01/25		27
	44	3.750%, 05/01/24		44
				1,568
		Total Financials		38,639
		Health Care — 0.6%
		Biotechnology — 0.2%
		Amgen, Inc.,
	400	3.875%, 11/15/21		426
	44	4.500%, 03/15/20		48
	40	5.700%, 02/01/19		45
		Celgene Corp.,
	98	3.250%, 08/15/22		100
	44	3.625%, 05/15/24		45
	57	Gilead Sciences, Inc., 3.500%, 02/01/25		58
				722
		Health Care Equipment & Supplies — 0.0% (g)
	40	Becton, Dickinson and Co., 5.000%, 05/15/19		44
		Health Care Providers & Services — 0.2%
		Anthem, Inc.,
	93	2.300%, 07/15/18		94
	115	3.125%, 05/15/22		115
	45	Cardinal Health, Inc., 2.400%, 11/15/19		45
	72	Express Scripts Holding Co., 3.500%, 06/15/24		73
	214	Laboratory Corp. of America Holdings, 3.200%, 02/01/22		214
	17	McKesson Corp., 0.950%, 12/04/15		17
	50	Medco Health Solutions, Inc., 2.750%, 09/15/15		50
	112	UnitedHealth Group, Inc., 3.375%, 11/15/21		118
				726
		Life Sciences Tools & Services — 0.0% (g)
		Thermo Fisher Scientific, Inc.,
	22	1.300%, 02/01/17		22
	69	4.150%, 02/01/24		72
				94
		Pharmaceuticals — 0.2%
		AbbVie, Inc.,
	119	1.750%, 11/06/17		119
	127	2.500%, 05/14/20		127
	87	2.900%, 11/06/22		86
	35	3.200%, 11/06/22		35
		Forest Laboratories, Inc.,
	250	4.375%, 02/01/19 (e)		267
	69	5.000%, 12/15/21 (e)		76
	150	GlaxoSmithKline Capital, Inc., 5.650%, 05/15/18		169

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Pharmaceuticals — continued
		Merck & Co., Inc.,
	75	1.300%, 05/18/18		75
	64	2.350%, 02/10/22		63
	62	2.400%, 09/15/22		61
	30	3.700%, 02/10/45		28
				1,106
		Total Health Care		2,692
		Industrials — 0.9%
		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)		81
	100	Honeywell International, Inc., 5.300%, 03/01/18		111
	47	Lockheed Martin Corp., 2.125%, 09/15/16		48
	43	Precision Castparts Corp., 0.700%, 12/20/15		43
				395
		Air Freight & Logistics — 0.2%
	511	Federal Express Corp. 1998 Pass-Through Trust, 6.720%, 01/15/22		594
	115	United Parcel Service of America, Inc., 8.375%, 04/01/20		148
				742
		Airlines — 0.1%
	183	American Airlines 2013-2 Class A Pass-Through Trust, 4.950%, 01/15/23		197
	26	Continental Airlines 1999-2 Class A-1 Pass-Through Trust, 7.256%, 03/15/20		29
	50	Delta Air Lines 2010-2 Class A Pass-Through Trust, 4.950%, 05/23/19		53
				279
		Commercial Services & Supplies — 0.0% (g)
		ADT Corp. (The),
	70	3.500%, 07/15/22		64
	24	4.125%, 06/15/23		23
	50	Pitney Bowes, Inc., 5.600%, 03/15/18		54
				141
		Construction & Engineering — 0.0% (g)
		ABB Finance USA, Inc.,
	32	1.625%, 05/08/17		33
	41	2.875%, 05/08/22		41
	70	Fluor Corp., 3.375%, 09/15/21		73
				147
		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		183
	34	Ingersoll-Rand Global Holding Co., Ltd., 4.250%, 06/15/23		36
	152	Koninklijke Philips N.V., (Netherlands), 3.750%, 03/15/22		157
				376
		Machinery — 0.1%
		Caterpillar, Inc.,
	74	1.500%, 06/26/17		75
	31	2.600%, 06/26/22		31
	89	Deere & Co., 2.600%, 06/08/22		89
	25	Parker-Hannifin Corp., 5.500%, 05/15/18		28
				223
		Road & Rail — 0.3%
		Burlington Northern Santa Fe LLC,
	43	3.050%, 03/15/22		44
	32	3.450%, 09/15/21		33
	19	3.600%, 09/01/20		20
	100	3.750%, 04/01/24		106
	100	5.650%, 05/01/17		109
	55	Canadian Pacific Railway Co., (Canada), 4.500%, 01/15/22		60
		CSX Corp.,
	100	3.400%, 08/01/24		102
	30	7.375%, 02/01/19		36
	50	7.900%, 05/01/17		56
		ERAC USA Finance LLC,
	48	2.750%, 03/15/17 (e)		49
	27	4.500%, 08/16/21 (e)		30
		Norfolk Southern Corp.,
	138	3.250%, 12/01/21		143
	50	7.700%, 05/15/17		56
		Penske Truck Leasing Co. LP/PTL Finance Corp.,
	53	2.875%, 07/17/18 (e)		54
	141	3.375%, 02/01/22 (e)		139

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Road & Rail — continued
		Ryder System, Inc.,
	48	2.500%, 03/01/17		49
	28	2.500%, 05/11/20		28
	55	3.600%, 03/01/16		56
		Union Pacific Corp.,
	21	2.950%, 01/15/23		22
	75	3.646%, 02/15/24		79
	233	4.163%, 07/15/22		257
				1,528
		Total Industrials		3,914
		Information Technology — 1.0%
		Communications Equipment — 0.0% (g)
	55	Cisco Systems, Inc., 2.900%, 03/04/21		57
		Electronic Equipment, Instruments & Components — 0.1%
		Arrow Electronics, Inc.,
	32	3.000%, 03/01/18		33
	16	4.500%, 03/01/23		17
	100	6.875%, 06/01/18		112
	63	7.500%, 01/15/27		74
				236
		Internet Software & Services — 0.0% (g)
		eBay, Inc.,
	62	2.600%, 07/15/22		59
	63	2.875%, 08/01/21		63
				122
		IT Services — 0.2%
		International Business Machines Corp.,
	126	1.250%, 02/06/17		127
	309	1.625%, 05/15/20		304
	350	7.625%, 10/15/18		419
		Xerox Corp.,
	39	2.950%, 03/15/17		40
	50	5.625%, 12/15/19		56
	40	6.750%, 02/01/17		44
				990
		Semiconductors & Semiconductor Equipment — 0.0% (g)
	30	National Semiconductor Corp., 6.600%, 06/15/17		33
	73	Texas Instruments, Inc., 1.650%, 08/03/19		73
				106
		Software — 0.2%
	25	Intuit, Inc., 5.750%, 03/15/17		27
		Microsoft Corp.,
	23	0.875%, 11/15/17		23
	120	1.625%, 09/25/15		120
	34	2.125%, 11/15/22		33
	100	2.375%, 02/12/22		99
	68	2.375%, 05/01/23		67
	167	3.625%, 12/15/23		178
		Oracle Corp.,
	200	3.625%, 07/15/23		211
	200	5.250%, 01/15/16		206
	100	5.750%, 04/15/18		112
				1,076
		Technology Hardware, Storage & Peripherals — 0.5%
		Apple, Inc.,
	273	2.150%, 02/09/22		267
	199	2.400%, 05/03/23		193
	250	2.700%, 05/13/22		252
	201	2.850%, 05/06/21		207
	513	3.200%, 05/13/25		518
	207	VAR, 0.529%, 05/03/18		208
		EMC Corp.,
	100	1.875%, 06/01/18		101
	100	3.375%, 06/01/23		101
		Hewlett-Packard Co.,
	118	4.375%, 09/15/21		125
	45	4.650%, 12/09/21		49
				2,021
		Total Information Technology		4,608
		Materials — 0.5%
		Chemicals — 0.2%
	45	Agrium, Inc., (Canada), 3.375%, 03/15/25		44
	125	CF Industries, Inc., 7.125%, 05/01/20		150
		Dow Chemical Co. (The),
	100	3.500%, 10/01/24		100
	119	4.125%, 11/15/21		128
	20	8.550%, 05/15/19		24
	100	E.I. du Pont de Nemours & Co., 6.000%, 07/15/18		113
		Mosaic Co. (The),
	34	3.750%, 11/15/21		36
	212	4.250%, 11/15/23		224
	25	Potash Corp. of Saskatchewan, Inc., (Canada), 3.250%, 12/01/17		26
	41	Praxair, Inc., 2.650%, 02/05/25		40

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Chemicals — continued
	150	Union Carbide Corp., 7.500%, 06/01/25		190
				1,075
		Construction Materials — 0.1%
	200	CRH America, Inc., 3.875%, 05/18/25 (e)		203
		Metals & Mining — 0.2%
		BHP Billiton Finance USA Ltd., (Australia),
	95	3.850%, 09/30/23		100
	100	5.400%, 03/29/17		108
	100	6.500%, 04/01/19		117
		Freeport-McMoRan, Inc.,
	128	2.150%, 03/01/17		128
	107	4.550%, 11/14/24		103
	27	Nucor Corp., 4.000%, 08/01/23		28
	27	Rio Tinto Finance USA. Ltd., (Australia), 3.500%, 11/02/20		29
	58	Rio Tinto Finance USA. plc, (United Kingdom), 1.625%, 08/21/17		58
		Teck Resources Ltd., (Canada),
	39	3.750%, 02/01/23		35
	42	4.750%, 01/15/22		41
				747
		Total Materials		2,025
		Telecommunication Services — 1.0%
		Diversified Telecommunication Services — 0.9%
		AT&T, Inc.,
	204	0.900%, 02/12/16		204
	85	2.450%, 06/30/20		84
	490	3.000%, 06/30/22		483
	28	3.400%, 05/15/25		27
	100	4.450%, 05/15/21		108
	180	5.500%, 02/01/18		198
	350	Bellsouth Capital Funding Corp., 7.875%, 02/15/30		446
	27	BellSouth Telecommunications LLC, 6.300%, 12/15/15		28
	100	British Telecommunications plc, (United Kingdom), 5.950%, 01/15/18		111
		GTP Acquisition Partners I LLC,
	174	2.350%, 06/15/20 (e)		174
	202	3.482%, 06/16/25 (e)		202
	27	Nippon Telegraph & Telephone Corp., (Japan), 1.400%, 07/18/17		27
	61	Orange S.A., (France), 2.750%, 09/14/16		62
	148	Qwest Corp., 6.750%, 12/01/21		167
	31	Telefonica Emisiones S.A.U., (Spain), 5.134%, 04/27/20		34
		Verizon Communications, Inc.,
	115	2.625%, 02/21/20		116
	179	3.000%, 11/01/21		180
	72	3.450%, 03/15/21		75
	295	3.500%, 11/01/24		296
	156	4.150%, 03/15/24		165
	353	4.500%, 09/15/20		385
	150	5.150%, 09/15/23		167
	176	Verizon New England, Inc., 7.875%, 11/15/29		222
				3,961
		Wireless Telecommunication Services — 0.1%
	160	Rogers Communications, Inc., (Canada), 4.100%, 10/01/23		168
		Vodafone Group plc, (United Kingdom),
	100	1.500%, 02/19/18		100
	100	1.625%, 03/20/17		100
				368
		Total Telecommunication Services		4,329
		Utilities — 0.9%
		Electric Utilities — 0.7%
	27	American Electric Power Co., Inc., 1.650%, 12/15/17		27
	27	Arizona Public Service Co., 2.200%, 01/15/20		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		58
	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		169
	60	Electricite de France S.A., (France), 2.150%, 01/22/19 (e)		61
	100	Enel Finance International N.V., (Netherlands), 5.125%, 10/07/19 (e)		111
		Indiana Michigan Power Co.,
	135	7.000%, 03/15/19		159
	100	Series J, 3.200%, 03/15/23		102

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Electric Utilities — continued
	25	Jersey Central Power & Light Co., 7.350%, 02/01/19		29
	47	Kansas City Power & Light Co., 3.150%, 03/15/23		47
	60	Nevada Power Co., 7.125%, 03/15/19		71
		NextEra Energy Capital Holdings, Inc.,
	25	1.200%, 06/01/15		25
	27	2.400%, 09/15/19		27
	113	7.875%, 12/15/15		117
		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		58
		Pacific Gas & Electric Co.,
	68	2.450%, 08/15/22		67
	50	3.250%, 06/15/23		51
	125	5.625%, 11/30/17		137
		PacifiCorp,
	140	3.600%, 04/01/24		148
	100	3.850%, 06/15/21		108
	60	5.650%, 07/15/18		68
	75	PECO Energy Co., 5.350%, 03/01/18		83
	51	Public Service Co. of Colorado, 3.200%, 11/15/20		54
	74	Public Service Co. of Oklahoma, 4.400%, 02/01/21		81
	375	Public Service Electric & Gas Co., 3.000%, 05/15/25		378
		Southern California Edison Co.,
	58	1.845%, 02/01/22		58
	212	Series C, 3.500%, 10/01/23		222
	45	Southern Co. (The), 1.950%, 09/01/16		46
	30	Southwestern Public Service Co., Series G, 8.750%, 12/01/18		37
		Virginia Electric & Power Co.,
	21	3.450%, 02/15/24		22
	100	5.400%, 04/30/18		111
	100	Wisconsin Electric Power Co., 6.250%, 12/01/15		103
	27	Xcel Energy, Inc., 0.750%, 05/09/16		27
				3,191
		Gas Utilities — 0.0% (g)
	30	Atmos Energy Corp., 8.500%, 03/15/19		37
	50	CenterPoint Energy Resources Corp., 6.125%, 11/01/17		55
				92
		Independent Power & Renewable Electricity Producers — 0.1%
		Exelon Generation Co. LLC,
	45	2.950%, 01/15/20		46
	72	4.000%, 10/01/20		76
	37	PSEG Power LLC, 4.300%, 11/15/23		39
				161
		Multi-Utilities — 0.1%
		AGL Capital Corp.,
	94	3.500%, 09/15/21		99
	100	6.375%, 07/15/16		106
	50	Consumers Energy Co., 5.650%, 04/15/20		58
		Sempra Energy,
	48	4.050%, 12/01/23		51
	150	9.800%, 02/15/19		191
				505
		Total Utilities		3,949
		Total Corporate Bonds (Cost $72,365)		75,629
	Foreign Government Securities — 1.4%
		Israel Government AID Bond, (Israel),
	1,000	Zero Coupon, 02/15/24		796
	500	Series 6-Z, Zero Coupon, 02/15/22		430
	1,000	Series 7-Z, Zero Coupon, 08/15/25		754
	1,000	Series 8-Z, Zero Coupon, 08/15/24		781
	1,000	Series 8-Z, Zero Coupon, 02/15/25		766
	1,557	Series 10-Z, Zero Coupon, 08/15/20		1,409
	250	Province of Ontario, (Canada), 2.700%, 06/16/15		250
	92	Republic of Poland, (Poland), 4.000%, 01/22/24		99
	200	Republic of Turkey, (Turkey), 5.750%, 03/22/24		220
		United Mexican States, (Mexico),
	244	3.500%, 01/21/21		251
	250	3.600%, 01/30/25		251
	116	4.000%, 10/02/23		121
		Total Foreign Government Securities (Cost $5,989)		6,128

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — 9.7%
			Federal Home Loan Mortgage Corp.,
	92		ARM, 2.040%, 01/01/37		97
	208		ARM, 2.078%, 08/01/36		220
	13		ARM, 2.250%, 07/01/26		13
	27		ARM, 2.274%, 01/01/27		29
	61		ARM, 2.276%, 11/01/36		65
	108		ARM, 2.298%, 09/01/36		115
	190		ARM, 2.309%, 03/01/37		201
	245		ARM, 2.318%, 12/01/34		263
	137		ARM, 2.443%, 09/01/36		147
	253		ARM, 2.559%, 06/01/36		271
	155		ARM, 2.638%, 04/01/38		167
	91		ARM, 2.828%, 02/01/37		98
			Federal Home Loan Mortgage Corp. Gold Pools, 15 Year, Single Family,
	69		4.000%, 06/01/19		72
	16		4.500%, 10/01/18		17
	145		5.500%, 06/01/17 - 01/01/24		159
	10		6.000%, 10/01/17 - 04/01/18		11
	125		6.500%, 01/01/17 - 03/01/22		131
			Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family,
	7		6.000%, 12/01/22		8
	37		6.500%, 11/01/22 - 08/01/26		42
			Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,
	56		6.000%, 01/01/34		64
	60		7.000%, 04/01/26 - 02/01/37		70
	5		7.500%, 08/01/25		6
	5		8.000%, 07/01/20 - 11/01/24		6
	16		8.500%, 07/01/28		20
	229		Federal Home Loan Mortgage Corp. Gold Pools, FHA/VA, 10.000%, 10/01/30		259
			Federal Home Loan Mortgage Corp. Gold Pools, Other,
	2,597		3.500%, 05/01/33 - 05/01/43		2,734
	419		4.000%, 06/01/42		453
	122		6.000%, 02/01/33		135
			Federal Home Loan Mortgage Corp., 30 Year, Single Family,
	–	(h)	12.000%, 08/01/15 - 07/01/19		—	(h)
			Federal National Mortgage Association,
	50		ARM, 1.809%, 02/01/37		53
	79		ARM, 1.885%, 08/01/35		84
	142		ARM, 1.893%, 01/01/35		148
	2		ARM, 1.905%, 03/01/19		2
	157		ARM, 1.910%, 09/01/35		166
	230		ARM, 1.912%, 02/01/35		241
	186		ARM, 1.991%, 01/01/35		198
	103		ARM, 2.074%, 09/01/36		110
	231		ARM, 2.086%, 09/01/34		245
	157		ARM, 2.135%, 09/01/35		168
	94		ARM, 2.147%, 11/01/33		100
	140		ARM, 2.193%, 02/01/35		149
	66		ARM, 2.244%, 08/01/36		71
	137		ARM, 2.314%, 08/01/34		146
	114		ARM, 2.363%, 04/01/35		122
	193		ARM, 2.405%, 02/01/37		205
	168		ARM, 2.435%, 09/01/33		179
	114		ARM, 2.447%, 04/01/33		122
	114		ARM, 2.472%, 07/01/46		122
	132		ARM, 2.505%, 10/01/34		142
	–	(h)	ARM, 2.625%, 08/01/19		—	(h)
	10		ARM, 2.633%, 09/01/27		11
	257		ARM, 2.875%, 02/01/36		274
	7		ARM, 3.718%, 03/01/29		7
			Federal National Mortgage Association, 15 Year, Single Family,
	37		4.000%, 05/01/19		39
	172		4.500%, 05/01/18 - 05/01/19		180
	223		5.000%, 06/01/18 - 04/01/19		236
	135		5.500%, 01/01/20 - 06/01/20		142
	223		6.000%, 03/01/21 - 01/01/24		244
	29		6.500%, 03/01/17 - 08/01/20		31
			Federal National Mortgage Association, 20 Year, Single Family,
	60		6.000%, 04/01/24		68
	79		6.500%, 05/01/22		91
			Federal National Mortgage Association, 30 Year, FHA/VA,
	13		6.000%, 09/01/33		14
	22		6.500%, 03/01/29		27
	4		8.500%, 02/01/30		4
	5		9.000%, 09/01/19 - 12/01/30		6
	4		9.500%, 12/01/18		4
			Federal National Mortgage Association, 30 Year, Single Family,
	68		4.500%, 08/01/33		74
	912		5.000%, 07/01/33 - 08/01/40		1,025
	90		5.500%, 12/01/33		104
	436		6.000%, 12/01/32 - 09/01/37		502
	39		6.500%, 08/01/31		46

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	5		7.000%, 09/01/27 - 08/01/32		6
	10		7.500%, 11/01/22 - 10/01/24		11
	336		8.000%, 03/01/21 - 11/01/32		421
	5		8.500%, 07/01/24 - 05/01/25		7
	–	(h)	9.000%, 04/01/26		—	(h)
	2		10.000%, 02/01/24		2
			Federal National Mortgage Association, Other,
	500		VAR, 0.646%, 12/01/23		503
	988		VAR, 0.656%, 08/01/23		995
	480		1.940%, 01/01/17		480
	992		2.220%, 12/01/22		992
	496		2.240%, 12/01/22		496
	658		2.395%, 01/01/22		666
	979		2.480%, 06/01/19		1,007
	1,000		2.760%, 05/01/21		1,035
	1,949		2.764%, 06/01/23		2,007
	1,000		2.790%, 05/01/27		996
	1,000		3.030%, 04/01/27		1,018
	1,000		3.110%, 12/01/24		1,039
	1,000		3.240%, 12/01/26		1,045
	1,000		3.290%, 08/01/26		1,050
	500		3.340%, 02/01/27		527
	1,000		3.380%, 12/01/23		1,063
	1,000		3.510%, 05/01/18		1,060
	1,000		3.540%, 10/01/20		1,075
	2,318		3.590%, 12/01/20		2,495
	1,496		3.760%, 10/01/23 - 11/01/23		1,636
	839		4.000%, 07/01/42		907
	1,031		4.160%, 03/01/21		1,139
	403		4.271%, 06/01/21		444
	778		4.300%, 04/01/21		865
	900		4.355%, 03/01/20		993
	1,921		4.380%, 01/01/21 - 04/01/21		2,144
	490		4.390%, 05/01/21		549
	81		5.500%, 04/01/38		90
	108		6.000%, 03/01/37		122
			Government National Mortgage Association II, 30 Year, Single Family,
	256		6.000%, 03/20/28 - 09/20/38		293
	11		7.500%, 02/20/28 - 09/20/28		13
	28		8.000%, 12/20/25 - 08/20/28		33
	16		8.500%, 03/20/25 - 05/20/25		19
			Government National Mortgage Association, 15 Year, Single Family,
	6		6.000%, 10/15/17		6
	–	(h)	8.000%, 01/15/16		—	(h)
			Government National Mortgage Association, 30 Year, Single Family,
	271		6.000%, 11/15/28 - 12/15/38		313
	254		6.500%, 01/15/24 - 12/15/35		297
	244		7.000%, 08/15/23 - 06/15/35		285
	21		7.500%, 11/15/22 - 09/15/28		23
	4		8.000%, 07/15/22 - 08/15/28		4
	1		8.500%, 11/15/17		1
	6		9.000%, 08/15/16 - 11/15/24		7
	92		9.500%, 09/15/18 - 12/15/25		103
	–	(h)	12.000%, 11/15/19		—	(h)
	612		Government National Mortgage Association, Other, 3.500%, 11/20/33		644
			Total Mortgage Pass-Through Securities (Cost $40,932)		42,701
	Supranational — 0.0% (g)
	150		African Development Bank, 8.800%, 09/01/19 (Cost $184)		188
	U.S. Government Agency Securities — 2.0%
			Federal National Mortgage Association,
	1,000		3.857%, 06/01/17 (n)		986
	800		5.000%, 05/11/17		866
			Financing Corp. STRIPS,
	1,440		1.528%, 05/11/18 (n)		1,394
	584		3.315%, 09/26/19 (n)		544
	500		3.493%, 04/05/19 (n)		470
	1,000		Government Trust Certificate, 1.284%, 10/01/15 (n)		997
			Residual Funding Corp. STRIPS,
	250		1.532%, 10/15/19 (n)		232
	1,950		1.860%, 07/15/20 (n)		1,777
	1,000		Tennessee Valley Authority, 5.500%, 07/18/17		1,098
	333		Tennessee Valley Authority STRIPS, 4.135%, 05/01/19 (n)		311
			Total U.S. Government Agency Securities (Cost $8,465)		8,675
	U.S. Treasury Obligations — 33.9%
			U.S. Treasury Bonds,
	1,225		7.500%, 11/15/16		1,349
	250		8.750%, 08/15/20		341

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligations — continued
	1,500	8.875%, 08/15/17		1,769
		U.S. Treasury Coupon STRIPS,
	700	0.931%, 05/15/18 (n)		681
	2,650	1.605%, 11/15/19 (n)		2,482
	2,200	1.894%, 02/15/18 (n)		2,147
	5,515	1.946%, 05/15/21 (n)		4,950
	3,825	2.028%, 08/15/23 (n)		3,218
	200	2.029%, 05/15/24 (n)		164
	2,150	2.108%, 11/15/23 (n)		1,797
	650	2.138%, 05/15/22 (n)		567
	200	2.139%, 05/15/26 (n)		154
	2,985	2.156%, 02/15/20 (n)		2,779
	10	2.262%, 05/15/28 (n)		7
	3,000	2.276%, 02/15/24 (n)		2,481
	3,275	2.333%, 02/15/21 (n)		2,965
	4,446	2.358%, 08/15/17 (n)		4,378
	750	2.408%, 05/15/23 (n)		636
	300	2.472%, 02/15/27 (n)		226
	1,300	2.531%, 11/15/22 (n)		1,120
	2,400	2.552%, 02/15/22 (n)		2,109
	1,495	2.585%, 05/15/19 (n)		1,419
	200	2.606%, 05/15/25 (n)		159
	6,700	2.649%, 08/15/21 (n)		5,972
	5,495	2.691%, 02/15/23 (n)		4,696
	3,577	2.705%, 08/15/16 (n)		3,561
	53	2.784%, 02/15/28 (n)		39
	4,350	2.810%, 08/15/19 (n)		4,103
	1,000	2.825%, 08/15/22 (n)		867
	2,300	2.912%, 11/15/21 (n)		2,036
	200	2.919%, 08/15/28 (n)		143
	1,224	3.026%, 02/15/17 (n)		1,212
	10,348	3.122%, 05/15/20 (n)		9,559
	47	3.158%, 08/15/26 (n)		36
	14,550	3.205%, 08/15/20 (n)		13,368
	300	3.216%, 11/15/26 (n)		227
	140	3.426%, 11/15/27 (n)		103
	100	3.460%, 08/15/27 (n)		74
	700	3.828%, 11/15/16 (n)		695
	2,290	3.872%, 11/15/17 (n)		2,245
	3,866	6.711%, 02/15/16 (n)		3,862
		U.S. Treasury Inflation Indexed Notes,
	300	0.125%, 01/15/22		313
	700	1.125%, 01/15/21		805
		U.S. Treasury Notes,
	593	0.875%, 01/31/18		593
	300	1.000%, 06/30/19		297
	800	1.000%, 11/30/19		786
	1,500	1.250%, 10/31/18		1,508
	1,000	1.375%, 02/28/19		1,007
	5,500	1.500%, 08/31/18		5,580
	3,550	1.750%, 05/15/23		3,497
	4,000	1.875%, 11/30/21		4,021
	400	2.000%, 02/28/21		408
	3,900	2.000%, 10/31/21		3,953
	500	2.125%, 01/31/21		513
	350	2.625%, 08/15/20		369
	800	2.625%, 11/15/20		843
	1,500	2.750%, 11/30/16		1,551
	14,000	2.750%, 02/15/19		14,799
	500	3.125%, 01/31/17		522
	1,000	3.125%, 04/30/17		1,048
	850	3.125%, 05/15/21		919
	7,900	3.250%, 12/31/16		8,242
	1,050	3.500%, 02/15/18		1,124
	3,050	3.500%, 05/15/20		3,345
	450	3.625%, 02/15/21		499
	400	4.250%, 11/15/17		434
	200	4.500%, 02/15/16		206
	1,000	4.750%, 08/15/17		1,089
		Total U.S. Treasury Obligations (Cost $145,288)		148,967
SHARES
	Short-Term Investment — 5.9%
		Investment Company — 5.9%
	25,959	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.070% (b) (l) (m) (Cost $25,959)		25,959
		Total Investments — 100.2% (Cost $427,996)		440,525
		Liabilities in Excess of Other Assets — (0.2)%		(790	)
		NET ASSETS — 100.0%	$	439,735

Percentages indicated are based on net assets.

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ACES	—	Alternative Credit Enhancement Securities
ARM	—	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of May 31, 2015.
CMO	—	Collateralized Mortgage Obligation
CSMC	—	Credit Suisse Mortgage Trust
ESOP	—	Employee Stock Ownership Program
FHA	—	Federal Housing Administration
GMAC	—	General Motors Acceptance Corp.
HB	—	High Coupon Bonds (a.k.a. “IOettes”) represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO’s the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.
IF	—	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of May 31, 2015. The rate may be subject to a cap and floor.
IO	—	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
PO	—	Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
REMIC	—	Real Estate Mortgage Investment Conduit
STRIPS	—	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of May 31, 2015.
VA	—	Veterans Administration
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of May 31, 2015.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—	Amount rounds to less than 0.1%.
(h)	—	Amount rounds to less than one thousand (shares or dollars).
(i)	—	Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.
(l)	—	The rate shown is the current yield as of May 31, 2015.
(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.

As of May 31, 2015, 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	$	13,101
Aggregate gross unrealized depreciation		(572	)
Net unrealized appreciation/depreciation	$	12,529
Federal income tax cost of investments	$	427,996

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

A. Valuation of Investments - The valuation of the investments is in accordance with U.S. generally accepted accounting principles (‘GAAP”) and the Fund’s valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (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”) 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 MAY 31, 2015 (Unaudited) (continued)

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	$	—	$	36,891	$	8,398	$	45,289
Collateralized Mortgage Obligations
Agency CMO		—		66,103		—		66,103
Non-Agency CMO		—		11,086		995		12,081
Total Collateralized Mortgage Obligations		—		77,189		995		78,184
Commercial Mortgage-Backed Securities		—		8,015		790		8,805
Corporate Bonds
Consumer Discretionary		—		4,570		—		4,570
Consumer Staples		—		2,938		—		2,938
Energy		—		7,965		—		7,965
Financials		—		38,639		—		38,639
Health Care		—		2,692		—		2,692
Industrials		—		3,041		873		3,914
Information Technology		—		4,608		—		4,608
Materials		—		2,025		—		2,025
Telecommunication Services		—		4,329		—		4,329
Utilities		—		3,949		—		3,949
Total Corporate Bonds		—		74,756		873		75,629
Foreign Government Securities		—		6,128		—		6,128
Mortgage Pass-Through Securities		—		42,701		—		42,701
Supranational		—		188		—		188
U.S. Government Agency Securities		—		8,675		—		8,675
U.S. Treasury Obligations		—		148,967		—		148,967
Short-Term Investment
Investment Company		25,959		—		—		25,959
Total Investments in Securities	$	25,959	$	403,510	$	11,056	$	440,525

There were no transfers between Levels 1 and 2 during the period ended May 31, 2015.

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

JPMorgan Intermediate Bond Trust	Balance as of February 28, 2015		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 May 31, 2015
Investments in Securities
Asset-Backed Securities	$	9,251	$	—	(a)	$	5		$	—	(a)	$	579	$	(838	)	$	—	$	(599	)	$	8,398
Collateralized Mortgage Obligations - Non-Agency CMO		1,117		—			(2	)		5			—		(48	)		—		(77	)		995
Commercial Mortgage-Backed Securities		892		—			(4	)		(11	)		—		(87	)		—		—			790
Corporate Bonds - Industrials		884		—			(2	)		(2	)		—		(7	)		—		—			873
	$	12,144	$	—		$	(3	)	$	(8	)	$	579	$	(980	)	$	—	$	(676	)	$	11,056

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 May 31, 2015, which were valued using significant unobservable inputs (Level 3), amounted to approximately $2,000.

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2015 (Unaudited) (continued)

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

	Fair Value at May 31, 2015		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	4,176	Discounted Cash Flow	Constant Prepayment Rate	0.00% - 100.00% (4.69%)
				Constant Default Rate	0.00% - 28.00% (19.36%)
				Yield (Discount Rate of Cash Flows)	1.88% - 4.92% (3.45%)
Asset-Backed Securities		4,176
	$	813	Discounted Cash Flow	Constant Prepayment Rate	4.00% - 34.55% (8.23%)
				Constant Default Rate	0.00% - 7.51% (1.80%)
				PSA Prepayment Model	360.00% (360.00%)
				Yield (Discount Rate of Cash Flows)	1.49% - 12.74% (3.79%)
Collateralized Mortgage Obligations		813
		71	Discounted Cash Flow	Constant Prepayment Rate	100.00% (100.00%)
				Constant Default Rate	0.00%
				Yield (Discount Rate of Cash Flows)	1.19% (1.19%)
Commercial Mortgage-Backed Securities		71
Total		5,060

# The table above does not include level 3 securities that are valued by brokers and pricing services. At May 31, 2015, the value of these securities was approximately $5,996,000. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A.

The 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 default rate may decrease (increase) the fair value measurement. A significant change in the discount rate or prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

ITEM 2. CONTROLS AND PROCEDURES.

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

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

ITEM 3. EXHIBITS.

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

SIGNATURES

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

JPMorgan Institutional Trust

By:	/s/ Robert L. Young
	Robert L. Young
	President and Principal Executive Officer
	July 30, 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
	July 30, 2015
By:	/s/ Laura M. Del Prato
	Laura M. Del Prato
	Treasurer and Principal Financial Officer
	July 30, 2015