N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-21638

JPMorgan Institutional Trust

(Exact name of registrant as specified in charter)

270 Park Avenue

New York, New York 10017

(Address of principal executive offices) (Zip code)

Frank J. Nasta

270 Park Avenue

New York, New York 10017

(Name and Address of Agent for Service)

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

Date of fiscal year end: Last day of February

Date of reporting period: May 31, 2016

ITEM 1. SCHEDULE OF INVESTMENTS.

JPMorgan Institutional Trust

Schedule of Portfolio Investments as of May 31, 2016

(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., 2016.

[INSERT—JPMorgan Core Bond Trust, JPMorgan Equity Index Trust and

JPMorgan Intermediate Bond Trust for quarter ending May 31, 2016]

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 11.0%
		Academic Loan Funding Trust,
	874	Series 2012-1A, Class A1, VAR, 1.239%, 12/27/22 (e)		873
	1,562	Series 2013-1A, Class A, VAR, 1.246%, 12/26/44 (e)		1,548
		Ally Auto Receivables Trust,
	403	Series 2013-2, Class A3, 0.790%, 01/15/18		403
	300	Series 2013-2, Class A4, 1.240%, 11/15/18		300
	1,981	Series 2014-SN2, Class A3, 1.030%, 09/20/17		1,981
	1,267	Series 2016-1, Class A2A, 1.200%, 08/15/18		1,268
		American Credit Acceptance Receivables Trust,
	553	Series 2014-2, Class B, 2.260%, 03/10/20 (e)		553
	79	Series 2014-4, Class A, 1.330%, 07/10/18 (e)		79
	510	Series 2015-1, Class A, 1.430%, 08/12/19 (e)		509
	1,337	Series 2015-2, Class A, 1.570%, 06/12/19 (e)		1,334
	1,225	Series 2015-2, Class C, 4.320%, 05/12/21 (e)		1,182
	2,590	Series 2016-1A, Class B, 4.240%, 06/13/22 (e)		2,610
		American Homes 4 Rent Trust,
	1,000	Series 2014-SFR1, Class C, VAR, 2.184%, 06/17/31 (e)		975
	3,898	Series 2014-SFR2, Class A, 3.786%, 10/17/36 (e)		4,118
	2,000	Series 2014-SFR2, Class D, 5.149%, 10/17/36 (e)		2,077
	850	Series 2014-SFR2, Class E, 6.231%, 10/17/36 (e)		857
	2,926	Series 2014-SFR3, Class A, 3.678%, 12/17/36 (e)		3,078
	500	Series 2014-SFR3, Class C, 4.596%, 12/17/36 (e)		518
	2,380	Series 2014-SFR3, Class E, 6.418%, 12/17/36 (e)		2,527
	4,167	Series 2015-SFR1, Class A, 3.467%, 04/17/52 (e)		4,304
	1,275	Series 2015-SFR1, Class E, 5.639%, 04/17/52 (e)		1,272
		AmeriCredit Automobile Receivables Trust,
	167	Series 2013-5, Class A3, 0.900%, 09/10/18		167
	352	Series 2015-2, Class A2A, 0.830%, 09/10/18		352
	999	Series 2016-1, Class A3, 1.810%, 10/08/20		1,002
	2,835	Series 2016-2, Class A2A, 1.420%, 10/08/19		2,833
	513	Series 2016-2, Class A3, 1.600%, 11/09/20		512
	7,100	Anchor Assets IX LLC, Series 2016-1, Class A, 5.125%, 02/15/20 (e)		7,100
	3,502	ARLP Securitization Trust, Series 2015-1, Class A1, SUB, 3.967%, 05/25/55 (e)		3,420
	1,617	AXIS Equipment Finance Receivables III LLC, Series 2015-1A, Class A2, 1.900%, 03/20/20 (e)		1,615
		B2R Mortgage Trust,
	1,764	Series 2015-1, Class A1, 2.524%, 05/15/48 (e)		1,755
	2,991	Series 2015-2, Class A, 3.336%, 11/15/48 (e)		3,035
	1,400	BA Credit Card Trust, Series 2015-A2, Class A, 1.360%, 09/15/20		1,404
	1,367	Banc of America Funding Corp., Series 2012-R6, Class 1A1, 3.000%, 10/26/39 (e)		1,342
		BCC Funding Corp. X,
	3,193	Series 2015-1, Class A2, 2.224%, 10/20/20 (e)		3,184
	550	Series 2015-1, Class D, 4.544%, 12/21/20 (e)		554
	299	Bear Stearns Asset-Backed Securities Trust, Series 2006-SD1, Class A, VAR, 0.816%, 04/25/36		288
	130	BMW Vehicle Owner Trust, Series 2013-A, Class A3, 0.670%, 11/27/17		130
	580	BXG Receivables Note Trust, Series 2012-A, Class A, 2.660%, 12/02/27 (e)		577
		Cabela’s Credit Card Master Note Trust,
	700	Series 2012-1A, Class A1, 1.630%, 02/18/20 (e)		702
	880	Series 2015-2, Class A1, 2.250%, 07/17/23		885
	1,789	CAM Mortgage LLC, Series 2015-1, Class A, SUB, 3.500%, 07/15/64 (e)		1,790
		CarFinance Capital Auto Trust,
	136	Series 2014-1A, Class A, 1.460%, 12/17/18 (e)		135
	375	Series 2014-1A, Class B, 2.720%, 04/15/20 (e)		375
	882	Series 2015-1A, Class A, 1.750%, 06/15/21 (e)		877
	3,021	Carlyle Global Market Strategies Commodities Funding Ltd., (Cayman Islands), Series 2014-1A, Class A, VAR, 2.528%, 10/15/21 (e)		2,985
		CarMax Auto Owner Trust,
	280	Series 2013-4, Class A3, 0.800%, 07/16/18		279
	440	Series 2013-4, Class A4, 1.280%, 05/15/19		440
	2,800	Series 2015-2, Class A2A, 0.820%, 06/15/18		2,799
		Carnow Auto Receivables Trust,
	122	Series 2014-1A, Class B, 1.890%, 11/15/18 (e)		123

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	1,849	Series 2015-1A, Class A, 1.690%, 01/15/20 (e)		1,845
	95	Centex Home Equity Loan Trust, Series 2004-D, Class AF4, SUB, 4.680%, 06/25/32		96
	941	Chase Funding Trust, Series 2003-6, Class 1A7, SUB, 4.277%, 11/25/34		959
	4,178	Chrysler Capital Auto Receivables Trust, Series 2016-AA, Class A3, 1.770%, 10/15/20 (e)		4,187
		Citi Held For Asset Issuance,
	997	Series 2015-PM1, Class A, 1.850%, 12/15/21 (e)		993
	1,459	Series 2015-PM1, Class B, 2.930%, 12/15/21 (e)		1,428
	3,515	Series 2016-MF1, Class A, 4.480%, 08/15/22 (e)		3,502
	4,392	Series 2016-PM1, Class A, 4.650%, 04/15/25 (e)		4,425
	800	Citibank Credit Card Issuance Trust, Series 2007-A3, Class A3, 6.150%, 06/15/39		1,080
	191	Citigroup Mortgage Loan Trust, Inc., Series 2003-HE3, Class A, VAR, 0.826%, 12/25/33		184
	2,867	Colony American Finance Ltd., (Cayman Islands), Series 2016-1, Class A, 2.544%, 06/15/48 (e)		2,849
	4,918	Colony American Homes, Series 2014-2A, Class A, VAR, 1.393%, 07/17/31 (e)		4,838
	2,800	Concord Funding Co. LLC, Series 2012-2, Class A, 3.145%, 01/15/17 (e)		2,810
	1,079	Conix Mortgage Asset Trust, Series 2013-1, Class A, VAR, 12/25/47 (e) (d)		313
	460	Consumer Credit Origination Loan Trust, Series 2015-1, Class A, 2.820%, 03/15/21 (e)		460
		CPS Auto Receivables Trust,
	85	Series 2012-A, Class A, 2.780%, 06/17/19 (e)		85
	572	Series 2012-B, Class A, 2.520%, 09/16/19 (e)		573
	335	Series 2013-C, Class A, 1.640%, 04/16/18 (e)		335
	601	Series 2013-D, Class A, 1.540%, 07/16/18 (e)		600
	94	Series 2014-A, Class A, 1.210%, 08/15/18 (e)		94
	1,691	Series 2014-D, Class A, 1.490%, 04/15/19 (e)		1,683
	700	Series 2014-D, Class C, 4.350%, 11/16/20 (e)		673
	1,159	Series 2015-A, Class A, 1.530%, 07/15/19 (e)		1,152
	223	Series 2015-A, Class C, 4.000%, 02/16/21 (e)		210
	4,636	Series 2015-B, Class A, 1.650%, 11/15/19 (e)		4,605
	2,535	Series 2015-B, Class C, 4.200%, 05/17/21 (e)		2,402
	1,376	Series 2015-C, Class D, 4.630%, 08/16/21 (e)		1,306
	2,451	Series 2016-A, Class A, 2.250%, 10/15/19 (e)		2,452
	1,355	Series 2016-B, Class A, 2.070%, 11/15/19 (e)		1,353
		CPS Auto Trust,
	356	Series 2012-C, Class A, 1.820%, 12/16/19 (e)		356
	60	Series 2012-D, Class A, 1.480%, 03/16/20 (e)		60
		Credit Acceptance Auto Loan Trust,
	1,590	Series 2014-1A, Class A, 1.550%, 10/15/21 (e)		1,590
	3,022	Series 2015-2A, Class A, 2.400%, 02/15/23 (e)		3,030
	579	Series 2015-2A, Class C, 3.760%, 02/15/24 (e)		577
	276	CWABS, Inc. Asset-Backed Certificates Trust, Series 2004-6, Class M1, VAR, 1.346%, 10/25/34		258
		Drive Auto Receivables Trust,
	1,471	Series 2015-AA, Class D, 4.120%, 07/15/22 (e)		1,462
	2,449	Series 2015-BA, Class B, 2.120%, 06/17/19 (e)		2,453
	2,882	Series 2015-BA, Class D, 3.840%, 07/15/21 (e)		2,848
	16	Series 2015-CA, Class A2A, 1.030%, 02/15/18 (e)		16
	1,059	Series 2015-CA, Class D, 4.200%, 09/15/21 (e)		1,053
	1,320	Series 2015-DA, Class D, 4.590%, 01/17/23 (e)		1,323
	1,898	Series 2016-AA, Class B, 3.170%, 05/15/20 (e)		1,922
	2,535	Series 2016-AA, Class C, 3.910%, 05/17/21 (e)		2,572
	477	Series 2016-BA, Class B, 2.560%, 06/15/20 (e)		477
		DT Auto Owner Trust,
	105	Series 2014-3A, Class A, 0.980%, 04/16/18 (e)		105
	199	Series 2015-1A, Class A, 1.060%, 09/17/18 (e)		199
	1,126	Series 2015-2A, Class A, 1.240%, 09/17/18 (e)		1,124
	1,808	Series 2015-2A, Class D, 4.250%, 02/15/22 (e)		1,784
	2,998	Series 2016-1A, Class A, 2.000%, 09/16/19 (e)		3,002
	2,120	Series 2016-2A, Class A, 1.730%, 08/15/19 (e)		2,119

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
		Exeter Automobile Receivables Trust,
	271	Series 2014-2A, Class A, 1.060%, 08/15/18 (e)		271
	931	Series 2014-3A, Class A, 1.320%, 01/15/19 (e)		929
	556	Series 2014-3A, Class B, 2.770%, 11/15/19 (e)		554
	856	Series 2015-1A, Class A, 1.600%, 06/17/19 (e)		856
	2,125	Series 2015-1A, Class B, 2.840%, 03/16/20 (e)		2,116
	1,757	Series 2015-2A, Class A, 1.540%, 11/15/19 (e)		1,753
	2,316	Series 2015-3A, Class A, 2.000%, 03/16/20 (e)		2,315
	2,545	Series 2016-2A, Class A, 2.210%, 07/15/20 (e)		2,545
		Fifth Third Auto Trust,
	31	Series 2013-1, Class A3, 0.880%, 10/16/17		31
	390	Series 2014-3, Class A3, 0.960%, 03/15/19		389
		First Investors Auto Owner Trust,
	416	Series 2014-3A, Class A2, 1.060%, 11/15/18 (e)		416
	884	Series 2014-3A, Class A3, 1.670%, 11/16/20 (e)		884
	1,051	Series 2015-1A, Class A2, 1.210%, 04/15/19 (e)		1,049
	1,547	Series 2015-2A, Class A1, 1.590%, 12/16/19 (e)		1,544
	373	Series 2015-2A, Class D, 4.220%, 12/15/21 (e)		362
		FirstKey Lending Trust,
	6,701	Series 2015-SFR1, Class A, 2.553%, 03/09/47 (e)		6,619
	2,246	Series 2015-SFR1, Class B, 3.417%, 03/09/47 (e)		2,266
		Flagship Credit Auto Trust,
	251	Series 2013-2, Class A, 1.940%, 01/15/19 (e)		251
	325	Series 2014-1, Class A, 1.210%, 04/15/19 (e)		324
	245	Series 2014-1, Class B, 2.550%, 02/18/20 (e)		243
	972	Series 2014-2, Class A, 1.430%, 12/16/19 (e)		966
	892	Series 2014-2, Class B, 2.840%, 11/16/20 (e)		882
	440	Series 2014-2, Class C, 3.950%, 12/15/20 (e)		440
	1,523	Series 2015-1, Class A, 1.630%, 06/15/20 (e)		1,514
	4,645	Series 2015-3, Class A, 2.380%, 10/15/20 (e)		4,645
	757	Series 2015-3, Class B, 3.680%, 03/15/22 (e)		752
	756	Series 2015-3, Class C, 4.650%, 03/15/22 (e)		722
	3,000	Series 2016-2, Class C, 6.220%, 09/15/22 (e)		2,997
		Ford Credit Auto Owner Trust,
	46	Series 2014-C, Class A2, 0.610%, 08/15/17		46
	1,223	Series 2014-C, Class A3, 1.060%, 05/15/19		1,223
	2,615	Series 2015-B, Class A2A, 0.720%, 03/15/18		2,615
	1,050	Series 2016-B, Class A3, 1.330%, 10/15/20		1,050
	40	Freedom Trust, Series 2011-2, Class A11, VAR, 5.000%, 08/01/46 (e)		40
	3,108	GCAT, Series 2015-2, Class A1, SUB, 3.750%, 07/25/20 (e)		3,088
	199	GE Capital Mortgage Services, Inc. Trust, Series 1999-HE1, Class M, VAR, 6.705%, 04/25/29		176
	1,656	GLC II Trust, Series 2014-A, Class A, 4.000%, 12/18/20 (e)		1,633
	1,099	GLC Trust, Series 2014-A, Class A, 3.000%, 07/15/21 (e)		1,085
		GLS Auto Receivables Trust,
	3,799	Series 2015-1A, Class A, 2.250%, 12/15/20 (e)		3,792
	1,431	Series 2015-1A, Class B, 4.430%, 12/15/20 (e)		1,439
	5,050	Series 2016-1A, Class A, 2.730%, 10/15/20 (e)		5,044
	1,200	Series 2016-1A, Class C, 6.900%, 10/15/21 (e)		1,194
	772	GMAT Trust, Series 2013-1A, Class A, SUB, 3.967%, 11/25/43 (e)		771
		GO Financial Auto Securitization Trust,
	1,524	Series 2015-1, Class A, 1.810%, 03/15/18 (e)		1,523
	1,618	Series 2015-1, Class B, 3.590%, 10/15/20 (e)		1,611
	2,611	Series 2015-2, Class A, 3.270%, 11/15/18 (e)		2,604
	1,477	Gold Key Resorts LLC, Series 2014-A, Class A, 3.220%, 03/17/31 (e)		1,459
	1,385	Green Tree Agency Advance Funding Trust I, Series 2015-T1, Class CT1, 3.438%, 10/15/46 (e)		1,383
	132	Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-A, Class A3, VAR, 0.646%, 03/25/36		119
		Honda Auto Receivables Owner Trust,
	412	Series 2013-4, Class A3, 0.690%, 09/18/17		412
	602	Series 2014-2, Class A3, 0.770%, 03/19/18		602
	231	Series 2015-1, Class A2, 0.700%, 06/15/17		231

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	673	HSBC Home Equity Loan Trust USA, Series 2007-3, Class APT, VAR, 1.638%, 11/20/36		671
		Hyundai Auto Receivables Trust,
	221	Series 2015-A, Class A2, 0.680%, 10/16/17		221
	477	Series 2015-B, Class A2A, 0.690%, 04/16/18		477
	931	Series 2015-B, Class A3, 1.120%, 11/15/19		930
	960	Series 2016-A, Class A3, 1.560%, 09/15/20		963
	3,665	Invitation Homes Trust, Series 2014-SFR1, Class A, VAR, 1.434%, 06/17/31 (e)		3,614
		KGS-Alpha SBA COOF Trust,
	11,769	Series 2012-2, Class A, IO, VAR, 0.976%, 08/25/38 (e)		322
	8,660	Series 2013-2, Class A, IO, VAR, 1.635%, 03/25/39 (e)		411
	4,071	Series 2015-2, Class A, IO, VAR, 2.893%, 07/25/41 (e)		568
	2,894	Lendmark Funding Trust, Series 2016-A, Class A, 4.820%, 08/21/23 (e)		2,884
	244	Long Beach Mortgage Loan Trust, Series 2006-WL2, Class 2A3, VAR, 0.646%, 01/25/36		235
		LV Tower 52 Issuer LLC,
	3,848	Series 2013-1, Class A, 5.500%, 07/15/19 (e)		3,754
	1,659	Series 2013-1, Class M, 7.500%, 07/15/19 (e)		1,566
		MarketPlace Loan Trust,
	491	Series 2015-OD1, Class B, 5.250%, 06/17/17 (e)		488
	559	Series 2015-OD2, Class B, 5.250%, 08/17/17 (e)		557
	1,350	Series 2015-OD3, Class A, 3.250%, 09/17/17 (e)		1,343
	962	Series 2015-OD3, Class B, 5.250%, 09/17/17 (e)		956
	1,729	Series 2015-OD4, Class A, 3.250%, 12/18/17 (e)		1,715
	1,087	Series 2015-OD4, Class B, 5.250%, 12/18/17 (e)		1,075
	2,513	Mercedes-Benz Auto Receivables Trust, Series 2015-1, Class A2A, 0.820%, 06/15/18		2,511
	935	Mid-State Capital Corp. Trust, Series 2006-1, Class M1, 6.083%, 10/15/40 (e)		977
		Nationstar HECM Loan Trust,
	1,320	Series 2015-1A, Class A, 3.844%, 05/25/18 (e)		1,320
	203	Series 2015-2A, Class A, 2.883%, 11/25/25 (e)		202
	1,311	Series 2016-1A, Class A, 2.981%, 02/25/26 (e)		1,310
	1,121	Series 2016-1A, Class M1, 4.360%, 02/25/26 (e)		1,119
	29	Navitas Equipment Receivables LLC, Series 2013-1, Class A, 1.950%, 11/15/16 (e)		29
	474	NCUA Guaranteed Notes Trust, Series 2010-A1, Class A, VAR, 0.788%, 12/07/20		473
	749	New Century Home Equity Loan Trust, Series 2003-5, Class AI6, SUB, 5.166%, 11/25/33		769
	2,746	Nissan Auto Lease Trust, Series 2015-A, Class A2A, 0.990%, 11/15/17		2,745
		Nissan Auto Receivables Owner Trust,
	799	Series 2014-B, Class A3, 1.110%, 05/15/19		800
	857	Series 2016-B, Class A3, 1.320%, 01/15/21		856
		NRPL Trust,
	2,892	Series 2015-1A, Class A1, SUB, 3.875%, 11/01/54 (e)		2,878
	1,522	Series 2015-1A, Class A2, SUB, 3.875%, 11/01/54 (e)		1,504
	6,758	Series 2015-2A, Class A1, SUB, 3.750%, 10/25/57 (e)		6,610
	1,200	Series 2015-2A, Class A2, SUB, 3.750%, 10/25/57 (e)		1,120
		NRZ Advance Receivables Trust Advance Receivables Backed Notes,
	3,500	Series 2015-T1, Class AT1, 2.315%, 08/15/46 (e)		3,496
	1,000	Series 2015-T1, Class CT1, 3.100%, 08/15/46 (e)		997
	1,500	Series 2015-T1, Class DT1, 3.600%, 08/15/46 (e)		1,496
	2,411	Series 2015-T2, Class DT2, 4.679%, 08/17/48 (e)		2,412
	850	Series 2015-T3, Class DT3, 4.266%, 11/15/46 (e)		850
		Oak Hill Advisors Residential Loan Trust,
	2,314	Series 2015-NPL2, Class A1, SUB, 3.721%, 07/25/55 (e)		2,294
	769	Series 2015-NPL2, Class A2, SUB, 4.000%, 07/25/55 (e)		753
		Ocwen Master Advance Receivables Trust,
	492	Series 2015-T1, Class AT1, 2.537%, 09/17/46 (e)		492
	2,668	Series 2015-T1, Class BT1, 3.031%, 09/17/46 (e)		2,665
	1,752	Series 2015-T1, Class DT1, 4.100%, 09/17/46 (e)		1,751
	751	Series 2015-T2, Class DT2, 4.258%, 11/15/46 (e)		750
	2,934	Series 2015-T3, Class AT3, 3.211%, 11/15/47 (e)		2,933
	654	Series 2015-T3, Class BT3, 3.704%, 11/15/47 (e)		653

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	487	Series 2015-T3, Class CT3, 4.196%, 11/15/47 (e)		487
	2,500	Series 2015-T3, Class DT3, 4.687%, 11/15/47 (e)		2,506
		OnDeck Asset Securitization Trust II LLC,
	2,169	Series 2016-1A, Class A, 4.210%, 05/17/20 (e)		2,169
	1,174	Series 2016-1A, Class B, 7.630%, 05/17/20 (e)		1,174
		OneMain Financial Issuance Trust,
	2,440	Series 2014-1A, Class A, 2.430%, 06/18/24 (e)		2,442
	402	Series 2014-1A, Class B, 3.240%, 06/18/24 (e)		401
	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)		1,476
	4,603	Series 2015-1A, Class A, 3.190%, 03/18/26 (e)		4,632
	550	Series 2015-1A, Class B, 3.850%, 03/18/26 (e)		543
	9,374	Series 2015-2A, Class A, 2.570%, 07/18/25 (e)		9,346
	1,911	Series 2015-2A, Class B, 3.100%, 07/18/25 (e)		1,852
	1,800	Series 2016-1A, Class C, 6.000%, 02/20/29 (e)		1,771
		Oportun Funding II LLC,
	4,448	Series 2016-A, Class A, 4.700%, 03/08/21 (e)		4,437
	1,622	Series 2016-A, Class B, 6.410%, 03/08/21 (e)		1,621
	80	Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-MCW1, Class M1, VAR, 1.384%, 10/25/34		80
	318	PFS Tax Lien Trust, Series 2014-1, 1.440%, 05/15/29 (e)		316
		Pretium Mortgage Credit Partners I LLC,
	1,723	Series 2015-NPL2, Class A1, SUB, 3.750%, 07/27/30 (e)		1,709
	2,000	Series 2015-NPL2, Class A2, SUB, 4.250%, 07/27/30 (e)		1,967
	2,353	Progreso Receivables Funding II LLC, Series 2014-A, Class A, 3.500%, 07/08/19 (e)		2,356
		Progreso Receivables Funding III LLC,
	3,531	Series 2015-A, Class A, 3.625%, 02/08/20 (e)		3,521
	906	Series 2015-A, Class B, 5.500%, 02/08/20 (e)		898
		Progreso Receivables Funding IV LLC,
	1,603	Series 2015-B, Class A, 3.000%, 07/28/20 (e)		1,570
	726	Series 2015-B, Class B, 5.000%, 07/28/20 (e)		715
		Progress Residential Trust,
	3,972	Series 2015-SFR2, Class A, 2.740%, 06/12/32 (e)		3,977
	2,012	Series 2015-SFR2, Class B, 3.138%, 06/12/32 (e)		2,003
	2,566	Series 2015-SFR2, Class C, 3.436%, 06/12/32 (e)		2,533
	1,230	Series 2015-SFR2, Class E, 4.427%, 06/12/32 (e)		1,158
	5,245	Series 2015-SFR3, Class A, 3.067%, 11/12/32 (e)		5,315
	295	Series 2015-SFR3, Class D, 4.673%, 11/12/32 (e)		298
	1,200	Series 2015-SFR3, Class E, 5.660%, 11/12/32 (e)		1,155
		Purchasing Power Funding LLC,
	4,000	Series 2015-A, Class A2, 4.750%, 12/15/19 (e)		3,980
	1,151	Series 2015-A, Class B, 6.000%, 12/15/19 (e)		1,145
	883	RAMP Trust, Series 2006-RZ1, Class A3, VAR, 0.746%, 03/25/36		875
	1,041	RBSHD Trust, Series 2013-1A, Class A, SUB, 7.685%, 10/25/47 (e)		1,041
	292	Renaissance Home Equity Loan Trust, Series 2007-2, Class AF2, SUB, 5.675%, 06/25/37		135
	2,628	RMAT LLC, Series 2015-NPL1, Class A1, SUB, 3.750%, 05/25/55 (e)		2,605
		Santander Drive Auto Receivables Trust,
	1,255	Series 2015-S1, Class R1, 1.930%, 09/17/19 (e)		1,246
	222	Series 2015-S2, Class R1, 1.840%, 11/18/19 (e)		220
	1,057	Series 2015-S7, Class R1, 1.970%, 03/16/21 (e)		1,049
	211	Saxon Asset Securities Trust, Series 2003-1, Class AF6, SUB, 4.795%, 06/25/33		213
	274	Securitized Asset-Backed Receivables LLC Trust, Series 2006-CB1, Class AF2, SUB, 3.390%, 01/25/36		201
	797	Selene Non-Performing Loans LLC, Series 2014-1A, Class A, SUB, 2.981%, 05/25/54 (e)		790
	726	Skopos Auto Receivables Trust, Series 2015-2A, Class A, 3.550%, 02/15/20 (e)		725
		SpringCastle America Funding LLC,
	4,833	Series 2014-AA, Class A, 2.700%, 05/25/23 (e)		4,844
	1,500	Series 2014-AA, Class B, 4.610%, 10/25/27 (e)		1,512
		Springleaf Funding Trust,
	5,126	Series 2014-AA, Class A, 2.410%, 12/15/22 (e)		5,131
	525	Series 2014-AA, Class B, 3.450%, 12/15/22 (e)		524

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	3,841		Series 2015-AA, Class A, 3.160%, 11/15/24 (e)		3,843
	1,087		Series 2015-AA, Class B, 3.620%, 11/15/24 (e)		1,053
			SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes,
	2,499		Series 2015-T2, Class CT2, 3.740%, 01/15/47 (e)		2,501
	1,719		Series 2015-T2, Class DT2, 4.230%, 01/15/47 (e)		1,719
	8,499		Series 2015-T3, Class CT3, 3.910%, 07/15/47 (e)		8,519
	1,943		Sunset Mortgage Loan Co. LLC, Series 2014-NPL2, Class A, SUB, 3.721%, 11/16/44 (e)		1,933
	784		Toyota Auto Receivables Owner Trust, Series 2016-B, Class A3, 1.300%, 04/15/20		784
	4,251		Trafigura Securitisation Finance plc, (Ireland), Series 2014-1A, Class A, VAR, 1.384%, 10/15/18 (e)		4,187
	954		Tricon American Homes Trust, Series 2015-SFR1, Class A, VAR, 1.684%, 05/17/32 (e)		941
			Truman Capital Mortgage Loan Trust,
	264		Series 2014-NPL2, Class A2, SUB, 4.000%, 06/25/54 (e)		264
	52		Series 2014-NPL3, Class A1, SUB, 3.125%, 04/25/53 (e)		52
	2,733		U.S. Residential Opportunity Fund II Trust, Series 2015-1II, Class A, 3.625%, 02/27/35 (e)		2,683
	3,434		U.S. Residential Opportunity Fund III Trust, Series 2015-1III, Class A, 3.721%, 01/27/35 (e)		3,401
	3,715		Vericrest Opportunity Loan Trust, Series 2015-NPL3, Class A1, SUB, 3.375%, 10/25/58 (e)		3,655
	615		VML LLC, Series 2014-NPL1, Class A1, VAR, 3.875%, 04/27/54 (e)		612
	627		VOLT NPL X LLC, Series 2014-NPL8, Class A1, SUB, 3.375%, 10/26/54 (e)		620
			VOLT XIX LLC,
	1,730		Series 2014-NP11, Class A1, SUB, 3.875%, 04/25/55 (e)		1,724
	400		Series 2014-NP11, Class A2, SUB, 5.000%, 04/25/55 (e)		385
	2,587		VOLT XL LLC, Series 2015-NP14, Class A1, SUB, 4.375%, 11/27/45 (e)		2,585
	1,048		VOLT XLV LLC, Series 2016-NPL5, Class A1, VAR, 4.000%, 05/25/46 (e)		1,047
			VOLT XXII LLC,
	1,925		Series 2015-NPL4, Class A1, SUB, 3.500%, 02/25/55 (e)		1,909
	666		Series 2015-NPL4, Class A2, SUB, 4.250%, 02/25/55 (e)		628
	2,307		VOLT XXIV LLC, Series 2015-NPL6, Class A1, SUB, 3.500%, 02/25/55 (e)		2,282
	7,189		VOLT XXV LLC, Series 2015-NPL8, Class A1, SUB, 3.500%, 06/26/45 (e)		7,082
			VOLT XXVI LLC,
	1,357		Series 2014-NPL6, Class A1, SUB, 3.125%, 09/25/43 (e)		1,341
	921		Series 2014-NPL6, Class A2, SUB, 4.250%, 09/25/43 (e)		883
	4,119		VOLT XXVII LLC, Series 2014-NPL7, Class A1, SUB, 3.375%, 08/27/57 (e)		4,074
	2,794		VOLT XXX LLC, Series 2015-NPL1, Class A1, SUB, 3.625%, 10/25/57 (e)		2,767
	2,328		VOLT XXXI LLC, Series 2015-NPL2, Class A1, SUB, 3.375%, 02/25/55 (e)		2,295
	2,269		VOLT XXXIII LLC, Series 2015-NPL5, Class A1, SUB, 3.500%, 03/25/55 (e)		2,241
	1,139		VOLT XXXIX LLC, Series 2015-NP13, Class A1, SUB, 4.125%, 10/25/45 (e)		1,131
	2,829		VOLT XXXV LLC, Series 2015-NPL9, Class A1, SUB, 3.500%, 06/26/45 (e)		2,791
			Westgate Resorts LLC,
	419		Series 2013-1A, Class A, 2.250%, 08/20/25 (e)		417
	450		Series 2015-1A, Class A, 2.750%, 05/20/27 (e)		446
			World Omni Auto Receivables Trust,
	436		Series 2013-B, Class A3, 0.830%, 08/15/18		435
	413		Series 2013-B, Class A4, 1.320%, 01/15/20		413
			Total Asset-Backed Securities (Cost $460,806)		458,121
	Collateralized Mortgage Obligations — 17.3%
			Agency CMO — 13.3%
	133		Federal Home Loan Mortgage Corp. - Government National Mortgage Association, Series 8, Class ZA, 7.000%, 03/25/23		145
			Federal Home Loan Mortgage Corp. REMIC,
	3		Series 22, Class C, 9.500%, 04/15/20		3
	5		Series 23, Class F, 9.600%, 04/15/20		6
	–	(h)	Series 47, Class F, 10.000%, 06/15/20		—	(h)
	2		Series 99, Class Z, 9.500%, 01/15/21		2
	–	(h)	Series 204, Class E, HB, IF, 1,802.067%, 05/15/23		—	(h)
	–	(h)	Series 1045, Class G, HB, 1,066.208%, 02/15/21		—	(h)

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	3		Series 1065, Class J, 9.000%, 04/15/21		3
	1		Series 1079, Class S, HB, IF, 32.523%, 05/15/21		1
	2		Series 1084, Class F, VAR, 1.384%, 05/15/21		2
	2		Series 1084, Class S, HB, IF, 43.270%, 05/15/21		2
	6		Series 1116, Class I, 5.500%, 08/15/21		6
	7		Series 1144, Class KB, 8.500%, 09/15/21		8
	–	(h)	Series 1172, Class L, HB, VAR, 1,181.250%, 11/15/21		—	(h)
	–	(h)	Series 1196, Class B, HB, IF, 1,146.137%, 01/15/22		2
	6		Series 1250, Class J, 7.000%, 05/15/22		7
	12		Series 1343, Class LA, 8.000%, 08/15/22		13
	15		Series 1343, Class LB, 7.500%, 08/15/22		17
	26		Series 1370, Class JA, VAR, 1.584%, 09/15/22		26
	24		Series 1455, Class WB, IF, 4.458%, 12/15/22		26
	118		Series 1466, Class PZ, 7.500%, 02/15/23		131
	2		Series 1470, Class F, VAR, 1.678%, 02/15/23		2
	130		Series 1498, Class I, VAR, 1.584%, 04/15/23		133
	190		Series 1502, Class PX, 7.000%, 04/15/23		206
	22		Series 1505, Class Q, 7.000%, 05/15/23		24
	51		Series 1518, Class G, IF, 8.657%, 05/15/23		61
	17		Series 1541, Class M, HB, IF, 24.810%, 07/15/23		26
	46		Series 1541, Class O, VAR, 1.110%, 07/15/23		46
	5		Series 1570, Class F, VAR, 2.178%, 08/15/23		5
	174		Series 1573, Class PZ, 7.000%, 09/15/23		191
	105		Series 1591, Class PV, 6.250%, 10/15/23		115
	27		Series 1602, Class SA, HB, IF, 21.338%, 10/15/23		41
	463		Series 1608, Class L, 6.500%, 09/15/23		528
	305		Series 1638, Class H, 6.500%, 12/15/23		348
	219		Series 1642, Class PJ, 6.000%, 11/15/23		239
	14		Series 1671, Class QC, IF, 10.000%, 02/15/24		20
	11		Series 1686, Class SH, IF, 18.260%, 02/15/24		15
	75		Series 1695, Class EB, 7.000%, 03/15/24		83
	15		Series 1699, Class FC, VAR, 1.034%, 03/15/24		15
	77		Series 1700, Class GA, PO, 02/15/24		73
	194		Series 1706, Class K, 7.000%, 03/15/24		216
	7		Series 1709, Class FA, VAR, 0.990%, 03/15/24		7
	25		Series 1745, Class D, 7.500%, 08/15/24		28
	442		Series 1760, Class ZD, VAR, 1.340%, 02/15/24		443
	161		Series 1798, Class F, 5.000%, 05/15/23		172
	2		Series 1807, Class G, 9.000%, 10/15/20		2
	41		Series 1829, Class ZB, 6.500%, 03/15/26		44
	40		Series 1863, Class Z, 6.500%, 07/15/26		46
	39		Series 1865, Class D, PO, 02/15/24		35
	38		Series 1890, Class H, 7.500%, 09/15/26		43
	117		Series 1899, Class ZE, 8.000%, 09/15/26		134
	6		Series 1935, Class FL, VAR, 1.134%, 02/15/27		6
	81		Series 1963, Class Z, 7.500%, 01/15/27		93
	12		Series 1970, Class PG, 7.250%, 07/15/27		13
	144		Series 1981, Class Z, 6.000%, 05/15/27		159
	51		Series 1987, Class PE, 7.500%, 09/15/27		57
	126		Series 2019, Class Z, 6.500%, 12/15/27		140
	36		Series 2033, Class SN, HB, IF, 28.386%, 03/15/24		18
	100		Series 2038, Class PN, IO, 7.000%, 03/15/28		23
	220		Series 2040, Class PE, 7.500%, 03/15/28		252
	30		Series 2043, Class CJ, 6.500%, 04/15/28		35
	142		Series 2054, Class PV, 7.500%, 05/15/28		162
	293		Series 2075, Class PH, 6.500%, 08/15/28		325
	329		Series 2075, Class PM, 6.250%, 08/15/28		367
	91		Series 2086, Class GB, 6.000%, 09/15/28		103
	136		Series 2089, Class PJ, IO, 7.000%, 10/15/28		16

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	396		Series 2095, Class PE, 6.000%, 11/15/28		452
	127		Series 2125, Class JZ, 6.000%, 02/15/29		141
	30		Series 2132, Class SB, HB, IF, 28.649%, 03/15/29		54
	11		Series 2134, Class PI, IO, 6.500%, 03/15/19		1
	165		Series 2136, Class PG, 6.000%, 03/15/29		189
	49		Series 2141, Class IO, IO, 7.000%, 04/15/29		6
	47		Series 2163, Class PC, IO, 7.500%, 06/15/29		6
	499		Series 2169, Class TB, 7.000%, 06/15/29		569
	266		Series 2172, Class QC, 7.000%, 07/15/29		300
	229		Series 2176, Class OJ, 7.000%, 08/15/29		265
	129		Series 2201, Class C, 8.000%, 11/15/29		148
	128		Series 2209, Class TC, 8.000%, 01/15/30		153
	213		Series 2210, Class Z, 8.000%, 01/15/30		246
	40		Series 2224, Class CB, 8.000%, 03/15/30		48
	113		Series 2230, Class Z, 8.000%, 04/15/30		131
	93		Series 2234, Class PZ, 7.500%, 05/15/30		108
	82		Series 2247, Class Z, 7.500%, 08/15/30		94
	119		Series 2256, Class MC, 7.250%, 09/15/30		137
	188		Series 2259, Class ZM, 7.000%, 10/15/30		215
	6		Series 2261, Class ZY, 7.500%, 10/15/30		7
	27		Series 2262, Class Z, 7.500%, 10/15/30		32
	254		Series 2271, Class PC, 7.250%, 12/15/30		292
	219		Series 2283, Class K, 6.500%, 12/15/23		242
	111		Series 2296, Class PD, 7.000%, 03/15/31		129
	33		Series 2306, Class K, PO, 05/15/24		32
	79		Series 2306, Class SE, IF, IO, 8.760%, 05/15/24		16
	140		Series 2313, Class LA, 6.500%, 05/15/31		163
	174		Series 2325, Class PM, 7.000%, 06/15/31		203
	6		Series 2344, Class QG, 6.000%, 08/15/16		6
	1,156		Series 2344, Class ZD, 6.500%, 08/15/31		1,360
	92		Series 2344, Class ZJ, 6.500%, 08/15/31		106
	97		Series 2345, Class NE, 6.500%, 08/15/31		113
	4		Series 2345, Class PQ, 6.500%, 08/15/16		4
	97		Series 2351, Class PZ, 6.500%, 08/15/31		111
	795		Series 2353, Class AZ, 6.000%, 09/15/31		907
	6		Series 2353, Class TD, 6.000%, 09/15/16		6
	2		Series 2355, Class BP, 6.000%, 09/15/16		2
	3		Series 2359, Class PM, 6.000%, 09/15/16		3
	361		Series 2359, Class ZB, 8.500%, 06/15/31		426
	8		Series 2360, Class PG, 6.000%, 09/15/16		8
	–	(h)	Series 2363, Class PF, 6.000%, 09/15/16		—	(h)
	4		Series 2366, Class MD, 6.000%, 10/15/16		4
	183		Series 2367, Class ME, 6.500%, 10/15/31		209
	7		Series 2391, Class QR, 5.500%, 12/15/16		8
	9		Series 2394, Class MC, 6.000%, 12/15/16		9
	405		Series 2396, Class FM, VAR, 0.884%, 12/15/31		410
	209		Series 2399, Class OH, 6.500%, 01/15/32		234
	342		Series 2399, Class TH, 6.500%, 01/15/32		381
	319		Series 2410, Class NG, 6.500%, 02/15/32		361
	126		Series 2410, Class OE, 6.375%, 02/15/32		134
	224		Series 2410, Class QS, IF, 18.370%, 02/15/32		355
	127		Series 2410, Class QX, IF, IO, 8.216%, 02/15/32		39
	258		Series 2412, Class SP, IF, 15.231%, 02/15/32		346
	364		Series 2420, Class XK, 6.500%, 02/15/32		408
	316		Series 2423, Class MC, 7.000%, 03/15/32		363
	289		Series 2423, Class MT, 7.000%, 03/15/32		333
	18		Series 2425, Class OB, 6.000%, 03/15/17		19
	577		Series 2430, Class WF, 6.500%, 03/15/32		671

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	342		Series 2434, Class TC, 7.000%, 04/15/32		399
	378		Series 2435, Class CJ, 6.500%, 04/15/32		435
	271		Series 2436, Class MC, 7.000%, 04/15/32		303
	217		Series 2444, Class ES, IF, IO, 7.516%, 03/15/32		60
	150		Series 2450, Class GZ, 7.000%, 05/15/32		171
	174		Series 2450, Class SW, IF, IO, 7.566%, 03/15/32		49
	719		Series 2455, Class GK, 6.500%, 05/15/32		829
	–	(h)	Series 2458, Class QE, 5.500%, 06/15/17		—	(h)
	249		Series 2462, Class JG, 6.500%, 06/15/32		284
	562		Series 2464, Class SI, IF, IO, 7.566%, 02/15/32		126
	532		Series 2466, Class PH, 6.500%, 06/15/32		608
	282		Series 2474, Class NR, 6.500%, 07/15/32		324
	322		Series 2484, Class LZ, 6.500%, 07/15/32		373
	371		Series 2500, Class MC, 6.000%, 09/15/32		422
	9		Series 2503, Class BH, 5.500%, 09/15/17		9
	55		Series 2508, Class AQ, 5.500%, 10/15/17		56
	299		Series 2512, Class PG, 5.500%, 10/15/22		326
	162		Series 2535, Class BK, 5.500%, 12/15/22		174
	107		Series 2537, Class TE, 5.500%, 12/15/17		110
	575		Series 2543, Class YX, 6.000%, 12/15/32		645
	540		Series 2544, Class HC, 6.000%, 12/15/32		613
	648		Series 2552, Class ME, 6.000%, 01/15/33		742
	673		Series 2567, Class QD, 6.000%, 02/15/33		769
	404		Series 2568, Class KG, 5.500%, 02/15/23		444
	73		Series 2571, Class SK, HB, IF, 32.626%, 09/15/23		127
	1,603		Series 2575, Class ME, 6.000%, 02/15/33		1,760
	204		Series 2586, Class WI, IO, 6.500%, 03/15/33		38
	245		Series 2587, Class WX, 5.000%, 03/15/18		250
	433		Series 2596, Class QG, 6.000%, 03/15/33		474
	92		Series 2611, Class UH, 4.500%, 05/15/18		94
	170		Series 2617, Class GR, 4.500%, 05/15/18		174
	132		Series 2626, Class NS, IF, IO, 6.116%, 06/15/23		6
	191		Series 2631, Class LC, 4.500%, 06/15/18		196
	94		Series 2636, Class Z, 4.500%, 06/15/18		96
	132		Series 2637, Class SA, IF, IO, 5.666%, 06/15/18		5
	24		Series 2638, Class DS, IF, 8.166%, 07/15/23		26
	90		Series 2650, Class PO, PO, 12/15/32		89
	500		Series 2650, Class SO, PO, 12/15/32		490
	139		Series 2651, Class VZ, 4.500%, 07/15/18		142
	700		Series 2675, Class CK, 4.000%, 09/15/18		715
	218		Series 2684, Class PO, PO, 01/15/33		217
	89		Series 2692, Class SC, IF, 12.418%, 07/15/33		102
	211		Series 2695, Class DG, 4.000%, 10/15/18		216
	–	(h)	Series 2696, Class CO, PO, 10/15/18		—	(h)
	988		Series 2710, Class HB, 5.500%, 11/15/23		1,078
	626		Series 2716, Class UN, 4.500%, 12/15/23		663
	301		Series 2720, Class PC, 5.000%, 12/15/23		326
	169		Series 2744, Class PE, 5.500%, 02/15/34		179
	256		Series 2744, Class TU, 5.500%, 05/15/32		260
	6		Series 2780, Class JG, 4.500%, 04/15/19		7
	411		Series 2783, Class AT, 4.000%, 04/15/19		420
	1,029		Series 2809, Class UC, 4.000%, 06/15/19		1,055
	47		Series 2835, Class QO, PO, 12/15/32		43
	42		Series 2840, Class JO, PO, 06/15/23		42
	101		Series 2922, Class JN, 4.500%, 02/15/20		104
	324		Series 2934, Class EC, PO, 02/15/20		314
	270		Series 2934, Class HI, IO, 5.000%, 02/15/20		17
	242		Series 2934, Class KI, IO, 5.000%, 02/15/20		14
	172		Series 2958, Class QD, 4.500%, 04/15/20		176
	1,023		Series 2965, Class GD, 4.500%, 04/15/20		1,056
	20		Series 2989, Class PO, PO, 06/15/23		20

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	3,232	Series 2990, Class UZ, 5.750%, 06/15/35		3,697
	1,233	Series 3004, Class EK, 5.500%, 07/15/35		1,336
	66	Series 3014, Class OD, PO, 08/15/35		62
	944	Series 3047, Class OD, 5.500%, 10/15/35		1,080
	3,095	Series 3064, Class MC, 5.500%, 11/15/35		3,583
	12	Series 3068, Class AO, PO, 01/15/35		12
	154	Series 3068, Class QB, 4.500%, 06/15/20		157
	1,371	Series 3074, Class BH, 5.000%, 11/15/35		1,487
	319	Series 3085, Class WF, VAR, 1.234%, 08/15/35		325
	544	Series 3102, Class FB, VAR, 0.734%, 01/15/36		544
	126	Series 3102, Class HS, HB, IF, 22.974%, 01/15/36		200
	650	Series 3117, Class EO, PO, 02/15/36		590
	376	Series 3117, Class OK, PO, 02/15/36		330
	20	Series 3122, Class ZB, 6.000%, 03/15/36		25
	1,297	Series 3131, Class BK, 5.500%, 03/15/26		1,421
	108	Series 3134, Class PO, PO, 03/15/36		97
	516	Series 3138, Class PO, PO, 04/15/36		489
	31	Series 3149, Class SO, PO, 05/15/36		27
	391	Series 3151, Class UC, 5.500%, 08/15/35		409
	470	Series 3152, Class MO, PO, 03/15/36		442
	119	Series 3171, Class MO, PO, 06/15/36		113
	425	Series 3179, Class OA, PO, 07/15/36		393
	92	Series 3194, Class SA, IF, IO, 6.666%, 07/15/36		12
	440	Series 3211, Class SO, PO, 09/15/36		391
	203	Series 3218, Class AO, PO, 09/15/36		179
	407	Series 3219, Class DI, IO, 6.000%, 04/15/36		77
	1,100	Series 3229, Class HE, 5.000%, 10/15/26		1,192
	436	Series 3232, Class ST, IF, IO, 6.266%, 10/15/36		72
	168	Series 3233, Class OP, PO, 05/15/36		158
	266	Series 3256, Class PO, PO, 12/15/36		237
	595	Series 3260, Class CS, IF, IO, 5.706%, 01/15/37		85
	317	Series 3261, Class OA, PO, 01/15/37		300
	154	Series 3274, Class JO, PO, 02/15/37		143
	120	Series 3275, Class FL, VAR, 0.874%, 02/15/37		121
	646	Series 3290, Class SB, IF, IO, 6.016%, 03/15/37		92
	1,140	Series 3315, Class HZ, 6.000%, 05/15/37		1,213
	51	Series 3318, Class AO, PO, 05/15/37		47
	78	Series 3326, Class JO, PO, 06/15/37		73
	320	Series 3331, Class PO, PO, 06/15/37		300
	271	Series 3385, Class SN, IF, IO, 5.566%, 11/15/37		38
	458	Series 3387, Class SA, IF, IO, 5.986%, 11/15/37		75
	751	Series 3404, Class SC, IF, IO, 5.566%, 01/15/38		110
	4,287	Series 3422, Class AI, IO, SUB, 0.250%, 01/15/38		50
	489	Series 3424, Class PI, IF, IO, 6.366%, 04/15/38		77
	906	Series 3481, Class SJ, IF, IO, 5.416%, 08/15/38		118
	649	Series 3511, Class SA, IF, IO, 5.566%, 02/15/39		117
	199	Series 3549, Class FA, VAR, 1.634%, 07/15/39		203
	251	Series 3607, Class BO, PO, 04/15/36		236
	822	Series 3607, Class OP, PO, 07/15/37		730
	435	Series 3607, Class PO, PO, 05/15/37		387
	116	Series 3611, Class PO, PO, 07/15/34		110
	340	Series 3621, Class BO, PO, 01/15/40		304
	391	Series 3720, Class A, 4.500%, 09/15/25		420
	679	Series 3739, Class LI, IO, 4.000%, 03/15/34		12
	2,227	Series 3747, Class HI, IO, 4.500%, 07/15/37		119
	1,000	Series 3747, Class PY, 4.000%, 10/15/40		1,097
	1,287	Series 3759, Class HI, IO, 4.000%, 08/15/37		78
	1,160	Series 3760, Class GI, IO, 4.000%, 10/15/37		60
	9,334	Series 3774, Class EW, 3.500%, 12/15/25		9,945
	5,000	Series 3793, Class AB, 3.500%, 01/15/26		5,359
	36	Series 3798, Class BF, VAR, 0.734%, 06/15/24		36
	365	Series 3804, Class FN, VAR, 0.884%, 03/15/39		366
	2,248	Series 3819, Class ZQ, 6.000%, 04/15/36		2,555
	527	Series 3852, Class QN, IF, 5.500%, 05/15/41		568
	1,581	Series 3852, Class TP, IF, 5.500%, 05/15/41		1,773
	1,731	Series 3920, Class LP, 5.000%, 01/15/34		1,915
	1,067	Series 3925, Class FL, VAR, 0.884%, 01/15/41		1,066
	818	Series 3957, Class B, 4.000%, 11/15/41		872

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	1,095	Series 3966, Class NA, 4.000%, 12/15/41		1,180
	593	Series 3997, Class PF, VAR, 0.884%, 11/15/39		595
	2,473	Series 4048, Class FJ, VAR, 0.834%, 07/15/37		2,470
	2,000	Series 4217, Class KY, 3.000%, 06/15/43		2,013
	6,412	Series 4219, Class JA, 3.500%, 08/15/39		6,720
	2,501	Series 4240, Class B, 3.000%, 08/15/33		2,586
	3,684	Series 4251, Class KW, 2.500%, 04/15/28		3,640
	5,499	Series 4374, Class NC, SUB, 1.750%, 02/15/46		5,719
		Federal Home Loan Mortgage Corp. STRIPS,
	1	Series 134, Class B, IO, 9.000%, 04/01/22		—	(h)
	844	Series 233, Class 11, IO, 5.000%, 09/15/35		134
	1,193	Series 233, Class 13, IO, 5.000%, 09/15/35		194
	165	Series 243, Class 16, IO, 4.500%, 11/15/20		8
	389	Series 243, Class 17, IO, 4.500%, 12/15/20		21
	7,222	Series 262, Class 35, 3.500%, 07/15/42		7,498
	1,975	Series 264, Class F1, VAR, 0.984%, 07/15/42		1,968
	7,722	Series 299, Class 300, 3.000%, 01/15/43		7,795
	2,203	Series 310, Class PO, PO, 09/15/43		1,830
	4,324	Series 323, Class 300, 3.000%, 01/15/44		4,369
		Federal Home Loan Mortgage Corp. Structured Pass-Through Securities,
	442	Series T-41, Class 3A, VAR, 5.893%, 07/25/32		470
	266	Series T-51, Class 2A, VAR, 7.500%, 08/25/42		325
	1,571	Series T-54, Class 2A, 6.500%, 02/25/43		1,874
	461	Series T-54, Class 3A, 7.000%, 02/25/43		549
	180	Series T-58, Class APO, PO, 09/25/43		155
	395	Series T-59, Class 1AP, PO, 10/25/43		327
	1,593	Series T-76, Class 2A, VAR, 3.086%, 10/25/37		1,653
		Federal National Mortgage Association - ACES,
	3,068	Series 2010-M3, Class A3, VAR, 4.332%, 03/25/20		3,332
	1,416	Series 2011-M2, Class A2, 3.645%, 04/25/21		1,521
	8,500	Series 2011-M2, Class A3, 3.764%, 04/25/21		9,237
	4,100	Series 2012-M9, Class A2, 2.482%, 04/25/22		4,217
	209	Series 2012-M11, Class FA, VAR, 0.932%, 08/25/19		209
	1,878	Series 2013-M7, Class A2, 2.280%, 12/27/22		1,901
	8,000	Series 2013-M9, Class A2, VAR, 2.389%, 01/25/23		8,093
	4,200	Series 2013-M13, Class A2, VAR, 2.540%, 04/25/23		4,326
	2,664	Series 2014-M2, Class A2, VAR, 3.513%, 12/25/23		2,895
	2,500	Series 2014-M3, Class A2, VAR, 3.475%, 01/25/24		2,695
	92	Series 2014-M5, Class FA, VAR, 0.782%, 01/25/17		92
	7,700	Series 2014-M12, Class ASV2, VAR, 2.614%, 10/25/21		7,946
	3,818	Series 2014-M13, Class A2, VAR, 3.021%, 08/25/24		3,998
	5,740	Series 2015-M7, Class A2, 2.590%, 12/25/24		5,837
	6,000	Series 2015-M8, Class A2, VAR, 2.900%, 01/25/25		6,220
	8,555	Series 2015-M10, Class A2, VAR, 3.092%, 04/25/27		9,023
	9,693	Series 2016-M1, Class A2, VAR, 2.939%, 01/25/26		10,052
		Federal National Mortgage Association Grantor Trust,
	749	Series 2002-T19, Class A2, 7.000%, 07/25/42		898
	589	Series 2004-T3, Class 1A3, 7.000%, 02/25/44		697
		Federal National Mortgage Association REMIC,
	2	Series 1988-7, Class Z, 9.250%, 04/25/18		2
	6	Series 1989-70, Class G, 8.000%, 10/25/19		6
	2	Series 1989-78, Class H, 9.400%, 11/25/19		3
	4	Series 1989-83, Class H, 8.500%, 11/25/19		5
	2	Series 1989-89, Class H, 9.000%, 11/25/19		3
	4	Series 1990-1, Class D, 8.800%, 01/25/20		4
	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

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	–	(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)
	9		Series 1990-102, Class J, 6.500%, 08/25/20		10
	9		Series 1990-120, Class H, 9.000%, 10/25/20		9
	1		Series 1990-134, Class SC, HB, IF, 20.931%, 11/25/20		1
	–	(h)	Series 1990-140, Class K, HB, 652.145%, 12/25/20		1
	4		Series 1991-24, Class Z, 5.000%, 03/25/21		4
	1		Series 1992-101, Class J, 7.500%, 06/25/22		1
	24		Series 1992-136, Class PK, 6.000%, 08/25/22		26
	19		Series 1992-143, Class MA, 5.500%, 09/25/22		20
	61		Series 1992-163, Class M, 7.750%, 09/25/22		67
	97		Series 1992-188, Class PZ, 7.500%, 10/25/22		109
	37		Series 1993-21, Class KA, 7.700%, 03/25/23		42
	58		Series 1993-25, Class J, 7.500%, 03/25/23		64
	15		Series 1993-27, Class SA, IF, 15.500%, 02/25/23		21
	22		Series 1993-62, Class SA, IF, 18.951%, 04/25/23		32
	12		Series 1993-165, Class SD, IF, 13.419%, 09/25/23		15
	25		Series 1993-165, Class SK, IF, 12.500%, 09/25/23		29
	18		Series 1993-179, Class SB, HB, IF, 26.784%, 10/25/23		29
	12		Series 1993-179, Class SC, IF, 10.500%, 10/25/23		15
	8		Series 1993-199, Class FA, VAR, 0.996%, 10/25/23		8
	33		Series 1993-205, Class H, PO, 09/25/23		32
	54		Series 1993-225, Class UB, 6.500%, 12/25/23		60
	18		Series 1993-230, Class FA, VAR, 1.046%, 12/25/23		18
	45		Series 1993-247, Class FE, VAR, 1.446%, 12/25/23		45
	21		Series 1993-247, Class SU, IF, 12.272%, 12/25/23		27
	190		Series 1994-37, Class L, 6.500%, 03/25/24		218
	980		Series 1994-40, Class Z, 6.500%, 03/25/24		1,068
	44		Series 1995-2, Class Z, 8.500%, 01/25/25		50
	224		Series 1995-19, Class Z, 6.500%, 11/25/23		257
	198		Series 1996-14, Class SE, IF, IO, 8.910%, 08/25/23		43
	1		Series 1996-27, Class FC, VAR, 0.946%, 03/25/17		1
	16		Series 1996-59, Class J, 6.500%, 08/25/22		18
	168		Series 1997-20, Class IO, IO, VAR, 1.840%, 03/25/27		6
	15		Series 1997-27, Class J, 7.500%, 04/18/27		16
	33		Series 1997-29, Class J, 7.500%, 04/20/27		38
	224		Series 1997-39, Class PD, 7.500%, 05/20/27		261
	18		Series 1997-42, Class ZC, 6.500%, 07/18/27		21
	362		Series 1997-61, Class ZC, 7.000%, 02/25/23		401
	61		Series 1997-81, Class PI, IO, 7.000%, 12/18/27		7
	8		Series 1998-4, Class C, PO, 04/25/23		8
	113		Series 1998-36, Class ZB, 6.000%, 07/18/28		129
	68		Series 1998-43, Class SA, IF, IO, 18.543%, 04/25/23		26
	139		Series 1998-66, Class SB, IF, IO, 7.704%, 12/25/28		22
	72		Series 1999-17, Class C, 6.350%, 04/25/29		79
	305		Series 1999-18, Class Z, 5.500%, 04/18/29		339
	34		Series 1999-38, Class SK, IF, IO, 7.604%, 08/25/23		3
	33		Series 1999-52, Class NS, HB, IF, 22.131%, 10/25/23		51
	99		Series 1999-62, Class PB, 7.500%, 12/18/29		116
	315		Series 2000-2, Class ZE, 7.500%, 02/25/30		360
	192		Series 2000-20, Class SA, IF, IO, 8.654%, 07/25/30		52
	25		Series 2000-52, Class IO, IO, 8.500%, 01/25/31		5
	85		Series 2001-4, Class PC, 7.000%, 03/25/21		91
	72		Series 2001-7, Class PF, 7.000%, 03/25/31		82
	201		Series 2001-30, Class PM, 7.000%, 07/25/31		228
	222		Series 2001-33, Class ID, IO, 6.000%, 07/25/31		26
	202		Series 2001-36, Class DE, 7.000%, 08/25/31		234
	483		Series 2001-44, Class MY, 7.000%, 09/25/31		553

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	66	Series 2001-44, Class PD, 7.000%, 09/25/31		74
	83	Series 2001-44, Class PU, 7.000%, 09/25/31		96
	596	Series 2001-48, Class Z, 6.500%, 09/25/21		661
	55	Series 2001-49, Class Z, 6.500%, 09/25/31		63
	61	Series 2001-52, Class KB, 6.500%, 10/25/31		68
	672	Series 2001-61, Class Z, 7.000%, 11/25/31		759
	5	Series 2001-71, Class MB, 6.000%, 12/25/16		5
	4	Series 2001-71, Class QE, 6.000%, 12/25/16		4
	22	Series 2001-72, Class SX, IF, 16.427%, 12/25/31		31
	15	Series 2001-74, Class MB, 6.000%, 12/25/16		15
	54	Series 2002-1, Class HC, 6.500%, 02/25/22		60
	68	Series 2002-1, Class SA, HB, IF, 23.738%, 02/25/32		115
	45	Series 2002-1, Class UD, HB, IF, 22.939%, 12/25/23		69
	22	Series 2002-2, Class UC, 6.000%, 02/25/17		22
	15	Series 2002-3, Class OG, 6.000%, 02/25/17		15
	4	Series 2002-7, Class OG, 6.000%, 03/25/17		4
	4	Series 2002-7, Class TG, 6.000%, 03/25/17		4
	12	Series 2002-10, Class SB, IF, 18.130%, 03/25/17		13
	724	Series 2002-13, Class SJ, IF, IO, 1.600%, 03/25/32		40
	10	Series 2002-13, Class ST, IF, 10.000%, 03/25/32		13
	4	Series 2002-19, Class PE, 6.000%, 04/25/17		4
	21	Series 2002-21, Class LO, PO, 04/25/32		19
	206	Series 2002-21, Class PE, 6.500%, 04/25/32		233
	41	Series 2002-24, Class AJ, 6.000%, 04/25/17		42
	14	Series 2002-25, Class SG, IF, 18.250%, 05/25/17		15
	536	Series 2002-28, Class PK, 6.500%, 05/25/32		598
	125	Series 2002-37, Class Z, 6.500%, 06/25/32		145
	42	Series 2002-42, Class C, 6.000%, 07/25/17		43
	721	Series 2002-48, Class GH, 6.500%, 08/25/32		837
	92	Series 2002-62, Class ZE, 5.500%, 11/25/17		94
	30	Series 2002-63, Class KC, 5.000%, 10/25/17		31
	115	Series 2002-77, Class S, IF, 13.666%, 12/25/32		155
	387	Series 2002-83, Class CS, 6.881%, 08/25/23		426
	119	Series 2002-94, Class BK, 5.500%, 01/25/18		120
	124	Series 2003-3, Class HJ, 5.000%, 02/25/18		126
	2,315	Series 2003-22, Class UD, 4.000%, 04/25/33		2,437
	729	Series 2003-33, Class IA, IO, 6.500%, 05/25/33		168
	480	Series 2003-34, Class AX, 6.000%, 05/25/33		553
	1,516	Series 2003-34, Class ED, 6.000%, 05/25/33		1,701
	29	Series 2003-35, Class UC, 3.750%, 05/25/33		31
	87	Series 2003-39, Class IO, IO, VAR, 6.000%, 05/25/33		20
	756	Series 2003-39, Class LW, 5.500%, 05/25/23		815
	492	Series 2003-41, Class PE, 5.500%, 05/25/23		528
	150	Series 2003-42, Class GB, 4.000%, 05/25/33		160
	328	Series 2003-47, Class PE, 5.750%, 06/25/33		374
	119	Series 2003-52, Class SX, HB, IF, 21.612%, 10/25/31		181
	99	Series 2003-64, Class SX, IF, 12.653%, 07/25/33		121
	470	Series 2003-71, Class DS, IF, 6.882%, 08/25/33		525
	766	Series 2003-72, Class IE, IO, 5.500%, 08/25/33		135
	63	Series 2003-74, Class SH, IF, 9.367%, 08/25/33		78
	125	Series 2003-76, Class GQ, 4.500%, 08/25/18		128
	212	Series 2003-80, Class SY, IF, IO, 7.204%, 06/25/23		7
	227	Series 2003-81, Class LC, 4.500%, 09/25/18		233
	639	Series 2003-83, Class PG, 5.000%, 06/25/23		664
	172	Series 2003-91, Class SD, IF, 11.757%, 09/25/33		211
	1,058	Series 2003-116, Class SB, IF, IO, 7.154%, 11/25/33		225
	136	Series 2003-128, Class NG, 4.000%, 01/25/19		139
	54	Series 2003-130, Class SX, IF, 10.851%, 01/25/34		66

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	83	Series 2003-132, Class OA, PO, 08/25/33		78
	982	Series 2004-4, Class QI, IF, IO, 6.654%, 06/25/33		102
	93	Series 2004-4, Class QM, IF, 13.308%, 06/25/33		111
	376	Series 2004-10, Class SC, HB, IF, 26.816%, 02/25/34		466
	275	Series 2004-25, Class PC, 5.500%, 01/25/34		286
	673	Series 2004-25, Class SA, IF, 18.299%, 04/25/34		955
	865	Series 2004-27, Class HB, 4.000%, 05/25/19		888
	189	Series 2004-36, Class PC, 5.500%, 02/25/34		197
	981	Series 2004-36, Class SA, IF, 18.299%, 05/25/34		1,382
	271	Series 2004-36, Class SN, IF, 13.308%, 07/25/33		306
	7	Series 2004-37, Class AG, 4.500%, 11/25/32		7
	398	Series 2004-46, Class QB, HB, IF, 22.216%, 05/25/34		588
	1,203	Series 2004-46, Class SK, IF, 15.274%, 05/25/34		1,583
	189	Series 2004-51, Class SY, IF, 13.348%, 07/25/34		256
	206	Series 2004-53, Class NC, 5.500%, 07/25/24		224
	261	Series 2004-59, Class BG, PO, 12/25/32		244
	637	Series 2004-61, Class FH, VAR, 1.246%, 11/25/32		651
	84	Series 2004-61, Class SK, IF, 8.500%, 11/25/32		101
	93	Series 2004-76, Class CL, 4.000%, 10/25/19		95
	315	Series 2004-79, Class SP, IF, 18.574%, 11/25/34		401
	42	Series 2004-81, Class AC, 4.000%, 11/25/19		43
	42	Series 2005-52, Class PA, 6.500%, 06/25/35		44
	1,033	Series 2005-56, Class S, IF, IO, 6.264%, 07/25/35		203
	254	Series 2005-66, Class SG, IF, 16.260%, 07/25/35		371
	383	Series 2005-68, Class BC, 5.250%, 06/25/35		407
	1,107	Series 2005-68, Class PG, 5.500%, 08/25/35		1,245
	518	Series 2005-68, Class UC, 5.000%, 06/25/35		544
	457	Series 2005-74, Class CS, IF, 18.794%, 05/25/35		647
	3,678	Series 2005-84, Class XM, 5.750%, 10/25/35		3,996
	1,502	Series 2005-109, Class PC, 6.000%, 12/25/35		1,668
	4,326	Series 2005-110, Class GL, 5.500%, 12/25/35		5,080
	945	Series 2005-110, Class MN, 5.500%, 06/25/35		987
	38	Series 2005-116, Class PB, 6.000%, 04/25/34		38
	83	Series 2006-15, Class OT, PO, 01/25/36		80
	359	Series 2006-16, Class OA, PO, 03/25/36		342
	517	Series 2006-22, Class AO, PO, 04/25/36		456
	138	Series 2006-23, Class KO, PO, 04/25/36		126
	1,298	Series 2006-39, Class WC, 5.500%, 01/25/36		1,419
	748	Series 2006-44, Class GO, PO, 06/25/36		698
	1,712	Series 2006-44, Class P, PO, 12/25/33		1,607
	1,102	Series 2006-46, Class UC, 5.500%, 12/25/35		1,194
	1,128	Series 2006-53, Class US, IF, IO, 6.134%, 06/25/36		178
	1,045	Series 2006-56, Class FC, VAR, 0.736%, 07/25/36		1,050
	582	Series 2006-56, Class PO, PO, 07/25/36		540
	676	Series 2006-58, Class AP, PO, 07/25/36		638
	83	Series 2006-58, Class FL, VAR, 0.906%, 07/25/36		83
	334	Series 2006-58, Class PO, PO, 07/25/36		315
	280	Series 2006-59, Class QO, PO, 01/25/33		275
	3,804	Series 2006-60, Class DZ, 6.500%, 07/25/36		4,754
	506	Series 2006-65, Class QO, PO, 07/25/36		472
	103	Series 2006-72, Class TO, PO, 08/25/36		97
	1,987	Series 2006-77, Class PC, 6.500%, 08/25/36		2,276
	416	Series 2006-79, Class DO, PO, 08/25/36		387
	352	Series 2006-90, Class AO, PO, 09/25/36		330
	146	Series 2006-109, Class PO, PO, 11/25/36		138
	984	Series 2006-110, Class PO, PO, 11/25/36		927
	96	Series 2006-111, Class EO, PO, 11/25/36		91
	637	Series 2006-118, Class A2, VAR, 0.499%, 12/25/36		636

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	98	Series 2006-119, Class PO, PO, 12/25/36		91
	1,529	Series 2006-124, Class HB, VAR, 5.671%, 11/25/36		1,626
	788	Series 2006-128, Class BP, 5.500%, 01/25/37		843
	614	Series 2006-130, Class GI, IO, 6.500%, 07/25/32		105
	785	Series 2007-7, Class SG, IF, IO, 6.054%, 08/25/36		203
	1,544	Series 2007-14, Class ES, IF, IO, 5.994%, 03/25/37		268
	141	Series 2007-15, Class NO, PO, 03/25/22		134
	454	Series 2007-16, Class FC, VAR, 1.196%, 03/25/37		458
	147	Series 2007-42, Class AO, PO, 05/25/37		142
	230	Series 2007-48, Class PO, PO, 05/25/37		213
	635	Series 2007-54, Class FA, VAR, 0.846%, 06/25/37		639
	3,716	Series 2007-60, Class AX, IF, IO, 6.704%, 07/25/37		824
	159	Series 2007-77, Class FG, VAR, 0.946%, 03/25/37		160
	1,088	Series 2007-81, Class GE, 6.000%, 08/25/37		1,192
	116	Series 2007-84, Class PG, 6.000%, 12/25/36		116
	2,481	Series 2007-88, Class VI, IF, IO, 6.094%, 09/25/37		506
	1,838	Series 2007-91, Class ES, IF, IO, 6.014%, 10/25/37		270
	1,215	Series 2007-97, Class KI, IO, 7.000%, 05/25/33		151
	1,379	Series 2007-101, Class A2, VAR, 0.683%, 06/27/36		1,378
	423	Series 2007-106, Class A7, VAR, 6.116%, 10/25/37		471
	2,508	Series 2007-114, Class A6, VAR, 0.646%, 10/27/37		2,498
	1,757	Series 2007-116, Class HI, IO, VAR, 1.557%, 01/25/38		114
	865	Series 2008-1, Class BI, IF, IO, 5.464%, 02/25/38		143
	542	Series 2008-10, Class XI, IF, IO, 5.784%, 03/25/38		78
	294	Series 2008-16, Class IS, IF, IO, 5.754%, 03/25/38		48
	251	Series 2008-19, Class IC, IO, 5.000%, 03/25/23		10
	275	Series 2008-24, Class DY, 5.000%, 04/25/23		282
	360	Series 2008-27, Class SN, IF, IO, 6.454%, 04/25/38		60
	116	Series 2008-39, Class CI, IO, 4.500%, 05/25/18		4
	256	Series 2008-42, Class AO, PO, 09/25/36		245
	26	Series 2008-44, Class PO, PO, 05/25/38		25
	394	Series 2008-47, Class SI, IF, IO, 6.054%, 06/25/23		38
	524	Series 2008-53, Class CI, IF, IO, 6.754%, 07/25/38		102
	129	Series 2008-76, Class GF, VAR, 1.096%, 09/25/23		130
	1,219	Series 2008-80, Class SA, IF, IO, 5.404%, 09/25/38		171
	871	Series 2008-81, Class SB, IF, IO, 5.404%, 09/25/38		123
	1,048	Series 2009-6, Class GS, IF, IO, 6.104%, 02/25/39		224
	404	Series 2009-9, Class IO, IO, 5.000%, 02/25/24		28
	319	Series 2009-18, Class IO, IO, 5.000%, 03/25/24		18
	2,099	Series 2009-19, Class IP, IO, 5.500%, 10/25/36		348
	819	Series 2009-60, Class HT, 6.000%, 08/25/39		933
	522	Series 2009-62, Class HJ, 6.000%, 05/25/39		581
	810	Series 2009-70, Class CO, PO, 01/25/37		732
	450	Series 2009-99, Class SC, IF, IO, 5.734%, 12/25/39		62
	875	Series 2009-103, Class MB, VAR, 2.716%, 12/25/39		925
	592	Series 2010-45, Class BD, 4.500%, 11/25/38		608
	963	Series 2010-49, Class SC, IF, 11.768%, 03/25/40		1,220
	579	Series 2010-64, Class DM, 5.000%, 06/25/40		638
	716	Series 2010-71, Class HJ, 5.500%, 07/25/40		814
	2,354	Series 2010-147, Class SA, IF, IO, 6.084%, 01/25/41		535
	608	Series 2010-148, Class MA, 4.000%, 02/25/39		628
	668	Series 2011-2, Class WA, VAR, 5.819%, 02/25/51		735
	1,158	Series 2011-22, Class MA, 6.500%, 04/25/38		1,274
	2,563	Series 2011-30, Class LS, IO, VAR, 1.858%, 04/25/41		157
	2,500	Series 2011-31, Class DB, 3.500%, 04/25/31		2,672
	7,500	Series 2011-44, Class EB, 3.000%, 05/25/26		7,910
	566	Series 2011-75, Class FA, VAR, 0.996%, 08/25/41		573
	1,187	Series 2011-118, Class MT, 7.000%, 11/25/41		1,404

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	1,580		Series 2011-130, Class CA, 6.000%, 12/25/41		1,834
	902		Series 2012-14, Class FB, VAR, 0.896%, 08/25/37		905
	5,563		Series 2012-47, Class HF, VAR, 0.846%, 05/25/27		5,588
	3,000		Series 2012-66, Class CB, 3.000%, 06/25/32		2,944
	4,256		Series 2012-99, Class AE, 2.500%, 05/25/39		4,315
	2,894		Series 2012-108, Class F, VAR, 0.946%, 10/25/42		2,918
	3,478		Series 2012-137, Class CF, VAR, 0.746%, 08/25/41		3,463
	2,000		Series 2013-81, Class TA, 3.000%, 02/25/43		1,973
	1,694		Series 2013-90, Class PM, 3.500%, 09/25/43		1,788
	2,084		Series 2013-92, Class PO, PO, 09/25/43		1,690
	3,349		Series 2013-101, Class AE, 3.000%, 10/25/33		3,436
	3,175		Series 2013-101, Class DO, PO, 10/25/43		2,547
	3,000		Series 2013-101, Class E, 3.000%, 10/25/33		3,077
	3,500		Series 2013-103, Class VG, 3.000%, 03/25/30		3,477
	4,000		Series 2013-108, Class GU, 3.000%, 10/25/33		4,100
	4,138		Series 2013-128, Class PO, PO, 12/25/43		3,235
	–	(h)	Series G-17, Class S, HB, VAR, 1,035.033%, 06/25/21		1
	10		Series G-28, Class S, IF, 14.654%, 09/25/21		11
	14		Series G-35, Class M, 8.750%, 10/25/21		15
	5		Series G-51, Class SA, HB, IF, 25.364%, 12/25/21		6
	–	(h)	Series G92-27, Class SQ, HB, IF, 11,489.161%, 05/25/22		—	(h)
	79		Series G92-35, Class E, 7.500%, 07/25/22		87
	–	(h)	Series G92-35, Class G, HB, 1,184.775%, 07/25/22		1
	10		Series G92-42, Class Z, 7.000%, 07/25/22		10
	60		Series G92-44, Class ZQ, 8.000%, 07/25/22		62
	13		Series G92-52, Class FD, VAR, 0.467%, 09/25/22		13
	81		Series G92-54, Class ZQ, 7.500%, 09/25/22		88
	12		Series G92-59, Class F, VAR, 1.378%, 10/25/22		12
	25		Series G92-61, Class Z, 7.000%, 10/25/22		28
	18		Series G92-62, Class B, PO, 10/25/22		17
	88		Series G93-1, Class KA, 7.900%, 01/25/23		99
	21		Series G93-5, Class Z, 6.500%, 02/25/23		23
	27		Series G93-14, Class J, 6.500%, 03/25/23		29
	59		Series G93-17, Class SI, IF, 6.000%, 04/25/23		68
	53		Series G93-27, Class FD, VAR, 1.326%, 08/25/23		54
	12		Series G93-37, Class H, PO, 09/25/23		12
	30		Series G95-1, Class C, 8.800%, 01/25/25		34
			Federal National Mortgage Association REMIC Trust,
	721		Series 2003-W1, Class 1A1, VAR, 5.661%, 12/25/42		816
	294		Series 2003-W1, Class 2A, VAR, 6.320%, 12/25/42		344
	90		Series 2003-W4, Class 2A, VAR, 6.326%, 10/25/42		105
	33		Series 2007-W7, Class 1A4, HB, IF, 36.504%, 07/25/37		52
	1,470		Series 2009-W1, Class A, 6.000%, 12/25/49		1,689
			Federal National Mortgage Association STRIPS,
	–	(h)	Series 23, Class 2, IO, 10.000%, 09/25/17		—	(h)
	–	(h)	Series 50, Class 2, IO, 10.500%, 03/25/19		—	(h)
	8		Series 218, Class 2, IO, 7.500%, 04/25/23		1
	9		Series 265, Class 2, 9.000%, 03/25/24		10
	96		Series 329, Class 1, PO, 01/25/33		88
	137		Series 339, Class 18, IO, 4.500%, 07/25/18		5
	195		Series 339, Class 21, IO, 4.500%, 08/25/18		5
	89		Series 339, Class 28, IO, 5.500%, 08/25/18		3
	133		Series 345, Class 6, IO, VAR, 5.000%, 12/25/33		25
	446		Series 351, Class 7, IO, VAR, 5.000%, 04/25/34		88
	363		Series 355, Class 11, IO, 6.000%, 07/25/34		66
	98		Series 355, Class 31, IO, VAR, 4.500%, 12/25/18		4
	624		Series 365, Class 8, IO, 5.500%, 05/25/36		125
	52		Series 368, Class 3, IO, 4.500%, 11/25/20		2

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	324	Series 374, Class 5, IO, 5.500%, 08/25/36		66
	154	Series 383, Class 32, IO, 6.000%, 01/25/38		30
	404	Series 383, Class 33, IO, 6.000%, 01/25/38		72
	117	Series 393, Class 6, IO, 5.500%, 04/25/37		21
		Federal National Mortgage Association Trust,
	193	Series 2004-W1, Class 2A2, 7.000%, 12/25/33		228
	471	Series 2004-W2, Class 2A2, 7.000%, 02/25/44		548
	641	Series 2004-W15, Class 2AF, VAR, 0.696%, 08/25/44		638
	1,809	Series 2005-W3, Class 2AF, VAR, 0.666%, 03/25/45		1,760
	608	Series 2006-W2, Class 1AF1, VAR, 0.666%, 02/25/46		607
		Government National Mortgage Association,
	959	Series 1994-7, Class PQ, 6.500%, 10/16/24		1,084
	674	Series 1999-4, Class ZB, 6.000%, 02/20/29		757
	72	Series 1999-30, Class S, IF, IO, 8.166%, 08/16/29		18
	158	Series 1999-40, Class ZW, 7.500%, 11/20/29		183
	105	Series 2000-9, Class Z, 8.000%, 06/20/30		125
	924	Series 2000-9, Class ZJ, 8.500%, 02/16/30		1,089
	175	Series 2000-12, Class ST, HB, IF, 37.306%, 02/16/30		271
	1,269	Series 2000-21, Class Z, 9.000%, 03/16/30		1,541
	202	Series 2000-31, Class Z, 9.000%, 10/20/30		233
	119	Series 2000-35, Class ZA, 9.000%, 11/20/30		128
	11	Series 2000-36, Class IK, IO, 9.000%, 11/16/30		2
	54	Series 2001-6, Class SD, IF, IO, 8.116%, 03/16/31		18
	145	Series 2001-35, Class SA, IF, IO, 7.816%, 08/16/31		49
	134	Series 2001-36, Class S, IF, IO, 7.616%, 08/16/31		45
	158	Series 2002-3, Class SP, IF, IO, 6.956%, 01/16/32		43
	578	Series 2002-24, Class AG, IF, IO, 7.516%, 04/16/32		126
	53	Series 2002-24, Class SB, IF, 11.273%, 04/16/32		67
	1,179	Series 2002-31, Class SE, IF, IO, 7.066%, 04/16/30		222
	366	Series 2002-40, Class UK, 6.500%, 06/20/32		434
	19	Series 2002-41, Class SV, IF, 9.000%, 06/16/32		24
	1,375	Series 2002-45, Class QE, 6.500%, 06/20/32		1,635
	469	Series 2002-47, Class PG, 6.500%, 07/16/32		551
	879	Series 2002-47, Class ZA, 6.500%, 07/20/32		1,040
	751	Series 2002-52, Class GH, 6.500%, 07/20/32		897
	145	Series 2002-70, Class PS, IF, IO, 7.262%, 08/20/32		6
	949	Series 2002-75, Class PB, 6.000%, 11/20/32		1,112
	582	Series 2003-11, Class SK, IF, IO, 7.266%, 02/16/33		99
	256	Series 2003-12, Class SP, IF, IO, 7.262%, 02/20/33		69
	53	Series 2003-24, Class PO, PO, 03/16/33		49
	1,319	Series 2003-40, Class TJ, 6.500%, 03/20/33		1,521
	753	Series 2003-46, Class MG, 6.500%, 05/20/33		891
	658	Series 2003-46, Class TC, 6.500%, 03/20/33		750
	235	Series 2003-52, Class AP, PO, 06/16/33		207
	1,200	Series 2003-58, Class BE, 6.500%, 01/20/33		1,369
	70	Series 2003-90, Class PO, PO, 10/20/33		64
	866	Series 2003-112, Class SA, IF, IO, 6.116%, 12/16/33		189
	170	Series 2003-112, Class TS, IF, IO, 6.512%, 10/20/32		3
	347	Series 2004-28, Class S, IF, 18.468%, 04/16/34		519
	112	Series 2004-73, Class AE, IF, 13.959%, 08/17/34		138
	1,245	Series 2004-90, Class SI, IF, IO, 5.662%, 10/20/34		194
	227	Series 2005-35, Class FL, VAR, 0.788%, 03/20/32		228
	1	Series 2005-39, Class KI, IO, 5.500%, 03/20/34		—	(h)
	2,148	Series 2005-58, Class NI, IO, 5.500%, 08/20/35		378
	203	Series 2005-68, Class DP, IF, 15.387%, 06/17/35		285
	2,962	Series 2005-68, Class KI, IF, IO, 5.862%, 09/20/35		541
	399	Series 2005-91, Class PI, IO, 6.000%, 12/20/35		73
	199	Series 2006-16, Class OP, PO, 03/20/36		188

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	504	Series 2006-38, Class SW, IF, IO, 6.062%, 06/20/36		66
	2,244	Series 2006-38, Class ZK, 6.500%, 08/20/36		2,628
	635	Series 2006-59, Class SD, IF, IO, 6.262%, 10/20/36		111
	1,023	Series 2006-65, Class SA, IF, IO, 6.362%, 11/20/36		203
	1,694	Series 2007-17, Class JI, IF, IO, 6.376%, 04/16/37		346
	182	Series 2007-17, Class JO, PO, 04/16/37		171
	964	Series 2007-19, Class SD, IF, IO, 5.762%, 04/20/37		156
	878	Series 2007-26, Class SC, IF, IO, 5.762%, 05/20/37		160
	743	Series 2007-27, Class SA, IF, IO, 5.762%, 05/20/37		132
	215	Series 2007-28, Class BO, PO, 05/20/37		197
	610	Series 2007-36, Class SE, IF, IO, 6.036%, 06/16/37		117
	1,689	Series 2007-40, Class SB, IF, IO, 6.312%, 07/20/37		307
	1,008	Series 2007-42, Class SB, IF, IO, 6.312%, 07/20/37		188
	2,500	Series 2007-47, Class PH, 6.000%, 07/16/37		3,021
	652	Series 2007-50, Class AI, IF, IO, 6.337%, 08/20/37		100
	93	Series 2007-53, Class SW, IF, 18.890%, 09/20/37		133
	458	Series 2007-57, Class PO, PO, 03/20/37		435
	359	Series 2007-71, Class SB, IF, IO, 6.262%, 07/20/36		18
	527	Series 2007-72, Class US, IF, IO, 6.112%, 11/20/37		95
	544	Series 2007-73, Class MI, IF, IO, 5.562%, 11/20/37		87
	1,060	Series 2007-76, Class SA, IF, IO, 6.092%, 11/20/37		191
	521	Series 2007-79, Class SY, IF, IO, 6.112%, 12/20/37		96
	323	Series 2008-2, Class MS, IF, IO, 6.726%, 01/16/38		70
	1,075	Series 2008-2, Class NS, IF, IO, 6.106%, 01/16/38		200
	588	Series 2008-10, Class S, IF, IO, 5.392%, 02/20/38		104
	395	Series 2008-32, Class PI, IO, 5.500%, 10/16/37		48
	831	Series 2008-36, Class SH, IF, IO, 5.862%, 04/20/38		137
	4,627	Series 2008-40, Class SA, IF, IO, 5.966%, 05/16/38		867
	477	Series 2008-55, Class SA, IF, IO, 5.762%, 06/20/38		78
	99	Series 2008-60, Class PO, PO, 01/20/38		98
	249	Series 2008-71, Class SC, IF, IO, 5.562%, 08/20/38		34
	588	Series 2008-93, Class AS, IF, IO, 5.262%, 12/20/38		88
	664	Series 2009-6, Class SA, IF, IO, 5.666%, 02/16/39		94
	403	Series 2009-10, Class SL, IF, IO, 6.066%, 03/16/34		18
	1,485	Series 2009-12, Class IE, IO, 5.500%, 03/20/39		271
	571	Series 2009-14, Class KI, IO, 6.500%, 03/20/39		125
	544	Series 2009-14, Class NI, IO, 6.500%, 03/20/39		119
	1,432	Series 2009-22, Class SA, IF, IO, 5.832%, 04/20/39		233
	416	Series 2009-25, Class SE, IF, IO, 7.162%, 09/20/38		83
	338	Series 2009-33, Class CI, IO, 5.500%, 05/20/39		56
	349	Series 2009-33, Class TI, IO, 6.000%, 05/20/39		66
	594	Series 2009-43, Class SA, IF, IO, 5.512%, 06/20/39		78
	449	Series 2009-65, Class IQ, IO, 6.000%, 12/20/38		62
	1,324	Series 2009-72, Class SM, IF, IO, 5.816%, 08/16/39		212
	317	Series 2009-79, Class OK, PO, 11/16/37		282
	470	Series 2010-14, Class CO, PO, 08/20/35		437
	2,750	Series 2010-31, Class NO, PO, 03/20/40		2,633
	352	Series 2010-130, Class CP, 7.000%, 10/16/40		414
	2,771	Series 2010-157, Class OP, PO, 12/20/40		2,428
	4,053	Series 2010-H17, Class XQ, VAR, 5.238%, 07/20/60		4,331
	836	Series 2011-22, Class WA, VAR, 5.938%, 02/20/37		935
	1,640	Series 2011-75, Class SM, IF, IO, 6.162%, 05/20/41		374
	2,622	Series 2012-61, Class FM, VAR, 0.834%, 05/16/42		2,644
	717	Series 2012-141, Class WC, VAR, 3.719%, 01/20/42		758
	3,860	Series 2012-H10, Class FA, VAR, 0.988%, 12/20/61		3,843
	1,146	Series 2012-H15, Class FA, VAR, 0.888%, 05/20/62		1,146
	2,846	Series 2012-H21, Class CF, VAR, 1.138%, 05/20/61		2,844
	2,457	Series 2012-H21, Class DF, VAR, 1.088%, 05/20/61		2,454

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	3,666	Series 2012-H22, Class FD, VAR, 0.908%, 01/20/61		3,646
	701	Series 2012-H24, Class FA, VAR, 0.888%, 03/20/60		700
	1,979	Series 2012-H24, Class FG, VAR, 0.868%, 04/20/60		1,970
	1,637	Series 2012-H26, Class MA, VAR, 0.988%, 07/20/62		1,632
	2,203	Series 2012-H28, Class FA, VAR, 1.018%, 09/20/62		2,195
	1,619	Series 2012-H29, Class FA, VAR, 0.953%, 10/20/62		1,610
	1,607	Series 2012-H30, Class PA, VAR, 0.888%, 11/20/59		1,607
	1,763	Series 2012-H31, Class FD, VAR, 0.778%, 12/20/62		1,741
	3,208	Series 2013-54, Class WA, VAR, 4.705%, 11/20/42		3,509
	2,475	Series 2013-75, Class WA, VAR, 5.223%, 06/20/40		2,709
	1,422	Series 2013-91, Class WA, VAR, 4.505%, 04/20/43		1,522
	1,300	Series 2013-116, Class JY, 4.000%, 08/16/43		1,453
	2,820	Series 2013-H01, Class FA, 1.650%, 01/20/63		2,811
	641	Series 2013-H03, Class FA, VAR, 0.738%, 08/20/60		640
	1,434	Series 2013-H04, Class BA, 1.650%, 02/20/63		1,430
	3,899	Series 2013-H05, Class FB, VAR, 0.837%, 02/20/62		3,889
	1,695	Series 2013-H07, Class HA, VAR, 0.848%, 03/20/63		1,677
	9,342	Series 2013-H07, Class JA, 1.750%, 03/20/63		9,387
	1,516	Series 2013-H08, Class FC, VAR, 0.888%, 02/20/63		1,503
	1,849	Series 2013-H09, Class HA, 1.650%, 04/20/63		1,842
	3,503	Series 2013-H18, Class JA, VAR, 1.038%, 08/20/63		3,494
	1,171	Series 2014-188, Class W, VAR, 4.684%, 10/20/41		1,282
	1,698	Series 2014-H01, Class FD, VAR, 1.088%, 01/20/64		1,696
	1,743	Series 2014-H09, Class TA, VAR, 1.038%, 04/20/64		1,738
	6,148	Series 2015-H05, Class FC, VAR, 0.918%, 02/20/65		6,083
	9,777	Series 2015-H10, Class FC, VAR, 0.918%, 04/20/65		9,672
	7,616	Series 2015-H12, Class FA, VAR, 0.918%, 05/20/65		7,511
	1,936	Series 2015-H15, Class FD, VAR, 0.878%, 06/20/65		1,904
	4,447	Series 2015-H15, Class FJ, VAR, 0.878%, 06/20/65		4,372
	3,614	Series 2015-H16, Class FG, VAR, 0.878%, 07/20/65		3,572
	3,124	Series 2015-H23, Class FB, VAR, 0.958%, 09/20/65		3,098
	2,291	Series 2015-H32, Class FH, VAR, 1.098%, 12/20/65		2,290
	8,868	Series 2016-H07, Class FA, VAR, 1.187%, 03/20/66		8,911
		Vendee Mortgage Trust,
	363	Series 1994-1, Class 1, VAR, 5.515%, 02/15/24		396
	543	Series 1994-1, Class 2ZB, 6.500%, 02/15/24		611
	532	Series 1996-1, Class 1Z, 6.750%, 02/15/26		614
	414	Series 1996-2, Class 1Z, 6.750%, 06/15/26		474
	740	Series 1997-1, Class 2Z, 7.500%, 02/15/27		866
	886	Series 1998-1, Class 2E, 7.000%, 03/15/28		1,058
	1,705	Series 1999-1, Class 2Z, 6.500%, 01/15/29		1,948
	6,533	Series 2003-2, Class Z, 5.000%, 05/15/33		7,456
				553,252
		Non-Agency CMO — 4.0%
	4,531	Access PT Funding Trust, Series 2016-1, 6.250%, 02/16/21		4,531
		Ajax Mortgage Loan Trust,
	1,662	Series 2013-A, Class A, VAR, 3.500%, 02/25/51 (e)		1,648
	2,209	Series 2013-C, Class A, SUB, 4.500%, 03/25/53 (e)		2,259
	1,776	Series 2015-B, Class A, SUB, 3.875%, 07/25/60 (e)		1,752
		Alternative Loan Trust,
	11,255	Series 2004-2CB, Class 1A9, 5.750%, 03/25/34		11,168
	1,408	Series 2005-1CB, Class 1A6, IF, IO, 6.654%, 03/25/35		310
	3,461	Series 2005-20CB, Class 3A8, IF, IO, 4.304%, 07/25/35		484
	6,516	Series 2005-22T1, Class A2, IF, IO, 4.624%, 06/25/35		1,131
	3,605	Series 2005-28CB, Class 1A4, 5.500%, 08/25/35		3,392
	124	Series 2005-28CB, Class 3A5, 6.000%, 08/25/35		97
	5,004	Series 2005-37T1, Class A2, IF, IO, 4.604%, 09/25/35		928
	2,837	Series 2005-54CB, Class 1A11, 5.500%, 11/25/35		2,570
	7,132	Series 2005-54CB, Class 1A2, IF, IO, 4.404%, 11/25/35		923
	1,739	Series 2005-57CB, Class 3A2, IF, IO, 4.654%, 12/25/35		268

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	1,184	Series 2005-64CB, Class 1A9, 5.500%, 12/25/35		1,118
	2,871	Series 2005-J1, Class 1A4, IF, IO, 4.654%, 02/25/35		182
	1,811	Series 2006-26CB, Class A9, 6.500%, 09/25/36		1,543
	447	American General Mortgage Loan Trust, Series 2010-1A, Class A4, VAR, 5.650%, 03/25/58 (e)		452
		Angel Oak Mortgage Trust LLC,
	1,872	Series 2015-1, Class A, SUB, 4.500%, 11/25/45 (e)		1,882
	533	Series 2015-1, Class M, SUB, 5.500%, 11/25/45 (e)		531
		ASG Resecuritization Trust,
	211	Series 2009-1, Class A60, VAR, 2.355%, 06/26/37 (e)		210
	1,523	Series 2009-3, Class A65, VAR, 2.346%, 03/26/37 (e)		1,511
	332	Series 2010-2, Class A60, VAR, 1.981%, 01/28/37 (e)		327
	475	Series 2011-1, Class 3A50, VAR, 2.978%, 11/28/35 (e)		466
		Banc of America Alternative Loan Trust,
	122	Series 2003-2, Class PO, PO, 04/25/33		107
	218	Series 2003-11, Class PO, PO, 01/25/34		187
	74	Series 2004-6, Class 15PO, PO, 07/25/19		72
	1,014	Series 2005-5, Class 1CB1, 5.500%, 06/25/35		936
	2,536	Series 2005-6, Class CBIO, IO, 5.500%, 07/25/35		587
	691	Series 2006-4, Class 1A4, 6.000%, 05/25/46		470
		Banc of America Funding Trust,
	252	Series 2004-1, Class PO, PO, 03/25/34		205
	159	Series 2004-2, Class 30PO, PO, 09/20/34		134
	199	Series 2004-C, Class 1A1, VAR, 3.082%, 12/20/34		194
	520	Series 2005-6, Class 2A7, 5.500%, 10/25/35		497
	330	Series 2005-7, Class 30PO, PO, 11/25/35		265
	206	Series 2005-8, Class 30PO, PO, 01/25/36		142
	844	Series 2005-E, Class 4A1, VAR, 2.873%, 03/20/35		832
	443	Series 2006-A, Class 3A2, VAR, 2.935%, 02/20/36		352
		Banc of America Mortgage Trust,
	42	Series 2003-3, Class 2A1, VAR, 0.996%, 05/25/18		41
	33	Series 2003-6, Class 2A1, VAR, 0.896%, 08/25/18		32
	15	Series 2003-7, Class A2, 4.750%, 09/25/18		15
	99	Series 2003-8, Class APO, PO, 11/25/33		82
	329	Series 2004-3, Class 15IO, IO, VAR, 0.213%, 04/25/19		1
	39	Series 2004-4, Class APO, PO, 05/25/34		34
	653	Series 2004-5, Class 2A2, 5.500%, 06/25/34		660
	245	Series 2004-6, Class 2A5, PO, 07/25/34		211
	134	Series 2004-6, Class APO, PO, 07/25/34		119
	13	Series 2004-8, Class 5PO, PO, 05/25/32		11
	15	Series 2004-8, Class XPO, PO, 10/25/34		13
	186	Series 2004-A, Class 2A2, VAR, 2.945%, 02/25/34		176
	540	Series 2004-J, Class 3A1, VAR, 3.149%, 11/25/34		528
	476	Series 2005-10, Class 1A6, 5.500%, 11/25/35		447
		BCAP LLC Trust,
	270	Series 2009-RR5, Class 8A1, 5.500%, 11/26/34 (e)		279
	150	Series 2009-RR13, Class 17A2, VAR, 5.500%, 04/26/37 (e)		150
	141	Series 2010-RR6, Class 22A3, VAR, 3.843%, 06/26/36 (e)		141
	79	Series 2010-RR7, Class 1A5, VAR, 3.016%, 04/26/35 (e)		78
	1,490	Series 2010-RR7, Class 2A1, VAR, 2.540%, 07/26/45 (e)		1,478
	1,001	Series 2010-RR8, Class 3A4, VAR, 3.083%, 05/26/35 (e)		981
	279	Series 2010-RR12, Class 2A5, VAR, 2.716%, 01/26/36 (e)		276
	243	Series 2011-R11, Class 25A5, VAR, 4.000%, 08/26/21 (e)		244
	1,220	Series 2011-RR4, Class 6A3, VAR, 5.000%, 08/26/37 (e)		1,235
	488	Series 2011-RR5, Class 11A3, VAR, 0.589%, 05/28/36 (e)		485
	1,412	Series 2011-RR10, Class 2A1, VAR, 1.259%, 09/26/37 (e)		1,361
	84	Series 2012-RR2, Class 1A1, VAR, 0.608%, 08/26/36 (e)		84
	437	Series 2012-RR3, Class 2A5, VAR, 2.364%, 05/26/37 (e)		435
	32	Series 2012-RR10, Class 3A1, VAR, 0.629%, 05/26/36 (e)		32
	1,465	Series 2015-RR4, Class 1A1, VAR, 1.442%, 09/11/38 (e)		1,381

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
		Bear Stearns ARM Trust,
	154	Series 2003-7, Class 3A, VAR, 2.647%, 10/25/33		151
	569	Series 2004-1, Class 12A1, VAR, 3.060%, 04/25/34		561
	93	Series 2004-2, Class 14A, VAR, 3.344%, 05/25/34		92
	1,117	Series 2005-5, Class A1, VAR, 2.380%, 08/25/35		1,120
	2,731	Series 2006-1, Class A1, VAR, 2.580%, 02/25/36		2,661
		CHL Mortgage Pass-Through Trust,
	380	Series 2004-7, Class 2A1, VAR, 2.945%, 06/25/34		371
	141	Series 2004-8, Class 2A1, 4.500%, 06/25/19		144
	149	Series 2004-HYB1, Class 2A, VAR, 2.734%, 05/20/34		141
	593	Series 2004-HYB3, Class 2A, VAR, 2.712%, 06/20/34		563
	509	Series 2004-HYB6, Class A3, VAR, 2.678%, 11/20/34		484
	131	Series 2004-J8, Class 1A2, 4.750%, 11/25/19		132
	827	Series 2005-16, Class A23, 5.500%, 09/25/35		802
	2,555	Series 2005-22, Class 2A1, VAR, 2.758%, 11/25/35		2,167
		Citicorp Mortgage Securities REMIC Pass-Through Certificates Trust,
	122	Series 2005-5, Class APO, PO, 08/25/35		107
	98	Series 2005-8, Class APO, PO, 11/25/35		77
		Citigroup Global Markets Mortgage Securities VII, Inc.,
	181	Series 2003-HYB1, Class A, VAR, 2.740%, 09/25/33		179
	7	Series 2003-UP2, Class PO1, PO, 12/25/18		7
		Citigroup Mortgage Loan Trust,
	696	Series 2008-AR4, Class 1A1A, VAR, 3.021%, 11/25/38 (e)		690
	294	Series 2009-10, Class 2A1A, 7.000%, 12/25/35 (e)		301
	912	Series 2010-8, Class 5A6, 4.000%, 11/25/36 (e)		915
	1,260	Series 2010-8, Class 6A6, 4.500%, 12/25/36 (e)		1,269
	489	Series 2015-A, Class B2, VAR, 4.500%, 06/25/58 (e)		492
		Citigroup Mortgage Loan Trust, Inc.,
	186	Series 2003-1, Class 2A5, 5.250%, 10/25/33		188
	96	Series 2003-1, Class 2A6, PO, 10/25/33		87
	65	Series 2003-1, Class PO2, PO, 10/25/33		58
	68	Series 2003-1, Class PO3, PO, 09/25/33		61
	33	Series 2003-UP3, Class A3, 7.000%, 09/25/33		33
	89	Series 2003-UST1, Class A1, 5.500%, 12/25/18		89
	22	Series 2003-UST1, Class PO1, PO, 12/25/18		21
	12	Series 2003-UST1, Class PO3, PO, 12/25/18		12
	123	Series 2004-UST1, Class A6, VAR, 2.526%, 08/25/34		118
	318	Series 2005-1, Class 2A1A, VAR, 2.704%, 04/25/35		253
	388	Series 2005-2, Class 2A11, 5.500%, 05/25/35		396
	433	Series 2005-5, Class 1A2, VAR, 3.355%, 08/25/35		310
		Credit Suisse First Boston Mortgage Securities Corp.,
	501	Series 2003-1, Class DB1, VAR, 6.747%, 02/25/33		506
	38	Series 2003-17, Class 2A1, 5.000%, 07/25/18		38
	214	Series 2003-21, Class 1A4, 5.250%, 09/25/33		219
	341	Series 2003-25, Class 1P, PO, 10/25/33		294
	15	Series 2004-5, Class 5P, PO, 08/25/19		15
	2,358	Series 2005-4, Class 3A18, 5.500%, 06/25/35		2,372
	2,624	Series 2005-4, Class 3A23, 5.500%, 06/25/35		2,589
		CSMC,
	5,327	Series 2010-11R, Class A6, VAR, 1.438%, 06/28/47 (e)		5,068
	615	Series 2011-16R, Class 7A3, VAR, 3.500%, 12/27/36 (e)		616
	304	Series 2011-6R, Class 3A1, VAR, 2.931%, 07/28/36 (e)		306
	280	Series 2012-3R, Class 1A1, VAR, 2.425%, 07/27/37 (e)		275
	37	CSMC Trust, Series 2010-16, Class A3, VAR, 4.250%, 06/25/50 (e)		37
		First Horizon Alternative Mortgage Securities Trust,
	759	Series 2004-AA4, Class A1, VAR, 2.702%, 10/25/34		742
	1,077	Series 2005-FA8, Class 1A19, 5.500%, 11/25/35		919
	2,086	Series 2007-FA4, Class 1A2, IF, IO, 5.204%, 08/25/37		496

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
		First Horizon Mortgage Pass-Through Trust,
	406	Series 2004-AR2, Class 2A1, VAR, 3.065%, 05/25/34		400
	782	Series 2005-AR1, Class 2A2, VAR, 2.956%, 04/25/35		764
		GMACM Mortgage Loan Trust,
	413	Series 2003-AR1, Class A4, VAR, 3.167%, 10/19/33		407
	183	Series 2004-J5, Class A7, 6.500%, 01/25/35		189
	55	Series 2004-J6, Class 1A1, 5.000%, 01/25/20		56
	3,512	Series 2005-AR3, Class 3A4, VAR, 3.201%, 06/19/35		3,424
		GSMPS Mortgage Loan Trust,
	763	Series 2001-2, Class A, VAR, 7.500%, 06/19/32 (e)		775
	1,114	Series 2005-RP3, Class 1AF, VAR, 0.796%, 09/25/35 (e)		901
	842	Series 2005-RP3, Class 1AS, IO, VAR, 4.328%, 09/25/35 (e)		117
	3,751	Series 2006-RP2, Class 1AS2, IF, IO, 5.635%, 04/25/36 (e)		499
		GSR Mortgage Loan Trust,
	728	Series 2004-13F, Class 3A3, 6.000%, 11/25/34		747
	471	Series 2004-6F, Class 3A4, 6.500%, 05/25/34		500
	333	Series 2004-8F, Class 2A3, 6.000%, 09/25/34		341
	171	Series 2005-4F, Class AP, PO, 05/25/35		153
	1,625	Series 2005-7F, Class 3A9, 6.000%, 09/25/35		1,682
	2,319	Series 2006-1F, Class 2A4, 6.000%, 02/25/36		2,031
	1,773	Series 2007-1F, Class 2A4, 5.500%, 01/25/37		1,712
	2,545	Homeowner Assistance Program Reverse Mortgage Loan Trust, Series 2013-RM1, Class A, 4.000%, 05/26/53 (e)		2,513
		Impac CMB Trust,
	1,801	Series 2004-7, Class 1A1, VAR, 1.186%, 11/25/34		1,679
	212	Series 2005-4, Class 2A1, VAR, 1.046%, 05/25/35		205
		Impac Secured Assets Trust,
	532	Series 2006-1, Class 2A1, VAR, 0.796%, 05/25/36		476
	411	Series 2006-2, Class 2A1, VAR, 0.796%, 08/25/36		401
		JP Morgan Mortgage Trust,
	943	Series 2006-A2, Class 4A1, VAR, 2.797%, 08/25/34		945
	1,236	Series 2006-A2, Class 5A3, VAR, 2.680%, 11/25/33		1,239
	243	Series 2006-A3, Class 6A1, VAR, 2.784%, 08/25/34		242
	160	JP Morgan Resecuritization Trust, Series 2009-6, Class 4A1, VAR, 2.719%, 09/26/36 (e)		160
		Lehman Mortgage Trust,
	488	Series 2006-2, Class 1A1, VAR, 5.938%, 04/25/36		432
	967	Series 2008-2, Class 1A6, 6.000%, 03/25/38		730
		MASTR Adjustable Rate Mortgages Trust,
	69	Series 2004-4, Class 2A1, VAR, 2.222%, 05/25/34		61
	531	Series 2004-13, Class 2A1, VAR, 2.850%, 04/21/34		530
	1,229	Series 2004-13, Class 3A7, VAR, 2.825%, 11/21/34		1,248
	365	Series 2004-15, Class 3A1, VAR, 3.405%, 12/25/34		359
		MASTR Alternative Loan Trust,
	155	Series 2003-3, Class 1A1, 6.500%, 05/25/33		160
	424	Series 2003-9, Class 8A1, 6.000%, 01/25/34		422
	453	Series 2004-3, Class 2A1, 6.250%, 04/25/34		471
	625	Series 2004-4, Class 10A1, 5.000%, 05/25/24		648
	341	Series 2004-6, Class 30PO, PO, 07/25/34		266
	528	Series 2004-6, Class 7A1, 6.000%, 07/25/34		524
	240	Series 2004-7, Class 30PO, PO, 08/25/34		183
	502	Series 2004-8, Class 6A1, 5.500%, 09/25/19		511
	89	Series 2004-10, Class 1A1, 4.500%, 09/25/19		89
		MASTR Asset Securitization Trust,
	16	Series 2003-2, Class 2A1, 4.500%, 03/25/18		16
	9	Series 2003-3, Class 4A1, 5.000%, 04/25/18		9
	26	Series 2003-4, Class 3A2, 5.000%, 05/25/18		26
	51	Series 2003-12, Class 30PO, PO, 12/25/33		46
	53	Series 2004-1, Class 30PO, PO, 02/25/34		45
	11	Series 2004-4, Class 3A1, 4.500%, 04/25/19		11
	20	Series 2004-6, Class 15PO, PO, 07/25/19		19
	36	Series 2004-8, Class 1A1, 4.750%, 08/25/19		36

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	14	Series 2004-8, Class PO, PO, 08/25/19		13
	2,188	MASTR Reperforming Loan Trust, Series 2005-2, Class 1A1F, VAR, 0.796%, 05/25/35 (e)		1,721
	456	MASTR Resecuritization Trust, Series 2005-PO, Class 3PO, PO, 05/28/35 (e)		360
		Merrill Lynch Mortgage Investors Trust,
	223	Series 2003-E, Class A1, VAR, 1.066%, 10/25/28		212
	2,054	Series 2003-F, Class A1, VAR, 1.086%, 10/25/28		2,002
	595	Series 2004-1, Class 2A1, VAR, 2.459%, 12/25/34		594
	411	Series 2004-A, Class A1, VAR, 0.906%, 04/25/29		384
	7	ML Trust XLVII, Series 47, Class Z, 8.985%, 10/20/20		8
	453	MortgageIT Trust, Series 2005-1, Class 1A1, VAR, 1.086%, 02/25/35		435
	399	NACC Reperforming Loan REMIC Trust, Series 2004-R2, Class A1, VAR, 6.500%, 10/25/34 (e)		403
		Nomura Asset Acceptance Corp. Alternative Loan Trust,
	160	Series 2003-A1, Class A1, 5.500%, 05/25/33		162
	98	Series 2003-A1, Class A2, 6.000%, 05/25/33		99
	47	Series 2003-A1, Class A5, 7.000%, 04/25/33		48
	3	Series 2003-A1, Class A7, 5.000%, 04/25/18		3
	4	PaineWebber CMO Trust, Series P, Class 4, 8.500%, 08/01/19		5
	206	Provident Funding Mortgage Loan Trust, Series 2005-1, Class 2A1, VAR, 2.844%, 05/25/35		210
		RALI Trust,
	64	Series 2002-QS8, Class A5, 6.250%, 06/25/17		64
	27	Series 2002-QS16, Class A3, IF, 15.690%, 10/25/17		29
	3,414	Series 2003-QR19, Class CB4, 5.750%, 10/25/33		3,548
	79	Series 2003-QS3, Class A2, IF, 15.519%, 02/25/18		82
	206	Series 2003-QS9, Class A3, IF, IO, 7.104%, 05/25/18		8
	228	Series 2003-QS12, Class A2A, IF, IO, 7.154%, 06/25/18		11
	69	Series 2003-QS12, Class A5, IO, 5.000%, 06/25/18		2
	509	Series 2003-QS14, Class A1, 5.000%, 07/25/18		511
	149	Series 2003-QS18, Class A1, 5.000%, 09/25/18		151
	1,151	Series 2003-QS19, Class A1, 5.750%, 10/25/33		1,206
	1,437	Series 2004-QA6, Class NB2, VAR, 3.244%, 12/26/34		1,198
		RBSSP Resecuritization Trust,
	283	Series 2009-2, Class 1A1, 7.000%, 08/26/37 (e)		295
	134	Series 2009-9, Class 7A4, VAR, 6.000%, 07/26/37 (e)		134
	566	Series 2009-12, Class 1A1, VAR, 5.795%, 11/25/33 (e)		585
	282	Series 2010-9, Class 7A5, VAR, 4.000%, 05/26/37 (e)		278
		Residential Asset Securitization Trust,
	230	Series 2003-A13, Class A3, 5.500%, 01/25/34		234
	11	Series 2003-A14, Class A1, 4.750%, 02/25/19		11
	2,244	Series 2005-A2, Class A4, IF, IO, 4.604%, 03/25/35		324
	599	Series 2006-A4, Class 2A5, 6.000%, 05/25/36		542
		RFMSI Trust,
	36	Series 2003-S14, Class A4, PO, 07/25/18		35
	77	Series 2004-S3, Class A1, 4.750%, 03/25/19		76
	326	Series 2004-S6, Class 2A6, PO, 06/25/34		278
	44	Series 2004-S9, Class 2A1, 4.750%, 12/25/19		44
	536	Series 2005-SA4, Class 1A1, VAR, 2.893%, 09/25/35		440
		Springleaf Mortgage Loan Trust,
	838	Series 2013-1A, Class A, VAR, 1.270%, 06/25/58 (e)		835
	1,116	Series 2013-1A, Class M1, VAR, 2.310%, 06/25/58 (e)		1,116
	900	Series 2013-1A, Class M2, VAR, 3.140%, 06/25/58 (e)		899
	634	Series 2013-1A, Class M3, VAR, 3.790%, 06/25/58 (e)		634
	1,938	Series 2013-2A, Class A, VAR, 1.780%, 12/25/65 (e)		1,937
	1,058	Series 2013-2A, Class M1, VAR, 3.520%, 12/25/65 (e)		1,058
	542	Series 2013-3A, Class A, VAR, 1.870%, 09/25/57 (e)		543
	2,131	Series 2013-3A, Class M1, VAR, 3.790%, 09/25/57 (e)		2,144
	326	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-6, Class 5A4, VAR, 2.557%, 06/25/34		325
	620	Structured Asset Mortgage Investments II Trust, Series 2004-AR5, Class 1A1, VAR, 1.099%, 10/19/34		590

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
		Structured Asset Securities Corp. Mortgage Pass-Through Certificates,
	674	Series 2003-33H, Class 1A1, 5.500%, 10/25/33		688
	1,158	Series 2004-5H, Class A4, 5.540%, 12/25/33		1,189
		Structured Asset Securities Corp. Trust,
	100	Series 2005-6, Class 4A1, 5.000%, 05/25/35		101
	155	Series 2005-10, Class 5A9, 5.250%, 12/25/34		151
		Thornburg Mortgage Securities Trust,
	353	Series 2003-4, Class A1, VAR, 1.086%, 09/25/43		339
	898	Series 2004-4, Class 3A, VAR, 2.228%, 12/25/44		884
		WaMu Mortgage Pass-Through Certificates Trust,
	129	Series 2003-AR8, Class A, VAR, 2.479%, 08/25/33		130
	1,936	Series 2003-AR9, Class 1A6, VAR, 2.523%, 09/25/33		1,946
	253	Series 2003-AR9, Class 2A, VAR, 2.585%, 09/25/33		246
	84	Series 2003-S8, Class A6, 4.500%, 09/25/18		84
	918	Series 2003-S9, Class A8, 5.250%, 10/25/33		937
	77	Series 2003-S9, Class P, PO, 10/25/33		64
	160	Series 2004-AR3, Class A1, VAR, 2.785%, 06/25/34		161
	134	Series 2004-AR3, Class A2, VAR, 2.785%, 06/25/34		135
	1,634	Series 2004-RS2, Class A4, 5.000%, 11/25/33		1,658
	222	Series 2006-AR10, Class 2P, VAR, 2.449%, 09/25/36		193
	159	Series 2006-AR12, Class 2P, VAR, 1.998%, 10/25/36		117
		Washington Mutual Mortgage Pass-Through Certificates WMALT Trust,
	7,090	Series 2005-2, Class 1A4, IF, IO, 4.604%, 04/25/35		1,154
	1,669	Series 2005-2, Class 2A3, IF, IO, 4.554%, 04/25/35		230
	1,916	Series 2005-3, Class CX, IO, 5.500%, 05/25/35		392
	2,278	Series 2005-4, Class CB7, 5.500%, 06/25/35		2,107
	1,822	Series 2005-4, Class CX, IO, 5.500%, 06/25/35		375
	489	Series 2005-6, Class 2A4, 5.500%, 08/25/35		444
	3,127	Series 2005-6, Class 2A9, 5.500%, 08/25/35		2,844
	156	Wells Fargo Mortgage Loan Trust, Series 2012-RR1, Class A1, VAR, 2.847%, 08/27/37 (e)		155
		Wells Fargo Mortgage-Backed Securities Trust,
	165	Series 2003-K, Class 1A1, VAR, 2.615%, 11/25/33		165
	313	Series 2003-K, Class 1A2, VAR, 2.615%, 11/25/33		314
	339	Series 2004-EE, Class 2A1, VAR, 2.828%, 12/25/34		341
	432	Series 2004-EE, Class 3A1, VAR, 2.836%, 12/25/34		445
	1,918	Series 2004-P, Class 2A1, VAR, 2.743%, 09/25/34		1,913
	363	Series 2004-V, Class 1A1, VAR, 2.806%, 10/25/34		364
	115	Series 2005-16, Class APO, PO, 01/25/36		90
	3,266	Series 2005-AR3, Class 1A1, VAR, 2.880%, 03/25/35		3,335
	347	Series 2005-AR8, Class 2A1, VAR, 2.869%, 06/25/35		353
	292	Series 2005-AR16, Class 2A1, VAR, 2.853%, 02/25/34		293
	443	Series 2006-2, Class APO, PO, 03/25/36		345
	187	Series 2006-4, Class 1APO, PO, 04/25/36		157
	853	Series 2007-7, Class A7, 6.000%, 06/25/37		845
	255	Series 2007-11, Class A14, 6.000%, 08/25/37		253
				167,380
		Total Collateralized Mortgage Obligations (Cost $682,819)		720,632
	Commercial Mortgage-Backed Securities — 2.6%
		A10 Securitization LLC,
	16	Series 2013-1, Class A, 2.400%, 11/15/25 (e)		16
	2,350	Series 2015-1, Class A1, 2.100%, 04/15/34 (e)		2,346
	1,293	Series 2015-1, Class A2, 3.130%, 04/15/34 (e)		1,295
		A10 Term Asset Financing LLC,
	1,304	Series 2013-2, Class A, 2.620%, 11/15/27 (e)		1,294
	696	Series 2013-2, Class B, 4.380%, 11/15/27 (e)		682
		ACRE Commercial Mortgage Trust, (Cayman Islands),
	610	Series 2014-FL2, Class B, VAR, 2.484%, 08/15/31 (e)		601
	710	Series 2014-FL2, Class C, VAR, 2.934%, 08/15/31 (e)		699

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
	400	Series 2014-FL2, Class D, VAR, 3.834%, 08/15/31 (e)		389
		BAMLL Commercial Mortgage Securities Trust,
	560	Series 2012-PARK, Class A, 2.959%, 12/10/30 (e)		575
	1,300	Series 2014-520M, Class C, VAR, 4.214%, 08/15/46 (e)		1,253
		Banc of America Commercial Mortgage Trust,
	495	Series 2006-5, Class A4, 5.414%, 09/10/47		497
	1,264	Series 2007-5, Class A4, 5.492%, 02/10/51		1,293
	241	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-3, Class AM, 4.727%, 07/10/43		241
		BB-UBS Trust,
	4,400	Series 2012-SHOW, Class A, 3.430%, 11/05/36 (e)		4,560
	2,500	Series 2012-TFT, Class A, 2.892%, 06/05/30 (e)		2,523
	1,404	Bear Stearns Commercial Mortgage Securities Trust, Series 2005-PWR8, Class X1, IO, VAR, 0.257%, 06/11/41 (e)		—	(h)
	58,344	CD Commercial Mortgage Trust, Series 2007-CD4, Class XC, IO, VAR, 0.386%, 12/11/49 (e)		109
	748	CGBAM Commercial Mortgage Trust, Series 2014-HD, Class A, VAR, 1.234%, 02/15/31 (e)		741
		COBALT CMBS Commercial Mortgage Trust,
	344	Series 2006-C1, Class A4, 5.223%, 08/15/48		345
	13,341	Series 2006-C1, Class IO, IO, VAR, 0.737%, 08/15/48		38
		COMM Mortgage Trust,
	2,671	Series 2012-CR2, Class XA, IO, VAR, 1.741%, 08/15/45		217
	3,500	Series 2013-300P, Class A1, 4.353%, 08/10/30 (e)		3,900
	1,060	Series 2013-SFS, Class A2, VAR, 2.987%, 04/12/35 (e)		1,064
	1,400	Series 2014-TWC, Class A, VAR, 1.286%, 02/13/32 (e)		1,389
	1,156	Series 2015-CR24, Class A5, 3.696%, 08/10/55		1,238
	2,812	Series 2015-CR25, Class A4, 3.759%, 08/10/48		3,021
	300	Commercial Mortgage Trust, Series 2006-GG7, Class AM, VAR, 5.921%, 07/10/38		300
		Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates,
	2,557	Series K029, Class A2, VAR, 3.320%, 02/25/23		2,757
	10,000	Series K037, Class A2, 3.490%, 01/25/24		10,901
	3,560	Series K052, Class A2, 3.151%, 11/25/25		3,785
	872	Series KJ02, Class A2, 2.597%, 09/25/20		900
	5,500	Series KPLB, Class A, 2.770%, 05/25/25		5,659
	1,000	Series KS01, Class A2, 2.522%, 01/25/23		1,025
	2,500	Series KSMC, Class A2, 2.615%, 01/25/23		2,567
	1,891	Government National Mortgage Association, Series 2014-168, Class VA, VAR, 3.400%, 01/16/37		2,019
	1,303	GS Mortgage Securities Corp. II, Series 2013-KING, Class A, 2.706%, 12/10/27 (e)		1,322
	488	GS Mortgage Securities Corp. Trust, Series 2013-NYC5, Class A, 2.318%, 01/10/30 (e)		491
	514	GSMS Trust, Series 2009-RR1, Class JPB, 5.374%, 05/17/45 (e)		514
		JP Morgan Chase Commercial Mortgage Securities Trust,
	117	Series 2005-CB11, Class AJ, VAR, 5.411%, 08/12/37		117
	400	Series 2006-LDP9, Class AMS, 5.337%, 05/15/47		397
	875	Series 2007-C1, Class A4, 5.716%, 02/15/51		903
	998	Ladder Capital Commercial Mortgage Trust, Series 2013-GCP, Class A2, 3.985%, 02/15/36 (e)		1,060
		LB-UBS Commercial Mortgage Trust,
	30,679	Series 2006-C7, Class XW, IO, VAR, 0.704%, 11/15/38 (e)		59
	300	Series 2007-C1, Class AM, 5.455%, 02/15/40		304
	810	Series 2007-C2, Class A3, 5.430%, 02/15/40		823
	20,314	ML-CFC Commercial Mortgage Trust, Series 2006-4, Class XC, IO, VAR, 0.602%, 12/12/49 (e)		45
	2,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C14, Class A3, 3.669%, 02/15/47		2,116
		Morgan Stanley Capital I Trust,
	30,379	Series 2006-IQ12, Class X1, IO, VAR, 0.438%, 12/15/43 (e)		35
	62,572	Series 2007-HQ11, Class X, IO, VAR, 0.207%, 02/12/44 (e)		65
	764	Series 2011-C3, Class A3, 4.054%, 07/15/49		799
		Morgan Stanley Re-REMIC Trust,
	604	Series 2012-IO, Class AXA, 1.000%, 03/27/51 (e)		596
	1,402	Series 2012-XA, Class A, 2.000%, 07/27/49 (e)		1,392

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
	1,800	Series 2012-XA, Class B, 0.250%, 07/27/49 (e)		1,681
		NCUA Guaranteed Notes Trust,
	1,566	Series 2010-C1, Class A2, 2.900%, 10/29/20		1,566
	648	Series 2010-C1, Class APT, 2.650%, 10/29/20		648
	1,129	NorthStar, (Cayman Islands), Series 2013-1A, Class B, VAR, 5.439%, 08/25/29 (e)		1,140
		PFP Ltd., (Cayman Islands),
	1,380	Series 2015-2, Class A, VAR, 1.884%, 07/14/34 (e)		1,367
	1,055	Series 2015-2, Class C, VAR, 3.684%, 07/14/34 (e)		1,036
	730	Series 2015-2, Class D, VAR, 4.434%, 07/14/34 (e)		719
		RAIT Trust,
	544	Series 2014-FL3, Class A, VAR, 1.684%, 12/15/31 (e)		534
	1,986	Series 2014-FL3, Class AS, VAR, 2.234%, 12/15/31 (e)		1,952
	736	Series 2014-FL3, Class B, VAR, 3.084%, 12/15/31 (e)		727
	1,332	Series 2015-FL4, Class A, VAR, 1.784%, 12/15/31 (e)		1,327
	1,450	Series 2015-FL4, Class AS, VAR, 2.184%, 12/15/31 (e)		1,455
	1,805	Series 2015-FL5, Class B, VAR, 4.334%, 01/15/31 (e)		1,802
	664	RBS Commercial Funding, Inc. Trust, Series 2013-SMV, Class A, 3.260%, 03/11/31 (e)		679
	461	RCMC LLC, Series 2012-CRE1, Class A, 5.623%, 11/15/44 (e)		462
		Resource Capital Corp., Ltd., (Cayman Islands),
	600	Series 2015-CRE4, Class A, VAR, 1.834%, 08/15/32 (e)		590
	1,151	Series 2015-CRE4, Class B, VAR, 3.434%, 08/15/32 (e)		1,055
	872	RREF LLC, Series 2015-LT7, Class A, 3.000%, 12/25/32 (e)		872
	2,236	UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.663%, 06/10/30 (e)		2,322
		UBS-Barclays Commercial Mortgage Trust,
	1,053	Series 2012-C2, Class A4, 3.525%, 05/10/63		1,118
	9,756	Series 2012-C2, Class XA, IO, VAR, 1.653%, 05/10/63 (e)		560
	857	Series 2013-C6, Class A4, 3.244%, 04/10/46		894
		VNDO Mortgage Trust,
	1,398	Series 2012-6AVE, Class A, 2.996%, 11/15/30 (e)		1,438
	5,000	Series 2013-PENN, Class A, 3.808%, 12/13/29 (e)		5,248
		Wells Fargo Commercial Mortgage Trust,
	2,500	Series 2013-120B, Class A, VAR, 2.710%, 03/18/28 (e)		2,538
	1,094	Series 2015-C30, Class A4, 3.664%, 09/15/58		1,166
	121	Wells Fargo Resecuritization Trust, Series 2012-IO, Class A, 1.750%, 08/20/21 (e)		121
		WFRBS Commercial Mortgage Trust,
	1,700	Series 2011-C3, Class A4, 4.375%, 03/15/44 (e)		1,856
	800	Series 2012-C6, Class A4, 3.440%, 04/15/45		848
	400	Series 2013-C11, Class D, VAR, 4.178%, 03/15/45 (e)		362
		Total Commercial Mortgage-Backed Securities (Cost $106,987)		109,360
	Corporate Bonds — 22.0%
		Consumer Discretionary — 1.5%
		Auto Components — 0.1%
		Johnson Controls, Inc.,
	591	3.750%, 12/01/21		615
	675	4.250%, 03/01/21		716
	173	4.950%, 07/02/64		161
	1,000	5.250%, 12/01/41		1,077
				2,569
		Automobiles — 0.2%
		Daimler Finance North America LLC,
	532	1.875%, 01/11/18 (e)		535
	305	2.250%, 03/02/20 (e)		307
	981	2.375%, 08/01/18 (e)		995
	739	2.625%, 09/15/16 (e)		742
	1,425	2.950%, 01/11/17 (e)		1,440
	1,500	Ford Motor Co., 7.450%, 07/16/31		1,956
	1,086	General Motors Co., 6.600%, 04/01/36		1,239
		Hyundai Capital America,
	526	2.400%, 10/30/18 (e)		530
	1,000	3.000%, 03/18/21 (e)		1,019
	385	Kia Motors Corp., (South Korea), 2.625%, 04/21/21 (e)		389
				9,152
		Hotels, Restaurants & Leisure — 0.0% (g)
	500	McDonald’s Corp., 4.700%, 12/09/35		537
	718	Starbucks Corp., 2.700%, 06/15/22		745
				1,282
		Internet & Catalog Retail — 0.1%
		Amazon.com, Inc.,
	1,448	3.800%, 12/05/24		1,595
	1,435	4.800%, 12/05/34		1,622
				3,217

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Media — 0.9%
		21st Century Fox America, Inc.,
	100	6.200%, 12/15/34		121
	400	6.650%, 11/15/37		509
	250	6.900%, 08/15/39		326
	1,075	7.300%, 04/30/28		1,390
	505	8.000%, 10/17/16		518
	430	8.875%, 04/26/23		574
		CBS Corp.,
	740	3.700%, 08/15/24		765
	792	4.000%, 01/15/26		838
	345	4.600%, 01/15/45		338
	140	4.850%, 07/01/42		139
	360	4.900%, 08/15/44		366
		Charter Communications Operating LLC/Charter Communications Operating Capital,
	1,797	4.464%, 07/23/22 (e)		1,893
	703	6.384%, 10/23/35 (e)		800
	250	Comcast Cable Communications Holdings, Inc., 9.455%, 11/15/22		349
		Comcast Corp.,
	500	2.750%, 03/01/23		510
	347	3.375%, 08/15/25		365
	555	4.200%, 08/15/34		589
	1,082	4.250%, 01/15/33		1,156
	400	6.450%, 03/15/37		531
	1,355	6.500%, 11/15/35		1,804
		Cox Communications, Inc.,
	446	3.250%, 12/15/22 (e)		435
	885	4.800%, 02/01/35 (e)		800
	125	8.375%, 03/01/39 (e)		147
	450	Cox Enterprises, Inc., 7.375%, 07/15/27 (e)		528
		Discovery Communications LLC,
	1,016	4.375%, 06/15/21		1,077
	569	4.950%, 05/15/42		486
		Grupo Televisa SAB, (Mexico),
	221	4.625%, 01/30/26		233
	200	6.125%, 01/31/46		211
	1,197	Historic TW, Inc., 9.150%, 02/01/23		1,580
		NBCUniversal Media LLC,
	275	2.875%, 01/15/23		282
	310	4.375%, 04/01/21		344
	800	5.950%, 04/01/41		1,015
	515	6.400%, 04/30/40		687
	296	Sky plc, (United Kingdom), 3.750%, 09/16/24 (e)		300
		Thomson Reuters Corp., (Canada),
	482	3.850%, 09/29/24		501
	1,278	3.950%, 09/30/21		1,350
	441	4.500%, 05/23/43		418
	325	4.700%, 10/15/19		350
		Time Warner Cable, Inc.,
	359	5.500%, 09/01/41		362
	1,218	5.850%, 05/01/17		1,262
	400	6.550%, 05/01/37		450
	800	8.250%, 04/01/19		926
	300	Time Warner Cos., Inc., 7.570%, 02/01/24		377
	1,410	Time Warner Entertainment Co. LP, 8.375%, 07/15/33		1,834
		Time Warner, Inc.,
	1,700	3.600%, 07/15/25		1,763
	555	4.750%, 03/29/21		614
	313	5.375%, 10/15/41		343
	150	6.200%, 03/15/40		178
	172	6.250%, 03/29/41		209
	265	6.500%, 11/15/36		321
	250	7.625%, 04/15/31		333
	301	7.700%, 05/01/32		402
		Viacom, Inc.,
	235	2.750%, 12/15/19		237
	600	3.125%, 06/15/22		587
	67	3.250%, 03/15/23		65
	808	3.875%, 12/15/21		836
	464	4.375%, 03/15/43		354
	250	4.500%, 02/27/42		200
	262	4.850%, 12/15/34		233
				36,511
		Multiline Retail — 0.1%
		Macy’s Retail Holdings, Inc.,
	516	2.875%, 02/15/23		475
	509	3.450%, 01/15/21		514
	462	4.375%, 09/01/23		465
	526	4.500%, 12/15/34		447
	157	5.125%, 01/15/42		133
	300	6.375%, 03/15/37		292
	230	7.450%, 07/15/17		245
	455	Nordstrom, Inc., 4.000%, 10/15/21		475
	350	Target Corp., 2.500%, 04/15/26		348
				3,394
		Specialty Retail — 0.1%
	417	Bed Bath & Beyond, Inc., 4.915%, 08/01/34		387
	502	Gap, Inc. (The), 5.950%, 04/12/21		510
		Home Depot, Inc. (The),
	573	2.000%, 04/01/21		578
	620	2.625%, 06/01/22		637
	454	3.000%, 04/01/26		470
	517	4.250%, 04/01/46		561
		Lowe’s Cos., Inc.,
	268	3.375%, 09/15/25		284
	739	4.650%, 04/15/42		824
	326	5.125%, 11/15/41		382

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Specialty Retail — continued
	750	Series B, 7.110%, 05/15/37		1,027
				5,660
		Total Consumer Discretionary		61,785
		Consumer Staples — 1.2%
		Beverages — 0.4%
		Anheuser-Busch Cos. LLC,
	600	5.500%, 01/15/18		640
	920	5.750%, 04/01/36		1,118
		Anheuser-Busch InBev Finance, Inc.,
	94	1.900%, 02/01/19		94
	3,824	3.300%, 02/01/23		3,930
	1,733	3.650%, 02/01/26		1,801
	900	3.700%, 02/01/24		962
	1,430	4.700%, 02/01/36		1,545
	1,135	4.900%, 02/01/46		1,265
	750	Brown-Forman Corp., 4.500%, 07/15/45		822
		Diageo Capital plc, (United Kingdom),
	264	1.500%, 05/11/17		265
	510	4.828%, 07/15/20		570
	255	Diageo Investment Corp., 8.000%, 09/15/22		332
	355	Heineken N.V., (Netherlands), 1.400%, 10/01/17 (e)		356
		PepsiCo, Inc.,
	287	1.250%, 08/13/17		288
	368	3.000%, 08/25/21		388
	852	3.100%, 07/17/22		893
	534	4.450%, 04/14/46		587
	59	7.900%, 11/01/18		68
	698	SABMiller Holdings, Inc., 3.750%, 01/15/22 (e)		738
				16,662
		Food & Staples Retailing — 0.4%
	858	Costco Wholesale Corp., 2.250%, 02/15/22		872
		CVS Health Corp.,
	2,036	2.125%, 06/01/21		2,022
	1,418	2.875%, 06/01/26		1,410
	189	3.500%, 07/20/22		199
	536	4.000%, 12/05/23		581
	322	5.300%, 12/05/43		380
	989	CVS Pass-Through Trust, 5.926%, 01/10/34 (e)		1,104
		Kroger Co. (The),
	900	4.000%, 02/01/24		977
	1,100	5.000%, 04/15/42		1,219
	2,480	7.500%, 04/01/31		3,393
	291	Sysco Corp., 3.750%, 10/01/25		306
		Walgreen Co.,
	1,575	3.100%, 09/15/22		1,591
	200	4.400%, 09/15/42		194
		Walgreens Boots Alliance, Inc.,
	414	3.100%, 06/01/23		413
	663	3.800%, 11/18/24		687
	386	4.500%, 11/18/34		391
	400	4.800%, 11/18/44		412
		Wal-Mart Stores, Inc.,
	128	5.000%, 10/25/40		153
	634	5.250%, 09/01/35		798
	255	6.200%, 04/15/38		347
	350	7.550%, 02/15/30		521
				17,970
		Food Products — 0.4%
		Bunge Ltd. Finance Corp.,
	95	3.500%, 11/24/20		98
	1,415	8.500%, 06/15/19		1,660
	191	Bunge N.A. Finance LP, 5.900%, 04/01/17		197
		Cargill, Inc.,
	600	3.300%, 03/01/22 (e)		625
	535	4.307%, 05/14/21 (e)		585
	850	7.350%, 03/06/19 (e)		979
	227	ConAgra Foods, Inc., 2.100%, 03/15/18		228
	365	Kellogg Co., 1.750%, 05/17/17		367
		Kraft Heinz Foods Co.,
	814	3.500%, 06/06/22		849
	694	5.000%, 06/04/42		755
	1,187	6.125%, 08/23/18		1,302
	2,353	6.875%, 01/26/39		3,104
		Mead Johnson Nutrition Co.,
	317	3.000%, 11/15/20		326
	153	Class C, 4.125%, 11/15/25		162
	1,500	Mondelez International, Inc., 4.000%, 02/01/24		1,628
		Tyson Foods, Inc.,
	777	3.950%, 08/15/24		831
	1,100	4.875%, 08/15/34		1,203
				14,899
		Household Products — 0.0% (g)
		Kimberly-Clark Corp.,
	220	2.400%, 03/01/22		225
	426	3.050%, 08/15/25		447
	71	7.500%, 11/01/18		81
	598	Procter & Gamble - ESOP, Series A, 9.360%, 01/01/21		712
	140	Procter & Gamble Co. (The), 5.500%, 02/01/34		181
				1,646
		Total Consumer Staples		51,177
		Energy — 2.2%
		Energy Equipment & Services — 0.2%
	348	Diamond Offshore Drilling, Inc., 4.875%, 11/01/43		248

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Energy Equipment & Services — continued
	175	Ensco plc, (United Kingdom), 5.200%, 03/15/25		116
		Halliburton Co.,
	714	3.500%, 08/01/23		723
	193	4.850%, 11/15/35		198
	1,620	7.450%, 09/15/39		2,139
		Nabors Industries, Inc.,
	200	4.625%, 09/15/21		174
	200	5.000%, 09/15/20		183
	188	National Oilwell Varco, Inc., 1.350%, 12/01/17		186
		Noble Holding International Ltd., (Cayman Islands),
	115	3.950%, 03/15/22		79
	83	5.250%, 03/15/42		43
	300	6.050%, 03/01/41		168
	363	7.950%, 04/01/45		240
	200	Schlumberger Holdings Corp., 4.000%, 12/21/25 (e)		208
	441	Schlumberger Investment S.A., (Luxembourg), 3.300%, 09/14/21 (e)		459
		Transocean, Inc., (Cayman Islands),
	361	5.050%, 10/15/22		227
	648	7.125%, 12/15/21		478
	100	7.500%, 04/15/31		61
	198	8.100%, 12/15/41		126
				6,056
		Oil, Gas & Consumable Fuels — 2.0%
	160	Alberta Energy Co., Ltd., (Canada), 7.375%, 11/01/31		153
	330	Anadarko Petroleum Corp., 8.700%, 03/15/19		372
		Apache Corp.,
	138	3.250%, 04/15/22		137
	556	4.750%, 04/15/43		533
	500	6.900%, 09/15/18		543
	235	BG Energy Capital plc, (United Kingdom), 5.125%, 10/15/41 (e)		253
		Boardwalk Pipelines LP,
	338	4.950%, 12/15/24		321
	318	5.950%, 06/01/26		319
		BP Capital Markets plc, (United Kingdom),
	92	1.375%, 11/06/17		92
	929	1.846%, 05/05/17		933
	1,283	2.237%, 05/10/19		1,301
	1,182	2.750%, 05/10/23		1,163
	375	3.119%, 05/04/26		374
	451	3.506%, 03/17/25		466
	1,337	3.814%, 02/10/24		1,405
		Buckeye Partners LP,
	500	4.350%, 10/15/24		474
	330	4.875%, 02/01/21		341
	770	5.850%, 11/15/43		693
	200	Burlington Resources Finance Co., (Canada), 7.400%, 12/01/31		240
		Canadian Natural Resources Ltd., (Canada),
	401	3.900%, 02/01/25		370
	350	6.250%, 03/15/38		341
	1,000	6.750%, 02/01/39		1,013
		Cenovus Energy, Inc., (Canada),
	208	3.000%, 08/15/22		185
	356	4.450%, 09/15/42		261
	759	6.750%, 11/15/39		729
		Chevron Corp.,
	560	2.355%, 12/05/22		555
	1,200	2.566%, 05/16/23		1,195
	1,000	4.950%, 03/03/19		1,090
	1,852	CNOOC Finance 2015 Australia Pty Ltd., (Australia), 2.625%, 05/05/20		1,839
	1,789	CNOOC Nexen Finance 2014 ULC, (Canada), 4.250%, 04/30/24		1,854
	230	Conoco Funding Co., (Canada), 7.250%, 10/15/31		279
		ConocoPhillips,
	325	5.200%, 05/15/18		344
	525	5.750%, 02/01/19		572
	150	6.000%, 01/15/20		168
	200	6.500%, 02/01/39		246
	1,045	ConocoPhillips Canada Funding Co. I, (Canada), 5.625%, 10/15/16		1,062
		ConocoPhillips Co.,
	205	2.200%, 05/15/20		204
	945	3.350%, 11/15/24		950
		Devon Energy Corp.,
	750	3.250%, 05/15/22		680
	522	4.750%, 05/15/42		426
	360	6.300%, 01/15/19		380
	673	7.950%, 04/15/32		724
		Ecopetrol S.A., (Colombia),
	533	4.125%, 01/16/25		465
	773	5.375%, 06/26/26		720
		Encana Corp., (Canada),
	545	6.500%, 05/15/19		552
	150	6.500%, 08/15/34		133
		Energy Transfer Partners LP,
	448	3.600%, 02/01/23		408
	964	4.750%, 01/15/26		920
	364	5.150%, 03/15/45		309
	925	Eni S.p.A., (Italy), Series EX2, 5.700%, 10/01/40 (e)		901
		EnLink Midstream Partners LP,
	140	2.700%, 04/01/19		130
	838	4.150%, 06/01/25		717
	500	5.050%, 04/01/45		369

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
		Enterprise Products Operating LLC,
	506	3.700%, 02/15/26		512
	343	3.750%, 02/15/25		349
	475	3.900%, 02/15/24		491
	333	3.950%, 02/15/27		343
	199	4.900%, 05/15/46		199
	155	4.950%, 10/15/54		144
	318	5.100%, 02/15/45		323
	201	5.950%, 02/01/41		223
		EOG Resources, Inc.,
	379	2.625%, 03/15/23		370
	600	4.100%, 02/01/21		639
	902	5.100%, 01/15/36		975
		Exxon Mobil Corp.,
	1,000	2.397%, 03/06/22		1,011
	1,063	3.043%, 03/01/26		1,093
	393	4.114%, 03/01/46		418
	950	Gulf South Pipeline Co. LP, 4.000%, 06/15/22		879
	180	Hess Corp., 7.875%, 10/01/29		204
		Kerr-McGee Corp.,
	200	6.950%, 07/01/24		222
	1,700	7.875%, 09/15/31		1,913
		Magellan Midstream Partners LP,
	353	3.200%, 03/15/25		341
	1,127	5.150%, 10/15/43		1,144
	250	6.550%, 07/15/19		281
		Marathon Oil Corp.,
	833	2.800%, 11/01/22		720
	902	5.900%, 03/15/18		932
	1,620	6.000%, 10/01/17		1,668
	578	Marathon Petroleum Corp., 3.625%, 09/15/24		545
		Noble Energy, Inc.,
	314	5.050%, 11/15/44		298
	294	5.625%, 05/01/21		306
		Occidental Petroleum Corp.,
	281	3.400%, 04/15/26		286
	1,022	3.500%, 06/15/25		1,048
		ONEOK Partners LP,
	515	3.200%, 09/15/18		517
	485	3.375%, 10/01/22		461
	2,000	4.900%, 03/15/25		2,001
	350	6.650%, 10/01/36		341
	450	8.625%, 03/01/19		506
	175	Petrobras Global Finance B.V., (Netherlands), 7.875%, 03/15/19		176
		Petro-Canada, (Canada),
	324	6.050%, 05/15/18		347
	1,045	6.800%, 05/15/38		1,247
		Petroleos Mexicanos, (Mexico),
	370	4.250%, 01/15/25		346
	974	4.500%, 01/23/26		914
	393	4.875%, 01/18/24		385
	492	5.500%, 06/27/44		411
	617	5.625%, 01/23/46		521
	647	6.375%, 02/04/21 (e)		691
	846	6.375%, 01/23/45		784
	250	6.625%, 06/15/35		244
	538	6.875%, 08/04/26 (e)		581
		Phillips 66,
	314	2.950%, 05/01/17		319
	182	4.300%, 04/01/22		195
		Plains All American Pipeline LP/PAA Finance Corp.,
	323	2.600%, 12/15/19		306
	1,000	3.600%, 11/01/24		887
	2,500	4.650%, 10/15/25		2,373
	1,480	4.900%, 02/15/45		1,207
	649	Schlumberger Holdings Corp., 3.625%, 12/21/22 (e)		672
	831	Sinopec Group Overseas Development 2013 Ltd., (United Kingdom), 4.375%, 10/17/23 (e)		882
		Spectra Energy Capital LLC,
	500	3.300%, 03/15/23		461
	1,500	5.650%, 03/01/20		1,589
	500	6.200%, 04/15/18		530
	400	8.000%, 10/01/19		455
		Spectra Energy Partners LP,
	524	2.950%, 09/25/18		531
	452	5.950%, 09/25/43		504
		Statoil ASA, (Norway),
	906	1.150%, 05/15/18		897
	353	1.200%, 01/17/18		351
	406	2.450%, 01/17/23		401
	1,071	2.650%, 01/15/24		1,062
	313	2.750%, 11/10/21		320
	467	3.125%, 08/17/17		477
	300	3.150%, 01/23/22		309
	456	3.250%, 11/10/24		466
	253	4.250%, 11/23/41		259
		Suncor Energy, Inc., (Canada),
	180	5.950%, 12/01/34		199
	250	6.850%, 06/01/39		309
		Sunoco Logistics Partners Operations LP,
	259	4.250%, 04/01/24		251
	531	4.400%, 04/01/21		545
	170	5.300%, 04/01/44		151
	1,133	5.350%, 05/15/45		1,019
	554	Texas Eastern Transmission LP, 2.800%, 10/15/22 (e)		523
		Tosco Corp.,
	310	7.800%, 01/01/27		387

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
	400	8.125%, 02/15/30		507
		Total Capital International S.A., (France),
	262	1.500%, 02/17/17		263
	508	1.550%, 06/28/17		510
	233	2.700%, 01/25/23		233
	500	2.750%, 06/19/21		512
	370	3.750%, 04/10/24		393
		TransCanada PipeLines Ltd., (Canada),
	394	4.875%, 01/15/26		432
	550	6.200%, 10/15/37		628
	340	6.500%, 08/15/18		371
	1,100	7.250%, 08/15/38		1,385
	74	Western Gas Partners LP, 5.375%, 06/01/21		74
				83,699
		Total Energy		89,755
		Financials — 9.3%
		Banks — 4.1%
		ABN AMRO Bank N.V., (Netherlands),
	1,594	1.800%, 06/04/18 (e)		1,589
	669	2.500%, 10/30/18 (e)		680
	616	4.750%, 07/28/25 (e)		634
	600	4.800%, 04/18/26 (e)		621
		ANZ New Zealand International Ltd., (New Zealand),
	750	2.600%, 09/23/19 (e)		761
	402	2.850%, 08/06/20 (e)		411
		Australia & New Zealand Banking Group Ltd., (Australia),
	900	1.450%, 05/15/18		899
	1,268	2.400%, 11/23/16 (e)		1,277
	263	4.400%, 05/19/26 (e)		266
	228	4.875%, 01/12/21 (e)		253
		Bank of America Corp.,
	600	2.000%, 01/11/18		602
	650	3.300%, 01/11/23		661
	1,189	3.500%, 04/19/26		1,204
	4,752	3.875%, 08/01/25		4,959
	972	4.000%, 04/01/24		1,023
	547	4.125%, 01/22/24		581
	700	4.200%, 08/26/24		715
	851	4.250%, 10/22/26		864
	542	4.450%, 03/03/26		559
	2,065	5.000%, 05/13/21		2,284
	740	5.625%, 07/01/20		828
	422	5.700%, 01/24/22		483
	420	5.750%, 12/01/17		444
	400	5.875%, 01/05/21		456
	2,996	6.400%, 08/28/17		3,171
	4,294	6.875%, 04/25/18		4,686
	875	7.625%, 06/01/19		1,009
	1,510	7.800%, 09/15/16		1,537
	900	Series L, 2.250%, 04/21/20		896
	1,500	Series L, 2.650%, 04/01/19		1,527
	921	Series L, 3.950%, 04/21/25		920
	645	Series L, 5.650%, 05/01/18		690
		Bank of Montreal, (Canada),
	811	1.400%, 09/11/17		812
	855	2.375%, 01/25/19		871
	1,106	2.550%, 11/06/22		1,113
		Bank of Nova Scotia (The), (Canada),
	2,000	1.450%, 04/25/18		2,000
	1,100	1.700%, 06/11/18		1,104
	1,275	Bank of Tokyo-Mitsubishi UFJ Ltd. (The), (Japan), 2.350%, 02/23/17 (e)		1,285
		Banque Federative du Credit Mutuel S.A., (France),
	1,600	1.700%, 01/20/17 (e)		1,603
	245	2.000%, 04/12/19 (e)		246
		Barclays Bank plc, (United Kingdom),
	276	2.250%, 05/10/17 (e)		279
	1,000	6.050%, 12/04/17 (e)		1,057
	310	Series 1, 5.000%, 09/22/16		314
		Barclays plc, (United Kingdom),
	1,449	3.250%, 01/12/21		1,461
	1,808	3.650%, 03/16/25		1,753
	400	4.375%, 01/12/26		407
	435	5.250%, 08/17/45		457
		BB&T Corp.,
	900	2.625%, 06/29/20		919
	740	5.250%, 11/01/19		813
	380	6.850%, 04/30/19		433
	600	BNP Paribas S.A., (France), 4.375%, 05/12/26 (e)		605
	632	BNZ International Funding Ltd., (New Zealand), 2.350%, 03/04/19 (e)		639
	695	Branch Banking & Trust Co., 5.625%, 09/15/16		704
	1,952	Canadian Imperial Bank of Commerce, (Canada), 2.250%, 07/21/20 (e)		1,978
	1,650	Capital One Bank USA N.A., 3.375%, 02/15/23		1,654
		Capital One N.A.,
	978	2.350%, 08/17/18		987
	850	2.400%, 09/05/19		856
		Citigroup, Inc.,
	1,000	1.700%, 04/27/18		998
	800	1.750%, 05/01/18		800
	507	1.800%, 02/05/18		507
	1,210	2.050%, 12/07/18		1,215
	1,096	2.150%, 07/30/18		1,104
	500	2.400%, 02/18/20		503
	378	2.700%, 03/30/21		381
	1,000	3.400%, 05/01/26		1,005

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
	1,900	3.700%, 01/12/26		1,963
	500	3.875%, 03/26/25		500
	1,200	4.300%, 11/20/26		1,214
	569	4.400%, 06/10/25		584
	555	4.650%, 07/30/45		594
	1,000	4.750%, 05/18/46		979
	137	5.300%, 05/06/44		144
	865	5.500%, 09/13/25		953
	321	5.875%, 01/30/42		394
	250	6.625%, 01/15/28		309
	223	8.125%, 07/15/39		337
	148	Comerica, Inc., 3.800%, 07/22/26		146
		Commonwealth Bank of Australia, (Australia),
	1,080	2.250%, 03/16/17 (e)		1,090
	832	4.500%, 12/09/25 (e)		856
		Cooperatieve Rabobank UA, (Netherlands),
	1,000	2.500%, 01/19/21		1,011
	455	3.375%, 01/19/17		462
	789	3.875%, 02/08/22		850
	1,488	4.375%, 08/04/25		1,548
	500	5.800%, 09/30/101 (e)		581
	1,400	Credit Agricole S.A., (France), 4.375%, 03/17/25 (e)		1,398
		Credit Suisse Group Funding Guernsey Ltd., (United Kingdom),
	250	2.750%, 03/26/20		247
	310	3.450%, 04/16/21 (e)		313
	340	3.750%, 03/26/25		333
	419	3.800%, 09/15/22		422
	762	4.550%, 04/17/26 (e)		784
	484	4.875%, 05/15/45		483
		Discover Bank,
	343	2.600%, 11/13/18		345
	1,000	3.200%, 08/09/21		1,009
	1,101	4.200%, 08/08/23		1,154
		Fifth Third Bancorp,
	1,028	2.875%, 07/27/20		1,045
	760	5.450%, 01/15/17		779
		Fifth Third Bank,
	600	2.375%, 04/25/19		608
	340	2.875%, 10/01/21		348
		HSBC Bank plc, (United Kingdom),
	1,438	1.500%, 05/15/18 (e)		1,435
	666	4.125%, 08/12/20 (e)		712
	575	4.750%, 01/19/21 (e)		632
		HSBC Holdings plc, (United Kingdom),
	1,854	3.600%, 05/25/23		1,869
	200	3.900%, 05/25/26		202
	1,056	4.000%, 03/30/22		1,110
	939	4.250%, 08/18/25		940
	600	6.100%, 01/14/42		773
	321	Huntington Bancshares, Inc., 3.150%, 03/14/21		329
		Huntington National Bank (The),
	250	2.000%, 06/30/18		251
	858	2.875%, 08/20/20		871
	680	Industrial & Commercial Bank of China Ltd., (China), 2.351%, 11/13/17		684
	729	KeyBank N.A., 3.180%, 05/22/22		741
		KeyCorp,
	315	2.900%, 09/15/20		321
	300	5.100%, 03/24/21		333
		Lloyds Bank plc, (United Kingdom),
	651	1.750%, 03/16/18		651
	666	2.050%, 01/22/19		668
	2,100	Manufacturers & Traders Trust Co., 6.625%, 12/04/17		2,245
	422	Mitsubishi UFJ Financial Group, Inc., (Japan), 2.950%, 03/01/21		431
		Mizuho Bank Ltd., (Japan),
	393	1.800%, 03/26/18 (e)		393
	623	2.650%, 09/25/19 (e)		635
	742	Mizuho Financial Group, Inc., (Japan), 2.632%, 04/12/21 (e)		745
	270	MUFG Americas Holdings Corp., 2.250%, 02/10/20		270
		National Australia Bank Ltd., (Australia),
	1,500	2.000%, 06/20/17 (e)		1,512
	1,000	3.000%, 07/27/16 (e)		1,004
	250	National City Bank, 5.800%, 06/07/17		260
		Nordea Bank AB, (Sweden),
	1,000	1.625%, 05/15/18 (e)		1,001
	1,800	3.125%, 03/20/17 (e)		1,825
	945	4.250%, 09/21/22 (e)		988
		PNC Bank N.A.,
	490	1.950%, 03/04/19		495
	400	6.875%, 04/01/18		437
		PNC Financial Services Group, Inc. (The),
	709	SUB, 2.854%, 11/09/22		719
	182	3.900%, 04/29/24		192
		PNC Funding Corp.,
	567	4.375%, 08/11/20		616
	950	5.625%, 02/01/17		977
	595	6.700%, 06/10/19		679
	964	Regions Financial Corp., 3.200%, 02/08/21		974
		Royal Bank of Canada, (Canada),
	985	1.200%, 09/19/17		983
	1,450	1.875%, 02/05/20		1,455
	1,789	2.000%, 10/01/18		1,805
	1,000	2.200%, 07/27/18		1,014

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
	800	Royal Bank of Scotland Group plc, (United Kingdom), 4.800%, 04/05/26		825
		Santander UK Group Holdings plc, (United Kingdom),
	180	2.875%, 10/16/20		179
	452	3.125%, 01/08/21		454
	402	Skandinaviska Enskilda Banken AB, (Sweden), 1.750%, 03/19/18 (e)		403
	850	Societe Generale S.A., (France), 2.500%, 04/08/21 (e)		854
	927	SpareBank 1 Boligkreditt A.S., (Norway), 1.750%, 11/15/19 (e)		916
	1,148	Stadshypotek AB, (Sweden), 1.875%, 10/02/19 (e)		1,151
		Standard Chartered plc, (United Kingdom),
	769	4.050%, 04/12/26 (e)		769
	1,300	5.200%, 01/26/24 (e)		1,371
	872	Sumitomo Mitsui Financial Group, Inc., (Japan), 3.784%, 03/09/26		919
		SunTrust Banks, Inc.,
	253	2.900%, 03/03/21		257
	880	6.000%, 09/11/17		927
	1,411	Svenska Handelsbanken AB, (Sweden), 3.125%, 07/12/16		1,415
		Toronto-Dominion Bank (The), (Canada),
	2,350	1.500%, 03/13/17 (e)		2,359
	229	2.125%, 04/07/21		229
	521	2.250%, 11/05/19		530
		U.S. Bancorp,
	550	1.650%, 05/15/17		553
	540	3.000%, 03/15/22		564
	566	4.125%, 05/24/21		622
	1,277	7.500%, 06/01/26		1,718
	896	U.S. Bank N.A., 2.800%, 01/27/25		914
	6,606	Wachovia Corp., 5.750%, 02/01/18		7,067
		Wells Fargo & Co.,
	2,174	2.600%, 07/22/20		2,217
	453	3.000%, 02/19/25		456
	540	3.000%, 04/22/26		540
	1,000	3.300%, 09/09/24		1,031
	850	3.500%, 03/08/22		900
	484	4.100%, 06/03/26		510
	694	4.300%, 07/22/27		735
	702	4.480%, 01/16/24		759
	500	4.600%, 04/01/21		552
	920	4.650%, 11/04/44		951
	1,280	5.606%, 01/15/44		1,496
	2,350	5.625%, 12/11/17		2,498
	1,045	SUB, 3.676%, 06/15/16		1,046
	1,200	Series N, 2.150%, 01/30/20		1,207
	250	Wells Fargo Bank N.A., 6.000%, 11/15/17		266
		Westpac Banking Corp., (Australia),
	338	2.000%, 03/03/20 (e)		339
	2,141	4.875%, 11/19/19		2,351
				169,163
		Capital Markets — 1.9%
	1,500	Ameriprise Financial, Inc., 4.000%, 10/15/23		1,604
		Bank of New York Mellon Corp. (The),
	909	2.100%, 01/15/19		926
	880	2.200%, 03/04/19		893
	254	2.800%, 05/04/26		255
	700	3.250%, 09/11/24		730
	413	3.550%, 09/23/21		441
	950	3.650%, 02/04/24		1,020
	760	4.600%, 01/15/20		832
		BlackRock, Inc.,
	660	3.375%, 06/01/22		702
	540	3.500%, 03/18/24		578
	430	4.250%, 05/24/21		474
	385	6.250%, 09/15/17		410
	437	Series 2, 5.000%, 12/10/19		487
		Blackstone Holdings Finance Co. LLC,
	429	4.450%, 07/15/45 (e)		411
	1,940	5.875%, 03/15/21 (e)		2,246
	340	Charles Schwab Corp. (The), 3.225%, 09/01/22		355
		Credit Suisse AG, (Switzerland),
	417	1.750%, 01/29/18		418
	728	2.300%, 05/28/19		736
	271	3.000%, 10/29/21		275
	402	3.625%, 09/09/24		418
		Deutsche Bank AG, (Germany),
	591	1.875%, 02/13/18		588
	1,600	2.950%, 08/20/20		1,595
	805	6.000%, 09/01/17		843
	500	FMR LLC, 6.450%, 11/15/39 (e)		622
		Goldman Sachs Group, Inc. (The),
	952	2.600%, 04/23/20		961
	1,309	2.625%, 01/31/19		1,331
	300	2.625%, 04/25/21		301
	453	2.750%, 09/15/20		459
	557	3.500%, 01/23/25		562
	525	3.750%, 05/22/25		540
	469	3.750%, 02/25/26		482
	1,100	4.000%, 03/03/24		1,160
	1,415	4.250%, 10/21/25		1,441
	848	5.250%, 07/27/21		949
	1,366	5.375%, 03/15/20		1,510
	1,200	5.750%, 01/24/22		1,375
	4,310	5.950%, 01/18/18		4,597
	949	6.000%, 06/15/20		1,077
	420	6.150%, 04/01/18		453

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Capital Markets — continued
	685	6.750%, 10/01/37		833
	2,678	7.500%, 02/15/19		3,053
	1,445	ING Bank N.V., (Netherlands), 3.750%, 03/07/17 (e)		1,472
		Invesco Finance plc, (United Kingdom),
	390	3.750%, 01/15/26		409
	657	4.000%, 01/30/24		708
		Jefferies Group LLC,
	1,015	5.125%, 04/13/18		1,056
	1,010	6.450%, 06/08/27		1,100
	880	6.875%, 04/15/21		988
		Macquarie Bank Ltd., (Australia),
	2,615	1.600%, 10/27/17 (e)		2,610
	896	2.600%, 06/24/19 (e)		907
	1,000	2.850%, 07/29/20 (e)		1,018
	1,000	4.000%, 07/29/25 (e)		1,039
		Macquarie Group Ltd., (Australia),
	1,200	6.000%, 01/14/20 (e)		1,331
	1,650	6.250%, 01/14/21 (e)		1,869
		Morgan Stanley,
	1,064	2.500%, 04/21/21		1,061
	500	2.650%, 01/27/20		507
	2,365	2.800%, 06/16/20		2,403
	1,250	3.700%, 10/23/24		1,291
	946	3.875%, 01/27/26		989
	703	3.950%, 04/23/27		701
	2,873	4.000%, 07/23/25		3,017
	1,100	4.100%, 05/22/23		1,135
	480	4.350%, 09/08/26		495
	871	5.000%, 11/24/25		945
	1,021	5.500%, 07/24/20		1,140
	559	5.500%, 07/28/21		629
	1,265	5.625%, 09/23/19		1,401
	360	5.750%, 01/25/21		408
	1,400	6.625%, 04/01/18		1,521
	970	7.300%, 05/13/19		1,110
	547	Nomura Holdings, Inc., (Japan), 6.700%, 03/04/20		627
		State Street Corp.,
	369	3.100%, 05/15/23		378
	2,792	3.550%, 08/18/25		2,987
	1,164	3.700%, 11/20/23		1,263
	379	TD Ameritrade Holding Corp., 2.950%, 04/01/22		388
				77,846
		Consumer Finance — 1.0%
	506	AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, (Ireland), 3.950%, 02/01/22		505
	700	American Express Co., 7.000%, 03/19/18		765
		American Express Credit Corp.,
	1,140	1.800%, 07/31/18		1,145
	1,028	1.875%, 11/05/18		1,033
	647	2.250%, 05/05/21		647
	480	2.375%, 03/24/17		486
	1,455	2.375%, 05/26/20		1,473
	714	Series F, 2.600%, 09/14/20		729
		American Honda Finance Corp.,
	533	1.600%, 02/16/18 (e)		536
	565	2.125%, 02/28/17 (e)		570
	363	2.125%, 10/10/18		369
	417	2.250%, 08/15/19		427
	1,599	2.600%, 09/20/16 (e)		1,608
	150	7.625%, 10/01/18 (e)		170
		Capital One Financial Corp.,
	750	3.200%, 02/05/25		742
	1,281	3.500%, 06/15/23		1,310
	1,462	4.200%, 10/29/25		1,494
		Caterpillar Financial Services Corp.,
	882	2.250%, 12/01/19		900
	402	2.850%, 06/01/22		415
	340	7.050%, 10/01/18		383
	585	7.150%, 02/15/19		669
		Ford Motor Credit Co. LLC,
	472	1.684%, 09/08/17		472
	340	2.145%, 01/09/18		342
	991	2.240%, 06/15/18		996
	513	2.375%, 03/12/19		517
	1,653	3.000%, 06/12/17		1,676
	507	3.096%, 05/04/23		504
	1,917	3.984%, 06/15/16		1,919
	1,162	4.134%, 08/04/25		1,218
	200	4.250%, 09/20/22		212
		General Motors Financial Co., Inc.,
	489	3.100%, 01/15/19		498
	1,091	3.200%, 07/13/20		1,101
	1,230	3.700%, 05/09/23		1,217
	207	HSBC Finance Corp., 7.350%, 11/27/32		254
		HSBC USA, Inc.,
	800	1.625%, 01/16/18		800
	1,077	2.350%, 03/05/20		1,074
	2,469	2.750%, 08/07/20		2,488
		John Deere Capital Corp.,
	759	1.200%, 10/10/17		760
	335	1.700%, 01/15/20		334
	400	2.450%, 09/11/20		408
	893	2.800%, 03/06/23		917
	233	3.150%, 10/15/21		245
	874	Nissan Motor Acceptance Corp., 1.800%, 03/15/18 (e)		877

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Consumer Finance — continued
		PACCAR Financial Corp.,
	626	1.400%, 05/18/18		627
	663	1.600%, 03/15/17		667
		Toyota Motor Credit Corp.,
	412	1.450%, 01/12/18		413
	1,350	2.000%, 09/15/16		1,356
	558	2.100%, 01/17/19		568
	1,130	2.125%, 07/18/19		1,150
				39,986
		Diversified Financial Services — 0.9%
	1,455	Bank of America N.A., 5.300%, 03/15/17		1,500
		Berkshire Hathaway, Inc.,
	2,498	3.400%, 01/31/22		2,665
	840	3.750%, 08/15/21		918
		CME Group, Inc.,
	1,230	3.000%, 09/15/22		1,281
	777	3.000%, 03/15/25		791
	285	5.300%, 09/15/43		348
		GE Capital International Funding Co. Unlimited Co., (Ireland),
	3,710	2.342%, 11/15/20 (e)		3,781
	2,986	3.373%, 11/15/25 (e)		3,169
	3,040	4.418%, 11/15/35 (e)		3,306
		Intercontinental Exchange, Inc.,
	447	2.500%, 10/15/18		458
	884	4.000%, 10/15/23		947
	300	Murray Street Investment Trust I, SUB, 4.647%, 03/09/17		308
	290	National Rural Utilities Cooperative Finance Corp., 10.375%, 11/01/18		351
		Private Export Funding Corp.,
	5,000	Series EE, 2.800%, 05/15/22		5,277
	681	Series KK, 3.550%, 01/15/24		747
		Shell International Finance B.V., (Netherlands),
	212	1.125%, 08/21/17		212
	804	2.125%, 05/11/20		807
	2,953	2.875%, 05/10/26		2,918
	2,854	4.000%, 05/10/46		2,773
	789	4.125%, 05/11/35		806
	1,020	4.300%, 09/22/19		1,101
	1,005	4.375%, 03/25/20		1,095
	1,280	6.375%, 12/15/38		1,635
		Siemens Financieringsmaatschappij N.V., (Netherlands),
	634	2.900%, 05/27/22 (e)		658
	513	4.400%, 05/27/45 (e)		565
	300	5.750%, 10/17/16 (e)		305
	963	UBS Group Funding Jersey Ltd., (Jersey), 4.125%, 04/15/26 (e)		989
				39,711
		Insurance — 0.9%
	520	AIG SunAmerica Global Financing X, 6.900%, 03/15/32 (e)		657
	651	Allstate Corp. (The), 3.150%, 06/15/23		677
		American International Group, Inc.,
	674	3.750%, 07/10/25		677
	296	3.875%, 01/15/35		271
	471	4.125%, 02/15/24		490
	1,685	4.700%, 07/10/35		1,717
	170	4.875%, 06/01/22		186
	306	Aon Corp., 6.250%, 09/30/40		375
	452	Aon plc, (United Kingdom), 3.875%, 12/15/25		465
		Berkshire Hathaway Finance Corp.,
	404	1.300%, 05/15/18		405
	233	3.000%, 05/15/22		245
	748	4.300%, 05/15/43		804
	1,574	4.400%, 05/15/42		1,714
	1,810	5.400%, 05/15/18		1,955
	120	Chubb Corp. (The), 5.750%, 05/15/18		130
		Chubb INA Holdings, Inc.,
	380	2.300%, 11/03/20		386
	533	2.875%, 11/03/22		548
	798	CNA Financial Corp., 3.950%, 05/15/24		814
		Jackson National Life Global Funding,
	563	1.875%, 10/15/18 (e)		567
	675	3.050%, 04/29/26 (e)		669
		Liberty Mutual Group, Inc.,
	408	5.000%, 06/01/21 (e)		445
	900	6.500%, 03/15/35 (e)		1,066
	100	Liberty Mutual Insurance Co., 8.500%, 05/15/25 (e)		124
		Lincoln National Corp.,
	345	4.200%, 03/15/22		366
	253	4.850%, 06/24/21		278
		Marsh & McLennan Cos., Inc.,
	676	2.350%, 03/06/20		681
	288	3.300%, 03/14/23		294
		Massachusetts Mutual Life Insurance Co.,
	280	5.375%, 12/01/41 (e)		316
	300	8.875%, 06/01/39 (e)		439
	626	MassMutual Global Funding II, 2.500%, 10/17/22 (e)		620
		MetLife, Inc.,
	600	4.875%, 11/13/43		650
	555	Series A, 6.817%, 08/15/18		618
		Metropolitan Life Global Funding I,
	604	1.500%, 01/10/18 (e)		606
	938	2.300%, 04/10/19 (e)		953
	1,900	3.650%, 06/14/18 (e)		1,979
	1,277	3.875%, 04/11/22 (e)		1,364

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Insurance — continued
	1,750	Nationwide Mutual Insurance Co., 9.375%, 08/15/39 (e)		2,601
		New York Life Global Funding,
	129	1.950%, 02/11/20 (e)		129
	3,951	2.150%, 06/18/19 (e)		4,020
	650	Pacific Life Global Funding, 5.000%, 05/15/17 (e)		668
	570	Pacific Life Insurance Co., 9.250%, 06/15/39 (e)		814
	384	Pricoa Global Funding I, 1.600%, 05/29/18 (e)		386
	166	Principal Financial Group, Inc., 1.850%, 11/15/17		166
	953	Principal Life Global Funding II, 2.250%, 10/15/18 (e)		969
	1,750	Prudential Insurance Co. of America (The), 8.300%, 07/01/25 (e)		2,313
	388	Reliance Standard Life Global Funding II, 3.050%, 01/20/21 (e)		394
	285	Travelers Cos., Inc. (The), 5.800%, 05/15/18		309
				37,320
		Real Estate Investment Trusts (REITs) — 0.4%
		American Tower Corp.,
	312	3.375%, 10/15/26		307
	450	3.500%, 01/31/23		459
	1,000	4.700%, 03/15/22		1,085
	567	5.000%, 02/15/24		626
	100	5.900%, 11/01/21		114
		American Tower Trust I,
	471	1.551%, 03/15/18 (e)		470
	750	3.070%, 03/15/23 (e)		749
	483	Boston Properties LP, 3.650%, 02/01/26		503
		Crown Castle International Corp.,
	980	4.875%, 04/15/22		1,066
	450	5.250%, 01/15/23		499
		Equity Commonwealth,
	600	5.875%, 09/15/20		653
	1,345	6.650%, 01/15/18		1,407
	364	ERP Operating LP, 4.625%, 12/15/21		407
		HCP, Inc.,
	492	2.625%, 02/01/20		490
	265	3.400%, 02/01/25		252
	1,204	3.875%, 08/15/24		1,191
	230	4.200%, 03/01/24		231
	598	4.250%, 11/15/23		612
	783	National Retail Properties, Inc., 4.000%, 11/15/25		811
		Prologis LP,
	133	3.750%, 11/01/25		140
	534	4.250%, 08/15/23		581
		Simon Property Group LP,
	917	2.150%, 09/15/17		926
	868	3.375%, 10/01/24		907
	532	3.750%, 02/01/24		570
	579	4.125%, 12/01/21		633
	200	4.375%, 03/01/21		220
		Ventas Realty LP,
	240	3.125%, 06/15/23		239
	242	3.500%, 02/01/25		242
	353	3.750%, 05/01/24		361
	406	4.125%, 01/15/26		425
		Welltower, Inc.,
	223	4.000%, 06/01/25		228
	732	4.500%, 01/15/24		775
				18,179
		Thrifts & Mortgage Finance — 0.1%
	909	Abbey National Treasury Services plc, (United Kingdom), 2.500%, 03/14/19		924
		BPCE S.A., (France),
	850	1.625%, 01/26/18		850
	800	4.875%, 04/01/26 (e)		813
				2,587
		Total Financials		384,792
		Health Care — 1.2%
		Biotechnology — 0.4%
		Amgen, Inc.,
	237	2.125%, 05/01/20		238
	491	3.625%, 05/22/24		515
	1,000	3.875%, 11/15/21		1,074
	500	4.950%, 10/01/41		530
	2,000	5.150%, 11/15/41		2,190
	265	5.650%, 06/15/42		311
	680	5.700%, 02/01/19		751
	720	5.750%, 03/15/40		851
		Baxalta, Inc.,
	500	3.600%, 06/23/22 (e)		504
	167	5.250%, 06/23/45 (e)		171
		Biogen, Inc.,
	918	3.625%, 09/15/22		956
	250	5.200%, 09/15/45		275
		Celgene Corp.,
	873	2.875%, 08/15/20		893
	1,336	3.250%, 08/15/22		1,365
	929	3.625%, 05/15/24		955
	633	5.000%, 08/15/45		672
		Gilead Sciences, Inc.,
	539	3.250%, 09/01/22		563
	632	3.650%, 03/01/26		665
	816	4.600%, 09/01/35		871
				14,350
		Health Care Equipment & Supplies — 0.1%
		Becton, Dickinson & Co.,
	162	2.675%, 12/15/19		165

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Health Care Equipment & Supplies — continued
	243	3.734%, 12/15/24		258
	100	5.000%, 05/15/19		108
		Medtronic, Inc.,
	821	3.150%, 03/15/22		864
	960	4.375%, 03/15/35		1,043
	128	Stryker Corp., 3.500%, 03/15/26		133
				2,571
		Health Care Providers & Services — 0.3%
		Aetna, Inc.,
	265	4.500%, 05/15/42		276
	440	6.750%, 12/15/37		577
		Anthem, Inc.,
	467	2.300%, 07/15/18		472
	615	3.125%, 05/15/22		621
	280	3.300%, 01/15/23		284
	500	4.625%, 05/15/42		510
	535	4.650%, 01/15/43		547
	648	4.650%, 08/15/44		665
		Cardinal Health, Inc.,
	540	2.400%, 11/15/19		548
	690	3.750%, 09/15/25		739
		Express Scripts Holding Co.,
	900	3.500%, 06/15/24		911
	305	3.900%, 02/15/22		319
	639	Laboratory Corp. of America Holdings, 3.200%, 02/01/22		646
	425	Mayo Clinic, Series 2016, 4.128%, 11/15/52		454
	588	Memorial Sloan-Kettering Cancer Center, 4.200%, 07/01/55		627
	251	Quest Diagnostics, Inc., 3.450%, 06/01/26		251
	640	Texas Health Resources, 4.330%, 11/15/55		704
		UnitedHealth Group, Inc.,
	472	1.900%, 07/16/18		478
	173	2.750%, 02/15/23		176
	400	2.875%, 03/15/23		409
	697	3.100%, 03/15/26		713
	697	3.350%, 07/15/22		736
	1,050	3.375%, 11/15/21		1,111
	560	4.625%, 07/15/35		627
	620	6.625%, 11/15/37		851
				14,252
		Life Sciences Tools & Services — 0.0% (g)
		Thermo Fisher Scientific, Inc.,
	369	3.000%, 04/15/23		370
	344	3.150%, 01/15/23		346
	176	3.600%, 08/15/21		185
	343	4.150%, 02/01/24		368
				1,269
		Pharmaceuticals — 0.4%
		AbbVie, Inc.,
	992	1.750%, 11/06/17		994
	1,164	2.500%, 05/14/20		1,175
	491	2.850%, 05/14/23		486
	1,109	2.900%, 11/06/22		1,114
	872	3.200%, 11/06/22		887
	322	3.200%, 05/14/26		319
	315	4.300%, 05/14/36		312
	1,083	4.500%, 05/14/35		1,100
		Actavis Funding SCS, (Luxembourg),
	443	3.450%, 03/15/22		450
	706	4.550%, 03/15/35		696
	275	Actavis, Inc., 3.250%, 10/01/22		276
		Allergan, Inc.,
	250	2.800%, 03/15/23		243
	453	3.375%, 09/15/20		468
	395	Bayer U.S. Finance LLC, 2.375%, 10/08/19 (e)		399
	937	Forest Laboratories LLC, 5.000%, 12/15/21 (e)		1,028
	750	GlaxoSmithKline Capital plc, (United Kingdom), 2.850%, 05/08/22		777
	530	GlaxoSmithKline Capital, Inc., 6.375%, 05/15/38		727
	546	Johnson & Johnson, 3.550%, 03/01/36		569
		Merck & Co., Inc.,
	650	1.300%, 05/18/18		654
	644	2.350%, 02/10/22		653
	474	2.400%, 09/15/22		480
	562	2.800%, 05/18/23		578
	210	3.700%, 02/10/45		209
		Mylan N.V., (Netherlands),
	460	3.950%, 06/15/26 (e)		456
	318	5.250%, 06/15/46 (e)		318
	560	Novartis Capital Corp., 3.400%, 05/06/24		597
	650	Pfizer, Inc., 3.000%, 06/15/23		679
		Zoetis, Inc.,
	193	1.875%, 02/01/18		193
	123	4.700%, 02/01/43		120
				16,957
		Total Health Care		49,399
		Industrials — 1.7%
		Aerospace & Defense — 0.3%
	557	Airbus Group Finance B.V., (Netherlands), 2.700%, 04/17/23 (e)		570
		BAE Systems Holdings, Inc.,
	900	3.800%, 10/07/24 (e)		926
	400	6.375%, 06/01/19 (e)		448
	676	BAE Systems plc, (United Kingdom), 5.800%, 10/11/41 (e)		791
	200	Boeing Co. (The), 7.950%, 08/15/24		278

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Aerospace & Defense — continued
	415	Honeywell International, Inc., 5.300%, 03/01/18		444
		Lockheed Martin Corp.,
	387	2.125%, 09/15/16		388
	131	3.100%, 01/15/23		136
	1,281	4.070%, 12/15/42		1,296
	292	4.850%, 09/15/41		329
	277	Series B, 6.150%, 09/01/36		358
	300	Northrop Grumman Systems Corp., 7.750%, 02/15/31		431
	1,350	Precision Castparts Corp., 3.250%, 06/15/25		1,421
	340	Raytheon Co., 3.150%, 12/15/24		358
		United Technologies Corp.,
	214	1.800%, 06/01/17		216
	681	3.100%, 06/01/22		713
	543	4.150%, 05/15/45		564
	914	4.500%, 06/01/42		998
				10,665
		Air Freight & Logistics — 0.0% (g)
		FedEx Corp.,
	181	3.250%, 04/01/26		185
	318	3.900%, 02/01/35		312
		United Parcel Service of America, Inc.,
	355	8.375%, 04/01/20		443
	160	SUB, 8.375%, 04/01/30		231
	214	United Parcel Service, Inc., 2.450%, 10/01/22		218
				1,389
		Airlines — 0.1%
	388	Air Canada 2013-1 Class A Pass-Through Trust, (Canada), 4.125%, 05/15/25 (e)		398
	195	American Airlines 2011-1 Class A Pass-Through Trust, 5.250%, 01/31/21		208
	578	American Airlines 2013-2 Class A Pass-Through Trust, 4.950%, 01/15/23		621
	283	American Airlines 2016-2 Class A Pass Through Trust, 3.650%, 06/15/28		287
	147	Continental Airlines 1999-2 Class A-1 Pass-Through Trust, Series 992A, 7.256%, 03/15/20		158
	386	Continental Airlines 2007-1 Class A Pass-Through Trust, 5.983%, 04/19/22		430
	185	Continental Airlines 2012-2 Class A Pass-Through Trust, 4.000%, 10/29/24		193
	352	Delta Air Lines 2010-2 Class A Pass-Through Trust, 4.950%, 05/23/19		372
	137	Delta Air Lines 2011-1 Class A Pass-Through Trust, 5.300%, 04/15/19		146
	353	Delta Air Lines 2012-1 Class A Pass-Through Trust, 4.750%, 05/07/20		377
				3,190
		Commercial Services & Supplies — 0.1%
	200	Pitney Bowes, Inc., 5.600%, 03/15/18		212
	614	Republic Services, Inc., 3.550%, 06/01/22		648
		Waste Management, Inc.,
	556	2.400%, 05/15/23		551
	156	3.900%, 03/01/35		158
	214	4.750%, 06/30/20		238
				1,807
		Construction & Engineering — 0.0% (g)
		ABB Finance USA, Inc.,
	226	1.625%, 05/08/17		227
	292	2.875%, 05/08/22		299
	145	4.375%, 05/08/42		155
	789	Fluor Corp., 3.375%, 09/15/21		825
				1,506
		Electrical Equipment — 0.0% (g)
		Eaton Corp.,
	182	1.500%, 11/02/17		182
	170	4.000%, 11/02/32		173
	570	5.600%, 05/15/18		613
	300	7.625%, 04/01/24		376
				1,344
		Industrial Conglomerates — 0.5%
		Danaher Corp.,
	420	2.400%, 09/15/20		433
	667	3.900%, 06/23/21		728
		General Electric Co.,
	750	2.300%, 04/27/17		757
	212	2.700%, 10/09/22		218
	573	3.100%, 01/09/23		603
	573	3.150%, 09/07/22		604
	436	3.375%, 03/11/24		465
	789	4.650%, 10/17/21		892
	191	5.300%, 02/11/21		219
	2,500	5.400%, 02/15/17		2,577
	512	5.500%, 01/08/20		580
	4,380	5.625%, 05/01/18		4,750
	95	5.875%, 01/14/38		125
	794	Series A, 6.750%, 03/15/32		1,095
	539	Hutchison Whampoa International 12 II Ltd., (Cayman Islands), 3.250%, 11/08/22 (e)		559
	412	Ingersoll-Rand Global Holding Co., Ltd., 4.250%, 06/15/23		446
		Koninklijke Philips N.V., (Netherlands),
	970	3.750%, 03/15/22		1,027
	409	5.750%, 03/11/18		437
	130	7.200%, 06/01/26		161

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Industrial Conglomerates — continued
		Pentair Finance S.A., (Luxembourg),
	981	2.900%, 09/15/18		983
	450	4.650%, 09/15/25		460
	192	Roper Technologies, Inc., 3.000%, 12/15/20		197
	223	Tyco International Finance S.A., (Luxembourg), 5.125%, 09/14/45		245
				18,561
		Machinery — 0.1%
	164	Caterpillar, Inc., 2.600%, 06/26/22		166
		Deere & Co.,
	819	2.600%, 06/08/22		830
	346	3.900%, 06/09/42		355
		Illinois Tool Works, Inc.,
	400	3.500%, 03/01/24		430
	1,920	3.900%, 09/01/42		1,971
	290	Ingersoll-Rand Co., 6.391%, 11/15/27		344
		Parker-Hannifin Corp.,
	592	4.450%, 11/21/44		657
	215	5.500%, 05/15/18		233
				4,986
		Professional Services — 0.0% (g)
	380	Equifax, Inc., 2.300%, 06/01/21		379
		Road & Rail — 0.6%
		Burlington Northern Santa Fe LLC,
	200	3.000%, 03/15/23		208
	522	3.050%, 03/15/22		549
	300	3.450%, 09/15/21		321
	136	3.600%, 09/01/20		146
	249	3.750%, 04/01/24		271
	500	3.900%, 08/01/46		500
	375	4.375%, 09/01/42		399
	455	4.700%, 09/01/45		514
	769	5.150%, 09/01/43		907
	1,658	5.400%, 06/01/41		1,990
	540	5.650%, 05/01/17		563
	335	5.750%, 03/15/18		361
	425	5.750%, 05/01/40		533
	250	6.700%, 08/01/28		336
		Canadian Pacific Railway Co., (Canada),
	600	4.500%, 01/15/22		653
	1,130	6.125%, 09/15/152		1,350
	250	7.125%, 10/15/31		329
		CSX Corp.,
	400	3.400%, 08/01/24		420
	526	3.950%, 05/01/50		503
	191	4.100%, 03/15/44		194
	300	4.250%, 06/01/21		328
	575	5.500%, 04/15/41		686
	215	7.375%, 02/01/19		246
	500	7.900%, 05/01/17		530
		ERAC USA Finance LLC,
	559	4.500%, 08/16/21 (e)		611
	355	5.250%, 10/01/20 (e)		395
	436	5.625%, 03/15/42 (e)		505
	350	6.375%, 10/15/17 (e)		372
	746	6.700%, 06/01/34 (e)		954
		Norfolk Southern Corp.,
	746	3.250%, 12/01/21		776
	595	3.950%, 10/01/42		588
	100	6.000%, 03/15/053		115
	1,510	6.000%, 05/23/114		1,744
	365	7.700%, 05/15/17		388
		Penske Truck Leasing Co. LP/PTL Finance Corp.,
	479	2.875%, 07/17/18 (e)		484
	1,131	3.375%, 02/01/22 (e)		1,126
		Ryder System, Inc.,
	244	2.500%, 03/01/17		246
	240	2.500%, 03/01/18		243
	723	2.500%, 05/11/20		717
	517	2.875%, 09/01/20		520
		Union Pacific Corp.,
	182	2.950%, 01/15/23		189
	838	3.646%, 02/15/24		909
	710	4.163%, 07/15/22		787
	200	4.300%, 06/15/42		213
				24,719
		Trading Companies & Distributors — 0.0% (g)
		WW Grainger, Inc.,
	436	3.750%, 05/15/46		433
	655	4.600%, 06/15/45		739
				1,172
		Total Industrials		69,718
		Information Technology — 1.3%
		Communications Equipment — 0.1%
		Cisco Systems, Inc.,
	514	2.600%, 02/28/23		526
	197	2.900%, 03/04/21		206
	335	2.950%, 02/28/26		348
	1,111	3.000%, 06/15/22		1,173
	500	3.625%, 03/04/24		551
	350	5.500%, 01/15/40		445
	755	5.900%, 02/15/39		997
				4,246
		Electronic Equipment, Instruments & Components — 0.1%
		Arrow Electronics, Inc.,
	219	3.000%, 03/01/18		220
	190	4.500%, 03/01/23		198
	165	6.000%, 04/01/20		182

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Electronic Equipment, Instruments & Components — continued
	500	6.875%, 06/01/18		538
	1,563	7.500%, 01/15/27		1,869
				3,007
		Internet Software & Services — 0.0% (g)
		eBay, Inc.,
	1,500	2.600%, 07/15/22		1,455
	348	3.450%, 08/01/24		351
	271	4.000%, 07/15/42		222
				2,028
		IT Services — 0.3%
		International Business Machines Corp.,
	409	1.250%, 02/08/18		410
	3,267	2.250%, 02/19/21		3,322
	765	6.220%, 08/01/27		989
	3,675	7.625%, 10/15/18		4,192
	371	Total System Services, Inc., 4.800%, 04/01/26		391
		Xerox Corp.,
	271	2.950%, 03/15/17		273
	320	5.625%, 12/15/19		339
	550	6.750%, 02/01/17		567
				10,483
		Semiconductors & Semiconductor Equipment — 0.1%
		Intel Corp.,
	375	3.100%, 07/29/22		396
	397	3.300%, 10/01/21		424
	652	3.700%, 07/29/25		712
	1,185	4.000%, 12/15/32		1,245
	453	4.900%, 07/29/45		506
	1,460	National Semiconductor Corp., 6.600%, 06/15/17		1,540
	365	Texas Instruments, Inc., 1.650%, 08/03/19		366
				5,189
		Software — 0.3%
	470	Intuit, Inc., 5.750%, 03/15/17		488
		Microsoft Corp.,
	262	0.875%, 11/15/17		261
	384	2.125%, 11/15/22		385
	500	2.375%, 02/12/22		511
	1,310	2.375%, 05/01/23		1,320
	291	3.500%, 02/12/35		293
	1,155	3.625%, 12/15/23		1,262
	305	4.000%, 02/12/55		299
	615	4.200%, 11/03/35		681
	117	4.500%, 10/01/40		131
	639	4.750%, 11/03/55		714
		Oracle Corp.,
	586	2.800%, 07/08/21		609
	1,750	2.950%, 05/15/25		1,790
	1,000	3.625%, 07/15/23		1,081
	457	4.300%, 07/08/34		487
	1,740	4.375%, 05/15/55		1,743
	500	5.000%, 07/08/19		553
	813	5.750%, 04/15/18		880
	475	6.500%, 04/15/38		644
				14,132
		Technology Hardware, Storage & Peripherals — 0.4%
		Apple, Inc.,
	927	2.150%, 02/09/22		924
	2,556	2.400%, 05/03/23		2,553
	2,364	2.850%, 05/06/21		2,466
	1,539	3.200%, 05/13/25		1,602
	625	3.450%, 02/09/45		570
	426	4.500%, 02/23/36		461
	2,069	VAR, 0.887%, 05/03/18		2,072
	300	Dell, Inc., 7.100%, 04/15/28		279
		Diamond 1 Finance Corp./Diamond 2 Finance Corp.,
	780	4.420%, 06/15/21 (e)		796
	976	5.450%, 06/15/23 (e)		992
	857	6.020%, 06/15/26 (e)		865
		HP, Inc.,
	282	4.300%, 06/01/21		295
	472	4.375%, 09/15/21		496
	201	4.650%, 12/09/21		213
	849	6.000%, 09/15/41		765
				15,349
		Total Information Technology		54,434
		Materials — 0.6%
		Chemicals — 0.4%
		Agrium, Inc., (Canada),
	490	3.375%, 03/15/25		483
	525	4.125%, 03/15/35		478
	757	5.250%, 01/15/45		778
	500	CF Industries, Inc., 7.125%, 05/01/20		569
		Dow Chemical Co. (The),
	542	3.000%, 11/15/22		551
	850	3.500%, 10/01/24		879
	693	4.125%, 11/15/21		753
	200	5.250%, 11/15/41		213
	375	7.375%, 11/01/29		485
	73	8.550%, 05/15/19		86
	253	E.I. du Pont de Nemours & Co., 4.900%, 01/15/41		272
		Ecolab, Inc.,
	447	1.450%, 12/08/17		447
	595	3.250%, 01/14/23		610
	150	5.500%, 12/08/41		178
	208	Monsanto Co., 4.700%, 07/15/64		184

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Chemicals — continued
		Mosaic Co. (The),
	280	3.750%, 11/15/21		291
	1,456	4.250%, 11/15/23		1,549
	79	4.875%, 11/15/41		75
	861	5.450%, 11/15/33		919
	347	5.625%, 11/15/43		366
		Potash Corp. of Saskatchewan, Inc., (Canada),
	660	3.000%, 04/01/25		650
	85	3.250%, 12/01/17		87
		PPG Industries, Inc.,
	114	5.500%, 11/15/40		129
	122	6.650%, 03/15/18		132
	355	9.000%, 05/01/21		449
	473	Praxair, Inc., 2.650%, 02/05/25		478
		Union Carbide Corp.,
	1,000	7.500%, 06/01/25		1,210
	850	7.750%, 10/01/96		996
				14,297
		Construction Materials — 0.0% (g)
		CRH America, Inc.,
	417	3.875%, 05/18/25 (e)		433
	893	5.125%, 05/18/45 (e)		939
				1,372
		Metals & Mining — 0.2%
		BHP Billiton Finance USA Ltd., (Australia),
	815	3.850%, 09/30/23		852
	150	5.000%, 09/30/43		159
	410	5.400%, 03/29/17		424
	560	6.500%, 04/01/19		631
		Freeport-McMoRan, Inc.,
	1,329	2.150%, 03/01/17		1,316
	1,138	3.875%, 03/15/23		936
	1,020	5.400%, 11/14/34		772
	262	5.450%, 03/15/43		198
	283	Nucor Corp., 4.000%, 08/01/23		298
	295	Placer Dome, Inc., (Canada), 6.450%, 10/15/35		297
		Rio Tinto Finance USA Ltd., (Australia),
	550	3.750%, 09/20/21		575
	650	9.000%, 05/01/19		771
		Teck Resources Ltd., (Canada),
	514	3.750%, 02/01/23		374
	676	4.750%, 01/15/22		547
				8,150
		Total Materials		23,819
		Telecommunication Services — 1.3%
		Diversified Telecommunication Services — 1.2%
		AT&T, Inc.,
	3,830	3.000%, 06/30/22		3,834
	1,120	3.400%, 05/15/25		1,118
	1,441	3.600%, 02/17/23		1,478
	1,297	3.800%, 03/15/22		1,352
	425	3.875%, 08/15/21		450
	376	3.950%, 01/15/25		390
	879	4.300%, 12/15/42		822
	462	4.350%, 06/15/45		434
	425	4.450%, 05/15/21		461
	1,000	4.600%, 02/15/21		1,086
	563	4.750%, 05/15/46		558
	860	5.350%, 09/01/40		915
	250	5.500%, 02/01/18		266
	2,000	6.000%, 08/15/40		2,271
	2,700	6.300%, 01/15/38		3,182
	400	6.500%, 09/01/37		481
	700	Bellsouth Capital Funding Corp., 7.875%, 02/15/30		875
	2,250	BellSouth LLC, 6.550%, 06/15/34		2,574
		British Telecommunications plc, (United Kingdom),
	531	2.350%, 02/14/19		540
	150	9.625%, 12/15/30		236
	600	Centel Capital Corp., 9.000%, 10/15/19		692
		Deutsche Telekom International Finance B.V., (Netherlands),
	336	2.250%, 03/06/17 (e)		339
	232	4.875%, 03/06/42 (e)		259
	400	6.000%, 07/08/19		450
	325	8.750%, 06/15/30		481
		GTP Acquisition Partners I LLC,
	1,236	2.350%, 06/15/20 (e)		1,249
	1,436	3.482%, 06/16/25 (e)		1,450
	267	Nippon Telegraph & Telephone Corp., (Japan), 1.400%, 07/18/17		267
		Orange S.A., (France),
	560	2.750%, 09/14/16		563
	1,305	9.000%, 03/01/31		1,996
	741	Qwest Corp., 6.750%, 12/01/21		795
		Telefonica Emisiones S.A.U., (Spain),
	252	3.192%, 04/27/18		258
	526	5.134%, 04/27/20		577
	316	5.462%, 02/16/21		356
	300	6.421%, 06/20/16		301
		Verizon Communications, Inc.,
	432	2.625%, 02/21/20		443
	400	3.500%, 11/01/21		423
	2,804	3.500%, 11/01/24		2,912
	938	4.150%, 03/15/24		1,014
	2,085	4.400%, 11/01/34		2,112
	1,762	4.500%, 09/15/20		1,933
	730	4.522%, 09/15/48		733
	1,085	4.672%, 03/15/55		1,060

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Diversified Telecommunication Services — continued
	4,200	4.862%, 08/21/46		4,474
	566	5.012%, 08/21/54		585
	1,514	5.150%, 09/15/23		1,738
	100	5.850%, 09/15/35		118
				50,901
		Wireless Telecommunication Services — 0.1%
		America Movil S.A.B. de C.V., (Mexico),
	640	2.375%, 09/08/16		641
	592	3.125%, 07/16/22		597
		Rogers Communications, Inc., (Canada),
	1,547	4.100%, 10/01/23		1,684
	400	8.750%, 05/01/32		564
		Vodafone Group plc, (United Kingdom),
	957	1.500%, 02/19/18		955
	593	1.625%, 03/20/17		595
				5,036
		Total Telecommunication Services		55,937
		Utilities — 1.7%
		Electric Utilities — 1.2%
		Alabama Power Co.,
	214	3.750%, 03/01/45		211
	239	6.125%, 05/15/38		307
	286	American Electric Power Co., Inc., 1.650%, 12/15/17		286
		Arizona Public Service Co.,
	133	2.200%, 01/15/20		135
	296	4.500%, 04/01/42		327
	467	5.050%, 09/01/41		552
	455	Baltimore Gas & Electric Co., 2.800%, 08/15/22		462
	1,025	Cleveland Electric Illuminating Co. (The), Series D, 7.880%, 11/01/17		1,107
	831	Comision Federal de Electricidad, (Mexico), 4.875%, 05/26/21 (e)		868
	195	Connecticut Light & Power Co. (The), 5.650%, 05/01/18		211
	224	DTE Electric Co., 2.650%, 06/15/22		229
		Duke Energy Carolinas LLC,
	129	4.250%, 12/15/41		139
	660	5.100%, 04/15/18		707
	100	6.000%, 01/15/38		131
		Duke Energy Florida LLC,
	290	5.650%, 06/15/18		315
	245	6.400%, 06/15/38		338
		Duke Energy Indiana LLC,
	700	3.750%, 05/15/46		690
	1,320	6.350%, 08/15/38		1,808
		Duke Energy Progress LLC,
	540	2.800%, 05/15/22		558
	792	3.250%, 08/15/25		833
	273	4.100%, 05/15/42		286
	125	4.100%, 03/15/43		131
	387	4.150%, 12/01/44		412
	325	5.300%, 01/15/19		357
		Electricite de France S.A., (France),
	770	2.150%, 01/22/19 (e)		777
	1,300	6.000%, 01/22/145 (e)		1,338
	950	Enel Finance International N.V., (Netherlands), 5.125%, 10/07/19 (e)		1,040
	629	Entergy Louisiana LLC, 3.050%, 06/01/31		616
	559	Entergy Mississippi, Inc., 2.850%, 06/01/28		552
	316	Exelon Corp., 3.400%, 04/15/26		319
	350	Florida Power & Light Co., 5.950%, 02/01/38		459
	210	Georgia Power Co., 5.950%, 02/01/39		265
	679	Great Plains Energy, Inc., 4.850%, 06/01/21		737
		Hydro-Quebec, (Canada),
	1,000	Series HY, 8.400%, 01/15/22		1,304
	350	Series IO, 8.050%, 07/07/24		481
	100	Indiana Michigan Power Co., 7.000%, 03/15/19		113
	100	Jersey Central Power & Light Co., 7.350%, 02/01/19		112
	790	John Sevier Combined Cycle Generation LLC, 4.626%, 01/15/42		861
		Kansas City Power & Light Co.,
	403	3.150%, 03/15/23		408
	1,400	5.300%, 10/01/41		1,615
	424	Louisville Gas & Electric Co., Series 25, 3.300%, 10/01/25		450
	125	MidAmerican Energy Co., 5.300%, 03/15/18		134
		Nevada Power Co.,
	55	5.375%, 09/15/40		67
	305	5.450%, 05/15/41		382
	720	6.500%, 08/01/18		796
	100	Series N, 6.650%, 04/01/36		134
		NextEra Energy Capital Holdings, Inc.,
	371	2.400%, 09/15/19		376
	725	6.000%, 03/01/19		795
		Niagara Mohawk Power Corp.,
	493	3.508%, 10/01/24 (e)		520
	300	4.881%, 08/15/19 (e)		326
	510	Northern States Power Co., 6.250%, 06/01/36		691
	320	Ohio Power Co., 6.050%, 05/01/18		344
		Oncor Electric Delivery Co. LLC,
	840	6.800%, 09/01/18		933
	110	7.000%, 09/01/22		138
		Pacific Gas & Electric Co.,
	544	2.450%, 08/15/22		547

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Electric Utilities — continued
	492	2.950%, 03/01/26		500
	71	3.250%, 09/15/21		74
	250	3.250%, 06/15/23		262
	781	3.500%, 06/15/25		831
	217	4.450%, 04/15/42		236
	390	4.500%, 12/15/41		435
	810	5.625%, 11/30/17		860
	100	6.050%, 03/01/34		131
	160	8.250%, 10/15/18		184
		PacifiCorp,
	180	5.500%, 01/15/19		198
	150	5.650%, 07/15/18		163
		PECO Energy Co.,
	350	2.375%, 09/15/22		351
	175	5.350%, 03/01/18		187
	1,085	Potomac Electric Power Co., 6.500%, 11/15/37		1,475
	673	Progress Energy, Inc., 3.150%, 04/01/22		689
		Public Service Co. of Colorado,
	250	2.250%, 09/15/22		251
	90	3.200%, 11/15/20		95
	125	5.800%, 08/01/18		137
	2,490	Public Service Co. of Oklahoma, Series G, 6.625%, 11/15/37		3,096
		Public Service Electric & Gas Co.,
	833	3.000%, 05/15/25		870
	317	5.375%, 11/01/39		393
	210	Series I, 1.800%, 06/01/19		212
	65	South Carolina Electric & Gas Co., 4.500%, 06/01/64		66
		Southern California Edison Co.,
	133	1.845%, 02/01/22		131
	785	5.500%, 08/15/18		857
	1,185	6.050%, 03/15/39		1,571
	200	Series 08-A, 5.950%, 02/01/38		262
	318	Series C, 3.500%, 10/01/23		341
	363	Southern Co. (The), 1.950%, 09/01/16		364
	570	Southwestern Public Service Co., Series G, 8.750%, 12/01/18		664
	312	State Grid Overseas Investment 2013 Ltd., (United Kingdom), 1.750%, 05/22/18 (e)		311
		Virginia Electric & Power Co.,
	64	3.450%, 02/15/24		68
	2,045	5.400%, 04/30/18		2,196
	21	Wisconsin Electric Power Co., 2.950%, 09/15/21		22
		Xcel Energy, Inc.,
	440	3.300%, 06/01/25		453
	92	4.800%, 09/15/41		102
	200	6.500%, 07/01/36		259
				48,327
		Gas Utilities — 0.0% (g)
		Atmos Energy Corp.,
	125	4.125%, 10/15/44		128
	828	4.150%, 01/15/43		851
	375	8.500%, 03/15/19		441
	308	Boston Gas Co., 4.487%, 02/15/42 (e)		323
	335	CenterPoint Energy Resources Corp., 6.125%, 11/01/17		353
	382	Dominion Gas Holdings LLC, 2.800%, 11/15/20		390
				2,486
		Independent Power & Renewable Electricity Producers — 0.1%
		Exelon Generation Co. LLC,
	300	2.950%, 01/15/20		305
	1,020	4.000%, 10/01/20		1,075
	235	5.750%, 10/01/41		240
		PSEG Power LLC,
	772	4.150%, 09/15/21		809
	442	4.300%, 11/15/23		454
		Southern Power Co.,
	357	4.150%, 12/01/25		372
	600	5.150%, 09/15/41		626
	417	Tri-State Generation & Transmission Association, Inc., 4.250%, 06/01/46 (e)		415
				4,296
		Multi-Utilities — 0.4%
		AGL Capital Corp.,
	254	3.250%, 06/15/26		254
	563	3.500%, 09/15/21		585
	208	4.400%, 06/01/43		207
	1,445	5.875%, 03/15/41		1,692
	1,243	6.375%, 07/15/16		1,250
		CMS Energy Corp.,
	475	3.000%, 05/15/26		471
	400	3.875%, 03/01/24		429
	596	Consolidated Edison Co. of New York, Inc., 5.700%, 06/15/40		748
		Consumers Energy Co.,
	216	2.850%, 05/15/22		221
	130	5.650%, 04/15/20		148
	235	Delmarva Power & Light Co., 4.000%, 06/01/42		241
		Dominion Resources, Inc.,
	300	7.000%, 06/15/38		386
	920	Series F, 5.250%, 08/01/33		995
		DTE Energy Co.,
	992	3.300%, 06/15/22 (e)		1,020
	200	6.375%, 04/15/33		250
	289	Series F, 3.850%, 12/01/23		306

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Multi-Utilities — continued
		NiSource Finance Corp.,
	370	3.850%, 02/15/23		392
	1,256	5.800%, 02/01/42		1,520
		San Diego Gas & Electric Co.,
	379	3.950%, 11/15/41		393
	275	6.000%, 06/01/26		352
		Sempra Energy,
	350	2.875%, 10/01/22		352
	236	3.550%, 06/15/24		244
	1,013	4.050%, 12/01/23		1,080
	1,150	6.150%, 06/15/18		1,249
	180	6.500%, 06/01/16		180
	460	9.800%, 02/15/19		553
	1,009	WEC Energy Group, Inc., 3.550%, 06/15/25		1,055
				16,573
		Water Utilities — 0.0% (g)
	793	American Water Capital Corp., 3.400%, 03/01/25		838
		Total Utilities		72,520
		Total Corporate Bonds (Cost $876,105)		913,336
	Foreign Government Securities — 1.2%
		Israel Government AID Bond, (Israel),
	1,160	Zero Coupon, 08/15/23		984
	2,121	Zero Coupon, 02/15/24		1,771
	5,535	Zero Coupon, 05/01/24		4,591
	6,165	Zero Coupon, 11/01/23		5,196
	1,000	5.500%, 09/18/33		1,360
	1,000	Series 1, Zero Coupon, 05/01/23		854
	1,500	Series 2, Zero Coupon, 11/01/24		1,223
	5,000	Series 7-Z, Zero Coupon, 08/15/25		3,966
	3,424	Series 8-Z, Zero Coupon, 02/15/24		2,859
	2,000	Series 8-Z, Zero Coupon, 08/15/24		1,643
	7,805	Series 10-Z, Zero Coupon, 08/15/24		6,414
	1,387	Province of Ontario, (Canada), 1.650%, 09/27/19		1,393
	377	Province of Quebec, (Canada), Series A, SUB, 7.365%, 03/06/26		516
		Republic of Colombia, (Colombia),
	422	4.000%, 02/26/24		418
	581	4.500%, 01/28/26		587
	515	5.000%, 06/15/45		478
	200	5.625%, 02/26/44		198
		Republic of Panama, (Panama),
	317	3.750%, 03/16/25		322
	416	4.000%, 09/22/24		431
	88	Republic of Peru, (Peru), 5.625%, 11/18/50		100
	1,133	Republic of Poland, (Poland), 4.000%, 01/22/24		1,212
		Republic of South Africa, (South Africa),
	1,436	5.375%, 07/24/44		1,373
	640	5.875%, 09/16/25		681
		Republic of Turkey, (Turkey),
	2,350	4.250%, 04/14/26		2,282
	719	5.750%, 03/22/24		772
		United Mexican States, (Mexico),
	2,030	3.500%, 01/21/21		2,111
	788	3.600%, 01/30/25		796
	1,732	4.000%, 10/02/23		1,805
	200	4.600%, 01/23/46		194
	120	4.750%, 03/08/44		119
	4,913	5.550%, 01/21/45		5,466
		Total Foreign Government Securities (Cost $50,040)		52,115
	Mortgage Pass-Through Securities — 17.5%
		Federal Home Loan Mortgage Corp.,
	11	ARM, 2.341%, 07/01/19		11
	76	ARM, 2.354%, 10/01/36		81
	288	ARM, 2.468%, 12/01/36		304
	320	ARM, 2.497%, 11/01/36		338
	408	ARM, 2.518%, 11/01/36		432
	29	ARM, 2.529%, 04/01/30		30
	381	ARM, 2.558%, 02/01/36		403
	174	ARM, 2.583%, 02/01/36		184
	407	ARM, 2.605%, 12/01/33		431
	323	ARM, 2.631%, 10/01/36		338
	388	ARM, 2.636%, 01/01/35		409
	806	ARM, 2.652%, 03/01/37		846
	92	ARM, 2.749%, 05/01/36		97
	165	ARM, 2.796%, 02/01/37		174
	163	ARM, 2.818%, 12/01/34		172
	685	ARM, 2.857%, 04/01/34		724
	437	ARM, 2.958%, 10/01/36		464
	206	ARM, 3.144%, 07/01/36		213
	945	ARM, 3.953%, 07/01/40		989
	5,769	Federal Home Loan Mortgage Corp. Gold Pools, 4.500%, 01/01/46		6,364
		Federal Home Loan Mortgage Corp. Gold Pools, 15 Year, Single Family,
	29	4.500%, 08/01/18		30
	102	5.000%, 12/01/18		104
	4	5.500%, 06/01/17		4
	11	6.000%, 04/01/18		12
	73	6.500%, 08/01/16 – 02/01/19		74
		Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family,
	1,983	3.500%, 01/01/32 – 03/01/32		2,107
	61	6.000%, 12/01/22		69
		Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,
	5,390	3.000%, 08/01/43		5,558

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	3,047	3.500%, 04/01/43		3,188
	773	4.000%, 09/01/35		826
	4,007	4.500%, 05/01/41		4,389
	3,200	5.000%, 09/01/34 – 08/01/40		3,552
	1,352	5.500%, 10/01/33 – 07/01/35		1,536
	284	6.000%, 12/01/33 – 01/01/34		324
	1,123	6.500%, 11/01/34 – 11/01/36		1,332
	335	7.000%, 07/01/32 – 10/01/36		379
	298	Federal Home Loan Mortgage Corp. Gold Pools, FHA/VA, 10.000%, 10/01/30		326
		Federal Home Loan Mortgage Corp. Gold Pools, Other,
	2,304	3.000%, 03/01/33		2,407
	20,586	3.500%, 10/01/32 – 06/01/43		21,756
	19,072	4.000%, 01/01/32 – 01/01/46		20,675
	270	5.500%, 10/01/33 – 01/01/34		292
	253	6.000%, 02/01/33		285
	54	7.000%, 07/01/29		60
		Federal National Mortgage Association,
	3	ARM, 1.875%, 01/01/19		3
	457	ARM, 1.935%, 07/01/33		474
	707	ARM, 1.946%, 01/01/33		733
	408	ARM, 2.105%, 05/01/35		426
	1,015	ARM, 2.138%, 01/01/35		1,058
	356	ARM, 2.185%, 11/01/34		370
	63	ARM, 2.187%, 09/01/34		66
	482	ARM, 2.190%, 07/01/36		502
	3	ARM, 2.192%, 03/01/19		3
	415	ARM, 2.245%, 01/01/35		438
	740	ARM, 2.338%, 11/01/34		773
	128	ARM, 2.349%, 07/01/34		136
	562	ARM, 2.350%, 06/01/35		589
	205	ARM, 2.372%, 09/01/34		215
	1,039	ARM, 2.383%, 10/01/34		1,088
	18	ARM, 2.387%, 04/01/34		19
	1,087	ARM, 2.391%, 09/01/35		1,130
	198	ARM, 2.398%, 01/01/36		208
	265	ARM, 2.399%, 08/01/34		280
	45	ARM, 2.402%, 07/01/33		47
	126	ARM, 2.403%, 09/01/35		133
	470	ARM, 2.443%, 07/01/33		499
	372	ARM, 2.460%, 05/01/34		392
	94	ARM, 2.483%, 02/01/35		99
	461	ARM, 2.521%, 08/01/34		484
	146	ARM, 2.527%, 11/01/33		154
	124	ARM, 2.537%, 05/01/35		129
	177	ARM, 2.547%, 01/01/34		186
	243	ARM, 2.556%, 04/01/35		255
	237	ARM, 2.556%, 04/01/34		246
	37	ARM, 2.562%, 09/01/27		40
	171	ARM, 2.618%, 06/01/36		178
	213	ARM, 2.635%, 10/01/34		225
	339	ARM, 2.685%, 09/01/33		362
	1,326	ARM, 2.721%, 04/01/35		1,399
	116	ARM, 2.753%, 01/01/38		122
	502	ARM, 2.836%, 10/01/36		534
	99	ARM, 3.000%, 02/01/34		101
	38	ARM, 3.250%, 01/01/36		38
	24	ARM, 3.784%, 03/01/29		26
	2,505	3.500%, 01/01/44		2,629
		Federal National Mortgage Association, 15 Year, Single Family,
	147	4.000%, 08/01/18		153
	826	4.500%, 06/01/18 – 12/01/19		850
	370	5.000%, 06/01/18 – 08/01/24		391
	227	5.500%, 03/01/20 – 07/01/20		234
	2,222	6.000%, 06/01/16 – 01/01/24		2,421
	43	6.500%, 03/01/17 – 08/01/20		45
	28	7.000%, 03/01/17 – 09/01/17		29
	1	7.500%, 03/01/17		– (h)
		Federal National Mortgage Association, 20 Year, Single Family,
	1,184	3.500%, 08/01/32		1,250
	71	4.500%, 04/01/24		77
	565	6.500%, 05/01/22 – 04/01/25		646
		Federal National Mortgage Association, 30 Year, FHA/VA,
	73	6.000%, 09/01/33		82
	727	6.500%, 03/01/29 – 08/01/39		843
	12	7.000%, 02/01/33		13
	33	8.000%, 06/01/28		37
	3	9.000%, 05/01/18		3
		Federal National Mortgage Association, 30 Year, Single Family,
	4,831	3.000%, 06/01/43		4,975
	4,301	3.500%, 06/01/43		4,508
	3,390	4.500%, 11/01/33 – 09/01/43		3,695
	983	5.000%, 07/01/33 – 09/01/35		1,103
	1,387	5.500%, 09/01/31 – 03/01/34		1,588
	1,724	6.000%, 12/01/28 – 09/01/37		1,995
	754	6.500%, 11/01/29 – 08/01/31		873
	607	7.000%, 01/01/24 – 01/01/39		684
	249	7.500%, 08/01/36 – 11/01/37		303
	424	8.000%, 03/01/27 – 11/01/28		505
	9	9.500%, 07/01/28		10
		Federal National Mortgage Association, Other,
	4,000	ARM, 0.807%, 12/01/24		4,010
	2,794	ARM, 0.827%, 01/01/23		2,812
	4,769	ARM, 0.897%, 11/01/23		4,767
	2,847	ARM, 0.927%, 11/01/23		2,850
	4,693	ARM, 0.987%, 02/01/19		4,683
	917	ARM, 1.237%, 03/01/22		917
	2,355	ARM, 6.070%, 11/01/18		2,441
	2,000	1.690%, 12/01/19		2,011

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	3,450	1.735%, 05/01/20		3,473
	3,786	1.750%, 06/01/20		3,813
	1,934	1.940%, 07/01/19		1,958
	1,500	2.000%, 12/01/20		1,517
	12,000	2.010%, 06/01/20		12,186
	222	2.030%, 08/01/19		228
	2,500	2.120%, 09/01/21		2,503
	1,916	2.140%, 04/01/19		1,948
	1,424	2.150%, 04/01/19		1,450
	3,589	2.340%, 12/01/22		3,661
	1,883	2.350%, 05/01/23		1,920
	5,226	2.390%, 12/01/22		5,345
	3,500	2.400%, 12/01/22		3,575
	2,843	2.420%, 06/01/23		2,907
	4,000	2.450%, 11/01/22		4,097
	2,785	2.460%, 02/01/23		2,843
	5,384	2.490%, 10/01/17		5,447
	1,418	2.510%, 06/01/23		1,458
	6,856	2.520%, 10/01/22 – 05/01/23		7,057
	5,000	2.590%, 11/01/21		5,169
	2,500	2.660%, 12/01/22		2,637
	3,000	2.670%, 07/01/22		3,117
	6,547	2.690%, 10/01/17		6,636
	3,260	2.704%, 04/01/23		3,386
	3,106	2.750%, 03/01/22		3,238
	3,000	2.760%, 05/01/21		3,118
	1,565	2.770%, 05/01/22		1,635
	5,145	2.780%, 06/01/27		5,286
	10,969	2.790%, 05/01/27 – 06/01/27		11,269
	4,618	2.800%, 07/01/23		4,809
	4,975	2.840%, 01/01/25		5,170
	6,500	2.900%, 12/01/24		6,774
	12,000	2.920%, 12/01/24 – 05/01/30		12,199
	1,396	2.940%, 05/01/22		1,469
	6,296	2.950%, 08/01/23 – 12/01/24		6,600
	3,019	2.960%, 06/01/27		3,142
	7,465	2.970%, 12/01/24 – 06/01/30		7,705
	6,445	2.980%, 03/01/22 – 07/01/22		6,798
	1,000	2.990%, 01/01/25		1,049
	2,548	3.000%, 01/01/43		2,614
	2,393	3.020%, 07/01/23		2,520
	3,208	3.030%, 06/01/35		3,292
	13,000	3.040%, 12/01/24 – 04/01/30		13,451
	5,769	3.050%, 04/01/22		6,087
	6,742	3.070%, 01/01/22		7,129
	14,150	3.080%, 04/01/30 – 06/01/30		14,582
	8,850	3.100%, 05/01/30		9,144
	6,236	3.110%, 12/01/24 – 12/01/26		6,600
	11,769	3.120%, 01/01/22 – 06/01/35		12,033
	2,991	3.140%, 12/01/26		3,169
	1,391	3.150%, 12/01/21		1,473
	2,645	3.160%, 02/01/22		2,807
	3,000	3.170%, 02/01/30		3,106
	3,831	3.200%, 02/01/22		4,078
	9,406	3.230%, 11/01/20		9,971
	4,235	3.240%, 12/01/26		4,513
	13,836	3.250%, 07/01/25 – 09/01/26		14,785
	6,131	3.260%, 01/01/22 – 12/01/26		6,552
	13,915	3.290%, 10/01/20 – 11/01/26		14,860
	8,022	3.300%, 12/01/26 – 07/01/30		8,457
	3,000	3.340%, 02/01/27		3,223
	3,885	3.350%, 11/01/20 – 09/01/30		4,112
	871	3.378%, 11/01/20		927
	2,000	3.380%, 12/01/23		2,146
	2,000	3.390%, 08/01/17		2,039
	1,393	3.430%, 09/01/20		1,487
	41,692	3.500%, 12/01/32 – 08/01/43		43,819
	1,868	3.520%, 01/01/18		1,917
	3,000	3.540%, 10/01/20		3,218
	2,000	3.550%, 02/01/30		2,149
	2,500	3.590%, 08/01/23		2,707
	2,749	3.600%, 09/01/20		2,954
	950	3.640%, 01/01/25		1,036
	5,000	3.670%, 07/01/23		5,452
	1,500	3.690%, 11/01/23		1,639
	4,437	3.730%, 07/01/22		4,811
	1,818	3.740%, 07/01/20		1,951
	4,938	3.760%, 10/01/23 – 11/01/23		5,409
	4,000	3.765%, 12/01/25		4,424
	3,000	3.770%, 09/01/21		3,258
	2,780	3.780%, 09/01/21		3,021
	3,619	3.783%, 01/01/26		3,998
	6,464	3.790%, 09/01/21		7,026
	1,533	3.870%, 01/01/21		1,665
	5,000	3.890%, 09/01/21		5,461
	3,824	3.930%, 07/01/20 – 01/01/21		4,143
	7,918	3.950%, 07/01/20 – 07/01/21		8,622
	1,833	3.970%, 12/01/25		2,048
	13,647	4.000%, 10/01/32 – 09/01/42		14,724
	1,607	4.120%, 04/01/20		1,739
	4,396	4.130%, 11/01/19 – 08/01/21		4,768
	1,807	4.240%, 11/01/19		1,949
	4,380	4.250%, 04/01/21		4,838
	2,000	4.260%, 07/01/21		2,212
	1,139	4.284%, 01/01/21		1,247
	2,072	4.290%, 06/01/20		2,262
	2,327	4.300%, 08/01/20 – 04/01/21		2,557
	1,352	4.307%, 07/01/21		1,501
	2,048	4.330%, 04/01/21		2,251
	5,000	4.340%, 06/01/21		5,558
	1,421	4.350%, 04/01/20		1,550
	1,878	4.369%, 02/01/20		2,041
	672	4.382%, 04/01/20		732
	1,933	4.390%, 05/01/21		2,140

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	2,000		4.400%, 02/01/20		2,182
	2,792		4.480%, 02/01/21		3,089
	9,469		4.500%, 12/01/43 – 03/01/44		10,490
	6,250		4.514%, 12/01/19		6,778
	6,893		4.540%, 01/01/20 – 07/01/26		7,754
	3,745		4.640%, 01/01/21		4,170
	1,825		5.240%, 07/01/19		2,009
	268		5.500%, 03/01/17 – 09/01/33		297
	531		6.000%, 09/01/37 – 06/01/39		594
	213		6.500%, 01/01/36 – 07/01/36		240
	60		7.000%, 10/01/46		66
	23		10.500%, 04/15/19		25
			Government National Mortgage Association II, 30 Year, Single Family,
	1,901		4.250%, 03/20/45		2,043
	211		4.500%, 08/20/33		228
	1,847		6.000%, 09/20/38		2,097
	44		7.500%, 02/20/28 – 09/20/28		53
	68		8.000%, 12/20/25 – 09/20/28		80
	26		8.500%, 05/20/25		29
			Government National Mortgage Association II, Other,
	9,148		4.375%, 06/20/63		9,898
	9,589		4.433%, 05/20/63		10,373
	3,033		4.462%, 05/20/63		3,279
	2,027		4.479%, 04/20/63		2,192
	12		Government National Mortgage Association, 15 Year, Single Family, 6.500%, 06/15/17		12
			Government National Mortgage Association, 30 Year, Single Family,
	241		6.500%, 03/15/28 – 04/15/33		276
	146		7.000%, 02/15/33 – 06/15/33		176
	33		7.500%, 11/15/22 – 09/15/28		36
	7		8.000%, 09/15/22 – 08/15/28		8
	–	(h)	9.000%, 12/15/16		—	(h)
	227		9.500%, 10/15/24		246
			Total Mortgage Pass-Through Securities (Cost $704,713)		726,148
	Municipal Bonds — 0.3% (t)
			California — 0.0% (g)
	440		Los Angeles City Department of Airports, International Airport, Series C, Rev., 6.582%, 05/15/39		595
	350		State of California, Various Purpose, GO, 7.300%, 10/01/39		513
					1,108
			Illinois — 0.0% (g)
	160		State of Illinois, Taxable Pension, GO, 5.100%, 06/01/33		153
			New York — 0.2%
	360		New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series D, Rev., 5.600%, 03/15/40		473
			Port Authority of New York & New Jersey, Consolidated,
	1,825		Series 164, Rev., 5.647%, 11/01/40		2,345
	2,060		Series 174, Rev., 4.458%, 10/01/62		2,265
	440		Port Authority of New York & New Jersey, Consolidated 165, Series 165, Rev., 5.647%, 11/01/40		566
					5,649
			Ohio — 0.1%
	1,315		American Municipal Power, Inc., Meldahl Hydroelectric Project, Series B, Rev., 7.499%, 02/15/50		1,880
			Ohio State University, General Receipts,
	200		Rev., 5.590%, 12/01/145		235
	325		Series A, 4.048%, 12/01/56		347
	1,563		Series A, Rev., 4.800%, 06/01/114		1,688
					4,150
			Total Municipal Bonds (Cost $9,344)		11,060
	Supranational — 0.1%
	3,000		African Development Bank, 8.800%, 09/01/19 (Cost $3,528)		3,628
	U.S. Government Agency Securities — 2.3%
	1,525		Federal Home Loan Bank, 5.500%, 07/15/36		2,095
	6,000		Federal National Mortgage Association, 4.050%, 06/01/17		5,949
			Financing Corp. STRIPS,
	4,500		1.577%, 05/11/18		4,412
	2,000		3.603%, 04/05/19		1,930
	1,240		4.842%, 09/26/19		1,186
	13,319		Government Trust Certificate, Series 1-Z, Zero Coupon, 10/01/19		12,417
			Residual Funding Corp. STRIPS,
	12,300		1.645%, 10/15/19		11,748
	30,450		2.226%, 07/15/20		28,603
	12,930		2.868%, 10/15/20		12,072
			Tennessee Valley Authority,
	304		4.625%, 09/15/60		351
	4,196		5.250%, 09/15/39		5,468
	1,115		5.880%, 04/01/36		1,539
			Tennessee Valley Authority STRIPS,
	5,000		3.262%, 11/01/25		3,904
	800		4.211%, 06/15/35		416
	2,000		4.285%, 05/01/19		1,916
			Total U.S. Government Agency Securities (Cost $91,439)		94,006

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligations — 24.9%
		U.S. Treasury Bonds,
	3,600	2.875%, 05/15/43		3,788
	2,000	3.500%, 02/15/39		2,375
	700	4.250%, 05/15/39		924
	24,295	4.375%, 11/15/39		32,605
	8,880	4.375%, 05/15/40		11,927
	11,785	4.500%, 08/15/39		16,103
	850	5.250%, 02/15/29		1,159
	300	6.125%, 08/15/29		443
	2,506	6.250%, 08/15/23		3,291
	900	6.250%, 05/15/30		1,362
	4,690	7.500%, 11/15/16		4,837
	864	8.125%, 05/15/21		1,142
	1,845	8.500%, 02/15/20		2,335
	7,000	8.750%, 08/15/20		9,137
		U.S. Treasury Coupon STRIPS,
	8,000	1.562%, 11/15/19 (n)		7,677
	19,751	1.615%, 08/15/16 (n)		19,735
	23,265	1.882%, 05/15/21 (n)		21,639
	28,000	2.054%, 11/15/23 (n)		24,508
	22,570	2.133%, 08/15/23 (n)		19,889
	2,000	2.138%, 02/15/18 (n)		1,971
	2,200	2.278%, 02/15/24 (n)		1,915
	18,545	2.291%, 05/15/22 (n)		16,828
	17,095	2.388%, 02/15/21 (n)		15,988
	14,400	2.543%, 11/15/22 (n)		12,931
	1,000	2.622%, 02/15/25 (n)		847
	1,670	2.627%, 02/15/20 (n)		1,596
	15,768	2.647%, 02/15/22 (n)		14,389
	1,500	2.676%, 05/15/25 (n)		1,261
	11,100	2.733%, 08/15/21 (n)		10,259
	15,400	2.782%, 05/15/23 (n)		13,638
	4,800	2.825%, 08/15/22 (n)		4,336
	14,395	2.863%, 08/15/32 (n)		9,835
	33,050	2.887%, 05/15/32 (n)		22,723
	4,470	2.920%, 05/15/18 (n)		4,393
	9,575	3.023%, 02/15/32 (n)		6,638
	19,577	3.083%, 05/15/19 (n)		18,964
	38,935	3.137%, 08/15/20 (n)		36,824
	5,000	3.149%, 05/15/31 (n)		3,548
	38,462	3.186%, 02/15/23 (n)		34,311
	9,980	3.195%, 11/15/21 (n)		9,178
	800	3.219%, 05/15/35 (n)		499
	6,650	3.227%, 11/15/29 (n)		4,926
	1,592	3.238%, 08/15/26 (n)		1,296
	54,504	3.370%, 05/15/20 (n)		51,718
	6,015	3.379%, 05/15/28 (n)		4,645
	15,000	3.442%, 08/15/28 (n)		11,514
	10,650	3.454%, 11/15/31 (n)		7,453
	27,150	3.473%, 11/15/26 (n)		21,944
	6,600	3.502%, 05/15/34 (n)		4,249
	9,500	3.535%, 02/15/34 (n)		6,178
	1,650	3.595%, 08/15/34 (n)		1,053
	5,500	3.609%, 02/15/33 (n)		3,691
	7,885	3.699%, 11/15/27 (n)		6,193
	6,305	3.740%, 02/15/29 (n)		4,767
	2,400	3.743%, 08/15/29 (n)		1,791
	9,700	3.760%, 08/15/31 (n)		6,826
	29,300	3.787%, 02/15/27 (n)		23,514
	10,140	3.791%, 11/15/32 (n)		6,858
	16,500	3.973%, 05/15/33 (n)		10,998
	8,000	4.039%, 02/15/31 (n)		5,731
	22,360	4.088%, 08/15/19 (n)		21,569
	6,400	4.324%, 05/15/30 (n)		4,676
	20,736	4.528%, 02/15/17 (n)		20,644
	600	4.614%, 02/15/26 (n)		494
	12,800	4.623%, 08/15/30 (n)		9,275
	600	4.646%, 08/15/24 (n)		515
	4,750	4.779%, 11/15/33 (n)		3,114
	9,925	4.859%, 11/15/30 (n)		7,135
	6,675	5.093%, 08/15/27 (n)		5,276
	8,860	5.096%, 02/15/28 (n)		6,899
	100	5.111%, 08/15/35 (n)		62
	1,200	5.253%, 02/15/35 (n)		754
	1,700	5.345%, 11/15/24 (n)		1,452
	23,600	5.345%, 02/15/30 (n)		17,330
	22,839	5.355%, 11/15/17 (n)		22,563
	3,050	5.460%, 08/15/33 (n)		2,015
	1,500	5.921%, 05/15/26 (n)		1,229
	2,500	5.971%, 11/15/28 (n)		1,906
	2,550	6.012%, 05/15/27 (n)		2,032
	200	6.052%, 05/15/24 (n)		173
	5,857	7.740%, 11/15/16 (n)		5,842
		U.S. Treasury Inflation Indexed Bonds,
	300	1.750%, 01/15/28		390
	300	2.500%, 01/15/29		412
	799	3.625%, 04/15/28		1,598
		U.S. Treasury Inflation Indexed Notes,
	2,453	0.125%, 01/15/22		2,592
	630	1.375%, 07/15/18		729
	607	1.375%, 01/15/20		708
		U.S. Treasury Notes,
	14,257	0.625%, 09/30/17		14,223
	8,000	0.750%, 12/31/17		7,990
	3,560	0.875%, 01/31/18		3,562
	4,510	1.000%, 11/30/19		4,488
	31,250	1.250%, 10/31/18		31,465
	8,635	1.250%, 11/30/18		8,695
	1,500	1.250%, 02/29/20		1,503
	15,000	1.375%, 12/31/18		15,151
	2,000	1.375%, 02/28/19		2,020
	7,400	1.500%, 08/31/18		7,494
	3,770	1.500%, 05/31/19		3,821
	8,000	1.500%, 01/31/22		7,994

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligations — continued
	4,000	1.750%, 10/31/20		4,070
	1,100	2.000%, 10/31/21		1,130
	1,000	2.125%, 01/31/21		1,034
	56,000	2.125%, 08/15/21		57,916
	5,000	2.125%, 09/30/21		5,171
	2,000	2.125%, 12/31/21		2,067
	10,000	2.250%, 07/31/18		10,288
	2,000	2.375%, 08/15/24		2,094
	9,300	2.625%, 01/31/18		9,570
	700	2.625%, 08/15/20		738
	2,300	2.625%, 11/15/20		2,427
	2,000	2.750%, 12/31/17		2,059
	5,000	2.750%, 02/15/19		5,236
	11,638	3.125%, 05/15/19		12,346
	7,250	3.125%, 05/15/21		7,851
	15,700	3.250%, 12/31/16		15,939
	2,600	3.500%, 02/15/18		2,716
	18,450	3.500%, 05/15/20		20,047
	7,000	3.625%, 02/15/21		7,718
		Total U.S. Treasury Obligations (Cost $970,873)		1,033,300
	Loan Assignments — 0.1%
		Consumer Discretionary — 0.1%
		Hotels, Restaurants & Leisure — 0.1%
	3,992	Lila Mexican Holdings LLC, Tranche B, VAR, 3.434%, 08/11/22 (Cost $3,833)		3,893
		Total Loan Assignments (Cost $3,833)		3,893
SHARES
	Short-Term Investment —   0.6%
		Investment Company — 0.6%
	26,380	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.360% (b) (l) (Cost $26,380)		26,380
		Total Investments — 99.9% (Cost $3,986,867)		4,151,979
		Other Assets in Excess of Liabilities — 0.1%		5,347
		NET ASSETS — 100.0%	$	4,157,326

Percentages indicated are based on net assets.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (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, 2016.
CMBS	—	Commercial Mortgage Backed Security
CMO	—	Collateralized Mortgage Obligation
CSMC	—	Credit Suisse Mortgage Trust
ESOP	—	Employee Stock Ownership Program
FHA	—	Federal Housing Administration
GO	—	General Obligation
HB	—	High Coupon Bonds (a.k.a. “IOettes”) represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO’s the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.
IF	—	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of May 31, 2016. 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, 2016.
VA	—	Veterans Administration
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of May 31, 2016.
(b)	—	Investment in affiliate. Money market fund is 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).
(l)	—	The rate shown is the current yield as of May 31, 2016.
(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. 0.1%.
1	—	Security matures in 2110.
2	—	Security matures in 2115.
3	—	Security matures in 2105.
4	—	Security matures in 2111.
5	—	Security matures in 2114.

As of May 31, 2016, 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	$	183,336
Aggregate gross unrealized depreciation		(18,224	)
Net unrealized appreciation/depreciation	$	165,112
Federal income tax cost of investments	$	3,986,867

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

A. Valuation of Investments — The valuation of investments is in accordance with U.S. generally accepted accounting principles (‘GAAP”) and the Portfolio’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 Portfolio’s investments. The Administrator implements the valuation policies of the Portfolio’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Portfolio. 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.

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 Underlying Fund’s net asset values per share as of the report date.

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

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

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

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

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

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

The following table represents each valuation input as presented on the Schedule of Portfolio Investments:

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	314,324	$	143,797	$	458,121
Collateralized Mortgage Obligations
Agency CMO		—		553,252		—		553,252
Non-Agency CMO		—		135,236		32,144		167,380
Total Collateralized Mortgage Obligations		—		688,488		32,144		720,632
Commercial Mortgage-Backed Securities		—		98,723		10,637		109,360
Corporate Bonds
Consumer Discretionary		—		61,785		—		61,785
Consumer Staples		—		51,177		—		51,177
Energy		—		89,755		—		89,755
Financials		—		384,792		—		384,792
Health Care		—		49,399		—		49,399
Industrials		—		69,718		—		69,718
Information Technology		—		54,434		—		54,434
Materials		—		23,819		—		23,819
Telecommunication Services		—		55,937		—		55,937
Utilities		—		72,520		—		72,520
Total Corporate Bonds		—		913,336		—		913,336
Foreign Government Securities		—		52,115		—		52,115
Mortgage Pass-Through Securities		—		726,148		—		726,148
Municipal Bonds		—		11,060		—		11,060
Supranational		—		3,628		—		3,628
U.S. Government Agency Securities		—		94,006		—		94,006
U.S. Treasury Obligations		—		1,033,300		—		1,033,300
Loan Assignment
Consumer Discretionary		—		3,893		—		3,893
Short-Term Investment
Investment Company		26,380		—		—		26,380
Total Investments in Securities	$	26,380	$	3,939,021	$	186,578	$	4,151,979

There were no transfers between levels 1 and 2 during the period ended May 31, 2016.

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

	Balance as of February 29, 2016		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, 2016
Investments in Securities
Asset-Backed Securities	$	44,464	$	—	$	43		$	133		$	8,205	$	(11,598	)	$	108,912	$	(6,362	)	$	143,797
Collateralized Mortgage Obligations — Non-Agency CMO		21,277		—		(567	)		(29	)		4,578		(927	)		7,822		(10	)		32,144
Commercial Mortgage-Backed Securities		14,849		—		(296	)		(262	)		—		(604	)		—		(3,050	)		10,637
Loan Assignment — Financials		1,143		—		6			—	(a)		111		(1,260	)		—		—			—
	$	81,733	$	—	$	(814	)	$	(158	)	$	12,894	$	(14,389	)	$	116,734	$	(9,422	)	$	186,578

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

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

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

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

There were no significant transfers between level 2 and level 3 during the period ended May 31, 2016.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at May 31, 2016, which were valued using significant unobservable inputs (level 3), was $(766).

Core Bond Trust

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

	Fair Value at May 31, 2016		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	92,873	Discounted Cash Flow	Constant Prepayment Rate	0.00% - 30.00% (2.59%)
				Constant Default Rate	0.00% - 50.00% (17.31%)
				Yield (Discount Rate of Cash Flows)	1.89 - 8.04% (4.64%)
Asset-Backed Securities		92,873
		22,064	Discounted Cash Flow	Constant Prepayment Rate	0.18% - 37.14% (9.07%)
				Constant Default Rate	0.00% - 7.91% (3.92%)
				Yield (Discount Rate of Cash Flows)	0.74% - 88.95% (5.44%)
Collateralized Mortgage Obligations		22,064
		7,697	Discounted Cash Flow	Constant Prepayment Rate	0.00% - 100.00% (17.86%)
				Yield (Discount Rate of Cash Flows)	-47.11% - 8.27% (4.59%)
Commercial Mortgage-Backed Securities		7,697
Total	$	122,634

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At May 31, 2016, the value of these investments was approximately $63,944,000. 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, 2016 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.7%
	Consumer Discretionary — 12.4%
		Auto Components — 0.4%
	3	BorgWarner, Inc.		116
	4	Delphi Automotive plc, (United Kingdom)		294
	4	Goodyear Tire & Rubber Co. (The)		117
	10	Johnson Controls, Inc.		446
				973
		Automobiles — 0.6%
	61	Ford Motor Co.		820
	22	General Motors Co.		686
	3	Harley-Davidson, Inc.		133
				1,639
		Distributors — 0.1%
	2	Genuine Parts Co.		226
	5	LKQ Corp. (a)		160
				386
		Diversified Consumer Services — 0.0% (g)
	4	H&R Block, Inc.		79
		Hotels, Restaurants & Leisure — 1.7%
	7	Carnival Corp.		336
	– (h)	Chipotle Mexican Grill, Inc. (a)		207
	2	Darden Restaurants, Inc.		122
	3	Marriott International, Inc., Class A		196
	14	McDonald’s Corp.		1,716
	3	Royal Caribbean Cruises Ltd.		205
	23	Starbucks Corp.		1,266
	3	Starwood Hotels & Resorts Worldwide, Inc.		193
	2	Wyndham Worldwide Corp.		118
	1	Wynn Resorts Ltd.		122
	6	Yum! Brands, Inc.		523
				5,004
		Household Durables — 0.5%
	5	D.R. Horton, Inc.		157
	2	Garmin Ltd., (Switzerland)		78
	1	Harman International Industries, Inc.		87
	2	Leggett & Platt, Inc.		106
	3	Lennar Corp., Class A		128
	1	Mohawk Industries, Inc. (a)		195
	7	Newell Brands, Inc.		340
	5	PulteGroup, Inc.		93
	1	Whirlpool Corp.		210
				1,394
		Internet & Catalog Retail — 2.2%
	6	Amazon.com, Inc. (a)		4,353
	2	Expedia, Inc.		206
	7	Netflix, Inc. (a)		685
	1	Priceline Group, Inc. (The) (a)		977
	2	TripAdvisor, Inc. (a)		120
				6,341
		Leisure Products — 0.1%
	2	Hasbro, Inc.		153
	5	Mattel, Inc.		169
				322
		Media — 2.8%
	3	Cablevision Systems Corp., Class A		120
	7	CBS Corp. (Non-Voting), Class B		363
	38	Comcast Corp., Class A		2,402
	2	Discovery Communications, Inc., Class A (a)		65
	4	Discovery Communications, Inc., Class C (a)		99
	6	Interpublic Group of Cos., Inc. (The)		150
	6	News Corp., Class A		71
	2	News Corp., Class B		21
	4	Omnicom Group, Inc.		311
	1	Scripps Networks Interactive, Inc., Class A		95
	3	TEGNA, Inc.		79
	12	Time Warner, Inc.		933
	17	Twenty-First Century Fox, Inc., Class A		504
	7	Twenty-First Century Fox, Inc., Class B		197
	5	Viacom, Inc., Class B		240
	23	Walt Disney Co. (The)		2,323
				7,973
		Multiline Retail — 0.6%
	5	Dollar General Corp.		408
	4	Dollar Tree, Inc. (a)		331
	3	Kohl’s Corp.		107
	5	Macy’s, Inc.		161
	2	Nordstrom, Inc.		76
	9	Target Corp.		646
				1,729
		Specialty Retail — 2.6%
	1	Advance Auto Parts, Inc.		176
	1	AutoNation, Inc. (a)		58
	– (h)	AutoZone, Inc. (a)		359

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
	Specialty Retail — continued
	3	Bed Bath & Beyond, Inc. (a)		114
	4	Best Buy Co., Inc.		141
	3	CarMax, Inc. (a)		164
	2	Foot Locker, Inc.		120
	4	Gap, Inc. (The)		63
	20	Home Depot, Inc. (The)		2,613
	4	L Brands, Inc.		272
	14	Lowe’s Cos., Inc.		1,144
	2	O’Reilly Automotive, Inc. (a)		401
	6	Ross Stores, Inc.		337
	1	Signet Jewelers Ltd.		123
	10	Staples, Inc.		89
	2	Tiffany & Co.		108
	10	TJX Cos., Inc. (The)		795
	2	Tractor Supply Co.		200
	1	Ulta Salon Cosmetics & Fragrance, Inc. (a)		231
	1	Urban Outfitters, Inc. (a)		39
				7,547
		Textiles, Apparel & Luxury Goods — 0.8%
	4	Coach, Inc.		171
	6	Hanesbrands, Inc.		165
	3	Michael Kors Holdings Ltd., (United Kingdom) (a)		119
	21	NIKE, Inc., Class B		1,163
	1	PVH Corp.		120
	1	Ralph Lauren Corp.		86
	3	Under Armour, Inc., Class A (a)		107
	3	Under Armour, Inc., Class C (a)		99
	5	VF Corp.		330
				2,360
		Total Consumer Discretionary		35,747
	Consumer Staples — 10.0%
		Beverages — 2.3%
	2	Brown-Forman Corp., Class B		154
	61	Coca-Cola Co. (The)		2,711
	3	Constellation Brands, Inc., Class A		420
	3	Dr. Pepper Snapple Group, Inc.		267
	3	Molson Coors Brewing Co., Class B		284
	2	Monster Beverage Corp. (a)		351
	23	PepsiCo, Inc.		2,281
				6,468
		Food & Staples Retailing — 2.3%
	7	Costco Wholesale Corp.		1,020
	17	CVS Health Corp.		1,652
	15	Kroger Co. (The)		544
	8	Sysco Corp.		394
	13	Walgreens Boots Alliance, Inc.		1,042
	24	Wal-Mart Stores, Inc.		1,732
	5	Whole Foods Market, Inc.		164
				6,548
		Food Products — 1.7%
	9	Archer-Daniels-Midland Co.		397
	3	Campbell Soup Co.		170
	7	ConAgra Foods, Inc.		309
	9	General Mills, Inc.		581
	2	Hershey Co. (The)		208
	4	Hormel Foods Corp.		145
	2	JM Smucker Co. (The)		241
	4	Kellogg Co.		292
	9	Kraft Heinz Co. (The)		771
	2	McCormick & Co., Inc. (Non-Voting)		175
	3	Mead Johnson Nutrition Co.		239
	24	Mondelez International, Inc., Class A		1,089
	5	Tyson Foods, Inc., Class A		292
				4,909
		Household Products — 1.9%
	2	Church & Dwight Co., Inc.		199
	2	Clorox Co. (The)		260
	14	Colgate-Palmolive Co.		980
	6	Kimberly-Clark Corp.		715
	41	Procter & Gamble Co. (The)		3,353
				5,507
		Personal Products — 0.1%
	3	Estee Lauder Cos., Inc. (The), Class A		318
		Tobacco — 1.7%
	31	Altria Group, Inc.		1,943
	24	Philip Morris International, Inc.		2,385
	13	Reynolds American, Inc.		642
				4,970
		Total Consumer Staples		28,720
	Energy — 7.0%
		Energy Equipment & Services — 1.0%
	7	Baker Hughes, Inc.		317
	1	Diamond Offshore Drilling, Inc.		26
	4	FMC Technologies, Inc. (a)		96
	13	Halliburton Co.		565
	2	Helmerich & Payne, Inc.		103

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Energy Equipment & Services — continued
	6	National Oilwell Varco, Inc.		193
	22	Schlumberger Ltd.		1,655
	5	Transocean Ltd., (Switzerland)		52
				3,007
		Oil, Gas & Consumable Fuels — 6.0%
	8	Anadarko Petroleum Corp.		411
	6	Apache Corp.		337
	7	Cabot Oil & Gas Corp.		171
	8	Chesapeake Energy Corp. (a)		35
	29	Chevron Corp.		2,966
	1	Cimarex Energy Co.		172
	6	Columbia Pipeline Group, Inc.		159
	2	Concho Resources, Inc. (a)		245
	19	ConocoPhillips		844
	8	Devon Energy Corp.		287
	9	EOG Resources, Inc.		698
	3	EQT Corp.		194
	65	Exxon Mobil Corp.		5,766
	4	Hess Corp.		248
	29	Kinder Morgan, Inc.		516
	13	Marathon Oil Corp.		172
	8	Marathon Petroleum Corp.		288
	3	Murphy Oil Corp.		78
	3	Newfield Exploration Co. (a)		126
	7	Noble Energy, Inc.		239
	12	Occidental Petroleum Corp.		899
	3	ONEOK, Inc.		142
	7	Phillips 66		588
	3	Pioneer Natural Resources Co.		408
	3	Range Resources Corp.		113
	6	Southwestern Energy Co. (a)		83
	10	Spectra Energy Corp.		334
	2	Tesoro Corp.		145
	7	Valero Energy Corp.		401
	11	Williams Cos., Inc. (The)		236
				17,301
		Total Energy		20,308
	Financials — 16.1%
		Banks — 5.6%
	161	Bank of America Corp.		2,382
	13	BB&T Corp.		461
	46	Citigroup, Inc.		2,141
	8	Citizens Financial Group, Inc.		194
	3	Comerica, Inc.		128
	12	Fifth Third Bancorp		231
	12	Huntington Bancshares, Inc.		130
	57	JPMorgan Chase & Co. (q)		3,736
	13	KeyCorp		167
	2	M&T Bank Corp.		297
	5	People’s United Financial, Inc.		77
	8	PNC Financial Services Group, Inc. (The)		701
	20	Regions Financial Corp.		197
	8	SunTrust Banks, Inc.		345
	25	U.S. Bancorp		1,091
	72	Wells Fargo & Co.		3,655
	3	Zions Bancorp		89
				16,022
		Capital Markets — 1.9%
	1	Affiliated Managers Group, Inc. (a)		146
	3	Ameriprise Financial, Inc.		268
	17	Bank of New York Mellon Corp. (The)		706
	2	BlackRock, Inc.		716
	19	Charles Schwab Corp. (The)		573
	4	E*TRADE Financial Corp. (a)		123
	6	Franklin Resources, Inc.		218
	6	Goldman Sachs Group, Inc. (The)		977
	6	Invesco Ltd.		204
	2	Legg Mason, Inc.		58
	24	Morgan Stanley		652
	3	Northern Trust Corp.		249
	6	State Street Corp.		393
	4	T. Rowe Price Group, Inc.		298
				5,581
		Consumer Finance — 0.8%
	13	American Express Co.		841
	8	Capital One Financial Corp.		602
	6	Discover Financial Services		367
	5	Navient Corp.		73
	13	Synchrony Financial (a)		406
				2,289
		Diversified Financial Services — 2.1%
	29	Berkshire Hathaway, Inc., Class B (a)		4,107
	5	CME Group, Inc.		516
	2	Intercontinental Exchange, Inc.		513
	5	Leucadia National Corp.		94
	3	Moody’s Corp.		261
	2	Nasdaq, Inc.		118
	4	S&P Global, Inc.		463
				6,072

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Insurance — 2.7%
	7	Aflac, Inc.		455
	6	Allstate Corp. (The)		398
	18	American International Group, Inc.		1,038
	4	Aon plc, (United Kingdom)		460
	3	Arthur J. Gallagher & Co.		134
	1	Assurant, Inc.		88
	7	Chubb Ltd., (Switzerland)		910
	2	Cincinnati Financial Corp.		159
	6	Hartford Financial Services Group, Inc. (The)		280
	4	Lincoln National Corp.		172
	4	Loews Corp.		169
	8	Marsh & McLennan Cos., Inc.		537
	17	MetLife, Inc.		779
	4	Principal Financial Group, Inc.		189
	9	Progressive Corp. (The)		304
	7	Prudential Financial, Inc.		551
	2	Torchmark Corp.		108
	5	Travelers Cos., Inc. (The)		525
	4	Unum Group		138
	2	Willis Towers Watson plc, (United Kingdom)		276
	5	XL Group plc, (Ireland)		156
				7,826
		Real Estate Investment Trusts (REITs) — 3.0%
	7	American Tower Corp.		699
	2	Apartment Investment & Management Co., Class A		104
	2	AvalonBay Communities, Inc.		384
	2	Boston Properties, Inc.		301
	5	Crown Castle International Corp.		473
	2	Digital Realty Trust, Inc.		218
	1	Equinix, Inc.		389
	6	Equity Residential		394
	1	Essex Property Trust, Inc.		232
	2	Extra Space Storage, Inc.		181
	1	Federal Realty Investment Trust		166
	9	General Growth Properties, Inc.		244
	7	HCP, Inc.		239
	12	Host Hotels & Resorts, Inc.		181
	4	Iron Mountain, Inc.		138
	6	Kimco Realty Corp.		182
	2	Macerich Co. (The)		151
	8	Prologis, Inc.		389
	2	Public Storage		583
	4	Realty Income Corp.		235
	5	Simon Property Group, Inc.		954
	2	SL Green Realty Corp.		158
	4	UDR, Inc.		150
	5	Ventas, Inc.		348
	3	Vornado Realty Trust		264
	6	Welltower, Inc.		382
	12	Weyerhaeuser Co.		371
				8,510
		Real Estate Management & Development — 0.0% (g)
	5	CBRE Group, Inc., Class A (a)		136
		Total Financials		46,436
	Health Care — 14.5%
		Biotechnology — 2.7%
	4	Alexion Pharmaceuticals, Inc. (a)		530
	12	Amgen, Inc.		1,853
	11	Baxalta, Inc.		481
	3	Biogen, Inc. (a)		988
	12	Celgene Corp. (a)		1,286
	21	Gilead Sciences, Inc.		1,856
	1	Regeneron Pharmaceuticals, Inc. (a)		486
	4	Vertex Pharmaceuticals, Inc. (a)		358
				7,838
		Health Care Equipment & Supplies — 2.3%
	23	Abbott Laboratories		911
	9	Baxter International, Inc.		369
	3	Becton, Dickinson and Co.		550
	21	Boston Scientific Corp. (a)		478
	1	C.R. Bard, Inc.		252
	4	Dentsply Sirona, Inc.		234
	3	Edwards Lifesciences Corp. (a)		330
	4	Hologic, Inc. (a)		132
	1	Intuitive Surgical, Inc. (a)		370
	22	Medtronic plc, (Ireland)		1,765
	4	St. Jude Medical, Inc.		346
	5	Stryker Corp.		543
	1	Varian Medical Systems, Inc. (a)		123
	3	Zimmer Biomet Holdings, Inc.		341
				6,744
		Health Care Providers & Services — 2.7%
	5	Aetna, Inc.		617
	3	AmerisourceBergen Corp.		228
	4	Anthem, Inc.		539
	5	Cardinal Health, Inc.		406
	3	Centene Corp. (a)		165
	4	Cigna Corp.		511

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Health Care Providers & Services — continued
	3	DaVita HealthCare Partners, Inc. (a)		200
	10	Express Scripts Holding Co. (a)		745
	5	HCA Holdings, Inc. (a)		372
	1	Henry Schein, Inc. (a)		222
	2	Humana, Inc.		399
	2	Laboratory Corp. of America Holdings (a)		203
	4	McKesson Corp.		653
	1	Patterson Cos., Inc.		64
	2	Quest Diagnostics, Inc.		172
	15	UnitedHealth Group, Inc.		1,982
	1	Universal Health Services, Inc., Class B		190
				7,668
		Health Care Technology — 0.1%
	5	Cerner Corp. (a)		262
		Life Sciences Tools & Services — 0.6%
	5	Agilent Technologies, Inc.		235
	2	Illumina, Inc. (a)		332
	2	PerkinElmer, Inc.		94
	6	Thermo Fisher Scientific, Inc.		938
	1	Waters Corp. (a)		174
				1,773
		Pharmaceuticals — 6.1%
	25	AbbVie, Inc.		1,582
	6	Allergan plc (a)		1,451
	26	Bristol-Myers Squibb Co.		1,867
	15	Eli Lilly & Co.		1,139
	3	Endo International plc, (Ireland) (a)		50
	43	Johnson & Johnson		4,850
	2	Mallinckrodt plc (a)		111
	43	Merck & Co., Inc.		2,435
	6	Mylan N.V. (a)		279
	2	Perrigo Co. plc, (Ireland)		219
	94	Pfizer, Inc.		3,273
	7	Zoetis, Inc.		338
				17,594
		Total Health Care		41,879
	Industrials — 9.9%
		Aerospace & Defense — 2.5%
	10	Boeing Co. (The)		1,225
	5	General Dynamics Corp.		647
	12	Honeywell International, Inc.		1,366
	1	L-3 Communications Holdings, Inc.		167
	4	Lockheed Martin Corp.		968
	3	Northrop Grumman Corp.		600
	5	Raytheon Co.		605
	2	Rockwell Collins, Inc.		181
	4	Textron, Inc.		161
	12	United Technologies Corp.		1,220
				7,140
		Air Freight & Logistics — 0.7%
	2	C.H. Robinson Worldwide, Inc.		167
	3	Expeditors International of Washington, Inc.		138
	4	FedEx Corp.		660
	11	United Parcel Service, Inc., Class B		1,110
				2,075
		Airlines — 0.5%
	2	Alaska Air Group, Inc.		129
	9	American Airlines Group, Inc.		300
	12	Delta Air Lines, Inc.		528
	10	Southwest Airlines Co.		423
	5	United Continental Holdings, Inc. (a)		237
				1,617
		Building Products — 0.1%
	1	Allegion plc, (Ireland)		101
	5	Masco Corp.		170
				271
		Commercial Services & Supplies — 0.4%
	1	Cintas Corp.		130
	3	Pitney Bowes, Inc.		56
	4	Republic Services, Inc.		179
	1	Stericycle, Inc. (a)		130
	7	Tyco International plc		282
	6	Waste Management, Inc.		394
				1,171
		Construction & Engineering — 0.1%
	2	Fluor Corp.		115
	2	Jacobs Engineering Group, Inc. (a)		97
	2	Quanta Services, Inc. (a)		57
				269
		Electrical Equipment — 0.5%
	1	Acuity Brands, Inc.		177
	4	AMETEK, Inc.		175
	7	Eaton Corp. plc		441
	10	Emerson Electric Co.		522
	2	Rockwell Automation, Inc.		238
				1,553

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Industrial Conglomerates — 2.5%
	9	3M Co.		1,589
	9	Danaher Corp.		917
	146	General Electric Co.		4,399
	2	Roper Technologies, Inc.		270
				7,175
		Machinery — 1.3%
	9	Caterpillar, Inc.		659
	3	Cummins, Inc.		289
	5	Deere & Co.		384
	2	Dover Corp.		161
	2	Flowserve Corp.		98
	5	Illinois Tool Works, Inc.		541
	4	Ingersoll-Rand plc		268
	5	PACCAR, Inc.		306
	2	Parker-Hannifin Corp.		242
	3	Pentair plc, (United Kingdom)		171
	1	Snap-on, Inc.		147
	2	Stanley Black & Decker, Inc.		269
	3	Xylem, Inc.		124
				3,659
		Professional Services — 0.3%
	1	Dun & Bradstreet Corp. (The)		72
	2	Equifax, Inc.		233
	6	Nielsen Holdings plc		301
	2	Robert Half International, Inc.		85
	2	Verisk Analytics, Inc. (a)		191
				882
		Road & Rail — 0.8%
	15	CSX Corp.		397
	1	J.B. Hunt Transport Services, Inc.		115
	2	Kansas City Southern		158
	5	Norfolk Southern Corp.		391
	1	Ryder System, Inc.		58
	13	Union Pacific Corp.		1,111
				2,230
		Trading Companies & Distributors — 0.2%
	5	Fastenal Co.		207
	1	United Rentals, Inc. (a)		99
	1	W.W. Grainger, Inc.		202
				508
		Total Industrials		28,550
	Information Technology — 20.1%
		Communications Equipment — 1.0%
	78	Cisco Systems, Inc.		2,280
	1	F5 Networks, Inc. (a)		118
	2	Harris Corp.		153
	5	Juniper Networks, Inc.		129
	2	Motorola Solutions, Inc.		171
				2,851
		Electronic Equipment, Instruments & Components — 0.4%
	5	Amphenol Corp., Class A		282
	17	Corning, Inc.		362
	2	FLIR Systems, Inc.		67
	6	TE Connectivity Ltd., (Switzerland)		346
				1,057
		Internet Software & Services — 4.2%
	3	Akamai Technologies, Inc. (a)		151
	5	Alphabet, Inc., Class A (a)		3,418
	5	Alphabet, Inc., Class C (a)		3,410
	17	eBay, Inc. (a)		414
	36	Facebook, Inc., Class A (a)		4,253
	2	VeriSign, Inc. (a)		128
	14	Yahoo!, Inc. (a)		515
				12,289
		IT Services — 3.8%
	10	Accenture plc, (Ireland), Class A		1,165
	1	Alliance Data Systems Corp. (a)		205
	7	Automatic Data Processing, Inc.		627
	10	Cognizant Technology Solutions Corp., Class A (a)		584
	2	CSRA, Inc.		53
	4	Fidelity National Information Services, Inc.		320
	3	Fiserv, Inc. (a)		366
	2	Global Payments, Inc.		190
	14	International Business Machines Corp.		2,120
	15	MasterCard, Inc., Class A		1,466
	5	Paychex, Inc.		272
	17	PayPal Holdings, Inc. (a)		656
	2	Teradata Corp. (a)		59
	3	Total System Services, Inc.		141
	30	Visa, Inc., Class A		2,363
	8	Western Union Co. (The)		152
	15	Xerox Corp.		148
				10,887
		Semiconductors & Semiconductor Equipment — 2.8%
	5	Analog Devices, Inc.		283
	18	Applied Materials, Inc.		431
	6	Broadcom Ltd., (Singapore)		893

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Semiconductors & Semiconductor Equipment — continued
	1	First Solar, Inc. (a)		59
	74	Intel Corp.		2,328
	2	KLA-Tencor Corp.		177
	2	Lam Research Corp.		205
	4	Linear Technology Corp.		177
	3	Microchip Technology, Inc.		164
	16	Micron Technology, Inc. (a)		206
	8	NVIDIA Corp.		372
	2	Qorvo, Inc. (a)		103
	23	QUALCOMM, Inc.		1,280
	3	Skyworks Solutions, Inc.		199
	16	Texas Instruments, Inc.		950
	4	Xilinx, Inc.		189
				8,016
		Software — 4.2%
	8	Activision Blizzard, Inc.		311
	8	Adobe Systems, Inc. (a)		773
	4	Autodesk, Inc. (a)		205
	5	CA, Inc.		149
	2	Citrix Systems, Inc. (a)		204
	5	Electronic Arts, Inc. (a)		370
	4	Intuit, Inc.		427
	123	Microsoft Corp.		6,538
	49	Oracle Corp.		1,976
	3	Red Hat, Inc. (a)		221
	10	salesforce.com, Inc. (a)		823
	10	Symantec Corp.		165
				12,162
		Technology Hardware, Storage & Peripherals — 3.7%
	86	Apple, Inc.		8,636
	30	EMC Corp.		849
	27	Hewlett Packard Enterprise Co.		494
	27	HP, Inc.		360
	5	NetApp, Inc.		115
	5	Seagate Technology plc		104
	4	Western Digital Corp.		204
				10,762
		Total Information Technology		58,024
	Materials — 2.8%
		Chemicals — 2.0%
	3	Air Products & Chemicals, Inc.		432
	4	CF Industries Holdings, Inc.		101
	17	Dow Chemical Co. (The)		895
	14	E.I. du Pont de Nemours & Co.		889
	2	Eastman Chemical Co.		169
	4	Ecolab, Inc.		487
	2	FMC Corp.		99
	1	International Flavors & Fragrances, Inc.		161
	5	LyondellBasell Industries N.V., Class A		439
	7	Monsanto Co.		772
	5	Mosaic Co. (The)		139
	4	PPG Industries, Inc.		448
	4	Praxair, Inc.		488
	1	Sherwin-Williams Co. (The)		356
				5,875
		Construction Materials — 0.2%
	1	Martin Marietta Materials, Inc.		190
	2	Vulcan Materials Co.		242
				432
		Containers & Packaging — 0.3%
	1	Avery Dennison Corp.		104
	2	Ball Corp.		160
	6	International Paper Co.		270
	3	Owens-Illinois, Inc. (a)		47
	3	Sealed Air Corp.		142
	4	WestRock Co.		157
				880
		Metals & Mining — 0.3%
	21	Alcoa, Inc.		190
	20	Freeport-McMoRan, Inc.		216
	8	Newmont Mining Corp.		267
	5	Nucor Corp.		241
				914
		Total Materials		8,101
	Telecommunication Services — 2.6%
		Diversified Telecommunication Services — 2.6%
	96	AT&T, Inc.		3,756
	8	CenturyLink, Inc.		230
	18	Frontier Communications Corp.		94
	5	Level 3 Communications, Inc. (a)		244
	64	Verizon Communications, Inc.		3,234
		Total Telecommunication Services		7,558
	Utilities — 3.3%
		Electric Utilities — 2.0%
	8	American Electric Power Co., Inc.		496
	11	Duke Energy Corp.		840
	5	Edison International		364
	3	Entergy Corp.		211

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Electric Utilities — continued
	5	Eversource Energy		273
	14	Exelon Corp.		492
	7	FirstEnergy Corp.		217
	7	NextEra Energy, Inc.		863
	8	PG&E Corp.		462
	2	Pinnacle West Capital Corp.		127
	11	PPL Corp.		405
	14	Southern Co. (The)		704
	8	Xcel Energy, Inc.		328
				5,782
		Gas Utilities — 0.0% (g)
	2	AGL Resources, Inc.		123
		Independent Power & Renewable Electricity Producers — 0.1%
	10	AES Corp.		114
	5	NRG Energy, Inc.		81
				195
		Multi-Utilities — 1.1%
	4	Ameren Corp.		188
	7	CenterPoint Energy, Inc.		151
	4	CMS Energy Corp.		181
	5	Consolidated Edison, Inc.		335
	9	Dominion Resources, Inc.		672
	3	DTE Energy Co.		254
	5	NiSource, Inc.		119
	8	Public Service Enterprise Group, Inc.		353
	2	SCANA Corp.		156
	4	Sempra Energy		394
	4	TECO Energy, Inc.		101
	5	WEC Energy Group, Inc.		296
				3,200
		Water Utilities — 0.1%
	3	American Water Works Co., Inc.		206
		Total Utilities		9,506
		Total Common Stocks (Cost $133,056)		284,829
	Exchange Traded Fund — 0.3%
		U.S. Equity — 0.3%
	4	SPDR S&P 500 ETF Trust (Cost $846)		903
NUMBER OF RIGHTS
	Rights — 0.0% (g)
	Consumer Staples — 0.0% (g)
		Food & Staples Retailing — 0.0% (g)
	5	Safeway, Inc., Casa Ley CVR, expiring 01/30/18 (a)		1
	5	Safeway, Inc., PDC CVR, expiring 01/30/17 (a)		—	(h)
		Total Rights (Cost $–)		1
PRINCIPAL AMOUNT($)
	Short-Term Investments — 0.8%
		U.S. Treasury Obligation — 0.1%
	240	U.S. Treasury Bill, 0.242%, 08/04/2016 (k) (n)		240
SHARES
		Investment Company — 0.7%
	2,149	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.360% (b) (l)		2,149
		Total Short-Term Investments (Cost $2,389)		2,389
		Total Investments — 99.8% (Cost $136,291)		288,122
		Other Assets in Excess of Liabilities — 0.2%		539
		NET ASSETS — 100.0%	$	288,661

Percentages indicated are based on net assets.

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT MAY 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	22	E-mini S&P 500		06/17/16		USD	$	2,304	$	101

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

CVR	—	Contingent Value Rights
ETF	—	Exchange Traded Fund
SPDR	—	Standard & Poor’s Depositary Receipts
USD	—	United States Dollar
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)	—	Amount rounds to less than 0.1%.
(h)	—	Amount rounds to less than one thousand (shares or dollars).
(k)	—	All or a portion of this security is deposited with the broker as initial margin for future contracts.
(l)	—	The rate shown is the current yield as of May 31, 2016.
(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, 2016, 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	$	155,186
Aggregate gross unrealized depreciation		(3,355	)
Net unrealized appreciation/depreciation	$	151,831
Federal income tax cost of investments	$	136,291

A. Valuation of Investments - The valuation of investments is in accordance with U.S. generally accepted accounting principles (‘GAAP”) and the Portfolio’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 Portfolio’s investments. The Administrator implements the valuation policies of the Portfolio’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Portfolio. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.

A market-based approach is primarily used to value the Fund’s investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include 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.

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

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 Underlying Fund’s net asset values or 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 Fund’s investments are summarized into the three broad levels listed below.

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

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

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

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

The following table represents each valuation input as presented on the Schedule of Portfolio Investments:

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Consumer Discretionary	$	35,747	$	–	$	–	$	35,747
Consumer Staples		28,720		–		–		28,720
Energy		20,308		–		–		20,308
Financials		46,436		–		–		46,436
Health Care		41,879		–		–		41,879
Industrials		28,550		–		–		28,550
Information Technology		58,024		–		–		58,024
Materials		8,101		–		–		8,101
Telecommunication Services		7,558		–		–		7,558
Utilities		9,506		–		–		9,506
Total Common Stocks		284,829		–		–		284,829
Exchange Traded Fund		903		–		–		903
Rights
Consumer Staples		–		–		1		1
Short-Term Investments
Investment Company		2,149		–		–		2,149
U.S. Treasury Obligation		–		240		–		240
Total Investments in Securities	$	287,881	$	240	$	1	$	288,122
Appreciation in Other Financial Instruments
Futures Contracts	$	101	$	–	$	–	$	101

There were no transfers between levels 1 and 2 during the period ended May 31, 2016.

B. Derivatives - The Fund used derivative instruments including futures in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

The Fund may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a Fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value.

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against the counterparty (i.e., decline in a counterparty’s credit rating below a specified level). Such rights for both the counterparty and Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor the counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Fund.

Notes (1) below describe the various derivatives used by the Fund.

(1). Futures Contracts - The Fund used index, treasury or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to positive and negative price fluctuation or a particular countries or regions. The Fund also used futures contracts to lengthen or shorten the duration of the overall investment portfolio.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in market value on open future contracts are recorded as changes in unrealized appreciation or depreciation.

The Fund may be exposed to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subject the Fund to risk of loss up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund’s credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

The Fund’s futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 14.8%
	78	Academic Loan Funding Trust, Series 2012-1A, Class A1, VAR, 1.239%, 12/27/22 (e)		78
		Ally Auto Receivables Trust,
	80	Series 2013-2, Class A3, 0.790%, 01/15/18		80
	120	Series 2013-2, Class A4, 1.240%, 11/15/18		120
	198	Series 2014-SN2, Class A3, 1.030%, 09/20/17		198
	284	Series 2015-SN1, Class A2A, 0.930%, 06/20/17		284
	305	Series 2015-SN1, Class A3, 1.210%, 12/20/17		305
	170	Series 2016-1, Class A3, 1.470%, 04/15/20		171
	500	Series 2016-2, Class A3, 1.350%, 05/15/20		500
		American Credit Acceptance Receivables Trust,
	13	Series 2014-4, Class A, 1.330%, 07/10/18 (e)		13
	64	Series 2015-1, Class A, 1.430%, 08/12/19 (e)		64
	149	Series 2015-2, Class A, 1.570%, 06/12/19 (e)		148
	245	Series 2015-2, Class C, 4.320%, 05/12/21 (e)		237
	981	American Homes 4 Rent Trust, Series 2015-SFR1, Class A, 3.467%, 04/17/52 (e)		1,013
		AmeriCredit Automobile Receivables Trust,
	44	Series 2013-5, Class A3, 0.900%, 09/10/18		44
	106	Series 2015-2, Class A2A, 0.830%, 09/10/18		106
	650	Series 2015-2, Class A3, 1.270%, 01/08/20		649
	150	Series 2015-4, Class A3, 1.700%, 07/08/20		150
	750	Anchor Assets IX LLC, Series 2016-1, Class A, 5.125%, 02/15/20 (e)		750
	350	ARLP Securitization Trust, Series 2015-1, Class A1, SUB, 3.967%, 05/25/55 (e)		342
	158	AXIS Equipment Finance Receivables III LLC, Series 2015-1A, Class A2, 1.900%, 03/20/20 (e)		158
		B2R Mortgage Trust,
	129	Series 2015-1, Class A1, 2.524%, 05/15/48 (e)		128
	249	Series 2015-2, Class A, 3.336%, 11/15/48 (e)		253
	250	BA Credit Card Trust, Series 2015-A2, Class A, 1.360%, 09/15/20		251
	284	BCC Funding Corp. X, Series 2015-1, Class A2, 2.224%, 10/20/20 (e)		283
	27	Bear Stearns Asset-Backed Securities Trust, Series 2006-SD1, Class A, VAR, 0.816%, 04/25/36		26
		BMW Vehicle Owner Trust,
	33	Series 2013-A, Class A3, 0.670%, 11/27/17		33
	140	Series 2014-A, Class A3, 0.970%, 11/26/18		140
	100	Cabela’s Credit Card Master Note Trust, Series 2012-1A, Class A1, 1.630%, 02/18/20 (e)		100
	286	CAM Mortgage LLC, Series 2015-1, Class A, SUB, 3.500%, 07/15/64 (e)		286
		CarFinance Capital Auto Trust,
	112	Series 2014-1A, Class A, 1.460%, 12/17/18 (e)		112
	125	Series 2014-1A, Class B, 2.720%, 04/15/20 (e)		125
	127	Series 2014-2A, Class A, 1.440%, 11/16/20 (e)		126
	110	Series 2015-1A, Class A, 1.750%, 06/15/21 (e)		110
	236	Carlyle Global Market Strategies Commodities Funding Ltd., (Cayman Islands), Series 2014-1A, Class A, VAR, 2.528%, 10/15/21 (e)		233
		CarMax Auto Owner Trust,
	64	Series 2013-4, Class A3, 0.800%, 07/16/18		64
	137	Series 2013-4, Class A4, 1.280%, 05/15/19		137
	247	Series 2014-2, Class A3, 0.980%, 01/15/19		247
	666	Series 2015-2, Class A2A, 0.820%, 06/15/18		666
	105	Series 2016-1, Class A3, 1.610%, 11/16/20		105
	231	Carnow Auto Receivables Trust, Series 2015-1A, Class A, 1.690%, 01/15/20 (e)		231
	32	Centex Home Equity Loan Trust, Series 2004-D, Class AF4, SUB, 4.680%, 06/25/32		32
		Citi Held For Asset Issuance,
	199	Series 2015-PM1, Class A, 1.850%, 12/15/21 (e)		199

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	624	Series 2016-MF1, Class A, 4.480%, 08/15/22 (e)		622
	400	Series 2016-MF1, Class B, 6.640%, 08/15/22 (e)		397
	349	Series 2016-PM1, Class A, 4.650%, 04/15/25 (e)		351
	590	Colony American Homes, Series 2014-2A, Class A, VAR, 1.393%, 07/17/31 (e)		581
	300	Concord Funding Co. LLC, Series 2012-2, Class A, 3.145%, 01/15/17 (e)		301
	72	Consumer Credit Origination Loan Trust, Series 2015-1, Class A, 2.820%, 03/15/21 (e)		72
		CPS Auto Receivables Trust,
	8	Series 2012-A, Class A, 2.780%, 06/17/19 (e)		8
	56	Series 2012-B, Class A, 2.520%, 09/16/19 (e)		56
	79	Series 2014-A, Class A, 1.210%, 08/15/18 (e)		79
	96	Series 2014-B, Class A, 1.110%, 11/15/18 (e)		96
	125	Series 2014-C, Class A, 1.310%, 02/15/19 (e)		125
	169	Series 2014-D, Class A, 1.490%, 04/15/19 (e)		168
	145	Series 2015-A, Class A, 1.530%, 07/15/19 (e)		144
	662	Series 2015-B, Class A, 1.650%, 11/15/19 (e)		658
	425	Series 2015-B, Class C, 4.200%, 05/17/21 (e)		403
	310	Series 2015-C, Class D, 4.630%, 08/16/21 (e)		294
	289	Series 2016-A, Class A, 2.250%, 10/15/19 (e)		289
		Credit Acceptance Auto Loan Trust,
	221	Series 2014-1A, Class A, 1.550%, 10/15/21 (e)		221
	363	Series 2015-2A, Class A, 2.400%, 02/15/23 (e)		364
	250	Series 2015-2A, Class C, 3.760%, 02/15/24 (e)		249
	400	Discover Card Execution Note Trust, Series 2015-A3, Class A, 1.450%, 03/15/21		400
		Drive Auto Receivables Trust,
	177	Series 2015-AA, Class D, 4.120%, 07/15/22 (e)		176
	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)		316
	2	Series 2015-CA, Class A2A, 1.030%, 02/15/18 (e)		2
	220	Series 2015-DA, Class D, 4.590%, 01/17/23 (e)		220
		DT Auto Owner Trust,
	15	Series 2014-3A, Class A, 0.980%, 04/16/18 (e)		15
	25	Series 2015-1A, Class A, 1.060%, 09/17/18 (e)		25
	129	Series 2015-2A, Class A, 1.240%, 09/17/18 (e)		128
	301	Series 2015-2A, Class D, 4.250%, 02/15/22 (e)		297
	356	Series 2016-1A, Class A, 2.000%, 09/16/19 (e)		357
		Exeter Automobile Receivables Trust,
	284	Series 2014-1A, Class B, 2.420%, 01/15/19 (e)		284
	40	Series 2014-2A, Class A, 1.060%, 08/15/18 (e)		40
	145	Series 2014-3A, Class A, 1.320%, 01/15/19 (e)		144
	56	Series 2014-3A, Class B, 2.770%, 11/15/19 (e)		56
	129	Series 2015-1A, Class A, 1.600%, 06/17/19 (e)		129
	500	Series 2015-1A, Class B, 2.840%, 03/16/20 (e)		498
	262	Series 2015-2A, Class A, 1.540%, 11/15/19 (e)		262
	205	Series 2016-1A, Class A, 2.350%, 07/15/20 (e)		205
	310	Series 2016-1A, Class C, 5.520%, 10/15/21 (e)		306
	370	Series 2016-2A, Class B, 3.640%, 02/15/22 (e)		370
		Fifth Third Auto Trust,
	15	Series 2013-1, Class A3, 0.880%, 10/16/17		15
	73	Series 2014-3, Class A3, 0.960%, 03/15/19		73
	318	Series 2015-1, Class A3, 1.420%, 03/16/20		319
		First Investors Auto Owner Trust,
	35	Series 2014-3A, Class A2, 1.060%, 11/15/18 (e)		35

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	138	Series 2014-3A, Class A3, 1.670%, 11/16/20 (e)		138
	105	Series 2015-1A, Class A2, 1.210%, 04/15/19 (e)		105
	186	Series 2015-2A, Class A1, 1.590%, 12/16/19 (e)		185
	100	Series 2015-2A, Class D, 4.220%, 12/15/21 (e)		97
		FirstKey Lending Trust,
	293	Series 2015-SFR1, Class A, 2.553%, 03/09/47 (e)		290
	144	Series 2015-SFR1, Class B, 3.417%, 03/09/47 (e)		145
		Flagship Credit Auto Trust,
	44	Series 2013-2, Class A, 1.940%, 01/15/19 (e)		44
	155	Series 2014-2, Class A, 1.430%, 12/16/19 (e)		155
	89	Series 2014-2, Class B, 2.840%, 11/16/20 (e)		88
	44	Series 2014-2, Class C, 3.950%, 12/15/20 (e)		44
	191	Series 2015-1, Class A, 1.630%, 06/15/20 (e)		189
	619	Series 2015-3, Class A, 2.380%, 10/15/20 (e)		619
	114	Series 2015-3, Class B, 3.680%, 03/15/22 (e)		113
	113	Series 2015-3, Class C, 4.650%, 03/15/22 (e)		108
	400	Series 2016-1, Class C, 6.220%, 06/15/22 (e)		401
		Ford Credit Auto Lease Trust,
	48	Series 2014-B, Class A3, 0.890%, 09/15/17		48
	33	Series 2014-B, Class A4, 1.100%, 11/15/17		33
		Ford Credit Auto Owner Trust,
	9	Series 2014-C, Class A2, 0.610%, 08/15/17		9
	245	Series 2014-C, Class A3, 1.060%, 05/15/19		245
	66	Series 2015-A, Class A2A, 0.810%, 01/15/18		66
	471	Series 2015-A, Class A3, 1.280%, 09/15/19		472
	436	Series 2015-B, Class A2A, 0.720%, 03/15/18		435
	595	GCAT, Series 2015-2, Class A1, SUB, 3.750%, 07/25/20 (e)		591
	46	GE Capital Mortgage Services, Inc. Trust, Series 1999-HE1, Class M, VAR, 6.705%, 04/25/29		40
		GLS Auto Receivables Trust,
	271	Series 2015-1A, Class A, 2.250%, 12/15/20 (e)		271
	700	Series 2016-1A, Class A, 2.730%, 10/15/20 (e)		699
		GM Financial Automobile Leasing Trust,
	782	Series 2015-1, Class A2, 1.100%, 12/20/17		782
	428	Series 2015-1, Class A3, 1.530%, 09/20/18		430
	134	Series 2015-1, Class A4, 1.730%, 06/20/19		134
	99	Series 2016-2, Class A3, 1.620%, 09/20/19		99
	126	GMAT Trust, Series 2013-1A, Class A, SUB, 3.967%, 11/25/43 (e)		126
		GO Financial Auto Securitization Trust,
	169	Series 2015-1, Class A, 1.810%, 03/15/18 (e)		169
	249	Series 2015-1, Class B, 3.590%, 10/15/20 (e)		248
	304	Series 2015-2, Class A, 3.270%, 11/15/18 (e)		303
	267	Series 2015-2, Class B, 4.800%, 08/17/20 (e)		263
	129	Gold Key Resorts LLC, Series 2014-A, Class A, 3.220%, 03/17/31 (e)		128
	531	Green Tree Agency Advance Funding Trust I, Series 2015-T1, Class DT1, 4.669%, 10/15/48 (e)		529
		Honda Auto Receivables Owner Trust,
	103	Series 2013-4, Class A3, 0.690%, 09/18/17		103
	140	Series 2013-4, Class A4, 1.040%, 02/18/20		140
	120	Series 2014-2, Class A3, 0.770%, 03/19/18		121
	66	Series 2015-1, Class A2, 0.700%, 06/15/17		66
	207	Series 2016-1, Class A3, 1.220%, 12/18/19		207
	20	HSBC Home Equity Loan Trust USA, Series 2007-3, Class APT, VAR, 1.638%, 11/20/36		20
		Hyundai Auto Receivables Trust,
	191	Series 2014-B, Class A3, 0.900%, 12/17/18		191

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	74	Series 2015-A, Class A2, 0.680%, 10/16/17		74
	159	Series 2015-B, Class A2A, 0.690%, 04/16/18		159
	233	Series 2015-B, Class A3, 1.120%, 11/15/19		233
	586	Invitation Homes Trust, Series 2014-SFR1, Class A, VAR, 1.434%, 06/17/31 (e)		578
	342	Lendmark Funding Trust, Series 2016-A, Class A, 4.820%, 08/21/23 (e)		341
	855	LV Tower 52 Issuer LLC, Series 2013-1, Class A, 5.500%, 07/15/19 (e)		834
		MarketPlace Loan Trust,
	227	Series 2015-OD3, Class A, 3.250%, 09/17/17 (e)		226
	225	Series 2015-OD4, Class A, 3.250%, 12/18/17 (e)		223
	314	Mercedes-Benz Auto Receivables Trust, Series 2015-1, Class A2A, 0.820%, 06/15/18		314
		Nationstar HECM Loan Trust,
	120	Series 2015-1A, Class A, 3.844%, 05/25/18 (e)		120
	215	Series 2015-2A, Class A, 2.883%, 11/25/25 (e)		214
	296	Series 2015-2A, Class M1, 4.115%, 11/25/25 (e)		295
	280	Series 2016-1A, Class M1, 4.360%, 02/25/26 (e)		280
	4	Navitas Equipment Receivables LLC, Series 2013-1, Class A, 1.950%, 11/15/16 (e)		4
	120	Nissan Auto Receivables Owner Trust, Series 2014-B, Class A3, 1.110%, 05/15/19		120
		NRPL Trust,
	308	Series 2015-1A, Class A1, SUB, 3.875%, 11/01/54 (e)		307
	591	Series 2015-2A, Class A1, SUB, 3.750%, 10/25/57 (e)		578
	200	Series 2015-2A, Class A2, SUB, 3.750%, 10/25/57 (e)		187
		NRZ Advance Receivables Trust Advance Receivables Backed Notes,
	450	Series 2015-T1, Class AT1, 2.315%, 08/15/46 (e)		449
	250	Series 2015-T1, Class CT1, 3.100%, 08/15/46 (e)		249
	200	Series 2015-T1, Class DT1, 3.600%, 08/15/46 (e)		199
	201	Series 2015-T2, Class DT2, 4.679%, 08/17/48 (e)		201
	550	Series 2015-T3, Class DT3, 4.266%, 11/15/46 (e)		550
	900	Series 2015-T4, Class AT4, 3.196%, 11/15/47 (e)		896
	300	Series 2015-T4, Class DT4, 4.671%, 11/15/47 (e)		300
	386	Oak Hill Advisors Residential Loan Trust, Series 2015-NPL2, Class A1, SUB, 3.721%, 07/25/55 (e)		382
		Ocwen Master Advance Receivables Trust,
	443	Series 2015-T1, Class AT1, 2.537%, 09/17/46 (e)		443
	438	Series 2015-T1, Class DT1, 4.100%, 09/17/46 (e)		438
	661	Series 2015-T3, Class AT3, 3.211%, 11/15/47 (e)		661
	295	Series 2015-T3, Class BT3, 3.704%, 11/15/47 (e)		294
		OneMain Financial Issuance Trust,
	902	Series 2014-2A, Class A, 2.470%, 09/18/24 (e)		903
	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)		872
	233	Series 2015-2A, Class B, 3.100%, 07/18/25 (e)		226
	484	Oportun Funding II LLC, Series 2016-A, Class A, 4.700%, 03/08/21 (e)		483
	12	Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-MCW1, Class M1, VAR, 1.384%, 10/25/34		12
	431	Pretium Mortgage Credit Partners I LLC, Series 2015-NPL2, Class A1, SUB, 3.750%, 07/27/30 (e)		427
	500	Progreso Receivables Funding II LLC, Series 2014-A, Class A, 3.500%, 07/08/19 (e)		501
	500	Progreso Receivables Funding III LLC, Series 2015-A, Class A, 3.625%, 02/08/20 (e)		499
	321	Progreso Receivables Funding IV LLC, Series 2015-B, Class A, 3.000%, 07/28/20 (e)		314
		Progress Residential Trust,
	868	Series 2015-SFR2, Class A, 2.740%, 06/12/32 (e)		869

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	351	Series 2015-SFR2, Class B, 3.138%, 06/12/32 (e)		349
	787	Series 2015-SFR3, Class A, 3.067%, 11/12/32 (e)		798
	200	Series 2015-SFR3, Class D, 4.673%, 11/12/32 (e)		202
	850	Purchasing Power Funding LLC, Series 2015-A, Class A2, 4.750%, 12/15/19 (e)		846
	44	RAMP Trust, Series 2006-RZ1, Class A3, VAR, 0.746%, 03/25/36		44
	225	RMAT LLC, Series 2015-NPL1, Class A1, SUB, 3.750%, 05/25/55 (e)		223
		Santander Drive Auto Receivables Trust,
	148	Series 2015-S1, Class R1, 1.930%, 09/17/19 (e)		147
	26	Series 2015-S2, Class R1, 1.840%, 11/18/19 (e)		26
	124	Series 2015-S7, Class R1, 1.970%, 03/16/21 (e)		123
	37	Securitized Asset-Backed Receivables LLC Trust, Series 2006-CB1, Class AF2, SUB, 3.390%, 01/25/36		27
	77	Selene Non-Performing Loans LLC, Series 2014-1A, Class A, SUB, 2.981%, 05/25/54 (e)		76
	90	Skopos Auto Receivables Trust, Series 2015-2A, Class A, 3.550%, 02/15/20 (e)		90
		SpringCastle America Funding LLC,
	580	Series 2014-AA, Class A, 2.700%, 05/25/23 (e)		581
	175	Series 2014-AA, Class B, 4.610%, 10/25/27 (e)		177
		Springleaf Funding Trust,
	659	Series 2014-AA, Class A, 2.410%, 12/15/22 (e)		660
	461	Series 2015-AA, Class A, 3.160%, 11/15/24 (e)		461
		SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes,
	258	Series 2015-T2, Class DT2, 4.230%, 01/15/47 (e)		258
	285	Series 2015-T3, Class DT3, 4.430%, 07/15/47 (e)		291
	311	Sunset Mortgage Loan Co. LLC, Series 2014-NPL2, Class A, SUB, 3.721%, 11/16/44 (e)		309
	22	Tidewater Auto Receivables Trust, Series 2014-AA, Class A3, 1.400%, 07/15/18 (e)		22
		Toyota Auto Receivables Owner Trust,
	121	Series 2014-C, Class A3, 0.930%, 07/16/18		121
	375	Series 2016-A, Class A3, 1.250%, 03/16/20		375
	266	Trafigura Securitisation Finance plc, (Ireland), Series 2014-1A, Class A, VAR, 1.384%, 10/15/18 (e)		262
	128	Tricon American Homes Trust, Series 2015-SFR1, Class A, VAR, 1.684%, 05/17/32 (e)		126
	6	Truman Capital Mortgage Loan Trust, Series 2014-NPL3, Class A1, SUB, 3.125%, 04/25/53 (e)		6
	273	U.S. Residential Opportunity Fund II Trust, Series 2015-1II, Class A, 3.625%, 02/27/35 (e)		268
	72	VML LLC, Series 2014-NPL1, Class A1, VAR, 3.875%, 04/27/54 (e)		72
	134	Volkswagen Auto Lease Trust, Series 2015-A, Class A2A, 0.870%, 06/20/17		134
	100	VOLT NPL X LLC, Series 2014-NPL8, Class A1, SUB, 3.375%, 10/26/54 (e)		99
	336	VOLT XL LLC, Series 2015-NP14, Class A1, SUB, 4.375%, 11/27/45 (e)		336
	100	VOLT XLV LLC, Series 2016-NPL5, Class A1, VAR, 4.000%, 05/25/46 (e)		100
	799	VOLT XXV LLC, Series 2015-NPL8, Class A1, SUB, 3.500%, 06/26/45 (e)		787
		VOLT XXVI LLC,
	316	Series 2014-NPL6, Class A1, SUB, 3.125%, 09/25/43 (e)		313
	115	Series 2014-NPL6, Class A2, SUB, 4.250%, 09/25/43 (e)		110
	353	VOLT XXVII LLC, Series 2014-NPL7, Class A1, SUB, 3.375%, 08/27/57 (e)		349
	257	VOLT XXXIX LLC, Series 2015-NP13, Class A1, SUB, 4.125%, 10/25/45 (e)		255
	315	VOLT XXXV LLC, Series 2015-NPL9, Class A1, SUB, 3.500%, 06/26/45 (e)		311

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
			Westlake Automobile Receivables Trust,
	200		Series 2015-3A, Class D, 4.400%, 05/17/21 (e)		198
	467		Series 2016-1A, Class A2A, 1.820%, 01/15/19 (e)		468
			World Omni Auto Receivables Trust,
	152		Series 2013-B, Class A3, 0.830%, 08/15/18		152
	127		Series 2013-B, Class A4, 1.320%, 01/15/20		127
	70		Series 2015-A, Class A2A, 0.790%, 07/16/18		71
	77		Series 2015-A, Class A3, 1.340%, 05/15/20		77
			Total Asset-Backed Securities (Cost $56,199)		56,033
	Collateralized Mortgage Obligations — 20.8%
			Agency CMO — 18.3%
	32		Federal Home Loan Mortgage Corp. – Government National Mortgage Association, Series 24, Class ZE, 6.250%, 11/25/23		35
			Federal Home Loan Mortgage Corp. REMIC,
	–	(h)	Series 46, Class B, 7.800%, 09/15/20		—	(h)
	–	(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
	5		Series 114, Class H, 6.950%, 01/15/21		6
	–	(h)	Series 1079, Class S, HB, IF, 32.523%, 05/15/21		—	(h)
	–	(h)	Series 1084, Class F, VAR, 1.384%, 05/15/21		—	(h)
	–	(h)	Series 1084, Class S, HB, IF, 43.270%, 05/15/21		—	(h)
	4		Series 1144, Class KB, 8.500%, 09/15/21		5
	–	(h)	Series 1172, Class L, HB, VAR, 1,181.250%, 11/15/21		—	(h)
	–	(h)	Series 1196, Class B, HB, IF, 1,146.137%, 01/15/22		—	(h)
	3		Series 1206, Class IA, 7.000%, 03/15/22		3
	2		Series 1250, Class J, 7.000%, 05/15/22		3
	10		Series 1343, Class LA, 8.000%, 08/15/22		11
	41		Series 1466, Class PZ, 7.500%, 02/15/23		46
	1		Series 1470, Class F, VAR, 1.678%, 02/15/23		1
	15		Series 1491, Class I, 7.500%, 04/15/23		17
	15		Series 1518, Class G, IF, 8.657%, 05/15/23		17
	13		Series 1541, Class O, VAR, 1.110%, 07/15/23		13
	3		Series 1602, Class SA, HB, IF, 21.338%, 10/15/23		5
	47		Series 1608, Class L, 6.500%, 09/15/23		54
	4		Series 1671, Class L, 7.000%, 02/15/24		5
	8		Series 1700, Class GA, PO, 02/15/24		7
	77		Series 1706, Class K, 7.000%, 03/15/24		86
	285		Series 1720, Class PL, 7.500%, 04/15/24		320
	9		Series 1745, Class D, 7.500%, 08/15/24		10
	16		Series 1798, Class F, 5.000%, 05/15/23		17
	1		Series 1807, Class G, 9.000%, 10/15/20		1
	90		Series 1927, Class PH, 7.500%, 01/15/27		103
	37		Series 1981, Class Z, 6.000%, 05/15/27		41
	12		Series 1987, Class PE, 7.500%, 09/15/27		13
	5		Series 2033, Class SN, HB, IF, 28.386%, 03/15/24		3
	14		Series 2038, Class PN, IO, 7.000%, 03/15/28		3
	77		Series 2040, Class PE, 7.500%, 03/15/28		88
	6		Series 2056, Class TD, 6.500%, 05/15/18		6
	81		Series 2063, Class PG, 6.500%, 06/15/28		94
	10		Series 2064, Class TE, 7.000%, 06/15/28		11
	58		Series 2075, Class PH, 6.500%, 08/15/28		64
	56		Series 2075, Class PM, 6.250%, 08/15/28		62

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	17		Series 2089, Class PJ, IO, 7.000%, 10/15/28		2
	34		Series 2125, Class JZ, 6.000%, 02/15/29		38
	8		Series 2163, Class PC, IO, 7.500%, 06/15/29		1
	167		Series 2169, Class TB, 7.000%, 06/15/29		191
	57		Series 2172, Class QC, 7.000%, 07/15/29		64
	–	(h)	Series 2196, Class TL, 7.500%, 11/15/29		1
	28		Series 2201, Class C, 8.000%, 11/15/29		32
	72		Series 2210, Class Z, 8.000%, 01/15/30		82
	18		Series 2224, Class CB, 8.000%, 03/15/30		22
	36		Series 2256, Class MC, 7.250%, 09/15/30		42
	40		Series 2259, Class ZM, 7.000%, 10/15/30		46
	42		Series 2271, Class PC, 7.250%, 12/15/30		49
	28		Series 2283, Class K, 6.500%, 12/15/23		31
	18		Series 2296, Class PD, 7.000%, 03/15/31		21
	9		Series 2306, Class K, PO, 05/15/24		9
	22		Series 2306, Class SE, IF, IO, 8.760%, 05/15/24		4
	28		Series 2333, Class HC, 6.000%, 07/15/31		28
	–	(h)	Series 2344, Class QG, 6.000%, 08/15/16		—	(h)
	351		Series 2344, Class ZD, 6.500%, 08/15/31		413
	41		Series 2344, Class ZJ, 6.500%, 08/15/31		47
	31		Series 2345, Class NE, 6.500%, 08/15/31		37
	1		Series 2345, Class PQ, 6.500%, 08/15/16		1
	14		Series 2347, Class VP, 6.500%, 03/15/20		15
	37		Series 2351, Class PZ, 6.500%, 08/15/31		43
	–	(h)	Series 2355, Class BP, 6.000%, 09/15/16		—	(h)
	1		Series 2360, Class PG, 6.000%, 09/15/16		1
	1		Series 2366, Class MD, 6.000%, 10/15/16		1
	1		Series 2391, Class QR, 5.500%, 12/15/16		1
	29		Series 2410, Class NG, 6.500%, 02/15/32		33
	46		Series 2410, Class OE, 6.375%, 02/15/32		50
	20		Series 2410, Class QX, IF, IO, 8.216%, 02/15/32		6
	76		Series 2412, Class SP, IF, 15.231%, 02/15/32		103
	22		Series 2423, Class MC, 7.000%, 03/15/32		26
	47		Series 2423, Class MT, 7.000%, 03/15/32		54
	163		Series 2435, Class CJ, 6.500%, 04/15/32		187
	49		Series 2441, Class GF, 6.500%, 04/15/32		57
	48		Series 2444, Class ES, IF, IO, 7.516%, 03/15/32		13
	60		Series 2450, Class GZ, 7.000%, 05/15/32		68
	19		Series 2450, Class SW, IF, IO, 7.566%, 03/15/32		5
	74		Series 2455, Class GK, 6.500%, 05/15/32		85
	98		Series 2466, Class DH, 6.500%, 06/15/32		113
	61		Series 2474, Class NR, 6.500%, 07/15/32		70
	96		Series 2484, Class LZ, 6.500%, 07/15/32		111
	100		Series 2500, Class MC, 6.000%, 09/15/32		113
	161		Series 2512, Class PG, 5.500%, 10/15/22		175
	29		Series 2535, Class BK, 5.500%, 12/15/22		31
	20		Series 2537, Class TE, 5.500%, 12/15/17		21
	186		Series 2543, Class YX, 6.000%, 12/15/32		209
	239		Series 2568, Class KG, 5.500%, 02/15/23		262
	345		Series 2575, Class ME, 6.000%, 02/15/33		378

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	29	Series 2586, Class WI, IO, 6.500%, 03/15/33		5
	27	Series 2622, Class PE, 4.500%, 05/15/18		28
	16	Series 2631, Class LC, 4.500%, 06/15/18		17
	26	Series 2651, Class VZ, 4.500%, 07/15/18		26
	13	Series 2684, Class PO, PO, 01/15/33		13
	31	Series 2744, Class TU, 5.500%, 05/15/32		32
	54	Series 2934, Class EC, PO, 02/15/20		52
	81	Series 2990, Class SL, HB, IF, 22.900%, 06/15/34		112
	932	Series 2990, Class UZ, 5.750%, 06/15/35		1,067
	149	Series 2999, Class ND, 4.500%, 07/15/20		153
	7	Series 3068, Class AO, PO, 01/15/35		6
	104	Series 3117, Class EO, PO, 02/15/36		94
	11	Series 3117, Class OK, PO, 02/15/36		10
	147	Series 3122, Class OH, PO, 03/15/36		136
	164	Series 3137, Class XP, 6.000%, 04/15/36		188
	6	Series 3149, Class SO, PO, 05/15/36		5
	235	Series 3152, Class MO, PO, 03/15/36		221
	92	Series 3171, Class MO, PO, 06/15/36		87
	39	Series 3179, Class OA, PO, 07/15/36		36
	339	Series 3202, Class HI, IF, IO, 6.216%, 08/15/36		62
	55	Series 3232, Class ST, IF, IO, 6.266%, 10/15/36		9
	32	Series 3253, Class PO, PO, 12/15/21		31
	27	Series 3316, Class JO, PO, 05/15/37		26
	685	Series 3417, Class EO, PO, 11/15/36		657
	181	Series 3481, Class SJ, IF, IO, 5.416%, 08/15/38		24
	72	Series 3607, Class AO, PO, 04/15/36		68
	263	Series 3607, Class OP, PO, 07/15/37		234
	47	Series 3611, Class PO, PO, 07/15/34		44
	461	Series 3680, Class MA, 4.500%, 07/15/39		498
	130	Series 3804, Class FN, VAR, 0.884%, 03/15/39		131
	450	Series 3819, Class ZQ, 6.000%, 04/15/36		511
	178	Series 3997, Class PF, VAR, 0.884%, 11/15/39		178
	763	Series 4219, Class JA, 3.500%, 08/15/39		800
	1,178	Series 4374, Class NC, SUB, 1.750%, 02/15/46		1,225
		Federal Home Loan Mortgage Corp. STRIPS,
	19	Series 243, Class 16, IO, 4.500%, 11/15/20		1
	757	Series 262, Class 35, 3.500%, 07/15/42		786
		Federal Home Loan Mortgage Corp. Structured Pass-Through Securities,
	34	Series T-41, Class 3A, VAR, 5.893%, 07/25/32		36
	29	Series T-51, Class 2A, VAR, 7.500%, 08/25/42		35
	292	Series T-54, Class 2A, 6.500%, 02/25/43		348
	99	Series T-54, Class 3A, 7.000%, 02/25/43		118
	753	Series T-56, Class A5, 5.231%, 05/25/43		836
	24	Series T-58, Class APO, PO, 09/25/43		21
	199	Series T-76, Class 2A, VAR, 3.086%, 10/25/37		207
		Federal National Mortgage Association – ACES,
	465	Series 2010-M3, Class A3, VAR, 4.332%, 03/25/20		505
	1,000	Series 2012-M9, Class A2, 2.482%, 04/25/22		1,029
	179	Series 2012-M11, Class FA, VAR, 0.932%, 08/25/19		179
	444	Series 2014-M2, Class A2, VAR, 3.513%, 12/25/23		483
	2,000	Series 2014-M3, Class A2, VAR, 3.475%, 01/25/24		2,156
	1,000	Series 2014-M12, Class ASV2, VAR, 2.614%, 10/25/21		1,032
	636	Series 2014-M13, Class A2, VAR, 3.021%, 08/25/24		666
	1,000	Series 2015-M3, Class A2, 2.723%, 10/25/24		1,023
	820	Series 2015-M7, Class A2, 2.590%, 12/25/24		834
	1,118	Series 2015-M17, Class FA, VAR, 1.369%, 11/25/22		1,120

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
			Federal National Mortgage Association REMIC,
	–	(h)	Series 1988-7, Class Z, 9.250%, 04/25/18		1
	3		Series 1989-70, Class G, 8.000%, 10/25/19		3
	2		Series 1989-78, Class H, 9.400%, 11/25/19		2
	1		Series 1989-83, Class H, 8.500%, 11/25/19		1
	1		Series 1989-89, Class H, 9.000%, 11/25/19		1
	–	(h)	Series 1990-1, Class D, 8.800%, 01/25/20		—	(h)
	1		Series 1990-7, Class B, 8.500%, 01/25/20		1
	–	(h)	Series 1990-60, Class K, 5.500%, 06/25/20		1
	1		Series 1990-63, Class H, 9.500%, 06/25/20		1
	–	(h)	Series 1990-93, Class G, 5.500%, 08/25/20		—	(h)
	–	(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)
	5		Series 1990-102, Class J, 6.500%, 08/25/20		5
	1		Series 1990-120, Class H, 9.000%, 10/25/20		1
	–	(h)	Series 1990-134, Class SC, HB, IF, 20.931%, 11/25/20		—	(h)
	–	(h)	Series 1990-140, Class K, HB, 652.145%, 12/25/20		—	(h)
	1		Series 1991-42, Class S, IF, 16.894%, 05/25/21		1
	24		Series 1992-107, Class SB, HB, IF, 28.751%, 06/25/22		37
	2		Series 1992-143, Class MA, 5.500%, 09/25/22		2
	13		Series 1993-25, Class J, 7.500%, 03/25/23		15
	86		Series 1993-37, Class PX, 7.000%, 03/25/23		95
	31		Series 1993-54, Class Z, 7.000%, 04/25/23		34
	7		Series 1993-62, Class SA, IF, 18.951%, 04/25/23		9
	8		Series 1993-122, Class M, 6.500%, 07/25/23		9
	3		Series 1993-165, Class SD, IF, 13.419%, 09/25/23		4
	14		Series 1993-178, Class PK, 6.500%, 09/25/23		15
	212		Series 1993-183, Class KA, 6.500%, 10/25/23		242
	99		Series 1993-189, Class PL, 6.500%, 10/25/23		110
	21		Series 1993-247, Class SA, HB, IF, 28.009%, 12/25/23		34
	1		Series 1994-9, Class E, PO, 11/25/23		1
	58		Series 1996-14, Class SE, IF, IO, 8.910%, 08/25/23		13
	–	(h)	Series 1996-27, Class FC, VAR, 0.946%, 03/25/17		—	(h)
	6		Series 1996-59, Class J, 6.500%, 08/25/22		7
	27		Series 1997-20, Class IB, IO, VAR, 1.840%, 03/25/27		1
	25		Series 1997-20, Class IO, IO, VAR, 1.840%, 03/25/27		1
	16		Series 1997-27, Class J, 7.500%, 04/18/27		17
	19		Series 1997-29, Class J, 7.500%, 04/20/27		22
	43		Series 1997-39, Class PD, 7.500%, 05/20/27		51
	12		Series 1997-81, Class PI, IO, 7.000%, 12/18/27		1
	2		Series 1998-4, Class C, PO, 04/25/23		2
	11		Series 1998-36, Class ZB, 6.000%, 07/18/28		13
	135		Series 1998-43, Class EA, PO, 04/25/23		129
	85		Series 2000-2, Class ZE, 7.500%, 02/25/30		97
	24		Series 2001-4, Class PC, 7.000%, 03/25/21		25
	55		Series 2001-33, Class ID, IO, 6.000%, 07/25/31		7
	67		Series 2001-36, Class DE, 7.000%, 08/25/31		77
	13		Series 2001-44, Class PD, 7.000%, 09/25/31		15
	85		Series 2001-48, Class Z, 6.500%, 09/25/21		94
	13		Series 2001-49, Class Z, 6.500%, 09/25/31		15
	3		Series 2001-71, Class MB, 6.000%, 12/25/16		3

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	1	Series 2001-71, Class QE, 6.000%, 12/25/16		1
	17	Series 2001-74, Class MB, 6.000%, 12/25/16		17
	10	Series 2001-81, Class LO, PO, 01/25/32		10
	29	Series 2002-1, Class HC, 6.500%, 02/25/22		32
	14	Series 2002-1, Class SA, HB, IF, 23.738%, 02/25/32		23
	2	Series 2002-2, Class UC, 6.000%, 02/25/17		2
	1	Series 2002-3, Class OG, 6.000%, 02/25/17		1
	39	Series 2002-21, Class PE, 6.500%, 04/25/32		45
	13	Series 2002-24, Class AJ, 6.000%, 04/25/17		13
	41	Series 2002-28, Class PK, 6.500%, 05/25/32		46
	45	Series 2002-37, Class Z, 6.500%, 06/25/32		52
	16	Series 2002-94, Class BK, 5.500%, 01/25/18		16
	169	Series 2003-22, Class UD, 4.000%, 04/25/33		178
	162	Series 2003-34, Class GB, 6.000%, 03/25/33		172
	304	Series 2003-34, Class GE, 6.000%, 05/25/33		356
	9	Series 2003-39, Class IO, IO, VAR, 6.000%, 05/25/33		2
	161	Series 2003-47, Class PE, 5.750%, 06/25/33		183
	19	Series 2003-52, Class SX, HB, IF, 21.612%, 10/25/31		29
	21	Series 2003-64, Class SX, IF, 12.653%, 07/25/33		26
	105	Series 2003-71, Class DS, IF, 6.882%, 08/25/33		118
	27	Series 2003-80, Class SY, IF, IO, 7.204%, 06/25/23		1
	49	Series 2003-83, Class PG, 5.000%, 06/25/23		51
	15	Series 2003-91, Class SD, IF, 11.757%, 09/25/33		19
	142	Series 2003-116, Class SB, IF, IO, 7.154%, 11/25/33		30
	13	Series 2003-130, Class SX, IF, 10.851%, 01/25/34		16
	99	Series 2004-25, Class PC, 5.500%, 01/25/34		103
	90	Series 2004-25, Class SA, IF, 18.299%, 04/25/34		127
	66	Series 2004-36, Class PC, 5.500%, 02/25/34		69
	96	Series 2004-36, Class SA, IF, 18.299%, 05/25/34		136
	60	Series 2004-46, Class SK, IF, 15.274%, 05/25/34		79
	670	Series 2004-50, Class VZ, 5.500%, 07/25/34		743
	53	Series 2004-61, Class SH, HB, IF, 22.205%, 11/25/32		79
	46	Series 2004-74, Class SW, IF, 14.628%, 11/25/31		66
	34	Series 2004-76, Class CL, 4.000%, 10/25/19		34
	95	Series 2005-45, Class DC, HB, IF, 22.675%, 06/25/35		149
	11	Series 2005-52, Class PA, 6.500%, 06/25/35		12
	69	Series 2005-56, Class S, IF, IO, 6.264%, 07/25/35		14
	129	Series 2005-56, Class TP, IF, 16.812%, 08/25/33		174
	436	Series 2005-68, Class PG, 5.500%, 08/25/35		490
	181	Series 2005-73, Class PS, IF, 15.585%, 08/25/35		254
	76	Series 2005-74, Class CS, IF, 18.794%, 05/25/35		108
	145	Series 2005-106, Class US, HB, IF, 22.931%, 11/25/35		220
	489	Series 2005-121, Class DX, 5.500%, 01/25/26		533
	143	Series 2006-27, Class OH, PO, 04/25/36		132
	49	Series 2006-44, Class P, PO, 12/25/33		46
	314	Series 2006-56, Class FC, VAR, 0.736%, 07/25/36		315
	47	Series 2006-59, Class QO, PO, 01/25/33		46
	49	Series 2006-65, Class QO, PO, 07/25/36		46
	73	Series 2006-72, Class GO, PO, 08/25/36		68
	150	Series 2006-77, Class PC, 6.500%, 08/25/36		172

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	59		Series 2006-79, Class DO, PO, 08/25/36		55
	97		Series 2006-110, Class PO, PO, 11/25/36		92
	153		Series 2006-124, Class HB, VAR, 5.671%, 11/25/36		163
	77		Series 2007-14, Class ES, IF, IO, 5.994%, 03/25/37		13
	61		Series 2007-79, Class SB, HB, IF, 22.381%, 08/25/37		96
	388		Series 2007-81, Class GE, 6.000%, 08/25/37		426
	165		Series 2007-88, Class VI, IF, IO, 6.094%, 09/25/37		34
	459		Series 2007-91, Class ES, IF, IO, 6.014%, 10/25/37		68
	85		Series 2007-106, Class A7, VAR, 6.116%, 10/25/37		94
	127		Series 2007-116, Class HI, IO, VAR, 1.557%, 01/25/38		8
	39		Series 2008-10, Class XI, IF, IO, 5.784%, 03/25/38		6
	29		Series 2008-16, Class IS, IF, IO, 5.754%, 03/25/38		5
	58		Series 2008-28, Class QS, HB, IF, 19.362%, 04/25/38		82
	125		Series 2008-46, Class HI, IO, VAR, 1.801%, 06/25/38		8
	86		Series 2009-69, Class PO, PO, 09/25/39		81
	758		Series 2009-71, Class BC, 4.500%, 09/25/24		832
	219		Series 2009-103, Class MB, VAR, 2.716%, 12/25/39		231
	1,000		Series 2010-47, Class MB, 5.000%, 09/25/39		1,122
	286		Series 2010-71, Class HJ, 5.500%, 07/25/40		326
	1,000		Series 2011-44, Class EB, 3.000%, 05/25/26		1,055
	396		Series 2011-118, Class MT, 7.000%, 11/25/41		468
	360		Series 2011-118, Class NT, 7.000%, 11/25/41		423
	232		Series 2012-47, Class HF, VAR, 0.846%, 05/25/27		233
	422		Series 2013-101, Class DO, PO, 10/25/43		338
	414		Series 2013-128, Class PO, PO, 12/25/43		323
	1		Series G-14, Class L, 8.500%, 06/25/21		2
	6		Series G-18, Class Z, 8.750%, 06/25/21		6
	–	(h)	Series G-22, Class G, 6.000%, 12/25/16		—	(h)
	5		Series G-35, Class M, 8.750%, 10/25/21		6
	22		Series G92-35, Class E, 7.500%, 07/25/22		25
	1		Series G92-42, Class Z, 7.000%, 07/25/22		1
	5		Series G92-44, Class ZQ, 8.000%, 07/25/22		5
	19		Series G92-54, Class ZQ, 7.500%, 09/25/22		20
	6		Series G93-5, Class Z, 6.500%, 02/25/23		6
	9		Series G95-1, Class C, 8.800%, 01/25/25		10
			Federal National Mortgage Association REMIC Trust,
	123		Series 2003-W1, Class 1A1, VAR, 5.661%, 12/25/42		139
	26		Series 2003-W4, Class 2A, VAR, 6.326%, 10/25/42		30
	20		Series 2007-W7, Class 1A4, HB, IF, 36.504%, 07/25/37		31
			Federal National Mortgage Association STRIPS,
	–	(h)	Series 50, Class 2, IO, 10.500%, 03/25/19		—	(h)
	1		Series 218, Class 2, IO, 7.500%, 04/25/23		—	(h)
	54		Series 300, Class 1, PO, 09/25/24		51
	10		Series 329, Class 1, PO, 01/25/33		9
			Federal National Mortgage Association Trust,
	56		Series 2004-W2, Class 2A2, 7.000%, 02/25/44		65
	187		Series 2005-W3, Class 2AF, VAR, 0.666%, 03/25/45		182
			Government National Mortgage Association,
	129		Series 1994-7, Class PQ, 6.500%, 10/16/24		146
	16		Series 1999-30, Class S, IF, IO, 8.166%, 08/16/29		4
	9		Series 2000-9, Class Z, 8.000%, 06/20/30		11

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	182	Series 2000-9, Class ZJ, 8.500%, 02/16/30		214
	29	Series 2002-31, Class S, IF, IO, 8.266%, 01/16/31		8
	76	Series 2002-40, Class UK, 6.500%, 06/20/32		90
	71	Series 2002-47, Class PG, 6.500%, 07/16/32		83
	88	Series 2002-47, Class PY, 6.000%, 07/20/32		99
	89	Series 2002-47, Class ZA, 6.500%, 07/20/32		105
	14	Series 2003-24, Class PO, PO, 03/16/33		13
	304	Series 2003-40, Class TJ, 6.500%, 03/20/33		350
	78	Series 2003-52, Class AP, PO, 06/16/33		69
	20	Series 2004-28, Class S, IF, 18.468%, 04/16/34		31
	45	Series 2004-71, Class SB, HB, IF, 27.311%, 09/20/34		77
	30	Series 2004-73, Class AE, IF, 13.959%, 08/17/34		37
	242	Series 2004-90, Class SI, IF, IO, 5.662%, 10/20/34		38
	68	Series 2005-68, Class DP, IF, 15.387%, 06/17/35		95
	463	Series 2005-68, Class KI, IF, IO, 5.862%, 09/20/35		85
	748	Series 2006-38, Class ZK, 6.500%, 08/20/36		876
	50	Series 2006-59, Class SD, IF, IO, 6.262%, 10/20/36		9
	195	Series 2007-17, Class JI, IF, IO, 6.376%, 04/16/37		40
	223	Series 2007-27, Class SA, IF, IO, 5.762%, 05/20/37		40
	338	Series 2007-40, Class SB, IF, IO, 6.312%, 07/20/37		61
	204	Series 2007-45, Class QA, IF, IO, 6.202%, 07/20/37		41
	186	Series 2007-50, Class AI, IF, IO, 6.337%, 08/20/37		28
	50	Series 2007-53, Class ES, IF, IO, 6.112%, 09/20/37		9
	47	Series 2007-53, Class SW, IF, 18.890%, 09/20/37		66
	36	Series 2007-71, Class SB, IF, IO, 6.262%, 07/20/36		2
	105	Series 2007-72, Class US, IF, IO, 6.112%, 11/20/37		19
	106	Series 2007-76, Class SA, IF, IO, 6.092%, 11/20/37		19
	66	Series 2008-33, Class XS, IF, IO, 7.266%, 04/16/38		14
	193	Series 2008-40, Class SA, IF, IO, 5.966%, 05/16/38		36
	268	Series 2008-50, Class KB, 6.000%, 06/20/38		306
	136	Series 2008-55, Class SA, IF, IO, 5.762%, 06/20/38		22
	147	Series 2008-93, Class AS, IF, IO, 5.262%, 12/20/38		22
	44	Series 2009-6, Class SA, IF, IO, 5.666%, 02/16/39		6
	65	Series 2009-14, Class NI, IO, 6.500%, 03/20/39		14
	212	Series 2009-22, Class SA, IF, IO, 5.832%, 04/20/39		34
	190	Series 2009-31, Class TS, IF, IO, 5.862%, 03/20/39		23
	180	Series 2009-79, Class OK, PO, 11/16/37		159
	972	Series 2009-92, Class ZC, 5.000%, 10/20/39		1,142
	350	Series 2009-106, Class ST, IF, IO, 5.562%, 02/20/38		60
	83	Series 2010-14, Class AO, PO, 12/20/32		81
	1,000	Series 2010-105, Class B, 5.000%, 08/20/40		1,155
	117	Series 2010-130, Class CP, 7.000%, 10/16/40		138
	419	Series 2011-137, Class WA, VAR, 5.535%, 07/20/40		475
	1,454	Series 2011-H19, Class FA, VAR, 0.907%, 08/20/61		1,443
	409	Series 2012-H21, Class DF, VAR, 1.087%, 05/20/61		409
	185	Series 2012-H24, Class FA, VAR, 0.887%, 03/20/60		185
	409	Series 2012-H26, Class MA, VAR, 0.987%, 07/20/62		408
	729	Series 2012-H29, Class FA, VAR, 0.952%, 10/20/62		724
	711	Series 2013-91, Class WA, VAR, 4.505%, 04/20/43		761
	160	Series 2013-H03, Class FA, VAR, 0.737%, 08/20/60		160

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	467	Series 2013-H07, Class JA, 1.750%, 03/20/63		469
	862	Series 2014-H15, Class FA, VAR, 0.937%, 07/20/64		855
	772	Series 2014-H17, Class FC, VAR, 0.937%, 07/20/64		765
	917	Series 2014-H19, Class FE, VAR, 0.907%, 09/20/64		907
	2,670	Series 2015-H04, Class FL, VAR, 0.908%, 02/20/65		2,644
	2,856	Series 2015-H12, Class FA, VAR, 0.918%, 05/20/65		2,817
	741	Series 2015-H15, Class FJ, VAR, 0.877%, 06/20/65		729
	1,997	Series 2015-H16, Class FL, VAR, 0.877%, 07/20/65		1,970
	707	Series 2015-H18, Class FA, VAR, 0.887%, 06/20/65		700
	762	Series 2015-H20, Class FA, VAR, 0.908%, 08/20/65		753
	816	Series 2015-H26, Class FG, VAR, 0.958%, 10/20/65		808
	4,479	Series 2015-H29, Class FL, VAR, 1.037%, 11/20/65		4,461
	2,481	Series 2015-H30, Class FE, VAR, 1.037%, 11/20/65		2,471
	77	NCUA Guaranteed Notes Trust, Series 2010-R3, Class 3A, 2.400%, 12/08/20		78
		Vendee Mortgage Trust,
	364	Series 1993-1, Class ZB, 7.250%, 02/15/23		408
	180	Series 1994-1, Class 1, VAR, 5.515%, 02/15/24		196
	266	Series 1996-1, Class 1Z, 6.750%, 02/15/26		306
	87	Series 1996-2, Class 1Z, 6.750%, 06/15/26		100
	354	Series 1997-1, Class 2Z, 7.500%, 02/15/27		414
	87	Series 1998-1, Class 2E, 7.000%, 03/15/28		104
				69,280
		Non-Agency CMO — 2.5%
	495	Access PT Funding Trust, Series 2016-1, 6.250%, 02/16/21		495
		Ajax Mortgage Loan Trust,
	388	Series 2014-A, Class A, SUB, 3.750%, 10/25/57 (e)		386
	197	Series 2015-B, Class A, SUB, 3.875%, 07/25/60 (e)		194
		Alternative Loan Trust,
	1,511	Series 2004-2CB, Class 1A9, 5.750%, 03/25/34		1,499
	233	Series 2005-54CB, Class 1A11, 5.500%, 11/25/35		211
	243	Angel Oak Mortgage Trust LLC, Series 2015-1, Class A, SUB, 4.500%, 11/25/45 (e)		245
		ASG Resecuritization Trust,
	35	Series 2009-1, Class A60, VAR, 2.355%, 06/26/37 (e)		34
	144	Series 2009-3, Class A65, VAR, 2.346%, 03/26/37 (e)		143
		Banc of America Alternative Loan Trust,
	31	Series 2003-7, Class 2A4, 5.000%, 09/25/18		32
	27	Series 2003-11, Class PO, PO, 01/25/34		23
	25	Banc of America Funding Trust, Series 2004-1, Class PO, PO, 03/25/34		20
		Banc of America Mortgage Trust,
	12	Series 2003-8, Class APO, PO, 11/25/33		10
	4	Series 2004-1, Class APO, PO, 02/25/34		3
	16	Series 2004-3, Class 1A26, 5.500%, 04/25/34		16
	12	Series 2004-6, Class APO, PO, 07/25/34		11
		BCAP LLC Trust,
	251	Series 2010-RR7, Class 2A1, VAR, 2.540%, 07/26/45 (e)		249
	216	Series 2011-RR10, Class 2A1, VAR, 1.259%, 09/26/37 (e)		208
	33	Series 2012-RR2, Class 1A1, VAR, 0.608%, 08/26/36 (e)		33
	74	Bear Stearns ARM Trust, Series 2005-5, Class A1, VAR, 2.380%, 08/25/35		74
		CHL Mortgage Pass-Through Trust,
	52	Series 2004-5, Class 1A4, 5.500%, 06/25/34		54
	25	Series 2004-HYB3, Class 2A, VAR, 2.712%, 06/20/34		23
	249	Series 2005-22, Class 2A1, VAR, 2.758%, 11/25/35		211

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
		Citigroup Global Markets Mortgage Securities VII, Inc.,
	44	Series 2003-HYB1, Class A, VAR, 2.740%, 09/25/33		43
	1	Series 2003-UP2, Class PO1, PO, 12/25/18		1
		Citigroup Mortgage Loan Trust,
	81	Series 2008-AR4, Class 1A1A, VAR, 3.021%, 11/25/38 (e)		80
	91	Series 2010-8, Class 5A6, 4.000%, 11/25/36 (e)		92
	63	Series 2010-8, Class 6A6, 4.500%, 12/25/36 (e)		63
		Citigroup Mortgage Loan Trust, Inc.,
	9	Series 2003-UP3, Class A3, 7.000%, 09/25/33		9
	12	Series 2003-UST1, Class A1, 5.500%, 12/25/18		12
	2	Series 2003-UST1, Class PO1, PO, 12/25/18		2
	1	Series 2003-UST1, Class PO3, PO, 12/25/18		1
	16	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-23, Class 2A5, 5.000%, 10/25/18		16
		CSMC,
	463	Series 2010-11R, Class A6, VAR, 1.438%, 06/28/47 (e)		441
	37	Series 2011-16R, Class 7A3, VAR, 3.500%, 12/27/36 (e)		37
	95	Deutsche Alt-A Securities, Inc., Mortgage Loan Trust, Series 2005-3, Class 1A1, VAR, 4.997%, 06/25/20		95
	5	Deutsche Mortgage Securities, Inc., Mortgage Loan Trust, Series 2004-1, Class 2APO, PO, 10/25/18		4
		First Horizon Mortgage Pass-Through Trust,
	105	Series 2004-AR7, Class 2A2, VAR, 2.717%, 02/25/35		104
	87	Series 2005-AR1, Class 2A2, VAR, 2.956%, 04/25/35		85
	186	GSR Mortgage Loan Trust, Series 2006-1F, Class 1A3, 5.500%, 02/25/36		174
	43	Impac Secured Assets CMN Owner Trust, Series 2002-2, Class APO, PO, 04/25/33		26
		JP Morgan Mortgage Trust,
	478	Series 2003-A1, Class 1A1, VAR, 2.492%, 10/25/33		456
	47	Series 2006-A2, Class 4A1, VAR, 2.797%, 08/25/34		47
	158	Series 2006-A2, Class 5A3, VAR, 2.680%, 11/25/33		159
		MASTR Adjustable Rate Mortgages Trust,
	38	Series 2004-3, Class 4A2, VAR, 2.567%, 04/25/34		35
	134	Series 2004-13, Class 2A1, VAR, 2.850%, 04/21/34		134
		MASTR Alternative Loan Trust,
	121	Series 2003-9, Class 8A1, 6.000%, 01/25/34		120
	265	Series 2004-4, Class 10A1, 5.000%, 05/25/24		275
	20	Series 2004-7, Class 30PO, PO, 08/25/34		16
	14	Series 2004-10, Class 1A1, 4.500%, 09/25/19		15
	74	Series 2005-6, Class 3A1, 5.500%, 11/25/20		71
		MASTR Asset Securitization Trust,
	16	Series 2003-2, Class 1A1, 5.000%, 03/25/18		16
	3	Series 2004-8, Class PO, PO, 08/25/19		3
	32	MASTR Resecuritization Trust, Series 2005-PO, Class 3PO, PO, 05/28/35 (e)		25
		Merrill Lynch Mortgage Investors Trust,
	242	Series 2003-E, Class A1, VAR, 1.066%, 10/25/28		230
	82	Series 2004-A, Class A1, VAR, 0.906%, 04/25/29		77
	36	MortgageIT Trust, Series 2005-1, Class 1A1, VAR, 1.086%, 02/25/35		34
	54	NACC Reperforming Loan REMIC Trust, Series 2004-R2, Class A1, VAR, 6.500%, 10/25/34 (e)		54
		Nomura Asset Acceptance Corp. Alternative Loan Trust,
	29	Series 2003-A1, Class A1, 5.500%, 05/25/33		29
	20	Series 2003-A1, Class A2, 6.000%, 05/25/33		20
	9	Series 2003-A1, Class A5, 7.000%, 04/25/33		10

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
		RALI Trust,
	29	Series 2002-QS8, Class A5, 6.250%, 06/25/17		30
	8	Series 2002-QS16, Class A3, IF, 15.690%, 10/25/17		8
	13	Series 2003-QS3, Class A2, IF, 15.519%, 02/25/18		13
	51	Series 2003-QS9, Class A3, IF, IO, 7.104%, 05/25/18		2
	73	Series 2004-QS3, Class CB, 5.000%, 03/25/19		72
	98	Reperforming Loan REMIC Trust, Series 2005-R1, Class 2APO, PO, 03/25/35 (e)		80
	5	Residential Asset Securitization Trust, Series 2003-A14, Class A1, 4.750%, 02/25/19		5
		Springleaf Mortgage Loan Trust,
	50	Series 2013-1A, Class A, VAR, 1.270%, 06/25/58 (e)		50
	155	Series 2013-2A, Class A, VAR, 1.780%, 12/25/65 (e)		155
	125	Series 2013-2A, Class M1, VAR, 3.520%, 12/25/65 (e)		125
	136	Series 2013-3A, Class A, VAR, 1.870%, 09/25/57 (e)		136
	306	Series 2013-3A, Class M1, VAR, 3.790%, 09/25/57 (e)		308
	82	Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2003-33H, Class 1A1, 5.500%, 10/25/33		83
	38	Structured Asset Securities Corp. Trust, Series 2005-6, Class 4A1, 5.000%, 05/25/35		38
		WaMu Mortgage Pass-Through Certificates Trust,
	11	Series 2002-S8, Class 2A7, 5.250%, 01/25/18		11
	106	Series 2003-AR5, Class A7, VAR, 2.815%, 06/25/33		107
	53	Series 2004-AR3, Class A2, VAR, 2.785%, 06/25/34		54
	213	Washington Mutual Mortgage Pass-Through Certificates WMALT Trust, Series 2005-4, Class CB7, 5.500%, 06/25/35		197
		Washington Mutual MSC Mortgage Pass-Through Certificates Trust,
	27	Series 2003-MS2, Class 1A1, 5.750%, 02/25/33		29
	6	Series 2003-MS7, Class P, PO, 03/25/33		5
	17	Wells Fargo Mortgage Loan Trust, Series 2012-RR1, Class A1, VAR, 2.847%, 08/27/37 (e)		17
		Wells Fargo Mortgage-Backed Securities Trust,
	41	Series 2003-K, Class 1A1, VAR, 2.615%, 11/25/33		41
	67	Series 2004-EE, Class 3A1, VAR, 2.836%, 12/25/34		69
	201	Series 2004-P, Class 2A1, VAR, 2.743%, 09/25/34		200
	327	Series 2005-AR3, Class 1A1, VAR, 2.880%, 03/25/35		333
				9,453
		Total Collateralized Mortgage Obligations (Cost $76,122)		78,733
	Commercial Mortgage-Backed Securities — 2.1%
	236	A10 Securitization LLC, Series 2015-1, Class A1, 2.100%, 04/15/34 (e)		235
		A10 Term Asset Financing LLC,
	248	Series 2013-2, Class A, 2.620%, 11/15/27 (e)		246
	123	Series 2014-1, Class A1, 1.720%, 04/15/33 (e)		122
	253	Banc of America Commercial Mortgage Trust, Series 2007-5, Class A4, 5.492%, 02/10/51		259
	22	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-3, Class AM, 4.727%, 07/10/43		22
	200	BB-UBS Trust, Series 2012-TFT, Class A, 2.892%, 06/05/30 (e)		202
	9,410	CD Commercial Mortgage Trust, Series 2007-CD4, Class XC, IO, VAR, 0.386%, 12/11/49 (e)		18
		COMM Mortgage Trust,
	500	Series 2012-9W57, Class A, 2.365%, 02/10/29 (e)		502
	423	Series 2014-KYO, Class A, VAR, 1.339%, 06/11/27 (e)		421
	132	Series 2014-PAT, Class A, VAR, 1.235%, 08/13/27 (e)		130
	400	Series 2014-TWC, Class A, VAR, 1.286%, 02/13/32 (e)		397
	281	Series 2015-CR25, Class A4, 3.759%, 08/10/48		302

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
		Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates,
	1,000	Series K037, Class A2, 3.490%, 01/25/24		1,090
	763	Series KF12, Class A, VAR, 1.146%, 09/25/22		764
	500	Series KSMC, Class A2, 2.615%, 01/25/23		514
	115	Morgan Stanley Re-REMIC Trust, Series 2012-XA, Class A, 2.000%, 07/27/49 (e)		115
	42	NCUA Guaranteed Notes Trust, Series 2010-C1, Class APT, 2.650%, 10/29/20		42
	203	NorthStar, (Cayman Islands), Series 2013-1A, Class B, VAR, 5.439%, 08/25/29 (e)		205
		PFP Ltd., (Cayman Islands),
	345	Series 2015-2, Class A, VAR, 1.884%, 07/14/34 (e)		342
	100	Series 2015-2, Class C, VAR, 3.684%, 07/14/34 (e)		98
	100	Series 2015-2, Class D, VAR, 4.434%, 07/14/34 (e)		98
		RAIT Trust,
	250	Series 2014-FL2, Class B, VAR, 2.584%, 05/13/31 (e)		248
	68	Series 2014-FL3, Class A, VAR, 1.684%, 12/15/31 (e)		67
	296	Series 2015-FL4, Class A, VAR, 1.784%, 12/15/31 (e)		294
	250	Series 2015-FL5, Class B, VAR, 4.334%, 01/15/31 (e)		249
		Resource Capital Corp., Ltd., (Cayman Islands),
	160	Series 2015-CRE4, Class A, VAR, 1.834%, 08/15/32 (e)		158
	153	Series 2015-CRE4, Class B, VAR, 3.434%, 08/15/32 (e)		140
	116	UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.663%, 06/10/30 (e)		120
	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)		525
	17	Wells Fargo Resecuritization Trust, Series 2012-IO, Class A, 1.750%, 08/20/21 (e)		17
		Total Commercial Mortgage-Backed Securities (Cost $8,012)		8,052
	Corporate Bonds — 21.8%
		Consumer Discretionary — 1.0%
		Auto Components — 0.0% (g)
	99	Johnson Controls, Inc., 3.750%, 12/01/21		103
		Automobiles — 0.1%
		Daimler Finance North America LLC,
	150	1.875%, 01/11/18 (e)		151
	150	2.625%, 09/15/16 (e)		150
				301
		Hotels, Restaurants & Leisure — 0.0% (g)
	65	Starbucks Corp., 2.700%, 06/15/22		67
		Internet & Catalog Retail — 0.1%
	197	Amazon.com, Inc., 3.800%, 12/05/24		217
		Media — 0.7%
		21st Century Fox America, Inc.,
	100	7.250%, 05/18/18		110
	100	7.700%, 10/30/25		135
		CBS Corp.,
	144	3.700%, 08/15/24		149
	208	4.000%, 01/15/26		220
	80	Comcast Corp., 3.375%, 08/15/25		84
	78	Discovery Communications LLC, 4.375%, 06/15/21		83
	550	NBCUniversal Media LLC, 2.875%, 01/15/23		564
		Thomson Reuters Corp., (Canada),
	51	3.850%, 09/29/24		53
	105	3.950%, 09/30/21		111
	60	4.700%, 10/15/19		65
		Time Warner Cable, Inc.,
	57	5.850%, 05/01/17		59
	50	6.750%, 07/01/18		54
	150	8.250%, 04/01/19		174
	35	8.750%, 02/14/19		41
	100	Time Warner Cos., Inc., 7.570%, 02/01/24		126
	300	Time Warner, Inc., 3.600%, 07/15/25		311
		Viacom, Inc.,
	37	2.750%, 12/15/19		37
	100	3.125%, 06/15/22		98
	11	3.250%, 03/15/23		11

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Media — continued
	43	3.875%, 12/15/21		44
				2,529
		Multiline Retail — 0.0% (g)
		Macy’s Retail Holdings, Inc.,
	37	2.875%, 02/15/23		34
	49	4.375%, 09/01/23		49
	25	7.450%, 07/15/17		27
	35	Nordstrom, Inc., 4.000%, 10/15/21		37
				147
		Specialty Retail — 0.1%
	32	Bed Bath & Beyond, Inc., 4.915%, 08/01/34		30
	67	Home Depot, Inc. (The), 2.625%, 06/01/22		69
	119	Lowe’s Cos., Inc., 3.375%, 09/15/25		126
				225
		Total Consumer Discretionary		3,589
		Consumer Staples — 1.1%
		Beverages — 0.4%
	75	Anheuser-Busch Cos. LLC, 5.500%, 01/15/18		80
		Anheuser-Busch InBev Finance, Inc.,
	136	1.900%, 02/01/19		137
	398	3.300%, 02/01/23		409
	150	3.700%, 02/01/24		160
	70	Diageo Capital plc, (United Kingdom), 4.828%, 07/15/20		78
	30	Heineken N.V., (Netherlands), 1.400%, 10/01/17 (e)		30
		PepsiCo, Inc.,
	180	1.250%, 08/13/17		181
	31	3.000%, 08/25/21		33
	111	3.100%, 07/17/22		116
	6	7.900%, 11/01/18		7
	200	SABMiller Holdings, Inc., 3.750%, 01/15/22 (e)		211
				1,442
		Food & Staples Retailing — 0.4%
	86	Costco Wholesale Corp., 2.250%, 02/15/22		87
		CVS Health Corp.,
	562	3.500%, 07/20/22		593
	179	4.000%, 12/05/23		194
	50	CVS Pass-Through Trust, 5.926%, 01/10/34 (e)		56
		Kroger Co. (The),
	50	2.200%, 01/15/17		50
	90	4.000%, 02/01/24		98
	30	6.150%, 01/15/20		34
	75	6.400%, 08/15/17		80
	100	Sysco Corp., 3.750%, 10/01/25		105
	185	Walgreen Co., 3.100%, 09/15/22		187
				1,484
		Food Products — 0.3%
	135	Bunge Ltd. Finance Corp., 8.500%, 06/15/19		158
	14	Bunge N.A. Finance LP, 5.900%, 04/01/17		14
		Cargill, Inc.,
	100	3.300%, 03/01/22 (e)		104
	106	4.307%, 05/14/21 (e)		116
	24	ConAgra Foods, Inc., 2.100%, 03/15/18		24
		Kraft Heinz Foods Co.,
	30	3.500%, 06/06/22		31
	66	5.000%, 07/15/35 (e)		73
	22	5.375%, 02/10/20		25
	332	6.125%, 08/23/18		364
	92	Mead Johnson Nutrition Co., Class C, 4.125%, 11/15/25		98
	150	Mondelez International, Inc., 4.000%, 02/01/24		163
	73	Tyson Foods, Inc., 3.950%, 08/15/24		78
				1,248
		Household Products — 0.0% (g)
	20	Kimberly-Clark Corp., 2.400%, 03/01/22		21
	50	Procter & Gamble - ESOP, Series A, 9.360%, 01/01/21		59
				80
		Total Consumer Staples		4,254
		Energy — 2.1%
		Energy Equipment & Services — 0.1%
	9	Ensco plc, (United Kingdom), 5.200%, 03/15/25		6
	107	Halliburton Co., 3.500%, 08/01/23		108
		Nabors Industries, Inc.,
	30	4.625%, 09/15/21		26
	30	5.000%, 09/15/20		28
	15	National Oilwell Varco, Inc., 1.350%, 12/01/17		15

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Energy Equipment & Services — continued
	12	Noble Holding International Ltd., (Cayman Islands), 3.950%, 03/15/22		8
	47	Schlumberger Investment S.A., (Luxembourg), 3.300%, 09/14/21 (e)		49
		Transocean, Inc., (Cayman Islands),
	39	5.050%, 10/15/22		25
	57	6.500%, 11/15/20		44
	78	7.125%, 12/15/21		57
				366
		Oil, Gas & Consumable Fuels — 2.0%
		Apache Corp.,
	42	3.250%, 04/15/22		42
	25	6.900%, 09/15/18		27
	29	Boardwalk Pipelines LP, 4.950%, 12/15/24		28
		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		252
	60	3.506%, 03/17/25		62
	166	3.814%, 02/10/24		175
		Buckeye Partners LP,
	30	4.350%, 10/15/24		28
	40	4.875%, 02/01/21		41
	25	5.850%, 11/15/43		23
		Canadian Natural Resources Ltd., (Canada),
	25	3.900%, 02/01/25		23
	150	5.900%, 02/01/18		157
	21	Cenovus Energy, Inc., (Canada), 3.000%, 08/15/22		19
	40	Chevron Corp., 2.355%, 12/05/22		40
	200	CNOOC Nexen Finance 2014 ULC, (Canada), 4.250%, 04/30/24		207
	150	ConocoPhillips, 5.750%, 02/01/19		164
	190	ConocoPhillips Canada Funding Co. I, (Canada), 5.625%, 10/15/16		193
	41	ConocoPhillips Co., 2.200%, 05/15/20		41
	190	Devon Energy Corp., 6.300%, 01/15/19		201
	58	Ecopetrol S.A., (Colombia), 4.125%, 01/16/25		51
	80	Encana Corp., (Canada), 6.500%, 05/15/19		81
		Energy Transfer Partners LP,
	89	3.600%, 02/01/23		81
	91	4.750%, 01/15/26		87
	200	Eni S.p.A., (Italy), 4.150%, 10/01/20 (e)		210
	74	EnLink Midstream Partners LP, 4.150%, 06/01/25		63
		Enterprise Products Operating LLC,
	500	1.650%, 05/07/18		499
	37	3.750%, 02/15/25		38
	49	3.900%, 02/15/24		50
		EOG Resources, Inc.,
	23	2.625%, 03/15/23		23
	100	4.100%, 02/01/21		106
	300	4.150%, 01/15/26		319
	250	Gulf South Pipeline Co. LP, 4.000%, 06/15/22		231
	50	Magellan Midstream Partners LP, 6.550%, 07/15/19		56
		Marathon Oil Corp.,
	228	5.900%, 03/15/18		236
	175	6.000%, 10/01/17		180
	67	Marathon Petroleum Corp., 3.625%, 09/15/24		63
	36	Noble Energy, Inc., 5.625%, 05/01/21		37
	91	Occidental Petroleum Corp., 3.500%, 06/15/25		93
		ONEOK Partners LP,
	40	3.200%, 09/15/18		40
	40	3.375%, 10/01/22		38
	200	4.900%, 03/15/25		200
	97	Petro-Canada, (Canada), 6.050%, 05/15/18		104
		Petroleos Mexicanos, (Mexico),
	59	4.250%, 01/15/25		55
	69	4.875%, 01/18/24		68
	149	6.375%, 02/04/21 (e)		159
	43	Phillips 66, 2.950%, 05/01/17		44
		Plains All American Pipeline LP/PAA Finance Corp.,
	59	2.600%, 12/15/19		56
	100	3.600%, 11/01/24		89
	250	4.650%, 10/15/25		237
	200	Sinopec Group Overseas Development 2013 Ltd., (United Kingdom), 4.375%, 10/17/23 (e)		212
		Spectra Energy Capital LLC,
	150	5.650%, 03/01/20		159
	140	6.200%, 04/15/18		148
	50	8.000%, 10/01/19		57

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
		Spectra Energy Partners LP,
	79	2.950%, 09/25/18		80
	63	3.500%, 03/15/25		62
		Statoil ASA, (Norway),
	143	2.650%, 01/15/24		142
	42	2.750%, 11/10/21		43
	67	3.125%, 08/17/17		68
	83	3.150%, 01/23/22		86
	180	Sunoco Logistics Partners Operations LP, 4.650%, 02/15/22		185
		Total Capital International S.A., (France),
	44	1.500%, 02/17/17		44
	75	1.550%, 06/28/17		75
	150	2.750%, 06/19/21		154
		TransCanada PipeLines Ltd., (Canada),
	172	3.750%, 10/16/23		179
	100	6.500%, 08/15/18		109
	30	7.125%, 01/15/19		33
				7,409
		Total Energy		7,775
		Financials — 10.8%
		Banks — 4.4%
		ABN AMRO Bank N.V., (Netherlands),
	200	1.800%, 06/04/18 (e)		200
	200	2.500%, 10/30/18 (e)		203
	200	ANZ New Zealand International Ltd., (New Zealand), 2.600%, 09/23/19 (e)		203
	250	Australia & New Zealand Banking Group Ltd., (Australia), 2.400%, 11/23/16 (e)		252
		Bank of America Corp.,
	300	2.000%, 01/11/18		301
	150	3.300%, 01/11/23		153
	485	3.875%, 08/01/25		506
	42	4.125%, 01/22/24		44
	100	5.000%, 05/13/21		111
	130	5.625%, 07/01/20		145
	170	5.750%, 12/01/17		180
	50	5.875%, 01/05/21		57
	814	6.400%, 08/28/17		862
	266	6.875%, 04/25/18		290
	208	Series L, 1.950%, 05/12/18		208
	200	Series L, 2.250%, 04/21/20		199
	154	Series L, 3.950%, 04/21/25		154
	300	Series L, 5.650%, 05/01/18		321
	85	Bank of Montreal, (Canada), 2.550%, 11/06/22		85
		Bank of Nova Scotia (The), (Canada),
	175	1.450%, 04/25/18		175
	200	1.700%, 06/11/18		201
	200	Banque Federative du Credit Mutuel S.A., (France), 1.700%, 01/20/17 (e)		200
	250	Barclays Bank plc, (United Kingdom), 6.050%, 12/04/17 (e)		264
	317	Barclays plc, (United Kingdom), 3.250%, 01/12/21		320
		BB&T Corp.,
	225	2.625%, 06/29/20		230
	100	5.250%, 11/01/19		110
	234	Canadian Imperial Bank of Commerce, (Canada), 2.250%, 07/21/20 (e)		237
	300	Capital One Bank USA N.A., 3.375%, 02/15/23		301
	250	Capital One N.A., 2.350%, 08/17/18		252
		Citigroup, Inc.,
	650	1.700%, 04/27/18		648
	106	1.800%, 02/05/18		106
	82	2.150%, 07/30/18		83
	350	2.400%, 02/18/20		352
	115	5.500%, 09/13/25		127
	16	Comerica, Inc., 3.800%, 07/22/26		16
		Commonwealth Bank of Australia, (Australia),
	250	2.250%, 03/16/17 (e)		252
	201	4.500%, 12/09/25 (e)		207
		Cooperatieve Rabobank UA, (Netherlands),
	34	3.375%, 01/19/17		35
	118	3.875%, 02/08/22		127
	250	4.375%, 08/04/25		260
	250	Discover Bank, 2.600%, 11/13/18		251
		Fifth Third Bancorp,
	146	2.875%, 07/27/20		148
	350	5.450%, 01/15/17		359
		HSBC Holdings plc, (United Kingdom),
	196	4.000%, 03/30/22		206
	200	4.250%, 08/18/25		200
	300	4.875%, 01/14/22		329
		Huntington National Bank (The),
	250	2.000%, 06/30/18		251
	250	2.875%, 08/20/20		254

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
		KeyCorp,
	56	2.900%, 09/15/20		57
	50	5.100%, 03/24/21		55
	200	Lloyds Bank plc, (United Kingdom), 1.750%, 03/16/18		200
	300	Manufacturers & Traders Trust Co., 6.625%, 12/04/17		321
	200	Mizuho Bank Ltd., (Japan), 2.650%, 09/25/19 (e)		204
	36	MUFG Americas Holdings Corp., 2.250%, 02/10/20		36
	300	Nordea Bank AB, (Sweden), 3.125%, 03/20/17 (e)		304
		PNC Funding Corp.,
	133	4.375%, 08/11/20		145
	265	5.125%, 02/08/20		294
	115	5.625%, 02/01/17		118
	107	Regions Financial Corp., 3.200%, 02/08/21		108
		Royal Bank of Canada, (Canada),
	150	1.875%, 02/05/20		151
	239	2.000%, 10/01/18		241
	105	2.000%, 12/10/18		106
	125	2.200%, 07/27/18		127
	95	2.300%, 07/20/16		95
	77	Santander UK Group Holdings plc, (United Kingdom), 3.125%, 01/08/21		77
	250	Stadshypotek AB, (Sweden), 1.875%, 10/02/19 (e)		250
	200	Standard Chartered plc, (United Kingdom), 5.200%, 01/26/24 (e)		211
		Toronto-Dominion Bank (The), (Canada),
	200	1.500%, 03/13/17 (e)		201
	37	1.950%, 01/22/19		37
	104	2.250%, 11/05/19		106
	250	U.S. Bank N.A., 2.800%, 01/27/25		255
		Wells Fargo & Co.,
	130	2.600%, 07/22/20		133
	99	3.000%, 02/19/25		100
	51	4.300%, 07/22/27		54
	237	4.480%, 01/16/24		256
	415	5.625%, 12/11/17		441
	500	SUB, 3.676%, 06/15/16		500
	250	Wells Fargo Bank N.A., 6.000%, 11/15/17		266
	285	Westpac Banking Corp., (Australia), 4.875%, 11/19/19		313
				16,737
		Capital Markets — 2.3%
	120	Ameriprise Financial, Inc., 4.000%, 10/15/23		128
		Bank of New York Mellon Corp. (The),
	229	2.600%, 08/17/20		235
	150	3.250%, 09/11/24		157
	100	3.650%, 02/04/24		107
	75	4.600%, 01/15/20		82
		BlackRock, Inc.,
	160	4.250%, 05/24/21		176
	166	Series 2, 5.000%, 12/10/19		185
	150	Blackstone Holdings Finance Co. LLC, 5.875%, 03/15/21 (e)		174
	40	Charles Schwab Corp. (The), 3.225%, 09/01/22		42
	250	Credit Suisse AG, (Switzerland), 1.700%, 04/27/18		250
		Deutsche Bank AG, (Germany),
	319	1.875%, 02/13/18		317
	100	2.950%, 08/20/20		100
		Goldman Sachs Group, Inc. (The),
	48	2.600%, 04/23/20		48
	68	2.625%, 01/31/19		69
	117	2.750%, 09/15/20		119
	137	3.750%, 05/22/25		141
	120	4.000%, 03/03/24		127
	68	5.375%, 03/15/20		75
	80	5.750%, 01/24/22		92
	1,100	5.950%, 01/18/18		1,173
	250	7.500%, 02/15/19		285
	200	ING Bank N.V., (Netherlands), 3.750%, 03/07/17 (e)		204
		Invesco Finance plc, (United Kingdom),
	125	3.750%, 01/15/26		131
	71	4.000%, 01/30/24		76
		Jefferies Group LLC,
	150	5.125%, 04/13/18		156
	125	6.875%, 04/15/21		140
	111	Legg Mason, Inc., 4.750%, 03/15/26		115
		Macquarie Bank Ltd., (Australia),
	291	1.600%, 10/27/17 (e)		290
	65	2.600%, 06/24/19 (e)		66
	100	2.850%, 07/29/20 (e)		102

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Capital Markets — continued
	300	3.900%, 01/15/26 (e)		307
	100	4.000%, 07/29/25 (e)		104
		Macquarie Group Ltd., (Australia),
	150	6.000%, 01/14/20 (e)		167
	40	6.250%, 01/14/21 (e)		45
		Morgan Stanley,
	40	2.650%, 01/27/20		41
	284	2.800%, 06/16/20		289
	83	3.700%, 10/23/24		86
	62	3.950%, 04/23/27		62
	330	4.000%, 07/23/25		346
	93	5.000%, 11/24/25		101
	166	5.500%, 07/24/20		185
	100	5.500%, 07/28/21		113
	450	5.625%, 09/23/19		498
	100	5.750%, 01/25/21		113
	100	6.625%, 04/01/18		109
	100	7.300%, 05/13/19		114
	84	Nomura Holdings, Inc., (Japan), 6.700%, 03/04/20		96
		State Street Corp.,
	36	3.100%, 05/15/23		37
	294	3.550%, 08/18/25		315
	192	3.700%, 11/20/23		208
	34	TD Ameritrade Holding Corp., 2.950%, 04/01/22		35
				8,733
		Consumer Finance — 1.5%
	250	American Express Co., 7.000%, 03/19/18		273
		American Express Credit Corp.,
	261	1.800%, 07/31/18		262
	139	1.875%, 11/05/18		140
	95	Series F, 2.600%, 09/14/20		97
		American Honda Finance Corp.,
	200	2.125%, 02/28/17 (e)		202
	83	2.250%, 08/15/19		85
		Capital One Financial Corp.,
	125	3.200%, 02/05/25		124
	110	3.500%, 06/15/23		112
		Caterpillar Financial Services Corp.,
	250	1.000%, 11/25/16		250
	206	2.250%, 12/01/19		210
	58	2.850%, 06/01/22		60
	65	7.050%, 10/01/18		73
	100	7.150%, 02/15/19		115
		Ford Motor Credit Co. LLC,
	200	2.240%, 06/15/18		201
	550	2.375%, 03/12/19		554
	200	3.000%, 06/12/17		203
	250	3.157%, 08/04/20		256
	200	4.250%, 09/20/22		212
	130	General Motors Financial Co., Inc., 3.100%, 01/15/19		132
		HSBC USA, Inc.,
	200	1.700%, 03/05/18		200
	180	2.350%, 03/05/20		180
	296	2.750%, 08/07/20		298
		John Deere Capital Corp.,
	400	2.375%, 07/14/20		409
	50	2.450%, 09/11/20		51
	33	3.150%, 10/15/21		34
	73	Nissan Motor Acceptance Corp., 1.800%, 03/15/18 (e)		73
		PACCAR Financial Corp.,
	39	1.400%, 05/18/18		39
	66	1.600%, 03/15/17		67
		Toyota Motor Credit Corp.,
	100	1.375%, 01/10/18		100
	225	1.750%, 05/22/17		227
	105	2.100%, 01/17/19		107
	200	2.125%, 07/18/19		204
				5,550
		Diversified Financial Services — 1.1%
	425	Bank of America N.A., 5.300%, 03/15/17		438
		Berkshire Hathaway, Inc.,
	98	2.750%, 03/15/23		100
	638	3.400%, 01/31/22		681
	397	CME Group, Inc., 3.000%, 03/15/25		404
	649	GE Capital International Funding Co. Unlimited Co., (Ireland), 2.342%, 11/15/20 (e)		662
		Intercontinental Exchange, Inc.,
	47	2.500%, 10/15/18		48
	88	4.000%, 10/15/23		95
		Private Export Funding Corp.,
	500	Series EE, 2.800%, 05/15/22		528
	200	Series KK, 3.550%, 01/15/24		219

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Diversified Financial Services — continued
		Shell International Finance B.V., (Netherlands),
	42	1.125%, 08/21/17		42
	367	2.125%, 05/11/20		368
	100	3.250%, 05/11/25		102
	195	4.375%, 03/25/20		213
		Siemens Financieringsmaatschappij N.V., (Netherlands),
	250	2.900%, 05/27/22 (e)		259
	100	5.750%, 10/17/16 (e)		102
				4,261
		Insurance — 0.9%
	61	Allstate Corp. (The), 3.150%, 06/15/23		63
		American International Group, Inc.,
	161	3.750%, 07/10/25		162
	259	4.125%, 02/15/24		269
	143	Aon plc, (United Kingdom), 3.875%, 12/15/25		147
		Berkshire Hathaway Finance Corp.,
	65	1.300%, 05/15/18		65
	150	5.400%, 05/15/18		162
		Chubb INA Holdings, Inc.,
	200	2.700%, 03/13/23		201
	130	2.875%, 11/03/22		134
	90	CNA Financial Corp., 3.950%, 05/15/24		92
	80	Jackson National Life Global Funding, 4.700%, 06/01/18 (e)		84
	41	Liberty Mutual Group, Inc., 5.000%, 06/01/21 (e)		45
	35	Lincoln National Corp., 4.200%, 03/15/22		37
	300	Manulife Financial Corp., (Canada), 4.150%, 03/04/26		317
	50	Marsh & McLennan Cos., Inc., 3.300%, 03/14/23		51
	300	MassMutual Global Funding II, 2.100%, 08/02/18 (e)		305
		Metropolitan Life Global Funding I,
	207	1.500%, 01/10/18 (e)		208
	175	3.650%, 06/14/18 (e)		182
	100	3.875%, 04/11/22 (e)		107
	323	New York Life Global Funding, 2.150%, 06/18/19 (e)		329
	150	Pacific Life Global Funding, 5.000%, 05/15/17 (e)		154
	16	Principal Financial Group, Inc., 1.850%, 11/15/17		16
	106	Principal Life Global Funding II, 2.250%, 10/15/18 (e)		108
	150	Prudential Insurance Co. of America (The), 8.300%, 07/01/25 (e)		198
	90	Reliance Standard Life Global Funding II, 3.050%, 01/20/21 (e)		91
				3,527
		Real Estate Investment Trusts (REITs) — 0.5%
		American Tower Corp.,
	80	3.500%, 01/31/23		81
	38	5.000%, 02/15/24		42
		American Tower Trust I,
	45	1.551%, 03/15/18 (e)		45
	200	3.070%, 03/15/23 (e)		200
		Equity Commonwealth,
	125	5.875%, 09/15/20		136
	150	6.650%, 01/15/18		157
	255	ERP Operating LP, 4.625%, 12/15/21		285
		HCP, Inc.,
	52	2.625%, 02/01/20		52
	38	3.400%, 02/01/25		36
	115	3.875%, 08/15/24		114
	17	4.200%, 03/01/24		17
	38	4.250%, 11/15/23		39
		Prologis LP,
	38	3.750%, 11/01/25		40
	53	4.250%, 08/15/23		58
	50	Realty Income Corp., 3.875%, 07/15/24		51
		Simon Property Group LP,
	100	2.500%, 09/01/20		102
	62	3.375%, 10/01/24		65
	38	3.750%, 02/01/24		41
	81	4.125%, 12/01/21		88
	90	4.375%, 03/01/21		99
		Ventas Realty LP,
	27	3.500%, 02/01/25		27
	44	3.750%, 05/01/24		45
	62	4.125%, 01/15/26		65
	73	Welltower, Inc., 4.500%, 01/15/24		77
				1,962
		Thrifts & Mortgage Finance — 0.1%
	233	Abbey National Treasury Services plc, (United Kingdom), 2.500%, 03/14/19		237
		Total Financials		41,007

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Health Care — 1.0%
		Biotechnology — 0.3%
		Amgen, Inc.,
	44	2.125%, 05/01/20		44
	400	3.875%, 11/15/21		430
	40	5.700%, 02/01/19		44
	75	Baxalta, Inc., 3.600%, 06/23/22 (e)		76
	184	Biogen, Inc., 3.625%, 09/15/22		192
		Celgene Corp.,
	98	3.250%, 08/15/22		100
	161	3.625%, 05/15/24		165
		Gilead Sciences, Inc.,
	59	3.250%, 09/01/22		62
	57	3.650%, 03/01/26		60
				1,173
		Health Care Equipment & Supplies — 0.0% (g)
	40	Becton, Dickinson & Co., 5.000%, 05/15/19		43
		Health Care Providers & Services — 0.2%
		Anthem, Inc.,
	93	2.300%, 07/15/18		94
	115	3.125%, 05/15/22		116
		Cardinal Health, Inc.,
	45	2.400%, 11/15/19		46
	49	3.750%, 09/15/25		52
	72	Express Scripts Holding Co., 3.500%, 06/15/24		73
	214	Laboratory Corp. of America Holdings, 3.200%, 02/01/22		216
		UnitedHealth Group, Inc.,
	91	1.900%, 07/16/18		92
	70	3.350%, 07/15/22		74
	112	3.375%, 11/15/21		119
				882
		Life Sciences Tools & Services — 0.0% (g)
		Thermo Fisher Scientific, Inc.,
	35	3.150%, 01/15/23		35
	22	3.600%, 08/15/21		23
	34	4.150%, 02/01/24		37
				95
		Pharmaceuticals — 0.5%
		AbbVie, Inc.,
	119	1.750%, 11/06/17		119
	127	2.500%, 05/14/20		128
	87	2.900%, 11/06/22		88
	35	3.200%, 11/06/22		36
	100	Allergan, Inc., 2.800%, 03/15/23		97
		Forest Laboratories LLC,
	250	4.375%, 02/01/19 (e)		262
	69	5.000%, 12/15/21 (e)		76
	150	GlaxoSmithKline Capital plc, (United Kingdom), 2.850%, 05/08/22		155
	500	Johnson & Johnson, 2.050%, 03/01/23		499
		Merck & Co., Inc.,
	75	1.300%, 05/18/18		75
	64	2.350%, 02/10/22		65
	62	2.400%, 09/15/22		63
	30	3.700%, 02/10/45		30
				1,693
		Total Health Care		3,886
		Industrials — 1.4%
		Aerospace & Defense — 0.1%
	43	Airbus Group Finance B.V., (Netherlands), 2.700%, 04/17/23 (e)		44
		BAE Systems Holdings, Inc.,
	68	3.800%, 10/07/24 (e)		70
	70	6.375%, 06/01/19 (e)		78
	100	Honeywell International, Inc., 5.300%, 03/01/18		107
		Lockheed Martin Corp.,
	47	2.125%, 09/15/16		47
	74	3.100%, 01/15/23		77
	140	Precision Castparts Corp., 3.250%, 06/15/25		148
				571
		Air Freight & Logistics — 0.2%
	473	Federal Express Corp. 1998 Pass-Through Trust, 6.720%, 01/15/22		537
	115	United Parcel Service of America, Inc., 8.375%, 04/01/20		143
				680
		Airlines — 0.1%
	168	American Airlines 2013-2 Class A Pass-Through Trust, 4.950%, 01/15/23		181
	20	Continental Airlines 1999-2 Class A-1 Pass-Through Trust, 7.256%, 03/15/20		22
	43	Delta Air Lines 2010-2 Class A Pass-Through Trust, 4.950%, 05/23/19		45
				248

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Commercial Services & Supplies — 0.0% (g)
	50	Pitney Bowes, Inc., 5.600%, 03/15/18		53
		Construction & Engineering — 0.0% (g)
		ABB Finance USA, Inc.,
	32	1.625%, 05/08/17		32
	41	2.875%, 05/08/22		42
	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		54
				81
		Industrial Conglomerates — 0.5%
	84	Danaher Corp., 2.400%, 09/15/20		87
		General Electric Co.,
	200	3.100%, 01/09/23		210
	175	3.375%, 03/11/24		187
	230	4.650%, 10/17/21		260
	500	5.400%, 02/15/17		515
	140	5.500%, 01/08/20		159
	34	Ingersoll-Rand Global Holding Co., Ltd., 4.250%, 06/15/23		37
	152	Koninklijke Philips N.V., (Netherlands), 3.750%, 03/15/22		161
	98	Pentair Finance S.A., (Luxembourg), 2.900%, 09/15/18		98
	62	Roper Technologies, Inc., 3.000%, 12/15/20		63
	32	Tyco International Finance S.A., (Luxembourg), 3.900%, 02/14/26		34
				1,811
		Machinery — 0.1%
		Caterpillar, Inc.,
	74	1.500%, 06/26/17		74
	31	2.600%, 06/26/22		32
	89	Deere & Co., 2.600%, 06/08/22		90
	25	Parker-Hannifin Corp., 5.500%, 05/15/18		27
				223
		Road & Rail — 0.4%
		Burlington Northern Santa Fe LLC,
	43	3.050%, 03/15/22		45
	32	3.450%, 09/15/21		34
	19	3.600%, 09/01/20		21
	100	3.750%, 04/01/24		109
	100	5.650%, 05/01/17		104
	55	Canadian Pacific Railway Co., (Canada), 4.500%, 01/15/22		60
		CSX Corp.,
	100	3.400%, 08/01/24		105
	30	7.375%, 02/01/19		34
	50	7.900%, 05/01/17		53
		ERAC USA Finance LLC,
	27	4.500%, 08/16/21 (e)		30
	48	5.250%, 10/01/20 (e)		53
		Norfolk Southern Corp.,
	138	3.250%, 12/01/21		144
	50	7.700%, 05/15/17		53
		Penske Truck Leasing Co. LP/PTL Finance Corp.,
	53	2.875%, 07/17/18 (e)		54
	141	3.375%, 02/01/22 (e)		140
		Ryder System, Inc.,
	23	2.500%, 03/01/17		23
	25	2.500%, 03/01/18		25
	28	2.500%, 05/11/20		28
	86	2.875%, 09/01/20		87
		Union Pacific Corp.,
	21	2.950%, 01/15/23		22
	75	3.646%, 02/15/24		81
	233	4.163%, 07/15/22		258
				1,563
		Trading Companies & Distributors — 0.0% (g)
	55	WW Grainger, Inc., 4.600%, 06/15/45		62
		Total Industrials		5,439
		Information Technology — 1.2%
		Communications Equipment — 0.1%
		Cisco Systems, Inc.,
	55	2.900%, 03/04/21		57
	44	2.950%, 02/28/26		46
	194	3.000%, 06/15/22		205
				308
		Electronic Equipment, Instruments & Components — 0.1%
		Arrow Electronics, Inc.,
	32	3.000%, 03/01/18		32
	16	4.500%, 03/01/23		17
	100	6.875%, 06/01/18		108
	63	7.500%, 01/15/27		75
				232

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Internet Software & Services — 0.1%
	410	eBay, Inc., 2.600%, 07/15/22		397
		IT Services — 0.3%
		International Business Machines Corp.,
	126	1.250%, 02/08/18		127
	309	2.250%, 02/19/21		314
	350	7.625%, 10/15/18		399
	90	Total System Services, Inc., 4.800%, 04/01/26		95
	236	Xerox Corp., 5.625%, 12/15/19		250
				1,185
		Semiconductors & Semiconductor Equipment — 0.1%
	130	Intel Corp., 3.700%, 07/29/25		142
	30	National Semiconductor Corp., 6.600%, 06/15/17		32
	73	Texas Instruments, Inc., 1.650%, 08/03/19		73
				247
		Software — 0.2%
	25	Intuit, Inc., 5.750%, 03/15/17		26
		Microsoft Corp.,
	23	0.875%, 11/15/17		23
	34	2.125%, 11/15/22		34
	50	2.375%, 02/12/22		51
	118	2.375%, 05/01/23		119
	167	3.625%, 12/15/23		183
		Oracle Corp.,
	200	3.625%, 07/15/23		216
	100	5.750%, 04/15/18		108
				760
		Technology Hardware, Storage & Peripherals — 0.3%
		Apple, Inc.,
	273	2.150%, 02/09/22		272
	182	2.250%, 02/23/21		184
	199	2.400%, 05/03/23		199
	250	2.700%, 05/13/22		257
	207	VAR, 0.887%, 05/03/18		207
		HP, Inc.,
	118	4.375%, 09/15/21		124
	45	4.650%, 12/09/21		48
				1,291
		Total Information Technology		4,420
		Materials — 0.5%
		Chemicals — 0.3%
		Agrium, Inc., (Canada),
	45	3.375%, 03/15/25		45
	100	4.125%, 03/15/35		91
	125	CF Industries, Inc., 7.125%, 05/01/20		142
		Dow Chemical Co. (The),
	100	3.500%, 10/01/24		103
	119	4.125%, 11/15/21		129
	20	8.550%, 05/15/19		24
	88	Ecolab, Inc., 3.250%, 01/14/23		90
		Mosaic Co. (The),
	34	3.750%, 11/15/21		35
	212	4.250%, 11/15/23		226
	25	Potash Corp. of Saskatchewan, Inc., (Canada), 3.250%, 12/01/17		26
	41	Praxair, Inc., 2.650%, 02/05/25		42
	150	Union Carbide Corp., 7.500%, 06/01/25		181
				1,134
		Construction Materials — 0.0% (g)
	200	CRH America, Inc., 3.875%, 05/18/25 (e)		208
		Metals & Mining — 0.2%
		BHP Billiton Finance USA Ltd., (Australia),
	95	3.850%, 09/30/23		99
	100	5.400%, 03/29/17		103
	100	6.500%, 04/01/19		113
		Freeport-McMoRan, Inc.,
	128	2.150%, 03/01/17		127
	107	3.875%, 03/15/23		88
	27	Nucor Corp., 4.000%, 08/01/23		28
	27	Rio Tinto Finance USA Ltd., (Australia), 3.500%, 11/02/20		28
				586
		Total Materials		1,928
		Telecommunication Services — 1.2%
		Diversified Telecommunication Services — 1.1%
		AT&T, Inc.,
	575	3.000%, 06/30/22		576
	28	3.400%, 05/15/25		28
	353	3.800%, 03/15/22		368
	50	3.875%, 08/15/21		53
	26	3.950%, 01/15/25		27

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Diversified Telecommunication Services — continued
	50	4.450%, 05/15/21		54
	150	4.600%, 02/15/21		163
	180	5.500%, 02/01/18		191
	350	Bellsouth Capital Funding Corp., 7.875%, 02/15/30		438
	100	British Telecommunications plc, (United Kingdom), 5.950%, 01/15/18		107
		GTP Acquisition Partners I LLC,
	174	2.350%, 06/15/20 (e)		176
	202	3.482%, 06/16/25 (e)		204
	27	Nippon Telegraph & Telephone Corp., (Japan), 1.400%, 07/18/17		27
	61	Orange S.A., (France), 2.750%, 09/14/16		61
	148	Qwest Corp., 6.750%, 12/01/21		159
	31	Telefonica Emisiones S.A.U., (Spain), 5.134%, 04/27/20		34
		Verizon Communications, Inc.,
	115	2.625%, 02/21/20		118
	295	3.500%, 11/01/24		306
	156	4.150%, 03/15/24		169
	353	4.500%, 09/15/20		387
	401	5.150%, 09/15/23		460
				4,106
		Wireless Telecommunication Services — 0.1%
	160	Rogers Communications, Inc., (Canada), 4.100%, 10/01/23		174
		Vodafone Group plc, (United Kingdom),
	151	1.500%, 02/19/18		151
	49	1.625%, 03/20/17		49
				374
		Total Telecommunication Services		4,480
		Utilities — 1.5%
		Electric Utilities — 1.1%
	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		44
	50	Cleveland Electric Illuminating Co. (The), Series D, 7.880%, 11/01/17		54
	30	Connecticut Light & Power Co. (The), 5.650%, 05/01/18		32
	20	DTE Electric Co., 2.650%, 06/15/22		20
	285	Duke Energy Corp., 3.550%, 09/15/21		300
	60	Duke Energy Indiana LLC, 3.750%, 07/15/20		64
		Duke Energy Progress LLC,
	40	2.800%, 05/15/22		41
	106	3.250%, 08/15/25		111
	150	5.300%, 01/15/19		165
	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)		110
	186	Entergy Mississippi, Inc., 2.850%, 06/01/28		184
	400	Florida Power & Light Co., 3.125%, 12/01/25		418
		Indiana Michigan Power Co.,
	135	7.000%, 03/15/19		153
	100	Series J, 3.200%, 03/15/23		102
	25	Jersey Central Power & Light Co., 7.350%, 02/01/19		28
	47	Kansas City Power & Light Co., 3.150%, 03/15/23		48
	60	Nevada Power Co., 7.125%, 03/15/19		69
	27	NextEra Energy Capital Holdings, Inc., 2.400%, 09/15/19		27
		Niagara Mohawk Power Corp.,
	28	3.508%, 10/01/24 (e)		30
	40	4.881%, 08/15/19 (e)		43
	25	Ohio Power Co., 6.050%, 05/01/18		27
	50	Oncor Electric Delivery Co. LLC, 6.800%, 09/01/18		56
		Pacific Gas & Electric Co.,
	68	2.450%, 08/15/22		68
	50	3.250%, 06/15/23		52
	125	5.625%, 11/30/17		133
		PacifiCorp,
	140	3.600%, 04/01/24		150
	100	3.850%, 06/15/21		109
	60	5.650%, 07/15/18		66
	75	PECO Energy Co., 5.350%, 03/01/18		80
	51	Public Service Co. of Colorado, 3.200%, 11/15/20		54
	74	Public Service Co. of Oklahoma, 4.400%, 02/01/21		80
	375	Public Service Electric & Gas Co., 3.000%, 05/15/25		392
		Southern California Edison Co.,
	50	1.845%, 02/01/22		49

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Electric Utilities — continued
	212	Series C, 3.500%, 10/01/23		227
	45	Southern Co. (The), 1.950%, 09/01/16		45
	30	Southwestern Public Service Co., Series G, 8.750%, 12/01/18		35
		Virginia Electric & Power Co.,
	21	3.450%, 02/15/24		22
	100	5.400%, 04/30/18		108
	40	6.000%, 05/15/37		51
				3,962
		Gas Utilities — 0.0% (g)
	30	Atmos Energy Corp., 8.500%, 03/15/19		35
	50	CenterPoint Energy Resources Corp., 6.125%, 11/01/17		53
				88
		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		38
	317	Southern Power Co., 4.150%, 12/01/25		330
				490
		Multi-Utilities — 0.2%
		AGL Capital Corp.,
	94	3.500%, 09/15/21		98
	100	6.375%, 07/15/16		100
	50	Consumers Energy Co., 5.650%, 04/15/20		57
	79	DTE Energy Co., 3.300%, 06/15/22 (e)		81
	200	NiSource Finance Corp., 3.850%, 02/15/23		212
		Sempra Energy,
	48	4.050%, 12/01/23		51
	150	9.800%, 02/15/19		180
	87	WEC Energy Group, Inc., 3.550%, 06/15/25		91
				870
		Water Utilities — 0.1%
	122	American Water Capital Corp., 3.400%, 03/01/25		129
		Total Utilities		5,539
		Total Corporate Bonds (Cost $79,533)		82,317
	Foreign Government Securities — 1.2%
		Israel Government AID Bond, (Israel),
	325	Zero Coupon, 08/15/23		276
	1,000	Zero Coupon, 02/15/24		835
	1,000	Series 7-Z, Zero Coupon, 08/15/25		793
	1,000	Series 8-Z, Zero Coupon, 02/15/25		807
	1,000	Series 8-Z, Zero Coupon, 08/15/24		821
		Republic of Poland, (Poland),
	125	3.250%, 04/06/26		125
	92	4.000%, 01/22/24		99
	200	Republic of Turkey, (Turkey), 5.750%, 03/22/24		215
		United Mexican States, (Mexico),
	244	3.500%, 01/21/21		254
	250	3.600%, 01/30/25		252
	116	4.000%, 10/02/23		121
		Total Foreign Government Securities (Cost $4,432)		4,598
	Mortgage Pass-Through Securities — 10.3%
		Federal Home Loan Mortgage Corp.,
	12	ARM, 2.375%, 07/01/26		12
	173	ARM, 2.461%, 08/01/36		181
	41	ARM, 2.540%, 01/01/37		43
	52	ARM, 2.541%, 11/01/36		55
	102	ARM, 2.566%, 09/01/36		108
	22	ARM, 2.572%, 01/01/27		23
	161	ARM, 2.652%, 03/01/37		169
	186	ARM, 2.662%, 12/01/34		198
	109	ARM, 2.813%, 09/01/36		116
	184	ARM, 2.939%, 06/01/36		193
	137	ARM, 3.039%, 04/01/38		146
	85	ARM, 3.255%, 02/01/37		91
		Federal Home Loan Mortgage Corp. Gold Pools, 15 Year, Single Family,
	41	4.000%, 06/01/19		42
	7	4.500%, 10/01/18		7
	1	5.500%, 06/01/17		1
	4	6.000%, 10/01/17 – 04/01/18		4
	51	6.500%, 01/01/17 – 03/01/22		53
		Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family,
	5	6.000%, 12/01/22		6
	19	6.500%, 08/01/26		22
		Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,
	47	6.000%, 01/01/34		55
	45	7.000%, 04/01/26 – 02/01/37		54
	4	7.500%, 08/01/25		5
	5	8.000%, 07/01/20 – 11/01/24		5

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	13		8.500%, 07/01/28		16
	145		Federal Home Loan Mortgage Corp. Gold Pools, FHA/VA, 10.000%, 10/01/30		159
			Federal Home Loan Mortgage Corp. Gold Pools, Other,
	2,291		3.500%, 05/01/33 – 05/01/43		2,414
	387		4.000%, 06/01/42		417
	72		6.000%, 02/01/33		81
			Federal National Mortgage Association,
	49		ARM, 2.114%, 02/01/37		51
	76		ARM, 2.135%, 08/01/35		80
	109		ARM, 2.138%, 01/01/35		114
	1		ARM, 2.192%, 03/01/19		1
	160		ARM, 2.251%, 02/01/35		166
	176		ARM, 2.318%, 09/01/34		186
	178		ARM, 2.320%, 01/01/35		189
	95		ARM, 2.325%, 09/01/36		100
	67		ARM, 2.364%, 11/01/33		71
	136		ARM, 2.391%, 09/01/35		141
	126		ARM, 2.403%, 09/01/35		133
	63		ARM, 2.483%, 02/01/35		66
	63		ARM, 2.487%, 08/01/36		67
	81		ARM, 2.556%, 04/01/35		85
	114		ARM, 2.559%, 08/01/34		120
	7		ARM, 2.562%, 09/01/27		7
	–	(h)	ARM, 2.625%, 08/01/19		—	(h)
	106		ARM, 2.635%, 10/01/34		113
	187		ARM, 2.673%, 02/01/37		197
	136		ARM, 2.685%, 09/01/33		145
	101		ARM, 2.710%, 07/01/46		107
	100		ARM, 2.717%, 04/01/33		105
	180		ARM, 3.182%, 02/01/36		190
	5		ARM, 3.784%, 03/01/29		5
			Federal National Mortgage Association, 15 Year, Single Family,
	20		4.000%, 05/01/19		20
	98		4.500%, 05/01/18 – 05/01/19		101
	130		5.000%, 06/01/18 – 04/01/19		135
	71		5.500%, 01/01/20 – 06/01/20		74
	157		6.000%, 03/01/21 – 01/01/24		171
	15		6.500%, 03/01/17 – 08/01/20		16
	61		Federal National Mortgage Association, 20 Year, Single Family, 6.500%, 05/01/22		69
			Federal National Mortgage Association, 30 Year, FHA/VA,
	12		6.000%, 09/01/33		13
	19		6.500%, 03/01/29		21
	4		8.500%, 02/01/30		4
	4		9.000%, 09/01/19 – 12/01/30		4
	2		9.500%, 12/01/18		2
			Federal National Mortgage Association, 30 Year, Single Family,
	1,516		3.500%, 06/01/43		1,589
	46		4.500%, 08/01/33		51
	730		5.000%, 07/01/33 – 08/01/40		819
	76		5.500%, 12/01/33		88
	341		6.000%, 12/01/32 – 09/01/37		394
	29		6.500%, 08/01/31		34
	5		7.000%, 09/01/27 – 08/01/32		5
	8		7.500%, 11/01/22 – 10/01/24		8
	293		8.000%, 03/01/21 – 11/01/32		365
	5		8.500%, 07/01/24 – 05/01/25		5
	2		10.000%, 02/01/24		2
			Federal National Mortgage Association, Other,
	977		VAR, 1.227%, 12/01/25		975
	469		1.940%, 01/01/17		469
	974		2.220%, 12/01/22		987
	487		2.240%, 12/01/22		494
	646		2.395%, 01/01/22		661
	963		2.480%, 06/01/19		987
	1,000		2.760%, 05/01/21		1,039
	1,915		2.764%, 06/01/23		1,990
	1,000		2.790%, 05/01/27		1,027
	1,000		3.030%, 04/01/27		1,046
	1,500		3.100%, 09/01/25		1,587
	1,000		3.110%, 12/01/24		1,058
	1,000		3.240%, 12/01/26		1,066
	1,000		3.290%, 08/01/26		1,069
	500		3.340%, 02/01/27		537
	1,000		3.380%, 12/01/23		1,073
	1,000		3.540%, 10/01/20		1,073
	2,271		3.590%, 12/01/20		2,439
	1,490		3.760%, 10/01/23 – 11/01/23		1,633
	741		4.000%, 07/01/42		800
	1,012		4.160%, 03/01/21		1,109
	336		4.264%, 06/01/21		367
	766		4.300%, 04/01/21		845
	966		4.380%, 04/01/21		1,068

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	483		4.390%, 05/01/21		535
	51		5.500%, 04/01/38		55
	76		6.000%, 03/01/37		86
			Government National Mortgage Association II, 30 Year, Single Family,
	194		6.000%, 03/20/28 – 09/20/38		222
	9		7.500%, 02/20/28 – 09/20/28		10
	24		8.000%, 12/20/25 – 08/20/28		27
	15		8.500%, 03/20/25 – 05/20/25		17
	2		Government National Mortgage Association, 15 Year, Single Family, 6.000%, 10/15/17		2
			Government National Mortgage Association, 30 Year, Single Family,
	225		6.000%, 11/15/28 – 12/15/38		256
	220		6.500%, 01/15/24 – 12/15/35		256
	204		7.000%, 08/15/23 – 06/15/35		236
	15		7.500%, 11/15/22 – 09/15/28		16
	3		8.000%, 07/15/22 – 08/15/28		3
	–	(h)	8.500%, 11/15/17		1
	4		9.000%, 08/15/16 – 11/15/24		4
	54		9.500%, 09/15/18 – 12/15/25		59
	576		Government National Mortgage Association, Other, 3.500%, 11/20/33		612
			Total Mortgage Pass-Through Securities (Cost $37,206)		38,901
	Supranational — 0.0% (g)
	150		African Development Bank, 8.800%, 09/01/19 (Cost $176)		181
	U.S. Government Agency Securities — 2.2%
			Federal National Mortgage Association,
	1,000		06/01/17		992
	667		2.125%, 04/24/26		666
	800		5.000%, 05/11/17		831
			Financing Corp. STRIPS,
	1,440		1.553%, 05/11/18 (n)		1,412
	584		3.441%, 09/26/19 (n)		558
	500		3.602%, 04/05/19 (n)		483
			Residual Funding Corp. STRIPS,
	250		1.555%, 10/15/19 (n)		239
	1,950		1.884%, 07/15/20 (n)		1,831
	1,000		Tennessee Valley Authority, 5.500%, 07/18/17		1,053
	333		Tennessee Valley Authority STRIPS, 4.284%, 05/01/19 (n)		319
			Total U.S. Government Agency Securities (Cost $8,212)		8,384
	U.S. Treasury Obligations — 25.4%
			U.S. Treasury Bonds,
	1,225		7.500%, 11/15/16		1,264
	250		8.750%, 08/15/20		326
			U.S. Treasury Coupon STRIPS,
	2,650		1.632%, 11/15/19 (n)		2,543
	2,200		1.921%, 02/15/18 (n)		2,168
	5,515		1.983%, 05/15/21 (n)		5,130
	3,825		2.058%, 08/15/23 (n)		3,371
	200		2.069%, 05/15/24 (n)		173
	2,150		2.153%, 11/15/23 (n)		1,882
	200		2.185%, 05/15/26 (n)		164
	2,985		2.191%, 02/15/20 (n)		2,853
	10		2.312%, 05/15/28 (n)		8
	3,000		2.316%, 02/15/24 (n)		2,611
	3,275		2.373%, 02/15/21 (n)		3,063
	750		2.466%, 05/15/23 (n)		664
	300		2.517%, 02/15/27 (n)		241
	8,275		2.567%, 08/15/21 (n)		7,648
	1,300		2.595%, 11/15/22 (n)		1,167
	2,400		2.602%, 02/15/22 (n)		2,190
	1,495		2.658%, 05/15/19 (n)		1,448
	200		2.678%, 05/15/25 (n)		168
	5,495		2.748%, 02/15/23 (n)		4,902
	3,577		2.779%, 08/15/16 (n)		3,574
	53		2.835%, 02/15/28 (n)		41
	4,350		2.865%, 08/15/19 (n)		4,196
	1,000		2.887%, 08/15/22 (n)		903
	200		2.987%, 08/15/28 (n)		154
	1,224		3.097%, 02/15/17 (n)		1,219
	47		3.229%, 08/15/26 (n)		38
	300		3.311%, 11/15/26 (n)		242
	4,848		3.480%, 05/15/20 (n)		4,600
	140		3.542%, 11/15/27 (n)		110
	100		3.551%, 08/15/27 (n)		79
	1,525		3.604%, 11/15/21 (n)		1,402
	400		5.480%, 11/15/16 (n)		399
			U.S. Treasury Inflation Indexed Notes,
	617		0.125%, 01/15/22		652
	425		1.375%, 01/15/20		496

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligations — continued
		U.S. Treasury Notes,
	593	0.875%, 01/31/18		593
	1,500	1.250%, 10/31/18		1,510
	320	1.500%, 05/31/19		324
	2,000	1.875%, 11/30/21		2,042
	4,000	2.000%, 10/31/21		4,110
	3,000	2.000%, 11/30/22		3,069
	15,000	2.000%, 02/15/25		15,237
	700	2.375%, 08/15/24		733
	350	2.625%, 08/15/20		369
	800	2.625%, 11/15/20		844
	1,500	2.750%, 11/30/16		1,516
	1,000	3.125%, 04/30/17		1,022
	850	3.125%, 05/15/21		921
	1,050	3.500%, 02/15/18		1,097
	400	4.250%, 11/15/17		420
		Total U.S. Treasury Obligations (Cost $93,054)		95,896
SHARES
	Short-Term Investment —   1.0%
		Investment Company — 1.0%
	3,849	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.360% (b) (l) (Cost $3,849)		3,849
		Total Investments — 99.6% (Cost $366,795)		376,944
		Other Assets in Excess of Liabilities — 0.4%		1,343
		NET ASSETS — 100.0%	$	378,287

Percentages indicated are based on net assets.

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (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, 2016.
CMO	—	Collateralized Mortgage Obligation
CSMC	—	Credit Suisse Mortgage Trust
ESOP	—	Employee Stock Ownership Program
FHA	—	Federal Housing Administration
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, 2016. 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, 2016.
VA	—	Veterans Administration
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of May 31, 2016.
(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).
(l)	—	The rate shown is the current yield as of May 31, 2016.
(n)	—	The rate shown is the effective yield at the date of purchase.

As of May 31, 2016, 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	$	11,038
Aggregate gross unrealized depreciation		(889	)
Net unrealized appreciation/depreciation	$	10,149
Federal income tax cost of investments	$	366,795

A. Valuation of Investments — The valuation of investments is in accordance with U.S. generally accepted accounting principles (‘GAAP”) and the Portfolio’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 Portfolio’s investments. The Administrator implements the valuation policies of the Portfolio’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Portfolio. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.

A market-based approach is primarily used to value the Fund’s investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include 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.

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

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. Certain foreign equity instruments are valued by applying international fair value factors provided by an approved Pricing Service. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated

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

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

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

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

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

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

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

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“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	$	—	$	44,112	$	11,921	$	56,033
Collateralized Mortgage Obligations
Agency CMO		—		69,280		—		69,280
Non-Agency CMO		—		8,293		1,160		9,453
Total Collateralized Mortgage Obligations		—		77,573		1,160		78,733
Commercial Mortgage-Backed Securities		—		6,996		1,056		8,052
Corporate Bonds
Consumer Discretionary		—		3,589		—		3,589
Consumer Staples		—		4,254		—		4,254
Energy		—		7,775		—		7,775
Financials		—		41,007		—		41,007
Health Care		—		3,886		—		3,886
Industrials		—		5,439		—		5,439
Information Technology		—		4,420		—		4,420
Materials		—		1,928		—		1,928
Telecommunication Services		—		4,480		—		4,480
Utilities		—		5,539		—		5,539
Total Corporate Bonds		—		82,317		—		82,317
Foreign Government Securities		—		4,598		—		4,598
Mortgage Pass-Through Securities		—		38,901		—		38,901
Supranational		—		181		—		181
U.S. Government Agency Securities		—		8,384		—		8,384
U.S. Treasury Obligations		—		95,896		—		95,896
Short-Term Investment
Investment Company		3,849		—		—		3,849
Total Investments in Securities	$	3,849	$	358,958	$	14,137	$	376,944

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

There were no significant transfers among any levels during the period ended May 31, 2016.

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 29, 2016		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, 2016
Investments in Securities
Asset-Backed Securities	$	1,988	$	—	$	14		$	—	(a)	$	933	$	(715	)	$	9,729	$	(28	)	$	11,921
Collateralized Mortgage Obligations — Non-Agency CMO		559		—		(1	)		1			500		(25	)		126		—			1,160
Commercial Mortgage-Backed Securities		1,129		—		(16	)		(9	)		—		(48	)		—		—			1,056
	$	3,676	$	—	$	(3	)	$	(8	)	$	1,433	$	(788	)	$	9,855	$	(28	)	$	14,137

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

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

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

Transfers between fair value levels are valued utilizing values as of the beginning of the period.

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

The changes in net unrealized appreciation (depreciation) attributable to securities owned at May 31, 2016, which were valued using significant unobservable inputs (level 3) amounted to approximately $ (3,000).

Intermediate Bond Trust

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

	Fair Value at May 31, 2016		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	6,816	Discounted Cash Flow	Constant Prepayment Rate	0.00% - 30.00% (2.03%)
				Constant Default Rate	0.00% - 50.00% (19.61%)
				Yield (Discount Rate of Cash Flows)	1.89% - 7.59% (4.60%)
				Projected Principal Writedown	0.00% (0.00%)
Asset-Backed Securities		6,816
		639	Discounted Cash Flow	Constant Prepayment Rate	4.00% - 30.00% (6.68%)
				Constant Default Rate	0.00% - 7.51% (1.92%)
				Yield (Discount Rate of Cash Flows)	1.58% - 88.95% (2.69%)
Collateralized Mortgage Obligations		639
		602	Discounted Cash Flow	Constant Prepayment Rate	0.00 - 100.00% (2.92%)
				Yield (Discount Rate of Cash Flows)	1.06% - 8.27% (5.55%)
Commercial Mortgage-Backed Securities		602
Total	$	8,057

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At May 31, 2016, the value of these investments was approximately $6,080,000. 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 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/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	July 26, 2016

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/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	July 26, 2016
By:	/s/ Laura M. Del Prato
	Laura M. Del Prato
	Treasurer and Principal Financial Officer
	July 26, 2016

EX-99.CERT

EXHIBIT 99.302CERT

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

I, Brian S. Shlissel, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: July 26, 2016	By:	/s/ Brian S. Shlissel
		Brian S. Shlissel
		President and Principal Executive Officer

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

I, Laura M. Del Prato, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: July 26, 2016	By:	/s/ Laura M. Del Prato
		Laura M. Del Prato
		Treasurer and Principal Financial Officer