N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-21638

JPMorgan Institutional Trust

(Exact name of registrant as specified in charter)

270 Park Avenue

New York, New York 10017

(Address of principal executive offices) (Zip code)

Frank J. Nasta

270 Park Avenue

New York, New York 10017

(Name and Address of Agent for Service)

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

Date of fiscal year end: Last day of February

Date of reporting period: November 30, 2016

ITEM 1. SCHEDULE OF INVESTMENTS.

JPMorgan Institutional Trust

Schedule of Portfolio Investments as of November 30, 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 2017 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.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 12.1%
		Academic Loan Funding Trust,
	619	Series 2012-1A, Class A1, VAR, 1.384%, 12/27/22 (e)		619
	1,432	Series 2013-1A, Class A, VAR, 1.334%, 12/26/44 (e)		1,410
	4,430	Ajax Mortgage Loan Trust, Series 2016-2, Class A, SUB, 4.125%, 10/25/56 (e)		4,430
		Ally Auto Receivables Trust,
	268	Series 2013-2, Class A4, 1.240%, 11/15/18		269
	230	Series 2014-SN2, Class A3, 1.030%, 09/20/17		230
		American Credit Acceptance Receivables Trust,
	37	Series 2014-2, Class B, 2.260%, 03/10/20 (e)		37
	98	Series 2015-1, Class A, 1.430%, 08/12/19 (e)		98
	557	Series 2015-2, Class A, 1.570%, 06/12/19 (e)		557
	1,225	Series 2015-2, Class C, 4.320%, 05/12/21 (e)		1,251
	2,590	Series 2016-1A, Class B, 4.240%, 06/13/22 (e)		2,644
	870	Series 2016-4, Class C, 2.910%, 02/13/23 (e)		866
		American Homes 4 Rent Trust,
	1,000	Series 2014-SFR1, Class C, VAR, 2.300%, 06/17/31 (e)		996
	3,859	Series 2014-SFR2, Class A, 3.786%, 10/17/36 (e)		3,991
	2,000	Series 2014-SFR2, Class D, 5.149%, 10/17/36 (e)		2,108
	850	Series 2014-SFR2, Class E, 6.231%, 10/17/36 (e)		902
	2,900	Series 2014-SFR3, Class A, 3.678%, 12/17/36 (e)		2,987
	500	Series 2014-SFR3, Class C, 4.596%, 12/17/36 (e)		521
	2,380	Series 2014-SFR3, Class E, 6.418%, 12/17/36 (e)		2,555
	4,128	Series 2015-SFR1, Class A, 3.467%, 04/17/52 (e)		4,187
	1,275	Series 2015-SFR1, Class E, 5.639%, 04/17/52 (e)		1,299
		AmeriCredit Automobile Receivables Trust,
	42	Series 2015-2, Class A2A, 0.830%, 09/10/18		42
	999	Series 2016-1, Class A3, 1.810%, 10/08/20		1,002
	2,575	Series 2016-2, Class A2A, 1.420%, 10/08/19		2,577
	513	Series 2016-2, Class A3, 1.600%, 11/09/20		512
	794	Series 2016-3, Class A3, 1.460%, 05/08/21		792
	7,100	Anchor Assets IX LLC, Series 2016-1, Class A, 5.125%, 02/15/20 (e)		7,100
	3,409	ARLP Securitization Trust, Series 2015-1, Class A1, SUB, 3.967%, 05/25/55 (e)		3,415
	1,148	AXIS Equipment Finance Receivables III LLC, Series 2015-1A, Class A2, 1.900%, 03/20/20 (e)		1,149
		B2R Mortgage Trust,
	1,662	Series 2015-1, Class A1, 2.524%, 05/15/48 (e)		1,651
	2,953	Series 2015-2, Class A, 3.336%, 11/15/48 (e)		2,987
	1,400	BA Credit Card Trust, Series 2015-A2, Class A, 1.360%, 09/15/20		1,401
	1,032	Banc of America Funding Corp., Series 2012-R6, Class 1A1, 3.000%, 10/26/39 (e)		1,015
		BCC Funding Corp. X,
	2,217	Series 2015-1, Class A2, 2.224%, 10/20/20 (e)		2,209
	550	Series 2015-1, Class D, 4.544%, 12/21/20 (e)		552
	249	Bear Stearns Asset-Backed Securities Trust, Series 2006-SD1, Class A, VAR, 0.962%, 04/25/36		242
	500	BXG Receivables Note Trust, Series 2012-A, Class A, 2.660%, 12/02/27 (e)		497
		Cabela’s Credit Card Master Note Trust,
	700	Series 2012-1A, Class A1, 1.630%, 02/18/20 (e)		701
	880	Series 2015-2, Class A1, 2.250%, 07/17/23		880
	255	CAM Mortgage LLC, Series 2015-1, Class A, SUB, 3.500%, 07/15/64 (e)		255
	5,125	Camillo Issuer LLC, Series 2016-SFR 1, 5.000%, 12/05/23		5,125
		CarFinance Capital Auto Trust,
	373	Series 2014-1A, Class B, 2.720%, 04/15/20 (e)		375

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	620	Series 2015-1A, Class A, 1.750%, 06/15/21 (e)		621
	1,413	Carlyle Global Market Strategies Commodities Funding Ltd., (Cayman Islands), Series 2014-1A, Class A, VAR, 2.780%, 10/15/21 (e)		1,074
		CarMax Auto Owner Trust,
	89	Series 2013-4, Class A3, 0.800%, 07/16/18		89
	440	Series 2013-4, Class A4, 1.280%, 05/15/19		440
	738	Series 2015-2, Class A2A, 0.820%, 06/15/18		738
	405	Carnow Auto Receivables Trust, Series 2015-1A, Class A, 1.690%, 01/15/20 (e)		405
	21	Centex Home Equity Loan Trust, Series 2004-D, Class AF4, SUB, 5.180%, 06/25/32		21
	878	Chase Funding Trust, Series 2003-6, Class 1A7, SUB, 4.277%, 11/25/34		896
	4,178	Chrysler Capital Auto Receivables Trust, Series 2016-AA, Class A3, 1.770%, 10/15/20 (e)		4,186
		Citi Held For Asset Issuance,
	227	Series 2015-PM1, Class A, 1.850%, 12/15/21 (e)		227
	1,459	Series 2015-PM1, Class B, 2.930%, 12/15/21 (e)		1,452
	2,457	Series 2016-MF1, Class A, 4.480%, 08/15/22 (e)		2,492
	2,962	Series 2016-PM1, Class A, 4.650%, 04/15/25 (e)		3,006
	800	Citibank Credit Card Issuance Trust, Series 2007-A3, Class A3, 6.150%, 06/15/39		1,061
	156	Citigroup Mortgage Loan Trust, Inc., Series 2003-HE3, Class A, VAR, 0.972%, 12/25/33		154
	2,844	Colony American Finance Ltd., (Cayman Islands), Series 2016-1, Class A, 2.544%, 06/15/48 (e)		2,797
	4,861	Colony American Homes, Series 2014-2A, Class A, VAR, 1.518%, 07/17/31 (e)		4,818
	2,800	Concord Funding Co. LLC, Series 2012-2, Class A, 3.145%, 01/15/17 (e)		2,800
	1,079	Conix Mortgage Asset Trust, Series 2013-1, Class A, VAR, 0.000%, 12/25/47 (d)		179
	170	Consumer Credit Origination Loan Trust, Series 2015-1, Class A, 2.820%, 03/15/21 (e)		170
		CPS Auto Receivables Trust,
	395	Series 2012-B, Class A, 2.520%, 09/16/19 (e)		396
	78	Series 2013-D, Class A, 1.540%, 07/16/18 (e)		77
	25	Series 2014-A, Class A, 1.210%, 08/15/18 (e)		25
	969	Series 2014-D, Class A, 1.490%, 04/15/19 (e)		969
	700	Series 2014-D, Class C, 4.350%, 11/16/20 (e)		705
	749	Series 2015-A, Class A, 1.530%, 07/15/19 (e)		750
	223	Series 2015-A, Class C, 4.000%, 02/16/21 (e)		223
	3,170	Series 2015-B, Class A, 1.650%, 11/15/19 (e)		3,172
	2,535	Series 2015-B, Class C, 4.200%, 05/17/21 (e)		2,541
	1,376	Series 2015-C, Class D, 4.630%, 08/16/21 (e)		1,380
	1,771	Series 2016-A, Class A, 2.250%, 10/15/19 (e)		1,779
	1,042	Series 2016-B, Class A, 2.070%, 11/15/19 (e)		1,046
	1,400	Series 2016-C, Class C, 3.270%, 06/15/22 (e)		1,403
		CPS Auto Trust,
	249	Series 2012-C, Class A, 1.820%, 12/16/19 (e)		249
	42	Series 2012-D, Class A, 1.480%, 03/16/20 (e)		42
		Credit Acceptance Auto Loan Trust,
	464	Series 2014-1A, Class A, 1.550%, 10/15/21 (e)		464
	3,022	Series 2015-2A, Class A, 2.400%, 02/15/23 (e)		3,039
	579	Series 2015-2A, Class C, 3.760%, 02/15/24 (e)		576
	212	CWABS, Inc. Asset-Backed Certificates Trust, Series 2004-6, Class M1, VAR, 1.492%, 10/25/34		199
		Drive Auto Receivables Trust,
	1,471	Series 2015-AA, Class D, 4.120%, 07/15/22 (e)		1,501
	1,243	Series 2015-BA, Class B, 2.120%, 06/17/19 (e)		1,245

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	2,882	Series 2015-BA, Class D, 3.840%, 07/15/21 (e)		2,907
	1,059	Series 2015-CA, Class D, 4.200%, 09/15/21 (e)		1,075
	1,320	Series 2015-DA, Class D, 4.590%, 01/17/23 (e)		1,355
	1,898	Series 2016-AA, Class B, 3.170%, 05/15/20 (e)		1,916
	2,535	Series 2016-AA, Class C, 3.910%, 05/17/21 (e)		2,583
	477	Series 2016-BA, Class B, 2.560%, 06/15/20 (e)		480
	3,101	Series 2016-CA, Class D, 4.180%, 03/15/24 (e)		3,100
		DT Auto Owner Trust,
	1,808	Series 2015-2A, Class D, 4.250%, 02/15/22 (e)		1,834
	1,535	Series 2016-1A, Class A, 2.000%, 09/16/19 (e)		1,537
	1,215	Series 2016-2A, Class A, 1.730%, 08/15/19 (e)		1,216
	932	Series 2016-4A, Class B, 2.020%, 08/17/20 (e)		930
	1,609	Series 2016-4A, Class D, 3.770%, 10/17/22 (e)		1,587
	783	Engs Commercial Finance Trust, Series 2016-1A, Class A2, 2.630%, 02/22/22 (e)		783
		Exeter Automobile Receivables Trust,
	194	Series 2014-3A, Class A, 1.320%, 01/15/19 (e)		194
	556	Series 2014-3A, Class B, 2.770%, 11/15/19 (e)		557
	388	Series 2015-1A, Class A, 1.600%, 06/17/19 (e)		388
	2,125	Series 2015-1A, Class B, 2.840%, 03/16/20 (e)		2,133
	992	Series 2015-2A, Class A, 1.540%, 11/15/19 (e)		992
	1,382	Series 2015-3A, Class A, 2.000%, 03/16/20 (e)		1,383
	1,765	Series 2016-2A, Class A, 2.210%, 07/15/20 (e)		1,770
	1,171	Series 2016-3A, Class B, 2.840%, 08/16/21 (e)		1,164
	232	Fifth Third Auto Trust, Series 2014-3, Class A3, 0.960%, 03/15/19		232
		First Investors Auto Owner Trust,
	760	Series 2014-3A, Class A3, 1.670%, 11/16/20 (e)		760
	287	Series 2015-1A, Class A2, 1.210%, 04/15/19 (e)		287
	924	Series 2015-2A, Class A1, 1.590%, 12/16/19 (e)		924
	373	Series 2015-2A, Class D, 4.220%, 12/15/21 (e)		380
		FirstKey Lending Trust,
	6,625	Series 2015-SFR1, Class A, 2.553%, 03/09/47 (e)		6,604
	2,246	Series 2015-SFR1, Class B, 3.417%, 03/09/47 (e)		2,242
		Flagship Credit Auto Trust,
	51	Series 2013-2, Class A, 1.940%, 01/15/19 (e)		51
	111	Series 2014-1, Class A, 1.210%, 04/15/19 (e)		111
	245	Series 2014-1, Class B, 2.550%, 02/18/20 (e)		245
	553	Series 2014-2, Class A, 1.430%, 12/16/19 (e)		553
	892	Series 2014-2, Class B, 2.840%, 11/16/20 (e)		896
	440	Series 2014-2, Class C, 3.950%, 12/15/20 (e)		441
	1,001	Series 2015-1, Class A, 1.630%, 06/15/20 (e)		998
	3,463	Series 2015-3, Class A, 2.380%, 10/15/20 (e)		3,481
	757	Series 2015-3, Class B, 3.680%, 03/15/22 (e)		771
	756	Series 2015-3, Class C, 4.650%, 03/15/22 (e)		767
	3,000	Series 2016-2, Class C, 6.220%, 09/15/22 (e)		3,188
	247	Ford Credit Auto Owner Trust, Series 2015-B, Class A2A, 0.720%, 03/15/18		246
	2,734	GCAT, Series 2015-2, Class A1, SUB, 3.750%, 07/25/20 (e)		2,737
	184	GE Capital Mortgage Services, Inc. Trust, Series 1999-HE1, Class M, VAR, 6.705%, 04/25/29		154
	545	GLC Trust, Series 2014-A, Class A, 3.000%, 07/15/21 (e)		537
	433	GLC II Trust, Series 2014-A, Class A, 4.000%, 12/18/20 (e)		429
		GLS Auto Receivables Trust,
	2,440	Series 2015-1A, Class A, 2.250%, 12/15/20 (e)		2,441

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	1,431	Series 2015-1A, Class B, 4.430%, 12/15/20 (e)		1,455
	3,708	Series 2016-1A, Class A, 2.730%, 10/15/20 (e)		3,709
	1,200	Series 2016-1A, Class C, 6.900%, 10/15/21 (e)		1,263
	618	GMAT Trust, Series 2013-1A, Class A, SUB, 6.967%, 11/25/43 (e)		619
		GO Financial Auto Securitization Trust,
	139	Series 2015-1, Class A, 1.810%, 03/15/18 (e)		139
	1,618	Series 2015-1, Class B, 3.590%, 10/15/20 (e)		1,610
	1,192	Series 2015-2, Class A, 3.270%, 11/15/18 (e)		1,193
	1,251	Gold Key Resorts LLC, Series 2014-A, Class A, 3.220%, 03/17/31 (e)		1,247
	1,609	Green Tree Agency Advance Funding Trust I, Series 2016-T1, Class BT1, 3.122%, 10/15/48 (e)		1,600
	1,834	HERO Funding Trust, Series 2016-3A, Class A1, 3.080%, 09/20/42 (e)		1,834
	122	Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-A, Class A3, VAR, 0.792%, 03/25/36		112
	293	Honda Auto Receivables Owner Trust, Series 2014-2, Class A3, 0.770%, 03/19/18		292
	506	HSBC Home Equity Loan Trust USA, Series 2007-3, Class APT, VAR, 1.762%, 11/20/36		505
		Hyundai Auto Receivables Trust,
	106	Series 2015-B, Class A2A, 0.690%, 04/16/18		106
	931	Series 2015-B, Class A3, 1.120%, 11/15/19		930
	960	Series 2016-A, Class A3, 1.560%, 09/15/20		963
	3,651	Invitation Homes Trust, Series 2014-SFR1, Class A, VAR, 1.550%, 06/17/31 (e)		3,637
		KGS-Alpha SBA COOF Trust,
	10,079	Series 2012-2, Class A, IO, VAR, 0.822%, 08/25/38 (e)		268
	7,813	Series 2013-2, Class A, IO, VAR, 1.577%, 03/25/39 (e)		361
	3,994	Series 2015-2, Class A, IO, VAR, 2.700%, 07/25/41 (e)		523
	1,599	LendingClub Issuance Trust, Series 2016-NP1, Class A, 3.750%, 06/15/22 (e)		1,604
	2,894	Lendmark Funding Trust, Series 2016-A, Class A, 4.820%, 08/21/23 (e)		2,962
	205	Long Beach Mortgage Loan Trust, Series 2006-WL2, Class 2A3, VAR, 0.792%, 01/25/36		202
		LV Tower 52 Issuer LLC,
	3,467	Series 2013-1, Class A, 5.500%, 07/15/19 (e)		3,430
	996	Series 2013-1, Class M, 7.500%, 07/15/19 (e)		971
		MarketPlace Loan Trust,
	454	Series 2015-OD3, Class B, 5.250%, 09/17/17 (e)		452
	119	Series 2015-OD4, Class A, 3.250%, 12/18/17 (e)		119
	1,087	Series 2015-OD4, Class B, 5.250%, 12/18/17 (e)		1,082
	3,231	Marlette Funding Trust, Series 2016-1A, Class A, 3.060%, 01/17/23 (e)		3,231
	1,089	Mercedes-Benz Auto Receivables Trust, Series 2015-1, Class A2A, 0.820%, 06/15/18		1,089
	891	Mid-State Capital Corp. Trust, Series 2006-1, Class M1, 6.083%, 10/15/40 (e)		930
	5,186	Murray Hill Marketplace Trust, Series 2016-LC1, Class A, 4.190%, 11/25/22 (e)		5,212
		Nationstar HECM Loan Trust,
	114	Series 2015-2A, Class A, 2.883%, 11/25/25 (e)		114
	907	Series 2016-1A, Class A, 2.981%, 02/25/26 (e)		906
	1,121	Series 2016-1A, Class M1, 4.360%, 02/25/26 (e)		1,117
	403	NCUA Guaranteed Notes Trust, Series 2010-A1, Class A, VAR, 0.885%, 12/07/20		402
	695	New Century Home Equity Loan Trust, Series 2003-5, Class AI6, SUB, 5.178%, 11/25/33		703
		New Residential Advance Receivables Trust Advance Receivables Backed Notes,
	2,411	Series 2015-T2, Class DT2, 4.679%, 08/17/48 (e)		2,406
	2,565	Series 2016-T2, Class AT2, 2.575%, 10/15/49 (e)		2,557
		Nissan Auto Receivables Owner Trust,
	563	Series 2014-B, Class A3, 1.110%, 05/15/19		563

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	857	Series 2016-B, Class A3, 1.320%, 01/15/21		856
		NRPL Trust,
	2,588	Series 2015-1A, Class A1, SUB, 3.875%, 11/01/54 (e)		2,567
	1,522	Series 2015-1A, Class A2, SUB, 3.875%, 11/01/54 (e)		1,515
	6,277	Series 2015-2A, Class A1, SUB, 3.750%, 10/25/57 (e)		6,137
	1,200	Series 2015-2A, Class A2, SUB, 3.750%, 10/25/57 (e)		1,147
		Oak Hill Advisors Residential Loan Trust,
	2,055	Series 2015-NPL2, Class A1, SUB, 3.721%, 07/25/55 (e)		2,060
	769	Series 2015-NPL2, Class A2, SUB, 4.000%, 07/25/55 (e)		752
		Ocwen Master Advance Receivables Trust,
	2,934	Series 2015-T3, Class AT3, 3.211%, 11/15/47 (e)		2,935
	654	Series 2015-T3, Class BT3, 3.704%, 11/15/47 (e)		651
	487	Series 2015-T3, Class CT3, 4.196%, 11/15/47 (e)		488
	2,500	Series 2015-T3, Class DT3, 4.687%, 11/15/47 (e)		2,519
	1,400	Series 2016-T1, Class AT1, 2.521%, 08/17/48 (e)		1,395
		OnDeck Asset Securitization Trust II LLC,
	2,169	Series 2016-1A, Class A, 4.210%, 05/17/20 (e)		2,173
	1,174	Series 2016-1A, Class B, 7.630%, 05/17/20 (e)		1,196
		OneMain Financial Issuance Trust,
	1,301	Series 2014-1A, Class A, 2.430%, 06/18/24 (e)		1,301
	402	Series 2014-1A, Class B, 3.240%, 06/18/24 (e)		402
	2,533	Series 2014-2A, Class A, 2.470%, 09/18/24 (e)		2,534
	1,491	Series 2014-2A, Class B, 3.020%, 09/18/24 (e)		1,488
	4,603	Series 2015-1A, Class A, 3.190%, 03/18/26 (e)		4,639
	550	Series 2015-1A, Class B, 3.850%, 03/18/26 (e)		547
	9,374	Series 2015-2A, Class A, 2.570%, 07/18/25 (e)		9,368
	1,911	Series 2015-2A, Class B, 3.100%, 07/18/25 (e)		1,892
	2,755	Series 2016-1A, Class A, 3.660%, 02/20/29 (e)		2,799
	1,800	Series 2016-1A, Class C, 6.000%, 02/20/29 (e)		1,831
	4,075	Series 2016-2A, Class C, SUB, 5.670%, 03/20/28 (e)		4,156
		Oportun Funding II LLC,
	4,448	Series 2016-A, Class A, 4.700%, 03/08/21 (e)		4,517
	1,622	Series 2016-A, Class B, 6.410%, 03/08/21 (e)		1,621
	211	PFS Tax Lien Trust, Series 2014-1, 1.440%, 05/15/29 (e)		210
		Progreso Receivables Funding III LLC,
	3,531	Series 2015-A, Class A, 3.625%, 02/08/20 (e)		3,542
	906	Series 2015-A, Class B, 5.500%, 02/08/20 (e)		908
		Progreso Receivables Funding IV LLC,
	1,603	Series 2015-B, Class A, 3.000%, 07/28/20 (e)		1,602
	726	Series 2015-B, Class B, 5.000%, 07/28/20 (e)		729
		Progress Residential Trust,
	3,935	Series 2015-SFR2, Class A, 2.740%, 06/12/32 (e)		3,920
	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)		2,559
	1,230	Series 2015-SFR2, Class E, 4.427%, 06/12/32 (e)		1,211
	5,245	Series 2015-SFR3, Class A, 3.067%, 11/12/32 (e)		5,290
	295	Series 2015-SFR3, Class D, 4.673%, 11/12/32 (e)		302
	1,200	Series 2015-SFR3, Class E, 5.660%, 11/12/32 (e)		1,229
		Purchasing Power Funding LLC,
	4,000	Series 2015-A, Class A2, 4.750%, 12/15/19 (e)		4,000
	1,030	Series 2015-A, Class B, 6.000%, 12/15/19 (e)		1,030
	3,380	Series 2016-A, Class A, VAR, 0.000%, 02/27/19		3,380
	515	RAMP Trust, Series 2006-RZ1, Class A3, VAR, 0.892%, 03/25/36		512
	927	RBSHD Trust, Series 2013-1A, Class A, SUB, 7.685%, 10/25/47 (e)		927

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	292	Renaissance Home Equity Loan Trust, Series 2007-2, Class AF2, SUB, 5.675%, 06/25/37		136
	2,104	RMAT LLC, Series 2015-NPL1, Class A1, SUB, 3.750%, 05/25/55 (e)		2,089
		Santander Drive Auto Receivables Trust,
	614	Series 2015-S1, Class R1, 1.930%, 09/17/19 (e)		613
	240	Series 2015-S7, Class R1, 1.970%, 03/16/21 (e)		240
	165	Saxon Asset Securities Trust, Series 2003-1, Class AF6, SUB, 4.795%, 06/25/33		166
	259	Securitized Asset-Backed Receivables LLC Trust, Series 2006-CB1, Class AF2, SUB, 3.397%, 01/25/36		193
	306	Selene Non-Performing Loans LLC, Series 2014-1A, Class A, SUB, 2.981%, 05/25/54 (e)		305
	437	Skopos Auto Receivables Trust, Series 2015-2A, Class A, 3.550%, 02/15/20 (e)		437
	2,293	SoFi Consumer Loan Program LLC, Series 2016-2A, Class A, 3.090%, 10/27/25 (e)		2,294
	3,724	SpringCastle America Funding LLC, Series 2016-AA, Class A, 3.050%, 04/25/29 (e)		3,743
		Springleaf Funding Trust,
	2,600	Series 2014-AA, Class A, 2.410%, 12/15/22 (e)		2,602
	525	Series 2014-AA, Class B, 3.450%, 12/15/22 (e)		526
	3,841	Series 2015-AA, Class A, 3.160%, 11/15/24 (e)		3,867
	1,087	Series 2015-AA, Class B, 3.620%, 11/15/24 (e)		1,076
	1,927	Spruce ABS Trust, Series 2016-E1, Class A, 4.320%, 06/15/28 (e)		1,900
	8,499	SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes, Series 2015-T3, Class CT3, 3.910%, 07/15/47 (e)		8,509
	1,290	Sunset Mortgage Loan Co. LLC, Series 2014-NPL2, Class A, SUB, 3.721%, 11/16/44 (e)		1,290
	784	Toyota Auto Receivables Owner Trust, Series 2016-B, Class A3, 1.300%, 04/15/20		783
	4,251	Trafigura Securitisation Finance plc, (Ireland), Series 2014-1A, Class A, VAR, 1.488%, 10/15/18 (e)		4,234
		Tricon American Homes Trust,
	906	Series 2015-SFR1, Class A, VAR, 1.800%, 05/17/32 (e)		903
	1,824	Series 2016-SFR1, Class A, 2.589%, 11/17/33 (e)		1,782
		U.S. Residential Opportunity Fund III Trust,
	2,150	Series 2016-1III, Class A, SUB, 3.475%, 07/27/36 (e)		2,146
	2,780	Series 2016-2III, Class A, SUB, 3.475%, 08/27/36 (e)		2,771
	2,336	Vericrest Opportunity Loan Trust, Series 2015-NPL3, Class A1, SUB, 3.375%, 10/25/58 (e)		2,333
	250	Verizon Owner Trust, Series 2016-1A, Class A, 1.420%, 01/20/21 (e)		249
	445	VML LLC, Series 2014-NPL1, Class A1, VAR, 3.875%, 04/27/54 (e)		443
	396	VOLT NPL X LLC, Series 2014-NPL8, Class A1, SUB, 3.375%, 10/26/54 (e)		397
		VOLT XIX LLC,
	639	Series 2014-NP11, Class A1, SUB, 3.875%, 04/25/55 (e)		642
	400	Series 2014-NP11, Class A2, SUB, 5.000%, 04/25/55 (e)		393
	1,776	VOLT XL LLC, Series 2015-NP14, Class A1, SUB, 4.375%, 11/27/45 (e)		1,790
	850	VOLT XLV LLC, Series 2016-NPL5, Class A1, SUB, 4.000%, 05/25/46 (e)		856
	2,471	VOLT XLVI LLC, Series 2016-NPL6, Class A1, SUB, 3.844%, 06/25/46 (e)		2,478
		VOLT XXII LLC,
	932	Series 2015-NPL4, Class A1, SUB, 3.500%, 02/25/55 (e)		933
	665	Series 2015-NPL4, Class A2, SUB, 4.250%, 02/25/55 (e)		651
	1,174	VOLT XXIV LLC, Series 2015-NPL6, Class A1, SUB, 3.500%, 02/25/55 (e)		1,172
	5,808	VOLT XXV LLC, Series 2015-NPL8, Class A1, SUB, 3.500%, 06/26/45 (e)		5,802

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
			VOLT XXVI LLC,
	1,059		Series 2014-NPL6, Class A1, SUB, 3.125%, 09/25/43 (e)		1,056
	921		Series 2014-NPL6, Class A2, SUB, 4.250%, 09/25/43 (e)		903
	3,345		VOLT XXVII LLC, Series 2014-NPL7, Class A1, SUB, 3.375%, 08/27/57 (e)		3,347
	1,662		VOLT XXX LLC, Series 2015-NPL1, Class A1, SUB, 3.625%, 10/25/57 (e)		1,662
	1,408		VOLT XXXI LLC, Series 2015-NPL2, Class A1, SUB, 3.375%, 02/25/55 (e)		1,412
	1,643		VOLT XXXIII LLC, Series 2015-NPL5, Class A1, SUB, 3.500%, 03/25/55 (e)		1,648
	884		VOLT XXXIX LLC, Series 2015-NP13, Class A1, SUB, 4.125%, 10/25/45 (e)		889
	3,170		VOLT XXXV, Series 2016-NPL9, Class A1, SUB, 3.500%, 09/25/46 (e)		3,168
	1,745		VOLT XXXV LLC, Series 2015-NPL9, Class A1, SUB, 3.500%, 06/26/45 (e)		1,746
			Westgate Resorts LLC,
	268		Series 2013-1A, Class A, 2.250%, 08/20/25 (e)		268
	361		Series 2015-1A, Class A, 2.750%, 05/20/27 (e)		359
			World Omni Auto Receivables Trust,
	140		Series 2013-B, Class A3, 0.830%, 08/15/18		140
	413		Series 2013-B, Class A4, 1.320%, 01/15/20		413
			Total Asset-Backed Securities (Cost $402,381)		402,215
	Collateralized Mortgage Obligations — 17.0%
			Agency CMO — 13.1%
	109		Federal Home Loan Mortgage Corp. - Government National Mortgage Association, Series 8, Class ZA, 7.000%, 03/25/23		119
			Federal Home Loan Mortgage Corp. REMIC,
	2		Series 22, Class C, 9.500%, 04/15/20		2
	4		Series 23, Class F, 9.600%, 04/15/20		4
	–	(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, 1,781.449%, 05/15/23		—	(h)
	–	(h)	Series 1045, Class G, HB, 1,066.208%, 02/15/21		—	(h)
	3		Series 1065, Class J, 9.000%, 04/15/21		3
	–	(h)	Series 1079, Class S, HB, IF, 32.170%, 05/15/21		1
	2		Series 1084, Class F, VAR, 1.488%, 05/15/21		2
	1		Series 1084, Class S, HB, IF, 42.803%, 05/15/21		1
	5		Series 1116, Class I, 5.500%, 08/15/21		5
	7		Series 1144, Class KB, 8.500%, 09/15/21		7
	–	(h)	Series 1172, Class L, HB, VAR, 1,181.250%, 11/15/21		—	(h)
	–	(h)	Series 1196, Class B, HB, IF, 1,133.280%, 01/15/22		1
	5		Series 1250, Class J, 7.000%, 05/15/22		6
	10		Series 1343, Class LA, 8.000%, 08/15/22		12
	13		Series 1343, Class LB, 7.500%, 08/15/22		15
	23		Series 1370, Class JA, VAR, 1.688%, 09/15/22		23
	22		Series 1455, Class WB, IF, 4.406%, 12/15/22		23
	107		Series 1466, Class PZ, 7.500%, 02/15/23		118
	2		Series 1470, Class F, VAR, 1.601%, 02/15/23		2
	119		Series 1498, Class I, VAR, 1.688%, 04/15/23		122
	171		Series 1502, Class PX, 7.000%, 04/15/23		185
	19		Series 1505, Class Q, 7.000%, 05/15/23		21
	45		Series 1518, Class G, IF, 8.474%, 05/15/23		52
	15		Series 1541, Class M, HB, IF, 25.112%, 07/15/23		22
	41		Series 1541, Class O, VAR, 1.120%, 07/15/23		40
	4		Series 1570, Class F, VAR, 2.101%, 08/15/23		4

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	150	Series 1573, Class PZ, 7.000%, 09/15/23		165
	89	Series 1591, Class PV, 6.250%, 10/15/23		98
	27	Series 1602, Class SA, HB, IF, 21.001%, 10/15/23		39
	402	Series 1608, Class L, 6.500%, 09/15/23		454
	273	Series 1638, Class H, 6.500%, 12/15/23		308
	193	Series 1642, Class PJ, 6.000%, 11/15/23		210
	14	Series 1671, Class QC, IF, 10.000%, 02/15/24		20
	9	Series 1686, Class SH, IF, 18.027%, 02/15/24		13
	65	Series 1695, Class EB, 7.000%, 03/15/24		71
	13	Series 1699, Class FC, VAR, 1.138%, 03/15/24		13
	69	Series 1700, Class GA, PO, 02/15/24		66
	174	Series 1706, Class K, 7.000%, 03/15/24		193
	6	Series 1709, Class FA, VAR, 0.910%, 03/15/24		6
	24	Series 1745, Class D, 7.500%, 08/15/24		27
	385	Series 1760, Class ZD, VAR, 1.260%, 02/15/24		388
	141	Series 1798, Class F, 5.000%, 05/15/23		150
	2	Series 1807, Class G, 9.000%, 10/15/20		2
	34	Series 1829, Class ZB, 6.500%, 03/15/26		37
	36	Series 1863, Class Z, 6.500%, 07/15/26		40
	39	Series 1865, Class D, PO, 02/15/24		35
	34	Series 1890, Class H, 7.500%, 09/15/26		38
	105	Series 1899, Class ZE, 8.000%, 09/15/26		119
	6	Series 1935, Class FL, VAR, 1.238%, 02/15/27		6
	75	Series 1963, Class Z, 7.500%, 01/15/27		85
	11	Series 1970, Class PG, 7.250%, 07/15/27		12
	131	Series 1981, Class Z, 6.000%, 05/15/27		144
	47	Series 1987, Class PE, 7.500%, 09/15/27		52
	114	Series 2019, Class Z, 6.500%, 12/15/27		126
	31	Series 2033, Class SN, HB, IF, 28.731%, 03/15/24		14
	91	Series 2038, Class PN, IO, 7.000%, 03/15/28		18
	201	Series 2040, Class PE, 7.500%, 03/15/28		227
	27	Series 2043, Class CJ, 6.500%, 04/15/28		31
	130	Series 2054, Class PV, 7.500%, 05/15/28		147
	257	Series 2075, Class PH, 6.500%, 08/15/28		282
	289	Series 2075, Class PM, 6.250%, 08/15/28		318
	79	Series 2086, Class GB, 6.000%, 09/15/28		89
	122	Series 2089, Class PJ, IO, 7.000%, 10/15/28		14
	346	Series 2095, Class PE, 6.000%, 11/15/28		396
	115	Series 2125, Class JZ, 6.000%, 02/15/29		128
	27	Series 2132, Class SB, HB, IF, 28.242%, 03/15/29		46
	8	Series 2134, Class PI, IO, 6.500%, 03/15/19		—	(h)
	150	Series 2136, Class PG, 6.000%, 03/15/29		173
	42	Series 2141, Class IO, IO, 7.000%, 04/15/29		5
	43	Series 2163, Class PC, IO, 7.500%, 06/15/29		5
	445	Series 2169, Class TB, 7.000%, 06/15/29		503
	249	Series 2172, Class QC, 7.000%, 07/15/29		277
	215	Series 2176, Class OJ, 7.000%, 08/15/29		246
	117	Series 2201, Class C, 8.000%, 11/15/29		132
	115	Series 2209, Class TC, 8.000%, 01/15/30		137

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	204		Series 2210, Class Z, 8.000%, 01/15/30		232
	38		Series 2224, Class CB, 8.000%, 03/15/30		45
	105		Series 2230, Class Z, 8.000%, 04/15/30		121
	82		Series 2234, Class PZ, 7.500%, 05/15/30		94
	77		Series 2247, Class Z, 7.500%, 08/15/30		88
	114		Series 2256, Class MC, 7.250%, 09/15/30		130
	168		Series 2259, Class ZM, 7.000%, 10/15/30		190
	5		Series 2261, Class ZY, 7.500%, 10/15/30		6
	25		Series 2262, Class Z, 7.500%, 10/15/30		28
	217		Series 2271, Class PC, 7.250%, 12/15/30		246
	181		Series 2283, Class K, 6.500%, 12/15/23		198
	100		Series 2296, Class PD, 7.000%, 03/15/31		115
	29		Series 2306, Class K, PO, 05/15/24		27
	68		Series 2306, Class SE, IF, IO, 8.840%, 05/15/24		13
	127		Series 2313, Class LA, 6.500%, 05/15/31		146
	159		Series 2325, Class PM, 7.000%, 06/15/31		183
	1,041		Series 2344, Class ZD, 6.500%, 08/15/31		1,204
	87		Series 2344, Class ZJ, 6.500%, 08/15/31		98
	80		Series 2345, Class NE, 6.500%, 08/15/31		92
	85		Series 2351, Class PZ, 6.500%, 08/15/31		96
	722		Series 2353, Class AZ, 6.000%, 09/15/31		828
	327		Series 2359, Class ZB, 8.500%, 06/15/31		381
	167		Series 2367, Class ME, 6.500%, 10/15/31		190
	–	(h)	Series 2391, Class QR, 5.500%, 12/15/16		—	(h)
	–	(h)	Series 2394, Class MC, 6.000%, 12/15/16		—	(h)
	372		Series 2396, Class FM, VAR, 0.988%, 12/15/31		373
	190		Series 2399, Class OH, 6.500%, 01/15/32		211
	306		Series 2399, Class TH, 6.500%, 01/15/32		337
	289		Series 2410, Class NG, 6.500%, 02/15/32		322
	101		Series 2410, Class OE, 6.375%, 02/15/32		109
	200		Series 2410, Class QS, IF, 18.101%, 02/15/32		307
	106		Series 2410, Class QX, IF, IO, 8.112%, 02/15/32		28
	232		Series 2412, Class SP, IF, 15.024%, 02/15/32		300
	321		Series 2420, Class XK, 6.500%, 02/15/32		355
	292		Series 2423, Class MC, 7.000%, 03/15/32		331
	255		Series 2423, Class MT, 7.000%, 03/15/32		290
	5		Series 2425, Class OB, 6.000%, 03/15/17		5
	519		Series 2430, Class WF, 6.500%, 03/15/32		592
	299		Series 2434, Class TC, 7.000%, 04/15/32		345
	350		Series 2435, Class CJ, 6.500%, 04/15/32		402
	230		Series 2436, Class MC, 7.000%, 04/15/32		255
	193		Series 2444, Class ES, IF, IO, 7.412%, 03/15/32		50
	140		Series 2450, Class GZ, 7.000%, 05/15/32		158
	154		Series 2450, Class SW, IF, IO, 7.462%, 03/15/32		36
	642		Series 2455, Class GK, 6.500%, 05/15/32		731
	–	(h)	Series 2458, Class QE, 5.500%, 06/15/17		—	(h)
	227		Series 2462, Class JG, 6.500%, 06/15/32		255
	492		Series 2464, Class SI, IF, IO, 7.462%, 02/15/32		106
	440		Series 2466, Class PH, 6.500%, 06/15/32		500

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	243	Series 2474, Class NR, 6.500%, 07/15/32		276
	287	Series 2484, Class LZ, 6.500%, 07/15/32		330
	321	Series 2500, Class MC, 6.000%, 09/15/32		364
	4	Series 2503, Class BH, 5.500%, 09/15/17		4
	30	Series 2508, Class AQ, 5.500%, 10/15/17		30
	255	Series 2512, Class PG, 5.500%, 10/15/22		279
	136	Series 2535, Class BK, 5.500%, 12/15/22		146
	58	Series 2537, Class TE, 5.500%, 12/15/17		59
	501	Series 2543, Class YX, 6.000%, 12/15/32		556
	474	Series 2544, Class HC, 6.000%, 12/15/32		541
	609	Series 2552, Class ME, 6.000%, 01/15/33		700
	509	Series 2567, Class QD, 6.000%, 02/15/33		583
	343	Series 2568, Class KG, 5.500%, 02/15/23		378
	63	Series 2571, Class SK, HB, IF, 32.179%, 09/15/23		104
	1,397	Series 2575, Class ME, 6.000%, 02/15/33		1,513
	183	Series 2586, Class WI, IO, 6.500%, 03/15/33		35
	147	Series 2587, Class WX, 5.000%, 03/15/18		149
	388	Series 2596, Class QG, 6.000%, 03/15/33		419
	58	Series 2611, Class UH, 4.500%, 05/15/18		59
	109	Series 2617, Class GR, 4.500%, 05/15/18		111
	86	Series 2626, Class NS, IF, IO, 6.012%, 06/15/23		3
	122	Series 2631, Class LC, 4.500%, 06/15/18		124
	60	Series 2636, Class Z, 4.500%, 06/15/18		61
	84	Series 2637, Class SA, IF, IO, 5.562%, 06/15/18		3
	23	Series 2638, Class DS, IF, 8.062%, 07/15/23		26
	58	Series 2650, Class PO, PO, 12/15/32		57
	352	Series 2650, Class SO, PO, 12/15/32		345
	94	Series 2651, Class VZ, 4.500%, 07/15/18		96
	473	Series 2675, Class CK, 4.000%, 09/15/18		481
	80	Series 2692, Class SC, IF, 12.210%, 07/15/33		89
	140	Series 2695, Class DG, 4.000%, 10/15/18		143
	838	Series 2710, Class HB, 5.500%, 11/15/23		917
	534	Series 2716, Class UN, 4.500%, 12/15/23		562
	129	Series 2744, Class PE, 5.500%, 02/15/34		136
	133	Series 2744, Class TU, 5.500%, 05/15/32		134
	286	Series 2783, Class AT, 4.000%, 04/15/19		291
	758	Series 2809, Class UC, 4.000%, 06/15/19		773
	41	Series 2835, Class QO, PO, 12/15/32		37
	28	Series 2840, Class JO, PO, 06/15/23		27
	62	Series 2922, Class JN, 4.500%, 02/15/20		63
	252	Series 2934, Class EC, PO, 02/15/20		245
	210	Series 2934, Class HI, IO, 5.000%, 02/15/20		12
	171	Series 2934, Class KI, IO, 5.000%, 02/15/20		8
	118	Series 2958, Class QD, 4.500%, 04/15/20		121
	768	Series 2965, Class GD, 4.500%, 04/15/20		789
	13	Series 2989, Class PO, PO, 06/15/23		13
	2,996	Series 2990, Class UZ, 5.750%, 06/15/35		3,385
	1,233	Series 3004, Class EK, 5.500%, 07/15/35		1,300
	64	Series 3014, Class OD, PO, 08/15/35		59
	944	Series 3047, Class OD, 5.500%, 10/15/35		1,042
	3,095	Series 3064, Class MC, 5.500%, 11/15/35		3,428
	8	Series 3068, Class AO, PO, 01/15/35		8

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	120	Series 3068, Class QB, 4.500%, 06/15/20		122
	1,145	Series 3074, Class BH, 5.000%, 11/15/35		1,232
	276	Series 3085, Class WF, VAR, 1.338%, 08/15/35		282
	465	Series 3102, Class FB, VAR, 0.838%, 01/15/36		465
	109	Series 3102, Class HS, HB, IF, 22.593%, 01/15/36		165
	565	Series 3117, Class EO, PO, 02/15/36		500
	327	Series 3117, Class OK, PO, 02/15/36		277
	20	Series 3122, Class ZB, 6.000%, 03/15/36		24
	1,136	Series 3131, Class BK, 5.500%, 03/15/26		1,236
	98	Series 3134, Class PO, PO, 03/15/36		89
	455	Series 3138, Class PO, PO, 04/15/36		398
	31	Series 3149, Class SO, PO, 05/15/36		25
	297	Series 3151, Class UC, 5.500%, 08/15/35		311
	427	Series 3152, Class MO, PO, 03/15/36		377
	105	Series 3171, Class MO, PO, 06/15/36		97
	389	Series 3179, Class OA, PO, 07/15/36		351
	82	Series 3194, Class SA, IF, IO, 6.562%, 07/15/36		8
	397	Series 3211, Class SO, PO, 09/15/36		354
	179	Series 3218, Class AO, PO, 09/15/36		152
	349	Series 3219, Class DI, IO, 6.000%, 04/15/36		70
	988	Series 3229, Class HE, 5.000%, 10/15/26		1,064
	367	Series 3232, Class ST, IF, IO, 6.162%, 10/15/36		59
	148	Series 3233, Class OP, PO, 05/15/36		135
	239	Series 3256, Class PO, PO, 12/15/36		212
	543	Series 3260, Class CS, IF, IO, 5.602%, 01/15/37		91
	284	Series 3261, Class OA, PO, 01/15/37		262
	125	Series 3274, Class JO, PO, 02/15/37		114
	102	Series 3275, Class FL, VAR, 0.978%, 02/15/37		102
	600	Series 3290, Class SB, IF, IO, 5.912%, 03/15/37		88
	940	Series 3315, Class HZ, 6.000%, 05/15/37		992
	42	Series 3318, Class AO, PO, 05/15/37		38
	61	Series 3326, Class JO, PO, 06/15/37		57
	290	Series 3331, Class PO, PO, 06/15/37		267
	227	Series 3385, Class SN, IF, IO, 5.462%, 11/15/37		27
	386	Series 3387, Class SA, IF, IO, 5.882%, 11/15/37		58
	652	Series 3404, Class SC, IF, IO, 5.462%, 01/15/38		86
	3,829	Series 3422, Class AI, IO, SUB, 0.250%, 01/15/38		47
	465	Series 3424, Class PI, IF, IO, 6.262%, 04/15/38		65
	832	Series 3481, Class SJ, IF, IO, 5.312%, 08/15/38		73
	548	Series 3511, Class SA, IF, IO, 5.462%, 02/15/39		91
	164	Series 3549, Class FA, VAR, 1.738%, 07/15/39		167
	217	Series 3607, Class BO, PO, 04/15/36		199
	758	Series 3607, Class OP, PO, 07/15/37		657
	397	Series 3607, Class PO, PO, 05/15/37		349
	101	Series 3611, Class PO, PO, 07/15/34		93
	298	Series 3621, Class BO, PO, 01/15/40		264
	342	Series 3720, Class A, 4.500%, 09/15/25		366
	254	Series 3739, Class LI, IO, 4.000%, 03/15/34		2
	1,488	Series 3747, Class HI, IO, 4.500%, 07/15/37		73
	1,000	Series 3747, Class PY, 4.000%, 10/15/40		1,040
	888	Series 3759, Class HI, IO, 4.000%, 08/15/37		53
	736	Series 3760, Class GI, IO, 4.000%, 10/15/37		35
	9,334	Series 3774, Class EW, 3.500%, 12/15/25		9,745
	5,000	Series 3793, Class AB, 3.500%, 01/15/26		5,242
	8	Series 3798, Class BF, VAR, 0.838%, 06/15/24		8
	239	Series 3804, Class FN, VAR, 0.988%, 03/15/39		240
	1,972	Series 3819, Class ZQ, 6.000%, 04/15/36		2,216
	462	Series 3852, Class QN, IF, 5.500%, 05/15/41		476

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	1,453	Series 3852, Class TP, IF, 5.500%, 05/15/41		1,515
	1,489	Series 3920, Class LP, 5.000%, 01/15/34		1,624
	971	Series 3925, Class FL, VAR, 0.988%, 01/15/41		970
	702	Series 3957, Class B, 4.000%, 11/15/41		738
	984	Series 3966, Class NA, 4.000%, 12/15/41		1,044
	498	Series 3997, Class PF, VAR, 0.988%, 11/15/39		499
	2,207	Series 4048, Class FJ, VAR, 0.927%, 07/15/37		2,173
	2,000	Series 4217, Class KY, 3.000%, 06/15/43		1,911
	2,501	Series 4240, Class B, 3.000%, 08/15/33		2,486
	3,684	Series 4251, Class KW, 2.500%, 04/15/28		3,515
	4,753	Series 4374, Class NC, SUB, 2.750%, 02/15/46		4,908
		Federal Home Loan Mortgage Corp. STRIPS,
	1	Series 134, Class B, IO, 9.000%, 04/01/22		—	(h)
	720	Series 233, Class 11, IO, 5.000%, 09/15/35		130
	1,026	Series 233, Class 13, IO, 5.000%, 09/15/35		188
	121	Series 243, Class 16, IO, 4.500%, 11/15/20		5
	288	Series 243, Class 17, IO, 4.500%, 12/15/20		14
	6,783	Series 262, Class 35, 3.500%, 07/15/42		6,985
	1,796	Series 264, Class F1, VAR, 1.088%, 07/15/42		1,793
	6,832	Series 299, Class 300, 3.000%, 01/15/43		6,850
	2,098	Series 310, Class PO, PO, 09/15/43		1,695
	4,125	Series 323, Class 300, 3.000%, 01/15/44		4,136
		Federal Home Loan Mortgage Corp. Structured Pass-Through Securities,
	412	Series T-41, Class 3A, VAR, 5.867%, 07/25/32		455
	254	Series T-51, Class 2A, VAR, 7.500%, 08/25/42		303
	1,480	Series T-54, Class 2A, 6.500%, 02/25/43		1,717
	425	Series T-54, Class 3A, 7.000%, 02/25/43		492
	165	Series T-58, Class APO, PO, 09/25/43		139
	377	Series T-59, Class 1AP, PO, 10/25/43		305
	1,513	Series T-76, Class 2A, VAR, 3.223%, 10/25/37		1,532
		Federal National Mortgage Association - ACES,
	2,930	Series 2010-M3, Class A3, VAR, 4.332%, 03/25/20		3,118
	1,416	Series 2011-M2, Class A2, 3.645%, 04/25/21		1,481
	8,500	Series 2011-M2, Class A3, 3.764%, 04/25/21		9,011
	181	Series 2012-M11, Class FA, VAR, 1.066%, 08/25/19		180
	1,878	Series 2013-M7, Class A2, 2.280%, 12/27/22		1,857
	2,664	Series 2014-M2, Class A2, VAR, 3.513%, 12/25/23		2,795
	2,500	Series 2014-M3, Class A2, VAR, 3.501%, 01/25/24		2,628
	7,700	Series 2014-M12, Class ASV2, VAR, 2.614%, 10/25/21		7,838
	8,555	Series 2015-M10, Class A2, VAR, 3.092%, 04/25/27		8,589
		Federal National Mortgage Association Grantor Trust,
	722	Series 2002-T19, Class A2, 7.000%, 07/25/42		860
	549	Series 2004-T3, Class 1A3, 7.000%, 02/25/44		635
		Federal National Mortgage Association REMIC,
	1	Series 1988-7, Class Z, 9.250%, 04/25/18		1
	4	Series 1989-70, Class G, 8.000%, 10/25/19		4
	2	Series 1989-78, Class H, 9.400%, 11/25/19		2
	4	Series 1989-83, Class H, 8.500%, 11/25/19		4
	2	Series 1989-89, Class H, 9.000%, 11/25/19		2

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	3		Series 1990-1, Class D, 8.800%, 01/25/20		3
	–	(h)	Series 1990-60, Class K, 5.500%, 06/25/20		—	(h)
	1		Series 1990-63, Class H, 9.500%, 06/25/20		1
	1		Series 1990-93, Class G, 5.500%, 08/25/20		1
	–	(h)	Series 1990-94, Class H, HB, 505.000%, 08/25/20		—	(h)
	–	(h)	Series 1990-95, Class J, HB, 1,118.040%, 08/25/20		—	(h)
	8		Series 1990-102, Class J, 6.500%, 08/25/20		9
	8		Series 1990-120, Class H, 9.000%, 10/25/20		8
	1		Series 1990-134, Class SC, HB, IF, 20.724%, 11/25/20		1
	–	(h)	Series 1990-140, Class K, HB, 652.145%, 12/25/20		1
	3		Series 1991-24, Class Z, 5.000%, 03/25/21		3
	1		Series 1992-101, Class J, 7.500%, 06/25/22		1
	21		Series 1992-136, Class PK, 6.000%, 08/25/22		22
	13		Series 1992-143, Class MA, 5.500%, 09/25/22		14
	51		Series 1992-163, Class M, 7.750%, 09/25/22		56
	81		Series 1992-188, Class PZ, 7.500%, 10/25/22		90
	33		Series 1993-21, Class KA, 7.700%, 03/25/23		37
	52		Series 1993-25, Class J, 7.500%, 03/25/23		57
	13		Series 1993-27, Class SA, IF, 15.500%, 02/25/23		18
	19		Series 1993-62, Class SA, IF, 19.131%, 04/25/23		26
	10		Series 1993-165, Class SD, IF, 13.582%, 09/25/23		13
	22		Series 1993-165, Class SK, IF, 12.500%, 09/25/23		25
	16		Series 1993-179, Class SB, HB, IF, 27.121%, 10/25/23		24
	10		Series 1993-179, Class SC, IF, 10.500%, 10/25/23		13
	29		Series 1993-205, Class H, PO, 09/25/23		28
	48		Series 1993-225, Class UB, 6.500%, 12/25/23		53
	16		Series 1993-230, Class FA, VAR, 1.184%, 12/25/23		16
	39		Series 1993-247, Class FE, VAR, 1.584%, 12/25/23		40
	18		Series 1993-247, Class SU, IF, 12.349%, 12/25/23		23
	160		Series 1994-37, Class L, 6.500%, 03/25/24		175
	883		Series 1994-40, Class Z, 6.500%, 03/25/24		957
	39		Series 1995-2, Class Z, 8.500%, 01/25/25		45
	196		Series 1995-19, Class Z, 6.500%, 11/25/23		222
	173		Series 1996-14, Class SE, IF, IO, 8.990%, 08/25/23		33
	–	(h)	Series 1996-27, Class FC, VAR, 1.084%, 03/25/17		—	(h)
	14		Series 1996-59, Class J, 6.500%, 08/25/22		15
	139		Series 1997-20, Class IO, IO, VAR, 1.840%, 03/25/27		4
	14		Series 1997-27, Class J, 7.500%, 04/18/27		15
	31		Series 1997-29, Class J, 7.500%, 04/20/27		36
	212		Series 1997-39, Class PD, 7.500%, 05/20/27		246
	17		Series 1997-42, Class ZC, 6.500%, 07/18/27		19
	315		Series 1997-61, Class ZC, 7.000%, 02/25/23		348
	55		Series 1997-81, Class PI, IO, 7.000%, 12/18/27		6
	8		Series 1998-4, Class C, PO, 04/25/23		7
	93		Series 1998-36, Class ZB, 6.000%, 07/18/28		106
	58		Series 1998-43, Class SA, IF, IO, 18.707%, 04/25/23		20
	98		Series 1998-66, Class SB, IF, IO, 7.566%, 12/25/28		16
	62		Series 1999-17, Class C, 6.350%, 04/25/29		68
	251		Series 1999-18, Class Z, 5.500%, 04/18/29		278

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	21		Series 1999-38, Class SK, IF, IO, 7.466%, 08/25/23		2
	29		Series 1999-52, Class NS, HB, IF, 21.744%, 10/25/23		42
	91		Series 1999-62, Class PB, 7.500%, 12/18/29		105
	291		Series 2000-2, Class ZE, 7.500%, 02/25/30		338
	182		Series 2000-20, Class SA, IF, IO, 8.516%, 07/25/30		41
	23		Series 2000-52, Class IO, IO, 8.500%, 01/25/31		5
	67		Series 2001-4, Class PC, 7.000%, 03/25/21		72
	68		Series 2001-7, Class PF, 7.000%, 03/25/31		77
	184		Series 2001-30, Class PM, 7.000%, 07/25/31		207
	203		Series 2001-33, Class ID, IO, 6.000%, 07/25/31		46
	190		Series 2001-36, Class DE, 7.000%, 08/25/31		218
	458		Series 2001-44, Class MY, 7.000%, 09/25/31		519
	61		Series 2001-44, Class PD, 7.000%, 09/25/31		68
	79		Series 2001-44, Class PU, 7.000%, 09/25/31		89
	493		Series 2001-48, Class Z, 6.500%, 09/25/21		541
	47		Series 2001-49, Class Z, 6.500%, 09/25/31		53
	58		Series 2001-52, Class KB, 6.500%, 10/25/31		65
	594		Series 2001-61, Class Z, 7.000%, 11/25/31		663
	20		Series 2001-72, Class SX, IF, 16.105%, 12/25/31		28
	47		Series 2002-1, Class HC, 6.500%, 02/25/22		52
	56		Series 2002-1, Class SA, HB, IF, 23.289%, 02/25/32		93
	39		Series 2002-1, Class UD, HB, IF, 22.455%, 12/25/23		57
	2		Series 2002-2, Class UC, 6.000%, 02/25/17		2
	–	(h)	Series 2002-3, Class OG, 6.000%, 02/25/17		—	(h)
	2		Series 2002-10, Class SB, IF, 17.798%, 03/25/17		2
	661		Series 2002-13, Class SJ, IF, IO, 1.600%, 03/25/32		36
	9		Series 2002-13, Class ST, IF, 10.000%, 03/25/32		12
	1		Series 2002-19, Class PE, 6.000%, 04/25/17		1
	19		Series 2002-21, Class LO, PO, 04/25/32		17
	188		Series 2002-21, Class PE, 6.500%, 04/25/32		212
	11		Series 2002-24, Class AJ, 6.000%, 04/25/17		11
	4		Series 2002-25, Class SG, IF, 17.918%, 05/25/17		4
	480		Series 2002-28, Class PK, 6.500%, 05/25/32		530
	114		Series 2002-37, Class Z, 6.500%, 06/25/32		130
	17		Series 2002-42, Class C, 6.000%, 07/25/17		17
	658		Series 2002-48, Class GH, 6.500%, 08/25/32		757
	34		Series 2002-62, Class ZE, 5.500%, 11/25/17		34
	16		Series 2002-63, Class KC, 5.000%, 10/25/17		16
	102		Series 2002-77, Class S, IF, 13.412%, 12/25/32		124
	339		Series 2002-83, Class CS, 6.881%, 08/25/23		371
	17		Series 2002-94, Class BK, 5.500%, 01/25/18		17
	73		Series 2003-3, Class HJ, 5.000%, 02/25/18		74
	2,104		Series 2003-22, Class UD, 4.000%, 04/25/33		2,216
	666		Series 2003-33, Class IA, IO, 6.500%, 05/25/33		169
	427		Series 2003-34, Class AX, 6.000%, 05/25/33		490
	1,516		Series 2003-34, Class ED, 6.000%, 05/25/33		1,658
	26		Series 2003-35, Class UC, 3.750%, 05/25/33		27
	83		Series 2003-39, Class IO, IO, VAR, 6.000%, 05/25/33		20

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	665	Series 2003-39, Class LW, 5.500%, 05/25/23		713
	403	Series 2003-41, Class PE, 5.500%, 05/25/23		429
	120	Series 2003-42, Class GB, 4.000%, 05/25/33		127
	291	Series 2003-47, Class PE, 5.750%, 06/25/33		329
	106	Series 2003-52, Class SX, HB, IF, 21.197%, 10/25/31		153
	85	Series 2003-64, Class SX, IF, 12.418%, 07/25/33		106
	446	Series 2003-71, Class DS, IF, 6.757%, 08/25/33		473
	693	Series 2003-72, Class IE, IO, 5.500%, 08/25/33		129
	61	Series 2003-74, Class SH, IF, 9.118%, 08/25/33		74
	82	Series 2003-76, Class GQ, 4.500%, 08/25/18		84
	98	Series 2003-80, Class SY, IF, IO, 7.066%, 06/25/23		2
	152	Series 2003-81, Class LC, 4.500%, 09/25/18		155
	486	Series 2003-83, Class PG, 5.000%, 06/25/23		502
	152	Series 2003-91, Class SD, IF, 11.526%, 09/25/33		183
	959	Series 2003-116, Class SB, IF, IO, 7.016%, 11/25/33		201
	90	Series 2003-128, Class NG, 4.000%, 01/25/19		91
	45	Series 2003-130, Class SX, IF, 10.644%, 01/25/34		53
	72	Series 2003-132, Class OA, PO, 08/25/33		68
	873	Series 2004-4, Class QI, IF, IO, 6.516%, 06/25/33		79
	83	Series 2004-4, Class QM, IF, 13.032%, 06/25/33		94
	306	Series 2004-10, Class SC, HB, IF, 26.263%, 02/25/34		360
	207	Series 2004-25, Class PC, 5.500%, 01/25/34		214
	588	Series 2004-25, Class SA, IF, 17.918%, 04/25/34		830
	639	Series 2004-27, Class HB, 4.000%, 05/25/19		653
	143	Series 2004-36, Class PC, 5.500%, 02/25/34		148
	887	Series 2004-36, Class SA, IF, 17.918%, 05/25/34		1,249
	207	Series 2004-36, Class SN, IF, 13.032%, 07/25/33		229
	346	Series 2004-46, Class QB, HB, IF, 21.663%, 05/25/34		531
	1,064	Series 2004-46, Class SK, IF, 14.893%, 05/25/34		1,333
	170	Series 2004-51, Class SY, IF, 13.072%, 07/25/34		223
	179	Series 2004-53, Class NC, 5.500%, 07/25/24		193
	230	Series 2004-59, Class BG, PO, 12/25/32		209
	580	Series 2004-61, Class FH, VAR, 1.384%, 11/25/32		594
	77	Series 2004-61, Class SK, IF, 8.500%, 11/25/32		90
	62	Series 2004-76, Class CL, 4.000%, 10/25/19		63
	265	Series 2004-79, Class SP, IF, 18.193%, 11/25/34		323
	30	Series 2005-52, Class PA, 6.500%, 06/25/35		31
	977	Series 2005-56, Class S, IF, IO, 6.126%, 07/25/35		177
	229	Series 2005-66, Class SG, IF, 15.914%, 07/25/35		319
	316	Series 2005-68, Class BC, 5.250%, 06/25/35		333
	962	Series 2005-68, Class PG, 5.500%, 08/25/35		1,069
	428	Series 2005-68, Class UC, 5.000%, 06/25/35		445
	406	Series 2005-74, Class CS, IF, 18.413%, 05/25/35		547
	3,214	Series 2005-84, Class XM, 5.750%, 10/25/35		3,448
	1,286	Series 2005-109, Class PC, 6.000%, 12/25/35		1,425
	4,326	Series 2005-110, Class GL, 5.500%, 12/25/35		4,905
	709	Series 2005-110, Class MN, 5.500%, 06/25/35		734
	66	Series 2006-15, Class OT, PO, 01/25/36		63

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	322	Series 2006-16, Class OA, PO, 03/25/36		292
	468	Series 2006-22, Class AO, PO, 04/25/36		411
	121	Series 2006-23, Class KO, PO, 04/25/36		108
	1,117	Series 2006-39, Class WC, 5.500%, 01/25/36		1,208
	668	Series 2006-44, Class GO, PO, 06/25/36		610
	1,558	Series 2006-44, Class P, PO, 12/25/33		1,428
	966	Series 2006-46, Class UC, 5.500%, 12/25/35		1,035
	1,001	Series 2006-53, Class US, IF, IO, 5.996%, 06/25/36		155
	946	Series 2006-56, Class FC, VAR, 0.874%, 07/25/36		942
	533	Series 2006-56, Class PO, PO, 07/25/36		481
	575	Series 2006-58, Class AP, PO, 07/25/36		531
	74	Series 2006-58, Class FL, VAR, 1.044%, 07/25/36		74
	298	Series 2006-58, Class PO, PO, 07/25/36		275
	191	Series 2006-59, Class QO, PO, 01/25/33		188
	3,929	Series 2006-60, Class DZ, 6.500%, 07/25/36		4,876
	451	Series 2006-65, Class QO, PO, 07/25/36		399
	89	Series 2006-72, Class TO, PO, 08/25/36		83
	1,732	Series 2006-77, Class PC, 6.500%, 08/25/36		1,968
	373	Series 2006-79, Class DO, PO, 08/25/36		340
	315	Series 2006-90, Class AO, PO, 09/25/36		291
	133	Series 2006-109, Class PO, PO, 11/25/36		120
	860	Series 2006-110, Class PO, PO, 11/25/36		790
	87	Series 2006-111, Class EO, PO, 11/25/36		78
	565	Series 2006-118, Class A2, VAR, 0.644%, 12/25/36		554
	84	Series 2006-119, Class PO, PO, 12/25/36		77
	1,281	Series 2006-124, Class HB, VAR, 3.408%, 11/25/36		1,364
	638	Series 2006-128, Class BP, 5.500%, 01/25/37		678
	546	Series 2006-130, Class GI, IO, 6.500%, 07/25/32		91
	785	Series 2007-7, Class SG, IF, IO, 5.916%, 08/25/36		228
	1,351	Series 2007-14, Class ES, IF, IO, 5.856%, 03/25/37		248
	116	Series 2007-15, Class NO, PO, 03/25/22		113
	369	Series 2007-16, Class FC, VAR, 1.334%, 03/25/37		373
	122	Series 2007-42, Class AO, PO, 05/25/37		116
	207	Series 2007-48, Class PO, PO, 05/25/37		188
	570	Series 2007-54, Class FA, VAR, 0.984%, 06/25/37		569
	3,438	Series 2007-60, Class AX, IF, IO, 6.566%, 07/25/37		716
	139	Series 2007-77, Class FG, VAR, 1.084%, 03/25/37		140
	898	Series 2007-81, Class GE, 6.000%, 08/25/37		977
	2,225	Series 2007-88, Class VI, IF, IO, 5.956%, 09/25/37		407
	1,650	Series 2007-91, Class ES, IF, IO, 5.876%, 10/25/37		217
	1,113	Series 2007-97, Class KI, IO, 7.000%, 05/25/33		140
	1,129	Series 2007-101, Class A2, VAR, 0.749%, 06/27/36		1,102
	366	Series 2007-106, Class A7, VAR, 6.151%, 10/25/37		407
	686	Series 2007-114, Class A6, VAR, 0.784%, 10/27/37		685
	1,613	Series 2007-116, Class HI, IO, VAR, 1.714%, 01/25/38		113
	760	Series 2008-1, Class BI, IF, IO, 5.326%, 02/25/38		119
	474	Series 2008-10, Class XI, IF, IO, 5.646%, 03/25/38		62
	240	Series 2008-16, Class IS, IF, IO, 5.616%, 03/25/38		40

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	164		Series 2008-19, Class IC, IO, 5.000%, 03/25/23		5
	172		Series 2008-24, Class DY, 5.000%, 04/25/23		176
	304		Series 2008-27, Class SN, IF, IO, 6.316%, 04/25/38		48
	74		Series 2008-39, Class CI, IO, 4.500%, 05/25/18		2
	214		Series 2008-42, Class AO, PO, 09/25/36		201
	24		Series 2008-44, Class PO, PO, 05/25/38		22
	328		Series 2008-47, Class SI, IF, IO, 5.916%, 06/25/23		27
	443		Series 2008-53, Class CI, IF, IO, 6.616%, 07/25/38		75
	85		Series 2008-76, Class GF, VAR, 1.242%, 09/25/23		85
	1,022		Series 2008-80, Class SA, IF, IO, 5.266%, 09/25/38		138
	707		Series 2008-81, Class SB, IF, IO, 5.266%, 09/25/38		98
	926		Series 2009-6, Class GS, IF, IO, 5.966%, 02/25/39		189
	311		Series 2009-9, Class IO, IO, 5.000%, 02/25/24		19
	238		Series 2009-18, Class IO, IO, 5.000%, 03/25/24		11
	1,872		Series 2009-19, Class IP, IO, 5.500%, 10/25/36		332
	733		Series 2009-60, Class HT, 6.000%, 08/25/39		830
	436		Series 2009-62, Class HJ, 6.000%, 05/25/39		481
	725		Series 2009-70, Class CO, PO, 01/25/37		634
	336		Series 2009-99, Class SC, IF, IO, 5.596%, 12/25/39		49
	798		Series 2009-103, Class MB, VAR, 2.945%, 12/25/39		849
	417		Series 2010-45, Class BD, 4.500%, 11/25/38		427
	851		Series 2010-49, Class SC, IF, 11.492%, 03/25/40		1,059
	502		Series 2010-64, Class DM, 5.000%, 06/25/40		548
	649		Series 2010-71, Class HJ, 5.500%, 07/25/40		714
	2,152		Series 2010-147, Class SA, IF, IO, 5.946%, 01/25/41		472
	434		Series 2010-148, Class MA, 4.000%, 02/25/39		445
	600		Series 2011-2, Class WA, VAR, 5.827%, 02/25/51		652
	2,381		Series 2011-30, Class LS, IO, VAR, 1.869%, 04/25/41		174
	2,500		Series 2011-31, Class DB, 3.500%, 04/25/31		2,627
	515		Series 2011-75, Class FA, VAR, 1.134%, 08/25/41		521
	1,042		Series 2011-118, Class MT, 7.000%, 11/25/41		1,224
	1,503		Series 2011-130, Class CA, 6.000%, 12/25/41		1,719
	732		Series 2012-14, Class FB, VAR, 1.034%, 08/25/37		734
	3,000		Series 2012-66, Class CB, 3.000%, 06/25/32		2,998
	2,589		Series 2012-108, Class F, VAR, 1.084%, 10/25/42		2,573
	2,000		Series 2013-81, Class TA, 3.000%, 02/25/43		1,921
	1,694		Series 2013-90, Class PM, 3.500%, 09/25/43		1,702
	1,961		Series 2013-92, Class PO, PO, 09/25/43		1,568
	3,349		Series 2013-101, Class AE, 3.000%, 10/25/33		3,352
	2,967		Series 2013-101, Class DO, PO, 10/25/43		2,352
	3,000		Series 2013-101, Class E, 3.000%, 10/25/33		3,005
	3,500		Series 2013-103, Class VG, 3.000%, 03/25/30		3,604
	4,000		Series 2013-108, Class GU, 3.000%, 10/25/33		3,995
	3,818		Series 2013-128, Class PO, PO, 12/25/43		3,049
	–	(h)	Series G-17, Class S, HB, VAR, 1,020.836%, 06/25/21		1
	7		Series G-28, Class S, IF, 14.516%, 09/25/21		8
	12		Series G-35, Class M, 8.750%, 10/25/21		13
	3		Series G-51, Class SA, HB, IF, 25.505%, 12/25/21		4

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	66		Series G92-35, Class E, 7.500%, 07/25/22		73
	–	(h)	Series G92-35, Class G, HB, 1,184.775%, 07/25/22		1
	8		Series G92-42, Class Z, 7.000%, 07/25/22		9
	12		Series G92-44, Class ZQ, 8.000%, 07/25/22		12
	11		Series G92-52, Class FD, VAR, 0.605%, 09/25/22		11
	67		Series G92-54, Class ZQ, 7.500%, 09/25/22		72
	10		Series G92-59, Class F, VAR, 1.301%, 10/25/22		10
	21		Series G92-61, Class Z, 7.000%, 10/25/22		23
	16		Series G92-62, Class B, PO, 10/25/22		15
	76		Series G93-1, Class KA, 7.900%, 01/25/23		85
	18		Series G93-5, Class Z, 6.500%, 02/25/23		20
	23		Series G93-14, Class J, 6.500%, 03/25/23		26
	52		Series G93-17, Class SI, IF, 6.000%, 04/25/23		58
	46		Series G93-27, Class FD, VAR, 1.464%, 08/25/23		47
	11		Series G93-37, Class H, PO, 09/25/23		10
	29		Series G95-1, Class C, 8.800%, 01/25/25		33
			Federal National Mortgage Association REMIC Trust,
	679		Series 2003-W1, Class 1A1, VAR, 5.601%, 12/25/42		745
	276		Series 2003-W1, Class 2A, VAR, 6.234%, 12/25/42		310
	83		Series 2003-W4, Class 2A, VAR, 6.221%, 10/25/42		94
	28		Series 2007-W7, Class 1A4, HB, IF, 35.675%, 07/25/37		42
	1,297		Series 2009-W1, Class A, 6.000%, 12/25/49		1,469
			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)
	7		Series 218, Class 2, IO, 7.500%, 04/25/23		1
	8		Series 265, Class 2, 9.000%, 03/25/24		9
	85		Series 329, Class 1, PO, 01/25/33		76
	86		Series 339, Class 18, IO, 4.500%, 07/25/18		2
	124		Series 339, Class 21, IO, 4.500%, 08/25/18		2
	50		Series 339, Class 28, IO, 5.500%, 08/25/18		1
	119		Series 345, Class 6, IO, VAR, 5.000%, 12/25/33		23
	392		Series 351, Class 7, IO, VAR, 5.000%, 04/25/34		80
	319		Series 355, Class 11, IO, 6.000%, 07/25/34		58
	63		Series 355, Class 31, IO, VAR, 4.500%, 12/25/18		2
	542		Series 365, Class 8, IO, 5.500%, 05/25/36		117
	38		Series 368, Class 3, IO, 4.500%, 11/25/20		2
	271		Series 374, Class 5, IO, 5.500%, 08/25/36		62
	135		Series 383, Class 32, IO, 6.000%, 01/25/38		28
	356		Series 383, Class 33, IO, 6.000%, 01/25/38		68
	100		Series 393, Class 6, IO, 5.500%, 04/25/37		18
			Federal National Mortgage Association Trust,
	179		Series 2004-W1, Class 2A2, 7.000%, 12/25/33		206
	430		Series 2004-W2, Class 2A2, 7.000%, 02/25/44		496
	572		Series 2004-W15, Class 2AF, VAR, 0.834%, 08/25/44		569
	1,593		Series 2005-W3, Class 2AF, VAR, 0.804%, 03/25/45		1,550
	547		Series 2006-W2, Class 1AF1, VAR, 0.804%, 02/25/46		546
			Government National Mortgage Association,
	839		Series 1994-7, Class PQ, 6.500%, 10/16/24		947

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	614	Series 1999-4, Class ZB, 6.000%, 02/20/29		686
	68	Series 1999-30, Class S, IF, IO, 8.058%, 08/16/29		15
	98	Series 2000-9, Class Z, 8.000%, 06/20/30		115
	832	Series 2000-9, Class ZJ, 8.500%, 02/16/30		974
	1,128	Series 2000-21, Class Z, 9.000%, 03/16/30		1,356
	182	Series 2000-31, Class Z, 9.000%, 10/20/30		209
	112	Series 2000-35, Class ZA, 9.000%, 11/20/30		119
	10	Series 2000-36, Class IK, IO, 9.000%, 11/16/30		2
	53	Series 2001-6, Class SD, IF, IO, 8.008%, 03/16/31		16
	138	Series 2001-35, Class SA, IF, IO, 7.708%, 08/16/31		42
	126	Series 2001-36, Class S, IF, IO, 7.508%, 08/16/31		39
	530	Series 2002-24, Class AG, IF, IO, 7.408%, 04/16/32		106
	49	Series 2002-24, Class SB, IF, 11.112%, 04/16/32		61
	1,053	Series 2002-31, Class SE, IF, IO, 6.958%, 04/16/30		175
	336	Series 2002-40, Class UK, 6.500%, 06/20/32		388
	18	Series 2002-41, Class SV, IF, 9.000%, 06/16/32		22
	1,230	Series 2002-45, Class QE, 6.500%, 06/20/32		1,424
	429	Series 2002-47, Class PG, 6.500%, 07/16/32		497
	788	Series 2002-47, Class ZA, 6.500%, 07/20/32		911
	684	Series 2002-52, Class GH, 6.500%, 07/20/32		802
	78	Series 2002-70, Class PS, IF, IO, 7.138%, 08/20/32		2
	949	Series 2002-75, Class PB, 6.000%, 11/20/32		1,084
	525	Series 2003-11, Class SK, IF, IO, 7.158%, 02/16/33		88
	233	Series 2003-12, Class SP, IF, IO, 7.138%, 02/20/33		58
	49	Series 2003-24, Class PO, PO, 03/16/33		45
	1,267	Series 2003-40, Class TJ, 6.500%, 03/20/33		1,432
	753	Series 2003-46, Class MG, 6.500%, 05/20/33		872
	599	Series 2003-46, Class TC, 6.500%, 03/20/33		673
	207	Series 2003-52, Class AP, PO, 06/16/33		175
	1,086	Series 2003-58, Class BE, 6.500%, 01/20/33		1,226
	65	Series 2003-90, Class PO, PO, 10/20/33		58
	805	Series 2003-112, Class SA, IF, IO, 6.008%, 12/16/33		162
	332	Series 2004-28, Class S, IF, 18.172%, 04/16/34		487
	100	Series 2004-73, Class AE, IF, 13.737%, 08/17/34		119
	1,110	Series 2004-90, Class SI, IF, IO, 5.538%, 10/20/34		162
	211	Series 2005-35, Class FL, VAR, 0.912%, 03/20/32		211
	1,909	Series 2005-58, Class NI, IO, 5.500%, 08/20/35		354
	177	Series 2005-68, Class DP, IF, 15.128%, 06/17/35		224
	2,640	Series 2005-68, Class KI, IF, IO, 5.738%, 09/20/35		454
	360	Series 2005-91, Class PI, IO, 6.000%, 12/20/35		68
	178	Series 2006-16, Class OP, PO, 03/20/36		165
	431	Series 2006-38, Class SW, IF, IO, 5.938%, 06/20/36		47
	2,000	Series 2006-38, Class ZK, 6.500%, 08/20/36		2,313
	589	Series 2006-59, Class SD, IF, IO, 6.138%, 10/20/36		91
	889	Series 2006-65, Class SA, IF, IO, 6.238%, 11/20/36		170
	1,504	Series 2007-17, Class JI, IF, IO, 6.268%, 04/16/37		287
	161	Series 2007-17, Class JO, PO, 04/16/37		137
	856	Series 2007-19, Class SD, IF, IO, 5.638%, 04/20/37		130

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	770	Series 2007-26, Class SC, IF, IO, 5.638%, 05/20/37		150
	674	Series 2007-27, Class SA, IF, IO, 5.638%, 05/20/37		116
	190	Series 2007-28, Class BO, PO, 05/20/37		163
	562	Series 2007-36, Class SE, IF, IO, 5.928%, 06/16/37		102
	1,514	Series 2007-40, Class SB, IF, IO, 6.188%, 07/20/37		255
	905	Series 2007-42, Class SB, IF, IO, 6.188%, 07/20/37		176
	2,500	Series 2007-47, Class PH, 6.000%, 07/16/37		3,011
	578	Series 2007-50, Class AI, IF, IO, 6.213%, 08/20/37		85
	83	Series 2007-53, Class SW, IF, 18.520%, 09/20/37		114
	402	Series 2007-57, Class PO, PO, 03/20/37		364
	243	Series 2007-71, Class SB, IF, IO, 6.138%, 07/20/36		10
	463	Series 2007-72, Class US, IF, IO, 5.988%, 11/20/37		80
	483	Series 2007-73, Class MI, IF, IO, 5.438%, 11/20/37		73
	932	Series 2007-76, Class SA, IF, IO, 5.968%, 11/20/37		163
	458	Series 2007-79, Class SY, IF, IO, 5.988%, 12/20/37		81
	268	Series 2008-2, Class MS, IF, IO, 6.618%, 01/16/38		61
	894	Series 2008-2, Class NS, IF, IO, 5.998%, 01/16/38		159
	521	Series 2008-10, Class S, IF, IO, 5.268%, 02/20/38		87
	341	Series 2008-32, Class PI, IO, 5.500%, 10/16/37		44
	743	Series 2008-36, Class SH, IF, IO, 5.738%, 04/20/38		115
	4,244	Series 2008-40, Class SA, IF, IO, 5.858%, 05/16/38		772
	424	Series 2008-55, Class SA, IF, IO, 5.638%, 06/20/38		76
	64	Series 2008-60, Class PO, PO, 01/20/38		63
	214	Series 2008-71, Class SC, IF, IO, 5.438%, 08/20/38		28
	517	Series 2008-93, Class AS, IF, IO, 5.138%, 12/20/38		72
	575	Series 2009-6, Class SA, IF, IO, 5.558%, 02/16/39		99
	300	Series 2009-10, Class SL, IF, IO, 5.958%, 03/16/34		10
	1,289	Series 2009-12, Class IE, IO, 5.500%, 03/20/39		302
	510	Series 2009-14, Class KI, IO, 6.500%, 03/20/39		121
	483	Series 2009-14, Class NI, IO, 6.500%, 03/20/39		122
	1,253	Series 2009-22, Class SA, IF, IO, 5.708%, 04/20/39		184
	365	Series 2009-25, Class SE, IF, IO, 7.038%, 09/20/38		71
	292	Series 2009-33, Class CI, IO, 5.500%, 05/20/39		54
	299	Series 2009-33, Class TI, IO, 6.000%, 05/20/39		60
	517	Series 2009-43, Class SA, IF, IO, 5.388%, 06/20/39		87
	388	Series 2009-65, Class IQ, IO, 6.000%, 12/20/38		58
	1,162	Series 2009-72, Class SM, IF, IO, 5.708%, 08/16/39		204
	287	Series 2009-79, Class OK, PO, 11/16/37		264
	418	Series 2010-14, Class CO, PO, 08/20/35		379
	2,345	Series 2010-31, Class NO, PO, 03/20/40		2,180
	317	Series 2010-130, Class CP, 7.000%, 10/16/40		368
	2,379	Series 2010-157, Class OP, PO, 12/20/40		1,988
	3,811	Series 2010-H17, Class XQ, VAR, 5.240%, 07/20/60		3,996
	767	Series 2011-22, Class WA, VAR, 5.946%, 02/20/37		850
	1,510	Series 2011-75, Class SM, IF, IO, 6.038%, 05/20/41		311
	2,526	Series 2012-61, Class FM, VAR, 0.942%, 05/16/42		2,528
	650	Series 2012-141, Class WC, VAR, 3.723%, 01/20/42		676
	3,676	Series 2012-H10, Class FA, VAR, 1.081%, 12/20/61		3,665

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	808	Series 2012-H15, Class FA, VAR, 0.981%, 05/20/62		808
	2,275	Series 2012-H21, Class CF, VAR, 1.231%, 05/20/61		2,277
	1,965	Series 2012-H21, Class DF, VAR, 1.181%, 05/20/61		1,965
	3,254	Series 2012-H22, Class FD, VAR, 1.001%, 01/20/61		3,249
	579	Series 2012-H24, Class FA, VAR, 0.981%, 03/20/60		579
	1,549	Series 2012-H24, Class FG, VAR, 0.961%, 04/20/60		1,546
	1,367	Series 2012-H26, Class MA, VAR, 1.081%, 07/20/62		1,363
	1,988	Series 2012-H28, Class FA, VAR, 1.111%, 09/20/62		1,987
	1,560	Series 2012-H29, Class FA, VAR, 1.046%, 10/20/62		1,553
	909	Series 2012-H30, Class PA, VAR, 0.981%, 11/20/59		909
	1,677	Series 2012-H31, Class FD, VAR, 0.871%, 12/20/62		1,659
	2,912	Series 2013-54, Class WA, VAR, 4.714%, 11/20/42		3,176
	2,215	Series 2013-75, Class WA, VAR, 5.219%, 06/20/40		2,424
	1,270	Series 2013-91, Class WA, VAR, 4.502%, 04/20/43		1,343
	1,300	Series 2013-116, Class JY, 4.000%, 08/16/43		1,378
	2,706	Series 2013-H01, Class FA, 1.650%, 01/20/63		2,703
	407	Series 2013-H03, Class FA, VAR, 0.831%, 08/20/60		407
	1,353	Series 2013-H04, Class BA, 1.650%, 02/20/63		1,345
	3,282	Series 2013-H05, Class FB, VAR, 0.933%, 02/20/62		3,280
	1,563	Series 2013-H07, Class HA, VAR, 0.941%, 03/20/63		1,550
	9,213	Series 2013-H07, Class JA, 1.750%, 03/20/63		9,198
	1,463	Series 2013-H08, Class FC, VAR, 0.981%, 02/20/63		1,453
	1,834	Series 2013-H09, Class HA, 1.650%, 04/20/63		1,816
	3,349	Series 2013-H18, Class JA, VAR, 1.131%, 08/20/63		3,345
	1,059	Series 2014-188, Class W, VAR, 4.669%, 10/20/41		1,157
	1,623	Series 2014-H01, Class FD, VAR, 1.181%, 01/20/64		1,624
	1,670	Series 2014-H09, Class TA, VAR, 1.131%, 04/20/64		1,668
	5,866	Series 2015-H05, Class FC, VAR, 1.011%, 02/20/65		5,813
	9,474	Series 2015-H10, Class FC, VAR, 1.011%, 04/20/65		9,388
	7,444	Series 2015-H12, Class FA, VAR, 1.011%, 05/20/65		7,378
	1,929	Series 2015-H15, Class FD, VAR, 0.971%, 06/20/65		1,907
	4,338	Series 2015-H15, Class FJ, VAR, 0.971%, 06/20/65		4,290
	3,375	Series 2015-H16, Class FG, VAR, 0.971%, 07/20/65		3,340
	3,060	Series 2015-H23, Class FB, VAR, 1.051%, 09/20/65		3,039
	2,253	Series 2015-H32, Class FH, VAR, 1.191%, 12/20/65		2,254
	8,719	Series 2016-H07, Class FA, VAR, 1.281%, 03/20/66		8,761
		Vendee Mortgage Trust,
	332	Series 1994-1, Class 1, VAR, 5.509%, 02/15/24		357
	478	Series 1994-1, Class 2ZB, 6.500%, 02/15/24		527
	493	Series 1996-1, Class 1Z, 6.750%, 02/15/26		559
	378	Series 1996-2, Class 1Z, 6.750%, 06/15/26		426
	672	Series 1997-1, Class 2Z, 7.500%, 02/15/27		772
	807	Series 1998-1, Class 2E, 7.000%, 03/15/28		945
	1,601	Series 1999-1, Class 2Z, 6.500%, 01/15/29		1,793
	6,615	Series 2003-2, Class Z, 5.000%, 05/15/33		7,294
				435,607
		Non-Agency CMO — 3.9%
	3,494	Access PT Funding Trust, Series 2016-1, 6.250%, 02/16/21		3,491
	1,636	Ajax Mortgage Loan Trust, Series 2015-B, Class A, SUB, 3.875%, 07/25/60 (e)		1,636

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
		Alternative Loan Trust,
	9,937	Series 2004-2CB, Class 1A9, 5.750%, 03/25/34		9,876
	1,251	Series 2005-1CB, Class 1A6, IF, IO, 6.508%, 03/25/35		252
	3,223	Series 2005-20CB, Class 3A8, IF, IO, 4.158%, 07/25/35		381
	5,936	Series 2005-22T1, Class A2, IF, IO, 4.478%, 06/25/35		901
	3,223	Series 2005-28CB, Class 1A4, 5.500%, 08/25/35		3,108
	115	Series 2005-28CB, Class 3A5, 6.000%, 08/25/35		86
	4,653	Series 2005-37T1, Class A2, IF, IO, 4.458%, 09/25/35		729
	6,410	Series 2005-54CB, Class 1A2, IF, IO, 4.258%, 11/25/35		796
	2,547	Series 2005-54CB, Class 1A11, 5.500%, 11/25/35		2,363
	1,480	Series 2005-57CB, Class 3A2, IF, IO, 4.508%, 12/25/35		209
	1,069	Series 2005-64CB, Class 1A9, 5.500%, 12/25/35		988
	2,229	Series 2005-J1, Class 1A4, IF, IO, 4.508%, 02/25/35		104
	1,651	Series 2006-26CB, Class A9, 6.500%, 09/25/36		1,394
	87	American General Mortgage Loan Trust, Series 2010-1A, Class A4, VAR, 5.650%, 03/25/58 (e)		87
		Angel Oak Mortgage Trust LLC,
	1,206	Series 2015-1, Class A, SUB, 4.500%, 11/25/45 (e)		1,213
	533	Series 2015-1, Class M, SUB, 5.500%, 11/25/45 (e)		533
		ASG Resecuritization Trust,
	113	Series 2009-1, Class A60, VAR, 2.565%, 06/26/37 (e)		113
	1,273	Series 2009-3, Class A65, VAR, 2.450%, 03/26/37 (e)		1,267
	217	Series 2010-2, Class A60, VAR, 2.064%, 01/28/37 (e)		215
	393	Series 2011-1, Class 3A50, VAR, 3.295%, 11/28/35 (e)		389
		Banc of America Alternative Loan Trust,
	201	Series 2003-11, Class PO, PO, 01/25/34		159
	59	Series 2004-6, Class 15PO, PO, 07/25/19		55
	939	Series 2005-5, Class 1CB1, 5.500%, 06/25/35		875
	2,225	Series 2005-6, Class CBIO, IO, 5.500%, 07/25/35		500
	625	Series 2006-4, Class 1A4, 6.000%, 05/25/46		439
		Banc of America Funding Trust,
	229	Series 2004-1, Class PO, PO, 03/25/34		181
	137	Series 2004-2, Class 30PO, PO, 09/20/34		121
	194	Series 2004-C, Class 1A1, VAR, 3.194%, 12/20/34		191
	461	Series 2005-6, Class 2A7, 5.500%, 10/25/35		439
	290	Series 2005-7, Class 30PO, PO, 11/25/35		222
	164	Series 2005-8, Class 30PO, PO, 01/25/36		121
	665	Series 2005-E, Class 4A1, VAR, 3.047%, 03/20/35		667
	396	Series 2006-A, Class 3A2, VAR, 3.322%, 02/20/36		316
		Banc of America Mortgage Trust,
	248	Series 2004-3, Class 15IO, IO, VAR, 0.231%, 04/25/19		—	(h)
	28	Series 2004-4, Class APO, PO, 05/25/34		24
	567	Series 2004-5, Class 2A2, 5.500%, 06/25/34		573
	149	Series 2004-A, Class 2A2, VAR, 2.947%, 02/25/34		146
	484	Series 2004-J, Class 3A1, VAR, 3.645%, 11/25/34		476
	412	Series 2005-10, Class 1A6, 5.500%, 11/25/35		388
		BCAP LLC Trust,
	230	Series 2009-RR5, Class 8A1, 5.500%, 11/26/34 (e)		236
	51	Series 2009-RR13, Class 17A2, VAR, 5.500%, 04/26/37 (e)		51
	27	Series 2010-RR7, Class 1A5, VAR, 3.046%, 04/26/35 (e)		27
	1,318	Series 2010-RR7, Class 2A1, VAR, 2.625%, 07/26/45 (e)		1,308
	533	Series 2010-RR8, Class 3A4, VAR, 3.086%, 05/26/35 (e)		527

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	199	Series 2010-RR12, Class 2A5, VAR, 2.931%, 01/26/36 (e)		197
	160	Series 2011-R11, Class 25A5, VAR, 4.000%, 08/26/21 (e)		161
	733	Series 2011-RR4, Class 6A3, VAR, 5.000%, 08/26/37 (e)		738
	184	Series 2011-RR5, Class 11A3, VAR, 0.684%, 05/28/36 (e)		184
	563	Series 2011-RR10, Class 2A1, VAR, 1.399%, 09/26/37 (e)		546
	266	Series 2012-RR3, Class 2A5, VAR, 2.445%, 05/26/37 (e)		265
		Bear Stearns ARM Trust,
	151	Series 2003-7, Class 3A, VAR, 2.930%, 10/25/33		148
	517	Series 2004-1, Class 12A1, VAR, 3.140%, 04/25/34		511
	83	Series 2004-2, Class 14A, VAR, 3.367%, 05/25/34		82
	996	Series 2005-5, Class A1, VAR, 2.580%, 08/25/35		1,000
	2,337	Series 2006-1, Class A1, VAR, 2.910%, 02/25/36		2,321
		CHL Mortgage Pass-Through Trust,
	322	Series 2004-7, Class 2A1, VAR, 2.953%, 06/25/34		315
	97	Series 2004-8, Class 2A1, 4.500%, 06/25/19		99
	116	Series 2004-HYB1, Class 2A, VAR, 2.892%, 05/20/34		110
	515	Series 2004-HYB3, Class 2A, VAR, 2.771%, 06/20/34		489
	431	Series 2004-HYB6, Class A3, VAR, 3.092%, 11/20/34		412
	90	Series 2004-J8, Class 1A2, 4.750%, 11/25/19		92
	731	Series 2005-16, Class A23, 5.500%, 09/25/35		688
	2,141	Series 2005-22, Class 2A1, VAR, 3.159%, 11/25/35		1,758
		Citicorp Mortgage Securities REMIC Pass-Through Certificates Trust,
	113	Series 2005-5, Class APO, PO, 08/25/35		100
	97	Series 2005-8, Class APO, PO, 11/25/35		78
		Citigroup Global Markets Mortgage Securities VII, Inc.,
	150	Series 2003-HYB1, Class A, VAR, 3.240%, 09/25/33		149
	6	Series 2003-UP2, Class PO1, PO, 12/25/18		5
		Citigroup Mortgage Loan Trust,
	463	Series 2008-AR4, Class 1A1A, VAR, 2.996%, 11/25/38 (e)		461
	255	Series 2009-10, Class 2A1A, 7.000%, 12/25/35 (e)		261
	168	Series 2010-8, Class 5A6, 4.000%, 11/25/36 (e)		168
	375	Series 2010-8, Class 6A6, 4.500%, 12/25/36 (e)		376
	483	Series 2015-A, Class B2, VAR, 4.500%, 06/25/58 (e)		471
		Citigroup Mortgage Loan Trust, Inc.,
	137	Series 2003-1, Class 2A5, 5.250%, 10/25/33		138
	71	Series 2003-1, Class 2A6, PO, 10/25/33		64
	58	Series 2003-1, Class PO2, PO, 10/25/33		47
	60	Series 2003-1, Class PO3, PO, 09/25/33		54
	32	Series 2003-UP3, Class A3, 7.000%, 09/25/33		32
	88	Series 2003-UST1, Class A1, 5.500%, 12/25/18		87
	21	Series 2003-UST1, Class PO1, PO, 12/25/18		20
	8	Series 2003-UST1, Class PO3, PO, 12/25/18		8
	117	Series 2004-UST1, Class A6, VAR, 2.796%, 08/25/34		112
	290	Series 2005-1, Class 2A1A, VAR, 2.863%, 02/25/35		215
	339	Series 2005-2, Class 2A11, 5.500%, 05/25/35		346
	375	Series 2005-5, Class 1A2, VAR, 3.775%, 08/25/35		253
		Credit Suisse First Boston Mortgage Securities Corp.,
	483	Series 2003-1, Class DB1, VAR, 6.735%, 02/25/33		491
	19	Series 2003-17, Class 2A1, 5.000%, 07/25/18		19

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	196	Series 2003-21, Class 1A4, 5.250%, 09/25/33		201
	300	Series 2003-25, Class 1P, PO, 10/25/33		260
	11	Series 2004-5, Class 5P, PO, 08/25/19		11
	2,424	Series 2005-4, Class 3A18, 5.500%, 06/25/35		2,472
	2,697	Series 2005-4, Class 3A23, 5.500%, 06/25/35		2,698
		CSMC,
	3,029	Series 2010-11R, Class A6, VAR, 1.603%, 06/28/47 (e)		3,004
	432	Series 2011-16R, Class 7A3, VAR, 2.863%, 12/27/36 (e)		432
	140	Series 2011-6R, Class 3A1, VAR, 3.237%, 07/28/36 (e)		140
	104	Series 2012-3R, Class 1A1, VAR, 2.755%, 07/27/37 (e)		104
		First Horizon Alternative Mortgage Securities Trust,
	659	Series 2004-AA4, Class A1, VAR, 2.839%, 10/25/34		645
	991	Series 2005-FA8, Class 1A19, 5.500%, 11/25/35		846
	1,922	Series 2007-FA4, Class 1A2, IF, IO, 5.058%, 08/25/37		396
		First Horizon Mortgage Pass-Through Trust,
	345	Series 2004-AR2, Class 2A1, VAR, 3.072%, 05/25/34		341
	681	Series 2005-AR1, Class 2A2, VAR, 2.935%, 04/25/35		679
		GMACM Mortgage Loan Trust,
	404	Series 2003-AR1, Class A4, VAR, 3.624%, 10/19/33		399
	158	Series 2004-J5, Class A7, 6.500%, 01/25/35		163
	43	Series 2004-J6, Class 1A1, 5.000%, 01/25/20		44
	2,829	Series 2005-AR3, Class 3A4, VAR, 3.425%, 06/19/35		2,784
		GSMPS Mortgage Loan Trust,
	708	Series 2001-2, Class A, VAR, 7.500%, 06/19/32 (e)		717
	1,043	Series 2005-RP3, Class 1AF, VAR, 0.942%, 09/25/35 (e)		897
	788	Series 2005-RP3, Class 1AS, IO, VAR, 4.173%, 09/25/35 (e)		90
	3,558	Series 2006-RP2, Class 1AS2, IF, IO, 5.555%, 04/25/36 (e)		438
		GSR Mortgage Loan Trust,
	694	Series 2004-13F, Class 3A3, 6.000%, 11/25/34		710
	349	Series 2004-6F, Class 3A4, 6.500%, 05/25/34		370
	277	Series 2004-8F, Class 2A3, 6.000%, 09/25/34		283
	137	Series 2005-4F, Class AP, PO, 05/25/35		123
	1,476	Series 2005-7F, Class 3A9, 6.000%, 09/25/35		1,566
	2,012	Series 2006-1F, Class 2A4, 6.000%, 02/25/36		1,757
	1,464	Series 2007-1F, Class 2A4, 5.500%, 01/25/37		1,403
	2,051	Homeowner Assistance Program Reverse Mortgage Loan Trust, Series 2013-RM1, Class A, 4.000%, 05/26/53 (e)		2,036
		Impac CMB Trust,
	1,698	Series 2004-7, Class 1A1, VAR, 1.332%, 11/25/34		1,641
	205	Series 2005-4, Class 2A1, VAR, 1.184%, 05/25/35		197
		Impac Secured Assets Trust,
	510	Series 2006-1, Class 2A1, VAR, 0.942%, 05/25/36		459
	318	Series 2006-2, Class 2A1, VAR, 0.942%, 08/25/36		313
		JP Morgan Mortgage Trust,
	774	Series 2006-A2, Class 4A1, VAR, 3.180%, 08/25/34		775
	1,072	Series 2006-A2, Class 5A3, VAR, 3.144%, 11/25/33		1,087
	208	Series 2006-A3, Class 6A1, VAR, 3.163%, 08/25/34		208
	39	JP Morgan Resecuritization Trust, Series 2009-6, Class 4A1, VAR, 3.075%, 09/26/36 (e)		39
		Lehman Mortgage Trust,
	467	Series 2006-2, Class 1A1, VAR, 5.909%, 04/25/36		418
	852	Series 2008-2, Class 1A6, 6.000%, 03/25/38		614

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
		MASTR Adjustable Rate Mortgages Trust,
	54	Series 2004-4, Class 2A1, VAR, 2.692%, 05/25/34		48
	459	Series 2004-13, Class 2A1, VAR, 3.052%, 04/21/34		469
	1,069	Series 2004-13, Class 3A7, VAR, 3.049%, 11/21/34		1,090
	359	Series 2004-15, Class 3A1, VAR, 3.799%, 12/25/34		338
		MASTR Alternative Loan Trust,
	153	Series 2003-3, Class 1A1, 6.500%, 05/25/33		158
	417	Series 2003-9, Class 8A1, 6.000%, 01/25/34		430
	422	Series 2004-3, Class 2A1, 6.250%, 04/25/34		439
	574	Series 2004-4, Class 10A1, 5.000%, 05/25/24		596
	304	Series 2004-6, Class 30PO, PO, 07/25/34		222
	470	Series 2004-6, Class 7A1, 6.000%, 07/25/34		464
	213	Series 2004-7, Class 30PO, PO, 08/25/34		168
	359	Series 2004-8, Class 6A1, 5.500%, 09/25/19		366
	68	Series 2004-10, Class 1A1, 4.500%, 09/25/19		68
		MASTR Asset Securitization Trust,
	8	Series 2003-2, Class 2A1, 4.500%, 03/25/18		7
	6	Series 2003-3, Class 4A1, 5.000%, 04/25/18		6
	16	Series 2003-4, Class 3A2, 5.000%, 05/25/18		16
	48	Series 2003-12, Class 30PO, PO, 12/25/33		43
	37	Series 2004-1, Class 30PO, PO, 02/25/34		29
	9	Series 2004-4, Class 3A1, 4.500%, 04/25/19		9
	13	Series 2004-6, Class 15PO, PO, 07/25/19		12
	24	Series 2004-8, Class 1A1, 4.750%, 08/25/19		25
	10	Series 2004-8, Class PO, PO, 08/25/19		10
	2,073	MASTR Reperforming Loan Trust, Series 2005-2, Class 1A1F, VAR, 0.942%, 05/25/35 (e)		1,607
	322	MASTR Resecuritization Trust, Series 2005-PO, Class 3PO, PO, 05/28/35 (e)		256
		Merrill Lynch Mortgage Investors Trust,
	195	Series 2003-E, Class A1, VAR, 1.212%, 10/25/28		185
	1,926	Series 2003-F, Class A1, VAR, 1.232%, 10/25/28		1,881
	530	Series 2004-1, Class 2A1, VAR, 2.759%, 12/25/34		530
	363	Series 2004-A, Class A1, VAR, 1.052%, 04/25/29		348
	4	ML Trust XLVII, Series 47, Class Z, 8.985%, 10/20/20		4
	409	MortgageIT Trust, Series 2005-1, Class 1A1, VAR, 1.232%, 02/25/35		393
	380	NACC Reperforming Loan REMIC Trust, Series 2004-R2, Class A1, VAR, 6.500%, 10/25/34 (e)		379
		Nomura Asset Acceptance Corp. Alternative Loan Trust,
	154	Series 2003-A1, Class A1, 5.500%, 05/25/33		157
	96	Series 2003-A1, Class A2, 6.000%, 05/25/33		98
	34	Series 2003-A1, Class A5, 7.000%, 04/25/33		34
	2	Series 2003-A1, Class A7, 5.000%, 04/25/18		2
	3	PaineWebber CMO Trust, Series P, Class 4, 8.500%, 08/01/19		4
	191	Provident Funding Mortgage Loan Trust, Series 2005-1, Class 2A1, VAR, 2.931%, 05/25/35		184
		RALI Trust,
	27	Series 2002-QS8, Class A5, 6.250%, 06/25/17		27
	14	Series 2002-QS16, Class A3, IF, 15.385%, 10/25/17		14
	51	Series 2003-QS3, Class A2, IF, 15.198%, 02/25/18		53
	147	Series 2003-QS9, Class A3, IF, IO, 6.958%, 05/25/18		4
	150	Series 2003-QS12, Class A2A, IF, IO, 7.008%, 06/25/18		4

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	46	Series 2003-QS12, Class A5, IO, 5.000%, 06/25/18		1
	365	Series 2003-QS14, Class A1, 5.000%, 07/25/18		366
	107	Series 2003-QS18, Class A1, 5.000%, 09/25/18		108
	1,358	Series 2004-QA6, Class NB2, VAR, 3.424%, 12/26/34		1,124
		RBSSP Resecuritization Trust,
	236	Series 2009-2, Class 1A1, 7.000%, 08/26/37 (e)		245
	75	Series 2009-9, Class 7A4, VAR, 6.000%, 07/26/37 (e)		75
	452	Series 2009-12, Class 1A1, VAR, 5.846%, 11/25/33 (e)		467
	104	Series 2010-9, Class 7A5, VAR, 4.000%, 05/26/37 (e)		105
		Residential Asset Securitization Trust,
	223	Series 2003-A13, Class A3, 5.500%, 01/25/34		227
	8	Series 2003-A14, Class A1, 4.750%, 02/25/19		8
	2,031	Series 2005-A2, Class A4, IF, IO, 4.458%, 03/25/35		251
	515	Series 2006-A4, Class 2A5, 6.000%, 05/25/36		475
		RFMSI Trust,
	24	Series 2003-S14, Class A4, PO, 07/25/18		24
	53	Series 2004-S3, Class A1, 4.750%, 03/25/19		53
	287	Series 2004-S6, Class 2A6, PO, 06/25/34		222
	35	Series 2004-S9, Class 2A1, 4.750%, 12/25/19		35
	462	Series 2005-SA4, Class 1A1, VAR, 3.239%, 09/25/35		383
		Springleaf Mortgage Loan Trust,
	1,484	Series 2013-2A, Class A, VAR, 1.780%, 12/25/65 (e)		1,478
	1,058	Series 2013-2A, Class M1, VAR, 3.520%, 12/25/65 (e)		1,062
	446	Series 2013-3A, Class A, VAR, 1.870%, 09/25/57 (e)		445
	2,131	Series 2013-3A, Class M1, VAR, 3.790%, 09/25/57 (e)		2,126
	6	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-6, Class 5A4, VAR, 2.863%, 06/25/34		6
	577	Structured Asset Mortgage Investments II Trust, Series 2004-AR5, Class 1A1, VAR, 1.222%, 10/19/34		550
		Structured Asset Securities Corp. Mortgage Pass-Through Certificates,
	635	Series 2003-33H, Class 1A1, 5.500%, 10/25/33		647
	983	Series 2004-5H, Class A4, 5.540%, 12/25/33		1,008
		Structured Asset Securities Corp. Trust,
	80	Series 2005-6, Class 4A1, 5.000%, 05/25/35		81
	133	Series 2005-10, Class 5A9, 5.250%, 12/25/34		129
		Thornburg Mortgage Securities Trust,
	311	Series 2003-4, Class A1, VAR, 1.232%, 09/25/43		300
	761	Series 2004-4, Class 3A, VAR, 2.433%, 12/25/44		752
		WaMu Mortgage Pass-Through Certificates Trust,
	119	Series 2003-AR8, Class A, VAR, 2.693%, 08/25/33		120
	1,750	Series 2003-AR9, Class 1A6, VAR, 2.779%, 09/25/33		1,760
	230	Series 2003-AR9, Class 2A, VAR, 2.849%, 09/25/33		225
	58	Series 2003-S8, Class A6, 4.500%, 09/25/18		58
	813	Series 2003-S9, Class A8, 5.250%, 10/25/33		845
	75	Series 2003-S9, Class P, PO, 10/25/33		64
	143	Series 2004-AR3, Class A1, VAR, 2.792%, 06/25/34		144
	120	Series 2004-AR3, Class A2, VAR, 2.792%, 06/25/34		120
	1,360	Series 2004-RS2, Class A4, 5.000%, 11/25/33		1,381
	191	Series 2006-AR10, Class 2P, VAR, 2.888%, 09/25/36		163
	144	Series 2006-AR12, Class 2P, VAR, 2.347%, 10/25/36		108
		Washington Mutual Mortgage Pass-Through Certificates WMALT Trust,
	6,489	Series 2005-2, Class 1A4, IF, IO, 4.458%, 04/25/35		749
	1,429	Series 2005-2, Class 2A3, IF, IO, 4.408%, 04/25/35		201

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	1,767	Series 2005-3, Class CX, IO, 5.500%, 05/25/35		353
	2,072	Series 2005-4, Class CB7, 5.500%, 06/25/35		1,911
	1,644	Series 2005-4, Class CX, IO, 5.500%, 06/25/35		331
	455	Series 2005-6, Class 2A4, 5.500%, 08/25/35		418
	2,914	Series 2005-6, Class 2A9, 5.500%, 08/25/35		2,676
		Wells Fargo Mortgage-Backed Securities Trust,
	140	Series 2003-K, Class 1A1, VAR, 2.903%, 11/25/33		140
	265	Series 2003-K, Class 1A2, VAR, 2.903%, 11/25/33		266
	291	Series 2004-EE, Class 2A1, VAR, 3.033%, 12/25/34		293
	378	Series 2004-EE, Class 3A1, VAR, 3.185%, 12/25/34		390
	1,706	Series 2004-P, Class 2A1, VAR, 2.994%, 09/25/34		1,756
	276	Series 2004-V, Class 1A1, VAR, 3.060%, 10/25/34		278
	107	Series 2005-16, Class APO, PO, 01/25/36		85
	2,823	Series 2005-AR3, Class 1A1, VAR, 3.075%, 03/25/35		2,879
	306	Series 2005-AR8, Class 2A1, VAR, 3.035%, 06/25/35		311
	253	Series 2005-AR16, Class 2A1, VAR, 2.955%, 02/25/34		257
	395	Series 2006-2, Class APO, PO, 03/25/36		319
	155	Series 2006-4, Class 1APO, PO, 04/25/36		132
	728	Series 2007-7, Class A7, 6.000%, 06/25/37		712
	220	Series 2007-11, Class A14, 6.000%, 08/25/37		217
				127,596
		Total Collateralized Mortgage Obligations (Cost $538,080)		563,203
	Commercial Mortgage-Backed Securities — 2.6%
		A10 Securitization LLC,
	16	Series 2013-1, Class A, 2.400%, 11/15/25 (e)		16
	1,430	Series 2015-1, Class A1, 2.100%, 04/15/34 (e)		1,424
	1,293	Series 2015-1, Class A2, 3.130%, 04/15/34 (e)		1,303
		A10 Term Asset Financing LLC,
	692	Series 2013-2, Class A, 2.620%, 11/15/27 (e)		688
	696	Series 2013-2, Class B, 4.380%, 11/15/27 (e)		688
	260	ACRE Commercial Mortgage Trust, (Cayman Islands), Series 2014-FL2, Class D, VAR, 3.955%, 08/15/31 (e)		259
		BAMLL Commercial Mortgage Securities Trust,
	560	Series 2012-PARK, Class A, 2.959%, 12/10/30 (e)		568
	1,300	Series 2014-520M, Class C, VAR, 4.354%, 08/15/46 (e)		1,242
	1,252	Banc of America Commercial Mortgage Trust, Series 2007-5, Class A4, 5.492%, 02/10/51		1,277
	234	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-3, Class AM, 4.727%, 07/10/43		235
		BB-UBS Trust,
	4,400	Series 2012-SHOW, Class A, 3.430%, 11/05/36 (e)		4,491
	483	Series 2012-TFT, Class A, 2.892%, 06/05/30 (e)		479
	478	Bear Stearns Commercial Mortgage Securities Trust, Series 2005-PWR8, Class X1, IO, VAR, 0.579%, 06/11/41 (e)		—	(h)
	31,132	CD Commercial Mortgage Trust, Series 2007-CD4, Class XC, IO, VAR, 0.554%, 12/11/49 (e)		15
	748	CGBAM Commercial Mortgage Trust, Series 2014-HD, Class A, VAR, 1.338%, 02/15/31 (e)		744
	2,102	COBALT CMBS Commercial Mortgage Trust, Series 2006-C1, Class IO, IO, VAR, 0.928%, 08/15/48		20
		COMM Mortgage Trust,
	2,646	Series 2012-CR2, Class XA, IO, VAR, 1.892%, 08/15/45		196
	3,500	Series 2013-300P, Class A1, 4.353%, 08/10/30 (e)		3,802
	1,060	Series 2013-SFS, Class A2, VAR, 3.086%, 04/12/35 (e)		1,063

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
	1,400	Series 2014-TWC, Class A, VAR, 1.389%, 02/13/32 (e)		1,400
	1,156	Series 2015-CR24, Class A5, 3.696%, 08/10/48		1,203
	2,812	Series 2015-CR25, Class A4, 3.759%, 08/10/48		2,934
	130	Commercial Mortgage Trust, Series 2006-GG7, Class AM, VAR, 5.951%, 07/10/38		130
		Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates,
	3,560	Series K052, Class A2, 3.151%, 11/25/25		3,662
	872	Series KJ02, Class A2, 2.597%, 09/25/20		893
	2,759	Series KJ09, Class A2, 2.838%, 09/25/22		2,811
	5,500	Series KPLB, Class A, 2.770%, 05/25/25		5,455
	1,000	Series KS01, Class A2, 2.522%, 01/25/23		1,003
	2,500	Series KSMC, Class A2, 2.615%, 01/25/23		2,524
		FORT CRE LLC,
	1,256	Series 2016-1A, Class B, VAR, 3.312%, 05/21/36 (e)		1,262
	1,887	Series 2016-1A, Class C, VAR, 3.812%, 05/21/36 (e)		1,889
	1,854	Government National Mortgage Association, Series 2014-168, Class VA, VAR, 3.400%, 01/16/37		1,927
	1,275	GS Mortgage Securities Corp. II, Series 2013-KING, Class A, 2.706%, 12/10/27 (e)		1,295
	488	GS Mortgage Securities Corp. Trust, Series 2013-NYC5, Class A, 2.318%, 01/10/30 (e)		490
		JP Morgan Chase Commercial Mortgage Securities Trust,
	400	Series 2006-LDP9, Class AMS, 5.337%, 05/15/47		395
	746	Series 2007-C1, Class A4, 5.716%, 02/15/51		762
	998	Ladder Capital Commercial Mortgage Trust, Series 2013-GCP, Class A2, 3.985%, 02/15/36 (e)		1,018
		LB-UBS Commercial Mortgage Trust,
	5,274	Series 2006-C7, Class XW, IO, VAR, 0.905%, 11/15/38 (e)		20
	300	Series 2007-C1, Class AM, 5.455%, 02/15/40		301
	361	Series 2007-C2, Class A3, 5.430%, 02/15/40		363
	2,945	ML-CFC Commercial Mortgage Trust, Series 2006-4, Class XC, IO, VAR, 0.839%, 12/12/49 (e)		4
	2,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C14, Class A3, 3.669%, 02/15/47		2,099
		Morgan Stanley Capital I Trust,
	7,503	Series 2006-IQ12, Class X1, IO, VAR, 0.639%, 12/15/43 (e)		—	(h)
	30,205	Series 2007-HQ11, Class X, IO, VAR, 0.461%, 02/12/44 (e)		3
	697	Series 2011-C3, Class A3, 4.054%, 07/15/49		727
		Morgan Stanley Re-REMIC Trust,
	467	Series 2012-IO, Class AXA, 1.000%, 03/27/51 (e)		465
	799	Series 2012-XA, Class A, 2.000%, 07/27/49 (e)		796
	1,800	Series 2012-XA, Class B, 0.250%, 07/27/49 (e)		1,601
	551	NorthStar, (Cayman Islands), Series 2013-1A, Class B, VAR, 5.534%, 08/25/29 (e)		553
		PFP Ltd., (Cayman Islands),
	1,380	Series 2015-2, Class A, VAR, 2.000%, 07/14/34 (e)		1,378
	1,055	Series 2015-2, Class C, VAR, 3.800%, 07/14/34 (e)		1,033
	730	Series 2015-2, Class D, VAR, 4.550%, 07/14/34 (e)		709
		RAIT Trust,
	386	Series 2014-FL3, Class A, VAR, 1.788%, 12/15/31 (e)		382
	1,986	Series 2014-FL3, Class AS, VAR, 2.338%, 12/15/31 (e)		1,969
	736	Series 2014-FL3, Class B, VAR, 3.180%, 12/15/31 (e)		733
	758	Series 2015-FL4, Class A, VAR, 1.888%, 12/15/31 (e)		758
	1,450	Series 2015-FL4, Class AS, VAR, 2.288%, 12/15/31 (e)		1,460
	1,805	Series 2015-FL5, Class B, VAR, 4.438%, 01/15/31 (e)		1,810
	664	RBS Commercial Funding, Inc. Trust, Series 2013-SMV, Class A, 3.260%, 03/11/31 (e)		663

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
		Resource Capital Corp., Ltd., (Cayman Islands),
	382	Series 2015-CRE4, Class A, VAR, 1.955%, 08/15/32 (e)		380
	1,151	Series 2015-CRE4, Class B, VAR, 3.535%, 08/15/32 (e)		1,083
	377	RREF LLC, Series 2015-LT7, Class A, 3.000%, 12/25/32 (e)		377
	2,236	UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.663%, 06/10/30 (e)		2,295
		UBS-Barclays Commercial Mortgage Trust,
	1,053	Series 2012-C2, Class A4, 3.525%, 05/10/63		1,103
	9,643	Series 2012-C2, Class XA, IO, VAR, 1.789%, 05/10/63 (e)		485
	857	Series 2013-C6, Class A4, 3.244%, 04/10/46		878
		VNDO Mortgage Trust,
	1,398	Series 2012-6AVE, Class A, 2.996%, 11/15/30 (e)		1,420
	5,000	Series 2013-PENN, Class A, 3.808%, 12/13/29 (e)		5,271
		Wells Fargo Commercial Mortgage Trust,
	2,500	Series 2013-120B, Class A, VAR, 2.800%, 03/18/28 (e)		2,523
	1,094	Series 2015-C30, Class A4, 3.664%, 09/15/58		1,132
		WFRBS Commercial Mortgage Trust,
	1,700	Series 2011-C3, Class A4, 4.375%, 03/15/44 (e)		1,834
	800	Series 2012-C6, Class A4, 3.440%, 04/15/45		838
	400	Series 2013-C11, Class D, VAR, 4.348%, 03/15/45 (e)		363
		Total Commercial Mortgage-Backed Securities (Cost $86,340)		87,372
	Corporate Bonds — 25.9%
		Consumer Discretionary — 1.6%
		Automobiles — 0.2%
		Daimler Finance North America LLC,
	532	1.875%, 01/11/18 (e)		533
	305	2.250%, 03/02/20 (e)		304
	981	2.375%, 08/01/18 (e)		988
	1,425	2.950%, 01/11/17 (e)		1,427
	1,500	Ford Motor Co., 7.450%, 07/16/31		1,852
	1,086	General Motors Co., 6.600%, 04/01/36		1,219
		Hyundai Capital America,
	526	2.400%, 10/30/18 (e)		527
	1,000	3.000%, 03/18/21 (e)		1,003
	385	Kia Motors Corp., (South Korea), 2.625%, 04/21/21 (e)		384
	874	Nissan Motor Acceptance Corp., 1.800%, 03/15/18 (e)		874
				9,111
		Hotels, Restaurants & Leisure — 0.1%
	900	McDonald’s Corp., 4.700%, 12/09/35		936
	718	Starbucks Corp., 2.700%, 06/15/22		724
				1,660
		Internet & Direct Marketing Retail — 0.1%
		Amazon.com, Inc.,
	1,448	3.800%, 12/05/24		1,516
	1,435	4.800%, 12/05/34		1,557
				3,073
		Media — 1.0%
		21st Century Fox America, Inc.,
	100	6.200%, 12/15/34		118
	400	6.650%, 11/15/37		495
	250	6.900%, 08/15/39		315
	1,075	7.300%, 04/30/28		1,363
	430	8.875%, 04/26/23		562
		CBS Corp.,
	740	3.700%, 08/15/24		742
	792	4.000%, 01/15/26		808
	345	4.600%, 01/15/45		327
	140	4.850%, 07/01/42		136
	360	4.900%, 08/15/44		355
		Charter Communications Operating LLC/Charter Communications Operating Capital,
	1,797	4.464%, 07/23/22 (e)		1,865
	703	6.384%, 10/23/35 (e)		787
	250	Comcast Cable Communications Holdings, Inc., 9.455%, 11/15/22		338
		Comcast Corp.,
	500	2.750%, 03/01/23		497
	347	3.375%, 08/15/25		350
	555	4.200%, 08/15/34		565
	1,082	4.250%, 01/15/33		1,111
	400	6.450%, 03/15/37		510
	2,383	6.500%, 11/15/35		3,059

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Media — continued
		Cox Communications, Inc.,
	446	3.250%, 12/15/22 (e)		434
	885	4.800%, 02/01/35 (e)		808
	125	8.375%, 03/01/39 (e)		153
	450	Cox Enterprises, Inc., 7.375%, 07/15/27 (e)		519
		Discovery Communications LLC,
	1,016	4.375%, 06/15/21		1,072
	569	4.950%, 05/15/42		508
		Grupo Televisa S.A.B., (Mexico),
	221	4.625%, 01/30/26		222
	200	6.125%, 01/31/46		197
	1,197	Historic TW, Inc., 9.150%, 02/01/23		1,544
		NBCUniversal Media LLC,
	275	2.875%, 01/15/23		275
	310	4.375%, 04/01/21		334
	800	5.950%, 04/01/41		972
	515	6.400%, 04/30/40		661
	296	Sky plc, (United Kingdom), 3.750%, 09/16/24 (e)		295
		Time Warner Cable LLC,
	359	5.500%, 09/01/41		357
	400	6.550%, 05/01/37		448
	800	8.250%, 04/01/19		903
	300	Time Warner Cos., Inc., 7.570%, 02/01/24		369
	1,410	Time Warner Entertainment Co. LP, 8.375%, 07/15/33		1,809
		Time Warner, Inc.,
	1,700	3.600%, 07/15/25		1,679
	555	4.750%, 03/29/21		597
	313	5.375%, 10/15/41		327
	150	6.200%, 03/15/40		170
	172	6.250%, 03/29/41		198
	265	6.500%, 11/15/36		319
	250	7.625%, 04/15/31		330
	301	7.700%, 05/01/32		397
		Viacom, Inc.,
	235	2.750%, 12/15/19		237
	600	3.125%, 06/15/22		596
	67	3.250%, 03/15/23		65
	808	3.875%, 04/01/24		809
	464	4.375%, 03/15/43		405
	250	4.500%, 02/27/42		222
	262	4.850%, 12/15/34		250
				32,784
		Multiline Retail — 0.1%
		Macy’s Retail Holdings, Inc.,
	516	2.875%, 02/15/23		490
	971	4.375%, 09/01/23		990
	341	4.500%, 12/15/34		301
	157	5.125%, 01/15/42		143
	300	6.375%, 03/15/37		310
	185	6.700%, 07/15/34		196
	230	7.450%, 07/15/17		238
	455	Nordstrom, Inc., 4.000%, 10/15/21		478
	350	Target Corp., 2.500%, 04/15/26		332
				3,478
		Specialty Retail — 0.1%
	417	Bed Bath & Beyond, Inc., 4.915%, 08/01/34		412
	502	Gap, Inc. (The), 5.950%, 04/12/21		527
		Home Depot, Inc. (The),
	334	2.125%, 09/15/26		307
	454	3.000%, 04/01/26		451
	196	3.500%, 09/15/56		170
	517	4.200%, 04/01/43		524
		Lowe’s Cos., Inc.,
	268	3.375%, 09/15/25		274
	739	4.650%, 04/15/42		775
	326	5.125%, 11/15/41		366
	750	Series B, 7.110%, 05/15/37		984
				4,790
		Total Consumer Discretionary		54,896
		Consumer Staples — 1.4%
		Beverages — 0.5%
		Anheuser-Busch Cos. LLC,
	600	5.500%, 01/15/18		625
	920	5.750%, 04/01/36		1,072
		Anheuser-Busch InBev Finance, Inc.,
	94	1.900%, 02/01/19		94
	3,824	3.300%, 02/01/23		3,867
	1,733	3.650%, 02/01/26		1,741
	900	3.700%, 02/01/24		931
	1,430	4.700%, 02/01/36		1,495
	1,135	4.900%, 02/01/46		1,211
	750	Brown-Forman Corp., 4.500%, 07/15/45		785

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Beverages — continued
	510	Diageo Capital plc, (United Kingdom), 4.828%, 07/15/20		555
	255	Diageo Investment Corp., 8.000%, 09/15/22		320
	355	Heineken N.V., (Netherlands), 1.400%, 10/01/17 (e)		355
	187	Molson Coors Brewing Co., 3.000%, 07/15/26		176
		PepsiCo, Inc.,
	1,220	3.100%, 07/17/22		1,260
	534	4.450%, 04/14/46		560
	698	SABMiller Holdings, Inc., 3.750%, 01/15/22 (e)		729
				15,776
		Food & Staples Retailing — 0.5%
	858	Costco Wholesale Corp., 2.250%, 02/15/22		852
		CVS Health Corp.,
	2,036	2.125%, 06/01/21		1,995
	1,418	2.875%, 06/01/26		1,341
	725	4.000%, 12/05/23		755
	322	5.300%, 12/05/43		358
	973	CVS Pass-Through Trust, 5.926%, 01/10/34 (e)		1,115
		Kroger Co. (The),
	900	4.000%, 02/01/24		937
	1,100	6.900%, 04/15/38		1,386
	2,480	7.500%, 04/01/31		3,331
	291	Sysco Corp., 3.750%, 10/01/25		293
	200	Walgreen Co., 4.400%, 09/15/42		190
		Walgreens Boots Alliance, Inc.,
	1,989	3.100%, 06/01/23		1,962
	663	3.800%, 11/18/24		673
	386	4.500%, 11/18/34		381
	400	4.800%, 11/18/44		399
		Wal-Mart Stores, Inc.,
	762	5.000%, 10/25/40		867
	255	6.200%, 04/15/38		335
	350	7.550%, 02/15/30		499
				17,669
		Food Products — 0.4%
		Bunge Ltd. Finance Corp.,
	95	3.500%, 11/24/20		97
	1,415	8.500%, 06/15/19		1,627
	191	Bunge N.A. Finance LP, 5.900%, 04/01/17		194
		Cargill, Inc.,
	600	3.300%, 03/01/22 (e)		616
	535	4.307%, 05/14/21 (e)		572
	850	7.350%, 03/06/19 (e)		949
	500	Danone S.A., (France), 2.589%, 11/02/23 (e)		482
		Kraft Heinz Foods Co.,
	814	3.500%, 06/06/22		832
	694	5.000%, 06/04/42		714
	1,187	6.125%, 08/23/18		1,272
	2,353	6.875%, 01/26/39		2,967
		Mead Johnson Nutrition Co.,
	317	3.000%, 11/15/20		320
	153	4.125%, 11/15/25		157
		Tyson Foods, Inc.,
	777	3.950%, 08/15/24		794
	1,100	4.875%, 08/15/34		1,127
				12,720
		Household Products — 0.0% (g)
		Kimberly-Clark Corp.,
	220	2.400%, 03/01/22		219
	426	3.050%, 08/15/25		428
	71	7.500%, 11/01/18		79
	550	Procter & Gamble - ESOP, Series A, 9.360%, 01/01/21		637
				1,363
		Total Consumer Staples		47,528
		Energy — 2.7%
		Energy Equipment & Services — 0.2%
	348	Diamond Offshore Drilling, Inc., 4.875%, 11/01/43		243
		Halliburton Co.,
	714	3.500%, 08/01/23		717
	193	4.850%, 11/15/35		197
	1,620	7.450%, 09/15/39		2,133
		Nabors Industries, Inc.,
	200	4.625%, 09/15/21		195
	200	5.000%, 09/15/20		201
	188	National Oilwell Varco, Inc., 1.350%, 12/01/17		187
	441	Schlumberger Investment S.A., (Luxembourg), 3.300%, 09/14/21 (e)		454
				4,327

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — 2.5%
	160	Alberta Energy Co., Ltd., (Canada), 7.375%, 11/01/31		174
	330	Anadarko Petroleum Corp., 8.700%, 03/15/19		374
		Apache Corp.,
	138	3.250%, 04/15/22		139
	556	4.750%, 04/15/43		548
	500	6.900%, 09/15/18		540
	235	BG Energy Capital plc, (United Kingdom), 5.125%, 10/15/41 (e)		248
		Boardwalk Pipelines LP,
	338	4.950%, 12/15/24		343
	318	5.950%, 06/01/26		339
		BP Capital Markets plc, (United Kingdom),
	1,283	2.237%, 05/10/19		1,290
	1,182	2.750%, 05/10/23		1,154
	375	3.119%, 05/04/26		363
	451	3.506%, 03/17/25		454
	1,337	3.814%, 02/10/24		1,381
		Buckeye Partners LP,
	95	3.950%, 12/01/26		91
	500	4.350%, 10/15/24		505
	330	4.875%, 02/01/21		350
	770	5.850%, 11/15/43		767
	200	Burlington Resources Finance Co., (Canada), 7.400%, 12/01/31		255
		Canadian Natural Resources Ltd., (Canada),
	401	3.900%, 02/01/25		393
	350	6.250%, 03/15/38		381
	1,000	6.750%, 02/01/39		1,113
		Cenovus Energy, Inc., (Canada),
	208	3.000%, 08/15/22		197
	356	4.450%, 09/15/42		293
	759	6.750%, 11/15/39		797
		Chevron Corp.,
	560	2.355%, 12/05/22		548
	1,200	2.566%, 05/16/23		1,179
	1,000	4.950%, 03/03/19		1,068
	1,852	CNOOC Finance 2015 Australia Pty Ltd., (Australia), 2.625%, 05/05/20		1,843
	1,789	CNOOC Nexen Finance 2014 ULC, (Canada), 4.250%, 04/30/24		1,837
	230	Conoco Funding Co., (Canada), 7.250%, 10/15/31		291
	200	ConocoPhillips, 6.500%, 02/01/39		245
		ConocoPhillips Co.,
	945	3.350%, 11/15/24		928
	1,205	4.200%, 03/15/21		1,278
		Devon Energy Corp.,
	750	3.250%, 05/15/22		727
	522	4.750%, 05/15/42		464
	673	7.950%, 04/15/32		812
		Ecopetrol S.A., (Colombia),
	533	4.125%, 01/16/25		482
	773	5.375%, 06/26/26		744
	226	5.875%, 09/18/23		233
	350	Enbridge, Inc., (Canada), 5.500%, 12/01/46		357
		Encana Corp., (Canada),
	545	6.500%, 05/15/19		585
	150	6.500%, 08/15/34		154
		Energy Transfer Partners LP,
	448	3.600%, 02/01/23		435
	964	4.050%, 03/15/25		933
	364	5.150%, 03/15/45		326
	925	Eni S.p.A., (Italy), Series EX2, 5.700%, 10/01/40 (e)		917
		EnLink Midstream Partners LP,
	140	2.700%, 04/01/19		139
	838	4.150%, 06/01/25		792
	500	5.050%, 04/01/45		422
		Enterprise Products Operating LLC,
	506	3.700%, 02/15/26		499
	343	3.750%, 02/15/25		343
	475	3.900%, 02/15/24		485
	333	3.950%, 02/15/27		334
	199	4.850%, 03/15/44		190
	155	4.950%, 10/15/54		143
	318	5.100%, 02/15/45		314
	201	5.950%, 02/01/41		218
		EOG Resources, Inc.,
	379	2.625%, 03/15/23		366
	600	4.100%, 02/01/21		632
	902	5.100%, 01/15/36		972
		Exxon Mobil Corp.,
	553	2.397%, 03/06/22		549

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
	447	2.726%, 03/01/23		446
	1,063	3.043%, 03/01/26		1,052
	393	4.114%, 03/01/46		393
	950	Gulf South Pipeline Co. LP, 4.000%, 06/15/22		950
		Kerr-McGee Corp.,
	200	6.950%, 07/01/24		232
	1,700	7.875%, 09/15/31		2,086
		Magellan Midstream Partners LP,
	353	3.200%, 03/15/25		339
	1,127	5.150%, 10/15/43		1,135
	250	6.550%, 07/15/19		277
		Marathon Oil Corp.,
	833	2.800%, 11/01/22		767
	902	5.900%, 03/15/18		942
	1,620	6.000%, 10/01/17		1,672
	578	Marathon Petroleum Corp., 3.625%, 09/15/24		555
		Noble Energy, Inc.,
	314	5.050%, 11/15/44		297
	294	5.625%, 05/01/21		305
		Occidental Petroleum Corp.,
	281	3.400%, 04/15/26		281
	1,022	3.500%, 06/15/25		1,032
		ONEOK Partners LP,
	515	3.200%, 09/15/18		526
	151	3.375%, 10/01/22		150
	2,000	4.900%, 03/15/25		2,108
	334	5.000%, 09/15/23		354
	350	6.650%, 10/01/36		383
	450	8.625%, 03/01/19		508
		Petro-Canada, (Canada),
	324	6.050%, 05/15/18		343
	1,295	6.800%, 05/15/38		1,607
		Petroleos Mexicanos, (Mexico),
	370	4.250%, 01/15/25		327
	974	4.500%, 01/23/26		864
	393	4.875%, 01/18/24		367
	158	5.500%, 06/27/44		122
	617	5.625%, 01/23/46		477
	647	6.375%, 02/04/21 (e)		681
	846	6.375%, 01/23/45		718
	250	6.625%, 06/15/35		229
	313	6.750%, 09/21/47 (e)		273
	538	6.875%, 08/04/26 (e)		551
	182	Phillips 66, 4.300%, 04/01/22		196
		Plains All American Pipeline LP/PAA Finance Corp.,
	323	2.600%, 12/15/19		323
	1,000	3.600%, 11/01/24		943
	2,500	4.650%, 10/15/25		2,513
	1,480	4.900%, 02/15/45		1,298
		Schlumberger Holdings Corp.,
	649	3.625%, 12/21/22 (e)		673
	200	4.000%, 12/21/25 (e)		207
	831	Sinopec Group Overseas Development 2013 Ltd., (United Kingdom), 4.375%, 10/17/23 (e)		876
		Spectra Energy Capital LLC,
	500	3.300%, 03/15/23		478
	1,500	5.650%, 03/01/20		1,589
	500	6.200%, 04/15/18		524
	400	8.000%, 10/01/19		454
		Spectra Energy Partners LP,
	524	2.950%, 09/25/18		532
	452	5.950%, 09/25/43		495
		Statoil ASA, (Norway),
	1,373	1.150%, 05/15/18		1,366
	353	1.200%, 01/17/18		352
	406	2.450%, 01/17/23		396
	1,071	2.650%, 01/15/24		1,045
	613	3.150%, 01/23/22		628
	456	3.250%, 11/10/24		461
	253	4.250%, 11/23/41		247
	180	Suncor Energy, Inc., (Canada), 5.950%, 12/01/34		204
		Sunoco Logistics Partners Operations LP,
	244	3.900%, 07/15/26		232
	259	4.250%, 04/01/24		258
	531	4.400%, 04/01/21		561
	170	5.300%, 04/01/44		158
	1,133	5.350%, 05/15/45		1,053
	400	6.100%, 02/15/42		404
	554	Texas Eastern Transmission LP, 2.800%, 10/15/22 (e)		537
		Tosco Corp.,
	310	7.800%, 01/01/27		384
	400	8.125%, 02/15/30		520

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
		Total Capital International S.A., (France),
	233	2.700%, 01/25/23		230
	500	2.750%, 06/19/21		506
	370	3.750%, 04/10/24		387
		TransCanada PipeLines Ltd., (Canada),
	394	4.875%, 01/15/26		433
	1,200	6.200%, 10/15/37		1,441
	340	6.500%, 08/15/18		365
	1,100	7.250%, 08/15/38		1,477
	74	Western Gas Partners LP, 5.375%, 06/01/21		79
				83,447
		Total Energy		87,774
		Financials — 10.4%
		Banks — 4.7%
		ABN AMRO Bank N.V., (Netherlands),
	1,594	1.800%, 06/04/18 (e)		1,592
	669	2.500%, 10/30/18 (e)		675
	616	4.750%, 07/28/25 (e)		622
	600	4.800%, 04/18/26 (e)		608
		ANZ New Zealand International Ltd., (New Zealand),
	750	2.600%, 09/23/19 (e)		757
	402	2.850%, 08/06/20 (e)		407
		Australia & New Zealand Banking Group Ltd., (Australia),
	900	1.450%, 05/15/18		896
	263	4.400%, 05/19/26 (e)		265
	228	4.875%, 01/12/21 (e)		247
		Bank of America Corp.,
	600	2.000%, 01/11/18		601
	1,072	3.300%, 01/11/23		1,073
	1,189	3.500%, 04/19/26		1,175
	4,752	3.875%, 08/01/25		4,831
	972	4.000%, 04/01/24		1,004
	547	4.125%, 01/22/24		569
	700	4.200%, 08/26/24		711
	851	4.250%, 10/22/26		856
	542	4.450%, 03/03/26		556
	2,065	5.000%, 05/13/21		2,242
	740	5.625%, 07/01/20		815
	645	5.650%, 05/01/18		678
	420	5.750%, 12/01/17		436
	400	5.875%, 01/05/21		447
	2,996	6.400%, 08/28/17		3,101
	4,294	6.875%, 04/25/18		4,581
	875	7.625%, 06/01/19		985
	1,640	Series L, 2.250%, 04/21/20		1,625
	760	Series L, 2.650%, 04/01/19		768
	921	Series L, 3.950%, 04/21/25		912
		Bank of Montreal, (Canada),
	811	1.400%, 09/11/17		811
	855	2.375%, 01/25/19		862
	1,106	2.550%, 11/06/22		1,092
		Bank of Nova Scotia (The), (Canada),
	2,000	1.450%, 04/25/18		1,993
	1,100	1.700%, 06/11/18		1,100
	1,275	Bank of Tokyo-Mitsubishi UFJ Ltd. (The), (Japan), 2.350%, 02/23/17 (e)		1,278
		Banque Federative du Credit Mutuel S.A., (France),
	1,600	1.700%, 01/20/17 (e)		1,601
	245	2.000%, 04/12/19 (e)		244
		Barclays Bank plc, (United Kingdom),
	276	2.250%, 05/10/17 (e)		277
	1,000	6.050%, 12/04/17 (e)		1,036
		Barclays plc, (United Kingdom),
	1,449	3.200%, 08/10/21		1,425
	1,808	3.650%, 03/16/25		1,724
	400	4.375%, 01/12/26		399
	435	5.250%, 08/17/45		453
		BB&T Corp.,
	900	2.625%, 06/29/20		907
	740	5.250%, 11/01/19		800
	380	6.850%, 04/30/19		422
	600	BNP Paribas S.A., (France), 4.375%, 05/12/26 (e)		589
		BNZ International Funding Ltd., (New Zealand),
	450	2.100%, 09/14/21 (e)		437
	632	2.350%, 03/04/19 (e)		635
	1,952	Canadian Imperial Bank of Commerce, (Canada), 2.250%, 07/21/20 (e)		1,959
	1,650	Capital One Bank USA N.A., 3.375%, 02/15/23		1,637
		Capital One N.A.,
	978	2.350%, 08/17/18		984
	850	2.400%, 09/05/19		853

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
		Citigroup, Inc.,
	1,000	1.700%, 04/27/18		997
	800	1.750%, 05/01/18		799
	507	1.800%, 02/05/18		507
	1,210	2.050%, 12/07/18		1,210
	1,096	2.150%, 07/30/18		1,100
	115	2.350%, 08/02/21		113
	500	2.400%, 02/18/20		499
	778	2.700%, 03/30/21		777
	1,000	3.400%, 05/01/26		971
	1,900	3.700%, 01/12/26		1,893
	500	3.875%, 03/26/25		496
	1,200	4.300%, 11/20/26		1,208
	569	4.400%, 06/10/25		580
	555	4.650%, 07/30/45		571
	1,000	4.750%, 05/18/46		984
	137	5.300%, 05/06/44		145
	865	5.500%, 09/13/25		946
	321	5.875%, 01/30/42		380
	250	6.625%, 01/15/28		298
	223	8.125%, 07/15/39		327
	148	Comerica, Inc., 3.800%, 07/22/26		145
	832	Commonwealth Bank of Australia, (Australia), 4.500%, 12/09/25 (e)		849
		Cooperatieve Rabobank UA, (Netherlands),
	1,000	2.500%, 01/19/21		1,000
	789	3.875%, 02/08/22		833
	1,488	4.375%, 08/04/25		1,514
	500	5.800%, 09/30/101 (e)		556
	1,400	Credit Agricole S.A., (France), 4.375%, 03/17/25 (e)		1,374
		Credit Suisse Group Funding Guernsey Ltd., (United Kingdom),
	250	2.750%, 03/26/20		246
	310	3.450%, 04/16/21		310
	340	3.750%, 03/26/25		326
	419	3.800%, 09/15/22		419
	800	3.800%, 06/09/23		784
	762	4.550%, 04/17/26		772
	484	4.875%, 05/15/45		483
		Discover Bank,
	343	3.100%, 06/04/20		347
	1,000	3.200%, 08/09/21		1,006
	1,101	4.200%, 08/08/23		1,142
		Fifth Third Bancorp,
	1,028	2.875%, 07/27/20		1,038
	760	5.450%, 01/15/17		763
		Fifth Third Bank,
	600	2.375%, 04/25/19		605
	340	2.875%, 10/01/21		345
		HSBC Bank plc, (United Kingdom),
	1,438	1.500%, 05/15/18 (e)		1,430
	666	4.125%, 08/12/20 (e)		698
	575	4.750%, 01/19/21 (e)		617
		HSBC Holdings plc, (United Kingdom),
	1,854	3.600%, 05/25/23		1,860
	200	3.900%, 05/25/26		199
	1,056	4.000%, 03/30/22		1,092
	939	4.250%, 08/18/25		934
	600	6.100%, 01/14/42		744
	321	Huntington Bancshares, Inc., 3.150%, 03/14/21		325
		Huntington National Bank (The),
	250	2.000%, 06/30/18		250
	858	2.875%, 08/20/20		868
	680	Industrial & Commercial Bank of China Ltd., (China), 2.351%, 11/13/17		681
	729	KeyBank N.A., 3.180%, 05/22/22		733
		KeyCorp,
	315	2.900%, 09/15/20		318
	300	5.100%, 03/24/21		329
	2,100	Manufacturers & Traders Trust Co., 6.625%, 12/04/17		2,202
	422	Mitsubishi UFJ Financial Group, Inc., (Japan), 2.950%, 03/01/21		424
		Mizuho Bank Ltd., (Japan),
	393	1.800%, 03/26/18 (e)		392
	623	2.650%, 09/25/19 (e)		629
	742	Mizuho Financial Group, Inc., (Japan), 2.632%, 04/12/21 (e)		735
	270	MUFG Americas Holdings Corp., 2.250%, 02/10/20		267
	250	National City Bank, 5.800%, 06/07/17		255
		Nordea Bank AB, (Sweden),
	1,000	1.625%, 05/15/18 (e)		998
	945	4.250%, 09/21/22 (e)		989
		PNC Bank N.A.,
	490	1.950%, 03/04/19		491

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
	400	6.875%, 04/01/18		426
		PNC Financial Services Group, Inc. (The),
	182	3.900%, 04/29/24		187
	864	4.375%, 08/11/20		922
	950	5.625%, 02/01/17		956
	298	6.700%, 06/10/19		332
	709	SUB, 2.854%, 11/09/22		707
	964	Regions Financial Corp., 3.200%, 02/08/21		980
		Royal Bank of Canada, (Canada),
	985	1.200%, 09/19/17		985
	1,450	1.875%, 02/05/20		1,442
	1,789	2.000%, 10/01/18		1,799
	1,000	2.200%, 07/27/18		1,008
	800	Royal Bank of Scotland Group plc, (United Kingdom), 3.875%, 09/12/23		756
		Santander UK Group Holdings plc, (United Kingdom),
	180	2.875%, 10/16/20		178
	452	3.125%, 01/08/21		449
	909	Santander UK plc, (United Kingdom), 2.500%, 03/14/19		914
	402	Skandinaviska Enskilda Banken AB, (Sweden), 1.750%, 03/19/18 (e)		402
	850	Societe Generale S.A., (France), 2.500%, 04/08/21 (e)		845
	927	SpareBank 1 Boligkreditt A.S., (Norway), 1.750%, 11/15/19 (e)		918
	1,148	Stadshypotek AB, (Sweden), 1.875%, 10/02/19 (e)		1,143
		Standard Chartered plc, (United Kingdom),
	769	4.050%, 04/12/26 (e)		760
	1,300	5.200%, 01/26/24 (e)		1,335
	872	Sumitomo Mitsui Financial Group, Inc., (Japan), 2.632%, 07/14/26		810
		SunTrust Banks, Inc.,
	253	2.900%, 03/03/21		257
	880	6.000%, 09/11/17		909
		Toronto-Dominion Bank (The), (Canada),
	2,350	1.500%, 03/13/17 (e)		2,353
	114	1.800%, 07/13/21		111
	115	2.125%, 04/07/21		114
	521	2.250%, 11/05/19		524
		U.S. Bancorp,
	550	1.650%, 05/15/17		551
	540	3.000%, 03/15/22		552
	566	4.125%, 05/24/21		608
	1,277	7.500%, 06/01/26		1,658
	1,000	Series V, 2.375%, 07/22/26		928
	896	U.S. Bank N.A., 2.800%, 01/27/25		876
		UBS Group Funding Jersey Ltd., (Jersey),
	269	2.650%, 02/01/22 (e)		261
	963	4.125%, 04/15/26 (e)		971
	6,606	Wachovia Corp., 5.750%, 02/01/18		6,906
		Wells Fargo & Co.,
	2,174	2.600%, 07/22/20		2,184
	453	3.000%, 02/19/25		438
	540	3.000%, 04/22/26		517
	1,000	3.300%, 09/09/24		993
	850	3.500%, 03/08/22		877
	484	4.100%, 06/03/26		492
	694	4.300%, 07/22/27		716
	500	4.600%, 04/01/21		539
	920	4.650%, 11/04/44		914
	1,280	5.606%, 01/15/44		1,458
	1,000	5.625%, 12/11/17		1,041
	1,200	Series N, 2.150%, 01/30/20		1,192
	702	Series WI, 4.480%, 01/16/24		737
	250	Wells Fargo Bank N.A., 6.000%, 11/15/17		260
		Westpac Banking Corp., (Australia),
	338	2.000%, 03/03/20 (e)		337
	2,141	4.875%, 11/19/19		2,301
				156,500
		Capital Markets — 2.5%
		Ameriprise Financial, Inc.,
	761	2.875%, 09/15/26		727
	1,500	4.000%, 10/15/23		1,574
		Bank of New York Mellon Corp. (The),
	880	2.200%, 03/04/19		887
	909	2.600%, 08/17/20		917
	254	2.800%, 05/04/26		245
	700	3.250%, 09/11/24		705
	413	3.550%, 09/23/21		430
	760	4.600%, 01/15/20		810
	950	Series 0012, 3.650%, 02/04/24		983

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Capital Markets — continued
		BlackRock, Inc.,
	660	3.375%, 06/01/22		688
	540	3.500%, 03/18/24		561
	430	4.250%, 05/24/21		465
	437	Series 2, 5.000%, 12/10/19		475
		Blackstone Holdings Finance Co. LLC,
	429	4.450%, 07/15/45 (e)		393
	1,940	5.875%, 03/15/21 (e)		2,192
	340	Charles Schwab Corp. (The), 3.225%, 09/01/22		348
		CME Group, Inc.,
	1,230	3.000%, 09/15/22		1,260
	777	3.000%, 03/15/25		778
	285	5.300%, 09/15/43		331
		Credit Suisse AG, (Switzerland),
	417	1.750%, 01/29/18		416
	728	2.300%, 05/28/19		729
	271	3.000%, 10/29/21		272
	402	3.625%, 09/09/24		404
		Deutsche Bank AG, (Germany),
	591	1.875%, 02/13/18		583
	616	2.950%, 08/20/20		595
	984	3.375%, 05/12/21		952
	805	6.000%, 09/01/17		824
	500	FMR LLC, 6.450%, 11/15/39 (e)		608
		Goldman Sachs Group, Inc. (The),
	952	2.600%, 04/23/20		953
	1,309	2.625%, 01/31/19		1,323
	300	2.625%, 04/25/21		298
	453	2.750%, 09/15/20		455
	1,720	2.875%, 02/25/21		1,725
	557	3.500%, 01/23/25		554
	525	3.750%, 05/22/25		529
	469	3.750%, 02/25/26		471
	359	3.850%, 07/08/24		367
	1,100	4.000%, 03/03/24		1,137
	1,415	4.250%, 10/21/25		1,430
	493	5.250%, 07/27/21		542
	1,786	5.375%, 03/15/20		1,940
	1,200	5.750%, 01/24/22		1,354
	2,590	5.950%, 01/18/18		2,706
	685	6.750%, 10/01/37		841
	2,678	7.500%, 02/15/19		2,982
	949	Series D, 6.000%, 06/15/20		1,056
	900	ING Bank N.V., (Netherlands), 1.650%, 08/15/19 (e)		888
		Intercontinental Exchange, Inc.,
	447	2.500%, 10/15/18		454
	884	4.000%, 10/15/23		938
		Invesco Finance plc, (United Kingdom),
	390	3.750%, 01/15/26		395
	657	4.000%, 01/30/24		688
		Jefferies Group LLC,
	1,015	5.125%, 04/13/18		1,050
	1,010	6.450%, 06/08/27		1,091
	880	6.875%, 04/15/21		1,002
		Macquarie Bank Ltd., (Australia),
	2,615	1.600%, 10/27/17 (e)		2,615
	896	2.600%, 06/24/19 (e)		904
	1,000	2.850%, 07/29/20 (e)		1,007
	1,000	4.000%, 07/29/25 (e)		1,019
		Macquarie Group Ltd., (Australia),
	1,200	6.000%, 01/14/20 (e)		1,303
	1,650	6.250%, 01/14/21 (e)		1,833
		Morgan Stanley,
	1,064	2.500%, 04/21/21		1,052
	500	2.650%, 01/27/20		503
	2,365	2.800%, 06/16/20		2,384
	1,250	3.700%, 10/23/24		1,265
	946	3.875%, 01/27/26		957
	2,873	4.000%, 07/23/25		2,936
	1,550	4.100%, 05/22/23		1,587
	480	4.350%, 09/08/26		490
	1,574	5.000%, 11/24/25		1,680
	475	5.500%, 07/24/20		520
	559	5.500%, 07/28/21		622
	1,265	5.625%, 09/23/19		1,374
	906	5.750%, 01/25/21		1,007
	1,400	6.625%, 04/01/18		1,486
	970	7.300%, 05/13/19		1,084
	547	Nomura Holdings, Inc., (Japan), 6.700%, 03/04/20		613
		State Street Corp.,
	369	3.100%, 05/15/23		368
	2,792	3.550%, 08/18/25		2,865
	1,164	3.700%, 11/20/23		1,216
	379	TD Ameritrade Holding Corp., 2.950%, 04/01/22		384

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Capital Markets — continued
		Thomson Reuters Corp., (Canada),
	482	3.850%, 09/29/24		490
	1,278	3.950%, 09/30/21		1,329
	441	4.500%, 05/23/43		412
	325	4.700%, 10/15/19		345
				82,971
		Consumer Finance — 0.9%
	700	American Express Co., 7.000%, 03/19/18		746
		American Express Credit Corp.,
	1,140	1.800%, 07/31/18		1,142
	1,028	1.875%, 11/05/18		1,031
	1,841	2.250%, 05/05/21		1,821
	1,455	2.375%, 05/26/20		1,456
		American Honda Finance Corp.,
	363	2.125%, 10/10/18		366
	417	2.250%, 08/15/19		420
	150	7.625%, 10/01/18 (e)		166
		Capital One Financial Corp.,
	750	3.200%, 02/05/25		729
	1,281	3.500%, 06/15/23		1,282
	300	3.750%, 04/24/24		305
	1,462	4.200%, 10/29/25		1,462
		Caterpillar Financial Services Corp.,
	323	1.931%, 10/01/21 (e)		313
	882	2.250%, 12/01/19		887
	402	2.850%, 06/01/22		405
	585	7.150%, 02/15/19		651
		Ford Motor Credit Co. LLC,
	472	1.684%, 09/08/17		472
	340	2.145%, 01/09/18		340
	991	2.240%, 06/15/18		993
	513	2.375%, 03/12/19		512
	1,653	3.000%, 06/12/17		1,665
	507	3.096%, 05/04/23		488
	1,162	4.134%, 08/04/25		1,149
	200	4.250%, 09/20/22		207
		General Motors Financial Co., Inc.,
	489	3.100%, 01/15/19		493
	1,091	3.200%, 07/13/20		1,090
	1,230	3.700%, 05/09/23		1,208
	207	HSBC Finance Corp., 7.350%, 11/27/32		253
		HSBC USA, Inc.,
	800	1.625%, 01/16/18		799
	1,077	2.350%, 03/05/20		1,066
	2,469	2.750%, 08/07/20		2,467
		John Deere Capital Corp.,
	335	1.700%, 01/15/20		331
	893	2.800%, 03/06/23		888
	233	3.150%, 10/15/21		240
	400	Series 0014, 2.450%, 09/11/20		400
	626	PACCAR Financial Corp., 1.400%, 05/18/18		626
		Toyota Motor Credit Corp.,
	412	1.450%, 01/12/18		412
	558	2.100%, 01/17/19		561
				29,842
		Diversified Financial Services — 1.1%
	1,455	Bank of America N.A., 5.300%, 03/15/17		1,471
		Berkshire Hathaway, Inc.,
	233	3.000%, 02/11/23		236
	2,498	3.400%, 01/31/22		2,616
	840	3.750%, 08/15/21		894
		GE Capital International Funding Co., Unlimited Co., (Ireland),
	3,710	2.342%, 11/15/20		3,707
	2,986	3.373%, 11/15/25		3,020
	3,040	4.418%, 11/15/35		3,159
	300	Murray Street Investment Trust I, SUB, 4.647%, 03/09/17		302
	290	National Rural Utilities Cooperative Finance Corp., 10.375%, 11/01/18		336
	200	Nationwide Building Society, (United Kingdom), 2.450%, 07/27/21 (e)		198
		Private Export Funding Corp.,
	5,000	Series EE, 2.800%, 05/15/22		5,154
	681	Series KK, 3.550%, 01/15/24		726
		Shell International Finance B.V., (Netherlands),
	804	2.125%, 05/11/20		801
	2,953	2.875%, 05/10/26		2,839
	2,854	4.000%, 05/10/46		2,641
	789	4.125%, 05/11/35		786
	1,020	4.300%, 09/22/19		1,082
	1,005	4.375%, 03/25/20		1,081
	1,280	6.375%, 12/15/38		1,607

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Diversified Financial Services — continued
		Siemens Financieringsmaatschappij N.V., (Netherlands),
	634	2.900%, 05/27/22 (e)		640
	513	4.400%, 05/27/45 (e)		534
	300	UBS Group Funding Jersey Ltd., (Jersey), 4.125%, 09/24/25 (e)		302
	540	Voya Financial, Inc., 3.650%, 06/15/26		521
				34,653
		Insurance — 1.1%
	520	AIG SunAmerica Global Financing X, 6.900%, 03/15/32 (e)		657
	651	Allstate Corp. (The), 3.150%, 06/15/23		661
		American International Group, Inc.,
	674	3.750%, 07/10/25		676
	296	3.875%, 01/15/35		276
	641	4.125%, 02/15/24		666
	1,685	4.700%, 07/10/35		1,740
	306	Aon Corp., 6.250%, 09/30/40		363
	452	Aon plc, (United Kingdom), 3.875%, 12/15/25		462
		Berkshire Hathaway Finance Corp.,
	404	1.300%, 05/15/18		403
	748	4.300%, 05/15/43		763
	1,574	4.400%, 05/15/42		1,625
	120	Chubb Corp. (The), 5.750%, 05/15/18		127
		Chubb INA Holdings, Inc.,
	380	2.300%, 11/03/20		380
	533	2.875%, 11/03/22		537
		CNA Financial Corp.,
	463	3.950%, 05/15/24		468
	337	4.500%, 03/01/26		348
		Jackson National Life Global Funding,
	563	1.875%, 10/15/18 (e)		564
	675	3.050%, 04/29/26 (e)		645
		Liberty Mutual Group, Inc.,
	408	4.950%, 05/01/22 (e)		442
	900	6.500%, 03/15/35 (e)		1,071
	100	Liberty Mutual Insurance Co., 8.500%, 05/15/25 (e)		123
	598	Lincoln National Corp., 4.200%, 03/15/22		634
		Marsh & McLennan Cos., Inc.,
	676	2.350%, 03/06/20		676
	288	3.300%, 03/14/23		292
		Massachusetts Mutual Life Insurance Co.,
	280	5.375%, 12/01/41 (e)		311
	300	8.875%, 06/01/39 (e)		443
	626	MassMutual Global Funding II, 2.500%, 10/17/22 (e)		613
		MetLife, Inc.,
	600	4.875%, 11/13/43		643
	555	Series A, 6.817%, 08/15/18		601
		Metropolitan Life Global Funding I,
	604	1.500%, 01/10/18 (e)		605
	2,838	2.300%, 04/10/19 (e)		2,851
	1,277	3.875%, 04/11/22 (e)		1,356
	1,750	Nationwide Mutual Insurance Co., 9.375%, 08/15/39 (e)		2,613
		New York Life Global Funding,
	129	1.950%, 02/11/20 (e)		128
	3,951	2.150%, 06/18/19 (e)		3,975
	650	Pacific Life Global Funding, 5.000%, 05/15/17 (e)		661
	570	Pacific Life Insurance Co., 9.250%, 06/15/39 (e)		829
	384	Pricoa Global Funding I, 1.600%, 05/29/18 (e)		384
	953	Principal Life Global Funding II, 2.250%, 10/15/18 (e)		962
	920	Progressive Corp. (The), 2.450%, 01/15/27		854
	603	Prudential Financial, Inc., 5.750%, 07/15/33		682
	1,750	Prudential Insurance Co. of America (The), 8.300%, 07/01/25 (e)		2,277
	388	Reliance Standard Life Global Funding II, 3.050%, 01/20/21 (e)		392
	285	Travelers Cos., Inc. (The), 5.800%, 05/15/18		302
				36,081
		Thrifts & Mortgage Finance — 0.1%
		BPCE S.A., (France),
	850	1.625%, 01/26/18		848
	800	3.375%, 12/02/26		792
	800	4.625%, 07/11/24 (e)		781
				2,421
		Total Financials		342,468

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Health Care — 1.5%
		Biotechnology — 0.6%
		AbbVie, Inc.,
	992	2.000%, 11/06/18		994
	1,164	2.500%, 05/14/20		1,161
	491	2.850%, 05/14/23		476
	1,109	2.900%, 11/06/22		1,093
	872	3.200%, 11/06/22		871
	322	3.600%, 05/14/25		317
	315	4.300%, 05/14/36		300
	1,483	4.500%, 05/14/35		1,446
		Amgen, Inc.,
	237	2.125%, 05/01/20		236
	491	3.625%, 05/22/24		499
	1,000	3.875%, 11/15/21		1,049
	3,420	4.663%, 06/15/51 (e)		3,320
	500	4.950%, 10/01/41		510
	680	5.700%, 02/01/19		733
		Baxalta, Inc.,
	500	3.600%, 06/23/22		506
	167	5.250%, 06/23/45		176
		Biogen, Inc.,
	918	3.625%, 09/15/22		945
	250	5.200%, 09/15/45		268
		Celgene Corp.,
	873	2.875%, 08/15/20		882
	1,336	3.250%, 08/15/22		1,350
	929	3.625%, 05/15/24		934
	633	5.000%, 08/15/45		651
		Gilead Sciences, Inc.,
	539	2.500%, 09/01/23		518
	632	3.650%, 03/01/26		637
	816	4.600%, 09/01/35		837
				20,709
		Health Care Equipment & Supplies — 0.1%
		Becton, Dickinson & Co.,
	162	2.675%, 12/15/19		165
	243	3.734%, 12/15/24		248
	100	5.000%, 05/15/19		107
	420	Danaher Corp., 2.400%, 09/15/20		421
		Medtronic, Inc.,
	422	3.125%, 03/15/22		432
	399	3.150%, 03/15/22		409
	960	4.375%, 03/15/35		993
	128	Stryker Corp., 3.500%, 03/15/26		128
				2,903
		Health Care Providers & Services — 0.5%
		Aetna, Inc.,
	524	2.800%, 06/15/23		512
	397	4.250%, 06/15/36		393
	265	4.500%, 05/15/42		264
	440	6.750%, 12/15/37		571
		Anthem, Inc.,
	467	2.300%, 07/15/18		469
	615	3.125%, 05/15/22		614
	280	3.300%, 01/15/23		279
	500	4.625%, 05/15/42		493
	535	4.650%, 01/15/43		531
	648	4.650%, 08/15/44		638
		Cardinal Health, Inc.,
	540	2.400%, 11/15/19		544
	690	3.750%, 09/15/25		707
		Express Scripts Holding Co.,
	305	3.000%, 07/15/23		296
	900	3.500%, 06/15/24		892
	639	Laboratory Corp. of America Holdings, 3.200%, 02/01/22		643
	425	Mayo Clinic, Series 2016, 4.128%, 11/15/52		419
	588	Memorial Sloan-Kettering Cancer Center, 4.200%, 07/01/55		576
	251	Quest Diagnostics, Inc., 3.450%, 06/01/26		247
	640	Texas Health Resources, 4.330%, 11/15/55		634
		UnitedHealth Group, Inc.,
	472	1.700%, 02/15/19		471
	173	2.750%, 02/15/23		172
	400	2.875%, 03/15/23		401
	697	3.100%, 03/15/26		690
	697	3.350%, 07/15/22		718
	1,050	3.375%, 11/15/21		1,094
	760	4.625%, 07/15/35		817
	620	6.625%, 11/15/37		813
				14,898
		Life Sciences Tools & Services — 0.0% (g)
		Thermo Fisher Scientific, Inc.,
	369	3.000%, 04/15/23		364

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Life Sciences Tools & Services — continued
	344	3.150%, 01/15/23		342
	176	3.600%, 08/15/21		182
	343	4.150%, 02/01/24		358
				1,246
		Pharmaceuticals — 0.3%
		Actavis Funding SCS, (Luxembourg),
	443	3.450%, 03/15/22		450
	706	4.550%, 03/15/35		692
	275	Actavis, Inc., 3.250%, 10/01/22		275
		Allergan, Inc.,
	250	2.800%, 03/15/23		240
	453	3.375%, 09/15/20		462
	395	Bayer U.S. Finance LLC, 2.375%, 10/08/19 (e)		396
	937	Forest Laboratories LLC, 5.000%, 12/15/21 (e)		1,012
	750	GlaxoSmithKline Capital plc, (United Kingdom), 2.850%, 05/08/22		754
	530	GlaxoSmithKline Capital, Inc., 6.375%, 05/15/38		695
	546	Johnson & Johnson, 3.550%, 03/01/36		541
		Merck & Co., Inc.,
	644	2.350%, 02/10/22		641
	474	2.400%, 09/15/22		470
	562	2.800%, 05/18/23		560
	210	3.700%, 02/10/45		199
		Mylan N.V., (Netherlands),
	463	3.950%, 06/15/26 (e)		434
	318	5.250%, 06/15/46 (e)		291
		Mylan, Inc.,
	520	3.125%, 01/15/23 (e)		491
	250	5.400%, 11/29/43		238
	560	Novartis Capital Corp., 3.400%, 05/06/24		578
	650	Pfizer, Inc., 3.000%, 06/15/23		661
		Zoetis, Inc.,
	193	1.875%, 02/01/18		193
	123	4.700%, 02/01/43		117
				10,390
		Total Health Care		50,146
		Industrials — 1.9%
		Aerospace & Defense — 0.3%
	557	Airbus Group Finance B.V., (Netherlands), 2.700%, 04/17/23 (e)		551
		BAE Systems Holdings, Inc.,
	900	3.800%, 10/07/24 (e)		922
	400	6.375%, 06/01/19 (e)		438
	676	BAE Systems plc, (United Kingdom), 5.800%, 10/11/41 (e)		762
	200	Boeing Co. (The), 7.950%, 08/15/24		264
	149	L-3 Communications Corp., 3.850%, 12/15/26		149
		Lockheed Martin Corp.,
	131	3.100%, 01/15/23		133
	1,281	4.070%, 12/15/42		1,250
	292	4.850%, 09/15/41		314
	277	Series B, 6.150%, 09/01/36		343
	300	Northrop Grumman Systems Corp., 7.750%, 02/15/31		418
	1,350	Precision Castparts Corp., 3.250%, 06/15/25		1,364
	340	Raytheon Co., 3.150%, 12/15/24		345
		United Technologies Corp.,
	681	3.100%, 06/01/22		699
	543	4.150%, 05/15/45		540
	914	4.500%, 06/01/42		960
				9,452
		Air Freight & Logistics — 0.0% (g)
		FedEx Corp.,
	181	3.250%, 04/01/26		179
	318	3.900%, 02/01/35		301
	239	4.100%, 04/15/43		221
		United Parcel Service of America, Inc.,
	355	8.375%, 04/01/20		423
	160	SUB, 8.375%, 04/01/30		222
	214	United Parcel Service, Inc., 2.450%, 10/01/22		213
				1,559
		Airlines — 0.1%
	378	Air Canada 2013-1 Class A Pass-Through Trust, (Canada), 4.125%, 05/15/25 (e)		395
	181	American Airlines 2011-1 Class A Pass-Through Trust, 5.250%, 01/31/21		192
	550	American Airlines 2013-2 Class A Pass-Through Trust, 4.950%, 01/15/23		589

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Airlines — continued
	283	American Airlines 2016-2 Class A Pass-Through Trust, 3.650%, 06/15/28		282
	143	Continental Airlines 1999-2 Class A-1 Pass-Through Trust, 7.256%, 03/15/20		153
	377	Continental Airlines 2007-1 Class A Pass-Through Trust, 5.983%, 04/19/22		415
	180	Continental Airlines 2012-2 Class A Pass-Through Trust, 4.000%, 10/29/24		186
	295	Delta Air Lines 2010-2 Class A Pass-Through Trust, 4.950%, 05/23/19		310
	128	Delta Air Lines 2011-1 Class A Pass-Through Trust, 5.300%, 04/15/19		136
	329	Delta Air Lines 2012-1 Class A Pass-Through Trust, 4.750%, 05/07/20		349
	1,045	United Airlines 2016-1 Class A Pass-Through Trust, 3.450%, 07/07/28		1,055
				4,062
		Building Products — 0.1%
		Johnson Controls, Inc.,
	591	3.750%, 12/01/21		615
	675	4.250%, 03/01/21		717
	273	4.950%, 07/02/64		254
	1,000	5.250%, 12/01/41		1,083
				2,669
		Commercial Services & Supplies — 0.1%
	200	Pitney Bowes, Inc., 5.600%, 03/15/18		208
	643	President & Fellows of Harvard College, 3.300%, 07/15/56		571
		Republic Services, Inc.,
	175	2.900%, 07/01/26		168
	614	3.550%, 06/01/22		636
		Waste Management, Inc.,
	556	2.400%, 05/15/23		539
	156	3.900%, 03/01/35		154
	214	4.750%, 06/30/20		231
				2,507
		Construction & Engineering — 0.0% (g)
		ABB Finance USA, Inc.,
	292	2.875%, 05/08/22		295
	145	4.375%, 05/08/42		152
	789	Fluor Corp., 3.375%, 09/15/21		810
				1,257
		Electrical Equipment — 0.0% (g)
		Eaton Corp.,
	182	1.500%, 11/02/17		182
	170	4.000%, 11/02/32		168
	570	5.600%, 05/15/18		601
	300	7.625%, 04/01/24		362
				1,313
		Industrial Conglomerates — 0.3%
		General Electric Co.,
	107	2.700%, 10/09/22		108
	573	3.100%, 01/09/23		583
	573	3.150%, 09/07/22		588
	541	3.375%, 03/11/24		558
	789	4.650%, 10/17/21		869
	191	5.300%, 02/11/21		212
	512	5.500%, 01/08/20		565
	95	5.875%, 01/14/38		118
	794	Series A, 6.750%, 03/15/32		1,046
	539	Hutchison Whampoa International 12 II Ltd., (Cayman Islands), 3.250%, 11/08/22 (e)		547
	412	Ingersoll-Rand Global Holding Co., Ltd., 4.250%, 06/15/23		435
		Koninklijke Philips N.V., (Netherlands),
	970	3.750%, 03/15/22		1,019
	409	5.750%, 03/11/18		429
		Pentair Finance S.A., (Luxembourg),
	981	2.900%, 09/15/18		991
	450	4.650%, 09/15/25		462
	192	Roper Technologies, Inc., 3.000%, 12/15/20		194
	223	Tyco International Finance S.A., (Luxembourg), 5.125%, 09/14/45		240
				8,964
		Machinery — 0.2%
	164	Caterpillar, Inc., 2.600%, 06/26/22		164
		Deere & Co.,
	819	2.600%, 06/08/22		819
	346	3.900%, 06/09/42		346
		Illinois Tool Works, Inc.,
	400	3.500%, 03/01/24		416
	1,920	3.900%, 09/01/42		1,916
	290	Ingersoll-Rand Co., 6.391%, 11/15/27		335

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Machinery — continued
		Parker-Hannifin Corp.,
	592	4.450%, 11/21/44		635
	215	5.500%, 05/15/18		228
		Xylem, Inc.,
	197	3.250%, 11/01/26		190
	224	4.375%, 11/01/46		214
				5,263
		Professional Services — 0.0% (g)
	380	Equifax, Inc., 2.300%, 06/01/21		373
		Road & Rail — 0.7%
		Burlington Northern Santa Fe LLC,
	200	3.000%, 03/15/23		202
	522	3.050%, 03/15/22		534
	300	3.450%, 09/15/21		313
	136	3.600%, 09/01/20		142
	249	3.750%, 04/01/24		262
	375	4.375%, 09/01/42		381
	500	4.400%, 03/15/42		510
	455	4.700%, 09/01/45		488
	769	5.150%, 09/01/43		867
	1,658	5.400%, 06/01/41		1,922
	335	5.750%, 03/15/18		353
	425	5.750%, 05/01/40		509
	250	6.700%, 08/01/28		320
		Canadian Pacific Railway Co., (Canada),
	600	4.500%, 01/15/22		647
	1,130	6.125%, 09/15/152		1,299
	250	7.125%, 10/15/31		331
		CSX Corp.,
	400	3.400%, 08/01/24		409
	526	3.950%, 05/01/50		467
	300	4.250%, 06/01/21		321
	191	4.750%, 05/30/42		195
	575	5.500%, 04/15/41		649
	500	7.900%, 05/01/17		514
		ERAC USA Finance LLC,
	559	4.500%, 08/16/21 (e)		598
	355	5.250%, 10/01/20 (e)		386
	436	5.625%, 03/15/42 (e)		475
	350	6.375%, 10/15/17 (e)		364
	746	6.700%, 06/01/34 (e)		903
		Norfolk Southern Corp.,
	746	3.250%, 12/01/21		767
	595	3.950%, 10/01/42		556
	100	6.000%, 03/15/053		108
	1,510	6.000%, 05/23/114		1,629
	365	7.700%, 05/15/17		375
		Penske Truck Leasing Co. LP/PTL Finance Corp.,
	479	2.875%, 07/17/18 (e)		485
	1,131	3.375%, 02/01/22 (e)		1,142
		Ryder System, Inc.,
	244	2.500%, 03/01/17		244
	240	2.500%, 03/01/18		242
	723	2.500%, 05/11/20		722
	517	2.875%, 09/01/20		521
		Union Pacific Corp.,
	182	2.950%, 01/15/23		184
	838	3.646%, 02/15/24		876
	710	4.163%, 07/15/22		770
	200	4.300%, 06/15/42		203
				23,185
		Trading Companies & Distributors — 0.1%
		Air Lease Corp.,
	743	3.000%, 09/15/23		709
	500	3.875%, 04/01/21		520
	506	International Lease Finance Corp., 5.875%, 08/15/22		553
		WW Grainger, Inc.,
	436	3.750%, 05/15/46		404
	655	4.600%, 06/15/45		693
				2,879
		Total Industrials		63,483
		Information Technology — 1.3%
		Communications Equipment — 0.1%
		Cisco Systems, Inc.,
	514	2.600%, 02/28/23		508
	197	2.900%, 03/04/21		201
	335	2.950%, 02/28/26		331
	500	3.625%, 03/04/24		522
	350	5.500%, 01/15/40		423
	755	5.900%, 02/15/39		950
	850	Harris Corp., 3.832%, 04/27/25		860
				3,795

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Electronic Equipment, Instruments & Components — 0.1%
		Arrow Electronics, Inc.,
	219	3.000%, 03/01/18		221
	190	4.500%, 03/01/23		194
	165	6.000%, 04/01/20		179
	500	6.875%, 06/01/18		533
	1,563	7.500%, 01/15/27		1,845
				2,972
		Internet Software & Services — 0.1%
		eBay, Inc.,
	1,500	2.600%, 07/15/22		1,448
	348	3.450%, 08/01/24		340
	271	4.000%, 07/15/42		226
				2,014
		IT Services — 0.1%
		International Business Machines Corp.,
	409	1.800%, 05/17/19		410
	765	6.220%, 08/01/27		946
	371	Total System Services, Inc., 3.750%, 06/01/23		371
		Xerox Corp.,
	271	2.950%, 03/15/17		272
	320	5.625%, 12/15/19		344
	550	6.750%, 02/01/17		554
				2,897
		Semiconductors & Semiconductor Equipment — 0.1%
		Intel Corp.,
	375	3.100%, 07/29/22		385
	397	3.300%, 10/01/21		413
	652	3.700%, 07/29/25		686
	1,185	4.000%, 12/15/32		1,195
	453	4.900%, 07/29/45		502
	365	Texas Instruments, Inc., 1.650%, 08/03/19		364
				3,545
		Software — 0.4%
	470	Intuit, Inc., 5.750%, 03/15/17		476
		Microsoft Corp.,
	384	2.125%, 11/15/22		375
	500	2.375%, 02/12/22		498
	1,310	2.375%, 05/01/23		1,284
	291	3.500%, 02/12/35		278
	1,155	3.625%, 12/15/23		1,213
	305	4.000%, 02/12/55		281
	615	4.200%, 11/03/35		640
	117	4.500%, 10/01/40		123
	639	4.750%, 11/03/55		680
		Oracle Corp.,
	587	1.900%, 09/15/21		573
	1,750	2.950%, 05/15/25		1,718
	1,000	3.625%, 07/15/23		1,042
	457	4.300%, 07/08/34		469
	1,740	4.375%, 05/15/55		1,693
	500	5.000%, 07/08/19		540
	813	5.750%, 04/15/18		860
	475	6.500%, 04/15/38		619
				13,362
		Technology Hardware, Storage & Peripherals — 0.4%
		Apple, Inc.,
	927	2.150%, 02/09/22		910
	2,556	2.400%, 05/03/23		2,490
	815	2.450%, 08/04/26		764
	2,364	2.850%, 05/06/21		2,416
	1,539	3.200%, 05/13/25		1,548
	625	3.450%, 02/09/45		548
	569	3.850%, 08/04/46		533
	426	4.500%, 02/23/36		457
	300	Dell, Inc., 7.100%, 04/15/28		310
		Diamond 1 Finance Corp./Diamond 2 Finance Corp.,
	780	4.420%, 06/15/21 (e)		802
	976	5.450%, 06/15/23 (e)		1,017
	857	6.020%, 06/15/26 (e)		898
		HP, Inc.,
	282	4.300%, 06/01/21		296
	472	4.375%, 09/15/21		495
	201	4.650%, 12/09/21		214
	849	6.000%, 09/15/41		832
				14,530
		Total Information Technology		43,115
		Materials — 0.7%
		Chemicals — 0.4%
		Agrium, Inc., (Canada),
	490	3.375%, 03/15/25		476
	525	4.125%, 03/15/35		481
	757	5.250%, 01/15/45		771

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Chemicals — continued
		CF Industries, Inc.,
	667	4.500%, 12/01/26 (e)		654
	500	7.125%, 05/01/20		541
		Dow Chemical Co. (The),
	888	3.000%, 11/15/22		888
	850	3.500%, 10/01/24		861
	347	4.125%, 11/15/21		367
	200	5.250%, 11/15/41		212
	375	7.375%, 11/01/29		488
	73	8.550%, 05/15/19		84
	253	E.I. du Pont de Nemours & Co., 4.900%, 01/15/41		262
		Ecolab, Inc.,
	447	1.450%, 12/08/17		447
	595	3.250%, 01/14/23		603
	150	5.500%, 12/08/41		175
	208	Monsanto Co., 4.700%, 07/15/64		182
		Mosaic Co. (The),
	1,736	4.250%, 11/15/23		1,730
	79	4.875%, 11/15/41		68
	861	5.450%, 11/15/33		819
	347	5.625%, 11/15/43		326
		Potash Corp. of Saskatchewan, Inc., (Canada),
	660	3.000%, 04/01/25		619
	85	3.250%, 12/01/17		86
		PPG Industries, Inc.,
	114	5.500%, 11/15/40		130
	122	6.650%, 03/15/18		129
	355	9.000%, 05/01/21		441
	473	Praxair, Inc., 2.650%, 02/05/25		459
		Union Carbide Corp.,
	1,000	7.500%, 06/01/25		1,209
	850	7.750%, 10/01/96		1,017
				14,525
		Construction Materials — 0.1%
		CRH America, Inc.,
	417	3.875%, 05/18/25 (e)		425
	893	5.125%, 05/18/45 (e)		928
				1,353
		Containers & Packaging — 0.0% (g)
	600	International Paper Co., 7.300%, 11/15/39		748
		Metals & Mining — 0.2%
		BHP Billiton Finance USA Ltd., (Australia),
	815	3.850%, 09/30/23		861
	150	5.000%, 09/30/43		166
	410	5.400%, 03/29/17		416
	560	6.500%, 04/01/19		617
		Freeport-McMoRan, Inc.,
	1,329	2.150%, 03/01/17		1,326
	1,138	3.875%, 03/15/23		1,063
	1,020	5.400%, 11/14/34		893
	262	5.450%, 03/15/43		224
	283	Nucor Corp., 4.000%, 08/01/23		294
	295	Placer Dome, Inc., (Canada), 6.450%, 10/15/35		313
	258	Rio Tinto Finance USA Ltd., (Australia), 9.000%, 05/01/19		299
				6,472
		Total Materials		23,098
		Real Estate — 0.6%
		Equity Real Estate Investment Trusts (REITs) — 0.6%
		American Tower Corp.,
	312	3.375%, 10/15/26		295
	1,043	3.500%, 01/31/23		1,046
	974	5.000%, 02/15/24		1,047
	100	5.900%, 11/01/21		113
		American Tower Trust 1,
	471	1.551%, 03/15/18 (e)		471
	750	3.070%, 03/15/23 (e)		740
	700	AvalonBay Communities, Inc., 2.850%, 03/15/23		687
		Boston Properties LP,
	360	2.750%, 10/01/26		331
	200	3.125%, 09/01/23		196
	483	3.650%, 02/01/26		480
		Crown Castle International Corp.,
	385	2.250%, 09/01/21		372
	980	4.875%, 04/15/22		1,056
	450	5.250%, 01/15/23		489
	239	Duke Realty LP, 3.250%, 06/30/26		231
		Equity Commonwealth,
	600	5.875%, 09/15/20		643
	1,345	6.650%, 01/15/18		1,379

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Equity Real Estate Investment Trusts (REITs) — continued
		ERP Operating LP,
	853	3.000%, 04/15/23		840
	364	4.625%, 12/15/21		395
		HCP, Inc.,
	265	3.400%, 02/01/25		253
	1,204	3.875%, 08/15/24		1,194
	230	4.200%, 03/01/24		233
	1,090	4.250%, 11/15/23		1,111
	783	National Retail Properties, Inc., 4.000%, 11/15/25		801
		Prologis LP,
	133	3.750%, 11/01/25		136
	534	4.250%, 08/15/23		568
		Simon Property Group LP,
	917	2.150%, 09/15/17		921
	868	3.375%, 10/01/24		878
	532	3.750%, 02/01/24		551
	579	4.125%, 12/01/21		618
	200	4.375%, 03/01/21		214
	382	UDR, Inc., 2.950%, 09/01/26		360
		Ventas Realty LP,
	240	3.125%, 06/15/23		235
	242	3.500%, 02/01/25		239
	353	3.750%, 05/01/24		356
	406	4.125%, 01/15/26		415
		Welltower, Inc.,
	223	4.000%, 06/01/25		228
	732	4.500%, 01/15/24		769
		Total Real Estate		20,891
		Telecommunication Services — 1.6%
		Diversified Telecommunication Services — 1.5%
		AT&T, Inc.,
	2,320	3.000%, 06/30/22		2,275
	1,120	3.400%, 05/15/25		1,076
	3,596	3.600%, 02/17/23		3,598
	1,297	3.800%, 03/15/22		1,323
	205	3.875%, 08/15/21		212
	376	3.950%, 01/15/25		376
	879	4.300%, 12/15/42		767
	462	4.350%, 06/15/45		403
	977	4.550%, 03/09/49 (e)		867
	1,000	4.600%, 02/15/21		1,058
	563	4.750%, 05/15/46		525
	860	5.350%, 09/01/40		869
	250	5.500%, 02/01/18		260
	2,000	6.000%, 08/15/40		2,193
	2,700	6.300%, 01/15/38		3,031
	400	6.500%, 09/01/37		453
	2,250	BellSouth LLC, 6.550%, 06/15/34		2,460
		British Telecommunications plc, (United Kingdom),
	531	2.350%, 02/14/19		535
	150	9.375%, 12/15/30		228
	600	Centel Capital Corp., 9.000%, 10/15/19		684
		Deutsche Telekom International Finance B.V., (Netherlands),
	336	2.250%, 03/06/17 (e)		337
	232	4.875%, 03/06/42 (e)		246
	400	6.000%, 07/08/19		439
	325	8.750%, 06/15/30		473
		GTP Acquisition Partners I LLC,
	1,236	2.350%, 06/15/20 (e)		1,213
	1,436	3.482%, 06/16/25 (e)		1,481
	267	Nippon Telegraph & Telephone Corp., (Japan), 1.400%, 07/18/17		267
	1,305	Orange S.A., (France), 9.000%, 03/01/31		1,959
	741	Qwest Corp., 6.750%, 12/01/21		803
		Telefonica Emisiones S.A.U., (Spain),
	252	3.192%, 04/27/18		256
	526	5.134%, 04/27/20		562
	316	5.462%, 02/16/21		344
		Verizon Communications, Inc.,
	432	2.625%, 02/21/20		435
	881	3.450%, 03/15/21		908
	400	3.500%, 11/01/21		412
	2,804	3.500%, 11/01/24		2,815
	938	4.150%, 03/15/24		982
	200	4.272%, 01/15/36		190
	2,085	4.400%, 11/01/34		2,030
	881	4.500%, 09/15/20		940
	730	4.522%, 09/15/48		691
	1,085	4.672%, 03/15/55		1,013
	4,200	4.862%, 08/21/46		4,210
	566	5.012%, 08/21/54		557
	1,514	5.150%, 09/15/23		1,675
	300	5.850%, 09/15/35		339
				48,770

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Wireless Telecommunication Services — 0.1%
	592	America Movil S.A.B. de C.V., (Mexico), 3.125%, 07/16/22		581
		Rogers Communications, Inc., (Canada),
	1,547	4.100%, 10/01/23		1,626
	400	8.750%, 05/01/32		547
		Vodafone Group plc, (United Kingdom),
	957	1.500%, 02/19/18		954
	593	1.625%, 03/20/17		593
				4,301
		Total Telecommunication Services		53,071
		Utilities — 2.2%
		Electric Utilities — 1.5%
		Alabama Power Co.,
	214	3.750%, 03/01/45		203
	239	6.125%, 05/15/38		295
	286	American Electric Power Co., Inc., Series E, 1.650%, 12/15/17		286
		Arizona Public Service Co.,
	133	2.200%, 01/15/20		133
	296	4.500%, 04/01/42		311
	467	5.050%, 09/01/41		520
		Baltimore Gas & Electric Co.,
	455	2.800%, 08/15/22		458
	376	3.500%, 08/15/46		338
	1,025	Cleveland Electric Illuminating Co. (The), Series D, 7.880%, 11/01/17		1,081
	831	Comision Federal de Electricidad, (Mexico), 4.875%, 05/26/21 (e)		843
	195	Connecticut Light & Power Co. (The), 5.650%, 05/01/18		207
	224	DTE Electric Co., 2.650%, 06/15/22		225
		Duke Energy Carolinas LLC,
	129	4.250%, 12/15/41		131
	660	5.100%, 04/15/18		691
	100	6.000%, 01/15/38		124
		Duke Energy Florida LLC,
	290	5.650%, 06/15/18		308
	245	6.400%, 06/15/38		318
		Duke Energy Indiana LLC,
	700	3.750%, 05/15/46		654
	1,320	6.350%, 08/15/38		1,695
		Duke Energy Progress LLC,
	540	2.800%, 05/15/22		547
	792	3.250%, 08/15/25		806
	273	4.100%, 05/15/42		268
	125	4.100%, 03/15/43		123
	387	4.150%, 12/01/44		383
	325	5.300%, 01/15/19		349
		Electricite de France S.A., (France),
	770	2.150%, 01/22/19 (e)		773
	1,300	6.000%, 01/22/145 (e)		1,272
	950	Enel Finance International N.V., (Netherlands), 5.125%, 10/07/19 (e)		1,021
	175	Entergy Arkansas, Inc., 3.500%, 04/01/26		180
	336	Entergy Corp., 2.950%, 09/01/26		316
	629	Entergy Louisiana LLC, 3.050%, 06/01/31		596
	559	Entergy Mississippi, Inc., 2.850%, 06/01/28		532
	316	Exelon Corp., 3.400%, 04/15/26		310
	350	Florida Power & Light Co., 5.950%, 02/01/38		441
	210	Georgia Power Co., 5.950%, 02/01/39		251
	679	Great Plains Energy, Inc., 4.850%, 06/01/21		725
		Hydro-Quebec, (Canada),
	1,000	Series HY, 8.400%, 01/15/22		1,256
	350	Series IO, 8.050%, 07/07/24		458
	100	Indiana Michigan Power Co., 7.000%, 03/15/19		111
	100	Jersey Central Power & Light Co., 7.350%, 02/01/19		110
	784	John Sevier Combined Cycle Generation LLC, 4.626%, 01/15/42		820
		Kansas City Power & Light Co.,
	403	3.150%, 03/15/23		401
	1,400	5.300%, 10/01/41		1,487
	424	Louisville Gas & Electric Co., Series 25, 3.300%, 10/01/25		428
	125	MidAmerican Energy Co., 5.300%, 03/15/18		131
		Nevada Power Co.,
	55	5.375%, 09/15/40		63
	305	5.450%, 05/15/41		352
	720	6.500%, 08/01/18		777
	100	Series N, 6.650%, 04/01/36		130

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Electric Utilities — continued
		NextEra Energy Capital Holdings, Inc.,
	371	2.400%, 09/15/19		374
	725	6.000%, 03/01/19		784
		Niagara Mohawk Power Corp.,
	493	3.508%, 10/01/24 (e)		500
	300	4.881%, 08/15/19 (e)		321
	510	Northern States Power Co., 6.250%, 06/01/36		660
	320	Ohio Power Co., 6.050%, 05/01/18		338
		Oncor Electric Delivery Co. LLC,
	840	6.800%, 09/01/18		912
	110	7.000%, 09/01/22		135
		Pacific Gas & Electric Co.,
	544	2.450%, 08/15/22		539
	492	2.950%, 03/01/26		482
	71	3.250%, 09/15/21		73
	250	3.250%, 06/15/23		255
	781	3.500%, 06/15/25		800
	217	4.450%, 04/15/42		225
	390	4.500%, 12/15/41		405
	90	4.600%, 06/15/43		95
	810	5.625%, 11/30/17		844
	100	6.050%, 03/01/34		124
	160	8.250%, 10/15/18		179
		PacifiCorp,
	180	5.500%, 01/15/19		193
	150	5.650%, 07/15/18		160
		PECO Energy Co.,
	350	2.375%, 09/15/22		345
	175	5.350%, 03/01/18		183
	1,085	Potomac Electric Power Co., 6.500%, 11/15/37		1,419
	200	PPL Capital Funding, Inc., 3.400%, 06/01/23		201
		Progress Energy, Inc.,
	673	3.150%, 04/01/22		683
	300	7.000%, 10/30/31		375
		Public Service Co. of Colorado,
	250	2.250%, 09/15/22		246
	90	3.200%, 11/15/20		93
	214	3.550%, 06/15/46		197
	125	5.800%, 08/01/18		134
	2,490	Public Service Co. of Oklahoma, Series G, 6.625%, 11/15/37		3,119
		Public Service Electric & Gas Co.,
	833	3.000%, 05/15/25		836
	317	5.375%, 11/01/39		368
	210	Series I, 1.800%, 06/01/19		209
	65	South Carolina Electric & Gas Co., 4.500%, 06/01/64		61
		Southern California Edison Co.,
	122	1.845%, 02/01/22		120
	785	5.500%, 08/15/18		838
	1,185	6.050%, 03/15/39		1,494
	200	Series 08-A, 5.950%, 02/01/38		253
	318	Series C, 3.500%, 10/01/23		331
		Southwestern Public Service Co.,
	200	4.500%, 08/15/41		208
	570	Series G, 8.750%, 12/01/18		645
	312	State Grid Overseas Investment 2013 Ltd., (United Kingdom), 1.750%, 05/22/18 (e)		311
	300	Toledo Edison Co. (The), 6.150%, 05/15/37		348
		Virginia Electric & Power Co.,
	64	3.450%, 02/15/24		66
	2,045	5.400%, 04/30/18		2,151
	21	Wisconsin Electric Power Co., 2.950%, 09/15/21		22
		Xcel Energy, Inc.,
	440	3.300%, 06/01/25		440
	92	4.800%, 09/15/41		98
	200	6.500%, 07/01/36		251
				48,681
		Gas Utilities — 0.1%
		Atmos Energy Corp.,
	125	4.125%, 10/15/44		122
	828	4.150%, 01/15/43		808
	375	8.500%, 03/15/19		428
	308	Boston Gas Co., 4.487%, 02/15/42 (e)		312
	335	CenterPoint Energy Resources Corp., 4.500%, 01/15/21		351
	382	Dominion Gas Holdings LLC, 2.800%, 11/15/20		386
	653	Korea Gas Corp., (South Korea), 1.875%, 07/18/21 (e)		629
				3,036

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Independent Power & Renewable Electricity Producers — 0.1%
		Exelon Generation Co. LLC,
	300	2.950%, 01/15/20		304
	438	4.000%, 10/01/20		455
	582	4.250%, 06/15/22		605
	235	5.750%, 10/01/41		219
		PSEG Power LLC,
	772	4.150%, 09/15/21		801
	442	4.300%, 11/15/23		457
		Southern Power Co.,
	357	4.150%, 12/01/25		368
	600	5.150%, 09/15/41		603
	417	Tri-State Generation & Transmission Association, Inc., 4.250%, 06/01/46		402
				4,214
		Multi-Utilities — 0.5%
		CMS Energy Corp.,
	475	3.000%, 05/15/26		454
	400	3.875%, 03/01/24		413
	596	Consolidated Edison Co. of New York, Inc., 5.700%, 06/15/40		715
		Consumers Energy Co.,
	216	2.850%, 05/15/22		220
	286	3.250%, 08/15/46		253
	130	5.650%, 04/15/20		143
	235	Delmarva Power & Light Co., 4.000%, 06/01/42		226
		Dominion Resources, Inc.,
	300	7.000%, 06/15/38		384
	920	Series F, 5.250%, 08/01/33		978
		DTE Energy Co.,
	992	3.300%, 06/15/22		1,013
	200	6.375%, 04/15/33		243
	289	Series F, 3.850%, 12/01/23		299
		NiSource Finance Corp.,
	370	3.850%, 02/15/23		382
	1,256	5.800%, 02/01/42		1,464
		San Diego Gas & Electric Co.,
	379	3.950%, 11/15/41		377
	275	6.000%, 06/01/26		336
		Sempra Energy,
	350	2.875%, 10/01/22		349
	236	3.550%, 06/15/24		239
	1,013	4.050%, 12/01/23		1,060
	1,150	6.150%, 06/15/18		1,221
	460	9.800%, 02/15/19		535
		Southern Co. Gas Capital Corp.,
	254	3.250%, 06/15/26		248
	563	3.500%, 09/15/21		581
	208	4.400%, 06/01/43		204
	1,445	5.875%, 03/15/41		1,661
	1,009	WEC Energy Group, Inc., 3.550%, 06/15/25		1,027
				15,025
		Water Utilities — 0.0% (g)
	793	American Water Capital Corp., 3.400%, 03/01/25		813
		Total Utilities		71,769
		Total Corporate Bonds (Cost $839,736)		858,239
	Foreign Government Securities — 1.4%
		Israel Government AID Bond, (Israel),
	6,165	3.103%, 11/01/23 (n)		5,105
	2,121	2.869%, 02/15/24 (n)		1,740
	5,535	3.026%, 05/01/24 (n)		4,506
	1,000	5.500%, 09/18/33		1,304
	1,000	Series 1, 1.904%, 11/01/24 (n)		800
	2,660	Series 2, 2.791%, 11/01/24 (n)		2,129
	5,000	Series 7-Z, 3.113%, 08/15/25 (n)		3,845
	3,424	Series 8-Z, 2.869%, 02/15/24 (n)		2,808
	2,000	Series 8-Z, 3.000%, 08/15/24 (n)		1,611
	7,805	Series 10-Z, 3.000%, 08/15/24 (n)		6,289
	377	Province of Quebec, (Canada), Series A, SUB, 7.365%, 03/06/26		498
		Republic of Colombia, (Colombia),
	422	4.000%, 02/26/24		420
	581	4.500%, 01/28/26		590
	515	5.000%, 06/15/45		475
	200	5.625%, 02/26/44		200
		Republic of Panama, (Panama),
	317	3.750%, 03/16/25		317
	416	4.000%, 09/22/24		425
	88	Republic of Peru, (Peru), 5.625%, 11/18/50		100
	1,133	Republic of Poland, (Poland), 4.000%, 01/22/24		1,165
		Republic of South Africa, (South Africa),
	1,436	5.375%, 07/24/44		1,400

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Foreign Government Securities — continued
	640	5.875%, 09/16/25		685
		United Mexican States, (Mexico),
	2,030	3.500%, 01/21/21		2,058
	788	3.600%, 01/30/25		755
	1,732	4.000%, 10/02/23		1,728
	316	4.125%, 01/21/26		312
	186	4.350%, 01/15/47		155
	200	4.600%, 01/23/46		173
	120	4.750%, 03/08/44		107
	4,913	5.550%, 01/21/45		4,888
		Total Foreign Government Securities (Cost $46,556)		46,588
	Mortgage Pass-Through Securities — 18.5%
		Federal Home Loan Mortgage Corp.,
	7	ARM, 2.500%, 07/01/19		7
	345	ARM, 2.605%, 12/01/33		367
	335	ARM, 2.626%, 01/01/35		354
	27	ARM, 2.678%, 04/01/30		28
	84	ARM, 2.760%, 05/01/36		88
	253	ARM, 2.768%, 12/01/36		269
	151	ARM, 2.778%, 02/01/37		160
	373	ARM, 2.784%, 11/01/36		395
	283	ARM, 2.789%, 02/01/36		301
	192	ARM, 2.793%, 07/01/36		200
	160	ARM, 2.818%, 12/01/34		169
	69	ARM, 2.845%, 10/01/36		74
	155	ARM, 2.851%, 02/01/36		164
	315	ARM, 2.879%, 11/01/36		335
	723	ARM, 2.882%, 03/01/37		756
	602	ARM, 2.886%, 04/01/34		639
	289	ARM, 2.938%, 10/01/36		302
	322	ARM, 3.491%, 10/01/36		342
	794	ARM, 3.587%, 07/01/40		826
		Federal Home Loan Mortgage Corp. Gold Pools, 15 Year, Single Family,
	21	4.500%, 08/01/18		21
	69	5.000%, 12/01/18		71
	1	5.500%, 06/01/17		1
	8	6.000%, 04/01/18		8
	32	6.500%, 11/01/17 – 02/01/19		33
		Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family,
	1,738	3.500%, 01/01/32 – 03/01/32		1,803
	52	6.000%, 12/01/22		59
		Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,
	5,138	3.000%, 08/01/43		5,155
	664	4.000%, 09/01/35		700
	3,526	4.500%, 05/01/41		3,819
	2,794	5.000%, 09/01/34 – 08/01/40		3,083
	1,248	5.500%, 10/01/33 – 07/01/35		1,418
	265	6.000%, 12/01/33 – 01/01/34		307
	1,010	6.500%, 11/01/34 – 11/01/36		1,171
	315	7.000%, 07/01/32 – 10/01/36		355
	231	Federal Home Loan Mortgage Corp. Gold Pools, FHA/VA, 10.000%, 10/01/30		252
		Federal Home Loan Mortgage Corp. Gold Pools, Other,
	2,223	3.000%, 03/01/33		2,258
	19,280	3.500%, 10/01/32 – 06/01/43		19,999
	18,163	4.000%, 01/01/32 – 01/01/46		19,303
	5,543	4.500%, 01/01/46		6,087
	250	5.500%, 10/01/33 – 01/01/34		271
	248	6.000%, 02/01/33		276
	53	7.000%, 07/01/29		58
		Federal National Mortgage Association,
	2	ARM, 1.943%, 01/01/19		2
	61	ARM, 2.188%, 09/01/34		64
	2	ARM, 2.287%, 03/01/19		2
	668	ARM, 2.297%, 01/01/33		694
	341	ARM, 2.317%, 07/01/33		352
	386	ARM, 2.440%, 07/01/36		404
	92	ARM, 2.483%, 02/01/35		97
	864	ARM, 2.484%, 01/01/35		904
	31	ARM, 2.517%, 09/01/27		33
	978	ARM, 2.522%, 09/01/35		1,020
	166	ARM, 2.537%, 01/01/36		174
	349	ARM, 2.539%, 05/01/35		368
	173	ARM, 2.547%, 01/01/34		182
	219	ARM, 2.553%, 04/01/34		229
	512	ARM, 2.560%, 06/01/35		538
	349	ARM, 2.564%, 11/01/34		363
	115	ARM, 2.597%, 07/01/34		123
	404	ARM, 2.620%, 01/01/35		426
	169	ARM, 2.652%, 07/01/33 – 11/01/33		178
	442	ARM, 2.666%, 08/01/34		466
	399	ARM, 2.729%, 07/01/33		423
	725	ARM, 2.747%, 11/01/34		757

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	18	ARM, 2.762%, 04/01/34		18
	224	ARM, 2.767%, 04/01/35		237
	61	ARM, 2.785%, 01/01/38		64
	1,244	ARM, 2.787%, 04/01/35		1,312
	363	ARM, 2.835%, 05/01/34		383
	121	ARM, 2.845%, 05/01/35		127
	107	ARM, 2.866%, 09/01/35		112
	119	ARM, 2.872%, 09/01/34		124
	254	ARM, 2.904%, 08/01/34		267
	189	ARM, 2.905%, 10/01/34		200
	168	ARM, 2.928%, 06/01/36		177
	375	ARM, 2.930%, 10/01/34		393
	493	ARM, 2.968%, 10/01/34		513
	283	ARM, 3.100%, 09/01/33		302
	37	ARM, 3.250%, 01/01/36		38
	370	ARM, 3.353%, 10/01/36		391
	97	ARM, 3.625%, 02/01/34		99
	20	ARM, 3.863%, 03/01/29		21
		Federal National Mortgage Association, 15 Year, Single Family,
	98	4.000%, 08/01/18		101
	612	4.500%, 06/01/18 – 12/01/19		631
	300	5.000%, 06/01/18 – 08/01/24		317
	139	5.500%, 03/01/20 – 07/01/20		142
	1,808	6.000%, 08/01/17 – 01/01/24		1,950
	30	6.500%, 03/01/17 – 08/01/20		31
	11	7.000%, 03/01/17 – 09/01/17		11
		Federal National Mortgage Association, 20 Year, Single Family,
	1,049	3.500%, 08/01/32		1,092
	61	4.500%, 04/01/24		66
	474	6.500%, 05/01/22 – 04/01/25		537
		Federal National Mortgage Association, 30 Year, FHA/VA,
	72	6.000%, 09/01/33		79
	552	6.500%, 03/01/29 – 08/01/39		612
	12	7.000%, 02/01/33		13
	32	8.000%, 06/01/28		35
	1	9.000%, 05/01/18		1
		Federal National Mortgage Association, 30 Year, Single Family,
	4,393	3.000%, 06/01/43		4,399
	2,985	4.500%, 11/01/33 – 09/01/43		3,229
	900	5.000%, 07/01/33 – 09/01/35		1,000
	1,233	5.500%, 09/01/31 – 03/01/34		1,409
	1,544	6.000%, 12/01/28 – 09/01/37		1,780
	679	6.500%, 11/01/29 – 08/01/31		776
	563	7.000%, 01/01/24 – 01/01/39		658
	208	7.500%, 08/01/36 – 11/01/37		237
	396	8.000%, 03/01/27 – 11/01/28		466
	8	9.500%, 07/01/28		9
		Federal National Mortgage Association, Other,
	907	ARM, 1.331%, 03/01/22		912
	2,000	1.690%, 12/01/19		1,991
	3,417	1.735%, 05/01/20		3,397
	3,748	1.750%, 06/01/20		3,725
	1,916	1.940%, 07/01/19		1,924
	1,500	2.000%, 12/01/20		1,500
	222	2.030%, 08/01/19		226
	2,500	2.120%, 09/01/21		2,461
	1,896	2.140%, 04/01/19		1,916
	1,412	2.150%, 04/01/19		1,425
	3,556	2.340%, 12/01/22		3,557
	1,862	2.350%, 05/01/23		1,857
	3,500	2.400%, 12/01/22		3,498
	2,815	2.420%, 06/01/23		2,812
	4,000	2.450%, 11/01/22		4,007
	2,750	2.460%, 02/01/23		2,751
	1,404	2.510%, 06/01/23		1,410
	6,826	2.520%, 10/01/22 – 05/01/23		6,855
	2,500	2.660%, 12/01/22		2,569
	3,000	2.670%, 07/01/22		3,040
	6,479	2.690%, 10/01/17		6,514
	3,104	2.705%, 04/01/23		3,155
	3,074	2.750%, 03/01/22		3,139
	3,000	2.760%, 05/01/21		3,078
	1,565	2.770%, 05/01/22		1,599
	5,145	2.780%, 06/01/27		5,089
	4,439	2.783%, 07/01/23		4,526
	10,952	2.790%, 05/01/27 – 06/01/27		10,833
	4,975	2.840%, 01/01/25		5,011
	6,500	2.900%, 12/01/24		6,562
	12,000	2.920%, 12/01/24 – 05/01/30		11,715
	1,382	2.940%, 05/01/22		1,423
	6,260	2.950%, 08/01/23 – 12/01/24		6,398
	3,000	2.960%, 06/01/27		3,013
	7,465	2.970%, 12/01/24 – 06/01/30		7,478
	6,429	2.980%, 03/01/22 – 07/01/22		6,639
	1,000	2.990%, 01/01/25		1,021

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	2,424	3.000%, 01/01/43		2,412
	2,373	3.020%, 07/01/23		2,444
	3,156	3.030%, 06/01/35		3,114
	13,000	3.040%, 12/01/24 – 04/01/30		13,054
	5,720	3.050%, 04/01/22		5,905
	6,669	3.070%, 01/01/22		6,894
	14,150	3.080%, 04/01/30 – 06/01/30		14,149
	8,850	3.100%, 05/01/30		8,876
	6,204	3.110%, 12/01/24 – 12/01/26		6,355
	11,744	3.120%, 01/01/22 – 06/01/35		11,654
	2,964	3.140%, 12/01/26		3,025
	1,371	3.150%, 12/01/21		1,423
	2,619	3.160%, 02/01/22		2,721
	3,000	3.170%, 02/01/30		3,024
	3,809	3.200%, 02/01/22		3,966
	9,315	3.230%, 11/01/20		9,699
	4,235	3.240%, 12/01/26		4,341
	13,804	3.250%, 07/01/25 – 09/01/26		14,213
	6,110	3.260%, 01/01/22 – 12/01/26		6,321
	13,897	3.290%, 10/01/20 – 11/01/26		14,364
	8,022	3.300%, 12/01/26 – 07/01/30		8,219
	3,000	3.340%, 02/01/27		3,104
	1,963	3.350%, 09/01/30		2,013
	853	3.377%, 11/01/20		891
	2,000	3.380%, 12/01/23		2,095
	2,000	3.390%, 08/01/17		2,012
	1,379	3.430%, 09/01/20		1,446
	35,159	3.500%, 12/01/32 – 01/01/44		36,351
	1,851	3.520%, 01/01/18		1,878
	3,000	3.540%, 10/01/20		3,155
	2,000	3.550%, 02/01/30		2,094
	2,500	3.590%, 08/01/23		2,648
	2,723	3.600%, 09/01/20		2,873
	944	3.640%, 01/01/25		1,000
	5,000	3.670%, 07/01/23		5,319
	1,500	3.690%, 11/01/23		1,598
	4,398	3.730%, 07/01/22		4,668
	1,800	3.740%, 07/01/20		1,900
	4,918	3.760%, 10/01/23 – 11/01/23		5,257
	4,000	3.765%, 12/01/25		4,268
	3,000	3.770%, 09/01/21		3,189
	3,605	3.783%, 01/01/26		3,847
	6,400	3.790%, 09/01/21		6,810
	1,522	3.870%, 01/01/21		1,619
	3,794	3.930%, 07/01/20 – 01/01/21		4,033
	7,885	3.950%, 07/01/20 – 07/01/21		8,421
	1,818	3.970%, 12/01/25		1,961
	12,489	4.000%, 10/01/32 – 09/01/42		13,244
	1,593	4.120%, 04/01/20		1,696
	4,383	4.130%, 11/01/19 – 08/01/21		4,668
	1,789	4.240%, 11/01/19		1,897
	4,380	4.250%, 04/01/21		4,739
	1,991	4.260%, 07/01/21		2,157
	1,129	4.283%, 01/01/21		1,211
	2,058	4.290%, 06/01/20		2,204
	2,307	4.300%, 08/01/20 – 04/01/21		2,403
	1,297	4.313%, 07/01/21		1,411
	2,030	4.330%, 04/01/21		2,189
	5,000	4.340%, 06/01/21		5,429
	1,410	4.350%, 04/01/20		1,509
	1,861	4.369%, 02/01/20		1,986
	666	4.381%, 04/01/20		712
	1,919	4.390%, 05/01/21		2,082
	2,000	4.400%, 02/01/20		2,140
	2,769	4.480%, 02/01/21		3,005
	9,101	4.500%, 12/01/43 – 03/01/44		9,995
	6,832	4.540%, 01/01/20 – 07/01/26		7,450
	3,716	4.640%, 01/01/21		4,047
	1,810	5.240%, 07/01/19		1,948
	244	5.500%, 03/01/17 – 09/01/33		271
	435	6.000%, 09/01/37 – 06/01/39		481
	154	6.500%, 01/01/36 – 07/01/36		164
	47	7.000%, 10/01/46		51
	17	10.500%, 04/15/19		18
		Government National Mortgage Association II, 30 Year, Single Family,
	1,886	4.250%, 03/20/45		2,032
	188	4.500%, 08/20/33		203
	1,632	6.000%, 09/20/38		1,851
	42	7.500%, 02/20/28 – 09/20/28		50
	64	8.000%, 12/20/25 – 09/20/28		74
	24	8.500%, 05/20/25		27
		Government National Mortgage Association II, Other,
	9,136	4.381%, 06/20/63		9,751
	9,568	4.460%, 05/20/63		10,211
	3,051	4.465%, 05/20/63		3,254
	2,014	4.498%, 04/20/63		2,149

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	6	Government National Mortgage Association, 15 Year, Single Family, 6.500%, 06/15/17		6
		Government National Mortgage Association, 30 Year, Single Family,
	223	6.500%, 03/15/28 – 04/15/33		255
	139	7.000%, 02/15/33 – 06/15/33		164
	31	7.500%, 11/15/22 – 09/15/28		34
	6	8.000%, 09/15/22 – 08/15/28		6
	161	9.500%, 10/15/24		173
		Total Mortgage Pass-Through Securities (Cost $606,964)		613,438
	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		563
	350	State of California, Various Purpose, GO, 7.300%, 10/01/39		494
				1,057
		Illinois — 0.0% (g)
	160	State of Illinois, Taxable Pension, GO, 5.100%, 06/01/33		143
		New York — 0.2%
	360	New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series D, Rev., 5.600%, 03/15/40		446
		Port Authority of New York & New Jersey, Consolidated,
	1,825	Series 164, Rev., 5.647%, 11/01/40		2,200
	440	Series 165, Rev., 5.647%, 11/01/40		531
	2,060	Series 174, Rev., 4.458%, 10/01/62		2,071
				5,248
		Ohio — 0.1%
	1,315	American Municipal Power, Inc., Meldahl Hydroelectric Project, Series B, Rev., 7.499%, 02/15/50		1,832
		Ohio State University, General Receipts,
	200	Rev., 5.590%, 12/01/145		210
	325	Series A, Rev., 4.048%, 12/01/56		321
	1,563	Series A, Rev., 4.800%, 06/01/114		1,544
				3,907
		Total Municipal Bonds (Cost $9,340)		10,355
	Preferred Security — 0.0% (g) (x)
		Financials — 0.0% (g)
		Insurance — 0.0% (g)
	526	Dai-ichi Life Insurance Co., Ltd. (The), (Japan), VAR, 4.000%, 07/24/26 (e) (Cost $526)		496
	Supranational — 0.1%
	3,000	African Development Bank, 8.800%, 09/01/19 (Cost $3,450)		3,554
	U.S. Government Agency Securities — 2.8%
	1,525	Federal Home Loan Bank, 5.500%, 07/15/36		2,012
	6,000	Federal National Mortgage Association, 4.120%, 06/01/17 (n)		5,975
	4,500	Financing Corp. STRIPS, 1.616%, 05/11/18 (n)		4,423
	13,319	Government Trust Certificate, Series 1-Z, 2.713%, 10/01/19 (n)		12,435
		Residual Funding Corp. STRIPS,
	2,150	1.308%, 01/15/21 (n)		1,980
	12,300	1.667%, 10/15/19 (n)		11,769
	510	4.644%, 10/15/25 (n)		402
	30,450	2.228%, 07/15/20 (n)		28,480
	580	2.788%, 01/15/26 (n)		448
	12,930	2.923%, 10/15/20 (n)		12,013
		Tennessee Valley Authority,
	304	4.625%, 09/15/60		338
	4,196	5.250%, 09/15/39		5,239
	1,115	5.880%, 04/01/36		1,482
		Tennessee Valley Authority STRIPS,
	5,000	3.367%, 11/01/25 (n)		3,815
	800	4.291%, 06/15/35 (n)		394
	2,000	4.434%, 05/01/19 (n)		1,916
		Total U.S. Government Agency Securities (Cost $92,310)		93,121
	U.S. Treasury Obligations — 17.5%
		U.S. Treasury Bonds,
	3,350	2.875%, 05/15/43		3,250
	700	4.250%, 05/15/39		854
	19,295	4.375%, 11/15/39		23,924
	8,880	4.375%, 05/15/40		11,014
	11,785	4.500%, 08/15/39		14,862
	850	5.250%, 02/15/29		1,092
	300	6.125%, 08/15/29		416

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligations — continued
		U.S. Treasury Coupon STRIPS,
	8,000	1.600%, 11/15/19 (n)		7,666
	23,265	1.931%, 05/15/21 (n)		21,414
	12,570	2.194%, 08/15/23 (n)		10,824
	14,000	2.229%, 11/15/23 (n)		11,959
	2,200	2.278%, 02/15/24 (n)		1,864
	18,545	2.355%, 05/15/22 (n)		16,574
	17,095	2.388%, 02/15/21 (n)		15,844
	14,400	2.617%, 11/15/22 (n)		12,684
	1,000	2.627%, 02/15/25 (n)		821
	1,670	2.632%, 02/15/20 (n)		1,590
	15,768	2.652%, 02/15/22 (n)		14,200
	11,100	2.740%, 08/15/21 (n)		10,142
	1,500	2.756%, 05/15/25 (n)		1,222
	4,800	2.831%, 08/15/22 (n)		4,262
	15,400	2.866%, 05/15/23 (n)		13,351
	14,395	2.872%, 08/15/32 (n)		9,202
	33,050	2.978%, 05/15/32 (n)		21,246
	9,575	3.034%, 02/15/32 (n)		6,214
	38,462	3.200%, 02/15/23 (n)		33,646
	1,592	3.248%, 08/15/26 (n)		1,245
	5,000	3.249%, 05/15/31 (n)		3,333
	9,980	3.296%, 11/15/21 (n)		9,054
	800	3.321%, 05/15/35 (n)		462
	6,650	3.332%, 11/15/29 (n)		4,655
	54,504	3.478%, 05/15/20 (n)		51,578
	6,015	3.491%, 05/15/28 (n)		4,431
	9,500	3.559%, 02/15/34 (n)		5,737
	10,650	3.570%, 11/15/31 (n)		6,967
	1,650	3.611%, 08/15/34 (n)		979
	6,600	3.621%, 05/15/34 (n)		3,947
	5,500	3.632%, 02/15/33 (n)		3,456
	24,935	3.703%, 08/15/20 (n)		23,452
	2,400	3.764%, 08/15/29 (n)		1,699
	9,700	3.784%, 08/15/31 (n)		6,417
	14,577	3.819%, 05/15/19 (n)		14,123
	10,140	3.921%, 11/15/32 (n)		6,408
	8,000	4.069%, 02/15/31 (n)		5,392
	22,360	4.114%, 08/15/19 (n)		21,540
	16,500	4.114%, 05/15/33 (n)		10,235
	6,400	4.481%, 05/15/30 (n)		4,410
	600	4.649%, 02/15/26 (n)		477
	12,800	4.668%, 08/15/30 (n)		8,755
	600	4.685%, 08/15/24 (n)		501
	4,750	4.959%, 11/15/33 (n)		2,901
	9,925	5.043%, 11/15/30 (n)		6,722
	100	5.161%, 08/15/35 (n)		57
	1,200	5.304%, 02/15/35 (n)		699
	3,050	5.520%, 08/15/33 (n)		1,882
	1,700	5.554%, 11/15/24 (n)		1,406
	1,500	6.159%, 05/15/26 (n)		1,182
	2,500	6.215%, 11/15/28 (n)		1,810
	2,550	6.257%, 05/15/27 (n)		1,943
	200	6.295%, 05/15/24 (n)		168
		U.S. Treasury Inflation Indexed Bonds,
	300	1.750%, 01/15/28		388
	300	2.500%, 01/15/29		409
	799	3.625%, 04/15/28		1,577
		U.S. Treasury Inflation Indexed Notes,
	2,453	0.125%, 01/15/22		2,620
	630	1.375%, 07/15/18		731
	607	1.375%, 01/15/20		711
		U.S. Treasury Notes,
	4,000	1.750%, 10/31/20		4,010
	1,100	2.000%, 10/31/21		1,105
	1,000	2.125%, 01/31/21		1,015
	36,000	2.125%, 08/15/21		36,402
	2,000	2.125%, 12/31/21		2,019
	700	2.625%, 08/15/20		725
	2,300	2.625%, 11/15/20		2,381
	3,638	3.125%, 05/15/19		3,800
	7,250	3.125%, 05/15/21		7,655
	18,450	3.500%, 05/15/20		19,642
	7,000	3.625%, 02/15/21		7,531
		Total U.S. Treasury Obligations (Cost $563,558)		580,881
	Loan Assignment — 0.2%
		Consumer Discretionary — 0.2%
		Hotels, Restaurants & Leisure — 0.2%
	5,117	Lila Mexican Holdings LLC, Tranche B, VAR, 3.538%, 08/11/22 (Cost $4,966)		5,014

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 1.1%
		Investment Company — 1.1%
	36,169	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.690% (b) (l) (Cost $36,179)		36,179
		Total Investments — 99.5% (Cost $3,230,386)		3,300,655
		Other Assets in Excess of Liabilities — 0.5%		16,628
		NET ASSETS — 100.0%	$	3,317,283

Percentages indicated are based on net assets.

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 November 30, 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 November 30, 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

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

STRIPS	—	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of November 30, 2016.
VA	—	Veterans Administration
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of November 30, 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 0.05%.
(h)	—	Amount rounds to less than 500.
(l)	—	The rate shown is the current yield as of November 30, 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.
(x)	—	Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of November 30, 2016.
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 November 30, 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	$	96,901
Aggregate gross unrealized depreciation		(26,632	)
Net unrealized appreciation/depreciation	$	70,269
Federal income tax cost of investments	$	3,230,386

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 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 Fund’s valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at such unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

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

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 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 Funds’ investments are summarized into the three broad levels listed below.

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

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

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

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

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

	Level 1 Quoted prices		Level 2 Other  significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	290,938	$	111,277	$	402,215
Collateralized Mortgage Obligations
Agency CMO		—		435,607		—		435,607
Non-Agency CMO		—		109,206		18,390		127,596
Total Collateralized Mortgage Obligations		—		544,813		18,390		563,203
Commercial Mortgage-Backed Securities		—		77,797		9,575		87,372
Corporate Bonds
Consumer Discretionary		—		54,896		—		54,896
Consumer Staples		—		47,528		—		47,528
Energy		—		87,774		—		87,774
Financials		—		342,468		—		342,468
Health Care		—		50,146		—		50,146
Industrials		—		63,483		—		63,483
Information Technology		—		43,115		—		43,115
Materials		—		23,098		—		23,098
Real Estate		—		20,891		—		20,891
Telecommunication Services		—		53,071		—		53,071
Utilities		—		71,769		—		71,769
Total Corporate Bonds		—		858,239		—		858,239
Foreign Government Securities		—		46,588		—		46,588
Mortgage Pass-Through Securities		—		613,438		—		613,438
Municipal Bonds		—		10,355		—		10,355
Preferred Security
Financials		—		496		—		496
Supranational		—		3,554		—		3,554
U.S. Government Agency Securities		—		93,121		—		93,121
U.S. Treasury Obligations		—		580,881		—		580,881
Loan Assignment
Consumer Discretionary		—		5,014		—		5,014
Short-Term Investment
Investment Company		36,179		—		—		36,179
Total Investments in Securities	$	36,179	$	3,125,234	$	139,242	$	3,300,655

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

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

There were no significant transfers between levels 1 and 2 during the period ended November 30, 2016.

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

Core Bond Trust	Balance as of February 29, 2016		Realized gain (loss)		Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of November 30, 2016
Investments in Securities:
Asset-Backed Securities	$	44,464	$	33	$	882		$	(272	)	$	24,065	$	(33,331	)	$	87,800	$	(12,364	)	$	111,277
Collateralized Mortgage Obligations — Non-Agency CMO		21,277		—		(2,451	)		166			4,575		(5,964	)		2,527		(1,740	)		18,390
Commercial Mortgage-Backed Securities		14,849		—		(322	)		(786	)		—		(2,995	)		—		(1,171	)		9,575
Loan Assignment — Financials		1,143		—		6			—			110		(1,259	)		—		—			—
	$	81,733	$	33	$	(1,885	)	$	(892	)	$	28,750	$	(43,549	)	$	90,327	$	(15,275	)	$	139,242

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

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

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

The change in net unrealized appreciation (depreciation) attributable to securities owned at November 30, 2016, which were valued using significant unobservable inputs (level 3), amounted to approximately $(1,487,000).

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

	Fair Value at November 30, 2016		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)	Range (Weighted Average)
	$	68,936	Discounted Cash Flow	Constant Prepayment Rate	0.00% - 15.00% (1.71%)	0.00% - 30.00% (3.62%)
				Constant Default Rate	0.00% - 50.00% (12.68%)	0.00% - 50.00% (12.51%)
				Yield (Discount Rate of Cash Flows)	1.78% - 7.48% (4.36%)	2.04% - 15.00% (4.09%)
Asset-Backed Securities		68,936
		15,729	Discounted Cash Flow	Constant Prepayment Rate	0.18% - 37.14% (10.22%)	4.00% - 37.14% (13.19%)
				PSA Prepayment Model		320.00% - 320.00% (320.00%)
				Constant Default Rate	0.00% - 7.91% (3.90%)	0.00%  - 9.64% (3.24%)
				Yield (Discount Rate of Cash Flows)	0.74% - 59.37% (5.78%)	0.61% - 199.00% (7.62%)
Collateralized Mortgage Obligations		15,729
		4,529	Discounted Cash Flow	Constant Prepayment Rate	0.00% - 100.00% (24.00%)	0.00% - 100.00% (16.33%)
				Yield (Discount Rate of Cash Flows)	0.61 - 7.35% (4.13%)	1.02% - 7.07% ( 5.30%)
Commercial Mortgage-Backed Securities		4,529
Total	$	89,194

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At November 30, 2016, the value of these investments was approximately $50,048,000. 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 Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited)

(Amounts in thousands)                

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 15.3%
	55	Academic Loan Funding Trust, Series 2012-1A, Class A1, VAR, 1.384%, 12/27/22 (e)		55
		American Credit Acceptance Receivables Trust,
	12	Series 2015-1, Class A, 1.430%, 08/12/19 (e)		12
	62	Series 2015-2, Class A, 1.570%, 06/12/19 (e)		62
	245	Series 2015-2, Class C, 4.320%, 05/12/21 (e)		250
	12	AmeriCredit Automobile Receivables Trust, Series 2015-2, Class A2A, 0.830%, 09/10/18		12
	750	Anchor Assets IX LLC, Series 2016-1, Class A, 5.125%, 02/15/20 (e)		750
	341	ARLP Securitization Trust, Series 2015-1, Class A1, SUB, 3.967%, 05/25/55 (e)		342
	112	AXIS Equipment Finance Receivables III LLC, Series 2015-1A, Class A2, 1.900%, 03/20/20 (e)		112
		B2R Mortgage Trust,
	122	Series 2015-1, Class A1, 2.524%, 05/15/48 (e)		121
	246	Series 2015-2, Class A, 3.336%, 11/15/48 (e)		249
	197	BCC Funding Corp. X, Series 2015-1, Class A2, 2.224%, 10/20/20 (e)		197
	23	Bear Stearns Asset-Backed Securities Trust, Series 2006-SD1, Class A, VAR, 0.962%, 04/25/36		22
	100	Cabela’s Credit Card Master Note Trust, Series 2012-1A, Class A1, 1.630%, 02/18/20 (e)		100
	41	CAM Mortgage LLC, Series 2015-1, Class A, SUB, 3.500%, 07/15/64 (e)		41
		CarFinance Capital Auto Trust,
	124	Series 2014-1A, Class B, 2.720%, 04/15/20 (e)		125
	84	Series 2014-2A, Class A, 1.440%, 11/16/20 (e)		84
	78	Series 2015-1A, Class A, 1.750%, 06/15/21 (e)		77
	110	Carlyle Global Market Strategies Commodities Funding Ltd., (Cayman Islands), Series 2014-1A, Class A, VAR, 2.780%, 10/15/21 (e)		84
	20	CarMax Auto Owner Trust, Series 2013-4, Class A3, 0.800%, 07/16/18		20
	51	Carnow Auto Receivables Trust, Series 2015-1A, Class A, 1.690%, 01/15/20 (e)		51
	7	Centex Home Equity Loan Trust, Series 2004-D, Class AF4, SUB, 5.180%, 06/25/32		7
		Citi Held For Asset Issuance,
	45	Series 2015-PM1, Class A, 1.850%, 12/15/21 (e)		45
	436	Series 2016-MF1, Class A, 4.480%, 08/15/22 (e)		442
	400	Series 2016-MF1, Class B, 6.640%, 08/15/22 (e)		417
	235	Series 2016-PM1, Class A, 4.650%, 04/15/25 (e)		239
	583	Colony American Homes, Series 2014-2A, Class A, VAR, 1.474%, 07/17/31 (e)		578
	300	Concord Funding Co. LLC, Series 2012-2, Class A, 3.145%, 01/15/17 (e)		300
	27	Consumer Credit Origination Loan Trust, Series 2015-1, Class A, 2.820%, 03/15/21 (e)		27
		CPS Auto Receivables Trust,
	38	Series 2012-B, Class A, 2.520%, 09/16/19 (e)		38
	21	Series 2014-A, Class A, 1.210%, 08/15/18 (e)		21
	42	Series 2014-B, Class A, 1.110%, 11/15/18 (e)		42
	66	Series 2014-C, Class A, 1.310%, 02/15/19 (e)		66
	97	Series 2014-D, Class A, 1.490%, 04/15/19 (e)		97
	94	Series 2015-A, Class A, 1.530%, 07/15/19 (e)		94
	453	Series 2015-B, Class A, 1.650%, 11/15/19 (e)		453
	425	Series 2015-B, Class C, 4.200%, 05/17/21 (e)		426
	310	Series 2015-C, Class D, 4.630%, 08/16/21 (e)		311
	209	Series 2016-A, Class A, 2.250%, 10/15/19 (e)		210
		Credit Acceptance Auto Loan Trust,
	64	Series 2014-1A, Class A, 1.550%, 10/15/21 (e)		64
	363	Series 2015-2A, Class A, 2.400%, 02/15/23 (e)		365
	250	Series 2015-2A, Class C, 3.760%, 02/15/24 (e)		249

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
		Drive Auto Receivables Trust,
	177	Series 2015-AA, Class D, 4.120%, 07/15/22 (e)		181
	207	Series 2015-BA, Class B, 2.120%, 06/17/19 (e)		207
	320	Series 2015-BA, Class D, 3.840%, 07/15/21 (e)		323
	220	Series 2015-DA, Class D, 4.590%, 01/17/23 (e)		226
		DT Auto Owner Trust,
	301	Series 2015-2A, Class D, 4.250%, 02/15/22 (e)		305
	182	Series 2016-1A, Class A, 2.000%, 09/16/19 (e)		183
		Exeter Automobile Receivables Trust,
	107	Series 2014-1A, Class B, 2.420%, 01/15/19 (e)		107
	30	Series 2014-3A, Class A, 1.320%, 01/15/19 (e)		30
	56	Series 2014-3A, Class B, 2.770%, 11/15/19 (e)		56
	58	Series 2015-1A, Class A, 1.600%, 06/17/19 (e)		58
	500	Series 2015-1A, Class B, 2.840%, 03/16/20 (e)		502
	148	Series 2015-2A, Class A, 1.540%, 11/15/19 (e)		148
	129	Series 2016-1A, Class A, 2.350%, 07/15/20 (e)		130
	310	Series 2016-1A, Class C, 5.520%, 10/15/21 (e)		321
	370	Series 2016-2A, Class B, 3.640%, 02/15/22 (e)		374
		First Investors Auto Owner Trust,
	119	Series 2014-3A, Class A3, 1.670%, 11/16/20 (e)		118
	29	Series 2015-1A, Class A2, 1.210%, 04/15/19 (e)		29
	111	Series 2015-2A, Class A1, 1.590%, 12/16/19 (e)		111
	100	Series 2015-2A, Class D, 4.220%, 12/15/21 (e)		102
		FirstKey Lending Trust,
	290	Series 2015-SFR1, Class A, 2.553%, 03/09/47 (e)		289
	144	Series 2015-SFR1, Class B, 3.417%, 03/09/47 (e)		144
		Flagship Credit Auto Trust,
	9	Series 2013-2, Class A, 1.940%, 01/15/19 (e)		9
	88	Series 2014-2, Class A, 1.430%, 12/16/19 (e)		89
	89	Series 2014-2, Class B, 2.840%, 11/16/20 (e)		89
	44	Series 2014-2, Class C, 3.950%, 12/15/20 (e)		44
	125	Series 2015-1, Class A, 1.630%, 06/15/20 (e)		125
	462	Series 2015-3, Class A, 2.380%, 10/15/20 (e)		464
	114	Series 2015-3, Class B, 3.680%, 03/15/22 (e)		116
	113	Series 2015-3, Class C, 4.650%, 03/15/22 (e)		115
	400	Series 2016-1, Class C, 6.220%, 06/15/22 (e)		424
	1	Ford Credit Auto Lease Trust, Series 2014-B, Class A4, 1.100%, 11/15/17		1
	523	GCAT, Series 2015-2, Class A1, SUB, 3.750%, 07/25/20 (e)		524
	42	GE Capital Mortgage Services, Inc. Trust, Series 1999-HE1, Class M, VAR, 6.705%, 04/25/29		35
		GLS Auto Receivables Trust,
	174	Series 2015-1A, Class A, 2.250%, 12/15/20 (e)		174
	514	Series 2016-1A, Class A, 2.730%, 10/15/20 (e)		514
	101	GMAT Trust, Series 2013-1A, Class A, SUB, 6.967%, 11/25/43 (e)		101
		GO Financial Auto Securitization Trust,
	15	Series 2015-1, Class A, 1.810%, 03/15/18 (e)		15
	249	Series 2015-1, Class B, 3.590%, 10/15/20 (e)		248
	139	Series 2015-2, Class A, 3.270%, 11/15/18 (e)		139
	267	Series 2015-2, Class B, 4.800%, 08/17/20 (e)		272
	109	Gold Key Resorts LLC, Series 2014-A, Class A, 3.220%, 03/17/31 (e)		109
	531	Green Tree Agency Advance Funding Trust I, Series 2015-T1, Class DT1, 4.669%, 10/15/48 (e)		531
	15	HSBC Home Equity Loan Trust USA, Series 2007-3, Class APT, VAR, 1.762%, 11/20/36		15
		Hyundai Auto Receivables Trust,
	35	Series 2015-B, Class A2A, 0.690%, 04/16/18		35
	233	Series 2015-B, Class A3, 1.120%, 11/15/19		233

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	584	Invitation Homes Trust, Series 2014-SFR1, Class A, VAR, 1.550%, 06/17/31 (e)		582
	342	Lendmark Funding Trust, Series 2016-A, Class A, 4.820%, 08/21/23 (e)		350
	771	LV Tower 52 Issuer LLC, Series 2013-1, Class A, 5.500%, 07/15/19 (e)		762
	16	MarketPlace Loan Trust, Series 2015-OD4, Class A, 3.250%, 12/18/17 (e)		16
	136	Mercedes-Benz Auto Receivables Trust, Series 2015-1, Class A2A, 0.820%, 06/15/18		136
		Nationstar HECM Loan Trust,
	121	Series 2015-2A, Class A, 2.883%, 11/25/25 (e)		121
	296	Series 2015-2A, Class M1, 4.115%, 11/25/25 (e)		294
	280	Series 2016-1A, Class M1, 4.360%, 02/25/26 (e)		279
	85	Nissan Auto Receivables Owner Trust, Series 2014-B, Class A3, 1.110%, 05/15/19		85
		NRPL Trust,
	276	Series 2015-1A, Class A1, SUB, 3.875%, 11/01/54 (e)		274
	549	Series 2015-2A, Class A1, SUB, 3.750%, 10/25/57 (e)		537
	200	Series 2015-2A, Class A2, SUB, 3.750%, 10/25/57 (e)		191
	201	NRZ Advance Receivables Trust, Series 2015-T2, Class DT2, 4.679%, 08/17/48 (e)		201
		NRZ Advance Receivables Trust Advance Receivables Backed Notes,
	900	Series 2015-T4, Class AT4, 3.196%, 11/15/47 (e)		903
	300	Series 2015-T4, Class DT4, 4.671%, 11/15/47 (e)		300
	343	Oak Hill Advisors Residential Loan Trust, Series 2015-NPL2, Class A1, SUB, 3.721%, 07/25/55 (e)		343
		Ocwen Master Advance Receivables Trust,
	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,
	622	Series 2014-2A, Class A, 2.470%, 09/18/24 (e)		623
	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)		874
	233	Series 2015-2A, Class B, 3.100%, 07/18/25 (e)		231
	484	Oportun Funding II LLC, Series 2016-A, Class A, 4.700%, 03/08/21 (e)		491
	476	Oportun Funding III LLC, Series 2016-B, Class A, 3.690%, 07/08/21 (e)		476
	500	Progreso Receivables Funding III LLC, Series 2015-A, Class A, 3.625%, 02/08/20 (e)		502
	321	Progreso Receivables Funding IV LLC, Series 2015-B, Class A, 3.000%, 07/28/20 (e)		321
		Progress Residential Trust,
	860	Series 2015-SFR2, Class A, 2.740%, 06/12/32 (e)		856
	351	Series 2015-SFR2, Class B, 3.138%, 06/12/32 (e)		350
	787	Series 2015-SFR3, Class A, 3.067%, 11/12/32 (e)		794
	200	Series 2015-SFR3, Class D, 4.673%, 11/12/32 (e)		205
	850	Purchasing Power Funding LLC, Series 2015-A, Class A2, 4.750%, 12/15/19 (e)		850
	26	RAMP Trust, Series 2006-RZ1, Class A3, VAR, 0.892%, 03/25/36		26
	180	RMAT LLC, Series 2015-NPL1, Class A1, SUB, 3.750%, 05/25/55 (e)		179
		Santander Drive Auto Receivables Trust,
	72	Series 2015-S1, Class R1, 1.930%, 09/17/19 (e)		72
	28	Series 2015-S7, Class R1, 1.970%, 03/16/21 (e)		28
	35	Securitized Asset-Backed Receivables LLC Trust, Series 2006-CB1, Class AF2, SUB, 3.397%, 01/25/36		26
	30	Selene Non-Performing Loans LLC, Series 2014-1A, Class A, SUB, 2.981%, 05/25/54 (e)		29
	54	Skopos Auto Receivables Trust, Series 2015-2A, Class A, 3.550%, 02/15/20 (e)		54
		Springleaf Funding Trust,
	334	Series 2014-AA, Class A, 2.410%, 12/15/22 (e)		335
	461	Series 2015-AA, Class A, 3.160%, 11/15/24 (e)		464

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	285		SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes, Series 2015-T3, Class DT3, 4.430%, 07/15/47 (e)		285
	206		Sunset Mortgage Loan Co. LLC, Series 2014-NPL2, Class A, SUB, 3.721%, 11/16/44 (e)		206
			Toyota Auto Receivables Owner Trust,
	69		Series 2014-C, Class A3, 0.930%, 07/16/18		68
	375		Series 2016-A, Class A3, 1.250%, 03/16/20		375
	266		Trafigura Securitisation Finance plc, (Ireland), Series 2014-1A, Class A, VAR, 1.488%, 10/15/18 (e)		265
	121		Tricon American Homes Trust, Series 2015-SFR1, Class A, VAR, 1.800%, 05/17/32 (e)		121
	52		VML LLC, Series 2014-NPL1, Class A1, VAR, 3.875%, 04/27/54 (e)		52
	4		Volkswagen Auto Lease Trust, Series 2015-A, Class A2A, 0.870%, 06/20/17		4
	63		VOLT NPL X LLC, Series 2014-NPL8, Class A1, SUB, 3.375%, 10/26/54 (e)		64
	231		VOLT XL LLC, Series 2015-NP14, Class A1, SUB, 4.375%, 11/27/45 (e)		232
	81		VOLT XLV LLC, Series 2016-NPL5, Class A1, SUB, 4.000%, 05/25/46 (e)		82
	645		VOLT XXV LLC, Series 2015-NPL8, Class A1, SUB, 3.500%, 06/26/45 (e)		645
			VOLT XXVI LLC,
	247		Series 2014-NPL6, Class A1, SUB, 3.125%, 09/25/43 (e)		246
	115		Series 2014-NPL6, Class A2, SUB, 4.250%, 09/25/43 (e)		113
	287		VOLT XXVII LLC, Series 2014-NPL7, Class A1, SUB, 3.375%, 08/27/57 (e)		287
	199		VOLT XXXIX LLC, Series 2015-NP13, Class A1, SUB, 4.125%, 10/25/45 (e)		200
	194		VOLT XXXV LLC, Series 2015-NPL9, Class A1, SUB, 3.500%, 06/26/45 (e)		194
			Westlake Automobile Receivables Trust,
	200		Series 2015-3A, Class D, 4.400%, 05/17/21 (e)		202
	312		Series 2016-1A, Class A2A, 1.820%, 01/15/19 (e)		313
			World Omni Auto Receivables Trust,
	49		Series 2013-B, Class A3, 0.830%, 08/15/18		49
	127		Series 2013-B, Class A4, 1.320%, 01/15/20		127
	2		Series 2015-A, Class A2A, 0.790%, 07/16/18		2
	77		Series 2015-A, Class A3, 1.340%, 05/15/20		77
			Total Asset-Backed Securities (Cost $34,247)		34,352
	Collateralized Mortgage Obligations — 23.5%
			Agency CMO — 20.2%
	28		Federal Home Loan Mortgage Corp. - Government National Mortgage Association, Series 24, Class ZE, 6.250%, 11/25/23		31
			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
	4		Series 114, Class H, 6.950%, 01/15/21		5
	–	(h)	Series 1079, Class S, HB, IF, 32.170%, 05/15/21		—	(h)
	–	(h)	Series 1084, Class F, VAR, 1.488%, 05/15/21		—	(h)
	–	(h)	Series 1084, Class S, HB, IF, 42.803%, 05/15/21		—	(h)
	4		Series 1144, Class KB, 8.500%, 09/15/21		4
	–	(h)	Series 1172, Class L, HB, VAR, 1,181.250%, 11/15/21		—	(h)
	–	(h)	Series 1196, Class B, HB, IF, 1,133.280%, 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		2
	8		Series 1343, Class LA, 8.000%, 08/15/22		9
	37		Series 1466, Class PZ, 7.500%, 02/15/23		41
	–	(h)	Series 1470, Class F, VAR, 1.601%, 02/15/23		1

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	14		Series 1491, Class I, 7.500%, 04/15/23		15
	13		Series 1518, Class G, IF, 8.474%, 05/15/23		15
	12		Series 1541, Class O, VAR, 1.120%, 07/15/23		11
	3		Series 1602, Class SA, HB, IF, 21.001%, 10/15/23		4
	41		Series 1608, Class L, 6.500%, 09/15/23		46
	4		Series 1671, Class L, 7.000%, 02/15/24		5
	7		Series 1700, Class GA, PO, 02/15/24		7
	69		Series 1706, Class K, 7.000%, 03/15/24		77
	240		Series 1720, Class PL, 7.500%, 04/15/24		267
	8		Series 1745, Class D, 7.500%, 08/15/24		9
	14		Series 1798, Class F, 5.000%, 05/15/23		15
	1		Series 1807, Class G, 9.000%, 10/15/20		1
	80		Series 1927, Class PH, 7.500%, 01/15/27		90
	34		Series 1981, Class Z, 6.000%, 05/15/27		37
	11		Series 1987, Class PE, 7.500%, 09/15/27		12
	4		Series 2033, Class SN, HB, IF, 28.731%, 03/15/24		2
	13		Series 2038, Class PN, IO, 7.000%, 03/15/28		3
	71		Series 2040, Class PE, 7.500%, 03/15/28		80
	3		Series 2056, Class TD, 6.500%, 05/15/18		4
	73		Series 2063, Class PG, 6.500%, 06/15/28		83
	9		Series 2064, Class TE, 7.000%, 06/15/28		10
	51		Series 2075, Class PH, 6.500%, 08/15/28		56
	49		Series 2075, Class PM, 6.250%, 08/15/28		54
	16		Series 2089, Class PJ, IO, 7.000%, 10/15/28		2
	31		Series 2125, Class JZ, 6.000%, 02/15/29		35
	8		Series 2163, Class PC, IO, 7.500%, 06/15/29		1
	150		Series 2169, Class TB, 7.000%, 06/15/29		169
	53		Series 2172, Class QC, 7.000%, 07/15/29		59
	–	(h)	Series 2196, Class TL, 7.500%, 11/15/29		1
	25		Series 2201, Class C, 8.000%, 11/15/29		28
	68		Series 2210, Class Z, 8.000%, 01/15/30		78
	17		Series 2224, Class CB, 8.000%, 03/15/30		20
	35		Series 2256, Class MC, 7.250%, 09/15/30		39
	36		Series 2259, Class ZM, 7.000%, 10/15/30		41
	36		Series 2271, Class PC, 7.250%, 12/15/30		41
	24		Series 2283, Class K, 6.500%, 12/15/23		26
	16		Series 2296, Class PD, 7.000%, 03/15/31		19
	8		Series 2306, Class K, PO, 05/15/24		7
	19		Series 2306, Class SE, IF, IO, 8.840%, 05/15/24		4
	27		Series 2333, Class HC, 6.000%, 07/15/31		27
	316		Series 2344, Class ZD, 6.500%, 08/15/31		366
	38		Series 2344, Class ZJ, 6.500%, 08/15/31		43
	26		Series 2345, Class NE, 6.500%, 08/15/31		30
	11		Series 2347, Class VP, 6.500%, 03/15/20		11
	33		Series 2351, Class PZ, 6.500%, 08/15/31		37
	–	(h)	Series 2391, Class QR, 5.500%, 12/15/16		—	(h)
	26		Series 2410, Class NG, 6.500%, 02/15/32		29
	37		Series 2410, Class OE, 6.375%, 02/15/32		40
	17		Series 2410, Class QX, IF, IO, 8.112%, 02/15/32		5
	69		Series 2412, Class SP, IF, 15.024%, 02/15/32		89

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	21	Series 2423, Class MC, 7.000%, 03/15/32		23
	41	Series 2423, Class MT, 7.000%, 03/15/32		47
	150	Series 2435, Class CJ, 6.500%, 04/15/32		173
	44	Series 2441, Class GF, 6.500%, 04/15/32		51
	43	Series 2444, Class ES, IF, IO, 7.412%, 03/15/32		11
	56	Series 2450, Class GZ, 7.000%, 05/15/32		63
	17	Series 2450, Class SW, IF, IO, 7.462%, 03/15/32		4
	66	Series 2455, Class GK, 6.500%, 05/15/32		75
	92	Series 2466, Class DH, 6.500%, 06/15/32		104
	52	Series 2474, Class NR, 6.500%, 07/15/32		59
	86	Series 2484, Class LZ, 6.500%, 07/15/32		99
	86	Series 2500, Class MC, 6.000%, 09/15/32		98
	137	Series 2512, Class PG, 5.500%, 10/15/22		150
	24	Series 2535, Class BK, 5.500%, 12/15/22		26
	11	Series 2537, Class TE, 5.500%, 12/15/17		11
	162	Series 2543, Class YX, 6.000%, 12/15/32		180
	203	Series 2568, Class KG, 5.500%, 02/15/23		223
	300	Series 2575, Class ME, 6.000%, 02/15/33		325
	26	Series 2586, Class WI, IO, 6.500%, 03/15/33		5
	18	Series 2622, Class PE, 4.500%, 05/15/18		18
	10	Series 2631, Class LC, 4.500%, 06/15/18		11
	17	Series 2651, Class VZ, 4.500%, 07/15/18		18
	16	Series 2744, Class TU, 5.500%, 05/15/32		16
	42	Series 2934, Class EC, PO, 02/15/20		41
	67	Series 2990, Class SL, HB, IF, 22.520%, 06/15/34		90
	864	Series 2990, Class UZ, 5.750%, 06/15/35		977
	116	Series 2999, Class ND, 4.500%, 07/15/20		119
	4	Series 3068, Class AO, PO, 01/15/35		4
	90	Series 3117, Class EO, PO, 02/15/36		80
	10	Series 3117, Class OK, PO, 02/15/36		8
	127	Series 3122, Class OH, PO, 03/15/36		117
	148	Series 3137, Class XP, 6.000%, 04/15/36		171
	6	Series 3149, Class SO, PO, 05/15/36		5
	214	Series 3152, Class MO, PO, 03/15/36		189
	81	Series 3171, Class MO, PO, 06/15/36		75
	35	Series 3179, Class OA, PO, 07/15/36		32
	300	Series 3202, Class HI, IF, IO, 6.112%, 08/15/36		53
	46	Series 3232, Class ST, IF, IO, 6.162%, 10/15/36		7
	21	Series 3253, Class PO, PO, 12/15/21		20
	21	Series 3316, Class JO, PO, 05/15/37		20
	584	Series 3417, Class EO, PO, 11/15/36		548
	166	Series 3481, Class SJ, IF, IO, 5.312%, 08/15/38		15
	63	Series 3607, Class AO, PO, 04/15/36		57
	243	Series 3607, Class OP, PO, 07/15/37		210
	41	Series 3611, Class PO, PO, 07/15/34		37
	416	Series 3680, Class MA, 4.500%, 07/15/39		443
	85	Series 3804, Class FN, VAR, 0.988%, 03/15/39		86
	394	Series 3819, Class ZQ, 6.000%, 04/15/36		443
	149	Series 3997, Class PF, VAR, 0.988%, 11/15/39		150
	697	Series 4219, Class JA, 3.500%, 08/15/39		725
	1,019	Series 4374, Class NC, SUB, 2.750%, 02/15/46		1,052
		Federal Home Loan Mortgage Corp. STRIPS,
	14	Series 243, Class 16, IO, 4.500%, 11/15/20		—	(h)
	711	Series 262, Class 35, 3.500%, 07/15/42		733
		Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates,
	32	Series T-41, Class 3A, VAR, 5.867%, 07/25/32		35

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	27		Series T-51, Class 2A, VAR, 7.500%, 08/25/42		32
	275		Series T-54, Class 2A, 6.500%, 02/25/43		319
	91		Series T-54, Class 3A, 7.000%, 02/25/43		106
	710		Series T-56, Class A5, 5.231%, 05/25/43		773
	22		Series T-58, Class APO, PO, 09/25/43		19
	189		Series T-76, Class 2A, VAR, 3.223%, 10/25/37		191
			Federal National Mortgage Association - ACES,
	444		Series 2010-M3, Class A3, VAR, 4.332%, 03/25/20		472
	1,000		Series 2012-M9, Class A2, 2.482%, 04/25/22		1,009
	155		Series 2012-M11, Class FA, VAR, 1.066%, 08/25/19		154
	444		Series 2014-M2, Class A2, VAR, 3.513%, 12/25/23		466
	1,000		Series 2014-M12, Class ASV2, VAR, 2.614%, 10/25/21		1,018
	636		Series 2014-M13, Class A2, VAR, 3.021%, 08/25/24		646
	1,000		Series 2015-M3, Class A2, 2.723%, 10/25/24		996
	820		Series 2015-M7, Class A2, 2.590%, 12/25/24		812
	912		Series 2015-M17, Class FA, VAR, 1.463%, 11/25/22		916
			Federal National Mortgage Association REMIC,
	–	(h)	Series 1988-7, Class Z, 9.250%, 04/25/18		—	(h)
	2		Series 1989-70, Class G, 8.000%, 10/25/19		2
	1		Series 1989-78, Class H, 9.400%, 11/25/19		1
	1		Series 1989-83, Class H, 8.500%, 11/25/19		1
	–	(h)	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		—	(h)
	–	(h)	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)
	4		Series 1990-102, Class J, 6.500%, 08/25/20		4
	1		Series 1990-120, Class H, 9.000%, 10/25/20		1
	–	(h)	Series 1990-134, Class SC, HB, IF, 20.724%, 11/25/20		—	(h)
	–	(h)	Series 1990-140, Class K, HB, 652.145%, 12/25/20		—	(h)
	1		Series 1991-42, Class S, IF, 16.653%, 05/25/21		1
	21		Series 1992-107, Class SB, HB, IF, 28.343%, 06/25/22		31
	1		Series 1992-143, Class MA, 5.500%, 09/25/22		1
	12		Series 1993-25, Class J, 7.500%, 03/25/23		13
	76		Series 1993-37, Class PX, 7.000%, 03/25/23		83
	26		Series 1993-54, Class Z, 7.000%, 04/25/23		29
	6		Series 1993-62, Class SA, IF, 19.131%, 04/25/23		8
	7		Series 1993-122, Class M, 6.500%, 07/25/23		8
	3		Series 1993-165, Class SD, IF, 13.582%, 09/25/23		4
	12		Series 1993-178, Class PK, 6.500%, 09/25/23		13
	186		Series 1993-183, Class KA, 6.500%, 10/25/23		211
	82		Series 1993-189, Class PL, 6.500%, 10/25/23		91
	18		Series 1993-247, Class SA, HB, IF, 28.350%, 12/25/23		28
	1		Series 1994-9, Class E, PO, 11/25/23		1
	51		Series 1996-14, Class SE, IF, IO, 8.990%, 08/25/23		10
	–	(h)	Series 1996-27, Class FC, VAR, 1.084%, 03/25/17		—	(h)
	5		Series 1996-59, Class J, 6.500%, 08/25/22		6

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	22		Series 1997-20, Class IB, IO, VAR, 1.840%, 03/25/27		1
	21		Series 1997-20, Class IO, IO, VAR, 1.840%, 03/25/27		1
	15		Series 1997-27, Class J, 7.500%, 04/18/27		16
	18		Series 1997-29, Class J, 7.500%, 04/20/27		21
	41		Series 1997-39, Class PD, 7.500%, 05/20/27		48
	11		Series 1997-81, Class PI, IO, 7.000%, 12/18/27		1
	1		Series 1998-4, Class C, PO, 04/25/23		1
	9		Series 1998-36, Class ZB, 6.000%, 07/18/28		11
	116		Series 1998-43, Class EA, PO, 04/25/23		111
	78		Series 2000-2, Class ZE, 7.500%, 02/25/30		91
	19		Series 2001-4, Class PC, 7.000%, 03/25/21		20
	51		Series 2001-33, Class ID, IO, 6.000%, 07/25/31		12
	63		Series 2001-36, Class DE, 7.000%, 08/25/31		72
	12		Series 2001-44, Class PD, 7.000%, 09/25/31		14
	70		Series 2001-48, Class Z, 6.500%, 09/25/21		77
	11		Series 2001-49, Class Z, 6.500%, 09/25/31		12
	9		Series 2001-81, Class LO, PO, 01/25/32		9
	25		Series 2002-1, Class HC, 6.500%, 02/25/22		28
	11		Series 2002-1, Class SA, HB, IF, 23.289%, 02/25/32		19
	–	(h)	Series 2002-2, Class UC, 6.000%, 02/25/17		—	(h)
	–	(h)	Series 2002-3, Class OG, 6.000%, 02/25/17		—	(h)
	36		Series 2002-21, Class PE, 6.500%, 04/25/32		41
	3		Series 2002-24, Class AJ, 6.000%, 04/25/17		3
	37		Series 2002-28, Class PK, 6.500%, 05/25/32		41
	41		Series 2002-37, Class Z, 6.500%, 06/25/32		47
	2		Series 2002-94, Class BK, 5.500%, 01/25/18		2
	153		Series 2003-22, Class UD, 4.000%, 04/25/33		161
	162		Series 2003-34, Class GB, 6.000%, 03/25/33		168
	304		Series 2003-34, Class GE, 6.000%, 05/25/33		343
	8		Series 2003-39, Class IO, IO, VAR, 6.000%, 05/25/33		2
	142		Series 2003-47, Class PE, 5.750%, 06/25/33		161
	17		Series 2003-52, Class SX, HB, IF, 21.197%, 10/25/31		24
	18		Series 2003-64, Class SX, IF, 12.418%, 07/25/33		23
	100		Series 2003-71, Class DS, IF, 6.757%, 08/25/33		106
	12		Series 2003-80, Class SY, IF, IO, 7.066%, 06/25/23		—	(h)
	37		Series 2003-83, Class PG, 5.000%, 06/25/23		39
	14		Series 2003-91, Class SD, IF, 11.526%, 09/25/33		16
	129		Series 2003-116, Class SB, IF, IO, 7.016%, 11/25/33		27
	11		Series 2003-130, Class SX, IF, 10.644%, 01/25/34		13
	74		Series 2004-25, Class PC, 5.500%, 01/25/34		77
	78		Series 2004-25, Class SA, IF, 17.918%, 04/25/34		111
	50		Series 2004-36, Class PC, 5.500%, 02/25/34		52
	87		Series 2004-36, Class SA, IF, 17.918%, 05/25/34		123
	53		Series 2004-46, Class SK, IF, 14.893%, 05/25/34		67
	546		Series 2004-50, Class VZ, 5.500%, 07/25/34		598
	48		Series 2004-61, Class SH, HB, IF, 21.652%, 11/25/32		68
	41		Series 2004-74, Class SW, IF, 14.391%, 11/25/31		58
	22		Series 2004-76, Class CL, 4.000%, 10/25/19		23
	87		Series 2005-45, Class DC, HB, IF, 22.168%, 06/25/35		129
	8		Series 2005-52, Class PA, 6.500%, 06/25/35		8

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	65	Series 2005-56, Class S, IF, IO, 6.126%, 07/25/35		12
	113	Series 2005-56, Class TP, IF, 16.397%, 08/25/33		146
	378	Series 2005-68, Class PG, 5.500%, 08/25/35		420
	165	Series 2005-73, Class PS, IF, 15.239%, 08/25/35		220
	68	Series 2005-74, Class CS, IF, 18.413%, 05/25/35		91
	129	Series 2005-106, Class US, HB, IF, 22.425%, 11/25/35		186
	434	Series 2005-121, Class DX, 5.500%, 01/25/26		469
	123	Series 2006-27, Class OH, PO, 04/25/36		114
	45	Series 2006-44, Class P, PO, 12/25/33		41
	284	Series 2006-56, Class FC, VAR, 0.874%, 07/25/36		283
	32	Series 2006-59, Class QO, PO, 01/25/33		31
	44	Series 2006-65, Class QO, PO, 07/25/36		39
	66	Series 2006-72, Class GO, PO, 08/25/36		60
	131	Series 2006-77, Class PC, 6.500%, 08/25/36		149
	53	Series 2006-79, Class DO, PO, 08/25/36		48
	85	Series 2006-110, Class PO, PO, 11/25/36		78
	128	Series 2006-124, Class HB, VAR, 3.408%, 11/25/36		136
	68	Series 2007-14, Class ES, IF, IO, 5.856%, 03/25/37		12
	54	Series 2007-79, Class SB, HB, IF, 21.875%, 08/25/37		77
	321	Series 2007-81, Class GE, 6.000%, 08/25/37		349
	148	Series 2007-88, Class VI, IF, IO, 5.956%, 09/25/37		27
	412	Series 2007-91, Class ES, IF, IO, 5.876%, 10/25/37		54
	73	Series 2007-106, Class A7, VAR, 6.151%, 10/25/37		81
	117	Series 2007-116, Class HI, IO, VAR, 1.714%, 01/25/38		8
	34	Series 2008-10, Class XI, IF, IO, 5.646%, 03/25/38		4
	24	Series 2008-16, Class IS, IF, IO, 5.616%, 03/25/38		4
	50	Series 2008-28, Class QS, IF, 18.947%, 04/25/38		69
	114	Series 2008-46, Class HI, IO, VAR, 1.900%, 06/25/38		7
	76	Series 2009-69, Class PO, PO, 09/25/39		70
	758	Series 2009-71, Class BC, 4.500%, 09/25/24		811
	200	Series 2009-103, Class MB, VAR, 2.945%, 12/25/39		212
	1,000	Series 2010-47, Class MB, 5.000%, 09/25/39		1,096
	260	Series 2010-71, Class HJ, 5.500%, 07/25/40		286
	1,000	Series 2011-44, Class EB, 3.000%, 05/25/26		1,030
	348	Series 2011-118, Class MT, 7.000%, 11/25/41		408
	313	Series 2011-118, Class NT, 7.000%, 11/25/41		369
	206	Series 2012-47, Class HF, VAR, 0.984%, 05/25/27		205
	394	Series 2013-101, Class DO, PO, 10/25/43		313
	382	Series 2013-128, Class PO, PO, 12/25/43		305
	1	Series G-14, Class L, 8.500%, 06/25/21		1
	5	Series G-18, Class Z, 8.750%, 06/25/21		5
	4	Series G-35, Class M, 8.750%, 10/25/21		5
	19	Series G92-35, Class E, 7.500%, 07/25/22		21
	1	Series G92-42, Class Z, 7.000%, 07/25/22		1
	1	Series G92-44, Class ZQ, 8.000%, 07/25/22		1
	15	Series G92-54, Class ZQ, 7.500%, 09/25/22		17
	5	Series G93-5, Class Z, 6.500%, 02/25/23		5
	9	Series G95-1, Class C, 8.800%, 01/25/25		10
		Federal National Mortgage Association REMIC Trust,
	116	Series 2003-W1, Class 1A1, VAR, 5.601%, 12/25/42		127

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	24		Series 2003-W4, Class 2A, VAR, 6.221%, 10/25/42		27
	17		Series 2007-W7, Class 1A4, HB, IF, 35.675%, 07/25/37		25
			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)
	47		Series 300, Class 1, PO, 09/25/24		41
	9		Series 329, Class 1, PO, 01/25/33		8
			Federal National Mortgage Association Trust,
	51		Series 2004-W2, Class 2A2, 7.000%, 02/25/44		59
	164		Series 2005-W3, Class 2AF, VAR, 0.804%, 03/25/45		160
			Government National Mortgage Association,
	113		Series 1994-7, Class PQ, 6.500%, 10/16/24		127
	15		Series 1999-30, Class S, IF, IO, 8.058%, 08/16/29		3
	9		Series 2000-9, Class Z, 8.000%, 06/20/30		10
	164		Series 2000-9, Class ZJ, 8.500%, 02/16/30		192
	22		Series 2002-31, Class S, IF, IO, 8.158%, 01/16/31		5
	69		Series 2002-40, Class UK, 6.500%, 06/20/32		80
	65		Series 2002-47, Class PG, 6.500%, 07/16/32		75
	80		Series 2002-47, Class PY, 6.000%, 07/20/32		89
	80		Series 2002-47, Class ZA, 6.500%, 07/20/32		92
	13		Series 2003-24, Class PO, PO, 03/16/33		12
	292		Series 2003-40, Class TJ, 6.500%, 03/20/33		330
	69		Series 2003-52, Class AP, PO, 06/16/33		58
	20		Series 2004-28, Class S, IF, 18.172%, 04/16/34		29
	40		Series 2004-71, Class SB, HB, IF, 26.706%, 09/20/34		65
	27		Series 2004-73, Class AE, IF, 13.737%, 08/17/34		32
	216		Series 2004-90, Class SI, IF, IO, 5.538%, 10/20/34		31
	59		Series 2005-68, Class DP, IF, 15.128%, 06/17/35		75
	412		Series 2005-68, Class KI, IF, IO, 5.738%, 09/20/35		71
	667		Series 2006-38, Class ZK, 6.500%, 08/20/36		771
	46		Series 2006-59, Class SD, IF, IO, 6.138%, 10/20/36		7
	174		Series 2007-17, Class JI, IF, IO, 6.268%, 04/16/37		33
	202		Series 2007-27, Class SA, IF, IO, 5.638%, 05/20/37		35
	303		Series 2007-40, Class SB, IF, IO, 6.188%, 07/20/37		51
	182		Series 2007-45, Class QA, IF, IO, 6.078%, 07/20/37		33
	165		Series 2007-50, Class AI, IF, IO, 6.213%, 08/20/37		24
	45		Series 2007-53, Class ES, IF, IO, 5.988%, 09/20/37		8
	41		Series 2007-53, Class SW, IF, 18.520%, 09/20/37		57
	24		Series 2007-71, Class SB, IF, IO, 6.138%, 07/20/36		1
	93		Series 2007-72, Class US, IF, IO, 5.988%, 11/20/37		16
	93		Series 2007-76, Class SA, IF, IO, 5.968%, 11/20/37		16
	60		Series 2008-33, Class XS, IF, IO, 7.158%, 04/16/38		13
	177		Series 2008-40, Class SA, IF, IO, 5.858%, 05/16/38		32
	238		Series 2008-50, Class KB, 6.000%, 06/20/38		267
	121		Series 2008-55, Class SA, IF, IO, 5.638%, 06/20/38		22
	129		Series 2008-93, Class AS, IF, IO, 5.138%, 12/20/38		18
	38		Series 2009-6, Class SA, IF, IO, 5.558%, 02/16/39		7
	58		Series 2009-14, Class NI, IO, 6.500%, 03/20/39		15
	186		Series 2009-22, Class SA, IF, IO, 5.708%, 04/20/39		27
	161		Series 2009-31, Class TS, IF, IO, 5.738%, 03/20/39		18
	163		Series 2009-79, Class OK, PO, 11/16/37		150

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	997		Series 2009-92, Class ZC, 5.000%, 10/20/39		1,129
	315		Series 2009-106, Class ST, IF, IO, 5.438%, 02/20/38		54
	70		Series 2010-14, Class AO, PO, 12/20/32		67
	1,000		Series 2010-105, Class B, 5.000%, 08/20/40		1,109
	106		Series 2010-130, Class CP, 7.000%, 10/16/40		123
	373		Series 2011-137, Class WA, VAR, 5.542%, 07/20/40		416
	327		Series 2012-H21, Class DF, VAR, 1.181%, 05/20/61		328
	153		Series 2012-H24, Class FA, VAR, 0.981%, 03/20/60		153
	342		Series 2012-H26, Class MA, VAR, 1.081%, 07/20/62		341
	702		Series 2012-H29, Class FA, VAR, 1.046%, 10/20/62		699
	635		Series 2013-91, Class WA, VAR, 4.502%, 04/20/43		672
	102		Series 2013-H03, Class FA, VAR, 0.831%, 08/20/60		102
	461		Series 2013-H07, Class JA, 1.750%, 03/20/63		460
	819		Series 2014-H15, Class FA, VAR, 1.031%, 07/20/64		812
	725		Series 2014-H17, Class FC, VAR, 1.031%, 07/20/64		719
	723		Series 2015-H15, Class FJ, VAR, 0.971%, 06/20/65		715
	666		Series 2015-H18, Class FA, VAR, 0.981%, 06/20/65		660
	735		Series 2015-H20, Class FA, VAR, 1.001%, 08/20/65		728
	800		Series 2015-H26, Class FG, VAR, 1.051%, 10/20/65		794
	65		NCUA Guaranteed Notes Trust, Series 2010-R3, Class 3A, 2.400%, 12/08/20		65
			Vendee Mortgage Trust,
	318		Series 1993-1, Class ZB, 7.250%, 02/15/23		352
	165		Series 1994-1, Class 1, VAR, 5.509%, 02/15/24		177
	246		Series 1996-1, Class 1Z, 6.750%, 02/15/26		279
	79		Series 1996-2, Class 1Z, 6.750%, 06/15/26		89
	321		Series 1997-1, Class 2Z, 7.500%, 02/15/27		369
	79		Series 1998-1, Class 2E, 7.000%, 03/15/28		93
					45,489
			Non-Agency CMO — 3.3%
	382		Access PT Funding Trust, Series 2016-1, 6.250%, 02/16/21		382
	182		Ajax Mortgage Loan Trust, Series 2015-B, Class A, SUB, 3.875%, 07/25/60 (e)		182
			Alternative Loan Trust,
	1,334		Series 2004-2CB, Class 1A9, 5.750%, 03/25/34		1,326
	209		Series 2005-54CB, Class 1A11, 5.500%, 11/25/35		194
	157		Angel Oak Mortgage Trust LLC, Series 2015-1, Class A, SUB, 4.500%, 11/25/45 (e)		158
			ASG Resecuritization Trust,
	19		Series 2009-1, Class A60, VAR, 2.565%, 06/26/37 (e)		18
	120		Series 2009-3, Class A65, VAR, 2.450%, 03/26/37 (e)		120
	25		Banc of America Alternative Loan Trust, Series 2003-11, Class PO, PO, 01/25/34		20
	22		Banc of America Funding Trust, Series 2004-1, Class PO, PO, 03/25/34		18
	–	(h)	Banc of America Mortgage Trust, Series 2004-1, Class APO, PO, 02/25/34		—	(h)
			BCAP LLC Trust,
	222		Series 2010-RR7, Class 2A1, VAR, 2.625%, 07/26/45 (e)		221
	86		Series 2011-RR10, Class 2A1, VAR, 1.399%, 09/26/37 (e)		83
	66		Bear Stearns ARM Trust, Series 2005-5, Class A1, VAR, 2.580%, 08/25/35		66
			CHL Mortgage Pass-Through Trust,
	45		Series 2004-5, Class 1A4, 5.500%, 06/25/34		47
	21		Series 2004-HYB3, Class 2A, VAR, 2.771%, 06/20/34		20
	208		Series 2005-22, Class 2A1, VAR, 3.159%, 11/25/35		171
			Citigroup Global Markets Mortgage Securities VII, Inc.,
	36		Series 2003-HYB1, Class A, VAR, 3.240%, 09/25/33		36

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	1	Series 2003-UP2, Class PO1, PO, 12/25/18		1
		Citigroup Mortgage Loan Trust,
	54	Series 2008-AR4, Class 1A1A, VAR, 2.996%, 11/25/38 (e)		53
	17	Series 2010-8, Class 5A6, 4.000%, 11/25/36 (e)		17
	19	Series 2010-8, Class 6A6, 4.500%, 12/25/36 (e)		19
		Citigroup Mortgage Loan Trust, Inc.,
	8	Series 2003-UP3, Class A3, 7.000%, 09/25/33		8
	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
	10	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-23, Class 2A5, 5.000%, 10/25/18		10
		CSMC,
	263	Series 2010-11R, Class A6, VAR, 1.603%, 06/28/47 (e)		261
	26	Series 2011-16R, Class 7A3, VAR, 2.863%, 12/27/36 (e)		26
	76	Deutsche Alt-A Securities, Inc., Mortgage Loan Trust, Series 2005-3, Class 1A1, VAR, 4.965%, 06/25/20		76
	3	Deutsche Mortgage Securities, Inc., Mortgage Loan Trust, Series 2004-1, Class 2APO, PO, 10/25/18		3
		First Horizon Mortgage Pass-Through Trust,
	85	Series 2004-AR7, Class 2A2, VAR, 2.709%, 02/25/35		85
	76	Series 2005-AR1, Class 2A2, VAR, 2.935%, 04/25/35		75
	149	GSR Mortgage Loan Trust, Series 2006-1F, Class 1A3, 5.500%, 02/25/36		140
	42	Impac Secured Assets CMN Owner Trust, Series 2002-2, Class APO, PO, 04/25/33		26
		JP Morgan Mortgage Trust,
	418	Series 2003-A1, Class 1A1, VAR, 2.639%, 10/25/33		408
	39	Series 2006-A2, Class 4A1, VAR, 3.180%, 08/25/34		39
	137	Series 2006-A2, Class 5A3, VAR, 3.144%, 11/25/33		139
		MASTR Adjustable Rate Mortgages Trust,
	35	Series 2004-3, Class 4A2, VAR, 2.705%, 04/25/34		33
	116	Series 2004-13, Class 2A1, VAR, 3.052%, 04/21/34		118
		MASTR Alternative Loan Trust,
	119	Series 2003-9, Class 8A1, 6.000%, 01/25/34		123
	244	Series 2004-4, Class 10A1, 5.000%, 05/25/24		253
	18	Series 2004-7, Class 30PO, PO, 08/25/34		14
	11	Series 2004-10, Class 1A1, 4.500%, 09/25/19		11
	61	Series 2005-6, Class 3A1, 5.500%, 11/25/20		59
		MASTR Asset Securitization Trust,
	10	Series 2003-2, Class 1A1, 5.000%, 03/25/18		10
	3	Series 2004-8, Class PO, PO, 08/25/19		3
	22	MASTR Resecuritization Trust, Series 2005-PO, Class 3PO, PO, 05/28/35 (e)		18
		Merrill Lynch Mortgage Investors Trust,
	211	Series 2003-E, Class A1, VAR, 1.212%, 10/25/28		201
	73	Series 2004-A, Class A1, VAR, 1.052%, 04/25/29		69
	32	MortgageIT Trust, Series 2005-1, Class 1A1, VAR, 1.232%, 02/25/35		31
	51	NACC Reperforming Loan REMIC Trust, Series 2004-R2, Class A1, VAR, 6.500%, 10/25/34 (e)		51
		Nomura Asset Acceptance Corp. Alternative Loan Trust,
	28	Series 2003-A1, Class A1, 5.500%, 05/25/33		28
	19	Series 2003-A1, Class A2, 6.000%, 05/25/33		20
	7	Series 2003-A1, Class A5, 7.000%, 04/25/33		7
		RALI Trust,
	12	Series 2002-QS8, Class A5, 6.250%, 06/25/17		12
	4	Series 2002-QS16, Class A3, IF, 15.385%, 10/25/17		4

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	8	Series 2003-QS3, Class A2, IF, 15.198%, 02/25/18		9
	36	Series 2003-QS9, Class A3, IF, IO, 6.958%, 05/25/18		1
	54	Series 2004-QS3, Class CB, 5.000%, 03/25/19		54
	83	Reperforming Loan REMIC Trust, Series 2005-R1, Class 2APO, PO, 03/25/35 (e)		68
	4	Residential Asset Securitization Trust, Series 2003-A14, Class A1, 4.750%, 02/25/19		4
		Springleaf Mortgage Loan Trust,
	119	Series 2013-2A, Class A, VAR, 1.780%, 12/25/65 (e)		118
	125	Series 2013-2A, Class M1, VAR, 3.520%, 12/25/65 (e)		126
	112	Series 2013-3A, Class A, VAR, 1.870%, 09/25/57 (e)		112
	306	Series 2013-3A, Class M1, VAR, 3.790%, 09/25/57 (e)		305
	77	Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2003-33H, Class 1A1, 5.500%, 10/25/33		78
	30	Structured Asset Securities Corp. Trust, Series 2005-6, Class 4A1, 5.000%, 05/25/35		30
		WaMu Mortgage Pass-Through Certificates Trust,
	7	Series 2002-S8, Class 2A7, 5.250%, 01/25/18		7
	95	Series 2003-AR5, Class A7, VAR, 2.834%, 06/25/33		96
	48	Series 2004-AR3, Class A2, VAR, 2.792%, 06/25/34		48
	194	Washington Mutual Mortgage Pass-Through Certificates WMALT Trust, Series 2005-4, Class CB7, 5.500%, 06/25/35		179
		Washington Mutual MSC Mortgage Pass-Through Certificates Trust,
	27	Series 2003-MS2, Class 1A1, 5.750%, 02/25/33		28
	4	Series 2003-MS7, Class P, PO, 03/25/33		4
		Wells Fargo Mortgage-Backed Securities Trust,
	34	Series 2003-K, Class 1A1, VAR, 2.903%, 11/25/33		34
	58	Series 2004-EE, Class 3A1, VAR, 3.185%, 12/25/34		60
	179	Series 2004-P, Class 2A1, VAR, 2.994%, 09/25/34		184
	282	Series 2005-AR3, Class 1A1, VAR, 3.075%, 03/25/35		288
				7,361
		Total Collateralized Mortgage Obligations (Cost $51,257)		52,850
	Commercial Mortgage-Backed Securities — 2.1%
	143	A10 Securitization LLC, Series 2015-1, Class A1, 2.100%, 04/15/34 (e)		143
		A10 Term Asset Financing LLC,
	132	Series 2013-2, Class A, 2.620%, 11/15/27 (e)		131
	8	Series 2014-1, Class A1, 1.720%, 04/15/33 (e)		8
	250	Banc of America Commercial Mortgage Trust, Series 2007-5, Class A4, 5.492%, 02/10/51		255
	22	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-3, Class AM, 4.727%, 07/10/43		22
	5,021	CD Commercial Mortgage Trust, Series 2007-CD4, Class XC, IO, VAR, 0.554%, 12/11/49 (e)		2
		COMM Mortgage Trust,
	132	Series 2014-PAT, Class A, VAR, 1.338%, 08/13/27 (e)		132
	400	Series 2014-TWC, Class A, VAR, 1.388%, 02/13/32 (e)		400
	281	Series 2015-CR25, Class A4, 3.759%, 08/10/48		293
		Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates,
	647	Series KF12, Class A, VAR, 1.292%, 09/25/22		648
	500	Series KSMC, Class A2, 2.615%, 01/25/23		505
	66	Morgan Stanley Re-REMIC Trust, Series 2012-XA, Class A, 2.000%, 07/27/49 (e)		65
	99	NorthStar, (Cayman Islands), Series 2013-1A, Class B, VAR, 5.592%, 08/25/29 (e)		99
		PFP Ltd., (Cayman Islands),
	345	Series 2015-2, Class A, VAR, 2.000%, 07/14/34 (e)		345

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
	100	Series 2015-2, Class C, VAR, 3.800%, 07/14/34 (e)		98
	100	Series 2015-2, Class D, VAR, 4.550%, 07/14/34 (e)		97
		RAIT Trust,
	48	Series 2014-FL3, Class A, VAR, 1.788%, 12/15/31 (e)		48
	168	Series 2015-FL4, Class A, VAR, 1.888%, 12/15/31 (e)		168
	250	Series 2015-FL5, Class B, VAR, 4.438%, 01/15/31 (e)		251
		Resource Capital Corp., Ltd., (Cayman Islands),
	102	Series 2015-CRE4, Class A, VAR, 1.955%, 08/15/32 (e)		101
	153	Series 2015-CRE4, Class B, VAR, 3.535%, 08/15/32 (e)		144
	116	UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.663%, 06/10/30 (e)		119
	104	UBS-Barclays Commercial Mortgage Trust, Series 2012-C2, Class A4, 3.525%, 05/10/63		109
	500	VNDO Mortgage Trust, Series 2013-PENN, Class A, 3.808%, 12/13/29 (e)		527
		Total Commercial Mortgage-Backed Securities (Cost $4,699)		4,710
	Corporate Bonds — 20.2%
		Consumer Discretionary — 1.1%
		Automobiles — 0.0% (g)
	73	Nissan Motor Acceptance Corp., 1.800%, 03/15/18 (e)		73
		Internet & Direct Marketing Retail — 0.1%
	197	Amazon.com, Inc., 3.800%, 12/05/24		206
		Media — 0.8%
		21st Century Fox America, Inc.,
	100	7.250%, 05/18/18		108
	100	7.700%, 10/30/25		130
	208	CBS Corp., 4.000%, 01/15/26		212
	80	Comcast Corp., 3.375%, 08/15/25		81
	78	Discovery Communications LLC, 4.375%, 06/15/21		82
	200	NBCUniversal Media LLC, 2.875%, 01/15/23		200
		Time Warner Cable LLC,
	57	5.850%, 05/01/17		58
	50	6.750%, 07/01/18		54
	150	8.250%, 04/01/19		169
	35	8.750%, 02/14/19		40
	100	Time Warner Cos., Inc., 7.570%, 02/01/24		123
	300	Time Warner, Inc., 3.600%, 07/15/25		296
		Viacom, Inc.,
	37	2.750%, 12/15/19		37
	100	3.125%, 06/15/22		99
	11	3.250%, 03/15/23		11
	43	3.875%, 04/01/24		43
				1,743
		Multiline Retail — 0.1%
		Macy’s Retail Holdings, Inc.,
	62	2.875%, 02/15/23		59
	49	4.375%, 09/01/23		50
	35	Nordstrom, Inc., 4.000%, 10/15/21		37
				146
		Specialty Retail — 0.1%
	32	Bed Bath & Beyond, Inc., 4.915%, 08/01/34		32
	67	Home Depot, Inc. (The), 2.625%, 06/01/22		67
	119	Lowe’s Cos., Inc., 3.375%, 09/15/25		121
				220
		Total Consumer Discretionary		2,388
		Consumer Staples — 0.7%
		Beverages — 0.2%
	75	Anheuser-Busch Cos. LLC, 5.500%, 01/15/18		78
	150	Anheuser-Busch InBev Finance, Inc., 3.700%, 02/01/24		155
	70	Diageo Capital plc, (United Kingdom), 4.828%, 07/15/20		77
	30	Heineken N.V., (Netherlands), 1.400%, 10/01/17 (e)		30
				340
		Food & Staples Retailing — 0.2%
	86	Costco Wholesale Corp., 2.250%, 02/15/22		85
	49	CVS Pass-Through Trust, 5.926%, 01/10/34 (e)		56
		Kroger Co. (The),
	90	4.000%, 02/01/24		94
	30	6.150%, 01/15/20		33
	100	Sysco Corp., 3.750%, 10/01/25		101
	185	Walgreens Boots Alliance, Inc., 3.100%, 06/01/23		183

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Food & Staples Retailing — continued
				552
		Food Products — 0.3%
	135	Bunge Ltd. Finance Corp., 8.500%, 06/15/19		155
	14	Bunge N.A. Finance LP, 5.900%, 04/01/17		14
		Cargill, Inc.,
	100	3.300%, 03/01/22 (e)		103
	106	4.307%, 05/14/21 (e)		113
		Kraft Heinz Foods Co.,
	30	3.500%, 06/06/22		31
	66	5.000%, 07/15/35		69
	22	5.375%, 02/10/20		24
	92	Mead Johnson Nutrition Co., 4.125%, 11/15/25		94
	73	Tyson Foods, Inc., 3.950%, 08/15/24		75
				678
		Household Products — 0.0% (g)
	20	Kimberly-Clark Corp., 2.400%, 03/01/22		20
	46	Procter & Gamble - ESOP, Series A, 9.360%, 01/01/21		53
				73
		Total Consumer Staples		1,643
		Energy — 2.7%
		Energy Equipment & Services — 0.1%
	107	Halliburton Co., 3.500%, 08/01/23		108
		Nabors Industries, Inc.,
	30	4.625%, 09/15/21		29
	30	5.000%, 09/15/20		30
	15	National Oilwell Varco, Inc., 1.350%, 12/01/17		15
	47	Schlumberger Investment S.A., (Luxembourg), 3.300%, 09/14/21 (e)		48
				230
		Oil, Gas & Consumable Fuels — 2.6%
		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		29
		BP Capital Markets plc, (United Kingdom),
	20	1.375%, 11/06/17		20
	60	3.506%, 03/17/25		60
	166	3.814%, 02/10/24		172
		Buckeye Partners LP,
	30	4.350%, 10/15/24		30
	40	4.875%, 02/01/21		43
	25	5.850%, 11/15/43		25
		Canadian Natural Resources Ltd., (Canada),
	25	3.900%, 02/01/25		24
	150	5.900%, 02/01/18		157
	21	Cenovus Energy, Inc., (Canada), 3.000%, 08/15/22		20
	40	Chevron Corp., 2.355%, 12/05/22		39
	200	CNOOC Nexen Finance 2014 ULC, (Canada), 4.250%, 04/30/24		205
	191	ConocoPhillips Co., 4.200%, 03/15/21		203
	58	Ecopetrol S.A., (Colombia), 4.125%, 01/16/25		52
	80	Encana Corp., (Canada), 6.500%, 05/15/19		86
		Energy Transfer Partners LP,
	89	3.600%, 02/01/23		86
	91	4.050%, 03/15/25		88
	200	Eni S.p.A., (Italy), 4.150%, 10/01/20 (e)		208
	74	EnLink Midstream Partners LP, 4.150%, 06/01/25		70
		Enterprise Products Operating LLC,
	500	1.650%, 05/07/18		498
	37	3.750%, 02/15/25		37
	49	3.900%, 02/15/24		50
		EOG Resources, Inc.,
	23	2.625%, 03/15/23		22
	100	4.100%, 02/01/21		105
	300	4.150%, 01/15/26		312
	250	Gulf South Pipeline Co. LP, 4.000%, 06/15/22		250
	50	Magellan Midstream Partners LP, 6.550%, 07/15/19		55
	175	Marathon Oil Corp., 6.000%, 10/01/17		181
	67	Marathon Petroleum Corp., 3.625%, 09/15/24		64
	36	Noble Energy, Inc., 5.625%, 05/01/21		37
	91	Occidental Petroleum Corp., 3.500%, 06/15/25		92
		ONEOK Partners LP,
	40	3.200%, 09/15/18		41
	12	3.375%, 10/01/22		12
	200	4.900%, 03/15/25		211
	28	5.000%, 09/15/23		29

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
	97	Petro-Canada, (Canada), 6.050%, 05/15/18		103
		Petroleos Mexicanos, (Mexico),
	59	4.250%, 01/15/25		52
	69	4.875%, 01/18/24		64
	149	6.375%, 02/04/21 (e)		157
	43	Phillips 66, 2.950%, 05/01/17		43
		Plains All American Pipeline LP/PAA Finance Corp.,
	59	2.600%, 12/15/19		59
	100	3.600%, 11/01/24		95
	250	4.650%, 10/15/25		251
	200	Sinopec Group Overseas Development 2013 Ltd., (United Kingdom), 4.375%, 10/17/23 (e)		211
		Spectra Energy Capital LLC,
	150	5.650%, 03/01/20		159
	50	8.000%, 10/01/19		57
		Spectra Energy Partners LP,
	79	2.950%, 09/25/18		80
	63	3.500%, 03/15/25		61
	67	Statoil ASA, (Norway), 1.150%, 05/15/18		67
	180	Sunoco Logistics Partners Operations LP, 4.650%, 02/15/22		190
		Total Capital International S.A., (France),
	44	1.500%, 02/17/17		44
	75	1.550%, 06/28/17		75
		TransCanada PipeLines Ltd., (Canada),
	172	3.750%, 10/16/23		178
	100	6.500%, 08/15/18		107
	30	7.125%, 01/15/19		33
				5,768
		Total Energy		5,998
		Financials — 8.0%
		Banks — 3.5%
	200	ANZ New Zealand International Ltd., (New Zealand), 2.600%, 09/23/19 (e)		202
		Bank of America Corp.,
	150	3.300%, 01/11/23		150
	485	3.875%, 08/01/25		493
	42	4.125%, 01/22/24		44
	100	5.000%, 05/13/21		109
	130	5.625%, 07/01/20		143
	200	Series L, 2.250%, 04/21/20		198
	154	Series L, 3.950%, 04/21/25		152
	317	Barclays plc, (United Kingdom), 3.200%, 08/10/21		312
	100	BB&T Corp., 5.250%, 11/01/19		108
	300	Capital One Bank USA N.A., 3.375%, 02/15/23		298
		Citigroup, Inc.,
	106	1.800%, 02/05/18		106
	82	2.150%, 07/30/18		82
	350	2.400%, 02/18/20		349
	115	5.500%, 09/13/25		126
	16	Comerica, Inc., 3.800%, 07/22/26		16
	201	Commonwealth Bank of Australia, (Australia), 4.500%, 12/09/25 (e)		205
		Cooperatieve Rabobank UA, (Netherlands),
	34	3.375%, 01/19/17		34
	118	3.875%, 02/08/22		125
	250	4.375%, 08/04/25		254
	250	Discover Bank, 3.100%, 06/04/20		253
	146	Fifth Third Bancorp, 2.875%, 07/27/20		147
		HSBC Holdings plc, (United Kingdom),
	200	4.250%, 08/18/25		199
	300	4.875%, 01/14/22		322
	250	Huntington National Bank (The), 2.875%, 08/20/20		253
		KeyCorp,
	56	2.900%, 09/15/20		56
	50	5.100%, 03/24/21		55
	300	Manufacturers & Traders Trust Co., 6.625%, 12/04/17		315
	200	Mizuho Bank Ltd., (Japan), 2.650%, 09/25/19 (e)		202
	36	MUFG Americas Holdings Corp., 2.250%, 02/10/20		36
		PNC Financial Services Group, Inc. (The),
	133	4.375%, 08/11/20		142
	115	5.625%, 02/01/17		116
	107	Regions Financial Corp., 3.200%, 02/08/21		109
	77	Santander UK Group Holdings plc, (United Kingdom), 3.125%, 01/08/21		76
	233	Santander UK plc, (United Kingdom), 2.500%, 03/14/19		234
	250	Stadshypotek AB, (Sweden), 1.875%, 10/02/19 (e)		249

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
	200	Standard Chartered plc, (United Kingdom), 5.200%, 01/26/24 (e)		205
	104	Toronto-Dominion Bank (The), (Canada), 2.250%, 11/05/19		105
	250	U.S. Bank N.A., 2.800%, 01/27/25		245
		Wells Fargo & Co.,
	99	3.000%, 02/19/25		96
	51	4.300%, 07/22/27		52
	237	4.480%, 01/16/24		249
	250	Wells Fargo Bank N.A., 6.000%, 11/15/17		260
	285	Westpac Banking Corp., (Australia), 4.875%, 11/19/19		306
				7,788
		Capital Markets — 2.2%
	120	Ameriprise Financial, Inc., 4.000%, 10/15/23		126
		Bank of New York Mellon Corp. (The),
	150	3.250%, 09/11/24		151
	75	4.600%, 01/15/20		80
	100	Series 0012, 3.650%, 02/04/24		104
	160	BlackRock, Inc., 4.250%, 05/24/21		173
	150	Blackstone Holdings Finance Co. LLC, 5.875%, 03/15/21 (e)		169
	40	Charles Schwab Corp. (The), 3.225%, 09/01/22		41
		Deutsche Bank AG, (Germany),
	319	1.875%, 02/13/18		315
	38	2.950%, 08/20/20		37
	62	3.375%, 05/12/21		60
		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		118
	137	3.750%, 05/22/25		138
	120	4.000%, 03/03/24		124
	80	5.750%, 01/24/22		90
	250	7.500%, 02/15/19		278
		Intercontinental Exchange, Inc.,
	47	2.500%, 10/15/18		48
	88	4.000%, 10/15/23		93
		Invesco Finance plc, (United Kingdom),
	125	3.750%, 01/15/26		127
	71	4.000%, 01/30/24		74
		Jefferies Group LLC,
	150	5.125%, 04/13/18		155
	125	6.875%, 04/15/21		142
	111	Legg Mason, Inc., 4.750%, 03/15/26		115
		Macquarie Bank Ltd., (Australia),
	65	2.600%, 06/24/19 (e)		65
	100	2.850%, 07/29/20 (e)		101
	300	3.900%, 01/15/26 (e)		306
	100	4.000%, 07/29/25 (e)		102
	40	Macquarie Group Ltd., (Australia), 6.250%, 01/14/21 (e)		44
		Morgan Stanley,
	83	3.700%, 10/23/24		84
	330	4.000%, 07/23/25		337
	155	5.000%, 11/24/25		166
	166	5.500%, 07/24/20		182
	100	5.500%, 07/28/21		111
	100	5.750%, 01/25/21		111
	100	6.625%, 04/01/18		106
	100	7.300%, 05/13/19		112
	84	Nomura Holdings, Inc., (Japan), 6.700%, 03/04/20		94
	36	State Street Corp., 3.100%, 05/15/23		36
	34	TD Ameritrade Holding Corp., 2.950%, 04/01/22		34
		Thomson Reuters Corp., (Canada),
	51	3.850%, 09/29/24		52
	105	3.950%, 09/30/21		109
	60	4.700%, 10/15/19		64
				5,091
		Consumer Finance — 0.8%
		American Express Credit Corp.,
	139	1.875%, 11/05/18		139
	95	2.250%, 05/05/21		94
		Capital One Financial Corp.,
	125	3.200%, 02/05/25		121
	110	3.500%, 06/15/23		110
		Caterpillar Financial Services Corp.,
	58	2.850%, 06/01/22		59
	65	7.050%, 10/01/18		71
		Ford Motor Credit Co. LLC,
	250	3.157%, 08/04/20		251
	200	4.250%, 09/20/22		207
	130	General Motors Financial Co., Inc., 3.100%, 01/15/19		131
		HSBC USA, Inc.,
	180	2.350%, 03/05/20		178

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Consumer Finance — continued
	296	2.750%, 08/07/20		296
		John Deere Capital Corp.,
	33	3.150%, 10/15/21		34
	50	Series 0014, 2.450%, 09/11/20		50
	66	PACCAR Financial Corp., 1.600%, 03/15/17		66
				1,807
		Diversified Financial Services — 0.6%
	98	Berkshire Hathaway, Inc., 2.750%, 03/15/23		97
	349	GE Capital International Funding Co., Unlimited Co., (Ireland), 2.342%, 11/15/20		349
		Private Export Funding Corp.,
	500	Series EE, 2.800%, 05/15/22		516
	200	Series KK, 3.550%, 01/15/24		213
		Shell International Finance B.V., (Netherlands),
	42	1.125%, 08/21/17		42
	100	3.250%, 05/11/25		100
				1,317
		Insurance — 0.9%
	61	Allstate Corp. (The), 3.150%, 06/15/23		62
	161	American International Group, Inc., 3.750%, 07/10/25		162
	143	Aon plc, (United Kingdom), 3.875%, 12/15/25		146
	65	Berkshire Hathaway Finance Corp., 1.300%, 05/15/18		65
		Chubb INA Holdings, Inc.,
	200	2.700%, 03/13/23		198
	130	2.875%, 11/03/22		131
		CNA Financial Corp.,
	52	3.950%, 05/15/24		53
	38	4.500%, 03/01/26		39
	80	Jackson National Life Global Funding, 4.700%, 06/01/18 (e)		83
	35	Lincoln National Corp., 4.200%, 03/15/22		37
	300	Manulife Financial Corp., (Canada), 4.150%, 03/04/26		313
	50	Marsh & McLennan Cos., Inc., 3.300%, 03/14/23		51
	100	Metropolitan Life Global Funding I, 3.875%, 04/11/22 (e)		106
	150	Pacific Life Global Funding, 5.000%, 05/15/17 (e)		153
	106	Principal Life Global Funding II, 2.250%, 10/15/18 (e)		107
	150	Prudential Insurance Co. of America (The), 8.300%, 07/01/25 (e)		195
	90	Reliance Standard Life Global Funding II, 3.050%, 01/20/21 (e)		91
				1,992
		Total Financials		17,995
		Health Care — 1.1%
		Biotechnology — 0.4%
		AbbVie, Inc.,
	127	2.500%, 05/14/20		126
	87	2.900%, 11/06/22		86
	35	3.200%, 11/06/22		35
		Amgen, Inc.,
	44	2.125%, 05/01/20		44
	40	5.700%, 02/01/19		43
	75	Baxalta, Inc., 3.600%, 06/23/22		76
	184	Biogen, Inc., 3.625%, 09/15/22		190
		Celgene Corp.,
	98	3.250%, 08/15/22		99
	161	3.625%, 05/15/24		162
		Gilead Sciences, Inc.,
	59	2.500%, 09/01/23		57
	57	3.650%, 03/01/26		57
				975
		Health Care Equipment & Supplies — 0.1%
	40	Becton, Dickinson & Co., 5.000%, 05/15/19		43
	84	Danaher Corp., 2.400%, 09/15/20		84
				127
		Health Care Providers & Services — 0.4%
		Anthem, Inc.,
	93	2.300%, 07/15/18		93
	115	3.125%, 05/15/22		115
		Cardinal Health, Inc.,
	45	2.400%, 11/15/19		46
	49	3.750%, 09/15/25		50
	72	Express Scripts Holding Co., 3.500%, 06/15/24		71
	214	Laboratory Corp. of America Holdings, 3.200%, 02/01/22		215
		UnitedHealth Group, Inc.,
	91	1.700%, 02/15/19		91
	112	3.375%, 11/15/21		117
				798

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		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		35
				93
		Pharmaceuticals — 0.2%
		Forest Laboratories LLC,
	250	4.375%, 02/01/19 (e)		260
	69	5.000%, 12/15/21 (e)		74
		Merck & Co., Inc.,
	75	1.300%, 05/18/18		75
	64	2.350%, 02/10/22		64
	62	2.400%, 09/15/22		62
	30	3.700%, 02/10/45		28
				563
		Total Health Care		2,556
		Industrials — 1.7%
		Aerospace & Defense — 0.2%
	43	Airbus Group Finance B.V., (Netherlands), 2.700%, 04/17/23 (e)		43
		BAE Systems Holdings, Inc.,
	68	3.800%, 10/07/24 (e)		70
	70	6.375%, 06/01/19 (e)		76
	74	Lockheed Martin Corp., 3.100%, 01/15/23		75
	140	Precision Castparts Corp., 3.250%, 06/15/25		141
				405
		Air Freight & Logistics — 0.3%
	473	Federal Express Corp. 1998 Pass-Through Trust, 6.720%, 01/15/22		524
	115	United Parcel Service of America, Inc., 8.375%, 04/01/20		137
				661
		Airlines — 0.1%
	160	American Airlines 2013-2 Class A Pass-Through Trust, 4.950%, 01/15/23		171
	20	Continental Airlines 1999-2 Class A-1 Pass-Through Trust, 7.256%, 03/15/20		21
	36	Delta Air Lines 2010-2 Class A Pass-Through Trust, 4.950%, 05/23/19		38
				230
		Building Products — 0.1%
	99	Johnson Controls, Inc., 3.750%, 12/01/21		103
		Commercial Services & Supplies — 0.0% (g)
	50	Pitney Bowes, Inc., 5.600%, 03/15/18		52
		Construction & Engineering — 0.1%
		ABB Finance USA, Inc.,
	32	1.625%, 05/08/17		32
	41	2.875%, 05/08/22		41
	70	Fluor Corp., 3.375%, 09/15/21		72
				145
		Electrical Equipment — 0.0% (g)
		Eaton Corp.,
	27	1.500%, 11/02/17		27
	50	5.600%, 05/15/18		53
				80
		Industrial Conglomerates — 0.3%
		General Electric Co.,
	200	3.100%, 01/09/23		203
	175	3.375%, 03/11/24		181
	34	Ingersoll-Rand Global Holding Co., Ltd., 4.250%, 06/15/23		36
	152	Koninklijke Philips N.V., (Netherlands), 3.750%, 03/15/22		159
	98	Pentair Finance S.A., (Luxembourg), 2.900%, 09/15/18		99
	62	Roper Technologies, Inc., 3.000%, 12/15/20		63
	32	Tyco International Finance S.A., (Luxembourg), 3.900%, 02/14/26		33
				774
		Machinery — 0.1%
		Caterpillar, Inc.,
	74	1.500%, 06/26/17		74
	31	2.600%, 06/26/22		31
	89	Deere & Co., 2.600%, 06/08/22		89
	25	Parker-Hannifin Corp., 5.500%, 05/15/18		27
				221
		Road & Rail — 0.5%
		Burlington Northern Santa Fe LLC,
	43	3.050%, 03/15/22		44
	32	3.450%, 09/15/21		33
	19	3.600%, 09/01/20		20
	100	3.750%, 04/01/24		105
	55	Canadian Pacific Railway Co., (Canada), 4.500%, 01/15/22		59
	50	CSX Corp., 7.900%, 05/01/17		52

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Road & Rail — continued
		ERAC USA Finance LLC,
	27	4.500%, 08/16/21 (e)		29
	48	5.250%, 10/01/20 (e)		52
		Norfolk Southern Corp.,
	138	3.250%, 12/01/21		142
	50	7.700%, 05/15/17		51
		Penske Truck Leasing Co. LP/PTL Finance Corp.,
	53	2.875%, 07/17/18 (e)		54
	141	3.375%, 02/01/22 (e)		142
		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		21
	75	3.646%, 02/15/24		79
				1,046
		Trading Companies & Distributors — 0.0% (g)
	55	WW Grainger, Inc., 4.600%, 06/15/45		58
		Total Industrials		3,775
		Information Technology — 0.7%
		Communications Equipment — 0.0% (g)
	44	Cisco Systems, Inc., 2.950%, 02/28/26		43
				—
		Electronic Equipment, Instruments & Components — 0.1%
		Arrow Electronics, Inc.,
	32	3.000%, 03/01/18		32
	16	4.500%, 03/01/23		16
	100	6.875%, 06/01/18		107
	63	7.500%, 01/15/27		75
				230
		IT Services — 0.2%
	90	Total System Services, Inc., 3.750%, 06/01/23		90
	236	Xerox Corp., 5.625%, 12/15/19		253
				343
		Semiconductors & Semiconductor Equipment — 0.1%
	130	Intel Corp., 3.700%, 07/29/25		136
	30	National Semiconductor Corp., 6.600%, 06/15/17		31
	73	Texas Instruments, Inc., 1.650%, 08/03/19		73
				240
		Software — 0.1%
	25	Intuit, Inc., 5.750%, 03/15/17		26
		Microsoft Corp.,
	23	0.875%, 11/15/17		23
	34	2.125%, 11/15/22		33
	50	2.375%, 02/12/22		50
	200	Oracle Corp., 3.625%, 07/15/23		208
				340
		Technology Hardware, Storage & Peripherals — 0.2%
	199	Apple, Inc., 2.400%, 05/03/23		194
		HP, Inc.,
	118	4.375%, 09/15/21		124
	45	4.650%, 12/09/21		48
				366
		Total Information Technology		1,562
		Materials — 0.8%
		Chemicals — 0.5%
		Agrium, Inc., (Canada),
	45	3.375%, 03/15/25		44
	100	4.125%, 03/15/35		91
	125	CF Industries, Inc., 7.125%, 05/01/20		135
		Dow Chemical Co. (The),
	59	3.000%, 11/15/22		59
	100	3.500%, 10/01/24		101
	60	4.125%, 11/15/21		64
	20	8.550%, 05/15/19		23
	88	Ecolab, Inc., 3.250%, 01/14/23		89
	246	Mosaic Co. (The), 4.250%, 11/15/23		245
	25	Potash Corp. of Saskatchewan, Inc., (Canada), 3.250%, 12/01/17		25
	41	Praxair, Inc., 2.650%, 02/05/25		40
	150	Union Carbide Corp., 7.500%, 06/01/25		182
				1,098
		Construction Materials — 0.1%
	200	CRH America, Inc., 3.875%, 05/18/25 (e)		204
		Metals & Mining — 0.2%
		BHP Billiton Finance USA Ltd., (Australia),
	95	3.850%, 09/30/23		100
	100	5.400%, 03/29/17		102
	100	6.500%, 04/01/19		110

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Metals & Mining — continued
		Freeport-McMoRan, Inc.,
	128	2.150%, 03/01/17		128
	107	3.875%, 03/15/23		100
	27	Nucor Corp., 4.000%, 08/01/23		28
				568
		Total Materials		1,870
		Real Estate — 0.7%
		Equity Real Estate Investment Trusts (REITs) — 0.7%
		American Tower Corp.,
	80	3.500%, 01/31/23		80
	38	5.000%, 02/15/24		41
		American Tower Trust #1,
	45	1.551%, 03/15/18 (e)		45
	200	3.070%, 03/15/23 (e)		197
	125	Equity Commonwealth, 5.875%, 09/15/20		134
	255	ERP Operating LP, 4.625%, 12/15/21		277
		HCP, Inc.,
	38	3.400%, 02/01/25		36
	115	3.875%, 08/15/24		114
	17	4.200%, 03/01/24		17
	90	4.250%, 11/15/23		92
		Prologis LP,
	38	3.750%, 11/01/25		39
	53	4.250%, 08/15/23		57
	50	Realty Income Corp., 3.875%, 07/15/24		51
		Simon Property Group LP,
	62	3.375%, 10/01/24		63
	38	3.750%, 02/01/24		39
	81	4.125%, 12/01/21		87
		Ventas Realty LP,
	27	3.500%, 02/01/25		27
	44	3.750%, 05/01/24		44
	62	4.125%, 01/15/26		63
	73	Welltower, Inc., 4.500%, 01/15/24		77
		Total Real Estate		1,580
		Telecommunication Services — 1.2%
		Diversified Telecommunication Services — 1.1%
		AT&T, Inc.,
	28	3.400%, 05/15/25		27
	50	3.600%, 02/17/23		50
	353	3.800%, 03/15/22		360
	25	3.875%, 08/15/21		26
	26	3.950%, 01/15/25		26
	150	4.600%, 02/15/21		159
	350	Bellsouth Capital Funding Corp., 7.875%, 02/15/30		442
	100	British Telecommunications plc, (United Kingdom), 5.950%, 01/15/18		104
		GTP Acquisition Partners I LLC,
	174	2.350%, 06/15/20 (e)		171
	202	3.482%, 06/16/25 (e)		208
	27	Nippon Telegraph & Telephone Corp., (Japan), 1.400%, 07/18/17		27
	148	Qwest Corp., 6.750%, 12/01/21		160
	31	Telefonica Emisiones S.A.U., (Spain), 5.134%, 04/27/20		33
		Verizon Communications, Inc.,
	156	4.150%, 03/15/24		163
	401	5.150%, 09/15/23		444
				2,400
		Wireless Telecommunication Services — 0.1%
	160	Rogers Communications, Inc., (Canada), 4.100%, 10/01/23		168
		Vodafone Group plc, (United Kingdom),
	151	1.500%, 02/19/18		151
	49	1.625%, 03/20/17		49
				368
		Total Telecommunication Services		2,768
		Utilities — 1.5%
		Electric Utilities — 0.9%
	27	American Electric Power Co., Inc., Series E, 1.650%, 12/15/17		27
	27	Arizona Public Service Co., 2.200%, 01/15/20		27
	43	Baltimore Gas & Electric Co., 2.800%, 08/15/22		43
	50	Cleveland Electric Illuminating Co. (The), Series D, 7.880%, 11/01/17		53
	30	Connecticut Light & Power Co. (The), 5.650%, 05/01/18		32
	20	DTE Electric Co., 2.650%, 06/15/22		20
	60	Duke Energy Indiana LLC, 3.750%, 07/15/20		63
		Duke Energy Progress LLC,
	40	2.800%, 05/15/22		40
	106	3.250%, 08/15/25		108
	60	Electricite de France S.A., (France), 2.150%, 01/22/19 (e)		60
	100	Enel Finance International N.V., (Netherlands), 5.125%, 10/07/19 (e)		107

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Electric Utilities — continued
	186	Entergy Mississippi, Inc., 2.850%, 06/01/28		177
	25	Jersey Central Power & Light Co., 7.350%, 02/01/19		28
	47	Kansas City Power & Light Co., 3.150%, 03/15/23		47
	60	Nevada Power Co., 7.125%, 03/15/19		67
	27	NextEra Energy Capital Holdings, Inc., 2.400%, 09/15/19		27
		Niagara Mohawk Power Corp.,
	28	3.508%, 10/01/24 (e)		28
	40	4.881%, 08/15/19 (e)		43
	25	Ohio Power Co., 6.050%, 05/01/18		26
	50	Oncor Electric Delivery Co. LLC, 6.800%, 09/01/18		54
		Pacific Gas & Electric Co.,
	68	2.450%, 08/15/22		68
	50	3.250%, 06/15/23		51
	125	5.625%, 11/30/17		130
		PacifiCorp,
	140	3.600%, 04/01/24		145
	60	5.650%, 07/15/18		64
	75	PECO Energy Co., 5.350%, 03/01/18		79
	51	Public Service Co. of Colorado, 3.200%, 11/15/20		53
	74	Public Service Co. of Oklahoma, 4.400%, 02/01/21		79
	46	Southern California Edison Co., 1.845%, 02/01/22		45
	30	Southwestern Public Service Co., Series G, 8.750%, 12/01/18		34
		Virginia Electric & Power Co.,
	21	3.450%, 02/15/24		22
	40	Series A, 6.000%, 05/15/37		49
				1,896
		Gas Utilities — 0.0% (g)
	30	Atmos Energy Corp., 8.500%, 03/15/19		34
	50	CenterPoint Energy Resources Corp., 4.500%, 01/15/21		53
				87
		Independent Power & Renewable Electricity Producers — 0.2%
		Exelon Generation Co. LLC,
	45	2.950%, 01/15/20		45
	31	4.000%, 10/01/20		32
	41	4.250%, 06/15/22		43
	37	PSEG Power LLC, 4.300%, 11/15/23		38
	317	Southern Power Co., 4.150%, 12/01/25		327
				485
		Multi-Utilities — 0.3%
	50	Consumers Energy Co., 5.650%, 04/15/20		55
	79	DTE Energy Co., 3.300%, 06/15/22		81
	200	NiSource Finance Corp., 3.850%, 02/15/23		206
		Sempra Energy,
	48	4.050%, 12/01/23		50
	150	9.800%, 02/15/19		175
	94	Southern Co. Gas Capital Corp., 3.500%, 09/15/21		97
	87	WEC Energy Group, Inc., 3.550%, 06/15/25		88
				752
		Water Utilities — 0.1%
	122	American Water Capital Corp., 3.400%, 03/01/25		125
		Total Utilities		3,345
		Total Corporate Bonds (Cost $44,491)		45,480
	Foreign Government Securities — 1.8%
		Israel Government AID Bond, (Israel),
	1,000	Zero Coupon, 02/15/24		820
	1,000	Series 7-Z, Zero Coupon, 08/15/25		769
	1,000	Series 8-Z, Zero Coupon, 08/15/24		806
	1,000	Series 8-Z, Zero Coupon, 02/15/25		783
		Republic of Poland, (Poland),
	125	3.250%, 04/06/26		121
	92	4.000%, 01/22/24		95
		United Mexican States, (Mexico),
	244	3.500%, 01/21/21		247
	250	3.600%, 01/30/25		239
	116	4.000%, 10/02/23		116
		Total Foreign Government Securities (Cost $3,999)		3,996
	Mortgage Pass-Through Securities — 13.2%
		Federal Home Loan Mortgage Corp.,
	21	ARM, 2.591%, 01/01/27		22
	11	ARM, 2.625%, 07/01/26		11
	159	ARM, 2.637%, 08/01/36		166
	145	ARM, 2.882%, 03/01/37		151
	41	ARM, 2.915%, 01/01/37		42

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	182		ARM, 2.991%, 12/01/34		194
	100		ARM, 3.005%, 09/01/36		106
	51		ARM, 3.015%, 11/01/36		55
	81		ARM, 3.024%, 09/01/36		86
	169		ARM, 3.068%, 06/01/36		179
	128		ARM, 3.104%, 04/01/38		137
	77		ARM, 3.258%, 02/01/37		82
			Federal Home Loan Mortgage Corp. Gold Pools, 15 Year, Single Family,
	30		4.000%, 06/01/19		31
	4		4.500%, 10/01/18		4
	–	(h)	5.500%, 06/01/17		—	(h)
	2		6.000%, 04/01/18		3
	33		6.500%, 02/01/19 - 03/01/22		34
			Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family,
	5		6.000%, 12/01/22		5
	17		6.500%, 08/01/26		20
			Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,
	43		6.000%, 01/01/34		50
	41		7.000%, 04/01/26 - 02/01/37		48
	4		7.500%, 08/01/25		5
	4		8.000%, 07/01/20 - 11/01/24		5
	12		8.500%, 07/01/28		14
	113		Federal Home Loan Mortgage Corp. Gold Pools, FHA/VA, 10.000%, 10/01/30		123
			Federal Home Loan Mortgage Corp. Gold Pools, Other,
	2,139		3.500%, 05/01/33 - 05/01/43		2,212
	360		4.000%, 06/01/42		382
	71		6.000%, 02/01/33		79
			Federal National Mortgage Association,
	1		ARM, 2.282%, 03/01/19		1
	44		ARM, 2.405%, 02/01/37		46
	62		ARM, 2.483%, 02/01/35		65
	130		ARM, 2.486%, 02/01/35		136
	174		ARM, 2.487%, 01/01/35		185
	6		ARM, 2.517%, 09/01/27		6
	122		ARM, 2.531%, 09/01/35		128
	93		ARM, 2.633%, 01/01/35		97
	54		ARM, 2.635%, 08/01/35		57
	109		ARM, 2.666%, 08/01/34		115
	93		ARM, 2.758%, 04/01/33		98
	75		ARM, 2.767%, 04/01/35		79
	131		ARM, 2.787%, 09/01/34		138
	86		ARM, 2.826%, 09/01/36		91
	107		ARM, 2.866%, 09/01/35		112
	–	(h)	ARM, 2.875%, 08/01/19		—	(h)
	95		ARM, 2.905%, 10/01/34		100
	177		ARM, 2.908%, 02/01/37		187
	65		ARM, 2.989%, 11/01/33		69
	58		ARM, 2.990%, 08/01/36		61
	92		ARM, 3.066%, 07/01/46		97
	113		ARM, 3.100%, 09/01/33		121
	176		ARM, 3.464%, 02/01/36		186
	4		ARM, 3.899%, 03/01/29		4
			Federal National Mortgage Association, 15 Year, Single Family,
	14		4.000%, 05/01/19		15
	70		4.500%, 05/01/18 - 05/01/19		72
	95		5.000%, 06/01/18 - 04/01/19		97
	47		5.500%, 01/01/20 - 06/01/20		48
	131		6.000%, 03/01/21 - 01/01/24		140
	10		6.500%, 03/01/17 - 08/01/20		11
	53		Federal National Mortgage Association, 20 Year, Single Family, 6.500%, 05/01/22		60
			Federal National Mortgage Association, 30 Year, FHA/VA,
	12		6.000%, 09/01/33		13
	17		6.500%, 03/01/29		20
	4		8.500%, 02/01/30		4
	1		9.500%, 12/01/18		1
			Federal National Mortgage Association, 30 Year, Single Family,
	1,399		3.500%, 06/01/43		1,441
	42		4.500%, 08/01/33		45
	650		5.000%, 07/01/33 - 08/01/40		721
	68		5.500%, 12/01/33		79
	298		6.000%, 12/01/32 - 09/01/37		342
	26		6.500%, 08/01/31		30
	3		7.000%, 09/01/27 - 08/01/32		4
	7		7.500%, 11/01/22 - 10/01/24		8
	269		8.000%, 03/01/21 - 11/01/32		325
	4		8.500%, 07/01/24 - 05/01/25		5
	1		10.000%, 02/01/24		1
			Federal National Mortgage Association, Other,
	977		ARM, 1.321%, 12/01/25		976
	964		2.220%, 12/01/22		958
	483		2.240%, 12/01/22		480
	639		2.395%, 01/01/22		645

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	1,000		2.760%, 05/01/21		1,026
	1,773		2.766%, 06/01/23		1,802
	1,000		2.790%, 05/01/27		988
	1,000		3.030%, 04/01/27		1,009
	1,500		3.100%, 09/01/25		1,534
	1,000		3.110%, 12/01/24		1,027
	1,000		3.240%, 12/01/26		1,025
	1,000		3.290%, 08/01/26		1,032
	500		3.340%, 02/01/27		517
	1,000		3.380%, 12/01/23		1,047
	1,486		3.760%, 10/01/23 - 11/01/23		1,590
	670		4.000%, 07/01/42		711
	333		4.263%, 06/01/21		357
	760		4.300%, 04/01/21		823
	480		4.390%, 05/01/21		521
	37		5.500%, 04/01/38		39
	72		6.000%, 03/01/37		82
			Government National Mortgage Association II, 30 Year, Single Family,
	173		6.000%, 03/20/28 - 09/20/38		197
	8		7.500%, 02/20/28 - 09/20/28		10
	22		8.000%, 12/20/25 - 08/20/28		25
	13		8.500%, 03/20/25 - 05/20/25		15
	1		Government National Mortgage Association, 15 Year, Single Family, 6.000%, 10/15/17		1
			Government National Mortgage Association, 30 Year, Single Family,
	192		6.000%, 11/15/28 - 12/15/38		219
	197		6.500%, 01/15/24 - 12/15/35		228
	189		7.000%, 08/15/23 - 06/15/35		216
	14		7.500%, 11/15/22 - 09/15/28		15
	2		8.000%, 07/15/22 - 08/15/28		2
	–	(h)	8.500%, 11/15/17		—	(h)
	3		9.000%, 02/15/20 - 11/15/24		3
	39		9.500%, 09/15/18 - 12/15/25		42
	553		Government National Mortgage Association, Other, 3.500%, 11/20/33		579
			Total Mortgage Pass-Through Securities (Cost $28,928)		29,648
	Supranational — 0.1%
	150		African Development Bank, 8.800%, 09/01/19 (Cost $173)		178
	U.S. Government Agency Securities — 3.2%
			Federal National Mortgage Association,
	1,000		Zero Coupon, 06/01/17		996
	800		5.000%, 05/11/17		815
	1,440		Financing Corp. STRIPS, 1.591%, 05/11/18 (n)		1,415
			Residual Funding Corp. STRIPS,
	330		1.203%, 01/15/21 (n)		304
	250		1.576%, 10/15/19 (n)		239
	1,950		1.880%, 07/15/20 (n)		1,824
			Resolution Funding Corp. Interest STRIPS,
	90		0.000%, 01/15/26 (n)		70
	80		4.618%, 10/15/25 (n)		63
	1,000		Tennessee Valley Authority, 5.500%, 07/18/17		1,029
	333		Tennessee Valley Authority STRIPS, 4.435%, 05/01/19 (n)		319
			Total U.S. Government Agency Securities (Cost $7,041)		7,074
	U.S. Treasury Obligations — 19.0%
			U.S. Treasury Coupon STRIPS,
	2,650		1.673%, 11/15/19 (n)		2,539
	3,825		2.056%, 08/15/23 (n)		3,294
	200		2.124%, 05/15/24 (n)		168
	2,150		2.213%, 11/15/23 (n)		1,836
	200		2.246%, 05/15/26 (n)		157
	3,000		2.316%, 02/15/24 (n)		2,542
	10		2.361%, 05/15/28 (n)		7
	300		2.521%, 02/15/27 (n)		231
	750		2.538%, 05/15/23 (n)		650
	2,400		2.606%, 02/15/22 (n)		2,161
	1,300		2.671%, 11/15/22 (n)		1,145
	5,495		2.753%, 02/15/23 (n)		4,807
	200		2.757%, 05/15/25 (n)		163
	53		2.846%, 02/15/28 (n)		39
	200		2.998%, 08/15/28 (n)		146
	1,224		3.108%, 02/15/17 (n)		1,223
	47		3.241%, 08/15/26 (n)		37
	300		3.418%, 11/15/26 (n)		233
	100		3.569%, 08/15/27 (n)		76
	140		3.662%, 11/15/27 (n)		105
	1,525		3.721%, 11/15/21 (n)		1,384
			U.S. Treasury Notes,
	3,000		1.250%, 12/15/18		3,006
	2,000		1.750%, 05/15/22		1,974

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)	SECURITY DESCRIPTION	VALUE($)
U.S. Treasury Obligations — continued
14,400	2.000%, 08/15/25		13,984
700	2.375%, 08/15/24		704
	Total U.S. Treasury Obligations (Cost $43,407)		42,611
SHARES
Short-Term Investment — 1.2%
	Investment Company — 1.2%
2,751	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.690% (b) (l) (Cost $2,751)		2,751
	Total Investments — 99.6% (Cost $220,993)		223,650
	Other Assets in Excess of Liabilities — 0.4%		956
	NET ASSETS — 100.0%	$	224,606

Percentages indicated are based on net assets.

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ACES	—	Alternative Credit Enhancement Securities
ARM	—	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of November 30, 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 November 30, 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 November 30, 2016.
VA	—	Veterans Administration
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of November 30, 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.
(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 0.05%
(h)	—	Amount rounds to less than 500.
(l)	—	The rate shown is the current yield as of November 30, 2016.
(n)	—	The rate shown is the effective yield at the date of purchase.

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

As of November 30, 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	$	4,545
Aggregate gross unrealized depreciation		(1,888	)
Net unrealized appreciation/depreciation	$	2,657
Federal income tax cost of investments	$	220,993

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

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

A market-based approach is primarily used to value the Fund’s investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and 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.

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, including J.P. Morgan Funds (the “Underlying Funds”), are valued at each Underlying Fund’s NAV per share as of the report date.

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at November 30, 2016.

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

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

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

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

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

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

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	26,434	$	7,918	$	34,352
Collateralized Mortgage Obligations
Agency CMO		—		45,489		—		45,489
Non-Agency CMO		—		6,495		866		7,361
Total Collateralized Mortgage Obligations		—		51,984		866		52,850
Commercial Mortgage-Backed Securities		—		4,019		691		4,710
Corporate Bonds
Consumer Discretionary		—		2,388		—		2,388
Consumer Staples		—		1,643		—		1,643
Energy		—		5,998		—		5,998
Financials		—		17,995		—		17,995
Health Care		—		2,556		—		2,556
Industrials		—		3,775		—		3,775
Information Technology		—		1,562		—		1,562
Materials		—		1,870		—		1,870
Real Estate		—		1,580		—		1,580
Telecommunication Services		—		2,768		—		2,768
Utilities		—		3,345		—		3,345
Total Corporate Bonds		—		45,480		—		45,480
Foreign Government Securities		—		3,996		—		3,996
Mortgage Pass-Through Securities		—		29,648		—		29,648
Supranational		—		178		—		178
U.S. Government Agency Securities		—		7,074		—		7,074
U.S. Treasury Obligations		—		42,611		—		42,611
Short-Term Investment
Investment Company		2,751		—		—		2,751
Total Investments in Securities	$	2,751	$	211,424	$	9,475	$	223,650

There were no transfers between levels 1 and 2 during the period ended November 30, 2016.

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

JPMorgan Intermediate Bond Trust	Balance as of February 29, 2016		Realized gain (loss)		Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of November 30, 2016
Investments in Securities:
Asset-Backed Securities	$	1,988	$	—	$	55		$	1		$	1,034	$	(2,042	)	$	7,245	$	(363	)	$	7,918
Collateralized Mortgage Obligations - Non-Agency CMO		559		—		(25	)		26			500		(194	)		—		—			866
Commercial Mortgage-Backed Securities		1,129		6		(11	)		(32	)		—		(401	)		—		—			691
	$	3,676	$	6	$	19		$	(5	)	$	1,534	$	(2,637	)	$	7,245	$	(363	)	$	9,475

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

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

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

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

Transfers between level 2 and level 3 are due to a decline or an increase in market activity (e.g. frequency of trades), which resulted in a lack or increase of available market inputs to determine the price for the period ended November 30, 2016.

The change in net unrealized appreciation (depreciation) attributable to securities owned at November 30, 2016, which were valued using significant unobservable inputs (level 3) amounted to approximately $23,000.

Intermediate Bond Trust

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at November 30, 2016		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	4,407	Discounted Cash Flow	Constant Prepayment Rate	0.00% - 30.00% (2.87%)
				Constant Default Rate	0.00% - 50.00% (15.79%)
				Yield (Discount Rate of Cash Flows)	2.33% - 15.00% (4.18%)
Asset-Backed Securities		4,407
		846	Discounted Cash Flow	Constant Prepayment Rate	4.00% - 30.00% (12.51%)
				Constant Default Rate	0.00% - 7.31% (1.11%)
				Yield (Discount Rate of Cash Flows)	1.53% - 199.00% (5.14%)
Collateralized Mortgage Obligations		846
		197	Discounted Cash Flow	Constant Prepayment Rate	0.00 - 100.00% (1.25%)
				Yield (Discount Rate of Cash Flows)	1.06% - 7.07% (6.36%)
Commercial Mortgage-Backed Securities		197
Total	$	5,450

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At November 30, 2016, the value of these investments was approximately $4,025,000. 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
	January 25, 2017

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
	January 25, 2017
By:	/s/ Laura M. Del Prato
	Laura M. Del Prato
	Treasurer and Principal Financial Officer
	January 25, 2017

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 and JPMorgan Intermediate Bond Trust (the “Funds”), each a series of JPMorgan Institutional Trust (the “Registrant”);

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

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

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

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

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

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

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

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

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

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

Date: January 25, 2017	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 and JPMorgan Intermediate Bond Trust (the “Funds”), each a series of JPMorgan Institutional Trust (the “Registrant”);

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

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

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

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

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

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

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

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

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

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

Date: January 25, 2017	By:	/s/ Laura M. Del Prato
		Laura M. Del Prato
		Treasurer and Principal Financial Officer