N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-21638

JPMorgan Institutional Trust

(Exact name of registrant as specified in charter)

270 Park Avenue

New York, New York 10017

(Address of principal executive offices) (Zip code)

Frank J. Nasta

270 Park Avenue

New York, New York 10017

(Name and Address of Agent for Service)

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

Date of fiscal year end: Last day of February

Date of reporting period: May 31, 2017

ITEM 1. SCHEDULE OF INVESTMENTS.

JPMorgan Institutional Trust

Schedule of Portfolio Investments as of May 31, 2017

(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 by2017 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., 2017.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 12.4%
		Academic Loan Funding Trust,
	344	Series 2012-1A, Class A1, VAR, 1.824%, 12/27/22 (e)		345
	1,316	Series 2013-1A, Class A, VAR, 1.782%, 12/26/44 (e)		1,306
	367	Air Canada Pass-Through Trust, (Canada), Series 2013-1, Class A, 4.125%, 05/15/25 (e)		380
	4,196	Ajax Mortgage Loan Trust, Series 2016-2, Class A, SUB, 4.125%, 10/25/56 (e)		4,182
	109	Ally Auto Receivables Trust, Series 2013-2, Class A4, 1.240%, 11/15/18		109
		American Airlines Pass-Through Trust,
	168	Series 2011-1, Class A, 5.250%, 01/31/21		180
	524	Series 2013-2, Class A, 4.950%, 01/15/23		560
	283	Series 2016-2, Class A, 3.650%, 06/15/28		282
	565	Series 2017-1, Class AA, 3.650%, 02/15/29		575
		American Credit Acceptance Receivables Trust,
	1,225	Series 2015-2, Class C, 4.320%, 05/12/21 (e)		1,252
	870	Series 2016-4, Class C, 2.910%, 02/13/23 (e)		874
	2,590	Series 2016-1A, Class B, 4.240%, 06/13/22 (e)		2,625
	1,480	Series 2017-1, Class C, 2.880%, 03/13/23 (e)		1,482
		American Homes 4 Rent,
	4,089	Series 2015-SFR1, Class A, 3.467%, 04/17/52 (e)		4,240
	1,275	Series 2015-SFR1, Class E, 5.639%, 04/17/52 (e)		1,368
		American Homes 4 Rent Trust,
	3,826	Series 2014-SFR2, Class A, 3.786%, 10/17/36 (e)		4,029
	2,000	Series 2014-SFR2, Class D, 5.149%, 10/17/36 (e)		2,152
	850	Series 2014-SFR2, Class E, 6.231%, 10/17/36 (e)		945
	2,870	Series 2014-SFR3, Class A, 3.678%, 12/17/36 (e)		3,015
	500	Series 2014-SFR3, Class C, 4.596%, 12/17/36 (e)		529
	2,380	Series 2014-SFR3, Class E, 6.418%, 12/17/36 (e)		2,677
	999	AmeriCredit Automobile Receivables, Series 2016-1, Class A3, 1.810%, 10/08/20		1,001
		AmeriCredit Automobile Receivables Trust,
	1,370	Series 2016-2, Class A2A, 1.420%, 10/08/19		1,370
	513	Series 2016-2, Class A3, 1.600%, 11/09/20		513
	794	Series 2016-3, Class A3, 1.460%, 05/10/21		792
	10,700	Anchor Assets IX LLC, Series 2016-1, Class A, 5.125%, 02/15/20 (e)		10,700
	712	Axis Equipment Finance Receivables III LLC, Series 2015-1A, Class A2, 1.900%, 03/20/20 (e)		712
		B2R Mortgage Trust,
	1,562	Series 2015-1, Class A1, 2.524%, 05/15/48 (e)		1,554
	2,893	Series 2015-2, Class A, 3.336%, 11/15/48 (e)		2,937
	693	Banc of America Funding Corp., Series 2012-R6, Class 1A1, 3.000%, 10/26/39 (e)		683
		BCC Funding Corp. X,
	1,327	Series 2015-1, Class A2, 2.224%, 10/20/20 (e)		1,326
	550	Series 2015-1, Class D, 4.544%, 12/21/20 (e)		548
	203	Bear Stearns Asset-Backed Securities Trust, Series 2006-SD1, Class A, VAR, 1.394%, 04/25/36		199
	426	BXG Receivables Note Trust, Series 2012-A, Class A, 2.660%, 12/02/27 (e)		422
	880	Cabela’s Credit Card Master Note Trust, Series 2015-2, Class A1, 2.250%, 07/17/23		888
	1,804	CAM Mortgage Trust, Series 2017-1, Class A1, SUB, 3.220%, 08/01/57 (e)		1,805
	5,095	Camillo Issuer LLC, Series 2016-SFR, Class 1A1, 5.000%, 12/05/23		5,095
		CarFinance Capital Auto Trust,
	208	Series 2014-1A, Class B, 2.720%, 04/15/20 (e)		209
	413	Series 2015-1A, Class A, 1.750%, 06/15/21 (e)		413
	1,288	Carlyle Global Market Strategies Commodities Funding Ltd., (Cayman Islands), Series 2014-1A, Class A, VAR, 3.058%, 10/15/21 (e)		618
	335	CarMax Auto Owner Trust, Series 2013-4, Class A4, 1.280%, 05/15/19		334

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	813	Chase Funding Trust, Series 2003-6, Class 1A7, SUB, 4.277%, 11/25/34		831
		Citi Held For Asset Issuance,
	793	Series 2015-PM1, Class B, 2.930%, 12/15/21 (e)		794
	1,522	Series 2016-MF1, Class A, 4.480%, 08/15/22 (e)		1,538
	1,653	Series 2016-PM1, Class A, 4.650%, 04/15/25 (e)		1,673
	800	Citibank Credit Card Issuance Trust, Series 2007-A3, Class A3, 6.150%, 06/15/39		1,075
	128	Citigroup Mortgage Loan Trust, Inc., Series 2003-HE3, Class A, VAR, 1.404%, 12/25/33		127
	2,820	Colony American Finance Ltd., (Cayman Islands), Series 2016-1, Class A, 2.544%, 06/15/48 (e)		2,798
	4,795	Colony American Homes, Series 2014-2A, Class A, VAR, 1.727%, 07/17/31 (e)		4,787
		Continental Airlines Pass-Through Trust,
	104	Series 1999-2, Class A-1, 7.256%, 03/15/20		111
	368	Series 2007-1, Class A, 5.983%, 04/19/22		405
		CPS Auto Receivables Trust,
	350	Series 2014-D, Class A, 1.490%, 04/15/19 (e)		350
	700	Series 2014-D, Class C, 4.350%, 11/16/20 (e)		714
	411	Series 2015-A, Class A, 1.530%, 07/15/19 (e)		410
	223	Series 2015-A, Class C, 4.000%, 02/16/21 (e)		228
	1,975	Series 2015-B, Class A, 1.650%, 11/15/19 (e)		1,977
	2,535	Series 2015-B, Class C, 4.200%, 05/17/21 (e)		2,570
	1,376	Series 2015-C, Class D, 4.630%, 08/16/21 (e)		1,407
	1,049	Series 2016-A, Class A, 2.250%, 10/15/19 (e)		1,051
	677	Series 2016-B, Class A, 2.070%, 11/15/19 (e)		678
	1,400	Series 2016-C, Class C, 3.270%, 06/15/22 (e)		1,414
		Credit Acceptance Auto Loan Trust,
	3,022	Series 2015-2A, Class A, 2.400%, 02/15/23 (e)		3,036
	579	Series 2015-2A, Class C, 3.760%, 02/15/24 (e)		587
	1,564	Series 2017-1A, Class A, 2.560%, 10/15/25 (e)		1,572
	686	Series 2017-1A, Class B, 3.040%, 12/15/25 (e)		694
	574	Series 2017-1A, Class C, 3.480%, 02/17/26 (e)		581
	957	CVS Pass-Through Trust, 5.926%, 01/10/34 (e)		1,105
	196	CWABS, Inc. Asset-Backed Certificates Trust, Series 2004-6, Class M1, VAR, 1.891%, 10/25/34		188
		Delta Air Lines Pass-Through Trust,
	269	Series 2010-2, Class A, 4.950%, 05/23/19		280
	119	Series 2011-1, Class A, 5.300%, 04/15/19		125
	306	Series 2012-1, Class A, 4.750%, 05/07/20		321
		Drive Auto Receivables Trust,
	1,471	Series 2015-AA, Class D, 4.120%, 07/15/22 (e)		1,496
	2,882	Series 2015-BA, Class D, 3.840%, 07/15/21 (e)		2,933
	1,059	Series 2015-CA, Class D, 4.200%, 09/15/21 (e)		1,078
	1,320	Series 2015-DA, Class D, 4.590%, 01/17/23 (e)		1,369
	1,572	Series 2016-AA, Class B, 3.170%, 05/15/20 (e)		1,578
	2,535	Series 2016-AA, Class C, 3.910%, 05/17/21 (e)		2,579
	477	Series 2016-BA, Class B, 2.560%, 06/15/20 (e)		479
	3,101	Series 2016-CA, Class D, 4.180%, 03/15/24 (e)		3,175
		DT Auto Owner Trust,
	1,808	Series 2015-2A, Class D, 4.250%, 02/15/22 (e)		1,848
	220	Series 2016-1A, Class A, 2.000%, 09/16/19 (e)		220
	467	Series 2016-2A, Class A, 1.730%, 08/15/19 (e)		467
	932	Series 2016-4A, Class B, 2.020%, 08/17/20 (e)		931
	1,609	Series 2016-4A, Class D, 3.770%, 10/17/22 (e)		1,622
	2,244	Series 2017-2A, Class C, 3.030%, 01/17/23 (e)		2,249
	783	Engs Commercial Finance Trust, Series 2016-1A, Class A2, 2.630%, 02/22/22 (e)		783
		Exeter Automobile Receivables Trust,
	341	Series 2014-3A, Class B, 2.770%, 11/15/19 (e)		342

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	14	Series 2015-1A, Class A, 1.600%, 06/17/19 (e)		14
	2,125	Series 2015-1A, Class B, 2.840%, 03/16/20 (e)		2,134
	321	Series 2015-2A, Class A, 1.540%, 11/15/19 (e)		321
	630	Series 2015-3A, Class A, 2.000%, 03/16/20 (e)		630
	1,079	Series 2016-2A, Class A, 2.210%, 07/15/20 (e)		1,080
	1,171	Series 2016-3A, Class B, 2.840%, 08/16/21 (e)		1,178
	109	Fifth Third Auto Trust, Series 2014-3, Class A3, 0.960%, 03/15/19		109
		First Investors Auto Owner Trust,
	441	Series 2014-3A, Class A3, 1.670%, 11/16/20 (e)		441
	391	Series 2015-2A, Class A1, 1.590%, 12/16/19 (e)		391
	373	Series 2015-2A, Class D, 4.220%, 12/15/21 (e)		382
		FirstKey Lending Trust,
	6,400	Series 2015-SFR1, Class A, 2.553%, 03/09/47 (e)		6,408
	2,246	Series 2015-SFR1, Class B, 3.417%, 03/09/47 (e)		2,259
		Flagship Credit Auto Trust,
	187	Series 2014-1, Class B, 2.550%, 02/18/20 (e)		187
	218	Series 2014-2, Class A, 1.430%, 12/16/19 (e)		218
	892	Series 2014-2, Class B, 2.840%, 11/16/20 (e)		898
	440	Series 2014-2, Class C, 3.950%, 12/15/20 (e)		445
	584	Series 2015-1, Class A, 1.630%, 06/15/20 (e)		584
	2,461	Series 2015-3, Class A, 2.380%, 10/15/20 (e)		2,466
	757	Series 2015-3, Class B, 3.680%, 03/15/22 (e)		769
	756	Series 2015-3, Class C, 4.650%, 03/15/22 (e)		780
	3,000	Series 2016-2, Class C, 6.220%, 09/15/22 (e)		3,237
	1,702	GCAT, Series 2015-2, Class A1, SUB, 3.750%, 07/25/20 (e)		1,705
	165	GE Capital Mortgage Services, Inc. Trust, Series 1999-HE1, Class M, VAR, 6.705%, 04/25/29		140
	195	GLC Trust, Series 2014-A, Class A, 3.000%, 07/15/21 (e)		192
		GLS Auto Receivables Trust,
	1,326	Series 2015-1A, Class A, 2.250%, 12/15/20 (e)		1,326
	1,431	Series 2015-1A, Class B, 4.430%, 12/15/20 (e)		1,449
	2,445	Series 2016-1A, Class A, 2.730%, 10/15/20 (e)		2,447
	1,200	Series 2016-1A, Class C, 6.900%, 10/15/21 (e)		1,242
	538	GMAT Trust, Series 2013-1A, Class A, SUB, 6.967%, 11/25/43 (e)		539
		GO Financial Auto Securitization Trust,
	731	Series 2015-1, Class B, 3.590%, 10/15/20 (e)		728
	285	Series 2015-2, Class A, 3.270%, 11/15/18 (e)		285
	1,036	Gold Key Resorts LLC, Series 2014-A, Class A, 3.220%, 03/17/31 (e)		1,041
	891	Goodgreen Trust, Series 2017-1A, Class A, 3.740%, 10/15/52 (e)		905
	1,609	Green Tree Agency Advance Funding Trust I, Series 2016-T1, Class BT1, 3.122%, 10/15/48 (e)		1,600
		HERO Funding Trust,
	1,693	Series 2016-3A, Class A1, 3.080%, 09/20/42 (e)		1,659
	3,282	Series 2017-1A, Class A2, 4.460%, 09/20/47 (e)		3,373
	467	Hilton Grand Vacations Trust, Series 2017-AA, Class A, 2.660%, 12/26/28 (e)		469
	111	Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-A, Class A3, VAR, 1.182%, 03/25/36		104
	50	Honda Auto Receivables Owner Trust, Series 2014-2, Class A3, 0.770%, 03/19/18		50
	174	HSBC Home Equity Loan Trust USA, Series 2007-3, Class APT, VAR, 2.210%, 11/20/36		173
		Hyundai Auto Receivables Trust,
	698	Series 2015-B, Class A3, 1.120%, 11/15/19		697
	960	Series 2016-A, Class A3, 1.560%, 09/15/20		960
		Kabbage Asset Securitization LLC,
	8,515	Series 2017-1, Class A, 4.571%, 03/15/22 (e)		8,717
	2,525	Series 2017-1, Class B, 5.794%, 03/15/22 (e)		2,567
		KGS-Alpha SBA COOF Trust,
	8,581	Series 2012-2, Class A, IO, VAR, 0.927%, 08/25/38 (e)		177

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	6,896	Series 2013-2, Class A, IO, VAR, 1.820%, 03/25/39 (e)		287
	837	LendingClub Issuance Trust, Series 2016-NP1, Class A, 3.750%, 06/15/22 (e)		842
	2,894	Lendmark Funding Trust, Series 2016-A, Class A, 4.820%, 08/21/23 (e)		2,951
	155	Long Beach Mortgage Loan Trust, Series 2006-WL2, Class 2A3, VAR, 1.224%, 01/25/36		154
		LV Tower 52 Issuer,
	6,741	Series 2013-1, Class A, 5.750%, 02/15/23 (e)		6,710
	2,466	Series 2013-1, Class M, 7.750%, 02/15/23 (e)		2,364
	2,130	Mariner Finance Issuance Trust, Series 2017-AA, Class A, 3.620%, 02/20/29 (e)		2,147
		Marlette Funding Trust,
	2,003	Series 2016-1A, Class A, 3.060%, 01/17/23 (e)		2,010
	4,451	Series 2017-1A, Class A, 2.827%, 03/15/24 (e)		4,466
	842	Mid-State Capital Corp. Trust, Series 2006-1, Class M1, 6.083%, 10/15/40 (e)		877
	2,422	Murray Hill Marketplace Trust, Series 2016-LC1, Class A, 4.190%, 11/25/22 (e)		2,444
		Nationstar HECM Loan Trust,
	45	Series 2015-2A, Class A, 2.883%, 11/25/25 (e)		45
	603	Series 2016-1A, Class A, 2.981%, 02/25/26 (e)		603
	1,121	Series 2016-1A, Class M1, 4.360%, 02/25/26 (e)		1,121
	380	Series 2017-1A, Class M1, 2.942%, 05/25/27 (e)		381
	345	NCUA Guaranteed Notes Trust, Series 2010-A1, Class A, VAR, 1.208%, 12/07/20		345
	622	New Century Home Equity Loan Trust, Series 2003-5, Class AI6, SUB, 5.167%, 11/25/33		627
	2,565	New Residential Advance Receivables Trust Advance, Series 2016-T2, Class AT2, 2.575%, 10/15/49 (e)		2,553
		Nissan Auto Receivables Owner Trust,
	331	Series 2014-B, Class A3, 1.110%, 05/15/19		331
	857	Series 2016-B, Class A3, 1.320%, 01/15/21		854
		NRPL Trust,
	2,228	Series 2015-1A, Class A1, SUB, 3.875%, 11/01/54 (e)		2,218
	1,522	Series 2015-1A, Class A2, SUB, 3.875%, 11/01/54 (e)		1,519
	5,937	Series 2015-2A, Class A1, SUB, 3.750%, 10/25/57 (e)		5,942
	1,200	Series 2015-2A, Class A2, SUB, 3.750%, 10/25/57 (e)		1,183
		Ocwen Master Advance Receivables Trust,
	2,934	Series 2015-T3, Class AT3, 3.211%, 11/15/47 (e)		2,936
	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)		483
	2,500	Series 2015-T3, Class DT3, 4.687%, 11/15/47 (e)		2,502
	1,400	Series 2016-T1, Class AT1, 2.521%, 08/17/48 (e)		1,396
		OnDeck Asset Securitization Trust II LLC,
	2,169	Series 2016-1A, Class A, 4.210%, 05/17/20 (e)		2,175
	1,174	Series 2016-1A, Class B, 7.630%, 05/17/20 (e)		1,180
		OneMain Financial Issuance Trust,
	431	Series 2014-1A, Class A, 2.430%, 06/18/24 (e)		431
	402	Series 2014-1A, Class B, 3.240%, 06/18/24 (e)		403
	1,175	Series 2014-2A, Class A, 2.470%, 09/18/24 (e)		1,177
	1,491	Series 2014-2A, Class B, 3.020%, 09/18/24 (e)		1,490
	4,603	Series 2015-1A, Class A, 3.190%, 03/18/26 (e)		4,649
	550	Series 2015-1A, Class B, 3.850%, 03/18/26 (e)		559
	9,037	Series 2015-2A, Class A, 2.570%, 07/18/25 (e)		9,052
	1,911	Series 2015-2A, Class B, 3.100%, 07/18/25 (e)		1,902
	2,755	Series 2016-1A, Class A, 3.660%, 02/20/29 (e)		2,826
	1,800	Series 2016-1A, Class C, 6.000%, 02/20/29 (e)		1,850
	4,075	Series 2016-2A, Class C, SUB, 5.670%, 03/20/28 (e)		4,146
		Oportun Funding II LLC,
	4,448	Series 2016-A, Class A, 4.700%, 03/08/21 (e)		4,538

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	1,622	Series 2016-A, Class B, 6.410%, 03/08/21 (e)		1,662
	140	PFS Tax Lien Trust, Series 2014-1, 1.440%, 05/15/29 (e)		139
		Progreso Receivables Funding IV LLC,
	1,603	Series 2015-B, Class A, 3.000%, 07/28/20 (e)		1,610
	726	Series 2015-B, Class B, 5.000%, 07/28/20 (e)		729
		Progress Residential Trust,
	3,924	Series 2015-SFR2, Class A, 2.740%, 06/12/32 (e)		3,939
	2,012	Series 2015-SFR2, Class B, 3.138%, 06/12/32 (e)		2,011
	2,566	Series 2015-SFR2, Class C, 3.436%, 06/12/32 (e)		2,571
	1,230	Series 2015-SFR2, Class E, 4.427%, 06/12/32 (e)		1,241
	5,238	Series 2015-SFR3, Class A, 3.067%, 11/12/32 (e)		5,309
	295	Series 2015-SFR3, Class D, 4.673%, 11/12/32 (e)		304
	1,200	Series 2015-SFR3, Class E, 5.660%, 11/12/32 (e)		1,258
	2,192	Prosper Marketplace Issuance Trust, Series 2017-1A, Class A, 2.560%, 06/15/23 (e)		2,203
		Purchasing Power Funding LLC,
	4,000	Series 2015-A, Class A2, 4.750%, 12/15/19 (e)		4,014
	991	Series 2015-A, Class B, 6.000%, 12/15/19 (e)		1,002
	2,406	Series 2016-A, VAR, 4.540%, 02/27/19		2,406
	151	RAMP Trust, Series 2006-RZ1, Class A3, VAR, 1.324%, 03/25/36		150
	821	RBSHD Trust, Series 2013-1A, Class A, SUB, 7.685%, 10/25/47 (e)		821
	3,900	RCM Fund 1 Issuer LLC, Series 2017-1, Class A, 5.500%, 10/25/21 (e)		3,900
	289	Renaissance Home Equity Loan Trust, Series 2007-2, Class AF2, SUB, 5.675%, 06/25/37		135
	1,286	Renew Financial Group LLC, (Cayman Islands), Series 2017-1A, Class A, 3.670%, 09/20/52 (e)		1,301
	119	Saxon Asset Securities Trust, Series 2003-1, Class AF6, SUB, 4.795%, 06/25/33		120
	255	Securitized Asset-Backed Receivables LLC Trust, Series 2006-CB1, Class AF2, SUB, 3.442%, 01/25/36		202
	186	Skopos Auto Receivables Trust, Series 2015-2A, Class A, 3.550%, 02/15/20 (e)		186
	1,753	SoFi Consumer Loan Program LLC, Series 2016-2, Class A, 3.090%, 10/27/25 (e)		1,770
	3,150	SpringCastle America Funding LLC, Series 2016-AA, Class A, 3.050%, 04/25/29 (e)		3,172
		Springleaf Funding Trust,
	3,841	Series 2015-AA, Class A, 3.160%, 11/15/24 (e)		3,883
	1,087	Series 2015-AA, Class B, 3.620%, 11/15/24 (e)		1,095
	2,040	Series 2016-AA, Class B, 3.800%, 11/15/29 (e)		2,077
	1,623	Spruce ABS Trust, Series 2016-E1, Class A, 4.320%, 06/15/28 (e)		1,610
	784	Toyota Auto Receivables Owner Trust, Series 2016-B, Class A3, 1.300%, 04/15/20		782
	4,251	Trafigura Securitisation Finance plc, (Ireland), Series 2014-1A, Class A, VAR, 1.862%, 10/15/18 (e)		4,248
	2,870	Tricolor Auto Securitization Trust, Series 2017-1, Class A, 5.090%, 05/15/20 (e)		2,873
		Tricon American Homes Trust,
	861	Series 2015-SFR1, Class A, VAR, 2.251%, 05/17/32 (e)		860
	1,824	Series 2016-SFR1, Class A, 2.589%, 11/17/33 (e)		1,808
	1,045	United Airlines Pass-Through Trust, Series 2016-1, Class A, 3.450%, 07/07/28		1,050
		US Residential Opportunity Fund III Trust,
	1,992	Series 2016-1III, Class A, SUB, 3.475%, 07/27/36 (e)		2,008
	2,498	Series 2016-2III, Class A, SUB, 3.475%, 08/27/36 (e)		2,486
	250	Verizon Owner Trust, Series 2016-1A, Class A, 1.420%, 01/20/21 (e)		249
	3,655	VM DEBT LLC, Series 2017-1, Class A, 6.500%, 10/02/24 (e)		3,655
	178	VML LLC, Series 2014-NPL1, Class A1, VAR, 3.875%, 04/27/54 (e)		178
	2,858	VOLT LIII LLC, Series 2016-NP13, Class A1, SUB, 3.875%, 12/26/46 (e)		2,869
	1,985	VOLT LIV LLC, Series 2017-NPL1, Class A1, SUB, 3.625%, 02/25/47 (e)		1,990

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	1,526	VOLT LIX LLC, Series 2017-NPL6, Class A1, SUB, 3.250%, 05/25/47 (e)		1,526
	1,523	VOLT LV LLC, Series 2017-NPL2, Class A1, SUB, 3.500%, 03/25/47 (e)		1,525
	3,184	VOLT LVII LLC, Series 2017-NPL4, Class A1, SUB, 3.375%, 04/25/47 (e)		3,183
	320	VOLT NPL X LLC, Series 2014-NPL8, Class A1, SUB, 3.375%, 10/26/54 (e)		320
		VOLT XIX LLC,
	416	Series 2014-NP11, Class A1, SUB, 3.875%, 04/25/55 (e)		417
	400	Series 2014-NP11, Class A2, SUB, 5.000%, 04/25/55 (e)		400
	1,442	VOLT XL LLC, Series 2015-NP14, Class A1, SUB, 4.375%, 11/27/45 (e)		1,454
		VOLT XXII LLC,
	799	Series 2015-NPL4, Class A1, SUB, 3.500%, 02/25/55 (e)		802
	665	Series 2015-NPL4, Class A2, SUB, 4.250%, 02/25/55 (e)		665
	950	VOLT XXIV LLC, Series 2015-NPL6, Class A1, SUB, 3.500%, 02/25/55 (e)		954
	5,268	VOLT XXV LLC, Series 2015-NPL8, Class A1, SUB, 3.500%, 06/26/45 (e)		5,278
	1,378	VOLT XXXIII LLC, Series 2015-NPL5, Class A1, SUB, 3.500%, 03/25/55 (e)		1,383
	725	VOLT XXXIX LLC, Series 2015-NP13, Class A1, SUB, 4.125%, 10/25/45 (e)		730
	2,278	VOLT XXXV, Series 2016-NPL9, Class A1, SUB, 3.500%, 09/25/46 (e)		2,285
		Westgate Resorts LLC,
	279	Series 2015-1A, Class A, 2.750%, 05/20/27 (e)		280
	1,685	Series 2017-1A, Class A, 3.050%, 12/20/30 (e)		1,690
		Westlake Automobile Receivables Trust,
	941	Series 2017-1A, Class C, 2.700%, 10/17/22 (e)		945
	947	Series 2017-1A, Class D, 3.460%, 10/17/22 (e)		953
	334	World Omni Auto Receivables Trust, Series 2013-B, Class A4, 1.320%, 01/15/20		334
		Total Asset-Backed Securities (Cost $365,244)		367,598
	Collateralized Mortgage Obligations — 14.6%
	2,499	Access PT Funding Trust, Series 2016-1, 6.250%, 02/16/21		2,502
	1,488	Ajax Mortgage Loan Trust, Series 2015-B, Class A, SUB, 3.875%, 07/25/60 (e)		1,485
		Alternative Loan Trust,
	8,921	Series 2004-2CB, Class 1A9, 5.750%, 03/25/34		8,891
	1,110	Series 2005-1CB, Class 1A6, IF, IO, 6.118%, 03/25/35		219
	2,947	Series 2005-20CB, Class 3A8, IF, IO, 3.726%, 07/25/35		391
	5,556	Series 2005-22T1, Class A2, IF, IO, 4.088%, 06/25/35		793
	2,902	Series 2005-28CB, Class 1A4, 5.500%, 08/25/35		2,677
	108	Series 2005-28CB, Class 3A5, 6.000%, 08/25/35		86
	4,201	Series 2005-37T1, Class A2, IF, IO, 4.068%, 09/25/35		621
	2,310	Series 2005-54CB, Class 1A11, 5.500%, 11/25/35		2,130
	5,815	Series 2005-54CB, Class 1A2, IF, IO, 3.826%, 11/25/35		656
	1,325	Series 2005-57CB, Class 3A2, IF, IO, 4.076%, 12/25/35		178
	962	Series 2005-64CB, Class 1A9, 5.500%, 12/25/35		944
	1,938	Series 2005-J1, Class 1A4, IF, IO, 4.118%, 02/25/35		75
	1,502	Series 2006-26CB, Class A9, 6.500%, 09/25/36		1,272
		Angel Oak Mortgage Trust LLC,
	675	Series 2015-1, Class A, SUB, 4.500%, 11/25/45 (e)		676
	533	Series 2015-1, Class M, SUB, 5.500%, 11/25/45 (e)		532
		ASG Resecuritization Trust,
	634	Series 2009-3, Class A65, VAR, 2.736%, 03/26/37 (e)		634
	76	Series 2010-2, Class A60, VAR, 2.497%, 01/28/37		76
	240	Series 2011-1, Class 3A50, VAR, 3.402%, 11/28/35 (e)		238
		Banc of America Alternative Loan Trust,
	46	Series 2004-6, Class 15PO, PO, 07/25/19		44
	846	Series 2005-5, Class 1CB1, 5.500%, 06/25/35		788

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	2,050	Series 2005-6, Class CBIO, IO, 5.500%, 07/25/35		450
	534	Series 2006-4, Class 1A4, 6.000%, 05/25/46		390
		Banc of America Funding Trust,
	211	Series 2004-1, Class PO, PO, 03/25/34		173
	107	Series 2004-2, Class 30PO, PO, 09/20/34		95
	162	Series 2004-C, Class 1A1, VAR, 3.194%, 12/20/34		161
	412	Series 2005-6, Class 2A7, 5.500%, 10/25/35		398
	237	Series 2005-7, Class 30PO, PO, 11/25/35		187
	144	Series 2005-8, Class 30PO, PO, 01/25/36		110
	613	Series 2005-E, Class 4A1, VAR, 3.116%, 03/20/35		619
	365	Series 2006-A, Class 3A2, VAR, 3.429%, 02/20/36		319
		Banc of America Mortgage Trust,
	167	Series 2004-3, Class 15IO, IO, VAR, 0.243%, 04/25/19		—	(h)
	25	Series 2004-4, Class APO, PO, 05/25/34		21
	435	Series 2004-5, Class 2A2, 5.500%, 06/25/34		439
	126	Series 2004-A, Class 2A2, VAR, 3.591%, 02/25/34		125
	475	Series 2004-J, Class 3A1, VAR, 3.659%, 11/25/34		469
	351	Series 2005-10, Class 1A6, 5.500%, 11/25/35		343
		BCAP LLC Trust,
	167	Series 2009-RR5, Class 8A1, 5.500%, 11/26/34 (e)		170
	12	Series 2010-RR7, Class 1A5, VAR, 3.239%, 04/26/35 (e)		13
	1,134	Series 2010-RR7, Class 2A1, VAR, 3.093%, 07/26/45 (e)		1,123
	45	Series 2010-RR8, Class 3A4, VAR, 3.334%, 05/26/35 (e)		45
	103	Series 2010-RR12, Class 2A5, VAR, 3.281%, 01/26/36 (e)		103
	47	Series 2011-R11, Class 25A5, VAR, 4.000%, 08/26/21 (e)		47
	244	Series 2011-RR4, Class 6A3, VAR, 5.000%, 08/26/37 (e)		244
	42	Series 2012-RR3, Class 2A5, VAR, 2.512%, 05/26/37 (e)		42
		Bear Stearns ARM Trust,
	137	Series 2003-7, Class 3A, VAR, 3.008%, 10/25/33		135
	482	Series 2004-1, Class 12A1, VAR, 3.581%, 04/25/34		478
	81	Series 2004-2, Class 14A, VAR, 3.712%, 05/25/34		81
	884	Series 2005-5, Class A1, VAR, 2.580%, 08/25/35		897
	2,080	Series 2006-1, Class A1, VAR, 2.910%, 02/25/36		2,073
		CHL Mortgage Pass-Through Trust,
	279	Series 2004-7, Class 2A1, VAR, 3.370%, 06/25/34		275
	62	Series 2004-8, Class 2A1, 4.500%, 06/25/19		63
	101	Series 2004-HYB1, Class 2A, VAR, 3.252%, 05/20/34		96
	476	Series 2004-HYB3, Class 2A, VAR, 3.247%, 06/20/34		457
	376	Series 2004-HYB6, Class A3, VAR, 3.126%, 11/20/34		372
	57	Series 2004-J8, Class 1A2, 4.750%, 11/25/19		57
	649	Series 2005-16, Class A23, 5.500%, 09/25/35		612
	1,961	Series 2005-22, Class 2A1, VAR, 3.219%, 11/25/35		1,685
		Citicorp Mortgage Securities REMIC Pass-Through Certificates Trust,
	90	Series 2005-5, Class APO, PO, 08/25/35		80
	96	Series 2005-8, Class APO, PO, 11/25/35		79
		Citigroup Global Markets Mortgage Securities VII, Inc.,
	147	Series 2003-HYB1, Class A, VAR, 3.240%, 09/25/33		146
	3	Series 2003-UP2, Class PO1, PO, 12/25/18		3
		Citigroup Mortgage Loan Trust,
	109	Series 2008-AR4, Class 1A1A, VAR, 3.578%, 11/25/38 (e)		109
	184	Series 2009-10, Class 2A1A, 7.000%, 12/25/35 (e)		188
	478	Series 2015-A, Class B2, VAR, 4.500%, 06/25/58 (e)		471
		Citigroup Mortgage Loan Trust, Inc.,
	102	Series 2003-1, Class 2A5, 5.250%, 10/25/33		104
	53	Series 2003-1, Class 2A6, PO, 10/25/33		48

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	48		Series 2003-1, Class PO2, PO, 10/25/33		40
	43		Series 2003-1, Class PO3, PO, 09/25/33		39
	30		Series 2003-UP3, Class A3, 7.000%, 09/25/33		31
	56		Series 2003-UST1, Class A1, 5.500%, 12/25/18		57
	18		Series 2003-UST1, Class PO1, PO, 12/25/18		17
	5		Series 2003-UST1, Class PO3, PO, 12/25/18		5
	111		Series 2004-UST1, Class A6, VAR, 3.034%, 08/25/34		107
	287		Series 2005-1, Class 2A1A, VAR, 3.088%, 02/25/35		216
	316		Series 2005-2, Class 2A11, 5.500%, 05/25/35		323
	366		Series 2005-5, Class 1A2, VAR, 3.852%, 08/25/35		296
	1,079		Conix Mortgage Asset Trust, Series 2013-1, Class A, VAR, 12/25/47 (d)		116
			Credit Suisse First Boston Mortgage Securities Corp.,
	443		Series 2003-1, Class DB1, VAR, 6.732%, 02/25/33		450
	12		Series 2003-17, Class 2A1, 5.000%, 07/25/18		12
	163		Series 2003-21, Class 1A4, 5.250%, 09/25/33		167
	262		Series 2003-25, Class 1P, PO, 10/25/33		232
	6		Series 2004-5, Class 5P, PO, 08/25/19		6
	2,491		Series 2005-4, Class 3A18, 5.500%, 06/25/35		2,527
	2,772		Series 2005-4, Class 3A23, 5.500%, 06/25/35		2,771
			CSMC,
	1,694		Series 2010-11R, Class A6, VAR, 1.983%, 06/28/47 (e)		1,687
	31		Series 2011-16R, Class 7A3, VAR, 3.205%, 12/27/36 (e)		32
	22		Series 2011-6R, Class 3A1, VAR, 3.271%, 07/28/36 (e)		22
	97		FHLMC - GNMA, Series 8, Class ZA, 7.000%, 03/25/23		105
			FHLMC REMIC,
	1		Series 22, Class C, 9.500%, 04/15/20		1
	3		Series 23, Class F, 9.600%, 04/15/20		3
	–	(h)	Series 47, Class F, 10.000%, 06/15/20		—	(h)
	1		Series 99, Class Z, 9.500%, 01/15/21		1
	–	(h)	Series 204, Class E, HB, IF, 1,691.811%, 05/15/23		—	(h)
	–	(h)	Series 1045, Class G, HB, 1,066.208%, 02/15/21		—	(h)
	2		Series 1065, Class J, 9.000%, 04/15/21		2
	–	(h)	Series 1079, Class S, HB, IF, 30.619%, 05/15/21		—	(h)
	1		Series 1084, Class F, VAR, 1.944%, 05/15/21		1
	1		Series 1084, Class S, HB, IF, 41.120%, 05/15/21		1
	4		Series 1116, Class I, 5.500%, 08/15/21		4
	6		Series 1144, Class KB, 8.500%, 09/15/21		6
	–	(h)	Series 1172, Class L, HB, VAR, 1,181.250%, 11/15/21		—	(h)
	–	(h)	Series 1196, Class B, HB, IF, 1,104.543%, 01/15/22		1
	4		Series 1250, Class J, 7.000%, 05/15/22		4
	9		Series 1343, Class LA, 8.000%, 08/15/22		10
	11		Series 1343, Class LB, 7.500%, 08/15/22		13
	19		Series 1370, Class JA, VAR, 2.139%, 09/15/22		20
	18		Series 1455, Class WB, IF, 4.178%, 12/15/22		19
	95		Series 1466, Class PZ, 7.500%, 02/15/23		106
	2		Series 1470, Class F, VAR, 1.591%, 02/15/23		2
	99		Series 1498, Class I, VAR, 2.144%, 04/15/23		101
	153		Series 1502, Class PX, 7.000%, 04/15/23		168
	16		Series 1505, Class Q, 7.000%, 05/15/23		18
	39		Series 1518, Class G, IF, 7.985%, 05/15/23		44
	13		Series 1541, Class M, HB, IF, 25.151%, 07/15/23		19
	36		Series 1541, Class O, VAR, 1.630%, 07/15/23		36
	4		Series 1570, Class F, VAR, 2.091%, 08/15/23		4
	129		Series 1573, Class PZ, 7.000%, 09/15/23		141
	79		Series 1591, Class PV, 6.250%, 10/15/23		86
	27		Series 1602, Class SA, IF, 19.518%, 10/15/23		39

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	351	Series 1608, Class L, 6.500%, 09/15/23		390
	242	Series 1638, Class H, 6.500%, 12/15/23		262
	172	Series 1642, Class PJ, 6.000%, 11/15/23		185
	14	Series 1671, Class QC, IF, 10.000%, 02/15/24		19
	8	Series 1686, Class SH, IF, 17.185%, 02/15/24		11
	58	Series 1695, Class EB, 7.000%, 03/15/24		64
	11	Series 1699, Class FC, VAR, 1.594%, 03/15/24		11
	57	Series 1700, Class GA, PO, 02/15/24		55
	154	Series 1706, Class K, 7.000%, 03/15/24		169
	5	Series 1709, Class FA, VAR, 1.570%, 03/15/24		5
	23	Series 1745, Class D, 7.500%, 08/15/24		26
	334	Series 1760, Class ZD, VAR, 1.960%, 02/15/24		335
	122	Series 1798, Class F, 5.000%, 05/15/23		129
	2	Series 1807, Class G, 9.000%, 10/15/20		2
	29	Series 1829, Class ZB, 6.500%, 03/15/26		32
	30	Series 1863, Class Z, 6.500%, 07/15/26		34
	39	Series 1865, Class D, PO, 02/15/24		35
	29	Series 1890, Class H, 7.500%, 09/15/26		33
	95	Series 1899, Class ZE, 8.000%, 09/15/26		111
	5	Series 1935, Class FL, VAR, 1.694%, 02/15/27		5
	69	Series 1963, Class Z, 7.500%, 01/15/27		80
	8	Series 1970, Class PG, 7.250%, 07/15/27		9
	118	Series 1981, Class Z, 6.000%, 05/15/27		129
	45	Series 1987, Class PE, 7.500%, 09/15/27		52
	99	Series 2019, Class Z, 6.500%, 12/15/27		111
	28	Series 2033, Class SN, HB, IF, 28.812%, 03/15/24		11
	83	Series 2038, Class PN, IO, 7.000%, 03/15/28		16
	182	Series 2040, Class PE, 7.500%, 03/15/28		212
	24	Series 2043, Class CJ, 6.500%, 04/15/28		27
	119	Series 2054, Class PV, 7.500%, 05/15/28		137
	228	Series 2075, Class PH, 6.500%, 08/15/28		250
	256	Series 2075, Class PM, 6.250%, 08/15/28		283
	66	Series 2086, Class GB, 6.000%, 09/15/28		74
	109	Series 2089, Class PJ, IO, 7.000%, 10/15/28		13
	303	Series 2095, Class PE, 6.000%, 11/15/28		345
	104	Series 2125, Class JZ, 6.000%, 02/15/29		116
	24	Series 2132, Class SB, HB, IF, 25.998%, 03/15/29		40
	6	Series 2134, Class PI, IO, 6.500%, 03/15/19		—	(h)
	129	Series 2136, Class PG, 6.000%, 03/15/29		148
	38	Series 2141, Class IO, IO, 7.000%, 04/15/29		5
	39	Series 2163, Class PC, IO, 7.500%, 06/15/29		5
	383	Series 2169, Class TB, 7.000%, 06/15/29		438
	225	Series 2172, Class QC, 7.000%, 07/15/29		261
	195	Series 2176, Class OJ, 7.000%, 08/15/29		224
	107	Series 2201, Class C, 8.000%, 11/15/29		123
	102	Series 2209, Class TC, 8.000%, 01/15/30		121
	181	Series 2210, Class Z, 8.000%, 01/15/30		217
	35	Series 2224, Class CB, 8.000%, 03/15/30		41
	99	Series 2230, Class Z, 8.000%, 04/15/30		118
	70	Series 2234, Class PZ, 7.500%, 05/15/30		83
	73	Series 2247, Class Z, 7.500%, 08/15/30		87
	110	Series 2256, Class MC, 7.250%, 09/15/30		130
	156	Series 2259, Class ZM, 7.000%, 10/15/30		182
	5	Series 2261, Class ZY, 7.500%, 10/15/30		6
	22	Series 2262, Class Z, 7.500%, 10/15/30		26

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	176	Series 2271, Class PC, 7.250%, 12/15/30		205
	149	Series 2283, Class K, 6.500%, 12/15/23		162
	94	Series 2296, Class PD, 7.000%, 03/15/31		109
	25	Series 2306, Class K, PO, 05/15/24		24
	60	Series 2306, Class SE, IF, IO, 8.370%, 05/15/24		11
	113	Series 2313, Class LA, 6.500%, 05/15/31		130
	143	Series 2325, Class PM, 7.000%, 06/15/31		166
	952	Series 2344, Class ZD, 6.500%, 08/15/31		1,110
	78	Series 2344, Class ZJ, 6.500%, 08/15/31		87
	73	Series 2345, Class NE, 6.500%, 08/15/31		82
	72	Series 2351, Class PZ, 6.500%, 08/15/31		80
	556	Series 2353, Class AZ, 6.000%, 09/15/31		635
	297	Series 2359, Class ZB, 8.500%, 06/15/31		347
	156	Series 2367, Class ME, 6.500%, 10/15/31		174
	349	Series 2396, Class FM, VAR, 1.444%, 12/15/31		350
	175	Series 2399, Class OH, 6.500%, 01/15/32		194
	260	Series 2399, Class TH, 6.500%, 01/15/32		287
	264	Series 2410, Class NG, 6.500%, 02/15/32		296
	93	Series 2410, Class OE, 6.375%, 02/15/32		103
	174	Series 2410, Class QS, IF, 16.928%, 02/15/32		264
	99	Series 2410, Class QX, IF, IO, 7.661%, 02/15/32		26
	207	Series 2412, Class SP, IF, 14.122%, 02/15/32		265
	289	Series 2420, Class XK, 6.500%, 02/15/32		321
	261	Series 2423, Class MC, 7.000%, 03/15/32		303
	236	Series 2423, Class MT, 7.000%, 03/15/32		275
	466	Series 2430, Class WF, 6.500%, 03/15/32		531
	271	Series 2434, Class TC, 7.000%, 04/15/32		313
	300	Series 2435, Class CJ, 6.500%, 04/15/32		337
	207	Series 2436, Class MC, 7.000%, 04/15/32		236
	173	Series 2444, Class ES, IF, IO, 6.961%, 03/15/32		42
	128	Series 2450, Class GZ, 7.000%, 05/15/32		151
	139	Series 2450, Class SW, IF, IO, 7.011%, 03/15/32		31
	597	Series 2455, Class GK, 6.500%, 05/15/32		673
	208	Series 2462, Class JG, 6.500%, 06/15/32		240
	438	Series 2464, Class SI, IF, IO, 7.006%, 02/15/32		92
	391	Series 2466, Class PH, 6.500%, 06/15/32		438
	208	Series 2474, Class NR, 6.500%, 07/15/32		232
	260	Series 2484, Class LZ, 6.500%, 07/15/32		293
	280	Series 2500, Class MC, 6.000%, 09/15/32		317
	1	Series 2503, Class BH, 5.500%, 09/15/17		1
	11	Series 2508, Class AQ, 5.500%, 10/15/17		11
	217	Series 2512, Class PG, 5.500%, 10/15/22		236
	117	Series 2535, Class BK, 5.500%, 12/15/22		124
	27	Series 2537, Class TE, 5.500%, 12/15/17		27
	461	Series 2543, Class YX, 6.000%, 12/15/32		518
	463	Series 2544, Class HC, 6.000%, 12/15/32		529
	548	Series 2552, Class ME, 6.000%, 01/15/33		627
	477	Series 2567, Class QD, 6.000%, 02/15/33		545
	293	Series 2568, Class KG, 5.500%, 02/15/23		314
	56	Series 2571, Class SK, HB, IF, 30.211%, 09/15/23		87
	1,256	Series 2575, Class ME, 6.000%, 02/15/33		1,419
	163	Series 2586, Class WI, IO, 6.500%, 03/15/33		31
	78	Series 2587, Class WX, 5.000%, 03/15/18		80
	344	Series 2596, Class QG, 6.000%, 03/15/33		373

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	32	Series 2611, Class UH, 4.500%, 05/15/18		33
	62	Series 2617, Class GR, 4.500%, 05/15/18		62
	48	Series 2626, Class NS, IF, IO, 5.561%, 06/15/23		1
	71	Series 2631, Class LC, 4.500%, 06/15/18		71
	35	Series 2636, Class Z, 4.500%, 06/15/18		36
	46	Series 2637, Class SA, IF, IO, 5.106%, 06/15/18		1
	22	Series 2638, Class DS, IF, 7.688%, 07/15/23		24
	25	Series 2650, Class PO, PO, 12/15/32		25
	203	Series 2650, Class SO, PO, 12/15/32		200
	56	Series 2651, Class VZ, 4.500%, 07/15/18		56
	291	Series 2675, Class CK, 4.000%, 09/15/18		294
	72	Series 2692, Class SC, IF, 11.308%, 07/15/33		88
	86	Series 2695, Class DG, 4.000%, 10/15/18		87
	745	Series 2710, Class HB, 5.500%, 11/15/23		810
	464	Series 2716, Class UN, 4.500%, 12/15/23		484
	98	Series 2744, Class PE, 5.500%, 02/15/34		103
	26	Series 2744, Class TU, 5.500%, 05/15/32		26
	186	Series 2783, Class AT, 4.000%, 04/15/19		188
	502	Series 2809, Class UC, 4.000%, 06/15/19		508
	37	Series 2835, Class QO, PO, 12/15/32		33
	16	Series 2840, Class JO, PO, 06/15/23		15
	33	Series 2922, Class JN, 4.500%, 02/15/20		33
	187	Series 2934, Class EC, PO, 02/15/20		182
	156	Series 2934, Class HI, IO, 5.000%, 02/15/20		8
	126	Series 2934, Class KI, IO, 5.000%, 02/15/20		6
	72	Series 2958, Class QD, 4.500%, 04/15/20		73
	547	Series 2965, Class GD, 4.500%, 04/15/20		557
	7	Series 2989, Class PO, PO, 06/15/23		7
	2,736	Series 2990, Class UZ, 5.750%, 06/15/35		3,116
	1,233	Series 3004, Class EK, 5.500%, 07/15/35		1,303
	62	Series 3014, Class OD, PO, 08/15/35		57
	944	Series 3047, Class OD, 5.500%, 10/15/35		1,082
	3,095	Series 3064, Class MC, 5.500%, 11/15/35		3,454
	5	Series 3068, Class AO, PO, 01/15/35		5
	83	Series 3068, Class QB, 4.500%, 06/15/20		84
	963	Series 3074, Class BH, 5.000%, 11/15/35		1,034
	241	Series 3085, Class WF, VAR, 1.794%, 08/15/35		246
	397	Series 3102, Class FB, VAR, 1.294%, 01/15/36		397
	95	Series 3102, Class HS, HB, IF, 20.920%, 01/15/36		141
	528	Series 3117, Class EO, PO, 02/15/36		468
	306	Series 3117, Class OK, PO, 02/15/36		260
	21	Series 3122, Class ZB, 6.000%, 03/15/36		32
	996	Series 3131, Class BK, 5.500%, 03/15/26		1,070
	85	Series 3134, Class PO, PO, 03/15/36		77
	403	Series 3138, Class PO, PO, 04/15/36		357
	30	Series 3149, Class SO, PO, 05/15/36		25
	212	Series 3151, Class UC, 5.500%, 08/15/35		219
	387	Series 3152, Class MO, PO, 03/15/36		343
	92	Series 3171, Class MO, PO, 06/15/36		85
	324	Series 3179, Class OA, PO, 07/15/36		292
	81	Series 3194, Class SA, IF, IO, 6.106%, 07/15/36		10
	361	Series 3211, Class SO, PO, 09/15/36		319
	160	Series 3218, Class AO, PO, 09/15/36		128
	300	Series 3219, Class DI, IO, 6.000%, 04/15/36		61
	884	Series 3229, Class HE, 5.000%, 10/15/26		941
	338	Series 3232, Class ST, IF, IO, 5.706%, 10/15/36		56
	129	Series 3233, Class OP, PO, 05/15/36		118
	219	Series 3256, Class PO, PO, 12/15/36		191
	487	Series 3260, Class CS, IF, IO, 5.228%, 01/15/37		75
	263	Series 3261, Class OA, PO, 01/15/37		231
	91	Series 3274, Class JO, PO, 02/15/37		82
	86	Series 3275, Class FL, VAR, 1.429%, 02/15/37		86
	503	Series 3290, Class SB, IF, IO, 5.538%, 03/15/37		71

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	747	Series 3315, Class HZ, 6.000%, 05/15/37		780
	32	Series 3318, Class AO, PO, 05/15/37		30
	37	Series 3326, Class JO, PO, 06/15/37		36
	258	Series 3331, Class PO, PO, 06/15/37		236
	175	Series 3385, Class SN, IF, IO, 5.088%, 11/15/37		20
	356	Series 3387, Class SA, IF, IO, 5.426%, 11/15/37		50
	616	Series 3404, Class SC, IF, IO, 5.088%, 01/15/38		112
	3,194	Series 3422, Class AI, IO, SUB, 0.250%, 01/15/38		29
	430	Series 3424, Class PI, IF, IO, 5.806%, 04/15/38		77
	723	Series 3481, Class SJ, IF, IO, 4.856%, 08/15/38		113
	488	Series 3511, Class SA, IF, IO, 5.088%, 02/15/39		78
	132	Series 3549, Class FA, VAR, 2.112%, 07/15/39		135
	188	Series 3607, Class BO, PO, 04/15/36		172
	706	Series 3607, Class OP, PO, 07/15/37		605
	358	Series 3607, Class PO, PO, 05/15/37		314
	89	Series 3611, Class PO, PO, 07/15/34		78
	269	Series 3621, Class BO, PO, 01/15/40		240
	292	Series 3720, Class A, 4.500%, 09/15/25		312
	1,000	Series 3747, Class HI, IO, 4.500%, 07/15/37		26
	1,000	Series 3747, Class PY, 4.000%, 10/15/40		1,081
	610	Series 3759, Class HI, IO, 4.000%, 08/15/37		25
	520	Series 3760, Class GI, IO, 4.000%, 10/15/37		17
	158	Series 3804, Class FN, VAR, 1.439%, 03/15/39		158
	1,729	Series 3819, Class ZQ, 6.000%, 04/15/36		1,959
	398	Series 3852, Class QN, IF, 5.500%, 05/15/41		420
	1,331	Series 3852, Class TP, IF, 5.500%, 05/15/41		1,467
	1,311	Series 3920, Class LP, 5.000%, 01/15/34		1,437
	865	Series 3925, Class FL, VAR, 1.444%, 01/15/41		863
	633	Series 3957, Class B, 4.000%, 11/15/41		673
	888	Series 3966, Class NA, 4.000%, 12/15/41		951
	391	Series 3997, Class PF, VAR, 1.444%, 11/15/39		392
	1,797	Series 4048, Class FJ, VAR, 1.383%, 07/15/37		1,798
	2,000	Series 4217, Class KY, 3.000%, 06/15/43		1,983
	2,501	Series 4240, Class B, 3.000%, 08/15/33		2,527
	3,684	Series 4251, Class KW, 2.500%, 04/15/28		3,572
	4,034	Series 4374, Class NC, SUB, 2.750%, 02/15/46		4,196
		FHLMC STRIPS,
	1	Series 134, Class B, IO, 9.000%, 04/01/22		—	(h)
	649	Series 233, Class 11, IO, 5.000%, 09/15/35		115
	915	Series 233, Class 13, IO, 5.000%, 09/15/35		168
	84	Series 243, Class 16, IO, 4.500%, 11/15/20		3
	204	Series 243, Class 17, IO, 4.500%, 12/15/20		8
	6,371	Series 262, Class 35, 3.500%, 07/15/42		6,640
	6,402	Series 299, Class 300, 3.000%, 01/15/43		6,447
	2,021	Series 310, Class PO, PO, 09/15/43		1,661
	3,989	Series 323, Class 300, 3.000%, 01/15/44		4,018
		FHLMC Structured Pass-Through Securities Certificates,
	388	Series T-41, Class 3A, VAR, 5.695%, 07/25/32		425
	246	Series T-51, Class 2A, VAR, 7.500%, 08/25/42		301
	1,385	Series T-54, Class 2A, 6.500%, 02/25/43		1,642
	401	Series T-54, Class 3A, 7.000%, 02/25/43		472
	154	Series T-58, Class APO, PO, 09/25/43		130
	350	Series T-59, Class 1AP, PO, 10/25/43		288
	1,416	Series T-76, Class 2A, VAR, 1.845%, 10/25/37		1,454
		FHLMC, Multifamily Structured Pass-Through Certificates,
	3,560	Series K052, Class A2, 3.151%, 11/25/25		3,705
	872	Series KJ02, Class A2, 2.597%, 09/25/20		891
	2,759	Series KJ09, Class A2, 2.838%, 09/25/22		2,846

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	5,500		Series KPLB, Class A, 2.770%, 05/25/25		5,577
	1,000		Series KS01, Class A2, 2.522%, 01/25/23		1,016
			First Horizon Alternative Mortgage Securities Trust,
	581		Series 2004-AA4, Class A1, VAR, 3.067%, 10/25/34		572
	894		Series 2005-FA8, Class 1A19, 5.500%, 11/25/35		771
	1,732		Series 2007-FA4, Class 1A2, IF, IO, 4.668%, 08/25/37		350
			First Horizon Mortgage Pass-Through Trust,
	311		Series 2004-AR2, Class 2A1, VAR, 3.243%, 05/25/34		309
	616		Series 2005-AR1, Class 2A2, VAR, 3.178%, 04/25/35		623
			FNMA Grantor Trust,
	690		Series 2002-T19, Class A2, 7.000%, 07/25/42		797
	479		Series 2004-T3, Class 1A3, 7.000%, 02/25/44		564
			FNMA REMIC,
	–	(h)	Series 1988-7, Class Z, 9.250%, 04/25/18		—	(h)
	3		Series 1989-70, Class G, 8.000%, 10/25/19		3
	1		Series 1989-78, Class H, 9.400%, 11/25/19		1
	3		Series 1989-83, Class H, 8.500%, 11/25/19		3
	1		Series 1989-89, Class H, 9.000%, 11/25/19		1
	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)
	7		Series 1990-102, Class J, 6.500%, 08/25/20		7
	6		Series 1990-120, Class H, 9.000%, 10/25/20		7
	1		Series 1990-134, Class SC, HB, IF, 20.127%, 11/25/20		1
	–	(h)	Series 1990-140, Class K, HB, 652.145%, 12/25/20		—	(h)
	3		Series 1991-24, Class Z, 5.000%, 03/25/21		3
	1		Series 1992-101, Class J, 7.500%, 06/25/22		1
	19		Series 1992-136, Class PK, 6.000%, 08/25/22		20
	12		Series 1992-143, Class MA, 5.500%, 09/25/22		12
	43		Series 1992-163, Class M, 7.750%, 09/25/22		47
	68		Series 1992-188, Class PZ, 7.500%, 10/25/22		75
	28		Series 1993-21, Class KA, 7.700%, 03/25/23		31
	46		Series 1993-25, Class J, 7.500%, 03/25/23		51
	11		Series 1993-27, Class SA, IF, 15.500%, 02/25/23		15
	16		Series 1993-62, Class SA, IF, 19.154%, 04/25/23		21
	9		Series 1993-165, Class SD, IF, 13.620%, 09/25/23		11
	20		Series 1993-165, Class SK, IF, 12.500%, 09/25/23		22
	14		Series 1993-179, Class SB, HB, IF, 27.164%, 10/25/23		20
	9		Series 1993-179, Class SC, IF, 10.500%, 10/25/23		11
	25		Series 1993-205, Class H, PO, 09/25/23		24
	43		Series 1993-225, Class UB, 6.500%, 12/25/23		47
	14		Series 1993-230, Class FA, VAR, 1.582%, 12/25/23		15
	35		Series 1993-247, Class FE, VAR, 1.982%, 12/25/23		35
	16		Series 1993-247, Class SU, IF, 12.359%, 12/25/23		20
	142		Series 1994-37, Class L, 6.500%, 03/25/24		155
	776		Series 1994-40, Class Z, 6.500%, 03/25/24		851
	35		Series 1995-2, Class Z, 8.500%, 01/25/25		41
	172		Series 1995-19, Class Z, 6.500%, 11/25/23		191
	154		Series 1996-14, Class SE, IF, IO, 8.330%, 08/25/23		27
	13		Series 1996-59, Class J, 6.500%, 08/25/22		14
	111		Series 1997-20, Class IO, IO, VAR, 1.840%, 03/25/27		3
	13		Series 1997-27, Class J, 7.500%, 04/18/27		15

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	28		Series 1997-29, Class J, 7.500%, 04/20/27		32
	197		Series 1997-39, Class PD, 7.500%, 05/20/27		229
	16		Series 1997-42, Class ZC, 6.500%, 07/18/27		17
	276		Series 1997-61, Class ZC, 7.000%, 02/25/23		304
	50		Series 1997-81, Class PI, IO, 7.000%, 12/18/27		6
	7		Series 1998-4, Class C, PO, 04/25/23		7
	76		Series 1998-36, Class ZB, 6.000%, 07/18/28		86
	52		Series 1998-43, Class SA, IF, IO, 17.540%, 04/25/23		17
	84		Series 1998-66, Class SB, IF, IO, 7.168%, 12/25/28		11
	57		Series 1999-17, Class C, 6.350%, 04/25/29		64
	219		Series 1999-18, Class Z, 5.500%, 04/18/29		241
	12		Series 1999-38, Class SK, IF, IO, 7.068%, 08/25/23		1
	25		Series 1999-52, Class NS, HB, IF, 20.631%, 10/25/23		35
	84		Series 1999-62, Class PB, 7.500%, 12/18/29		97
	269		Series 2000-2, Class ZE, 7.500%, 02/25/30		313
	167		Series 2000-20, Class SA, IF, IO, 8.118%, 07/25/30		31
	21		Series 2000-52, Class IO, IO, 8.500%, 01/25/31		5
	57		Series 2001-4, Class PC, 7.000%, 03/25/21		60
	65		Series 2001-7, Class PF, 7.000%, 03/25/31		76
	166		Series 2001-30, Class PM, 7.000%, 07/25/31		194
	180		Series 2001-33, Class ID, IO, 6.000%, 07/25/31		40
	162		Series 2001-36, Class DE, 7.000%, 08/25/31		186
	435		Series 2001-44, Class MY, 7.000%, 09/25/31		509
	53		Series 2001-44, Class PD, 7.000%, 09/25/31		62
	71		Series 2001-44, Class PU, 7.000%, 09/25/31		82
	414		Series 2001-48, Class Z, 6.500%, 09/25/21		445
	44		Series 2001-49, Class Z, 6.500%, 09/25/31		50
	57		Series 2001-52, Class KB, 6.500%, 10/25/31		63
	552		Series 2001-61, Class Z, 7.000%, 11/25/31		647
	17		Series 2001-72, Class SX, IF, 15.180%, 12/25/31		22
	39		Series 2002-1, Class HC, 6.500%, 02/25/22		42
	42		Series 2002-1, Class SA, HB, IF, 21.997%, 02/25/32		69
	35		Series 2002-1, Class UD, HB, IF, 21.064%, 12/25/23		49
	613		Series 2002-13, Class SJ, IF, IO, 1.600%, 03/25/32		36
	8		Series 2002-13, Class ST, IF, 10.000%, 03/25/32		11
	17		Series 2002-21, Class LO, PO, 04/25/32		15
	171		Series 2002-21, Class PE, 6.500%, 04/25/32		194
	428		Series 2002-28, Class PK, 6.500%, 05/25/32		475
	104		Series 2002-37, Class Z, 6.500%, 06/25/32		117
	1		Series 2002-42, Class C, 6.000%, 07/25/17		1
	597		Series 2002-48, Class GH, 6.500%, 08/25/32		680
	9		Series 2002-62, Class ZE, 5.500%, 11/25/17		9
	5		Series 2002-63, Class KC, 5.000%, 10/25/17		5
	93		Series 2002-77, Class S, IF, 12.684%, 12/25/32		112
	301		Series 2002-83, Class CS, 6.881%, 08/25/23		327
	–	(h)	Series 2002-94, Class BK, 5.500%, 01/25/18		—	(h)
	34		Series 2003-3, Class HJ, 5.000%, 02/25/18		34
	1,843		Series 2003-22, Class UD, 4.000%, 04/25/33		1,957
	604		Series 2003-33, Class IA, IO, 6.500%, 05/25/33		154
	366		Series 2003-34, Class AX, 6.000%, 05/25/33		418
	1,419		Series 2003-34, Class ED, 6.000%, 05/25/33		1,548
	23		Series 2003-35, Class UC, 3.750%, 05/25/33		24
	76		Series 2003-39, Class IO, IO, VAR, 6.000%, 05/25/33		17
	578		Series 2003-39, Class LW, 5.500%, 05/25/23		622

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	327		Series 2003-41, Class PE, 5.500%, 05/25/23		346
	111		Series 2003-42, Class GB, 4.000%, 05/25/33		117
	265		Series 2003-47, Class PE, 5.750%, 06/25/33		299
	97		Series 2003-52, Class SX, HB, IF, 20.005%, 10/25/31		135
	75		Series 2003-64, Class SX, IF, 11.293%, 07/25/33		93
	435		Series 2003-71, Class DS, IF, 6.157%, 08/25/33		474
	607		Series 2003-72, Class IE, IO, 5.500%, 08/25/33		112
	61		Series 2003-74, Class SH, IF, 8.403%, 08/25/33		72
	49		Series 2003-76, Class GQ, 4.500%, 08/25/18		49
	–	(h)	Series 2003-80, Class SY, IF, IO, 6.668%, 06/25/23		—	(h)
	92		Series 2003-81, Class LC, 4.500%, 09/25/18		93
	351		Series 2003-83, Class PG, 5.000%, 06/25/23		358
	136		Series 2003-91, Class SD, IF, 10.864%, 09/25/33		161
	872		Series 2003-116, Class SB, IF, IO, 6.618%, 11/25/33		180
	55		Series 2003-128, Class NG, 4.000%, 01/25/19		55
	37		Series 2003-130, Class SX, IF, 10.047%, 01/25/34		44
	62		Series 2003-132, Class OA, PO, 08/25/33		58
	761		Series 2004-4, Class QI, IF, IO, 6.118%, 06/25/33		61
	72		Series 2004-4, Class QM, IF, 12.237%, 06/25/33		82
	227		Series 2004-10, Class SC, HB, IF, 24.673%, 02/25/34		256
	149		Series 2004-25, Class PC, 5.500%, 01/25/34		152
	514		Series 2004-25, Class SA, IF, 16.825%, 04/25/34		714
	441		Series 2004-27, Class HB, 4.000%, 05/25/19		447
	103		Series 2004-36, Class PC, 5.500%, 02/25/34		106
	810		Series 2004-36, Class SA, IF, 16.825%, 05/25/34		1,199
	166		Series 2004-36, Class SN, IF, 12.237%, 07/25/33		178
	324		Series 2004-46, Class QB, HB, IF, 20.073%, 05/25/34		472
	962		Series 2004-46, Class SK, IF, 13.800%, 05/25/34		1,211
	150		Series 2004-51, Class SY, IF, 12.277%, 07/25/34		193
	156		Series 2004-53, Class NC, 5.500%, 07/25/24		167
	211		Series 2004-59, Class BG, PO, 12/25/32		193
	68		Series 2004-61, Class SK, IF, 8.500%, 11/25/32		79
	38		Series 2004-76, Class CL, 4.000%, 10/25/19		39
	223		Series 2004-79, Class SP, IF, 17.100%, 11/25/34		263
	20		Series 2005-52, Class PA, 6.500%, 06/25/35		20
	872		Series 2005-56, Class S, IF, IO, 5.728%, 07/25/35		141
	215		Series 2005-66, Class SG, IF, 14.921%, 07/25/35		292
	255		Series 2005-68, Class BC, 5.250%, 06/25/35		264
	847		Series 2005-68, Class PG, 5.500%, 08/25/35		941
	345		Series 2005-68, Class UC, 5.000%, 06/25/35		356
	358		Series 2005-74, Class CS, IF, 17.320%, 05/25/35		471
	2,806		Series 2005-84, Class XM, 5.750%, 10/25/35		3,119
	1,099		Series 2005-109, Class PC, 6.000%, 12/25/35		1,218
	4,326		Series 2005-110, Class GL, 5.500%, 12/25/35		4,953
	493		Series 2005-110, Class MN, 5.500%, 06/25/35		504
	51		Series 2006-15, Class OT, PO, 01/25/36		49
	294		Series 2006-16, Class OA, PO, 03/25/36		263
	430		Series 2006-22, Class AO, PO, 04/25/36		377
	111		Series 2006-23, Class KO, PO, 04/25/36		100
	977		Series 2006-39, Class WC, 5.500%, 01/25/36		1,066
	596		Series 2006-44, Class GO, PO, 06/25/36		543
	1,403		Series 2006-44, Class P, PO, 12/25/33		1,287
	879		Series 2006-46, Class UC, 5.500%, 12/25/35		940
	886		Series 2006-53, Class US, IF, IO, 5.598%, 06/25/36		138

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	852	Series 2006-56, Class FC, VAR, 1.272%, 07/25/36		850
	480	Series 2006-56, Class PO, PO, 07/25/36		437
	521	Series 2006-58, Class AP, PO, 07/25/36		481
	66	Series 2006-58, Class FL, VAR, 1.442%, 07/25/36		66
	265	Series 2006-58, Class PO, PO, 07/25/36		244
	104	Series 2006-59, Class QO, PO, 01/25/33		103
	4,059	Series 2006-60, Class DZ, 6.500%, 07/25/36		5,020
	401	Series 2006-65, Class QO, PO, 07/25/36		357
	81	Series 2006-72, Class TO, PO, 08/25/36		75
	1,504	Series 2006-77, Class PC, 6.500%, 08/25/36		1,707
	329	Series 2006-79, Class DO, PO, 08/25/36		299
	278	Series 2006-90, Class AO, PO, 09/25/36		255
	120	Series 2006-109, Class PO, PO, 11/25/36		110
	755	Series 2006-110, Class PO, PO, 11/25/36		677
	80	Series 2006-111, Class EO, PO, 11/25/36		73
	508	Series 2006-118, Class A2, VAR, 1.042%, 12/25/36		499
	78	Series 2006-119, Class PO, PO, 12/25/36		72
	969	Series 2006-124, Class HB, VAR, 3.133%, 11/25/36		1,031
	516	Series 2006-128, Class BP, 5.500%, 01/25/37		547
	486	Series 2006-130, Class GI, IO, 6.500%, 07/25/32		78
	785	Series 2007-7, Class SG, IF, IO, 5.518%, 08/25/36		212
	1,122	Series 2007-14, Class ES, IF, IO, 5.458%, 03/25/37		206
	98	Series 2007-15, Class NO, PO, 03/25/22		94
	243	Series 2007-16, Class FC, VAR, 1.774%, 03/25/37		248
	101	Series 2007-42, Class AO, PO, 05/25/37		93
	185	Series 2007-48, Class PO, PO, 05/25/37		168
	492	Series 2007-54, Class FA, VAR, 1.424%, 06/25/37		492
	3,095	Series 2007-60, Class AX, IF, IO, 6.126%, 07/25/37		686
	116	Series 2007-77, Class FG, VAR, 1.482%, 03/25/37		116
	727	Series 2007-81, Class GE, 6.000%, 08/25/37		789
	1,981	Series 2007-88, Class VI, IF, IO, 5.516%, 09/25/37		415
	1,531	Series 2007-91, Class ES, IF, IO, 5.478%, 10/25/37		271
	1,023	Series 2007-97, Class KI, IO, 7.000%, 05/25/33		128
	921	Series 2007-101, Class A2, VAR, 1.232%, 06/27/36		903
	311	Series 2007-106, Class A7, VAR, 6.182%, 10/25/37		347
	1,478	Series 2007-116, Class HI, IO, VAR, 1.781%, 01/25/38		83
	648	Series 2008-1, Class BI, IF, IO, 4.886%, 02/25/38		107
	418	Series 2008-10, Class XI, IF, IO, 5.248%, 03/25/38		51
	208	Series 2008-16, Class IS, IF, IO, 5.218%, 03/25/38		31
	92	Series 2008-19, Class IC, IO, 5.000%, 03/25/23		2
	95	Series 2008-24, Class DY, 5.000%, 04/25/23		97
	271	Series 2008-27, Class SN, IF, IO, 5.918%, 04/25/38		40
	39	Series 2008-39, Class CI, IO, 4.500%, 05/25/18		1
	167	Series 2008-42, Class AO, PO, 09/25/36		157
	16	Series 2008-44, Class PO, PO, 05/25/38		15
	271	Series 2008-47, Class SI, IF, IO, 5.518%, 06/25/23		19
	390	Series 2008-53, Class CI, IF, IO, 6.218%, 07/25/38		62
	50	Series 2008-76, Class GF, VAR, 1.632%, 09/25/23		50
	883	Series 2008-80, Class SA, IF, IO, 4.826%, 09/25/38		118
	614	Series 2008-81, Class SB, IF, IO, 4.826%, 09/25/38		85
	819	Series 2009-6, Class GS, IF, IO, 5.568%, 02/25/39		164
	240	Series 2009-9, Class IO, IO, 5.000%, 02/25/24		13
	171	Series 2009-18, Class IO, IO, 5.000%, 03/25/24		6
	1,658	Series 2009-19, Class IP, IO, 5.500%, 10/25/36		297

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	662		Series 2009-60, Class HT, 6.000%, 08/25/39		752
	377		Series 2009-62, Class HJ, 6.000%, 05/25/39		415
	645		Series 2009-70, Class CO, PO, 01/25/37		564
	261		Series 2009-99, Class SC, IF, IO, 5.156%, 12/25/39		35
	731		Series 2009-103, Class MB, VAR, 3.275%, 12/25/39		780
	279		Series 2010-45, Class BD, 4.500%, 11/25/38		284
	767		Series 2010-49, Class SC, IF, 10.697%, 03/25/40		929
	435		Series 2010-64, Class DM, 5.000%, 06/25/40		475
	563		Series 2010-71, Class HJ, 5.500%, 07/25/40		635
	1,985		Series 2010-147, Class SA, IF, IO, 5.548%, 01/25/41		414
	335		Series 2010-148, Class MA, 4.000%, 02/25/39		343
	558		Series 2011-2, Class WA, VAR, 5.820%, 02/25/51		610
	1,963		Series 2011-30, Class LS, IO, VAR, 1.969%, 04/25/41		118
	2,500		Series 2011-31, Class DB, 3.500%, 04/25/31		2,648
	450		Series 2011-75, Class FA, VAR, 1.532%, 08/25/41		455
	917		Series 2011-118, Class MT, 7.000%, 11/25/41		1,082
	1,349		Series 2011-130, Class CA, 6.000%, 12/25/41		1,545
	639		Series 2012-14, Class FB, VAR, 1.432%, 08/25/37		641
	3,000		Series 2012-66, Class CB, 3.000%, 06/25/32		3,048
	2,000		Series 2013-81, Class TA, 3.000%, 02/25/43		1,946
	1,694		Series 2013-90, Class PM, 3.500%, 09/25/43		1,759
	1,868		Series 2013-92, Class PO, PO, 09/25/43		1,543
	3,349		Series 2013-101, Class AE, 3.000%, 10/25/33		3,416
	2,813		Series 2013-101, Class DO, PO, 10/25/43		2,234
	3,000		Series 2013-101, Class E, 3.000%, 10/25/33		3,047
	3,500		Series 2013-103, Class VG, 3.000%, 03/25/30		3,605
	4,000		Series 2013-108, Class GU, 3.000%, 10/25/33		4,039
	3,599		Series 2013-128, Class PO, PO, 12/25/43		2,966
	–	(h)	Series G-17, Class S, HB, VAR, 975.709%, 06/25/21		—	(h)
	5		Series G-28, Class S, IF, 14.118%, 09/25/21		5
	9		Series G-35, Class M, 8.750%, 10/25/21		10
	2		Series G-51, Class SA, HB, IF, 23.814%, 12/25/21		3
	–	(h)	Series G92-27, Class SQ, HB, IF, 756.930%, 05/25/22		—	(h)
	58		Series G92-35, Class E, 7.500%, 07/25/22		63
	–	(h)	Series G92-35, Class G, HB, 1,184.775%, 07/25/22		1
	7		Series G92-42, Class Z, 7.000%, 07/25/22		7
	5		Series G92-44, Class ZQ, 8.000%, 07/25/22		5
	9		Series G92-52, Class FD, VAR, 1.002%, 09/25/22		9
	54		Series G92-54, Class ZQ, 7.500%, 09/25/22		58
	8		Series G92-59, Class F, VAR, 1.316%, 10/25/22		8
	18		Series G92-61, Class Z, 7.000%, 10/25/22		19
	14		Series G92-62, Class B, PO, 10/25/22		13
	66		Series G93-1, Class KA, 7.900%, 01/25/23		73
	15		Series G93-5, Class Z, 6.500%, 02/25/23		17
	20		Series G93-14, Class J, 6.500%, 03/25/23		22
	46		Series G93-17, Class SI, IF, 6.000%, 04/25/23		51
	40		Series G93-27, Class FD, VAR, 1.862%, 08/25/23		40
	10		Series G93-37, Class H, PO, 09/25/23		9
	27		Series G95-1, Class C, 8.800%, 01/25/25		32
			FNMA REMIC Trust,
	635		Series 2003-W1, Class 1A1, VAR, 5.559%, 12/25/42		697
	261		Series 2003-W1, Class 2A, VAR, 6.137%, 12/25/42		301
	79		Series 2003-W4, Class 2A, VAR, 6.185%, 10/25/42		93
	22		Series 2007-W7, Class 1A4, HB, IF, 33.039%, 07/25/37		32

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	1,149		Series 2009-W1, Class A, 6.000%, 12/25/49		1,310
			FNMA 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)
	6		Series 218, Class 2, IO, 7.500%, 04/25/23		1
	7		Series 265, Class 2, 9.000%, 03/25/24		8
	75		Series 329, Class 1, PO, 01/25/33		68
	46		Series 339, Class 18, IO, 4.500%, 07/25/18		1
	66		Series 339, Class 21, IO, 4.500%, 08/25/18		1
	18		Series 339, Class 28, IO, 5.500%, 08/25/18		—	(h)
	106		Series 345, Class 6, IO, VAR, 5.000%, 12/25/33		19
	355		Series 351, Class 7, IO, VAR, 5.000%, 04/25/34		71
	283		Series 355, Class 11, IO, 6.000%, 07/25/34		50
	37		Series 355, Class 31, IO, VAR, 4.500%, 12/25/18		1
	470		Series 365, Class 8, IO, 5.500%, 05/25/36		102
	26		Series 368, Class 3, IO, 4.500%, 11/25/20		1
	246		Series 374, Class 5, IO, 5.500%, 08/25/36		55
	118		Series 383, Class 32, IO, 6.000%, 01/25/38		25
	311		Series 383, Class 33, IO, 6.000%, 01/25/38		60
	91		Series 393, Class 6, IO, 5.500%, 04/25/37		16
			FNMA Trust,
	157		Series 2004-W1, Class 2A2, 7.000%, 12/25/33		185
	395		Series 2004-W2, Class 2A2, 7.000%, 02/25/44		464
	511		Series 2004-W15, Class 2AF, VAR, 1.232%, 08/25/44		508
	1,417		Series 2005-W3, Class 2AF, VAR, 1.202%, 03/25/45		1,381
	494		Series 2006-W2, Class 1AF1, VAR, 1.202%, 02/25/46		493
			GMACM Mortgage Loan Trust,
	328		Series 2003-AR1, Class A4, VAR, 3.625%, 10/19/33		324
	2,388		Series 2005-AR3, Class 3A4, VAR, 3.594%, 06/19/35		2,336
			GNMA,
	744		Series 1994-7, Class PQ, 6.500%, 10/16/24		810
	544		Series 1999-4, Class ZB, 6.000%, 02/20/29		606
	64		Series 1999-30, Class S, IF, IO, 7.606%, 08/16/29		13
	87		Series 2000-9, Class Z, 8.000%, 06/20/30		102
	757		Series 2000-9, Class ZJ, 8.500%, 02/16/30		883
	1,026		Series 2000-21, Class Z, 9.000%, 03/16/30		1,192
	163		Series 2000-31, Class Z, 9.000%, 10/20/30		195
	103		Series 2000-35, Class ZA, 9.000%, 11/20/30		124
	10		Series 2000-36, Class IK, IO, 9.000%, 11/16/30		1
	47		Series 2001-6, Class SD, IF, IO, 7.556%, 03/16/31		14
	133		Series 2001-35, Class SA, IF, IO, 7.322%, 08/16/31		39
	123		Series 2001-36, Class S, IF, IO, 7.058%, 08/16/31		36
	481		Series 2002-24, Class AG, IF, IO, 6.956%, 04/16/32		90
	44		Series 2002-24, Class SB, IF, 10.436%, 04/16/32		54
	910		Series 2002-31, Class SE, IF, IO, 6.572%, 04/16/30		138
	16		Series 2002-41, Class SV, IF, 9.000%, 06/16/32		20
	1,127		Series 2002-45, Class QE, 6.500%, 06/20/32		1,289
	399		Series 2002-47, Class PG, 6.500%, 07/16/32		462
	723		Series 2002-47, Class ZA, 6.500%, 07/20/32		848
	627		Series 2002-52, Class GH, 6.500%, 07/20/32		742
	11		Series 2002-70, Class PS, IF, IO, 6.722%, 08/20/32		—	(h)
	949		Series 2002-75, Class PB, 6.000%, 11/20/32		1,084
	471		Series 2003-11, Class SK, IF, IO, 6.706%, 02/16/33		79
	215		Series 2003-12, Class SP, IF, IO, 6.722%, 02/20/33		51
	44		Series 2003-24, Class PO, PO, 03/16/33		40

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	1,144	Series 2003-40, Class TJ, 6.500%, 03/20/33		1,300
	711	Series 2003-46, Class MG, 6.500%, 05/20/33		818
	540	Series 2003-46, Class TC, 6.500%, 03/20/33		610
	197	Series 2003-52, Class AP, PO, 06/16/33		172
	979	Series 2003-58, Class BE, 6.500%, 01/20/33		1,112
	60	Series 2003-90, Class PO, PO, 10/20/33		53
	735	Series 2003-112, Class SA, IF, IO, 5.556%, 12/16/33		137
	308	Series 2004-28, Class S, IF, 17.110%, 04/16/34		444
	86	Series 2004-73, Class AE, IF, 12.940%, 08/17/34		98
	1,016	Series 2004-90, Class SI, IF, IO, 5.090%, 10/20/34		147
	198	Series 2005-35, Class FL, VAR, 1.328%, 03/20/32		198
	1,715	Series 2005-58, Class NI, IO, 5.500%, 08/20/35		322
	155	Series 2005-68, Class DP, IF, 14.037%, 06/17/35		194
	2,372	Series 2005-68, Class KI, IF, IO, 5.322%, 09/20/35		390
	328	Series 2005-91, Class PI, IO, 6.000%, 12/20/35		62
	157	Series 2006-16, Class OP, PO, 03/20/36		145
	360	Series 2006-38, Class SW, IF, IO, 5.522%, 06/20/36		33
	1,762	Series 2006-38, Class ZK, 6.500%, 08/20/36		2,050
	473	Series 2006-59, Class SD, IF, IO, 5.722%, 10/20/36		71
	786	Series 2006-65, Class SA, IF, IO, 5.822%, 11/20/36		148
	1,359	Series 2007-17, Class JI, IF, IO, 5.882%, 04/16/37		262
	146	Series 2007-17, Class JO, PO, 04/16/37		129
	750	Series 2007-19, Class SD, IF, IO, 5.222%, 04/20/37		111
	698	Series 2007-26, Class SC, IF, IO, 5.222%, 05/20/37		114
	622	Series 2007-27, Class SA, IF, IO, 5.190%, 05/20/37		95
	165	Series 2007-28, Class BO, PO, 05/20/37		143
	496	Series 2007-36, Class SE, IF, IO, 5.476%, 06/16/37		86
	1,370	Series 2007-40, Class SB, IF, IO, 5.772%, 07/20/37		222
	812	Series 2007-42, Class SB, IF, IO, 5.772%, 07/20/37		137
	2,500	Series 2007-47, Class PH, 6.000%, 07/16/37		3,011
	510	Series 2007-50, Class AI, IF, IO, 5.797%, 08/20/37		93
	73	Series 2007-53, Class SW, IF, 17.270%, 09/20/37		99
	352	Series 2007-57, Class PO, PO, 03/20/37		322
	149	Series 2007-71, Class SB, IF, IO, 5.722%, 07/20/36		4
	413	Series 2007-72, Class US, IF, IO, 5.540%, 11/20/37		69
	431	Series 2007-73, Class MI, IF, IO, 5.022%, 11/20/37		72
	829	Series 2007-76, Class SA, IF, IO, 5.552%, 11/20/37		142
	409	Series 2007-79, Class SY, IF, IO, 5.572%, 12/20/37		71
	224	Series 2008-2, Class MS, IF, IO, 6.232%, 01/16/38		47
	745	Series 2008-2, Class NS, IF, IO, 5.546%, 01/16/38		138
	469	Series 2008-10, Class S, IF, IO, 4.852%, 02/20/38		76
	298	Series 2008-32, Class PI, IO, 5.500%, 10/16/37		37
	653	Series 2008-36, Class SH, IF, IO, 5.322%, 04/20/38		98
	3,894	Series 2008-40, Class SA, IF, IO, 5.472%, 05/16/38		676
	373	Series 2008-55, Class SA, IF, IO, 5.222%, 06/20/38		57
	28	Series 2008-60, Class PO, PO, 01/20/38		28
	186	Series 2008-71, Class SC, IF, IO, 5.022%, 08/20/38		28
	464	Series 2008-93, Class AS, IF, IO, 4.690%, 12/20/38		63
	498	Series 2009-6, Class SA, IF, IO, 5.172%, 02/16/39		68
	198	Series 2009-10, Class SL, IF, IO, 5.572%, 03/16/34		4
	1,126	Series 2009-12, Class IE, IO, 5.500%, 03/20/39		197
	446	Series 2009-14, Class KI, IO, 6.500%, 03/20/39		99
	429	Series 2009-14, Class NI, IO, 6.500%, 03/20/39		111
	1,096	Series 2009-22, Class SA, IF, IO, 5.292%, 04/20/39		144

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	321	Series 2009-25, Class SE, IF, IO, 6.622%, 09/20/38		61
	252	Series 2009-33, Class CI, IO, 5.500%, 05/20/39		47
	259	Series 2009-33, Class TI, IO, 6.000%, 05/20/39		53
	452	Series 2009-43, Class SA, IF, IO, 4.972%, 06/20/39		72
	322	Series 2009-65, Class IQ, IO, 6.000%, 12/20/38		38
	1,040	Series 2009-72, Class SM, IF, IO, 5.322%, 08/16/39		169
	257	Series 2009-79, Class OK, PO, 11/16/37		236
	376	Series 2010-14, Class CO, PO, 08/20/35		340
	2,040	Series 2010-31, Class NO, PO, 03/20/40		1,895
	287	Series 2010-130, Class CP, 7.000%, 10/16/40		334
	2,121	Series 2010-157, Class OP, PO, 12/20/40		1,892
	692	Series 2011-22, Class WA, VAR, 5.935%, 02/20/37		768
	1,338	Series 2011-75, Class SM, IF, IO, 5.622%, 05/20/41		262
	2,425	Series 2012-61, Class FM, VAR, 1.328%, 05/16/42		2,432
	604	Series 2012-141, Class WC, VAR, 3.718%, 01/20/42		634
	483	Series 2012-H15, Class FA, VAR, 1.230%, 05/20/62		484
	1,865	Series 2012-H21, Class CF, VAR, 1.480%, 05/20/61		1,870
	2,968	Series 2012-H22, Class FD, VAR, 1.250%, 01/20/61		2,973
	1,061	Series 2012-H24, Class FG, VAR, 1.210%, 04/20/60		1,063
	1,079	Series 2012-H26, Class MA, VAR, 1.330%, 07/20/62		1,081
	1,656	Series 2012-H28, Class FA, VAR, 1.360%, 09/20/62		1,661
	1,516	Series 2012-H29, Class FA, VAR, 1.295%, 10/20/62		1,516
	399	Series 2012-H30, Class PA, VAR, 1.230%, 11/20/59		399
	1,605	Series 2012-H31, Class FD, VAR, 1.120%, 12/20/62		1,594
	2,752	Series 2013-54, Class WA, VAR, 4.726%, 11/20/42		2,991
	2,027	Series 2013-75, Class WA, VAR, 5.213%, 06/20/40		2,224
	1,204	Series 2013-91, Class WA, VAR, 4.489%, 04/20/43		1,278
	1,300	Series 2013-116, Class JY, 4.000%, 08/16/43		1,406
	2,647	Series 2013-H01, Class FA, 1.650%, 01/20/63		2,635
	176	Series 2013-H03, Class FA, VAR, 1.080%, 08/20/60		176
	1,307	Series 2013-H04, Class BA, 1.650%, 02/20/63		1,303
	2,709	Series 2013-H05, Class FB, VAR, 1.383%, 02/20/62		2,710
	1,485	Series 2013-H07, Class HA, VAR, 1.190%, 03/20/63		1,478
	1,417	Series 2013-H08, Class FC, VAR, 1.230%, 02/20/63		1,413
	1,775	Series 2013-H09, Class HA, 1.650%, 04/20/63		1,756
	3,153	Series 2013-H18, Class JA, VAR, 1.380%, 08/20/63		3,164
	975	Series 2014-188, Class W, VAR, 4.658%, 10/20/41		1,055
	1,590	Series 2014-H01, Class FD, VAR, 1.430%, 01/20/64		1,597
	1,618	Series 2014-H09, Class TA, VAR, 1.380%, 04/20/64		1,621
	5,554	Series 2015-H05, Class FC, VAR, 1.260%, 02/20/65		5,538
	7,025	Series 2015-H12, Class FA, VAR, 1.260%, 05/20/65		7,005
	1,869	Series 2015-H15, Class FD, VAR, 1.220%, 06/20/65		1,860
	4,104	Series 2015-H15, Class FJ, VAR, 1.220%, 06/20/65		4,084
	3,170	Series 2015-H16, Class FG, VAR, 1.220%, 07/20/65		3,155
	2,980	Series 2015-H23, Class FB, VAR, 1.300%, 09/20/65		2,977
	2,165	Series 2015-H32, Class FH, VAR, 1.440%, 12/20/65		2,178
	8,936	Series 2017-H08, Class XI, IO, VAR, 2.077%, 03/20/67		1,195
		GSMPS Mortgage Loan Trust,
	687	Series 2001-2, Class A, VAR, 7.500%, 06/19/32 (e)		708
	993	Series 2005-RP3, Class 1AF, VAR, 1.332%, 09/25/35 (e)		865
	750	Series 2005-RP3, Class 1AS, IO, VAR, 3.883%, 09/25/35 (e)		82
	3,285	Series 2006-RP2, Class 1AS2, IF, IO, 5.298%, 04/25/36 (e)		370
		GSR Mortgage Loan Trust,
	601	Series 2004-13F, Class 3A3, 6.000%, 11/25/34		615
	335	Series 2004-6F, Class 3A4, 6.500%, 05/25/34		356

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	250	Series 2004-8F, Class 2A3, 6.000%, 09/25/34		257
	26	Series 2005-4F, Class AP, PO, 05/25/35		24
	1,243	Series 2005-7F, Class 3A9, 6.000%, 09/25/35		1,320
	1,787	Series 2006-1F, Class 2A4, 6.000%, 02/25/36		1,570
	1,297	Series 2007-1F, Class 2A4, 5.500%, 01/25/37		1,287
	1,491	Homeowner Assistance Program Reverse Mortgage Loan Trust, Series 2013-RM1, Class A, 4.000%, 05/26/53 (e)		1,486
		Impac CMB Trust,
	1,517	Series 2004-7, Class 1A1, VAR, 1.722%, 11/25/34		1,471
	164	Series 2005-4, Class 2A1, VAR, 1.582%, 05/25/35		159
		Impac Secured Assets Trust,
	475	Series 2006-1, Class 2A1, VAR, 1.332%, 05/25/36		451
	270	Series 2006-2, Class 2A1, VAR, 1.332%, 08/25/36		264
		JP Morgan Mortgage Trust,
	698	Series 2006-A2, Class 4A1, VAR, 3.178%, 08/25/34		703
	896	Series 2006-A2, Class 5A3, VAR, 3.114%, 11/25/33		910
	176	Series 2006-A3, Class 6A1, VAR, 3.172%, 08/25/34		177
		Lehman Mortgage Trust,
	422	Series 2006-2, Class 1A1, VAR, 5.884%, 04/25/36		378
	790	Series 2008-2, Class 1A6, 6.000%, 03/25/38		591
		MASTR Adjustable Rate Mortgages Trust,
	53	Series 2004-4, Class 2A1, VAR, 2.792%, 05/25/34		48
	381	Series 2004-13, Class 2A1, VAR, 3.113%, 04/21/34		391
	924	Series 2004-13, Class 3A7, VAR, 3.050%, 11/21/34		945
	294	Series 2004-15, Class 3A1, VAR, 3.872%, 12/25/34		279
		MASTR Alternative Loan Trust,
	144	Series 2003-3, Class 1A1, 6.500%, 05/25/33		149
	411	Series 2003-9, Class 8A1, 6.000%, 01/25/34		424
	392	Series 2004-3, Class 2A1, 6.250%, 04/25/34		409
	539	Series 2004-4, Class 10A1, 5.000%, 05/25/24		561
	263	Series 2004-6, Class 30PO, PO, 07/25/34		215
	424	Series 2004-6, Class 7A1, 6.000%, 07/25/34		419
	175	Series 2004-7, Class 30PO, PO, 08/25/34		142
	268	Series 2004-8, Class 6A1, 5.500%, 09/25/19		272
	44	Series 2004-10, Class 1A1, 4.500%, 09/25/19		44
		MASTR Asset Securitization Trust,
	31	Series 2003-12, Class 30PO, PO, 12/25/33		29
	27	Series 2004-1, Class 30PO, PO, 02/25/34		22
	7	Series 2004-4, Class 3A1, 4.500%, 04/25/19		7
	9	Series 2004-6, Class 15PO, PO, 07/25/19		9
	17	Series 2004-8, Class 1A1, 4.750%, 08/25/19		18
	7	Series 2004-8, Class PO, PO, 08/25/19		7
	1,971	MASTR Reperforming Loan Trust, Series 2005-2, Class 1A1F, VAR, 1.374%, 05/25/35 (e)		1,686
	250	MASTR Resecuritization Trust, Series 2005-PO, Class 3PO, PO, 05/28/35 (e)		189
		Merrill Lynch Mortgage Investors Trust,
	167	Series 2003-E, Class A1, VAR, 1.602%, 10/25/28		161
	1,786	Series 2003-F, Class A1, VAR, 1.622%, 10/25/28		1,751
	470	Series 2004-1, Class 2A1, VAR, 3.010%, 12/25/34		472
	315	Series 2004-A, Class A1, VAR, 1.442%, 04/25/29		303
	2	ML Trust XLVII, Series 47, Class Z, 8.985%, 10/20/20		2
	352	MortgageIT Trust, Series 2005-1, Class 1A1, VAR, 1.622%, 02/25/35		341
	360	NACC Reperforming Loan REMIC Trust, Series 2004-R2, Class A1, VAR, 6.500%, 10/25/34 (e)		352
		Nomura Asset Acceptance Corp. Alternative Loan Trust,
	149	Series 2003-A1, Class A1, 5.500%, 05/25/33		151
	94	Series 2003-A1, Class A2, 6.000%, 05/25/33		96

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	34	Series 2003-A1, Class A5, 7.000%, 04/25/33		35
	1	Series 2003-A1, Class A7, 5.000%, 04/25/18		1
	2	PaineWebber CMO Trust, Series P, Class 4, 8.500%, 08/01/19		3
	152	Provident Funding Mortgage Loan Trust, Series 2005-1, Class 2A1, VAR, 3.333%, 05/25/35		148
		RALI Trust,
	5	Series 2002-QS8, Class A5, 6.250%, 06/25/17		5
	6	Series 2002-QS16, Class A3, IF, 14.570%, 10/25/17		6
	22	Series 2003-QS3, Class A2, IF, 14.340%, 02/25/18		22
	77	Series 2003-QS9, Class A3, IF, IO, 6.568%, 05/25/18		1
	88	Series 2003-QS12, Class A2A, IF, IO, 6.618%, 06/25/18		2
	27	Series 2003-QS12, Class A5, IO, 5.000%, 06/25/18		1
	223	Series 2003-QS14, Class A1, 5.000%, 07/25/18		224
	72	Series 2003-QS18, Class A1, 5.000%, 09/25/18		72
	1,295	Series 2004-QA6, Class NB2, VAR, 3.675%, 12/26/34		1,095
		RBSSP Resecuritization Trust,
	202	Series 2009-2, Class 1A1, 7.000%, 08/26/37 (e)		210
	391	Series 2009-12, Class 1A1, VAR, 5.780%, 11/25/33 (e)		403
		Residential Asset Securitization Trust,
	6	Series 2003-A14, Class A1, 4.750%, 02/25/19		6
	1,852	Series 2005-A2, Class A4, IF, IO, 4.026%, 03/25/35		203
	484	Series 2006-A4, Class 2A5, 6.000%, 05/25/36		453
		RFMSI Trust,
	15	Series 2003-S14, Class A4, PO, 07/25/18		14
	33	Series 2004-S3, Class A1, 4.750%, 03/25/19		33
	25	Series 2004-S9, Class 2A1, 4.750%, 12/25/19		25
	397	Series 2005-SA4, Class 1A1, VAR, 3.165%, 09/25/35		331
		Springleaf Mortgage Loan Trust,
	1,041	Series 2013-2A, Class A, VAR, 1.780%, 12/25/65 (e)		1,040
	1,058	Series 2013-2A, Class M1, VAR, 3.520%, 12/25/65 (e)		1,059
	348	Series 2013-3A, Class A, VAR, 1.870%, 09/25/57 (e)		348
	2,131	Series 2013-3A, Class M1, VAR, 3.790%, 09/25/57 (e)		2,127
	541	Structured Asset Mortgage Investments II Trust, Series 2004-AR5, Class 1A1, VAR, 1.638%, 10/19/34		519
		Structured Asset Securities Corp. Mortgage Pass-Through Certificates,
	571	Series 2003-33H, Class 1A1, 5.500%, 10/25/33		582
	899	Series 2004-5H, Class A4, 5.540%, 12/25/33		921
	89	Structured Asset Securities Corp. Trust, Series 2005-10, Class 5A9, 5.250%, 12/25/34		86
		Thornburg Mortgage Securities Trust,
	278	Series 2003-4, Class A1, VAR, 1.622%, 09/25/43		269
	686	Series 2004-4, Class 3A, VAR, 2.723%, 12/25/44		681
		Vendee Mortgage Trust,
	302	Series 1994-1, Class 1, VAR, 5.367%, 02/15/24		322
	413	Series 1994-1, Class 2ZB, 6.500%, 02/15/24		453
	446	Series 1996-1, Class 1Z, 6.750%, 02/15/26		503
	352	Series 1996-2, Class 1Z, 6.750%, 06/15/26		395
	627	Series 1997-1, Class 2Z, 7.500%, 02/15/27		719
	720	Series 1998-1, Class 2E, 7.000%, 03/15/28		835
	1,438	Series 1999-1, Class 2Z, 6.500%, 01/15/29		1,611
	6,615	Series 2003-2, Class Z, 5.000%, 05/15/33		7,310
	1,236	WaMu Mortgage Pass-Through Certificates, Series 2004-RS2, Class A4, 5.000%, 11/25/33		1,255
		WaMu Mortgage Pass-Through Certificates Trust,
	106	Series 2003-AR8, Class A, VAR, 2.692%, 08/25/33		108
	1,551	Series 2003-AR9, Class 1A6, VAR, 2.791%, 09/25/33		1,570
	221	Series 2003-AR9, Class 2A, VAR, 2.846%, 09/25/33		220
	36	Series 2003-S8, Class A6, 4.500%, 09/25/18		36

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	717	Series 2003-S9, Class A8, 5.250%, 10/25/33		745
	66	Series 2003-S9, Class P, PO, 10/25/33		58
	130	Series 2004-AR3, Class A1, VAR, 3.130%, 06/25/34		132
	109	Series 2004-AR3, Class A2, VAR, 2.846%, 06/25/34		111
	149	Series 2006-AR10, Class 2P, VAR, 2.973%, 09/25/36		127
	132	Series 2006-AR12, Class 2P, VAR, 2.443%, 10/25/36		100
		Washington Mutual Mortgage Pass-Through Certificates WMALT Trust,
	5,963	Series 2005-2, Class 1A4, IF, IO, 4.068%, 04/25/35		844
	1,414	Series 2005-2, Class 2A3, IF, IO, 4.018%, 04/25/35		188
	1,654	Series 2005-3, Class CX, IO, 5.500%, 05/25/35		330
	1,855	Series 2005-4, Class CB7, 5.500%, 06/25/35		1,737
	1,504	Series 2005-4, Class CX, IO, 5.500%, 06/25/35		302
	421	Series 2005-6, Class 2A4, 5.500%, 08/25/35		408
	2,713	Series 2005-6, Class 2A9, 5.500%, 08/25/35		2,633
		Wells Fargo Mortgage-Backed Securities Trust,
	123	Series 2003-K, Class 1A1, VAR, 2.902%, 11/25/33		124
	232	Series 2003-K, Class 1A2, VAR, 2.902%, 11/25/33		235
	251	Series 2004-EE, Class 2A1, VAR, 3.048%, 12/25/34		254
	330	Series 2004-EE, Class 3A1, VAR, 3.389%, 12/25/34		341
	1,440	Series 2004-P, Class 2A1, VAR, 3.000%, 09/25/34		1,486
	257	Series 2004-V, Class 1A1, VAR, 3.102%, 10/25/34		259
	87	Series 2005-16, Class APO, PO, 01/25/36		72
	2,425	Series 2005-AR3, Class 1A1, VAR, 3.120%, 03/25/35		2,479
	257	Series 2005-AR8, Class 2A1, VAR, 3.174%, 06/25/35		262
	228	Series 2005-AR16, Class 2A1, VAR, 3.182%, 02/25/34		232
	330	Series 2006-2, Class APO, PO, 03/25/36		275
	132	Series 2006-4, Class 1APO, PO, 04/25/36		115
	586	Series 2007-7, Class A7, 6.000%, 06/25/37		589
	184	Series 2007-11, Class A14, 6.000%, 08/25/37		185
		Total Collateralized Mortgage Obligations (Cost $410,129)		433,822
	Commercial Mortgage-Backed Securities — 3.5%
		A10 Securitization LLC,
	406	Series 2015-1, Class A1, 2.100%, 04/15/34 (e)		405
	1,293	Series 2015-1, Class A2, 3.130%, 04/15/34 (e)		1,299
		A10 Term Asset Financing LLC,
	414	Series 2013-2, Class A, 2.620%, 11/15/27 (e)		414
	696	Series 2013-2, Class B, 4.380%, 11/15/27 (e)		694
		BAMLL Commercial Mortgage Securities Trust,
	560	Series 2012-PARK, Class A, 2.959%, 12/10/30 (e)		572
	1,300	Series 2014-520M, Class C, VAR, 4.354%, 08/15/46 (e)		1,232
		BAMLL Re-REMIC Trust,
	1,950	Series 2014-FRR5, Class A714, PO, 01/27/47 (e)		1,633
	2,600	Series 2016-FR16, Class A, VAR, 1.008%, 05/27/21 (e)		2,290
	423	Banc of America Commercial Mortgage Trust, Series 2007-5, Class A4, 5.492%, 02/10/51		424
		BB-UBS Trust,
	4,400	Series 2012-SHOW, Class A, 3.430%, 11/05/36 (e)		4,542
	483	Series 2012-TFT, Class A, 2.892%, 06/05/30 (e)		478
	411	Bear Stearns Commercial Mortgage Securities Trust, Series 2005-PWR8, Class X1, IO, VAR, 0.346%, 06/11/41 (e)		—	(h)
	2,746	CD Commercial Mortgage Trust, Series 2007-CD4, Class XC, IO, VAR, 0.490%, 12/11/49 (e)		—	(h)
	1,320	COBALT CMBS Commercial Mortgage Trust, Series 2006-C1, Class IO, IO, VAR, 1.027%, 08/15/48		14
		Commercial Mortgage Trust,
	126	Series 2006-GG7, Class AM, VAR, 5.759%, 07/10/38		126
	2,564	Series 2012-CR2, Class XA, IO, VAR, 1.844%, 08/15/45		180

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
	3,500	Series 2013-300P, Class A1, 4.353%, 08/10/30 (e)		3,826
	1,060	Series 2013-SFS, Class A2, VAR, 2.987%, 04/12/35 (e)		1,080
	1,400	Series 2014-TWC, Class A, VAR, 1.731%, 02/13/32 (e)		1,403
	1,156	Series 2015-CR24, Class A5, 3.696%, 08/10/48		1,213
	2,812	Series 2015-CR25, Class A4, 3.759%, 08/10/48		2,965
		FNMA—ACES,
	2,859	Series 2010-M3, Class A3, VAR, 4.332%, 03/25/20		3,010
	446	Series 2011-M2, Class A2, 3.645%, 04/25/21		455
	8,500	Series 2011-M2, Class A3, 3.764%, 04/25/21		8,954
	147	Series 2012-M11, Class FA, VAR, 1.312%, 08/25/19		147
	1,878	Series 2013-M7, Class A2, 2.280%, 12/27/22		1,890
	2,500	Series 2014-M3, Class A2, VAR, 3.471%, 01/25/24		2,656
	8,555	Series 2015-M10, Class A2, VAR, 3.092%, 04/25/27		8,758
	6,250	Series 2017-M3, Class A2, VAR, 2.486%, 12/25/26		6,115
	3,376	Series 2017-M5, Class A2, 3.303%, 04/25/29		3,466
	4,865	FNMA Grantor Trust, Series 2017-T1, Class A, 2.898%, 06/25/27		4,881
		FORT CRE LLC,
	1,256	Series 2016-1A, Class B, VAR, 3.726%, 05/21/36 (e)		1,273
	1,887	Series 2016-1A, Class C, VAR, 4.226%, 05/21/36 (e)		1,910
	1,247	GS Mortgage Securities Corp. II, Series 2013-KING, Class A, 2.706%, 12/10/27 (e)		1,265
	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		396
	705	Series 2007-C1, Class A4, 5.716%, 02/15/51		711
	3,867	KGS-Alpha SBA COOF Trust, Series 2015-2, Class A, IO, VAR, 2.936%, 07/25/41 (e)		419
	998	Ladder Capital Commercial Mortgage Trust, Series 2013-GCP, Class A2, 3.985%, 02/15/36 (e)		1,052
	2,700	LB-UBS Commercial Mortgage Trust, Series 2006-C7, Class XW, IO, VAR, 0.908%, 11/15/38 (e)		8
	1,402	ML-CFC Commercial Mortgage Trust, Series 2006-4, Class XC, IO, VAR, 0.772%, 12/12/49 (e)		—	(h)
	2,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C14, Class A3, 3.669%, 02/15/47		2,094
		Morgan Stanley Capital I Trust,
	4,307	Series 2006-IQ12, Class X1, IO, VAR, 0.511%, 12/15/43 (e)		—	(h)
	12,352	Series 2007-HQ11, Class X, IO, VAR, 0.437%, 02/12/44 (e)		16
	668	Series 2011-C3, Class A3, 4.054%, 07/15/49		693
		Morgan Stanley Re-REMIC Trust,
	342	Series 2012-IO, Class AXA, 1.000%, 03/27/51 (e)		341
	274	Series 2012-XA, Class A, 2.000%, 07/27/49 (e)		273
	1,800	Series 2012-XA, Class B, 0.250%, 07/27/49 (e)		1,672
		PFP Ltd., (Cayman Islands),
	836	Series 2015-2, Class A, VAR, 2.442%, 07/14/34 (e)		836
	1,055	Series 2015-2, Class C, VAR, 4.244%, 07/14/34 (e)		1,054
	730	Series 2015-2, Class D, VAR, 4.992%, 07/14/34 (e)		718
		RAIT Trust,
	112	Series 2015-FL4, Class A, VAR, 2.339%, 12/15/31 (e)		112
	1,450	Series 2015-FL4, Class AS, VAR, 2.744%, 12/15/31 (e)		1,463
	1,805	Series 2015-FL5, Class B, VAR, 4.889%, 01/15/31 (e)		1,808
	664	RBS Commercial Funding, Inc. Trust, Series 2013-SMV, Class A, 3.260%, 03/11/31 (e)		667
		Resource Capital Corp. Ltd., (Cayman Islands),
	244	Series 2015-CRE4, Class A, VAR, 2.401%, 08/15/32 (e)		244
	1,151	Series 2015-CRE4, Class B, VAR, 3.994%, 08/15/32 (e)		1,139
	35	RREF LLC, Series 2015-LT7, Class A, 3.000%, 12/25/32 (e)		35
	2,236	UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.663%, 06/10/30 (e)		2,304

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
		UBS-Barclays Commercial Mortgage Trust,
	1,053	Series 2012-C2, Class A4, 3.525%, 05/10/63		1,102
	7,879	Series 2012-C2, Class XA, IO, VAR, 1.583%, 05/10/63 (e)		433
	857	Series 2013-C6, Class A4, 3.244%, 04/10/46		883
		VNDO Mortgage Trust,
	1,398	Series 2012-6AVE, Class A, 2.996%, 11/15/30 (e)		1,433
	5,000	Series 2013-PENN, Class A, 3.808%, 12/13/29 (e)		5,269
		Wells Fargo Commercial Mortgage Trust,
	2,500	Series 2013-120B, Class A, VAR, 2.800%, 03/18/28 (e)		2,536
	1,094	Series 2015-C30, Class A4, 3.664%, 09/15/58		1,148
		WFRBS Commercial Mortgage Trust,
	1,700	Series 2011-C3, Class A4, 4.375%, 03/15/44 (e)		1,815
	800	Series 2012-C6, Class A4, 3.440%, 04/15/45		836
	400	Series 2013-C11, Class D, VAR, 4.347%, 03/15/45 (e)		374
		Total Commercial Mortgage-Backed Securities (Cost $101,487)		103,944
	Corporate Bonds — 27.5%
		Consumer Discretionary — 1.6%
		Automobiles — 0.3%
		Daimler Finance North America LLC, (Germany),
	532	1.875%, 01/11/18 (e)		533
	305	2.250%, 03/02/20 (e)		306
	981	2.375%, 08/01/18 (e)		988
	1,500	Ford Motor Co., 7.450%, 07/16/31		1,898
	2,286	General Motors Co., 6.600%, 04/01/36		2,639
		Hyundai Capital America,
	526	2.400%, 10/30/18 (e)		527
	1,000	3.000%, 03/18/21 (e)		1,007
	874	Nissan Motor Acceptance Corp., 1.800%, 03/15/18 (e)		874
				8,772
		Diversified Consumer Services — 0.0% (g)
	643	President & Fellows of Harvard College, 3.300%, 07/15/56		607
		Hotels, Restaurants & Leisure — 0.0% (g)
	412	Darden Restaurants, Inc., 3.850%, 05/01/27		420
	900	McDonald’s Corp., 4.700%, 12/09/35		978
				1,398
		Internet & Direct Marketing Retail — 0.1%
	1,435	Amazon.com, Inc., 4.800%, 12/05/34		1,642
		Media — 1.0%
		21st Century Fox America, Inc.,
	100	6.200%, 12/15/34		123
	400	6.650%, 11/15/37		514
	250	6.900%, 08/15/39		329
	1,075	7.300%, 04/30/28		1,387
	430	8.875%, 04/26/23		558
		CBS Corp.,
	740	3.700%, 08/15/24		759
	792	4.000%, 01/15/26		819
	345	4.600%, 01/15/45		346
	140	4.850%, 07/01/42		145
	360	4.900%, 08/15/44		375
		Charter Communications Operating LLC,
	1,797	4.908%, 07/23/25		1,945
	703	6.384%, 10/23/35		826
	250	Comcast Cable Communications Holdings, Inc., 9.455%, 11/15/22		337
		Comcast Corp.,
	500	2.750%, 03/01/23		507
	347	3.375%, 08/15/25		357
	555	4.200%, 08/15/34		583
	1,082	4.250%, 01/15/33		1,147
	400	6.450%, 03/15/37		525
	2,383	6.500%, 11/15/35		3,121
	125	Cox Communications, Inc., 8.375%, 03/01/39 (e)		163
	450	Cox Enterprises, Inc., 7.375%, 07/15/27 (e)		549
		Discovery Communications LLC,
	1,016	4.375%, 06/15/21		1,076
	569	6.350%, 06/01/40		612
		Grupo Televisa SAB, (Mexico),
	221	4.625%, 01/30/26		233
	200	6.125%, 01/31/46		221
	1,197	Historic TW, Inc., 9.150%, 02/01/23		1,548
		NBCUniversal Media LLC,
	275	2.875%, 01/15/23		281
	310	4.375%, 04/01/21		336
	800	5.950%, 04/01/41		1,011
	515	6.400%, 04/30/40		681

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Media — continued
	296	Sky plc, (United Kingdom), 3.750%, 09/16/24 (e)		305
		Time Warner Cable LLC,
	800	4.125%, 02/15/21		842
	359	5.500%, 09/01/41		383
	400	6.550%, 05/01/37		480
	300	Time Warner Cos., Inc., 7.570%, 02/01/24		373
	1,410	Time Warner Entertainment Co. LP, 8.375%, 07/15/33		1,946
		Time Warner, Inc.,
	500	3.600%, 07/15/25		500
	555	4.750%, 03/29/21		599
	313	5.375%, 10/15/41		329
	150	6.200%, 03/15/40		173
	172	6.250%, 03/29/41		202
		Viacom, Inc.,
	67	3.250%, 03/15/23		66
	1,643	3.875%, 04/01/24		1,667
	464	4.375%, 03/15/43		408
	250	4.500%, 02/27/42		224
	262	4.850%, 12/15/34		256
				30,167
		Multiline Retail — 0.1%
		Macy’s Retail Holdings, Inc.,
	971	4.375%, 09/01/23		974
	178	6.375%, 03/15/37		183
	230	7.450%, 07/15/17		231
	455	Nordstrom, Inc., 4.000%, 10/15/21		479
	350	Target Corp., 2.500%, 04/15/26		335
				2,202
		Specialty Retail — 0.1%
		Home Depot, Inc. (The),
	334	2.125%, 09/15/26		315
	454	3.000%, 04/01/26		459
	196	3.500%, 09/15/56		176
	517	4.200%, 04/01/43		548
		Lowe’s Cos., Inc.,
	268	3.375%, 09/15/25		279
	739	4.650%, 04/15/42		816
				2,593
		Total Consumer Discretionary		47,381
		Consumer Staples — 1.2%
		Beverages — 0.5%
	600	Anheuser-Busch Cos. LLC, (Belgium), 5.500%, 01/15/18		614
		Anheuser-Busch InBev Finance, Inc., (Belgium),
	94	1.900%, 02/01/19		94
	4,522	3.300%, 02/01/23		4,664
	1,733	3.650%, 02/01/26		1,782
	900	3.700%, 02/01/24		945
	1,430	4.700%, 02/01/36		1,558
	1,135	4.900%, 02/01/46		1,258
	1,123	Anheuser-Busch InBev Worldwide, Inc., (Belgium), 4.439%, 10/06/48 (e)		1,165
	750	Brown-Forman Corp., 4.500%, 07/15/45		815
	250	Coca-Cola Femsa SAB de CV, (Mexico), 3.875%, 11/26/23		264
	200	Constellation Brands, Inc., 4.250%, 05/01/23		215
	510	Diageo Capital plc, (United Kingdom), 4.828%, 07/15/20		552
	255	Diageo Investment Corp., (United Kingdom), 8.000%, 09/15/22		319
	187	Molson Coors Brewing Co., 3.000%, 07/15/26		182
	534	PepsiCo, Inc., 4.450%, 04/14/46		579
				15,006
		Food & Staples Retailing — 0.3%
		CVS Health Corp.,
	2,036	2.125%, 06/01/21		2,019
	725	4.000%, 12/05/23		767
	322	5.300%, 12/05/43		369
	1,080	Kroger Co. (The), 7.500%, 04/01/31		1,472
	291	Sysco Corp., 3.750%, 10/01/25		303
	200	Walgreen Co., 4.400%, 09/15/42		198
		Walgreens Boots Alliance, Inc.,
	1,989	3.100%, 06/01/23		2,012
	663	3.800%, 11/18/24		688
	386	4.500%, 11/18/34		392
	400	4.800%, 11/18/44		420
		Wal-Mart Stores, Inc.,
	762	5.000%, 10/25/40		904
	255	6.200%, 04/15/38		342
	350	7.550%, 02/15/30		513
				10,399
		Food Products — 0.4%
		Bunge Ltd. Finance Corp.,
	95	3.500%, 11/24/20		97
	1,415	8.500%, 06/15/19		1,587
	600	Cargill, Inc., 3.300%, 03/01/22 (e)		622

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Food Products — continued
	500	Danone SA, (France), 2.589%, 11/02/23 (e)		490
		Kraft Heinz Foods Co.,
	414	3.500%, 06/06/22		430
	400	3.950%, 07/15/25		412
	694	5.000%, 06/04/42		724
	1,187	6.125%, 08/23/18		1,248
	2,353	6.875%, 01/26/39		3,003
		Mead Johnson Nutrition Co.,
	317	3.000%, 11/15/20		324
	153	4.125%, 11/15/25		163
	157	Smithfield Foods, Inc., 4.250%, 02/01/27 (e)		162
		Tyson Foods, Inc.,
	777	3.950%, 08/15/24		814
	1,100	4.875%, 08/15/34		1,177
				11,253
		Household Products — 0.0% (g)
		Kimberly-Clark Corp.,
	220	2.400%, 03/01/22		221
	426	3.050%, 08/15/25		434
				655
		Total Consumer Staples		37,313
		Energy — 3.1%
		Energy Equipment & Services — 0.2%
	300	Baker Hughes, Inc., 5.125%, 09/15/40		345
		Halliburton Co.,
	714	3.500%, 08/01/23		739
	193	4.850%, 11/15/35		207
	1,620	7.450%, 09/15/39		2,250
		Nabors Industries, Inc.,
	200	4.625%, 09/15/21		202
	200	5.000%, 09/15/20		205
		Schlumberger Holdings Corp.,
	649	3.625%, 12/21/22 (e)		680
	200	4.000%, 12/21/25 (e)		211
	441	Schlumberger Investment SA, 3.300%, 09/14/21 (e)		458
				5,297
		Oil, Gas & Consumable Fuels — 2.9%
	160	Alberta Energy Co. Ltd., (Canada), 7.375%, 11/01/31		200
	330	Anadarko Petroleum Corp., 8.700%, 03/15/19		367
		Apache Corp.,
	138	3.250%, 04/15/22		141
	556	4.750%, 04/15/43		566
	500	6.900%, 09/15/18		531
	732	APT Pipelines Ltd., (Australia), 4.250%, 07/15/27 (e)		755
	235	BG Energy Capital plc, (United Kingdom), 5.125%, 10/15/41 (e)		261
		Boardwalk Pipelines LP,
	338	4.950%, 12/15/24		363
	318	5.950%, 06/01/26		360
		BP Capital Markets plc, (United Kingdom),
	1,283	2.237%, 05/10/19		1,294
	375	3.119%, 05/04/26		374
	1,982	3.224%, 04/14/24		2,016
	451	3.506%, 03/17/25		465
	1,337	3.814%, 02/10/24		1,407
		Buckeye Partners LP,
	95	3.950%, 12/01/26		96
	500	4.350%, 10/15/24		522
	330	4.875%, 02/01/21		353
	770	5.850%, 11/15/43		846
	200	Burlington Resources Finance Co., 7.400%, 12/01/31		273
		Canadian Natural Resources Ltd., (Canada),
	401	3.900%, 02/01/25		408
	350	6.450%, 06/30/33		411
	1,000	6.750%, 02/01/39		1,222
		Cenovus Energy, Inc., (Canada),
	208	3.000%, 08/15/22		205
	356	4.450%, 09/15/42		310
	759	6.750%, 11/15/39		847
		Chevron Corp.,
	560	2.355%, 12/05/22		559
	1,200	2.566%, 05/16/23		1,209
	215	2.895%, 03/03/24		218
	1,000	4.950%, 03/03/19		1,056
	1,852	CNOOC Finance 2015 Australia Pty. Ltd., (China), 2.625%, 05/05/20		1,851
	1,789	CNOOC Nexen Finance 2014 ULC, (China), 4.250%, 04/30/24		1,889
	230	Conoco Funding Co., 7.250%, 10/15/31		310
	200	ConocoPhillips, 6.500%, 02/01/39		260
		ConocoPhillips Co.,
	945	3.350%, 11/15/24		973
	1,205	4.200%, 03/15/21		1,289
		Devon Energy Corp.,
	750	3.250%, 05/15/22		759
	522	4.750%, 05/15/42		520

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
		Ecopetrol SA, (Colombia),
	533	4.125%, 01/16/25		520
	773	5.375%, 06/26/26		797
	226	5.875%, 09/18/23		247
	350	Enbridge, Inc., (Canada), 5.500%, 12/01/46		391
		Encana Corp., (Canada),
	545	6.500%, 05/15/19		587
	150	6.500%, 08/15/34		172
		Energy Transfer LP,
	143	3.600%, 02/01/23		145
	964	4.050%, 03/15/25		980
	321	4.200%, 04/15/27		327
	305	4.900%, 02/01/24		326
	375	6.050%, 06/01/41		410
	364	6.500%, 02/01/42		413
	925	Eni SpA, (Italy), Series EX2, 5.700%, 10/01/40 (e)		959
		EnLink Midstream Partners LP,
	140	2.700%, 04/01/19		140
	838	4.150%, 06/01/25		845
	500	5.050%, 04/01/45		484
		Enterprise Products Operating LLC,
	506	3.700%, 02/15/26		520
	343	3.750%, 02/15/25		354
	475	3.900%, 02/15/24		499
	333	3.950%, 02/15/27		348
	199	4.850%, 03/15/44		209
	155	4.950%, 10/15/54		161
	318	5.100%, 02/15/45		347
	201	5.950%, 02/01/41		242
		EOG Resources, Inc.,
	379	2.625%, 03/15/23		377
	600	4.100%, 02/01/21		635
	902	5.100%, 01/15/36		996
	950	Gulf South Pipeline Co. LP, 4.000%, 06/15/22		981
		Kerr-McGee Corp.,
	200	6.950%, 07/01/24		238
	1,700	7.875%, 09/15/31		2,222
		Magellan Midstream Partners LP,
	353	3.200%, 03/15/25		347
	1,127	5.150%, 10/15/43		1,235
	250	6.550%, 07/15/19		273
		Marathon Oil Corp.,
	833	2.800%, 11/01/22		813
	902	5.900%, 03/15/18		928
	1,620	6.000%, 10/01/17		1,645
	578	Marathon Petroleum Corp., 3.625%, 09/15/24		581
		MPLX LP,
	259	4.875%, 12/01/24		278
	323	5.200%, 03/01/47		334
		Noble Energy, Inc.,
	294	5.625%, 05/01/21		302
	314	6.000%, 03/01/41		358
		Occidental Petroleum Corp.,
	281	3.400%, 04/15/26		286
	1,022	3.500%, 06/15/25		1,053
		ONEOK Partners LP,
	515	3.200%, 09/15/18		522
	151	3.375%, 10/01/22		154
	2,000	4.900%, 03/15/25		2,157
	334	5.000%, 09/15/23		364
	350	6.650%, 10/01/36		418
	450	8.625%, 03/01/19		497
		Petro-Canada, (Canada),
	324	6.050%, 05/15/18		337
	1,295	6.800%, 05/15/38		1,713
		Petroleos Mexicanos, (Mexico),
	370	4.250%, 01/15/25		362
	974	4.500%, 01/23/26		956
	393	4.875%, 01/18/24		402
	158	5.500%, 06/27/44		142
	617	5.625%, 01/23/46		557
	647	6.375%, 02/04/21		708
	846	6.375%, 01/23/45		840
	250	6.625%, 06/15/35		263
	313	6.750%, 09/21/47		321
	538	6.875%, 08/04/26		603
	182	Phillips 66, 4.300%, 04/01/22		197
		Plains All American Pipeline LP,
	1,000	3.600%, 11/01/24		987
	323	3.650%, 06/01/22		331
	2,500	4.650%, 10/15/25		2,615
	1,480	4.900%, 02/15/45		1,398
	831	Sinopec Group Overseas Development 2013 Ltd., (China), 4.375%, 10/17/23 (e)		889
		Spectra Energy Capital LLC,
	500	3.300%, 03/15/23		500
	1,500	5.650%, 03/01/20		1,619
	500	6.200%, 04/15/18		519
	400	8.000%, 10/01/19		450

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
		Spectra Energy Partners LP,
	524	2.950%, 09/25/18		531
	452	5.950%, 09/25/43		526
		Statoil ASA, (Norway),
	406	2.450%, 01/17/23		404
	1,071	2.650%, 01/15/24		1,064
	613	3.150%, 01/23/22		633
	456	3.250%, 11/10/24		468
	253	4.250%, 11/23/41		261
	180	Suncor Energy, Inc., (Canada), 5.950%, 12/01/34		216
		Sunoco Logistics Partners Operations LP,
	244	3.900%, 07/15/26		244
	259	4.250%, 04/01/24		267
	531	4.400%, 04/01/21		563
	170	5.300%, 04/01/44		171
	1,133	5.350%, 05/15/45		1,148
	400	6.100%, 02/15/42		437
	391	TC PipeLines LP, 3.900%, 05/25/27		394
	554	Texas Eastern Transmission LP, 2.800%, 10/15/22 (e)		548
		Tosco Corp.,
	310	7.800%, 01/01/27		406
	400	8.125%, 02/15/30		563
		Total Capital International SA, (France),
	233	2.700%, 01/25/23		236
	500	2.750%, 06/19/21		512
	370	3.750%, 04/10/24		393
		TransCanada PipeLines Ltd., (Canada),
	394	4.875%, 01/15/26		443
	1,200	6.200%, 10/15/37		1,516
	340	6.500%, 08/15/18		359
	1,100	7.250%, 08/15/38		1,544
	250	Valero Energy Corp., 7.500%, 04/15/32		327
		Western Gas Partners LP,
	74	5.375%, 06/01/21		80
	280	5.450%, 04/01/44		293
	512	Williams Partners LP, 3.900%, 01/15/25		524
				85,683
		Total Energy		90,980
		Financials — 11.0%
		Banks — 4.7%
		ABN AMRO Bank NV, (Netherlands),
	1,594	2.100%, 01/18/19 (e)		1,597
	669	2.500%, 10/30/18 (e)		675
	1,216	4.750%, 07/28/25 (e)		1,288
		ANZ New Zealand Int’l Ltd., (New Zealand),
	750	2.600%, 09/23/19 (e)		757
	402	2.850%, 08/06/20 (e)		408
		Australia & New Zealand Banking Group Ltd., (Australia),
	900	1.450%, 05/15/18		899
	263	4.400%, 05/19/26 (e)		274
	228	4.875%, 01/12/21 (e)		248
		Bank of America Corp.,
	600	2.000%, 01/11/18		601
	1,072	3.300%, 01/11/23		1,092
	1,189	3.500%, 04/19/26		1,192
	4,752	3.875%, 08/01/25		4,918
	972	4.000%, 04/01/24		1,021
	547	4.125%, 01/22/24		579
	700	4.200%, 08/26/24		728
	851	4.250%, 10/22/26		880
	542	4.450%, 03/03/26		566
	2,905	5.000%, 05/13/21		3,167
	740	5.625%, 07/01/20		811
	645	5.650%, 05/01/18		667
	401	5.700%, 01/24/22		453
	420	5.750%, 12/01/17		429
	2,996	6.400%, 08/28/17		3,031
	794	6.875%, 04/25/18		830
	875	7.625%, 06/01/19		969
	1,700	VAR, 3.705%, 04/24/28		1,714
	799	Series L, 2.250%, 04/21/20		799
	760	Series L, 2.650%, 04/01/19		769
	921	Series L, 3.950%, 04/21/25		936
		Bank of Montreal, (Canada),
	855	2.375%, 01/25/19		863
	1,106	2.550%, 11/06/22		1,110
	245	Banque Federative du Credit Mutuel SA, (France), 2.000%, 04/12/19 (e)		245
	1,000	Barclays Bank plc, (United Kingdom), 6.050%, 12/04/17 (e)		1,020
		Barclays plc, (United Kingdom),
	1,449	3.200%, 08/10/21		1,472
	1,808	3.650%, 03/16/25		1,804
	400	4.375%, 01/12/26		417
	435	5.250%, 08/17/45		482
		BB&T Corp.,
	900	2.625%, 06/29/20		916
	740	5.250%, 11/01/19		795
	380	6.850%, 04/30/19		414

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
		BNZ International Funding Ltd., (New Zealand),
	450	2.100%, 09/14/21 (e)		442
	632	2.350%, 03/04/19 (e)		636
	1,952	Canadian Imperial Bank of Commerce, (Canada), 2.250%, 07/21/20 (e)		1,965
	1,950	Capital One Bank USA NA, 3.375%, 02/15/23		1,971
		Capital One NA,
	978	2.350%, 08/17/18		984
	850	2.400%, 09/05/19		852
		Citigroup, Inc.,
	1,000	1.700%, 04/27/18		1,000
	800	1.750%, 05/01/18		800
	507	1.800%, 02/05/18		507
	1,210	2.050%, 12/07/18		1,213
	1,096	2.150%, 07/30/18		1,100
	115	2.350%, 08/02/21		114
	500	2.400%, 02/18/20		502
	778	2.700%, 03/30/21		784
	1,000	3.400%, 05/01/26		992
	1,900	3.700%, 01/12/26		1,933
	500	3.875%, 03/26/25		506
	1,200	4.300%, 11/20/26		1,240
	569	4.400%, 06/10/25		593
	389	4.650%, 07/30/45		414
	1,000	4.750%, 05/18/46		1,025
	106	5.300%, 05/06/44		118
	865	5.500%, 09/13/25		966
	321	5.875%, 01/30/42		402
	250	6.625%, 01/15/28		301
	223	8.125%, 07/15/39		336
	148	Comerica, Inc., 3.800%, 07/22/26		151
	832	Commonwealth Bank of Australia, (Australia), 4.500%, 12/09/25 (e)		883
		Cooperatieve Rabobank UA, (Netherlands),
	1,000	2.500%, 01/19/21		1,010
	789	3.875%, 02/08/22		842
	1,488	4.375%, 08/04/25		1,562
	500	5.800%, 09/30/101 (e)		609
	1,250	Credit Agricole SA, (France), 4.375%, 03/17/25 (e)		1,290
		Credit Suisse Group Funding Guernsey Ltd., (Switzerland),
	250	2.750%, 03/26/20		252
	340	3.750%, 03/26/25		344
	419	3.800%, 09/15/22		434
	800	3.800%, 06/09/23		822
	762	4.550%, 04/17/26		808
	484	4.875%, 05/15/45		522
	387	Danske Bank A/S, (Denmark), 2.700%, 03/02/22 (e)		391
		Discover Bank,
	343	3.100%, 06/04/20		350
	1,000	3.200%, 08/09/21		1,024
	1,101	4.200%, 08/08/23		1,160
	1,028	Fifth Third Bancorp, 2.875%, 07/27/20		1,051
		Fifth Third Bank,
	600	2.375%, 04/25/19		605
	340	2.875%, 10/01/21		347
		HSBC Bank plc, (United Kingdom),
	1,438	1.500%, 05/15/18 (e)		1,436
	575	4.750%, 01/19/21 (e)		622
		HSBC Holdings plc, (United Kingdom),
	4,212	2.650%, 01/05/22		4,208
	1,854	3.600%, 05/25/23		1,912
	200	3.900%, 05/25/26		207
	1,056	4.000%, 03/30/22		1,114
	939	4.250%, 08/18/25		971
	600	6.100%, 01/14/42		776
	321	Huntington Bancshares, Inc., 3.150%, 03/14/21		329
		Huntington National Bank (The),
	250	2.000%, 06/30/18		251
	858	2.875%, 08/20/20		875
	680	Industrial & Commercial Bank of China Ltd., (China), 2.351%, 11/13/17		681
	729	KeyBank NA, 3.180%, 05/22/22		743
		KeyCorp,
	315	2.900%, 09/15/20		321
	300	5.100%, 03/24/21		330
		Lloyds Banking Group plc, (United Kingdom),
	612	3.000%, 01/11/22		619
	381	3.750%, 01/11/27		384
	400	4.582%, 12/10/25		419
	2,100	Manufacturers & Traders Trust Co., 6.625%, 12/04/17		2,152
	422	Mitsubishi UFJ Financial Group, Inc., (Japan), 2.950%, 03/01/21		429
		Mizuho Bank Ltd., (Japan),
	393	1.800%, 03/26/18 (e)		393
	623	2.650%, 09/25/19 (e)		629
	742	Mizuho Financial Group, Inc., (Japan), 2.632%, 04/12/21 (e)		743

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
	270	MUFG Americas Holdings Corp., 2.250%, 02/10/20		271
	250	National City Bank, 5.800%, 06/07/17		250
		Nordea Bank AB, (Sweden),
	1,000	1.625%, 05/15/18 (e)		1,001
	945	4.250%, 09/21/22 (e)		997
		PNC Bank NA,
	490	1.950%, 03/04/19		491
	400	6.875%, 04/01/18		417
		PNC Financial Services Group, Inc. (The),
	182	3.900%, 04/29/24		192
	864	4.375%, 08/11/20		922
	298	6.700%, 06/10/19		325
	709	SUB, 2.854%, 11/09/22		718
	964	Regions Financial Corp., 3.200%, 02/08/21		988
		Royal Bank of Canada, (Canada),
	1,450	1.875%, 02/05/20		1,447
	1,452	2.000%, 10/01/18		1,459
	337	4.650%, 01/27/26		360
	400	Santander Issuances SAU, (Spain), 5.179%, 11/19/25		424
		Santander UK Group Holdings plc, (United Kingdom),
	452	3.125%, 01/08/21		459
	200	3.571%, 01/10/23		204
	909	Santander UK plc, (United Kingdom), 2.500%, 03/14/19		918
	402	Skandinaviska Enskilda Banken AB, (Sweden), 1.750%, 03/19/18 (e)		402
	850	Societe Generale SA, (France), 2.500%, 04/08/21 (e)		852
	927	SpareBank 1 Boligkreditt A/S, (Norway), 1.750%, 11/15/19 (e)		923
	1,148	Stadshypotek AB, (Sweden), 1.875%, 10/02/19 (e)		1,147
		Standard Chartered plc, (United Kingdom),
	769	4.050%, 04/12/26 (e)		787
	1,300	5.200%, 01/26/24 (e)		1,399
	872	Sumitomo Mitsui Financial Group, Inc., (Japan), 2.632%, 07/14/26		833
		SunTrust Banks, Inc.,
	253	2.900%, 03/03/21		258
	880	6.000%, 09/11/17		890
		Toronto-Dominion Bank (The), (Canada),
	114	1.800%, 07/13/21		112
	115	2.125%, 04/07/21		115
	521	2.250%, 11/05/19		526
		UBS Group Funding Jersey Ltd., (Switzerland),
	300	4.125%, 09/24/25 (e)		314
	963	4.125%, 04/15/26 (e)		1,008
	1,277	US Bancorp, 7.500%, 06/01/26		1,658
	896	US Bank NA, 2.800%, 01/27/25		890
	2,106	Wachovia Corp., 5.750%, 02/01/18		2,163
		Wells Fargo & Co.,
	2,174	2.600%, 07/22/20		2,206
	453	3.000%, 02/19/25		449
	540	3.000%, 04/22/26		528
	1,000	3.300%, 09/09/24		1,015
	850	3.500%, 03/08/22		889
	637	4.100%, 06/03/26		662
	541	4.300%, 07/22/27		573
	702	4.480%, 01/16/24		746
	500	4.600%, 04/01/21		541
	920	4.650%, 11/04/44		952
	1,280	5.606%, 01/15/44		1,507
	1,000	5.625%, 12/11/17		1,021
	1,200	Series N, 2.150%, 01/30/20		1,205
	250	Wells Fargo Bank NA, 6.000%, 11/15/17		255
		Westpac Banking Corp., (Australia),
	338	2.000%, 03/03/20 (e)		338
	2,141	4.875%, 11/19/19		2,287
				139,827
		Capital Markets — 2.8%
		Ameriprise Financial, Inc.,
	761	2.875%, 09/15/26		742
	1,500	4.000%, 10/15/23		1,611
		Bank of New York Mellon Corp. (The),
	909	2.600%, 08/17/20		924
	254	2.800%, 05/04/26		250
	700	3.250%, 09/11/24		719
	413	3.550%, 09/23/21		433
	760	4.600%, 01/15/20		811
	950	Series 0012, 3.650%, 02/04/24		1,002
		BlackRock, Inc.,
	660	3.375%, 06/01/22		692
	540	3.500%, 03/18/24		571
	430	4.250%, 05/24/21		463
		Blackstone Holdings Finance Co. LLC,
	429	4.450%, 07/15/45 (e)		426
	1,940	5.875%, 03/15/21 (e)		2,168

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Capital Markets — continued
	340	Charles Schwab Corp. (The), 3.225%, 09/01/22		351
		CME Group, Inc.,
	1,230	3.000%, 09/15/22		1,269
	777	3.000%, 03/15/25		787
	285	5.300%, 09/15/43		353
		Credit Suisse AG, (Switzerland),
	417	1.700%, 04/27/18		417
	728	2.300%, 05/28/19		732
	271	3.000%, 10/29/21		277
	402	3.625%, 09/09/24		416
	310	Credit Suisse Group AG, (Switzerland), 3.574%, 01/09/23 (e)		316
	610	Daiwa Securities Group, Inc., (Japan), 3.129%, 04/19/22 (e)		617
		Deutsche Bank AG, (Germany),
	591	1.875%, 02/13/18		591
	1,900	4.250%, 10/14/21		1,980
	400	4.500%, 04/01/25		400
	805	6.000%, 09/01/17		813
	500	FMR LLC, 6.450%, 11/15/39 (e)		651
		Goldman Sachs Group, Inc. (The),
	952	2.600%, 04/23/20		962
	1,309	2.625%, 01/31/19		1,323
	300	2.625%, 04/25/21		301
	453	2.750%, 09/15/20		459
	1,720	2.875%, 02/25/21		1,743
	557	3.500%, 01/23/25		563
	469	3.500%, 11/16/26		465
	2,093	3.691%, 06/05/28		2,093
	525	3.750%, 05/22/25		538
	359	3.850%, 07/08/24		374
	830	3.850%, 01/26/27		845
	1,100	4.000%, 03/03/24		1,155
	1,415	4.250%, 10/21/25		1,468
	493	5.250%, 07/27/21		544
	1,786	5.375%, 03/15/20		1,934
	1,200	5.750%, 01/24/22		1,356
	2,890	5.950%, 01/18/18		2,965
	685	6.750%, 10/01/37		875
	2,678	7.500%, 02/15/19		2,920
	949	Series D, 6.000%, 06/15/20		1,051
	900	ING Bank NV, (Netherlands), 1.650%, 08/15/19 (e)		891
		Intercontinental Exchange, Inc.,
	447	2.500%, 10/15/18		453
	884	4.000%, 10/15/23		948
		Invesco Finance plc,
	390	3.750%, 01/15/26		408
	657	4.000%, 01/30/24		700
		Jefferies Group LLC,
	1,015	5.125%, 04/13/18		1,043
	1,010	6.450%, 06/08/27		1,166
	880	6.875%, 04/15/21		1,009
		Macquarie Bank Ltd., (Australia),
	2,615	1.600%, 10/27/17 (e)		2,611
	896	2.600%, 06/24/19 (e)		905
	1,000	2.850%, 07/29/20 (e)		1,014
	1,000	4.000%, 07/29/25 (e)		1,053
		Macquarie Group Ltd., (Australia),
	1,200	6.000%, 01/14/20 (e)		1,307
	1,650	6.250%, 01/14/21 (e)		1,843
		Morgan Stanley,
	1,064	2.500%, 04/21/21		1,065
	500	2.650%, 01/27/20		506
	2,365	2.800%, 06/16/20		2,405
	1,250	3.700%, 10/23/24		1,289
	946	3.875%, 01/27/26		975
	2,873	4.000%, 07/23/25		3,003
	1,550	4.100%, 05/22/23		1,624
	480	4.350%, 09/08/26		502
	1,574	5.000%, 11/24/25		1,721
	475	5.500%, 07/24/20		520
	559	5.500%, 07/28/21		622
	1,265	5.625%, 09/23/19		1,363
	906	5.750%, 01/25/21		1,009
	1,400	6.625%, 04/01/18		1,455
	970	7.300%, 05/13/19		1,066
	390	Northern Trust Corp., VAR, 3.375%, 05/08/32		394
		State Street Corp.,
	369	3.100%, 05/15/23		377
	1,164	3.700%, 11/20/23		1,234
	379	TD Ameritrade Holding Corp., 2.950%, 04/01/22		388
	269	UBS Group Funding Switzerland AG, (Switzerland), 3.491%, 05/23/23 (e)		275
				81,860
		Consumer Finance — 1.0%
	390	AerCap Ireland Capital DAC, (Netherlands), 3.500%, 05/26/22		401
	700	American Express Co., 7.000%, 03/19/18		729
		American Express Credit Corp.,
	1,140	1.800%, 07/31/18		1,141

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Consumer Finance — continued
	1,028	1.875%, 11/05/18		1,028
	1,126	2.250%, 05/05/21		1,127
	1,455	2.375%, 05/26/20		1,472
	715	2.700%, 03/03/22		723
		American Honda Finance Corp.,
	363	2.125%, 10/10/18		365
	150	7.625%, 10/01/18 (e)		162
		Capital One Financial Corp.,
	1,069	3.200%, 02/05/25		1,052
	962	3.750%, 04/24/24		989
	1,462	4.200%, 10/29/25		1,490
		Caterpillar Financial Services Corp.,
	323	1.931%, 10/01/21		319
	402	2.850%, 06/01/22		411
	585	7.150%, 02/15/19		637
		Ford Motor Credit Co. LLC,
	472	1.684%, 09/08/17		472
	340	2.145%, 01/09/18		341
	991	2.240%, 06/15/18		994
	1,653	3.000%, 06/12/17		1,654
	507	3.096%, 05/04/23		497
	1,602	3.339%, 03/28/22		1,622
	578	3.810%, 01/09/24		587
	1,162	4.134%, 08/04/25		1,177
		General Motors Financial Co., Inc.,
	489	3.100%, 01/15/19		496
	1,500	3.450%, 01/14/22		1,520
	1,091	3.450%, 04/10/22		1,105
	1,230	3.700%, 05/09/23		1,239
	1,400	3.950%, 04/13/24		1,403
	550	4.300%, 07/13/25		557
	875	4.350%, 01/17/27		885
	207	HSBC Finance Corp., 7.350%, 11/27/32		271
	800	HSBC USA, Inc., 1.625%, 01/16/18		800
		John Deere Capital Corp.,
	335	1.700%, 01/15/20		334
	893	2.800%, 03/06/23		908
	233	3.150%, 10/15/21		242
	400	Series 14, 2.450%, 09/11/20		406
	290	Synchrony Financial, 4.250%, 08/15/24		297
				29,853
		Diversified Financial Services — 1.1%
		Berkshire Hathaway, Inc.,
	2,498	2.750%, 03/15/23		2,524
	233	3.000%, 02/11/23		241
		GE Capital International Funding Co. Unlimited Co.,
	827	3.373%, 11/15/25		863
	5,565	4.418%, 11/15/35		5,989
		GTP Acquisition Partners I LLC,
	1,236	2.350%, 06/15/20 (e)		1,212
	1,436	3.482%, 06/16/25 (e)		1,437
	539	Hutchison Whampoa International 12 II Ltd., (Hong Kong), 3.250%, 11/08/22 (e)		552
		National Rural Utilities Cooperative Finance Corp.,
	306	2.950%, 02/07/24		310
	290	10.375%, 11/01/18		325
		Nationwide Building Society, (United Kingdom),
	200	2.450%, 07/27/21 (e)		200
	400	4.000%, 09/14/26 (e)		401
		Private Export Funding Corp.,
	5,000	Series EE, 2.800%, 05/15/22		5,191
	681	Series KK, 3.550%, 01/15/24		733
		Shell International Finance BV, (Netherlands),
	804	2.125%, 05/11/20		810
	2,953	2.875%, 05/10/26		2,929
	2,854	4.000%, 05/10/46		2,815
	789	4.125%, 05/11/35		818
	1,020	4.300%, 09/22/19		1,078
	1,005	4.375%, 03/25/20		1,073
	1,280	6.375%, 12/15/38		1,709
		Siemens Financieringsmaatschappij NV, (Germany),
	634	2.900%, 05/27/22 (e)		651
	750	3.125%, 03/16/24 (e)		765
	513	4.400%, 05/27/45 (e)		553
	540	Voya Financial, Inc., 3.650%, 06/15/26		545
				33,724
		Insurance — 1.3%
	520	AIG SunAmerica Global Financing X, 6.900%, 03/15/32 (e)		693
	651	Allstate Corp. (The), 3.150%, 06/15/23		671
		American International Group, Inc.,
	674	3.750%, 07/10/25		692
	296	3.875%, 01/15/35		284
	641	4.125%, 02/15/24		678
	1,685	4.700%, 07/10/35		1,783
	306	Aon Corp., 6.250%, 09/30/40		381
	452	Aon plc, 3.875%, 12/15/25		469

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Insurance — continued
	1,055	Athene Global Funding, 2.750%, 04/20/20 (e)		1,060
		Berkshire Hathaway Finance Corp.,
	748	4.300%, 05/15/43		798
	1,574	4.400%, 05/15/42		1,713
	120	Chubb Corp. (The), 5.750%, 05/15/18		125
		Chubb INA Holdings, Inc.,
	380	2.300%, 11/03/20		383
	533	2.875%, 11/03/22		544
		CNA Financial Corp.,
	463	3.950%, 05/15/24		483
	337	4.500%, 03/01/26		364
	526	Dai-ichi Life Insurance Co. Ltd. (The), (Japan), VAR, 4.000%, 07/24/26 (e) (x) (y)		530
	700	Great-West Lifeco Finance Delaware LP, (Canada), 4.150%, 06/03/47 (e)		695
	208	Guardian Life Insurance Co. of America (The), 4.850%, 01/24/77 (e)		214
		Jackson National Life Global Funding,
	563	1.875%, 10/15/18 (e)		565
	675	3.050%, 04/29/26 (e)		667
		Liberty Mutual Group, Inc.,
	408	4.950%, 05/01/22 (e)		450
	900	6.500%, 03/15/35 (e)		1,115
	100	Liberty Mutual Insurance Co., 8.500%, 05/15/25 (e)		129
	598	Lincoln National Corp., 4.200%, 03/15/22		641
		Marsh & McLennan Cos., Inc.,
	676	2.350%, 03/06/20		682
	192	2.750%, 01/30/22		195
	288	3.300%, 03/14/23		298
		Massachusetts Mutual Life Insurance Co.,
	280	5.375%, 12/01/41 (e)		330
	91	8.875%, 06/01/39 (e)		148
	626	MassMutual Global Funding II, 2.500%, 10/17/22 (e)		624
		MetLife, Inc.,
	600	4.875%, 11/13/43		678
	555	Series A, 6.817%, 08/15/18		589
		Metropolitan Life Global Funding I,
	604	1.550%, 09/13/19 (e)		598
	2,838	2.300%, 04/10/19 (e)		2,865
	1,277	3.875%, 04/11/22 (e)		1,359
	1,750	Nationwide Mutual Insurance Co., 9.375%, 08/15/39 (e)		2,904
		New York Life Global Funding,
	129	1.950%, 02/11/20 (e)		129
	3,951	2.150%, 06/18/19 (e)		3,978
	820	Pacific Life Insurance Co., 9.250%, 06/15/39 (e)		1,327
	384	Pricoa Global Funding I, 1.600%, 05/29/18 (e)		384
	953	Principal Life Global Funding II, 2.250%, 10/15/18 (e)		960
	920	Progressive Corp. (The), 2.450%, 01/15/27		881
	603	Prudential Financial, Inc., Series B, 5.750%, 07/15/33		724
	1,750	Prudential Insurance Co. of America (The), 8.300%, 07/01/25 (e)		2,328
	388	Reliance Standard Life Global Funding II, 3.050%, 01/20/21 (e)		393
	400	Teachers Insurance & Annuity Association of America, 4.270%, 05/15/47 (e)		408
	285	Travelers Cos., Inc. (The), 5.800%, 05/15/18		296
				39,205
		Thrifts & Mortgage Finance — 0.1%
		BPCE SA, (France),
	850	1.625%, 01/26/18		849
	400	3.375%, 12/02/26		404
	800	4.625%, 07/11/24 (e)		829
				2,082
		Total Financials		326,551
		Health Care — 1.5%
		Biotechnology — 0.6%
		AbbVie, Inc.,
	992	2.000%, 11/06/18		995
	2,273	2.850%, 05/14/23		2,269
	872	3.200%, 11/06/22		894
	813	3.600%, 05/14/25		831
	315	4.300%, 05/14/36		317
	1,483	4.500%, 05/14/35		1,532
		Amgen, Inc.,
	1,920	4.663%, 06/15/51		1,984
	500	4.950%, 10/01/41		538
		Baxalta, Inc.,
	500	3.600%, 06/23/22		519
	167	5.250%, 06/23/45		190
		Biogen, Inc.,
	918	3.625%, 09/15/22		964
	250	5.200%, 09/15/45		278

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Biotechnology — continued
		Celgene Corp.,
	873	2.875%, 08/15/20		893
	1,336	3.250%, 08/15/22		1,378
	929	3.625%, 05/15/24		962
	633	5.700%, 10/15/40		723
		Gilead Sciences, Inc.,
	140	2.500%, 09/01/23		138
	210	3.500%, 02/01/25		216
	632	3.650%, 03/01/26		649
	189	3.700%, 04/01/24		197
	816	4.600%, 09/01/35		862
				17,329
		Health Care Equipment & Supplies — 0.1%
		Becton Dickinson and Co.,
	142	2.675%, 12/15/19		144
	113	3.734%, 12/15/24		115
	399	Covidien International Finance SA, 2.950%, 06/15/23		404
		Medtronic, Inc.,
	422	3.125%, 03/15/22		437
	960	4.375%, 03/15/35		1,036
	128	Stryker Corp., 3.500%, 03/15/26		131
				2,267
		Health Care Providers & Services — 0.5%
		Aetna, Inc.,
	524	2.800%, 06/15/23		524
	265	4.500%, 05/15/42		286
	440	6.750%, 12/15/37		602
		Anthem, Inc.,
	467	2.300%, 07/15/18		470
	615	3.125%, 05/15/22		628
	280	3.300%, 01/15/23		287
	500	4.625%, 05/15/42		526
	535	4.650%, 01/15/43		568
	648	4.650%, 08/15/44		689
		Cardinal Health, Inc.,
	540	2.400%, 11/15/19		543
	690	3.750%, 09/15/25		722
		Express Scripts Holding Co.,
	305	3.000%, 07/15/23		303
	900	3.500%, 06/15/24		903
	300	4.500%, 02/25/26		315
	639	Laboratory Corp. of America Holdings, 3.200%, 02/01/22		651
	425	Mayo Clinic, Series 2016, 4.128%, 11/15/52		447
	588	Memorial Sloan-Kettering Cancer Center, Series 2015, 4.200%, 07/01/55		600
	251	Quest Diagnostics, Inc., 3.450%, 06/01/26		252
	640	Texas Health Resources, 4.330%, 11/15/55		665
		UnitedHealth Group, Inc.,
	472	1.625%, 03/15/19		471
	173	2.750%, 02/15/23		175
	400	2.875%, 03/15/23		408
	697	3.100%, 03/15/26		704
	697	3.350%, 07/15/22		733
	760	4.625%, 07/15/35		849
	620	6.625%, 11/15/37		846
				14,167
		Life Sciences Tools & Services — 0.0% (g)
		Thermo Fisher Scientific, Inc.,
	369	3.000%, 04/15/23		374
	520	3.150%, 01/15/23		529
	343	4.150%, 02/01/24		367
				1,270
		Pharmaceuticals — 0.3%
		Allergan Funding SCS,
	443	3.850%, 06/15/24		461
	706	4.550%, 03/15/35		731
		Allergan, Inc.,
	525	2.800%, 03/15/23		522
	453	3.375%, 09/15/20		466
	395	Bayer US Finance LLC, (Germany), 2.375%, 10/08/19 (e)		399
	937	Forest Laboratories LLC, 5.000%, 12/15/21 (e)		1,031
	750	GlaxoSmithKline Capital plc, (United Kingdom), 2.850%, 05/08/22		771
	530	GlaxoSmithKline Capital, Inc., (United Kingdom), 6.375%, 05/15/38		712
	282	Johnson & Johnson, 4.375%, 12/05/33		319
		Merck & Co., Inc.,
	266	2.400%, 09/15/22		269
	770	2.800%, 05/18/23		787
	210	3.700%, 02/10/45		207
		Mylan NV,
	463	3.950%, 06/15/26		464
	318	5.250%, 06/15/46		337
		Mylan, Inc.,
	520	3.125%, 01/15/23 (e)		517
	250	5.400%, 11/29/43		268

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Pharmaceuticals — continued
	560	Novartis Capital Corp., (Switzerland), 3.400%, 05/06/24		587
		Zoetis, Inc.,
	193	1.875%, 02/01/18		193
	123	4.700%, 02/01/43		132
				9,173
		Total Health Care		44,206
		Industrials — 1.8%
		Aerospace & Defense — 0.4%
	557	Airbus Group Finance BV, (France), 2.700%, 04/17/23 (e)		563
		Airbus SE, (France),
	409	3.150%, 04/10/27 (e)		415
	150	3.950%, 04/10/47 (e)		153
		BAE Systems Holdings, Inc., (United Kingdom),
	900	3.800%, 10/07/24 (e)		938
	400	6.375%, 06/01/19 (e)		433
	676	BAE Systems plc, (United Kingdom), 5.800%, 10/11/41 (e)		817
	200	Boeing Co. (The), 7.950%, 08/15/24		267
	164	L3 Technologies, Inc., 3.850%, 12/15/26		169
		Lockheed Martin Corp.,
	131	3.100%, 01/15/23		135
	1,281	4.070%, 12/15/42		1,301
	292	4.850%, 09/15/41		331
	277	Series B, 6.150%, 09/01/36		357
	300	Northrop Grumman Systems Corp., 7.750%, 02/15/31		431
	1,350	Precision Castparts Corp., 3.250%, 06/15/25		1,388
	340	Raytheon Co., 3.150%, 12/15/24		351
		Rockwell Collins, Inc.,
	350	3.200%, 03/15/24		355
	199	4.350%, 04/15/47		207
	370	Textron, Inc., 3.650%, 03/15/27		374
		United Technologies Corp.,
	681	3.100%, 06/01/22		705
	543	4.150%, 05/15/45		560
	914	4.500%, 06/01/42		992
				11,242
		Air Freight & Logistics — 0.0% (g)
		FedEx Corp.,
	181	3.250%, 04/01/26		183
	318	3.900%, 02/01/35		313
	239	4.100%, 04/15/43		233
	160	United Parcel Service of America, Inc., SUB, 8.375%, 04/01/30		230
				959
		Airlines — 0.0% (g)
	174	Continental Airlines Pass-Through Trust, Series 2012-2, Class A, 4.000%, 10/29/24		182
		Building Products — 0.1%
		Johnson Controls International plc,
	591	3.750%, 12/01/21		620
	675	4.250%, 03/01/21		720
	223	5.125%, 09/14/45		256
	1,000	5.250%, 12/01/41		1,091
	273	SUB, 4.950%, 07/02/64		290
				2,977
		Commercial Services & Supplies — 0.1%
		Republic Services, Inc.,
	175	2.900%, 07/01/26		172
	614	3.550%, 06/01/22		643
		Waste Management, Inc.,
	556	2.400%, 05/15/23		550
	156	3.900%, 03/01/35		159
	214	4.750%, 06/30/20		232
				1,756
		Construction & Engineering — 0.0% (g)
		ABB Finance USA, Inc., (Switzerland),
	292	2.875%, 05/08/22		300
	145	4.375%, 05/08/42		155
	789	Fluor Corp., 3.375%, 09/15/21		823
				1,278
		Electrical Equipment — 0.1%
		Eaton Corp.,
	182	1.500%, 11/02/17		182
	170	4.000%, 11/02/32		178
	570	5.600%, 05/15/18		591
	300	7.625%, 04/01/24		363
				1,314
		Industrial Conglomerates — 0.2%
		General Electric Co.,
	107	2.700%, 10/09/22		109
	573	3.100%, 01/09/23		596
	573	3.150%, 09/07/22		598
	541	3.450%, 05/15/24		570
	191	5.300%, 02/11/21		213
	95	5.875%, 01/14/38		122
	391	Series A, 6.750%, 03/15/32		540

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Industrial Conglomerates — continued
	412	Ingersoll-Rand Global Holding Co. Ltd., 4.250%, 06/15/23		446
	970	Koninklijke Philips NV, (Netherlands), 3.750%, 03/15/22		1,026
	481	Pentair Finance SA, (United Kingdom), 2.900%, 09/15/18		488
		Roper Technologies, Inc.,
	192	3.000%, 12/15/20		197
	134	3.800%, 12/15/26		138
				5,043
		Machinery — 0.1%
	164	Caterpillar, Inc., 2.600%, 06/26/22		166
		Deere & Co.,
	819	2.600%, 06/08/22		832
	346	3.900%, 06/09/42		357
		Illinois Tool Works, Inc.,
	400	3.500%, 03/01/24		423
	825	3.900%, 09/01/42		853
	95	4.875%, 09/15/41		110
	290	Ingersoll-Rand Co., 6.391%, 11/15/27		348
	592	Parker-Hannifin Corp., 4.450%, 11/21/44		644
		Xylem, Inc.,
	197	3.250%, 11/01/26		197
	224	4.375%, 11/01/46		230
				4,160
		Professional Services — 0.0% (g)
	380	Equifax, Inc., 2.300%, 06/01/21		378
		Road & Rail — 0.7%
		Burlington Northern Santa Fe LLC,
	200	3.000%, 03/15/23		206
	522	3.050%, 03/15/22		541
	300	3.450%, 09/15/21		315
	136	3.600%, 09/01/20		143
	249	3.750%, 04/01/24		265
	375	4.375%, 09/01/42		403
	500	4.400%, 03/15/42		537
	455	4.700%, 09/01/45		511
	769	5.150%, 09/01/43		910
	1,658	5.400%, 06/01/41		2,000
	425	5.750%, 05/01/40		536
	250	6.700%, 08/01/28		329
		Canadian Pacific Railway Co., (Canada),
	600	4.500%, 01/15/22		646
	1,130	6.125%, 09/15/152		1,398
	250	7.125%, 10/15/31		344
		CSX Corp.,
	400	3.400%, 08/01/24		414
	526	3.950%, 05/01/50		504
	300	4.250%, 06/01/21		321
	191	4.750%, 05/30/42		209
	575	5.500%, 04/15/41		686
		ERAC USA Finance LLC,
	559	4.500%, 08/16/21 (e)		601
	355	5.250%, 10/01/20 (e)		388
	436	5.625%, 03/15/42 (e)		488
	350	6.375%, 10/15/17 (e)		356
	746	6.700%, 06/01/34 (e)		918
		Norfolk Southern Corp.,
	595	3.950%, 10/01/42		588
	100	6.000%, 03/15/053		119
	1,510	6.000%, 05/23/114		1,802
		Penske Truck Leasing Co. LP,
	479	2.875%, 07/17/18 (e)		485
	1,131	3.375%, 02/01/22 (e)		1,164
		Ryder System, Inc.,
	240	2.500%, 03/01/18		241
	723	2.500%, 05/11/20		727
	517	2.875%, 09/01/20		524
		Union Pacific Corp.,
	375	2.750%, 04/15/23		381
	182	2.950%, 01/15/23		187
	838	3.646%, 02/15/24		886
	335	4.163%, 07/15/22		364
	200	4.300%, 06/15/42		210
				21,647
		Trading Companies & Distributors — 0.1%
		Air Lease Corp.,
	743	3.000%, 09/15/23		739
	500	3.875%, 04/01/21		524
	506	International Lease Finance Corp., 5.875%, 08/15/22		574
	655	WW Grainger, Inc., 4.600%, 06/15/45		704
				2,541
		Total Industrials		53,477
		Information Technology — 1.6%
		Communications Equipment — 0.1%
		Cisco Systems, Inc.,
	514	2.600%, 02/28/23		519
	197	2.900%, 03/04/21		203
	335	2.950%, 02/28/26		337
	500	3.625%, 03/04/24		532
	350	5.500%, 01/15/40		436

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Communications Equipment — continued
	755	5.900%, 02/15/39		979
	850	Harris Corp., 3.832%, 04/27/25		882
				3,888
		Electronic Equipment, Instruments & Components — 0.1%
		Arrow Electronics, Inc.,
	219	3.000%, 03/01/18		221
	190	4.500%, 03/01/23		202
	165	6.000%, 04/01/20		181
	500	6.875%, 06/01/18		526
	1,563	7.500%, 01/15/27		1,924
				3,054
		Internet Software & Services — 0.1%
		eBay, Inc.,
	1,500	2.600%, 07/15/22		1,500
	348	3.450%, 08/01/24		354
	271	4.000%, 07/15/42		238
				2,092
		IT Services — 0.1%
	478	DXC Technology Co., 4.250%, 04/15/24 (e)		496
	371	Total System Services, Inc., 3.750%, 06/01/23		381
	1,100	Western Union Co. (The), 3.600%, 03/15/22		1,125
				2,002
		Semiconductors & Semiconductor Equipment — 0.3%
	300	Analog Devices, Inc., 4.500%, 12/05/36		305
		Broadcom Corp.,
	1,747	3.625%, 01/15/24 (e)		1,778
	1,626	3.875%, 01/15/27 (e)		1,650
		Intel Corp.,
	375	3.100%, 07/29/22		390
	652	3.700%, 07/29/25		690
	1,185	4.000%, 12/15/32		1,278
	453	4.900%, 07/29/45		520
		QUALCOMM, Inc.,
	104	2.600%, 01/30/23		104
	815	3.250%, 05/20/27		813
				7,528
		Software — 0.5%
		Microsoft Corp.,
	489	2.375%, 05/01/23		489
	2,878	2.875%, 02/06/24		2,930
	836	3.300%, 02/06/27		864
	291	3.500%, 02/12/35		290
	305	4.000%, 02/12/55		302
	1,359	4.100%, 02/06/37		1,445
	615	4.200%, 11/03/35		661
	117	4.500%, 10/01/40		130
	1,190	4.500%, 02/06/57		1,284
	639	4.750%, 11/03/55		714
		Oracle Corp.,
	1,000	2.400%, 09/15/23		991
	587	2.500%, 05/15/22		594
	1,750	2.950%, 05/15/25		1,761
	1,088	4.300%, 07/08/34		1,164
	1,740	4.375%, 05/15/55		1,795
				15,414
		Technology Hardware, Storage & Peripherals — 0.4%
		Apple, Inc.,
	2,556	2.400%, 05/03/23		2,543
	815	2.450%, 08/04/26		783
	467	2.850%, 05/11/24		471
	586	3.000%, 02/09/24		599
	1,539	3.200%, 05/13/25		1,577
	686	3.200%, 05/11/27		695
	625	3.450%, 02/09/45		580
	569	3.850%, 08/04/46		561
	426	4.500%, 02/23/36		474
	300	Dell, Inc., 7.100%, 04/15/28		330
		Diamond 1 Finance Corp.,
	780	4.420%, 06/15/21 (e)		822
	976	5.450%, 06/15/23 (e)		1,060
	857	6.020%, 06/15/26 (e)		945
	849	HP, Inc., 6.000%, 09/15/41		902
				12,342
		Total Information Technology		46,320
		Materials — 0.7%
		Chemicals — 0.5%
		Agrium, Inc., (Canada),
	490	3.375%, 03/15/25		492
	525	4.125%, 03/15/35		515
	757	5.250%, 01/15/45		851
		CF Industries, Inc.,
	667	4.500%, 12/01/26 (e)		688
	500	7.125%, 05/01/20		553
		Dow Chemical Co. (The),
	888	3.000%, 11/15/22		905
	850	3.500%, 10/01/24		879
	347	4.125%, 11/15/21		371
	200	5.250%, 11/15/41		228
	375	7.375%, 11/01/29		513

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Chemicals — continued
	73	8.550%, 05/15/19		82
		Ecolab, Inc.,
	447	1.450%, 12/08/17		446
	595	3.250%, 01/14/23		616
	150	5.500%, 12/08/41		183
	208	Monsanto Co., 4.700%, 07/15/64		205
		Mosaic Co. (The),
	1,736	4.250%, 11/15/23		1,827
	79	4.875%, 11/15/41		74
	861	5.450%, 11/15/33		906
	347	5.625%, 11/15/43		355
		Potash Corp. of Saskatchewan, Inc., (Canada),
	660	3.000%, 04/01/25		643
	85	3.250%, 12/01/17		85
		PPG Industries, Inc.,
	114	5.500%, 11/15/40		134
	355	9.000%, 05/01/21		437
	473	Praxair, Inc., 2.650%, 02/05/25		471
		Sherwin-Williams Co. (The),
	381	3.125%, 06/01/24		384
	314	3.450%, 06/01/27		317
		Union Carbide Corp.,
	1,000	7.500%, 06/01/25		1,233
	850	7.750%, 10/01/96		1,104
				15,497
		Construction Materials — 0.1%
		CRH America, Inc., (Ireland),
	417	3.875%, 05/18/25 (e)		436
	893	5.125%, 05/18/45 (e)		1,007
	770	Martin Marietta Materials, Inc., 3.450%, 06/01/27		770
				2,213
		Containers & Packaging — 0.0% (g)
		International Paper Co.,
	600	7.300%, 11/15/39		808
	470	8.700%, 06/15/38		695
				1,503
		Metals & Mining — 0.1%
		BHP Billiton Finance USA Ltd., (Australia),
	815	3.850%, 09/30/23		875
	150	5.000%, 09/30/43		172
	283	Nucor Corp., 4.000%, 08/01/23		301
	295	Placer Dome, Inc., (Canada), 6.450%, 10/15/35		346
	258	Rio Tinto Finance USA Ltd., (United Kingdom), 9.000%, 05/01/19		293
	300	Vale Canada Ltd., (Brazil), 7.200%, 09/15/32		319
	306	Vale Overseas Ltd., (Brazil), 6.250%, 08/10/26		329
				2,635
		Total Materials		21,848
		Real Estate — 0.9%
		Equity Real Estate Investment Trusts (REITs) — 0.9%
		American Tower Corp.,
	312	3.375%, 10/15/26		307
	1,043	3.500%, 01/31/23		1,074
	974	5.000%, 02/15/24		1,074
	100	5.900%, 11/01/21		113
		American Tower Trust I,
	471	1.551%, 03/15/18 (e)		470
	750	3.070%, 03/15/23 (e)		758
	700	AvalonBay Communities, Inc., 2.850%, 03/15/23		700
		Boston Properties LP,
	360	2.750%, 10/01/26		340
	200	3.125%, 09/01/23		203
	483	3.650%, 02/01/26		493
	400	Brixmor Operating Partnership LP, 3.850%, 02/01/25		399
		Crown Castle International Corp.,
	264	4.000%, 03/01/27		273
	1,365	4.875%, 04/15/22		1,495
	450	5.250%, 01/15/23		503
	330	DDR Corp., 4.700%, 06/01/27		334
	239	Duke Realty LP, 3.250%, 06/30/26		236
	621	EPR Properties, 4.500%, 06/01/27		624
		Equity Commonwealth,
	600	5.875%, 09/15/20		644
	1,345	6.650%, 01/15/18		1,352
		ERP Operating LP,
	853	3.000%, 04/15/23		855
	364	4.625%, 12/15/21		394
		HCP, Inc.,
	265	3.400%, 02/01/25		261
	2,294	3.875%, 08/15/24		2,341
	230	4.200%, 03/01/24		239
	177	Hospitality Properties Trust, 4.950%, 02/15/27		186
	845	Kimco Realty Corp., 3.800%, 04/01/27		845
	783	National Retail Properties, Inc., 4.000%, 11/15/25		807

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Equity Real Estate Investment Trusts (REITs) — continued
		Prologis LP,
	133	3.750%, 11/01/25		139
	534	4.250%, 08/15/23		579
	556	Realty Income Corp., 4.650%, 03/15/47		580
	420	Scentre Group Trust 1, (Australia), 3.500%, 02/12/25 (e)		425
		Simon Property Group LP,
	917	2.150%, 09/15/17		917
	868	3.375%, 10/01/24		883
	532	3.750%, 02/01/24		555
	579	4.125%, 12/01/21		619
	200	4.375%, 03/01/21		214
	382	UDR, Inc., 2.950%, 09/01/26		362
		Ventas Realty LP,
	242	3.500%, 02/01/25		242
	593	3.750%, 05/01/24		607
	554	3.850%, 04/01/27		557
	406	4.125%, 01/15/26		420
	1,000	VEREIT Operating Partnership LP, 4.600%, 02/06/24		1,047
		Welltower, Inc.,
	223	4.000%, 06/01/25		231
	732	4.500%, 01/15/24		785
		Total Real Estate		26,482
		Telecommunication Services — 1.7%
		Diversified Telecommunication Services — 1.6%
		AT&T, Inc.,
	2,525	3.000%, 06/30/22		2,539
	2,218	3.400%, 05/15/25		2,179
	2,716	3.600%, 02/17/23		2,779
	832	3.950%, 01/15/25		850
	348	4.300%, 12/15/42		318
	462	4.350%, 06/15/45		417
	577	4.450%, 04/01/24		610
	525	4.500%, 05/15/35		508
	977	4.550%, 03/09/49		903
	1,000	4.600%, 02/15/21		1,069
	563	4.750%, 05/15/46		541
	860	5.350%, 09/01/40		898
	125	5.500%, 02/01/18		128
	125	5.800%, 02/15/19		133
	2,000	6.000%, 08/15/40		2,228
	2,700	6.300%, 01/15/38		3,140
	400	6.500%, 09/01/37		475
	2,250	BellSouth LLC, 6.550%, 06/15/34		2,565
		British Telecommunications plc, (United Kingdom),
	531	2.350%, 02/14/19		535
	150	9.125%, 12/15/30		229
	600	Centel Capital Corp., 9.000%, 10/15/19		684
		Deutsche Telekom International Finance BV, (Germany),
	232	4.875%, 03/06/42 (e)		254
	400	6.000%, 07/08/19		433
	325	8.750%, 06/15/30		485
	267	Nippon Telegraph & Telephone Corp., (Japan), 1.400%, 07/18/17		267
	1,305	Orange SA, (France), SUB, 9.000%, 03/01/31		1,988
	741	Qwest Corp., 6.750%, 12/01/21		828
		Telefonica Emisiones SAU, (Spain),
	252	3.192%, 04/27/18		255
	534	4.103%, 03/08/27		552
	526	5.134%, 04/27/20		569
	547	5.213%, 03/08/47		575
	316	5.462%, 02/16/21		350
		Verizon Communications, Inc.,
	1,322	2.946%, 03/15/22 (e)		1,341
	881	3.450%, 03/15/21		917
	400	3.500%, 11/01/21		415
	2,804	3.500%, 11/01/24		2,842
	938	4.150%, 03/15/24		993
	200	4.272%, 01/15/36		191
	2,645	4.400%, 11/01/34		2,587
	730	4.522%, 09/15/48		687
	1,085	4.672%, 03/15/55		1,014
	1,693	4.812%, 03/15/39 (e)		1,703
	4,200	4.862%, 08/21/46		4,140
	566	5.012%, 08/21/54		553
	457	5.250%, 03/16/37		487
				48,154
		Wireless Telecommunication Services — 0.1%
	592	America Movil SAB de CV, (Mexico), 3.125%, 07/16/22		605
	400	Rogers Communications, Inc., (Canada), 8.750%, 05/01/32		567
				1,172
		Total Telecommunication Services		49,326
		Utilities — 2.4%
		Electric Utilities — 1.7%
		Alabama Power Co.,
	214	3.750%, 03/01/45		208
	239	6.125%, 05/15/38		300

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Electric Utilities — continued
		Arizona Public Service Co.,
	133	2.200%, 01/15/20		134
	296	4.500%, 04/01/42		321
	467	5.050%, 09/01/41		536
		Baltimore Gas & Electric Co.,
	455	2.800%, 08/15/22		461
	376	3.500%, 08/15/46		354
	1,234	China Southern Power Grid International Finance BVI Co. Ltd., (China), 3.500%, 05/08/27 (e)		1,231
	1,025	Cleveland Electric Illuminating Co. (The), Series D, 7.880%, 11/01/17		1,050
	831	Comision Federal de Electricidad, (Mexico), 4.875%, 05/26/21 (e)		884
	195	Connecticut Light & Power Co. (The), 5.650%, 05/01/18		202
	224	DTE Electric Co., 2.650%, 06/15/22		226
		Duke Energy Carolinas LLC,
	129	4.250%, 12/15/41		137
	100	6.000%, 01/15/38		129
	245	Duke Energy Florida LLC, 6.400%, 06/15/38		334
		Duke Energy Indiana LLC,
	700	3.750%, 05/15/46		680
	1,320	6.350%, 08/15/38		1,747
		Duke Energy Progress LLC,
	792	3.250%, 08/15/25		814
	273	4.100%, 05/15/42		282
	125	4.100%, 03/15/43		130
	387	4.150%, 12/01/44		405
		Electricite de France SA, (France),
	770	2.150%, 01/22/19 (e)		772
	1,300	6.000%, 01/22/145 (e)		1,356
		Enel Finance International NV, (Italy),
	740	3.625%, 05/25/27 (e)		729
	950	5.125%, 10/07/19 (e)		1,013
	175	Entergy Arkansas, Inc., 3.500%, 04/01/26		182
	336	Entergy Corp., 2.950%, 09/01/26		325
	629	Entergy Louisiana LLC, 3.050%, 06/01/31		609
	559	Entergy Mississippi, Inc., 2.850%, 06/01/28		545
	350	Florida Power & Light Co., 5.950%, 02/01/38		452
	679	Great Plains Energy, Inc., 4.850%, 06/01/21		730
		Hydro-Quebec, (Canada),
	1,000	Series HY, 8.400%, 01/15/22		1,246
	350	Series IO, 8.050%, 07/07/24		462
	100	Indiana Michigan Power Co., 7.000%, 03/15/19		108
	100	Jersey Central Power & Light Co., 7.350%, 02/01/19		109
	778	John Sevier Combined Cycle Generation LLC, 4.626%, 01/15/42		846
		Kansas City Power & Light Co.,
	403	3.150%, 03/15/23		409
	1,400	5.300%, 10/01/41		1,541
	424	Louisville Gas & Electric Co., Series 25, 3.300%, 10/01/25		434
	125	MidAmerican Energy Co., 5.300%, 03/15/18		129
		Nevada Power Co.,
	55	5.375%, 09/15/40		64
	305	5.450%, 05/15/41		361
	720	6.500%, 08/01/18		759
	100	Series N, 6.650%, 04/01/36		135
		NextEra Energy Capital Holdings, Inc.,
	371	2.400%, 09/15/19		374
	725	6.000%, 03/01/19		775
		Niagara Mohawk Power Corp.,
	493	3.508%, 10/01/24 (e)		510
	300	4.881%, 08/15/19 (e)		319
	510	Northern States Power Co., 6.250%, 06/01/36		669
	320	Ohio Power Co., 6.050%, 05/01/18		332
		Oncor Electric Delivery Co. LLC,
	840	6.800%, 09/01/18		891
	110	7.000%, 09/01/22		133
		Pacific Gas & Electric Co.,
	544	2.450%, 08/15/22		545
	492	2.950%, 03/01/26		490
	71	3.250%, 09/15/21		73
	250	3.250%, 06/15/23		258
	781	3.500%, 06/15/25		810
	217	4.450%, 04/15/42		237
	390	4.500%, 12/15/41		419
	90	4.600%, 06/15/43		100
	810	5.625%, 11/30/17		827
	100	6.050%, 03/01/34		128
	160	8.250%, 10/15/18		174
	150	PacifiCorp, 5.650%, 07/15/18		156
		PECO Energy Co.,
	350	2.375%, 09/15/22		349
	175	5.350%, 03/01/18		180
	316	Pepco Holdings LLC, 7.450%, 08/15/32		399

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Electric Utilities — continued
	1,085	Potomac Electric Power Co., 6.500%, 11/15/37		1,469
	200	PPL Capital Funding, Inc., 3.400%, 06/01/23		205
		Progress Energy, Inc.,
	673	3.150%, 04/01/22		691
	300	7.000%, 10/30/31		401
		Public Service Co. of Colorado,
	250	2.250%, 09/15/22		248
	90	3.200%, 11/15/20		93
	214	3.550%, 06/15/46		201
	125	5.800%, 08/01/18		131
	2,490	Public Service Co. of Oklahoma, Series G, 6.625%, 11/15/37		3,248
		Public Service Electric & Gas Co.,
	833	3.000%, 05/15/25		845
	317	5.375%, 11/01/39		385
	210	Series I, 1.800%, 06/01/19		210
		Southern California Edison Co.,
	111	1.845%, 02/01/22		110
	785	5.500%, 08/15/18		821
	1,185	6.050%, 03/15/39		1,552
	200	Series 08-A, 5.950%, 02/01/38		258
	318	Series C, 3.500%, 10/01/23		334
		Southwestern Public Service Co.,
	200	4.500%, 08/15/41		219
	570	Series G, 8.750%, 12/01/18		626
	312	State Grid Overseas Investment 2013 Ltd., (China), 1.750%, 05/22/18 (e)		311
	300	Toledo Edison Co. (The), 6.150%, 05/15/37		373
		Virginia Electric & Power Co.,
	64	3.450%, 02/15/24		67
	2,045	5.400%, 04/30/18		2,114
	21	Wisconsin Electric Power Co., 2.950%, 09/15/21		22
		Xcel Energy, Inc.,
	440	3.300%, 06/01/25		446
	92	4.800%, 09/15/41		98
	200	6.500%, 07/01/36		258
				48,765
		Gas Utilities — 0.1%
		Atmos Energy Corp.,
	125	4.125%, 10/15/44		128
	828	4.150%, 01/15/43		854
	375	8.500%, 03/15/19		418
	308	Boston Gas Co., 4.487%, 02/15/42 (e)		328
	335	CenterPoint Energy Resources Corp., 4.500%, 01/15/21		355
	382	Dominion Energy Gas Holdings LLC, 2.800%, 11/15/20		388
	653	Korea Gas Corp., (South Korea), 1.875%, 07/18/21 (e)		635
		Southern Natural Gas Co. LLC,
	367	4.800%, 03/15/47 (e)		382
	351	8.000%, 03/01/32		480
				3,968
		Independent Power and Renewable Electricity Producers — 0.1%
		Exelon Generation Co. LLC,
	300	2.950%, 01/15/20		306
	122	3.400%, 03/15/22		125
	1,018	4.250%, 06/15/22		1,077
	235	5.750%, 10/01/41		236
	442	PSEG Power LLC, 4.300%, 11/15/23		468
		Southern Power Co.,
	357	4.150%, 12/01/25		376
	600	5.150%, 09/15/41		631
	417	Tri-State Generation & Transmission Association, Inc., 4.250%, 06/01/46		408
				3,627
		Multi-Utilities — 0.5%
		CMS Energy Corp.,
	475	3.000%, 05/15/26		463
	400	3.875%, 03/01/24		417
	596	Consolidated Edison Co. of New York, Inc., 5.700%, 06/15/40		746
		Consumers Energy Co.,
	216	2.850%, 05/15/22		221
	286	3.250%, 08/15/46		260
	130	5.650%, 04/15/20		144
	235	Delmarva Power & Light Co., 4.000%, 06/01/42		235
		Dominion Energy, Inc.,
	300	7.000%, 06/15/38		396
	331	Series B, 2.750%, 01/15/22		335
	920	Series F, 5.250%, 08/01/33		1,031
		DTE Energy Co.,
	200	6.375%, 04/15/33		250
	289	Series F, 3.850%, 12/01/23		302
		NiSource Finance Corp.,
	370	3.850%, 02/15/23		387
	1,256	5.800%, 02/01/42		1,501
		San Diego Gas & Electric Co.,
	379	3.950%, 11/15/41		381

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
			Multi-Utilities — continued
	275		6.000%, 06/01/26		335
			Sempra Energy,
	350		2.875%, 10/01/22		352
	236		3.550%, 06/15/24		242
	1,013		4.050%, 12/01/23		1,073
	1,150		6.150%, 06/15/18		1,202
	460		9.800%, 02/15/19		519
			Southern Co. Gas Capital Corp.,
	254		3.250%, 06/15/26		251
	563		3.500%, 09/15/21		583
	208		4.400%, 06/01/43		209
	1,445		5.875%, 03/15/41		1,732
	1,009		WEC Energy Group, Inc., 3.550%, 06/15/25		1,048
					14,615
			Water Utilities — 0.0% (g)
	793		American Water Capital Corp., 3.400%, 03/01/25		823
			Total Utilities		71,798
			Total Corporate Bonds (Cost $781,701)		815,682
	Foreign Government Securities — 1.6%
			Israel Government AID Bond, (Israel),
	6,165		Zero Coupon, 11/01/23		5,327
	5,535		Zero Coupon, 05/01/24		4,690
	1,000		5.500%, 09/18/33		1,339
	1,000		Series 1, Zero Coupon, 11/01/24		827
	8,205		Series 2, Zero Coupon, 11/01/24		6,789
	5,000		Series 7-Z, Zero Coupon, 08/15/25		4,038
	2,000		Series 8-Z, Zero Coupon, 08/15/24		1,677
	7,805		Series 10-Z, Zero Coupon, 08/15/24		6,544
	377		Province of Quebec, (Canada), Series A, SUB, 7.365%, 03/06/26		505
			Republic of Colombia, (Colombia),
	922		4.000%, 02/26/24		953
	581		4.500%, 01/28/26		618
	515		5.000%, 06/15/45		522
	200		5.625%, 02/26/44		218
	200		7.375%, 09/18/37		258
			Republic of Panama, (Panama),
	317		3.750%, 03/16/25		327
	416		4.000%, 09/22/24		437
	88		Republic of Peru, (Peru), 5.625%, 11/18/50		108
	1,133		Republic of Poland, (Poland), 4.000%, 01/22/24		1,212
	640		Republic of South Africa, (South Africa), 5.875%, 09/16/25		700
			United Mexican States, (Mexico),
	788		3.600%, 01/30/25		795
	2,030		3.625%, 03/15/22		2,099
	1,732		4.000%, 10/02/23		1,808
	316		4.125%, 01/21/26		328
	186		4.350%, 01/15/47		174
	200		4.600%, 01/23/46		194
	120		4.750%, 03/08/44		119
	4,913		5.550%, 01/21/45		5,436
			Total Foreign Government Securities (Cost $46,317)		48,042
	Mortgage-Backed Securities — 17.8%
			FHLMC,
	4		ARM, 2.724%, 07/01/19		4
	78		ARM, 2.763%, 05/01/36		82
	26		ARM, 2.769%, 04/01/30		27
	350		ARM, 2.786%, 11/01/36		370
	263		ARM, 2.805%, 02/01/36		280
	68		ARM, 2.845%, 10/01/36		72
	172		ARM, 2.853%, 07/01/36		178
	280		ARM, 2.855%, 12/01/33		294
	296		ARM, 2.936%, 01/01/35		311
	189		ARM, 3.023%, 12/01/36		201
	226		ARM, 3.139%, 11/01/36		241
	242		ARM, 3.168%, 10/01/36		253
	489		ARM, 3.181%, 03/01/37		511
	125		ARM, 3.193%, 12/01/34		132
	131		ARM, 3.198%, 02/01/36		139
	497		ARM, 3.485%, 04/01/34		524
	198		ARM, 3.505%, 10/01/36		211
	136		ARM, 3.505%, 02/01/37		144
	656		ARM, 3.513%, 07/01/40		680
			FHLMC Gold Pools, 15 Year, Single Family,
	10		4.500%, 08/01/18		10
	–	(h)	5.500%, 06/01/17		—	(h)
	4		6.000%, 04/01/18		4
	9		6.500%, 11/01/17 – 02/01/19		9
			FHLMC Gold Pools, 20 Year, Single Family,
	1,566		3.500%, 01/01/32 – 03/01/32		1,645
	43		6.000%, 12/01/22		49
			FHLMC Gold Pools, 30 Year, Single Family,
	4,804		3.000%, 08/01/43		4,862
	525		4.000%, 09/01/35		555
	3,095		4.500%, 05/01/41		3,345
	2,538		5.000%, 09/01/34 – 08/01/40		2,808

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Mortgage-Backed Securities — continued
	1,153		5.500%, 10/01/33 – 07/01/35		1,308
	256		6.000%, 12/01/33 – 01/01/34		295
	932		6.500%, 11/01/34 – 11/01/36		1,067
	295		7.000%, 07/01/32 – 10/01/36		335
	172		FHLMC Gold Pools, FHA/VA, 10.000%, 10/01/30		185
			FHLMC Gold Pools, Other,
	2,041		3.000%, 03/01/33		2,092
	18,221		3.500%, 10/01/32 – 06/01/43		19,013
	16,965		4.000%, 01/01/32 – 01/01/46		18,123
	5,368		4.500%, 01/01/46		5,858
	245		5.500%, 10/01/33 – 01/01/34		265
	182		6.000%, 02/01/33		198
	52		7.000%, 07/01/29		57
			FNMA,
	1		ARM, 1.921%, 01/01/19		2
	25		ARM, 2.399%, 09/01/27		25
	1		ARM, 2.427%, 03/01/19		1
	341		ARM, 2.540%, 05/01/35		359
	113		ARM, 2.614%, 07/01/34		120
	119		ARM, 2.652%, 11/01/33		126
	42		ARM, 2.652%, 07/01/33		45
	148		ARM, 2.659%, 01/01/36		155
	188		ARM, 2.663%, 07/01/33		194
	644		ARM, 2.666%, 01/01/33		667
	60		ARM, 2.688%, 09/01/34		63
	383		ARM, 2.706%, 08/01/34		402
	273		ARM, 2.738%, 07/01/33		288
	703		ARM, 2.780%, 01/01/35		730
	313		ARM, 2.787%, 11/01/34		324
	593		ARM, 2.807%, 11/01/34		624
	346		ARM, 2.815%, 07/01/36		361
	273		ARM, 2.835%, 05/01/34		286
	207		ARM, 2.836%, 04/01/35		218
	109		ARM, 2.845%, 05/01/35		114
	98		ARM, 2.855%, 09/01/35		102
	82		ARM, 2.868%, 09/01/34		86
	132		ARM, 2.873%, 06/01/36		139
	887		ARM, 2.901%, 09/01/35		921
	217		ARM, 2.905%, 08/01/34		227
	171		ARM, 2.908%, 10/01/34		181
	344		ARM, 2.930%, 10/01/34		360
	172		ARM, 2.930%, 04/01/34		180
	1,102		ARM, 2.951%, 04/01/35		1,160
	457		ARM, 2.974%, 06/01/35		480
	369		ARM, 2.975%, 10/01/34		383
	348		ARM, 2.995%, 01/01/35		366
	257		ARM, 3.100%, 09/01/33		274
	90		ARM, 3.205%, 02/01/35		95
	133		ARM, 3.236%, 01/01/34		139
	213		ARM, 3.372%, 10/01/36		227
	52		ARM, 3.410%, 01/01/38		54
	94		ARM, 3.625%, 02/01/34		97
	36		ARM, 3.875%, 01/01/36		37
	17		ARM, 3.920%, 03/01/29		18
			FNMA, 15 Year, Single Family,
	58		4.000%, 08/01/18		60
	418		4.500%, 06/01/18 – 12/01/19		427
	236		5.000%, 06/01/18 – 08/01/24		250
	76		5.500%, 03/01/20 – 07/01/20		77
	1,488		6.000%, 08/01/17 – 01/01/24		1,598
	20		6.500%, 08/01/17 – 08/01/20		21
	1		7.000%, 06/01/17 – 09/01/17		1
			FNMA, 20 Year, Single Family,
	956		3.500%, 08/01/32		1,003
	50		4.500%, 04/01/24		54
	383		6.500%, 05/01/22 – 04/01/25		425
			FNMA, 30 Year, FHA/VA,
	70		6.000%, 09/01/33		78
	517		6.500%, 03/01/29 – 08/01/39		591
	11		7.000%, 02/01/33		12
	30		8.000%, 06/01/28		34
	–	(h)	9.000%, 05/01/18		—	(h)
			FNMA, 30 Year, Single Family,
	4,155		3.000%, 06/01/43		4,218
	2,618		4.500%, 11/01/33 – 09/01/43		2,831
	783		5.000%, 07/01/33 – 09/01/35		870
	1,128		5.500%, 09/01/31 – 03/01/34		1,285
	1,391		6.000%, 12/01/28 – 09/01/37		1,597
	606		6.500%, 11/01/29 – 08/01/31		696
	524		7.000%, 01/01/24 – 01/01/39		604
	194		7.500%, 08/01/36 – 11/01/37		225
	354		8.000%, 03/01/27 – 11/01/28		413
	7		9.500%, 07/01/28		7
			FNMA, Other,
	897		ARM, 1.795%, 03/01/22		900
	3,383		1.735%, 05/01/20		3,367
	1,896		1.940%, 07/01/19		1,902
	222		2.030%, 08/01/19		225
	2,500		2.120%, 09/01/21		2,482
	1,400		2.150%, 04/01/19		1,406
	3,521		2.340%, 12/01/22		3,566
	1,841		2.350%, 05/01/23		1,852
	3,500		2.400%, 12/01/22		3,551
	2,785		2.420%, 06/01/23		2,827
	4,000		2.450%, 11/01/22		4,067

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Mortgage-Backed Securities — continued
	1,388		2.510%, 06/01/23		1,416
	6,796		2.520%, 10/01/22 – 05/01/23		6,924
	2,500		2.660%, 12/01/22		2,569
	3,000		2.670%, 07/01/22		3,087
	3,073		2.705%, 04/01/23		3,149
	3,040		2.750%, 03/01/22		3,135
	1,565		2.770%, 05/01/22		1,616
	5,145		2.780%, 06/01/27		5,190
	4,396		2.783%, 07/01/23		4,517
	10,934		2.790%, 05/01/27 – 06/01/27		10,989
	4,975		2.840%, 01/01/25		5,103
	6,500		2.900%, 12/01/24		6,671
	12,000		2.920%, 12/01/24 – 05/01/30		11,905
	1,367		2.940%, 05/01/22		1,419
	6,222		2.950%, 08/01/23 – 12/01/24		6,446
	2,976		2.960%, 06/01/27		3,031
	7,465		2.970%, 12/01/24 – 06/01/30		7,573
	6,411		2.980%, 03/01/22 – 07/01/22		6,671
	994		2.990%, 01/01/25		1,029
	2,309		3.000%, 01/01/43		2,326
	2,351		3.020%, 07/01/23		2,447
	3,103		3.030%, 06/01/35		3,083
	13,000		3.040%, 12/01/24 – 04/01/30		13,209
	5,666		3.050%, 04/01/22		5,894
	6,595		3.070%, 01/01/22		6,860
	14,150		3.080%, 04/01/30 – 06/01/30		14,300
	8,850		3.100%, 05/01/30		8,968
	6,170		3.110%, 12/01/24 – 12/01/26		6,386
	11,706		3.120%, 01/01/22 – 06/01/35		11,832
	2,935		3.140%, 12/01/26		3,029
	1,350		3.150%, 12/01/21		1,407
	2,591		3.160%, 02/01/22		2,706
	3,000		3.170%, 02/01/30		3,055
	3,786		3.200%, 02/01/22		3,953
	9,219		3.230%, 11/01/20		9,589
	4,235		3.240%, 12/01/26		4,402
	13,769		3.250%, 07/01/25 – 09/01/26		14,345
	3,973		3.260%, 12/01/26		4,135
	13,879		3.290%, 10/01/20 – 11/01/26		14,478
	8,022		3.300%, 12/01/26 – 07/01/30		8,315
	3,000		3.340%, 02/01/27		3,176
	1,946		3.350%, 09/01/30		2,014
	807		3.372%, 11/01/20		841
	2,000		3.380%, 12/01/23		2,118
	1,364		3.430%, 09/01/20		1,426
	8,160		3.500%, 12/01/32 – 05/01/33		8,531
	1,833		3.520%, 01/01/18		1,838
	3,000		3.540%, 10/01/20		3,148
	2,000		3.550%, 02/01/30		2,112
	2,500		3.590%, 08/01/23		2,679
	2,696		3.600%, 09/01/20		2,834
	937		3.640%, 01/01/25		1,003
	1,500		3.690%, 11/01/23		1,610
	4,356		3.730%, 07/01/22		4,622
	1,780		3.740%, 07/01/20		1,870
	4,896		3.760%, 10/01/23 – 11/01/23		5,266
	4,000		3.765%, 12/01/25		4,330
	3,000		3.770%, 09/01/21		3,188
	3,589		3.783%, 01/01/26		3,883
	6,332		3.790%, 09/01/21		6,741
	1,510		3.870%, 01/01/21		1,601
	3,761		3.930%, 07/01/20 – 01/01/21		3,983
	6,440		3.950%, 07/01/20 – 07/01/21		6,869
	1,803		3.970%, 12/01/25		1,973
	6,601		4.000%, 10/01/32 – 07/01/42		7,018
	4,370		4.130%, 11/01/19 – 08/01/21		4,625
	1,770		4.240%, 11/01/19		1,862
	4,380		4.250%, 04/01/21		4,722
	1,977		4.260%, 07/01/21		2,136
	1,118		4.283%, 01/01/21		1,194
	2,285		4.300%, 08/01/20 – 04/01/21		2,362
	1,285		4.313%, 07/01/21		1,386
	2,012		4.330%, 04/01/21		2,169
	5,000		4.340%, 06/01/21		5,422
	1,843		4.369%, 02/01/20		1,951
	659		4.381%, 04/01/20		700
	1,904		4.390%, 05/01/21		2,059
	2,000		4.400%, 02/01/20		2,123
	2,744		4.480%, 02/01/21		2,965
	8,541		4.500%, 12/01/43 – 03/01/44		9,348
	6,765		4.540%, 01/01/20 – 07/01/26		7,348
	1,792		5.240%, 07/01/19		1,903
	173		5.500%, 09/01/17 – 09/01/33		193
	216		6.000%, 09/01/37		239
	152		6.500%, 01/01/36 – 07/01/36		167
	47		7.000%, 10/01/46		50
	10		10.500%, 04/15/19		10
	–	(h)	GNMA I, 15 Year, Single Family, 6.500%, 06/15/17		—	(h)
			GNMA I, 30 Year, Single Family,
	193		6.500%, 03/15/28 – 04/15/33		214
	131		7.000%, 02/15/33 – 06/15/33		154
	29		7.500%, 11/15/22 – 09/15/28		31
	5		8.000%, 08/15/28		6
	114		9.500%, 10/15/24		122

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage-Backed Securities — continued
		GNMA II, 30 Year, Single Family,
	1,868	4.250%, 03/20/45		2,010
	173	4.500%, 08/20/33		187
	1,408	6.000%, 09/20/38		1,586
	39	7.500%, 02/20/28 – 09/20/28		45
	59	8.000%, 12/20/25 – 09/20/28		68
	22	8.500%, 05/20/25		24
		GNMA II, Other,
	8,771	VAR, 4.381%, 06/20/63		9,267
	9,280	VAR, 4.457%, 05/20/63		9,785
	3,057	VAR, 4.464%, 05/20/63		3,220
	1,897	VAR, 4.490%, 04/20/63		2,002
		Total Mortgage-Backed Securities (Cost $517,887)		526,377
	Municipal Bonds — 0.4% (t)
		California — 0.1%
	440	City of Los Angeles, Department of Airports, Series C, Rev., 6.582%, 05/15/39		572
	350	State of California, Various Purpose, GO, 7.300%, 10/01/39		504
				1,076
		New York — 0.2%
	360	New York State Dormitory Authority, Series D, Rev., 5.600%, 03/15/40		451
	1,825	Port Authority of New York & New Jersey, Consolidated, 164th Series, Rev., 5.647%, 11/01/40		2,289
	440	Port Authority of New York & New Jersey, Consolidated, 165th Series, Rev., 5.647%, 11/01/40		552
	2,060	Port Authority of New York & New Jersey, Consolidated, 174th Series, Rev., 4.458%, 10/01/62		2,214
				5,506
		Ohio — 0.1%
	1,315	American Municipal Power, Inc., Meldahl Hydroelectric Project, Series B, Rev., 7.499%, 02/15/50		1,853
		Ohio State University, General Receipts,
	200	Rev., 5.590%, 12/01/145		213
	325	Series A, Rev., 4.048%, 12/01/56		327
	1,563	Series A, Rev., 4.800%, 06/01/114		1,586
				3,979
		Total Municipal Bonds (Cost $9,186)		10,561
	Supranational — 0.1%
	3,000	African Development Bank, (Supranational), 8.800%, 09/01/19 (Cost $3,371)		3,431
	U.S. Government Agency Securities — 3.2%
	1,525	FHLB, 5.500%, 07/15/36		2,057
	4,500	Financing Corp. STRIPS, Series 1P, 1.602%, 05/11/18 (n)		4,444
		FNMA,
	940	1.757%, 10/09/19 (n)		901
	6,000	4.214%, 06/01/17 (n)		6,000
	13,319	Government Trust Certificate, Series 1-Z, 2.731%, 10/01/19 (n)		12,772
		Resolution Funding Corp. STRIPS,
	2,150	1.338%, 01/15/21 (n)		2,014
	11,360	1.678%, 10/15/19 (n)		10,973
	510	2.184%, 10/15/25 (n)		411
	30,450	2.292%, 07/15/20 (n)		28,902
	580	2.874%, 01/15/26 (n)		463
	12,930	2.946%, 10/15/20 (n)		12,204
		Tennessee Valley Authority,
	304	4.625%, 09/15/60		365
	4,196	5.250%, 09/15/39		5,493
	1,115	5.880%, 04/01/36		1,528
		Tennessee Valley Authority STRIPS,
	5,000	3.363%, 11/01/25 (n)		3,957
	800	4.398%, 06/15/35 (n)		431
	2,000	4.440%, 05/01/19 (n)		1,938
		Total U.S. Government Agency Securities (Cost $93,228)		94,853
	U.S. Treasury Obligations — 16.8%
		U.S. Treasury Bond,
	3,350	2.875%, 05/15/43		3,362
	3,000	2.875%, 11/15/46		2,999
	700	4.250%, 05/15/39		877
	19,295	4.375%, 11/15/39		24,583
	8,880	4.375%, 05/15/40		11,322
	11,785	4.500%, 08/15/39		15,266
	850	5.250%, 02/15/29		1,106
	300	6.125%, 08/15/29		421
		U.S. Treasury Inflation Indexed Bond,
	300	2.375%, 01/15/25		448
	300	2.500%, 01/15/29		417
	799	3.625%, 04/15/28		1,602
		U.S. Treasury Inflation Indexed Note,
	2,453	0.125%, 01/15/22		2,663
	630	1.375%, 07/15/18		729
	607	1.375%, 01/15/20		715
		U.S. Treasury Note,
	1,100	2.000%, 10/31/21		1,113

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligations — continued
	1,000	2.125%, 01/31/21		1,019
	29,000	2.125%, 08/15/21		29,535
	700	2.625%, 08/15/20		725
	7,250	3.125%, 05/15/21		7,662
		U.S. Treasury STRIPS,
	23,265	1.917%, 05/15/21 (n)		21,763
	2,755	2.206%, 02/15/20 (n)		2,650
	14,000	2.216%, 11/15/23 (n)		12,275
	12,570	2.254%, 08/15/23 (n)		11,090
	2,200	2.341%, 02/15/24 (n)		1,914
	18,545	2.343%, 05/15/22 (n)		16,901
	17,095	2.455%, 02/15/21 (n)		16,073
	14,400	2.606%, 11/15/22 (n)		12,943
	1,000	2.704%, 02/15/25 (n)		847
	15,768	2.731%, 02/15/22 (n)		14,465
	1,500	2.747%, 05/15/25 (n)		1,260
	11,100	2.824%, 08/15/21 (n)		10,310
	15,400	2.857%, 05/15/23 (n)		13,670
	4,800	2.917%, 08/15/22 (n)		4,345
	14,395	2.961%, 08/15/32 (n)		9,667
	33,050	2.972%, 05/15/32 (n)		22,352
	9,575	3.129%, 02/15/32 (n)		6,527
	5,000	3.245%, 05/15/31 (n)		3,496
	9,980	3.289%, 11/15/21 (n)		9,220
	38,462	3.303%, 02/15/23 (n)		34,348
	800	3.315%, 05/15/35 (n)		488
	6,650	3.330%, 11/15/29 (n)		4,859
	1,592	3.350%, 08/15/26 (n)		1,287
	6,015	3.491%, 05/15/28 (n)		4,611
	10,650	3.570%, 11/15/31 (n)		7,319
	6,600	3.623%, 05/15/34 (n)		4,170
	9,500	3.682%, 02/15/34 (n)		6,059
	1,650	3.729%, 08/15/34 (n)		1,034
	5,500	3.757%, 02/15/33 (n)		3,630
	14,577	3.823%, 05/15/19 (n)		14,208
	39,504	3.862%, 05/15/20 (n)		37,811
	9,700	3.914%, 08/15/31 (n)		6,727
	10,140	3.925%, 11/15/32 (n)		6,749
	16,500	4.123%, 05/15/33 (n)		10,804
	8,000	4.212%, 02/15/31 (n)		5,644
	11,020	4.412%, 08/15/20 (n)		10,489
	6,400	4.493%, 05/15/30 (n)		4,618
	600	4.815%, 02/15/26 (n)		492
	12,800	4.843%, 08/15/30 (n)		9,157
	600	4.855%, 08/15/24 (n)		515
	4,750	4.981%, 11/15/33 (n)		3,057
	9,925	5.066%, 11/15/30 (n)		7,053
	5,190	5.333%, 08/15/19 (n)		5,037
	100	5.351%, 08/15/35 (n)		61
	1,200	5.505%, 02/15/35 (n)		738
	3,050	5.735%, 08/15/33 (n)		1,982
	1,500	6.200%, 05/15/26 (n)		1,221
	2,500	6.260%, 11/15/28 (n)		1,886
	2,550	6.302%, 05/15/27 (n)		2,013
	200	6.334%, 05/15/24 (n)		173
		Total U.S. Treasury Obligations (Cost $473,560)		496,572
	Loan Assignment — 0.1%
		Consumer Discretionary — 0.1%
		Hotels, Restaurants & Leisure — 0.1%
	4,449	Lila Mexican Holdings LLC, Tranche B, VAR, 3.989%, 08/11/22 (Cost $4,328)		4,374
SHARES
	Short-Term Investment — 1.8%
		Investment Company — 1.8%
	51,351	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.970% (b) (l) (Cost $51,369)		51,372
		Total Investments — 99.8% (Cost $2,857,807)		2,956,628
		Other Assets in Excess of Liabilities — 0.2%		7,237
		NET ASSETS — 100.0%	$	2,963,865

Percentages indicated are based on net assets.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ACES	—	Alternative Credit Enhancement Securities
ARM	—	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of May 31, 2017.
CMBS	—	Commercial Mortgage Backed Security
CSMC	—	Credit Suisse Mortgage Trust
FHA	—	Federal Housing Administration
FHLB	—	Federal Home Loan Bank
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
GNMA	—	Government National Mortgage Association
GO	—	General Obligation
HB	—	High Coupon Bonds (a.k.a. “IOettes”) represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO’s the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.
IF	—	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of May 31, 2017. The rate may be subject to a cap and floor.
IO	—	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
PO	—	Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
REMIC	—	Real Estate Mortgage Investment Conduit
Rev.	—	Revenue
STRIPS	—	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of May 31, 2017.
VA	—	Veterans Administration
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of May 31, 2017.
(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. Security has not paid its last interest payment and/or interest is not being accrued.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

(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 May 31, 2017.
(n)	—	The rate shown is the effective yield as of May 31, 2017.
(t)	—	The date shown represents the earliest of the prefunded 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 May 31, 2017.
(y)	—	Preferred Security.
1	—	Security matures in 2110.
2	—	Security matures in 2115.
3	—	Security matures in 2105.
4	—	Security matures in 2111.
5	—	Security matures in 2114.

As of May 31, 2017, 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	$	111,826
Aggregate gross unrealized depreciation		(13,005	)
Net unrealized appreciation/depreciation	$	98,821
Federal income tax cost of investments	$	2,857,807

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.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (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 Schedules of Portfolio Investments (“SOI”):

	Level 1 Quoted prices		Level 2 Other  significant observable inputs		Level 3 Significant  unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	233,648	$	133,950	$	367,598
Collateralized Mortgage Obligations		—		418,424		15,398		433,822
Commercial Mortgage-Backed Securities		—		94,602		9,342		103,944
Corporate Bonds
Consumer Discretionary		—		47,381		—		47,381
Consumer Staples		—		37,313		—		37,313
Energy		—		90,980		—		90,980
Financials		—		326,551		—		326,551
Health Care		—		44,206		—		44,206
Industrials		—		53,477		—		53,477
Information Technology		—		46,320		—		46,320
Materials		—		21,848		—		21,848
Real Estate		—		26,482		—		26,482
Telecommunication Services		—		49,326		—		49,326
Utilities		—		71,798		—		71,798
Total Corporate Bonds		—		815,682		—		815,682
Foreign Government Securities		—		48,042		—		48,042
Mortgage-Backed Securities		—		526,377		—		526,377
Municipal Bonds		—		10,561		—		10,561
Supranational		—		3,431		—		3,431
U.S. Government Agency Securities		—		94,853		—		94,853
U.S. Treasury Obligations		—		496,572		—		496,572
Loan Assignment
Consumer Discretionary		—		—		4,374		4,374
Short-Term Investment
Investment Company		51,372		—		—		51,372
Total Investments in Securities	$	51,372	$	2,742,192	$	163,064	$	2,956,628

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

There were no transfers between levels 1 and 2 during the period ended May 31, 2017.

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

	Balance as of February 28, 2017		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 May  31, 2017
Investments in Securities:
Asset-Backed Securities	$	131,541	$	18	$	406		$	(25	)	$	13,536	$	(25,648	)	$	21,677	$	(7,555	)	$	133,950
Collateralized Mortgage Obligations		16,382		13		250			(152	)		—		(1,095	)		—		—			15,398
Commercial Mortgage-Backed Securities		8,819		—		38			(25	)		—		(734	)		1,244		—			9,342
Loan Assignment — Consumer Discretionary		—		—		(7	)		6			—		(328	)		4,703		—			4,374
	$	156,742	$	31	$	687		$	(196	)	$	13,536	$	(27,805	)	$	27,624	$	(7,555	)	$	163,064

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 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 May 31, 2017.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

The change in net unrealized appreciation (depreciation) attributable to securities owned at May 31, 2017, which were valued using significant unobservable inputs (level 3), amounted to approximately $684,000.

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

	Fair Value at May 31, 2017		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)	Range (Weighted Average)
	$	81,637	Discounted Cash Flow	Constant Prepayment Rate	0.00% - 15.00% (1.71%)		0.00% - 40.00% (7.08%)
				Constant Default Rate	0.00% - 50.00% (12.68%)		0.00% - 30.00% (4.08%)
				Yield (Discount Rate of Cash Flows)	1.78% - 7.48% (4.36%)		1.88% - 7.80% (3.54%)
		618	Pending Sale Amount	Expected Recovery			48.00% of par (48.00% of par)
Asset-Backed Securities		82,255
		13,495	Discounted Cash Flow	Constant Prepayment Rate	0.18% - 37.14% (10.22%)		0.00% - 30.00% (12.30%)
				PSA Prepayment Model			304.00% - 304.00% (304.00%)
				Constant Default Rate	0.00% - 7.91% (3.90%)		0.00% - 9.64% (3.30%)
				Yield (Discount Rate of Cash Flows)	0.74% - 59.37% (5.78%)		0.47% - 190.64% (6.54%)
Collateralized Mortgage Obligations		13,495
		4,693	Discounted Cash Flow	Constant Prepayment Rate	0.00% - 100.00% (24.00%)		0.00% - 100.00% (13.26%)
				Constant Default Rate	0.00% - 0.00% (0.00%)		-  (    )
				Yield (Discount Rate of Cash Flows)	0.61 - 7.35% (4.13%)		1.49% - 7.50% (5.03%)
Commercial Mortgage-Backed Securities		4,693
Total	$	100,443

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At May 31, 2017, the value of these investments was approximately $62,621,000. 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 MAY 31, 2017 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 14.0%
	31	Academic Loan Funding Trust, Series 2012-1A, Class A1, VAR, 1.824%, 12/27/22 (e)		31
	152	American Airlines Pass-Through Trust, Series 2013-2, Class A, 4.950%, 01/15/23		163
	245	American Credit Acceptance Receivables Trust, Series 2015-2, Class C, 4.320%, 05/12/21 (e)		250
	750	Anchor Assets IX LLC, Series 2016-1, Class A, 5.125%, 02/15/20 (e)		750
	70	Axis Equipment Finance Receivables III LLC, Series 2015-1A, Class A2, 1.900%, 03/20/20 (e)		70
		B2R Mortgage Trust,
	114	Series 2015-1, Class A1, 2.524%, 05/15/48 (e)		114
	241	Series 2015-2, Class A, 3.336%, 11/15/48 (e)		245
	118	BCC Funding Corp. X, Series 2015-1, Class A2, 2.224%, 10/20/20 (e)		118
	18	Bear Stearns Asset-Backed Securities Trust, Series 2006-SD1, Class A, VAR, 1.394%, 04/25/36		18
		CarFinance Capital Auto Trust,
	69	Series 2014-1A, Class B, 2.720%, 04/15/20 (e)		70
	48	Series 2014-2A, Class A, 1.440%, 11/16/20 (e)		48
	52	Series 2015-1A, Class A, 1.750%, 06/15/21 (e)		51
	100	Carlyle Global Market Strategies Commodities Funding Ltd., (Cayman Islands), Series 2014-1A, Class A, VAR, 3.058%, 10/15/21 (e)		48
		Citi Held For Asset Issuance,
	270	Series 2016-MF1, Class A, 4.480%, 08/15/22 (e)		273
	400	Series 2016-MF1, Class B, 6.640%, 08/15/22 (e)		418
	131	Series 2016-PM1, Class A, 4.650%, 04/15/25 (e)		133
	575	Colony American Homes, Series 2014-2A, Class A, VAR, 1.934%, 07/17/31 (e)		574
	14	Continental Airlines Pass-Through Trust, Series 1999-2, Class A-1, 7.256%, 03/15/20		15
		CPS Auto Receivables Trust,
	17	Series 2014-C, Class A, 1.310%, 02/15/19 (e)		18
	35	Series 2014-D, Class A, 1.490%, 04/15/19 (e)		35
	51	Series 2015-A, Class A, 1.530%, 07/15/19 (e)		51
	282	Series 2015-B, Class A, 1.650%, 11/15/19 (e)		282
	425	Series 2015-B, Class C, 4.200%, 05/17/21 (e)		431
	310	Series 2015-C, Class D, 4.630%, 08/16/21 (e)		317
	124	Series 2016-A, Class A, 2.250%, 10/15/19 (e)		124
	250	Credit Acceptance Auto Loan Trust, Series 2015-2A, Class C, 3.760%, 02/15/24 (e)		253
	48	CVS Pass-Through Trust, 5.926%, 01/10/34 (e)		56
	33	Delta Air Lines Pass-Through Trust, Series 2010-2, Class A, 4.950%, 05/23/19		34
		Drive Auto Receivables Trust,
	177	Series 2015-AA, Class D, 4.120%, 07/15/22 (e)		180
	320	Series 2015-BA, Class D, 3.840%, 07/15/21 (e)		326
	220	Series 2015-DA, Class D, 4.590%, 01/17/23 (e)		228
		DT Auto Owner Trust,
	301	Series 2015-2A, Class D, 4.250%, 02/15/22 (e)		308
	26	Series 2016-1A, Class A, 2.000%, 09/16/19 (e)		26
		Exeter Automobile Receivables Trust,
	34	Series 2014-3A, Class B, 2.770%, 11/15/19 (e)		34
	2	Series 2015-1A, Class A, 1.600%, 06/17/19 (e)		2
	500	Series 2015-1A, Class B, 2.840%, 03/16/20 (e)		502
	48	Series 2015-2A, Class A, 1.540%, 11/15/19 (e)		48
	75	Series 2016-1A, Class A, 2.350%, 07/15/20 (e)		75
	310	Series 2016-1A, Class C, 5.520%, 10/15/21 (e)		324
	370	Series 2016-2A, Class B, 3.640%, 02/15/22 (e)		376
	413	Federal Express Corp. Pass-Through Trust, Series 981A, 6.720%, 01/15/22		455

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
		First Investors Auto Owner Trust,
	69	Series 2014-3A, Class A3, 1.670%, 11/16/20 (e)		69
	47	Series 2015-2A, Class A1, 1.590%, 12/16/19 (e)		47
	100	Series 2015-2A, Class D, 4.220%, 12/15/21 (e)		102
		FirstKey Lending Trust,
	280	Series 2015-SFR1, Class A, 2.553%, 03/09/47 (e)		280
	144	Series 2015-SFR1, Class B, 3.417%, 03/09/47 (e)		145
		Flagship Credit Auto Trust,
	35	Series 2014-2, Class A, 1.430%, 12/16/19 (e)		35
	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
	73	Series 2015-1, Class A, 1.630%, 06/15/20 (e)		73
	328	Series 2015-3, Class A, 2.380%, 10/15/20 (e)		329
	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)		117
	400	Series 2016-1, Class C, 6.220%, 06/15/22 (e)		429
	326	GCAT, Series 2015-2, Class A1, SUB, 3.750%, 07/25/20 (e)		327
	38	GE Capital Mortgage Services, Inc. Trust, Series 1999-HE1, Class M, VAR, 6.705%, 04/25/29		32
		GLS Auto Receivables Trust,
	95	Series 2015-1A, Class A, 2.250%, 12/15/20 (e)		95
	339	Series 2016-1A, Class A, 2.730%, 10/15/20 (e)		339
	88	GMAT Trust, Series 2013-1A, Class A, SUB, 6.967%, 11/25/43 (e)		88
		GO Financial Auto Securitization Trust,
	112	Series 2015-1, Class B, 3.590%, 10/15/20 (e)		112
	33	Series 2015-2, Class A, 3.270%, 11/15/18 (e)		33
	267	Series 2015-2, Class B, 4.800%, 08/17/20 (e)		270
	91	Gold Key Resorts LLC, Series 2014-A, Class A, 3.220%, 03/17/31 (e)		91
	531	Green Tree Agency Advance Funding Trust I, Series 2015-T2, Class DT2, 4.669%, 10/15/48 (e)		530
	5	HSBC Home Equity Loan Trust USA, Series 2007-3, Class APT, VAR, 2.210%, 11/20/36		5
	342	Lendmark Funding Trust, Series 2016-A, Class A, 4.820%, 08/21/23 (e)		349
	1,498	LV Tower 52 Issuer, Series 2013-1, Class A, 5.750%, 02/15/23 (e)		1,491
		Nationstar HECM Loan Trust,
	47	Series 2015-2A, Class A, 2.883%, 11/25/25 (e)		47
	296	Series 2015-2A, Class M1, 4.115%, 11/25/25 (e)		296
	280	Series 2016-1A, Class M1, 4.360%, 02/25/26 (e)		280
	50	Nissan Auto Receivables Owner Trust, Series 2014-B, Class A3, 1.110%, 05/15/19		50
		NRPL Trust,
	238	Series 2015-1A, Class A1, SUB, 3.875%, 11/01/54 (e)		237
	520	Series 2015-2A, Class A1, SUB, 3.750%, 10/25/57 (e)		520
	200	Series 2015-2A, Class A2, SUB, 3.750%, 10/25/57 (e)		197
		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,
	289	Series 2014-2A, Class A, 2.470%, 09/18/24 (e)		289
	403	Series 2015-1A, Class A, 3.190%, 03/18/26 (e)		407
	844	Series 2015-2A, Class A, 2.570%, 07/18/25 (e)		845
	233	Series 2015-2A, Class B, 3.100%, 07/18/25 (e)		232
	484	Oportun Funding II LLC, Series 2016-A, Class A, 4.700%, 03/08/21 (e)		494
	476	Oportun Funding III LLC, Series 2016-B, Class A, 3.690%, 07/08/21 (e)		479
	321	Progreso Receivables Funding IV LLC, Series 2015-B, Class A, 3.000%, 07/28/20 (e)		322
		Progress Residential Trust,
	857	Series 2015-SFR2, Class A, 2.740%, 06/12/32 (e)		860

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	351		Series 2015-SFR2, Class B, 3.138%, 06/12/32 (e)		351
	786		Series 2015-SFR3, Class A, 3.067%, 11/12/32 (e)		797
	200		Series 2015-SFR3, Class D, 4.673%, 11/12/32 (e)		206
	850		Purchasing Power Funding LLC, Series 2015-A, Class A2, 4.750%, 12/15/19 (e)		853
	8		RAMP Trust, Series 2006-RZ1, Class A3, VAR, 1.324%, 03/25/36		7
	35		Securitized Asset-Backed Receivables LLC Trust, Series 2006-CB1, Class AF2, SUB, 3.414%, 01/25/36		28
	23		Skopos Auto Receivables Trust, Series 2015-2A, Class A, 3.550%, 02/15/20 (e)		23
	461		Springleaf Funding Trust, Series 2015-AA, Class A, 3.160%, 11/15/24 (e)		466
	375		Toyota Auto Receivables Owner Trust, Series 2016-A, Class A3, 1.250%, 03/16/20		374
	266		Trafigura Securitisation Finance plc, (Ireland), Series 2014-1A, Class A, VAR, 1.939%, 10/15/18 (e)		266
	115		Tricon American Homes Trust, Series 2015-SFR1, Class A, VAR, 2.251%, 05/17/32 (e)		115
	21		VML LLC, Series 2014-NPL1, Class A1, VAR, 3.875%, 04/27/54 (e)		21
	51		VOLT NPL X LLC, Series 2014-NPL8, Class A1, SUB, 3.375%, 10/26/54 (e)		51
	187		VOLT XL LLC, Series 2015-NP14, Class A1, SUB, 4.375%, 11/27/45 (e)		189
	585		VOLT XXV LLC, Series 2015-NPL8, Class A1, SUB, 3.500%, 06/26/45 (e)		586
	163		VOLT XXXIX LLC, Series 2015-NP13, Class A1, SUB, 4.125%, 10/25/45 (e)		165
			Westlake Automobile Receivables Trust,
	200		Series 2015-3A, Class D, 4.400%, 05/17/21 (e)		203
	127		Series 2016-1A, Class A2A, 1.820%, 01/15/19 (e)		128
			World Omni Auto Receivables Trust,
	103		Series 2013-B, Class A4, 1.320%, 01/15/20		103
	51		Series 2015-A, Class A3, 1.340%, 05/15/20		51
			Total Asset-Backed Securities (Cost $24,806)		25,004
	Collateralized Mortgage Obligations — 23.6%
	273		Access PT Funding Trust, Series 2016-1, 6.250%, 02/16/21		273
	165		Ajax Mortgage Loan Trust, Series 2015-B, Class A, SUB, 3.875%, 07/25/60 (e)		165
			Alternative Loan Trust,
	1,198		Series 2004-2CB, Class 1A9, 5.750%, 03/25/34		1,194
	190		Series 2005-54CB, Class 1A11, 5.500%, 11/25/35		175
	88		Angel Oak Mortgage Trust LLC, Series 2015-1, Class A, SUB, 4.500%, 11/25/45 (e)		88
	60		ASG Resecuritization Trust, Series 2009-3, Class A65, VAR, 2.742%, 03/26/37 (e)		60
	21		Banc of America Funding Trust, Series 2004-1, Class PO, PO, 03/25/34		17
	–	(h)	Banc of America Mortgage Trust, Series 2004-1, Class APO, PO, 02/25/34		—	(h)
	191		BCAP LLC Trust, Series 2010-RR7, Class 2A1, VAR, 3.144%, 07/26/45 (e)		189
	59		Bear Stearns ARM Trust, Series 2005-5, Class A1, VAR, 2.580%, 08/25/35		59
			CHL Mortgage Pass-Through Trust,
	39		Series 2004-5, Class 1A4, 5.500%, 06/25/34		40
	20		Series 2004-HYB3, Class 2A, VAR, 3.247%, 06/20/34		19
	191		Series 2005-22, Class 2A1, VAR, 3.219%, 11/25/35		164
			Citigroup Global Markets Mortgage Securities VII, Inc.,
	35		Series 2003-HYB1, Class A, VAR, 3.240%, 09/25/33		35
	–	(h)	Series 2003-UP2, Class PO1, PO, 12/25/18		1
	13		Citigroup Mortgage Loan Trust, Series 2008-AR4, Class 1A1A, VAR, 3.539%, 11/25/38 (e)		13
			Citigroup Mortgage Loan Trust, Inc.,
	8		Series 2003-UP3, Class A3, 7.000%, 09/25/33		8
	8		Series 2003-UST1, Class A1, 5.500%, 12/25/18		8

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	1		Series 2003-UST1, Class PO1, PO, 12/25/18		1
	1		Series 2003-UST1, Class PO3, PO, 12/25/18		1
	6		Credit Suisse First Boston Mortgage Securities Corp., Series 2003-23, Class 2A5, 5.000%, 10/25/18		6
			CSMC,
	147		Series 2010-11R, Class A6, VAR, 1.983%, 06/28/47 (e)		147
	2		Series 2011-16R, Class 7A3, VAR, 3.028%, 12/27/36 (e)		2
	62		Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series 2005-3, Class 1A1, VAR, 4.157%, 06/25/20		60
	2		Deutsche Mortgage Securities, Inc., Mortgage Loan Trust, Series 2004-1, Class 2APO, PO, 10/25/18		2
	24		FHLMC – GNMA, Series 24, Class ZE, 6.250%, 11/25/23		26
			FHLMC 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)
	–	(h)	Series 99, Class Z, 9.500%, 01/15/21		1
	4		Series 114, Class H, 6.950%, 01/15/21		4
	–	(h)	Series 1079, Class S, HB, IF, 30.619%, 05/15/21		—	(h)
	–	(h)	Series 1084, Class F, VAR, 1.944%, 05/15/21		—	(h)
	–	(h)	Series 1084, Class S, HB, IF, 40.750%, 05/15/21		—	(h)
	3		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, 1,104.543%, 01/15/22		—	(h)
	2		Series 1206, Class IA, 7.000%, 03/15/22		3
	1		Series 1250, Class J, 7.000%, 05/15/22		2
	7		Series 1343, Class LA, 8.000%, 08/15/22		8
	33		Series 1466, Class PZ, 7.500%, 02/15/23		37
	–	(h)	Series 1470, Class F, VAR, 1.591%, 02/15/23		—	(h)
	12		Series 1491, Class I, 7.500%, 04/15/23		13
	11		Series 1518, Class G, IF, 7.985%, 05/15/23		13
	10		Series 1541, Class O, VAR, 1.630%, 07/15/23		10
	3		Series 1602, Class SA, IF, 19.518%, 10/15/23		4
	36		Series 1608, Class L, 6.500%, 09/15/23		40
	4		Series 1671, Class L, 7.000%, 02/15/24		5
	6		Series 1700, Class GA, PO, 02/15/24		6
	61		Series 1706, Class K, 7.000%, 03/15/24		67
	203		Series 1720, Class PL, 7.500%, 04/15/24		224
	8		Series 1745, Class D, 7.500%, 08/15/24		9
	12		Series 1798, Class F, 5.000%, 05/15/23		13
	–	(h)	Series 1807, Class G, 9.000%, 10/15/20		—	(h)
	72		Series 1927, Class PH, 7.500%, 01/15/27		83
	31		Series 1981, Class Z, 6.000%, 05/15/27		33
	10		Series 1987, Class PE, 7.500%, 09/15/27		12
	4		Series 2033, Class SN, HB, IF, 28.812%, 03/15/24		2
	12		Series 2038, Class PN, IO, 7.000%, 03/15/28		2
	64		Series 2040, Class PE, 7.500%, 03/15/28		74
	2		Series 2056, Class TD, 6.500%, 05/15/18		2
	67		Series 2063, Class PG, 6.500%, 06/15/28		75
	8		Series 2064, Class TE, 7.000%, 06/15/28		9
	45		Series 2075, Class PH, 6.500%, 08/15/28		49
	44		Series 2075, Class PM, 6.250%, 08/15/28		48
	14		Series 2089, Class PJ, IO, 7.000%, 10/15/28		2
	28		Series 2125, Class JZ, 6.000%, 02/15/29		31
	7		Series 2163, Class PC, IO, 7.500%, 06/15/29		1

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	129		Series 2169, Class TB, 7.000%, 06/15/29		147
	48		Series 2172, Class QC, 7.000%, 07/15/29		56
	–	(h)	Series 2196, Class TL, 7.500%, 11/15/29		—	(h)
	23		Series 2201, Class C, 8.000%, 11/15/29		27
	61		Series 2210, Class Z, 8.000%, 01/15/30		73
	16		Series 2224, Class CB, 8.000%, 03/15/30		19
	34		Series 2256, Class MC, 7.250%, 09/15/30		40
	34		Series 2259, Class ZM, 7.000%, 10/15/30		39
	29		Series 2271, Class PC, 7.250%, 12/15/30		34
	19		Series 2283, Class K, 6.500%, 12/15/23		21
	15		Series 2296, Class PD, 7.000%, 03/15/31		18
	7		Series 2306, Class K, PO, 05/15/24		7
	17		Series 2306, Class SE, IF, IO, 8.370%, 05/15/24		3
	27		Series 2333, Class HC, 6.000%, 07/15/31		30
	289		Series 2344, Class ZD, 6.500%, 08/15/31		337
	35		Series 2344, Class ZJ, 6.500%, 08/15/31		38
	24		Series 2345, Class NE, 6.500%, 08/15/31		26
	8		Series 2347, Class VP, 6.500%, 03/15/20		9
	27		Series 2351, Class PZ, 6.500%, 08/15/31		31
	24		Series 2410, Class NG, 6.500%, 02/15/32		27
	35		Series 2410, Class OE, 6.375%, 02/15/32		38
	16		Series 2410, Class QX, IF, IO, 7.661%, 02/15/32		4
	61		Series 2412, Class SP, IF, 14.122%, 02/15/32		78
	18		Series 2423, Class MC, 7.000%, 03/15/32		21
	38		Series 2423, Class MT, 7.000%, 03/15/32		44
	129		Series 2435, Class CJ, 6.500%, 04/15/32		145
	39		Series 2441, Class GF, 6.500%, 04/15/32		45
	38		Series 2444, Class ES, IF, IO, 6.961%, 03/15/32		9
	51		Series 2450, Class GZ, 7.000%, 05/15/32		60
	15		Series 2450, Class SW, IF, IO, 7.011%, 03/15/32		3
	61		Series 2455, Class GK, 6.500%, 05/15/32		69
	86		Series 2466, Class DH, 6.500%, 06/15/32		97
	45		Series 2474, Class NR, 6.500%, 07/15/32		50
	78		Series 2484, Class LZ, 6.500%, 07/15/32		88
	75		Series 2500, Class MC, 6.000%, 09/15/32		85
	117		Series 2512, Class PG, 5.500%, 10/15/22		127
	21		Series 2535, Class BK, 5.500%, 12/15/22		22
	5		Series 2537, Class TE, 5.500%, 12/15/17		5
	149		Series 2543, Class YX, 6.000%, 12/15/32		168
	173		Series 2568, Class KG, 5.500%, 02/15/23		186
	270		Series 2575, Class ME, 6.000%, 02/15/33		305
	23		Series 2586, Class WI, IO, 6.500%, 03/15/33		4
	10		Series 2622, Class PE, 4.500%, 05/15/18		10
	6		Series 2631, Class LC, 4.500%, 06/15/18		6
	10		Series 2651, Class VZ, 4.500%, 07/15/18		10
	3		Series 2744, Class TU, 5.500%, 05/15/32		3
	31		Series 2934, Class EC, PO, 02/15/20		30
	57		Series 2990, Class SL, HB, IF, 20.847%, 06/15/34		75
	789		Series 2990, Class UZ, 5.750%, 06/15/35		899
	89		Series 2999, Class ND, 4.500%, 07/15/20		90
	3		Series 3068, Class AO, PO, 01/15/35		3
	84		Series 3117, Class EO, PO, 02/15/36		75
	9		Series 3117, Class OK, PO, 02/15/36		8
	109		Series 3122, Class OH, PO, 03/15/36		99

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	129		Series 3137, Class XP, 6.000%, 04/15/36		147
	6		Series 3149, Class SO, PO, 05/15/36		5
	194		Series 3152, Class MO, PO, 03/15/36		171
	71		Series 3171, Class MO, PO, 06/15/36		66
	29		Series 3179, Class OA, PO, 07/15/36		27
	272		Series 3202, Class HI, IF, IO, 5.656%, 08/15/36		51
	42		Series 3232, Class ST, IF, IO, 5.706%, 10/15/36		7
	12		Series 3253, Class PO, PO, 12/15/21		12
	13		Series 3316, Class JO, PO, 05/15/37		12
	505		Series 3417, Class EO, PO, 11/15/36		473
	145		Series 3481, Class SJ, IF, IO, 4.856%, 08/15/38		23
	54		Series 3607, Class AO, PO, 04/15/36		48
	226		Series 3607, Class OP, PO, 07/15/37		194
	35		Series 3611, Class PO, PO, 07/15/34		31
	375		Series 3680, Class MA, 4.500%, 07/15/39		400
	56		Series 3804, Class FN, VAR, 1.444%, 03/15/39		56
	346		Series 3819, Class ZQ, 6.000%, 04/15/36		392
	117		Series 3997, Class PF, VAR, 1.444%, 11/15/39		118
	623		Series 4219, Class JA, 3.500%, 08/15/39		650
	864		Series 4374, Class NC, SUB, 2.750%, 02/15/46		899
			FHLMC STRIPS,
	10		Series 243, Class 16, IO, 4.500%, 11/15/20		—	(h)
	668		Series 262, Class 35, 3.500%, 07/15/42		697
			FHLMC Structured Pass-Through Securities Certificates,
	30		Series T-41, Class 3A, VAR, 5.788%, 07/25/32		33
	26		Series T-51, Class 2A, VAR, 7.500%, 08/25/42		32
	257		Series T-54, Class 2A, 6.500%, 02/25/43		305
	86		Series T-54, Class 3A, 7.000%, 02/25/43		102
	664		Series T-56, Class A5, 5.231%, 05/25/43		753
	21		Series T-58, Class APO, PO, 09/25/43		17
	177		Series T-76, Class 2A, VAR, 1.862%, 10/25/37		182
			FHLMC, Multifamily Structured Pass-Through Certificates,
	581		Series KF12, Class A, VAR, 1.691%, 09/25/22		583
	500		Series KSMC, Class A2, 2.615%, 01/25/23		510
			First Horizon Mortgage Pass-Through Trust,
	72		Series 2004-AR7, Class 2A2, VAR, 2.906%, 02/25/35		73
	69		Series 2005-AR1, Class 2A2, VAR, 3.173%, 04/25/35		69
			FNMA 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		—	(h)
	–	(h)	Series 1990-1, Class D, 8.800%, 01/25/20		—	(h)
	–	(h)	Series 1990-7, Class B, 8.500%, 01/25/20		—	(h)
	–	(h)	Series 1990-60, Class K, 5.500%, 06/25/20		—	(h)
	–	(h)	Series 1990-63, Class H, 9.500%, 06/25/20		—	(h)
	–	(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, 20.114%, 11/25/20		—	(h)
	–	(h)	Series 1990-140, Class K, HB, 652.145%, 12/25/20		—	(h)
	1		Series 1991-42, Class S, IF, 15.942%, 05/25/21		1
	17		Series 1992-107, Class SB, HB, IF, 27.048%, 06/25/22		23

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	1		Series 1992-143, Class MA, 5.500%, 09/25/22		1
	11		Series 1993-25, Class J, 7.500%, 03/25/23		12
	64		Series 1993-37, Class PX, 7.000%, 03/25/23		69
	23		Series 1993-54, Class Z, 7.000%, 04/25/23		24
	5		Series 1993-62, Class SA, IF, 19.154%, 04/25/23		6
	6		Series 1993-122, Class M, 6.500%, 07/25/23		6
	3		Series 1993-165, Class SD, IF, 13.620%, 09/25/23		3
	11		Series 1993-178, Class PK, 6.500%, 09/25/23		12
	161		Series 1993-183, Class KA, 6.500%, 10/25/23		179
	70		Series 1993-189, Class PL, 6.500%, 10/25/23		76
	16		Series 1993-247, Class SA, HB, IF, 28.394%, 12/25/23		24
	1		Series 1994-9, Class E, PO, 11/25/23		1
	45		Series 1996-14, Class SE, IF, IO, 8.330%, 08/25/23		8
	5		Series 1996-59, Class J, 6.500%, 08/25/22		5
	19		Series 1997-20, Class IB, IO, VAR, 1.840%, 03/25/27		1
	16		Series 1997-20, Class IO, IO, VAR, 1.840%, 03/25/27		—	(h)
	14		Series 1997-27, Class J, 7.500%, 04/18/27		16
	16		Series 1997-29, Class J, 7.500%, 04/20/27		19
	38		Series 1997-39, Class PD, 7.500%, 05/20/27		44
	10		Series 1997-81, Class PI, IO, 7.000%, 12/18/27		1
	1		Series 1998-4, Class C, PO, 04/25/23		1
	8		Series 1998-36, Class ZB, 6.000%, 07/18/28		9
	103		Series 1998-43, Class EA, PO, 04/25/23		98
	72		Series 2000-2, Class ZE, 7.500%, 02/25/30		84
	16		Series 2001-4, Class PC, 7.000%, 03/25/21		17
	45		Series 2001-33, Class ID, IO, 6.000%, 07/25/31		10
	53		Series 2001-36, Class DE, 7.000%, 08/25/31		62
	11		Series 2001-44, Class PD, 7.000%, 09/25/31		13
	59		Series 2001-48, Class Z, 6.500%, 09/25/21		63
	10		Series 2001-49, Class Z, 6.500%, 09/25/31		12
	8		Series 2001-81, Class LO, PO, 01/25/32		8
	21		Series 2002-1, Class HC, 6.500%, 02/25/22		23
	9		Series 2002-1, Class SA, HB, IF, 21.968%, 02/25/32		14
	33		Series 2002-21, Class PE, 6.500%, 04/25/32		37
	33		Series 2002-28, Class PK, 6.500%, 05/25/32		36
	37		Series 2002-37, Class Z, 6.500%, 06/25/32		42
	–	(h)	Series 2002-94, Class BK, 5.500%, 01/25/18		—	(h)
	134		Series 2003-22, Class UD, 4.000%, 04/25/33		143
	56		Series 2003-34, Class GB, 6.000%, 03/25/33		56
	304		Series 2003-34, Class GE, 6.000%, 05/25/33		342
	8		Series 2003-39, Class IO, IO, VAR, 6.000%, 05/25/33		2
	130		Series 2003-47, Class PE, 5.750%, 06/25/33		146
	15		Series 2003-52, Class SX, IF, 19.978%, 10/25/31		21
	16		Series 2003-64, Class SX, IF, 11.124%, 07/25/33		20
	97		Series 2003-71, Class DS, IF, 6.066%, 08/25/33		106
	–	(h)	Series 2003-80, Class SY, IF, IO, 6.659%, 06/25/23		—	(h)
	27		Series 2003-83, Class PG, 5.000%, 06/25/23		28
	12		Series 2003-91, Class SD, IF, 10.849%, 09/25/33		14
	117		Series 2003-116, Class SB, IF, IO, 6.609%, 11/25/33		24
	9		Series 2003-130, Class SX, IF, 10.034%, 01/25/34		10
	53		Series 2004-25, Class PC, 5.500%, 01/25/34		55
	69		Series 2004-25, Class SA, IF, 16.801%, 04/25/34		95

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	36	Series 2004-36, Class PC, 5.500%, 02/25/34		37
	80	Series 2004-36, Class SA, IF, 16.801%, 05/25/34		118
	48	Series 2004-46, Class SK, IF, 13.776%, 05/25/34		61
	489	Series 2004-50, Class VZ, 5.500%, 07/25/34		540
	43	Series 2004-61, Class SH, IF, 19.896%, 11/25/32		63
	38	Series 2004-74, Class SW, IF, 13.511%, 11/25/31		52
	14	Series 2004-76, Class CL, 4.000%, 10/25/19		14
	79	Series 2005-45, Class DC, HB, IF, 20.678%, 06/25/35		114
	5	Series 2005-52, Class PA, 6.500%, 06/25/35		5
	58	Series 2005-56, Class S, IF, IO, 5.719%, 07/25/35		9
	101	Series 2005-56, Class TP, IF, 15.178%, 08/25/33		127
	333	Series 2005-68, Class PG, 5.500%, 08/25/35		370
	149	Series 2005-73, Class PS, IF, 14.141%, 08/25/35		196
	60	Series 2005-74, Class CS, IF, 17.296%, 05/25/35		79
	114	Series 2005-106, Class US, HB, IF, 20.935%, 11/25/35		168
	381	Series 2005-121, Class DX, 5.500%, 01/25/26		408
	106	Series 2006-27, Class OH, PO, 04/25/36		96
	40	Series 2006-44, Class P, PO, 12/25/33		37
	256	Series 2006-56, Class FC, VAR, 1.281%, 07/25/36		255
	17	Series 2006-59, Class QO, PO, 01/25/33		17
	39	Series 2006-65, Class QO, PO, 07/25/36		35
	59	Series 2006-72, Class GO, PO, 08/25/36		54
	114	Series 2006-77, Class PC, 6.500%, 08/25/36		129
	47	Series 2006-79, Class DO, PO, 08/25/36		43
	75	Series 2006-110, Class PO, PO, 11/25/36		67
	97	Series 2006-124, Class HB, VAR, 3.133%, 11/25/36		103
	56	Series 2007-14, Class ES, IF, IO, 5.449%, 03/25/37		10
	48	Series 2007-79, Class SB, HB, IF, 20.385%, 08/25/37		72
	260	Series 2007-81, Class GE, 6.000%, 08/25/37		282
	132	Series 2007-88, Class VI, IF, IO, 5.516%, 09/25/37		28
	383	Series 2007-91, Class ES, IF, IO, 5.469%, 10/25/37		68
	62	Series 2007-106, Class A7, VAR, 6.182%, 10/25/37		69
	107	Series 2007-116, Class HI, IO, VAR, 1.598%, 01/25/38		6
	30	Series 2008-10, Class XI, IF, IO, 5.206%, 03/25/38		4
	21	Series 2008-16, Class IS, IF, IO, 5.209%, 03/25/38		3
	45	Series 2008-28, Class QS, IF, 17.728%, 04/25/38		61
	110	Series 2008-46, Class HI, IO, VAR, 1.950%, 06/25/38		6
	67	Series 2009-69, Class PO, PO, 09/25/39		62
	758	Series 2009-71, Class BC, 4.500%, 09/25/24		815
	183	Series 2009-103, Class MB, VAR, 3.275%, 12/25/39		195
	949	Series 2010-47, Class MB, 5.000%, 09/25/39		1,046
	225	Series 2010-71, Class HJ, 5.500%, 07/25/40		254
	1,000	Series 2011-44, Class EB, 3.000%, 05/25/26		1,034
	306	Series 2011-118, Class MT, 7.000%, 11/25/41		361
	270	Series 2011-118, Class NT, 7.000%, 11/25/41		313
	182	Series 2012-47, Class HF, VAR, 1.391%, 05/25/27		183
	374	Series 2013-101, Class DO, PO, 10/25/43		297
	360	Series 2013-128, Class PO, PO, 12/25/43		297
	1	Series G-14, Class L, 8.500%, 06/25/21		1
	4	Series G-18, Class Z, 8.750%, 06/25/21		4
	3	Series G-35, Class M, 8.750%, 10/25/21		3
	16	Series G92-35, Class E, 7.500%, 07/25/22		18

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	1		Series G92-42, Class Z, 7.000%, 07/25/22		1
	–	(h)	Series G92-44, Class ZQ, 8.000%, 07/25/22		—	(h)
	12		Series G92-54, Class ZQ, 7.500%, 09/25/22		13
	4		Series G93-5, Class Z, 6.500%, 02/25/23		4
	8		Series G95-1, Class C, 8.800%, 01/25/25		10
			FNMA REMIC Trust,
	108		Series 2003-W1, Class 1A1, VAR, 5.555%, 12/25/42		119
	22		Series 2003-W4, Class 2A, VAR, 6.161%, 10/25/42		26
	13		Series 2007-W7, Class 1A4, HB, IF, 33.039%, 07/25/37		19
			FNMA 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)
	40		Series 300, Class 1, PO, 09/25/24		37
	8		Series 329, Class 1, PO, 01/25/33		7
			FNMA Trust,
	47		Series 2004-W2, Class 2A2, 7.000%, 02/25/44		55
	146		Series 2005-W3, Class 2AF, VAR, 1.211%, 03/25/45		143
			GNMA,
	100		Series 1994-7, Class PQ, 6.500%, 10/16/24		109
	14		Series 1999-30, Class S, IF, IO, 7.606%, 08/16/29		3
	8		Series 2000-9, Class Z, 8.000%, 06/20/30		9
	149		Series 2000-9, Class ZJ, 8.500%, 02/16/30		174
	22		Series 2002-31, Class S, IF, IO, 7.706%, 01/16/31		5
	60		Series 2002-47, Class PG, 6.500%, 07/16/32		70
	72		Series 2002-47, Class PY, 6.000%, 07/20/32		80
	73		Series 2002-47, Class ZA, 6.500%, 07/20/32		86
	12		Series 2003-24, Class PO, PO, 03/16/33		11
	264		Series 2003-40, Class TJ, 6.500%, 03/20/33		300
	65		Series 2003-52, Class AP, PO, 06/16/33		57
	18		Series 2004-28, Class S, IF, 16.928%, 04/16/34		26
	36		Series 2004-71, Class SB, HB, IF, 24.589%, 09/20/34		57
	23		Series 2004-73, Class AE, IF, 12.808%, 08/17/34		26
	198		Series 2004-90, Class SI, IF, IO, 5.090%, 10/20/34		29
	52		Series 2005-68, Class DP, IF, 14.037%, 06/17/35		65
	371		Series 2005-68, Class KI, IF, IO, 5.307%, 09/20/35		61
	587		Series 2006-38, Class ZK, 6.500%, 08/20/36		683
	37		Series 2006-59, Class SD, IF, IO, 5.707%, 10/20/36		6
	157		Series 2007-17, Class JI, IF, IO, 5.816%, 04/16/37		30
	187		Series 2007-27, Class SA, IF, IO, 5.190%, 05/20/37		28
	274		Series 2007-40, Class SB, IF, IO, 5.757%, 07/20/37		44
	163		Series 2007-45, Class QA, IF, IO, 5.647%, 07/20/37		27
	146		Series 2007-50, Class AI, IF, IO, 5.782%, 08/20/37		27
	41		Series 2007-53, Class ES, IF, IO, 5.540%, 09/20/37		7
	36		Series 2007-53, Class SW, IF, 17.227%, 09/20/37		50
	15		Series 2007-71, Class SB, IF, IO, 5.707%, 07/20/36		—	(h)
	83		Series 2007-72, Class US, IF, IO, 5.540%, 11/20/37		14
	83		Series 2007-76, Class SA, IF, IO, 5.520%, 11/20/37		14
	54		Series 2008-33, Class XS, IF, IO, 6.706%, 04/16/38		10
	163		Series 2008-40, Class SA, IF, IO, 5.406%, 05/16/38		28
	205		Series 2008-50, Class KB, 6.000%, 06/20/38		234
	106		Series 2008-55, Class SA, IF, IO, 5.207%, 06/20/38		16
	116		Series 2008-93, Class AS, IF, IO, 4.690%, 12/20/38		16
	33		Series 2009-6, Class SA, IF, IO, 5.106%, 02/16/39		5
	51		Series 2009-14, Class NI, IO, 6.500%, 03/20/39		13

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	162	Series 2009-22, Class SA, IF, IO, 5.260%, 04/20/39		21
	138	Series 2009-31, Class TS, IF, IO, 5.307%, 03/20/39		15
	146	Series 2009-79, Class OK, PO, 11/16/37		134
	944	Series 2009-92, Class ZC, 5.000%, 10/20/39		1,070
	282	Series 2009-106, Class ST, IF, IO, 5.007%, 02/20/38		46
	58	Series 2010-14, Class AO, PO, 12/20/32		55
	1,000	Series 2010-105, Class B, 5.000%, 08/20/40		1,117
	96	Series 2010-130, Class CP, 7.000%, 10/16/40		111
	344	Series 2011-137, Class WA, VAR, 5.546%, 07/20/40		389
	268	Series 2012-H21, Class DF, VAR, 1.633%, 05/20/61		269
	75	Series 2012-H24, Class FA, VAR, 1.280%, 03/20/60		75
	270	Series 2012-H26, Class MA, VAR, 1.380%, 07/20/62		270
	682	Series 2012-H29, Class FA, VAR, 1.345%, 10/20/62		682
	602	Series 2013-91, Class WA, VAR, 4.489%, 04/20/43		639
	44	Series 2013-H03, Class FA, VAR, 1.130%, 08/20/60		44
	772	Series 2014-H15, Class FA, VAR, 1.330%, 07/20/64		770
	703	Series 2014-H17, Class FC, VAR, 1.330%, 07/20/64		702
	684	Series 2015-H15, Class FJ, VAR, 1.270%, 06/20/65		681
	639	Series 2015-H18, Class FA, VAR, 1.280%, 06/20/65		637
	674	Series 2015-H20, Class FA, VAR, 1.300%, 08/20/65		672
	772	Series 2015-H26, Class FG, VAR, 1.503%, 10/20/65		772
	117	GSR Mortgage Loan Trust, Series 2006-1F, Class 1A3, 5.500%, 02/25/36		112
	42	Impac Secured Assets CMN Owner Trust, Series 2002-2, Class APO, PO, 04/25/33		27
		JP Morgan Mortgage Trust,
	371	Series 2003-A1, Class 1A1, VAR, 2.964%, 10/25/33		364
	35	Series 2006-A2, Class 4A1, VAR, 3.178%, 08/25/34		35
	115	Series 2006-A2, Class 5A3, VAR, 3.114%, 11/25/33		117
		MASTR Adjustable Rate Mortgages Trust,
	34	Series 2004-3, Class 4A2, VAR, 3.039%, 04/25/34		32
	96	Series 2004-13, Class 2A1, VAR, 3.113%, 04/21/34		99
		MASTR Alternative Loan Trust,
	117	Series 2003-9, Class 8A1, 6.000%, 01/25/34		121
	229	Series 2004-4, Class 10A1, 5.000%, 05/25/24		238
	15	Series 2004-7, Class 30PO, PO, 08/25/34		12
	7	Series 2004-10, Class 1A1, 4.500%, 09/25/19		7
	56	Series 2005-6, Class 3A1, 5.500%, 11/25/20		55
	2	MASTR Asset Securitization Trust, Series 2004-8, Class PO, PO, 08/25/19		2
	17	MASTR Resecuritization Trust, Series 2005-PO, Class 3PO, PO, 05/28/35 (e)		13
		Merrill Lynch Mortgage Investors Trust,
	181	Series 2003-E, Class A1, VAR, 1.611%, 10/25/28		174
	63	Series 2004-A, Class A1, VAR, 1.451%, 04/25/29		61
	28	MortgageIT Trust, Series 2005-1, Class 1A1, VAR, 1.631%, 02/25/35		27
	48	NACC Reperforming Loan REMIC Trust, Series 2004-R2, Class A1, VAR, 6.500%, 10/25/34 (e)		47
	53	NCUA Guaranteed Notes Trust, Series 2010-R3, Class 3A, 2.400%, 12/08/20		53
		Nomura Asset Acceptance Corp. Alternative Loan Trust,
	27	Series 2003-A1, Class A1, 5.500%, 05/25/33		28
	19	Series 2003-A1, Class A2, 6.000%, 05/25/33		19
	7	Series 2003-A1, Class A5, 7.000%, 04/25/33		7
		RALI Trust,
	2	Series 2002-QS8, Class A5, 6.250%, 06/25/17		2

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	2	Series 2002-QS16, Class A3, IF, 14.552%, 10/25/17		2
	3	Series 2003-QS3, Class A2, IF, 14.321%, 02/25/18		4
	19	Series 2003-QS9, Class A3, IF, IO, 6.559%, 05/25/18		—	(h)
	37	Series 2004-QS3, Class CB, 5.000%, 03/25/19		37
	69	Reperforming Loan REMIC Trust, Series 2005-R1, Class 2APO, PO, 03/25/35 (e)		61
	3	Residential Asset Securitization Trust, Series 2003-A14, Class A1, 4.750%, 02/25/19		3
		Springleaf Mortgage Loan Trust,
	83	Series 2013-2A, Class A, VAR, 1.780%, 12/25/65 (e)		83
	125	Series 2013-2A, Class M1, VAR, 3.520%, 12/25/65 (e)		125
	87	Series 2013-3A, Class A, VAR, 1.870%, 09/25/57 (e)		87
	306	Series 2013-3A, Class M1, VAR, 3.790%, 09/25/57 (e)		306
	69	Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2003-33H, Class 1A1, 5.500%, 10/25/33		70
		Vendee Mortgage Trust,
	283	Series 1993-1, Class ZB, 7.250%, 02/15/23		313
	150	Series 1994-1, Class 1, VAR, 5.367%, 02/15/24		160
	223	Series 1996-1, Class 1Z, 6.750%, 02/15/26		251
	74	Series 1996-2, Class 1Z, 6.750%, 06/15/26		83
	300	Series 1997-1, Class 2Z, 7.500%, 02/15/27		343
	70	Series 1998-1, Class 2E, 7.000%, 03/15/28		82
		WaMu Mortgage Pass-Through Certificates Trust,
	5	Series 2002-S8, Class 2A7, 5.250%, 01/25/18		5
	80	Series 2003-AR5, Class A7, VAR, 3.063%, 06/25/33		81
	43	Series 2004-AR3, Class A2, VAR, 2.971%, 06/25/34		44
	173	Washington Mutual Mortgage Pass-Through Certificates WMALT Trust, Series 2005-4, Class CB7, 5.500%, 06/25/35		162
		Washington Mutual MSC Mortgage Pass-Through Certificates Trust,
	13	Series 2003-MS2, Class 1A1, 5.750%, 02/25/33		14
	3	Series 2003-MS7, Class P, PO, 03/25/33		2
		Wells Fargo Mortgage-Backed Securities Trust,
	30	Series 2003-K, Class 1A1, VAR, 2.902%, 11/25/33		30
	51	Series 2004-EE, Class 3A1, VAR, 3.389%, 12/25/34		53
	151	Series 2004-P, Class 2A1, VAR, 3.000%, 09/25/34		156
	243	Series 2005-AR3, Class 1A1, VAR, 3.120%, 03/25/35		248
		Total Collateralized Mortgage Obligations (Cost $40,435)		42,022
	Commercial Mortgage-Backed Securities — 3.9%
	41	A10 Securitization LLC, Series 2015-1, Class A1, 2.100%, 04/15/34 (e)		41
	79	A10 Term Asset Financing LLC, Series 2013-2, Class A, 2.620%, 11/15/27 (e)		79
	85	Banc of America Commercial Mortgage Trust, Series 2007-5, Class A4, 5.492%, 02/10/51		85
	443	CD Commercial Mortgage Trust, Series 2007-CD4, Class XC, IO, VAR, 0.490%, 12/11/49 (e)		—	(h)
		Commercial Mortgage Trust,
	132	Series 2014-PAT, Class A, VAR, 1.790%, 08/13/27 (e)		132
	400	Series 2014-TWC, Class A, VAR, 1.840%, 02/13/32 (e)		401
	281	Series 2015-CR25, Class A4, 3.759%, 08/10/48		296
		FNMA - ACES,
	433	Series 2010-M3, Class A3, VAR, 4.332%, 03/25/20		456
	126	Series 2012-M11, Class FA, VAR, 1.312%, 08/25/19		126
	444	Series 2014-M2, Class A2, VAR, 3.513%, 12/25/23		473
	636	Series 2014-M13, Class A2, VAR, 3.021%, 08/25/24		658
	1,000	Series 2015-M3, Class A2, 2.723%, 10/25/24		1,013
	820	Series 2015-M7, Class A2, 2.590%, 12/25/24		821

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
	746	Series 2015-M17, Class FA, VAR, 1.981%, 11/25/22		750
	23	Morgan Stanley Re-REMIC Trust, Series 2012-XA, Class A, 2.000%, 07/27/49 (e)		22
		PFP Ltd., (Cayman Islands),
	209	Series 2015-2, Class A, VAR, 2.442%, 07/14/34 (e)		209
	100	Series 2015-2, Class C, VAR, 4.244%, 07/14/34 (e)		100
	100	Series 2015-2, Class D, VAR, 4.992%, 07/14/34 (e)		98
		RAIT Trust,
	25	Series 2015-FL4, Class A, VAR, 2.339%, 12/15/31 (e)		25
	250	Series 2015-FL5, Class B, VAR, 4.889%, 01/15/31 (e)		250
		Resource Capital Corp. Ltd., (Cayman Islands),
	65	Series 2015-CRE4, Class A, VAR, 2.394%, 08/15/32 (e)		65
	153	Series 2015-CRE4, Class B, VAR, 3.994%, 08/15/32 (e)		151
	116	UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.663%, 06/10/30 (e)		120
	104	UBS-Barclays Commercial Mortgage Trust, Series 2012-C2, Class A4, 3.525%, 05/10/63		109
	500	VNDO Mortgage Trust, Series 2013-PENN, Class A, 3.808%, 12/13/29 (e)		527
		Total Commercial Mortgage-Backed Securities (Cost $6,935)		7,007
	Corporate Bonds — 20.2%
		Consumer Discretionary — 1.1%
		Automobiles — 0.1%
	150	Daimler Finance North America LLC, (Germany), 2.200%, 05/05/20 (e)		150
		Internet & Direct Marketing Retail — 0.1%
	100	Amazon.com, Inc., 3.800%, 12/05/24		108
		Media — 0.8%
	100	21st Century Fox America, Inc., 7.700%, 10/30/25		130
	208	CBS Corp., 4.000%, 01/15/26		215
	80	Comcast Corp., 3.375%, 08/15/25		82
	78	Discovery Communications LLC, 4.375%, 06/15/21		83
	200	NBCUniversal Media LLC, 2.875%, 01/15/23		204
	35	Time Warner Cable LLC, 8.750%, 02/14/19		39
	100	Time Warner Cos., Inc., 7.570%, 02/01/24		124
	300	Time Warner, Inc., 3.600%, 07/15/25		300
		Viacom, Inc.,
	11	3.250%, 03/15/23		11
	180	3.875%, 04/01/24		182
				1,370
		Multiline Retail — 0.1%
		Macy’s Retail Holdings, Inc.,
	49	4.375%, 09/01/23		49
	62	6.900%, 04/01/29		67
	35	Nordstrom, Inc., 4.000%, 10/15/21		37
				153
		Specialty Retail — 0.0% (g)
	100	O’Reilly Automotive, Inc., 3.550%, 03/15/26		101
		Total Consumer Discretionary		1,882
		Consumer Staples — 0.7%
		Beverages — 0.3%
	150	Anheuser-Busch InBev Finance, Inc., (Belgium), 3.700%, 02/01/24		157
	200	Coca-Cola Co. (The), 2.900%, 05/25/27		200
	70	Diageo Capital plc, (United Kingdom), 4.828%, 07/15/20		76
				433
		Food & Staples Retailing — 0.2%
		Kroger Co. (The),
	90	4.000%, 02/01/24		95
	30	6.150%, 01/15/20		33
	100	Sysco Corp., 3.750%, 10/01/25		104
	185	Walgreens Boots Alliance, Inc., 3.100%, 06/01/23		187
				419
		Food Products — 0.2%
	100	Cargill, Inc., 3.300%, 03/01/22 (e)		104
		Kraft Heinz Foods Co.,
	15	3.500%, 06/06/22		16
	15	3.950%, 07/15/25		15
	66	5.000%, 07/15/35		71
	22	5.375%, 02/10/20		24
	92	Mead Johnson Nutrition Co., 4.125%, 11/15/25		98

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Food Products — continued
	73	Tyson Foods, Inc., 3.950%, 08/15/24		76
				404
		Household Products — 0.0% (g)
	20	Kimberly-Clark Corp., 2.400%, 03/01/22		20
	42	Procter & Gamble - Esop, Series A, 9.360%, 01/01/21		48
				68
		Total Consumer Staples		1,324
		Energy — 2.7%
		Energy Equipment & Services — 0.1%
	107	Halliburton Co., 3.500%, 08/01/23		111
		Nabors Industries, Inc.,
	30	4.625%, 09/15/21		30
	30	5.000%, 09/15/20		31
	15	National Oilwell Varco, Inc., 1.350%, 12/01/17		15
	47	Schlumberger Investment SA, 3.300%, 09/14/21 (e)		49
				236
		Oil, Gas & Consumable Fuels — 2.6%
		Apache Corp.,
	42	3.250%, 04/15/22		43
	25	6.900%, 09/15/18		26
	29	Boardwalk Pipelines LP, 4.950%, 12/15/24		31
		BP Capital Markets plc, (United Kingdom),
	20	1.375%, 11/06/17		20
	60	3.506%, 03/17/25		62
	166	3.814%, 02/10/24		175
		Buckeye Partners LP,
	30	4.350%, 10/15/24		31
	40	4.875%, 02/01/21		43
	25	5.850%, 11/15/43		28
	25	Canadian Natural Resources Ltd., (Canada), 3.900%, 02/01/25		25
	21	Cenovus Energy, Inc., (Canada), 3.000%, 08/15/22		21
	40	Chevron Corp., 2.355%, 12/05/22		40
	200	CNOOC Nexen Finance 2014 ULC, (China), 4.250%, 04/30/24		211
	58	Ecopetrol SA, (Colombia), 4.125%, 01/16/25		57
		Energy Transfer LP,
	28	3.600%, 02/01/23		29
	91	4.050%, 03/15/25		92
	61	4.900%, 02/01/24		65
	200	Eni SpA, (Italy), 4.150%, 10/01/20 (e)		210
	74	EnLink Midstream Partners LP, 4.150%, 06/01/25		75
		Enterprise Products Operating LLC,
	37	3.750%, 02/15/25		38
	49	3.900%, 02/15/24		52
		EOG Resources, Inc.,
	23	2.625%, 03/15/23		23
	100	4.100%, 02/01/21		106
	300	4.150%, 01/15/26		319
	250	Gulf South Pipeline Co. LP, 4.000%, 06/15/22		258
	50	Magellan Midstream Partners LP, 6.550%, 07/15/19		55
	175	Marathon Oil Corp., 6.000%, 10/01/17		178
	67	Marathon Petroleum Corp., 3.625%, 09/15/24		67
	36	Noble Energy, Inc., 5.625%, 05/01/21		37
	91	Occidental Petroleum Corp., 3.500%, 06/15/25		94
		ONEOK Partners LP,
	40	3.200%, 09/15/18		41
	12	3.375%, 10/01/22		12
	200	4.900%, 03/15/25		216
	28	5.000%, 09/15/23		30
		Petroleos Mexicanos, (Mexico),
	59	4.250%, 01/15/25		58
	69	4.875%, 01/18/24		70
	149	6.375%, 02/04/21		163
		Plains All American Pipeline LP,
	100	3.600%, 11/01/24		99
	250	4.650%, 10/15/25		261
	200	Sinopec Group Overseas Development 2013 Ltd., (China), 4.375%, 10/17/23 (e)		214
		Spectra Energy Capital LLC,
	150	5.650%, 03/01/20		162
	50	8.000%, 10/01/19		56
	63	Spectra Energy Partners LP, 3.500%, 03/15/25		63
	180	Sunoco Logistics Partners Operations LP, 4.650%, 02/15/22		193
	42	TC PipeLines LP, 3.900%, 05/25/27		42
		TransCanada PipeLines Ltd., (Canada),
	172	3.750%, 10/16/23		181
	100	6.500%, 08/15/18		106

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
	30	7.125%, 01/15/19		32
	86	Williams Partners LP, 3.900%, 01/15/25		88
				4,598
		Total Energy		4,834
		Financials — 8.1%
		Banks — 3.3%
	200	ANZ New Zealand Int’l Ltd., (New Zealand), 2.600%, 09/23/19 (e)		202
		Bank of America Corp.,
	150	3.300%, 01/11/23		153
	485	3.875%, 08/01/25		502
	42	4.125%, 01/22/24		44
	100	5.000%, 05/13/21		109
	154	Series L, 3.950%, 04/21/25		157
	317	Barclays plc, (United Kingdom), 3.200%, 08/10/21		322
	300	Capital One Bank USA NA, 3.375%, 02/15/23		303
		Citigroup, Inc.,
	82	2.150%, 07/30/18		82
	750	4.125%, 07/25/28		761
	115	5.500%, 09/13/25		129
	16	Comerica, Inc., 3.800%, 07/22/26		16
	201	Commonwealth Bank of Australia, (Australia), 4.500%, 12/09/25 (e)		213
		Cooperatieve Rabobank UA, (Netherlands),
	118	3.875%, 02/08/22		126
	250	4.375%, 08/04/25		263
	250	Discover Bank, 3.100%, 06/04/20		255
		HSBC Holdings plc, (United Kingdom),
	200	2.650%, 01/05/22		200
	200	4.250%, 08/18/25		207
	300	4.875%, 01/14/22		328
	250	Huntington National Bank (The), 2.875%, 08/20/20		255
	50	KeyCorp, 5.100%, 03/24/21		55
	200	Mizuho Bank Ltd., (Japan), 2.650%, 09/25/19 (e)		202
	36	MUFG Americas Holdings Corp., 2.250%, 02/10/20		36
	133	PNC Financial Services Group, Inc. (The), 4.375%, 08/11/20		142
	107	Regions Financial Corp., 3.200%, 02/08/21		110
	200	Standard Chartered plc, (United Kingdom), 5.200%, 01/26/24 (e)		215
		Wells Fargo & Co.,
	99	3.000%, 02/19/25		98
	21	4.100%, 06/03/26		22
	30	4.300%, 07/22/27		32
	400	VAR, 3.584%, 05/22/28		404
				5,943
		Capital Markets — 2.6%
	120	Ameriprise Financial, Inc., 4.000%, 10/15/23		129
		Bank of New York Mellon Corp. (The),
	150	3.250%, 09/11/24		154
	75	4.600%, 01/15/20		80
	150	Blackstone Holdings Finance Co. LLC, 5.875%, 03/15/21 (e)		168
	40	Charles Schwab Corp. (The), 3.225%, 09/01/22		41
		Deutsche Bank AG, (Germany),
	319	1.875%, 02/13/18		319
	38	3.125%, 01/13/21		38
	62	3.375%, 05/12/21		63
		Goldman Sachs Group, Inc. (The),
	137	3.750%, 05/22/25		140
	120	4.000%, 03/03/24		126
	80	5.750%, 01/24/22		91
	349	VAR, 3.691%, 06/05/28		349
		Intercontinental Exchange, Inc.,
	47	2.500%, 10/15/18		48
	88	4.000%, 10/15/23		94
		Invesco Finance plc,
	125	3.750%, 01/15/26		131
	71	4.000%, 01/30/24		75
	125	Jefferies Group LLC, 6.875%, 04/15/21		143
		Macquarie Bank Ltd., (Australia),
	100	2.850%, 07/29/20 (e)		102
	300	3.900%, 01/15/26 (e)		312
	100	4.000%, 07/29/25 (e)		105
	40	Macquarie Group Ltd., (Australia), 6.250%, 01/14/21 (e)		45
		Morgan Stanley,
	300	2.750%, 05/19/22		301
	83	3.700%, 10/23/24		86
	330	4.000%, 07/23/25		345
	155	5.000%, 11/24/25		169
	166	5.500%, 07/24/20		182

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Capital Markets — continued
	100	5.500%, 07/28/21		111
	100	5.750%, 01/25/21		111
	100	6.625%, 04/01/18		104
	84	Nomura Holdings, Inc., (Japan), 6.700%, 03/04/20		93
	17	Northern Trust Corp., VAR, 3.375%, 05/08/32		17
	36	State Street Corp., 3.100%, 05/15/23		37
	34	TD Ameritrade Holding Corp., 2.950%, 04/01/22		35
		Thomson Reuters Corp., (Canada),
	51	3.850%, 09/29/24		53
	105	3.950%, 09/30/21		110
	60	4.700%, 10/15/19		63
				4,570
		Consumer Finance — 0.5%
	235	Capital One Financial Corp., 3.200%, 02/05/25		231
	58	Caterpillar Financial Services Corp., 2.850%, 06/01/22		59
		Ford Motor Credit Co. LLC,
	250	3.157%, 08/04/20		255
	200	3.810%, 01/09/24		203
		John Deere Capital Corp.,
	33	3.150%, 10/15/21		34
	50	Series 14, 2.450%, 09/11/20		51
	100	Synchrony Financial, 4.250%, 08/15/24		102
				935
		Diversified Financial Services — 1.0%
	98	Berkshire Hathaway, Inc., 2.750%, 03/15/23		99
	349	GE Capital International Funding Co. Unlimited Co., 2.342%, 11/15/20		352
		GTP Acquisition Partners I LLC,
	174	2.350%, 06/15/20 (e)		171
	202	3.482%, 06/16/25 (e)		202
		Private Export Funding Corp.,
	500	Series EE, 2.800%, 05/15/22		519
	200	Series KK, 3.550%, 01/15/24		215
		Shell International Finance BV, (Netherlands),
	42	1.125%, 08/21/17		42
	100	3.250%, 05/11/25		103
				1,703
		Insurance — 0.7%
	61	Allstate Corp. (The), 3.150%, 06/15/23		63
	161	American International Group, Inc., 3.750%, 07/10/25		165
	143	Aon plc, 3.875%, 12/15/25		148
	130	Chubb INA Holdings, Inc., 2.875%, 11/03/22		133
		CNA Financial Corp.,
	52	3.950%, 05/15/24		54
	38	4.500%, 03/01/26		41
	125	Guardian Life Global Funding, 2.500%, 05/08/22 (e)		125
	35	Lincoln National Corp., 4.200%, 03/15/22		38
	300	Manulife Financial Corp., (Canada), 4.150%, 03/04/26		319
	50	Marsh & McLennan Cos., Inc., 3.300%, 03/14/23		52
	150	Prudential Insurance Co. of America (The), 8.300%, 07/01/25 (e)		200
				1,338
		Total Financials		14,489
		Health Care — 1.3%
		Biotechnology — 0.5%
		AbbVie, Inc.,
	214	2.850%, 05/14/23		213
	35	3.200%, 11/06/22		36
		Amgen, Inc.,
	44	3.625%, 05/15/22		46
	40	5.700%, 02/01/19		43
	75	Baxalta, Inc., 3.600%, 06/23/22		78
	184	Biogen, Inc., 3.625%, 09/15/22		193
		Celgene Corp.,
	98	3.250%, 08/15/22		101
	161	3.625%, 05/15/24		167
		Gilead Sciences, Inc.,
	13	2.500%, 09/01/23		13
	25	3.500%, 02/01/25		26
	57	3.650%, 03/01/26		58
	21	3.700%, 04/01/24		22
				996
		Health Care Equipment & Supplies — 0.2%
	300	Abbott Laboratories, 3.250%, 04/15/23		305
		Health Care Providers & Services — 0.5%
	200	Aetna, Inc., 2.800%, 06/15/23		200
	115	Anthem, Inc., 3.125%, 05/15/22		118
		Cardinal Health, Inc.,
	45	2.400%, 11/15/19		46

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Health Care Providers & Services — continued
	49	3.750%, 09/15/25		51
	72	Express Scripts Holding Co., 3.500%, 06/15/24		72
	214	Laboratory Corp. of America Holdings, 3.200%, 02/01/22		218
	112	UnitedHealth Group, Inc., 3.375%, 11/15/21		117
				822
		Life Sciences Tools & Services — 0.0% (g)
		Thermo Fisher Scientific, Inc.,
	57	3.150%, 01/15/23		58
	34	4.150%, 02/01/24		36
				94
		Pharmaceuticals — 0.1%
	69	Forest Laboratories LLC, 5.000%, 12/15/21 (e)		76
	30	Merck & Co., Inc., 3.700%, 02/10/45		29
				105
		Total Health Care		2,322
		Industrials — 1.2%
		Aerospace & Defense — 0.2%
	43	Airbus Group Finance BV, (France), 2.700%, 04/17/23 (e)		43
	68	BAE Systems Holdings, Inc., (United Kingdom), 3.800%, 10/07/24 (e)		71
	174	Lockheed Martin Corp., 3.100%, 01/15/23		179
				293
		Building Products — 0.2%
	200	CRH America Finance, Inc., (Ireland), 3.400%, 05/09/27 (e)		201
		Johnson Controls International plc,
	99	3.750%, 12/01/21		104
	32	3.900%, 02/14/26		34
				339
		Commercial Services & Supplies — 0.0% (g)
	50	Pitney Bowes, Inc., 5.600%, 03/15/18		51
		Construction & Engineering — 0.1%
	41	ABB Finance USA, Inc., (Switzerland), 2.875%, 05/08/22		42
	70	Fluor Corp., 3.375%, 09/15/21		73
				115
		Electrical Equipment — 0.0% (g)
		Eaton Corp.,
	27	1.500%, 11/02/17		27
	50	5.600%, 05/15/18		52
				79
		Industrial Conglomerates — 0.1%
	34	Ingersoll-Rand Global Holding Co. Ltd., 4.250%, 06/15/23		37
	152	Koninklijke Philips NV, (Netherlands), 3.750%, 03/15/22		161
	49	Pentair Finance SA, (United Kingdom), 2.900%, 09/15/18		49
				247
		Machinery — 0.1%
	31	Caterpillar, Inc., 2.600%, 06/26/22		32
	89	Deere & Co., 2.600%, 06/08/22		90
	25	Parker-Hannifin Corp., 5.500%, 05/15/18		26
				148
		Road & Rail — 0.5%
		Burlington Northern Santa Fe LLC,
	43	3.050%, 03/15/22		44
	32	3.450%, 09/15/21		34
	19	3.600%, 09/01/20		20
	55	Canadian Pacific Railway Co., (Canada), 4.500%, 01/15/22		59
	162	CSX Corp., 3.250%, 06/01/27		164
		ERAC USA Finance LLC,
	27	4.500%, 08/16/21 (e)		29
	48	5.250%, 10/01/20 (e)		53
		Penske Truck Leasing Co. LP,
	53	2.875%, 07/17/18 (e)		54
	200	3.375%, 02/01/22 (e)		206
		Ryder System, Inc.,
	25	2.500%, 03/01/18		25
	28	2.500%, 05/11/20		28
	86	2.875%, 09/01/20		87
		Union Pacific Corp.,
	21	2.950%, 01/15/23		22
	75	3.646%, 02/15/24		79
				904
		Trading Companies & Distributors — 0.0% (g)
	55	WW Grainger, Inc., 4.600%, 06/15/45		59
		Total Industrials		2,235
		Information Technology — 0.5%
		Communications Equipment — 0.0% (g)
	44	Cisco Systems, Inc., 2.950%, 02/28/26		44

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Electronic Equipment, Instruments & Components — 0.1%
		Arrow Electronics, Inc.,
	32	3.000%, 03/01/18		32
	16	4.500%, 03/01/23		17
	100	6.875%, 06/01/18		105
	63	7.500%, 01/15/27		78
				232
		IT Services — 0.1%
	90	Total System Services, Inc., 3.750%, 06/01/23		93
		Semiconductors & Semiconductor Equipment — 0.2%
	130	Intel Corp., 3.700%, 07/29/25		137
	30	National Semiconductor Corp., 6.600%, 06/15/17		30
	94	QUALCOMM, Inc., 3.250%, 05/20/27		94
				261
		Software — 0.0% (g)
		Microsoft Corp.,
	23	0.875%, 11/15/17		23
	34	2.125%, 11/15/22		34
				57
		Technology Hardware, Storage & Peripherals — 0.1%
		HP, Inc.,
	118	4.375%, 09/15/21		126
	45	4.650%, 12/09/21		49
				175
		Total Information Technology		862
		Materials — 0.9%
		Chemicals — 0.7%
		Agrium, Inc., (Canada),
	45	3.375%, 03/15/25		45
	100	4.125%, 03/15/35		98
	125	CF Industries, Inc., 7.125%, 05/01/20		138
		Dow Chemical Co. (The),
	59	3.000%, 11/15/22		60
	100	3.500%, 10/01/24		103
	60	4.125%, 11/15/21		64
	20	8.550%, 05/15/19		23
	88	Ecolab, Inc., 3.250%, 01/14/23		91
	246	Mosaic Co. (The), 4.250%, 11/15/23		259
	25	Potash Corp. of Saskatchewan, Inc., (Canada), 3.250%, 12/01/17		25
	41	Praxair, Inc., 2.650%, 02/05/25		41
	51	Sherwin-Williams Co. (The), 3.450%, 06/01/27		52
	150	Union Carbide Corp., 7.500%, 06/01/25		185
				1,184
		Construction Materials — 0.1%
	200	CRH America, Inc., (Ireland), 3.875%, 05/18/25 (e)		209
	78	Martin Marietta Materials, Inc., 3.450%, 06/01/27		78
				287
		Metals & Mining — 0.1%
	95	BHP Billiton Finance USA Ltd., (Australia), 3.850%, 09/30/23		102
	27	Nucor Corp., 4.000%, 08/01/23		29
				131
		Total Materials		1,602
		Real Estate — 1.0%
		Equity Real Estate Investment Trusts (REITs) — 1.0%
		American Tower Corp.,
	80	3.500%, 01/31/23		82
	38	5.000%, 02/15/24		42
	45	American Tower Trust I, 1.551%, 03/15/18 (e)		45
	62	EPR Properties, 4.500%, 06/01/27		62
	125	Equity Commonwealth, 5.875%, 09/15/20		134
	255	ERP Operating LP, 4.625%, 12/15/21		276
		HCP, Inc.,
	38	3.400%, 02/01/25		37
	205	3.875%, 08/15/24		209
	17	4.200%, 03/01/24		18
		Prologis LP,
	38	3.750%, 11/01/25		40
	53	4.250%, 08/15/23		57
	50	Realty Income Corp., 3.875%, 07/15/24		52
	150	Scentre Group Trust 1, (Australia), 3.500%, 02/12/25 (e)		152
		Simon Property Group LP,
	62	3.375%, 10/01/24		63
	38	3.750%, 02/01/24		40
	81	4.125%, 12/01/21		87
		Ventas Realty LP,
	27	3.500%, 02/01/25		27
	44	3.750%, 05/01/24		45
	62	4.125%, 01/15/26		64

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Equity Real Estate Investment Trusts (REITs) — continued
	100	VEREIT Operating Partnership LP, 4.600%, 02/06/24		105
	73	Welltower, Inc., 4.500%, 01/15/24		78
		Total Real Estate		1,715
		Telecommunication Services — 1.2%
		Diversified Telecommunication Services — 1.1%
		AT&T, Inc.,
	25	3.000%, 06/30/22		25
	141	3.400%, 05/15/25		139
	227	3.600%, 02/17/23		232
	52	3.950%, 01/15/25		53
	34	4.450%, 04/01/24		36
	150	4.600%, 02/15/21		160
	350	Bellsouth Capital Funding Corp., 7.875%, 02/15/30		459
	27	Nippon Telegraph & Telephone Corp., (Japan), 1.400%, 07/18/17		27
	148	Qwest Corp., 6.750%, 12/01/21		165
	31	Telefonica Emisiones SAU, (Spain), 5.134%, 04/27/20		34
		Verizon Communications, Inc.,
	156	4.150%, 03/15/24		165
	448	4.812%, 03/15/39 (e)		451
				1,946
		Wireless Telecommunication Services — 0.1%
	160	Rogers Communications, Inc., (Canada), 4.100%, 10/01/23		171
		Total Telecommunication Services		2,117
		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		44
	30	Connecticut Light & Power Co. (The), 5.650%, 05/01/18		31
	20	DTE Electric Co., 2.650%, 06/15/22		20
	60	Duke Energy Indiana LLC, 3.750%, 07/15/20		63
	40	Duke Energy Progress LLC, 2.800%, 05/15/22		41
	60	Electricite de France SA, (France), 2.150%, 01/22/19 (e)		60
		Enel Finance International NV, (Italy),
	200	3.625%, 05/25/27 (e)		197
	100	5.125%, 10/07/19 (e)		107
	186	Entergy Mississippi, Inc., 2.850%, 06/01/28		181
	25	Jersey Central Power & Light Co., 7.350%, 02/01/19		27
	47	Kansas City Power & Light Co., 3.150%, 03/15/23		48
	60	Nevada Power Co., 7.125%, 03/15/19		65
		NextEra Energy Capital Holdings, Inc.,
	27	2.400%, 09/15/19		27
	89	3.550%, 05/01/27		91
		Niagara Mohawk Power Corp.,
	28	3.508%, 10/01/24 (e)		29
	40	4.881%, 08/15/19 (e)		42
	25	Ohio Power Co., 6.050%, 05/01/18		26
	50	Oncor Electric Delivery Co. LLC, 6.800%, 09/01/18		53
		Pacific Gas & Electric Co.,
	68	2.450%, 08/15/22		68
	50	3.250%, 06/15/23		52
	51	Public Service Co. of Colorado, 3.200%, 11/15/20		53
	74	Public Service Co. of Oklahoma, 4.400%, 02/01/21		79
	41	Southern California Edison Co., 1.845%, 02/01/22		41
	30	Southwestern Public Service Co., Series G, 8.750%, 12/01/18		33
		Virginia Electric & Power Co.,
	21	3.450%, 02/15/24		22
	40	Series A, 6.000%, 05/15/37		51
				1,605
		Gas Utilities — 0.0% (g)
	30	Atmos Energy Corp., 8.500%, 03/15/19		34
		Independent Power and Renewable Electricity Producers — 0.3%
		Exelon Generation Co. LLC,
	45	2.950%, 01/15/20		46
	72	4.250%, 06/15/22		76
	37	PSEG Power LLC, 4.300%, 11/15/23		39
	317	Southern Power Co., 4.150%, 12/01/25		334
				495

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
			Multi-Utilities — 0.3%
	50		Consumers Energy Co., 5.650%, 04/15/20		55
	79		DTE Energy Co., Series B, 3.300%, 06/15/22		81
	200		NiSource Finance Corp., 3.850%, 02/15/23		209
	48		Sempra Energy, 4.050%, 12/01/23		51
	94		Southern Co. Gas Capital Corp., 3.500%, 09/15/21		98
	87		WEC Energy Group, Inc., 3.550%, 06/15/25		90
					584
			Total Utilities		2,718
			Total Corporate Bonds (Cost $34,905)		36,100
	Foreign Government Securities — 0.6%
	150		Republic of Colombia, (Colombia), 7.375%, 09/18/37		193
			Republic of Poland, (Poland),
	125		3.250%, 04/06/26		127
	92		4.000%, 01/22/24		98
			United Mexican States, (Mexico),
	250		3.600%, 01/30/25		252
	244		3.625%, 03/15/22		253
	116		4.000%, 10/02/23		121
			Total Foreign Government Securities (Cost $1,022)		1,044
	Mortgage-Backed Securities — 11.7%
			FHLMC,
	11		ARM, 2.625%, 07/01/26		11
	20		ARM, 2.822%, 01/01/27		20
	139		ARM, 3.005%, 08/01/36		146
	40		ARM, 3.040%, 01/01/37		42
	64		ARM, 3.060%, 09/01/36		68
	51		ARM, 3.062%, 11/01/36		54
	98		ARM, 3.181%, 03/01/37		102
	90		ARM, 3.274%, 09/01/36		95
	151		ARM, 3.287%, 12/01/34		161
	155		ARM, 3.529%, 06/01/36		165
	104		ARM, 3.658%, 04/01/38		111
	58		ARM, 3.935%, 02/01/37		62
			FHLMC Gold Pools, 15 Year, Single Family,
	21		4.000%, 06/01/19		21
	2		4.500%, 10/01/18		3
	–	(h)	5.500%, 06/01/17		—	(h)
	1		6.000%, 04/01/18		1
	21		6.500%, 02/01/19 - 03/01/22		23
			FHLMC Gold Pools, 20 Year, Single Family,
	4		6.000%, 12/01/22		5
	16		6.500%, 08/01/26		17
			FHLMC Gold Pools, 30 Year, Single Family,
	41		6.000%, 01/01/34		48
	36		7.000%, 04/01/26 - 02/01/37		42
	4		7.500%, 08/01/25		4
	4		8.000%, 07/01/20 - 11/01/24		4
	11		8.500%, 07/01/28		13
	84		FHLMC Gold Pools, FHA/VA, 10.000%, 10/01/30		90
			FHLMC Gold Pools, Other,
	2,020		3.500%, 05/01/33 - 05/01/43		2,100
	331		4.000%, 06/01/42		352
	52		6.000%, 02/01/33		56
			FNMA,
	977		ARM, 1.785%, 12/01/25		978
	5		ARM, 2.399%, 09/01/27		5
	–	(h)	ARM, 2.427%, 03/01/19		—	(h)
	35		ARM, 2.635%, 08/01/35		37
	95		ARM, 2.706%, 08/01/34		100
	37		ARM, 2.753%, 02/01/37		39
	76		ARM, 2.780%, 01/01/35		79
	128		ARM, 2.787%, 09/01/34		135
	63		ARM, 2.830%, 09/01/36		66
	69		ARM, 2.837%, 04/01/35		73
	102		ARM, 2.840%, 02/01/35		106
	98		ARM, 2.855%, 09/01/35		102
	–	(h)	ARM, 2.875%, 08/01/19		—	(h)
	111		ARM, 2.901%, 09/01/35		115
	86		ARM, 2.908%, 10/01/34		91
	76		ARM, 2.943%, 04/01/33		80
	62		ARM, 2.980%, 11/01/33		65
	109		ARM, 3.017%, 01/01/35		115
	41		ARM, 3.044%, 08/01/36		44
	103		ARM, 3.100%, 09/01/33		110
	60		ARM, 3.205%, 02/01/35		64
	108		ARM, 3.311%, 02/01/37		113
	86		ARM, 3.389%, 07/01/46		91
	139		ARM, 3.785%, 02/01/36		147
	3		ARM, 3.920%, 03/01/29		3

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Mortgage-Backed Securities — continued
			FNMA, 15 Year, Single Family,
	9		4.000%, 05/01/19		10
	46		4.500%, 05/01/18 - 05/01/19		47
	63		5.000%, 06/01/18 - 04/01/19		65
	26		5.500%, 01/01/20 - 06/01/20		27
	108		6.000%, 03/01/21 - 01/01/24		115
	6		6.500%, 10/01/17 - 08/01/20		6
	45		FNMA, 20 Year, Single Family, 6.500%, 05/01/22		50
			FNMA, 30 Year, FHA/VA,
	12		6.000%, 09/01/33		13
	16		6.500%, 03/01/29		19
	4		8.500%, 02/01/30		3
	1		9.500%, 12/01/18		1
			FNMA, 30 Year, Single Family,
	38		4.500%, 08/01/33		41
	569		5.000%, 07/01/33 - 08/01/40		630
	64		5.500%, 12/01/33		73
	268		6.000%, 12/01/32 - 09/01/37		306
	23		6.500%, 08/01/31		27
	3		7.000%, 09/01/27 - 08/01/32		4
	6		7.500%, 11/01/22 - 10/01/24		7
	245		8.000%, 03/01/21 - 11/01/32		293
	4		8.500%, 07/01/24 - 05/01/25		4
	1		10.000%, 02/01/24		1
			FNMA, Other,
	954		2.220%, 12/01/22		961
	478		2.240%, 12/01/22		481
	633		2.395%, 01/01/22		641
	1,000		2.790%, 05/01/27		1,004
	1,000		3.030%, 04/01/27		1,023
	1,500		3.100%, 09/01/25		1,546
	1,000		3.240%, 12/01/26		1,039
	1,000		3.290%, 08/01/26		1,043
	500		3.340%, 02/01/27		529
	483		3.760%, 10/01/23		519
	613		4.000%, 07/01/42		653
	330		4.264%, 06/01/21		353
	754		4.300%, 04/01/21		813
	476		4.390%, 05/01/21		515
	33		5.500%, 04/01/38		36
	51		6.000%, 03/01/37		55
			GNMA I, 30 Year, Single Family,
	187		6.000%, 11/15/28 - 12/15/38		214
	179		6.500%, 01/15/24 - 12/15/35		205
	173		7.000%, 08/15/23 - 06/15/35		197
	13		7.500%, 11/15/22 - 09/15/28		14
	2		8.000%, 08/15/28		2
	–	(h)	8.500%, 11/15/17		—	(h)
	3		9.000%, 02/15/20 - 11/15/24		3
	28		9.500%, 09/15/18 - 12/15/25		30
			GNMA II, 30 Year, Single Family,
	151		6.000%, 03/20/28 - 09/20/38		170
	8		7.500%, 02/20/28 - 09/20/28		9
	21		8.000%, 12/20/25 - 08/20/28		24
	12		8.500%, 03/20/25 - 05/20/25		13
	506		GNMA II, Other, 3.500%, 11/20/33		531
			Total Mortgage-Backed Securities (Cost $20,317)		20,939
	U.S. Government Agency Securities — 1.5%
	1,440		Financing Corp. STRIPS, 1.577%, 05/11/18 (n)		1,422
	20		FNMA, 1.765%, 10/09/19		19
			Resolution Funding Corp. STRIPS,
	330		1.231%, 01/15/21 (n)		309
	230		1.577%, 10/15/19 (n)		222
	250		1.729%, 07/15/20 (n)		237
	80		2.187%, 10/15/25 (n)		65
	90		2.872%, 01/15/26 (n)		72
	333		Tennessee Valley Authority STRIPS, 4.439%, 05/01/19		323
			Total U.S. Government Agency Securities (Cost $2,662)		2,669
	U.S. Treasury Obligations — 23.7%
	516		U.S. Treasury Bond, 6.000%, 02/15/26		674
			U.S. Treasury Note,
	5,000		1.375%, 08/31/20		4,979
	4,000		1.375%, 01/31/21		3,969
	3,000		1.875%, 10/31/17		3,010
	3,000		1.875%, 01/31/22		3,018
	9,000		2.000%, 08/15/25		8,904
	3,000		3.500%, 02/15/18		3,048
			U.S. Treasury STRIPS,
	3,825		2.111%, 08/15/23 (n)		3,375
	200		2.113%, 05/15/24 (n)		173
	2,150		2.199%, 11/15/23 (n)		1,885
	200		2.232%, 05/15/26 (n)		163
	10		2.361%, 05/15/28 (n)		8
	3,000		2.381%, 02/15/24 (n)		2,610
	750		2.526%, 05/15/23 (n)		666
	300		2.592%, 02/15/27 (n)		238

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligations — continued
	1,300	2.661%, 11/15/22 (n)		1,168
	2,400	2.681%, 02/15/22 (n)		2,202
	200	2.745%, 05/15/25 (n)		168
	53	2.927%, 02/15/28 (n)		41
	200	3.090%, 08/15/28 (n)		152
	47	3.346%, 08/15/26 (n)		38
	300	3.413%, 11/15/26 (n)		240
	140	3.662%, 11/15/27 (n)		109
	100	3.689%, 08/15/27 (n)		78
	1,525	3.718%, 11/15/21 (n)		1,409
		Total U.S. Treasury Obligations (Cost $42,414)		42,325
SHARES
	Short-Term Investment — 1.0%
		Investment Company — 1.0%
	1,743	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.970% (b) (l) (Cost $1,743)		1,743
		Total Investments — 100.2% (Cost $175,239)		178,853
		Liabilities in Excess of Other Assets — (0.2)%		(373	)
		NET ASSETS — 100.0%	$	178,480

Percentages indicated are based on net assets.

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ACES	—	Alternative Credit Enhancement Securities
ARM	—	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of May 31, 2017.
CSMC	—	Credit Suisse Mortgage Trust
ESOP	—	Employee Stock Ownership Program
FHA	—	Federal Housing Administration
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
GNMA	—	Government National Mortgage Association
HB	—	High Coupon Bonds (a.k.a. “IOettes”) represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO’s the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.
IF	—	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of May 31, 2017. The rate may be subject to a cap and floor.
IO	—	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
PO	—	Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
REMIC	—	Real Estate Mortgage Investment Conduit
STRIPS	—	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of May 31, 2017.
VA	—	Veterans Administration
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of May 31, 2017.
(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 May 31, 2017.
(n)	—	The rate shown is the effective yield as of May 31, 2017.

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

As of May 31, 2017, 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	$	4,416
Aggregate gross unrealized depreciation		(802	)
Net unrealized appreciation/depreciation	$	3,614
Federal income tax cost of investments	$	175,239

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 Investment 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.

Investments in open-end investment companies, including J.P. Morgan Funds (the “Underlying Funds”), are valued at each Underlying Fund’s net asset values 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 May 31, 2017.

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

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (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 (“SOI”):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant  unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	18,233	$	6,771	$	25,004
Collateralized Mortgage Obligations
Collateralized Mortgage Obligations		—		41,304		718		42,022
Commercial Mortgage-Backed Securities		—		6,408		599		7,007
Corporate Bonds
Consumer Discretionary		—		1,882		—		1,882
Consumer Staples		—		1,324		—		1,324
Energy		—		4,834		—		4,834
Financials		—		14,489		—		14,489
Health Care		—		2,322		—		2,322
Industrials		—		2,235		—		2,235
Information Technology		—		862		—		862
Materials		—		1,602		—		1,602
Real Estate		—		1,715		—		1,715
Telecommunication Services		—		2,117		—		2,117
Utilities		—		2,718		—		2,718
Total Corporate Bonds		—		36,100		—		36,100
Foreign Government Securities		—		1,044		—		1,044
Mortgage-Backed Securities		—		20,939		—		20,939
U.S. Government Agency Securities		—		2,669		—		2,669
U.S. Treasury Obligations		—		42,325		—		42,325
Short-Term Investment
Investment Company		1,743		—		—		1,743
Total Investments in Securities	$	$1,743	$	$169,022	$	$8,088	$	$178,853

There were no significant transfers between levels 1 and 2 during the period ended May 31, 2017.

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

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

	Balance as of February 28, 2017		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 May  31, 2017
Investments in Securities:
Asset-Backed Securities	$	7,994	$	2	$	30	$	—	(a)	$	—	$	(1,902	)	$	996	$	(349	)	$	6,771
Collateralized Mortgage Obligations		764		2		10		—	(a)		—		(58	)		—		—			718
Commercial Mortgage-Backed Securities		594		—		5		—	(a)		—		—			—		—			599
	$	9,352	$	4	$	45	$	—	(a)	$	—	$	(1,960	)	$	996	$	(349	)	$	8,088

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

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

(a) Amount rounds to less than $500.

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2017 (Unaudited) (continued)

Transfers from level 2 to level 3 are due to a decline in market activity (e.g. frequency of trades), which resulted in a lack of available market inputs to determine the price for the period ended May 31, 2017.

The change in net unrealized appreciation (depreciation) attributable to securities owned at May 31, 2017, which were valued using significant unobservable inputs (level 3), amounted to approximately $46,000.

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at May 31, 2017		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	3,725	Discounted Cash Flow	Constant Prepayment Rate	0.00% - 30.00% (8.59%)
				Constant Default Rate	0.00% - 30.00% (3.33%)
				Yield (Discount Rate of Cash Flows)	1.88% - 7.04% (3.30%)
		48	Pending Sale Amount	Expected Recovery	48.00% of par  (48.00% of par)
Asset-Backed Securities		3,773
		705	Discounted Cash Flow	Constant Prepayment Rate	1.00% - 28.08% (11.20%)
				Constant Default Rate	0.00% - 7.31% (1.36%)
				Yield (Discount Rate of Cash Flows)	0.74% - 190.64% (4.13%)
Collateralized Mortgage Obligations		705
		198	Discounted Cash Flow	Constant Prepayment Rate	0.00 - 100.00% (0.01%)
				Yield (Discount Rate of Cash Flows)	2.35% - 7.50% (6.06%)
Commercial Mortgage-Backed Securities		198
Total	$	4,676

# The table above does not include level 3 securities that are valued by brokers and pricing services. At May 31, 2017, the value of these securities was approximately $3,412,000. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A. The appropriateness of fair values for these securities is monitored on an ongoing basis which may include results of back testing, unchanged price review, results of broker and vendor due diligence and consideration of macro or security specific events.

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

ITEM 2. CONTROLS AND PROCEDURES.

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

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

ITEM 3. EXHIBITS.

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

SIGNATURES

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

JPMorgan Institutional Trust

By:	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	July 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
	July 25, 2017

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