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)

245 Park Avenue

New York, New York 10167

(Address of principal executive offices) (Zip code)

Frank J. Nasta

245 Park Avenue

New York, New York 10167

(Name and Address of Agent for Service)

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

Date of fiscal year end: Last day of February

Date of reporting period: November 30, 2010

ITEM 1. SCHEDULE OF INVESTMENTS.

JPMorgan Institutional Trust

Schedule of Portfolio Investments as of November 30, 2010

(Unaudited)

THE “UNAUDITED CERTIFIED MUTUAL FUNDS HOLDINGS” LIST (“the List”) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR SALES LITERATURE WITH THE GENERAL PUBLIC. The list is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a prospectus. The list has been created from the books and records of the Fund. Certified holdings are available 60 days after the fund’s fiscal quarter, using a trade date accounting convention, by contacting the appropriate service center. The list is subject to change without notice. The list is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security.

J.P. Morgan Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

JPMorgan Distribution Services, Inc.

© JPMorgan Chase & Co., 2011.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 2.3%
		AH Mortgage Advance Trust,
	1,925	Series 2010-ADV1, Class A1, 3.968%, 08/15/22 (e)		1,935
	1,700	Series 2010-ADV2, Class A1, 4.210%, 05/10/41 (e)		1,698
		Ally Auto Receivables Trust,
	635	Series 2010-1, Class A3, 1.450%, 05/15/14		641
	1,385	Series 2010-3, Class A3, 1.110%, 10/15/14		1,388
	670	Series 2010-3, Class A4, 1.550%, 08/17/15		667
	392	Series 2010-4, Class A3, 0.910%, 11/17/14		390
		AmeriCredit Automobile
		Receivables Trust,
	2,600	Series 2006-BG, Class A4, 5.210%, 09/06/13		2,641
	570	Series 2008-AF, Class A4, 6.960%, 10/14/14		614
	239	Series 2010-1, Class A2, 0.970%, 01/15/13		239
	235	Series 2010-1, Class A3, 1.660%, 03/17/14		236
	890	Series 2010-3, Class A3, 1.140%, 04/08/15		889
	1,500	Series 2010-4, Class A2, 0.960%, 05/08/14		1,500
	375	Series 2010-4, Class A3, 1.270%, 04/08/15		375
		Bank of America Auto Trust,
	2,285	Series 2009-1A, Class A3, 2.670%, 07/15/13 (e)		2,309
	1,015	Series 2009-3A, Class A3, 1.670%, 12/15/13 (e)		1,022
	645	Series 2010-1A, Class A3, 1.390%, 03/15/14 (e)		648
	475	Series 2010-1A, Class A4, 2.180%, 02/15/17 (e)		485
	932	Bear Stearns Asset-Backed Securities Trust, Series 2006-SD1, Class A, VAR, 0.623%, 04/25/36		640
	685	CarMax Auto Owner Trust, Series 2010-1, Class A3, 1.560%, 07/15/14		690
	600	Centex Home Equity, Series 2004- D, Class AF4, SUB, 4.680%, 06/25/32		604
	2,304	Chase Funding Mortgage Loan Asset-Backed Certificates, Series 2003-6, Class 1A7, SUB, 4.277%, 11/25/34		2,202
	1,500	Chrysler Financial Auto Securitization Trust, Series 2010- A, Class A3, 0.910%, 08/08/13		1,498
		Citibank Credit Card Issuance Trust,
	3,380	Series 2002-C2, Class C2, 6.950%, 02/18/14		3,564
	800	Series 2007-A3, Class A3, 6.150%, 06/15/39		993
	658	Citigroup Mortgage Loan Trust, Inc., Series 2003-HE3, Class A, VAR, 0.633%, 12/25/33		571
		CNH Equipment Trust,
	700	Series 2008-B, Class A4A, 5.600%, 11/17/14		724
	380	Series 2009-C, Class A3, 1.850%, 12/16/13		383
	1,280	Series 2010-A, Class A3, 1.540%, 07/15/14		1,291
	1,500	Series 2010-C, Class A3, 1.170%, 05/15/15		1,500
	811	Countrywide Asset-Backed Certificates, Series 2004-6, Class M1, VAR, 0.853%, 10/25/34		557
	400	Credit-Based Asset Servicing and Securitization LLC, Series 2006- CB1, Class AF2, SUB, 5.236%, 01/25/36		276
	1,015	Discover Card Master Trust, Series 2008-A4, Class A4, 5.650%, 12/15/15		1,126
	300	First Franklin Mortgage Loan Asset-Backed Certificates, Series 2006-FF17, Class A4, VAR, 0.353%, 12/25/36		280
		Ford Credit Auto Owner Trust,
	77	Series 2006-B, Class A4, 5.250%, 09/15/11		78
	124	Series 2007-B, Class A3A, 5.150%, 11/15/11		124
	551	Series 2009-B, Class A3, 2.790%, 08/15/13		559
	500	Series 2009-B, Class A4, 4.500%, 07/15/14		532
	482	GE Mortgage Services LLC, Series 1999-HE1, Class M, VAR, 6.705%, 04/25/29		451
		Harley-Davidson Motorcycle Trust,
	525	Series 2010-1, Class A2, 0.830%, 11/15/13		525
	540	Series 2010-1, Class A3, 1.160%, 02/15/15		540
	586	Honda Auto Receivables Owner Trust, Series 2009-2, Class A3, 2.790%, 01/15/13		593
		HSBC Home Equity Loan Trust,
	1,505	Series 2006-1, Class A1, VAR, 0.413%, 01/20/36		1,388
	1,000	Series 2007-1, Class A2F, SUB, 5.600%, 03/20/36		1,030
	2,916	Series 2007-3, Class APT, VAR, 1.453%, 11/20/36		2,675
		Hyundai Auto Receivables Trust,
	640	Series 2010-B, Class A3, 0.970%, 04/15/15		640

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — Continued
	710	Series 2010-B, Class A4, 1.630%, 03/15/17		711
	311	Indymac Residential Asset-Backed Trust, Series 2006-A, Class A3, VAR, 0.453%, 03/25/36		201
	236	John Deere Owner Trust, Series 2009-A, Class A3, 2.590%, 10/15/13		238
		Long Beach Mortgage Loan Trust,
	514	Series 2006-8, Class 2A2, VAR, 0.343%, 09/25/36		196
	903	Series 2006-WL2, Class 2A3, VAR, 0.453%, 01/25/36		747
	1,874	MBNA Credit Card Master Note Trust, Series 2002-C1, Class C1, 6.800%, 07/15/14		1,976
	550	Mercedes-Benz Auto Receivables Trust, Series 2010-1, Class A3, 1.420%, 08/15/14		555
	10,000	Nationstar Mortgage Advance Receivable Trust, Series 2009- ADV1, Class A1, VAR, 3.253%, 12/26/22 (e)		9,975
	1,000	New Century Home Equity Loan Trust, Series 2003-5, Class AI6, SUB, 5.500%, 11/25/33		1,007
		Nissan Auto Receivables Owner Trust,
	750	Series 2010-A, Class A3, 0.870%, 07/15/14		748
	450	Series 2010-A, Class A4, 1.310%, 09/15/16		450
	788	PennyMac Loan Trust, Series 2010-NPL1, Class A, VAR, 4.250%, 05/25/50 (e)		786
	328	Real Estate Asset Trust, Series 2010-1A, Class A1, 6.250%, 09/25/40 (e) (f) (i)		328
	300	Renaissance Home Equity Loan Trust, Series 2007-2, Class AF2, SUB, 5.675%, 06/25/37		161
		Santander Drive Auto Receivables Trust,
	720	Series 2010-3, Class A2, 0.930%, 06/17/13		719
	580	Series 2010-3, Class A3, 1.200%, 06/16/14		579
	350	Structured Asset Investment Loan Trust, Series 2005-5, Class A9, VAR, 0.523%, 06/25/35		324
	455	Structured Asset Securities Corp., Series 2002-23XS, Class A7, SUB, 6.580%, 11/25/32		465
	1,540	Toyota Auto Receivables Owner Trust, Series 2010-C, Class A3, 0.770%, 04/15/14		1,536
	1,170	USAA Auto Owner Trust, Series 2009-2, Class A3, 1.540%, 02/18/14		1,178
	1,370	World Omni Auto Receivables Trust, Series 2010-A, Class A4, 2.210%, 05/15/15		1,402
		Total Asset-Backed Securities (Cost $67,563)		67,993
	Collateralized Mortgage Obligations — 43.4%
		Agency CMO — 29.4%
		Federal Home Loan Bank System,
	1,661	Series 2000-0606, Class Y, 5.270%, 12/28/12		1,775
	3,102	Series 2000-1067, Class 1, 5.300%, 06/15/12		3,261
	421	Federal Home Loan Mortgage Corp. - Government National Mortgage Association, Series 8, Class ZA, 7.000%, 03/25/23		495
		Federal Home Loan Mortgage Corp. REMICS,
	49	Series 11, Class D, 9.500%, 07/15/19		53
	19	Series 22, Class C, 9.500%, 04/15/20		21
	29	Series 23, Class F, 9.600%, 04/15/20		33
	–(h)	Series 41, Class I, HB, 84.000%,
		05/15/20		1
	2	Series 47, Class F, 10.000%, 06/15/20		3
	10	Series 99, Class Z, 9.500%, 01/15/21		12
	–(h)	Series 204, Class E, HB, IF,
		1,826.308%, 05/15/23		–	(h)
	–(h)	Series 1045, Class G, HB,
		1,066.209%, 02/15/21		1
	11	Series 1065, Class J, 9.000%, 04/15/21		13
	3	Series 1079, Class S, HB, IF, 32.938%, 05/15/21		6
	16	Series 1084, Class F, VAR, 1.262%, 05/15/21		16
	11	Series 1084, Class S, HB, IF, 43.819%, 05/15/21		22
	26	Series 1116, Class I, 5.500%, 08/15/21		28
	20	Series 1144, Class KB, 8.500%, 09/15/21		25
	–(h)	Series 1172, Class L, HB, VAR,
		1,181.250%, 11/15/21		2

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE ($)
Collateralized Mortgage Obligations — Continued
	Agency CMO — Continued
1	Series 1196, Class B, HB, IF, 1,161.253%, 01/15/22		16
28	Series 1250, Class J, 7.000%, 05/15/22		32
44	Series 1343, Class LA, 8.000%, 08/15/22		51
56	Series 1343, Class LB, 7.500%, 08/15/22		66
90	Series 1370, Class JA, VAR, 1.463%, 09/15/22		90
86	Series 1455, Class WB, IF, 4.519%, 12/15/22		77
432	Series 1466, Class PZ, 7.500%, 02/15/23		494
8	Series 1470, Class F, VAR, 2.663%, 02/15/23		8
486	Series 1498, Class I, VAR, 1.463%, 04/15/23		487
618	Series 1502, Class PX, 7.000%, 04/15/23		626
80	Series 1505, Class Q, 7.000%, 05/15/23		94
195	Series 1518, Class G, IF, 8.773%, 05/15/23		215
64	Series 1541, Class M, HB, IF, 20.944%, 07/15/23		96
176	Series 1541, Class O, VAR, 1.970%, 07/15/23		184
17	Series 1570, Class F, VAR, 3.163%, 08/15/23		18
661	Series 1573, Class PZ, 7.000%, 09/15/23		751
416	Series 1591, Class PV, 6.250%, 10/15/23		445
28	Series 1595, Class D, 7.000%, 10/15/13		29
86	Series 1596, Class D, 6.500%, 10/15/13		86
27	Series 1602, Class SA, HB, IF, 21.734%, 10/15/23		39
19	Series 1607, Class SA, IF, 18.767%, 10/15/13		22
1,791	Series 1608, Class L, 6.500%, 09/15/23		2,059
509	Series 1609, Class LG, IF, 16.656%, 11/15/23		620
856	Series 1638, Class H, 6.500%, 12/15/23		982
758	Series 1642, Class PJ, 6.000%, 11/15/23		803
14	Series 1671, Class QC, IF, 10.000%, 02/15/24		18
18	Series 1686, Class SH, IF, 18.534%, 02/15/24		29
270	Series 1695, Class EB, 7.000%, 03/15/24		318
51	Series 1699, Class FC, VAR, 0.912%, 03/15/24		51
259	Series 1700, Class GA, PO, 02/15/24		227
739	Series 1706, Class K, 7.000%, 03/15/24		847
24	Series 1709, Class FA, VAR, 1.690%, 03/15/24		25
59	Series 1745, Class D, 7.500%, 08/15/24		69
1,979	Series 1760, Class ZD, VAR, 2.040%, 02/15/24		2,010
613	Series 1798, Class F, 5.000%, 05/15/23		649
9	Series 1807, Class G, 9.000%, 10/15/20		10
178	Series 1829, Class ZB, 6.500%, 03/15/26		197
20	Series 1844, Class E, 6.500%, 10/15/13		22
182	Series 1863, Class Z, 6.500%, 07/15/26		204
39	Series 1865, Class D, PO, 02/15/24		29
109	Series 1890, Class H, 7.500%, 09/15/26		127
343	Series 1899, Class ZE, 8.000%, 09/15/26		413
18	Series 1935, Class FL, VAR, 1.013%, 02/15/27		18
244	Series 1963, Class Z, 7.500%, 01/15/27		281
35	Series 1970, Class PG, 7.250%, 07/15/27		40
383	Series 1981, Class Z, 6.000%, 05/15/27		421
171	Series 1987, Class PE, 7.500%, 09/15/27		201
405	Series 2019, Class Z, 6.500%, 12/15/27		465
84	Series 2025, Class PE, 6.300%, 01/15/13		84
129	Series 2033, Class SN, HB, IF, 23.963%, 03/15/24		81
359	Series 2038, Class PN, IO, 7.000%, 03/15/28		72
656	Series 2040, Class PE, 7.500%, 03/15/28		772
126	Series 2043, Class CJ, 6.500%, 04/15/28		143

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	515	Series 2054, Class PV, 7.500%, 05/15/28		543
	166	Series 2055, Class OE, 6.500%, 05/15/13		167
	1,068	Series 2075, Class PH, 6.500%, 08/15/28		1,225
	1,200	Series 2075, Class PM, 6.250%, 08/15/28		1,283
	437	Series 2086, Class GB, 6.000%, 09/15/28		463
	452	Series 2089, Class PJ, IO, 7.000%, 10/15/28		94
	1,795	Series 2095, Class PE, 6.000%, 11/15/28		1,963
	388	Series 2102, Class TC, 6.000%, 12/15/13		408
	256	Series 2102, Class TU, 6.000%, 12/15/13		269
	1,045	Series 2115, Class PE, 6.000%, 01/15/14		1,089
	577	Series 2125, Class JZ, 6.000%, 02/15/29		620
	113	Series 2132, Class SB, HB, IF, 29.449%, 03/15/29		182
	80	Series 2134, Class PI, IO, 6.500%, 03/15/19		12
	29	Series 2135, Class UK, IO, 6.500%, 03/15/14		2
	549	Series 2136, Class PG, 6.000%, 03/15/29		615
	60	Series 2141, Class IO, IO, 7.000%, 04/15/29		11
	132	Series 2163, Class PC, IO, 7.500%, 06/15/29		30
	1,507	Series 2169, Class TB, 7.000%, 06/15/29		1,772
	757	Series 2172, Class QC, 7.000%, 07/15/29		866
	755	Series 2176, Class OJ, 7.000%, 08/15/29		878
	384	Series 2201, Class C, 8.000%, 11/15/29		463
	293	Series 2209, Class TC, 8.000%, 01/15/30		348
	479	Series 2210, Class Z, 8.000%, 01/15/30		577
	131	Series 2224, Class CB, 8.000%, 03/15/30		157
	305	Series 2230, Class Z, 8.000%, 04/15/30		367
	256	Series 2234, Class PZ, 7.500%, 05/15/30		305
	213	Series 2247, Class Z, 7.500%, 08/15/30		247
	302	Series 2256, Class MC, 7.250%, 09/15/30		355
	645	Series 2259, Class ZM, 7.000%, 10/15/30		758
	24	Series 2261, Class ZY, 7.500%, 10/15/30		29
	74	Series 2262, Class Z, 7.500%, 10/15/30		80
	646	Series 2271, Class PC, 7.250%, 12/15/30		760
	1,454	Series 2283, Class K, 6.500%, 12/15/23		1,578
	368	Series 2296, Class PD, 7.000%, 03/15/31		428
	115	Series 2306, Class K, PO, 05/15/24		103
	271	Series 2306, Class SE, IF, IO, 8.060%, 05/15/24		40
	356	Series 2313, Class LA, 6.500%, 05/15/31		388
	780	Series 2325, Class PM, 7.000%, 06/15/31		873
	1,496	Series 2344, Class QG, 6.000%, 08/15/16		1,611
	4,260	Series 2344, Class ZD, 6.500%, 08/15/31		4,712
	377	Series 2344, Class ZJ, 6.500%, 08/15/31		417
	364	Series 2345, Class NE, 6.500%, 08/15/31		392
	432	Series 2345, Class PQ, 6.500%, 08/15/16		462
	506	Series 2351, Class PZ, 6.500%, 08/15/31		550
	4,024	Series 2353, Class AZ, 6.000%, 09/15/31		4,368
	569	Series 2353, Class TD, 6.000%, 09/15/16		610
	475	Series 2355, Class BP, 6.000%, 09/15/16		511
	292	Series 2359, Class PM, 6.000%, 09/15/16		310
	1,715	Series 2359, Class ZB, 8.500%, 06/15/31		1,980
	883	Series 2360, Class PG, 6.000%, 09/15/16		956
	203	Series 2363, Class PF, 6.000%, 09/15/16		219
	378	Series 2366, Class MD, 6.000%, 10/15/16		404
	653	Series 2367, Class ME, 6.500%, 10/15/31		720

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	1,392	Series 2391, Class QR, 5.500%, 12/15/16		1,509
	291	Series 2391, Class VQ, 6.000%, 10/15/12		292
	539	Series 2394, Class MC, 6.000%, 12/15/16		580
	1,228	Series 2396, Class FM, VAR, 0.703%, 12/15/31		1,235
	828	Series 2399, Class OH, 6.500%, 01/15/32		917
	1,320	Series 2399, Class TH, 6.500%, 01/15/32		1,462
	1,198	Series 2410, Class NG, 6.500%, 02/15/32		1,331
	399	Series 2410, Class OE, 6.375%, 02/15/32		442
	929	Series 2410, Class QS, IF, 18.841%, 02/15/32		1,257
	361	Series 2410, Class QX, IF, IO, 8.397%, 02/15/32		75
	1,054	Series 2412, Class SP, IF, 15.593%, 02/15/32		1,268
	1,660	Series 2420, Class XK, 6.500%, 02/15/32		1,835
	804	Series 2423, Class MC, 7.000%, 03/15/32		902
	811	Series 2423, Class MT, 7.000%, 03/15/32		909
	518	Series 2425, Class OB, 6.000%, 03/15/17		550
	2,182	Series 2430, Class WF, 6.500%, 03/15/32		2,469
	1,120	Series 2434, Class TC, 7.000%, 04/15/32		1,267
	565	Series 2435, Class CJ, 6.500%, 04/15/32		656
	1,796	Series 2435, Class VH, 6.000%, 07/15/19		1,837
	1,009	Series 2436, Class MC, 7.000%, 04/15/32		1,136
	705	Series 2444, Class ES, IF, IO, 7.697%, 03/15/32		123
	458	Series 2450, Class GZ, 7.000%, 05/15/32		525
	564	Series 2450, Class SW, IF, IO, 7.747%, 03/15/32		108
	3,137	Series 2455, Class GK, 6.500%, 05/15/32		3,469
	360	Series 2458, Class QE, 5.500%, 06/15/17		390
	360	Series 2460, Class VZ, 6.000%, 11/15/29		361
	980	Series 2462, Class JG, 6.500%, 06/15/32		1,124
	2,835	Series 2464, Class SI, IF, IO, 7.747%, 02/15/32		477
	873	Series 2466, Class PG, 6.500%, 04/15/32		926
	942	Series 2466, Class PH, 6.500%, 06/15/32		1,087
	1,008	Series 2474, Class NR, 6.500%, 07/15/32		1,128
	99	Series 2480, Class PV, 6.000%, 07/15/11		101
	1,393	Series 2484, Class LZ, 6.500%, 07/15/32		1,598
	2,260	Series 2500, Class MC, 6.000%, 09/15/32		2,518
	184	Series 2503, Class BH, 5.500%, 09/15/17		200
	915	Series 2508, Class AQ, 5.500%, 10/15/17		998
	1,130	Series 2512, Class PG, 5.500%, 10/15/22		1,262
	204	Series 2513, Class TG, 6.000%, 02/15/32		209
	310	Series 2513, Class YO, PO, 02/15/32		309
	1,128	Series 2515, Class DE, 4.000%, 03/15/32		1,175
	715	Series 2518, Class PX, 5.500%, 09/15/13		757
	58	Series 2519, Class BT, 8.500%, 09/15/31		59
	922	Series 2535, Class BK, 5.500%, 12/15/22		1,020
	1,916	Series 2537, Class TE, 5.500%, 12/15/17		2,083
	2,024	Series 2543, Class YX, 6.000%, 12/15/32		2,295
	2,449	Series 2544, Class HC, 6.000%, 12/15/32		2,746
	2,532	Series 2552, Class ME, 6.000%, 01/15/33		2,851
	687	Series 2563, Class PK, IO, 5.500%, 03/15/31		2
	183	Series 2565, Class MB, 6.000%, 05/15/30		186
	1,481	Series 2567, Class QD, 6.000%, 02/15/33		1,685
	1,690	Series 2568, Class KG, 5.500%, 02/15/23		1,896
	270	Series 2571, Class SK, HB, IF, 33.407%, 09/15/23		477

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	3,767	Series 2575, Class ME, 6.000%, 02/15/33		4,280
	889	Series 2586, Class WI, IO, 6.500%, 03/15/33		164
	1,954	Series 2587, Class WX, 5.000%, 03/15/18		2,146
	774	Series 2591, Class WI, IO, 5.500%, 02/15/30		13
	2,119	Series 2594, Class VQ, 6.000%, 08/15/20		2,182
	1,380	Series 2596, Class QG, 6.000%, 03/15/33		1,520
	369	Series 2597, Class DS, IF, IO, 7.297%, 02/15/33		25
	952	Series 2599, Class DS, IF, IO, 6.747%, 02/15/33		30
	2,215	Series 2610, Class DS, IF, IO, 6.847%, 03/15/33		108
	2,096	Series 2611, Class SH, IF, IO, 7.397%, 10/15/21		87
	1,130	Series 2611, Class UH, 4.500%, 05/15/18		1,183
	1,833	Series 2617, Class AK, 4.500%, 05/15/18		1,853
	1,697	Series 2617, Class GR, 4.500%, 05/15/18		1,826
	134	Series 2619, Class HR, 3.500%, 11/15/31		137
	321	Series 2619, Class IM, IO, 5.000%, 10/15/21		9
	4,871	Series 2626, Class NS, IF, IO, 6.297%, 06/15/23		467
	726	Series 2628, Class WA, 4.000%, 07/15/28		738
	2,260	Series 2631, Class LC, 4.500%, 06/15/18		2,430
	1,190	Series 2636, Class Z, 4.500%, 06/15/18		1,267
	1,271	Series 2637, Class SA, IF, IO, 5.847%, 06/15/18		124
	169	Series 2638, Class DS, IF, 8.347%, 07/15/23		173
	625	Series 2638, Class SA, IF, IO, 6.847%, 11/15/16		17
	829	Series 2640, Class UG, IO, 5.000%, 01/15/32		64
	2,945	Series 2640, Class UP, IO, 5.000%, 01/15/32		163
	148	Series 2640, Class UR, IO, 4.500%, 08/15/17		2
	97	Series 2643, Class HI, IO, 4.500%, 12/15/16		1
	5,733	Series 2645, Class BI, IO, 4.500%, 02/15/18		354
	1,039	Series 2650, Class PO, PO, 12/15/32		986
	3,575	Series 2650, Class SO, PO, 12/15/32		3,393
	2,026	Series 2651, Class VZ, 4.500%, 07/15/18		2,157
	88	Series 2663, Class EO, PO, 08/15/33		87
	2,063	Series 2668, Class SB, IF, 6.975%, 10/15/15		2,101
	1,884	Series 2672, Class ME, 5.000%, 11/15/22		2,040
	412	Series 2672, Class SJ, IF, 6.930%, 09/15/16		423
	5,760	Series 2675, Class CK, 4.000%, 09/15/18		6,154
	1,858	Series 2682, Class YS, IF, 8.619%, 10/15/33		1,808
	32	Series 2683, Class VA, 5.500%, 02/15/21		32
	16,600	Series 2684, Class PO, PO, 01/15/33		15,380
	1,826	Series 2684, Class TO, PO, 10/15/33		1,528
	390	Series 2686, Class GB, 5.000%, 05/15/20		398
	1,068	Series 2686, Class NS, IF, IO, 7.347%, 10/15/21		50
	580	Series 2690, Class SJ, IF, 8.770%, 10/15/33		570
	1,538	Series 2691, Class ME, 4.500%, 04/15/32		1,651
	1,213	Series 2691, Class WS, IF, 8.620%, 10/15/33		1,192
	838	Series 2692, Class SC, IF, 12.780%, 07/15/33		886
	1,892	Series 2695, Class DE, 4.000%, 01/15/17		1,945
	1,199	Series 2695, Class DG, 4.000%, 10/15/18		1,290
	492	Series 2695, Class OB, PO, 10/15/33		405
	423	Series 2696, Class CO, PO, 10/15/18		406
	85	Series 2696, Class SM, IF, 13.693%, 12/15/26		87
	286	Series 2700, Class S, IF, 8.620%, 11/15/33		280
	1,205	Series 2702, Class PC, 5.000%, 01/15/23		1,297

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	836	Series 2705, Class SC, IF, 8.620%, 11/15/33		819
	1,578	Series 2705, Class SD, IF, 8.674%, 11/15/33		1,501
	1,712	Series 2715, Class OG, 5.000%, 01/15/23		1,862
	3,014	Series 2716, Class UN, 4.500%, 12/15/23		3,252
	1,637	Series 2720, Class PC, 5.000%, 12/15/23		1,709
	7,722	Series 2727, Class BS, IF, 8.695%, 01/15/34		7,539
	135	Series 2727, Class PO, PO, 01/15/34		130
	677	Series 2744, Class FE, VAR, 0.000%, 02/15/34		645
	1,705	Series 2744, Class PE, 5.500%, 02/15/34		1,928
	3,332	Series 2744, Class TU, 5.500%, 05/15/32		3,579
	1,439	Series 2751, Class BA, 4.000%, 10/15/18		1,505
	222	Series 2753, Class S, IF, 11.493%, 02/15/34		224
	1,748	Series 2755, Class PA, PO, 02/15/29		1,726
	1,490	Series 2755, Class SA, IF, 13.693%, 05/15/30		1,657
	495	Series 2762, Class LO, PO, 03/15/34		480
	1,000	Series 2764, Class TE, 5.000%, 10/15/32		1,091
	285	Series 2766, Class SX, IF, 15.738%, 03/15/34		292
	455	Series 2771, Class FG, VAR, 0.000%, 03/15/34		428
	853	Series 2776, Class SK, IF, 8.695%, 04/15/34		846
	1,506	Series 2777, Class OM, PO, 12/15/32		1,438
	3	Series 2777, Class SX, IF, 11.810%, 04/15/34		3
	44	Series 2778, Class BS, IF, 15.116%, 04/15/34		45
	2,757	Series 2778, Class US, IF, IO, 6.947%, 06/15/33		152
	450	Series 2780, Class JG, 4.500%, 04/15/19		470
	1,284	Series 2783, Class AT, 4.000%, 04/15/19		1,375
	1,212	Series 2809, Class UB, 4.000%, 09/15/17		1,243
	5,515	Series 2809, Class UC, 4.000%, 06/15/19		5,916
	1,141	Series 2812, Class NO, PO, 10/15/33		955
	140	Series 2827, Class SQ, IF, 7.500%, 01/15/19		142
	1,612	Series 2827, Class XO, PO, 01/15/23		1,564
	280	Series 2835, Class QO, PO, 12/15/32		255
	1,566	Series 2840, Class JO, PO, 06/15/23		1,524
	1,326	Series 2850, Class SN, IF, IO, 6.897%, 09/15/18		108
	613	Series 2870, Class KC, 4.250%, 05/15/18		630
	3,000	Series 2872, Class JE, 4.500%, 02/15/18		3,124
	277	Series 2890, Class DO, PO, 11/15/34		263
	204	Series 2925, Class MW, VAR, 0.000%, 01/15/35		203
	2,155	Series 2934, Class EC, PO, 02/15/20		2,050
	312	Series 2934, Class EN, PO, 02/15/18		305
	1,796	Series 2934, Class HI, IO, 5.000%, 02/15/20		216
	1,771	Series 2934, Class KI, IO, 5.000%, 02/15/20		215
	856	Series 2958, Class QD, 4.500%, 04/15/20		940
	3,425	Series 2965, Class GD, 4.500%, 04/15/20		3,760
	6,331	Series 2971, Class GB, 5.000%, 11/15/16		6,508
	856	Series 2971, Class GC, 5.000%, 07/15/18		914
	738	Series 2989, Class PO, PO, 06/15/23		718
	4,281	Series 3004, Class EK, 5.500%, 07/15/35		4,545
	295	Series 3007, Class AI, IO, 5.500%, 07/15/24		24
	267	Series 3014, Class OD, PO, 08/15/35		187
	38	Series 3022, Class OH, PO, 08/15/35		38
	234	Series 3044, Class VO, PO, 10/15/35		200
	3,557	Series 3047, Class OB, 5.500%, 12/15/33		3,836

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	944	Series 3047, Class OD, 5.500%, 10/15/35		1,080
	1,529	Series 3049, Class XF, VAR, 0.603%, 05/15/33		1,532
	3,095	Series 3064, Class MC, 5.500%, 11/15/35		3,477
	1,735	Series 3064, Class OB, 5.500%, 07/15/29		1,809
	672	Series 3068, Class AO, PO, 01/15/35		651
	233	Series 3068, Class MO, PO, 01/15/23		219
	1,732	Series 3068, Class QB, 4.500%, 06/15/20		1,844
	2,141	Series 3074, Class BH, 5.000%, 11/15/35		2,393
	1,479	Series 3100, Class MA, VAR, 2.826%, 12/15/35		1,425
	2,489	Series 3102, Class FB, VAR, 0.553%, 01/15/36		2,489
	563	Series 3102, Class HS, HB, IF, 23.637%, 01/15/36		828
	2,499	Series 3117, Class EO, PO, 02/15/36		2,259
	1,673	Series 3117, Class OK, PO, 02/15/36		1,479
	120	Series 3122, Class ZB, 6.000%, 03/15/36		119
	615	Series 3134, Class PO, PO, 03/15/36		513
	3,013	Series 3138, Class PO, PO, 04/15/36		2,466
	164	Series 3149, Class SO, PO, 05/15/36		147
	2,055	Series 3151, Class UC, 5.500%, 08/15/35		2,284
	1,283	Series 3152, Class MO, PO, 03/15/36		1,076
	26	Series 3158, Class LX, VAR, 0.000%, 05/15/36		26
	304	Series 3171, Class MO, PO, 06/15/36		265
	3,377	Series 3179, Class OA, PO, 07/15/36		2,866
	1,702	Series 3194, Class SA, IF, IO, 6.847%, 07/15/36		206
	1,814	Series 3211, Class SO, PO, 09/15/36		1,639
	911	Series 3218, Class AO, PO, 09/15/36		825
	3,674	Series 3219, Class DI, IO, 6.000%, 04/15/36		572
	1,500	Series 3229, Class HE, 5.000%, 10/15/26		1,632
	2,531	Series 3232, Class ST, IF, IO, 6.447%, 10/15/36		343
	1,154	Series 3233, Class OP, PO, 05/15/36		1,047
	1,104	Series 3256, Class PO, PO, 12/15/36		981
	2,716	Series 3260, Class CS, IF, IO, 5.887%, 01/15/37		369
	1,214	Series 3261, Class OA, PO, 01/15/37		1,060
	1,867	Series 3274, Class JO, PO, 02/15/37		1,657
	857	Series 3275, Class FL, VAR, 0.693%, 02/15/37		857
	3,498	Series 3290, Class SB, IF, IO, 6.197%, 03/15/37		435
	2,466	Series 3315, Class HZ, 6.000%, 05/15/37		2,806
	396	Series 3318, Class AO, PO, 05/15/37		357
	2,085	Series 3331, Class PO, PO, 06/15/37		1,877
	2,200	Series 3334, Class MC, 5.000%, 04/15/33		2,292
	140	Series 3347, Class PO, PO, 07/15/37		138
	3,193	Series 3385, Class SN, IF, IO, 5.747%, 11/15/37		331
	2,379	Series 3387, Class SA, IF, IO, 6.167%, 11/15/37		333
	3,385	Series 3404, Class SC, IF, IO, 5.747%, 01/15/38		422
	11,617	Series 3422, Class AI, SUB, 1.860%, 01/15/38		118
	2,856	Series 3424, Class PI, IF, IO, 6.547%, 04/15/38		386
	8,024	Series 3430, Class AI, IO, 1.417%, 09/15/12		105
	4,869	Series 3437, Class AI, IO, 1.335%, 09/15/11		36
	3,211	Series 3481, Class SJ, IF, IO, 5.597%, 08/15/38		352
	4,493	Series 3505, Class SA, IF, IO, 5.747%, 01/15/39		460
	5,123	Series 3511, Class SA, IF, IO, 5.747%, 02/15/39		540
	2,397	Series 3549, Class FA, VAR, 1.453%, 07/15/39		2,450
	1,000	Series 3607, Class BO, PO, 04/15/36		747

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	755	Series 3611, Class PO, PO, 07/15/34		690
		Federal Home Loan Mortgage Corp. STRIPS,
	5	Series 134, Class B, IO, 9.000%, 04/01/22		1
	4,954	Series 233, Class 11, IO, 5.000%, 09/15/35		750
	7,018	Series 233, Class 13, IO, 5.000%, 09/15/35		1,059
	1,370	Series 243, Class 16, IO, 4.500%, 11/15/20		149
	2,990	Series 243, Class 17, IO, 4.500%, 12/15/20		336
		Federal Home Loan Mortgage Corp. Structured Pass-Through Securities,
	739	Series T-41, Class 3A, VAR, 7.500%, 07/25/32		861
	460	Series T-51, Class 2A, VAR, 7.500%, 08/25/42		536
	2,418	Series T-54, Class 2A, 6.500%, 02/25/43		2,775
	806	Series T-54, Class 3A, 7.000%, 02/25/43		939
	349	Series T-58, Class APO, PO, 09/25/43		255
	811	Series T-59, Class 1AP, PO, 10/25/43		651
	2,973	Series T-76, Class 2A, VAR, 4.781%, 10/25/37		3,081
		Federal National Mortgage Association Grantor Trust,
	1,243	Series 2002-T19, Class A2, 7.000%, 07/25/42		1,467
	1,183	Series 2004-T3, Class 1A3, 7.000%, 02/25/44		1,364
		Federal National Mortgage Association REMICS,
	12	Series 1988-7, Class Z, 9.250%, 04/25/18		14
	26	Series 1989-70, Class G, 8.000%, 10/25/19		31
	11	Series 1989-78, Class H, 9.400%, 11/25/19		13
	16	Series 1989-83, Class H, 8.500%, 11/25/19		19
	18	Series 1989-89, Class H, 9.000%, 11/25/19		22
	17	Series 1990-1, Class D, 8.800%, 01/25/20		20
	3	Series 1990-60, Class K, 5.500%, 06/25/20		3
	6	Series 1990-63, Class H, 9.500%, 06/25/20		7
	4	Series 1990-93, Class G, 5.500%, 08/25/20		5
	–(h)	Series 1990-94, Class H, HB, 505.000%, 08/25/20		2
	–(h)	Series 1990-95, Class J, HB, 1,118.040%, 08/25/20		3
	31	Series 1990-102, Class J, 6.500%, 08/25/20		34
	44	Series 1990-120, Class H, 9.000%, 10/25/20		51
	4	Series 1990-134, Class SC, HB, IF, 21.178%, 11/25/20		6
	–(h)	Series 1990-140, Class K, HB, 652.145%, 12/25/20		5
	–(h)	Series 1991-7, Class K, HB, 908.500%, 02/25/21		1
	18	Series 1991-24, Class Z, 5.000%, 03/25/21		19
	3	Series 1992-101, Class J, 7.500%, 06/25/22		4
	86	Series 1992-136, Class PK, 6.000%, 08/25/22		96
	73	Series 1992-143, Class MA, 5.500%, 09/25/22		82
	195	Series 1992-163, Class M, 7.750%, 09/25/22		227
	338	Series 1992-188, Class PZ, 7.500%, 10/25/22		386
	139	Series 1993-21, Class KA, 7.700%, 03/25/23		162
	207	Series 1993-25, Class J, 7.500%, 03/25/23		237
	54	Series 1993-27, Class SA, IF, 15.500%, 02/25/23		88
	83	Series 1993-62, Class SA, IF, 16.653%, 04/25/23		113
	43	Series 1993-165, Class SD, IF, 11.328%, 09/25/23		51
	94	Series 1993-165, Class SK, IF, 12.500%, 09/25/23		109
	93	Series 1993-167, Class GA, 7.000%, 09/25/23		96
	63	Series 1993-179, Class SB, HB, IF, 22.474%, 10/25/23		101
	42	Series 1993-179, Class SC, IF, 10.500%, 10/25/23		47
	198	Series 1993-199, Class FA, VAR, 0.831%, 10/25/23		199
	121	Series 1993-205, Class H, PO, 09/25/23		102

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	156	Series 1993-220, Class SG, IF, 15.437%, 11/25/13		178
	180	Series 1993-225, Class UB, 6.500%, 12/25/23		196
	56	Series 1993-230, Class FA, VAR, 0.881%, 12/25/23		57
	179	Series 1993-247, Class FE, VAR, 1.281%, 12/25/23		184
	83	Series 1993-247, Class SU, IF, 11.287%, 12/25/23		100
	289	Series 1993-250, Class Z, 7.000%, 12/25/23		310
	738	Series 1993-257, Class C, PO, 06/25/23		718
	715	Series 1994-37, Class L, 6.500%, 03/25/24		821
	3,484	Series 1994-40, Class Z, 6.500%, 03/25/24		3,924
	124	Series 1995-2, Class Z, 8.500%, 01/25/25		146
	269	Series 1995-19, Class Z, 6.500%, 11/25/23		317
	725	Series 1996-14, Class SE, IF, IO, 8.210%, 08/25/23		103
	27	Series 1996-27, Class FC, VAR, 0.781%, 03/25/17		27
	70	Series 1996-59, Class J, 6.500%, 08/25/22		79
	714	Series 1997-20, Class IO, IO, VAR, 1.840%, 03/25/27		32
	50	Series 1997-27, Class J, 7.500%, 04/18/27		55
	80	Series 1997-29, Class J, 7.500%, 04/20/27		93
	557	Series 1997-39, Class PD, 7.500%, 05/20/27		645
	204	Series 1997-42, Class EN, 7.250%, 07/18/27		216
	76	Series 1997-42, Class ZC, 6.500%, 07/18/27		86
	–(h)	Series 1997-51, Class PM, IO, 7.000%, 05/18/12		–	(h)
	1,140	Series 1997-61, Class ZC, 7.000%, 02/25/23		1,310
	217	Series 1997-81, Class PI, IO, 7.000%, 12/18/27		42
	32	Series 1998-4, Class C, PO, 04/25/23		29
	740	Series 1998-36, Class ZB, 6.000%, 07/18/28		829
	252	Series 1998-43, Class SA, IF, IO, 18.053%, 04/25/23		103
	395	Series 1998-66, Class SB, IF, IO, 7.897%, 12/25/28		70
	224	Series 1999-17, Class C, 6.350%, 04/25/29		253
	1,574	Series 1999-18, Class Z, 5.500%, 04/18/29		1,750
	429	Series 1999-38, Class SK, IF, IO, 7.797%, 08/25/23		67
	117	Series 1999-52, Class NS, HB, IF, 22.670%, 10/25/23		174
	300	Series 1999-62, Class PB, 7.500%, 12/18/29		345
	957	Series 2000-2, Class ZE, 7.500%, 02/25/30		1,099
	481	Series 2000-20, Class SA, IF, IO, 8.847%, 07/25/30		116
	71	Series 2000-52, Class IO, IO, 8.500%, 01/25/31		17
	384	Series 2001-4, Class PC, 7.000%, 03/25/21		422
	188	Series 2001-5, Class OW, 6.000%, 03/25/16		197
	273	Series 2001-7, Class PF, 7.000%, 03/25/31		312
	1,008	Series 2001-7, Class PR, 6.000%, 03/25/16		1,063
	1,036	Series 2001-10, Class PR, 6.000%, 04/25/16		1,090
	747	Series 2001-30, Class PM, 7.000%, 07/25/31		856
	241	Series 2001-31, Class VD, 6.000%, 05/25/31		244
	1,193	Series 2001-33, Class ID, IO, 6.000%, 07/25/31		226
	691	Series 2001-36, Class DE, 7.000%, 08/25/31		790
	1,570	Series 2001-44, Class MY, 7.000%, 09/25/31		1,798
	311	Series 2001-44, Class PD, 7.000%, 09/25/31		357
	330	Series 2001-44, Class PU, 7.000%, 09/25/31		377
	2,901	Series 2001-48, Class Z, 6.500%, 09/25/21		3,273
	290	Series 2001-49, Class Z, 6.500%, 09/25/31		328
	220	Series 2001-52, Class KB, 6.500%, 10/25/31		250
	780	Series 2001-52, Class XN, 6.500%, 11/25/15		845
	2,494	Series 2001-61, Class Z, 7.000%, 11/25/31		2,857

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	324	Series 2001-71, Class MB, 6.000%, 12/25/16		351
	754	Series 2001-71, Class QE, 6.000%, 12/25/16		814
	185	Series 2001-72, Class SX, IF, 16.876%, 12/25/31		243
	977	Series 2001-74, Class MB, 6.000%, 12/25/16		1,056
	461	Series 2001-80, Class PE, 6.000%, 07/25/29		474
	264	Series 2002-1, Class HC, 6.500%, 02/25/22		283
	268	Series 2002-1, Class SA, HB, IF, 24.364%, 02/25/32		376
	179	Series 2002-1, Class UD, HB, IF, 23.516%, 12/25/23		253
	906	Series 2002-2, Class UC, 6.000%, 02/25/17		975
	2,463	Series 2002-3, Class OG, 6.000%, 02/25/17		2,659
	529	Series 2002-7, Class OG, 6.000%, 03/25/17		572
	1,808	Series 2002-7, Class TG, 6.000%, 03/25/17		1,951
	535	Series 2002-10, Class SB, IF, 18.592%, 03/25/17		684
	799	Series 2002-11, Class QG, 5.500%, 03/25/17		864
	2,307	Series 2002-13, Class SJ, IF, IO, 1.600%, 03/25/32		109
	38	Series 2002-13, Class ST, IF, 10.000%, 03/25/32		43
	3,183	Series 2002-18, Class PC, 5.500%, 04/25/17		3,361
	570	Series 2002-19, Class PE, 6.000%, 04/25/17		615
	108	Series 2002-21, Class LO, PO, 04/25/32		94
	951	Series 2002-21, Class PE, 6.500%, 04/25/32		1,062
	1,143	Series 2002-24, Class AJ, 6.000%, 04/25/17		1,253
	377	Series 2002-25, Class SG, IF, 18.712%, 05/25/17		479
	2,149	Series 2002-28, Class PK, 6.500%, 05/25/32		2,426
	663	Series 2002-37, Class Z, 6.500%, 06/25/32		750
	803	Series 2002-42, Class C, 6.000%, 07/25/17		877
	3,200	Series 2002-48, Class GH, 6.500%, 11/25/32		3,568
	518	Series 2002-55, Class QE, 5.500%, 09/25/17		568
	5,803	Series 2002-56, Class UC, 5.500%, 09/25/17		6,319
	1,451	Series 2002-62, Class ZE, 5.500%, 11/25/17		1,591
	583	Series 2002-63, Class KC, 5.000%, 10/25/17		622
	788	Series 2002-77, Class S, IF, 14.019%, 12/25/32		888
	1,784	Series 2002-81, Class JO, PO, 04/25/32		1,735
	1,421	Series 2002-83, Class CS, 6.881%, 08/25/23		1,609
	134	Series 2002-91, Class UH, IO, 5.500%, 06/25/22		7
	3,107	Series 2002-94, Class BK, 5.500%, 01/25/18		3,426
	2,000	Series 2003-3, Class HJ, 5.000%, 02/25/18		2,114
	2,524	Series 2003-22, Class UD, 4.000%, 04/25/33		2,689
	626	Series 2003-27, Class DW, 4.500%, 04/25/17		643
	3,079	Series 2003-33, Class IA, IO, 6.500%, 05/25/33		590
	1,758	Series 2003-34, Class AX, 6.000%, 05/25/33		1,983
	1,516	Series 2003-34, Class ED, 6.000%, 05/25/33		1,762
	140	Series 2003-35, Class UC, 3.750%, 05/25/33		148
	426	Series 2003-39, Class IO, IO, VAR, 6.000%, 05/25/33		76
	1,319	Series 2003-39, Class LW, 5.500%, 05/25/23		1,480
	1,884	Series 2003-41, Class PE, 5.500%, 05/25/23		2,140
	735	Series 2003-42, Class GB, 4.000%, 05/25/33		782
	1,776	Series 2003-45, Class AI, IO, 5.500%, 05/25/33		63
	828	Series 2003-47, Class PE, 5.750%, 06/25/33		934
	691	Series 2003-52, Class SX, HB, IF, 22.190%, 10/25/31		1,049
	5	Series 2003-54, Class KH, 4.500%, 06/25/33		5
	85	Series 2003-60, Class NJ, 5.000%, 07/25/21		86
	768	Series 2003-64, Class SX, IF, 13.115%, 07/25/33		840

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	180	Series 2003-67, Class VQ, 7.000%, 01/25/19		183
	155	Series 2003-68, Class QP, 3.000%, 07/25/22		158
	1,744	Series 2003-71, Class DS, IF, 7.128%, 08/25/33		1,738
	1,657	Series 2003-71, Class IM, IO, 5.500%, 12/25/31		182
	3,495	Series 2003-72, Class IE, IO, 5.500%, 08/25/33		597
	2,200	Series 2003-73, Class GA, 3.500%, 05/25/31		2,280
	422	Series 2003-74, Class SH, IF, 9.714%, 08/25/33		420
	1,471	Series 2003-76, Class GQ, 4.500%, 08/25/18		1,565
	4,512	Series 2003-80, Class SY, IF, IO, 7.397%, 06/25/23		474
	1,350	Series 2003-81, Class LC, 4.500%, 09/25/18		1,470
	5,207	Series 2003-83, Class PG, 5.000%, 06/25/23		5,605
	1,900	Series 2003-86, Class KR, 4.500%, 09/25/16		1,940
	823	Series 2003-91, Class SD, IF, 12.078%, 09/25/33		908
	181	Series 2003-92, Class SH, IF, 9.188%, 09/25/18		185
	2,194	Series 2003-106, Class US, IF, 8.695%, 11/25/23		2,196
	3,676	Series 2003-116, Class SB, IF, IO, 7.347%, 11/25/33		645
	4,773	Series 2003-117, Class JB, 3.500%, 06/25/33		5,014
	1,507	Series 2003-122, Class TE, 5.000%, 12/25/22		1,638
	768	Series 2003-128, Class KE, 4.500%, 01/25/14		798
	856	Series 2003-128, Class NG, 4.000%, 01/25/19		921
	575	Series 2003-130, Class SX, IF, 11.140%, 01/25/34		616
	479	Series 2003-132, Class OA, PO, 08/25/33		425
	3,139	Series 2004-4, Class QI, IF, IO, 6.847%, 06/25/33		488
	297	Series 2004-4, Class QM, IF, 13.693%, 06/25/33		341
	1,632	Series 2004-10, Class SC, HB, IF, 27.586%, 02/25/34		2,386
	1,476	Series 2004-14, Class SD, IF, 8.695%, 03/25/34		1,449
	1,417	Series 2004-21, Class CO, PO, 04/25/34		1,159
	407	Series 2004-22, Class A, 4.000%, 04/25/19		415
	1,130	Series 2004-25, Class PC, 5.500%, 01/25/34		1,282
	2,826	Series 2004-25, Class SA, IF, 18.828%, 04/25/34		3,655
	7,708	Series 2004-27, Class HB, 4.000%, 05/25/19		8,252
	753	Series 2004-36, Class PC, 5.500%, 02/25/34		857
	2,715	Series 2004-36, Class SA, IF, 18.828%, 05/25/34		3,554
	1,205	Series 2004-36, Class SN, IF, 13.693%, 07/25/33		1,364
	4,281	Series 2004-37, Class AG, 4.500%, 11/25/32		4,586
	3,533	Series 2004-46, Class HS, IF, IO, 5.747%, 05/25/30		209
	1,183	Series 2004-46, Class QB, HB, IF, 22.986%, 05/25/34		1,587
	4,142	Series 2004-46, Class SK, IF, 15.803%, 05/25/34		4,878
	931	Series 2004-51, Class SY, IF, 13.733%, 07/25/34		1,083
	942	Series 2004-53, Class NC, 5.500%, 07/25/24		1,007
	1,782	Series 2004-59, Class BG, PO, 12/25/32		1,590
	238	Series 2004-61, Class SK, IF, 8.500%, 11/25/32		254
	1,313	Series 2004-70, Class JA, 4.500%, 10/25/19		1,344
	793	Series 2004-76, Class CL, 4.000%, 10/25/19		847
	1,299	Series 2004-79, Class SP, IF, 19.103%, 11/25/34		1,678
	377	Series 2004-81, Class AC, 4.000%, 11/25/19		403
	377	Series 2004-92, Class JO, PO, 12/25/34		376
	519	Series 2005-28, Class JA, 5.000%, 04/25/35		523
	169	Series 2005-47, Class AN, 5.000%, 12/25/16		170
	755	Series 2005-52, Class PA, 6.500%, 06/25/35		829
	3,908	Series 2005-56, Class S, IF, IO, 6.457%, 07/25/35		686
	1,755	Series 2005-59, Class PC, 5.500%, 03/25/31		1,864

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	675	Series 2005-66, Class SG, IF, 16.741%, 07/25/35		843
	1,324	Series 2005-68, Class BC, 5.250%, 06/25/35		1,470
	3,365	Series 2005-68, Class PG, 5.500%, 08/25/35		3,775
	1,927	Series 2005-68, Class UC, 5.000%, 06/25/35		2,122
	1,470	Series 2005-74, Class CS, IF, 19.323%, 05/25/35		1,932
	15,299	Series 2005-84, Class XM, 5.750%, 10/25/35		17,188
	358	Series 2005-98, Class GO, PO, 11/25/35		347
	3,425	Series 2005-109, Class PC, 6.000%, 12/25/35		3,983
	12,349	Series 2005-110, Class GJ, 5.500%, 11/25/30		13,045
	14,556	Series 2005-110, Class GK, 5.500%, 08/25/34		16,239
	4,326	Series 2005-110, Class GL, 5.500%, 12/25/35		4,861
	2,997	Series 2005-110, Class MN, 5.500%, 06/25/35		3,373
	2,304	Series 2005-116, Class PB, 6.000%, 04/25/34		2,526
	3,000	Series 2005-118, Class PN, 6.000%, 01/25/32		3,309
	64	Series 2005-123, Class LO, PO, 01/25/36		62
	981	Series 2006-15, Class OT, PO, 01/25/36		907
	1,205	Series 2006-16, Class OA, PO, 03/25/36		1,095
	1,270	Series 2006-22, Class AO, PO, 04/25/36		1,132
	541	Series 2006-23, Class KO, PO, 04/25/36		473
	3,149	Series 2006-39, Class WC, 5.500%, 01/25/36		3,524
	451	Series 2006-42, Class CF, VAR, 0.703%, 06/25/36		454
	3,266	Series 2006-44, Class GO, PO, 06/25/36		2,818
	9,287	Series 2006-44, Class P, PO, 12/25/33		8,252
	2,000	Series 2006-46, Class UC, 5.500%, 12/25/35		2,239
	6,793	Series 2006-53, Class US, IF, IO, 6.327%, 06/25/36		960
	2,095	Series 2006-56, Class PO, PO, 07/25/36		1,843
	3,696	Series 2006-58, Class AP, PO, 07/25/36		3,148
	398	Series 2006-58, Class FL, VAR, 0.713%, 07/25/36		401
	1,468	Series 2006-58, Class PO, PO, 07/25/36		1,254
	3,664	Series 2006-59, Class QO, PO, 01/25/33		3,479
	2,663	Series 2006-60, Class DZ, 6.500%, 07/25/36		3,166
	2,259	Series 2006-65, Class QO, PO, 07/25/36		1,954
	1,760	Series 2006-71, Class IC, IO, 6.000%, 04/25/17		148
	639	Series 2006-72, Class TO, PO, 08/25/36		543
	6,305	Series 2006-77, Class PC, 6.500%, 08/25/36		7,133
	1,837	Series 2006-79, Class DO, PO, 08/25/36		1,596
	1,122	Series 2006-90, Class AO, PO, 09/25/36		1,018
	512	Series 2006-109, Class PO, PO, 11/25/36		462
	6,511	Series 2006-110, Class PO, PO, 11/25/36		5,760
	500	Series 2006-111, Class EO, PO, 11/25/36		427
	1,810	Series 2006-118, Class A2, VAR, 0.313%, 12/25/36		1,789
	1,221	Series 2006-119, Class PO, PO, 12/25/36		1,108
	10,000	Series 2006-124, Class HB, VAR, 5.988%, 11/25/36		10,967
	1,000	Series 2006-128, Class BP, 5.500%, 01/25/37		1,142
	2,647	Series 2006-130, Class GI, IO, 6.500%, 07/25/32		487
	8,497	Series 2007-7, Class SG, IF, IO, 6.247%, 08/25/36		1,025
	9,902	Series 2007-14, Class ES, IF, IO, 6.187%, 03/25/37		1,341
	644	Series 2007-15, Class NO, PO, 03/25/22		593
	4,323	Series 2007-16, Class FC, VAR, 1.003%, 03/25/37		4,318
	1,062	Series 2007-42, Class AO, PO, 05/25/37		962
	1,183	Series 2007-48, Class PO, PO, 05/25/37		1,024
	4,974	Series 2007-54, Class FA, VAR, 0.653%, 06/25/37		4,997

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	14,087	Series 2007-60, Class AX, IF, IO, 6.897%, 07/25/37		2,298
	1,022	Series 2007-77, Class FG, VAR, 0.753%, 03/25/37		1,030
	2,000	Series 2007-79, Class PB, 5.000%, 04/25/29		2,087
	2,100	Series 2007-79, Class PC, 5.000%, 01/25/32		2,254
	1,000	Series 2007-81, Class GE, 6.000%, 08/25/37		1,147
	2,000	Series 2007-84, Class PD, 6.000%, 08/25/32		2,121
	5,000	Series 2007-84, Class PG, 6.000%, 12/25/36		5,669
	7,213	Series 2007-88, Class VI, IF, IO, 6.287%, 09/25/37		1,101
	5,262	Series 2007-91, Class ES, IF, IO, 6.207%, 10/25/37		708
	3,871	Series 2007-97, Class KI, IO, 7.000%, 05/25/33		785
	481	Series 2007-97, Class MS, IF, 14.202%, 12/25/31		515
	7,557	Series 2007-101, Class A2, VAR, 0.503%, 06/27/36		7,505
	2,078	Series 2007-106, Class A7, VAR, 6.037%, 10/25/37		2,222
	3,000	Series 2007-114, Class A6, VAR, 0.453%, 10/27/37		2,995
	4,568	Series 2007-116, Class HI, IO, VAR, 6.348%, 01/25/38		280
	415	Series 2007-118, Class IO, IO, 6.000%, 06/25/36		47
	5,375	Series 2008-1, Class BI, IF, IO, 5.657%, 02/25/38		628
	3,312	Series 2008-10, Class XI, IF, IO, 5.977%, 03/25/38		377
	3,214	Series 2008-16, Class IS, IF, IO, 5.947%, 03/25/38		357
	2,994	Series 2008-19, Class IC, IO, 5.000%, 03/25/23		320
	1,000	Series 2008-24, Class DY, 5.000%, 04/25/23		1,105
	1,955	Series 2008-27, Class SN, IF, IO, 6.647%, 04/25/38		261
	9,453	Series 2008-35, Class AI, IO, VAR, 0.827%, 01/25/12		27
	2,045	Series 2008-39, Class CI, IO, 4.500%, 05/25/18		163
	1,263	Series 2008-42, Class AO, PO, 09/25/36		1,116
	275	Series 2008-44, Class PO, PO, 05/25/38		244
	3,281	Series 2008-47, Class SI, IF, IO, 6.247%, 06/25/23		406
	3,164	Series 2008-53, Class CI, IF, IO, 6.947%, 07/25/38		458
	764	Series 2008-59, Class IG, IO, 5.500%, 11/25/34		48
	1,671	Series 2008-76, Class GF, VAR, 0.903%, 09/25/23		1,685
	6,757	Series 2008-80, Class SA, IF, IO, 5.597%, 09/25/38		696
	3,915	Series 2008-81, Class SB, IF, IO, 5.597%, 09/25/38		425
	6,021	Series 2009-6, Class GS, IF, IO, 6.297%, 02/25/39		840
	2,958	Series 2009-9, Class IO, IO, 5.000%, 02/25/24		339
	2,528	Series 2009-18, Class IO, IO, 5.000%, 03/25/24		186
	2,500	Series 2009-19, Class IP, IO, 5.500%, 10/25/36		771
	4,920	Series 2009-86, Class UI, IO, 4.000%, 10/25/14		365
	3,930	Series 2009-99, Class SC, IF, IO, 5.927%, 12/25/39		426
	2,640	Series 2009-103, Class MB, 4.000%, 12/25/39		2,787
	2,879	Series 2010-49, Class SC, IF, 12.153%, 03/25/40		3,416
	2,143	Series 2010-64, Class DM, 5.000%, 06/25/40		2,346
	4,459	Series 2010-133, Class A, 5.500%, 05/25/38		4,894
	1	Series G-17, Class S, HB, VAR, 1,051.957%, 06/25/21		19
	61	Series G-28, Class S, IF, 14.819%, 09/25/21		79
	50	Series G-35, Class M, 8.750%, 10/25/21		58
	19	Series G-51, Class SA, HB, IF, 24.490%, 12/25/21		29
	23	Series G92-15, Class Z, 7.000%, 01/25/22		24
	– (h)	Series G92-27, Class SQ, HB, IF, 1,698.030%, 05/25/22		3
	257	Series G92-35, Class E, 7.500%, 07/25/22		294
	– (h)	Series G92-35, Class G, HB, 1,184.775%, 07/25/22		7
	31	Series G92-42, Class Z, 7.000%, 07/25/22		35
	1,168	Series G92-44, Class ZQ, 8.000%, 07/25/22		1,414

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	40	Series G92-52, Class FD, VAR, 0.302%, 09/25/22		39
	337	Series G92-54, Class ZQ, 7.500%, 09/25/22		389
	41	Series G92-59, Class F, VAR, 2.363%, 10/25/22		43
	81	Series G92-61, Class Z, 7.000%, 10/25/22		92
	61	Series G92-62, Class B, PO, 10/25/22		55
	276	Series G93-1, Class KA, 7.900%, 01/25/23		324
	61	Series G93-5, Class Z, 6.500%, 02/25/23		70
	82	Series G93-14, Class J, 6.500%, 03/25/23		93
	188	Series G93-17, Class SI, IF, 6.000%, 04/25/23		190
	180	Series G93-27, Class FD, VAR, 1.161%, 08/25/23		184
	45	Series G93-37, Class H, PO, 09/25/23		37
	64	Series G95-1, Class C, 8.800%, 01/25/25		76
		Federal National Mortgage Association STRIPS,
	6	Series 23, Class 2, IO, 10.000%, 09/01/17		1
	1	Series 50, Class 2, IO, 10.500%, 03/01/19		–	(h)
	29	Series 218, Class 2, IO, 7.500%, 04/01/23		6
	25	Series 265, Class 2, 9.000%, 03/01/24		30
	604	Series 329, Class 1, PO, 01/01/33		547
	1,805	Series 339, Class 18, IO, 4.500%, 07/01/18		172
	2,658	Series 339, Class 21, IO, 4.500%, 07/01/18		260
	1,131	Series 339, Class 28, IO, 5.500%, 07/01/18		127
	1,037	Series 345, Class 6, IO, VAR, 5.000%, 12/01/33		160
	2,267	Series 351, Class 7, IO, VAR, 5.000%, 04/01/34		346
	1,391	Series 355, Class 11, IO, 6.000%, 07/01/34		246
	934	Series 355, Class 31, IO, VAR, 4.500%, 12/01/18		97
	3,861	Series 365, Class 8, IO, 5.500%, 05/01/36		576
	565	Series 368, Class 3, IO, 4.500%, 11/01/20		58
	2,113	Series 374, Class 5, IO, 5.500%, 08/01/36		313
	1,327	Series 383, Class 32, IO, 6.000%, 01/01/38		150
	3,482	Series 383, Class 33, IO, 6.000%, 01/01/38		394
	749	Series 393, Class 6, IO, 5.500%, 04/25/37		69
		Federal National Mortgage Association Whole Loan,
	37	Series 2002-W5, Class A10, IF, IO, 7.847%, 11/25/30		–	(h)
	1,371	Series 2003-W1, Class 1A1, 6.500%, 12/25/42		1,572
	501	Series 2003-W1, Class 2A, VAR, 7.500%, 12/25/42		581
	232	Series 2003-W4, Class 2A, 6.500%, 10/25/42		266
	429	Series 2004-W1, Class 2A2, 7.000%, 12/25/33		492
	1,449	Series 2004-W2, Class 2A2, 7.000%, 02/25/44		1,711
	2,082	Series 2004-W15, Class 2AF, VAR, 0.503%, 08/25/44		2,070
	2,044	Series 2005-W3, Class 2AF, VAR, 0.473%, 03/25/45		2,042
	1,980	Series 2006-W2, Class 1AF1, VAR, 0.473%, 02/25/36		1,959
	286	Series 2007-W7, Class 1A4, HB, IF, 37.659%, 07/25/37		484
	4,810	Series 2009-W1, Class A, 6.000%, 12/25/49		5,306
		Government National Mortgage Association,
	962	Series 1994-3, Class PQ, 7.488%, 07/16/24		1,046
	564	Series 1994-4, Class KQ, 7.988%, 07/16/24		678
	3,020	Series 1994-7, Class PQ, 6.500%, 10/16/24		3,490
	470	Series 1996-16, Class E, 7.500%, 08/16/26		549
	713	Series 1997-8, Class PN, 7.500%, 05/16/27		831
	168	Series 1997-11, Class D, 7.500%, 07/20/27		199
	363	Series 1998-26, Class K, 7.500%, 09/17/25		431
	2,011	Series 1999-4, Class ZB, 6.000%, 02/20/29		2,219
	1,823	Series 1999-10, Class ZC, 6.500%, 04/20/29		2,035

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	9	Series 1999-15, Class E, 6.500%, 01/16/29		9
	294	Series 1999-30, Class S, IF, IO, 8.347%, 08/16/29		43
	23	Series 1999-33, Class SM, IF, 9.200%, 09/16/29		26
	378	Series 1999-40, Class ZW, 7.500%, 11/20/29		430
	522	Series 1999-41, Class Z, 8.000%, 11/16/29		624
	173	Series 1999-44, Class PC, 7.500%, 12/20/29		204
	3,539	Series 1999-44, Class ZC, 8.500%, 12/16/29		4,309
	590	Series 1999-44, Class ZG, 8.000%, 12/20/29		705
	434	Series 2000-6, Class Z, 7.500%, 02/20/30		501
	221	Series 2000-9, Class Z, 8.000%, 06/20/30		266
	2,312	Series 2000-9, Class ZJ, 8.500%, 02/16/30		2,815
	404	Series 2000-12, Class ST, HB, IF, 38.230%, 02/16/30		790
	505	Series 2000-14, Class PD, 7.000%, 02/16/30		557
	137	Series 2000-16, Class ZN, 7.500%, 02/16/30		152
	3,184	Series 2000-21, Class Z, 9.000%, 03/16/30		3,876
	536	Series 2000-26, Class TZ, 8.500%, 09/20/30		652
	151	Series 2000-26, Class Z, 7.750%, 09/20/30		182
	29	Series 2000-30, Class ST, IF, 11.050%, 12/16/22		38
	448	Series 2000-31, Class Z, 9.000%, 10/20/30		546
	129	Series 2000-34, Class SG, IF, IO, 8.277%, 10/20/30		31
	256	Series 2000-35, Class ZA, 9.000%, 11/20/30		295
	38	Series 2000-36, Class IK, IO, 9.000%, 11/16/30		10
	185	Series 2000-37, Class B, 8.000%, 12/20/30		223
	101	Series 2000-38, Class AH, 7.150%, 12/20/30		119
	243	Series 2001-4, Class SJ, IF, IO, 7.897%, 01/19/30		60
	230	Series 2001-6, Class SD, IF, IO, 8.297%, 03/16/31		42
	447	Series 2001-7, Class PK, 6.500%, 03/20/31		478
	1,255	Series 2001-8, Class Z, 6.500%, 03/20/31		1,401
	21	Series 2001-32, Class WA, IF, 19.491%, 07/20/31		33
	341	Series 2001-35, Class SA, IF, IO, 7.997%, 08/16/31		71
	272	Series 2001-36, Class S, IF, IO, 7.797%, 08/16/31		62
	1,480	Series 2001-64, Class MQ, 6.500%, 12/20/31		1,584
	318	Series 2002-3, Class SP, IF, IO, 7.137%, 01/16/32		62
	520	Series 2002-7, Class PG, 6.500%, 01/20/32		601
	1,437	Series 2002-24, Class AG, IF, IO, 7.697%, 04/16/32		327
	134	Series 2002-24, Class SB, IF, 11.545%, 04/16/32		146
	3,466	Series 2002-31, Class SE, IF, IO, 7.247%, 04/16/30		627
	1,045	Series 2002-40, Class UK, 6.500%, 06/20/32		1,208
	58	Series 2002-41, Class SV, IF, 9.000%, 06/16/32		64
	3,960	Series 2002-45, Class QE, 6.500%, 06/20/32		4,487
	1,388	Series 2002-47, Class PG, 6.500%, 07/16/32		1,604
	2,520	Series 2002-47, Class ZA, 6.500%, 07/20/32		2,786
	73	Series 2002-51, Class SG, HB, IF, 31.402%, 04/20/31		128
	2,156	Series 2002-52, Class GH, 6.500%, 07/20/32		2,388
	631	Series 2002-54, Class GB, 6.500%, 08/20/32		699
	518	Series 2002-70, Class AV, 6.000%, 03/20/12		530
	1,842	Series 2002-70, Class PS, IF, IO, 7.447%, 08/20/32		236
	949	Series 2002-75, Class PB, 6.000%, 11/20/32		1,101
	515	Series 2002-80, Class EZ, 7.000%, 01/20/32		521
	218	Series 2002-88, Class VA, 6.000%, 12/20/17		219
	620	Series 2003-4, Class NI, IO, 5.500%, 01/20/32		39
	514	Series 2003-4, Class NY, 5.500%, 12/20/13		552

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	1,702	Series 2003-11, Class SK, IF, IO, 7.447%, 02/16/33		334
	717	Series 2003-12, Class SP, IF, IO, 7.447%, 02/20/33		145
	168	Series 2003-24, Class PO, PO, 03/16/33		144
	1,319	Series 2003-40, Class TC, 7.500%, 03/20/33		1,405
	1,319	Series 2003-40, Class TJ, 6.500%, 03/20/33		1,542
	753	Series 2003-46, Class MG, 6.500%, 05/20/33		875
	1,394	Series 2003-46, Class TC, 6.500%, 03/20/33		1,604
	608	Series 2003-52, Class AP, PO, 06/16/33		522
	2,150	Series 2003-58, Class BE, 6.500%, 01/20/33		2,484
	1,305	Series 2003-76, Class LS, IF, IO, 6.947%, 09/20/31		112
	195	Series 2003-90, Class PO, PO, 10/20/33		168
	166	Series 2003-98, Class PC, 5.000%, 02/20/29		167
	2,432	Series 2003-112, Class SA, IF, IO, 6.297%, 12/16/33		406
	3,000	Series 2003-112, Class TS, IF, IO, 6.697%, 10/20/32		467
	7,626	Series 2004-11, Class SW, IF, IO, 5.247%, 02/20/34		1,047
	960	Series 2004-15, Class SA, IF, 18.966%, 12/20/32		1,134
	733	Series 2004-28, Class S, IF, 18.966%, 04/16/34		954
	702	Series 2004-68, Class PO, PO, 05/20/31		686
	328	Series 2004-73, Class AE, IF, 14.332%, 08/17/34		387
	4,225	Series 2004-90, Class SI, IF, IO, 5.847%, 10/20/34		516
	3,278	Series 2005-3, Class SB, IF, IO, 5.847%, 01/20/35		408
	7,923	Series 2005-17, Class SL, IF, IO, 6.447%, 07/20/34		1,402
	640	Series 2005-35, Class FL, VAR, 0.603%, 03/20/32		639
	446	Series 2005-39, Class KI, IO, 5.500%, 03/20/34		48
	3,196	Series 2005-58, Class NI, IO, 5.500%, 08/20/35		719
	770	Series 2005-68, Class DP, IF, 15.823%, 06/17/35		991
	11,038	Series 2005-68, Class KI, IF, IO, 6.047%, 09/20/35		1,319
	1,347	Series 2005-69, Class SY, IF, IO, 6.497%, 11/20/33		241
	1,616	Series 2005-91, Class PI, IO, 6.000%, 12/20/35		255
	859	Series 2006-16, Class OP, PO, 03/20/36		771
	894	Series 2006-28, Class GO, PO, 03/20/35		864
	3,023	Series 2006-38, Class SW, IF, IO, 6.247%, 06/20/36		357
	2,516	Series 2006-59, Class SD, IF, IO, 6.447%, 10/20/36		342
	5,491	Series 2006-65, Class SA, IF, IO, 6.547%, 11/20/36		716
	2,899	Series 2007-9, Class DI, IF, IO, 6.257%, 03/20/37		387
	6,088	Series 2007-17, Class JI, IF, IO, 6.557%, 04/16/37		864
	653	Series 2007-17, Class JO, PO, 04/16/37		585
	4,640	Series 2007-19, Class SD, IF, IO, 5.947%, 04/20/37		556
	4,784	Series 2007-26, Class SC, IF, IO, 5.947%, 05/20/37		551
	2,711	Series 2007-27, Class SA, IF, IO, 5.947%, 05/20/37		324
	1,162	Series 2007-28, Class BO, PO, 05/20/37		1,056
	423	Series 2007-35, Class TO, PO, 04/20/35		397
	2,678	Series 2007-36, Class SE, IF, IO, 6.217%, 06/16/37		355
	7,180	Series 2007-40, Class SB, IF, IO, 6.497%, 07/20/37		915
	4,253	Series 2007-42, Class SB, IF, IO, 6.497%, 07/20/37		563
	2,500	Series 2007-47, Class PH, 6.000%, 07/16/37		2,931
	1,736	Series 2007-49, Class NO, PO, 12/20/35		1,693
	3,977	Series 2007-50, Class AI, IF, IO, 6.522%, 08/20/37		575
	569	Series 2007-53, Class SW, IF, 19.445%, 09/20/37		728
	1,815	Series 2007-57, Class PO, PO, 03/20/37		1,634
	2,811	Series 2007-57, Class QA, IF, IO, 6.247%, 10/20/37		345
	4,021	Series 2007-71, Class SB, IF, IO, 6.447%, 07/20/36		441

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	2,727	Series 2007-72, Class US, IF, IO, 6.297%, 11/20/37		337
	2,767	Series 2007-73, Class MI, IF, IO, 5.747%, 11/20/37		293
	5,457	Series 2007-76, Class SA, IF, IO, 6.277%, 11/20/37		671
	2,731	Series 2007-79, Class SY, IF, IO, 6.297%, 12/20/37		334
	1,683	Series 2007-81, Class SP, IF, IO, 6.397%, 12/20/37		210
	3,022	Series 2007-82, Class SA, IF, IO, 6.277%, 12/20/37		368
	1,246	Series 2008-2, Class MS, IF, IO, 6.907%, 01/16/38		140
	4,985	Series 2008-2, Class NS, IF, IO, 6.287%, 01/16/38		679
	2,810	Series 2008-10, Class S, IF, IO, 5.577%, 02/20/38		295
	1,227	Series 2008-23, Class IO, IO, 6.000%, 02/20/37		124
	1,996	Series 2008-25, Class SB, IF, IO, 6.647%, 03/20/38		243
	1,787	Series 2008-32, Class PI, IO, 5.500%, 10/16/37		246
	3,759	Series 2008-36, Class SH, IF, IO, 6.047%, 04/20/38		345
	13,131	Series 2008-40, Class SA, IF, IO, 6.147%, 05/16/38		1,896
	4,121	Series 2008-41, Class SA, IF, IO, 6.087%, 05/20/38		471
	2,722	Series 2008-55, Class SA, IF, IO, 5.947%, 06/20/38		301
	1,111	Series 2008-60, Class PO, PO, 01/20/38		1,051
	1,686	Series 2008-71, Class SC, IF, IO, 5.747%, 08/20/38		184
	2,711	Series 2008-93, Class AS, IF, IO, 5.447%, 12/20/38		270
	4,582	Series 2009-6, Class SA, IF, IO, 5.847%, 02/16/39		441
	2,917	Series 2009-10, Class SL, IF, IO, 6.247%, 03/16/34		371
	3,000	Series 2009-12, Class IE, IO, 5.500%, 03/20/39		750
	3,005	Series 2009-14, Class KI, IO, 6.500%, 03/20/39		377
	2,595	Series 2009-14, Class NI, IO, 6.500%, 03/20/39		326
	7,443	Series 2009-22, Class SA, IF, IO, 6.017%, 04/20/39		702
	2,290	Series 2009-25, Class SE, IF, IO, 7.347%, 09/20/38		302
	2,526	Series 2009-33, Class CI, IO, 5.500%, 05/20/39		374
	1,976	Series 2009-33, Class TI, IO, 6.000%, 05/20/39		296
	2,394	Series 2009-38, Class IO, IO, 5.000%, 09/16/31		191
	3,794	Series 2009-43, Class SA, IF, IO, 5.697%, 06/20/39		399
	2,987	Series 2009-65, Class IQ, IO, 6.000%, 12/20/38		384
	1,228	Series 2009-79, Class OK, PO, 11/16/37		1,111
	700	Series 2010-14, Class CO, PO, 08/20/35		583
	1,471	Series 2010-130, Class CP, 7.000%, 10/16/40		1,672
	8,830	NCUA Guaranteed Notes, Series 2010-C1, Class APT, 2.650%, 10/29/20		8,789
		Vendee Mortgage Trust,
	754	Series 1994-1, Class 1, VAR, 5.627%, 02/15/24		821
	1,341	Series 1994-1, Class 2ZB, 6.500%, 02/15/24		1,549
	1,106	Series 1996-1, Class 1Z, 6.750%, 02/15/26		1,279
	790	Series 1996-2, Class 1Z, 6.750%, 06/15/26		926
	1,517	Series 1997-1, Class 2Z, 7.500%, 02/15/27		1,801
	1,867	Series 1998-1, Class 2E, 7.000%, 03/15/28		2,176
	3,393	Series 1999-1, Class 2Z, 6.500%, 01/15/29		3,921
				870,752
		Non-Agency CMO — 14.0%
	2,570	ABN AMRO Mortgage Corp., Series 2003-8, Class A3, 4.500%, 06/25/33		2,452
		American General Mortgage Loan Trust,
	252	Series 2006-1, Class A2, VAR, 5.750%, 12/25/35 (e)		252
	4,200	Series 2009-1, Class A4, VAR, 5.750%, 09/25/48 (e)		4,356
	2,775	Series 2009-1, Class A5, VAR, 5.750%, 09/25/48 (e)		2,895
	4,500	Series 2009-1, Class A7, VAR, 5.750%, 09/25/48 (e)		4,477
	1,866	Series 2010-1A, Class A1, VAR, 5.150%, 03/25/58 (e)		1,941

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
	7,278	American Home Mortgage Investment Trust, Series 2005-3, Class 2A4, VAR, 2.159%, 09/25/35		3,203
		ASG Resecuritization Trust,
	1,965	Series 2009-1, Class A60, VAR, 5.434%, 06/26/37 (e)		1,995
	3,719	Series 2009-2, Class A55, VAR, 5.510%, 05/24/36 (e)		3,775
	7,898	Series 2009-3, Class A65, VAR, 5.595%, 03/26/37 (e)		7,948
	9,230	Series 2009-4, Class A60, 6.000%, 06/28/37 (e)		9,392
	2,167	Series 2010-2, Class A60, VAR, 5.159%, 01/28/37 (e)		2,167
	2,653	Series 2010-3, Class 2A22, VAR, 0.421%, 10/28/36 (e)		2,613
		Banc of America Alternative Loan Trust,
	387	Series 2003-2, Class PO, PO, 04/25/33		341
	1,062	Series 2003-9, Class 1CB2, 5.500%, 11/25/33		1,086
	543	Series 2003-11, Class PO, PO, 01/25/34		401
	385	Series 2004-6, Class 15PO, PO, 07/25/19		292
	2,116	Series 2005-5, Class 1CB1, 5.500%, 06/25/35		1,677
	7,109	Series 2005-6, Class CBIO, IO, 5.500%, 07/25/35		1,504
	1,764	Series 2006-4, Class 1A4, 6.000%, 05/25/46		1,098
		Banc of America Funding Corp.,
	361	Series 2003-3, Class 1A33, 5.500%, 10/25/33		365
	811	Series 2004-1, Class PO, PO, 03/25/34		600
	2,056	Series 2004-2, Class 30PO, PO, 09/20/34		1,179
	875	Series 2004-3, Class 1A7, 5.500%, 10/25/34		890
	1,202	Series 2004-C, Class 1A1, VAR, 5.024%, 12/20/34		1,244
	1,973	Series 2005-6, Class 2A7, 5.500%, 10/25/35		1,844
	1,626	Series 2005-7, Class 30PO, PO, 11/25/35		876
	1,088	Series 2005-8, Class 30PO, PO, 01/25/36		564
	2,769	Series 2005-E, Class 4A1, VAR, 2.859%, 03/20/35		2,681
	1,047	Series 2006-A, Class 3A2, VAR, 4.915%, 02/20/36		627
		Banc of America Mortgage Securities, Inc.,
	478	Series 2003-3, Class 2A1, VAR, 0.803%, 05/25/18		462
	658	Series 2003-6, Class 2A1, VAR, 0.703%, 08/25/18		645
	221	Series 2003-7, Class A2, 4.750%, 09/25/18		228
	471	Series 2003-8, Class APO, PO, 11/25/33		347
	5,073	Series 2004-3, Class 15IO, IO, VAR, 0.230%, 04/25/19		9
	228	Series 2004-4, Class APO, PO, 05/25/34		176
	3,424	Series 2004-5, Class 2A2, 5.500%, 06/25/34		3,185
	856	Series 2004-6, Class 2A5, PO, 07/25/34		666
	1,105	Series 2004-6, Class APO, PO, 07/25/34		810
	86	Series 2004-8, Class 5PO, PO, 05/25/32		70
	111	Series 2004-8, Class XPO, PO, 10/25/34		88
	525	Series 2004-A, Class 2A2, VAR, 3.513%, 02/25/34		472
	1,886	Series 2004-J, Class 3A1, VAR, 5.097%, 11/25/34		1,748
	1,975	Series 2005-10, Class 1A6, 5.500%, 11/25/35		1,898
	491	Series 2005-A, Class 2A1, VAR, 3.180%, 02/25/35		430
		BCAP LLC Trust,
	1,032	Series 2009-RR13, Class 11A1, VAR, 5.250%, 05/26/37 (e)		1,027
	1,722	Series 2009-RR5, Class 8A1, 5.500%, 11/26/34 (e)		1,756
	791	Series 2010-RR4, Class 2A1, VAR, 1.003%, 06/26/37 (e)		767
	1,915	Series 2010-RR6, Class 22A3, VAR, 5.640%, 06/26/36 (e)		1,915
	1,432	Series 2010-RR6, Class 5A1, VAR, 5.500%, 11/26/37 (e)		1,440
	2,292	Series 2010-RR7, Class 15A1, VAR, 1.056%, 01/26/36 (e)		2,119
	1,795	Series 2010-RR7, Class 16A1, VAR, 1.042%, 02/26/47 (e)		1,678
	2,068	Series 2010-RR7, Class 1A5, VAR, 5.024%, 04/26/35 (e)		2,084
	5,593	Series 2010-RR7, Class 2A1, VAR, 4.952%, 07/26/45 (e)		5,649

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
	1,332	Series 2010-RR8, Class 3A3, VAR, 5.121%, 05/26/35 (e)		1,366
		Bear Stearns Adjustable Rate Mortgage Trust,
	403	Series 2003-7, Class 3A, VAR, 2.818%, 10/25/33		395
	1,187	Series 2004-1, Class 12A1, VAR, 3.126%, 04/25/34		1,092
	781	Series 2004-2, Class 14A, VAR, 5.153%, 05/25/34		804
	3,569	Series 2005-5, Class A1, VAR, 2.340%, 08/25/35		3,415
	6,740	Series 2006-1, Class A1, VAR, 4.625%, 02/25/36		5,992
		Citicorp Mortgage Securities, Inc.,
	159	Series 1993-14, Class A3, VAR, 1.453%, 11/25/23		153
	2,931	Series 2004-1, Class 3A1, 4.750%, 01/25/34		3,007
	2,007	Series 2004-5, Class 2A5, 4.500%, 08/25/34		2,060
	591	Series 2005-5, Class APO, PO, 08/25/35		405
	727	Series 2005-8, Class APO, PO, 11/25/35		403
		Citigroup Mortgage Loan Trust, Inc.,
	1,337	Series 2003-1, Class 2A5, 5.250%, 10/25/33		1,378
	472	Series 2003-1, Class 2A6, PO, 10/25/33		302
	489	Series 2003-1, Class PO2, PO, 10/25/33		332
	429	Series 2003-1, Class PO3, PO, 09/25/33		293
	304	Series 2003-UP3, Class A3, 7.000%, 09/25/33		308
	1,873	Series 2003-UST1, Class A1, 5.500%, 12/25/18		1,947
	604	Series 2003-UST1, Class PO1, PO, 12/25/18		503
	238	Series 2003-UST1, Class PO3, PO, 12/25/18		208
	867	Series 2004-UST1, Class A6, VAR, 5.081%, 08/25/34		897
	579	Series 2005-1, Class 2A1A, VAR, 3.101%, 04/25/35		349
	738	Series 2005-5, Class 1A2, VAR, 2.650%, 08/25/35		428
	2,866	Series 2008-AR4, Class 1A1A, VAR, 5.415%, 11/25/38		2,894
	1,321	Series 2009-10, Class 2A1A, 7.000%, 12/25/35 (e)		1,325
		Countrywide Alternative Loan Trust,
	720	Series 2002-8, Class A4, 6.500%, 07/25/32		708
	5	Series 2002-17, Class A7, 2.500%, 01/25/33		5
	11,024	Series 2004-2CB, Class 1A9, 5.750%, 03/25/34		10,885
	3,347	Series 2004-18CB, Class 2A4, 5.700%, 09/25/34		3,347
	5,040	Series 2005-1CB, Class 1A6, IF, IO, 6.847%, 03/25/35		716
	911	Series 2005-5R, Class A1, 5.250%, 12/25/18		938
	7,266	Series 2005-20CB, Class 3A8, IF, IO, 4.497%, 07/25/35		824
	16,679	Series 2005-22T1, Class A2, IF, IO, 4.817%, 06/25/35		2,007
	853	Series 2005-26CB, Class A10, IF, 12.591%, 07/25/35		878
	6,778	Series 2005-28CB, Class 1A4, 5.500%, 08/25/35		5,716
	350	Series 2005-28CB, Class 3A5, 6.000%, 08/25/35		287
	11,993	Series 2005-37T1, Class A2, IF, IO, 4.797%, 09/25/35		1,863
	6,084	Series 2005-54CB, Class 1A11, 5.500%, 11/25/35		5,085
	16,814	Series 2005-54CB, Class 1A2, IF, IO, 4.597%, 11/25/35		2,097
	4,103	Series 2005-57CB, Class 3A2, IF, IO, 4.847%, 12/25/35		646
	2,263	Series 2005-64CB, Class 1A9, 5.500%, 12/25/35		1,441
	14,213	Series 2005-J1, Class 1A4, IF, IO, 4.847%, 02/25/35		1,939
	5,801	Series 2006-26CB, Class A9, 6.500%, 09/25/36		4,219
	3,000	Series 2007-21CB, Class 1A5, 6.000%, 09/25/37 (f) (i)		725
		Countrywide Home Loan Mortgage Pass-Through Trust,
	394	Series 2003-8, Class A4, 4.500%, 05/25/18		395
	2,514	Series 2003-26, Class 1A6, 3.500%, 08/25/33		2,385
	337	Series 2003-34, Class A11, 5.250%, 09/25/33		345
	753	Series 2003-44, Class A9, PO, 10/25/33		541
	1,403	Series 2003-J7, Class 4A3, IF, 9.446%, 08/25/18		1,389

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
	885	Series 2004-7, Class 2A1, VAR, 2.425%, 06/25/34		830
	1,500	Series 2004-8, Class 2A1, 4.500%, 06/25/19		1,529
	351	Series 2004-HYB1, Class 2A, VAR, 3.210%, 05/20/34		306
	1,245	Series 2004-HYB3, Class 2A, VAR, 2.674%, 06/20/34		1,107
	1,081	Series 2004-HYB6, Class A3, VAR, 3.091%, 11/20/34		945
	1,258	Series 2004-J8, Class 1A2, 4.750%, 11/25/19		1,299
	3,853	Series 2005-16, Class A23, 5.500%, 09/25/35		3,493
	5,279	Series 2005-22, Class 2A1, VAR, 3.105%, 11/25/35		4,114
		Credit Suisse Mortgage Capital Certificates,
	1,536	Series 2009-12R, Class 7A1, 5.500%, 10/27/35 (e)		1,545
	4,666	Series 2010-11R, Class A1, VAR, 1.255%, 06/28/47 (e)		4,683
	906	Series 2010-15R, Class 7A1, VAR, 5.340%, 10/26/37 (e)		913
	250	Series 2010-15R, Class 7A2, VAR, 5.340%, 10/26/37 (e)		228
	627	Series 2010-16, Class A3, VAR, 4.250%, 06/25/50 (e)		585
		CS First Boston Mortgage Securities Corp.,
	900	Series 2003-1, Class DB1, 6.564%, 02/25/33		793
	581	Series 2003-17, Class 2A1, 5.000%, 07/25/18		596
	2,117	Series 2003-25, Class 1P, PO, 10/25/33		1,577
	294	Series 2004-5, Class 5P, PO, 08/25/19		253
	1,744	Series 2005-4, Class 3A18, 5.500%, 06/25/35		1,510
	1,807	Series 2005-4, Class 3A22, 5.500%, 06/25/35		779
	1,941	Series 2005-4, Class 3A23, 5.500%, 06/25/35		854
		Deutsche Mortgage Securities, Inc.,
	1,497	Series 2009-RS3, Class A1, 5.250%, 08/26/35 (e)		1,503
	2,084	Series 2010-RS2, Class A1, VAR, 1.503%, 06/28/47 (e)		2,084
	22	First Boston Mortgage Securities Corp. 1987 STRIPS, Series C, Class PO, PO, 04/25/17		22
		First Horizon Alternative Mortgage Securities,
	1,472	Series 2004-AA4, Class A1, VAR, 2.551%, 10/25/34		1,291
	2,273	Series 2005-FA8, Class 1A19, 5.500%, 11/25/35		1,834
	4,244	Series 2007-FA4, Class 1A2, IF, IO, 5.397%, 08/25/37		780
		First Horizon Asset Securities, Inc.,
	346	Series 2003-3, Class 1A4, 3.900%, 05/25/33		346
	2,964	Series 2003-9, Class 1A6, 5.500%, 11/25/33		2,778
	1,429	Series 2004-AR2, Class 2A1, VAR, 2.884%, 05/25/34		1,369
	1,118	Series 2004-AR7, Class 2A1, VAR, 2.861%, 02/25/35		1,101
	2,505	Series 2005-AR1, Class 2A2, VAR, 2.875%, 04/25/35		2,410
		GMAC Mortgage Corp. Loan Trust,
	1,424	Series 2003-AR1, Class A4, VAR, 3.408%, 10/19/33		1,425
	823	Series 2004-J5, Class A7, 6.500%, 01/25/35		842
	547	Series 2004-J6, Class 1A1, 5.000%, 01/25/20		563
	1,137	Series 2005-AR3, Class 3A3, VAR, 3.224%, 06/19/35		1,102
	5,565	Series 2005-AR3, Class 3A4, VAR, 3.224%, 06/19/35		4,498
	3,352	Series 2010-1, Class A, 4.250%, 07/25/40 (e)		3,322
	1,338	GSMPS Mortgage Loan Trust, Series 2001-2, Class A, VAR,
	6,541	7.500%, 06/19/32 (e) Series 2006-RP2, Class 1AS2, IF,		1,135
		IO, 5.452%, 04/25/36 (e) GSR Mortgage Loan Trust,		1,182
	1,575	Series 2004-6F, Class 3A4, 6.500%, 05/25/34		1,620
	18	Series 2004-10F, Class 1A1, 4.500%, 08/25/19		18
	149	Series 2004-10F, Class 2A1, 5.000%, 08/25/19		153
	524	Series 2004-13F, Class 3A3, 6.000%, 11/25/34		355
	1,003	Series 2005-4F, Class AP, PO, 05/25/35		821
	5,427	Series 2005-7F, Class 3A9, 6.000%, 09/25/35		4,832

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
	4,466	Series 2006-1F, Class 2A4, 6.000%, 02/25/36		3,294
	5,000	Series 2007-1F, Class 2A4, 5.500%, 01/25/37		4,531
	25,999	Indymac Index Mortgage Loan Trust, Series 2005-AR11, Class A7, IO, VAR, 0.334%, 08/25/35		228
		JP Morgan Mortgage Trust,
	3,488	Series 2006-A2, Class 4A1, VAR, 2.930%, 08/25/34		3,484
	928	Series 2006-A3, Class 6A1, VAR, 2.991%, 08/25/34 Lehman Mortgage Trust,		865
	1,618	Series 2006-2, Class 1A1, VAR, 6.423%, 04/25/36		1,501
	2,000	Series 2008-2, Class 1A6, 6.000%, 03/25/38		1,571
	1,646	LVII Resecuritization Trust, Series
		2009-2, Class A3, VAR, 3.000%, 09/27/37 (e)		1,642
	171	MASTR Adjustable Rate Mortgages Trust, Series 2004-4, Class 2A1, VAR, 2.867%, 05/25/34		99
	1,939	Series 2004-13, Class 2A1, VAR, 2.834%, 04/21/34		1,873
	7,339	Series 2004-13, Class 3A6, VAR, 2.899%, 11/21/34		7,369
	2,800	Series 2004-13, Class 3A7, VAR, 2.899%, 11/21/34		2,600
	470	Series 2004-15, Class 3A1, VAR, 3.344%, 12/25/34		385
		MASTR Alternative Loans Trust,
	403	Series 2003-3, Class 1A1, 6.500%, 05/25/33		417
	1,311	Series 2003-9, Class 8A1, 6.000%, 01/25/34		1,270
	1,266	Series 2004-3, Class 2A1, 6.250%, 04/25/34		1,292
	2,794	Series 2004-4, Class 10A1, 5.000%, 05/25/24		2,838
	885	Series 2004-6, Class 30PO, PO, 07/25/34		557
	1,226	Series 2004-6, Class 7A1, 6.000%, 07/25/34		1,235
	630	Series 2004-7, Class 30PO, PO, 08/25/34		408
	2,942	Series 2004-8, Class 6A1, 5.500%, 09/25/19		3,018
	669	Series 2004-10, Class 1A1, 4.500%, 09/25/19		676
		MASTR Asset Securitization Trust,
	343	Series 2003-2, Class 2A1, 4.500%, 03/25/18		350
	224	Series 2003-3, Class 4A1, 5.000%, 04/25/18		231
	476	Series 2003-4, Class 3A2, 5.000%, 05/25/18		488
	489	Series 2003-12, Class 30PO, PO, 12/25/33		303
	310	Series 2004-1, Class 30PO, PO, 02/25/34		208
	298	Series 2004-4, Class 3A1, 4.500%, 04/25/19		310
	250	Series 2004-6, Class 15PO, PO, 05/25/19		210
	645	Series 2004-8, Class 1A1, 4.750%, 08/25/19		663
	227	Series 2004-8, Class PO, PO, 08/25/19		187
	76	Series 2004-10, Class 5A1, VAR, 0.653%, 11/25/34		74
	1,000	Series 2006-2, Class 1A30, 6.000%, 06/25/36		815
	4,493	MASTR Reperforming Loan Trust, Series 2005-2, Class 1A1F, VAR, 0.603%, 05/25/35 (e)		3,671
	4,813	MASTR Resecuritization Trust, Series 2005-PO, Class 3PO, PO, 05/28/35 (e)		3,080
	110	Merrill Lynch Trust, Series 47, Class Z, 8.985%, 10/20/20		125
	923	MortgageIT Trust, Series 2005-1, Class 1A1, VAR, 0.573%, 02/25/35		685
	695	Nomura Asset Acceptance Corp., Series 2003-A1, Class A1, 5.500%, 05/25/33		711
	308	Series 2003-A1, Class A2, 6.000%, 05/25/33		319
	66	Series 2003-A1, Class A5, 7.000%, 04/25/33		68
	46	Series 2003-A1, Class A7, 5.000%, 04/25/18		47
	775	Series 2004-R2, Class A1, VAR, 6.500%, 10/25/34 (e)		786
	5	Paine Webber CMO Trust, Series H, Class 4, 8.750%, 04/01/18		6
	22	Series P, Class 4, 8.500%, 08/01/19		25
	36	RAAC Series, Series 2005-SP1, Class 2A10, 5.250%, 09/25/34 RBSSP Resecuritization Trust,		36

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
	2,108	Series 2009-6, Class 15A1, 5.500%, 01/26/21 (e)		2,151
	1,547	Series 2009-9, Class 7A4, 6.000%, 07/26/37 (e)		1,601
	1,103	Series 2009-12, Class 14A1, VAR, 5.500%, 03/25/23 (e)		1,136
	2,497	Series 2009-12, Class 1A1, VAR, 5.700%, 11/25/33 (e)		2,597
	1,593	Series 2010-9, Class 1A1, VAR, 0.440%, 07/26/37 (e) (f) (i)		1,412
	1,800	Series 2010-9, Class 7A5, VAR, 4.000%, 05/26/37 (e)		1,782
		Residential Accredit Loans, Inc.,
	1,223	Series 2002-QS8, Class A5, 6.250%, 06/25/17		1,239
	384	Series 2002-QS16, Class A3, IF, 16.093%, 10/25/17		428
	5,117	Series 2003-QR19, Class CB4, 5.750%, 10/25/33		4,514
	852	Series 2003-QS3, Class A2, IF, 15.942%, 02/25/18		946
	819	Series 2003-QS3, Class A8, IF, IO, 7.347%, 02/25/18		101
	2,231	Series 2003-QS9, Class A3, IF, IO, 7.297%, 05/25/18		345
	2,122	Series 2003-QS12, Class A2A, IF, IO, 7.347%, 06/25/18		307
	646	Series 2003-QS12, Class A5, IO, 5.000%, 06/25/18		75
	4,353	Series 2003-QS14, Class A1, 5.000%, 07/25/18		4,410
	1,306	Series 2003-QS18, Class A1, 5.000%, 09/25/18		1,327
	2,710	Series 2003-QS19, Class A1, 5.750%, 10/25/33		2,771
	3,221	Series 2004-QA6, Class NB2, VAR, 3.308%, 12/26/34		2,519
	511	Series 2004-QS8, Class A2, 5.000%, 06/25/34		508
		Residential Asset Securitization Trust,
	1,383	Series 2003-A13, Class A3, 5.500%, 01/25/34		1,175
	133	Series 2003-A14, Class A1, 4.750%, 02/25/19		136
	4,588	Series 2005-A2, Class A4, IF, IO, 4.797%, 03/25/35		529
	1,578	Series 2006-A4, Class 2A5, 6.000%, 05/25/36		1,013
		Residential Funding Mortgage Securities I,
	149	Series 2003-S12, Class 4A5, 4.500%, 12/25/32		149
	1,130	Series 2003-S13, Class A3, 5.500%, 06/25/33		1,089
	542	Series 2003-S14, Class A4, PO, 07/25/18		523
	453	Series 2003-S7, Class A17, 4.000%, 05/25/33		453
	1,061	Series 2004-S3, Class A1, 4.750%, 03/25/19		1,093
	1,948	Series 2004-S6, Class 2A6, PO, 06/25/34		1,442
	466	Series 2004-S9, Class 2A1, 4.750%, 12/25/19		470
	1,183	Series 2005-SA4, Class 1A1, VAR, 3.249%, 09/25/35		948
	140	Series 2007-S2, Class A11, 5.750%, 02/25/37		139
	105	Residential Funding Securities LLC, Series 2003-RM2, Class AP- 3, PO, 05/25/33		78
		Salomon Brothers Mortgage Securities VII, Inc.,
	770	Series 2003-HYB1, Class A, VAR, 3.202%, 09/25/33		778
	182	Series 2003-UP2, Class PO1, PO, 12/25/18		143
	5,500	Station Place Securitization Trust,
		Series 2009-1, Class A, VAR, 1.753%, 01/25/40 (e)		5,498
	2,826	Structured Adjustable Rate Mortgage Loan Trust, Series 2004- 6, Class 5A4, VAR, 4.934%, 06/25/34		2,783
		Structured Asset Securities Corp.,
	93	Series 2002-10H, Class 1AP, PO, 05/25/32		69
	345	Series 2003-8, Class 1A2, 5.000%, 04/25/18		354
	505	Series 2003-31A, Class B1, VAR, 2.725%, 10/25/33		197
	1,962	Series 2003-33H, Class 1A1, 5.500%, 10/25/33		1,947
	3,000	Series 2004-5H, Class A4, 5.540%, 12/25/33		3,054
	2,039	Series 2004-20, Class 1A3, 5.250%, 11/25/34		2,086
	734	Series 2005-6, Class 4A1, 5.000%, 05/25/35		717
	156	Series 2005-6, Class 5A8, IF, 13.393%, 05/25/35		157
	1,000	Series 2005-10, Class 5A9, 5.250%, 12/25/34		831
		WaMu Mortgage Pass-Through Certificates,

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
	249	Series 2003-AR8, Class A, VAR, 2.716%, 08/25/33		252
	5,863	Series 2003-AR9, Class 1A6, VAR, 2.707%, 09/25/33		5,660
	762	Series 2003-AR9, Class 2A, VAR, 2.775%, 09/25/33		768
	1,166	Series 2003-S8, Class A6, 4.500%, 09/25/18		1,212
	3,275	Series 2003-S9, Class A8, 5.250%, 10/25/33		3,227
	503	Series 2003-S9, Class P, PO, 10/25/33		269
	3,260	Series 2003-S10, Class A5, 5.000%, 10/25/18		3,316
	358	Series 2003-S10, Class A6, PO, 10/25/18		356
	767	Series 2003-S11, Class 2A5, IF, 16.353%, 11/25/33		864
	480	Series 2004-AR3, Class A1, VAR, 2.705%, 06/25/34		461
	274	Series 2004-AR3, Class A2, VAR, 2.705%, 06/25/34		263
	2,378	Series 2004-RS2, Class A4, 5.000%, 11/25/33		2,418
	698	Series 2006-AR10, Class 2P, VAR, 0.000%, 09/25/36		384
	418	Series 2006-AR12, Class 2P, VAR, 0.000%, 10/25/36		230
		Washington Mutual Alternative Mortgage Pass-Through Certificates,
	15,643	Series 2005-2, Class 1A4, IF, IO, 4.797%, 04/25/35		2,393
	3,662	Series 2005-2, Class 2A3, IF, IO, 4.747%, 04/25/35		530
	4,055	Series 2005-3, Class CX, IO, 5.500%, 05/25/35		770
	4,167	Series 2005-4, Class CB7, 5.500%, 06/25/35		3,513
	3,944	Series 2005-4, Class CX, IO, 5.500%, 06/25/35		707
	1,339	Series 2005-6, Class 2A4, 5.500%, 08/25/35		1,180
	5,260	Series 2005-6, Class 2A9, 5.500%, 08/25/35		2,821
	80	Washington Mutual MSC Mortgage Pass-Through
		Certificates, Series 2002-MS12, Class A, 6.500%, 05/25/32		84
		Wells Fargo Mortgage-Backed Securities Trust,
	244	Series 2002-18, Class 2A5, 6.000%, 12/25/32		244
	694	Series 2003-8, Class A9, 4.500%, 08/25/18		722
	2,040	Series 2003-11, Class 1A4, 4.750%, 10/25/18		2,057
	437	Series 2003-11, Class 1APO, PO, 10/25/18		377
	1,318	Series 2003-13, Class A7, 4.500%, 11/25/18		1,370
	1,632	Series 2003-15, Class 1A1, 4.750%, 12/25/18		1,691
	323	Series 2003-15, Class APO, PO, 12/25/18		274
	1,399	Series 2003-16, Class 2A1, 4.500%, 12/25/18		1,435
	718	Series 2003-16, Class 2A3, 4.500%, 12/25/18		731
	1,014	Series 2003-K, Class 1A1, VAR, 4.465%, 11/25/33		1,010
	1,918	Series 2003-K, Class 1A2, VAR, 4.465%, 11/25/33		1,989
	481	Series 2004-2, Class APO, PO, 01/25/19		411
	862	Series 2004-7, Class 2A1, 4.500%, 07/25/19		893
	839	Series 2004-7, Class 2A2, 5.000%, 07/25/19		873
	1,866	Series 2004-BB, Class A4, VAR, 2.832%, 01/25/35		1,849
	1,288	Series 2004-EE, Class 2A1, VAR, 2.857%, 12/25/34		1,258
	1,357	Series 2004-EE, Class 3A1, VAR, 2.979%, 12/25/34		1,341
	2,670	Series 2004-P, Class 2A1, VAR, 2.911%, 09/25/34		2,655
	1,325	Series 2004-V, Class 1A1, VAR, 2.892%, 10/25/34		1,317
	1,337	Series 2005-1, Class 2A1, 5.000%, 01/25/20		1,361
	366	Series 2005-13, Class APO, PO, 11/25/20		306
	1,029	Series 2005-16, Class APO, PO, 01/25/36		594
	703	Series 2005-AR8, Class 2A1, VAR, 2.897%, 06/25/35		687
	726	Series 2005-AR16, Class 2A1, VAR, 2.898%, 10/25/35		698
	1,626	Series 2006-2, Class APO, PO, 03/25/36		717
	1,114	Series 2006-4, Class 1APO, PO, 04/25/36		627
	2,500	Series 2007-7, Class A7, 6.000%, 06/25/37		2,300

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
	798	Series 2007-11, Class A14, 6.000%, 08/25/37		771
				414,173
		Total Collateralized Mortgage Obligations (Cost $1,195,670)		1,284,925
	Commercial Mortgage-Backed Securities — 1.7%
		Banc of America Commercial Mortgage, Inc.,
	400	Series 2005-3, Class A4, 4.668%, 07/10/43		416
	1,610	Series 2005-3, Class AM, 4.727%, 07/10/43		1,559
	4,421	Series 2005-6, Class ASB, VAR, 5.369%, 09/10/47		4,709
	265	Series 2006-1, Class A4, VAR, 5.372%, 09/10/45		289
	2,250	Series 2006-4, Class A4, 5.634%, 07/10/46		2,403
	250	Series 2006-5, Class A4, 5.414%, 09/10/47		263
		Bear Stearns Commercial Mortgage Securities,
	61	Series 2002-PBW1, Class A1, VAR, 3.970%, 11/11/35		62
	2,087	Series 2005-PWR9, Class AAB, 4.804%, 09/11/42		2,168
	3,148	Series 2006-PW11, Class A4, VAR, 5.623%, 03/11/39		3,431
	1,172	Series 2006-PW14, Class A1, 5.044%, 12/11/38		1,190
		Citigroup Commercial Mortgage Trust,
	1,200	Series 2005-C3, Class AM, VAR, 4.830%, 05/15/43		1,234
	932	Series 2006-C4, Class A1, VAR, 5.919%, 03/15/49		940
	1,100	Commercial Mortgage Pass Through Certificates, Series 2005- LP5, Class A4, VAR, 4.982%, 05/10/43		1,188
	4,025	GMAC Commercial Mortgage Securities, Inc., Series 2006-C1, Class A4, VAR, 5.238%, 11/10/45		4,321
	500	Greenwich Capital Commercial Funding Corp., Series 2005-GG3, Class AJ, VAR, 4.859%, 08/10/42		497
		GS Mortgage Securities Corp. II,
	770	Series 2006-GG6, Class A4, VAR, 5.553%, 04/10/38		823
	1,000	Series 2009-RR1, Class JPB, 5.374%, 05/17/45 (e)		965
	1,000	LB-UBS Commercial Mortgage Trust, Series 2006-C1, Class A4, 5.156%, 02/15/31		1,073
		Merrill Lynch Mortgage Trust,
	3,105	Series 2005-LC1, Class A4, VAR, 5.291%, 01/12/44		3,382
	3,168	Series 2005-MCP1, Class ASB, VAR, 4.674%, 06/12/43		3,316
	3,207	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-1, Class A4, VAR, 5.594%, 02/12/39		3,499
	231	Morgan Stanley Capital I, Series 2006-T23, Class A1, 5.682%, 08/12/41		233
	3,000	Morgan Stanley Reremic Trust, Series 2010-HQ4B, Class A7A, 0.000%, 04/16/40 (e)		3,216
	5,545	TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class A3, VAR, 6.049%, 08/15/39		6,108
	3,375	Wachovia Bank Commercial Mortgage Trust, Series 2004-C15, Class A2, 4.039%, 10/15/41		3,394
		Total Commercial Mortgage- Backed Securities (Cost $45,935)		50,679
	Corporate Bonds — 17.7%
	Consumer Discretionary — 1.2%
		Automobiles — 0.0% (g)
	1,000	Daimler Finance North America LLC, 6.500%, 11/15/13		1,142
		Hotels, Restaurants & Leisure — 0.0% (g)
	400	McDonald’s Corp., 4.300%, 03/01/13		431
		Household Durables — 0.0% (g)
	500	Newell Rubbermaid, Inc., 4.700%, 08/15/20		512
		Media — 1.0% CBS Corp.,
	252	5.750%, 04/15/20		273
	700	7.875%, 07/30/30		817
	190	8.875%, 05/15/19		244
	250	Comcast Cable Communications Holdings, Inc., 9.455%, 11/15/22		353
	624	Comcast Cable Communications LLC, 7.125%, 06/15/13		707
	2,790	Comcast Cable Holdings LLC, 9.800%, 02/01/12		3,054
		Comcast Corp.,
	1,000	5.300%, 01/15/14		1,103
	1,484	5.500%, 03/15/11		1,504
	1,845	5.900%, 03/15/16		2,115

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Media — Continued
	740	Comcast Holdings Corp., 10.625%, 07/15/12		844
	505	Cox Communications, Inc., 5.450%, 12/15/14		565
	450	Cox Enterprises, Inc., 7.375%, 07/15/27 (e)		517
		DirecTV Holdings LLC/DirecTV
		Financing Co., Inc.,
	1,000	4.600%, 02/15/21		1,004
	2,000	6.000%, 08/15/40		1,985
	1,177	Historic TW, Inc., 9.150%, 02/01/23		1,583
	800	NBC Universal, Inc., 5.950%, 04/01/41 (e)		817
		News America Holdings, Inc.,
	500	8.000%, 10/17/16		631
	355	8.875%, 04/26/23		481
		News America, Inc.,
	100	6.200%, 12/15/34		105
	250	6.900%, 08/15/39		286
	1,000	7.300%, 04/30/28		1,149
		Thomson Reuters Corp., (Canada),
	315	4.700%, 10/15/19		343
	493	5.950%, 07/15/13		554
		Time Warner Cable, Inc.,
	2,127	5.850%, 05/01/17		2,430
	800	8.250%, 04/01/19		1,018
		Time Warner Entertainment Co. LP,
	120	8.375%, 03/15/23		156
	1,100	8.375%, 07/15/33		1,393
	872	10.150%, 05/01/12		976
		Time Warner, Inc.,
	150	6.200%, 03/15/40		160
	200	7.625%, 04/15/31		242
	171	7.700%, 05/01/32		209
	995	Viacom, Inc., 6.250%, 04/30/16		1,162
				28,780
		Multiline Retail — 0.1%
	275	Kohl’s Corp., 6.250%, 12/15/17		325
		Target Corp.,
	200	6.000%, 01/15/18		237
	800	7.000%, 01/15/38		1,008
				1,570
		Specialty Retail — 0.1%
	1,625	Home Depot, Inc., 5.400%, 03/01/16		1,856
	750	Lowe’s Cos., Inc., 7.110%,
		05/15/37		916
	590	Staples, Inc., 9.750%, 01/15/14		724
				3,496
		Total Consumer Discretionary		35,931
	Consumer Staples — 0.8%
		Beverages — 0.2%
		Anheuser-Busch Cos., Inc.,
	600	5.500%, 01/15/18		674
	905	5.750%, 04/01/36		967
	515	Anheuser-Busch InBev Worldwide, Inc., 7.750%, 01/15/19 (e)		662
		Coca-Cola Co. (The),
	500	3.625%, 03/15/14		536
	410	4.875%, 03/15/19		465
	300	Coca-Cola Enterprises, Inc., 8.500%, 02/01/12		327
	510	Diageo Capital plc, (United Kingdom), 4.828%, 07/15/20		559
		Diageo Finance B.V., (Netherlands),
	800	5.300%, 10/28/15		911
	500	5.500%, 04/01/13		549
	890	FBG Finance Ltd., (Australia), 5.125%, 06/15/15 (e)		973
	54	PepsiCo, Inc., 7.900%, 11/01/18		71
	250	SABMiller plc, (United Kingdom), 6.500%, 07/01/16 (e)		298
				6,992
		Food & Staples Retailing — 0.2%
	250	CVS Caremark Corp., 6.125%, 09/15/39		272
		Kroger Co. (The),
	850	7.500%, 01/15/14		999
	1,460	7.500%, 04/01/31		1,806
		Wal-Mart Stores, Inc.,
	420	4.550%, 05/01/13		457
	752	5.250%, 09/01/35		775
	215	6.200%, 04/15/38		249
	350	7.550%, 02/15/30		454
				5,012
		Food Products — 0.3%
		Bunge Ltd. Finance Corp.,
	165	5.875%, 05/15/13		178
	875	8.500%, 06/15/19		1,046
	191	Bunge N.A. Finance LP, 5.900%, 04/01/17		202
		Cargill, Inc.,
	400	5.200%, 01/22/13 (e)		431
	100	6.375%, 06/01/12 (e)		107
	850	7.350%, 03/06/19 (e)		1,055
	232	General Mills, Inc., 6.000%, 02/15/12		246
		Kellogg Co.,
	462	4.250%, 03/06/13		493
	1,200	5.125%, 12/03/12		1,292
		Kraft Foods, Inc.,
	1,450	6.125%, 02/01/18		1,708
	1,135	6.500%, 08/11/17		1,355

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Food Products — Continued
	345	6.750%, 02/19/14		400
	600	6.875%, 02/01/38		715
	500	6.875%, 01/26/39		598
	350	7.000%, 08/11/37		423
				10,249
		Household Products — 0.1%
	66	Kimberly-Clark Corp., 7.500%, 11/01/18		85
	998	Procter & Gamble - ESOP, 9.360%, 01/01/21		1,285
	110	Procter & Gamble Co., 5.500%, 02/01/34		121
				1,491
		Total Consumer Staples		23,744
	Energy — 0.9%
		Energy Equipment & Services — 0.1%
	1,555	Halliburton Co., 7.450%, 09/15/39		1,990
	900	Transocean, Inc., (Switzerland), 6.500%, 11/15/20		980
				2,970
		Oil, Gas & Consumable Fuels — 0.8%
	150	Alberta Energy Co. Ltd., (Canada), 7.375%, 11/01/31		178
		Anadarko Petroleum Corp.,
	125	5.750%, 06/15/14		134
	2,000	7.625%, 03/15/14		2,259
	265	8.700%, 03/15/19		324
	1,000	Canadian Natural Resources Ltd.,
		(Canada), 6.750%, 02/01/39		1,210
	1,000	Chevron Corp., 4.950%, 03/03/19		1,154
	405	Conoco Funding Co., (Canada),
		7.250%, 10/15/31		509
		ConocoPhillips,
	200	5.200%, 05/15/18		229
	450	5.750%, 02/01/19		531
	150	6.000%, 01/15/20		181
	200	6.500%, 02/01/39		243
	105	Devon Financing Corp. ULC, (Canada), 6.875%, 09/30/11		110
	645	EnCana Corp., (Canada), 6.500%, 05/15/19		778
	925	ENI S.p.A., (Italy), 5.700%, 10/01/40 (e)		927
	600	EOG Resources, Inc., 4.100%, 02/01/21		600
	200	Kerr-McGee Corp., 6.950%, 07/01/24		219
	410	Marathon Oil Canada Corp., (Canada), 8.375%, 05/01/12		449
		Marathon Oil Corp.,
	900	5.900%, 03/15/18		1,037
	1,535	6.000%, 10/01/17		1,772
		Petro-Canada, (Canada),
	324	6.050%, 05/15/18		374
	1,045	6.800%, 05/15/38		1,195
		Shell International Finance B.V., (Netherlands),
	270	1.875%, 03/25/13		275
	275	4.000%, 03/21/14		296
	1,000	4.300%, 09/22/19		1,075
	1,005	4.375%, 03/25/20		1,088
	1,230	6.375%, 12/15/38		1,462
	467	Statoil ASA, (Norway), 3.125%, 08/17/17		478
	250	Suncor Energy, Inc., (Canada), 6.850%, 06/01/39		292
	125	Talisman Energy, Inc., (Canada), 7.750%, 06/01/19		158
	400	Tosco Corp., 8.125%, 02/15/30		529
	1,400	Total Capital S.A., (France), 2.300%, 03/15/16		1,392
		XTO Energy, Inc.,
	300	4.625%, 06/15/13		328
	2,000	5.750%, 12/15/13		2,288
				24,074
		Total Energy		27,044
	Financials — 9.7%
		Capital Markets — 2.2%
		Bank of New York Mellon Corp. (The),
	900	2.950%, 06/18/15		931
	750	4.600%, 01/15/20		812
	310	5.125%, 08/27/13		343
		BlackRock, Inc.,
	540	3.500%, 12/10/14		564
	652	5.000%, 12/10/19		699
	350	6.250%, 09/15/17		404
	1,500	Blackstone Holdings Finance Co. LLC, 5.875%, 03/15/21 (e)		1,491
	250	Charles Schwab Corp. (The), 4.950%, 06/01/14		277
		Credit Suisse USA, Inc.,
	500	5.125%, 08/15/15		556
	5,022	6.125%, 11/15/11		5,279
	500	FMR LLC, 6.450%, 11/15/39 (e)		491
		Goldman Sachs Group, Inc. (The),
	892	3.700%, 08/01/15		911
	1,041	4.750%, 07/15/13		1,111
	2,660	5.150%, 01/15/14		2,883
	1,032	5.250%, 10/15/13		1,118
	840	5.375%, 03/15/20		862
	750	5.500%, 11/15/14		820
	4,100	5.950%, 01/18/18		4,449
	94	6.000%, 06/15/20		101
	305	6.250%, 09/01/17		341
	1,606	6.600%, 01/15/12		1,702

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Capital Markets — Continued
	485	6.750%, 10/01/37		487
	3,612	6.875%, 01/15/11 (c)		3,640
	1,025	7.500%, 02/15/19		1,196
		Jefferies Group, Inc.,
	450	3.875%, 11/09/15		445
	1,005	5.500%, 03/15/16		1,058
	1,000	6.450%, 06/08/27		965
	550	8.500%, 07/15/19		640
		Lehman Brothers Holdings, Inc.,
	105	3.950%, 11/10/09 (d)		23
	1,246	4.800%, 03/13/14 (d)		269
	1,000	5.500%, 04/04/16 (d)		216
	1,200	5.750%, 05/17/13 (d)		260
	1,850	6.000%, 07/19/12 (d)		400
	1,670	6.625%, 01/18/12 (d)		361
	152	7.875%, 11/01/09 (d)		33
		Merrill Lynch & Co., Inc.,
	2,215	5.450%, 07/15/14		2,358
	920	5.700%, 05/02/17		927
	1,702	6.150%, 04/25/13		1,825
	2,496	6.400%, 08/28/17		2,676
	1,249	6.875%, 04/25/18		1,372
		Morgan Stanley,
	1,317	3.000%, 07/17/56		1,316
	625	4.000%, 07/24/15		634
	893	4.200%, 11/20/14		924
	2,029	4.750%, 04/01/14		2,108
	4,225	5.300%, 03/01/13		4,536
	1,021	5.500%, 07/24/20		1,045
	665	5.625%, 09/23/19		676
	900	5.750%, 08/31/12		959
	1,200	6.000%, 05/13/14		1,308
	400	6.625%, 04/01/18		437
	1,330	6.750%, 04/15/11		1,359
	370	6.750%, 10/15/13		407
		Nomura Holdings, Inc., (Japan),
	150	5.000%, 03/04/15		158
	1,150	6.700%, 03/04/20		1,263
	226	Northern Trust Corp., 5.500%, 08/15/13 UBS AG, (Switzerland),		252
	414	2.250%, 08/12/13		420
	2,300	3.875%, 01/15/15		2,414
	365	4.875%, 08/04/20		379
	500	5.750%, 04/25/18		554
	425	5.875%, 12/20/17		475
				66,920
		Commercial Banks — 2.4%
	550	ANZ National (International) Ltd., (New Zealand), 2.375%, 12/21/12
		(e) Bank of Nova Scotia, (Canada),		560
	1,034	1.650%, 10/29/15 (e)		1,016
	737	3.400%, 01/22/15		781
	679	Bank of Tokyo-Mitsubishi UFJ Ltd., (Japan), 3.850%, 01/22/15 (e)		721
		Barclays Bank plc, (United Kingdom),
	2,650	2.500%, 01/23/13		2,697
	800	2.500%, 09/21/15 (e)		786
	935	3.900%, 04/07/15		976
	175	5.000%, 09/22/16		188
	700	5.200%, 07/10/14		765
	1,000	6.050%, 12/04/17 (e)		1,052
		BB&T Corp.,
	865	3.375%, 09/25/13		909
	1,450	3.850%, 07/27/12		1,513
	750	3.950%, 04/29/16		782
	740	4.900%, 06/30/17		773
	245	6.850%, 04/30/19		291
	695	Branch Banking & Trust Co., 5.625%, 09/15/16		776
	5,000	Canadian Imperial Bank of Commerce, (Canada), 2.600%, 07/02/15 (e)		5,159
	260	Comerica, Inc., 3.000%, 09/16/15 Credit Suisse, (Switzerland),		261
	500	3.450%, 07/02/12		519
	451	4.375%, 08/05/20		447
	942	5.000%, 05/15/13		1,018
	160	5.300%, 08/13/19		172
	970	Deutsche Bank AG, (Germany), 3.875%, 08/18/14		1,031
	1,211	DnB NOR Boligkreditt, (Norway), 2.100%, 10/14/15 (e)		1,200
	720	Fifth Third Bancorp, 5.450%, 01/15/17		751
	666	HSBC Bank plc, (United Kingdom), 4.125%, 08/12/20 (e)		659
	2,400	KeyBank N.A., 5.500%, 09/17/12		2,542
	480	KeyCorp, 6.500%, 05/14/13		525
	2,100	Manufacturers & Traders Trust Co., 6.625%, 12/04/17		2,398
	1,845	Marshall & Ilsley Corp., 5.350%, 04/01/11 National Australia Bank Ltd., (Australia),		1,851
	3,000	2.500%, 01/08/13 (e)		3,077
	750	2.750%, 09/28/15 (e)		753
	795	3.750%, 03/02/15 (e)		837
	250	National City Bank, 5.800%, 06/07/17		277
	600	Nordea Bank AB, (Sweden), 1.750%, 10/04/13 (e)		601
	400	PNC Bank N.A., 6.875%, 04/01/18 PNC Funding Corp.,		466

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Commercial Banks — Continued
	567	4.375%, 08/11/20		577
	940	5.250%, 11/15/15		1,029
	950	5.625%, 02/01/17		1,031
	315	6.700%, 06/10/19		370
		Rabobank Nederland N.V., (Netherlands),
	140	2.125%, 10/13/15		138
	2,400	3.200%, 03/11/15 (e)		2,486
	625	Regions Financial Corp., 7.375%, 12/10/37 SunTrust Banks, Inc.,		536
	2,010	5.250%, 11/05/12		2,118
	820	6.000%, 09/11/17		876
	880	6.375%, 04/01/11		896
	1,140	Toronto-Dominion Bank (The), (Canada), 2.200%, 07/29/15 (e) U.S. Bancorp,		1,154
	645	2.000%, 06/14/13		659
	1,107	7.500%, 06/01/26 Wachovia Bank N.A.,		1,274
	1,000	5.600%, 03/15/16		1,108
	250	6.000%, 11/15/17		279
	1,125	6.600%, 01/15/38 Wachovia Corp.,		1,229
	685	4.875%, 02/15/14		731
	2,000	5.500%, 05/01/13		2,189
	4,480	5.750%, 02/01/18 Wells Fargo & Co.,		5,024
	1,000	3.750%, 10/01/14		1,055
	2,135	5.625%, 12/11/17 Wells Fargo Bank N.A.,		2,394
	915	4.750%, 02/09/15		977
	250	5.750%, 05/16/16 Westpac Banking Corp., (Australia),		278
	900	4.200%, 02/27/15		963
	2,105	4.875%, 11/19/19		2,255
				70,756
		Consumer Finance — 0.8%
		American Express Credit Corp.,
	2,140	5.875%, 05/02/13		2,334
	400	7.300%, 08/20/13		453
	1,083	American General Finance Corp., 5.375%, 10/01/12		999
	405	American Honda Finance Corp., 2.375%, 03/18/13 (e)		414
	500	Capital One Bank USA N.A., 8.800%, 07/15/19 Capital One Financial Corp.,		622
	850	5.700%, 09/15/11		880
	1,900	6.250%, 11/15/13		2,102
	665	6.750%, 09/15/17		780
	240	7.375%, 05/23/14		277
		HSBC Finance Corp.,
	1,000	4.750%, 07/15/13		1,059
	1,748	5.000%, 06/30/15		1,892
	2,200	5.250%, 01/15/14		2,383
	512	6.375%, 10/15/11		535
	188	6.375%, 11/27/12		204
	1,665	7.000%, 05/15/12		1,790
	207	7.350%, 11/27/32		208
		John Deere Capital Corp.,
	265	4.500%, 04/03/13		286
	1,000	5.250%, 10/01/12		1,082
	1,023	SLM Corp., 5.375%, 01/15/13		1,038
	962	Toyota Motor Credit Corp.,
		3.200%, 06/17/15		1,023
	331	Volkswagen International Finance
		N.V., (Netherlands), 1.625%,
		08/12/13 (e)		333
	1,845	Washington Mutual Finance Corp.,
		6.875%, 05/15/11		1,892
				22,586
		Diversified Financial Services — 2.5%
	1,400	Associates Corp. of North America, 6.950%, 11/01/18		1,558
	2,200	BA Covered Bond Issuer, 5.500%, 06/14/12 (e) Bank of America Corp.,		2,309
	300	4.900%, 05/01/13		316
	2,520	5.625%, 10/14/16		2,639
	145	5.650%, 05/01/18		148
	1,510	5.750%, 08/15/16		1,553
	420	5.750%, 12/01/17		435
	1,023	7.400%, 01/15/11		1,031
	1,455	Bank of America N.A., 5.300%, 03/15/17 BP Capital Markets plc, (United Kingdom),		1,473
	700	3.125%, 03/10/12		716
	2,122	5.250%, 11/07/13 Caterpillar Financial Services Corp.,		2,307
	800	4.850%, 12/07/12		862
	665	4.900%, 08/15/13		731
	560	5.500%, 03/15/16		649
	1,300	6.200%, 09/30/13		1,478
	305	7.050%, 10/01/18		381
	510	7.150%, 02/15/19 Citigroup, Inc.,		649
	856	4.700%, 05/29/15		891
	222	4.750%, 05/19/15		232
	1,015	5.000%, 09/15/14		1,044
	2,025	5.125%, 05/05/14		2,169
	536	5.375%, 08/09/20		548
	600	5.500%, 04/11/13		643

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Diversified Financial Services — Continued
	2,112	5.625%, 08/27/12		2,228
	300	6.000%, 12/13/13		328
	2,150	6.000%, 08/15/17		2,324
	605	6.010%, 01/15/15		660
	350	6.125%, 11/21/17		382
	510	6.375%, 08/12/14		565
	400	8.125%, 07/15/39		486
	230	8.500%, 05/22/19		282
		CME Group, Inc.,
	3,176	5.400%, 08/01/13		3,524
	100	5.750%, 02/15/14		113
	1,045	ConocoPhillips Canada Funding Co. I, (Canada), 5.625%, 10/15/16		1,221
	200	Diageo Investment Corp., 9.000%, 08/15/11		212
		General Electric Capital Corp.,
	5,825	5.250%, 10/19/12		6,250
	2,500	5.400%, 02/15/17		2,733
	5,055	5.625%, 05/01/18		5,512
	1,000	5.650%, 06/09/14		1,111
	10,450	5.875%, 02/15/12		11,031
	310	5.875%, 01/14/38		303
	6,912	6.000%, 06/15/12		7,411
	2,094	6.750%, 03/15/32		2,284
		National Rural Utilities Cooperative Finance Corp.,
	225	2.625%, 09/16/12		232
	635	4.750%, 03/01/14		699
	200	10.375%, 11/01/18		281
	640	Textron Financial Corp., 5.400%, 04/28/13		668
				75,602
		Insurance — 1.4%
		ACE INA Holdings, Inc.,
	455	2.600%, 11/23/15		452
	350	5.600%, 05/15/15		392
	317	Aflac, Inc., 6.450%, 08/15/40		321
	1,012	Allstate Life Global Funding Trusts, 5.375%, 04/30/13		1,109
		American International Group, Inc.,
	1,499	4.250%, 05/15/13		1,529
	2,960	5.450%, 05/18/17		2,930
		AON Corp.,
	336	3.500%, 09/30/15		341
	306	6.250%, 09/30/40		311
	2,185	ASIF Global Financing XIX, 4.900%, 01/17/13 (e)		2,278
		Berkshire Hathaway Finance Corp.,
	1,250	4.000%, 04/15/12		1,305
	1,000	4.600%, 05/15/13		1,079
	605	5.000%, 08/15/13		667
	1,205	5.400%, 05/15/18		1,340
	100	Chubb Corp. (The), 5.750%, 05/15/18		114
		CNA Financial Corp.,
	750	5.850%, 12/15/14		804
	781	5.875%, 08/15/20		792
		Jackson National Life Global Funding,
	820	5.375%, 05/08/13 (e)		885
	1,695	6.125%, 05/30/12 (e)		1,802
		MassMutual Global Funding II,
	540	2.300%, 09/28/15 (e)		540
	338	2.875%, 04/21/14 (e)		355
	500	3.625%, 07/16/12 (e)		520
	430	MetLife, Inc., 6.817%, 08/15/18		509
		Metropolitan Life Global Funding I,
	1,250	2.875%, 09/17/12 (e)		1,285
	300	5.125%, 04/10/13 (e)		325
	1,093	5.200%, 09/18/13 (e)		1,194
	250	Monumental Global Funding Ltd., (Cayman Islands), 5.500%, 04/22/13 (e)		270
	467	Nationwide Financial Services, 6.250%, 11/15/11		484
		New York Life Global Funding,
	725	4.650%, 05/09/13 (e)		781
	2,637	5.375%, 09/15/13 (e)		2,921
		Pacific Life Global Funding,
	650	5.000%, 05/15/17 (e)		684
	410	5.150%, 04/15/13 (e)		441
	2,100	Pricoa Global Funding I, 5.450%, 06/11/14 (e)		2,338
		Principal Life Global Funding I,
	500	5.050%, 03/15/15 (e)		541
	4,549	6.250%, 02/15/12 (e)		4,768
		Principal Life Income Funding Trusts,
	290	5.150%, 06/17/11		295
	215	5.300%, 12/14/12		233
	2,365	Protective Life Secured Trusts, 4.000%, 04/01/11		2,392
	210	Travelers Cos, Inc. (The), 5.800%, 05/15/18		239
	1,120	Travelers Life & Annunity Global Funding I, 5.125%, 08/15/14 (e)		1,237
	300	Travelers Property Casualty Corp., 5.000%, 03/15/13		326
				41,129
		Real Estate Investment Trusts (REITs) — 0.2%
		CommonWealth REIT,
	600	5.875%, 09/15/20		595
	1,325	6.650%, 01/15/18		1,419

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Real Estate Investment Trusts (REITs) — Continued
		Simon Property Group LP,
	32	4.200%, 02/01/15		34
	200	4.375%, 03/01/21		205
	705	5.625%, 08/15/14		795
	665	6.100%, 05/01/16		765
	320	6.125%, 05/30/18		369
	330	6.750%, 05/15/14		378
	1,236	WEA Finance LLC/WT Finance Ltd., 6.750%, 09/02/19 (e)		1,426
				5,986
		Thrifts & Mortgage Finance — 0.2%
	400	Countrywide Financial Corp., 6.250%, 05/15/16		417
	2,865	Countrywide Home Loans, Inc., 4.000%, 03/22/11		2,894
	1,463	Stadshypotek AB, (Sweden), 1.450%, 09/30/13 (e)		1,469
				4,780
		Total Financials		287,759
	Health Care — 0.3%
		Biotechnology — 0.1%
		Amgen, Inc.,
	237	4.500%, 03/15/20		256
	500	4.950%, 10/01/41		478
	570	5.700%, 02/01/19		669
	720	5.750%, 03/15/40		778
				2,181
		Health Care Equipment & Supplies — 0.0% (g)
		Baxter International, Inc.,
	380	4.000%, 03/01/14		411
	215	4.625%, 03/15/15		239
	100	Becton Dickinson and Co., 5.000%, 05/15/19		112
				762
		Health Care Providers & Services — 0.0% (g)
	370	Medco Health Solutions, Inc., 2.750%, 09/15/15		374
		WellPoint, Inc.,
	168	5.875%, 06/15/17		191
	113	7.000%, 02/15/19		137
				702
		Pharmaceuticals — 0.2%
	250	Abbott Laboratories, 6.150%, 11/30/37		291
	645	AstraZeneca plc, (United Kingdom), 5.400%, 06/01/14		732
	450	Eli Lilly & Co., 3.550%, 03/06/12		465
		GlaxoSmithKline Capital, Inc.,
	450	4.375%, 04/15/14		493
	750	4.850%, 05/15/13		820
	530	6.375%, 05/15/38		636
	650	Merck & Co., Inc., 6.000%, 09/15/17		779
				4,216
		Total Health Care		7,861
	Industrials — 0.6%
		Aerospace & Defense — 0.1%
	300	Honeywell International, Inc., 5.300%, 03/01/18		344
	1,144	Lockheed Martin Corp., 5.720%, 06/01/40 (e)		1,216
	1,059	Northrop Grumman Systems Corp., 7.125%, 02/15/11		1,073
	194	Systems 2001 AT LLC, (Cayman Islands), 7.156%, 12/15/11 (e)		207
				2,840
		Airlines — 0.0% (g)
	282	Continental Airlines, 1999-2 Class A-1 Pass-Through Trust, 7.256%, 03/15/20		307
	655	Delta Air Lines, 2010-2 Class A Pass-Through Trust, 4.950%, 05/23/19		658
				965
		Building Products — 0.0% (g)
	205	Masco Corp., 5.850%, 03/15/17		201
		Commercial Services & Supplies — 0.1%
	725	Allied Waste North America, Inc., 6.875%, 06/01/17		804
		Pitney Bowes, Inc.,
	565	4.875%, 08/15/14		606
	1,020	5.000%, 03/15/15		1,094
	200	5.600%, 03/15/18		211
		Waste Management, Inc.,
	214	4.750%, 06/30/20		229
	455	7.375%, 03/11/19		568
				3,512
		Industrial Conglomerates — 0.0% (g)
	130	Koninklijke Philips Electronics N.V., (Netherlands), 7.200%, 06/01/26		159
	300	Siemens Financieringsmaatschappij N.V., (Netherlands), 5.750%, 10/17/16 (e)		353
	500	Tyco International Finance S.A., (Luxembourg), 8.500%, 01/15/19		655
				1,167
		Machinery — 0.1%
	500	Eaton Corp., 5.600%, 05/15/18		571
	290	Ingersoll-Rand Co., (Bermuda), 6.391%, 11/15/27		319
	125	PACCAR, Inc., 6.375%, 02/15/12		133

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Machinery — Continued
	135	Parker Hannifin Corp., 5.500%, 05/15/18		155
				1,178
		Road & Rail — 0.3%
		Burlington Northern Santa Fe LLC,
	125	3.600%, 09/01/20		125
	500	5.650%, 05/01/17		571
	250	5.750%, 03/15/18		287
	250	6.700%, 08/01/28		287
	200	6.750%, 07/15/11		208
	450	7.000%, 02/01/14		524
	999	7.125%, 12/15/10		1,001
		CSX Corp.,
	145	6.250%, 04/01/15		168
	250	6.300%, 03/15/12		267
	205	7.375%, 02/01/19		256
	350	Erac USA Finance Co., 6.375%,
		10/15/17 (e)		400
		Norfolk Southern Corp.,
	505	6.750%, 02/15/11		511
	355	7.700%, 05/15/17		443
	420	Ryder System, Inc., 3.600%,
		03/01/16		426
		Union Pacific Corp.,
	235	4.875%, 01/15/15		258
	1,100	5.650%, 05/01/17		1,252
	600	5.700%, 08/15/18		691
		United Parcel Service of America, Inc.,
	340	8.375%, 04/01/20		467
	60	SUB, 8.375%, 04/01/30		79
				8,221
		Total Industrials		18,084
	Information Technology — 0.7%
		Communications Equipment — 0.1%
		Cisco Systems, Inc.,
	878	5.500%, 02/22/16		1,025
	755	5.900%, 02/15/39		841
				1,866
		Computers & Peripherals — 0.4%
		Dell, Inc.,
	1,280	2.300%, 09/10/15		1,262
	300	7.100%, 04/15/28		340
		Hewlett-Packard Co.,
	275	2.950%, 08/15/12		285
	600	4.750%, 06/02/14		665
	1,345	5.400%, 03/01/17		1,545
	1,230	6.125%, 03/01/14		1,405
		International Business Machines Corp.,
	2,600	5.700%, 09/14/17		3,057
	690	6.220%, 08/01/27		816
	1,075	7.625%, 10/15/18		1,412
				10,787
		Electronic Equipment, Instruments & Components — 0.0% (g)
		Arrow Electronics, Inc.,
	170	3.375%, 11/01/15		168
	165	6.000%, 04/01/20		174
	1,080	6.875%, 07/01/13		1,196
				1,538
		IT Services — 0.0% (g)
	1,020	Electronic Data Systems LLC,
		6.000%, 08/01/13		1,150
		Office Electronics — 0.0% (g)
		Xerox Corp.,
	550	6.750%, 02/01/17		650
	100	8.250%, 05/15/14		119
				769
		Software — 0.2%
	160	Intuit, Inc., 5.750%, 03/15/17		178
		Microsoft Corp.,
	720	1.625%, 09/25/15		714
	117	4.500%, 10/01/40		112
		Oracle Corp.,
	500	5.000%, 07/08/19		559
	1,412	5.250%, 01/15/16		1,623
	698	5.750%, 04/15/18		812
	465	6.500%, 04/15/38		557
				4,555
		Total Information Technology		20,665
	Materials — 0.4%
		Chemicals — 0.4%
	249	Air Products & Chemicals, Inc.,
		4.150%, 02/01/13		263
		Dow Chemical Co. (The),
	203	4.250%, 11/15/20		198
	1,250	6.000%, 10/01/12		1,344
	402	6.125%, 02/01/11		405
	370	7.375%, 11/01/29		441
		EI Du Pont de Nemours & Co.,
	635	1.950%, 01/15/16		629
	350	4.900%, 01/15/41		346
	1,610	6.000%, 07/15/18		1,901
	1,430	Monsanto Co., 7.375%, 08/15/12		1,584
	875	Potash Corp. of Saskatchewan,
		Inc., (Canada), 4.875%, 03/01/13		933
		PPG Industries, Inc.,
	114	5.500%, 11/15/40		114
	415	5.750%, 03/15/13		453
	350	9.000%, 05/01/21		475
		Praxair, Inc.,
	662	4.625%, 03/30/15		734
	885	5.250%, 11/15/14		1,004

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Chemicals — Continued
				10,824
		Metals & Mining — 0.0% (g)
		BHP Billiton Finance USA Ltd., (Australia),
	410	5.400%, 03/29/17		466
	400	5.500%, 04/01/14		448
	550	6.500%, 04/01/19		671
	115	Rio Tinto Finance USA Ltd., (Australia), 3.500%, 11/02/20		112
				1,697
		Total Materials		12,521
	Telecommunication Services — 1.3%
		Diversified Telecommunication Services — 1.2%
	6	AT&T Corp., 8.000%, 11/15/31		8
		AT&T, Inc.,
	3,417	4.950%, 01/15/13		3,680
	386	5.100%, 09/15/14		428
	170	5.350%, 09/01/40 (e)		161
	250	5.500%, 02/01/18		286
	2,700	6.300%, 01/15/38		2,878
	478	BellSouth Corp., 5.200%, 09/15/14		531
		BellSouth Telecommunications, Inc.,
	1,163	6.300%, 12/15/15		1,265
	300	7.000%, 10/01/25		338
		British Telecommunications plc, (United Kingdom),
	2,500	5.150%, 01/15/13		2,668
	3,170	9.375%, 12/15/10		3,180
		Deutsche Telekom International Finance B.V., (Netherlands),
	1,150	4.875%, 07/08/14		1,257
	400	6.000%, 07/08/19		466
	105	8.750%, 06/15/30		143
	2,100	GTE Corp., 6.840%, 04/15/18		2,463
		Telecom Italia Capital S.A., (Luxembourg),
	1,400	4.950%, 09/30/14		1,464
	1,616	5.250%, 11/15/13		1,708
	750	6.999%, 06/04/18		835
		Telefonica Emisiones S.A.U., (Spain),
	880	5.855%, 02/04/13		945
	515	5.877%, 07/15/19		550
	404	TELUS Corp., (Canada), 8.000%, 06/01/11		417
		Verizon Communications, Inc.,
	650	5.500%, 04/01/17		739
	443	5.550%, 02/15/16		512
	100	5.850%, 09/15/35		105
	1,250	7.350%, 04/01/39		1,543
	1,312	Verizon Florida LLC, 6.125%, 01/15/13		1,439
	350	Verizon Global Funding Corp., 7.750%, 12/01/30		445
	554	Verizon Maryland, Inc., 6.125%, 03/01/12		587
	1,444	Verizon Pennsylvania, Inc., 8.350%, 12/15/30		1,635
	962	Verizon Virginia, Inc., 4.625%, 03/15/13		1,025
				33,701
		Wireless Telecommunication Services — 0.1%
	500	Cellco Partnership/Verizon
		Wireless Capital LLC, 5.550%, 02/01/14		558
		New Cingular Wireless Services, Inc.,
	1,042	7.875%, 03/01/11		1,061
	895	8.125%, 05/01/12		984
	1,130	Vodafone Group plc, (United Kingdom), 5.000%, 09/15/15		1,253
				3,856
		Total Telecommunication Services		37,557
	Utilities — 1.8%
		Electric Utilities — 1.3%
		Alabama Power Co.,
	272	4.700%, 12/01/10		272
	110	6.125%, 05/15/38 Carolina Power & Light Co.,		125
	888	5.125%, 09/15/13		984
	305	5.300%, 01/15/19		350
	1,421	CenterPoint Energy Houston Electric LLC, 5.750%, 01/15/14		1,594
	1,005	Cleveland Electric Illuminating Co. (The), 7.880%, 11/01/17		1,235
	310	Columbus Southern Power Co., 6.050%, 05/01/18		358
	185	Connecticut Light & Power Co. (The), 5.650%, 05/01/18		213
	596	Consolidated Edison Co. of New York, Inc., 5.700%, 06/15/40		640
		Duke Energy Carolinas LLC,
	650	5.100%, 04/15/18		735
	745	5.625%, 11/30/12		812
	728	6.250%, 01/15/12		773
	1,310	Duke Energy Indiana, Inc., 6.350%, 08/15/38		1,540
	800	Enel Finance International S.A., (Luxembourg), 5.125%, 10/07/19 (e)		825
		Exelon Generation Co. LLC,
	1,020	4.000%, 10/01/20		996
	229	5.750%, 10/01/41		222
		Florida Power & Light Co.,

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Electric Utilities — Continued
	410	5.950%, 10/01/33		459
	335	5.950%, 02/01/38		379
		Florida Power Corp.,
	280	5.650%, 06/15/18		327
	220	6.400%, 06/15/38		258
		FPL Group Capital, Inc.,
	255	5.350%, 06/15/13		279
	670	6.000%, 03/01/19		769
	265	7.875%, 12/15/15		327
		Georgia Power Co.,
	112	4.750%, 09/01/40		106
	200	5.950%, 02/01/39		224
	225	6.000%, 11/01/13		255
	100	Indiana Michigan Power Co., 7.000%, 03/15/19		122
	100	Jersey Central Power & Light Co., 7.350%, 02/01/19		122
	113	Kiowa Power Partners LLC, 4.811%, 12/30/13 (e)		117
	105	MidAmerican Energy Co., 5.300%, 03/15/18		119
		Nevada Power Co.,
	55	5.375%, 09/15/40		54
	510	6.500%, 08/01/18		609
	300	Niagara Mohawk Power Corp.,		324
	1,460	Nisource Finance Corp., 10.750%, 03/15/16		1,930
	500	Northern States Power Co., 6.250%, 06/01/36		585
	320	Ohio Power Co., 5.750%, 09/01/13		353
		Oncor Electric Delivery Co. LLC,
	200	5.950%, 09/01/13		224
	540	6.800%, 09/01/18		652
		Pacific Gas & Electric Co.,
	780	5.625%, 11/30/17		897
	160	8.250%, 10/15/18		212
		PacifiCorp,
	175	5.500%, 01/15/19		203
	150	5.650%, 07/15/18		176
	100	Peco Energy Co., 5.350%, 03/01/18		114
	1,050	Potomac Electric Power Co., 6.500%, 11/15/37		1,237
	300	Progress Energy, Inc., 6.050%, 03/15/14		338
	772	PSEG Power LLC, 5.125%, 04/15/20		830
		Public Service Co. of Colorado,
	90	3.200%, 11/15/20		88
	125	5.800%, 08/01/18		148
	2,450	Public Service Co. of Oklahoma, 6.625%, 11/15/37		2,722
		Public Service Electric & Gas Co.,
	205	5.300%, 05/01/18		234
	277	5.375%, 11/01/39		292
	2,000	6.330%, 11/01/13		2,271
		Southern California Edison Co.,
	160	4.150%, 09/15/14		175
	765	5.500%, 08/15/18		890
	391	5.750%, 03/15/14		443
	200	5.950%, 02/01/38		225
	1,140	6.050%, 03/15/39		1,306
	250	Southern Co., 4.150%, 05/15/14		268
	200	Southwestern Public Service Co., 8.750%, 12/01/18		257
		Spectra Energy Capital LLC,
	1,605	5.500%, 03/01/14		1,764
	500	6.200%, 04/15/18		572
	400	8.000%, 10/01/19		501
		Virginia Electric and Power Co.,
	1,005	5.100%, 11/30/12		1,086
	1,320	5.400%, 04/30/18		1,520
	615	5.950%, 09/15/17		724
				39,761
		Gas Utilities — 0.2%
	345	AGL Capital Corp., 4.450%, 04/15/13		365
		Atmos Energy Corp.,
	105	5.125%, 01/15/13		112
	250	8.500%, 03/15/19		323
	325	CenterPoint Energy Resources Corp., 6.125%, 11/01/17		373
		TransCanada Pipelines Ltd., (Canada),
	975	4.000%, 06/15/13		1,043
	550	6.200%, 10/15/37		610
	250	6.500%, 08/15/18		305
	1,100	7.250%, 08/15/38		1,371
				4,502
		Multi-Utilities — 0.3%
		Dominion Resources, Inc.,
	782	6.250%, 06/30/12		846
	300	7.000%, 06/15/38		370
	600	8.875%, 01/15/19		799
	1,005	KCP&L Greater Missouri Operations Co., 11.875%, 07/01/12		1,149
	375	PG&E Corp., 5.750%, 04/01/14		417
		Sempra Energy,
	1,145	6.150%, 06/15/18		1,345

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Multi-Utilities — Continued
	150	6.500%, 06/01/16		178
	850	8.900%, 11/15/13		1,010
	395	9.800%, 02/15/19		548
		Wisconsin Electric Power Co.,
	450	6.000%, 04/01/14		515
	265	6.250%, 12/01/15		317
				7,494
		Water Utilities — 0.0% (g)
	1,100	American Water Capital Corp., 6.085%, 10/15/17		1,266
		Total Utilities		53,023
		Total Corporate Bonds (Cost $492,364)		524,189
	Foreign Government Securities — 0.3%
	600	Province of Manitoba, (Canada), 2.125%, 04/22/13		619
		Province of Ontario, (Canada),
	700	2.700%, 06/16/15		726
	2,200	2.950%, 02/05/15		2,312
	377	Province of Quebec, (Canada), SUB, 7.365%, 03/06/26		518
		United Mexican States, (Mexico),
	1,432	6.375%, 01/16/13		1,579
	856	6.625%, 03/03/15		997
	3,328	7.500%, 04/08/33		4,185
		Total Foreign Government Securities (Cost $10,026)		10,936
	Mortgage Pass-Through Securities — 6.0%
		Federal Home Loan Mortgage Corp.,
	76	ARM, 2.305%, 07/01/19		78
	64	ARM, 2.568%, 04/01/30		67
	943	ARM, 2.605%, 12/01/33		972
	1,707	ARM, 2.637%, 04/01/34		1,781
	824	ARM, 2.934%, 12/01/34		861
	639	ARM, 4.009%, 02/01/36		664
	794	ARM, 4.202%, 11/01/36		836
	611	ARM, 5.522%, 05/01/36		653
	1,111	ARM, 5.818%, 10/01/36		1,176
	303	ARM, 5.829%, 02/01/37		322
	600	ARM, 6.172%, 12/01/36		637
	1,900	ARM, 6.219%, 03/01/37		2,017
	432	ARM, 6.329%, 10/01/36		459
	780	ARM, 6.666%, 10/01/36		828
		Federal Home Loan Mortgage Corp. Gold Pools, 15 Year, Single Family,
	4,671	4.000%, 06/01/13 - 05/01/19		4,855
	370	4.500%, 08/01/18		394
	1,323	5.000%, 12/01/18		1,418
	92	5.500%, 06/01/17		100
	140	6.000%, 04/01/18		153
	1,311	6.500%, 08/01/16 - 02/01/19		1,432
	273	7.000%, 01/01/17 - 04/01/17		289
	36	7.500%, 04/01/11 - 11/01/15		38
	28	8.500%, 11/01/15		32
		Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family,
	313	6.000%, 12/01/22		345
	812	6.500%, 11/01/22		901
	1,567	Federal Home Loan Mortgage Corp. Gold Pools, FHA/VA, 10.000%, 10/01/30		1,868
		Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,
	5,653	4.000%, 10/01/33 - 09/01/35		5,776
	6,046	5.000%, 09/01/34 - 08/01/40		6,420
	4,985	5.500%, 10/01/33 - 07/01/35		5,382
	812	6.000%, 12/01/33 - 01/01/34		898
	5,550	6.500%, 11/01/34 - 11/01/36		6,227
	1,153	7.000%, 07/01/32 - 10/01/36		1,310
		Federal Home Loan Mortgage Corp. Gold Pools, Other,
	989	5.500%, 10/01/33 - 01/01/34		1,053
	175	7.000%, 07/01/29		193
		Federal Home Loan Mortgage Corp., 30 Year, Single Family,
	12	12.000%, 08/01/15 - 07/01/19		14
		Federal National Mortgage Association,
	1,574	ARM, 1.982%, 01/01/33		1,616
	690	ARM, 2.038%, 11/01/34		716
	2,313	ARM, 2.041%, 01/01/35		2,401
	275	ARM, 2.063%, 09/01/34		285
	26	ARM, 2.114%, 03/01/19		27
	2,405	ARM, 2.226%, 09/01/35		2,504
	1,402	ARM, 2.244%, 05/01/35		1,450
	1,167	ARM, 2.245%, 01/01/35		1,208
	703	ARM, 2.277%, 01/01/36		724
	403	ARM, 2.402%, 11/01/33		417
	424	ARM, 2.407%, 07/01/34		444
	287	ARM, 2.477%, 05/01/35		301
	1,790	ARM, 2.499%, 06/01/35		1,872
	1,260	ARM, 2.553%, 11/01/34		1,317
	110	ARM, 2.562%, 04/01/34		115
	899	ARM, 2.585%, 05/01/34		940
	185	ARM, 2.605%, 07/01/33		194
	386	ARM, 2.607%, 02/01/35		404
	1,324	ARM, 2.620%, 07/01/33		1,382
	354	ARM, 2.625%, 09/01/35		371
	622	ARM, 2.637%, 06/01/36		652
	1,255	ARM, 2.661%, 10/01/34		1,312
	3,205	ARM, 2.664%, 04/01/35		3,349

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Mortgage Pass-Through Securities — Continued
	891	ARM, 2.676%, 10/01/34		932
	641	ARM, 2.746%, 08/01/34		671
	486	ARM, 2.779%, 09/01/34		509
	341	ARM, 2.806%, 01/01/34		356
	12	ARM, 3.043%, 01/01/19		12
	972	ARM, 3.060%, 09/01/33		1,019
	218	ARM, 3.331%, 02/01/34		228
	903	ARM, 3.391%, 04/01/35		949
	145	ARM, 3.432%, 09/01/27		147
	1,285	ARM, 3.786%, 08/01/34		1,350
	152	ARM, 3.876%, 01/01/36		158
	141	ARM, 4.020%, 03/01/29		144
	601	ARM, 4.205%, 04/01/34		627
	1,793	ARM, 4.935%, 07/01/33		1,897
	668	ARM, 5.117%, 10/01/34		702
	1,303	ARM, 5.282%, 01/01/38		1,383
	1,882	ARM, 5.696%, 01/01/23		2,020
	1,031	ARM, 5.861%, 10/01/36		1,092
	1,156	ARM, 5.990%, 07/01/36		1,228
		Federal National Mortgage Association, 15 Year, Single Family,
	2,120	3.500%, 09/01/18 - 07/01/19		2,176
	22,972	4.000%, 07/01/18 - 12/01/18		24,198
	12,622	4.500%, 06/01/18 - 12/01/19		13,451
	1,505	5.000%, 12/01/16 - 10/01/19		1,616
	3,024	5.500%, 03/01/20 - 07/01/20		3,293
	4,614	6.000%, 06/01/16 - 01/01/24		5,051
	519	6.500%, 03/01/17 - 08/01/20		569
	645	7.000%, 03/01/17 - 09/01/17		707
	43	7.500%, 03/01/17		48
	44	8.000%, 11/01/12 - 11/01/15		46
		Federal National Mortgage Association, 20 Year, Single Family,
	568	4.500%, 04/01/24		603
	53	6.000%, 02/01/14		58
	2,911	6.500%, 05/01/22 - 04/01/25		3,216
		Federal National Mortgage Association, 30 Year FHA/VA,
	137	6.000%, 09/01/33		151
	259	6.500%, 03/01/29		297
	55	7.000%, 02/01/33		63
	82	8.000%, 06/01/28		96
	74	9.000%, 05/01/18 - 12/01/25		85
		Federal National Mortgage Association, 30 Year, Single Family,
	1,804	4.500%, 11/01/33 - 02/01/35		1,890
	4,356	5.000%, 07/01/33 - 09/01/35		4,647
	2,435	5.500%, 12/01/33 - 03/01/34		2,639
	2,437	6.000%, 12/01/28 - 09/01/33		2,689
	2,959	6.500%, 11/01/29 - 08/01/31		3,318
	2,879	7.000%, 04/01/17 - 01/01/39		3,274
	1,430	7.500%, 08/01/36 - 11/01/37		1,617
	1,047	8.000%, 03/01/27 - 11/01/28		1,232
	3	9.000%, 04/01/26		3
	30	9.500%, 07/01/28		36
	16	12.500%, 01/01/16		17
		Federal National Mortgage Association, Other,
	2,926	4.000%, 09/01/13 - 11/01/33		2,958
	955	4.500%, 11/01/14		1,010
	922	5.500%, 03/01/17 - 09/01/33		974
	1,270	6.500%, 01/01/36 - 07/01/36		1,410
	180	7.000%, 10/01/46		201
	159	10.890%, 04/15/19		181
		Government National Mortgage Association II, 30 Year, Single Family,
	733	4.500%, 08/20/33		782
	106	7.500%, 02/20/28 - 09/20/28		122
	154	8.000%, 12/20/25 - 09/20/28		182
	50	8.500%, 05/20/25		59
		Government National Mortgage Association, 15 Year, Single Family,
	179	6.500%, 06/15/17 - 12/15/17		196
	240	8.000%, 01/15/16		260
		Government National Mortgage Association, 30 Year, Single Family,
	556	6.500%, 03/15/28 - 04/15/33		636
	355	7.000%, 02/15/33 - 06/15/33		411
	97	7.500%, 11/15/22 - 11/15/31		112
	29	8.000%, 09/15/22 - 08/15/28		34
	6	9.000%, 12/15/16		7
	1,664	9.500%, 10/15/24		2,039
		Total Mortgage Pass-Through Securities (Cost $167,140)		178,534
	Municipal Bonds — 0.1%
		Illinois — 0.0% (g)
	140	State of Illinois, Taxable Pension,
		GO, 5.100%, 06/01/33		109
		New York — 0.1%
	350	New York State Dormitory Authority, Build America Bonds, Rev., 5.600%, 03/15/40		347
	1,815	Port Authority of New York &
		New Jersey, Rev., 5.647%,
		11/01/40		1,765
				2,112

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Total Municipal Bonds (Cost $2,284)		2,221
	Supranational — 0.0% (g)
	397	Corp. Andina de Fomento, 5.200%, 05/21/13 (Cost $400)		432
	U.S. Government Agency Securities — 0.6%
	1,000	Federal Farm Credit Bank, 5.125%, 11/15/18		1,170
	6,924	Federal Home Loan Bank System, 4.720%, 09/20/12		7,320
		Federal National Mortgage Association,
	1,000	5.000%, 05/11/17		1,161
	3,604	6.250%, 02/01/11		3,637
		Financing Corp. Fico,
	2,000	Zero Coupon, 04/05/19		1,564
	1,000	Zero Coupon, 09/26/19		761
		Tennessee Valley Authority
	2,000	STRIP, Zero Coupon, 05/01/19		1,511
	300	4.625%, 09/15/60		296
		Total U.S. Government Agency Securities (Cost $16,819)		17,420
	U.S. Treasury Obligations — 25.1%
		U.S. Treasury Bonds,
	1,046	6.250%, 08/15/23		1,375
	100	6.625%, 02/15/27		138
	575	7.250%, 05/15/16		746
	14,400	7.500%, 11/15/16		19,066
	1,881	7.875%, 02/15/21		2,735
	8,325	8.125%, 08/15/19		12,035
	864	8.125%, 05/15/21		1,278
	2,125	8.500%, 02/15/20		3,160
	15,800	8.750%, 05/15/17		22,388
	1,000	8.750%, 05/15/20		1,514
	3,675	8.750%, 08/15/20		5,586
	31,585	8.875%, 08/15/17		45,280
	23,275	8.875%, 02/15/19		34,716
	1,000	9.000%, 11/15/18		1,493
	7,925	9.250%, 02/15/16		11,006
	3,169	9.875%, 11/15/15		4,457
	6,799	U.S. Treasury Inflation Indexed Bonds, 3.625%, 04/15/28 (m)		12,297
		U.S. Treasury Inflation Indexed Notes,
	630	1.375%, 07/15/18		687
	1,000	2.000%, 01/15/14		1,270
	23,950	2.375%, 04/15/11		26,590
	2,000	3.500%, 01/15/11		2,522
		U.S. Treasury Notes,
	2,750	1.375%, 09/15/12		2,795
	280	1.375%, 10/15/12		285
	220	1.375%, 11/15/12		224
	1,200	1.750%, 03/31/14		1,236
	1,500	1.875%, 02/28/14		1,551
	1,500	2.375%, 10/31/14		1,576
	1,500	2.375%, 02/28/15		1,573
	15,500	2.625%, 07/31/14		16,423
	26,700	2.625%, 12/31/14		28,300
	3,885	2.625%, 04/30/16		4,089
	8,000	3.125%, 10/31/16		8,602
	6,015	3.125%, 04/30/17		6,437
	12,850	3.250%, 12/31/16		13,887
	9,800	3.250%, 03/31/17		10,572
	9,600	4.250%, 11/15/17		10,938
	2,290	4.500%, 05/15/17		2,644
	17,005	4.750%, 08/15/17		19,913
		U.S. Treasury STRIPS,
	11,155	02/15/13		11,017
	1,000	11/15/13		978
	35,278	02/15/14 (m)		34,280
	14,390	05/15/14 (m)		13,909
	24,565	08/15/14 (m)		23,591
	23,253	11/15/14 (m)		22,205
	8,500	02/15/15		8,074
	16,930	02/15/15 (m)		16,062
	3,626	05/15/15		3,418
	10,350	08/15/15		9,692
	3,253	08/15/15		3,043
	5,445	11/15/15		5,060
	28,397	11/15/15		26,343
	51,751	02/15/16		47,575
	1,000	05/15/16		913
	13,325	05/15/16		12,148
	5,181	08/15/16		4,667
	2,000	11/15/16		1,788
	15,857	11/15/16		14,148
	18,284	02/15/17		16,140
	10,789	05/15/17		9,460
	16,122	08/15/17		13,942
	19,389	11/15/17		16,594
	500	02/15/18		424
	16,241	08/15/18		13,495
	6,745	02/15/19		5,489
	6,982	02/15/19		5,666
	9,595	05/15/19		7,678
	22,210	08/15/19		17,573
	1,250	02/15/20		960
	250	05/15/20		190
	12,345	05/15/20		9,353
	8,950	08/15/20		6,690
	1,750	08/15/21		1,239
	4,925	11/15/21		3,429
	678	02/15/22		465
	5,487	02/15/23		3,562

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligations — Continued
	200	05/15/24		121
	1,400	11/15/24		824
	500	08/15/25		282
	1,000	02/15/26		546
	1,500	05/15/26		807
	1,400	11/15/26		732
	1,150	02/15/27		593
	500	05/15/27		255
	500	08/15/27		251
	500	11/15/27		248
	350	02/15/28		171
	600	05/15/28		290
	550	02/15/29		256
	300	08/15/29		136
	3,000	02/15/30		1,325
	1,000	05/15/30		436
	600	02/15/31		253
	250	05/15/31		104
	1,500	08/15/31		615
	1,000	11/15/31		405
	350	02/15/32		140
	350	08/15/32		136
	1,000	11/15/32		385
	350	08/15/33		130
	1,600	02/15/35		549
	100	08/15/35		33
		Total U.S. Treasury Obligations (Cost $683,356)		742,667
SHARES
	Short-Term Investment — 3.1%
	Investment Company — 3.1%
	91,099	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.110% (b) (l) (Cost $91,099)		91,099
	Investment of Cash Collateral for Securities on Loan —0.1%
		Investment Company — 0.1%
	3,810	JPMorgan Prime Money Market Fund, Capital Shares, 0.130% (b) (l) (Cost $3,810)		3,810

Total Investments —100.4% (Cost $2,776,466)		2,974,905
Liabilities in Excess of Other Assets — (0.4)%		(13,220	)
NET ASSETS — 100.0%	$	2,961,685

Percentages indicated are based on net assets.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS :
ARM	—	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of November 30, 2010.
CMO	—	Collateralized Mortgage Obligation
ESOP	—	Employee Stock Ownership Program
FHA	—	Federal Housing Administration
GMAC	—	General Motors Acceptance Corp.
GO	—	General Obligation
HB	—	High Coupon Bonds (a.k.a. “IOettes”) represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO’s the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.
IF	—	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of November 30, 2010. 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.
REMICS	—	Real Estate Mortgage Investment Conduits
Rev.	—	Revenue
STRIPS	—	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of November 30, 2010.
VA	—	Veterans Administration
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of November 30, 2010.

(b)	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)	Security, or a portion of the security, has been delivered to a counterparty as part of a security lending transaction.
(d)	Defaulted Security.

(e)	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(f)	Security is fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. The Fund owns fair valued securities with a value of approximately $2,465,000 which amounts to 0.1% of total investments.
(g)	Amount rounds to less than 0.1%.
(h)	Amount rounds to less than one thousand (shares or dollars).
(i)	Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.
(l)	The rate shown is the current yield as of November 30, 2010.
(m)	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, and forward foreign currency contracts.

As of November 30, 2010, 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	$	241,721
Aggregate gross unrealized depreciation		(43,282	)
Net unrealized appreciation/depreciation	$	198,439
Federal income tax cost of investments	$	2,776,466

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

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

• Level 1 – quoted prices in active markets for identical securities

• Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	67,665	$	328	$	67,993
Collateralized Mortgage Obligations
Agency CMO		—		870,752		—		870,752
Non-Agency CMO		—		412,036		2,137		414,173
Commercial Mortgage-Backed
Securities		—		50,679		—		50,679
Corporate Bonds
Consumer Discretionary		—		35,931		—		35,931
Consumer Staples		—		23,744		—		23,744
Energy		—		27,044		—		27,044
Financials		—		287,759		—		287,759
Health Care		—		7,861		—		7,861
Industrials		—		18,084		—		18,084
Information Technology		—		20,665		—		20,665
Materials		—		12,521		—		12,521
Telecommunication Services		—		37,557		—		37,557
Utilities		—		53,023		—		53,023
Total Corporate Bonds		—		524,189		—		524,189
Foreign Government Securities		—		10,936		—		10,936
Mortgage Pass-Through Securities		—		178,534		—		178,534
Municipal Bonds		—		2,221		—		2,221
Supranational		—		432		—		432
U.S. Government Agency
Securities		—		17,420		—		17,420
U.S. Treasury Obligations		—		742,667		—		742,667
Short-Term Investment
Investment Company		91,099		—		—		91,099
Investment of Cash Collateral for Securities on Loan
Investment Company		3,810		—		—		3,810
Total Investments in Securities	$	94,909	$	2,877,531	$	2,465	$	2,974,905

There were no significant transfers between Levels 1 and 2 during the period ended November 30, 2010.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

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

	Balance as of 02/28/10		Realized gain (loss)		Change in unrealized appreciation (depreciation)		Net amortization (accretion)		Net purchases (sales)		Transfers into Level 3		Transfers out of Level 3			Balance as of 11/30/10
Investments in Securities
Asset-Backed Security	$	698	$	—	$	—	$	—	$	328	$	—	$	(698	)	$	328
Collateralized Mortgage Obligation		4,536		1		25		5		1,361		—		(3,791	)		2,137
Total	$	5,234	$	1	$	25	$	5	$	1,689	$	—	$	(4,489	)	$	2,465

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

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

The change in unrealized appreciation (depreciation) attributable to securities owned at November 30, 2010, which were valued using significant unobservable inputs (Level 3) amounted to approximately $25,000.

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited)

(Amounts in thousands, except number of contracts)

SHARES		SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — 98.7%
	Consumer Discretionary — 10.7%
		Auto Components — 0.2%
	6	Goodyear Tire & Rubber Co. (The) (a)		62
	18	Johnson Controls, Inc.		648
				710
		Automobiles — 0.6%
	91	Ford Motor Co. (a)		1,448
	6	Harley-Davidson, Inc.		195
				1,643
		Distributors — 0.1%
	4	Genuine Parts Co.		201
		Diversified Consumer Services — 0.1%
	3	Apollo Group, Inc., Class A (a)		114
	2	DeVry, Inc.		71
	8	H&R Block, Inc.		103
				288
		Hotels, Restaurants & Leisure — 1.8%
	11	Carnival Corp.		475
	4	Darden Restaurants, Inc.		179
	8	International Game Technology		122
	8	Marriott International, Inc., Class A		297
	28	McDonald’s Corp.		2,202
	20	Starbucks Corp.		598
	5	Starwood Hotels & Resorts
		Worldwide, Inc.		286
	5	Wyndham Worldwide Corp.		136
	2	Wynn Resorts Ltd.		201
	12	Yum! Brands, Inc.		618
				5,114
		Household Durables — 0.4%
	7	D.R. Horton, Inc.		74
	4	Fortune Brands, Inc.		238
	2	Harman International Industries, Inc. (a)		80
	4	Leggett & Platt, Inc.		80
	4	Lennar Corp., Class A		64
	8	Newell Rubbermaid, Inc.		140
	9	Pulte Group, Inc. (a)		56
	4	Stanley Black & Decker, Inc.		261
	2	Whirlpool Corp.		146
				1,139
		Internet & Catalog Retail — 0.8%
	9	Amazon.com, Inc. (a)		1,640
	5	Expedia, Inc.		144
	1	priceline.com, Inc. (a)		504
				2,288
		Leisure Equipment & Products — 0.1%
	7	Eastman Kodak Co. (a) (c)		33
	4	Hasbro, Inc.		176
	10	Mattel, Inc.		246
				455
		Media — 3.1%
	18	CBS Corp. (Non-Voting), Class B		303
	74	Comcast Corp., Class A		1,483
	23	DIRECTV, Class A (a)		951
	8	Discovery Communications, Inc.,
		Class A (a)		307
	6	Gannett Co., Inc.		84
	13	Interpublic Group of Cos., Inc. (The) (a)		137
	8	McGraw-Hill Cos., Inc. (The)		282
	1	Meredith Corp. (c)		32
	3	New York Times Co. (The), Class A (a)		28
	60	News Corp., Class A		822
	8	Omnicom Group, Inc.		362
	2	Scripps Networks Interactive, Inc.,
		Class A		121
	9	Time Warner Cable, Inc.		578
	30	Time Warner, Inc.		876
	16	Viacom, Inc., Class B		608
	51	Walt Disney Co. (The)		1,845
	–(h)	Washington Post Co. (The), Class B (c)		60
				8,879
		Multiline Retail — 0.9%
	2	Big Lots, Inc. (a)		61
	4	Family Dollar Stores, Inc.		176
	6	J.C. Penney Co., Inc.		208
	8	Kohl’s Corp. (a)		459
	11	Macy’s, Inc.		287
	4	Nordstrom, Inc.		191
	1	Sears Holdings Corp. (a) (c)		77
	19	Target Corp.		1,085
				2,544
		Specialty Retail — 2.0%
	2	Abercrombie & Fitch Co., Class A		117
	2	AutoNation, Inc. (a) (c)		43
	1	AutoZone, Inc. (a)		197
	7	Bed Bath & Beyond, Inc. (a)		305
	9	Best Buy Co., Inc.		391
	6	CarMax, Inc. (a)		194
	4	GameStop Corp., Class A (a)		79
	12	Gap, Inc. (The)		248
	44	Home Depot, Inc.		1,329
	7	Limited Brands, Inc.		235
	37	Lowe’s Cos., Inc.		842
	7	Office Depot, Inc. (a)		32
	4	O’Reilly Automotive, Inc. (a)		221
	3	RadioShack Corp.		61
	3	Ross Stores, Inc.		206
	19	Staples, Inc.		425
	3	Tiffany & Co.		207
	11	TJX Cos., Inc.		483
	3	Urban Outfitters, Inc. (a)		129
				5,744
		Textiles, Apparel & Luxury Goods — 0.6%
	8	Coach, Inc.		444

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands, except number of contracts)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Textiles, Apparel & Luxury Goods — Continued
	10	NIKE, Inc., Class B		880
	2	Polo Ralph Lauren Corp.		188
	2	V.F. Corp.		189
				1,701
		Total Consumer Discretionary		30,706
	Consumer Staples — 10.9%
		Beverages — 2.6%
	3	Brown-Forman Corp., Class B		179
	61	Coca-Cola Co. (The)		3,855
	9	Coca-Cola Enterprises, Inc.		212
	5	Constellation Brands, Inc., Class A (a)		97
	6	Dr. Pepper Snapple Group, Inc.		231
	4	Molson Coors Brewing Co., Class B		199
	42	PepsiCo, Inc.		2,717
				7,490
		Food & Staples Retailing — 2.4%
	12	Costco Wholesale Corp.		784
	36	CVS Caremark Corp.		1,113
	17	Kroger Co. (The)		399
	10	Safeway, Inc.		232
	6	SUPERVALU, Inc.		51
	16	Sysco Corp.		451
	26	Walgreen Co.		896
	53	Wal-Mart Stores, Inc.		2,859
	4	Whole Foods Market, Inc. (a)		182
				6,967
		Food Products — 1.8%
	17	Archer-Daniels-Midland Co.		490
	5	Campbell Soup Co.		173
	12	ConAgra Foods, Inc.		250
	5	Dean Foods Co. (a)		35
	17	General Mills, Inc.		599
	8	H.J. Heinz Co.		406
	4	Hershey Co. (The)		191
	2	Hormel Foods Corp.		90
	3	JM Smucker Co. (The)		200
	7	Kellogg Co.		339
	46	Kraft Foods, Inc., Class A		1,394
	4	McCormick & Co., Inc. (Non-Voting)		155
	5	Mead Johnson Nutrition Co.		322
	17	Sara Lee Corp.		262
	8	Tyson Foods, Inc., Class A		125
				5,031
		Household Products — 2.3%
	4	Clorox Co.		227
	13	Colgate-Palmolive Co.		983
	11	Kimberly-Clark Corp.		669
	75	Procter & Gamble Co. (The)		4,581
				6,460
		Personal Products — 0.2%
	11	Avon Products, Inc.		324
	3	Estee Lauder Cos., Inc. (The), Class A		226
				550
		Tobacco — 1.6%
	55	Altria Group, Inc.		1,322
	4	Lorillard, Inc.		319
	48	Philip Morris International, Inc.		2,755
	9	Reynolds American, Inc.		276
				4,672
		Total Consumer Staples		31,170
	Energy — 11.6%
		Energy Equipment & Services — 2.1%
	11	Baker Hughes, Inc.		594
	6	Cameron International Corp. (a)		308
	2	Diamond Offshore Drilling, Inc. (c)		119
	3	FMC Technologies, Inc. (a)		267
	24	Halliburton Co.		911
	3	Helmerich & Payne, Inc.		127
	8	Nabors Industries Ltd., (Bermuda) (a)		167
	11	National Oilwell Varco, Inc.		679
	3	Rowan Cos., Inc. (a)		91
	36	Schlumberger Ltd.		2,792
				6,055
		Oil, Gas & Consumable Fuels — 9.5%
	13	Anadarko Petroleum Corp.		839
	10	Apache Corp.		1,086
	3	Cabot Oil & Gas Corp.		96
	17	Chesapeake Energy Corp.		365
	53	Chevron Corp.		4,302
	39	ConocoPhillips		2,358
	6	Consol Energy, Inc.		250
	11	Denbury Resources, Inc. (a)		192
	11	Devon Energy Corp.		811
	19	El Paso Corp.		251
	7	EOG Resources, Inc.		596
	4	EQT Corp.		159
	135	Exxon Mobil Corp.		9,359
	8	Hess Corp.		541
	19	Marathon Oil Corp.		628
	3	Massey Energy Co.		133
	5	Murphy Oil Corp.		342
	5	Noble Energy, Inc.		375
	21	Occidental Petroleum Corp.		1,892
	7	Peabody Energy Corp.		418
	3	Pioneer Natural Resources Co.		246
	5	QEP Resources, Inc.		163
	4	Range Resources Corp.		178
	9	Southwestern Energy Co. (a)		331
	17	Spectra Energy Corp.		407
	3	Sunoco, Inc.		128
	4	Tesoro Corp. (a)		62
	15	Valero Energy Corp.		291
	15	Williams Cos., Inc. (The)		352
				27,151
		Total Energy		33,206

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands, except number of contracts)

SHARES		SECURITY DESCRIPTION	VALUE ($)
	Financials — 15.0%
		Capital Markets — 2.4%
	7	Ameriprise Financial, Inc.		344
	32	Bank of New York Mellon Corp. (The)		866
	26	Charles Schwab Corp. (The)		394
	5	E*Trade Financial Corp. (a)		77
	2	Federated Investors, Inc., Class B (c)		57
	4	Franklin Resources, Inc.		442
	14	Goldman Sachs Group, Inc. (The)		2,127
	12	Invesco Ltd.		269
	5	Janus Capital Group, Inc.		51
	4	Legg Mason, Inc.		133
	40	Morgan Stanley		977
	6	Northern Trust Corp.		322
	13	State Street Corp.		573
	7	T. Rowe Price Group, Inc.		395
				7,027
		Commercial Banks — 2.7%
	18	BB&T Corp.		425
	5	Comerica, Inc.		170
	21	Fifth Third Bancorp		251
	6	First Horizon National Corp. (a)		59
	19	Huntington Bancshares, Inc.		110
	23	KeyCorp (c)		175
	3	M&T Bank Corp.		242
	14	Marshall & Ilsley Corp.		67
	14	PNC Financial Services Group, Inc.		747
	33	Regions Financial Corp.		179
	13	SunTrust Banks, Inc.		309
	51	U.S. Bancorp		1,205
	138	Wells Fargo & Co.		3,763
	5	Zions Bancorp		89
				7,791
		Consumer Finance — 0.7%
	28	American Express Co.		1,196
	12	Capital One Financial Corp.		449
	14	Discover Financial Services		263
	13	SLM Corp. (a)		148
				2,056
		Diversified Financial Services — 3.8%
	265	Bank of America Corp.		2,903
	674	Citigroup, Inc. (a)		2,830
	2	CME Group, Inc.		512
	2	IntercontinentalExchange, Inc. (a)		221
	105	JPMorgan Chase & Co. (q)		3,917
	5	Leucadia National Corp. (a)		135
	5	Moody’s Corp.		144
	4	NASDAQ OMX Group, Inc. (The) (a)		82
	7	NYSE Euronext		188
				10,932
		Insurance — 3.8%
	9	ACE Ltd., (Switzerland)		524
	12	Aflac, Inc.		641
	14	Allstate Corp. (The)		414
	4	American International Group, Inc. (a) (c)		147
	9	AON Corp.		348
	3	Assurant, Inc.		99
	46	Berkshire Hathaway, Inc., Class B (a)		3,642
	8	Chubb Corp.		474
	4	Cincinnati Financial Corp.		130
	13	Genworth Financial, Inc., Class A (a)		151
	12	Hartford Financial Services Group, Inc.		261
	8	Lincoln National Corp.		200
	8	Loews Corp.		314
	14	Marsh & McLennan Cos., Inc.		359
	24	MetLife, Inc. (c)		914
	8	Principal Financial Group, Inc. (c)		231
	18	Progressive Corp. (The)		359
	12	Prudential Financial, Inc.		625
	2	Torchmark Corp.		123
	12	Travelers Cos., Inc. (The)		670
	9	Unum Group		186
	9	XL Group plc, (Ireland)		178
				10,990
		Real Estate Investment Trusts (REITs) — 1.4%
	3	Apartment Investment &
		Management Co., Class A (c)		75
	2	AvalonBay Communities, Inc.		248
	4	Boston Properties, Inc.		308
	7	Equity Residential		374
	8	HCP, Inc.		270
	4	Health Care REIT, Inc.		162
	17	Host Hotels & Resorts, Inc.		287
	11	Kimco Realty Corp.		179
	4	Plum Creek Timber Co., Inc.		154
	15	ProLogis		191
	4	Public Storage		356
	8	Simon Property Group, Inc.		762
	4	Ventas, Inc.		213
	4	Vornado Realty Trust		350
				3,929
		Real Estate Management & Development — 0.1%
	8	CB Richard Ellis Group, Inc., Class A (a)		147
		Thrifts & Mortgage Finance — 0.1%
	14	Hudson City Bancorp, Inc.		158
	10	People’s United Financial, Inc.		121
				279
		Total Financials		43,151
	Health Care — 11.0%
		Biotechnology — 1.3%
	25	Amgen, Inc. (a)		1,334
	6	Biogen Idec, Inc. (a)		409
	12	Celgene Corp. (a)		721
	2	Cephalon, Inc. (a)		126
	7	Genzyme Corp. (a)		480

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands, except number of contracts)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Biotechnology — Continued
	22	Gilead Sciences, Inc. (a)		809
				3,879
		Health Care Equipment & Supplies — 1.6%
	15	Baxter International, Inc.		750
	6	Becton, Dickinson & Co.		478
	40	Boston Scientific Corp. (a)		257
	2	C.R. Bard, Inc.		210
	6	CareFusion Corp. (a)		134
	4	DENTSPLY International, Inc.		117
	4	Hospira, Inc. (a)		249
	1	Intuitive Surgical, Inc. (a)		271
	29	Medtronic, Inc.		957
	9	St. Jude Medical, Inc. (a)		352
	9	Stryker Corp.		452
	3	Varian Medical Systems, Inc. (a)		211
	5	Zimmer Holdings, Inc. (a)		261
				4,699
		Health Care Providers & Services — 2.0%
	11	Aetna, Inc.		327
	7	AmerisourceBergen Corp.		227
	9	Cardinal Health, Inc.		330
	7	CIGNA Corp.		265
	4	Coventry Health Care, Inc. (a)		99
	3	DaVita, Inc. (a)		197
	14	Express Scripts, Inc. (a)		747
	4	Humana, Inc. (a)		250
	3	Laboratory Corp. of America Holdings (a)		223
	7	McKesson Corp.		441
	11	Medco Health Solutions, Inc. (a)		703
	3	Patterson Cos., Inc.		76
	4	Quest Diagnostics, Inc.		192
	13	Tenet Healthcare Corp. (a)		52
	30	UnitedHealth Group, Inc.		1,085
	11	WellPoint, Inc. (a)		589
				5,803
		Health Care Technology — 0.1%
	2	Cerner Corp. (a)		165
		Life Sciences Tools & Services — 0.4%
	5	Life Technologies Corp. (a)		241
	3	PerkinElmer, Inc.		73
	11	Thermo Fisher Scientific, Inc. (a)		547
	2	Waters Corp. (a)		187
				1,048
		Pharmaceuticals — 5.6%
	41	Abbott Laboratories		1,898
	8	Allergan, Inc.		538
	45	Bristol-Myers Squibb Co.		1,144
	27	Eli Lilly & Co.		902
	8	Forest Laboratories, Inc. (a)		241
	73	Johnson & Johnson		4,480
	7	King Pharmaceuticals, Inc. (a)		101
	81	Merck & Co., Inc.		2,803
	11	Mylan, Inc. (a)		225
	212	Pfizer, Inc.		3,460
	3	Watson Pharmaceuticals, Inc. (a)		161
				15,953
		Total Health Care		31,547
	Industrials — 10.7%
		Aerospace & Defense — 2.7%
	19	Boeing Co. (The)		1,233
	10	General Dynamics Corp.		664
	3	Goodrich Corp.		284
	20	Honeywell International, Inc.		1,014
	5	ITT Corp.		223
	3	L-3 Communications Holdings, Inc.		213
	8	Lockheed Martin Corp.		534
	8	Northrop Grumman Corp.		480
	4	Precision Castparts Corp.		519
	10	Raytheon Co.		457
	4	Rockwell Collins, Inc.		233
	25	United Technologies Corp.		1,848
				7,702
		Air Freight & Logistics — 1.1%
	4	C.H. Robinson Worldwide, Inc.		323
	6	Expeditors International of
		Washington, Inc.		297
	8	FedEx Corp.		757
	26	United Parcel Service, Inc., Class B		1,836
				3,213
		Airlines — 0.1%
	20	Southwest Airlines Co.		263
		Building Products — 0.0% (g)
	9	Masco Corp.		103
		Commercial Services & Supplies — 0.5%
	3	Avery Dennison Corp.		109
	4	Cintas Corp.		94
	5	Iron Mountain, Inc.		118
	5	Pitney Bowes, Inc.		120
	5	R.R. Donnelley & Sons Co.		86
	8	Republic Services, Inc.		228
	2	Stericycle, Inc. (a)		166
	13	Waste Management, Inc.		432
				1,353
		Construction & Engineering — 0.2%
	5	Fluor Corp.		273
	3	Jacobs Engineering Group, Inc. (a)		128
	6	Quanta Services, Inc. (a)		98
				499
		Electrical Equipment — 0.5%
	20	Emerson Electric Co.		1,095
	4	Rockwell Automation, Inc.		248
	2	Roper Industries, Inc.		180
				1,523
		Industrial Conglomerates — 2.3%
	19	3M Co.		1,583
	283	General Electric Co. (c)		4,472
	7	Textron, Inc.		162

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands, except number of contracts)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Industrial Conglomerates — Continued
	13	Tyco International Ltd., (Switzerland)		498
				6,715
		Machinery — 2.2%
	17	Caterpillar, Inc.		1,409
	5	Cummins, Inc.		510
	14	Danaher Corp.		612
	11	Deere & Co.		837
	5	Dover Corp.		270
	4	Eaton Corp.		427
	1	Flowserve Corp.		156
	13	Illinois Tool Works, Inc.		634
	9	Ingersoll-Rand plc, (Ireland)		349
	10	PACCAR, Inc.		519
	3	Pall Corp.		139
	4	Parker Hannifin Corp.		342
	2	Snap-On, Inc.		81
				6,285
		Professional Services — 0.1%
	1	Dun & Bradstreet Corp.		100
	3	Equifax, Inc.		114
	4	Robert Half International, Inc.		108
				322
		Road & Rail — 0.9%
	10	CSX Corp.		610
	10	Norfolk Southern Corp.		586
	1	Ryder System, Inc.		60
	13	Union Pacific Corp.		1,185
				2,441
		Trading Companies & Distributors — 0.1%
	4	Fastenal Co. (c)		208
	2	W.W. Grainger, Inc.		197
				405
		Total Industrials		30,824
	Information Technology — 18.7%
		Communications Equipment — 2.1%
	151	Cisco Systems, Inc. (a)		2,891
	3	Harris Corp.		151
	6	JDS Uniphase Corp. (a)		70
	14	Juniper Networks, Inc. (a)		467
	62	Motorola, Inc. (a)		472
	42	QUALCOMM, Inc.		1,983
	10	Tellabs, Inc.		64
				6,098
		Computers & Peripherals — 4.5%
	24	Apple, Inc. (a)		7,511
	45	Dell, Inc. (a)		591
	54	EMC Corp. (a)		1,166
	60	Hewlett-Packard Co.		2,513
	2	Lexmark International, Inc., Class A (a)		75
	9	NetApp, Inc. (a)		480
	3	QLogic Corp. (a)		52
	6	SanDisk Corp. (a)		275
	6	Western Digital Corp. (a)		203
				12,866
		Electronic Equipment, Instruments & Components — 0.5%		320
	9	Agilent Technologies, Inc. (a)
	5	Amphenol Corp., Class A		230
	41	Corning, Inc.		729
	4	FLIR Systems, Inc. (a)		112
	5	Jabil Circuit, Inc.		78
	4	Molex, Inc. (c)		76
				1,545
		Internet Software & Services — 2.0%
	5	Akamai Technologies, Inc. (a)		250
	31	eBay, Inc. (a)		889
	7	Google, Inc., Class A (a)		3,650
	3	Monster Worldwide, Inc. (a)		78
	5	VeriSign, Inc. (a)		158
	36	Yahoo!, Inc. (a)		562
				5,587
		IT Services — 3.1%
	13	Automatic Data Processing, Inc.		579
	8	Cognizant Technology Solutions
		Corp., Class A (a)		517
	4	Computer Sciences Corp.		182
	7	Fidelity National Information
		Services, Inc.		187
	4	Fiserv, Inc. (a)		219
	33	International Business Machines Corp.		4,714
	3	MasterCard, Inc., Class A		606
	9	Paychex, Inc.		243
	8	SAIC, Inc. (a)		119
	4	Teradata Corp. (a)		182
	4	Total System Services, Inc.		66
	13	Visa, Inc., Class A		970
	17	Western Union Co. (The)		308
				8,892
		Office Electronics — 0.1%
	37	Xerox Corp.		419
		Semiconductors & Semiconductor Equipment — 2.6%		109
	15	Advanced Micro Devices, Inc. (a)
	8	Altera Corp.		285
	8	Analog Devices, Inc.		280
	35	Applied Materials, Inc.		439
	12	Broadcom Corp., Class A		527
	1	First Solar, Inc. (a) (c)		175
	147	Intel Corp.		3,107
	4	KLA-Tencor Corp.		163
	6	Linear Technology Corp.		193
	17	LSI Corp. (a)		97
	6	MEMC Electronic Materials, Inc. (a)		70
	5	Microchip Technology, Inc. (c)		165
	23	Micron Technology, Inc. (a)		164
	6	National Semiconductor Corp.		85

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands, except number of contracts)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Semiconductors & Semiconductor Equipment — Continued
	2	Novellus Systems, Inc. (a)		73
	15	NVIDIA Corp. (a)		206
	5	Teradyne, Inc. (a)		57
	32	Texas Instruments, Inc.		1,004
	7	Xilinx, Inc.		185
				7,384
		Software — 3.8%
	14	Adobe Systems, Inc. (a)		385
	6	Autodesk, Inc. (a)		212
	5	BMC Software, Inc. (a)		210
	10	CA, Inc.		234
	5	Citrix Systems, Inc. (a)		328
	6	Compuware Corp. (a)		61
	9	Electronic Arts, Inc. (a)		130
	7	Intuit, Inc. (a)		335
	4	McAfee, Inc. (a)		188
	201	Microsoft Corp.		5,073
	9	Novell, Inc. (a)		55
	102	Oracle Corp.		2,765
	5	Red Hat, Inc. (a)		217
	3	Salesforce.com, Inc. (a)		430
	21	Symantec Corp. (a)		351
				10,974
		Total Information Technology		53,765
	Materials — 3.7%
		Chemicals — 2.1%
	6	Air Products & Chemicals, Inc.		484
	2	Airgas, Inc.		120
	2	CF Industries Holdings, Inc.		227
	31	Dow Chemical Co. (The)		956
	24	E.l. du Pont de Nemours & Co.		1,125
	2	Eastman Chemical Co.		148
	6	Ecolab, Inc.		295
	2	FMC Corp.		149
	2	International Flavors & Fragrances, Inc.		111
	14	Monsanto Co.		856
	4	PPG Industries, Inc.		340
	8	Praxair, Inc.		744
	2	Sherwin-Williams Co. (The)		177
	3	Sigma-Aldrich Corp.		203
				5,935
		Construction Materials — 0.0% (g)
	3	Vulcan Materials Co. (c)		136
		Containers & Packaging — 0.2%
	2	Ball Corp.		159
	3	Bemis Co., Inc.		91
	4	Owens-Illinois, Inc. (a)		116
	4	Sealed Air Corp.		98
				464
		Metals & Mining — 1.2%
	3	AK Steel Holding Corp.		39
	27	Alcoa, Inc.		354
	3	Allegheny Technologies, Inc.		135
	4	Cliffs Natural Resources, Inc.		245
	12	Freeport-McMoRan Copper & Gold, Inc.		1,259
	13	Newmont Mining Corp.		765
	8	Nucor Corp.		315
	2	Titanium Metals Corp. (a)		41
	4	United States Steel Corp. (c)		184
				3,337
		Paper & Forest Products — 0.2%
	12	International Paper Co.		289
	5	MeadWestvaco Corp.		112
	14	Weyerhaeuser Co.		236
				637
		Total Materials		10,509
	Telecommunication Services — 3.0%
		Diversified Telecommunication Services — 2.7%
	156	AT&T, Inc.		4,339
	8	CenturyLink, Inc.		342
	26	Frontier Communications Corp.		239
	46	Qwest Communications
		International, Inc.		322
	75	Verizon Communications, Inc.		2,391
	13	Windstream Corp.		167
				7,800
		Wireless Telecommunication Services — 0.3%
	11	American Tower Corp., Class A (a)		536
	7	MetroPCS Communications, Inc. (a)		84
	79	Sprint Nextel Corp. (a)		298
				918
		Total Telecommunication Services		8,718
	Utilities — 3.4%
		Electric Utilities — 1.8%
	4	Allegheny Energy, Inc.		102
	13	American Electric Power Co., Inc.		451
	35	Duke Energy Corp.		611
	9	Edison International		318
	5	Entergy Corp.		352
	17	Exelon Corp.		688
	8	FirstEnergy Corp.		283
	11	NextEra Energy, Inc.		556
	5	Northeast Utilities		145
	6	Pepco Holdings, Inc.		108
	3	Pinnacle West Capital Corp.		116
	13	PPL Corp.		324
	8	Progress Energy, Inc.		338
	22	Southern Co.		828
				5,220
		Gas Utilities — 0.1%
	1	Nicor, Inc.		52
	3	Oneok, Inc.		144
				196
		Independent Power Producers & Energy Traders — 0.2%
	18	AES Corp. (The) (a)		191

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands, except number of contracts)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Independent Power Producers & Energy Traders — Continued
	5	Constellation Energy Group, Inc.		151
	7	NRG Energy, Inc. (a)		130
				472
		Multi-Utilities — 1.3%
	6	Ameren Corp.		182
	11	CenterPoint Energy, Inc.		174
	6	CMS Energy Corp.		109
	7	Consolidated Edison, Inc.		361
	16	Dominion Resources, Inc.		647
	4	DTE Energy Co.		199
	2	Integrys Energy Group, Inc.		99
	7	NiSource, Inc.		123
	10	PG&E Corp.		485
	13	Public Service Enterprise Group, Inc.		412
	3	SCANA Corp.		121
	7	Sempra Energy		328
	6	TECO Energy, Inc.		95
	3	Wisconsin Energy Corp.		186
	12	Xcel Energy, Inc.		285
				3,806
		Total Utilities		9,694
		Total Common Stocks (Cost $244,384)		283,290
	Investment Company — 0.1%
	2	SPDR Trust, Series 1, (Cost $184)		201
	Short-Term Investments — 1.8%
		Investment Company — 1.7%
	4,792	JPMorgan Liquid Assets Money
		Market Fund, Institutional Class
		Shares, 0.110% (b) (l) (m) (Cost $4,792)		4,792
PRINCIPAL AMOUNT($)
		U.S. Treasury Obligation — 0.1%
	420	U.S. Treasury Bill, 0.128%, 02/10/11 (k) (n) (Cost $420)		420
		Total Short-Term Investments (Cost $5,212)		5,212
SHARES		SECURITY DESCRIPTION	VALUE ($)
	Investment of Cash Collateral for Securities on Loan — 0.6%
		Investment Company — 0.6%
	1,789	JPMorgan Prime Money Market Fund, Capital Shares, 0.130% (b) (l) (Cost $1,789)		1,789
		Total Investments — 101.2% (Cost $251,569)		290,492
		Liabilities in Excess of Other Assets — (1.2)%		(3,532	)
		NET ASSETS — 100.0%	$	286,960

Percentages indicated are based on net assets.

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands, except number of contracts)

Futures Contracts
NUMBER OF CONTRACTS	DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 11/30/10		UNREALIZED APPRECIATION (DEPRECIATION)
	Long Futures Outstanding
49	E-mini S&P 500		12/17/10	$	2,890	$	71

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS :

SPDR — Standard & Poor’s Depository Receipts

(a) Non-income producing security.

(b) Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(c) Security, or a portion of the security, has been delivered to a counterparty as part of a security lending transaction.

(g) Amount rounds to less than 0.1%.

(h) Amount rounds to less than one thousand (shares or dollars).

(k) All or a portion of this security is deposited with the broker as collateral for futures or with brokers as initial margin for futures contracts.

(l) The rate shown is the current yield as of November 30, 2010.

(m) All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, and forward foreign currency contracts.

(n) The rate shown is the effective yield at the date of purchase.

(q) Investment in affiliate. This security is included in an index in which the Fund, as an index fund, invests.

As of November 30, 2010, 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	$	63,194
Aggregate gross unrealized depreciation		(24,271	)
Net unrealized appreciation/depreciation	$	38,923
Federal income tax cost of investments	$	251,569

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands, except number of contracts)

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

• Level 1 – quoted prices in active markets for identical securities

• Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of inputs used as of November 30, 2010, in valuing the Fund’s assets and liabilities carried at amortized cost which approximates fair value (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities #	$	290,072	$	420	$	—	$	290,492
Appreciation in Other Financial Instruments
Futures Contracts	$	71	$	—	$	—	$	71

There were no significant transfers between Levels 1 and 2 during the period ended November 30, 2010.

# All portfolio holdings designated as Level 1 and Level 2 are disclosed individually in the Schedule of Portfolio Investments (“SOI”). Level 2 consists of a U.S. Treasury Bill held as collateral for futures contracts. Please refer to the SOI for industry specifics of the portfolio holdings.

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 2.1%
		AH Mortgage Advance Trust,
	295	Series 2010-ADV1, Class A1, 3.968%, 08/15/22 (e)		296
	336	Series 2010-ADV2, Class A1, 4.210%, 05/10/41 (e)		336
		Ally Auto Receivables Trust,
	65	Series 2010-1, Class A3, 1.450%, 05/15/14		66
	176	Series 2010-4, Class A3, 0.910%, 11/17/14		175
		AmeriCredit Automobile Receivables Trust,
	407	Series 2006-BG, Class A4, 5.210%, 09/06/13		414
	175	Series 2009-1, Class A3, 3.040%, 10/15/13		178
	22	Series 2010-1, Class A2, 0.970%, 01/15/13		22
	25	Series 2010-1, Class A3, 1.660%, 03/17/14		25
	130	Series 2010-3, Class A3, 1.140%, 04/08/15		130
	150	Series 2010-4, Class A2, 0.960%, 05/08/14		150
	75	Series 2010-4, Class A3, 1.270%, 04/08/15		75
		Bank of America Auto Trust,
	526	Series 2009-1A, Class A3, 2.670%, 07/15/13 (e)		531
	150	Series 2009-1A, Class A4, 3.520%, 06/15/16 (e)		156
	130	Series 2010-1A, Class A3, 1.390%, 03/15/14 (e)		131
	100	Series 2010-1A, Class A4, 2.180%, 02/15/17 (e)		102
	75	Series 2010-2, Class A3, 1.310%, 07/15/14		75
	125	Series 2010-2, Class A4, 1.940%, 06/15/17		127
	85	Bear Stearns Asset-Backed Securities Trust, Series 2006-SD1, Class A, VAR, 0.623%, 04/25/36		58
	60	CarMax Auto Owner Trust, Series 2010-1, Class A3, 1.560%, 07/15/14		61
	200	Centex Home Equity, Series 2004- D, Class AF4, SUB, 4.680%, 06/25/32		201
		Chrysler Financial Auto Securitization Trust,
	140	Series 2009-A, Class A3, 2.820%, 01/15/16		143
	250	Series 2010-A, Class A3, 0.910%, 08/08/13		249
	500	Citibank Credit Card Issuance Trust, Series 2002-C2, Class C2, 6.950%, 02/18/14		527
		CNH Equipment Trust,
	155	Series 2010-A, Class A3, 1.540%, 07/15/14		156
	300	Series 2010-C, Class A3, 1.170%, 05/15/15		300
	55	Credit-Based Asset Servicing and Securitization LLC, Series 2006- CB1, Class AF2, SUB, 5.236%, 01/25/36		38
		Ford Credit Auto Owner Trust,
	35	Series 2006-B, Class A4, 5.250%, 09/15/11		35
	27	Series 2007-B, Class A3A, 5.150%, 11/15/11		27
	230	Series 2009-B, Class A3, 2.790%, 08/15/13		233
	200	Series 2009-B, Class A4, 4.500%, 07/15/14		213
	200	GE Capital Credit Card Master Note Trust, Series 2009-2, Class A, 3.690%, 07/15/15		208
	111	GE Mortgage Services LLC, Series 1999-HE1, Class M, VAR, 6.705%, 04/25/29		104
	144	Harley-Davidson Motorcycle Trust, Series 2010-1, Class A3, 1.160%, 02/15/15		144
		Honda Auto Receivables Owner Trust,
	293	Series 2009-2, Class A3, 2.790%, 01/15/13		296
	100	Series 2009-2, Class A4, 4.430%, 07/15/15		106
	150	Series 2009-3, Class A3, 2.310%, 05/15/13		152
	150	Series 2009-3, Class A4, 3.300%, 09/15/15		156
		HSBC Home Equity Loan Trust,
	103	Series 2005-2, Class A1, VAR, 0.523%, 01/20/35		94
	75	Series 2006-1, Class A1, VAR, 0.413%, 01/20/36		70
	87	Series 2007-3, Class APT, VAR, 1.453%, 11/20/36		80
	125	Hyundai Auto Receivables Trust, Series 2010-B, Class A3, 0.970%, 04/15/15		125
	89	John Deere Owner Trust, Series 2009-A, Class A3, 2.590%, 10/15/13		89
	407	MBNA Credit Card Master Note Trust, Series 2002-C1, Class C1, 6.800%, 07/15/14		429
	105	Mercedes-Benz Auto Receivables Trust, Series 2010-1, Class A3, 1.420%, 08/15/14		106
		Nissan Auto Receivables Owner Trust,

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — Continued
	115	Series 2010-A, Class A3, 0.870%, 07/15/14		115
	75	Series 2010-A, Class A4, 1.310%, 09/15/16		75
	110	Santander Drive Auto Receivables Trust, Series 2010-3, Class A3, 1.200%, 06/16/14		110
	225	Toyota Auto Receivables Owner Trust, Series 2010-C, Class A3, 0.770%, 04/15/14		224
	135	World Omni Auto Receivables Trust, Series 2010-A, Class A4, 2.210%, 05/15/15		138
		Total Asset-Backed Securities (Cost $7,984)		8,051
	Collateralized Mortgage Obligations — 30.7%
		Agency CMO — 25.4%
	98	Federal Home Loan Mortgage Corp. - Government National Mortgage Association, Series 24, Class ZE, 6.250%, 11/25/23		108
		Federal Home Loan Mortgage Corp. REMICS,
	9	Series 11, Class D, 9.500%, 07/15/19		10
	–(h)	Series 41, Class I, HB, 84.000%, 05/15/20		–	(h)
	5	Series 46, Class B, 7.800%, 09/15/20		6
	1	Series 47, Class F, 10.000%, 06/15/20		2
	–(h)	Series 85, Class C, 8.600%, 01/15/21		–	(h)
	5	Series 99, Class Z, 9.500%, 01/15/21		5
	23	Series 114, Class H, 6.950%, 01/15/21		26
	1	Series 1079, Class S, HB, IF, 32.938%, 05/15/21		2
	2	Series 1084, Class F, VAR, 1.262%, 05/15/21		2
	1	Series 1084, Class S, HB, IF, 43.819%, 05/15/21		2
	12	Series 1144, Class KB, 8.500%, 09/15/21		15
	–(h)	Series 1172, Class L, HB, VAR, 1,181.250%, 11/15/21		1
	–(h)	Series 1196, Class B, HB, IF, 1,161.253%, 01/15/22		2
	17	Series 1206, Class IA, 7.000%, 03/15/22		20
	11	Series 1250, Class J, 7.000%, 05/15/22		12
	36	Series 1343, Class LA, 8.000%, 08/15/22		42
	151	Series 1466, Class PZ, 7.500%, 02/15/23		172
	2	Series 1470, Class F, VAR, 2.663%, 02/15/23		2
	57	Series 1491, Class I, 7.500%, 04/15/23		67
	56	Series 1518, Class G, IF, 8.773%, 05/15/23		62
	50	Series 1541, Class O, VAR, 1.970%, 07/15/23		52
	3	Series 1602, Class SA, HB, IF, 21.734%, 10/15/23		4
	184	Series 1608, Class L, 6.500%, 09/15/23		212
	147	Series 1609, Class LG, IF, 16.656%, 11/15/23		179
	4	Series 1671, Class L, 7.000%, 02/15/24		4
	26	Series 1700, Class GA, PO, 02/15/24		23
	294	Series 1706, Class K, 7.000%, 03/15/24		337
	884	Series 1720, Class PL, 7.500%, 04/15/24		1,007
	21	Series 1745, Class D, 7.500%, 08/15/24		24
	62	Series 1798, Class F, 5.000%, 05/15/23		65
	3	Series 1807, Class G, 9.000%, 10/15/20		3
	257	Series 1927, Class PH, 7.500%, 01/15/27		296
	125	Series 1981, Class Z, 6.000%, 05/15/27		138
	38	Series 1987, Class PE, 7.500%, 09/15/27		45
	34	Series 2025, Class PE, 6.300%, 01/15/13		34
	18	Series 2033, Class SN, HB, IF, 23.963%, 03/15/24		12
	52	Series 2038, Class PN, IO, 7.000%, 03/15/28		10
	231	Series 2040, Class PE, 7.500%, 03/15/28		271
	67	Series 2056, Class TD, 6.500%, 05/15/18		72
	299	Series 2063, Class PG, 6.500%, 06/15/28		311
	49	Series 2064, Class TE, 7.000%, 06/15/28		57
	210	Series 2075, Class PH, 6.500%, 08/15/28		241
	204	Series 2075, Class PM, 6.250%, 08/15/28		218
	58	Series 2089, Class PJ, IO, 7.000%, 10/15/28		12
	24	Series 2102, Class TC, 6.000%, 12/15/13		25

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — Continued
	138	Series 2115, Class PE, 6.000%, 01/15/14	144
	155	Series 2125, Class JZ, 6.000%, 02/15/29	167
	23	Series 2163, Class PC, IO, 7.500%, 06/15/29	5
	506	Series 2169, Class TB, 7.000%, 06/15/29	595
	162	Series 2172, Class QC, 7.000%, 07/15/29	186
	1	Series 2196, Class TL, 7.500%, 11/15/29	1
	83	Series 2201, Class C, 8.000%, 11/15/29	100
	161	Series 2210, Class Z, 8.000%, 01/15/30	194
	66	Series 2224, Class CB, 8.000%, 03/15/30	79
	92	Series 2256, Class MC, 7.250%, 09/15/30	108
	139	Series 2259, Class ZM, 7.000%, 10/15/30	163
	108	Series 2271, Class PC, 7.250%, 12/15/30	127
	189	Series 2283, Class K, 6.500%, 12/15/23	205
	59	Series 2296, Class PD, 7.000%, 03/15/31	69
	32	Series 2306, Class K, PO, 05/15/24	28
	77	Series 2306, Class SE, IF, IO, 8.060%, 05/15/24	12
	72	Series 2333, Class HC, 6.000%, 07/15/31	73
	69	Series 2344, Class QG, 6.000%, 08/15/16	75
	1,294	Series 2344, Class ZD, 6.500%, 08/15/31	1,431
	167	Series 2344, Class ZJ, 6.500%, 08/15/31	185
	118	Series 2345, Class NE, 6.500%, 08/15/31	127
	122	Series 2345, Class PQ, 6.500%, 08/15/16	130
	114	Series 2347, Class VP, 6.500%, 03/15/20	119
	194	Series 2351, Class PZ, 6.500%, 08/15/31	211
	85	Series 2355, Class BP, 6.000%, 09/15/16	91
	95	Series 2360, Class PG, 6.000%, 09/15/16	103
	81	Series 2366, Class MD, 6.000%, 10/15/16	87
	139	Series 2391, Class QR, 5.500%, 12/15/16	150
	143	Series 2391, Class VQ, 6.000%, 10/15/12	144
	235	Series 2405, Class PE, 6.000%, 01/15/17	254
	109	Series 2410, Class NG, 6.500%, 02/15/32	122
	147	Series 2410, Class OE, 6.375%, 02/15/32	163
	58	Series 2410, Class QX, IF, IO, 8.397%, 02/15/32	12
	312	Series 2412, Class SP, IF, 15.593%, 02/15/32	376
	62	Series 2423, Class MC, 7.000%, 03/15/32	69
	131	Series 2423, Class MT, 7.000%, 03/15/32	147
	243	Series 2435, Class CJ, 6.500%, 04/15/32	282
	353	Series 2435, Class VH, 6.000%, 07/15/19	361
	203	Series 2441, Class GF, 6.500%, 04/15/32	229
	156	Series 2444, Class ES, IF, IO, 7.697%, 03/15/32	27
	182	Series 2450, Class GZ, 7.000%, 05/15/32	209
	62	Series 2450, Class SW, IF, IO, 7.747%, 03/15/32	12
	322	Series 2455, Class GK, 6.500%, 05/15/32	356
	77	Series 2460, Class VZ, 6.000%, 11/15/29	78
	479	Series 2466, Class DH, 6.500%, 06/15/32	533
	460	Series 2466, Class PG, 6.500%, 04/15/32	488
	217	Series 2474, Class NR, 6.500%, 07/15/32	242
	416	Series 2484, Class LZ, 6.500%, 07/15/32	477
	607	Series 2500, Class MC, 6.000%, 09/15/32	676
	607	Series 2512, Class PG, 5.500%, 10/15/22	678
	8	Series 2519, Class BT, 8.500%, 09/15/31	8
	165	Series 2535, Class BK, 5.500%, 12/15/22	183
	360	Series 2537, Class TE, 5.500%, 12/15/17	392
	675	Series 2543, Class YX, 6.000%, 12/15/32	765
	49	Series 2565, Class MB, 6.000%, 05/15/30	50
	1,000	Series 2568, Class KG, 5.500%, 02/15/23	1,122
	810	Series 2575, Class ME, 6.000%, 02/15/33	920

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — Continued
	126	Series 2586, Class WI, IO, 6.500%, 03/15/33		23
	323	Series 2587, Class CO, PO, 03/15/32		318
	242	Series 2594, Class VQ, 6.000%, 08/15/20		250
	497	Series 2597, Class AD, 6.500%, 03/15/32		516
	45	Series 2597, Class DS, IF, IO, 7.297%, 02/15/33		3
	189	Series 2599, Class DS, IF, IO, 6.747%, 02/15/33		6
	382	Series 2610, Class DS, IF, IO, 6.847%, 03/15/33		19
	213	Series 2611, Class SH, IF, IO, 7.397%, 10/15/21		9
	405	Series 2617, Class GR, 4.500%, 05/15/18		436
	65	Series 2619, Class IM, IO, 5.000%, 10/15/21		2
	300	Series 2622, Class PE, 4.500%, 05/15/18		325
	848	Series 2628, Class WA, 4.000%, 07/15/28		862
	202	Series 2631, Class LC, 4.500%, 06/15/18		217
	202	Series 2640, Class VE, 3.250%, 07/15/22		208
	10	Series 2643, Class HI, IO, 4.500%, 12/15/16		–	(h)
	402	Series 2651, Class VZ, 4.500%, 07/15/18		428
	835	Series 2657, Class MD, 5.000%, 12/15/20		863
	184	Series 2668, Class SB, IF, 6.975%, 10/15/15		188
	202	Series 2672, Class ME, 5.000%, 11/15/22		219
	506	Series 2675, Class CK, 4.000%, 09/15/18		541
	276	Series 2682, Class YS, IF, 8.619%, 10/15/33		268
	1,000	Series 2684, Class PO, PO, 01/15/33		927
	147	Series 2684, Class TO, PO, 10/15/33		123
	50	Series 2686, Class GB, 5.000%, 05/15/20		51
	100	Series 2691, Class WS, IF, 8.620%, 10/15/33		98
	1,000	Series 2695, Class DE, 4.000%, 01/15/17		1,028
	150	Series 2705, Class SC, IF, 8.620%, 11/15/33		147
	150	Series 2705, Class SD, IF, 8.674%, 11/15/33		142
	99	Series 2744, Class FE, VAR, 0.000%, 02/15/34		95
	405	Series 2744, Class TU, 5.500%, 05/15/32		435
	48	Series 2753, Class S, IF, 11.493%, 02/15/34		49
	87	Series 2755, Class PA, PO, 02/15/29		86
	60	Series 2755, Class SA, IF, 13.693%, 05/15/30		67
	151	Series 2776, Class SK, IF, 8.695%, 04/15/34		149
	762	Series 2777, Class KO, PO, 02/15/33		725
	300	Series 2802, Class MB, 5.500%, 11/15/31		318
	159	Series 2815, Class YS, IF, 9.546%, 01/15/34		159
	818	Series 2907, Class VC, 4.500%, 05/15/34		872
	359	Series 2934, Class EC, PO, 02/15/20		342
	281	Series 2990, Class SL, HB, IF, 23.564%, 06/15/34		401
	500	Series 2999, Class ND, 4.500%, 07/15/20		544
	365	Series 3068, Class AO, PO, 01/15/35		354
	400	Series 3117, Class EO, PO, 02/15/36		362
	50	Series 3117, Class OK, PO, 02/15/36		44
	645	Series 3122, Class OH, PO, 03/15/36		566
	556	Series 3137, Class XP, 6.000%, 04/15/36		624
	33	Series 3149, Class SO, PO, 05/15/36		29
	641	Series 3152, Class MO, PO, 03/15/36		538
	2	Series 3158, Class LX, VAR, 0.000%, 05/15/36		2
	1,000	Series 3162, Class OB, 6.000%, 11/15/30		1,044
	304	Series 3171, Class MO, PO, 06/15/36		265
	307	Series 3179, Class OA, PO, 07/15/36		261
	1,133	Series 3202, Class HI, IF, IO, 6.397%, 08/15/36		184
	316	Series 3232, Class ST, IF, IO, 6.447%, 10/15/36		43
	452	Series 3253, Class PO, PO, 12/15/21		435
	642	Series 3481, Class SJ, IF, IO, 5.597%, 08/15/38		70

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — Continued
	361	Series 3607, Class EO, PO, 02/15/33		342
	302	Series 3611, Class PO, PO, 07/15/34		276
	972	Series 3666, Class VA, 5.500%, 12/15/22		1,088
	989	Series 3680, Class MA, 4.500%, 07/15/39		1,062
	160	Federal Home Loan Mortgage Corp. STRIPS, Series 243, Class 16, IO, 4.500%, 11/15/20		17
		Federal Home Loan Mortgage Corp. Structured Pass-Through Securities,
	57	Series T-41, Class 3A, VAR, 7.500%, 07/25/32		67
	49	Series T-51, Class 2A, VAR, 7.500%, 08/25/42		58
	507	Series T-54, Class 2A, 6.500%, 02/25/43		581
	173	Series T-54, Class 3A, 7.000%, 02/25/43		202
	1,332	Series T-56, Class A5, 5.231%, 05/25/43		1,451
	47	Series T-58, Class APO, PO, 09/25/43		34
	372	Series T-76, Class 2A, VAR, 4.781%, 10/25/37		385
	196	Federal National Mortgage Association Grantor Trust, Series 2001-T10, Class A2, 7.500%, 12/25/41		227
		Federal National Mortgage Association REMICS,
	3	Series 1988-7, Class Z, 9.250%, 04/25/18		4
	14	Series 1989-70, Class G, 8.000%, 10/25/19		17
	7	Series 1989-78, Class H, 9.400%, 11/25/19		8
	4	Series 1989-83, Class H, 8.500%, 11/25/19		5
	5	Series 1989-89, Class H, 9.000%, 11/25/19		6
	2	Series 1990-1, Class D, 8.800%, 01/25/20		2
	3	Series 1990-7, Class B, 8.500%, 01/25/20		3
	3	Series 1990-60, Class K, 5.500%, 06/25/20		3
	3	Series 1990-63, Class H, 9.500%, 06/25/20		3
	2	Series 1990-93, Class G, 5.500%, 08/25/20		2
	– (h)	Series 1990-94, Class H, HB, 505.000%, 08/25/20		–	(h)
	–(h)	Series 1990-95, Class J, HB, 1,118.040%, 08/25/20		1
	16	Series 1990-102, Class J, 6.500%, 08/25/20		18
	6	Series 1990-120, Class H, 9.000%, 10/25/20		7
	1	Series 1990-134, Class SC, HB, IF, 21.178%, 11/25/20		2
	–(h)	Series 1990-140, Class K, HB, 652.145%, 12/25/20		1
	–(h)	Series 1991-7, Class K, HB, 908.500%, 02/25/21		–	(h)
	8	Series 1991-42, Class S, IF, 17.183%, 05/25/21		10
	121	Series 1992-107, Class SB, HB, IF, 29.236%, 06/25/22		219
	8	Series 1992-143, Class MA, 5.500%, 09/25/22		9
	56	Series 1993-25, Class J, 7.500%, 03/25/23		64
	336	Series 1993-37, Class PX, 7.000%, 03/25/23		379
	115	Series 1993-54, Class Z, 7.000%, 04/25/23		130
	24	Series 1993-62, Class SA, IF, 16.653%, 04/25/23		33
	31	Series 1993-122, Class M, 6.500%, 07/25/23		35
	12	Series 1993-165, Class SD, IF, 11.328%, 09/25/23		14
	51	Series 1993-178, Class PK, 6.500%, 09/25/23		58
	977	Series 1993-183, Class KA, 6.500%, 10/25/23		1,097
	395	Series 1993-189, Class PL, 6.500%, 10/25/23		443
	36	Series 1993-225, Class SG, HB, IF, 26.331%, 12/25/13		47
	83	Series 1993-247, Class SA, HB, IF, 23.645%, 12/25/23		136
	156	Series 1993-250, Class Z, 7.000%, 12/25/23		167
	193	Series 1993-257, Class C, PO, 06/25/23		188
	5	Series 1994-9, Class E, PO, 11/25/23		4
	214	Series 1996-14, Class SE, IF, IO, 8.210%, 08/25/23		30
	11	Series 1996-27, Class FC, VAR, 0.781%, 03/25/17		11
	26	Series 1996-59, Class J, 6.500%, 08/25/22		29
	77	Series 1996-59, Class K, 6.500%, 07/25/23		80
	108	Series 1997-20, Class IB, IO, VAR, 1.840%, 03/25/27		5

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — Continued
	105	Series 1997-20, Class IO, IO, VAR, 1.840%, 03/25/27		5
	53	Series 1997-27, Class J, 7.500%, 04/18/27		60
	47	Series 1997-29, Class J, 7.500%, 04/20/27		55
	108	Series 1997-39, Class PD, 7.500%, 05/20/27		125
	43	Series 1997-81, Class PI, IO, 7.000%, 12/18/27		8
	6	Series 1998-4, Class C, PO, 04/25/23		5
	75	Series 1998-36, Class ZB, 6.000%, 07/18/28		84
	501	Series 1998-43, Class EA, PO, 04/25/23		450
	257	Series 2000-2, Class ZE, 7.500%, 02/25/30		295
	107	Series 2001-4, Class PC, 7.000%, 03/25/21		118
	88	Series 2001-5, Class OW, 6.000%, 03/25/16		93
	298	Series 2001-33, Class ID, IO, 6.000%, 07/25/31		56
	228	Series 2001-36, Class DE, 7.000%, 08/25/31		261
	64	Series 2001-44, Class PD, 7.000%, 09/25/31		73
	412	Series 2001-48, Class Z, 6.500%, 09/25/21		465
	67	Series 2001-49, Class Z, 6.500%, 09/25/31		76
	174	Series 2001-71, Class MB, 6.000%, 12/25/16		188
	226	Series 2001-71, Class QE, 6.000%, 12/25/16		244
	1,233	Series 2001-74, Class MB, 6.000%, 12/25/16		1,334
	70	Series 2001-80, Class PE, 6.000%, 07/25/29		72
	52	Series 2001-81, Class LO, PO, 01/25/32		45
	142	Series 2002-1, Class HC, 6.500%, 02/25/22		152
	54	Series 2002-1, Class SA, HB, IF, 24.364%, 02/25/32		77
	100	Series 2002-2, Class UC, 6.000%, 02/25/17		108
	215	Series 2002-3, Class OG, 6.000%, 02/25/17		232
	542	Series 2002-18, Class PC, 5.500%, 04/25/17		572
	183	Series 2002-21, Class PE, 6.500%, 04/25/32		204
	358	Series 2002-24, Class AJ, 6.000%, 04/25/17		392
	165	Series 2002-28, Class PK, 6.500%, 05/25/32		186
	238	Series 2002-37, Class Z, 6.500%, 06/25/32		269
	356	Series 2002-56, Class UC, 5.500%, 09/25/17		388
	442	Series 2002-84, Class VB, 5.500%, 04/25/15		483
	24	Series 2002-91, Class UH, IO, 5.500%, 06/25/22		1
	405	Series 2002-94, Class BK, 5.500%, 01/25/18		447
	202	Series 2003-22, Class UD, 4.000%, 04/25/33		215
	162	Series 2003-34, Class GB, 6.000%, 03/25/33		184
	304	Series 2003-34, Class GE, 6.000%, 05/25/33		354
	44	Series 2003-39, Class IO, IO, VAR, 6.000%, 05/25/33		8
	405	Series 2003-47, Class PE, 5.750%, 06/25/33		457
	109	Series 2003-52, Class SX, HB, IF, 22.190%, 10/25/31		166
	165	Series 2003-64, Class SX, IF, 13.115%, 07/25/33		180
	391	Series 2003-71, Class DS, IF, 7.128%, 08/25/33		389
	448	Series 2003-73, Class GA, 3.500%, 05/25/31		464
	573	Series 2003-80, Class SY, IF, IO, 7.397%, 06/25/23		60
	405	Series 2003-83, Class PG, 5.000%, 06/25/23		436
	74	Series 2003-91, Class SD, IF, 12.078%, 09/25/33		81
	295	Series 2003-106, Class US, IF, 8.695%, 11/25/23		295
	494	Series 2003-116, Class SB, IF, IO, 7.347%, 11/25/33		87
	110	Series 2003-128, Class KE, 4.500%, 01/25/14		114
	500	Series 2003-128, Class NG, 4.000%, 01/25/19		538
	135	Series 2003-130, Class SX, IF, 11.140%, 01/25/34		145
	225	Series 2004-14, Class SD, IF, 8.695%, 03/25/34		221
	1,000	Series 2004-21, Class AE, 4.000%, 04/25/19		1,073
	54	Series 2004-21, Class CO, PO, 04/25/34		44
	405	Series 2004-25, Class PC, 5.500%, 01/25/34		460
	377	Series 2004-25, Class SA, IF, 18.828%, 04/25/34		487

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — Continued
	263	Series 2004-36, Class PC, 5.500%, 02/25/34		299
	267	Series 2004-36, Class SA, IF, 18.828%, 05/25/34		349
	207	Series 2004-46, Class SK, IF, 15.803%, 05/25/34		244
	143	Series 2004-61, Class CO, PO, 10/25/31		142
	150	Series 2004-61, Class SH, HB, IF, 22.974%, 11/25/32		215
	207	Series 2004-74, Class SW, IF, 14.993%, 11/25/31		265
	287	Series 2004-76, Class CL, 4.000%, 10/25/19		307
	1,750	Series 2004-86, Class AE, 4.500%, 02/25/32		1,862
	139	Series 2005-40, Class YA, 5.000%, 09/25/20		144
	252	Series 2005-45, Class DC, HB, IF, 23.381%, 06/25/35		398
	199	Series 2005-52, Class PA, 6.500%, 06/25/35		218
	261	Series 2005-56, Class S, IF, IO, 6.457%, 07/25/35		46
	455	Series 2005-56, Class TP, IF, 17.390%, 08/25/33		569
	1,394	Series 2005-68, Class PG, 5.500%, 08/25/35		1,564
	526	Series 2005-73, Class PS, IF, 16.066%, 08/25/35		676
	245	Series 2005-74, Class CS, IF, 19.323%, 05/25/35		322
	52	Series 2005-78, Class DS, IF, 13.076%, 03/25/35		52
	492	Series 2005-106, Class US, HB, IF, 23.637%, 11/25/35		734
	30	Series 2005-110, Class KS, IF, 14.203%, 05/25/35		30
	639	Series 2006-27, Class OH, PO, 04/25/36		564
	687	Series 2006-43, Class VB, 6.500%, 10/25/17		749
	266	Series 2006-44, Class P, PO, 12/25/33		236
	611	Series 2006-59, Class QO, PO, 01/25/33		580
	220	Series 2006-65, Class QO, PO, 07/25/36		191
	330	Series 2006-72, Class GO, PO, 08/25/36		285
	500	Series 2006-77, Class PC, 6.500%, 08/25/36		566
	262	Series 2006-79, Class DO, PO, 08/25/36		227
	645	Series 2006-110, Class PO, PO, 11/25/36		570
	1,000	Series 2006-124, Class HB, VAR, 5.988%, 11/25/36		1,097
	495	Series 2007-14, Class ES, IF, IO, 6.187%, 03/25/37		67
	288	Series 2007-79, Class SB, HB, IF, 23.087%, 08/25/37		410
	500	Series 2007-81, Class GE, 6.000%, 08/25/37		574
	280	Series 2007-83, Class PA, 6.000%, 03/25/29		283
	1,525	Series 2007-84, Class PD, 6.000%, 08/25/32		1,617
	481	Series 2007-88, Class VI, IF, IO, 6.287%, 09/25/37		73
	1,316	Series 2007-91, Class ES, IF, IO, 6.207%, 10/25/37		177
	172	Series 2007-97, Class MS, IF, 14.202%, 12/25/31		184
	540	Series 2007-101, Class A2, VAR, 0.503%, 06/27/36		536
	416	Series 2007-106, Class A7, VAR, 6.037%, 10/25/37		444
	343	Series 2007-116, Class HI, IO, VAR, 6.348%, 01/25/38		21
	237	Series 2008-10, Class XI, IF, IO, 5.977%, 03/25/38		27
	321	Series 2008-16, Class IS, IF, IO, 5.947%, 03/25/38		36
	289	Series 2008-28, Class QS, IF, 19.940%, 04/25/38		384
	390	Series 2008-46, Class HI, IO, VAR, 6.684%, 06/25/38		26
	162	Series 2008-66, Class GD, 6.000%, 06/25/30		170
	350	Series 2009-69, Class PO, PO, 09/25/39		309
	758	Series 2009-71, Class BC, 4.500%, 09/25/24		801
	660	Series 2009-103, Class MB, 4.000%, 12/25/39		697
	1,493	Series 2010-133, Class A, 5.500%, 05/25/38		1,638
	5	Series G-14, Class L, 8.500%, 06/25/21		6
	24	Series G-18, Class Z, 8.750%, 06/25/21		29
	7	Series G-22, Class G, 6.000%, 12/25/16		7
	18	Series G-35, Class M, 8.750%, 10/25/21		21
	73	Series G92-35, Class E, 7.500%, 07/25/22		84
	4	Series G92-42, Class Z, 7.000%, 07/25/22		5
	90	Series G92-44, Class ZQ, 8.000%, 07/25/22		109

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — Continued
	78	Series G92-54, Class ZQ, 7.500%, 09/25/22		89
	17	Series G93-5, Class Z, 6.500%, 02/25/23		19
	19	Series G95-1, Class C, 8.800%, 01/25/25		23
		Federal National Mortgage Association STRIPS,
	1	Series 50, Class 2, IO, 10.500%, 03/01/19		–	(h)
	5	Series 218, Class 2, IO, 7.500%, 04/01/23		1
	65	Series 329, Class 1, PO, 01/01/33		59
		Federal National Mortgage Association Whole Loan,
	6	Series 2002-W5, Class A10, IF, IO, 7.847%, 11/25/30		–	(h)
	234	Series 2003-W1, Class 1A1, 6.500%, 12/25/42		268
	65	Series 2003-W4, Class 2A, 6.500%, 10/25/42		75
	173	Series 2004-W2, Class 2A2, 7.000%, 02/25/44		205
	171	Series 2007-W7, Class 1A4, HB, IF, 37.659%, 07/25/37		290
		Government National Mortgage Association,
	61	Series 1994-3, Class PQ, 7.488%, 07/16/24		67
	210	Series 1994-4, Class KQ, 7.988%, 07/16/24		253
	406	Series 1994-7, Class PQ, 6.500%, 10/16/24		469
	95	Series 1995-3, Class DQ, 8.050%, 06/16/25		114
	23	Series 1995-7, Class CQ, 7.500%, 09/16/25		26
	180	Series 1996-16, Class E, 7.500%, 08/16/26		210
	36	Series 1998-26, Class K, 7.500%, 09/17/25		43
	524	Series 1999-10, Class ZC, 6.500%, 04/20/29		584
	64	Series 1999-30, Class S, IF, IO, 8.347%, 08/16/29		9
	56	Series 1999-41, Class Z, 8.000%, 11/16/29		67
	46	Series 1999-44, Class PC, 7.500%, 12/20/29		55
	107	Series 2000-6, Class Z, 7.500%, 02/20/30		124
	20	Series 2000-9, Class Z, 8.000%, 06/20/30		24
	455	Series 2000-9, Class ZJ, 8.500%, 02/16/30		554
	181	Series 2000-14, Class PD, 7.000%, 02/16/30		200
	49	Series 2000-16, Class ZN, 7.500%, 02/16/30		55
	265	Series 2000-37, Class B, 8.000%, 12/20/30		319
	22	Series 2000-38, Class AH, 7.150%, 12/20/30		26
	153	Series 2001-7, Class PK, 6.500%, 03/20/31		164
	9	Series 2001-32, Class WA, IF, 19.491%, 07/20/31		13
	318	Series 2001-64, Class MQ, 6.500%, 12/20/31		341
	56	Series 2002-7, Class PG, 6.500%, 01/20/32		64
	71	Series 2002-31, Class S, IF, IO, 8.447%, 01/16/31		16
	216	Series 2002-40, Class UK, 6.500%, 06/20/32		250
	210	Series 2002-47, Class PG, 6.500%, 07/16/32		243
	270	Series 2002-47, Class PY, 6.000%, 07/20/32		299
	255	Series 2002-47, Class ZA, 6.500%, 07/20/32		282
	21	Series 2002-51, Class SG, HB, IF, 31.402%, 04/20/31		37
	122	Series 2002-54, Class GB, 6.500%, 08/20/32		135
	111	Series 2003-4, Class NI, IO, 5.500%, 01/20/32		7
	138	Series 2003-4, Class NY, 5.500%, 12/20/13		148
	45	Series 2003-24, Class PO, PO, 03/16/33		39
	304	Series 2003-40, Class TJ, 6.500%, 03/20/33		356
	201	Series 2003-52, Class AP, PO, 06/16/33		173
	43	Series 2004-28, Class S, IF, 18.966%, 04/16/34		56
	88	Series 2004-68, Class PO, PO, 05/20/31		86
	181	Series 2004-71, Class SB, HB, IF, 28.220%, 09/20/34		249
	88	Series 2004-73, Class AE, IF, 14.332%, 08/17/34		104
	870	Series 2004-90, Class SI, IF, IO, 5.847%, 10/20/34		106
	257	Series 2005-68, Class DP, IF, 15.823%, 06/17/35		331
	1,725	Series 2005-68, Class KI, IF, IO, 6.047%, 09/20/35		206
	214	Series 2006-59, Class SD, IF, IO, 6.447%, 10/20/36		29
	702	Series 2007-17, Class JI, IF, IO, 6.557%, 04/16/37		100

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — Continued
	904	Series 2007-27, Class SA, IF, IO, 5.947%, 05/20/37		108
	1,436	Series 2007-40, Class SB, IF, IO, 6.497%, 07/20/37		183
	926	Series 2007-45, Class QA, IF, IO, 6.387%, 07/20/37		120
	434	Series 2007-49, Class NO, PO, 12/20/35		423
	1,136	Series 2007-50, Class AI, IF, IO, 6.522%, 08/20/37		164
	211	Series 2007-53, Class ES, IF, IO, 6.297%, 09/20/37		23
	285	Series 2007-53, Class SW, IF, 19.445%, 09/20/37		364
	562	Series 2007-57, Class QA, IF, IO, 6.247%, 10/20/37		69
	402	Series 2007-71, Class SB, IF, IO, 6.447%, 07/20/36		44
	545	Series 2007-72, Class US, IF, IO, 6.297%, 11/20/37		67
	546	Series 2007-76, Class SA, IF, IO, 6.277%, 11/20/37		67
	143	Series 2008-25, Class SB, IF, IO, 6.647%, 03/20/38		17
	309	Series 2008-33, Class XS, IF, IO, 7.447%, 04/16/38		43
	571	Series 2008-40, Class SA, IF, IO, 6.147%, 05/16/38		82
	500	Series 2008-50, Class KB, 6.000%, 06/20/38		566
	778	Series 2008-55, Class SA, IF, IO, 5.947%, 06/20/38		86
	678	Series 2008-93, Class AS, IF, IO, 5.447%, 12/20/38		68
	305	Series 2009-6, Class SA, IF, IO, 5.847%, 02/16/39		29
	311	Series 2009-14, Class NI, IO, 6.500%, 03/20/39		39
	1,191	Series 2009-22, Class SA, IF, IO, 6.017%, 04/20/39		112
	1,212	Series 2009-31, Class ST, IF, IO, 6.097%, 03/20/39		130
	1,212	Series 2009-31, Class TS, IF, IO, 6.047%, 03/20/39		114
	696	Series 2009-79, Class OK, PO, 11/16/37		630
	1,486	Series 2009-106, Class ST, IF, IO, 5.747%, 02/20/38		179
	439	Series 2010-14, Class AO, PO, 12/20/32		411
	490	Series 2010-130, Class CP, 7.000%, 10/16/40		557
	1,170	NCUA Guaranteed Notes, Series 2010-C1, Class APT, 2.650%, 10/29/20		1,165
		Vendee Mortgage Trust,
	979	Series 1993-1, Class ZB, 7.250%, 02/15/23		1,132
	389	Series 1994-1, Class 1, VAR, 5.627%, 02/15/24		424
	552	Series 1996-1, Class 1Z, 6.750%, 02/15/26		638
	184	Series 1996-2, Class 1Z, 6.750%, 06/15/26		216
	725	Series 1997-1, Class 2Z, 7.500%, 02/15/27		861
	183	Series 1998-1, Class 2E, 7.000%, 03/15/28		213
				98,613
		Non-Agency CMO — 5.3%
	90	ABN Amro Mortgage Corp., Series 2003-9, Class A2, 4.500%, 08/25/18		91
		American General Mortgage Loan Trust,
	350	Series 2009-1, Class A4, VAR, 5.750%, 09/25/48 (e)		363
	200	Series 2009-1, Class A5, VAR, 5.750%, 09/25/48 (e)		209
	400	Series 2009-1, Class A7, VAR, 5.750%, 09/25/48 (e)		398
		ASG Resecuritization Trust,
	322	Series 2009-1, Class A60, VAR, 5.434%, 06/26/37 (e)		327
	392	Series 2009-2, Class A55, VAR, 5.510%, 05/24/36 (e)		397
	745	Series 2009-3, Class A65, VAR, 5.595%, 03/26/37 (e)		750
		Banc of America Alternative Loan Trust,
	282	Series 2003-7, Class 2A4, 5.000%, 09/25/18		290
	212	Series 2003-9, Class 1CB2, 5.500%, 11/25/33		217
	67	Series 2003-11, Class PO, PO, 01/25/34		50
		Banc of America Funding Corp.,
	79	Series 2004-1, Class PO, PO, 03/25/34		58
	117	Series 2004-3, Class 1A7, 5.500%, 10/25/34		119
		Banc of America Mortgage Securities, Inc.,
	55	Series 2003-8, Class APO, PO, 11/25/33		40
	128	Series 2004-1, Class APO, PO, 02/25/34		101
	200	Series 2004-3, Class 1A26, 5.500%, 04/25/34		211
	99	Series 2004-6, Class APO, PO, 07/25/34		72

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — Continued
	943	BCAP LLC Trust, Series 2010- RR7, Class 2A1, VAR, 4.952%, 07/26/45 (e)		952
	238	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-5, Class A1, VAR, 2.340%, 08/25/35		228
	37	Citicorp Mortgage Securities, Inc., Series 2004-2, Class A1, 5.000%, 03/25/34		37
		Citigroup Mortgage Loan Trust, Inc.,
	82	Series 2003-UP3, Class A3, 7.000%, 09/25/33		83
	252	Series 2003-UST1, Class A1, 5.500%, 12/25/18		262
	49	Series 2003-UST1, Class PO1, PO, 12/25/18		40
	28	Series 2003-UST1, Class PO3, PO, 12/25/18		24
	341	Series 2008-AR4, Class 1A1A, VAR, 5.415%, 11/25/38		345
		Countrywide Alternative Loan Trust,
	387	Series 2002-8, Class A4, 6.500%, 07/25/32		381
	1,480	Series 2004-2CB, Class 1A9, 5.750%, 03/25/34		1,461
	335	Series 2004-18CB, Class 2A4, 5.700%, 09/25/34		335
	71	Series 2005-26CB, Class A10, IF, 12.591%, 07/25/35		73
	500	Series 2005-54CB, Class 1A11, 5.500%, 11/25/35		418
	300	Series 2007-21CB, Class 1A5, 6.000%, 09/25/37 (f) (i)		72
		Countrywide Home Loan Mortgage Pass-Through Trust,
	397	Series 2003-26, Class 1A6, 3.500%, 08/25/33		377
	151	Series 2003-J7, Class 4A3, IF, 9.446%, 08/25/18		149
	78	Series 2003-J13, Class PO, PO, 01/25/34		44
	176	Series 2004-5, Class 1A4, 5.500%, 06/25/34		186
	52	Series 2004-HYB3, Class 2A, VAR, 2.674%, 06/20/34		46
	514	Series 2005-22, Class 2A1, VAR, 3.105%, 11/25/35		400
	251	Series 2005-R1, Class 2APO, PO, 03/25/35 (e)		171
	181	Credit Suisse Mortgage Capital Certificates, Series 2010-15R, Class 7A1, VAR, 5.340%, 10/26/37 (e)		182
	256	CS First Boston Mortgage Securities Corp., Series 2003-23, Class 2A5, 5.000%, 10/25/18		261
	414	Deutsche ALT-A Securities, Inc. Alternate Loan Trust, Series 2005- 3, Class 1A1, VAR, 5.296%, 06/25/20		394
	75	Deutsche Mortgage Securities, Inc., Series 2004-1, Class 2APO, PO, 10/25/18		65
		First Horizon Asset Securities, Inc.,
	153	Series 2004-AR7, Class 2A1, VAR, 2.861%, 02/25/35		150
	202	Series 2004-AR7, Class 2A2, VAR, 2.861%, 02/25/35		185
	279	Series 2005-AR1, Class 2A2, VAR, 2.875%, 04/25/35		268
	500	GSR Mortgage Loan Trust, Series 2006-1F, Class 1A3, 5.500%, 02/25/36		381
	63	Impac Secured Assets CMN Owner Trust, Series 2002-2, Class APO, PO, 04/25/33		43
	448	Indymac Index Mortgage Loan Trust, Series 2005-AR11, Class A7, IO, VAR, 0.334%, 08/25/35		4
	174	JP Morgan Mortgage Trust, Series 2006-A2, Class 4A1, VAR, 2.930%, 08/25/34		174
		MASTR Adjustable Rate Mortgages Trust,
	71	Series 2004-3, Class 4A2, VAR, 2.418%, 04/25/34		65
	203	Series 2004-13, Class 2A1, VAR, 2.834%, 04/21/34		197
	214	Series 2004-13, Class 3A6, VAR, 2.899%, 11/21/34		215
		MASTR Alternative Loans Trust,
	373	Series 2003-9, Class 8A1, 6.000%, 01/25/34		362
	1,187	Series 2004-4, Class 10A1, 5.000%, 05/25/24		1,205
	53	Series 2004-7, Class 30PO, PO, 08/25/34		34
	108	Series 2004-10, Class 1A1, 4.500%, 09/25/19		109
	416	Series 2005-6, Class 3A1, 5.500%, 11/25/20		375
		MASTR Asset Securitization Trust,
	327	Series 2003-2, Class 1A1, 5.000%, 03/25/18		335
	58	Series 2004-8, Class PO, PO, 08/25/19		48

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations —Continued
		Non-Agency CMO — Continued
	334	MASTR Resecuritization Trust, Series 2005-PO, Class 3PO, PO, 05/28/35 (e)		214
	73	MortgageIT Trust, Series 2005-1, Class 1A1, VAR, 0.573%, 02/25/35		54
		Nomura Asset Acceptance Corp.,
	127	Series 2003-A1, Class A1, 5.500%, 05/25/33		129
	62	Series 2003-A1, Class A2, 6.000%, 05/25/33		64
	13	Series 2003-A1, Class A5, 7.000%, 04/25/33		14
	104	Series 2004-R2, Class A1, VAR, 6.500%, 10/25/34 (e)		106
	–(h)	Paine Webber CMO Trust, Series H, Class 4, 8.750%, 04/01/18		–	(h)
		Residential Accredit Loans, Inc.,
	554	Series 2002-QS8, Class A5, 6.250%, 06/25/17		561
	110	Series 2002-QS16, Class A3, IF, 16.093%, 10/25/17		123
	136	Series 2003-QS3, Class A2, IF, 15.942%, 02/25/18		151
	559	Series 2003-QS9, Class A3, IF, IO, 7.297%, 05/25/18		87
	472	Series 2004-QS3, Class CB, 5.000%, 03/25/19		490
	91	Series 2004-QS8, Class A2, 5.000%, 06/25/34		91
	66	Residential Asset Securitization Trust, Series 2003-A14, Class A1, 4.750%, 02/25/19		68
		Residential Funding Mortgage Securities I,
	51	Series 2003-S7, Class A17, 4.000%, 05/25/33		51
	20	Series 2003-S12, Class 4A5, 4.500%, 12/25/32		20
		Salomon Brothers Mortgage Securities VII, Inc.,
	185	Series 2003-HYB1, Class A, VAR, 3.202%, 09/25/33		187
	28	Series 2003-UP2, Class PO1, PO, 12/25/18		22
		Structured Asset Securities Corp.,
	239	Series 2003-33H, Class 1A1, 5.500%, 10/25/33		238
	275	Series 2005-6, Class 4A1, 5.000%, 05/25/35		269
	39	Series 2005-6, Class 5A8, IF, 13.393%, 05/25/35		39
		WaMu Mortgage Pass-Through Certificates,
	217	Series 2002-S8, Class 2A7, 5.250%, 01/25/18		223
	78	Series 2003-S10, Class A6, PO, 10/25/18		77
	77	Series 2003-S11, Class 2A5, IF, 16.353%, 11/25/33		86
	160	Series 2004-AR3, Class A2, VAR, 2.705%, 06/25/34		154
	389	Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2005-4, Class CB7, 5.500%, 06/25/35		328
		Washington Mutual MSC Mortgage Pass-Through Certificates,
	154	Series 2003-MS2, Class 1A1, 5.750%, 02/25/33		157
	43	Series 2003-MS7, Class P, PO, 03/25/33		35
		Wells Fargo Mortgage-Backed Securities Trust,
	70	Series 2003-11, Class 1APO, PO, 10/25/18		60
	283	Series 2003-13, Class A7, 4.500%, 11/25/18		295
	291	Series 2003-15, Class 1A1, 4.750%, 12/25/18		302
	249	Series 2003-K, Class 1A1, VAR, 4.465%, 11/25/33		248
	125	Series 2004-7, Class 2A2, 5.000%, 07/25/19		130
	281	Series 2004-BB, Class A4, VAR, 2.832%, 01/25/35		278
	211	Series 2004-EE, Class 3A1, VAR, 2.979%, 12/25/34		208
				20,388
		Total Collateralized Mortgage Obligations (Cost $111,808)		119,001
	Commercial Mortgage-Backed Securities — 1.3%
		Banc of America Commercial Mortgage, Inc.,
	150	Series 2005-3, Class AM, 4.727%, 07/10/43		145
	500	Series 2005-6, Class ASB, VAR, 5.369%, 09/10/47		533
	50	Series 2006-1, Class A4, VAR, 5.372%, 09/10/45		55
	300	Series 2006-4, Class A4, 5.634%, 07/10/46		320
		Bear Stearns Commercial Mortgage Securities,
	287	Series 2005-PWR9, Class AAB, 4.804%, 09/11/42		298
	360	Series 2006-PW11, Class A4, VAR, 5.623%, 03/11/39		392
	168	Series 2006-PW14, Class A1, 5.044%, 12/11/38		171

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — Continued
	137	Citigroup Commercial Mortgage Trust, Series 2006-C4, Class A1, VAR, 5.919%, 03/15/49		138
	300	GMAC Commercial Mortgage Securities, Inc., Series 2006-C1, Class A4, VAR, 5.238%, 11/10/45		322
	50	LB-UBS Commercial Mortgage Trust, Series 2006-C1, Class A4, 5.156%, 02/15/31		54
	474	Merrill Lynch Mortgage Trust, Series 2005-MCP1, Class ASB, VAR, 4.674%, 06/12/43		496
	22	Morgan Stanley Capital I, Series 2006-T23, Class A1, 5.682%, 08/12/41		22
	400	Morgan Stanley Reremic Trust, Series 2010-HQ4B, Class A7A, 0.000%, 04/16/40 (e)		429
	1,000	TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class A3, VAR, 6.049%, 08/15/39		1,102
	631	Wachovia Bank Commercial Mortgage Trust, Series 2004-C15, Class A2, 4.039%, 10/15/41		634
		Total Commercial Mortgage- Backed Securities (Cost $4,786)		5,111
	Corporate Bonds — 19.7%
	Consumer Discretionary — 1.0%
		Automobiles — 0.0% (g)
	100	Daimler Finance North America LLC, 7.300%, 01/15/12		107
		Hotels, Restaurants & Leisure — 0.1%
	150	McDonald’s Corp., 4.300%, 03/01/13		162
		Household Durables — 0.0% (g)
	50	Newell Rubbermaid, Inc., 4.700%, 08/15/20		51
		Media — 0.7%
		CBS Corp.,
	25	5.750%, 04/15/20		27
	135	8.875%, 05/15/19		174
	200	Comcast Cable Communications Holdings, Inc., 8.375%, 03/15/13		230
	749	Comcast Cable Holdings LLC, 9.800%, 02/01/12		820
		Comcast Corp.,
	121	5.500%, 03/15/11		123
	100	5.900%, 03/15/16		114
	50	Cox Communications, Inc., 5.450%, 12/15/14		56
	150	DirecTV Holdings LLC/DirecTV Financing Co., Inc., 4.600%, 02/15/21		150
	100	News America Holdings, Inc., 7.700%, 10/30/25		120
	100	News America, Inc., 7.250%, 05/18/18		123
	60	Thomson Reuters Corp., (Canada), 4.700%, 10/15/19		65
		Time Warner Cable, Inc.,
	100	5.850%, 05/01/17		114
	50	6.750%, 07/01/18		60
	100	8.250%, 02/14/14		118
	150	8.250%, 04/01/19		191
	223	Time Warner Entertainment Co. LP, 10.150%, 05/01/12		250
	80	Viacom, Inc., 6.250%, 04/30/16		93
				2,828
		Multiline Retail — 0.1%
	40	Kohl’s Corp., 6.250%, 12/15/17		47
	400	Target Corp., 6.000%, 01/15/18		475
				522
		Specialty Retail — 0.1%
	130	Home Depot, Inc., 5.400%, 03/01/16		148
	95	Staples, Inc., 9.750%, 01/15/14		117
				265
		Total Consumer Discretionary		3,935
	Consumer Staples — 0.7%
		Beverages — 0.2%
	75	Anheuser-Busch Cos., Inc., 5.500%, 01/15/18		84
	200	Anheuser-Busch InBev Worldwide, Inc., 7.750%, 01/15/19 (e)		257
		Coca-Cola Co. (The),
	100	3.625%, 03/15/14		107
	50	4.875%, 03/15/19		57
	70	Diageo Capital plc, (United Kingdom), 4.828%, 07/15/20		77
		Diageo Finance B.V., (Netherlands),
	30	5.300%, 10/28/15		34
	100	5.500%, 04/01/13		110
	85	FBG Finance Ltd., (Australia), 5.125%, 06/15/15 (e)		93
	6	PepsiCo, Inc., 7.900%, 11/01/18		8
	30	SABMiller plc, (United Kingdom), 6.500%, 07/01/16 (e)		36
				863
		Food & Staples Retailing — 0.0% (g)
	50	Kroger Co. (The), 7.500%, 01/15/14		59
		Food Products — 0.4%
		Bunge Ltd. Finance Corp.,
	50	5.875%, 05/15/13		54
	135	8.500%, 06/15/19		161
	14	Bunge N.A. Finance LP, 5.900%, 04/01/17		15
	100	Cargill, Inc., 6.375%, 06/01/12 (e)		107
		Kellogg Co.,

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Food Products — Continued
	100	4.250%, 03/06/13		107
	200	5.125%, 12/03/12		215
		Kraft Foods, Inc.,
	100	5.375%, 02/10/20		111
	450	6.125%, 02/01/18		530
	100	6.500%, 08/11/17		120
	150	6.750%, 02/19/14		174
				1,594
		Household Products — 0.1%
	83	Procter & Gamble - ESOP, 9.360%, 01/01/21		107
		Total Consumer Staples		2,623
	Energy — 0.8%
		Energy Equipment & Services — 0.0% (g)
	100	Transocean, Inc., (Switzerland), 6.500%, 11/15/20		109
		Oil, Gas & Consumable Fuels — 0.8%
	400	Anadarko Petroleum Corp., 7.625%, 03/15/14		452
	150	Canadian Natural Resources Ltd., (Canada), 5.900%, 02/01/18		175
	150	ConocoPhillips, 5.750%, 02/01/19		177
	100	EnCana Corp., (Canada), 6.500%, 05/15/19		121
	200	ENI S.p.A., (Italy), 4.150%, 10/01/20 (e)		202
	100	EOG Resources, Inc., 4.100%, 02/01/21		100
		Marathon Oil Corp.,
	250	5.900%, 03/15/18		288
	175	6.000%, 10/01/17		202
	40	PC Financial Partnership, 5.000%, 11/15/14		44
	97	Petro-Canada, (Canada), 6.050%, 05/15/18		112
		Shell International Finance B.V., (Netherlands),
	55	1.875%, 03/25/13		56
	184	3.100%, 06/28/15		193
	55	4.000%, 03/21/14		59
	195	4.375%, 03/25/20		211
	67	Statoil ASA, (Norway), 3.125%, 08/17/17		68
	175	Total Capital S.A., (France), 2.300%, 03/15/16		174
	250	XTO Energy, Inc., 5.750%, 12/15/13		286
				2,920
		Total Energy		3,029
	Financials — 12.2%
		Capital Markets — 3.0%
		Bank of New York Mellon Corp. (The),
	250	2.950%, 06/18/15		259
	75	4.600%, 01/15/20		81
		BlackRock, Inc.,
	325	3.500%, 12/10/14		340
	326	5.000%, 12/10/19		349
	100	Blackstone Holdings Finance Co. LLC, 5.875%, 03/15/21 (e)		100
	40	Charles Schwab Corp. (The), 4.950%, 06/01/14		44
	1,300	Credit Suisse USA, Inc., 6.125%, 11/15/11		1,367
		Goldman Sachs Group, Inc. (The),
	121	3.700%, 08/01/15		124
	202	4.750%, 07/15/13		215
	200	5.150%, 01/15/14		217
	300	5.500%, 11/15/14		328
	1,100	5.950%, 01/18/18		1,194
	486	6.600%, 01/15/12		515
	400	6.875%, 01/15/11 (c)		403
	150	7.500%, 02/15/19		175
		Jefferies Group, Inc.,
	111	3.875%, 11/09/15		110
	150	5.500%, 03/15/16		158
	125	8.500%, 07/15/19		145
		Lehman Brothers Holdings, Inc.,
	300	4.800%, 03/13/14 (d)		65
	350	6.000%, 07/19/12 (d)		76
	455	6.625%, 01/18/12 (d)		98
	75	6.750%, 12/28/17 (d)		–	(h)
		Merrill Lynch & Co., Inc.,
	200	5.000%, 01/15/15		208
	157	5.450%, 07/15/14		167
	50	6.150%, 04/25/13		54
	814	6.400%, 08/28/17		873
	266	6.875%, 04/25/18		292
		Morgan Stanley,
	104	4.000%, 07/24/15		106
	195	4.200%, 11/20/14		202
	147	4.750%, 04/01/14		153
	1,000	5.300%, 03/01/13		1,073
	166	5.500%, 07/24/20		170
	350	5.625%, 09/23/19		356
	175	5.750%, 08/31/12		186
	250	6.000%, 05/13/14		273
	100	6.625%, 04/01/18		109
	240	6.750%, 04/15/11		245
	178	Nomura Holdings, Inc., (Japan), 6.700%, 03/04/20		195
	45	Northern Trust Corp., 5.500%, 08/15/13		50
		UBS AG, (Switzerland),
	500	3.875%, 01/15/15		525
	100	5.750%, 04/25/18		111
	100	5.875%, 12/20/17		111
				11,822
		Commercial Banks — 2.8%
	100	ANZ National (International) Ltd., (New Zealand), 2.375%, 12/21/12 (e)		102
		Bank of Nova Scotia, (Canada),

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Commercial Banks — Continued
	121	1.650%, 10/29/15 (e)		119
	123	3.400%, 01/22/15		130
	136	Bank of Tokyo-Mitsubishi UFJ Ltd., (Japan), 3.850%, 01/22/15 (e)		144
		Barclays Bank plc, (United Kingdom),
	410	2.500%, 01/23/13		417
	200	2.500%, 09/21/15 (e)		197
	100	3.900%, 04/07/15		104
	200	5.200%, 07/10/14		219
	250	6.050%, 12/04/17 (e)		263
		BB&T Corp.,
	150	3.375%, 09/25/13		158
	150	3.850%, 07/27/12		157
	125	3.950%, 04/29/16		130
	100	4.900%, 06/30/17		104
	152	Branch Banking & Trust Co., 4.875%, 01/15/13		162
	1,000	Canadian Imperial Bank of Commerce, (Canada), 2.600%, 07/02/15 (e)		1,032
	55	Comerica, Inc., 3.000%, 09/16/15		55
	405	Credit Suisse, (Switzerland), 5.000%, 05/15/13		438
	350	Fifth Third Bancorp, 5.450%, 01/15/17		365
	75	KeyCorp, 6.500%, 05/14/13		82
	300	Manufacturers & Traders Trust Co., 6.625%, 12/04/17		343
	200	Marshall & Ilsley Corp., 5.350%, 04/01/11		201
		National Australia Bank Ltd., (Australia),
	200	2.500%, 01/08/13 (e)		205
	300	2.750%, 09/28/15 (e)		302
	100	3.750%, 03/02/15 (e)		105
	100	Nordea Bank AB, (Sweden), 1.750%, 10/04/13 (e)		100
		PNC Funding Corp.,
	133	4.375%, 08/11/20		135
	265	5.125%, 02/08/20		283
	110	5.250%, 11/15/15		121
	115	5.625%, 02/01/17		125
	250	Rabobank Nederland N.V., (Netherlands), 3.200%, 03/11/15 (e)		259
		SunTrust Banks, Inc.,
	270	5.250%, 11/05/12		284
	229	6.375%, 04/01/11		233
	235	Toronto-Dominion Bank (The), (Canada), 2.200%, 07/29/15 (e)		238
		U.S. Bancorp,
	150	2.000%, 06/14/13		153
	208	2.875%, 11/20/14		216
	250	Wachovia Bank N.A., 6.000%, 11/15/17		279
		Wachovia Corp.,
	235	4.875%, 02/15/14		251
	850	5.750%, 02/01/18		953
		Wells Fargo & Co.,
	500	3.750%, 10/01/14		528
	415	5.625%, 12/11/17		465
		Wells Fargo Bank N.A.,
	315	4.750%, 02/09/15		336
	81	6.450%, 02/01/11		82
	285	Westpac Banking Corp., (Australia), 4.875%, 11/19/19		305
				10,880
		Consumer Finance — 0.9%
	200	American Express Credit Corp., 7.300%, 08/20/13		226
	91	American General Finance Corp., 5.375%, 10/01/12		84
	250	Capital One Bank USA N.A., 8.800%, 07/15/19		311
		Capital One Financial Corp.,
	100	5.700%, 09/15/11		104
	245	6.250%, 11/15/13		271
	100	6.750%, 09/15/17		117
		HSBC Finance Corp.,
	200	5.250%, 01/15/14		217
	452	6.375%, 10/15/11		472
	202	6.375%, 11/27/12		220
	835	7.000%, 05/15/12		897
	233	SLM Corp., 5.375%, 01/15/13		237
	154	Toyota Motor Credit Corp., 3.200%, 06/17/15		164
	100	Volkswagen International Finance N.V., (Netherlands), 1.625%, 08/12/13 (e)		100
	202	Washington Mutual Finance Corp., 6.875%, 05/15/11		207
				3,627
		Diversified Financial Services — 3.4%
	250	Associates Corp. of North America, 6.950%, 11/01/18		278
	300	BA Covered Bond Issuer, 5.500%, 06/14/12 (e)		315
		Bank of America Corp.,
	80	5.625%, 07/01/20		80
	300	5.650%, 05/01/18		308
	170	5.750%, 12/01/17		176
	100	6.500%, 08/01/16		109
	125	7.375%, 05/15/14		140
	405	7.400%, 01/15/11		408
	425	Bank of America N.A., 5.300%, 03/15/17		430
		BP Capital Markets plc, (United Kingdom),
	100	3.125%, 03/10/12		102
	300	5.250%, 11/07/13		326
		Caterpillar Financial Services Corp.,
	150	4.850%, 12/07/12		162

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Diversified Financial Services — Continued
	100	5.500%, 03/15/16		116
	150	6.200%, 09/30/13		171
	65	7.050%, 10/01/18		81
	100	7.150%, 02/15/19		127
		Citigroup, Inc.,
	125	4.750%, 05/19/15		130
	54	5.375%, 08/09/20		55
	506	5.625%, 08/27/12		534
	700	6.000%, 08/15/17		757
	285	6.010%, 01/15/15		311
	300	6.125%, 11/21/17		327
		CME Group, Inc.,
	200	5.400%, 08/01/13		222
	100	5.750%, 02/15/14		113
	190	ConocoPhillips Canada Funding Co. I, (Canada), 5.625%, 10/15/16		222
		General Electric Capital Corp.,
	95	4.375%, 09/16/20		93
	1,600	5.250%, 10/19/12		1,717
	500	5.400%, 02/15/17		546
	300	5.625%, 05/01/18		327
	500	5.650%, 06/09/14		555
	2,078	5.875%, 02/15/12		2,194
	1,050	6.000%, 06/15/12		1,126
	100	Textron Financial Corp., 5.400%, 04/28/13		104
				12,662
		Insurance — 1.6%
		ACE INA Holdings, Inc.,
	45	2.600%, 11/23/15		45
	50	5.600%, 05/15/15		56
		American International Group, Inc.,
	385	4.250%, 05/15/13		393
	350	5.450%, 05/18/17		346
	200	5.600%, 10/18/16		202
	45	AON Corp., 3.500%, 09/30/15		46
	607	ASIF Global Financing XIX, 4.900%, 01/17/13 (e)		633
		Berkshire Hathaway Finance Corp.,
	500	4.000%, 04/15/12		522
	150	5.400%, 05/15/18		167
	90	CNA Financial Corp., 5.875%, 08/15/20		91
	405	Jackson National Life Global Funding, 6.125%, 05/30/12 (e)		430
		MassMutual Global Funding II,
	100	2.300%, 09/28/15 (e)		100
	250	3.625%, 07/16/12 (e)		260
		Metropolitan Life Global Funding I,
	150	2.875%, 09/17/12 (e)		154
	222	5.200%, 09/18/13 (e)		243
	100	5.750%, 07/25/11 (e)		103
	50	Monumental Global Funding Ltd., (Cayman Islands), 5.500%, 04/22/13 (e)		54
	121	Nationwide Financial Services, 6.250%, 11/15/11		125
	506	New York Life Global Funding, 5.375%, 09/15/13 (e)		560
	150	Pacific Life Global Funding, 5.000%, 05/15/17 (e)		158
	200	Pricoa Global Funding I, 5.450%, 06/11/14 (e)		223
	765	Principal Life Global Funding I, 6.250%, 02/15/12 (e)		802
	100	Principal Life Income Funding Trusts, 5.300%, 04/24/13		109
	405	Protective Life Secured Trusts, 4.000%, 04/01/11		410
	200	Travelers Life & Annuity Global Funding I, 5.125%, 08/15/14 (e)		221
	50	Travelers Property Casualty Corp., 5.000%, 03/15/13		54
				6,507
		Real Estate Investment Trusts (REITs) — 0.2%
		CommonWealth REIT,
	125	5.875%, 09/15/20		124
	150	6.650%, 01/15/18		161
		Simon Property Group LP,
	17	4.200%, 02/01/15		18
	40	4.375%, 03/01/21		41
	100	5.625%, 08/15/14		113
	50	5.650%, 02/01/20		56
	40	6.100%, 05/01/16		46
	50	6.125%, 05/30/18		58
	114	WEA Finance LLC/WT Finance Ltd., 6.750%, 09/02/19 (e)		131
				748
		Thrifts & Mortgage Finance — 0.3%
	25	Countrywide Financial Corp., 6.250%, 05/15/16		26
	650	Countrywide Home Loans, Inc., 4.000%, 03/22/11		657
	523	Stadshypotek AB, (Sweden), 1.450%, 09/30/13 (e)		525
				1,208
		Total Financials		47,454
	Health Care — 0.2%
		Biotechnology — 0.0% (g)
		Amgen, Inc.,
	44	4.500%, 03/15/20		47
	40	5.700%, 02/01/19		47
				94
		Health Care Equipment & Supplies — 0.1%
		Baxter International, Inc.,
	50	4.000%, 03/01/14		54
	50	4.625%, 03/15/15		56

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Health Care Equipment & Supplies — Continued
	40	Becton Dickinson and Co., 5.000%, 05/15/19		45
				155
		Health Care Providers & Services — 0.0% (g)
	50	Medco Health Solutions, Inc., 2.750%, 09/15/15		51
		WellPoint, Inc.,
	27	5.875%, 06/15/17		30
	18	7.000%, 02/15/19		22
				103
		Pharmaceuticals — 0.1%
	100	AstraZeneca plc, (United Kingdom), 5.400%, 06/01/14		113
	75	Eli Lilly & Co., 3.550%, 03/06/12		78
	150	GlaxoSmithKline Capital, Inc., 4.850%, 05/15/13		164
	75	Merck & Co., Inc., 6.000%, 09/15/17		90
				445
		Total Health Care		797
	Industrials — 0.9%
		Aerospace & Defense — 0.1%
	100	Honeywell International, Inc., 5.300%, 03/01/18		115
	250	Northrop Grumman Systems Corp., 7.125%, 02/15/11		253
	64	Systems 2001 AT LLC, (Cayman Islands), 7.156%, 12/15/11 (e)		68
				436
		Airlines — 0.0% (g)
	39	Continental Airlines, 1999-2 Class A-1 Pass-Through Trust, 7.256%, 03/15/20		43
	80	Delta Air Lines, 2010-2 Class A Pass-Through Trust, 4.950%, 05/23/19		80
				123
		Building Products — 0.0% (g)
	45	Masco Corp., 5.850%, 03/15/17		44
		Commercial Services & Supplies — 0.1%
	100	Allied Waste North America, Inc., 6.875%, 06/01/17		111
		Pitney Bowes, Inc.,
	125	4.875%, 08/15/14		134
	100	5.000%, 03/15/15		107
	50	5.600%, 03/15/18		53
	60	Waste Management, Inc., 7.375%, 03/11/19		75
				480
	100	Siemens Financieringsmaatschappij N.V., (Netherlands), 5.750%, 10/17/16 (e)		118
	50	Tyco International Finance S.A., (Luxembourg), 8.500%, 01/15/19		65
				183
		Machinery — 0.0% (g)
	50	Eaton Corp., 5.600%, 05/15/18		57
	25	PACCAR, Inc., 6.375%, 02/15/12		27
	25	Parker Hannifin Corp., 5.500%, 05/15/18		29
				113
		Road & Rail — 0.6%
		Burlington Northern Santa Fe LLC,
	19	3.600%, 09/01/20		19
	100	5.650%, 05/01/17		114
	100	7.000%, 02/01/14		116
	202	7.125%, 12/15/10		203
		CSX Corp.,
	30	6.250%, 04/01/15		35
	30	7.375%, 02/01/19		37
	690	Federal Express Corp. 1998 Pass Through Trust, 6.720%, 01/15/22		748
		Norfolk Southern Corp.,
	100	6.750%, 02/15/11		101
	50	7.700%, 05/15/17		63
	55	Ryder System, Inc., 3.600%, 03/01/16		56
		Union Pacific Corp.,
	100	4.875%, 01/15/15		110
	100	5.650%, 05/01/17		114
	250	5.700%, 08/15/18		287
	115	United Parcel Service of America, Inc., 8.375%, 04/01/20		158
				2,161
		Total Industrials		3,540
	Information Technology — 0.6%
		Communications Equipment — 0.0% (g)
	100	Cisco Systems, Inc., 5.500%, 02/22/16		117
		Computers & Peripherals — 0.4%
	256	Dell, Inc., 2.300%, 09/10/15		252
		Hewlett-Packard Co.,
	325	5.400%, 03/01/17		373
	200	6.125%, 03/01/14		229
		International Business Machines Corp.,
	150	5.700%, 09/14/17		176
	200	7.625%, 10/15/18		263
				1,293
		Electronic Equipment, Instruments & Components — 0.1%
		Arrow Electronics, Inc.,
	25	3.375%, 11/01/15		25
	150	6.875%, 07/01/13		166
				191
		Office Electronics — 0.0% (g)
	40	Xerox Corp., 6.750%, 02/01/17		47
		Software — 0.1%
	25	Intuit, Inc., 5.750%, 03/15/17		28

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Software — Continued
	120	Microsoft Corp., 1.625%, 09/25/15		119
		Oracle Corp.,
	200	5.250%, 01/15/16		230
	100	5.750%, 04/15/18		116
				493
		Total Information Technology		2,141
	Materials — 0.4%
		Chemicals — 0.3%
	100	Air Products & Chemicals, Inc., 4.150%, 02/01/13		105
		Dow Chemical Co. (The),
	38	4.250%, 11/15/20		37
	100	6.000%, 10/01/12		108
	254	6.125%, 02/01/11		256
		EI Du Pont de Nemours & Co.,
	101	1.950%, 01/15/16		100
	50	4.125%, 03/06/13		53
	100	6.000%, 07/15/18		118
	225	Monsanto Co., 7.375%, 08/15/12		249
	100	Potash Corp. of Saskatchewan, Inc., (Canada), 4.875%, 03/01/13		107
	230	Praxair, Inc., 4.625%, 03/30/15		255
				1,388
		Metals & Mining — 0.1%
		BHP Billiton Finance USA Ltd., (Australia),
	100	5.400%, 03/29/17		114
	100	6.500%, 04/01/19		122
		Rio Tinto Finance USA Ltd., (Australia),
	27	3.500%, 11/02/20		26
	50	8.950%, 05/01/14		61
				323
		Total Materials		1,711
	Telecommunication Services — 1.5%
		Diversified Telecommunication Services — 1.3%
		AT&T, Inc.,
	1,020	4.950%, 01/15/13		1,099
	135	5.100%, 09/15/14		150
	150	5.500%, 02/01/18		171
	15	BellSouth Corp., 5.200%, 09/15/14		17
	132	BellSouth Telecommunications, Inc., 6.300%, 12/15/15		143
		British Telecommunications plc, (United Kingdom),
	100	5.950%, 01/15/18		110
	830	9.375%, 12/15/10		833
	500	GTE Corp., 6.840%, 04/15/18		586
		Telecom Italia Capital S.A., (Luxembourg),
	420	4.950%, 09/30/14		439
	225	5.250%, 11/15/13		238
		Telefonica Emisiones S.A.U., (Spain),
	275	5.855%, 02/04/13		295
	30	5.877%, 07/15/19		32
	109	TELUS Corp., (Canada), 8.000%, 06/01/11		113
	100	Verizon Communications, Inc., 5.500%, 02/15/18		113
	202	Verizon Florida LLC, 6.125%, 01/15/13		222
	250	Verizon Maryland, Inc., 7.150%, 05/01/23		265
	100	Verizon New England, Inc., 4.750%, 10/01/13		108
	200	Verizon Virginia, Inc., 4.625%, 03/15/13		213
				5,147
		Wireless Telecommunication Services — 0.2%
	150	Cellco Partnership/Verizon Wireless Capital LLC, 5.550%, 02/01/14		167
		New Cingular Wireless Services, Inc.,
	194	7.875%, 03/01/11		197
	170	8.125%, 05/01/12		187
	125	Vodafone Group plc, (United Kingdom), 5.000%, 09/15/15		139
				690
		Total Telecommunication Services		5,837
	Utilities — 1.4%
		Electric Utilities — 0.9%
	81	Alabama Power Co., 4.700%, 12/01/10		81
		Carolina Power & Light Co.,
	233	5.125%, 09/15/13		258
	150	5.300%, 01/15/19		172
	100	CenterPoint Energy Houston Electric LLC, 5.750%, 01/15/14		112
	50	Cleveland Electric Illuminating Co. (The), 7.880%, 11/01/17		62
	25	Columbus Southern Power Co., 6.050%, 05/01/18		29
	30	Connecticut Light & Power Co. (The), 5.650%, 05/01/18		35
		Duke Energy Carolinas LLC,
	200	5.625%, 11/30/12		218
	205	6.250%, 01/15/12		218
	60	Duke Energy Indiana, Inc., 3.750%, 07/15/20		61
	100	Enel Finance International S.A., (Luxembourg), 5.125%, 10/07/19 (e)		103
	72	Exelon Generation Co. LLC, 4.000%, 10/01/20		70

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Electric Utilities — Continued
	150	FPL Group Capital, Inc., 7.875%, 12/15/15		185
	40	Georgia Power Co., 6.000%, 11/01/13		45
	135	Indiana Michigan Power Co., 7.000%, 03/15/19		165
	25	Jersey Central Power & Light Co., 7.350%, 02/01/19		31
	26	Kiowa Power Partners LLC, 4.811%, 12/30/13 (e)		27
	60	Nevada Power Co., 7.125%, 03/15/19		73
	40	Niagara Mohawk Power Corp., 4.881%, 08/15/19 (e)		43
	60	Nisource Finance Corp., 10.750%, 03/15/16		79
		Oncor Electric Delivery Co. LLC,
	25	5.950%, 09/01/13		28
	50	6.800%, 09/01/18		60
	125	Pacific Gas & Electric Co., 5.625%, 11/30/17		144
	60	PacifiCorp, 5.650%, 07/15/18		70
	75	Peco Energy Co., 5.350%, 03/01/18		85
	51	Public Service Co. of Colorado, 3.200%, 11/15/20		50
	200	Public Service Electric & Gas Co., 6.330%, 11/01/13		227
	40	Southern Co., 4.150%, 05/15/14		43
	30	Southwestern Public Service Co., 8.750%, 12/01/18		39
		Spectra Energy Capital LLC,
	100	5.500%, 03/01/14		110
	30	5.668%, 08/15/14		33
	140	6.200%, 04/15/18		160
	50	8.000%, 10/01/19		63
		Virginia Electric and Power Co.,
	210	5.100%, 11/30/12		227
	100	5.400%, 04/30/18		115
				3,521
		Gas Utilities — 0.2%
	50	AGL Capital Corp., 4.450%, 04/15/13		53
		Atmos Energy Corp.,
	100	5.125%, 01/15/13		106
	30	8.500%, 03/15/19		39
	50	CenterPoint Energy Resources Corp., 6.125%, 11/01/17		57
	263	Southern California Gas Co., 4.800%, 10/01/12		282
	50	Texas Eastern Transmission LP, 7.300%, 12/01/10		50
		TransCanada PipeLines Ltd., (Canada),
	100	4.000%, 06/15/13		107
	100	6.500%, 08/15/18		122
	30	7.125%, 01/15/19		38
				854
		Multi-Utilities — 0.2%
		Dominion Resources, Inc.,
	195	6.250%, 06/30/12		211
	150	8.875%, 01/15/19		200
	100	KCP&L Greater Missouri Operations Co., 11.875%, 07/01/12		114
	50	PG&E Corp., 5.750%, 04/01/14		56
	80	Sempra Energy, 8.900%, 11/15/13		95
		Wisconsin Electric Power Co.,
	30	6.000%, 04/01/14		34
	100	6.250%, 12/01/15		120
				830
		Water Utilities — 0.1%
	200	American Water Capital Corp., 6.085%, 10/15/17		230
		Total Utilities		5,435
		Total Corporate Bonds
		(Cost $72,850)		76,502
	Foreign Government Securities — 0.2%
	100	Province of Manitoba, (Canada), 2.125%, 04/22/13		103
		Province of Ontario, (Canada),
	250	2.700%, 06/16/15		260
	300	2.950%, 02/05/15		315
		Total Foreign Government Securities     (Cost $650)		678
	Mortgage Pass-Through Securities — 9.7%
		Federal Home Loan Mortgage Corp.,
	63	ARM, 2.428%, 01/01/27		66
	17	ARM, 2.625%, 07/01/26		17
	720	ARM, 2.964%, 12/01/34		756
	219	ARM, 3.651%, 01/01/37		228
	334	ARM, 5.652%, 04/01/38		354
	333	ARM, 5.741%, 09/01/36		349
	267	ARM, 5.934%, 02/01/37		283
	533	ARM, 6.011%, 06/01/36		571
	380	ARM, 6.219%, 03/01/37		403
	209	ARM, 6.248%, 09/01/36		220
	388	ARM, 6.679%, 11/01/36		418
	454	ARM, 6.783%, 08/01/36		481
		Federal Home Loan Mortgage Corp. Gold Pools, 15 Year, Single Family,
	977	4.000%, 05/01/14 - 06/01/19		1,021
	95	4.500%, 10/01/18		101
	25	5.500%, 06/01/17		27
	556	6.000%, 10/01/17 - 04/01/18		607
	1,073	6.500%, 01/01/17 - 03/01/22		1,172
	126	7.000%, 09/01/12 - 01/01/17		133
	2	7.500%, 07/01/11 - 10/01/14		2

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — Continued
		Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family,
	29	6.000%, 12/01/22		32
	152	6.500%, 12/01/13 - 08/01/26		168
	783	Federal Home Loan Mortgage Corp. Gold Pools, 30 Year FHA/VA, 10.000%, 10/01/30		934
		Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,
	154	6.000%, 01/01/34		171
	264	7.000%, 04/01/22 - 02/01/37		300
	12	7.500%, 08/01/25		14
	14	8.000%, 07/01/20 - 11/01/24		16
	39	8.500%, 07/01/28		46
		Federal Home Loan Mortgage Corp., 30 Year, Single Family,
	4	12.000%, 08/01/15 - 07/01/19		5
		Federal National Mortgage Association,
	249	ARM, 2.041%, 01/01/35		258
	9	ARM, 2.114%, 03/01/19		9
	301	ARM, 2.226%, 09/01/35		313
	348	ARM, 2.264%, 02/01/35		363
	212	ARM, 2.444%, 08/01/35		220
	185	ARM, 2.460%, 11/01/33		193
	375	ARM, 2.552%, 01/01/35		388
	257	ARM, 2.607%, 02/01/35		269
	354	ARM, 2.625%, 09/01/35		371
	214	ARM, 2.638%, 04/01/33		223
	393	ARM, 2.787%, 09/01/34		411
	389	ARM, 3.060%, 09/01/33		408
	4	ARM, 3.098%, 06/01/26		4
	370	ARM, 3.101%, 02/01/36		387
	301	ARM, 3.391%, 04/01/35		316
	27	ARM, 3.432%, 09/01/27		27
	317	ARM, 3.786%, 08/01/34		334
	27	ARM, 4.020%, 03/01/29		28
	3	ARM, 4.174%, 08/01/19		3
	334	ARM, 5.117%, 10/01/34		351
	333	ARM, 5.735%, 02/01/37		353
	261	ARM, 5.801%, 07/01/46		275
	137	ARM, 6.047%, 08/01/36		145
	227	ARM, 6.163%, 09/01/36		244
	144	ARM, 6.334%, 02/01/37		153
		Federal National Mortgage Association, 15 Year, Single Family,
	3,614	4.000%, 07/01/18 - 05/01/19		3,806
	2,590	4.500%, 05/01/18 - 05/01/19		2,759
	1,641	5.000%, 12/01/16 - 04/01/19		1,769
	766	5.500%, 01/01/20 - 06/01/20		834
	1,917	6.000%, 02/01/19 - 01/01/24		2,096
	225	6.500%, 12/01/10 - 08/01/20		246
	21	7.500%, 10/01/12		23
	9	8.000%, 11/01/12		9
		Federal National Mortgage Association, 20 Year, Single Family,
	221	6.000%, 04/01/24		244
	288	6.500%, 05/01/22		320
		Federal National Mortgage Association, 30 Year FHA/VA,
	23	6.000%, 09/01/33		25
	46	6.500%, 03/01/29		53
	29	8.500%, 08/01/27 - 02/01/30		34
	22	9.000%, 09/01/19 - 12/01/30		25
	11	9.500%, 12/01/18		13
		Federal National Mortgage Association, 30 Year, Single Family,
	258	4.500%, 08/01/33		270
	1,629	5.000%, 07/01/33 - 11/01/33		1,736
	1,257	5.500%, 09/01/33 - 12/01/33		1,362
	1,117	6.000%, 12/01/32 - 09/01/36		1,229
	91	6.500%, 08/01/31		104
	32	7.000%, 07/01/25 - 08/01/32		36
	26	7.500%, 11/01/22 - 05/01/25		30
	797	8.000%, 03/01/21 - 11/01/32		908
	15	8.500%, 07/01/24 - 06/01/25		17
	1	9.000%, 04/01/26		1
	6	10.000%, 02/01/24		6
	5	12.500%, 01/01/16		5
		Federal National Mortgage Association, Other,
	136	4.000%, 09/01/13		140
	610	5.500%, 04/01/38		651
	650	6.000%, 03/01/37		699
		Government National Mortgage Association II, 30 Year, Single Family,
	92	6.000%, 03/20/28		101
	20	7.500%, 02/20/28 - 09/20/28		23
	56	8.000%, 12/20/25 - 10/20/28		66
	32	8.500%, 03/20/25 - 05/20/25		39
		Government National Mortgage Association, 15 Year, Single Family,
	50	6.000%, 10/15/17		55
	3	7.500%, 02/15/12 - 03/15/12		3
	37	8.000%, 01/15/16		40
		Government National Mortgage Association, 30 Year, Single Family,
	925	6.000%, 11/15/28 - 12/15/38		1,035
	573	6.500%, 01/15/24 - 12/15/35		653
	564	7.000%, 08/15/23 - 06/15/35		640
	36	7.500%, 11/15/22 - 09/15/28		41
	14	8.000%, 05/15/22 - 08/15/28		17
	10	8.500%, 11/15/17		12
	18	9.000%, 08/15/16 - 11/15/24		21
	363	9.500%, 01/15/17 - 12/15/25		443
	11	12.000%, 11/15/19		12
		Total Mortgage Pass-Through Securities     (Cost $35,550)		37,592

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Supranational — 0.0% (g)
	40	Corp. Andina de Fomento, 5.200%, 05/21/13 (Cost $40)		43
	U.S. Government Agency Securities — 2.8%
	500	Federal Farm Credit Bank, 5.125%, 11/15/18		585
	1,386	Federal Home Loan Bank System, 4.720%, 09/20/12		1,465
	1,000	Federal Home Loan Mortgage Corp., 5.500%, 08/23/17		1,194
		Federal National Mortgage Association,
	1,300	07/05/14		1,226
	1,000	Zero Coupon, 06/01/17		840
	1,800	5.000%, 05/11/17		2,090
	500	5.375%, 06/12/17		592
	678	6.250%, 02/01/11		684
	500	Federal National Mortgage Association Interest Strip,11/15/21		327
		Financing Corp. Fico,
	500	Zero Coupon, 04/05/19		391
	300	Zero Coupon, 09/26/19		228
	1,000	Tennessee Valley Authority, 5.500%, 07/18/17		1,187
	333	Tennessee Valley Authority STRIP, Zero Coupon, 05/01/19		252
		Total U.S. Government Agency Securities (Cost $10,718)		11,061
	U.S. Treasury Obligations — 31.8%
		U.S. Treasury Bonds,
	50	7.250%, 05/15/16		65
	5,675	7.500%, 11/15/16		7,514
	300	8.000%, 11/15/21		442
	3,801	8.125%, 08/15/19		5,495
	320	8.500%, 02/15/20		476
	4,075	8.750%, 05/15/17		5,774
	750	8.750%, 08/15/20		1,140
	6,090	8.875%, 08/15/17		8,731
	2,899	8.875%, 02/15/19		4,324
	750	9.250%, 02/15/16		1,041
	2,355	9.875%, 11/15/15 (m)		3,312
		U.S. Treasury Bonds Principal STRIPS,
	3,500	02/15/15		3,325
	400	05/15/16		365
		U.S. Treasury Notes,
	380	1.375%, 02/15/13		387
	250	1.750%, 01/31/14		258
	500	1.875%, 02/28/14		517
	100	2.375%, 10/31/14		105
	800	2.625%, 07/31/14		848
	7,750	2.625%, 12/31/14		8,214
	300	2.625%, 02/29/16		316
	250	2.625%, 04/30/16		263
	300	3.125%, 10/31/16		322
	1,625	3.125%, 04/30/17		1,739
	1,250	3.250%, 12/31/16		1,351
	2,150	3.250%, 03/31/17		2,319
	1,950	4.750%, 08/15/17		2,284
		U.S. Treasury STRIPS,
	61	02/15/12		61
	202	11/15/13		198
	5,450	02/15/14 (m)		5,296
	12,666	05/15/14 (m)		12,242
	7,602	08/15/14 (m)		7,300
	3,518	11/15/14 (m)		3,359
	3,325	02/15/15		3,155
	95	08/15/15		89
	32	08/15/15		30
	7,452	11/15/15 (m)		6,913
	5,766	02/15/16 (m)		5,301
	1,072	05/15/16		977
	2,005	08/15/16		1,806
	300	11/15/16		268
	700	11/15/16		625
	932	02/15/17		823
	257	05/15/17		225
	100	08/15/17		87
	946	08/15/17		818
	1,960	11/15/17		1,677
	200	02/15/18		169
	495	05/15/19		396
	4,350	08/15/19		3,442
	2,000	02/15/20		1,536
	150	05/15/20		114
	4,920	05/15/20		3,728
	1,200	08/15/20		897
	100	08/15/21		71
	1,350	11/15/21		940
		Total U.S. Treasury Obligations     (Cost $115,908)		123,470
SHARES
	Short-Term Investment — 1.2%
	Investment Company — 1.2%
	4,704	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.110% (b) (l)     (Cost $4,704)		4,704
		Investment of Cash Collateral for Securities on Loan —0.1%
		Investment Company — 0.1%
	421	JPMorgan Prime Money Market Fund, Capital Shares, 0.130% (b) (l)     (Cost $421)		421

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

SHARES	SECURITY DESCRIPTION	VALUE ($)
	Total Investments — 99.6%     (Cost $365,419)		386,634
	Other Assets in Excess of Liabilities — 0.4%		1,512
	NET ASSETS — 100.0%	$	388,146

Percentages indicated are based on net assets.

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:
ARM	—	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of November 30, 2010.
CMO	—	Collateralized Mortgage Obligation
ESOP	—	Employee Stock Ownership Program
FHA	—	Federal Housing Administration
GMAC	—	General Motors Acceptance Corp.
HB	—	High Coupon Bonds (a.k.a. “IOettes”) represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO’s the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.
IF	—	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of November 30, 2010. 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.
REMICS	—	Real Estate Mortgage Investment Conduits
STRIPS	—	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
SUB	—	Step-Up Bond. The interest rate shown is the rate in
		effect as of November 30, 2010.
VA	—	Veterans Administration
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of November 30, 2010.

(b)	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)	Security, or a portion of the security, has been delivered to a counterparty as part of a security lending transaction.
(d)	Defaulted Security.
(e)	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(f)	Security is fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. The Fund owns fair valued securities with a value of approximately $72,000 which amounts to 0.0% of total investments.
(g)	Amount rounds to less than 0.1%.
(h)	Amount rounds to less than one thousand (shares or dollars).
(i)	Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.
(l)	The rate shown is the current yield as of November 30, 2010.
(m)	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, and forward foreign currency contracts.

As of November 30, 2010, 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	$	24,444
Aggregate gross unrealized depreciation		(3,229	)
Net unrealized appreciation/depreciation	$	21,215
Federal income tax cost of investments	$	365,419

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

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

• Level 1 – quoted prices in active markets for identical securities

• Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	8,051	$	—	$	8,051
Collateralized Mortgage Obligations
Agency CMO		—		98,613		—		98,613
Non-Agency CMO		—		20,316		72		20,388
Commercial Mortgage-Backed
Securities		—		5,111		—		5,111
Corporate Bonds
Consumer Discretionary		—		3,935		—		3,935
Consumer Staples		—		2,623		—		2,623
Energy		—		3,029		—		3,029
Financials		—		47,454		—		47,454
Health Care		—		797		—		797
Industrials		—		3,540		—		3,540
Information Technology		—		2,141		—		2,141
Materials		—		1,711		—		1,711
Telecommunication Services		—		5,837		—		5,837
Utilities		—		5,435		—		5,435
Total Corporate Bonds		—		76,502		—		76,502
Foreign Government Securities		—		678		—		678
Mortgage Pass-Through Securities		—		37,592		—		37,592
Supranational		—		43		—		43
U.S. Government Agency
Securities		—		11,061		—		11,061
U.S. Treasury Obligations		—		123,470		—		123,470
Short-Term Investment
Investment Company		4,704		—		—		4,704
Investment of Cash Collateral for Securities on Loan
Investment Company		421		—		—		421
Total Investments in Securities	$	5,125	$	381,437	$	72	$	386,634

There were no significant transfers between Levels 1 and 2 during the period ended November 30, 2010.

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

	Balance as  of 02/28/10		Realized gain (loss)		Change in unrealized appreciation (depreciation)			Net  amortization (accretion)		Net purchases (sales)		Transfers into Level 3		Transfers out of Level 3			Balance as of 11/30/10
Investments in Securities
Asset-Backed Securities		63		0		0			0		0		0		(63	)		0
Collateralized Mortgage Obligations		75		0		(3	)		0		0		0		—			72
Total		138		0		(3	)		0		0		0		(63	)		72

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

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

The change in unrealized appreciation (depreciation) attributable to securities owned at November 30, 2010, which were valued using significant unobservable inputs (Level 3) amounted to approximately $(3,000).

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/
	Patricia A. Maleski
	President and Principal Executive Officer
	January 28, 2011

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/
	Patricia A. Maleski
	President and Principal Executive Officer
	January 28, 2011

By:	/s/
	Joy C. Dowd
	Treasurer and Principal Financial Officer
	January 28, 2011

EX-99.CERT

EXHIBIT 99.302CERT

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

I, Patricia A. Maleski, certify that:

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

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

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant 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) for the Registrant 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 Registrant, 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 Registrant’s 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 Registrant’s 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 Registrant’s 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 Registrant’s 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 Registrant’s internal control over financial reporting.

Date: January 28, 2011	By:	/s/
		Patricia A. Maleski
		President and Principal Executive Officer

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

I, Joy C. Dowd, certify that:

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

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

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant 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) for the Registrant 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 Registrant, 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 Registrant’s 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 Registrant’s 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 Registrant’s 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 Registrant’s 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 Registrant’s internal control over financial reporting.

Date: January 28, 2011	By:	/s/
		Joy C. Dowd
		Treasurer and Principal Financial Officer