N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-21638

JPMorgan Institutional Trust

(Exact name of registrant as specified in charter)

270 Park Avenue

New York, New York 10017

(Address of principal executive offices) (Zip code)

Frank J. Nasta

270 Park Avenue

New York, New York 10017

(Name and Address of Agent for Service)

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

Date of fiscal year end: Last day of February

Date of reporting period: November 30, 2011

ITEM 1. SCHEDULE OF INVESTMENTS.

JPMorgan Institutional Trust

Schedule of Portfolio Investments as of November 30, 2011

(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., 2012.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Asset-Backed Securities — 3.0%
		AH Mortgage Advance Trust,
	2,006	Series SART-1, Class A1, 2.630%, 05/10/42 (e)		1,998
	6,667	Series SART-1, Class A2, 3.370%, 05/10/43 (e)		6,640
	3,628	Series SART-2, Class A1, 3.270%, 09/15/43 (e)		3,619
	880	Series SART-2, Class B1, 6.900%, 09/15/43 (e)		874
		Ally Auto Receivables Trust,
	1,385	Series 2010-3, Class A3, 1.110%, 10/15/14		1,391
	670	Series 2010-3, Class A4, 1.550%, 08/17/15		679
	392	Series 2010-4, Class A3, 0.910%, 11/17/14		393
	1,078	Series 2011-1, Class A2, 0.810%, 10/15/13		1,079
	720	Series 2011-1, Class A3, 1.380%, 01/15/15		726
		AmeriCredit Automobile Receivables Trust,
	443	Series 2008-AF, Class A4, 6.960%, 10/14/14		458
	152	Series 2010-1, Class A3, 1.660%, 03/17/14		153
	890	Series 2010-3, Class A3, 1.140%, 04/08/15		890
	978	Series 2010-4, Class A2, 0.960%, 05/08/14		978
	375	Series 2010-4, Class A3, 1.270%, 04/08/15		376
	604	Series 2011-1, Class A2, 0.840%, 06/09/14		604
	375	Series 2011-1, Class A3, 1.390%, 09/08/15		376
	2,248	Series 2011-3, Class A2, 0.840%, 11/10/14		2,245
	433	Series 2011-4, Class A2, 0.920%, 03/09/15		433
	1,414	Series 2011-4, Class A3, 1.170%, 05/09/16		1,410
	1,195	Series 2011-5, Class A3, 1.550%, 07/08/16		1,195
	343	Arch Bay Asset-Backed Securities, Series 2010-2, Class A, VAR, 4.125%, 04/25/57 (e)		341
		Bank of America Auto Trust,
	414	Series 2009-1A, Class A3, 2.670%, 07/15/13 (e)		415
	333	Series 2010-1A, Class A3, 1.390%, 03/15/14 (e)		334
	475	Series 2010-1A, Class A4, 2.180%, 02/15/17 (e)		484
	794	Bear Stearns Asset-Backed Securities Trust, Series 2006-SD1, Class A, VAR, 0.627%, 04/25/36		596
		CarMax Auto Owner Trust,
	543	Series 2010-1, Class A3, 1.560%, 07/15/14		546
	1,260	Series 2011-1, Class A3, 1.290%, 09/15/15		1,268
	885	Series 2011-1, Class A4, 2.160%, 09/15/16		907
	1,350	Series 2011-3, Class A3, 1.070%, 06/15/16		1,346
	586	Centex Home Equity, Series 2004- D, Class AF4, SUB, 4.680%, 06/25/32		555
	1,933	Chase Funding Mortgage Loan Asset-Backed Certificates, Series 2003-6, Class 1A7, SUB, 4.277%, 11/25/34		1,824
	1,500	Chrysler Financial Auto Securitization Trust, Series 2010- A, Class A3, 0.910%, 08/08/13		1,502
		Citibank Credit Card Issuance Trust,
	3,380	Series 2002-C2, Class C2, 6.950%, 02/18/14		3,418
	800	Series 2007-A3, Class A3, 6.150%, 06/15/39		1,096
	567	Citigroup Mortgage Loan Trust, Inc., Series 2003-HE3, Class A, VAR, 0.637%, 12/25/33		484
	1,976	Series 2011-5, Class 1A1, VAR, 0.447%, 02/25/46 (e) (f) (i)		1,801
		CNH Equipment Trust,
	270	Series 2008-B, Class A4A, 5.600%, 11/17/14		271
	22	Series 2009-C, Class A3, 1.850%, 12/16/13		22
	524	Series 2010-A, Class A3, 1.540%, 07/15/14		525
	1,445	Series 2010-C, Class A3, 1.170%, 05/15/15		1,447
	950	Series 2011-A, Class A3, 1.200%, 05/16/16		953
	747	Series 2011-A, Class A4, 2.040%, 10/17/16		764
	811	Countrywide Asset-Backed Certificates, Series 2004-6, Class M1, VAR, 0.857%, 10/25/34		410
	860	Credit Acceptance Auto Loan Trust, Series 2011-1, Class A, 2.610%, 03/15/19 (e)		859

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Asset-Backed Securities — Continued
	343	Credit-Based Asset Servicing and Securitization LLC, Series 2006- CB1, Class AF2, SUB, 5.236%, 01/25/36		181
	1,015	Discover Card Master Trust, Series 2008-A4, Class A4, 5.650%, 12/15/15		1,091
	291	First Franklin Mortgage Loan Asset-Backed Certificates, Series 2006-FF17, Class A4, VAR, 0.357%, 12/25/36		271
	1,260	Ford Credit Auto Lease Trust, Series 2011-A, Class A2, 0.740%, 09/15/13		1,259
		Ford Credit Auto Owner Trust,
	170	Series 2009-B, Class A3, 2.790%, 08/15/13		171
	500	Series 2009-B, Class A4, 4.500%, 07/15/14		518
	3,260	Fortress Opportunities Residential Transaction, Series 2011-1A, Class A1, VAR, 7.211%, 10/25/47 (e)		3,260
		Freedom Trust,
	1,066	Series 2011-1, Class A13, VAR, 1.608%, 11/30/37 (e) (f) (i)		1,007
	1,000	Series 2011-2, Class A11, VAR, 3.727%, 08/01/46 (e)		1,003
	430	GE Mortgage Services LLC, Series 1999-HE1, Class M, VAR, 6.705%, 04/25/29		390
		Harley-Davidson Motorcycle Trust,
	262	Series 2010-1, Class A2, 0.830%, 11/15/13		262
	540	Series 2010-1, Class A3, 1.160%, 02/15/15		542
		Honda Auto Receivables Owner Trust,
	93	Series 2009-2, Class A3, 2.790%, 01/15/13		93
	550	Series 2011-1, Class A4, 1.800%, 04/17/17		560
		HSBC Home Equity Loan Trust,
	1,252	Series 2006-1, Class A1, VAR, 0.415%, 01/20/36		1,166
	793	Series 2007-1, Class A2F, SUB, 5.600%, 03/20/36		798
	2,410	Series 2007-3, Class APT, VAR, 1.455%, 11/20/36		2,132
		Huntington Auto Trust,
	800	Series 2011-1A, Class A2, 0.760%, 04/15/14 (e)		800
	1,000	Series 2011-1A, Class A3, 1.010%, 01/15/16 (e)		995
	1,000	Series 2011-1A, Class A4, 1.310%, 11/15/16 (e)		993
		Hyundai Auto Receivables Trust,
	640	Series 2010-B, Class A3, 0.970%, 04/15/15		642
	710	Series 2010-B, Class A4, 1.630%, 03/15/17		719
	515	Series 2011-A, Class A3, 1.160%, 04/15/15		517
	520	Series 2011-A, Class A4, 1.780%, 12/15/15		530
	734	Series 2011-B, Class A3, 1.040%, 09/15/15		736
	824	Series 2011-B, Class A4, 1.650%, 02/15/17		838
	267	Indymac Residential Asset- Backed Trust, Series 2006-A, Class A3, VAR, 0.457%, 03/25/36		149
		John Deere Owner Trust,
	22	Series 2009-A, Class A3, 2.590%, 10/15/13		22
	490	Series 2011-A, Class A3, 1.290%, 01/15/16		494
	355	Series 2011-A, Class A4, 1.960%, 04/16/18		363
	491	LAI Vehicle Lease Securitization Trust, Series 2010-A, Class A, 2.550%, 09/15/16 (e) (f) (i)		490
	1,496	Lake Country Mortgage Loan Trust, Series 2006-HE1, Class A3, VAR, 0.607%, 07/25/34 (e)		1,423
		Long Beach Mortgage Loan Trust,
	471	Series 2006-8, Class 2A2, VAR, 0.347%, 09/25/36		137
	738	Series 2006-WL2, Class 2A3, VAR, 0.457%, 01/25/36		552
	1,328	Madison Avenue Manufactured Housing Contract, Series 2002-A, Class M2, VAR, 2.507%, 03/25/32		1,166
	1,874	MBNA Credit Card Master Note Trust, Series 2002-C1, Class C1, 6.800%, 07/15/14		1,896
	460	Mercedes-Benz Auto Receivables Trust, Series 2010-1, Class A3, 1.420%, 08/15/14		463
	1,373	NCUA Guaranteed Notes, Series 2010-A1, Class A, VAR, 0.598%, 12/07/20		1,377
	1,000	New Century Home Equity Loan Trust, Series 2003-5, Class AI6, SUB, 5.411%, 11/25/33		953
	686	Newcastle Investment Trust, Series 2011-MH1, Class A, 2.450%, 12/10/33 (e)		692

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)			SECURITY DESCRIPTION	VALUE ($)
	Asset-Backed Securities — Continued
			Nissan Auto Receivables Owner Trust,
	750		Series 2010-A, Class A3, 0.870%, 07/15/14		751
	450		Series 2010-A, Class A4, 1.310%, 09/15/16		454
	6		PennyMac Loan Trust, Series 2010-NPL1, Class A, VAR, 4.250%, 05/25/50 (e)		6
	959		Real Estate Asset Trust, Series 2011-2A, Class A1, 5.750%, 05/25/49 (e) (f) (i)		959
	300		Renaissance Home Equity Loan Trust, Series 2007-2, Class AF2, SUB, 5.675%, 06/25/37		123
	2,546		Residential Credit Solutions Trust, Series 2011-1, Class A1, 6.000%, 03/25/41 (e) (f) (i)		2,545
			Santander Drive Auto Receivables Trust,
	422		Series 2010-3, Class A2, 0.930%, 06/17/13		422
	580		Series 2010-3, Class A3, 1.200%, 06/16/14		579
	700		Series 2010-A, Class A4, 2.390%, 06/15/17 (e)		710
	537		Series 2011-S2A, Class B, 2.060%, 06/15/17 (e)		536
	833		Saxon Asset Securities Trust, Series 2003-1, Class AF6, SUB, 4.795%, 06/25/33		833
	350		Structured Asset Investment Loan Trust, Series 2005-5, Class A9, VAR, 0.527%, 06/25/35		327
	373		Structured Asset Securities Corp., Series 2002-23XS, Class A7, SUB, 6.580%, 11/25/32		379
			Toyota Auto Receivables Owner Trust,
	1,540		Series 2010-C, Class A3, 0.770%, 04/15/14		1,542
	1,435		Series 2011-A, Class A3, 0.980%, 10/15/14		1,439
	1,540		Series 2011-A, Class A4, 1.560%, 05/15/15		1,562
	413		USAA Auto Owner Trust, Series 2009-2, Class A3, 1.540%, 02/18/14		414
			Westlake Automobile Receivables Trust,
	433		Series 2011-1A, Class A2, 1.080%, 07/15/13 (e)		433
	607		Series 2011-1A, Class A3, 1.490%, 06/16/14 (e)		606
	1,370		World Omni Auto Receivables Trust, Series 2010-A, Class A4, 2.210%, 05/15/15		1,392
			Total Asset-Backed Securities (Cost $96,717)		96,348
	Collateralized Mortgage Obligations — 37.3%
			Agency CMO — 25.5%
			Federal Home Loan Banks,
	1,199		Series 2000-0606, Class Y, 5.270%, 12/28/12		1,251
	2,624		Series 2000-1067, Class 1, 5.300%, 06/15/12		2,661
	5,121		Series 9M-2012, Class A, 4.720%, 09/20/12		5,274
	1,826		Series TQ-2015, Class A, 5.065%, 10/20/15		1,999
	349		Federal Home Loan Mortgage Corp. - Government National Mortgage Association, Series 8, Class ZA, 7.000%, 03/25/23		393
			Federal Home Loan Mortgage Corp. REMICS,
	36		Series 11, Class D, 9.500%, 07/15/19		38
	16		Series 22, Class C, 9.500%, 04/15/20		18
	25		Series 23, Class F, 9.600%, 04/15/20		28
	–	(h)	Series 41, Class I, HB, 84.000%, 05/15/20		1
	2		Series 47, Class F, 10.000%, 06/15/20		2
	9		Series 99, Class Z, 9.500%, 01/15/21		10
	–	(h)	Series 204, Class E, HB, IF, 1,838.732%, 05/15/23		—	(h)
	–	(h)	Series 1045, Class G, HB, 1,066.209%, 02/15/21		1
	10		Series 1065, Class J, 9.000%, 04/15/21		12
	3		Series 1079, Class S, HB, IF, 33.150%, 05/15/21		5
	12		Series 1084, Class F, VAR, 1.200%, 05/15/21		12
	9		Series 1084, Class S, HB, IF, 44.100%, 05/15/21		17
	22		Series 1116, Class I, 5.500%, 08/15/21		24
	19		Series 1144, Class KB, 8.500%, 09/15/21		21
	–	(h)	Series 1172, Class L, HB, VAR, 1,181.250%, 11/15/21		1
	1		Series 1196, Class B, HB, IF, 1,169.001%, 01/15/22		13

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	22	Series 1250, Class J, 7.000%, 05/15/22		27
	34	Series 1343, Class LA, 8.000%, 08/15/22		41
	42	Series 1343, Class LB, 7.500%, 08/15/22		51
	72	Series 1370, Class JA, VAR, 1.400%, 09/15/22		72
	71	Series 1455, Class WB, IF, 4.550%, 12/15/22		68
	351	Series 1466, Class PZ, 7.500%, 02/15/23		402
	6	Series 1470, Class F, VAR, 2.276%, 02/15/23		6
	374	Series 1498, Class I, VAR, 1.400%, 04/15/23		374
	509	Series 1502, Class PX, 7.000%, 04/15/23		580
	67	Series 1505, Class Q, 7.000%, 05/15/23		77
	162	Series 1518, Class G, IF, 8.850%, 05/15/23		191
	52	Series 1541, Class M, HB, IF, 22.463%, 07/15/23		72
	143	Series 1541, Class O, VAR, 1.370%, 07/15/23		144
	14	Series 1570, Class F, VAR, 2.776%, 08/15/23		15
	523	Series 1573, Class PZ, 7.000%, 09/15/23		596
	334	Series 1591, Class PV, 6.250%, 10/15/23		352
	14	Series 1595, Class D, 7.000%, 10/15/13		14
	46	Series 1596, Class D, 6.500%, 10/15/13		48
	27	Series 1602, Class SA, HB, IF, 21.938%, 10/15/23		46
	11	Series 1607, Class SA, HB, IF, 20.128%, 10/15/13		12
	1,418	Series 1608, Class L, 6.500%, 09/15/23		1,612
	348	Series 1609, Class LG, IF, 16.792%, 11/15/23		413
	797	Series 1638, Class H, 6.500%, 12/15/23		916
	623	Series 1642, Class PJ, 6.000%, 11/15/23		640
	14	Series 1671, Class QC, IF, 10.000%, 02/15/24		16
	18	Series 1686, Class SH, IF, 18.675%, 02/15/24		27
	220	Series 1695, Class EB, 7.000%, 03/15/24		251
	41	Series 1699, Class FC, VAR, 0.850%, 03/15/24		42
	227	Series 1700, Class GA, PO, 02/15/24		205
	586	Series 1706, Class K, 7.000%, 03/15/24		675
	20	Series 1709, Class FA, VAR, 1.350%, 03/15/24		20
	56	Series 1745, Class D, 7.500%, 08/15/24		64
	1,446	Series 1760, Class ZD, VAR, 1.700%, 02/15/24		1,511
	508	Series 1798, Class F, 5.000%, 05/15/23		555
	8	Series 1807, Class G, 9.000%, 10/15/20		9
	141	Series 1829, Class ZB, 6.500%, 03/15/26		152
	11	Series 1844, Class E, 6.500%, 10/15/13		12
	143	Series 1863, Class Z, 6.500%, 07/15/26		163
	39	Series 1865, Class D, PO, 02/15/24		30
	91	Series 1890, Class H, 7.500%, 09/15/26		105
	276	Series 1899, Class ZE, 8.000%, 09/15/26		320
	14	Series 1935, Class FL, VAR, 0.950%, 02/15/27		15
	203	Series 1963, Class Z, 7.500%, 01/15/27		235
	29	Series 1970, Class PG, 7.250%, 07/15/27		33
	317	Series 1981, Class Z, 6.000%, 05/15/27		345
	127	Series 1987, Class PE, 7.500%, 09/15/27		148
	336	Series 2019, Class Z, 6.500%, 12/15/27		387
	30	Series 2025, Class PE, 6.300%, 01/15/13		30
	105	Series 2033, Class SN, HB, IF, 25.701%, 03/15/24		69
	281	Series 2038, Class PN, IO, 7.000%, 03/15/28		50
	557	Series 2040, Class PE, 7.500%, 03/15/28		648
	96	Series 2043, Class CJ, 6.500%, 04/15/28		110
	441	Series 2054, Class PV, 7.500%, 05/15/28		448
	76	Series 2055, Class OE, 6.500%, 05/15/13		76

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	856	Series 2075, Class PH, 6.500%, 08/15/28		983
	962	Series 2075, Class PM, 6.250%, 08/15/28		1,010
	338	Series 2086, Class GB, 6.000%, 09/15/28		352
	368	Series 2089, Class PJ, IO, 7.000%, 10/15/28		66
	1,355	Series 2095, Class PE, 6.000%, 11/15/28		1,527
	209	Series 2102, Class TC, 6.000%, 12/15/13		216
	137	Series 2102, Class TU, 6.000%, 12/15/13		143
	551	Series 2115, Class PE, 6.000%, 01/15/14		561
	427	Series 2125, Class JZ, 6.000%, 02/15/29		451
	91	Series 2132, Class SB, HB, IF, 29.485%, 03/15/29		151
	61	Series 2134, Class PI, IO, 6.500%, 03/15/19		9
	15	Series 2135, Class UK, IO, 6.500%, 03/15/14		1
	413	Series 2136, Class PG, 6.000%, 03/15/29		466
	49	Series 2141, Class IO, IO, 7.000%, 04/15/29		9
	113	Series 2163, Class PC, IO, 7.500%, 06/15/29		23
	1,370	Series 2169, Class TB, 7.000%, 06/15/29		1,588
	612	Series 2172, Class QC, 7.000%, 07/15/29		710
	565	Series 2176, Class OJ, 7.000%, 08/15/29		649
	316	Series 2201, Class C, 8.000%, 11/15/29		379
	255	Series 2209, Class TC, 8.000%, 01/15/30		297
	436	Series 2210, Class Z, 8.000%, 01/15/30		518
	109	Series 2224, Class CB, 8.000%, 03/15/30		131
	264	Series 2230, Class Z, 8.000%, 04/15/30		309
	219	Series 2234, Class PZ, 7.500%, 05/15/30		256
	188	Series 2247, Class Z, 7.500%, 08/15/30		220
	268	Series 2256, Class MC, 7.250%, 09/15/30		311
	547	Series 2259, Class ZM, 7.000%, 10/15/30		636
	16	Series 2261, Class ZY, 7.500%, 10/15/30		18
	61	Series 2262, Class Z, 7.500%, 10/15/30		71
	564	Series 2271, Class PC, 7.250%, 12/15/30		656
	1,050	Series 2283, Class K, 6.500%, 12/15/23		1,126
	298	Series 2296, Class PD, 7.000%, 03/15/31		347
	93	Series 2306, Class K, PO, 05/15/24		86
	219	Series 2306, Class SE, IF, IO, 8.400%, 05/15/24		48
	290	Series 2313, Class LA, 6.500%, 05/15/31		312
	610	Series 2325, Class PM, 7.000%, 06/15/31		667
	1,002	Series 2344, Class QG, 6.000%, 08/15/16		1,069
	3,446	Series 2344, Class ZD, 6.500%, 08/15/31		3,802
	315	Series 2344, Class ZJ, 6.500%, 08/15/31		348
	274	Series 2345, Class NE, 6.500%, 08/15/31		287
	305	Series 2345, Class PQ, 6.500%, 08/15/16		320
	360	Series 2351, Class PZ, 6.500%, 08/15/31		385
	3,287	Series 2353, Class AZ, 6.000%, 09/15/31		3,485
	394	Series 2353, Class TD, 6.000%, 09/15/16		415
	333	Series 2355, Class BP, 6.000%, 09/15/16		355
	206	Series 2359, Class PM, 6.000%, 09/15/16		216
	1,334	Series 2359, Class ZB, 8.500%, 06/15/31		1,577
	611	Series 2360, Class PG, 6.000%, 09/15/16		655
	139	Series 2363, Class PF, 6.000%, 09/15/16		149
	259	Series 2366, Class MD, 6.000%, 10/15/16		278
	509	Series 2367, Class ME, 6.500%, 10/15/31		558
	949	Series 2391, Class QR, 5.500%, 12/15/16		1,011
	374	Series 2394, Class MC, 6.000%, 12/15/16		401
	1,081	Series 2396, Class FM, VAR, 0.698%, 12/15/31		1,086

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	635	Series 2399, Class OH, 6.500%, 01/15/32		703
	1,083	Series 2399, Class TH, 6.500%, 01/15/32		1,200
	920	Series 2410, Class NG, 6.500%, 02/15/32		1,028
	317	Series 2410, Class OE, 6.375%, 02/15/32		348
	719	Series 2410, Class QS, IF, 18.855%, 02/15/32		898
	291	Series 2410, Class QX, IF, IO, 8.402%, 02/15/32		78
	813	Series 2412, Class SP, IF, 15.604%, 02/15/32		1,016
	1,274	Series 2420, Class XK, 6.500%, 02/15/32		1,409
	686	Series 2423, Class MC, 7.000%, 03/15/32		760
	695	Series 2423, Class MT, 7.000%, 03/15/32		770
	364	Series 2425, Class OB, 6.000%, 03/15/17		392
	1,748	Series 2430, Class WF, 6.500%, 03/15/32		2,015
	911	Series 2434, Class TC, 7.000%, 04/15/32		1,037
	565	Series 2435, Class CJ, 6.500%, 04/15/32		657
	45	Series 2435, Class VH, 6.000%, 07/15/19		45
	807	Series 2436, Class MC, 7.000%, 04/15/32		934
	592	Series 2444, Class ES, IF, IO, 7.702%, 03/15/32		120
	371	Series 2450, Class GZ, 7.000%, 05/15/32		432
	474	Series 2450, Class SW, IF, IO, 7.752%, 03/15/32		101
	2,491	Series 2455, Class GK, 6.500%, 05/15/32		2,851
	241	Series 2458, Class QE, 5.500%, 06/15/17		256
	777	Series 2462, Class JG, 6.500%, 06/15/32		893
	2,129	Series 2464, Class SI, IF, IO, 7.752%, 02/15/32		387
	518	Series 2466, Class PG, 6.500%, 04/15/32		544
	942	Series 2466, Class PH, 6.500%, 06/15/32		1,093
	787	Series 2474, Class NR, 6.500%, 07/15/32		894
	1,109	Series 2484, Class LZ, 6.500%, 07/15/32		1,274
	1,874	Series 2500, Class MC, 6.000%, 09/15/32		2,061
	124	Series 2503, Class BH, 5.500%, 09/15/17		133
	639	Series 2508, Class AQ, 5.500%, 10/15/17		687
	1,130	Series 2512, Class PG, 5.500%, 10/15/22		1,233
	15	Series 2513, Class TG, 6.000%, 02/15/32		16
	23	Series 2513, Class YO, PO, 02/15/32		23
	545	Series 2515, Class DE, 4.000%, 03/15/32		558
	472	Series 2518, Class PX, 5.500%, 09/15/13		484
	678	Series 2535, Class BK, 5.500%, 12/15/22		741
	1,396	Series 2537, Class TE, 5.500%, 12/15/17		1,491
	2,024	Series 2543, Class YX, 6.000%, 12/15/32		2,292
	2,163	Series 2544, Class HC, 6.000%, 12/15/32		2,417
	2,532	Series 2552, Class ME, 6.000%, 01/15/33		2,819
	1,481	Series 2567, Class QD, 6.000%, 02/15/33		1,691
	1,690	Series 2568, Class KG, 5.500%, 02/15/23		1,861
	212	Series 2571, Class SK, HB, IF, 33.431%, 09/15/23		371
	3,767	Series 2575, Class ME, 6.000%, 02/15/33		4,299
	683	Series 2586, Class WI, IO, 6.500%, 03/15/33		124
	1,833	Series 2587, Class WX, 5.000%, 03/15/18		2,006
	560	Series 2594, Class VQ, 6.000%, 08/15/20		565
	1,380	Series 2596, Class QG, 6.000%, 03/15/33		1,531
	170	Series 2597, Class DS, IF, IO, 7.302%, 02/15/33		8
	188	Series 2599, Class DS, IF, IO, 6.752%, 02/15/33		8
	703	Series 2610, Class DS, IF, IO, 6.852%, 03/15/33		18
	307	Series 2611, Class SH, IF, IO, 7.402%, 10/15/21		3
	912	Series 2611, Class UH, 4.500%, 05/15/18		965
	60	Series 2617, Class AK, 4.500%, 05/15/18		60

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	1,475	Series 2617, Class GR, 4.500%, 05/15/18		1,576
	79	Series 2619, Class HR, 3.500%, 11/15/31		81
	62	Series 2619, Class IM, IO, 5.000%, 10/15/21		—	(h)
	2,895	Series 2626, Class NS, IF, IO, 6.302%, 06/15/23		263
	1,875	Series 2631, Class LC, 4.500%, 06/15/18		2,010
	822	Series 2636, Class Z, 4.500%, 06/15/18		878
	960	Series 2637, Class SA, IF, IO, 5.852%, 06/15/18		95
	159	Series 2638, Class DS, IF, 8.352%, 07/15/23		174
	737	Series 2640, Class UG, IO, 5.000%, 01/15/32		56
	1,675	Series 2640, Class UP, IO, 5.000%, 01/15/32		121
	9	Series 2640, Class UR, IO, 4.500%, 08/15/17		—	(h)
	3,480	Series 2645, Class BI, IO, 4.500%, 02/15/18		175
	779	Series 2650, Class PO, PO, 12/15/32		733
	2,681	Series 2650, Class SO, PO, 12/15/32		2,511
	1,338	Series 2651, Class VZ, 4.500%, 07/15/18		1,428
	1,884	Series 2672, Class ME, 5.000%, 11/15/22		2,018
	96	Series 2672, Class SJ, IF, 6.935%, 09/15/16		96
	5,661	Series 2675, Class CK, 4.000%, 09/15/18		5,997
	1,117	Series 2682, Class YS, IF, 8.631%, 10/15/33		1,095
	16,600	Series 2684, Class PO, PO, 01/15/33		15,225
	308	Series 2684, Class TO, PO, 10/15/33		301
	341	Series 2686, Class NS, IF, IO, 7.352%, 10/15/21		8
	422	Series 2690, Class SJ, IF, 8.778%, 10/15/33		418
	1,538	Series 2691, Class ME, 4.500%, 04/15/32		1,649
	533	Series 2691, Class WS, IF, 8.628%, 10/15/33		523
	664	Series 2692, Class SC, IF, 12.791%, 07/15/33		744
	819	Series 2695, Class DE, 4.000%, 01/15/17		830
	1,199	Series 2695, Class DG, 4.000%, 10/15/18		1,286
	293	Series 2695, Class OB, PO, 10/15/33		249
	278	Series 2696, Class CO, PO, 10/15/18		260
	178	Series 2700, Class S, IF, 8.628%, 11/15/33		175
	1,205	Series 2702, Class PC, 5.000%, 01/15/23		1,278
	440	Series 2705, Class SC, IF, 8.628%, 11/15/33		432
	831	Series 2705, Class SD, IF, 8.681%, 11/15/33		786
	2,000	Series 2710, Class HB, 5.500%, 11/15/23		2,254
	1,712	Series 2715, Class OG, 5.000%, 01/15/23		1,838
	2,853	Series 2716, Class UN, 4.500%, 12/15/23		3,101
	1,335	Series 2720, Class PC, 5.000%, 12/15/23		1,448
	5,621	Series 2727, Class BS, IF, 8.703%, 01/15/34		5,537
	1,705	Series 2744, Class PE, 5.500%, 02/15/34		1,859
	2,564	Series 2744, Class TU, 5.500%, 05/15/32		2,719
	579	Series 2751, Class BA, 4.000%, 10/15/18		589
	965	Series 2755, Class PA, PO, 02/15/29		952
	1,036	Series 2755, Class SA, IF, 13.704%, 05/15/30		1,143
	1,000	Series 2764, Class TE, 5.000%, 10/15/32		1,066
	150	Series 2771, Class FG, VAR, 0.000%, 03/15/34		143
	38	Series 2776, Class SK, IF, 8.703%, 04/15/34		38
	1,372	Series 2777, Class OM, PO, 12/15/32		1,290
	1,044	Series 2778, Class US, IF, IO, 6.952%, 06/15/33		28
	234	Series 2780, Class JG, 4.500%, 04/15/19		244
	1,284	Series 2783, Class AT, 4.000%, 04/15/19		1,386
	487	Series 2809, Class UB, 4.000%, 09/15/17		493
	5,515	Series 2809, Class UC, 4.000%, 06/15/19		5,901
	686	Series 2812, Class NO, PO, 10/15/33		584

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	1,014	Series 2827, Class XO, PO, 01/15/23		983
	215	Series 2835, Class QO, PO, 12/15/32		195
	931	Series 2840, Class JO, PO, 06/15/23		903
	780	Series 2850, Class SN, IF, IO, 6.902%, 09/15/18		48
	260	Series 2870, Class KC, 4.250%, 05/15/18		264
	1,706	Series 2872, Class JE, 4.500%, 02/15/18		1,747
	1,445	Series 2922, Class JN, 4.500%, 02/15/20		1,538
	1,594	Series 2934, Class EC, PO, 02/15/20		1,509
	166	Series 2934, Class EN, PO, 02/15/18		162
	1,328	Series 2934, Class HI, IO, 5.000%, 02/15/20		147
	1,343	Series 2934, Class KI, IO, 5.000%, 02/15/20		147
	856	Series 2958, Class QD, 4.500%, 04/15/20		937
	1,500	Series 2962, Class BE, 4.500%, 04/15/20		1,656
	3,425	Series 2965, Class GD, 4.500%, 04/15/20		3,778
	2,087	Series 2971, Class GB, 5.000%, 11/15/16		2,109
	856	Series 2971, Class GC, 5.000%, 07/15/18		898
	439	Series 2989, Class PO, PO, 06/15/23		425
	4,281	Series 3004, Class EK, 5.500%, 07/15/35		4,611
	194	Series 3007, Class AI, IO, 5.500%, 07/15/24		15
	211	Series 3014, Class OD, PO, 08/15/35		186
	80	Series 3044, Class VO, PO, 10/15/35		77
	2,290	Series 3047, Class OB, 5.500%, 12/15/33		2,415
	944	Series 3047, Class OD, 5.500%, 10/15/35		1,132
	1,257	Series 3049, Class XF, VAR, 0.598%, 05/15/33		1,260
	3,095	Series 3064, Class MC, 5.500%, 11/15/35		3,681
	939	Series 3064, Class OB, 5.500%, 07/15/29		961
	489	Series 3068, Class AO, PO, 01/15/35		473
	1,299	Series 3068, Class QB, 4.500%, 06/15/20		1,384
	2,141	Series 3074, Class BH, 5.000%, 11/15/35		2,461
	1,737	Series 3085, Class WF, VAR, 1.048%, 08/15/35		1,759
	364	Series 3100, Class MA, VAR, 3.688%, 12/15/35		356
	2,016	Series 3102, Class FB, VAR, 0.548%, 01/15/36		2,021
	456	Series 3102, Class HS, HB, IF, 23.658%, 01/15/36		644
	2,045	Series 3117, Class EO, PO, 02/15/36		1,916
	1,323	Series 3117, Class OK, PO, 02/15/36		1,191
	127	Series 3122, Class ZB, 6.000%, 03/15/36		139
	2,750	Series 3131, Class BK, 5.500%, 03/15/26		3,105
	494	Series 3134, Class PO, PO, 03/15/36		448
	2,297	Series 3138, Class PO, PO, 04/15/36		2,117
	123	Series 3149, Class SO, PO, 05/15/36		98
	2,055	Series 3151, Class UC, 5.500%, 08/15/35		2,290
	1,122	Series 3152, Class MO, PO, 03/15/36		936
	256	Series 3171, Class MO, PO, 06/15/36		232
	2,689	Series 3179, Class OA, PO, 07/15/36		2,471
	1,177	Series 3194, Class SA, IF, IO, 6.852%, 07/15/36		164
	1,446	Series 3211, Class SO, PO, 09/15/36		1,294
	726	Series 3218, Class AO, PO, 09/15/36		638
	2,705	Series 3219, Class DI, IO, 6.000%, 04/15/36		411
	1,500	Series 3229, Class HE, 5.000%, 10/15/26		1,700
	1,867	Series 3232, Class ST, IF, IO, 6.452%, 10/15/36		282
	944	Series 3233, Class OP, PO, 05/15/36		886
	1,500	Series 3242, Class NE, 5.750%, 02/15/34		1,599
	878	Series 3256, Class PO, PO, 12/15/36		780
	2,061	Series 3260, Class CS, IF, IO, 5.892%, 01/15/37		301

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	993	Series 3261, Class OA, PO, 01/15/37		867
	1,357	Series 3274, Class JO, PO, 02/15/37		1,256
	641	Series 3275, Class FL, VAR, 0.688%, 02/15/37		643
	2,765	Series 3290, Class SB, IF, IO, 6.202%, 03/15/37		429
	2,618	Series 3315, Class HZ, 6.000%, 05/15/37		3,119
	2,000	Series 3316, Class GD, 5.500%, 06/15/35		2,183
	278	Series 3318, Class AO, PO, 05/15/37		254
	577	Series 3326, Class JO, PO, 06/15/37		528
	1,642	Series 3331, Class PO, PO, 06/15/37		1,497
	889	Series 3334, Class MC, 5.000%, 04/15/33		899
	2,256	Series 3385, Class SN, IF, IO, 5.752%, 11/15/37		289
	1,891	Series 3387, Class SA, IF, IO, 6.172%, 11/15/37		239
	2,692	Series 3404, Class SC, IF, IO, 5.752%, 01/15/38		351
	8,355	Series 3422, Class AI, SUB, 0.250%, 01/15/38		42
	2,298	Series 3424, Class PI, IF, IO, 6.552%, 04/15/38		393
	5,688	Series 3430, Class AI, IO, 1.417%, 09/15/12		41
	2,621	Series 3481, Class SJ, IF, IO, 5.602%, 08/15/38		346
	3,111	Series 3505, Class SA, IF, IO, 5.752%, 01/15/39		379
	3,547	Series 3511, Class SA, IF, IO, 5.752%, 02/15/39		434
	1,756	Series 3549, Class FA, VAR, 1.448%, 07/15/39		1,768
	1,000	Series 3607, Class BO, PO, 04/15/36		909
	1,782	Series 3607, Class OP, PO, 07/15/37		1,582
	1,328	Series 3607, Class PO, PO, 05/15/37		1,130
	558	Series 3611, Class PO, PO, 07/15/34		509
	1,261	Series 3621, Class BO, PO, 01/15/40		1,162
	3,674	Series 3739, Class LI, IO, 4.000%, 03/15/34		303
	9,201	Series 3747, Class HI, IO, 4.500%, 07/15/37		1,027
	1,000	Series 3747, Class PY, 4.000%, 10/15/40		1,044
	4,717	Series 3759, Class HI, IO, 4.000%, 08/15/37		617
	5,642	Series 3760, Class GI, IO, 4.000%, 10/15/37		821
	789	Series 3798, Class BF, VAR, 0.548%, 06/15/24		790
	5,204	Series 3819, Class ZQ, 6.000%, 04/15/36		6,082
	984	Series 3852, Class QN, IF, 5.500%, 05/15/41		1,061
	2,804	Series 3852, Class TP, IF, 5.500%, 05/15/41		3,075
	1,667	Series 3957, Class B, 4.000%, 11/15/41		1,769
		Federal Home Loan Mortgage Corp. STRIPS,
	4	Series 134, Class B, IO, 9.000%, 04/01/22		1
	3,950	Series 233, Class 11, IO, 5.000%, 09/15/35		570
	5,629	Series 233, Class 13, IO, 5.000%, 09/15/35		816
	1,024	Series 243, Class 16, IO, 4.500%, 11/15/20		73
	2,279	Series 243, Class 17, IO, 4.500%, 12/15/20		166
		Federal Home Loan Mortgage Corp. Structured Pass-Through Securities,
	707	Series T-41, Class 3A, VAR, 7.018%, 07/25/32		798
	428	Series T-51, Class 2A, VAR, 7.500%, 08/25/42		507
	2,197	Series T-54, Class 2A, 6.500%, 02/25/43		2,455
	734	Series T-54, Class 3A, 7.000%, 02/25/43		859
	315	Series T-58, Class APO, PO, 09/25/43		241
	724	Series T-59, Class 1AP, PO, 10/25/43		571
	2,646	Series T-76, Class 2A, VAR, 4.756%, 10/25/37		2,720
		Federal National Mortgage Association,
	1,299	Series 2011-M2, Class A2, 3.645%, 07/25/21		1,358
	8,500	Series 2011-M2, Class A3, 3.764%, 07/25/21		8,924
		Federal National Mortgage Association Grantor Trust,
	1,098	Series 2002-T19, Class A2, 7.000%, 07/25/42		1,247

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)			SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
			Agency CMO — Continued
	1,041		Series 2004-T3, Class 1A3, 7.000%, 02/25/44		1,208
			Federal National Mortgage Association REMICS,
	10		Series 1988-7, Class Z, 9.250%, 04/25/18		11
	22		Series 1989-70, Class G, 8.000%, 10/25/19		25
	9		Series 1989-78, Class H, 9.400%, 11/25/19		10
	13		Series 1989-83, Class H, 8.500%, 11/25/19		15
	13		Series 1989-89, Class H, 9.000%, 11/25/19		16
	12		Series 1990-1, Class D, 8.800%, 01/25/20		14
	2		Series 1990-60, Class K, 5.500%, 06/25/20		2
	5		Series 1990-63, Class H, 9.500%, 06/25/20		6
	4		Series 1990-93, Class G, 5.500%, 08/25/20		4
	–	(h)	Series 1990-94, Class H, HB, 505.000%, 08/25/20		1
	–	(h)	Series 1990-95, Class J, HB, 1,118.040%, 08/25/20		2
	26		Series 1990-102, Class J, 6.500%, 08/25/20		29
	34		Series 1990-120, Class H, 9.000%, 10/25/20		39
	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		4
	–	(h)	Series 1991-7, Class K, HB, 908.500%, 02/25/21		1
	15		Series 1991-24, Class Z, 5.000%, 03/25/21		16
	2		Series 1992-101, Class J, 7.500%, 06/25/22		2
	65		Series 1992-136, Class PK, 6.000%, 08/25/22		72
	62		Series 1992-143, Class MA, 5.500%, 09/25/22		69
	164		Series 1992-163, Class M, 7.750%, 09/25/22		188
	271		Series 1992-188, Class PZ, 7.500%, 10/25/22		310
	112		Series 1993-21, Class KA, 7.700%, 03/25/23		128
	167		Series 1993-25, Class J, 7.500%, 03/25/23		192
	44		Series 1993-27, Class SA, IF, 15.500%, 02/25/23		53
	66		Series 1993-62, Class SA, IF, 17.556%, 04/25/23		94
	35		Series 1993-165, Class SD, IF, 12.149%, 09/25/23		41
	77		Series 1993-165, Class SK, IF, 12.500%, 09/25/23		94
	28		Series 1993-167, Class GA, 7.000%, 09/25/23		28
	51		Series 1993-179, Class SB, HB, IF, 24.167%, 10/25/23		77
	34		Series 1993-179, Class SC, IF, 10.500%, 10/25/23		38
	142		Series 1993-199, Class FA, VAR, 0.831%, 10/25/23		143
	97		Series 1993-205, Class H, PO, 09/25/23		86
	81		Series 1993-220, Class SG, IF, 15.437%, 11/25/13		88
	151		Series 1993-225, Class UB, 6.500%, 12/25/23		166
	50		Series 1993-230, Class FA, VAR, 0.881%, 12/25/23		50
	146		Series 1993-247, Class FE, VAR, 1.281%, 12/25/23		149
	68		Series 1993-247, Class SU, IF, 11.674%, 12/25/23		80
	211		Series 1993-250, Class Z, 7.000%, 12/25/23		222
	376		Series 1993-257, Class C, PO, 06/25/23		374
	581		Series 1994-37, Class L, 6.500%, 03/25/24		676
	2,809		Series 1994-40, Class Z, 6.500%, 03/25/24		3,128
	107		Series 1995-2, Class Z, 8.500%, 01/25/25		123
	269		Series 1995-19, Class Z, 6.500%, 11/25/23		320
	593		Series 1996-14, Class SE, IF, IO, 8.550%, 08/25/23		132
	20		Series 1996-27, Class FC, VAR, 0.781%, 03/25/17		20
	58		Series 1996-59, Class J, 6.500%, 08/25/22		64
	592		Series 1997-20, Class IO, IO, VAR, 1.840%, 03/25/27		21
	43		Series 1997-27, Class J, 7.500%, 04/18/27		48
	71		Series 1997-29, Class J, 7.500%, 04/20/27		79
	470		Series 1997-39, Class PD, 7.500%, 05/20/27		542
	123		Series 1997-42, Class EN, 7.250%, 07/18/27		127

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	61	Series 1997-42, Class ZC, 6.500%, 07/18/27		69
	962	Series 1997-61, Class ZC, 7.000%, 02/25/23		1,084
	179	Series 1997-81, Class PI, IO, 7.000%, 12/18/27		32
	25	Series 1998-4, Class C, PO, 04/25/23		23
	531	Series 1998-36, Class ZB, 6.000%, 07/18/28		597
	205	Series 1998-43, Class SA, IF, IO, 18.473%, 04/25/23		94
	334	Series 1998-66, Class SB, IF, IO, 7.893%, 12/25/28		69
	188	Series 1999-17, Class C, 6.350%, 04/25/29		215
	1,121	Series 1999-18, Class Z, 5.500%, 04/18/29		1,236
	318	Series 1999-38, Class SK, IF, IO, 7.793%, 08/25/23		48
	95	Series 1999-52, Class NS, HB, IF, 22.660%, 10/25/23		140
	248	Series 1999-62, Class PB, 7.500%, 12/18/29		289
	795	Series 2000-2, Class ZE, 7.500%, 02/25/30		923
	365	Series 2000-20, Class SA, IF, IO, 8.843%, 07/25/30		96
	60	Series 2000-52, Class IO, IO, 8.500%, 01/25/31		14
	274	Series 2001-4, Class PC, 7.000%, 03/25/21		299
	87	Series 2001-5, Class OW, 6.000%, 03/25/16		90
	210	Series 2001-7, Class PF, 7.000%, 03/25/31		244
	558	Series 2001-7, Class PR, 6.000%, 03/25/16		580
	547	Series 2001-10, Class PR, 6.000%, 04/25/16		568
	575	Series 2001-30, Class PM, 7.000%, 07/25/31		668
	850	Series 2001-33, Class ID, IO, 6.000%, 07/25/31		189
	545	Series 2001-36, Class DE, 7.000%, 08/25/31		635
	1,302	Series 2001-44, Class MY, 7.000%, 09/25/31		1,514
	251	Series 2001-44, Class PD, 7.000%, 09/25/31		291
	258	Series 2001-44, Class PU, 7.000%, 09/25/31		300
	2,280	Series 2001-48, Class Z, 6.500%, 09/25/21		2,536
	223	Series 2001-49, Class Z, 6.500%, 09/25/31		256
	167	Series 2001-52, Class KB, 6.500%, 10/25/31		192
	450	Series 2001-52, Class XN, 6.500%, 11/25/15		483
	2,005	Series 2001-61, Class Z, 7.000%, 11/25/31		2,332
	225	Series 2001-71, Class MB, 6.000%, 12/25/16		241
	527	Series 2001-71, Class QE, 6.000%, 12/25/16		563
	127	Series 2001-72, Class SX, IF, 16.867%, 12/25/31		165
	699	Series 2001-74, Class MB, 6.000%, 12/25/16		750
	66	Series 2001-80, Class PE, 6.000%, 07/25/29		66
	199	Series 2002-1, Class HC, 6.500%, 02/25/22		213
	212	Series 2002-1, Class SA, HB, IF, 24.352%, 02/25/32		314
	146	Series 2002-1, Class UD, HB, IF, 23.516%, 12/25/23		213
	657	Series 2002-2, Class UC, 6.000%, 02/25/17		705
	1,698	Series 2002-3, Class OG, 6.000%, 02/25/17		1,817
	369	Series 2002-7, Class OG, 6.000%, 03/25/17		395
	1,221	Series 2002-7, Class TG, 6.000%, 03/25/17		1,304
	383	Series 2002-10, Class SB, IF, 18.583%, 03/25/17		460
	516	Series 2002-11, Class QG, 5.500%, 03/25/17		548
	1,873	Series 2002-13, Class SJ, IF, IO, 1.600%, 03/25/32		88
	31	Series 2002-13, Class ST, IF, 10.000%, 03/25/32		33
	1,649	Series 2002-18, Class PC, 5.500%, 04/25/17		1,709
	397	Series 2002-19, Class PE, 6.000%, 04/25/17		424
	80	Series 2002-21, Class LO, PO, 04/25/32		71
	718	Series 2002-21, Class PE, 6.500%, 04/25/32		810
	833	Series 2002-24, Class AJ, 6.000%, 04/25/17		910
	259	Series 2002-25, Class SG, IF, 18.703%, 05/25/17		316
	1,678	Series 2002-28, Class PK, 6.500%, 05/25/32		1,932

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	479	Series 2002-37, Class Z, 6.500%, 06/25/32		551
	605	Series 2002-42, Class C, 6.000%, 07/25/17		652
	2,391	Series 2002-48, Class GH, 6.500%, 08/25/32		2,700
	344	Series 2002-55, Class QE, 5.500%, 09/25/17		367
	3,973	Series 2002-56, Class UC, 5.500%, 09/25/17		4,254
	1,188	Series 2002-62, Class ZE, 5.500%, 11/25/17		1,274
	388	Series 2002-63, Class KC, 5.000%, 10/25/17		413
	530	Series 2002-77, Class S, IF, 14.012%, 12/25/32		587
	987	Series 2002-81, Class JO, PO, 04/25/32		955
	1,161	Series 2002-83, Class CS, 6.881%, 08/25/23		1,317
	66	Series 2002-91, Class UH, IO, 5.500%, 06/25/22		3
	2,877	Series 2002-94, Class BK, 5.500%, 01/25/18		3,076
	1,457	Series 2003-3, Class HJ, 5.000%, 02/25/18		1,537
	2,524	Series 2003-22, Class UD, 4.000%, 04/25/33		2,661
	1,476	Series 2003-23, Class PG, 5.500%, 01/25/32		1,524
	299	Series 2003-27, Class DW, 4.500%, 04/25/17		304
	2,432	Series 2003-33, Class IA, IO, 6.500%, 05/25/33		368
	1,690	Series 2003-34, Class AX, 6.000%, 05/25/33		1,904
	1,516	Series 2003-34, Class ED, 6.000%, 05/25/33		1,800
	107	Series 2003-35, Class UC, 3.750%, 05/25/33		114
	335	Series 2003-39, Class IO, IO, VAR, 6.000%, 05/25/33		57
	1,319	Series 2003-39, Class LW, 5.500%, 05/25/23		1,492
	1,884	Series 2003-41, Class PE, 5.500%, 05/25/23		2,117
	703	Series 2003-42, Class GB, 4.000%, 05/25/33		753
	350	Series 2003-45, Class AI, IO, 5.500%, 05/25/33		20
	828	Series 2003-47, Class PE, 5.750%, 06/25/33		958
	507	Series 2003-52, Class SX, HB, IF, 22.178%, 10/25/31		767
	2,371	Series 2003-56, Class AZ, 5.500%, 08/25/31		2,447
	444	Series 2003-64, Class SX, IF, 13.135%, 07/25/33		478
	40	Series 2003-67, Class VQ, 7.000%, 01/25/19		41
	80	Series 2003-68, Class QP, 3.000%, 07/25/22		81
	1,485	Series 2003-71, Class DS, IF, 7.139%, 08/25/33		1,421
	1,257	Series 2003-71, Class IM, IO, 5.500%, 12/25/31		108
	2,766	Series 2003-72, Class IE, IO, 5.500%, 08/25/33		415
	1,382	Series 2003-73, Class GA, 3.500%, 05/25/31		1,411
	253	Series 2003-74, Class SH, IF, 9.707%, 08/25/33		254
	1,021	Series 2003-76, Class GQ, 4.500%, 08/25/18		1,091
	2,674	Series 2003-80, Class SY, IF, IO, 7.393%, 06/25/23		307
	1,350	Series 2003-81, Class LC, 4.500%, 09/25/18		1,459
	4,480	Series 2003-83, Class PG, 5.000%, 06/25/23		4,803
	136	Series 2003-86, Class KR, 4.500%, 09/25/16		135
	652	Series 2003-91, Class SD, IF, 12.071%, 09/25/33		724
	71	Series 2003-92, Class SH, IF, 9.184%, 09/25/18		73
	444	Series 2003-106, Class US, IF, 8.689%, 11/25/23		440
	2,957	Series 2003-116, Class SB, IF, IO, 7.343%, 11/25/33		625
	3,620	Series 2003-117, Class JB, 3.500%, 06/25/33		3,807
	1,507	Series 2003-122, Class TE, 5.000%, 12/25/22		1,617
	401	Series 2003-128, Class KE, 4.500%, 01/25/14		411
	856	Series 2003-128, Class NG, 4.000%, 01/25/19		917
	421	Series 2003-130, Class SX, IF, 11.134%, 01/25/34		462
	351	Series 2003-132, Class OA, PO, 08/25/33		318
	2,631	Series 2004-4, Class QI, IF, IO, 6.843%, 06/25/33		368
	249	Series 2004-4, Class QM, IF, 13.686%, 06/25/33		293
	1,316	Series 2004-10, Class SC, HB, IF, 27.571%, 02/25/34		1,834

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	735	Series 2004-14, Class SD, IF, 8.689%, 03/25/34		726
	962	Series 2004-21, Class CO, PO, 04/25/34		820
	252	Series 2004-22, Class A, 4.000%, 04/25/19		257
	1,130	Series 2004-25, Class PC, 5.500%, 01/25/34		1,283
	2,218	Series 2004-25, Class SA, IF, 18.818%, 04/25/34		2,882
	7,708	Series 2004-27, Class HB, 4.000%, 05/25/19		8,295
	753	Series 2004-36, Class PC, 5.500%, 02/25/34		857
	2,297	Series 2004-36, Class SA, IF, 18.818%, 05/25/34		2,990
	1,061	Series 2004-36, Class SN, IF, 13.686%, 07/25/33		1,253
	4,281	Series 2004-37, Class AG, 4.500%, 11/25/32		4,630
	1,881	Series 2004-46, Class HS, IF, IO, 5.743%, 05/25/30		78
	1,001	Series 2004-46, Class QB, HB, IF, 22.971%, 05/25/34		1,295
	3,501	Series 2004-46, Class SK, IF, 15.793%, 05/25/34		4,194
	696	Series 2004-51, Class SY, IF, 13.726%, 07/25/34		830
	790	Series 2004-53, Class NC, 5.500%, 07/25/24		841
	1,200	Series 2004-59, Class BG, PO, 12/25/32		1,127
	212	Series 2004-61, Class SK, IF, 8.500%, 11/25/32		232
	667	Series 2004-70, Class JA, 4.500%, 10/25/19		704
	793	Series 2004-76, Class CL, 4.000%, 10/25/19		840
	1,100	Series 2004-79, Class SP, IF, 19.093%, 11/25/34		1,431
	377	Series 2004-81, Class AC, 4.000%, 11/25/19		399
	68	Series 2004-92, Class JO, PO, 12/25/34		67
	11	Series 2005-28, Class JA, 5.000%, 04/25/35		11
	469	Series 2005-52, Class PA, 6.500%, 06/25/35		511
	3,041	Series 2005-56, Class S, IF, IO, 6.453%, 07/25/35		502
	1,755	Series 2005-59, Class PC, 5.500%, 03/25/31		1,827
	577	Series 2005-66, Class SG, IF, 16.732%, 07/25/35		703
	1,324	Series 2005-68, Class BC, 5.250%, 06/25/35		1,476
	2,792	Series 2005-68, Class PG, 5.500%, 08/25/35		3,186
	1,927	Series 2005-68, Class UC, 5.000%, 06/25/35		2,135
	1,231	Series 2005-74, Class CS, IF, 19.313%, 05/25/35		1,624
	12,012	Series 2005-84, Class XM, 5.750%, 10/25/35		13,549
	4,899	Series 2005-97, Class HC, 5.000%, 02/25/32		5,205
	3,425	Series 2005-109, Class PC, 6.000%, 12/25/35		4,010
	8,506	Series 2005-110, Class GJ, 5.500%, 11/25/30		8,855
	14,556	Series 2005-110, Class GK, 5.500%, 08/25/34		16,331
	4,326	Series 2005-110, Class GL, 5.500%, 12/25/35		5,109
	2,997	Series 2005-110, Class MN, 5.500%, 06/25/35		3,436
	1,734	Series 2005-116, Class PB, 6.000%, 04/25/34		1,872
	4,500	Series 2005-118, Class PN, 6.000%, 01/25/32		4,741
	690	Series 2006-15, Class OT, PO, 01/25/36		662
	983	Series 2006-16, Class OA, PO, 03/25/36		884
	1,102	Series 2006-22, Class AO, PO, 04/25/36		961
	440	Series 2006-23, Class KO, PO, 04/25/36		399
	3,149	Series 2006-39, Class WC, 5.500%, 01/25/36		3,585
	339	Series 2006-42, Class CF, VAR, 0.707%, 06/25/36		341
	2,754	Series 2006-44, Class GO, PO, 06/25/36		2,414
	7,761	Series 2006-44, Class P, PO, 12/25/33		7,237
	2,000	Series 2006-46, Class UC, 5.500%, 12/25/35		2,278
	4,888	Series 2006-53, Class US, IF, IO, 6.323%, 06/25/36		661
	3,228	Series 2006-56, Class FC, VAR, 0.547%, 07/25/36		3,237
	1,000	Series 2006-56, Class OA, PO, 10/25/24		969
	3,369	Series 2006-56, Class PF, VAR, 0.607%, 07/25/36		3,381
	1,752	Series 2006-56, Class PO, PO, 07/25/36		1,614

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	2,884	Series 2006-58, Class AP, PO, 07/25/36		2,605
	309	Series 2006-58, Class FL, VAR, 0.717%, 07/25/36		311
	1,242	Series 2006-58, Class PO, PO, 07/25/36		1,096
	2,738	Series 2006-59, Class QO, PO, 01/25/33		2,519
	2,841	Series 2006-60, Class DZ, 6.500%, 07/25/36		3,630
	1,907	Series 2006-65, Class QO, PO, 07/25/36		1,683
	1,523	Series 2006-71, Class IC, IO, 6.000%, 04/25/17		72
	536	Series 2006-72, Class TO, PO, 08/25/36		504
	6,103	Series 2006-77, Class PC, 6.500%, 08/25/36		6,952
	1,551	Series 2006-79, Class DO, PO, 08/25/36		1,366
	946	Series 2006-90, Class AO, PO, 09/25/36		848
	433	Series 2006-109, Class PO, PO, 11/25/36		383
	4,859	Series 2006-110, Class PO, PO, 11/25/36		4,401
	399	Series 2006-111, Class EO, PO, 11/25/36		365
	1,379	Series 2006-118, Class A2, VAR, 0.317%, 12/25/36		1,321
	818	Series 2006-119, Class PO, PO, 12/25/36		768
	10,000	Series 2006-124, Class HB, VAR, 5.961%, 11/25/36		10,920
	1,000	Series 2006-128, Class BP, 5.500%, 01/25/37		1,182
	2,012	Series 2006-130, Class GI, IO, 6.500%, 07/25/32		316
	5,404	Series 2007-7, Class SG, IF, IO, 6.243%, 08/25/36		982
	7,687	Series 2007-14, Class ES, IF, IO, 6.183%, 03/25/37		1,162
	508	Series 2007-15, Class NO, PO, 03/25/22		477
	3,261	Series 2007-16, Class FC, VAR, 1.007%, 03/25/37		3,210
	793	Series 2007-42, Class AO, PO, 05/25/37		737
	1,500	Series 2007-46, Class VK, 5.500%, 03/25/22		1,686
	881	Series 2007-48, Class PO, PO, 05/25/37		778
	3,244	Series 2007-54, Class FA, VAR, 0.657%, 06/25/37		3,254
	11,678	Series 2007-60, Class AX, IF, IO, 6.893%, 07/25/37		1,827
	793	Series 2007-77, Class FG, VAR, 0.757%, 03/25/37		797
	895	Series 2007-79, Class PB, 5.000%, 04/25/29		899
	2,100	Series 2007-79, Class PC, 5.000%, 01/25/32		2,177
	1,000	Series 2007-81, Class GE, 6.000%, 08/25/37		1,167
	1,701	Series 2007-84, Class PD, 6.000%, 08/25/32		1,738
	5,000	Series 2007-84, Class PG, 6.000%, 12/25/36		5,682
	6,244	Series 2007-88, Class VI, IF, IO, 6.283%, 09/25/37		1,053
	4,279	Series 2007-91, Class ES, IF, IO, 6.203%, 10/25/37		683
	3,133	Series 2007-97, Class KI, IO, 7.000%, 05/25/33		572
	90	Series 2007-97, Class MS, IF, 14.195%, 12/25/31		91
	6,194	Series 2007-101, Class A2, VAR, 0.507%, 06/27/36		6,181
	1,368	Series 2007-106, Class A7, VAR, 5.963%, 10/25/37		1,461
	3,000	Series 2007-114, Class A6, VAR, 0.457%, 10/27/37		2,982
	3,293	Series 2007-116, Class HI, IO, VAR, 6.301%, 01/25/38		224
	216	Series 2007-118, Class IO, IO, 6.000%, 06/25/36		29
	4,252	Series 2008-1, Class BI, IF, IO, 5.653%, 02/25/38		559
	2,634	Series 2008-10, Class XI, IF, IO, 5.973%, 03/25/38		348
	2,375	Series 2008-16, Class IS, IF, IO, 5.943%, 03/25/38		320
	2,125	Series 2008-19, Class IC, IO, 5.000%, 03/25/23		217
	1,000	Series 2008-24, Class DY, 5.000%, 04/25/23		1,114
	1,634	Series 2008-27, Class SN, IF, IO, 6.643%, 04/25/38		222
	7,010	Series 2008-35, Class AI, IO, VAR, 0.827%, 01/25/12		5
	1,262	Series 2008-39, Class CI, IO, 4.500%, 05/25/18		81
	1,028	Series 2008-42, Class AO, PO, 09/25/36		941
	216	Series 2008-44, Class PO, PO, 05/25/38		204
	2,218	Series 2008-47, Class SI, IF, IO, 6.243%, 06/25/23		265

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)			SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
			Agency CMO — Continued
	2,467		Series 2008-53, Class CI, IF, IO, 6.943%, 07/25/38		366
	440		Series 2008-59, Class IG, IO, 5.500%, 11/25/34		21
	1,181		Series 2008-76, Class GF, VAR, 0.907%, 09/25/23		1,194
	5,220		Series 2008-80, Class SA, IF, IO, 5.593%, 09/25/38		686
	3,159		Series 2008-81, Class SB, IF, IO, 5.593%, 09/25/38		422
	4,410		Series 2009-6, Class GS, IF, IO, 6.293%, 02/25/39		720
	2,090		Series 2009-9, Class IO, IO, 5.000%, 02/25/24		224
	1,848		Series 2009-18, Class IO, IO, 5.000%, 03/25/24		189
	2,500		Series 2009-19, Class IP, IO, 5.500%, 10/25/36		789
	2,995		Series 2009-60, Class HT, 6.000%, 08/25/39		3,348
	2,469		Series 2009-62, Class HJ, 6.000%, 05/25/39		2,716
	2,909		Series 2009-70, Class CO, PO, 01/25/37		2,560
	3,764		Series 2009-86, Class UI, IO, 4.000%, 10/25/14		263
	2,794		Series 2009-99, Class SC, IF, IO, 5.923%, 12/25/39		329
	1,757		Series 2009-103, Class MB, VAR, 4.000%, 12/25/39		1,869
	2,000		Series 2010-45, Class BD, 4.500%, 11/25/38		2,178
	2,551		Series 2010-49, Class SC, IF, 12.146%, 03/25/40		2,912
	1,807		Series 2010-64, Class DM, 5.000%, 06/25/40		1,977
	2,141		Series 2010-71, Class HJ, 5.500%, 07/25/40		2,369
	4,068		Series 2010-133, Class A, 5.500%, 05/25/38		4,333
	3,752		Series 2010-148, Class MA, 4.000%, 02/25/39		4,004
	4,463		Series 2011-2, Class WA, VAR, 5.736%, 02/25/51		4,967
	2,766		Series 2011-22, Class MA, 6.500%, 04/25/38		3,066
	9,671		Series 2011-30, Class LS, IO, VAR, 4.704%, 04/25/41		739
	1,766		Series 2011-75, Class FA, VAR, 0.807%, 08/25/41		1,782
	2,941		Series 2011-118, Class MT, 7.000%, 11/25/41		3,438
	4,869		Series 2011-130, Class CA, 6.000%, 12/25/41		5,369
	1		Series G-17, Class S, HB, VAR, 1,051.957%, 06/25/21		17
	48		Series G-28, Class S, IF, 14.819%, 09/25/21		58
	44		Series G-35, Class M, 8.750%, 10/25/21		49
	16		Series G-51, Class SA, HB, IF, 25.195%, 12/25/21		24
	–	(h)	Series G92-27, Class SQ, HB, IF, 1,698.030%, 05/25/22		3
	215		Series G92-35, Class E, 7.500%, 07/25/22		238
	–	(h)	Series G92-35, Class G, HB, 1,184.775%, 07/25/22		5
	27		Series G92-42, Class Z, 7.000%, 07/25/22		30
	887		Series G92-44, Class ZQ, 8.000%, 07/25/22		1,012
	34		Series G92-52, Class FD, VAR, 0.302%, 09/25/22		34
	285		Series G92-54, Class ZQ, 7.500%, 09/25/22		320
	35		Series G92-59, Class F, VAR, 1.976%, 10/25/22		35
	68		Series G92-61, Class Z, 7.000%, 10/25/22		81
	50		Series G92-62, Class B, PO, 10/25/22		47
	234		Series G93-1, Class KA, 7.900%, 01/25/23		266
	52		Series G93-5, Class Z, 6.500%, 02/25/23		58
	67		Series G93-14, Class J, 6.500%, 03/25/23		73
	161		Series G93-17, Class SI, IF, 6.000%, 04/25/23		171
	150		Series G93-27, Class FD, VAR, 1.161%, 08/25/23		153
	38		Series G93-37, Class H, PO, 09/25/23		34
	61		Series G95-1, Class C, 8.800%, 01/25/25		70
			Federal National Mortgage Association STRIPS,
	4		Series 23, Class 2, IO, 10.000%, 09/01/17		1
	1		Series 50, Class 2, IO, 10.500%, 03/01/19		—	(h)
	23		Series 218, Class 2, IO, 7.500%, 04/01/23		4
	21		Series 265, Class 2, 9.000%, 03/01/24		24
	427		Series 329, Class 1, PO, 01/01/33		395
	1,323		Series 339, Class 18, IO, 4.500%, 07/01/18		88

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	1,874	Series 339, Class 21, IO, 4.500%, 07/01/18		120
	842	Series 339, Class 28, IO, 5.500%, 07/01/18		86
	721	Series 345, Class 6, IO, VAR, 5.000%, 12/01/33		94
	1,756	Series 351, Class 7, IO, VAR, 5.000%, 04/01/34		247
	1,154	Series 355, Class 11, IO, 6.000%, 07/01/34		228
	679	Series 355, Class 31, IO, VAR, 4.500%, 12/01/18		62
	3,062	Series 365, Class 8, IO, 5.500%, 05/01/36		451
	404	Series 368, Class 3, IO, 4.500%, 11/01/20		37
	1,611	Series 374, Class 5, IO, 5.500%, 08/01/36		232
	999	Series 383, Class 32, IO, 6.000%, 01/01/38		147
	2,618	Series 383, Class 33, IO, 6.000%, 01/01/38		387
	476	Series 393, Class 6, IO, 5.500%, 04/25/37		58
		Federal National Mortgage Association Whole Loan,
	1,262	Series 2003-W1, Class 1A1, VAR, 6.301%, 12/25/42		1,436
	470	Series 2003-W1, Class 2A, VAR, 7.141%, 12/25/42		552
	217	Series 2003-W4, Class 2A, VAR, 6.500%, 10/25/42		239
	351	Series 2004-W1, Class 2A2, 7.000%, 12/25/33		405
	1,726	Series 2004-W15, Class 2AF, VAR, 0.507%, 08/25/44		1,736
	1,248	Series 2004-W2, Class 2A2, 7.000%, 02/25/44		1,475
	4,410	Series 2005-W3, Class 2AF, VAR, 0.477%, 03/25/45		4,423
	1,560	Series 2006-W2, Class 1AF1, VAR, 0.477%, 02/25/36		1,564
	196	Series 2007-W7, Class 1A4, HB, IF, 37.637%, 07/25/37		356
	3,917	Series 2009-W1, Class A, 6.000%, 12/25/49		4,353
		Government National Mortgage Association,
	842	Series 1994-3, Class PQ, 7.488%, 07/16/24		1,017
	473	Series 1994-4, Class KQ, 7.988%, 07/16/24		541
	2,489	Series 1994-7, Class PQ, 6.500%, 10/16/24		2,911
	406	Series 1996-16, Class E, 7.500%, 08/16/26		462
	631	Series 1997-8, Class PN, 7.500%, 05/16/27		713
	145	Series 1997-11, Class D, 7.500%, 07/20/27		166
	313	Series 1998-26, Class K, 7.500%, 09/17/25		357
	1,703	Series 1999-4, Class ZB, 6.000%, 02/20/29		1,934
	1,575	Series 1999-10, Class ZC, 6.500%, 04/20/29		1,814
	239	Series 1999-30, Class S, IF, IO, 8.350%, 08/16/29		47
	20	Series 1999-33, Class SM, IF, 9.200%, 09/16/29		23
	312	Series 1999-40, Class ZW, 7.500%, 11/20/29		338
	462	Series 1999-41, Class Z, 8.000%, 11/16/29		533
	156	Series 1999-44, Class PC, 7.500%, 12/20/29		179
	3,091	Series 1999-44, Class ZC, 8.500%, 12/16/29		3,883
	505	Series 1999-44, Class ZG, 8.000%, 12/20/29		582
	380	Series 2000-6, Class Z, 7.500%, 02/20/30		442
	195	Series 2000-9, Class Z, 8.000%, 06/20/30		225
	1,998	Series 2000-9, Class ZJ, 8.500%, 02/16/30		2,503
	353	Series 2000-12, Class ST, HB, IF, 38.271%, 02/16/30		727
	422	Series 2000-14, Class PD, 7.000%, 02/16/30		496
	122	Series 2000-16, Class ZN, 7.500%, 02/16/30		129
	2,821	Series 2000-21, Class Z, 9.000%, 03/16/30		3,588
	499	Series 2000-26, Class TZ, 8.500%, 09/20/30		576
	129	Series 2000-26, Class Z, 7.750%, 09/20/30		148
	24	Series 2000-30, Class ST, IF, 11.050%, 12/16/22		27
	390	Series 2000-31, Class Z, 9.000%, 10/20/30		454
	224	Series 2000-35, Class ZA, 9.000%, 11/20/30		246
	34	Series 2000-36, Class IK, IO, 9.000%, 11/16/30		9
	162	Series 2000-37, Class B, 8.000%, 12/20/30		188

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	224	Series 2001-4, Class SJ, IF, IO, 7.898%, 01/19/30		61
	177	Series 2001-6, Class SD, IF, IO, 8.300%, 03/16/31		51
	370	Series 2001-7, Class PK, 6.500%, 03/20/31		396
	1,039	Series 2001-8, Class Z, 6.500%, 03/20/31		1,198
	19	Series 2001-32, Class WA, IF, 19.488%, 07/20/31		27
	303	Series 2001-35, Class SA, IF, IO, 8.000%, 08/16/31		83
	229	Series 2001-36, Class S, IF, IO, 7.800%, 08/16/31		59
	1,279	Series 2001-64, Class MQ, 6.500%, 12/20/31		1,364
	294	Series 2002-3, Class SP, IF, IO, 7.140%, 01/16/32		69
	430	Series 2002-7, Class PG, 6.500%, 01/20/32		498
	1,239	Series 2002-24, Class AG, IF, IO, 7.700%, 04/16/32		290
	111	Series 2002-24, Class SB, IF, 11.550%, 04/16/32		129
	2,895	Series 2002-31, Class SE, IF, IO, 7.250%, 04/16/30		589
	864	Series 2002-40, Class UK, 6.500%, 06/20/32		1,002
	46	Series 2002-41, Class SV, IF, 9.000%, 06/16/32		51
	3,324	Series 2002-45, Class QE, 6.500%, 06/20/32		3,817
	1,157	Series 2002-47, Class PG, 6.500%, 07/16/32		1,351
	2,124	Series 2002-47, Class ZA, 6.500%, 07/20/32		2,412
	60	Series 2002-51, Class SG, HB, IF, 31.396%, 04/20/31		110
	1,799	Series 2002-52, Class GH, 6.500%, 07/20/32		2,045
	515	Series 2002-54, Class GB, 6.500%, 08/20/32		586
	1,400	Series 2002-70, Class PS, IF, IO, 7.445%, 08/20/32		178
	949	Series 2002-75, Class PB, 6.000%, 11/20/32		1,149
	21	Series 2002-80, Class EZ, 7.000%, 01/20/32		21
	387	Series 2003-4, Class NI, IO, 5.500%, 01/20/32		20
	354	Series 2003-4, Class NY, 5.500%, 12/20/13		369
	1,451	Series 2003-11, Class SK, IF, IO, 7.450%, 02/16/33		319
	601	Series 2003-12, Class SP, IF, IO, 7.445%, 02/20/33		135
	139	Series 2003-24, Class PO, PO, 03/16/33		120
	1,034	Series 2003-40, Class TC, 7.500%, 03/20/33		1,072
	1,319	Series 2003-40, Class TJ, 6.500%, 03/20/33		1,606
	753	Series 2003-46, Class MG, 6.500%, 05/20/33		911
	1,394	Series 2003-46, Class TC, 6.500%, 03/20/33		1,623
	534	Series 2003-52, Class AP, PO, 06/16/33		468
	2,150	Series 2003-58, Class BE, 6.500%, 01/20/33		2,537
	884	Series 2003-76, Class LS, IF, IO, 6.945%, 09/20/31		65
	162	Series 2003-90, Class PO, PO, 10/20/33		142
	2,058	Series 2003-112, Class SA, IF, IO, 6.300%, 12/16/33		318
	3,000	Series 2003-112, Class TS, IF, IO, 6.695%, 10/20/32		395
	6,274	Series 2004-11, Class SW, IF, IO, 5.245%, 02/20/34		871
	651	Series 2004-15, Class SA, IF, 18.962%, 12/20/32		783
	648	Series 2004-28, Class S, IF, 18.974%, 04/16/34		869
	504	Series 2004-68, Class PO, PO, 05/20/31		496
	278	Series 2004-73, Class AE, IF, 14.336%, 08/17/34		338
	3,445	Series 2004-90, Class SI, IF, IO, 5.845%, 10/20/34		510
	2,649	Series 2005-3, Class SB, IF, IO, 5.845%, 01/20/35		393
	6,531	Series 2005-17, Class SL, IF, IO, 6.445%, 07/20/34		1,109
	542	Series 2005-35, Class FL, VAR, 0.605%, 03/20/32		542
	334	Series 2005-39, Class KI, IO, 5.500%, 03/20/34		35
	3,196	Series 2005-58, Class NI, IO, 5.500%, 08/20/35		813
	633	Series 2005-68, Class DP, IF, 15.827%, 06/17/35		768
	9,774	Series 2005-68, Class KI, IF, IO, 6.045%, 09/20/35		1,455
	1,307	Series 2005-69, Class SY, IF, IO, 6.495%, 11/20/33		197
	1,268	Series 2005-91, Class PI, IO, 6.000%, 12/20/35		206

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	670	Series 2006-16, Class OP, PO, 03/20/36		596
	572	Series 2006-28, Class GO, PO, 03/20/35		556
	2,269	Series 2006-38, Class SW, IF, IO, 6.245%, 06/20/36		298
	1,994	Series 2006-59, Class SD, IF, IO, 6.445%, 10/20/36		305
	4,096	Series 2006-65, Class SA, IF, IO, 6.545%, 11/20/36		612
	2,254	Series 2007-9, Class DI, IF, IO, 6.255%, 03/20/37		337
	4,963	Series 2007-17, Class JI, IF, IO, 6.560%, 04/16/37		766
	532	Series 2007-17, Class JO, PO, 04/16/37		466
	3,544	Series 2007-19, Class SD, IF, IO, 5.945%, 04/20/37		507
	3,617	Series 2007-26, Class SC, IF, IO, 5.945%, 05/20/37		539
	2,086	Series 2007-27, Class SA, IF, IO, 5.945%, 05/20/37		299
	887	Series 2007-28, Class BO, PO, 05/20/37		807
	235	Series 2007-35, Class TO, PO, 04/20/35		232
	2,036	Series 2007-36, Class SE, IF, IO, 6.220%, 06/16/37		338
	5,658	Series 2007-40, Class SB, IF, IO, 6.495%, 07/20/37		845
	3,400	Series 2007-42, Class SB, IF, IO, 6.495%, 07/20/37		514
	2,500	Series 2007-47, Class PH, 6.000%, 07/16/37		3,058
	1,073	Series 2007-49, Class NO, PO, 12/20/35		1,048
	3,024	Series 2007-50, Class AI, IF, IO, 6.520%, 08/20/37		470
	433	Series 2007-53, Class SW, IF, 19.441%, 09/20/37		571
	1,576	Series 2007-57, Class PO, PO, 03/20/37		1,446
	2,131	Series 2007-57, Class QA, IF, IO, 6.245%, 10/20/37		304
	2,956	Series 2007-71, Class SB, IF, IO, 6.445%, 07/20/36		355
	2,077	Series 2007-72, Class US, IF, IO, 6.295%, 11/20/37		301
	2,109	Series 2007-73, Class MI, IF, IO, 5.745%, 11/20/37		289
	4,152	Series 2007-76, Class SA, IF, IO, 6.275%, 11/20/37		599
	2,085	Series 2007-79, Class SY, IF, IO, 6.295%, 12/20/37		304
	1,289	Series 2007-81, Class SP, IF, IO, 6.395%, 12/20/37		190
	2,317	Series 2007-82, Class SA, IF, IO, 6.275%, 12/20/37		338
	925	Series 2008-2, Class MS, IF, IO, 6.910%, 01/16/38		129
	3,698	Series 2008-2, Class NS, IF, IO, 6.290%, 01/16/38		583
	2,151	Series 2008-10, Class S, IF, IO, 5.575%, 02/20/38		285
	836	Series 2008-23, Class IO, IO, 6.000%, 02/20/37		90
	1,544	Series 2008-25, Class SB, IF, IO, 6.645%, 03/20/38		246
	1,544	Series 2008-32, Class PI, IO, 5.500%, 10/16/37		243
	2,928	Series 2008-36, Class SH, IF, IO, 6.045%, 04/20/38		399
	10,932	Series 2008-40, Class SA, IF, IO, 6.150%, 05/16/38		1,910
	3,181	Series 2008-41, Class SA, IF, IO, 6.085%, 05/20/38		461
	2,080	Series 2008-55, Class SA, IF, IO, 5.945%, 06/20/38		301
	813	Series 2008-60, Class PO, PO, 01/20/38		768
	2,000	Series 2008-65, Class ME, 5.750%, 09/20/37		2,215
	1,272	Series 2008-71, Class SC, IF, IO, 5.745%, 08/20/38		178
	2,028	Series 2008-93, Class AS, IF, IO, 5.445%, 12/20/38		254
	3,534	Series 2009-6, Class SA, IF, IO, 5.850%, 02/16/39		501
	2,324	Series 2009-10, Class SL, IF, IO, 6.250%, 03/16/34		305
	3,000	Series 2009-12, Class IE, IO, 5.500%, 03/20/39		1,047
	2,231	Series 2009-14, Class KI, IO, 6.500%, 03/20/39		391
	1,990	Series 2009-14, Class NI, IO, 6.500%, 03/20/39		364
	5,622	Series 2009-22, Class SA, IF, IO, 6.015%, 04/20/39		773
	1,733	Series 2009-25, Class SE, IF, IO, 7.345%, 09/20/38		295
	1,933	Series 2009-33, Class CI, IO, 5.500%, 05/20/39		340
	1,498	Series 2009-33, Class TI, IO, 6.000%, 05/20/39		253
	1,762	Series 2009-38, Class IO, IO, 5.000%, 09/16/31		179
	2,862	Series 2009-43, Class SA, IF, IO, 5.695%, 06/20/39		381

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	2,222	Series 2009-65, Class IQ, IO, 6.000%, 12/20/38		351
	5,345	Series 2009-72, Class SM, IF, IO, 6.000%, 08/16/39		693
	999	Series 2009-79, Class OK, PO, 11/16/37		886
	700	Series 2010-14, Class CO, PO, 08/20/35		558
	1,214	Series 2010-130, Class CP, 7.000%, 10/16/40		1,420
	4,987	Series 2010-157, Class OP, PO, 12/20/40		4,238
	1,841	Series 2011-22, Class WA, VAR, 5.947%, 02/20/37		2,075
	8,088	Series 2011-75, Class SM, IF, IO, 6.345%, 05/20/41		1,132
	10,935	NCUA Guaranteed Notes, Series 2010-C1, Class APT, 2.650%, 10/29/20		11,361
		Vendee Mortgage Trust,
	668	Series 1994-1, Class 1, VAR, 5.628%, 02/15/24		737
	1,182	Series 1994-1, Class 2ZB, 6.500%, 02/15/24		1,349
	986	Series 1996-1, Class 1Z, 6.750%, 02/15/26		1,152
	722	Series 1996-2, Class 1Z, 6.750%, 06/15/26		844
	1,386	Series 1997-1, Class 2Z, 7.500%, 02/15/27		1,641
	1,694	Series 1998-1, Class 2E, 7.000%, 03/15/28		1,986
	3,281	Series 1999-1, Class 2Z, 6.500%, 01/15/29		3,823
				831,778
		Non-Agency CMO — 11.8%
	853	AAM ACE Resecuritization Trust, Series 2011-1, Class A20, VAR, 0.478%, 02/02/37 (e)		806
	1,324	ABN AMRO Mortgage Corp., Series 2003-8, Class A3, 4.500%, 06/25/33		1,341
		American General Mortgage Loan Trust,
	4,200	Series 2009-1, Class A4, VAR, 5.750%, 09/25/48 (e)		4,213
	2,775	Series 2009-1, Class A5, VAR, 5.750%, 09/25/48 (e)		2,799
	4,500	Series 2009-1, Class A7, VAR, 5.750%, 09/25/48 (e)		4,561
	1,374	Series 2010-1A, Class A1, VAR, 5.150%, 03/25/58 (e)		1,406
	7,278	American Home Mortgage Investment Trust, Series 2005-3, Class 2A4, VAR, 2.344%, 09/25/35		2,637
		ASG Resecuritization Trust,
	1,488	Series 2009-1, Class A60, VAR, 5.075%, 06/26/37 (e)		1,488
	2,422	Series 2009-2, Class A55, VAR, 5.277%, 05/24/36 (e)		2,400
	1,000	Series 2009-2, Class G60, VAR, 5.277%, 05/24/36 (e)		949
	5,895	Series 2009-3, Class A65, VAR, 5.132%, 03/26/37 (e)		5,807
	6,788	Series 2009-4, Class A60, 6.000%, 06/28/37 (e)		6,941
	1,604	Series 2010-2, Class A60, VAR, 4.798%, 01/28/37 (e)		1,588
	1,458	Series 2010-3, Class 2A22, VAR, 0.415%, 10/28/36 (e)		1,414
	997	Series 2011-1, Class 3A50, VAR, 2.486%, 11/28/35 (e) (f) (i)		972
		Banc of America Alternative Loan Trust,
	298	Series 2003-2, Class PO, PO, 04/25/33		266
	766	Series 2003-9, Class 1CB2, 5.500%, 11/25/33		787
	474	Series 2003-11, Class PO, PO, 01/25/34		315
	314	Series 2004-6, Class 15PO, PO, 07/25/19		275
	2,030	Series 2005-5, Class 1CB1, 5.500%, 06/25/35		1,699
	6,363	Series 2005-6, Class CBIO, IO, 5.500%, 07/25/35		997
	1,873	Series 2006-4, Class 1A4, 6.000%, 05/25/46		1,162
		Banc of America Funding Corp.,
	688	Series 2004-1, Class PO, PO, 03/25/34		550
	1,365	Series 2004-2, Class 30PO, PO, 09/20/34		1,075
	218	Series 2004-3, Class 1A7, 5.500%, 10/25/34		218
	682	Series 2004-C, Class 1A1, VAR, 5.026%, 12/20/34		639
	1,590	Series 2005-6, Class 2A7, 5.500%, 10/25/35		1,535
	1,131	Series 2005-7, Class 30PO, PO, 11/25/35		833
	791	Series 2005-8, Class 30PO, PO, 01/25/36		593
	2,257	Series 2005-E, Class 4A1, VAR, 2.691%, 03/20/35		2,006

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
	888	Series 2006-A, Class 3A2, VAR, 2.789%, 02/20/36		460
		Banc of America Mortgage Securities, Inc.,
	299	Series 2003-3, Class 2A1, VAR, 0.807%, 05/25/18		284
	428	Series 2003-6, Class 2A1, VAR, 0.707%, 08/25/18		408
	142	Series 2003-7, Class A2, 4.750%, 09/25/18		146
	340	Series 2003-8, Class APO, PO, 11/25/33		265
	3,428	Series 2004-3, Class 15IO, IO, VAR, 0.242%, 04/25/19		15
	169	Series 2004-4, Class APO, PO, 05/25/34		133
	3,617	Series 2004-5, Class 2A2, 5.500%, 06/25/34		3,751
	806	Series 2004-6, Class 2A5, PO, 07/25/34		594
	729	Series 2004-6, Class APO, PO, 07/25/34		564
	58	Series 2004-8, Class 5PO, PO, 05/25/32		48
	87	Series 2004-8, Class XPO, PO, 10/25/34		69
	429	Series 2004-A, Class 2A2, VAR, 2.846%, 02/25/34		350
	1,516	Series 2004-J, Class 3A1, VAR, 2.910%, 11/25/34		1,249
	1,974	Series 2005-10, Class 1A6, 5.500%, 11/25/35		1,845
	425	Series 2005-A, Class 2A1, VAR, 2.863%, 02/25/35		348
		BCAP LLC Trust,
	433	Series 2009-RR13, Class 11A1, VAR, 5.250%, 05/26/37 (e)		430
	1,092	Series 2009-RR13, Class 17A2, VAR, 5.500%, 04/26/37 (e)		1,102
	1,246	Series 2009-RR5, Class 8A1, 5.500%, 11/26/34 (e)		1,269
	1,308	Series 2010-RR12, Class 2A5, VAR, 4.500%, 01/26/36 (e)		1,309
	1,006	Series 2010-RR4, Class 12A1, VAR, 4.000%, 07/26/36 (e) (f) (i)		1,009
	427	Series 2010-RR4, Class 2A1, VAR, 1.007%, 06/26/37 (e)		397
	1,438	Series 2010-RR6, Class 22A3, VAR, 5.112%, 06/26/36 (e)		1,438
	690	Series 2010-RR6, Class 5A1, VAR, 5.500%, 11/26/37 (e)		670
	1,129	Series 2010-RR7, Class 15A1, VAR, 1.057%, 01/26/36 (e)		1,053
	1,430	Series 2010-RR7, Class 16A1, VAR, 0.918%, 02/26/47 (e)		1,323
	1,209	Series 2010-RR7, Class 1A5, VAR, 5.007%, 04/26/35 (e)		1,185
	3,429	Series 2010-RR7, Class 2A1, VAR, 5.134%, 07/26/45 (e)		3,220
	977	Series 2010-RR8, Class 3A3, VAR, 5.083%, 05/26/35 (e)		975
	1,500	Series 2010-RR8, Class 3A4, VAR, 5.083%, 05/26/35 (e)		1,346
	3,222	Series 2011-RR10, Class 2A109/26/37		2,731
	2,442	Series 2011-RR4, Class 6A3, VAR, 5.000%, 08/26/37 (e) (f) (i)		2,320
	3,975	Series 2011-RR5, Class 11A3, VAR, 0.407%, 05/28/36 (e)		3,517
	3,248	Series 2011-RR5, Class 14A3, VAR, 2.823%, 07/26/36 (e) (f) (i)		3,078
		Bear Stearns Adjustable Rate Mortgage Trust,
	322	Series 2003-7, Class 3A, VAR, 2.625%, 10/25/33		300
	1,079	Series 2004-1, Class 12A1, VAR, 2.791%, 04/25/34		847
	542	Series 2004-2, Class 14A, VAR, 5.089%, 05/25/34		537
	2,889	Series 2005-5, Class A1, VAR, 2.220%, 08/25/35		2,650
	5,732	Series 2006-1, Class A1, VAR, 2.520%, 02/25/36		4,777
		Citicorp Mortgage Securities, Inc.,
	103	Series 1993-14, Class A3, VAR, 1.457%, 11/25/23		98
	1,778	Series 2004-1, Class 3A1, 4.750%, 01/25/34		1,804
	1,167	Series 2004-5, Class 2A5, 4.500%, 08/25/34		1,204
	402	Series 2005-5, Class APO, PO, 08/25/35		307
	480	Series 2005-8, Class APO, PO, 11/25/35		370
		Citigroup Mortgage Loan Trust, Inc.,
	846	Series 2003-1, Class 2A5, 5.250%, 10/25/33		858
	470	Series 2003-1, Class 2A6, PO, 10/25/33		363
	347	Series 2003-1, Class PO2, PO, 10/25/33		265
	260	Series 2003-1, Class PO3, PO, 09/25/33		201
	129	Series 2003-UP3, Class A3, 7.000%, 09/25/33		132
	1,007	Series 2003-UST1, Class A1, 5.500%, 12/25/18		1,056
	250	Series 2003-UST1, Class PO1, PO, 12/25/18		216

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
	150	Series 2003-UST1, Class PO3, PO, 12/25/18		133
	519	Series 2004-UST1, Class A6, VAR, 5.095%, 08/25/34		528
	523	Series 2005-1, Class 2A1A, VAR, 2.660%, 04/25/35		306
	845	Series 2005-2, Class 2A11, 5.500%, 05/25/35		815
	653	Series 2005-5, Class 1A2, VAR, 2.854%, 08/25/35		336
	2,211	Series 2008-AR4, Class 1A1A, VAR, 5.174%, 11/25/38 (e)		2,209
	1,062	Series 2009-10, Class 2A1A, 7.000%, 12/25/35 (e)		1,102
	1,434	Series 2011-3, Class 1A1, VAR, 0.337%, 02/25/47 (e)		1,403
	951	Series 2011-10, Class 4A1, VAR, 0.435%, 02/25/46 (e) (f) (i)		851
		Countrywide Alternative Loan Trust,
	589	Series 2002-8, Class A4, 6.500%, 07/25/32		618
	11,675	Series 2004-2CB, Class 1A9, 5.750%, 03/25/34		11,095
	2,483	Series 2004-18CB, Class 2A4, 5.700%, 09/25/34		2,538
	647	Series 2005-5R, Class A1, 5.250%, 12/25/18		658
	4,113	Series 2005-1CB, Class 1A6, IF, IO, 6.843%, 03/25/35		544
	6,965	Series 2005-20CB, Class 3A8, IF, IO, 4.493%, 07/25/35		776
	13,938	Series 2005-22T1, Class A2, IF, IO, 4.813%, 06/25/35		1,357
	299	Series 2005-26CB, Class A10, IF, 12.584%, 07/25/35		300
	6,548	Series 2005-28CB, Class 1A4, 5.500%, 08/25/35		5,608
	292	Series 2005-28CB, Class 3A5, 6.000%, 08/25/35		254
	10,045	Series 2005-37T1, Class A2, IF, IO, 4.793%, 09/25/35		1,287
	6,084	Series 2005-54CB, Class 1A11, 5.500%, 11/25/35		4,691
	16,312	Series 2005-54CB, Class 1A2, IF, IO, 4.593%, 11/25/35		2,339
	3,928	Series 2005-57CB, Class 3A2, IF, IO, 4.843%, 12/25/35		509
	2,391	Series 2005-64CB, Class 1A9, 5.500%, 12/25/35		1,589
	11,559	Series 2005-J1, Class 1A4, IF, IO, 4.843%, 02/25/35		1,144
	3,624	Series 2006-26CB, Class A9, 6.500%, 09/25/36		2,301
		Countrywide Home Loan Mortgage Pass-Through Trust,
	1,946	Series 2003-26, Class 1A6, 3.500%, 08/25/33		1,928
	738	Series 2003-44, Class A9, PO, 10/25/33		614
	842	Series 2003-J7, Class 4A3, IF, 9.441%, 08/25/18		819
	773	Series 2004-7, Class 2A1, VAR, 2.278%, 06/25/34		652
	1,053	Series 2004-8, Class 2A1, 4.500%, 06/25/19		1,075
	310	Series 2004-HYB1, Class 2A, VAR, 2.776%, 05/20/34		255
	1,167	Series 2004-HYB3, Class 2A, VAR, 2.553%, 06/20/34		878
	969	Series 2004-HYB6, Class A3, VAR, 2.708%, 11/20/34		718
	792	Series 2004-J8, Class 1A2, 4.750%, 11/25/19		808
	3,853	Series 2005-16, Class A23, 5.500%, 09/25/35		3,784
	4,893	Series 2005-22, Class 2A1, VAR, 2.740%, 11/25/35		3,170
		Credit Suisse Mortgage Capital Certificates,
	657	Series 2009-12R, Class 7A1, 5.500%, 10/27/35 (e)		658
	627	Series 2010-16, Class A3, VAR, 3.930%, 06/25/50 (e)		552
	1,232	Series 2010-1R, Class 26A1, 4.750%, 05/27/37 (e)		1,235
	1,565	Series 2010-11R, Class A1, VAR, 1.260%, 06/28/47 (e)		1,499
	873	Series 2010-12R, Class 14A1, VAR, 2.676%, 09/26/46 (e)		868
	421	Series 2010-15R, Class 7A1, VAR, 5.171%, 10/26/37 (e)		420
	250	Series 2010-15R, Class 7A2, VAR, 5.171%, 10/26/37 (e)		224
	4,788	Series 2011-1R, Class A1, VAR, 1.259%, 02/27/47 (e)		4,693
	1,784	Series 2011-6R, Class 3A1, VAR, 2.860%, 07/28/36 (e)		1,632
	7,255	Series 2011-7R, Class A1, VAR, 1.509%, 08/28/47 (e)		7,218
	3,111	Series 2011-9R, Class A1, VAR, 2.259%, 03/27/46 (e)		3,064
		CS First Boston Mortgage Securities Corp.,
	799	Series 2003-1, Class DB1, 6.564%, 02/25/33		702
	384	Series 2003-17, Class 2A1, 5.000%, 07/25/18		398

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
	877	Series 2003-21, Class 1A4, 5.250%, 09/25/33		893
	1,344	Series 2003-25, Class 1P, PO, 10/25/33		1,037
	147	Series 2004-5, Class 5P, PO, 08/25/19		131
	1,843	Series 2005-4, Class 3A18, 5.500%, 06/25/35		1,634
	1,909	Series 2005-4, Class 3A22, 5.500%, 06/25/35		1,523
	2,050	Series 2005-4, Class 3A23, 5.500%, 06/25/35		1,776
		Deutsche Mortgage Securities, Inc.,
	904	Series 2009-RS2, Class 4A1, VAR, 0.375%, 04/26/37 (e)		845
	697	Series 2009-RS3, Class A1, 5.250%, 08/26/35 (e)		681
	1,156	Series 2010-RS2, Class A1, VAR, 1.510%, 06/28/47 (e)		1,155
	15	First Boston Mortgage Securities Corp. 1987 STRIPS, Series C, Class PO, PO, 04/25/17		15
		First Horizon Alternative Mortgage Securities,
	1,394	Series 2004-AA4, Class A1, VAR, 2.237%, 10/25/34		1,116
	2,401	Series 2005-FA8, Class 1A19, 5.500%, 11/25/35		1,623
	3,933	Series 2007-FA4, Class 1A2, IF, IO, 5.393%, 08/25/37		565
		First Horizon Asset Securities, Inc.,
	3,131	Series 2003-9, Class 1A6, 5.500%, 11/25/33		3,167
	1,282	Series 2004-AR2, Class 2A1, VAR, 2.762%, 05/25/34		1,133
	535	Series 2004-AR7, Class 2A1, VAR, 2.699%, 02/25/35		502
	2,158	Series 2005-AR1, Class 2A2, VAR, 2.750%, 04/25/35		1,928
		GMAC Mortgage Corp. Loan Trust,
	1,170	Series 2003-AR1, Class A4, VAR, 3.030%, 10/19/33		1,100
	630	Series 2004-J5, Class A7, 6.500%, 01/25/35		664
	337	Series 2004-J6, Class 1A1, 5.000%, 01/25/20		346
	705	Series 2005-AR3, Class 3A3, VAR, 3.063%, 06/19/35		662
	5,565	Series 2005-AR3, Class 3A4, VAR, 3.063%, 06/19/35		4,455
	68	Series 2010-1, Class A, 4.250%, 07/25/40 (e)		68
		GSMPS Mortgage Loan Trust,
	1,236	Series 2001-2, Class A, VAR, 7.500%, 06/19/32 (e)		1,236
	5,906	Series 2006-RP2, Class 1AS2, IF, IO, 5.814%, 04/25/36 (e)		896
		GSR Mortgage Loan Trust,
	1,359	Series 2004-6F, Class 3A4, 6.500%, 05/25/34		1,454
	1,158	Series 2004-8F, Class 2A3, 6.000%, 09/25/34		1,214
	68	Series 2004-10F, Class 2A1, 5.000%, 08/25/19		70
	556	Series 2004-13F, Class 3A3, 6.000%, 11/25/34		546
	705	Series 2005-4F, Class AP, PO, 05/25/35		511
	5,761	Series 2005-7F, Class 3A9, 6.000%, 09/25/35		5,577
	4,742	Series 2006-1F, Class 2A4, 6.000%, 02/25/36		3,718
	5,000	Series 2007-1F, Class 2A4, 5.500%, 01/25/37		4,680
	580	Impac CMB Trust, Series 2005-4, Class 2A1, VAR, 0.557%, 05/25/35		489
		Impac Secured Assets CMN Owner Trust,
	1,133	Series 2006-1, Class 2A1, VAR, 0.607%, 05/25/36		1,007
	1,665	Series 2006-2, Class 2A1, VAR, 0.607%, 08/25/36		1,438
	23,034	Indymac Index Mortgage Loan Trust, Series 2005-AR11, Class A7, IO, VAR, 0.183%, 08/25/35		115
		JP Morgan Mortgage Trust,
	2,762	Series 2006-A2, Class 4A1, VAR, 2.747%, 08/25/34		2,547
	3,433	Series 2006-A2, Class 5A3, VAR, 2.648%, 11/25/33		3,145
	705	Series 2006-A3, Class 6A1, VAR, 2.781%, 08/25/34		598
	1,137	JP Morgan Reremic, Series 2009- 6, Class 4A1, VAR, 5.830%, 09/26/36 (e)		1,182
		Lehman Mortgage Trust,
	1,220	Series 2006-2, Class 1A1, VAR, 6.487%, 04/25/36		1,168
	2,000	Series 2008-2, Class 1A6, 6.000%, 03/25/38		1,475
	2,450	LVII Resecuritization Trust, Series 2009-2, Class A5, VAR, 3.000%, 09/27/37 (e)		2,419

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
		MASTR Adjustable Rate Mortgages Trust,
	98	Series 2004-4, Class 2A1, VAR, 2.136%, 05/25/34		56
	1,632	Series 2004-13, Class 2A1, VAR, 2.669%, 04/21/34		1,559
	4,097	Series 2004-13, Class 3A6, VAR, 2.718%, 11/21/34		4,007
	2,800	Series 2004-13, Class 3A7, VAR, 2.718%, 11/21/34		2,608
	456	Series 2004-15, Class 3A1, VAR, 3.024%, 12/25/34		332
		MASTR Alternative Loans Trust,
	343	Series 2003-3, Class 1A1, 6.500%, 05/25/33		356
	1,217	Series 2003-9, Class 8A1, 6.000%, 01/25/34		1,218
	1,056	Series 2004-3, Class 2A1, 6.250%, 04/25/34		1,068
	2,161	Series 2004-4, Class 10A1, 5.000%, 05/25/24		2,234
	768	Series 2004-6, Class 30PO, PO, 07/25/34		625
	1,054	Series 2004-6, Class 7A1, 6.000%, 07/25/34		1,046
	544	Series 2004-7, Class 30PO, PO, 08/25/34		350
	2,478	Series 2004-8, Class 6A1, 5.500%, 09/25/19		2,515
	497	Series 2004-10, Class 1A1, 4.500%, 09/25/19		506
		MASTR Asset Securitization Trust,
	201	Series 2003-2, Class 2A1, 4.500%, 03/25/18		204
	54	Series 2003-3, Class 4A1, 5.000%, 04/25/18		56
	322	Series 2003-4, Class 3A2, 5.000%, 05/25/18		330
	377	Series 2003-12, Class 30PO, PO, 12/25/33		285
	246	Series 2004-1, Class 30PO, PO, 02/25/34		185
	186	Series 2004-4, Class 3A1, 4.500%, 04/25/19		189
	173	Series 2004-6, Class 15PO, PO, 05/25/19		150
	329	Series 2004-8, Class 1A1, 4.750%, 08/25/19		339
	137	Series 2004-8, Class PO, PO, 08/25/19		120
	10	Series 2004-10, Class 5A1, VAR, 0.657%, 11/25/34		10
	1,000	Series 2006-2, Class 1A30, 6.000%, 06/25/36		882
	3,744	MASTR Reperforming Loan Trust, Series 2005-2, Class 1A1F, VAR, 0.607%, 05/25/35 (e)		2,966
	3,274	MASTR Resecuritization Trust, Series 2005-PO, Class 3PO, PO, 05/28/35 (e)		2,423
	85	Merrill Lynch Trust, Series 47, Class Z, 8.985%, 10/20/20		95
	1,327	MLCC Mortgage Investors, Inc., Series 2004-1, Class 2A1, VAR, 2.080%, 12/25/34		1,249
	853	MortgageIT Trust, Series 2005-1, Class 1A1, VAR, 0.577%, 02/25/35		651
		Nomura Asset Acceptance Corp.,
	505	Series 2003-A1, Class A1, 5.500%, 05/25/33		526
	169	Series 2003-A1, Class A2, 6.000%, 05/25/33		170
	65	Series 2003-A1, Class A5, 7.000%, 04/25/33		68
	21	Series 2003-A1, Class A7, 5.000%, 04/25/18		21
	680	Series 2004-R2, Class A1, VAR, 6.500%, 10/25/34 (e)		684
		Paine Webber CMO Trust,
	4	Series H, Class 4, 8.750%, 04/01/18		4
	19	Series P, Class 4, 8.500%, 08/01/19		22
	1,440	PennyMac Loan Trust, Series 2011-NPL1, Class A, VAR, 5.250%, 09/25/51 (f) (i)		1,436
		RBSSP Resecuritization Trust,
	837	Series 2009-2, Class 1A1, 7.000%, 08/26/37 (e)		877
	1,337	Series 2009-6, Class 15A1, 5.500%, 01/26/21 (e)		1,345
	1,294	Series 2009-9, Class 7A4, 6.000%, 07/26/37 (e)		1,317
	829	Series 2009-12, Class 14A1, VAR, 5.500%, 03/25/23 (e)		850
	2,043	Series 2009-12, Class 1A1, VAR, 5.700%, 11/25/33 (e)		2,150
	1,566	Series 2010-9, Class 1A1, VAR, 0.442%, 07/26/37 (e) (f) (i)		1,348
	1,800	Series 2010-9, Class 7A5, VAR, 4.000%, 05/26/37 (e)		1,787
	1,071	Series 2010-12, Class 8A1, 4.000%, 06/27/21 (e)		1,077
	260	Residential Accredit Loans, Inc., Series 2002-QS16, Class A3, IF, 16.085%, 10/25/17		293
	861	Series 2002-QS8, Class A5, 6.250%, 06/25/17		879

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
	5,419	Series 2003-QR19, Class CB4, 5.750%, 10/25/33		5,334
	1,575	Series 2003-QS12, Class A2A, IF, IO, 7.343%, 06/25/18		212
	479	Series 2003-QS12, Class A5, IO, 5.000%, 06/25/18		50
	3,158	Series 2003-QS14, Class A1, 5.000%, 07/25/18		3,211
	1,010	Series 2003-QS18, Class A1, 5.000%, 09/25/18		1,039
	2,272	Series 2003-QS19, Class A1, 5.750%, 10/25/33		2,349
	637	Series 2003-QS3, Class A2, IF, 15.934%, 02/25/18		716
	563	Series 2003-QS3, Class A8, IF, IO, 7.343%, 02/25/18		57
	1,686	Series 2003-QS9, Class A3, IF, IO, 7.293%, 05/25/18		232
	2,840	Series 2004-QA6, Class NB2, VAR, 3.058%, 12/26/34		1,786
	192	Series 2004-QS8, Class A2, 5.000%, 06/25/34		193
		Residential Asset Securitization Trust,
	1,040	Series 2003-A13, Class A3, 5.500%, 01/25/34		1,039
	89	Series 2003-A14, Class A1, 4.750%, 02/25/19		90
	4,131	Series 2005-A2, Class A4, IF, IO, 4.793%, 03/25/35		452
	1,324	Series 2006-A4, Class 2A5, 6.000%, 05/25/36		844
		Residential Funding Mortgage Securities I,
	1,130	Series 2003-S13, Class A3, 5.500%, 06/25/33		1,150
	359	Series 2003-S14, Class A4, PO, 07/25/18		337
	675	Series 2004-S3, Class A1, 4.750%, 03/25/19		691
	1,392	Series 2004-S6, Class 2A6, PO, 06/25/34		1,084
	309	Series 2004-S9, Class 2A1, 4.750%, 12/25/19		315
	1,118	Series 2005-SA4, Class 1A1, VAR, 2.875%, 09/25/35		727
	51	Residential Funding Securities LLC, Series 2003-RM2, Class AP- 3, PO, 05/25/33		34
		Salomon Brothers Mortgage Securities VII, Inc.,
	583	Series 2003-HYB1, Class A, VAR, 2.736%, 09/25/33		539
	134	Series 2003-UP2, Class PO1, PO, 12/25/18		116
	3,002	Springleaf Mortgage Loan Trust, Series 2011-1A, Class A1, VAR, 4.050%, 01/25/58 (e)		2,998
	2,826	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-6, Class 5A4, VAR, 4.951%, 06/25/34		2,665
	1,001	Structured Asset Mortgage Investments, Inc., Series 2004- AR5, Class 1A1, VAR, 0.915%, 10/19/34		822
		Structured Asset Securities Corp.,
	81	Series 2002-10H, Class 1AP, PO, 05/25/32		60
	192	Series 2003-8, Class 1A2, 5.000%, 04/25/18		196
	501	Series 2003-31A, Class B1, VAR, 2.460%, 10/25/33		201
	1,666	Series 2003-33H, Class 1A1, 5.500%, 10/25/33		1,685
	615	Series 2004-20, Class 1A3, 5.250%, 11/25/34		619
	2,809	Series 2004-5H, Class A4, 5.540%, 12/25/33		2,743
	509	Series 2005-6, Class 4A1, 5.000%, 05/25/35		501
	1,000	Series 2005-10, Class 5A9, 5.250%, 12/25/34		982
	917	Thornburg Mortgage Securities Trust, Series 2003-4, Class A1, VAR, 0.897%, 09/25/43		823
		Vericrest Opportunity Loan Transferee,
	1,192	Series 2011-NL2A, Class A1, VAR, 5.682%, 06/25/51 (e) (f) (i)		1,191
	1,400	Series 2011-NL2A, Class A2, VAR, 9.317%, 06/25/51 (e) (f) (i)		1,400
	1,543	Series 2011-NL3A, Class A1, VAR, 5.194%, 09/25/51 (e)		1,543
	559	Series 2011-NL3A, Class A2, VAR, 9.318%, 09/25/51 (e)		559
		WaMu Mortgage Pass-Through Certificates,
	209	Series 2003-AR8, Class A, VAR, 2.476%, 08/25/33		196
	4,937	Series 2003-AR9, Class 1A6, VAR, 2.462%, 09/25/33		4,671
	704	Series 2003-AR9, Class 2A, VAR, 2.562%, 09/25/33		670
	169	Series 2003-S10, Class A5, 5.000%, 10/25/18		169
	19	Series 2003-S10, Class A6, PO, 10/25/18		19
	414	Series 2003-S11, Class 2A5, IF, 16.343%, 11/25/33		436

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
	872	Series 2003-S8, Class A6, 4.500%, 09/25/18		888
	3,451	Series 2003-S9, Class A8, 5.250%, 10/25/33		3,556
	394	Series 2003-S9, Class P, PO, 10/25/33		295
	406	Series 2004-AR3, Class A1, VAR, 2.570%, 06/25/34		393
	232	Series 2004-AR3, Class A2, VAR, 2.570%, 06/25/34		224
	2,499	Series 2004-RS2, Class A4, 5.000%, 11/25/33		2,501
	562	Series 2006-AR10, Class 2P, VAR, 09/25/36		309
	378	Series 2006-AR12, Class 2P, VAR, 10/25/36		193
		Washington Mutual Alternative Mortgage Pass-Through Certificates,
	13,898	Series 2005-2, Class 1A4, IF, IO, 4.793%, 04/25/35		1,464
	3,270	Series 2005-2, Class 2A3, IF, IO, 4.743%, 04/25/35		319
	3,611	Series 2005-3, Class CX, IO, 5.500%, 05/25/35		655
	3,961	Series 2005-4, Class CB7, 5.500%, 06/25/35		3,184
	3,518	Series 2005-4, Class CX, IO, 5.500%, 06/25/35		561
	1,180	Series 2005-6, Class 2A4, 5.500%, 08/25/35		923
	5,556	Series 2005-6, Class 2A9, 5.500%, 08/25/35		3,886
		Wells Fargo Mortgage-Backed Securities Trust,
	525	Series 2003-8, Class A9, 4.500%, 08/25/18		547
	476	Series 2003-11, Class 1A4, 4.750%, 10/25/18		475
	269	Series 2003-11, Class 1APO, PO, 10/25/18		238
	939	Series 2003-13, Class A7, 4.500%, 11/25/18		952
	996	Series 2003-15, Class 1A1, 4.750%, 12/25/18		1,028
	200	Series 2003-15, Class APO, PO, 12/25/18		175
	915	Series 2003-16, Class 2A1, 4.500%, 12/25/18		933
	86	Series 2003-16, Class 2A3, 4.500%, 12/25/18		86
	674	Series 2003-K, Class 1A1, VAR, 4.432%, 11/25/33		682
	1,275	Series 2003-K, Class 1A2, VAR, 4.432%, 11/25/33		1,314
	336	Series 2004-2, Class APO, PO, 01/25/19		295
	493	Series 2004-7, Class 2A1, 4.500%, 07/25/19		502
	480	Series 2004-7, Class 2A2, 5.000%, 07/25/19		494
	1,317	Series 2004-BB, Class A4, VAR, 2.706%, 01/25/35		1,257
	1,052	Series 2004-EE, Class 2A1, VAR, 2.710%, 12/25/34		987
	1,123	Series 2004-EE, Class 3A1, VAR, 2.737%, 12/25/34		1,079
	3,785	Series 2004-P, Class 2A1, VAR, 2.677%, 09/25/34		3,591
	1,059	Series 2004-V, Class 1A1, VAR, 2.712%, 10/25/34		1,000
	863	Series 2005-1, Class 2A1, 5.000%, 01/25/20		893
	235	Series 2005-13, Class APO, PO, 11/25/20		201
	652	Series 2005-16, Class APO, PO, 01/25/36		500
	641	Series 2005-AR16, Class 2A1, VAR, 2.705%, 02/25/34		565
	981	Series 2005-AR8, Class 2A1, VAR, 2.711%, 06/25/35		909
	1,261	Series 2006-2, Class APO, PO, 03/25/36		894
	887	Series 2006-4, Class 1APO, PO, 04/25/36		686
	2,500	Series 2007-7, Class A7, 6.000%, 06/25/37		2,360
	729	Series 2007-11, Class A14, 6.000%, 08/25/37		659
				386,684
		Total Collateralized Mortgage Obligations (Cost $1,140,547)		1,218,462
	Commercial Mortgage-Backed Securities — 2.2%
		Banc of America Merrill Lynch Commercial Mortgage, Inc.,
	400	Series 2005-3, Class A4, 4.668%, 07/10/43		431
	1,610	Series 2005-3, Class AM, 4.727%, 07/10/43		1,626
	3,680	Series 2005-6, Class ASB, VAR, 5.367%, 09/10/47		3,852
	265	Series 2006-1, Class A4, VAR, 5.372%, 09/10/45		292
	2,250	Series 2006-4, Class A4, 5.634%, 07/10/46		2,464
	250	Series 2006-5, Class A4, 5.414%, 09/10/47		266

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Commercial Mortgage-Backed Securities — Continued
		Bear Stearns Commercial Mortgage Securities,
	46,022	Series 2005-PWR8, Class X1, IO, VAR, 0.295%, 06/11/41 (e)		686
	1,494	Series 2005-PWR9, Class AAB, 4.804%, 09/11/42		1,555
	3,148	Series 2006-PW11, Class A4, VAR, 5.620%, 03/11/39		3,469
		Citigroup Commercial Mortgage Trust,
	1,200	Series 2005-C3, Class AM, VAR, 4.830%, 05/15/43		1,249
	4	Series 2006-C4, Class A1, VAR, 5.922%, 03/15/49		4
	118,693	Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class XC, IO, VAR, 0.242%, 12/11/49 (e)		1,055
	1,100	Commercial Mortgage Pass- Through Certificates, Series 2005- LP5, Class A4, VAR, 4.982%, 05/10/43		1,196
	28,782	CW Capital Cobalt Ltd., Series 2006-C1, Class IO, IO, VAR, 0.916%, 08/15/48		811
	2,969	FDIC Structured Sale Guaranteed Notes, Series 2010-C1, Class A, 2.980%, 12/06/20 (e)		3,075
	1,856	GE Capital Commercial Mortgage Corp., Series 2005-C1, Class AJ, VAR, 4.826%, 06/10/48		1,794
	4,025	GMAC Commercial Mortgage Securities, Inc., Series 2006-C1, Class A4, VAR, 5.238%, 11/10/45		4,323
	500	Greenwich Capital Commercial Funding Corp., Series 2005-GG3, Class AJ, VAR, 4.859%, 08/10/42		510
		GS Mortgage Securities Corp. II,
	1,825	Series 2004-GG2, Class A6, VAR, 5.396%, 08/10/38		1,942
	770	Series 2006-GG6, Class A4, VAR, 5.553%, 04/10/38		830
	1,000	Series 2009-RR1, Class JPB, 5.374%, 05/17/45 (e)		970
	1,000	JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-CB11, Class AJ, VAR, 5.457%, 08/12/37		969
		LB-UBS Commercial Mortgage Trust,
	1,000	Series 2006-C1, Class A4, 5.156%, 02/15/31		1,093
	46,510	Series 2006-C7, Class XW, IO, VAR, 0.859%, 11/15/38 (e)		1,343
		Merrill Lynch Mortgage Trust,
	3,105	Series 2005-LC1, Class A4, VAR, 5.291%, 01/12/44		3,424
	2,332	Series 2005-MCP1, Class ASB, VAR, 4.674%, 06/12/43		2,421
		Merrill Lynch/Countrywide Commercial Mortgage Trust,
	3,207	Series 2006-1, Class A4, VAR, 5.605%, 02/12/39		3,501
	33,391	Series 2006-4, Class XC, IO, VAR, 0.312%, 12/12/49 (e)		445
		Morgan Stanley Capital I,
	42,215	Series 2006-IQ12, Class X1, IO, VAR, 0.139%, 12/15/43 (e)		607
	90,161	Series 2007-HQ11, Class X, IO, VAR, 0.425%, 02/12/44 (e)		737
	764	Series 2011-C3, Class A3, 4.054%, 07/15/49		799
		Morgan Stanley Reremic Trust,
	691	Series 2009-IO, Class A1, 3.000%, 07/17/56 (e)		693
	3,500	Series 2009-IO, Class A2, 5.000%, 07/17/56 (e)		3,569
	3,000	Series 2010-C30A, Class A3A, 3.250%, 12/17/43 (e)		2,997
	3,000	Series 2010-HQ4B, Class A7A, 4.970%, 04/16/40 (e)		3,127
	6,989	Series 2011-IO, Class A, 2.500%, 03/23/51 (e)		6,980
	5,545	TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class A3, VAR, 5.739%, 08/15/39		5,961
	1,700	WF-RBS Commercial Mortgage Trust, Series 2011-C3, Class A4, 4.375%, 03/15/44 (e)		1,773
		Total Commercial Mortgage- Backed Securities (Cost $68,207)		72,839
	Corporate Bonds — 18.4%
		Consumer Discretionary — 1.4%
		Auto Components — 0.1%
		Johnson Controls, Inc.,
	591	3.750%, 12/01/21		590
	665	4.250%, 03/01/21		695
	1,000	5.250%, 12/01/41		998
				2,283
		Automobiles — 0.1%
		Daimler Finance North America LLC,
	739	2.625%, 09/15/16 (e)		730
	1,000	6.500%, 11/15/13		1,086
				1,816
		Hotels, Restaurants & Leisure — 0.0% (g)
	400	McDonald’s Corp., 4.300%, 03/01/13		418

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Household Durables — 0.0% (g)
	500	Newell Rubbermaid, Inc., 4.700%, 08/15/20		510
		Media — 1.0%
		CBS Corp.,
	140	5.500%, 05/15/33		139
	252	5.750%, 04/15/20		276
	1,000	7.875%, 07/30/30		1,249
	190	8.875%, 05/15/19		243
	250	Comcast Cable Communications Holdings, Inc., 9.455%, 11/15/22		346
	624	Comcast Cable Communications LLC, 7.125%, 06/15/13		679
	2,790	Comcast Cable Holdings LLC, 9.800%, 02/01/12		2,828
		Comcast Corp.,
	2,845	5.900%, 03/15/16		3,243
	400	6.450%, 03/15/37		454
	400	6.500%, 11/15/35		459
	740	Comcast Holdings Corp., 10.625%, 07/15/12		780
		Cox Communications, Inc.,
	505	5.450%, 12/15/14		560
	125	8.375%, 03/01/39 (e)		165
	450	Cox Enterprises, Inc., 7.375%, 07/15/27 (e)		532
		DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.,
	1,000	4.600%, 02/15/21		1,007
	772	5.000%, 03/01/21		801
	2,000	6.000%, 08/15/40		2,081
	1,016	Discovery Communications LLC, 4.375%, 06/15/21		1,048
	1,177	Historic TW, Inc., 9.150%, 02/01/23		1,593
		NBC Universal Media LLC,
	300	4.375%, 04/01/21		307
	800	5.950%, 04/01/41		872
		News America, Inc.,
	100	6.200%, 12/15/34		105
	400	6.650%, 11/15/37		437
	250	6.900%, 08/15/39		288
	1,075	7.300%, 04/30/28		1,207
	500	8.000%, 10/17/16		614
	355	8.875%, 04/26/23		455
		Thomson Reuters Corp., (Canada),
	1,278	3.950%, 09/30/21		1,302
	315	4.700%, 10/15/19		341
	493	5.950%, 07/15/13		528
		Time Warner Cable, Inc.,
	359	5.500%, 09/01/41		357
	2,127	5.850%, 05/01/17		2,396
	400	6.550%, 05/01/37		442
	800	8.250%, 04/01/19		993
		Time Warner Entertainment Co. LP,
	120	8.375%, 03/15/23		154
	1,250	8.375%, 07/15/33		1,650
	872	10.150%, 05/01/12		903
		Time Warner, Inc.,
	525	4.750%, 03/29/21		554
	313	5.375%, 10/15/41		313
	150	6.200%, 03/15/40		164
	437	6.250%, 03/29/41		485
	200	7.625%, 04/15/31		245
	171	7.700%, 05/01/32		213
	640	Walt Disney Co. (The), 4.125%, 12/01/41		626
				34,434
		Multiline Retail — 0.1%
		Kohl’s Corp.,
	400	4.000%, 11/01/21		404
	275	6.250%, 12/15/17		325
	455	Nordstrom, Inc., 4.000%, 10/15/21		465
		Target Corp.,
	200	6.000%, 01/15/18		242
	800	7.000%, 01/15/38		1,037
				2,473
		Specialty Retail — 0.1%
	533	Gap, Inc. (The), 5.950%, 04/12/21		504
	1,625	Home Depot, Inc., 5.400%, 03/01/16		1,859
		Lowe’s Cos., Inc.,
	277	3.800%, 11/15/21		277
	326	5.125%, 11/15/41		335
	750	7.110%, 05/15/37		958
	590	Staples, Inc., 9.750%, 01/15/14		674
				4,607
		Total Consumer Discretionary		46,541
		Consumer Staples — 0.8%
		Beverages — 0.3%
		Anheuser-Busch Cos. LLC,
	600	5.500%, 01/15/18		694
	905	5.750%, 04/01/36		1,064
		Anheuser-Busch InBev Worldwide, Inc.,
	114	1.500%, 07/14/14		115
	515	7.750%, 01/15/19		663
		Coca-Cola Co. (The),
	500	3.625%, 03/15/14		531
	410	4.875%, 03/15/19		472
	300	Coca-Cola Refreshments USA, Inc., 8.500%, 02/01/12		304
	510	Diageo Capital plc, (United Kingdom), 4.828%, 07/15/20		563
		Diageo Finance B.V., (Netherlands),
	800	5.300%, 10/28/15		904

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Beverages — Continued
	500	5.500%, 04/01/13		530
	890	FBG Finance Ltd., (Australia), 5.125%, 06/15/15 (e)		970
		PepsiCo, Inc.,
	150	0.800%, 08/25/14		150
	359	3.000%, 08/25/21		356
	54	7.900%, 11/01/18		71
		SABMiller plc, (United Kingdom),
	700	5.700%, 01/15/14 (e)		761
	250	6.500%, 07/01/16 (e)		292
				8,440
		Food & Staples Retailing — 0.2%
		CVS Caremark Corp.,
	979	5.750%, 05/15/41		1,075
	250	6.125%, 09/15/39		278
		Kroger Co. (The),
	850	7.500%, 01/15/14		954
	1,460	7.500%, 04/01/31		1,932
		Wal-Mart Stores, Inc.,
	420	4.550%, 05/01/13		444
	752	5.250%, 09/01/35		842
	215	6.200%, 04/15/38		265
	350	7.550%, 02/15/30		498
				6,288
		Food Products — 0.3%
		Bunge Ltd. Finance Corp.,
	165	5.875%, 05/15/13		172
	1,295	8.500%, 06/15/19		1,554
	191	Bunge N.A. Finance LP, 5.900%, 04/01/17		207
		Cargill, Inc.,
	535	4.307%, 05/14/21 (e)		571
	850	7.350%, 03/06/19 (e)		1,069
	232	General Mills, Inc., 6.000%, 02/15/12		234
		Kellogg Co.,
	462	4.250%, 03/06/13		480
	1,200	5.125%, 12/03/12		1,252
		Kraft Foods, Inc.,
	1,450	6.125%, 02/01/18		1,674
	1,480	6.500%, 08/11/17		1,736
	600	6.875%, 02/01/38		746
	500	6.875%, 01/26/39		618
	350	7.000%, 08/11/37		441
				10,754
		Household Products — 0.0% (g)
	66	Kimberly-Clark Corp., 7.500%, 11/01/18		87
	940	Procter & Gamble - ESOP, 9.360%, 01/01/21		1,252
	110	Procter & Gamble Co. (The), 5.500%, 02/01/34		139
				1,478
		Total Consumer Staples		26,960
		Energy — 0.9%
		Energy Equipment & Services — 0.1%
	1,555	Halliburton Co., 7.450%, 09/15/39		2,156
	441	Schlumberger Investment S.A., (Luxembourg), 3.300%, 09/14/21 (e)		445
		Transocean, Inc., (Cayman Islands),
	256	6.375%, 12/15/21		256
	900	6.500%, 11/15/20		895
	198	7.350%, 12/15/41		198
	100	7.500%, 04/15/31		99
				4,049
		Oil, Gas & Consumable Fuels — 0.8%
	150	Alberta Energy Co. Ltd., (Canada), 7.375%, 11/01/31		183
		Anadarko Petroleum Corp.,
	125	5.750%, 06/15/14		136
	2,000	7.625%, 03/15/14		2,245
	265	8.700%, 03/15/19		337
	500	Apache Corp., 6.900%, 09/15/18		631
	1,000	Canadian Natural Resources Ltd., (Canada), 6.750%, 02/01/39		1,269
	1,000	Chevron Corp., 4.950%, 03/03/19		1,174
	405	Conoco Funding Co., (Canada), 7.250%, 10/15/31		551
		ConocoPhillips,
	200	5.200%, 05/15/18		230
	450	5.750%, 02/01/19		533
	150	6.000%, 01/15/20		183
	200	6.500%, 02/01/39		259
		Encana Corp., (Canada),
	545	6.500%, 05/15/19		645
	150	6.500%, 08/15/34		169
	925	ENI S.p.A., (Italy), 5.700%, 10/01/40 (e)		926
	600	EOG Resources, Inc., 4.100%, 02/01/21		644
	200	Kerr-McGee Corp., 6.950%, 07/01/24		237
		Marathon Oil Corp.,
	819	5.900%, 03/15/18		950
	1,535	6.000%, 10/01/17		1,779
	402	Occidental Petroleum Corp., 1.750%, 02/15/17		401
		Petro-Canada, (Canada),
	324	6.050%, 05/15/18		380
	1,045	6.800%, 05/15/38		1,249
		Shell International Finance B.V., (Netherlands),
	270	1.875%, 03/25/13		275
	275	4.000%, 03/21/14		295
	1,000	4.300%, 09/22/19		1,132

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Oil, Gas & Consumable Fuels — Continued
	1,005	4.375%, 03/25/20		1,144
	1,230	6.375%, 12/15/38		1,628
		Statoil ASA, (Norway),
	467	3.125%, 08/17/17		489
	300	3.150%, 01/23/22		300
	253	4.250%, 11/23/41		259
	250	Suncor Energy, Inc., (Canada), 6.850%, 06/01/39		303
	850	Talisman Energy, Inc., (Canada), 7.750%, 06/01/19		1,033
	400	Tosco Corp., 8.125%, 02/15/30		575
		Total Capital S.A., (France),
	1,400	2.300%, 03/15/16		1,434
	370	4.125%, 01/28/21		396
	2,000	XTO Energy, Inc., 5.750%, 12/15/13		2,198
				26,572
		Total Energy		30,621
		Financials — 9.6%
		Capital Markets — 1.9%
		Bank of New York Mellon Corp. (The),
	1,789	2.400%, 01/17/17		1,784
	900	2.950%, 06/18/15		933
	264	3.550%, 09/23/21		262
	750	4.600%, 01/15/20		804
	310	5.125%, 08/27/13		331
		BlackRock, Inc.,
	540	3.500%, 12/10/14		577
	652	5.000%, 12/10/19		699
	350	6.250%, 09/15/17		402
	1,500	Blackstone Holdings Finance Co. LLC, 5.875%, 03/15/21 (e)		1,437
	250	Charles Schwab Corp. (The), 4.950%, 06/01/14		269
	500	Credit Suisse USA, Inc., 5.125%, 08/15/15		525
	500	FMR LLC, 6.450%, 11/15/39 (e)		526
		Goldman Sachs Group, Inc. (The),
	3,060	3.625%, 02/07/16		2,881
	492	3.700%, 08/01/15		475
	1,041	4.750%, 07/15/13		1,043
	2,638	5.250%, 10/15/13		2,682
	473	5.250%, 07/27/21		437
	1,040	5.375%, 03/15/20		981
	750	5.500%, 11/15/14		774
	4,100	5.950%, 01/18/18		4,075
	949	6.000%, 06/15/20		926
	305	6.250%, 09/01/17		312
	485	6.750%, 10/01/37		431
	2,570	7.500%, 02/15/19		2,743
		Jefferies Group, Inc.,
	450	3.875%, 11/09/15		382
	1,005	5.125%, 04/13/18		844
	1,000	6.450%, 06/08/27		784
	770	8.500%, 07/15/19		716
		Lehman Brothers Holdings, Inc.,
	105	3.950%, 11/10/09 (d) (f) (i)		27
	1,246	4.800%, 03/13/14 (d) (f) (i)		321
	1,000	5.500%, 04/04/16 (d) (f) (i)		258
	1,200	5.750%, 05/17/13 (d) (f) (i)		309
	1,850	6.000%, 07/19/12 (d) (f) (i)		476
	1,670	6.625%, 01/18/12 (d) (f) (i)		430
	152	7.875%, 11/01/09 (d) (f) (i)		39
		Macquarie Group Ltd., (Australia),
	1,400	6.250%, 01/14/21 (e)		1,355
	750	7.300%, 08/01/14 (e)		789
		Merrill Lynch & Co., Inc.,
	2,215	5.450%, 07/15/14		2,189
	920	5.700%, 05/02/17		830
	1,702	6.150%, 04/25/13		1,705
	2,996	6.400%, 08/28/17		2,871
	1,249	6.875%, 04/25/18		1,182
		Morgan Stanley,
	625	4.000%, 07/24/15		572
	893	4.200%, 11/20/14		849
	2,029	4.750%, 04/01/14		1,948
	4,225	5.300%, 03/01/13		4,219
	1,000	5.450%, 01/09/17		922
	1,021	5.500%, 07/24/20		877
	1,265	5.625%, 09/23/19		1,105
	900	5.750%, 08/31/12		913
	360	5.750%, 01/25/21		322
	1,200	6.000%, 05/13/14		1,193
	400	6.625%, 04/01/18		377
	370	6.750%, 10/15/13		386
	820	7.300%, 05/13/19		808
		Nomura Holdings, Inc., (Japan),
	1,050	4.125%, 01/19/16		1,009
	150	5.000%, 03/04/15		150
	1,150	6.700%, 03/04/20		1,196
	226	Northern Trust Corp., 5.500%, 08/15/13		244
		UBS AG, (Switzerland),
	414	2.250%, 08/12/13		410
	2,300	3.875%, 01/15/15		2,286
	365	4.875%, 08/04/20		356
	500	5.750%, 04/25/18		513
	425	5.875%, 12/20/17		441
				62,912
		Commercial Banks — 2.7%
	550	ANZ National (International) Ltd., (New Zealand), 2.375%, 12/21/12 (e)		555
		Australia & New Zealand Banking Group Ltd., (Australia),
	1,268	2.400%, 11/23/16 (e)		1,246

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Commercial Banks — Continued
	900	3.250%, 03/01/16 (e)		914
	228	4.875%, 01/12/21 (e)		239
	741	Bank of Montreal, (Canada), 1.300%, 10/31/14 (e)		739
		Bank of Nova Scotia, (Canada),
	1,034	1.650%, 10/29/15 (e)		1,029
	737	3.400%, 01/22/15		773
	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		2,629
	800	2.500%, 09/21/15 (e)		784
	935	3.900%, 04/07/15		935
	175	5.000%, 09/22/16		178
	700	5.200%, 07/10/14		725
	1,000	6.050%, 12/04/17 (e)		889
		BB&T Corp.,
	1,450	3.850%, 07/27/12		1,478
	750	3.950%, 04/29/16		798
	740	4.900%, 06/30/17		783
	1,885	5.700%, 04/30/14		2,063
	245	6.850%, 04/30/19		296
	695	Branch Banking & Trust Co., 5.625%, 09/15/16		775
	5,000	Canadian Imperial Bank of Commerce, (Canada), 2.600%, 07/02/15 (e)		5,158
	260	Comerica, Inc., 3.000%, 09/16/15		265
		Credit Suisse, (Switzerland),
	451	4.375%, 08/05/20		435
	500	5.000%, 05/15/13		515
	160	5.300%, 08/13/19		163
	675	5.400%, 01/14/20		616
	942	5.500%, 05/01/14		994
	850	6.000%, 02/15/18		824
		Deutsche Bank AG, (Germany),
	650	3.250%, 01/11/16		650
	970	3.875%, 08/18/14		992
	2,011	DnB NOR Boligkreditt AS, (Norway), 2.100%, 10/14/15 (e)		2,036
	720	Fifth Third Bancorp, 5.450%, 01/15/17		754
		HSBC Bank plc, (United Kingdom),
	1,745	1.625%, 07/07/14 (e)		1,726
	1,438	3.100%, 05/24/16 (e)		1,432
	666	4.125%, 08/12/20 (e)		648
	575	4.750%, 01/19/21 (e)		584
		HSBC Holdings plc, (United Kingdom),
	500	4.875%, 01/14/22		503
	556	5.100%, 04/05/21		574
	600	6.100%, 01/14/42		631
	2,400	KeyBank N.A., 5.500%, 09/17/12		2,473
	480	KeyCorp, 6.500%, 05/14/13		508
	2,100	Manufacturers & Traders Trust Co., 6.625%, 12/04/17		2,409
		National Australia Bank Ltd., (Australia),
	3,000	2.500%, 01/08/13 (e)		3,032
	750	2.750%, 09/28/15 (e)		751
	1,000	3.000%, 07/27/16 (e)		993
	795	3.750%, 03/02/15 (e)		816
	1,353	National Bank of Canada, (Canada), 1.650%, 01/30/14 (e)		1,367
	250	National City Bank, 5.800%, 06/07/17		275
		Nordea Bank AB, (Sweden),
	600	1.750%, 10/04/13 (e)		592
	945	4.875%, 05/13/21 (e)		799
	400	PNC Bank N.A., 6.875%, 04/01/18		454
		PNC Funding Corp.,
	567	4.375%, 08/11/20		600
	940	5.250%, 11/15/15		1,015
	950	5.625%, 02/01/17		1,036
	565	6.700%, 06/10/19		675
		Rabobank Nederland N.V., (Netherlands),
	140	2.125%, 10/13/15		139
	2,400	3.200%, 03/11/15 (e)		2,471
	500	5.800%, 09/30/10 (e)		533
		SunTrust Banks, Inc.,
	2,010	5.250%, 11/05/12		2,067
	820	6.000%, 09/11/17		901
	1,411	Svenska Handelsbanken AB, (Sweden), 3.125%, 07/12/16		1,409
	1,140	Toronto-Dominion Bank (The), (Canada), 2.200%, 07/29/15 (e)		1,162
		U.S. Bancorp,
	645	2.450%, 07/27/15		659
	566	4.125%, 05/24/21		615
	1,107	7.500%, 06/01/26		1,400
		Wachovia Bank N.A.,
	1,000	5.600%, 03/15/16		1,094
	250	6.000%, 11/15/17		278
	1,125	6.600%, 01/15/38		1,227
		Wachovia Corp.,
	685	4.875%, 02/15/14		716
	2,000	5.500%, 05/01/13		2,118
	4,480	5.750%, 02/01/18		5,015
		Wells Fargo & Co.,
	1,000	3.676%, 06/15/16		1,047
	500	4.600%, 04/01/21		530
	2,135	5.625%, 12/11/17		2,397
		Wells Fargo Bank N.A.,
	1,515	4.750%, 02/09/15		1,596
	250	5.750%, 05/16/16		272

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Commercial Banks — Continued
		Westpac Banking Corp., (Australia),
	900	4.200%, 02/27/15		935
	2,105	4.875%, 11/19/19		2,189
				86,614
		Consumer Finance — 0.8%
	700	American Express Co., 7.000%, 03/19/18		820
		American Express Credit Corp.,
	1,000	2.800%, 09/19/16		989
	2,140	5.875%, 05/02/13		2,253
	400	7.300%, 08/20/13		432
	1,083	American General Finance Corp., 5.375%, 10/01/12		996
		American Honda Finance Corp.,
	405	2.375%, 03/18/13 (e)		411
	1,599	2.600%, 09/20/16 (e)		1,598
	150	7.625%, 10/01/18 (e)		187
	1,125	Capital One Bank USA N.A., 8.800%, 07/15/19		1,310
		Capital One Financial Corp.,
	1,165	6.750%, 09/15/17		1,299
	2,140	7.375%, 05/23/14		2,341
		HSBC Finance Corp.,
	1,000	4.750%, 07/15/13		1,024
	3,413	5.000%, 06/30/15		3,485
	2,200	5.250%, 01/15/14		2,281
	188	6.375%, 11/27/12		193
	207	7.350%, 11/27/32		210
		John Deere Capital Corp.,
	233	3.150%, 10/15/21		234
	265	4.500%, 04/03/13		278
	1,000	5.250%, 10/01/12		1,038
	1,023	SLM Corp., 5.375%, 01/15/13		1,038
		Toyota Motor Credit Corp.,
	2,400	2.000%, 09/15/16		2,387
	962	3.200%, 06/17/15		1,009
	331	Volkswagen International Finance N.V., (Netherlands), 1.625%, 08/12/13 (e)		331
				26,144
		Diversified Financial Services — 2.4%
		Associates Corp. of North America,
	1,900	6.950%, 11/01/18		2,043
	2,200	BA Covered Bond Issuer, 5.500%, 06/14/12 (e)		2,252
		Bank of America Corp.,
	520	3.625%, 03/17/16		458
	300	4.900%, 05/01/13		298
	470	5.000%, 05/13/21		398
	2,720	5.625%, 10/14/16		2,514
	140	5.625%, 07/01/20		124
	600	5.650%, 05/01/18		528
	1,510	5.750%, 08/15/16		1,371
	420	5.750%, 12/01/17		383
	600	7.625%, 06/01/19		585
	1,455	Bank of America N.A., 5.300%, 03/15/17		1,277
	235	BG Energy Capital plc, (United Kingdom), 5.125%, 10/15/41 (e)		244
		BP Capital Markets plc, (United Kingdom),
	700	3.125%, 03/10/12		704
	900	4.742%, 03/11/21		994
	2,122	5.250%, 11/07/13		2,278
	725	Caisse Centrale Desjardins du Quebec, (Canada), 2.550%, 03/24/16 (e)		748
		Caterpillar Financial Services Corp.,
	665	4.900%, 08/15/13		712
	560	5.500%, 03/15/16		646
	1,300	6.200%, 09/30/13		1,419
	305	7.050%, 10/01/18		383
	510	7.150%, 02/15/19		647
		Citigroup, Inc.,
	832	4.587%, 12/15/15		834
	856	4.700%, 05/29/15		866
	527	4.750%, 05/19/15		530
	3,127	5.000%, 09/15/14		3,129
	2,025	5.125%, 05/05/14		2,070
	1,000	5.375%, 08/09/20		1,004
	600	5.500%, 04/11/13		615
	150	6.000%, 12/13/13		155
	2,150	6.000%, 08/15/17		2,238
	755	6.010%, 01/15/15		782
	350	6.125%, 11/21/17		364
	510	6.375%, 08/12/14		537
	400	8.125%, 07/15/39		463
	1,130	8.500%, 05/22/19		1,307
		CME Group, Inc.,
	3,176	5.400%, 08/01/13		3,382
	100	5.750%, 02/15/14		109
	1,045	ConocoPhillips Canada Funding Co. I, (Canada), 5.625%, 10/15/16		1,217
		ERAC USA Finance LLC,
	154	2.250%, 01/10/14 (e)		153
	559	4.500%, 08/16/21 (e)		558
	350	6.375%, 10/15/17 (e)		399
		FUEL Trust,
	1,917	3.984%, 06/15/16 (e)		1,863
	561	4.207%, 04/15/16 (e)		552
		General Electric Capital Corp.,
	450	4.625%, 01/07/21		447
	5,825	5.250%, 10/19/12		6,056
	191	5.300%, 02/11/21		195
	2,500	5.400%, 02/15/17		2,731
	5,755	5.625%, 05/01/18		6,289
	1,000	5.650%, 06/09/14		1,077

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Diversified Financial Services — Continued
	5,000	5.875%, 02/15/12		5,051
	310	5.875%, 01/14/38		305
	6,912	6.000%, 06/15/12		7,105
	2,544	6.750%, 03/15/32		2,753
	1,742	GTP Acquisition Partners I LLC, 4.347%, 06/15/16 (e)		1,755
		National Rural Utilities Cooperative Finance Corp.,
	225	2.625%, 09/16/12		228
	635	4.750%, 03/01/14		687
	200	10.375%, 11/01/18		286
	640	Textron Financial Corp., 5.400%, 04/28/13		655
				79,753
		Insurance — 1.5%
		ACE INA Holdings, Inc.,
	455	2.600%, 11/23/15		460
	350	5.600%, 05/15/15		390
		Aflac, Inc.,
	317	6.450%, 08/15/40		319
	200	8.500%, 05/15/19		241
	1,012	Allstate Life Global Funding Trusts, 5.375%, 04/30/13		1,067
		American International Group, Inc.,
	1,499	4.250%, 05/15/13		1,487
	2,960	5.450%, 05/18/17		2,806
		Aon Corp.,
	402	3.125%, 05/27/16		403
	336	3.500%, 09/30/15		343
	306	6.250%, 09/30/40		362
	2,185	ASIF Global Financing XIX, 4.900%, 01/17/13 (e)		2,217
		Berkshire Hathaway Finance Corp.,
	233	2.450%, 12/15/15		240
	1,250	4.000%, 04/15/12		1,265
	1,000	4.600%, 05/15/13		1,052
	605	5.000%, 08/15/13		644
	1,505	5.400%, 05/15/18		1,713
	781	Berkshire Hathaway, Inc., 3.750%, 08/15/21		797
	100	Chubb Corp., 5.750%, 05/15/18		117
		CNA Financial Corp.,
	750	5.850%, 12/15/14		786
	781	5.875%, 08/15/20		784
		Jackson National Life Global Funding,
	820	5.375%, 05/08/13 (e)		860
	1,695	6.125%, 05/30/12 (e)		1,734
	251	Lincoln National Corp., 4.850%, 06/24/21		239
		MassMutual Global Funding II,
	540	2.300%, 09/28/15 (e)		540
	338	2.875%, 04/21/14 (e)		346
	500	3.625%, 07/16/12 (e)		508
	920	MetLife Institutional Funding II, VAR, 1.274%, 04/04/14 (e)		918
	430	MetLife, Inc., 6.817%, 08/15/18		501
		Metropolitan Life Global Funding I,
	1,150	2.000%, 01/10/14 (e)		1,152
	1,250	2.500%, 01/11/13 (e)		1,266
	400	3.125%, 01/11/16 (e)		402
	1,900	3.650%, 06/14/18 (e)		1,901
	300	5.125%, 04/10/13 (e)		314
	1,093	5.200%, 09/18/13 (e)		1,160
	250	Monumental Global Funding Ltd., (Cayman Islands), 5.500%, 04/22/13 (e)		264
	1,750	Nationwide Mutual Insurance Co., 9.375%, 08/15/39 (e)		1,975
		New York Life Global Funding,
	725	4.650%, 05/09/13 (e)		762
	2,637	5.375%, 09/15/13 (e)		2,821
		Pacific Life Global Funding,
	650	5.000%, 05/15/17 (e)		686
	410	5.150%, 04/15/13 (e)		430
	200	Pacific Life Insurance Co., 9.250%, 06/15/39 (e)		261
	2,100	Pricoa Global Funding I, 5.450%, 06/11/14 (e)		2,275
		Principal Life Global Funding I,
	500	5.050%, 03/15/15 (e)		539
	4,549	6.250%, 02/15/12 (e)		4,595
	215	Principal Life Income Funding Trusts, 5.300%, 12/14/12		225
	1,750	Prudential Insurance Co. of America (The), 8.300%, 07/01/25 (e)		2,168
	210	Travelers Cos., Inc. (The), 5.800%, 05/15/18		243
	1,120	Travelers Life & Annunity Global Funding I, 5.125%, 08/15/14 (e)		1,214
	300	Travelers Property Casualty Corp., 5.000%, 03/15/13		313
				48,105
		Real Estate Investment Trusts (REITs) — 0.2%
		CommonWealth REIT,
	600	5.875%, 09/15/20		592
	1,325	6.650%, 01/15/18		1,411
	895	HCP, Inc., 5.375%, 02/01/21		924
		Simon Property Group LP,
	579	4.125%, 12/01/21		578
	32	4.200%, 02/01/15		34
	200	4.375%, 03/01/21		204
	705	5.625%, 08/15/14		773
	665	6.100%, 05/01/16		747

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Real Estate Investment Trusts (REITs) — Continued
	320	6.125%, 05/30/18		363
	330	6.750%, 05/15/14		364
	1,376	WEA Finance LLC/WT Finance Ltd., 6.750%, 09/02/19 (e)		1,510
				7,500
		Thrifts & Mortgage Finance — 0.1%
	400	Countrywide Financial Corp., 6.250%, 05/15/16		372
	1,463	Stadshypotek AB, (Sweden), 1.450%, 09/30/13 (e)		1,455
				1,827
		Total Financials		312,855
		Health Care — 0.4%
		Biotechnology — 0.2%
		Amgen, Inc.,
	1,000	3.875%, 11/15/21		986
	237	4.500%, 03/15/20		246
	500	4.950%, 10/01/41		464
	2,000	5.150%, 11/15/41		1,928
	252	5.650%, 06/15/42		255
	570	5.700%, 02/01/19		634
	720	5.750%, 03/15/40		739
				5,252
		Health Care Equipment & Supplies — 0.0% (g)
		Baxter International, Inc.,
	380	4.000%, 03/01/14		405
	215	4.625%, 03/15/15		237
	100	Becton Dickinson and Co., 5.000%, 05/15/19		114
				756
		Health Care Providers & Services — 0.1%
	370	Medco Health Solutions, Inc., 2.750%, 09/15/15		367
	975	UnitedHealth Group, Inc., 3.375%, 11/15/21		967
		WellPoint, Inc.,
	168	5.875%, 06/15/17		191
	113	7.000%, 02/15/19		135
				1,660
		Pharmaceuticals — 0.1%
	250	Abbott Laboratories, 6.150%, 11/30/37		313
	645	AstraZeneca plc, (United Kingdom), 5.400%, 06/01/14		715
	450	Eli Lilly & Co., 3.550%, 03/06/12		453
		GlaxoSmithKline Capital, Inc.,
	450	4.375%, 04/15/14		488
	750	5.650%, 05/15/18		892
	530	6.375%, 05/15/38		679
	650	Merck & Co., Inc., 6.000%, 09/15/17		795
				4,335
		Total Health Care		12,003
		Industrials — 0.8%
		Aerospace & Defense — 0.1%
	676	BAE Systems plc, (United Kingdom), 5.800%, 10/11/41 (e)		677
	300	Honeywell International, Inc., 5.300%, 03/01/18		350
		Lockheed Martin Corp.,
	387	2.125%, 09/15/16		385
	292	4.850%, 09/15/41		286
	1,144	5.720%, 06/01/40		1,224
	1,261	United Technologies Corp., 6.125%, 02/01/19		1,535
				4,457
		Airlines — 0.1%
	262	American Airlines, 2011-1 Class A Pass-Through Trust, 5.250%, 01/31/21		224
	698	American Airlines, 2011-2 Class A Pass-Through Trust, 8.625%, 10/15/21		670
	276	Continental Airlines, 1999-2 Class C-2 Pass-Through Trust, 7.256%, 03/15/20		287
	465	Continental Airlines, 2007-1 Class A Pass-Through Trust, 5.983%, 04/19/22		478
	624	Delta Air Lines, 2010-2 Class A Pass-Through Trust, 4.950%, 05/23/19		624
	243	Delta Air Lines, 2011-1 Class A Pass-Through Trust, 5.300%, 04/15/19		243
				2,526
		Building Products — 0.0% (g)
	205	Masco Corp., 5.850%, 03/15/17		203
		Commercial Services & Supplies — 0.1%
	725	Allied Waste North America, Inc., 6.875%, 06/01/17		773
		Pitney Bowes, Inc.,
	565	4.875%, 08/15/14		599
	1,020	5.000%, 03/15/15		1,083
	200	5.600%, 03/15/18		210
		Waste Management, Inc.,
	214	4.750%, 06/30/20		230
	455	7.375%, 03/11/19		568
				3,463
		Construction & Engineering — 0.0% (g)
	789	Fluor Corp., 3.375%, 09/15/21		784
		Industrial Conglomerates — 0.1%
	588	Danaher Corp., 3.900%, 06/23/21		642
		Koninklijke Philips Electronics N.V., (Netherlands),
	260	5.750%, 03/11/18		297

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Industrial Conglomerates — Continued
	130	7.200%, 06/01/26		171
	300	Siemens Financieringsmaatschappij N.V., (Netherlands), 5.750%, 10/17/16 (e)		345
	500	Tyco International Finance S.A., (Luxembourg), 8.500%, 01/15/19		651
	375	Tyco International Ltd./Tyco International Finance S.A., (Switzerland), 7.000%, 12/15/19		460
				2,566
		Machinery — 0.0% (g)
		Eaton Corp.,
	500	5.600%, 05/15/18		586
	300	7.625%, 04/01/24		407
	290	Ingersoll-Rand Co., (Bermuda), 6.391%, 11/15/27		365
	125	PACCAR, Inc., 6.375%, 02/15/12		126
	135	Parker Hannifin Corp., 5.500%, 05/15/18		157
				1,641
		Road & Rail — 0.4%
		Burlington Northern Santa Fe LLC,
	300	3.450%, 09/15/21		304
	125	3.600%, 09/01/20		129
	1,000	5.400%, 06/01/41		1,112
	500	5.650%, 05/01/17		573
	250	5.750%, 03/15/18		292
	425	5.750%, 05/01/40		480
	250	6.700%, 08/01/28		311
	450	7.000%, 02/01/14		506
		CSX Corp.,
	300	4.250%, 06/01/21		316
	575	5.500%, 04/15/41		629
	145	6.250%, 04/01/15		166
	250	6.300%, 03/15/12		254
	205	7.375%, 02/01/19		255
	500	7.900%, 05/01/17		619
		Norfolk Southern Corp.,
	746	3.250%, 12/01/21		742
	100	6.000%, 03/15/05		112
	1,768	6.000%, 05/23/11		1,966
	355	7.700%, 05/15/17		448
	420	Ryder System, Inc., 3.600%, 03/01/16		436
		Union Pacific Corp.,
	693	4.163%, 07/15/22		738
	235	4.875%, 01/15/15		257
	907	5.650%, 05/01/17		1,053
	340	United Parcel Service of America, Inc., 8.375%, 04/01/20		466
	60	SUB, 8.375%, 04/01/30		89
				12,253
		Total Industrials		27,893
		Information Technology — 0.9%
		Communications Equipment — 0.1%
		Cisco Systems, Inc.,
	878	5.500%, 02/22/16		1,015
	350	5.500%, 01/15/40		398
	755	5.900%, 02/15/39		900
				2,313
		Computers & Peripherals — 0.5%
		Dell, Inc.,
	1,280	3.100%, 04/01/16		1,343
	250	4.625%, 04/01/21		261
	300	7.100%, 04/15/28		369
		Hewlett-Packard Co.,
	275	2.950%, 08/15/12		279
	600	4.300%, 06/01/21		610
	781	4.375%, 09/15/21		799
	600	4.750%, 06/02/14		643
	1,345	5.400%, 03/01/17		1,529
	2,500	6.000%, 09/15/41		2,692
	1,230	6.125%, 03/01/14		1,351
		International Business Machines Corp.,
	2,600	5.700%, 09/14/17		3,114
	690	6.220%, 08/01/27		886
	1,075	7.625%, 10/15/18		1,411
				15,287
		Electronic Equipment, Instruments & Components — 0.1%
		Arrow Electronics, Inc.,
	170	3.375%, 11/01/15		170
	165	6.000%, 04/01/20		176
	1,080	6.875%, 07/01/13		1,165
	725	7.500%, 01/15/27		780
				2,291
		IT Services — 0.0% (g)
	1,020	HP Enterprise Services LLC, 6.000%, 08/01/13		1,094
		Office Electronics — 0.0% (g)
		Xerox Corp.,
	270	4.500%, 05/15/21		269
	600	5.625%, 12/15/19		647
	550	6.750%, 02/01/17		630
	100	8.250%, 05/15/14		113
				1,659
		Semiconductors & Semiconductor Equipment — 0.1%
	697	Intel Corp., 3.300%, 10/01/21		707
	1,350	National Semiconductor Corp., 6.600%, 06/15/17		1,642
	750	Texas Instruments, Inc., 1.375%, 05/15/14		759
				3,108

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Software — 0.1%
	260	Intuit, Inc., 5.750%, 03/15/17		290
		Microsoft Corp.,
	720	1.625%, 09/25/15		737
	117	4.500%, 10/01/40		125
		Oracle Corp.,
	500	5.000%, 07/08/19		575
	1,412	5.250%, 01/15/16		1,620
	698	5.750%, 04/15/18		833
	465	6.500%, 04/15/38		608
				4,788
		Total Information Technology		30,540
		Materials — 0.5%
		Chemicals — 0.4%
	249	Air Products & Chemicals, Inc., 4.150%, 02/01/13		259
		Dow Chemical Co. (The),
	385	4.125%, 11/15/21		381
	203	4.250%, 11/15/20		204
	200	5.250%, 11/15/41		195
	1,250	6.000%, 10/01/12		1,303
	370	7.375%, 11/01/29		461
	250	7.600%, 05/15/14		283
	158	8.550%, 05/15/19		199
		E.I. du Pont de Nemours & Co.,
	635	1.950%, 01/15/16		649
	350	4.900%, 01/15/41		376
	1,610	6.000%, 07/15/18		1,949
	1,430	Monsanto Co., 7.375%, 08/15/12		1,494
		Mosaic Co. (The),
	280	3.750%, 11/15/21		279
	79	4.875%, 11/15/41		78
	875	Potash Corp. of Saskatchewan, Inc., (Canada), 4.875%, 03/01/13		917
		PPG Industries, Inc.,
	114	5.500%, 11/15/40		129
	415	5.750%, 03/15/13		439
	350	9.000%, 05/01/21		488
		Praxair, Inc.,
	662	4.625%, 03/30/15		730
	885	5.250%, 11/15/14		987
		Union Carbide Corp.,
	1,000	7.500%, 06/01/25		1,181
	350	7.750%, 10/01/96		399
				13,380
		Metals & Mining — 0.1%
		BHP Billiton Finance USA Ltd.,
	410	(Australia), 5.400%, 03/29/17		474
	400	5.500%, 04/01/14		440
	550	6.500%, 04/01/19		677
		Rio Tinto Finance USA Ltd.,
	115	(Australia), 3.500%, 11/02/20		115
	550	3.750%, 09/20/21		557
				2,263
		Total Materials		15,643
		Telecommunication Services — 1.2%
		Diversified Telecommunication Services — 1.1%
	6	AT&T Corp., 8.000%, 11/15/31		8
		AT&T, Inc.,
	850	4.450%, 05/15/21		897
	3,417	4.950%, 01/15/13		3,568
	386	5.100%, 09/15/14		425
	170	5.350%, 09/01/40		178
	250	5.500%, 02/01/18		285
	2,700	6.300%, 01/15/38		3,142
		BellSouth Corp.,
	1,373	5.200%, 09/15/14		1,511
	450	6.875%, 10/15/31		534
		BellSouth Telecommunications, Inc.,
	980	6.300%, 12/15/15		1,044
	300	7.000%, 10/01/25		362
	2,500	British Telecommunications plc, (United Kingdom), 5.150%, 01/15/13		2,595
	600	Centel Capital Corp., 9.000%, 10/15/19		682
		CenturyLink, Inc.,
	1,380	6.450%, 06/15/21		1,331
	920	Series P, 7.600%, 09/15/39		865
		Deutsche Telekom International Finance B.V., (Netherlands),
	1,150	4.875%, 07/08/14		1,232
	400	6.000%, 07/08/19		456
	255	8.750%, 06/15/30		346
	560	France Telecom S.A., (France), 2.750%, 09/14/16		550
	2,100	GTE Corp., 6.840%, 04/15/18		2,494
	741	Qwest Corp., 6.750%, 12/01/21		774
	1,000	Telecom Italia Capital S.A., (Luxembourg), 4.950%, 09/30/14		927
	1,616	5.250%, 11/15/13		1,555
	750	6.999%, 06/04/18		680
		Telefonica Emisiones S.A.U., (Spain),
	316	5.462%, 02/16/21		282
	880	5.855%, 02/04/13		891
	515	5.877%, 07/15/19		487
	300	6.421%, 06/20/16		304
		Verizon Communications, Inc.,
	160	4.750%, 11/01/41		160
	650	5.500%, 04/01/17		748

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Diversified Telecommunication Services — Continued
	443	5.550%, 02/15/16		502
	100	5.850%, 09/15/35		115
	1,250	7.350%, 04/01/39		1,653
	350	Verizon Global Funding Corp., 7.750%, 12/01/30		468
	1,444	Verizon Pennsylvania, Inc., 8.350%, 12/15/30		1,938
	962	Verizon Virginia, Inc., 4.625%, 03/15/13		999
				34,988
		Wireless Telecommunication Services — 0.1%
	640	America Movil S.A.B. de C.V., (Mexico), 2.375%, 09/08/16		625
	500	Cellco Partnership/Verizon Wireless Capital LLC, 5.550%, 02/01/14		544
	475	Crown Castle Towers LLC, 3.214%, 08/15/15 (e)		481
	1,130	Vodafone Group plc, (United Kingdom), 5.000%, 09/15/15		1,255
				2,905
		Total Telecommunication Services		37,893
		Utilities — 1.9%
		Electric Utilities — 1.4%
	222	Alabama Power Co., 6.125%, 05/15/38		290
	467	Arizona Public Service Co., 5.050%, 09/01/41		501
		Carolina Power & Light Co.,
	888	5.125%, 09/15/13		955
	305	5.300%, 01/15/19		352
	1,421	CenterPoint Energy Houston Electric LLC, 5.750%, 01/15/14		1,556
	1,005	Cleveland Electric Illuminating Co. (The), 7.880%, 11/01/17		1,259
	310	Columbus Southern Power Co., 6.050%, 05/01/18		363
	831	Comision Federal de Electricidad, (Mexico), 4.875%, 05/26/21 (e)		848
	185	Connecticut Light & Power Co. (The), 5.650%, 05/01/18		220
	596	Consolidated Edison Co. of New York, Inc., 5.700%, 06/15/40		728
		Duke Energy Carolinas LLC,
	650	5.100%, 04/15/18		750
	745	5.625%, 11/30/12		779
	728	6.250%, 01/15/12		733
	1,310	Duke Energy Indiana, Inc., 6.350%, 08/15/38		1,711
	950	Enel Finance International N.V., (Netherlands), 5.125%, 10/07/19 (e)		859
		Exelon Generation Co. LLC,
	1,020	4.000%, 10/01/20		1,041
	229	5.750%, 10/01/41		257
		Florida Power & Light Co.,
	410	5.950%, 10/01/33		519
	335	5.950%, 02/01/38		435
		Florida Power Corp.,
	280	5.650%, 06/15/18		332
	220	6.400%, 06/15/38		293
		Georgia Power Co.,
	200	5.950%, 02/01/39		251
	225	6.000%, 11/01/13		246
	229	Great Plains Energy, Inc., 4.850%, 06/01/21		237
	100	Indiana Michigan Power Co., 7.000%, 03/15/19		122
	100	Jersey Central Power & Light Co., 7.350%, 02/01/19		126
	1,400	Kansas City Power & Light Co., 5.300%, 10/01/41		1,478
	80	Kiowa Power Partners LLC, 4.811%, 12/30/13 (e)		80
	105	MidAmerican Energy Co., 5.300%, 03/15/18		122
		Nevada Power Co.,
	55	5.375%, 09/15/40		62
	300	5.450%, 05/15/41		344
	720	6.500%, 08/01/18		863
		NextEra Energy Capital Holdings, Inc.,
	255	5.350%, 06/15/13		270
	670	6.000%, 03/01/19		780
	265	7.875%, 12/15/15		316
	300	Niagara Mohawk Power Corp., 4.881%, 08/15/19 (e)		332
		Nisource Finance Corp.,
	360	4.450%, 12/01/21		364
	1,256	5.800%, 02/01/42		1,284
	500	Northern States Power Co., 6.250%, 06/01/36		675
	320	Ohio Power Co., 5.750%, 09/01/13		343
		Oncor Electric Delivery Co. LLC,
	200	5.950%, 09/01/13		214
	840	6.800%, 09/01/18		1,007
		Pacific Gas & Electric Co.,
	71	3.250%, 09/15/21		71
	390	4.500%, 12/15/41		385
	780	5.625%, 11/30/17		919
	160	8.250%, 10/15/18		211
		PacifiCorp,
	175	5.500%, 01/15/19		207
	150	5.650%, 07/15/18		178
	100	Peco Energy Co., 5.350%, 03/01/18		117

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Electric Utilities — Continued
	1,050	Potomac Electric Power Co., 6.500%, 11/15/37		1,381
	300	Progress Energy, Inc., 6.050%, 03/15/14		332
	772	PSEG Power LLC, 5.125%, 04/15/20		858
		Public Service Co. of Colorado,
	90	3.200%, 11/15/20		91
	125	5.800%, 08/01/18		149
	2,450	Public Service Co. of Oklahoma, 6.625%, 11/15/37		3,049
		Public Service Electric & Gas Co.,
	205	5.300%, 05/01/18		240
	277	5.375%, 11/01/39		333
	2,000	6.330%, 11/01/13		2,195
	379	San Diego Gas & Electric Co., 3.950%, 11/15/41		380
		Southern California Edison Co.,
	160	4.150%, 09/15/14		174
	765	5.500%, 08/15/18		908
	391	5.750%, 03/15/14		432
	200	5.950%, 02/01/38		259
	1,140	6.050%, 03/15/39		1,505
		Southern Co.,
	363	1.950%, 09/01/16		365
	250	4.150%, 05/15/14		268
	202	Southern Power Co., 5.150%, 09/15/41		205
	570	Southwestern Public Service Co., 8.750%, 12/01/18		772
		Spectra Energy Capital LLC,
	1,605	5.500%, 03/01/14		1,713
	500	6.200%, 04/15/18		565
	400	8.000%, 10/01/19		496
		Virginia Electric and Power Co.,
	1,005	5.100%, 11/30/12		1,047
	1,320	5.400%, 04/30/18		1,561
	615	5.950%, 09/15/17		736
				46,399
		Gas Utilities — 0.2%
		AGL Capital Corp.,
	563	3.500%, 09/15/21		557
	345	4.450%, 04/15/13		357
	1,441	5.875%, 03/15/41		1,708
		Atmos Energy Corp.,
	105	5.125%, 01/15/13		109
	250	8.500%, 03/15/19		328
	325	CenterPoint Energy Resources Corp., 6.125%, 11/01/17		371
		TransCanada PipeLines Ltd., (Canada),
	975	4.000%, 06/15/13		1,022
	550	6.200%, 10/15/37		664
	250	6.500%, 08/15/18		301
	1,100	7.250%, 08/15/38		1,444
				6,861
		Multi-Utilities — 0.2%
		Dominion Resources, Inc.,
	782	6.250%, 06/30/12		805
	300	7.000%, 06/15/38		393
	600	8.875%, 01/15/19		783
	1,005	KCP&L Greater Missouri Operations Co., 11.875%, 07/01/12		1,064
	375	PG&E Corp., 5.750%, 04/01/14		410
		Sempra Energy,
	1,145	6.150%, 06/15/18		1,337
	150	6.500%, 06/01/16		175
	850	8.900%, 11/15/13		958
	395	9.800%, 02/15/19		532
		Wisconsin Electric Power Co.,
	21	2.950%, 09/15/21		21
	450	6.000%, 04/01/14		503
	265	6.250%, 12/01/15		310
	92	Xcel Energy, Inc., 4.800%, 09/15/41		97
				7,388
		Water Utilities — 0.1%
	1,100	American Water Capital Corp., 6.085%, 10/15/17		1,274
		Total Utilities		61,922
		Total Corporate Bonds (Cost $579,082)		602,871
	Foreign Government Securities — 0.7%
		Israel Government AID Bond, (Israel),
	6,000	Zero Coupon, 08/15/17		5,475
	5,651	Zero Coupon, 08/15/18		4,975
	600	Province of Manitoba, (Canada), 2.125%, 04/22/13		613
		Province of Ontario, (Canada),
	700	2.700%, 06/16/15		734
	2,200	2.950%, 02/05/15		2,324
	377	Province of Quebec, (Canada), SUB, 7.365%, 03/06/26		533
		United Mexican States, (Mexico),
	1,432	6.375%, 01/16/13		1,507
	856	6.625%, 03/03/15		969
	3,328	7.500%, 04/08/33		4,568
		Total Foreign Government Securities (Cost $20,274)		21,698
	Mortgage Pass-Through Securities — 9.9%
		Federal Home Loan Mortgage Corp.,
	61	ARM, 2.146%, 07/01/19		64

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Mortgage Pass-Through Securities — Continued
	626	ARM, 2.185%, 10/01/36		660
	205	ARM, 2.345%, 10/01/36		216
	58	ARM, 2.396%, 04/01/30		61
	863	ARM, 2.480%, 12/01/33		891
	504	ARM, 2.497%, 02/01/36		529
	1,476	ARM, 2.500%, 04/01/34		1,547
	651	ARM, 2.525%, 11/01/36		689
	717	ARM, 2.808%, 12/01/34		753
	833	ARM, 2.882%, 10/01/36		883
	1,410	ARM, 3.165%, 03/01/37		1,496
	469	ARM, 4.123%, 12/01/36		498
	1,497	ARM, 4.913%, 02/01/36		1,596
	1,893	ARM, 4.996%, 01/01/35		2,030
	1,355	ARM, 5.072%, 07/01/36		1,453
	407	ARM, 5.562%, 05/01/36		436
	280	ARM, 5.865%, 02/01/37		296
	1,924	ARM, 6.007%, 11/01/36		2,063
		Federal Home Loan Mortgage Corp. Gold Pools, 15 Year, Single Family,
	1,611	4.000%, 08/01/18 - 05/01/19		1,697
	292	4.500%, 08/01/18		311
	877	5.000%, 12/01/18		944
	6,870	5.500%, 06/01/17 - 01/01/24		7,446
	100	6.000%, 04/01/18		108
	992	6.500%, 08/01/16 - 02/01/19		1,088
	134	7.000%, 01/01/17 - 04/01/17		139
	2	7.500%, 10/01/14 - 11/01/15		2
	4	8.500%, 11/01/15		5
		Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family,
	230	6.000%, 12/01/22		252
	635	6.500%, 11/01/22		705
		Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,
	4,828	4.000%, 10/01/33 - 09/01/35		5,052
	8,701	4.500%, 05/01/41		9,175
	5,359	5.000%, 09/01/34 - 08/01/40		5,755
	4,075	5.500%, 10/01/33 - 07/01/35		4,420
	700	6.000%, 12/01/33 - 01/01/34		781
	4,368	6.500%, 11/01/34 - 11/01/36		4,924
	962	7.000%, 07/01/32 - 10/01/36		1,099
	1,254	Federal Home Loan Mortgage Corp. Gold Pools, FHA/VA, 10.000%, 10/01/30		1,505
		Federal Home Loan Mortgage Corp. Gold Pools, Other,
	639	5.500%, 10/01/33 - 01/01/34		687
	170	7.000%, 07/01/29		188
	9	Federal Home Loan Mortgage Corp., 30 Year, Single Family, 12.000%, 08/01/15 - 07/01/19		10
		Federal National Mortgage Association,
	228	ARM, 1.688%, 09/01/34		235
	1,142	ARM, 1.786%, 01/01/33		1,163
	2,051	ARM, 1.910%, 09/01/35		2,149
	868	ARM, 1.944%, 07/01/36		909
	22	ARM, 1.947%, 03/01/19		23
	2,155	ARM, 1.969%, 01/01/35		2,267
	667	ARM, 2.027%, 11/01/34		699
	1,145	ARM, 2.117%, 05/01/35		1,200
	536	ARM, 2.147%, 01/01/36		558
	976	ARM, 2.149%, 01/01/35		1,019
	431	ARM, 2.236%, 04/01/34		450
	347	ARM, 2.247%, 07/01/34		365
	1,097	ARM, 2.248%, 11/01/34		1,147
	333	ARM, 2.277%, 11/01/33		348
	93	ARM, 2.291%, 04/01/34		98
	1,136	ARM, 2.315%, 10/01/34		1,193
	781	ARM, 2.320%, 10/01/34		821
	288	ARM, 2.339%, 09/01/35		304
	330	ARM, 2.342%, 02/01/35		347
	921	ARM, 2.356%, 08/01/34		969
	166	ARM, 2.358%, 07/01/33		174
	1,559	ARM, 2.373%, 06/01/35		1,639
	1,282	ARM, 2.377%, 07/01/33		1,356
	534	ARM, 2.378%, 08/01/34		563
	444	ARM, 2.383%, 09/01/34		468
	846	ARM, 2.460%, 05/01/34		894
	267	ARM, 2.470%, 05/01/35		282
	2,708	ARM, 2.486%, 04/01/35		2,847
	513	ARM, 2.488%, 06/01/36		540
	262	ARM, 2.505%, 01/01/34		276
	470	ARM, 2.546%, 10/01/34		496
	749	ARM, 2.560%, 09/01/33		791
	10	ARM, 2.648%, 01/01/19		10
	707	ARM, 2.750%, 04/01/35		744
	809	ARM, 2.825%, 10/01/36		859
	148	ARM, 3.000%, 01/01/36		156
	211	ARM, 3.000%, 02/01/34		223
	115	ARM, 3.173%, 09/01/27		120
	111	ARM, 3.924%, 03/01/29		118
	1,418	ARM, 4.942%, 07/01/33		1,513
	763	ARM, 5.232%, 01/01/38		817
	1,363	ARM, 5.629%, 01/01/23		1,481
		Federal National Mortgage Association, 15 Year, Single Family,
	1,501	3.500%, 09/01/18 - 07/01/19		1,572
	16,726	4.000%, 07/01/18 - 12/01/18		17,723
	9,164	4.500%, 06/01/18 - 12/01/19		9,832
	2,340	5.000%, 12/01/16 - 08/01/24		2,521
	2,159	5.500%, 03/01/20 - 07/01/20		2,341
	11,686	6.000%, 06/01/16 - 01/01/24		12,684
	407	6.500%, 03/01/17 - 08/01/20		447
	484	7.000%, 03/01/17 - 09/01/17		530
	18	7.500%, 03/01/17		20
	13	8.000%, 11/01/12 - 11/01/15		13

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Mortgage Pass-Through Securities — Continued
		Federal National Mortgage Association, 20 Year, Single Family,		460
	427	4.500%, 04/01/24
	2,261	6.500%, 05/01/22 - 04/01/25		2,501
		Federal National Mortgage Association, 30 Year, FHA/VA,
	134	6.000%, 09/01/33		149
	226	6.500%, 03/01/29		261
	54	7.000%, 02/01/33		61
	77	8.000%, 06/01/28		89
	52	9.000%, 05/01/18 - 12/01/25		60
		Federal National Mortgage Association, 30 Year, Single Family,
	1,367	4.500%, 11/01/33 - 02/01/35		1,452
	3,285	5.000%, 07/01/33 - 09/01/35		3,545
	2,964	5.500%, 09/01/31 - 03/01/34		3,278
	6,069	6.000%, 12/01/28 - 09/01/37		6,727
	2,266	6.500%, 11/01/29 - 08/01/31		2,576
	2,270	7.000%, 01/01/24 - 01/01/39		2,585
	1,066	7.500%, 08/01/36 - 11/01/37		1,233
	838	8.000%, 03/01/27 - 11/01/28		979
	2	9.000%, 04/01/26		2
	21	9.500%, 07/01/28		25
	11	12.500%, 01/01/16		11
		Federal National Mortgage Association, Other,
	2,479	ARM, 6.070%, 11/01/18		2,676
	5,920	2.573%, 10/01/17		6,042
	7,000	2.779%, 10/01/17		7,193
	3,935	2.970%, 11/01/18		4,048
	2,000	3.290%, 10/01/20		2,067
	10,000	3.337%, 11/01/20		10,294
	2,000	3.461%, 11/01/20		2,074
	2,000	3.503%, 08/01/17		2,110
	1,509	3.544%, 09/01/20		1,573
	2,957	3.600%, 09/01/20		3,115
	7,759	3.621%, 09/01/20		8,128
	2,000	3.637%, 01/01/18		2,124
	1,969	3.658%, 10/01/20		2,066
	3,000	3.802%, 09/01/20		3,175
	1,965	3.864%, 07/01/20		2,088
	2,993	3.906%, 09/01/21		3,180
	2,000	3.930%, 07/01/20		2,150
	4,750	3.980%, 11/01/16		5,047
	1,540	3.999%, 01/01/21		1,648
	1,503	4.000%, 11/01/33		1,532
	2,000	4.061%, 01/01/21		2,149
	7,956	4.081%, 07/01/20 - 07/01/21		8,552
	1,474	4.130%, 07/01/20		1,602
	2,380	4.250%, 04/01/21		2,603
	1,719	4.257%, 04/01/20		1,867
	4,497	4.267%, 11/01/19 - 08/01/21		4,884
	2,096	4.290%, 06/01/20		2,298
	5,000	4.340%, 06/01/21		5,497
	1,500	4.350%, 04/01/20		1,650
	1,948	4.381%, 11/01/19		2,128
	2,000	4.391%, 04/01/21		2,187
	2,000	4.402%, 07/01/21		2,190
	2,475	4.443%, 08/01/20 - 04/01/21		2,697
	1,488	4.444%, 01/01/21		1,642
	1,988	4.474%, 04/01/21		2,249
	972	4.500%, 03/01/20		1,068
	1,967	4.515%, 02/01/20		2,174
	1,485	4.526%, 01/01/21		1,637
	2,000	4.536%, 05/01/21		2,207
	4,399	4.540%, 01/01/20		4,883
	2,000	4.546%, 02/01/20		2,206
	2,977	4.629%, 02/01/21		3,299
	7,869	4.681%, 12/01/19		8,757
	3,968	4.794%, 01/01/21		4,437
	805	5.500%, 03/01/17 - 09/01/33		866
	1,995	6.000%, 06/01/39		2,136
	1,130	6.500%, 01/01/36 - 07/01/36		1,249
	110	7.000%, 10/01/46		124
	126	10.890%, 04/15/19		143
		Government National Mortgage Association II, 30 Year, Single Family,
	608	4.500%, 08/20/33		667
	89	7.500%, 02/20/28 - 09/20/28		105
	139	8.000%, 12/20/25 - 09/20/28		164
	44	8.500%, 05/20/25		52
		Government National Mortgage Association, 15 Year, Single Family,
	128	6.500%, 06/15/17 - 12/15/17		140
	158	8.000%, 01/15/16		172
		Government National Mortgage Association, 30 Year, Single Family,
	446	6.500%, 03/15/28 - 04/15/33		512
	321	7.000%, 02/15/33 - 06/15/33		375
	93	7.500%, 11/15/22 - 11/15/31		109
	27	8.000%, 09/15/22 - 08/15/28		32
	5	9.000%, 12/15/16		5
	1,338	9.500%, 10/15/24		1,606
		Total Mortgage Pass-Through Securities (Cost $307,444)		324,412
	Municipal Bonds — 0.2%
		Illinois — 0.0% (g)
	140	State of Illinois, Taxable Pension, GO, 5.100%, 06/01/33		125
		New York — 0.1%
	350	New York State Dormitory Authority, State Personal Income Tax, Build America Bonds, Rev., 5.600%, 03/15/40		408

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		New York — Continued
	1,815	Port Authority of New York & New Jersey, Rev., 5.647%, 11/01/40		2,066
				2,474
		Ohio — 0.1%
	1,300	American Municipal Power, Inc., Build America Bonds, Series B, Rev., 7.499%, 02/15/50		1,659
	1,563	Ohio State University (The), Series A, Rev., 4.800%, 06/01/11		1,579
				3,238
		Total Municipal Bonds (Cost $5,147)		5,837
	Supranational —0.0% (g)
		Corp. Andina de Fomento, (Supranational),
	641	3.750%, 01/15/16		647
	397	5.200%, 05/21/13		416
		Total Supranational (Cost $1,045)		1,063
	U.S. Government Agency Securities —1.1%
	1,000	Federal Farm Credit Bank, 5.125%, 11/15/18		1,190
		Federal National Mortgage Association,
	6,000	Zero Coupon, 06/01/17		5,475
	1,000	5.000%, 05/11/17		1,183
		Financing Corp. Fico,
	2,000	Zero Coupon, 04/05/19		1,705
	1,000	Zero Coupon, 09/26/19		836
		Government Trust Certificate,
	4,000	Zero Coupon, 10/01/15		3,766
	5,000	Zero Coupon, 04/01/16		4,644
	13,319	Zero Coupon, 10/01/19		10,783
	7,000	Residual Funding Corp., Principal STRIPS, Zero Coupon, 07/15/20		5,778
	300	Tennessee Valley Authority, 4.625%, 09/15/60		351
	2,000	Tennessee Valley Authority Generic STRIPS, Zero Coupon, 05/01/19		1,681
		Total U.S. Government Agency Securities (Cost $36,037)		37,392
	U.S. Treasury Obligations — 22.7%
		U.S. Treasury Bonds,
	3,875	4.500%, 02/15/36		4,930
	300	4.500%, 08/15/39		384
	1,250	5.375%, 02/15/31		1,736
	750	6.125%, 11/15/27		1,092
	1,046	6.250%, 08/15/23		1,474
	900	6.250%, 05/15/30		1,359
	400	6.625%, 02/15/27		603
	500	7.125%, 02/15/23		745
	4,000	7.500%, 11/15/16		5,275
	1,881	7.875%, 02/15/21		2,839
	8,325	8.125%, 08/15/19		12,295
	864	8.125%, 05/15/21		1,329
	2,125	8.500%, 02/15/20		3,242
	1,500	8.750%, 05/15/20		2,329
	4,175	8.750%, 08/15/20		6,525
	29,585	8.875%, 08/15/17		42,304
	3,169	9.875%, 11/15/15		4,316
		U.S. Treasury Inflation Indexed Bonds,
	300	2.500%, 01/15/29		420
	799	3.625%, 04/15/28 (m)		1,659
		U.S. Treasury Inflation Indexed Notes,
	1,000	1.125%, 01/15/21		1,149
	630	1.375%, 07/15/18		749
	1,000	2.000%, 04/15/12		1,122
	1,000	2.000%, 01/15/14		1,306
		U.S. Treasury Notes,
	2,150	1.500%, 08/31/18		2,155
	1,000	1.750%, 10/31/18		1,016
	12,245	2.125%, 12/31/15		12,964
	22,700	2.625%, 12/31/14		24,224
	4,575	2.625%, 04/30/16		4,941
	9,300	2.625%, 01/31/18		10,042
	19,485	2.750%, 05/31/17		21,199
	7,500	2.750%, 12/31/17		8,157
	8,000	3.125%, 10/31/16		8,840
	6,015	3.125%, 04/30/17		6,664
	20,933	3.125%, 05/15/19		23,183
	13,450	3.250%, 12/31/16		14,956
	9,800	3.250%, 03/31/17		10,915
	10,000	4.750%, 08/15/17		12,001
		U.S. Treasury STRIPS,
	25,400	02/15/14 (m)		25,224
	7,265	08/15/14 (m)		7,189
	23,253	11/15/14 (m)		22,954
	8,500	02/15/15		8,366
	16,930	02/15/15 (m)		16,634
	3,626	05/15/15		3,552
	10,350	08/15/15		10,127
	3,253	08/15/15		3,176
	5,445	11/15/15		5,301
	28,397	11/15/15		27,615
	51,751	02/15/16		50,095
	1,000	05/15/16		964
	13,325	05/15/16		12,830
	5,181	08/15/16		4,955
	15,857	11/15/16		15,068
	20,229	02/15/17		19,097
	21,411	08/15/17		19,940
	19,389	11/15/17		17,914

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	U.S. Treasury Obligations — Continued
	1,000	02/15/18		916
	3,400	05/15/18		3,091
	16,241	08/15/18		14,645
	6,982	02/15/19		6,189
	9,595	05/15/19		8,436
	22,210	08/15/19		19,373
	1,250	02/15/20		1,070
	250	05/15/20		213
	52,702	05/15/20		44,600
	34,475	08/15/20		28,884
	1,000	11/15/20		830
	2,000	05/15/21		1,626
	3,750	08/15/21		3,024
	4,925	11/15/21		3,931
	1,278	02/15/22		1,009
	5,487	02/15/23		4,149
	1,500	05/15/23		1,122
	200	05/15/24		143
	600	08/15/24		425
	1,400	11/15/24		982
	500	08/15/25		340
	1,000	02/15/26		665
	1,500	05/15/26		988
	400	08/15/26		261
	3,400	11/15/26		2,191
	9,950	02/15/27		6,352
	3,550	05/15/27		2,246
	5,000	08/15/27		3,135
	800	11/15/27		497
	7,050	02/15/28		4,339
	1,600	05/15/28		975
	3,000	08/15/28		1,813
	2,500	11/15/28		1,496
	925	02/15/29		549
	1,600	08/15/29		931
	1,650	11/15/29		951
	21,300	02/15/30		12,171
	2,000	05/15/30		1,131
	8,200	08/15/30		4,595
	7,425	11/15/30		4,125
	600	02/15/31		331
	1,550	05/15/31		845
	1,500	08/15/31		812
	1,000	11/15/31		536
	350	02/15/32		186
	350	08/15/32		182
	3,040	11/15/32		1,569
	8,150	05/15/33		4,132
	3,050	08/15/33		1,533
	3,500	11/15/33		1,742
	4,000	02/15/34		1,973
	1,800	05/15/34		879
	1,600	02/15/35		760
	100	08/15/35		47
		Total U.S. Treasury Obligations (Cost $657,803)		741,376
SHARES
	Short-Term Investment —1.7%
		Investment Company — 1.7%
	55,960	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.090% (b) (l) (Cost $55,960)		55,960
		Total Investments — 97.2% (Cost $2,968,263)		3,178,258
		Other Assets in Excess of Liabilities — 2.8%		90,282
		NET ASSETS — 100.0%	$	3,268,540

Percentages indicated are based on net assets.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(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, 2011.
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, 2011. 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 Bond
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, 2011.
VA	—	Veterans Administration
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of November 30, 2011.

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

(d) Defaulted Security.

(e) Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(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 $22,267,000 which amounts to 0.7% 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, 2011.

(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 exchange contracts.

As of November 30, 2011, 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	$	258,639
Aggregate gross unrealized depreciation		(48,644	)
Net unrealized appreciation/depreciation	$	209,995
Federal income tax cost of investments	$	2,968,263

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (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)

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. 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 as presented on the Schedule of Portfolio Investments (“SOI”) (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	$	—	$	89,546	$	6,802	$	96,348
Collateralized Mortgage
Obligations		—
Agency		—		831,778		—		831,778
Non-Agency		—		373,079		13,605		386,684
Total Collateralized Mortgage
Obligations		—		1,204,857		13,605		1,218,462
Commercial Mortgage-Backed
Securities		—		72,839		—		72,839
Corporate Bonds
Consumer Discretionary		—		46,541		—		46,541
Consumer Staples		—		26,960		—		26,960
Energy		—		30,621		—		30,621
Financials		—		310,995		1,860		312,855
Health Care		—		12,003		—		12,003
Industrials		—		27,893		—		27,893
Information Technology		—		30,540		—		30,540
Materials		—		15,643		—		15,643
Telecommunication Services		—		37,893		—		37,893
Utilities		—		61,922		—		61,922
Total Corporate Bonds		—		601,011		1,860		602,871
Foreign Government Securities		—		21,698		—		21,698
Mortgage Pass-Through Securities		—		324,412		—		324,412
Municipal Bonds		—		5,837		—		5,837
Supranational		—		1,063		—		1,063
U.S. Government Agency Securities		—		37,392		—		37,392
U.S. Treasury Obligations		—		741,376		—		741,376
Short-Term Investment		—
Investment Company		55,960		—		—		55,960
Total Investments in Securities	$	55,960	$	3,100,031	$	22,267	$	3,178,258

There were no transfers between Levels 1 and 2 during the period ended November 30, 2011.

	Balance as of 02/28/11		Realized gain (loss)			Change in unrealized appreciation (depreciation)			Net amortization (accretion)		Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3		Balance as of 11/30/11
Investment in Securities
Asset-Backed Securities	$	2,496	$	24		$	(14	)	$	4	$	7,493	$	(3,996	)	$	795	$	—	$	6,802
Non-Agency CMO		2,688		(1,720	)		1,266			10		13,673		(2,312	)		—		—		13,605
Corporate Bonds - Financials		—		—			27			—		—		—			1,833		—		1,860
	$	5,184	$	(1,696	)	$	1,279		$	14	$	21,166	$	(6,308	)	$	2,628	$	—	$	22,267

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

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

Transfers into, and out of, Level 3 are valued using 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, 2011, which were valued using significant unobservable inputs (Level 3), amounted to approximately $1,279,000.

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — 98.5%
	Consumer Discretionary — 10.4%
			Auto Components — 0.2%
	7		Goodyear Tire & Rubber Co. (The) (a)		101
	20		Johnson Controls, Inc.		632
					733
			Automobiles — 0.4%
	112		Ford Motor Co. (a)		1,189
	7		Harley-Davidson, Inc.		257
					1,446
			Distributors — 0.1%
	5		Genuine Parts Co.		271
			Diversified Consumer Services — 0.1%
	4		Apollo Group, Inc., Class A (a)		175
	2		DeVry, Inc.		63
	9		H&R Block, Inc.		142
					380
			Hotels, Restaurants & Leisure — 2.0%
	14		Carnival Corp.		453
	1		Chipotle Mexican Grill, Inc. (a)		297
	4		Darden Restaurants, Inc.		190
	9		International Game Technology		150
	8		Marriott International, Inc., Class A		255
	–	(h)	Marriott Vacations Worldwide Corp. (a)		—	(h)
	30		McDonald’s Corp.		2,910
	22		Starbucks Corp.		958
	6		Starwood Hotels & Resorts Worldwide, Inc.		271
	5		Wyndham Worldwide Corp.		172
	2		Wynn Resorts Ltd.		285
	14		Yum! Brands, Inc.		769
					6,710
			Household Durables — 0.2%
	8		D.R. Horton, Inc.		98
	2		Harman International Industries, Inc.		85
	4		Leggett & Platt, Inc.		93
	5		Lennar Corp., Class A		87
	9		Newell Rubbermaid, Inc.		132
	10		Pulte Group, Inc. (a)		61
	2		Whirlpool Corp.		111
					667
			Internet & Catalog Retail — 0.9%
	11		Amazon.com, Inc. (a)		2,062
	6		Expedia, Inc.		160
	2		Netflix, Inc. (a)		100
	1		priceline.com, Inc. (a)		714
					3,036
			Leisure Equipment & Products — 0.1%
	4		Hasbro, Inc.		128
	10		Mattel, Inc.		292
					420
			Media — 3.1%
	7		Cablevision Systems Corp., Class A		100
	20		CBS Corp. (Non Voting), Class B		515
	81		Comcast Corp., Class A		1,840
	22		DIRECTV, Class A (a)		1,030
	8		Discovery Communications, Inc., Class A (a)		339
	6		Gannett Co., Inc.		69
	14		Interpublic Group of Cos., Inc. (The)		133
	9		McGraw-Hill Cos., Inc. (The)		380
	67		News Corp., Class A		1,177
	8		Omnicom Group, Inc.		356
	3		Scripps Networks Interactive, Inc., Class A		116
	10		Time Warner Cable, Inc.		581
	31		Time Warner, Inc.		1,074
	17		Viacom, Inc., Class B		759
	55		Walt Disney Co. (The)		1,965
	–	(h)	Washington Post Co. (The), Class B		53
					10,487
			Multiline Retail — 0.8%
	2		Big Lots, Inc. (a)		78
	4		Family Dollar Stores, Inc.		211
	4		J.C. Penney Co., Inc.		135
	8		Kohl’s Corp.		447
	13		Macy’s, Inc.		408
	5		Nordstrom, Inc.		219
	1		Sears Holdings Corp. (a) (c)		68
	20		Target Corp.		1,051
					2,617
			Specialty Retail — 1.9%
	3		Abercrombie & Fitch Co., Class A		123
	1		AutoNation, Inc. (a)		53
	1		AutoZone, Inc. (a)		282
	7		Bed Bath & Beyond, Inc. (a)		437
	9		Best Buy Co., Inc.		242
	7		CarMax, Inc. (a)		192
	4		GameStop Corp., Class A (a)		95
	10		Gap, Inc. (The)		192
	46		Home Depot, Inc.		1,812
	7		Limited Brands, Inc.		310
	37		Lowe’s Cos., Inc.		894
	4		O’Reilly Automotive, Inc. (a)		292
	3		Ross Stores, Inc.		304
	21		Staples, Inc.		302
	4		Tiffany & Co.		252
	11		TJX Cos., Inc.		694
	4		Urban Outfitters, Inc. (a)		94
					6,570
			Textiles, Apparel & Luxury Goods — 0.6%
	9		Coach, Inc.		534
	11		NIKE, Inc., Class B		1,079
	2		Ralph Lauren Corp.		271
	3		V.F. Corp.		355
					2,239
			Total Consumer Discretionary		35,576
	Consumer Staples — 11.2%
			Beverages — 2.6%
	5		Beam, Inc.		240
	3		Brown-Forman Corp., Class B		238

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — Continued
		Beverages — Continued
	68	Coca-Cola Co. (The)		4,558
	9	Coca-Cola Enterprises, Inc.		246
	5	Constellation Brands, Inc., Class A (a)		106
	6	Dr. Pepper Snapple Group, Inc.		234
	5	Molson Coors Brewing Co., Class B		195
	47	PepsiCo, Inc.		2,991
				8,808
		Food & Staples Retailing — 2.4%
	13	Costco Wholesale Corp.		1,103
	40	CVS Caremark Corp.		1,542
	18	Kroger Co. (The)		414
	10	Safeway, Inc.		207
	6	SUPERVALU, Inc. (c)		46
	18	Sysco Corp.		500
	27	Walgreen Co.		902
	52	Wal-Mart Stores, Inc.		3,057
	5	Whole Foods Market, Inc.		317
				8,088
		Food Products — 1.9%
	20	Archer-Daniels-Midland Co.		601
	5	Campbell Soup Co.		173
	12	ConAgra Foods, Inc.		309
	5	Dean Foods Co. (a)		55
	19	General Mills, Inc.		763
	9	H.J. Heinz Co.		499
	5	Hershey Co. (The)		264
	4	Hormel Foods Corp.		124
	3	JM Smucker Co. (The)		255
	7	Kellogg Co.		363
	52	Kraft Foods, Inc., Class A		1,885
	4	McCormick & Co., Inc. (Non-Voting)		190
	6	Mead Johnson Nutrition Co.		454
	17	Sara Lee Corp.		330
	9	Tyson Foods, Inc., Class A		176
				6,441
		Household Products — 2.2%
	4	Clorox Co. (The)		252
	14	Colgate-Palmolive Co.		1,315
	12	Kimberly-Clark Corp.		827
	81	Procter & Gamble Co. (The)		5,239
				7,633
		Personal Products — 0.2%
	13	Avon Products, Inc.		216
	3	Estee Lauder Cos., Inc. (The), Class A		394
				610
		Tobacco — 1.9%
	61	Altria Group, Inc.		1,755
	4	Lorillard, Inc.		456
	52	Philip Morris International, Inc.		3,954
	10	Reynolds American, Inc.		418
				6,583
		Total Consumer Staples		38,163
	Energy — 12.3%
		Energy Equipment & Services — 2.1%
	13	Baker Hughes, Inc.		703
	7	Cameron International Corp. (a)		391
	2	Diamond Offshore Drilling, Inc. (c)		124
	7	FMC Technologies, Inc. (a)		371
	27	Halliburton Co.		999
	3	Helmerich & Payne, Inc.		180
	8	Nabors Industries Ltd., (Bermuda) (a)		152
	13	National Oilwell Varco, Inc.		897
	7	Noble Corp., (Switzerland) (a)		250
	4	Rowan Cos., Inc. (a)		128
	40	Schlumberger Ltd.		3,002
				7,197
		Oil, Gas & Consumable Fuels — 10.2%
	7	Alpha Natural Resources, Inc. (a)		160
	15	Anadarko Petroleum Corp.		1,195
	11	Apache Corp.		1,127
	3	Cabot Oil & Gas Corp.		273
	20	Chesapeake Energy Corp.		494
	59	Chevron Corp.		6,082
	41	ConocoPhillips		2,892
	7	Consol Energy, Inc.		279
	12	Denbury Resources, Inc. (a)		201
	12	Devon Energy Corp.		805
	23	El Paso Corp.		569
	8	EOG Resources, Inc.		823
	4	EQT Corp.		274
	144	Exxon Mobil Corp.		11,549
	9	Hess Corp.		538
	21	Marathon Oil Corp.		589
	11	Marathon Petroleum Corp.		351
	6	Murphy Oil Corp.		320
	4	Newfield Exploration Co. (a)		179
	5	Noble Energy, Inc.		513
	24	Occidental Petroleum Corp.		2,374
	8	Peabody Energy Corp.		314
	3	Pioneer Natural Resources Co.		326
	5	QEP Resources, Inc.		171
	5	Range Resources Corp.		341
	10	Southwestern Energy Co. (a)		391
	19	Spectra Energy Corp.		565
	3	Sunoco, Inc.		124
	4	Tesoro Corp. (a)		101
	17	Valero Energy Corp.		376
	17	Williams Cos., Inc. (The)		561
				34,857
		Total Energy		42,054
	Financials — 13.2%
		Capital Markets — 1.8%
	7	Ameriprise Financial, Inc.		320
	36	Bank of New York Mellon Corp. (The)		708

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — Continued
		Capital Markets — Continued
	3	BlackRock, Inc.		510
	32	Charles Schwab Corp. (The)		381
	7	E*Trade Financial Corp. (a)		69
	3	Federated Investors, Inc., Class B		43
	4	Franklin Resources, Inc.		433
	15	Goldman Sachs Group, Inc. (The)		1,432
	13	Invesco Ltd.		270
	4	Legg Mason, Inc.		103
	44	Morgan Stanley		648
	7	Northern Trust Corp.		268
	15	State Street Corp.		590
	8	T. Rowe Price Group, Inc.		430
				6,205
		Commercial Banks — 2.5%
	21	BB&T Corp.		477
	6	Comerica, Inc.		150
	27	Fifth Third Bancorp		328
	8	First Horizon National Corp.		60
	25	Huntington Bancshares, Inc.		134
	28	KeyCorp		205
	4	M&T Bank Corp.		271
	16	PNC Financial Services Group, Inc.		842
	37	Regions Financial Corp.		153
	16	SunTrust Banks, Inc.		287
	57	U.S. Bancorp		1,470
	156	Wells Fargo & Co.		4,032
	5	Zions Bancorp		88
				8,497
		Consumer Finance — 0.8%
	31	American Express Co.		1,473
	14	Capital One Financial Corp.		606
	16	Discover Financial Services		384
	15	SLM Corp.		195
				2,658
		Diversified Financial Services — 2.6%
	299	Bank of America Corp.		1,628
	86	Citigroup, Inc.		2,368
	2	CME Group, Inc.		492
	2	IntercontinentalExchange, Inc. (a)		264
	115	JPMorgan Chase & Co. (q)		3,567
	6	Leucadia National Corp.		137
	6	Moody’s Corp.		206
	4	NASDAQ OMX Group, Inc. (The) (a)		99
	8	NYSE Euronext		221
				8,982
		Insurance — 3.6%
	10	ACE Ltd., (Switzerland)		694
	14	Aflac, Inc.		599
	15	Allstate Corp. (The)		409
	13	American International Group, Inc. (a)		301
	10	Aon Corp.		443
	3	Assurant, Inc.		109
	52	Berkshire Hathaway, Inc., Class B (a)		4,090
	8	Chubb Corp. (The)		569
	5	Cincinnati Financial Corp.		143
	14	Genworth Financial, Inc., Class A (a)		96
	13	Hartford Financial Services Group, Inc.		234
	9	Lincoln National Corp.		184
	9	Loews Corp.		353
	16	Marsh & McLennan Cos., Inc.		483
	31	MetLife, Inc.		983
	9	Principal Financial Group, Inc.		223
	19	Progressive Corp. (The)		356
	14	Prudential Financial, Inc.		727
	3	Torchmark Corp.		132
	12	Travelers Cos., Inc. (The)		695
	9	Unum Group		202
	10	XL Group plc, (Ireland)		200
				12,225
		Real Estate Investment Trusts (REITs) — 1.7%
	4	Apartment Investment & Management Co., Class A		78
	3	AvalonBay Communities, Inc.		347
	4	Boston Properties, Inc.		414
	9	Equity Residential		483
	12	HCP, Inc.		465
	6	Health Care REIT, Inc.		279
	21	Host Hotels & Resorts, Inc.		295
	12	Kimco Realty Corp.		189
	5	Plum Creek Timber Co., Inc.		176
	14	ProLogis, Inc.		377
	4	Public Storage		552
	9	Simon Property Group, Inc.		1,078
	9	Ventas, Inc.		449
	5	Vornado Realty Trust		405
	16	Weyerhaeuser Co.		267
				5,854
		Real Estate Management & Development — 0.1%
	10	CBRE Group, Inc. (a)		161
		Thrifts & Mortgage Finance — 0.1%
	16	Hudson City Bancorp, Inc.		87
	11	People’s United Financial, Inc.		138
				225
		Total Financials		44,807
	Health Care — 11.5%
		Biotechnology — 1.2%
	26	Amgen, Inc.		1,499
	7	Biogen Idec, Inc. (a)		823
	14	Celgene Corp. (a)		855
	23	Gilead Sciences, Inc. (a)		908
				4,085
		Health Care Equipment & Supplies — 1.8%
	17	Baxter International, Inc.		867
	6	Becton, Dickinson & Co.		474
	45	Boston Scientific Corp. (a)		267
	3	C.R. Bard, Inc.		223
	7	CareFusion Corp. (a)		164
	15	Covidien plc, (Ireland)		664

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — Continued
		Health Care Equipment & Supplies — Continued
	4	DENTSPLY International, Inc.		151
	3	Edwards Lifesciences Corp. (a)		224
	1	Intuitive Surgical, Inc. (a)		501
	31	Medtronic, Inc.		1,136
	10	St. Jude Medical, Inc.		374
	10	Stryker Corp.		476
	3	Varian Medical Systems, Inc. (a)		215
	5	Zimmer Holdings, Inc. (a)		267
				6,003
		Health Care Providers & Services — 2.1%
	11	Aetna, Inc.		461
	8	AmerisourceBergen Corp.		295
	10	Cardinal Health, Inc.		432
	8	Cigna Corp.		373
	4	Coventry Health Care, Inc. (a)		140
	3	DaVita, Inc. (a)		210
	14	Express Scripts, Inc. (a)		658
	5	Humana, Inc.		437
	3	Laboratory Corp. of America Holdings (a)		256
	7	McKesson Corp.		592
	11	Medco Health Solutions, Inc. (a)		645
	3	Patterson Cos., Inc.		83
	5	Quest Diagnostics, Inc.		274
	14	Tenet Healthcare Corp. (a)		65
	32	UnitedHealth Group, Inc.		1,550
	11	WellPoint, Inc.		752
				7,223
		Health Care Technology — 0.1%
	4	Cerner Corp. (a)		262
		Life Sciences Tools & Services — 0.4%
	10	Agilent Technologies, Inc. (a)		385
	5	Life Technologies Corp. (a)		206
	3	PerkinElmer, Inc.		63
	11	Thermo Fisher Scientific, Inc. (a)		533
	3	Waters Corp. (a)		216
				1,403
		Pharmaceuticals — 5.9%
	46	Abbott Laboratories		2,508
	9	Allergan, Inc.		760
	50	Bristol-Myers Squibb Co.		1,648
	30	Eli Lilly & Co.		1,139
	8	Forest Laboratories, Inc. (a)		243
	5	Hospira, Inc. (a)		137
	81	Johnson & Johnson		5,237
	91	Merck & Co., Inc.		3,252
	13	Mylan, Inc. (a)		246
	230	Pfizer, Inc.		4,624
	4	Watson Pharmaceuticals, Inc. (a)		240
				20,034
		Total Health Care		39,010
	Industrials — 10.5%
		Aerospace & Defense — 2.6%
	22	Boeing Co. (The)		1,503
	11	General Dynamics Corp.		706
	4	Goodrich Corp.		450
	23	Honeywell International, Inc.		1,251
	3	L-3 Communications Holdings, Inc.		206
	8	Lockheed Martin Corp.		635
	8	Northrop Grumman Corp.		440
	4	Precision Castparts Corp.		701
	10	Raytheon Co.		476
	5	Rockwell Collins, Inc.		249
	8	Textron, Inc.		159
	27	United Technologies Corp.		2,056
				8,832
		Air Freight & Logistics — 1.0%
	5	C.H. Robinson Worldwide, Inc.		334
	6	Expeditors International of Washington, Inc.		272
	9	FedEx Corp.		778
	29	United Parcel Service, Inc., Class B		2,078
				3,462
		Airlines — 0.1%
	24	Southwest Airlines Co.		199
		Building Products — 0.0% (g)
	11	Masco Corp.		101
		Commercial Services & Supplies — 0.4%
	3	Avery Dennison Corp.		82
	3	Cintas Corp.		100
	5	Iron Mountain, Inc.		167
	6	Pitney Bowes, Inc.		111
	6	R.R. Donnelley & Sons Co.		83
	9	Republic Services, Inc.		260
	3	Stericycle, Inc. (a)		206
	14	Waste Management, Inc.		436
				1,445
		Construction & Engineering — 0.2%
	5	Fluor Corp.		281
	4	Jacobs Engineering Group, Inc. (a)		157
	6	Quanta Services, Inc. (a)		129
				567
		Electrical Equipment — 0.6%
	5	Cooper Industries plc		271
	22	Emerson Electric Co.		1,149
	4	Rockwell Automation, Inc.		317
	3	Roper Industries, Inc.		242
				1,979
		Industrial Conglomerates — 2.1%
	21	3M Co.		1,698
	313	General Electric Co.		4,980
	14	Tyco International Ltd., (Switzerland)		658
				7,336
		Machinery — 2.3%
	19	Caterpillar, Inc.		1,868
	6	Cummins, Inc.		554
	17	Danaher Corp.		813
	12	Deere & Co.		969
	5	Dover Corp.		302

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — Continued
		Machinery — Continued
	10	Eaton Corp.		452
	2	Flowserve Corp.		169
	15	Illinois Tool Works, Inc.		659
	9	Ingersoll-Rand plc, (Ireland)		305
	3	Joy Global, Inc.		283
	11	PACCAR, Inc.		438
	3	Pall Corp.		187
	5	Parker Hannifin Corp.		379
	2	Snap-on, Inc.		88
	5	Stanley Black & Decker, Inc.		325
	5	Xylem, Inc.		130
				7,921
		Professional Services — 0.1%
	1	Dun & Bradstreet Corp. (The)		102
	4	Equifax, Inc.		134
	4	Robert Half International, Inc.		113
				349
		Road & Rail — 0.9%
	32	CSX Corp.		702
	10	Norfolk Southern Corp.		776
	2	Ryder System, Inc.		79
	14	Union Pacific Corp.		1,490
				3,047
		Trading Companies & Distributors — 0.2%
	9	Fastenal Co.		363
	2	W.W. Grainger, Inc.		336
				699
		Total Industrials		35,937
	Information Technology — 19.1%
		Communications Equipment — 2.1%
	162	Cisco Systems, Inc.		3,028
	2	F5 Networks, Inc. (a)		269
	4	Harris Corp.		126
	7	JDS Uniphase Corp. (a)		74
	16	Juniper Networks, Inc. (a)		357
	8	Motorola Mobility Holdings, Inc. (a)		301
	8	Motorola Solutions, Inc.		395
	50	QUALCOMM, Inc.		2,718
	11	Tellabs, Inc.		43
				7,311
		Computers & Peripherals — 4.5%
	27	Apple, Inc. (a)		10,464
	46	Dell, Inc. (a)		722
	61	EMC Corp. (a)		1,403
	61	Hewlett-Packard Co.		1,712
	2	Lexmark International, Inc., Class A		78
	11	NetApp, Inc. (a)		401
	7	SanDisk Corp. (a)		348
	7	Western Digital Corp. (a)		200
				15,328
		Electronic Equipment, Instruments & Components — 0.5%
	5	Amphenol Corp., Class A		227
	46	Corning, Inc.		616
	5	FLIR Systems, Inc.		127
	5	Jabil Circuit, Inc.		109
	4	Molex, Inc.		101
	13	TE Connectivity Ltd., (Switzerland)		406
				1,586
		Internet Software & Services — 1.9%
	5	Akamai Technologies, Inc. (a)		157
	34	eBay, Inc. (a)		1,002
	7	Google, Inc., Class A (a)		4,458
	4	Monster Worldwide, Inc. (a)		28
	5	VeriSign, Inc.		165
	37	Yahoo!, Inc. (a)		586
				6,396
		IT Services — 3.9%
	19	Accenture plc, (Ireland), Class A		1,102
	14	Automatic Data Processing, Inc.		739
	9	Cognizant Technology Solutions Corp., Class A (a)		604
	5	Computer Sciences Corp.		112
	7	Fidelity National Information Services, Inc.		176
	4	Fiserv, Inc. (a)		241
	35	International Business Machines Corp.		6,630
	3	MasterCard, Inc., Class A		1,181
	10	Paychex, Inc.		277
	8	SAIC, Inc. (a)		98
	5	Teradata Corp. (a)		270
	5	Total System Services, Inc.		97
	15	Visa, Inc., Class A		1,465
	19	Western Union Co. (The)		323
				13,315
		Office Electronics — 0.1%
	41	Xerox Corp.		338
		Semiconductors & Semiconductor Equipment — 2.4%
	17	Advanced Micro Devices, Inc. (a)		98
	10	Altera Corp.		360
	9	Analog Devices, Inc.		308
	39	Applied Materials, Inc.		419
	14	Broadcom Corp., Class A (a)		431
	2	First Solar, Inc. (a)		83
	155	Intel Corp.		3,863
	5	KLA-Tencor Corp.		227
	7	Linear Technology Corp.		206
	17	LSI Corp. (a)		95
	7	MEMC Electronic Materials, Inc. (a)		28
	6	Microchip Technology, Inc.		197
	30	Micron Technology, Inc. (a)		178
	2	Novellus Systems, Inc. (a)		71
	18	NVIDIA Corp. (a)		279
	5	Teradyne, Inc. (a) (c)		74
	34	Texas Instruments, Inc.		1,027

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — Continued
		Semiconductors & Semiconductor Equipment — Continued
	8	Xilinx, Inc.		256
				8,200
		Software — 3.7%
	15	Adobe Systems, Inc. (a)		400
	7	Autodesk, Inc. (a)		230
	5	BMC Software, Inc. (a)		185
	11	CA, Inc.		237
	6	Citrix Systems, Inc. (a)		397
	6	Compuware Corp. (a)		53
	10	Electronic Arts, Inc. (a)		229
	9	Intuit, Inc.		478
	220	Microsoft Corp.		5,633
	117	Oracle Corp.		3,658
	6	Red Hat, Inc. (a)		285
	4	Salesforce.com, Inc. (a)		474
	22	Symantec Corp. (a)		362
				12,621
		Total Information Technology		65,095
	Materials — 3.6%
		Chemicals — 2.2%
	6	Air Products & Chemicals, Inc.		527
	2	Airgas, Inc.		155
	2	CF Industries Holdings, Inc.		270
	35	Dow Chemical Co. (The)		966
	28	E.I. du Pont de Nemours & Co.		1,314
	4	Eastman Chemical Co.		164
	9	Ecolab, Inc.		505
	2	FMC Corp.		178
	2	International Flavors & Fragrances, Inc.		129
	16	Monsanto Co.		1,160
	9	Mosaic Co. (The)		464
	5	PPG Industries, Inc.		408
	9	Praxair, Inc.		910
	3	Sherwin-Williams Co. (The)		226
	4	Sigma-Aldrich Corp.		234
				7,610
		Construction Materials — 0.1%
	4	Vulcan Materials Co.		124
		Containers & Packaging — 0.1%
	5	Ball Corp.		170
	3	Bemis Co., Inc.		90
	5	Owens-Illinois, Inc. (a)		95
	5	Sealed Air Corp.		83
				438
		Metals & Mining — 1.0%
	3	AK Steel Holding Corp.		28
	31	Alcoa, Inc.		315
	3	Allegheny Technologies, Inc.		158
	4	Cliffs Natural Resources, Inc.		292
	28	Freeport-McMoRan Copper & Gold, Inc.		1,108
	15	Newmont Mining Corp.		1,005
	9	Nucor Corp.		369
	2	Titanium Metals Corp.		38
	4	United States Steel Corp.		116
				3,429
		Paper & Forest Products — 0.2%
	13	International Paper Co.		367
	5	MeadWestvaco Corp.		150
				517
		Total Materials		12,118
	Telecommunication Services — 3.0%
		Diversified Telecommunication Services — 2.7%
	175	AT&T, Inc.		5,071
	18	CenturyLink, Inc.		683
	29	Frontier Communications Corp.		168
	84	Verizon Communications, Inc.		3,154
	17	Windstream Corp.		200
				9,276
		Wireless Telecommunication Services — 0.3%
	12	American Tower Corp., Class A (a)		689
	9	MetroPCS Communications, Inc. (a)		73
	88	Sprint Nextel Corp. (a)		239
				1,001
		Total Telecommunication Services		10,277
	Utilities — 3.7%
		Electric Utilities — 2.0%
	14	American Electric Power Co., Inc.		565
	39	Duke Energy Corp.		820
	10	Edison International		378
	5	Entergy Corp.		367
	20	Exelon Corp.		867
	12	FirstEnergy Corp.		549
	12	NextEra Energy, Inc.		692
	5	Northeast Utilities		181
	7	Pepco Holdings, Inc.		132
	3	Pinnacle West Capital Corp.		153
	17	PPL Corp.		512
	9	Progress Energy, Inc.		473
	25	Southern Co.		1,112
				6,801
		Gas Utilities — 0.1%
	1	Nicor, Inc.		76
	3	Oneok, Inc.		254
				330
		Independent Power Producers & Energy Traders — 0.2%
	19	AES Corp. (The) (a)		234
	6	Constellation Energy Group, Inc.		239
	7	NRG Energy, Inc. (a)		140
				613
		Multi-Utilities — 1.4%
	7	Ameren Corp.		241
	13	CenterPoint Energy, Inc.		250
	7	CMS Energy Corp.		156
	9	Consolidated Edison, Inc.		514
	17	Dominion Resources, Inc.		868
	5	DTE Energy Co.		263

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — Continued
		Multi-Utilities — Continued
	2	Integrys Energy Group, Inc.		119
	8	NiSource, Inc.		190
	12	PG&E Corp.		461
	15	Public Service Enterprise Group, Inc.		492
	3	SCANA Corp.		148
	7	Sempra Energy		376
	6	TECO Energy, Inc.		120
	7	Wisconsin Energy Corp.		229
	14	Xcel Energy, Inc.		376
				4,803
		Total Utilities		12,547
		Total Common Stocks (Cost $281,052)		335,584
	Investment Company — 0.1%
	3	SPDR S&P 500 ETF Trust (Cost $295)		313
PRINCIPAL AMOUNT ($)
	U.S. Treasury Obligations — 0.1%
		U.S. Treasury Bills,
	70	0.010%, 02/16/12 (k) (n)		70
	240	0.018%, 03/15/12 (k) (n)		240
		Total U.S. Treasury Obligations (Cost $310)		310
NO. OF WARRANTS
	Warrant — 0.0% (g)
	Financials — 0.0% (g)
		Insurance — 0.0% (g)
	2	American International Group, Inc., expiring 01/19/21 (a) (Cost $–)		13
SHARES
	Short-Term Investment — 1.0%
		Investment Company — 1.0%
	3,617	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.090% (b) (l) (m) (Cost $3,617)		3,617
	Investments of Cash Collateral for Securities on Loan — 0.1%
		Investment Company — 0.1%
	235	JPMorgan Prime Money Market Fund, Capital Shares, 0.100% (b) (l) (Cost $235)		235
		Total Investments — 99.8%
		(Cost $285,509)		340,072
		Other Assets in Excess of Liabilities — 0.2%		599
		NET ASSETS — 100.0%	$	340,671

Percentages indicated are based on net assets.

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands, except number of contracts)

Futures Contracts

NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 11/30/11		UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	63	E-mini S&P 500		12/16/11	$	3,925	$	226

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, 2011.

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

As of November 30, 2011, 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	$	83,009
Aggregate gross unrealized depreciation		(28,446	)
Net unrealized appreciation/depreciation	$	54,563
Federal income tax cost of investments	$	285,509

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (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 as presented on the Schedule of Portfolio Investments (“SOI”) (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities (a)	$	339,749	$	323	$	–	$	340,072
Appreciation in Other Financial Instruments
Futures Contracts	$	226	$	–	$	–	$	226

There were no transfers between Levels 1 and 2 during the period ended November 30, 2011.

(a) Portfolio holdings designated as Level 1 and Level 2 are disclosed individually in the Schedule of Portfolio Investments (“SOI”). Level 2 consists of a Warrant and U.S. Treasury Bills 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, 2011 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Asset-Backed Securities — 2.4%
		AH Mortgage Advance Trust,
	178	Series SART-1, Class A1, 2.630%, 05/10/42 (e)		177
	750	Series SART-1, Class A2, 3.370%, 05/10/43 (e)		747
	267	Series SART-2, Class A1, 3.270%, 09/15/43 (e)		266
	100	Series SART-2, Class B1, 6.900%, 09/15/43 (e)		100
		Ally Auto Receivables Trust,
	46	Series 2010-1, Class A3, 1.450%, 05/15/14		47
	176	Series 2010-4, Class A3, 0.910%, 11/17/14		176
		AmeriCredit Automobile Receivables Trust,
	79	Series 2009-1, Class A3, 3.040%, 10/15/13		80
	16	Series 2010-1, Class A3, 1.660%, 03/17/14		16
	130	Series 2010-3, Class A3, 1.140%, 04/08/15		130
	98	Series 2010-4, Class A2, 0.960%, 05/08/14		98
	75	Series 2010-4, Class A3, 1.270%, 04/08/15		75
	155	Series 2011-3, Class A2, 0.840%, 11/10/14		155
	219	Series 2011-5, Class A3, 1.550%, 07/08/16		219
		Bank of America Auto Trust,
	95	Series 2009-1A, Class A3, 2.670%, 07/15/13 (e)		96
	150	Series 2009-1A, Class A4, 3.520%, 06/15/16 (e)		153
	67	Series 2010-1A, Class A3, 1.390%, 03/15/14 (e)		67
	100	Series 2010-1A, Class A4, 2.180%, 02/15/17 (e)		102
	60	Series 2010-2, Class A3, 1.310%, 07/15/14		61
	125	Series 2010-2, Class A4, 1.940%, 06/15/17		127
	72	Bear Stearns Asset-Backed Securities Trust, Series 2006-SD1, Class A, VAR, 0.627%, 04/25/36		54
	48	CarMax Auto Owner Trust, Series 2010-1, Class A3, 1.560%, 07/15/14		48
	195	Centex Home Equity, Series 2004- D, Class AF4, SUB, 4.680%, 06/25/32		185
		Chrysler Financial Auto Securitization Trust,
	52	Series 2009-A, Class A3, 2.820%, 01/15/16		52
	250	Series 2010-A, Class A3, 0.910%, 08/08/13		251
	300	Citibank Credit Card Issuance Trust, Series 2002-C2, Class C2, 6.950%, 02/18/14		303
		CNH Equipment Trust,
	63	Series 2010-A, Class A3, 1.540%, 07/15/14		64
	289	Series 2010-C, Class A3, 1.170%, 05/15/15		289
	47	Credit-Based Asset Servicing and Securitization LLC, Series 2006- CB1, Class AF2, SUB, 5.236%, 01/25/36		25
		Ford Credit Auto Owner Trust,
	71	Series 2009-B, Class A3, 2.790%, 08/15/13		71
	200	Series 2009-B, Class A4, 4.500%, 07/15/14		208
	326	Fortress Opportunities Residential Transaction, Series 2011-1A, Class A1, VAR, 7.211%, 10/25/47 (e)		326
	200	GE Capital Credit Card Master Note Trust, Series 2009-2, Class A, 3.690%, 07/15/15		204
	99	GE Mortgage Services LLC, Series 1999-HE1, Class M, VAR, 6.705%, 04/25/29		90
	144	Harley-Davidson Motorcycle Trust, Series 2010-1, Class A3, 1.160%, 02/15/15		144
		Honda Auto Receivables Owner Trust,
	47	Series 2009-2, Class A3, 2.790%, 01/15/13		47
	100	Series 2009-2, Class A4, 4.430%, 07/15/15		102
	42	Series 2009-3, Class A3, 2.310%, 05/15/13		43
	150	Series 2009-3, Class A4, 3.300%, 09/15/15		153
		HSBC Home Equity Loan Trust,
	86	Series 2005-2, Class A1, VAR, 0.525%, 01/20/35		76
	63	Series 2006-1, Class A1, VAR, 0.415%, 01/20/36		58
	72	Series 2007-3, Class APT, VAR, 1.455%, 11/20/36		64
		Huntington Auto Trust,
	240	Series 2011-1A, Class A2, 0.760%, 04/15/14 (e)		240
	150	Series 2011-1A, Class A3, 1.010%, 01/15/16 (e)		149
	100	Series 2011-1A, Class A4, 1.310%, 11/15/16 (e)		100
	125	Hyundai Auto Receivables Trust, Series 2010-B, Class A3, 0.970%, 04/15/15		125

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Asset-Backed Securities — Continued
	8	John Deere Owner Trust, Series 2009-A, Class A3, 2.590%, 10/15/13		8
	148	LAI Vehicle Lease Securitization Trust, Series 2010-A, Class A, 2.550%, 09/15/16 (e) (f) (i)		148
	407	MBNA Credit Card Master Note Trust, Series 2002-C1, Class C1, 6.800%, 07/15/14		412
	88	Mercedes-Benz Auto Receivables Trust, Series 2010-1, Class A3, 1.420%, 08/15/14		88
		Nissan Auto Receivables Owner Trust,
	115	Series 2010-A, Class A3, 0.870%, 07/15/14		115
	75	Series 2010-A, Class A4, 1.310%, 09/15/16		76
	218	Residential Credit Solutions Trust, Series 2011-1, Class A1, 6.000%, 03/25/41 (e) (f) (i)		217
		Santander Drive Auto Receivables Trust,
	110	Series 2010-3, Class A3, 1.200%, 06/16/14		110
	100	Series 2010-A, Class A4, 2.390%, 06/15/17 (e)		101
	39	Series 2011-S2A, Class B, 2.060%, 06/15/17 (e)		39
	225	Toyota Auto Receivables Owner Trust, Series 2010-C, Class A3, 0.770%, 04/15/14		225
	135	World Omni Auto Receivables Trust, Series 2010-A, Class A4, 2.210%, 05/15/15		137
		Total Asset-Backed Securities (Cost $8,067)		8,039
	Collateralized Mortgage Obligations — 31.3%
		Agency CMO — 25.6%
	81	Federal Home Loan Mortgage Corp. - Government National Mortgage Association, Series 24, Class ZE, 6.250%, 11/25/23		91
		Federal Home Loan Mortgage Corp. REMICS,
	7	Series 11, Class D, 9.500%, 07/15/19		7
	– (h)	Series 41, Class I, HB, 84.000%, 05/15/20		—	(h)
	4	Series 46, Class B, 7.800%, 09/15/20		4
	1	Series 47, Class F, 10.000%, 06/15/20		1
	– (h)	Series 85, Class C, 8.600%, 01/15/21		—	(h)
	4	Series 99, Class Z, 9.500%, 01/15/21		4
	20	Series 114, Class H, 6.950%, 01/15/21		22
	1	Series 1079, Class S, HB, IF, 33.150%, 05/15/21		2
	1	Series 1084, Class F, VAR, 1.200%, 05/15/21		1
	1	Series 1084, Class S, HB, IF, 44.100%, 05/15/21		2
	11	Series 1144, Class KB, 8.500%, 09/15/21		13
	– (h)	Series 1172, Class L, HB, VAR, 1,181.250%, 11/15/21		—	(h)
	– (h)	Series 1196, Class B, HB, IF, 1,169.001%, 01/15/22		2
	13	Series 1206, Class IA, 7.000%, 03/15/22		14
	9	Series 1250, Class J, 7.000%, 05/15/22		10
	27	Series 1343, Class LA, 8.000%, 08/15/22		33
	123	Series 1466, Class PZ, 7.500%, 02/15/23		140
	2	Series 1470, Class F, VAR, 2.276%, 02/15/23		2
	44	Series 1491, Class I, 7.500%, 04/15/23		50
	46	Series 1518, Class G, IF, 8.850%, 05/15/23		55
	40	Series 1541, Class O, VAR, 1.370%, 07/15/23		41
	3	Series 1602, Class SA, HB, IF, 21.938%, 10/15/23		5
	146	Series 1608, Class L, 6.500%, 09/15/23		166
	101	Series 1609, Class LG, IF, 16.792%, 11/15/23		120
	4	Series 1671, Class L, 7.000%, 02/15/24		5
	23	Series 1700, Class GA, PO, 02/15/24		21
	233	Series 1706, Class K, 7.000%, 03/15/24		269
	754	Series 1720, Class PL, 7.500%, 04/15/24		876
	20	Series 1745, Class D, 7.500%, 08/15/24		23
	51	Series 1798, Class F, 5.000%, 05/15/23		56
	2	Series 1807, Class G, 9.000%, 10/15/20		2
	215	Series 1927, Class PH, 7.500%, 01/15/27		250
	103	Series 1981, Class Z, 6.000%, 05/15/27		113

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	29	Series 1987, Class PE, 7.500%, 09/15/27		33
	12	Series 2025, Class PE, 6.300%, 01/15/13		12
	15	Series 2033, Class SN, HB, IF, 25.701%, 03/15/24		10
	40	Series 2038, Class PN, IO, 7.000%, 03/15/28		7
	196	Series 2040, Class PE, 7.500%, 03/15/28		228
	52	Series 2056, Class TD, 6.500%, 05/15/18		57
	239	Series 2063, Class PG, 6.500%, 06/15/28		275
	43	Series 2064, Class TE, 7.000%, 06/15/28		50
	169	Series 2075, Class PH, 6.500%, 08/15/28		194
	163	Series 2075, Class PM, 6.250%, 08/15/28		171
	47	Series 2089, Class PJ, IO, 7.000%, 10/15/28		8
	13	Series 2102, Class TC, 6.000%, 12/15/13		13
	73	Series 2115, Class PE, 6.000%, 01/15/14		74
	115	Series 2125, Class JZ, 6.000%, 02/15/29		121
	20	Series 2163, Class PC, IO, 7.500%, 06/15/29		4
	460	Series 2169, Class TB, 7.000%, 06/15/29		533
	131	Series 2172, Class QC, 7.000%, 07/15/29		152
	1	Series 2196, Class TL, 7.500%, 11/15/29		1
	68	Series 2201, Class C, 8.000%, 11/15/29		81
	146	Series 2210, Class Z, 8.000%, 01/15/30		174
	55	Series 2224, Class CB, 8.000%, 03/15/30		66
	82	Series 2256, Class MC, 7.250%, 09/15/30		95
	118	Series 2259, Class ZM, 7.000%, 10/15/30		137
	94	Series 2271, Class PC, 7.250%, 12/15/30		109
	136	Series 2283, Class K, 6.500%, 12/15/23		146
	48	Series 2296, Class PD, 7.000%, 03/15/31		56
	26	Series 2306, Class K, PO, 05/15/24		23
	62	Series 2306, Class SE, IF, IO, 8.400%, 05/15/24		14
	70	Series 2333, Class HC, 6.000%, 07/15/31		70
	46	Series 2344, Class QG, 6.000%, 08/15/16		50
	1,047	Series 2344, Class ZD, 6.500%, 08/15/31		1,155
	140	Series 2344, Class ZJ, 6.500%, 08/15/31		154
	89	Series 2345, Class NE, 6.500%, 08/15/31		93
	86	Series 2345, Class PQ, 6.500%, 08/15/16		90
	84	Series 2347, Class VP, 6.500%, 03/15/20		84
	138	Series 2351, Class PZ, 6.500%, 08/15/31		147
	60	Series 2355, Class BP, 6.000%, 09/15/16		64
	66	Series 2360, Class PG, 6.000%, 09/15/16		70
	56	Series 2366, Class MD, 6.000%, 10/15/16		60
	94	Series 2391, Class QR, 5.500%, 12/15/16		101
	84	Series 2410, Class NG, 6.500%, 02/15/32		94
	117	Series 2410, Class OE, 6.375%, 02/15/32		129
	46	Series 2410, Class QX, IF, IO, 8.402%, 02/15/32		12
	241	Series 2412, Class SP, IF, 15.604%, 02/15/32		301
	53	Series 2423, Class MC, 7.000%, 03/15/32		59
	112	Series 2423, Class MT, 7.000%, 03/15/32		124
	243	Series 2435, Class CJ, 6.500%, 04/15/32		282
	9	Series 2435, Class VH, 6.000%, 07/15/19		9
	158	Series 2441, Class GF, 6.500%, 04/15/32		183
	131	Series 2444, Class ES, IF, IO, 7.702%, 03/15/32		27
	148	Series 2450, Class GZ, 7.000%, 05/15/32		172
	52	Series 2450, Class SW, IF, IO, 7.752%, 03/15/32		11
	256	Series 2455, Class GK, 6.500%, 05/15/32		293
	386	Series 2466, Class DH, 6.500%, 06/15/32		433
	273	Series 2466, Class PG, 6.500%, 04/15/32		287
	169	Series 2474, Class NR, 6.500%, 07/15/32		192
	331	Series 2484, Class LZ, 6.500%, 07/15/32		381

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	503	Series 2500, Class MC, 6.000%, 09/15/32		554
	607	Series 2512, Class PG, 5.500%, 10/15/22		662
	122	Series 2535, Class BK, 5.500%, 12/15/22		133
	262	Series 2537, Class TE, 5.500%, 12/15/17		280
	675	Series 2543, Class YX, 6.000%, 12/15/32		764
	1,000	Series 2568, Class KG, 5.500%, 02/15/23		1,101
	810	Series 2575, Class ME, 6.000%, 02/15/33		924
	97	Series 2586, Class WI, IO, 6.500%, 03/15/33		17
	144	Series 2587, Class CO, PO, 03/15/32		141
	64	Series 2594, Class VQ, 6.000%, 08/15/20		65
	236	Series 2597, Class AD, 6.500%, 03/15/32		243
	21	Series 2597, Class DS, IF, IO, 7.302%, 02/15/33		1
	37	Series 2599, Class DS, IF, IO, 6.752%, 02/15/33		2
	121	Series 2610, Class DS, IF, IO, 6.852%, 03/15/33		3
	31	Series 2611, Class SH, IF, IO, 7.402%, 10/15/21		—	(h)
	352	Series 2617, Class GR, 4.500%, 05/15/18		376
	12	Series 2619, Class IM, IO, 5.000%, 10/15/21		—	(h)
	300	Series 2622, Class PE, 4.500%, 05/15/18		321
	168	Series 2631, Class LC, 4.500%, 06/15/18		180
	202	Series 2640, Class VE, 3.250%, 07/15/22		208
	266	Series 2651, Class VZ, 4.500%, 07/15/18		284
	368	Series 2657, Class MD, 5.000%, 12/15/20		374
	202	Series 2672, Class ME, 5.000%, 11/15/22		216
	497	Series 2675, Class CK, 4.000%, 09/15/18		527
	166	Series 2682, Class YS, IF, 8.631%, 10/15/33		162
	1,000	Series 2684, Class PO, PO, 01/15/33		917
	25	Series 2684, Class TO, PO, 10/15/33		24
	44	Series 2691, Class WS, IF, 8.628%, 10/15/33		43
	433	Series 2695, Class DE, 4.000%, 01/15/17		439
	79	Series 2705, Class SC, IF, 8.628%, 11/15/33		77
	79	Series 2705, Class SD, IF, 8.681%, 11/15/33		75
	312	Series 2744, Class TU, 5.500%, 05/15/32		330
	48	Series 2755, Class PA, PO, 02/15/29		47
	42	Series 2755, Class SA, IF, 13.704%, 05/15/30		46
	7	Series 2776, Class SK, IF, 8.703%, 04/15/34		7
	665	Series 2777, Class KO, PO, 02/15/33		627
	300	Series 2802, Class MB, 5.500%, 11/15/31		310
	98	Series 2815, Class YS, IF, 9.554%, 01/15/34		105
	782	Series 2907, Class VC, 4.500%, 05/15/34		856
	266	Series 2934, Class EC, PO, 02/15/20		251
	242	Series 2990, Class SL, HB, IF, 23.584%, 06/15/34		343
	500	Series 2999, Class ND, 4.500%, 07/15/20		548
	266	Series 3068, Class AO, PO, 01/15/35		258
	327	Series 3117, Class EO, PO, 02/15/36		307
	40	Series 3117, Class OK, PO, 02/15/36		35
	525	Series 3122, Class OH, PO, 03/15/36		478
	457	Series 3137, Class XP, 6.000%, 04/15/36		516
	25	Series 3149, Class SO, PO, 05/15/36		19
	561	Series 3152, Class MO, PO, 03/15/36		468
	256	Series 3171, Class MO, PO, 06/15/36		232
	244	Series 3179, Class OA, PO, 07/15/36		225
	960	Series 3202, Class HI, IF, IO, 6.402%, 08/15/36		149
	233	Series 3232, Class ST, IF, IO, 6.452%, 10/15/36		35
	310	Series 3253, Class PO, PO, 12/15/21		295
	201	Series 3316, Class JO, PO, 05/15/37		184
	524	Series 3481, Class SJ, IF, IO, 5.602%, 08/15/38		69

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)			SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
			Agency CMO — Continued
	288		Series 3607, Class AO, PO, 04/15/36		262
	241		Series 3607, Class EO, PO, 02/15/33		225
	223		Series 3611, Class PO, PO, 07/15/34		204
	913		Series 3666, Class VA, 5.500%, 12/15/22		1,024
	919		Series 3680, Class MA, 4.500%, 07/15/39		995
	1,041		Series 3819, Class ZQ, 6.000%, 04/15/36		1,216
	119		Federal Home Loan Mortgage Corp. STRIPS, Series 243, Class 16, IO, 4.500%, 11/15/20		9
			Federal Home Loan Mortgage Corp. Structured Pass-Through Securities,
	55		Series T-41, Class 3A, VAR, 7.018%, 07/25/32		62
	46		Series T-51, Class 2A, VAR, 7.500%, 08/25/42		55
	460		Series T-54, Class 2A, 6.500%, 02/25/43		514
	158		Series T-54, Class 3A, 7.000%, 02/25/43		185
	1,217		Series T-56, Class A5, 5.231%, 05/25/43		1,317
	42		Series T-58, Class APO, PO, 09/25/43		32
	331		Series T-76, Class 2A, VAR, 4.756%, 10/25/37		340
	156		Federal National Mortgage Association Grantor Trust, Series 2001-T10, Class A2, 7.500%, 12/25/41		182
			Federal National Mortgage Association REMICS,
	3		Series 1988-7, Class Z, 9.250%, 04/25/18		3
	12		Series 1989-70, Class G, 8.000%, 10/25/19		13
	6		Series 1989-78, Class H, 9.400%, 11/25/19		6
	4		Series 1989-83, Class H, 8.500%, 11/25/19		4
	4		Series 1989-89, Class H, 9.000%, 11/25/19		4
	1		Series 1990-1, Class D, 8.800%, 01/25/20		2
	2		Series 1990-7, Class B, 8.500%, 01/25/20		3
	2		Series 1990-60, Class K, 5.500%, 06/25/20		2
	2		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
	14		Series 1990-102, Class J, 6.500%, 08/25/20		15
	5		Series 1990-120, Class H, 9.000%, 10/25/20		5
	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)
	6		Series 1991-42, Class S, IF, 17.183%, 05/25/21		7
	95		Series 1992-107, Class SB, HB, IF, 29.236%, 06/25/22		162
	7		Series 1992-143, Class MA, 5.500%, 09/25/22		7
	45		Series 1993-25, Class J, 7.500%, 03/25/23		52
	260		Series 1993-37, Class PX, 7.000%, 03/25/23		295
	92		Series 1993-54, Class Z, 7.000%, 04/25/23		104
	19		Series 1993-62, Class SA, IF, 17.556%, 04/25/23		27
	25		Series 1993-122, Class M, 6.500%, 07/25/23		28
	10		Series 1993-165, Class SD, IF, 12.149%, 09/25/23		11
	42		Series 1993-178, Class PK, 6.500%, 09/25/23		46
	767		Series 1993-183, Class KA, 6.500%, 10/25/23		870
	310		Series 1993-189, Class PL, 6.500%, 10/25/23		352
	21		Series 1993-225, Class SG, HB, IF, 26.331%, 12/25/13		25
	67		Series 1993-247, Class SA, HB, IF, 25.359%, 12/25/23		102
	114		Series 1993-250, Class Z, 7.000%, 12/25/23		119
	98		Series 1993-257, Class C, PO, 06/25/23		98
	4		Series 1994-9, Class E, PO, 11/25/23		4
	175		Series 1996-14, Class SE, IF, IO, 8.550%, 08/25/23		39
	8		Series 1996-27, Class FC, VAR, 0.781%, 03/25/17		8
	22		Series 1996-59, Class J, 6.500%, 08/25/22		24

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	35	Series 1996-59, Class K, 6.500%, 07/25/23		35
	87	Series 1997-20, Class IB, IO, VAR, 1.840%, 03/25/27		3
	87	Series 1997-20, Class IO, IO, VAR, 1.840%, 03/25/27		3
	46	Series 1997-27, Class J, 7.500%, 04/18/27		52
	42	Series 1997-29, Class J, 7.500%, 04/20/27		46
	91	Series 1997-39, Class PD, 7.500%, 05/20/27		105
	35	Series 1997-81, Class PI, IO, 7.000%, 12/18/27		6
	5	Series 1998-4, Class C, PO, 04/25/23		4
	54	Series 1998-36, Class ZB, 6.000%, 07/18/28		61
	408	Series 1998-43, Class EA, PO, 04/25/23		378
	213	Series 2000-2, Class ZE, 7.500%, 02/25/30		248
	77	Series 2001-4, Class PC, 7.000%, 03/25/21		83
	41	Series 2001-5, Class OW, 6.000%, 03/25/16		42
	212	Series 2001-33, Class ID, IO, 6.000%, 07/25/31		47
	180	Series 2001-36, Class DE, 7.000%, 08/25/31		210
	51	Series 2001-44, Class PD, 7.000%, 09/25/31		60
	324	Series 2001-48, Class Z, 6.500%, 09/25/21		361
	51	Series 2001-49, Class Z, 6.500%, 09/25/31		59
	121	Series 2001-71, Class MB, 6.000%, 12/25/16		129
	158	Series 2001-71, Class QE, 6.000%, 12/25/16		169
	883	Series 2001-74, Class MB, 6.000%, 12/25/16		947
	10	Series 2001-80, Class PE, 6.000%, 07/25/29		10
	39	Series 2001-81, Class LO, PO, 01/25/32		34
	107	Series 2002-1, Class HC, 6.500%, 02/25/22		114
	43	Series 2002-1, Class SA, HB, IF, 24.352%, 02/25/32		64
	73	Series 2002-2, Class UC, 6.000%, 02/25/17		78
	148	Series 2002-3, Class OG, 6.000%, 02/25/17		158
	138	Series 2002-21, Class PE, 6.500%, 04/25/32		155
	261	Series 2002-24, Class AJ, 6.000%, 04/25/17		285
	129	Series 2002-28, Class PK, 6.500%, 05/25/32		148
	172	Series 2002-37, Class Z, 6.500%, 06/25/32		198
	442	Series 2002-84, Class VB, 5.500%, 04/25/15		468
	12	Series 2002-91, Class UH, IO, 5.500%, 06/25/22		—	(h)
	375	Series 2002-94, Class BK, 5.500%, 01/25/18		401
	202	Series 2003-22, Class UD, 4.000%, 04/25/33		213
	162	Series 2003-34, Class GB, 6.000%, 03/25/33		188
	304	Series 2003-34, Class GE, 6.000%, 05/25/33		362
	34	Series 2003-39, Class IO, IO, VAR, 6.000%, 05/25/33		6
	405	Series 2003-47, Class PE, 5.750%, 06/25/33		468
	80	Series 2003-52, Class SX, HB, IF, 22.178%, 10/25/31		121
	95	Series 2003-64, Class SX, IF, 13.135%, 07/25/33		102
	333	Series 2003-71, Class DS, IF, 7.139%, 08/25/33		319
	281	Series 2003-73, Class GA, 3.500%, 05/25/31		287
	340	Series 2003-80, Class SY, IF, IO, 7.393%, 06/25/23		39
	348	Series 2003-83, Class PG, 5.000%, 06/25/23		374
	58	Series 2003-91, Class SD, IF, 12.071%, 09/25/33		65
	60	Series 2003-106, Class US, IF, 8.689%, 11/25/23		59
	397	Series 2003-116, Class SB, IF, IO, 7.343%, 11/25/33		84
	57	Series 2003-128, Class KE, 4.500%, 01/25/14		58
	500	Series 2003-128, Class NG, 4.000%, 01/25/19		536
	99	Series 2003-130, Class SX, IF, 11.134%, 01/25/34		109
	112	Series 2004-14, Class SD, IF, 8.689%, 03/25/34		111
	1,000	Series 2004-21, Class AE, 4.000%, 04/25/19		1,073
	37	Series 2004-21, Class CO, PO, 04/25/34		31
	405	Series 2004-25, Class PC, 5.500%, 01/25/34		460
	296	Series 2004-25, Class SA, IF, 18.818%, 04/25/34		384

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	263	Series 2004-36, Class PC, 5.500%, 02/25/34		299
	226	Series 2004-36, Class SA, IF, 18.818%, 05/25/34		294
	175	Series 2004-46, Class SK, IF, 15.793%, 05/25/34		210
	751	Series 2004-50, Class VZ, 5.500%, 07/25/34		855
	48	Series 2004-61, Class CO, PO, 10/25/31		47
	134	Series 2004-61, Class SH, HB, IF, 22.959%, 11/25/32		178
	155	Series 2004-74, Class SW, IF, 14.997%, 11/25/31		198
	287	Series 2004-76, Class CL, 4.000%, 10/25/19		304
	1,750	Series 2004-86, Class AE, 4.500%, 02/25/32		1,827
	67	Series 2005-40, Class YA, 5.000%, 09/25/20		69
	215	Series 2005-45, Class DC, HB, IF, 23.367%, 06/25/35		311
	124	Series 2005-52, Class PA, 6.500%, 06/25/35		135
	203	Series 2005-56, Class S, IF, IO, 6.453%, 07/25/35		33
	372	Series 2005-56, Class TP, IF, 17.378%, 08/25/33		517
	1,156	Series 2005-68, Class PG, 5.500%, 08/25/35		1,319
	440	Series 2005-73, Class PS, IF, 16.057%, 08/25/35		533
	205	Series 2005-74, Class CS, IF, 19.313%, 05/25/35		271
	408	Series 2005-106, Class US, HB, IF, 23.624%, 11/25/35		596
	1,000	Series 2005-121, Class DX, 5.500%, 01/25/26		1,126
	517	Series 2006-27, Class OH, PO, 04/25/36		474
	604	Series 2006-43, Class VB, 6.500%, 10/25/17		626
	222	Series 2006-44, Class P, PO, 12/25/33		207
	969	Series 2006-56, Class FC, VAR, 0.547%, 07/25/36		971
	456	Series 2006-59, Class QO, PO, 01/25/33		420
	186	Series 2006-65, Class QO, PO, 07/25/36		164
	277	Series 2006-72, Class GO, PO, 08/25/36		241
	484	Series 2006-77, Class PC, 6.500%, 08/25/36		551
	221	Series 2006-79, Class DO, PO, 08/25/36		195
	481	Series 2006-110, Class PO, PO, 11/25/36		436
	1,000	Series 2006-124, Class HB, VAR, 5.961%, 11/25/36		1,092
	384	Series 2007-14, Class ES, IF, IO, 6.183%, 03/25/37		58
	235	Series 2007-79, Class SB, HB, IF, 23.074%, 08/25/37		329
	500	Series 2007-81, Class GE, 6.000%, 08/25/37		584
	1,297	Series 2007-84, Class PD, 6.000%, 08/25/32		1,325
	416	Series 2007-88, Class VI, IF, IO, 6.283%, 09/25/37		70
	1,070	Series 2007-91, Class ES, IF, IO, 6.203%, 10/25/37		171
	32	Series 2007-97, Class MS, IF, 14.195%, 12/25/31		33
	274	Series 2007-106, Class A7, VAR, 5.963%, 10/25/37		292
	247	Series 2007-116, Class HI, IO, VAR, 6.301%, 01/25/38		17
	188	Series 2008-10, Class XI, IF, IO, 5.973%, 03/25/38		25
	237	Series 2008-16, Class IS, IF, IO, 5.943%, 03/25/38		32
	242	Series 2008-28, Class QS, IF, 19.928%, 04/25/38		320
	265	Series 2008-46, Class HI, IO, VAR, 6.605%, 06/25/38		19
	85	Series 2008-66, Class GD, 6.000%, 06/25/30		88
	285	Series 2009-69, Class PO, PO, 09/25/39		253
	758	Series 2009-71, Class BC, 4.500%, 09/25/24		859
	439	Series 2009-103, Class MB, VAR, 4.000%, 12/25/39		467
	856	Series 2010-71, Class HJ, 5.500%, 07/25/40		947
	1,362	Series 2010-133, Class A, 5.500%, 05/25/38		1,450
	981	Series 2011-118, Class MT, 7.000%, 11/25/41		1,147
	977	Series 2011-118, Class NT, 7.000%, 11/25/41		1,138
	4	Series G-14, Class L, 8.500%, 06/25/21		5
	20	Series G-18, Class Z, 8.750%, 06/25/21		24
	5	Series G-22, Class G, 6.000%, 12/25/16		5
	16	Series G-35, Class M, 8.750%, 10/25/21		18
	61	Series G92-35, Class E, 7.500%, 07/25/22		68

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	4	Series G92-42, Class Z, 7.000%, 07/25/22		4
	68	Series G92-44, Class ZQ, 8.000%, 07/25/22		78
	66	Series G92-54, Class ZQ, 7.500%, 09/25/22		74
	14	Series G93-5, Class Z, 6.500%, 02/25/23		16
	18	Series G95-1, Class C, 8.800%, 01/25/25		21
		Federal National Mortgage Association STRIPS,
	1	Series 50, Class 2, IO, 10.500%, 03/01/19		—	(h)
	4	Series 218, Class 2, IO, 7.500%, 04/01/23		1
	196	Series 300, Class 1, PO, 09/01/24		182
	46	Series 329, Class 1, PO, 01/01/33		42
		Federal National Mortgage Association Whole Loan,
	215	Series 2003-W1, Class 1A1, VAR, 6.301%, 12/25/42		245
	61	Series 2003-W4, Class 2A, VAR, 6.500%, 10/25/42		68
	149	Series 2004-W2, Class 2A2, 7.000%, 02/25/44		176
	455	Series 2005-W3, Class 2AF, VAR, 0.477%, 03/25/45		456
	118	Series 2007-W7, Class 1A4, HB, IF, 37.637%, 07/25/37		214
		Government National Mortgage Association,
	54	Series 1994-3, Class PQ, 7.488%, 07/16/24		65
	176	Series 1994-4, Class KQ, 7.988%, 07/16/24		202
	334	Series 1994-7, Class PQ, 6.500%, 10/16/24		391
	81	Series 1995-3, Class DQ, 8.050%, 06/16/25		93
	20	Series 1995-7, Class CQ, 7.500%, 09/16/25		22
	155	Series 1996-16, Class E, 7.500%, 08/16/26		177
	31	Series 1998-26, Class K, 7.500%, 09/17/25		35
	452	Series 1999-10, Class ZC, 6.500%, 04/20/29		521
	52	Series 1999-30, Class S, IF, IO, 8.350%, 08/16/29		10
	50	Series 1999-41, Class Z, 8.000%, 11/16/29		57
	42	Series 1999-44, Class PC, 7.500%, 12/20/29		48
	94	Series 2000-6, Class Z, 7.500%, 02/20/30		109
	17	Series 2000-9, Class Z, 8.000%, 06/20/30		20
	393	Series 2000-9, Class ZJ, 8.500%, 02/16/30		493
	151	Series 2000-14, Class PD, 7.000%, 02/16/30		178
	44	Series 2000-16, Class ZN, 7.500%, 02/16/30		46
	233	Series 2000-37, Class B, 8.000%, 12/20/30		269
	126	Series 2001-7, Class PK, 6.500%, 03/20/31		136
	8	Series 2001-32, Class WA, IF, 19.488%, 07/20/31		11
	275	Series 2001-64, Class MQ, 6.500%, 12/20/31		293
	46	Series 2002-7, Class PG, 6.500%, 01/20/32		53
	66	Series 2002-31, Class S, IF, IO, 8.450%, 01/16/31		20
	179	Series 2002-40, Class UK, 6.500%, 06/20/32		207
	175	Series 2002-47, Class PG, 6.500%, 07/16/32		204
	226	Series 2002-47, Class PY, 6.000%, 07/20/32		252
	215	Series 2002-47, Class ZA, 6.500%, 07/20/32		245
	17	Series 2002-51, Class SG, HB, IF, 31.396%, 04/20/31		32
	100	Series 2002-54, Class GB, 6.500%, 08/20/32		113
	69	Series 2003-4, Class NI, IO, 5.500%, 01/20/32		4
	95	Series 2003-4, Class NY, 5.500%, 12/20/13		99
	37	Series 2003-24, Class PO, PO, 03/16/33		32
	304	Series 2003-40, Class TJ, 6.500%, 03/20/33		370
	177	Series 2003-52, Class AP, PO, 06/16/33		155
	38	Series 2004-28, Class S, IF, 18.974%, 04/16/34		51
	63	Series 2004-68, Class PO, PO, 05/20/31		62
	145	Series 2004-71, Class SB, HB, IF, 28.213%, 09/20/34		213
	75	Series 2004-73, Class AE, IF, 14.336%, 08/17/34		91
	709	Series 2004-90, Class SI, IF, IO, 5.845%, 10/20/34		105
	211	Series 2005-68, Class DP, IF, 15.827%, 06/17/35		256
	1,527	Series 2005-68, Class KI, IF, IO, 6.045%, 09/20/35		227

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	169	Series 2006-59, Class SD, IF, IO, 6.445%, 10/20/36		26
	573	Series 2007-17, Class JI, IF, IO, 6.560%, 04/16/37		88
	695	Series 2007-27, Class SA, IF, IO, 5.945%, 05/20/37		100
	1,132	Series 2007-40, Class SB, IF, IO, 6.495%, 07/20/37		169
	715	Series 2007-45, Class QA, IF, IO, 6.385%, 07/20/37		108
	268	Series 2007-49, Class NO, PO, 12/20/35		262
	864	Series 2007-50, Class AI, IF, IO, 6.520%, 08/20/37		134
	170	Series 2007-53, Class ES, IF, IO, 6.295%, 09/20/37		26
	217	Series 2007-53, Class SW, IF, 19.441%, 09/20/37		285
	426	Series 2007-57, Class QA, IF, IO, 6.245%, 10/20/37		61
	296	Series 2007-71, Class SB, IF, IO, 6.445%, 07/20/36		36
	415	Series 2007-72, Class US, IF, IO, 6.295%, 11/20/37		60
	415	Series 2007-76, Class SA, IF, IO, 6.275%, 11/20/37		60
	110	Series 2008-25, Class SB, IF, IO, 6.645%, 03/20/38		18
	244	Series 2008-33, Class XS, IF, IO, 7.450%, 04/16/38		41
	475	Series 2008-40, Class SA, IF, IO, 6.150%, 05/16/38		83
	500	Series 2008-50, Class KB, 6.000%, 06/20/38		582
	594	Series 2008-55, Class SA, IF, IO, 5.945%, 06/20/38		86
	507	Series 2008-93, Class AS, IF, IO, 5.445%, 12/20/38		63
	236	Series 2009-6, Class SA, IF, IO, 5.850%, 02/16/39		33
	239	Series 2009-14, Class NI, IO, 6.500%, 03/20/39		44
	900	Series 2009-22, Class SA, IF, IO, 6.015%, 04/20/39		124
	911	Series 2009-31, Class ST, IF, IO, 6.095%, 03/20/39		118
	911	Series 2009-31, Class TS, IF, IO, 6.045%, 03/20/39		120
	566	Series 2009-79, Class OK, PO, 11/16/37		502
	1,176	Series 2009-106, Class ST, IF, IO, 5.745%, 02/20/38		175
	348	Series 2010-14, Class AO, PO, 12/20/32		327
	405	Series 2010-130, Class CP, 7.000%, 10/16/40		473
	993	Series 2011-137, Class WA, VAR, 5.542%, 07/20/40		1,106
		NCUA Guaranteed Notes,
	779	Series 2010-C1, Class APT, 2.650%, 10/29/20		809
	211	Series 2010-R3, Class 3A, 2.400%, 12/08/20		216
		Vendee Mortgage Trust,
	843	Series 1993-1, Class ZB, 7.250%, 02/15/23		975
	345	Series 1994-1, Class 1, VAR, 5.628%, 02/15/24		381
	492	Series 1996-1, Class 1Z, 6.750%, 02/15/26		575
	169	Series 1996-2, Class 1Z, 6.750%, 06/15/26		197
	663	Series 1997-1, Class 2Z, 7.500%, 02/15/27		784
	166	Series 1998-1, Class 2E, 7.000%, 03/15/28		194
				87,130
		Non-Agency CMO — 5.7%
		American General Mortgage Loan Trust,
	350	Series 2009-1, Class A4, VAR, 5.750%, 09/25/48 (e)		351
	200	Series 2009-1, Class A5, VAR, 5.750%, 09/25/48 (e)		202
	400	Series 2009-1, Class A7, VAR, 5.750%, 09/25/48 (e)		405
		ASG Resecuritization Trust,
	244	Series 2009-1, Class A60, VAR, 5.075%, 06/26/37 (e)		244
	255	Series 2009-2, Class A55, VAR, 5.277%, 05/24/36 (e)		252
	556	Series 2009-3, Class A65, VAR, 5.132%, 03/26/37 (e)		548
		Banc of America Alternative Loan Trust,
	211	Series 2003-7, Class 2A4, 5.000%, 09/25/18		215
	153	Series 2003-9, Class 1CB2, 5.500%, 11/25/33		157
	59	Series 2003-11, Class PO, PO, 01/25/34		39
		Banc of America Funding Corp.,
	67	Series 2004-1, Class PO, PO, 03/25/34		54
	29	Series 2004-3, Class 1A7, 5.500%, 10/25/34		29
		Banc of America Mortgage Securities, Inc.,
	40	Series 2003-8, Class APO, PO, 11/25/33		31
	85	Series 2004-1, Class APO, PO, 02/25/34		68

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
	200	Series 2004-3, Class 1A26, 5.500%, 04/25/34		204
	65	Series 2004-6, Class APO, PO, 07/25/34		50
		BCAP LLC Trust,
	578	Series 2010-RR7, Class 2A1, VAR, 5.134%, 07/26/45 (e)		543
	492	Series 2011-RR10, Class 2A1, 09/26/37 (e)		417
	203	Series 2011-RR5, Class 14A3, VAR, 2.823%, 07/26/36 (e) (f) (i)		192
	193	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-5, Class A1, VAR, 2.220%, 08/25/35		177
		Citigroup Mortgage Loan Trust, Inc.,
	35	Series 2003-UP3, Class A3, 7.000%, 09/25/33		35
	135	Series 2003-UST1, Class A1, 5.500%, 12/25/18		142
	20	Series 2003-UST1, Class PO1, PO, 12/25/18		17
	18	Series 2003-UST1, Class PO3, PO, 12/25/18		16
	263	Series 2008-AR4, Class 1A1A, VAR, 5.174%, 11/25/38 (e)		263
		Countrywide Alternative Loan Trust,
	317	Series 2002-8, Class A4, 6.500%, 07/25/32		332
	1,567	Series 2004-2CB, Class 1A9, 5.750%, 03/25/34		1,489
	248	Series 2004-18CB, Class 2A4, 5.700%, 09/25/34		254
	25	Series 2005-26CB, Class A10, IF, 12.584%, 07/25/35		25
	500	Series 2005-54CB, Class 1A11, 5.500%, 11/25/35		386
		Countrywide Home Loan Mortgage Pass-Through Trust,
	307	Series 2003-26, Class 1A6, 3.500%, 08/25/33		304
	57	Series 2003-J13, Class PO, PO, 01/25/34		44
	91	Series 2003-J7, Class 4A3, IF, 9.441%, 08/25/18		88
	155	Series 2004-5, Class 1A4, 5.500%, 06/25/34		160
	48	Series 2004-HYB3, Class 2A, VAR, 2.553%, 06/20/34		36
	476	Series 2005-22, Class 2A1, VAR, 2.740%, 11/25/35		309
	241	Series 2005-R1, Class 2APO, PO, 03/25/35 (e)		167
		Credit Suisse Mortgage Capital Certificates,
	84	Series 2010-15R, Class 7A1, VAR, 5.171%, 10/26/37 (e)		84
	1,366	Series 2011-7R, Class A1, VAR, 1.509%, 08/28/47 (e)		1,359
	457	Series 2011-9R, Class A1, VAR, 2.259%, 03/27/46 (e)		450
	164	CS First Boston Mortgage Securities Corp., Series 2003-23, Class 2A5, 5.000%, 10/25/18		169
	354	Deutsche ALT-A Securities, Inc. Alternate Loan Trust, Series 2005- 3, Class 1A1, VAR, 5.296%, 06/25/20		340
	56	Deutsche Mortgage Securities, Inc., Series 2004-1, Class 2APO, PO, 10/25/18		51
		First Horizon Asset Securities, Inc.,
	73	Series 2004-AR7, Class 2A1, VAR, 2.699%, 02/25/35		69
	202	Series 2004-AR7, Class 2A2, VAR, 2.699%, 02/25/35		170
	240	Series 2005-AR1, Class 2A2, VAR, 2.750%, 04/25/35		214
	500	GSR Mortgage Loan Trust, Series 2006-1F, Class 1A3, 5.500%, 02/25/36		434
	61	Impac Secured Assets CMN Owner Trust, Series 2002-2, Class APO, PO, 04/25/33		45
	397	Indymac Index Mortgage Loan Trust, Series 2005-AR11, Class A7, IO, VAR, 0.183%, 08/25/35		2
		JP Morgan Mortgage Trust,
	138	Series 2006-A2, Class 4A1, VAR, 2.747%, 08/25/34		127
	458	Series 2006-A2, Class 5A3, VAR, 2.648%, 11/25/33		420
		MASTR Adjustable Rate Mortgages Trust,
	59	Series 2004-3, Class 4A2, VAR, 2.249%, 04/25/34		52
	431	Series 2004-13, Class 2A1, VAR, 2.669%, 04/21/34		412
	120	Series 2004-13, Class 3A6, VAR, 2.718%, 11/21/34		117
		MASTR Alternative Loans Trust,
	347	Series 2003-9, Class 8A1, 6.000%, 01/25/34		347
	918	Series 2004-4, Class 10A1, 5.000%, 05/25/24		949
	46	Series 2004-7, Class 30PO, PO, 08/25/34		30
	80	Series 2004-10, Class 1A1, 4.500%, 09/25/19		81
	330	Series 2005-6, Class 3A1, 5.500%, 11/25/20		309

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)			SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
			Non-Agency CMO — Continued
			MASTR Asset Securitization Trust,
	212		Series 2003-2, Class 1A1, 5.000%, 03/25/18		217
	35		Series 2004-8, Class PO, PO, 08/25/19		31
	227		MASTR Resecuritization Trust, Series 2005-PO, Class 3PO, PO, 05/28/35 (e)		168
	67		MortgageIT Trust, Series 2005-1, Class 1A1, VAR, 0.577%, 02/25/35		51
			Nomura Asset Acceptance Corp.,
	92		Series 2003-A1, Class A1, 5.500%, 05/25/33		96
	34		Series 2003-A1, Class A2, 6.000%, 05/25/33		34
	13		Series 2003-A1, Class A5, 7.000%, 04/25/33		14
	91		Series 2004-R2, Class A1, VAR, 6.500%, 10/25/34 (e)		92
	–	(h)	Paine Webber CMO Trust, Series H, Class 4, 8.750%, 04/01/18		—	(h)
			Residential Accredit Loans, Inc.,
	75		Series 2002-QS16, Class A3, IF, 16.085%, 10/25/17		84
	390		Series 2002-QS8, Class A5, 6.250%, 06/25/17		398
	102		Series 2003-QS3, Class A2, IF, 15.934%, 02/25/18		114
	414		Series 2003-QS9, Class A3, IF, IO, 7.293%, 05/25/18		57
	370		Series 2004-QS3, Class CB, 5.000%, 03/25/19		374
	34		Series 2004-QS8, Class A2, 5.000%, 06/25/34		35
	45		Residential Asset Securitization Trust, Series 2003-A14, Class A1, 4.750%, 02/25/19		45
			Salomon Brothers Mortgage Securities VII, Inc.,
	140		Series 2003-HYB1, Class A, VAR, 2.736%, 09/25/33		129
	21		Series 2003-UP2, Class PO1, PO, 12/25/18		18
	300		Springleaf Mortgage Loan Trust, Series 2011-1A, Class A1, VAR, 4.050%, 01/25/58 (e)		299
			Structured Asset Securities Corp.,
	203		Series 2003-33H, Class 1A1, 5.500%, 10/25/33		205
	191		Series 2005-6, Class 4A1, 5.000%, 05/25/35		188
	229		Vericrest Opportunity Loan Transferee, Series 2011-NL3A, Class A1, VAR, 5.194%, 09/25/51 (e)		229
			WaMu Mortgage Pass-Through Certificates,
	141		Series 2002-S8, Class 2A7, 5.250%, 01/25/18		144
	242		Series 2003-AR5, Class A7, VAR, 2.581%, 06/25/33		231
	4		Series 2003-S10, Class A6, PO, 10/25/18		4
	41		Series 2003-S11, Class 2A5, IF, 16.343%, 11/25/33		44
	135		Series 2004-AR3, Class A2, VAR, 2.570%, 06/25/34		131
	370		Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2005-4, Class CB7, 5.500%, 06/25/35		298
			Washington Mutual MSC Mortgage Pass-Through Certificates,
	100		Series 2003-MS2, Class 1A1, 5.750%, 02/25/33		105
	24		Series 2003-MS7, Class P, PO, 03/25/33		20
			Wells Fargo Mortgage-Backed Securities Trust,
	43		Series 2003-11, Class 1APO, PO, 10/25/18		38
	202		Series 2003-13, Class A7, 4.500%, 11/25/18		205
	178		Series 2003-15, Class 1A1, 4.750%, 12/25/18		184
	165		Series 2003-K, Class 1A1, VAR, 4.432%, 11/25/33		167
	71		Series 2004-7, Class 2A2, 5.000%, 07/25/19		73
	198		Series 2004-BB, Class A4, VAR, 2.706%, 01/25/35		189
	174		Series 2004-EE, Class 3A1, VAR, 2.737%, 12/25/34		167
	260		Series 2004-P, Class 2A1, VAR, 2.677%, 09/25/34		247
					19,601
			Total Collateralized Mortgage Obligations (Cost $102,072)		106,731
	Commercial Mortgage-Backed Securities — 1.4%
			Banc of America Merrill Lynch Commercial Mortgage, Inc.,
	150		Series 2005-3, Class AM, 4.727%, 07/10/43		151
	416		Series 2005-6, Class ASB, VAR, 5.367%, 09/10/47		436
	50		Series 2006-1, Class A4, VAR, 5.372%, 09/10/45		55
	300		Series 2006-4, Class A4, 5.634%, 07/10/46		329

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Commercial Mortgage-Backed Securities — Continued
		Bear Stearns Commercial Mortgage Securities,
	205	Series 2005-PWR9, Class AAB, 4.804%, 09/11/42		214
	360	Series 2006-PW11, Class A4, VAR, 5.620%, 03/11/39		396
	1	Citigroup Commercial Mortgage Trust, Series 2006-C4, Class A1, VAR, 5.922%, 03/15/49		1
	19,144	Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class XC, IO, VAR, 0.242%, 12/11/49 (e)		170
	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		55
	349	Merrill Lynch Mortgage Trust, Series 2005-MCP1, Class ASB, VAR, 4.674%, 06/12/43		362
		Morgan Stanley Reremic Trust,
	500	Series 2010-C30A, Class A3A, 3.250%, 12/17/43 (e)		500
	400	Series 2010-HQ4B, Class A7A, 4.970%, 04/16/40 (e)		417
	247	Series 2011-IO, Class A, 2.500%, 03/23/51 (e)		246
	1,000	TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class A3, VAR, 5.739%, 08/15/39		1,075
		Total Commercial Mortgage- Backed Securities (Cost $4,451)		4,729
	Corporate Bonds — 17.7%
		Consumer Discretionary — 1.1%
		Auto Components — 0.0% (g)
	99	Johnson Controls, Inc., 3.750%, 12/01/21		99
		Automobiles — 0.1%
		Daimler Finance North America LLC,
	150	2.625%, 09/15/16 (e)		148
	100	7.300%, 01/15/12		101
				249
		Hotels, Restaurants & Leisure — 0.0% (g)
	150	McDonald’s Corp., 4.300%, 03/01/13		157
		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		28
	135	8.875%, 05/15/19		172
	200	Comcast Cable Communications Holdings, Inc., 8.375%, 03/15/13		219
	100	Comcast Corp., 5.900%, 03/15/16		114
	50	Cox Communications, Inc., 5.450%, 12/15/14		55
		DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.,
	150	4.600%, 02/15/21		151
	353	5.000%, 03/01/21		366
	78	Discovery Communications LLC, 4.375%, 06/15/21		80
		News America, Inc.,
	100	7.250%, 05/18/18		120
	100	7.700%, 10/30/25		120
		Thomson Reuters Corp., (Canada),
	105	3.950%, 09/30/21		107
	60	4.700%, 10/15/19		65
		Time Warner Cable, Inc.,
	100	5.850%, 05/01/17		113
	50	6.750%, 07/01/18		58
	100	8.250%, 02/14/14		113
	150	8.250%, 04/01/19		186
	35	8.750%, 02/14/19		44
	223	Time Warner Entertainment Co. LP, 10.150%, 05/01/12		231
				2,342
		Multiline Retail — 0.2%
		Kohl’s Corp.,
	40	4.000%, 11/01/21		41
	40	6.250%, 12/15/17		47
	35	Nordstrom, Inc., 4.000%, 10/15/21		36
	400	Target Corp., 6.000%, 01/15/18		483
				607
		Specialty Retail — 0.1%
	59	Gap, Inc. (The), 5.950%, 04/12/21		56
	130	Home Depot, Inc., 5.400%, 03/01/16		149
	77	Lowe’s Cos., Inc., 3.800%, 11/15/21		77
	95	Staples, Inc., 9.750%, 01/15/14		108
				390
		Total Consumer Discretionary		3,895
		Consumer Staples — 0.7%
		Beverages — 0.3%
	75	Anheuser-Busch Cos. LLC, 5.500%, 01/15/18		87
	200	Anheuser-Busch InBev Worldwide, Inc., 7.750%, 01/15/19		257
		Coca-Cola Co. (The),
	100	3.625%, 03/15/14		106
	50	4.875%, 03/15/19		58
	70	Diageo Capital plc, (United Kingdom), 4.828%, 07/15/20		77
		Diageo Finance B.V., (Netherlands),
	30	5.300%, 10/28/15		34

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Beverages — Continued
	100	5.500%, 04/01/13		106
	85	FBG Finance Ltd., (Australia), 5.125%, 06/15/15 (e)		93
		PepsiCo, Inc.,
	33	0.800%, 08/25/14		33
	31	3.000%, 08/25/21		31
	6	7.900%, 11/01/18		8
	30	SABMiller plc, (United Kingdom), 6.500%, 07/01/16 (e)		35
				925
		Food & Staples Retailing — 0.0% (g)
		Kroger Co. (The),
	30	6.150%, 01/15/20		36
	50	7.500%, 01/15/14		56
				92
		Food Products — 0.4%
		Bunge Ltd. Finance Corp.,
	50	5.875%, 05/15/13		52
	135	8.500%, 06/15/19		162
	14	Bunge N.A. Finance LP, 5.900%, 04/01/17		15
	106	Cargill, Inc., 4.307%, 05/14/21 (e)		113
		Kellogg Co.,
	100	4.250%, 03/06/13		104
	200	5.125%, 12/03/12		209
		Kraft Foods, Inc.,
	100	5.375%, 02/10/20		111
	450	6.125%, 02/01/18		520
				1,286
		Household Products — 0.0% (g)
	78	Procter & Gamble - ESOP, 9.360%, 01/01/21		104
		Total Consumer Staples		2,407
		Energy — 0.7%
		Energy Equipment & Services — 0.0% (g)
	47	Schlumberger Investment S.A., (Luxembourg), 3.300%, 09/14/21 (e)		48
		Transocean, Inc., (Cayman Islands),
	35	6.375%, 12/15/21		35
	100	6.500%, 11/15/20		99
				182
		Oil, Gas & Consumable Fuels — 0.7%
	25	Apache Corp., 6.900%, 09/15/18		31
	150	Canadian Natural Resources Ltd., (Canada), 5.900%, 02/01/18		175
	150	ConocoPhillips, 5.750%, 02/01/19		178
	80	Encana Corp., (Canada), 6.500%, 05/15/19		95
	200	ENI S.p.A., (Italy), 4.150%, 10/01/20 (e)		194
	100	EOG Resources, Inc., 4.100%, 02/01/21		107
		Marathon Oil Corp.,
	228	5.900%, 03/15/18		264
	175	6.000%, 10/01/17		203
	35	Occidental Petroleum Corp., 1.750%, 02/15/17		35
	40	PC Financial Partnership, 5.000%, 11/15/14		43
	97	Petro-Canada, (Canada), 6.050%, 05/15/18		114
		Shell International Finance B.V., (Netherlands),
	55	1.875%, 03/25/13		56
	184	3.100%, 06/28/15		196
	55	4.000%, 03/21/14		59
	195	4.375%, 03/25/20		222
		Statoil ASA, (Norway),
	67	3.125%, 08/17/17		70
	83	3.150%, 01/23/22		83
	50	Talisman Energy, Inc., (Canada), 7.750%, 06/01/19		61
	175	Total Capital S.A., (France), 2.300%, 03/15/16		179
				2,365
		Total Energy		2,547
		Financials — 10.2%
		Capital Markets — 2.6%
		Bank of New York Mellon Corp. (The),
	250	2.950%, 06/18/15		259
	75	3.100%, 01/15/15		78
	75	4.600%, 01/15/20		80
		BlackRock, Inc.,
	325	3.500%, 12/10/14		347
	326	5.000%, 12/10/19		350
	100	Blackstone Holdings Finance Co. LLC, 5.875%, 03/15/21 (e)		96
	40	Charles Schwab Corp. (The), 4.950%, 06/01/14		43
		Goldman Sachs Group, Inc. (The),
	255	3.625%, 02/07/16		240
	66	3.700%, 08/01/15		64
	300	5.500%, 11/15/14		309
	1,100	5.950%, 01/18/18		1,093
	250	7.500%, 02/15/19		267
		Jefferies Group, Inc.,
	111	3.875%, 11/09/15		94
	150	5.125%, 04/13/18		126
	125	8.500%, 07/15/19		116
		Lehman Brothers Holdings, Inc.,
	300	4.800%, 03/13/14 (d) (f) (i)		78
	350	6.000%, 07/19/12 (d) (f) (i)		90
	455	6.625%, 01/18/12 (d) (f) (i)		117
	75	6.750%, 12/28/17 (d) (f) (i)		—	(h)
	100	Macquarie Group Ltd., (Australia), 7.300%, 08/01/14 (e)		105
		Merrill Lynch & Co., Inc.,
	200	5.000%, 01/15/15		191
	157	5.450%, 07/15/14		155

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Capital Markets — Continued
	50	6.150%, 04/25/13		50
	814	6.400%, 08/28/17		780
	266	6.875%, 04/25/18		252
		Morgan Stanley,
	104	4.000%, 07/24/15		95
	195	4.200%, 11/20/14		185
	147	4.750%, 04/01/14		141
	800	5.300%, 03/01/13		799
	166	5.500%, 07/24/20		143
	450	5.625%, 09/23/19		393
	175	5.750%, 08/31/12		178
	100	5.750%, 01/25/21		89
	250	6.000%, 05/13/14		249
	100	6.625%, 04/01/18		94
		Nomura Holdings, Inc., (Japan),
	85	4.125%, 01/19/16		82
	178	6.700%, 03/04/20		185
	45	Northern Trust Corp., 5.500%, 08/15/13		49
		UBS AG, (Switzerland),
	500	3.875%, 01/15/15		497
	100	5.750%, 04/25/18		102
	100	5.875%, 12/20/17		104
				8,765
		Commercial Banks — 3.2%
	100	ANZ National (International) Ltd., (New Zealand), 2.375%, 12/21/12 (e)		101
	250	Australia & New Zealand Banking Group Ltd., (Australia), 2.400%, 11/23/16 (e)		246
	250	Bank of Montreal, (Canada), 1.300%, 10/31/14 (e)		250
		Bank of Nova Scotia, (Canada),
	121	1.650%, 10/29/15 (e)		120
	123	3.400%, 01/22/15		129
	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		407
	200	2.500%, 09/21/15 (e)		196
	100	3.900%, 04/07/15		100
	200	5.200%, 07/10/14		207
	250	6.050%, 12/04/17 (e)		222
		BB&T Corp.,
	150	3.850%, 07/27/12		153
	125	3.950%, 04/29/16		133
	100	4.900%, 06/30/17		106
	150	5.700%, 04/30/14		164
	152	Branch Banking & Trust Co., 4.875%, 01/15/13		155
	1,000	Canadian Imperial Bank of Commerce, (Canada), 2.600%, 07/02/15 (e)		1,032
	55	Comerica, Inc., 3.000%, 09/16/15		56
		Credit Suisse, (Switzerland),
	100	5.400%, 01/14/20		91
	350	6.000%, 02/15/18		339
	350	Fifth Third Bancorp, 5.450%, 01/15/17		367
	300	HSBC Holdings plc, (United Kingdom), 4.875%, 01/14/22		302
	100	KeyCorp, 6.500%, 05/14/13		106
	300	Manufacturers & Traders Trust Co., 6.625%, 12/04/17		344
		National Australia Bank Ltd., (Australia),
	200	2.500%, 01/08/13 (e)		202
	300	2.750%, 09/28/15 (e)		300
	100	3.750%, 03/02/15 (e)		103
	100	Nordea Bank AB, (Sweden), 1.750%, 10/04/13 (e)		99
		PNC Funding Corp.,
	133	4.375%, 08/11/20		141
	265	5.125%, 02/08/20		293
	110	5.250%, 11/15/15		119
	115	5.625%, 02/01/17		125
	250	Rabobank Nederland N.V., (Netherlands), 3.200%, 03/11/15 (e)		257
	170	SunTrust Banks, Inc., 5.250%, 11/05/12		175
	235	Toronto-Dominion Bank (The), (Canada), 2.200%, 07/29/15 (e)		240
		U.S. Bancorp,
	150	2.450%, 07/27/15		153
	208	2.875%, 11/20/14		217
	250	Wachovia Bank N.A., 6.000%, 11/15/17		278
		Wachovia Corp.,
	235	4.875%, 02/15/14		246
	850	5.750%, 02/01/18		951
		Wells Fargo & Co.,
	500	3.676%, 06/15/16		523
	415	5.625%, 12/11/17		466
	315	Wells Fargo Bank N.A., 4.750%, 02/09/15		332
	285	Westpac Banking Corp., (Australia), 4.875%, 11/19/19		296
				10,986
		Consumer Finance — 0.6%
		American Express Credit Corp.,
	139	2.800%, 09/19/16		137
	200	7.300%, 08/20/13		216
	250	Capital One Bank USA N.A., 8.800%, 07/15/19		291
		Capital One Financial Corp.,
	100	6.750%, 09/15/17		111
	245	7.375%, 05/23/14		268
		HSBC Finance Corp.,
	200	5.250%, 01/15/14		207
	202	6.375%, 11/27/12		208

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Consumer Finance — Continued
	33	John Deere Capital Corp., 3.150%, 10/15/21		33
	100	SLM Corp., 5.375%, 01/15/13		102
	91	Springleaf Finance Corp., 5.375%, 10/01/12		84
		Toyota Motor Credit Corp.,
	200	2.000%, 09/15/16		199
	154	3.200%, 06/17/15		162
	100	Volkswagen International Finance N.V., (Netherlands), 1.625%, 08/12/13 (e)		100
				2,118
		Diversified Financial Services — 2.1%
	250	Associates Corp. of North America, 6.950%, 11/01/18		269
	300	BA Covered Bond Issuer, 5.500%, 06/14/12 (e)		307
		Bank of America Corp.,
	80	5.625%, 07/01/20		70
	300	5.650%, 05/01/18		264
	170	5.750%, 12/01/17		155
	100	6.500%, 08/01/16		97
	125	7.375%, 05/15/14		126
	425	Bank of America N.A., 5.300%, 03/15/17		373
		BP Capital Markets plc, (United Kingdom),
	100	3.125%, 03/10/12		101
	100	4.742%, 03/11/21		110
	300	5.250%, 11/07/13		322
		Caterpillar Financial Services Corp.,
	100	5.500%, 03/15/16		115
	150	6.200%, 09/30/13		164
	65	7.050%, 10/01/18		82
	100	7.150%, 02/15/19		127
		Citigroup, Inc.,
	43	4.587%, 12/15/15		43
	125	4.750%, 05/19/15		126
	506	5.000%, 09/15/14		506
	54	5.375%, 08/09/20		54
	700	6.000%, 08/15/17		729
	285	6.010%, 01/15/15		295
	300	6.125%, 11/21/17		312
		CME Group, Inc.,
	200	5.400%, 08/01/13		213
	100	5.750%, 02/15/14		109
	190	ConocoPhillips Canada Funding Co. I, (Canada), 5.625%, 10/15/16		221
	27	ERAC USA Finance LLC, 4.500%, 08/16/21 (e)		27
		General Electric Capital Corp.,
	220	4.375%, 09/16/20		218
	500	5.400%, 02/15/17		546
	475	5.625%, 05/01/18		519
	500	5.650%, 06/09/14		539
	100	Textron Financial Corp., 5.400%, 04/28/13		103
				7,242
		Insurance — 1.2%
		ACE INA Holdings, Inc.,
	45	2.600%, 11/23/15		45
	50	5.600%, 05/15/15		56
	25	Aflac, Inc., 8.500%, 05/15/19		30
		American International Group, Inc.,
	385	4.250%, 05/15/13		382
	350	5.450%, 05/18/17		332
	200	5.600%, 10/18/16		192
	45	Aon Corp., 3.500%, 09/30/15		46
	607	ASIF Global Financing XIX, 4.900%, 01/17/13 (e)		616
	150	Berkshire Hathaway Finance Corp., 5.400%, 05/15/18		171
	98	Berkshire Hathaway, Inc., 3.750%, 08/15/21		100
	90	CNA Financial Corp., 5.875%, 08/15/20		90
		Jackson National Life Global Funding,
	80	4.700%, 06/01/18 (e)		85
	405	6.125%, 05/30/12 (e)		414
	100	MassMutual Global Funding II, 2.300%, 09/28/15 (e)		100
		Metropolitan Life Global Funding I,
	175	3.650%, 06/14/18 (e)		175
	222	5.200%, 09/18/13 (e)		236
	50	Monumental Global Funding Ltd., (Cayman Islands), 5.500%, 04/22/13 (e)		53
	150	Pacific Life Global Funding, 5.000%, 05/15/17 (e)		158
	200	Pricoa Global Funding I, 5.450%, 06/11/14 (e)		217
	100	Principal Life Income Funding Trusts, 5.300%, 04/24/13		105
	150	Prudential Insurance Co. of America (The), 8.300%, 07/01/25 (e)		186
	200	Travelers Life & Annunity Global Funding I, 5.125%, 08/15/14 (e)		217
	50	Travelers Property Casualty Corp., 5.000%, 03/15/13		52
				4,058
		Real Estate Investment Trusts (REITs) — 0.3%
		CommonWealth REIT,
	125	5.875%, 09/15/20		123
	150	6.650%, 01/15/18		160
	92	HCP, Inc., 5.375%, 02/01/21		95
		Simon Property Group LP,
	81	4.125%, 12/01/21		81
	17	4.200%, 02/01/15		18

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Real Estate Investment Trusts (REITs) — Continued
	40	4.375%, 03/01/21		41
	100	5.625%, 08/15/14		109
	50	5.650%, 02/01/20		56
	40	6.100%, 05/01/16		45
	50	6.125%, 05/30/18		57
	159	WEA Finance LLC/WT Finance Ltd., 6.750%, 09/02/19 (e)		174
				959
		Thrifts & Mortgage Finance — 0.2%
	25	Countrywide Financial Corp., 6.250%, 05/15/16		23
	523	Stadshypotek AB, (Sweden), 1.450%, 09/30/13 (e)		520
				543
		Total Financials		34,671
		Health Care — 0.4%
		Biotechnology — 0.1%
		Amgen, Inc.,
	400	3.875%, 11/15/21		394
	44	4.500%, 03/15/20		46
	40	5.700%, 02/01/19		44
				484
		Health Care Equipment & Supplies — 0.1%
		Baxter International, Inc.,
	50	4.000%, 03/01/14		53
	50	4.625%, 03/15/15		55
	40	Becton Dickinson and Co., 5.000%, 05/15/19		46
				154
		Health Care Providers & Services — 0.1%
	50	Medco Health Solutions, Inc., 2.750%, 09/15/15		50
	112	UnitedHealth Group, Inc., 3.375%, 11/15/21		111
		WellPoint, Inc.,
	27	5.875%, 06/15/17		31
	18	7.000%, 02/15/19		21
				213
		Pharmaceuticals — 0.1%
	100	AstraZeneca plc, (United Kingdom), 5.400%, 06/01/14		111
	150	GlaxoSmithKline Capital, Inc., 5.650%, 05/15/18		178
	75	Merck & Co., Inc., 6.000%, 09/15/17		92
				381
		Total Health Care		1,232
		Industrials — 1.0%
		Aerospace & Defense — 0.1%
	100	Honeywell International, Inc., 5.300%, 03/01/18		116
	47	Lockheed Martin Corp., 2.125%, 09/15/16		47
	50	United Technologies Corp., 6.125%, 02/01/19		61
				224
		Airlines — 0.1%
	87	American Airlines, 2011-2 Class A Pass-Through Trust, 8.625%, 10/15/21		84
	39	Continental Airlines, 1999-2 Class C-2 Pass-Through Trust, 7.256%, 03/15/20		40
	76	Delta Air Lines, 2010-2 Class A Pass-Through Trust, 4.950%, 05/23/19		76
				200
		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		107
		Pitney Bowes, Inc.,
	125	4.875%, 08/15/14		132
	100	5.000%, 03/15/15		106
	50	5.600%, 03/15/18		53
	60	Waste Management, Inc., 7.375%, 03/11/19		75
				473
		Construction & Engineering — 0.0% (g)
	70	Fluor Corp., 3.375%, 09/15/21		70
		Industrial Conglomerates — 0.1%
	100	Siemens Financieringsmaatschappij N.V., (Netherlands), 5.750%, 10/17/16 (e)		115
	50	Tyco International Finance S.A., (Luxembourg), 8.500%, 01/15/19		65
				180
		Machinery — 0.0% (g)
	50	Eaton Corp., 5.600%, 05/15/18		59
	25	PACCAR, Inc., 6.375%, 02/15/12		25
	25	Parker Hannifin Corp., 5.500%, 05/15/18		29
				113
		Road & Rail — 0.6%
		Burlington Northern Santa Fe LLC,
	32	3.450%, 09/15/21		32
	19	3.600%, 09/01/20		20
	100	5.650%, 05/01/17		115
	100	7.000%, 02/01/14		112
		CSX Corp.,
	30	6.250%, 04/01/15		35
	30	7.375%, 02/01/19		37
	50	7.900%, 05/01/17		62
	655	Federal Express Corp. 1998 Pass Through Trust, 6.720%, 01/15/22		774
		Norfolk Southern Corp.,
	138	3.250%, 12/01/21		137
	50	7.700%, 05/15/17		63

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Road & Rail — Continued
	55	Ryder System, Inc., 3.600%, 03/01/16		57
		Union Pacific Corp.,
	233	4.163%, 07/15/22		248
	100	4.875%, 01/15/15		110
	82	5.650%, 05/01/17		95
	115	United Parcel Service of America, Inc., 8.375%, 04/01/20		158
				2,055
		Total Industrials		3,359
		Information Technology — 0.7%
		Computers & Peripherals — 0.4%
	256	Dell, Inc., 3.100%, 04/01/16		269
		Hewlett-Packard Co.,
	195	4.375%, 09/15/21		199
	325	5.400%, 03/01/17		369
	200	6.125%, 03/01/14		220
		International Business Machines Corp.,
	150	5.700%, 09/14/17		180
	200	7.625%, 10/15/18		262
				1,499
		Electronic Equipment, Instruments &
		Components — 0.1%
		Arrow Electronics, Inc.,
	25	3.375%, 11/01/15		25
	150	6.875%, 07/01/13		162
				187
		Office Electronics — 0.0% (g)
		Xerox Corp.,
	50	5.625%, 12/15/19		54
	40	6.750%, 02/01/17		46
				100
		Semiconductors & Semiconductor Equipment — 0.0% (g)
	30	National Semiconductor Corp., 6.600%, 06/15/17		36
		Software — 0.2%
	25	Intuit, Inc., 5.750%, 03/15/17		28
	120	Microsoft Corp., 1.625%, 09/25/15		123
		Oracle Corp.,
	200	5.250%, 01/15/16		229
	100	5.750%, 04/15/18		119
				499
		Total Information Technology		2,321
		Materials — 0.4%
		Chemicals — 0.3%
	100	Air Products & Chemicals, Inc., 4.150%, 02/01/13		104
		Dow Chemical Co. (The),
	61	4.125%, 11/15/21		61
	38	4.250%, 11/15/20		38
	60	7.600%, 05/15/14		68
	40	8.550%, 05/15/19		50
		El du Pont de Nemours & Co.,
	101	1.950%, 01/15/16		103
	50	4.125%, 03/06/13		52
	100	6.000%, 07/15/18		121
	34	Mosaic Co. (The), 3.750%, 11/15/21		34
	100	Potash Corp. of Saskatchewan, Inc., (Canada), 4.875%, 03/01/13		105
	230	Praxair, Inc., 4.625%, 03/30/15		254
	150	Union Carbide Corp., 7.500%, 06/01/25		177
				1,167
		Metals & Mining — 0.1%
		BHP Billiton Finance USA Ltd., (Australia),
	100	5.400%, 03/29/17		115
	100	6.500%, 04/01/19		123
		Rio Tinto Finance USA Ltd., (Australia),
	27	3.500%, 11/02/20		27
	50	8.950%, 05/01/14		59
				324
		Total Materials		1,491
		Telecommunication Services — 0.9%
		Diversified Telecommunication Services — 0.8%
		AT&T, Inc.,
	100	4.450%, 05/15/21		105
	135	5.100%, 09/15/14		149
	150	5.500%, 02/01/18		171
	15	BellSouth Corp., 5.200%, 09/15/14		16
	111	BellSouth Telecommunications, Inc., 6.300%, 12/15/15		118
	100	British Telecommunications plc, (United Kingdom), 5.950%, 01/15/18		108
	61	France Telecom S.A., (France), 2.750%, 09/14/16		60
	500	GTE Corp., 6.840%, 04/15/18		594
	148	Qwest Corp., 6.750%, 12/01/21		155
		Telecom Italia Capital S.A., (Luxembourg),
	280	4.950%, 09/30/14		259
	225	5.250%, 11/15/13		217
		Telefonica Emisiones S.A.U., (Spain),
	275	5.855%, 02/04/13		279
	30	5.877%, 07/15/19		28
	100	Verizon Communications, Inc., 5.500%, 02/15/18		115
	250	Verizon Maryland, Inc., 7.150%, 05/01/23		268
	100	Verizon New England, Inc., 4.750%, 10/01/13		105
				2,747
		Wireless Telecommunication Services — 0.1%
	150	Cellco Partnership/Verizon Wireless Capital LLC, 5.550%, 02/01/14		163

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Wireless Telecommunication Services — Continued
	40	Crown Castle Towers LLC, 3.214%, 08/15/15 (e)		41
	125	Vodafone Group plc, (United Kingdom), 5.000%, 09/15/15		139
				343
		Total Telecommunication Services		3,090
		Utilities — 1.6%
		Electric Utilities — 1.0%
		Carolina Power & Light Co.,
	233	5.125%, 09/15/13		251
	150	5.300%, 01/15/19		173
	100	CenterPoint Energy Houston Electric LLC, 5.750%, 01/15/14		110
	50	Cleveland Electric Illuminating Co. (The), 7.880%, 11/01/17		63
	25	Columbus Southern Power Co., 6.050%, 05/01/18		29
	30	Connecticut Light & Power Co. (The), 5.650%, 05/01/18		36
		Duke Energy Carolinas LLC,
	200	5.625%, 11/30/12		209
	205	6.250%, 01/15/12		206
	60	Duke Energy Indiana, Inc., 3.750%, 07/15/20		64
	100	Enel Finance International N.V., (Netherlands), 5.125%, 10/07/19 (e)		90
	72	Exelon Generation Co. LLC, 4.000%, 10/01/20		74
	40	Georgia Power Co., 6.000%, 11/01/13		44
	135	Indiana Michigan Power Co., 7.000%, 03/15/19		164
	25	Jersey Central Power & Light Co., 7.350%, 02/01/19		31
	18	Kiowa Power Partners LLC, 4.811%, 12/30/13 (e)		19
	60	Nevada Power Co., 7.125%, 03/15/19		74
	150	NextEra Energy Capital Holdings, Inc., 7.875%, 12/15/15		179
	40	Niagara Mohawk Power Corp., 4.881%, 08/15/19 (e)		44
	180	Nisource Finance Corp., 4.450%, 12/01/21		182
		Oncor Electric Delivery Co. LLC,
	25	5.950%, 09/01/13		27
	50	6.800%, 09/01/18		60
	125	Pacific Gas & Electric Co., 5.625%, 11/30/17		147
	60	PacifiCorp, 5.650%, 07/15/18		71
	75	Peco Energy Co., 5.350%, 03/01/18		88
	51	Public Service Co. of Colorado, 3.200%, 11/15/20		52
	74	Public Service Co. of Oklahoma, 4.400%, 02/01/21		79
	200	Public Service Electric & Gas Co., 6.330%, 11/01/13		219
		Southern Co.,
	45	1.950%, 09/01/16		45
	40	4.150%, 05/15/14		43
	30	Southwestern Public Service Co., 8.750%, 12/01/18		41
		Spectra Energy Capital LLC,
	100	5.500%, 03/01/14		107
	30	5.668%, 08/15/14		33
	140	6.200%, 04/15/18		158
	50	8.000%, 10/01/19		62
		Virginia Electric and Power Co.,
	210	5.100%, 11/30/12		219
	100	5.400%, 04/30/18		118
				3,611
		Gas Utilities — 0.2%
		AGL Capital Corp.,
	94	3.500%, 09/15/21		93
	50	4.450%, 04/15/13		52
		Atmos Energy Corp.,
	100	5.125%, 01/15/13		104
	30	8.500%, 03/15/19		39
	50	CenterPoint Energy Resources Corp., 6.125%, 11/01/17		57
		TransCanada PipeLines Ltd., (Canada),
	100	4.000%, 06/15/13		105
	100	6.500%, 08/15/18		120
	30	7.125%, 01/15/19		38
				608
		Multi-Utilities — 0.3%
		Dominion Resources, Inc.,
	195	6.250%, 06/30/12		201
	150	8.875%, 01/15/19		195
	100	KCP&L Greater Missouri Operations Co., 11.875%, 07/01/12		106
	50	PG&E Corp., 5.750%, 04/01/14		55
		Sempra Energy,
	80	8.900%, 11/15/13		90
	150	9.800%, 02/15/19		202
		Wisconsin Electric Power Co.,
	30	6.000%, 04/01/14		33
	100	6.250%, 12/01/15		117
				999
		Water Utilities — 0.1%
	200	American Water Capital Corp., 6.085%, 10/15/17		232
		Total Utilities		5,450
		Total Corporate Bonds (Cost $59,064)		60,463
	Foreign Government Securities — 1.1%
		Israel Government AID Bond, (Israel),

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)			SECURITY DESCRIPTION	VALUE ($)
	Foreign Government Securities — Continued
	1,000		Zero Coupon, 08/15/17		913
	1,000		Zero Coupon, 08/15/18		880
	1,557		Zero Coupon, 08/15/20		1,265
	100		Province of Manitoba, (Canada), 2.125%, 04/22/13		102
			Province of Ontario, (Canada),
	250		2.700%, 06/16/15		262
	300		2.950%, 02/05/15		317
			Total Foreign Government Securities (Cost $3,644)		3,739
	Mortgage Pass-Through Securities — 11.3%
			Federal Home Loan Mortgage Corp.,
	177		ARM, 2.096%, 01/01/37		186
	351		ARM, 2.106%, 08/01/36		369
	52		ARM, 2.276%, 01/01/27		55
	16		ARM, 2.375%, 07/01/26		16
	613		ARM, 2.537%, 12/01/34		647
	149		ARM, 2.538%, 09/01/36		158
	258		ARM, 2.625%, 09/01/36		274
	282		ARM, 3.165%, 03/01/37		299
	242		ARM, 5.570%, 04/01/38		257
	619		ARM, 6.011%, 06/01/36 - 02/01/37		663
	238		ARM, 6.660%, 11/01/36		257
			Federal Home Loan Mortgage Corp. Gold Pools, 15 Year, Single Family,
	309		4.000%, 06/01/19		325
	79		4.500%, 10/01/18		84
	524		5.500%, 06/01/17 - 01/01/24		567
	335		6.000%, 10/01/17 - 04/01/18		363
	762		6.500%, 01/01/17 - 03/01/22		828
	56		7.000%, 09/01/12 - 01/01/17		58
	–	(h)	7.500%, 10/01/14		—	(h)
			Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family,
	21		6.000%, 12/01/22		23
	111		6.500%, 12/01/13 - 08/01/26		123
			Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,
	127		6.000%, 01/01/34		142
	200		7.000%, 04/01/22 - 02/01/37		228
	10		7.500%, 08/01/25		11
	12		8.000%, 07/01/20 - 11/01/24		14
	33		8.500%, 07/01/28		39
	627		Federal Home Loan Mortgage Corp. Gold Pools, FHA/VA, 10.000%, 10/01/30		752
			Federal Home Loan Mortgage Corp., 30 Year, Single Family,
	3		12.000%, 08/01/15 - 07/01/19		4
			Federal National Mortgage Association,
	256		ARM, 1.910%, 09/01/35		269
	332		ARM, 1.921%, 02/01/35		348
	8		ARM, 1.947%, 03/01/19		8
	232		ARM, 1.969%, 01/01/35		244
	147		ARM, 2.135%, 08/01/35		153
	265		ARM, 2.221%, 01/01/35		275
	160		ARM, 2.299%, 11/01/33		168
	288		ARM, 2.339%, 09/01/35		304
	220		ARM, 2.342%, 02/01/35		232
	381		ARM, 2.352%, 09/01/34		402
	228		ARM, 2.356%, 08/01/34		239
	179		ARM, 2.512%, 04/01/33		188
	235		ARM, 2.546%, 10/01/34		248
	300		ARM, 2.560%, 09/01/33		316
	103		ARM, 2.589%, 08/01/36		109
	190		ARM, 2.657%, 07/01/46		203
	236		ARM, 2.750%, 04/01/35		248
	2		ARM, 2.797%, 08/01/19		2
	4		ARM, 2.848%, 06/01/26		4
	352		ARM, 2.887%, 02/01/36		371
	21		ARM, 3.173%, 09/01/27		22
	21		ARM, 3.924%, 03/01/29		23
	247		ARM, 5.742%, 02/01/37		260
	182		ARM, 6.189%, 09/01/36		197
	93		ARM, 6.290%, 02/01/37		97
			Federal National Mortgage Association, 15 Year, Single Family,
	471		4.000%, 09/01/18 - 05/01/19		500
	1,456		4.500%, 05/01/18 - 05/01/19		1,561
	817		5.000%, 12/01/16 - 04/01/19		888
	559		5.500%, 01/01/20 - 06/01/20		607
	747		6.000%, 03/01/21 - 01/01/24		810
	154		6.500%, 05/01/13 - 08/01/20		168
	7		7.500%, 10/01/12		7
	1		8.000%, 11/01/12		1
			Federal National Mortgage Association, 20 Year, Single Family,
	168		6.000%, 04/01/24		185
	226		6.500%, 05/01/22		250
			Federal National Mortgage Association, 30 Year, FHA/VA,
	22		6.000%, 09/01/33		24
	41		6.500%, 03/01/29		47
	27		8.500%, 08/01/27 - 02/01/30		32
	16		9.000%, 09/01/19 - 12/01/30		18
	10		9.500%, 12/01/18		11
			Federal National Mortgage Association, 30 Year, Single Family,
	209		4.500%, 08/01/33		222
	2,173		5.000%, 07/01/33 - 08/01/40		2,339
	923		5.500%, 09/01/33 - 12/01/33		1,012
	1,246		6.000%, 12/01/32 - 09/01/37		1,380
	70		6.500%, 08/01/31		79

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)			SECURITY DESCRIPTION	VALUE ($)
	Mortgage Pass-Through Securities — Continued
	17		7.000%, 07/01/25 - 08/01/32		19
	21		7.500%, 11/01/22 - 05/01/25		24
	679		8.000%, 03/01/21 - 11/01/32		797
	11		8.500%, 07/01/24 - 06/01/25		13
	1		9.000%, 04/01/26		1
	5		10.000%, 02/01/24		6
	3		12.500%, 01/01/16		3
			Federal National Mortgage Association, Other,
	2,951		2.970%, 11/01/18		3,036
	2,465		3.709%, 12/01/20		2,594
	479		4.291%, 06/01/21		529
	1,090		4.298%, 03/01/21		1,187
	1,000		4.380%, 04/01/21		1,102
	800		4.443%, 04/01/21		878
	972		4.500%, 03/01/20		1,068
	990		4.526%, 01/01/21		1,091
	500		4.536%, 05/01/21		552
	471		5.500%, 04/01/38		506
	521		6.000%, 03/01/37		564
			Government National Mortgage Association II, 30 Year, Single Family,
	71		6.000%, 03/20/28		80
	17		7.500%, 02/20/28 - 09/20/28		20
	48		8.000%, 12/20/25 - 10/20/28		57
	28		8.500%, 03/20/25 - 05/20/25		34
			Government National Mortgage Association, 15 Year, Single Family,
	43		6.000%, 10/15/17		47
	–	(h)	7.500%, 02/15/12 - 03/15/12		—	(h)
	25		8.000%, 01/15/16		27
			Government National Mortgage Association, 30 Year, Single Family,
	703		6.000%, 11/15/28 - 12/15/38		804
	483		6.500%, 01/15/24 - 12/15/35		552
	476		7.000%, 08/15/23 - 06/15/35		542
	33		7.500%, 11/15/22 - 09/15/28		38
	13		8.000%, 05/15/22 - 08/15/28		16
	8		8.500%, 11/15/17		9
	15		9.000%, 08/15/16 - 11/15/24		18
	293		9.500%, 01/15/17 - 12/15/25		352
	7		12.000%, 11/15/19		8
			Total Mortgage Pass-Through Securities (Cost $36,574)		38,387
	Supranational — 0.0% (g)
	40		Corp. Andina de Fomento, 5.200%, 05/21/13 (Cost $40)		42
	U.S. Government Agency Securities — 2.1%
	500		Federal Farm Credit Bank, 5.125%, 11/15/18		595
			Federal National Mortgage Association,
	1,300		Zero Coupon, 07/05/14		1,270
	1,000		Zero Coupon, 06/01/17		913
	800		5.000%, 05/11/17		946
	500		Federal National Mortgage Association Interest Strip11/15/21		375
			Financing Corp. Fico,
	500		Zero Coupon, 04/05/19		426
	300		Zero Coupon, 09/26/19		251
	1,000		Government Trust Certificate, Zero Coupon, 10/01/15		942
	1,000		Tennessee Valley Authority, 5.500%, 07/18/17		1,205
	333		Tennessee Valley Authority STRIP, Zero Coupon, 05/01/19		280
			Total U.S. Government Agency Securities (Cost $6,799)		7,203
	U.S. Treasury Obligations — 29.0%
			U.S. Treasury Bonds,
	1,225		7.500%, 11/15/16		1,615
	320		8.500%, 02/15/20		488
	250		8.750%, 05/15/20		388
	250		8.750%, 08/15/20		391
	3,000		8.875%, 08/15/17		4,290
			U.S. Treasury Inflation Indexed Notes,
	700		1.125%, 01/15/21		804
	1,500		2.000%, 04/15/12		1,683
			U.S. Treasury Notes,
	4,900		1.500%, 08/31/18		4,911
	1,500		2.125%, 12/31/15		1,588
	1,500		2.250%, 07/31/18		1,577
	1,755		2.750%, 05/31/17		1,909
	3,000		2.750%, 12/31/17		3,263
	1,000		3.125%, 04/30/17		1,108
	6,000		3.250%, 12/31/16		6,672
	500		3.250%, 03/31/17		557
	1,000		4.750%, 08/15/17		1,200
			U.S. Treasury Principal STRIPS,
	202		11/15/13		201
	800		02/15/14 (m)		794
	4,566		05/15/14 (m)		4,528
	1,500		08/15/14 (m)		1,484
	3,518		11/15/14 (m)		3,473
	3,325		02/15/15		3,267
	32		08/15/15		31
	4,952		11/15/15 (m)		4,816
	5,766		02/15/16 (m)		5,581
	1,072		05/15/16		1,032
	2,005		08/15/16		1,917
	700		11/15/16		665
	1,224		02/15/17		1,156
	4,446		08/15/17		4,141
	1,960		11/15/17		1,811
	2,200		02/15/18		2,015

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	U.S. Treasury Obligations — Continued
	495	05/15/19		435
	4,350	08/15/19		3,794
	2,000	02/15/20		1,712
	150	05/15/20		128
	13,748	05/15/20		11,634
	12,550	08/15/20		10,515
	200	05/15/21		163
	100	08/15/21		81
	1,350	11/15/21		1,078
		Total U.S. Treasury Obligations (Cost $92,023)		98,896

SHARES
		Short-Term Investment — 3.4%
		Investment Company — 3.4%
	11,380	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.090% (b) (l) (Cost $11,380)		11,380
		Total Investments — 99.7% (Cost $324,114)		339,609
		Other Assets in Excess of Liabilities — 0.3%		1,106
		NET ASSETS — 100.0%	$	340,715

Percentages indicated are based on net assets.

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (Unaudited) (continued)

(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, 2011.
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, 2011. 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, 2011.
VA	—	Veterans Administration
VAR	—	Variable Rate Security. The interest rate shown is the
		rate in effect as of November 30, 2011.

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

(d) Defaulted Security.

(e) Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(f) Security is fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. The following approximates the value and percentage of these investments based on total investments (amounts in thousands):

Fund	Value		Percentage
Intermediate Bond Trust	$	842		0.25	%

(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, 2011.

(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, 2011, 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	$	20,792
Aggregate gross unrealized depreciation		(5,297	)
Net unrealized appreciation/depreciation	$	15,495
Federal income tax cost of investments	$	324,114

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2011 (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)

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. 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 as presented on the Schedule of Portfolio Investments (“SOI”) (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	$	—	$	7,674	$	365	$	8,039
Collateralized Mortgage
Obligations
Agency CMO		—		87,130				87,130
Non-Agency CMO		—		19,409		192		19,601
Total Collateralized Mortgage
Obligations		—		106,539		192		106,731
Commercial Mortgage-Backed
Securities		—		4,729		—		4,729
Corporate Bonds
Consumer Discretionary		—		3,895		—		3,895
Consumer Staples		—		2,407		—		2,407
Energy		—		2,547		—		2,547
Financials		—		34,386		285		34,671
Health Care		—		1,232		—		1,232
Industrials		—		3,359		—		3,359
Information Technology		—		2,321		—		2,321
Materials		—		1,491		—		1,491
Telecommunication Services		—		3,090		—		3,090
Utilities		—		5,450		—		5,450
Total Corporate Bonds		—		60,178		285		60,463
Foreign Government Securities		—		3,739		—		3,739
Mortgage Pass-Through Securities		—		38,387		—		38,387
Supranational		—		42		—		42
U.S. Government Agency
Securities		—		7,203		—		7,203
U.S. Treasury Obligations		—		98,896		—		98,896
Short-Term Investment
Investment Company		11,380		—		—		11,380
Total Investments in Securities	$	11,380	$	327,387	$	842	$	339,609

There were no transfers between Levels 1 and 2 during the period ended November 30, 2011.

	Balance as of 02/28/11		Realized gain (loss)			Change in unrealized appreciation (depreciation)			Net amortization (accretion)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of 11/30/11
Investment in Securities
Asset-Backed Securities	$	—		—	(a)		—	(a)	$	—	(a)	$	250	$	(125	)	$	240	$	—		$	365
Corporate Bond - Financials		—		—			4			—			—		—			281		—			285
Non-Agency CMO		1,504		(175	)		136			—	(a)		237		(132	)		—		(1,378	)		192
	$	1,504	$	(175	)	$	140		$	—		$	487	$	(257	)	$	521	$	(1,378	)	$	842

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

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

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

Transfers into, and out of, Level 3 are valued using 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, 2011, which were valued using significant unobservable inputs (Level 3), amounted to approximately $140,000.

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
	Patricia A. Maleski
	President and Principal Executive Officer
	January 27, 2012

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
	Patricia A. Maleski
	President and Principal Executive Officer
	January 27, 2012
By:	/s/ Joy C. Dowd
	Joy C. Dowd
	Treasurer and Principal Financial Officer
	January 27, 2012

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 27, 2012	By:	/s/ Patricia A. Maleski
		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 27, 2012	By:	/s/ Joy C. Dowd
		Joy C. Dowd
		Treasurer and Principal Financial Officer