N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-21638

JPMorgan Institutional Trust

(Exact name of registrant as specified in charter)

270 Park Avenue

New York, New York 10017

(Address of principal executive offices) (Zip code)

Frank J. Nasta

270 Park Avenue

New York, New York 10017

(Name and Address of Agent for Service)

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

Date of fiscal year end: Last day of February

Date of reporting period: May 31, 2012

ITEM 1. SCHEDULE OF INVESTMENTS.

JPMorgan Institutional Trust

Schedule of Portfolio Investments as of May 31, 2012

(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 MAY 31, 2012 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Asset-Backed Securities — 4.0%
		AH Mortgage Advance Trust,
	2,152	Series SART-1, Class A1R, 2.230%, 05/10/43 (e)		2,153
	6,667	Series SART-1, Class A2, 3.370%, 05/10/43 (e)		6,680
	3,628	Series SART-2, Class A1, 3.270%, 09/15/43 (e)		3,653
	880	Series SART-2, Class B1, 6.900%, 09/15/43 (e)		902
	2,588	Series SART-3, Class 1A1, 2.980%, 03/13/43 (e)		2,593
	4,725	Series SART-3, Class 1A2, 3.720%, 03/13/44 (e)		4,737
		Ally Auto Receivables Trust,
	1,385	Series 2010-3, Class A3, 1.110%, 10/15/14		1,390
	670	Series 2010-3, Class A4, 1.550%, 08/17/15		678
	324	Series 2010-4, Class A3, 0.910%, 11/17/14		325
	281	Series 2011-1, Class A2, 0.810%, 10/15/13		281
	720	Series 2011-1, Class A3, 1.380%, 01/15/15		724
	1,418	Series 2012-1, Class A3, 0.930%, 02/16/16		1,424
	980	Series 2012-2, Class A3, 0.740%, 04/15/16		979
	1,250	Series 2012-3, Class A2, 0.700%, 01/15/15		1,250
	1,109	Series 2012-3, Class A3, 0.850%, 08/15/16		1,110
		American Credit Acceptance Receivables Trust,
	699	Series 2012-1, Class A1, 1.960%, 01/15/14 (e)		699
	1,120	Series 2012-1, Class A2, 3.040%, 10/15/15 (e)		1,119
		AmeriCredit Automobile Receivables Trust,
	303	Series 2008-AF, Class A4, 6.960%, 10/14/14		308
	36	Series 2010-1, Class A3, 1.660%, 03/17/14		36
	890	Series 2010-3, Class A3, 1.140%, 04/08/15		892
	388	Series 2010-4, Class A2, 0.960%, 05/08/14		388
	375	Series 2010-4, Class A3, 1.270%, 04/08/15		376
	267	Series 2011-1, Class A2, 0.840%, 06/09/14		267
	375	Series 2011-1, Class A3, 1.390%, 09/08/15		377
	1,504	Series 2011-3, Class A2, 0.840%, 11/10/14		1,506
	385	Series 2011-4, Class A2, 0.920%, 03/09/15		386
	1,414	Series 2011-4, Class A3, 1.170%, 05/09/16		1,420
	1,195	Series 2011-5, Class A3, 1.550%, 07/08/16		1,208
	1,187	Series 2012-1, Class A2, 0.910%, 10/08/15		1,189
	235	Series 2012-1, Class A3, 1.230%, 09/08/16		236
	123	Series 2012-2, Class A3, 1.050%, 10/11/16		123
	78	Arch Bay Asset-Backed Securities, Series 2010-2, Class A, VAR, 4.125%, 04/25/57 (e)		78
		Bank of America Auto Trust,
	126	Series 2010-1A, Class A3, 1.390%, 03/15/14 (e)		126
	475	Series 2010-1A, Class A4, 2.180%, 02/15/17 (e)		481
	589	Series 2012-1, Class A3, 0.780%, 06/15/16		589
	727	Bear Stearns Asset-Backed Securities Trust, Series 2006-SD1, Class A, VAR, 0.609%, 04/25/36		595
	622	BMW Vehicle Lease Trust, Series 2012-1, Class A3, 0.750%, 02/20/15		621
	700	Cabela’s Master Credit Card Trust, Series 2012-1A, Class A1, 1.630%, 02/18/20 (e)		706
		CarMax Auto Owner Trust,
	295	Series 2010-1, Class A3, 1.560%, 07/15/14		296
	1,260	Series 2011-1, Class A3, 1.290%, 09/15/15		1,267
	885	Series 2011-1, Class A4, 2.160%, 09/15/16		910
	1,350	Series 2011-3, Class A3, 1.070%, 06/15/16		1,357
	605	CarNow Auto Receivables Trust, Series 2012-1A, Class A, 2.090%, 01/15/15 (e)		605
	562	Centex Home Equity, Series 2004-D, Class AF4, SUB, 4.680%, 06/25/32		573
	1,761	Chase Funding Mortgage Loan Asset-Backed Certificates, Series 2003-6, Class 1A7, SUB, 4.277%, 11/25/34		1,651
	1,153	Chrysler Financial Auto Securitization Trust, Series 2010-A, Class A3, 0.910%, 08/08/13		1,154
	800	Citibank Credit Card Issuance Trust, Series 2007-A3, Class A3, 6.150%, 06/15/39		1,099
		Citigroup Mortgage Loan Trust, Inc.,
	518	Series 2003-HE3, Class A, VAR, 0.619%, 12/25/33		458
	1,706	Series 2011-5, Class 1A1, VAR, 0.429%, 02/25/46 (e) (f) (i)		1,565
		CNH Equipment Trust,
	92	Series 2010-A, Class A3, 1.540%, 07/15/14		92
	1,096	Series 2010-C, Class A3, 1.170%, 05/15/15		1,100
	950	Series 2011-A, Class A3, 1.200%, 05/16/16		954
	747	Series 2011-A, Class A4, 2.040%, 10/17/16		767
	1,188	Series 2012-A, Class A2, 0.650%, 07/15/15		1,188
	920	Series 2012-A, Class A3, 0.940%, 05/15/17		921
	811	Countrywide Asset-Backed Certificates, Series 2004-6, Class M1, VAR, 0.839%, 10/25/34		440

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Asset-Backed Securities — Continued
		CPS Auto Trust,
	1,519	Series 2011-C, Class A, 4.210%, 03/15/19 (e)		1,561
	903	Series 2012-A, Class A, 2.780%, 06/17/19 (e)		903
		Credit Acceptance Auto Loan Trust,
	1,300	Series 2011-1, Class A, 2.610%, 03/15/19 (e)		1,317
	565	Series 2012-1A, Class A, 2.200%, 09/16/19 (e)		566
	337	Credit-Based Asset Servicing and Securitization LLC, Series 2006-CB1, Class AF2, SUB, 4.569%, 01/25/36 Discover Card Master Trust,		182
	1,015	Series 2008-A4, Class A4, 5.650%, 12/15/15		1,068
	813	Series 2012-A1, Class A1, 0.810%, 08/15/17		813
	228	First Franklin Mortgage Loan Asset-Backed Certificates, Series 2006-FF17, Class A4, VAR, 0.339%, 12/25/36		215
	943	Ford Credit Auto Lease Trust, Series 2011- A, Class A2, 0.740%, 09/15/13		943
		Ford Credit Auto Owner Trust,
	20	Series 2009-B, Class A3, 2.790%, 08/15/13		20
	500	Series 2009-B, Class A4, 4.500%, 07/15/14		511
	1,754	Series 2012-A, Class A3, 0.840%, 08/15/16		1,757
	600	Series 2012-B, Class A3, 0.720%, 12/15/16		599
	3,490	Fortress Opportunities Residential Transaction, Series 2011-1A, Class A1, VAR, 7.211%, 10/25/47 (e)		3,507
		Freedom Trust,
	828	Series 2011-1, Class A13, VAR, 0.398%, 11/30/37 (e) (f) (i)		795
	952	Series 2011-2, Class A11, VAR, 3.966%, 08/01/46 (e)		944
	403	GE Mortgage Services LLC, Series 1999-HE1, Class M, VAR, 6.705%, 04/25/29		363
	535	Harley-Davidson Motorcycle Trust, Series 2010-1, Class A3, 1.160%, 02/15/15		536
		Honda Auto Receivables Owner Trust,
	550	Series 2011-1, Class A4, 1.800%, 04/17/17		559
	809	Series 2012-1, Class A3, 0.770%, 01/15/16		809
	337	Series 2012-1, Class A4, 0.970%, 04/16/18		338
	413	Series 2012-2, Class A3, 0.700%, 02/16/16		412
		HSBC Home Equity Loan Trust,
	1,167	Series 2006-1, Class A1, VAR, 0.400%, 01/20/36		1,072
	562	Series 2007-1, Class A2F, SUB, 5.600%, 03/20/36		567
	2,210	Series 2007-3, Class APT, VAR, 1.440%, 11/20/36		2,072
		Huntington Auto Trust,
	781	Series 2011-1A, Class A2, 0.760%, 04/15/14 (e)		782
	1,000	Series 2011-1A, Class A3, 1.010%, 01/15/16 (e)		1,003
	1,000	Series 2011-1A, Class A4, 1.310%, 11/15/16 (e)		1,011
	692	Series 2012-1, Class A3, 0.810%, 09/15/16		692
		Hyundai Auto Receivables Trust,
	537	Series 2010-B, Class A3, 0.970%, 04/15/15		539
	710	Series 2010-B, Class A4, 1.630%, 03/15/17		723
	515	Series 2011-A, Class A3, 1.160%, 04/15/15		518
	520	Series 2011-A, Class A4, 1.780%, 12/15/15		529
	734	Series 2011-B, Class A3, 1.040%, 09/15/15		737
	824	Series 2011-B, Class A4, 1.650%, 02/15/17		838
	865	Series 2012-A, Class A3, 0.720%, 03/15/16		864
	250	Indymac Residential Asset-Backed Trust, Series 2006-A, Class A3, VAR, 0.439%, 03/25/36		140
		John Deere Owner Trust,
	490	Series 2011-A, Class A3, 1.290%, 01/15/16		493
	355	Series 2011-A, Class A4, 1.960%, 04/16/18		362
	301	LAI Vehicle Lease Securitization Trust, Series 2010-A, Class A, 2.550%, 09/15/16 (e) (f) (i)		301
	1,274	Lake Country Mortgage Loan Trust, Series 2006-HE1, Class A3, VAR, 0.589%, 07/25/34 (e)		1,225
		Long Beach Mortgage Loan Trust,
	452	Series 2006-8, Class 2A2, VAR, 0.329%, 09/25/36		131
	687	Series 2006-WL2, Class 2A3, VAR, 0.439%, 01/25/36		555
	1,328	Madison Avenue Manufactured Housing Contract, Series 2002-A, Class M2, VAR, 2.489%, 03/25/32		1,221
	285	Mercedes-Benz Auto Receivables Trust, Series 2010-1, Class A3, 1.420%, 08/15/14		286
	3,000	MMCA Automobile Trust, Series 2012-A, Class A4, 1.570%, 08/15/17 (e)		3,046
	1,279	NCUA Guaranteed Notes, Series 2010-A1, Class A, VAR, 0.589%, 12/07/20		1,283
	1,000	New Century Home Equity Loan Trust, Series 2003-5, Class AI6, SUB, 5.273%, 11/25/33		1,031

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)			SECURITY DESCRIPTION	VALUE ($)
	Asset-Backed Securities — Continued
	579		Newcastle Investment Trust, Series 2011- MH1, Class A, 2.450%, 12/10/33 (e)		584
			Nissan Auto Receivables Owner Trust,
	655		Series 2010-A, Class A3, 0.870%, 07/15/14		657
	450		Series 2010-A, Class A4, 1.310%, 09/15/16		454
	672		Series 2012-A, Class A3, 0.730%, 05/16/16		671
	333		Series 2012-A, Class A4, 1.000%, 07/16/18		333
	1,475		Park Place Securities, Inc., Series 2004- MCW1, Class M1, VAR, 0.864%, 10/25/34		1,400
	1,018		PennyMac Loan Trust, Series 2011-NPL1, Class A, VAR, 5.250%, 09/25/51 (e) (f) (i)		1,020
			Real Estate Asset Trust,
	451		Series 2011-2A, Class A1, 5.750%, 05/25/49 (e) (f) (i)		451
	411		Series 2012-1A, Class A1, VAR, 4.950%, 02/25/32 (e) (f) (i)		411
	300		Renaissance Home Equity Loan Trust, Series 2007-2, Class AF2, SUB, 5.675%, 06/25/37		123
	3,000		Residential Asset Mortgage Products, Inc., Series 2006-RZ1, Class A3, VAR, 0.539%, 03/25/36		2,576
	2,219		Residential Credit Solutions Trust, Series 2011-1, Class A1, 6.000%, 03/25/41 (e) (f) (i)		2,219
			Santander Drive Auto Receivables Trust,
	37		Series 2010-3, Class A2, 0.930%, 06/17/13		37
	580		Series 2010-3, Class A3, 1.200%, 06/16/14		581
	700		Series 2010-A, Class A4, 2.390%, 06/15/17 (e)		716
	410		Series 2011-S2A, Class B, 2.060%, 06/15/17 (e)		411
	866		Series 2011-S2A, Class D, 3.350%, 06/15/17 (e)		866
	1,955		Series 2012-1, Class A2, 1.250%, 04/15/15		1,962
	411		Series 2012-1, Class A3, 1.490%, 10/15/15		412
	786		Series 2012-2, Class A2, 0.910%, 05/15/15		787
	427		Series 2012-2, Class A3, 1.220%, 12/15/15		429
	248		Series 2012-3, Class A3, 1.080%, 04/15/16		248
	723		Saxon Asset Securities Trust, Series 2003- 1, Class AF6, SUB, 4.795%, 06/25/33		723
	339		Structured Asset Investment Loan Trust, Series 2005-5, Class A9, VAR, 0.509%, 06/25/35		324
	344		Structured Asset Securities Corp., Series 2002-23XS, Class A7, SUB, 6.580%, 11/25/32		349
			Toyota Auto Receivables Owner Trust,
	1,203		Series 2010-C, Class A3, 0.770%, 04/15/14		1,205
	1,435		Series 2011-A, Class A3, 0.980%, 10/15/14		1,438
	1,540		Series 2011-A, Class A4, 1.560%, 05/15/15		1,561
	3,844		Trafigura Securitisation Finance plc, (Ireland), Series 2012-1A, Class A, VAR, 2.653%, 10/15/15 (e)		3,849
	93		USAA Auto Owner Trust, Series 2009-2, Class A3, 1.540%, 02/18/14		93
	2,127		Volkswagen Auto Loan Enhanced Trust, Series 2012-1, Class A3, 0.850%, 08/22/16		2,131
	7,915		VOLT LLC, Series 2012-1A, Class A1, SUB, 4.949%, 04/25/17 (e) (f) (i)		7,915
	2,845		Westgate Resorts LLC, Series 2012-1, Class A, 4.500%, 09/20/25 (e)		2,850
			Westlake Automobile Receivables Trust,
	120		Series 2011-1A, Class A2, 1.080%, 07/15/13 (e)		120
	607		Series 2011-1A, Class A3, 1.490%, 06/16/14 (e)		608
	1,370		World Omni Auto Receivables Trust, Series 2010-A, Class A4, 2.210%, 05/15/15		1,389
			Total Asset-Backed Securities (Cost $141,215)		141,644
	Collateralized Mortgage Obligations — 33.8%
			Agency CMO — 22.3%
			Federal Home Loan Bank,
	994		Series 2000-0606, Class Y, 5.270%, 12/28/12		1,016
	2,439		Series 2000-1067, Class 1, 5.300%,06/15/12		2,442
	4,206		Series 9M-2012, Class A, 4.720%, 09/20/12		4,252
	1,509		Series TQ-2015, Class A, 5.065%, 10/20/15		1,633
	319		Federal Home Loan Mortgage Corp. - Government National Mortgage Association, Series 8, Class ZA, 7.000%, 03/25/23		362
			Federal Home Loan Mortgage Corp. REMICS,
	30		Series 11, Class D, 9.500%, 07/15/19		32
	15		Series 22, Class C, 9.500%, 04/15/20		16
	23		Series 23, Class F, 9.600%, 04/15/20		25
	–	(h)	Series 41, Class I, HB, 84.000%, 05/15/20		1
	2		Series 47, Class F, 10.000%, 06/15/20		2
	8		Series 99, Class Z, 9.500%, 01/15/21		9

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)			SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
			Agency CMO — Continued
	–	(h)	Series 204, Class E, HB, IF, 1,838.732%, 05/15/23		1
	–	(h)	Series 1045, Class G, HB, 1,066.208%, 02/15/21		1
	9		Series 1065, Class J, 9.000%, 04/15/21		11
	2		Series 1079, Class S, HB, IF, 33.150%, 05/15/21		4
	8		Series 1084, Class F, VAR, 1.200%, 05/15/21		8
	6		Series 1084, Class S, HB, IF, 44.100%, 05/15/21		11
	20		Series 1116, Class I, 5.500%, 08/15/21		22
	17		Series 1144, Class KB, 8.500%, 09/15/21		19
	–	(h)	Series 1172, Class L, HB, VAR, 1,181.250%, 11/15/21		1
	–	(h)	Series 1196, Class B, HB, IF, 1,169.001%, 01/15/22		13
	21		Series 1250, Class J, 7.000%, 05/15/22		25
	31		Series 1343, Class LA, 8.000%, 08/15/22		37
	39		Series 1343, Class LB, 7.500%, 08/15/22		47
	67		Series 1370, Class JA, VAR, 1.400%, 09/15/22		67
	65		Series 1455, Class WB, IF, 4.550%, 12/15/22		69
	312		Series 1466, Class PZ, 7.500%, 02/15/23		359
	5		Series 1470, Class F, VAR, 2.163%, 02/15/23		5
	344		Series 1498, Class I, VAR, 1.400%, 04/15/23		344
	462		Series 1502, Class PX, 7.000%, 04/15/23		530
	60		Series 1505, Class Q, 7.000%, 05/15/23		69
	139		Series 1518, Class G, IF, 8.809%, 05/15/23		159
	47		Series 1541, Class M, HB, IF, 22.907%, 07/15/23		78
	127		Series 1541, Class O, VAR, 1.250%, 07/15/23		128
	13		Series 1570, Class F, VAR, 2.663%, 08/15/23		13
	446		Series 1573, Class PZ, 7.000%, 09/15/23		511
	299		Series 1591, Class PV, 6.250%, 10/15/23		311
	8		Series 1595, Class D, 7.000%, 10/15/13		9
	30		Series 1596, Class D, 6.500%, 10/15/13		31
	27		Series 1602, Class SA, HB, IF, 21.937%, 10/15/23		50
	7		Series 1607, Class SA, HB, IF, 20.525%, 10/15/13		8
	1,277		Series 1608, Class L, 6.500%, 09/15/23		1,439
	276		Series 1609, Class LG, IF, 16.792%, 11/15/23		321
	700		Series 1638, Class H, 6.500%, 12/15/23		791
	561		Series 1642, Class PJ, 6.000%, 11/15/23		643
	14		Series 1671, Class QC, IF, 10.000%, 02/15/24		19
	18		Series 1686, Class SH, IF, 18.675%, 02/15/24		30
	194		Series 1695, Class EB, 7.000%, 03/15/24		224
	38		Series 1699, Class FC, VAR, 0.850%, 03/15/24		39
	207		Series 1700, Class GA, PO, 02/15/24		197
	536		Series 1706, Class K, 7.000%, 03/15/24		619
	18		Series 1709, Class FA, VAR, 1.150%, 03/15/24		18
	54		Series 1745, Class D, 7.500%, 08/15/24		63
	1,254		Series 1760, Class ZD, VAR, 1.500%, 02/15/24		1,289
	436		Series 1798, Class F, 5.000%, 05/15/23		478
	7		Series 1807, Class G, 9.000%, 10/15/20		8
	124		Series 1829, Class ZB, 6.500%, 03/15/26		140
	7		Series 1844, Class E, 6.500%, 10/15/13		8
	125		Series 1863, Class Z, 6.500%, 07/15/26		140
	39		Series 1865, Class D, PO, 02/15/24		25
	82		Series 1890, Class H, 7.500%, 09/15/26		96
	250		Series 1899, Class ZE, 8.000%, 09/15/26		293
	13		Series 1935, Class FL, VAR, 0.950%, 02/15/27		13
	182		Series 1963, Class Z, 7.500%, 01/15/27		214
	27		Series 1970, Class PG, 7.250%, 07/15/27		31
	281		Series 1981, Class Z, 6.000%, 05/15/27		308
	122		Series 1987, Class PE, 7.500%, 09/15/27		143
	310		Series 2019, Class Z, 6.500%, 12/15/27		350
	12		Series 2025, Class PE, 6.300%, 01/15/13		12
	93		Series 2033, Class SN, HB, IF, 26.208%, 03/15/24		61
	249		Series 2038, Class PN, IO, 7.000%, 03/15/28		41
	492		Series 2040, Class PE, 7.500%, 03/15/28		578
	86		Series 2043, Class CJ, 6.500%, 04/15/28		98
	390		Series 2054, Class PV, 7.500%, 05/15/28		457
	42		Series 2055, Class OE, 6.500%, 05/15/13		42
	770		Series 2075, Class PH, 6.500%, 08/15/28		882
	866		Series 2075, Class PM, 6.250%, 08/15/28		895
	271		Series 2086, Class GB, 6.000%, 09/15/28		275

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	335	Series 2089, Class PJ, IO, 7.000%, 10/15/28		58
	1,170	Series 2095, Class PE, 6.000%, 11/15/28		1,310
	133	Series 2102, Class TC, 6.000%, 12/15/13		137
	92	Series 2102, Class TU, 6.000%, 12/15/13		95
	365	Series 2115, Class PE, 6.000%, 01/15/14		376
	366	Series 2125, Class JZ, 6.000%, 02/15/29		382
	83	Series 2132, Class SB, HB, IF, 29.515%, 03/15/29		150
	54	Series 2134, Class PI, IO, 6.500%, 03/15/19		7
	10	Series 2135, Class UK, IO, 6.500%, 03/15/14		—	(h)
	363	Series 2136, Class PG, 6.000%, 03/15/29		405
	44	Series 2141, Class IO, IO, 7.000%, 04/15/29		7
	104	Series 2163, Class PC, IO, 7.500%, 06/15/29		23
	1,276	Series 2169, Class TB, 7.000%, 06/15/29		1,491
	555	Series 2172, Class QC, 7.000%, 07/15/29		649
	515	Series 2176, Class OJ, 7.000%, 08/15/29		592
	282	Series 2201, Class C, 8.000%, 11/15/29		335
	237	Series 2209, Class TC, 8.000%, 01/15/30		294
	416	Series 2210, Class Z, 8.000%, 01/15/30		498
	105	Series 2224, Class CB, 8.000%, 03/15/30		126
	253	Series 2230, Class Z, 8.000%, 04/15/30		299
	199	Series 2234, Class PZ, 7.500%, 05/15/30		235
	173	Series 2247, Class Z, 7.500%, 08/15/30		205
	253	Series 2256, Class MC, 7.250%, 09/15/30		297
	512	Series 2259, Class ZM, 7.000%, 10/15/30		600
	10	Series 2261, Class ZY, 7.500%, 10/15/30		12
	57	Series 2262, Class Z, 7.500%, 10/15/30		68
	533	Series 2271, Class PC, 7.250%, 12/15/30		625
	891	Series 2283, Class K, 6.500%, 12/15/23		998
	257	Series 2296, Class PD, 7.000%, 03/15/31		300
	83	Series 2306, Class K, PO, 05/15/24		77
	196	Series 2306, Class SE, IF, IO, 8.600%, 05/15/24		42
	258	Series 2313, Class LA, 6.500%, 05/15/31		295
	502	Series 2325, Class PM, 7.000%, 06/15/31		547
	823	Series 2344, Class QG, 6.000%, 08/15/16		879
	3,086	Series 2344, Class ZD, 6.500%, 08/15/31		3,387
	292	Series 2344, Class ZJ, 6.500%, 08/15/31		321
	253	Series 2345, Class NE, 6.500%, 08/15/31		262
	249	Series 2345, Class PQ, 6.500%, 08/15/16		257
	311	Series 2351, Class PZ, 6.500%, 08/15/31		348
	2,856	Series 2353, Class AZ, 6.000%, 09/15/31		3,001
	319	Series 2353, Class TD, 6.000%, 09/15/16		334
	283	Series 2355, Class BP, 6.000%, 09/15/16		302
	172	Series 2359, Class PM, 6.000%, 09/15/16		178
	1,153	Series 2359, Class ZB, 8.500%, 06/15/31		1,347
	489	Series 2360, Class PG, 6.000%, 09/15/16		524
	114	Series 2363, Class PF, 6.000%, 09/15/16		122
	212	Series 2366, Class MD, 6.000%, 10/15/16		227
	479	Series 2367, Class ME, 6.500%, 10/15/31		520
	779	Series 2391, Class QR, 5.500%, 12/15/16		833
	306	Series 2394, Class MC, 6.000%, 12/15/16		327
	946	Series 2396, Class FM, VAR, 0.689%, 12/15/31		951
	563	Series 2399, Class OH, 6.500%, 01/15/32		619
	967	Series 2399, Class TH, 6.500%, 01/15/32		1,064
	828	Series 2410, Class NG, 6.500%, 02/15/32		916
	302	Series 2410, Class OE, 6.375%, 02/15/32		332
	634	Series 2410, Class QS, IF, 18.879%, 02/15/32		964
	278	Series 2410, Class QX, IF, IO, 8.411%, 02/15/32		73
	694	Series 2412, Class SP, IF, 15.623%, 02/15/32		933
	1,129	Series 2420, Class XK, 6.500%, 02/15/32		1,236
	629	Series 2423, Class MC, 7.000%, 03/15/32		738
	643	Series 2423, Class MT, 7.000%, 03/15/32		717
	301	Series 2425, Class OB, 6.000%, 03/15/17		324
	1,545	Series 2430, Class WF, 6.500%, 03/15/32		1,780
	822	Series 2434, Class TC, 7.000%, 04/15/32		939
	565	Series 2435, Class CJ, 6.500%, 04/15/32		652
	668	Series 2436, Class MC, 7.000%, 04/15/32		779
	538	Series 2444, Class ES, IF, IO, 7.711%, 03/15/32		110
	342	Series 2450, Class GZ, 7.000%, 05/15/32		402
	430	Series 2450, Class SW, IF, IO, 7.761%, 03/15/32		89
	2,171	Series 2455, Class GK, 6.500%, 05/15/32		2,500
	193	Series 2458, Class QE, 5.500%, 06/15/17		206
	700	Series 2462, Class JG, 6.500%, 06/15/32		807
	1,835	Series 2464, Class SI, IF, IO, 7.761%, 02/15/32		312
	373	Series 2466, Class PG, 6.500%, 04/15/32		387
	942	Series 2466, Class PH, 6.500%, 06/15/32		1,074
	720	Series 2474, Class NR, 6.500%, 07/15/32		808

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	969	Series 2484, Class LZ, 6.500%, 07/15/32		1,117
	1,626	Series 2500, Class MC, 6.000%, 09/15/32		1,778
	101	Series 2503, Class BH, 5.500%, 09/15/17		109
	528	Series 2508, Class AQ, 5.500%, 10/15/17		572
	1,130	Series 2512, Class PG, 5.500%, 10/15/22		1,255
	355	Series 2515, Class DE, 4.000%, 03/15/32		362
	346	Series 2518, Class PX, 5.500%, 09/15/13		348
	575	Series 2535, Class BK, 5.500%, 12/15/22		640
	1,115	Series 2537, Class TE, 5.500%, 12/15/17		1,207
	2,024	Series 2543, Class YX, 6.000%, 12/15/32		2,279
	1,768	Series 2544, Class HC, 6.000%, 12/15/32		1,985
	2,278	Series 2552, Class ME, 6.000%, 01/15/33		2,555
	1,481	Series 2567, Class QD, 6.000%, 02/15/33		1,671
	1,626	Series 2568, Class KG, 5.500%, 02/15/23		1,785
	191	Series 2571, Class SK, HB, IF, 33.470%, 09/15/23		340
	3,767	Series 2575, Class ME, 6.000%, 02/15/33		4,313
	601	Series 2586, Class WI, IO, 6.500%, 03/15/33		109
	1,758	Series 2587, Class WX, 5.000%, 03/15/18		1,924
	1,380	Series 2596, Class QG, 6.000%, 03/15/33		1,542
	105	Series 2597, Class DS, IF, IO, 7.311%, 02/15/33		4
	110	Series 2599, Class DS, IF, IO, 6.761%, 02/15/33		3
	135	Series 2610, Class DS, IF, IO, 6.861%, 03/15/33		3
	732	Series 2611, Class UH, 4.500%, 05/15/18		774
	1,210	Series 2617, Class GR, 4.500%, 05/15/18		1,289
	49	Series 2619, Class HR, 3.500%, 11/15/31		50
	2,049	Series 2626, Class NS, IF, IO, 6.311%, 06/15/23		146
	1,503	Series 2631, Class LC, 4.500%, 06/15/18		1,608
	667	Series 2636, Class Z, 4.500%, 06/15/18		711
	825	Series 2637, Class SA, IF, IO, 5.861%, 06/15/18		84
	110	Series 2638, Class DS, IF, 8.361%, 07/15/23		121
	515	Series 2640, Class UG, IO, 5.000%, 01/15/32		18
	1,134	Series 2640, Class UP, IO, 5.000%, 01/15/32		43
	5	Series 2640, Class UR, IO, 4.500%, 08/15/17		—	(h)
	2,489	Series 2645, Class BI, IO, 4.500%, 02/15/18		88
	670	Series 2650, Class PO, PO, 12/15/32		659
	2,307	Series 2650, Class SO, PO, 12/15/32		2,270
	1,044	Series 2651, Class VZ, 4.500%, 07/15/18		1,115
	1,884	Series 2672, Class ME, 5.000%, 11/15/22		2,001
	4,664	Series 2675, Class CK, 4.000%, 09/15/18		4,923
	530	Series 2682, Class YS, IF, 8.642%, 10/15/33		541
	13,475	Series 2684, Class PO, PO, 01/15/33		13,312
	21	Series 2686, Class NS, IF, IO, 7.361%, 10/15/21		—	(h)
	245	Series 2690, Class SJ, IF, 8.792%, 10/15/33		254
	1,538	Series 2691, Class ME, 4.500%, 04/15/32		1,595
	110	Series 2691, Class WS, IF, 8.642%, 10/15/33		111
	515	Series 2692, Class SC, IF, 12.809%, 07/15/33		591
	337	Series 2695, Class DE, 4.000%, 01/15/17		339
	1,199	Series 2695, Class DG, 4.000%, 10/15/18		1,275
	143	Series 2695, Class OB, PO, 10/15/33		139
	201	Series 2696, Class CO, PO, 10/15/18		199
	99	Series 2700, Class S, IF, 8.642%, 11/15/33		102
	1,007	Series 2702, Class PC, 5.000%, 01/15/23		1,068
	192	Series 2705, Class SC, IF, 8.642%, 11/15/33		195
	362	Series 2705, Class SD, IF, 8.693%, 11/15/33		368
	2,000	Series 2710, Class HB, 5.500%, 11/15/23		2,302
	1,712	Series 2715, Class OG, 5.000%, 01/15/23		1,819
	2,321	Series 2716, Class UN, 4.500%, 12/15/23		2,553
	1,123	Series 2720, Class PC, 5.000%, 12/15/23		1,236
	2,005	Series 2727, Class BS, IF, 8.717%, 01/15/34		2,043
	1,454	Series 2744, Class PE, 5.500%, 02/15/34		1,568
	2,063	Series 2744, Class TU, 5.500%, 05/15/32		2,176
	263	Series 2751, Class BA, 4.000%, 10/15/18		266
	606	Series 2755, Class PA, PO, 02/15/29		601
	782	Series 2755, Class SA, IF, 13.722%, 05/15/30		840
	888	Series 2764, Class TE, 5.000%, 10/15/32		926
	1,068	Series 2777, Class OM, PO, 12/15/32		1,062
	296	Series 2778, Class US, IF, IO, 6.961%, 06/15/33		2
	136	Series 2780, Class JG, 4.500%, 04/15/19		141
	1,284	Series 2783, Class AT, 4.000%, 04/15/19		1,392
	144	Series 2809, Class UB, 4.000%, 09/15/17		144
	5,515	Series 2809, Class UC, 4.000%, 06/15/19		5,849
	326	Series 2812, Class NO, PO, 10/15/33		319

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	745	Series 2827, Class XO, PO, 01/15/23		733
	185	Series 2835, Class QO, PO, 12/15/32		177
	659	Series 2840, Class JO, PO, 06/15/23		637
	554	Series 2850, Class SN, IF, IO, 6.911%, 09/15/18		25
	111	Series 2870, Class KC, 4.250%, 05/15/18		112
	1,106	Series 2872, Class JE, 4.500%, 02/15/18		1,125
	1,178	Series 2922, Class JN, 4.500%, 02/15/20		1,238
	1,361	Series 2934, Class EC, PO, 02/15/20		1,312
	106	Series 2934, Class EN, PO, 02/15/18		104
	1,134	Series 2934, Class HI, IO, 5.000%, 02/15/20		117
	1,105	Series 2934, Class KI, IO, 5.000%, 02/15/20		110
	856	Series 2958, Class QD, 4.500%, 04/15/20		933
	1,500	Series 2962, Class BE, 4.500%, 04/15/20		1,663
	3,425	Series 2965, Class GD, 4.500%, 04/15/20		3,793
	268	Series 2971, Class GB, 5.000%, 11/15/16		268
	856	Series 2971, Class GC, 5.000%, 07/15/18		888
	311	Series 2989, Class PO, PO, 06/15/23		300
	4,281	Series 3004, Class EK, 5.500%, 07/15/35		4,502
	148	Series 3007, Class AI, IO, 5.500%, 07/15/24		7
	175	Series 3014, Class OD, PO, 08/15/35		166
	1,727	Series 3047, Class OB, 5.500%, 12/15/33		1,796
	944	Series 3047, Class OD, 5.500%, 10/15/35		1,189
	1,122	Series 3049, Class XF, VAR, 0.589%, 05/15/33		1,122
	3,095	Series 3064, Class MC, 5.500%, 11/15/35		3,823
	559	Series 3064, Class OB, 5.500%, 07/15/29		565
	400	Series 3068, Class AO, PO, 01/15/35		394
	943	Series 3068, Class QB, 4.500%, 06/15/20		997
	2,141	Series 3074, Class BH, 5.000%, 11/15/35		2,486
	1,437	Series 3085, Class WF, VAR, 1.039%, 08/15/35		1,449
	192	Series 3100, Class MA, VAR, 3.223%, 12/15/35		188
	1,785	Series 3102, Class FB, VAR, 0.539%, 01/15/36		1,787
	408	Series 3102, Class HS, HB, IF, 23.691%, 01/15/36		638
	1,840	Series 3117, Class EO, PO, 02/15/36		1,769
	1,159	Series 3117, Class OK, PO, 02/15/36		1,117
	131	Series 3122, Class ZB, 6.000%, 03/15/36		158
	2,750	Series 3131, Class BK, 5.500%, 03/15/26		3,156
	435	Series 3134, Class PO, PO, 03/15/36		419
	1,981	Series 3138, Class PO, PO, 04/15/36		1,915
	100	Series 3149, Class SO, PO, 05/15/36		95
	2,055	Series 3151, Class UC, 5.500%, 08/15/35		2,238
	1,045	Series 3152, Class MO, PO, 03/15/36		968
	233	Series 3171, Class MO, PO, 06/15/36		224
	2,321	Series 3179, Class OA, PO, 07/15/36		2,240
	977	Series 3194, Class SA, IF, IO, 6.861%, 07/15/36		139
	1,280	Series 3211, Class SO, PO, 09/15/36		1,235
	658	Series 3218, Class AO, PO, 09/15/36		635
	2,232	Series 3219, Class DI, IO, 6.000%, 04/15/36		290
	1,500	Series 3229, Class HE, 5.000%, 10/15/26		1,718
	1,654	Series 3232, Class ST, IF, IO, 6.461%, 10/15/36		273
	843	Series 3233, Class OP, PO, 05/15/36		818
	1,500	Series 3242, Class NE, 5.750%, 02/15/34		1,571
	769	Series 3256, Class PO, PO, 12/15/36		742
	1,740	Series 3260, Class CS, IF, IO, 5.901%, 01/15/37		258
	881	Series 3261, Class OA, PO, 01/15/37		849
	1,111	Series 3274, Class JO, PO, 02/15/37		1,055
	555	Series 3275, Class FL, VAR, 0.679%, 02/15/37		555
	2,482	Series 3290, Class SB, IF, IO, 6.211%, 03/15/37		397
	2,698	Series 3315, Class HZ, 6.000%, 05/15/37		3,168
	2,000	Series 3316, Class GD, 5.500%, 06/15/35		2,115
	244	Series 3318, Class AO, PO, 05/15/37		225
	487	Series 3326, Class JO, PO, 06/15/37		451
	1,379	Series 3331, Class PO, PO, 06/15/37		1,318
	1,824	Series 3385, Class SN, IF, IO, 5.761%, 11/15/37		225
	1,704	Series 3387, Class SA, IF, IO, 6.181%, 11/15/37		248
	2,475	Series 3404, Class SC, IF, IO, 5.761%, 01/15/38		356
	7,147	Series 3422, Class AI, IO, SUB, 0.250%, 01/15/38		50
	2,002	Series 3424, Class PI, IF, IO, 6.561%, 04/15/38		315
	4,976	Series 3430, Class AI, IO, 1.417%, 09/15/12		11
	2,441	Series 3481, Class SJ, IF, IO, 5.611%, 08/15/38		355
	2,646	Series 3505, Class SA, IF, IO, 5.761%, 01/15/39		353

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)			SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
			Agency CMO — Continued
	3,016		Series 3511, Class SA, IF, IO, 5.761%, 02/15/39		405
	1,433		Series 3549, Class FA, VAR, 1.439%, 07/15/39		1,442
	1,000		Series 3607, Class BO, PO, 04/15/36		947
	1,645		Series 3607, Class OP, PO, 07/15/37		1,580
	1,163		Series 3607, Class PO, PO, 05/15/37		1,116
	467		Series 3611, Class PO, PO, 07/15/34		446
	1,110		Series 3621, Class BO, PO, 01/15/40		1,071
	3,435		Series 3739, Class LI, IO, 4.000%, 03/15/34		294
	8,644		Series 3747, Class HI, IO, 4.500%, 07/15/37		1,036
	1,000		Series 3747, Class PY, 4.000%, 10/15/40		1,079
	4,488		Series 3759, Class HI, IO, 4.000%, 08/15/37		472
	5,360		Series 3760, Class GI, IO, 4.000%, 10/15/37		466
	600		Series 3798, Class BF, VAR, 0.539%, 06/15/24		600
	2,196		Series 3804, Class FN, VAR, 0.689%, 03/15/39		2,201
	5,362		Series 3819, Class ZQ, 6.000%, 04/15/36		6,237
	960		Series 3852, Class QN, IF, 5.500%, 05/15/41		1,051
	2,722		Series 3852, Class TP, IF, 5.500%, 05/15/41		3,160
	3,000		Series 3920, Class LP, 5.000%, 01/15/34		3,421
	1,627		Series 3957, Class B, 4.000%, 11/15/41		1,758
	1,937		Series 3966, Class NA, 4.000%, 12/15/41		2,086
	1,638		Series 3997, Class PF, VAR, 0.689%, 11/15/39		1,639
			Federal Home Loan Mortgage Corp. STRIPS,
	4		Series 134, Class B, IO, 9.000%, 04/01/22		1
	3,477		Series 233, Class 11, IO, 5.000%, 09/15/35		484
	4,895		Series 233, Class 13, IO, 5.000%, 09/15/35		664
	869		Series 243, Class 16, IO, 4.500%, 11/15/20		72
	1,935		Series 243, Class 17, IO, 4.500%, 12/15/20		163
			Federal Home Loan Mortgage Corp. Structured Pass-Through Securities,
	683		Series T-41, Class 3A, VAR, 6.957%, 07/25/32		791
	411		Series T-51, Class 2A, VAR, 7.500%, 08/25/42		490
	2,073		Series T-54, Class 2A, 6.500%, 02/25/43		2,309
	707		Series T-54, Class 3A, 7.000%, 02/25/43		845
	301		Series T-58, Class APO, PO, 09/25/43		284
	680		Series T-59, Class 1AP, PO, 10/25/43		540
	2,507		Series T-76, Class 2A, VAR, 4.727%, 10/25/37		2,544
			Federal National Mortgage Association - ACES,
	3,000		Series 2010-M3, Class A3, VAR, 4.332%, 03/25/20		3,394
	1,299		Series 2011-M2, Class A2, 3.645%, 07/25/21		1,422
	8,500		Series 2011-M2, Class A3, 3.764%, 07/25/21		9,365
			Federal National Mortgage Association Grantor Trust,
	1,061		Series 2002-T19, Class A2, 7.000%, 07/25/42		1,204
	995		Series 2004-T3, Class 1A3, 7.000%, 02/25/44		1,160
			Federal National Mortgage Association REMICS,
	9		Series 1988-7, Class Z, 9.250%, 04/25/18		9
	20		Series 1989-70, Class G, 8.000%, 10/25/19		23
	7		Series 1989-78, Class H, 9.400%, 11/25/19		8
	12		Series 1989-83, Class H, 8.500%, 11/25/19		14
	12		Series 1989-89, Class H, 9.000%, 11/25/19		14
	11		Series 1990-1, Class D, 8.800%, 01/25/20		13
	2		Series 1990-60, Class K, 5.500%, 06/25/20		2
	5		Series 1990-63, Class H, 9.500%, 06/25/20		5
	3		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
	25		Series 1990-102, Class J, 6.500%, 08/25/20		27
	31		Series 1990-120, Class H, 9.000%, 10/25/20		36
	3		Series 1990-134, Class SC, HB, IF, 21.225%, 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
	13		Series 1991-24, Class Z, 5.000%, 03/25/21		14
	1		Series 1992-101, Class J, 7.500%, 06/25/22		2
	62		Series 1992-136, Class PK, 6.000%, 08/25/22		68
	54		Series 1992-143, Class MA, 5.500%, 09/25/22		59

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	150	Series 1992-163, Class M, 7.750%, 09/25/22		173
	241	Series 1992-188, Class PZ, 7.500%, 10/25/22		277
	100	Series 1993-21, Class KA, 7.700%, 03/25/23		116
	150	Series 1993-25, Class J, 7.500%, 03/25/23		174
	39	Series 1993-27, Class SA, IF, 15.500%, 02/25/23		54
	60	Series 1993-62, Class SA, IF, 17.820%, 04/25/23		92
	31	Series 1993-165, Class SD, IF, 12.389%, 09/25/23		40
	68	Series 1993-165, Class SK, IF, 12.500%, 09/25/23		89
	46	Series 1993-179, Class SB, HB, IF, 24.662%, 10/25/23		73
	30	Series 1993-179, Class SC, IF, 10.500%, 10/25/23		38
	120	Series 1993-199, Class FA, VAR, 0.800%, 10/25/23		120
	87	Series 1993-205, Class H, PO, 09/25/23		82
	53	Series 1993-220, Class SG, IF, 15.500%, 11/25/13		58
	136	Series 1993-225, Class UB, 6.500%, 12/25/23		148
	45	Series 1993-230, Class FA, VAR, 0.850%, 12/25/23		45
	127	Series 1993-247, Class FE, VAR, 1.250%, 12/25/23		129
	59	Series 1993-247, Class SU, IF, 11.787%, 12/25/23		73
	180	Series 1993-250, Class Z, 7.000%, 12/25/23		189
	229	Series 1993-257, Class C, PO, 06/25/23		226
	513	Series 1994-37, Class L, 6.500%, 03/25/24		592
	2,434	Series 1994-40, Class Z, 6.500%, 03/25/24		2,721
	97	Series 1995-2, Class Z, 8.500%, 01/25/25		113
	269	Series 1995-19, Class Z, 6.500%, 11/25/23		322
	526	Series 1996-14, Class SE, IF, IO, 8.750%, 08/25/23		111
	18	Series 1996-27, Class FC, VAR, 0.750%, 03/25/17		18
	51	Series 1996-59, Class J, 6.500%, 08/25/22		57
	536	Series 1997-20, Class IO, IO, VAR, 1.840%, 03/25/27		30
	39	Series 1997-27, Class J, 7.500%, 04/18/27		43
	67	Series 1997-29, Class J, 7.500%, 04/20/27		76
	429	Series 1997-39, Class PD, 7.500%, 05/20/27		500
	91	Series 1997-42, Class EN, 7.250%, 07/18/27		93
	52	Series 1997-42, Class ZC, 6.500%, 07/18/27		59
	888	Series 1997-61, Class ZC, 7.000%, 02/25/23		1,009
	162	Series 1997-81, Class PI, IO, 7.000%, 12/18/27		27
	17	Series 1998-4, Class C, PO, 04/25/23		15
	445	Series 1998-36, Class ZB, 6.000%, 07/18/28		491
	178	Series 1998-43, Class SA, IF, IO, 19.080%, 04/25/23		87
	283	Series 1998-66, Class SB, IF, IO, 7.911%, 12/25/28		59
	171	Series 1999-17, Class C, 6.350%, 04/25/29		195
	1,007	Series 1999-18, Class Z, 5.500%, 04/18/29		1,114
	283	Series 1999-38, Class SK, IF, IO, 7.811%, 08/25/23		41
	85	Series 1999-52, Class NS, HB, IF, 22.712%, 10/25/23		141
	227	Series 1999-62, Class PB, 7.500%, 12/18/29		266
	724	Series 2000-2, Class ZE, 7.500%, 02/25/30		849
	343	Series 2000-20, Class SA, IF, IO, 8.861%, 07/25/30		85
	54	Series 2000-52, Class IO, IO, 8.500%, 01/25/31		11
	245	Series 2001-4, Class PC, 7.000%, 03/25/21		270
	52	Series 2001-5, Class OW, 6.000%, 03/25/16		54
	178	Series 2001-7, Class PF, 7.000%, 03/25/31		209
	373	Series 2001-7, Class PR, 6.000%, 03/25/16		386
	363	Series 2001-10, Class PR, 6.000%, 04/25/16		374
	515	Series 2001-30, Class PM, 7.000%, 07/25/31		603
	721	Series 2001-33, Class ID, IO, 6.000%, 07/25/31		148
	512	Series 2001-36, Class DE, 7.000%, 08/25/31		600
	1,194	Series 2001-44, Class MY, 7.000%, 09/25/31		1,399
	223	Series 2001-44, Class PD, 7.000%, 09/25/31		261
	230	Series 2001-44, Class PU, 7.000%, 09/25/31		270

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	2,046	Series 2001-48, Class Z, 6.500%, 09/25/21		2,303
	195	Series 2001-49, Class Z, 6.500%, 09/25/31		224
	153	Series 2001-52, Class KB, 6.500%, 10/25/31		176
	346	Series 2001-52, Class XN, 6.500%, 11/25/15		368
	1,780	Series 2001-61, Class Z, 7.000%, 11/25/31		2,087
	182	Series 2001-71, Class MB, 6.000%, 12/25/16		195
	430	Series 2001-71, Class QE, 6.000%, 12/25/16		459
	106	Series 2001-72, Class SX, IF, 16.910%, 12/25/31		157
	565	Series 2001-74, Class MB, 6.000%, 12/25/16		605
	174	Series 2002-1, Class HC, 6.500%, 02/25/22		188
	184	Series 2002-1, Class SA, HB, IF, 24.412%, 02/25/32		313
	127	Series 2002-1, Class UD, HB, IF, 23.625%, 12/25/23		211
	536	Series 2002-2, Class UC, 6.000%, 02/25/17		576
	1,390	Series 2002-3, Class OG, 6.000%, 02/25/17		1,484
	297	Series 2002-7, Class OG, 6.000%, 03/25/17		317
	992	Series 2002-7, Class TG, 6.000%, 03/25/17		1,058
	317	Series 2002-10, Class SB, IF, 18.627%, 03/25/17		408
	402	Series 2002-11, Class QG, 5.500%, 03/25/17		428
	1,662	Series 2002-13, Class SJ, IF, IO, 1.600%, 03/25/32		88
	27	Series 2002-13, Class ST, IF, 10.000%, 03/25/32		32
	1,081	Series 2002-18, Class PC, 5.500%, 04/25/17		1,113
	326	Series 2002-19, Class PE, 6.000%, 04/25/17		348
	67	Series 2002-21, Class LO, PO, 04/25/32		64
	622	Series 2002-21, Class PE, 6.500%, 04/25/32		693
	697	Series 2002-24, Class AJ, 6.000%, 04/25/17		756
	214	Series 2002-25, Class SG, IF, 18.747%, 05/25/17		283
	1,504	Series 2002-28, Class PK, 6.500%, 05/25/32		1,729
	416	Series 2002-37, Class Z, 6.500%, 06/25/32		458
	509	Series 2002-42, Class C, 6.000%, 07/25/17		549
	2,081	Series 2002-48, Class GH, 6.500%, 08/25/32		2,323
	272	Series 2002-55, Class QE, 5.500%, 09/25/17		292
	3,224	Series 2002-56, Class UC, 5.500%, 09/25/17		3,476
	996	Series 2002-62, Class ZE, 5.500%, 11/25/17		1,076
	310	Series 2002-63, Class KC, 5.000%, 10/25/17		332
	426	Series 2002-77, Class S, IF, 14.046%, 12/25/32		525
	631	Series 2002-81, Class JO, PO, 04/25/32		621
	1,031	Series 2002-83, Class CS, 6.881%, 08/25/23		1,176
	38	Series 2002-91, Class UH, IO, 5.500%, 06/25/22		1
	2,384	Series 2002-94, Class BK, 5.500%, 01/25/18		2,564
	1,180	Series 2003-3, Class HJ, 5.000%, 02/25/18		1,269
	2,524	Series 2003-22, Class UD, 4.000%, 04/25/33		2,780
	894	Series 2003-23, Class PG, 5.500%, 01/25/32		911
	152	Series 2003-27, Class DW, 4.500%, 04/25/17		153
	2,158	Series 2003-33, Class IA, IO, 6.500%, 05/25/33		375
	1,444	Series 2003-34, Class AX, 6.000%, 05/25/33		1,622
	1,516	Series 2003-34, Class ED, 6.000%, 05/25/33		1,869
	93	Series 2003-35, Class UC, 3.750%, 05/25/33		98
	278	Series 2003-39, Class IO, IO, VAR, 6.000%, 05/25/33		42
	1,319	Series 2003-39, Class LW, 5.500%, 05/25/23		1,517
	1,884	Series 2003-41, Class PE, 5.500%, 05/25/23		2,102
	606	Series 2003-42, Class GB, 4.000%, 05/25/33		654
	247	Series 2003-45, Class AI, IO, 5.500%, 05/25/33		10
	828	Series 2003-47, Class PE, 5.750%, 06/25/33		951
	434	Series 2003-52, Class SX, HB, IF, 22.234%, 10/25/31		730

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	1,812	Series 2003-56, Class AZ, 5.500%, 08/25/31		1,854
	344	Series 2003-64, Class SX, IF, 13.153%, 07/25/33		405
	48	Series 2003-68, Class QP, 3.000%, 07/25/22		48
	1,276	Series 2003-71, Class DS, IF, 7.148%, 08/25/33		1,341
	1,056	Series 2003-71, Class IM, IO, 5.500%, 12/25/31		72
	2,392	Series 2003-72, Class IE, IO, 5.500%, 08/25/33		356
	729	Series 2003-73, Class GA, 3.500%, 05/25/31		738
	211	Series 2003-74, Class SH, IF, 9.740%, 08/25/33		236
	860	Series 2003-76, Class GQ, 4.500%, 08/25/18		920
	2,053	Series 2003-80, Class SY, IF, IO, 7.411%, 06/25/23		233
	1,256	Series 2003-81, Class LC, 4.500%, 09/25/18		1,350
	3,655	Series 2003-83, Class PG, 5.000%, 06/25/23		3,961
	545	Series 2003-91, Class SD, IF, 12.102%, 09/25/33		641
	2,682	Series 2003-116, Class SB, IF, IO, 7.361%, 11/25/33		518
	3,144	Series 2003-117, Class JB, 3.500%, 06/25/33		3,262
	1,507	Series 2003-122, Class TE, 5.000%, 12/25/22		1,605
	248	Series 2003-128, Class KE, 4.500%, 01/25/14		253
	856	Series 2003-128, Class NG, 4.000%, 01/25/19		909
	358	Series 2003-130, Class SX, IF, 11.162%, 01/25/34		414
	295	Series 2003-132, Class OA, PO, 08/25/33		286
	2,438	Series 2004-4, Class QI, IF, IO, 6.861%, 06/25/33		360
	231	Series 2004-4, Class QM, IF, 13.722%, 06/25/33		280
	1,192	Series 2004-10, Class SC, HB, IF, 27.645%, 02/25/34		1,829
	128	Series 2004-14, Class SD, IF, 8.717%, 03/25/34		129
	445	Series 2004-21, Class CO, PO, 04/25/34		429
	147	Series 2004-22, Class A, 4.000%, 04/25/19		149
	1,130	Series 2004-25, Class PC, 5.500%, 01/25/34		1,252
	1,923	Series 2004-25, Class SA, IF, 18.868%, 04/25/34		2,881
	7,708	Series 2004-27, Class HB, 4.000%, 05/25/19		8,269
	753	Series 2004-36, Class PC, 5.500%, 02/25/34		836
	2,101	Series 2004-36, Class SA, IF, 18.868%, 05/25/34		3,151
	942	Series 2004-36, Class SN, IF, 13.722%, 07/25/33		1,108
	4,281	Series 2004-37, Class AG, 4.500%, 11/25/32		4,532
	1,146	Series 2004-46, Class HS, IF, IO, 5.761%, 05/25/30		26
	919	Series 2004-46, Class QB, HB, IF, 23.045%, 05/25/34		1,419
	3,164	Series 2004-46, Class SK, IF, 15.843%, 05/25/34		4,245
	597	Series 2004-51, Class SY, IF, 13.763%, 07/25/34		728
	669	Series 2004-53, Class NC, 5.500%, 07/25/24		740
	965	Series 2004-59, Class BG, PO, 12/25/32		926
	1,455	Series 2004-61, Class FH, VAR, 1.039%, 11/25/32		1,473
	192	Series 2004-61, Class SK, IF, 8.500%, 11/25/32		225
	385	Series 2004-70, Class JA, 4.500%, 10/25/19		393
	663	Series 2004-76, Class CL, 4.000%, 10/25/19		700
	988	Series 2004-79, Class SP, IF, 19.143%, 11/25/34		1,426
	306	Series 2004-81, Class AC, 4.000%, 11/25/19		323
	45	Series 2004-92, Class JO, PO, 12/25/34		44
	368	Series 2005-52, Class PA, 6.500%, 06/25/35		400
	2,763	Series 2005-56, Class S, IF, IO, 6.471%, 07/25/35		477
	1,618	Series 2005-59, Class PC, 5.500%, 03/25/31		1,653
	536	Series 2005-66, Class SG, IF, 16.778%, 07/25/35		751
	1,215	Series 2005-68, Class BC, 5.250%, 06/25/35		1,334

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	2,519	Series 2005-68, Class PG, 5.500%, 08/25/35		2,846
	1,768	Series 2005-68, Class UC, 5.000%, 06/25/35		1,933
	1,117	Series 2005-74, Class CS, IF, 19.363%, 05/25/35		1,654
	10,556	Series 2005-84, Class XM, 5.750%, 10/25/35		11,855
	4,899	Series 2005-97, Class HC, 5.000%, 02/25/32		5,072
	3,425	Series 2005-109, Class PC, 6.000%, 12/25/35		3,984
	6,673	Series 2005-110, Class GJ, 5.500%, 11/25/30		6,842
	14,556	Series 2005-110, Class GK, 5.500%, 08/25/34		15,951
	4,326	Series 2005-110, Class GL, 5.500%, 12/25/35		5,252
	2,997	Series 2005-110, Class MN, 5.500%, 06/25/35		3,363
	1,462	Series 2005-116, Class PB, 6.000%, 04/25/34		1,570
	3,720	Series 2005-118, Class PN, 6.000%, 01/25/32		3,851
	527	Series 2006-15, Class OT, PO, 01/25/36		499
	883	Series 2006-16, Class OA, PO, 03/25/36		849
	1,022	Series 2006-22, Class AO, PO, 04/25/36		971
	393	Series 2006-23, Class KO, PO, 04/25/36		370
	3,149	Series 2006-39, Class WC, 5.500%, 01/25/36		3,534
	285	Series 2006-42, Class CF, VAR, 0.689%, 06/25/36		286
	2,508	Series 2006-44, Class GO, PO, 06/25/36		2,403
	6,263	Series 2006-44, Class P, PO, 12/25/33		6,030
	2,000	Series 2006-46, Class UC, 5.500%, 12/25/35		2,247
	4,042	Series 2006-53, Class US, IF, IO, 6.341%, 06/25/36		575
	2,859	Series 2006-56, Class FC, VAR, 0.529%, 07/25/36		2,860
	918	Series 2006-56, Class OA, PO, 10/25/24		904
	2,972	Series 2006-56, Class PF, VAR, 0.589%, 07/25/36		2,978
	1,545	Series 2006-56, Class PO, PO, 07/25/36		1,481
	2,618	Series 2006-58, Class AP, PO, 07/25/36		2,534
	273	Series 2006-58, Class FL, VAR, 0.699%, 07/25/36		274
	1,096	Series 2006-58, Class PO, PO, 07/25/36		1,005
	2,215	Series 2006-59, Class QO, PO, 01/25/33		2,178
	2,935	Series 2006-60, Class DZ, 6.500%, 07/25/36		3,935
	1,735	Series 2006-65, Class QO, PO, 07/25/36		1,662
	1,398	Series 2006-71, Class IC, IO, 6.000%, 04/25/17		18
	472	Series 2006-72, Class TO, PO, 08/25/36		454
	5,436	Series 2006-77, Class PC, 6.500%, 08/25/36		6,229
	1,385	Series 2006-79, Class DO, PO, 08/25/36		1,328
	862	Series 2006-90, Class AO, PO, 09/25/36		839
	396	Series 2006-109, Class PO, PO, 11/25/36		382
	4,076	Series 2006-110, Class PO, PO, 11/25/36		3,920
	334	Series 2006-111, Class EO, PO, 11/25/36		323
	1,259	Series 2006-118, Class A2, VAR, 0.299%, 12/25/36		1,199
	642	Series 2006-119, Class PO, PO, 12/25/36		619
	9,542	Series 2006-124, Class HB, VAR, 5.966%, 11/25/36		10,461
	1,000	Series 2006-128, Class BP, 5.500%, 01/25/37		1,195
	1,728	Series 2006-130, Class GI, IO, 6.500%, 07/25/32		255
	4,371	Series 2007-7, Class SG, IF, IO, 6.261%, 08/25/36		529
	6,770	Series 2007-14, Class ES, IF, IO, 6.201%, 03/25/37		995
	459	Series 2007-15, Class NO, PO, 03/25/22		437
	2,846	Series 2007-16, Class FC, VAR, 0.989%, 03/25/37		2,876
	663	Series 2007-42, Class AO, PO, 05/25/37		631
	1,500	Series 2007-46, Class VK, 5.500%, 03/25/22		1,644
	754	Series 2007-48, Class PO, PO, 05/25/37		726
	2,873	Series 2007-54, Class FA, VAR, 0.639%, 06/25/37		2,877
	10,787	Series 2007-60, Class AX, IF, IO, 6.911%, 07/25/37		1,827
	699	Series 2007-77, Class FG, VAR, 0.739%, 03/25/37		700
	1,280	Series 2007-79, Class PC, 5.000%, 01/25/32		1,298
	1,000	Series 2007-81, Class GE, 6.000%, 08/25/37		1,199
	705	Series 2007-84, Class PD, 6.000%, 08/25/32		711
	5,000	Series 2007-84, Class PG, 6.000%, 12/25/36		5,588

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	5,858	Series 2007-88, Class VI, IF, IO, 6.301%, 09/25/37		944
	4,001	Series 2007-91, Class ES, IF, IO, 6.221%, 10/25/37		688
	2,874	Series 2007-97, Class KI, IO, 7.000%, 05/25/33		745
	5,393	Series 2007-101, Class A2, VAR, 0.489%, 06/27/36		5,367
	1,223	Series 2007-106, Class A7, VAR, 5.953%, 10/25/37		1,361
	3,000	Series 2007-114, Class A6, VAR, 0.439%, 10/27/37		2,983
	2,904	Series 2007-116, Class HI, IO, VAR, 5.837%, 01/25/38		144
	196	Series 2007-118, Class IO, IO, 6.000%, 06/25/36		19
	3,733	Series 2008-1, Class BI, IF, IO, 5.671%, 02/25/38		488
	2,376	Series 2008-10, Class XI, IF, IO, 5.991%, 03/25/38		368
	2,004	Series 2008-16, Class IS, IF, IO, 5.961%, 03/25/38		298
	1,756	Series 2008-19, Class IC, IO, 5.000%, 03/25/23		147
	1,000	Series 2008-24, Class DY, 5.000%, 04/25/23		1,119
	1,482	Series 2008-27, Class SN, IF, IO, 6.661%, 04/25/38		257
	957	Series 2008-39, Class CI, IO, 4.500%, 05/25/18		60
	910	Series 2008-42, Class AO, PO, 09/25/36		882
	191	Series 2008-44, Class PO, PO, 05/25/38		184
	1,795	Series 2008-47, Class SI, IF, IO, 6.261%, 06/25/23		208
	2,122	Series 2008-53, Class CI, IF, IO, 6.961%, 07/25/38		347
	277	Series 2008-59, Class IG, IO, 5.500%, 11/25/34		5
	983	Series 2008-76, Class GF, VAR, 0.889%, 09/25/23		993
	4,525	Series 2008-80, Class SA, IF, IO, 5.611%, 09/25/38		598
	2,810	Series 2008-81, Class SB, IF, IO, 5.611%, 09/25/38		391
	3,870	Series 2009-6, Class GS, IF, IO, 6.311%, 02/25/39		750
	1,734	Series 2009-9, Class IO, IO, 5.000%, 02/25/24		175
	1,556	Series 2009-18, Class IO, IO, 5.000%, 03/25/24		146
	2,500	Series 2009-19, Class IP, IO, 5.500%, 10/25/36		677
	2,631	Series 2009-60, Class HT, 6.000%, 08/25/39		2,957
	2,094	Series 2009-62, Class HJ, 6.000%, 05/25/39		2,304
	2,687	Series 2009-70, Class CO, PO, 01/25/37		2,598
	3,233	Series 2009-86, Class UI, IO, 4.000%, 10/25/14		161
	2,388	Series 2009-99, Class SC, IF, IO, 5.941%, 12/25/39		289
	1,557	Series 2009-103, Class MB, VAR, 4.027%, 12/25/39		1,665
	2,000	Series 2010-45, Class BD, 4.500%, 11/25/38		2,146
	2,340	Series 2010-49, Class SC, IF, 12.183%, 03/25/40		2,811
	1,614	Series 2010-64, Class DM, 5.000%, 06/25/40		1,745
	1,923	Series 2010-71, Class HJ, 5.500%, 07/25/40		2,122
	3,778	Series 2010-133, Class A, 5.500%, 05/25/38		4,059
	3,525	Series 2010-148, Class MA, 4.000%, 02/25/39		3,736
	3,608	Series 2011-2, Class WA, VAR, 5.751%, 02/25/51		3,927
	2,584	Series 2011-22, Class MA, 6.500%, 04/25/38		2,963
	8,297	Series 2011-30, Class LS, IO, VAR, 4.669%, 04/25/41		573
	1,512	Series 2011-75, Class FA, VAR, 0.789%, 08/25/41		1,520
	2,656	Series 2011-118, Class MT, 7.000%, 11/25/41		3,271
	4,286	Series 2011-130, Class CA, 6.000%, 12/25/41		4,772
	1,967	Series 2012-14, Class FB, VAR, 0.689%, 08/25/37		1,969
	11,874	Series 2012-47, Class HF, VAR, 0.639%, 05/25/27		11,899
	1	Series G-17, Class S, HB, VAR, 1,055.166%, 06/25/21		14
	41	Series G-28, Class S, IF, 14.850%, 09/25/21		53
	39	Series G-35, Class M, 8.750%, 10/25/21		45

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)			SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
			Agency CMO — Continued
	14		Series G-51, Class SA, HB, IF, 26.181%, 12/25/21		25
	–	(h)	Series G92-27, Class SQ, HB, IF, 1,737.650%, 05/25/22		2
	198		Series G92-35, Class E, 7.500%, 07/25/22		222
	–	(h)	Series G92-35, Class G, HB, 1,184.775%, 07/25/22		4
	25		Series G92-42, Class Z, 7.000%, 07/25/22		28
	762		Series G92-44, Class ZQ, 8.000%, 07/25/22		858
	31		Series G92-52, Class FD, VAR, 0.271%, 09/25/22		31
	254		Series G92-54, Class ZQ, 7.500%, 09/25/22		287
	31		Series G92-59, Class F, VAR, 1.863%, 10/25/22		32
	61		Series G92-61, Class Z, 7.000%, 10/25/22		72
	46		Series G92-62, Class B, PO, 10/25/22		43
	213		Series G93-1, Class KA, 7.900%, 01/25/23		245
	48		Series G93-5, Class Z, 6.500%, 02/25/23		56
	60		Series G93-14, Class J, 6.500%, 03/25/23		66
	145		Series G93-17, Class SI, IF, 6.000%, 04/25/23		166
	135		Series G93-27, Class FD, VAR, 1.130%, 08/25/23		136
	34		Series G93-37, Class H, PO, 09/25/23		31
	58		Series G95-1, Class C, 8.800%, 01/25/25		68
			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)
	21		Series 218, Class 2, IO, 7.500%, 04/01/23		4
	19		Series 265, Class 2, 9.000%, 03/01/24		23
	354		Series 329, Class 1, PO, 01/01/33		339
	1,089		Series 339, Class 18, IO, 4.500%, 07/01/18		81
	1,540		Series 339, Class 21, IO, 4.500%, 07/01/18		113
	722		Series 339, Class 28, IO, 5.500%, 07/01/18		66
	557		Series 345, Class 6, IO, VAR, 5.000%, 12/01/33		67
	1,528		Series 351, Class 7, IO, VAR, 5.000%, 04/01/34		201
	1,051		Series 355, Class 11, IO, 6.000%, 07/01/34		196
	592		Series 355, Class 31, IO, VAR, 4.500%, 12/01/18		55
	2,685		Series 365, Class 8, IO, 5.500%, 05/01/36		352
	334		Series 368, Class 3, IO, 4.500%, 11/01/20		29
	1,404		Series 374, Class 5, IO, 5.500%, 08/01/36		181
	865		Series 383, Class 32, IO, 6.000%, 01/01/38		118
	2,265		Series 383, Class 33, IO, 6.000%, 01/01/38		311
	382		Series 393, Class 6, IO, 5.500%, 04/25/37		47
			Federal National Mortgage Association Whole Loan,
	1,203		Series 2003-W1, Class 1A1, VAR, 6.254%,12/25/42		1,382
	448		Series 2003-W1, Class 2A, VAR, 7.051%, 12/25/42		527
	205		Series 2003-W4, Class 2A, VAR, 6.489%, 10/25/42		231
	335		Series 2004-W1, Class 2A2, 7.000%, 12/25/33		405
	1,624		Series 2004-W15, Class 2AF, VAR, 0.489%, 08/25/44		1,615
	1,146		Series 2004-W2, Class 2A2, 7.000%, 02/25/44		1,324
	4,127		Series 2005-W3, Class 2AF, VAR, 0.459%, 03/25/45		4,104
	1,444		Series 2006-W2, Class 1AF1, VAR, 0.459%, 02/25/36		1,435
	179		Series 2007-W7, Class 1A4, HB, IF, 37.747%, 07/25/37		319
	3,589		Series 2009-W1, Class A, 6.000%, 12/25/49		4,122
			Government National Mortgage Association,
	778		Series 1994-3, Class PQ, 7.488%, 07/16/24		943
	431		Series 1994-4, Class KQ, 7.988%, 07/16/24		501
	2,261		Series 1994-7, Class PQ, 6.500%, 10/16/24		2,656
	368		Series 1996-16, Class E, 7.500%, 08/16/26		424
	574		Series 1997-8, Class PN, 7.500%, 05/16/27		659
	286		Series 1998-26, Class K, 7.500%, 09/17/25		330
	1,537		Series 1999-4, Class ZB, 6.000%, 02/20/29		1,755
	1,453		Series 1999-10, Class ZC, 6.500%, 04/20/29		1,699
	212		Series 1999-30, Class S, IF, IO, 8.361%, 08/16/29		39
	19		Series 1999-33, Class SM, IF, 9.200%, 09/16/29		24
	286		Series 1999-40, Class ZW, 7.500%, 11/20/29		339
	426		Series 1999-41, Class Z, 8.000%, 11/16/29		499
	145		Series 1999-44, Class PC, 7.500%, 12/20/29		168
	2,834		Series 1999-44, Class ZC, 8.500%, 12/16/29		3,490
	466		Series 1999-44, Class ZG, 8.000%, 12/20/29		545

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	347	Series 2000-6, Class Z, 7.500%, 02/20/30		404
	185	Series 2000-9, Class Z, 8.000%, 06/20/30		227
	1,841	Series 2000-9, Class ZJ, 8.500%, 02/16/30		2,233
	324	Series 2000-12, Class ST, HB, IF, 38.306%, 02/16/30		720
	386	Series 2000-14, Class PD, 7.000%, 02/16/30		456
	105	Series 2000-16, Class ZN, 7.500%, 02/16/30		111
	2,622	Series 2000-21, Class Z, 9.000%, 03/16/30		3,359
	449	Series 2000-26, Class TZ, 8.500%, 09/20/30		527
	115	Series 2000-26, Class Z, 7.750%, 09/20/30		135
	22	Series 2000-30, Class ST, IF, 11.050%, 12/16/22		27
	356	Series 2000-31, Class Z, 9.000%, 10/20/30		422
	216	Series 2000-35, Class ZA, 9.000%, 11/20/30		238
	33	Series 2000-36, Class IK, IO, 9.000%, 11/16/30		16
	149	Series 2000-37, Class B, 8.000%, 12/20/30		175
	184	Series 2001-4, Class SJ, IF, IO, 7.910%, 01/19/30		48
	162	Series 2001-6, Class SD, IF, IO, 8.311%, 03/16/31		48
	338	Series 2001-7, Class PK, 6.500%, 03/20/31		362
	955	Series 2001-8, Class Z, 6.500%, 03/20/31		1,119
	17	Series 2001-32, Class WA, IF, 19.526%, 07/20/31		29
	275	Series 2001-35, Class SA, IF, IO, 8.011%, 08/16/31		68
	217	Series 2001-36, Class S, IF, IO, 7.811%, 08/16/31		53
	1,167	Series 2001-64, Class MQ, 6.500%, 12/20/31		1,237
	281	Series 2002-3, Class SP, IF, IO, 7.151%, 01/16/32		64
	397	Series 2002-7, Class PG, 6.500%, 01/20/32		467
	1,152	Series 2002-24, Class AG, IF, IO, 7.711%, 04/16/32		253
	102	Series 2002-24, Class SB, IF, 11.567%, 04/16/32		139
	2,624	Series 2002-31, Class SE, IF, IO, 7.261%, 04/16/30		490
	790	Series 2002-40, Class UK, 6.500%, 06/20/32		930
	43	Series 2002-41, Class SV, IF, 9.000%, 06/16/32		52
	3,019	Series 2002-45, Class QE, 6.500%, 06/20/32		3,493
	1,020	Series 2002-47, Class PG, 6.500%, 07/16/32		1,201
	1,933	Series 2002-47, Class ZA, 6.500%, 07/20/32		2,278
	56	Series 2002-51, Class SG, HB, IF, 31.461%, 04/20/31		111
	1,653	Series 2002-52, Class GH, 6.500%, 07/20/32		1,897
	477	Series 2002-54, Class GB, 6.500%, 08/20/32		547
	1,192	Series 2002-70, Class PS, IF, IO, 7.460%, 08/20/32		125
	949	Series 2002-75, Class PB, 6.000%, 11/20/32		1,198
	279	Series 2003-4, Class NI, IO, 5.500%, 01/20/32		7
	271	Series 2003-4, Class NY, 5.500%, 12/20/13		280
	1,326	Series 2003-11, Class SK, IF, IO, 7.461%, 02/16/33		267
	549	Series 2003-12, Class SP, IF, IO, 7.460%, 02/20/33		112
	123	Series 2003-24, Class PO, PO, 03/16/33		107
	698	Series 2003-40, Class TC, 7.500%, 03/20/33		719
	1,319	Series 2003-40, Class TJ, 6.500%, 03/20/33		1,656
	753	Series 2003-46, Class MG, 6.500%, 05/20/33		950
	1,394	Series 2003-46, Class TC, 6.500%, 03/20/33		1,646
	490	Series 2003-52, Class AP, PO, 06/16/33		437
	2,150	Series 2003-58, Class BE, 6.500%, 01/20/33		2,587
	677	Series 2003-76, Class LS, IF, IO, 6.960%, 09/20/31		35
	148	Series 2003-90, Class PO, PO, 10/20/33		133
	1,820	Series 2003-112, Class SA, IF, IO, 6.311%, 12/16/33		303
	3,000	Series 2003-112, Class TS, IF, IO, 6.710%, 10/20/32		279
	5,638	Series 2004-11, Class SW, IF, IO, 5.260%, 02/20/34		759
	522	Series 2004-15, Class SA, IF, 19.003%, 12/20/32		639
	605	Series 2004-28, Class S, IF, 19.006%, 04/16/34		941
	411	Series 2004-68, Class PO, PO, 05/20/31		405

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	251	Series 2004-73, Class AE, IF, 14.363%, 08/17/34		313
	3,088	Series 2004-90, Class SI, IF, IO, 5.860%, 10/20/34		484
	2,351	Series 2005-3, Class SB, IF, IO, 5.860%, 01/20/35		367
	5,801	Series 2005-17, Class SL, IF, IO, 6.460%, 07/20/34		991
	497	Series 2005-35, Class FL, VAR, 0.590%, 03/20/32		496
	278	Series 2005-39, Class KI, IO, 5.500%, 03/20/34		22
	3,196	Series 2005-58, Class NI, IO, 5.500%, 08/20/35		847
	567	Series 2005-68, Class DP, IF, 15.858%, 06/17/35		832
	8,586	Series 2005-68, Class KI, IF, IO, 6.060%, 09/20/35		1,394
	1,262	Series 2005-69, Class SY, IF, IO, 6.510%, 11/20/33		201
	1,106	Series 2005-91, Class PI, IO, 6.000%, 12/20/35		181
	586	Series 2006-16, Class OP, PO, 03/20/36		526
	430	Series 2006-28, Class GO, PO, 03/20/35		424
	1,955	Series 2006-38, Class SW, IF, IO, 6.260%, 06/20/36		246
	1,747	Series 2006-59, Class SD, IF, IO, 6.460%, 10/20/36		266
	3,512	Series 2006-65, Class SA, IF, IO, 6.560%, 11/20/36		545
	1,957	Series 2007-9, Class DI, IF, IO, 6.270%, 03/20/37		325
	4,417	Series 2007-17, Class JI, IF, IO, 6.571%, 04/16/37		750
	474	Series 2007-17, Class JO, PO, 04/16/37		421
	3,069	Series 2007-19, Class SD, IF, IO, 5.960%, 04/20/37		433
	3,108	Series 2007-26, Class SC, IF, IO, 5.960%, 05/20/37		444
	1,849	Series 2007-27, Class SA, IF, IO, 5.960%, 05/20/37		288
	762	Series 2007-28, Class BO, PO, 05/20/37		722
	146	Series 2007-35, Class TO, PO, 04/20/35		144
	1,736	Series 2007-36, Class SE, IF, IO, 6.231%, 06/16/37		294
	4,943	Series 2007-40, Class SB, IF, IO, 6.510%, 07/20/37		809
	2,957	Series 2007-42, Class SB, IF, IO, 6.510%, 07/20/37		470
	2,500	Series 2007-47, Class PH, 6.000%, 07/16/37		3,190
	747	Series 2007-49, Class NO, PO, 12/20/35		741
	2,570	Series 2007-50, Class AI, IF, IO, 6.535%, 08/20/37		405
	368	Series 2007-53, Class SW, IF, 19.486%, 09/20/37		542
	1,438	Series 2007-57, Class PO, PO, 03/20/37		1,397
	1,830	Series 2007-57, Class QA, IF, IO, 6.260%, 10/20/37		276
	2,479	Series 2007-71, Class SB, IF, IO, 6.460%, 07/20/36		292
	1,778	Series 2007-72, Class US, IF, IO, 6.310%, 11/20/37		279
	1,805	Series 2007-73, Class MI, IF, IO, 5.760%, 11/20/37		248
	3,548	Series 2007-76, Class SA, IF, IO, 6.290%, 11/20/37		543
	1,793	Series 2007-79, Class SY, IF, IO, 6.310%, 12/20/37		289
	1,106	Series 2007-81, Class SP, IF, IO, 6.410%, 12/20/37		179
	1,988	Series 2007-82, Class SA, IF, IO, 6.290%, 12/20/37		320
	792	Series 2008-2, Class MS, IF, IO, 6.921%, 01/16/38		125
	3,167	Series 2008-2, Class NS, IF, IO, 6.301%, 01/16/38		486
	1,877	Series 2008-10, Class S, IF, IO, 5.590%, 02/20/38		274
	674	Series 2008-23, Class IO, IO, 6.000%, 02/20/37		49
	1,352	Series 2008-25, Class SB, IF, IO, 6.660%, 03/20/38		202
	1,354	Series 2008-32, Class PI, IO, 5.500%, 10/16/37		161
	2,551	Series 2008-36, Class SH, IF, IO, 6.060%, 04/20/38		414
	9,863	Series 2008-40, Class SA, IF, IO, 6.161%, 05/16/38		1,992
	2,737	Series 2008-41, Class SA, IF, IO, 6.100%, 05/20/38		421
	1,789	Series 2008-55, Class SA, IF, IO, 5.960%, 06/20/38		267
	692	Series 2008-60, Class PO, PO, 01/20/38		670
	2,000	Series 2008-65, Class ME, 5.750%, 09/20/37		2,207
	1,072	Series 2008-71, Class SC, IF, IO, 5.760%, 08/20/38		143

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	1,759	Series 2008-93, Class AS, IF, IO, 5.460%, 12/20/38		232
	2,881	Series 2009-6, Class SA, IF, IO, 5.861%, 02/16/39		362
	2,008	Series 2009-10, Class SL, IF, IO, 6.261%, 03/16/34		225
	3,000	Series 2009-12, Class IE, IO, 5.500%, 03/20/39		844
	1,934	Series 2009-14, Class KI, IO, 6.500%, 03/20/39		360
	1,718	Series 2009-14, Class NI, IO, 6.500%, 03/20/39		313
	4,849	Series 2009-22, Class SA, IF, IO, 6.030%, 04/20/39		705
	1,494	Series 2009-25, Class SE, IF, IO, 7.360%, 09/20/38		212
	1,655	Series 2009-33, Class CI, IO, 5.500%, 05/20/39		241
	1,273	Series 2009-33, Class TI, IO, 6.000%, 05/20/39		187
	1,396	Series 2009-38, Class IO, IO, 5.000%, 09/16/31		86
	2,418	Series 2009-43, Class SA, IF, IO, 5.710%, 06/20/39		301
	1,901	Series 2009-65, Class IQ, IO, 6.000%, 12/20/38		252
	4,525	Series 2009-72, Class SM, IF, IO, 6.011%, 08/16/39		563
	881	Series 2009-79, Class OK, PO, 11/16/37		796
	700	Series 2010-14, Class CO, PO, 08/20/35		618
	1,062	Series 2010-130, Class CP, 7.000%, 10/16/40		1,249
	4,811	Series 2010-157, Class OP, PO, 12/20/40		4,242
	1,709	Series 2011-22, Class WA, VAR, 5.947%, 02/20/37		1,927
	6,425	Series 2011-75, Class SM, IF, IO, 6.360%, 05/20/41		1,064
	4,000	Series 2012-61, Class FM, VAR, 0.695%, 05/16/42		3,996
	5,078	Series 2012-H10, Class FA, VAR, 0.790%, 12/20/61		5,072
		NCUA Guaranteed Notes,
	17,000	Series 2010-C1, Class A2, 2.900%, 10/29/20		18,020
	10,699	Series 2010-C1, Class APT, 2.650%, 10/29/20		11,191
		Vendee Mortgage Trust,
	617	Series 1994-1, Class 1, VAR, 5.628%, 02/15/24		701
	1,115	Series 1994-1, Class 2ZB, 6.500%, 02/15/24		1,264
	934	Series 1996-1, Class 1Z, 6.750%, 02/15/26		1,091
	688	Series 1996-2, Class 1Z, 6.750%, 06/15/26		816
	1,322	Series 1997-1, Class 2Z, 7.500%, 02/15/27		1,567
	1,607	Series 1998-1, Class 2E, 7.000%, 03/15/28		1,936
	3,078	Series 1999-1, Class 2Z, 6.500%, 01/15/29		3,684
				799,726
		Non-Agency CMO — 11.5%
	703	AAM ACE Resecuritization Trust, Series 2011-1, Class A20, VAR, 0.478%, 02/02/37 (e)		667
	921	ABN AMRO Mortgage Corp., Series 2003-8, Class A3, 4.500%, 06/25/33		933
		American General Mortgage Loan Trust,
	4,200	Series 2009-1, Class A4, VAR, 5.750%, 09/25/48 (e)		4,236
	2,775	Series 2009-1, Class A5, VAR, 5.750%, 09/25/48 (e)		2,822
	4,500	Series 2009-1, Class A7, VAR, 5.750%, 09/25/48 (e)		4,610
	1,106	Series 2010-1A, Class A1, VAR, 5.150%, 03/25/58 (e)		1,131
	718	Series 2010-1A, Class A2, VAR, 5.650%, 03/25/58 (e)		757
	1,140	Series 2010-1A, Class A3, VAR, 5.650%, 03/25/58 (e)		1,195
	473	Series 2010-1A, Class A4, VAR, 5.650%, 03/25/58 (e)		487
	7,278	American Home Mortgage Investment Trust, Series 2005-3, Class 2A4, VAR, 2.361%, 09/25/35		2,588
		ASG Resecuritization Trust,
	1,271	Series 2009-1, Class A60, VAR, 3.671%, 06/26/37 (e)		1,265
	2,151	Series 2009-2, Class A55, VAR, 5.191%, 05/24/36 (e)		2,130
	1,000	Series 2009-2, Class G60, VAR, 5.191%, 05/24/36 (e)		971
	5,354	Series 2009-3, Class A65, VAR, 2.674%, 03/26/37 (e)		5,270
	5,771	Series 2009-4, Class A60, 6.000%, 06/28/37 (e)		5,973
	1,420	Series 2010-2, Class A60, VAR, 2.173%, 01/28/37 (e)		1,398
	1,060	Series 2010-3, Class 2A22, VAR, 0.434%, 10/28/36 (e)		1,034
	959	Series 2011-1, Class 3A50, VAR, 2.713%, 11/28/35 (e) (f) (i)		926

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
		Banc of America Alternative Loan Trust,
	264	Series 2003-2, Class PO, PO, 04/25/33		189
	669	Series 2003-9, Class 1CB2, 5.500%, 11/25/33		688
	440	Series 2003-11, Class PO, PO, 01/25/34		312
	280	Series 2004-6, Class 15PO, PO, 07/25/19		229
	1,965	Series 2005-5, Class 1CB1, 5.500%, 06/25/35		1,714
	5,847	Series 2005-6, Class CBIO, IO, 5.500%, 07/25/35		881
	1,930	Series 2006-4, Class 1A4, 6.000%, 05/25/46		1,166
		Banc of America Funding Corp.,
	628	Series 2004-1, Class PO, PO, 03/25/34		487
	1,048	Series 2004-2, Class 30PO, PO, 09/20/34		993
	578	Series 2004-C, Class 1A1, VAR, 5.040%, 12/20/34		570
	1,461	Series 2005-6, Class 2A7, 5.500%, 10/25/35		1,477
	987	Series 2005-7, Class 30PO, PO, 11/25/35		759
	653	Series 2005-8, Class 30PO, PO, 01/25/36		477
	2,102	Series 2005-E, Class 4A1, VAR, 2.658%, 03/20/35		1,931
	783	Series 2006-A, Class 3A2, VAR, 2.897%, 02/20/36		420
	1,804	Series 2010-R5, Class 1A1, 5.500%, 10/26/37 (e)		1,869
		Banc of America Mortgage Securities, Inc.,
	240	Series 2003-3, Class 2A1, VAR, 0.789%, 05/25/18		230
	338	Series 2003-6, Class 2A1, VAR, 0.689%, 08/25/18		324
	112	Series 2003-7, Class A2, 4.750%, 09/25/18		116
	300	Series 2003-8, Class APO, PO, 11/25/33		282
	2,891	Series 2004-3, Class 15IO, IO, VAR, 0.251%, 04/25/19		12
	146	Series 2004-4, Class APO, PO, 05/25/34		138
	3,718	Series 2004-5, Class 2A2, 5.500%, 06/25/34		3,842
	742	Series 2004-6, Class 2A5, PO, 07/25/34		518
	611	Series 2004-6, Class APO, PO, 07/25/34		574
	55	Series 2004-8, Class 5PO, PO, 05/25/32		53
	68	Series 2004-8, Class XPO, PO, 10/25/34		65
	408	Series 2004-A, Class 2A2, VAR, 2.966%, 02/25/34		373
	1,466	Series 2004-J, Class 3A1, VAR, 2.913%, 11/25/34		1,324
	1,923	Series 2005-10, Class 1A6, 5.500%, 11/25/35		1,874
	399	Series 2005-A, Class 2A1, VAR, 3.001%, 02/25/35		341
		BCAP LLC Trust,
	131	Series 2009-RR13, Class 11A1, VAR, 5.250%, 05/26/37 (e)		131
	857	Series 2009-RR13, Class 17A2, VAR, 5.500%, 04/26/37 (e)		836
	1,088	Series 2009-RR5, Class 8A1, 5.500%, 11/26/34 (e)		1,110
	1,160	Series 2010-RR12, Class 2A5, VAR, 4.500%, 01/26/36 (e)		1,176
	866	Series 2010-RR4, Class 12A1, VAR, 4.000%, 07/26/36 (e) (f) (i)		856
	250	Series 2010-RR4, Class 2A1, VAR, 0.989%, 06/26/37 (e)		233
	1,277	Series 2010-RR6, Class 22A3, VAR, 5.023%, 06/26/36 (e)		1,266
	532	Series 2010-RR6, Class 5A1, VAR, 5.500%, 11/26/37 (e)		530
	820	Series 2010-RR7, Class 15A1, VAR, 1.039%, 01/26/36 (e)		775
	1,208	Series 2010-RR7, Class 16A1, VAR, 0.852%, 02/26/47 (e)		1,124
	914	Series 2010-RR7, Class 1A5, VAR, 5.019%, 04/26/35 (e)		891
	2,638	Series 2010-RR7, Class 2A1, VAR, 3.890%, 07/26/45 (e)		2,474
	824	Series 2010-RR8, Class 3A3, VAR, 5.078%, 05/26/35 (e)		827
	1,500	Series 2010-RR8, Class 3A4, VAR, 5.078%, 05/26/35 (e)		1,340
	2,164	Series 2011-R11, Class 25A5, VAR, 4.000%, 08/26/21 (e)		2,177
	3,062	Series 2011-RR10, Class 2A1, VAR, 0.000%, 09/26/37 (e)		2,684
	2,310	Series 2011-RR4, Class 6A3, VAR, 5.000%, 08/26/37 (e) (f) (i)		2,203
	3,425	Series 2011-RR5, Class 11A3, VAR, 0.389%, 05/28/36 (e)		3,028
	2,558	Series 2011-RR5, Class 14A3, VAR, 2.796%, 07/26/36 (e) (f) (i)		2,427
	3,288	Series 2012-RR2, Class 1A1, VAR, 0.409%, 08/26/36 (e) (f) (i)		3,113
	2,410	Series 2012-RR3, Class 2A5, 4.929%, 05/26/37 (e)		2,374

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
		Bear Stearns Adjustable Rate Mortgage Trust,
	269	Series 2003-7, Class 3A, VAR, 2.679%, 10/25/33		264
	1,026	Series 2004-1, Class 12A1, VAR, 3.031%, 04/25/34		883
	482	Series 2004-2, Class 14A, VAR, 5.083%, 05/25/34		479
	2,697	Series 2005-5, Class A1, VAR, 2.220%, 08/25/35		2,600
	5,449	Series 2006-1, Class A1, VAR, 2.520%, 02/25/36		4,804
		Citicorp Mortgage Securities, Inc.,
	85	Series 1993-14, Class A3, VAR, 1.439%, 11/25/23		80
	1,314	Series 2004-1, Class 3A1, 4.750%, 01/25/34		1,335
	872	Series 2004-5, Class 2A5, 4.500%, 08/25/34		906
	313	Series 2005-5, Class APO, PO, 08/25/35		292
	364	Series 2005-8, Class APO, PO, 11/25/35		275
		Citigroup Mortgage Loan Trust, Inc.,
	637	Series 2003-1, Class 2A5, 5.250%, 10/25/33		651
	374	Series 2003-1, Class 2A6, PO, 10/25/33		354
	277	Series 2003-1, Class PO2, PO, 10/25/33		260
	223	Series 2003-1, Class PO3, PO, 09/25/33		211
	126	Series 2003-UP3, Class A3, 7.000%, 09/25/33		131
	810	Series 2003-UST1, Class A1, 5.500%, 12/25/18		848
	189	Series 2003-UST1, Class PO1, PO, 12/25/18		187
	94	Series 2003-UST1, Class PO3, PO, 12/25/18		93
	342	Series 2004-UST1, Class A6, VAR, 5.070%, 08/25/34		346
	505	Series 2005-1, Class 2A1A, VAR, 2.788%, 04/25/35		317
	803	Series 2005-2, Class 2A11, 5.500%, 05/25/35		785
	612	Series 2005-5, Class 1A2, VAR, 3.032%, 08/25/35		349
	2,002	Series 2008-AR4, Class 1A1A, VAR, 3.029%, 11/25/38 (e)		1,989
	965	Series 2009-10, Class 2A1A, 7.000%, 12/25/35 (e)		1,014
	11,234	Series 2010-8, Class 5A6, 4.000%, 11/25/36 (e)		11,528
	12,030	Series 2010-8, Class 6A6, 4.500%, 12/25/36 (e)		12,406
	984	Series 2011-3, Class 1A1, VAR, 0.319%, 02/25/47 (e)		970
	814	Series 2011-10, Class 4A1, VAR, 0.432%, 02/25/46 (e) (f) (i)		728
		Countrywide Alternative Loan Trust,
	512	Series 2002-8, Class A4, 6.500%, 07/25/32		538
	12,015	Series 2004-2CB, Class 1A9, 5.750%, 03/25/34		11,589
	2,119	Series 2004-18CB, Class 2A4, 5.700%, 09/25/34		2,174
	502	Series 2005-5R, Class A1, 5.250%, 12/25/18		507
	3,616	Series 2005-1CB, Class 1A6, IF, IO, 6.861%, 03/25/35		636
	6,732	Series 2005-20CB, Class 3A8, IF, IO, 4.511%, 07/25/35		778
	12,675	Series 2005-22T1, Class A2, IF, IO, 4.831%, 06/25/35		1,522
	6,406	Series 2005-28CB, Class 1A4, 5.500%, 08/25/35		5,362
	261	Series 2005-28CB, Class 3A5, 6.000%, 08/25/35		216
	9,102	Series 2005-37T1, Class A2, IF, IO, 4.811%, 09/25/35		1,421
	5,819	Series 2005-54CB, Class 1A11, 5.500%, 11/25/35		5,019
	15,231	Series 2005-54CB, Class 1A2, IF, IO, 4.611%, 11/25/35		2,221
	3,724	Series 2005-57CB, Class 3A2, IF, IO, 4.861%, 12/25/35		410
	2,334	Series 2005-64CB, Class 1A9, 5.500%, 12/25/35		1,678
	10,457	Series 2005-J1, Class 1A4, IF, IO, 4.861%, 02/25/35		1,297
	3,455	Series 2006-26CB, Class A9, 6.500%, 09/25/36		2,229
		Countrywide Home Loan Mortgage Pass- Through Trust,
	1,653	Series 2003-26, Class 1A6, 3.500%, 08/25/33		1,652
	667	Series 2003-44, Class A9, PO, 10/25/33		663
	677	Series 2003-J7, Class 4A3, IF, 9.464%, 08/25/18		741
	740	Series 2004-7, Class 2A1, VAR, 2.989%, 06/25/34		686
	840	Series 2004-8, Class 2A1, 4.500%, 06/25/19		856

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
	291	Series 2004-HYB1, Class 2A, VAR, 2.842%, 05/20/34		260
	1,102	Series 2004-HYB3, Class 2A, VAR, 2.789%, 06/20/34		913
	928	Series 2004-HYB6, Class A3, VAR, 2.642%, 11/20/34		750
	649	Series 2004-J8, Class 1A2, 4.750%, 11/25/19		668
	3,853	Series 2005-16, Class A23, 5.500%, 09/25/35		3,755
	4,685	Series 2005-22, Class 2A1, VAR, 2.705%, 11/25/35		3,301
		Credit Suisse Mortgage Capital Certificates,
	248	Series 2009-12R, Class 7A1, 5.500%, 10/27/35 (e)		248
	627	Series 2010-16, Class A3, VAR, 4.250%, 06/25/50 (e)		573
	810	Series 2010-1R, Class 26A1, 4.750%, 05/27/37 (e)		811
	691	Series 2010-11R, Class A1, VAR, 1.239%, 06/28/47 (e)		670
	741	Series 2010-12R, Class 14A1, VAR, 2.729%, 09/26/46 (e)		735
	262	Series 2010-15R, Class 7A1, VAR, 4.428%, 10/26/37 (e)		257
	250	Series 2010-15R, Class 7A2, VAR, 4.428%, 10/26/37 (e)		235
	4,676	Series 2011-1R, Class A1, VAR, 1.239%, 02/27/47 (e)		4,620
	1,516	Series 2011-6R, Class 3A1, VAR, 2.829%, 07/28/36 (e)		1,391
	5,962	Series 2011-7R, Class A1, VAR, 1.489%, 08/28/47 (e)		5,858
	2,745	Series 2011-9R, Class A1, VAR, 2.239%, 03/27/46 (e)		2,727
	4,195	Series 2011-16R, Class 7A3, VAR, 3.500%, 12/27/36 (e)		4,196
	1,914	Series 2012-3R, Class 1A1, VAR, 3.250%, 07/27/37 (e)		1,920
		CS First Boston Mortgage Securities Corp.,
	780	Series 2003-1, Class DB1, 6.564%, 02/25/33		814
	287	Series 2003-17, Class 2A1, 5.000%, 07/25/18		299
	708	Series 2003-21, Class 1A4, 5.250%, 09/25/33		720
	1,009	Series 2003-25, Class 1P, PO, 10/25/33		955
	110	Series 2004-5, Class 5P, PO, 08/25/19		109
	1,894	Series 2005-4, Class 3A18, 5.500%, 06/25/35		1,742
	1,962	Series 2005-4, Class 3A22, 5.500%, 06/25/35		1,665
	2,107	Series 2005-4, Class 3A23, 5.500%, 06/25/35		1,895
		Deutsche Mortgage Securities, Inc.,
	684	Series 2009-RS2, Class 4A1, VAR, 0.372%, 04/26/37 (e)		661
	346	Series 2009-RS3, Class A1, 5.250%, 08/26/35 (e)		347
	752	Series 2010-RS2, Class A1, VAR, 1.489%, 06/28/47 (e)		752
	81	FDIC Trust, Series 2011-N1, Class A1, 4.500%, 12/25/16 (e) (f) (i)		81
	13	First Boston Mortgage Securities Corp. 1987 STRIPS, Series C, Class PO, PO, 04/25/17		13
		First Horizon Alternative Mortgage Securities,
	1,369	Series 2004-AA4, Class A1, VAR, 2.604%, 10/25/34		1,126
	2,468	Series 2005-FA8, Class 1A19, 5.500%, 11/25/35		1,860
	3,716	Series 2007-FA4, Class 1A2, IF, IO, 5.411%, 08/25/37		642
		First Horizon Asset Securities, Inc.,
	3,218	Series 2003-9, Class 1A6, 5.500%, 11/25/33		3,269
	1,199	Series 2004-AR2, Class 2A1, VAR, 2.626%, 05/25/34		1,151
	289	Series 2004-AR7, Class 2A1, VAR, 2.616%, 02/25/35		281
	1,959	Series 2005-AR1, Class 2A2, VAR, 2.625%, 04/25/35		1,881
	1,647	Freedom Trust, Series 2011-4, Class A18, VAR, 3.517%, 03/25/37 (e)		1,635
		GMAC Mortgage Corp. Loan Trust,
	1,132	Series 2003-AR1, Class A4, VAR, 3.039%, 10/19/33		1,130
	576	Series 2004-J5, Class A7, 6.500%, 01/25/35		590
	292	Series 2004-J6, Class 1A1, 5.000%, 01/25/20		301
	606	Series 2005-AR3, Class 3A3, VAR, 3.283%, 06/19/35		599
	5,565	Series 2005-AR3, Class 3A4, VAR, 3.283%, 06/19/35		4,794

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
		GSMPS Mortgage Loan Trust,
	1,179	Series 2001-2, Class A, VAR, 7.500%, 06/19/32 (e)		1,193
	1,745	Series 2005-RP3, Class 1AF, VAR, 0.589%, 09/25/35 (e)		1,367
	1,318	Series 2005-RP3, Class 1AS, IO, VAR, 5.079%, 09/25/35 (e)		201
	5,680	Series 2006-RP2, Class 1AS2, IF, IO, 5.830%, 04/25/36 (e)		785
		GSR Mortgage Loan Trust,
	1,206	Series 2004-6F, Class 3A4, 6.500%, 05/25/34		1,287
	1,147	Series 2004-8F, Class 2A3, 6.000%, 09/25/34		1,204
	37	Series 2004-10F, Class 2A1, 5.000%, 08/25/19		38
	573	Series 2004-13F, Class 3A3, 6.000%, 11/25/34		565
	471	Series 2005-4F, Class AP, PO, 05/25/35		445
	5,714	Series 2005-7F, Class 3A9, 6.000%, 09/25/35		5,656
	4,886	Series 2006-1F, Class 2A4, 6.000%, 02/25/36		4,319
	4,899	Series 2007-1F, Class 2A4, 5.500%, 01/25/37		4,736
	507	Impac CMB Trust, Series 2005-4, Class 2A1, VAR, 0.539%, 05/25/35		476
		Impac Secured Assets CMN Owner Trust,
	1,001	Series 2006-1, Class 2A1, VAR, 0.589%, 05/25/36		925
	1,476	Series 2006-2, Class 2A1, VAR, 0.589%, 08/25/36		1,326
	21,123	Indymac Index Mortgage Loan Trust, Series 2005-AR11, Class A7, IO, VAR, 0.033%, 08/25/35		106
		JP Morgan Mortgage Trust,
	2,563	Series 2006-A2, Class 4A1, VAR, 2.797%, 08/25/34		2,481
	3,197	Series 2006-A2, Class 5A3, VAR, 2.653%, 11/25/33		3,164
	678	Series 2006-A3, Class 6A1, VAR, 2.792%, 08/25/34		633
	986	JP Morgan Reremic, Series 2009-6, Class 4A1, VAR, 5.620%, 09/26/36 (e)		1,029
		Lehman Mortgage Trust,
	1,146	Series 2006-2, Class 1A1, VAR, 6.458%, 04/25/36		1,103
	1,955	Series 2008-2, Class 1A6, 6.000%, 03/25/38		1,414
		LVII Resecuritization Trust,
	2,239	Series 2009-2, Class A5, VAR, 3.000%, 09/27/37 (e)		2,238
	1,000	Series 2009-3, Class M3, VAR, 5.601%, 11/27/37 (e)		1,058
		MASTR Adjustable Rate Mortgages Trust,
	96	Series 2004-4, Class 2A1, VAR, 2.000%, 05/25/34		61
	1,476	Series 2004-13, Class 2A1, VAR, 2.634%, 04/21/34		1,451
	2,585	Series 2004-13, Class 3A6, VAR, 2.697%, 11/21/34		2,590
	2,800	Series 2004-13, Class 3A7, VAR, 2.697%, 11/21/34		2,706
	423	Series 2004-15, Class 3A1, VAR, 3.097%, 12/25/34		346
		MASTR Alternative Loans Trust,
	267	Series 2003-3, Class 1A1, 6.500%, 05/25/33		279
	888	Series 2003-9, Class 8A1, 6.000%, 01/25/34		943
	994	Series 2004-3, Class 2A1, 6.250%, 04/25/34		1,015
	1,881	Series 2004-4, Class 10A1, 5.000%, 05/25/24		1,951
	694	Series 2004-6, Class 30PO, PO, 07/25/34		617
	979	Series 2004-6, Class 7A1, 6.000%, 07/25/34		978
	489	Series 2004-7, Class 30PO, PO, 08/25/34		367
	2,197	Series 2004-8, Class 6A1, 5.500%, 09/25/19		2,240
	403	Series 2004-10, Class 1A1, 4.500%, 09/25/19		413
		MASTR Asset Securitization Trust,
	171	Series 2003-2, Class 2A1, 4.500%, 03/25/18		175
	47	Series 2003-3, Class 4A1, 5.000%, 04/25/18		48
	279	Series 2003-4, Class 3A2, 5.000%, 05/25/18		288
	300	Series 2003-12, Class 30PO, PO, 12/25/33		280
	182	Series 2004-1, Class 30PO, PO, 02/25/34		142
	113	Series 2004-4, Class 3A1, 4.500%, 04/25/19		116
	139	Series 2004-6, Class 15PO, PO, 05/25/19		138
	259	Series 2004-8, Class 1A1, 4.750%, 08/25/19		268
	102	Series 2004-8, Class PO, PO, 08/25/19		101

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
	1,000	Series 2006-2, Class 1A30, 6.000%, 06/25/36		844
	3,517	MASTR Reperforming Loan Trust, Series 2005-2, Class 1A1F, VAR, 0.589%, 05/25/35 (e)		2,738
	2,628	MASTR Resecuritization Trust, Series 2005-PO, Class 3PO, PO, 05/28/35 (e)		2,050
	73	Merrill Lynch Trust, Series 47, Class Z, 8.985%, 10/20/20		81
	1,239	MLCC Mortgage Investors, Inc., Series 2004-1, Class 2A1, VAR, 2.330%, 12/25/34		1,238
	823	MortgageIT Trust, Series 2005-1, Class 1A1, VAR, 0.559%, 02/25/35		680
		Nomura Asset Acceptance Corp.,
	496	Series 2003-A1, Class A1, 5.500%, 05/25/33		518
	130	Series 2003-A1, Class A2, 6.000%, 05/25/33		137
	64	Series 2003-A1, Class A5, 7.000%, 04/25/33		68
	20	Series 2003-A1, Class A7, 5.000%, 04/25/18		20
	649	Series 2004-R2, Class A1, VAR, 6.500%, 10/25/34 (e)		638
		Paine Webber CMO Trust,
	3	Series H, Class 4, 8.750%, 04/01/18		3
	17	Series P, Class 4, 8.500%, 08/01/19		19
	599	Provident Funding Mortgage Loan Trust, Series 2005-1, Class 2A1, VAR, 2.813%, 05/25/35		587
		RBSSP Resecuritization Trust,
	776	Series 2009-2, Class 1A1, 7.000%, 08/26/37 (e)		819
	1,060	Series 2009-6, Class 15A1, 5.500%, 01/26/21 (e)		1,070
	1,176	Series 2009-9, Class 7A4, VAR, 6.000%, 07/26/37 (e)		1,179
	743	Series 2009-12, Class 14A1, VAR, 5.500%, 03/25/23 (e)		761
	1,776	Series 2009-12, Class 1A1, VAR, 5.700%, 11/25/33 (e)		1,877
	1,553	Series 2010-9, Class 7A5, VAR, 4.000%, 05/26/37 (e)		1,543
	869	Series 2010-12, Class 8A1, 4.000%, 06/27/21 (e)		876
		Residential Accredit Loans, Inc.,
	214	Series 2002-QS16, Class A3, IF, 16.124%, 10/25/17		241
	745	Series 2002-QS8, Class A5, 6.250%, 06/25/17		765
	5,577	Series 2003-QR19, Class CB4, 5.750%, 10/25/33		5,506
	1,380	Series 2003-QS12, Class A2A, IF, IO, 7.361%, 06/25/18		195
	420	Series 2003-QS12, Class A5, IO, 5.000%, 06/25/18		39
	2,722	Series 2003-QS14, Class A1, 5.000%, 07/25/18		2,784
	878	Series 2003-QS18, Class A1, 5.000%, 09/25/18		908
	2,098	Series 2003-QS19, Class A1, 5.750%, 10/25/33		2,182
	559	Series 2003-QS3, Class A2, IF, 15.975%, 02/25/18		618
	469	Series 2003-QS3, Class A8, IF, IO, 7.361%, 02/25/18		46
	1,471	Series 2003-QS9, Class A3, IF, IO, 7.311%, 05/25/18		208
	2,803	Series 2004-QA6, Class NB2, VAR, 2.712%, 12/26/34		1,970
	85	Series 2004-QS8, Class A2, 5.000%, 06/25/34		86
		Residential Asset Securitization Trust,
	741	Series 2003-A13, Class A3, 5.500%, 01/25/34		745
	68	Series 2003-A14, Class A1, 4.750%, 02/25/19		69
	3,968	Series 2005-A2, Class A4, IF, IO, 4.811%, 03/25/35		384
	1,250	Series 2006-A4, Class 2A5, 6.000%, 05/25/36		830
		Residential Funding Mortgage Securities I, Inc.,
	1,130	Series 2003-S13, Class A3, 5.500%, 06/25/33		1,163
	295	Series 2003-S14, Class A4, PO, 07/25/18		293
	507	Series 2004-S3, Class A1, 4.750%, 03/25/19		520
	1,179	Series 2004-S6, Class 2A6, PO, 06/25/34		1,107
	247	Series 2004-S9, Class 2A1, 4.750%, 12/25/19		253
	1,072	Series 2005-SA4, Class 1A1, VAR, 2.913%, 09/25/35		772
	50	Residential Funding Securities LLC, Series 2003-RM2, Class AP-3, PO, 05/25/33		39

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
		Salomon Brothers Mortgage Securities VII, Inc.,
	562	Series 2003-HYB1, Class A, VAR, 2.736%, 09/25/33		547
	88	Series 2003-UP2, Class PO1, PO, 12/25/18		79
		Springleaf Mortgage Loan Trust,
	2,690	Series 2011-1A, Class A1, VAR, 4.050%, 01/25/58 (e)		2,728
	2,100	Series 2011-1A, Class A2, VAR, 5.450%, 01/25/58 (e)		2,099
	1,105	Series 2012-1A, Class A, VAR, 2.667%, 09/25/57 (e)		1,104
	1,600	Series 2012-1A, Class M3, VAR, 6.000%, 09/25/57 (e)		1,452
	2,826	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-6, Class 5A4, VAR, 4.916%, 06/25/34		2,785
	981	Structured Asset Mortgage Investments, Inc., Series 2004-AR5, Class 1A1, VAR, 0.900%, 10/19/34		862
		Structured Asset Securities Corp.,
	73	Series 2002-10H, Class 1AP, PO, 05/25/32		58
	150	Series 2003-8, Class 1A2, 5.000%, 04/25/18		154
	499	Series 2003-31A, Class B1, VAR, 2.794%, 10/25/33		204
	1,497	Series 2003-33H, Class 1A1, 5.500%, 10/25/33		1,515
	147	Series 2004-20, Class 1A3, 5.250%, 11/25/34		147
	2,606	Series 2004-5H, Class A4, 5.540%, 12/25/33		2,543
	431	Series 2005-6, Class 4A1, 5.000%, 05/25/35		427
	763	Series 2005-10, Class 5A9, 5.250%, 12/25/34		748
	856	Thornburg Mortgage Securities Trust, Series 2003-4, Class A1, VAR, 0.879%, 09/25/43		821
		Vericrest Opportunity Loan Transferee,
	455	Series 2011-NL2A, Class A1, VAR, 5.682%, 06/25/51 (e) (f) (i)		455
	1,400	Series 2011-NL2A, Class A2, VAR, 9.317%, 06/25/51 (e) (f) (i)		1,408
	954	Series 2011-NL3A, Class A1, VAR, 5.194%, 09/25/51 (e)		955
	558	Series 2011-NL3A, Class A2, VAR, 9.318%, 09/25/51 (e)		560
	1,184	Series 2012-NL1A, Class A1, VAR, 4.213%, 03/25/49 (e) (f) (i)		1,192
	308	Series 2012-NL1A, Class A2, VAR, 8.112%, 03/25/49 (e) (f) (i)		310
		WaMu Mortgage Pass-Through Certificates,
	196	Series 2003-AR8, Class A, VAR, 2.484%, 08/25/33		195
	4,425	Series 2003-AR9, Class 1A6, VAR, 2.457%, 09/25/33		4,446
	678	Series 2003-AR9, Class 2A, VAR, 2.545%, 09/25/33		681
	213	Series 2003-S11, Class 2A5, IF, 16.393%, 11/25/33		219
	700	Series 2003-S8, Class A6, 4.500%, 09/25/18		727
	3,143	Series 2003-S9, Class A8, 5.250%, 10/25/33		3,296
	296	Series 2003-S9, Class P, PO, 10/25/33		278
	374	Series 2004-AR3, Class A1, VAR, 2.588%, 06/25/34		372
	214	Series 2004-AR3, Class A2, VAR, 2.588%, 06/25/34		211
	2,562	Series 2004-RS2, Class A4, 5.000%, 11/25/33		2,560
	523	Series 2006-AR10, Class 2P, VAR, 09/25/36		291
	323	Series 2006-AR12, Class 2P, VAR, 10/25/36		167
		Washington Mutual Alternative Mortgage Pass-Through Certificates,
	13,277	Series 2005-2, Class 1A4, IF, IO, 4.811%, 04/25/35		2,001
	3,104	Series 2005-2, Class 2A3, IF, IO, 4.761%, 04/25/35		384
	3,407	Series 2005-3, Class CX, IO, 5.500%, 05/25/35		578
	3,846	Series 2005-4, Class CB7, 5.500%, 06/25/35		3,361
	3,348	Series 2005-4, Class CX, IO, 5.500%, 06/25/35		437
	1,091	Series 2005-6, Class 2A4, 5.500%, 08/25/35		862
	5,711	Series 2005-6, Class 2A9, 5.500%, 08/25/35		4,157
	2,553	Wells Fargo Mortgage Loan Trust, Series 2012-RR1, Class A1, VAR, 2.847%, 08/27/37 (e)		2,566

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
		Wells Fargo Mortgage-Backed Securities Trust,
	212	Series 2003-11, Class 1APO, PO, 10/25/18		210
	735	Series 2003-13, Class A7, 4.500%, 11/25/18		750
	761	Series 2003-15, Class 1A1, 4.750%, 12/25/18		789
	145	Series 2003-15, Class APO, PO, 12/25/18		134
	689	Series 2003-16, Class 2A1, 4.500%, 12/25/18		706
	523	Series 2003-K, Class 1A1, VAR, 4.438%, 11/25/33		526
	988	Series 2003-K, Class 1A2, VAR, 4.438%, 11/25/33		1,004
	258	Series 2004-2, Class APO, PO, 01/25/19		256
	367	Series 2004-7, Class 2A1, 4.500%, 07/25/19		376
	357	Series 2004-7, Class 2A2, 5.000%, 07/25/19		370
	1,042	Series 2004-BB, Class A4, VAR, 2.618%, 01/25/35		1,038
	962	Series 2004-EE, Class 2A1, VAR, 2.669%, 12/25/34		961
	1,029	Series 2004-EE, Class 3A1, VAR, 2.839%, 12/25/34		1,043
	4,846	Series 2004-P, Class 2A1, VAR, 2.674%, 09/25/34		4,833
	997	Series 2004-V, Class 1A1, VAR, 2.688%, 10/25/34		984
	691	Series 2005-1, Class 2A1, 5.000%, 01/25/20		708
	188	Series 2005-13, Class APO, PO, 11/25/20		173
	590	Series 2005-16, Class APO, PO, 01/25/36		475
	584	Series 2005-AR16, Class 2A1, VAR, 2.652%, 02/25/34		543
	914	Series 2005-AR8, Class 2A1, VAR, 2.694%, 06/25/35		877
	1,193	Series 2006-2, Class APO, PO, 03/25/36		654
	738	Series 2006-4, Class 1APO, PO, 04/25/36		543
	2,500	Series 2007-7, Class A7, 6.000%, 06/25/37		2,331
	693	Series 2007-11, Class A14, 6.000%, 08/25/37		660
				411,293
		Total Collateralized Mortgage Obligations (Cost $1,122,980)		1,211,019
	Commercial Mortgage-Backed Securities — 2.4%
	3,000	A10 Securitization LLC, Series 2012-1, Class A, 3.492%, 04/15/24 (e)		3,004
		Banc of America Merrill Lynch Commercial Mortgage, Inc.,
	400	Series 2005-3, Class A4, 4.668%, 07/10/43		435
	1,610	Series 2005-3, Class AM, 4.727%, 07/10/43		1,651
	3,256	Series 2005-6, Class ASB, VAR, 5.193%, 09/10/47		3,382
	265	Series 2006-1, Class A4, VAR, 5.372%, 09/10/45		294
	2,250	Series 2006-4, Class A4, 5.634%, 07/10/46		2,520
	890	Series 2006-5, Class A4, 5.414%, 09/10/47		979
		Bear Stearns Commercial Mortgage Securities,
	44,524	Series 2005-PWR8, Class X1, IO, VAR, 0.231%, 06/11/41 (e)		642
	1,201	Series 2005-PWR9, Class AAB, 4.804%, 09/11/42		1,248
	3,148	Series 2006-PW11, Class A4, VAR, 5.452%, 03/11/39		3,516
	1,200	Citigroup Commercial Mortgage Trust, Series 2005-C3, Class AM, VAR, 4.830%, 05/15/43		1,250
	102,643	Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class XC, IO, VAR, 0.150%, 12/11/49 (e)		805
	1,100	Commercial Mortgage Pass-Through Certificates, Series 2005-LP5, Class A4, VAR, 4.982%, 05/10/43		1,201
	700	Credit Suisse Mortgage Capital Certificates, Series 2006-C2, Class A3, VAR, 5.662%, 03/15/39		765
		CW Capital Cobalt Ltd.,
	580	Series 2006-C1, Class A4, 5.223%, 08/15/48		629
	26,278	Series 2006-C1, Class IO, IO, VAR, 0.749%, 08/15/48		692
	2,706	FDIC Structured Sale Guaranteed Notes, Series 2010-C1, Class A, 2.980%, 12/06/20 (e)		2,793
	2,293	Fontainebleau Miami Beach Trust, Series 2012-FBLU, Class A, 2.887%, 05/05/27 (e)		2,326
	1,856	GE Capital Commercial Mortgage Corp., Series 2005-C1, Class AJ, VAR, 4.826%, 06/10/48		1,894
	4,025	GMAC Commercial Mortgage Securities, Inc., Series 2006-C1, Class A4, VAR, 5.238%, 11/10/45		4,356
	500	Greenwich Capital Commercial Funding Corp., Series 2005-GG3, Class AJ, VAR, 4.859%, 08/10/42		507

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Commercial Mortgage-Backed Securities — Continued
		GS Mortgage Securities Corp. II,
	1,825	Series 2004-GG2, Class A6, VAR, 5.396%, 08/10/38		1,956
	770	Series 2006-GG6, Class A4, VAR, 5.553%, 04/10/38		850
	1,000	Series 2009-RR1, Class JPB, 5.374%, 05/17/45 (e)		994
	1,000	JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-CB11, Class AJ, VAR, 5.365%, 08/12/37		996
		LB-UBS Commercial Mortgage Trust,
	1,000	Series 2006-C1, Class A4, 5.156%, 02/15/31		1,108
	44,972	Series 2006-C7, Class XW, IO, VAR, 0.649%, 11/15/38 (e)		1,070
		Merrill Lynch Mortgage Trust,
	3,105	Series 2005-LC1, Class A4, VAR, 5.291%, 01/12/44		3,435
	1,980	Series 2005-MCP1, Class ASB, VAR, 4.674%, 06/12/43		1,984
		Merrill Lynch/Countrywide Commercial Mortgage Trust,
	3,207	Series 2006-1, Class A4, VAR, 5.432%, 02/12/39		3,552
	31,041	Series 2006-4, Class XC, IO, VAR, 0.203%, 12/12/49 (e)		383
		Morgan Stanley Capital I, Inc.,
	41,590	Series 2006-IQ12, Class X1, IO, VAR, 0.134%, 12/15/43 (e)		583
	87,085	Series 2007-HQ11, Class X, IO, VAR, 0.227%, 02/12/44 (e)		612
	764	Series 2011-C3, Class A3, 4.054%, 07/15/49		825
		Morgan Stanley Reremic Trust,
	395	Series 2009-IO, Class A1, 3.000%, 07/17/56 (e)		396
	3,500	Series 2009-IO, Class A2, 5.000%, 07/17/56 (e)		3,583
	365	Series 2010-C30A, Class A3A, 3.250%, 12/17/43 (e)		365
	3,000	Series 2010-HQ4B, Class A7A, 4.970%, 04/16/40 (e)		3,150
	5,521	Series 2011-IO, Class A, 2.500%, 03/23/51 (e)		5,543
	8,082	Series 2012-XA, Class A, 2.000%, 07/27/49		8,066
	1,500	Series 2012-XA, Class B, 0.250%, 07/28/49		997
	5,545	TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class A3, VAR, 5.620%, 08/15/39		5,957
		WF-RBS Commercial Mortgage Trust,
	1,700	Series 2011-C3, Class A4, 4.375%, 03/15/44 (e)		1,871
	800	Series 2012-C6, Class A4, 3.440%, 04/15/45		840
		Total Commercial Mortgage-Backed Securities (Cost $79,442)		84,005
	Corporate Bonds — 19.6%
		Consumer Discretionary — 1.4%
		Auto Components — 0.1%
		Johnson Controls, Inc.,
	591	3.750%, 12/01/21		621
	665	4.250%, 03/01/21		723
	1,000	5.250%, 12/01/41		1,126
				2,470
		Automobiles — 0.1%
		Daimler Finance North America LLC,
	421	1.650%, 04/10/15 (e)		421
	739	2.625%, 09/15/16 (e)		762
	1,425	2.950%, 01/11/17 (e)		1,475
	1,000	6.500%, 11/15/13		1,077
				3,735
		Hotels, Restaurants & Leisure — 0.0% (g)
	400	McDonald’s Corp., 4.300%, 03/01/13		411
		Household Durables — 0.0% (g)
	500	Newell Rubbermaid, Inc., 4.700%, 08/15/20		543
		Media — 1.0%
		CBS Corp.,
	140	5.500%, 05/15/33		152
	252	5.750%, 04/15/20		294
	1,000	7.875%, 07/30/30		1,332
	190	8.875%, 05/15/19		254
	250	Comcast Cable Communications Holdings, Inc., 9.455%, 11/15/22		365
	624	Comcast Cable Communications LLC, 7.125%, 06/15/13		663
		Comcast Corp.,
	2,845	5.900%, 03/15/16		3,286
	400	6.450%, 03/15/37		492
	955	6.500%, 11/15/35		1,179
	740	Comcast Holdings Corp., 10.625%, 07/15/12		748

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Media — Continued
		Cox Communications, Inc.,
	505	5.450%, 12/15/14		556
	125	8.375%, 03/01/39 (e)		181
	450	Cox Enterprises, Inc., 7.375%, 07/15/27 (e)		553
		DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.,
	400	3.800%, 03/15/22		401
	1,000	4.600%, 02/15/21		1,069
	772	5.000%, 03/01/21		847
	2,000	6.000%, 08/15/40		2,192
		Discovery Communications LLC,
	1,016	4.375%, 06/15/21		1,101
	319	4.950%, 05/15/42		333
	1,177	Historic TW, Inc., 9.150%, 02/01/23		1,622
		NBCUniversal Media LLC,
	300	4.375%, 04/01/21		331
	800	5.950%, 04/01/41		953
		News America, Inc.,
	100	6.200%, 12/15/34		112
	400	6.650%, 11/15/37		461
	250	6.900%, 08/15/39		300
	1,075	7.300%, 04/30/28		1,232
	500	8.000%, 10/17/16		616
	355	8.875%, 04/26/23		452
		Thomson Reuters Corp., (Canada),
	1,278	3.950%, 09/30/21		1,389
	315	4.700%, 10/15/19		360
	493	5.950%, 07/15/13		519
		Time Warner Cable, Inc.,
	359	5.500%, 09/01/41		386
	2,127	5.850%, 05/01/17		2,473
	400	6.550%, 05/01/37		468
	800	8.250%, 04/01/19		1,044
		Time Warner Entertainment Co. LP,
	120	8.375%, 03/15/23		161
	1,250	8.375%, 07/15/33		1,726
		Time Warner, Inc.,
	525	4.750%, 03/29/21		589
	313	5.375%, 10/15/41		339
	150	6.200%, 03/15/40		175
	437	6.250%, 03/29/41		518
	200	7.625%, 04/15/31		260
	171	7.700%, 05/01/32		226
		Viacom, Inc.,
	208	1.250%, 02/27/15		208
	808	3.875%, 12/15/21		862
	100	4.500%, 03/01/21		111
	250	4.500%, 02/27/42		249
				34,140
		Multiline Retail — 0.1%
		Kohl’s Corp.,
	400	4.000%, 11/01/21		414
	275	6.250%, 12/15/17		334
		Macy’s Retail Holdings, Inc.,
	191	3.875%, 01/15/22		199
	157	5.125%, 01/15/42		164
	190	7.450%, 07/15/17		232
	455	Nordstrom, Inc., 4.000%, 10/15/21		504
		Target Corp.,
	200	6.000%, 01/15/18		245
	800	7.000%, 01/15/38		1,146
				3,238
		Specialty Retail — 0.1%
	533	Gap, Inc. (The), 5.950%, 04/12/21		550
	1,625	Home Depot, Inc. (The), 5.400%, 03/01/16		1,873
		Lowe’s Cos., Inc.,
	739	4.650%, 04/15/42		776
	326	5.125%, 11/15/41		363
	750	7.110%, 05/15/37		1,009
	590	Staples, Inc., 9.750%, 01/15/14		665
				5,236
		Total Consumer Discretionary		49,773
		Consumer Staples — 1.0%
		Beverages — 0.3%
		Anheuser-Busch Cos. LLC,
	600	5.500%, 01/15/18		710
	905	5.750%, 04/01/36		1,146
		Anheuser-Busch InBev Worldwide, Inc.,
	114	1.500%, 07/14/14		116
	515	7.750%, 01/15/19		681
		Coca-Cola Co. (The),
	500	3.625%, 03/15/14		527
	410	4.875%, 03/15/19		488
		Diageo Capital plc, (United Kingdom),
	264	1.500%, 05/11/17		264
	510	4.828%, 07/15/20		599

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Beverages — Continued
		Diageo Finance B.V., (Netherlands),
	800	5.300%, 10/28/15		907
	500	5.500%, 04/01/13		520
	890	FBG Finance Ltd., (Australia), 5.125%, 06/15/15 (e)		980
		PepsiCo, Inc.,
	150	0.800%, 08/25/14		150
	359	3.000%, 08/25/21		369
	54	7.900%, 11/01/18		72
		SABMiller Holdings, Inc.,
	574	1.850%, 01/15/15 (e)		582
	698	3.750%, 01/15/22 (e)		740
		SABMiller plc, (United Kingdom),
	700	5.700%, 01/15/14 (e)		750
	250	6.500%, 07/01/16 (e)		292
				9,893
		Food & Staples Retailing — 0.3%
		CVS Caremark Corp.,
	979	5.750%, 05/15/41		1,162
	250	6.125%, 09/15/39		308
	1,103	CVS Pass-Through Trust, 5.926%, 01/10/34 (e)		1,251
		Kroger Co. (The),
	1,100	5.000%, 04/15/42		1,114
	850	7.500%, 01/15/14		938
	2,460	7.500%, 04/01/31		3,198
		Wal-Mart Stores, Inc.,
	420	4.550%, 05/01/13		435
	752	5.250%, 09/01/35		891
	215	6.200%, 04/15/38		286
	350	7.550%, 02/15/30		523
				10,106
		Food Products — 0.4%
		Bunge Ltd. Finance Corp.,
	165	5.875%, 05/15/13		172
	1,295	8.500%, 06/15/19		1,648
	191	Bunge N.A. Finance LP, 5.900%, 04/01/17		215
		Cargill, Inc.,
	600	3.300%, 03/01/22 (e)		618
	535	4.307%, 05/14/21 (e)		594
	850	7.350%, 03/06/19 (e)		1,083
	225	H.J. Heinz Co., 6.375%, 07/15/28		275
		Kellogg Co.,
	365	1.750%, 05/17/17		364
	608	3.125%, 05/17/22		612
	462	4.250%, 03/06/13		475
	1,200	5.125%, 12/03/12		1,228
		Kraft Foods Group, Inc.,
	814	3.500%, 06/06/22 (e)		832
	694	5.000%, 06/04/42 (e)		721
		Kraft Foods, Inc.,
	1,450	6.125%, 02/01/18		1,728
	1,480	6.500%, 08/11/17		1,792
	350	6.500%, 11/01/31		434
	600	6.875%, 02/01/38		789
	500	6.875%, 01/26/39		658
	350	7.000%, 08/11/37		452
				14,690
		Household Products — 0.0% (g)
		Kimberly-Clark Corp.,
	220	2.400%, 03/01/22		220
	66	7.500%, 11/01/18		89
	908	Procter & Gamble - ESOP, 9.360%,
		01/01/21		1,219
	110	Procter & Gamble Co. (The), 5.500%,
		02/01/34		142
				1,670
		Total Consumer Staples		36,359
		Energy — 1.1%
		Energy Equipment & Services — 0.2%
	225	Cameron International Corp., 1.600%, 04/30/15		225
	1,555	Halliburton Co., 7.450%, 09/15/39		2,250
		Noble Holding International Ltd., (Cayman Islands),
	113	3.950%, 03/15/22		115
	83	5.250%, 03/15/42		84
	441	Schlumberger Investment S.A., (Luxembourg), 3.300%, 09/14/21 (e) Transocean, Inc., (Cayman Islands),		464
	256	6.375%, 12/15/21		294
	900	6.500%, 11/15/20		1,042
	198	7.350%, 12/15/41		244
	100	7.500%, 04/15/31		120
		Weatherford International Ltd., (Bermuda),
	311	4.500%, 04/15/22		322
	113	5.950%, 04/15/42		119
				5,279

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Oil, Gas & Consumable Fuels — 0.9%
	150	Alberta Energy Co. Ltd., (Canada), 7.375%, 11/01/31		179
		Anadarko Petroleum Corp.,
	125	5.750%, 06/15/14		135
	2,000	7.625%, 03/15/14		2,201
	265	8.700%, 03/15/19		352
		Apache Corp.,
	190	3.250%, 04/15/22		198
	556	4.750%, 04/15/43		609
	500	6.900%, 09/15/18		630
	1,000	Canadian Natural Resources Ltd., (Canada), 6.750%, 02/01/39		1,306
	1,000	Chevron Corp., 4.950%, 03/03/19		1,213
	405	Conoco Funding Co., (Canada), 7.250%, 10/15/31		586
		ConocoPhillips,
	200	5.200%, 05/15/18		238
	450	5.750%, 02/01/19		553
	150	6.000%, 01/15/20		191
	200	6.500%, 02/01/39		275
		Devon Energy Corp.,
	750	3.250%, 05/15/22		761
	522	4.750%, 05/15/42		546
	200	6.300%, 01/15/19		246
		Encana Corp., (Canada),
	545	6.500%, 05/15/19		659
	150	6.500%, 08/15/34		165
	925	ENI S.p.A., (Italy), 5.700%, 10/01/40 (e)		963
	600	EOG Resources, Inc., 4.100%, 02/01/21		663
	200	Kerr-McGee Corp., 6.950%, 07/01/24		248
		Marathon Oil Corp.,
	819	5.900%, 03/15/18		963
	1,535	6.000%, 10/01/17		1,810
	402	Occidental Petroleum Corp., 1.750%, 02/15/17		410
	1,020	Petrobras International Finance Co., (Cayman Islands), 5.375%, 01/27/21		1,088
		Petro-Canada, (Canada),
	324	6.050%, 05/15/18		383
	1,045	6.800%, 05/15/38		1,314
		Phillips 66,
	314	2.950%, 05/01/17 (e)		320
	182	4.300%, 04/01/22 (e)		190
		Shell International Finance B.V., (Netherlands),
	270	1.875%, 03/25/13		273
	275	4.000%, 03/21/14		292
	1,000	4.300%, 09/22/19		1,163
	1,005	4.375%, 03/25/20		1,176
	1,230	6.375%, 12/15/38		1,701
		Statoil ASA, (Norway),
	467	3.125%, 08/17/17		503
	300	3.150%, 01/23/22		313
	253	4.250%, 11/23/41		265
		Suncor Energy, Inc., (Canada),
	180	5.950%, 12/01/34		207
	250	6.850%, 06/01/39		318
		Talisman Energy, Inc., (Canada),
	1,500	5.500%, 05/15/42		1,539
	850	7.750%, 06/01/19		1,061
	400	Tosco Corp., 8.125%, 02/15/30		597
		Total Capital International S.A., (France),
	262	1.500%, 02/17/17		263
	216	2.875%, 02/17/22		219
		Total Capital S.A., (France),
	1,400	2.300%, 03/15/16		1,451
	370	4.125%, 01/28/21		415
	2,000	XTO Energy, Inc., 5.750%, 12/15/13		2,148
				33,299
		Total Energy		38,578
		Financials — 10.1%
		Capital Markets — 1.9%
		Bank of New York Mellon Corp. (The),
	357	1.200%, 02/20/15		358
	1,789	2.400%, 01/17/17		1,840
	900	2.950%, 06/18/15		944
	413	3.550%, 09/23/21		441
	750	4.600%, 01/15/20		850
	310	5.125%, 08/27/13		327
		BlackRock, Inc.,
	1,200	3.375%, 06/01/22		1,215
	540	3.500%, 12/10/14		573
	652	5.000%, 12/10/19		750
	350	6.250%, 09/15/17		422
	1,900	Blackstone Holdings Finance Co. LLC, 5.875%, 03/15/21 (e)		1,991

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Capital Markets — Continued
	250	Charles Schwab Corp. (The), 4.950%, 06/01/14		269
	720	Credit Suisse USA, Inc., 5.125%, 08/15/15		787
	500	FMR LLC, 6.450%, 11/15/39 (e)		580
		Goldman Sachs Group, Inc. (The),
	400	3.300%, 05/03/15		394
	3,060	3.625%, 02/07/16		3,014
	492	3.700%, 08/01/15		488
	1,041	4.750%, 07/15/13		1,070
	2,638	5.150%, 01/15/14		2,730
	848	5.250%, 07/27/21		839
	1,366	5.375%, 03/15/20		1,390
	750	5.500%, 11/15/14		788
	800	5.750%, 01/24/22		821
	4,100	5.950%, 01/18/18		4,282
	949	6.000%, 06/15/20		996
	125	6.150%, 04/01/18		131
	305	6.250%, 09/01/17		324
	485	6.750%, 10/01/37		477
	2,570	7.500%, 02/15/19		2,919
		Jefferies Group, Inc.,
	450	3.875%, 11/09/15		435
	1,005	5.125%, 04/13/18		955
	1,000	6.450%, 06/08/27		925
	770	8.500%, 07/15/19		816
		Macquarie Group Ltd., (Australia),
	1,200	6.000%, 01/14/20 (e)		1,202
	1,400	6.250%, 01/14/21 (e)		1,420
	750	7.300%, 08/01/14 (e)		796
	250	7.625%, 08/13/19 (e)		271
		Merrill Lynch & Co., Inc.,
	2,215	5.450%, 07/15/14		2,320
	1,702	6.150%, 04/25/13		1,750
	2,996	6.400%, 08/28/17		3,184
	1,249	6.875%, 04/25/18		1,372
		Morgan Stanley,
	625	4.000%, 07/24/15		604
	893	4.200%, 11/20/14		878
	2,029	4.750%, 04/01/14		2,002
	4,225	5.300%, 03/01/13		4,309
	1,000	5.450%, 01/09/17		977
	1,021	5.500%, 07/24/20		957
	350	5.500%, 07/28/21		328
	1,265	5.625%, 09/23/19		1,207
	900	5.750%, 08/31/12		908
	360	5.750%, 01/25/21		339
	1,200	6.000%, 05/13/14		1,221
	400	6.625%, 04/01/18		406
	370	6.750%, 10/15/13		392
	970	7.300%, 05/13/19		1,006
		Nomura Holdings, Inc., (Japan),
	1,050	4.125%, 01/19/16		1,066
	150	5.000%, 03/04/15		157
	1,150	6.700%, 03/04/20		1,272
	226	Northern Trust Corp., 5.500%, 08/15/13 UBS AG, (Switzerland),		239
	414	2.250%, 08/12/13		416
	2,300	3.875%, 01/15/15		2,375
	365	4.875%, 08/04/20		384
	500	5.750%, 04/25/18		548
	425	5.875%, 12/20/17		467
				69,914
		Commercial Banks — 3.1%
	550	ANZ National International Ltd., (New Zealand), 3.125%, 08/10/15 (e)		566
		Australia & New Zealand Banking Group Ltd., (Australia),
	1,268	2.400%, 11/23/16 (e)		1,305
	900	3.250%, 03/01/16 (e)		938
	228	4.875%, 01/12/21 (e)		255
	741	Bank of Montreal, (Canada), 1.300%, 10/31/14 (e)		751
		Bank of Nova Scotia, (Canada),
	1,034	1.650%, 10/29/15 (e)		1,058
	2,000	2.550%, 01/12/17		2,080
	737	3.400%, 01/22/15		776
		Bank of Tokyo-Mitsubishi UFJ Ltd., (Japan),
	1,275	2.350%, 02/23/17 (e)		1,302
	679	3.850%, 01/22/15 (e)		720
		Barclays Bank plc, (United Kingdom),
	276	2.250%, 05/10/17 (e)		276
	2,650	2.500%, 01/23/13		2,670
	800	2.500%, 09/21/15 (e)		794
	800	2.750%, 02/23/15		800
	935	3.900%, 04/07/15		964
	175	5.000%, 09/22/16		189
	700	5.200%, 07/10/14		737
	1,000	6.050%, 12/04/17 (e)		1,003

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Commercial Banks — Continued
		BB&T Corp.,
	655	3.375%, 09/25/13		676
	795	3.850%, 07/27/12		799
	750	3.950%, 04/29/16		815
	740	4.900%, 06/30/17		808
	1,885	5.700%, 04/30/14		2,052
	245	6.850%, 04/30/19		309
	695	Branch Banking & Trust Co., 5.625%, 09/15/16		789
	5,000	Canadian Imperial Bank of Commerce, (Canada), 2.600%, 07/02/15 (e)		5,259
	260	Comerica, Inc., 3.000%, 09/16/15		268
	1,080	Commonwealth Bank of Australia, (Australia), 2.250%, 03/16/17 (e)		1,103
		Credit Suisse, (Switzerland),
	801	4.375%, 08/05/20		849
	500	5.000%, 05/15/13		517
	160	5.300%, 08/13/19		179
	675	5.400%, 01/14/20		685
	942	5.500%, 05/01/14		1,001
	850	6.000%, 02/15/18		904
		Deutsche Bank AG, (Germany),
	650	3.250%, 01/11/16		664
	970	3.875%, 08/18/14		1,010
	325	6.000%, 09/01/17		369
	2,011	DnB Boligkreditt AS, (Norway), 2.100%, 10/14/15 (e)		2,045
	720	Fifth Third Bancorp, 5.450%, 01/15/17		785
		HSBC Bank plc, (United Kingdom),
	1,745	1.625%, 07/07/14 (e)		1,746
	1,438	3.100%, 05/24/16 (e)		1,483
	666	4.125%, 08/12/20 (e)		694
	575	4.750%, 01/19/21 (e)		626
		HSBC Holdings plc, (United Kingdom),
	500	4.000%, 03/30/22		509
	500	4.875%, 01/14/22		548
	556	5.100%, 04/05/21		615
	600	6.100%, 01/14/42		726
	1,500	HSBC USA, Inc., 2.375%, 02/13/15		1,505
	1,445	ING Bank N.V., (Netherlands), 3.750%, 03/07/17 (e)		1,421
	2,400	KeyBank N.A., 5.500%, 09/17/12		2,430
	480	KeyCorp, 6.500%, 05/14/13		504
	1,725	Macquarie Bank Ltd., (Australia), 5.000%, 02/22/17 (e)		1,758
	2,100	Manufacturers & Traders Trust Co., 6.625%, 12/04/17		2,467
		National Australia Bank Ltd., (Australia),
	3,000	2.500%, 01/08/13 (e)		3,030
	750	2.750%, 09/28/15 (e)		769
	1,000	3.000%, 07/27/16 (e)		1,030
	795	3.750%, 03/02/15 (e)		833
	1,353	National Bank of Canada, (Canada), 1.650%, 01/30/14 (e)		1,377
	250	National City Bank, 5.800%, 06/07/17		286
		Nordea Bank AB, (Sweden),
	600	1.750%, 10/04/13 (e)		600
	1,800	3.125%, 03/20/17 (e)		1,812
	945	4.875%, 05/13/21 (e)		921
	837	Oversea-Chinese Banking Corp., Ltd., (Singapore), 1.625%, 03/13/15 (e)		838
	400	PNC Bank N.A., 6.875%, 04/01/18		480
		PNC Funding Corp.,
	659	3.300%, 03/08/22		674
	567	4.375%, 08/11/20		629
	940	5.250%, 11/15/15		1,046
	950	5.625%, 02/01/17		1,063
	565	6.700%, 06/10/19		704
		Rabobank Nederland N.V., (Netherlands),
	140	2.125%, 10/13/15		141
	2,400	3.200%, 03/11/15 (e)		2,477
	455	3.375%, 01/19/17		466
	789	3.875%, 02/08/22		787
	500	5.800%, 09/30/10 (e)		515
		SunTrust Banks, Inc.,
	2,010	5.250%, 11/05/12		2,046
	820	6.000%, 09/11/17		913
	1,411	Svenska Handelsbanken AB, (Sweden), 3.125%, 07/12/16		1,458
		Toronto-Dominion Bank (The), (Canada),
	2,350	1.500%, 03/13/17 (e)		2,371
	1,140	2.200%, 07/29/15 (e)		1,186
		U.S. Bancorp,
	538	1.650%, 05/15/17		537
	645	2.450%, 07/27/15		669
	517	3.000%, 03/15/22		531
	566	4.125%, 05/24/21		635
	1,107	7.500%, 06/01/26		1,411
		Wachovia Bank N.A.,
	1,000	5.600%, 03/15/16		1,105

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Commercial Banks — Continued
	250	6.000%, 11/15/17		288
	1,125	6.600%, 01/15/38		1,409
		Wachovia Corp.,
	685	4.875%, 02/15/14		719
	2,000	5.500%, 05/01/13		2,085
	4,780	5.750%, 02/01/18		5,537
		Wells Fargo & Co.,
	1,826	2.625%, 12/15/16		1,862
	850	3.500%, 03/08/22		862
	500	4.600%, 04/01/21		550
	2,135	5.625%, 12/11/17		2,477
	1,000	SUB, 3.676%, 06/15/16		1,060
		Wells Fargo Bank N.A.,
	1,515	4.750%, 02/09/15		1,613
	250	5.750%, 05/16/16		284
		Westpac Banking Corp., (Australia),
	900	4.200%, 02/27/15		962
	2,105	4.875%, 11/19/19		2,304
				111,454
		Consumer Finance — 0.9%
	700	American Express Co., 7.000%, 03/19/18		862
		American Express Credit Corp.,
	361	2.375%, 03/24/17		366
	1,000	2.800%, 09/19/16		1,030
	2,140	5.875%, 05/02/13		2,234
	400	7.300%, 08/20/13		429
		American Honda Finance Corp.,
	667	1.450%, 02/27/15 (e)		671
	565	2.125%, 02/28/17 (e)		574
	405	2.375%, 03/18/13 (e)		410
	1,599	2.600%, 09/20/16 (e)		1,658
	150	7.625%, 10/01/18 (e)		192
	1,375	Capital One Bank USA N.A., 8.800%, 07/15/19		1,746
		Capital One Financial Corp.,
	1,165	6.750%, 09/15/17		1,392
	2,140	7.375%, 05/23/14		2,355
		HSBC Finance Corp.,
	1,000	4.750%, 07/15/13		1,030
	3,413	5.000%, 06/30/15		3,642
	2,200	5.250%, 01/15/14		2,315
	188	6.375%, 11/27/12		193
	207	7.350%, 11/27/32		224
		John Deere Capital Corp.,
	400	2.250%, 04/17/19		409
	233	3.150%, 10/15/21		246
	265	4.500%, 04/03/13		274
	1,000	5.250%, 10/01/12		1,015
	637	PACCAR Financial Corp., 1.600%, 03/15/17		639
	1,023	SLM Corp., 5.375%, 01/15/13		1,040
	1,083	Springleaf Finance Corp., 5.375%, 10/01/12		1,067
		Toyota Motor Credit Corp.,
	1,120	1.000%, 02/17/15		1,121
	2,400	2.000%, 09/15/16		2,444
	962	3.200%, 06/17/15		1,022
				30,600
		Diversified Financial Services — 2.4%
	1,900	Associates Corp. of North America, 6.950%, 11/01/18		2,125
	2,200	BA Covered Bond Issuer, 5.500%, 06/14/12 (e)		2,204
		Bank of America Corp.,
	520	3.625%, 03/17/16		515
	300	4.900%, 05/01/13		307
	470	5.000%, 05/13/21		472
	2,720	5.625%, 10/14/16		2,858
	740	5.625%, 07/01/20		766
	600	5.650%, 05/01/18		625
	1,405	5.700%, 01/24/22		1,493
	420	5.750%, 12/01/17		437
	400	5.875%, 01/05/21		418
	600	7.625%, 06/01/19		686
	1,510	7.800%, 09/15/16		1,642
	1,455	Bank of America N.A., 5.300%, 03/15/17		1,481
	235	BG Energy Capital plc, (United Kingdom), 5.125%, 10/15/41 (e)		266
		BP Capital Markets plc, (United Kingdom),
	929	1.846%, 05/05/17		930
	900	4.742%, 03/11/21		1,024
	2,122	5.250%, 11/07/13		2,250
	725	Caisse Centrale Desjardins du Quebec, (Canada), 2.550%, 03/24/16 (e)		763
		Caterpillar Financial Services Corp.,
	387	2.850%, 06/01/22		392
	665	4.900%, 08/15/13		698
	560	5.500%, 03/15/16		647

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Diversified Financial Services — Continued
	1,300	6.200%, 09/30/13		1,394
	305	7.050%, 10/01/18		395
	510	7.150%, 02/15/19		670
		Citigroup, Inc.,
	450	2.650%, 03/02/15		446
	500	4.450%, 01/10/17		516
	832	4.587%, 12/15/15		866
	856	4.700%, 05/29/15		889
	527	4.750%, 05/19/15		549
	3,127	5.000%, 09/15/14		3,197
	2,025	5.125%, 05/05/14		2,122
	1,225	5.375%, 08/09/20		1,317
	321	5.875%, 01/30/42		342
	150	6.000%, 12/13/13		157
	2,150	6.000%, 08/15/17		2,331
	755	6.010%, 01/15/15		809
	350	6.125%, 11/21/17		379
	510	6.375%, 08/12/14		547
	600	6.500%, 08/19/13		630
	400	8.125%, 07/15/39		530
	1,400	8.500%, 05/22/19		1,715
		CME Group, Inc.,
	1,786	5.400%, 08/01/13		1,881
	1,490	5.750%, 02/15/14		1,609
	1,045	ConocoPhillips Canada Funding Co. I, (Canada), 5.625%, 10/15/16		1,233
		ERAC USA Finance LLC,
	154	2.250%, 01/10/14 (e)		155
	355	2.750%, 03/15/17 (e)		360
	559	4.500%, 08/16/21 (e)		598
	316	5.625%, 03/15/42 (e)		323
	350	6.375%, 10/15/17 (e)		409
	746	6.700%, 06/01/34 (e)		864
		FUEL Trust,
	1,917	3.984%, 06/15/16 (e)		1,991
	561	4.207%, 04/15/16 (e)		587
		General Electric Capital Corp.,
	750	2.300%, 04/27/17		747
	650	4.625%, 01/07/21		710
	2,100	4.650%, 10/17/21		2,307
	5,825	5.250%, 10/19/12		5,929
	191	5.300%, 02/11/21		213
	2,500	5.400%, 02/15/17		2,831
	5,755	5.625%, 05/01/18		6,540
	1,000	5.650%, 06/09/14		1,084
	310	5.875%, 01/14/38		353
	6,912	6.000%, 06/15/12		6,927
	2,544	6.750%, 03/15/32		3,129
	1,742	GTP Acquisition Partners I LLC, 4.347%, 06/15/16 (e)		1,825
		National Rural Utilities Cooperative Finance Corp.,
	225	2.625%, 09/16/12		226
	635	4.750%, 03/01/14		677
	200	10.375%, 11/01/18		292
	640	Textron Financial Corp., 5.400%, 04/28/13		659
	331	Volkswagen International Finance N.V., (Netherlands), 1.625%, 08/12/13 (e)		333
				87,592
		Insurance — 1.4%
		ACE INA Holdings, Inc.,
	455	2.600%, 11/23/15		472
	350	5.600%, 05/15/15		392
		Aflac, Inc.,
	228	2.650%, 02/15/17		233
	260	4.000%, 02/15/22		271
	317	6.450%, 08/15/40		370
	200	8.500%, 05/15/19		265
	520	AIG SunAmerica Global Financing X, 6.900%, 03/15/32 (e)		636
	1,012	Allstate Life Global Funding Trusts, 5.375%, 04/30/13		1,056
		American International Group, Inc.,
	1,499	4.250%, 05/15/13		1,528
	2,960	5.450%, 05/18/17		3,183
		Aon Corp.,
	402	3.125%, 05/27/16		418
	336	3.500%, 09/30/15		351
	306	6.250%, 09/30/40		389
	2,185	ASIF Global Financing XIX, 4.900%, 01/17/13 (e)		2,210
		Berkshire Hathaway Finance Corp.,
	233	2.450%, 12/15/15		243
	233	3.000%, 05/15/22		233
	494	4.400%, 05/15/42		497
	1,000	4.600%, 05/15/13		1,039
	605	5.000%, 08/15/13		635
	1,505	5.400%, 05/15/18		1,777

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Insurance — Continued
		Berkshire Hathaway, Inc.,
	1,387	3.400%, 01/31/22		1,438
	781	3.750%, 08/15/21		830
	100	Chubb Corp., 5.750%, 05/15/18		123
		CNA Financial Corp.,
	750	5.850%, 12/15/14		807
	781	5.875%, 08/15/20		855
	820	Jackson National Life Global Funding, 5.375%, 05/08/13 (e)		849
		Lincoln National Corp.,
	345	4.200%, 03/15/22		345
	251	4.850%, 06/24/21		263
	280	Massachusetts Mutual Life Insurance Co., 5.375%, 12/01/41 (e)		312
		MassMutual Global Funding II,
	1,500	2.000%, 04/05/17 (e)		1,517
	540	2.300%, 09/28/15 (e)		557
	338	2.875%, 04/21/14 (e)		349
	500	3.625%, 07/16/12 (e)		502
	920	MetLife Institutional Funding II, VAR, 1.368%, 04/04/14 (e)		923
	430	MetLife, Inc., 6.817%, 08/15/18		522
		Metropolitan Life Global Funding I,
	1,150	2.000%, 01/10/14 (e)		1,165
	700	2.000%, 01/09/15 (e)		711
	1,250	2.500%, 01/11/13 (e)		1,263
	400	3.125%, 01/11/16 (e)		422
	1,900	3.650%, 06/14/18 (e)		2,014
	1,277	3.875%, 04/11/22 (e)		1,329
	300	5.125%, 04/10/13 (e)		311
	1,093	5.200%, 09/18/13 (e)		1,149
	250	Monumental Global Funding Ltd., (Cayman Islands), 5.500%, 04/22/13 (e)		259
	1,750	Nationwide Mutual Insurance Co., 9.375%, 08/15/39 (e)		2,300
		New York Life Global Funding,
	350	1.300%, 01/12/15 (e)		352
	725	4.650%, 05/09/13 (e)		750
	2,637	5.375%, 09/15/13 (e)		2,787
		Pacific Life Global Funding,
	650	5.000%, 05/15/17 (e)		688
	410	5.150%, 04/15/13 (e)		424
	530	Pacific Life Insurance Co., 9.250%, 06/15/39 (e)		688
	2,100	Pricoa Global Funding I, 5.450%, 06/11/14 (e)		2,251
	500	Principal Life Global Funding I, 5.050%, 03/15/15 (e)		537
	215	Principal Life Income Funding Trusts, 5.300%, 12/14/12		220
	1,750	Prudential Insurance Co. of America (The), 8.300%, 07/01/25 (e)		2,333
	210	Travelers Cos., Inc. (The), 5.800%, 05/15/18		254
	1,120	Travelers Life & Annunity Global Funding I, 5.125%, 08/15/14 (e)		1,213
	300	Travelers Property Casualty Corp., 5.000%, 03/15/13		310
				50,120
		Real Estate Investment Trusts (REITs) — 0.3%
		CommonWealth REIT,
	600	5.875%, 09/15/20		626
	320	6.250%, 08/15/16		339
	1,325	6.650%, 01/15/18		1,437
	454	ERP Operating LP, 4.625%, 12/15/21		495
		HCP, Inc.,
	159	3.750%, 02/01/19		160
	895	5.375%, 02/01/21		999
		Simon Property Group LP,
	917	2.150%, 09/15/17		914
	579	4.125%, 12/01/21		628
	32	4.200%, 02/01/15		34
	200	4.375%, 03/01/21		219
	705	5.625%, 08/15/14		766
	665	6.100%, 05/01/16		767
	320	6.125%, 05/30/18		381
	330	6.750%, 05/15/14		360
	440	WEA Finance LLC, 7.125%, 04/15/18 (e)		524
	1,376	WEA Finance LLC/WT Finance Ltd., 6.750%, 09/02/19 (e)		1,637
				10,286
		Thrifts & Mortgage Finance — 0.1%
	400	Countrywide Financial Corp., 6.250%, 05/15/16		412
	1,463	Stadshypotek AB, (Sweden), 1.450%, 09/30/13 (e)		1,475
				1,887
		Total Financials		361,853

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Health Care — 0.4%
		Biotechnology — 0.2%
		Amgen, Inc.,
	1,000	3.875%, 11/15/21		1,047
	237	4.500%, 03/15/20		259
	500	4.950%, 10/01/41		502
	2,000	5.150%, 11/15/41		2,063
	252	5.650%, 06/15/42		279
	570	5.700%, 02/01/19		670
	720	5.750%, 03/15/40		804
				5,624
		Health Care Equipment & Supplies — 0.0% (g)
		Baxter International, Inc.,
	380	4.000%, 03/01/14		402
	215	4.625%, 03/15/15		238
	100	Becton Dickinson and Co., 5.000%, 05/15/19		118
				758
		Health Care Providers & Services — 0.1%
	265	Aetna, Inc., 4.500%, 05/15/42		264
	370	Medco Health Solutions, Inc., 2.750%, 09/15/15		382
	975	UnitedHealth Group, Inc., 3.375%, 11/15/21		1,028
		WellPoint, Inc.,
	615	3.125%, 05/15/22		613
	500	4.625%, 05/15/42		504
	168	5.875%, 06/15/17		199
	113	7.000%, 02/15/19		142
				3,132
		Pharmaceuticals — 0.1%
	250	Abbott Laboratories, 6.150%, 11/30/37		332
	645	AstraZeneca plc, (United Kingdom), 5.400%, 06/01/14		704
		GlaxoSmithKline Capital, Inc.,
	450	4.375%, 04/15/14		481
	750	5.650%, 05/15/18		901
	530	6.375%, 05/15/38		725
	650	Merck & Co., Inc., 6.000%, 09/15/17		799
				3,942
		Total Health Care		13,456
		Industrials — 0.9%
		Aerospace & Defense — 0.2%
	400	BAE Systems Holdings, Inc., 6.375%, 06/01/19 (e)		472
	676	BAE Systems plc, (United Kingdom), 5.800%, 10/11/41 (e)		776
	300	Honeywell International, Inc., 5.300%, 03/01/18		358
		Lockheed Martin Corp.,
	387	2.125%, 09/15/16		397
	292	4.850%, 09/15/41		317
	1,144	5.720%, 06/01/40		1,372
		United Technologies Corp.,
	214	1.800%, 06/01/17		217
	681	3.100%, 06/01/22		707
	914	4.500%, 06/01/42		979
	1,261	6.125%, 02/01/19		1,564
				7,159
		Airlines — 0.1%
	254	American Airlines, 2011-1 Class A Pass- Through Trust, 5.250%, 01/31/21		263
	677	American Airlines, 2011-2 Class A Pass- Through Trust, 8.625%, 10/15/21		711
	267	Continental Airlines, 1999-2 Class C-2 Pass-Through Trust, 7.256%, 03/15/20		291
	456	Continental Airlines, 2007-1 Class A Pass- Through Trust, 5.983%, 04/19/22		495
	600	Delta Air Lines, 2010-2 Class A Pass- Through Trust, 4.950%, 05/23/19		633
	226	Delta Air Lines, 2011-1 Class A Pass- Through Trust, 5.300%, 04/15/19		240
				2,633
		Commercial Services & Supplies — 0.1%
	725	Allied Waste North America, Inc., 6.875%, 06/01/17		750
		Pitney Bowes, Inc.,
	565	4.875%, 08/15/14		590
	1,020	5.000%, 03/15/15		1,066
	200	5.600%, 03/15/18		203
	614	Republic Services, Inc., 3.550%, 06/01/22		622
		Waste Management, Inc.,
	214	4.750%, 06/30/20		241
	455	7.375%, 03/11/19		578
				4,050
		Construction & Engineering — 0.0% (g)
		ABB Finance USA, Inc.,
	226	1.625%, 05/08/17		226
	292	2.875%, 05/08/22		291
	145	4.375%, 05/08/42		150

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Construction & Engineering — Continued
	789	Fluor Corp., 3.375%, 09/15/21		823
				1,490
		Industrial Conglomerates — 0.1%
	588	Danaher Corp., 3.900%, 06/23/21		662
		Koninklijke Philips Electronics N.V., (Netherlands),
	970	3.750%, 03/15/22		1,011
	260	5.750%, 03/11/18		307
	130	7.200%, 06/01/26		176
	300	Siemens Financieringsmaatschappij N.V., (Netherlands), 5.750%, 10/17/16 (e)		351
	500	Tyco International Finance S.A., (Luxembourg), 8.500%, 01/15/19		661
	375	Tyco International Ltd./Tyco International Finance S.A., (Switzerland), 7.000%, 12/15/19		474
				3,642
		Machinery — 0.0% (g)
		Eaton Corp.,
	500	5.600%, 05/15/18		593
	300	7.625%, 04/01/24		416
	290	Ingersoll-Rand Co., 6.391%, 11/15/27		353
	135	Parker Hannifin Corp., 5.500%, 05/15/18		162
				1,524
		Road & Rail — 0.4%
		Burlington Northern Santa Fe LLC,
	522	3.050%, 03/15/22		529
	300	3.450%, 09/15/21		315
	125	3.600%, 09/01/20		133
	1,000	5.400%, 06/01/41		1,151
	500	5.650%, 05/01/17		587
	250	5.750%, 03/15/18		300
	425	5.750%, 05/01/40		509
	250	6.700%, 08/01/28		313
	450	7.000%, 02/01/14		494
		CSX Corp.,
	300	4.250%, 06/01/21		330
	575	5.500%, 04/15/41		651
	145	6.250%, 04/01/15		166
	205	7.375%, 02/01/19		262
	500	7.900%, 05/01/17		625
		Norfolk Southern Corp.,
	746	3.250%, 12/01/21		780
	100	6.000%, 03/15/05		124
	1,768	6.000%, 05/23/11		2,154
	355	7.700%, 05/15/17		451
		Ryder System, Inc.,
	484	2.500%, 03/01/17		488
	420	3.600%, 03/01/16		444
		Union Pacific Corp.,
	693	4.163%, 07/15/22		778
	235	4.875%, 01/15/15		257
	907	5.650%, 05/01/17		1,060
		United Parcel Service of America, Inc.,
	340	8.375%, 04/01/20		479
	60	SUB, 8.375%, 04/01/30		89
				13,469
		Total Industrials		33,967
		Information Technology — 0.9%
		Communications Equipment — 0.1%
		Cisco Systems, Inc.,
	878	5.500%, 02/22/16		1,019
	350	5.500%, 01/15/40		431
	755	5.900%, 02/15/39		956
				2,406
		Computers & Peripherals — 0.3%
		Dell, Inc.,
	1,280	3.100%, 04/01/16		1,359
	250	4.625%, 04/01/21		278
	300	7.100%, 04/15/28		381
		Hewlett-Packard Co.,
	583	2.600%, 09/15/17		575
	275	2.950%, 08/15/12		276
	387	4.050%, 09/15/22		383
	600	4.300%, 06/01/21		610
	781	4.375%, 09/15/21		792
	600	4.750%, 06/02/14		635
	1,345	5.400%, 03/01/17		1,490
	2,500	6.000%, 09/15/41		2,720
	1,230	6.125%, 03/01/14		1,322
				10,821
		Electronic Equipment, Instruments & Components — 0.1%
		Arrow Electronics, Inc.,
	575	3.375%, 11/01/15		600
	165	6.000%, 04/01/20		184
	875	6.875%, 07/01/13		927
	725	7.500%, 01/15/27		841
				2,552

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		IT Services — 0.2%
	1,020	HP Enterprise Services LLC, 6.000%, 08/01/13		1,075
		International Business Machines Corp.,
	409	1.250%, 02/06/17		408
	2,600	5.700%, 09/14/17		3,127
	690	6.220%, 08/01/27		910
	1,075	7.625%, 10/15/18		1,432
				6,952
		Office Electronics — 0.0% (g)
		Xerox Corp.,
	196	2.950%, 03/15/17		198
	270	4.500%, 05/15/21		278
	600	5.625%, 12/15/19		682
	550	6.750%, 02/01/17		644
	100	8.250%, 05/15/14		112
				1,914
		Semiconductors & Semiconductor Equipment — 0.1%
	697	Intel Corp., 3.300%, 10/01/21		741
	1,350	National Semiconductor Corp., 6.600%, 06/15/17		1,678
	750	Texas Instruments, Inc., 1.375%, 05/15/14		760
				3,179
		Software — 0.1%
	260	Intuit, Inc., 5.750%, 03/15/17		300
		Microsoft Corp.,
	720	1.625%, 09/25/15		744
	117	4.500%, 10/01/40		134
		Oracle Corp.,
	500	5.000%, 07/08/19		598
	1,412	5.250%, 01/15/16		1,629
	698	5.750%, 04/15/18		846
	465	6.500%, 04/15/38		633
				4,884
		Total Information Technology		32,708
		Materials — 0.6%
		Chemicals — 0.4%
	249	Air Products & Chemicals, Inc., 4.150%, 02/01/13		255
		Dow Chemical Co. (The),
	385	4.125%, 11/15/21		404
	203	4.250%, 11/15/20		216
	200	5.250%, 11/15/41		215
	1,250	6.000%, 10/01/12		1,270
	370	7.375%, 11/01/29		490
	250	7.600%, 05/15/14		279
	158	8.550%, 05/15/19		209
		E.I. du Pont de Nemours & Co.,
	635	1.950%, 01/15/16		658
	350	4.900%, 01/15/41		406
	1,610	6.000%, 07/15/18		1,994
	150	Ecolab, Inc., 5.500%, 12/08/41		175
	1,430	Monsanto Co., 7.375%, 08/15/12		1,448
		Mosaic Co. (The),
	280	3.750%, 11/15/21		293
	79	4.875%, 11/15/41		84
	875	Potash Corp. of Saskatchewan, Inc., (Canada), 4.875%, 03/01/13		900
		PPG Industries, Inc.,
	114	5.500%, 11/15/40		138
	415	5.750%, 03/15/13		431
	700	6.650%, 03/15/18		868
	350	9.000%, 05/01/21		480
		Praxair, Inc.,
	662	4.625%, 03/30/15		732
	885	5.250%, 11/15/14		980
		Union Carbide Corp.,
	1,000	7.500%, 06/01/25		1,207
	850	7.750%, 10/01/96		982
				15,114
		Metals & Mining — 0.2%
		BHP Billiton Finance USA Ltd., (Australia),
	667	1.625%, 02/24/17		671
	410	5.400%, 03/29/17		479
	400	5.500%, 04/01/14		434
	550	6.500%, 04/01/19		702
	1,320	Freeport-McMoRan Copper & Gold, Inc., 2.150%, 03/01/17		1,301
	295	Placer Dome, Inc., (Canada), 6.450%, 10/15/35		344
		Rio Tinto Finance USA Ltd., (Australia),
	115	3.500%, 11/02/20		121
	550	3.750%, 09/20/21		588
	650	9.000%, 05/01/19		893
				5,533
		Total Materials		20,647
		Telecommunication Services — 1.2%
		Diversified Telecommunication Services — 1.1%
	6	AT&T Corp., 8.000%, 11/15/31		9

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Diversified Telecommunication Services — Continued
		AT&T, Inc.,
	850	4.450%, 05/15/21		970
	3,417	4.950%, 01/15/13		3,511
	386	5.100%, 09/15/14		422
	170	5.350%, 09/01/40		192
	250	5.500%, 02/01/18		295
	2,700	6.300%, 01/15/38		3,341
	350	Bellsouth Capital Funding Corp., 7.120%, 07/15/97		433
		BellSouth Corp.,
	1,373	5.200%, 09/15/14		1,495
	450	6.875%, 10/15/31		556
		BellSouth Telecommunications, Inc.,
	884	6.300%, 12/15/15		935
	300	7.000%, 10/01/25		379
	2,500	British Telecommunications plc, (United Kingdom), 5.150%, 01/15/13		2,564
	600	Centel Capital Corp., 9.000%, 10/15/19		699
		CenturyLink, Inc.,
	1,380	6.450%, 06/15/21		1,429
	920	7.600%, 09/15/39		876
		Deutsche Telekom International Finance B.V., (Netherlands),
	336	2.250%, 03/06/17 (e)		333
	1,150	4.875%, 07/08/14		1,225
	232	4.875%, 03/06/42 (e)		222
	400	6.000%, 07/08/19		477
	255	8.750%, 06/15/30		352
		France Telecom S.A., (France),
	560	2.750%, 09/14/16		568
	1,250	8.500%, 03/01/31		1,718
	2,100	GTE Corp., 6.840%, 04/15/18		2,581
	741	Qwest Corp., 6.750%, 12/01/21		827
		Telecom Italia Capital S.A., (Luxembourg),
	1,000	4.950%, 09/30/14		975
	1,616	5.250%, 11/15/13		1,608
	750	6.999%, 06/04/18		747
		Telefonica Emisiones S.A.U., (Spain),
	316	5.462%, 02/16/21		282
	880	5.855%, 02/04/13		884
	515	5.877%, 07/15/19		481
	300	6.421%, 06/20/16		295
		Verizon Communications, Inc.,
	650	5.500%, 04/01/17		764
	443	5.550%, 02/15/16		511
	100	5.850%, 09/15/35		122
	175	6.400%, 02/15/38		225
	1,250	7.350%, 04/01/39		1,782
	1,475	Verizon Global Funding Corp., 7.750%, 12/01/30		2,080
	1,444	Verizon Pennsylvania, Inc., 8.350%, 12/15/30		1,917
	962	Verizon Virginia, Inc., 4.625%, 03/15/13		991
				40,073
		Wireless Telecommunication Services — 0.1%
	640	America Movil S.A.B. de C.V., (Mexico), 2.375%, 09/08/16		646
	500	Cellco Partnership/Verizon Wireless Capital LLC, 5.550%, 02/01/14		537
	475	Crown Castle Towers LLC, 3.214%, 08/15/15 (e)		484
		Vodafone Group plc, (United Kingdom),
	1,200	1.625%, 03/20/17		1,194
	1,130	5.000%, 09/15/15		1,266
				4,127
		Total Telecommunication Services		44,200
		Utilities — 2.0%
		Electric Utilities — 1.4%
	222	Alabama Power Co., 6.125%, 05/15/38		295
		Arizona Public Service Co.,
	296	4.500%, 04/01/42		318
	467	5.050%, 09/01/41		556
		Carolina Power & Light Co.,
	509	2.800%, 05/15/22		519
	273	4.100%, 05/15/42		284
	888	5.125%, 09/15/13		938
	305	5.300%, 01/15/19		368
	1,421	CenterPoint Energy Houston Electric LLC, 5.750%, 01/15/14		1,526
	1,005	Cleveland Electric Illuminating Co. (The), 7.880%, 11/01/17		1,255
	831	Comision Federal de Electricidad, (Mexico), 4.875%, 05/26/21 (e)		870
	185	Connecticut Light & Power Co. (The), 5.650%, 05/01/18		221
	596	Consolidated Edison Co. of New York, Inc., 5.700%, 06/15/40		770
	210	Consumers Energy Co., 2.850%, 05/15/22		214
		Duke Energy Carolinas LLC,
	129	4.250%, 12/15/41		138

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Electric Utilities — Continued
	650	5.100%, 04/15/18		770
	745	5.625%, 11/30/12		763
	1,310	Duke Energy Indiana, Inc., 6.350%, 08/15/38		1,816
	950	Enel Finance International N.V., (Netherlands), 5.125%, 10/07/19 (e)		898
		Exelon Generation Co. LLC,
	1,020	4.000%, 10/01/20		1,058
	229	5.750%, 10/01/41		266
		Florida Power & Light Co.,
	410	5.950%, 10/01/33		537
	335	5.950%, 02/01/38		448
		Florida Power Corp.,
	280	5.650%, 06/15/18		339
	220	6.400%, 06/15/38		302
		Georgia Power Co.,
	200	5.950%, 02/01/39		261
	225	6.000%, 11/01/13		242
	229	Great Plains Energy, Inc., 4.850%, 06/01/21		248
	100	Indiana Michigan Power Co., 7.000%, 03/15/19		126
	100	Jersey Central Power & Light Co., 7.350%, 02/01/19		129
	755	John Sevier Combined Cycle Generation LLC, 4.626%, 01/15/42		852
	1,400	Kansas City Power & Light Co., 5.300%, 10/01/41		1,565
	62	Kiowa Power Partners LLC, 4.811%, 12/30/13 (e)		62
	105	MidAmerican Energy Co., 5.300%, 03/15/18		124
		Nevada Power Co.,
	55	5.375%, 09/15/40		65
	300	5.450%, 05/15/41		367
	720	6.500%, 08/01/18		892
		NextEra Energy Capital Holdings, Inc.,
	255	5.350%, 06/15/13		266
	670	6.000%, 03/01/19		789
	265	7.875%, 12/15/15		320
	300	Niagara Mohawk Power Corp., 4.881%, 08/15/19 (e)		341
		Nisource Finance Corp.,
	360	4.450%, 12/01/21		380
	1,256	5.800%, 02/01/42		1,427
	500	Northern States Power Co., 6.250%, 06/01/36		690
		Ohio Power Co.,
	320	5.750%, 09/01/13		339
	310	6.050%, 05/01/18		371
		Oncor Electric Delivery Co. LLC,
	200	5.950%, 09/01/13		212
	840	6.800%, 09/01/18		1,001
	100	7.000%, 09/01/22		123
		Pacific Gas & Electric Co.,
	71	3.250%, 09/15/21		75
	217	4.450%, 04/15/42		231
	390	4.500%, 12/15/41		419
	780	5.625%, 11/30/17		940
	160	8.250%, 10/15/18		217
		PacifiCorp,
	175	5.500%, 01/15/19		210
	150	5.650%, 07/15/18		181
	100	Peco Energy Co., 5.350%, 03/01/18		119
	1,050	Potomac Electric Power Co., 6.500%, 11/15/37		1,463
		Progress Energy, Inc.,
	673	3.150%, 04/01/22		680
	300	6.050%, 03/15/14		326
	772	PSEG Power LLC, 5.125%, 04/15/20		870
		Public Service Co. of Colorado,
	90	3.200%, 11/15/20		97
	125	5.800%, 08/01/18		149
	2,450	Public Service Co. of Oklahoma, 6.625%, 11/15/37		3,204
		Public Service Electric & Gas Co.,
	205	5.300%, 05/01/18		246
	277	5.375%, 11/01/39		353
	2,000	6.330%, 11/01/13		2,151
	379	San Diego Gas & Electric Co., 3.950%, 11/15/41		398
		Southern California Edison Co.,
	160	4.150%, 09/15/14		172
	765	5.500%, 08/15/18		929
	391	5.750%, 03/15/14		426
	200	5.950%, 02/01/38		266
	1,140	6.050%, 03/15/39		1,541
		Southern Co. (The),
	363	1.950%, 09/01/16		371
	250	4.150%, 05/15/14		265

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Electric Utilities — Continued
	202	Southern Power Co., 5.150%, 09/15/41		223
	570	Southwestern Public Service Co., 8.750%, 12/01/18		774
		Spectra Energy Capital LLC,
	1,605	5.500%, 03/01/14		1,696
	500	6.200%, 04/15/18		588
	400	8.000%, 10/01/19		520
		Virginia Electric and Power Co.,
	1,005	5.100%, 11/30/12		1,027
	1,320	5.400%, 04/30/18		1,588
	615	5.950%, 09/15/17		752
				50,128
		Gas Utilities — 0.3%
		AGL Capital Corp.,
	563	3.500%, 09/15/21		588
	345	4.450%, 04/15/13		355
	1,441	5.875%, 03/15/41		1,803
	1,243	6.375%, 07/15/16		1,444
		Atmos Energy Corp.,
	105	5.125%, 01/15/13		108
	250	8.500%, 03/15/19		336
	298	Boston Gas Co., 4.487%, 02/15/42 (e)		322
	325	CenterPoint Energy Resources Corp., 6.125%, 11/01/17		381
		TransCanada PipeLines Ltd., (Canada),
	975	4.000%, 06/15/13		1,008
	550	6.200%, 10/15/37		709
	250	6.500%, 08/15/18		314
	1,100	7.250%, 08/15/38		1,579
				8,947
		Independent Power Producers & Energy Traders — 0.1%
	1,500	PPL Energy Supply LLC, 4.600%, 12/15/21		1,567
		Multi-Utilities — 0.2%
		Dominion Resources, Inc.,
	900	5.250%, 08/01/33		1,071
	782	6.250%, 06/30/12		786
	300	7.000%, 06/15/38		423
	600	8.875%, 01/15/19		827
	1,005	KCP&L Greater Missouri Operations Co., 11.875%, 07/01/12		1,014
	375	PG&E Corp., 5.750%, 04/01/14		406
		Sempra Energy,
	1,145	6.150%, 06/15/18		1,383
	150	6.500%, 06/01/16		179
	850	8.900%, 11/15/13		943
	395	9.800%, 02/15/19		554
		Wisconsin Electric Power Co.,
	21	2.950%, 09/15/21		22
	450	6.000%, 04/01/14		493
	265	6.250%, 12/01/15		309
	92	Xcel Energy, Inc., 4.800%, 09/15/41		103
				8,513
		Water Utilities — 0.0% (g)
	1,100	American Water Capital Corp., 6.085%, 10/15/17		1,295
		Total Utilities		70,450
		Total Corporate Bonds (Cost $651,441)		701,991
	Foreign Government Securities — 1.2%
		Israel Government AID Bond, (Israel),
	6,000	Zero Coupon, 08/15/17		5,648
	20,000	Zero Coupon, 03/15/18		18,599
	5,651	Zero Coupon, 08/15/18		5,203
	1,500	Zero Coupon, 11/01/23		1,118
	1,500	Zero Coupon, 11/01/24		1,067
	600	Province of Manitoba, (Canada), 2.125%, 04/22/13		609
		Province of Ontario, (Canada),
	700	2.700%, 06/16/15		737
	2,200	2.950%, 02/05/15		2,324
	377	Province of Quebec, (Canada), SUB, 7.365%, 03/06/26		560
		United Mexican States, (Mexico),
	120	4.750%, 03/08/44		121
	1,432	6.375%, 01/16/13		1,475
	856	6.625%, 03/03/15		969
	3,328	7.500%, 04/08/33		4,643
		Total Foreign Government Securities (Cost $40,408)		43,073
	Mortgage Pass-Through Securities — 10.9%
		Federal Home Loan Mortgage Corp.,
	54	ARM, 2.082%, 07/01/19		57
	188	ARM, 2.345%, 10/01/36		201
	49	ARM, 2.352%, 04/01/30		52
	806	ARM, 2.355%, 12/01/33		853

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Mortgage Pass-Through Securities — Continued
	423	ARM, 2.470%, 12/01/36		453
	586	ARM, 2.473%, 11/01/36		624
	564	ARM, 2.498%, 10/01/36		603
	450	ARM, 2.598%, 02/01/36		479
	1,282	ARM, 2.676%, 03/01/37		1,382
	602	ARM, 2.693%, 12/01/34		641
	1,365	ARM, 2.857%, 04/01/34		1,456
	280	ARM, 2.859%, 02/01/37		301
	830	ARM, 2.882%, 10/01/36		887
	1,167	ARM, 4.908%, 02/01/36		1,252
	1,441	ARM, 5.001%, 01/01/35		1,544
	1,023	ARM, 5.068%, 07/01/36		1,097
	329	ARM, 5.587%, 05/01/36		353
	1,499	ARM, 6.024%, 11/01/36		1,596
		Federal Home Loan Mortgage Corp. Gold Pools, 15 Year, Single Family,
	1,320	4.000%, 08/01/18 - 05/01/19		1,397
	244	4.500%, 08/01/18		266
	696	5.000%, 12/01/18		750
	5,707	5.500%, 06/01/17 - 01/01/24		6,207
	80	6.000%, 04/01/18		87
	862	6.500%, 08/01/16 - 02/01/19		926
	78	7.000%, 01/01/17 - 04/01/17		81
	1	7.500%, 10/01/14 - 11/01/15		—	(h)
	4	8.500%, 11/01/15		4
		Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family,
	200	6.000%, 12/01/22		220
	555	6.500%, 11/01/22		624
		Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,
	4,070	4.000%, 10/01/33 - 09/01/35		4,335
	8,279	4.500%, 05/01/41		8,854
	8,613	5.000%, 09/01/34 - 08/01/40		9,336
	3,681	5.500%, 10/01/33 - 07/01/35		4,056
	645	6.000%, 12/01/33 - 01/01/34		727
	3,883	6.500%, 11/01/34 - 11/01/36		4,410
	874	7.000%, 07/01/32 - 10/01/36		1,029
	1,128	Federal Home Loan Mortgage Corp. Gold Pools, FHA/VA, 10.000%, 10/01/30		1,343
		Federal Home Loan Mortgage Corp. Gold Pools, Other,
	629	5.500%, 10/01/33 - 01/01/34		683
	1,722	6.000%, 02/01/33		1,906
	168	7.000%, 07/01/29		184
	7	Federal Home Loan Mortgage Corp., 30 Year, Single Family, 12.000%, 08/01/15 - 07/01/19		8
		Federal National Mortgage Association,
	20	ARM, 1.888%, 03/01/19		20
	1,115	ARM, 2.055%, 01/01/33		1,161
	223	ARM, 2.063%, 09/01/34		234
	472	ARM, 2.126%, 01/01/36		494
	341	ARM, 2.182%, 07/01/34		360
	820	ARM, 2.190%, 07/01/36		863
	2,064	ARM, 2.235%, 01/01/35		2,182
	980	ARM, 2.277%, 11/01/33 - 11/01/34		1,034
	865	ARM, 2.284%, 08/01/34		915
	1,927	ARM, 2.285%, 09/01/35		2,047
	1,079	ARM, 2.302%, 11/01/34		1,141
	1,127	ARM, 2.315%, 10/01/34		1,197
	767	ARM, 2.320%, 10/01/34		814
	832	ARM, 2.335%, 05/01/34		878
	284	ARM, 2.339%, 09/01/35		302
	163	ARM, 2.358%, 07/01/33		169
	641	ARM, 2.364%, 04/01/35		681
	2,529	ARM, 2.369%, 04/01/35		2,674
	2,081	ARM, 2.377%, 07/01/33 - 05/01/35		2,194
	418	ARM, 2.383%, 09/01/34		444
	502	ARM, 2.385%, 08/01/34		534
	958	ARM, 2.400%, 01/01/35		1,012
	1,410	ARM, 2.405%, 06/01/35		1,497
	9	ARM, 2.505%, 01/01/19		10
	409	ARM, 2.537%, 04/01/34		432
	442	ARM, 2.539%, 10/01/34		468
	707	ARM, 2.560%, 09/01/33		754
	258	ARM, 2.565%, 01/01/34		274
	263	ARM, 2.593%, 02/01/35		281
	92	ARM, 2.637%, 04/01/34		98
	233	ARM, 2.720%, 05/01/35		247
	467	ARM, 2.753%, 06/01/36		500
	770	ARM, 2.825%, 10/01/36		824
	105	ARM, 3.059%, 09/01/27		110
	208	ARM, 3.112%, 02/01/34		220
	146	ARM, 3.199%, 01/01/36		155
	99	ARM, 3.888%, 03/01/29		106
	1,206	ARM, 4.937%, 07/01/33		1,296
	628	ARM, 5.230%, 01/01/38		675
	1,282	ARM, 5.611%, 01/01/23		1,400

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Mortgage Pass-Through Securities — Continued
		Federal National Mortgage Association, 15 Year, Single Family,
	1,324	3.500%, 09/01/18 - 07/01/19		1,396
	13,544	4.000%, 07/01/18 - 12/01/18		14,488
	7,676	4.500%, 06/01/18 - 12/01/19		8,308
	1,928	5.000%, 12/01/16 - 08/01/24		2,087
	1,788	5.500%, 03/01/20 - 07/01/20		1,946
	9,867	6.000%, 06/01/16 - 01/01/24		10,849
	347	6.500%, 03/01/17 - 08/01/20		382
	424	7.000%, 03/01/17 - 09/01/17		458
	12	7.500%, 03/01/17		13
	6	8.000%, 11/01/12 - 11/01/15		6
		Federal National Mortgage Association, 20 Year, Single Family,
	327	4.500%, 04/01/24		357
	1,960	6.500%, 05/01/22 - 04/01/25		2,207
		Federal National Mortgage Association, 30 Year, FHA/VA,
	122	6.000%, 09/01/33		138
	1,948	6.500%, 03/01/29 - 08/01/39		2,249
	48	7.000%, 02/01/33		57
	70	8.000%, 06/01/28		85
	43	9.000%, 05/01/18 - 12/01/25		47
		Federal National Mortgage Association, 30 Year, Single Family,
	1,047	4.500%, 11/01/33 - 02/01/35		1,126
	2,757	5.000%, 07/01/33 - 09/01/35		3,053
	4,334	5.500%, 09/01/31 - 02/01/38		4,792
	5,291	6.000%, 12/01/28 - 09/01/37		5,929
	2,007	6.500%, 11/01/29 - 08/01/31		2,308
	2,078	7.000%, 01/01/24 - 01/01/39		2,422
	982	7.500%, 08/01/36 - 11/01/37		1,213
	801	8.000%, 03/01/27 - 11/01/28		984
	1	9.000%, 04/01/26		1
	16	9.500%, 07/01/28		19
	8	12.500%, 01/01/16		9
		Federal National Mortgage Association, Other,
	1,493	VAR, 0.981%, 01/01/19		1,500
	997	VAR, 1.041%, 03/01/22		1,009
	2,467	VAR, 6.070%, 11/01/18		2,682
	2,000	2.140%, 04/01/19		2,049
	5,864	2.490%, 10/01/17		6,137
	7,000	2.690%, 10/01/17		7,383
	3,241	2.750%, 03/01/22		3,322
	1,4980	2.940%, 05/01/22		1,551
	3,901	2.970%, 11/01/18		4,148
	4,500	3.000%, 02/01/22		4,745
	7,273	3.070%, 01/01/22		7,753
	3,898	3.120%, 01/01/22 - 05/01/22		4,141
	1,536	3.150%, 12/01/21		1,638
	2,834	3.160%, 02/01/22		3,020
	3,990	3.200%, 02/01/22		4,258
	10,000	3.230%, 11/01/20		10,724
	2,288	3.260%, 01/01/22		2,454
	2,000	3.290%, 10/01/20		2,163
	2,000	3.350%, 11/01/20		2,159
	2,000	3.390%, 08/01/17		2,159
	1,497	3.430%, 09/01/20		1,623
	7,695	3.505%, 09/01/20		8,380
	1,991	3.520%, 01/01/18		2,164
	4,953	3.540%, 10/01/20		5,405
	2,936	3.600%, 09/01/20		3,212
	996	3.640%, 01/01/25		1,086
	3,000	3.680%, 09/01/20		3,295
	1,950	3.740%, 07/01/20		2,148
	2,971	3.780%, 09/01/21		3,290
	6,930	3.790%, 09/01/21		7,676
	4,855	3.820%, 06/01/17		5,306
	1,540	3.870%, 01/01/21		1,710
	5,000	3.890%, 09/01/21		5,565
	4,000	3.930%, 07/01/20 - 01/01/21		4,452
	7,956	3.950%, 07/01/20 - 07/01/21		8,870
	4,750	3.980%, 11/01/16		5,041
	1,367	4.000%, 11/01/33		1,411
	1,708	4.120%, 04/01/20		1,913
	5,950	4.130%, 11/01/19 - 08/01/21		6,686
	1,934	4.240%, 11/01/19		2,175
	4,380	4.250%, 04/01/21		4,980
	2,000	4.260%, 07/01/21		2,272
	2,096	4.290%, 06/01/20		2,372
	2,464	4.300%, 08/01/20 - 04/01/21		2,757
	1,478	4.301%, 01/01/21		1,686
	1,976	4.330%, 04/01/21		2,250
	5,000	4.340%, 06/01/21		5,719
	1,498	4.350%, 04/01/20		1,701
	963	4.355%, 03/01/20		1,089
	2,930	4.369%, 02/01/20 - 04/01/20		3,335
	1,475	4.380%, 01/01/21		1,683
	2,000	4.390%, 05/01/21		2,287
	2,000	4.400%, 02/01/20		2,278

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Mortgage Pass-Through Securities — Continued
	2,959	4.480%, 02/01/21		3,392
	7,816	4.530%, 12/01/19		8,934
	4,369	4.540%, 01/01/20		4,992
	3,946	4.640%, 01/01/21		4,551
	730	5.500%, 03/01/17 - 09/01/33		788
	3,490	6.000%, 09/01/37 - 06/01/39		3,737
	1,074	6.500%, 01/01/36 - 07/01/36		1,207
	110	7.000%, 10/01/46		124
	108	10.890%, 04/15/19		119
		Government National Mortgage Association II, 30 Year, Single Family,
	534	4.500%, 08/20/33		593
	8,930	6.000%, 09/20/38		10,033
	84	7.500%, 02/20/28 - 09/20/28		102
	133	8.000%, 12/20/25 - 09/20/28		163
	43	8.500%, 05/20/25		52
		Government National Mortgage Association, 15 Year, Single Family,
	111	6.500%, 06/15/17		119
	123	8.000%, 01/15/16		129
		Government National Mortgage Association, 30 Year, Single Family,
	431	6.500%, 03/15/28 - 04/15/33		504
	305	7.000%, 02/15/33 - 06/15/33		363
	91	7.500%, 11/15/22 - 11/15/31		103
	21	8.000%, 09/15/22 - 08/15/28		24
	5	9.000%, 12/15/16		5
	1,171	9.500%, 10/15/24		1,362
		Total Mortgage Pass-Through Securities (Cost $366,774)		391,098
	Municipal Bonds — 0.2%
		Illinois — 0.0% (g)
	140	State of Illinois, Taxable Pension, GO, 5.100%, 06/01/33		132
		New York — 0.1%
	350	New York State Dormitory Authority, State Personal Income Tax, Build America Bonds, Rev., 5.600%, 03/15/40		437
	1,815	Port Authority of New York & New Jersey, Rev., 5.647%, 11/01/40		2,305
				2,742
		Ohio — 0.1%
	1,300	American Municipal Power, Inc., Build America Bonds, Series B, Rev., 7.499%, 02/15/50		1,815
	1,563	Ohio State University (The), Series A, Rev., 4.800%, 06/01/11		1,762
				3,577
		Total Municipal Bonds (Cost $5,147)		6,451
	Supranational — 0.1%
	3,000	African Development Bank, 8.800%, 09/01/19		4,094
		Corp. Andina de Fomento,
	641	3.750%, 01/15/16		668
	397	5.200%, 05/21/13		412
		Total Supranational (Cost $5,155)		5,174
	U.S. Government Agency Securities — 1.4%
	1,000	Federal Farm Credit Banks Funding Corp., 5.125%, 11/15/18		1,226
	1,500	Federal Home Loan Bank, 5.500%, 07/15/36		2,064
		Federal National Mortgage Association,
	6,000	Zero Coupon, 06/01/17		5,685
	1,000	5.000%, 05/11/17		1,194
		Financing Corp. Fico,
	2,000	Zero Coupon, 04/05/19		1,795
	1,000	Zero Coupon, 09/26/19		883
		Government Trust Certificate,
	4,000	Zero Coupon, 10/01/15		3,826
	5,000	Zero Coupon, 04/01/16		4,731
	13,319	Zero Coupon, 10/01/19		11,450
		Residual Funding Corp., STRIPS,
	9,900	Zero Coupon, 07/15/20		8,656
	4,800	Zero Coupon, 10/15/20		4,154
		Tennessee Valley Authority,
	300	4.625%, 09/15/60		370
	700	5.880%, 04/01/36		985
	2,000	Tennessee Valley Authority Generic STRIPS, Zero Coupon, 05/01/19		1,773
		Total U.S. Government Agency Securities (Cost $45,764)		48,792
	U.S. Treasury Obligations — 23.8%
		U.S. Treasury Bonds,
	6,175	4.500%, 02/15/36		8,425
	300	4.500%, 08/15/39		414
	1,100	4.750%, 02/15/37		1,558
	1,250	5.375%, 02/15/31		1,850

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE ($)
	U.S. Treasury Obligations — Continued
	750	6.125%, 11/15/27		1,151
	300	6.125%, 08/15/29		471
	1,046	6.250%, 08/15/23		1,533
	900	6.250%, 05/15/30		1,443
	400	6.625%, 02/15/27		634
	4,000	7.500%, 11/15/16		5,211
	1,881	7.875%, 02/15/21		2,902
	864	8.125%, 05/15/21		1,359
	2,125	8.500%, 02/15/20		3,286
	1,500	8.750%, 05/15/20		2,366
	6,675	8.750%, 08/15/20		10,617
	21,585	8.875%, 08/15/17		30,644
		U.S. Treasury Inflation Indexed Bonds,
	300	2.500%, 01/15/29		451
	799	3.625%, 04/15/28 (m)		1,771
		U.S. Treasury Inflation Indexed Notes,
	1,000	0.500%, 04/15/15		1,105
	1,000	1.125%, 01/15/21		1,217
	630	1.375%, 07/15/18		773
	1,000	2.000%, 01/15/14		1,299
		U.S. Treasury Notes,
	11,445	1.375%, 11/30/18		11,766
	2,150	1.500%, 08/31/18		2,229
	31,000	1.750%, 10/31/18 (m)		32,601
	12,245	2.125%, 12/31/15		12,966
	21,200	2.625%, 12/31/14		22,451
	1,000	2.625%, 02/29/16		1,078
	4,575	2.625%, 04/30/16		4,944
	9,300	2.625%, 01/31/18		10,241
	700	2.625%, 08/15/20		775
	19,485	2.750%, 05/31/17		21,456
	7,500	2.750%, 12/31/17		8,303
	8,000	3.125%, 10/31/16		8,874
	6,015	3.125%, 04/30/17		6,722
	10,933	3.125%, 05/15/19		12,510
	14,950	3.250%, 12/31/16		16,711
	12,300	3.250%, 03/31/17		13,803
	5,000	4.000%, 11/15/12		5,087
	10,000	4.000%, 02/15/15		10,978
	3,725	4.500%, 11/15/15		4,241
	10,000	4.750%, 08/15/17		12,065
		U.S. Treasury STRIPS,
	14,400	02/15/14 (m)		14,336
	7,265	08/15/14 (m)		7,217
	23,253	11/15/14 (m)		23,066
	16,930	02/15/15 (m)		16,753
	20,680	02/15/15		20,465
	3,626	05/15/15		3,584
	3,253	08/15/15		3,209
	28,397	11/15/15		27,956
	5,445	11/15/15		5,380
	51,751	02/15/16		50,779
	13,325	05/15/16		13,023
	1,000	05/15/16		978
	5,181	08/15/16		5,048
	15,857	11/15/16		15,392
	20,229	02/15/17		19,575
	21,411	08/15/17		20,582
	19,389	11/15/17		18,563
	2,000	02/15/18		1,907
	3,400	05/15/18		3,230
	16,241	08/15/18		15,351
	6,982	02/15/19		6,521
	9,595	05/15/19		8,900
	22,210	08/15/19		20,465
	1,250	02/15/20		1,133
	66,702	05/15/20 (m)		60,009
	250	05/15/20		226
	36,775	08/15/20 (m)		32,857
	1,000	11/15/20		886
	9,400	05/15/21		8,188
	3,750	08/15/21		3,241
	4,925	11/15/21		4,221
	1,278	02/15/22		1,086
	5,487	02/15/23		4,494
	1,500	05/15/23		1,218
	200	05/15/24		157
	600	08/15/24		466
	1,400	11/15/24		1,076
	1,000	02/15/26		733
	1,500	05/15/26		1,091
	3,400	08/15/26		2,451
	28,150	11/15/26		20,119
	28,150	02/15/27		19,949
	3,550	05/15/27		2,494
	5,000	08/15/27		3,482
	800	11/15/27		553
	7,050	02/15/28		4,830
	1,600	05/15/28		1,087
	3,000	08/15/28		2,022

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	U.S. Treasury Obligations — Continued
	2,500	11/15/28		1,671
	925	02/15/29		613
	1,600	08/15/29		1,044
	1,650	11/15/29		1,067
	21,300	02/15/30		13,661
	2,000	05/15/30		1,272
	8,200	08/15/30		5,173
	7,425	11/15/30		4,645
	600	02/15/31		372
	1,550	05/15/31		951
	1,500	08/15/31		912
	3,000	11/15/31		1,808
	350	02/15/32		209
	1,000	05/15/32		591
	350	08/15/32		205
	6,140	11/15/32		3,569
	10,150	05/15/33		5,790
	3,050	08/15/33		1,725
	3,500	11/15/33		1,961
	4,000	02/15/34		2,219
	2,800	05/15/34		1,539
	1,650	08/15/34		898
	2,350	02/15/35		1,256
	100	08/15/35		53
		Total U.S. Treasury Obligations (Cost $753,413)		853,834
SHARES
	Short-Term Investment — 2.4%
		Investment Company — 2.4%
	86,845	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.170% (b) (l) (Cost $86,845)		86,845
		Total Investments — 99.8% (Cost $3,298,584)		3,573,926
		Other Assets in Excess of Liabilities — 0.2%		7,288
		NET ASSETS — 100.0%	$	3,581,214

Percentages indicated are based on net assets.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (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 May 31, 2012.
CMO	—	Collateralized Mortgage Obligation
ESOP	—	Employee Stock Ownership Program
FHA	—	Federal Housing Administration
GO	—	General Obligation
HB	—	High Coupon Bonds (a.k.a. “IOettes”) represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO’s the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.
IF	—	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of May 31, 2012. The rate may be subject to a cap and floor.
IO	—	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
PO	—	Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
REMICS	—	Real Estate Mortgage Investment Conduits
Rev.	—	Revenue
STRIPS	—	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of May 31, 2012.
VA	—	Veterans Administration
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of May 31, 2012.

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

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

(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 $28,376,000 which amounts to 0.8% 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 May 31, 2012.

(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.

As of May 31, 2012, 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	$	307,048
Aggregate gross unrealized depreciation		(31,706	)
Net unrealized appreciation/depreciation	$	275,342
Federal income tax cost of investments	$	3,298,584

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

A. SECURITY VALUATIONS—Fixed income securities (other than certain short-term investments maturing in less than 61 days) are valued each day based on prices received from independent or affiliated pricing services approved by the Board of Directors or (the “Board”) third party broker-dealers. The broker-dealers or pricing services use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the broker-dealer or pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the broker-dealers or pricing services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining value and/or characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates market value. Certain investments of the Fund may, depending upon market conditions, trade in relatively thin markets and/or in markets that experience significant volatility. As a result of these conditions, the prices used by the Fund to value securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options are generally valued on the basis of available market quotations. Swaps and other derivatives are valued daily, primarily using independent or affiliated pricing services approved by the Board. If valuations are not available from such services or values received are deemed not representative of market value, values will be obtained from a third party broker-dealer or counterparty. Investments in other open-end investment companies are valued at such investment company’s net asset value per share as of the report date. Equity securities listed on a North American, Central American, South American or Caribbean securities exchange shall generally be valued at the last sale price on the exchange on which the security is principally traded that is reported before the time when the net assets of the Fund are valued. The value of securities listed on The NASDAQ Stock Market LLC shall generally be the NASDAQ Official Closing Price.

Securities or other assets for which market quotations are not readily available or for which market quotations do not represent the value at the time of pricing (including certain illiquid securities) are fair valued in accordance with procedures established by and under the supervision and responsibility of the Board. The Board has established an Audit and Valuation Committee to assist with the oversight of the valuation of the Fund’s securities. The Fund’s Administrator (“JPMFM”) has established a Valuation Committee (“VC”) that is comprised of senior representatives from JPMFM, the Fund’s Investment Advisor (“JPMIM”), Legal and Compliance, Risk Management and the Fund’s Chief Compliance Office. The VC’s responsibilities include making determinations regarding Level 3 fair value measurements (“Fair Values”) and/or providing recommendations for approval to the Board’s Audit and Valuation Committee, in accordance with the Fund’s valuation policies.

The VC or Board, as applicable primarily employ a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The VC or Board may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry.

It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material. JPMFM and JPMIM are responsible for monitoring developments that may impact fair values and discuss and assess fair values on an ongoing and at least a quarterly basis with the VC and Board, as applicable. The appropriateness of fair values are assessed based on results of unchanged price review, consideration of macro or security specific events, back testing and broker and vendor due diligence.

See the table on “Quantitative Information about Fair Value measurements” for information on the valuation techniques and inputs used to value Level 3 securities at May 31, 2012.

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

The various inputs that are used in determining the 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 by sector 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	$	—	$	113,906	$	27,738	$	141,644
Collateralized Mortgage Obligations
Agency CMO		—		770,515		29,211		799,726
Non-Agency CMO		—		386,067		25,226		411,293
Total Collateralized Mortgage Obligations		—		1,156,582		54,437		1,211,019
Commercial Mortgage-Backed Securities		—		65,420		18,585		84,005
Corporate Bonds
Consumer Discretionary		—		49,773		—		49,773
Consumer Staples		—		36,359		—		36,359
Energy		—		38,578		—		38,578
Financials		—		361,853		—		361,853
Health Care		—		13,456		—		13,456
Industrials		—		31,334		2,633		33,967
Information Technology		—		32,708		—		32,708
Materials		—		20,647		—		20,647
Telecommunication Services		—		44,200		—		44,200
Utilities		—		70,450		—		70,450
Total Corporate Bonds		—		699,358		2,633		701,991
Foreign Government Securities		—		43,073		—		43,073
Mortgage Pass-Through Securities		—		391,098		—		391,098
Municipal Bonds		—		6,451		—		6,451
Supranational		—		5,174		—		5,174
U.S. Government Agency Securities		—		48,792		—		48,792
U.S. Treasury Obligations		—		853,834		—		853,834
Short-Term Investment
Investment Company		86,845		—		—		86,845
Total Investments in Securities	$	86,845	$	3,383,688	$	103,393	$	3,573,926

There were no transfers between Levels 1 and 2 during the period ended May 31, 2012.

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

Core Bond Trust	Balance as of 2/29/12		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 5/31/12
Investments in Securities
Asset-Backed Securities	$	9,683	$	—	$	62		$	1		$	11,424	$	(4,128	)	$	10,696	$	—	$	27,738
Collateralized Mortgage Obligations
Agency CMO		—		—		(116	)		(4	)		18,156		(127	)		11,302		—		29,211
Non-Agency CMO		13,819		—		155			5			4,032		(2,883	)		10,098		—		25,226
Commercial Mortgage-Backed Securities		—		—		(42	)		2			9,522		(1,271	)		10,374		—		18,585
Corporate Bonds - Industrials		—		—		(8	)		(1	)		—		(70	)		2,712		—		2,633
Total	$	23,502	$	—	$	51		$	3		$	43,134	$	(8,479	)	$	45,182	$	—	$	103,393

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, or out of Level 3, are valued utilizing values as of the beginning of the period.

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

The change in unrealized appreciation (depreciation) attributable to securities owned at May 31, 2012, which were valued using significant unobservable inputs (Level 3), amounted to approximately $51,000.

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — 98.0%
	Consumer Discretionary — 11.0%
			Auto Components — 0.3%
	3		BorgWarner, Inc. (a)		187
	6		Goodyear Tire & Rubber Co. (The) (a)		61
	16		Johnson Controls, Inc.		489
					737
			Automobiles — 0.4%
	91		Ford Motor Co.		957
	5		Harley-Davidson, Inc.		263
					1,220
			Distributors — 0.1%
	4		Genuine Parts Co.		234
			Diversified Consumer Services — 0.1%
	3		Apollo Group, Inc., Class A (a)		85
	1		DeVry, Inc.		39
	7		H&R Block, Inc.		107
					231
			Hotels, Restaurants & Leisure — 2.0%
	11		Carnival Corp.		347
	1		Chipotle Mexican Grill, Inc. (a)		308
	3		Darden Restaurants, Inc.		158
	7		International Game Technology		102
	6		Marriott International, Inc., Class A		247
	24		McDonald’s Corp.		2,171
	18		Starbucks Corp.		987
	5		Starwood Hotels & Resorts Worldwide, Inc.		247
	3		Wyndham Worldwide Corp.		173
	2		Wynn Resorts Ltd.		195
	11		Yum! Brands, Inc.		773
					5,708
			Household Durables — 0.2%
	7		D.R. Horton, Inc.		110
	2		Harman International Industries, Inc.		66
	3		Leggett & Platt, Inc.		69
	4		Lennar Corp., Class A		106
	7		Newell Rubbermaid, Inc.		127
	8		PulteGroup, Inc. (a)		75
	2		Whirlpool Corp.		113
					666
			Internet & Catalog Retail — 1.0%
	9		Amazon.com, Inc. (a)		1,849
	2		Expedia, Inc.		104
	1		NetFlix, Inc. (a)		84
	1		priceline.com, Inc. (a)		743
	2		TripAdvisor, Inc. (a)		97
					2,877
			Leisure Equipment & Products — 0.1%
	3		Hasbro, Inc.		98
	8		Mattel, Inc.		252
					350
			Media — 3.2%
	5		Cablevision Systems Corp., Class A		59
	15		CBS Corp. (Non-Voting), Class B		494
	64		Comcast Corp., Class A		1,860
	16		DIRECTV, Class A (a)		717
	6		Discovery Communications, Inc., Class A (a)		309
	6		Gannett Co., Inc.		74
	11		Interpublic Group of Cos., Inc. (The)		111
	7		McGraw-Hill Cos., Inc. (The)		288
	51		News Corp., Class A		986
	7		Omnicom Group, Inc.		310
	2		Scripps Networks Interactive, Inc., Class A		125
	7		Time Warner Cable, Inc.		565
	23		Time Warner, Inc.		797
	13		Viacom, Inc., Class B		615
	43		Walt Disney Co. (The)		1,955
	–	(h)	Washington Post Co. (The), Class B		40
					9,305
			Multiline Retail — 0.8%
	2		Big Lots, Inc. (a)		57
	3		Dollar Tree, Inc. (a)		293
	3		Family Dollar Stores, Inc.		190
	3		J.C. Penney Co., Inc.		91
	6		Kohl’s Corp.		277
	10		Macy’s, Inc.		376
	4		Nordstrom, Inc.		181
	1		Sears Holdings Corp. (a)		45
	16		Target Corp.		928
					2,438
			Specialty Retail — 2.1%
	2		Abercrombie & Fitch Co., Class A		68
	1		AutoNation, Inc. (a)		39
	1		AutoZone, Inc. (a)		248
	6		Bed Bath & Beyond, Inc. (a)		408
	7		Best Buy Co., Inc.		127
	5		CarMax, Inc. (a)		152

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — Continued
		Specialty Retail — Continued
	3	GameStop Corp., Class A		62
	8	Gap, Inc. (The)		210
	37	Home Depot, Inc. (The)		1,815
	6	Limited Brands, Inc.		260
	30	Lowe’s Cos., Inc.		791
	3	O’Reilly Automotive, Inc. (a)		291
	5	Ross Stores, Inc.		345
	17	Staples, Inc.		218
	3	Tiffany & Co.		168
	18	TJX Cos., Inc.		764
	3	Urban Outfitters, Inc. (a)		74
				6,040
		Textiles, Apparel & Luxury Goods — 0.7%
	7	Coach, Inc.		463
	1	Fossil, Inc. (a)		91
	9	NIKE, Inc., Class B		948
	2	Ralph Lauren Corp.		229
	2	V.F. Corp.		294
				2,025
		Total Consumer Discretionary		31,831
	Consumer Staples — 11.2%
		Beverages — 2.6%
	4	Beam, Inc.		226
	2	Brown-Forman Corp., Class B		207
	54	Coca-Cola Co. (The)		4,035
	7	Coca-Cola Enterprises, Inc.		196
	4	Constellation Brands, Inc., Class A (a)		79
	5	Dr. Pepper Snapple Group, Inc.		209
	4	Molson Coors Brewing Co., Class B		144
	37	PepsiCo, Inc.		2,542
				7,638
		Food & Staples Retailing — 2.4%
	10	Costco Wholesale Corp.		896
	31	CVS Caremark Corp.		1,396
	14	Kroger Co. (The)		302
	6	Safeway, Inc.		122
	14	Sysco Corp.		389
	21	Walgreen Co.		636
	42	Wal-Mart Stores, Inc.		2,743
	4	Whole Foods Market, Inc.		343
				6,827
		Food Products — 1.9%
	16	Archer-Daniels-Midland Co.		503
	4	Campbell Soup Co.		135
	10	ConAgra Foods, Inc.		247
	4	Dean Foods Co. (a)		69
	15	General Mills, Inc.		589
	8	H.J. Heinz Co.		405
	4	Hershey Co. (The)		245
	3	Hormel Foods Corp.		98
	3	JM Smucker Co. (The)		207
	6	Kellogg Co.		287
	42	Kraft Foods, Inc., Class A		1,614
	3	McCormick & Co., Inc. (Non-Voting)		179
	5	Mead Johnson Nutrition Co.		392
	14	Sara Lee Corp.		295
	7	Tyson Foods, Inc., Class A		135
				5,400
		Household Products — 2.1%
	3	Clorox Co. (The)		213
	11	Colgate-Palmolive Co.		1,125
	9	Kimberly-Clark Corp.		745
	66	Procter & Gamble Co. (The)		4,093
				6,176
		Personal Products — 0.2%
	10	Avon Products, Inc.		170
	5	Estee Lauder Cos., Inc. (The), Class A		291
				461
		Tobacco — 2.0%
	49	Altria Group, Inc.		1,571
	3	Lorillard, Inc.		389
	41	Philip Morris International, Inc.		3,472
	8	Reynolds American, Inc.		334
				5,766
		Total Consumer Staples		32,268
	Energy — 10.4%
		Energy Equipment & Services — 1.7%
	10	Baker Hughes, Inc.		436
	6	Cameron International Corp. (a)		268
	2	Diamond Offshore Drilling, Inc.		96
	6	FMC Technologies, Inc. (a)		230
	22	Halliburton Co.		662
	3	Helmerich & Payne, Inc.		116
	7	Nabors Industries Ltd., (Bermuda) (a)		93
	10	National Oilwell Varco, Inc.		676
	6	Noble Corp., (Switzerland) (a)		188
	3	Rowan Cos. plc (a)		88

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — Continued
		Energy Equipment & Services — Continued
	32	Schlumberger Ltd.		2,013
				4,866
		Oil, Gas & Consumable Fuels — 8.7%
	5	Alpha Natural Resources, Inc. (a)		55
	12	Anadarko Petroleum Corp.		725
	9	Apache Corp.		746
	5	Cabot Oil & Gas Corp.		163
	16	Chesapeake Energy Corp.		267
	47	Chevron Corp.		4,637
	31	ConocoPhillips		1,592
	5	CONSOL Energy, Inc.		152
	9	Denbury Resources, Inc. (a)		141
	10	Devon Energy Corp.		574
	6	EOG Resources, Inc.		638
	4	EQT Corp.		165
	112	Exxon Mobil Corp.		8,842
	7	Hess Corp.		316
	11	Kinder Morgan, Inc.		361
	17	Marathon Oil Corp.		418
	8	Marathon Petroleum Corp.		299
	5	Murphy Oil Corp.		216
	3	Newfield Exploration Co. (a)		95
	4	Noble Energy, Inc.		357
	19	Occidental Petroleum Corp.		1,534
	6	Peabody Energy Corp.		152
	15	Phillips 66 (a)		458
	3	Pioneer Natural Resources Co.		284
	4	QEP Resources, Inc.		112
	4	Range Resources Corp.		216
	8	Southwestern Energy Co. (a)		233
	16	Spectra Energy Corp.		446
	3	Sunoco, Inc.		118
	3	Tesoro Corp. (a)		73
	13	Valero Energy Corp.		279
	15	Williams Cos., Inc. (The)		456
	5	WPX Energy, Inc. (a)		70
				25,190
		Total Energy		30,056
	Financials — 14.0%
		Capital Markets — 1.8%
	5	Ameriprise Financial, Inc.		254
	29	Bank of New York Mellon Corp. (The)		585
	3	BlackRock, Inc.		521
	26	Charles Schwab Corp. (The)		321
	6	E*TRADE Financial Corp. (a)		51
	2	Federated Investors, Inc., Class B		44
	3	Franklin Resources, Inc.		363
	12	Goldman Sachs Group, Inc. (The)		1,130
	11	Invesco Ltd.		232
	3	Legg Mason, Inc.		76
	36	Morgan Stanley		486
	6	Northern Trust Corp.		248
	12	State Street Corp.		480
	6	T. Rowe Price Group, Inc.		348
				5,139
		Commercial Banks — 2.9%
	17	BB&T Corp.		503
	5	Comerica, Inc.		143
	22	Fifth Third Bancorp		293
	6	First Horizon National Corp.		52
	21	Huntington Bancshares, Inc.		135
	23	KeyCorp		171
	3	M&T Bank Corp.		245
	13	PNC Financial Services Group, Inc.		773
	34	Regions Financial Corp.		212
	13	SunTrust Banks, Inc.		291
	46	U.S. Bancorp		1,418
	126	Wells Fargo & Co.		4,032
	4	Zions Bancorp		84
				8,352
		Consumer Finance — 0.9%
	24	American Express Co.		1,352
	13	Capital One Financial Corp.		678
	13	Discover Financial Services		418
	12	SLM Corp.		170
				2,618
		Diversified Financial Services — 2.7%
	256	Bank of America Corp.		1,882
	70	Citigroup, Inc.		1,852
	2	CME Group, Inc.		408
	2	IntercontinentalExchange, Inc. (a)		212
	91	JPMorgan Chase & Co. (q)		3,019
	5	Leucadia National Corp.		96
	5	Moody’s Corp.		171
	3	NASDAQ OMX Group, Inc. (The) (a)		65
	6	NYSE Euronext		150
				7,855

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — Continued
		Insurance — 3.5%
	8	ACE Ltd., (Switzerland)		582
	11	Aflac, Inc.		447
	12	Allstate Corp. (The)		403
	15	American International Group, Inc. (a)		446
	8	Aon plc, (United Kingdom)		361
	2	Assurant, Inc.		70
	42	Berkshire Hathaway, Inc., Class B (a)		3,329
	6	Chubb Corp. (The)		466
	4	Cincinnati Financial Corp.		140
	12	Genworth Financial, Inc., Class A (a)		61
	11	Hartford Financial Services Group, Inc.		177
	7	Lincoln National Corp.		144
	7	Loews Corp.		283
	13	Marsh & McLennan Cos., Inc.		414
	25	MetLife, Inc.		739
	7	Principal Financial Group, Inc.		177
	15	Progressive Corp. (The)		317
	11	Prudential Financial, Inc.		521
	2	Torchmark Corp.		111
	9	Travelers Cos., Inc. (The)		586
	7	Unum Group		138
	8	XL Group plc, (Ireland)		154
				10,066
		Real Estate Investment Trusts (REITs) — 2.1%
	9	American Tower Corp.		609
	3	Apartment Investment & Management Co., Class A		78
	2	AvalonBay Communities, Inc.		317
	4	Boston Properties, Inc.		364
	7	Equity Residential		438
	10	HCP, Inc.		399
	5	Health Care REIT, Inc.		278
	17	Host Hotels & Resorts, Inc.		258
	10	Kimco Realty Corp.		174
	4	Plum Creek Timber Co., Inc.		141
	11	Prologis, Inc.		350
	3	Public Storage		453
	7	Simon Property Group, Inc.		1,078
	7	Ventas, Inc.		405
	4	Vornado Realty Trust		362
	13	Weyerhaeuser Co.		255
				5,959
		Real Estate Management & Development — 0.0% (g)
	8	CBRE Group, Inc., Class A (a)		129
		Thrifts & Mortgage Finance — 0.1%
	13	Hudson City Bancorp, Inc.		78
	9	People’s United Financial, Inc.		100
				178
		Total Financials		40,296
	Health Care — 11.6%
		Biotechnology — 1.4%
	4	Alexion Pharmaceuticals, Inc. (a)		402
	19	Amgen, Inc.		1,313
	6	Biogen Idec, Inc. (a)		745
	10	Celgene Corp. (a)		715
	18	Gilead Sciences, Inc. (a)		902
				4,077
		Health Care Equipment & Supplies — 1.8%
	13	Baxter International, Inc.		677
	5	Becton, Dickinson & Co.		367
	35	Boston Scientific Corp. (a)		199
	2	C.R. Bard, Inc.		195
	5	CareFusion Corp. (a)		130
	12	Covidien plc, (Ireland)		597
	3	DENTSPLY International, Inc.		125
	3	Edwards Lifesciences Corp. (a)		234
	1	Intuitive Surgical, Inc. (a)		491
	25	Medtronic, Inc.		914
	8	St. Jude Medical, Inc.		294
	8	Stryker Corp.		397
	3	Varian Medical Systems, Inc. (a)		158
	4	Zimmer Holdings, Inc.		258
				5,036
		Health Care Providers & Services — 2.0%
	8	Aetna, Inc.		342
	6	AmerisourceBergen Corp.		228
	8	Cardinal Health, Inc.		341
	7	Cigna Corp.		300
	3	Coventry Health Care, Inc.		102
	2	DaVita, Inc. (a)		182
	19	Express Scripts Holding Co. (a)		995
	4	Humana, Inc.		299
	2	Laboratory Corp. of America Holdings (a)		193
	6	McKesson Corp.		512
	2	Patterson Cos., Inc.		70
	4	Quest Diagnostics, Inc.		215
	10	Tenet Healthcare Corp. (a)		46
	25	UnitedHealth Group, Inc.		1,390

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — Continued
		Health Care Providers & Services — Continued
	8	WellPoint, Inc.		538
				5,753
		Health Care Technology — 0.1%
	3	Cerner Corp. (a)		271
		Life Sciences Tools & Services — 0.4%
	8	Agilent Technologies, Inc.		337
	4	Life Technologies Corp. (a)		174
	3	PerkinElmer, Inc.		72
	9	Thermo Fisher Scientific, Inc.		441
	2	Waters Corp. (a)		169
				1,193
		Pharmaceuticals — 5.9%
	38	Abbott Laboratories		2,318
	7	Allergan, Inc.		655
	40	Bristol-Myers Squibb Co.		1,343
	24	Eli Lilly & Co.		998
	6	Forest Laboratories, Inc. (a)		222
	4	Hospira, Inc. (a)		123
	65	Johnson & Johnson		4,089
	73	Merck & Co., Inc.		2,729
	10	Mylan, Inc. (a)		221
	2	Perrigo Co.		231
	180	Pfizer, Inc.		3,933
	3	Watson Pharmaceuticals, Inc. (a)		216
				17,078
		Total Health Care		33,408
	Industrials — 10.3%
		Aerospace & Defense — 2.5%
	18	Boeing Co. (The)		1,238
	9	General Dynamics Corp.		545
	3	Goodrich Corp.		377
	18	Honeywell International, Inc.		1,030
	2	L-3 Communications Holdings, Inc.		161
	6	Lockheed Martin Corp.		527
	6	Northrop Grumman Corp.		354
	3	Precision Castparts Corp.		575
	8	Raytheon Co.		408
	4	Rockwell Collins, Inc.		179
	7	Textron, Inc.		158
	22	United Technologies Corp.		1,609
				7,161
		Air Freight & Logistics — 1.0%
	4	C.H. Robinson Worldwide, Inc.		227
	5	Expeditors International of Washington, Inc.		194
	8	FedEx Corp.		669
	23	United Parcel Service, Inc., Class B		1,714
				2,804
		Airlines — 0.1%
	18	Southwest Airlines Co.		167
		Building Products — 0.0% (g)
	9	Masco Corp.		108
		Commercial Services & Supplies — 0.4%
	3	Avery Dennison Corp.		74
	3	Cintas Corp.		97
	4	Iron Mountain, Inc.		116
	5	Pitney Bowes, Inc.		65
	4	R.R. Donnelley & Sons Co.		46
	8	Republic Services, Inc.		198
	2	Stericycle, Inc. (a)		176
	11	Waste Management, Inc.		357
				1,129
		Construction & Engineering — 0.1%
	4	Fluor Corp.		189
	3	Jacobs Engineering Group, Inc. (a)		109
	5	Quanta Services, Inc. (a)		114
				412
		Electrical Equipment — 0.6%
	4	Cooper Industries plc		267
	18	Emerson Electric Co.		820
	3	Rockwell Automation, Inc.		246
	2	Roper Industries, Inc.		234
				1,567
		Industrial Conglomerates — 2.6%
	17	3M Co.		1,399
	14	Danaher Corp.		709
	252	General Electric Co.		4,819
	11	Tyco International Ltd., (Switzerland)		585
				7,512
		Machinery — 1.9%
	15	Caterpillar, Inc.		1,354
	5	Cummins, Inc.		444
	10	Deere & Co.		708
	4	Dover Corp.		248
	8	Eaton Corp.		341
	1	Flowserve Corp.		133

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — Continued
		Machinery — Continued
	12	Illinois Tool Works, Inc.		648
	7	Ingersoll-Rand plc, (Ireland)		293
	3	Joy Global, Inc.		141
	9	PACCAR, Inc.		320
	3	Pall Corp.		153
	4	Parker Hannifin Corp.		294
	1	Snap-on, Inc.		84
	4	Stanley Black & Decker, Inc.		268
	4	Xylem, Inc.		112
				5,541
		Professional Services — 0.1%
	1	Dun & Bradstreet Corp. (The)		77
	3	Equifax, Inc.		129
	3	Robert Half International, Inc.		96
				302
		Road & Rail — 0.8%
	25	CSX Corp.		524
	8	Norfolk Southern Corp.		516
	1	Ryder System, Inc.		53
	11	Union Pacific Corp.		1,276
				2,369
		Trading Companies & Distributors — 0.2%
	7	Fastenal Co.		311
	1	W.W. Grainger, Inc.		282
				593
		Total Industrials		29,665
	Information Technology — 19.5%
		Communications Equipment — 1.9%
	128	Cisco Systems, Inc.		2,098
	2	F5 Networks, Inc. (a)		195
	3	Harris Corp.		108
	5	JDS Uniphase Corp. (a)		56
	13	Juniper Networks, Inc. (a)		216
	7	Motorola Solutions, Inc.		338
	40	QUALCOMM, Inc.		2,313
				5,324
		Computers & Peripherals — 5.6%
	22	Apple, Inc. (a)		12,851
	36	Dell, Inc. (a)		449
	49	EMC Corp. (a)		1,168
	47	Hewlett-Packard Co.		1,070
	2	Lexmark International, Inc., Class A		42
	9	NetApp, Inc. (a)		258
	6	SanDisk Corp. (a)		189
	6	Western Digital Corp. (a)		175
				16,202
		Electronic Equipment, Instruments & Components — 0.4%
	4	Amphenol Corp., Class A		207
	36	Corning, Inc.		472
	4	FLIR Systems, Inc.		78
	4	Jabil Circuit, Inc.		84
	3	Molex, Inc.		76
	10	TE Connectivity Ltd., (Switzerland)		320
				1,237
		Internet Software & Services — 1.9%
	4	Akamai Technologies, Inc. (a)		124
	27	eBay, Inc. (a)		1,071
	6	Google, Inc., Class A (a)		3,514
	4	VeriSign, Inc. (a)		146
	29	Yahoo!, Inc. (a)		441
				5,296
		IT Services — 3.8%
	15	Accenture plc, (Ireland), Class A		882
	12	Automatic Data Processing, Inc.		610
	7	Cognizant Technology Solutions Corp., Class A (a)		422
	4	Computer Sciences Corp.		99
	6	Fidelity National Information Services, Inc.		183
	3	Fiserv, Inc. (a)		223
	28	International Business Machines Corp.		5,332
	3	MasterCard, Inc., Class A		1,030
	8	Paychex, Inc.		231
	7	SAIC, Inc.		73
	4	Teradata Corp. (a)		266
	4	Total System Services, Inc.		89
	12	Visa, Inc., Class A		1,367
	15	Western Union Co. (The)		243
				11,050
		Office Electronics — 0.1%
	32	Xerox Corp.		229
		Semiconductors & Semiconductor Equipment — 2.2%
	14	Advanced Micro Devices, Inc. (a)		85
	8	Altera Corp.		257
	7	Analog Devices, Inc.		258
	31	Applied Materials, Inc.		318

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — Continued
		Semiconductors & Semiconductor Equipment — Continued
	12	Broadcom Corp., Class A (a)		379
	1	First Solar, Inc. (a)		18
	119	Intel Corp.		3,080
	4	KLA-Tencor Corp.		182
	5	Linear Technology Corp.		159
	14	LSI Corp. (a)		90
	5	Microchip Technology, Inc.		142
	24	Micron Technology, Inc. (a)		138
	2	Novellus Systems, Inc. (a)		70
	15	NVIDIA Corp. (a)		181
	4	Teradyne, Inc. (a) (c)		64
	27	Texas Instruments, Inc.		778
	6	Xilinx, Inc.		200
				6,399
		Software — 3.6%
	12	Adobe Systems, Inc. (a)		366
	5	Autodesk, Inc. (a)		172
	4	BMC Software, Inc. (a)		166
	9	CA, Inc.		216
	4	Citrix Systems, Inc. (a)		323
	8	Electronic Arts, Inc. (a)		108
	7	Intuit, Inc.		396
	178	Microsoft Corp.		5,200
	94	Oracle Corp.		2,476
	5	Red Hat, Inc. (a)		237
	3	Salesforce.com, Inc. (a)		450
	17	Symantec Corp. (a)		258
				10,368
		Total Information Technology		56,105
	Materials — 3.3%
		Chemicals — 2.3%
	5	Air Products & Chemicals, Inc.		397
	2	Airgas, Inc.		142
	2	CF Industries Holdings, Inc.		267
	28	Dow Chemical Co. (The)		879
	22	E.I. du Pont de Nemours & Co.		1,073
	3	Eastman Chemical Co.		152
	7	Ecolab, Inc.		439
	3	FMC Corp.		170
	2	International Flavors & Fragrances, Inc.		109
	13	Monsanto Co.		986
	7	Mosaic Co. (The)		339
	4	PPG Industries, Inc.		375
	7	Praxair, Inc.		756
	2	Sherwin-Williams Co. (The)		268
	3	Sigma-Aldrich Corp.		200
				6,552
		Construction Materials — 0.0% (g)
	3	Vulcan Materials Co.		107
		Containers & Packaging — 0.1%
	4	Ball Corp.		149
	2	Bemis Co., Inc.		74
	4	Owens-Illinois, Inc. (a)		77
	5	Sealed Air Corp.		72
				372
		Metals & Mining — 0.7%
	25	Alcoa, Inc.		217
	3	Allegheny Technologies, Inc.		82
	3	Cliffs Natural Resources, Inc.		162
	23	Freeport-McMoRan Copper & Gold, Inc.		725
	12	Newmont Mining Corp.		557
	8	Nucor Corp.		270
	2	Titanium Metals Corp.		22
	3	United States Steel Corp.		70
				2,105
		Paper & Forest Products — 0.2%
	10	International Paper Co.		305
	4	MeadWestvaco Corp.		112
				417
		Total Materials		9,553
	Telecommunication Services — 3.1%
		Diversified Telecommunication Services — 2.9%
	141	AT&T, Inc.		4,833
	15	CenturyLink, Inc.		579
	24	Frontier Communications Corp.		89
	68	Verizon Communications, Inc.		2,817
	14	Windstream Corp.		131
				8,449
		Wireless Telecommunication Services — 0.2%
	6	Crown Castle International Corp. (a)		326
	7	MetroPCS Communications, Inc. (a)		45
	72	Sprint Nextel Corp. (a)		184
				555
		Total Telecommunication Services		9,004

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — Continued
	Utilities — 3.6%
		Electric Utilities — 2.1%
	12	American Electric Power Co., Inc.		444
	32	Duke Energy Corp.		701
	8	Edison International		349
	4	Entergy Corp.		272
	20	Exelon Corp.		751
	10	FirstEnergy Corp.		467
	10	NextEra Energy, Inc.		649
	7	Northeast Utilities		268
	5	Pepco Holdings, Inc.		104
	3	Pinnacle West Capital Corp.		129
	14	PPL Corp.		378
	7	Progress Energy, Inc.		386
	21	Southern Co. (The)		949
	12	Xcel Energy, Inc.		325
				6,172
		Gas Utilities — 0.1%
	3	AGL Resources, Inc.		104
	2	ONEOK, Inc.		206
				310
		Independent Power Producers & Energy Traders — 0.1%
	15	AES Corp. (The) (a)		186
	5	NRG Energy, Inc. (a)		83
				269
		Multi-Utilities — 1.3%
	6	Ameren Corp.		187
	10	CenterPoint Energy, Inc.		206
	6	CMS Energy Corp.		143
	7	Consolidated Edison, Inc.		422
	14	Dominion Resources, Inc.		708
	4	DTE Energy Co.		230
	2	Integrys Energy Group, Inc.		101
	7	NiSource, Inc.		169
	10	PG&E Corp.		430
	12	Public Service Enterprise Group, Inc.		376
	3	SCANA Corp.		130
	6	Sempra Energy		373
	5	TECO Energy, Inc.		89
	5	Wisconsin Energy Corp.		208
				3,772
		Total Utilities		10,523
		Total Common Stocks (Cost $209,264)		282,709
	Investment Company — 0.1%
	2	SPDR S&P 500 ETF Trust (Cost $229)		263
PRINCIPAL AMOUNT($)
	U.S. Treasury Obligation — 0.1%
	275	U.S. Treasury Bills, 0.081%, 06/07/12 (k) (n) (Cost $275)		275
SHARES
	Short-Term Investment — 1.5%
		Investment Company — 1.5%
	4,381	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.170% (b) (l) (m) (Cost $4,381)		4,381
	Investments of Cash Collateral for Securities on Loan —0.0% (g)
		Investment Company — 0.0% (g)
	29	JPMorgan Prime Money Market Fund, Capital Shares, 0.180% (b) (l) (Cost $29)		29
		Total Investments — 99.7%
		(Cost $214,178)		287,657
		Other Assets in Excess of Liabilities — 0.3%		725
		NET ASSETS — 100.0%	$	288,382

Percentages indicated are based on net assets.

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

Futures Contracts
NUMBER OF CONTRACTS	DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 05/31/12		UNREALIZED APPRECIATION (DEPRECIATION)
	Long Futures Outstanding
71	E-mini S&P 500		06/15/12	$	4,648	$	(228	)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ETF	—	Exchange Traded Fund
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 May 31, 2012.
(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/or 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 Fund, as an index fund, invests.

As of May 31, 2012, 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	$	87,327
Aggregate gross unrealized depreciation		(13,848	)
Net unrealized appreciation/depreciation	$	73,479
Federal income tax cost of investments	$	214,178

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (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
Total Investments in Securities (a)	$	287,382		$	275	$	–	$	287,657
Depreciation in Other Financial Instruments
Futures Contracts	$	(228	)	$	–	$	–	$	(228	)

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

There were no transfers between Levels 1 and 2 during the period ended May 31, 2012.

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Asset-Backed Securities — 3.0%
		AH Mortgage Advance Trust, (Cayman Islands),
	250	Series SART-1, Class A1R, 2.230%, 05/10/43 (e)		250
	750	Series SART-1, Class A2, 3.370%, 05/10/43 (e)		751
	267	Series SART-2, Class A1, 3.270%, 09/15/43 (e)		269
	100	Series SART-2, Class B1, 6.900%, 09/15/43 (e)		103
		Ally Auto Receivables Trust,
	24	Series 2010-1, Class A3, 1.450%, 05/15/14		24
	145	Series 2010-4, Class A3, 0.910%, 11/17/14		146
	124	Series 2012-1, Class A3, 0.930%, 02/16/16		124
	377	Series 2012-2, Class A3, 0.740%, 04/15/16		377
		American Credit Acceptance Receivables Trust,
	79	Series 2012-1, Class A1, 1.960%, 01/15/14 (e)		79
	112	Series 2012-1, Class A2, 3.040%, 10/15/15 (e)		112
		AmeriCredit Automobile Receivables Trust,
	19	Series 2009-1, Class A3, 3.040%, 10/15/13		19
	4	Series 2010-1, Class A3, 1.660%, 03/17/14		4
	130	Series 2010-3, Class A3, 1.140%, 04/08/15		130
	39	Series 2010-4, Class A2, 0.960%, 05/08/14		39
	75	Series 2010-4, Class A3, 1.270%, 04/08/15		75
	104	Series 2011-3, Class A2, 0.840%, 11/10/14		104
	219	Series 2011-5, Class A3, 1.550%, 07/08/16		221
	198	Series 2012-1, Class A2, 0.910%, 10/08/15		198
	94	Series 2012-1, Class A3, 1.230%, 09/08/16		95
		Bank of America Auto Trust,
	109	Series 2009-1A, Class A4, 3.520%, 06/15/16 (e)		110
	25	Series 2010-1A, Class A3, 1.390%, 03/15/14 (e)		25
	100	Series 2010-1A, Class A4, 2.180%, 02/15/17 (e)		101
	32	Series 2010-2, Class A3, 1.310%, 07/15/14		32
	125	Series 2010-2, Class A4, 1.940%, 06/15/17		127
	66	Bear Stearns Asset-Backed Securities Trust, Series 2006-SD1, Class A, VAR, 0.609%, 04/25/36		54
	100	Cabela’s Master Credit Card Trust, Series 2012-1A, Class A1, 1.630%, 02/18/20 (e)		101
	26	CarMax Auto Owner Trust, Series 2010-1, Class A3, 1.560%, 07/15/14		26
	165	CarNow Auto Receivables Trust, Series 2012-1A, Class A, 2.090%, 01/15/15 (e)		165
	187	Centex Home Equity, Series 2004-D, Class AF4, SUB, 4.680%, 06/25/32		191
		Chrysler Financial Auto Securitization Trust,
	16	Series 2009-A, Class A3, 2.820%, 01/15/16		16
	192	Series 2010-A, Class A3, 0.910%, 08/08/13		192
		CNH Equipment Trust,
	11	Series 2010-A, Class A3, 1.540%, 07/15/14		11
	219	Series 2010-C, Class A3, 1.170%, 05/15/15		220
	101	Series 2012-A, Class A2, 0.650%, 07/15/15		101
	99	Series 2012-A, Class A3, 0.940%, 05/15/17		99
		CPS Auto Trust,
	86	Series 2011-C, Class A, 4.210%, 03/15/19 (e)		88
	90	Series 2012-A, Class A, 2.780%, 06/17/19 (e)		90
	46	Credit-Based Asset Servicing and Securitization LLC, Series 2006-CB1, Class AF2, SUB, 4.569%, 01/25/36		25
	204	Discover Card Master Trust, Series 2012- A1, Class A1, 0.810%, 08/15/17		204
		Ford Credit Auto Owner Trust,
	8	Series 2009-B, Class A3, 2.790%, 08/15/13		8
	200	Series 2009-B, Class A4, 4.500%, 07/15/14		205
	176	Series 2012-A, Class A3, 0.840%, 08/15/16		176
	271	Fortress Opportunities Residential Transaction, Series 2011-1A, Class A1, VAR, 7.211%, 10/25/47 (e)		273
	200	GE Capital Credit Card Master Note Trust, Series 2009-2, Class A, 3.690%, 07/15/15		201
	93	GE Mortgage Services LLC, Series 1999- HE1, Class M, VAR, 6.705%, 04/25/29		84
	143	Harley-Davidson Motorcycle Trust, Series 2010-1, Class A3, 1.160%, 02/15/15		143
		Honda Auto Receivables Owner Trust,
	71	Series 2009-2, Class A4, 4.430%, 07/15/15		71
	6	Series 2009-3, Class A3, 2.310%, 05/15/13		6
	150	Series 2009-3, Class A4, 3.300%, 09/15/15		152
	108	Series 2012-1, Class A3, 0.770%, 01/15/16		108
	56	Series 2012-1, Class A4, 0.970%, 04/16/18		56
		HSBC Home Equity Loan Trust,
	79	Series 2005-2, Class A1, VAR, 0.510%, 01/20/35		74
	58	Series 2006-1, Class A1, VAR, 0.400%, 01/20/36		53

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)			SECURITY DESCRIPTION	VALUE ($)
	Asset-Backed Securities — Continued
	66		Series 2007-3, Class APT, VAR, 1.440%, 11/20/36		62
			Huntington Auto Trust,
	234		Series 2011-1A, Class A2, 0.760%, 04/15/14 (e)		234
	150		Series 2011-1A, Class A3, 1.010%, 01/15/16 (e)		151
	100		Series 2011-1A, Class A4, 1.310%, 11/15/16 (e)		101
	116		Series 2012-1, Class A3, 0.810%, 09/15/16		116
			Hyundai Auto Receivables Trust,
	105		Series 2010-B, Class A3, 0.970%, 04/15/15		105
	104		Series 2012-A, Class A3, 0.720%, 03/15/16		104
	91		LAI Vehicle Lease Securitization Trust, Series 2010-A, Class A, 2.550%, 09/15/16 (e) (f) (i)		91
	54		Mercedes-Benz Auto Receivables Trust, Series 2010-1, Class A3, 1.420%, 08/15/14		55
	325		MMCA Automobile Trust, Series 2012-A, Class A4, 1.570%, 08/15/17 (e)		330
			Nissan Auto Receivables Owner Trust,
	100		Series 2010-A, Class A3, 0.870%, 07/15/14		101
	75		Series 2010-A, Class A4, 1.310%, 09/15/16		75
	91		Series 2012-A, Class A3, 0.730%, 05/16/16		91
	117		Series 2012-A, Class A4, 1.000%, 07/16/18		117
	233		Park Place Securities, Inc., Series 2004- MCW1, Class M1, VAR, 0.864%, 10/25/34		221
	150		Residential Asset Mortgage Products, Inc., Series 2006-RZ1, Class A3, VAR, 0.539%, 03/25/36		129
	190		Residential Credit Solutions Trust, Series 2011-1, Class A1, 6.000%, 03/25/41 (e) (f) (i)		190
			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)		102
	30		Series 2011-S2A, Class B, 2.060%, 06/15/17 (e)		30
	157		Series 2012-1, Class A2, 1.250%, 04/15/15		158
	71		Series 2012-2, Class A2, 0.910%, 05/15/15		71
	53		Series 2012-2, Class A3, 1.220%, 12/15/15		53
	176		Toyota Auto Receivables Owner Trust, Series 2010-C, Class A3, 0.770%, 04/15/14		176
	321		Trafigura Securitisation Finance plc, (Ireland), Series 2012-1A, Class A, VAR, 2.653%, 10/15/15 (e)		321
	213		Volkswagen Auto Loan Enhanced Trust, Series 2012-1, Class A3, 0.850%, 08/22/16		213
	474		VOLT LLC, Series 2012-1A, Class A1, SUB, 4.949%, 04/25/17 (e) (f) (i)		474
	325		Westgate Resorts LLC, Series 2012-1, Class A, 4.500%, 09/20/25 (e)		326
	135		World Omni Auto Receivables Trust, Series 2010-A, Class A4, 2.210%, 05/15/15		137
			Total Asset-Backed Securities (Cost $11,128)		11,152
	Collateralized Mortgage Obligations — 27.7%
			Agency CMO — 22.1%
	74		Federal Home Loan Mortgage Corp. - Government National Mortgage Association, Series 24, Class ZE, 6.250%, 11/25/23		83
			Federal Home Loan Mortgage Corp. REMICS,
	6		Series 11, Class D, 9.500%, 07/15/19		6
	–	(h)	Series 41, Class I, HB, 84.000%, 05/15/20		—	(h)
	3		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)
	3		Series 99, Class Z, 9.500%, 01/15/21		4
	17		Series 114, Class H, 6.950%, 01/15/21		19
	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		1
	10		Series 1144, Class KB, 8.500%, 09/15/21		12
	–	(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
	11		Series 1206, Class IA, 7.000%, 03/15/22		13
	8		Series 1250, Class J, 7.000%, 05/15/22		9
	25		Series 1343, Class LA, 8.000%, 08/15/22		30
	109		Series 1466, Class PZ, 7.500%, 02/15/23		125
	1		Series 1470, Class F, VAR, 2.163%, 02/15/23		1
	40		Series 1491, Class I, 7.500%, 04/15/23		46
	40		Series 1518, Class G, IF, 8.809%, 05/15/23		46
	36		Series 1541, Class O, VAR, 1.250%, 07/15/23		36

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	3	Series 1602, Class SA, HB, IF, 21.937%, 10/15/23		5
	132	Series 1608, Class L, 6.500%, 09/15/23		148
	80	Series 1609, Class LG, IF, 16.792%, 11/15/23		93
	4	Series 1671, Class L, 7.000%, 02/15/24		5
	21	Series 1700, Class GA, PO, 02/15/24		20
	213	Series 1706, Class K, 7.000%, 03/15/24		246
	686	Series 1720, Class PL, 7.500%, 04/15/24		800
	19	Series 1745, Class D, 7.500%, 08/15/24		22
	44	Series 1798, Class F, 5.000%, 05/15/23		48
	2	Series 1807, Class G, 9.000%, 10/15/20		2
	196	Series 1927, Class PH, 7.500%, 01/15/27		230
	92	Series 1981, Class Z, 6.000%, 05/15/27		101
	27	Series 1987, Class PE, 7.500%, 09/15/27		32
	5	Series 2025, Class PE, 6.300%, 01/15/13		5
	13	Series 2033, Class SN, HB, IF, 26.208%, 03/15/24		9
	36	Series 2038, Class PN, IO, 7.000%, 03/15/28		6
	173	Series 2040, Class PE, 7.500%, 03/15/28		203
	46	Series 2056, Class TD, 6.500%, 05/15/18		51
	218	Series 2063, Class PG, 6.500%, 06/15/28		250
	35	Series 2064, Class TE, 7.000%, 06/15/28		41
	152	Series 2075, Class PH, 6.500%, 08/15/28		174
	147	Series 2075, Class PM, 6.250%, 08/15/28		152
	43	Series 2089, Class PJ, IO, 7.000%, 10/15/28		7
	8	Series 2102, Class TC, 6.000%, 12/15/13		8
	48	Series 2115, Class PE, 6.000%, 01/15/14		50
	98	Series 2125, Class JZ, 6.000%, 02/15/29		103
	18	Series 2163, Class PC, IO, 7.500%, 06/15/29		4
	428	Series 2169, Class TB, 7.000%, 06/15/29		501
	119	Series 2172, Class QC, 7.000%, 07/15/29		139
	1	Series 2196, Class TL, 7.500%, 11/15/29		1
	61	Series 2201, Class C, 8.000%, 11/15/29		72
	140	Series 2210, Class Z, 8.000%, 01/15/30		167
	53	Series 2224, Class CB, 8.000%, 03/15/30		63
	77	Series 2256, Class MC, 7.250%, 09/15/30		90
	110	Series 2259, Class ZM, 7.000%, 10/15/30		129
	89	Series 2271, Class PC, 7.250%, 12/15/30		104
	116	Series 2283, Class K, 6.500%, 12/15/23		130
	41	Series 2296, Class PD, 7.000%, 03/15/31		48
	23	Series 2306, Class K, PO, 05/15/24		21
	56	Series 2306, Class SE, IF, IO, 8.600%, 05/15/24		12
	69	Series 2333, Class HC, 6.000%, 07/15/31		69
	38	Series 2344, Class QG, 6.000%, 08/15/16		41
	937	Series 2344, Class ZD, 6.500%, 08/15/31		1,029
	129	Series 2344, Class ZJ, 6.500%, 08/15/31		142
	82	Series 2345, Class NE, 6.500%, 08/15/31		85
	70	Series 2345, Class PQ, 6.500%, 08/15/16		72
	76	Series 2347, Class VP, 6.500%, 03/15/20		76
	119	Series 2351, Class PZ, 6.500%, 08/15/31		133
	51	Series 2355, Class BP, 6.000%, 09/15/16		54
	53	Series 2360, Class PG, 6.000%, 09/15/16		56
	46	Series 2366, Class MD, 6.000%, 10/15/16		49
	78	Series 2391, Class QR, 5.500%, 12/15/16		83
	76	Series 2410, Class NG, 6.500%, 02/15/32		84
	112	Series 2410, Class OE, 6.375%, 02/15/32		123
	44	Series 2410, Class QX, IF, IO, 8.411%, 02/15/32		12
	206	Series 2412, Class SP, IF, 15.623%, 02/15/32		277
	48	Series 2423, Class MC, 7.000%, 03/15/32		57
	104	Series 2423, Class MT, 7.000%, 03/15/32		116
	243	Series 2435, Class CJ, 6.500%, 04/15/32		281
	138	Series 2441, Class GF, 6.500%, 04/15/32		159
	119	Series 2444, Class ES, IF, IO, 7.711%, 03/15/32		24
	136	Series 2450, Class GZ, 7.000%, 05/15/32		160
	48	Series 2450, Class SW, IF, IO, 7.761%, 03/15/32		10
	223	Series 2455, Class GK, 6.500%, 05/15/32		257
	327	Series 2466, Class DH, 6.500%, 06/15/32		363
	196	Series 2466, Class PG, 6.500%, 04/15/32		204
	155	Series 2474, Class NR, 6.500%, 07/15/32		174
	290	Series 2484, Class LZ, 6.500%, 07/15/32		334
	437	Series 2500, Class MC, 6.000%, 09/15/32		478
	607	Series 2512, Class PG, 5.500%, 10/15/22		674
	103	Series 2535, Class BK, 5.500%, 12/15/22		115
	210	Series 2537, Class TE, 5.500%, 12/15/17		227
	675	Series 2543, Class YX, 6.000%, 12/15/32		760
	962	Series 2568, Class KG, 5.500%, 02/15/23		1,056
	810	Series 2575, Class ME, 6.000%, 02/15/33		927
	85	Series 2586, Class WI, IO, 6.500%, 03/15/33		15
	75	Series 2587, Class CO, PO, 03/15/32		74
	116	Series 2597, Class AD, 6.500%, 03/15/32		117

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	13	Series 2597, Class DS, IF, IO, 7.311%, 02/15/33		—	(h)
	22	Series 2599, Class DS, IF, IO, 6.761%, 02/15/33		1
	23	Series 2610, Class DS, IF, IO, 6.861%, 03/15/33		1
	289	Series 2617, Class GR, 4.500%, 05/15/18		308
	241	Series 2622, Class PE, 4.500%, 05/15/18		257
	134	Series 2631, Class LC, 4.500%, 06/15/18		144
	159	Series 2640, Class VE, 3.250%, 07/15/22		161
	207	Series 2651, Class VZ, 4.500%, 07/15/18		221
	69	Series 2657, Class MD, 5.000%, 12/15/20		69
	202	Series 2672, Class ME, 5.000%, 11/15/22		215
	410	Series 2675, Class CK, 4.000%, 09/15/18		433
	79	Series 2682, Class YS, IF, 8.642%, 10/15/33		80
	812	Series 2684, Class PO, PO, 01/15/33		802
	9	Series 2691, Class WS, IF, 8.642%, 10/15/33		9
	178	Series 2695, Class DE, 4.000%, 01/15/17		179
	34	Series 2705, Class SC, IF, 8.642%, 11/15/33		35
	34	Series 2705, Class SD, IF, 8.693%, 11/15/33		35
	251	Series 2744, Class TU, 5.500%, 05/15/32		264
	30	Series 2755, Class PA, PO, 02/15/29		30
	31	Series 2755, Class SA, IF, 13.722%, 05/15/30		34
	498	Series 2777, Class KO, PO, 02/15/33		495
	258	Series 2802, Class MB, 5.500%, 11/15/31		262
	51	Series 2815, Class YS, IF, 9.561%, 01/15/34		51
	763	Series 2907, Class VC, 4.500%, 05/15/34		833
	227	Series 2934, Class EC, PO, 02/15/20		219
	223	Series 2990, Class SL, HB, IF, 23.618%, 06/15/34		337
	500	Series 2999, Class ND, 4.500%, 07/15/20		550
	218	Series 3068, Class AO, PO, 01/15/35		214
	294	Series 3117, Class EO, PO, 02/15/36		283
	35	Series 3117, Class OK, PO, 02/15/36		33
	468	Series 3122, Class OH, PO, 03/15/36		435
	410	Series 3137, Class XP, 6.000%, 04/15/36		463
	20	Series 3149, Class SO, PO, 05/15/36		19
	522	Series 3152, Class MO, PO, 03/15/36		484
	233	Series 3171, Class MO, PO, 06/15/36		224
	211	Series 3179, Class OA, PO, 07/15/36		204
	878	Series 3202, Class HI, IF, IO, 6.411%, 08/15/36		157
	207	Series 3232, Class ST, IF, IO, 6.461%, 10/15/36		34
	250	Series 3253, Class PO, PO, 12/15/21		237
	170	Series 3316, Class JO, PO, 05/15/37		157
	488	Series 3481, Class SJ, IF, IO, 5.611%, 08/15/38		71
	288	Series 3607, Class AO, PO, 04/15/36		273
	204	Series 3607, Class EO, PO, 02/15/33		202
	187	Series 3611, Class PO, PO, 07/15/34		178
	883	Series 3666, Class VA, 5.500%, 12/15/22		965
	880	Series 3680, Class MA, 4.500%, 07/15/39		964
	784	Series 3804, Class FN, VAR, 0.689%, 03/15/39		786
	1,072	Series 3819, Class ZQ, 6.000%, 04/15/36		1,247
	491	Series 3997, Class PF, VAR, 0.689%, 11/15/39		492
	101	Federal Home Loan Mortgage Corp. STRIPS, Series 243, Class 16, IO, 4.500%, 11/15/20		8
		Federal Home Loan Mortgage Corp. Structured Pass-Through Securities,
	53	Series T-41, Class 3A, VAR, 6.957%, 07/25/32		61
	44	Series T-51, Class 2A, VAR, 7.500%, 08/25/42		53
	434	Series T-54, Class 2A, 6.500%, 02/25/43		484
	152	Series T-54, Class 3A, 7.000%, 02/25/43		182
	1,157	Series T-56, Class A5, 5.231%, 05/25/43		1,296
	40	Series T-58, Class APO, PO, 09/25/43		38
	313	Series T-76, Class 2A, VAR, 4.727%, 10/25/37		318
	500	Federal National Mortgage Association, Series 2010-M3, Class A3, VAR, 4.332%, 03/25/20		566
	149	Federal National Mortgage Association Grantor Trust, Series 2001-T10, Class A2, 7.500%, 12/25/41		176
		Federal National Mortgage Association REMICS,
	2	Series 1988-7, Class Z, 9.250%, 04/25/18		3
	11	Series 1989-70, Class G, 8.000%, 10/25/19		12
	4	Series 1989-78, Class H, 9.400%, 11/25/19		5
	3	Series 1989-83, Class H, 8.500%, 11/25/19		4
	3	Series 1989-89, Class H, 9.000%, 11/25/19		4
	1	Series 1990-1, Class D, 8.800%, 01/25/20		1

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)			SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
			Agency CMO — Continued
	2		Series 1990-7, Class B, 8.500%, 01/25/20		2
	2		Series 1990-60, Class K, 5.500%, 06/25/20		2
	2		Series 1990-63, Class H, 9.500%, 06/25/20		2
	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
	13		Series 1990-102, Class J, 6.500%, 08/25/20		14
	4		Series 1990-120, Class H, 9.000%, 10/25/20		5
	1		Series 1990-134, Class SC, HB, IF, 21.225%, 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)
	5		Series 1991-42, Class S, IF, 17.238%, 05/25/21		7
	75		Series 1992-107, Class SB, HB, IF, 29.329%, 06/25/22		136
	6		Series 1992-143, Class MA, 5.500%, 09/25/22		6
	40		Series 1993-25, Class J, 7.500%, 03/25/23		47
	236		Series 1993-37, Class PX, 7.000%, 03/25/23		269
	84		Series 1993-54, Class Z, 7.000%, 04/25/23		96
	18		Series 1993-62, Class SA, IF, 17.820%, 04/25/23		27
	22		Series 1993-122, Class M, 6.500%, 07/25/23		25
	9		Series 1993-165, Class SD, IF, 12.389%, 09/25/23		11
	37		Series 1993-178, Class PK, 6.500%, 09/25/23		41
	673		Series 1993-183, Class KA, 6.500%, 10/25/23		756
	276		Series 1993-189, Class PL, 6.500%, 10/25/23		310
	14		Series 1993-225, Class SG, HB, IF, 26.464%, 12/25/13		17
	59		Series 1993-247, Class SA, HB, IF, 25.860%, 12/25/23		96
	97		Series 1993-250, Class Z, 7.000%, 12/25/23		102
	60		Series 1993-257, Class C, PO, 06/25/23		59
	4		Series 1994-9, Class E, PO, 11/25/23		3
	155		Series 1996-14, Class SE, IF, IO, 8.750%, 08/25/23		33
	7		Series 1996-27, Class FC, VAR, 0.750%, 03/25/17		7
	19		Series 1996-59, Class J, 6.500%, 08/25/22		21
	15		Series 1996-59, Class K, 6.500%, 07/25/23		15
	80		Series 1997-20, Class IB, IO, VAR, 1.840%, 03/25/27		4
	79		Series 1997-20, Class IO, IO, VAR, 1.840%, 03/25/27		4
	42		Series 1997-27, Class J, 7.500%, 04/18/27		47
	39		Series 1997-29, Class J, 7.500%, 04/20/27		45
	83		Series 1997-39, Class PD, 7.500%, 05/20/27		97
	32		Series 1997-81, Class PI, IO, 7.000%, 12/18/27		5
	3		Series 1998-4, Class C, PO, 04/25/23		3
	45		Series 1998-36, Class ZB, 6.000%, 07/18/28		50
	354		Series 1998-43, Class EA, PO, 04/25/23		325
	194		Series 2000-2, Class ZE, 7.500%, 02/25/30		228
	69		Series 2001-4, Class PC, 7.000%, 03/25/21		75
	25		Series 2001-5, Class OW, 6.000%, 03/25/16		25
	180		Series 2001-33, Class ID, IO, 6.000%, 07/25/31		37
	169		Series 2001-36, Class DE, 7.000%, 08/25/31		199
	45		Series 2001-44, Class PD, 7.000%, 09/25/31		53
	291		Series 2001-48, Class Z, 6.500%, 09/25/21		327
	45		Series 2001-49, Class Z, 6.500%, 09/25/31		52
	98		Series 2001-71, Class MB, 6.000%, 12/25/16		105
	129		Series 2001-71, Class QE, 6.000%, 12/25/16		137
	714		Series 2001-74, Class MB, 6.000%, 12/25/16		764
	33		Series 2001-81, Class LO, PO, 01/25/32		32
	94		Series 2002-1, Class HC, 6.500%, 02/25/22		101
	37		Series 2002-1, Class SA, HB, IF, 24.412%, 02/25/32		64
	59		Series 2002-2, Class UC, 6.000%, 02/25/17		64
	121		Series 2002-3, Class OG, 6.000%, 02/25/17		129
	119		Series 2002-21, Class PE, 6.500%, 04/25/32		133
	218		Series 2002-24, Class AJ, 6.000%, 04/25/17		236

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	115	Series 2002-28, Class PK, 6.500%, 05/25/32		133
	149	Series 2002-37, Class Z, 6.500%, 06/25/32		164
	442	Series 2002-84, Class VB, 5.500%, 04/25/15		454
	7	Series 2002-91, Class UH, IO, 5.500%, 06/25/22		—	(h)
	311	Series 2002-94, Class BK, 5.500%, 01/25/18		334
	202	Series 2003-22, Class UD, 4.000%, 04/25/33		223
	162	Series 2003-34, Class GB, 6.000%, 03/25/33		189
	304	Series 2003-34, Class GE, 6.000%, 05/25/33		376
	28	Series 2003-39, Class IO, IO, VAR, 6.000%, 05/25/33		4
	405	Series 2003-47, Class PE, 5.750%, 06/25/33		465
	68	Series 2003-52, Class SX, HB, IF, 22.234%, 10/25/31		115
	74	Series 2003-64, Class SX, IF, 13.153%, 07/25/33		87
	286	Series 2003-71, Class DS, IF, 7.148%, 08/25/33		300
	148	Series 2003-73, Class GA, 3.500%, 05/25/31		150
	261	Series 2003-80, Class SY, IF, IO, 7.411%, 06/25/23		30
	284	Series 2003-83, Class PG, 5.000%, 06/25/23		308
	49	Series 2003-91, Class SD, IF, 12.102%, 09/25/33		57
	360	Series 2003-116, Class SB, IF, IO, 7.361%, 11/25/33		70
	35	Series 2003-128, Class KE, 4.500%, 01/25/14		36
	500	Series 2003-128, Class NG, 4.000%, 01/25/19		531
	84	Series 2003-130, Class SX, IF, 11.162%, 01/25/34		98
	19	Series 2004-14, Class SD, IF, 8.717%, 03/25/34		20
	1,000	Series 2004-21, Class AE, 4.000%, 04/25/19		1,067
	17	Series 2004-21, Class CO, PO, 04/25/34		16
	405	Series 2004-25, Class PC, 5.500%, 01/25/34		449
	256	Series 2004-25, Class SA, IF, 18.868%, 04/25/34		384
	263	Series 2004-36, Class PC, 5.500%, 02/25/34		292
	206	Series 2004-36, Class SA, IF, 18.868%, 05/25/34		309
	158	Series 2004-46, Class SK, IF, 15.843%, 05/25/34		212
	772	Series 2004-50, Class VZ, 5.500%, 07/25/34		915
	12	Series 2004-61, Class CO, PO, 10/25/31		12
	121	Series 2004-61, Class SH, HB, IF, 23.033%, 11/25/32		206
	136	Series 2004-74, Class SW, IF, 15.021%, 11/25/31		186
	240	Series 2004-76, Class CL, 4.000%, 10/25/19		253
	1,750	Series 2004-86, Class AE, 4.500%, 02/25/32		1,797
	34	Series 2005-40, Class YA, 5.000%, 09/25/20		35
	197	Series 2005-45, Class DC, HB, IF, 23.435%, 06/25/35		319
	97	Series 2005-52, Class PA, 6.500%, 06/25/35		105
	184	Series 2005-56, Class S, IF, IO, 6.471%, 07/25/35		32
	333	Series 2005-56, Class TP, IF, 17.434%, 08/25/33		492
	1,043	Series 2005-68, Class PG, 5.500%, 08/25/35		1,179
	400	Series 2005-73, Class PS, IF, 16.103%, 08/25/35		548
	186	Series 2005-74, Class CS, IF, 19.363%, 05/25/35		276
	368	Series 2005-106, Class US, HB, IF, 23.691%, 11/25/35		598
	1,000	Series 2005-121, Class DX, 5.500%, 01/25/26		1,141
	460	Series 2006-27, Class OH, PO, 04/25/36		431
	317	Series 2006-43, Class VB, 6.500%, 10/25/17		321
	179	Series 2006-44, Class P, PO, 12/25/33		173
	858	Series 2006-56, Class FC, VAR, 0.529%, 07/25/36		858
	369	Series 2006-59, Class QO, PO, 01/25/33		363
	169	Series 2006-65, Class QO, PO, 07/25/36		162
	240	Series 2006-72, Class GO, PO, 08/25/36		229

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	431	Series 2006-77, Class PC, 6.500%, 08/25/36		494
	197	Series 2006-79, Class DO, PO, 08/25/36		189
	404	Series 2006-110, Class PO, PO, 11/25/36		388
	954	Series 2006-124, Class HB, VAR, 5.966%, 11/25/36		1,046
	338	Series 2007-14, Class ES, IF, IO, 6.201%, 03/25/37		50
	206	Series 2007-79, Class SB, HB, IF, 23.141%, 08/25/37		311
	500	Series 2007-81, Class GE, 6.000%, 08/25/37		600
	537	Series 2007-84, Class PD, 6.000%, 08/25/32		542
	391	Series 2007-88, Class VI, IF, IO, 6.301%, 09/25/37		63
	1,000	Series 2007-91, Class ES, IF, IO, 6.221%, 10/25/37		172
	245	Series 2007-106, Class A7, VAR, 5.953%, 10/25/37		272
	218	Series 2007-116, Class HI, IO, VAR, 5.837%, 01/25/38		11
	170	Series 2008-10, Class XI, IF, IO, 5.991%, 03/25/38		26
	200	Series 2008-16, Class IS, IF, IO, 5.961%, 03/25/38		30
	224	Series 2008-28, Class QS, IF, 19.984%, 04/25/38		337
	224	Series 2008-46, Class HI, IO, VAR, 6.576%, 06/25/38		12
	54	Series 2008-66, Class GD, 6.000%, 06/25/30		55
	258	Series 2009-69, Class PO, PO, 09/25/39		249
	758	Series 2009-71, Class BC, 4.500%, 09/25/24		890
	389	Series 2009-103, Class MB, VAR, 4.027%, 12/25/39		416
	769	Series 2010-71, Class HJ, 5.500%, 07/25/40		849
	1,265	Series 2010-133, Class A, 5.500%, 05/25/38		1,359
	886	Series 2011-118, Class MT, 7.000%, 11/25/41		1,091
	876	Series 2011-118, Class NT, 7.000%, 11/25/41		1,026
	976	Series 2011-149, Class EF, VAR, 0.739%, 07/25/41		977
	495	Series 2012-47, Class HF, VAR, 0.639%, 05/25/27		496
	4	Series G-14, Class L, 8.500%, 06/25/21		4
	18	Series G-18, Class Z, 8.750%, 06/25/21		21
	4	Series G-22, Class G, 6.000%, 12/25/16		4
	14	Series G-35, Class M, 8.750%, 10/25/21		16
	56	Series G92-35, Class E, 7.500%, 07/25/22		63
	3	Series G92-42, Class Z, 7.000%, 07/25/22		4
	58	Series G92-44, Class ZQ, 8.000%, 07/25/22		66
	58	Series G92-54, Class ZQ, 7.500%, 09/25/22		66
	13	Series G93-5, Class Z, 6.500%, 02/25/23		15
	18	Series G95-1, Class C, 8.800%, 01/25/25		20
		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
	171	Series 300, Class 1, PO, 09/01/24		160
	38	Series 329, Class 1, PO, 01/01/33		37
		Federal National Mortgage Association Whole Loan,
	205	Series 2003-W1, Class 1A1, VAR, 6.254%, 12/25/42		236
	58	Series 2003-W4, Class 2A, VAR, 6.489%, 10/25/42		65
	137	Series 2004-W2, Class 2A2, 7.000%, 02/25/44		158
	426	Series 2005-W3, Class 2AF, VAR, 0.459%, 03/25/45		424
	108	Series 2007-W7, Class 1A4, HB, IF, 37.747%, 07/25/37		191
		Government National Mortgage Association,
	50	Series 1994-3, Class PQ, 7.488%, 07/16/24		60
	161	Series 1994-4, Class KQ, 7.988%, 07/16/24		187
	304	Series 1994-7, Class PQ, 6.500%, 10/16/24		357
	75	Series 1995-3, Class DQ, 8.050%, 06/16/25		88
	18	Series 1995-7, Class CQ, 7.500%, 09/16/25		21
	141	Series 1996-16, Class E, 7.500%, 08/16/26		162
	28	Series 1998-26, Class K, 7.500%, 09/17/25		33
	417	Series 1999-10, Class ZC, 6.500%, 04/20/29		488
	46	Series 1999-30, Class S, IF, IO, 8.361%, 08/16/29		8
	46	Series 1999-41, Class Z, 8.000%, 11/16/29		54
	39	Series 1999-44, Class PC, 7.500%, 12/20/29		45
	86	Series 2000-6, Class Z, 7.500%, 02/20/30		100
	16	Series 2000-9, Class Z, 8.000%, 06/20/30		20

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	362	Series 2000-9, Class ZJ, 8.500%, 02/16/30		440
	138	Series 2000-14, Class PD, 7.000%, 02/16/30		163
	38	Series 2000-16, Class ZN, 7.500%, 02/16/30		40
	213	Series 2000-37, Class B, 8.000%, 12/20/30		250
	116	Series 2001-7, Class PK, 6.500%, 03/20/31		124
	7	Series 2001-32, Class WA, IF, 19.526%, 07/20/31		12
	251	Series 2001-64, Class MQ, 6.500%, 12/20/31		266
	43	Series 2002-7, Class PG, 6.500%, 01/20/32		50
	61	Series 2002-31, Class S, IF, IO, 8.461%, 01/16/31		17
	163	Series 2002-40, Class UK, 6.500%, 06/20/32		192
	154	Series 2002-47, Class PG, 6.500%, 07/16/32		182
	203	Series 2002-47, Class PY, 6.000%, 07/20/32		233
	196	Series 2002-47, Class ZA, 6.500%, 07/20/32		231
	16	Series 2002-51, Class SG, HB, IF, 31.461%, 04/20/31		32
	92	Series 2002-54, Class GB, 6.500%, 08/20/32		106
	50	Series 2003-4, Class NI, IO, 5.500%, 01/20/32		1
	73	Series 2003-4, Class NY, 5.500%, 12/20/13		75
	33	Series 2003-24, Class PO, PO, 03/16/33		29
	304	Series 2003-40, Class TJ, 6.500%, 03/20/33		382
	162	Series 2003-52, Class AP, PO, 06/16/33		145
	36	Series 2004-28, Class S, IF, 19.006%, 04/16/34		55
	51	Series 2004-68, Class PO, PO, 05/20/31		51
	127	Series 2004-71, Class SB, HB, IF, 28.287%, 09/20/34		207
	67	Series 2004-73, Class AE, IF, 14.363%, 08/17/34		84
	636	Series 2004-90, Class SI, IF, IO, 5.860%, 10/20/34		100
	189	Series 2005-68, Class DP, IF, 15.858%, 06/17/35		277
	1,342	Series 2005-68, Class KI, IF, IO, 6.060%, 09/20/35		218
	148	Series 2006-59, Class SD, IF, IO, 6.460%, 10/20/36		23
	510	Series 2007-17, Class JI, IF, IO, 6.571%, 04/16/37		86
	616	Series 2007-27, Class SA, IF, IO, 5.960%, 05/20/37		96
	989	Series 2007-40, Class SB, IF, IO, 6.510%, 07/20/37		162
	625	Series 2007-45, Class QA, IF, IO, 6.400%, 07/20/37		100
	187	Series 2007-49, Class NO, PO, 12/20/35		185
	734	Series 2007-50, Class AI, IF, IO, 6.535%, 08/20/37		116
	150	Series 2007-53, Class ES, IF, IO, 6.310%, 09/20/37		25
	184	Series 2007-53, Class SW, IF, 19.486%, 09/20/37		271
	366	Series 2007-57, Class QA, IF, IO, 6.260%, 10/20/37		55
	248	Series 2007-71, Class SB, IF, IO, 6.460%, 07/20/36		29
	356	Series 2007-72, Class US, IF, IO, 6.310%, 11/20/37		56
	355	Series 2007-76, Class SA, IF, IO, 6.290%, 11/20/37		54
	97	Series 2008-25, Class SB, IF, IO, 6.660%, 03/20/38		14
	208	Series 2008-33, Class XS, IF, IO, 7.461%, 04/16/38		32
	429	Series 2008-40, Class SA, IF, IO, 6.161%, 05/16/38		87
	500	Series 2008-50, Class KB, 6.000%, 06/20/38		582
	511	Series 2008-55, Class SA, IF, IO, 5.960%, 06/20/38		76
	440	Series 2008-93, Class AS, IF, IO, 5.460%, 12/20/38		58
	192	Series 2009-6, Class SA, IF, IO, 5.861%, 02/16/39		24
	206	Series 2009-14, Class NI, IO, 6.500%, 03/20/39		37
	776	Series 2009-22, Class SA, IF, IO, 6.030%, 04/20/39		113
	771	Series 2009-31, Class ST, IF, IO, 6.110%, 03/20/39		99
	771	Series 2009-31, Class TS, IF, IO, 6.060%, 03/20/39		103
	499	Series 2009-79, Class OK, PO, 11/16/37		451
	1,029	Series 2009-106, Class ST, IF, IO, 5.760%, 02/20/38		152
	306	Series 2010-14, Class AO, PO, 12/20/32		297

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	354	Series 2010-130, Class CP, 7.000%, 10/16/40		416
	929	Series 2011-137, Class WA, VAR, 5.543%, 07/20/40		1,050
		NCUA Guaranteed Notes,
	762	Series 2010-C1, Class APT, 2.650%, 10/29/20		797
	189	Series 2010-R3, Class 3A, 2.400%, 12/08/20		194
		Vendee Mortgage Trust,
	795	Series 1993-1, Class ZB, 7.250%, 02/15/23		922
	318	Series 1994-1, Class 1, VAR, 5.628%, 02/15/24		362
	466	Series 1996-1, Class 1Z, 6.750%, 02/15/26		545
	161	Series 1996-2, Class 1Z, 6.750%, 06/15/26		190
	632	Series 1997-1, Class 2Z, 7.500%, 02/15/27		749
	157	Series 1998-1, Class 2E, 7.000%, 03/15/28		189
				81,902
		Non-Agency CMO — 5.6%
		American General Mortgage Loan Trust,
	350	Series 2009-1, Class A4, VAR, 5.750%, 09/25/48 (e)		353
	200	Series 2009-1, Class A5, VAR, 5.750%, 09/25/48 (e)		203
	400	Series 2009-1, Class A7, VAR, 5.750%, 09/25/48 (e)		410
		ASG Resecuritization Trust,
	208	Series 2009-1, Class A60, VAR, 3.671%, 06/26/37 (e)		208
	226	Series 2009-2, Class A55, VAR, 5.191%, 05/24/36 (e)		224
	505	Series 2009-3, Class A65, VAR, 2.674%, 03/26/37 (e)		497
		Banc of America Alternative Loan Trust,
	176	Series 2003-7, Class 2A4, 5.000%, 09/25/18		181
	134	Series 2003-9, Class 1CB2, 5.500%, 11/25/33		138
	54	Series 2003-11, Class PO, PO, 01/25/34		38
	61	Banc of America Funding Corp., Series 2004-1, Class PO, PO, 03/25/34		48
		Banc of America Mortgage Securities, Inc.,
	35	Series 2003-8, Class APO, PO, 11/25/33		33
	68	Series 2004-1, Class APO, PO, 02/25/34		65
	200	Series 2004-3, Class 1A26, 5.500%, 04/25/34		205
	55	Series 2004-6, Class APO, PO, 07/25/34		51
		BCAP LLC Trust,
	445	Series 2010-RR7, Class 2A1, VAR, 3.890%, 07/26/45 (e)		417
	160	Series 2011-RR5, Class 14A3, VAR, 2.796%, 07/26/36 (e) (f) (i)		152
	468	Series 2011-RR10, Class 2A1, 0.000%, VAR, 09/26/37 (e)		410
	466	Series 2012-RR2, Class 1A1, VAR, 0.409%, 08/26/36 (e) (f) (i)		441
	180	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-5, Class A1, VAR, 2.220%, 08/25/35		173
		Citigroup Mortgage Loan Trust, Inc.,
	34	Series 2003-UP3, Class A3, 7.000%, 09/25/33		35
	109	Series 2003-UST1, Class A1, 5.500%, 12/25/18		114
	15	Series 2003-UST1, Class PO1, PO, 12/25/18		15
	11	Series 2003-UST1, Class PO3, PO, 12/25/18		11
	238	Series 2008-AR4, Class 1A1A, VAR, 3.029%, 11/25/38 (e)		237
	1,123	Series 2010-8, Class 5A6, 4.000%, 11/25/36 (e)		1,153
	601	Series 2010-8, Class 6A6, 4.500%, 12/25/36 (e)		620
		Countrywide Alternative Loan Trust,
	275	Series 2002-8, Class A4, 6.500%, 07/25/32		289
	1,613	Series 2004-2CB, Class 1A9, 5.750%, 03/25/34		1,556
	212	Series 2004-18CB, Class 2A4, 5.700%, 09/25/34		217
	478	Series 2005-54CB, Class 1A11, 5.500%, 11/25/35		413
		Countrywide Home Loan Mortgage Pass-Through Trust,
	261	Series 2003-26, Class 1A6, 3.500%, 08/25/33		261
	73	Series 2003-J7, Class 4A3, IF, 9.464%, 08/25/18		80
	50	Series 2003-J13, Class PO, PO, 01/25/34		47
	146	Series 2004-5, Class 1A4, 5.500%, 06/25/34		152
	46	Series 2004-HYB3, Class 2A, VAR, 2.789%, 06/20/34		38
	456	Series 2005-22, Class 2A1, VAR, 2.705%, 11/25/35		321

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)			SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
			Non-Agency CMO — Continued
	230		Series 2005-R1, Class 2APO, PO, 03/25/35 (e)		163
			Credit Suisse Mortgage Capital Certificates,
	52		Series 2010-15R, Class 7A1, VAR, 4.428%, 10/26/37 (e)		51
	1,122		Series 2011-7R, Class A1, VAR, 1.489%, 08/28/47 (e)		1,103
	404		Series 2011-9R, Class A1, VAR, 2.239%, 03/27/46 (e)		401
	252		Series 2011-16R, Class 7A3, VAR, 3.500%, 12/27/36 (e)		252
	128		CS First Boston Mortgage Securities Corp., Series 2003-23, Class 2A5, 5.000%, 10/25/18		132
	330		Deutsche ALT-A Securities, Inc., Alternate Loan Trust, Series 2005-3, Class 1A1, VAR, 5.300%, 06/25/20		323
	42		Deutsche Mortgage Securities, Inc., Series 2004-1, Class 2APO, PO, 10/25/18		35
			First Horizon Asset Securities, Inc.,
	39		Series 2004-AR7, Class 2A1, VAR, 2.616%, 02/25/35		38
	202		Series 2004-AR7, Class 2A2, VAR, 2.616%, 02/25/35		187
	218		Series 2005-AR1, Class 2A2, VAR, 2.625%, 04/25/35		209
	500		GSR Mortgage Loan Trust, Series 2006-1F, Class 1A3, 5.500%, 02/25/36		446
	59		Impac Secured Assets CMN Owner Trust, Series 2002-2, Class APO, PO, 04/25/33		44
	364		Indymac Index Mortgage Loan Trust, Series 2005-AR11, Class A7, IO, VAR, 0.033%, 08/25/35		2
			JP Morgan Mortgage Trust,
	128		Series 2006-A2, Class 4A1, VAR, 2.797%, 08/25/34		124
	426		Series 2006-A2, Class 5A3, VAR, 2.653%, 11/25/33		422
			MASTR Adjustable Rate Mortgages Trust,
	52		Series 2004-3, Class 4A2, VAR, 2.577%, 04/25/34		49
	390		Series 2004-13, Class 2A1, VAR, 2.634%, 04/21/34		383
	75		Series 2004-13, Class 3A6, VAR, 2.697%, 11/21/34		76
			MASTR Alternative Loans Trust,
	253		Series 2003-9, Class 8A1, 6.000%, 01/25/34		269
	799		Series 2004-4, Class 10A1, 5.000%, 05/25/24		829
	41		Series 2004-7, Class 30PO, PO, 08/25/34		31
	65		Series 2004-10, Class 1A1, 4.500%, 09/25/19		66
	289		Series 2005-6, Class 3A1, 5.500%, 11/25/20		275
			MASTR Asset Securitization Trust,
	170		Series 2003-2, Class 1A1, 5.000%, 03/25/18		175
	26		Series 2004-8, Class PO, PO, 08/25/19		26
	182		MASTR Resecuritization Trust, Series 2005-PO, Class 3PO, PO, 05/28/35 (e)		142
	65		MortgageIT Trust, Series 2005-1, Class 1A1, VAR, 0.559%, 02/25/35		54
			Nomura Asset Acceptance Corp.,
	90		Series 2003-A1, Class A1, 5.500%, 05/25/33		94
	26		Series 2003-A1, Class A2, 6.000%, 05/25/33		27
	13		Series 2003-A1, Class A5, 7.000%, 04/25/33		14
	87		Series 2004-R2, Class A1, VAR, 6.500%, 10/25/34 (e)		86
		–(h)	Paine Webber CMO Trust, Series H, Class 4, 8.750%, 04/01/18		—	(h)
			Residential Accredit Loans, Inc.,
	337		Series 2002-QS8, Class A5, 6.250%, 06/25/17		347
	61		Series 2002-QS16, Class A3, IF, 16.124%, 10/25/17		69
	89		Series 2003-QS3, Class A2, IF, 15.975%, 02/25/18		99
	361		Series 2003-QS9, Class A3, IF, IO, 7.311%, 05/25/18		51
	329		Series 2004-QS3, Class CB, 5.000%, 03/25/19		337
	15		Series 2004-QS8, Class A2, 5.000%, 06/25/34		15
	34		Residential Asset Securitization Trust, Series 2003-A14, Class A1, 4.750%, 02/25/19		35
			Salomon Brothers Mortgage Securities VII, Inc.,
	135		Series 2003-HYB1, Class A, VAR, 2.736%, 09/25/33		132
	14		Series 2003-UP2, Class PO1, PO, 12/25/18		12

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
	269	Springleaf Mortgage Loan Trust, Series 2011-1A, Class A1, VAR, 4.050%, 01/25/58 (e)		272
		Structured Asset Securities Corp.,
	183	Series 2003-33H, Class 1A1, 5.500%, 10/25/33		185
	162	Series 2005-6, Class 4A1, 5.000%, 05/25/35		160
		Vericrest Opportunity Loan Transferee,
	141	Series 2011-NL3A, Class A1, VAR, 5.194%, 09/25/51 (e)		141
	99	Series 2012-NL1A, Class A1, VAR, 4.213%, 03/25/49 (e) (f) (i)		100
		WaMu Mortgage Pass-Through Certificates,
	108	Series 2002-S8, Class 2A7, 5.250%, 01/25/18		111
	230	Series 2003-AR5, Class A7, VAR, 2.455%, 06/25/33		231
	21	Series 2003-S11, Class 2A5, IF, 16.393%, 11/25/33		22
	125	Series 2004-AR3, Class A2, VAR, 2.588%, 06/25/34		123
	359	Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2005- 4, Class CB7, 5.500%, 06/25/35		314
		Washington Mutual MSC Mortgage Pass- Through Certificates,
	69	Series 2003-MS2, Class 1A1, 5.750%, 02/25/33		72
	18	Series 2003-MS7, Class P, PO, 03/25/33		17
	237	Wells Fargo Mortgage Loan Trust, Series 2012-RR1, Class A1, VAR, 2.847%, 08/27/37 (e)		238
		Wells Fargo Mortgage-Backed Securities Trust,
	34	Series 2003-11, Class 1APO, PO, 10/25/18		34
	158	Series 2003-13, Class A7, 4.500%, 11/25/18		161
	136	Series 2003-15, Class 1A1, 4.750%, 12/25/18		141
	128	Series 2003-K, Class 1A1, VAR, 4.438%, 11/25/33		129
	53	Series 2004-7, Class 2A2, 5.000%, 07/25/19		55
	157	Series 2004-BB, Class A4, VAR, 2.618%, 01/25/35		156
	160	Series 2004-EE, Class 3A1, VAR, 2.839%, 12/25/34		162
	507	Series 2004-P, Class 2A1, VAR, 2.674%, 09/25/34		506
				20,761
		Total Collateralized Mortgage Obligations (Cost $97,517)		102,663
	Commercial Mortgage-Backed Securities — 1.3%
		Banc of America Merrill Lynch Commercial Mortgage, Inc.,
	150	Series 2005-3, Class AM, 4.727%, 07/10/43		154
	368	Series 2005-6, Class ASB, VAR, 5.193%, 09/10/47		383
	50	Series 2006-1, Class A4, VAR, 5.372%, 09/10/45		55
	300	Series 2006-4, Class A4, 5.634%, 07/10/46		336
		Bear Stearns Commercial Mortgage Securities,
	165	Series 2005-PWR9, Class AAB, 4.804%, 09/11/42		171
	360	Series 2006-PW11, Class A4, VAR, 5.452%, 03/11/39		402
	16,555	Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class XC, IO, VAR, 0.150%, 12/11/49 (e)		130
	229	Fontainebleau Miami Beach Trust, Series 2012-FBLU, Class A, 2.887%, 05/05/27 (e)		233
	300	GMAC Commercial Mortgage Securities, Inc., Series 2006-C1, Class A4, VAR, 5.238%, 11/10/45		325
	50	LB-UBS Commercial Mortgage Trust, Series 2006-C1, Class A4, 5.156%, 02/15/31		55
	296	Merrill Lynch Mortgage Trust, Series 2005- MCP1, Class ASB, VAR, 4.674%, 06/12/43		297
		Morgan Stanley Reremic Trust,
	61	Series 2010-C30A, Class A3A, 3.250%, 12/17/43 (e)		61
	400	Series 2010-HQ4B, Class A7A, 4.970%, 04/16/40 (e)		420
	195	Series 2011-IO, Class A, 2.500%, 03/23/51 (e)		196
	666	Series 2012-XA, Class A, 2.000%, 07/27/49		664

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Commercial Mortgage-Backed Securities — Continued
	1,000	TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class A3, VAR, 5.620%, 08/15/39		1,074
		Total Commercial Mortgage-Backed Securities (Cost $4,709)		4,956
	Corporate Bonds — 18.9%
		Consumer Discretionary — 1.1%
		Auto Components — 0.0% (g)
	99	Johnson Controls, Inc., 3.750%, 12/01/21		104
		Automobiles — 0.1%
		Daimler Finance North America LLC,
	150	1.650%, 04/10/15 (e)		150
	150	2.625%, 09/15/16 (e)		155
				305
		Hotels, Restaurants & Leisure — 0.1%
	150	McDonald’s Corp., 4.300%, 03/01/13		154
		Household Durables — 0.0% (g)
	50	Newell Rubbermaid, Inc., 4.700%, 08/15/20		54
		Media — 0.6%
		CBS Corp.,
	25	5.750%, 04/15/20		29
	135	8.875%, 05/15/19		180
	200	Comcast Cable Communications Holdings, Inc., 8.375%, 03/15/13		211
	100	Comcast Corp., 5.900%, 03/15/16		115
	50	Cox Communications, Inc., 5.450%, 12/15/14		55
		DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.,
	150	4.600%, 02/15/21		161
	353	5.000%, 03/01/21		387
	78	Discovery Communications LLC, 4.375%, 06/15/21		84
		News America, Inc.,
	100	7.250%, 05/18/18		121
	100	7.700%, 10/30/25		126
		Thomson Reuters Corp., (Canada),
	105	3.950%, 09/30/21		114
	60	4.700%, 10/15/19		69
		Time Warner Cable, Inc.,
	100	5.850%, 05/01/17		116
	50	6.750%, 07/01/18		61
	100	8.250%, 02/14/14		112
	150	8.250%, 04/01/19		196
	35	8.750%, 02/14/19		46
		Viacom, Inc.,
	33	1.250%, 02/27/15		33
	43	3.875%, 12/15/21		46
	50	4.500%, 03/01/21		56
				2,318
		Multiline Retail — 0.2%
		Kohl’s Corp.,
	40	4.000%, 11/01/21		41
	40	6.250%, 12/15/17		49
		Macy’s Retail Holdings, Inc.,
	22	3.875%, 01/15/22		23
	25	7.450%, 07/15/17		30
	35	Nordstrom, Inc., 4.000%, 10/15/21		39
	400	Target Corp., 6.000%, 01/15/18		490
				672
		Specialty Retail — 0.1%
	59	Gap, Inc. (The), 5.950%, 04/12/21		61
	130	Home Depot, Inc. (The), 5.400%, 03/01/16		150
	95	Staples, Inc., 9.750%, 01/15/14		107
				318
		Total Consumer Discretionary		3,925
		Consumer Staples — 0.7%
		Beverages — 0.2%
	75	Anheuser-Busch Cos. LLC, 5.500%, 01/15/18		89
	200	Anheuser-Busch InBev Worldwide, Inc., 7.750%, 01/15/19		265
		Coca-Cola Co. (The),
	100	3.625%, 03/15/14		105
	50	4.875%, 03/15/19		60
	70	Diageo Capital plc, (United Kingdom), 4.828%, 07/15/20		82
		Diageo Finance B.V., (Netherlands),
	30	5.300%, 10/28/15		34
	100	5.500%, 04/01/13		104
	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		32
	6	7.900%, 11/01/18		8

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Beverages — Continued
	30	SABMiller plc, (United Kingdom), 6.500%, 07/01/16 (e)		35
				940
		Food & Staples Retailing — 0.1%
	56	CVS Pass-Through Trust, 5.926%, 01/10/34 (e)		63
		Kroger Co. (The),
	50	2.200%, 01/15/17		51
	30	6.150%, 01/15/20		36
	75	6.400%, 08/15/17		91
	50	7.500%, 01/15/14		55
				296
		Food Products — 0.4%
		Bunge Ltd. Finance Corp.,
	50	5.875%, 05/15/13		52
	135	8.500%, 06/15/19		172
	14	Bunge N.A. Finance LP, 5.900%, 04/01/17		16
		Cargill, Inc.,
	100	3.300%, 03/01/22 (e)		103
	106	4.307%, 05/14/21 (e)		118
		Kellogg Co.,
	100	4.250%, 03/06/13		103
	200	5.125%, 12/03/12		204
		Kraft Foods, Inc.,
	100	5.375%, 02/10/20		118
	450	6.125%, 02/01/18		536
				1,422
		Household Products — 0.0% (g)
	20	Kimberly-Clark Corp., 2.400%, 03/01/22		20
	76	Procter & Gamble - ESOP, 9.360%, 01/01/21		102
				122
		Total Consumer Staples		2,780
		Energy — 0.8%
		Energy Equipment & Services — 0.1%
	12	Noble Holding International Ltd., (Cayman Islands), 3.950%, 03/15/22		12
	47	Schlumberger Investment S.A., (Luxembourg), 3.300%, 09/14/21 (e)		50
		Transocean, Inc., (Cayman Islands),
	35	6.375%, 12/15/21		40
	100	6.500%, 11/15/20		116
	33	Weatherford International Ltd., (Bermuda), 4.500%, 04/15/22		34
				252
		Oil, Gas & Consumable Fuels — 0.7%
		Apache Corp.,
	57	3.250%, 04/15/22		59
	25	6.900%, 09/15/18		32
	150	Canadian Natural Resources Ltd., (Canada), 5.900%, 02/01/18		178
	150	ConocoPhillips, 5.750%, 02/01/19		184
	150	Devon Energy Corp., 1.875%, 05/15/17		150
	80	Encana Corp., (Canada), 6.500%, 05/15/19		97
	200	ENI S.p.A., (Italy), 4.150%, 10/01/20 (e)		200
	100	EOG Resources, Inc., 4.100%, 02/01/21		111
		Marathon Oil Corp.,
	228	5.900%, 03/15/18		268
	175	6.000%, 10/01/17		206
	35	Occidental Petroleum Corp., 1.750%, 02/15/17		36
	40	PC Financial Partnership, 5.000%, 11/15/14		43
	90	Petrobras International Finance Co., (Cayman Islands), 5.375%, 01/27/21		96
	97	Petro-Canada, (Canada), 6.050%, 05/15/18		115
	43	Phillips 66, 2.950%, 05/01/17 (e)		44
		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		58
	195	4.375%, 03/25/20		228
		Statoil ASA, (Norway),
	67	3.125%, 08/17/17		72
	83	3.150%, 01/23/22		87
	50	Talisman Energy, Inc., (Canada), 7.750%, 06/01/19		62
	44	Total Capital International S.A., (France), 1.500%, 02/17/17		44
	175	Total Capital S.A., (France), 2.300%, 03/15/16		181
				2,803
		Total Energy		3,055
		Financials — 11.2%
		Capital Markets — 2.6%
		Bank of New York Mellon Corp. (The),
	250	2.950%, 06/18/15		263
	75	3.100%, 01/15/15		79
	75	4.600%, 01/15/20		85
		BlackRock, Inc.,
	325	3.500%, 12/10/14		345
	326	5.000%, 12/10/19		375

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Capital Markets — Continued
	150	Blackstone Holdings Finance Co. LLC, 5.875%, 03/15/21 (e)		157
	40	Charles Schwab Corp. (The), 4.950%, 06/01/14		43
		Goldman Sachs Group, Inc. (The),
	100	3.300%, 05/03/15		99
	255	3.625%, 02/07/16		251
	66	3.700%, 08/01/15		66
	68	5.375%, 03/15/20		69
	300	5.500%, 11/15/14		315
	80	5.750%, 01/24/22		82
	1,100	5.950%, 01/18/18		1,149
	250	7.500%, 02/15/19		284
		Jefferies Group, Inc.,
	111	3.875%, 11/09/15		107
	150	5.125%, 04/13/18		142
	125	8.500%, 07/15/19		133
		Macquarie Group Ltd., (Australia),
	150	6.000%, 01/14/20 (e)		150
	100	7.300%, 08/01/14 (e)		106
	40	7.625%, 08/13/19 (e)		44
		Merrill Lynch & Co., Inc.,
	200	5.000%, 01/15/15		205
	157	5.450%, 07/15/14		165
	50	6.150%, 04/25/13		52
	814	6.400%, 08/28/17		865
	266	6.875%, 04/25/18		292
		Morgan Stanley,
	104	4.000%, 07/24/15		101
	195	4.200%, 11/20/14		192
	147	4.750%, 04/01/14		145
	800	5.300%, 03/01/13		816
	166	5.500%, 07/24/20		155
	100	5.500%, 07/28/21		94
	450	5.625%, 09/23/19		429
	175	5.750%, 08/31/12		177
	100	5.750%, 01/25/21		94
	250	6.000%, 05/13/14		254
	100	6.625%, 04/01/18		101
	100	7.300%, 05/13/19		104
		Nomura Holdings, Inc., (Japan),
	85	4.125%, 01/19/16		86
	178	6.700%, 03/04/20		197
	45	Northern Trust Corp., 5.500%, 08/15/13		47
		UBS AG, (Switzerland),
	500	3.875%, 01/15/15		516
	100	5.750%, 04/25/18		110
	100	5.875%, 12/20/17		110
				9,651
		Commercial Banks — 3.6%
	100	ANZ National (International) Ltd., (New Zealand), 3.125%, 08/10/15 (e)		103
	250	Australia & New Zealand Banking Group Ltd., (Australia), 2.400%, 11/23/16 (e)		257
	250	Bank of Montreal, (Canada), 1.300%, 10/31/14 (e)		253
		Bank of Nova Scotia, (Canada),
	121	1.650%, 10/29/15 (e)		124
	175	2.550%, 01/12/17		182
	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		413
	200	2.500%, 09/21/15 (e)		199
	100	3.900%, 04/07/15		103
	200	5.200%, 07/10/14		210
	250	6.050%, 12/04/17 (e)		251
		BB&T Corp.,
	70	3.375%, 09/25/13		72
	80	3.850%, 07/27/12		81
	125	3.950%, 04/29/16		136
	100	4.900%, 06/30/17		109
	150	5.700%, 04/30/14		163
	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)		1,052
	55	Comerica, Inc., 3.000%, 09/16/15		57
	250	Commonwealth Bank of Australia, (Australia), 2.250%, 03/16/17 (e)		255
		Credit Suisse, (Switzerland),
	100	5.400%, 01/14/20		102
	350	6.000%, 02/15/18		372
	350	Fifth Third Bancorp, 5.450%, 01/15/17		382
		HSBC Holdings plc, (United Kingdom),
	196	4.000%, 03/30/22		199
	300	4.875%, 01/14/22		329

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Commercial Banks — Continued
	250	HSBC USA, Inc., 2.375%, 02/13/15		251
	200	ING Bank N.V., (Netherlands), 3.750%, 03/07/17 (e)		197
	100	KeyCorp, 6.500%, 05/14/13		105
	163	Macquarie Bank Ltd., (Australia), 5.000%, 02/22/17 (e)		166
	300	Manufacturers & Traders Trust Co., 6.625%, 12/04/17		353
		National Australia Bank Ltd., (Australia),
	200	2.500%, 01/08/13 (e)		202
	300	2.750%, 09/28/15 (e)		307
	100	3.750%, 03/02/15 (e)		105
		Nordea Bank AB, (Sweden),
	100	1.750%, 10/04/13 (e)		100
	300	3.125%, 03/20/17 (e)		302
		PNC Funding Corp.,
	133	4.375%, 08/11/20		147
	265	5.125%, 02/08/20		306
	110	5.250%, 11/15/15		122
	115	5.625%, 02/01/17		129
		Rabobank Nederland N.V., (Netherlands),
	250	3.200%, 03/11/15 (e)		258
	34	3.375%, 01/19/17		35
	118	3.875%, 02/08/22		118
	200	Royal Bank of Canada, (Canada), 1.150%, 03/13/15		200
	170	SunTrust Banks, Inc., 5.250%, 11/05/12		173
		Toronto-Dominion Bank (The), (Canada),
	200	1.500%, 03/13/17 (e)		202
	235	2.200%, 07/29/15 (e)		244
		U.S. Bancorp,
	150	2.450%, 07/27/15		155
	208	2.875%, 11/20/14		218
	250	Wachovia Bank N.A., 6.000%, 11/15/17		289
		Wachovia Corp.,
	235	4.875%, 02/15/14		246
	850	5.750%, 02/01/18		985
		Wells Fargo & Co.,
	415	5.625%, 12/11/17		482
	500	SUB, 3.676%, 06/15/16		530
	315	Wells Fargo Bank N.A., 4.750%, 02/09/15		335
	285	Westpac Banking Corp., (Australia),
		4.875%, 11/19/19		312
				13,406
		Consumer Finance — 0.9%
		American Express Credit Corp.,
	139	2.800%, 09/19/16		143
	200	7.300%, 08/20/13		215
		American Honda Finance Corp.,
	333	1.450%, 02/27/15 (e)		335
	200	2.125%, 02/28/17 (e)		203
	250	Capital One Bank USA N.A., 8.800%, 07/15/19		317
		Capital One Financial Corp.,
	100	6.750%, 09/15/17		119
	245	7.375%, 05/23/14		270
		HSBC Finance Corp.,
	200	5.250%, 01/15/14		210
	202	6.375%, 11/27/12		207
		John Deere Capital Corp.,
	50	2.250%, 04/17/19		51
	33	3.150%, 10/15/21		35
	66	PACCAR Financial Corp., 1.600%, 03/15/17		66
	100	SLM Corp., 5.375%, 01/15/13		102
	91	Springleaf Finance Corp., 5.375%, 10/01/12		90
		Toyota Motor Credit Corp.,
	120	1.000%, 02/17/15		120
	225	1.750%, 05/22/17		226
	200	2.000%, 09/15/16		204
	100	2.050%, 01/12/17		102
	154	3.200%, 06/17/15		163
	100	Volkswagen International Finance N.V., (Netherlands), 1.625%, 08/12/13 (e)		101
				3,279
		Diversified Financial Services — 2.3%
	250	Associates Corp. of North America, 6.950%, 11/01/18		280
	300	BA Covered Bond Issuer, 5.500%, 06/14/12 (e)		300
		Bank of America Corp.,
	130	5.625%, 07/01/20		135
	300	5.650%, 05/01/18		312
	90	5.700%, 01/24/22		96
	170	5.750%, 12/01/17		177
	50	5.875%, 01/05/21		52
	100	6.500%, 08/01/16		108
	125	7.375%, 05/15/14		135
	425	Bank of America N.A., 5.300%, 03/15/17		433

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Diversified Financial Services — Continued
		BP Capital Markets plc, (United Kingdom),
	100	4.742%, 03/11/21		114
	300	5.250%, 11/07/13		318
		Caterpillar Financial Services Corp.,
	58	2.850%, 06/01/22		59
	100	5.500%, 03/15/16		116
	150	6.200%, 09/30/13		161
	65	7.050%, 10/01/18		84
	100	7.150%, 02/15/19		131
		Citigroup, Inc.,
	43	4.587%, 12/15/15		45
	125	4.750%, 05/19/15		130
	506	5.000%, 09/15/14		517
	54	5.375%, 08/09/20		58
	700	6.000%, 08/15/17		759
	285	6.010%, 01/15/15		305
	300	6.125%, 11/21/17		325
		CME Group, Inc.,
	110	5.400%, 08/01/13		116
	190	5.750%, 02/15/14		205
	190	ConocoPhillips Canada Funding Co. I, (Canada), 5.625%, 10/15/16		224
		ERAC USA Finance LLC,
	48	2.750%, 03/15/17 (e)		49
	27	4.500%, 08/16/21 (e)		29
		General Electric Capital Corp.,
	220	4.375%, 09/16/20		237
	800	4.650%, 10/17/21		879
	500	5.400%, 02/15/17		566
	475	5.625%, 05/01/18		540
	500	5.650%, 06/09/14		542
	100	Textron Financial Corp., 5.400%, 04/28/13		103
				8,640
		Insurance — 1.3%
		ACE INA Holdings, Inc.,
	45	2.600%, 11/23/15		47
	50	5.600%, 05/15/15		56
		Aflac, Inc.,
	28	2.650%, 02/15/17		29
	32	4.000%, 02/15/22		33
	25	8.500%, 05/15/19		33
		American International Group, Inc.,
	385	4.250%, 05/15/13		393
	350	5.450%, 05/18/17		376
	200	5.600%, 10/18/16		217
	45	Aon Corp., 3.500%, 09/30/15		47
	607	ASIF Global Financing XIX, 4.900%, 01/17/13 (e)		614
	150	Berkshire Hathaway Finance Corp., 5.400%, 05/15/18		177
		Berkshire Hathaway, Inc.,
	202	3.400%, 01/31/22		210
	98	3.750%, 08/15/21		104
	90	CNA Financial Corp., 5.875%, 08/15/20		98
	80	Jackson National Life Global Funding, 4.700%, 06/01/18 (e)		88
	35	Lincoln National Corp., 4.200%, 03/15/22		35
		MassMutual Global Funding II,
	300	2.000%, 04/05/17 (e)		303
	100	2.300%, 09/28/15 (e)		103
		Metropolitan Life Global Funding I,
	200	2.000%, 01/09/15 (e)		203
	175	3.650%, 06/14/18 (e)		186
	100	3.875%, 04/11/22 (e)		104
	222	5.200%, 09/18/13 (e)		233
	50	Monumental Global Funding Ltd., (Cayman Islands), 5.500%, 04/22/13 (e)		52
		New York Life Global Funding,
	170	1.300%, 01/12/15 (e)		171
	125	3.000%, 05/04/15 (e)		131
	150	Pacific Life Global Funding, 5.000%, 05/15/17 (e)		159
	200	Pricoa Global Funding I, 5.450%, 06/11/14 (e)		214
	100	Principal Life Income Funding Trusts, 5.300%, 04/24/13		104
	150	Prudential Insurance Co. of America (The), 8.300%, 07/01/25 (e)		200
	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
				4,989
		Real Estate Investment Trusts (REITs) — 0.3%
		CommonWealth REIT,
	125	5.875%, 09/15/20		130
	150	6.650%, 01/15/18		163
	27	ERP Operating LP, 4.625%, 12/15/21		29
		HCP, Inc.,
	8	3.750%, 02/01/19		8
	92	5.375%, 02/01/21		103

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Real Estate Investment Trusts (REITs) — Continued
		Simon Property Group LP,
	81	4.125%, 12/01/21		88
	17	4.200%, 02/01/15		18
	40	4.375%, 03/01/21		44
	100	5.625%, 08/15/14		109
	50	5.650%, 02/01/20		59
	40	6.100%, 05/01/16		46
	50	6.125%, 05/30/18		59
	159	WEA Finance LLC/WT Finance Ltd., 6.750%, 09/02/19 (e)		189
				1,045
		Thrifts & Mortgage Finance — 0.2%
	25	Countrywide Financial Corp., 6.250%, 05/15/16		26
	523	Stadshypotek AB, (Sweden), 1.450%, 09/30/13 (e)		527
				553
		Total Financials		41,563
		Health Care — 0.4%
		Biotechnology — 0.1%
		Amgen, Inc.,
	400	3.875%, 11/15/21		419
	44	4.500%, 03/15/20		48
	40	5.700%, 02/01/19		47
				514
		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		47
				155
		Health Care Providers & Services — 0.1%
	50	Medco Health Solutions, Inc., 2.750%, 09/15/15		52
	112	UnitedHealth Group, Inc., 3.375%, 11/15/21		118
		WellPoint, Inc.,
	115	3.125%, 05/15/22		114
	27	5.875%, 06/15/17		32
	18	7.000%, 02/15/19		23
				339
		Pharmaceuticals — 0.1%
	100	AstraZeneca plc, (United Kingdom), 5.400%, 06/01/14		109
	150	GlaxoSmithKline Capital, Inc., 5.650%, 05/15/18		181
	75	Merck & Co., Inc., 6.000%, 09/15/17		92
				382
		Total Health Care		1,390
		Industrials — 1.0%
		Aerospace & Defense — 0.1%
	70	BAE Systems Holdings, Inc., 6.375%, 06/01/19 (e)		83
	100	Honeywell International, Inc., 5.300%, 03/01/18		119
	47	Lockheed Martin Corp., 2.125%, 09/15/16		48
	50	United Technologies Corp., 6.125%, 02/01/19		62
				312
		Airlines — 0.1%
	84	American Airlines, 2011-2 Class A Pass-Through Trust, 8.625%, 10/15/21		89
	37	Continental Airlines, 1999-2 Class C-2 Pass-Through Trust, 7.256%, 03/15/20		41
	73	Delta Air Lines, 2010-2 Class A Pass-Through Trust, 4.950%, 05/23/19		77
				207
		Commercial Services & Supplies — 0.1%
	100	Allied Waste North America, Inc., 6.875%, 06/01/17		103
		Pitney Bowes, Inc.,
	125	4.875%, 08/15/14		130
	100	5.000%, 03/15/15		105
	50	5.600%, 03/15/18		51
	60	Waste Management, Inc., 7.375%, 03/11/19		76
				465
		Construction & Engineering — 0.0% (g)
		ABB Finance USA, Inc.,
	32	1.625%, 05/08/17		32
	41	2.875%, 05/08/22		41
	70	Fluor Corp., 3.375%, 09/15/21		73
				146
		Industrial Conglomerates — 0.1%
	152	Koninklijke Philips Electronics N.V., (Netherlands), 3.750%, 03/15/22		159
	100	Siemens Financieringsmaatschappij N.V., (Netherlands), 5.750%, 10/17/16 (e)		117

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Industrial Conglomerates — Continued
	50	Tyco International Finance S.A., (Luxembourg), 8.500%, 01/15/19		66
				342
		Machinery — 0.0% (g)
	50	Eaton Corp., 5.600%, 05/15/18		59
	25	Parker Hannifin Corp., 5.500%, 05/15/18		30
				89
		Road & Rail — 0.6%
		Burlington Northern Santa Fe LLC,
	43	3.050%, 03/15/22		44
	32	3.450%, 09/15/21		34
	19	3.600%, 09/01/20		20
	100	5.650%, 05/01/17		117
	100	7.000%, 02/01/14		110
		CSX Corp.,
	30	6.250%, 04/01/15		34
	30	7.375%, 02/01/19		38
	50	7.900%, 05/01/17		63
	615	Federal Express Corp. 1998 Pass-Through Trust, 6.720%, 01/15/22		728
		Norfolk Southern Corp.,
	138	3.250%, 12/01/21		144
	50	7.700%, 05/15/17		64
		Ryder System, Inc.,
	48	2.500%, 03/01/17		48
	55	3.600%, 03/01/16		58
		Union Pacific Corp.,
	233	4.163%, 07/15/22		262
	100	4.875%, 01/15/15		109
	82	5.650%, 05/01/17		96
	115	United Parcel Service of America, Inc., 8.375%, 04/01/20		162
				2,131
		Total Industrials		3,692
		Information Technology — 0.8%
		Computers & Peripherals — 0.4%
	256	Dell, Inc., 3.100%, 04/01/16		272
		Hewlett-Packard Co.,
	208	2.600%, 09/15/17		205
	87	4.050%, 09/15/22		86
	195	4.375%, 09/15/21		198
	325	5.400%, 03/01/17		360
	200	6.125%, 03/01/14		215
				1,336
		Electronic Equipment, Instruments & Components — 0.1%
		Arrow Electronics, Inc.,
	55	3.375%, 11/01/15		58
	120	6.875%, 07/01/13		127
				185
		IT Services — 0.2%
		International Business Machines Corp.,
	126	1.250%, 02/06/17		126
	100	1.875%, 05/15/19		101
	150	5.700%, 09/14/17		180
	200	7.625%, 10/15/18		266
				673
		Office Electronics — 0.0% (g)
		Xerox Corp.,
	39	2.950%, 03/15/17		39
	50	5.625%, 12/15/19		57
	40	6.750%, 02/01/17		47
				143
		Semiconductors & Semiconductor Equipment — 0.0% (g)
	30	National Semiconductor Corp., 6.600%, 06/15/17		37
		Software — 0.1%
	25	Intuit, Inc., 5.750%, 03/15/17		29
	120	Microsoft Corp., 1.625%, 09/25/15		124
		Oracle Corp.,
	200	5.250%, 01/15/16		231
	100	5.750%, 04/15/18		121
				505
		Total Information Technology		2,879
		Materials — 0.5%
		Chemicals — 0.3%
	100	Air Products & Chemicals, Inc., 4.150%, 02/01/13		102
		Dow Chemical Co. (The),
	61	4.125%, 11/15/21		64
	38	4.250%, 11/15/20		40
	60	7.600%, 05/15/14		67
	40	8.550%, 05/15/19		53
		El du Pont de Nemours & Co.,
	101	1.950%, 01/15/16		105
	50	4.125%, 03/06/13		51
	100	6.000%, 07/15/18		124
	34	Mosaic Co. (The), 3.750%, 11/15/21		36

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Chemicals — Continued
	100	Potash Corp. of Saskatchewan, Inc., (Canada), 4.875%, 03/01/13		103
	230	Praxair, Inc., 4.625%, 03/30/15		254
	150	Union Carbide Corp., 7.500%, 06/01/25		181
				1,180
		Metals & Mining — 0.2%
		BHP Billiton Finance USA Ltd., (Australia),
	37	1.000%, 02/24/15		37
	83	1.625%, 02/24/17		83
	100	5.400%, 03/29/17		117
	100	6.500%, 04/01/19		128
	128	Freeport-McMoRan Copper & Gold, Inc., 2.150%, 03/01/17		126
		Rio Tinto Finance USA Ltd., (Australia),
	27	3.500%, 11/02/20		29
	50	8.950%, 05/01/14		57
				577
		Total Materials		1,757
		Telecommunication Services — 0.9%
		Diversified Telecommunication Services — 0.8%
		AT&T, Inc.,
	100	4.450%, 05/15/21		114
	135	5.100%, 09/15/14		148
	150	5.500%, 02/01/18		177
	15	BellSouth Corp., 5.200%, 09/15/14		16
	100	BellSouth Telecommunications, Inc., 6.300%, 12/15/15		106
	100	British Telecommunications plc, (United Kingdom), 5.950%, 01/15/18		116
	61	France Telecom S.A., (France), 2.750%, 09/14/16		62
	500	GTE Corp., 6.840%, 04/15/18		615
	148	Qwest Corp., 6.750%, 12/01/21		165
		Telecom Italia Capital S.A., (Luxembourg),
	280	4.950%, 09/30/14		273
	225	5.250%, 11/15/13		224
		Telefonica Emisiones S.A.U., (Spain),
	275	5.855%, 02/04/13		276
	30	5.877%, 07/15/19		28
	100	Verizon Communications, Inc., 5.500%, 02/15/18		118
	250	Verizon Maryland, Inc., 7.150%, 05/01/23		261
	100	Verizon New England, Inc., 4.750%, 10/01/13		105
				2,804
		Wireless Telecommunication Services — 0.1%
	150	Cellco Partnership/Verizon Wireless Capital LLC, 5.550%, 02/01/14		161
	40	Crown Castle Towers LLC, 3.214%, 08/15/15 (e)		41
		Vodafone Group plc, (United Kingdom),
	100	1.625%, 03/20/17		100
	125	5.000%, 09/15/15		140
				442
		Total Telecommunication Services		3,246
		Utilities — 1.5%
		Electric Utilities — 1.0%
		Carolina Power & Light Co.,
	40	2.800%, 05/15/22		41
	233	5.125%, 09/15/13		246
	150	5.300%, 01/15/19		181
	100	CenterPoint Energy Houston Electric LLC, 5.750%, 01/15/14		107
	50	Cleveland Electric Illuminating Co. (The), 7.880%, 11/01/17		62
	30	Connecticut Light & Power Co. (The), 5.650%, 05/01/18		36
	200	Duke Energy Carolinas LLC, 5.625%, 11/30/12		205
	60	Duke Energy Indiana, Inc., 3.750%, 07/15/20		66
	100	Enel Finance International N.V., (Netherlands), 5.125%, 10/07/19 (e)		94
	72	Exelon Generation Co. LLC, 4.000%, 10/01/20		75
	40	Georgia Power Co., 6.000%, 11/01/13		43
	135	Indiana Michigan Power Co., 7.000%, 03/15/19		170
	25	Jersey Central Power & Light Co., 7.350%, 02/01/19		32
	14	Kiowa Power Partners LLC, 4.811%, 12/30/13 (e)		14
	60	Nevada Power Co., 7.125%, 03/15/19		77
	150	NextEra Energy Capital Holdings, Inc., 7.875%, 12/15/15		181
	40	Niagara Mohawk Power Corp., 4.881%, 08/15/19 (e)		46
	180	Nisource Finance Corp., 4.450%, 12/01/21		190
	25	Ohio Power Co., 6.050%, 05/01/18		30

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Electric Utilities — Continued
		Oncor Electric Delivery Co. LLC,
	25	5.950%, 09/01/13		27
	50	6.800%, 09/01/18		59
	125	Pacific Gas & Electric Co., 5.625%, 11/30/17		151
		PacifiCorp,
	100	3.850%, 06/15/21		111
	60	5.650%, 07/15/18		72
	75	Peco Energy Co., 5.350%, 03/01/18		90
	51	Public Service Co. of Colorado, 3.200%, 11/15/20		55
	74	Public Service Co. of Oklahoma, 4.400%, 02/01/21		82
	200	Public Service Electric & Gas Co., 6.330%, 11/01/13		215
		Southern Co.,
	45	1.950%, 09/01/16		46
	40	4.150%, 05/15/14		42
	30	Southwestern Public Service Co., 8.750%, 12/01/18		41
		Spectra Energy Capital LLC,
	100	5.500%, 03/01/14		106
	30	5.668%, 08/15/14		32
	140	6.200%, 04/15/18		165
	50	8.000%, 10/01/19		65
		Virginia Electric and Power Co.,
	210	5.100%, 11/30/12		215
	100	5.400%, 04/30/18		120
				3,590
		Gas Utilities — 0.2%
		AGL Capital Corp.,
	94	3.500%, 09/15/21		98
	50	4.450%, 04/15/13		52
	100	6.375%, 07/15/16		116
		Atmos Energy Corp.,
	100	5.125%, 01/15/13		103
	30	8.500%, 03/15/19		40
	50	CenterPoint Energy Resources Corp., 6.125%, 11/01/17		58
		TransCanada PipeLines Ltd., (Canada),
	100	4.000%, 06/15/13		103
	100	6.500%, 08/15/18		126
	30	7.125%, 01/15/19		39
				735
		Independent Power Producers & Energy Traders — 0.0% (g)
	150	PPL Energy Supply LLC, 4.600%, 12/15/21		157
		Multi-Utilities — 0.3%
		Dominion Resources, Inc.,
	195	6.250%, 06/30/12		196
	150	8.875%, 01/15/19		207
	100	KCP&L Greater Missouri Operations Co., 11.875%, 07/01/12		101
	50	PG&E Corp., 5.750%, 04/01/14		54
		Sempra Energy,
	80	8.900%, 11/15/13		89
	150	9.800%, 02/15/19		210
		Wisconsin Electric Power Co.,
	30	6.000%, 04/01/14		33
	100	6.250%, 12/01/15		116
				1,006
		Water Utilities — 0.0% (g)
	200	American Water Capital Corp., 6.085%, 10/15/17		236
		Total Utilities		5,724
		Total Corporate Bonds
		(Cost $65,642)		70,011
	Foreign Government Securities — 1.2%
		Israel Government AID Bond, (Israel),
	1,000	Zero Coupon, 08/15/17		941
	1,000	Zero Coupon, 08/15/18		921
	1,557	Zero Coupon, 08/15/20		1,340
	100	Province of Manitoba, (Canada), 2.125%, 04/22/13		101
		Province of Ontario, (Canada),
	400	0.950%, 05/26/15		401
	250	2.700%, 06/16/15		263
	300	2.950%, 02/05/15		317
		Total Foreign Government Securities (Cost $4,079)		4,284
	Mortgage Pass-Through Securities — 11.5%
		Federal Home Loan Mortgage Corp.,
	47	ARM, 2.175%, 01/01/27		50
	15	ARM, 2.375%, 07/01/26		15
	150	ARM, 2.415%, 01/01/37		159
	318	ARM, 2.476%, 08/01/36		339
	142	ARM, 2.567%, 09/01/36		151
	517	ARM, 2.621%, 12/01/34		551

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)			SECURITY DESCRIPTION	VALUE ($)
	Mortgage Pass-Through Securities — Continued
	256		ARM, 2.676%, 03/01/37		277
	236		ARM, 2.807%, 09/01/36		253
	147		ARM, 3.266%, 02/01/37		157
	223		ARM, 3.838%, 04/01/38		237
	410		ARM, 6.029%, 06/01/36		440
	179		ARM, 6.601%, 11/01/36		194
			Federal Home Loan Mortgage Corp. Gold Pools, 15 Year, Single Family,
	248		4.000%, 06/01/19		263
	60		4.500%, 10/01/18		66
	435		5.500%, 06/01/17 - 01/01/24		473
	238		6.000%, 10/01/17 - 04/01/18		252
	626		6.500%, 01/01/17 - 03/01/22		670
	28		7.000%, 09/01/12 - 01/01/17		29
	–	(h)	7.500%, 10/01/14		—	(h)
			Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family,
	18		6.000%, 12/01/22		20
	95		6.500%, 12/01/13 - 08/01/26		106
			Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,
	114		6.000%, 01/01/34		128
	177		7.000%, 04/01/22 - 02/01/37		208
	8		7.500%, 08/01/25		10
	11		8.000%, 07/01/20 - 11/01/24		13
	30		8.500%, 07/01/28		37
	564		Federal Home Loan Mortgage Corp. Gold Pools, FHA/VA, 10.000%, 10/01/30		672
	492		Federal Home Loan Mortgage Corp. Gold Pools, Other, 6.000%, 02/01/33		544
			Federal Home Loan Mortgage Corp., 30 Year, Single Family,
	2		12.000%, 08/01/15 - 07/01/19		3
			Federal National Mortgage Association,
	7		ARM, 1.888%, 03/01/19		7
	144		ARM, 2.159%, 08/01/35		152
	82		ARM, 2.214%, 02/01/37		86
	222		ARM, 2.235%, 01/01/35		235
	536		ARM, 2.284%, 08/01/34 - 02/01/35		567
	241		ARM, 2.285%, 09/01/35		256
	153		ARM, 2.295%, 11/01/33		163
	260		ARM, 2.330%, 01/01/35		273
	284		ARM, 2.339%, 09/01/35		302
	375		ARM, 2.352%, 09/01/34		399
	214		ARM, 2.364%, 04/01/35		227
	173		ARM, 2.410%, 04/01/33		184
	221		ARM, 2.539%, 10/01/34		234
	283		ARM, 2.560%, 09/01/33		302
	100		ARM, 2.592%, 08/01/36		107
	175		ARM, 2.593%, 02/01/35		187
	243		ARM, 2.675%, 02/01/37		259
	1		ARM, 2.750%, 08/01/19		1
	179		ARM, 2.791%, 07/01/46		192
	20		ARM, 3.059%, 09/01/27		20
	351		ARM, 3.144%, 02/01/36		372
	19		ARM, 3.888%, 03/01/29		20
	172		ARM, 6.197%, 09/01/36		186
			Federal National Mortgage Association, 15 Year, Single Family,
	388		4.000%, 09/01/18 - 05/01/19		415
	1,216		4.500%, 05/01/18 - 05/01/19		1,315
	711		5.000%, 12/01/16 - 04/01/19		776
	469		5.500%, 01/01/20 - 06/01/20		511
	632		6.000%, 03/01/21 - 01/01/24		695
	126		6.500%, 05/01/13 - 08/01/20		138
	1		7.500%, 10/01/12		1
	–	(h)	8.000%, 11/01/12		—	(h)
			Federal National Mortgage Association, 20 Year, Single Family,
	147		6.000%, 04/01/24		162
	197		6.500%, 05/01/22		222
			Federal National Mortgage Association, 30 Year, FHA/VA,
	20		6.000%, 09/01/33		23
	37		6.500%, 03/01/29		44
	21		8.500%, 08/01/27 - 02/01/30		23
	15		9.000%, 09/01/19 - 12/01/30		15
	9		9.500%, 12/01/18		10
			Federal National Mortgage Association, 30 Year, Single Family,
	170		4.500%, 08/01/33		183
	1,962		5.000%, 07/01/33 - 08/01/40		2,151
	2,379		5.500%, 09/01/33 - 02/01/38		2,616
	1,105		6.000%, 12/01/32 - 09/01/37		1,234
	64		6.500%, 08/01/31		74
	16		7.000%, 07/01/25 - 08/01/32		19
	20		7.500%, 11/01/22 - 05/01/25		23
	644		8.000%, 03/01/21 - 11/01/32		799
	11		8.500%, 07/01/24 - 06/01/25		13
	–	(h)	9.000%, 04/01/26		(h	)
	5		10.000%, 02/01/24		5
	2		12.500%, 01/01/16		3

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Mortgage Pass-Through Securities — Continued
		Federal National Mortgage Association, Other,
	993	1.940%, 01/01/17		1,017
	1,000	1.990%, 01/01/17		999
	2,926	2.970%, 11/01/18		3,111
	1,000	3.540%, 10/01/20		1,091
	2,446	3.590%, 12/01/20		2,676
	1,082	4.160%, 03/01/21		1,221
	477	4.291%, 06/01/21		545
	800	4.300%, 04/01/21		910
	963	4.355%, 03/01/20		1,089
	1,983	4.380%, 01/01/21 - 04/01/21		2,264
	500	4.390%, 05/01/21		572
	407	5.500%, 04/01/38		439
	464	6.000%, 03/01/37		507
		Government National Mortgage Association II, 30 Year, Single Family,
	1,082	6.000%, 03/20/28 - 09/20/38		1,216
	16	7.500%, 02/20/28 - 09/20/28		20
	44	8.000%, 12/20/25 - 08/20/28		53
	27	8.500%, 03/20/25 - 05/20/25		33
		Government National Mortgage Association, 15 Year, Single Family,
	39	6.000%, 10/15/17		42
	19	8.000%, 01/15/16		20
		Government National Mortgage Association, 30 Year, Single Family,
	684	6.000%, 11/15/28 - 12/15/38		779
	446	6.500%, 01/15/24 - 12/15/35		517
	412	7.000%, 08/15/23 - 06/15/35		474
	32	7.500%, 11/15/22 - 09/15/28		38
	7	8.000%, 05/15/22 - 08/15/28		8
	7	8.500%, 11/15/17		8
	14	9.000%, 08/15/16 - 11/15/24		15
	258	9.500%, 09/15/18 - 12/15/25		299
	5	12.000%, 11/15/19		5
		Total Mortgage Pass-Through Securities (Cost $40,129)		42,486
	Supranational — 0.1%
	150	African Development Bank, 8.800%, 09/01/19		205
	40	Corp. Andina de Fomento, 5.200%, 05/21/13		41
		Total Supranational (Cost $246)		246
	U.S. Government Agency Securities — 2.1%
	500	Federal Farm Credit Banks Funding Corp., 5.125%, 11/15/18		613
		Federal National Mortgage Association,
	1,300	Zero Coupon, 07/05/14		1,277
	1,000	Zero Coupon, 06/01/17		948
	800	5.000%, 05/11/17		955
	500	Federal National Mortgage Association STRIPS, 11/15/21		405
		Financing Corp. Fico,
	500	Zero Coupon, 04/05/19		449
	300	Zero Coupon, 09/26/19		265
	1,000	Government Trust Certificate, Zero Coupon, 10/01/15		957
	450	Residual Funding Corp. STRIPS, Zero Coupon, 07/15/20		393
	1,000	Tennessee Valley Authority, 5.500%, 07/18/17		1,221
	333	Tennessee Valley Authority STRIPS, Zero Coupon, 05/01/19		295
		Total U.S. Government Agency Securities (Cost $7,213)		7,778
	U.S. Treasury Obligations — 30.6%
		U.S. Treasury Bonds,
	1,225	7.500%, 11/15/16		1,596
	320	8.500%, 02/15/20		495
	250	8.750%, 05/15/20		394
	250	8.750%, 08/15/20		398
	3,000	8.875%, 08/15/17		4,259
	835	11.250%, 02/15/15		1,079
		U.S. Treasury Inflation Indexed Notes,
	1,000	0.500%, 04/15/15		1,105
	700	1.125%, 01/15/21		852
		U.S. Treasury Notes,
	400	1.375%, 12/31/18		411
	4,900	1.500%, 08/31/18		5,079
	1,500	1.750%, 10/31/18		1,577
	1,500	2.125%, 12/31/15		1,588
	1,500	2.250%, 07/31/18		1,623
	1,500	2.750%, 11/30/16		1,642
	1,755	2.750%, 05/31/17		1,933
	3,000	2.750%, 12/31/17		3,321
	1,000	3.125%, 04/30/17		1,118
	7,900	3.250%, 12/31/16		8,831
	1,000	3.250%, 03/31/17		1,122
	1,500	4.000%, 11/15/12		1,526
	700	4.000%, 02/15/15		768

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	U.S. Treasury Obligations — Continued
	200	4.500%, 02/15/16		229
	1,000	4.750%, 08/15/17		1,207
		U.S. Treasury STRIPS,
	202	11/15/13		201
	800	02/15/14 (m)		796
	4,566	05/15/14 (m)		4,540
	1,500	08/15/14 (m)		1,490
	3,518	11/15/14 (m)		3,490
	3,325	02/15/15		3,290
	32	08/15/15		32
	4,952	11/15/15 (m)		4,875
	5,766	02/15/16 (m)		5,658
	1,072	05/15/16		1,048
	2,505	08/15/16		2,441
	700	11/15/16		680
	1,224	02/15/17		1,184
	4,446	08/15/17		4,274
	1,960	11/15/17		1,876
	2,200	02/15/18		2,098
	495	05/15/19		459
	4,350	08/15/19		4,008
	2,000	02/15/20		1,814
	13,948	05/15/20		12,549
	150	05/15/20		136
	12,550	08/15/20		11,213
	1,550	05/15/21		1,350
	100	08/15/21		86
	1,350	11/15/21		1,157
	100	08/15/26		72
	300	11/15/26		214
		Total U.S. Treasury Obligations (Cost $104,051)		113,184
	Short-Term Investment — 3.3%
		Investment Company — 3.3%
	12,207	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.170% (b) (l) (Cost $12,207)		12,207
		Total Investments — 99.7% (Cost $346,921)		368,967
		Other Assets in Excess of Liabilities — 0.3%		1,151
		NET ASSETS — 100.0%	$	370,118

Percentages indicated are based on net assets.

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (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 May 31, 2012.
CMO	—	Collateralized Mortgage Obligation
ESOP	—	Employee Stock Ownership Program
FHA	—	Federal Housing Administration
HB	—	High Coupon Bonds (a.k.a. “IOettes”) represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO’s the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.
IF	—	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of May 31, 2012. 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 May 31, 2012.
VA	—	Veterans Administration
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of May 31, 2012.

(b)	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(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 $1,448,000 which amounts to 0.4% 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 May 31, 2012.
(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/or forward foreign exchange currency contracts.

As of May 31, 2012, 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	$	26,109
Aggregate gross unrealized depreciation		(4,063	)
Net unrealized appreciation/depreciation	$	22,046
Federal income tax cost of investments	$	346,921

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited) (continued)

(Amounts in thousands)

A. SECURITY VALUATIONS—Fixed income securities (other than certain short-term investments maturing in less than 61 days) are valued each day based on prices received from independent or affiliated pricing services approved by the Board of Directors or (the “Board”) third party broker-dealers. The broker-dealers or pricing services use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the broker-dealer or pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the broker-dealers or pricing services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining value and/or characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates market value. Certain investments of the Fund may, depending upon market conditions, trade in relatively thin markets and/or in markets that experience significant volatility. As a result of these conditions, the prices used by the Fund to value securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options are generally valued on the basis of available market quotations. Swaps and other derivatives are valued daily, primarily using independent or affiliated pricing services approved by the Board. If valuations are not available from such services or values received are deemed not representative of market value, values will be obtained from a third party broker-dealer or counterparty. Investments in other open-end investment companies are valued at such investment company’s net asset value per share as of the report date. Equity securities listed on a North American, Central American, South American or Caribbean securities exchange shall generally be valued at the last sale price on the exchange on which the security is principally traded that is reported before the time when the net assets of the Fund are valued. The value of securities listed on The NASDAQ Stock Market LLC shall generally be the NASDAQ Official Closing Price.

Securities or other assets for which market quotations are not readily available or for which market quotations do not represent the value at the time of pricing (including certain illiquid securities) are fair valued in accordance with procedures established by and under the supervision and responsibility of the Board. The Board has established an Audit and Valuation Committee to assist with the oversight of the valuation of the Fund’s securities. The Fund’s Administrator (“JPMFM”) has established a Valuation Committee (“VC”) that is comprised of senior representatives from JPMFM, the Fund’s Investment Advisor (“JPMIM”), Legal and Compliance, Risk Management and the Fund’s Chief Compliance Office. The VC’s responsibilities include making determinations regarding Level 3 fair value measurements (“Fair Values”) and/or providing recommendations for approval to the Board’s Audit and Valuation Committee, in accordance with the Fund’s valuation policies.

The VC or Board, as applicable primarily employ a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The VC or Board may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry.

It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material. JPMFM and JPMIM are responsible for monitoring developments that may impact fair values and discuss and assess fair values on an ongoing and at least a quarterly basis with the VC and Board, as applicable. The appropriateness of fair values are assessed based on results of unchanged price review, consideration of macro or security specific events, back testing and broker and vendor due diligence.

See the table on “Quantitative Information about Fair Value measurements” for information on the valuation techniques and inputs used to value Level 3 securities at May 31, 2012.

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

The various inputs that are used in determining the 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 by sector 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	$	—	$	9,426	$	1,726	$	11,152
Collateralized Mortgage Obligations
Agency CMO		—		80,911		991		81,902
Non-Agency CMO		—		19,686		1,075		20,761
Total Collateralized Mortgage Obligations		—		100,597		2,066		102,663
Commercial Mortgage-Backed Securities		—		4,096		860		4,956
Corporate Bonds
Consumer Discretionary		—		3,925		—		3,925
Consumer Staples		—		2,780		—		2,780
Energy		—		3,055		—		3,055
Financials		—		41,563		—		41,563
Health Care		—		1,390		—		1,390
Industrials		—		2,757		935		3,692
Information Technology		—		2,879		—		2,879
Materials		—		1,757		—		1,757
Telecommunication Services		—		3,246		—		3,246
Utilities		—		5,724		—		5,724
Total Corporate Bonds		—		69,076		935		70,011
Foreign Government Securities		—		4,284		—		4,284
Mortgage Pass-Through Securities		—		42,486		—		42,486
Supranational		—		246		—		246
U.S. Government Agency Securities		—		7,778		—		7,778
U.S. Treasury Obligations		—		113,184		—		113,184
Short-Term Investment
Investment Company		12,207		—		—		12,207
Total Investments in Securities	$	12,207	$	351,173	$	5,587	$	368,967

There were no transfers between Levels 1 and 2 during the period ended May 31, 2012.

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

Intermediate Bond Trust	Balance as  of 02/29/12		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 05/31/12
Investments in Securities
Asset-Backed Securities	$	334	$	—	$	5		$	—		$	852	$	(132	)	$	667	$	—	$	1,726
Collateralized Mortgage Obligations
Agency CMO		—		—		1			—			—		(19	)		1,009		—		991
Non-Agency CMO		632		—		15			—			108		(100	)		420		—		1,075
Commerical Mortgage-Backed Securities		—		—		(3	)					702		(60	)		221		—		860
Corporate Bonds - Industrials		—		—		(6	)		(1	)		—		(6	)		948		—		935
Total	$	966	$	—	$	12		$	(1	)	$	1,662	$	(317	)	$	3,265	$	—	$	5,587

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.

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

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

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

The change in unrealized appreciation (depreciation) attributable to securities owned at May 31, 2012, which were valued using significant unobservable inputs (Level 3), amounted to approximately $12,000.

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
	July 30, 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
	July 30, 2012
By:	/s/ Joy C. Dowd
	Joy C. Dowd
	Treasurer and Principal Financial Officer
	July 30, 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: July 30, 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: July 30, 2012	By:	/s/ Joy C. Dowd
		Joy C. Dowd
		Treasurer and Principal Financial Officer