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, 2013

ITEM 1. SCHEDULE OF INVESTMENTS.

JPMorgan Institutional Trust

Schedule of Portfolio Investments as of May 31, 2013

(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., 2013.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Asset-Backed Securities — 5.1%
	1,819	Academic Loan Funding Trust, Series 2012-1A, Class A1, VAR, 0.993%, 12/27/22 (e)		1,840
		Ally Auto Receivables Trust,
	97	Series 2010-3, Class A3, 1.110%, 10/15/14		97
	677	Series 2010-3, Class A4, 1.550%, 08/17/15		682
	49	Series 2010-4, Class A3, 0.910%, 11/17/14		49
	178	Series 2011-1, Class A3, 1.380%, 01/15/15		179
	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		982
	728	Series 2012-3, Class A2, 0.700%, 01/15/15		729
	1,123	Series 2012-3, Class A3, 0.850%, 08/15/16		1,127
	1,375	Series 2012-4, Class A2, 0.480%, 05/15/15		1,375
	1,843	Series 2012-5, Class A2, 0.450%, 07/15/15		1,844
		American Credit Acceptance Receivables Trust,
	572	Series 2012-1, Class A2, 3.040%, 10/15/15 (e)		576
	1,065	Series 2012-3, Class A, 1.640%, 11/15/16 (e)		1,065
	1,912	Series 2013-1, Class A, 1.450%, 04/16/18 (e)		1,910
		AmeriCredit Automobile Receivables Trust,
	148	Series 2010-3, Class A3, 1.140%, 04/08/15		147
	59	Series 2010-4, Class A3, 1.270%, 04/08/15		59
	162	Series 2011-1, Class A3, 1.390%, 09/08/15		162
	44	Series 2011-4, Class A2, 0.920%, 03/09/15		44
	1,414	Series 2011-4, Class A3, 1.170%, 05/09/16		1,419
	1,195	Series 2011-5, Class A3, 1.550%, 07/08/16		1,206
	489	Series 2012-1, Class A2, 0.910%, 10/08/15		490
	235	Series 2012-1, Class A3, 1.230%, 09/08/16		237
	123	Series 2012-2, Class A3, 1.050%, 10/11/16		124
	434	Series 2012-3, Class A2, 0.710%, 12/08/15		435
	361	Series 2012-3, Class A3, 0.960%, 01/09/17		363
	333	Series 2012-4, Class A2, 0.490%, 04/08/16		333
	1,000	Series 2012-5, Class A2, 0.510%, 01/08/16		1,000
	290	Series 2012-5, Class A3, 0.620%, 06/08/17		290
	605	Ascentium Equipment Receivables LLC, Series 2012-1A, Class A, 1.830%, 09/15/19 (e)		605
		Bank of America Auto Trust,
	94	Series 2010-1A, Class A4, 2.180%, 02/15/17 (e)		94
	589	Series 2012-1, Class A3, 0.780%, 06/15/16		591
	3,925	Bayview Opportunity Master Fund IIa Trust, Series 2013-8NPL, Class A, VAR, 3.228%, 03/28/33 (e) (i)		3,925
	605	Bear Stearns Asset-Backed Securities Trust, Series 2006-SD1, Class A, VAR, 0.563%, 04/25/36		567
	622	BMW Vehicle Lease Trust, Series 2012-1, Class A3, 0.750%, 02/20/15		623
	1,268	BXG Receivables Note Trust, Series 2012-A, Class A, 2.660%, 12/02/27 (e)		1,263
	700	Cabela’s Master Credit Card Trust, Series 2012-1A, Class A1, 1.630%, 02/18/20 (e)		709
	1,659	California Republic Auto Receivables Trust, Series 2012-1, Class A, 1.180%, 08/15/17 (e)		1,658
		CarMax Auto Owner Trust,
	561	Series 2011-1, Class A3, 1.290%, 09/15/15		563
	885	Series 2011-1, Class A4, 2.160%, 09/15/16		902
	1,350	Series 2011-3, Class A3, 1.070%, 06/15/16		1,357
	382	Series 2012-3, Class A2, 0.430%, 09/15/15		382
		CarNow Auto Receivables Trust,
	68	Series 2012-1A, Class A, 2.090%, 01/15/15 (e)		68
	2,226	Series 2013-1A, Class A, 1.160%, 10/16/17 (e)		2,226
	495	Centex Home Equity Loan Trust, Series 2004-D, Class AF4, SUB, 4.680%, 06/25/32		517
	887	CFC LLC, Series 2013-1A, Class A, 1.650%, 07/17/17 (e)		887

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Asset-Backed Securities — Continued
	1,642	Chase Funding Trust, Series 2003-6, Class 1A7, SUB, 4.277%, 11/25/34		1,656
	800	Citibank Credit Card Issuance Trust, Series 2007-A3, Class A3, 6.150%, 06/15/39		992
	1,218	Citigroup Mortgage Loan Trust, Series 2011-5, Class 1A1, VAR, 0.383%, 02/25/46 (e) (i)		1,135
	425	Citigroup Mortgage Loan Trust, Inc., Series 2003-HE3, Class A, VAR, 0.573%, 12/25/33		389
		CNH Equipment Trust,
	212	Series 2010-C, Class A3, 1.170%, 05/15/15		212
	331	Series 2011-A, Class A3, 1.200%, 05/16/16		333
	747	Series 2011-A, Class A4, 2.040%, 10/17/16		761
	50	Series 2012-A, Class A2, 0.650%, 07/15/15		50
	920	Series 2012-A, Class A3, 0.940%, 05/15/17		924
	949	Series 2012-C, Class A2, 0.440%, 02/16/16		949
		Concord Funding Co. LLC,
	2,800	Series 2012-2, Class A, 3.145%, 01/15/17 (e)		2,800
	1,650	Series 2013-1, Class A, 2.420%, 02/15/15 (e)		1,648
	1,931	Conix Mortgage Asset Trust, Series 2013-1, Class A, VAR, 4.704%, 12/25/47 (e) (i)		1,926
	832	Countrywide Asset-Backed Certificates, Series 2004-6, Class M1, VAR, 0.793%, 10/25/34		728
		CPS Auto Receivables Trust,
	1,073	Series 2011-C, Class A, 4.210%, 03/15/19 (e)		1,113
	553	Series 2012-A, Class A, 2.780%, 06/17/19 (e)		563
	3,092	Series 2012-B, Class A, 2.520%, 09/16/19 (e)		3,137
		CPS Auto Trust,
	1,788	Series 2012-C, Class A, 1.820%, 12/16/19 (e)		1,801
	292	Series 2012-D, Class A, 1.480%, 03/16/20 (e)		293
		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)		573
	1,512	Series 2012-2A, Class A, 1.520%, 03/16/20 (e)		1,520
		Discover Card Execution Note Trust,
	1,040	Series 2008-A4, Class A4, 5.650%, 12/15/15		1,042
	813	Series 2012-A1, Class A1, 0.810%, 08/15/17		817
		Exeter Automobile Receivables Trust,
	1,083	Series 2012-2A, Class A, 1.300%, 06/15/17 (e)		1,085
	1,480	Series 2013-1A, Class A, 1.290%, 10/16/17 (e)		1,478
	125	First Franklin Mortgage Loan Trust, Series 2006-FF17, Class A4, VAR, 0.293%, 12/25/36		123
	831	First Investors Auto Owner Trust, Series 2012-2A, Class A2, 1.470%, 05/15/18 (e)		839
		Flagship Credit Auto Trust,
	135	Series 2012-1, Class A, 1.860%, 01/15/15 (e)		136
	1,847	Series 2013-1, Class A, 1.320%, 04/16/18 (e)		1,858
		Ford Credit Auto Owner Trust,
	1,754	Series 2012-A, Class A3, 0.840%, 08/15/16		1,761
	600	Series 2012-B, Class A3, 0.720%, 12/15/16		601
	828	Series 2012-D, Class A2, 0.400%, 09/15/15		828
	659	Series 2012-D, Class A3, 0.510%, 04/15/17		659
	669	Ford Credit Floorplan Master Owner Trust, Series 2013-1, Class A2, VAR, 0.579%, 01/15/18		670
		Freedom Trust,
	150	Series 2011-1, Class A13, VAR, 0.373%, 11/30/37 (e) (i)		150
	952	Series 2011-2, Class A11, VAR, 3.549%, 08/01/46 (e)		981
	340	GE Capital Mortgage Services, Inc. Trust, Series 1999-HE1, Class M, VAR, 6.705%, 04/25/29		331
		GE Equipment Midticket LLC,
	800	Series 2012-1, Class A3, 0.600%, 05/23/16		801
	360	Series 2012-1, Class A4, 0.780%, 09/22/20		360
	562	GE Equipment Transportation LLC, Series 2012-2, Class A2, 0.470%, 04/24/15		562
	4	Harley-Davidson Motorcycle Trust, Series 2010-1, Class A3, 1.160%, 02/15/15		4

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)			SECURITY DESCRIPTION	VALUE ($)
	Asset-Backed Securities — Continued
			HLSS Servicer Advance Receivables Backed Notes,
	1,954		Series 2012-T2, Class A1, 1.340%, 10/15/43 (e)		1,958
	1,560		Series 2012-T2, Class A2, 1.990%, 10/15/45 (e)		1,590
	1,607		Series 2013-T1, Class A1, 0.898%, 01/15/44 (e)		1,608
	1,197		Series 2013-T1, Class A2, 1.495%, 01/16/46 (e)		1,205
	497		Series 2013-T1, Class B2, 1.744%, 01/16/46 (e)		500
	1,162		Series 2013-T2, Class A2, 1.147%, 05/16/44 (e)		1,162
	219		Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-A, Class A3, VAR, 0.393%, 03/25/36		180
			Honda Auto Receivables Owner Trust,
	550		Series 2011-1, Class A4, 1.800%, 04/17/17		556
	809		Series 2012-1, Class A3, 0.770%, 01/15/16		811
	388		Series 2012-1, Class A4, 0.970%, 04/16/18		391
	413		Series 2012-2, Class A3, 0.700%, 02/16/16		414
	284		Series 2013-1, Class A2, 0.350%, 06/22/15		284
			HSBC Home Equity Loan Trust USA,
	989		Series 2006-1, Class A1, VAR, 0.358%, 01/20/36		970
	47		Series 2007-1, Class A2F, SUB, 5.600%, 03/20/36		47
	1,859		Series 2007-3, Class APT, VAR, 1.398%, 11/20/36		1,855
			Huntington Auto Trust,
	826		Series 2011-1A, Class A3, 1.010%, 01/15/16 (e)		829
	1,000		Series 2011-1A, Class A4, 1.310%, 11/15/16 (e)		1,012
	692		Series 2012-1, Class A3, 0.810%, 09/15/16		695
	687		Series 2012-2, Class A2, 0.380%, 09/15/15		687
			Hyundai Auto Receivables Trust,
	158		Series 2010-B, Class A3, 0.970%, 04/15/15		158
	710		Series 2010-B, Class A4, 1.630%, 03/15/17		720
	216		Series 2011-A, Class A3, 1.160%, 04/15/15		216
	520		Series 2011-A, Class A4, 1.780%, 12/15/15		527
	502		Series 2011-B, Class A3, 1.040%, 09/15/15		504
	824		Series 2011-B, Class A4, 1.650%, 02/15/17		837
	865		Series 2012-A, Class A3, 0.720%, 03/15/16		867
	1,000		Series 2013-A, Class A2, 0.400%, 12/15/15		1,000
			John Deere Owner Trust,
	235		Series 2011-A, Class A3, 1.290%, 01/15/16		236
	355		Series 2011-A, Class A4, 1.960%, 04/16/18		360
	884		Series 2012-B, Class A2, 0.430%, 02/17/15		884
	581		Series 2012-B, Class A4, 0.690%, 01/15/19		580
	15,000		KGS- Alpha Capital Markets LP, 1.317%, 03/25/39		968
	75		LAI Vehicle Lease Securitization Trust, Series 2010-A, Class A, 2.550%, 09/15/16 (e) (i)		75
	834		Lake Country Mortgage Loan Trust, Series 2006-HE1, Class A3, VAR, 0.543%, 07/25/34 (e)		826
			Long Beach Mortgage Loan Trust,
	–	(h)	Series 2006-8, Class 2A2, VAR, 0.283%, 09/25/36		—	(h)
	564		Series 2006-WL2, Class 2A3, VAR, 0.393%, 01/25/36		530
	2,420		Macquarie Equipment Funding Trust, Series 2012-A, Class A2, 0.610%, 04/20/15 (e)		2,419
	1,326		Madison Avenue Manufactured Housing Contract, Series 2002-A, Class M2, VAR, 2.443%, 03/25/32		1,332
			Mercedes-Benz Auto Receivables Trust,
	34		Series 2010-1, Class A3, 1.420%, 08/15/14		34
	370		Series 2012-1, Class A2, 0.370%, 03/16/15		370
	1,157		Mid-State Capital Corp. Trust, Series 2006-1, Class M1, 6.083%, 10/15/40 (e)		1,153
	3,100		MMCA Auto Owner Trust, Series 2012-A, Class A4, 1.570%, 08/15/17 (e)		3,129
			Nationstar Agency Advance Funding Trust,
	1,078		Series 2013-T1A, Class AT1, 0.997%, 02/15/45 (e)		1,080
	439		Series 2013-T2A, Class AT2, 1.892%, 02/18/48 (e)		439

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Asset-Backed Securities — Continued
	216	Series 2013-T2A, Class BT2, 2.487%, 02/18/48 (e)		217
	998	NCUA Guaranteed Notes Trust, Series 2010-A1, Class A, VAR, 0.548%, 12/07/20		1,001
	1,000	New Century Home Equity Loan Trust, Series 2003-5, Class AI6, SUB, 5.069%, 11/25/33		1,020
	375	Newcastle Investment Trust, Series 2011-MH1, Class A, 2.450%, 12/10/33 (e)		382
	935	Nissan Auto Lease Trust, Series 2012-B, Class A2A, 0.450%, 06/15/15		936
		Nissan Auto Receivables Owner Trust,
	96	Series 2010-A, Class A3, 0.870%, 07/15/14		96
	450	Series 2010-A, Class A4, 1.310%, 09/15/16		452
	672	Series 2012-A, Class A3, 0.730%, 05/16/16		674
	333	Series 2012-A, Class A4, 1.000%, 07/16/18		336
	1,500	NYMT Residential LLC, Series 2012-RP1A, VAR, 4.250%, 12/25/17 (e) (i)		1,500
	1,572	Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-MCW1, Class M1, VAR, 1.131%, 10/25/34		1,537
		PennyMac Loan Trust,
	142	Series 2011-NPL1, Class A, VAR, 5.250%, 09/25/51 (e) (i)		142
	894	Series 2012-NPL1, Class A, VAR, 3.422%, 05/28/52 (e) (i)		889
	3,000	RAMP Trust, Series 2006-RZ1, Class A3, VAR, 0.493%, 03/25/36		2,814
	57	Real Estate Asset Trust, Series 2011-2A, Class A1, 5.750%, 05/25/49 (e) (i)		57
	298	Renaissance Home Equity Loan Trust, Series 2007-2, Class AF2, SUB, 5.675%, 06/25/37		172
	1,813	Residential Credit Solutions Trust, Series 2011-1, Class A1, 6.000%, 03/25/41 (e) (i)		1,814
		Resort Finance Timeshare Receivables Trust,
	2,206	Series 2012-1, Class A1, SUB, 6.250%, 07/05/18 (i)		2,205
	1,637	Series 2012-2, 5.750%, 09/05/18 (i)		1,637
	1,599	RMAT, Series 2012-1A, Class A1, VAR, 2.734%, 08/26/52 (e) (i)		1,676
		Santander Drive Auto Receivables Trust,
	700	Series 2010-A, Class A4, 2.390%, 06/15/17 (e)		711
	450	Series 2011-1, Class B, 2.350%, 11/16/15		455
	221	Series 2011-S2A, Class B, 2.060%, 06/15/17 (e)		222
	395	Series 2011-S2A, Class D, 3.350%, 06/15/17 (e)		397
	670	Series 2012-1, Class A2, 1.250%, 04/15/15		672
	411	Series 2012-1, Class A3, 1.490%, 10/15/15		414
	342	Series 2012-2, Class A2, 0.910%, 05/15/15		342
	427	Series 2012-2, Class A3, 1.220%, 12/15/15		429
	269	Series 2012-3, Class A3, 1.080%, 04/15/16		270
	500	Series 2012-6, Class A2, 0.470%, 09/15/15		500
	333	Series 2012-6, Class A3, 0.620%, 07/15/16		333
	556	Saxon Asset Securities Trust, Series 2003-1, Class AF6, SUB, 4.795%, 06/25/33		565
	316	Securitized Asset-Backed Receivables LLC Trust, Series 2006-CB1, Class AF2, SUB, 3.933%, 01/25/36		215
		SNAAC Auto Receivables Trust,
	362	Series 2012-1A, Class A, 1.780%, 06/15/16 (e)		364
	504	Series 2013-1A, Class A, 1.140%, 07/16/18 (e)		503
	5,250	SpringCastle America Funding LLC, Series 2013-1A, Class A, 4.000%, 04/03/21 (e) (i)		5,273
	8,100	Springleaf Funding Trust, Series 2013-AA, Class A, 2.580%, 09/15/21 (e)		8,019
		Stanwich Mortgage Loan Co. LLC,
	3,725	Series 2012-NPL4, Class A, 2.981%, 09/15/42 (e) (i)		3,732
	4,782	Series 2012-NPL5, Class A, 2.981%, 10/18/42 (e) (i)		4,790
		Stanwich Mortgage Loan Trust,
	3,929	Series 2013-NPL1, Class A, 2.981%, 02/16/43 (e) (i)		3,931
	2,033	Series 2013-NPL2, Class A, 3.228%, 04/16/59 (e)		2,033
	3,500	Station Place Securitization Trust, 1.559%, 02/25/15		3,500
	156	Structured Asset Investment Loan Trust, Series 2005-5, Class A9, VAR, 0.463%, 06/25/35		155

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)			SECURITY DESCRIPTION	VALUE ($)
	Asset-Backed Securities — Continued
	289		Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2002-23XS, Class A7, SUB, 6.580%, 11/25/32		311
			Toyota Auto Receivables Owner Trust,
	42		Series 2010-C, Class A3, 0.770%, 04/15/14		42
	465		Series 2011-A, Class A3, 0.980%, 10/15/14		465
	1,540		Series 2011-A, Class A4, 1.560%, 05/15/15		1,554
	3,844		Trafigura Securitisation Finance plc, (Ireland), Series 2012-1A, Class A, VAR, 2.599%, 10/15/15 (e)		3,918
	688		United Auto Credit Securitization Trust, Series 2012-1, Class A2, 1.100%, 03/16/15 (e)		688
	173		USAA Auto Owner Trust, Series 2012-1, Class A2, 0.380%, 06/15/15		173
	1,100		Volkswagen Auto Lease Trust, Series 2012-A, Class A3, 0.870%, 07/20/15		1,104
	2,127		Volkswagen Auto Loan Enhanced Trust, Series 2012-1, Class A3, 0.850%, 08/22/16		2,136
			VOLT LLC,
	2,498		Series 2012-RLF1, Class A, SUB, 3.475%, 12/25/17 (e) (i)		2,498
	289		Series 2012-RP2A, Class A2, 8.836%, 06/26/17 (e)		292
	463		Series 2012-RP3A, Class A1, SUB, 3.475%, 11/27/17 (e)		465
			Westgate Resorts LLC,
	1,793		Series 2012-1, Class A, 4.500%, 09/20/25 (e)		1,842
	1,812		Series 2012-2A, Class A, 3.000%, 01/20/25 (e)		1,835
	888		Series 2012-3A, Class A, 2.500%, 03/20/25 (e)		894
	1,750		Series 2013-1A, Class A, 2.250%, 08/20/25 (e)		1,751
	90		Westlake Automobile Receivables Trust, Series 2011-1A, Class A3, 1.490%, 06/16/14 (e)		90
			World Omni Auto Receivables Trust,
	742		Series 2010-A, Class A4, 2.210%, 05/15/15		747
	1,230		Series 2012-B, Class A2, 0.430%, 11/16/15		1,230
			Total Asset-Backed Securities (Cost $190,435)		192,446
	Collateralized Mortgage Obligations — 27.2%
			Agency CMO — 17.4%
	964		Federal Home Loan Bank, Series TQ-2015, Class A, 5.065%, 10/20/15		1,029
	257		Federal Home Loan Mortgage Corp. - Government National Mortgage Association, Series 8, Class ZA, 7.000%, 03/25/23		288
			Federal Home Loan Mortgage Corp. REMICS,
	20		Series 11, Class D, 9.500%, 07/15/19		21
	12		Series 22, Class C, 9.500%, 04/15/20		13
	18		Series 23, Class F, 9.600%, 04/15/20		20
	–	(h)	Series 41, Class I, HB, 84.000%, 05/15/20		—	(h)
	1		Series 47, Class F, 10.000%, 06/15/20		2
	5		Series 99, Class Z, 9.500%, 01/15/21		6
	–	(h)	Series 204, Class E, HB, IF, 1,838.732%, 05/15/23		—	(h)
	–	(h)	Series 1045, Class G, IO, 1,066.208%, 02/15/21		—	(h)
	7		Series 1065, Class J, 9.000%, 04/15/21		9
	2		Series 1079, Class S, HB, IF, 33.150%, 05/15/21		3
	6		Series 1084, Class F, VAR, 1.200%, 05/15/21		6
	4		Series 1084, Class S, HB, IF, 44.100%, 05/15/21		8
	14		Series 1116, Class I, 5.500%, 08/15/21		16
	15		Series 1144, Class KB, 8.500%, 09/15/21		17
	–	(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		8
	14		Series 1250, Class J, 7.000%, 05/15/22		17
	24		Series 1343, Class LA, 8.000%, 08/15/22		28
	30		Series 1343, Class LB, 7.500%, 08/15/22		35
	51		Series 1370, Class JA, VAR, 1.400%, 09/15/22		51
	53		Series 1455, Class WB, IF, 4.550%, 12/15/22		55
	240		Series 1466, Class PZ, 7.500%, 02/15/23		275
	4		Series 1470, Class F, VAR, 1.967%, 02/15/23		4
	263		Series 1498, Class I, VAR, 1.400%, 04/15/23		262

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	372	Series 1502, Class PX, 7.000%, 04/15/23		416
	50	Series 1505, Class Q, 7.000%, 05/15/23		55
	108	Series 1518, Class G, IF, 8.859%, 05/15/23		126
	36	Series 1541, Class M, HB, IF, 23.676%, 07/15/23		56
	98	Series 1541, Class O, VAR, 1.000%, 07/15/23		101
	10	Series 1570, Class F, VAR, 2.467%, 08/15/23		11
	356	Series 1573, Class PZ, 7.000%, 09/15/23		403
	231	Series 1591, Class PV, 6.250%, 10/15/23		256
	1	Series 1595, Class D, 7.000%, 10/15/13		1
	6	Series 1596, Class D, 6.500%, 10/15/13		6
	27	Series 1602, Class SA, HB, IF, 21.937%, 10/15/23		43
	1	Series 1607, Class SA, HB, IF, 21.214%, 10/15/13		1
	955	Series 1608, Class L, 6.500%, 09/15/23		1,070
	156	Series 1609, Class LG, IF, 16.792%, 11/15/23		178
	547	Series 1638, Class H, 6.500%, 12/15/23		614
	445	Series 1642, Class PJ, 6.000%, 11/15/23		506
	14	Series 1671, Class QC, IF, 10.000%, 02/15/24		16
	18	Series 1686, Class SH, IF, 18.675%, 02/15/24		28
	153	Series 1695, Class EB, 7.000%, 03/15/24		176
	31	Series 1699, Class FC, VAR, 0.850%, 03/15/24		31
	165	Series 1700, Class GA, PO, 02/15/24		147
	431	Series 1706, Class K, 7.000%, 03/15/24		490
	14	Series 1709, Class FA, VAR, 0.880%, 03/15/24		15
	51	Series 1745, Class D, 7.500%, 08/15/24		59
	932	Series 1760, Class ZD, VAR, 1.230%, 02/15/24		986
	338	Series 1798, Class F, 5.000%, 05/15/23		366
	6	Series 1807, Class G, 9.000%, 10/15/20		7
	93	Series 1829, Class ZB, 6.500%, 03/15/26		105
	1	Series 1844, Class E, 6.500%, 10/15/13		1
	93	Series 1863, Class Z, 6.500%, 07/15/26		104
	39	Series 1865, Class D, PO, 02/15/24		32
	69	Series 1890, Class H, 7.500%, 09/15/26		80
	190	Series 1899, Class ZE, 8.000%, 09/15/26		221
	11	Series 1935, Class FL, VAR, 0.950%, 02/15/27		11
	147	Series 1963, Class Z, 7.500%, 01/15/27		171
	22	Series 1970, Class PG, 7.250%, 07/15/27		26
	217	Series 1981, Class Z, 6.000%, 05/15/27		236
	94	Series 1987, Class PE, 7.500%, 09/15/27		110
	249	Series 2019, Class Z, 6.500%, 12/15/27		280
	73	Series 2033, Class SN, HB, IF, 27.088%, 03/15/24		48
	197	Series 2038, Class PN, IO, 7.000%, 03/15/28		24
	397	Series 2040, Class PE, 7.500%, 03/15/28		463
	67	Series 2043, Class CJ, 6.500%, 04/15/28		77
	317	Series 2054, Class PV, 7.500%, 05/15/28		370
	583	Series 2075, Class PH, 6.500%, 08/15/28		663
	655	Series 2075, Class PM, 6.250%, 08/15/28		672
	195	Series 2086, Class GB, 6.000%, 09/15/28		211
	266	Series 2089, Class PJ, IO, 7.000%, 10/15/28		33
	842	Series 2095, Class PE, 6.000%, 11/15/28		945
	31	Series 2102, Class TC, 6.000%, 12/15/13		31
	22	Series 2102, Class TU, 6.000%, 12/15/13		22
	91	Series 2115, Class PE, 6.000%, 01/15/14		92
	276	Series 2125, Class JZ, 6.000%, 02/15/29		306
	63	Series 2132, Class SB, HB, IF, 29.691%, 03/15/29		108
	38	Series 2134, Class PI, IO, 6.500%, 03/15/19		5
	3	Series 2135, Class UK, IO, 6.500%, 03/15/14		—	(h)
	344	Series 2136, Class PG, 6.000%, 03/15/29		384
	100	Series 2141, Class IO, IO, 7.000%, 04/15/29		12

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	86	Series 2163, Class PC, IO, 7.500%, 06/15/29		12
	987	Series 2169, Class TB, 7.000%, 06/15/29		1,146
	435	Series 2172, Class QC, 7.000%, 07/15/29		497
	416	Series 2176, Class OJ, 7.000%, 08/15/29		476
	234	Series 2201, Class C, 8.000%, 11/15/29		276
	201	Series 2209, Class TC, 8.000%, 01/15/30		246
	346	Series 2210, Class Z, 8.000%, 01/15/30		407
	90	Series 2224, Class CB, 8.000%, 03/15/30		107
	210	Series 2230, Class Z, 8.000%, 04/15/30		247
	170	Series 2234, Class PZ, 7.500%, 05/15/30		198
	140	Series 2247, Class Z, 7.500%, 08/15/30		164
	208	Series 2256, Class MC, 7.250%, 09/15/30		242
	388	Series 2259, Class ZM, 7.000%, 10/15/30		452
	10	Series 2261, Class ZY, 7.500%, 10/15/30		11
	50	Series 2262, Class Z, 7.500%, 10/15/30		59
	426	Series 2271, Class PC, 7.250%, 12/15/30		497
	637	Series 2283, Class K, 6.500%, 12/15/23		709
	209	Series 2296, Class PD, 7.000%, 03/15/31		244
	66	Series 2306, Class K, PO, 05/15/24		63
	155	Series 2306, Class SE, IF, IO, 8.870%, 05/15/24		28
	288	Series 2313, Class LA, 6.500%, 05/15/31		328
	362	Series 2325, Class PM, 7.000%, 06/15/31		392
	502	Series 2344, Class QG, 6.000%, 08/15/16		530
	2,307	Series 2344, Class ZD, 6.500%, 08/15/31		2,513
	230	Series 2344, Class ZJ, 6.500%, 08/15/31		260
	186	Series 2345, Class NE, 6.500%, 08/15/31		192
	152	Series 2345, Class PQ, 6.500%, 08/15/16		156
	231	Series 2351, Class PZ, 6.500%, 08/15/31		258
	1,919	Series 2353, Class AZ, 6.000%, 09/15/31		2,127
	200	Series 2353, Class TD, 6.000%, 09/15/16		211
	174	Series 2355, Class BP, 6.000%, 09/15/16		184
	113	Series 2359, Class PM, 6.000%, 09/15/16		120
	800	Series 2359, Class ZB, 8.500%, 06/15/31		960
	291	Series 2360, Class PG, 6.000%, 09/15/16		308
	68	Series 2363, Class PF, 6.000%, 09/15/16		72
	131	Series 2366, Class MD, 6.000%, 10/15/16		139
	369	Series 2367, Class ME, 6.500%, 10/15/31		396
	471	Series 2391, Class QR, 5.500%, 12/15/16		497
	191	Series 2394, Class MC, 6.000%, 12/15/16		202
	743	Series 2396, Class FM, VAR, 0.649%, 12/15/31		747
	426	Series 2399, Class OH, 6.500%, 01/15/32		464
	752	Series 2399, Class TH, 6.500%, 01/15/32		820
	644	Series 2410, Class NG, 6.500%, 02/15/32		707
	248	Series 2410, Class OE, 6.375%, 02/15/32		270
	463	Series 2410, Class QS, IF, 18.982%, 02/15/32		582
	232	Series 2410, Class QX, IF, IO, 8.451%, 02/15/32		58
	501	Series 2412, Class SP, IF, 15.702%, 02/15/32		681
	804	Series 2420, Class XK, 6.500%, 02/15/32		874
	569	Series 2423, Class MC, 7.000%, 03/15/32		664
	536	Series 2423, Class MT, 7.000%, 03/15/32		593
	197	Series 2425, Class OB, 6.000%, 03/15/17		210
	1,193	Series 2430, Class WF, 6.500%, 03/15/32		1,364
	635	Series 2434, Class TC, 7.000%, 04/15/32		719
	565	Series 2435, Class CJ, 6.500%, 04/15/32		634
	517	Series 2436, Class MC, 7.000%, 04/15/32		590
	432	Series 2444, Class ES, IF, IO, 7.751%, 03/15/32		101

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	285	Series 2450, Class GZ, 7.000%, 05/15/32		332
	346	Series 2450, Class SW, IF, IO, 7.801%, 03/15/32		82
	1,604	Series 2455, Class GK, 6.500%, 05/15/32		1,834
	115	Series 2458, Class QE, 5.500%, 06/15/17		121
	538	Series 2462, Class JG, 6.500%, 06/15/32		616
	1,252	Series 2464, Class SI, IF, IO, 7.801%, 02/15/32		242
	128	Series 2466, Class PG, 6.500%, 04/15/32		130
	942	Series 2466, Class PH, 6.500%, 06/15/32		1,045
	552	Series 2474, Class NR, 6.500%, 07/15/32		615
	733	Series 2484, Class LZ, 6.500%, 07/15/32		838
	1,103	Series 2500, Class MC, 6.000%, 09/15/32		1,226
	76	Series 2503, Class BH, 5.500%, 09/15/17		81
	340	Series 2508, Class AQ, 5.500%, 10/15/17		364
	739	Series 2512, Class PG, 5.500%, 10/15/22		816
	16	Series 2515, Class DE, 4.000%, 03/15/32		16
	404	Series 2535, Class BK, 5.500%, 12/15/22		447
	671	Series 2537, Class TE, 5.500%, 12/15/17		718
	1,372	Series 2543, Class YX, 6.000%, 12/15/32		1,542
	1,389	Series 2544, Class HC, 6.000%, 12/15/32		1,564
	1,569	Series 2552, Class ME, 6.000%, 01/15/33		1,766
	1,481	Series 2567, Class QD, 6.000%, 02/15/33		1,636
	1,020	Series 2568, Class KG, 5.500%, 02/15/23		1,117
	148	Series 2571, Class SK, HB, IF, 33.641%, 09/15/23		271
	3,447	Series 2575, Class ME, 6.000%, 02/15/33		3,878
	446	Series 2586, Class WI, IO, 6.500%, 03/15/33		95
	1,447	Series 2587, Class WX, 5.000%, 03/15/18		1,546
	1,018	Series 2596, Class QG, 6.000%, 03/15/33		1,133
	19	Series 2597, Class DS, IF, IO, 7.351%, 02/15/33		—	(h)
	7	Series 2599, Class DS, IF, IO, 6.801%, 02/15/33		—	(h)
	10	Series 2610, Class DS, IF, IO, 6.901%, 03/15/33		—	(h)
	462	Series 2611, Class UH, 4.500%, 05/15/18		483
	834	Series 2617, Class GR, 4.500%, 05/15/18		887
	773	Series 2626, Class NS, IF, IO, 6.351%, 06/15/23		63
	967	Series 2631, Class LC, 4.500%, 06/15/18		1,023
	471	Series 2636, Class Z, 4.500%, 06/15/18		497
	578	Series 2637, Class SA, IF, IO, 5.901%, 06/15/18		53
	41	Series 2638, Class DS, IF, 8.401%, 07/15/23		45
	155	Series 2640, Class UG, IO, 5.000%, 01/15/32		3
	132	Series 2640, Class UP, IO, 5.000%, 01/15/32		1
	1,023	Series 2645, Class BI, IO, 4.500%, 02/15/18		24
	487	Series 2650, Class PO, PO, 12/15/32		484
	1,677	Series 2650, Class SO, PO, 12/15/32		1,674
	708	Series 2651, Class VZ, 4.500%, 07/15/18		748
	846	Series 2672, Class ME, 5.000%, 11/15/22		879
	3,012	Series 2675, Class CK, 4.000%, 09/15/18		3,173
	6,488	Series 2684, Class PO, PO, 01/15/33		6,470
	659	Series 2691, Class ME, 4.500%, 04/15/32		671
	202	Series 2692, Class SC, IF, 12.888%, 07/15/33		227
	949	Series 2695, Class DG, 4.000%, 10/15/18		1,001
	77	Series 2696, Class CO, PO, 10/15/18		76
	520	Series 2702, Class PC, 5.000%, 01/15/23		544
	2,000	Series 2710, Class HB, 5.500%, 11/15/23		2,224
	914	Series 2715, Class OG, 5.000%, 01/15/23		945
	1,468	Series 2716, Class UN, 4.500%, 12/15/23		1,601

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	762	Series 2720, Class PC, 5.000%, 12/15/23		812
	852	Series 2744, Class PE, 5.500%, 02/15/34		915
	1,211	Series 2744, Class TU, 5.500%, 05/15/32		1,281
	289	Series 2755, Class SA, IF, 13.802%, 05/15/30		305
	308	Series 2764, Class TE, 5.000%, 10/15/32		315
	470	Series 2777, Class OM, PO, 12/15/32		468
	66	Series 2780, Class JG, 4.500%, 04/15/19		68
	1,284	Series 2783, Class AT, 4.000%, 04/15/19		1,370
	4,031	Series 2809, Class UC, 4.000%, 06/15/19		4,253
	335	Series 2827, Class XO, PO, 01/15/23		333
	116	Series 2835, Class QO, PO, 12/15/32		102
	249	Series 2840, Class JO, PO, 06/15/23		237
	151	Series 2850, Class SN, IF, IO, 6.951%, 09/15/18		3
	82	Series 2872, Class JE, 4.500%, 02/15/18		82
	611	Series 2922, Class JN, 4.500%, 02/15/20		633
	980	Series 2934, Class EC, PO, 02/15/20		913
	37	Series 2934, Class EN, PO, 02/15/18		37
	817	Series 2934, Class HI, IO, 5.000%, 02/15/20		81
	784	Series 2934, Class KI, IO, 5.000%, 02/15/20		74
	727	Series 2958, Class QD, 4.500%, 04/15/20		772
	1,500	Series 2962, Class BE, 4.500%, 04/15/20		1,618
	3,425	Series 2965, Class GD, 4.500%, 04/15/20		3,668
	409	Series 2971, Class GC, 5.000%, 07/15/18		416
	117	Series 2989, Class PO, PO, 06/15/23		112
	4,226	Series 3004, Class EK, 5.500%, 07/15/35		4,232
	71	Series 3007, Class AI, IO, 5.500%, 07/15/24		3
	98	Series 3014, Class OD, PO, 08/15/35		89
	820	Series 3047, Class OB, 5.500%, 12/15/33		843
	944	Series 3047, Class OD, 5.500%, 10/15/35		1,114
	758	Series 3049, Class XF, VAR, 0.549%, 05/15/33		761
	3,095	Series 3064, Class MC, 5.500%, 11/15/35		3,664
	229	Series 3068, Class AO, PO, 01/15/35		227
	564	Series 3068, Class QB, 4.500%, 06/15/20		586
	2,141	Series 3074, Class BH, 5.000%, 11/15/35		2,411
	833	Series 3085, Class WF, VAR, 0.999%, 08/15/35		843
	46	Series 3100, Class MA, VAR, 0.280%, 12/15/35		45
	1,353	Series 3102, Class FB, VAR, 0.499%, 01/15/36		1,357
	310	Series 3102, Class HS, HB, IF, 23.836%, 01/15/36		454
	1,419	Series 3117, Class EO, PO, 02/15/36		1,332
	817	Series 3117, Class OK, PO, 02/15/36		775
	16	Series 3122, Class ZB, 6.000%, 03/15/36		17
	2,750	Series 3131, Class BK, 5.500%, 03/15/26		3,061
	285	Series 3134, Class PO, PO, 03/15/36		270
	1,319	Series 3138, Class PO, PO, 04/15/36		1,250
	38	Series 3149, Class SO, PO, 05/15/36		35
	1,397	Series 3151, Class UC, 5.500%, 08/15/35		1,477
	874	Series 3152, Class MO, PO, 03/15/36		827
	246	Series 3171, Class MO, PO, 06/15/36		223
	1,307	Series 3179, Class OA, PO, 07/15/36		1,234
	477	Series 3194, Class SA, IF, IO, 6.901%, 07/15/36		74
	927	Series 3211, Class SO, PO, 09/15/36		881
	473	Series 3218, Class AO, PO, 09/15/36		459
	1,277	Series 3219, Class DI, IO, 6.000%, 04/15/36		176
	1,500	Series 3229, Class HE, 5.000%, 10/15/26		1,680
	1,108	Series 3232, Class ST, IF, IO, 6.501%, 10/15/36		153
	483	Series 3233, Class OP, PO, 05/15/36		450
	784	Series 3242, Class NE, 5.750%, 02/15/34		804

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	611	Series 3256, Class PO, PO, 12/15/36		580
	1,199	Series 3260, Class CS, IF, IO, 5.941%, 01/15/37		182
	631	Series 3261, Class OA, PO, 01/15/37		594
	500	Series 3274, Class JO, PO, 02/15/37		473
	344	Series 3275, Class FL, VAR, 0.639%, 02/15/37		345
	1,773	Series 3290, Class SB, IF, IO, 6.251%, 03/15/37		310
	2,864	Series 3315, Class HZ, 6.000%, 05/15/37		3,242
	684	Series 3316, Class GD, 5.500%, 06/15/35		693
	130	Series 3318, Class AO, PO, 05/15/37		124
	279	Series 3326, Class JO, PO, 06/15/37		264
	863	Series 3331, Class PO, PO, 06/15/37		819
	923	Series 3385, Class SN, IF, IO, 5.801%, 11/15/37		121
	1,247	Series 3387, Class SA, IF, IO, 6.221%, 11/15/37		173
	1,784	Series 3404, Class SC, IF, IO, 5.801%, 01/15/38		235
	5,840	Series 3422, Class AI, IO, SUB, 0.250%, 01/15/38		59
	1,320	Series 3424, Class PI, IF, IO, 6.601%, 04/15/38		226
	1,921	Series 3481, Class SJ, IF, IO, 5.651%, 08/15/38		274
	1,750	Series 3505, Class SA, IF, IO, 5.801%, 01/15/39		221
	1,996	Series 3511, Class SA, IF, IO, 5.801%, 02/15/39		253
	758	Series 3549, Class FA, VAR, 1.399%, 07/15/39		772
	682	Series 3607, Class BO, PO, 04/15/36		635
	1,356	Series 3607, Class OP, PO, 07/15/37		1,289
	856	Series 3607, Class PO, PO, 05/15/37		738
	293	Series 3611, Class PO, PO, 07/15/34		276
	770	Series 3621, Class BO, PO, 01/15/40		736
	840	Series 3720, Class A, 4.500%, 09/15/25		902
	2,816	Series 3739, Class LI, IO, 4.000%, 03/15/34		181
	7,232	Series 3747, Class HI, IO, 4.500%, 07/15/37		548
	1,000	Series 3747, Class PY, 4.000%, 10/15/40		1,072
	3,348	Series 3759, Class HI, IO, 4.000%, 08/15/37		308
	3,253	Series 3760, Class GI, IO, 4.000%, 10/15/37		312
	275	Series 3798, Class BF, VAR, 0.499%, 06/15/24		275
	1,434	Series 3804, Class FN, VAR, 0.649%, 03/15/39		1,442
	5,692	Series 3819, Class ZQ, 6.000%, 04/15/36		6,269
	879	Series 3852, Class QN, IF, 5.500%, 05/15/41		921
	2,468	Series 3852, Class TP, IF, 5.500%, 05/15/41		2,634
	3,000	Series 3920, Class LP, 5.000%, 01/15/34		3,329
	1,744	Series 3925, Class FL, VAR, 0.649%, 01/15/41		1,758
	1,420	Series 3957, Class B, 4.000%, 11/15/41		1,531
	1,762	Series 3966, Class NA, 4.000%, 12/15/41		1,885
	1,460	Series 3997, Class PF, VAR, 0.649%, 11/15/39		1,467
	3,980	Series 4048, Class FJ, VAR, 0.598%, 07/15/37		3,971
		Federal Home Loan Mortgage Corp. STRIPS,
	3	Series 134, Class B, IO, 9.000%, 04/01/22		—	(h)
	2,235	Series 233, Class 11, IO, 5.000%, 09/15/35		273
	3,171	Series 233, Class 13, IO, 5.000%, 09/15/35		392
	602	Series 243, Class 16, IO, 4.500%, 11/15/20		49
	1,351	Series 243, Class 17, IO, 4.500%, 12/15/20		111
	9,236	Series 262, Class 35, 3.500%, 07/15/42		9,366
	1,938	Series 264, Class F1, VAR, 0.749%, 07/15/42		1,941
	2,416	Series 267, Class F5, VAR, 0.699%, 08/15/42		2,453
	2,960	Series 281, Class F1, VAR, 0.699%, 10/15/42		2,993
	9,910	Series 299, Class 300, 3.000%, 01/15/43		9,897

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)			SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
			Agency CMO — Continued
			Federal Home Loan Mortgage Corp. Structured Pass-Through Securities,
	620		Series T-41, Class 3A, VAR, 6.621%, 07/25/32		745
	362		Series T-51, Class 2A, VAR, 7.500%, 08/25/42		443
	2,142		Series T-54, Class 2A, 6.500%, 02/25/43		2,527
	639		Series T-54, Class 3A, 7.000%, 02/25/43		763
	272		Series T-58, Class APO, PO, 09/25/43		205
	594		Series T-59, Class 1AP, PO, 10/25/43		450
	2,251		Series T-76, Class 2A, VAR, 3.392%, 10/25/37		2,260
			Federal National Mortgage Association - ACES,
	3,300		Series 2010-M3, Class A3, VAR, 4.332%, 03/25/20		3,635
	1,211		Series 2012-M11, Class FA, VAR, 0.703%, 08/25/19		1,213
			Federal National Mortgage Association Grantor Trust,
	1,024		Series 2002-T19, Class A2, 7.000%, 07/25/42		1,231
	852		Series 2004-T3, Class 1A3, 7.000%, 02/25/44		994
			Federal National Mortgage Association REMIC Trust,
	1,060		Series 2003-W1, Class 1A1, VAR, 6.083%, 12/25/42		1,207
	403		Series 2003-W1, Class 2A, VAR, 6.849%, 12/25/42		473
	166		Series 2003-W4, Class 2A, VAR, 6.463%, 10/25/42		181
	122		Series 2007-W7, Class 1A4, HB, IF, 38.020%, 07/25/37		207
	2,839		Series 2009-W1, Class A, 6.000%, 12/25/49		3,284
			Federal National Mortgage Association REMICS,
	6		Series 1988-7, Class Z, 9.250%, 04/25/18		7
	16		Series 1989-70, Class G, 8.000%, 10/25/19		18
	5		Series 1989-78, Class H, 9.400%, 11/25/19		6
	11		Series 1989-83, Class H, 8.500%, 11/25/19		12
	9		Series 1989-89, Class H, 9.000%, 11/25/19		10
	10		Series 1990-1, Class D, 8.800%, 01/25/20		11
	1		Series 1990-60, Class K, 5.500%, 06/25/20		1
	4		Series 1990-63, Class H, 9.500%, 06/25/20		4
	2		Series 1990-93, Class G, 5.500%, 08/25/20		3
	–	(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		1
	19		Series 1990-102, Class J, 6.500%, 08/25/20		21
	25		Series 1990-120, Class H, 9.000%, 10/25/20		29
	3		Series 1990-134, Class SC, HB, IF, 21.272%, 11/25/20		4
	–	(h)	Series 1990-140, Class K, HB, 652.145%, 12/25/20		2
	–	(h)	Series 1991-7, Class K, HB, 908.500%, 02/25/21		—	(h)
	10		Series 1991-24, Class Z, 5.000%, 03/25/21		11
	1		Series 1992-101, Class J, 7.500%, 06/25/22		2
	50		Series 1992-136, Class PK, 6.000%, 08/25/22		55
	41		Series 1992-143, Class MA, 5.500%, 09/25/22		45
	121		Series 1992-163, Class M, 7.750%, 09/25/22		139
	193		Series 1992-188, Class PZ, 7.500%, 10/25/22		221
	78		Series 1993-21, Class KA, 7.700%, 03/25/23		90
	131		Series 1993-25, Class J, 7.500%, 03/25/23		150
	31		Series 1993-27, Class SA, IF, 15.500%, 02/25/23		40
	46		Series 1993-62, Class SA, IF, 18.277%, 04/25/23		68
	24		Series 1993-165, Class SD, IF, 12.805%, 09/25/23		31
	53		Series 1993-165, Class SK, IF, 12.500%, 09/25/23		63
	36		Series 1993-179, Class SB, HB, IF, 25.519%, 10/25/23		57
	24		Series 1993-179, Class SC, IF, 10.500%, 10/25/23		27

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	75	Series 1993-199, Class FA, VAR, 0.769%, 10/25/23		75
	67	Series 1993-205, Class H, PO, 09/25/23		60
	12	Series 1993-220, Class SG, IF, 15.563%, 11/25/13		13
	105	Series 1993-225, Class UB, 6.500%, 12/25/23		115
	34	Series 1993-230, Class FA, VAR, 0.819%, 12/25/23		35
	99	Series 1993-247, Class FE, VAR, 1.219%, 12/25/23		101
	46	Series 1993-247, Class SU, IF, 11.983%, 12/25/23		58
	114	Series 1993-250, Class Z, 7.000%, 12/25/23		119
	388	Series 1994-37, Class L, 6.500%, 03/25/24		444
	1,855	Series 1994-40, Class Z, 6.500%, 03/25/24		2,061
	82	Series 1995-2, Class Z, 8.500%, 01/25/25		94
	269	Series 1995-19, Class Z, 6.500%, 11/25/23		313
	402	Series 1996-14, Class SE, IF, IO, 9.020%, 08/25/23		73
	13	Series 1996-27, Class FC, VAR, 0.719%, 03/25/17		13
	38	Series 1996-59, Class J, 6.500%, 08/25/22		42
	416	Series 1997-20, Class IO, IO, VAR, 1.840%, 03/25/27		13
	28	Series 1997-27, Class J, 7.500%, 04/18/27		31
	58	Series 1997-29, Class J, 7.500%, 04/20/27		68
	368	Series 1997-39, Class PD, 7.500%, 05/20/27		437
	22	Series 1997-42, Class EN, 7.250%, 07/18/27		23
	39	Series 1997-42, Class ZC, 6.500%, 07/18/27		44
	711	Series 1997-61, Class ZC, 7.000%, 02/25/23		802
	120	Series 1997-81, Class PI, IO, 7.000%, 12/18/27		15
	14	Series 1998-4, Class C, PO, 04/25/23		13
	256	Series 1998-36, Class ZB, 6.000%, 07/18/28		283
	136	Series 1998-43, Class SA, IF, IO, 19.663%, 04/25/23		56
	244	Series 1998-66, Class SB, IF, IO, 7.957%, 12/25/28		43
	139	Series 1999-17, Class C, 6.350%, 04/25/29		158
	752	Series 1999-18, Class Z, 5.500%, 04/18/29		835
	192	Series 1999-38, Class SK, IF, IO, 7.857%, 08/25/23		26
	67	Series 1999-52, Class NS, HB, IF, 22.839%, 10/25/23		107
	184	Series 1999-62, Class PB, 7.500%, 12/18/29		214
	580	Series 2000-2, Class ZE, 7.500%, 02/25/30		677
	309	Series 2000-20, Class SA, IF, IO, 8.907%, 07/25/30		71
	42	Series 2000-52, Class IO, IO, 8.500%, 01/25/31		6
	202	Series 2001-4, Class PC, 7.000%, 03/25/21		221
	5	Series 2001-5, Class OW, 6.000%, 03/25/16		5
	132	Series 2001-7, Class PF, 7.000%, 03/25/31		154
	108	Series 2001-7, Class PR, 6.000%, 03/25/16		110
	88	Series 2001-10, Class PR, 6.000%, 04/25/16		90
	393	Series 2001-30, Class PM, 7.000%, 07/25/31		458
	471	Series 2001-33, Class ID, IO, 6.000%, 07/25/31		86
	391	Series 2001-36, Class DE, 7.000%, 08/25/31		454
	889	Series 2001-44, Class MY, 7.000%, 09/25/31		1,033
	151	Series 2001-44, Class PD, 7.000%, 09/25/31		173
	168	Series 2001-44, Class PU, 7.000%, 09/25/31		195
	1,532	Series 2001-48, Class Z, 6.500%, 09/25/21		1,713
	122	Series 2001-49, Class Z, 6.500%, 09/25/31		140
	114	Series 2001-52, Class KB, 6.500%, 10/25/31		130
	166	Series 2001-52, Class XN, 6.500%, 11/25/15		174
	1,336	Series 2001-61, Class Z, 7.000%, 11/25/31		1,533

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	120	Series 2001-71, Class MB, 6.000%, 12/25/16		127
	268	Series 2001-71, Class QE, 6.000%, 12/25/16		283
	67	Series 2001-72, Class SX, IF, 17.016%, 12/25/31		97
	420	Series 2001-74, Class MB, 6.000%, 12/25/16		445
	123	Series 2002-1, Class HC, 6.500%, 02/25/22		137
	136	Series 2002-1, Class SA, HB, IF, 24.559%, 02/25/32		221
	99	Series 2002-1, Class UD, HB, IF, 23.734%, 12/25/23		155
	346	Series 2002-2, Class UC, 6.000%, 02/25/17		367
	861	Series 2002-3, Class OG, 6.000%, 02/25/17		910
	192	Series 2002-7, Class OG, 6.000%, 03/25/17		203
	577	Series 2002-7, Class TG, 6.000%, 03/25/17		608
	203	Series 2002-10, Class SB, IF, 18.736%, 03/25/17		248
	260	Series 2002-11, Class QG, 5.500%, 03/25/17		273
	1,338	Series 2002-13, Class SJ, IF, IO, 1.600%, 03/25/32		64
	21	Series 2002-13, Class ST, IF, 10.000%, 03/25/32		23
	252	Series 2002-18, Class PC, 5.500%, 04/25/17		255
	204	Series 2002-19, Class PE, 6.000%, 04/25/17		215
	45	Series 2002-21, Class LO, PO, 04/25/32		43
	430	Series 2002-21, Class PE, 6.500%, 04/25/32		474
	466	Series 2002-24, Class AJ, 6.000%, 04/25/17		500
	132	Series 2002-25, Class SG, IF, 18.856%, 05/25/17		165
	1,117	Series 2002-28, Class PK, 6.500%, 05/25/32		1,276
	274	Series 2002-37, Class Z, 6.500%, 06/25/32		299
	332	Series 2002-42, Class C, 6.000%, 07/25/17		355
	1,513	Series 2002-48, Class GH, 6.500%, 08/25/32		1,729
	172	Series 2002-55, Class QE, 5.500%, 09/25/17		182
	2,033	Series 2002-56, Class UC, 5.500%, 09/25/17		2,163
	691	Series 2002-62, Class ZE, 5.500%, 11/25/17		737
	193	Series 2002-63, Class KC, 5.000%, 10/25/17		205
	271	Series 2002-77, Class S, IF, 14.129%, 12/25/32		349
	35	Series 2002-81, Class JO, PO, 04/25/32		35
	787	Series 2002-83, Class CS, 6.881%, 08/25/23		892
	1,471	Series 2002-94, Class BK, 5.500%, 01/25/18		1,560
	705	Series 2003-3, Class HJ, 5.000%, 02/25/18		751
	2,524	Series 2003-22, Class UD, 4.000%, 04/25/33		2,708
	1,565	Series 2003-33, Class IA, IO, 6.500%, 05/25/33		241
	1,090	Series 2003-34, Class AX, 6.000%, 05/25/33		1,225
	1,516	Series 2003-34, Class ED, 6.000%, 05/25/33		1,789
	65	Series 2003-35, Class UC, 3.750%, 05/25/33		69
	190	Series 2003-39, Class IO, IO, VAR, 6.000%, 05/25/33		30
	1,319	Series 2003-39, Class LW, 5.500%, 05/25/23		1,477
	1,498	Series 2003-41, Class PE, 5.500%, 05/25/23		1,654
	386	Series 2003-42, Class GB, 4.000%, 05/25/33		414
	109	Series 2003-45, Class AI, IO, 5.500%, 05/25/33		4
	720	Series 2003-47, Class PE, 5.750%, 06/25/33		778
	289	Series 2003-52, Class SX, HB, IF, 22.370%, 10/25/31		460
	400	Series 2003-56, Class AZ, 5.500%, 08/25/31		403
	197	Series 2003-64, Class SX, IF, 13.255%, 07/25/33		236
	700	Series 2003-71, Class DS, IF, 7.202%, 08/25/33		700
	615	Series 2003-71, Class IM, IO, 5.500%, 12/25/31		29
	1,632	Series 2003-72, Class IE, IO, 5.500%, 08/25/33		224
	122	Series 2003-74, Class SH, IF, 9.822%, 08/25/33		132

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	562	Series 2003-76, Class GQ, 4.500%, 08/25/18		596
	1,383	Series 2003-80, Class SY, IF, IO, 7.457%, 06/25/23		148
	994	Series 2003-81, Class LC, 4.500%, 09/25/18		1,056
	2,232	Series 2003-83, Class PG, 5.000%, 06/25/23		2,384
	387	Series 2003-91, Class SD, IF, 12.178%, 09/25/33		455
	2,081	Series 2003-116, Class SB, IF, IO, 7.407%, 11/25/33		470
	2,354	Series 2003-117, Class JB, 3.500%, 06/25/33		2,466
	818	Series 2003-122, Class TE, 5.000%, 12/25/22		850
	40	Series 2003-128, Class KE, 4.500%, 01/25/14		40
	606	Series 2003-128, Class NG, 4.000%, 01/25/19		639
	165	Series 2003-130, Class SX, IF, 11.230%, 01/25/34		193
	203	Series 2003-132, Class OA, PO, 08/25/33		190
	1,934	Series 2004-4, Class QI, IF, IO, 6.907%, 06/25/33		341
	183	Series 2004-4, Class QM, IF, 13.813%, 06/25/33		223
	941	Series 2004-10, Class SC, HB, IF, 27.827%, 02/25/34		1,340
	981	Series 2004-25, Class PC, 5.500%, 01/25/34		1,063
	1,484	Series 2004-25, Class SA, IF, 18.993%, 04/25/34		2,049
	7,140	Series 2004-27, Class HB, 4.000%, 05/25/19		7,560
	671	Series 2004-36, Class PC, 5.500%, 02/25/34		727
	1,742	Series 2004-36, Class SA, IF, 18.993%, 05/25/34		2,410
	665	Series 2004-36, Class SN, IF, 13.813%, 07/25/33		795
	2,876	Series 2004-37, Class AG, 4.500%, 11/25/32		2,954
	746	Series 2004-46, Class QB, HB, IF, 23.227%, 05/25/34		1,082
	2,416	Series 2004-46, Class SK, IF, 15.968%, 05/25/34		3,053
	423	Series 2004-51, Class SY, IF, 13.853%, 07/25/34		544
	460	Series 2004-53, Class NC, 5.500%, 07/25/24		507
	614	Series 2004-59, Class BG, PO, 12/25/32		544
	1,144	Series 2004-61, Class FH, VAR, 0.993%, 11/25/32		1,159
	151	Series 2004-61, Class SK, IF, 8.500%, 11/25/32		157
	432	Series 2004-76, Class CL, 4.000%, 10/25/19		454
	726	Series 2004-79, Class SP, IF, 19.268%, 11/25/34		993
	189	Series 2004-81, Class AC, 4.000%, 11/25/19		199
	18	Series 2004-92, Class JO, PO, 12/25/34		17
	225	Series 2005-52, Class PA, 6.500%, 06/25/35		243
	2,075	Series 2005-56, Class S, IF, IO, 6.517%, 07/25/35		344
	441	Series 2005-66, Class SG, IF, 16.892%, 07/25/35		611
	914	Series 2005-68, Class BC, 5.250%, 06/25/35		1,002
	2,017	Series 2005-68, Class PG, 5.500%, 08/25/35		2,263
	1,237	Series 2005-68, Class UC, 5.000%, 06/25/35		1,345
	903	Series 2005-74, Class CS, IF, 19.488%, 05/25/35		1,239
	8,141	Series 2005-84, Class XM, 5.750%, 10/25/35		9,115
	1,649	Series 2005-97, Class HC, 5.000%, 02/25/32		1,663
	3,425	Series 2005-109, Class PC, 6.000%, 12/25/35		3,866
	469	Series 2005-110, Class GJ, 5.500%, 11/25/30		469
	14,556	Series 2005-110, Class GK, 5.500%, 08/25/34		15,274
	4,326	Series 2005-110, Class GL, 5.500%, 12/25/35		5,045
	2,997	Series 2005-110, Class MN, 5.500%, 06/25/35		3,268
	958	Series 2005-116, Class PB, 6.000%, 04/25/34		1,022
	662	Series 2005-118, Class PN, 6.000%, 01/25/32		667
	289	Series 2006-15, Class OT, PO, 01/25/36		270
	709	Series 2006-16, Class OA, PO, 03/25/36		682

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	870	Series 2006-22, Class AO, PO, 04/25/36		826
	306	Series 2006-23, Class KO, PO, 04/25/36		288
	3,094	Series 2006-39, Class WC, 5.500%, 01/25/36		3,352
	176	Series 2006-42, Class CF, VAR, 0.643%, 06/25/36		178
	1,729	Series 2006-44, Class GO, PO, 06/25/36		1,551
	3,778	Series 2006-44, Class P, PO, 12/25/33		3,561
	2,000	Series 2006-46, Class UC, 5.500%, 12/25/35		2,204
	2,532	Series 2006-53, Class US, IF, IO, 6.387%, 06/25/36		362
	2,142	Series 2006-56, Class FC, VAR, 0.483%, 07/25/36		2,144
	2,169	Series 2006-56, Class PF, VAR, 0.543%, 07/25/36		2,181
	1,215	Series 2006-56, Class PO, PO, 07/25/36		1,175
	1,852	Series 2006-58, Class AP, PO, 07/25/36		1,729
	187	Series 2006-58, Class FL, VAR, 0.653%, 07/25/36		188
	750	Series 2006-58, Class PO, PO, 07/25/36		712
	1,270	Series 2006-59, Class QO, PO, 01/25/33		1,265
	3,132	Series 2006-60, Class DZ, 6.500%, 07/25/36		3,820
	1,184	Series 2006-65, Class QO, PO, 07/25/36		1,133
	306	Series 2006-72, Class TO, PO, 08/25/36		289
	4,313	Series 2006-77, Class PC, 6.500%, 08/25/36		4,900
	951	Series 2006-79, Class DO, PO, 08/25/36		852
	701	Series 2006-90, Class AO, PO, 09/25/36		640
	310	Series 2006-109, Class PO, PO, 11/25/36		294
	2,551	Series 2006-110, Class PO, PO, 11/25/36		2,404
	216	Series 2006-111, Class EO, PO, 11/25/36		207
	1,109	Series 2006-118, Class A2, VAR, 0.255%, 12/25/36		1,047
	350	Series 2006-119, Class PO, PO, 12/25/36		337
	6,187	Series 2006-124, Class HB, VAR, 5.981%, 11/25/36		6,687
	1,000	Series 2006-128, Class BP, 5.500%, 01/25/37		1,159
	1,275	Series 2006-130, Class GI, IO, 6.500%, 07/25/32		202
	2,028	Series 2007-7, Class SG, IF, IO, 6.307%, 08/25/36		438
	4,226	Series 2007-14, Class ES, IF, IO, 6.247%, 03/25/37		666
	341	Series 2007-15, Class NO, PO, 03/25/22		333
	1,603	Series 2007-16, Class FC, VAR, 0.943%, 03/25/37		1,592
	457	Series 2007-42, Class AO, PO, 05/25/37		444
	1,500	Series 2007-46, Class VK, 5.500%, 03/25/22		1,533
	522	Series 2007-48, Class PO, PO, 05/25/37		507
	1,942	Series 2007-54, Class FA, VAR, 0.593%, 06/25/37		1,953
	8,302	Series 2007-60, Class AX, IF, IO, 6.957%, 07/25/37		1,851
	436	Series 2007-77, Class FG, VAR, 0.693%, 03/25/37		440
	1,400	Series 2007-81, Class GE, 6.000%, 08/25/37		1,615
	4,182	Series 2007-84, Class PG, 6.000%, 12/25/36		4,457
	4,899	Series 2007-88, Class VI, IF, IO, 6.347%, 09/25/37		783
	3,298	Series 2007-91, Class ES, IF, IO, 6.267%, 10/25/37		550
	2,209	Series 2007-97, Class KI, IO, 7.000%, 05/25/33		292
	3,902	Series 2007-101, Class A2, VAR, 0.443%, 06/27/36		3,871
	956	Series 2007-106, Class A7, VAR, 5.991%, 10/25/37		1,068
	3,000	Series 2007-114, Class A6, VAR, 0.393%, 10/27/37		3,001
	2,464	Series 2007-116, Class HI, IO, VAR, 1.622%, 01/25/38		183
	100	Series 2007-118, Class IO, IO, 6.000%, 06/25/36		7
	2,426	Series 2008-1, Class BI, IF, IO, 5.717%, 02/25/38		301
	1,729	Series 2008-10, Class XI, IF, IO, 6.037%, 03/25/38		251
	1,081	Series 2008-16, Class IS, IF, IO, 6.007%, 03/25/38		130
	1,173	Series 2008-19, Class IC, IO, 5.000%, 03/25/23		92
	1,000	Series 2008-24, Class DY, 5.000%, 04/25/23		1,093

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)			SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
			Agency CMO — Continued
	1,078		Series 2008-27, Class SN, IF, IO, 6.707%, 04/25/38		160
	590		Series 2008-39, Class CI, IO, 4.500%, 05/25/18		41
	668		Series 2008-42, Class AO, PO, 09/25/36		621
	84		Series 2008-44, Class PO, PO, 05/25/38		79
	1,156		Series 2008-47, Class SI, IF, IO, 6.307%, 06/25/23		141
	1,497		Series 2008-53, Class CI, IF, IO, 7.007%, 07/25/38		242
	633		Series 2008-76, Class GF, VAR, 0.843%, 09/25/23		640
	2,941		Series 2008-80, Class SA, IF, IO, 5.657%, 09/25/38		351
	1,862		Series 2008-81, Class SB, IF, IO, 5.657%, 09/25/38		311
	2,775		Series 2009-6, Class GS, IF, IO, 6.357%, 02/25/39		388
	1,166		Series 2009-9, Class IO, IO, 5.000%, 02/25/24		115
	1,125		Series 2009-18, Class IO, IO, 5.000%, 03/25/24		100
	2,500		Series 2009-19, Class IP, IO, 5.500%, 10/25/36		586
	1,901		Series 2009-60, Class HT, 6.000%, 08/25/39		2,187
	1,329		Series 2009-62, Class HJ, 6.000%, 05/25/39		1,455
	1,973		Series 2009-70, Class CO, PO, 01/25/37		1,881
	1,755		Series 2009-86, Class UI, IO, 4.000%, 10/25/14		70
	1,438		Series 2009-99, Class SC, IF, IO, 5.987%, 12/25/39		162
	1,180		Series 2009-103, Class MB, VAR, 2.934%, 12/25/39		1,262
	2,000		Series 2010-45, Class BD, 4.500%, 11/25/38		2,070
	1,931		Series 2010-49, Class SC, IF, 12.273%, 03/25/40		2,321
	1,275		Series 2010-64, Class DM, 5.000%, 06/25/40		1,409
	1,494		Series 2010-71, Class HJ, 5.500%, 07/25/40		1,701
	3,285		Series 2010-133, Class A, 5.500%, 05/25/38		3,546
	3,709		Series 2010-147, Class SA, IF, IO, 6.337%, 01/25/41		848
	2,025		Series 2010-148, Class MA, 4.000%, 02/25/39		2,088
	2,018		Series 2011-2, Class WA, VAR, 5.800%, 02/25/51		2,193
	2,193		Series 2011-22, Class MA, 6.500%, 04/25/38		2,480
	4,725		Series 2011-30, Class LS, IO, VAR, 3.071%, 04/25/41		397
	1,138		Series 2011-75, Class FA, VAR, 0.743%, 08/25/41		1,148
	2,171		Series 2011-118, Class MT, 7.000%, 11/25/41		2,634
	3,035		Series 2011-130, Class CA, 6.000%, 12/25/41		3,376
	1,752		Series 2012-14, Class FB, VAR, 0.643%, 08/25/37		1,760
	10,032		Series 2012-47, Class HF, VAR, 0.593%, 05/25/27		10,113
	3,901		Series 2012-108, Class F, VAR, 0.693%, 10/25/42		3,940
	4,891		Series 2012-137, Class CF, VAR, 0.493%, 08/25/41		4,900
	–	(h)	Series G-17, Class S, HB, VAR, 1,058.376%, 06/25/21		9
	27		Series G-28, Class S, IF, 14.881%, 09/25/21		34
	33		Series G-35, Class M, 8.750%, 10/25/21		37
	12		Series G-51, Class SA, HB, IF, 26.829%, 12/25/21		18
	–	(h)	Series G92-27, Class SQ, HB, IF, 1,777.270%, 05/25/22		2
	166		Series G92-35, Class E, 7.500%, 07/25/22		186
	–	(h)	Series G92-35, Class G, HB, 1,184.775%, 07/25/22		3
	20		Series G92-42, Class Z, 7.000%, 07/25/22		23
	536		Series G92-44, Class ZQ, 8.000%, 07/25/22		592
	26		Series G92-52, Class FD, VAR, 0.239%, 09/25/22		26
	199		Series G92-54, Class ZQ, 7.500%, 09/25/22		222
	25		Series G92-59, Class F, VAR, 1.667%, 10/25/22		26
	50		Series G92-61, Class Z, 7.000%, 10/25/22		58
	36		Series G92-62, Class B, PO, 10/25/22		31
	177		Series G93-1, Class KA, 7.900%, 01/25/23		202
	39		Series G93-5, Class Z, 6.500%, 02/25/23		45

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	49	Series G93-14, Class J, 6.500%, 03/25/23		55
	120	Series G93-17, Class SI, IF, 6.000%, 04/25/23		128
	111	Series G93-27, Class FD, VAR, 1.099%, 08/25/23		112
	27	Series G93-37, Class H, PO, 09/25/23		24
	46	Series G95-1, Class C, 8.800%, 01/25/25		53
		Federal National Mortgage Association STRIPS,
	3	Series 23, Class 2, IO, 10.000%, 09/01/17		—	(h)
	1	Series 50, Class 2, IO, 10.500%, 03/01/19		—	(h)
	16	Series 218, Class 2, IO, 7.500%, 04/01/23		3
	16	Series 265, Class 2, 9.000%, 03/01/24		19
	236	Series 329, Class 1, PO, 01/01/33		224
	706	Series 339, Class 18, IO, 4.500%, 07/01/18		48
	1,003	Series 339, Class 21, IO, 4.500%, 08/25/18		71
	504	Series 339, Class 28, IO, 5.500%, 07/01/18		41
	284	Series 345, Class 6, IO, VAR, 5.000%, 12/01/33		35
	1,059	Series 351, Class 7, IO, VAR, 5.000%, 04/01/34		132
	861	Series 355, Class 11, IO, 6.000%, 07/01/34		138
	432	Series 355, Class 31, IO, VAR, 4.500%, 12/01/18		33
	1,678	Series 365, Class 8, IO, 5.500%, 05/01/36		268
	218	Series 368, Class 3, IO, 4.500%, 11/01/20		17
	843	Series 374, Class 5, IO, 5.500%, 08/01/36		99
	507	Series 383, Class 32, IO, 6.000%, 01/01/38		69
	1,331	Series 383, Class 33, IO, 6.000%, 01/01/38		182
	255	Series 393, Class 6, IO, 5.500%, 04/25/37		35
		Federal National Mortgage Association Trust,
	286	Series 2004-W1, Class 2A2, 7.000%, 12/25/33		335
	1,315	Series 2004-W15, Class 2AF, VAR, 0.443%, 08/25/44		1,306
	931	Series 2004-W2, Class 2A2, 7.000%, 02/25/44		1,092
	3,395	Series 2005-W3, Class 2AF, VAR, 0.413%, 03/25/45		3,367
	1,148	Series 2006-W2, Class 1AF1, VAR, 0.413%, 02/25/36		1,141
		Government National Mortgage Association,
	1,814	Series 1994-7, Class PQ, 6.500%, 10/16/24		2,101
	244	Series 1998-26, Class K, 7.500%, 09/17/25		279
	1,235	Series 1999-4, Class ZB, 6.000%, 02/20/29		1,403
	1,207	Series 1999-10, Class ZC, 6.500%, 04/20/29		1,407
	140	Series 1999-30, Class S, IF, IO, 8.402%, 08/16/29		31
	17	Series 1999-33, Class SM, IF, 9.200%, 09/16/29		18
	238	Series 1999-40, Class ZW, 7.500%, 11/20/29		281
	335	Series 1999-41, Class Z, 8.000%, 11/16/29		401
	123	Series 1999-44, Class PC, 7.500%, 12/20/29		142
	2,447	Series 1999-44, Class ZC, 8.500%, 12/16/29		2,969
	425	Series 1999-44, Class ZG, 8.000%, 12/20/29		522
	165	Series 2000-9, Class Z, 8.000%, 06/20/30		201
	1,572	Series 2000-9, Class ZJ, 8.500%, 02/16/30		1,839
	278	Series 2000-12, Class ST, HB, IF, 38.509%, 02/16/30		542
	87	Series 2000-16, Class ZN, 7.500%, 02/16/30		90
	2,196	Series 2000-21, Class Z, 9.000%, 03/16/30		2,569
	17	Series 2000-30, Class ST, IF, 11.050%, 12/16/22		22
	318	Series 2000-31, Class Z, 9.000%, 10/20/30		373
	185	Series 2000-35, Class ZA, 9.000%, 11/20/30		201
	31	Series 2000-36, Class IK, IO, 9.000%, 11/16/30		5

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	156	Series 2001-4, Class SJ, IF, IO, 7.952%, 01/19/30		34
	138	Series 2001-6, Class SD, IF, IO, 8.352%, 03/16/31		33
	267	Series 2001-7, Class PK, 6.500%, 03/20/31		282
	14	Series 2001-32, Class WA, IF, 19.629%, 07/20/31		24
	227	Series 2001-35, Class SA, IF, IO, 8.052%, 08/16/31		51
	186	Series 2001-36, Class S, IF, IO, 7.852%, 08/16/31		41
	954	Series 2001-64, Class MQ, 6.500%, 12/20/31		1,121
	250	Series 2002-3, Class SP, IF, IO, 7.192%, 01/16/32		63
	327	Series 2002-7, Class PG, 6.500%, 01/20/32		383
	988	Series 2002-24, Class AG, IF, IO, 7.752%, 04/16/32		264
	86	Series 2002-24, Class SB, IF, 11.628%, 04/16/32		111
	2,199	Series 2002-31, Class SE, IF, IO, 7.302%, 04/16/30		493
	642	Series 2002-40, Class UK, 6.500%, 06/20/32		746
	35	Series 2002-41, Class SV, IF, 9.000%, 06/16/32		37
	2,407	Series 2002-45, Class QE, 6.500%, 06/20/32		2,799
	816	Series 2002-47, Class PG, 6.500%, 07/16/32		947
	1,533	Series 2002-47, Class ZA, 6.500%, 07/20/32		1,784
	45	Series 2002-51, Class SG, HB, IF, 31.641%, 04/20/31		85
	1,326	Series 2002-52, Class GH, 6.500%, 07/20/32		1,509
	789	Series 2002-70, Class PS, IF, IO, 7.502%, 08/20/32		88
	949	Series 2002-75, Class PB, 6.000%, 11/20/32		1,150
	44	Series 2003-4, Class NI, IO, 5.500%, 01/20/32		—	(h)
	97	Series 2003-4, Class NY, 5.500%, 12/20/13		97
	1,093	Series 2003-11, Class SK, IF, IO, 7.502%, 02/16/33		252
	446	Series 2003-12, Class SP, IF, IO, 7.502%, 02/20/33		119
	100	Series 2003-24, Class PO, PO, 03/16/33		89
	36	Series 2003-40, Class TC, 7.500%, 03/20/33		36
	1,319	Series 2003-40, Class TJ, 6.500%, 03/20/33		1,585
	753	Series 2003-46, Class MG, 6.500%, 05/20/33		912
	1,266	Series 2003-46, Class TC, 6.500%, 03/20/33		1,450
	384	Series 2003-52, Class AP, PO, 06/16/33		350
	2,150	Series 2003-58, Class BE, 6.500%, 01/20/33		2,485
	281	Series 2003-76, Class LS, IF, IO, 7.002%, 09/20/31		9
	120	Series 2003-90, Class PO, PO, 10/20/33		105
	1,461	Series 2003-112, Class SA, IF, IO, 6.352%, 12/16/33		261
	1,796	Series 2003-112, Class TS, IF, IO, 6.752%, 10/20/32		157
	4,368	Series 2004-11, Class SW, IF, IO, 5.302%, 02/20/34		587
	276	Series 2004-15, Class SA, IF, 19.118%, 12/20/32		317
	518	Series 2004-28, Class S, IF, 19.118%, 04/16/34		723
	210	Series 2004-68, Class PO, PO, 05/20/31		209
	202	Series 2004-73, Class AE, IF, 14.446%, 08/17/34		250
	2,446	Series 2004-90, Class SI, IF, IO, 5.902%, 10/20/34		354
	1,719	Series 2005-3, Class SB, IF, IO, 5.902%, 01/20/35		254
	4,261	Series 2005-17, Class SL, IF, IO, 6.502%, 07/20/34		792
	401	Series 2005-35, Class FL, VAR, 0.548%, 03/20/32		402
	154	Series 2005-39, Class KI, IO, 5.500%, 03/20/34		10
	3,196	Series 2005-58, Class NI, IO, 5.500%, 08/20/35		644
	443	Series 2005-68, Class DP, IF, 15.956%, 06/17/35		594
	6,159	Series 2005-68, Class KI, IF, IO, 6.102%, 09/20/35		962
	948	Series 2005-69, Class SY, IF, IO, 6.552%, 11/20/33		117
	791	Series 2005-91, Class PI, IO, 6.000%, 12/20/35		118
	432	Series 2006-16, Class OP, PO, 03/20/36		392

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	168	Series 2006-28, Class GO, PO, 03/20/35		168
	1,351	Series 2006-38, Class SW, IF, IO, 6.302%, 06/20/36		166
	1,449	Series 2006-59, Class SD, IF, IO, 6.502%, 10/20/36		217
	2,510	Series 2006-65, Class SA, IF, IO, 6.602%, 11/20/36		430
	1,458	Series 2007-9, Class DI, IF, IO, 6.312%, 03/20/37		215
	3,213	Series 2007-17, Class JI, IF, IO, 6.612%, 04/16/37		561
	345	Series 2007-17, Class JO, PO, 04/16/37		313
	2,181	Series 2007-19, Class SD, IF, IO, 6.002%, 04/20/37		318
	2,235	Series 2007-26, Class SC, IF, IO, 6.002%, 05/20/37		320
	1,549	Series 2007-27, Class SA, IF, IO, 6.002%, 05/20/37		234
	528	Series 2007-28, Class BO, PO, 05/20/37		475
	1,318	Series 2007-36, Class SE, IF, IO, 6.272%, 06/16/37		198
	3,746	Series 2007-40, Class SB, IF, IO, 6.552%, 07/20/37		578
	2,259	Series 2007-42, Class SB, IF, IO, 6.552%, 07/20/37		348
	2,500	Series 2007-47, Class PH, 6.000%, 07/16/37		3,048
	162	Series 2007-49, Class NO, PO, 12/20/35		162
	1,733	Series 2007-50, Class AI, IF, IO, 6.577%, 08/20/37		262
	248	Series 2007-53, Class SW, IF, 19.610%, 09/20/37		334
	1,018	Series 2007-57, Class PO, PO, 03/20/37		940
	1,311	Series 2007-57, Class QA, IF, IO, 6.302%, 10/20/37		189
	1,675	Series 2007-71, Class SB, IF, IO, 6.502%, 07/20/36		179
	1,266	Series 2007-72, Class US, IF, IO, 6.352%, 11/20/37		183
	1,277	Series 2007-73, Class MI, IF, IO, 5.802%, 11/20/37		173
	2,506	Series 2007-76, Class SA, IF, IO, 6.332%, 11/20/37		365
	1,305	Series 2007-79, Class SY, IF, IO, 6.352%, 12/20/37		192
	800	Series 2007-81, Class SP, IF, IO, 6.452%, 12/20/37		119
	1,437	Series 2007-82, Class SA, IF, IO, 6.332%, 12/20/37		209
	684	Series 2008-2, Class MS, IF, IO, 6.962%, 01/16/38		115
	2,279	Series 2008-2, Class NS, IF, IO, 6.342%, 01/16/38		369
	1,358	Series 2008-10, Class S, IF, IO, 5.632%, 02/20/38		189
	356	Series 2008-23, Class IO, IO, 6.000%, 02/20/37		23
	991	Series 2008-25, Class SB, IF, IO, 6.702%, 03/20/38		172
	943	Series 2008-32, Class PI, IO, 5.500%, 10/16/37		118
	1,899	Series 2008-36, Class SH, IF, IO, 6.102%, 04/20/38		290
	8,246	Series 2008-40, Class SA, IF, IO, 6.202%, 05/16/38		1,447
	1,903	Series 2008-41, Class SA, IF, IO, 6.142%, 05/20/38		284
	1,244	Series 2008-55, Class SA, IF, IO, 6.002%, 06/20/38		180
	476	Series 2008-60, Class PO, PO, 01/20/38		471
	2,000	Series 2008-65, Class ME, 5.750%, 09/20/37		2,119
	683	Series 2008-71, Class SC, IF, IO, 5.802%, 08/20/38		93
	1,324	Series 2008-93, Class AS, IF, IO, 5.502%, 12/20/38		178
	2,302	Series 2009-6, Class SA, IF, IO, 5.902%, 02/16/39		360
	1,424	Series 2009-10, Class SL, IF, IO, 6.302%, 03/16/34		142
	3,000	Series 2009-12, Class IE, IO, 5.500%, 03/20/39		447
	1,407	Series 2009-14, Class KI, IO, 6.500%, 03/20/39		248
	1,258	Series 2009-14, Class NI, IO, 6.500%, 03/20/39		225
	3,668	Series 2009-22, Class SA, IF, IO, 6.072%, 04/20/39		514
	1,049	Series 2009-25, Class SE, IF, IO, 7.402%, 09/20/38		200
	944	Series 2009-33, Class CI, IO, 5.500%, 05/20/39		138
	859	Series 2009-33, Class TI, IO, 6.000%, 05/20/39		142
	490	Series 2009-38, Class IO, IO, 5.000%, 09/16/31		19
	1,579	Series 2009-43, Class SA, IF, IO, 5.752%, 06/20/39		215

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	1,311	Series 2009-65, Class IQ, IO, 6.000%, 12/20/38		183
	3,152	Series 2009-72, Class SM, IF, IO, 6.052%, 08/16/39		459
	638	Series 2009-79, Class OK, PO, 11/16/37		562
	700	Series 2010-14, Class CO, PO, 08/20/35		608
	729	Series 2010-130, Class CP, 7.000%, 10/16/40		847
	4,348	Series 2010-157, Class OP, PO, 12/20/40		3,633
	3,464	Series 2010-H17, Class XQ, VAR, 5.245%, 07/20/60		3,997
	1,482	Series 2011-22, Class WA, VAR, 5.947%, 02/20/37		1,655
	3,828	Series 2011-75, Class SM, IF, IO, 6.402%, 05/20/41		521
	3,537	Series 2012-61, Class FM, VAR, 0.598%, 05/16/42		3,544
	1,034	Series 2012-141, Class WC, VAR, 3.777%, 01/20/42		1,123
	4,835	Series 2012-H10, Class FA, VAR, 0.754%, 12/20/61		4,849
	2,899	Series 2012-H15, Class FA, VAR, 0.654%, 05/20/62		2,896
	3,471	Series 2012-H21, Class CF, VAR, 0.904%, 05/20/61		3,490
	2,998	Series 2012-H21, Class DF, VAR, 0.854%, 05/20/61		3,012
	4,964	Series 2012-H22, Class FD, VAR, 0.674%, 01/20/61		4,960
	1,853	Series 2012-H24, Class FA, VAR, 0.654%, 03/20/60		1,851
	3,905	Series 2012-H24, Class FG, VAR, 0.634%, 04/20/60		3,899
	1,990	Series 2012-H26, Class MA, VAR, 0.754%, 07/20/62		2,000
	2,918	Series 2012-H28, Class FA, VAR, 0.784%, 09/20/62		2,926
	4,608	Series 2012-H30, Class PA, VAR, 0.654%, 11/20/59		4,612
	2,443	Series 2012-H31, Class FD, VAR, 0.544%, 12/20/62		2,430
	4,928	Series 2013-54, Class WA, VAR, 4.707%, 11/20/42		5,520
	4,000	Series 2013-75, Class WA, VAR, 5.251%, 06/20/40		4,600
	3,119	Series 2013-H01, Class FA, 1.650%, 01/20/63		3,095
	1,919	Series 2013-H03, Class FA, VAR, 0.504%, 08/20/60		1,915
	1,506	Series 2013-H04, Class BA, 1.650%, 02/20/63		1,492
	4,980	Series 2013-H05, Class FB, VAR, 0.604%, 02/20/62		4,970
	2,009	Series 2013-H07, Class HA, VAR, 0.614%, 03/20/63		2,004
	9,998	Series 2013-H07, Class JA, 1.750%, 03/20/63		9,942
	1,992	Series 2013-H08, Class FC, VAR, 0.450%, 02/20/63		1,992
	2,002	Series 2013-H09, Class HA, 1.650%, 04/20/63		1,982
		Vendee Mortgage Trust,
	562	Series 1994-1, Class 1, VAR, 5.627%, 02/15/24		629
	947	Series 1994-1, Class 2ZB, 6.500%, 02/15/24		1,059
	823	Series 1996-1, Class 1Z, 6.750%, 02/15/26		944
	605	Series 1996-2, Class 1Z, 6.750%, 06/15/26		704
	1,177	Series 1997-1, Class 2Z, 7.500%, 02/15/27		1,368
	1,391	Series 1998-1, Class 2E, 7.000%, 03/15/28		1,632
	2,643	Series 1999-1, Class 2Z, 6.500%, 01/15/29		3,092
				662,818
		Non-Agency CMO — 9.8%
	410	AAM ACE Resecuritization Trust, Series 2011-1, Class A20, VAR, 0.478%, 02/02/37 (e)		398
	206	ABN Amro Mortgage Corp., Series 2003-8, Class A3, 4.500%, 06/25/33		207
	2,847	AJAX Mortgage Loan Trust, Series 2013-A, Class A, VAR, 3.500%, 02/25/51 (e) (i)		2,827
		Alternative Loan Trust,
	344	Series 2002-8, Class A4, 6.500%, 07/25/32		356
	12,726	Series 2004-2CB, Class 1A9, 5.750%, 03/25/34		12,543
	1,172	Series 2004-18CB, Class 2A4, 5.700%, 09/25/34		1,197
	2,648	Series 2005-1CB, Class 1A6, IF, IO, 6.907%, 03/25/35		514
	5,589	Series 2005-20CB, Class 3A8, IF, IO, 4.557%, 07/25/35		794
	9,863	Series 2005-22T1, Class A2, IF, IO, 4.877%, 06/25/35		1,573
	5,791	Series 2005-28CB, Class 1A4, 5.500%, 08/25/35		5,691

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
	193	Series 2005-28CB, Class 3A5, 6.000%, 08/25/35		164
	7,634	Series 2005-37T1, Class A2, IF, IO, 4.857%, 09/25/35		1,222
	5,087	Series 2005-54CB, Class 1A11, 5.500%, 11/25/35		4,770
	12,789	Series 2005-54CB, Class 1A2, IF, IO, 4.657%, 11/25/35		2,007
	3,199	Series 2005-57CB, Class 3A2, IF, IO, 4.907%, 12/25/35		571
	1,959	Series 2005-64CB, Class 1A9, 5.500%, 12/25/35		1,852
	8,353	Series 2005-J1, Class 1A4, IF, IO, 4.907%, 02/25/35		1,102
	2,846	Series 2006-26CB, Class A9, 6.500%, 09/25/36		2,361
	242	Alternative Loan Trust Resecuritization, Series 2005-5R, Class A1, 5.250%, 12/25/18		245
		American General Mortgage Loan Trust,
	2,231	Series 2009-1, Class A5, VAR, 5.750%, 09/25/48 (e)		2,248
	4,500	Series 2009-1, Class A7, VAR, 5.750%, 09/25/48 (e)		4,754
	623	Series 2010-1A, Class A1, VAR, 5.150%, 03/25/58 (e)		639
	718	Series 2010-1A, Class A2, VAR, 5.650%, 03/25/58 (e)		753
	1,140	Series 2010-1A, Class A3, VAR, 5.650%, 03/25/58 (e)		1,198
	473	Series 2010-1A, Class A4, VAR, 5.650%, 03/25/58 (e)		501
		ASG Resecuritization Trust,
	945	Series 2009-1, Class A60, VAR, 2.333%, 06/26/37 (e)		931
	1,162	Series 2009-2, Class A55, VAR, 4.750%, 05/24/36 (e)		1,191
	1,000	Series 2009-2, Class G60, VAR, 4.750%, 05/24/36 (e)		1,054
	4,465	Series 2009-3, Class A65, VAR, 2.293%, 03/26/37 (e)		4,486
	3,872	Series 2009-4, Class A60, 6.000%, 06/28/37 (e)		4,009
	1,077	Series 2010-2, Class A60, VAR, 2.096%, 01/28/37 (e)		1,060
	456	Series 2010-3, Class 2A22, VAR, 0.451%, 10/28/36 (e)		453
	900	Series 2011-1, Class 3A50, VAR, 2.542%, 11/28/35 (e) (i)		886
		Banc of America Alternative Loan Trust,
	210	Series 2003-2, Class PO, PO, 04/25/33		167
	421	Series 2003-9, Class 1CB2, 5.500%, 11/25/33		432
	355	Series 2003-11, Class PO, PO, 01/25/34		281
	222	Series 2004-6, Class 15PO, PO, 07/25/19		220
	1,737	Series 2005-5, Class 1CB1, 5.500%, 06/25/35		1,696
	4,989	Series 2005-6, Class CBIO, IO, 5.500%, 07/25/35		798
	1,400	Series 2006-4, Class 1A4, 6.000%, 05/25/46		975
	2,811	Banc of America Funding Corp., Series 2012-R6, Class 1A1, 3.000%, 10/26/39 (e) (i)		2,816
		Banc of America Funding Trust,
	439	Series 2004-1, Class PO, PO, 03/25/34		395
	716	Series 2004-2, Class 30PO, PO, 09/20/34		634
	527	Series 2004-C, Class 1A1, VAR, 5.061%, 12/20/34		534
	1,088	Series 2005-6, Class 2A7, 5.500%, 10/25/35		1,112
	724	Series 2005-7, Class 30PO, PO, 11/25/35		596
	459	Series 2005-8, Class 30PO, PO, 01/25/36		352
	1,788	Series 2005-E, Class 4A1, VAR, 2.687%, 03/20/35		1,812
	660	Series 2006-A, Class 3A2, VAR, 2.909%, 02/20/36		548
	1,075	Series 2010-R5, Class 1A1, 5.500%, 10/26/37 (e)		1,116
		Banc of America Mortgage Trust,
	163	Series 2003-3, Class 2A1, VAR, 0.743%, 05/25/18		156
	185	Series 2003-6, Class 2A1, VAR, 0.643%, 08/25/18		178
	72	Series 2003-7, Class A2, 4.750%, 09/25/18		74
	219	Series 2003-8, Class APO, PO, 11/25/33		186
	1,544	Series 2004-3, Class 15IO, IO, VAR, 0.267%, 04/25/19		6
	93	Series 2004-4, Class APO, PO, 05/25/34		79
	2,312	Series 2004-5, Class 2A2, 5.500%, 06/25/34		2,386

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
	624	Series 2004-6, Class 2A5, PO, 07/25/34		516
	399	Series 2004-6, Class APO, PO, 07/25/34		362
	42	Series 2004-8, Class 5PO, PO, 05/25/32		35
	48	Series 2004-8, Class XPO, PO, 10/25/34		40
	333	Series 2004-A, Class 2A2, VAR, 2.916%, 02/25/34		334
	1,312	Series 2004-J, Class 3A1, VAR, 3.231%, 11/25/34		1,320
	1,619	Series 2005-10, Class 1A6, 5.500%, 11/25/35		1,654
		BCAP LLC Trust,
	655	Series 2009-RR13, Class 17A2, VAR, 5.500%, 04/26/37 (e)		647
	730	Series 2009-RR5, Class 8A1, 5.500%, 11/26/34 (e)		760
	871	Series 2010-RR12, Class 2A5, VAR, 4.500%, 01/26/36 (e)		888
	600	Series 2010-RR4, Class 12A1, VAR, 4.000%, 07/26/36 (e) (i)		603
	72	Series 2010-RR4, Class 2A1, VAR, 0.943%, 06/26/37 (e)		71
	956	Series 2010-RR6, Class 22A3, VAR, 4.754%, 06/26/36 (e)		1,001
	311	Series 2010-RR6, Class 5A1, VAR, 3.817%, 11/26/37 (e)		310
	497	Series 2010-RR7, Class 15A1, VAR, 0.995%, 01/26/36 (e)		490
	835	Series 2010-RR7, Class 16A1, VAR, 0.873%, 02/26/47 (e)		810
	519	Series 2010-RR7, Class 1A5, VAR, 5.002%, 04/26/35 (e)		511
	2,385	Series 2010-RR7, Class 2A1, VAR, 2.478%, 07/26/45 (e)		2,314
	536	Series 2010-RR8, Class 3A3, VAR, 5.058%, 05/26/35 (e)		554
	1,500	Series 2010-RR8, Class 3A4, VAR, 5.058%, 05/26/35 (e)		1,430
	1,667	Series 2011-R11, Class 25A5, VAR, 4.000%, 08/26/21 (e)		1,706
	2,529	Series 2011-RR10, Class 2A1, VAR, 1.122%, 09/26/37 (e)		2,275
	2,061	Series 2011-RR4, Class 6A3, VAR, 5.000%, 08/26/37 (e) (i)		2,028
	2,601	Series 2011-RR5, Class 11A3, VAR, 0.343%, 05/28/36 (e)		2,397
	1,140	Series 2011-RR5, Class 14A3, VAR, 2.838%, 07/26/36 (e) (i)		1,136
	1,715	Series 2012-RR10, Class 3A1, VAR, 0.383%, 05/26/36 (e) (i)		1,596
	2,350	Series 2012-RR2, Class 1A1, VAR, 0.363%, 08/26/36 (e) (i)		2,262
	1,698	Series 2012-RR3, Class 2A5, VAR, 2.184%, 05/26/37 (e)		1,681
		Bear Stearns ARM Trust,
	200	Series 2003-7, Class 3A, VAR, 2.596%, 10/25/33		202
	884	Series 2004-1, Class 12A1, VAR, 2.895%, 04/25/34		882
	319	Series 2004-2, Class 14A, VAR, 5.075%, 05/25/34		324
	2,170	Series 2005-5, Class A1, VAR, 2.240%, 08/25/35		2,242
	4,692	Series 2006-1, Class A1, VAR, 2.370%, 02/25/36		4,623
	1,533	CAM Mortgage Trust, Series 2013-1, Class A, VAR, 3.967%, 11/25/57 (e) (i)		1,529
		CHL Mortgage Pass-Through Trust,
	1,195	Series 2003-26, Class 1A6, 3.500%, 08/25/33		1,193
	275	Series 2003-44, Class A9, PO, 10/25/33		267
	408	Series 2003-J7, Class 4A3, IF, 9.523%, 08/25/18		428
	637	Series 2004-7, Class 2A1, VAR, 2.709%, 06/25/34		634
	571	Series 2004-8, Class 2A1, 4.500%, 06/25/19		590
	256	Series 2004-HYB1, Class 2A, VAR, 2.814%, 05/20/34		246
	966	Series 2004-HYB3, Class 2A, VAR, 2.608%, 06/20/34		916
	777	Series 2004-HYB6, Class A3, VAR, 2.908%, 11/20/34		734
	375	Series 2004-J8, Class 1A2, 4.750%, 11/25/19		385
	2,194	Series 2005-16, Class A23, 5.500%, 09/25/35		2,215
	4,015	Series 2005-22, Class 2A1, VAR, 2.997%, 11/25/35		3,408
		Citicorp Mortgage Securities REMIC Pass-Through Certificates Trust,
	208	Series 2005-5, Class APO, PO, 08/25/35		189
	262	Series 2005-8, Class APO, PO, 11/25/35		212
		Citicorp Mortgage Securities, Inc.,
	798	Series 2004-1, Class 3A1, 4.750%, 01/25/34		809
	488	Series 2004-5, Class 2A5, 4.500%, 08/25/34		504

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
		Citigroup Mortgage Loan Trust,
	1,637	Series 2008-AR4, Class 1A1A, VAR, 2.935%, 11/25/38 (e)		1,669
	732	Series 2009-10, Class 2A1A, 7.000%, 12/25/35 (e)		774
	7,888	Series 2010-8, Class 5A6, 4.000%, 11/25/36 (e)		8,170
	8,463	Series 2010-8, Class 6A6, 4.500%, 12/25/36 (e)		8,929
	325	Series 2011-3, Class 1A1, VAR, 0.273%, 02/25/47 (e)		324
	566	Series 2011-10, Class 4A1, VAR, 0.394%, 02/25/46 (e) (i)		542
		Citigroup Mortgage Loan Trust, Inc.,
	479	Series 2003-1, Class 2A5, 5.250%, 10/25/33		489
	248	Series 2003-1, Class 2A6, PO, 10/25/33		225
	198	Series 2003-1, Class PO2, PO, 10/25/33		182
	147	Series 2003-1, Class PO3, PO, 09/25/33		126
	121	Series 2003-UP3, Class A3, 7.000%, 09/25/33		125
	393	Series 2003-UST1, Class A1, 5.500%, 12/25/18		411
	81	Series 2003-UST1, Class PO1, PO, 12/25/18		74
	53	Series 2003-UST1, Class PO3, PO, 12/25/18		49
	208	Series 2004-UST1, Class A6, VAR, 4.434%, 08/25/34		211
	483	Series 2005-1, Class 2A1A, VAR, 2.833%, 04/25/35		394
	645	Series 2005-2, Class 2A11, 5.500%, 05/25/35		673
	562	Series 2005-5, Class 1A2, VAR, 2.557%, 08/25/35		390
	583	Series 2012-A, Class A, 2.500%, 06/25/51 (e) (i)		577
		Credit Suisse First Boston Mortgage Securities Corp.,
	731	Series 2003-1, Class DB1, 6.564%, 02/25/33		762
	165	Series 2003-17, Class 2A1, 5.000%, 07/25/18		170
	500	Series 2003-21, Class 1A4, 5.250%, 09/25/33		522
	645	Series 2003-25, Class 1P, PO, 10/25/33		538
	60	Series 2004-5, Class 5P, PO, 08/25/19		55
	2,001	Series 2005-4, Class 3A18, 5.500%, 06/25/35		2,054
	1,726	Series 2005-4, Class 3A22, 5.500%, 06/25/35		1,745
	2,226	Series 2005-4, Class 3A23, 5.500%, 06/25/35		2,237
		CSMC,
	627	Series 2010-16, Class A3, VAR, 4.067%, 06/25/50 (e)		613
	373	Series 2010-1R, Class 26A1, 4.750%, 05/27/37 (e)		373
	10,493	Series 2010-11R, Class A6, VAR, 1.204%, 06/28/47 (e)		9,911
	446	Series 2010-12R, Class 14A1, VAR, 2.808%, 09/26/46 (e)		445
	219	Series 2010-15R, Class 7A2, VAR, 1.352%, 10/26/37 (e)		217
	2,800	Series 2011-1R, Class A1, VAR, 1.193%, 02/27/47 (e)		2,788
	1,126	Series 2011-6R, Class 3A1, VAR, 2.832%, 07/28/36 (e)		1,097
	2,979	Series 2011-7R, Class A1, VAR, 1.443%, 08/28/47 (e)		2,965
	1,935	Series 2011-9R, Class A1, VAR, 2.193%, 03/27/46 (e)		1,945
	2,844	Series 2011-16R, Class 7A3, VAR, 3.500%, 12/27/36 (e)		2,903
	1,330	Series 2012-3R, Class 1A1, VAR, 3.250%, 07/27/37 (e)		1,335
	331	Deutsche Mortgage Securities, Inc., Mortgage Loan Resecuritization Trust, Series 2009-RS2, Class 4A1, VAR, 0.334%, 04/26/37 (e)		325
	9	First Boston Mortgage Securities Corp. 1987 STRIPS, Series C, Class PO, PO, 04/25/17		9
		First Horizon Alternative Mortgage Securities Trust,
	1,262	Series 2004-AA4, Class A1, VAR, 2.354%, 10/25/34		1,255
	2,061	Series 2005-FA8, Class 1A19, 5.500%, 11/25/35		1,962
	3,285	Series 2007-FA4, Class 1A2, IF, IO, 5.457%, 08/25/37		604
		First Horizon Mortgage Pass-Through Trust,
	2,939	Series 2003-9, Class 1A6, 5.500%, 11/25/33		3,047
	914	Series 2004-AR2, Class 2A1, VAR, 2.626%, 05/25/34		918

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
	1,741	Series 2005-AR1, Class 2A2, VAR, 2.657%, 04/25/35		1,760
	1,112	Freedom Trust, Series 2011-4, Class A18, VAR, 4.362%, 03/25/37 (e)		1,124
		GMACM Mortgage Loan Trust,
	869	Series 2003-AR1, Class A4, VAR, 3.388%, 10/19/33		895
	439	Series 2004-J5, Class A7, 6.500%, 01/25/35		465
	188	Series 2004-J6, Class 1A1, 5.000%, 01/25/20		194
	36	Series 2005-AR3, Class 3A3, VAR, 3.353%, 06/19/35		36
	5,565	Series 2005-AR3, Class 3A4, VAR, 3.353%, 06/19/35		5,384
		GSMPS Mortgage Loan Trust,
	1,072	Series 2001-2, Class A, VAR, 7.500%, 06/19/32 (e)		1,125
	1,575	Series 2005-RP3, Class 1AF, VAR, 0.543%, 09/25/35 (e)		1,354
	1,190	Series 2005-RP3, Class 1AS, IO, VAR, 4.916%, 09/25/35 (e)		197
	5,152	Series 2006-RP2, Class 1AS2, IF, IO, 4.977%, 04/25/36 (e)		793
		GSR Mortgage Loan Trust,
	907	Series 2004-6F, Class 3A4, 6.500%, 05/25/34		975
	1,097	Series 2004-8F, Class 2A3, 6.000%, 09/25/34		1,147
	608	Series 2004-13F, Class 3A3, 6.000%, 11/25/34		601
	377	Series 2005-4F, Class AP, PO, 05/25/35		341
	4,079	Series 2005-7F, Class 3A9, 6.000%, 09/25/35		4,146
	4,541	Series 2006-1F, Class 2A4, 6.000%, 02/25/36		4,479
	4,300	Series 2007-1F, Class 2A4, 5.500%, 01/25/37		4,387
	4,999	Homeowner Assistance Program Reverse Mortgage Loan Trust, Series 2013-RM1, Class A, 4.000%, 05/26/53 (e) (i)		4,927
	460	Impac CMB Trust, Series 2005-4, Class 2A1, VAR, 0.493%, 05/25/35		461
		Impac Secured Assets Trust,
	874	Series 2006-1, Class 2A1, VAR, 0.543%, 05/25/36		857
	1,205	Series 2006-2, Class 2A1, VAR, 0.543%, 08/25/36		1,185
	18,226	IndyMac INDX Mortgage Loan Trust, Series 2005-AR11, Class A7, IO, VAR, 08/25/35		3
		JP Morgan Mortgage Trust,
	1,918	Series 2006-A2, Class 4A1, VAR, 2.956%, 08/25/34		1,912
	2,573	Series 2006-A2, Class 5A3, VAR, 2.898%, 11/25/33		2,628
	476	Series 2006-A3, Class 6A1, VAR, 2.956%, 08/25/34		475
	714	JP Morgan Resecuritization Trust, Series 2009-6, Class 4A1, VAR, 5.001%, 09/26/36 (e)		726
		Lehman Mortgage Trust,
	868	Series 2006-2, Class 1A1, VAR, 6.352%, 04/25/36		825
	1,636	Series 2008-2, Class 1A6, 6.000%, 03/25/38		1,650
	1,000	LVII Resecuritization Trust, Series 2009-3, Class M3, VAR, 5.085%, 11/27/37 (e)		1,063
		MASTR Adjustable Rate Mortgages Trust,
	93	Series 2004-4, Class 2A1, VAR, 2.015%, 05/25/34		83
	1,106	Series 2004-13, Class 2A1, VAR, 2.672%, 04/21/34		1,139
	2,667	Series 2004-13, Class 3A7, VAR, 2.632%, 11/21/34		2,773
	407	Series 2004-15, Class 3A1, VAR, 3.244%, 12/25/34		397
		MASTR Alternative Loan Trust,
	229	Series 2003-3, Class 1A1, 6.500%, 05/25/33		239
	783	Series 2003-9, Class 8A1, 6.000%, 01/25/34		802
	796	Series 2004-3, Class 2A1, 6.250%, 04/25/34		812
	1,325	Series 2004-4, Class 10A1, 5.000%, 05/25/24		1,376
	569	Series 2004-6, Class 30PO, PO, 07/25/34		498
	824	Series 2004-6, Class 7A1, 6.000%, 07/25/34		846
	422	Series 2004-7, Class 30PO, PO, 08/25/34		311
	1,679	Series 2004-8, Class 6A1, 5.500%, 09/25/19		1,761
	257	Series 2004-10, Class 1A1, 4.500%, 09/25/19		263
		MASTR Asset Securitization Trust,
	109	Series 2003-2, Class 2A1, 4.500%, 03/25/18		111

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
	24	Series 2003-3, Class 4A1, 5.000%, 04/25/18		24
	154	Series 2003-4, Class 3A2, 5.000%, 05/25/18		158
	163	Series 2003-12, Class 30PO, PO, 12/25/33		149
	123	Series 2004-1, Class 30PO, PO, 02/25/34		102
	51	Series 2004-4, Class 3A1, 4.500%, 04/25/19		53
	80	Series 2004-6, Class 15PO, PO, 07/25/19		73
	105	Series 2004-8, Class 1A1, 4.750%, 08/25/19		107
	54	Series 2004-8, Class PO, PO, 08/25/19		50
	3,109	MASTR Reperforming Loan Trust, Series 2005-2, Class 1A1F, VAR, 0.543%, 05/25/35 (e)		2,598
	1,769	MASTR Resecuritization Trust, Series 2005-PO, Class 3PO, PO, 05/28/35 (e)		1,415
	1,022	Merrill Lynch Mortgage Investors Trust, Series 2004-1, Class 2A1, VAR, 2.289%, 12/25/34		1,037
	51	ML Trust XLVII, Series 47, Class Z, 8.985%, 10/20/20		56
	750	MortgageIT Trust, Series 2005-1, Class 1A1, VAR, 0.513%, 02/25/35		727
	573	NACC Reperforming Loan REMIC Trust, Series 2004-R2, Class A1, VAR, 6.500%, 10/25/34 (e)		587
		Nomura Asset Acceptance Corp. Alternative Loan Trust,
	277	Series 2003-A1, Class A1, 5.500%, 05/25/33		282
	127	Series 2003-A1, Class A2, 6.000%, 05/25/33		133
	62	Series 2003-A1, Class A5, 7.000%, 04/25/33		65
	8	Series 2003-A1, Class A7, 5.000%, 04/25/18		8
		PaineWebber CMO Trust,
	2	Series H, Class 4, 8.750%, 04/01/18		2
	10	Series P, Class 4, 8.500%, 08/01/19		11
	494	Provident Funding Mortgage Loan Trust, Series 2005-1, Class 2A1, VAR, 2.746%, 05/25/35		505
		RALI Trust,
	149	Series 2002-QS16, Class A3, IF, 16.219%, 10/25/17		157
	484	Series 2002-QS8, Class A5, 6.250%, 06/25/17		495
	5,372	Series 2003-QR19, Class CB4, 5.750%, 10/25/33		5,546
	947	Series 2003-QS12, Class A2A, IF, IO, 7.407%, 06/25/18		108
	288	Series 2003-QS12, Class A5, IO, 5.000%, 06/25/18		23
	1,947	Series 2003-QS14, Class A1, 5.000%, 07/25/18		1,988
	635	Series 2003-QS18, Class A1, 5.000%, 09/25/18		653
	1,944	Series 2003-QS19, Class A1, 5.750%, 10/25/33		2,075
	395	Series 2003-QS3, Class A2, IF, 16.075%, 02/25/18		434
	273	Series 2003-QS3, Class A8, IF, IO, 7.407%, 02/25/18		16
	1,004	Series 2003-QS9, Class A3, IF, IO, 7.357%, 05/25/18		125
	2,587	Series 2004-QA6, Class NB2, VAR, 3.212%, 12/26/34		2,336
		RBSSP Resecuritization Trust,
	597	Series 2009-2, Class 1A1, 7.000%, 08/26/37 (e)		631
	576	Series 2009-6, Class 15A1, 5.500%, 01/26/21 (e)		590
	832	Series 2009-9, Class 7A4, VAR, 6.000%, 07/26/37 (e)		861
	1,471	Series 2009-12, Class 1A1, VAR, 5.700%, 11/25/33 (e)		1,574
	1,215	Series 2010-9, Class 7A5, VAR, 4.000%, 05/26/37 (e)		1,250
	465	Series 2010-12, Class 8A1, 4.000%, 06/27/21 (e)		471
		Residential Asset Securitization Trust,
	499	Series 2003-A13, Class A3, 5.500%, 01/25/34		513
	43	Series 2003-A14, Class A1, 4.750%, 02/25/19		45
	3,501	Series 2005-A2, Class A4, IF, IO, 4.857%, 03/25/35		641
	1,004	Series 2006-A4, Class 2A5, 6.000%, 05/25/36		947
		RFMSI Trust,
	1,130	Series 2003-S13, Class A3, 5.500%, 06/25/33		1,136
	166	Series 2003-S14, Class A4, PO, 07/25/18		158
	349	Series 2004-S3, Class A1, 4.750%, 03/25/19		357

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
	806	Series 2004-S6, Class 2A6, PO, 06/25/34		696
	151	Series 2004-S9, Class 2A1, 4.750%, 12/25/19		154
	892	Series 2005-SA4, Class 1A1, VAR, 3.112%, 09/25/35		745
	33	RFSC Trust, Series 2003-RM2, Class AP-3, PO, 05/25/33		26
		Salomon Brothers Mortgage Securities VII, Inc.,
	414	Series 2003-HYB1, Class A, VAR, 3.096%, 09/25/33		421
	62	Series 2003-UP2, Class PO1, PO, 12/25/18		56
		Springleaf Mortgage Loan Trust,
	2,099	Series 2011-1A, Class A1, VAR, 4.050%, 01/25/58 (e)		2,169
	2,100	Series 2011-1A, Class A2, VAR, 5.450%, 01/25/58 (e)		2,204
	831	Series 2012-1A, Class A, VAR, 2.667%, 09/25/57 (e)		847
	1,600	Series 2012-1A, Class M3, VAR, 6.000%, 09/25/57 (e)		1,692
	3,452	Series 2012-2A, Class A, VAR, 2.220%, 10/25/57 (e)		3,573
	2,000	Series 2012-2A, Class M4, VAR, 6.000%, 10/25/57 (e)		2,057
	4,150	Series 2012-3A, Class A, VAR, 1.570%, 12/25/59 (e)		4,170
	1,130	Series 2012-3A, Class M1, VAR, 2.660%, 12/25/59 (e)		1,146
	589	Series 2012-3A, Class M2, VAR, 3.560%, 12/25/59 (e)		601
	455	Series 2012-3A, Class M3, VAR, 4.440%, 12/25/59 (e)		473
	267	Series 2012-3A, Class M4, VAR, 5.300%, 12/25/59 (e)		278
	3,076	Series 2013-1A, Class A, VAR, 1.270%, 06/25/58 (e)		3,081
	1,116	Series 2013-1A, Class M1, VAR, 2.310%, 06/25/58 (e)		1,118
	900	Series 2013-1A, Class M2, VAR, 3.140%, 06/25/58 (e)		903
	634	Series 2013-1A, Class M3, VAR, 3.790%, 06/25/58 (e)		636
	2,789	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-6, Class 5A4, VAR, 4.897%, 06/25/34		2,834
	916	Structured Asset Mortgage Investments II Trust, Series 2004-AR5, Class 1A1, VAR, 0.858%, 10/19/34		921
		Structured Asset Securities Corp. Mortgage Pass-Through Certificates,
	58	Series 2002-10H, Class 1AP, PO, 05/25/32		49
	71	Series 2003-8, Class 1A2, 5.000%, 04/25/18		72
	1,186	Series 2003-33H, Class 1A1, 5.500%, 10/25/33		1,198
	2,085	Series 2004-5H, Class A4, 5.540%, 12/25/33		2,155
		Structured Asset Securities Corp. Trust,
	284	Series 2005-6, Class 4A1, 5.000%, 05/25/35		288
	431	Series 2005-10, Class 5A9, 5.250%, 12/25/34		421
		Thornburg Mortgage Securities Trust,
	711	Series 2003-4, Class A1, VAR, 0.833%, 09/25/43		690
	612	Series 2004-4, Class 3A, VAR, 2.247%, 12/25/44		616
		Vericrest Opportunity Loan Transferee,
	1,869	Series 2012-NL2A, Class A1, 2.487%, 02/26/52 (e) (i)		1,872
	3,741	Series 2012-NL3A, Class A, VAR, 2.734%, 11/25/60 (e)		3,766
	1,937	Vericrest Opportunity Loan Trust, Series 2013-1A, Class A, VAR, 3.105%, 11/25/50 (e) (i)		1,937
		WaMu Mortgage Pass-Through Certificates,
	218	Series 2003-AR8, Class A, VAR, 2.457%, 08/25/33		224
	3,588	Series 2003-AR9, Class 1A6, VAR, 2.429%, 09/25/33		3,676
	547	Series 2003-AR9, Class 2A, VAR, 2.462%, 09/25/33		559
	414	Series 2003-S8, Class A6, 4.500%, 09/25/18		420
	1,950	Series 2003-S9, Class A8, 5.250%, 10/25/33		2,044
	181	Series 2003-S9, Class P, PO, 10/25/33		165
	301	Series 2004-AR3, Class A1, VAR, 2.464%, 06/25/34		306
	252	Series 2004-AR3, Class A2, VAR, 2.464%, 06/25/34		256
	2,693	Series 2004-RS2, Class A4, 5.000%, 11/25/33		2,688
	384	Series 2006-AR10, Class 2P, VAR, 09/25/36		239

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
	271	Series 2006-AR12, Class 2P, VAR, 10/25/36		166
		Washington Mutual Mortgage Pass-Through Certificates WMALT,
	11,436	Series 2005-2, Class 1A4, IF, IO, 4.857%, 04/25/35		2,040
	2,490	Series 2005-2, Class 2A3, IF, IO, 4.807%, 04/25/35		405
	3,021	Series 2005-3, Class CX, IO, 5.500%, 05/25/35		823
	3,541	Series 2005-4, Class CB7, 5.500%, 06/25/35		3,435
	2,969	Series 2005-4, Class CX, IO, 5.500%, 06/25/35		759
	911	Series 2005-6, Class 2A4, 5.500%, 08/25/35		865
	5,844	Series 2005-6, Class 2A9, 5.500%, 08/25/35		5,483
	1,834	Wells Fargo Mortgage Loan Trust, Series 2012-RR1, Class A1, VAR, 2.847%, 08/27/37 (e)		1,857
		Wells Fargo Mortgage-Backed Securities Trust,
	337	Series 2003-K, Class 1A1, VAR, 4.468%, 11/25/33		345
	638	Series 2003-K, Class 1A2, VAR, 4.468%, 11/25/33		657
	509	Series 2004-BB, Class A4, VAR, 2.625%, 01/25/35		515
	769	Series 2004-EE, Class 2A1, VAR, 2.624%, 12/25/34		796
	822	Series 2004-EE, Class 3A1, VAR, 2.960%, 12/25/34		838
	3,896	Series 2004-P, Class 2A1, VAR, 2.617%, 09/25/34		4,002
	813	Series 2004-V, Class 1A1, VAR, 2.654%, 10/25/34		845
	443	Series 2005-1, Class 2A1, 5.000%, 01/25/20		458
	116	Series 2005-13, Class APO, PO, 11/25/20		110
	429	Series 2005-16, Class APO, PO, 01/25/36		343
	497	Series 2005-AR16, Class 2A1, VAR, 2.715%, 02/25/34		508
	751	Series 2005-AR8, Class 2A1, VAR, 2.726%, 06/25/35		773
	870	Series 2006-2, Class APO, PO, 03/25/36		518
	421	Series 2006-4, Class 1APO, PO, 04/25/36		324
	2,064	Series 2007-7, Class A7, 6.000%, 06/25/37		2,078
	570	Series 2007-11, Class A14, 6.000%, 08/25/37		576
				372,257
		Total Collateralized Mortgage Obligations (Cost $956,446)		1,035,075
	Commercial Mortgage-Backed Securities — 4.1%
		A10 Securitization LLC,
	1,909	Series 2012-1, Class A, 3.492%, 04/15/24 (e)		1,931
	1,414	Series 2013-1, Class A, 2.400%, 11/15/25 (e)		1,404
	560	BAMLL Commercial Mortgage Securities Trust, Series 2012-PARK, Class A, 2.959%, 12/10/30 (e)		551
		Banc of America Commercial Mortgage Trust,
	365	Series 2006-1, Class A4, VAR, 5.372%, 09/10/45		400
	2,270	Series 2006-4, Class A4, 5.634%, 07/10/46		2,517
	915	Series 2006-5, Class A4, 5.414%, 09/10/47		1,018
		Banc of America Merrill Lynch Commercial Mortgage, Inc.,
	400	Series 2005-3, Class A4, 4.668%, 07/10/43		426
	1,610	Series 2005-3, Class AM, 4.727%, 07/10/43		1,702
	2,126	Series 2005-6, Class ASB, VAR, 5.186%, 09/10/47		2,159
		BB-UBS Trust,
	1,700	Series 2012-SHOW, Class A, 3.430%, 11/05/36 (e)		1,664
	2,500	Series 2012-TFT, Class A, 2.892%, 06/05/30 (e)		2,459
		Bear Stearns Commercial Mortgage Securities Trust,
	41,389	Series 2005-PWR8, Class X1, IO, VAR, 0.223%, 06/11/41 (e)		532
	773	Series 2005-PWR9, Class AAB, 4.804%, 09/11/42		788
	3,148	Series 2006-PW11, Class A4, VAR, 5.447%, 03/11/39		3,462
	99,202	CD Commercial Mortgage Trust, Series 2007-CD4, Class XC, IO, VAR, 0.157%, 12/11/49 (e)		763

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Commercial Mortgage-Backed Securities — Continued
	1,250	Citigroup Commercial Mortgage Trust, Series 2005-C3, Class AM, VAR, 4.830%, 05/15/43		1,320
		COBALT CMBS Commercial Mortgage Trust,
	605	Series 2006-C1, Class A4, 5.223%, 08/15/48		667
	25,457	Series 2006-C1, Class IO, IO, VAR, 0.752%, 08/15/48		509
		COMM Mortgage Trust,
	1,100	Series 2005-LP5, Class A4, VAR, 4.982%, 05/10/43		1,170
	3,045	Series 2012-CR2, Class XA, IO, VAR, 1.960%, 08/15/45		376
	1,060	Series 2013-SFS, Class A2, VAR, 2.987%, 04/12/35 (e)		1,027
		Commercial Mortgage Pass-Through Certificates,
	700	Series 2006-C2, Class A3, VAR, 5.674%, 03/15/39		772
	334	Series 2012-MVP, Class A, VAR, 2.137%, 11/17/26 (e)		338
		Commercial Mortgage Trust,
	500	Series 2005-GG3, Class AJ, VAR, 4.859%, 08/10/42		523
	300	Series 2006-GG7, Class AM, VAR, 5.860%, 07/10/38		333
		DBRR Trust,
	736	Series 2012-EZ1, Class A, 0.946%, 09/25/45 (e)		738
	2,613	Series 2013-EZ2, Class A, VAR, 0.853%, 02/25/45 (e)		2,614
	1,857	FDIC Guaranteed Notes Trust, Series 2010-C1, Class A, 2.980%, 12/06/20 (e)		1,932
		Federal National Mortgage Association - ACES,
	1,416	Series 2011-M2, Class A2, 3.645%, 07/25/21		1,525
	8,500	Series 2011-M2, Class A3, 3.764%, 07/25/21		9,016
	4,100	Series 2012-M9, Class A2, 2.482%, 04/25/22		4,038
	1,878	Series 2013-M7, Class A2, 2.280%, 12/27/22		1,806
	2,293	Fontainebleau Miami Beach Trust, Series 2012-FBLU, Class A, 2.887%, 05/05/27 (e)		2,323
	1,866	GE Capital Commercial Mortgage Corp., Series 2005-C1, Class AJ, VAR, 4.826%, 06/10/48		1,950
	4,265	GMAC Commercial Mortgage Securities, Inc. Trust, Series 2006-C1, Class A4, VAR, 5.238%, 11/10/45		4,584
	1,459	GS Mortgage Securities Corp. II, Series 2013-KING, Class A, 2.706%, 12/10/27 (e)		1,479
	1,850	GS Mortgage Securities Corp. II Commercial Mortgage Pass-Through Certificates, Series 2004-GG2, Class A6, VAR, 5.396%, 08/10/38		1,910
	488	GS Mortgage Securities Corp. Trust, Series 2013-NYC5, Class A, 2.318%, 01/10/30 (e)		495
	850	GS Mortgage Securities Trust, Series 2006-GG6, Class A4, VAR, 5.553%, 04/10/38		935
	1,000	GSMS Trust, Series 2009-RR1, Class JPB, 5.374%, 05/17/45 (e)		1,116
	1,000	JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-CB11, Class AJ, VAR, 5.363%, 08/12/37		1,065
		JP Morgan Chase Commercial Mortgage Securities Trust,
	400	Series 2006-LDP9, Class AMS, 5.337%, 05/15/47		410
	1,000	Series 2007-C1, Class A4, 5.716%, 02/15/51		1,134
	998	Ladder Capital Commercial Mortgage Trust, Series 2013-GCP, Class A2, 3.985%, 02/15/36 (e)		989
		LB-UBS Commercial Mortgage Trust,
	1,000	Series 2006-C1, Class A4, 5.156%, 02/15/31		1,092
	40,956	Series 2006-C7, Class XW, IO, VAR, 0.651%, 11/15/38 (e)		846
	300	Series 2007-C1, Class AM, 5.455%, 02/15/40		333
	1,000	Series 2007-C2, Class A3, 5.430%, 02/15/40		1,113
		Merrill Lynch Mortgage Trust,
	3,027	Series 2005-LC1, Class A4, VAR, 5.291%, 01/12/44		3,292
	1,090	Series 2005-MCP1, Class ASB, VAR, 4.674%, 06/12/43		1,089
		ML-CFC Commercial Mortgage Trust,
	3,207	Series 2006-1, Class A4, VAR, 5.478%, 02/12/39		3,531
	29,608	Series 2006-4, Class XC, IO, VAR, 0.182%, 12/12/49 (e)		366
		Morgan Stanley Capital I Trust,
	37,842	Series 2006-IQ12, Class X1, IO, VAR, 0.152%, 12/15/43 (e)		516

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Commercial Mortgage-Backed Securities — Continued
	78,096	Series 2007-HQ11, Class X, IO, VAR, 0.226%, 02/12/44 (e)		433
	764	Series 2011-C3, Class A3, 4.054%, 07/15/49		834
		Morgan Stanley Re-REMIC Trust,
	1,425	Series 2009-IO, Class A2, 5.000%, 07/17/56 (e)		1,433
	90	Series 2010-C30A, Class A3A, 3.250%, 12/17/43 (e)		90
	3,022	Series 2010-HQ4B, Class A7A, 4.970%, 04/16/40 (e)		3,104
	2,832	Series 2011-IO, Class A, 2.500%, 03/23/51 (e)		2,858
	1,552	Series 2012-IO, Class AXA, 1.000%, 03/29/51 (e)		1,534
	6,396	Series 2012-XA, Class A, 2.000%, 07/27/49 (e)		6,476
	1,500	Series 2012-XA, Class B, 0.250%, 07/27/49 (e)		1,249
		NCUA Guaranteed Notes Trust,
	20,500	Series 2010-C1, Class A2, 2.900%, 10/29/20		21,601
	11,199	Series 2010-C1, Class APT, 2.650%, 10/29/20		11,710
	2,291	NorthStar Mortgage Trust, Series 2012-1, Class A, VAR, 1.393%, 08/25/29 (e)		2,289
	664	RBS Commercial Funding, Inc. Trust, Series 2013-SMV, Class A, 3.260%, 03/11/31 (e)		644
	1,962	RCMC LLC, Series 2012-CRE1, Class A, 5.623%, 11/15/44 (e)		1,959
	4,610	TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class A3, VAR, 5.536%, 08/15/39		4,816
	2,236	UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.663%, 06/10/30 (e)		2,262
		UBS-Barclays Commercial Mortgage Trust,
	1,053	Series 2012-C2, Class A4, 3.525%, 05/10/63		1,089
	10,491	Series 2012-C2, Class XA, IO, VAR, 1.813%, 05/10/63 (e)		1,061
	857	Series 2013-C6, Class A4, 3.244%, 04/10/46		860
	1,398	VNO Mortgage Trust, Series 2012-6AVE, Class A, 2.996%, 11/15/30 (e)		1,371
	2,500	Wells Fargo Commercial Mortgage Trust, Series 2013-120B, Class A, VAR, 2.710%, 03/18/28 (e)		2,481
	2,687	Wells Fargo Resecuritization Trust, Series 2012-IO, Class A, 1.750%, 08/20/21 (e)		2,688
		WFRBS Commercial Mortgage Trust,
	1,700	Series 2011-C3, Class A4, 4.375%, 03/15/44 (e)		1,875
	800	Series 2012-C6, Class A4, 3.440%, 04/15/45		830
		Total Commercial Mortgage-Backed Securities (Cost $151,670)		156,595
	Corporate Bonds — 18.8%
		Consumer Discretionary — 1.4%
		Auto Components — 0.1%
		Johnson Controls, Inc.,
	591	3.750%, 12/01/21		614
	675	4.250%, 03/01/21		728
	1,000	5.250%, 12/01/41		1,073
				2,415
		Automobiles — 0.1%
		Daimler Finance North America LLC,
	421	1.650%, 04/10/15 (e)		426
	532	1.875%, 01/11/18 (e)		530
	739	2.625%, 09/15/16 (e)		765
	1,425	2.950%, 01/11/17 (e)		1,485
	1,000	6.500%, 11/15/13		1,026
	874	Nissan Motor Acceptance Corp., 1.800%, 03/15/18 (e)		870
	331	Volkswagen International Finance N.V., (Netherlands), 1.625%, 08/12/13 (e)		332
				5,434
		Household Durables — 0.0% (g)
	505	Newell Rubbermaid, Inc., 4.700%, 08/15/20		551
		Media — 1.0%
		CBS Corp.,
	140	5.500%, 05/15/33		147
	252	5.750%, 04/15/20		292
	150	7.875%, 09/01/23		193
	1,000	7.875%, 07/30/30		1,321
	190	8.875%, 05/15/19		251
	250	Comcast Cable Communications Holdings, Inc., 9.455%, 11/15/22		371
	624	Comcast Cable Communications LLC, 7.125%, 06/15/13		625

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Media — Continued
		Comcast Corp.,
	1,082	4.250%, 01/15/33		1,080
	2,885	5.900%, 03/15/16		3,273
	400	6.450%, 03/15/37		504
	1,355	6.500%, 11/15/35		1,714
		COX Communications, Inc.,
	446	3.250%, 12/15/22 (e)		438
	162	5.450%, 12/15/14		174
	125	8.375%, 03/01/39 (e)		182
	450	Cox Enterprises, Inc., 7.375%, 07/15/27 (e)		570
		DIRECTV Holdings LLC/DIRECTV
		Financing Co., Inc.,
	400	3.800%, 03/15/22		406
	1,000	4.600%, 02/15/21		1,078
	772	5.000%, 03/01/21		854
	2,000	6.000%, 08/15/40		2,136
		Discovery Communications LLC,
	1,016	4.375%, 06/15/21		1,101
	319	4.950%, 05/15/42		321
	1,177	Historic TW, Inc., 9.150%, 02/01/23		1,676
		NBCUniversal Media LLC,
	300	4.375%, 04/01/21		335
	800	5.950%, 04/01/41		964
	515	6.400%, 04/30/40		649
		News America, Inc.,
	100	6.200%, 12/15/34		116
	400	6.650%, 11/15/37		485
	250	6.900%, 08/15/39		311
	1,075	7.300%, 04/30/28		1,317
	500	8.000%, 10/17/16		607
	415	8.875%, 04/26/23		560
		Thomson Reuters Corp., (Canada),
	1,278	3.950%, 09/30/21		1,360
	441	4.500%, 05/23/43		414
	325	4.700%, 10/15/19		368
	493	5.950%, 07/15/13		496
		Time Warner Cable, Inc.,
	359	5.500%, 09/01/41		365
	2,127	5.850%, 05/01/17		2,449
	400	6.550%, 05/01/37		460
	800	8.250%, 04/01/19		1,030
		Time Warner Entertainment Co. LP,
	120	8.375%, 03/15/23		160
	1,250	8.375%, 07/15/33		1,696
		Time Warner, Inc.,
	525	4.750%, 03/29/21		586
	313	5.375%, 10/15/ 41		333
	150	6.200%, 03/15/40		173
	172	6.250%, 03/29/41		201
	265	6.500%, 11/15/36		314
	250	7.625%, 04/15/31		338
	171	7.700%, 05/01/32		232
		Viacom, Inc.,
	208	1.250%, 02/27/15		209
	500	3.125%, 06/15/22		491
	67	3.250%, 03/15/23		66
	808	3.875%, 12/15/21		845
	464	4.375%, 03/15/43 (e)		419
	100	4.500%, 03/01/21		109
	250	4.500%, 02/27/42		231
	333	Walt Disney Co. (The), 0.450%, 12/01/15		332
				37,728
		Multiline Retail — 0.1%
		Kohl’s Corp.,
	400	4.000%, 11/01/21		414
	275	6.250%, 12/15/17		321
		Macy’s Retail Holdings, Inc.,
	516	2.875%, 02/15/23		493
	157	5.125%, 01/15/42		160
	200	7.450%, 07/15/17		243

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Multiline Retail — Continued
	455	Nordstrom, Inc., 4.000%, 10/15/21		494
		Target Corp.,
	200	6.000%, 01/15/18		239
	268	7.000%, 01/15/38		367
				2,731
		Specialty Retail — 0.1%
	533	Gap, Inc. (The), 5.950%, 04/12/21		619
	1,765	Home Depot, Inc. (The), 5.400%, 03/01/16		1,983
		Lowe’s Cos., Inc.,
	739	4.650%, 04/15/42		760
	326	5.125%, 11/15/41		355
	750	7.110%, 05/15/37		987
				4,704
		Total Consumer Discretionary		53,563
		Consumer Staples — 1.0%
		Beverages — 0.3%
		Anheuser-Busch Cos. LLC,
	600	5.500%, 01/15/18		702
	905	5.750%, 04/01/36		1,073
		Anheuser-Busch InBev Worldwide, Inc.,
	114	1.500%, 07/14/14		115
	515	7.750%, 01/15/19		668
		Coca-Cola Co. (The),
	500	3.625%, 03/15/14		513
	410	4.875%, 03/15/19		475
		Diageo Capital plc, (United Kingdom),
	264	1.500%, 05/11/17		265
	510	4.828%, 07/15/20		588
	800	Diageo Finance B.V., (Netherlands), 5.300%, 10/28/15		886
	255	Diageo Investment Corp., 8.000%, 09/15/22		351
	890	FBG Finance Ltd., (Australia), 5.125%, 06/15/15 (e)		961
	355	Heineken N.V., (Netherlands), 1.400%, 10/01/17 (e)		350
		PepsiCo, Inc.,
	150	0.800%, 08/25/14		151
	287	1.250%, 08/13/17		286
	368	3.000%, 08/25/21		376
	54	7.900%, 11/01/18		70
	500	VAR, 0.483%, 02/26/16		501
		SABMiller Holdings, Inc.,
	574	1.850%, 01/15/15 (e)		583
	698	3.750%, 01/15/22 (e)		734
		SABMiller plc, (United Kingdom),
	700	5.700%, 01/15/14 (e)		722
	250	6.500%, 07/01/16 (e)		288
				10,658
		Food & Staples Retailing — 0.3%
		CVS Caremark Corp.,
	979	5.750%, 05/15/41		1,153
	250	6.125%, 09/15/39		308
	1,077	CVS Pass-Through Trust, 5.926%, 01/10/34 (e)		1,253
		Kroger Co. (The),
	1,100	5.000%, 04/15/42		1,132
	850	7.500%, 01/15/14		885
	2,460	7.500%, 04/01/31		3,094
	1,031	Walgreen Co., 3.100%, 09/15/22		1,018
		Wal-Mart Stores, Inc.,
	752	5.250%, 09/01/35		857
	215	6.200%, 04/15/38		274
	350	7.550%, 02/15/30		494
				10,468
		Food Products — 0.4%
	200	Archer-Daniels-Midland Co., 5.935%, 10/01/32		238
	1,305	Bunge Ltd. Finance Corp., 8.500%, 06/15/19		1,670
	191	Bunge N.A. Finance LP, 5.900%, 04/01/17		213
		Cargill, Inc.,
	600	3.300%, 03/01/22 (e)		608
	535	4.307%, 05/14/21 (e)		582
	850	7.350%, 03/06/19 (e)		1,076
		ConAgra Foods, Inc.,
	223	1.300%, 01/25/16		224

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Food Products — Continued
	286	2.100%, 03/15/18		288
		Kellogg Co.,
	365	1.750%, 05/17/17		369
	608	3.125%, 05/17/22		613
		Kraft Foods Group, Inc.,
	814	3.500%, 06/06/22		837
	694	5.000%, 06/04/42		727
	1,187	6.125%, 08/23/18		1,420
	1,793	6.875%, 01/26/39		2,353
		Mondelez International, Inc.,
	378	6.125%, 02/01/18		445
	1,480	6.500%, 08/11/17		1,755
				13,418
		Household Products — 0.0% (g)
		Kimberly-Clark Corp.,
	220	2.400%, 03/01/22		215
	66	7.500%, 11/01/18		86
	110	Procter & Gamble Co. (The), 5.500%, 02/01/34		134
				435
		Personal Products — 0.0% (g)
	841	Procter & Gamble - ESOP, 9.360%, 01/01/21		1,103
		Total Consumer Staples		36,082
		Energy — 1.6%
		Energy Equipment & Services — 0.2%
	225	Cameron International Corp., 1.600%, 04/30/15		227
	1,605	Halliburton Co., 7.450%, 09/15/39		2,310
	188	National Oilwell Varco, Inc., 1.350%, 12/01/17		186
		Noble Holding International Ltd., (Cayman Islands),
	113	3.950%, 03/15/22		115
	83	5.250%, 03/15/42		81
	441	Schlumberger Investment S.A., (Luxembourg), 3.300%, 09/14/21 (e)		461
		Transocean, Inc., (Cayman Islands),
	361	3.800%, 10/15/22		355
	256	6.375%, 12/15/21		299
	905	6.500%, 11/15/20		1,051
	198	7.350%, 12/15/41		244
	100	7.500%, 04/15/31		121
		Weatherford International Ltd., (Bermuda),
	311	4.500%, 04/15/22		320
	113	5.950%, 04/15/42		116
	110	6.500%, 08/01/36		119
	350	9.875%, 03/01/39		503
				6,508
		Oil, Gas & Consumable Fuels — 1.4%
	160	Alberta Energy Co., Ltd., (Canada), 7.375%, 11/01/31		198
		Anadarko Petroleum Corp.,
	125	5.750%, 06/15/14		131
	2,000	7.625%, 03/15/14		2,108
	265	8.700%, 03/15/19		351
		Apache Corp.,
	615	2.625%, 01/15/23		588
	190	3.250%, 04/15/22		193
	556	4.750%, 04/15/43		555
	500	6.900%, 09/15/18		622
	235	BG Energy Capital plc, (United Kingdom), 5.125%, 10/15/41 (e)		256
		BP Capital Markets plc, (United Kingdom),
	92	1.375%, 11/06/17		91
	929	1.846%, 05/05/17		941
	882	2.750%, 05/10/23		840
	900	4.742%, 03/11/21		1,014
	2,122	5.250%, 11/07/13		2,166
		Canadian Natural Resources Ltd., (Canada),
	350	6.250%, 03/15/38		413
	1,000	6.750%, 02/01/39		1,246
		Cenovus Energy, Inc., (Canada),
	208	3.000%, 08/15/22		205
	490	4.450%, 09/15/42		469
	450	6.750%, 11/15/39		573

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Oil, Gas & Consumable Fuels — Continued
	1,000	Chevron Corp., 4.950%, 03/03/19		1,171
	405	Conoco Funding Co., (Canada), 7.250%, 10/15/31		561
		ConocoPhillips,
	325	5.200%, 05/15/18		377
	450	5.750%, 02/01/19		540
	150	6.000%, 01/15/20		184
	200	6.500%, 02/01/39		262
	1,045	ConocoPhillips Canada Funding Co. I, (Canada), 5.625%, 10/15/16		1,200
		Devon Energy Corp.,
	750	3.250%, 05/15/22		749
	522	4.750%, 05/15/42		508
	360	6.300%, 01/15/19		426
		Encana Corp., (Canada),
	545	6.500%, 05/15/19		662
	150	6.500%, 08/15/34		174
	925	Eni S.p.A., (Italy), 5.700%, 10/01/40 (e)		932
		EOG Resources, Inc.,
	379	2.625%, 03/15/23		365
	600	4.100%, 02/01/21		664
	180	Hess Corp., 7.875%, 10/01/29		235
		Kerr-McGee Corp.,
	200	6.950%, 07/01/24		247
	1,000	7.875%, 09/15/31		1,290
		Marathon Oil Corp.,
	888	5.900%, 03/15/18		1,040
	1,620	6.000%, 10/01/17		1,894
	402	Occidental Petroleum Corp., 1.750%, 02/15/17		407
	841	Petrobras Global Finance B.V., (Netherlands), 4.375%, 05/20/23		810
		Petrobras International Finance Co. - Pifco, (Cayman Islands),
	1,020	5.375%, 01/27/21		1,078
	110	6.750%, 01/27/41		117
	175	7.875%, 03/15/19		211
		Petro-Canada, (Canada),
	324	6.050%, 05/15/18		384
	1,045	6.800%, 05/15/38		1,311
		Phillips 66,
	314	2.950%, 05/01/17		329
	182	4.300%, 04/01/22		196
		Shell International Finance B.V., (Netherlands),
	212	1.125%, 08/21/17		211
	275	4.000%, 03/21/14		283
	1,020	4.300%, 09/22/19		1,165
	1,005	4.375%, 03/25/20		1,145
	1,280	6.375%, 12/15/38		1,708
		Spectra Energy Capital LLC,
	1,615	5.500%, 03/01/14		1,670
	500	6.200%, 04/15/18		594
	400	8.000%, 10/01/19		518
		Statoil ASA, (Norway),
	906	1.150%, 05/15/18		892
	353	1.200%, 01/17/18		349
	406	2.450%, 01/17/23		388
	1,071	2.650%, 01/15/24		1,023
	467	3.125%, 08/17/17		500
	300	3.150%, 01/23/22		309
	253	4.250%, 11/23/41		255
		Suncor Energy, Inc., (Canada),
	180	5.950%, 12/01/34		205
	250	6.850%, 06/01/39		317
		Talisman Energy, Inc., (Canada),
	1,125	5.500%, 05/15/42		1,154
	185	5.850%, 02/01/37		198
	190	6.250%, 02/01/38		215
	850	7.750%, 06/01/19		1,060
		Tosco Corp.,
	300	7.800%, 01/01/27		420

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Oil, Gas & Consumable Fuels — Continued
	400	8.125%, 02/15/30		577
	124	Total Capital Canada Ltd., (Canada), VAR, 0.657%, 01/15/16		125
		Total Capital International S.A., (France),
	135	0.750%, 01/25/16		135
	262	1.500%, 02/17/17		263
	508	1.550%, 06/28/17		510
	233	2.875%, 02/17/22		233
		Total Capital S.A., (France),
	1,400	2.300%, 03/15/16		1,454
	370	4.125%, 01/28/21		409
		TransCanada PipeLines Ltd., (Canada),
	993	4.000%, 06/15/13		994
	550	6.200%, 10/15/37		676
	340	6.500%, 08/15/18		418
	1,100	7.250%, 08/15/38		1,498
	2,000	XTO Energy, Inc., 5.750%, 12/15/13		2,057
				55,212
		Total Energy		61,720
		Financials — 8.7%
		Capital Markets — 1.8%
		Bank of New York Mellon Corp. (The),
	357	1.200%, 02/20/15		361
	1,789	2.400%, 01/17/17		1,854
	900	2.950%, 06/18/15		941
	413	3.550%, 09/23/21		438
	750	4.600%, 01/15/20		849
	310	5.125%, 08/27/13		313
		BlackRock, Inc.,
	1,200	3.375%, 06/01/22		1,241
	540	3.500%, 12/10/14		564
	652	5.000%, 12/10/19		764
	385	6.250%, 09/15/17		461
	1,940	Blackstone Holdings Finance Co. LLC, 5.875%, 03/15/21 (e)		2,263
	260	Charles Schwab Corp. (The), 3.225%, 09/01/22		262
	942	Credit Suisse, (Switzerland), 5.500%, 05/01/14		984
	755	Credit Suisse USA, Inc., 5.125%, 08/15/15		826
		Deutsche Bank AG, (Germany),
	650	3.250%, 01/11/16		686
	970	3.875%, 08/18/14		1,007
	355	6.000%, 09/01/17		416
	500	FMR LLC, 6.450%, 11/15/39 (e)		600
		Goldman Sachs Group, Inc. (The),
	400	3.300%, 05/03/15		416
	3,060	3.625%, 02/07/16		3,236
	492	3.700%, 08/01/15		518
	1,056	4.750%, 07/15/13		1,061
	2,658	5.150%, 01/15/14		2,731
	848	5.250%, 07/27/21		945
	1,366	5.375%, 03/15/20		1,553
	750	5.500%, 11/15/14		798
	800	5.750%, 01/24/22		916
	4,100	5.950%, 01/18/18		4,728
	949	6.000%, 06/15/20		1,111
	240	6.150%, 04/01/18		279
	340	6.250%, 09/01/17		395
	685	6.750%, 10/01/37		747
	2,570	7.500%, 02/15/19		3,185
		Jefferies Group LLC,
	450	3.875%, 11/09/15		472
	1,015	5.125%, 04/13/18		1,109
	1,000	6.450%, 06/08/27		1,110
	203	6.500%, 01/20/43		217
	780	8.500%, 07/15/19		987
		Macquarie Group Ltd., (Australia),
	1,200	6.000%, 01/14/20 (e)		1,310
	1,400	6.250%, 01/14/21 (e)		1,549
	750	7.300%, 08/01/14 (e)		798

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Capital Markets — Continued
	250	7.625%, 08/13/19 (e)		301
		Merrill Lynch & Co., Inc.,
	2,215	5.450%, 07/15/14		2,318
	2,996	6.400%, 08/28/17		3,484
	1,564	6.875%, 04/25/18		1,863
		Morgan Stanley,
	179	1.750%, 02/25/16		179
	625	4.000%, 07/24/15		658
	893	4.200%, 11/20/14		930
	1,000	5.450%, 01/09/17		1,110
	1,021	5.500%, 07/24/20		1,152
	380	5.500%, 07/28/21		429
	1,265	5.625%, 09/23/19		1,433
	360	5.750%, 01/25/21		410
	1,200	6.000%, 05/13/14		1,257
	400	6.625%, 04/01/18		471
	370	6.750%, 10/15/13		378
	970	7.300%, 05/13/19		1,189
		Nomura Holdings, Inc., (Japan),
	1,050	4.125%, 01/19/16		1,109
	150	5.000%, 03/04/15		160
	547	6.700%, 03/04/20		646
	226	Northern Trust Corp., 5.500%, 08/15/13		228
	359	State Street Corp., 3.100%, 05/15/23		349
		UBS AG, (Switzerland),
	414	2.250%, 08/12/13		415
	1,337	3.875%, 01/15/15		1,404
	365	4.875%, 08/04/20		414
	244	5.750%, 04/25/18		287
	247	5.875%, 12/20/17		290
				67,865
		Commercial Banks — 2.7%
	550	ANZ New Zealand International Ltd., (New Zealand), 3.125%, 08/10/15 (e)		575
		Australia & New Zealand Banking Group Ltd., (Australia),
	1,268	2.400%, 11/23/16 (e)		1,326
	900	3.250%, 03/01/16 (e)		956
	228	4.875%, 01/12/21 (e)		261
	1,455	Bank of America N.A., 5.300%, 03/15/17		1,614
		Bank of Montreal, (Canada),
	741	1.300%, 10/31/14 (e)		750
	1,666	1.400%, 09/11/17		1,655
	1,106	2.550%, 11/06/22		1,064
		Bank of Nova Scotia, (Canada),
	1,034	1.650%, 10/29/15 (e)		1,059
	2,000	2.550%, 01/12/17		2,076
	737	3.400%, 01/22/15		770
		Bank of Tokyo-Mitsubishi UFJ Ltd. (The), (Japan),
	1,275	2.350%, 02/23/17 (e)		1,310
	679	3.850%, 01/22/15 (e)		712
		Barclays Bank plc, (United Kingdom),
	276	2.250%, 05/10/17 (e)		287
	800	2.500%, 09/21/15 (e)		831
	1,735	2.750%, 02/23/15		1,788
	310	5.000%, 09/22/16		347
	700	5.200%, 07/10/14		734
	1,000	6.050%, 12/04/17 (e)		1,120
		BB&T Corp.,
	655	3.375%, 09/25/13		661
	750	3.950%, 04/29/16		811
	740	4.900%, 06/30/17		823
	1,885	5.700%, 04/30/14		1,973
	370	6.850%, 04/30/19		464
	695	Branch Banking & Trust Co., 5.625%, 09/15/16		790
		Canadian Imperial Bank of Commerce, (Canada),
	226	0.900%, 10/01/15		227

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Commercial Banks — Continued
	4,000	2.600%, 07/02/15 (e)		4,167
	260	Comerica, Inc., 3.000%, 09/16/15		273
	1,080	Commonwealth Bank of Australia, (Australia), 2.250%, 03/16/17 (e)		1,123
		Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., (Netherlands),
	143	2.125%, 10/13/15		147
	2,400	3.200%, 03/11/15 (e)		2,499
	455	3.375%, 01/19/17		484
	789	3.875%, 02/08/22		820
	500	5.800%, 09/30/10 (e)		551
	2,011	DNB Boligkreditt A.S., (Norway), 2.100%, 10/14/15 (e)		2,076
	760	Fifth Third Bancorp, 5.450%, 01/15/17		845
		HSBC Bank plc, (United Kingdom),
	1,745	1.625%, 07/07/14 (e)		1,767
	1,438	3.100%, 05/24/16 (e)		1,520
	666	4.125%, 08/12/20 (e)		725
	575	4.750%, 01/19/21 (e)		649
		HSBC Holdings plc, (United Kingdom),
	500	4.000%, 03/30/22		530
	530	4.875%, 01/14/22		594
	556	5.100%, 04/05/21		634
	600	6.100%, 01/14/42		744
		ING Bank N.V., (Netherlands),
	500	1.375%, 03/07/16 (e)		498
	216	2.000%, 09/25/15 (e)		219
	1,445	3.750%, 03/07/17 (e)		1,535
	2,847	Macquarie Bank Ltd., (Australia), 5.000%, 02/22/17 (e)		3,126
	2,100	Manufacturers & Traders Trust Co., 6.625%, 12/04/17		2,527
		National Australia Bank Ltd., (Australia),
	1,500	2.000%, 06/20/17 (e)		1,542
	750	2.750%, 09/28/15 (e)		783
	1,000	3.000%, 07/27/16 (e)		1,057
	795	3.750%, 03/02/15 (e)		836
	1,353	National Bank of Canada, (Canada), 1.650%, 01/30/14 (e)		1,364
	250	National City Bank, 5.800%, 06/07/17		289
		Nordea Bank AB, (Sweden),
	1,000	1.625%, 05/15/18 (e)		990
	600	1.750%, 10/04/13 (e)		603
	1,800	3.125%, 03/20/17 (e)		1,900
	945	4.875%, 05/13/21 (e)		1,017
	837	Oversea-Chinese Banking Corp., Ltd., (Singapore), 1.625%, 03/13/15 (e)		848
	400	PNC Bank N.A., 6.875%, 04/01/18		484
		PNC Funding Corp.,
	659	3.300%, 03/08/22		667
	567	4.375%, 08/11/20		630
	940	5.250%, 11/15/15		1,035
	950	5.625%, 02/01/17		1,071
	595	6.700%, 06/10/19		743
	985	Royal Bank of Canada, (Canada), 1.200%, 09/19/17		980
	402	Skandinaviska Enskilda Banken AB, (Sweden), 1.750%, 03/19/18 (e)		400
	927	SpareBank 1 Boligkreditt A.S., (Norway), 1.750%, 11/15/19 (e)		902
	820	SunTrust Banks, Inc., 6.000%, 09/11/17		953
	1,411	Svenska Handelsbanken AB, (Sweden), 3.125%, 07/12/16		1,495
		Toronto-Dominion Bank (The), (Canada),
	2,350	1.500%, 03/13/17 (e)		2,392
	1,140	2.200%, 07/29/15 (e)		1,179
		U.S. Bancorp,
	550	1.650%, 05/15/17		557
	675	2.450%, 07/27/15		700
	540	3.000%, 03/15/22		546
	566	4.125%, 05/24/21		623
	1,107	7.500%, 06/01/26		1,471
		Wachovia Bank N.A.,
	1,000	5.600%, 03/15/16		1,120
	250	6.000%, 11/15/17		294

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Commercial Banks — Continued
	1,125	6.600%, 01/15/38		1,440
		Wachovia Corp.,
	695	4.875%, 02/15/14		716
	4,780	5.750%, 02/01/18		5,618
		Wells Fargo & Co.,
	1,826	2.625%, 12/15/16		1,912
	850	3.500%, 03/08/22		881
	500	4.600%, 04/01/21		560
	2,350	5.625%, 12/11/17		2,738
	1,025	SUB, 3.676%, 06/15/16		1,101
		Wells Fargo Bank N.A.,
	1,515	4.750%, 02/09/15		1,612
	250	5.750%, 05/16/16		283
		Westpac Banking Corp., (Australia),
	900	4.200%, 02/27/15		955
	2,141	4.875%, 11/19/19		2,475
				102,799
		Consumer Finance — 1.0%
	700	American Express Co., 7.000%, 03/19/18		861
		American Express Credit Corp.,
	361	2.375%, 03/24/17		374
	1,028	2.800%, 09/19/16		1,082
	1,150	5.125%, 08/25/14		1,213
	400	7.300%, 08/20/13		406
		American Honda Finance Corp.,
	667	1.450%, 02/27/15 (e)		675
	363	1.500%, 09/11/17 (e)		363
	533	1.600%, 02/16/18 (e)		530
	565	2.125%, 02/28/17 (e)		578
	1,599	2.600%, 09/20/16 (e)		1,672
	150	7.625%, 10/01/18 (e)		192
	1,650	Capital One Bank USA N.A., 3.375%, 02/15/23		1,628
		Capital One Financial Corp.,
	273	1.000%, 11/06/15		271
	1,165	6.750%, 09/15/17		1,403
	2,140	7.375%, 05/23/14		2,276
		Caterpillar Financial Services Corp.,
	402	2.850%, 06/01/22		401
	705	4.900%, 08/15/13		711
	560	5.500%, 03/15/16		628
	1,300	6.200%, 09/30/13		1,325
	305	7.050%, 10/01/18		385
	545	7.150%, 02/15/19		693
		Ford Motor Credit Co. LLC,
	1,253	3.000%, 06/12/17		1,286
	1,917	3.984%, 06/15/16		2,034
	561	4.207%, 04/15/16		598
	200	4.250%, 09/20/22		205
	803	VAR, 1.525%, 05/09/16		806
		HSBC Finance Corp.,
	1,000	4.750%, 07/15/13		1,005
	3,538	5.000%, 06/30/15		3,808
	2,200	5.250%, 01/15/14		2,261
	207	7.350%, 11/27/32		255
		HSBC USA, Inc.,
	800	1.625%, 01/16/18		794
	1,500	2.375%, 02/13/15		1,539
		John Deere Capital Corp.,
	759	1.200%, 10/10/17		753
	335	1.700%, 01/15/20		324
	400	2.250%, 04/17/19		409
	233	3.150%, 10/15/21		240
	663	PACCAR Financial Corp., 1.600%, 03/15/17		666
		Toyota Motor Credit Corp.,
	1,120	1.000%, 02/17/15		1,129
	2,480	2.000%, 09/15/16		2,557
	962	3.200%, 06/17/15		1,010
				39,346

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Diversified Financial Services — 1.7%
	1,221	Associates Corp. of North America, 6.950%, 11/01/18		1,482
		Bank of America Corp.,
	600	2.000%, 01/11/18		595
	520	3.625%, 03/17/16		549
	2,065	5.000%, 05/13/21		2,287
	2,720	5.625%, 10/14/16		3,064
	740	5.625%, 07/01/20		855
	645	5.650%, 05/01/18		739
	420	5.750%, 12/01/17		481
	400	5.875%, 01/05/21		467
	150	7.375%, 05/15/14		159
	600	7.625%, 06/01/19		756
	1,510	7.800%, 09/15/16		1,772
	725	Caisse Centrale Desjardins du Quebec, (Canada), 2.550%, 03/24/16 (e)		760
		Citigroup, Inc.,
	450	2.250%, 08/07/15		461
	423	3.375%, 03/01/23		416
	500	4.450%, 01/10/17		547
	433	4.500%, 01/14/22		469
	842	4.587%, 12/15/15		913
	856	4.700%, 05/29/15		915
	1,022	4.750%, 05/19/15		1,093
	3,127	5.000%, 09/15/14		3,271
	1,270	5.125%, 05/05/14		1,320
	1,225	5.375%, 08/09/20		1,410
	321	5.875%, 01/30/42		374
	120	6.000%, 12/13/13		123
	2,154	6.000%, 08/15/17		2,495
	780	6.010%, 01/15/15		840
	350	6.125%, 11/21/17		410
	555	6.375%, 08/12/14		590
	600	6.500%, 08/19/13		607
	250	6.625%, 01/15/28		303
	400	8.125%, 07/15/39		567
	1,409	8.500%, 05/22/19		1,846
		CME Group, Inc.,
	1,155	3.000%, 09/15/22		1,131
	1,786	5.400%, 08/01/13		1,800
	1,500	5.750%, 02/15/14		1,553
	557	EADS Finance B.V., (Netherlands), 2.700%, 04/17/23 (e)		534
		General Electric Capital Corp.,
	167	1.000%, 12/11/15		168
	1,100	1.625%, 07/02/15		1,118
	750	2.300%, 04/27/17		772
	2,000	3.150%, 09/07/22		1,953
	650	4.625%, 01/07/21		718
	2,100	4.650%, 10/17/21		2,320
	191	5.300%, 02/11/21		215
	2,500	5.400%, 02/15/17		2,839
	6,165	5.625%, 05/01/18		7,218
	1,000	5.650%, 06/09/14		1,053
	310	5.875%, 01/14/38		353
	2,622	6.750%, 03/15/32		3,267
	539	Hutchison Whampoa International 12 II Ltd., (Cayman Islands), 3.250%, 11/08/22 (e)		515
		MassMutual Global Funding II,
	1,500	2.000%, 04/05/17 (e)		1,521
	626	2.500%, 10/17/22 (e)		595
	338	2.875%, 04/21/14 (e)		345
	540	3.125%, 04/14/16 (e)		571
	1,120	Metlife of Connecticut Global Funding I, 5.125%, 08/15/14 (e)		1,181
	300	Murray Street Investment Trust I, SUB, 4.647%, 03/09/17		327
		National Rural Utilities Cooperative Finance Corp.,
	665	4.750%, 03/01/14		686

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Diversified Financial Services — Continued
	200	10.375%, 11/01/18		285
	550	Principal Life Global Funding I, 5.050%, 03/15/15 (e)		590
				66,564
		Insurance — 1.1%
		ACE INA Holdings, Inc.,
	455	2.600%, 11/23/15		475
	410	5.600%, 05/15/15		448
		Aflac, Inc.,
	228	2.650%, 02/15/17		238
	260	4.000%, 02/15/22		275
	317	6.450%, 08/15/40		390
	200	8.500%, 05/15/19		266
	520	AIG SunAmerica Global Financing X, 6.900%, 03/15/32 (e)		662
	2,985	American International Group, Inc., 5.450%, 05/18/17		3,366
		Aon Corp.,
	402	3.125%, 05/27/16		424
	336	3.500%, 09/30/15		354
	306	6.250%, 09/30/40		381
		Berkshire Hathaway Finance Corp.,
	404	1.300%, 05/15/18		400
	233	2.450%, 12/15/15		244
	233	3.000%, 05/15/22		231
	748	4.300%, 05/15/43		712
	1,574	4.400%, 05/15/42		1,525
	605	5.000%, 08/15/13		611
	1,670	5.400%, 05/15/18		1,964
		Berkshire Hathaway, Inc.,
	1,387	3.400%, 01/31/22		1,435
	840	3.750%, 08/15/21		897
	120	Chubb Corp. (The), 5.750%, 05/15/18		143
		CNA Financial Corp.,
	750	5.850%, 12/15/14		801
	785	5.875%, 08/15/20		920
	408	Liberty Mutual Group, Inc., 5.000%, 06/01/21 (e)		444
		Lincoln National Corp.,
	345	4.200%, 03/15/22		370
	253	4.850%, 06/24/21		281
	280	Massachusetts Mutual Life Insurance Co., 5.375%, 12/01/41 (e)		315
	920	MetLife Institutional Funding II, VAR, 1.182%, 04/04/14 (e)		927
	535	MetLife, Inc., 6.817%, 08/15/18		663
		Metropolitan Life Global Funding I,
	604	1.700%, 06/29/15 (e)		615
	1,150	2.000%, 01/10/14 (e)		1,161
	820	2.500%, 09/29/15 (e)		851
	400	3.125%, 01/11/16 (e)		420
	1,900	3.650%, 06/14/18 (e)		2,063
	1,277	3.875%, 04/11/22 (e)		1,350
	100	5.125%, 06/10/14 (e)		104
	1,093	5.200%, 09/18/13 (e)		1,108
	1,750	Nationwide Mutual Insurance Co., 9.375%, 08/15/39 (e)		2,558
		New York Life Global Funding,
	740	0.750%, 07/24/15 (e)		743
	350	1.300%, 01/12/15 (e)		354
	2,637	5.375%, 09/15/13 (e)		2,674
	650	Pacific Life Global Funding, 5.000%, 05/15/17 (e)		682
	570	Pacific Life Insurance Co., 9.250%, 06/15/39 (e)		818
		Pricoa Global Funding I,
	384	1.600%, 05/29/18 (e)		380
	2,100	5.450%, 06/11/14 (e)		2,205
	166	Principal Financial Group, Inc., 1.850%, 11/15/17		166
	304	Principal Life Global Funding II, 1.000%, 12/11/15 (e)		305
	1,750	Prudential Insurance Co. of America (The), 8.300%, 07/01/25 (e)		2,343
	275	Travelers Cos., Inc. (The), 5.800%, 05/15/18		329
				41,391

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Real Estate Investment Trusts (REITs) — 0.3%
	471	American Tower Trust I, 1.551%, 03/15/18 (e)		468
		CommonWealth REIT,
	600	5.875%, 09/15/20		635
	1,340	6.650%, 01/15/18		1,485
	608	ERP Operating LP, 4.625%, 12/15/21		669
		HCP, Inc.,
	331	2.625%, 02/01/20		316
	161	3.750%, 02/01/19		172
	895	5.375%, 02/01/21		1,028
		Simon Property Group LP,
	917	2.150%, 09/15/17		938
	579	4.125%, 12/01/21		632
	32	4.200%, 02/01/15		34
	200	4.375%, 03/01/21		222
	705	5.625%, 08/15/14		746
	675	6.100%, 05/01/16		764
	345	6.125%, 05/30/18		416
	370	6.750%, 05/15/14		385
	440	WEA Finance LLC, 7.125%, 04/15/18 (e)		539
		WEA Finance LLC/WT Finance Aust Pty Ltd.,
	579	3.375%, 10/03/22 (e)		582
	1,408	6.750%, 09/02/19 (e)		1,727
				11,758
		Thrifts & Mortgage Finance — 0.1%
	400	Countrywide Financial Corp., 6.250%, 05/15/16		444
		Stadshypotek AB, (Sweden),
	1,463	1.450%, 09/30/13 (e)		1,469
	1,148	1.875%, 10/02/19 (e)		1,132
				3,045
		Total Financials		332,768
		Health Care — 0.6%
		Biotechnology — 0.2%
		Amgen, Inc.,
	1,000	3.875%, 11/15/21		1,068
	237	4.500%, 03/15/20		265
	500	4.950%, 10/01/41		513
	2,000	5.150%, 11/15/41		2,122
	265	5.650%, 06/15/42		298
	570	5.700%, 02/01/19		672
	720	5.750%, 03/15/40		823
	1,336	Celgene Corp., 3.250%, 08/15/22		1,333
				7,094
		Health Care Equipment & Supplies — 0.0% (g)
		Baxter International, Inc.,
	380	4.000%, 03/01/14		390
	245	4.625%, 03/15/15		261
	100	Becton Dickinson and Co., 5.000%, 05/15/19		116
				767
		Health Care Providers & Services — 0.2%
		Aetna, Inc.,
	265	4.500%, 05/15/42		262
	440	6.750%, 12/15/37		568
	164	McKesson Corp., 0.950%, 12/04/15		164
	370	Medco Health Solutions, Inc., 2.750%, 09/15/15		384
		UnitedHealth Group, Inc.,
	173	2.750%, 02/15/23		167
	400	2.875%, 03/15/23		390
	975	3.375%, 11/15/21		1,009
	620	6.625%, 11/15/37		788
		WellPoint, Inc.,
	615	3.125%, 05/15/22		607
	280	3.300%, 01/15/23		278
	500	4.625%, 05/15/42		496
	535	4.650%, 01/15/43		531
	172	5.875%, 06/15/17		199
	115	7.000%, 02/15/19		142
				5,985
		Pharmaceuticals — 0.2%
		AbbVie, Inc.,
	952	1.750%, 11/06/17 (e)		949

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Pharmaceuticals — Continued
	609	2.900%, 11/06/22 (e)		592
	275	Actavis, Inc., 3.250%, 10/01/22		270
	645	AstraZeneca plc, (United Kingdom), 5.400%, 06/01/14		676
		GlaxoSmithKline Capital, Inc.,
	485	4.375%, 04/15/14		501
	750	5.650%, 05/15/18		892
	530	6.375%, 05/15/38		681
		Merck & Co., Inc.,
	474	2.400%, 09/15/22		455
	562	2.800%, 05/18/23		550
	650	6.000%, 09/15/17		773
	650	Pfizer, Inc., 3.000%, 06/15/23		648
		Zoetis, Inc.,
	193	1.875%, 02/01/18 (e)		193
	123	4.700%, 02/01/43 (e)		123
				7,303
		Total Health Care		21,149
		Industrials — 1.1%
		Aerospace & Defense — 0.2%
	400	BAE Systems Holdings, Inc., 6.375%, 06/01/19 (e)		473
	676	BAE Systems plc, (United Kingdom), 5.800%, 10/11/41 (e)		766
	200	Boeing Co. (The), 7.950%, 08/15/24		283
	390	Honeywell International, Inc., 5.300%, 03/01/18		456
		Lockheed Martin Corp.,
	387	2.125%, 09/15/16		398
	1,281	4.070%, 12/15/42		1,171
	292	4.850%, 09/15/41		299
	300	Northrop Grumman Systems Corp., 7.750%, 02/15/31		412
	215	Precision Castparts Corp., 0.700%, 12/20/15		215
		United Technologies Corp.,
	214	1.800%, 06/01/17		218
	681	3.100%, 06/01/22		696
	914	4.500%, 06/01/42		943
	1,261	6.125%, 02/01/19		1,540
				7,870
		Air Freight & Logistics — 0.0% (g)
	214	United Parcel Service, Inc., 2.450%, 10/01/22		208
		Airlines — 0.1%
	441	Air Canada, 2013-1 Class A Pass-Through Trust, (Canada), 4.125%, 05/15/25 (e)		451
	240	American Airlines, 2011-1 Class A Pass-Through Trust, 5.250%, 01/31/21		261
	635	American Airlines, 2011-2 Class A Pass-Through Trust, 8.625%, 10/15/21		670
	243	Continental Airlines, 1999-2 Class A-1 Pass-Through Trust, 7.256%, 03/15/20		272
	439	Continental Airlines, 2007-1 Class A Pass-Through Trust, 5.983%, 04/19/22		498
	212	Continental Airlines, 2012-2 Class A Pass-Through Trust, 4.000%, 10/29/24		222
	542	Delta Air Lines, 2010-2 Class A Pass-Through Trust, 4.950%, 05/23/19		594
	198	Delta Air Lines, 2011-1 Class A Pass-Through Trust, 5.300%, 04/15/19		221
	465	Delta Air Lines, 2012-1 Class A Pass-Through Trust, 4.750%, 05/07/20		507
				3,696
		Commercial Services & Supplies — 0.1%
		ADT Corp. (The),
	420	3.500%, 07/15/22		403
	264	4.125%, 06/15/23		264
	328	4.875%, 07/15/42		301
	200	Pitney Bowes, Inc., 5.600%, 03/15/18		221
	614	Republic Services, Inc., 3.550%, 06/01/22		625
		Waste Management, Inc.,
	214	4.750%, 06/30/20		239
	455	7.375%, 03/11/19		564
				2,617
		Construction & Engineering — 0.0% (g)
		ABB Finance USA, Inc.,
	226	1.625%, 05/08/17		227
	292	2.875%, 05/08/22		291
	145	4.375%, 05/08/42		147

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Construction & Engineering — Continued
	789	Fluor Corp., 3.375%, 09/15/21		814
				1,479
		Electrical Equipment — 0.0% (g)
		Eaton Corp.,
	182	1.500%, 11/02/17 (e)		180
	170	4.000%, 11/02/32 (e)		166
	500	5.600%, 05/15/18		579
	300	7.625%, 04/01/24		382
				1,307
		Industrial Conglomerates — 0.1%
	592	Danaher Corp., 3.900%, 06/23/21		646
	212	General Electric Co., 2.700%, 10/09/22		208
	290	Ingersoll-Rand Co., 6.391%, 11/15/27		336
		Koninklijke Philips N.V., (Netherlands),
	970	3.750%, 03/15/22		1,018
	409	5.750%, 03/11/18		482
	130	7.200%, 06/01/26		165
	300	Siemens Financieringsmaatschappij N.V., (Netherlands), 5.750%, 10/17/16 (e)		345
				3,200
		Machinery — 0.1%
	164	Caterpillar, Inc., 2.600%, 06/26/22		161
		Deere & Co.,
	819	2.600%, 06/08/22		810
	346	3.900%, 06/09/42		327
	1,920	Illinois Tool Works, Inc., 3.900%, 09/01/42		1,798
	205	Parker Hannifin Corp., 5.500%, 05/15/18		240
				3,336
		Road & Rail — 0.5%
		Burlington Northern Santa Fe LLC,
	200	3.000%, 03/15/23		197
	522	3.050%, 03/15/22		526
	300	3.450%, 09/15/21		312
	136	3.600%, 09/01/20		145
	375	4.375%, 09/01/42		365
	1,000	5.400%, 06/01/41		1,115
	540	5.650%, 05/01/17		622
	250	5.750%, 03/15/18		295
	425	5.750%, 05/01/40		496
	250	6.700%, 08/01/28		315
	450	7.000%, 02/01/14		469
	250	Canadian Pacific Railway Co., (Canada), 7.125%, 10/15/31		321
		CSX Corp.,
	191	4.100%, 03/15/44		176
	300	4.250%, 06/01/21		330
	575	5.500%, 04/15/41		642
	145	6.250%, 04/01/15		159
	205	7.375%, 02/01/19		259
	500	7.900%, 05/01/17		612
		ERAC USA Finance LLC,
	154	2.250%, 01/10/14 (e)		155
	355	2.750%, 03/15/17 (e)		369
	559	4.500%, 08/16/21 (e)		604
	436	5.625%, 03/15/42 (e)		475
	350	6.375%, 10/15/17 (e)		415
	746	6.700%, 06/01/34 (e)		889
		Norfolk Southern Corp.,
	746	3.250%, 12/01/21		767
	595	3.950%, 10/01/42		543
	100	6.000%, 03/15/05		117
	1,776	6.000%, 05/23/11 (†)		2,081
	355	7.700%, 05/15/17		436
	479	Penske Truck Leasing Co. LP/PTL Finance Corp., 2.875%, 07/17/18 (e)		493
		Ryder System, Inc.,
	484	2.500%, 03/01/17		493
	434	3.600%, 03/01/16		457
		Union Pacific Corp.,
	182	2.950%, 01/15/23		182
	710	4.163%, 07/15/22		778

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Road & Rail — Continued
	200	4.300%, 06/15/42		198
	235	4.875%, 01/15/15		250
	907	5.650%, 05/01/17		1,040
		United Parcel Service of America, Inc.,
	355	8.375%, 04/01/20		479
	160	SUB, 8.375%, 04/01/30		235
				18,812
		Total Industrials		42,525
		Information Technology — 1.1%
		Communications Equipment — 0.1%
		Cisco Systems, Inc.,
	878	5.500%, 02/22/16		988
	350	5.500%, 01/15/40		412
	755	5.900%, 02/15/39		928
				2,328
		Computers & Peripherals — 0.3%
		Apple, Inc.,
	2,556	2.400%, 05/03/23		2,438
	2,069	VAR, 0.523%, 05/03/18		2,075
	300	Dell, Inc., 7.100%, 04/15/28		314
		Hewlett-Packard Co.,
	583	2.600%, 09/15/17		593
	600	4.300%, 06/01/21		604
	781	4.375%, 09/15/21		787
	387	4.650%, 12/09/21		399
	670	4.750%, 06/02/14		695
	1,365	5.400%, 03/01/17		1,509
	2,500	6.000%, 09/15/41		2,522
	1,230	6.125%, 03/01/14		1,276
				13,212
		Electronic Equipment, Instruments & Components — 0.1%
		Arrow Electronics, Inc.,
	219	3.000%, 03/01/18		222
	575	3.375%, 11/01/15		596
	190	4.500%, 03/01/23		192
	165	6.000%, 04/01/20		183
	485	6.875%, 06/01/18		571
	1,088	7.500%, 01/15/27		1,299
				3,063
		Internet Software & Services — 0.0% (g)
		eBay, Inc.,
	300	2.600%, 07/15/22		290
	271	4.000%, 07/15/42		240
				530
		IT Services — 0.3%
	1,040	HP Enterprise Services LLC, 6.000%, 08/01/13		1,049
		International Business Machines Corp.,
	409	1.250%, 02/06/17		409
	3,267	1.625%, 05/15/20		3,155
	2,600	5.700%, 09/14/17		3,059
	690	6.220%, 08/01/27		891
	1,075	7.625%, 10/15/18		1,398
				9,961
		Office Electronics — 0.0% (g)
		Xerox Corp.,
	196	2.950%, 03/15/17		201
	270	4.500%, 05/15/21		286
	610	5.625%, 12/15/19		692
	550	6.750%, 02/01/17		635
	100	8.250%, 05/15/14		107
				1,921
		Semiconductors & Semiconductor Equipment — 0.1%
		Intel Corp.,
	697	3.300%, 10/01/21		722
	685	4.000%, 12/15/32		661
	1,360	National Semiconductor Corp., 6.600%, 06/15/17		1,626
		Texas Instruments, Inc.,
	750	1.375%, 05/15/14		757
	365	1.650%, 08/03/19		360
				4,126

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Software — 0.2%
	360	Intuit, Inc., 5.750%, 03/15/17		406
		Microsoft Corp.,
	262	0.875%, 11/15/17		258
	720	1.625%, 09/25/15		739
	384	2.125%, 11/15/22		364
	810	2.375%, 05/01/23		779
	117	4.500%, 10/01/40		123
		Oracle Corp.,
	500	5.000%, 07/08/19		586
	1,412	5.250%, 01/15/16		1,575
	728	5.750%, 04/15/18		867
	465	6.500%, 04/15/38		610
				6,307
		Total Information Technology		41,448
		Materials — 0.5%
		Chemicals — 0.3%
		Dow Chemical Co. (The),
	542	3.000%, 11/15/22		525
	385	4.125%, 11/15/21		409
	203	4.250%, 11/15/20		223
	200	5.250%, 11/15/41		214
	370	7.375%, 11/01/29		483
	158	8.550%, 05/15/19		210
		E.I. du Pont de Nemours & Co.,
	635	1.950%, 01/15/16		653
	350	4.900%, 01/15/41		386
	1,630	6.000%, 07/15/18		1,973
		Ecolab, Inc.,
	447	1.450%, 12/08/17		441
	150	5.500%, 12/08/41		171
		Mosaic Co. (The),
	280	3.750%, 11/15/21		291
	79	4.875%, 11/15/41		80
		PPG Industries, Inc.,
	114	5.500%, 11/15/40		129
	700	6.650%, 03/15/18		848
	355	9.000%, 05/01/21		489
		Praxair, Inc.,
	662	4.625%, 03/30/15		710
	885	5.250%, 11/15/14		945
		Union Carbide Corp.,
	1,000	7.500%, 06/01/25		1,215
	850	7.750%, 10/01/96		1,000
				11,395
		Metals & Mining — 0.2%
		BHP Billiton Finance USA Ltd., (Australia),
	410	5.400%, 03/29/17		470
	425	5.500%, 04/01/14		443
	560	6.500%, 04/01/19		698
		Freeport-McMoRan Copper & Gold, Inc.,
	1,329	2.150%, 03/01/17		1,343
	688	3.100%, 03/15/20 (e)		673
	299	5.450%, 03/15/43 (e)		287
	295	Placer Dome, Inc., (Canada), 6.450%, 10/15/35		306
		Rio Tinto Finance USA Ltd., (Australia),
	117	3.500%, 11/02/20		121
	550	3.750%, 09/20/21		567
	650	9.000%, 05/01/19		879
	393	Rio Tinto Finance USA plc, (United Kingdom), 1.625%, 08/21/17		391
				6,178
		Total Materials		17,573
		Telecommunication Services — 1.1%
		Diversified Telecommunication Services — 1.0%
		AT&T, Inc.,
	345	0.900%, 02/12/16		344
	879	4.300%, 12/15/42 (e)		821
	462	4.350%, 06/15/45 (e)		428
	850	4.450%, 05/15/21		949
	386	5.100%, 09/15/14		408
	375	5.350%, 09/01/40		401

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Diversified Telecommunication Services — Continued
	250	5.500%, 02/01/18		293
	2,700	6.300%, 01/15/38		3,218
		BellSouth Corp.,
	1,373	5.200%, 09/15/14		1,452
	25	6.875%, 10/15/31		29
		BellSouth Telecommunications, Inc.,
	578	6.300%, 12/15/15		601
	300	7.000%, 10/01/25		368
		British Telecommunications plc, (United Kingdom),
	200	2.000%, 06/22/15		205
	150	9.625%, 12/15/30		232
	600	Centel Capital Corp., 9.000%, 10/15/19		730
		CenturyLink, Inc.,
	1,380	6.450%, 06/15/21		1,480
	920	7.600%, 09/15/39		920
		Deutsche Telekom International Finance B.V., (Netherlands),
	336	2.250%, 03/06/17 (e)		343
	1,150	4.875%, 07/08/14		1,202
	232	4.875%, 03/06/42 (e)		235
	400	6.000%, 07/08/19		483
	325	8.750%, 06/15/30		469
		France Telecom S.A., (France),
	560	2.750%, 09/14/16		582
	1,305	8.500%, 03/01/31		1,867
	2,100	GTE Corp., 6.840%, 04/15/18		2,548
	1,742	GTP Acquisition Partners I LLC, 4.347%, 06/15/16 (e)		1,839
	267	Nippon Telegraph & Telephone Corp., (Japan), 1.400%, 07/18/17		266
	741	Qwest Corp., 6.750%, 12/01/21		851
		Telecom Italia Capital S.A., (Luxembourg),
	1,000	4.950%, 09/30/14		1,042
	1,621	5.250%, 11/15/13		1,649
	765	6.999%, 06/04/18		888
		Telefonica Emisiones S.A.U., (Spain),
	252	3.192%, 04/27/18		253
	316	5.462%, 02/16/21		341
	515	5.877%, 07/15/19		575
	300	6.421%, 06/20/16		335
		Verizon Communications, Inc.,
	650	5.500%, 04/01/17		745
	443	5.550%, 02/15/16		495
	100	5.850%, 09/15/35		113
	175	6.400%, 02/15/38		211
	1,250	7.350%, 04/01/39		1,679
	1,475	7.750%, 12/01/30		1,987
	500	Verizon New England, Inc., 7.875%, 11/15/29		639
		Verizon Pennsylvania LLC,
	750	6.000%, 12/01/28		817
	1,444	8.350%, 12/15/30		1,894
				37,227
		Wireless Telecommunication Services — 0.1%
		America Movil S.A.B. de C.V., (Mexico),
	640	2.375%, 09/08/16		657
	592	3.125%, 07/16/22		567
	500	Cellco Partnership/Verizon Wireless Capital LLC, 5.550%, 02/01/14		515
	485	Crown Castle Towers LLC, 3.214%, 08/15/15 (e)		502
		Vodafone Group plc, (United Kingdom),
	350	1.500%, 02/19/18		346
	1,200	1.625%, 03/20/17		1,202
	1,145	5.000%, 09/15/15		1,252
				5,041
		Total Telecommunication Services		42,268
		Utilities — 1.7%
		Electric Utilities — 1.2%
	229	Alabama Power Co., 6.125%, 05/15/38		287
	286	American Electric Power Co., Inc., 1.650%, 12/15/17		284
		Arizona Public Service Co.,
	296	4.500%, 04/01/42		302

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Electric Utilities — Continued
	467	5.050%, 09/01/41		519
	380	Baltimore Gas & Electric Co., 2.800%, 08/15/22		375
	1,005	Cleveland Electric Illuminating Co. (The), 7.880%, 11/01/17		1,237
	831	Comision Federal de Electricidad, (Mexico), 4.875%, 05/26/21 (e)		909
	185	Connecticut Light & Power Co. (The), 5.650%, 05/01/18		219
	224	DTE Electric Co., 2.650%, 06/15/22		222
		Duke Energy Carolinas LLC,
	129	4.250%, 12/15/41		127
	660	5.100%, 04/15/18		768
	100	6.000%, 01/15/38		124
		Duke Energy Florida, Inc.,
	290	5.650%, 06/15/18		343
	240	6.400%, 06/15/38		309
	1,310	Duke Energy Indiana, Inc., 6.350%, 08/15/38		1,679
		Duke Energy Progress, Inc.,
	525	2.800%, 05/15/22		526
	273	4.100%, 05/15/42		263
	125	4.100%, 03/15/43		120
	888	5.125%, 09/15/13		900
	310	5.300%, 01/15/19		368
	950	Enel Finance International N.V., (Netherlands), 5.125%, 10/07/19 (e)		1,028
		Florida Power & Light Co.,
	420	5.950%, 10/01/33		530
	335	5.950%, 02/01/38		423
		Georgia Power Co.,
	210	5.950%, 02/01/39		255
	225	6.000%, 11/01/13		230
	229	Great Plains Energy, Inc., 4.850%, 06/01/21		250
		Hydro-Quebec, (Canada),
	350	8.050%, 07/07/24		499
	1,000	8.400%, 01/15/22		1,402
	100	Indiana Michigan Power Co., 7.000%, 03/15/19		124
	100	Jersey Central Power & Light Co., 7.350%, 02/01/19		124
	774	John Sevier Combined Cycle Generation LLC, 4.626%, 01/15/42		844
		Kansas City Power & Light Co.,
	403	3.150%, 03/15/23		399
	1,400	5.300%, 10/01/41		1,509
	25	Kiowa Power Partners LLC, 4.811%, 12/30/13 (e)		25
	105	MidAmerican Energy Co., 5.300%, 03/15/18		123
		Nevada Power Co.,
	55	5.375%, 09/15/40		64
	305	5.450%, 05/15/41		359
	720	6.500%, 08/01/18		887
	100	6.650%, 04/01/36		131
		NextEra Energy Capital Holdings, Inc.,
	196	1.200%, 06/01/15		197
	255	5.350%, 06/15/13		256
	725	6.000%, 03/01/19		856
	280	7.875%, 12/15/15		327
	300	Niagara Mohawk Power Corp., 4.881%, 08/15/19 (e)		341
		Nisource Finance Corp.,
	370	3.850%, 02/15/23		377
	360	4.450%, 12/01/21		387
	1,256	5.800%, 02/01/42		1,390
	510	Northern States Power Co., 6.250%, 06/01/36		666
		Ohio Power Co.,
	320	5.750%, 09/01/13		324
	310	6.050%, 05/01/18		368
		Oncor Electric Delivery Co. LLC,
	840	6.800%, 09/01/18		1,036
	110	7.000%, 09/01/22		142
		Pacific Gas & Electric Co.,
	544	2.450%, 08/15/22		526
	71	3.250%, 09/15/21		73
	217	4.450%, 04/15/42		218

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Electric Utilities — Continued
	390	4.500%, 12/15/41		397
	780	5.625%, 11/30/17		919
	100	6.050%, 03/01/34		124
	160	8.250%, 10/15/18		211
		PacifiCorp,
	180	5.500%, 01/15/19		215
	150	5.650%, 07/15/18		179
		Peco Energy Co.,
	350	2.375%, 09/15/22		338
	175	5.350%, 03/01/18		206
	1,070	Potomac Electric Power Co., 6.500%, 11/15/37		1,425
		Progress Energy, Inc.,
	673	3.150%, 04/01/22		672
	300	6.050%, 03/15/14		312
		Public Service Co. of Colorado,
	250	2.250%, 09/15/22		239
	90	3.200%, 11/15/20		95
	125	5.800%, 08/01/18		151
	2,490	Public Service Co. of Oklahoma, 6.625%, 11/15/37		3,163
		Public Service Electric & Gas Co.,
	205	5.300%, 05/01/18		240
	277	5.375%, 11/01/39		332
	2,000	6.330%, 11/01/13		2,047
		Southern California Edison Co.,
	175	4.150%, 09/15/14		183
	765	5.500%, 08/15/18		916
	391	5.750%, 03/15/14		407
	200	5.950%, 02/01/38		252
	1,185	6.050%, 03/15/39		1,509
		Southern Co. (The),
	363	1.950%, 09/01/16		373
	270	4.150%, 05/15/14		279
	570	Southwestern Public Service Co., 8.750%, 12/01/18		749
	312	State Grid Overseas Investment Ltd., (United Kingdom), 1.750%, 05/22/18 (e)		307
		Virginia Electric and Power Co.,
	1,395	5.400%, 04/30/18		1,645
	625	5.950%, 09/15/17		743
		Wisconsin Electric Power Co.,
	21	2.950%, 09/15/21		22
	450	6.000%, 04/01/14		470
	265	6.250%, 12/01/15		300
		Xcel Energy, Inc.,
	162	0.750%, 05/09/16		161
	92	4.800%, 09/15/41		98
	200	6.500%, 07/01/36		261
				46,511
		Gas Utilities — 0.2%
		AGL Capital Corp.,
	563	3.500%, 09/15/21		593
	208	4.400%, 06/01/43		204
	1,445	5.875%, 03/15/41		1,724
	1,243	6.375%, 07/15/16		1,434
		Atmos Energy Corp.,
	828	4.150%, 01/15/43		800
	285	8.500%, 03/15/19		379
	308	Boston Gas Co., 4.487%, 02/15/42 (e)		315
	335	CenterPoint Energy Resources Corp., 6.125%, 11/01/17		396
	554	Texas Eastern Transmission LP, 2.800%, 10/15/22 (e)		537
				6,382
		Independent Power Producers & Energy Traders — 0.1%
		Exelon Generation Co. LLC,
	1,020	4.000%, 10/01/20		1,065
	235	5.750%, 10/01/41		254
	1,500	PPL Energy Supply LLC, 4.600%, 12/15/21		1,585
	772	PSEG Power LLC, 5.125%, 04/15/20		865

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Independent Power Producers & Energy Traders — Continued
	202	Southern Power Co., 5.150%, 09/15/41		219
				3,988
		Multi-Utilities — 0.2%
	596	Consolidated Edison Co. of New York, Inc., 5.700%, 06/15/40		735
		Consumers Energy Co.,
	216	2.850%, 05/15/22		218
	130	5.650%, 04/15/20		157
	235	Delmarva Power & Light Co., 4.000%, 06/01/42		229
		Dominion Resources, Inc.,
	920	5.250%, 08/01/33		1,031
	300	7.000%, 06/15/38		410
	600	8.875%, 01/15/19		805
	375	PG&E Corp., 5.750%, 04/01/14		391
		San Diego Gas & Electric Co.,
	379	3.950%, 11/15/41		373
	275	6.000%, 06/01/26		352
		Sempra Energy,
	350	2.875%, 10/01/22		342
	1,145	6.150%, 06/15/18		1,376
	180	6.500%, 06/01/16		208
	860	8.900%, 11/15/13		891
	435	9.800%, 02/15/19		602
				8,120
		Water Utilities — 0.0% (g)
	1,100	American Water Capital Corp., 6.085%, 10/15/17		1,291
		Total Utilities		66,292
		Total Corporate Bonds (Cost $664,816)		715,388
	Foreign Government Securities — 1.1%
		Israel Government AID Bond, (Israel),
	1,973	Zero Coupon, 08/15/17		1,884
	20,000	Zero Coupon, 03/15/18		18,855
	1,776	Zero Coupon, 02/15/22		1,434
	1,500	Zero Coupon, 11/01/23		1,107
	1,500	Zero Coupon, 11/01/24		1,045
	1,000	5.500%, 09/18/33		1,261
		Province of Ontario, (Canada),
	1,387	1.650%, 09/27/19		1,361
	700	2.700%, 06/16/15		731
	2,220	2.950%, 02/05/15		2,312
	377	Province of Quebec, (Canada), SUB, 7.365%, 03/06/26		523
	5,000	Tunisia Government AID Bonds, (Tunisia), 1.686%, 07/16/19		4,976
		United Mexican States, (Mexico),
	120	4.750%, 03/08/44		118
	856	6.625%, 03/03/15		931
	3,338	7.500%, 04/08/33		4,590
		Total Foreign Government Securities
		(Cost $39,463)		41,128
	Loan Assignments — 0.2%
		Invitation Homes,
	1,565	VAR, 0.500%, 03/15/15 (i)		1,558
	5,435	VAR, 3.750%, 03/15/15		5,407
		Total Loan Assignments
		(Cost $7,000)		6,965
	Mortgage Pass-Through Securities — 14.7%
		Federal Home Loan Mortgage Corp.,
	41	ARM, 2.088%, 07/01/19		44
	506	ARM, 2.240%, 10/01/36		540
	41	ARM, 2.328%, 04/01/30		44
	613	ARM, 2.355%, 12/01/33		651
	1,135	ARM, 2.456%, 03/01/37		1,219
	158	ARM, 2.543%, 05/01/36		169
	1,160	ARM, 2.559%, 04/01/34		1,230
	527	ARM, 2.693%, 12/01/34		560
	545	ARM, 2.703%, 11/01/36		582
	333	ARM, 2.707%, 02/01/36		355
	140	ARM, 2.714%, 10/01/36		150
	383	ARM, 2.723%, 12/01/36		411
	274	ARM, 2.755%, 02/01/37		293

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)			SECURITY DESCRIPTION	VALUE ($)
	Mortgage Pass-Through Securities — Continued
	716		ARM, 3.227%, 10/01/36		765
	805		ARM, 4.881%, 02/01/36		868
	847		ARM, 5.018%, 01/01/35		914
	548		ARM, 5.050%, 07/01/36		593
	746		ARM, 6.117%, 11/01/36		793
	3,071		Federal Home Loan Mortgage Corp. Gold
			Pools, ARM, 3.995%, 07/01/40		3,273
			Federal Home Loan Mortgage Corp. Gold
			Pools, 15 Year, Single Family,
	846		4.000%, 08/01/18 - 05/01/19		892
	154		4.500%, 08/01/18		162
	456		5.000%, 12/01/18		483
	3,709		5.500%, 06/01/17 - 01/01/24		4,005
	65		6.000%, 04/01/18		70
	584		6.500%, 08/01/16 - 02/01/19		620
	18		7.000%, 04/01/17		19
	–	(h)	7.500%, 10/01/14		—	(h)
	2		8.500%, 11/01/15		3
			Federal Home Loan Mortgage Corp. Gold
			Pools, 20 Year, Single Family,
	3,166		3.500%, 01/01/32 - 03/01/32		3,304
	139		6.000%, 12/01/22		151
	416		6.500%, 11/01/22		462
			Federal Home Loan Mortgage Corp. Gold
			Pools, 30 Year, Single Family,
	4,992		3.500%, 04/01/43		5,166
	1,777		4.000%, 09/01/35		1,874
	6,758		4.500%, 05/01/41		7,172
	6,582		5.000%, 09/01/34 - 08/01/40		7,166
	2,616		5.500%, 10/01/33 - 07/01/35		2,826
	448		6.000%, 12/01/33 - 01/01/34		496
	2,846		6.500%, 11/01/34 - 11/01/36		3,242
	784		7.000%, 07/01/32 - 10/01/36		902
	899		Federal Home Loan Mortgage Corp. Gold Pools, FHA/VA, 10.000%, 10/01/30		1,052
			Federal Home Loan Mortgage Corp. Gold Pools, Other,
	22,662		3.500%, 10/01/32 - 06/01/42		23,891
	9,320		4.000%, 01/01/32 - 06/01/42		10,019
	493		5.500%, 10/01/33 - 01/01/34		529
	1,052		6.000%, 02/01/33		1,143
	105		7.000%, 07/01/29		119
			Federal Home Loan Mortgage Corp., 30 Year, Single Family,
	3		12.000%, 08/01/15 - 07/01/19		3
			Federal National Mortgage Association,
	171		ARM, 1.813%, 09/01/34		179
	14		ARM, 1.904%, 03/01/19		14
	1,059		ARM, 1.909%, 01/01/33		1,111
	1,912		ARM, 2.023%, 01/01/35		2,027
	579		ARM, 2.034%, 11/01/34		611
	1,604		ARM, 2.035%, 09/01/35		1,693
	695		ARM, 2.065%, 07/01/36		740
	875		ARM, 2.106%, 05/01/35		933
	368		ARM, 2.152%, 01/01/36		389
	295		ARM, 2.170%, 07/01/34		314
	360		ARM, 2.217%, 04/01/34		378
	753		ARM, 2.245%, 01/01/35		799
	8		ARM, 2.261%, 01/01/19		8
	359		ARM, 2.277%, 07/01/33 - 11/01/33		375
	764		ARM, 2.294%, 08/01/34		813
	900		ARM, 2.325%, 07/01/33		962
	683		ARM, 2.345%, 05/01/34		731
	2,086		ARM, 2.367%, 04/01/35		2,222
	529		ARM, 2.378%, 04/01/35		563
	74		ARM, 2.387%, 04/01/34		79
	222		ARM, 2.397%, 05/01/35		233
	262		ARM, 2.465%, 02/01/35		278
	1,045		ARM, 2.514%, 11/01/34		1,106
	1,180		ARM, 2.521%, 06/01/35		1,252
	386		ARM, 2.528%, 10/01/34		411
	318		ARM, 2.567%, 06/01/36		341

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Mortgage Pass-Through Securities — Continued
	232	ARM, 2.622%, 01/01/34		246
	882	ARM, 2.625%, 10/01/34		940
	651	ARM, 2.666%, 10/01/34		694
	219	ARM, 2.669%, 09/01/35		234
	336	ARM, 2.697%, 01/01/38		358
	337	ARM, 2.749%, 09/01/34		360
	366	ARM, 2.765%, 08/01/34		392
	87	ARM, 2.853%, 09/01/27		92
	601	ARM, 2.935%, 09/01/33		642
	698	ARM, 3.192%, 10/01/36		746
	200	ARM, 3.208%, 02/01/34		213
	141	ARM, 3.242%, 01/01/36		150
	74	ARM, 3.797%, 03/01/29		79
	989	ARM, 4.914%, 07/01/33		1,059
	541	ARM, 5.409%, 01/01/23		594
		Federal National Mortgage Association, 15 Year, Single Family,
	1,018	3.500%, 09/01/18 - 07/01/19		1,073
	2,794	4.000%, 07/01/18 - 11/01/18		2,974
	4,977	4.500%, 06/01/18 - 12/01/19		5,355
	1,203	5.000%, 12/01/16 - 08/01/24		1,292
	1,190	5.500%, 03/01/20 - 07/01/20		1,271
	6,716	6.000%, 06/01/16 - 01/01/24		7,340
	271	6.500%, 03/01/17 - 08/01/20		294
	266	7.000%, 03/01/17 - 09/01/17		284
	8	7.500%, 03/01/17		8
	3	8.000%, 11/01/15		3
		Federal National Mortgage Association, 20 Year, Single Family,
	1,818	3.500%, 08/01/32		1,896
	179	4.500%, 04/01/24		195
	1,495	6.500%, 05/01/22 - 04/01/25		1,663
		Federal National Mortgage Association, 30 Year, FHA/VA,
	104	6.000%, 09/01/33		116
	1,607	6.500%, 03/01/29 - 08/01/39		1,820
	46	7.000%, 02/01/33		55
	54	8.000%, 06/01/28		63
	32	9.000%, 05/01/18 - 12/01/25		34
		Federal National Mortgage Association, 30
		Year, Single Family,
	581	4.500%, 11/01/33 - 02/01/35		622
	1,696	5.000%, 07/01/33 - 09/01/35		1,860
	3,315	5.500%, 09/01/31 - 02/01/38		3,656
	3,460	6.000%, 12/01/28 - 09/01/37		3,841
	1,518	6.500%, 11/01/29 - 08/01/31		1,754
	1,509	7.000%, 01/01/24 - 01/01/39		1,757
	738	7.500%, 08/01/36 - 11/01/37		882
	748	8.000%, 03/01/27 - 11/01/28		901
	1	9.000%, 04/01/26		1
	15	9.500%, 07/01/28		17
	3	12.500%, 01/01/16		3
		Federal National Mortgage Association, Other,
	1,490	VAR, 0.564%, 01/01/23		1,495
	5,979	VAR, 0.594%, 10/01/22 - 01/01/23		5,993
	1,472	VAR, 0.944%, 01/01/19		1,479
	977	VAR, 1.004%, 03/01/22		991
	2,442	VAR, 6.070%, 11/01/18		2,647
	32,500	06/01/20 - 06/01/63		35,327
	2,000	1.690%, 12/01/19		1,980
	3,450	1.730%, 05/01/20		3,376
	2,000	1.940%, 07/01/19		2,024
	1,500	2.000%, 12/01/20		1,472
	12,000	2.010%, 06/01/20		11,865
	4,569	2.030%, 08/01/19		4,632
	2,000	2.140%, 04/01/19		2,058
	1,490	2.150%, 04/01/19		1,522
	2,977	2.190%, 12/01/22		2,903
	4,064	2.210%, 12/01/22		3,967

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Mortgage Pass-Through Securities — Continued
	5,500	2.340%, 12/01/22		5,412
	2,000	2.350%, 05/01/23		1,960
	3,375	2.370%, 11/01/22		3,337
	3,000	2.380%, 12/01/22		2,965
	5,360	2.390%, 12/01/22		5,300
	3,500	2.400%, 12/01/22		3,463
	4,000	2.450%, 11/01/22		3,937
	2,984	2.460%, 02/01/23		2,965
	5,758	2.490%, 10/01/17		6,034
	7,000	2.520%, 10/01/22 - 05/01/23		6,882
	3,000	2.670%, 07/01/22		3,008
	6,930	2.690%, 10/01/17		7,299
	3,432	2.700%, 04/01/23		3,440
	3,286	2.750%, 03/01/22		3,392
	1,476	2.940%, 05/01/22		1,527
	3,831	2.970%, 11/01/18		4,066
	7,479	3.000%, 02/01/22 - 01/01/43		7,639
	7,149	3.070%, 01/01/22		7,476
	3,870	3.120%, 01/01/22 - 05/01/22		4,056
	1,502	3.150%, 12/01/21		1,582
	2,790	3.160%, 02/01/22		2,932
	3,953	3.200%, 02/01/22		4,156
	9,919	3.230%, 11/01/20		10,535
	2,251	3.260%, 01/01/22		2,381
	2,000	3.290%, 10/01/20		2,132
	2,000	3.350%, 11/01/20		2,137
	965	3.375%, 11/01/20		1,036
	2,000	3.390%, 08/01/17		2,152
	1,473	3.430%, 09/01/20		1,582
	37,613	3.500%, 12/01/32 - 06/01/43		38,991
	7,565	3.505%, 09/01/20		8,162
	1,962	3.520%, 01/01/18		2,129
	4,922	3.540%, 10/01/20		5,307
	2,893	3.600%, 09/01/20		3,134
	986	3.640%, 01/01/25		1,042
	2,967	3.680%, 09/01/20		3,229
	4,591	3.729%, 07/01/22		5,021
	1,919	3.740%, 07/01/20		2,097
	3,000	3.770%, 09/01/21		3,286
	2,927	3.780%, 09/01/21		3,200
	6,821	3.790%, 09/01/21		7,463
	4,774	3.820%, 06/01/17		5,182
	1,540	3.870%, 01/01/21		1,694
	5,000	3.890%, 09/01/21		5,507
	3,978	3.930%, 07/01/20 - 01/01/21		4,395
	7,956	3.950%, 07/01/20 - 07/01/21		8,796
	4,750	3.980%, 11/01/16		4,942
	7,331	4.000%, 10/01/32 - 07/01/42		7,813
	1,685	4.120%, 04/01/20		1,878
	5,906	4.130%, 11/01/19 - 08/01/21		6,586
	1,904	4.240%, 11/01/19		2,147
	4,380	4.250%, 04/01/21		4,927
	2,000	4.260%, 07/01/21		2,252
	2,096	4.290%, 06/01/20		2,359
	2,441	4.300%, 08/01/20 - 04/01/21		2,751
	1,457	4.301%, 01/01/21		1,638
	1,465	4.317%, 07/01/21		1,661
	2,144	4.330%, 04/01/21		2,421
	5,000	4.340%, 06/01/21		5,653
	1,481	4.350%, 04/01/20		1,672
	943	4.355%, 03/01/20		1,062
	2,937	4.369%, 02/01/20 - 04/01/20		3,326
	1,456	4.380%, 01/01/21		1,647
	2,000	4.390%, 05/01/21		2,267
	2,000	4.400%, 02/01/20		2,262
	2,921	4.480%, 02/01/21		3,319

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Mortgage Pass-Through Securities — Continued
	6,743	4.530%, 12/01/19		7,772
	4,307	4.540%, 01/01/20		4,900
	3,900	4.640%, 01/01/21		4,463
	605	5.500%, 03/01/17 - 09/01/33		648
	2,143	6.000%, 09/01/37 - 06/01/39		2,266
	595	6.500%, 01/01/36 - 07/01/36		660
	85	7.000%, 10/01/46		94
	79	10.890%, 04/15/19		87
		Government National Mortgage Association II, 30 Year, Single Family,
	396	4.500%, 08/20/33		431
	5,263	6.000%, 09/20/38		5,715
	74	7.500%, 02/20/28 - 09/20/28		91
	117	8.000%, 12/20/25 - 09/20/28		143
	34	8.500%, 05/20/25		40
		Government National Mortgage Association II, Other,
	381	4.433%, 05/20/63		435
	2,989	4.462%, 05/20/63		3,372
		Government National Mortgage Association, 15 Year, Single Family,
	78	6.500%, 06/15/17		83
	75	8.000%, 01/15/16		79
		Government National Mortgage Association, 30 Year, Single Family,
	366	6.500%, 03/15/28 - 04/15/33		414
	248	7.000%, 02/15/33 - 06/15/33		292
	86	7.500%, 11/15/22 - 11/15/31		95
	19	8.000%, 09/15/22 - 08/15/28		20
	4	9.000%, 12/15/16		4
	887	9.500%, 10/15/24		1,014
		Total Mortgage Pass-Through Securities (Cost $543,655)		558,466
	Municipal Bonds — 0.3% (t)
		California — 0.0% (g)
	440	Los Angeles Department of Airports, Taxable Build America Bonds, Rev., 6.582%, 05/15/39		561
	350	State of California, Build America Bonds, GO, 7.300%, 10/01/39		487
				1,048
		Illinois — 0.0% (g)
	160	State of Illinois, Taxable Pension, GO, 5.100%, 06/01/33		161
		New York — 0.2%
	360	New York State Dormitory Authority, State Personal Income Tax, Build America Bonds, Rev., 5.600%, 03/15/40		435
	1,825	Port Authority of New York & New Jersey, Taxable Consolidated 164, Rev., 5.647%, 11/01/40		2,192
	2,500	Port Authority of New York & New Jersey, Taxable Consolidated 174, Rev., 4.458%, 10/01/62		2,463
				5,090
		Ohio — 0.1%
	1,315	American Municipal Power, Inc., Build America Bonds, Series B, Rev., 7.499%, 02/15/50		1,740
	1,563	Ohio State University (The), Series A, Rev., 4.800%, 06/01/11		1,593
				3,333
		Total Municipal Bonds (Cost $8,739)		9,632
	Supranational — 0.1%
	3,000	African Development Bank, 8.800%, 09/01/19		4,004
	641	Corp. Andina de Fomento, 3.750%, 01/15/16		680
		Total Supranational (Cost $4,616)		4,684
	U.S. Government Agency Securities — 2.1%
	646	Federal Farm Credit Banks, 5.125%, 11/15/18		771
	1,525	Federal Home Loan Bank, 5.500%, 07/15/36		1,977
		Federal National Mortgage Association,
	6,000	Zero Coupon, 06/01/17		5,724
	1,000	5.000%, 05/11/17		1,158
		Financing Corp. Fico,
	3,500	Zero Coupon, 05/11/18		3,310
	2,000	Zero Coupon, 04/05/19		1,798
	1,240	Zero Coupon, 09/26/19		1,103

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	U.S. Government Agency Securities — Continued
		Government Trust Certificate,
	4,000	Zero Coupon, 10/01/15		3,882
	5,000	Zero Coupon, 04/01/16		4,804
	13,319	Zero Coupon, 10/01/19		11,503
		Residual Funding Corp. STRIPS,
	4,000	Zero Coupon, 10/15/19		3,586
	30,450	Zero Coupon, 07/15/20		26,642
	4,930	Zero Coupon, 10/15/20		4,270
		Tennessee Valley Authority,
	304	4.625%, 09/15/60		322
	3,500	5.250%, 09/15/39		4,243
	765	5.880%, 04/01/36		996
		Tennessee Valley Authority STRIPS,
	2,000	Zero Coupon, 05/01/19		1,783
	5,000	Zero Coupon, 11/01/25		3,254
	800	Zero Coupon, 06/15/35		324
		Total U.S. Government Agency Securities (Cost $80,388)		81,450
	U.S. Treasury Obligations — 24.6%
		U.S. Treasury Bonds,
	7,575	4.500%, 02/15/36		9,337
	700	4.500%, 05/15/38		864
	300	4.500%, 08/15/39		371
	1,500	4.750%, 02/15/37		1,915
	2,500	5.000%, 05/15/37		3,301
	1,250	5.375%, 02/15/31		1,683
	750	6.125%, 11/15/27		1,063
	300	6.125%, 08/15/29		431
	2,296	6.250%, 08/15/23		3,169
	900	6.250%, 05/15/30		1,318
	400	6.625%, 02/15/27		588
	4,690	7.500%, 11/15/16		5,785
	1,881	7.875%, 02/15/21		2,731
	864	8.125%, 05/15/21		1,279
	2,225	8.500%, 02/15/20		3,236
	1,500	8.750%, 05/15/20		2,223
	6,675	8.750%, 08/15/20		9,972
	22,765	8.875%, 08/15/17		30,349
		U.S. Treasury Inflation Indexed Bonds,
	300	2.500%, 01/15/29		425
	799	3.625%, 04/15/28 (m)		1,687
		U.S. Treasury Inflation Indexed Notes,
	1,000	0.500%, 04/15/15		1,105
	1,000	1.125%, 01/15/21		1,191
	1,000	1.250%, 04/15/14		1,116
	630	1.375%, 07/15/18		763
	2,000	2.000%, 01/15/14		2,555
		U.S. Treasury Notes,
	1,500	0.250%, 10/31/13		1,501
	3,560	0.875%, 01/31/18		3,542
	4,510	1.000%, 11/30/19		4,391
	11,635	1.375%, 11/30/18		11,761
	4,900	1.500%, 08/31/18		4,998
	1,000	1.750%, 01/31/14		1,011
	31,000	1.750%, 10/31/18 (m)		31,981
	1,000	1.875%, 02/28/14		1,013
	2,000	1.875%, 04/30/14		2,031
	10,000	2.000%, 02/15/22		10,049
	12,245	2.125%, 12/31/15		12,780
	21,972	2.625%, 12/31/14		22,795
	1,000	2.625%, 02/29/16		1,059
	4,575	2.625%, 04/30/16		4,854
	9,300	2.625%, 01/31/18		10,006
	700	2.625%, 08/15/20		749
	2,300	2.625%, 11/15/20		2,457
	500	2.750%, 10/31/13		505
	19,485	2.750%, 05/31/17		20,995
	7,500	2.750%, 12/31/17		8,108

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	U.S. Treasury Obligations — Continued
	8,000	3.125%, 10/31/16		8,672
	6,015	3.125%, 04/30/17		6,562
	11,638	3.125%, 05/15/19		12,881
	8,900	3.125%, 05/15/21		9,802
	15,700	3.250%, 12/31/16		17,128
	12,300	3.250%, 03/31/17		13,465
	2,000	3.375%, 07/31/13		2,011
	2,600	3.500%, 02/15/18		2,904
	1,000	3.500%, 05/15/20		1,132
	9,500	3.625%, 02/15/21		10,826
	10,000	4.000%, 02/15/15		10,630
	2,000	4.250%, 08/15/13		2,017
	3,725	4.500%, 11/15/15		4,096
	10,375	4.750%, 08/15/17		12,054
		U.S. Treasury STRIPS,
	14,400	02/15/14 (m)		14,385
	7,665	08/15/14 (m)		7,645
	23,533	11/15/14 (m)		23,444
	17,230	02/15/15 (m)		17,138
	19,180	02/15/15		19,083
	3,926	05/15/15		3,901
	2,049	08/15/15		2,033
	28,397	11/15/15		28,101
	5,445	11/15/15		5,389
	51,751	02/15/16		51,074
	1,000	05/15/16		984
	14,070	05/15/16		13,846
	5,681	08/15/16		5,571
	15,857	11/15/16		15,489
	20,629	02/15/17		20,057
	21,411	08/15/17		20,637
	20,589	11/15/17		19,751
	2,000	02/15/18		1,908
	8,400	05/15/18		7,967
	16,241	08/15/18		15,318
	6,982	02/15/19		6,498
	10,595	05/15/19		9,790
	22,360	08/15/19		20,513
	2,435	02/15/20		2,197
	67,929	05/15/20 (m)		60,753
	250	05/15/20		224
	37,935	08/15/20 (m)		33,644
	655	11/15/20		576
	345	02/15/21		300
	17,000	05/15/21		14,657
	4,300	08/15/21		3,672
	8,025	11/15/21		6,782
	6,778	02/15/22		5,674
	5,487	02/15/23		4,409
	1,000	05/15/23		795
	200	05/15/24		152
	600	08/15/24		452
	1,400	11/15/24		1,042
	1,000	02/15/26		704
	1,500	05/15/26		1,044
	1,592	08/15/26		1,095
	28,150	11/15/26		19,133
	28,300	02/15/27		19,018
	3,550	05/15/27		2,360
	5,675	08/15/27		3,726
	800	11/15/27		520
	8,860	02/15/28		5,690
	5,600	05/15/28		3,556
	3,000	08/15/28		1,886
	2,500	11/15/28		1,554
	925	02/15/29		569

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	U.S. Treasury Obligations — Continued
	1,600	08/15/29		963
	1,650	11/15/29		984
	21,300	02/15/30		12,562
	2,000	05/15/30		1,167
	8,200	08/15/30		4,736
	7,425	11/15/30		4,243
	800	02/15/31		452
	3,000	05/15/31		1,678
	1,500	08/15/31		830
	3,000	11/15/31		1,643
	1,550	02/15/32		840
	1,000	05/15/32		538
	350	08/15/32		186
	6,140	11/15/32		3,236
	11,150	05/15/33		5,758
	3,050	08/15/33		1,559
	4,500	11/15/33		2,276
	4,000	02/15/34		2,003
	2,800	05/15/34		1,390
	1,650	08/15/34		811
	2,850	02/15/35		1,372
	800	05/15/35		382
	100	08/15/35		47
		Total U.S. Treasury Obligations (Cost $870,155)		935,585
SHARES
	Short-Term Investment — 2.9%
		Investment Company — 2.9%
	111,276	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.039% (b) (l) (Cost $111,276)		111,276
		Total Investments — 101.2% (Cost $3,628,659)		3,848,690
		Liabilities in Excess of Other Assets — (1.2)%		(44,994	)
		NET ASSETS — 100.0%	$	3,803,696

Percentages indicated are based on net assets.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (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, 2013.
CMBS	—	Commercial Mortgage Backed Security
CMO	—	Collateralized Mortgage Obligation
ESOP	—	Employee Stock Ownership Program
FHA	—	Federal Housing Administration
GMAC	—	General Motors Acceptance Corp.
GO	—	General Obligation.
HB	—	High Coupon Bonds (a.k.a. “IOettes”) represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO’s, the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit (REMIC) 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, 2013. The rate may be subject to a cap and floor.
IO	—	Interest Only represents the right to receive the monthly interest payment 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 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, 2013.
VA	—	Veterans Administration
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of May 31, 2013.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—	Amount rounds to less than 0.1%.
(h)	—	Amount rounds to less than one thousand.
(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, 2013.
(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.
(t)	—	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(†)	—	Security matures in 2111.

As of May 31, 2013, 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	$	240,329
Aggregate gross unrealized depreciation		(20,298	)
Net unrealized appreciation/depreciation	$	220,031
Federal income tax cost of investments	$	3,628,659

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

A. Valuation of Investments — 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 Trustees or third party broker-dealers. The pricing services or broker-dealers use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services or broker-dealers 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 pricing services or broker-dealers also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics 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. 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. Securities listed on the NASDAQ Stock Market LLC are generally valued at the NASDAQ Official Closing Price. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates fair value. Investments in other open-end investment companies are valued at each investment company’s net asset value per share (“NAV”) as of the report date.

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 these 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 of Trustees. If valuations are not available from such services or values received are deemed not representative of fair value, values will be obtained from a third party broker-dealer or counterparty.

Securities or other assets for which market quotations are not readily available or for which market quotations are deemed to not represent the fair value of the security or asset 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 of Trustees. The Board of Trustees has established an Audit and Valuation Committee to assist with the oversight of the valuation of the Fund’s securities. JPMorgan Funds Management, Inc. (the “Administrator”, or “JPMFM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), has established a Valuation Committee (“VC”) that is comprised of senior representatives from JPMFM, J.P. Morgan Investment Management Inc. (“JPMIM” or the “Advisor”), a wholly-owned subsidiary of JPMorgan Asset Management Holdings Inc. (“JPMAM”), which is a wholly-owned subsidiary of JPMorgan, JPMorgan’s Legal and Compliance and JPMAM’s Risk Management and the Fund’s Chief Compliance Officer. The VC’s responsibilities include making determinations regarding Level 3 fair value measurements (“Fair Values”) and/or providing recommendations for approval to the Board of Trustees’ Audit and Valuation Committee, in accordance with the Fund’s valuation policies.

The VC or Board of Trustees, as applicable, primarily employs 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 of Trustees 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 for discussing and assessing Fair Values on an ongoing, and at least a quarterly, basis with the VC and Board of Trustees, as applicable. The appropriateness of Fair Values is assessed based on results of unchanged price review and consideration of macro or security specific events, back testing and broker and vendor due diligence.

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

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (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 the 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		Level 3
			Other significant observable inputs		Significant unobservable inputs			Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	125,299	$	67,147		$	192,446
Collateralized Mortgage Obligations
Agency CMO		—		646,913		15,905			662,818
Non-Agency CMO		—		298,952		73,305			372,257
Total Collateralized Mortgage Obligations		—		945,865		89,210			1,035,075
Commercial Mortgage-Backed
Securities		—		133,101		23,494			156,595
Corporate Bonds
Consumer Discretionary		—		53,563		—			53,563
Consumer Staples		—		36,082		—			36,082
Energy		—		61,720		—			61,720
Financials		—		332,768		—			332,768
Health Care		—		21,149		—			21,149
Industrials		—		39,423		3,102			42,525
Information Technology		—		41,448		—			41,448
Materials		—		17,573		—			17,573
Telecommunication Services		—		42,268		—			42,268
Utilities		—		66,292		—			66,292
Total Corporate Bonds		—		712,286		3,102			715,388
Foreign Government Securities		—		41,128		—			41,128
Mortgage Pass-Through Securities		—		530,315		28,151			558,466
Municipal Bonds		—		9,632		—			9,632
Supranational		—		4,684		—			4,684
U.S. Government Agency
Securities		—		81,450		—			81,450
U.S. Treasury Obligations		—		935,585		—			935,585
Loan Assignment
Financials		—		5,407		1,558			6,965
Total Loan Assignment		—		5,407		1,558			6,965
Short-Term Investment
Investment Company		111,276		—		—			111,276
Total Investments in Securities	$	111,276	$	3,524,752	$	212,662	*	$	3,848,690

* Level 3 securities are valued by brokers and pricing services. At May 31, 2013, the value of these securities was approximately $212,662,000. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A. The appropriateness of fair values for these securities is monitored on an ongoing basis which may include results of back testing, results of broker and vendor due diligence, unchanged price review and consideration of macro or security specific events.

There were no transfers between Levels 1 and 2 during the period ended May 31, 2013.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

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

JPMorgan Core Bond Trust	Balance as of 02/28/13		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 05/31/13
Investments in Securities
Asset-Backed Securities	$	60,762	$	(209	)	$	263		$	25		$	10,251	$	(9,368	)	$	15,746	$	(10,323	)	$	67,147
Collateralized Mortgage Obligations
Agency CMO		27,817		—			(670	)		—			967		(933	)		5,393		(16,669	)		15,905
Non-Agency CMO		48,208		(1	)		(596	)		(59	)		10,306		(5,595	)		32,444		(11,402	)		73,305
Commercial Mortgage-Backed Securities		30,371		—			(107	)		(8	)		—		(3,073	)		—		(3,689	)		23,494
Corporate Bonds
Industrials		3,316		—			37			(1	)		441		(63	)		—		(628	)		3,102
Telecommunication Services		1,884		—			—			—			—		—			—		(1,884	)		—
Loan Assignment — Financials		—		—			(7	)		—			1,565		—			—		—			1,558
Mortgage Pass-Through Securities		11,987		—			(436	)		—	(a)		28,588		—			—		(11,988	)		28,151
Total	$	184,345	$	(210	)	$	(1,516	)	$	(43	)	$	52,118	$	(19,032	)	$	53,583	$	(56,583	)	$	212,662

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

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

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

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

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

The changes in net unrealized appreciation (depreciation) attributable to securities owned at May 31, 2013, which were valued using significant unobservable inputs (Level 3) amounted to approximately $(1,516,000).

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — 99.1%
	Consumer Discretionary — 11.7%
			Auto Components — 0.4%
	3		BorgWarner, Inc. (a)		214
	7		Delphi Automotive plc, (United Kingdom)		327
	6		Goodyear Tire & Rubber Co. (The) (a)		85
	16		Johnson Controls, Inc.		584
					1,210
			Automobiles — 0.5%
	90		Ford Motor Co.		1,405
	5		Harley-Davidson, Inc.		282
					1,687
			Distributors — 0.1%
	4		Genuine Parts Co.		275
			Diversified Consumer Services — 0.1%
	2		Apollo Group, Inc., Class A (a)		46
	6		H&R Block, Inc.		181
					227
			Hotels, Restaurants & Leisure — 1.7%
	10		Carnival Corp.		336
	1		Chipotle Mexican Grill, Inc. (a)		256
	3		Darden Restaurants, Inc.		153
	6		International Game Technology		108
	6		Marriott International, Inc., Class A		234
	23		McDonald’s Corp.		2,213
	17		Starbucks Corp.		1,080
	4		Starwood Hotels & Resorts Worldwide, Inc.		302
	3		Wyndham Worldwide Corp.		181
	2		Wynn Resorts Ltd.		248
	10		Yum! Brands, Inc.		698
					5,809
			Household Durables — 0.4%
	6		D.R. Horton, Inc.		156
	3		Garmin Ltd., (Switzerland)		88
	2		Harman International Industries, Inc.		82
	3		Leggett & Platt, Inc.		104
	4		Lennar Corp., Class A		148
	7		Newell Rubbermaid, Inc.		177
	8		PulteGroup, Inc. (a)		168
	2		Whirlpool Corp.		229
					1,152
			Internet & Catalog Retail — 1.1%
	8		Amazon.com, Inc. (a)		2,235
	2		Expedia, Inc.		123
	1		Netflix, Inc. (a)		289
	1		priceline.com, Inc. (a)		916
	3		TripAdvisor, Inc. (a)		162
					3,725
			Leisure Equipment & Products — 0.1%
	3		Hasbro, Inc.		117
	8		Mattel, Inc.		352
					469
			Media — 3.5%
	5		Cablevision Systems Corp., Class A		74
	13		CBS Corp. (Non-Voting), Class B		662
	60		Comcast Corp., Class A		2,421
	13		DIRECTV (a)		800
	6		Discovery Communications, Inc., Class A (a)		442
	5		Gannett Co., Inc.		113
	9		Interpublic Group of Cos., Inc. (The)		134
	46		News Corp., Class A		1,467
	6		Omnicom Group, Inc.		371
	2		Scripps Networks Interactive, Inc., Class A		132
	7		Time Warner Cable, Inc.		645
	21		Time Warner, Inc.		1,247
	10		Viacom, Inc., Class B		686
	41		Walt Disney Co. (The)		2,602
	–	(h)	Washington Post Co. (The), Class B		49
					11,845
			Multiline Retail — 0.8%
	7		Dollar General Corp. (a)		365
	5		Dollar Tree, Inc. (a)		249
	2		Family Dollar Stores, Inc.		134
	3		J.C. Penney Co., Inc. (a)		57
	5		Kohl’s Corp.		249
	9		Macy’s, Inc.		437
	3		Nordstrom, Inc.		201
	15		Target Corp.		1,034
					2,726
			Specialty Retail — 2.3%
	2		Abercrombie & Fitch Co., Class A		91
	1		AutoNation, Inc. (a)		41
	1		AutoZone, Inc. (a)		339
	5		Bed Bath & Beyond, Inc. (a)		353
	6		Best Buy Co., Inc.		167
	5		CarMax, Inc. (a)		244
	3		GameStop Corp., Class A		92

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — Continued
		Specialty Retail — Continued
	7	Gap, Inc. (The)		275
	34	Home Depot, Inc. (The)		2,687
	5	L Brands, Inc.		273
	25	Lowe’s Cos., Inc.		1,068
	3	O’Reilly Automotive, Inc. (a)		277
	2	PetSmart, Inc.		166
	5	Ross Stores, Inc.		327
	15	Staples, Inc.		231
	3	Tiffany & Co.		212
	17	TJX Cos., Inc.		843
	3	Urban Outfitters, Inc. (a)		105
				7,791
		Textiles, Apparel & Luxury Goods — 0.7%
	6	Coach, Inc.		374
	1	Fossil, Inc. (a)		130
	17	NIKE, Inc., Class B		1,022
	2	PVH Corp.		206
	1	Ralph Lauren Corp.		243
	2	V.F. Corp.		370
				2,345
		Total Consumer Discretionary		39,261
	Consumer Staples — 10.5%
		Beverages — 2.3%
	4	Beam, Inc.		237
	3	Brown-Forman Corp., Class B		238
	88	Coca-Cola Co. (The)		3,502
	6	Coca-Cola Enterprises, Inc.		223
	3	Constellation Brands, Inc., Class A (a)		185
	5	Dr. Pepper Snapple Group, Inc.		214
	4	Molson Coors Brewing Co., Class B		176
	3	Monster Beverage Corp. (a)		180
	35	PepsiCo, Inc.		2,847
				7,802
		Food & Staples Retailing — 2.4%
	10	Costco Wholesale Corp.		1,092
	28	CVS Caremark Corp.		1,620
	12	Kroger Co. (The)		399
	5	Safeway, Inc.		126
	13	Sysco Corp.		453
	20	Walgreen Co.		938
	38	Wal-Mart Stores, Inc.		2,860
	8	Whole Foods Market, Inc.		408
				7,896
		Food Products — 1.8%
	15	Archer-Daniels-Midland Co.		485
	4	Campbell Soup Co.		175
	9	ConAgra Foods, Inc.		319
	15	General Mills, Inc.		696
	7	H.J. Heinz Co.		530
	3	Hershey Co. (The)		306
	3	Hormel Foods Corp.		122
	2	JM Smucker Co. (The)		248
	6	Kellogg Co.		354
	14	Kraft Foods Group, Inc.		746
	3	McCormick & Co., Inc. (Non-Voting)		209
	5	Mead Johnson Nutrition Co.		375
	41	Mondelez International, Inc., Class A		1,197
	6	Tyson Foods, Inc., Class A		162
				5,924
		Household Products — 2.1%
	3	Clorox Co. (The)		248
	20	Colgate-Palmolive Co.		1,162
	9	Kimberly-Clark Corp.		858
	62	Procter & Gamble Co. (The)		4,791
				7,059
		Personal Products — 0.2%
	10	Avon Products, Inc.		233
	5	Estee Lauder Cos., Inc. (The), Class A		371
				604
		Tobacco — 1.7%
	46	Altria Group, Inc.		1,658
	9	Lorillard, Inc.		368
	38	Philip Morris International, Inc.		3,422
	7	Reynolds American, Inc.		354
				5,802
		Total Consumer Staples		35,087
	Energy — 10.5%
		Energy Equipment & Services — 1.8%
	10	Baker Hughes, Inc.		459
	6	Cameron International Corp. (a)		345
	2	Diamond Offshore Drilling, Inc.		109
	5	Ensco plc, (United Kingdom), Class A		320
	5	FMC Technologies, Inc. (a)		302
	21	Halliburton Co.		891
	2	Helmerich & Payne, Inc.		150
	7	Nabors Industries Ltd., (Bermuda)		107
	10	National Oilwell Varco, Inc.		685
	6	Noble Corp., (Switzerland)		224

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — Continued
		Energy Equipment & Services — Continued
	3	Rowan Cos. plc, Class A (a)		94
	30	Schlumberger Ltd.		2,216
				5,902
		Oil, Gas & Consumable Fuels — 8.7%
	11	Anadarko Petroleum Corp.		1,000
	9	Apache Corp.		735
	5	Cabot Oil & Gas Corp.		338
	12	Chesapeake Energy Corp.		260
	44	Chevron Corp.		5,448
	28	ConocoPhillips		1,711
	5	CONSOL Energy, Inc.		181
	9	Denbury Resources, Inc. (a)		157
	9	Devon Energy Corp.		490
	6	EOG Resources, Inc.		802
	3	EQT Corp.		275
	102	Exxon Mobil Corp.		9,261
	7	Hess Corp.		458
	14	Kinder Morgan, Inc.		548
	16	Marathon Oil Corp.		556
	8	Marathon Petroleum Corp.		625
	4	Murphy Oil Corp.		262
	3	Newfield Exploration Co. (a)		74
	8	Noble Energy, Inc.		473
	18	Occidental Petroleum Corp.		1,695
	6	Peabody Energy Corp.		121
	14	Phillips 66		945
	3	Pioneer Natural Resources Co.		419
	4	QEP Resources, Inc.		116
	4	Range Resources Corp.		280
	8	Southwestern Energy Co. (a)		302
	15	Spectra Energy Corp.		467
	3	Tesoro Corp.		194
	13	Valero Energy Corp.		513
	16	Williams Cos., Inc. (The)		548
	5	WPX Energy, Inc. (a)		88
				29,342
		Total Energy		35,244
	Financials — 16.6%
		Capital Markets — 2.2%
	5	Ameriprise Financial, Inc.		379
	27	Bank of New York Mellon Corp. (The)		799
	3	BlackRock, Inc.		802
	25	Charles Schwab Corp. (The)		499
	6	E*TRADE Financial Corp. (a)		68
	3	Franklin Resources, Inc.		489
	10	Goldman Sachs Group, Inc. (The)		1,621
	10	Invesco Ltd.		340
	3	Legg Mason, Inc.		92
	31	Morgan Stanley		812
	5	Northern Trust Corp.		289
	10	State Street Corp.		691
	6	T. Rowe Price Group, Inc.		449
				7,330
		Commercial Banks — 2.8%
	16	BB&T Corp.		526
	4	Comerica, Inc.		169
	20	Fifth Third Bancorp		364
	6	First Horizon National Corp.		64
	19	Huntington Bancshares, Inc.		149
	21	KeyCorp		227
	3	M&T Bank Corp.		291
	12	PNC Financial Services Group, Inc.		865
	32	Regions Financial Corp.		295
	12	SunTrust Banks, Inc.		395
	43	U.S. Bancorp		1,493
	112	Wells Fargo & Co.		4,542
	4	Zions Bancorp		118
				9,498
		Consumer Finance — 1.0%
	22	American Express Co.		1,662
	13	Capital One Financial Corp.		811
	11	Discover Financial Services		537
	10	SLM Corp.		246
				3,256
		Diversified Financial Services — 4.1%
	247	Bank of America Corp.		3,377
	69	Citigroup, Inc.		3,610
	7	CME Group, Inc.		476
	2	IntercontinentalExchange, Inc. (a)		284
	87	JPMorgan Chase & Co. (q)		4,774
	7	Leucadia National Corp.		210
	6	McGraw Hill Financial, Inc.		350
	4	Moody’s Corp.		294
	3	NASDAQ OMX Group, Inc. (The)		85
	6	NYSE Euronext		224
				13,684
		Insurance — 4.3%
	8	ACE Ltd., (Switzerland)		695

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — Continued
		Insurance — Continued
	11	Aflac, Inc.		595
	11	Allstate Corp. (The)		526
	34	American International Group, Inc. (a)		1,500
	7	Aon plc, (United Kingdom)		453
	2	Assurant, Inc.		90
	42	Berkshire Hathaway, Inc., Class B (a)		4,754
	6	Chubb Corp. (The)		519
	3	Cincinnati Financial Corp.		159
	11	Genworth Financial, Inc., Class A (a)		122
	10	Hartford Financial Services Group, Inc.		306
	6	Lincoln National Corp.		221
	7	Loews Corp.		324
	13	Marsh & McLennan Cos., Inc.		501
	25	MetLife, Inc.		1,105
	6	Principal Financial Group, Inc.		238
	13	Progressive Corp. (The)		323
	11	Prudential Financial, Inc.		733
	2	Torchmark Corp.		138
	9	Travelers Cos., Inc. (The)		723
	6	Unum Group		176
	7	XL Group plc, (Ireland)		212
				14,413
		Real Estate Investment Trusts (REITs) — 2.1%
	9	American Tower Corp.		703
	3	Apartment Investment & Management Co., Class A		101
	3	AvalonBay Communities, Inc.		368
	3	Boston Properties, Inc.		369
	7	Equity Residential		414
	10	HCP, Inc.		491
	6	Health Care REIT, Inc.		437
	17	Host Hotels & Resorts, Inc.		295
	9	Kimco Realty Corp.		206
	3	Macerich Co. (The)		204
	4	Plum Creek Timber Co., Inc.		177
	11	Prologis, Inc.		455
	3	Public Storage		500
	7	Simon Property Group, Inc.		1,193
	7	Ventas, Inc.		476
	4	Vornado Realty Trust		309
	12	Weyerhaeuser Co.		371
				7,069
		Real Estate Management & Development — 0.0% (g)
	7	CBRE Group, Inc., Class A (a)		161
		Thrifts & Mortgage Finance — 0.1%
	11	Hudson City Bancorp, Inc.		92
	8	People’s United Financial, Inc.		107
				199
		Total Financials		55,610
	Health Care — 12.5%
		Biotechnology — 2.1%
	4	Alexion Pharmaceuticals, Inc. (a)		435
	17	Amgen, Inc.		1,719
	5	Biogen Idec, Inc. (a)		1,283
	10	Celgene Corp. (a)		1,183
	35	Gilead Sciences, Inc. (a)		1,895
	2	Regeneron Pharmaceuticals, Inc. (a)		423
				6,938
		Health Care Equipment & Supplies — 2.1%
	36	Abbott Laboratories		1,316
	12	Baxter International, Inc.		877
	4	Becton, Dickinson & Co.		437
	31	Boston Scientific Corp. (a)		287
	2	C.R. Bard, Inc.		179
	5	CareFusion Corp. (a)		187
	11	Covidien plc, (Ireland)		686
	3	DENTSPLY International, Inc.		136
	3	Edwards Lifesciences Corp. (a)		173
	1	Intuitive Surgical, Inc. (a)		456
	23	Medtronic, Inc.		1,179
	6	St. Jude Medical, Inc.		279
	7	Stryker Corp.		439
	2	Varian Medical Systems, Inc. (a)		167
	4	Zimmer Holdings, Inc.		304
				7,102
		Health Care Providers & Services — 1.9%
	9	Aetna, Inc.		524
	5	AmerisourceBergen Corp.		284
	8	Cardinal Health, Inc.		366
	7	Cigna Corp.		444
	2	DaVita HealthCare Partners, Inc. (a)		239
	19	Express Scripts Holding Co. (a)		1,162
	4	Humana, Inc.		292
	2	Laboratory Corp. of America Holdings (a)		212
	5	McKesson Corp.		617
	2	Patterson Cos., Inc.		75
	4	Quest Diagnostics, Inc.		223
	2	Tenet Healthcare Corp. (a)		113
	23	UnitedHealth Group, Inc.		1,467

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — Continued
		Health Care Providers & Services — Continued
	7	WellPoint, Inc.		535
				6,553
		Health Care Technology — 0.1%
	3	Cerner Corp. (a)		329
		Life Sciences Tools & Services — 0.5%
	8	Agilent Technologies, Inc.		360
	4	Life Technologies Corp. (a)		291
	3	PerkinElmer, Inc.		81
	8	Thermo Fisher Scientific, Inc.		722
	2	Waters Corp. (a)		190
				1,644
		Pharmaceuticals — 5.8%
	36	AbbVie, Inc.		1,542
	3	Actavis, Inc. (a)		360
	7	Allergan, Inc.		699
	37	Bristol-Myers Squibb Co.		1,721
	23	Eli Lilly & Co.		1,213
	5	Forest Laboratories, Inc. (a)		213
	4	Hospira, Inc. (a)		131
	64	Johnson & Johnson		5,376
	69	Merck & Co., Inc.		3,225
	9	Mylan, Inc. (a)		275
	2	Perrigo Co.		234
	164	Pfizer, Inc.		4,473
				19,462
		Total Health Care		42,028
	Industrials — 10.1%
		Aerospace & Defense — 2.4%
	16	Boeing Co. (The)		1,540
	8	General Dynamics Corp.		585
	18	Honeywell International, Inc.		1,405
	2	L-3 Communications Holdings, Inc.		175
	6	Lockheed Martin Corp.		647
	5	Northrop Grumman Corp.		446
	3	Precision Castparts Corp.		716
	7	Raytheon Co.		496
	3	Rockwell Collins, Inc.		202
	6	Textron, Inc.		167
	19	United Technologies Corp.		1,829
				8,208
		Air Freight & Logistics — 0.7%
	4	C.H. Robinson Worldwide, Inc.		209
	5	Expeditors International of Washington, Inc.		184
	7	FedEx Corp.		644
	16	United Parcel Service, Inc., Class B		1,403
				2,440
		Airlines — 0.1%
	17	Southwest Airlines Co.		236
		Building Products — 0.0% (g)
	8	Masco Corp.		171
		Commercial Services & Supplies — 0.6%
	5	ADT Corp. (The) (a)		215
	2	Avery Dennison Corp.		99
	2	Cintas Corp.		109
	4	Iron Mountain, Inc.		137
	5	Pitney Bowes, Inc.		68
	7	Republic Services, Inc.		232
	2	Stericycle, Inc. (a)		216
	11	Tyco International Ltd., (Switzerland)		360
	10	Waste Management, Inc.		419
				1,855
		Construction & Engineering — 0.2%
	4	Fluor Corp.		235
	3	Jacobs Engineering Group, Inc. (a)		170
	5	Quanta Services, Inc. (a)		138
				543
		Electrical Equipment — 0.7%
	11	Eaton Corp. plc, (Ireland)		711
	16	Emerson Electric Co.		948
	3	Rockwell Automation, Inc.		281
	2	Roper Industries, Inc.		281
				2,221
		Industrial Conglomerates — 2.4%
	15	3M Co.		1,599
	13	Danaher Corp.		819
	238	General Electric Co.		5,541
				7,959
		Machinery — 1.8%
	15	Caterpillar, Inc.		1,284
	4	Cummins, Inc.		483
	9	Deere & Co.		775
	4	Dover Corp.		312
	1	Flowserve Corp.		185
	9	Illinois Tool Works, Inc.		666

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — Continued
		Machinery — Continued
	6	Ingersoll-Rand plc, (Ireland)		362
	2	Joy Global, Inc.		131
	8	PACCAR, Inc.		433
	3	Pall Corp.		173
	3	Parker Hannifin Corp.		340
	5	Pentair Ltd., (Switzerland)		274
	1	Snap-on, Inc.		121
	4	Stanley Black & Decker, Inc.		290
	4	Xylem, Inc.		120
				5,949
		Professional Services — 0.1%
	1	Dun & Bradstreet Corp. (The)		92
	3	Equifax, Inc.		167
	3	Robert Half International, Inc.		111
				370
		Road & Rail — 0.9%
	23	CSX Corp.		588
	3	Kansas City Southern		279
	7	Norfolk Southern Corp.		550
	1	Ryder System, Inc.		74
	11	Union Pacific Corp.		1,658
				3,149
		Trading Companies & Distributors — 0.2%
	6	Fastenal Co.		322
	1	W.W. Grainger, Inc.		351
				673
		Total Industrials		33,774
	Information Technology — 18.0%
		Communications Equipment — 1.9%
	122	Cisco Systems, Inc.		2,934
	2	F5 Networks, Inc. (a)		149
	3	Harris Corp.		129
	5	JDS Uniphase Corp. (a)		73
	12	Juniper Networks, Inc. (a)		209
	6	Motorola Solutions, Inc.		366
	39	QUALCOMM, Inc.		2,492
				6,352
		Computers & Peripherals — 4.1%
	21	Apple, Inc.		9,648
	33	Dell, Inc.		446
	48	EMC Corp. (a)		1,191
	45	Hewlett-Packard Co.		1,090
	8	NetApp, Inc. (a)		309
	6	SanDisk Corp. (a)		326
	7	Seagate Technology plc, (Ireland)		314
	5	Western Digital Corp.		313
				13,637
		Electronic Equipment, Instruments & Components — 0.4%
	4	Amphenol Corp., Class A		284
	34	Corning, Inc.		517
	3	FLIR Systems, Inc.		81
	4	Jabil Circuit, Inc.		84
	3	Molex, Inc.		93
	10	TE Connectivity Ltd., (Switzerland)		426
				1,485
		Internet Software & Services — 2.3%
	4	Akamai Technologies, Inc. (a)		188
	27	eBay, Inc. (a)		1,442
	6	Google, Inc., Class A (a)		5,311
	3	VeriSign, Inc. (a)		164
	22	Yahoo!, Inc. (a)		582
				7,687
		IT Services — 3.7%
	15	Accenture plc, (Ireland), Class A		1,209
	11	Automatic Data Processing, Inc.		762
	7	Cognizant Technology Solutions Corp., Class A (a)		446
	4	Computer Sciences Corp.		157
	7	Fidelity National Information Services, Inc.		301
	3	Fiserv, Inc. (a)		266
	24	International Business Machines Corp.		4,979
	2	Mastercard, Inc., Class A		1,375
	7	Paychex, Inc.		275
	6	SAIC, Inc.		94
	4	Teradata Corp. (a)		211
	4	Total System Services, Inc.		86
	12	Visa, Inc., Class A		2,099
	13	Western Union Co. (The)		213
				12,473
		Office Electronics — 0.1%
	28	Xerox Corp.		246
		Semiconductors & Semiconductor Equipment — 2.0%
	14	Advanced Micro Devices, Inc. (a)		55
	7	Altera Corp.		242
	7	Analog Devices, Inc.		321

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — Continued
		Semiconductors & Semiconductor Equipment — Continued
	27	Applied Materials, Inc.		417
	12	Broadcom Corp., Class A		429
	1	First Solar, Inc. (a)		75
	113	Intel Corp.		2,744
	4	KLA-Tencor Corp.		214
	4	Lam Research Corp. (a)		173
	5	Linear Technology Corp.		199
	13	LSI Corp. (a)		93
	4	Microchip Technology, Inc.		163
	23	Micron Technology, Inc. (a)		273
	13	NVIDIA Corp.		190
	4	Teradyne, Inc. (a)		78
	25	Texas Instruments, Inc.		906
	6	Xilinx, Inc.		243
				6,815
		Software — 3.5%
	11	Adobe Systems, Inc. (a)		489
	5	Autodesk, Inc. (a)		194
	3	BMC Software, Inc. (a)		136
	8	CA, Inc.		208
	4	Citrix Systems, Inc. (a)		274
	7	Electronic Arts, Inc. (a)		158
	6	Intuit, Inc.		372
	172	Microsoft Corp.		6,008
	84	Oracle Corp.		2,848
	4	Red Hat, Inc. (a)		213
	12	Salesforce.com, Inc. (a)		521
	16	Symantec Corp. (a)		352
				11,773
		Total Information Technology		60,468
	Materials — 3.3%
		Chemicals — 2.4%
	5	Air Products & Chemicals, Inc.		448
	2	Airgas, Inc.		161
	1	CF Industries Holdings, Inc.		259
	28	Dow Chemical Co. (The)		948
	21	E.I. du Pont de Nemours & Co.		1,191
	4	Eastman Chemical Co.		252
	6	Ecolab, Inc.		512
	3	FMC Corp.		197
	2	International Flavors & Fragrances, Inc.		150
	9	LyondellBasell Industries N.V., (Netherlands), Class A		578
	12	Monsanto Co.		1,232
	6	Mosaic Co. (The)		385
	3	PPG Industries, Inc.		501
	7	Praxair, Inc.		774
	2	Sherwin-Williams Co. (The)		370
	3	Sigma-Aldrich Corp.		230
				8,188
		Construction Materials — 0.0% (g)
	3	Vulcan Materials Co.		159
		Containers & Packaging — 0.2%
	3	Ball Corp.		147
	2	Bemis Co., Inc.		92
	4	MeadWestvaco Corp.		141
	4	Owens-Illinois, Inc. (a)		103
	4	Sealed Air Corp.		107
				590
		Metals & Mining — 0.6%
	24	Alcoa, Inc.		208
	2	Allegheny Technologies, Inc.		68
	3	Cliffs Natural Resources, Inc.		62
	24	Freeport-McMoRan Copper & Gold, Inc.		736
	11	Newmont Mining Corp.		389
	7	Nucor Corp.		323
	3	United States Steel Corp.		58
				1,844
		Paper & Forest Products — 0.1%
	10	International Paper Co.		465
		Total Materials		11,246
	Telecommunication Services — 2.7%
		Diversified Telecommunication Services — 2.4%
	125	AT&T, Inc.		4,390
	14	CenturyLink, Inc.		488
	23	Frontier Communications Corp.		95
	65	Verizon Communications, Inc.		3,166
	13	Windstream Corp.		109
				8,248
		Wireless Telecommunication Services — 0.3%
	7	Crown Castle International Corp. (a)		477
	69	Sprint Nextel Corp. (a)		502
				979
		Total Telecommunication Services		9,227

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — Continued
	Utilities — 3.2%
		Electric Utilities — 1.8%
	11	American Electric Power Co., Inc.		508
	16	Duke Energy Corp.		1,078
	7	Edison International		342
	4	Entergy Corp.		280
	20	Exelon Corp.		612
	10	FirstEnergy Corp.		373
	10	NextEra Energy, Inc.		732
	7	Northeast Utilities		299
	5	Pepco Holdings, Inc.		109
	3	Pinnacle West Capital Corp.		142
	13	PPL Corp.		396
	20	Southern Co. (The)		872
	11	Xcel Energy, Inc.		320
				6,063
		Gas Utilities — 0.1%
	3	AGL Resources, Inc.		114
	5	ONEOK, Inc.		211
				325
		Independent Power Producers & Energy Traders — 0.1%
	14	AES Corp. (The)		172
	7	NRG Energy, Inc.		188
				360
		Multi-Utilities — 1.2%
	6	Ameren Corp.		189
	10	CenterPoint Energy, Inc.		226
	6	CMS Energy Corp.		163
	7	Consolidated Edison, Inc.		382
	13	Dominion Resources, Inc.		745
	4	DTE Energy Co.		263
	2	Integrys Energy Group, Inc.		103
	7	NiSource, Inc.		204
	10	PG&E Corp.		450
	12	Public Service Enterprise Group, Inc.		382
	3	SCANA Corp.		153
	5	Sempra Energy		420
	5	TECO Energy, Inc.		82
	5	Wisconsin Energy Corp.		214
				3,976
		Total Utilities		10,724
		Total Common Stocks (Cost $195,646)		332,669
	Investment Company — 0.1%
	3	SPDR S&P 500 ETF Trust (Cost $347)		457
PRINCIPAL AMOUNT ($)
	Short-Term Investments — 0.6%
		U.S. Treasury Obligation — 0.1%
	325	U.S. Treasury Bill, 0.058%, 06/20/13 (k) (n) (Cost $325)		325
SHARES
		Investment Company — 0.5%
	1,707	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.040% (b) (l) (m) (Cost $1,707)		1,707
		Total Short-Term Investments (Cost $2,032)		2,032
		Total Investments — 99.8% (Cost $198,025)		335,158
		Other Assets in Excess of Liabilities — 0.2%		585
		NET ASSETS — 100.0%	$	335,743

Percentages indicated are based on net assets.

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands, except number of contracts)

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 05/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	25	E-mini S&P 500		06/21/13	$	2,036	$	90

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ETF	—	Exchange Traded Fund
SPDR	—	Standard & Poor’s Depositary 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.
(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, 2013.
(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, 2013, 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	$	140,289
Aggregate gross unrealized depreciation		(3,156	)
Net unrealized appreciation/depreciation	$	137,133
Federal income tax cost of investments	$	198,025

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (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 the 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)	$	334,833	$	325	$	–	$	335,158
Appreciation in Other Financial Instruments
Futures Contracts	$	90	$	–	$	–	$	90

(a) Portfolio holdings designated as Level 1 and Level 2 are disclosed individually on 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, 2013.

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Asset-Backed Securities — 3.7%
	146	Academic Loan Funding Trust, Series 2012-1A, Class A1, VAR, 0.993%, 12/27/22 (e)		147
		Ally Auto Receivables Trust,
	21	Series 2010-4, Class A3, 0.910%, 11/17/14		21
	124	Series 2012-1, Class A3, 0.930%, 02/16/16		125
	377	Series 2012-2, Class A3, 0.740%, 04/15/16		378
	181	Series 2012-4, Class A2, 0.480%, 05/15/15		181
	198	Series 2012-5, Class A2, 0.450%, 07/15/15		198
		American Credit Acceptance Receivables Trust,
	57	Series 2012-1, Class A2, 3.040%, 10/15/15 (e)		58
	177	Series 2012-2, Class A, 1.890%, 07/15/16 (e)		178
	64	Series 2012-3, Class A, 1.640%, 11/15/16 (e)		64
		AmeriCredit Automobile Receivables Trust,
	22	Series 2010-3, Class A3, 1.140%, 04/08/15		21
	12	Series 2010-4, Class A3, 1.270%, 04/08/15		12
	219	Series 2011-5, Class A3, 1.550%, 07/08/16		221
	82	Series 2012-1, Class A2, 0.910%, 10/08/15		82
	94	Series 2012-1, Class A3, 1.230%, 09/08/16		95
	58	Series 2012-4, Class A2, 0.490%, 04/08/16		58
	196	Series 2013-1, Class A2, 0.490%, 06/08/16		196
	53	Series 2013-1, Class A3, 0.610%, 10/10/17		53
		Bank of America Auto Trust,
	20	Series 2010-1A, Class A4, 2.180%, 02/15/17 (e)		20
	87	Series 2010-2, Class A4, 1.940%, 06/15/17		87
	55	Bear Stearns Asset-Backed Securities Trust, Series 2006-SD1, Class A, VAR, 0.563%, 04/25/36		52
		BMW Vehicle Lease Trust,
	146	Series 2013-1, Class A2, 0.400%, 01/20/15		146
	48	Series 2013-1, Class A3, 0.540%, 09/21/15		48
	100	Cabela’s Master Credit Card Trust, Series 2012-1A, Class A1, 1.630%, 02/18/20 (e)		101
	124	California Republic Auto Receivables Trust, Series 2012-1, Class A, 1.180%, 08/15/17 (e)		124
	247	Capital Auto Receivables Asset Trust, Series 2013-1, Class A2, 0.620%, 07/20/16		247
	19	CarNow Auto Receivables Trust, Series 2012-1A, Class A, 2.090%, 01/15/15 (e)		19
	165	Centex Home Equity Loan Trust, Series 2004-D, Class AF4, SUB, 4.680%, 06/25/32		172
		CNH Equipment Trust,
	42	Series 2010-C, Class A3, 1.170%, 05/15/15		43
	4	Series 2012-A, Class A2, 0.650%, 07/15/15		4
	99	Series 2012-A, Class A3, 0.940%, 05/15/17		99
	158	Series 2012-C, Class A2, 0.440%, 02/16/16		158
		Concord Funding Co. LLC,
	300	Series 2012-2, Class A, 3.145%, 01/15/17 (e)		300
	100	Series 2013-1, Class A, 2.420%, 02/15/15 (e)		100
		CPS Auto Receivables Trust,
	57	Series 2011-C, Class A, 4.210%, 03/15/19 (e)		59
	50	Series 2012-A, Class A, 2.780%, 06/17/19 (e)		51
	300	Series 2012-B, Class A, 2.520%, 09/16/19 (e)		305
	204	Discover Card Execution Note Trust, Series 2012-A1, Class A1, 0.810%, 08/15/17		205
	71	DT Auto Owner Trust, Series 2012-2A, Class A, 0.910%, 11/16/15 (e)		71
		First Investors Auto Owner Trust,
	83	Series 2012-2A, Class A2, 1.470%, 05/15/18 (e)		84
	100	Series 2013-1A, Class A2, 0.900%, 10/15/18 (e)		100
		Ford Credit Auto Owner Trust,
	176	Series 2012-A, Class A3, 0.840%, 08/15/16		176
	91	Series 2012-D, Class A2, 0.400%, 09/15/15		91

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Asset-Backed Securities — Continued
	100	Series 2012-D, Class A3, 0.510%, 04/15/17		100
	140	Ford Credit Floorplan Master Owner Trust, Series 2013-1, Class A2, VAR, 0.579%, 01/15/18		140
	78	GE Capital Mortgage Services, Inc. Trust, Series 1999-HE1, Class M, VAR, 6.705%, 04/25/29		76
		GE Equipment Midticket LLC,
	200	Series 2012-1, Class A3, 0.600%, 05/23/16		200
	60	Series 2012-1, Class A4, 0.780%, 09/22/20		60
	60	GE Equipment Transportation LLC, Series 2012-2, Class A2, 0.470%, 04/24/15		60
	1	Harley-Davidson Motorcycle Trust, Series 2010-1, Class A3, 1.160%, 02/15/15		1
		HLSS Servicer Advance Receivables Backed Notes,
	232	Series 2012-T2, Class A1, 1.340%, 10/15/43 (e)		232
	244	Series 2012-T2, Class A2, 1.990%, 10/15/45 (e)		249
	193	Series 2013-T1, Class A1, 0.898%, 01/15/44 (e)		193
	165	Series 2013-T1, Class A2, 1.495%, 01/16/46 (e)		166
		Honda Auto Receivables Owner Trust,
	108	Series 2012-1, Class A3, 0.770%, 01/15/16		108
	56	Series 2012-1, Class A4, 0.970%, 04/16/18		57
	114	Series 2013-1, Class A2, 0.350%, 06/22/15		114
	67	HSBC Home Equity Loan Trust, Series 2005-2, Class A1, VAR, 0.468%, 01/20/35		66
		HSBC Home Equity Loan Trust USA,
	49	Series 2006-1, Class A1, VAR, 0.358%, 01/20/36		49
	55	Series 2007-3, Class APT, VAR, 1.398%, 11/20/36		55
		Huntington Auto Trust,
	124	Series 2011-1A, Class A3, 1.010%, 01/15/16 (e)		124
	100	Series 2011-1A, Class A4, 1.310%, 11/15/16 (e)		101
	116	Series 2012-1, Class A3, 0.810%, 09/15/16		117
	172	Series 2012-2, Class A2, 0.380%, 09/15/15		172
		Hyundai Auto Receivables Trust,
	31	Series 2010-B, Class A3, 0.970%, 04/15/15		31
	104	Series 2012-A, Class A3, 0.720%, 03/15/16		104
	164	Series 2012-B, Class A2, 0.540%, 01/15/15		164
	119	Series 2012-B, Class A3, 0.620%, 09/15/16		119
	75	John Deere Owner Trust, Series 2012-B, Class A2, 0.430%, 02/17/15		75
	23	LAI Vehicle Lease Securitization Trust, Series 2010-A, Class A, 2.550%, 09/15/16 (e) (i)		23
	200	Macquarie Equipment Funding Trust, Series 2012-A, Class A2, 0.610%, 04/20/15 (e)		200
		Mercedes-Benz Auto Receivables Trust,
	6	Series 2010-1, Class A3, 1.420%, 08/15/14		6
	74	Series 2012-1, Class A2, 0.370%, 03/16/15		75
	325	MMCA Auto Owner Trust, Series 2012-A, Class A4, 1.570%, 08/15/17 (e)		328
	135	Nationstar Agency Advance Funding Trust, Series 2013-T1A, Class AT1, 0.997%, 02/15/45 (e)		135
	94	Nissan Auto Lease Trust, Series 2012-B, Class A2A, 0.450%, 06/15/15		94
		Nissan Auto Receivables Owner Trust,
	15	Series 2010-A, Class A3, 0.870%, 07/15/14		15
	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		118
	207	Series 2013-A, Class A2, 0.370%, 09/15/15		207
	233	Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-MCW1, Class M1, VAR, 1.131%, 10/25/34		228
	150	RAMP Trust, Series 2006-RZ1, Class A3, VAR, 0.493%, 03/25/36		141
	155	Residential Credit Solutions Trust, Series 2011-1, Class A1, 6.000%, 03/25/41 (e) (i)		155

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)			SECURITY DESCRIPTION	VALUE ($)
	Asset-Backed Securities — Continued
			Resort Finance Timeshare Receivables Trust,
	259		Series 2012-1, Class A1, SUB, 6.250%, 07/05/18 (i)		259
	546		Series 2012-2, 5.750%, 09/05/18 (i)		546
			Santander Drive Auto Receivables Trust,
	100		Series 2010-A, Class A4, 2.390%, 06/15/17 (e)		102
	100		Series 2011-1, Class B, 2.350%, 11/16/15		101
	16		Series 2011-S2A, Class B, 2.060%, 06/15/17 (e)		16
	54		Series 2012-1, Class A2, 1.250%, 04/15/15		54
	31		Series 2012-2, Class A2, 0.910%, 05/15/15		31
	53		Series 2012-2, Class A3, 1.220%, 12/15/15		53
	44		Series 2012-5, Class A2, 0.570%, 12/15/15		44
	60		Series 2012-5, Class A3, 0.830%, 12/15/16		60
	56		Series 2012-6, Class A3, 0.620%, 07/15/16		56
	43		Securitized Asset-Backed Receivables LLC Trust, Series 2006-CB1, Class AF2, SUB, 3.933%, 01/25/36		29
			SNAAC Auto Receivables Trust,
	31		Series 2012-1A, Class A, 1.780%, 06/15/16 (e)		31
	67		Series 2013-1A, Class A, 1.140%, 07/16/18 (e)		67
	650		Springleaf Funding Trust, Series 2013-AA, Class A, 2.580%, 09/15/21 (e)		644
			Stanwich Mortgage Loan Co. LLC,
	172		Series 2012-NPL4, Class A, 2.981%, 09/15/42 (e) (i)		172
	273		Series 2012-NPL5, Class A, 2.981%, 10/18/42 (e) (i)		274
	393		Stanwich Mortgage Loan Trust, Series 2013-NPL1, Class A, 2.981%, 02/16/43 (e) (i)		393
	6		Toyota Auto Receivables Owner Trust, Series 2010-C, Class A3, 0.770%, 04/15/14		6
	321		Trafigura Securitisation Finance plc, (Ireland), Series 2012-1A, Class A, VAR, 2.599%, 10/15/15 (e)		327
	34		USAA Auto Owner Trust, Series 2012-1, Class A2, 0.380%, 06/15/15		34
	213		Volkswagen Auto Loan Enhanced Trust, Series 2012-1, Class A3, 0.850%, 08/22/16		214
	50		VOLT LLC, Series 2012-RP3A, Class A1, SUB, 3.475%, 11/27/17 (e)		50
	205		Westgate Resorts LLC, Series 2012-1, Class A, 4.500%, 09/20/25 (e)		211
			World Omni Auto Receivables Trust,
	73		Series 2010-A, Class A4, 2.210%, 05/15/15		74
	118		Series 2012-A, Class A2, 0.520%, 06/15/15		118
	102		Series 2012-A, Class A3, 0.640%, 02/15/17		102
	123		Series 2012-B, Class A2, 0.430%, 11/16/15		123
			Total Asset-Backed Securities (Cost $13,883)		13,965
	Collateralized Mortgage Obligations — 22.1%
			Agency CMO — 17.5%
	61		Federal Home Loan Mortgage Corp. - Government National Mortgage Association, Series 24, Class ZE, 6.250%, 11/25/23		68
			Federal Home Loan Mortgage Corp. REMICS,
	4		Series 11, Class D, 9.500%, 07/15/19		4
	–	(h)	Series 41, Class I, HB, 84.000%, 05/15/20		—	(h)
	2		Series 46, Class B, 7.800%, 09/15/20		2
	1		Series 47, Class F, 10.000%, 06/15/20		1
	–	(h)	Series 85, Class C, 8.600%, 01/15/21		—	(h)
	2		Series 99, Class Z, 9.500%, 01/15/21		2
	13		Series 114, Class H, 6.950%, 01/15/21		15
	1		Series 1079, Class S, HB, IF, 33.150%, 05/15/21		1
	1		Series 1084, Class F, VAR, 1.200%, 05/15/21		1
	–	(h)	Series 1084, Class S, HB, IF, 44.100%, 05/15/21		1
	9		Series 1144, Class KB, 8.500%, 09/15/21		10
	–	(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		1
	9		Series 1206, Class IA, 7.000%, 03/15/22		10
	6		Series 1250, Class J, 7.000%, 05/15/22		7

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	19	Series 1343, Class LA, 8.000%, 08/15/22		23
	84	Series 1466, Class PZ, 7.500%, 02/15/23		96
	1	Series 1470, Class F, VAR, 1.967%, 02/15/23		1
	31	Series 1491, Class I, 7.500%, 04/15/23		35
	31	Series 1518, Class G, IF, 8.859%, 05/15/23		36
	28	Series 1541, Class O, VAR, 1.000%, 07/15/23		29
	3	Series 1602, Class SA, HB, IF, 21.937%, 10/15/23		5
	98	Series 1608, Class L, 6.500%, 09/15/23		110
	45	Series 1609, Class LG, IF, 16.792%, 11/15/23		52
	4	Series 1671, Class L, 7.000%, 02/15/24		5
	17	Series 1700, Class GA, PO, 02/15/24		15
	172	Series 1706, Class K, 7.000%, 03/15/24		195
	568	Series 1720, Class PL, 7.500%, 04/15/24		658
	18	Series 1745, Class D, 7.500%, 08/15/24		21
	34	Series 1798, Class F, 5.000%, 05/15/23		37
	2	Series 1807, Class G, 9.000%, 10/15/20		2
	162	Series 1927, Class PH, 7.500%, 01/15/27		189
	71	Series 1981, Class Z, 6.000%, 05/15/27		77
	21	Series 1987, Class PE, 7.500%, 09/15/27		25
	10	Series 2033, Class SN, HB, IF, 27.088%, 03/15/24		7
	28	Series 2038, Class PN, IO, 7.000%, 03/15/28		4
	140	Series 2040, Class PE, 7.500%, 03/15/28		163
	32	Series 2056, Class TD, 6.500%, 05/15/18		35
	162	Series 2063, Class PG, 6.500%, 06/15/28		185
	28	Series 2064, Class TE, 7.000%, 06/15/28		32
	115	Series 2075, Class PH, 6.500%, 08/15/28		131
	111	Series 2075, Class PM, 6.250%, 08/15/28		114
	34	Series 2089, Class PJ, IO, 7.000%, 10/15/28		4
	2	Series 2102, Class TC, 6.000%, 12/15/13		2
	12	Series 2115, Class PE, 6.000%, 01/15/14		12
	74	Series 2125, Class JZ, 6.000%, 02/15/29		82
	15	Series 2163, Class PC, IO, 7.500%, 06/15/29		2
	332	Series 2169, Class TB, 7.000%, 06/15/29		385
	93	Series 2172, Class QC, 7.000%, 07/15/29		107
	1	Series 2196, Class TL, 7.500%, 11/15/29		1
	50	Series 2201, Class C, 8.000%, 11/15/29		59
	116	Series 2210, Class Z, 8.000%, 01/15/30		137
	45	Series 2224, Class CB, 8.000%, 03/15/30		54
	63	Series 2256, Class MC, 7.250%, 09/15/30		74
	83	Series 2259, Class ZM, 7.000%, 10/15/30		97
	71	Series 2271, Class PC, 7.250%, 12/15/30		83
	83	Series 2283, Class K, 6.500%, 12/15/23		92
	34	Series 2296, Class PD, 7.000%, 03/15/31		39
	18	Series 2306, Class K, PO, 05/15/24		17
	44	Series 2306, Class SE, IF, IO, 8.870%, 05/15/24		8
	31	Series 2333, Class HC, 6.000%, 07/15/31		31
	23	Series 2344, Class QG, 6.000%, 08/15/16		24
	701	Series 2344, Class ZD, 6.500%, 08/15/31		763
	102	Series 2344, Class ZJ, 6.500%, 08/15/31		115
	60	Series 2345, Class NE, 6.500%, 08/15/31		62
	43	Series 2345, Class PQ, 6.500%, 08/15/16		44
	50	Series 2347, Class VP, 6.500%, 03/15/20		50
	89	Series 2351, Class PZ, 6.500%, 08/15/31		99
	31	Series 2355, Class BP, 6.000%, 09/15/16		33
	31	Series 2360, Class PG, 6.000%, 09/15/16		33
	28	Series 2366, Class MD, 6.000%, 10/15/16		30
	47	Series 2391, Class QR, 5.500%, 12/15/16		49
	59	Series 2410, Class NG, 6.500%, 02/15/32		65
	92	Series 2410, Class OE, 6.375%, 02/15/32		100
	37	Series 2410, Class QX, IF, IO, 8.451%, 02/15/32		9
	148	Series 2412, Class SP, IF, 15.702%, 02/15/32		202
	40	Series 2423, Class MC, 7.000%, 03/15/32		47
	86	Series 2423, Class MT, 7.000%, 03/15/32		96
	243	Series 2435, Class CJ, 6.500%, 04/15/32		272
	105	Series 2441, Class GF, 6.500%, 04/15/32		120

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	96	Series 2444, Class ES, IF, IO, 7.751%, 03/15/32		22
	113	Series 2450, Class GZ, 7.000%, 05/15/32		132
	38	Series 2450, Class SW, IF, IO, 7.801%, 03/15/32		9
	165	Series 2455, Class GK, 6.500%, 05/15/32		188
	229	Series 2466, Class DH, 6.500%, 06/15/32		252
	67	Series 2466, Class PG, 6.500%, 04/15/32		68
	119	Series 2474, Class NR, 6.500%, 07/15/32		132
	219	Series 2484, Class LZ, 6.500%, 07/15/32		250
	296	Series 2500, Class MC, 6.000%, 09/15/32		329
	397	Series 2512, Class PG, 5.500%, 10/15/22		438
	72	Series 2535, Class BK, 5.500%, 12/15/22		80
	126	Series 2537, Class TE, 5.500%, 12/15/17		135
	457	Series 2543, Class YX, 6.000%, 12/15/32		514
	603	Series 2568, Class KG, 5.500%, 02/15/23		661
	741	Series 2575, Class ME, 6.000%, 02/15/33		834
	63	Series 2586, Class WI, IO, 6.500%, 03/15/33		13
	2	Series 2597, Class DS, IF, IO, 7.351%, 02/15/33		—	(h)
	1	Series 2599, Class DS, IF, IO, 6.801%, 02/15/33		—	(h)
	2	Series 2610, Class DS, IF, IO, 6.901%, 03/15/33		—	(h)
	188	Series 2617, Class GR, 4.500%, 05/15/18		201
	136	Series 2622, Class PE, 4.500%, 05/15/18		144
	83	Series 2631, Class LC, 4.500%, 06/15/18		88
	132	Series 2651, Class VZ, 4.500%, 07/15/18		139
	91	Series 2672, Class ME, 5.000%, 11/15/22		94
	265	Series 2675, Class CK, 4.000%, 09/15/18		279
	391	Series 2684, Class PO, PO, 01/15/33		390
	147	Series 2744, Class TU, 5.500%, 05/15/32		156
	12	Series 2755, Class SA, IF, 13.802%, 05/15/30		12
	188	Series 2777, Class KO, PO, 02/15/33		188
	725	Series 2907, Class VC, 4.500%, 05/15/34		747
	163	Series 2934, Class EC, PO, 02/15/20		152
	182	Series 2990, Class SL, HB, IF, 23.763%, 06/15/34		258
	491	Series 2999, Class ND, 4.500%, 07/15/20		524
	124	Series 3068, Class AO, PO, 01/15/35		123
	227	Series 3117, Class EO, PO, 02/15/36		213
	24	Series 3117, Class OK, PO, 02/15/36		23
	359	Series 3122, Class OH, PO, 03/15/36		341
	320	Series 3137, Class XP, 6.000%, 04/15/36		358
	8	Series 3149, Class SO, PO, 05/15/36		7
	437	Series 3152, Class MO, PO, 03/15/36		414
	189	Series 3171, Class MO, PO, 06/15/36		172
	119	Series 3179, Class OA, PO, 07/15/36		112
	699	Series 3202, Class HI, IF, IO, 6.451%, 08/15/36		102
	138	Series 3232, Class ST, IF, IO, 6.501%, 10/15/36		19
	158	Series 3253, Class PO, PO, 12/15/21		149
	97	Series 3316, Class JO, PO, 05/15/37		89
	384	Series 3481, Class SJ, IF, IO, 5.651%, 08/15/38		55
	197	Series 3607, Class AO, PO, 04/15/36		183
	112	Series 3607, Class EO, PO, 02/15/33		111
	117	Series 3611, Class PO, PO, 07/15/34		111
	819	Series 3666, Class VA, 5.500%, 12/15/22		851
	762	Series 3680, Class MA, 4.500%, 07/15/39		836
	512	Series 3804, Class FN, VAR, 0.649%, 03/15/39		515
	1,138	Series 3819, Class ZQ, 6.000%, 04/15/36		1,254
	438	Series 3997, Class PF, VAR, 0.649%, 11/15/39		440
		Federal Home Loan Mortgage Corp. STRIPS,
	70	Series 243, Class 16, IO, 4.500%, 11/15/20		6
	969	Series 262, Class 35, 3.500%, 07/15/42		982
	966	Series 267, Class F5, VAR, 0.699%, 08/15/42		981
	978	Series 274, Class F1, VAR, 0.699%, 08/15/42		992

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)			SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
			Agency CMO — Continued
	977		Series 279, Class F6, VAR, 0.649%, 09/15/42		981
			Federal Home Loan Mortgage Corp. Structured Pass-Through Securities,
	48		Series T-41, Class 3A, VAR, 6.621%, 07/25/32		58
	39		Series T-51, Class 2A, VAR, 7.500%, 08/25/42		48
	397		Series T-54, Class 2A, 6.500%, 02/25/43		469
	137		Series T-54, Class 3A, 7.000%, 02/25/43		164
	1,039		Series T-56, Class A5, 5.231%, 05/25/43		1,145
	36		Series T-58, Class APO, PO, 09/25/43		27
	281		Series T-76, Class 2A, VAR, 3.392%, 10/25/37		283
	120		Federal National Mortgage Association Grantor Trust, Series 2001-T10, Class A2, 7.500%, 12/25/41		143
			Federal National Mortgage Association REMIC Trust,
	181		Series 2003-W1, Class 1A1, VAR, 6.083%, 12/25/42		206
	47		Series 2003-W4, Class 2A, VAR, 6.463%, 10/25/42		51
	73		Series 2007-W7, Class 1A4, HB, IF, 38.020%, 07/25/37		124
			Federal National Mortgage Association REMICS,
	2		Series 1988-7, Class Z, 9.250%, 04/25/18		2
	9		Series 1989-70, Class G, 8.000%, 10/25/19		10
	3		Series 1989-78, Class H, 9.400%, 11/25/19		4
	3		Series 1989-83, Class H, 8.500%, 11/25/19		3
	2		Series 1989-89, Class H, 9.000%, 11/25/19		3
	1		Series 1990-1, Class D, 8.800%, 01/25/20		1
	2		Series 1990-7, Class B, 8.500%, 01/25/20		2
	1		Series 1990-60, Class K, 5.500%, 06/25/20		1
	2		Series 1990-63, Class H, 9.500%, 06/25/20		2
	1		Series 1990-93, Class G, 5.500%, 08/25/20		1
	–	(h)	Series 1990-94, Class H, 2.323%, 08/25/20		—	(h)
	–	(h)	Series 1990-95, Class J, HB, 1,118.040%, 08/25/20		—	(h)
	10		Series 1990-102, Class J, 6.500%, 08/25/20		11
	3		Series 1990-120, Class H, 9.000%, 10/25/20		4
	1		Series 1990-134, Class SC, HB, IF, 21.272%, 11/25/20		1
	–	(h)	Series 1990-140, Class K, HB, 652.145%, 12/25/20		—	(h)
	–	(h)	Series 1991-7, Class K, HB, 908.500%, 02/25/21		—	(h)
	4		Series 1991-42, Class S, IF, 17.292%, 05/25/21		5
	56		Series 1992-107, Class SB, HB, IF, 29.421%, 06/25/22		94
	4		Series 1992-143, Class MA, 5.500%, 09/25/22		5
	30		Series 1993-25, Class J, 7.500%, 03/25/23		34
	182		Series 1993-37, Class PX, 7.000%, 03/25/23		205
	64		Series 1993-54, Class Z, 7.000%, 04/25/23		73
	13		Series 1993-62, Class SA, IF, 18.277%, 04/25/23		20
	17		Series 1993-122, Class M, 6.500%, 07/25/23		19
	7		Series 1993-165, Class SD, IF, 12.805%, 09/25/23		9
	29		Series 1993-178, Class PK, 6.500%, 09/25/23		32
	482		Series 1993-183, Class KA, 6.500%, 10/25/23		538
	208		Series 1993-189, Class PL, 6.500%, 10/25/23		238
	4		Series 1993-225, Class SG, HB, IF, 26.596%, 12/25/13		4
	46		Series 1993-247, Class SA, HB, IF, 26.728%, 12/25/23		74
	61		Series 1993-250, Class Z, 7.000%, 12/25/23		64
	3		Series 1994-9, Class E, PO, 11/25/23		3
	118		Series 1996-14, Class SE, IF, IO, 9.020%, 08/25/23		21
	5		Series 1996-27, Class FC, VAR, 0.719%, 03/25/17		5
	14		Series 1996-59, Class J, 6.500%, 08/25/22		16

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	63	Series 1997-20, Class IB, IO, VAR, 1.840%, 03/25/27		2
	62	Series 1997-20, Class IO, IO, VAR, 1.840%, 03/25/27		2
	30	Series 1997-27, Class J, 7.500%, 04/18/27		34
	34	Series 1997-29, Class J, 7.500%, 04/20/27		40
	71	Series 1997-39, Class PD, 7.500%, 05/20/27		85
	24	Series 1997-81, Class PI, IO, 7.000%, 12/18/27		3
	3	Series 1998-4, Class C, PO, 04/25/23		2
	26	Series 1998-36, Class ZB, 6.000%, 07/18/28		29
	270	Series 1998-43, Class EA, PO, 04/25/23		237
	156	Series 2000-2, Class ZE, 7.500%, 02/25/30		182
	56	Series 2001-4, Class PC, 7.000%, 03/25/21		62
	2	Series 2001-5, Class OW, 6.000%, 03/25/16		2
	118	Series 2001-33, Class ID, IO, 6.000%, 07/25/31		22
	129	Series 2001-36, Class DE, 7.000%, 08/25/31		150
	31	Series 2001-44, Class PD, 7.000%, 09/25/31		35
	218	Series 2001-48, Class Z, 6.500%, 09/25/21		244
	28	Series 2001-49, Class Z, 6.500%, 09/25/31		32
	64	Series 2001-71, Class MB, 6.000%, 12/25/16		68
	80	Series 2001-71, Class QE, 6.000%, 12/25/16		85
	474	Series 2001-74, Class MB, 6.000%, 12/25/16		502
	22	Series 2001-81, Class LO, PO, 01/25/32		22
	66	Series 2002-1, Class HC, 6.500%, 02/25/22		74
	28	Series 2002-1, Class SA, HB, IF, 24.559%, 02/25/32		45
	38	Series 2002-2, Class UC, 6.000%, 02/25/17		41
	75	Series 2002-3, Class OG, 6.000%, 02/25/17		79
	83	Series 2002-21, Class PE, 6.500%, 04/25/32		91
	146	Series 2002-24, Class AJ, 6.000%, 04/25/17		156
	86	Series 2002-28, Class PK, 6.500%, 05/25/32		98
	98	Series 2002-37, Class Z, 6.500%, 06/25/32		107
	192	Series 2002-94, Class BK, 5.500%, 01/25/18		203
	202	Series 2003-22, Class UD, 4.000%, 04/25/33		217
	162	Series 2003-34, Class GB, 6.000%, 03/25/33		185
	304	Series 2003-34, Class GE, 6.000%, 05/25/33		359
	20	Series 2003-39, Class IO, IO, VAR, 6.000%, 05/25/33		3
	352	Series 2003-47, Class PE, 5.750%, 06/25/33		380
	46	Series 2003-52, Class SX, HB, IF, 22.370%, 10/25/31		73
	42	Series 2003-64, Class SX, IF, 13.255%, 07/25/33		51
	157	Series 2003-71, Class DS, IF, 7.202%, 08/25/33		157
	176	Series 2003-80, Class SY, IF, IO, 7.457%, 06/25/23		19
	172	Series 2003-83, Class PG, 5.000%, 06/25/23		184
	35	Series 2003-91, Class SD, IF, 12.178%, 09/25/33		41
	280	Series 2003-116, Class SB, IF, IO, 7.407%, 11/25/33		63
	6	Series 2003-128, Class KE, 4.500%, 01/25/14		6
	354	Series 2003-128, Class NG, 4.000%, 01/25/19		373
	39	Series 2003-130, Class SX, IF, 11.230%, 01/25/34		45
	848	Series 2004-21, Class AE, 4.000%, 04/25/19		893
	352	Series 2004-25, Class PC, 5.500%, 01/25/34		381
	198	Series 2004-25, Class SA, IF, 18.993%, 04/25/34		273
	235	Series 2004-36, Class PC, 5.500%, 02/25/34		254
	171	Series 2004-36, Class SA, IF, 18.993%, 05/25/34		237
	121	Series 2004-46, Class SK, IF, 15.968%, 05/25/34		153

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	816	Series 2004-50, Class VZ, 5.500%, 07/25/34		921
	95	Series 2004-61, Class SH, HB, IF, 23.215%, 11/25/32		146
	97	Series 2004-74, Class SW, IF, 15.104%, 11/25/31		135
	157	Series 2004-76, Class CL, 4.000%, 10/25/19		164
	161	Series 2004-86, Class AE, 4.500%, 02/25/32		161
	164	Series 2005-45, Class DC, HB, IF, 23.601%, 06/25/35		263
	59	Series 2005-52, Class PA, 6.500%, 06/25/35		64
	138	Series 2005-56, Class S, IF, IO, 6.517%, 07/25/35		23
	263	Series 2005-56, Class TP, IF, 17.570%, 08/25/33		346
	835	Series 2005-68, Class PG, 5.500%, 08/25/35		937
	324	Series 2005-73, Class PS, IF, 16.217%, 08/25/35		425
	151	Series 2005-74, Class CS, IF, 19.488%, 05/25/35		206
	293	Series 2005-106, Class US, HB, IF, 23.858%, 11/25/35		441
	1,000	Series 2005-121, Class DX, 5.500%, 01/25/26		1,111
	349	Series 2006-27, Class OH, PO, 04/25/36		334
	108	Series 2006-44, Class P, PO, 12/25/33		102
	642	Series 2006-56, Class FC, VAR, 0.483%, 07/25/36		643
	212	Series 2006-59, Class QO, PO, 01/25/33		211
	115	Series 2006-65, Class QO, PO, 07/25/36		111
	165	Series 2006-72, Class GO, PO, 08/25/36		146
	334	Series 2006-77, Class PC, 6.500%, 08/25/36		379
	135	Series 2006-79, Class DO, PO, 08/25/36		121
	253	Series 2006-110, Class PO, PO, 11/25/36		238
	619	Series 2006-124, Class HB, VAR, 5.981%, 11/25/36		669
	211	Series 2007-14, Class ES, IF, IO, 6.247%, 03/25/37		33
	144	Series 2007-79, Class SB, HB, IF, 23.308%, 08/25/37		206
	500	Series 2007-81, Class GE, 6.000%, 08/25/37		577
	327	Series 2007-88, Class VI, IF, IO, 6.347%, 09/25/37		52
	825	Series 2007-91, Class ES, IF, IO, 6.267%, 10/25/37		138
	191	Series 2007-106, Class A7, VAR, 5.991%, 10/25/37		214
	179	Series 2007-116, Class HI, IO, VAR, 1.622%, 01/25/38		13
	123	Series 2008-10, Class XI, IF, IO, 6.037%, 03/25/38		18
	108	Series 2008-16, Class IS, IF, IO, 6.007%, 03/25/38		13
	170	Series 2008-28, Class QS, HB,IF, 20.120%, 04/25/38		232
	152	Series 2008-46, Class HI, IO, VAR, 1.792%, 06/25/38		11
	191	Series 2009-69, Class PO, PO, 09/25/39		181
	758	Series 2009-71, Class BC, 4.500%, 09/25/24		854
	295	Series 2009-103, Class MB, VAR, 2.934%, 12/25/39		316
	598	Series 2010-71, Class HJ, 5.500%, 07/25/40		680
	1,100	Series 2010-133, Class A, 5.500%, 05/25/38		1,187
	724	Series 2011-118, Class MT, 7.000%, 11/25/41		879
	717	Series 2011-118, Class NT, 7.000%, 11/25/41		836
	874	Series 2011-149, Class EF, VAR, 0.693%, 07/25/41		880
	418	Series 2012-47, Class HF, VAR, 0.593%, 05/25/27		421
	488	Series 2012-108, Class F, VAR, 0.693%, 10/25/42		492
	981	Series 2012-112, Class FD, VAR, 0.693%, 10/25/42		991
	3	Series G-14, Class L, 8.500%, 06/25/21		4
	14	Series G-18, Class Z, 8.750%, 06/25/21		17
	3	Series G-22, Class G, 6.000%, 12/25/16		3
	12	Series G-35, Class M, 8.750%, 10/25/21		13
	47	Series G92-35, Class E, 7.500%, 07/25/22		53
	3	Series G92-42, Class Z, 7.000%, 07/25/22		3
	41	Series G92-44, Class ZQ, 8.000%, 07/25/22		45
	46	Series G92-54, Class ZQ, 7.500%, 09/25/22		51
	11	Series G93-5, Class Z, 6.500%, 02/25/23		12
	14	Series G95-1, Class C, 8.800%, 01/25/25		16

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)			SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
			Agency CMO — Continued
			Federal National Mortgage Association STRIPS,
	–	(h)	Series 50, Class 2, IO, 10.500%, 03/01/19		—	(h)
	3		Series 218, Class 2, IO, 7.500%, 04/01/23		—	(h)
	129		Series 300, Class 1, PO, 09/01/24		124
	24		Series 329, Class 1, PO, 01/01/33		23
			Federal National Mortgage Association Trust,
	111		Series 2004-W2, Class 2A2, 7.000%, 02/25/44		131
	350		Series 2005-W3, Class 2AF, VAR, 0.413%, 03/25/45		347
			Government National Mortgage Association,
	244		Series 1994-7, Class PQ, 6.500%, 10/16/24		282
	66		Series 1995-3, Class DQ, 8.050%, 06/16/25		76
	15		Series 1995-7, Class CQ, 7.500%, 09/16/25		18
	24		Series 1998-26, Class K, 7.500%, 09/17/25		28
	347		Series 1999-10, Class ZC, 6.500%, 04/20/29		404
	30		Series 1999-30, Class S, IF, IO, 8.402%, 08/16/29		7
	36		Series 1999-41, Class Z, 8.000%, 11/16/29		43
	33		Series 1999-44, Class PC, 7.500%, 12/20/29		38
	15		Series 2000-9, Class Z, 8.000%, 06/20/30		18
	309		Series 2000-9, Class ZJ, 8.500%, 02/16/30		362
	31		Series 2000-16, Class ZN, 7.500%, 02/16/30		32
	91		Series 2001-7, Class PK, 6.500%, 03/20/31		96
	6		Series 2001-32, Class WA, IF, 19.629%, 07/20/31		10
	205		Series 2001-64, Class MQ, 6.500%, 12/20/31		241
	35		Series 2002-7, Class PG, 6.500%, 01/20/32		41
	47		Series 2002-31, Class S, IF, IO, 8.502%, 01/16/31		12
	133		Series 2002-40, Class UK, 6.500%, 06/20/32		154
	124		Series 2002-47, Class PG, 6.500%, 07/16/32		143
	164		Series 2002-47, Class PY, 6.000%, 07/20/32		187
	155		Series 2002-47, Class ZA, 6.500%, 07/20/32		181
	13		Series 2002-51, Class SG, HB, IF, 31.641%, 04/20/31		24
	8		Series 2003-4, Class NI, IO, 5.500%, 01/20/32		—	(h)
	26		Series 2003-4, Class NY, 5.500%, 12/20/13		26
	27		Series 2003-24, Class PO, PO, 03/16/33		24
	304		Series 2003-40, Class TJ, 6.500%, 03/20/33		365
	127		Series 2003-52, Class AP, PO, 06/16/33		116
	31		Series 2004-28, Class S, IF, 19.118%, 04/16/34		43
	26		Series 2004-68, Class PO, PO, 05/20/31		26
	91		Series 2004-71, Class SB, HB, IF, 28.491%, 09/20/34		142
	54		Series 2004-73, Class AE, IF, 14.446%, 08/17/34		67
	476		Series 2004-90, Class SI, IF, IO, 5.902%, 10/20/34		69
	148		Series 2005-68, Class DP, IF, 15.956%, 06/17/35		198
	962		Series 2005-68, Class KI, IF, IO, 6.102%, 09/20/35		150
	113		Series 2006-59, Class SD, IF, IO, 6.502%, 10/20/36		17
	371		Series 2007-17, Class JI, IF, IO, 6.612%, 04/16/37		65
	465		Series 2007-27, Class SA, IF, IO, 6.002%, 05/20/37		70
	749		Series 2007-40, Class SB, IF, IO, 6.552%, 07/20/37		116
	456		Series 2007-45, Class QA, IF, IO, 6.442%, 07/20/37		68
	40		Series 2007-49, Class NO, PO, 12/20/35		40
	495		Series 2007-50, Class AI, IF, IO, 6.577%, 08/20/37		75
	109		Series 2007-53, Class ES, IF, IO, 6.352%, 09/20/37		16
	124		Series 2007-53, Class SW, IF, 19.610%, 09/20/37		167

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	262	Series 2007-57, Class QA, IF, IO, 6.302%, 10/20/37		38
	168	Series 2007-71, Class SB, IF, IO, 6.502%, 07/20/36		18
	253	Series 2007-72, Class US, IF, IO, 6.352%, 11/20/37		37
	251	Series 2007-76, Class SA, IF, IO, 6.332%, 11/20/37		37
	71	Series 2008-25, Class SB, IF, IO, 6.702%, 03/20/38		12
	140	Series 2008-33, Class XS, IF, IO, 7.502%, 04/16/38		19
	344	Series 2008-40, Class SA, IF, IO, 6.202%, 05/16/38		60
	500	Series 2008-50, Class KB, 6.000%, 06/20/38		568
	355	Series 2008-55, Class SA, IF, IO, 6.002%, 06/20/38		51
	331	Series 2008-93, Class AS, IF, IO, 5.502%, 12/20/38		44
	153	Series 2009-6, Class SA, IF, IO, 5.902%, 02/16/39		24
	151	Series 2009-14, Class NI, IO, 6.500%, 03/20/39		27
	543	Series 2009-22, Class SA, IF, IO, 6.072%, 04/20/39		76
	505	Series 2009-31, Class ST, IF, IO, 6.152%, 03/20/39		70
	505	Series 2009-31, Class TS, IF, IO, 6.102%, 03/20/39		69
	362	Series 2009-79, Class OK, PO, 11/16/37		318
	739	Series 2009-106, Class ST, IF, IO, 5.802%, 02/20/38		105
	219	Series 2010-14, Class AO, PO, 12/20/32		208
	243	Series 2010-130, Class CP, 7.000%, 10/16/40		282
	745	Series 2011-137, Class WA, VAR, 5.523%, 07/20/40		845
	500	Series 2012-H21, Class DF, VAR, 0.854%, 05/20/61		502
	490	Series 2012-H24, Class FA, VAR, 0.654%, 03/20/60		490
	497	Series 2012-H26, Class MA, VAR, 0.754%, 07/20/62		500
	480	Series 2013-H03, Class FA, VAR, 0.504%, 08/20/60		479
	500	Series 2013-H07, Class JA, 1.750%, 03/20/63		497
	157	NCUA Guaranteed Notes Trust, Series 2010-R3, Class 3A, 2.400%, 12/08/20		160
		Vendee Mortgage Trust,
	682	Series 1993-1, Class ZB, 7.250%, 02/15/23		798
	290	Series 1994-1, Class 1, VAR, 5.627%, 02/15/24		325
	411	Series 1996-1, Class 1Z, 6.750%, 02/15/26		471
	141	Series 1996-2, Class 1Z, 6.750%, 06/15/26		164
	563	Series 1997-1, Class 2Z, 7.500%, 02/15/27		654
	136	Series 1998-1, Class 2E, 7.000%, 03/15/28		159
				65,783
		Non-Agency CMO — 4.6%
		Alternative Loan Trust,
	185	Series 2002-8, Class A4, 6.500%, 07/25/32		191
	1,708	Series 2004-2CB, Class 1A9, 5.750%, 03/25/34		1,684
	117	Series 2004-18CB, Class 2A4, 5.700%, 09/25/34		120
	418	Series 2005-54CB, Class 1A11, 5.500%, 11/25/35		392
		American General Mortgage Loan Trust,
	161	Series 2009-1, Class A5, VAR, 5.750%, 09/25/48 (e)		162
	400	Series 2009-1, Class A7, VAR, 5.750%, 09/25/48 (e)		423
		ASG Resecuritization Trust,
	155	Series 2009-1, Class A60, VAR, 2.333%, 06/26/37 (e)		153
	122	Series 2009-2, Class A55, VAR, 4.750%, 05/24/36 (e)		125
	421	Series 2009-3, Class A65, VAR, 2.293%, 03/26/37 (e)		423
		Banc of America Alternative Loan Trust,
	124	Series 2003-7, Class 2A4, 5.000%, 09/25/18		126
	84	Series 2003-9, Class 1CB2, 5.500%, 11/25/33		87
	44	Series 2003-11, Class PO, PO, 01/25/34		35
	43	Banc of America Funding Trust, Series 2004-1, Class PO, PO, 03/25/34		38
		Banc of America Mortgage Trust,
	26	Series 2003-8, Class APO, PO, 11/25/33		22

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
	46	Series 2004-1, Class APO, PO, 02/25/34		38
	138	Series 2004-3, Class 1A26, 5.500%, 04/25/34		141
	36	Series 2004-6, Class APO, PO, 07/25/34		32
		BCAP LLC Trust,
	402	Series 2010-RR7, Class 2A1, VAR, 2.478%, 07/26/45 (e)		390
	386	Series 2011-RR10, Class 2A1, VAR, 1.122%, 09/26/37 (e)		348
	71	Series 2011-RR5, Class 14A3, VAR, 2.838%, 07/26/36 (e) (i)		71
	333	Series 2012-RR2, Class 1A1, VAR, 0.363%, 08/26/36 (e) (i)		321
	144	Bear Stearns ARM Trust, Series 2005-5, Class A1, VAR, 2.240%, 08/25/35		148
		CHL Mortgage Pass-Through Trust,
	189	Series 2003-26, Class 1A6, 3.500%, 08/25/33		188
	32	Series 2003-J13, Class PO, PO, 01/25/34		27
	44	Series 2003-J7, Class 4A3, IF, 9.523%, 08/25/18		46
	117	Series 2004-5, Class 1A4, 5.500%, 06/25/34		122
	40	Series 2004-HYB3, Class 2A, VAR, 2.608%, 06/20/34		38
	391	Series 2005-22, Class 2A1, VAR, 2.997%, 11/25/35		332
		Citigroup Mortgage Loan Trust,
	190	Series 2008-AR4, Class 1A1A, VAR, 2.935%, 11/25/38 (e)		194
	789	Series 2010-8, Class 5A6, 4.000%, 11/25/36 (e)		817
	423	Series 2010-8, Class 6A6, 4.500%, 12/25/36 (e)		446
		Citigroup Mortgage Loan Trust, Inc.,
	32	Series 2003-UP3, Class A3, 7.000%, 09/25/33		33
	53	Series 2003-UST1, Class A1, 5.500%, 12/25/18		55
	6	Series 2003-UST1, Class PO1, PO, 12/25/18		6
	6	Series 2003-UST1, Class PO3, PO, 12/25/18		6
	77	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-23, Class 2A5, 5.000%, 10/25/18		80
		CSMC,
	912	Series 2010-11R, Class A6, VAR, 1.204%, 06/28/47 (e)		862
	561	Series 2011-7R, Class A1, VAR, 1.443%, 08/28/47 (e)		558
	285	Series 2011-9R, Class A1, VAR, 2.193%, 03/27/46 (e)		286
	171	Series 2011-16R, Class 7A3, VAR, 3.500%, 12/27/36 (e)		174
	213	Deutsche Alt-A Securities, Inc., Mortgage Loan Trust, Series 2005-3, Class 1A1, VAR, 5.321%, 06/25/20		218
	29	Deutsche Mortgage Securities, Inc., Mortgage Loan Trust, Series 2004-1, Class 2APO, PO, 10/25/18		29
		First Horizon Mortgage Pass-Through Trust,
	198	Series 2004-AR7, Class 2A2, VAR, 2.557%, 02/25/35		200
	194	Series 2005-AR1, Class 2A2, VAR, 2.657%, 04/25/35		196
	454	GSR Mortgage Loan Trust, Series 2006-1F, Class 1A3, 5.500%, 02/25/36		453
	57	Impac Secured Assets CMN Owner Trust, Series 2002-2, Class APO, PO, 04/25/33		35
	314	IndyMac INDX Mortgage Loan Trust, Series 2005-AR11, Class A7, IO, VAR, 08/25/35		—	(h)
		JP Morgan Mortgage Trust,
	96	Series 2006-A2, Class 4A1, VAR, 2.956%, 08/25/34		96
	329	Series 2006-A2, Class 5A3, VAR, 2.898%, 11/25/33		336
		MASTR Adjustable Rate Mortgages Trust,
	49	Series 2004-3, Class 4A2, VAR, 2.440%, 04/25/34		50
	279	Series 2004-13, Class 2A1, VAR, 2.672%, 04/21/34		287
		MASTR Alternative Loan Trust,
	223	Series 2003-9, Class 8A1, 6.000%, 01/25/34		228
	563	Series 2004-4, Class 10A1, 5.000%, 05/25/24		584
	36	Series 2004-7, Class 30PO, PO, 08/25/34		26
	41	Series 2004-10, Class 1A1, 4.500%, 09/25/19		43
	184	Series 2005-6, Class 3A1, 5.500%, 11/25/20		186
		MASTR Asset Securitization Trust,
	111	Series 2003-2, Class 1A1, 5.000%, 03/25/18		114
	14	Series 2004-8, Class PO, PO, 08/25/19		12

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)			SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
			Non-Agency CMO — Continued
	123		MASTR Resecuritization Trust, Series 2005-PO, Class 3PO, PO, 05/28/35 (e)		98
	59		MortgageIT Trust, Series 2005-1, Class 1A1, VAR, 0.513%, 02/25/35		57
	77		NACC Reperforming Loan REMIC Trust, Series 2004-R2, Class A1, VAR, 6.500%, 10/25/34 (e)		79
			Nomura Asset Acceptance Corp. Alternative Loan Trust,
	50		Series 2003-A1, Class A1, 5.500%, 05/25/33		51
	25		Series 2003-A1, Class A2, 6.000%, 05/25/33		27
	12		Series 2003-A1, Class A5, 7.000%, 04/25/33		13
	–	(h)	PaineWebber CMO Trust, Series H, Class 4, 8.750%, 04/01/18		—	(h)
			RALI Trust,
	43		Series 2002-QS16, Class A3, IF, 16.219%, 10/25/17		45
	219		Series 2002-QS8, Class A5, 6.250%, 06/25/17		224
	63		Series 2003-QS3, Class A2, IF, 16.075%, 02/25/18		69
	246		Series 2003-QS9, Class A3, IF, IO, 7.357%, 05/25/18		31
	248		Series 2004-QS3, Class CB, 5.000%, 03/25/19		258
	162		Reperforming Loan REMIC Trust, Series 2005-R1, Class 2APO, PO, 03/25/35 (e)		132
	22		Residential Asset Securitization Trust, Series 2003-A14, Class A1, 4.750%, 02/25/19		22
			Salomon Brothers Mortgage Securities VII, Inc.,
	99		Series 2003-HYB1, Class A, VAR, 3.096%, 09/25/33		101
	10		Series 2003-UP2, Class PO1, PO, 12/25/18		9
			Springleaf Mortgage Loan Trust,
	210		Series 2011-1A, Class A1, VAR, 4.050%, 01/25/58 (e)		217
	396		Series 2012-2A, Class A, VAR, 2.220%, 10/25/57 (e)		410
	297		Series 2012-3A, Class A, VAR, 1.570%, 12/25/59 (e)		298
	103		Series 2012-3A, Class M1, VAR, 2.660%, 12/25/59 (e)		104
	185		Series 2013-1A, Class A, VAR, 1.270%, 06/25/58 (e)		186
	144		Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2003-33H, Class 1A1, 5.500%, 10/25/33		145
	106		Structured Asset Securities Corp. Trust, Series 2005-6, Class 4A1, 5.000%, 05/25/35		108
			WaMu Mortgage Pass-Through Certificates,
	57		Series 2002-S8, Class 2A7, 5.250%, 01/25/18		59
	192		Series 2003-AR5, Class A7, VAR, 2.449%, 06/25/33		193
	100		Series 2004-AR3, Class A2, VAR, 2.464%, 06/25/34		102
	331		Washington Mutual Mortgage Pass-Through Certificates WMALT, Series 2005-4, Class CB7, 5.500%, 06/25/35		321
			Washington Mutual MSC Mortgage Pass-Through Certificates,
	45		Series 2003-MS2, Class 1A1, 5.750%, 02/25/33		47
	11		Series 2003-MS7, Class P, PO, 03/25/33		10
	170		Wells Fargo Mortgage Loan Trust, Series 2012-RR1, Class A1, VAR, 2.847%, 08/27/37 (e)		172
			Wells Fargo Mortgage-Backed Securities Trust,
	83		Series 2003-K, Class 1A1, VAR, 4.468%, 11/25/33		85
	77		Series 2004-BB, Class A4, VAR, 2.625%, 01/25/35		77
	127		Series 2004-EE, Class 3A1, VAR, 2.960%, 12/25/34		130
	408		Series 2004-P, Class 2A1, VAR, 2.617%, 09/25/34		419
					17,132
			Total Collateralized Mortgage Obligations (Cost $77,347)		82,915
	Commercial Mortgage-Backed Securities — 2.3%
			Banc of America Commercial Mortgage Trust,
	50		Series 2006-1, Class A4, VAR, 5.372%, 09/10/45		55
	300		Series 2006-4, Class A4, 5.634%, 07/10/46		332
			Banc of America Merrill Lynch Commercial Mortgage, Inc.,
	150		Series 2005-3, Class AM, 4.727%, 07/10/43		159

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Commercial Mortgage-Backed Securities — Continued
	236	Series 2005-6, Class ASB, VAR, 5.186%, 09/10/47		240
	200	BB-UBS Trust, Series 2012-TFT, Class A, 2.892%, 06/05/30 (e)		197
		Bear Stearns Commercial Mortgage Securities Trust,
	106	Series 2005-PWR9, Class AAB, 4.804%, 09/11/42		108
	360	Series 2006-PW11, Class A4, VAR, 5.447%, 03/11/39		396
	16,000	CD Commercial Mortgage Trust, Series 2007-CD4, Class XC, IO, VAR, 0.157%, 12/11/49 (e)		123
	100	Commercial Mortgage Pass-Through Certificates, Series 2012-MVP, Class A, VAR, 2.137%, 11/17/26 (e)		101
	296	DBRR Trust, Series 2013-EZ2, Class A, VAR, 0.853%, 02/25/45 (e)		296
		Federal National Mortgage Association - ACES,
	500	Series 2010-M3, Class A3, VAR, 4.332%, 03/25/20		551
	1,000	Series 2012-M9, Class A2, 2.482%, 04/25/22		985
	1,038	Series 2012-M11, Class FA, VAR, 0.703%, 08/25/19		1,040
	229	Fontainebleau Miami Beach Trust, Series 2012-FBLU, Class A, 2.887%, 05/05/27 (e)		232
	300	GMAC Commercial Mortgage Securities, Inc. Trust, Series 2006-C1, Class A4, VAR, 5.238%, 11/10/45		322
	50	LB-UBS Commercial Mortgage Trust, Series 2006-C1, Class A4, 5.156%, 02/15/31		55
	163	Merrill Lynch Mortgage Trust, Series 2005-MCP1, Class ASB, VAR, 4.674%, 06/12/43		163
		Morgan Stanley Re-REMIC Trust,
	15	Series 2010-C30A, Class A3A, 3.250%, 12/17/43 (e)		15
	390	Series 2010-HQ4B, Class A7A, 4.970%, 04/16/40 (e)		400
	100	Series 2011-IO, Class A, 2.500%, 03/23/51 (e)		101
	527	Series 2012-XA, Class A, 2.000%, 07/27/49 (e)		533
	728	NCUA Guaranteed Notes Trust, Series 2010-C1, Class APT, 2.650%, 10/29/20		762
	125	NorthStar Mortgage Trust, Series 2012-1, Class A, VAR, 1.393%, 08/25/29 (e)		125
	825	TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class A3, VAR, 5.536%, 08/15/39		862
	116	UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.663%, 06/10/30 (e)		117
	104	UBS-Barclays Commercial Mortgage Trust, Series 2012-C2, Class A4, 3.525%, 05/10/63		108
	376	Wells Fargo Resecuritization Trust, Series 2012-IO, Class A, 1.750%, 08/20/21 (e)		377
		Total Commercial Mortgage-Backed Securities (Cost $8,542)		8,755
	Corporate Bonds — 17.6%
		Consumer Discretionary — 1.0%
		Auto Components — 0.0% (g)
	99	Johnson Controls, Inc., 3.750%, 12/01/21		103
		Automobiles — 0.2%
		Daimler Finance North America LLC,
	150	1.650%, 04/10/15 (e)		152
	150	1.875%, 01/11/18 (e)		149
	150	2.625%, 09/15/16 (e)		155
	73	Nissan Motor Acceptance Corp., 1.800%, 03/15/18 (e)		73
	100	Volkswagen International Finance N.V., (Netherlands), 1.625%, 08/12/13 (e)		100
				629
		Household Durables — 0.0% (g)
	50	Newell Rubbermaid, Inc., 4.700%, 08/15/20		55
		Media — 0.6%
		CBS Corp.,
	25	4.300%, 02/15/21		27
	25	5.750%, 04/15/20		29
	135	8.875%, 05/15/19		178
	100	Comcast Corp., 5.900%, 03/15/16		113
	16	COX Communications, Inc., 5.450%, 12/15/14		17
		DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.,
	150	4.600%, 02/15/21		162
	353	5.000%, 03/01/21		390
	78	Discovery Communications LLC, 4.375%, 06/15/21		84
		News America, Inc.,
	100	7.250%, 05/18/18		125
	100	7.700%, 10/30/25		128

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Media — Continued
		Thomson Reuters Corp., (Canada),
	105	3.950%, 09/30/21		112
	60	4.700%, 10/15/19		68
		Time Warner Cable, Inc.,
	100	5.850%, 05/01/17		115
	50	6.750%, 07/01/18		61
	100	8.250%, 02/14/14		105
	150	8.250%, 04/01/19		193
	35	8.750%, 02/14/19		46
		Viacom, Inc.,
	33	1.250%, 02/27/15		33
	50	3.125%, 06/15/22		49
	11	3.250%, 03/15/23		11
	43	3.875%, 12/15/21		45
	50	4.500%, 03/01/21		55
	42	Walt Disney Co. (The), 0.450%, 12/01/15		42
				2,188
		Multiline Retail — 0.2%
		Kohl’s Corp.,
	40	4.000%, 11/01/21		41
	40	6.250%, 12/15/17		47
		Macy’s Retail Holdings, Inc.,
	37	2.875%, 02/15/23		36
	25	7.450%, 07/15/17		30
	35	Nordstrom, Inc., 4.000%, 10/15/21		38
	400	Target Corp., 6.000%, 01/15/18		478
				670
		Specialty Retail — 0.0% (g)
	59	Gap, Inc. (The), 5.950%, 04/12/21		69
	130	Home Depot, Inc. (The), 5.400%, 03/01/16		146
				215
		Total Consumer Discretionary		3,860
		Consumer Staples — 0.7%
		Beverages — 0.3%
	75	Anheuser-Busch Cos. LLC, 5.500%, 01/15/18		88
	200	Anheuser-Busch InBev Worldwide, Inc., 7.750%, 01/15/19		259
		Coca-Cola Co. (The),
	100	3.625%, 03/15/14		102
	50	4.875%, 03/15/19		58
	70	Diageo Capital plc, (United Kingdom), 4.828%, 07/15/20		81
	30	Diageo Finance B.V., (Netherlands), 5.300%, 10/28/15		33
	85	FBG Finance Ltd., (Australia), 5.125%, 06/15/15 (e)		92
	30	Heineken N.V., (Netherlands), 1.400%, 10/01/17 (e)		29
		PepsiCo, Inc.,
	33	0.800%, 08/25/14		33
	180	1.250%, 08/13/17		179
	31	3.000%, 08/25/21		32
	6	7.900%, 11/01/18		8
	30	SABMiller plc, (United Kingdom), 6.500%, 07/01/16 (e)		35
				1,029
		Food & Staples Retailing — 0.1%
	54	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		88
	50	7.500%, 01/15/14		52
	94	Walgreen Co., 3.100%, 09/15/22		93
				383
		Food Products — 0.3%
	135	Bunge Ltd. Finance Corp., 8.500%, 06/15/19		173
	14	Bunge N.A. Finance LP, 5.900%, 04/01/17		16
		Cargill, Inc.,
	100	3.300%, 03/01/22 (e)		102
	106	4.307%, 05/14/21 (e)		115
	30	ConAgra Foods, Inc., 2.100%, 03/15/18		30
		Kraft Foods Group, Inc.,
	52	5.375%, 02/10/20		60
	332	6.125%, 08/23/18		397
		Mondelez International, Inc.,
	48	5.375%, 02/10/20		55
	118	6.125%, 02/01/18		139
				1,087
		Household Products — 0.0% (g)
	20	Kimberly-Clark Corp., 2.400%, 03/01/22		20
		Personal Products — 0.0% (g)
	70	Procter & Gamble - ESOP, 9.360%, 01/01/21		92
		Total Consumer Staples		2,611

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Energy — 1.3%
		Energy Equipment & Services — 0.1%
	15	National Oilwell Varco, Inc., 1.350%, 12/01/17		15
	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)		49
		Transocean, Inc., (Cayman Islands),
	39	3.800%, 10/15/22		39
	35	6.375%, 12/15/21		41
	100	6.500%, 11/15/20		116
	33	Weatherford International Ltd., (Bermuda), 4.500%, 04/15/22		34
				306
		Oil, Gas & Consumable Fuels — 1.2%
		Apache Corp.,
	58	2.625%, 01/15/23		55
	57	3.250%, 04/15/22		58
	25	6.900%, 09/15/18		31
		BP Capital Markets plc, (United Kingdom),
	20	1.375%, 11/06/17		20
	106	2.750%, 05/10/23		101
	100	4.742%, 03/11/21		113
	300	5.250%, 11/07/13		306
	150	Canadian Natural Resources Ltd., (Canada), 5.900%, 02/01/18		176
	21	Cenovus Energy, Inc., (Canada), 3.000%, 08/15/22		21
	150	ConocoPhillips, 5.750%, 02/01/19		180
	190	ConocoPhillips Canada Funding Co. I, (Canada), 5.625%, 10/15/16		218
	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)		212
		EOG Resources, Inc.,
	23	2.625%, 03/15/23		22
	100	4.100%, 02/01/21		111
		Marathon Oil Corp.,
	228	5.900%, 03/15/18		267
	175	6.000%, 10/01/17		205
	35	Occidental Petroleum Corp., 1.750%, 02/15/17		35
	40	PC Financial Partnership, 5.000%, 11/15/14		42
	84	Petrobras Global Finance B.V., (Netherlands), 4.375%, 05/20/23		81
		Petrobras International Finance Co. - Pifco, (Cayman Islands),
	90	5.375%, 01/27/21		95
	50	7.875%, 03/15/19		61
	97	Petro-Canada, (Canada), 6.050%, 05/15/18		115
	43	Phillips 66, 2.950%, 05/01/17		45
		Shell International Finance B.V., (Netherlands),
	42	1.125%, 08/21/17		42
	184	3.100%, 06/28/15		194
	55	4.000%, 03/21/14		56
	195	4.375%, 03/25/20		222
		Spectra Energy Capital LLC,
	100	5.500%, 03/01/14		103
	30	5.668%, 08/15/14		32
	140	6.200%, 04/15/18		166
	50	8.000%, 10/01/19		65
		Statoil ASA, (Norway),
	143	2.650%, 01/15/24		137
	67	3.125%, 08/17/17		72
	83	3.150%, 01/23/22		85
	50	Talisman Energy, Inc., (Canada), 7.750%, 06/01/19		62
		Total Capital International S.A., (France),
	27	0.750%, 01/25/16		27
	44	1.500%, 02/17/17		44
	75	1.550%, 06/28/17		75
	175	Total Capital S.A., (France), 2.300%, 03/15/16		182
		TransCanada PipeLines Ltd., (Canada),
	100	4.000%, 06/15/13		100
	100	6.500%, 08/15/18		123
	30	7.125%, 01/15/19		38
				4,642
		Total Energy		4,948
		Financials — 9.7%
		Capital Markets — 2.4%
		Bank of New York Mellon Corp. (The),
	250	2.950%, 06/18/15		262
	75	3.100%, 01/15/15		78
	75	4.600%, 01/15/20		85
		BlackRock, Inc.,
	325	3.500%, 12/10/14		339
	326	5.000%, 12/10/19		382

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (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)		175
	40	Charles Schwab Corp. (The), 3.225%, 09/01/22		40
		Goldman Sachs Group, Inc. (The),
	100	1.600%, 11/23/15		101
	100	3.300%, 05/03/15		104
	255	3.625%, 02/07/16		270
	66	3.700%, 08/01/15		70
	68	5.375%, 03/15/20		77
	300	5.500%, 11/15/14		319
	80	5.750%, 01/24/22		92
	1,100	5.950%, 01/18/18		1,268
	250	7.500%, 02/15/19		310
		Jefferies Group LLC,
	111	3.875%, 11/09/15		117
	150	5.125%, 04/13/18		164
	125	8.500%, 07/15/19		158
		Macquarie Group Ltd., (Australia),
	150	6.000%, 01/14/20 (e)		164
	100	7.300%, 08/01/14 (e)		106
	40	7.625%, 08/13/19 (e)		48
		Merrill Lynch & Co., Inc.,
	200	5.000%, 01/15/15		212
	157	5.450%, 07/15/14		164
	814	6.400%, 08/28/17		946
	266	6.875%, 04/25/18		317
		Morgan Stanley,
	104	4.000%, 07/24/15		109
	195	4.200%, 11/20/14		203
	166	5.500%, 07/24/20		187
	100	5.500%, 07/28/21		113
	450	5.625%, 09/23/19		510
	100	5.750%, 01/25/21		114
	250	6.000%, 05/13/14		262
	100	6.625%, 04/01/18		118
	100	7.300%, 05/13/19		122
		Nomura Holdings, Inc., (Japan),
	85	4.125%, 01/19/16		90
	84	6.700%, 03/04/20		99
	45	Northern Trust Corp., 5.500%, 08/15/13		46
	36	State Street Corp., 3.100%, 05/15/23		35
		UBS AG, (Switzerland),
	500	3.875%, 01/15/15		525
	100	5.750%, 04/25/18		118
	100	5.875%, 12/20/17		117
				9,136
		Commercial Banks — 3.0%
	100	ANZ New Zealand International Ltd., (New Zealand), 3.125%, 08/10/15 (e)		105
	250	Australia & New Zealand Banking Group Ltd., (Australia), 2.400%, 11/23/16 (e)		262
	425	Bank of America N.A., 5.300%, 03/15/17		471
		Bank of Montreal, (Canada),
	250	1.300%, 10/31/14 (e)		253
	85	2.550%, 11/06/22		82
		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		128
	136	Bank of Tokyo-Mitsubishi UFJ Ltd. (The), (Japan), 3.850%, 01/22/15 (e)		143
		Barclays Bank plc, (United Kingdom),
	200	2.500%, 09/21/15 (e)		208
	100	2.750%, 02/23/15		103
	200	5.200%, 07/10/14		210
	250	6.050%, 12/04/17 (e)		280
		BB&T Corp.,
	70	3.375%, 09/25/13		71
	125	3.950%, 04/29/16		135
	100	4.900%, 06/30/17		111
	150	5.700%, 04/30/14		157
	55	Comerica, Inc., 3.000%, 09/16/15		58
	250	Commonwealth Bank of Australia, (Australia), 2.250%, 03/16/17 (e)		260
		Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., (Netherlands),
	250	3.200%, 03/11/15 (e)		260
	34	3.375%, 01/19/17		36
	118	3.875%, 02/08/22		123
	350	Fifth Third Bancorp, 5.450%, 01/15/17		389
		HSBC Holdings plc, (United Kingdom),
	196	4.000%, 03/30/22		208
	300	4.875%, 01/14/22		336
	200	ING Bank N.V., (Netherlands), 3.750%, 03/07/17 (e)		212
	263	Macquarie Bank Ltd., (Australia), 5.000%, 02/22/17 (e)		289
	300	Manufacturers & Traders Trust Co., 6.625%, 12/04/17		361

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Commercial Banks — Continued
		National Australia Bank Ltd., (Australia),
	300	2.750%, 09/28/15 (e)		313
	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)		317
		PNC Funding Corp.,
	133	4.375%, 08/11/20		148
	265	5.125%, 02/08/20		305
	110	5.250%, 11/15/15		121
	115	5.625%, 02/01/17		130
	200	Royal Bank of Canada, (Canada), 2.300%, 07/20/16		208
		Toronto-Dominion Bank (The), (Canada),
	200	1.500%, 03/13/17 (e)		204
	235	2.200%, 07/29/15 (e)		243
		U.S. Bancorp,
	150	2.450%, 07/27/15		155
	208	2.875%, 11/20/14		215
	250	Wachovia Bank N.A., 6.000%, 11/15/17		294
		Wachovia Corp.,
	235	4.875%, 02/15/14		242
	850	5.750%, 02/01/18		999
		Wells Fargo & Co.,
	415	5.625%, 12/11/17		483
	500	SUB, 3.676%, 06/15/16		537
	315	Wells Fargo Bank N.A., 4.750%, 02/09/15		335
	285	Westpac Banking Corp., (Australia), 4.875%, 11/19/19		329
				11,340
		Consumer Finance — 1.1%
		American Express Credit Corp.,
	139	2.800%, 09/19/16		146
	200	7.300%, 08/20/13		203
		American Honda Finance Corp.,
	333	1.450%, 02/27/15 (e)		337
	200	2.125%, 02/28/17 (e)		204
	300	Capital One Bank USA N.A., 3.375%, 02/15/23		296
		Capital One Financial Corp.,
	100	6.750%, 09/15/17		120
	245	7.375%, 05/23/14		261
		Caterpillar Financial Services Corp.,
	58	2.850%, 06/01/22		58
	100	5.500%, 03/15/16		112
	150	6.200%, 09/30/13		153
	65	7.050%, 10/01/18		82
	100	7.150%, 02/15/19		127
		Ford Motor Credit Co. LLC,
	200	3.000%, 06/12/17		205
	200	4.250%, 09/20/22		206
	200	HSBC Finance Corp., 5.250%, 01/15/14		206
	250	HSBC USA, Inc., 2.375%, 02/13/15		257
		John Deere Capital Corp.,
	50	2.250%, 04/17/19		51
	33	3.150%, 10/15/21		34
	66	PACCAR Financial Corp., 1.600%, 03/15/17		66
		Toyota Motor Credit Corp.,
	120	1.000%, 02/17/15		121
	225	1.750%, 05/22/17		228
	200	2.000%, 09/15/16		206
	100	2.050%, 01/12/17		102
	154	3.200%, 06/17/15		162
				3,943
		Diversified Financial Services — 1.8%
	161	Associates Corp. of North America, 6.950%, 11/01/18		195
		Bank of America Corp.,
	100	5.000%, 05/13/21		111
	130	5.625%, 07/01/20		150
	300	5.650%, 05/01/18		344
	170	5.750%, 12/01/17		195
	50	5.875%, 01/05/21		58
	100	6.500%, 08/01/16		114
	125	7.375%, 05/15/14		133
		Citigroup, Inc.,
	100	1.250%, 01/15/16		100
	135	3.375%, 03/01/23		133
	43	4.587%, 12/15/15		46
	125	4.750%, 05/19/15		134
	506	5.000%, 09/15/14		529
	54	5.375%, 08/09/20		62
	13	6.000%, 08/15/17		15
	285	6.010%, 01/15/15		307
	300	6.125%, 11/21/17		351
		CME Group, Inc.,
	110	5.400%, 08/01/13		111

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Diversified Financial Services — Continued
	190	5.750%, 02/15/14		197
	43	EADS Finance B.V., (Netherlands), 2.700%, 04/17/23 (e)		41
		General Electric Capital Corp.,
	17	1.000%, 12/11/15		17
	220	4.375%, 09/16/20		241
	800	4.650%, 10/17/21		884
	500	5.400%, 02/15/17		568
	475	5.625%, 05/01/18		556
	500	5.650%, 06/09/14		526
		MassMutual Global Funding II,
	300	2.000%, 04/05/17 (e)		304
	100	3.125%, 04/14/16 (e)		106
	200	Metlife of Connecticut Global Funding I, 5.125%, 08/15/14 (e)		211
				6,739
		Insurance — 0.9%
		ACE INA Holdings, Inc.,
	45	2.600%, 11/23/15		47
	50	5.600%, 05/15/15		55
		Aflac, Inc.,
	28	2.650%, 02/15/17		29
	32	4.000%, 02/15/22		34
	25	8.500%, 05/15/19		33
	350	American International Group, Inc., 5.450%, 05/18/17		395
	45	Aon Corp., 3.500%, 09/30/15		47
		Berkshire Hathaway Finance Corp.,
	65	1.300%, 05/15/18		64
	150	5.400%, 05/15/18		177
		Berkshire Hathaway, Inc.,
	202	3.400%, 01/31/22		209
	98	3.750%, 08/15/21		105
	90	CNA Financial Corp., 5.875%, 08/15/20		105
	80	Jackson National Life Global Funding, 4.700%, 06/01/18 (e)		87
	41	Liberty Mutual Group, Inc., 5.000%, 06/01/21 (e)		45
	35	Lincoln National Corp., 4.200%, 03/15/22		37
		Metropolitan Life Global Funding I,
	100	1.500%, 01/10/18 (e)		99
	107	1.700%, 06/29/15 (e)		109
	200	2.500%, 09/29/15 (e)		207
	175	3.650%, 06/14/18 (e)		190
	100	3.875%, 04/11/22 (e)		106
	222	5.200%, 09/18/13 (e)		225
		New York Life Global Funding,
	170	1.300%, 01/12/15 (e)		172
	125	3.000%, 05/04/15 (e)		131
	150	Pacific Life Global Funding, 5.000%, 05/15/17 (e)		157
	200	Pricoa Global Funding I, 5.450%, 06/11/14 (e)		210
	16	Principal Financial Group, Inc., 1.850%, 11/15/17		16
	35	Principal Life Global Funding II, 1.000%, 12/11/15 (e)		35
	150	Prudential Insurance Co. of America (The), 8.300%, 07/01/25 (e)		201
				3,327
		Real Estate Investment Trusts (REITs) — 0.3%
	45	American Tower Trust I, 1.551%, 03/15/18 (e)		45
		CommonWealth REIT,
	125	5.875%, 09/15/20		133
	150	6.650%, 01/15/18		166
	27	ERP Operating LP, 4.625%, 12/15/21		30
		HCP, Inc.,
	44	2.625%, 02/01/20		42
	8	3.750%, 02/01/19		8
	92	5.375%, 02/01/21		106
		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		106
	50	5.650%, 02/01/20		60
	40	6.100%, 05/01/16		45
	50	6.125%, 05/30/18		60
	159	WEA Finance LLC/WT Finance Aust Pty Ltd., 6.750%, 09/02/19 (e)		195
				1,146
		Thrifts & Mortgage Finance — 0.2%
	25	Countrywide Financial Corp., 6.250%, 05/15/16		28
		Stadshypotek AB, (Sweden),
	523	1.450%, 09/30/13 (e)		525
	250	1.875%, 10/02/19 (e)		246
				799
		Total Financials		36,430

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Health Care — 0.5%
		Biotechnology — 0.2%
		Amgen, Inc.,
	400	3.875%, 11/15/21		428
	44	4.500%, 03/15/20		49
	40	5.700%, 02/01/19		47
	98	Celgene Corp., 3.250%, 08/15/22		97
				621
		Health Care Equipment & Supplies — 0.0% (g)
		Baxter International, Inc.,
	50	4.000%, 03/01/14		51
	50	4.625%, 03/15/15		54
	40	Becton Dickinson and Co., 5.000%, 05/15/19		46
				151
		Health Care Providers & Services — 0.1%
	17	McKesson Corp., 0.950%, 12/04/15		17
	50	Medco Health Solutions, Inc., 2.750%, 09/15/15		52
	112	UnitedHealth Group, Inc., 3.375%, 11/15/21		116
		WellPoint, Inc.,
	115	3.125%, 05/15/22		114
	27	5.875%, 06/15/17		31
	18	7.000%, 02/15/19		22
				352
		Pharmaceuticals — 0.2%
		AbbVie, Inc.,
	119	1.750%, 11/06/17 (e)		119
	87	2.900%, 11/06/22 (e)		84
	100	AstraZeneca plc, (United Kingdom), 5.400%, 06/01/14		105
	150	GlaxoSmithKline Capital, Inc., 5.650%, 05/15/18		178
		Merck & Co., Inc.,
	62	2.400%, 09/15/22		60
	75	6.000%, 09/15/17		89
				635
		Total Health Care		1,759
		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		117
	47	Lockheed Martin Corp., 2.125%, 09/15/16		48
	43	Precision Castparts Corp., 0.700%, 12/20/15		43
	50	United Technologies Corp., 6.125%, 02/01/19		61
				352
		Airlines — 0.0% (g)
	79	American Airlines, 2011-2 Class A Pass-Through Trust, 8.625%, 10/15/21		83
	34	Continental Airlines, 1999-2 Class A-1 Pass-Through Trust, 7.256%, 03/15/20		38
	66	Delta Air Lines, 2010-2 Class A Pass-Through Trust, 4.950%, 05/23/19		72
				193
		Commercial Services & Supplies — 0.1%
		ADT Corp. (The),
	70	3.500%, 07/15/22		67
	24	4.125%, 06/15/23		24
	50	Pitney Bowes, Inc., 5.600%, 03/15/18		55
	60	Waste Management, Inc., 7.375%, 03/11/19		75
				221
		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		72
				145
		Electrical Equipment — 0.0% (g)
		Eaton Corp.,
	27	1.500%, 11/02/17 (e)		27
	50	5.600%, 05/15/18		58
				85
		Industrial Conglomerates — 0.1%
	152	Koninklijke Philips N.V., (Netherlands), 3.750%, 03/15/22		160
	100	Siemens Financieringsmaatschappij N.V., (Netherlands), 5.750%, 10/17/16 (e)		115
				275
		Machinery — 0.1%
		Caterpillar, Inc.,
	74	1.500%, 06/26/17		74
	31	2.600%, 06/26/22		31
	89	Deere & Co., 2.600%, 06/08/22		88
	25	Parker Hannifin Corp., 5.500%, 05/15/18		29
				222

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Road & Rail — 0.6%
		Burlington Northern Santa Fe LLC,
	43	3.050%, 03/15/22		44
	32	3.450%, 09/15/21		33
	19	3.600%, 09/01/20		20
	100	5.650%, 05/01/17		115
	100	7.000%, 02/01/14		104
		CSX Corp.,
	30	6.250%, 04/01/15		33
	30	7.375%, 02/01/19		38
	50	7.900%, 05/01/17		61
		ERAC USA Finance LLC,
	48	2.750%, 03/15/17 (e)		50
	27	4.500%, 08/16/21 (e)		29
	575	Federal Express Corp. 1998 Pass-Through Trust, 6.720%, 01/15/22		693
		Norfolk Southern Corp.,
	138	3.250%, 12/01/21		142
	50	7.700%, 05/15/17		61
	53	Penske Truck Leasing Co. LP/PTL Finance Corp., 2.875%, 07/17/18 (e)		54
		Ryder System, Inc.,
	48	2.500%, 03/01/17		49
	55	3.600%, 03/01/16		58
		Union Pacific Corp.,
	21	2.950%, 01/15/23		21
	233	4.163%, 07/15/22		255
	100	4.875%, 01/15/15		107
	82	5.650%, 05/01/17		94
	115	United Parcel Service of America, Inc., 8.375%, 04/01/20		155
				2,216
		Total Industrials		3,709
		Information Technology — 0.9%
		Computers & Peripherals — 0.4%
		Apple, Inc.,
	199	2.400%, 05/03/23		190
	207	VAR, 0.523%, 05/03/18		207
		Hewlett-Packard Co.,
	208	2.600%, 09/15/17		212
	195	4.375%, 09/15/21		197
	87	4.650%, 12/09/21		90
	325	5.400%, 03/01/17		359
	200	6.125%, 03/01/14		207
				1,462
		Electronic Equipment, Instruments & Components — 0.1%
		Arrow Electronics, Inc.,
	32	3.000%, 03/01/18		32
	55	3.375%, 11/01/15		57
	16	4.500%, 03/01/23		16
	100	6.875%, 06/01/18		118
	13	7.500%, 01/15/27		16
				239
		IT Services — 0.2%
		International Business Machines Corp.,
	126	1.250%, 02/06/17		126
	209	1.625%, 05/15/20		202
	100	1.875%, 05/15/19		101
	150	5.700%, 09/14/17		176
	200	7.625%, 10/15/18		260
				865
		Office Electronics — 0.0% (g)
		Xerox Corp.,
	39	2.950%, 03/15/17		40
	50	5.625%, 12/15/19		57
	40	6.750%, 02/01/17		46
				143
		Semiconductors & Semiconductor Equipment — 0.0% (g)
	30	National Semiconductor Corp., 6.600%, 06/15/17		36
	73	Texas Instruments, Inc., 1.650%, 08/03/19		72
				108
		Software — 0.2%
	25	Intuit, Inc., 5.750%, 03/15/17		28
		Microsoft Corp.,
	23	0.875%, 11/15/17		23
	120	1.625%, 09/25/15		123
	34	2.125%, 11/15/22		32
	68	2.375%, 05/01/23		66
		Oracle Corp.,
	200	5.250%, 01/15/16		223
	100	5.750%, 04/15/18		119
				614
		Total Information Technology		3,431
		Materials — 0.4%
		Chemicals — 0.2%
		Dow Chemical Co. (The),
	61	4.125%, 11/15/21		65

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Chemicals — Continued
	38	4.250%, 11/15/20		42
	40	8.550%, 05/15/19		53
		E.I. du Pont de Nemours & Co.,
	101	1.950%, 01/15/16		104
	100	6.000%, 07/15/18		121
	34	Mosaic Co. (The), 3.750%, 11/15/21		35
	230	Praxair, Inc., 4.625%, 03/30/15		246
	150	Union Carbide Corp., 7.500%, 06/01/25		182
				848
		Metals & Mining — 0.2%
		BHP Billiton Finance USA Ltd., (Australia),
	37	1.000%, 02/24/15		37
	100	5.400%, 03/29/17		115
	100	6.500%, 04/01/19		124
		Freeport-McMoRan Copper & Gold, Inc.,
	128	2.150%, 03/01/17		129
	67	3.100%, 03/15/20 (e)		66
		Rio Tinto Finance USA Ltd., (Australia),
	27	3.500%, 11/02/20		28
	50	8.950%, 05/01/14		54
	58	Rio Tinto Finance USA plc, (United Kingdom), 1.625%, 08/21/17		58
				611
		Total Materials		1,459
		Telecommunication Services — 0.9%
		Diversified Telecommunication Services — 0.7%
		AT&T, Inc.,
	30	0.800%, 12/01/15		30
	69	0.900%, 02/12/16		69
	100	4.450%, 05/15/21		112
	135	5.100%, 09/15/14		143
	150	5.500%, 02/01/18		175
	165	BellSouth Corp., 5.200%, 09/15/14		174
	65	BellSouth Telecommunications, Inc., 6.300%, 12/15/15		68
	100	British Telecommunications plc, (United Kingdom), 5.950%, 01/15/18		117
	61	France Telecom S.A., (France), 2.750%, 09/14/16		63
	500	GTE Corp., 6.840%, 04/15/18		607
	27	Nippon Telegraph & Telephone Corp., (Japan), 1.400%, 07/18/17		27
	148	Qwest Corp., 6.750%, 12/01/21		170
		Telecom Italia Capital S.A., (Luxembourg),
	280	4.950%, 09/30/14		292
	225	5.250%, 11/15/13		229
	30	Telefonica Emisiones S.A.U., (Spain), 5.877%, 07/15/19		34
	100	Verizon Communications, Inc., 5.500%, 02/15/18		116
	250	Verizon Maryland LLC, 7.150%, 05/01/23		251
	100	Verizon New England, Inc., 4.750%, 10/01/13		101
				2,778
		Wireless Telecommunication Services — 0.2%
	150	Cellco Partnership/Verizon Wireless Capital LLC, 5.550%, 02/01/14		155
	40	Crown Castle Towers LLC, 3.214%, 08/15/15 (e)		41
		Vodafone Group plc, (United Kingdom),
	100	1.500%, 02/19/18		99
	100	1.625%, 03/20/17		100
	125	5.000%, 09/15/15		137
				532
		Total Telecommunication Services		3,310
		Utilities — 1.2%
		Electric Utilities — 0.8%
	27	American Electric Power Co., Inc., 1.650%, 12/15/17		27
	43	Baltimore Gas & Electric Co., 2.800%, 08/15/22		42
	50	Cleveland Electric Illuminating Co. (The), 7.880%, 11/01/17		61
	30	Connecticut Light & Power Co. (The), 5.650%, 05/01/18		35
	20	DTE Electric Co., 2.650%, 06/15/22		20
	60	Duke Energy Indiana, Inc., 3.750%, 07/15/20		65
		Duke Energy Progress, Inc.,
	40	2.800%, 05/15/22		40
	233	5.125%, 09/15/13		236
	150	5.300%, 01/15/19		178
	100	Enel Finance International N.V., (Netherlands), 5.125%, 10/07/19 (e)		108
	40	Georgia Power Co., 6.000%, 11/01/13		41
		Indiana Michigan Power Co.,
	100	Series J, 3.200%, 03/15/23		99
	135	7.000%, 03/15/19		167

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Electric Utilities — Continued
	25	Jersey Central Power & Light Co., 7.350%, 02/01/19		31
	47	Kansas City Power & Light Co., 3.150%, 03/15/23		47
	6	Kiowa Power Partners LLC, 4.811%, 12/30/13 (e)		6
	60	Nevada Power Co., 7.125%, 03/15/19		76
		NextEra Energy Capital Holdings, Inc.,
	25	1.200%, 06/01/15		25
	150	7.875%, 12/15/15		175
	40	Niagara Mohawk Power Corp., 4.881%, 08/15/19 (e)		45
	180	Nisource Finance Corp., 4.450%, 12/01/21		194
	25	Ohio Power Co., 6.050%, 05/01/18		30
	50	Oncor Electric Delivery Co. LLC, 6.800%, 09/01/18		62
		Pacific Gas & Electric Co.,
	68	2.450%, 08/15/22		66
	125	5.625%, 11/30/17		147
		PacifiCorp,
	100	3.850%, 06/15/21		109
	60	5.650%, 07/15/18		72
	75	Peco Energy Co., 5.350%, 03/01/18		88
	51	Public Service Co. of Colorado, 3.200%, 11/15/20		54
	74	Public Service Co. of Oklahoma, 4.400%, 02/01/21		81
	200	Public Service Electric & Gas Co., 6.330%, 11/01/13		205
		Southern Co. (The),
	45	1.950%, 09/01/16		46
	40	4.150%, 05/15/14		42
	30	Southwestern Public Service Co., 8.750%, 12/01/18		39
	100	Virginia Electric and Power Co., 5.400%, 04/30/18		118
		Wisconsin Electric Power Co.,
	30	6.000%, 04/01/14		31
	100	6.250%, 12/01/15		114
	27	Xcel Energy, Inc., 0.750%, 05/09/16		27
				3,049
		Gas Utilities — 0.1%
		AGL Capital Corp.,
	94	3.500%, 09/15/21		99
	100	6.375%, 07/15/16		115
	30	Atmos Energy Corp., 8.500%, 03/15/19		40
	50	CenterPoint Energy Resources Corp., 6.125%, 11/01/17		59
				313
		Independent Power Producers & Energy Traders — 0.1%
	72	Exelon Generation Co. LLC, 4.000%, 10/01/20		75
	150	PPL Energy Supply LLC, 4.600%, 12/15/21		159
				234
		Multi-Utilities — 0.1%
	50	Consumers Energy Co., 5.650%, 04/15/20		60
	150	Dominion Resources, Inc., 8.875%, 01/15/19		201
	50	PG&E Corp., 5.750%, 04/01/14		52
		Sempra Energy,
	80	8.900%, 11/15/13		83
	150	9.800%, 02/15/19		208
				604
		Water Utilities — 0.1%
	200	American Water Capital Corp., 6.085%, 10/15/17		235
		Total Utilities		4,435
		Total Corporate Bonds (Cost $61,012)		65,952
	Foreign Government Securities — 0.8%
		Israel Government AID Bond, (Israel),
	329	Zero Coupon, 08/15/17		314
	1,557	Zero Coupon, 08/15/20		1,348
	500	Zero Coupon, 02/15/22		404
		Province of Ontario, (Canada),
	400	0.950%, 05/26/15		404
	250	2.700%, 06/16/15		261
	300	2.950%, 02/05/15		312
		Total Foreign Government Securities (Cost $2,949)		3,043
	Mortgage Pass-Through Securities — 11.4%
		Federal Home Loan Mortgage Corp.,
	149	ARM, 2.165%, 01/01/37		158
	297	ARM, 2.222%, 08/01/36		316
	14	ARM, 2.250%, 07/01/26		14
	37	ARM, 2.263%, 01/01/27		40
	227	ARM, 2.456%, 03/01/37		244
	446	ARM, 2.759%, 12/01/34		475
	196	ARM, 2.802%, 09/01/36		210

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)			SECURITY DESCRIPTION	VALUE ($)
	Mortgage Pass-Through Securities — Continued
	124		ARM, 2.846%, 09/01/36		132
	202		ARM, 2.931%, 04/01/38		217
	120		ARM, 3.060%, 02/01/37		128
	335		ARM, 3.715%, 06/01/36		361
	90		ARM, 6.425%, 11/01/36		96
			Federal Home Loan Mortgage Corp. Gold Pools, 15 Year, Single Family,
	155		4.000%, 06/01/19		164
	43		4.500%, 10/01/18		46
	283		5.500%, 06/01/17 - 01/01/24		305
	96		6.000%, 10/01/17 - 04/01/18		98
	403		6.500%, 01/01/17 - 03/01/22		429
	–	(h)	7.500%, 10/01/14		—	(h)
			Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family,
	12		6.000%, 12/01/22		13
	65		6.500%, 12/01/13 - 08/01/26		72
			Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,
	78		6.000%, 01/01/34		88
	115		7.000%, 04/01/26 - 02/01/37		132
	7		7.500%, 08/01/25		8
	9		8.000%, 07/01/20 - 11/01/24		10
	24		8.500%, 07/01/28		28
	438		Federal Home Loan Mortgage Corp. Gold Pools, FHA/VA, 10.000%, 10/01/30		513
			Federal Home Loan Mortgage Corp. Gold Pools, Other,
	2,777		3.500%, 05/01/33 - 05/01/43		2,894
	485		4.000%, 06/01/42		517
	300		6.000%, 02/01/33		327
			Federal Home Loan Mortgage Corp., 30 Year, Single Family,
	1		12.000%, 08/01/15 - 07/01/19		1
			Federal National Mortgage Association,
	5		ARM, 1.904%, 03/01/19		5
	73		ARM, 1.949%, 02/01/37		76
	206		ARM, 2.023%, 01/01/35		218
	201		ARM, 2.035%, 09/01/35		212
	292		ARM, 2.042%, 02/01/35		310
	189		ARM, 2.294%, 08/01/34		201
	252		ARM, 2.346%, 01/01/35		266
	1		ARM, 2.375%, 08/01/19		1
	176		ARM, 2.378%, 04/01/35		188
	87		ARM, 2.422%, 08/01/35		92
	157		ARM, 2.423%, 04/01/33		167
	174		ARM, 2.465%, 02/01/35		185
	116		ARM, 2.495%, 11/01/33		123
	193		ARM, 2.528%, 10/01/34		205
	213		ARM, 2.536%, 02/01/37		226
	219		ARM, 2.669%, 09/01/35		234
	314		ARM, 2.723%, 09/01/34		336
	150		ARM, 2.775%, 07/01/46		161
	16		ARM, 2.853%, 09/01/27		17
	84		ARM, 2.912%, 08/01/36		90
	240		ARM, 2.935%, 09/01/33		257
	322		ARM, 2.987%, 02/01/36		342
	14		ARM, 3.797%, 03/01/29		15
	130		ARM, 6.180%, 09/01/36		140
			Federal National Mortgage Association, 15 Year, Single Family,
	73		4.000%, 05/01/19		77
	723		4.500%, 05/01/18 - 05/01/19		778
	503		5.000%, 12/01/16 - 04/01/19		546
	317		5.500%, 01/01/20 - 06/01/20		341
	424		6.000%, 03/01/21 - 01/01/24		465
	73		6.500%, 09/01/13 - 08/01/20		78
			Federal National Mortgage Association, 20 Year, Single Family,
	107		6.000%, 04/01/24		117
	142		6.500%, 05/01/22		159
			Federal National Mortgage Association, 30 Year, FHA/VA,
	17		6.000%, 09/01/33		19
	32		6.500%, 03/01/29		38
	15		8.500%, 02/01/30		17
	13		9.000%, 09/01/19 - 12/01/30		13
	7		9.500%, 12/01/18		8
			Federal National Mortgage Association, 30 Year, Single Family,
	105		4.500%, 08/01/33		112
	1,447		5.000%, 07/01/33 - 08/01/40		1,603
	1,524		5.500%, 09/01/33 - 02/01/38		1,668
	781		6.000%, 12/01/32 - 09/01/37		866
	54		6.500%, 08/01/31		61
	10		7.000%, 09/01/27 - 08/01/32		12
	17		7.500%, 11/01/22 - 05/01/25		19
	526		8.000%, 03/01/21 - 11/01/32		642
	9		8.500%, 07/01/24 - 06/01/25		11
	–	(h)	9.000%, 04/01/26		—	(h)
	4		10.000%, 02/01/24		4
	1		12.500%, 01/01/16		1

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Mortgage Pass-Through Securities — Continued
		Federal National Mortgage Association, Other,
	1,500	VAR, 0.544%, 01/01/23		1,504
	497	VAR, 0.564%, 01/01/23		498
	1,000	VAR, 0.584%, 02/01/23		1,005
	993	VAR, 0.594%, 01/01/23		995
	1,000	Zero Coupon, 04/20/43		1,109
	974	1.940%, 01/01/17		992
	1,000	1.990%, 01/01/17		1,010
	2,873	2.970%, 11/01/18		3,049
	1,000	3.540%, 10/01/20		1,077
	2,405	3.590%, 12/01/20		2,602
	1,066	4.160%, 03/01/21		1,193
	472	4.291%, 06/01/21		535
	799	4.300%, 04/01/21		902
	943	4.355%, 03/01/20		1,062
	1,970	4.380%, 01/01/21 - 04/01/21		2,230
	500	4.390%, 05/01/21		567
	216	5.500%, 04/01/38		231
	260	6.000%, 03/01/37		280
		Government National Mortgage Association II, 30 Year, Single Family,
	525	6.000%, 03/20/28 - 09/20/38		571
	14	7.500%, 02/20/28 - 09/20/28		18
	38	8.000%, 12/20/25 - 08/20/28		47
	23	8.500%, 03/20/25 - 05/20/25		27
		Government National Mortgage Association, 15 Year, Single Family,
	30	6.000%, 10/15/17		32
	11	8.000%, 01/15/16		11
		Government National Mortgage Association, 30 Year, Single Family,
	365	6.000%, 11/15/28 - 12/15/38		413
	363	6.500%, 01/15/24 - 12/15/35		410
	349	7.000%, 08/15/23 - 06/15/35		414
	30	7.500%, 11/15/22 - 09/15/28		34
	7	8.000%, 05/15/22 - 08/15/28		7
	5	8.500%, 11/15/17		5
	10	9.000%, 08/15/16 - 11/15/24		11
	197	9.500%, 09/15/18 - 12/15/25		224
	2	12.000%, 11/15/19		3
		Total Mortgage Pass-Through Securities (Cost $41,046)		42,826
	Supranational — 0.1%
	150	African Development Bank, 8.800%, 09/01/19 (Cost $199)		200
	U.S. Government Agency Securities — 2.6%
	323	Federal Farm Credit Bank, 5.125%, 11/15/18		386
		Federal National Mortgage Association,
	1,300	Zero Coupon, 07/05/14		1,292
	1,000	Zero Coupon, 06/01/17		954
	800	5.000%, 05/11/17		926
	500	Federal National Mortgage Association STRIPS, 11/15/21		402
		Financing Corp. Fico,
	440	Zero Coupon, 05/11/18		416
	500	Zero Coupon, 04/05/19		449
	584	Zero Coupon, 09/26/19		520
	1,000	Government Trust Certificate, Zero Coupon, 10/01/15		970
		Residual Funding Corp. STRIPS,
	250	Zero Coupon, 10/15/19		224
	1,750	Zero Coupon, 07/15/20		1,531
	1,000	Tennessee Valley Authority, 5.500%, 07/18/17		1,177
	333	Tennessee Valley Authority STRIPS, Zero Coupon, 05/01/19		297
		Total U.S. Government Agency Securities (Cost $9,153)		9,544
	U.S. Treasury Obligations — 35.6%
		U.S. Treasury Bonds,
	1,225	7.500%, 11/15/16		1,511
	320	8.500%, 02/15/20		465
	250	8.750%, 05/15/20		371
	250	8.750%, 08/15/20		374
	3,000	8.875%, 08/15/17		3,999
	835	11.250%, 02/15/15		990
		U.S. Treasury Bonds STRIPS,
	202	11/15/13		202
	800	02/15/14 (m)		799
	4,566	05/15/14 (m)		4,558
	1,500	08/15/14 (m)		1,496
	3,518	11/15/14 (m)		3,505
	3,325	02/15/15		3,307
	4,952	11/15/15 (m)		4,900

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	U.S. Treasury Obligations — Continued
	5,766	02/15/16 (m)		5,691
	1,072	05/15/16		1,055
	2,505	08/15/16		2,457
	700	11/15/16		684
	1,224	02/15/17		1,190
	4,446	08/15/17		4,285
	1,960	11/15/17		1,880
	2,200	02/15/18		2,098
	700	05/15/18		664
	495	05/15/19		457
	4,350	08/15/19		3,991
	2,000	02/15/20		1,805
	13,948	05/15/20		12,474
	150	05/15/20		134
	12,550	08/15/20		11,131
	2,150	05/15/21		1,854
	100	08/15/21		85
	2,000	11/15/21		1,690
	425	02/15/22		356
	47	08/15/26		32
	300	11/15/26		204
	53	02/15/28		34
		U.S. Treasury Inflation Indexed Notes,
	1,700	0.500%, 04/15/15		1,878
	700	1.125%, 01/15/21		834
	500	1.250%, 04/15/14		558
	250	2.000%, 01/15/14		319
		U.S. Treasury Notes,
	300	0.250%, 10/31/13		300
	500	0.500%, 10/15/13		501
	593	0.875%, 01/31/18		590
	800	1.000%, 11/30/19		779
	400	1.375%, 12/31/18		404
	5,500	1.500%, 08/31/18		5,610
	1,300	1.750%, 01/31/14		1,314
	1,500	1.750%, 10/31/18		1,547
	500	1.875%, 02/28/14		507
	1,100	1.875%, 04/30/14		1,117
	6,400	1.875%, 08/31/17		6,671
	400	2.000%, 02/15/22		402
	1,500	2.250%, 07/31/18		1,588
	350	2.625%, 08/15/20		375
	400	2.625%, 11/15/20		427
	1,500	2.750%, 10/31/13		1,516
	1,500	2.750%, 11/30/16		1,608
	1,755	2.750%, 05/31/17		1,891
	3,000	2.750%, 12/31/17		3,243
	1,000	3.125%, 04/30/17		1,091
	350	3.125%, 05/15/21		385
	7,900	3.250%, 12/31/16		8,618
	1,000	3.250%, 03/31/17		1,095
	800	3.375%, 07/31/13		804
	1,050	3.500%, 02/15/18		1,173
	1,550	3.500%, 05/15/20		1,754
	400	3.625%, 02/15/20		456
	450	3.625%, 02/15/21		513
	700	4.000%, 02/15/15		744
	300	4.250%, 08/15/13		303
	400	4.250%, 11/15/17		458
	200	4.500%, 02/15/16		222
	1,000	4.750%, 08/15/17		1,162
		Total U.S. Treasury Obligations (Cost $127,231)		133,485
SHARES
	Short-Term Investment — 3.9%
		Investment Company — 3.9%
	14,513	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.039% (b) (l) (Cost $14,513)		14,513
		Total Investments — 100.1% (Cost $355,875)		375,198
		Liabilities in Excess of Other Assets — (0.1)%		(376	)
		NET ASSETS — 100.0%	$	374,822

Percentages indicated are based on net assets.

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (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, 2013.
CMO	—	Collateralized Mortgage Obligation
ESOP	—	Employee Stock Ownership Program
FHA	—	Federal Housing Administration
GMAC	—	General Motors Acceptance Corp.
HB	—	High Coupon Bonds (a.k.a. “IOettes”) represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO’s the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.
IF	—	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of May 31, 2013. 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, 2013.
VA	—	Veterans Administration
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of May 31, 2013.
(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.
(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, 2013.
(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.

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

As of May 31, 2013, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$  20,222
Aggregate gross unrealized depreciation	(899)
Net unrealized appreciation/depreciation	$  19,323
Federal income tax cost of investments	$355,875

A. Valuation of Investments—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 Trustees or third party broker-dealers. The pricing services or broker-dealers use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services or broker-dealers 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 pricing services or broker-dealers also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics 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. 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. Securities listed on the NASDAQ Stock Market LLC are generally valued at the NASDAQ Official Closing Price. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates fair value. Investments in other open-end investment companies are valued at each investment company’s net asset value per share (“NAV”) as of the report date.

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 these 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 of Trustees. If valuations are not available from such services or values received are deemed not representative of fair value, values will be obtained from a third party broker-dealer or counterparty.

Securities or other assets for which market quotations are not readily available or for which market quotations are deemed to not represent the fair value of the security or asset 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 of Trustees. The Board of Trustees has established an Audit and Valuation Committee to assist with the oversight of the valuation of the Fund’s securities. JPMorgan Funds Management, Inc. (the “Administrator”, or “JPMFM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), has established a Valuation Committee (“VC”) that is comprised of senior representatives from JPMFM, J.P. Morgan Investment Management Inc. (“JPMIM” or the “Advisor”), a wholly-owned subsidiary of JPMorgan Asset Management Holdings Inc. (“JPMAM”), which is a wholly-owned subsidiary of JPMorgan, JPMorgan’s Legal and Compliance and JPMAM’s Risk Management and the Fund’s Chief Compliance Officer. The VC’s responsibilities include making determinations regarding Level 3 fair value measurements (“Fair Values”) and/or providing recommendations for approval to the Board of Trustees’ Audit and Valuation Committee, in accordance with the Fund’s valuation policies.

The VC or Board of Trustees, as applicable, primarily employs 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 of Trustees 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 for discussing and assessing Fair Values on an ongoing, and at least a quarterly, basis with the VC and Board of Trustees, as applicable. The appropriateness of Fair Values is assessed based on results of unchanged price review and consideration of macro or security specific events, back testing and broker and vendor due diligence.

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

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (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 the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

	Level 1 Quoted prices		Level 2 Other significant  observable inputs		Level 3 Significant  unobservable inputs			Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	10,732	$	3,233		$	13,965
Collateralized Mortgage Obligations
Agency CMO		—		65,061		722			65,783
Non-Agency CMO		—		16,050		1,082			17,132
Total Collateralized Mortgage Obligations		—		81,111		1,804			82,915
Commercial Mortgage-Backed Securities		—		7,621		1,134			8,755
Corporate Bonds
Consumer Discretionary		—		3,860		—			3,860
Consumer Staples		—		2,611		—			2,611
Energy		—		4,948		—			4,948
Financials		—		36,430		—			36,430
Health Care		—		1,759		—			1,759
Industrials		—		2,895		814			3,709
Information Technology		—		3,431		—			3,431
Materials		—		1,459		—			1,459
Telecommunication Services		—		3,310		—			3,310
Utilities		—		4,435		—			4,435
Total Corporate Bonds		—		65,138		814			65,952
Foreign Government Securities		—		3,043		—			3,043
Mortgage Pass-Through Securities		—		42,826		—			42,826
Supranational		—		200		—			200
U.S. Government Agency Securities		—		9,544		—			9,544
U.S. Treasury Obligations		—		133,485		—			133,485
Short-Term Investment
Investment Company		14,513		—		—			14,513
Total Investments in Securities	$	14,513	$	353,700	$	6,985	*	$	375,198

* Level 3 securities are valued by brokers. At May 31, 2013, the value of these securities was approximately $6,985,000. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A. The appropriateness of fair values for these securities is based on results of back testing and unchanged price review and may also include but not limited to results of broker due diligence and consideration of macro or security specific events.

There were no transfers between Levels 1 and 2 during the period ended May 31, 2013.

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

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

JPMorgan Intermediate Bond Trust Fund	Balance as of 02/28/13		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 05/31/13
Investments in Securities
Asset-Backed Securities	$	3,593	$	—	$	1		$	1		$	—	$	(571	)	$	714	$	(505	)	$	3,233
Collateralized Mortgage Obligations - Agency CMO		1,369		—		(77	)		(1	)		—		(30	)		254		(793	)		722
Collateralized Mortgage Obligations - Non-Agency CMO		1,084		—		(5	)		1			12		(112	)		535		(433	)		1,082
Commercial Mortgage-Backed Securities		1,466		—		—			—			—		(97	)		—		(235	)		1,134
Corporate Bonds - Industrials		901		—		(6	)		(1	)		—		(6	)		—		(74	)		814
Mortgage Pass-Through Securities		499		—		—			—			—		—			—		(499	)		—
Total	$	8,912	$	—	$	(87	)	$	—		$	12	$	(816	)	$	1,503	$	(2,539	)	$	6,985

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

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

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

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

The change in unrealized appreciation (depreciation) attributable to securities owned at May 31, 2013, which were valued using significant unobservable inputs (Level 3), amounted to approximately $(87).

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, 2013

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, 2013
By:	/s/ Joy C. Dowd
	Joy C. Dowd
	Treasurer and Principal Financial Officer
	July 30, 2013

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 Funds as of the end of the fiscal quarter for which the report is filed;

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

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

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

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

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

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

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

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

Date: July 30, 2013	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 Funds as of the end of the fiscal quarter for which the report is filed;

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

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

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

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

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

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

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

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

Date: July 30, 2013	By:	/s/ Joy C. Dowd
		Joy C. Dowd
		Treasurer and Principal Financial Officer