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: 811-21295

JPMorgan Trust I

(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) 480-4111

Date of fiscal year end: Last day of February

Date of reporting period: May 31, 2012

ITEM 1. SCHEDULE OF INVESTMENTS.

JPMorgan Trust I

Schedule of Portfolio Investments as of May 31, 2012

(Unaudited)

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

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

JPMorgan Distribution Services, Inc.

^© JPMorgan Chase & Co., 2012.

JPMorgan 100% U.S. Treasury Securities Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION (t)	VALUE ($)
	U.S. Treasury Obligations — 100.0%
		U.S. Treasury Bills — 90.1% (n)
	2,000,000	0.079%, 06/28/12 (m)		1,999,882
	1,575,000	0.079%, 07/26/12		1,574,811
	2,325,000	0.081%, 06/07/12		2,324,969
	1,000,000	0.084%, 07/05/12		999,921
	1,000,000	0.085%, 07/19/12		999,887
	500,000	0.085%, 07/12/12		499,951
	1,300,000	0.090%, 06/14/12		1,299,958
	600,000	0.090%, 08/23/12		599,876
	1,000,000	0.090%, 08/30/12		999,775
	1,600,000	0.096%, 06/21/12		1,599,914
	2,078,906	0.098%, 08/09/12		2,078,515
	1,210,984	0.099%, 08/16/12		1,210,732
	1,400,000	0.100%, 08/02/12		1,399,758
	333,361	0.102%, 10/18/12		333,229
				17,921,178
		U.S. Treasury Notes — 9.9%
	100,000	0.375%, 08/31/12		100,070
	300,000	0.375%, 09/30/12		300,268
	100,000	0.625%, 06/30/12		100,040
	100,000	1.375%, 10/15/12		100,454
	75,000	1.375%, 01/15/13		75,544
	25,000	1.375%, 03/15/13		25,223
	100,000	1.375%, 05/15/13		101,092
	550,000	1.500%, 07/15/12		550,924
	480,000	1.750%, 08/15/12		481,630
	50,000	1.875%, 06/15/12		50,034
	25,000	2.500%, 03/31/13		25,476
	50,000	3.500%, 05/31/13		51,630
				1,962,385
		Total U.S. Treasury Obligations (Cost $19,883,563)		19,883,563
		Total Investments — 100.0% (Cost $19,883,563) *		19,883,563
		Other Assets in Excess of Liabilities — 0.0% (g)		5,752
		NET ASSETS — 100.0%	$	19,889,315

Percentages indicated are based on net assets.

JPMorgan 100% U.S. Treasury Securities Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

(g) Amount rounds to less than 0.1%.

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

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

(t) The date shown represents the earliest of the next put date, next demand date or final maturity date.

* The cost of securities is substantially the same for federal income tax purposes.

JPMorgan 100% U.S. Treasury Securities Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

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

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

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

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

The following is a summary of the inputs used as of May 31, 2012, in valuing the Fund’s assets and liabilities carried at amortized cost which approximates fair value (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	19,883,563	$	—	$	19,883,563

(a) All portfolio holdings designated as Level 2 are disclosed individually in the Schedule of Portfolio Investments (“SOI”). Please refer to the SOI for specifics of the major categories of portfolio holdings.

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

JPMorgan California Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION (t)	VALUE ($)
	Commercial Paper — 7.7% (n)
		California — 7.7%
		California Statewide Communities Development Authority,
	10,000	0.240%, 08/01/12		10,000
	10,000	0.250%, 01/03/13		10,000
	15,000	0.260%, 08/15/12		15,000
	20,000	0.270%, 11/01/12		20,000
		San Diego County Water Authority,
	10,000	0.230%, 06/01/12		10,000
	28,600	0.270%, 06/01/12		28,600
	8,365	San Gabriel Valley Council of Governments, 0.300%, 08/01/12		8,365
		Total Commercial Paper (Cost $101,965)		101,965
	Daily Demand Notes — 0.6%
		California — 0.6%
	2,000	California Educational Facilities Authority, Series 3144, 0.170%, 06/01/12 (e)		2,000
	500	California Infrastructure & Economic Development Bank, Pacific Gas Electric, Series A, Rev., VAR, LOC: Mizuho Corporate Bank, 0.150%, 06/01/12		500
	2,900	City of Irvine, Improvement Bond Act of 1915, District No. 00-18, Special Assessment, Series A, VAR, LOC: State Street Bank & Trust Co., 0.180%, 06/01/12		2,900
	1,700	Orange County Sanitation District, Series B, COP, VRDO, 0.160%, 06/01/12		1,700
	200	State of California, Kindergarten, Series A-4, GO, VAR, LOC: California State Teachers’ Retirement System, 0.160%, 06/01/12		200
		Total Daily Demand Notes (Cost $7,300)		7,300
	Municipal Bonds — 7.6%
		California — 7.6%
	8,000	City of Oakland, GO, TRAN, 2.000%, 06/29/12		8,010
	10,000	County of Riverside, Series B, GO, TRAN, 2.000%, 06/29/12		10,013
	10,000	Kern County, GO, TRAN, 3.000%, 06/29/12		10,021
	5,500	Los Angeles County, Series C, GO, TRAN, 2.500%, 06/29/12		5,509
	9,710	Oxnard Financing Authority, Municipal Securities Trust Receipts, Series SGC-43, Class A, Rev., LIQ: Societe Generale, LOC: Societe Generale, 0.300%, 06/07/12		9,710
	7,400	Petaluma City Elementary School District, GO, TRAN, 1.500%, 06/01/12		7,400
	5,000	South Coast Local Education Agencies, Series A, Rev., TRAN, 2.000%, 06/29/12		5,006
	41,325	State of California, Series A-2, Rev., 2.000%, 06/26/12		41,371
	3,000	Western Placer Unified School District, GO, TRAN, 2.000%, 10/04/12		3,014
		Total Municipal Bonds (Cost $100,054)		100,054
	Semi-Annual Demand Note — 0.6%
		California — 0.6%
	8,330	Deutsche Bank Spears/Lifers Trust Various States, Series DB-324, GO, VRDO, LIQ: Deutsche Bank AG, 0.240%, 06/07/12 (Cost $8,330)		8,330
	Weekly Demand Notes — 73.3%
		California — 72.1%
	6,750	Abag Finance Authority for Nonprofit Corps., Branson School, Rev., VRDO, LOC: Northern Trust Co., 0.170%, 06/07/12		6,750
	4,545	Abag Finance Authority for Nonprofit Corps., Multi-Family Housing, Geneva Pointe Apartments, Series A, Rev., VAR, FNMA, 0.190%, 06/07/12		4,545
	7,280	Abag Finance Authority for Nonprofit Corps., San Francisco Friends School, Rev., VRDO, LOC: Bank of America N.A., 0.250%, 06/07/12		7,280
	9,795	Abag Finance Authority for Nonprofit Corps., YMCA San Francisco, Series B, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.180%, 06/07/12 (m)		9,795
	6,580	Abag Finance Authority for Nonprofit Corps., Zoological Society, Rev., VRDO, LOC: Bank of America N.A., 0.240%, 06/07/12		6,580
	20,000	Anaheim Public Financing Authority, Series ROCS-RR-II-R-861, Rev., VRDO, NATL-RE, LIQ: Citibank N.A., 0.330%, 06/07/12		20,000

JPMorgan California Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Weekly Demand Notes — Continued
		California — Continued
		Austin Trust,
	5,315	Series 2008-1154, GO, VRDO, AGM, LIQ: Bank of America N.A., 0.280%, 06/07/12		5,315
	6,665	Series 2008-3039X, GO, VRDO, AGM, LIQ: Bank of America N.A., 0.280%, 06/07/12		6,665
	8,680	Series 2008-3301, Rev., VRDO, AGM, LIQ: Bank of America N.A., 0.380%, 06/07/12		8,680
		Barclays Capital Municipal Trust Receipts,
	8,140	Series 11B, Rev., VRDO, LIQ: Barclays Bank plc, 0.160%, 06/07/12 (e)		8,140
	8,690	Series 22B, GO, VRDO, LIQ: Barclays Bank plc, 0.240%, 06/07/12 (e)		8,690
	8,945	Series 23B, Rev., VRDO, LIQ: Barclays Bank plc, 0.170%, 06/07/12 (e)		8,945
	3,750	Series 2W, Rev., VRDO, LIQ: Barclays Bank plc, 0.170%, 06/07/12 (e)		3,750
	4,700	Series 8B, Rev., VRDO, LIQ: Barclays Bank plc, 0.170%, 06/07/12 (e)		4,700
	21,967	Bay Area Toll Authority, California Toll Bridge, Series 2985, Rev., VAR, LIQ: Morgan Stanley Bank, 0.250%, 06/07/12 (e)		21,967
	2,000	Bay Area Toll Authority, California Toll Sanitary Francisco Bay Area, Series D-1, Rev., VRDO, LOC: Lloyds TSB Bank plc, 0.140%, 06/07/12		2,000
	2,000	Bay Area Toll Authority, Toll Bridge, San Francisco Bay Toll Bridge, Series C-4, Rev., VRDO, LOC: Lloyds TSB Bank plc, 0.150%, 06/07/12		2,000
	100	Beaumont Utility Authority, Wastewater Enterprise Project, Series A, Rev., VRDO, LOC: Union Bank of CA N.A., 0.150%, 06/07/12		100
	4,800	California Economic Development Financing Authority, IDR, Standard Abrasives Manufacturing Project, Rev., VRDO, LOC: Union Bank of CA N.A., 0.210%, 06/07/12		4,800
	8,590	California Educational Facilities Authority, Life Chiropractic College, Rev., VAR, LOC: Bank of The West, 0.130%, 06/07/12		8,590
	15,000	California Educational Facilities Authority, St. Mary’s College, Rev., VAR, LOC: Bank of America N.A., 0.220%, 06/07/12		15,000
	750	California Health Facilities Financing Authority, St. Joseph Health System, Series A, Rev., VRDO, LOC: Union Bank N.A., 0.160%, 06/07/12		750
	20,000	California Health Facilities Financing Authority, Stanford Hospital and Clinics, Series C, 0.260%, 12/27/12 (i)		20,000
	7,950	California Housing Finance Agency, Series 3206, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.430%, 06/07/12 (e)		7,950
	4,620	California Housing Finance Agency, Multi-Family Housing, Mission Apartments, Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.190%, 06/07/12		4,620
	4,775	California Infrastructure & Economic Development Bank, IDR, Elite Leather Co. Project, Rev., VRDO, LOC: Union Bank of CA N.A., 0.210%, 06/07/12		4,775
	2,640	California Infrastructure & Economic Development Bank, Kruger & Sons, Inc. Project, Rev., VRDO, AMT, LOC: Bank of The West, 0.260%, 06/07/12		2,640
	4,540	California Infrastructure & Economic Development Bank, M.A. Silva Corks USA LLC Project, Rev., VRDO, LOC: Bank of America N.A., 0.350%, 06/07/12		4,540
	11,320	California Municipal Finance Authority, Boy Scouts America, Series A, Rev., VRDO, LOC: Bank of America N.A., 0.280%, 06/07/12		11,320
	10,000	California Municipal Finance Authority, Westmont College, Series A, Rev., VRDO, LOC: U.S. Bank N.A., 0.170%, 06/07/12		10,000
	8,605	California State Department of Veterans Affairs, Series ROCS-RR-II-R-11444, Rev., VRDO, LIQ: Citibank N.A., 0.240%, 06/07/12		8,605
		California State University,
	5,685	Series 3170X, Rev., VRDO, AGM, LIQ: Morgan Stanley Bank, 0.250%, 06/07/12 (e)		5,685
	6,225	Series ROCS RR II R-11568, Rev., VAR, BHAC-CR FSA, LIQ: Citibank N.A., 0.230%, 06/07/12		6,225
		California Statewide Communities Development Authority,
	8,075	Series 2089, Rev., VRDO, LIQ: Wells Fargo Bank N.A., 0.210%, 06/07/12		8,075
	9,590	Series 3048, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.250%, 06/07/12 (e)		9,590

JPMorgan California Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Weekly Demand Notes — Continued
		California — Continued
	7,800	California Statewide Communities Development Authority, Gas Supply, Rev., VRDO, 0.170%, 06/07/12		7,800
	2,700	California Statewide Communities Development Authority, Health Facility Community Hospital, Rev., VRDO, LOC: U.S. Bank N.A., 0.150%, 06/07/12		2,700
	400	California Statewide Communities Development Authority, Kaiser Permanente, Series L, Rev., VRDO, 0.170%, 06/07/12		400
	5,620	California Statewide Communities Development Authority, Multi-Family Housing, Golden Age Garden Apartments, Series H, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.170%, 06/07/12		5,620
	3,605	California Statewide Communities Development Authority, Multi-Family Housing, Harmony Court Apartments, Series E, Rev., VAR, FNMA, LIQ: FNMA, 0.230%, 06/07/12		3,605
	2,700	California Statewide Communities Development Authority, Multi-Family Housing, Hermosa Vista Apts, Series XX, Rev., VRDO, FNMA, LIQ: FNMA, 0.190%, 06/07/12		2,700
	3,110	California Statewide Communities Development Authority, Multi-Family Housing, Horizons Indio, Series F, Rev., VRDO, LOC: Citibank N.A., 0.220%, 06/07/12		3,110
	4,537	California Statewide Communities Development Authority, Multi-Family Housing, Ivy Hill Apartments, Series I, Rev., VAR, FNMA, LIQ: FNMA, 0.190%, 06/07/12		4,537
	6,500	California Statewide Communities Development Authority, Multi-Family Housing, Mariners Pointe, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.170%, 06/07/12		6,500
	15,000	California Statewide Communities Development Authority, Multi-Family Housing, Oakmont Concord Project, Series Q, Rev., VRDO, FNMA, LIQ: FNMA, 0.160%, 06/07/12		15,000
	1,400	California Statewide Communities Development Authority, Multi-Family Housing, Pavillions Apartments, Series M, Rev., VAR, FNMA, 0.200%, 06/07/12		1,400
	6,840	California Statewide Communities Development Authority, Multi-Family Housing, Stoneridge Elk Grove, Series Q, Rev., VAR, LOC: Citibank N.A., 0.260%, 06/07/12		6,840
	13,665	California Statewide Communities Development Authority, New Morgan Hill Country School, Rev., VRDO, LOC: Comerica Bank, 0.190%, 06/07/12		13,665
	9,585	City of Corcoran, Water System Project, COP, VRDO, LOC: Union Bank of CA N.A., 0.170%, 06/07/12		9,585
	4,550	City of Hemet, Multi-Family Housing, Sunwest Retirement, Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.160%, 06/07/12		4,550
	600	City of Livermore, Capital Improvement Projects, COP, VRDO, LOC: U.S. Bank N.A., 0.150%, 06/07/12		600
	3,500	City of Manhattan Beach, COP, VRDO, LOC: Bank of America N.A., 0.230%, 06/07/12		3,500
	3,025	City of Modesto, Multi-Family Housing, Valley Oak Project, Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.180%, 06/07/12		3,025
	4,000	City of Modesto, Multi-Family Housing, Westdale Commons, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.170%, 06/07/12		4,000
	3,120	City of Palo Alto, Series ROCS-RR-II-R-11859, GO, VAR, LIQ: Citibank N.A., 0.210%, 06/07/12 (e)		3,120
	9,700	City of Upland, Mountain Springs Issue, Series A, Rev., VAR, FNMA, 0.190%, 06/07/12		9,700
	5,900	City of Walnut Creek, Multi-Family Housing, Creekside Drive, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.180%, 06/07/12		5,900
	10,850	Contra Costa County Housing Authority, Multi-Family Housing, Pleasant Hill BART Transit, Series A, Rev., VAR, LOC: Bank of America N.A., 0.250%, 06/07/12		10,850
		Deutsche Bank Spears/Lifers Trust Various States,
	8,425	Series DB-304, GO, VRDO, FGIC, LIQ: Deutsche Bank AG, 0.260%, 06/07/12		8,425
	8,365	Series DB-419, GO, VRDO, AGM, LIQ: Deutsche Bank AG, 0.240%, 06/07/12		8,365

JPMorgan California Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Weekly Demand Notes — Continued
		California — Continued
	23,725	Series DB-422, GO, VRDO, AGM, NATL-RE, AMBAC, FGIC, LIQ: Deutsche Bank AG, 0.260%, 06/07/12		23,725
	11,600	Series DB-424, GO, VRDO, NATL-RE, LIQ: Deutsche Bank AG, 0.240%, 06/07/12 (e)		11,600
	8,260	Series DB-429, GO, VRDO, NATL-RE, LIQ: Deutsche Bank AG, 0.240%, 06/07/12		8,260
	16,605	Series DB-466, GO, VAR, NATL-RE FGIC, LIQ: Deutsche Bank AG, 0.280%, 06/07/12		16,605
	7,265	Series DB-629, GO, VRDO, NATL-RE, LIQ: Deutsche Bank AG, 0.240%, 06/07/12		7,265
	14,780	Series DB-634, Rev., VRDO, NATL-RE, LIQ: Deutsche Bank AG, 0.240%, 06/07/12		14,780
	8,127	Series DB-648, GO, VRDO, AGM, NATL-RE, FGIC, LIQ: Deutsche Bank AG, 0.280%, 06/07/12		8,127
	12,882	Series DB-657, GO, VRDO, AGC, LIQ: Deutsche Bank AG, 0.240%, 06/07/12		12,882
	10,000	Series DB-665, Rev., VRDO, AGM, LIQ: Deutsche Bank AG, 0.250%, 06/07/12		10,000
	5,530	Series DB-681, Rev., VRDO, LIQ: Deutsche Bank AG, 0.240%, 06/07/12		5,530
	11,770	Series DBE-1011, Rev., VRDO, LIQ: Deutsche Bank AG, 0.250%, 06/07/12 (e)		11,770
	6,700	Deutsche Bank Spears/Lifers Trust Various States, Tax Allocation, Series DB-294, VRDO, FGIC, LIQ: Deutsche Bank AG, 0.260%, 06/07/12		6,700
	7,990	Eclipse Funding Trust, Solar Eclipse, California, Series 2006-0065, Rev., VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.170%, 06/07/12		7,990
	8,070	Eclipse Funding Trust, Solar Eclipse, Los Angeles, Series 2006-0037, Rev., VRDO, AGM, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.170%, 06/07/12		8,070
	13,330	Eclipse Funding Trust, Solar Eclipse, Sacramento, Series 2006-0079, COP, VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.170%, 06/07/12		13,330
	10,460	Eclipse Funding Trust, Solar Eclipse, San Jose, Series 2007-0037, Rev., VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.170%, 06/07/12		10,460
	10,535	Eclipse Funding Trust, Solar Eclipse, San Mateo, Tax Allocation, Series 2006-0052, VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.170%, 06/07/12		10,535
	6,980	Eclipse Funding Trust, Solar Eclipse, Santa Cruz, Tax Allocation, Series 2006-0031, VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.170%, 06/07/12		6,980
	5,000	Golden State Tobacco Securitization Corp., Series 2215, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.330%, 06/07/12		5,000
	2,425	Grossmont-Cuyamaca Community College District, Series ROCS-RR-II-R-11519, GO, VRDO, AGC, LIQ: Citibank N.A., 0.200%, 06/07/12		2,425
	490	Hesperia Public Financing Authority, Water & Administration Facilities, Series B, Rev., VRDO, LOC: Bank of America N.A., 0.270%, 06/07/12		490
	4,100	Irvine Ranch Water District, Nos. 105, 140, 240, 250, GO, VRDO, LOC: Sumitomo Mitsui Banking, 0.140%, 06/07/12		4,100
	8,255	Lake Elsinore Recreation Authority, Public Facilities Project, Series A, Rev., VRDO, LOC: Citibank N.A., 0.190%, 06/07/12		8,255
	3,965	Long Beach Unified School District, Series 3022, GO, VRDO, LIQ: Morgan Stanley Bank, 0.250%, 06/07/12 (e)		3,965
	2,700	Los Angeles Community Redevelopment Agency, Met Apartments, Rev., VRDO, FNMA, LIQ: FNMA, 0.170%, 06/07/12		2,700
	1,586	Los Angeles Community Redevelopment Agency, Views at 270, Series A, Rev., VRDO, LOC: Citibank N.A., 0.220%, 06/07/12		1,586
	6,140	Los Angeles County Housing Authority, Multi-Family Housing, Sand Canyon, Series F, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.170%, 06/07/12		6,140
	3,200	Los Angeles County, Multi-Family Housing, 1984 Issue, Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.170%, 06/07/12		3,200
	1,325	Los Angeles County, Multi-Family Housing, Valencia Housing Project, Series C, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.180%, 06/07/12		1,325

JPMorgan California Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Weekly Demand Notes — Continued
		California — Continued
	6,000	Los Angeles Unified School District, Administration Building Project, Series A, COP, VRDO, LOC: Bank of America N.A., 0.220%, 06/07/12		6,000
	13,465	Metropolitan Water District of Southern California, Series A-2, Rev., VRDO, 0.170%, 06/07/12		13,465
	14,750	Modesto Irrigation District Financing Authority, Municipal Securities Trust Receipts, Series A, Class A, Rev., VRDO, NATL-RE, LIQ: Societe Generale, LOC: Societe Generale, 0.410%, 06/07/12		14,750
	19,000	Norwalk-La Mirada Unified School District, Series SG-169, GO, VAR, FGIC, LIQ: Societe Generale, 0.230%, 06/07/12		19,000
	2,135	Orange County Housing Authority, Multi-Family Housing, Lantern Pines Project, Series CC, Rev., VRDO, FNMA, LIQ: FNMA, 0.180%, 06/07/12		2,135
	1,810	Orange County, Villas La Paz, Series F, Rev., VRDO, FNMA, LIQ: FNMA, 0.180%, 06/07/12		1,810
	9,150	Orange County, WLCO LF Partners, Series G3, Rev., VRDO, FNMA, LIQ: FNMA, 0.150%, 06/07/12		9,150
	5,800	Pittsburg Public Financing Authority, Rev., VRDO, LOC: Bank of The West, 0.350%, 06/07/12		5,800
		Puttable Floating Option Tax-Exempt Receipts,
	5,000	Series PT-4433, Rev., VRDO, AGM, LIQ: Wells Fargo Bank N.A., 0.170%, 06/07/12		5,000
	6,940	Series PT-4574, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.380%, 06/07/12		6,940
	4,000	Series PT-4694, Rev., VRDO, LIQ: Bank of America N.A., 0.240%, 06/07/12 (e)		4,000
	10,270	Series PT-4698, Rev., VRDO, AMBAC, LIQ: Bank of America N.A., 0.410%, 06/07/12 (e)		10,270
	20,000	RBC Municipal Products, Inc. Trust, Series E-21, Rev., VRDO, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada, 0.220%, 06/07/12 (e)		20,000
	5,000	Sacramento County Housing Authority, Multi-Family Housing, Ashford Heights Apartments, Series H, Rev., VAR, FNMA, 0.170%, 06/07/12		5,000
		Sacramento County Sanitation Districts Financing Authority, Municipal Securities Trust Receipts,
	23,900	Series SGC-48, Class A, Rev., VRDO, FGIC, LIQ: Societe Generale, LOC: Societe Generale, 0.410%, 06/07/12		23,900
	4,700	Series SGC-49, Class A, Rev., VRDO, FGIC, LIQ: Societe Generale, LOC: Societe Generale, 0.410%, 06/07/12 (e)		4,700
	1,300	Sacramento Housing Authority, Multi-Family Housing, Lofts at Natomas Apartments, 0.180%, 06/07/12		1,300
	2,200	San Bernardino County, Multi-Family Housing, Rosewood Apartments, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.160%, 06/07/12		2,200
	800	San Bernardino County, Multi-Family Housing, Somerset Apartments, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.190%, 06/07/12		800
	3,700	San Diego County Foundation, COP, VRDO, LOC: U.S. Bank N.A., 0.160%, 06/07/12		3,700
	2,600	San Francisco City & County Airports Commission, Second Series, Series 36C, Rev., VRDO, LOC: U.S. Bank N.A., 0.170%, 06/07/12		2,600
	19,465	San Francisco City & County Public Utilities Commission, Series 2190, Rev., VRDO, AGM, LIQ: Wells Fargo Bank N.A., 0.230%, 06/07/12		19,465
	30,825	San Francisco City & County Public Utilities Commission, MERLOTS, Series B20, Rev., VRDO, NATL-RE, 0.380%, 06/07/12		30,825
	1,000	San Francisco City & County Redevelopment Agency, Maria Manor Apartments, Series F, Rev., VRDO, LOC: Citibank N.A., 0.200%, 06/07/12		1,000
	1,000	San Francisco City & County, Multi-Family Housing, Folsom Dore Apartment Project, Rev., VRDO, LOC: Citibank N.A., 0.260%, 06/07/12		1,000
	2,169	San Jose, Multi-Family Housing, Sunset Square Apartments Project, Series E, Rev., VRDO, LOC: Citibank N.A., 0.230%, 06/07/12		2,169
	1,220	San Rafael Redevelopment Agency, Multi-Family Housing, Commons Apartments, Series A, Rev., VRDO, LOC: Citibank N.A., 0.250%, 06/07/12		1,220

JPMorgan California Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Weekly Demand Notes — Continued
		California — Continued
	3,100	Santa Ana Housing Authority, Multi-Family Housing, Harbor Pointe Apartments, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.180%, 06/07/12		3,100
	1,200	Santa Clara County Financing Authority, Housing Authority Office Project, Series A, Rev., VRDO, LOC: U.S. Bank N.A., 0.170%, 06/07/12		1,200
	8,000	Santa Clara County Financing Authority, Multiple Facilities Projects, Series M, Rev., VRDO, LOC: Bank of America N.A., 0.230%, 06/07/12		8,000
	10,265	Santa Clara Valley Transportation Authority, Series C, Rev., VRDO, 0.160%, 06/07/12		10,265
	33,800	Southern California Public Power Authority, Series A, Rev., VAR, AGM, 0.260%, 06/07/12		33,800
	600	Southern California Public Power Authority, Palo Verde, Subseries B, Rev., VRDO, LOC: Citibank N.A., 0.210%, 06/07/12		600
	6,500	State of California, Series 2813, LIQ: Morgan Stanley Bank, 0.330%, 06/07/12		6,500
	1,000	State of California, Municipal Securities Trust Receipts, Series SGC-6, Class A, GO, VAR, LIQ: Societe Generale, LOC: Societe Generale, 0.300%, 06/07/12		1,000
	2,015	Town of Windsor, Multi-Family Housing, Oakmont at Windsor, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.220%, 06/07/12		2,015
	4,200	Upland Housing Authority, Multi-Family Housing, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.170%, 06/07/12		4,200
	8,700	Wells Fargo Stage Trust, Series 55C, GO, VRDO, AMBAC, LIQ: Wells Fargo Bank N.A., 0.310%, 06/07/12 (e)		8,700
	4,435	William S. Hart Union High School District, Municipal Securities Trust Receipts, Series SGC-59, Class A, GO, VAR, LIQ: Societe Generale, LOC: Societe Generale, 0.300%, 06/07/12 (e)		4,435
				950,373
		Puerto Rico — 1.2%
	16,700	Commonwealth of Puerto Rico Public Improvement, Series C, GO, VRDO, AGM, LOC: Barclays Bank plc, 0.190%, 06/07/12		16,700
		Total Weekly Demand Notes (Cost $967,073)		967,073
SHARES
	Variable Rate Demand Preferred Shares — 9.6%
	20,000	BlackRock MuniYield California Fund, Inc., LIQ: Citibank N.A., 0.300%, 06/07/12 # (e)		20,000
	35,000	Nuveen California Dividend Advantage Municipal Fund, Inc., LIQ: Citibank N.A., 0.380%, 06/07/12 # (e)		35,000
	6,000	Nuveen California Quality Income Municipal Fund, Inc., 0.300%, 06/07/12 # (e)		6,000
	10,000	Nuveen California Investment Quality Fund, Inc., VAR, LIQ: Citibank N.A., 0.300% 06/07/12 # (e)		10,000
	9,000	Nuveen California Performance Plus Municipal Fund, Inc., VAR, LIQ: Citibank N.A., 0.300%, 06/07/12 # (e)		9,000
	26,500	Nuveen California Quality Premium Income Municipal Fund, Inc. VAR, LIQ: Deutsche Bank AG, 0.380%, 06/07/12 # (e)		26,500
	20,000	Nuveen California AMT-Free Municipal Income Fund, 0.300%, 06/07/12 # (e)		20,000
		Total Variable Rate Demand Preferred Shares (Cost $126,500)		126,500
		Total Investments — 99.4% (Cost $1,311,222) *		1,311,222
		Other Assets in Excess of Liabilities — 0.6%		7,339
		NET ASSETS — 100.0%	$	1,318,561

Percentages indicated are based on net assets.

JPMorgan California Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

AGC	—	Insured by Assured Guaranty Corp.
AGM	—	Insured by Assured Guaranty Municipal Corp.
AMBAC	—	Insured by American Municipal Bond Assurance Corp. †
AMT	—	Alternative Minimum Tax
BHAC	—	Insured by Berkshire Hathaway Assurance Corp.
COP	—	Certificate of Participation
CR	—	Custodial Receipts
FGIC	—	Insured by Financial Guaranty Insurance Co.
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
FSA	—	Insured by Financial Security Assurance, Inc.
GO	—	General Obligation
IDR	—	Industrial Development Revenue
LIQ	—	Liquidity Agreement
LOC	—	Letter of Credit
MERLOTS	—	Municipal Exempt Receipts Liquidity Optional Tender
NATL	—	Insured by National Public Finance Guarantee Corp.
RE	—	Reinsured
Rev.	—	Revenue
ROCS	—	Reset Option Certificates
TRAN	—	Tax & Revenue Anticipation Note
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of May 31, 2012.
VRDO	—	Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of May 31, 2012.

(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.

(i) Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.

(m) All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of TBA, 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.

(t) The date shown represents the earliest of next demand date or finally maturity date.

* The cost of securities is substantially the same for federal income tax purposes.

# Variable Rate Demand Preferred Shares of a closed-end investment company which have a weekly demand feature.

† Filed for bankruptcy on November 8, 2010.

JPMorgan California Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

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

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

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

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

The following is a summary of the inputs used as of May 31, 2012, in valuing the Fund’s assets and liabilities carried at amortized cost which approximates fair value (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	1,311,222	$	—	$	1,311,222

(a) All portfolio holdings designated as Level 2 are disclosed individually in the Schedule of Portfolio of Investments (“SOI”). Please refer to the SOI for specifics of the major categories of portfolio holdings.

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

JPMorgan California Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION (t)	VALUE ($)
	Municipal Bonds — 93.4%
		California — 90.3%
		Certificate of Participation/Lease — 8.3%
	1,000	Anaheim Public Financing Authority, Public Improvements Project, Capital Appreciation, Series C, Rev., COP, AGM, Zero Coupon, 09/01/19		771
	2,000	California State Public Works Board, California State University, Series A, Rev., COP, NATL-RE, FGIC, 5.250%, 10/01/17		2,334
	1,500	California State Public Works Board, Department Development Services, Porterville, Series C, Rev., COP, 6.000%, 04/01/25		1,782
	1,000	California State Public Works Board, Department of Corrections & Rehabilitations, Series J, Rev., COP, AMBAC, 5.250%, 01/01/16		1,131
	100	California State Public Works Board, Department of Mental Health, Coalinga State Hospital, Series A, Rev., COP, 5.250%, 06/01/12		100
	1,500	California State Public Works Board, Regents University, Series A, Rev., COP, 5.000%, 03/01/20		1,764
	1,000	California State Public Works Board, Various Universities of California Projects, Series D, Rev., COP, 5.000%, 05/01/20		1,095
	1,000	City of Laguna Hills, COP, 4.000%, 02/01/16		1,106
	4,205	City of Los Angeles, Sonnenblick Del Rio West Los Angeles, COP, AMBAC, 6.125%, 11/01/15		4,220
	1,240	City of Sacramento Financing Authority, Capital Improvement, Series A, Rev., COP, AMBAC, 5.000%, 12/01/19		1,365
	1,000	Irvine Ranch Water District, COP, 5.000%, 03/01/26		1,163
	1,500	Los Angeles County Public Works Financing Authority, Regional Park & Open Space, Special Assessment, Series A, COP, NATL-RE, 5.000%, 10/01/19 (w)		1,866
	1,500	Monterey County, Refinancing Project, COP, AGM, 5.000%, 08/01/20		1,761
	1,385	Mountain View/Santa Clara County, Capital Projects, COP, 5.250%, 08/01/16		1,458
	1,400	San Diego County, Justice Facilites, COP, 5.000%, 10/01/25		1,583
	1,250	San Francisco City & County, Multiple Capital Improvement Projects, Series A, COP, 5.000%, 04/01/22		1,451
	1,500	San Francisco State Building Authority, California State & San Francisco Civic Center, Series A, Rev., COP, NATL-RE, FGIC, 5.000%, 12/01/20		1,639
		San Mateo Joint Power Authority, Capital Projects Program,
	250	Rev., COP, NATL-RE, 6.500%, 07/01/15		284
	2,190	Series A, Rev., COP, 5.250%, 07/15/21		2,627
	1,500	Santa Ana Financing Authority, Police Administration & Holding Facility, Series A, Rev., COP, NATL-RE, 6.250%, 07/01/24		1,719
	1,000	Santa Clara County Financing Authority, Series A, Rev., COP, AMBAC, 5.750%, 11/15/13		1,076
				32,295
		Education — 2.2%
	1,000	California Educational Facilities Authority, Pomona College, Series A, Rev., 5.000%, 01/01/24		1,180
		California Educational Facilities Authority, Stanford University,
	750	Series P, Rev., 5.250%, 12/01/13		807
	1,500	Series T-5, Rev., 5.000%, 03/15/23		1,947
	1,000	California State University, Systemwide, Series C, Rev., AGM, 5.000%, 11/01/19		1,229
	2,000	University of California, Series Q, Rev., 5.250%, 05/15/26		2,335
	1,000	University of California Regents Medical Center, Series A, Rev., NATL-RE, 5.000%, 05/15/17		1,109
				8,607
		General Obligation — 32.9%
	2,050	Acalanes Union High School District, GO, 4.000%, 08/01/20		2,410
	1,385	Berkeley Unified School District, GO, 4.000%, 08/01/16		1,559
	1,500	Beverly Hills Unified School District, Capital Appreciation, Election of 2008, GO, Zero Coupon, 08/01/23		1,042
	1,001	California State Polytechnic University, Private Placement, GO, 5.055%, 03/15/14 (f) (i)		1,016
	1,000	Carlsbad Unified School District, GO, Zero Coupon, 05/01/18		872

JPMorgan California Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		General Obligation — Continued
	1,000	Center Unified School District, Election of 1991, Series D, GO, NATL-RE, Zero Coupon, 08/01/24		565
	1,500	City of Los Angeles, Series A, GO, 5.000%, 09/01/22		1,840
	2,000	Desert Sands Unified School District, GO, AMBAC, Zero Coupon, 06/01/14		1,964
	1,500	Escondido Union High School District, Election of 2008, Capital Appreciation, Series A, GO, AGC, Zero Coupon, 08/01/25		891
	1,915	Evergreen Elementary School District, Capital Appreciation, GO, AGC, Zero Coupon, 08/01/24		1,217
	1,000	Fallbrook Union High School District, San Diego County, GO, NATL-RE, FGIC, 5.375%, 09/01/12		1,012
	1,000	Fremont Unified School District, Alameda County, GO, 5.000%, 08/01/26		1,222
	1,000	Glendale Community College District, Capital Appreciation, Series A, GO, NATL-RE, Zero Coupon, 10/01/17		870
	1,000	Glendale Unified School District, GO, 4.000%, 09/01/14		1,080
		Irvine Ranch Water District,
	2,540	COP, GO, 5.000%, 03/01/25		2,972
	1,500	COP, GO, 5.000%, 03/01/27		1,736
	1,500	Los Angeles Community College District, Election of 2003, University & College Improvements, Series E, GO, AGM, 5.000%, 08/01/19		1,739
		Los Angeles Unified School District,
	2,000	Series A, GO, 5.000%, 07/01/15		2,261
	125	Series A, GO, FGIC, 6.000%, 07/01/15		145
	1,000	Series I, GO, 5.000%, 07/01/25		1,155
	1,650	Series KRY, GO, 5.000%, 07/01/12		1,657
		Los Angeles Unified School District, Election of 2004,
	1,000	Series G, GO, AMBAC, 5.000%, 07/01/18		1,154
	1,000	Series H, GO, AGM, 5.000%, 07/01/19		1,184
	1,115	Mendocino-Lake Community College District, Election of 2006, Series A, GO, NATL-RE, 5.000%, 08/01/21		1,248
	3,000	Monterey Peninsula Community College District, Capital Appreciation, Series C, GO, AGM, Zero Coupon, 08/01/23		1,862
	1,580	Moreland School District, Crossover, GO, AGM, 4.250%, 08/01/21		1,694
	1,210	Mount Diablo Unified School District, Election of 2010, Series E, GO, 5.000%, 08/01/26 (w)		1,397
	1,000	Murrieta Valley Unified School District Public Financing Authority, School District Election of 2006, GO, AGM, Zero Coupon, 09/01/24		606
	1,500	Napa Valley Community College District, Election of 2002, Series C, GO, NATL-RE, Zero Coupon, 08/01/21		1,043
	2,000	Napa Valley Unified School District, Election of 2006, Series A, GO, Zero Coupon, 08/01/27		1,029
		Palo Alto Unified School District, Election of 2008, Capital Appreciation,
	1,500	GO, Zero Coupon, 08/01/22		1,097
	1,015	GO, Zero Coupon, 08/01/25		639
	1,500	GO, Zero Coupon, 08/01/26		898
	1,500	Palomar Pomerado Health, Capital Appreciation, Series A, GO, NATL-RE, Zero Coupon, 08/01/18		1,252
	1,000	Pasadena Unified School District, Election of 2008, Series A-1, GO, 5.000%, 08/01/20		1,217
	1,500	San Bernardino City Unified School District, Election of 2004, Series B, GO, AGM, 5.000%, 08/01/23		1,685
	1,000	San Diego Community College District, Election of 2006, GO, 5.000%, 08/01/26		1,194
	1,000	San Diego Community College District, Election of 2006, Capital Appreciation, GO, AGM, Zero Coupon, 08/01/14		985
		San Diego Unified School District, Election of 1998,
	2,010	Series C-2, GO, AGM, 5.500%, 07/01/24		2,587
	2,400	Series F-1, GO, AGM, 5.250%, 07/01/27		3,061
	2,500	Series F-1, GO, AGM, 5.250%, 07/01/28		3,195
		San Francisco City & County,
	2,000	Series R1, GO, 5.000%, 06/15/20		2,497
	1,500	Series R1, GO, 5.000%, 06/15/24		1,827
	2,000	San Francisco City & County, General Hospital Improvement, Series A, GO, 5.000%, 06/15/15		2,269
	1,395	San Francisco Community College District, Election of 2005, Series D, GO, 5.000%, 06/15/26		1,648
		San Francisco Unified School District,
	1,610	GO, 5.000%, 08/01/24		1,957
	1,000	GO, 5.000%, 08/01/25		1,199

JPMorgan California Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		General Obligation –– Continued
	2,680	San Francisco Unified School District, Proposition A, Election of 2006, Series E, GO, 5.000%, 06/15/14		2,929
	1,500	San Jose Evergreen Community College District, Election of 2004, Series B, GO, AGM, 5.000%, 09/01/23		1,769
	1,000	San Mateo County Community College District, GO, 5.000%, 09/01/22 (w)		1,276
	585	San Mateo County Community College District, Election of 2001, Series A, GO, NATL-RE, FGIC, 5.375%, 09/01/12 (p)		592
	2,500	San Mateo Union High School District, GO, Zero Coupon, 02/15/15		2,446
	1,700	Santa Ana Unified School District, GO, AGC, 4.000%, 08/01/16		1,916
	1,200	Santa Clara Unified School District, GO, 5.000%, 07/01/16		1,412
	2,000	Santa Monica Community College District, Election of 2002, Capital Appreciation, Series C, GO, NATL-RE, Zero Coupon, 08/01/16		1,833
	1,500	Santa Monica Community College District, Election of 2007, Series C, GO, NATL-RE, FGIC, Zero Coupon, 08/01/12		1,499
	4,000	South San Francisco Unified School District, Series D, GO, Zero Coupon, 05/15/17		3,672
		State of California,
	1,000	GO, 5.000%, 05/01/16		1,125
	1,500	GO, 5.000%, 03/01/17		1,699
	2,000	GO, 5.000%, 08/01/19		2,276
	1,000	GO, 5.000%, 09/01/19		1,125
	1,000	GO, 5.000%, 09/01/21		1,206
	3,500	GO, 5.000%, 11/01/21		4,095
	3,000	GO, 5.000%, 08/01/22		3,429
	2,000	GO, 5.000%, 04/01/24		2,280
	1,575	GO, 5.250%, 09/01/27		1,829
	1,565	GO, AMBAC, 5.000%, 02/01/27		1,892
	1,500	GO, NATL-RE, 4.000%, 09/01/14		1,612
	120	GO, NATL-RE-IBC, 6.250%, 10/01/19 (p)		122
	1,640	State of California, Economic Recovery, Series A, GO, 4.250%, 07/01/17		1,899
		State of California, Various Purpose,
	2,275	GO, 4.000%, 10/01/15		2,489
	2,175	GO, 5.000%, 04/01/21		2,613
	2,310	GO, 5.250%, 10/01/22		2,709
	1,000	GO, 5.500%, 04/01/23		1,192
	1,500	Torrance Unified School District, Election of 2008, GO, 5.375%, 08/01/23		1,801
	2,545	Walnut Valley Unified School District, Series A, GO, NATL-RE, 7.200%, 02/01/16		2,625
	1,500	West Contra Costa Unified School District, GO, NATL-RE, FGIC, Zero Coupon, 08/01/17		1,321
				128,332
		Hospital — 2.3%
	1,000	California Health Facilities Financing Authority, Cedars Sinai Medical Center, Rev., 5.000%, 11/15/20		1,101
	1,500	California Health Facilities Financing Authority, Providence Health & Services, Series C, Rev., 6.250%, 10/01/24		1,809
	1,000	California Health Facilities Financing Authority, Sutter Health, Series A, Rev., 5.500%, 08/15/18		1,234
	1,000	Loma Linda University Medical Center, Series A, Rev., 5.000%, 12/01/18		1,038
	1,565	Sierra View Local Health Care District, Rev., 5.100%, 07/01/21		1,659
		University of California Regents Medical Center,
	1,500	Series D, Rev., 5.000%, 05/15/20		1,717
	500	Series E, Rev., 5.000%, 05/15/15		561
				9,119
		Housing — 0.5%
		California Housing Finance Agency, Home Mortgage,
	1,000	Series D, Rev., AMT, FGIC, 4.350%, 02/01/17		1,013
	1,000	Series J, Rev., AMT, AGM, 4.750%, 08/01/15		1,044
				2,057
		Other Revenue — 20.1%
	2,065	Alameda County Water District Financing Authority, Water System, Rev., 5.000%, 06/01/23		2,617
	750	Beverly Hills Public Financing Authority, Capital Improvement Project, Rev., 4.000%, 06/01/16		847
	775	California Educational Facilities Authority, Pepperdine University, Rev., 5.000%, 09/01/24 (w)		953
	1,000	California Health Facilities Financing Authority, Cedars Sinai Medical Center, Rev., 5.000%, 08/15/18		1,189

JPMorgan California Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Other Revenue — Continued
	1,500	California Health Facilities Financing Authority, Lucile Salter Packard, Series A, Rev., 1.450%, 03/15/17		1,513
	1,500	California Health Facilities Financing Authority, Memorial Health Services, Series A, Rev., 5.000%, 10/01/26		1,732
	1,000	California Health Facilities Financing Authority, Sutter Health, Series D, Rev., 5.000%, 08/15/25		1,166
	1,500	California Infrastructure & Economic Development Bank, The J. Paul Getty Trust, Series A-1, Rev., 5.000%, 10/01/21		1,934
		California State Department of Water Resources, Power Supply,
	2,000	Series L, Rev., 5.000%, 05/01/14		2,176
	1,000	Series N, Rev., 4.000%, 05/01/18		1,161
	1,000	Series N, Rev., 5.000%, 05/01/18		1,218
	1,000	California Statewide Communities Development Authority, Cottage Health Obligation Group, Rev., 5.000%, 11/01/16		1,141
	1,000	California Statewide Communities Development Authority, Kaiser Permanente, Series C, Rev., 1.000%, 11/01/29		1,159
	515	California Statewide Communities Development Authority, Shutter Health, Series A, Rev., 5.000%, 08/15/19		630
		City of Long Beach,
	1,000	Series A, Rev., 5.000%, 05/15/25		1,174
	1,500	Series B, Rev., 5.000%, 05/15/26		1,761
		City of Los Angeles, Wastewater System,
	2,000	Rev., 5.000%, 06/01/26		2,377
	1,000	Series A, Rev., 5.000%, 06/01/19		1,238
	1,000	Sub Series A, Rev., 4.000%, 06/01/15		1,101
	2,430	City of Santa Rosa, Series A, Rev., 5.000%, 09/01/27 (w)		2,812
	1,000	Contra Costa Water District, Series B, Rev., 5.000%, 10/01/15		1,142
	500	Eastern Municipal Water District, Series A, Rev., 4.000%, 07/01/17		575
	1,000	Foothill-De Anza Community College District, GO, 5.000%, 08/01/21		1,264
		Golden State Tobacco Securitization Corp. Tobacco Settlement Funded, Enhanced Asset Backed,
	1,000	Series A, Rev., 5.000%, 06/01/19		1,001
	1,000	Series A-1, Rev., 5.000%, 06/01/13		1,037
	545	Golden West Schools Financing Authority, Series A, Rev., NATL-RE, 5.800%, 02/01/16		619
		Los Angeles Department of Airports,
	2,000	Series A, Rev., 5.000%, 05/15/26		2,334
	1,000	Series A, Rev., 5.000%, 05/15/27		1,158
	750	Los Angeles Department of Water & Power, Power Systems, Series A, Rev., 5.000%, 07/01/15		852
		Los Angeles Harbor Department,
	1,000	Series A, Rev., 5.000%, 08/01/21		1,216
	1,000	Series B, Rev., 5.000%, 08/01/25		1,196
	1,185	Marin Water District Financing Authority, Sub Lien, Series A, Rev., 5.000%, 07/01/28 (w)		1,431
		Metropolitan Water District of Southern California,
	1,500	Series A, Rev., 5.000%, 10/01/29		1,808
	1,000	Series B, Rev., 5.000%, 07/01/16		1,173
	2,125	Series C, Rev., 5.000%, 10/01/27		2,785
	1,000	Port of Oakland, Series O, Rev., 5.000%, 05/01/17		1,118
	1,625	Sacramento Municipal Utility District, Series Y, Rev., 5.000%, 08/15/23		1,984
		Sacramento Suburban Water District,
	1,500	Series A, Rev., 4.500%, 11/01/21		1,820
	1,600	Series A, Rev., 4.750%, 11/01/22		1,977
	2,000	San Bernardino County Transportation Authority, Series A, Rev., 5.000%, 03/01/29		2,356
	1,000	San Diego County Water Authority, Series A, Rev., 5.000%, 05/01/25		1,193
	1,000	San Diego County Water Authority, Sub Lien, Series S-1, Rev., 5.000%, 07/01/16		1,166
	1,500	San Diego Public Facilities Financing Authority, Series Series A, Rev., 5.000%, 08/01/20		1,864
	1,500	San Francisco Bay Area Rapid Transit District, Rev., 5.000%, 07/01/27		1,750
	1,200	San Francisco City & County Airports Commission, Series B, Rev., 5.000%, 05/01/18		1,439
	2,000	San Francisco City & County Airports Commission, Second Series, Series A, Rev., AMT, 5.000%, 05/01/29		2,223
		San Francisco City & County Public Utilities Commission,
	1,970	Sub Series A, Rev., 5.000%, 11/01/14		2,185

JPMorgan California Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Other Revenue –– Continued
	2,380	Sub Series A, Rev., 5.000%, 11/01/26		2,805
	1,500	State of California, Various Purpose, GO, 5.000%, 02/01/20		1,799
		University of California,
	1,000	Series AB, Rev., 5.000%, 05/15/26		1,176
	1,350	Series U, Rev., 5.000%, 05/15/14		1,471
	650	University of California, Limited Project, Series E, Rev., 4.000%, 05/15/15		714
				78,530
		Prerefunded — 2.7%
		California State Department of Water Resources, Water Systems,
	540	Series J-3, Rev., 7.000%, 12/01/12 (p)		558
	25	Series J-3, Rev., 7.000%, 12/01/12 (p)		26
	765	City of San Bernardino, Single Family Mortgage, Series A, Rev., FHA/VA MTGS, GNMA COLL, 7.500%, 05/01/23 (p)		1,020
	1,795	Foothill Eastern Transportation Corridor Agency, Capital Appreciation, Series A, Rev., Zero Coupon, 01/01/26 (p)		1,259
	2,000	Golden State Tobacco Securitization Corp. Tobacco Settlement Funded, Enhanced Asset Backed, Series B, Rev., FGIC-TCRS, 5.500%, 06/01/13 (p)		2,104
	990	San Jose Redevelopment Agency, Merged Area Redevelopment Project, Tax Allocation, NATL-RE, 6.000%, 08/01/15 (p)		1,165
		San Marcos Public Facilities Authority, CR,
	1,990	Rev., Zero Coupon, 03/01/14 (p)		1,976
	715	Rev., Zero Coupon, 01/01/19 (p)		647
	1,485	State of California, Economic Recovery, Series A, GO, 5.000%, 07/01/14 (p)		1,630
				10,385
		Special Tax — 2.5%
	1,000	Colton Public Financing Authority, Tax Allocation, Series A, NATL-RE, 5.000%, 08/01/18		1,001
	2,000	Los Angeles County Metropolitan Transportation Authority, Series A, Rev., 5.250%, 07/01/23		2,420
	2,000	Los Angeles County Metropolitan Transportation Authority, Proposition A, First Tier, Series A, Rev., AMBAC, 5.000%, 07/01/13		2,105
	2,000	Los Angeles County Metropolitan Transportation Authority, Proposition A, First Tier Senior, Rev., 5.000%, 07/01/18		2,460
	375	Pomona Public Financing Authority, Southwest Pomona Redevelopment Project, Unrefunded Balance, Series W, Rev., NATL-RE, 5.000%, 02/01/18		375
	1,310	South Orange County Public Financing Authority, Foothill Area, Special Tax, Series A, NATL-RE, FGIC, 5.250%, 08/15/18		1,407
				9,768
		Transportation — 5.2%
		Bay Area Toll Authority, Toll Bridge, San Francisco Bay Area,
	2,000	Series F, Rev., 5.000%, 04/01/18		2,300
	1,500	Series F, Rev., 5.000%, 04/01/25		1,756
		Los Angeles Department of Airports,
	1,000	Series D, Rev., 5.000%, 05/15/15		1,117
	1,250	Series E, Rev., 4.500%, 05/15/16		1,413
		Los Angeles Harbor Department,
	1,500	Series A, Rev., AMT, NATL-RE, 5.000%, 08/01/17		1,732
	1,500	Series C, Rev., 5.000%, 08/01/14		1,644
	1,000	Series C, Rev., AMT, NATL-RE, 5.000%, 08/01/17		1,124
	1,500	Port of Oakland, Inter Lien, Series A, Rev., NATL-RE, 5.000%, 11/01/14		1,611
	1,500	Sacramento County, Airport Systems, Series A, Rev., AGM, 5.000%, 07/01/22		1,701
	1,500	San Francisco City & County Airports Commission, Second Series, Series C, Rev., AGM, 5.000%, 05/01/17		1,775
		San Francisco City & County Airports Commission, Second Series, Issue 32F,
	1,000	Rev., NATL-RE, FGIC, 5.000%, 05/01/14		1,083
	1,000	Rev., NATL-RE, FGIC, 5.250%, 05/01/18		1,213
	1,500	San Francisco City & County Airports Commission, Second Series, Issue 34E, Rev., AMT, AGM, 5.750%, 05/01/22		1,759
				20,228
		Utility — 5.6%
	3,135	Anaheim Public Financing Authority, Distribution System, Second Lien, Rev., NATL-RE, 5.250%, 10/01/16		3,420
	1,535	Anaheim Public Financing Authority, Electric Systems Distribution, Rev., 5.000%, 10/01/22		1,810

JPMorgan California Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Utility –– Continued
	1,000	California State Department of Water Resources, Power Supply, Series H, Rev., 5.000%, 05/01/22		1,168
	2,860	City of Burbank, Water & Power, Series A, Rev., 5.000%, 06/01/22		3,462
	2,020	City of Pasadena, Rev., 4.000%, 08/01/17		2,337
	1,500	Long Beach Bond Finance Authority, Natural Gas, Series A, Rev., 5.250%, 11/15/20		1,657
		Los Angeles Department of Water & Power, Power Systems,
	1,500	Series B, Rev., 5.000%, 07/01/23		1,788
	1,500	Series B, Rev., 5.250%, 07/01/23		1,814
	2,000	Series B, Rev., AGM, 5.125%, 07/01/13 (p)		2,106
	2,135	Southern California Public Power Authority, Project No.1, Series A, Rev., 5.000%, 11/01/18		2,305
				21,867
		Water & Sewer — 8.0%
		California State Department of Water Resources, Water Systems,
	2,500	Series AF, Rev., 5.000%, 12/01/24		2,976
	2,500	Series AF, Rev., 5.000%, 12/01/25		2,945
	1,500	Series AG, Rev., 5.000%, 12/01/24		1,804
	1,435	California State Department of Water Resources, Water Systems, Unrefunded Balance, Series J-3, Rev., 7.000%, 12/01/12		1,482
	1,000	City of Riverside, Riverside Sewer, Rev., 5.000%, 08/01/15		1,133
	1,000	City of Riverside, Water Revenue, Series A, Rev., 5.000%, 10/01/15		1,142
	1,500	City of Santa Rosa, Capital Appreciation, Series B, Rev., AGM-CR, AMBAC, Zero Coupon, 09/01/23		959
	1,500	East Bay Municipal Utility District, Series A, Rev., 5.000%, 06/01/27		1,781
		Los Angeles Department of Water & Power, Power Systems,
	1,500	Series B, Rev., 5.250%, 07/01/24		1,788
	1,000	Sub Series A-1, Rev., AMBAC, 5.000%, 07/01/15		1,133
		Metropolitan Water District of Southern California,
	1,000	Rev., 5.000%, 07/01/20		1,230
	1,000	Series E, Rev., 3.750%, 07/01/14		1,070
	1,500	Sacramento County Sanitation Districts Financing Authority, Rev., NATL-RE, FGIC, 5.000%, 12/01/20		1,717
		San Diego Public Facilities Financing Authority,
	1,000	Series A, Rev., 5.000%, 08/01/21		1,190
	1,500	Series A, Rev., 5.000%, 05/15/25		1,769
	2,000	Series B, Rev., 5.000%, 08/01/25		2,360
		San Francisco City & County Public Utilities Commission,
	2,000	Series A, Rev., 5.000%, 11/01/16		2,369
	2,000	Series B, Rev., 5.000%, 11/01/20		2,446
				31,294
		Total California		352,482
		Illinois — 0.6%
		Transportation — 0.6%
	2,000	Chicago O’Hare International Airport, Third Lien, Series A, Rev., AMBAC, 5.000%, 01/01/21		2,220
		Kentucky — 0.3%
		Certificate of Participation/Lease — 0.3%
	1,000	Kentucky State Property & Buildings Commission, Project No. 82, Rev., COP, AGM, 5.250%, 10/01/18		1,222
		Massachusetts — 0.5%
		General Obligation — 0.5%
	1,500	Commonwealth of Massachusetts, Series C, GO, AGM, 5.500%, 12/01/17		1,863
		New York — 0.5%
		Other Revenue — 0.5%
	1,500	New York State Environmental Facilities Corp., Revolving Funds, Municipal Water, Rev., 5.000%, 06/15/19		1,851
		Ohio — 0.2%
		Housing — 0.2%
	750	Ohio Housing Finance Agency, Residential Mortgage-Backed Securities, Series A, Rev., AMT, GNMA COLL, 4.100%, 09/01/13		770
		Pennsylvania — 0.3%
		Hospital — 0.3%
	1,000	Allegheny County Hospital Development Authority, University of Pittsburgh Medical Center, Series A, Rev., 5.000%, 09/01/17		1,174

JPMorgan California Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Puerto Rico — 0.3%
		Other Revenue — 0.3%
		Puerto Rico Highway & Transportation Authority,
	455	Series AA, Rev., NATL-RE, 5.500%, 07/01/18 (p)		573
	300	Series W, Rev., NATL-RE-IBC, 5.500%, 07/01/15 (p)		335
		Puerto Rico Highway & Transportation Authority, Unrefunded Balance,
	20	Series AA, Rev., NATL-RE, 5.500%, 07/01/18		23
	120	Series W, Rev., NATL-RE-IBC, 5.500%, 07/01/15		131
		Total Puerto Rico		1,062
		South Carolina — 0.1%
		General Obligation — 0.1%
	550	Charleston County, GO, NATL-RE-IBC, 3.000%, 09/01/14		582
		Texas — 0.3%
		Transportation — 0.3%
	1,000	Texas State Transportation Commission, First Tier, Rev., 5.000%, 04/01/17		1,155
		Total Municipal Bonds (Cost $337,196)		364,381
SHARES
	Short-Term Investment — 8.2%
		Investment Company — 8.2%
	32,127	JPMorgan Tax Free Money Market Fund, Institutional Class Shares, 0.050% (b) (l) (m) (Cost $32,127)		32,127
		Total Investments — 101.6% (Cost $369,323)		396,508
		Liabilities in Excess of Other Assets — (1.6)%		(6,420	)
		NET ASSETS — 100.0%	$	390,088

Percentages indicated are based on net assets.

JPMorgan California Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

AGC	—	Insured by Assured Guaranty Corp.
AGM	—	Insured by Assured Guaranty Municipal Corp.
AMBAC	—	Insured by American Municipal Bond Assurance Corp. *
AMT	—	Alternative Minimum Tax
COLL	—	Collateral
COP	—	Certificate of Participation
CR	—	Custodial Receipts
FGIC	—	Insured by Financial Guaranty Insurance Co.
FHA	—	Federal Housing Administration
GNMA	—	Government National Mortgage Association
GO	—	General Obligation
IBC	—	Insured Bond Certificates
MTGS	—	Mortgages
NATL	—	Insured by National Public Finance Guarantee Corp.
RE	—	Reinsured
Rev.	—	Revenue
TCRS	—	Transferable Custodial Receipts
VA	—	Veterans Administration

(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.

(f) Security is fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. The fund owns fair valued securities with a value of approximately $1,016,000 which amounts to 0.3% of total investments.

(i) Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.

(l) The rate shown is the current yield as of May 31, 2012.

(m) All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, and/or unfunded commitments.

(p) Security is prerefunded or escrowed to maturity.

(t) The date shown represents the earliest of the prerefunded date, next put date or final maturity date.

(w) When-issued security.

* Filed for bankruptcy on November 8, 2010.

As of May 31, 2012, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	27,212
Aggregate gross unrealized depreciation		(27	)
Net unrealized appreciation/depreciation	$	27,185
Federal income tax cost of investments	$	369,323

JPMorgan California Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

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

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

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

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

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

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

JPMorgan California Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

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

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

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

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

	Level 1 Quoted prices		Level 2 Other  significant observable inputs		Level 3 Significant  unobservable inputs		Total
Investments in Securities
Debt Securities
Municipal Bonds
California
Certificate of Participation/Lease	$	—	$	32,295	$	—	$	32,295
Education		—		8,607		—		8,607
General Obligation		—		127,316		1,016		128,332
Hospital		—		9,119		—		9,119
Housing		—		2,057		—		2,057
Other Revenue		—		78,530		—		78,530
Prerefunded		—		10,385		—		10,385
Special Tax		—		9,768		—		9,768
Transportation		—		20,228		—		20,228
Utility		—		21,867		—		21,867
Water & Sewer		—		31,294		—		31,294
Total California		—		351,466		1,016		352,482
Illinois
Transportation		—		2,220		—		2,220
Kentucky
Certificate of Participation/Lease		—		1,222		—		1,222
Massachusetts
General Obligation		—		1,863		—		1,863
New York
Other Revenue		—		1,851		—		1,851
Ohio
Housing		—		770		—		770
Pennsylvania
Hospital		—		1,174		—		1,174
Puerto Rico
Other Revenue		—		1,062		—		1,062
South Carolina
General Obligation		—		582		—		582
Texas
Transportation		—		1,155		—		1,155
Total		—		363,365		1,016		364,381
Short-Term Investment
Investment Company		32,127		—		—		32,127
Total Investments in Securities	$	32,127	$	363,365	$	1,016	$	396,508

JPMorgan California Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

	Balance as of 02/29/12		Realized gain (loss)			Change in unrealized appreciation (depreciation)			Net amortization (accretion)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3		Balance as of 05/31/12
Investments in Securities
California — General Obligation	$	1,484	$	(1	)	$	(2	)	$	—	(a)	$	—	$	(465	)	$	—	$	—	$	1,016

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

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

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

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

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

The change in unrealized appreciation (depreciation) attributable to securities owned at May 31, 2012, which were valued using significant unobservable inputs (Level 3), amounted to approximately ($2,000).

JPMorgan Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — 0.3%
		Non-Agency CMO — 0.3%
	200	Residential Accredit Loans, Inc., Series 2004-QS16, Class 2A1, 5.000%, 12/25/19		201
	151	Structured Asset Securities Corp., Series 2004-3, Class 3A1, 5.500%, 03/25/19		157
		Total Collateralized Mortgage Obligations (Cost $350)		358
	Commercial Mortgage-Backed Security — 0.3%
	291	Banc of America Large Loan, Inc., Series 2010-HLTN, Class HLTN, VAR, 1.989%, 11/15/15 (e) (Cost $271)		272
	Corporate Bonds — 73.0%
		Consumer Discretionary — 8.4%
		Auto Components — 0.2%
	12	Dana Holding Corp., 6.750%, 02/15/21		13
	150	Lear Corp., 8.125%, 03/15/20		168
				181
		Automobiles — 1.7%
	200	Chrysler Group LLC/CG Co-Issuer, Inc., 8.250%, 06/15/21		200
	1,000	Daimler Finance North America LLC, 2.950%, 01/11/17 (e)		1,035
	320	Ford Motor Co., 7.450%, 07/16/31		417
	203	Navistar International Corp., 8.250%, 11/01/21		213
				1,865
		Broadcasting & Cable TV — 1.6%
	15	Bresnan Broadband Holdings LLC, 8.000%, 12/15/18 (e)		15
	75	Cablevision Systems Corp., 8.000%, 04/15/20		78
		CCO Holdings LLC/CCO Holdings Capital Corp.,
	190	6.500%, 04/30/21		194
	25	7.000%, 01/15/19		27
	285	7.375%, 06/01/20		305
	70	Cequel Communications Holdings I LLC/Cequel Capital Corp., 8.625%, 11/15/17 (e)		74
		CSC Holdings LLC,
	75	7.875%, 02/15/18		81
	25	8.625%, 02/15/19		28
		DISH DBS Corp.,
	115	6.750%, 06/01/21		119
	225	7.875%, 09/01/19		250
	25	Mediacom Broadband LLC/Mediacom Broadband Corp., 8.500%, 10/15/15		26
	71	Mediacom LLC/Mediacom Capital Corp., 9.125%, 08/15/19		77
	100	Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, (Germany), 8.125%, 12/01/17 (e)		105
	25	Videotron Ltee, (Canada), 5.000%, 07/15/22 (e)		24
	100	Virgin Media Finance plc, (United Kingdom), 8.375%, 10/15/19		109
	250	XM Satellite Radio, Inc., 7.625%, 11/01/18 (e)		268
				1,780
		Diversified Consumer Services — 0.2%
	200	Service Corp. International, 8.000%, 11/15/21		224
	20	Stewart Enterprises, Inc., 6.500%, 04/15/19		21
				245
		Gaming — 0.8%
	75	CityCenter Holdings LLC/CityCenter Finance Corp., 7.625%, 01/15/16		78
	77	MCE Finance Ltd., (Cayman Islands), 10.250%, 05/15/18		87
	205	MGM Resorts International, 9.000%, 03/15/20		225
	55	Peninsula Gaming LLC/Peninsula Gaming Corp., 8.375%, 08/15/15		58
	75	Pinnacle Entertainment, Inc., 8.625%, 08/01/17		81
	40	Seminole Hard Rock Entertainment, Inc., VAR, 2.974%, 03/15/14 (e)		38
	50	Seminole Indian Tribe of Florida, 7.750%, 10/01/17 (e)		54
	35	Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp., 8.625%, 04/15/16 (e)		37
		Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.,
	30	5.375%, 03/15/22 (e)		29
	100	7.750%, 08/15/20		109
	50	Yonkers Racing Corp., 11.375%, 07/15/16 (e)		53
				849
		Hotels, Restaurants & Leisure — 0.3%
		Cinemark USA, Inc.,
	25	7.375%, 06/15/21		27

JPMorgan Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Hotels, Restaurants & Leisure — Continued
	40	8.625%, 06/15/19		43
	50	Host Hotels & Resorts LP, 6.000%, 10/01/21 (e)		53
	100	Speedway Motorsports, Inc., 6.750%, 02/01/19		103
	60	Vail Resorts, Inc., 6.500%, 05/01/19		63
				289
		Household Durables — 0.6%
		D.R. Horton, Inc.,
	50	5.625%, 01/15/16		53
	135	6.500%, 04/15/16		146
	70	Lennar Corp., 12.250%, 06/01/17		90
	12	Libbey Glass, Inc., 6.875%, 05/15/20 (e)		12
	35	MDC Holdings, Inc., 5.625%, 02/01/20		35
	15	Meritage Homes Corp., 7.000%, 04/01/22 (e)		15
	20	PulteGroup, Inc., 7.625%, 10/15/17		21
		Standard Pacific Corp.,
	60	8.375%, 01/15/21		64
	100	10.750%, 09/15/16		117
	130	Toll Brothers Finance Corp., 6.750%, 11/01/19		146
				699
		Media — 1.7%
	265	Clear Channel Worldwide Holdings, Inc., 9.250%, 12/15/17		285
	125	Gannett Co., Inc., 9.375%, 11/15/17		139
		Hughes Satellite Systems Corp.,
	25	6.500%, 06/15/19		26
	8	7.625%, 06/15/21		8
	275	Intelsat Jackson Holdings S.A., (Luxembourg), 7.500%, 04/01/21		275
	250	Lamar Media Corp., 6.625%, 08/15/15		253
	50	NAI Entertainment Holdings LLC, 8.250%, 12/15/17 (e)		54
	150	News America Holdings, Inc., 8.450%, 08/01/34		190
	160	Sinclair Television Group, Inc., 9.250%, 11/01/17 (e)		176
	60	Telesat Canada/Telesat LLC, (Canada), 6.000%, 05/15/17 (e)		59
		Univision Communications, Inc.,
	35	6.875%, 05/15/19 (e)		34
	120	7.875%, 11/01/20 (e)		123
	100	Valassis Communications, Inc., 6.625%, 02/01/21		96
	100	WMG Acquisition Corp., 9.500%, 06/15/16		107
				1,825
		Multiline Retail — 0.4%
	104	Macy’s Retail Holdings, Inc., 3.875%, 01/15/22		108
		QVC, Inc.,
	99	7.375%, 10/15/20 (e)		108
	250	7.500%, 10/01/19 (e)		272
				488
		Specialty Retail — 0.9%
	125	ACE Hardware Corp., 9.125%, 06/01/16 (e)		131
		Limited Brands, Inc.,
	250	5.250%, 11/01/14		264
	70	5.625%, 02/15/22		70
	125	8.500%, 06/15/19		147
	125	Rent-A-Center, Inc., 6.625%, 11/15/20		131
	125	Sally Holdings LLC/Sally Capital, Inc., 5.750%, 06/01/22		127
	175	Toys R Us, Inc., 7.375%, 09/01/16 (e)		176
				1,046
		Total Consumer Discretionary		9,267
		Consumer Staples — 3.7%
		Beverages — 0.8%
	250	Anheuser-Busch InBev Worldwide, Inc., 2.875%, 02/15/16		265
		Constellation Brands, Inc.,
	40	6.000%, 05/01/22		42
	25	7.250%, 09/01/16		28
	110	7.250%, 05/15/17		125
	150	Pernod-Ricard S.A., (France), 5.750%, 04/07/21 (e)		169
	245	SABMiller Holdings, Inc., 3.750%, 01/15/22 (e)		260
				889
		Food & Staples Retailing — 1.4%
	124	Ingles Markets, Inc., 8.875%, 05/15/17		134
	1,000	Kroger Co. (The), 3.400%, 04/15/22		993
	250	Rite Aid Corp., 8.000%, 08/15/20		273
		SUPERVALU, Inc.,
	50	7.500%, 11/15/14		51
	125	8.000%, 05/01/16		125
				1,576

JPMorgan Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Food Products — 1.5%
	200	Cargill, Inc., 7.375%, 10/01/25 (e)		286
	35	Dean Foods Co., 7.000%, 06/01/16		37
		JBS USA LLC/JBS USA Finance, Inc.,
	75	7.250%, 06/01/21 (e)		67
	33	8.250%, 02/01/20 (e)		32
	15	11.625%, 05/01/14		17
	250	Kraft Foods, Inc., 4.125%, 02/09/16		272
	900	Mead Johnson Nutrition Co., 3.500%, 11/01/14		937
				1,648
		Total Consumer Staples		4,113
		Energy — 6.4%
		Energy Equipment & Services — 1.5%
	830	Baker Hughes, Inc., 5.125%, 09/15/40		964
	200	Key Energy Services, Inc., 6.750%, 03/01/21		201
	127	Noble Holding International Ltd., (Cayman Islands), 2.500%, 03/15/17		128
	195	Oil States International, Inc., 6.500%, 06/01/19		201
	150	Trinidad Drilling Ltd., (Canada), 7.875%, 01/15/19 (e)		158
				1,652
		Oil, Gas & Consumable Fuels — 4.9%
	55	Alpha Natural Resources, Inc., 6.250%, 06/01/21		49
	90	AmeriGas Partners LP/AmeriGas Finance Corp., 6.250%, 08/20/19		88
	244	Apache Corp., 5.100%, 09/01/40		278
	85	Arch Coal, Inc., 7.250%, 10/01/20		73
		Bill Barrett Corp.,
	20	7.625%, 10/01/19		20
	100	9.875%, 07/15/16		110
	500	Canadian Natural Resources Ltd., (Canada), 5.900%, 02/01/18		594
		Chesapeake Energy Corp.,
	70	6.775%, 03/15/19		67
	200	6.875%, 08/15/18		190
	175	Chesapeake Midstream Partners LP/CHKM Finance Corp., 6.125%, 07/15/22		166
	30	Chesapeake Oilfield Operating LLC/Chesapeake Oilfield Finance, Inc., 6.625%, 11/15/19 (e)		26
	18	Cimarex Energy Co., 5.875%, 05/01/22		18
	100	Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp., 8.250%, 12/15/17		102
	27	Comstock Resources, Inc., 9.500%, 06/15/20		26
		Concho Resources, Inc.,
	130	6.500%, 01/15/22		136
	100	7.000%, 01/15/21		107
	149	CONSOL Energy, Inc., 8.250%, 04/01/20		149
	65	Continental Resources, Inc., 5.000%, 09/15/22 (e)		65
	7	Copano Energy LLC/Copano Energy Finance Corp., 7.125%, 04/01/21		7
	200	El Paso Corp., 7.250%, 06/01/18		227
	163	Energy Transfer Partners LP, 5.200%, 02/01/22		172
	125	Ferrellgas LP/Ferrellgas Finance Corp., 6.500%, 05/01/21		112
		Hilcorp Energy I LP/Hilcorp Finance Co.,
	100	7.625%, 04/15/21 (e)		104
	100	8.000%, 02/15/20 (e)		107
	36	Laredo Petroleum, Inc., 7.375%, 05/01/22 (e)		37
	100	MarkWest Energy Partners LP/MarkWest Energy Finance Corp., 6.250%, 06/15/22		102
		Newfield Exploration Co.,
	40	5.750%, 01/30/22		42
	230	6.875%, 02/01/20		244
	21	NGPL PipeCo LLC, 9.625%, 06/01/19 (e)		22
	79	PBF Holding Co. LLC/PBF Finance Corp., 8.250%, 02/15/20 (e)		76
		Peabody Energy Corp.,
	130	6.000%, 11/15/18 (e)		130
	45	6.250%, 11/15/21 (e)		45
	34	Penn Virginia Resource Partners LP/Penn Virginia Resource Finance Corp. II, 8.375%, 06/01/20 (e)		34
	35	Petrohawk Energy Corp., 6.250%, 06/01/19		40
	100	Pioneer Natural Resources Co., 7.500%, 01/15/20		124
		QEP Resources, Inc.,
	45	5.375%, 10/01/22		44
	225	6.875%, 03/01/21		244
		Range Resources Corp.,
	42	5.000%, 08/15/22		40
	120	5.750%, 06/01/21		124

JPMorgan Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Oil, Gas & Consumable Fuels — Continued
	215	Regency Energy Partners LP/Regency Energy Finance Corp., 6.500%, 07/15/21		221
	70	Samson Investment Co., 9.750%, 02/15/20 (e)		70
		SM Energy Co.,
	30	6.500%, 11/15/21		30
	125	6.625%, 02/15/19		129
	125	Suburban Propane Partners LP/Suburban Energy Finance Corp., 7.375%, 03/15/20		131
		Targa Resources Partners LP/Targa Resources Partners Finance Corp.,
	20	6.375%, 08/01/22 (e)		20
	250	6.875%, 02/01/21		257
		WPX Energy, Inc.,
	180	5.250%, 01/15/17 (e)		178
	30	6.000%, 01/15/22 (e)		29
				5,406
		Total Energy		7,058
		Financials — 24.0%
		Capital Markets — 3.6%
	200	Bank of New York Mellon Corp. (The), 3.100%, 01/15/15		211
		Blackstone Holdings Finance Co. LLC,
	200	5.875%, 03/15/21 (e)		210
	505	6.625%, 08/15/19 (e)		555
	500	CDP Financial, Inc., (Canada), 4.400%, 11/25/19 (e)		570
		Goldman Sachs Group, Inc. (The),
	400	5.750%, 01/24/22		410
	500	6.000%, 05/01/14		526
	500	6.000%, 06/15/20		525
	500	Jefferies Group, Inc., 8.500%, 07/15/19		530
	500	Morgan Stanley, 4.100%, 01/26/15		488
				4,025
		Commercial Banks — 4.3%
	1,000	Barclays Bank plc, (United Kingdom), 2.750%, 02/23/15		1,001
	44	Countrywide Capital III, 8.050%, 06/15/27		44
	857	HSBC Holdings plc, (United Kingdom), 4.000%, 03/30/22		872
	500	Macquarie Bank Ltd., (Australia), 5.000%, 02/22/17 (e)		510
	650	PNC Bank N.A., 6.875%, 04/01/18		779
	250	Rabobank Nederland N.V., (Netherlands), 3.375%, 01/19/17		256
	30	Royal Bank of Scotland Group plc, (United Kingdom), 5.050%, 01/08/15		29
	10	Royal Bank of Scotland N.V., (Netherlands), VAR, 1.175%, 03/09/15		8
	240	Wachovia Capital Trust III, VAR, 5.570%, 07/02/12 (x)		223
	1,000	Wells Fargo & Co., 2.625%, 12/15/16		1,020
				4,742
		Consumer Finance — 1.6%
		Ally Financial, Inc.,
	285	7.500%, 09/15/20		313
	70	8.000%, 11/01/31		79
	150	American Express Co., 7.250%, 05/20/14		166
	200	American Honda Finance Corp., 3.500%, 03/16/15 (e)		211
	400	Capital One Bank USA N.A., 8.800%, 07/15/19		508
	175	Ford Motor Credit Co. LLC, 8.125%, 01/15/20		222
	250	SLM Corp., 6.250%, 01/25/16		253
				1,752
		Diversified Financial Services — 6.8%
	125	Aircastle Ltd., (Bermuda), 9.750%, 08/01/18		136
		Bank of America Corp.,
	100	5.420%, 03/15/17		101
	500	5.875%, 01/05/21		522
	100	7.800%, 09/15/16		109
	280	VAR, 8.000%, 01/30/18 (x)		281
		Capmark Financial Group, Inc.,
	300	0.000%, 05/10/10 (d)		5
	14	VAR, 9.000%, 09/30/15		14
	60	Cardtronics, Inc., 8.250%, 09/01/18		66
		CIT Group, Inc.,
	56	5.000%, 05/15/17		55
	35	5.250%, 03/15/18		35
	27	5.375%, 05/15/20		26
	250	6.625%, 04/01/18 (e)		259
	44	7.000%, 05/02/17 (e)		44
	500	Citigroup, Inc., 6.375%, 08/12/14		536
	500	CME Group Index Services LLC, 4.400%, 03/15/18 (e)		546
	19	Community Choice Financial, Inc., 10.750%, 05/01/19 (e)		19

JPMorgan Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Diversified Financial Services — Continued
	77	ERAC USA Finance LLC, 2.250%, 01/10/14 (e)		77
		General Electric Capital Corp.,
	1,500	2.900%, 01/09/17		1,542
	200	6.875%, 01/10/39		256
	1,000	GTP Acquisition Partners I LLC, 4.347%, 06/15/16 (e)		1,048
	500	Hutchison Whampoa International 10 Ltd., (Cayman Islands), VAR, 6.000%, 10/28/15 (e) (x)		500
	500	Hutchison Whampoa International 11 Ltd., (Cayman Islands), 4.625%, 01/13/22 (e)		515
		International Lease Finance Corp.,
	265	6.250%, 05/15/19		265
	226	8.250%, 12/15/20		252
	25	8.625%, 01/15/22		28
	25	8.875%, 09/01/17		28
	100	Lender Processing Services, Inc., 8.125%, 07/01/16		104
		Neuberger Berman Group LLC/Neuberger Berman Finance Corp.,
	62	5.625%, 03/15/20 (e)		63
	62	5.875%, 03/15/22 (e)		63
				7,495
		Insurance — 5.6%
	884	Aflac, Inc., 3.450%, 08/15/15		934
	178	American International Group, Inc., VAR, 8.175%, 05/15/58		185
	1,156	Berkshire Hathaway, Inc., 3.400%, 01/31/22		1,198
	100	Catlin Insurance Co., Ltd., (Bermuda), VAR, 7.249%, 01/19/17 (e) (x)		88
	100	CNO Financial Group, Inc., 9.000%, 01/15/18 (e)		106
		Everest Acquisition LLC/Everest Acquisition Finance, Inc.,
	24	6.875%, 05/01/19 (e)		25
	80	9.375%, 05/01/20 (e)		82
	175	Hartford Financial Services Group, Inc., VAR, 8.125%, 06/15/38		180
		Liberty Mutual Group, Inc.,
	13	6.500%, 05/01/42 (e)		13
	220	7.800%, 03/15/37 (e)		214
	107	VAR, 10.750%, 06/15/58 (e)		148
	306	Lincoln National Corp., 4.200%, 03/15/22		307
	700	Massachusetts Mutual Life Insurance Co., 8.875%, 06/01/39 (e)		1,028
		Metropolitan Life Global Funding I,
	500	2.000%, 01/10/14 (e)		507
	200	5.125%, 06/10/14 (e)		215
	750	Nationwide Mutual Insurance Co., 8.250%, 12/01/31 (e)		879
	91	XL Group plc, (Ireland), VAR, 6.500%, 04/15/17 (x)		70
				6,179
		Real Estate Investment Trusts (REITs) — 2.0%
	125	CB Richard Ellis Services, Inc., 6.625%, 10/15/20		133
	45	CNL Lifestyle Properties, Inc., 7.250%, 04/15/19		40
	225	DuPont Fabros Technology LP, 8.500%, 12/15/17		245
		ERP Operating LP,
	125	5.375%, 08/01/16		140
	715	6.584%, 04/13/15		808
	60	HCP, Inc., 3.750%, 02/01/16		63
	500	Simon Property Group LP, 6.125%, 05/30/18		595
	225	Weyerhaeuser Co., 7.375%, 03/15/32		255
				2,279
		Real Estate Management & Development — 0.1%
	25	Kennedy-Wilson, Inc., 8.750%, 04/01/19		26
	58	MPT Operating Partnership LP/MPT Finance Corp., 6.375%, 02/15/22		57
				83
		Total Financials		26,555
		Health Care — 4.8%
		Biotechnology — 0.5%
	500	Amgen, Inc., 6.150%, 06/01/18		597
		Health Care Providers & Services — 2.8%
	500	Aetna, Inc., 6.000%, 06/15/16		582
	100	DaVita, Inc., 6.625%, 11/01/20		101
		Fresenius Medical Care U.S. Finance II, Inc.,
	42	5.625%, 07/31/19 (e)		42
	38	5.875%, 01/31/22 (e)		38
		Fresenius Medical Care U.S. Finance, Inc.,
	125	6.500%, 09/15/18 (e)		130
	125	6.875%, 07/15/17		137

JPMorgan Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Health Care Providers & Services — Continued
		HCA, Inc.,
	175	5.875%, 03/15/22		173
	160	6.500%, 02/15/20		169
	325	7.875%, 02/15/20		357
	220	Health Management Associates, Inc., 6.125%, 04/15/16		231
	500	Laboratory Corp. of America Holdings, 5.625%, 12/15/15		563
	94	Omega Healthcare Investors, Inc., 5.875%, 03/15/24 (e)		93
	265	Omnicare, Inc., 7.750%, 06/01/20		291
		Tenet Healthcare Corp.,
	30	6.250%, 11/01/18 (e)		30
	100	10.000%, 05/01/18		114
				3,051
		Pharmaceuticals — 1.5%
		Endo Health Solutions, Inc.,
	215	7.000%, 07/15/19		225
	120	7.250%, 01/15/22		125
	500	Hospira, Inc., 5.600%, 09/15/40		518
	80	Mylan, Inc., 7.625%, 07/15/17 (e)		87
	500	Teva Pharmaceutical Finance Co. LLC, 5.550%, 02/01/16		572
	90	Valeant Pharmaceuticals International, 7.000%, 10/01/20 (e)		87
				1,614
		Total Health Care		5,262
		Industrials — 5.7%
		Aerospace & Defense — 1.6%
	400	Boeing Co. (The), 7.950%, 08/15/24		598
		Esterline Technologies Corp.,
	75	6.625%, 03/01/17		78
	200	7.000%, 08/01/20		221
	25	Kratos Defense & Security Solutions, Inc., 10.000%, 06/01/17		26
	628	United Technologies Corp., 6.050%, 06/01/36		793
				1,716
		Airlines — 0.8%
	340	American Airlines, 2011-1 Class A Pass-Through Trust, 5.250%, 01/31/21		352
	307	Continental Airlines 2003-ERJ1 Pass-Through Trust, 7.875%, 07/02/18		313
	180	Northwest Airlines 2007-1 Class A Pass-Through Trust, 7.027%, 11/01/19		191
	39	UAL 2007-1 Pass-Through Trust, 6.636%, 07/02/22		41
				897
		Building Products — 0.3%
		Building Materials Corp. of America,
	100	6.750%, 05/01/21 (e)		102
	125	6.875%, 08/15/18 (e)		129
	100	7.500%, 03/15/20 (e)		106
				337
		Commercial Services & Supplies — 0.7%
	173	Covanta Holding Corp., 6.375%, 10/01/22		180
		Deluxe Corp.,
	120	7.000%, 03/15/19		124
	125	7.375%, 06/01/15		126
	100	FTI Consulting, Inc., 6.750%, 10/01/20		105
	75	Garda World Security Corp., (Canada), 9.750%, 03/15/17 (e)		80
		R.R. Donnelley & Sons Co.,
	20	7.250%, 05/15/18		18
	75	7.625%, 06/15/20		69
	20	8.250%, 03/15/19		19
				721
		Construction & Engineering — 0.3%
	50	Dycom Investments, Inc., 7.125%, 01/15/21		52
	250	Tutor Perini Corp., 7.625%, 11/01/18		249
	75	United Rentals North America, Inc., 9.250%, 12/15/19		83
				384
		Industrial Conglomerates — 0.8%
	295	Koninklijke Philips Electronics N.V., (Netherlands), 5.750%, 03/11/18		348
	400	Tyco International Ltd./Tyco International Finance S.A., (Switzerland), 7.000%, 12/15/19		506
				854
		Machinery — 0.6%
	35	Actuant Corp., 5.625%, 06/15/22 (e)		36
	175	AGCO Corp., 5.875%, 12/01/21		190
	35	Boart Longyear Management Pty Ltd., (Australia), 7.000%, 04/01/21 (e)		36
	135	Briggs & Stratton Corp., 6.875%, 12/15/20		144
	75	CNH Capital LLC, 6.250%, 11/01/16 (e)		78
	110	Griffon Corp., 7.125%, 04/01/18		111

JPMorgan Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Machinery — Continued
	75	SPX Corp., 6.875%, 09/01/17		82
				677
		Marine — 0.1%
	50	Commercial Barge Line Co., 12.500%, 07/15/17		57
	10	Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S., Inc., 8.625%, 11/01/17		9
	51	Navios Maritime Holdings, Inc./Navios Maritime Finance U.S., Inc., 8.875%, 11/01/17		52
	25	Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc., 9.250%, 04/15/19		23
				141
		Road & Rail — 0.2%
	55	Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.250%, 01/15/19		57
		Hertz Corp. (The),
	90	6.750%, 04/15/19		92
	50	7.375%, 01/15/21		52
		Kansas City Southern de Mexico S.A. de C.V., (Mexico),
	55	6.125%, 06/15/21		60
	5	6.625%, 12/15/20		5
				266
		Trading Companies & Distributors — 0.2%
	30	HD Supply, Inc., 8.125%, 04/15/19 (e)		31
	200	Rexel S.A., (France), 6.125%, 12/15/19 (e)		199
				230
		Transportation Services — 0.1%
	75	CEVA Group plc, (United Kingdom), 8.375%, 12/01/17 (e)		73
		Total Industrials		6,296
		Information Technology — 3.7%
		Communications Equipment — 0.0% (g)
	50	Brightstar Corp., 9.500%, 12/01/16 (e)		51
	20	Nokia OYJ, (Finland), 6.625%, 05/15/39		16
				67
		Computers & Peripherals — 0.7%
	500	Hewlett-Packard Co., 6.125%, 03/01/14		537
	200	Seagate HDD Cayman, (Cayman Islands), 7.000%, 11/01/21		210
				747
		Electronic Equipment, Instruments & Components — 0.9%
	40	Anixter, Inc., 5.625%, 05/01/19		41
		Arrow Electronics, Inc.,
	250	3.375%, 11/01/15		261
	592	7.500%, 01/15/27		686
	31	Viasystems, Inc., 7.875%, 05/01/19 (e)		30
				1,018
		Internet Software & Services — 0.6%
	500	eBay, Inc., 3.250%, 10/15/20		525
	115	Equinix, Inc., 7.000%, 07/15/21		123
				648
		IT Services — 0.1%
		Fidelity National Information Services, Inc.,
	13	5.000%, 03/15/22 (e)		13
	30	7.625%, 07/15/17 (e)		33
	50	7.875%, 07/15/20		55
	35	iGATE Corp., 9.000%, 05/01/16		37
				138
		Semiconductors & Semiconductor Equipment — 0.9%
	150	Advanced Micro Devices, Inc., 7.750%, 08/01/20		161
		Amkor Technology, Inc.,
	25	6.625%, 06/01/21		24
	150	7.375%, 05/01/18		150
	500	National Semiconductor Corp., 6.600%, 06/15/17		621
				956
		Software — 0.5%
	20	Audatex North America, Inc., 6.750%, 06/15/18 (e)		21
	235	Intuit, Inc., 5.750%, 03/15/17		272
	200	Oracle Corp., 5.750%, 04/15/18		242
				535
		Total Information Technology		4,109
		Materials — 4.5%
		Chemicals — 0.8%
	200	Celanese US Holdings LLC, 6.625%, 10/15/18		211
		CF Industries, Inc.,
	100	6.875%, 05/01/18		119
	100	7.125%, 05/01/20		121
	20	J.M. Huber Corp., 9.875%, 11/01/19 (e)		21
	200	LyondellBasell Industries N.V., (Netherlands), 6.000%, 11/15/21 (e)		214

JPMorgan Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Chemicals — Continued
	86	PolyOne Corp., 7.375%, 09/15/20		91
	100	Scotts Miracle-Gro Co. (The), 7.250%, 01/15/18		107
				884
		Construction Materials — 0.4%
	100	CRH America, Inc., 6.000%, 09/30/16		110
	75	Hanson Ltd., (United Kingdom), 6.125%, 08/15/16		79
		Vulcan Materials Co.,
	105	7.000%, 06/15/18		110
	195	7.500%, 06/15/21		211
				510
		Containers & Packaging — 1.3%
	400	Ardagh Packaging Finance plc, (Ireland), 7.375%, 10/15/17 (e)		426
		Ball Corp.,
	250	5.000%, 03/15/22		252
	100	7.375%, 09/01/19		110
	65	Crown Americas LLC/Crown Americas Capital Corp. III, 6.250%, 02/01/21		70
		Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC,
	400	7.125%, 04/15/19 (e)		411
	150	7.875%, 08/15/19 (e)		159
				1,428
		Metals & Mining — 1.0%
	50	AK Steel Corp., 7.625%, 05/15/20		46
		FMG Resources August 2006 Pty Ltd., (Australia),
	14	6.000%, 04/01/17 (e)		14
	50	6.875%, 04/01/22 (e)		48
	300	7.000%, 11/01/15 (e)		300
	112	Kaiser Aluminum Corp., 8.250%, 06/01/20 (e)		113
	14	New Gold, Inc., (Canada), 7.000%, 04/15/20 (e)		14
	250	Novelis, Inc., (Canada), 8.750%, 12/15/20		264
	225	Steel Dynamics, Inc., 7.625%, 03/15/20		242
		United States Steel Corp.,
	85	7.375%, 04/01/20		83
	27	7.500%, 03/15/22		26
				1,150
		Paper & Forest Products — 1.0%
	100	Appleton Papers, Inc., 10.500%, 06/15/15 (e)		106
	225	Georgia-Pacific LLC, 7.750%, 11/15/29		292
	150	NewPage Corp., 11.375%, 12/31/14 (d)		93
	61	P.H. Glatfelter Co., 7.125%, 05/01/16		62
	450	Resolute Forest Products, 10.250%, 10/15/18		510
				1,063
		Total Materials		5,035
		Telecommunication Services — 5.4%
		Diversified Telecommunication Services — 3.7%
	600	BellSouth Corp., 6.875%, 10/15/31		741
	300	Centel Capital Corp., 9.000%, 10/15/19		349
		Frontier Communications Corp.,
	75	8.125%, 10/01/18		76
	275	8.500%, 04/15/20		276
	100	9.250%, 07/01/21		103
	600	Telefonica Emisiones S.A.U., (Spain), 6.421%, 06/20/16		590
	750	Verizon Global Funding Corp., 7.750%, 12/01/30		1,058
	500	Vivendi S.A., (France), 2.400%, 04/10/15 (e)		496
		Windstream Corp.,
	25	7.500%, 06/01/22		24
	75	7.750%, 10/15/20		75
	187	7.750%, 10/01/21		188
	200	7.875%, 11/01/17		213
				4,189
		Wireless Telecommunication Services — 1.7%
	500	Crown Castle Towers LLC, 4.174%, 08/15/17 (e)		530
	175	Inmarsat Finance plc, (United Kingdom), 7.375%, 12/01/17 (e)		186
	75	Nextel Communications, Inc., 7.375%, 08/01/15		73
	100	NII Capital Corp., 7.625%, 04/01/21		84
	69	Sprint Capital Corp., 6.900%, 05/01/19		60
		Sprint Nextel Corp.,
	166	9.000%, 11/15/18 (e)		180
	13	11.500%, 11/15/21 (e)		14
	200	VimpelCom Holdings B.V., (Netherlands), 7.504%, 03/01/22 (e)		181
	500	Vodafone Group plc, (United Kingdom), 5.375%, 01/30/15		555
				1,863
		Total Telecommunication Services		6,052

JPMorgan Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Utilities — 6.4%
		Electric Utilities — 3.5%
	200	Connecticut Light & Power Co. (The), 6.350%, 06/01/36		262
	210	Detroit Edison Co. (The), 6.625%, 06/01/36		298
		DPL, Inc.,
	15	6.500%, 10/15/16 (e)		16
	275	7.250%, 10/15/21 (e)		299
	1,000	Entergy Texas, Inc., 3.600%, 06/01/15		1,033
	150	Ipalco Enterprises, Inc., 5.000%, 05/01/18		148
	500	Northern States Power Co., 6.500%, 03/01/28		679
	245	Public Service Co. of New Mexico, 7.950%, 05/15/18		301
	500	Southern California Edison Co., 6.650%, 04/01/29		664
	200	Spectra Energy Capital LLC, 5.500%, 03/01/14		211
				3,911
		Gas Utilities — 0.5%
		Atmos Energy Corp.,
	250	4.950%, 10/15/14		271
	200	8.500%, 03/15/19		269
				540
		Independent Power Producers & Energy Traders — 1.1%
	250	Calpine Construction Finance Co. LP/CCFC Finance Corp., 8.000%, 06/01/16 (e)		268
		Calpine Corp.,
	303	7.500%, 02/15/21 (e)		317
	97	7.875%, 01/15/23 (e)		102
	174	Midwest Generation LLC, 8.560%, 01/02/16		160
	350	NRG Energy, Inc., 7.875%, 05/15/21		337
				1,184
		Multi-Utilities — 1.1%
	1,000	Dominion Resources, Inc., 5.250%, 08/01/33		1,191
		Water Utilities — 0.2%
	250	American Water Capital Corp., 6.085%, 10/15/17		294
		Total Utilities		7,120
		Total Corporate Bonds		80,867
		(Cost $79,207)
	Foreign Government Security — 0.3%
	250	Province of Quebec, (Canada), 6.350%, 01/30/26		350
		(Cost $303)
	Municipal Bonds — 4.0% (t)
		District of Columbia — 1.0%
	1,000	District of Columbia Water & Sewer Authority, Series A, Rev., 5.500%, 10/01/39		1,134
		New York — 0.7%
	100	New York City Municipal Water Finance Authority, Second General Resolution, Rev., 5.375%, 06/15/43		116
	500	Port Authority of New York & New Jersey, Taxable Consolidated 160, Rev., 5.647%, 11/01/40		635
				751
		Oklahoma — 0.1%
	100	Oklahoma City Water Utilities Trust, Water & Sewer, Rev., 5.375%, 07/01/40		119
		Oregon — 1.1%
	1,000	State of Oregon, University Systems Projects, Series G, GO, 5.250%, 08/01/31		1,202
		Pennsylvania — 1.1%
	1,000	Pennsylvania Turnpike Commission, Subordinated Special Motor License Fund, Rev., 6.000%, 12/01/36		1,216
		Total Municipal Bonds (Cost $3,972)		4,422
	U.S. Treasury Obligations — 3.3%
	1,050	U.S. Treasury Bonds, 3.750%, 08/15/41 (m)		1,288
		U.S. Treasury Notes,
	900	1.375%, 11/30/18 (m)		925
	1,400	2.000%, 11/15/21 (m)		1,460
		Total U.S. Treasury Obligations		3,673
		(Cost $3,473)
SHARES
	Common Stock — 0.2%
	Financials — 0.2%
		Diversified Financial Services — 0.2%
	8	Capmark Financial Group, Inc. (a) (Cost $144)		182

JPMorgan Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Preferred Stock — 0.0% (g)
	Financials — 0.0% (g)
			Insurance — 0.0% (g)
	1		Hartford Financial Services Group, Inc., VAR, 7.875%, 04/15/42 (Cost $25)		26
PRINCIPAL AMOUNT($)
	Loan Participations & Assignments — 0.8%
			Consumer Discretionary — 0.3%
			Automobiles — 0.1%
	134		Chrysler, Term Loan B, VAR, 6.000%, 05/24/17		134
			Broadcasting & Cable TV — 0.1%
	25		Kabel Deutschland, Facility F Loan, VAR, 4.250%, 02/01/19		24
			Hotels, Restaurants & Leisure — 0.1%
	33		Burger King Corp., Term Loan B, VAR, 4.500%, 10/19/16		33
			Landry’s, Inc., Term Loan,
	–	(h)	VAR, 6.500%, 04/24/18		—	(h)
	25		VAR, 6.500%, 04/24/18		25
	50		Wendy’s/Arby’s Restaurants LLC, Term Loan B, VAR, 05/15/19 ^		49
					107
			Total Consumer Discretionary		265
			Energy — 0.2%
			Oil, Gas & Consumable Fuels — 0.2%
	38		Arch Coal, Inc., 1st Lien Term Loan B, VAR, 5.750%, 05/16/18		37
	149		MEG Energy Corp., Term Loan B, VAR, 4.000%, 03/18/18		147
	75		NGPL PipeCo LLC, Term Loan, VAR, 7.750%, 05/17/18		73
			Total Energy		257
			Health Care — 0.2%
			Pharmaceuticals — 0.2%
			Aptalis Pharma, Inc., Term Loan,
	14		VAR, 5.500%, 02/10/17		14
	134		VAR, 5.500%, 02/10/17		129
			Catalent Pharma Solutions, Inc., 1st Lien Incremental Term Loan B,
	17		VAR, 5.250%, 09/15/17		16
	8		VAR, 5.250%, 09/15/17		9
			Total Health Care		168
			Industrials — 0.1%
			Aerospace & Defense — 0.0% (g)
	50		Ducommun, Inc., Term Loan B, VAR, 5.500%, 06/28/17		50
			Commercial Services & Supplies — 0.1%
	36		ACCO Brands Corp., Term B Loan, VAR, 4.250%, 05/01/19		36
	35		SCH Group, 1st Lien Term Loan, VAR, 6.625%, 04/28/17		33
					69
			Total Industrials		119
			Materials — 0.0% (g)
			Chemicals — 0.0% (g)
	26		PL Propylene LLC, Term Loan, VAR, 7.000%, 03/27/17		26
			Total Loan Participations & Assignments (Cost $843)		835
SHARES
	Short-Term Investments — 17.5%
			Investment Companies — 17.5%
	17,672		JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.150% (b) (l) (m) †		17,672
	1,700		JPMorgan U.S. Government Money Market Fund, Capital Shares, 0.010% (b) (l)		1,700
			Total Short-Term Investments (Cost $19,372)		19,372
			Total Investments — 99.7% (Cost $107,960)		110,357
			Other Assets in Excess of Liabilities — 0.3%		374
			NET ASSETS — 100.0%	$	110,731

Percentages indicated are based on net assets.

JPMorgan Credit Opportunities Fund

Credit Default Swaps - Buy Protection [1]

Corporate and Sovereign Issuers:

SWAP COUNTERPARTY/ REFERENCE OBLIGATION	FUND PAYS FIXED RATE (r)	TERMINATION DATE		IMPLIED CREDIT SPREAD AS OF 05/31/12 [3]			NOTIONAL AMOUNT [4]		VALUE			UPFRONT PREMIUMS (PAID)/RECEIVED [5]
Barclays Bank plc:
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17	5.000% quarterly		06/20/13		19.999	%	$	100	$	13		$	(7	)
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17	5.000% quarterly		06/20/13		19.999			50		6			(3	)
Deutsche Bank AG, New York:
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17	5.000% quarterly		06/20/13		19.999			50		6			(5	)
Morgan Stanley Capital Services:
Beazer Homes USA, Inc., 9.125%, 06/15/18	5.000% quarterly		09/20/13		5.712			10		—	(h)		—	(h)
Union Bank of Switzerland AG:
United States of America, 0.000%, 08/15/16	0.250% quarterly		09/20/16		0.415			EUR     150		1			(3	)
									$	26		$	(18	)

Credit Indices:

SWAP COUNTERPARTY/ REFERENCE OBLIGATION	FUND PAYS FIXED RATE (r)	TERMINATION DATE		IMPLIED CREDIT SPREAD AS OF 05/31/12 [3]			NOTIONAL AMOUNT [4]		VALUE			UPFRONT PREMIUMS (PAID)/RECEIVED [5]
Deutsche Bank AG, New York:
CDX.NA.HY.18-V1	5.000% quarterly		06/20/17		6.771	%	$	3,250	$	195		$	(152	)
CDX.NA.IG.9-V4	0.700% quarterly		12/20/14		0.145			4,500		(99	)		106
									$	96		$	(46	)

Credit Default Swaps - Sell Protection [2]

Corporate and Sovereign Issuers:

SWAP COUNTERPARTY/ REFERENCE OBLIGATION	FUND RECEIVES FIXED RATE (r)	TERMINATION DATE		IMPLIED CREDIT SPREAD AS OF 05/31/12 [3]			NOTIONAL AMOUNT [4]		VALUE			UPFRONT PREMIUMS (PAID)/RECEIVED [5]
Bank of America:
Assured Guaranty Corp., 1.000%, 12/31/99	5.000% quarterly		06/20/13		9.136	%	$	500	$	(15	)	$	2
Best Buy Co., Inc., 5.500%, 03/15/21	1.000% quarterly		06/20/15		5.334			1,000		(117	)		82
McClatchy Co. (The), 5.750%, 09/01/17	5.000% quarterly		06/20/14		7.129			190		(6	)		2
McClatchy Co. (The), 5.750%, 09/01/17	5.000% quarterly		06/20/14		7.129			430		(13	)		3
Realogy Corp., 10.500%, 04/15/14	5.000% quarterly		06/20/13		6.554			50		—	(h)		—	(h)
Realogy Corp., 10.500%, 04/15/14	5.000% quarterly		06/20/13		6.554			50		—	(h)		—	(h)
Realogy Corp., 10.500%, 04/15/14	5.000% quarterly		06/20/13		6.554			80		(1	)		—	(h)
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly		09/20/12		18.496			50		(2	)		3
Barclays Bank plc:
Dixons Retail plc, 8.750%, 08/03/15	5.000% quarterly		06/20/12		2.625			EUR     570		8			22
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		12/20/12		15.130			250		(11	)		40
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		06/20/13		19.999			50		(6	)		8
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		03/20/14		25.408			850		(211	)		87
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		06/20/14		27.473			100		(29	)		15
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		06/20/14		27.473			50		(14	)		7

Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly	06/20/12	23.193	100		-	(h)		6
BNP Paribas:
Boyd Gaming Corp., 6.750%, 04/15/14	5.000% quarterly	06/20/14	5.966	50		(1	)		1
Rite Aid Corp., 7.700%, 02/15/27	5.000% quarterly	03/20/14	5.289	600		3			30
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly	09/20/12	18.496	25		(1	)		2
Citibank, N.A.:
Harrah’s Operating Co., Inc., 5.625%, 06/01/15	5.000% quarterly	03/20/13	7.692	50		(1	)		1
Harrah’s Operating Co., Inc., 5.625%, 06/01/15	5.000% quarterly	03/20/13	7.692	50		(1	)		1
Harrah’s Operating Co., Inc., 5.625%, 06/01/15	5.000% quarterly	03/20/13	7.692	50		(1	)		1
Realogy Corp., 10.500%, 04/15/14	5.000% quarterly	06/20/13	6.554	250		(1	)		—	(h)
Realogy Corp., 10.500%, 04/15/14	5.000% quarterly	06/20/14	9.056	150		(10	)		7
Credit Suisse International:
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly	06/20/12	23.193	25		—	(h)		1
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly	09/20/12	18.496	25		(1	)		2
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly	09/20/12	18.496	50		(1	)		4
Deutsche Bank AG, New York:
Block Financial LLC, 5.125%, 10/30/14	5.000% quarterly	09/20/16	5.351	50		—	(h)		(2	)
Boyd Gaming Corp., 6.750%, 04/15/14	5.000% quarterly	06/20/14	5.966	560		(5	)		8
Boyd Gaming Corp., 6.750%, 04/15/14	5.000% quarterly	06/20/14	5.966	90		(1	)		—	(h)
Clear Channel Communications, Inc., 6.875%, 06/15/18	5.000% quarterly	09/20/13	8.179	50		(1	)		2
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	06/20/13	19.999	50		(6	)		6
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	06/20/13	19.999	50		(6	)		7
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	06/20/13	19.999	50		(6	)		8
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	06/20/13	19.999	50		(6	)		8
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	06/20/13	19.999	50		(6	)		8
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	09/20/13	21.833	50		(8	)		9
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	09/20/13	21.833	50		(8	)		9
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	09/20/13	21.833	50		(8	)		9
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	06/20/14	27.473	50		(14	)		9
Realogy Corp., 10.500%, 04/15/14	5.000% quarterly	06/20/14	9.056	50		(3	)		2
Realogy Corp., 10.500%, 04/15/14	5.000% quarterly	09/20/14	9.532	100		(8	)		5
Supervalu, Inc., 8.000%, 05/01/16	5.000% quarterly	03/20/16	8.718	650		(69	)		26
Supervalu, Inc., 8.000%, 05/01/16	5.000% quarterly	06/20/16	8.933	50		(6	)		5
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly	06/20/12	23.193	100		—	(h)		2
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly	06/20/12	23.193	50		—	(h)		3
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly	09/20/12	18.496	25		(1	)		3
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly	09/20/12	18.496	50		(2	)		3
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly	09/20/12	18.496	50		(2	)		4
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly	09/20/12	18.496	50		(2	)		4
Morgan Stanley Capital Services:
Block Financial LLC, 5.125%, 10/30/14	5.000% quarterly	09/20/16	5.351	50		—	(h)		(1	)
Caesars Entertainment Operating Co., Inc., 5.375%, 12/15/13	5.000% quarterly	03/20/13	7.692	560		(6	)		10
Clear Channel Communications, Inc., 6.875%, 06/15/18	5.000% quarterly	09/20/14	12.755	850		(112	)		32
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	09/20/12	11.843	25		—	(h)		1
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	06/20/13	19.999	50		(6	)		6
McClatchy Co. (The), 5.750%, 09/01/17	5.000% quarterly	06/20/14	7.129	200		(6	)		9
Royal Bank of Scotland:
Harrah’s Operating Co., Inc., 5.625%, 06/01/15	5.000% quarterly	03/20/13	7.692	150		(2	)		2
Union Bank of Switzerland AG:
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	06/20/13	19.999	50		(6	)		6
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	06/20/13	19.999	50		(6	)		8
Lennar Corp., 6.500%, 04/15/16	5.000% quarterly	06/20/13	1.318	105		5			(7	)
					$	(739	)	$	531

[1] The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.

[2] The Fund, as a seller of credit protection, receives periodic payments and may also receive or pay an upfront premium from or to the protection buyer, and is obligated to make a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.

[3] Implied credit spreads are an indication of the seller’s performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e., make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indexes are linked to the weighted average spread across the underlying reference obligations included in a particular index.

[4] The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.

[5] Upfront premiums generally relate to payments made or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

* The Fund has purchased credit default swaps with identical underlying reference obligations; net amounts received by the Fund from settlement of purchased protection may offset potential amounts paid at a credit event for protection sold.

JPMorgan Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

CDX	—	Credit Default Swap Index
CMO	—	Collateralized Mortgage Obligation
GO	—	General Obligation
Rev.	—	Revenue Bond
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of May 31, 2012.
(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.
(d)	—	Defaulted Security.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—	Amount rounds to less than 0.1%.
(h)	—	Amount rounds to less than one thousand (shares or dollars).
(l)	—	The rate shown is the current yield as of May 31, 2012.
(m)	—	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments, and/or forward foreign currency exchange contracts.
(r)	—	Rates shown are per annum and payments are as described.
(t)	—	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(x)	—	Security is perpetual and, thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of May 31, 2012.
^	—	All or a portion of the security is unsettled as of May 31, 2012. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
†	—	Approximately $670,000 of this investment is restricted as collateral for swaps to various brokers.

As of May 31, 2012, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	3,114
Aggregate gross unrealized depreciation		(717	)
Net unrealized appreciation/depreciation	$	2,397
Federal income tax cost of investments	$	107,960

Swaps — The Fund engages in various swap transactions, including credit default and index swaps, to manage credit risks within its portfolio. The Fund also uses swaps as alternatives to direct investments. Swap transactions are negotiated contracts between a Fund and a counterparty to exchange swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

The Fund may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed its value. Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Funds.

Upfront payments made and/or received by the Fund are recognized as a realized gain or loss when the contract matures or is terminated. The value of a swap agreement is recorded at the beginning of the measurement period. The change in value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is recognized as unrealized appreciation or depreciation. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding swap contracts with the counterparty in the form of cash or securities. Collateral posted by the Fund is held in a segregated account at the Fund’s custodian bank. Cash collateral posted by the Fund is invested in an affiliated money market fund.

Credit Default Swaps

The Fund enters into credit default swaps to simulate long and short bond positions or to take an active long or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

If a credit event occurs, the Fund, as a protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to a Fund’s portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

JPMorgan Credit Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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

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

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

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

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

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

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

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

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

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

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stock
Financials	$	182	$	—		$	—		182
Preferred Stock
Financials		—		26			—		26
Debt Securities
Collateralized Mortgage Obligations
Non-Agency CMO		—		358			—		358
Commercial Mortgage-Backed
Securities		—		272			—		272
Corporate Bonds
Consumer Discretionary		—		9,267			—		9,267
Consumer Staples		—		4,113			—		4,113
Energy		—		7,058			—		7,058
Financials		—		26,555			—		26,555
Health Care		—		5,262			—		5,262
Industrials		—		5,399			897		6,296
Information Technology		—		4,109			—		4,109
Materials		—		5,035			—		5,035
Telecommunication Services		—		6,052			—		6,052
Utilities		—		6,960			160		7,120
Total Corporate Bonds		—		79,810			1,057		80,867
Foreign Government Securities		—		350			—		350
Municipal Bonds		—		4,422			—		4,422
U.S. Treasury Obligations		—		3,673			—		3,673
Loan Participations & Assignments
Consumer Discretionary		—		265			—		265
Energy		—		257			—		257
Health Care		—		168			—		168
Industrials		—		119			—		119
Materials		—		26			—		26
Total Loan Participations & Assignments		—		835			—		835
Short-Term Investments
Investment Companies		19,372		—			—		19,372
Total Investments in Securities	$	19,554	$	89,746		$	1,057	$	110,357
Appreciation in Other Financial Instruments
Credit Default Swaps	$	—	$	203		$	—	$	203
Depreciation in Other Financial Instruments
Credit Default Swaps	$	—	$	(353	)	$	—	$	(353	)

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

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

	Balance as of February 29, 2012		Realized gain  (loss)		Change in unrealized appreciation (depreciation)			Net amortization (accretion)			Purchases 1		Sales 2			Transfers into Level 3		Transfers out of Level 3		Balance as of May 31, 2012
Investments in Securities
Corporate Bonds - Industrials	$	—	$	—	$	24		$	1		$	—	$	(4	)	$	876	$	—	$	897
Corporate Bonds - Utilities		—		—		(17	)		—	(a)		—		—			177		—		160
Total	$	—	$	—	$	7		$	1		$	—	$	(4	)	$	1,053	$	—	$	1,057

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

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

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

Transfers into, 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, 2012, which were valued using significant unobservable inputs (Level 3), amounted to approximately $7,000.

JPMorgan Current Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Certificates of Deposit — 21.4%
	250,000	Bank of Nova Scotia, (Canada), 0.450%, 06/22/12		250,044
	300,000	Canadian Imperial Bank of Commerce, (Canada), 0.666%, 11/05/12		300,213
	350,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., (Netherlands), 0.566%, 01/18/13		349,958
	300,000	Mizuho Corporate Bank, (Japan), 0.340%, 08/02/12		299,994
	350,000	Nordea Bank Finland plc, (Finland), VAR, 0.669%, 07/05/12		350,091
	250,000	Royal Bank of Canada, (Canada), 0.560%, 10/23/12		250,393
	350,000	Westpac Banking Corp., (Australia), 0.329%, 07/11/12		349,990
		Total Certificates of Deposit (Cost $2,150,317)		2,150,683
	Commercial Paper — 53.2% (n)
	275,000	ABN Amro Funding USA LLC, 0.451%, 08/08/12 (e) (m)		274,794
	400,000	Antalis U.S. Funding Corp., 0.250%, 06/01/12 (e)		399,997
	250,000	Atlantis One Funding Corp., 0.613%, 01/04/13 (e)		249,183
	250,000	Barclays Bank plc, (United Kingdom), 0.450%, 08/22/12 (e)		249,845
	275,000	CAFCO LLC, 0.320%, 06/12/12 (e)		274,971
	300,000	Caisse d’Amortissement de la Dette Sociale, (France), 1.279%, 08/01/12 (e)		299,838
	250,000	Charta Corp., 0.350%, 06/25/12 (e)		249,939
	250,000	CRC Funding LLC, 0.350%, 06/14/12 (e)		249,966
	350,000	Kells Funding LLC, 0.625%, 07/27/12 (e)		349,937
	250,000	Macquarie Bank Ltd., (Australia), 0.400%, 06/11/12 (e)		249,969
	300,000	National Australia Funding Delaware, Inc., 0.461%, 07/09/12 (e)		299,969
	250,000	Rhein Main Securitisation Ltd., (United Kingdom), 0.530%, 06/14/12 (e)		249,948
	250,000	Royal Park Investments Funding Corp., (Belgium), 0.850%, 06/12/12		249,929
	332,000	Societe Generale North America, Inc., (France), 0.210%, 06/01/12		331,998
	300,000	Suncorp Group Ltd., (Australia), 0.310%, 06/04/12 (e)		299,990
	300,000	Tasman Funding, Inc., 0.400%, 06/07/12 (e)		299,977
	300,000	Thames Asset Global Securitization No. 1, Inc., 0.340%, 06/15/12 (e)		299,958
	450,000	Toyota Motor Credit Corp., 0.401%, 09/24/12		449,622
		Total Commercial Paper (Cost $5,328,899)		5,329,830
	Corporate Bonds — 13.3%
	450,000	Australia & New Zealand Banking Group Ltd., (Australia), VAR, 0.669%, 07/09/12 (e)		450,064
	275,000	HSBC Bank plc, (United Kingdom), VAR, 0.866%, 01/18/13 (e)		275,370
	350,000	Metropolitan Life Global Funding I, VAR, 0.624%, 11/09/12 (e)		350,042
	250,000	Wells Fargo & Co., 4.375%, 01/31/13		255,918
		Total Corporate Bonds (Cost $1,330,862)		1,331,394
	Foreign Government Security — 2.0%
	200,000	Export Development Canada, (Canada), 0.350%, 05/24/13 (e) (Cost $200,000)		199,598
	U.S. Government Agency Securities — 5.0%
		Federal Home Loan Bank,
	150,000	0.180%, 01/10/13		149,969
	300,000	0.210%, 03/01/13		299,978
	50,000	0.230%, 08/13/12		50,008
		Total U.S. Government Agency Securities (Cost $499,921)		499,955
	U.S. Treasury Obligations — 5.0%
		U.S. Treasury Notes,
	300,000	1.375%, 03/15/13		302,801
	200,000	1.750%, 04/15/13		202,687
		Total U.S. Treasury Obligations (Cost $505,446)		505,488
SHARES
	Investment Company — 0.0% (g)
	363	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.150% (b) (l) (Cost $363)		363
		Total Investments — 99.9% (Cost $10,015,808)		10,017,311
		Other Assets in Excess of Liabilities — 0.1%		8,015
		NET ASSETS — 100.0%	$	10,025,326

Percentages indicated are based on net assets.

JPMorgan Current Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

VAR — Variable Rate Security. The interest rate shown is the rate in effect as of May 31, 2012.

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

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

(g) Amount rounds to less than 0.1%.

(l) The rate shown is the current yield as of May 31, 2012.

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

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

As of May 31, 2012, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	2,418
Aggregate gross unrealized depreciation		(915	)
Net unrealized appreciation/depreciation	$	1,503
Federal income tax cost of investments	$	10,015,808

JPMorgan Current Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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

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

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

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

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

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

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

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

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

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

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Certificates of Deposit	$	—	$	2,150,683	$	—	$	2,150,683
Commercial Paper		—		5,329,830		—		5,329,830
Corporate Bonds Financials		—		981,352		350,042		1,331,394
Foreign Government Securities		—		199,598		—		199,598
U.S. Government Agency Securities		—		499,955		—		499,955
U.S. Treasury Obligations		—		505,488		—		505,488
Investment Company	$	363	$	—	$	—	$	363
Total Investments in Securities		363		9,666,906		350,042		10,017,311

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

	Balance as of 02/29/12		Realized gain (loss)		Change in unrealized appreciation (depreciation)		Net amortization (accretion)		Purchases1		Sales2		Transfers into Level 3		Transfers out of Level 3		Balance as of 05/31/12
Investments in Securities
Corporate Bonds	$	—	$	—	$	42	$	—	$	—	$	—	$	350,000	$	—	$	350,042
Total	$	—	$	—	$	42	$	—	$	—	$	—	$	350,000	$	—	$	350,042

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

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

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

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

The change in unrealized appreciation (depreciation) attributable to securities owned at May 31, 2012, which were valued using

significant unobservable inputs (Level 3), amounted to $ 42.

JPMorgan Current Yield Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited)

PRINCIPAL AMOUNT ($)		SECURITY DESRIPTION (t)	VALUE ($)
	Commercial Paper — 4.2%
	425,000	Deutsche Bank Financial LLC, 0.169%, 06/06/12 (m) (n) (Cost $424,990)		424,990
	Repurchase Agreements — 66.6%
	2,000,000	Barclays Capital, Inc., 0.180%, dated 05/31/12, due 06/07/12, repurchase price $2,007,000, collateralized by U.S. Treasury Notes, 0.250%, due 3/31/14, with a value of $2,040,054.		2,000,000
	662,000	Deutsche Bank AG, 0.220%, dated 05/31/12, due 06/01/12, repurchase price $662,405, collateralized by Federal National Mortgage Association, 3.500%, due 10/1/20, with a value of $675,241.		662,000
	2,000,000	Goldman Sachs & Co., 0.210%, dated 05/31/12, due 06/06/12, repurchase price $2,007,000, collateralized by Federal National Mortgage Association, 4.000%, due 8/1/25, with a value of $2,040,001.		2,000,000
	2,000,000	Royal Bank of Scotland, 0.240%, dated 05/31/12, due 06/01/12, repurchase price $2,001,333, collateralized by Government National Mortgage Association, 3.000%-3.110%, due 5/15/42 - 4/15/47, with a value of $2,042,913.		2,000,000
		Total Repurchase Agreements (Cost $6,662,000)		6,662,000
	Time Deposits — 29.7%
	425,000	Bank of Nova Scotia, 0.170%, 06/01/12		425,000
	425,000	Bank of Tokyo-Mitsubishi UFJ Ltd., 0.170%, 06/01/12		425,000
	425,000	Citibank N.A., 0.170%, 06/06/12		425,000
	425,000	Commerzbank AG, 0.200%, 06/01/12		425,000
	425,000	National Australia Bank Ltd., 0.170%, 06/01/12		425,000
	425,000	Natixis, 0.200%, 06/01/12		425,000
	425,000	Royal Bank of Scotland plc, 0.210%, 06/07/12		425,000
		Total Time Deposits (Cost $2,975,000)		2,975,000
		Total Investments — 100.5% (Cost $10,061,990) *		10,061,990
		Liabilities in Excess of Other Assets — (0.5)%		(53,901	)
		NET ASSETS — 100.0%	$	10,008,089

Percentages indicated are based on net assets.

JPMorgan Current Yield Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

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

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

(t) The date shown represents the earliest of the next put date, next demand date or final maturity date.

* The cost of securities is substantially the same for federal income tax purposes.

JPMorgan Current Yield Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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

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

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

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

The following is a summary of the inputs used as of May 31, 2012, in valuing the Fund’s assets and liabilities carried at amortized cost which approximates fair value:

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	10,061,990	$	—	$	10,061,990

(a) All portfolio holdings designated as Level 2 are disclosed individually in the Schedule of Portfolio of Investments (“SOI”). Please refer to the SOI for specifics of the major categories of portfolio holdings.

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

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited)

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — 20.5%
		Austria — 0.3%
	2,175	OGX Austria GmbH, 8.375%, 04/01/22 (e) (m)		2,061
		Brazil — 0.7%
	2,550	Banco Bradesco S.A., 5.750%, 03/01/22 (e) (m)		2,506
	2,430	BRF - Brasil Foods S.A., 5.875%, 06/06/22 (e)		2,407
				4,913
		Cayman Islands — 1.5%
	3,550	China Overseas Finance Cayman II Ltd., 5.500%, 11/10/20		3,592
	1,620	China Shanshui Cement Group Ltd., 10.500%, 04/27/17 (e) (m)		1,612
	1,990	Hutchison Whampoa International 11 Ltd., Reg. S., 4.625%, 01/13/22		2,044
	3,440	IPIC GMTN Ltd., Reg. S., 5.500%, 03/01/22		3,633
				10,881
		Chile — 0.2%
	1,360	Inversiones CMPC S.A., 4.500%, 04/25/22 (e) (m)		1,357
		Indonesia — 1.2%
	1,780	Majapahit Holding B.V., Reg. S., 7.750%, 01/20/20		2,027
		Pertamina Persero PT,
	3,350	5.250%, 05/23/21 (e) (m)		3,300
	3,700	6.500%, 05/27/41 (e) (m)		3,663
				8,990
		Ireland — 0.7%
	4,850	Vnesheconombank Via VEB Finance plc, 5.375%, 02/13/17 (e)		5,004
		Kazakhstan — 2.4%
	579	ATF Bank JSC, Reg. S., 9.000%, 05/11/16		554
		Development Bank of Kazakhstan JSC,
	450	6.000%, 03/23/26		400
	900	Reg. S., 5.500%, 12/20/15		925
	1,020	Kazakhstan Temir Zholy Finance B.V., 6.375%, 10/06/20 (e) (m)		1,097
	2,661	Kazkommertsbank JSC, Reg. S., 8.000%, 11/03/15		2,445
		KazMunayGas National Co.,
	4,224	6.375%, 04/09/21 (e) (m)		4,461
	5,340	Reg. S., 7.000%, 05/05/20		5,821
	1,300	Reg. S., 9.125%, 07/02/18		1,557
				17,260
		Luxembourg — 0.4%
	1,290	Minerva Luxembourg S.A., 12.250%, 02/10/22 (e) (m)		1,264
	1,660	Sberbank of Russia Via SB Capital S.A., 5.717%, 06/16/21		1,653
				2,917
		Mexico — 5.5%
	836	BBVA Bancomer S.A., Reg. S., 7.250%, 04/22/20		840
		Pemex Project Funding Master Trust,
	458	5.750%, 03/01/18 (m)		511
	7,625	6.625%, 06/15/35 (m)		8,673
		Petroleos Mexicanos,
	5,650	4.875%, 01/24/22 (e)		5,932
	7,885	5.500%, 01/21/21 (m)		8,674
	2,690	6.000%, 03/05/20 (m)		3,033
	7,360	6.500%, 06/02/41 (e)		8,262
	MXN 29,000	7.650%, 11/24/21 (e)		2,048
	1,880	Servicios Corporativos Javer SAPI de C.V., Reg. S., 9.875%, 04/06/21		1,673
				39,646
		Netherlands — 1.0%
	1,500	Listrindo Capital B.V., 6.950%, 02/21/19 (e) (m)		1,507
		Lukoil International Finance B.V.,
	1,840	Reg. S., 6.125%, 11/09/20		1,903
	1,693	Reg. S., 6.656%, 06/07/22		1,827
	1,979	WPE International Cooperatief UA, 10.375%, 09/30/20 (e)		1,661
				6,898
		Peru — 0.3%
	2,280	Banco de Credito del Peru, VAR, 6.125%, 04/24/27 (e) (m)		2,291
		Philippines — 0.6%
		Power Sector Assets & Liabilities Management Corp.,
	691	7.250%, 05/27/19 (e)		843
	2,930	7.390%, 12/02/24 (e)		3,673
				4,516
		Russia — 0.3%
	1,980	Alfa Bank OJSC Via Alfa Bond Issuance plc, 7.875%, 09/25/17 (e) (m)		1,948
		South Africa — 0.5%
	3,260	Eskom Holdings SOC Ltd., Reg. S., 5.750%, 01/26/21		3,407

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Corporate Bonds — Continued
		Sri Lanka — 0.3%
	2,530	Bank of Ceylon, 6.875%, 05/03/17 (e) (m)		2,391
		Turkey — 0.2%
	1,500	Turkiye Vakiflar Bankasi Tao, 5.750%, 04/24/17 (e)		1,475
		Ukraine — 0.0% (g)
	355	National JSC Naftogaz of Ukraine, 9.500%, 09/30/14		335
		United Arab Emirates — 0.2%
		Dubai Electricity & Water Authority,
	670	7.375%, 10/21/20 (e) (m)		705
	930	Reg. S., 7.375%, 10/21/20		982
				1,687
		United Kingdom — 0.8%
	2,790	Afren plc, 10.250%, 04/08/19 (e) (m)		2,818
	1,000	City of Kyiv Via Kyiv Finance plc, 9.375%, 07/11/16 (e) (m)		823
	440	CNOOC Finance 2012 Ltd., 5.000%, 05/02/42 (e) (m)		463
	2,230	Vedanta Resources plc, Reg. S., 8.250%, 06/07/21		1,929
				6,033
		Venezuela — 3.4%
		Petroleos de Venezuela S.A.,
	8,620	4.900%, 10/28/14		7,434
	2,355	5.000%, 10/28/15		1,825
	25,613	5.375%, 04/12/27		13,895
	1,500	Reg. S., 8.500%, 11/02/17		1,185
				24,339
		Total Corporate Bonds (Cost $148,489)		148,349
	Foreign Government Securities — 72.5%
		Argentina — 2.5%
		Republic of Argentina,
	3,603	8.280%, 12/31/33 (m)		2,135
	18,126	8.750%, 06/02/17		14,229
	6,903	SUB, 2.500%, 12/31/38 (m)		1,950
				18,314
		Belarus — 0.6%
		Republic of Belarus,
	3,451	8.750%, 08/03/15		3,236
	1,350	8.950%, 01/26/18		1,208
				4,444
		Belize — 0.2%
	2,955	Government of Belize, Reg. S., SUB, 8.500%, 02/20/29		1,537
		Brazil — 6.1%
		Banco Nacional de Desenvolvimento Economico e Social,
	1,450	6.369%, 06/16/18 (e) (m)		1,673
	2,251	6.500%, 06/10/19 (e) (m)		2,611
	BRL 5,690	Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/17		2,968
		Federal Republic of Brazil,
	1,200	7.125%, 01/20/37 (m)		1,656
	875	7.875%, 03/07/15 (m)		1,026
	2,275	8.000%, 01/15/18 (m)		2,650
	10,591	8.250%, 01/20/34 (m)		16,019
	BRL 13,190	8.500%, 01/05/24		6,867
	2,780	11.000%, 08/17/40 (m)		3,572
	2,038	12.250%, 03/06/30 (m)		3,923
	BRL 1,657	12.500%, 01/05/22		1,105
				44,070
		Colombia — 1.5%
		Republic of Colombia,
	4,680	4.375%, 07/12/21 (m)		5,101
	1,490	6.125%, 01/18/41 (m)		1,840
	1,700	7.375%, 03/18/19 (m)		2,168
	910	11.750%, 02/25/20 (m)		1,438
				10,547
		Croatia — 0.7%
		Republic of Croatia,
	2,000	6.375%, 03/24/21 (e) (m)		1,840
	296	Reg. S., 6.375%, 03/24/21		272
	485	Reg. S., 6.625%, 07/14/20		457
	2,610	Reg. S., 6.750%, 11/05/19		2,489
				5,058
		Dominican Republic — 1.0%
		Government of Dominican Republic,
	2,648	Reg. S., 7.500%, 05/06/21		2,781
	4,081	Reg. S., 9.040%, 01/23/18		4,489
				7,270
		Ecuador — 0.2%
	1,787	Republic of Ecuador, 9.375%, 12/15/15		1,724

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — Continued
		El Salvador — 0.8%
		Republic of El Salvador,
	2,080	Reg. S., 7.375%, 12/01/19		2,257
	760	8.250%, 04/10/32 (e) (m)		836
	2,540	Reg. S., 8.23%, 04/10/32		2,794
				5,887
		Georgia — 0.1%
	650	Republic of Georgia, Reg. S., 6.875%, 04/12/21		686
		Ghana — 0.5%
	1,030	Barclays Bank plc, CLN, 19.000%, 01/20/13 (linked to Government of Ghana 3-Year Bond, 19.000%, 01/14/13; credit rating B) (e) (f) (i)		832
	2,610	Citigroup Funding, Inc., CLN, 13.300%,10/02/13 (linked to Government of Ghana 3-Year Bond, 13.300%, 10/02/13; credit rating B) (e) (f) (i)		1,799
	950	Citigroup Funding, Inc., CLN, 14.990%, 03/13/13 (linked to Government of Ghana 3-Year Bond, 14.990%, 03/11/13; credit rating B) (e) (f) (i)		687
				3,318
		Guatemala — 0.3%
	2,400	Republic of Guatemala, 5.750%, 06/06/22 (e)		2,382
		Hungary — 2.0%
		Republic of Hungary,
	5,223	6.250%, 01/29/20 (m)		4,753
	760	6.375%, 03/29/21 (m)		690
	9,740	7.625%, 03/29/41 (m)		8,644
				14,087
		Iceland — 0.6%
	4,490	Republic of Iceland, 5.875%, 05/11/22 (e) (m)		4,400
		Indonesia — 4.3%
	790	Deutsche Bank AG, London Branch, CLN, 11.500%, 09/23/19 (linked to Indonesia Government Bond, 11.500%, 09/15/19; credit rating BB+) (e) (f) (i)		1,092
	410	Deutsche Bank AG, London Branch, CLN, 14.275%, 12/17/13 (linked to Indonesia Government Bond, 14.275%, 12/15/13; credit rating BB+) (e) (f) (i)		514
		Republic of Indonesia,
	690	Reg. S., 5.250%, 01/17/42		683
	10,461	Reg. S., 5.875%, 03/13/20		11,638
	950	6.875%, 01/17/18 (e) (m)		1,105
	3,800	Reg. S., 7.500%, 01/15/16		4,370
	4,312	Reg. S., 8.500%, 10/12/35		6,026
	4,030	Reg. S., 11.625%, 03/04/19		5,793
				31,221
		Iraq — 1.4%
	12,929	Republic of Iraq, Reg. S., 5.800%, 01/15/28		10,020
		Ivory Coast — 0.4%
	3,720	Republic of Ivory Coast, Reg. S., 12/31/32 (d)		2,520
		Lithuania — 1.9%
		Republic of Lithuania,
	4,046	5.125%, 09/14/17 (e) (m)		4,177
	732	Reg. S., 5.125%, 09/14/17		753
	1,195	6.125%, 03/09/21 (e) (m)		1,255
	4,150	6.625%, 02/01/22 (e) (m)		4,503
	1,410	Reg. S., 6.750%, 01/15/15		1,509
	1,190	Reg. S., 7.375%, 02/11/20		1,352
				13,549
		Mexico — 7.4%
		United Mexican States,
	16,520	5.625%, 01/15/17		18,858
	14,514	5.750%, 10/12/10		15,421
	3,274	6.050%, 01/11/40		3,953
	6,030	6.750%, 09/27/34		7,839
	1,220	7.500%, 04/08/33		1,702
	MXN 39,100	7.750%, 12/14/17		3,050
	1,150	8.300%, 08/15/31		1,713
	MXN 11,000	10.000%, 11/20/36		985
				53,521
		Mongolia — 0.4%
	3,080	Development Bank of Mongolia LLC, Reg. S., 5.750%, 03/21/17		2,895
		Pakistan — 0.2%
		Republic of Pakistan,
	1,292	Reg. S., 6.875%, 06/01/17		1,005
	853	Reg. S., 7.125%, 03/31/16		729
				1,734
		Panama — 0.6%
		Republic of Panama,
	1,895	7.250%, 03/15/15 (m)		2,174
	1,270	9.375%, 04/01/29 (m)		2,032
				4,206

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — Continued
		Peru — 3.3%
		Republic of Peru,
	4,760	5.625%, 11/18/50 (m)		5,438
	1,850	6.550%, 03/14/37 (m)		2,405
	PEN 10,676	6.950%, 08/12/31 (e)		4,315
	2,930	7.125%, 03/30/19 (m)		3,714
	3,196	7.350%, 07/21/25 (m)		4,379
	2,200	8.750%, 11/21/33 (m)		3,465
				23,716
		Philippines — 4.8%
		Republic of Philippines,
	PHP 76,000	6.250%, 01/14/36		1,830
	400	6.375%, 10/23/34		492
	4,790	6.500%, 01/20/20		5,808
	13,315	7.750%, 01/14/31		18,258
	3,470	8.375%, 06/17/19		4,585
	2,200	9.375%, 01/18/17		2,838
	600	9.500%, 02/02/30		942
				34,753
		Poland — 0.2%
	1,695	Republic of Poland, 5.000%, 03/23/22		1,773
		Qatar — 0.5%
	3,290	State of Qatar, Reg. S., 5.750%, 01/20/42		3,677
		Romania — 0.5%
	3,310	Republic of Romania, 6.750%, 02/07/22 (e)		3,310
		Russia — 11.2%
		Russian Federation,
	2,400	3.250%, 04/04/17 (e)		2,400
	15,600	5.625%, 04/04/42 (e)		15,873
	49,610	Reg. S., SUB, 7.500%, 03/31/30		58,354
	1,290	Reg. S., 11.000%, 07/24/18		1,777
	1,560	Reg. S., 12.750%, 06/24/28		2,738
				81,142
		Serbia — 0.6%
		Republic of Serbia,
	3,555	7.250%, 09/28/21 (e)		3,537
	250	7.250%, 09/28/21		249
	703	Reg. S., SUB, 6.750%, 11/01/24		664
				4,450
		South Africa — 0.4%
		Republic of South Africa,
	930	4.665%, 01/17/24		957
	ZAR 17,640	7.000%, 02/28/31		1,735
				2,692
		Sri Lanka — 0.7%
		Republic of Sri Lanka,
	1,539	6.250%, 10/04/20 (e)		1,510
	3,330	6.250%, 07/27/21 (e)		3,255
				4,765
		Turkey — 8.1%
	1,050	Export Credit Bank of Turkey, 5.875%, 04/24/19 (e) (m)		1,039
		Republic of Turkey,
	3,630	5.625%, 03/30/21		3,771
	615	6.250%, 09/26/22		657
	6,880	6.750%, 04/03/18		7,637
	4,255	6.875%, 03/17/36		4,681
	2,150	7.000%, 09/26/16		2,395
	9,600	7.000%, 03/11/19		10,872
	2,320	7.000%, 06/05/20		2,624
	661	7.250%, 03/05/38		763
	8,357	7.500%, 07/14/17		9,558
	1,272	7.500%, 11/07/19		1,483
	5,190	8.000%, 02/14/34		6,429
	TRY 11,910	10.500%, 01/15/20		6,876
				58,785
		Ukraine — 0.7%
		Republic of Ukraine,
	2,340	6.250%, 06/17/16 (e)		2,024
	3,077	Reg. S., 6.580%, 11/21/16		2,662
	440	Reg. S., 7.750%, 09/23/20		380
				5,066
		Uruguay — 1.5%
		Republic of Uruguay,
	UYU 36,390	0.000%, 12/15/28		1,989
	UYU 10,751	3.751%, 06/26/37		733
	UYU 28,700	6.261%, 04/05/27		2,148
	3,690	7.625%, 03/21/36		5,046
	835	PIK, 7.875%, 01/15/33		1,148
				11,064
		Venezuela — 6.2%
		Republic of Venezuela,
	17,818	Reg. S., 5.750%, 02/26/16		15,012
	12,829	Reg. S., 6.000%, 12/09/20		8,274
	15,572	Reg. S., 7.750%, 10/13/19		11,601
	7,534	Reg. S., 8.250%, 10/13/24		5,142

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — Continued
		Venezuela –– Continued
	6,812	Reg. S., 9.000%, 05/07/23		5,092
				45,121
		Vietnam — 0.1%
	781	Republic of Vietnam, Reg. S., 6.750%, 01/29/20		818
		Total Foreign Government Securities (Cost $516,868)		524,522
NOTIONAL AMOUNT
	Options Purchased — 0.0% (g)
		Foreign Exchange Currency Options — 0.0% (g)
		United States — 0.0% (g)
	6,700	USD Put/INR Call, Expiring 07/24/12 at 52.00 INR to 1 USD, Vanilla, European Style		5
	7,335	USD Put/ZAR Call, Expiring 07/19/12 at 8.00 ZAR to 1 USD, Vanilla, European Style		45
		Total Options Purchased (Cost $122)		50
PRINCIPAL AMOUNT
	Supranational — 0.5%
	3,480	Eurasian Development Bank, 7.375%, 09/29/14 (e) (m) (Cost $3,638)		3,758
	U.S. Treasury Obligations — 3.2%
		U.S. Treasury Notes,
	1,295	0.750%, 03/31/13 (k) (m)		1,301
	21,700	0.875%, 04/30/17 (m)		21,931
		Total U.S. Treasury Obligations (Cost $23,142)		23,232
SHARES
	Short-Term Investment — 1.8%
		Investment Company — 1.8%
	13,234	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.150% (b) (l) (m) † (Cost $13,234)		13,234
		Total Investments — 98.5% (Cost $705,493)		713,145
		Other Assets in Excess of Liabilities — 1.5%		10,729
		NET ASSETS — 100.0%	$	723,874

Percentages indicated are based on net assets.

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands, except number of contracts)

Futures Contracts

NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 05/31/12			UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	21	10 Year U.S. Treasury Note		09/19/12		2,813			4
	212	2 Year U.S. Treasury Note		09/28/12		46,726			39
		Short Futures Outstanding
	(49)	30 Year U.S. Treasury Bond		09/19/12		(7,336	)		(72	)
	(229)	5 Year U.S. Treasury Note		09/28/12		(28,439	)		(98	)
									(127	)

Forward Foreign Currency Exchange Contracts

CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 05/31/12		NET  UNREALIZED APPRECIATION (DEPRECIATION)
	6,565,678	AUD	BNP Paribas		06/20/12		6,776		6,385		(391	)
	7,393,210	AUD	Westpac Banking Corp.		06/20/12		7,263		7,190		(73	)
	23,110,938	BRL††	Credit Suisse International		06/20/12		12,282		11,420		(862	)
	13,950,000	BRL††	Westpac Banking Corp.		06/20/12		7,072		6,893		(179	)
	37,740,000	CNY††	Deutsche Bank AG		06/20/12		5,977		5,924		(53	)
	4,550,000	EUR	BNP Paribas		06/20/12		6,079		5,626		(453	)
	5,075,434	EUR	Deutsche Bank AG		06/20/12		6,668		6,276		(392	)
	5,746,770	EUR	Union Bank of Switzerland AG		06/20/12		7,309		7,106		(203	)
	504,179,633	JPY	Deutsche Bank AG		06/20/12		6,253		6,435		182
	6,918,990,000	KRW††	Deutsche Bank AG		06/20/12		6,100		5,856		(244	)
	22,504,551	MXN	Citibank, N.A.		06/20/12		1,740		1,566		(174	)
	233,570,340	MXN	Credit Suisse International		06/20/12		17,918		16,247		(1,671	)
	22,953,000	MYR††	Deutsche Bank AG		06/20/12		7,360		7,229		(131	)
	202,840,000	RUB††	Deutsche Bank AG		06/20/12		6,471		6,059		(412	)
	354,280,000	RUB††	Union Bank of Switzerland AG		06/20/12		11,761		10,583		(1,178	)
	15,583,771	SGD	Barclays Bank plc		06/20/12		12,335		12,094		(241	)
	367,896,496	THB	Deutsche Bank AG		06/20/12		11,884		11,553		(331	)
	11,983,000	TRY	Deutsche Bank AG		06/20/12		6,679		6,400		(279	)
	47,163,897	ZAR	Credit Suisse International		06/20/12		6,068		5,542		(526	)
	53,089,616	ZAR	Deutsche Bank AG		06/20/12		6,725		6,238		(487	)
							160,720		152,622		(8,098	)

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands, except number of contracts)

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 05/31/12		NET  UNREALIZED APPRECIATION (DEPRECIATION)
	11,421,895	AUD	Barclays Bank plc		06/20/12		11,930		11,109		821
	1,574,969	AUD	Citibank, N.A.		06/20/12		1,610		1,533		77
	962,024	AUD	HSBC Bank, N.A.		06/20/12		956		936		20
	34,600,938	BRL††	Citibank, N.A.		06/20/12		18,230		17,099		1,131
	12,760,000	BRL††	Credit Suisse International		06/20/12		6,545		6,305		240
	3,650,000	BRL††	Union Bank of Switzerland AG		06/20/12		1,850		1,804		46
	583,570,000	CLP††	Morgan Stanley		06/20/12		1,192		1,127		65
	3,064,462,617	CLP††	State Street Bank & Trust		06/20/12		6,244		5,916		328
	37,740,000	CNY††	Credit Suisse International		06/20/12		5,962		5,924		38
	11,155,842,370	COP††	Deutsche Bank AG		06/20/12		6,281		6,088		193
	2,114,075,000	COP††	Morgan Stanley		06/20/12		1,187		1,154		33
	126,030,692	CZK	Deutsche Bank AG		06/20/12		6,660		6,059		601
	20,467,476	CZK	HSBC Bank, N.A.		06/20/12		1,022		984		38
	4,550,000	EUR	Barclays Bank plc		06/20/12		5,976		5,626		350
			Australia and New Zealand Banking
	2,355,000	EUR	Group Limited		06/29/12		3,142		2,913		229
	2,900,000	EUR	BNP Paribas		06/29/12		3,755		3,586		169
	110,000	EUR	Credit Suisse International		06/29/12		145		136		9
	70,000	EUR	State Street Corp.		06/29/12		92		87		5
	340,000	EUR	Union Bank of Switzerland AG		06/29/12		443		420		23
	504,179,633	JPY	BNP Paribas		06/20/12		6,185		6,435		(250	)
	6,918,990,000	KRW††	Credit Suisse International		06/20/12		6,071		5,856		215
	83,134,979	MXN	Credit Suisse International		06/20/12		6,134		5,782		352
	82,602,423	MXN	Deutsche Bank AG		06/20/12		6,264		5,745		519
	22,953,000	MYR††	Credit Suisse International		06/20/12		7,468		7,229		239
	21,188,370	PLN	Deutsche Bank AG		06/20/12		6,514		5,963		551
	3,720,593	PLN	HSBC Bank, N.A.		06/20/12		1,088		1,047		41
	24,400,145	PLN	Union Bank of Switzerland AG		06/20/12		7,075		6,867		208
	557,120,000	RUB††	Credit Suisse International		06/20/12		18,748		16,642		2,106
	15,583,771	SGD	Deutsche Bank AG		06/20/12		12,430		12,094		336
	9,286,851	SGD	HSBC Bank, N.A.		06/20/12		7,381		7,207		174
	174,386,013	THB	Barclays Bank plc		06/20/12		5,629		5,476		153
	193,510,483	THB	Deutsche Bank AG		06/20/12		6,259		6,076		183
	47,163,897	ZAR	Deutsche Bank AG		06/20/12		6,039		5,542		497
							186,507		176,767		9,740

Credit Default Swaps - Buy Protection [1]

Corporate and Sovereign Issuers:

SWAP COUNTERPARTY/ REFERENCE OBLIGATION	FUND PAYS FIXED RATE (r)	TERMINATION DATE		IMPLIED CREDIT SPREAD AS OF 05/31/12 [3]			NOTIONAL AMOUNT [4]		VALUE			UPFRONT PREMIUMS (PAID)/RECEIVED [5]
Barclays Bank plc:
Republic of Kazakhstan, 11.125% 05/11/07	10.920% semi-annually		11/20/13		0.166	%		1,750		(244	)		—
Citibank, N.A.:
Republic of Colombia, 10.375% 01/28/33	2.150% semi-annually		09/20/14		0.109			790		(23	)		—
Morgan Stanley Capital Services:
Republic of Argentina, 8.250% 12/31/33	2.620% semi-annually		07/20/12		1.025			870		1			—
Union Bank of Switzerland AG:
Republic of Argentina, 8.250% 12/31/33	2.620% semi-annually		07/20/12		1.025			520		—	(h)		—
										(266	)		—

Credit Default Swaps - Sell Protection [2]

Corporate and Sovereign Issuers:

SWAP COUNTERPARTY/ REFERENCE OBLIGATION	FUND RECEIVES FIXED RATE (r)	TERMINATION DATE		IMPLIED CREDIT SPREAD AS OF 05/31/12 [3]			NOTIONAL AMOUNT [4]		VALUE			UPFRONT PREMIUMS (PAID)/RECEIVED [5]
Barclays Bank plc:
Republic of Kazakhstan, 11.125% 05/11/07*	0.680% semi-annually		08/20/12		0.099	%		1,510		2			—
Citibank, N.A.:
Republic of Argentina, 8.250% 12/31/33*	2.160% semi-annually		06/20/12		1.025			720		4			—
Deutsche Bank AG, New York:
Republic of Argentina, 8.250% 12/31/33*	2.140% semi-annually		06/20/12		1.025			1,140		6			—
Republic of Argentina, 8.250% 12/31/33*	2.080% semi-annually		07/20/12		1.025			830		(3	)		—
Republic of Argentina, 8.250% 12/31/33*	2.327% semi-annually		07/20/12		1.025			1,450		(3	)		—
Republic of Kazakhstan, 11.125% 05/11/07*	0.710% semi-annually		08/20/12		0.099			1,090		1			—
Morgan Stanley Capital Services:
Republic of Argentina, 8.250% 12/31/33*	2.160% semi-annually		06/20/12		1.025			1,430		8			—
										15			—

[1] The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.

[2] The Fund, as a seller of credit protection, receives periodic payments and may also receive or pay an upfront premium from or to the protection buyer, and is obligated to make a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.

[3] Implied credit spreads are an indication of the seller’s performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e., make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indexes are linked to the weighted average spread across the underlying reference obligations included in a particular index.

[4] The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.

[5] Upfront premiums generally relate to payments made or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

* The Fund has purchased credit default swaps with identical underlying reference obligations; net amounts received by the Fund from settlement of purchased protection may offset potential amounts paid at a credit event for protection sold.

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

AUD	—	Australian Dollar
BRL	—	Brazilian Real
CLN	—	Credit-Linked Notes. The credit ratings disclosed for the underlying referenced obligations provide an indication of the likelihood or risk that the underlying sovereign issuer will default on payment of principal or interest. The credit ratings on these securities represent the rating from a nationally recognized statistical rating organization and are as of May 31, 2012. Credit ratings are generally considered to be lagging indicators, and as such, credit risk could be greater than the current ratings would indicate.
CLP	—	Chilean Peso
CNY	—	China Yuan
COP	—	Colombian Peso
CZK	—	Czech Republic Koruna
EUR	—	Euro
INR	—	Indian Rupee
JPY	—	Japanese Yen
KRW	—	Korean Republic Won
MXN	—	Mexican Peso
MYR	—	Malaysian Ringgit
PEN	—	Peru Nuevo Sol
PHP	—	Philippines Peso
PIK	—	Payment-in-Kind
PLN	—	Polish Zloty
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities
		Act of 1933, or pursuant to an exemption from registration.
RUB	—	Russian Ruble
SGD	—	Singapore Dollar
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of May 31, 2012.
THB	—	Thai Baht
TRY	—	New Turkish Lira
USD	—	United States Dollar
UYU	—	Uruguayan Peso
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of May 31, 2012.
ZAR	—	South African Rand
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)	—	Defaulted Security.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands, except number of contracts)

(f)	—	Security is fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. The Fund owns fair valued securities with a value of approximately $4,924,000 which amounts to 0.7% of total investments.
(g)	—	Amount rounds to less than 0.1%.
(h)	—	Amount rounds to less than one thousand (shares or dollars).
(i)	—	Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.
(k)	—	All or a portion of this security is deposited with the broker as collateral for futures or with brokers as margins for future contracts.
(l)	—	The rate shown is the current yield as of May 31, 2012.
(m)	—	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.
(r)	—	Rates shown are per annum and payments are as described.
†	—	Approximately $310,000 of this investment is restricted as collateral for swaps to various brokers.
††	—	Non-deliverable forward foreign currency exchange contract. See Note 1.(c).

As of May 31, 2012, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	20,449
Aggregate gross unrealized depreciation		(12,797	)
Net unrealized appreciation/depreciation	$	7,652
Federal income tax cost of investments	$	705,493

1. Derivatives — The Fund uses instruments including futures, forward foreign currency exchange contracts, options, swaps and other derivatives, in connection with its respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. The Fund also uses derivatives to manage duration, sector and yield curve exposures and credit and spread volatility.

The Fund may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed its value.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Funds.

Notes (a) — (d) below describe the various derivatives used by the Fund.

(a). Options — The Fund purchases and sells (“writes”) put and call options on various instruments including futures, securities, currencies and interest rate swaps (“swaptions”) to manage and hedge interest rate risks within its portfolio and also to gain long or short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller. Swaptions and Eurodollar options are settled for cash.

Options Purchased — Premiums paid by the Fund for options purchased are included as an investment. The option is adjusted daily to reflect the current market value of the option and the change is recorded as unrealized appreciation or depreciation. If the option is allowed to expire, the Fund will lose the entire premium it paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the security.

Options Written — Premiums received by the Fund for options written are adjusted daily to reflect the current market value of the option written and the change in market value is recorded as unrealized appreciation or depreciation. Premiums received from options written that expire are treated as realized gains. The Fund records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

Written uncovered call options subjects the Fund to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subjects the Fund to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Fund is not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

(b). Futures Contracts — The Fund uses treasury, index or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments. The Fund also uses futures contracts to lengthen or shorten the duration of the overall investment portfolio.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts.

The Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Fund to risk of loss up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund

may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund’s credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

(c). Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with portfolio investments and therefore uses forward foreign currency exchange contracts to hedge or manage these exposures. The Fund also buys forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed.

(d). Swaps — The Fund engages in various swap transactions, including credit default and index swaps, to manage credit risks within its portfolio. The Fund also uses swaps as alternatives to direct investments. Swap transactions are negotiated contracts between a Fund and a counterparty to exchange swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Fund are recognized as a realized gain or loss when the contract matures or is terminated. The value of a swap agreement is recorded at the beginning of the measurement period. The change in value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is recognized as unrealized appreciation or depreciation. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding swap contracts with the counterparty in the form of cash or securities. Collateral posted by the Fund is held in a segregated account at the Fund’s custodian bank. Cash collateral posted by the Fund is invested in an affiliated money market fund.

Credit Default Swaps

The Fund enters into credit default swaps to simulate long and short bond positions or to take an active long or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

If a credit event occurs, the Fund, as a protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to a Fund’s portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

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

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

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

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

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

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

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

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands, except number of contracts)

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

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

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

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

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Corporate Bonds
Austria	$	—	$	2,061	$	—	$	2,061
Brazil		—		4,913		—		4,913
Cayman Islands		—		10,881		—		10,881
Chile		—		1,357		—		1,357
Indonesia		—		8,990		—		8,990
Ireland		—		5,004		—		5,004
Kazakhstan		—		17,260		—		17,260
Luxembourg		—		2,917		—		2,917
Mexico		—		39,646		—		39,646
Netherlands		—		6,898		—		6,898
Peru		—		2,291		—		2,291
Philippines		—		4,516		—		4,516
Russia		—		1,948		—		1,948
South Africa		—		3,407		—		3,407
Sri Lanka		—		2,391		—		2,391
Turkey		—		1,475		—		1,475
Ukraine		—		335		—		335
United Arab Emirates		—		1,687		—		1,687
United Kingdom		—		6,033		—		6,033
Venezuela		—		24,339		—		24,339
Total Corporate Bonds		—		148,349		—		148,349
Foreign Government Securities		—		519,598		4,924		524,522
Supranational		—		3,758		—		3,758
U.S. Treasury Obligations		—		23,232		—		23,232
Options Purchased
Foreign Exchange Currency
Options
Purchased		—		50		—		50
Short-Term Investment
Investment Company		13,234		—		—		13,234
Total Investments in Securities	$	13,234	$	694,987	$	4,924	$	713,145
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	10,172	$	—	$	10,172
Futures Contracts		43		—		—		43
Credit Default Swaps		—		22		—		22
Total Appreciation in Other Financial Instruments	$	43	$	10,194	$	—	$	10,237

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(8,530	)	$	—	$	(8,530	)
Futures Contracts		(170	)		—			—		(170	)
Credit Default Swaps		—			(273	)		—		(273	)
Total Depreciation in Other Financial Instruments	$	(170	)	$	(8,803	)	$	—	$	(8,973	)

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

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

	Balance as of 02/29/12		Realized gain (loss)			Change in unrealized appreciation (depreciation)			Net amortization (accretion)		Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3		Balance as of 05/31/12
Investments in Securities
Corporate Bonds — Brazil	$	1,574	$	(3,730	)	$	3,557		$	—	$	—	$	(1,401	)	$	—	$	—	$	—
Foreign Government Securities		5,866		(18	)		(680	)		112		—		(356	)		—		—		4,924
Total	$	7,440	$	(3,748	)	$	2,877		$	112	$	—	$	(1,757	)	$	—	$	—	$	4,924

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

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

Transfers into, and out of, Level 3 are valued 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, 2012, which were valued using significant unobservable inputs (Level 3), amounted to approximately $(710,000).

JPMorgan Federal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION (t)	VALUE ($)
	U.S. Government Agency Securities — 71.2%
		Federal Farm Credit Bank — 12.9%
	15,000	0.200%, 09/04/12		14,999
	30,000	0.210%, 10/25/12		29,998
	55,000	0.250%, 08/01/12		55,005
	50,000	DN, 0.070%, 07/30/12 (m) (n)		49,994
	50,000	DN, 0.090%, 06/11/12 (n)		49,999
	25,000	DN, 0.100%, 06/06/12 (n)		25,000
	5,000	DN, 0.130%, 08/28/12 (n)		4,998
	9,675	DN, 0.150%, 01/22/13 (n)		9,666
	23,000	DN, 0.160%, 11/28/12 (n)		22,982
	15,000	DN, 0.180%, 10/12/12 (n)		14,990
	15,000	DN, 0.210%, 08/08/12 (n)		14,994
	19,000	DN, 0.210%, 04/09/13 (n)		18,966
	40,000	VAR, 0.190%, 06/01/12		39,997
	49,000	VAR, 0.250%, 06/01/12		48,999
	50,000	VAR, 0.259%, 06/12/12		49,998
	37,800	VAR, 0.270%, 06/22/12		37,804
	50,000	VAR, 0.310%, 06/01/12		50,001
	30,000	VAR, 0.330%, 06/01/12		29,991
	25,000	VAR, 0.400%, 06/01/12		25,000
	50,000	VAR, 0.400%, 06/01/12		50,000
				643,381
		Federal Home Loan Bank — 58.3%
	22,500	0.130%, 08/08/12		22,498
	20,000	0.160%, 11/13/12		19,999
	15,000	0.200%, 08/16/12		15,001
	25,000	0.200%, 02/15/13		24,996
	15,000	0.215%, 10/19/12		14,999
	25,000	0.220%, 10/09/12		24,999
	6,000	0.220%, 10/29/12		5,999
	11,150	0.220%, 04/09/13		11,147
	20,000	0.225%, 04/30/13		19,998
	5,000	0.240%, 05/10/13		4,999
	25,000	0.240%, 05/14/13		24,998
	98,560	DN, 0.010%, 06/01/12 (n)		98,560
	100,000	DN, 0.095%, 06/06/12 (n)		99,999
	200,000	DN, 0.095%, 06/22/12 (n)		199,989
	125,000	DN, 0.097%, 06/08/12 (n)		124,998
	350,000	DN, 0.098%, 06/20/12 (n)		349,982
	598,000	DN, 0.102%, 06/15/12 (n)		597,976
	332,500	DN, 0.102%, 08/01/12 (n)		332,443
	305,000	DN, 0.103%, 06/13/12 (n)		304,989
	100,000	DN, 0.110%, 07/13/12 (n)		99,987
	47,600	DN, 0.110%, 08/07/12 (n)		47,590
	78,560	DN, 0.110%, 08/22/12 (n)		78,540
	29,000	DN, 0.110%, 08/24/12 (n)		28,993
	160,000	DN, 0.115%, 07/18/12 (n)		159,976
	100,000	DN, 0.160%, 10/10/12 (n)		99,942
	16,000	DN, 0.180%, 10/17/12 (n)		15,989
	15,000	DN, 0.190%, 10/15/12 (n)		14,989
	25,000	VAR, 0.265%, 08/04/12		24,991
	22,000	VAR, 0.380%, 06/01/12		21,997
				2,891,563
		Total U.S. Government Agency Securities (Cost $3,534,944 )		3,534,944
	U.S. Treasury Obligations — 28.8%
		U.S. Treasury Bills — 27.2% (n)
	300,000	0.070%, 06/21/12		299,989
	400,000	0.076%, 07/05/12		399,971
	50,000	0.080%, 08/02/12		49,993
	255,000	0.081%, 06/14/12		254,993
	55,000	0.081%, 07/19/12		54,994
	75,000	0.085%, 08/30/12		74,984
	80,132	0.086%, 08/23/12		80,116
	100,000	0.093%, 08/09/12		99,982
	35,000	0.151%, 11/01/12		34,978
				1,350,000
		U.S. Treasury Notes — 1.6%
	25,000	1.375%, 03/15/13		25,223
	10,000	2.500%, 03/31/13		10,190
	10,000	3.500%, 05/31/13		10,326
	30,000	3.875%, 10/31/12		30,462
				76,201
		Total U.S. Treasury Obligations (Cost $1,426,201 )		1,426,201
		Total Investments — 100.0% (Cost $4,961,145 ) *		4,961,145
		Other Assets in Excess of Liabilities — 0.0% (g)		1,423
		NET ASSETS — 100.0%	$	4,962,568

Percentages indicated are based on net assets.

JPMorgan Federal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

DN	—	Discount Notes
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of May 31, 2012.

(g) Amount rounds to less than 0.1%.

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

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

(t) The date shown represents the earliest of the next put date, next demand date or final maturity date.

* The cost of securities is substantially the same for federal income tax purposes.

JPMorgan Federal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

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

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

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

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

The following is a summary of the inputs used as of May 31, 2012, in valuing the Fund’s assets and liabilities carried at amortized cost which approximates fair value (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	4,961,145	$	—	$	4,961,145

(a) All portfolio holdings designated as Level 2 are disclosed individually in the Schedule of Portfolio Investments (“SOI”). Please refer to the SOI for specifics of the major categories of portfolio holdings.

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

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Asset-Backed Securities — 2.5%
	706	AH Mortgage Advance Trust, (Cayman Islands), Series SART-3, Class 1A1, 2.980%, 03/13/43 (e)		707
		Ally Auto Receivables Trust,
	98	Series 2010-3, Class A4, 1.550%, 08/17/15		99
	161	Series 2010-4, Class A3, 0.910%, 11/17/14		162
	750	Series 2010-4, Class A4, 1.350%, 12/15/15		758
	992	Series 2011-3, Class A3, 0.970%, 08/17/15		995
	1,053	Series 2011-4, Class A4, 1.140%, 06/15/16		1,062
	889	Series 2012-1, Class A4, 1.210%, 07/15/16		897
	829	Series 2012-2, Class A3, 0.740%, 04/15/16		828
	693	Series 2012-3, Class A3, 0.850%, 08/15/16		693
		AmeriCredit Automobile Receivables Trust,
	652	Series 2011-3, Class A3, 1.170%, 01/08/16		655
	1,992	Series 2011-5, Class A3, 1.550%, 07/08/16		2,013
	471	Series 2012-1, Class A3, 1.230%, 09/08/16		473
		Bank of America Auto Trust,
	26	Series 2010-2, Class A3, 1.310%, 07/15/14		25
	589	Series 2012-1, Class A3, 0.780%, 06/15/16		589
	461	Chrysler Financial Auto Securitization Trust, Series 2010-A, Class A3, 0.910%, 08/08/13		462
		CNH Equipment Trust,
	1,151	Series 2011-A, Class A3, 1.200%, 05/16/16		1,156
	1,001	Series 2011-B, Class A3, 0.910%, 08/15/16		1,001
	493	Series 2012-A, Class A3, 0.940%, 05/15/17		494
	565	Credit Acceptance Auto Loan Trust, Series 2012-1A, Class A, 2.200%, 09/16/19 (e)		566
	257	CS First Boston Mortgage Securities Corp., Series 2004-CF2, Class 1A2, SUB, 5.150%, 01/25/43 (e)		252
	407	Discover Card Master Trust, Series 2012-A1, Class A1, 0.810%, 08/15/17		407
		Ford Credit Auto Owner Trust,
	724	Series 2011-B, Class A3, 0.840%, 06/15/15		725
	1,052	Series 2012-A, Class A3, 0.840%, 08/15/16		1,054
	700	Series 2012-B, Class A3, 0.720%, 12/15/16		699
		Honda Auto Receivables Owner Trust,
	310	Series 2011-1, Class A4, 1.800%, 04/17/17		315
	337	Series 2012-1, Class A4, 0.970%, 04/16/18		338
	413	Series 2012-2, Class A3, 0.700%, 02/16/16		413
		Huntington Auto Trust,
	2,000	Series 2011-1A, Class A4, 1.310%, 11/15/16 (e)		2,022
	385	Series 2012-1, Class A3, 0.810%, 09/15/16		385
		Hyundai Auto Receivables Trust,
	185	Series 2010-B, Class A4, 1.630%, 03/15/17		188
	810	Series 2011-B, Class A4, 1.650%, 02/15/17		824
		John Deere Owner Trust,
	490	Series 2011-A, Class A3, 1.290%, 01/15/16		493
	957	Series 2012-A, Class A3, 0.750%, 03/15/16		957
		Mercedes-Benz Auto Receivables Trust,
	8	Series 2010-1, Class A3, 1.420%, 08/15/14		8
	682	Series 2011-1, Class A3, 0.850%, 03/16/15		683
	916	Nissan Auto Receivables Owner Trust, Series 2012-A, Class A4, 1.000%, 07/16/18		917
	2,718	Park Place Securities, Inc., Series 2004-MCW1, Class M1, VAR, 0.864%, 10/25/34		2,579
	900	Residential Asset Mortgage Products, Inc., Series 2006-RZ1, Class A3, VAR, 0.539%, 03/25/36		773
		Santander Drive Auto Receivables Trust,
	866	Series 2011-S2A, Class D, 3.350%, 06/15/17 (e)		866
	822	Series 2012-1, Class A3, 1.490%, 10/15/15		824
	357	Series 2012-2, Class A2, 0.910%, 05/15/15		358
	132	Series 2012-3, Class A3, 1.080%, 04/15/16		132
	723	Saxon Asset Securities Trust, Series 2003-1, Class AF6, SUB, 4.795%, 06/25/33		723
	242	Structured Asset Investment Loan Trust, Series 2005-5, Class A9, VAR, 0.509%, 06/25/35		231
	1,373	Trafigura Securitisation Finance plc, (Ireland), Series 2012-1A, Class A, VAR, 2.653%, 10/15/15 (e)		1,375
	1,276	Volkswagen Auto Loan Enhanced Trust, Series 2012-1, Class A3, 0.850%, 08/22/16		1,278
		Total Asset-Backed Securities (Cost $33,325)		33,454
	Collateralized Mortgage Obligations — 32.6%
		Agency CMO — 31.5%
	362	Federal Home Loan Bank, Series TQ-2015, Class A, 5.065%, 10/20/15		392
		Federal Home Loan Mortgage Corp. REMICS,
	81	Series 1578, Class K, 6.900%, 09/15/23		92
	457	Series 2110, Class PG, 6.000%, 01/15/29		492
	94	Series 2355, Class BP, 6.000%, 09/15/16		100
	153	Series 2391, Class QR, 5.500%, 12/15/16		164
	113	Series 2427, Class LW, 6.000%, 03/15/17		121
	103	Series 2436, Class MC, 7.000%, 04/15/32		120
	137	Series 2441, Class GF, 6.500%, 04/15/32		157
	199	Series 2505, Class D, 5.500%, 09/15/32		230
	179	Series 2525, Class AM, 4.500%, 04/15/32		205

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	452	Series 2544, Class KE, 5.500%, 12/15/32		512
	806	Series 2557, Class HL, 5.300%, 01/15/33		894
	90	Series 2558, Class BD, 5.000%, 01/15/18		97
	447	Series 2564, Class NK, 5.000%, 02/15/18		480
	476	Series 2575, Class PE, 5.500%, 02/15/33		527
	800	Series 2586, Class WG, 4.000%, 03/15/33		883
	61	Series 2594, Class JB, 4.500%, 04/15/18		65
	400	Series 2594, Class VU, 5.500%, 03/15/21		419
	110	Series 2595, Class HJ, 5.000%, 03/15/23		119
	1,000	Series 2596, Class QD, 4.000%, 03/15/33		1,073
	121	Series 2602, Class BD, 4.000%, 12/15/22		125
	1,414	Series 2611, Class KH, 5.000%, 05/15/18		1,522
	885	Series 2621, Class QH, 5.000%, 05/15/33		1,004
	805	Series 2624, Class QH, 5.000%, 06/15/33		912
	1,686	Series 2626, Class JC, 5.000%, 06/15/23		1,961
	2,180	Series 2632, Class AB, 4.500%, 06/15/18		2,441
	126	Series 2648, Class BK, 5.000%, 07/15/33		132
	140	Series 2649, Class PJ, 3.500%, 06/15/33		145
	169	Series 2649, Class QH, 4.500%, 07/15/18		180
	227	Series 2649, Class WB, 3.500%, 07/15/23		247
	5	Series 2685, Class CF, 4.000%, 11/15/16		5
	2,100	Series 2685, Class DT, 5.000%, 10/15/23		2,405
	49	Series 2685, Class MB, 4.000%, 03/15/17		49
	350	Series 2687, Class JH, 5.000%, 10/15/23		405
	381	Series 2692, Class QD, 5.000%, 12/15/22		402
	14	Series 2694, Class QG, 4.500%, 01/15/29		14
	272	Series 2696, Class DG, 5.500%, 10/15/33		319
	94	Series 2698, Class PG, 5.000%, 06/15/32		98
	500	Series 2699, Class TC, 4.000%, 11/15/18		535
	5,000	Series 2701, Class AC, 5.000%, 11/15/23		5,573
	74	Series 2707, Class KJ, 5.000%, 11/15/18		79
	150	Series 2709, Class PE, 5.000%, 12/15/22		160
	130	Series 2725, Class TA, 4.500%, 12/15/33		152
	1,380	Series 2733, Class ME, 5.000%, 01/15/34		1,580
	310	Series 2744, Class TU, 5.500%, 05/15/32		327
	109	Series 2750, Class JB, 4.500%, 02/15/19		115
	1,000	Series 2752, Class JB, 4.500%, 02/15/19		1,104
	327	Series 2760, Class KT, 4.500%, 09/15/32		344
	444	Series 2764, Class TE, 5.000%, 10/15/32		463
	1,390	Series 2764, Class UE, 5.000%, 10/15/32		1,494
	389	Series 2770, Class EV, 4.500%, 09/15/28		424
	400	Series 2772, Class VG, 5.000%, 11/15/22		423
	150	Series 2773, Class OC, 5.000%, 04/15/19		172
	37	Series 2783, Class AB, 4.000%, 10/15/17		38
	32	Series 2788, Class DA, 5.000%, 10/15/22		33
	1,967	Series 2804, Class AM, 5.000%, 03/15/34		2,172
	342	Series 2827, Class TE, 5.000%, 04/15/33		363
	510	Series 2828, Class JE, 4.500%, 07/15/19		555
	100	Series 2843, Class BC, 5.000%, 08/15/19		110
	6,700	Series 2852, Class NY, 5.000%, 09/15/33		7,302
	635	Series 2864, Class NB, 5.500%, 07/15/33		717
	584	Series 2875, Class HB, 4.000%, 10/15/19		637
	122	Series 2886, Class HE, 5.000%, 01/15/33		126
	295	Series 2888, Class CG, 5.000%, 08/15/33		310
	390	Series 2890, Class PD, 5.000%, 03/15/33		407
	206	Series 2891, Class LD, 5.000%, 08/15/33		215
	700	Series 2896, Class VB, 5.000%, 12/15/25		751
	180	Series 2898, Class PE, 5.000%, 05/15/33		188
	850	Series 2899, Class HB, 4.000%, 12/15/19		941
	200	Series 2899, Class KB, 4.500%, 03/15/19		206
	540	Series 2904, Class PD, 5.500%, 03/15/33		560
	500	Series 2910, Class BE, 4.500%, 12/15/19		551
	383	Series 2920, Class KT, 4.500%, 01/15/20		429
	65	Series 2921, Class MD, 5.000%, 06/15/33		67
	285	Series 2928, Class NE, 5.000%, 04/15/33		298
	500	Series 2929, Class KG, 4.500%, 02/15/20		554
	1,000	Series 2934, Class KG, 5.000%, 02/15/35		1,146
	164	Series 2948, Class YD, 5.500%, 08/15/33		171
	1,000	Series 2957, Class VW, 5.000%, 08/15/24		1,097
	1,000	Series 2958, Class ME, 5.500%, 10/15/33		1,061
	88	Series 2966, Class XD, 5.500%, 09/15/33		91
	520	Series 2968, Class MD, 5.500%, 12/15/33		561
	500	Series 2981, Class BC, 4.500%, 05/15/20		557
	8,500	Series 2987, Class KG, 5.000%, 12/15/34		9,008
	197	Series 2988, Class TY, 5.500%, 06/15/25		218
	4,586	Series 2989, Class TG, 5.000%, 06/15/25		5,029
	324	Series 2993, Class PM, 4.500%, 05/15/35		339
	251	Series 3004, Class HK, 5.500%, 07/15/35		271
	193	Series 3017, Class MK, 5.000%, 12/15/34		206
	541	Series 3028, Class ME, 5.000%, 02/15/34		588
	502	Series 3036, Class TE, 5.500%, 12/15/34		544
	2,770	Series 3037, Class ND, 5.000%, 01/15/34		2,960
	653	Series 3057, Class LD, 5.000%, 07/15/31		662
	449	Series 3057, Class PE, 5.500%, 11/15/34		493
	1,000	Series 3059, Class CE, 5.000%, 02/15/34		1,066
	54	Series 3059, Class PC, 5.500%, 01/15/32		55
	4,000	Series 3062, Class HE, 5.000%, 01/15/34		4,294
	1,000	Series 3067, Class PK, 5.500%, 05/15/34		1,066
	140	Series 3077, Class TO, PO, 04/15/35		135
	500	Series 3078, Class PD, 5.500%, 07/15/34		541

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	151	Series 3080, Class VB, 5.000%, 06/15/25		166
	126	Series 3082, Class PW, 5.500%, 12/15/35		145
	4,500	Series 3084, Class BH, 5.500%, 12/15/35		5,292
	88	Series 3087, Class JB, 5.500%, 03/15/24		90
	500	Series 3087, Class KX, 5.500%, 12/15/25		558
	308	Series 3095, Class GB, 5.000%, 04/15/24		317
	121	Series 3098, Class KE, 5.500%, 09/15/34		129
	3,601	Series 3098, Class KG, 5.500%, 01/15/36		4,314
	3,800	Series 3102, Class CE, 5.500%, 01/15/26		4,401
	39	Series 3115, Class MB, 5.500%, 12/15/20		39
	5,500	Series 3117, Class PL, 5.000%, 08/15/34		5,912
	246	Series 3121, Class JD, 5.500%, 03/15/26		274
	495	Series 3123, Class HT, 5.000%, 03/15/26		558
	101	Series 3128, Class BD, 5.000%, 03/15/30		102
	1,775	Series 3128, Class BE, 5.000%, 05/15/33		1,876
	420	Series 3130, Class QD, 5.500%, 07/15/34		440
	360	Series 3135, Class JC, 6.000%, 08/15/33		373
	457	Series 3136, Class CO, PO, 04/15/36		432
	500	Series 3145, Class AJ, 5.500%, 04/15/36		548
	61	Series 3147, Class YE, 5.500%, 07/15/24		62
	1,125	Series 3150, Class EQ, 5.000%, 05/15/26		1,283
	90	Series 3151, Class PD, 6.000%, 11/15/34		94
	54	Series 3164, Class QV, 6.500%, 03/15/17		55
	1,228	Series 3165, Class JD, 5.500%, 08/15/34		1,303
	289	Series 3165, Class ND, 5.500%, 10/15/34		298
	1,076	Series 3184, Class PD, 5.500%, 07/15/34		1,110
	595	Series 3200, Class PO, PO, 08/15/36		532
	593	Series 3204, Class NV, 5.000%, 08/15/17		642
	80	Series 3216, Class JA, 5.500%, 11/15/24		81
	1,500	Series 3219, Class PD, 6.000%, 11/15/35		1,674
	178	Series 3261, Class MA, 5.500%, 01/15/17		183
	455	Series 3270, Class AT, 5.500%, 01/15/37		523
	700	Series 3271, Class PB, 6.000%, 12/15/35		771
	79	Series 3272, Class PA, 6.000%, 02/15/37		87
	2,000	Series 3289, Class ND, 5.500%, 06/15/35		2,148
	7,400	Series 3294, Class DB, 4.500%, 03/15/22		8,228
	258	Series 3312, Class LB, 5.500%, 11/15/25		271
	707	Series 3334, Class CD, 6.000%, 07/15/34		726
	440	Series 3337, Class MD, 5.500%, 06/15/27		489
	100	Series 3348, Class HT, 6.000%, 07/15/37		115
	2,365	Series 3349, Class HE, 5.500%, 07/15/36		2,621
	100	Series 3372, Class BD, 4.500%, 10/15/22		112
	228	Series 3414, Class A, 4.500%, 07/15/22		238
	485	Series 3476, Class VB, 5.500%, 02/15/27		510
	350	Series 3493, Class LA, 4.000%, 10/15/23		387
	179	Series 3508, Class PK, 4.000%, 02/15/39		189
	209	Series 3513, Class A, 4.500%, 02/15/39		229
	545	Series 3521, Class B, 4.000%, 04/15/24		580
	250	Series 3544, Class BC, 4.000%, 06/15/24		273
	5,262	Series 3546, Class NB, 4.000%, 06/15/24		5,831
	5,000	Series 3562, Class JC, 4.000%, 08/15/24		5,446
	5,000	Series 3563, Class BD, 4.000%, 08/15/24		5,481
	175	Series 3563, Class LB, 4.000%, 08/15/29		188
	265	Series 3571, Class MY, 4.000%, 09/15/24		297
	3,000	Series 3575, Class EB, 4.000%, 09/15/24		3,293
	5,000	Series 3577, Class B, 4.000%, 09/15/24		5,546
	800	Series 3578, Class KB, 4.000%, 09/15/24		875
	407	Series 3593, Class PC, 5.000%, 05/15/38		450
	3,053	Series 3605, Class NB, 5.500%, 06/15/37		3,352
	198	Series 3652, Class A, 4.500%, 11/15/24		208
	530	Series 3653, Class B, 4.500%, 04/15/30		596
	6,796	Series 3653, Class HJ, 5.000%, 04/15/40		7,487
	135	Series 3659, Class BD, 5.000%, 01/15/37		148
	530	Series 3659, Class VG, 5.000%, 09/15/34		605
	1,185	Series 3677, Class KB, 4.500%, 05/15/40		1,331
	207	Series 3688, Class GT, VAR, 7.159%, 11/15/46		229
	260	Series 3715, Class PC, 4.500%, 08/15/40		300
	983	Series 3730, Class PL, 4.500%, 01/15/33		1,017
	2,966	Series 3740, Class BP, 4.500%, 04/15/38		3,166
	864	Series 3747, Class HI, IO, 4.500%, 07/15/37		104
	1,778	Series 3747, Class PA, 4.000%, 04/15/38		1,910
	411	Series 3755, Class ML, 5.500%, 06/15/29		447
	1,275	Series 3794, Class LB, 3.500%, 01/15/26		1,381
	4,075	Series 3819, Class ZQ, 6.000%, 04/15/36		4,740
	1,619	Series 3852, Class TP, IF, 5.500%, 05/15/41		1,879
	2,800	Series 3874, Class DW, 3.500%, 06/15/21		3,040
	1,600	Series 3885, Class AC, 4.000%, 06/15/26		1,774
		Federal National Mortgage Association - ACES,
	1,732	Series 2011-M2, Class A2, 3.645%, 07/25/21		1,896
	3,517	Series 2011-M4, Class A1, 2.548%, 06/25/21		3,650
		Federal National Mortgage Association REMICS,
	755	Series 1997-57, Class PN, 5.000%, 09/18/27		832
	470	Series 1999-51, Class PH, 6.000%, 10/25/29		505

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	489	Series 2001-63, Class TC, 6.000%, 12/25/31		548
	1,018	Series 2001-81, Class HE, 6.500%, 01/25/32		1,151
	54	Series 2002-24, Class AJ, 6.000%, 04/25/17		58
	1,037	Series 2002-75, Class GB, 5.500%, 11/25/32		1,188
	324	Series 2002-85, Class PE, 5.500%, 12/25/32		358
	300	Series 2003-5, Class EQ, 5.500%, 02/25/23		343
	317	Series 2003-21, Class OU, 5.500%, 03/25/33		350
	67	Series 2003-22, Class UH, 4.000%, 12/25/32		69
	270	Series 2003-23, Class CH, 5.000%, 04/25/33		300
	52	Series 2003-28, Class KA, 4.250%, 03/25/22		52
	39	Series 2003-32, Class BW, 5.500%, 03/25/32		41
	925	Series 2003-41, Class BK, 5.000%, 05/25/18		1,028
	400	Series 2003-48, Class TC, 5.000%, 06/25/23		450
	521	Series 2003-55, Class HY, 5.000%, 06/25/23		578
	913	Series 2003-63, Class YB, 5.000%, 07/25/33		1,019
	252	Series 2003-64, Class VC, 5.000%, 03/25/16		257
	1,166	Series 2003-69, Class N, 5.000%, 07/25/33		1,294
	230	Series 2003-80, Class QG, 5.000%, 08/25/33		274
	35	Series 2003-81, Class CB, 4.750%, 09/25/18		36
	600	Series 2003-84, Class GE, 4.500%, 09/25/18		651
	1,364	Series 2003-84, Class PG, 5.000%, 03/25/32		1,425
	180	Series 2003-85, Class QD, 5.500%, 09/25/33		218
	1,154	Series 2003-86, Class VH, 5.500%, 04/25/22		1,238
	195	Series 2003-87, Class TJ, 4.500%, 09/25/18		208
	40	Series 2003-90, Class LA, 4.250%, 02/25/22		40
	293	Series 2003-94, Class CE, 5.000%, 10/25/33		315
	33	Series 2003-109, Class BT, 4.500%, 08/25/22		33
	120	Series 2003-113, Class KA, 4.500%, 11/25/18		123
	5,000	Series 2003-129, Class ME, 5.000%, 08/25/23		5,379
	83	Series 2003-131, Class CG, 5.500%, 05/25/33		88
	649	Series 2003-134, Class MH, 5.000%, 06/25/33		692
	105	Series 2004-30, Class CK, 4.500%, 05/25/19		105
	1,000	Series 2004-44, Class KT, 6.000%, 06/25/24		1,182
	710	Series 2004-53, Class NC, 5.500%, 07/25/24		786
	1,772	Series 2004-70, Class EB, 5.000%, 10/25/24		1,948
	131	Series 2004-81, Class HA, 4.250%, 10/25/24		137
	25	Series 2004-89, Class MA, 4.250%, 09/25/24		25
	212	Series 2004-91, Class VL, 5.000%, 05/25/23		226
	1,410	Series 2005-5, Class CK, 5.000%, 01/25/35		1,553
	7,593	Series 2005-22, Class HE, 5.000%, 10/25/33		8,068
	148	Series 2005-28, Class BC, 5.000%, 03/25/31		150
	3,884	Series 2005-29, Class WC, 4.750%, 04/25/35		4,248
	1,400	Series 2005-33, Class QD, 5.000%, 01/25/34		1,506
	9,225	Series 2005-44, Class PE, 5.000%, 07/25/33		9,760
	1,000	Series 2005-46, Class CE, 5.000%, 03/25/24		1,044
	100	Series 2005-48, Class TD, 5.500%, 06/25/35		120
	865	Series 2005-51, Class ND, 5.500%, 11/25/33		912
	1,000	Series 2005-53, Class MJ, 5.500%, 06/25/35		1,197
	375	Series 2005-58, Class EP, 5.500%, 07/25/35		421
	191	Series 2005-62, Class CP, 4.750%, 07/25/35		210
	100	Series 2005-68, Class BE, 5.250%, 08/25/35		116
	887	Series 2005-68, Class PG, 5.500%, 08/25/35		1,002
	336	Series 2005-84, Class TK, 5.250%, 09/25/35		345

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	808	Series 2005-86, Class AX, 5.500%, 10/25/35		865
	690	Series 2005-86, Class WD, 5.000%, 03/25/34		745
	163	Series 2005-91, Class DA, 4.500%, 10/25/20		166
	368	Series 2005-99, Class AE, 5.500%, 12/25/35		384
	580	Series 2005-101, Class ND, 5.000%, 06/25/34		611
	1,375	Series 2005-102, Class PG, 5.000%, 11/25/35		1,574
	308	Series 2005-110, Class GJ, 5.500%, 11/25/30		316
	150	Series 2005-110, Class GL, 5.500%, 12/25/35		182
	133	Series 2005-110, Class MB, 5.500%, 09/25/35		147
	111	Series 2005-116, Class PB, 6.000%, 04/25/34		119
	283	Series 2005-121, Class V, 4.500%, 06/25/29		302
	157	Series 2006-4, Class MB, 6.000%, 01/25/31		159
	950	Series 2006-7, Class TD, 6.000%, 04/25/35		1,060
	1,085	Series 2006-22, Class CE, 4.500%, 08/25/23		1,212
	192	Series 2006-30, Class GA, 5.500%, 07/25/20		204
	500	Series 2006-41, Class MC, 5.500%, 07/25/35		543
	5,000	Series 2006-44, Class OG, 5.500%, 12/25/34		5,405
	1,695	Series 2006-45, Class NW, 5.500%, 01/25/35		1,847
	510	Series 2006-49, Class PA, 6.000%, 06/25/36		573
	5,000	Series 2006-53, Class CM, 5.000%, 01/25/35		5,325
	892	Series 2006-56, Class PF, VAR, 0.589%, 07/25/36		893
	1,135	Series 2006-57, Class PD, 5.500%, 01/25/35		1,233
	352	Series 2006-63, Class QE, 5.500%, 11/25/32		360
	1,735	Series 2006-65, Class TE, 5.500%, 05/25/35		1,908
	121	Series 2006-78, Class AV, 6.500%, 05/25/17		122
	129	Series 2006-112, Class QA, 5.500%, 03/25/33		132
	38	Series 2006-129, Class PB, 5.500%, 04/25/32		39
	189	Series 2007-33, Class HE, 5.500%, 04/25/37		211
	6,852	Series 2007-63, Class PC, 5.500%, 07/25/36		7,420
	162	Series 2007-65, Class KI, IF, IO, 6.381%, 07/25/37		23
	408	Series 2007-68, Class KA, 6.000%, 12/25/33		428
	1,000	Series 2007-68, Class PB, 5.500%, 06/25/36		1,073
	1,500	Series 2007-71, Class GB, 6.000%, 07/25/37		1,719
	1,106	Series 2007-71, Class KP, 5.500%, 07/25/37		1,225
	437	Series 2007-75, Class VA, 5.000%, 08/25/18		451
	7,200	Series 2007-76, Class PK, 6.000%, 06/25/36		7,823
	640	Series 2007-77, Class TC, 5.500%, 09/25/34		669
	452	Series 2007-77, Class TD, 5.500%, 01/25/36		499
	3,000	Series 2007-80, Class PB, 5.500%, 05/25/34		3,108
	288	Series 2007-113, Class DB, 4.500%, 12/25/22		325
	600	Series 2008-65, Class CD, 4.500%, 08/25/23		663
	2,115	Series 2008-68, Class VB, 6.000%, 03/25/27		2,285
	214	Series 2008-68, Class VJ, 5.500%, 07/25/19		227
	825	Series 2008-68, Class VK, 5.500%, 03/25/27		907
	2,820	Series 2008-68, Class VN, 5.500%, 03/25/27		3,028
	4,500	Series 2008-70, Class BY, 4.000%, 08/25/23		4,908
	86	Series 2008-74, Class B, 5.500%, 09/25/38		96
	14	Series 2008-85, Class EA, 5.000%, 03/25/26		14
	104	Series 2008-89, Class AH, 4.500%, 11/25/34		105
	239	Series 2009-20, Class AM, 5.500%, 10/25/36		244
	210	Series 2009-37, Class KI, IF, IO, 5.761%, 06/25/39		30
	390	Series 2009-39, Class LB, 4.500%, 06/25/29		435

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	4,188	Series 2009-62, Class HJ, 6.000%, 05/25/39		4,607
	370	Series 2009-71, Class MB, 4.500%, 09/25/24		410
	3,750	Series 2009-71, Class XB, 5.000%, 03/25/38		4,127
	479	Series 2009-78, Class J, 5.000%, 09/25/19		522
	211	Series 2009-86, Class IP, IO, 5.500%, 10/25/39		27
	276	Series 2009-86, Class OT, PO, 10/25/37		260
	150	Series 2009-86, Class PC, 5.000%, 03/25/37		161
	6,830	Series 2009-92, Class AD, 6.000%, 11/25/39		7,589
	397	Series 2009-96, Class CB, 4.000%, 11/25/49		421
	675	Series 2009-96, Class DB, 4.000%, 11/25/29		740
	1,454	Series 2009-112, Class ST, IF, IO, 6.011%, 01/25/40		171
	120	Series 2010-9, Class MD, 5.000%, 02/25/38		135
	3,069	Series 2010-10, Class MA, 4.500%, 04/25/34		3,205
	3,880	Series 2010-22, Class PE, 5.000%, 03/25/40		4,510
	751	Series 2010-35, Class SB, IF, IO, 6.181%, 04/25/40		91
	5,000	Series 2010-37, Class CY, 5.000%, 04/25/40		5,638
	700	Series 2010-41, Class DC, 4.500%, 05/25/25		798
	230	Series 2010-48, Class UB, 5.000%, 06/25/36		245
	396	Series 2010-54, Class EA, 4.500%, 06/25/40		426
	525	Series 2010-56, Class BD, 5.000%, 12/25/38		574
	70	Series 2010-64, Class DM, 5.000%, 06/25/40		76
	275	Series 2010-64, Class EH, 5.000%, 10/25/35		289
	1,154	Series 2010-71, Class HJ, 5.500%, 07/25/40		1,273
	4,000	Series 2010-103, Class GB, 4.000%, 09/25/20		4,562
	658	Series 2010-111, Class AE, 5.500%, 04/25/38		703
	6,185	Series 2010-135, Class HE, 3.000%, 01/25/21		6,449
	1,190	Series 2011-22, Class MA, 6.500%, 04/25/38		1,365
	4,293	Series 2011-39, Class ZA, 6.000%, 11/25/32		4,808
	2,061	Series 2011-60, Class C, 4.000%, 10/25/39		2,067
	3,448	Series 2011-61, Class V, 4.500%, 08/25/22		3,789
	3,000	Series 2011-75, Class BL, 3.500%, 08/25/21		3,338
		Federal National Mortgage Association STRIPS,
	162	Series 293, Class 1, PO, 12/01/24		152
	329	Series 314, Class 1, PO, 07/01/31		317
		Government National Mortgage Association,
	139	Series 2002-44, Class JC, 6.000%, 07/20/32		162
	420	Series 2002-79, Class KL, 5.500%, 11/20/32		505
	164	Series 2002-88, Class PH, 5.500%, 12/16/31		172
	242	Series 2003-10, Class KJ, 5.500%, 02/20/33		286
	424	Series 2003-29, Class PD, 5.500%, 04/16/33		509
	1,000	Series 2003-33, Class NE, 5.500%, 04/16/33		1,147
	277	Series 2003-40, Class TD, 5.000%, 03/20/33		302
	355	Series 2003-65, Class AP, 5.500%, 08/20/33		410
	2,000	Series 2003-77, Class TK, 5.000%, 09/16/33		2,289
	550	Series 2004-16, Class GC, 5.500%, 02/20/34		666
	109	Series 2004-54, Class BG, 5.500%, 07/20/34		126
	156	Series 2004-75, Class NG, 5.500%, 09/20/33		166
	453	Series 2004-93, Class PD, 5.000%, 11/16/34		547
	450	Series 2004-101, Class BE, 5.000%, 11/20/34		539
	350	Series 2005-11, Class PL, 5.000%, 02/20/35		418
	2,166	Series 2005-26, Class XY, 5.500%, 03/20/35		2,480
	982	Series 2005-33, Class AY, 5.500%, 04/16/35		1,129
	297	Series 2005-49, Class B, 5.500%, 06/20/35		348
	419	Series 2005-51, Class DC, 5.000%, 07/20/35		455

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	106	Series 2005-56, Class BD, 5.000%, 07/20/35		123
	922	Series 2006-38, Class SG, IF, IO, 6.410%, 09/20/33		63
	167	Series 2007-26, Class SW, IF, IO, 5.960%, 05/20/37		27
	526	Series 2007-37, Class LB, 5.500%, 06/16/37		593
	320	Series 2007-79, Class BL, 5.750%, 08/20/37		387
	450	Series 2008-7, Class PQ, 5.000%, 02/20/38		543
	815	Series 2008-9, Class PW, 5.250%, 02/20/38		955
	174	Series 2008-23, Class YA, 5.250%, 03/20/38		195
	86	Series 2008-30, Class AB, 4.200%, 02/20/37		89
	236	Series 2008-31, Class PK, 4.000%, 06/20/36		245
	2,098	Series 2008-33, Class PB, 5.500%, 04/20/38		2,380
	177	Series 2008-34, Class PG, 5.250%, 04/20/38		212
	400	Series 2008-35, Class NF, 5.000%, 04/20/38		468
	365	Series 2008-38, Class BE, 5.000%, 07/16/36		412
	957	Series 2008-38, Class BG, 5.000%, 05/16/38		1,099
	154	Series 2008-43, Class NB, 5.500%, 05/20/38		185
	655	Series 2008-56, Class PX, 5.500%, 06/20/38		784
	1,372	Series 2008-58, Class PD, 5.500%, 08/16/37		1,587
	1,000	Series 2008-58, Class PE, 5.500%, 07/16/38		1,210
	20	Series 2008-62, Class SA, IF, IO, 5.910%, 07/20/38		3
	751	Series 2008-76, Class US, IF, IO, 5.660%, 09/20/38		102
	722	Series 2008-95, Class DS, IF, IO, 7.060%, 12/20/38		114
	1,031	Series 2009-14, Class AG, 4.500%, 03/20/39		1,133
	365	Series 2009-15, Class NA, 5.000%, 12/20/38		397
	215	Series 2009-61, Class AP, 4.000%, 08/20/39		228
	1,719	Series 2009-72, Class SM, IF, IO, 6.011%, 08/16/39		214
	1,029	Series 2009-106, Class ST, IF, IO, 5.760%, 02/20/38		152
	175	Series 2010-7, Class EA, 5.000%, 06/16/38		201
	472	Series 2010-14, Class QP, 6.000%, 12/20/39		516
	306	Series 2010-51, Class DA, 5.000%, 01/20/40		308
	740	Series 2010-157, Class OP, PO, 12/20/40		653
	5,088	Series 2011-97, Class WA, VAR, 6.060%, 11/20/38		5,790
	295	NCUA Guaranteed Notes, Series 2010-C1, Class APT, 2.650%, 10/29/20		309
				419,311
		Non-Agency CMO — 1.1%
	447	Banc of America Mortgage Securities, Inc., Series 2003-3, Class 1A7, 5.500%, 05/25/33		459
	314	Citicorp Mortgage Securities, Inc., Series 2004-4, Class A4, 5.500%, 06/25/34		329
		Citigroup Mortgage Loan Trust, Inc.,
	149	Series 2003-1, Class 3A4, 5.250%, 09/25/33		158
	204	Series 2004-HYB4, Class WA, VAR, 2.781%, 12/25/34		200
	2,078	Series 2010-8, Class 5A6, 4.000%, 11/25/36 (e)		2,133
	168	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-8, Class 2A1, 4.500%, 06/25/19		171
		Credit Suisse Mortgage Capital Certificates,
	259	Series 2010-1R, Class 5A1, VAR, 5.000%, 01/27/36 (e)		267
	1,263	Series 2011-7R, Class A1, VAR, 1.489%, 08/28/47 (e)		1,241
	152	CS First Boston Mortgage Securities Corp., Series 2003-27, Class 5A4, 5.250%, 11/25/33		158
	869	GMAC Mortgage Corp. Loan Trust, Series 2004-J5, Class A7, 6.500%, 01/25/35		891
	1,195	GSR Mortgage Loan Trust, Series 2004-6F, Class 2A4, 5.500%, 05/25/34		1,256
		JP Morgan Mortgage Trust,
	2,558	Series 2006-A2, Class 5A3, VAR, 2.653%, 11/25/33		2,531
	390	Series 2007-A1, Class 5A5, VAR, 2.850%, 07/25/35		377
	706	MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A1, VAR, 2.634%, 04/21/34		694

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
	86	MASTR Alternative Loans Trust, Series 2004-5, Class 5A1, 4.750%, 06/25/19		87
	200	Morgan Stanley Mortgage Loan Trust, Series 2004-3, Class 4A, VAR, 5.665%, 04/25/34		204
	405	PHH Mortgage Capital LLC, Series 2008-CIM2, Class 5A1, 6.000%, 07/25/38		427
	60	Prime Mortgage Trust, Series 2004-2, Class A2, 4.750%, 11/25/19		63
	87	Residential Accredit Loans, Inc., Series 2004-QS3, Class CB, 5.000%, 03/25/19		89
	221	Springleaf Mortgage Loan Trust, Series 2012-1A, Class A, VAR, 2.667%, 09/25/57 (e)		221
	44	WaMu Mortgage Pass-Through Certificates, Series 2003-S6, Class 2A1, 5.000%, 07/25/18		46
	2,561	Wells Fargo Mortgage-Backed Securities Trust, Series 2004-P, Class 2A1, VAR, 2.674%, 09/25/34		2,553
				14,555
		Total Collateralized Mortgage Obligations (Cost $428,042)		433,866
	Commercial Mortgage-Backed Securities — 1.6%
		Banc of America Merrill Lynch Commercial Mortgage, Inc.,
	200	Series 2005-3, Class AM, 4.727%, 07/10/43		205
	1,995	Series 2006-3, Class A4, VAR, 5.889%, 07/10/44		2,240
	1,140	Series 2006-5, Class A4, 5.414%, 09/10/47		1,254
	1,300	Bear Stearns Commercial Mortgage Securities, Series 2004-PWR4, Class A3, VAR, 5.468%, 06/11/41		1,388
	400	Citigroup Commercial Mortgage Trust, Series 2005-C3, Class AM, VAR, 4.830%, 05/15/43		417
	50	CW Capital Cobalt Ltd., Series 2006-C1, Class A4, 5.223%, 08/15/48		54
	1,529	Fontainebleau Miami Beach Trust, Series 2012-FBLU, Class A, 2.887%, 05/05/27 (e)		1,551
	1,000	GE Capital Commercial Mortgage Corp., Series 2005-C1, Class AJ, VAR, 4.826%, 06/10/48		1,020
	1,000	GS Mortgage Securities Corp. II, Series 2004-GG2, Class A6, VAR, 5.396%, 08/10/38		1,072
		JP Morgan Chase Commercial Mortgage Securities Corp.,
	1,400	Series 2005-CB11, Class AJ, VAR, 5.365%, 08/12/37		1,395
	1,000	Series 2006-CB15, Class A4, VAR, 5.814%, 06/12/43		1,112
	1,878	LB-UBS Commercial Mortgage Trust, Series 2004-C2, Class A4, 4.367%, 03/15/36		1,963
	34,921	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-4, Class XC, IO, VAR, 0.203%, 12/12/49 (e)		431
		Morgan Stanley Capital I, Inc.,
	1,000	Series 2004-HQ4, Class A7, 4.970%, 04/14/40		1,051
	60,959	Series 2007-HQ11, Class X, IO, VAR, 0.227%, 02/12/44 (e)		428
	577	Series 2011-C3, Class A3, 4.054%, 07/15/49		623
		Morgan Stanley Reremic Trust,
	1,500	Series 2009-IO, Class A2, 5.000%, 07/17/56 (e)		1,536
	243	Series 2010-C30A, Class A3A, 3.250%, 12/17/43 (e)		243
		WF-RBS Commercial Mortgage Trust,
	929	Series 2011-C3, Class A1, 1.988%, 03/15/44 (e)		940
	1,800	Series 2012-C6, Class A4, 3.440%, 04/15/45		1,890
		Total Commercial Mortgage-Backed Securities (Cost $20,851)		20,813
	Corporate Bonds — 20.3%
		Consumer Discretionary — 1.2%
		Auto Components — 0.1%
		Johnson Controls, Inc.,
	1,135	4.250%, 03/01/21		1,233
	40	5.000%, 03/30/20		47
				1,280
		Automobiles — 0.1%
		Daimler Finance North America LLC,
	584	2.625%, 09/15/16 (e)		603
	450	6.500%, 11/15/13		484
				1,087
		Household Durables — 0.0% (g)
	83	Newell Rubbermaid, Inc., 4.700%, 08/15/20		90

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Media — 1.0%
		CBS Corp.,
	30	7.875%, 07/30/30		40
	1,100	8.875%, 05/15/19		1,469
	450	Comcast Cable Communications LLC, 8.875%, 05/01/17		582
		Comcast Corp.,
	400	5.700%, 07/01/19		477
	335	5.900%, 03/15/16		387
	335	6.500%, 01/15/17		398
	550	Cox Communications, Inc., 5.450%, 12/15/14		606
	287	DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 5.000%, 03/01/21		315
	422	Discovery Communications LLC, 4.375%, 06/15/21		457
		News America, Inc.,
	30	7.250%, 05/18/18		36
	600	7.430%, 10/01/26		730
	400	7.600%, 10/11/15		463
	200	7.700%, 10/30/25		251
		Time Warner Cable, Inc.,
	500	4.125%, 02/15/21		527
	50	8.250%, 04/01/19		65
	3,425	8.750%, 02/14/19		4,537
	500	Time Warner Entertainment Co. LP, 8.375%, 07/15/33		690
		Viacom, Inc.,
	75	1.250%, 02/27/15		75
	361	3.875%, 12/15/21		385
	200	4.500%, 03/01/21		223
				12,713
		Multiline Retail — 0.0% (g)
	300	Macy’s Retail Holdings, Inc., 7.450%, 07/15/17		366
	175	Nordstrom, Inc., 4.000%, 10/15/21		194
				560
		Total Consumer Discretionary		15,730
		Consumer Staples — 1.1%
		Beverages — 0.3%
	773	Anheuser-Busch InBev Worldwide, Inc., 1.500%, 07/14/14		783
		Coca-Cola Co. (The),
	1,000	1.800%, 09/01/16		1,031
	400	4.875%, 03/15/19		476
	1,000	Diageo Investment Corp., 2.875%, 05/11/22		1,017
	400	PepsiCo, Inc., 0.800%, 08/25/14		400
				3,707
		Food & Staples Retailing — 0.2%
	1,100	CVS Caremark Corp., 4.125%, 05/15/21		1,203
		Kroger Co. (The),
	92	5.400%, 07/15/40		98
	700	6.150%, 01/15/20		855
	1,000	6.400%, 08/15/17		1,209
				3,365
		Food Products — 0.4%
		Bunge Ltd. Finance Corp.,
	40	5.875%, 05/15/13		42
	1,192	8.500%, 06/15/19		1,517
		Cargill, Inc.,
	400	6.000%, 11/27/17 (e)		479
	1,000	7.350%, 03/06/19 (e)		1,274
	100	General Mills, Inc., 5.650%, 02/15/19		122
		Kellogg Co.,
	435	3.125%, 05/17/22		438
	513	3.250%, 05/21/18		549
	429	Kraft Foods Group, Inc., 3.500%, 06/06/22 (e)		438
		Kraft Foods, Inc.,
	50	6.500%, 08/11/17		61
	425	7.000%, 08/11/37		548
				5,468
		Household Products — 0.2%
	200	Kimberly-Clark Corp., 2.400%, 03/01/22		200
	1,800	Procter & Gamble Co. (The), 1.450%, 08/15/16		1,839
				2,039
		Total Consumer Staples		14,579
		Energy — 1.2%
		Energy Equipment & Services — 0.1%
	750	Halliburton Co., 8.750%, 02/15/21		1,090
	19	Noble Holding International Ltd., (Cayman Islands), 3.950%, 03/15/22		19
	233	Schlumberger Investment S.A., (Luxembourg), 3.300%, 09/14/21 (e)		245
		Transocean, Inc., (Cayman Islands),
	100	6.500%, 11/15/20		116
	460	7.375%, 04/15/18		545
				2,015
		Oil, Gas & Consumable Fuels — 1.1%
	50	Anadarko Petroleum Corp., 8.700%, 03/15/19		66

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Oil, Gas & Consumable Fuels — Continued
		Apache Corp.,
	550	6.000%, 09/15/13		586
	400	6.900%, 09/15/18		504
		BP Capital Markets plc, (United Kingdom),
	712	3.245%, 05/06/22		723
	800	3.875%, 03/10/15		855
	900	Burlington Resources, Inc., 8.200%, 03/15/25		1,269
		Canadian Natural Resources Ltd., (Canada),
	800	5.700%, 05/15/17		938
	500	5.900%, 02/01/18		594
	375	ConocoPhillips Holding Co., 6.950%, 04/15/29		524
	1,250	Devon Energy Corp., 6.300%, 01/15/19		1,540
	550	Encana Corp., (Canada), 5.900%, 12/01/17		636
	139	Occidental Petroleum Corp., 1.750%, 02/15/17		142
	1,000	Petrobras International Finance Co., (Cayman Islands), 3.500%, 02/06/17		1,014
	173	Phillips 66, 4.300%, 04/01/22 (e)		180
		Shell International Finance B.V., (Netherlands),
	44	3.100%, 06/28/15		47
	1,555	4.300%, 09/22/19		1,808
	40	4.375%, 03/25/20		47
		Spectra Energy Capital LLC,
	50	6.200%, 04/15/18		59
	70	8.000%, 10/01/19		91
	1,200	Statoil ASA, (Norway), 3.125%, 08/17/17		1,291
	200	Suncor Energy, Inc., (Canada), 6.100%, 06/01/18		238
	200	Total Capital International S.A., (France), 2.875%, 02/17/22		202
		Total Capital S.A., (France),
	240	2.300%, 03/15/16		249
	148	4.125%, 01/28/21		166
		TransCanada PipeLines Ltd., (Canada),
	500	3.800%, 10/01/20		547
	300	7.125%, 01/15/19		387
				14,703
		Total Energy		16,718
		Financials — 9.2%
		Capital Markets — 2.1%
		Bank of New York Mellon Corp. (The),
	80	2.950%, 06/18/15		84
	1,340	4.150%, 02/01/21		1,482
	155	4.600%, 01/15/20		176
	200	BlackRock, Inc., 6.250%, 09/15/17		241
	40	Charles Schwab Corp. (The), 4.950%, 06/01/14		43
		Credit Suisse USA, Inc.,
	80	5.125%, 08/15/15		87
	350	5.850%, 08/16/16		395
		Goldman Sachs Group, Inc. (The),
	500	3.300%, 05/03/15		493
	90	3.625%, 02/07/16		88
	112	3.700%, 08/01/15		111
	196	5.250%, 07/27/21		194
	900	5.375%, 03/15/20		916
	1,195	6.000%, 06/15/20		1,255
	5,150	7.500%, 02/15/19		5,849
	1,600	Jefferies Group, Inc., 8.500%, 07/15/19		1,696
		Macquarie Group Ltd., (Australia),
	200	7.300%, 08/01/14 (e)		212
	800	7.625%, 08/13/19 (e)		867
		Merrill Lynch & Co., Inc.,
	600	6.400%, 08/28/17		637
	2,000	6.875%, 04/25/18		2,198
		Morgan Stanley,
	323	3.450%, 11/02/15		307
	50	5.300%, 03/01/13		51
	1,000	5.450%, 01/09/17		977
	331	5.500%, 07/24/20		310
	2,500	5.625%, 09/23/19		2,385
	510	5.750%, 01/25/21		481
	1,400	6.000%, 04/28/15		1,424
	1,700	7.300%, 05/13/19		1,763
		Nomura Holdings, Inc., (Japan),
	275	4.125%, 01/19/16		279
	300	5.000%, 03/04/15		314
	1,900	UBS AG, (Switzerland), 5.750%, 04/25/18		2,081
				27,396
		Commercial Banks — 3.0%
	494	Bank of Montreal, (Canada), 1.300%, 10/31/14 (e)		501
		Bank of Nova Scotia, (Canada),
	500	2.550%, 01/12/17		520
	400	4.375%, 01/13/21		453
		Barclays Bank plc, (United Kingdom),
	250	5.125%, 01/08/20		268
	475	5.200%, 07/10/14		500
	2,650	6.750%, 05/22/19		3,053

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Commercial Banks — Continued
		BB&T Corp.,
	705	3.200%, 03/15/16		747
	45	3.375%, 09/25/13		47
	55	3.850%, 07/27/12		55
	60	3.950%, 04/29/16		65
	500	5.200%, 12/23/15		552
	319	5.700%, 04/30/14		347
		Credit Suisse, (Switzerland),
	250	4.375%, 08/05/20		265
	1,000	5.400%, 01/14/20		1,016
	3,900	6.000%, 02/15/18		4,146
	500	Deutsche Bank AG, (Germany), 3.250%, 01/11/16		511
	300	Deutsche Bank Financial LLC, 5.375%, 03/02/15		309
	1,400	DnB Boligkreditt AS, (Norway), 2.100%, 10/14/15 (e)		1,424
	1,400	Fifth Third Bancorp, 3.625%, 01/25/16		1,475
		HSBC Bank plc, (United Kingdom),
	1,246	1.625%, 07/07/14 (e)		1,247
	523	3.100%, 05/24/16 (e)		539
	1,100	4.750%, 01/19/21 (e)		1,197
	1,000	HSBC Holdings plc, (United Kingdom), 5.100%, 04/05/21		1,106
	900	KeyCorp, 6.500%, 05/14/13		945
		Manufacturers & Traders Trust Co.,
	1,000	6.625%, 12/04/17		1,175
	700	VAR, 1.968%, 04/01/13		701
	1,000	National Australia Bank Ltd., (Australia), 3.000%, 07/27/16 (e)		1,030
	250	National Bank of Canada, (Canada), 1.650%, 01/30/14 (e)		254
		National City Corp.,
	400	4.900%, 01/15/15		436
	100	6.875%, 05/15/19		123
	591	Nordea Bank AB, (Sweden), 4.875%, 05/13/21 (e)		576
		PNC Funding Corp.,
	100	3.000%, 05/19/14		104
	50	5.125%, 02/08/20		58
	50	5.250%, 11/15/15		55
	50	5.625%, 02/01/17		56
	725	6.700%, 06/10/19		903
		Rabobank Nederland N.V., (Netherlands),
	114	2.125%, 10/13/15		115
	553	3.875%, 02/08/22		551
	350	4.500%, 01/11/21		371
		SunTrust Banks, Inc.,
	800	3.600%, 04/15/16		831
	280	5.250%, 11/05/12		285
	706	Svenska Handelsbanken AB, (Sweden), 3.125%, 07/12/16		730
		Toronto-Dominion Bank (The), (Canada),
	400	1.500%, 03/13/17 (e)		404
	1,041	2.500%, 07/14/16		1,081
		U.S. Bancorp,
	307	1.650%, 05/15/17		306
	60	2.450%, 07/27/15		62
	732	4.125%, 05/24/21		821
		Wachovia Bank N.A.,
	500	5.000%, 08/15/15		542
	1,000	6.000%, 11/15/17		1,154
		Wachovia Corp.,
	1,000	5.750%, 06/15/17		1,160
	3,895	5.750%, 02/01/18		4,512
				39,684
		Consumer Finance — 1.0%
	400	American Express Centurion Bank, 6.000%, 09/13/17		471
		American Express Co.,
	200	6.150%, 08/28/17		236
	1,820	7.000%, 03/19/18		2,240
	1,450	American Honda Finance Corp., 7.625%, 10/01/18 (e)		1,858
	2,800	Capital One Bank USA N.A., 8.800%, 07/15/19		3,555
	675	Caterpillar Financial Services Corp., 7.150%, 02/15/19		886
	460	HSBC Finance Corp., 5.000%, 06/30/15		491
	250	John Deere Capital Corp., 3.150%, 10/15/21		263
		PACCAR Financial Corp.,
	400	1.550%, 09/29/14		407
	591	1.600%, 03/15/17		593
	1,700	Toyota Motor Credit Corp., 2.000%, 09/15/16		1,731
				12,731
		Diversified Financial Services — 2.3%
		Bank of America Corp.,
	360	3.625%, 03/17/16		356
	427	3.875%, 03/22/17		426
	1,050	4.900%, 05/01/13		1,075
	865	5.625%, 07/01/20		896
	585	5.650%, 05/01/18		610

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Diversified Financial Services — Continued
	710	5.700%, 01/24/22		754
	600	7.375%, 05/15/14		647
	2,600	7.625%, 06/01/19		2,972
		Citigroup, Inc.,
	619	4.587%, 12/15/15		644
	490	4.750%, 05/19/15		511
	829	5.375%, 08/09/20		891
	5,400	8.500%, 05/22/19		6,614
	131	CME Group, Inc., 5.750%, 02/15/14		141
	315	ERAC USA Finance LLC, 4.500%, 08/16/21 (e)		337
		FUEL Trust,
	757	3.984%, 06/15/16 (e)		786
	240	4.207%, 04/15/16 (e)		251
		General Electric Capital Corp.,
	337	2.250%, 11/09/15		341
	125	4.375%, 09/16/20		135
	6,700	4.625%, 01/07/21		7,317
	331	5.300%, 02/11/21		369
	1,600	5.500%, 01/08/20		1,831
	80	5.625%, 09/15/17		91
	850	5.625%, 05/01/18		966
	70	5.875%, 01/14/38		80
	1,061	GTP Acquisition Partners I LLC, 4.347%, 06/15/16 (e)		1,111
	650	National Rural Utilities Cooperative Finance Corp., 10.375%, 11/01/18		948
				31,100
		Insurance — 0.7%
	500	Aflac, Inc., 8.500%, 05/15/19		661
		Aon Corp.,
	621	3.125%, 05/27/16		646
	94	3.500%, 09/30/15		98
	1,372	ASIF Global Financing XIX, 4.900%, 01/17/13 (e)		1,387
		Berkshire Hathaway Finance Corp.,
	267	2.450%, 12/15/15		279
	2,160	5.400%, 05/15/18		2,550
		CNA Financial Corp.,
	50	5.850%, 12/15/14		54
	860	5.875%, 08/15/20		941
	420	6.500%, 08/15/16		475
		Lincoln National Corp.,
	96	4.200%, 03/15/22		96
	268	4.850%, 06/24/21		280
		Metropolitan Life Global Funding I,
	400	3.125%, 01/11/16 (e)		422
	426	3.875%, 04/11/22 (e)		443
		New York Life Global Funding,
	500	3.000%, 05/04/15 (e)		525
	800	5.375%, 09/15/13 (e)		846
				9,703
		Real Estate Investment Trusts (REITs) — 0.1%
	400	CommonWealth REIT, 6.250%, 08/15/16		423
	272	ERP Operating LP, 4.625%, 12/15/21		297
	50	HCP, Inc., 3.750%, 02/01/19		50
	200	Simon Property Group LP, 6.125%, 05/30/18		238
	700	WEA Finance LLC/WT Finance Ltd., 6.750%, 09/02/19 (e)		833
				1,841
		Thrifts & Mortgage Finance — 0.0% (g)
	400	Countrywide Financial Corp., 6.250%, 05/15/16		412
		Total Financials		122,867
		Health Care — 0.3%
		Biotechnology — 0.1%
	1,350	Amgen, Inc., 4.100%, 06/15/21		1,439
		Health Care Providers & Services — 0.2%
	381	Aetna, Inc., 1.750%, 05/15/17		380
	1,250	Medco Health Solutions, Inc., 7.125%, 03/15/18		1,550
	187	UnitedHealth Group, Inc., 3.375%, 11/15/21		197
	100	WellPoint, Inc., 2.375%, 02/15/17		103
				2,230
		Total Health Care		3,669
		Industrials — 1.8%
		Aerospace & Defense — 0.4%
	1,200	Honeywell International, Inc., 4.250%, 03/01/21		1,391
	850	Lockheed Martin Corp., 4.250%, 11/15/19		955
	325	Northrop Grumman Corp., 5.050%, 08/01/19		379
	1,550	United Technologies Corp., 6.125%, 02/01/19		1,923
				4,648
		Airlines — 0.1%
	106	American Airlines 2011-1 Class A Pass-Through Trust, 5.250%, 01/31/21		109
	677	American Airlines 2011-2 Class A Pass-Through Trust, 8.625%, 10/15/21		711

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Airlines — Continued
	365	Continental Airlines 2007-1 Class A Pass-Through Trust, 5.983%, 04/19/22		396
	55	Delta Air Lines 2010-2 Class A Pass-Through Trust, 4.950%, 05/23/19		58
	97	Delta Air Lines 2011-1 Class A Pass-Through Trust, 5.300%, 04/15/19		103
				1,377
		Commercial Services & Supplies — 0.1%
		Pitney Bowes, Inc.,
	200	5.000%, 03/15/15		209
	100	6.250%, 03/15/19		103
	417	Republic Services, Inc., 3.550%, 06/01/22		423
		Waste Management, Inc.,
	242	4.600%, 03/01/21		270
	150	4.750%, 06/30/20		169
				1,174
		Construction & Engineering — 0.1%
	350	ABB Finance USA, Inc., 2.875%, 05/08/22		349
	526	Fluor Corp., 3.375%, 09/15/21		549
				898
		Industrial Conglomerates — 0.2%
	784	Danaher Corp., 3.900%, 06/23/21		883
	480	Koninklijke Philips Electronics N.V., (Netherlands), 5.750%, 03/11/18		566
	1,000	Tyco International Ltd./Tyco International Finance S.A., (Switzerland), 7.000%, 12/15/19		1,265
				2,714
		Machinery — 0.1%
		Caterpillar, Inc.,
	900	3.900%, 05/27/21		1,005
	30	7.900%, 12/15/18		41
	700	Deere & Co., 4.375%, 10/16/19		819
				1,865
		Road & Rail — 0.8%
		Burlington Northern Santa Fe LLC,
	125	3.600%, 09/01/20		133
	2,000	4.100%, 06/01/21		2,201
		CSX Corp.,
	3,000	6.250%, 03/15/18		3,616
	230	7.375%, 02/01/19		294
		Norfolk Southern Corp.,
	829	3.250%, 12/01/21		866
	300	7.800%, 05/15/27		435
		Ryder System, Inc.,
	290	2.500%, 03/01/17		292
	535	3.500%, 06/01/17		565
	100	3.600%, 03/01/16		106
		Union Pacific Corp.,
	1,931	4.163%, 07/15/22		2,167
	142	5.450%, 01/31/13		146
				10,821
		Total Industrials		23,497
		Information Technology — 1.1%
		Communications Equipment — 0.0% (g)
		Cisco Systems, Inc.,
	180	4.450%, 01/15/20		208
	250	5.500%, 02/22/16		290
				498
		Computers & Peripherals — 0.3%
	1,400	Dell, Inc., 4.625%, 04/01/21		1,557
		Hewlett-Packard Co.,
	937	4.375%, 09/15/21		951
	1,100	4.750%, 06/02/14		1,164
	30	6.125%, 03/01/14		32
				3,704
		Electronic Equipment, Instruments & Components — 0.1%
		Arrow Electronics, Inc.,
	390	3.375%, 11/01/15		407
	155	6.000%, 04/01/20		172
	160	6.875%, 07/01/13		170
	500	7.500%, 01/15/27		580
				1,329
		Internet Software & Services — 0.1%
	1,250	eBay, Inc., 3.250%, 10/15/20		1,313
		IT Services — 0.2%
		International Business Machines Corp.,
	252	1.250%, 02/06/17		251
	1,000	1.875%, 05/15/19		1,007
	629	1.950%, 07/22/16		653
	40	8.375%, 11/01/19		58
				1,969
		Office Electronics — 0.1%
	1,650	Xerox Corp., 5.625%, 12/15/19		1,877
		Semiconductors & Semiconductor Equipment — 0.1%
	651	Intel Corp., 3.300%, 10/01/21		692
	837	Texas Instruments, Inc., 2.375%, 05/16/16		883
				1,575

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Software — 0.2%
	185	Intuit, Inc., 5.750%, 03/15/17		214
	1,500	Microsoft Corp., 4.200%, 06/01/19		1,760
		Oracle Corp.,
	720	5.750%, 04/15/18		873
	50	6.500%, 04/15/38		68
				2,915
		Total Information Technology		15,180
		Materials — 0.8%
		Chemicals — 0.6%
		Dow Chemical Co. (The),
	89	4.250%, 11/15/20		95
	325	5.900%, 02/15/15		364
	32	8.550%, 05/15/19		42
		E.I. du Pont de Nemours & Co.,
	200	5.750%, 03/15/19		247
	1,500	6.000%, 07/15/18		1,858
	660	Mosaic Co. (The), 3.750%, 11/15/21		690
	650	Potash Corp. of Saskatchewan, Inc., (Canada), 6.500%, 05/15/19		824
		PPG Industries, Inc.,
	550	3.600%, 11/15/20		589
	50	5.750%, 03/15/13		52
	1,325	6.650%, 03/15/18		1,642
	25	7.400%, 08/15/19		31
		Praxair, Inc.,
	1,000	3.000%, 09/01/21		1,053
	100	4.625%, 03/30/15		111
	240	5.200%, 03/15/17		282
	400	Union Carbide Corp., 7.500%, 06/01/25		483
				8,363
		Construction Materials — 0.0% (g)
	309	CRH America, Inc., 6.000%, 09/30/16		340
		Metals & Mining — 0.2%
	650	BHP Billiton Finance USA Ltd., (Australia), 5.500%, 04/01/14		705
	352	Freeport-McMoRan Copper & Gold, Inc., 2.150%, 03/01/17		347
	172	Nucor Corp., 5.850%, 06/01/18		210
		Rio Tinto Finance USA Ltd., (Australia),
	38	3.500%, 11/02/20		40
	800	4.125%, 05/20/21		874
	120	8.950%, 05/01/14		138
				2,314
		Total Materials		11,017
		Telecommunication Services — 1.1%
		Diversified Telecommunication Services — 1.0%
		AT&T, Inc.,
	1,500	4.450%, 05/15/21		1,711
	1,000	5.500%, 02/01/18		1,182
	850	5.600%, 05/15/18		1,015
	1,200	CenturyLink, Inc., 6.450%, 06/15/21		1,243
	900	Deutsche Telekom International Finance B.V., (Netherlands), 6.750%, 08/20/18		1,078
		France Telecom S.A., (France),
	525	2.750%, 09/14/16		532
	50	8.500%, 03/01/31		69
	400	Telecom Italia Capital S.A., (Luxembourg), 6.175%, 06/18/14		398
		Telefonica Emisiones S.A.U., (Spain),
	114	5.462%, 02/16/21		102
	400	6.221%, 07/03/17		385
		Verizon Communications, Inc.,
	1,750	5.500%, 02/15/18		2,072
	245	5.550%, 02/15/16		282
	2,055	8.750%, 11/01/18		2,809
				12,878
		Wireless Telecommunication Services — 0.1%
	1,000	Crown Castle Towers LLC, 3.214%, 08/15/15 (e)		1,019
	500	Vodafone Group plc, (United Kingdom), 5.625%, 02/27/17		585
				1,604
		Total Telecommunication Services		14,482
		Utilities — 2.5%
		Electric Utilities — 1.8%
	800	Appalachian Power Co., 4.600%, 03/30/21		897
	461	Carolina Power & Light Co., 2.800%, 05/15/22		470
	800	CenterPoint Energy Houston Electric LLC, 7.000%, 03/01/14		881
	237	Comision Federal de Electricidad, (Mexico), 4.875%, 05/26/21 (e)		248
	2,150	Commonwealth Edison Co., 1.625%, 01/15/14		2,182
	137	Consumers Energy Co., 2.850%, 05/15/22		140
	200	Detroit Edison Co. (The), 3.900%, 06/01/21		225
		Duke Energy Carolinas LLC,
	1,250	3.900%, 06/15/21		1,398
	50	6.450%, 10/15/32		67

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Electric Utilities — Continued
	233	Duke Energy Corp., 3.550%, 09/15/21		249
	160	Duke Energy Indiana, Inc., 3.750%, 07/15/20		177
	400	Enel Finance International N.V., (Netherlands), 5.125%, 10/07/19 (e)		378
	180	Exelon Generation Co. LLC, 4.000%, 10/01/20		187
	3,700	Georgia Power Co., 4.250%, 12/01/19		4,254
	263	Great Plains Energy, Inc., 4.850%, 06/01/21		285
	25	Indiana Michigan Power Co., 7.000%, 03/15/19		32
	1,000	Nevada Power Co., 6.500%, 08/01/18		1,238
		NextEra Energy Capital Holdings, Inc.,
	200	6.000%, 03/01/19		236
	40	7.875%, 12/15/15		48
	300	Oncor Electric Delivery Co. LLC, 7.000%, 09/01/22		368
		Pacific Gas & Electric Co.,
	424	3.250%, 09/15/21		447
	50	6.050%, 03/01/34		64
	200	PacifiCorp, 5.650%, 07/15/18		241
	1,500	Pennsylvania Electric Co., 6.050%, 09/01/17		1,726
	490	Progress Energy, Inc., 4.400%, 01/15/21		554
	74	Public Service Co. of Colorado, 3.200%, 11/15/20		80
	220	Public Service Co. of Oklahoma, 4.400%, 02/01/21		245
	25	Public Service Electric & Gas Co., 2.700%, 05/01/15		26
		Southern California Edison Co.,
	958	3.875%, 06/01/21		1,073
	650	5.500%, 08/15/18		790
	1,860	Southwestern Electric Power Co., 6.450%, 01/15/19		2,258
	1,500	Southwestern Public Service Co., 8.750%, 12/01/18		2,036
	429	Virginia Electric and Power Co., 2.950%, 01/15/22		442
				23,942
		Gas Utilities — 0.2%
	939	AGL Capital Corp., 3.500%, 09/15/21		981
	380	Atmos Energy Corp., 4.950%, 10/15/14		412
	843	CenterPoint Energy Resources Corp., 4.500%, 01/15/21		926
				2,319
		Independent Power Producers & Energy Traders — 0.0% (g)
	500	PSEG Power LLC, 4.150%, 09/15/21		531
		Multi-Utilities — 0.3%
	500	CenterPoint Energy, Inc., 6.500%, 05/01/18		599
	350	Dominion Resources, Inc., 5.200%, 08/15/19		414
	175	KCP&L Greater Missouri Operations Co., 11.875%, 07/01/12		176
		Nisource Finance Corp.,
	500	5.450%, 09/15/20		568
	100	6.800%, 01/15/19		121
	6	San Diego Gas & Electric Co., 5.350%, 05/15/40		8
		Sempra Energy,
	500	2.000%, 03/15/14		508
	1,400	9.800%, 02/15/19		1,965
				4,359
		Water Utilities — 0.2%
	1,700	American Water Capital Corp., 6.085%, 10/15/17		2,002
		Total Utilities		33,153
		Total Corporate Bonds (Cost $259,669)		270,892
	Foreign Government Security — 0.1%
	1,600	Province of Ontario, (Canada), 0.950%, 05/26/15 (Cost $1,600)		1,603
	Mortgage Pass-Through Securities — 4.0%
		Federal Home Loan Mortgage Corp. Gold Pools, 15 Year, Single Family,
	10,240	5.500%, 01/01/24 - 02/01/24		11,136
	799	Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family, 5.500%, 05/01/27		870
		Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,
	4,140	4.500%, 05/01/41		4,427
	742	5.000%, 10/01/33		824
	23	6.000%, 12/01/36		26
		Federal National Mortgage Association, 15 Year, Single Family,
	304	6.000%, 10/01/19 - 01/01/24		328
		Federal National Mortgage Association, 30 Year, Single Family,
	3,609	5.000%, 03/01/36 - 08/01/40		3,927
	696	5.500%, 02/01/38		763

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Mortgage Pass-Through Securities — Continued
	2,585	6.000%, 12/01/32 - 04/01/35		2,922
	492	6.500%, 10/01/37 - 10/01/38		555
	302	7.000%, 04/01/37		349
		Federal National Mortgage Association, Other,
	1,500	2.140%, 04/01/19		1,537
	1,360	2.490%, 10/01/17		1,423
	1,500	3.370%, 11/01/20		1,622
	3,500	3.380%, 01/01/18		3,793
	1,000	3.480%, 12/01/20		1,088
	1,750	3.590%, 10/01/20		1,915
	4,966	3.730%, 06/01/18		5,467
	1,718	3.810%, 01/01/19		1,893
	1,285	3.860%, 07/01/21		1,428
	1,000	4.260%, 07/01/21		1,136
	1,976	4.330%, 04/01/21		2,250
	782	4.369%, 02/01/20		889
	986	4.640%, 01/01/21		1,138
	1,531	Government National Mortgage Association II, 30 Year, Single Family, 6.000%, 09/20/38		1,720
		Total Mortgage Pass-Through Securities (Cost $51,351)		53,426
	Supranational — 0.0% (g)
	641	Corp. Andina de Fomento, 3.750%, 01/15/16 (Cost $646)		667
	U.S. Government Agency Securities — 21.3%
	25,655	Federal Home Loan Bank, 1.750%, 09/11/15		26,517
		Federal Home Loan Mortgage Corp.,
	30,000	1.375%, 02/25/14		30,539
	20,000	1.750%, 05/30/19		20,493
	28,800	2.875%, 02/09/15		30,616
	28,700	3.750%, 03/27/19		33,095
	20,000	4.500%, 01/15/14		21,405
		Federal National Mortgage Association,
	30,000	0.500%, 10/30/12		30,043
	20,000	1.375%, 11/15/16		20,409
	14,000	1.500%, 06/26/13 (m)		14,189
	12,600	1.625%, 10/26/15		13,013
	36,500	5.000%, 02/13/17		43,311
		Total U.S. Government Agency Securities (Cost $278,567)		283,630
	U.S. Treasury Obligations — 14.3%
		U.S. Treasury Inflation Indexed Notes,
	82,500	0.125%, 01/15/22		89,043
	40,000	1.625%, 01/15/18		50,468
	40,000	1.875%, 07/15/15		51,699
		Total U.S. Treasury Obligations (Cost $189,219)		191,210
SHARES
	Short-Term Investment — 3.4%
		Investment Company — 3.4%
	44,986	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.150% † (b) (l) (m) (Cost $44,986)		44,986
		Total Investments — 100.1% (Cost $1,308,256)		1,334,547
		Liabilities in Excess of Other Assets — (0.1)%		(1,670	)
		NET ASSETS — 100.0%	$	1,332,877

Percentages indicated are based on net assets.

Inflation-Linked Swaps

(Amounts in thousands)

	RATE TYPE (r)
SWAP COUNTERPARTY	PAYMENTS MADE BY THE FUND		PAYMENTS RECEIVED BY THE FUND		TERMINATION DATE		NOTIONAL AMOUNT		VALUE
Barclays Bank plc		1.740% at termination		CPI-U at termination		06/24/14	$	15,000	$	207
Barclays Bank plc		2.095% at termination		CPI-U at termination		05/24/16		7,000		27
Barclays Bank plc		2.250% at termination		CPI-U at termination		05/09/17		45,000		(317	)
BNP Paribas S.A.		1.970% at termination		CPI-U at termination		01/31/14		47,000		410
BNP Paribas S.A.		2.125% at termination		CPI-U at termination		01/25/15		60,000		169
Citibank, N.A.		1.470% at termination		CPI-U at termination		08/26/15		40,000		1,527
Credit Suisse International		2.180% at termination		CPI-U at termination		05/22/17		18,000		(82	)
Credit Suisse International		2.085% at termination		CPI-U at termination		06/01/17		25,000		(12	)
Deutsche Bank AG, New York		1.990% at termination		CPI-U at termination		06/08/15		8,000		34
Deutsche Bank AG, New York		2.380% at termination		CPI-U at termination		06/02/16		120,000		(2,134	)
Morgan Stanley Capital Services		2.610% at termination		CPI-U at termination		04/28/16		104,000		(2,585	)
Morgan Stanley Capital Services		1.970% at termination		CPI-U at termination		08/30/16		75,000		208
Royal Bank of Scotland		2.050% at termination		CPI-U at termination		02/16/14		50,000		207
Royal Bank of Scotland		2.150% at termination		CPI-U at termination		02/16/15		50,000		(10	)
Royal Bank of Scotland		2.270% at termination		CPI-U at termination		08/02/15		77,000		(1,589	)
UBS Warburg		1.840% at termination		CPI-U at termination		06/24/13		25,000		(50	)
UBS Warburg		1.770% at termination		CPI-U at termination		06/27/13		25,000		(24	)
UBS Warburg		2.438% at termination		CPI-U at termination		03/02/16		20,000		(269	)
									$	(4,283	)

Swaps — The Fund engages in various swap transactions, including inflation-linked, price lock and interest rate swaps, to manage interest rate (e.g., duration, yield curve) and inflation risks within its portfolio. The Fund also uses swaps as alternatives to direct investments. Swap transactions are negotiated contracts between a Fund and a counterparty to exchange swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

The use of swaps exposes the Fund to interest rate risk. The Fund also may be subject to various risks from the use of swaps including: (i) the risk that changes in the value of the swap may not correlate perfectly with the underlying rate; (ii) counterparty credit risk related to the failure, by the counterparty to the swap, to perform under the terms of the contract; (iii) liquidity risk related to the lack of a liquid market for these contracts allowing the Fund to close out its position(s); and, (iv) documentation risk relating to disagreement over contract terms. Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Fund.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding swap contracts with the counterparty in the form of cash or securities. Collateral posted by the Fund is held in a segregated account at the Fund’s custodian bank. Cash collateral posted by the Fund is invested in an affiliated money market fund.

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

CMO	—	Collateralized Mortgage Obligation
CPI-U	—	Consumer Price Index for All Urban Customers
IF	—	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of May 31, 2012. The rate may be subject to a cap and floor.
IO	—	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
PO	—	Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
REMICS	—	Real Estate Mortgage Investment Conduits
STRIPS	—	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of May 31, 2012.
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of May 31, 2012.

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

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

(g) Amount rounds to less than 0.1%.

(l) The rate shown is the current yield as of May 31, 2012.

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

(r) Rates shown are per annum and payments are as described.

† Approximately $4,820,000 of this investment is restricted as collateral for swaps to various brokers.

As of May 31, 2012, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	31,403
Aggregate gross unrealized depreciation		(5,112	)
Net unrealized appreciation/depreciation	$	26,291
Federal income tax cost of investments	$	1,308,256

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

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

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

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

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

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

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

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

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

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

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

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset Backed Securities	$	—	$	32,588		$	866	$	33,454
Collateralized Mortgage Obligations
Agency CMO		—		419,002			309		419,311
Non-Agency CMO		—		14,555			—		14,555
Total Collateralized Mortgage Obligations		—		433,557			309		433,866
Commercial Mortgage-Backed Securities		—		20,813			—		20,813
Corporate Bonds
Consumer Discretionary		—		15,730			—		15,730
Consumer Staples		—		14,579			—		14,579
Energy		—		16,718			—		16,718
Financials		—		122,867			—		122,867
Health Care		—		3,669			—		3,669
Industrials		—		22,120			1,377		23,497
Information Technology		—		15,180			—		15,180
Materials		—		11,017			—		11,017
Telecommunication Services		—		14,482			—		14,482
Utilities		—		33,153			—		33,153
Total Corporate Bonds		—		269,515			1,377		270,892
Foreign Government Security		—		1,603			—		1,603
Mortgage Pass-Through Securities		—		53,426			—		53,426
Supranational		—		667			—		667
U.S. Government Agency Securities		—		283,630			—		283,630
U.S. Treasury Obligations		—		191,210			—		191,210
Short-Term Investment
Investment Company		44,986		—			—		44,986
Total Investments in Securities	$	44,986	$	1,287,009		$	2,552	$	1,334,547
Appreciation in Other Financial Instruments
Swaps	$	—	$	2,789		$	—	$	2,789
Depreciation in Other Financial Instruments
Swaps	$	—	$	(7,072	)	$	—	$	(7,072	)

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

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

Inflation Managed Bond Fund	Balance as of 2/29/12		Realized gain (loss)		Change in unrealized appreciation (depreciation)			Net amortization (accretion)		Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3		Balance as of 5/31/12
Investments in Securities
Asset-Backed Securities	$	—	$	—	$	1		$	—	$	—	$	(131	)	$	996	$	—	$	866
Collateralized Mortgage Obligations
Agency CMO		—		—		1			—		—		(4	)		312		—		309
Corporate Bonds - Industrials		—		—		(9	)		—		—		(37	)		1,423		—		1,377
Total	$	—	$	—	$	(7	)	$	—	$	—	$	(172	)	$	2,731	$	—	$	2,552

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

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

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

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

The change in unrealized appreciation (depreciation) attributable to securities owned at May 31, 2012, which were valued using

significant unobservable inputs (Level 3), amounted to approximately $(7,000).

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION (t)	VALUE ($)
	Municipal Bonds — 97.4%
		Alabama — 0.5%
		Education — 0.2%
	10,000	Alabama Public School & College Authority, Capital Improvement, Rev., 5.000%, 12/01/16		11,834
		General Obligation — 0.1%
	1,790	City of Huntsville, Capital Improvement Works, Series A, GO, 5.000%, 09/01/22		2,122
		City of Huntsville, School, Capital Improvement Works,
	1,000	Series B, GO, 5.000%, 09/01/22		1,186
	1,000	Series B, GO, 5.000%, 09/01/26		1,182
				4,490
		Prerefunded — 0.2%
	6,960	Jefferson County, Water & Sewer System, Capital Improvement, Rev., FGIC, 5.125%, 08/01/12 (p)		7,014
		Total Alabama		23,338
		Alaska — 0.6%
		Certificate of Participation/Lease — 0.3%
	12,275	Boro of Matanuska-Susitna, Goose Creek Correctional Center, Rev., COP, AGC, 5.500%, 09/01/23		14,808
		Other Revenue — 0.2%
	9,000	Alaska Industrial Development & Export Authority, Providence Health & Services, Series A, Rev., 5.500%, 10/01/41		10,200
		Utility — 0.1%
		Alaska Municipal Bond Bank Authority,
	1,000	Series 1, Rev., 5.250%, 09/01/23		1,169
	1,000	Series 1, Rev., 5.375%, 09/01/25		1,156
	1,000	Series 1, Rev., 5.500%, 09/01/27		1,151
				3,476
		Total Alaska		28,484
		Arizona — 2.6%
		Certificate of Participation/Lease — 0.5%
		Arizona School Facilities Board,
	15,000	COP, 5.750%, 09/01/18		18,057
	5,000	Series A-2, COP, AGM-CR, FGIC, 5.000%, 09/01/17		5,508
	1,680	Series A-3, COP, AGM-CR, FGIC, 5.000%, 09/01/17		1,851
	1,000	Arizona State University, Board of Regents, COP, NATL-RE, 5.000%, 07/01/18		1,140
				26,556
		General Obligation — 0.2%
	1,140	City of Scottsdale, GO, 5.000%, 07/01/21		1,444
	905	Maricopa County Unified School District No. 89-Dysart, GO, NATL-RE, FGIC, 5.250%, 07/01/20		1,116
	4,455	Tempe Union High School District No. 213, GO, AGM, 5.000%, 07/01/13		4,685
				7,245
		Hospital — 0.7%
		Arizona Health Facilities Authority, Banner Health,
	3,000	Series D, Rev., 5.000%, 01/01/13		3,080
	3,000	Series D, Rev., 5.000%, 01/01/14		3,211
	2,500	Series D, Rev., 5.000%, 01/01/23		2,774
	5,000	Series D, Rev., 5.000%, 01/01/24		5,516
	10,000	Series D, Rev., 5.500%, 01/01/19		11,852
	5,000	Arizona Health Facilities Authority, Phoenix Children’s Hospital, Series A, Rev., VAR, 1.180%, 02/02/15		4,710
	300	Gila County IDA, Cobre Valley Community Hospital, Rev., ACA, 5.750%, 12/01/12		300
	1,000	Scottsdale IDA, Healthcare, Series A, Rev., 5.000%, 09/01/15		1,090
				32,533
		Other Revenue — 0.1%
		Pima County, Sewer System Revenue,
	2,300	Series B, Rev., 5.000%, 07/01/21		2,799
	2,150	Series B, Rev., 5.000%, 07/01/22		2,583
				5,382
		Prerefunded — 0.4%
	14,360	Arizona School Facilities Board, State School Trust, Series A, Rev., AMBAC, 5.750%, 07/01/14 (p)		15,917
	5,540	Maricopa County IDA, Capital Appreciation, Series 1983A, Rev., Zero Coupon, 12/31/14 (p)		5,452
	1,000	Tucson & Pima Counties IDA, Capital Appreciation, Series 1983A, Rev., Zero Coupon, 12/01/14 (p)		985
				22,354
		Special Tax — 0.4%
		Glendale Western Loop 101 Public Facilities Corp.,
	5,000	Series A, Rev., 6.250%, 07/01/38		5,315
	10,250	Series A, Rev., 7.000%, 07/01/28		11,112

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Special Tax –– Continued
	5,000	Series A, Rev., 7.000%, 07/01/33		5,420
				21,847
		Transportation — 0.2%
		Arizona State Transportation Board, Highway,
	5,000	Rev., 5.000%, 07/01/17		5,777
	4,675	Series B, Rev., 5.000%, 07/01/16		5,385
				11,162
		Utility — 0.1%
		Salt River Project Agricultural Improvement & Power District,
	1,000	Series A, Rev., 5.000%, 01/01/20		1,176
	500	Series A, Rev., 5.000%, 01/01/21		601
	1,000	Series A, Rev., 5.000%, 01/01/22		1,171
				2,948
		Water & Sewer — 0.0% (g)
	1,000	Arizona Water Infrastructure Finance Authority, Water Quality, Series A, Rev., 5.000%, 10/01/24		1,182
		Total Arizona		131,209
		California — 13.9%
		Certificate of Participation/Lease — 0.8%
		California State Public Works Board, California State University,
	2,040	Series B, Rev., COP, AGM, 5.000%, 04/01/21		2,178
	2,245	Series B, Rev., COP, AGM, 5.000%, 04/01/23		2,370
	1,850	California State Public Works Board, Department of Corrections & Rehabilitation, Series E, Rev., COP, XLCA, 5.000%, 06/01/18		1,966
		California State Public Works Board, Department of Forestry & Fire Protection,
	2,785	Series C, Rev., COP, AGM, 5.000%, 04/01/22		2,953
	2,105	Series C, Rev., COP, AGM, 5.000%, 04/01/24		2,210
	2,310	Series C, Rev., COP, AGM, 5.000%, 04/01/26		2,403
	1,000	California State Public Works Board, Department of General Services, Series A, Rev., COP, AMBAC, 5.250%, 12/01/19		1,017
		California State Public Works Board, Department of General Services, Butterfield State,
	2,400	Series A, Rev., COP, 5.000%, 06/01/13		2,507
	2,330	Series A, Rev., COP, 5.000%, 06/01/14		2,518
	3,500	Series A, Rev., COP, 5.000%, 06/01/19		3,815
	1,750	Series A, Rev., COP, 5.000%, 06/01/20		1,891
		California State Public Works Board, Department of Justice,
	1,285	Series D, Rev., COP, AGM, 5.000%, 04/01/21		1,372
	1,415	Series D, Rev., COP, AGM, 5.000%, 04/01/23		1,494
	1,560	Series D, Rev., COP, AGM, 5.000%, 04/01/25		1,628
	10,445	Castaic Lake Water Agency, Capital Appreciation, Water System Improvement Project, COP, AMBAC, Zero Coupon, 08/01/25		6,341
	1,700	Fontana Public Finance Authority, Rev., COP, AMBAC, 5.250%, 09/01/19		1,831
				38,494
		Education — 1.3%
	2,000	California Educational Facilities Authority, University of Southern California, Series A, Rev., 5.000%, 10/01/39		2,269
	3,360	California State Public Works Board, University Research Project, Series E, Rev., 5.250%, 10/01/20		3,833
	500	California State University, Systemwide, Series C, Rev., AGM, 5.000%, 11/01/14		553
	2,390	Dublin Unified School District, Capital Appreciation, Election of 2004, Series C, GO, NATL-RE, Zero Coupon, 08/01/32		835
	25,000	Los Angeles Unified School District, Series A-2, GO, 5.000%, 07/01/21		31,072
		University of California,
	10,000	Series O, Rev., 5.750%, 05/15/28		12,106
	5,000	Series O, Rev., 5.750%, 05/15/30		5,989
	10,000	Series O, Rev., 5.750%, 05/15/34		11,825
				68,482
		General Obligation — 7.3%
		Carlsbad Unified School District,
	1,000	GO, Zero Coupon, 05/01/15		972
	2,000	GO, Zero Coupon, 05/01/18		1,743
	2,070	Center Unified School District, Election of 1991, Series D, GO, NATL-RE, Zero Coupon, 08/01/24		1,171

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		General Obligation — Continued
		City of Los Angeles,
	9,000	Series A, GO, 5.000%, 09/01/20		11,300
	22,735	Series A, GO, 5.000%, 09/01/21		28,453
	5,500	Grossmont Union High School District, Election 2004, GO, 5.000%, 08/01/23		6,812
	19,585	Grossmont-Cuyamaca Community College District, Capital Appreciation, Election of 2002, Series C, GO, AGC, Zero Coupon, 08/01/26		10,660
		Long Beach Community College District, Election of 2002, Capital Appreciation,
	3,265	Series D, GO, NATL-RE, FGIC, Zero Coupon, 05/01/20		2,557
	4,365	Series D, GO, NATL-RE, FGIC, Zero Coupon, 05/01/21		3,245
	5,265	Series D, GO, NATL-RE, FGIC, Zero Coupon, 05/01/22		3,681
		Los Angeles Unified School District,
	7,750	Series B, GO, AGM, 4.750%, 07/01/19		8,871
	6,880	Series B, GO, FGIC, 4.750%, 07/01/21		7,732
	6,120	Series I, GO, 5.250%, 07/01/23		7,334
	30,190	Los Angeles Unified School District, Election of 2002, Series A, GO, AGM, 5.000%, 07/01/13 (p)		31,727
	10,315	Los Angeles Unified School District, Election of 2004, Series G, GO, AMBAC, 5.000%, 07/01/30		11,251
	1,250	Los Angeles Unified School District, Headquarters Building Projects, Series B, COP, GO, 5.000%, 10/01/30 (w)		1,367
	2,925	Los Rios Community College District, Election of 2002, Series B, GO, NATL-RE, 5.000%, 08/01/12 (p)		3,007
		Mount Diablo Unified School District, Election 20002,
	1,925	Series B-2, GO, 5.000%, 07/01/25		2,264
	4,255	Series B-2, GO, 5.000%, 07/01/26		4,973
	2,085	Napa Valley Unified School District, Election of 2002, GO, NATL-RE, FGIC, 5.000%, 08/01/27		2,264
	3,615	Palomar Pomerado Health, Capital Appreciation, Series A, GO, NATL-RE, Zero Coupon, 08/01/18		3,017
	14,180	San Diego Community College District, GO, 5.000%, 08/01/24		17,700
	1,595	San Diego Community College District, Election of 2006, Capital Appreciation, GO, AGM, Zero Coupon, 08/01/15		1,549
	8,945	San Francisco City & County Unified School District, Election of 2003, Series B, GO, AGM, 5.000%, 06/15/12 (p)		9,141
	1,500	San Francisco City & County, Clean and Safe Neighborhood Parks Bonds, Series B, GO, 4.000%, 06/15/20		1,761
	3,545	San Francisco Unified School District, Proposition A, Election of 2011, Series A, GO, 4.000%, 06/15/22		4,009
	5,400	San Mateo Union High School District, Capital Appreciation, GO, Zero Coupon, 02/15/15		5,283
	295	Santa Monica Community College District, Election of 2007, Series B, GO, NATL-RE, FGIC, Zero Coupon, 08/01/14		291
	5,450	State Center Community College District, GO, 5.250%, 08/01/28		6,492
		State of California,
	6,875	GO, 5.000%, 11/01/15		7,764
	5,000	GO, 5.000%, 08/01/16		5,760
	8,545	GO, 5.000%, 02/01/21		8,921
	1,650	GO, 5.000%, 08/01/22		1,837
	5,000	GO, 5.125%, 04/01/23		5,337
	3,000	GO, 5.250%, 02/01/13 (p)		3,101
	1,150	GO, NATL-RE, 5.000%, 06/01/21		1,276
	3,590	GO, NATL-RE, 5.250%, 02/01/26		3,683
	5,000	GO, NATL-RE, FGIC-TCRS, 5.250%, 02/01/15		5,283
	4,655	Series 2, GO, 5.000%, 09/01/20		5,237
		State of California, Economic Recovery,
	7,535	Series A, GO, 5.000%, 07/01/15		8,192
	25,860	Series A, GO, NATL-RE, 5.000%, 07/01/15		28,258
	6,000	Series A, GO, NATL-RE, FGIC, 5.250%, 07/01/14		6,582
		State of California, Various Purpose,
	25	GO, 5.000%, 03/01/14		27
	15,000	GO, 5.000%, 04/01/17		17,540
	6,790	GO, 5.500%, 04/01/18		8,244
	6,800	GO, 5.500%, 04/01/21		8,267
	15,000	GO, 5.625%, 04/01/26		17,606
	6,685	GO, 6.500%, 04/01/33		8,130
	6,580	Temple City Unified School District, GO, NATL-RE, FGIC, 5.250%, 08/01/22		8,271
	2,700	West Contra Costa Unified School District, Election of 2005, Series A, GO, AGM, 5.000%, 08/01/25		2,902

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		General Obligation — Continued
		West Valley-Mission Community College District, Election of 2004,
	2,840	Series A, GO, AGM, 5.000%, 08/01/23		3,204
	5,695	Series A, GO, AGM, 5.000%, 08/01/25		6,421
				372,470
		Hospital — 0.3%
		California Health Facilities Financing Authority, Providence Health & Services,
	2,000	Series C, Rev., 6.250%, 10/01/28		2,367
	2,450	Series C, Rev., 6.500%, 10/01/33		2,930
	6,000	California State Public Works Board, Department of Mental Health, Coalinga State Hospital, Series A, Rev., 5.500%, 06/01/22		6,448
		California Statewide Communities Development Authority, Insured Health Facilities, Los Angeles Jewish Home,
	3,000	Rev., 5.000%, 11/15/18		3,092
	1,000	Rev., 5.250%, 11/15/23		1,023
				15,860
		Other Revenue — 1.2%
		California Health Facilities Financing Authority, Cedars Sinai Medical Center,
	2,250	Rev., 5.000%, 08/15/18		2,675
	1,000	Rev., 5.000%, 08/15/19		1,208
	2,000	Rev., 5.000%, 08/15/20		2,422
	1,500	Rev., 5.000%, 08/15/21		1,797
		California Health Facilities Financing Authority, Sutter Health,
	1,500	Series D, Rev., 5.000%, 08/15/24		1,761
	2,000	Series D, Rev., 5.000%, 08/15/25		2,332
	1,965	California Health Facilities Financing Authority, Unrefunded Balance, Providence Health, Rev., 6.500%, 10/01/38		2,318
	6,490	California State University, Series A, Rev., AGM, 4.750%, 11/01/23		6,940
	1,000	California Statewide Communities Development Authority, Kaiser Permanente, Series E-1, VAR, 1.000%, 04/01/44		1,159
		City of Los Angeles, Wastewater System,
	9,000	Subseries A, Rev., 5.000%, 06/01/19		11,144
	8,000	Subseries A, Rev., 5.000%, 06/01/20		9,953
		Los Angeles Municipal Improvement Corp., Lease, Capital Improvement,
	4,300	Series A, Rev., 5.000%, 03/01/17 (w)		4,926
	4,765	Series A, Rev., 5.000%, 03/01/18 (w)		5,496
	1,000	San Diego Public Facilities Financing Authority, Subseries A, Rev., 5.000%, 08/01/20		1,243
	2,270	San Francisco City & County, Road Repaving & Street Safety, Series C, GO, 4.000%, 06/15/19		2,663
		Simi Valley School Financing Authority, Unified School District,
	1,250	Rev., AGM, 5.000%, 08/01/19		1,503
	2,000	Rev., AGM, 5.000%, 08/01/20		2,368
				61,908
		Prerefunded — 1.7%
	35	California Health Facilities Financing Authority, Providence Health, Rev., 6.500%, 10/01/18 (p)		46
	500	California State Department of Water Resources, Central Valley Project, Water Systems, Series J-1, Rev., 7.000%, 12/01/12 (p)		517
	22,205	Golden State Tobacco Securitization Corp., Series A-1, Rev., 6.750%, 06/01/13 (p)		23,627
		Golden State Tobacco Securitization Corp., Asset-Backed,
	7,350	Series A-2, Rev., 7.900%, 06/01/13 (p)		7,902
	3,305	Series A-4, Rev., 7.800%, 06/01/13 (p)		3,550
		Golden State Tobacco Securitization Corp., Enhanced, Asset-Backed,
	1,000	Series B, Rev., 5.000%, 06/01/12 (p)		1,000
	5,000	Series B, Rev., AMBAC, 5.000%, 06/01/13 (p)		5,236
	5,000	Huntington Park Redevelopment Agency, Capital Appreciation, Junior Lien Tax- Merged, TAN, Zero Coupon, 01/01/19 (p)		4,523
		Los Angeles Unified School District, Election of 1997,
	13,455	Series E, GO, NATL-RE, 5.125%, 07/01/12 (p)		13,510
	11,755	Series F, GO, FGIC, 5.000%, 07/01/13 (p)		12,354
	2,020	Rio Hondo Community College District, Series A, GO, NATL-RE, 5.250%, 08/01/14 (p)		2,236
		San Marcos Public Facilities Authority, CR,
	1,000	Rev., Zero Coupon, 01/01/19 (p)		905
	2,850	Rev., Zero Coupon, 09/01/19 (p)		2,532
	2,065	State of California, GO, 5.000%, 02/01/33 (p)		2,226

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Prerefunded — Continued
	5,215	State of California, Economic Recovery, Series A, GO, 5.000%, 07/01/14 (p)		5,726
				85,890
		Transportation — 0.2%
	5,000	Bay Area Governments Association, State Payment Acceleration Notes, Rev., NATL-RE, FGIC, 5.000%, 08/01/17		5,031
	2,000	Bay Area Toll Authority, Toll Bridge, San Francisco Bay Area, Series F, Rev., 5.000%, 04/01/18		2,300
	3,230	Los Angeles Department of Airports, Ontario International, Series A, Rev., AMT, NATL-RE, 4.750%, 05/15/13		3,345
				10,676
		Utility — 0.4%
		Long Beach Bond Finance Authority, Natural Gas,
	2,500	Series A, Rev., 5.250%, 11/15/21		2,725
	9,545	Series A, Rev., 5.250%, 11/15/22		10,399
	5,000	Southern California Public Power Authority, San Juan Unit 3, Power Project, Series A, Rev., AGM, 5.500%, 01/01/13		5,153
				18,277
		Water & Sewer — 0.7%
	1,840	California State Department of Water Resources, Central Valley Project, Water Systems, Unrefunded Balance, Series J-1, Rev., 7.000%, 12/01/12		1,901
	785	City of Long Beach, Water System, Series A, Rev., NATL-RE, 5.750%, 05/01/15		853
	5,000	City of Santa Rosa, Capital Appreciation, Series B, Rev., AGM-CR, AMBAC, Zero Coupon, 09/01/23		3,198
		City of Vallejo,
	3,010	Rev., NATL-RE, 5.000%, 05/01/22		3,117
	3,160	Rev., NATL-RE, 5.000%, 05/01/23		3,254
	3,320	Rev., NATL-RE, 5.000%, 05/01/24		3,407
	3,490	Rev., NATL-RE, 5.000%, 05/01/25		3,572
		San Diego Public Facilities Financing Authority,
	3,500	Series A, Rev., 5.000%, 05/15/21		4,268
	2,165	Series A, Rev., 5.000%, 05/15/22		2,615
	6,200	Series A, Rev., 5.000%, 05/15/23		7,429
	1,000	San Luis Obispo County Financing Authority, Nacimiento Water Project, Series A, Rev., NATL-RE, 5.000%, 09/01/19		1,141
				34,755
		Total California		706,812
		Colorado — 3.9%
		Certificate of Participation/Lease — 0.1%
	5,000	Colorado Higher Education, Capital Construction, COP, 5.250%, 11/01/23		5,837
		Education — 0.1%
	2,035	Arapahoe County School District No. 6-Littleton, GO, NATL-RE, FGIC, 5.250%, 12/01/12 (p)		2,086
		University of Colorado, Enterprise System,
	500	Series A, Rev., 5.500%, 06/01/21		628
	1,480	Series A, Rev., 5.500%, 06/01/26		1,817
	750	Series A, Rev., 5.750%, 06/01/28		931
				5,462
		General Obligation — 1.6%
	23,470	Adams & Arapahoe Joint School District 28J Aurora, GO, 6.250%, 12/01/18 (p)		30,994
	6,845	Denver City & County, Better Denver & Zoo, Series A, GO, 5.250%, 08/01/20		8,610
	1,610	Douglas County School District No. Re-1, Douglas & Elbert Counties, GO, NATL-RE, FGIC, 5.750%, 12/15/14 (p)		1,823
	4,750	Douglas County School District No. Re-1, Douglas & Elbert Counties, Capital Appreciation, Series B, GO, Zero Coupon, 12/15/14 (p)		4,668
		Jefferson County School District R-001,
	18,325	GO, 5.000%, 12/15/20		22,926
	9,500	GO, 5.000%, 12/15/22		12,004
				81,025
		Hospital — 0.1%
		Colorado Health Facilities Authority, Boulder Hospital,
	1,000	Series B, Rev., NATL-RE, 6.000%, 10/01/12		1,018
	615	Series C, Rev., NATL-RE, 6.000%, 10/01/12		626
	825	Series C, Rev., NATL-RE, 6.000%, 10/01/13		877
	585	Series C, Rev., NATL-RE, 6.000%, 10/01/14		647

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Hospital — Continued
	1,350	Colorado Health Facilities Authority, Denver Options, Inc. Project, Rev., ACA, 5.000%, 02/01/17		1,339
				4,507
		Housing — 0.0% (g)
	5	Colorado Housing & Finance Authority, Rev., 5.375%, 08/01/12		5
		Other Revenue — 0.1%
	5,000	Denver City & County, Airport, Series B, Rev., 5.500%, 11/15/13 (p)		5,379
		Prerefunded — 1.5%
	42,790	Adams County, Single Family Mortgage, Capital Appreciation, Series A, Rev., Zero Coupon, 06/01/16 (p)		41,210
	17,350	Colorado Housing & Finance Authority, Capital Appreciation, Series A, Rev., Zero Coupon, 09/01/14 (p)		17,123
	10,000	Dawson Ridge Metropolitan District No. 1, Series A, GO, Zero Coupon, 10/01/22 (p)		7,738
	1,690	Douglas County School District No. Re-1, Douglas & Elbert Counties, Buildings, Series B, GO, AGM, 5.750%, 12/15/12 (p)		1,740
	5,000	Regional Transportation District, Fastracks Project, Series A, Rev., AMBAC, 5.000%, 11/01/16 (p)		5,951
		University of Colorado, Enterprise System,
	2,250	Series A, Rev., FGIC, 5.000%, 06/01/12 (p)		2,250
	1,000	Series B, Rev., FGIC, 5.250%, 06/01/13 (p)		1,049
				77,061
		Transportation — 0.4%
	7,675	Colorado Department of Transportation, Series B, Rev., NATL-RE, 5.500%, 06/15/15		8,812
		Denver City & County, Airport,
	3,030	Series B, Rev., AMT, NATL-RE, FGIC, 5.000%, 11/15/13		3,213
	5,000	Series B, Rev., AMT, NATL-RE, FGIC, 5.000%, 11/15/14		5,488
	2,500	Series E, Rev., NATL-RE, FGIC, 5.250%, 11/15/13		2,553
				20,066
		Total Colorado		199,342
		Connecticut — 0.8%
		General Obligation — 0.5%
		State of Connecticut,
	7,000	Series A, GO, 5.000%, 04/15/22		8,250
	6,020	Series A, GO, NATL-RE, 5.000%, 03/01/14 (p)		6,511
	6,000	Series B, GO, AMBAC, 5.250%, 06/01/20		7,586
	3,000	Series C, GO, NATL-RE, FGIC, 5.000%, 04/01/14		3,251
	1,000	Town of Newtown, GO, 5.000%, 07/01/21		1,243
				26,841
		Housing — 0.1%
		Connecticut Housing Finance Authority, Next Steps 7,
	835	Rev., AGM, 5.000%, 06/15/13		875
	1,040	Rev., AGM, 5.000%, 06/15/15		1,172
	1,200	Rev., AGM, 5.000%, 06/15/16		1,397
	1,260	Rev., AGM, 5.000%, 06/15/17		1,502
	1,320	Rev., AGM, 5.000%, 06/15/18		1,553
				6,499
		Other Revenue — 0.1%
	2,055	Connecticut State Higher Education Supplement Loan Authority, Chesla Loan Programs, Series A, Rev., 5.250%, 11/15/22		2,479
		Prerefunded — 0.1%
	3,355	State of Connecticut, Series F, GO, NATL-RE, 5.250%, 10/15/13 (p)		3,583
		Special Tax — 0.0% (g)
	2,250	State of Connecticut, Transportation Infrastructure, Special Tax, Series A, Rev., NATL-RE, FGIC, 5.500%, 10/01/12		2,290
		Transportation — 0.0% (g)
	475	State of Connecticut, Transportation Infrastructure, Series B, Rev., NATL-RE-IBC, 6.125%, 09/01/12		482
		Total Connecticut		42,174
		Delaware — 0.4%
		Education — 0.1%
		University of Delaware,
	1,500	Series B, Rev., 4.000%, 11/01/13		1,579
	1,250	Series B, Rev., 4.000%, 11/01/14		1,357
				2,936

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		General Obligation — 0.3%
		State of Delaware,
	2,000	GO, 5.000%, 07/01/22		2,481
	2,000	GO, 5.000%, 07/01/23		2,457
	1,000	Series 2009C, GO, 5.000%, 10/01/25		1,321
	4,000	Series B, GO, 5.000%, 07/01/22		5,180
	3,710	Series B, GO, 5.000%, 07/01/23		4,842
				16,281
		Total Delaware		19,217
		District of Columbia — 0.5%
		Certificate of Participation/Lease — 0.1%
		District of Columbia,
	2,000	COP, NATL-RE, FGIC, 5.000%, 01/01/13		2,048
	2,000	COP, NATL-RE, FGIC, 5.250%, 01/01/15		2,203
	2,500	COP, NATL-RE, FGIC, 5.250%, 01/01/16		2,820
				7,071
		Other Revenue — 0.4%
	2,440	District of Columbia Tobacco Settlement Financing Corp., Asset Backed Bonds, Rev., 6.250%, 05/15/24		2,488
	8,575	District of Columbia Water & Sewer Authority, Public Utilities, Sub Lien, Series C, Rev., 5.000%, 10/01/24		10,499
	5,000	District of Columbia, Tax Refunding, Series A, Rev., 5.000%, 12/01/22		6,103
				19,090
		Total District of Columbia		26,161
		Florida — 4.6%
		Certificate of Participation/Lease — 0.3%
	5,000	Lee County School Board, Series A, COP, AGM, 5.000%, 02/01/14 (p)		5,384
	5,730	Reedy Creek Improvement District, Series 2, Rev., COP, AMBAC, 5.000%, 10/01/15		6,379
	4,000	Tampa Sports Authority, Sales Tax Payments Stadium Project, Rev., COP, AGM, 5.000%, 01/01/23		4,404
				16,167
		Education — 0.2%
	9,640	Florida State Board of Education, Lottery, Series A, Rev., AMBAC, 5.000%, 07/01/22		10,789
		General Obligation — 2.2%
	4,500	Florida State Board of Education, Series A, GO, 5.000%, 06/01/23		5,438
		Florida State Board of Education, Capital Outlay,
	1,250	Series A, GO, 5.000%, 06/01/25		1,487
	1,260	Series D, GO, 5.500%, 06/01/18		1,575
	4,515	Series E, GO, 5.000%, 06/01/19		5,594
	4,740	Series E, GO, 5.000%, 06/01/20		5,900
	5,800	Florida State Board of Education, Capital Outlay-2005, Series F, GO, 5.000%, 06/01/20		6,673
		Florida State Board of Education, Public Education, Capital Outlay,
	5,000	Series B, GO, 4.750%, 06/01/21		5,559
	34,600	Series D, GO, 5.000%, 06/01/24		41,728
	25,000	Series D, GO, 5.000%, 06/01/25		29,916
		Miami-Dade County,
	2,225	Series CC, GO, AMBAC, 7.125%, 10/01/14		2,541
	2,095	Series DD, GO, AMBAC, 7.750%, 10/01/18		2,884
	3,025	Palm Beach County, Recreation And Cultural Facility, GO, 5.000%, 07/01/21		3,820
				113,115
		Housing — 0.2%
		Florida Housing Finance Corp., Homeowner Mortgage,
	4,980	Series A-1, Rev., GNMA/FNMA/FHLMC COLL, 5.000%, 07/01/28		5,398
	3,225	Series I, Rev., GNMA/FNMA/FHLMC, 5.375%, 01/01/39		3,534
	1,645	Florida Housing Finance Corp., Homeowner Mortgage Special Program, Series A, Rev., GNMA/FNMA/FHLMC, 5.000%, 07/01/28		1,771
				10,703
		Industrial Development Revenue/Pollution Control Revenue — 0.2%
	8,095	Florida State Department of Environmental Protection, Series A, Rev., NATL-RE, 5.125%, 07/01/12 (p)		8,208
		Other Revenue — 0.8%
	1,500	City of Gulf Breeze, Miami Beach Local Government, Series E, Rev., FGIC, 5.125%, 12/01/15		1,550
	500	City of Tampa, Water & Sewer Improvement System, Rev., 5.000%, 10/01/23		611

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Other Revenue — Continued
	5,000	Florida Municipal Power Agency, St. Lucie Project, Series A, Rev., 5.000%, 10/01/20		5,967
	2,145	Florida State Board of Education, Lottery, Series A, Rev., AMBAC, 5.000%, 07/01/18		2,422
	17,975	Florida State Department of Environmental Protection, Series B, Rev., 5.000%, 07/01/20		21,720
	5,760	Tampa Sports Authority, Sales Tax Payments Stadium Project, Rev., AGM, 5.000%, 01/01/19		6,326
				38,596
		Special Tax — 0.2%
		City of Port St. Lucie,
	2,730	Rev., AGC, 5.000%, 09/01/17		3,245
	2,770	Rev., AGC, 5.000%, 09/01/19		3,298
	775	Miami-Dade County, Subseries B, Rev., NATL-RE, Zero Coupon, 10/01/32		250
		Tallahassee Blueprint 2000 Intergovernmental Agency,
	1,500	Rev., NATL-RE, 5.250%, 10/01/18		1,778
	2,060	Rev., NATL-RE, 5.250%, 10/01/19		2,475
				11,046
		Transportation — 0.2%
	1,000	Florida State Turnpike Authority, Series C, Rev., 5.000%, 07/01/13 (p)		1,059
	3,700	Miami-Dade County, Miami International Airport, Series D, Rev., AGM, 5.250%, 10/01/26		4,066
	2,610	Volusia County, Gas Tax, Rev., AGM, 5.000%, 10/01/15		2,860
				7,985
		Water & Sewer — 0.3%
	4,885	Jacksonville Electric Authority, Waste & Sewer System, Series A, Rev., NATL-RE, FGIC, 5.000%, 10/01/17		5,178
	8,200	Miami-Dade County, Water & Sewer System, Series B, Rev., AGM, 5.250%, 10/01/16		9,631
				14,809
		Total Florida		231,418
		Georgia — 3.2%
		Certificate of Participation/Lease — 0.1%
	2,850	Gwinnett County Development Authority, Public Schools Project, COP, NATL-RE, 5.250%, 01/01/13		2,932
		General Obligation — 1.4%
		Barrow County, School District,
	2,090	GO, 5.000%, 02/01/24		2,533
	2,500	GO, 5.000%, 02/01/25		3,005
	2,000	GO, 5.000%, 02/01/26		2,387
		Gwinnett County School District,
	1,500	GO, 5.000%, 02/01/17 (p)		1,787
	4,800	GO, 5.000%, 02/01/18 (p)		5,855
		State of Georgia,
	8,480	Series B, GO, 5.000%, 07/01/15		9,652
	10,000	Series B, GO, 5.000%, 01/01/20		12,278
	6,585	Series C, GO, 5.500%, 07/01/14		7,288
	6,000	Series C, GO, 5.500%, 07/01/15		6,624
	9,300	Series D, GO, 5.000%, 08/01/12 (p)		9,374
	7,515	Series G, GO, 5.000%, 10/01/16		8,920
				69,703
		Other Revenue — 0.7%
		Camden County Public Service Authority, St. Mary’s Project,
	1,005	Rev., 5.000%, 12/01/21		1,234
	1,960	Rev., 5.000%, 12/01/22		2,380
	1,000	Rev., 5.000%, 12/01/23		1,196
	9,500	City of Atlanta, Airport, Series A, Rev., 5.000%, 01/01/20		11,481
	1,845	Clarke County Hospital Authority, Athens Regional Medical Center, Rev., 4.000%, 01/01/21		2,065
	2,000	Columbus Water & Sewer Revenue, Series A, Rev., 5.000%, 05/01/22		2,504
	5,500	Dekalb County, Water & Sewage, Series B, Rev., 5.250%, 10/01/26		7,019
	7,000	Fulton County Water & Sewerage Revenue Refunding, Rev., 5.000%, 01/01/22		8,525
				36,404
		Prerefunded — 0.0% (g)
	1,350	State of Georgia, Series B, GO, 5.000%, 07/01/17 (p)		1,413
		Special Tax — 0.2%
		Georgia State Road & Tollway Authority, Federal Highway Grant Bonds,
	2,465	Series A, Rev., AGM, 5.000%, 06/01/19		2,966
	5,000	Series A, Rev., AGM, 5.000%, 06/01/20		5,950
	2,100	Metropolitan Atlanta Rapid Transit Authority, Series N, Rev., NATL-RE-IBC-Bank of New York, 6.250%, 07/01/18		2,423
				11,339

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Utility — 0.0% (g)
	1,475	Main Street Natural Gas, Inc., Series A, Rev., 5.500%, 09/15/21		1,640
		Water & Sewer — 0.8%
		Cobb County,
	6,155	Rev., 5.000%, 07/01/20		7,605
	6,565	Rev., 5.000%, 07/01/21		8,012
		De Kalb County, Water & Sewer Authority,
	4,800	Series B, Rev., 5.250%, 10/01/22		6,073
	8,660	Series B, Rev., 5.250%, 10/01/23		11,036
	5,000	Henry County & Henry County Water & Sewerage Authority, Rev., BHAC-CR, AGM-CR, NATL-RE, 5.250%, 02/01/28		6,545
				39,271
		Total Georgia		162,702
		Hawaii — 0.8%
		General Obligation — 0.5%
		State of Hawaii,
	3,360	Series DD, GO, NATL-RE, 5.250%, 05/01/14 (p)		3,672
	1,000	Series DK, GO, 5.000%, 05/01/21		1,183
	11,810	Series DR, GO, 5.000%, 06/01/15		13,376
	5,000	Series DY, GO, 5.000%, 02/01/19		6,159
				24,390
		Transportation — 0.3%
		State of Hawaii, Highway,
	1,195	Rev., 5.000%, 01/01/14		1,283
	5,915	Rev., 5.000%, 01/01/20		7,158
	520	Rev., 5.250%, 01/01/18		636
	5,120	Rev., 5.250%, 01/01/21		6,187
	2,450	Rev., 6.000%, 01/01/29		2,946
				18,210
		Total Hawaii		42,600
		Idaho — 0.3%
		Hospital — 0.3%
	12,000	Idaho Health Facilities Authority, Trinity Health Group, Series B, Rev., 6.000%, 12/01/23		14,374
		Illinois — 3.2%
		Education — 0.2%
	6,345	Chicago Board of Education, Capital Appreciation, School Reform, Series B-1, GO, NATL-RE, FGIC, Zero Coupon, 12/01/17		5,580
	2,585	Illinois Finance Authority, DePaul University, Series A, Rev., 5.375%, 10/01/15		2,891
		Southwestern Illinois Development Authority, Local Government Program, Triad School District No. 2,
	1,000	Rev., NATL-RE, 5.250%, 10/01/19		1,113
	1,500	Rev., NATL-RE, 5.250%, 10/01/20		1,652
				11,236
		General Obligation — 1.6%
	6,915	Chicago Board of Education, Series A, GO, NATL-RE, 5.250%, 06/01/13 (p)		7,258
	7,500	City of Chicago, Series A, GO, AGM, 5.000%, 01/01/20		8,087
	1,400	City of Elgin, GO, 4.000%, 12/15/21		1,605
		Cook County High School District No. 205-Thornton Township,
	1,000	GO, AGC, 5.500%, 12/01/18		1,229
	1,000	GO, AGC, 5.500%, 12/01/19		1,211
	5,000	Cook County School District No. 122-Oak Lawn, Capital Appreciation, GO, AGM-CR, NATL-RE, Zero Coupon, 12/01/21		3,691
	6,650	Du Page County, Forest Preservation District, Series A, GO, 3.500%, 11/01/24		6,804
	2,000	Kendall, Kane & Will Counties Community Unit School District No. 308, GO, 4.000%, 10/01/18		2,277
	1,080	Lake County Community High School District No. 124, Grant School Building, GO, 5.000%, 12/01/16		1,269
	2,985	McHenry County Community Unit School District No. 20, Woodstock School Building, Series A, GO, NATL-RE, FGIC, 8.000%, 01/15/15		3,501
	355	Regional Transportation Authority, Series B, GO, AMBAC, 6.400%, 06/01/12		355
		State of Illinois,
	4,180	GO, 5.000%, 01/01/20		4,713
	4,130	GO, 5.000%, 01/01/21		4,641
	8,885	Series A, GO, 5.000%, 03/01/19		9,407
	5,530	Town of Cicero, Tax Increment, Series A, GO, XLCA, 5.250%, 01/01/17		5,821
	2,195	Village of Bolingbrook, Capital Appreciation, Series C, GO, NATL-RE, Zero Coupon, 01/01/23		1,425

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		General Obligation — Continued
		Will Grundy Etc. Counties Community College District No. 525, Joliet Junior College,
	1,645	GO, 5.500%, 06/01/16		1,891
	1,250	GO, 5.750%, 06/01/25		1,442
	1,000	GO, 5.750%, 06/01/26		1,149
	1,000	GO, 5.750%, 06/01/27		1,142
	1,000	GO, 5.750%, 06/01/28		1,138
	1,650	Winnebago County School District No. 122, Harlem-Loves Park, Capital Appreciation, GO, AGM, Zero Coupon, 01/01/13 (p)		1,643
	2,770	Winnebago County School District No. 122, Harlem-Loves Park, Unrefunded Balance, Capital Appreciation, GO, AGM, Zero Coupon, 01/01/13		2,753
	4,320	Winnebago County, Public Safety, Alternative Revenue Source, Series A, GO, NATL-RE, 5.000%, 12/30/23		4,636
				79,088
		Hospital — 0.1%
	3,050	Illinois Health Facilities Authority, Advocate Health Care Network, Series A, Rev., VAR, 4.375%, 07/01/14		3,249
		Other Revenue — 0.2%
	6,850	Chicago Water Revenue, Second Lien Project, Rev., 4.000%, 11/01/37		6,902
	4,000	Illinois Finance Authority, Disposal-Waste Management Incorporate Project, Rev., VAR, 1.125%, 10/01/12		4,012
	1,750	Illinois Finance Authority, University of Chicago, Series A, Rev., 5.000%, 10/01/29		2,063
				12,977
		Prerefunded — 0.4%
	2,130	Chicago Board of Education, Depriest Elementary School Project, Series H, GO, NATL-RE, 5.750%, 12/01/14 (p)		2,410
		Chicago Metropolitan Water Reclamation District-Greater Chicago, Capital Improvement,
	4,595	GO, 5.500%, 12/01/12 (p)		4,709
	1,000	GO, 7.250%, 12/01/12 (p)		1,035
	10,000	Illinois Finance Authority, Northwestern Memorial Hospital, Series A, Rev., 5.250%, 08/15/14 (p)		11,061
				19,215
		Special Tax — 0.0% (g)
	900	State of Illinois, Series P, Rev., 6.500%, 06/15/13		923
		Transportation — 0.7%
		Chicago O’Hare International Airport, Third Lien,
	5,000	Series A, Rev., AGC-ICC, AMBAC, 5.000%, 01/01/22		5,520
	11,955	Series A, Rev., AGC-ICC, FGIC, 5.250%, 01/01/23		13,265
	2,145	Chicago Transit Authority, Federal Transit Administration, Section 5307, Series A, Rev., AMBAC, 5.250%, 06/01/13		2,236
	13,110	Illinois State Toll Highway Authority, Senior Priority, Series A-1, Rev., AGM, 5.000%, 01/01/24		14,764
	2,350	Regional Transportation Authority, Series A, Rev., AMBAC, 6.400%, 06/01/12		2,350
				38,135
		Total Illinois		164,823
		Indiana — 1.3%
		Certificate of Participation/Lease — 0.2%
		Brownsburg 1999 School Building Corp., First Mortgage,
	3,000	Series B, Rev., COP, AGM, 5.000%, 07/15/20		3,316
	1,630	Series B, Rev., COP, AGM, 5.000%, 07/15/22		1,797
		East Chicago Multi School Building Corp., First Mortgage,
	555	Rev., COP, 5.000%, 07/15/12		558
	1,155	Rev., COP, 5.000%, 07/15/13		1,212
	990	Rev., COP, 5.000%, 07/15/14		1,077
				7,960
		Education — 0.1%
	5,000	Southwest Allen Multi School Building Corp., First Mortgage, Series A, Rev., NATL-RE, 5.000%, 07/15/13 (p)		5,266
		Other Revenue — 0.8%
	2,000	Indiana Bond Bank, Special Program, Series A, Rev., AGM, 5.000%, 08/01/22		2,216
		Indiana Finance Authority, State Revolving Fund Program,
	2,300	Series A, Rev., 5.000%, 02/01/23		2,882
	5,205	Series A, Rev., 5.000%, 02/01/30		6,154
	18,805	Series C, Rev., 5.000%, 02/01/21		23,067

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Other Revenue — Continued
	1,650	Indiana Health Facility Financing Authority, Ascension Health Credit Group, Series A-1, Rev., VAR, 1.500%, 08/01/14		1,681
		Indiana University,
	2,000	Series A, Rev., 5.000%, 06/01/28		2,409
	1,000	Series A, Rev., 5.000%, 06/01/32		1,176
	1,600	Indianapolis Local Public Improvement Bond Bank, Series B, Rev., 6.000%, 01/10/20		1,876
				41,461
		Prerefunded — 0.1%
	3,750	Indiana Transportation Finance Authority, Series A, Rev., FGIC, 5.250%, 06/01/14 (p)		4,117
		Transportation — 0.1%
	1,285	Indiana Transportation Finance Authority, Highway, Unrefunded Balance, Series A, Rev., AMBAC, 5.750%, 06/01/12		1,285
	3,000	Indianapolis Airport Authority, Special Facilities, FedEx Corp. Project, Rev., 5.100%, 01/15/17		3,410
				4,695
		Total Indiana		63,499
		Iowa — 0.7%
		General Obligation — 0.2%
	6,850	City of Des Moines, Capital Loan Notes, Series H, GO, 5.000%, 06/01/21		8,139
	1,095	Davenport Iowa Corp., GO, 4.000%, 06/01/21		1,268
	500	State of Iowa, Vision Special Fund, GO, NATL-RE, 5.500%, 02/15/20		635
				10,042
		Housing — 0.0% (g)
	1,195	Iowa Finance Authority, Single Family Mortgage, Mortgage Backed Securities, Series A, Rev., GNMA/FNMA/FHLMC, 5.000%, 01/01/38		1,269
		Other Revenue — 0.5%
		Iowa Finance Authority, State Revolving Funds,
	5,945	Rev., 5.000%, 08/01/26		7,245
	12,905	Rev., 5.000%, 08/01/29		15,498
				22,743
		Prerefunded — 0.0% (g)
	1,000	Iowa Higher Education Loan Authority, Wartburg College Project, Rev., ACA, 5.750%, 10/01/12 (p)		1,018
		Total Iowa		35,072
		Kansas — 2.3%
		General Obligation — 0.2%
	3,180	City of Lenexa, Series C, GO, 5.000%, 09/01/18		3,923
	5,000	Johnson County Unified School District 232, Series A, GO, AGM, 5.250%, 09/01/23		5,666
	1,625	Junction City, Public Improvements, Series DP, GO, AMBAC, 5.000%, 09/01/21		1,749
				11,338
		Industrial Development Revenue/Pollution Control Revenue — 0.1%
	5,000	Kansas Development Finance Authority, Kansas Department Commerce Impact Program, Rev., 5.000%, 06/01/14		5,439
		Other Revenue — 0.8%
		Kansas State Department of Transportation,
	9,500	Series A, Rev., 5.000%, 09/01/17		11,497
	2,500	Series A, Rev., 5.000%, 09/01/18		3,088
	7,000	Series A, Rev., 5.000%, 09/01/19		8,790
	7,000	Series A, Rev., 5.000%, 09/01/20		8,863
		Kansas Turnpike Authority,
	2,000	Series A, Rev., 5.000%, 09/01/21		2,448
	3,800	Series A, Rev., 5.000%, 09/01/22		4,599
				39,285
		Prerefunded — 1.2%
	5,480	Kansas City, Single Family Mortgage, Municipal Multiplier, Series A, Rev., FHLMC COLL, Zero Coupon, 12/01/14 (p)		5,398
	3,225	Labette County, Single Family Mortgage, Capital Accumulator Bonds, Rev., Zero Coupon, 12/01/14 (p)		3,177
	24,250	Reno County, Capital Accumulator, Rev., Zero Coupon, 12/01/15 (p)		23,608
	25,000	Reno Sedgwick Finney Counties, Capital Accumulator, Rev., NATL-RE, Zero Coupon, 04/01/16 (p)		24,127
	6,365	Wyandotte County School District No. 500, GO, AGM, 5.500%, 09/01/12 (p)		6,449
				62,759
		Total Kansas		118,821

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Kentucky — 1.5%
		Certificate of Participation/Lease — 0.3%
	1,000	Jefferson County Capital Projects Corp., Lease, Series A, Rev., COP, AGM, 4.250%, 06/01/22		1,101
	1,000	Kentucky State Property & Buildings Commission, Rev., COP, 5.375%, 11/01/23		1,171
	1,000	Kentucky State Property & Buildings Commission, Project No. 71, Rev., COP, NATL-RE-IBC, 5.500%, 08/01/12		1,009
	1,000	Kentucky State Property & Buildings Commission, Project No. 76, Rev., COP, AMBAC, 5.500%, 08/01/20		1,251
	1,500	Kentucky State Property & Buildings Commission, Project No. 82, Rev., COP, AGM, 5.250%, 10/01/18		1,833
		Kentucky State Property & Buildings Commission, Project No. 84,
	1,000	Rev., COP, NATL-RE, 5.000%, 08/01/21		1,221
	1,175	Rev., COP, NATL-RE, 5.000%, 08/01/22		1,436
		Kentucky State Property & Buildings Commission, Project No. 87,
	1,000	Rev., COP, NATL-RE, FGIC, 5.000%, 03/01/19		1,150
	1,250	Rev., COP, NATL-RE, FGIC, 5.000%, 03/01/20		1,420
	1,500	Kentucky State Property & Buildings Commission, Project No. 89, Rev., COP, AGM, 5.000%, 11/01/21		1,742
				13,334
		Education — 0.1%
	2,160	Jefferson County, School District Finance Corp., School Building, Series A, Rev., AGM, 4.500%, 07/01/21		2,360
		Kentucky Asset Liability Commission, University of Kentucky Project,
	1,500	Series A, Rev., AMBAC, 4.000%, 10/01/16		1,694
	1,500	Series A, Rev., AMBAC, 5.000%, 10/01/18		1,774
				5,828
		General Obligation — 0.0% (g)
	1,000	Lexington-Fayette County, Urban County Government, Series D, GO, NATL-RE, 4.000%, 05/01/18		1,121
		Hospital — 0.0% (g)
	1,000	Kentucky Asset Liability Commission, University of Kentucky Project, Series B, Rev., 5.000%, 10/01/20		1,166
		Housing — 0.0% (g)
	345	Greater Kentucky Housing Assistance Corp., Mortgage, Multi-Family Housing, Section 8 Assisted, Series A, Rev., FHA, 5.900%, 02/01/14		346
		Other Revenue — 0.3%
		Kentucky Turnpike Authority, Economic Development, Revitalization Projects,
	6,915	Series A, Rev., 5.000%, 07/01/18		8,425
	5,145	Series A, Rev., 5.000%, 07/01/27		6,094
				14,519
		Prerefunded — 0.2%
	1,000	Kentucky State Property & Buildings Commission, Project No. 77, Rev., COP, NATL-RE, 5.250%, 08/01/13 (p)		1,058
	6,500	Kentucky State Property & Buildings Commission, Project No. 79, Rev., COP, NATL-RE, 5.125%, 10/01/13 (p)		6,921
	500	Kentucky State Property & Buildings Commission, Project No. 85, Rev., COP, AGM, 5.000%, 08/01/15 (p)		571
				8,550
		Transportation — 0.1%
	1,000	Kentucky Turnpike Authority, Series B, Rev., AMBAC, 5.000%, 07/01/16		1,172
		Louisville Regional Airport Authority,
	1,000	Rev., AMBAC, 5.000%, 07/01/20		1,063
	1,000	Rev., AMBAC, 5.000%, 07/01/21		1,056
				3,291
		Utility — 0.1%
	2,900	Kentucky Municipal Power Agency, Prairie State Project, Series A, Rev., NATL-RE, 5.250%, 09/01/22		3,280
		Water & Sewer — 0.4%
		Louisville & Jefferson County, Metro Government Board of Water Works,
	1,495	Rev., 5.000%, 11/15/16		1,776
	12,720	Series A, Rev., 4.000%, 11/15/13		13,406
	4,170	Series A, Rev., 5.000%, 11/15/19		5,259
		Louisville & Jefferson County, Metropolitan Sewer District,
	1,500	Series A, Rev., AGC, 5.000%, 05/15/22		1,758
	1,000	Series A, Rev., AMBAC, 5.000%, 05/15/18		1,140
				23,339
		Total Kentucky		74,774

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Louisiana — 2.3%
		General Obligation — 0.2%
	1,665	City of New Orleans, Capital Appreciation, GO, AMBAC, Zero Coupon, 09/01/17 (f) (i)		1,391
	1,000	City of Shreveport, GO, AGM, 4.000%, 04/01/18		1,149
	1,000	St. Tammany Parishwide School District No. 12, GO, AGC, 5.000%, 03/01/18		1,205
		State of Louisiana,
	3,500	Series B, GO, NATL-RE, 5.625%, 08/01/13		3,719
	1,500	Series C, GO, AGM, 5.000%, 05/01/17		1,735
				9,199
		Hospital — 0.1%
	1,475	Louisiana Public Facilities Authority, Hospital, Franciscan Missionaries, Series A, Rev., AGM, 5.500%, 07/01/12		1,481
	1,000	Louisiana Public Facilities Authority, Hospital, Women’s Foundation Project, Rev., NATL-RE, FGIC, 5.000%, 04/01/15 (p)		1,127
				2,608
		Housing — 0.0% (g)
	503	East Baton Rouge Mortgage Finance Authority, Mortgage-Backed Securities Program, Series A-2, Rev., GNMA/FNMA/FHLMC, 5.250%, 10/01/39		546
	1,710	Louisiana Housing Finance Agency, Homeowenership Program, Series A, Rev., GNMA/FNMA/FHLMC, 5.125%, 06/01/41		1,833
				2,379
		Other Revenue — 0.4%
	6,000	Louisiana Gas & Fuels Tax, Series A-1, Rev., 4.000%, 05/01/34		6,234
		Louisiana Local Government Environmental Facilities & Community Development Authority, Capital Projects & Equipment Acquisition,
	1,905	Rev., AMBAC, 5.250%, 12/01/18		2,066
	3,500	Series A, Rev., AMBAC, 6.300%, 07/01/30		3,688
	1,775	Louisiana Local Government Environmental Facilities & Community Development Authority, Lake Charles Public Improvement Project, Rev., AMBAC, 5.000%, 05/01/19		2,033
	1,000	Louisiana Public Facilities Authority, Hurricane Recovery Program, Rev., AMBAC, 5.000%, 06/01/18		1,123
		Other Revenue — Continued
	5,000	State of Louisiana, Gas & Fuel Tax Revenue, Second Lien, Series A, Rev., VAR, 0.930%, 06/01/13		5,005
				20,149
		Prerefunded — 1.0%
	4,300	City of New Orleans, Home Mortgage Authority, Compound Interest, Series A, Rev., NATL-RE, Zero Coupon, 10/01/15 (p)		4,191
	18,000	Louisiana Public Facilities Authority, CR, Series B, Rev., Zero Coupon, 12/01/19 (p)		15,611
	18,000	Louisiana Public Facilities Authority, CR, Multi-Family Housing, Series A, Rev., Zero Coupon, 02/01/20 (p)		15,534
	11,440	Parish of East Baton Rouge, Public Improvement, Series ST, Rev., NATL-RE, 5.000%, 02/01/13 (p)		11,919
	1,265	State of Louisiana, Series A, GO, AMBAC, 5.000%, 10/15/14 (p)		1,404
				48,659
		Special Tax — 0.6%
	4,500	Jefferson County, Sales Tax District, Rev., AMBAC, 5.000%, 12/01/19		5,088
	2,000	Lafayette Parish School Board, Public Schools, Rev., AGM, 5.000%, 04/01/14		2,164
		Louisiana Local Government Environmental Facilities & Community Development Authority, Livingston Parish Road Project,
	3,495	Rev., AMBAC, 5.000%, 03/01/18		3,807
	3,565	Rev., AMBAC, 5.000%, 03/01/19		3,861
	2,500	Parish of East Baton Rouge, Public
		Improvement, Series A, Rev., AMBAC, 5.000%, 02/01/22		2,748
		Parish of East Baton Rouge, Road and Street Improvements,
	4,270	Rev., AGC, 5.000%, 08/01/20		5,150
	2,125	Rev., AGC, 5.000%, 08/01/21		2,541
	2,000	Rev., AGC, 5.000%, 08/01/22		2,386
	3,490	Rev., AGC, 5.250%, 08/01/19		4,365
				32,110
		Transportation — 0.0% (g)
	885	Caddo-Bossier Parishes Board Commission, Limited Tax, Rev., AGC, 4.000%, 03/01/14		938

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Transportation — Continued
	1,275	Louisiana Local Government Environmental Facilities & Community Development Authority, Shreveport Airport Systems, Series B, Rev., AMT, AGM, 5.625%, 01/01/20		1,507
				2,445
		Utility — 0.0% (g)
	1,500	Louisiana Energy & Power Authority, Rev., AGM, 5.750%, 01/01/13		1,547
		Total Louisiana		119,096
		Maryland — 2.1%
		Certificate of Participation/Lease — 0.1%
	3,538	State of Maryland, Private Placement, Rev., 5.187%, 07/01/16 (f) (i)		3,602
		Education — 0.1%
	4,785	University of Maryland, Auxiliary Facilities & Tuition System, Series A, Rev., 5.000%, 04/01/19		5,963
		General Obligation — 1.3%
		Montgomery County, Public Improvements, CONS,
	8,175	Series A, GO, 5.000%, 05/01/14
	15,570	Series A, GO, 5.000%, 11/01/16		8,905
	10,000	State of Maryland, Capital Improvement, Series A, GO, 5.250%, 02/15/14		18,537
	1,500	State of Maryland, State & Local Facilities Loan, Series B, GO, 5.000%, 08/01/13		10,841
	6,580	State of Maryland, State & Local Facilities Loan, First Series, Series B, GO, 4.000%, 03/15/24		1,584
	12,945	State of Maryland, State & Local Facilities Loan, Second Series, GO, 5.000%, 08/01/15		7,443
	5,000	State of Maryland, State Local Facilities, GO, 5.000%, 03/01/21		14,776
				6,235
		Prerefunded — 0.2%		68,321
	8,000	State of Maryland, State & Local Facilities Loan, Second Series, GO, 5.000%, 08/01/13 (p)		8,445
		Transportation — 0.4%
		Maryland State Department of Transportation County Transportation,
	2,780	Rev., 5.000%, 06/15/15		3,695
	2,915	Rev., 5.000%, 06/15/16		3,164
	3,060	Rev., 5.000%, 06/15/17		3,429
	10,000	Maryland State Transportation Authority, Rev., 5.000%, 03/01/18		11,863
				22,151
		Total Maryland		108,482
		Massachusetts — 2.9%
		Certificate of Participation/Lease — 0.4%
	5,000	Massachusetts Bay Transportation Authority, Series A, Rev., COP, 5.250%, 07/01/29		6,503
	10,530	Massachusetts Bay Transportation Authority, Assessment, Series A, Rev., COP, 5.250%, 07/01/27		13,716
				20,219
		Education — 0.1%
	1,500	Massachusetts Development Finance Agency, Holy Cross College, Series B, Rev., 5.000%, 09/01/26		1,752
	4,070	Massachusetts Health & Educational Facilities Authority, Institute Of Technology, Series M, Rev., 5.250%, 07/01/25		5,431
				7,183
		General Obligation — 0.7%
	10,000	Commonwealth of Massachusetts, Series B, GO, 5.250%, 08/01/23		13,008
		Commonwealth of Massachusetts, Consolidated Lien,
	1,000	Series A, GO, 5.000%, 08/01/22		1,184
	1,000	Series D, GO, 5.000%, 08/01/17		1,169
	11,890	Series D, GO, 5.000%, 10/01/24		14,561
	5,000	Series E, GO, AMBAC, 5.000%, 11/01/25		6,347
	1,500	Commonwealth of Massachusetts, Unrefunded Balance, Series C, GO, AGM, 5.500%, 11/01/15		1,750
				38,019
		Housing — 0.1%
		Boston Housing Authority,
	615	Rev., AGM, 4.500%, 04/01/26		647
	3,260	Rev., AGM, 5.000%, 04/01/24		3,567
				4,214
		Other Revenue — 0.1%
	3,110	Massachusetts Water Resources Authority, Series B, Rev., AGM, 5.250%, 08/01/24		3,994
		Prerefunded — 1.1%
		Commonwealth of Massachusetts, Consolidated Lien,
	3,200	Series C, GO, 5.250%, 08/01/13 (p)		3,384

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Prerefunded — Continued
	4,200	Series C, GO, 5.250%, 09/01/15 (p)		4,857
	7,000	Series D, GO, 5.000%, 10/01/13 (p)		7,436
	5,000	Series E, GO, AMBAC, 5.000%, 11/01/16 (p)		5,958
	5,000	Commonwealth of Massachusetts, Special Obligation, Rev., FGIC, 5.000%, 01/01/14 (p)		5,366
	2,480	Massachusetts State Turnpike Authority, Series A, Rev., 5.000%, 01/01/13 (p)		2,543
	2,000	Massachusetts Water Resources Authority, Series A, Rev., AGM, 5.500%, 08/01/13 (p)		2,122
		University of Massachusetts Building Authority Project,
	8,250	Series 04-1, Rev., AMBAC, 5.375%, 11/01/14 (p)		9,222
	11,645	Series 4-A, Rev., NATL-RE, 5.125%, 11/01/14 (p)		12,977
				53,865
		Special Tax — 0.1%
	2,250	Massachusetts Bay Transportation Authority, Assessment, Series A, Rev., 5.250%, 07/01/25		2,922
	2,795	Massachusetts Bay Transportation Authority, Capital Appreciation, Series A-2, Rev., Zero Coupon, 07/01/21		2,102
				5,024
		Transportation — 0.1%
	3,805	Commonwealth of Massachusetts, Federal Highway, Capital Appreciation, Series A, Rev., Zero Coupon, 06/15/15 (p)		3,728
	2,045	Massachusetts Bay Transportation Authority, General Transportation System, Series A, Rev., NATL-RE, 5.500%, 03/01/14		2,226
				5,954
		Water & Sewer — 0.2%
		Massachusetts Water Resources Authority,
	5,030	Series A, Rev., NATL-RE, 5.250%, 08/01/16		5,966
	2,850	Series C, Rev., NATL-RE, FGIC-TCRS, 5.250%, 12/01/15		3,095
				9,061
		Total Massachusetts		147,533
		Michigan — 1.7%
		Education — 0.1%
	3,915	University of Michigan, Series A, Rev., 5.000%, 04/01/20		4,766
		General Obligation — 0.6%
	3,495	Ann Arbor, School District, Public School, GO, Q-SBLF, 4.000%, 05/01/18		4,034
	4,900	Huron Valley School District, GO, Q-SBLF, 5.000%, 05/01/23		5,739
		Kalamazoo Public Schools,
	1,410	GO, AGC, Q-SBLF, 5.000%, 05/01/15		1,570
	310	GO, AGC, Q-SBLF, 5.000%, 05/01/16		360
		Wyoming Public Schools,
	1,770	GO, AGM, Q-SBLF, 5.000%, 05/01/17		1,979
	1,895	GO, AGM, Q-SBLF, 5.000%, 05/01/18		2,119
	1,670	GO, AGM, Q-SBLF, 5.000%, 05/01/19		1,865
	1,895	GO, AGM, Q-SBLF, 5.000%, 05/01/20		2,113
	1,900	GO, AGM, Q-SBLF, 5.000%, 05/01/21		2,119
		Ypsilanti School District,
	1,930	GO, AGC, Q-SBLF, 4.000%, 05/01/15		2,065
	2,045	GO, AGC, Q-SBLF, 5.000%, 05/01/16		2,297
	1,000	GO, AGC, Q-SBLF, 5.000%, 05/01/18		1,156
				27,416
		Housing — 0.0% (g)
	83	Michigan State Housing Development Authority, Huntley Villas Apartments, Series A, Rev., GNMA COLL, 4.800%, 08/20/12		84
		Other Revenue — 0.2%
	5,935	City of Grand Rapids, Sewer System, Series A, Rev., BHAC-CR, AGM-CR, FGIC, 5.500%, 01/01/22		7,549
		State of Michigan, Trunk Line,
	1,150	Rev., 5.000%, 11/15/25		1,373
	610	Rev., 5.000%, 11/15/26		723
	1,035	Rev., 5.000%, 11/15/27		1,217
				10,862
		Prerefunded — 0.1%
	3,175	Clarkston Community Schools, GO, Q-SBLF, 5.375%, 05/01/13 (p)		3,323
		Special Tax — 0.2%
	10,750	State of Michigan, Trunk Line, Series A, Rev., 5.250%, 11/01/13		11,489
		Utility — 0.0% (g)
	1,445	Lansing Board of Water & Light, Series A, Rev., 5.000%, 07/01/19		1,718
		Water & Sewer — 0.5%
	1,900	City of Detroit, Sewer Systems, Senior Lien, Series C, Rev., NATL-RE, FGIC, 5.250%, 07/01/16		2,120

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Water & Sewer — Continued
	8,000	Detroit Sewer Disposal Revenue, Second Lien, Series B, Rev., AGC-ICC, FGIC, 5.500%, 07/01/29		9,777
		Michigan Municipal Bond Authority, Clean Water State Revolving Fund,
	3,000	Rev., 5.375%, 10/01/12 (p)		3,052
	10,400	Rev., 5.500%, 10/01/14		11,643
				26,592
		Total Michigan		86,250
		Minnesota — 1.4%
		General Obligation — 1.1%
	4,745	Olmsted County, Crossover, Series A, GO, 4.000%, 02/01/20		5,634
		State of Minnesota,
	5,790	GO, AGM, 5.000%, 08/01/22 (p)		6,109
	6,585	Series C, GO, 5.000%, 08/01/14		7,240
	10,000	Series C, GO, 5.000%, 08/01/15		11,404
		State of Minnesota, Various Purpose,
	10,000	Series F, GO, 5.000%, 08/01/20		12,665
	10,000	Series H, GO, 5.000%, 11/01/19		12,626
				55,678
		Prerefunded — 0.2%
	8,000	University of Minnesota, Series A, Rev., 5.750%, 07/01/15 (p)		9,204
		Utility — 0.1%
	1,000	Minnesota Municipal Power Agency, Series A, Rev., 5.250%, 10/01/19		1,092
	3,415	State of Minnesota, Public Safety Radio Communication System, Rev., NATL-RE, 5.000%, 06/01/15		3,865
				4,957
		Total Minnesota		69,839
		Mississippi — 1.0%
		General Obligation — 0.0% (g)
	2,000	State of Mississippi, GO, 5.750%, 12/01/12		2,055
		Other Revenue — 0.1%
		Mississippi Development Bank Special Obligation,
	1,395	Rev., 5.000%, 01/01/13 (p)		1,433
	1,465	Rev., 5.000%, 01/01/14		1,561
				2,994
		Prerefunded — 0.9%
	2,520	Mississippi Home Corp., Single Family Mortgage, Series A-2, Rev., GNMA/FNMA/FHLMC FHA/VA GTD, 5.000%, 12/01/39 (p)		2,699
	34,500	Mississippi Housing Finance Corp., Capital Appreciation, Rev., Zero Coupon, 09/15/16 (p)		33,185
	7,945	Mississippi Housing Finance Corp., Short Term Appreciation, Rev., Zero Coupon, 06/01/15 (p)		7,779
				43,663
		Total Mississippi		48,712
		Missouri — 2.1%
		General Obligation — 0.4%
	1,600	Cass County Reorganized School District No. R-2-Raymore, GO, 5.000%, 03/01/21		1,818
	620	City of Kansas City, Refunding & Improvement, Series A, GO, 5.000%, 02/01/23		760
		Clay County Public School District No. 53 Liberty, Direct Deposit Program, Unrefunded Balance,
	515	GO, AGM, 5.250%, 03/01/22		555
	400	GO, AGM, 5.250%, 03/01/23		430
		Kansas City, Refunding & Improvement,
	1,075	Series A, GO, 4.500%, 02/01/24		1,267
	4,500	Series A, GO, 4.500%, 02/01/25		5,246
	7,000	Series A, GO, 5.000%, 02/01/23		8,742
	1,000	St. Louis County Reorganized School District No. R-6, GO, AGM, 5.000%, 02/01/14		1,077
				19,895
		Housing — 0.1%
	830	Missouri Housing Development Commission, Home Ownership Loan Program, Series E-1, Rev., FHLMC, 5.000%, 11/01/27		899
	720	Missouri Housing Development Commission, Homeowner Loan Program, Series A, Rev., GNMA/FNMA/COLL, 5.000%, 09/01/39		749
	115	Missouri Housing Development Commission, Homeowner Loan Program, Multi-Family Housing, Series III, Rev., FHA, 4.800%, 12/01/12		115

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Housing — Continued
	1,775	Missouri Housing Development Commission, Homeowner Loan Program, Single Family Mortgage, Series B-1, Rev., AMT, GNMA/FNMA/COLL, 5.375%, 09/01/34		1,822
				3,585
		Other Revenue — 0.9%
	3,140	City of Kansas City, Sanitary Sewer System Revenue, Rev., 5.000%, 01/01/26		3,754
	16,815	Missouri Highway & Transportation Commission, Senior Lien, Series C, Rev., 5.000%, 02/01/22		21,605
		Missouri State Environmental Improvement & Energy Resources Authority, State Revolving Funds,
	5,000	Series A, Rev., 5.000%, 01/01/22		6,110
	3,645	Series B, Rev., 5.000%, 07/01/22		4,589
	3,740	Series B, Rev., 5.000%, 07/01/24		4,634
	3,905	Series B, Rev., 5.000%, 07/01/29		4,698
	2,050	Series B, Rev., 5.000%, 07/01/30		2,456
				47,846
		Prerefunded — 0.1%
		Clay County Public School District No. 53 Liberty, Direct Deposit Program,
	4,785	GO, AGM, 5.250%, 03/01/14 (p)		5,196
		Transportation — 0.4%
		Missouri Highway & Transportation Commission, Federal Reimbursement,
	3,730	Series A, Rev., 5.000%, 05/01/16		4,365
	4,065	Series A, Rev., 5.000%, 05/01/20		4,969
	2,935	Missouri State Highways & Transit Commission, Second Lien, Rev., 5.250%, 05/01/19		3,533
	7,985	Missouri State Highways & Transit Commission, Senior Lien, Rev., 5.000%, 02/01/21		9,379
				22,246
		Water & Sewer — 0.2%
	8,000	Missouri State Environmental Improvement & Energy Resources Authority, Revolving Funds Program, Series A, Rev., 5.000%, 01/01/20		10,032
		Total Missouri		108,800
		Montana — 0.1%
		Transportation — 0.1%
		Montana Department of Transportation, Highway 93 Construction,
	1,600	Rev., GAN, 5.000%, 06/01/21		1,879
	1,500	Rev., GAN, 5.000%, 06/01/23		1,726
		Total Montana		3,605
		Nebraska — 0.2%
		General Obligation — 0.1%
	4,075	Douglas County School District No. 17, GO, 5.500%, 06/15/15		4,661
		Utility — 0.1%
	2,500	Nebraska Public Power District, Series C, Rev., NATL-RE, FGIC, 5.000%, 01/01/17		2,841
		Total Nebraska		7,502
		Nevada — 0.2%
		Prerefunded — 0.1%
	2,750	Clark County School District, Series D, GO, NATL-RE, 5.000%, 12/15/13 (p)		2,948
		Water & Sewer — 0.1%
	5,135	Truckee Meadows Water Authority, Rev., 5.000%, 07/01/13		5,382
		Total Nevada		8,330
		New Hampshire — 0.1%
		Transportation — 0.1%
	2,950	New Hampshire State Turnpike System, Rev., AMBAC, 5.000%, 02/01/18		3,019
		New Jersey — 3.5%
		Certificate of Participation/Lease — 0.4%
	9,400	New Jersey State Transit Corp., Federal Transit Administration Grants, Series A, COP, NATL-RE, FGIC, 5.000%, 09/15/16		10,579
		State of New Jersey, Equipment Lease Purchase,
	2,500	Series A, COP, 5.000%, 06/15/20		2,879
	3,300	Series A, COP, 5.000%, 06/15/21		3,754
				17,212
		Education — 0.6%
		New Jersey EDA, School Facilities Construction,
	7,500	Rev., VAR, AGM, 5.000%, 09/01/14		8,162
	4,000	Series O, Rev., 5.000%, 03/01/15 (p)		4,491
	7,750	Series P, Rev., 5.250%, 09/01/21		8,588

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Education — Continued
	4,000	New Jersey Higher Education Assistance Authority, Series A, Rev., 5.000%, 06/01/15		4,427
	5,000	New Jersey State Educational Facilities Authority, Princeton University, Series D, Rev., 5.250%, 07/01/17		6,112
				31,780
		General Obligation — 0.0% (g)
		City of Harrison,
	800	Series A, GO, AGM, Zero Coupon, 06/01/15		778
	350	Series A, GO, AGM, Zero Coupon, 06/01/16		334
				1,112
		Industrial Development Revenue/Pollution Control Revenue — 0.1%
	4,000	New Jersey EDA, Cigarette Tax, Rev., AGC-ICC, 5.375%, 06/15/14 (p)		4,390
		Other Revenue — 1.1%
		Garden State Preservation Trust, 2005,
	32,000	Series A, Rev., AGM, 5.800%, 11/01/15 (p)		37,626
	14,895	New Jersey EDA, Motor Vehicles, Series A, Rev., NATL-RE, 5.250%, 07/01/16		16,294
	50	New Jersey Transportation Trust Fund Authority, Transportation Systems, Series A, Rev., 5.750%, 06/15/16 (p)		60
		New Jersey Transportation Trust Fund Authority, Transportation Systems, Unrefunded Balance,
	1,730	Series A, Rev., 5.750%, 06/15/16		2,042
	1,000	Series D, Rev., AMBAC, 5.000%, 06/15/18		1,103
				57,125
		Prerefunded — 0.7%
	5,735	New Jersey EDA, Kapkowski Road Landfill, Series A, Rev., 6.375%, 05/15/14 (p)		6,391
		New Jersey State Turnpike Authority,
	435	Rev., 5.700%, 05/01/13 (p)		453
	4,665	Series C, Rev., AMBAC, TCRS-Bank of New York, 6.500%, 01/01/16 (p)		5,168
		New Jersey Transportation Trust Fund Authority, Transportation Systems,
	4,570	Series A, Rev., 5.750%, 06/15/15 (p)		5,299
	11,085	Series C, Rev., 5.500%, 06/15/13 (p)		11,693
	5,330	Series D, Rev., AGM, 5.000%, 06/15/15 (p)		6,060
				35,064
		Special Tax — 0.2%
	10,000	New Jersey Transportation Trust Fund Authority, Transportation Systems, Series B, Rev., NATL-RE, FGIC, 5.250%, 12/15/14		11,141
		Transportation — 0.3%
		New Jersey Transportation Trust Fund Authority, Transportation Systems,
	5,000	Series B, Rev., AMBAC, 5.250%, 12/15/22		6,165
	6,670	Series D, Rev., AGM, 5.000%, 06/15/19		7,332
				13,497
		Water & Sewer — 0.1%
		Sussex County Municipal Utilities Authority, Capital Appreciation,
	1,290	Series B, Rev., AGM, Zero Coupon, 12/01/15		1,244
	1,345	Series B, Rev., AGM, Zero Coupon, 12/01/16		1,273
	1,510	Series B, Rev., AGM, Zero Coupon, 12/01/17		1,370
	1,610	Series B, Rev., AGM, Zero Coupon, 12/01/18		1,413
	1,845	Series B, Rev., AGM, Zero Coupon, 12/01/19		1,561
				6,861
		Total New Jersey		178,182
		New Mexico — 1.2%
		Education — 0.3%
	10,525	State of New Mexico, Severance Tax Supplemental, Series B, Rev., 5.000%, 07/01/18		12,878
		Housing — 0.1%
		New Mexico Mortgage Finance Authority, Single Family Mortgage,
	840	I-B-2 Class Shares, Rev., GNMA/FNMA/FHLMC, 5.650%, 09/01/39		907
	2,380	I-C-2 Class Shares, Rev., GNMA/FNMA/FHLMC COLL, 5.700%, 09/01/40		2,580
	2,850	Series D, Class I, Rev., GNMA/FNMA/FHLMC, 5.350%, 09/01/40		3,067
	505	New Mexico Mortgage Finance Authority, Single Family Mortgage Program, Series D, Rev., AMT, GNMA/FNMA/FHLMC COLL, 6.125%, 09/01/33		530
				7,084

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Industrial Development Revenue/Pollution Control Revenue — 0.0% (g)
	1,010	Bernalillo County, Series B, Rev., NATL-RE-IBC, 5.700%, 04/01/27		1,302
		Other Revenue — 0.5%
		New Mexico Finance Authority, Senior Lien, Public Project Revolving,
	1,775	Series B, Rev., 5.000%, 06/01/20		2,129
	1,645	Series B, Rev., 5.000%, 06/01/21		1,949
	1,890	Series B, Rev., 5.000%, 06/01/26		2,177
	2,050	Series B, Rev., 5.000%, 06/01/28		2,334
	10,000	New Mexico Finance Authority, State Transportation Senior Lien, Rev., 5.000%, 06/15/20		12,522
	1,500	New Mexico Finance Authority, Sub Lien, Series A-2, Rev., 5.000%, 12/15/21		1,847
				22,958
		Special Tax — 0.2%
	11,925	State of New Mexico, Severance Tax, Series A, Rev., 4.000%, 07/01/15 (p)		11,963
		Transportation — 0.1%
	6,000	New Mexico Finance Authority, Senior Lien, Series A, Rev., NATL-RE, 5.250%, 06/15/14 (p)		6,595
		Total New Mexico		62,780
		New York — 11.9%
		Certificate of Participation/Lease — 0.4%
	3,835	Erie County Industrial Development Agency, City of Buffalo Project, Rev., COP, AGM, 5.000%, 05/01/13 (p)		4,004
	6,590	New York City Transitional Finance Authority, Future Tax Secured, Series B, Rev., COP, 5.000%, 08/01/28		6,879
	1,515	New York State Dormitory Authority, State University Educational Facilities, Series A, Rev., COP, NATL-RE, FGIC-TCRS, 5.500%, 05/15/13		1,573
	5,000	New York State Urban Development Corp., Service Contract, Series B, Rev., COP, 5.250%, 01/01/25		5,675
	1,000	New York State Urban Development Corp., State Facilities, Rev., COP, 5.600%, 04/01/15		1,080
				19,211
		Education — 0.9%
	2,000	New York City Transitional Finance Authority, Fiscal Year 2009, Series S-4, Rev., 5.500%, 01/15/39		2,285
	5,035	New York State Dormitory Authority, City University Systems, 4th Generation, Series A, Rev., FGIC-TCRS, 5.250%, 07/01/13		5,298
	7,825	New York State Dormitory Authority, City University Systems, 5th Generation, Series B, Rev., 5.000%, 07/01/18		9,473
		New York State Dormitory Authority, Education,
	5,000	Series A, Rev., 5.000%, 03/15/21		5,993
	10,000	Series D, Rev., 5.000%, 03/15/17		11,812
	1,825	New York State Dormitory Authority, Siena College, Rev., NATL-RE, 5.000%, 07/01/22		1,984
	2,370	New York State Dormitory Authority, St. John’s University, Series C, Rev., NATL-RE, 5.250%, 07/01/20		2,888
	5,000	New York State Dormitory Authority, State University Educational Facilities, Series F, Rev., AGM, 5.000%, 03/15/14		5,411
				45,144
		General Obligation — 0.8%
	100	Brockport Central School District, GO, NATL-RE, FGIC, 5.750%, 06/15/18		122
		Farmingdale Union Free School District,
	420	GO, 4.000%, 07/15/14		451
	225	GO, 5.000%, 07/15/16		264
		New York City,
	5,000	Series E, GO, 5.000%, 08/01/23		5,844
	80	Series E, GO, 5.750%, 08/01/12 (p)		81
	120	Series E, GO, NATL-RE-IBC, 5.750%, 08/01/12 (p)		121
	5,000	Series G, GO, 5.000%, 08/01/14		5,479
	8,000	Series H, GO, NATL-RE-IBC, 5.000%, 08/01/17		8,732
	7,500	Series I, GO, 5.000%, 08/01/22 (w)		9,290
	4,000	Series J, Subseries J-1, GO, 5.000%, 06/01/21		4,545
	3,000	New York City Transitional Finance Authority, Subseries S-1A, GO, 5.000%, 07/15/19		3,667
	3,170	New York City, Unrefunded Balance, Series F, GO, 6.000%, 01/15/21		3,276
				41,872

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Hospital — 0.1%
	2,995	New York State Dormitory Authority, Mental Health Services Facilities Improvement, Series D, Rev., AGM, 5.000%, 08/15/15		3,385
	1,500	New York State Dormitory Authority, North Shore University Hospital, Rev., NATL-RE, 5.500%, 11/01/14		1,661
				5,046
		Housing — 0.1%
	4,000	Tobacco Settlement Financing Authority, Asset-Backed, Series B-1C, Rev., 5.500%, 06/01/19		4,200
		Other Revenue — 5.3%
	12,405	Battery Park City Authority, Series A, Rev., 5.250%, 11/01/14		13,255
	12,630	Metropolitan Transportation Authority, Service Contract, Series A, Rev., 5.500%, 07/01/17		15,231
		New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution,
	18,055	Series FF, Rev., 5.000%, 06/15/24		21,509
	6,585	Series HH, Rev., 5.000%, 06/15/26		7,818
		New York City Transitional Finance Authority, Fiscal Year 2007,
	10,000	Series S-1, Rev., NATL-RE, FGIC, 5.000%, 07/15/17		11,830
	7,000	Series S-1, Rev., NATL-RE, FGIC, 5.000%, 07/15/18		8,191
	1,000	New York City Transitional Finance Authority, Future Tax Secured, Subseries A-3, Rev., 5.000%, 08/01/19		1,239
	120	New York City Transitional Finance Authority, Unrefunded Future Tax, Series E, Rev., NATL-RE, 5.250%, 02/01/19		124
	4,050	New York Local Government Assistance Corp., Series C, Rev., 5.000%, 04/01/17		4,846
	7,420	New York State Dormitory Authority, Construction Services Contract, Series A, Rev., 5.000%, 07/01/23		8,712
	580	New York State Dormitory Authority, State University Educational Facilities, Series A, Rev., AGM-CR, 5.500%, 05/15/13		602
		New York State Dormitory Authority, Third General Resolution, State University Educational Facilities,
	2,000	Series A, Rev., 5.000%, 05/15/25		2,398
	2,000	Series A, Rev., 5.000%, 05/15/28		2,344
		New York State Environmental Facilities Corp., State Revolving Funds, New York City Municipal Water Project, Clean Water & Drinking,
	5,040	Series D, Rev., 5.375%, 06/15/16		5,062
	7,745	Series D, Rev., 5.375%, 06/15/17		7,778
	8,325	Series D, Rev., 5.375%, 06/15/18		8,360
	3,345	Subseries E, Rev., 5.375%, 06/15/13		3,360
	6,600	Subseries E, Rev., 5.375%, 06/15/16		6,628
	8,055	Subseries E, Rev., 5.375%, 07/15/19		8,089
	7,425	New York State Thruway Authority, Series B, Rev., 5.000%, 04/01/23		8,495
	14,050	New York State Thruway Authority, Highway & Bridge, Rev., AMBAC, 5.000%, 04/01/21		15,897
	11,025	New York State Thruway Authority, State Personal Transportation, Series A, Rev., 5.000%, 03/15/26		13,184
	7,820	New York State Urban Development Corp., Series D, Rev., 5.500%, 01/01/19		9,696
	2,340	New York State Urban Development Corp., State Personal Income Tax, Series A, Rev., 5.000%, 03/15/31		2,717
	17,770	New York State Urban Development Corp., State Personal Income Tax, State Facility, Rev., NATL-RE, 5.500%, 03/15/21		22,918
	5,000	Port Authority of New York & New Jersey, Consolidated 148, Rev., AGM, 5.000%, 08/15/29		5,565
	2,995	Tobacco Settlement Financing Authority, Asset-Backed, Series B-1C, Rev., 5.500%, 06/01/18		3,006
		Triborough Bridge & Tunnel Authority, General Purpose,
	25,000	Series A, Rev., 5.000%, 01/01/26		30,084
	10,000	Series A-2, Rev., 5.000%, 11/15/28		11,768
	8,265	Series B, Rev., 5.250%, 11/15/18		8,450
				269,156
		Prerefunded — 0.7%
		Long Island Power Authority, Electric Systems,
	4,225	Series A, Rev., AGM, 5.500%, 12/01/12 (p)		4,337
	1,500	Series A, Rev., AGM, 5.500%, 12/01/13 (p)		1,617
	1,830	New York City, Series F, GO, 6.000%, 01/15/13 (p)		1,896
	6,710	New York City Transitional Finance Authority, Series B, Rev., 5.250%, 08/01/13 (p)		7,101

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Prerefunded — Continued
		New York City Transitional Finance Authority, Future Tax Secured,
	3,310	Series C, Rev., AMBAC, 5.250%, 08/01/12 (p)		3,338
	6,505	Series E, Rev., NATL-RE, 5.250%, 02/01/13 (p)		6,723
	3,000	New York State Thruway Authority, Transportation, Series A, Rev., AGM, 5.000%, 03/15/13 (p)		3,113
	5,000	Westchester Tobacco Asset Securitization Corp., Capital Appreciation, Rev., 6.950%, 07/15/17 (p)		6,532
				34,657
		Special Tax — 2.1%
	1,500	New York City Transitional Finance Authority, Series A-1, Rev., 5.000%, 11/01/21		1,713
		New York City Transitional Finance Authority, Future Tax Secured,
	5,000	Series B, Rev., 5.000%, 11/01/21		6,157
	14,510	Series B, Rev., 5.000%, 11/01/22		17,678
		New York Local Government Assistance Corp., Senior Lien,
	10,000	Rev., 5.500%, 04/01/19		12,749
	1,000	Series A, Rev., 5.000%, 04/01/20		1,203
	7,265	New York State Environmental Facilities Corp., Environment, Series A, Rev., 5.250%, 12/15/19		9,197
		New York State Thruway Authority,
	2,050	Series A, Rev., 5.000%, 03/15/17		2,439
	17,000	Series A, Rev., 5.250%, 03/15/19		21,187
		New York State Urban Development Corp.,
	1,000	Series A-1, Rev., 5.000%, 12/15/17		1,211
	1,500	Series A-1, Rev., 5.000%, 12/15/22		1,824
	2,250	New York State Urban Development Corp., State Personal Income Tax, Series A-1, Rev., 5.000%, 12/15/23		2,717
		Sales Tax Asset Receivables Corp.,
	3,850	Series A, Rev., AGM-CR, MBIA, 5.000%, 10/15/20		4,250
	15,000	Series A, Rev., AMBAC, 5.250%, 10/15/27		16,436
	3,000	Series A, Rev., NATL-RE, 5.000%, 10/15/26		3,263
	6,650	Series A, Rev., NATL-RE, 5.250%, 10/15/19		7,384
				109,408
		Transportation — 1.0%
		Metropolitan Transportation Authority,
	11,205	Series A, Rev., AGC-ICC, 5.750%, 11/15/32		11,442
	5,420	Series A, Rev., AMBAC, 5.500%, 11/15/14		6,037
	1,500	Series A, Rev., NATL-RE, FGIC, 5.000%, 11/15/12		1,531
	2,500	Port Authority of New York & New Jersey, CONS, 93rd Series, Rev., 6.125%, 06/01/94		3,080
	5,700	Triborough Bridge & Tunnel Authority, Rev., 5.250%, 11/15/30		6,015
		Triborough Bridge & Tunnel Authority, General Purpose,
	5,440	Series B, Rev., 5.250%, 11/15/15		6,295
	14,000	Series B, Rev., 5.250%, 11/15/16		14,317
				48,717
		Utility — 0.4%
		Long Island Power Authority, Electric Systems,
	10,000	Series A, Rev., 5.250%, 04/01/21		12,079
	6,000	Series E, Rev., NATL-RE, FGIC, 5.000%, 12/01/17		6,987
				19,066
		Water & Sewer — 0.1%
	2,500	New York City Municipal Water Finance Authority, Water & Sewer System, Series D, Rev., 5.000%, 06/15/12 (p)		2,505
	450	New York City Municipal Water Finance Authority, Water & Sewer System, Fiscal Year 2008, Series C, Rev., 5.000%, 06/15/13		472
	2,055	New York State Environmental Facilities Corp., Municipal Water Financing Authority, Subseries B, Rev., 5.000%, 06/15/14		2,251
				5,228
		Total New York		601,705
		North Carolina — 2.9%
		Certificate of Participation/Lease — 0.0% (g)
	2,355	Cabarrus County, Installment Financing Contract, Series C, COP, 4.000%, 06/01/12		2,355
		General Obligation — 1.9%
		Johnston County,
	2,200	GO, NATL-RE, 5.000%, 02/01/16 (p)		2,561
		State of North Carolina,
	20,745	Series A, GO, 5.000%, 03/01/17		24,869

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		General Obligation — Continued
	15,000	Series B, GO, 5.000%, 06/01/19		18,853
	5,900	State of North Carolina, Highway, GO, 5.000%, 05/01/15		6,418
		State of North Carolina, Public Improvement,
	13,185	Series A, GO, 5.000%, 05/01/15		14,917
	10,675	Series A, GO, 5.000%, 05/01/16		12,503
		Union County,
	2,085	Series A, GO, 5.000%, 03/01/18		2,547
	3,000	Series A, GO, 5.000%, 03/01/21		3,805
		Wake County, Obligation Hammond Road Detention Center, Annual Appropriation,
	5,150	GO, 5.000%, 06/01/18		6,265
	3,500	GO, 5.000%, 06/01/19		4,323
				97,061
		Hospital — 0.1%
	2,180	North Carolina Medical Care Commission, Mission Health Combined Group, Rev., 5.000%, 10/01/19		2,537
		Industrial Development Revenue/Pollution Control Revenue — 0.1%
	5,965	North Carolina Infrastructure Finance Corp., Correctional Facilities Projects, Rev., 5.000%, 10/01/13 (p)		6,334
		Other Revenue — 0.4%
	3,000	Mecklenburg County Public Facilities Corp., Annual Appropriation, Rev., 5.000%, 03/01/23		3,534
		North Carolina Turnkpike Authority,
	1,000	Rev., 5.000%, 07/01/15		1,135
	1,525	Rev., 5.000%, 07/01/16		1,787
		State of North Carolina, Annual Appropriation, Capital Improvement,
	5,370	Series A, Rev., 5.000%, 05/01/23		6,484
	5,000	Series A, Rev., 5.000%, 05/01/24		5,998
				18,938
		Utility — 0.4%
	5,000	North Carolina Eastern Municipal Power Agency, Series A, Rev., AGC, 5.250%, 01/01/19		5,912
	15,000	North Carolina Municipal Power Agency No. 1, Catawba, Series A, Rev., 5.250%, 01/01/14		16,095
				22,007
		Total North Carolina		149,232
		Ohio — 1.7%
		Certificate of Participation/Lease — 0.1%
	1,000	Franklin County Convention Facilities Authority, Tax & Lease Anticipation Bonds, Rev., COP, 5.000%, 12/01/21		1,172
	3,295	State of Ohio, Denison University 2007 Project, Rev., COP, 5.000%, 11/01/19		3,880
				5,052
		Education — 0.0% (g)
	1,525	Cuyahoga Community College District, Series A, Rev., AMBAC, 5.000%, 12/01/12 (p)		1,577
		General Obligation — 0.8%
	7,235	City of Columbus, Series A, GO, 5.000%, 12/15/19		8,357
	1,510	Dublin City School District, Capital Appreciation Bonds, GO, NATL-RE, FGIC, Zero Coupon, 12/01/15		1,460
		State of Ohio, Higher Education,
	6,650	GO, 5.000%, 08/01/15		7,564
	5,275	GO, 5.000%, 08/01/16		6,198
		State of Ohio, Infrastructure Improvement,
	8,840	Series B, GO, 5.000%, 08/01/15		10,055
	8,090	Series D, GO, 5.000%, 03/01/14 (p)		8,750
				42,384
		Housing — 0.0% (g)
	140	Ohio Capital Corp. For Housing, Mortgage, Section 8 Assisted, Series M, Rev., FHA, 5.900%, 02/01/14		141
	1,020	Ohio Housing Finance Agency, Hillwood II Project, Rev., AMT, GNMA COLL, 4.700%, 05/20/16		1,083
	460	Ohio Housing Finance Agency, Residential Mortgage Backed Securities, Series A, Rev., AMT, GNMA, 5.000%, 09/01/31		465
				1,689
		Industrial Development Revenue/Pollution Control Revenue — 0.1%
	2,990	RiverSouth Authority, RiverFront Area Redevelopment, Series A, Rev., 5.250%, 06/01/14 (p)		3,279
		Other Revenue — 0.4%
		Hamilton County, Sewer System Revenue Refunding & Improvement, Greater Cincinnati,
	3,175	Series A, Rev., 5.000%, 12/01/20		3,967
	4,210	Series A, Rev., 5.000%, 12/01/21		5,185

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		Other Revenue –– Continued
		Ohio State Building Authority, Adult Correctional Facilities,
	2,510	Series B, Rev., 5.000%, 10/01/23		2,908
	2,000	Series B, Rev., 5.000%, 10/01/24		2,295
	2,000	Ohio State Turnpike Commission, Series A, Rev., 5.000%, 02/15/25		2,319
	3,900	Ohio State Water Development Authority, Solid Waste Management Incorporate Project, Rev., VAR, 1.750%, 06/01/13		3,944
				20,618
		Transportation — 0.3%
		City of Cleveland,
	8,145	Series C, Rev., AGC, 5.000%, 01/01/17		9,313
	2,800	Series C, Rev., AGC, 5.000%, 01/01/18		3,210
				12,523
		Total Ohio		87,122
		Oklahoma — 0.6%
		Education — 0.4%
		Tulsa County Industrial Authority, Jenks Public School,
	1,285	Rev., 5.500%, 09/01/14		1,426
	5,790	Rev., 5.500%, 09/01/16		6,920
	7,345	Rev., 5.500%, 09/01/17		9,011
				17,357
		Housing — 0.0% (g)
	555	Oklahoma Housing Finance Agency, Homeownership Loan Program, Series A, Rev., GNMA/FNMA/FHLMC, 5.250%, 09/01/29		581
		Other Revenue — 0.2%
		Oklahoma Turnpike Authority, Second Senior,
	4,000	Series A, Rev., 5.000%, 01/01/23		4,864
	5,000	Series A, Rev., 5.000%, 01/01/25		5,969
				10,833
		Utility — 0.0% (g)
	1,470	Grand River Damn Authority, Series A, Rev., BHAC, 5.000%, 06/01/16		1,715
		Total Oklahoma		30,486
		Oregon — 0.3%
		Certificate of Participation/Lease — 0.2%
		Oregon State Department of Administrative Services,
	1,685	Series A, COP, 5.000%, 05/01/24		1,941
	2,200	Series A, COP, 5.000%, 05/01/25		2,517
	5,000	Series A, COP, GO, 5.000%, 05/01/15		5,626
				10,084
		Prerefunded — 0.1%
	3,000	Oregon State Department of Transportation, Highway User Tax, Series A, Rev., 5.500%, 11/15/12 (p)		3,072
		Water & Sewer — 0.0% (g)
	2,545	City of Portland, Sewer System, Second Lien, Series B, Rev., 5.000%, 06/15/26		2,975
		Total Oregon		16,131
		Pennsylvania — 1.4%
		Education — 0.2%
	5,000	Pennsylvania Higher Educational Facilities Authority, Series A, Rev., 5.000%, 09/01/19		6,183
		State Public School Building Authority, Delaware County Community College Project,
	1,400	Rev., AGM, 5.000%, 10/01/23		1,576
	1,065	Rev., AGM, 5.000%, 10/01/25		1,185
	1,000	Rev., AGM, 5.000%, 10/01/26		1,104
				10,048
		General Obligation — 0.9%
		Altoona Area School District,
	565	GO, AGM, 4.000%, 12/01/19		610
	900	GO, AGM, 4.125%, 12/01/21		961
		Commonwealth of Pennsylvania, Second Series,
	10,000	GO, 5.000%, 07/01/15		11,375
	2,430	GO, 5.000%, 01/01/16 (p)		2,817
		Octorara Area School District,
	3,120	Series B, GO, AGM, 4.000%, 06/01/20		3,589
	3,780	Series B, GO, AGM, 4.250%, 06/01/22		4,282
	3,230	Series B, GO, AGM, 4.250%, 06/01/23		3,610
	1,635	Series B, GO, AGM, 5.000%, 06/01/18		1,922
	210	Parkland School District, GO, NATL-RE, FGIC, 5.375%, 09/01/15		241
		Red Lion Area School District,
	3,145	GO, AGM, 5.000%, 05/01/21		3,670
	2,360	GO, AGM, 5.000%, 05/01/22		2,728
	1,000	GO, AGM, 5.000%, 05/01/24		1,133
		West Mifflin Area School District,
	2,065	GO, AGM, 5.000%, 04/01/25		2,369
	2,000	GO, AGM, 5.000%, 04/01/26		2,270
	2,000	GO, AGM, 5.375%, 04/01/27		2,313

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		General Obligation — Continued
	500	GO, AGM, 5.500%, 04/01/24		589
				44,479
		Hospital — 0.3%
		Allegheny County Hospital Development Authority, University of Pittsburgh Medical Center,
	5,000	Series A, Rev., 5.000%, 09/01/16		5,745
	5,000	Series B, Rev., 5.000%, 06/15/18		5,332
	5,000	Sayre Health Care Facilities Authority,
		Guthrie Health, Rev., VAR, 1.107%, 12/01/24		4,047
				15,124
		Total Pennsylvania		69,651
		Puerto Rico — 0.4%
		Other Revenue — 0.1%
	2,400	Puerto Rico Highway & Transportation Authority, Series AA, Rev., NATL-RE, 5.500%, 07/01/18 (p)		3,023
	100	Puerto Rico Highway & Transportation Authority, Unrefunded Balance, Series AA, Rev., NATL-RE, 5.500%, 07/01/18		114
				3,137
		Prerefunded — 0.3%
	1,935	Puerto Rico Highway & Transportation Authority, Series G, Rev., 5.000%, 07/01/13 (p)		2,034
	10,000	Puerto Rico Public Finance Corp., Series E, Rev., CIFG-TCRS, AGM-CR, 6.000%, 08/01/26 (p)		14,244
				16,278
		Special Tax — 0.0% (g)
	2,000	Puerto Rico Highway & Transportation Authority, Series A, Rev., AMBAC, Zero Coupon, 07/01/17		1,700
		Total Puerto Rico		21,115
		South Carolina — 2.1%
		Education — 0.3%
		Charleston Educational Excellence Finance Corp., Charleston County School District Project,
	5,500	Rev., 5.000%, 12/01/16		6,052
	3,000	Rev., 5.000%, 12/01/17		3,283
	2,500	Rev., 5.000%, 12/01/18		2,711
	4,000	Scago Educational Facilities Corp. for Colleton School District, Pickens County Project, Rev., AGM, 5.000%, 12/01/21		4,443
				16,489
		General Obligation — 1.1%
	10,010	Charleston County, School District, Series A, GO, SCSDE, 5.000%, 02/01/23		12,774
	2,395	Charleston County, Transition Sales Tax, GO, 5.000%, 11/01/15 (p)		2,758
		Richland County School District No. 2,
	6,000	Series A, GO, NATL-RE, FGIC, SCSDE, 5.000%, 04/01/17		6,928
	1,570	Series A, GO, SCSDE, 5.000%, 02/01/20		1,908
	10,000	State of South Carolina, Series A, GO, 5.000%, 06/01/19		12,569
	4,880	State of South Carolina, State Capital Improvement, Series A, GO, 4.000%, 10/01/14		5,291
		York County School District No. 1,
	5,415	Series A, GO, SCSDE, 5.250%, 03/01/23		6,441
	5,000	Series A, GO, SCSDE, 5.250%, 03/01/25		5,871
				54,540
		Other Revenue — 0.2%
	4,000	South Carolina Jobs & EDA, Various Waste Management, Rev., 2.875%, 02/01/15		4,080
	1,120	South Carolina State Housing Finance & Development Authority, Series 1, Rev., GNMA/FNMA/FHLMC, 5.000%, 01/01/28		1,212
	4,795	State of South Carolina Public Service Authority, Series A, Rev., AMBAC, 5.000%, 01/01/14 (p)		5,148
	1,350	Tobacco Settlement Revenue Management Authority, Rev., 5.000%, 06/01/12 (p)		1,350
				11,790
		Prerefunded — 0.2%
	5,560	Greenville County School District, Building Equity Sooner Tomorrow, Rev., 5.500%, 12/01/12 (p)		5,763
	1,115	South Carolina State Public Service Authority, Series D, Rev., AGM, 5.000%, 01/01/13 (p)		1,146
				6,909
		Utility — 0.2%
	8,125	Piedmont Municipal Power Agency, Electric, Unrefunded Balance, Rev., NATL-RE, FGIC, 6.750%, 01/01/20		10,689
		Water & Sewer — 0.1%
	4,610	City of Charleston, Waterworks & Sewer, Refinancing & Capital Improvement, Series A, Rev., 5.000%, 01/01/16 (p)		5,324
		Total South Carolina		105,741

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		South Dakota — 0.0% (g)
		Prerefunded — 0.0% (g)
	663	Heartland Consumers Power District, Rev., 6.375%, 01/01/16 (p)		744
		Tennessee — 0.7%
		General Obligation — 0.4%
		City of Memphis, General Improvement,
	4,125	Series A, GO, NATL-RE, 5.000%, 11/01/17		4,719
	4,000	Series D, GO, 5.000%, 07/01/23		4,806
	7,330	Montgomery County, GO, 5.000%, 04/01/22		9,206
				18,731
		Utility — 0.3%
	1,910	City of Lawrenceburg, Electric, Rev., NATL-RE, 6.625%, 07/01/18		2,231
		Tennessee Energy Acquisition Corp.,
	12,000	Series A, Rev., 5.000%, 09/01/13		12,539
	1,000	Series C, Rev., 5.000%, 02/01/17		1,083
				15,853
		Total Tennessee		34,584
		Texas — 8.0%
		Certificate of Participation/Lease — 0.1%
	3,000	Texas Public Finance Authority, State Preservation Board Projects, Series B, Rev., COP, AMBAC, 5.000%, 02/01/16		3,282
		Education — 0.7%
		El Paso County Community College District,
	4,265	Rev., NATL-RE, 5.000%, 04/01/19		4,935
	3,380	Rev., NATL-RE, 5.000%, 04/01/20		3,869
	3,885	Houston Independent School District, Public Financing Corp. Lease, Capital Appreciation, Cesar E. Chavez, Series A, Rev., AMBAC, Zero Coupon, 09/15/12		3,881
	2,400	Midland College District, GO, NATL-RE, FGIC, 5.000%, 02/15/15 (p)		2,693
	2,015	Texas A&M University, Series A, Rev., 5.250%, 07/01/28		2,594
		University of Texas,
	12,000	Series A, Rev., 5.250%, 08/15/19		14,811
	2,000	Series A, Rev., 5.250%, 08/15/20		2,441
				35,224
		General Obligation — 3.6%
	1,500	Aldine Independent School District, Series A, GO, PSF-GTD, 5.000%, 02/15/21		1,889
	2,000	Allen Independent School District, GO, PSF-GTD, 5.000%, 02/15/23		2,213
	7,570	City of Austin, Public Improvement, GO, 5.000%, 09/01/22		9,635
	2,795	City of Beaumont, GO, 5.000%, 03/01/24		3,285
		City of Cedar Park,
	1,055	GO, AGM, 4.125%, 02/15/20		1,167
	1,055	GO, AGM, 4.250%, 02/15/21		1,159
	755	GO, AGM, 4.375%, 02/15/22		825
	1,175	GO, AGM, 4.500%, 02/15/24		1,269
	1,055	GO, AGM, 4.700%, 02/15/26		1,154
		City of Denton,
	1,230	Series A, GO, 5.000%, 02/15/15		1,374
	1,250	Series A, GO, 5.000%, 02/15/16		1,444
	1,535	Series A, GO, 5.000%, 02/15/18		1,853
	3,245	Series A, GO, 5.000%, 02/15/19		3,977
	1,975	City of El Paso, GO, NATL-RE, 5.000%, 08/15/25		2,191
	4,290	City of Frisco, Improvement, GO, 5.000%, 02/15/23		5,222
	4,715	City of Garland, Series A, GO, 5.000%, 02/15/24		5,525
		City of Southlake,
	2,050	GO, AMBAC, 5.000%, 02/15/19		2,113
	1,695	GO, AMBAC, 5.000%, 02/15/20		1,747
	2,740	GO, AMBAC, 5.000%, 02/15/21		2,823
	2,340	GO, AMBAC, 5.000%, 02/15/22		2,412
	1,675	Collin County Community College District, Limited Tax, GO, 4.000%, 08/15/18		1,993
	1,000	Deer Park Independent School District, Limited Tax, GO, AGM, 5.000%, 02/15/16		1,158
	10,000	Eagle Mountain & Saginaw Independent School District, School Building, GO, VAR, PSF-GTD, 2.500%, 08/01/14		10,394
	2,000	Fort Bend County, GO, 5.000%, 03/01/23		2,346
	3,500	Fort Bend Independent School District, GO, 5.000%, 02/15/19		4,300
	1,500	Granbury Independent School District, GO, PSF-GTD, 5.000%, 08/01/23		1,686
		Harris County,
	5,000	Series A, GO, 5.000%, 10/01/22		6,127
	5,000	Series B, GO, 5.500%, 10/01/17		6,194
	1,250	Harris County, Toll Road, Sub Lien, Series A, GO, NATL-RE, 6.500%, 08/15/13		1,343
		Houston Community College System,
	8,445	GO, 5.000%, 02/15/24		10,194

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		General Obligation — Continued
	5,140	GO, 5.000%, 02/15/25		6,155
	2,000	Irving Independent School District, GO, PSF-GTD, 5.250%, 02/15/13		2,071
	1,900	La Joya Independent School District, GO, PSF-GTD, 5.000%, 02/15/18		2,185
		Lewisville Independent School District, School Building,
	1,000	GO, 5.000%, 08/15/17		1,202
	1,000	GO, 5.000%, 08/15/19		1,239
	3,000	GO, 5.000%, 08/15/20		3,664
	2,530	Longview Independent School District, School Building, GO, PSF-GTD, 5.000%, 02/15/20		3,046
	3,870	Longview Independent School District, School Building, Capital Appreciation, GO, PSF-GTD, Zero Coupon, 02/15/17		3,678
	10,000	Midlothian Independent School District, Various School Building, Series B, GO, VAR, PSF-GTD, 2.250%, 08/01/14		10,318
		North East Independent School District, Capital Appreciation, School Building,
	5,000	Series A, GO, PSF-GTD, Zero Coupon, 08/01/13		4,975
	7,850	Series A, GO, PSF-GTD, Zero Coupon, 08/01/15		7,674
		Pasadena Independent School District, School Building,
	1,000	GO, PSF-GTD, 4.750%, 02/15/22		1,125
	3,080	GO, PSF-GTD, 4.750%, 02/15/23		3,438
	1,105	GO, PSF-GTD, 5.000%, 02/15/17		1,318
	2,250	Plano Independent School District, GO, PSF-GTD, 5.000%, 02/15/21		2,771
	2,505	Richardson Independent School District, GO, PSF-GTD, 5.000%, 02/15/14 (p)		2,684
	1,000	State of Texas, College Student Loans, Series A, GO, 5.250%, 08/01/19		1,201
		State of Texas, Public Finance Authority,
	3,900	GO, 5.000%, 10/01/12 (p)		3,963
	8,925	Series A, GO, 5.000%, 10/01/15		10,225
	4,000	Series A, GO, 5.000%, 10/01/17		4,838
	3,475	Series A, GO, 5.000%, 10/01/18		4,273
	2,000	Series A, GO, 5.000%, 10/01/20		2,474
				183,529
		Hospital — 0.4%
		Harris County Health Facilities Development Corp., Hermann Memorial Healthcare System,
	5,000	Series B, Rev., 7.200%, 12/01/28		5,433
	7,345	Series B, Rev., 7.200%, 12/01/29		7,977
		Tarrant County Cultural Education Facilities Finance Corp., Health Resources,
	3,500	Series A, Rev., 5.000%, 02/15/17		4,052
	2,690	Series A, Rev., 5.000%, 02/15/18		3,085
				20,547
		Other Revenue — 0.9%
	1,765	City of El Paso, Water & Sewer, Series A, Rev., 5.000%, 03/01/21		2,140
		Coastal Water Authority, City Of Houston Projects,
	3,160	Rev., 5.000%, 12/15/22		3,827
	5,115	Rev., 5.000%, 12/15/25		6,003
	4,490	Lower Colorado River Authority, Transmission Services, Series A, Rev., NATL-RE, 5.000%, 05/15/24		4,888
		North Texas Tollway Authority, Special Projects System,
	1,000	Series A, Rev., 5.500%, 09/01/36		1,177
	3,000	Series A, Rev., 5.500%, 09/01/41		3,506
	3,000	Series A, Rev., 6.000%, 09/01/41		3,628
	3,955	Tarrant Regional Water District, Water Revenue, Unrefunded Balance, Rev., AGM, 5.375%, 03/01/15		4,101
	14,500	Texas Public Finance Authority, Unemployment Compensation, Series A, Rev., 5.000%, 07/01/17		16,633
				45,903
		Prerefunded — 0.9%
	6,000	Central Texas Housing Finance Corp., Single Family Mortgage, Rev., VA/PRIV MTGS, Zero Coupon, 09/01/16 (p)		5,770
	3,595	City of Dallas, Waterworks & Sewer System, Rev., AGM, 5.375%, 04/01/13 (p)		3,748
	2,500	City of Houston, Junior Lien, Series A, Rev., AGM, 5.750%, 12/01/32 (p)		3,664
	3,700	Coastal Bend Health Facilities Development Corp., Rev., VAR, AMBAC, 5.929%, 11/15/13 (p)		3,998
		Harris County Flood Control District,
	10,000	GO, 5.250%, 10/01/13 (p)		10,657
	7,545	Series A, GO, 5.250%, 10/01/14 (p)		8,372
	1,045	Tarrant Regional Water District, Water Revenue, Rev., AGM, 5.375%, 03/01/13 (p)		1,086

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Prerefunded –– Continued
	5,000	University of Texas, Series B, Rev., 5.000%, 07/01/14 (p)		5,483
				42,778
		Special Tax — 0.2%
	10,000	Dallas Area Rapid Transit, Senior Lien, Rev., AMBAC, 5.000%, 12/01/20		11,674
		Transportation — 0.8%
		Dallas Area Rapid Transit, Senior Lien,
	1,195	Rev., 5.000%, 12/01/19		1,455
	5,000	Rev., 5.000%, 12/01/21		5,984
	6,825	Series A, Rev., 5.000%, 12/01/17		8,271
	8,950	Series A, Rev., 5.000%, 12/01/18		11,009
	5,000	Series A, Rev., 5.000%, 12/01/21		5,975
		Dallas-Fort Worth International Airport Facilities Improvement Corp.,
	3,500	Series A, Rev., 4.000%, 11/01/13		3,668
	3,500	Series A, Rev., 5.000%, 11/01/13		3,717
	1,000	Series A, Rev., 5.000%, 11/01/22		1,105
				41,184
		Utility — 0.1%
	1,285	City of Austin, Capital Appreciation, Rev., NATL-RE, FGIC, Zero Coupon, 05/15/17		1,166
	4,500	City of Austin, Electric Utilities System, Rev., NATL-RE, 5.250%, 11/15/15		4,687
				5,853
		Water & Sewer — 0.3%
	1,405	City of Dallas, Waterworks & Sewer System, Unrefunded Balance, Rev., AGM, 5.375%, 10/01/17		1,461
		City of Houston, Utilities Systems, First Lien,
	1,000	Series A, Rev., AGM, 5.000%, 11/15/19		1,177
	1,000	Series A, Rev., AGM, 5.000%, 11/15/20		1,177
	3,000	Series A, Rev., NATL-RE, 5.250%, 05/15/14		3,284
	6,140	Series A, Rev., NATL-RE, 5.250%, 05/15/26		6,614
	2,290	North Texas Municipal Water District, Rev., 5.000%, 06/01/25		2,704
				16,417
		Total Texas		406,391
		Utah — 0.6%
		General Obligation — 0.1%
		Central Utah Water Conservancy District,
	1,000	Series B, GO, 5.250%, 04/01/22		1,272
	3,950	Series C, GO, 5.000%, 04/01/20		4,923
				6,195
		Other Revenue — 0.2%
	6,650	Metropolitan Water District of Salt Lake & Sandy, Series A, Rev., 5.000%, 07/01/24		8,244
		Salt Lake County, Transportation Tax,
	1,500	Series A, Rev., 5.000%, 08/15/16		1,766
	1,000	Series A, Rev., 5.000%, 08/15/17		1,205
	1,000	Series A, Rev., 5.000%, 08/15/18		1,225
				12,440
		Prerefunded — 0.1%
	2,290	Intermountain Power Agency, Utah Power Supply, Series A, Rev., NATL-RE-IBC, 6.150%, 07/01/14 (p)		2,428
		Water & Sewer — 0.2%
	9,400	Metropolitan Water District of Salt Lake & Sandy, Series A, Rev., 5.000%, 07/01/28		10,759
		Total Utah		31,822
		Virginia — 1.7%
		Education — 0.2%
		Virginia College Building Authority, Public Higher Education Financing Program,
	5	Series A, Rev., 5.000%, 09/01/14		6
	1,000	Series A, Rev., 5.000%, 09/01/15		1,142
	500	Series A, Rev., 5.000%, 09/01/16		590
	4,985	Virginia College Building Authority, Washington & Lee University Project, Rev., NATL-RE, 5.250%, 01/01/26		6,227
				7,965
		General Obligation — 0.6%
		Chesterfield County EDA, Public Improvement,
	3,575	Series A, GO, 5.000%, 01/01/17		4,265
	3,575	Series A, GO, 5.000%, 01/01/18		4,367
	1,000	City of Lynchburg, Public Improvement, GO, 5.000%, 12/01/22		1,234
	10,000	Commonwealth of Virginia, Series D, GO, 5.000%, 06/01/20		12,421
	6,595	Fairfax County, Public Improvement, Series A, GO, 4.000%, 04/01/23		7,547
	2,425	Loudoun County, Public Improvements, Series B, GO, 5.000%, 12/01/15		2,798
				32,632

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Industrial Development Revenue/Pollution Control Revenue — 0.0% (g)
	2,000	Chesterfield County EDA, Virginia Electric & Power, Series A, Rev., 5.000%, 05/01/23		2,287
		Other Revenue — 0.3%
	3,500	Fairfax County Water Authority, Subseries B, Rev., 5.250%, 04/01/25		4,658
	5,265	Virginia Public School Authority, Series B, Rev., 5.000%, 08/01/13		5,560
	4,340	Virginia Public School Authority, Special School Financing, Rev., 5.000%, 01/15/20		5,410
				15,628
		Transportation — 0.3%
		Virginia Commonwealth Transportation Board, Oak Grove Connector,
	1,465	Series A, Rev., 5.000%, 05/15/17		1,699
	1,495	Series A, Rev., 5.000%, 05/15/18		1,705
	1,835	Series A, Rev., 5.000%, 05/15/19		2,098
	1,520	Series A, Rev., 5.000%, 05/15/20		1,738
	2,015	Series A, Rev., 5.000%, 05/15/21		2,304
		Virginia Commonwealth Transportation Board, Transportation District Program,
	1,305	Series B, Rev., 5.000%, 05/15/18		1,489
	1,260	Series B, Rev., 5.000%, 05/15/19		1,441
				12,474
		Water & Sewer — 0.3%
	3,080	Fairfax County, Rev., 5.000%, 07/15/22		3,763
	7,390	Virginia Resources Authority, Clean Water, Rev., 5.500%, 10/01/22		9,887
				13,650
		Total Virginia		84,636
		Washington — 2.3%
		General Obligation — 1.3%
	7,050	King County, Sewer, GO, NATL-RE FGIC, 5.000%, 01/01/27		7,593
	3,500	Snohomish County School District No. 25, Marysville, GO, AGM, 5.000%, 12/01/21		3,988
		State of Washington,
	7,010	GO, 5.000%, 01/01/22		8,624
	4,500	Series B & AT-7, GO, 6.400%, 06/01/17		5,311
	4,100	Series D, GO, AGM, 5.000%, 01/01/15 (p)		4,579
		State of Washington, Various Purpose,
	10,000	Series 2010C, GO, 5.000%, 08/01/34		11,567
	5,015	Series C, GO, 5.000%, 02/01/30		5,864
	7,260	Series R-2011B, GO, 5.000%, 07/01/23		8,716
	7,750	Series R-2012C, GO, 5.000%, 07/01/25		9,432
				65,674
		Hospital — 0.1%
	3,450	Washington Health Care Facilities Authority, Multicare Health System, Series A, Rev., AGM, 5.250%, 08/15/24		3,889
		Other Revenue — 0.9%
	21,835	Chelan County Public Utility District No. 1, Capital Appreciation, Series A, Rev., NATL-RE, Zero Coupon, 06/01/22		16,137
	5,000	City of Seattle, Municipal Light & Power Revenue Refunding & Improvement, Series B, Rev., 5.000%, 02/01/24		5,919
		City of Seattle, Water Systems,
	12,695	Rev., 5.000%, 09/01/20		15,940
	5,550	Rev., 5.000%, 09/01/21		7,016
				45,012
		Water & Sewer — 0.0% (g)
	1,300	King County, Sewer, Rev., AGM, 5.000%, 01/01/25		1,496
		Total Washington		116,071
		West Virginia — 1.0%
		Certificate of Participation/Lease — 0.1%
	1,990	West Virginia State Building Commission, Regional Jail, Series A, Rev., COP, AMBAC, 5.250%, 07/01/12		1,995
		Education — 0.1%
	1,050	West Virginia Higher Education Policy Commission, University Facilities, Series B, Rev., NATL-RE, FGIC, 5.000%, 04/01/21		1,118
	1,000	West Virginia School Building Authority, Rev., 5.000%, 07/01/16		1,165
		West Virginia University, University Projects,
	1,000	Series A, Rev., AMBAC, Zero Coupon, 04/01/16		933
	1,000	Series A, Rev., AMBAC, Zero Coupon, 04/01/17		902
	1,000	Series A, Rev., AMBAC, Zero Coupon, 04/01/18		872
	1,000	Series B, Rev., NATL-RE, FGIC, 5.000%, 10/01/20		1,093
				6,083

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		General Obligation — 0.1%
	1,915	Marshall County Board of Education, Public School, GO, NATL-RE, 5.000%, 05/01/18		2,256
	1,000	State of West Virginia, Capital Appreciation, Infrastructure, Series A, GO, NATL-RE, FGIC, Zero Coupon, 11/01/13		992
		State of West Virginia, Infrastructure,
	2,000	GO, NATL-RE, FGIC, 5.000%, 11/01/14		2,220
	375	Series B, GO, AMT, NATL-RE, FGIC, 5.750%, 11/01/12		381
	1,000	State of West Virginia, State Roads, GO, NATL-RE, FGIC, 5.000%, 06/01/21		1,124
				6,973
		Hospital — 0.0% (g)
	1,480	West Virginia State Hospital Finance Authority, United Hospital Center, Inc. Project, Series A, Rev., AMBAC, 5.000%, 06/01/15		1,606
		Other Revenue — 0.1%
		West Virginia School Building Authority, Capital Improvement,
	1,000	Series A, Rev., NATL-RE, FGIC, 5.000%, 07/01/16		1,150
	2,000	Series A, Rev., NATL-RE, FGIC, 5.000%, 07/01/18		2,350
	2,000	Series A, Rev., NATL-RE, FGIC, 5.000%, 07/01/20		2,339
				5,839
		Prerefunded — 0.3%
	3,260	Kanawha, Mercer & Nicholas Counties, Single Family Mortgage, Rev., Zero Coupon, 02/01/14 (p)		2,906
	12,400	Kanawha-Putnam County, City of Huntington-Charleston, Single Family Housing, Compound Interest-1984, Series A, Rev., AMBAC, Zero Coupon, 12/01/16 (p)		11,908
	895	West Virginia State Hospital Finance Authority, Charleston Area Medical Center, Series A, Rev., 6.500%, 09/01/16 (p)		1,051
	1,200	West Virginia Water Development Authority, Series A, Rev., AMBAC, 5.500%, 10/01/13 (p)		1,296
				17,161
		Transportation — 0.1%
		West Virginia Commissioner of Highways, Surface Transportation Improvements,
	500	Series A, Rev., AGM, 5.000%, 09/01/14		549
	1,000	Series A, Rev., AGM, 5.000%, 09/01/15		1,136
	1,000	West Virginia State Parkways Economic Development & Tourism Authority, Rev., NATL-RE, FGIC, 5.250%, 05/15/16		1,165
				2,850
		Utility — 0.0% (g)
	700	West Virginia EDA, Pollution Control, Appalachian Power Co., Amos, Series C, Rev., VAR, 4.850%, 09/04/13		728
		Water & Sewer — 0.2%
	925	City of Fairmont, Waterworks, Rev., NATL-RE, 5.500%, 07/01/12		927
	1,430	City of Parkersburg, WaterWorks & Sewer System, Series A, Rev., NATL-RE, FGIC, 5.000%, 08/01/19 (f) (i)		1,532
		West Virginia Water Development Authority, Loan Program II,
	1,125	Series A-II, Rev., NATL-RE, FGIC, 5.000%, 11/01/19		1,243
	2,275	Series B, Rev., AMBAC, 5.000%, 11/01/12		2,317
	1,000	Series B, Rev., AMBAC, 5.000%, 11/01/13		1,060
	1,420	West Virginia Water Development Authority, Loan Program IV, Series A, Rev., AGM, 5.000%, 11/01/19		1,576
				8,655
		Total West Virginia		51,890
		Wisconsin — 1.9%
		General Obligation — 1.7%
		State of Wisconsin,
	24,500	Series 1, GO, NATL-RE, 5.000%, 05/01/17		27,519
	7,905	Series 1, GO, NATL-RE, 5.250%, 05/01/14		8,642
	5,000	Series 1, GO, NATL-RE, 5.250%, 05/01/15		5,684
	5,000	Series 2, GO, 5.000%, 11/01/19		6,236
	5,000	Series 2, GO, NATL-RE, 5.000%, 05/01/14		5,443
	16,050	Series A, GO, 5.000%, 05/01/23		19,662
	13,190	Series A, GO, 5.250%, 05/01/25		16,179
				89,365
		Hospital — 0.2%
		Wisconsin Health & Educational Facilities Authority, Carthage College Project, Private Placement
	2,500	Rev., 5.700%, 05/01/14 (f) (i)		2,577

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Hospital — Continued
	6,250	Rev., 5.950%, 05/01/19 (f) (i)		6,895
				9,472
		Total Wisconsin		98,837
		Total Municipal Bonds (Cost $4,542,803)		4,943,108
SHARES
	Short-Term Investment — 1.8%
		Investment Company — 1.8%
	92,628	JPMorgan Tax Free Money Market Fund, Institutional Class Shares, 0.050% (b) (l) (m) (Cost $92,628)		92,628
		Total Investments — 99.2% (Cost $4,635,431)		5,035,736
		Other Assets in Excess of Liabilities — 0.8%		41,526
		NET ASSETS — 100.0%	$	5,077,262

Percentages indicated are based on net assets.

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

ACA	—	Insured by American Capital Access
AGC	—	Insured by Assured Guaranty Corp.
AGM	—	Insured by Assured Guaranty Municipal Corp.
AMBAC	—	Insured by American Municipal Bond Assurance Corp. *
AMT	—	Alternative Minimum Tax
BHAC	—	Insured by Berkshire Hathaway Assurance Corp.
CIFG	—	Insured by CDC IXIS Financial Guaranty
COLL	—	Collateral
CONS	—	Consolidated Bonds
COP	—	Certificate of Participation
CR	—	Custodial Receipts
EDA	—	Economic Development Authority
FGIC	—	Insured by Financial Guaranty Insurance Co.
FHA	—	Federal Housing Administration
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
GAN	—	Grant Anticipation Notes
GNMA	—	Government National Mortgage Association
GO	—	General Obligation
GTD	—	Guaranteed
IBC	—	Insured Bond Certificates
ICC	—	Insured Custody Certificates
IDA	—	Industrial Development Authority
MBIA	—	Insured by Municipal Bond Insurance Corp.
MTGS	—	Mortgages
NATL	—	Insured by National Public Finance Guarantee Corp.
PRIV	—	Private
PSF	—	Permanent School Fund
Q-SBLF	—	Qualified School Bond Loan Fund
RE	—	Reinsured
Rev.	—	Revenue
SCSDE	—	South Carolina School District Enhancement
TAN	—	Tax Anticipation Note
TCRS	—	Transferable Custodial Receipts
VA	—	Veterans Administration
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of May 31, 2012.
XLCA	—	Insured by XL Capital Assurance

(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.

(f) Security is fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. The Fund owns fair valued securities with a value of approximately $15,997,000 which amounts to 0.3% of total investments.

(g) Amount rounds to less than 0.1%.

(i) Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.

(l) The rate shown is the current yield as of May 31, 2012.

(m) All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities and unfunded commitments.

(p) Security is prerefunded or escrowed to maturity.

(t) The date shown represents the earliest of the prerefunded date, next put date or final maturity date.

(w) When-issued security.

* Filed for bankruptcy on November 8, 2010.

As of May 31, 2012, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	401,982
Aggregate gross unrealized depreciation		(1,677	)
Net unrealized appreciation/depreciation	$	400,305
Federal income tax cost of investments	$	4,635,431

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

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

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

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

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

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

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

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

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

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

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

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

	Level 1 Quoted  prices		Level 2 Other  significant observable inputs		Level 3 Significant  unobservable inputs		Total
Investments in Securities
Debt Securities
Municipal Bonds
Alabama
Education	$	—	$	11,834	$	—	$	11,834
General Obligation		—		4,490		—		4,490
Prerefunded		—		7,014		—		7,014
Total Alabama		—		23,338		—		23,338
Alaska
Certificate of Participation/Lease		—		14,808		—		14,808
Other Revenue		—		10,200		—		10,200
Utility		—		3,476		—		3,476
Total Alaska		—		28,484		—		28,484
Arizona
Certificate of Participation/Lease		—		26,556		—		26,556
General Obligation		—		7,245		—		7,245
Hospital		—		32,533		—		32,533
Other Revenue		—		5,382		—		5,382
Prerefunded		—		22,354		—		22,354
Special Tax		—		21,847		—		21,847
Transportation		—		11,162		—		11,162
Utility		—		2,948		—		2,948
Water & Sewer		—		1,182		—		1,182
Total Arizona		—		131,209		—		131,209
California
Certificate of Participation/Lease		—		38,494		—		38,494
Education		—		68,482		—		68,482
General Obligation		—		372,470		—		372,470
Hospital		—		15,860		—		15,860
Other Revenue		—		61,908		—		61,908
Prerefunded		—		85,890		—		85,890
Transportation		—		10,676		—		10,676
Utility		—		18,277		—		18,277
Water & Sewer		—		34,755		—		34,755
Total California		—		706,812		—		706,812

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

	Level 1 Quoted  prices		Level 2 Other  significant observable inputs		Level 3 Significant  unobservable inputs		Total
Colorado
Certificate of Participation/Lease	$	—	$	5,837	$	—	$	5,837
Education		—		5,462		—		5,462
General Obligation		—		81,025		—		81,025
Hospital		—		4,507		—		4,507
Housing		—		5		—		5
Other Revenue		—		5,379		—		5,379
Prerefunded		—		77,061		—		77,061
Transportation		—		20,066		—		20,066
Total Colorado		—		199,342		—		199,342
Connecticut
General Obligation		—		26,841		—		26,841
Housing		—		6,499		—		6,499
Other Revenue		—		2,479		—		2,479
Prerefunded		—		3,583		—		3,583
Special Tax		—		2,290		—		2,290
Transportation		—		482		—		482
Total Connecticut		—		42,174		—		42,174
Delaware
Education		—		2,936		—		2,936
General Obligation		—		16,281		—		16,281
Total Delaware		—		19,217		—		19,217
District of Columbia
Certificate of Participation/Lease		—		7,071		—		7,071
Other Revenue		—		19,090		—		19,090
Total District of Columbia		—		26,161		—		26,161
Florida
Certificate of Participation/Lease		—		16,167		—		16,167
Education		—		10,789		—		10,789
General Obligation		—		113,115		—		113,115
Housing		—		10,703		—		10,703
Industrial Development Revenue/Pollution Control
Revenue		—		8,208		—		8,208
Other Revenue		—		38,596		—		38,596
Special Tax		—		11,046		—		11,046
Transportation		—		7,985		—		7,985
Water & Sewer		—		14,809		—		14,809
Total Florida		—		231,418		—		231,418
Georgia
Certificate of Participation/Lease		—		2,932		—		2,932
General Obligation		—		69,703		—		69,703
Other Revenue		—		36,404		—		36,404
Prerefunded		—		1,413		—		1,413
Special Tax		—		11,339		—		11,339
Utility		—		1,640		—		1,640
Water & Sewer		—		39,271		—		39,271
Total Georgia		—		162,702		—		162,702

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

	Level 1 Quoted  prices		Level 2 Other  significant observable inputs		Level 3 Significant  unobservable inputs		Total
Hawaii
General Obligation	$	—	$	24,390	$	—	$	24,390
Transportation		—		18,210		—		18,210
Total Hawaii		—		42,600		—		42,600
Idaho
Hospital		—		14,374		—		14,374
Illinois
Education		—		11,236		—		11,236
General Obligation		—		79,088		—		79,088
Hospital		—		3,249		—		3,249
Other Revenue		—		12,977		—		12,977
Prerefunded		—		19,215		—		19,215
Special Tax		—		923		—		923
Transportation		—		38,135		—		38,135
Total Illinois		—		164,823		—		164,823
Indiana
Certificate of Participation/Lease		—		7,960		—		7,960
Education		—		5,266		—		5,266
Other Revenue		—		41,461		—		41,461
Prerefunded		—		4,117		—		4,117
Transportation		—		4,695		—		4,695
Total Indiana		—		63,499		—		63,499
Iowa
General Obligation		—		10,042		—		10,042
Housing		—		1,269		—		1,269
Other Revenue		—		22,743		—		22,743
Prerefunded		—		1,018		—		1,018
Total Iowa		—		35,072		—		35,072
Kansas
General Obligation		—		11,338		—		11,338
Industrial Development Revenue/Pollution Control
Revenue		—		5,439		—		5,439
Other Revenue		—		39,285		—		39,285
Prerefunded		—		62,759		—		62,759
Total Kansas		—		118,821		—		118,821
Kentucky
Certificate of Participation/Lease		—		13,334		—		13,334
Education		—		5,828		—		5,828
General Obligation		—		1,121		—		1,121
Hospital		—		1,166		—		1,166
Housing		—		346		—		346
Other Revenue		—		14,519		—		14,519
Prerefunded		—		8,550		—		8,550
Transportation		—		3,291		—		3,291
Utility		—		3,280		—		3,280
Water & Sewer		—		23,339		—		23,339
Total Kentucky		—		74,774		—		74,774
Louisiana
General Obligation		—		7,808		1,391		9,199
Hospital		—		2,608		—		2,608
Housing		—		2,379		—		2,379

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

	Level 1 Quoted  prices		Level 2 Other  significant observable inputs		Level 3 Significant  unobservable inputs		Total
Other Revenue	$	—	$	20,149	$	—	$	20,149
Prerefunded		—		48,659		—		48,659
Special Tax		—		32,110		—		32,110
Transportation		—		2,445		—		2,445
Utility		—		1,547		—		1,547
Total Louisiana		—		117,705		1,391		119,096
Maryland
Certificate of Participation/Lease		—		—		3,602		3,602
Education		—		5,963		—		5,963
General Obligation		—		68,321		—		68,321
Prerefunded		—		8,445		—		8,445
Transportation		—		22,151		—		22,151
Total Maryland		—		104,880		3,602		108,482
Massachusetts
Certificate of Participation/Lease		—		20,219		—		20,219
Education		—		7,183		—		7,183
General Obligation		—		38,019		—		38,019
Housing		—		4,214		—		4,214
Other Revenue		—		3,994		—		3,994
Prerefunded		—		53,865		—		53,865
Special Tax		—		5,024		—		5,024
Transportation		—		5,954		—		5,954
Water & Sewer		—		9,061		—		9,061
Total Massachusetts		—		147,533		—		147,533
Michigan
Education		—		4,766		—		4,766
General Obligation		—		27,416		—		27,416
Housing		—		84		—		84
Other Revenue		—		10,862		—		10,862
Prerefunded		—		3,323		—		3,323
Special Tax		—		11,489		—		11,489
Utility		—		1,718		—		1,718
Water & Sewer		—		26,592		—		26,592
Total Michigan		—		86,250		—		86,250
Minnesota
General Obligation		—		55,678		—		55,678
Prerefunded		—		9,204		—		9,204
Utility		—		4,957		—		4,957
Total Minnesota		—		69,839		—		69,839
Mississippi
General Obligation		—		2,055		—		2,055
Other Revenue		—		2,994		—		2,994
Prerefunded		—		43,663		—		43,663
Total Mississippi		—		48,712		—		48,712
Missouri
General Obligation		—		19,895		—		19,895
Housing		—		3,585		—		3,585
Other Revenue		—		47,846		—		47,846
Prerefunded		—		5,196		—		5,196
Transportation		—		22,246		—		22,246
Water & Sewer		—		10,032		—		10,032
Total Missouri		—		108,800		—		108,800

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

	Level 1 Quoted  prices		Level 2 Other  significant observable inputs		Level 3 Significant  unobservable inputs		Total
Montana
Transportation	$	—	$	3,605	$	—	$	3,605
Nebraska
General Obligation		—		4,661		—		4,661
Utility		—		2,841		—		2,841
Total Nebraska		—		7,502		—		7,502
Nevada
Prerefunded		—		2,948		—		2,948
Water & Sewer		—		5,382		—		5,382
Total Nevada		—		8,330		—		8,330
New Hampshire
Transportation		—		3,019		—		3,019
New Jersey
Certificate of Participation/Lease		—		17,212		—		17,212
Education		—		31,780		—		31,780
General Obligation		—		1,112		—		1,112
Industrial Development Revenue/Pollution Control
Revenue		—		4,390		—		4,390
Other Revenue		—		57,125		—		57,125
Prerefunded		—		35,064		—		35,064
Special Tax		—		11,141		—		11,141
Transportation		—		13,497		—		13,497
Water & Sewer		—		6,861		—		6,861
Total New Jersey		—		178,182		—		178,182
New Mexico
Education		—		12,878		—		12,878
Housing		—		7,084		—		7,084
Industrial Development Revenue/Pollution Control
Revenue		—		1,302		—		1,302
Other Revenue		—		22,958		—		22,958
Special Tax		—		11,963		—		11,963
Transportation		—		6,595		—		6,595
Total New Mexico		—		62,780		—		62,780
New York
Certificate of Participation/Lease		—		19,211		—		19,211
Education		—		45,144		—		45,144
General Obligation		—		41,872		—		41,872
Hospital		—		5,046		—		5,046
Housing		—		4,200		—		4,200
Other Revenue		—		269,156		—		269,156
Prerefunded		—		34,657		—		34,657
Special Tax		—		109,408		—		109,408
Transportation		—		48,717		—		48,717
Utility		—		19,066		—		19,066
Water & Sewer		—		5,228		—		5,228
Total New York		—		601,705		—		601,705
North Carolina
Certificate of Participation/Lease		—		2,355		—		2,355

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

	Level 1 Quoted  prices		Level 2 Other  significant observable inputs		Level 3 Significant  unobservable inputs		Total
General Obligation	$	—	$	97,061	$	—	$	97,061
Hospital		—		2,537		—		2,537
Industrial Development Revenue/Pollution Control
Revenue		—		6,334		—		6,334
Other Revenue		—		18,938		—		18,938
Utility		—		22,007		—		22,007
Total North Carolina		—		149,232		—		149,232
Ohio
Certificate of Participation/Lease		—		5,052		—		5,052
Education		—		1,577		—		1,577
General Obligation		—		42,384		—		42,384
Housing		—		1,689		—		1,689
Industrial Development Revenue/Pollution Control
Revenue		—		3,279		—		3,279
Other Revenue		—		20,618		—		20,618
Transportation		—		12,523		—		12,523
Total Ohio		—		87,122		—		87,122
Oklahoma
Education		—		17,357		—		17,357
Housing		—		581		—		581
Other Revenue		—		10,833		—		10,833
Utility		—		1,715		—		1,715
Total Oklahoma		—		30,486		—		30,486
Oregon
Certificate of Participation/Lease		—		10,084		—		10,084
Prerefunded		—		3,072		—		3,072
Water & Sewer		—		2,975		—		2,975
Total Oregon		—		16,131		—		16,131
Pennsylvania
Education		—		10,048		—		10,048
General Obligation		—		44,479		—		44,479
Hospital		—		15,124		—		15,124
Total Pennsylvania		—		69,651		—		69,651
Puerto Rico
Other Revenue		—		3,137		—		3,137
Prerefunded		—		16,278		—		16,278
Special Tax		—		1,700		—		1,700
Total Puerto Rico		—		21,115		—		21,115
South Carolina
Education		—		16,489		—		16,489
General Obligation		—		54,540		—		54,540
Other Revenue		—		11,790		—		11,790
Prerefunded		—		6,909		—		6,909
Utility		—		10,689		—		10,689
Water & Sewer		—		5,324		—		5,324
Total South Carolina		—		105,741		—		105,741
South Dakota
Prerefunded		—		744		—		744

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

	Level 1 Quoted  prices		Level 2 Other  significant observable inputs		Level 3 Significant  unobservable inputs		Total
Tennessee
General Obligation	$	—	$	18,731	$	—	$	18,731
Utility		—		15,853		—		15,853
Total Tennessee		—		34,584		—		34,584
Texas
Certificate of Participation/Lease		—		3,282		—		3,282
Education		—		35,224		—		35,224
General Obligation		—		183,529		—		183,529
Hospital		—		20,547		—		20,547
Other Revenue		—		45,903		—		45,903
Prerefunded		—		42,778		—		42,778
Special Tax		—		11,674		—		11,674
Transportation		—		41,184		—		41,184
Utility		—		5,853		—		5,853
Water & Sewer		—		16,417		—		16,417
Total Texas		—		406,391		—		406,391
Utah
General Obligation		—		6,195		—		6,195
Other Revenue		—		12,440		—		12,440
Prerefunded		—		2,428		—		2,428
Water & Sewer		—		10,759		—		10,759
Total Utah		—		31,822		—		31,822
Virginia
Education		—		7,965		—		7,965
General Obligation		—		32,632		—		32,632
Industrial Development Revenue/Pollution Control
Revenue		—		2,287		—		2,287
Other Revenue		—		15,628		—		15,628
Transportation		—		12,474		—		12,474
Water & Sewer		—		13,650		—		13,650
Total Virginia		—		84,636		—		84,636
Washington
General Obligation		—		65,674		—		65,674
Hospital		—		3,889		—		3,889
Other Revenue		—		45,012		—		45,012
Water & Sewer		—		1,496		—		1,496
Total Washington		—		116,071		—		116,071
West Virginia
Certificate of Participation/Lease		—		1,995		—		1,995
Education		—		6,083		—		6,083
General Obligation		—		6,973		—		6,973
Hospital		—		1,606		—		1,606
Other Revenue		—		5,839		—		5,839
Prerefunded		—		17,161		—		17,161
Transportation		—		2,850		—		2,850
Utility		—		728		—		728
Water & Sewer		—		7,123		1,532		8,655
Total West Virginia		—		50,358		1,532		51,890
Wisconsin
General Obligation		—		89,365		—		89,365

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

	Level 1 Quoted  prices		Level 2 Other  significant observable inputs		Level 3 Significant  unobservable inputs		Total
Hospital	$	—	$	—	$	9,472	$	9,472
Total Wisconsin		—		89,365		9,472		98,837
Total		—		4,927,111		15,997		4,943,108
Short-Term Investment
Investment Company		92,628		—		—		92,628
Total Investments in Securities	$	92,628	$	4,927,111	$	15,997	$	5,035,736

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

	Balance as of 02/29/12		Realized gain (loss)		Change in unrealized appreciation (depreciation)			Net amortization (accretion)			Purchases1		Sales2			Settlements		Transfers into Level 3		Transfers out of Level 3		Balance as of 05/31/12
Investments in Securities
Louisiana - General Obligation	$	1,369	$	—	$	4		$	18		$	—	$	—		$	—	$	—	$	—	$	1,391
Maryland - Certificate of Participation/Lease		3,634		—		(27	)		(5	)		—		—			—		—		—		3,602
West Virginia - Water & Sewer		1,533		—		2			(3	)		—		—			—		—		—		1,532
Wisconsin - Hospital		10,757		—		(35	)		—			—		(1,250	)		—		—		—		9,472
Total	$	17,293	$	—	$	(56	)	$	10		$	—	$	(1,250	)	$	—	$	—	$	—	$	15,997

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

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

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

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

The change in unrealized appreciation (depreciation) attributable to securities owned at May 31, 2012, which were valued using significant unobservable inputs (Level 3), amounted to $(56).

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION (t)	VALUE ($)
	Long-Term Investments — 62.6%
	Asset-Backed Securities — 8.6%
	410	AmeriCredit Automobile Receivables Trust, Series 2011-1, Class A2, 0.840%, 06/09/14		410
	276	Series 2011-2, Class A2, 0.900%, 09/08/14		276
	1,338	Series 2011-3, Class A2, 0.840%, 11/10/14		1,340
	1,200	Series 2011-4, Class A2, 0.920%, 03/09/15		1,202
	1,360	Series 2011-5, Class A2, 1.190%, 08/08/15		1,363
	5,000	Series 2012-1, Class A2, 0.910%, 10/08/15		5,009
	2,000	Series 2012-2, Class A2, 0.760%, 10/08/15		2,001
	6,350	Bank of America Auto Trust, Series 2012-1, Class A2, 0.590%, 11/17/14		6,348
	2,584	BMW Vehicle Lease Trust, Series 2010-1, Class A3, 0.820%, 04/15/13		2,585
	800	Capital One Multi-Asset Execution Trust, Series 2005-A6, Class A6, VAR, 0.517%, 07/15/15		800
	326	CarMax Auto Owner Trust, Series 2011-1, Class A2, 0.720%, 11/15/13		326
		CNH Equipment Trust,
	92	Series 2011-A, Class A2, 0.620%, 06/16/14		92
	8,900	Series 2012-A, Class A2, 0.650%, 07/15/15		8,899
	3,500	Discover Card Master Trust, Series 2007-A2, Class A2, VAR, 0.814%, 06/15/15		3,506
		Ford Credit Auto Owner Trust,
	11	Series 2011-A, Class A2, 0.620%, 07/15/13		10
	4,500	Series 2011-A, Class A3, 0.970%, 01/15/15		4,512
	3,600	Series 2012-A, Class A2, 0.620%, 09/15/14		3,601
	5,500	Series 2012-B, Class A2, 0.570%, 01/15/15		5,497
		Honda Auto Receivables Owner Trust,
	2,573	Series 2010-3, Class A3, 0.700%, 04/21/14		2,574
	598	Series 2011-1, Class A2, 0.650%, 06/17/13		598
	5,000	Series 2012-1, Class A2, 0.570%, 08/15/14		5,000
	4,100	Series 2012-2, Class A2, 0.560%, 11/17/14		4,098
	4,300	Huntington Auto Trust, Series 2012-1, Class A2, 0.540%, 11/17/14 Hyundai Auto Receivables Trust,		4,297
	1,728	Series 2011-B, Class A2, 0.590%, 03/15/14		1,729
	2,075	Series 2012-A, Class A2, 0.550%, 06/16/14		2,074
	5,700	John Deere Owner Trust, Series 2012-A, Class A2, 0.590%, 06/16/14		5,689
	291	Mercedes-Benz Auto Lease Trust, Series 2011-1A, Class A2, 0.790%, 04/15/13 (e)		291
	8,200	Series 2012-A, Class A2, 0.660%, 04/15/14		8,198
		Nissan Auto Receivables Owner Trust,
	1,850	Series 2011-B, Class A2, 0.740%, 09/15/14		1,852
	5,350	Series 2012-A, Class A2, 0.540%, 10/15/14		5,347
		Porsche Financial Auto Securitization Trust,
	502	Series 2011-1, Class A2, 0.560%, 12/16/13 (e)		502
	2,455	Series 2011-1, Class A3, 0.840%, 01/16/15 (e)		2,457
	1,259	Porsche Innovative Lease Owner Trust, Series 2011-1, Class A2, 0.920%, 02/20/14 (e)		1,259
	740	Toyota Auto Receivables Owner Trust, Series 2011-B, Class A2, 0.530%, 04/15/14		740
		Volkswagen Auto Loan Enhanced Trust,
	1,307	Series 2011-1, Class A2, 0.670%, 12/20/13		1,308
	3,700	Series 2012-1, Class A2, 0.610%, 10/20/14		3,699
		World Omni Auto Receivables Trust,
	969	Series 2011-A, Class A2, 0.640%, 11/15/13		969
	2,420	Series 2011-A, Class A3, 1.110%, 05/15/15		2,428
		Total Asset-Backed Securities (Cost $102,888)		102,886
	Corporate Bonds — 47.0%
	Consumer Discretionary — 2.1%
		Automobiles — 0.2%
		Daimler Finance North America LLC,
	2,500	VAR, 1.249%, 04/10/14 (e)		2,501
		Media — 1.3%
	4,000	CBS Corp., 5.625%, 08/15/12		4,034
	10,694	Comcast Cable Communications Holdings, Inc., 8.375%, 03/15/13		11,307
				15,341
		Multiline Retail — 0.5%
	5,620	Macy’s Retail Holdings, Inc., 5.875%, 01/15/13		5,780
		Specialty Retail — 0.1%
	1,000	Staples, Inc., 7.375%, 10/01/12		1,021
		Total Consumer Discretionary		24,643
	Consumer Staples — 1.1%
		Beverages — 0.5%
	4,200	Anheuser-Busch InBev Worldwide, Inc., 2.500%, 03/26/13		4,254
	1,300	SABMiller plc, (United Kingdom), 5.500%, 08/15/13 (e)		1,364
				5,618

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Long-Term Investments — Continued
		Food & Staples Retailing — 0.5%
		Kroger Co. (The),
	2,936	5.500%, 02/01/13		3,027
	600	6.200%, 06/15/12		601
	2,000	Walgreen Co., 4.875%, 08/01/13		2,104
				5,732
		Food Products — 0.1%
		Cargill, Inc.,
	1,300	5.200%, 01/22/13 (e)		1,336
	195	5.600%, 09/15/12 (e)		198
				1,534
		Total Consumer Staples		12,884
	Energy — 0.8%
		Oil, Gas & Consumable Fuels — 0.8%
	1,000	BP Capital Markets plc, (United Kingdom), 5.250%, 11/07/13		1,060
	1,335	Canadian Natural Resources Ltd., (Canada), 5.450%, 10/01/12		1,355
	1,500	Motiva Enterprises LLC, 5.200%, 09/15/12 (e)		1,518
	2,595	Spectra Energy Capital LLC, 6.250%, 02/15/13		2,679
	2,900	TransCanada PipeLines Ltd., (Canada), 4.000%, 06/15/13		2,999
		Total Energy		9,611
	Financials — 33.0%
		Capital Markets — 2.5%
		Bank of New York Mellon Corp. (The),
	1,000	1.200%, 02/20/15		1,004
	2,100	5.125%, 08/27/13		2,214
	4,475	VAR, 0.736%, 07/28/14		4,469
	5,800	Credit Suisse, (Switzerland), 5.000%, 05/15/13		5,994
	300	Credit Suisse USA, Inc., VAR, 0.719%, 04/12/13		299
	4,170	Deutsche Bank AG, (Germany), 5.375%, 10/12/12		4,230
	7,600	Goldman Sachs Group, Inc. (The), 3.625%, 08/01/12		7,633
	1,700	Invesco Ltd., (Bermuda), 5.375%, 02/27/13		1,750
	2,500	Merrill Lynch & Co., Inc., VAR, 0.710%, 06/05/12		2,500
				30,093
		Commercial Banks — 17.2%
	2,604	American Express Bank FSB, 5.550%, 10/17/12		2,650
	13,200	ANZ National (International) Ltd., (New Zealand), 2.375%, 12/21/12 (e)		13,326
		Bank of Montreal, (Canada),
	8,300	2.125%, 06/28/13		8,420
	1,335	VAR, 0.936%, 04/29/14		1,339
		Bank of Nova Scotia, (Canada),
	1,100	2.375%, 12/17/13		1,127
	1,000	VAR, 1.509%, 01/12/15		1,014
	5,000	Bank of Tokyo-Mitsubishi UFJ Ltd., (Japan), 2.600%, 01/22/13 (e)		5,045
	5,600	Barclays Bank plc, (United Kingdom), 2.500%, 01/23/13		5,643
		BB&T Corp.,
	1,960	2.050%, 04/28/14		2,000
	2,482	3.375%, 09/25/13		2,560
	5,950	3.850%, 07/27/12		5,979
	1,775	VAR, 1.166%, 04/28/14		1,783
	5,600	Canadian Imperial Bank of Commerce, (Canada), 1.450%, 09/13/13		5,656
		HSBC Bank plc, (United Kingdom),
	9,887	1.625%, 08/12/13 (e)		9,917
	7,150	VAR, 0.866%, 01/18/13 (e)		7,160
	2,700	VAR, 1.117%, 08/12/13 (e)		2,703
	5,300	VAR, 1.266%, 01/17/14 (e)		5,312
		National Australia Bank Ltd., (Australia),
	800	2.350%, 11/16/12 (e)		805
	6,990	2.500%, 01/08/13 (e)		7,060
	1,350	5.350%, 06/12/13 (e)		1,410
	6,435	National City Bank, 4.625%, 05/01/13		6,642
	1,000	Nordea Bank AB, (Sweden), 2.500%, 11/13/12 (e)		1,008
	4,100	PNC Funding Corp., VAR, 0.666%, 01/31/14		4,086
		Rabobank Nederland N.V., (Netherlands),
	4,900	2.650%, 08/17/12 (e)		4,917
	1,000	VAR, 0.616%, 02/04/13 (e)		999
	1,600	VAR, 0.817%, 04/14/14		1,584
		Royal Bank of Canada, (Canada),
	300	1.450%, 10/30/14		303
	21,394	2.100%, 07/29/13		21,745
	4,600	VAR, 1.166%, 10/30/14		4,642
	15,940	Svenska Handelsbanken AB, (Sweden), 2.875%, 09/14/12 (e)		16,037
	4,220	Toronto-Dominion Bank (The), (Canada), VAR, 0.646%, 07/26/13		4,229

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Long-Term Investments — Continued
		Commercial Banks — Continued
		U.S. Bancorp,
	1,000	1.125%, 10/30/13		1,007
	15,000	2.000%, 06/14/13		15,216
	550	3.150%, 03/04/15		580
		Wachovia Corp.,
	22,066	5.500%, 05/01/13		23,004
	4,250	VAR, 0.656%, 08/01/13		4,255
		Wells Fargo & Co.,
	2,500	1.250%, 02/13/15		2,489
	987	3.750%, 10/01/14		1,041
	1,250	Westpac Banking Corp., (Australia), 2.250%, 11/19/12		1,260
				205,953
		Consumer Finance — 3.0%
	8,675	American Express Credit Corp., 5.875%, 05/02/13		9,057
		American Honda Finance Corp.,
	600	2.375%, 03/18/13 (e)		608
	1,200	4.625%, 04/02/13 (e)		1,240
	5,000	VAR, 0.616%, 05/02/13 (e)		4,999
	2,000	VAR, 0.716%, 01/17/13 (e)		2,002
	2,200	VAR, 0.916%, 05/08/14 (e)		2,203
		Caterpillar Financial Services Corp.,
	548	4.850%, 12/07/12		560
	2,650	VAR, 0.758%, 04/01/14		2,660
	3,700	John Deere Capital Corp., VAR, 1.004%, 09/22/14		3,738
		Toyota Motor Credit Corp.,
	3,800	VAR, 0.667%, 01/14/13		3,808
	4,500	VAR, 0.866%, 01/17/14		4,519
				35,394
		Diversified Financial Services — 3.3%
		Bank of America Corp.,
	1,750	4.875%, 09/15/12		1,767
	1,500	5.375%, 09/11/12		1,514
	3,083	ERAC USA Finance LLC, 5.800%, 10/15/12 (e)		3,132
		General Electric Capital Corp.,
	4,150	1.875%, 09/16/13		4,195
	5,000	5.400%, 09/20/13		5,284
	500	VAR, 0.594%, 12/20/13		495
	300	VAR, 0.636%, 07/27/12		300
	1,086	VAR, 0.734%, 09/15/14		1,075
	4,700	VAR, 1.099%, 04/07/14		4,699
	2,900	VAR, 1.319%, 01/07/14		2,910
		Volkswagen International Finance N.V., (Netherlands),
	4,100	1.625%, 08/12/13 (e)		4,125
	4,300	VAR, 1.074%, 09/22/13 (e)		4,299
	5,500	Westpac Securities NZ Ltd., (New Zealand), 2.625%, 01/28/13 (e)		5,571
				39,366
		Insurance — 6.3%
	15,650	Allstate Life Global Funding Trusts, 5.375%, 04/30/13		16,324
	9,050	Berkshire Hathaway Finance Corp.,
		4.600%, 05/15/13		9,402
		Berkshire Hathaway, Inc.,
	2,300	2.125%, 02/11/13		2,323
	2,000	VAR, 1.167%, 08/15/14		2,022
	3,350	Jackson National Life Global Funding, VAR, 0.664%, 03/17/14 (e)		3,273
		MassMutual Global Funding II,
	2,000	VAR, 0.847%, 01/14/14 (e)		2,000
	5,600	VAR, 0.973%, 09/27/13 (e)		5,610
	8,300	MetLife Institutional Funding II, VAR, 1.368%, 04/04/14 (e)		8,327
		Metropolitan Life Global Funding I,
	1,985	2.500%, 01/11/13 (e)		2,006
	10,750	5.125%, 04/10/13 (e)		11,134
	3,470	Monumental Global Funding III, VAR, 0.636%, 01/25/13 (e)		3,459
	5,250	Pacific Life Global Funding, 5.150%, 04/15/13 (e)		5,427
	1,000	Principal Life Global Funding I, 5.250%, 01/15/13 (e)		1,027
		Principal Life Income Funding Trusts,
	1,000	5.300%, 12/14/12		1,024
	1,000	5.300%, 04/24/13		1,040
	500	Travelers Cos, Inc. (The), 5.375%, 06/15/12		501
				74,899
		Thrifts & Mortgage Finance — 0.7%
	8,702	Countrywide Financial Corp., 5.800%, 06/07/12		8,709
		Total Financials		394,414
	Health Care — 1.9%
		Health Care Equipment & Supplies — 0.7%
	8,109	Covidien International Finance S.A., (Luxembourg), 5.450%, 10/15/12		8,250

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Long-Term Investments — Continued
		Health Care Providers & Services — 0.5%
	550	Cardinal Health, Inc., 5.500%, 06/15/13		575
	5,106	McKesson Corp., 5.250%, 03/01/13		5,276
				5,851
		Pharmaceuticals — 0.7%
	8,693	GlaxoSmithKline Capital, Inc., 4.850%,
		05/15/13		9,048
		Total Health Care		23,149
	Industrials — 2.7%
		Aerospace & Defense — 0.8%
	10,120	United Technologies Corp., VAR, 1.000%,
		12/02/13		10,155
		Air Freight & Logistics — 0.3%
	3,000	Federal Express Corp., 9.650%, 06/15/12		3,011
		Electrical Equipment — 0.1%
	1,200	Cooper US, Inc., 5.250%, 11/15/12		1,225
		Industrial Conglomerates — 0.7%
	7,489	Tyco International Finance S.A.,
		(Luxembourg), 6.000%, 11/15/13		8,013
		Machinery — 0.2%
	2,000	Caterpillar, Inc., 7.000%, 12/15/13		2,187
		Road & Rail — 0.6%
		Ryder System, Inc.,
	2,500	5.000%, 06/15/12		2,504
	1,610	6.000%, 03/01/13		1,663
	3,460	Union Pacific Corp., 5.450%, 01/31/13		3,566
				7,733
		Total Industrials		32,324
	Information Technology — 0.2%
		Computers & Peripherals — 0.2%
	2,225	Hewlett-Packard Co., VAR, 0.747%,
		05/24/13		2,215
	Materials — 0.7%
		Chemicals — 0.0% (g)
	750	Potash Corp. of Saskatchewan, Inc.,
		(Canada), 4.875%, 03/01/13		771
		Metals & Mining — 0.7%
	8,000	BHP Billiton Finance USA Ltd.,
		(Australia), VAR, 0.737%, 02/18/14		8,028
	164	Nucor Corp., 4.875%, 10/01/12		166
				8,194
		Total Materials		8,965
	Telecommunication Services — 2.7%
		Diversified Telecommunication Services — 2.2%
		AT&T, Inc.,
	3,050	4.950%, 01/15/13		3,134
	940	6.700%, 11/15/13		1,024
	5,990	BellSouth Corp., 4.750%, 11/15/12		6,101
	2,600	France Telecom S.A., (France), 4.375%,
		07/08/14		2,741
	1,000	Verizon Communications, Inc., 5.250%,
		04/15/13		1,039
	1,600	Verizon Global Funding Corp., 4.375%,
		06/01/13		1,657
	10,345	Verizon Virginia, Inc., 4.625%, 03/15/13		10,659
				26,355
		Wireless Telecommunication Services — 0.5%
	5,178	America Movil S.A.B. de C.V., (Mexico), 5.500%, 03/01/14		5,554
		Total Telecommunication Services		31,909
	Utilities — 1.8%
		Electric Utilities — 1.8%
	1,636	Commonwealth Edison Co., 1.625%, 01/15/14		1,660
	3,715	Consolidated Edison Co. of New York, Inc., 4.875%, 02/01/13		3,819
	1,000	Duke Energy Carolinas LLC, 5.625%, 11/30/12		1,024
	700	NextEra Energy Capital Holdings, Inc., VAR, 0.866%, 11/09/12		699
	1,000	Northeast Utilities, 5.650%, 06/01/13		1,047
	2,800	Ohio Power Co., 5.500%, 03/01/13		2,897
	1,000	Peco Energy Co., 4.750%, 10/01/12		1,013
	6,000	PSEG Power LLC, 2.500%, 04/15/13		6,087
	2,800	Tampa Electric Co., 6.375%, 08/15/12		2,830
	600	Virginia Electric and Power Co., 5.100%, 11/30/12		613
		Total Utilities		21,689
		Total Corporate Bonds (Cost $561,694)		561,803
	Municipal Bonds — 0.6%
		Illinois — 0.1%
	1,500	City of Chicago, Taxable Notes, GO, 0.800%, 12/05/12		1,489

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Long-Term Investments — Continued
		Wisconsin — 0.5%
	5,900	Wisconsin Housing & Economic Development Authority, Home Ownership, Series B, Rev., VAR, LOC: Fortis Bank S.A., 0.590%, 09/01/26		5,900
		Total Municipal Bonds (Cost $7,400)		7,389
	U.S. Government Agency Securities — 0.3%
	1,100	Federal Home Loan Bank, 0.300%, 06/10/13		1,100
	250	Federal Home Loan Mortgage Corp., 5.500%, 08/20/12		253
	2,000	Federal National Mortgage Association, VAR, 0.296%, 03/04/14		2,001
		Total U.S. Government Agency Securities (Cost $3,352)		3,354
	U.S. Treasury Obligations — 6.1%
		U.S. Treasury Notes,
	6,000	0.250%, 01/15/15		5,988
	2,500	0.375%, 11/15/14		2,504
	4,700	0.500%, 05/31/13		4,714
	20,000	1.375%, 01/15/13		20,150
	4,000	2.250%, 01/31/15 (m)		4,201
	4,000	2.750%, 02/28/13		4,076
	30,200	3.125%, 04/30/13		31,002
		Total U.S. Treasury Obligations (Cost $72,605)		72,635
		Total Long-Term Investments (Cost $747,939)		748,067
	Short-Term Investments — 39.6%
	Certificates of Deposit — 15.8%
	4,600	Bank of Montreal, 0.667%, 08/15/13		4,604
	1,000	0.918%, 10/03/13		1,003
		Bank of Nova Scotia,
	8,500	0.654%, 09/16/13		8,498
	50	0.666%, 07/27/12		50
	400	0.750%, 10/15/12		400
	3,000	0.824%, 09/17/13		2,999
	4,000	0.897%, 02/27/14		4,000
	7,900	0.966%, 02/10/14		7,901
		Bank of Tokyo-Mitsubishi UFJ Ltd.
	15,000	0.520%, 09/10/12		15,004
	3,000	0.830%, 04/12/13		3,000
	8,400	0.830%, 05/13/13		8,397
		Canadian Imperial Bank of Commerce,
	6,000	0.510%, 02/12/13		6,007
	2,200	0.520%, 04/04/13		2,201
	250	0.666%, 07/17/12		250
	2,500	0.780%, 06/03/13		2,500
	6,000	Credit Suisse, 0.866%, 01/29/13		6,001
	7,900	Deutsche Bank AG, 1.060%, 03/14/13		7,899
	12,700	DZ Bank AG, 0.760%, 10/13/12		12,705
	16,800	Mizuho Corporate Bank, 0.520%, 11/05/12		16,800
		National Australia Bank Ltd.,
	4,000	0.549%, 04/09/13		3,999
	6,850	0.619%, 01/10/13		6,850
	1,250	0.636%, 12/06/12		1,250
		National Bank of Canada,
	4,000	0.561%, 03/01/13		4,000
	3,050	0.620%, 09/20/12		3,054
	2,000	0.660%, 01/09/13		2,003
	6,000	Nordea Bank Finland plc, 0.610%, 07/23/12		6,003
		Norinchukin Bank,
	5,000	0.530%, 10/05/12		5,001
	4,000	0.550%, 09/07/12		4,001
	3,000	Rabobank Nederland N.V., 0.680%, 07/25/12		3,002
		Royal Bank of Canada,
	2,000	0.670%, 11/15/12		2,005
	1,500	0.687%, 09/03/13		1,501
	9,800	Standard Chartered Bank, 0.720%, 08/09/12		9,809
		Sumitomo Mitsui Banking Corp.,
	9,500	0.790%, 05/10/13		9,498
	10,000	0.800%, 04/11/13		10,003
		Westpac Banking Corp.,
	1,750	0.410%, 06/21/12		1,750
	4,350	0.646%, 02/06/13		4,351
		Total Certificate of Deposit (Cost $188,253)		188,299
	Commercial Paper — 18.6%
	3,700	Australia & New Zealand Banking Group Ltd., 0.562%, 06/22/12 (e) (n)		3,700
	6,250	Bacardi USA, Inc., 0.430%, 06/20/12 (e) (n)		6,248

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Short-Term Investments — Continued
	Commercial Paper — Continued
	11,800	Barclays U.S. Funding Corp., 0.150%, 06/01/12 (n)		11,800
	3,800	BMW U.S. Capital LLC, 0.716%, 07/25/12 (e)		3,799
		BP Capital Markets plc,
	4,700	0.666%, 02/08/13 (e)		4,705
	4,650	0.806%, 01/02/13 (e) (n)		4,643
	1,000	0.806%, 01/03/13 (e) (n)		998
	8,000	British Telecommunications plc, 1.523%, 05/14/13 (e) (n)		7,903
		Caisse d'Amortissement de la Dette Sociale,
	3,000	0.442%, 06/01/12 (e) (n)		3,000
	8,000	1.005%, 08/29/12 (e) (n)		7,993
	6,000	1.055%, 06/25/12 (e) (n)		5,999
	7,000	1.278%, 08/01/12 (e) (n)		6,996
		Daimler Finance North America LLC,
	3,500	0.631%, 06/25/12 (e) (n)		3,499
	2,350	1.061%, 03/01/13 (e) (n)		2,332
		DBS Bank Ltd.,
	650	0.551%, 08/09/12 (e) (n)		650
	12,300	0.573%, 08/03/12 (e) (n)		12,292
	6,900	0.888%, 02/01/13 (e) (n)		6,861
	6,000	Florida Power Corp., 0.601%, 06/14/12 (n)		5,999
	12,000	Kells Funding LLC, 0.682%, 08/20/12 (e) (n)		11,992
	7,300	Kraft Foods, Inc., 0.641%, 06/07/12 (e) (n)		7,299
	6,000	Northern States Power Co., 0.400%, 06/05/12 (e) (n)		6,000
	15,500	Oversea-Chinese Banking Corp. Ltd., 0.601%, 08/06/12 (n)		15,493
	20,000	RBS Holdings USA, Inc., 0.160%, 06/01/12 (e) (n)		20,000
		Reckitt Benckiser Treasury Services plc,
	7,000	0.756%, 03/04/13 (e) (n)		6,964
	8,000	0.806%, 04/08/13 (e) (n)		7,949
	6,700	0.807%, 04/15/13 (e) (n)		6,656
	2,500	0.807%, 05/07/13 (e) (n)		2,481
	20,000	Societe Generale North America, Inc., 0.210%, 06/01/12 (n)		20,000
	500	Starbird Funding Corp., 0.200%, 06/07/12 (e) (n)		500
	5,000	Unilever Capital Corp., 0.452%, 01/17/13 (e) (n)		4,990
	12,650	Vodafone Group plc, 1.112%, 04/16/13 (e) (n)		12,533
		Total Commercial Paper (Cost $222,154)		222,274
	Repurchase Agreements — 5.1%
	10,000	Barclays Capital, Inc., 0.670%, dated 05/31/12, due 07/03/12, repurchase price $10,006, collateralized by Corporate Notes and Bonds, 0.889% - 10.625%, due 07/15/13 - 05/15/38, with a value of $10,361. (i)		10,000
	10,000	Barclays Capital, Inc., 0.670%, dated 05/31/12, due 07/03/12, repurchase price $10,006, collateralized by Corporate Notes and Bonds, 0.000% - 6.630%, due 03/15/28 - 05/15/38, with a value of $10,414. (i)		10,000
	5,000	Citigroup Global Markets Holdings, Inc., 0.970%, dated 05/31/12, due 07/05/12, repurchase price $5,005, collateralized by Corporate Notes and Bonds, 0.000%, due 04/18/13, with a value of $5,250. (i)		5,000
	12,000	Credit Suisse First Boston USA, Inc., 0.870%, dated 05/31/12, due 08/07/12, repurchase price $12,020, collateralized by Corporate Notes and Bonds, 0.000% - 6.000%, due 04/26/35 - 01/24/41, with a value of $12,601. (i)		12,000
	7,000	Deutsche Bank AG, 0.570%, dated 05/31/12, due 08/04/12, repurchase price $7,007, collateralized by Corporate Notes and Bonds, 0.000% - 7.200%, due 05/15/15 - 09/22/47, with a value of $7,402. (i)		7,000
	2,000	Morgan Stanley & Co., Inc, 0.970%, dated 05/31/12, due 07/05/12, repurchase price $2,002, collateralized by Corporate Notes and Bonds, 0.000% - 600.000%, due 12/25/13 - 04/12/49, with a value of $2,100. (i)		2,000
	15,000	Morgan Stanley & Co., Inc., 0.970%, dated 05/31/12, due 07/05/12, repurchase price $15,014, collateralized by Corporate Notes and Bonds, 0.000% - 17.000%, due 06/15/12 - 04/13/47, with a value of $15,751. (i)		15,000
		Total Repurchase Agreements (Cost $61,000)		61,000

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
	Short-Term Investments — Continued
	Investment Company — 0.1%
	1,105	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (Cost $1,105)		1,105
		Total Short-Term Investments (Cost $472,512)		472,678
		Total Investments — 102.2% (Cost $1,220,451)		1,220,745
		Liabilities in Excess of Other Assets — (2.2)%		(25,713	)
		NET ASSETS — 100.0%	$	1,195,032

Percentages indicated are based on net assets.

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS :

LOC	—	Letter of Credit
Rev.	—	Revenue Bond
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of May 31, 2012.

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

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

(g) Amount rounds to less than 0.1%.

(i) Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.

(l) The rate shown is the current yield as of May 31, 2012.

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

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

(t) The date shown represents the earliest of the prerefunded date, next put date or final maturity date.

As of May 31, 2012, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	712
Aggregate gross unrealized depreciation		(418	)
Net unrealized appreciation/depreciation	$	294
Federal income tax cost of investments	$	1,220,451

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

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

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

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

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,105	$	1,219,640	$	—	$	1,220,745

(a) Portfolio holdings designated as Level 1 and Level 2 are disclosed individually in the SOI. Level 1 consists of a money market mutual fund that is held for daily investments of cash. Please refer to the SOI for industry specifics of portfolio holdings.

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

JPMorgan Multi-Sector Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited)

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 6.2%
	1,080	Aegis Asset-Backed Securities Trust, Series 2005-3, Class A3, VAR, 0.609%, 08/25/35		1,063
	1,588	Argent Securities, Inc., Series 2004-W7, Class M2, VAR, 0.839%, 05/25/34		1,286
	1,406	Asset-Backed Funding Certificates, Series 2004-OPT3, Class M1, VAR, 0.989%, 09/25/33		1,034
		Asset-Backed Securities Corp. Home Equity,
	1,246	Series 2004-HE7, Class M2, VAR, 1.289%, 10/25/34		947
	2,168	Series 2005-HE6, Class M1, VAR, 0.729%, 07/25/35		2,134
	1,685	Bayview Financial Acquisition Trust, Series 2006-A, Class 1A5, SUB, 5.704%, 02/28/41		1,683
	316	Bear Stearns Asset-Backed Securities Trust, Series 2006-SD2, Class A1, VAR, 0.619%, 06/25/36		248
	1,900	Chase Funding Mortgage Loan Asset-Backed Certificates, Series 2003-3, Class 1A5, SUB, 4.660%, 03/25/33		1,692
		Citigroup Mortgage Loan Trust, Inc.,
	1,680	Series 2006-WFH2, Class A2A, VAR, 0.389%, 08/25/36		1,192
	997	Series 2007-WFH2, Class A2, VAR, 0.389%, 03/25/37		931
		Countrywide Asset-Backed Certificates,
	1,077	Series 2002-3, Class M1, VAR, 1.364%, 03/25/32		837
	1,217	Series 2004-1, Class M2, VAR, 1.064%, 03/25/34		1,054
	1,250	First Franklin Mortgage Loan Asset-Backed Certificates, Series 2005-FF11, Class A2D, VAR, 0.579%, 11/25/35		1,130
	1,678	IXIS Real Estate Capital Trust, Series 2005-HE3, Class M1, VAR, 0.719%, 12/25/35		1,657
		Morgan Stanley ABS Capital I,
	4,572	Series 2004-HE3, Class M1, VAR, 1.094%, 03/25/34		3,644
	1,725	Series 2004-HE8, Class M2, VAR, 0.919%, 09/25/34		1,356
	1,437	Series 2005-NC1, Class M3, VAR, 0.749%, 01/25/35		1,116
		New Century Home Equity Loan Trust,
	578	Series 2004-2, Class M2, VAR, 0.859%, 08/25/34		484
	838	Series 2004-4, Class M2, VAR, 1.034%, 02/25/35		591
	2,149	Series 2005-4, Class A2B, VAR, 0.509%, 09/25/35		2,120
	1,018	Series 2005-A, Class A6, SUB, 4.954%, 08/25/35		946
	1,253	Novastar Home Equity Loan, Series 2005-3, Class A2C, VAR, 0.519%, 01/25/36		1,220
		Option One Mortgage Loan Trust,
	5,500	Series 2004-3, Class M2, VAR, 0.809%, 11/25/34		4,742
	93	Series 2004-3, Class M3, VAR, 0.889%, 11/25/34		73
	3,400	Park Place Securities, Inc., Series 2004-WHQ2, Class M2, VAR, 0.869%, 02/25/35		2,936
		Renaissance Home Equity Loan Trust,
	999	Series 2003-3, Class M1, VAR, 0.969%, 12/25/33		784
	1,980	Series 2005-2, Class AV3, VAR, 0.609%, 08/25/35		1,606
	1,130	Series 2005-4, Class A3, SUB, 5.565%, 02/25/36		954
		Residential Asset Mortgage Products, Inc.,
	4,657	Series 2005-EFC4, Class M1, VAR, 0.649%, 09/25/35		4,363
	4,775	Series 2005-RS4, Class M1, VAR, 0.669%, 04/25/35		4,466
	440	Saxon Asset Securities Trust, Series 2006-2, Class A3C, VAR, 0.389%, 09/25/36		333
	6,479	Structured Asset Investment Loan Trust, Series 2004-7, Class M1, VAR, 1.289%, 08/25/34		5,203
		Structured Asset Securities Corp.,
	273	Series 2005-2XS, Class 1A5A, SUB, 4.720%, 02/25/35		266
	535	Series 2005-WF2, Class M2, VAR, 0.659%, 05/25/35		338
		Wells Fargo Home Equity Trust,
	2,000	Series 2005-3, Class M2, VAR, 0.669%, 11/25/35		1,651
	726	Series 2006-1, Class A3, VAR, 0.389%, 05/25/36		714
		Total Asset-Backed Securities (Cost $56,233)		56,794
	Collateralized Mortgage Obligations — 3.6%
		Agency CMO — 0.6%
		Federal Home Loan Mortgage Corp. REMICS,
	3,992	Series 3203, Class SH, IF, IO, 6.901%, 08/15/36		720

JPMorgan Multi-Sector Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	3,773	Series 3844, Class BI, IO, 5.000%, 04/15/21		331
		Federal National Mortgage Association REMICS,
	4,116	Series 2003-130, Class NS, IF, IO, 6.761%, 01/25/34		770
	2,947	Series 2005-67, Class SI, IF, IO, 6.461%, 08/25/35		516
	3,214	Series 2006-24, Class QS, IF, IO, 6.961%, 04/25/36		560
	10,389	Series 2010-29, Class KJ, IO, 5.000%, 12/25/21		946
	2,293	Series 2010-68, Class SJ, IF, IO, 6.311%, 07/25/40		394
	7,421	Series 2011-68, Class AI, IO, 4.500%, 12/25/20		565
	8,828	Series 2011-68, Class MI, IO, 5.000%, 06/25/21		853
	1,026	Government National Mortgage Association, Series 2011-48, Class MI, IO, 5.000%, 05/20/39		118
				5,773
		Non-Agency CMO — 3.0%
		Banc of America Alternative Loan Trust,
	2,711	Series 2004-9, Class 4A1, 5.500%, 10/25/19		2,757
	822	Series 2006-2, Class 7A1, 6.000%, 03/25/21		805
	78	Citigroup Mortgage Loan Trust, Inc., Series 2005-9, Class 2A2, 5.500%, 11/25/35		75
		Countrywide Alternative Loan Trust,
	648	Series 2004-24CB, Class 1A1, 6.000%, 11/25/34		627
	876	Series 2004-28CB, Class 2A4, 5.750%, 01/25/35		851
	1,673	Series 2004-28CB, Class 3A1, 6.000%, 01/25/35		1,612
	117	Series 2006-J3, Class 4A1, 5.750%, 05/25/26		101
	324	Series 2007-25, Class 2A1, 6.000%, 11/25/22		304
	453	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-7, Class 1A25, 5.750%, 02/25/33		449
		First Horizon Alternative Mortgage Securities,
	1,255	Series 2005-FA1, Class 1A4, 5.500%, 03/25/35		1,108
	1,723	Series 2005-FA1, Class 2A1, 5.000%, 02/25/20		1,683
		First Horizon Asset Securities, Inc.,
	310	Series 2005-6, Class 1A1, 5.500%, 11/25/35		313
	190	Series 2005-8, Class 2A1, 5.250%, 02/25/21		190
	2,814	Series 2006-1, Class 1A2, 6.000%, 05/25/36		2,660
	353	JP Morgan Mortgage Trust, Series 2005-S2, Class 2A9, 5.500%, 09/25/35		355
	1,493	Lehman Mortgage Trust, Series 2005-2, Class 2A5, 5.500%, 12/25/35		1,266
		Morgan Stanley Mortgage Loan Trust,
	1,680	Series 2004-4, Class 2A, VAR, 6.345%, 09/25/34		1,674
	452	Series 2004-9, Class 1A, VAR, 5.845%, 11/25/34		440
	445	Opteum Mortgage Acceptance Corp., Series 2005-3, Class A1B, VAR, 0.499%, 07/25/35		431
		Residential Accredit Loans, Inc.,
	1,050	Series 2003-QS8, Class A7, 5.250%, 04/25/33		981
	151	Series 2006-QS4, Class A2, 6.000%, 04/25/36		98
	828	Residential Asset Securitization Trust, Series 2005-A8CB, Class A11, 6.000%, 07/25/35		688
		Structured Asset Securities Corp.,
	811	Series 2003-35, Class B1, VAR, 5.537%, 12/25/33		662
	4,453	Series 2005-1, Class 7A7, 5.500%, 02/25/35		4,008
	825	WaMu Mortgage Pass-Through Certificates, Series 2003-S3, Class 3A2, 5.500%, 05/25/33		805
	116	Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2006-3, Class 5A2, 5.500%, 03/25/21		102
	2,035	Wells Fargo Mortgage-Backed Securities Trust, Series 2007-15, Class A1, 6.000%, 11/25/37		1,924
				26,969
		Total Collateralized Mortgage Obligations (Cost $32,442)		32,742

JPMorgan Multi-Sector Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Security — 0.3%
	2,700	Commercial Mortgage Pass-Through Certificates, Series 2011-STRT, Class A, 2.555%, 12/10/24 (e) (Cost $2,700)		2,710
	Corporate Bonds — 49.0%
		Consumer Discretionary — 8.1%
		Auto Components — 1.0%
	700	Allison Transmission, Inc., 7.125%, 05/15/19 (e)		732
	2,100	American Axle & Manufacturing, Inc., 7.750%, 11/15/19		2,216
EUR	990	Conti-Gummi Finance B.V., (Netherlands), Reg. S., 7.125%, 10/15/18 (m)		1,282
	1,950	Goodyear Tire & Rubber Co. (The), 8.250%, 08/15/20		2,030
	2,625	Visteon Corp., 6.750%, 04/15/19		2,615
				8,875
		Automobiles — 0.3%
	2,950	Chrysler Group LLC/CG Co-Issuer, Inc., 8.250%, 06/15/21		2,957
		Broadcasting & Cable TV — 0.9%
		CCO Holdings LLC/CCO Holdings Capital Corp.,
	400	7.375%, 06/01/20		428
	1,710	7.875%, 04/30/18		1,834
	1,150	Cequel Communications Holdings I LLC/Cequel Capital Corp., 8.625%, 11/15/17 (e)		1,212
		DISH DBS Corp.,
	150	7.125%, 02/01/16		161
	2,350	7.875%, 09/01/19		2,614
	1,750	UPCB Finance III Ltd., (Cayman Islands), 6.625%, 07/01/20 (e)		1,724
				7,973
		Diversified Consumer Services — 0.3%
		Service Corp. International,
	150	6.750%, 04/01/15		162
	2,480	7.000%, 05/15/19		2,616
				2,778
		Gaming — 0.6%
	2,500	Caesars Entertainment Operating Co., Inc., 11.250%, 06/01/17		2,656
	2,925	MGM Resorts International, 9.000%, 03/15/20		3,203
				5,859
		Hotels, Restaurants & Leisure — 0.5%
	3,000	Marina District Finance Co., Inc., 9.875%, 08/15/18		2,801
	2,050	Vail Resorts, Inc., 6.500%, 05/01/19		2,148
				4,949
		Household Durables — 0.5%
	1,000	Jarden Corp., 7.500%, 01/15/20		1,082
	101	Libbey Glass, Inc., 10.000%, 02/15/15		108
		Sealy Mattress Co.,
	2,150	8.250%, 06/15/14		2,080
	973	10.875%, 04/15/16 (e)		1,056
				4,326
		Leisure Equipment & Products — 0.2%
	1,175	Mattel, Inc., 5.450%, 11/01/41 (m)		1,320
		Media — 2.3%
		AMC Entertainment, Inc.,
	1,810	8.750%, 06/01/19		1,937
	750	9.750%, 12/01/20		806
	1,965	Clear Channel Worldwide Holdings, Inc., 9.250%, 12/15/17		2,112
		DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.,
	2,500	5.000%, 03/01/21 (m)		2,742
	1,010	5.150%, 03/15/42 (m)		1,006
	460	Discovery Communications LLC, 4.950%, 05/15/42 (m)		481
	1,500	Hughes Satellite Systems Corp., 6.500%, 06/15/19		1,522
		Intelsat Jackson Holdings S.A., (Luxembourg),
	1,000	7.250%, 10/15/20		995
	450	11.250%, 06/15/16		470
	750	Intelsat Luxembourg S.A., (Luxembourg), 11.250%, 02/04/17		737
	3,720	NBCUniversal Media LLC, 4.375%, 04/01/21 (m)		4,096
	2,150	Time Warner Cable, Inc., 5.500%, 09/01/41 (m)		2,308
EUR	536	TVN Finance Corp. II AB, (Sweden), Reg. S., 10.750%, 11/15/17 (m)		676
	350	Visant Corp., 10.000%, 10/01/17		331
EUR	1,000	Ziggo Bond Co. B.V., (Netherlands), Reg. S., 8.000%, 05/15/18 (m)		1,323
				21,542
		Multiline Retail — 0.3%
		JC Penney Corp., Inc.,
	1,715	5.750%, 02/15/18		1,586

JPMorgan Multi-Sector Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Multiline Retail — Continued
	1,200	7.950%, 04/01/17		1,212
				2,798
		Specialty Retail — 1.1%
	2,375	Claire’s Stores, Inc., 9.000%, 03/15/19 (e)		2,375
	2,100	J. Crew Group, Inc., 8.125%, 03/01/19		2,108
	1,660	Lowe’s Cos., Inc., 4.650%, 04/15/42 (m)		1,743
	1,250	Michael’s Stores, Inc., 7.750%, 11/01/18		1,303
	2,270	Sally Holdings LLC/Sally Capital, Inc., 6.875%, 11/15/19 (e)		2,418
				9,947
		Textiles, Apparel & Luxury Goods — 0.1%
	1,000	Hanesbrands, Inc., 6.375%, 12/15/20		1,021
		Total Consumer Discretionary		74,345
		Consumer Staples — 2.7%
		Beverages — 0.2%
	2,210	Pernod-Ricard S.A., (France), 4.250%, 07/15/22 (e) (m)		2,250
		Food & Staples Retailing — 0.5%
	1,390	CVS Caremark Corp., 5.750%, 05/15/41 (m)		1,650
EUR	1,361	Picard Bondco S.A., (Luxembourg), Reg. S., 9.000%, 10/01/18 (m)		1,767
	735	Rite Aid Corp., 9.750%, 06/12/16		801
				4,218
		Food Products — 1.1%
	2,526	Bumble Bee Acquisition Corp., 9.000%, 12/15/17 (e)		2,507
	3,000	Del Monte Corp., 7.625%, 02/15/19		2,910
	3,885	Kraft Foods, Inc., 5.375%, 02/10/20 (m)		4,593
				10,010
		Household Products — 0.6%
	2,995	Central Garden & Pet Co., 8.250%, 03/01/18		2,995
	2,050	Spectrum Brands Holdings, Inc., 9.500%, 06/15/18		2,265
				5,260
		Tobacco — 0.3%
GBP	950	Imperial Tobacco Finance plc, (United Kingdom), 5.500%, 09/28/26 (m)		1,637
	1,210	Philip Morris International, Inc., 5.650%, 05/16/18 (m)		1,457
				3,094
		Total Consumer Staples		24,832
		Energy — 4.5%
		Energy Equipment & Services — 0.3%
	2,375	Transocean, Inc., (Cayman Islands), 6.375%, 12/15/21 (m)		2,727
		Oil, Gas & Consumable Fuels — 4.2%
	3,115	Anadarko Petroleum Corp., 6.375%, 09/15/17 (m)		3,643
		Arch Coal, Inc.,
	2,250	7.250%, 06/15/21 (e)		1,918
	100	8.750%, 08/01/16		96
	3,114	BreitBurn Energy Partners LP/BreitBurn Finance Corp., 8.625%, 10/15/20		3,231
		Energy Transfer Partners LP,
	3,070	4.650%, 06/01/21 (m)		3,147
	515	6.050%, 06/01/41 (m)		517
	1,480	6.500%, 02/01/42 (m)		1,571
	1,505	EQT Corp., 4.875%, 11/15/21 (m)		1,553
		Kinder Morgan Energy Partners LP,
	1,900	3.950%, 09/01/22 (m)		1,919
	1,870	6.950%, 01/15/38 (m)		2,220
	3,061	Linn Energy LLC/Linn Energy Finance Corp., 8.625%, 04/15/20		3,245
	1,815	Marathon Petroleum Corp., 6.500%, 03/01/41 (m)		2,013
	1,800	ONEOK Partners LP, 3.250%, 02/01/16 (m)		1,894
	2,870	Peabody Energy Corp., 6.250%, 11/15/21 (e)		2,863
	3,085	Petrohawk Energy Corp., 7.875%, 06/01/15 (m)		3,223
	2,545	Phillips 66, 4.300%, 04/01/22 (e) (m)		2,650
	1,840	Suncor Energy, Inc., (Canada), 6.500%, 06/15/38 (m)		2,253
	363	Valero Energy Corp., 6.625%, 06/15/37 (m)		403
				38,359
		Total Energy		41,086
		Financials — 15.4%
		Capital Markets — 1.4%
EUR	4,250	Credit Agricole Home Loan SFH, (France), 2.500%, 06/24/15 (m)		5,398
	570	Goldman Sachs Group, Inc. (The), 6.250%, 02/01/41 (m)		574
		Morgan Stanley,
	1,555	4.750%, 03/22/17 (m)		1,496
	1,630	5.500%, 07/28/21 (m)		1,526
		UBS AG, (Switzerland),
	1,250	5.875%, 12/20/17 (m)		1,374

JPMorgan Multi-Sector Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Capital Markets — Continued
GBP	1,853	VAR, 5.250%, 06/21/21 (m)		2,701
				13,069
		Commercial Banks — 6.4%
EUR	2,200	ABN Amro Bank N.V., (Netherlands), 3.750%, 07/15/14 (m)		2,876
EUR	3,500	Bank of Scotland plc, (United Kingdom), 4.750%, 01/26/15 (m)		4,687
		Barclays Bank plc, (United Kingdom),
EUR	3,150	3.125%, 01/14/15 (m)		4,079
EUR	954	6.000%, 01/14/21 (m)		1,073
EUR	3,250	BNP Paribas Home Loan Covered Bonds SFH, (France), 2.500%, 06/09/15 (m)		4,149
EUR	3,000	BNZ International Funding Ltd., (New Zealand), 3.125%, 11/23/17 (m)		3,913
	2,000	CIT Group, Inc., 5.250%, 03/15/18		1,970
EUR	1,000	Commonwealth Bank of Australia, (Australia), 2.625%, 01/12/17 (m)		1,297
EUR	2,200	Danske Bank A/S, (Denmark), 3.250%, 10/07/15 (m)		2,884
EUR	2,200	DnB Boligkreditt AS, (Norway), 2.750%, 04/20/15 (m)		2,854
	1,200	HSBC Holdings plc, (United Kingdom), 6.100%, 01/14/42 (m)		1,452
EUR	4,250	ING Bank N.V., (Netherlands), 2.250%, 08/31/15 (m)		5,446
EUR	1,225	Lloyds TSB Bank plc, (United Kingdom), 6.500%, 03/24/20 (m)		1,258
	650	Natixis, (France), VAR, 0.717%, 01/15/19 (m)		526
EUR	3,200	Nordea Bank Finland plc, (Finland), 2.250%, 11/16/15 (m)		4,114
	2,133	PNC Financial Services Group, Inc., VAR, 6.750%, 08/01/21 (x) (m)		2,208
EUR	3,150	Royal Bank of Scotland plc (The), (United Kingdom), Reg. S., 4.000%, 03/15/16 (m)		4,211
EUR	1,300	Standard Chartered Bank, (United Kingdom), VAR, 1.100%, 03/28/18 (m)		1,535
	4,035	Wachovia Bank N.A., VAR, 0.846%, 11/03/14 (m)		3,937
	2,690	Wells Fargo & Co., VAR, 7.980%, 03/15/18 (x) (m)		2,925
	1,555	Wells Fargo Bank N.A., VAR, 0.676%, 05/16/16 (m)		1,493
				58,887
		Consumer Finance — 1.2%
	750	Ally Financial, Inc., 6.250%, 12/01/17		769
	3,300	Capital One Bank USA N.A., 8.800%, 07/15/19 (m)		4,190
	1,735	Discover Financial Services, 6.450%, 06/12/17 (m)		1,975
		Ford Motor Credit Co. LLC,
	2,030	4.250%, 02/03/17 (m)		2,164
	650	5.000%, 05/15/18		710
	1,200	6.625%, 08/15/17		1,393
				11,201
		Diversified Financial Services — 2.1%
		Aircastle Ltd., (Bermuda),
	1,360	6.750%, 04/15/17 (e)		1,346
	680	9.750%, 08/01/18		740
		Bank of America Corp.,
	590	3.750%, 07/12/16 (m)		583
	1,035	3.875%, 03/22/17 (m)		1,032
	2,565	Bank of America N.A., VAR, 0.754%, 06/15/16 (m)		2,269
		Citigroup, Inc.,
	290	5.875%, 05/29/37 (m)		312
	3,940	VAR, 0.745%, 06/09/16 (m)		3,331
	1,365	General Electric Capital Corp., 5.875%, 01/14/38 (m)		1,552
		International Lease Finance Corp.,
	2,250	8.625%, 09/15/15		2,452
	805	8.750%, 03/15/17		894
EUR	2,200	OP Mortgage Bank, (Finland), 3.125%, 11/19/14 (m)		2,860
	1,835	Xstrata Finance Canada Ltd., (Canada), 6.000%, 11/15/41 (e) (m)		1,869
				19,240
		Insurance — 1.4%
GBP	370	Aegon N.V., (Netherlands), 6.625%, 12/16/39 (m)		572
		American International Group, Inc.,
	1,370	6.250%, 03/15/37 (m)		1,199
	1,840	6.400%, 12/15/20 (m)		2,064
		Everest Acquisition LLC/Everest Acquisition Finance, Inc.,
	1,550	6.875%, 05/01/19 (e)		1,589
	1,355	9.375%, 05/01/20 (e)		1,389
		Hartford Financial Services Group, Inc.,
	2,255	5.125%, 04/15/22 (m)		2,298
	305	6.625%, 03/30/40 (m)		317
GBP	1,100	Standard Life plc, (United Kingdom), VAR, 6.750%, 07/12/27 (x) (m)		1,348

JPMorgan Multi-Sector Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Insurance — Continued
GBP	1,400	Swiss Reinsurance Co. via ELM B.V., (Netherlands), VAR, 6.302%, 05/25/19 (x) (m)		1,737
				12,513
		Real Estate Investment Trusts (REITs) — 0.7%
	920	Camden Property Trust, 4.625%, 06/15/21 (m)		996
	1,640	DDR Corp., 7.875%, 09/01/20 (m)		1,964
	350	ERP Operating LP, 4.625%, 12/15/21 (m)		381
	2,350	HCP, Inc., 5.375%, 02/01/21 (m)		2,624
				5,965
		Real Estate Management & Development — 0.4%
	1,940	Duke Realty LP, 5.950%, 02/15/17 (m)		2,167
	1,710	Realogy Corp., 7.625%, 01/15/20 (e)		1,757
				3,924
		Thrifts & Mortgage Finance — 1.8%
EUR	4,200	Abbey National Treasury Services plc, (United Kingdom), 3.375%, 06/08/15 (m)		5,438
EUR	3,050	Cie de Financement Foncier, (France), 4.750%, 06/25/15 (m)		4,108
	1,645	Nationwide Building Society, (United Kingdom), 4.650%, 02/25/15 (e) (m)		1,697
EUR	4,250	Swedbank Hypotek AB, (Sweden), 2.500%, 06/15/15 (m)		5,478
				16,721
		Total Financials		141,520
		Health Care — 5.0%
		Health Care Equipment & Supplies — 0.9%
	2,355	Accellent, Inc., 8.375%, 02/01/17		2,332
	2,050	Biomet, Inc., PIK, 11.125%, 10/15/17		2,182
	1,500	DJO Finance LLC/DJO Finance Corp., 7.750%, 04/15/18		1,211
	2,500	Kinetic Concepts, Inc./KCI USA, Inc., 10.500%, 11/01/18 (e)		2,525
				8,250
		Health Care Providers & Services — 3.0%
	3,610	Cigna Corp., 4.375%, 12/15/20 (m)		3,891
	2,290	Coventry Health Care, Inc., 5.450%, 06/15/21 (m)		2,627
	3,615	Express Scripts Holding Co., 4.750%, 11/15/21 (e) (m)		3,985
	750	HCA Holdings, Inc., 7.750%, 05/15/21		771
	2,917	HCA, Inc., 7.500%, 02/15/22		3,057
	1,500	Health Management Associates, Inc., 7.375%, 01/15/20 (e)		1,538
		HealthSouth Corp.,
	1,400	7.250%, 10/01/18		1,460
	1,610	7.750%, 09/15/22		1,690
	1,700	Radiation Therapy Services, Inc., 8.875%, 01/15/17 (e)		1,636
	2,500	Tenet Healthcare Corp., 8.000%, 08/01/20		2,497
	860	UnitedHealth Group, Inc., 5.700%, 10/15/40 (m)		1,053
		Ventas Realty LP/Ventas Capital Corp.,
	2,215	4.000%, 04/30/19 (m)		2,270
	1,330	4.250%, 03/01/22 (m)		1,337
				27,812
		Pharmaceuticals — 1.1%
	4,635	GlaxoSmithKline Capital plc, (United Kingdom), 2.850%, 05/08/22 (m)		4,687
	2,300	Mylan, Inc., 7.875%, 07/15/20 (e)		2,530
		Valeant Pharmaceuticals International,
	650	6.875%, 12/01/18 (e)		642
	1,600	7.000%, 10/01/20 (e)		1,548
	750	7.250%, 07/15/22 (e)		705
				10,112
		Total Health Care		46,174
		Industrials — 3.0%
		Airlines — 0.1%
	153	Continental Airlines, 2009-2 Class A Pass-Through Trust, 7.250%, 11/10/19 (m)		172
	711	Continental Airlines, 2010-1 Class A Pass-Through Trust, 4.750%, 01/12/21 (m)		745
	316	Delta Air Lines, 2009-1 Class A Pass-Through Trust, 7.750%, 12/17/19 (m)		361
				1,278
		Commercial Services & Supplies — 0.6%
	2,190	Geo Group, Inc. (The), 6.625%, 02/15/21		2,261
	1,000	Iron Mountain, Inc., 8.375%, 08/15/21		1,068
	2,400	Waste Management, Inc., 2.600%, 09/01/16 (m)		2,494
				5,823
		Construction & Engineering — 0.4%
	680	Great Lakes Dredge & Dock Corp., 7.375%, 02/01/19		687
	3,000	UR Financing Escrow Corp., 7.625%, 04/15/22 (e)		3,067
				3,754
		Electrical Equipment — 0.2%
EUR	1,558	Schaeffler Finance B.V., (Netherlands), Reg. S., 7.750%, 02/15/17 (m)		1,975

JPMorgan Multi-Sector Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Machinery — 0.7%
	1,605	Case New Holland, Inc., 7.875%, 12/01/17		1,830
	995	Caterpillar, Inc., 5.200%, 05/27/41 (m)		1,203
	300	Manitowoc Co., Inc. (The), 8.500%, 11/01/20		322
	2,700	Terex Corp., 8.000%, 11/15/17		2,747
				6,102
		Road & Rail — 0.6%
	2,500	Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.250%, 01/15/19		2,587
		Hertz Corp. (The),
	935	6.750%, 04/15/19		956
	1,000	7.375%, 01/15/21		1,049
	780	RSC Equipment Rental, Inc./RSC Holdings III LLC, 8.250%, 02/01/21		825
				5,417
		Trading Companies & Distributors — 0.4%
	1,700	HD Supply, Inc., 8.125%, 04/15/19 (e)		1,772
EUR	1,481	Rexel S.A., (France), 7.000%, 12/17/18 (m)		1,895
				3,667
		Total Industrials		28,016
		Information Technology — 2.7%
		Communications Equipment — 0.7%
	3,000	Alcatel-Lucent USA, Inc., 6.450%, 03/15/29		2,062
		Avaya, Inc.,
	2,850	7.000%, 04/01/19 (e)		2,551
	75	9.750%, 11/01/15		62
	75	PIK, 10.875%, 11/01/15		62
	985	Cisco Systems, Inc., 5.500%, 01/15/40 (m)		1,212
				5,949
		Computers & Peripherals — 0.3%
	2,500	Sealed Air Corp., 8.125%, 09/15/19 (e)		2,713
		IT Services — 0.5%
	1,250	Fidelity National Information Services, Inc., 7.875%, 07/15/20		1,384
		First Data Corp.,
	900	8.875%, 08/15/20 (e)		961
	1,600	PIK, 10.000%, 01/15/22 (e)		1,548
	1,000	SunGard Data Systems, Inc., 7.375%, 11/15/18		1,018
				4,911
		Office Electronics — 0.4%
	3,530	Xerox Corp., 4.500%, 05/15/21 (m)		3,640
		Semiconductors & Semiconductor Equipment — 0.8%
	2,705	Amkor Technology, Inc., 7.375%, 05/01/18		2,705
		Freescale Semiconductor, Inc.,
	1,650	9.250%, 04/15/18 (e)		1,737
	1,000	10.125%, 03/15/18 (e)		1,077
	2,100	Sensata Technologies B.V., (Netherlands), 6.500%, 05/15/19 (e)		2,105
				7,624
		Total Information Technology		24,837
		Materials — 2.4%
		Chemicals — 0.5%
	3,000	Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 8.875%, 02/01/18		2,985
	1,000	Huntsman International LLC, 8.625%, 03/15/21		1,120
	500	Ineos Finance plc, (United Kingdom), 8.375%, 02/15/19 (e)		513
				4,618
		Containers & Packaging — 0.6%
	2,300	Ardagh Packaging Finance plc, (Ireland), 9.125%, 10/15/20 (e)		2,392
	3,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC, 9.000%, 04/15/19 (e)		2,880
				5,272
		Metals & Mining — 1.2%
		Barrick North America Finance LLC,
	1,860	4.400%, 05/30/21 (m)		2,004
	1,790	5.700%, 05/30/41(m)		2,014
		FMG Resources August 2006 Pty Ltd., (Australia),
	275	6.875%, 02/01/18 (e)		270
	2,700	8.250%, 11/01/19 (e)		2,788
	3,630	Vale Overseas Ltd., (Cayman Islands), 4.625%, 09/15/20 (m)		3,742
				10,818
		Paper & Forest Products — 0.1%
	1,125	International Paper Co., 6.000%, 11/15/41 (m)		1,238
		Total Materials		21,946
		Telecommunication Services — 2.1%
		Diversified Telecommunication Services — 1.6%
	2,225	Cincinnati Bell, Inc., 8.375%, 10/15/20		2,186
	1,000	Frontier Communications Corp., 8.500%, 04/15/20		1,002
	3,000	GCI, Inc., 8.625%, 11/15/19		3,187

JPMorgan Multi-Sector Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Diversified Telecommunication Services — Continued
		Level 3 Financing, Inc.,
	2,700	8.125%, 07/01/19		2,700
	250	9.375%, 04/01/19		266
	1,175	PAETEC Holding Corp., 9.875%, 12/01/18		1,290
EUR	2,000	Sunrise Communications Holdings S.A., (Luxembourg), Reg. S., 8.500%, 12/31/18 (m)		2,529
		Windstream Corp.,
	1,640	7.750%, 10/01/21		1,644
	250	8.125%, 09/01/18		259
				15,063
		Wireless Telecommunication Services — 0.5%
	2,305	MetroPCS Wireless, Inc., 7.875%, 09/01/18		2,328
	2,405	Sprint Capital Corp., 8.750%, 03/15/32		2,026
	350	Sprint Nextel Corp., 9.000%, 11/15/18 (e)		379
				4,733
		Total Telecommunication Services		19,796
		Utilities — 3.1%
		Electric Utilities — 0.9%
	1,000	Duke Energy Corp., 5.050%, 09/15/19 (m)		1,170
	745	Entergy Arkansas, Inc., 3.750%, 02/15/21 (m)		802
	550	FirstEnergy Corp., 7.375%, 11/15/31 (m)		700
	1,235	Nisource Finance Corp., 5.800%, 02/01/42 (m)		1,403
	1,760	NV Energy, Inc., 6.250%, 11/15/20 (m)		1,932
	485	Oglethorpe Power Corp., 5.375%, 11/01/40 (m)		577
	1,250	Oncor Electric Delivery Co. LLC, 5.000%, 09/30/17 (m)		1,371
	730	PPL WEM Holdings plc, (United Kingdom), 5.375%, 05/01/21 (e) (m)		801
				8,756
		Gas Utilities — 1.1%
	3,495	DCP Midstream LLC, 5.350%, 03/15/20 (e) (m)		3,912
		Enterprise Products Operating LLC,
	500	5.200%, 09/01/20 (m)		571
	965	5.700%, 02/15/42 (m)		1,074
		Plains All American Pipeline LP/PAA Finance Corp.,
	1,270	5.150%, 06/01/42 (m)		1,321
	2,130	5.750%, 01/15/20 (m)		2,493
	1,280	Rockies Express Pipeline LLC, 3.900%, 04/15/15 (e) (m)		1,222
				10,593
		Independent Power Producers & Energy Traders — 0.7%
	3,000	AES Corp. (The), 8.000%, 10/15/17		3,330
	1,620	Calpine Corp., 7.875%, 07/31/20 (e)		1,717
	1,000	NRG Energy, Inc., 7.625%, 01/15/18		998
				6,045
		Multi-Utilities — 0.4%
	3,300	CMS Energy Corp., 5.050%, 03/15/22 (m)		3,418
		Total Utilities		28,812
		Total Corporate Bonds (Cost $452,033)		451,364
	Municipal Bond — 0.0% (g) (t)
		New Jersey — 0.0% (g)
	145	New Jersey EDA, School Facilities, Series GG, Rev., 5.000%, 09/01/21 (m) (Cost $145)		175
SHARES
	Short-Term Investments — 36.1%
		Investment Company — 36.1%
	332,039	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.150% (b) (l) (m) (Cost $332,039)		332,039
PRINCIPAL AMOUNT
	U.S. Treasury Obligations — 0.0% (g)
		U.S. Treasury Bills,
	240	0.062%, 06/21/12 (k) (n)		240
	180	0.126%, 09/06/12 (k) (n)		180
		Total U.S. Treasury Obligations (Cost $420)		420
		Total Short-Term Investments (Cost $332,459)		332,459
		Total Investments — 95.2% (Cost $876,012)		876,244
		Other Assets in Excess of Liabilities — 4.8%		43,826
		NET ASSETS — 100.0%	$	920,070

Percentages indicated are based on net assets.

JPMorgan Multi-Sector Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands, except number of contracts)

Futures Contracts

NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 05/31/12			UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	41	Euro Bobl		09/06/12		6,463			16
	7	Euro Bund		09/06/12		1,256			9
	187	10 Year U.S. Treasury Note		09/19/12		25,046			280
	3	Ultra U.S. Treasury Bond		09/19/12		507			16
	2,016	2 Year U.S. Treasury Note		09/28/12		444,339			310
	36	5 Year U.S. Treasury Note		09/28/12		4,471			(4	)
		Short Futures Outstanding
	(166)	10 Year U.S. Treasury Note		09/19/12		(22,234	)		(229	)
									398

Forward Foreign Currency Exchange Contracts

CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 05/31/12		NET UNREALIZED APPRECIATION (DEPRECIATION)
	10,715,000	EUR	Barclays Bank plc		07/10/12		13,475		13,252		(223	)
	62,905,803	EUR	BNP Paribas		07/10/12		78,870		77,798		(1,072	)
	5,823,132	EUR	Credit Suisse International		07/10/12		7,336		7,202		(134	)
	5,866,461	EUR	Morgan Stanley		07/10/12		7,373		7,255		(118	)
	3,130,947	EUR	Union Bank of Switzerland AG		07/10/12		3,894		3,872		(22	)
	1,517,047	GBP	Barclays Bank plc		07/10/12		2,381		2,338		(43	)
	1,923,147	GBP	BNP Paribas		07/10/12		3,008		2,963		(45	)
	1,978,112	GBP	Royal Bank of Canada		07/10/12		3,186		3,048		(138	)
	605,628	GBP	Westpac Banking Corp.		07/10/12		956		933		(23	)
	104,311,014	MXN	Citibank, N.A.		07/10/12		7,999		7,239		(760	)
	14,375,929	MXN	Royal Bank of Canada		07/10/12		1,075		998		(77	)
							129,553		126,898		(2,655	)

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 05/31/12		NET UNREALIZED APPRECIATION (DEPRECIATION)
	6,257,977	EUR	Barclays Bank plc		07/10/12		8,254		7,740		514
	87,556,765	EUR	Citibank, N.A.		07/10/12		112,890		108,285		4,605
	128,163,742	EUR	Credit Suisse International		07/10/12		169,487		158,506		10,981
	4,129,732	EUR	Royal Bank of Canada		07/10/12		5,363		5,107		256
	639,168	EUR	Union Bank of Switzerland AG		07/10/12		815		791		24
	3,108,723	EUR	Westpac Banking Corp.		07/10/12		4,120		3,844		276
	1,335,658	GBP	Morgan Stanley		07/10/12		2,158		2,058		100
	11,444,786	GBP	State Street Corp.		07/10/12		18,536		17,635		901
	118,686,943	MXN	State Street Corp.		07/10/12		8,497		8,237		260
							330,120		312,203		17,917

Credit Default Swaps - Buy Protection [1]

Credit Indices:

SWAP COUNTERPARTY/ REFERENCE OBLIGATION	FUND PAYS FIXED RATE (r)	TERMINATION DATE		IMPLIED CREDIT SPREAD AS OF 05/31/12 [2]			NOTIONAL AMOUNT [3]		VALUE		UPFRONT PREMIUMS (PAID)/RECEIVED  [4]
Deutsche Bank AG, New York:
CDX.NA.HY.18.V.1	5.000% quarterly		06/20/17		6.771	%	$	48,500	$	2,915	$	(2,752	)
CDX.NA.HY.18.V.1	5.000% quarterly		06/20/17		6.771			48,500		2,915		(3,018	)
									$	5,830	$	(5,770	)

[1] The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.

[2] Implied credit spreads are an indication of the seller’s performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e., make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indexes are linked to the weighted average spread across the underlying reference obligations included in a particular index.

[3] The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.

[4] Upfront premiums generally relate to payments made or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

Interest Rate Swaps

	RATE TYPE (r)
SWAP COUNTERPARTY	PAYMENTS MADE BY THE FUND	PAYMENTS RECEIVED BY THE FUND	TERMINATION DATE		NOTIONAL AMOUNT		VALUE
Deutsche Bank AG, New York	2.360% semi-annually	3 month LIBOR quarterly		02/17/20		33,840		(705	)
Deutsche Bank AG, New York	3 month LIBOR quarterly	2.843% semi-annually		02/17/25		18,205		724
								19

JPMorgan Multi-Sector Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

CMO	—	Collateralized Mortgage Obligation
CDX	—	Credit Derivative Index
EDA	—	Economic Development Authority
EUR	—	Euro
GBP	—	British Pound
IF	—	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of May 31, 2012. The rate may be subject to a cap and floor.
IO	—	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
LIBOR	—	London Interbank Offered Rate
MXN	—	Mexican Peso
PIK	—	Payment-in-Kind
Reg. S.	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
REMICS	—	Real Estate Mortgage Investment Conduits
Rev.	—	Revenue
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of May 31, 2012.
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of May 31, 2012.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—	Amount rounds to less than 0.1%.
(k)	—	All or a portion of this security is deposited with the broker as collateral for futures or with brokers as initial margin for futures contracts.
(l)	—	The rate shown is the current yield as of May 31, 2012.
(m)	—	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.
(n)	—	The rate shown is the effective yield at the date of purchase.
(r)	—	Rates shown are per annum and payments are as described.
(t)	—	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.

JPMorgan Multi-Sector Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

(x) — Security is perpetual and, thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of May 31, 2012.

As of May 31, 2012, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	12,253
Aggregate gross unrealized depreciation		(12,021	)
Net unrealized appreciation/depreciation	$	232
Federal income tax cost of investments	$	876,012

1. Derivatives — The Fund uses instruments including futures, forward foreign currency exchange contracts, swaps and other derivatives, in connection with its respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. The Fund also uses derivatives to manage duration, sector and yield curve exposures and credit and spread volatility.

The Fund may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed its value.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Funds.

Notes (a) — (c) below describe the various derivatives used by the Fund.

(a). Futures Contracts — The Fund uses treasury, index or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments. The Fund also uses futures contracts to lengthen or shorten the duration of the overall investment portfolio.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funs periodically and are based on changes in the market value of open futures contracts.

The Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Fund to risk of loss up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund’s credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

(b). Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with portfolio investments and therefore uses forward foreign currency exchange contracts to hedge or manage these exposures. The Fund also buys forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed.

(c). Swaps — The Fund engages in various swap transactions, including credit default and index swaps, to manage credit risks within its portfolio. The Fund also uses swaps as alternatives to direct investments. Swap transactions are negotiated contracts between a Fund and a counterparty to exchange swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Fund are recognized as a realized gain or loss when the contract matures or is terminated. The value of a swap agreement is recorded at the beginning of the measurement period. The change in value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is recognized as unrealized appreciation or depreciation. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding swap contracts with the counterparty in the form of cash or securities. Collateral posted by the Fund is held in a segregated account at the Fund’s custodian bank. Cash collateral posted by the Fund is invested in an affiliated money market fund.

Credit Default Swaps

The Fund enters into credit default swaps to simulate long and short bond positions or to take an active long or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

If a credit event occurs, the Fund, as a protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to a Fund’s portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

Interest Rate Swaps

The Fund enters into interest rate swap contracts to manage fund exposure to interest rates or to either preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic interest payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically a fixed interest rate.

JPMorgan Multi-Sector Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

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

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

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

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

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

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

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

JPMorgan Multi-Sector Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

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

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

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

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

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—		$	56,794		$	—	$	56,794
Collateralized Mortgage Obligations
Agency CMO		—			5,773			—		5,773
Non-Agency CMO		—			26,969			—		26,969
Total Collateralized Mortgage Obligations		—			32,742			—		32,742
Commercial Mortgage-Backed Security		—			2,710			—		2,710
Corporate Bonds
Consumer Discretionary		—			74,345			—		74,345
Consumer Staples		—			24,832			—		24,832
Energy		—			41,086			—		41,086
Financials		—			141,520			—		141,520
Health Care		—			46,174			—		46,174
Industrials		—			26,738			1,278		28,016
Information Technology		—			24,837			—		24,837
Materials		—			21,946			—		21,946
Telecommunication Services		—			19,796			—		19,796
Utilities		—			28,812			—		28,812
Total Corporate Bonds		—			450,086			1,278		451,364
Municipal Bond		—			175			—		175
Short-Term Investments
Investment Company		332,039			—			—		332,039
U.S. Treasury Obligations		—			420			—		420
Total Investments in Securities	$	332,039		$	542,927		$	1,278	$	876,244
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	17,917		$	—	$	17,917
Futures Contracts		631			—			—		631
Swaps		—			887			—		887
Total Appreciation in Other Financial Instruments		631		$	18,804		$	—	$	19,435
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(2,655	)	$	—	$	(2,655	)
Futures Contracts		(233	)		—			—		(233	)
Swaps		—			(808	)		—		(808	)
Total Depreciation in Other Financial Instruments	$	(233	)	$	(3,463	)	$	—	$	(3,696	)

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

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

	Balance as of 02/29/12		Realized gain (loss)		Change in  unrealized appreciation (depreciation)		Net amortization (accretion)			Purchases1		Sales2			Transfers  into Level 3		Transfers  out  of Level 3		Balance as of 05/31/12
Investments in Securities
Corporate Bonds - Financials	$	114	$	11	$	14	$	—	(a)	$	—	$	(139	)	$	—	$	—	$	—
Corporate Bonds - Industrials	$	—	$	—	$	10	$	(2	)	$	—	$	(5	)	$	1,275	$	—	$	1,278
Total	$	114	$	11	$	24	$	(2	)	$	—	$	(144	)	$	1,275	$	—	$	1,278

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

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

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

Transfers into, 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, 2012, which were valued using significant unobservable inputs (Level 3), amounted to approximately $10,000.

JPMorgan New York Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION (t)	VALUE ($)
	Daily Demand Notes — 2.0%
		New York — 2.0%
		New York City,
	7,870	Series A-3, GO, VRDO, LIQ: Landesbank Hessen-Thuringen, 0.240%, 06/01/12		7,870
	800	Series G, Subseries G-5, GO, VRDO, LIQ: Wells Fargo Bank N.A., 0.180%, 06/01/12		800
	7,000	Subseries E-4, GO, VRDO, LOC: BNP Paribas, 0.210%, 06/01/12		7,000
	10,600	New York City Municipal Water Finance Authority, General Resolution, Subseries FF-1, Rev., VRDO, 0.200%, 06/01/12		10,600
		Total Daily Demand Notes (Cost $26,270)		26,270
	Municipal Bonds — 12.4%
		New York — 12.4%
	15,000	Altmar-Parish-Williamstown Central School District, GO, BAN, 1.750%, 07/13/12 (m)		15,013
	12,470	Bath Central School District, GO, BAN, 1.500%, 06/15/12		12,470
	4,860	City of Auburn, Cayuga County, Series A, GO, BAN, 1.500%, 05/31/13		4,896
	4,000	East Islip Union Free School District, GO, TAN, 1.500%, 06/29/12		4,002
	15,000	Enlarged City School District, GO, BAN, 1.500%, 11/21/12		15,051
	5,935	Essex County, New York, GO, BAN, 1.500%, 11/16/12		5,960
	10,000	Franklinville Central School District, GO, BAN, 1.500%, 06/29/12		10,006
	7,598	Geneva City, GO, BAN, 1.500%, 02/07/13		7,639
	3,330	Geneva City School District, GO, BAN, 1.750%, 06/22/12		3,332
	10,550	Gouverneur Central School District, GO, BAN, 1.500%, 06/22/12		10,554
	10,000	Hannibal Central School District, GO, BAN, 2.000%, 06/29/12		10,009
	2,000	Hudson Falls Central School District, GO, BAN, 1.250%, 06/29/12		2,000
	7,610	Lackawanna City School District, GO, BAN, 2.000%, 06/14/12		7,613
	5,469	Malone Central School District, GO, BAN, 1.500%, 12/28/12		5,490
	8,337	Odessa-Montour Central School District, GO, BAN, 1.500%, 06/15/12		8,340
		Schenectady City School District,
	5,000	GO, RAN, 2.000%, 01/18/13		5,031
	13,325	Series A, GO, BAN, 1.500%, 05/24/13		13,420
	3,246	Town of LaGrange, Dutchess County, Series B, GO, BAN, 1.500%, 03/29/13		3,268
	10,800	Town of Vestal, Broome County, GO, BAN, 1.500%, 05/17/13		10,888
	4,905	Walton Central School District, GO, BAN, 1.500%, 07/13/12		4,910
		Total Municipal Bonds (Cost $159,892)		159,892
	Weekly Demand Notes — 76.0%
		New York — 76.0%
		Austin Trust, Various States,
	1,300	Series 2008-1067, Rev., VRDO, LIQ: Bank of America N.A., 0.310%, 06/07/12		1,300
	8,955	Series 2008-3004X, Class R, Rev., VRDO, NATL-RE, LIQ: Bank of America N.A., 0.310%, 06/07/12		8,955
	2,475	Series 2008-3506, Rev., VRDO, AGM-CR, LIQ: Bank of America N.A., 0.280%, 06/07/12		2,475
		Deutsche Bank Spears/Lifers Trust Various States,
	5,820	Series DB-1027X, Rev., VRDO, LIQ: Deutsche Bank A.G., 0.250%, 06/07/12 (e)		5,820
	6,265	Series DB-1028X, Rev., VRDO, LIQ: Deutsche Bank A.G., 0.250%, 06/07/12 (e)		6,265
	7,770	Series DB-1031X, Rev., VRDO, LIQ: Deutsche Bank A.G., 0.250%, 06/07/12 (e)		7,770
	10,000	Series DB-1033X, Rev., VRDO, LIQ: Deutsche Bank A.G., 0.250%, 06/07/12 (e)		10,000
	6,450	Series DB-1036X, Rev., VRDO, 0.250%, 06/07/12 (e)		6,450
	21,725	Series DBE-1029X, Rev., VRDO, LIQ: Deutsche Bank A.G., 0.250%, 06/07/12 (e)		21,725
	225	Eclipse Funding Trust, Solar Eclipse, Long Island, Series 2006-0119, Rev., VRDO, LIQ: U.S. Bank N.A., LOC:U.S. Bank N.A., 0.170%, 06/07/12		225
	2,405	Eclipse Funding Trust, Solar Eclipse, Metropolitan, Series 2006-0028, Rev., VRDO, LIQ: U.S. Bank N.A., LOC:U.S. Bank N.A., 0.170%, 06/07/12		2,405
	14,965	Eclipse Funding Trust, Solar Eclipse, New York, Series 2006-0045, Rev., VRDO, AGM, LIQ: U.S. Bank N.A., LOC:U.S. Bank N.A., 0.160%, 06/07/12		14,965

JPMorgan New York Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Weekly Demand Notes — Continued
		New York — Continued
	6,035	Erie County Industrial Development Agency (The), Deutsche Bank Spears, Series DB-1054, Rev., VRDO, LIQ: Deutsche Bank A.G., 0.250%, 06/07/12 (e)		6,035
	1,530	Franklin County Industrial Development Agency, Trudeau Institute Inc. Project, Rev., VRDO, LOC: HSBC Bank USA N.A., 0.270%, 06/07/12		1,530
		Metropolitan Transportation Authority,
	15,900	Series A-1, Rev., VRDO, LOC: Morgan Stanley Bank, 0.230%, 06/07/12		15,900
	12,300	Subseries D-1, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.190%, 06/07/12		12,300
		New York City,
	11,250	Series 3015, GO, VRDO, LIQ: Morgan Stanley Bank, 0.250%, 06/07/12 (e)		11,250
	10,230	Series B2, Subseries B-4, GO, VRDO, 0.240%, 06/07/12		10,230
	2,000	Series E, Subseries E-4, GO, VRDO, LOC: Bank of America N.A., 0.220%, 06/07/12		2,000
	3,800	Series F-5, GO, VRDO, LOC: Bayerische Landesbank, 0.240%, 06/07/12		3,800
	14,450	Subseries A-3, GO, VRDO, LOC: Morgan Stanley Bank, 0.240%, 06/07/12		14,450
	15,560	Subseries A-6, GO, VRDO, LOC: Helaba, 0.190%, 06/07/12		15,560
	3,550	Subseries C-2, GO, VRDO, LOC: Bayerische Landesbank, 0.240%, 06/07/12		3,550
	1,225	New York City Capital Resources Corp., Loan Enhanced Assistance, Series B, Rev., VRDO, LOC: Bank of America N.A., 0.260%, 06/07/12		1,225
	9,950	New York City Housing Development Corp., Series 2899, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.250%, 06/07/12		9,950
	6,970	New York City Housing Development Corp., Multi-Family Housing, Series ROCS-RR-II-R-13100, Rev., VRDO, LIQ: Citibank N.A., 0.200%, 06/07/12 (e)		6,970
	26,000	New York City Housing Development Corp., Multi-Family Housing, 20 Exchange Place, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.220%, 06/07/12		26,000
	6,665	New York City Housing Development Corp., Multi-Family Housing, Boricua Village Apartments Site C, Series A, Rev., VRDO, LOC: Citibank N.A., 0.330%, 06/07/12		6,665
	2,675	New York City Housing Development Corp., Multi-Family Housing, Bruckner, Series A, Rev., VRDO, LOC: Bank of America N.A., 0.280%, 06/07/12		2,675
	2,500	New York City Housing Development Corp., Multi-Family Housing, Mortgage-Ogden Avenue Apartments II, Series A, Rev., VRDO, FHLMC, LOC: FHLMC, 0.190%, 06/07/12		2,500
	3,470	New York City Housing Development Corp., Multi-Family Housing, The Dorado Apartments, Series A, Rev., VRDO, LOC: Citibank N.A., 0.230%, 06/07/12		3,470
	1,605	New York City Housing Development Corp., Multi-Family Housing, The Plaza, Series A, Rev., VRDO, LOC: Citibank N.A., 0.230%, 06/07/12		1,605
	13,700	New York City Industrial Development Agency, Grace Church School Project, Rev., VRDO, LOC: M&T Bank, 0.240%, 06/07/12		13,700
	8,400	New York City Industrial Development Agency, Korean Air Lines Co., Ltd. Project, Series C, Rev., VRDO, LOC: HSBC Bank USA N.A., 0.180%, 06/07/12		8,400
	36,600	New York City Industrial Development Agency, Liberty Facilities Hanson Office, Rev., VRDO, LOC: ING Bank N.V., 0.180%, 06/07/12		36,600
	3,900	New York City Industrial Development Agency, New York Congregational Nursing, Series A, Rev., VRDO, LOC: HSBC Bank USA N.A., 0.190%, 06/07/12		3,900
	10,000	New York City Municipal Water Finance Authority, Water & Sewer Systems, 2nd Generation, Fiscal 2008, Series BB-4, Rev., VRDO, 0.410%, 06/07/12		10,000
		New York City Transitional Finance Authority,
	8,850	Series ROCS-RR-II-R-12054, Rev., VRDO, AGM-CR, FGIC, LIQ: Citibank N.A., 0.190%, 06/07/12		8,850
	7,935	Subseries 2-D, Rev., VRDO, LIQ: LLoyds TSB Bank plc, 0.210%, 06/07/12		7,935

JPMorgan New York Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Weekly Demand Notes — Continued
		New York — Continued
	1,100	New York City Transitional Finance Authority, EAGLE, Series 2007-0004, Class A, Rev., VRDO, AGM-CR, FGIC, LIQ: Citibank N.A., 0.190%, 06/07/12		1,100
		New York City Transitional Finance Authority, Future Tax Secured,
	600	Series A-2, Rev., VRDO, 0.160%, 06/07/12		600
	10,000	Series C, VRDO, LIQ: Landesbank Baden-Wuerttemberg, 0.190%, 06/07/12		10,000
	20,635	New York City Transitional Finance Authority, New York City Recovery, Series 1, Subseries 1E, Rev., VRDO, LIQ: Bayerische Landesbank, 0.190%, 06/07/12		20,635
		New York Liberty Development Corp.,
	10,000	Series 3226, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.250%, 06/07/12 (e)		10,000
	20,420	Series 3232, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.250%, 06/07/12 (e)		20,420
	5,425	Series DBE-1060X, Rev., VRDO, LIQ: Deutsche Bank A.G., 0.230%, 06/07/12		5,425
	2,850	New York Local Government Assistance Corp., Series C, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.190%, 06/07/12		2,850
		New York Mortgage Agency, Homeowner Mortgage,
	17,700	Series 125, Rev., VRDO, AMT, LIQ: Barclays Bank plc, 0.170%, 06/07/12		17,700
	12,000	Series 129, Rev., VRDO, AMT, LIQ: Barclays Bank plc, 0.200%, 06/07/12		12,000
		New York State Dormitory Authority,
	2,900	Series ROCS-RR-II-R-11479, Rev., VRDO, LIQ: Citibank N.A., 0.200%, 06/07/12		2,900
	9,240	Series ROCS-RR-II-R-11559, Rev., VRDO, BHAC-CR, AGC, LIQ: Citibank N.A., 0.190%, 06/07/12		9,240
	6,175	Series ROCS-RR-II-R-11816, Rev., VRDO, LIQ: Citibank N.A., 0.200%, 06/07/12 (e)		6,175
	15,830	Series ROCS-RR-II-R-12121, Rev., VRDO, LIQ: Citibank N.A., 0.210%, 06/07/12		15,830
	18,025	New York State Dormitory Authority, Cornell University, Series B, Rev., VRDO, 0.160%, 06/07/12		18,025
	35,225	New York State Dormitory Authority, Court Facilities Lease, Series B, Rev., VRDO, LOC: Bayerische Landesbank, 0.200%, 06/07/12		35,225
		New York State Dormitory Authority, Fordham University,
	9,600	Series A-1, Rev., VRDO, LOC: Bank of America N.A. , 0.210%, 06/07/12		9,600
	6,955	Series A-2, Rev., VRDO, LOC: Bank of America N.A., 0.210%, 06/07/12		6,955
		New York State Dormitory Authority, Long Island University,
	4,500	Series A-2, Rev., VRDO, LOC: TD Bank N.A., 0.160%, 06/07/12		4,500
	4,000	Series A-2, Rev., VRDO, LOC: TD Bank N.A., 0.160%, 06/07/12		4,000
	4,100	New York State Dormitory Authority, Rockefeller University, Series A, Rev., VRDO, 0.150%, 06/07/12		4,100
	3,250	New York State Dormitory Authority, Samaritan Medical Center, Series B, Rev., VRDO, LOC: HSBC Bank USA N.A., 0.150%, 06/07/12		3,250
		New York State Dormitory Authority, St. Johns University,
	1,800	Series B-1, Rev., VRDO, LOC: Bank of America N.A., 0.230%, 06/07/12		1,800
	6,500	Series B-2, Rev., VRDO, LOC: Bank of America N.A., 0.220%, 06/07/12		6,500
	17,740	New York State Dormitory Authority, Teresian House, Rev., VRDO, LOC: Manufacturers & Traders, 0.230%, 06/07/12		17,740
	16,100	New York State Housing Finance Agency, Series M-1, Rev., VRDO, LOC: Bank of America N.A., 0.200%, 06/07/12		16,100
	1,150	New York State Housing Finance Agency, 101 West End, Rev., VRDO, FNMA, LIQ: FNMA, 0.180%, 06/07/12		1,150
	2,000	New York State Housing Finance Agency, 240 East 39th Street Housing, Series A, Rev., VRDO, 0.180%, 06/07/12		2,000
	4,050	New York State Housing Finance Agency, 250 West 93rd Street, Series 2005-A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.360%, 06/07/12		4,050
	3,600	New York State Housing Finance Agency, 345 East 94th Street Housing, Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.180%, 06/07/12		3,600

JPMorgan New York Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Weekly Demand Notes — Continued
		New York — Continued
	5,300	New York State Housing Finance Agency, 350 West 43rd Street Housing, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.260%, 06/07/12		5,300
	400	New York State Housing Finance Agency, 455 West 37th Street, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.260%, 06/07/12		400
	2,700	New York State Housing Finance Agency, 70 Battery Place Housing, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.180%, 06/07/12		2,700
	6,900	New York State Housing Finance Agency, 8 East 102nd Street Housing, Series A, Rev., VRDO, LOC: Bank of America N.A., 0.220%, 06/07/12		6,900
	5,300	New York State Housing Finance Agency, 88 Leonard Street Housing, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.260%, 06/07/12		5,300
	1,450	New York State Housing Finance Agency, Chelsea Arms Housing, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.180%, 06/07/12		1,450
	4,085	New York State Housing Finance Agency, Clarkston Housing, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.160%, 06/07/12		4,085
	22,000	New York State Housing Finance Agency, Clinton Park Phase II, Series A-1, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.180%, 06/07/12		22,000
	15,750	New York State Housing Finance Agency, Historic Front Street Housing, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.240%, 06/07/12		15,750
	3,800	New York State Housing Finance Agency, Multi-Family Housing, Secured Mortgage Program, Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.180%, 06/07/12		3,800
	4,785	New York State Housing Finance Agency, Parkledge Apartments Housing, Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.240%, 06/07/12		4,785
	15,000	New York State Housing Finance Agency, Related West 30th Street Housing, Series A-1, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.180%, 06/07/12		15,000
	3,820	New York State Housing Finance Agency, Talleyrand Crescent, Rev., VRDO, FNMA, LOC: FNMA, 0.160%, 06/07/12		3,820
	3,400	New York State Housing Finance Agency, Tribeca, Series A, Rev., VRDO, AMT, FNMA, LIQ: FNMA, 0.180%, 06/07/12		3,400
	37,210	New York State Housing Finance Agency, Tribeca Green Housing, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.260%, 06/07/12		37,210
	10,000	New York State Housing Finance Agency, Union Square South Housing, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.180%, 06/07/12		10,000
		New York State Housing Finance Agency, Victory Housing,
	1,500	Series 2000-A, Rev., VRDO, FHLMC, 0.180%, 06/07/12		1,500
	5,000	Series 2001-A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.180%, 06/07/12		5,000
	6,700	New York State Housing Finance Agency, Warren Knolls Apartments Housing, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.160%, 06/07/12		6,700
	1,600	New York State Housing Finance Agency, Worth Street, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.180%, 06/07/12		1,600
	6,780	New York State Thruway Authority, Rev., VRDO, AGM, LIQ: Morgan Stanley Bank, 0.250%, 06/07/12 (e)		6,780
		New York State Urban Development Corp.,
	12,760	Rev., VRDO, FGIC-TCRS, LIQ: Societe Generale, 0.230%, 06/07/12		12,760
	19,500	Rev., VRDO, FGIC-TCRS, LIQ: Societe Generale, 0.230%, 06/07/12		19,500
	2,400	Oneida County Industrial Development Agency, Rev., VRDO, LOC: NBT Bank N.A., 0.180%, 06/07/12		2,400
	800	Oneida County Industrial Development Agency, Industrial Development, Oriskany, Rev., VRDO, LOC: NBT Bank N.A., 0.180%, 06/07/12		800
	2,990	Onondaga County Industrial Development Agency, Albany Molecular Research Project, Rev., VRDO, LOC: Fleet National Bank, 0.280%, 06/07/12		2,990
		Puttable Floating Option Tax-Exempt Receipts,
	17,665	Series PT-4623, Rev., VRDO, LIQ: PB Capital Corp., 0.380%, 06/07/12		17,665

JPMorgan New York Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Weekly Demand Notes — Continued
		New York — Continued
	2,590	Series PT-4725, Rev., VRDO, LIQ: Bank of America N.A., 0.240%, 06/07/12 (e)		2,590
	5,000	Seneca County Industrial Development Agency, Seneca Meadows, Inc. Project, Rev., VRDO, LOC: Bank of America N.A., 0.250%, 06/07/12		5,000
	5,000	Tompkins County Industrial Development Agency, Civic Facility Ithaca College, Series B, Rev., VRDO, XLCA, LOC: HSBC Bank USA N.A., 0.160%, 06/07/12		5,000
		Triborough Bridge & Tunnel Authority,
	3,700	Series A, Subseries A-2, Rev., VRDO, 0.150%, 06/07/12		3,700
	11,000	Series B-1, Rev., VRDO, LOC: CA Public Employees Retirement System, 0.150%, 06/07/12		11,000
	7,060	Subseries B-3, Rev., VRDO, 0.240%, 06/07/12		7,060
	54,005	Subseries B-4, Rev., VRDO, 0.270%, 06/07/12		54,005
	37,185	Subseries CD, Rev., VRDO, AGM, 0.290%, 06/07/12		37,185
	10,400	Trust for Cultural Resources, Solomon R Guggenheim, Series B, Rev., VRDO, LOC: Bank of America N.A., 0.220%, 06/07/12		10,400
	18,240	Wells Fargo Stage Trust, Floater Certificates, Series 12-C, Rev., VRDO, LIQ: Wells Fargo Bank N.A., 0.200%, 06/07/12 (e)		18,240
		Total Weekly Demand Notes (Cost $982,650)		982,650
SHARES
	Variable Rate Demand Preferred Shares — 8.2%
	13,300	BlackRock Muni Income Quality Trust Fund, Inc., 0.380%, 06/07/12 # (e)		13,300
	20,000	BlackRock MuniHoldings New York Quality Fund, Inc., LIQ: Bank of America N.A., 0.380%, 06/07/12 # (e)		20,000
	15,000	BlackRock MuniYield New Jersey Quality Fund, Inc., LIQ: Bank of America N.A., 0.300%, 06/07/12 # (e)		15,000
	20,000	Nuveen New York Investment Quality Muni Fund, Inc., LIQ: Citibank N.A., 0.300%, 06/07/12 # (e)		20,000
	20,000	Nuveen New York Performance Plus Muni Fund, Inc., LIQ: Deutsche Bank A.G., 0.320%, 06/07/12 # (e)		20,000
	17,700	Nuveen New York Quality Income Municipal Fund, Inc., LIQ: Citibank N.A., 0.300%, 06/07/12 # (e)		17,700
		Total Variable Rate Demand Preferred Shares (Cost $106,000)		106,000
		Total Investments — 98.6% (Cost $1,274,812) *		1,274,812
		Other Assets in Excess of Liabilities — 1.4%		18,266
		NET ASSETS — 100.0%	$	1,293,078

Percentages indicated are based on net assets.

JPMorgan New York Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

AGC	—	Insured by Assured Guaranty Corp.
AGM	—	Insured by Assured Guaranty Municipal Corp.
AMT	—	Alternative Minimum Tax
BAN	—	Bond Anticipation Note
BHAC	—	Insured by Berkshire Hathaway Assurance Corp.
CR	—	Custodial Receipts
EAGLE	—	Earnings of accrual generated on local tax-exempt securities
FGIC	—	Insured by Financial Guaranty Insurance Co.
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
GO	—	General Obligation
LIQ	—	Liquidity Agreement
LOC	—	Letter of Credit
NATL	—	Insured by National Public Finance Guarantee Corp.
RAN	—	Revenue Anticipation Note
RE	—	Reinsured
Rev.	—	Revenue
TAN	—	Tax Anticipation Note
TCRS	—	Transferable Custodial Receipts
VRDO	—	Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of May 31, 2012.
XLCA	—	Insured by XL Capital Assurance

(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.

(m) All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of 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 next demand date or final maturity date.

* The cost of securities is substantially the same for federal income tax purposes.

# Variable Rate Demand Preferred Shares of a closed-end investment company which have a weekly demand feature.

JPMorgan New York Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

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

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

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

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

The following is a summary of the inputs used as of May 31, 2012, in valuing the Fund’s assets and liabilities carried at amortized cost which approximates fair value (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	1,274,812	$	—	$	1,274,812

(a) All portfolio holdings designated as Level 2 are disclosed individually in the Schedule of Portfolio of Investments (“SOI”). Please refer to the SOI for specifics of the major categories of portfolio holdings.

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

JPMorgan New York Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION (t)	VALUE ($)
	Municipal Bonds — 97.5%
		District of Columbia — 0.2%
		Certificate of Participation/Lease — 0.2%
	1,500	District of Columbia, COP, NATL-RE, FGIC, 5.000%, 01/01/18		1,677
		Florida — 0.1%
		Water & Sewer — 0.1%
	965	Sunrise Excise Tax & Special Assessment, Utilities Systems, Series A, Rev., AMBAC, 5.500%, 10/01/15 (f) (i)		1,039
		Hawaii — 0.1%
		Water & Sewer — 0.1%
	800	Honolulu City & County Board of Water Supply, Series B, Rev., AMT, NATL-RE, 5.250%, 07/01/18		898
		Louisiana — 0.2%
		General Obligation — 0.2%
	1,500	City of Shreveport, Series B, GO, NATL-RE, 5.250%, 03/01/17		1,759
		Massachusetts — 0.7%
		Prerefunded — 0.7%
	5,000	Massachusetts Bay Transportation Authority, Assessment, Series A, Rev., 5.000%, 07/01/14 (p)		5,481
		New Jersey — 0.7%
		Other Revenue — 0.7%
		Hudson County Improvement Authority, Capital Appreciation,
	1,105	Series A-1, Rev., NATL-RE, Zero Coupon, 12/15/17		934
	1,435	Series A-1, Rev., NATL-RE, Zero Coupon, 12/15/18		1,159
	3,500	New Jersey EDA, Motor Vehicle, Series A, Rev., NATL-RE, 5.250%, 07/01/15		3,829
		Total New Jersey		5,922
		New York — 92.9%
		Certificate of Participation/Lease — 6.2%
	2,490	Erie County Industrial Development Agency, City of Buffalo Project, Rev., COP, AGM, 5.000%, 05/01/13 (p)		2,600
	1,230	New York State Dormitory Authority, Series A, Rev., COP, NATL-RE, FGIC, 5.000%, 07/01/16		1,285
		New York State Dormitory Authority, City University System, CONS,
	2,010	Series A, Rev., COP, AGM-CR, 5.750%, 07/01/13		2,059
	7,375	Series A, Rev., COP, AMBAC-TCRS, 5.750%, 07/01/13		7,557
	2,160	Series A, Rev., COP, NATL-RE, MBIA-IBC, Bank of New York, 6.000%, 07/01/20		2,721
	1,780	Series B, Rev., COP, 6.000%, 07/01/14		1,860
	1,000	New York State Dormitory Authority, Mental Health Services, Facilities Improvement, Rev., COP, 5.375%, 02/15/21		1,201
	2,335	New York State Dormitory Authority, Mental Health Services, Unrefunded Balance, Series B, Rev., COP, 6.000%, 08/15/16		2,580
	710	New York State Dormitory Authority, School Districts Financing Program, Series F, Rev., COP, NATL-RE, 6.500%, 10/01/20		838
		New York State Dormitory Authority, State University Educational Facilities,
	1,445	Series A, Rev., COP, NATL-RE, FGIC-TCRS, 5.500%, 05/15/13		1,500
	5,000	Series A, Rev., COP, NATL-RE-IBC, 5.250%, 05/15/15		5,466
	1,050	Series A, Rev., COP, NATL-RE-IBC, Bank of New York, 5.250%, 05/15/21		1,265
	1,500	New York State Urban Development Corp., Series D, Rev., COP, 5.375%, 01/01/21		1,794
	2,080	New York State Urban Development Corp., Correctional Capital Facilities, Series A, Rev., COP, AGM, 5.250%, 01/01/14		2,169
	810	New York State Urban Development Corp., Correctional Facilities, Series A, Rev., COP, AMBAC-TCRS, 5.500%, 01/01/14		845
		New York State Urban Development Corp., Service Contract,
	2,000	Series B, Rev., COP, 5.250%, 01/01/23		2,309
	3,000	Series B, Rev., COP, 5.250%, 01/01/25		3,405
	7,000	Series C, Rev., COP, 5.000%, 01/01/25		7,847
	1,000	New York State Urban Development Corp., State Facilities, Rev., COP, 5.600%, 04/01/15		1,080
				50,381
		Education — 5.9%
		Amherst Industrial Development Agency, Faculty-Student Housing Corp.,
	1,175	Series A, Rev., AMBAC, 5.500%, 08/01/15 (f) (i)		1,202

JPMorgan New York Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Education –– Continued
	1,000	Series B, Rev., AMBAC, 5.500%, 08/01/15 (f) (i)		1,023
		New York City Transitional Finance Authority, Fiscal Year 2009,
	2,800	Series S-3, Rev., 5.250%, 01/15/25		3,276
	4,875	Series S-5, Rev., 5.000%, 01/15/20		5,871
	235	New York Mortgage Agency, Higher Education, Rev., 4.000%, 11/01/14		250
	115	New York State Dormitory Authority, Canisius College, Rev., NATL-RE, 4.950%, 07/01/14		115
	2,500	New York State Dormitory Authority, City University System, 5th Generation, Rev., NATL-RE-IBC, 5.000%, 07/01/20		2,783
	1,000	New York State Dormitory Authority, Fordham University, Rev., AMBAC, 5.000%, 07/01/15		1,085
	95	New York State Dormitory Authority, Long Island University, Unrefunded Balance, Rev., RADIAN, 5.000%, 09/01/12		95
		New York State Dormitory Authority, New York University,
	500	Series 1, Rev., AMBAC, 5.500%, 07/01/14		552
	1,455	Series 1, Rev., AMBAC, 5.500%, 07/01/18		1,805
	1,730	Series 1, Rev., AMBAC, 5.500%, 07/01/21		2,221
	1,000	Series 1, Rev., AMBAC, 5.500%, 07/01/22		1,295
	2,900	Series 1, Rev., AMBAC, 5.500%, 07/01/23		3,770
	1,570	Series 1, Rev., AMBAC, 5.500%, 07/01/24		2,057
	2,280	Series 1, Rev., AMBAC, 5.500%, 07/01/25		3,006
	8,360	Series A, Rev., AMBAC, 5.750%, 07/01/13		8,853
	1,000	Series A, Rev., NATL-RE, 5.750%, 07/01/15		1,154
	3,500	Series A, Rev., NATL-RE, 5.750%, 07/01/16		4,185
	1,000	New York State Dormitory Authority, School Districts Financing Program, Series A, Rev., AGC, 5.000%, 10/01/24		1,143
	1,830	New York State Dormitory Authority, State University Dormitory Facilities, Rev., 5.000%, 07/01/18		2,177
				47,918
		General Obligation — 20.1%
	2,380	Arlington Central School District, Series A, GO, 5.000%, 05/15/21		2,851
		Brockport Central School District,
	1,660	GO, NATL-RE, FGIC, 5.500%, 06/15/13		1,741
	1,100	GO, NATL-RE, FGIC, 5.500%, 06/15/14		1,201
	1,660	GO, NATL-RE, FGIC, 5.500%, 06/15/15		1,874
	685	GO, NATL-RE, FGIC, 5.750%, 06/15/17		823
		Burnt Hills-Ballston Lake Central School District,
	95	GO, NATL-RE, FGIC, 5.400%, 07/15/16		96
	50	GO, NATL-RE, FGIC, 5.500%, 07/15/17		50
	60	GO, NATL-RE, FGIC, 5.500%, 07/15/18		60
	605	Clarkstown Central School District, GO, AGM, 5.000%, 04/15/13		631
	20	Clarkstown Central School District, Unrefunded Balance, GO, AGM, 5.250%, 04/15/15		22
		Cleveland Hill Union Free School District, Unrefunded Balance,
	275	GO, NATL-RE, FGIC, 5.500%, 10/15/13		276
	295	GO, NATL-RE, FGIC, 5.500%, 10/15/14		296
		East Greenbush Central School District,
	1,500	GO, 4.000%, 09/15/15		1,648
	1,500	GO, 4.000%, 09/15/16		1,678
	1,500	GO, 4.000%, 09/15/17		1,696
	1,650	Erie County, Public Improvement, Series A, GO, NATL-RE, FGIC, 5.000%, 09/01/12 (p)		1,670
	285	Fayetteville-Manlius Central School District, GO, NATL-RE, FGIC, 5.000%, 06/15/12 (p)		286
		Genesee Country, Public Improvement,
	1,350	GO, 4.000%, 04/15/14		1,435
	1,000	GO, 4.000%, 04/15/15		1,091
		Goshen Central School District,
	1,050	GO, NATL-RE, FGIC, 5.000%, 06/15/16		1,219
	1,050	GO, NATL-RE, FGIC, 5.000%, 06/15/17		1,249
	1,000	GO, NATL-RE, FGIC, 5.000%, 06/15/19		1,227
		Greece Central School District,
	880	Series B, GO, 4.500%, 12/15/21		1,045
	565	Series B, GO, 5.000%, 12/15/19		690
	460	Series B, GO, 5.000%, 12/15/20		565
	765	Series B, GO, 5.000%, 12/15/22		947
	500	Series B, GO, 5.000%, 12/15/23		613
	1,240	Half Hollow Hills Central School District, GO, XLCA, 5.000%, 06/15/18		1,518
	1,000	Ilion Central School District, Series B, GO, NATL-RE, FGIC, 5.000%, 06/15/12 (p)		1,012
	1,350	Mineola, GO,5.000%, 08/15/23 (w)		1,602
		Monroe County, Public Improvement,
	1,050	Series A, GO, 6.000%, 03/01/13		1,086
	335	Series A, GO, NATL-RE-IBC, 6.000%, 03/01/15		373

JPMorgan New York Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		General Obligation — Continued
	1,000	Series A, GO, NATL-RE-IBC, 6.000%, 03/01/18		1,185
	280	Monroe Woodbury Central School District, GO, AGM, 5.000%, 04/15/14		301
		Nassau County,
	4,920	Series A, GO, AGC, 5.000%, 05/01/22		5,743
	1,000	Series C, GO, AGM, 5.000%, 07/01/22		1,137
	2,000	Series E, GO, AGC, 4.000%, 06/01/15		2,172
	2,000	Series F, GO, 5.000%, 10/01/20		2,368
	4,280	Nassau County, General Improvement, Series C, GO, AGC, 5.000%, 10/01/24		4,930
	1,100	New Rochelle City School District, GO, AGC, 5.000%, 12/01/15		1,260
		New York City,
	7,600	Series A-1, GO, 5.000%, 08/01/28		8,843
	3,000	Series A-1, GO, 5.250%, 08/15/23		3,507
	2,250	Series B, GO, 4.000%, 08/01/14		2,417
	4,000	Series B, GO, NATL-RE, FGIC-TCRS, 5.750%, 08/01/13		4,037
	2,000	Series C, GO, 5.000%, 08/01/17		2,384
	2,000	Series C, GO, 5.000%, 08/01/19		2,447
	3,000	Series C, GO, 5.000%, 01/01/20		3,430
	5,000	Series D, GO, 5.000%, 02/01/17		5,880
	5,000	Series E, GO, AGM, 5.000%, 11/01/17		5,508
	155	Series E, GO, NATL-RE-IBC, 5.750%, 08/01/12 (p)		156
	2,500	Series G, GO, 5.000%, 12/01/19		2,760
	3,000	Series G, GO, 5.000%, 08/01/20		3,387
	3,000	Series H, GO, 5.000%, 08/01/16		3,275
	2,000	Series H-1, GO, 5.125%, 03/01/24		2,320
	1,000	Series J, Sub Series J-1, GO, AGM, 5.000%, 06/01/20		1,139
	2,500	Series P, GO, NATL-RE, 5.000%, 08/01/16		2,830
	3,000	Sub Series B-1, GO, 5.250%, 09/01/24		3,482
	2,000	Sub Series B-1, GO, 5.250%, 09/01/25		2,309
	3,535	Sub Series F-1, GO, XLCA, 5.000%, 09/01/19		3,996
	1,000	Sub Series J-1, GO, 5.000%, 05/15/24		1,155
	3,000	Sub Series L-1, GO, 5.000%, 04/01/22		3,531
	4,000	New York City, Fiscal Year 2008, Series A-1, GO, 5.000%, 08/01/18		4,765
		New York City, Unrefunded Balance,
	2,485	Series E, GO, NATL-RE-IBC, 5.750%, 08/01/12		2,508
	105	Series J, GO, NATL-RE, 5.250%, 05/15/18		114
	440	Niagara County, Public Improvement, GO, NATL-RE, 5.750%, 07/15/14		489
		Onondaga County,
	3,050	Series A, GO, 5.000%, 03/01/24		3,590
	1,230	Series A, GO, 5.250%, 05/15/13 (p)		1,241
	1,280	Series A, GO, 5.250%, 05/15/14 (p)		1,292
	1,335	Series A, GO, 5.250%, 05/15/15 (p)		1,347
	785	Series A, GO, 5.250%, 05/15/16 (p)		792
	870	Orange County, Various Purpose, GO, 3.000%, 07/01/14		917
	1,500	Oyster Bay, Public Improvement, Series A, GO, 5.000%, 02/15/16		1,725
	775	Red Creek Central School District, GO, AGM, 5.500%, 06/15/12 (p)		784
		State of New York,
	5,000	Series A, GO, 5.000%, 02/15/27		5,764
	6,260	Series C, GO, 5.000%, 04/15/16		7,028
	4,000	Series C, GO, 5.000%, 04/15/17		4,468
		Suffolk County, Public Improvement,
	1,150	Series B, GO, 4.500%, 11/01/14		1,238
	1,550	Series C, GO, NATL-RE, 5.250%, 07/15/13		1,559
	1,215	Series C, GO, NATL-RE, 5.250%, 07/15/14		1,222
	1,085	Webster Central School District, Series B, GO, AGM, 4.250%, 10/01/14		1,181
				162,484
		Hospital — 2.1%
	3,000	New York State Dormitory Authority, FHA Insured Mortgage Montefiore Hospital, Rev., 5.000%, 08/01/20		3,430
	2,305	New York State Dormitory Authority, Long Island Jewish Medical Center, Series A, Rev., 5.000%, 11/01/17		2,630
		New York State Dormitory Authority, Memorial Sloan Kettering Cancer Center,
	1,000	Series C, Rev., NATL-RE, 5.500%, 07/01/23		1,297
	370	Series C, Rev., NATL-RE, 5.750%, 07/01/19		470
	4,875	Sub Series A2, Rev., 5.000%, 07/01/26		5,481
	3,000	New York State Dormitory Authority, Municipal Health Facility, Series 2, Sub Series 2, Rev., 5.000%, 01/15/21		3,434
				16,742

JPMorgan New York Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Housing — 0.6%
	2,000	New York City Housing Development Corp., Capital Funding Program, Series A, Rev., NATL-RE, FGIC, 5.000%, 07/01/19		2,178
		New York Mortgage Agency, Homeowner Mortgage,
	910	Series 143, Rev., AMT, 4.750%, 10/01/22		957
	1,255	Series 156, Rev., 5.000%, 04/01/25		1,373
				4,508
		Industrial Development Revenue/Pollution Control Revenue — 3.0%
	4,290	New York City Industrial Development Agency, Stock Exchange Project, Series A, Rev., 5.000%, 05/01/23		4,936
		New York City Transitional Finance Authority, Future Tax,
	2,000	Sub Series I-2, Rev., 4.000%, 11/01/17		2,313
	1,000	Sub Series I-2, Rev., 5.000%, 11/01/17		1,209
	1,400	Sub Series I-2, Rev., 5.000%, 11/01/26		1,645
		New York State Environmental Facilities Corp., PCR, State Water Revolving Fund, Unrefunded Balance,
	215	Series B, Rev., 5.200%, 05/15/14		223
	700	Series NYC-02, Rev., 5.750%, 06/15/12		702
	5,315	New York State Environmental Facilities Corp., State Water Revolving Fund, Series E, Rev., NATL-RE, 6.000%, 06/15/12		5,327
		New York State Urban Development Corp., State Personal Income Tax,
	1,000	Series C, Rev., 4.000%, 12/15/14		1,088
	1,000	Series C, Rev., 4.000%, 12/15/15		1,117
	2,400	Series C, Rev., 4.000%, 12/15/16		2,733
	1,100	Series C, Rev., 5.000%, 12/15/15		1,267
	1,350	Series C, Rev., 5.000%, 12/15/16		1,598
				24,158
		Other Revenue — 13.7%
	1,500	Albany County Airport Authority, Series A, Rev., AGM, 3.000%, 12/15/14		1,570
	2,000	Erie County Industrial Development Agency, School Facilities, Series A, Rev., 5.000%, 05/01/23		2,408
		New York City Industrial Development Agency, Civic Facility Revenue, USTA National Tennis Center, Inc. Project,
	1,640	Series A, Rev., AGM, 5.000%, 11/15/17		1,707
	750	Series A, Rev., AGM, 5.000%, 11/15/19		779
	1,275	New York City Municipal Water Finance Authority, Water & Sewer System, Series DD, Rev., 5.000%, 06/15/27		1,518
	6,600	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Series HH, Rev., 5.000%, 06/15/26		7,836
	7,000	New York City Municipal Water Finance Authority, Water & Sewer System, Second Resolution, Series EE, Rev., 5.000%, 06/15/28		8,339
		New York City Transitional Finance Authority Future, Tax Secured Revenue,
	1,000	Sub Series D-1, Rev., 5.000%, 11/01/26		1,197
	1,000	Sub Series D-1, Rev., 5.000%, 11/01/27		1,188
		New York City Transitional Finance Authority, Future Tax Secured,
	2,500	Series B, Rev., 5.000%, 02/01/27		2,937
	2,000	Series D, Rev., 5.000%, 11/01/15		2,297
	2,000	Series D, Rev., 5.000%, 11/01/16		2,361
	3,000	Sub Series E-1, Rev., 5.000%, 02/01/25		3,648
	1,695	New York City, Armenian Museum of Natural History, Series A, Rev., 5.000%, 04/01/18		2,051
	1,000	New York City, Museum Modern Art, Series A, Rev., 5.000%, 04/01/23 (w)		1,259
	1,000	New York Power Authority (The), Series A, Rev., 5.000%, 11/15/21		1,273
	1,000	New York State Dormitory Authority, 3rd General Resolution, Rev., 5.000%, 05/15/27		1,179
	5,000	New York State Dormitory Authority, Court Facilities Lease, New York City Issue, Rev., AMBAC, 5.500%, 05/15/26		6,324
	3,000	New York State Dormitory Authority, Education, Series B, Rev., AMBAC, 5.500%, 03/15/25		4,034
		New York State Dormitory Authority, Mount Sinai Hospital,
	2,225	Series A, Rev., 5.000%, 07/01/17		2,554
	2,000	Series A, Rev., 5.000%, 07/01/26		2,225
	2,000	New York State Dormitory Authority, School Districts Financing Program, Series B, 5.000%, 10/01/24 (w)		2,400
	2,550	New York State Environmental Facilities Corp., PCR, State Water Revolving Fund, Series C, Rev., 5.000%, 10/15/27		3,001

JPMorgan New York Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Other Revenue –– Continued
	5,000	New York State Environmental Facilities Corp., State Clean Water & Drinking, Revolving Fund, 2nd Resolution, Series A, 5.000%, 06/15/22		6,400
	4,500	New York State Local Government Assistance Corp., Series A-5/6, Rev., 5.000%, 04/01/18		5,488
	1,125	New York State Thruway Authority, Local Highway & Bridge Trust Fund, Rev., 5.000%, 04/01/14		1,218
		New York State Thruway Authority, Second General Highway & Bridge Trust Fund,
	1,250	Series A, Rev., 4.000%, 04/01/20		1,444
	780	Series A, Rev., 5.000%, 04/01/20		966
	2,000	New York State Thruway Authority, Transportation, Series A, Rev., 5.000%, 03/15/28		2,369
		New York State Urban Development Corp., Personal Income Tax, State Facilities,
	3,200	Series A-2, Rev., NATL-RE, 5.500%, 03/15/23		4,208
	5,000	Series A-2, Rev., NATL-RE, 5.500%, 03/15/25		6,724
	3,000	Port Authority of New York & New Jersey, CONS, 172nd Series, Rev., 5.000%, 10/01/22		3,596
		Suffolk County Water Authority,
	1,365	Series A, Rev., 5.000%, 06/01/14		1,493
	1,395	Series A, Rev., 5.000%, 06/01/15		1,585
	1,155	Syracuse Industrial Development Agency, Syracuse City School District, Series A, Rev., AGM, 5.000%, 05/01/21		1,344
	5,000	Tobacco Settlement Financing Authority, Asset Backed, Series A-1, Rev., AMBAC, 5.250%, 06/01/20		5,237
	1,340	TSASC, Inc., Series 1, Rev., 4.750%, 06/01/22		1,334
		United Nations Development Corp.,
	2,000	Series A, Rev., 5.000%, 07/01/22		2,307
	1,000	Series A, Rev., 5.000%, 07/01/23		1,143
				110,941
		Prerefunded — 3.3%
	235	Clarkstown Central School District, GO, AGM, 5.250%, 04/15/14 (p)		257
		Long Island Power Authority, Electric Systems,
	5,250	Series A, Rev., AGM, 5.500%, 12/01/12 (p)		5,389
	1,875	Series A, Rev., AGM, 5.500%, 12/01/13 (p)		2,022
	10,860	Metropolitan Transportation Authority, Dedicated Tax Fund, Series A, Rev., FGIC, 4.750%, 10/01/15 (p)		12,395
	4,895	New York City, Series J, GO, NATL-RE, 5.250%, 05/15/14 (p)		5,364
	5	New York State Dormitory Authority, Mental Health Services, Series B, Rev., 6.000%, 08/15/16 (p)		6
	1,000	New York State Environmental Facilities Corp., PCR, State Water Revolving Fund, Series A, Rev., 5.750%, 06/15/12 (p)		1,002
	100	Triborough Bridge & Tunnel Authority, General Purpose, Series A, Rev., 4.750%, 01/01/16 (p)		115
				26,550
		Special Tax — 12.7%
		Nassau County Interim Finance Authority, Sales Tax Secured,
	1,000	Series A, Rev., 5.000%, 11/15/20		1,215
	1,000	Series A, Rev., 5.000%, 11/15/21		1,198
	3,000	New York City Transitional Finance Authority, Fiscal Year 2007, Series S-1, Rev., AGM-CR, FGIC, 5.000%, 07/15/23		3,361
		New York City Transitional Finance Authority, Fiscal Year 2009,
	1,500	Series S-3, Rev., 5.000%, 01/15/24		1,742
	1,500	Series S-4, Rev., 5.125%, 01/15/24		1,755
		New York City Transitional Finance Authority, Future Tax Secured,
	1,545	Series A, Rev., 5.000%, 05/01/26		1,855
	1,170	Series A, Rev., 5.250%, 11/01/19		1,458
	1,000	Series B, Rev., 5.000%, 11/01/18		1,183
	3,000	Series B, Rev., 5.000%, 11/01/20		3,547
	3,250	Series D, Rev., 5.000%, 11/01/25		3,840
	5,000	Sub Series C-1, Rev., 5.000%, 11/01/19		5,987
	50	New York City Transitional Finance Authority, Future Tax Secured, Unrefunded Balance, Series B, Rev., 5.500%, 02/01/13		50
	2,000	New York City Transitional Finance Authority, Recovery, Sub Series 3B-1, Rev., 5.000%, 11/01/16		2,361
		New York Local Government Assistance Corp.,
	5,000	Series C, Rev., 5.000%, 04/01/14		5,420
	1,320	Series E, Rev., AGM-CR, 6.000%, 04/01/14		1,413

JPMorgan New York Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Special Tax –– Continued
		New York Local Government Assistance Corp., Senior Lien,
	3,000	Series A, Rev., 5.000%, 04/01/18		3,558
	2,500	Series A, Rev., 5.000%, 04/01/20		3,007
		New York State Dormitory Authority,
	4,000	Series A, Rev., 5.250%, 02/15/23		4,846
	3,455	Series B, Rev., 5.250%, 02/15/21		4,257
		New York State Dormitory Authority, Education,
	2,000	Series B, Rev., 5.000%, 03/15/20		2,463
	3,100	Series C, Rev., 5.000%, 03/15/24		3,670
	5,000	New York State Dormitory Authority, Personal Income Tax, Series A, Rev., 5.000%, 03/15/22		6,034
		New York State Environmental Facilities Corp.,
	1,725	Series A, Rev., 5.000%, 12/15/17		2,048
	1,000	Series A, Rev., 5.000%, 12/15/22		1,216
	1,000	Series A, Rev., 5.250%, 12/15/17		1,224
	2,000	Series A, Rev., 5.250%, 12/15/18		2,489
		New York State Housing Finance Agency, Economic Development & Housing,
	560	Series A, Rev., 3.000%, 03/15/14		586
	1,295	Series A, Rev., 5.000%, 03/15/25		1,535
	2,890	Series A, Rev., 5.000%, 03/15/26		3,423
	2,705	Series A, Rev., 5.000%, 03/15/27		3,191
		New York State Thruway Authority,
	1,325	Series A, Rev., 5.000%, 03/15/19		1,586
	2,455	Series A, Rev., 5.000%, 03/15/22		2,911
	3,700	Series A, Rev., 5.250%, 03/15/19		4,611
		New York State Urban Development Corp., Personal Income Tax, State Facilities,
	5,045	Series A-1, Rev., 5.000%, 12/15/21		6,005
	5,000	Series A-1, Rev., 5.000%, 12/15/24		5,938
	1,500	Series A-2, Rev., NATL-RE, 5.500%, 03/15/19		1,895
				102,878
		Transportation — 18.4%
		Metropolitan Transportation Authority, Dedicated Tax Fund,
	2,000	Series 2008 C, Rev., 6.250%, 11/15/23		2,546
	1,000	Series A, Rev., 5.100%, 11/15/23		1,164
	1,000	Series A, Rev., 5.125%, 11/15/24		1,155
	1,000	Series A, Rev., NATL-RE, FGIC, 5.250%, 11/15/17		1,221
	1,000	Series B, Rev., 5.250%, 11/15/22		1,207
	2,000	Series B, Rev., 5.250%, 11/15/24		2,372
		Metropolitan Transportation Authority, Service Contract,
	16,920	Series A, Rev., 5.750%, 07/01/16		20,049
	4,750	Series A, Rev., AGM-CR, 5.750%, 01/01/18		5,836
	1,000	Metropolitan Transportation Authority, Transportation Facilities, Series F, Rev., 5.000%, 11/15/15		1,137
		New York State Thruway Authority,
	1,800	Series A, Rev., 5.000%, 04/01/16		2,086
	5,000	Series A, Rev., 5.000%, 03/15/17		5,940
	1,550	Series A, Rev., 5.000%, 03/15/20		1,909
	6,000	Series A, Rev., 5.000%, 04/01/26		7,018
	3,000	Series A-1, Rev., 5.000%, 04/01/26		3,470
	8,695	Series B, Rev., 5.000%, 04/01/22		10,249
		New York State Thruway Authority, Local Highway & Bridge Trust Fund,
	2,000	Rev., 5.000%, 04/01/17		2,368
	2,000	Rev., 5.000%, 04/01/19		2,433
		New York State Thruway Authority, Secondary General Highway & Bridge Trust Fund,
	2,500	Series A, Rev., 5.000%, 04/01/20		2,889
	1,500	Series A, Rev., 5.000%, 04/01/22		1,748
	2,500	Series A, Rev., AMBAC, 5.000%, 04/01/21		2,836
	1,000	Series A, Rev., NATL-RE, 5.000%, 04/01/20		1,114
	2,500	Series B, Rev., 5.000%, 04/01/22		2,880
	5,000	Series B, Rev., 5.000%, 04/01/24		5,684
	5,000	Series B, Rev., AGM, 5.000%, 04/01/15		5,614
	2,875	Series B, Rev., NATL-RE, FGIC, 5.000%, 04/01/16		3,301
	5,000	Series B, Rev., NATL-RE, FGIC, 5.000%, 04/01/17		5,705
	2,000	Series H, Rev., NATL-RE, 5.000%, 01/01/20		2,367
	3,000	Series H, Rev., NATL-RE, 5.000%, 01/01/21		3,518
	1,075	Niagara Falls Bridge Commission, Tolls, Series B, Rev., NATL-RE, FGIC, 5.250%, 10/01/15		1,124
		Port Authority of New York & New Jersey, CONS,
	3,000	147th Series, Rev., NATL-RE, FGIC, 5.000%, 10/15/21		3,390
	1,500	149th Series, Rev., 5.000%, 11/15/18		1,795

JPMorgan New York Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Transportation –– Continued
	4,000	151st Series, Rev., 5.250%, 09/15/23		4,574
	5,000	152nd Series, Rev., 5.000%, 11/01/22		5,667
		Triborough Bridge & Tunnel Authority, General Purpose,
	6,305	Series A, Rev., 5.000%, 11/15/21		7,415
	1,500	Series A-2, Rev., 5.000%, 11/15/23		1,798
	2,650	Series C, Rev., 5.000%, 11/15/21		3,187
	3,800	Series C, Rev., 5.000%, 11/15/23		4,555
	5,000	Series D, Rev., 5.000%, 11/15/23		5,769
				149,090
		Utility — 2.3%
		Long Island Power Authority, Electric Systems,
	2,500	Series A, Rev., NATL-RE, FGIC, 5.000%, 12/01/19		2,818
	2,000	Series B, Rev., 5.625%, 04/01/24		2,407
	1,000	Series D, Rev., NATL-RE, 5.000%, 09/01/17		1,157
	3,300	Series E, Rev., BHAC-CR, FGIC, 5.000%, 12/01/21		3,787
	1,000	Series E, Rev., NATL-RE, FGIC, 5.000%, 12/01/18		1,155
	5,000	Long Island Power Authority, Electric Systems, Capital Appreciation, Series A, Rev., AGM, Zero Coupon, 06/01/21		4,077
	2,500	New York Power Authority (The), Series C, Rev., NATL-RE, 5.000%, 11/15/20		2,951
				18,352
		Water & Sewer — 4.6%
		Nassau County Sewer & Storm Water Finance Authority,
	870	Series B, Rev., NATL-RE, 5.000%, 10/01/19		939
	700	Series B, Rev., NATL-RE, 5.000%, 10/01/20		755
	1,000	New York City Municipal Water Finance Authority, 2nd Generation, Fiscal Year 2010, Series BB, Rev., 5.000%, 06/15/14		1,093
		New York City Municipal Water Finance Authority, Water & Sewer System,
	3,000	Series AA, Rev., 5.000%, 06/15/22		3,500
	1,500	Series B, Rev., 5.000%, 06/15/18		1,634
	7,355	Series B, Rev., 5.000%, 06/15/19		8,015
	1,000	New York City Municipal Water Finance Authority, Water & Sewer System, 2nd Generation, Series FF, Rev., 5.000%, 06/15/25		1,182
	5,330	New York City Municipal Water Finance Authority, Water & Sewer System, 2nd Generation Resolution, Series BB, Rev., 5.000%, 06/15/19		6,066
	1,450	New York State Environmental Facilities Corp., Series A, Rev., 5.000%, 06/15/14		1,587
	1,015	New York State Environmental Facilities Corp., Municipal Water Revolving Fund, Series E, Rev., 5.000%, 06/15/14		1,114
	2,000	New York State Environmental Facilities Corp., State Clean Water & Drinking, New York City Municipal Project, Revolving Funds, Series E, Rev., 5.375%, 06/15/15		2,008
	4,175	New York State Environmental Facilities Corp., State Clean Water & Drinking, Revolving Funds, Pooled Financing, Series B, Rev., 5.500%, 10/15/25		5,633
	3,125	New York State Environmental Facilities Corp., State Clean Water & Drinking, Revolving Funds, Second Resolution, Series I, Rev., 5.000%, 06/15/14		3,282
				36,808
		Total New York		750,810
		Ohio — 0.1%
		Housing — 0.1%
	850	Ohio Housing Finance Agency, Residential Mortgage-Backed Securities, Series A, Rev., AMT, GNMA COLL, 4.300%, 09/01/16		899
		Puerto Rico — 0.9%
		General Obligation — 0.2%
		Commonwealth of Puerto Rico, Public Improvement,
	1,120	GO, AGM-CR, 5.500%, 07/01/12		1,125
	210	Series A, GO, 5.500%, 07/01/18		238
				1,363
		Other Revenue — 0.6%
		Puerto Rico Highway & Transportation Authority,
	1,920	Series AA, Rev., NATL-RE, 5.500%, 07/01/18 (p)		2,418
	1,050	Series Z, Rev., AGM, 6.250%, 07/01/16		1,204
	55	Series Z, Rev., AGM, 6.250%, 07/01/16 (p)		68
	80	Puerto Rico Highway & Transportation Authority, Unrefunded Balance, Series AA, Rev., NATL-RE, 5.500%, 07/01/18		91

JPMorgan New York Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Other Revenue –– Continued
	1,470	Puerto Rico Public Buildings Authority, Government Facilities, Commonwealth Guaranteed, Unrefunded Balance, Series C, Rev., 5.500%, 07/01/12		1,476
				5,257
		Utility — 0.1%
	475	Puerto Rico Electric Power Authority, Series KK, Rev., AGM, 5.250%, 07/01/13		497
		Total Puerto Rico		7,117
		Texas — 0.6%
		General Obligation — 0.6%
	1,750	Grand Prairie Independent School District, Capital Appreciation, GO, PSF-GTD, Zero Coupon, 02/15/17		1,663
	3,000	Lewisville Independent School District, Capital Appreciation, School Building, GO, PSF-GTD, Zero Coupon, 08/15/15		2,923
		Total Texas		4,586
		Virgin Islands — 0.5%
		Other Revenue — 0.5%
	3,660	Virgin Islands Public Finance Authority, Gross Receipts, Tax Loan Notes, Series A, Rev., 6.375%, 10/01/19		3,672
		Wisconsin — 0.5%
		Education — 0.2%
	1,250	State of Wisconsin, Health & Education, Private Placement, Rev., 4.280%, 05/01/29 (f) (i)		1,297
		General Obligation — 0.3%
	2,500	State of Wisconsin, Series 1, GO, NATL-RE, 5.000%, 05/01/16		2,814
		Total Wisconsin		4,111
		Total Municipal Bonds (Cost $717,177)		787,971
SHARES
	Short-Term Investment — 1.9%
		Investment Company — 1.9%
	15,070	JPMorgan Tax Free Money Market Fund, Institutional Class Shares, 0.050% (b) (l) (m) (Cost $15,070)		15,070
		Total Investments — 99.4% (Cost $732,247)		803,041
		Other Assets in Excess of Liabilities — 0.6%		5,185
		NET ASSETS — 100.0%	$	808,226

Percentages indicated are based on net assets.

JPMorgan New York Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

AGC	—	Insured by Assured Guaranty Corp.
AGM	—	Insured by Assured Guaranty Municipal Corp.
AMBAC	—	Insured by American Municipal Bond Assurance Corp. *
AMT	—	Alternative Minimum Tax
BHAC	—	Insured by Berkshire Hathaway Assurance Corp.
COLL	—	Collateral
CONS	—	Consolidated Bonds
COP	—	Certificate of Participation
CR	—	Custodial Receipts
EDA	—	Economic Development Authority
FGIC	—	Insured by Financial Guaranty Insurance Co.
FHA	—	Federal Housing Administration
GNMA	—	Government National Mortgage Association
GO	—	General Obligation
GTD	—	Guaranteed
IBC	—	Insured Bond Certificates
MBIA	—	Insured by Municipal Bond Insurance Corp.
NATL	—	Insured by National Public Finance Guarantee Corp.
PCR	—	Pollution Control Revenue
PSF	—	Permanent School Fund
RADIAN	—	Insured by Radian Asset Assurance
RE	—	Reinsured
Rev.	—	Revenue
TCRS	—	Transferable Custodial Receipts
XLCA	—	Insured by XL Capital Assurance

(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.

(f) Security is fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. The Fund owns fair valued securities with a value of approximately $4,561,000 which amounts to 0.6% of total investments.

(i) Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.

(l) The rate shown is the current yield as of May 31, 2012.

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

(p) Security is prerefunded or escrowed to maturity.

(t) The date shown represents the earliest of the prerefunded date, next put date or final maturity date.

(w) When-issued security.

* Filed for bankruptcy on November 8, 2010.

As of May 31, 2012, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	70,823
Aggregate gross unrealized depreciation		(29	)
Net unrealized appreciation/depreciation	$	70,794
Federal income tax cost of investments	$	732,247

JPMorgan New York Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

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

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

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

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

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

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

JPMorgan New York Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

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

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

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

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Municipal Bonds
District of Columbia
Certificate of Participation/Lease	$	—	$	1,677	$	—	$	1,677
Florida
Water & Sewer		—		—		1,039		1,039
Hawaii
Water & Sewer		—		898		—		898
Louisiana
General Obligation		—		1,759		—		1,759
Massachusetts
Prerefunded		—		5,481		—		5,481
New Jersey
Other Revenue		—		5,922		—		5,922
New York
Certificate of Participation/Lease		—		50,381		—		50,381
Education		—		45,693		2,225		47,918
General Obligation		—		162,484		—		162,484
Hospital		—		16,742		—		16,742
Housing		—		4,508		—		4,508
Industrial Development Revenue/Pollution Control Revenue		—		24,158		—		24,158
Other Revenue		—		110,941		—		110,941
Prerefunded		—		26,550		—		26,550
Special Tax		—		102,878		—		102,878
Transportation		—		149,090		—		149,090
Utility		—		18,352		—		18,352
Water & Sewer		—		36,808		—		36,808
Total New York		—		748,585		2,225		750,810
Ohio
Housing		—		899		—		899
Puerto Rico
General Obligation		—		1,363		—		1,363
Other Revenue		—		5,257		—		5,257
Utility	$	—	$	497	$	—	$	497
Total Puerto Rico		—		7,117		—		7,117

JPMorgan New York Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Texas
General Obligation		—		4,586		—		4,586
Virgin Islands
Other Revenue		—		3,672		—		3,672
Wisconsin
Education		—		—		1,297		1,297
General Obligation		—		2,814		—		2,814
Total Wisconsin		—		2,814		1,297		4,111
Total		—		783,410		4,561		787,971
Short-Term Investment
Investment Company		15,070		—		—		15,070
Total Investments in Securities	$	15,070	$	783,410	$	4,561	$	803,041

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

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

New York Tax Free Bond Fund	Balance as of 02/29/12		Realized gain (loss)		Change in unrealized appreciation (depreciation)			Net amortization (accretion)			Purchases1		Sales2		Transfers into Level 3		Transfers out of Level 3		Balance as of 05/31/12
Investments in Securities
Florida - Water & Sewer	$	1,048	$	—	$	(6	)	$	(3	)	$	—	$	—	$	—	$	—	$	1,039
New York - Education		2,224		—		4			(3	)		—		—		—		—		2,225
Wisconsin - Education		1,297		—		—	(a)		—			—		—		—		—		1,297
	$	4,569	$	—	$	(2	)	$	(6	)	$	—	$	—	$	—	$	—	$	4,561

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

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

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

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

The change in unrealized appreciation (depreciation) attributable to securities owned at May 31, 2012, which were valued using significant unobservable inputs (Level 3), amounted to approximately ($2,000).

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION (t)	VALUE ($)
	Certificates of Deposit — 35.5%
		ABN Amro Bank N.V.,
	147,000	0.400%, 06/21/12		147,000
	134,500	0.425%, 06/18/12		134,500
	522,000	0.440%, 07/06/12 (n)		521,777
	523,000	0.480%, 08/10/12		523,005
		Australia & New Zealand Banking Group Ltd.,
	70,000	0.410%, 08/01/12		70,000
	125,000	0.530%, 07/25/12		125,019
	62,000	0.530%, 07/30/12		62,009
	32,000	0.600%, 06/19/12		32,000
	70,000	0.610%, 06/21/12		70,000
		Bank of Montreal,
	287,000	0.160%, 06/18/12		287,000
	539,000	0.160%, 06/19/12		539,000
	533,000	0.160%, 06/22/12		533,000
	250,000	0.180%, 08/07/12		250,000
		Bank of Nova Scotia,
	1,109,000	0.150%, 07/02/12		1,109,000
	520,000	0.319%, 07/02/12		520,000
	789,900	0.329%, 06/26/12		789,900
	271,000	0.370%, 09/05/12		271,000
	262,000	0.420%, 07/10/12		262,000
	294,500	0.450%, 06/22/12		294,500
	460,000	0.500%, 06/19/12		460,000
		Bank of Tokyo-Mitsubishi UFJ Ltd.,
	541,000	0.200%, 06/28/12		541,000
	95,000	0.510%, 11/01/12		95,000
	30,000	0.520%, 09/06/12		30,000
	24,000	0.520%, 09/07/12		24,000
	744,000	0.520%, 09/20/12		744,000
	107,000	0.520%, 09/28/12		107,000
	58,000	0.530%, 08/31/12		58,000
	143,000	0.550%, 08/14/12		143,000
	189,000	0.550%, 08/31/12		189,000
	250,000	0.600%, 07/25/12		250,000
	39,200	0.600%, 07/26/12		39,200
	194,000	0.610%, 07/23/12		194,000
	400,000	0.640%, 07/27/12		400,000
		Barclays Bank plc,
	530,800	0.420%, 08/22/12		530,800
	174,000	0.450%, 08/01/12		174,000
	422,000	0.450%, 08/13/12		422,000
	485,000	0.550%, 07/17/12		485,000
		Branch Banking & Trust Co.,
	191,000	0.200%, 08/10/12		191,000
	266,000	Canadian Imperial Bank of Commerce, 0.160%, 06/18/12		266,000
		Credit Suisse,
	542,000	0.280%, 08/03/12		542,000
	423,000	0.310%, 06/18/12		423,000
	479,000	0.310%, 07/05/12		479,000
		Deutsche Bank AG,
	836,000	0.474%, 06/15/12		836,000
	582,000	0.500%, 08/30/12		582,000
		DnB NOR Bank ASA,
	30,000	0.250%, 07/20/12		30,000
	384,000	0.255%, 07/18/12		384,002
	500,000	0.260%, 07/02/12		499,998
	136,000	0.260%, 07/06/12		136,000
	262,000	0.270%, 07/12/12		262,000
		DZ Bank AG,
	264,000	0.330%, 07/20/12		264,000
	160,000	0.350%, 06/29/12		160,000
	42,000	0.380%, 06/22/12		42,000
	250,000	0.400%, 06/18/12		250,000
	250,000	0.400%, 06/19/12		250,000
	210,000	FMS Wertmanagement AoR, 0.550%, 10/17/12 (n)		209,558
		HSBC Bank plc,
	200,000	0.370%, 10/23/12		200,000
	434,000	0.370%, 11/01/12		434,000
	260,000	0.380%, 10/10/12		260,000
	255,000	0.400%, 07/12/12		255,000
	130,000	0.520%, 07/09/12		130,001
	115,000	0.550%, 07/06/12		115,000
		ING Bank N.V.,
	246,000	0.470%, 07/13/12		246,000
	1,004,000	0.470%, 07/16/12		1,004,000
	524,000	0.480%, 06/18/12		524,000
	1,200,000	0.480%, 06/22/12		1,200,000
		Landesbank Hessen-Thueringen Girozentrale,
	322,000	0.240%, 06/06/12		322,000
	265,000	0.240%, 06/12/12		265,000
	476,000	Lloyds TSB Bank plc, 0.200%, 06/06/12		476,000
		Mitsubishi UFJ Trust & Banking Corp.,
	40,000	0.220%, 07/06/12		40,001
	223,000	0.520%, 10/03/12		223,000
	139,000	0.520%, 11/13/12		139,000
	108,000	0.530%, 09/04/12		108,000

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Certificates of Deposit — Continued
	15,000	0.530%, 09/21/12		15,000
	162,500	0.530%, 10/01/12		162,500
	263,000	0.530%, 11/09/12		263,000
	50,000	0.550%, 08/28/12		50,000
	133,000	0.560%, 08/23/12		133,000
	58,000	0.570%, 08/24/12		58,000
		Mizuho Corporate Bank Ltd.,
	440,000	0.200%, 07/02/12		440,000
	532,000	0.200%, 07/03/12		532,000
	50,000	0.340%, 08/08/12		50,000
	170,000	0.340%, 08/10/12		170,000
	40,000	0.360%, 06/07/12		40,000
	424,000	0.410%, 07/20/12 (n)		423,764
	135,000	0.420%, 07/26/12 (n)		134,913
	161,000	0.420%, 07/27/12 (n)		160,895
	90,000	0.420%, 07/31/12 (n)		89,937
		National Australia Bank Ltd.,
	950,000	0.289%, 06/16/12		950,000
	536,000	0.339%, 06/11/12		536,000
	60,000	0.370%, 08/14/12		60,000
	405,000	0.380%, 08/15/12		405,000
	574,000	0.460%, 07/09/12		574,000
	635,000	0.660%, 06/19/12		635,002
		National Bank of Canada,
	500,000	0.180%, 07/24/12		500,000
	553,000	0.180%, 07/27/12		553,000
		Nordea Bank Finland plc,
	522,000	0.385%, 10/05/12		522,009
	268,000	0.390%, 10/04/12		268,000
		Norinchukin Bank- New York,
	450,000	0.180%, 06/21/12		450,000
	131,000	0.180%, 06/22/12		131,000
	104,000	0.180%, 06/29/12		104,000
	418,000	0.200%, 06/15/12		418,000
	346,000	0.200%, 06/19/12		346,000
	270,000	0.250%, 06/29/12		270,000
	250,000	0.400%, 08/10/12		250,000
	775,000	0.400%, 08/13/12		775,000
	246,000	0.420%, 08/13/12		246,003
	95,000	Oversea-Chinese Banking Corp. Ltd., 0.485%, 06/01/12 (n)		95,000
		Rabobank Nederland N.V.,
	352,300	0.566%, 07/20/12		352,300
	355,000	0.566%, 07/20/12		355,000
	520,000	0.569%, 07/05/12		520,000
	250,000	0.660%, 07/26/12		250,000
	924,650	0.680%, 08/01/12		924,650
	305,000	0.685%, 08/01/12		305,003
	92,400	Royal Bank of Canada, 0.510%, 11/28/12		92,400
	860,000	Royal Bank of Scotland plc, 0.210%, 06/07/12		860,000
		Shizuoka Bank,
	45,000	0.260%, 07/09/12		45,000
	30,000	0.260%, 07/24/12		30,000
	526,000	State Street Bank and Trust Co., 0.150%, 06/22/12		526,000
		Sumitomo Mitsui Banking Corp.,
	101,000	0.490%, 08/27/12		101,000
	223,000	0.490%, 11/13/12		223,000
	244,000	0.510%, 08/20/12		244,000
	440,000	0.530%, 08/03/12		440,000
	90,000	0.540%, 07/27/12		90,000
	437,000	0.610%, 07/19/12		437,000
	254,000	0.680%, 07/09/12		254,000
		Sumitomo Trust & Banking Co., Ltd.,
	108,000	0.220%, 06/29/12 (n)		107,981
	108,000	0.220%, 06/29/12		108,000
	78,000	0.220%, 07/02/12		78,000
	164,000	0.400%, 08/10/12 (n)		163,873
	106,000	0.405%, 07/20/12 (n)		105,942
	80,000	0.410%, 08/03/12 (n)		79,943
	105,000	0.420%, 07/19/12 (n)		104,941
	240,000	0.420%, 07/24/12		240,000
		Svenska Handelsbanken AB,
	524,100	0.300%, 06/01/12		524,100
	330,000	0.385%, 10/18/12		330,006
	77,800	0.390%, 10/03/12		77,800
	90,000	0.390%, 10/04/12		90,000
	267,000	0.400%, 10/05/12		267,000
	269,000	0.430%, 09/27/12		269,000
	730,000	Toronto Dominion Bank New York, 0.180%, 07/26/12		730,000
	235,000	UBS AG, 0.180%, 06/07/12		235,000
		Total Certificates of Deposit (Cost $43,546,232)		43,546,232
	Commercial Paper — 19.8% (n)
	44,000	Alpine Securitization Corp., 0.300%, 07/10/12 (e) (m)		43,986
	100,000	Antalis U.S. Funding Corp., 0.250%, 06/01/12 (e)		100,000
		Argento Variable Funding Co. LLC,
	104,000	0.250%, 06/01/12 (e)		104,000
	267,000	0.340%, 06/20/12 (e)		266,952

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Commercial Paper — Continued
		Atlantis One Funding Corp.,
	193,000	0.582%, 08/09/12 (e)		192,786
	578,000	0.582%, 08/16/12 (e)		577,292
	63,000	0.582%, 09/04/12 (e)		62,904
	95,000	0.613%, 01/11/13 (e)		94,639
	372,000	0.613%, 01/04/13 (e)		370,632
	76,000	Australia & New Zealand Banking Group Ltd., 0.552%, 06/29/12 (e)		75,968
	41,600	Bank of Nova Scotia, 0.120%, 06/01/12		41,600
		Barclays Bank plc,
	105,000	0.451%, 08/01/12 (e)		104,920
	180,600	0.451%, 08/22/12 (e)		180,415
		Barclays US Funding Corp.,
	50,000	0.150%, 06/01/12		50,000
	106,500	0.451%, 08/01/12		106,419
	118,000	0.551%, 07/17/12		117,917
	162,554	Bryant Park Funding LLC, 0.150%, 06/01/12 (e)		162,554
	225,000	CAFCO LLC, 0.310%, 06/06/12 (e)		224,990
		Caisse d’Amortissement de la Dette Sociale,
	318,000	1.005%, 09/13/12 (e)		317,081
	631,000	1.096%, 09/06/12 (e)		629,147
	625,000	1.278%, 08/02/12 (e)		623,633
	489,610	Cancara Asset Securitisation LLC, 0.251%, 06/01/12 (e)		489,610
		Charta Corp.,
	90,000	0.320%, 06/12/12 (e)		89,991
	65,000	0.350%, 06/18/12 (e)		64,989
	49,000	0.350%, 06/20/12 (e)		48,991
		Ciesco LLC,
	55,000	0.320%, 06/12/12 (e)		54,995
	129,000	0.340%, 06/22/12 (e)		128,974
	90,000	0.350%, 06/19/12 (e)		89,984
		Commonwealth Bank of Australia,
	160,000	0.289%, 06/03/12 (e)		160,000
	242,000	0.289%, 06/14/12 (e)		242,000
	200,000	0.290%, 06/23/12 (e)		200,000
	307,000	0.496%, 07/12/12 (e)		306,827
	270,000	0.638%, 06/18/12 (e)		269,919
		CRC Funding LLC,
	121,000	0.350%, 06/20/12 (e)		120,978
	200,000	0.350%, 06/21/12 (e)		199,961
	59,000	Credit Suisse, 0.310%, 06/18/12		58,991
	90,000	DBS Bank Ltd., 0.572%, 08/02/12 (e)		89,912
	193,000	Deutsche Bank Financial LLC, 0.380%, 06/01/12		193,000
		Erste Abwicklungsanstalt,
	52,000	0.612%, 10/04/12 (e)		51,890
	100,000	0.612%, 10/10/12 (e)		99,778
	40,000	0.854%, 07/23/12 (e)		39,951
	26,940	Fairway Finance LLC, 0.170%, 06/25/12 (e)		26,937
	100,000	Gemini Securitization Corp. LLC, 0.160%, 06/01/12 (e)		100,000
		General Electric Capital Corp.,
	19,000	0.300%, 08/15/12		18,988
	250,000	0.300%, 08/23/12		249,827
	160,000	0.300%, 08/31/12		159,879
	106,000	0.341%, 10/29/12		105,850
	85,000	0.351%, 08/13/12		84,939
	312,000	0.351%, 08/14/12		311,776
	133,000	0.351%, 10/01/12		132,842
		General Electric Co.,
	334,000	0.150%, 06/21/12		333,972
	68,000	0.170%, 06/12/12		67,997
	438,500	0.170%, 06/15/12		438,471
		Govco LLC,
	83,000	0.310%, 06/06/12 (e)		82,996
	32,000	0.350%, 06/20/12 (e)		31,994
	35,000	0.350%, 06/22/12 (e)		34,993
	39,000	0.350%, 06/25/12 (e)		38,991
	115,000	0.370%, 07/03/12 (e)		114,962
		HSBC Bank plc,
	262,000	0.626%, 08/08/12 (e)		262,000
	260,000	0.646%, 08/04/12 (e)		260,000
		Kells Funding LLC,
	521,300	0.616%, 07/27/12 (e)		521,300
	163,000	0.682%, 08/20/12		162,754
	64,000	0.683%, 08/23/12		63,899
	140,000	0.693%, 09/07/12		139,737
	150,000	0.703%, 08/22/12		149,761
	90,000	0.718%, 07/30/12		89,894
	246,000	0.723%, 07/19/12		245,764
	191,000	0.723%, 07/20/12		190,813
	500,000	0.723%, 07/23/12		499,480
		KfW Bankengruppe,
	95,000	0.220%, 06/20/12 (e)		94,989
	45,000	0.230%, 06/26/12 (e)		44,993
	100,000	0.401%, 08/07/12 (e)		99,925

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Commercial Paper — Continued
	50,000	Liberty Street Funding LLC, 0.180%, 08/09/12 (e)		49,983
		Macquarie Bank Ltd.,
	26,750	0.400%, 06/11/12 (e)		26,747
	69,750	0.400%, 06/19/12 (e)		69,736
		MetLife Short Term Funding LLC,
	28,000	0.401%, 11/06/12 (e)		27,951
	72,000	0.431%, 09/05/12 (e)		71,917
	91,500	0.431%, 10/01/12 (e)		91,367
	73,915	0.431%, 10/02/12 (e)		73,807
	70,000	0.431%, 10/03/12 (e)		69,896
	105,000	0.431%, 10/09/12 (e)		104,837
	99,634	0.436%, 09/24/12 (e)		99,495
	39,000	0.441%, 09/04/12 (e)		38,955
	35,000	0.471%, 08/20/12 (e)		34,963
		Mizuho Funding LLC,
	388,000	0.200%, 07/02/12 (e)		387,933
	40,000	0.360%, 06/06/12 (e)		39,998
		Mont Blanc Capital Corp.,
	72,000	0.440%, 07/23/12 (e)		71,954
	21,000	0.451%, 07/09/12 (e)		20,990
	102,000	0.471%, 06/18/12 (e)		101,978
		National Australia Funding Delaware, Inc.,
	246,000	0.351%, 09/27/12 (e)		245,718
	160,700	0.461%, 07/09/12 (e)		160,622
		Nordea North America, Inc.,
	325,000	0.341%, 11/01/12		324,530
	180,000	0.391%, 09/28/12		179,768
		NRW.BANK,
	789,900	0.243%, 06/15/12 (e)		789,825
	412,000	0.250%, 07/11/12 (e)		411,886
	257,000	0.250%, 08/02/12 (e)		256,889
	200,000	0.255%, 07/05/12 (e)		199,952
	65,000	0.255%, 07/09/12 (e)		64,982
	202,300	0.270%, 07/24/12 (e)		202,220
	500,000	0.300%, 06/04/12 (e)		499,987
	251,000	0.300%, 06/05/12 (e)		250,992
		Oversea-Chinese Banking Corp. Ltd.,
	70,000	0.280%, 09/04/12		69,948
	69,000	0.300%, 08/17/12		68,956
		Rabobank USA Financial Corp.,
	200,000	0.572%, 08/29/12		199,718
	44,000	0.582%, 09/07/12		43,931
	400,000	0.682%, 07/25/12		399,592
	71,387	RBS Holdings USA, Inc., 0.160%, 06/01/12 (e)		71,387
	32,996	Regency Markets No. 1 LLC, 0.200%, 06/08/12 (e)		32,995
		Royal Park Investment Funding Corp.,
	37,500	0.851%, 06/12/12		37,490
	100,000	0.851%, 06/12/12		99,974
	58,000	0.851%, 06/13/12		57,984
	35,000	Salisbury Receivables Co. LLC, 0.250%, 06/12/12 (e)		34,997
	176,380	Societe Generale North America, Inc., 0.210%, 06/01/12		176,380
		Straight-A Funding LLC,
	15,000	0.180%, 06/12/12		14,999
	15,000	0.180%, 07/26/12		14,996
	75,000	0.180%, 08/02/12		74,977
	64,000	0.180%, 08/03/12		63,980
	163,000	0.180%, 08/07/12		162,945
		Sumitomo Mitsui Banking Corp.,
	803,000	0.170%, 06/29/12 (e)		802,894
	100,000	0.190%, 06/19/12 (e)		99,990
	376,000	0.496%, 09/06/12 (e)		375,499
	388,000	0.511%, 08/24/12 (e)		387,538
	260,000	0.531%, 08/06/12 (e)		259,747
	444,000	0.542%, 08/01/12 (e)		443,594
	352,000	0.582%, 07/20/12 (e)		351,722
		Suncorp Metway Ltd.,
	41,900	0.310%, 06/04/12 (e)		41,899
	170,000	0.310%, 06/06/12 (e)		169,992
	25,000	0.310%, 06/14/12 (e)		24,997
	50,000	0.310%, 06/18/12 (e)		49,993
	37,000	0.320%, 06/26/12 (e)		36,992
		Swedbank AB,
	99,000	0.290%, 06/08/12		98,995
	200,000	0.290%, 06/12/12		199,982
	25,000	Tasman Funding, Inc., 0.380%, 06/08/12 (e)		24,998
		Thames Asset Global Securitization No. 1, Inc.,
	65,000	0.340%, 06/01/12 (e)		65,000
	15,000	0.340%, 06/15/12 (e)		14,998
	38,000	Toronto-Dominion Holdings USA, Inc., 0.180%, 07/26/12 (e)		37,990
	27,000	Toyota Credit De Puerto Rico Corp., 0.501%, 07/16/12		26,983
		Toyota Motor Credit Corp.,
	67,200	0.401%, 09/24/12		67,114
	34,500	0.401%, 09/25/12		34,456
	106,000	0.401%, 10/10/12		105,846

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Commercial Paper — Continued
	80,000	0.401%, 10/17/12		79,877
	50,000	0.401%, 10/19/12		49,922
	218,100	Versailles Commercial Paper LLC, 0.240%, 06/01/12 (e)		218,100
		Westpac Banking Corp.,
	300,000	0.289%, 06/03/12 (e)		300,000
	410,300	0.290%, 06/18/12 (e)		410,300
	50,000	0.290%, 06/20/12 (e)		50,000
	74,000	0.401%, 08/06/12 (e)		73,946
	181,000	0.501%, 07/02/12 (e)		180,922
		Total Commercial Paper (Cost $24,288,712)		24,288,712
	Corporate Notes — 2.5%
	Financials — 2.5%
		Commercial Banks — 1.7%
	546,250	Australia & New Zealand Banking Group Ltd., VAR, 0.379%, 06/15/12 (e)		546,250
		Bank of America N.A.
	613,000	0.230%, 06/07/12		613,000
	833,000	0.240%, 06/21/12		833,000
	120,200	U.S. Bank N.A., 0.160%, 06/22/12		120,200
	82,000	Wells Fargo & Co., 5.250%, 10/23/12		83,555
				2,196,005
		Insurance — 0.8%
		Metropolitan Life Global Funding I
	337,000	VAR, 0.589%, 07/10/12 (e)		337,000
	525,650	VAR, 0.624%, 06/12/12 (e)		525,650
	92,500	New York Life Global Funding, VAR, 0.501%, 06/29/12 (e)		92,500
				955,150
		Total Corporate Notes (Cost $3,151,155)		3,151,155
	Foreign Government Securities — 0.2%
		Export Development Canada
	55,000	0.300%, 03/01/13 (e)		55,000
	157,000	0.300%, 03/07/13 (e)		157,000
		Total Foreign Government Securities (Cost $212,000)		212,000
	Repurchase Agreements — 16.1%
	600,000	Barclays Capital, Inc., 0.160%, dated 05/31/12, due 06/06/12, repurchase price $600,016, collateralized by Federal National Mortgage Association, 0.000% - 4.125%, due 01/08/13 - 12/10/25, Federal Home Loan Mortgage Corporation, 0.600% - 6.250%, due 08/23/13 - 07/15/32, Federal Home Loan Banks, 0.000% - 1.625%, due 06/27/12 - 08/15/13, and Federal Farm Credit Banks, 1.375%, due 06/25/13, with a value of $612,000.		600,000
	600,000	Barclays Capital, Inc., 0.170%, dated 05/31/12, due 06/05/12, repurchase price $600,014, collateralized by Federal National Mortgage Association, 0.000% - 6.000%, due 08/29/12 - 04/12/32, and Federal Home Loan Mortgage Corporation, 0.000% - 6.750%, due 11/13/12 - 09/15/29, Federal Home Loan Banks, 0.000% - 2.375%, due 06/18/12 - 03/14/14, and Federal Farm Credit Banks, 0.400% - 4.875%, due 03/21/14 - 03/09/28, with a value of $612,001.		600,000
	500,000	Barclays Capital, Inc., 0.170%, dated 05/31/12, due 06/07/12, repurchase price $500,017, collateralized by U.S. Treasury Securities, 0.000%, due 02/15/14 - 05/15/41, with a value of $510,000.		500,000
	1,000,000	Barclays Capital, Inc., 0.180%, dated 05/31/12, due 06/07/12, repurchase price $1,000,035, collateralized by Federal National Mortgage Association, 0.450% - 1.750%, due 02/22/13 - 09/06/13, Federal Home Loan Mortgage Corporation, 0.500% - 5.500%, due 10/18/13 - 07/18/16, Federal Home Loan Banks, 0.250% - 0.280%, due 04/18/13 - 11/04/13, and Federal Farm Credit Banks, 1.625%, due 11/19/14, with a value of $1,020,001.		1,000,000
	850,000	Barclays Capital, Inc., 0.180%, dated 05/31/12, due 06/01/12, repurchase price $850,004, collateralized by Federal National Mortgage Association, 0.000% - 1.750%, due 07/25/12 - 03/16/15, Federal Home Loan Mortgage Corporation, 0.000% - 5.500%, due 07/27/12 - 05/15/19, Federal Home Loan Banks, 0.000% - 5.250%, due 06/06/12 - 03/12/32, and Federal Farm Credit Banks, 0.220% - 5.050%, due 06/22/12 - 01/29/29, with a value of $867,000.		850,000

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Repurchase Agreements — Continued
	715,000	Barclays Capital, Inc., 0.670%, dated 05/31/12, due 07/03/12, repurchase price $715,439, collateralized by Corporate Notes and Bonds, 0.000% - 10.125%, due 07/15/13 - 03/23/51, and U.S. Treasury Securities, 4.500%, due 05/15/38, with a value of $750,240. (i)		715,000
	262,000	Barclays Capital, Inc., 0.670%, dated 05/31/12, due 07/03/12, repurchase price $262,161, collateralized by Corporate Notes and Bonds, 0.000% - 11.774%, due 07/20/12 - 06/25/47, and U.S. Treasury Securities, 4.500%, due 05/15/38, with a value of $274,713. (i)		262,000
	600,000	Barclays Capital, Inc., 0.670%, dated 05/31/12, due 07/03/12, repurchase price $600,369, collateralized by Corporate Notes and Bonds, 0.000% - 10.750%, due 10/15/12 - 09/05/51, and U.S. Treasury Securities, 4.500%, due 05/15/38, with a value $628,893. (i)		600,000
	435,000	Credit Suisse First Boston USA, Inc., 0.870%, dated 05/31/12, due 08/17/12, repurchase price $435,823, collateralized by Corporate Notes and Bonds, 0.559% - 5.718%, due 12/26/36 - 08/27/47, with a value of $456,750. (i)		435,000
	500,000	Credit Suisse First Boston USA, Inc., 0.870%, dated 05/31/12, due 08/10/12, repurchase price $500,858, collateralized by Corporate Notes and Bonds, 0.000% - 6.765%, due 10/20/18 - 07/25/57, with a value of $525,004. (i)		500,000
	455,000	Credit Suisse First Boston USA, Inc., 0.870%, dated 05/31/12, due 08/07/12, repurchase price $455,748, collateralized by Corporate Notes and Bonds, 0.000% - 7.000%, due 01/10/13 - 12/01/99, with a value of $477,750. (i)		455,000
	260,000	Credit Suisse First Boston USA, Inc., 0.900%, dated 05/31/12, due 06/05/12, repurchase price $260,033, collateralized by Corporate Notes and Bonds, 0.559% - 6.250%, due 12/26/36 - 07/25/57, with a value of $273,004.		260,000
	200,000	Credit Suisse First Boston USA, Inc., 0.900%, dated 05/31/12, due 06/15/12, repurchase price $200,075, collateralized by Corporate Notes and Bonds, 1.000% - 7.084%, due 07/25/33 - 07/25/57, with a value of $210,000. (i)		200,000
	200,000	Credit Suisse First Boston USA, Inc., 0.900%, dated 05/31/12, due 06/08/12, repurchase price $200,040, collateralized by Corporate Notes and Bonds, 4.424% - 5.718%, due 09/27/37 - 06/25/50, with a value of $210,004. (i)		200,000
	460,000	Deutsche Bank AG, 0.570%, dated 05/31/12, due 08/20/12, repurchase price $460,590, collateralized by Corporate Notes and Bonds, 0.000% - 14.622%, due 11/15/12 - 12/28/99, and Municipal Debt Securities, 5.500%, due 12/01/33, with a value of $483,000. (i)		460,000
	483,000	Deutsche Bank AG, 0.570%, dated 05/31/12, due 08/06/12, repurchase price $483,512, collateralized by Corporate Notes and Bonds, 0.000% - 59.456%, due 12/15/12 - 03/17/51, and Municipal Debt Securities, 0.000% - 7.465%, due 09/30/15 - 06/01/52, with a value of $507,150. (i)		483,000
	1,900,000	Goldman Sachs & Co., 0.180%, dated 05/31/12, due 06/01/12, repurchase price $1,900,010, collateralized by Federal National Mortgage Association, 0.000% - 7.361%, due 12/01/18 - 11/25/46, and Federal Home Loan Mortgage Corporation, 0.000% - 21.807%, due 07/15/21 - 10/15/49, with a value of $1,952,812.		1,900,000
	398,000	Goldman Sachs & Co., 0.210%, dated 05/31/12, due 06/06/12, repurchase price $398,014, collateralized by Federal National Mortgage Association, 2.460% - 6.500%, due 10/01/26 - 06/01/42, and Federal Home Loan Mortgage Corporation, 5.000% - 6.500%, due 11/01/34 - 04/01/40, with a value of $405,960.		398,000
	400,000	HSBC Securities USA, Inc., 0.290%, dated 05/31/12, due 06/01/12, repurchase price $400,003, collateralized by Corporate Notes and Bonds, 0.386% - 0.577%, due 07/15/21 - 05/15/45, with a value of $412,003.		400,000
	417,378	Merrill Lynch PFS, Inc., 0.150%, dated 05/31/12, due 06/01/12, repurchase price $417,380, collateralized by U.S. Treasury Securities, 11.250%, due 02/15/15, with a value of $425,726.		417,378
	500,000	Merrill Lynch PFS, Inc., 0.200%, dated 05/31/12, due 06/01/12, repurchase price $500,003, collateralized by U.S. Treasury Securities, 0.250%, due 03/31/14, with a value of $510,000.		500,000

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Repurchase Agreements — Continued
	446,000	Merrill Lynch PFS, Inc., 0.210%, dated 05/31/12, due 06/01/12, repurchase price $446,003, collateralized by Federal National Mortgage Association, 0.000% - 4.500%, due 06/25/39 - 06/25/42, Federal Home Loan Mortgage Corporation, 0.000% - 4.500%, due 02/15/39 - 05/15/42, and Government National Mortgage Association, 0.634% - 5.470%, due 12/20/38 - 05/20/62, with a value of $459,380.		446,000
	230,000	Merrill Lynch PFS, Inc., 0.370%, dated 05/31/12, due 06/01/12, repurchase price $230,002, collateralized by Federal National Mortgage Association, 0.000% - 7.151%, due 05/17/36 - 12/25/43, and Federal Home Loan Mortgage Corporation, 0.000% - 7.858%, due 09/25/18 - 05/25/43, with a value of $235,190.		230,000
	1,575,000	Merrill Lynch PFS, Inc., 0.670%, dated 05/31/12, due 06/01/12, repurchase price $1,575,029, collateralized by Corporate Notes and Bonds, 0.000% - 13.125%, due 06/29/12 - 12/31/99, and Municipal Debt Securities, 0.000% - 7.465%, due 03/01/13 - 06/15/53, with a value of $1,653,750.		1,575,000
	2,500,000	Morgan Stanley & Co. LLC, 0.210%, dated 05/31/12, due 06/01/12, repurchase price $2,500,015, collateralized by Federal National Mortgage Association, 1.358% - 6.327%, due 01/01/18 - 04/01/44, and Federal Home Loan Mortgage Corporation, 0.000% - 6.208%, due 03/01/29 - 06/01/42, with a value of $2,575,000.		2,500,000
	1,879,000	RBS Securities Inc., 0.470%, dated 05/31/12, due 06/01/12, repurchase price $1,879,025, collateralized by Corporate Notes and Bonds, 0.000% - 14.000%, due 06/19/12 - 03/25/49, Federal National Mortgage Association, 2.500% - 100.000%, due 12/25/20 - 05/01/42, Government National Mortgage Association, 4.000% - 6.755%, due 06/20/32 - 07/20/41, and Municipal Debt Securities, 0.000%, due 12/01/37, with a value of $1,925,323.		1,879,000
	600,000	Societe Generale, 0.210%, dated 05/31/12, due 06/01/12, repurchase price $600,004, collateralized by Government National Mortgage Association, 4.000%, due 08/15/41 - 09/15/41, with a value of $612,000.		600,000
	800,000	UBS Securities LLC, 0.210%, dated 05/31/12, due 06/01/12, repurchase price $800,005, collateralized by Federal National Mortgage Association, 0.000% - 44.325%, due 04/25/21 - 06/25/42, Federal Home Loan Mortgage Corporation, 3.000% - 130.500%, due 07/15/21 - 10/15/41, and Government National Mortgage Association, 4.000% - 6.410%, due 11/20/24 - 05/20/42, with a value of $816,722.		800,000
		Total Repurchase Agreements (Cost $19,765,378)		19,765,378
	Time Deposits — 12.1%
	1,910,505	Bank of Nova Scotia, 0.170%, 06/01/12		1,910,505
	1,199,575	Bank of Tokyo, 0.170%, 06/01/12		1,199,575
	1,007,000	Citibank N.A., 0.170%, 06/06/12		1,007,000
	574,575	Commerzbank AG, 0.200%, 06/01/12		574,575
	500,000	Deutsche Bank AG, 0.170%, 06/06/12		500,000
	1,400,000	DnB NOR Bank ASA, 0.170%, 06/01/12		1,400,000
	300,000	Landesbank Hessen-Thueringen Girozentrale, 0.180%, 06/01/12		300,000
	1,350,000	Lloyds TSB Bank, 0.170%, 06/01/12		1,350,000
	1,000,000	National Australia Bank Ltd., 0.170%, 06/01/12		1,000,000
	699,575	Natixis, 0.200%, 06/01/12		699,575
	559,331	Nordea Bank Finland plc, 0.160%, 06/01/12		559,331
	250,000	PNC Bank N.A, 0.170%, 06/01/12		250,000
		Royal Bank of Scotland plc,
	850,000	0.180%, 06/01/12		850,000
	842,575	0.210%, 06/07/12		842,575
		Skandinaviska Enskilda Banken AB,
	1,350,000	0.170%, 06/01/12		1,350,000
	1,150,000	Svenska Handelsbanken AB, 0.170%, 06/01/12		1,150,000
		Total Time Deposits (Cost $14,943,136)		14,943,136
	U.S. Government Agency Securities — 11.3%
	197,000	Federal Farm Credit Bank, 0.210%, 10/03/12		196,992
		Federal Home Loan Bank,
	26,000	0.180%, 08/15/12		25,999
	785,000	0.180%, 08/22/12		784,959
	240,000	0.190%, 02/28/13		239,947
	265,500	0.200%, 08/16/12		265,491
	54,000	0.200%, 02/15/13		53,993

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	U.S. Government Agency Securities — Continued
	93,000	0.200%, 02/25/13		92,981
	23,000	0.200%, 02/27/13		22,996
	267,700	0.200%, 03/05/13		267,653
	340,000	0.210%, 03/01/13		339,967
	133,000	0.220%, 07/20/12		132,989
	83,000	0.230%, 08/24/12		83,005
	343,950	0.230%, 08/13/12		343,947
	131,800	0.230%, 04/17/13		131,779
	50,000	0.240%, 04/23/13		49,994
	224,500	DN, 0.120%, 08/03/12 (n)		224,453
	180,400	DN, 0.120%, 08/31/12 (n)		180,345
	282,500	VAR, 0.265%, 08/04/12		282,398
	450,000	VAR, 0.380%, 06/01/12		449,933
		Federal Home Loan Mortgage Corp.,
	539,000	DN, 0.120%, 09/25/12 (n)		538,792
	20,000	DN, 0.165%, 09/10/12 (n)		19,991
	100,000	VAR, 0.179%, 06/13/12		99,922
	870,000	VAR, 0.189%, 06/04/12		869,699
	687,000	VAR, 0.350%, 06/01/12		686,873
	1,895,000	VAR, 0.370%, 06/01/12		1,894,313
		Federal National Mortgage Association,
	79,000	0.500%, 10/30/12		79,083
	37,302	1.125%, 07/30/12		37,353
	797,000	DN, 0.100%, 09/17/12 (n)		796,761
	823,700	DN, 0.190%, 10/01/12 (n)		823,170
	185,000	VAR, 0.200%, 06/03/12		184,899
	416,000	VAR, 0.260%, 06/23/12		415,971
	900,000	VAR, 0.269%, 06/28/12		899,895
	423,000	VAR, 0.270%, 06/20/12		422,953
	1,082,250	VAR, 0.360%, 06/01/12		1,082,144
	835,000	VAR, 0.390%, 06/01/12		834,952
		Total U.S. Government Agency Securities (Cost $13,856,592)		13,856,592
	U.S. Treasury Obligations — 2.6%
		U.S. Treasury Notes — 2.6%
		U.S. Treasury Notes
	64,500	0.375%, 09/30/12		64,544
	200,000	0.625%, 02/28/13		200,628
	104,200	0.625%, 04/30/13		104,601
	214,730	0.750%, 03/31/13		215,703
	567,230	1.375%, 09/15/12		569,209
	262,850	1.375%, 01/15/13		264,789
	234,500	1.375%, 02/15/13		236,392
	310,610	1.375%, 03/15/13		313,469
	716,100	1.375%, 05/15/13		724,050
	441,600	1.750%, 04/15/13		447,476
	69,000	2.750%, 02/28/13		70,307
		Total U.S. Treasury Obligations (Cost $3,211,168)		3,211,168
	Weekly Demand Note — 0.3%
		Michigan — 0.3%
	390,400	Michigan Finance Authority, Unemployment Obligation Assessment, Rev., VRDO, 0.200%, 06/07/12 (Cost $390,400)		390,400
		Total Investments — 100.4% (Cost $123,364,773) *		123,364,773
		Liabilities in Excess of Other Assets — (0.4)%		(465,714	)
		NET ASSETS — 100.0%	$	122,899,059

Percentages indicated are based on net assets.

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

DN	—	Discount Notes
Rev.	—	Revenue Bond
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of May 31, 2012.
VRDO	—	Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of May 31, 2012.

* The cost of securities is substantially the same for federal income tax purposes.

(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.

(i) Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.

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

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

(t) The date shown represents the earliest of the next put date, next demand date or final maturity date.

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

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

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

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

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

The following is a summary of the inputs used as of May 31, 2012, in valuing the Fund’s assets and liabilities carried at amortized cost which approximates fair value (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	123,364,773	$	—	$	123,364,773

(a) All portfolio holdings designated as Level 2 are disclosed individually in the Schedule of Portfolio of Investments (“SOI”). Please refer to the SOI for specifics of the major categories of portfolio holdings.

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

JPMorgan Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Asset-Backed Security — 0.1%
	63	Residential Asset Securities Corp., Series 2005-KS10, Class 1A2, VAR, 0.489%, 11/25/35 (m) (Cost $62)		62
	Collateralized Mortgage Obligations — 0.1%
		Non-Agency CMO — 0.1%
	106	Adjustable Rate Mortgage Trust, Series 2005-12, Class 5A1, VAR, 0.489%, 03/25/36 (m)		52
	227	Harborview Mortgage Loan Trust, Series 2005-11, Class 2A1A, VAR, 0.550%, 08/19/45 (m)		151
		Total Collateralized Mortgage Obligations (Cost $333)		203
	U.S. Treasury Obligations — 99.1%
		U.S. Treasury Inflation Indexed Bonds,
	1,770	0.750%, 02/15/42		1,916
	4,085	1.750%, 01/15/28		5,678
	2,930	2.000%, 01/15/26		4,376
	2,830	2.125%, 02/15/40		4,333
	3,962	2.125%, 02/15/41		6,021
	4,805	2.375%, 01/15/25		7,795
	2,595	2.375%, 01/15/27		4,013
	1,936	2.500%, 01/15/29		2,909
	1,130	3.375%, 04/15/32		2,389
	2,800	3.625%, 04/15/28 (m)		6,207
	3,650	3.875%, 04/15/29 (m)		8,330
		U.S. Treasury Inflation Indexed Notes,
	8,884	0.125%, 04/15/16		9,670
	4,350	0.125%, 04/15/17		4,655
	3,425	0.125%, 01/15/22		3,697
	3,835	0.500%, 04/15/15		4,236
	6,409	0.625%, 07/15/21		7,318
	9,685	1.125%, 01/15/21		11,791
	3,231	1.250%, 04/15/14 (k)		3,640
	4,590	1.250%, 07/15/20		5,663
	3,500	1.375%, 07/15/18		4,292
	4,184	1.375%, 01/15/20		5,212
	3,100	1.625%, 01/15/15		3,986
	2,900	1.625%, 01/15/18		3,659
	2,895	1.875%, 07/15/13		3,732
	3,720	1.875%, 07/15/15		4,808
	3,350	1.875%, 07/15/19		4,355
	3,095	2.000%, 01/15/14		4,021
	7,528	2.000%, 07/15/14		9,780
	3,370	2.000%, 01/15/16		4,344
	2,420	2.125%, 01/15/19		3,131
	1,710	2.375%, 01/15/17		2,264
	3,915	2.500%, 07/15/16		5,137
	3,085	2.625%, 07/15/17		4,087
	1,500	3.000%, 07/15/12		1,929
		Total U.S. Treasury Obligations (Cost $151,445)		169,374
SHARES
	Short-Term Investment — 0.5%
		Investment Company — 0.5%
	825	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.150% (b) (l) (m) (Cost $825)		825
		Total Investments — 99.8% (Cost $152,665)		170,464
		Other Assets in Excess of Liabilities — 0.2%		402
		NET ASSETS — 100.0%	$	170,866

Percentages indicated are based on net assets.

JPMorgan Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands, except number of contracts)

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 05/31/12			UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	30	10 Year U.S. Treasury Note		09/19/12	$	4,018		$	42
	23	2 Year U.S. Treasury Note		09/28/12		5,069			3
		Short Futures Outstanding
	(12)	Ultra U.S. Treasury Bond		09/19/12		(2,028	)		(61	)
								$	(16	)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

CMO	—	Collateralized Mortgage Obligation
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of May 31, 2012.

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

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

(l) The rate shown is the current yield as of May 31, 2012.

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

As of May 31, 2012, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	17,953
Aggregate gross unrealized depreciation		(154	)
Net unrealized appreciation/depreciation	$	17,799
Federal income tax cost of investments	$	152,665

JPMorgan Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands, except number of contracts)

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

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

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

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

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	825		$	169,639	$	—	$	170,464
Appreciation in Other Financial Instruments
Futures Contracts	$	45		$	—	$	—	$	45
Depreciation in Other Financial Instruments
Futures Contracts	$	(61	)	$	—	$	—	$	(61	)

(a) Portfolio holdings designated as Level 1 and Level 2 are disclosed individually in the SOI. Level 1 consists of a money market mutual fund that is held for daily investments of cash. Please refer to the SOI for industry specifics of portfolio holdings.

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

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited)

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 1.3%
	10,312	Accredited Mortgage Loan Trust, Series 2006-2, Class A3, VAR, 0.389%, 09/25/36		8,907
		ACE Securities Corp.,
	8,497	Series 2005-HE4, Class M1, VAR, 0.739%, 07/25/35		8,302
	4,880	Series 2005-HE7, Class A1B2, VAR, 0.539%, 11/25/35		3,664
	1,998	AH Mortgage Advance Trust, Series SART-1, Class A1R, 2.230%, 05/10/43 (e)		1,999
	5,757	Ameriquest Mortgage Securities, Inc., Series 2003-7, Class M1, VAR, 1.514%, 08/25/33		5,204
		Asset Backed Funding Certificates,
	786	Series 2005-HE2, Class M1, VAR, 0.719%, 06/25/35		777
	2,443	Series 2005-OPT1, Class A2C, VAR, 0.599%, 07/25/35		2,299
		Asset Backed Securities Corp. Home Equity,
	3,838	Series 2003-HE7, Class M2, VAR, 2.864%, 12/15/33		2,566
	222	Series 2005-HE4, Class M1, VAR, 0.659%, 05/25/35		221
		Bear Stearns Asset Backed Securities Trust,
	4,357	Series 2004-SD1, Class M2, VAR, 5.320%, 12/25/42		3,821
	10,280	Series 2005-HE1, Class M2, VAR, 1.069%, 01/25/35		8,228
		Centex Home Equity,
	10,633	Series 2005-A, Class M2, VAR, 0.739%, 01/25/35		8,323
	2,027	Series 2005-C, Class AF6, SUB, 4.638%, 06/25/35		1,972
	3,000	Citicorp Residential Mortgage Securities, Inc., Series 2006-1, Class A4, SUB, 5.939%, 07/25/36		2,852
		Citigroup Mortgage Loan Trust, Inc.,
	889	Series 2005-WF2, Class AF4, SUB, 4.964%, 08/25/35		831
	5,000	Series 2006-HE1, Class M1, VAR, 0.569%, 01/25/36		3,682
	2,748	Series 2007-AMC1, Class A2A, VAR, 0.289%, 12/25/36		2,232
	3,856	Credit-Based Asset Servicing and Securitization LLC, Series 2005-CB4, Class AF4, SUB, 5.028%, 08/25/35		3,802
	2,643	Home Equity Asset Trust, Series 2005-2, Class M2, VAR, 0.719%, 07/25/35		2,540
	8,013	Indymac Home Equity Loan Asset-Backed Trust, Series 2004-B, Class M2, VAR, 0.989%, 11/25/34		4,666
	3,920	Long Beach Mortgage Loan Trust, Series 2004-3, Class M1, VAR, 1.094%, 07/25/34		2,951
		Morgan Stanley ABS Capital I,
	8,365	Series 2004-OP1, Class M1, VAR, 1.109%, 11/25/34		6,220
	1,970	Series 2005-WMC5, Class M4, VAR, 0.879%, 06/25/35		1,454
	2,174	Morgan Stanley Home Equity Loan Trust, Series 2006-2, Class A3, VAR, 0.409%, 02/25/36		2,013
		New Century Home Equity Loan Trust,
	293	Series 2003-5, Class AI7, VAR, 5.150%, 11/25/33		303
	6,400	Series 2005-3, Class M1, VAR, 0.719%, 07/25/35		5,970
	9,825	Series 2005-C, Class A2C, VAR, 0.489%, 12/25/35		8,363
	7,000	Option One Mortgage Loan Trust, Series 2004-3, Class M2, VAR, 0.809%, 11/25/34		6,035
		Park Place Securities, Inc.,
	8,000	Series 2004-WHQ2, Class M2, VAR, 0.869%, 02/25/35		6,907
	4,355	Series 2005-WHQ3, Class M1, VAR, 0.659%, 06/25/35		3,877
	15,041	Series 2005-WHQ3, Class M2, VAR, 0.689%, 06/25/35		10,832
		Renaissance Home Equity Loan Trust,
	3,586	Series 2004-4, Class AF4, SUB, 4.876%, 02/25/35		3,547
	669	Series 2005-4, Class A3, SUB, 5.565%, 02/25/36		565
		Residential Asset Securities Corp.,
	2,162	Series 2005-KS6, Class M2, VAR, 0.689%, 07/25/35		1,755
	4,886	Series 2006-KS1, Class A4, VAR, 0.539%, 02/25/36		3,721
	2,490	Saxon Asset Securities Trust, Series 2002-3, Class AF6, SUB, 5.407%, 05/25/31		2,423
	13,431	Structured Asset Securities Corp., Series 2005-WF4, Class A4, VAR, 0.599%, 11/25/35		12,907
	8,300	Wells Fargo Home Equity Trust, Series 2004-2, Class AI6, VAR, 5.000%, 10/25/34		8,393

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — Continued
	5,689	Westgate Resorts LLC, Series 2012-1, Class A, 4.500%, 09/20/25 (e)		5,698
		Total Asset-Backed Securities (Cost $168,261)		170,822
	Collateralized Mortgage Obligations — 6.0%
		Agency CMO — 2.3%
		Federal Home Loan Mortgage Corp. REMICS,
	11,024	Series 2906, Class SW, IF, IO, 6.461%, 11/15/34		854
	16,731	Series 3001, Class IH, IF, IO, 6.461%, 05/15/35		2,666
	49,393	Series 3045, Class DI, IF, IO, 6.491%, 10/15/35		9,431
	18,295	Series 3153, Class JI, IF, IO, 6.381%, 05/15/36		3,741
	20,794	Series 3155, Class PS, IF, IO, 6.911%, 05/15/36		3,266
	1,306	Series 3171, Class OJ, PO, 06/15/36		1,213
	31,643	Series 3171, Class ST, IF, IO, 6.246%, 06/15/36		4,744
	549	Series 3218, Class AS, IF, IO, 6.341%, 09/15/36		91
	2,392	Series 3236, Class IS, IF, IO, 6.411%, 11/15/36		385
	25,826	Series 3240, Class S, IF, IO, 6.381%, 11/15/36		4,180
	6,979	Series 3244, Class SB, IF, IO, 6.421%, 11/15/36		1,093
	3,152	Series 3279, Class SD, IF, IO, 6.191%, 02/15/37		427
	20,774	Series 3303, Class SD, IF, IO, 5.851%, 04/15/37		2,960
	3,015	Series 3370, Class SH, IF, IO, 6.211%, 10/15/37		485
	10,132	Series 3673, Class SA, IF, IO, 6.181%, 05/15/40		1,500
	14,598	Series 3692, Class PS, IF, IO, 6.361%, 05/15/38		1,753
	28,346	Series 3737, Class LI, IO, 4.500%, 05/15/24		2,668
	35,295	Series 3751, Class MI, IO, 4.000%, 02/15/34		1,460
	64,187	Series 3754, Class NS, IF, IO, 6.411%, 11/15/34		6,792
	5,326	Series 3762, Class CS, IF, IO, 6.461%, 04/15/35		724
	17,093	Series 3762, Class JS, IF, IO, 6.461%, 04/15/35		1,745
	42,296	Series 3803, Class DS, IF, IO, 6.361%, 11/15/35		5,006
	19,972	Series 3819, Class SH, IF, IO, 6.231%, 06/15/40		3,785
	29,400	Series 3973, Class SG, IF, IO, 6.411%, 04/15/30		4,775
	8,774	Series 3976, Class AI, IO, 3.500%, 08/15/29		898
	17,957	Series 3984, Class NS, IF, IO, 6.361%, 01/15/40		3,617
	11,536	Series 4001, Class SD, IF, IO, 6.961%, 02/15/36		3,097
	11,351	Series 4010, Class JS, IF, IO, 6.361%, 03/15/32		2,193
		Federal National Mortgage Association REMICS,
	1,897	Series 2004-17, Class DS, IF, IO, 6.911%, 11/25/32		136
	273	Series 2004-41, Class SA, IF, IO, 6.911%, 02/25/32		15
	1,131	Series 2004-52, Class SX, IF, IO, 6.811%, 09/25/32		95
	3,180	Series 2004-61, Class NS, IF, IO, 7.461%, 08/25/34		667
	8,834	Series 2004-72, Class S, IF, IO, 6.261%, 09/25/34		2,273
	7,633	Series 2004-92, Class SQ, IF, IO, 6.411%, 05/25/34		1,108
	4,522	Series 2005-13, Class AS, IF, IO, 5.861%, 03/25/35		811
	9,877	Series 2005-23, Class SG, IF, IO, 6.461%, 04/25/35		1,767
	13,488	Series 2005-57, Class DI, IF, IO, 6.461%, 03/25/35		1,606
	33,474	Series 2005-74, Class SE, IF, IO, 5.861%, 09/25/35		6,493
	15,667	Series 2005-79, Class NS, IF, IO, 5.851%, 09/25/35		2,309
	17,042	Series 2005-82, Class SY, IF, IO, 6.491%, 09/25/35		3,380
	10,945	Series 2005-90, Class SP, IF, IO, 6.511%, 09/25/35		1,606
	10,389	Series 2006-3, Class SB, IF, IO, 6.461%, 07/25/35		1,418
	8,652	Series 2006-20, Class IG, IF, IO, 6.411%, 04/25/36		1,369
	29,255	Series 2006-43, Class SD, IF, IO, 6.361%, 06/25/36		4,184
	18,120	Series 2006-56, Class SA, IF, IO, 5.251%, 11/25/35		2,331

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	47,991	Series 2006-58, Class SI, IF, IO, 6.301%, 07/25/36		8,423
	20,821	Series 2006-70, Class JI, IF, IO, 6.361%, 06/25/36		3,287
	4,217	Series 2006-72, Class XI, IF, IO, 6.261%, 08/25/36		740
	5,449	Series 2006-106, Class CS, IF, IO, 6.351%, 11/25/36		850
	5,598	Series 2006-108, Class S, IF, IO, 6.961%, 11/25/36		1,178
	7,650	Series 2006-109, Class SG, IF, IO, 6.391%, 11/25/36		1,220
	14,351	Series 2006-113, Class PQ, IF, IO, 6.411%, 07/25/36		2,075
	35,790	Series 2007-33, Class SD, IF, IO, 5.871%, 04/25/37		5,719
	38,403	Series 2007-36, Class SB, IF, IO, 6.361%, 04/25/37		7,486
	23,089	Series 2007-55, Class S, IF, IO, 6.521%, 06/25/37		4,160
	5,260	Series 2007-88, Class MI, IF, IO, 6.281%, 09/25/37		920
	2,785	Series 2007-88, Class XI, IF, IO, 6.301%, 06/25/37		410
	7,244	Series 2007-109, Class GI, IF, IO, 5.831%, 12/25/37		1,084
	33,762	Series 2008-2, Class SA, IF, IO, 6.031%, 02/25/38		5,179
	12,843	Series 2008-17, Class KS, IF, IO, 6.111%, 11/25/37		1,878
	24,448	Series 2008-28, Class SQ, IF, IO, 5.841%, 04/25/38		3,334
	5,520	Series 2008-41, Class S, IF, IO, 6.561%, 11/25/36		821
	12,095	Series 2008-61, Class S, IF, IO, 5.861%, 07/25/38		2,375
	25,314	Series 2008-71, Class SB, IF, IO, 6.246%, 10/25/29		1,538
	57,873	Series 2008-92, Class SA, IF, IO, 6.211%, 12/25/38		9,283
	63,063	Series 2009-87, Class SG, IF, IO, 6.011%, 11/25/39		10,585
	53,528	Series 2009-110, Class SD, IF, IO, 6.011%, 01/25/40		10,122
	44,805	Series 2010-99, Class SD, IF, IO, 5.861%, 03/25/39		4,333
	14,187	Series 2010-102, Class S, IF, IO, 6.311%, 09/25/40		2,374
	55,365	Series 2010-107, Class PS, IF, IO, 6.391%, 06/25/40		9,127
	25,798	Series 2010-107, Class SP, IF, IO, 6.411%, 06/25/40		4,207
	45,614	Series 2010-131, Class SA, IF, IO, 6.361%, 11/25/40		7,597
	72,924	Series 2010-139, Class SA, IF, IO, 5.791%, 12/25/40		10,457
	15,645	Series 2010-158, Class KS, IF, IO, 5.761%, 04/25/40		2,677
	70,839	Series 2011-86, Class KS, IF, IO, 5.711%, 09/25/41		9,289
	17,237	Series 2011-93, Class ES, IF, IO, 6.261%, 09/25/41		2,902
	39,413	Series 2011-118, Class CS, IF, IO, 6.261%, 10/25/39		6,959
	61,037	Series 2011-145, Class PS, IF, IO, 6.371%, 04/25/30		12,026
	48,430	Series 2012-17, Class JS, IF, IO, 6.411%, 11/25/30		8,473
	19,977	Series 2012-24, Class S, IF, IO, 5.261%, 05/25/30		3,413
	38,711	Series 2012-36, Class SN, IF, IO, 6.211%, 04/25/42		9,161
	18,660	Series 2012-42, Class PS, IF, IO, 6.341%, 08/25/41		4,028
		Federal National Mortgage Association STRIPS,
	4,269	Series 366, Class 18, IO, 4.000%, 10/01/35		303
	4,829	Series 377, Class 2, IO, 5.000%, 10/01/36		637
	7,754	Series 379, Class 2, IO, 5.500%, 05/01/37		972
	18,794	Series 390, Class C7, IO, 4.000%, 07/25/23		1,173
	29,266	Series 390, Class C8, IO, 4.500%, 07/25/23		2,202
		Government National Mortgage Association,
	1,815	Series 2005-7, Class NL, IF, IO, 6.511%, 03/17/33		282
	16,903	Series 2008-54, Class NI, IF, IO, 6.011%, 06/16/38		2,757
	12,945	Series 2009-41, Class GS, IF, IO, 5.811%, 06/16/39		1,622
				296,755
		Non-Agency CMO — 3.7%
	3,000	American General Mortgage Loan Trust, Series 2010-1A, Class A4, VAR, 5.650%, 03/25/58 (e)		3,087

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
	3,505	American Home Mortgage Assets, Series 2006-2, Class 2A1, VAR, 0.429%, 09/25/46		1,735
		Banc of America Alternative Loan Trust,
	11,032	Series 2004-1, Class 1A1, 6.000%, 02/25/34		11,527
	5,302	Series 2004-12, Class 2CB1, 6.000%, 01/25/35		5,049
	4,280	Series 2005-2, Class 2CB1, 6.000%, 03/25/35		3,895
	5,979	Series 2006-4, Class 2A1, 6.000%, 05/25/21		5,800
		Banc of America Funding Corp.,
	3,789	Series 2006-1, Class 2A1, 5.500%, 01/25/36		3,612
	6,481	Series 2006-3, Class 4A19, 5.750%, 03/25/36		6,440
		Banc of America Mortgage Securities, Inc.,
	2,455	Series 2005-10, Class 1A13, 5.500%, 11/25/35		2,428
	5,343	Series 2005-11, Class 2A1, 5.250%, 12/25/20		5,384
	19,590	Series 2007-3, Class 1A1, 6.000%, 09/25/37		17,284
		Citicorp Mortgage Securities, Inc.,
	9,000	Series 2006-5, Class 1A3, 6.000%, 10/25/36		8,761
	2,894	Series 2006-7, Class 2A1, 5.500%, 12/25/21		2,887
	867	Series 2007-2, Class 1A5, 5.750%, 02/25/37		872
	5,109	Citigroup Mortgage Loan Trust, Inc., Series 2006-4, Class 1A1, 5.500%, 12/25/20		4,574
		CitiMortgage Alternative Loan Trust,
	10,750	Series 2006-A1, Class 1A5, 5.500%, 04/25/36		8,714
	7,477	Series 2006-A1, Class 1A6, 6.000%, 04/25/36		6,246
	1,482	Series 2006-A1, Class 2A1, 5.250%, 03/25/21		1,476
	12,569	Series 2007-A6, Class 1A5, 6.000%, 06/25/37		9,050
		Countrywide Alternative Loan Trust,
	7,002	Series 2003-J1, Class 1A8, 5.250%, 10/25/33		7,165
	2,083	Series 2004-5CB, Class 2A1, 5.000%, 05/25/19		2,143
	3,678	Series 2004-30CB, Class 1A9, 5.500%, 02/25/35		2,751
	538	Series 2005-28CB, Class 1A5, 5.500%, 08/25/35		532
	9,235	Series 2005-28CB, Class 1A6, 5.500%, 08/25/35		7,685
	3,634	Series 2005-50CB, Class 4A1, 5.000%, 11/25/20		3,188
	12,148	Series 2005-70CB, Class A5, 5.500%, 12/25/35		10,274
	5,485	Series 2005-J11, Class 5A1, 5.500%, 11/25/20		4,904
	2,830	Series 2005-J3, Class 3A1, 6.500%, 09/25/34		2,782
	7,915	Series 2005-J6, Class 2A1, 5.500%, 07/25/25		7,501
	3,870	Series 2006-19CB, Class A15, 6.000%, 08/25/36		2,864
	3,572	Series 2006-24CB, Class A1, 6.000%, 06/25/36		2,859
	7,358	Series 2006-24CB, Class A23, 6.000%, 06/25/36		4,881
	11,010	Series 2006-25CB, Class A9, 6.000%, 10/25/36		7,606
	1,603	Series 2006-28CB, Class A17, 6.000%, 10/25/36		993
	5,672	Series 2006-31CB, Class A3, 6.000%, 11/25/36		3,936
	1,433	Series 2006-41CB, Class 2A17, 6.000%, 01/25/37		930
	682	Series 2006-J3, Class 2A1, 4.750%, 12/25/20		622
	1,984	Series 2007-5CB, Class 1A31, 5.500%, 04/25/37		1,242
		Countrywide Home Loan Mortgage Pass-Through Trust,
	3,948	Series 2005-10, Class A1, 5.500%, 05/25/35		3,911
	7,272	Series 2005-20, Class A7, 5.250%, 12/25/27		6,266
	2,501	Series 2005-21, Class A2, 5.500%, 10/25/35		2,303
	4,180	Series 2006-15, Class A1, 6.250%, 10/25/36		3,453
	2,677	Series 2006-20, Class 1A36, 5.750%, 02/25/37		2,150
	12,565	Series 2007-16, Class A1, 6.500%, 10/25/37		11,012
	17,669	Series 2007-17, Class 1A1, 6.000%, 10/25/37		15,643

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
		CS First Boston Mortgage Securities Corp.,
	4,629	Series 2003-AR24, Class 2A4, VAR, 2.711%, 10/25/33		4,259
	4,338	Series 2004-5, Class 4A1, 6.000%, 09/25/34		4,460
	2,333	Series 2005-5, Class 1A1, 5.000%, 07/25/20		2,380
	1,057	Series 2005-7, Class 3A1, 5.000%, 08/25/20		1,064
	4,092	Deutsche ALT-A Securities, Inc., Alternate Loan Trust, Series 2005-1, Class 2A1, VAR, 5.610%, 02/25/20		4,225
	5,375	First Horizon Alternative Mortgage Securities, Series 2006-FA7, Class A1, 5.750%, 12/25/36		3,809
	8,150	First Horizon Asset Securities, Inc., Series 2007-5, Class A4, 6.250%, 11/25/37		6,726
	5,180	Greenpoint Mortgage Funding Trust, Series 2005-AR4, Class 4A1A, VAR, 0.549%, 10/25/45		2,667
		GSR Mortgage Loan Trust,
	6,370	Series 2006-3F, Class 2A7, 5.750%, 03/25/36		5,719
	1,422	Series 2006-9F, Class 7A1, 4.500%, 07/25/21		1,331
	1,842	Series 2006-9F, Class 9A1, 6.000%, 08/25/21		1,775
	5,000	Homestar Mortgage Acceptance Corp., Series 2004-6, Class M1, VAR, 0.869%, 01/25/35		3,916
	5,555	Impac CMB Trust, Series 2004-6, Class 1A2, VAR, 1.019%, 10/25/34		4,400
	6,431	JP Morgan Mortgage Trust, Series 2005-S2, Class 4A3, 5.500%, 09/25/20		6,520
		Lehman Mortgage Trust,
	8,678	Series 2005-1, Class 7A1, 5.500%, 11/25/20		8,624
	4,253	Series 2006-4, Class 3A1, 5.000%, 08/25/21		3,919
	6,803	MASTR Alternative Loans Trust, Series 2005-5, Class 3A1, 5.750%, 08/25/35		5,945
		Prime Mortgage Trust,
	6,693	Series 2005-2, Class 2A1, VAR, 7.065%, 10/25/32		6,646
	4,132	Series 2005-4, Class 2A8, 5.500%, 10/25/35		4,027
	2,191	Series 2006-1, Class 2A5, 6.000%, 06/25/36		2,107
		Residential Accredit Loans, Inc.,
	11,420	Series 2003-QS16, Class A1, 5.000%, 08/25/18		11,662
	6,045	Series 2003-QS20, Class CB, 5.000%, 11/25/18		6,215
	2,876	Series 2005-QS3, Class 2A1, 5.000%, 03/25/20		2,847
	1,581	Series 2006-QS18, Class 3A3, 5.750%, 12/25/21		1,437
	1,723	Series 2007-QS4, Class 5A2, 5.500%, 04/25/22		1,613
	1,243	Residential Asset Securitization Trust, Series 2004-A6, Class A1, 5.000%, 08/25/19		1,259
		Residential Funding Mortgage Securities I, Inc.,
	2,902	Series 2005-S1, Class 1A6, 5.500%, 02/25/35		2,927
	8,253	Series 2005-SA2, Class 2A2, VAR, 3.233%, 06/25/35		6,651
	9,688	Series 2006-S10, Class 1A1, 6.000%, 10/25/36		8,065
	10,785	Series 2006-S9, Class A1, 6.250%, 09/25/36		9,076
	4,292	Series 2006-SA4, Class 2A1, VAR, 3.733%, 11/25/36		3,027
		Structured Asset Securities Corp.,
	1,738	Series 2005-6, Class 5A1, 5.000%, 05/25/35		1,763
	3,199	Series 2005-17, Class 4A5, 5.500%, 10/25/35		3,054
		Washington Mutual Alternative Mortgage Pass-Through Certificates,
	644	Series 2005-8, Class 1A8, 5.500%, 10/25/35		571
	2,176	Series 2006-1, Class 3A2, 5.750%, 02/25/36		1,612
	26,762	Wells Fargo Alternative Loan Trust, Series 2007-PA3, Class 3A6, 6.500%, 07/25/37		18,663
	7,817	Wells Fargo Mortgage Backed Securities Trust, Series 2007-7, Class A39, 6.000%, 06/25/37		7,015
		Wells Fargo Mortgage-Backed Securities Trust,
	6,601	Series 2005-16, Class A16, 5.750%, 01/25/36		6,606
	4,019	Series 2005-16, Class A8, 5.750%, 01/25/36		4,171

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
	7,363	Series 2006-1, Class A3, 5.000%, 03/25/21		7,445
	291	Series 2006-11, Class A13, 6.000%, 09/25/36		289
	13,250	Series 2006-11, Class A8, 6.000%, 09/25/36		12,340
	7,000	Series 2006-16, Class A16, 5.000%, 11/25/36		6,897
	3,409	Series 2006-17, Class A1, 5.500%, 11/25/21		3,426
	3,407	Series 2007-3, Class 3A1, 5.500%, 04/25/22		3,533
	4,567	Series 2007-5, Class 2A3, 5.500%, 05/25/22		4,595
	19,455	Series 2007-7, Class A1, 6.000%, 06/25/37		17,691
	1,503	Series 2007-11, Class A85, 6.000%, 08/25/37		1,447
	896	Series 2007-11, Class A96, 6.000%, 08/25/37		863
				469,696
		Total Collateralized Mortgage Obligations (Cost $737,618)		766,451
	Commercial Mortgage-Backed Securities — 0.5%
	52,583	Banc of America Large Loan, Inc., Series 2010-HLTN, Class HLTN, VAR, 1.989%, 11/15/15 (e)		49,167
	2,800	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-3, Class A4, 4.668%, 07/10/43		3,043
		Commercial Mortgage Pass-Through Certificates,
	5,900	Series 2011-THL, Class D, 5.605%, 06/09/28 (e)		6,014
	2,000	Series 2011-THL, Class E, 5.949%, 06/09/28 (e)		2,020
		Total Commercial Mortgage-Backed Securities (Cost $58,377)		60,244
	Convertible Bonds — 0.0% (g)
		Consumer Discretionary — 0.0% (g)
		Diversified Consumer Services — 0.0% (g)
	2,000	Stewart Enterprises, Inc., 3.125%, 07/15/14		1,950
		Hotels, Restaurants & Leisure — 0.0% (g)
	1,346	Real Mex Restaurants, Inc., 1.200%, 03/21/18 (f) (i)		1,346
		Total Consumer Discretionary		3,296
		Materials — 0.0% (g)
		Construction Materials — 0.0% (g)
	1,860	U.S. Concrete, Inc., 9.500%, 08/31/15 (e)		1,953
		Total Convertible Bonds (Cost $4,734)		5,249
	Corporate Bonds — 33.3%
		Consumer Discretionary — 8.8%
		Auto Components — 0.5%
	7,950	Affinia Group Holdings, Inc., 9.000%, 11/30/14		7,990
	7,295	Allison Transmission, Inc., 7.125%, 05/15/19 (e)		7,623
	3,880	American Axle & Manufacturing Holdings, Inc., 9.250%, 01/15/17 (e)		4,278
		American Axle & Manufacturing, Inc.,
	1,550	7.750%, 11/15/19		1,635
	4,315	7.875%, 03/01/17		4,439
	2,470	Dana Holding Corp., 6.500%, 02/15/19		2,594
		Goodyear Tire & Rubber Co. (The),
	4,310	7.000%, 05/15/22		4,224
	6,440	8.250%, 08/15/20		6,706
	1,030	8.750%, 08/15/20		1,099
	845	Lear Corp., 7.875%, 03/15/18		923
	5,469	Tomkins LLC/Tomkins, Inc., 9.000%, 10/01/18		6,009
	2,175	TRW Automotive, Inc., 7.250%, 03/15/17 (e)		2,490
	6,272	UCI International, Inc., 8.625%, 02/15/19		6,397
	5,925	Visteon Corp., 6.750%, 04/15/19		5,903
				62,310
		Automobiles — 0.5%
		Chrysler Group LLC/CG Co-Issuer, Inc.,
	9,336	8.000%, 06/15/19		9,359
	22,731	8.250%, 06/15/21		22,788
	12,600	Ford Holdings LLC, 9.300%, 03/01/30		17,624
		Ford Motor Co.,
	1,000	7.400%, 11/01/46		1,200
	325	7.500%, 08/01/26		392
	750	8.900%, 01/15/32		1,012
	1,900	9.980%, 02/15/47		2,774
		Motors Liquidation Co.,
	175	0.000%, 06/01/49 (f) (i)		44
	1,533	5.250%, 03/06/32 (f) (i)		383
	1,545	6.250%, 07/15/33 (f) (i)		386
	170	7.250%, 04/15/41 (f) (i)		43
	505	7.250%, 07/15/41 (f) (i)		126

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Automobiles — Continued
	687	7.250%, 02/15/52 (f) (i)		172
	581	7.375%, 05/15/48 (f) (i)		145
	51	7.375%, 10/01/51 (f) (i)		13
		Oshkosh Corp.,
	5,745	8.250%, 03/01/17		6,313
	1,100	8.500%, 03/01/20		1,207
				63,981
		Broadcasting & Cable TV — 1.0%
	11,971	Cablevision Systems Corp., 8.625%, 09/15/17		13,078
		CCO Holdings LLC/CCO Holdings Capital Corp.,
	3,000	6.500%, 04/30/21		3,067
	4,695	7.000%, 01/15/19		4,941
	5,360	7.250%, 10/30/17		5,749
	3,865	7.375%, 06/01/20		4,136
	10,605	7.875%, 04/30/18		11,374
	12,780	Cequel Communications Holdings I LLC/Cequel Capital Corp., 8.625%, 11/15/17 (e)		13,467
		DISH DBS Corp.,
	3,105	4.625%, 07/15/17 (e)		3,023
	2,330	5.875%, 07/15/22 (e)		2,272
	4,455	6.750%, 06/01/21		4,600
	4,465	7.125%, 02/01/16		4,778
	17,759	7.875%, 09/01/19		19,757
	4,030	Harron Communications LP/Harron Finance Corp., 9.125%, 04/01/20 (e)		4,221
	2,000	Mediacom Broadband LLC/Mediacom Broadband Corp., 8.500%, 10/15/15		2,055
		Mediacom LLC/Mediacom Capital Corp.,
	8,690	7.250%, 02/15/22 (e)		8,712
	3,147	9.125%, 08/15/19		3,406
	16,758	UPCB Finance III Ltd., (Cayman Islands), 6.625%, 07/01/20 (e)		16,507
	4,065	UPCB Finance V Ltd., (Cayman Islands), 7.250%, 11/15/21 (e)		4,106
	3,367	UPCB Finance VI Ltd., (Cayman Islands), 6.875%, 01/15/22 (e)		3,308
				132,557
		Distributors — 0.1%
	2,670	American Tire Distributors, Inc., 9.750%, 06/01/17		2,830
	5,250	Intcomex, Inc., 13.250%, 12/15/14		5,355
		VWR Funding, Inc.,
	1,000	10.750%, 06/30/17 (e)		960
EUR	1,838	10.750%, 06/30/17 (e)		2,251
				11,396
		Diversified Consumer Services — 0.1%
		Service Corp. International,
	1,117	6.750%, 04/01/15		1,207
	1,825	6.750%, 04/01/16		1,976
	1,270	7.000%, 06/15/17		1,413
	3,640	7.000%, 05/15/19		3,840
	4,230	7.500%, 04/01/27		4,251
	1,585	7.625%, 10/01/18		1,775
	3,085	Stewart Enterprises, Inc., 6.500%, 04/15/19		3,162
				17,624
		Gaming — 0.7%
		Caesars Entertainment Operating Co., Inc.,
	3,810	8.500%, 02/15/20 (e)		3,796
	4,120	10.000%, 12/15/18		2,781
	24,530	11.250%, 06/01/17		26,063
	25,880	Isle of Capri Casinos, Inc., 7.000%, 03/01/14		25,686
	1,500	Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp., 9.500%, 06/15/19 (e)		1,534
	16,987	Seminole Hard Rock Entertainment, Inc., VAR, 2.974%, 03/15/14 (e)		16,307
	7,000	Seneca Gaming Corp., 8.250%, 12/01/18 (e)		7,096
				83,263
		Hotels, Restaurants & Leisure — 2.4%
	2,440	Ameristar Casinos, Inc., 7.500%, 04/15/21 (e)		2,531
	3,000	Burger King Corp., 9.875%, 10/15/18		3,386
		Chukchansi Economic Development Authority,
	18,185	8.000%, 11/15/13 (e)		13,457
	1,250	VAR, 4.230%, 11/15/12 (e)		925
	1,785	Cinemark USA, Inc., 7.375%, 06/15/21		1,910
		CityCenter Holdings LLC/CityCenter Finance Corp.,
	11,990	7.625%, 01/15/16		12,410
	39,421	PIK, 10.750%, 01/15/17 (d)		42,181
	16,110	CKE Restaurants, Inc., 11.375%, 07/15/18		18,285
	2,650	DineEquity, Inc., 9.500%, 10/30/18		2,879
	10,200	Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.500%, 07/01/19 (e)		10,506

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Hotels, Restaurants & Leisure — Continued
	6,000	Felcor Lodging LP, 6.750%, 06/01/19		6,015
	CAD 5,500	Gateway Casinos & Entertainment Ltd., (Canada), 8.875%, 11/15/17		5,698
	2,965	GWR Operating Partnership LLP, 10.875%, 04/01/17		3,350
		Host Hotels & Resorts LP,
	3,030	6.375%, 03/15/15		3,068
	2,805	6.750%, 06/01/16		2,875
	505	9.000%, 05/15/17		559
		Marina District Finance Co., Inc.,
	1,390	9.500%, 10/15/15		1,317
	10,120	9.875%, 08/15/18		9,450
	12,250	MCE Finance Ltd., (Cayman Islands), 10.250%, 05/15/18		13,873
		MGM Resorts International,
	2,000	6.625%, 07/15/15		2,054
	5,855	7.500%, 06/01/16		5,987
	21,560	7.625%, 01/15/17		21,803
	29,380	7.750%, 03/15/22		29,306
	6,130	8.625%, 02/01/19 (e)		6,482
	11,510	9.000%, 03/15/20		12,603
	10,250	10.000%, 11/01/16		11,224
	1,090	11.375%, 03/01/18		1,256
	13,124	Peninsula Gaming LLC/Penunsula Gaming Corp., 10.750%, 08/15/17		14,994
	890	Pinnacle Entertainment, Inc., 8.750%, 05/15/20		968
		Real Mex Restaurants, Inc.,
	2,439	7.000%, 03/15/14 (f) (i)		2,439
	1,541	11.000%, 03/15/14 (f) (i)		1,541
		Royal Caribbean Cruises Ltd., (Liberia),
	EUR 4,583	5.625%, 01/27/14 (e)		5,780
	900	7.000%, 06/15/13		932
	880	7.250%, 06/15/16		946
	4,167	Ruby Tuesday, Inc., 7.625%, 05/15/20 (e)		3,854
	15,050	Shingle Springs Tribal Gaming Authority, 9.375%, 06/15/15 (e)		11,250
	1,925	Starwood Hotels & Resorts Worldwide, Inc., 6.750%, 05/15/18		2,247
	6,125	Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp., 8.625%, 04/15/16 (e)		6,462
	5,085	Vail Resorts, Inc., 6.500%, 05/01/19		5,327
		Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.,
	565	7.875%, 11/01/17		616
	1,560	7.875%, 05/01/20		1,698
	7,451	Yonkers Racing Corp., 11.375%, 07/15/16 (e)		7,917
				312,361
		Household Durables — 0.5%
	2,000	American Standard Americas, 10.750%, 01/15/16 (e)		1,560
	6,355	Lennar Corp., 12.250%, 06/01/17		8,198
		Libbey Glass, Inc.,
	3,230	6.875%, 05/15/20 (e)		3,238
	273	10.000%, 02/15/15		291
		Sealy Mattress Co.,
	11,963	8.250%, 06/15/14		11,574
	2,786	10.875%, 04/15/16 (e)		3,023
	17,505	Simmons Bedding Co., 11.250%, 07/15/15 (e)		18,096
		Standard Pacific Corp.,
	7,550	8.375%, 05/15/18		8,107
	1,770	8.375%, 01/15/21		1,894
	1,475	10.750%, 09/15/16		1,722
	7,125	Yankee Candle Co., Inc., 9.750%, 02/15/17		7,303
				65,006
		Leisure Equipment & Products — 0.1%
	9,955	Easton-Bell Sports, Inc., 9.750%, 12/01/16		10,876
	4,725	FGI Operating Co. LLC/FGI Finance, Inc., 7.875%, 05/01/20 (e)		4,855
				15,731
		Media — 1.9%
		AMC Entertainment, Inc.,
	5,365	8.750%, 06/01/19		5,741
	4,620	9.750%, 12/01/20		4,966
	3,530	Block Communications, Inc., 7.250%, 02/01/20 (e)		3,512
	2,250	Cengage Learning Acquisitions, Inc., 11.500%, 04/15/20 (e)		2,244
	10,480	Clear Channel Communications, Inc., 9.000%, 03/01/21		9,013
		Clear Channel Worldwide Holdings, Inc.,
	1,185	7.625%, 03/15/20 (e)		1,114
	17,175	7.625%, 03/15/20 (e)		16,402
	3,000	9.250%, 12/15/17		3,210
	23,035	9.250%, 12/15/17		24,763
	2,310	Hughes Satellite Systems Corp., 6.500%, 06/15/19		2,345

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Media — Continued
		Intelsat Jackson Holdings S.A., (Luxembourg),
	4,770	7.250%, 04/01/19		4,764
	4,860	7.250%, 10/15/20 (e)		4,824
	5,135	7.250%, 10/15/20		5,109
	2,475	9.500%, 06/15/16		2,559
	15,805	11.250%, 06/15/16		16,497
		Intelsat Luxembourg S.A., (Luxembourg),
	5,245	11.250%, 02/04/17		5,153
	6,935	PIK, 12.500%, 02/04/17 (e)		6,744
	60,400	PIK, 12.500%, 02/04/17		59,343
	4,520	Interactive Data Corp., 10.250%, 08/01/18		5,006
	5,425	Nexstar Broadcasting, Inc./Mission Broadcasting, Inc., 8.875%, 04/15/17		5,669
	10,085	Quebecor Media, Inc., (Canada), 7.750%, 03/15/16		10,362
	1,608	Radio One, Inc., PIK, 15.000%, 05/24/16		1,254
		Sinclair Television Group, Inc.,
	4,445	8.375%, 10/15/18		4,767
	1,900	9.250%, 11/01/17 (e)		2,090
	7,500	Telesat Canada/Telesat LLC, (Canada), 12.500%, 11/01/17		8,381
		Univision Communications, Inc.,
	3,000	7.875%, 11/01/20 (e)		3,067
	2,000	8.500%, 05/15/21 (e)		1,930
	3,480	Visant Corp., 10.000%, 10/01/17		3,289
		WMG Acquisition Corp.,
	5,155	9.500%, 06/15/16		5,503
	9,150	11.500%, 10/01/18		9,745
				239,366
		Multiline Retail — 0.1%
	2,185	Bon-Ton Department Stores, Inc. (The), 10.250%, 03/15/14		1,508
	1,725	HSN, Inc., 11.250%, 08/01/16		1,846
		JC Penney Corp., Inc.,
	3,200	5.750%, 02/15/18		2,960
	2,265	7.950%, 04/01/17		2,287
				8,601
		Specialty Retail — 0.8%
	5,655	Academy Ltd./Academy Finance Corp., 9.250%, 08/01/19 (e)		5,966
		Claire’s Stores, Inc.,
	4,395	8.875%, 03/15/19		3,714
	7,085	9.000%, 03/15/19 (e)		7,085
	7,126	Gymboree Corp., 9.125%, 12/01/18		6,324
	4,985	Hillman Group, Inc., 10.875%, 06/01/18		5,197
	6,590	J. Crew Group, Inc., 8.125%, 03/01/19		6,615
	1,300	Limited Brands, Inc., 6.625%, 04/01/21		1,394
		Michael’s Stores, Inc.,
	8,885	7.750%, 11/01/18		9,262
	8,000	11.375%, 11/01/16		8,500
	22,612	SUB, 13.000%, 11/01/16		24,082
	3,340	NBC Acquisition Corp., 11.000%, 03/15/13 (d)		33
		Nebraska Book Co., Inc.,
	16,752	8.625%, 03/15/12 (d)		252
	2,768	10.000%, 12/29/49		1,882
	3,320	Pep Boys - Manny, Moe & Jack (The), 7.500%, 12/15/14		3,370
	4,235	Petco Animal Supplies, Inc., 9.250%, 12/01/18 (e)		4,553
		Sally Holdings LLC/Sally Capital, Inc.,
	1,590	5.750%, 06/01/22		1,608
	3,630	6.875%, 11/15/19 (e)		3,866
	7,700	Toys R Us, Inc., 7.875%, 04/15/13		7,815
				101,518
		Textiles, Apparel & Luxury Goods — 0.1%
		Hanesbrands, Inc.,
	1,000	6.375%, 12/15/20		1,021
	1,955	8.000%, 12/15/16		2,143
	1,856	VAR, 4.145%, 12/15/14		1,856
	5,344	Quiksilver, Inc., 6.875%, 04/15/15		5,264
				10,284
		Total Consumer Discretionary		1,123,998
		Consumer Staples — 1.4%
		Beverages — 0.1%
		Constellation Brands, Inc.,
	3,095	6.000%, 05/01/22		3,288
	2,751	7.250%, 09/01/16		3,104
	2,975	7.250%, 05/15/17		3,369
				9,761
		Food & Staples Retailing — 0.6%
		New Albertsons, Inc.,
	500	7.450%, 08/01/29		365
	3,000	8.000%, 05/01/31		2,303
		Rite Aid Corp.,
	14,510	7.500%, 03/01/17		14,365
	1,550	9.250%, 03/15/20 (e)		1,484
	2,165	9.250%, 03/15/20 (e)		2,078

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Food & Staples Retailing — Continued
	47,995	9.500%, 06/15/17		46,075
	3,586	9.750%, 06/12/16		3,909
	6,430	SUPERVALU, Inc., 8.000%, 05/01/16		6,414
				76,993
		Food Products — 0.4%
	11,071	Bumble Bee Acquisition Corp., 9.000%, 12/15/17 (e)		10,988
		Dean Foods Co.,
	2,700	7.000%, 06/01/16		2,811
	4,215	9.750%, 12/15/18		4,634
	13,440	Del Monte Corp., 7.625%, 02/15/19		13,037
		Dole Food Co., Inc.,
	2,545	8.000%, 10/01/16 (e)		2,663
	630	13.875%, 03/15/14		718
		JBS USA LLC/JBS USA Finance, Inc.,
	2,500	7.250%, 06/01/21 (e)		2,250
	1,788	8.250%, 02/01/20 (e)		1,707
	1,567	11.625%, 05/01/14		1,779
	6,160	Michael Foods Group, Inc., 9.750%, 07/15/18		6,668
	4,510	Pilgrim’s Pride Corp., 7.875%, 12/15/18		4,465
	2,765	Smithfield Foods, Inc., 7.750%, 07/01/17		3,055
				54,775
		Household Products — 0.3%
	9,466	Central Garden & Pet Co., 8.250%, 03/01/18		9,466
		Jarden Corp.,
	1,330	7.500%, 05/01/17		1,470
	500	7.500%, 01/15/20		541
	5,433	8.000%, 05/01/16		5,881
	5,226	Scotts Miracle-Gro Co. (The), 7.250%, 01/15/18		5,592
		Spectrum Brands, Inc.,
	2,605	6.750%, 03/15/20 (e)		2,638
	1,720	9.500%, 06/15/18 (e)		1,901
	6,510	9.500%, 06/15/18		7,193
				34,682
		Personal Products — 0.0% (g)
	4,605	Revlon Consumer Products Corp., 9.750%, 11/15/15		4,939
		Total Consumer Staples		181,150
		Energy — 1.8%
		Energy Equipment & Services — 0.1%
	4,575	Global Geophysical Services, Inc., 10.500%, 05/01/17		4,460
	3,737	Helix Energy Solutions Group, Inc., 9.500%, 01/15/16 (e)		3,914
	7,225	McJunkin Red Man Corp., 9.500%, 12/15/16		7,731
	5,197	Trinidad Drilling Ltd., (Canada), 7.875%, 01/15/19 (e)		5,457
				21,562
		Oil, Gas & Consumable Fuels — 1.7%
	1,655	AmeriGas Finance LLC/AmeriGas Finance Corp., 6.750%, 05/20/20		1,630
	16,800	Anadarko Petroleum Corp., 6.375%, 09/15/17		19,646
		Arch Coal, Inc.,
	1,645	7.000%, 06/15/19 (e)		1,410
	6,000	7.250%, 10/01/20		5,130
	5,715	7.250%, 06/15/21 (e)		4,872
	5,655	8.750%, 08/01/16		5,429
	3,065	Berry Petroleum Co., 6.375%, 09/15/22		3,126
		BreitBurn Energy Partners LP/BreitBurn Finance Corp.,
	4,790	7.875%, 04/15/22 (e)		4,694
	3,995	8.625%, 10/15/20		4,145
		Chesapeake Energy Corp.,
	3,586	6.500%, 08/15/17		3,407
	6,516	6.625%, 08/15/20		6,125
	14,800	6.775%, 03/15/19		14,097
	3,464	7.250%, 12/15/18		3,360
	5,461	Chesapeake Midstream Partners LP/CHKM Finance Corp., 6.125%, 07/15/22		5,188
	3,430	Chesapeake Oilfield Operating LLC/Chesapeake Oilfield Finance, Inc., 6.625%, 11/15/19 (e)		2,967
	4,370	Citgo Petroleum Corp., 11.500%, 07/01/17 (e)		4,938
	3,295	Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp., 8.250%, 12/15/17		3,369
		Comstock Resources, Inc.,
	1,319	7.750%, 04/01/19		1,214
	2,700	9.500%, 06/15/20		2,573
	1,730	Denbury Resources, Inc., 8.250%, 02/15/20		1,868

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Oil, Gas & Consumable Fuels — Continued
		El Paso Corp.,
	440	7.000%, 06/15/17		494
	5,010	7.250%, 06/01/18		5,678
	2,015	Encore Acquisition Co., 9.500%, 05/01/16		2,196
	7,745	EV Energy Partners LP/EV Energy Finance Corp., 8.000%, 04/15/19		7,823
	7,345	Forest Oil Corp., 7.250%, 06/15/19		6,684
	4,046	GMX Resources, Inc., PIK, 11.000%, 12/01/17		3,378
	7,000	Kodiak Oil & Gas Corp., (Canada), 8.125%, 12/01/19 (e)		7,210
	1,720	Laredo Petroleum, Inc., 7.375%, 05/01/22 (e)		1,759
		Linn Energy LLC/Linn Energy Finance Corp.,
	5,065	6.250%, 11/01/19 (e)		4,824
	3,855	6.500%, 05/15/19 (e)		3,739
	2,160	7.750%, 02/01/21		2,209
	3,115	8.625%, 04/15/20		3,302
	2,000	Magnum Hunter Resources Corp., 9.750%, 05/15/20 (e)		1,965
	3,600	NFR Energy LLC/NFR Energy Finance Corp., 9.750%, 02/15/17 (e)		2,988
	1,080	NGPL PipeCo LLC, 9.625%, 06/01/19 (e)		1,115
	630	Oasis Petroleum, Inc., 7.250%, 02/01/19		649
	5,000	PBF Holding Co. LLC/PBF Finance Corp., 8.250%, 02/15/20 (e)		4,800
		Peabody Energy Corp.,
	4,720	6.000%, 11/15/18 (e)		4,708
	2,025	6.250%, 11/15/21 (e)		2,020
	3,025	Penn Virginia Resource Partners LP/Penn Virginia Resource Finance Corp. II, 8.375%, 06/01/20 (e)		3,025
	5,000	Samson Investment Co., 9.750%, 02/15/20 (e)		4,975
		SandRidge Energy, Inc.,
	2,575	8.000%, 06/01/18 (e)		2,575
	2,500	8.125%, 10/15/22 (e)		2,463
	NOK 33,000	Teekay LNG Partners LP, VAR, 7.570%, 05/03/17		5,343
	NOK 63,000	Teekay Offshore Partners LP, VAR, 7.080%, 11/29/13 (f) (i)		10,406
	4,110	Vanguard Natural Resources LLC/VNR Finance Corp., 7.875%, 04/01/20		4,059
	2,430	Venoco, Inc., 8.875%, 02/15/19		2,236
	6,500	Western Refining, Inc., 11.250%, 06/15/17 (e)		7,280
	460	Whiting Petroleum Corp., 6.500%, 10/01/18		481
	6,390	WPX Energy, Inc., 6.000%, 01/15/22 (e)		6,150
				215,722
		Total Energy		237,284
		Financials — 5.7%
		Capital Markets — 0.4%
	10,700	Goldman Sachs Group, Inc. (The), 3.700%, 08/01/15		10,614
	35,600	Morgan Stanley, 4.000%, 07/24/15		34,426
				45,040
		Commercial Banks — 0.4%
	3,275	Regions Bank, 7.500%, 05/15/18		3,668
		Royal Bank of Scotland Group plc, (United Kingdom),
	2,500	5.000%, 11/12/13		2,478
	4,000	5.050%, 01/08/15		3,896
	1,150	7.648%, 09/30/31 (x)		877
		Royal Bank of Scotland N.V., (Netherlands),
	6,825	VAR, 1.175%, 03/09/15		5,584
	EUR 4,900	VAR, 1.670%, 06/08/15		4,954
		Royal Bank of Scotland plc (The), (United Kingdom),
	EUR 4,500	4.350%, 01/23/17		4,720
	12,760	VAR, 9.500%, 03/16/22		12,996
	9,772	Wachovia Capital Trust III, VAR, 5.570%, 07/02/12 (x)		9,088
				48,261
		Consumer Finance — 1.4%
	9,860	ACE Cash Express, Inc., 11.000%, 02/01/19 (e)		8,603
		Ally Financial, Inc.,
	2,155	5.500%, 02/15/17		2,157
	21,486	6.250%, 12/01/17		22,046
	5,120	6.750%, 12/01/14		5,325
	3,599	6.875%, 08/28/12		3,630
	3,000	7.500%, 12/31/13		3,180
	6,000	7.500%, 09/15/20		6,585
		Ford Motor Credit Co. LLC,
	13,025	5.000%, 05/15/18		14,230
	18,550	6.625%, 08/15/17		21,539
	10,500	8.000%, 12/15/16		12,690
	EUR 6,500	GMAC International Finance B.V., (Netherlands), 7.500%, 04/21/15		8,298

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Consumer Finance — Continued
		International Lease Finance Corp.,
	4,242	4.875%, 04/01/15		4,180
	3,305	5.750%, 05/15/16		3,308
	14,590	5.875%, 04/01/19		14,331
	1,250	6.250%, 05/15/19		1,250
	4,615	8.250%, 12/15/20		5,146
	10,130	8.625%, 09/15/15		11,042
	14,550	8.750%, 03/15/17		16,150
	20,317	Springleaf Finance Corp., 6.900%, 12/15/17		15,949
				179,639
		Diversified Financial Services — 1.7%
		Aircastle Ltd., (Bermuda),
	11,845	6.750%, 04/15/17 (e)		11,727
	820	7.625%, 04/15/20 (e)		822
	625	9.750%, 08/01/18 (e)		677
	4,565	9.750%, 08/01/18		4,964
		Bank of America Corp.,
	31,259	VAR, 8.000%, 01/30/18 (x)		31,423
	6,875	VAR, 8.125%, 05/15/18 (x)		6,969
		Capmark Financial Group, Inc.,
	90,609	0.000%, 05/10/10 (d)		1,586
	6,618	VAR, 9.000%, 09/30/15		6,643
		CIT Group, Inc.,
	28,261	4.750%, 02/15/15 (e)		28,120
	7,332	5.000%, 05/15/17		7,204
	10,455	5.250%, 03/15/18		10,298
	1,727	5.375%, 05/15/20		1,658
	2,520	6.625%, 04/01/18 (e)		2,614
	13,260	7.000%, 05/02/16 (e)		13,243
	16,235	7.000%, 05/02/17 (e)		16,215
	6,028	CKE Holdings, Inc., PIK, 10.500%, 03/14/16 (e)		6,495
	11,026	CNG Holdings, Inc., 9.375%, 05/15/20 (e)		11,081
	2,080	Community Choice Financial, Inc., 10.750%, 05/01/19 (e)		2,054
	18,345	ILFC E-Capital Trust I, VAR, 5.030%, 12/21/65 (e)		12,361
	16,845	ILFC E-Capital Trust II, VAR, 6.250%, 12/21/65 (e)		12,128
	11,460	Kinetic Concepts, Inc./KCI USA, Inc., 10.500%, 11/01/18 (e)		11,575
	7,000	ROC Finance LLC/ROC Finance 1 Corp., 12.125%, 09/01/18 (e)		7,822
	2,450	Speedy Cash Intermediate Holdings Corp., 10.750%, 05/15/18 (e)		2,481
	9,319	SquareTwo Financial Corp., 11.625%, 04/01/17		8,620
	1,928	TransUnion Holding Co., Inc., PIK, 10.375%, 06/15/18 (e)		2,034
				220,814
		Insurance — 1.5%
		American International Group, Inc.,
GBP	1,500	VAR, 8.625%, 05/22/38 (e)		2,265
	5,000	VAR, 8.175%, 05/15/58		5,194
GBP	11,750	Reg. S, VAR, 8.625%, 05/22/38		17,747
	9,450	Catlin Insurance Co., Ltd., (Bermuda), VAR, 7.249%, 01/19/17 (e) (x)		8,292
		Everest Acquisition LLC/Everest Acquisition Finance, Inc.,
	2,320	6.875%, 05/01/19 (e)		2,378
	7,120	9.375%, 05/01/20 (e)		7,298
	2,850	Genworth Financial, Inc., 7.700%, 06/15/20		2,779
	2,350	Genworth Life Institutional Funding Trust, 5.875%, 05/03/13 (e) (m)		2,393
	2,600	Hartford Life Institutional Funding, VAR, 0.787%, 08/15/13 (e)		2,592
	23,520	HUB International Holdings, Inc., 10.250%, 06/15/15 (e)		23,785
		Liberty Mutual Group, Inc.,
	15,965	7.800%, 03/15/37 (e)		15,566
	19,468	VAR, 10.750%, 06/15/58 (e)		26,866
	2,400	MetLife Capital Trust X, 9.250%, 04/08/38 (e)		2,856
		Metropolitan Life Global Funding I,
	2,400	5.125%, 04/10/13 (e)		2,486
	1,400	5.200%, 09/18/13 (e)		1,472
		Nationwide Mutual Insurance Co.,
	1,783	8.250%, 12/01/31 (e)		2,088
	13,100	9.375%, 08/15/39 (e)		17,219
		Pricoa Global Funding I,
	3,600	4.625%, 06/25/12 (e)		3,609
	4,000	VAR, 0.603%, 06/26/12 (e)		3,998
		Towergate Finance plc, (United Kingdom),
GBP	1,000	8.500%, 02/15/18 (e)		1,425
GBP	8,250	10.500%, 02/15/19 (e)		11,062
		USI Holdings Corp.,
	11,604	9.750%, 05/15/15 (e)		11,517
	12,225	VAR, 4.342%, 11/15/14 (e)		11,155

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Insurance — Continued
	1,900	XL Group plc, (Ireland), VAR, 6.500%, 04/15/17 (x)		1,463
				187,505
		Real Estate Investment Trusts (REITs) — 0.1%
	12,065	CNL Lifestyle Properties, Inc., 7.250%, 04/15/19		10,798
	8,294	Rouse Co. LLC (The), 7.200%, 09/15/12		8,377
				19,175
		Real Estate Management & Development — 0.2%
	1,900	Kennedy-Wilson, Inc., 8.750%, 04/01/19		1,957
	22,500	Park Side Apartments, 7.209%, 03/31/17 (f) (i)		22,500
		Realogy Corp.,
	2,045	7.625%, 01/15/20 (e)		2,101
	3,645	7.875%, 02/15/19 (e)		3,463
				30,021
		Thrifts & Mortgage Finance — 0.0% (g)
	1,221	Nationstar Mortgage LLC/Nationstar Capital Corp., 9.625%, 05/01/19 (e)		1,270
		Total Financials		731,725
		Health Care — 2.6%
		Health Care Equipment & Supplies — 0.4%
		Accellent, Inc.,
	6,685	8.375%, 02/01/17		6,618
	3,535	10.000%, 11/01/17		2,846
		Biomet, Inc.,
	3,383	11.625%, 10/15/17		3,586
	23,740	PIK, 11.125%, 10/15/17		25,268
		DJO Finance LLC/DJO Finance Corp.,
	9,930	7.750%, 04/15/18		8,018
	2,345	8.750%, 03/15/18 (e)		2,357
				48,693
		Health Care Providers & Services — 1.4%
	5,000	Capella Healthcare, Inc., 9.250%, 07/01/17		5,000
		CHS/Community Health Systems, Inc.,
	2,300	8.000%, 11/15/19		2,349
	7,732	8.875%, 07/15/15		7,930
		DaVita, Inc.,
	3,060	6.375%, 11/01/18		3,098
	2,465	6.625%, 11/01/20		2,496
		Fresenius Medical Care U.S. Finance II, Inc.,
	1,920	5.625%, 07/31/19 (e)		1,906
	900	5.875%, 01/31/22 (e)		895
	10,835	HCA Holdings, Inc., 7.750%, 05/15/21		11,133
		HCA, Inc.,
	2,282	5.750%, 03/15/14		2,356
	2,816	6.375%, 01/15/15		2,985
	2,080	6.500%, 02/15/20		2,197
	9,031	7.250%, 09/15/20		9,844
	21,450	7.500%, 02/15/22		22,482
	19,150	8.000%, 10/01/18		21,161
	1,344	8.500%, 04/15/19		1,483
		Health Management Associates, Inc.,
	5,635	6.125%, 04/15/16		5,903
	3,560	7.375%, 01/15/20 (e)		3,649
		HealthSouth Corp.,
	4,235	7.250%, 10/01/18		4,415
	3,760	7.750%, 09/15/22		3,948
	7,263	IASIS Healthcare LLC/IASIS Capital Corp., 8.375%, 05/15/19		6,827
		inVentiv Health, Inc.,
	2,911	10.000%, 08/15/18 (e)		2,445
	6,098	10.000%, 08/15/18 (e)		5,153
	9,900	Multiplan, Inc., 9.875%, 09/01/18 (e)		10,494
	1,700	National Mentor Holdings, Inc., 12.500%, 02/15/18 (e)		1,666
	5,275	OnCure Holdings, Inc., 11.750%, 05/15/17		3,890
		Radiation Therapy Services, Inc.,
	3,890	8.875%, 01/15/17 (e)		3,744
	5,015	9.875%, 04/15/17		3,862
	4,272	Select Medical Corp., 7.625%, 02/01/15		4,272
	2,527	Surgical Care Affiliates, Inc., PIK, 9.625%, 07/15/15 (e)		2,553
		Tenet Healthcare Corp.,
	4,160	6.250%, 11/01/18 (e)		4,202
	9,915	8.000%, 08/01/20		9,903
	945	8.875%, 07/01/19		1,051
	4,205	9.250%, 02/01/15		4,641
	6,575	U.S. Oncology, Inc., 9.125%, 08/15/17 (d)		99
	3,155	United Surgical Partners International, Inc., 9.000%, 04/01/20 (e)		3,273
	4,900	Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II, Inc., 8.000%, 02/01/18		4,802
				188,107
		Pharmaceuticals — 0.8%
		Catalent Pharma Solutions, Inc.,
EUR	9,000	9.750%, 04/15/17		11,184

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Pharmaceuticals — Continued
	14,753	VAR, 9.500%, 04/15/15		15,085
	26,750	Elan Finance plc/Elan Finance Corp., (Ireland), 8.750%, 10/15/16		29,091
	1,355	Endo Health Solutions, Inc., 7.000%, 07/15/19		1,416
		Mylan, Inc.,
	715	7.625%, 07/15/17 (e)		780
	7,440	7.875%, 07/15/20 (e)		8,184
		Valeant Pharmaceuticals International,
	9,300	6.500%, 07/15/16 (e)		9,486
	2,580	6.750%, 10/01/17 (e)		2,580
	8,135	6.875%, 12/01/18 (e)		8,033
	3,630	7.000%, 10/01/20 (e)		3,512
	10,005	7.250%, 07/15/22 (e)		9,405
				98,756
		Total Health Care		335,556
		Industrials — 3.7%
		Aerospace & Defense — 0.2%
	5,355	Alliant Techsystems, Inc., 6.750%, 04/01/16		5,462
		Bombardier, Inc., (Canada),
	2,990	5.750%, 03/15/22 (e)		2,908
	2,095	7.500%, 03/15/18 (e)		2,283
	980	L-3 Communications Corp., 6.375%, 10/15/15		1,002
	3,880	Sequa Corp., 11.750%, 12/01/15 (e)		4,118
	3,885	Spirit Aerosystems, Inc., 7.500%, 10/01/17		4,157
	880	Triumph Group, Inc., 8.625%, 07/15/18		968
				20,898
		Airlines — 0.6%
	1,314	American Airlines, 2011-1 Class A Pass-Through Trust, 5.250%, 01/31/21		1,359
	15,089	Continental Airlines 2003-ERJ1 Pass-Through Trust, 7.875%, 07/02/18		15,390
	12,872	Continental Airlines 2004-ERJ1 Pass-Through Trust, 9.558%, 09/01/19		13,515
	9,308	Continental Airlines 2005-ERJ1 Pass-Through Trust, 9.798%, 04/01/21		10,029
	4,565	Continental Airlines 2006-ERJ1 Pass-Through Trust, 9.318%, 11/01/19 (e)		4,793
	3,129	Delta Air Lines 2007-1 Class C Pass-Through Trust, 8.954%, 08/10/14		3,196
	19,529	Northwest Airlines 2007-1 Class A Pass-Through Trust, 7.027%, 11/01/19		20,799
	330	Northwest Airlines 2007-1 Class B Pass-Through Trust, 8.028%, 11/01/17		336
	1,909	UAL 2007-1 Class C Pass-Through Trust, VAR, 3.059%, 07/02/14		1,828
	1,602	UAL 2009-1 Pass-Through Trust, 10.400%, 11/01/16		1,834
	1,004	UAL 2009-2B Pass-Through Trust, 12.000%, 01/15/16 (e)		1,095
				74,174
		Building Products — 0.2%
	3,995	Associated Materials LLC, 9.125%, 11/01/17		3,491
		Building Materials Corp. of America,
	2,410	6.750%, 05/01/21 (e)		2,464
	2,825	6.875%, 08/15/18 (e)		2,917
	9,260	Cemex Espana Finance LLC, Series A, 8.910%, 02/14/14 (f) (i)		9,075
	850	Gibraltar Industries, Inc., 8.000%, 12/01/15		867
	3,280	Interline Brands, Inc., 7.000%, 11/15/18		3,378
	5,050	Ply Gem Industries, Inc., 8.250%, 02/15/18		4,848
				27,040
		Commercial Services & Supplies — 0.5%
	2,375	AWAS Aviation Capital Ltd., (Ireland), 7.000%, 10/17/16 (e)		2,453
	6,250	Cenveo Corp., 8.875%, 02/01/18		5,656
		Corrections Corp. of America,
	1,947	6.750%, 01/31/14		1,952
	840	7.750%, 06/01/17		905
	1,000	Deluxe Corp., 7.375%, 06/01/15		1,012
		Geo Group, Inc. (The),
	545	6.625%, 02/15/21		563
	5,141	7.750%, 10/15/17		5,488
		Iron Mountain, Inc.,
	515	8.375%, 08/15/21		550
	5,175	8.750%, 07/15/18		5,343
	3,315	Mead Products LLC/ACCO Brands Corp., 6.750%, 04/30/20 (e)		3,406
	32,600	R.R. Donnelley & Sons Co., 7.625%, 06/15/20		29,829
	2,389	ServiceMaster Co., VAR, 10.750%, 07/15/15 (e)		2,476
				59,633
		Construction & Engineering — 0.2%
	6,500	Goodman Networks, Inc., 12.125%, 07/01/18 (e)		6,565

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Construction & Engineering — Continued
		New Enterprise Stone & Lime Co., Inc.,
	7,000	11.000%, 09/01/18 (f) (i)		5,408
	3,955	PIK, 13.000%, 03/15/18 (e)		3,955
		United Rentals North America, Inc.,
	6,535	8.375%, 09/15/20		6,666
	3,800	9.250%, 12/15/19		4,189
	2,365	10.875%, 06/15/16		2,631
		UR Financing Escrow Corp.,
	885	7.375%, 05/15/20 (e)		907
	2,615	7.625%, 04/15/22 (e)		2,674
				32,995
		Electrical Equipment — 0.1%
		Belden, Inc.,
	1,059	7.000%, 03/15/17		1,093
	470	9.250%, 06/15/19		516
	3,660	Polypore International, Inc., 7.500%, 11/15/17		3,825
	2,734	Viasystems, Inc., 7.875%, 05/01/19 (e)		2,672
				8,106
		Environmental Control — 0.0% (g)
	3,566	Clean Harbors, Inc., 7.625%, 08/15/16		3,726
		Industrial Conglomerates — 0.3%
	2,460	Amsted Industries, Inc., 8.125%, 03/15/18 (e)		2,608
		Harland Clarke Holdings Corp.,
	10,740	9.500%, 05/15/15		9,478
	22,774	VAR, 6.000%, 05/15/15		18,162
	3,911	JB Poindexter & Co., Inc., 9.000%, 04/01/22 (e)		3,911
	7,975	RBS Global, Inc./Rexnord LLC, 8.500%, 05/01/18		8,473
				42,632
		Industrial Machinery — 0.1%
	5,765	General Cable Corp., 7.125%, 04/01/17		5,909
	3,109	Mueller Water Products, Inc., 8.750%, 09/01/20		3,436
				9,345
		Machinery — 0.3%
	3,785	Case New Holland, Inc., 7.875%, 12/01/17		4,315
	3,575	CNH Capital LLC, 6.250%, 11/01/16 (e)		3,727
	5,190	Griffon Corp., 7.125%, 04/01/18		5,216
	5,200	Liberty Tire Recycling, 11.000%, 10/01/16 (e)		4,732
	7,570	Manitowoc Co., Inc. (The), 8.500%, 11/01/20		8,119
	1,340	SPX Corp., 6.875%, 09/01/17		1,460
		Terex Corp.,
	1,810	6.500%, 04/01/20		1,806
	7,895	8.000%, 11/15/17		8,033
				37,408
		Marine — 0.4%
	11,170	ACL I Corp., PIK, 11.375%, 02/15/16 (e)		11,058
	5,300	Bluewater Holding B.V., (Netherlands), VAR, 3.466%, 07/17/14 (e)		4,505
NOK	115,313	Boa Deep C A.S., (Norway), VAR, 7.800%, 04/27/16		18,952
	150	CMA CGM S.A., (France), 8.500%, 04/15/17 (e)		84
	3,001	Commercial Barge Line Co., 12.500%, 07/15/17		3,399
	6,325	Great Lakes Dredge & Dock Corp., 7.375%, 02/01/19		6,388
	1,010	Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S., Inc., 8.625%, 11/01/17		949
	2,534	Navios Maritime Holdings, Inc./Navios Maritime Finance U.S., Inc., 8.875%, 11/01/17		2,597
	2,432	Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc., 9.250%, 04/15/19		2,238
				50,170
		Road & Rail — 0.6%
	3,155	Ashtead Capital, Inc., 9.000%, 08/15/16 (e)		3,281
		Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,
	4,131	7.750%, 05/15/16		4,245
	11,750	8.250%, 01/15/19		12,161
	5,545	9.625%, 03/15/18		6,023
	2,000	9.750%, 03/15/20		2,190
	2,352	VAR, 2.967%, 05/15/14		2,299
		Hertz Corp. (The),
	8,720	6.750%, 04/15/19		8,916
	11,850	7.500%, 10/15/18		12,339
EUR	5,849	Hertz Holdings Netherlands B.V., (Netherlands), 8.500%, 07/31/15 (e)		7,703

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Road & Rail — Continued
		RSC Equipment Rental, Inc./RSC Holdings III LLC,
	3,610	8.250%, 02/01/21		3,818
	10,570	10.250%, 11/15/19		11,759
				74,734
		Trading Companies & Distributors — 0.1%
		HD Supply, Inc.,
	7,145	8.125%, 04/15/19 (e)		7,449
	2,590	11.000%, 04/15/20 (e)		2,674
				10,123
		Transportation Services — 0.1%
	13,563	CEVA Group plc, (United Kingdom), 8.375%, 12/01/17 (e)		13,190
	4,300	OSX 3 Leasing B.V., (Netherlands), 9.250%, 03/20/15 (e)		4,397
				17,587
		Total Industrials		468,571
		Information Technology — 2.2%
		Communications Equipment — 0.4%
	10,583	Alcatel-Lucent USA, Inc., 6.450%, 03/15/29		7,276
		Avaya, Inc.,
	4,975	7.000%, 04/01/19 (e)		4,453
	31,700	9.750%, 11/01/15		26,152
	2,528	PIK, 10.875%, 11/01/15		2,086
	7,100	CommScope, Inc., 8.250%, 01/15/19 (e)		7,304
				47,271
		Computers & Peripherals — 0.0% (g)
		Sealed Air Corp.,
	1,705	8.125%, 09/15/19 (e)		1,850
	995	8.375%, 09/15/21 (e)		1,094
				2,944
		Electronic Equipment, Instruments & Components — 0.0% (g)
	1,980	Anixter, Inc., 5.625%, 05/01/19		2,012
	590	Jabil Circuit, Inc., 7.750%, 07/15/16		668
				2,680
		Internet Software & Services — 0.1%
	1,000	eAccess Ltd., (Japan), 8.250%, 04/01/18 (e)		912
	4,310	GXS Worldwide, Inc., 9.750%, 06/15/15		4,181
	5,140	Sabre, Inc., 8.500%, 05/15/19 (e)		5,101
	1,500	Syniverse Holdings, Inc., 9.125%, 01/15/19		1,609
				11,803
		IT Services — 0.9%
		Fidelity National Information Services, Inc.,
	2,150	7.625%, 07/15/17 (e)		2,330
	1,795	7.625%, 07/15/17		1,954
	395	7.875%, 07/15/20		438
		First Data Corp.,
	8,880	7.375%, 06/15/19 (e)		8,880
	2,186	8.250%, 01/15/21 (e)		2,120
	4,023	8.875%, 08/15/20 (e)		4,295
	5,489	9.875%, 09/24/15		5,448
	18,257	12.625%, 01/15/21		17,207
	31,390	PIK, 10.000%, 01/15/22 (e)		30,370
		Sitel LLC/Sitel Finance Corp.,
	3,440	11.000%, 08/01/17 (e)		3,337
	11,520	11.500%, 04/01/18		8,064
	7,803	Stratus Technologies Bermuda Ltd./Stratus Technologies, Inc., (Bermuda), 12.000%, 03/29/15		6,867
	400	Stream Global Services, Inc., 11.250%, 10/01/14		413
		SunGard Data Systems, Inc.,
	6,335	7.375%, 11/15/18		6,446
	14,515	10.250%, 08/15/15		14,914
				113,083
		Office Electronics — 0.1%
		CDW LLC/CDW Finance Corp.,
	4,860	8.500%, 04/01/19		4,994
	4,450	8.500%, 04/01/19 (e)		4,572
				9,566
		Semiconductors & Semiconductor Equipment — 0.5%
	3,967	Amkor Technology, Inc., 7.375%, 05/01/18		3,967
		Freescale Semiconductor, Inc.,
	2,800	8.050%, 02/01/20		2,660
	9,630	9.250%, 04/15/18 (e)		10,136
	15,874	10.125%, 03/15/18 (e)		17,104
	7,157	MagnaChip Semiconductor S.A./MagnaChip Semiconductor Finance Co., (Luxembourg), 10.500%, 04/15/18		7,980
	4,380	MEMC Electronic Materials, Inc., 7.750%, 04/01/19		2,770
		NXP B.V./NXP Funding LLC, (Netherlands),
	14,490	9.750%, 08/01/18 (e)		16,338
	328	VAR, 3.217%, 10/15/13		328

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Semiconductors & Semiconductor Equipment — Continued
	10,115	Sensata Technologies B.V., (Netherlands), 6.500%, 05/15/19 (e)		10,140
				71,423
		Software — 0.2%
	3,560	Aspect Software, Inc., 10.625%, 05/15/17		3,738
	3,770	Audatex North America, Inc., 6.750%, 06/15/18 (e)		3,883
	6,275	Epicor Software Corp., 8.625%, 05/01/19		6,291
	2,645	Lawson Software, Inc., 9.375%, 04/01/19 (e)		2,724
	3,810	Mantech International Corp., 7.250%, 04/15/18		4,020
	5,635	SSI Investments II/SSI Co.-Issuer LLC, 11.125%, 06/01/18		6,297
				26,953
		Total Information Technology		285,723
		Materials — 3.4%
		Chemicals — 0.6%
		Hexion US Finance Corp./Hexion Nova Scotia Finance ULC,
	5,340	8.875%, 02/01/18		5,313
	4,945	9.000%, 11/15/20		4,315
		Huntsman International LLC,
	5,998	5.500%, 06/30/16		5,998
	4,690	8.625%, 03/15/20		5,230
	3,110	8.625%, 03/15/21		3,483
		Ineos Finance plc, (United Kingdom),
	8,375	7.500%, 05/01/20 (e)		8,291
	4,460	8.375%, 02/15/19 (e)		4,583
	1,300	9.000%, 05/15/15 (e)		1,362
	6,962	INEOS Group Holdings S.A., (United Kingdom), 8.500%, 02/15/16 (e)		6,283
	3,325	Kinove German Bondco GmbH, (Germany), 9.625%, 06/15/18 (e)		3,400
	4,815	Nexeo Solutions LLC/Nexeo Solutions Finance Corp., 8.375%, 03/01/18 (e)		4,622
	5,035	Polymer Group, Inc., 7.750%, 02/01/19		5,236
	4,700	PolyOne Corp., 7.375%, 09/15/20		4,958
	7,793	Reichhold Industries, Inc., PIK, 11.000%, 05/08/17 (e)		4,676
	1,315	Solutia, Inc., 8.750%, 11/01/17		1,479
	3,175	Vertellus Specialties, Inc., 9.375%, 10/01/15 (e)		2,683
				71,912
		Construction Materials — 0.2%
		Cemex Finance LLC,
	7,125	9.500%, 12/14/16 (e)		6,537
	EUR 13,463	9.625%, 12/14/17 (e)		14,982
	2,750	Cemex S.A.B. de C.V., (Mexico), VAR, 5.470%, 09/30/15 (e)		2,283
		Vulcan Materials Co.,
	1,120	6.500%, 12/01/16		1,159
	3,205	7.500%, 06/15/21		3,462
				28,423
		Containers & Packaging — 1.3%
		Ardagh Packaging Finance plc, (Ireland),
	10,192	7.375%, 10/15/17 (e)		10,854
	EUR 17,720	7.375%, 10/15/17 (e)		22,568
	12,215	9.125%, 10/15/20 (e)		12,704
	EUR   5,800	9.250%, 10/15/20 (e)		7,100
	4,455	Ardagh Packaging Finance plc/Ardagh MP Holdings USA, Inc., (Ireland), 9.125%, 10/15/20 (e)		4,589
		Berry Plastics Corp.,
	11,004	9.500%, 05/15/18		11,279
	4,600	9.750%, 01/15/21		4,784
	2,500	VAR, 4.349%, 09/15/14		2,447
	6,265	BWAY Holding Co., 10.000%, 06/15/18		6,892
		Constar International, Inc.,
	1,236	8.239%, 05/31/15 (f) (i)		1,236
	3,210	11.000%, 12/31/17 (f) (i)		3,210
	665	Owens-Brockway Glass Container, Inc., 7.375%, 05/15/16		735
	3,930	Packaging Dynamics Corp., 8.750%, 02/01/16 (e)		4,126
	1,750	Plastipak Holdings, Inc., 8.500%, 12/15/15 (e)		1,802
		Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC,
	2,610	6.875%, 02/15/21 (e)		2,649
	21,496	7.875%, 08/15/19 (e)		22,732
	2,245	8.250%, 02/15/21 (e)		2,082
	20,075	9.000%, 04/15/19 (e)		19,272
	18,077	9.875%, 08/15/19 (e)		18,032
	3,880	Tekni-Plex, Inc., 9.750%, 06/01/19 (e)		3,851
				162,944
		Metals & Mining — 0.6%
	210	APERAM, (Luxembourg), 7.750%, 04/01/18 (e)		190

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Metals & Mining — Continued
	5,750	Atkore International, Inc., 9.875%, 01/01/18		5,721
		FMG Resources August 2006 Pty Ltd., (Australia),
	5,897	6.375%, 02/01/16 (e)		5,764
	6,300	6.875%, 02/01/18 (e)		6,190
	2,045	6.875%, 04/01/22 (e)		1,968
	6,350	7.000%, 11/01/15 (e)		6,350
	16,610	8.250%, 11/01/19 (e)		17,150
	3,440	James River Coal Co., 7.875%, 04/01/19		1,892
	9,251	Noranda Aluminum Acquisition Corp., PIK, 4.730%, 05/15/15		8,835
		Novelis, Inc., (Canada),
	7,070	8.375%, 12/15/17		7,459
	9,570	8.750%, 12/15/20		10,120
	1,255	Rain CII Carbon LLC/CII Carbon Corp., 8.000%, 12/01/18 (e)		1,311
		United States Steel Corp.,
	2,500	6.050%, 06/01/17		2,460
	707	7.000%, 02/01/18		700
	1,793	7.375%, 04/01/20		1,748
				77,858
		Paper & Forest Products — 0.7%
		Abitibi-Consolidated, Inc., (Canada),
	1,780	6.000%, 06/20/13 (d)		9
	300	7.500%, 04/01/28 (d)		2
	14,000	8.375%, 04/01/15 (d)		70
	15,268	8.500%, 08/01/29 (d)		76
	1,237	8.550%, 08/01/10 (d)		6
	4,169	8.850%, 08/01/30 (d)		21
	14,050	Appleton Papers, Inc., 10.500%, 06/15/15 (e)		14,963
	1,700	Boise Paper Holdings LLC/Boise Co-Issuer Co., 8.000%, 04/01/20		1,862
	255	Clearwater Paper Corp., 7.125%, 11/01/18		268
	810	Longview Fibre Paper & Packaging, Inc., 8.000%, 06/01/16 (e)		804
	47,086	NewPage Corp., 11.375%, 12/31/14 (d)		29,193
	2,225	P.H. Glatfelter Co., 7.125%, 05/01/16		2,270
	2,250	PE Paper Escrow GmbH, (Austria), 12.000%, 08/01/14 (e)		2,408
	33,245	Resolute Forest Products, (Canada), 10.250%, 10/15/18		37,650
		Smurfit-Stone Container Enterprises, Inc.,
	9,462	8.000%, 03/15/17 (d) (f) (i)		189
	5,219	8.250%, 10/01/12 (d) (f) (i)		104
	15,788	8.375%, 07/01/12 (d) (f) (i)		316
				90,211
		Total Materials		431,348
		Telecommunication Services — 2.6%
		Diversified Telecommunication Services — 1.6%
	5,410	CenturyLink, Inc., 5.800%, 03/15/22		5,338
	8,300	Cincinnati Bell, Inc., 8.375%, 10/15/20		8,155
		Clearwire Communications LLC/Clearwire Finance, Inc.,
	6,175	12.000%, 12/01/15 (e)		5,357
	25,798	12.000%, 12/01/15 (e)		22,509
	740	14.750%, 12/01/16 (e)		708
	3,150	Cogent Communications Group, Inc., 8.375%, 02/15/18 (e)		3,378
	3,625	Eileme 2 AB, (Sweden), 11.625%, 01/31/20 (e)		3,553
		Frontier Communications Corp.,
	2,025	6.625%, 03/15/15		2,096
	1,780	8.500%, 04/15/20		1,784
	4,700	GCI, Inc., 8.625%, 11/15/19		4,994
	3,500	Integra Telecom Holdings, Inc., 10.750%, 04/15/16 (e)		3,351
	4,460	ITC Deltacom, Inc., 10.500%, 04/01/16		4,694
	10,295	Level 3 Communications, Inc., 11.875%, 02/01/19		11,041
		Level 3 Financing, Inc.,
	4,765	8.125%, 07/01/19		4,765
	13,410	8.625%, 07/15/20 (e)		13,678
	13,155	9.375%, 04/01/19		13,977
	25,230	10.000%, 02/01/18		27,186
		PAETEC Holding Corp.,
	2,885	8.875%, 06/30/17		3,102
	6,740	9.875%, 12/01/18		7,397
		Quebecor World Capital Corp., (Canada),
	2,565	6.125%, 11/15/13 (d)		26
	2,650	6.500%, 08/01/27 (d)		27
	1,050	9.750%, 01/15/15 (d)		10
		Wind Acquisition Finance S.A., (Luxembourg),
	8,699	7.250%, 02/15/18 (e)		7,438
	12,651	11.750%, 07/15/17 (e)		10,753
	EUR 9,096	11.750%, 07/15/17 (e)		9,307

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Diversified Telecommunication Services — Continued
		Wind Acquisition Holdings Finance S.A., (Luxembourg),
	2,228	PIK, 12.250%, 07/15/17 (e)		1,649
	EUR 9,000	PIK, 12.250%, 07/15/17 (e)		8,346
		Windstream Corp.,
	9,400	7.500%, 04/01/23		9,024
	4,795	7.750%, 10/01/21		4,807
	100	8.125%, 09/01/18		103
	4,345	Zayo Group LLC/Zayo Capital, Inc., 10.250%, 03/15/17		4,834
				203,387
		Wireless Telecommunication Services — 1.0%
	10,325	Cricket Communications, Inc., 7.750%, 10/15/20		9,447
	3,395	Crown Castle International Corp., 9.000%, 01/15/15		3,692
	1,860	Digicel Group Ltd., (Bermuda), 10.500%, 04/15/18 (e)		1,897
	1,545	Digicel Ltd., (Bermuda), 8.250%, 09/01/17 (e)		1,553
	2,896	iPCS, Inc., PIK, 3.716%, 05/01/14		2,773
	8,125	MetroPCS Wireless, Inc., 7.875%, 09/01/18		8,206
	2,750	Nextel Communications, Inc., 7.375%, 08/01/15		2,688
	770	NII Capital Corp., 10.000%, 08/15/16		801
		SBA Telecommunications, Inc.,
	649	8.000%, 08/15/16		693
	1,168	8.250%, 08/15/19		1,267
		Sprint Capital Corp.,
	9,758	6.900%, 05/01/19		8,489
	60,562	8.750%, 03/15/32		51,024
		Sprint Nextel Corp.,
	2,255	7.000%, 03/01/20 (e)		2,272
	28,340	9.000%, 11/15/18 (e)		30,678
	8,760	11.500%, 11/15/21 (e)		9,242
				134,722
		Total Telecommunication Services		338,109
		Utilities — 1.1%
		Electric Utilities — 0.4%
		AES Corp. (The),
	4,630	8.000%, 10/15/17		5,139
	4,370	9.750%, 04/15/16		5,124
	9,600	AES Eastern Energy LP, 9.670%, 01/02/29 (d)		2,400
	1,475	Energy Future Holdings Corp., 10.000%, 01/15/20		1,567
	25,633	Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc., 10.000%, 12/01/20		27,620
		Homer City Funding LLC,
	6,131	8.137%, 10/01/19		5,946
	3,956	8.734%, 10/01/26		3,838
				51,634
		Gas Utilities — 0.2%
	7,330	Crosstex Energy LP/Crosstex Energy Finance Corp., 8.875%, 02/15/18		7,697
	20,250	Dynegy Roseton LLC/Dynegy Danskammer LLC Pass-Through Trust, Series B, 7.670%, 11/08/16 (d)		12,757
	4,500	Eagle Rock Energy Partners LP/Eagle Rock Energy Finance Corp., 8.375%, 06/01/19		4,500
				24,954
		Independent Power Producers & Energy Traders — 0.5%
		Calpine Corp.,
	3,405	7.250%, 10/15/17 (e)		3,592
	8,725	7.500%, 02/15/21 (e)		9,118
	3,500	7.875%, 07/31/20 (e)		3,710
	2,200	7.875%, 01/15/23 (e)		2,326
		Dynegy Holdings LLC,
	1,413	7.625%, 10/15/26 (d)		855
	23,337	7.750%, 06/01/19 (d)		14,119
		Edison Mission Energy,
	14,250	7.000%, 05/15/17		7,624
	12,500	7.200%, 05/15/19		6,594
	8,098	Midwest Generation LLC, 8.560%, 01/02/16		7,450
		NRG Energy, Inc.,
	5,640	7.625%, 01/15/18		5,626
	1,885	8.250%, 09/01/20		1,857
				62,871
		Total Utilities		139,459
		Total Corporate Bonds (Cost $4,253,060)		4,272,923
	Investment Companies — 0.1%
	265	Advent Claymore Convertible Securities & Income Fund II		1,699
	137	Dreyfus High Yield Strategies Fund		611
	452	ING Prime Rate Trust		2,493

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE($)
	Investment Companies — Continued
	323		Invesco Van Kampen Senior Income Trust		1,495
	619		Nuveen Credit Strategies Income Fund		5,575
	72		SPDR Barclays Capital High Yield Bond ETF		2,752
			Total Investment Companies (Cost $8,403)		14,625
	Mortgage Pass-Through Securities — 3.4%
			Federal National Mortgage Association, 30 Year, Single Family,
	244,372		TBA, 4.000%, 06/25/42 - 07/25/42		259,895
	156,376		TBA, 5.000%, 06/25/42		169,375
			Total Mortgage Pass-Through Securities (Cost $427,960)		429,270
	Private Placements — 1.0%
			Commercial Loans— 0.5%
	42,000		Doubletree Hotel, 8.224%, 08/31/14 (f) (i)		42,000
			Raleigh Hotel,
	10,000		7.980%, 12/01/15 (f) (i)		10,813
	10,000		10.219%, 12/01/15 (f) (i)		10,000
			Total Commercial		62,813
			Residential Loans— 0.5%
	70,000		141 East 88th Street, LLC, 7.219%, 08/31/16 (f) (i)		70,000
			Total Private Placements (Cost $132,000)		132,813
	U.S. Treasury Obligations — 5.5%
	103,864		U.S. Treasury Bonds, 3.000%, 05/15/42 (m)		110,891
			U.S. Treasury Notes,
	142,854		0.625%, 05/31/17 (m)		142,541
	213,644		0.875%, 02/28/17 (m)		216,098
	229,661		1.750%, 05/15/22 (m)		233,249
			Total U.S. Treasury Obligations (Cost $688,182)		702,779
SHARES
	Common Stocks — 0.5%
			Consumer Discretionary — 0.1%
			Automobiles — 0.1%
	843		General Motors Co. (a)		18,714
			Hotels, Restaurants & Leisure — 0.0% (g)
	3,500		Real Mex Restaurants, Inc., Class B, ADR (a) (f) (i)		200
			Total Consumer Discretionary		18,914
			Energy — 0.0% (g)
			Oil, Gas & Consumable Fuels — 0.0% (g)
	91		GMX Resources, Inc. (a)		88
			Financials — 0.3%
			Diversified Financial Services — 0.3%
	1,466		Capmark Financial Group, Inc. (a)		32,982
			Industrials — 0.0% (g)
			Marine — 0.0% (g)
	16		General Maritime Corp. (a) (f) (i)		491
			Information Technology — 0.0%
			IT Services — 0.0%
	165		Stratus Technologies Bermuda Holdings, Ltd., (Bermuda) (a) (f) (i)		—
			Materials — 0.1%
			Chemicals — 0.1%
	144		LyondellBasell Industries N.V., (Netherlands), Class A		5,684
			Construction Materials — 0.0% (g)
	403		U.S. Concrete, Inc. (a)		1,981
			Containers & Packaging — 0.0% (g)
	42		Constar International, Inc., ADR (a) (f) (i)		20
			Paper & Forest Products — 0.0% (g)
	251		Resolute Forest Products, (Canada) (a)		2,841
			Total Materials		10,526
			Total Common Stocks (Cost $61,216)		63,001
	Preferred Stocks — 0.7%
			Consumer Discretionary — 0.1%
			Automobiles — 0.1%
	350		General Motors Co., 4.750%, 12/01/13 ($50 par value)		12,852
			Consumer Staples — 0.1%
			Food Products — 0.1%
	–	(h)	H.J. Heinz Finance Co., 8.000%, 07/15/13 ($100,000 par value) (e)		18,018
			Financials — 0.4%
			Commercial Banks — 0.1%
	100		CoBank ACB, 7.000%, 07/02/12 ($50 par value) @ (e) (m)		5,141
	160		CoBank ACB, Series D, 11.000%, 10/01/14 ($50 par value) @		8,905
					14,046

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Preferred Stocks — Continued
		Consumer Finance — 0.2%
	29	Ally Financial, Inc., 7.000%, 07/02/12 ($1,000 par value) @ (e) (m)		24,870
		Diversified Financial Services — 0.0% (g)
	156	GMAC Capital Trust I, VAR, 8.125%, 02/15/40 ($25 par value)		3,566
		Insurance — 0.1%
	9	XLIT Ltd., (Cayman Islands), VAR, 3.586%, 10/29/49 ($1,000 par value)		6,531
		Total Financials		49,013
		Industrials — 0.1%
		Construction & Engineering — 0.1%
	309	M/I Homes, Inc., 9.750%, 07/17/12 ($25 par value) @ (a)		5,283
		Information Technology — 0.0%
		IT Services — 0.0%
	38	Stratus Technologies Bermuda Holdings, Ltd., (Bermuda) (a) (f) (i)		—
		Materials — 0.0% (g)
		Containers & Packaging — 0.0% (g)
	4	Constar International, Inc., 11.000% ($50 par value) (a) (f) (i)		959
		Total Preferred Stocks (Cost $88,545)		86,125
PRINCIPAL AMOUNT
	Loan Participations & Assignments — 8.1%
		Consumer Discretionary — 3.0%
		Auto Components — 0.0% (g)
		Autoparts Holdings Ltd., Term Loan,
	2,678	VAR, 6.500%, 07/29/17 ^		2,592
	1,366	VAR, 6.500%, 07/29/17 ^		1,321
	3,282	Wabash National Corp., Term Loan B, VAR, 6.000%, 05/08/19		3,249
				7,162
		Automobiles — 0.4%
	47,030	Chrysler, Term Loan B, VAR, 6.000%, 05/24/17		46,854
		Broadcasting & Cable TV — 0.0% (g)
	579	Yankee Cable Acquisition LLC, Term Loan B, VAR, 6.500%, 08/26/16		575
		Diversified Consumer Services — 0.1%
	13,818	Realogy Corp., Extended Term Loan, VAR, 4.489%, 10/10/16 ^		12,595
		Gaming — 0.7%
	3,176	Caesars Entertainment Operating Co., Inc., Extended B-6 Term Loan, VAR, 5.489%, 01/28/18 ^		2,796
	34,077	Caesars Entertainment Operating Co., Inc., Term B-2 Loan, VAR, 3.239%, 01/28/15		31,095
	35,767	CCM Merger, Inc., Term Loan, VAR, 6.000%, 03/01/17		35,481
		Isle of Capri Casinos, Inc., Term Loan B,
	5,705	VAR, 4.750%, 11/01/13		5,695
	225	VAR, 4.750%, 11/01/13		225
	13,100	Mohegan Tribal Gaming Authority, Term Loan, VAR, 9.000%, 03/31/16		13,449
	4,500	ROC Finance LLC, Funded Term B Loan, VAR, 8.500%, 08/18/17		4,528
				93,269
		Hotels, Restaurants & Leisure — 0.5%
	6,192	Ameristar Casinos, Inc., Term Loan B, VAR, 4.000%, 04/16/18		6,154
	9,375	Boyd Gaming Corp., Term Loan, VAR, 3.692%, 12/17/15		9,258
	10,816	Burger King Corp., Term Loan B, VAR, 4.500%, 10/19/16		10,706
		FOCUS Brands Inc., 1st Lien Term Loan,
	48	VAR, 6.250%, 02/21/18		48
	767	VAR, 6.250%, 02/21/18		766
	11	VAR, 7.250%, 02/21/18		11
	563	Fontainebleau Las Vegas, Delayed Draw Term Loan B, VAR, 06/06/14 (d)		101
	1,127	Fontainebleau Las Vegas, Initial Term Loan, VAR, 06/06/14 (d)		203
		Landry’s, Inc., Term Loan,
	4,688	VAR, 6.500%, 04/24/18		4,655
	12	VAR, 6.500%, 04/24/18		12
	1,575	MTL Publishing LLC, Term Loan, VAR, 03/01/18 ^		1,565
		NPC International, Term Loan,
	660	VAR, 5.250%, 12/28/18		658
	440	VAR, 5.250%, 12/28/18		439
		Outback (OSI Restaurant), Prefunded Revolving Credit Commitment,
	714	VAR, 0.294%, 06/14/13		698
	352	VAR, 0.294%, 06/14/13		344

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE($)
	Loan Participations & Assignments — Continued
			Hotels, Restaurants & Leisure — Continued
	10,226		Outback (OSI Restaurant), Term Loan B, VAR, 2.563%, 06/14/14		9,992
			Six Flags Theme Parks, Inc., Tranche B Term Loans,
	2,405		VAR, 4.250%, 12/20/18		2,379
	10,274		VAR, 4.250%, 12/20/18		10,165
	6,121		VAR, 4.250%, 12/20/18		6,055
	2,700		Wendy’s/Arby’s Restaurants LLC, Term Loan B, VAR, 05/15/19 ^		2,664
					66,873
			Household Durables — 0.1%
			Targus, 1st Lien Term Loan,
	13		VAR, 11.000%, 05/24/16		13
	4,950		VAR, 11.000%, 05/24/16		4,958
	3,000		Yankee Candle Co., Inc., 1st Lien Term Loan, VAR, 5.250%, 04/02/19		2,977
					7,948
			Leisure Equipment & Products — 0.1%
	2,860		Eastman Kodak, DIP Loan, VAR, 8.500%, 07/20/13		2,859
	7,585		Formula One Group, Term Loan, VAR, 06/14/18 ^		7,506
	5,269		Freedom Group, Inc., Term B Loan, VAR, 5.500%, 04/19/19		5,249
	81		VAR, 5.500%, 04/19/19		81
					15,695
			Media — 0.7%
	10,023		Cengage Learning Acquisitions, Inc., Term Loan, VAR, 2.490%, 07/03/14		9,051
	26,859		Clear Channel Communications, Inc., Term Loan B, VAR, 3.889%, 01/29/16 ^		20,890
	9,397		Cumulus Media, Term Loan, VAR, 5.750%, 09/17/18		9,323
	5,148		Entercom Radio LLC, Term Loan, VAR, 6.250%, 11/23/18		5,139
	4,937		High Plains Broadcasting Operating Co. LLC, Term Loan, VAR, 9.000%, 09/14/16		4,931
	697		Hubbard Radio LLC, 1st Lien Term Loan B, VAR, 5.250%, 04/28/17		691
	650		Hubbard Radio LLC, 2nd Lien Term Loan C, VAR, 8.750%, 04/30/18		651
	17,856		Newport Television LLC, Term Loan, VAR, 9.000%, 09/14/16		17,834
			Radio One, Inc., 1st Lien Term Loan B,
	4,783		VAR, 7.500%, 03/31/16 ^		4,684
	272		VAR, 7.500%, 03/31/16 ^		266
	109		VAR, 7.500%, 03/31/16 ^		107
	13,265		Univision Communications, Inc., Extended 1st Lien Term Loan, VAR, 4.489%, 03/31/17 ^		12,156
	–	(h)	Univision Communications, Inc., Initial Term Loan, VAR, 2.239%, 09/29/14 ^		—	(h)
	13,738		Vertis, Inc., 1st Lien Term Loan, VAR, 12/21/15 (d) (f) (i)		3,125
					88,848
			Specialty Retail — 0.4%
	5,486		99 Cents Only Stores, Term Loan, VAR, 5.250%, 01/11/19		5,447
			Claire’s Stores, Inc., Term Loan B,
	19,852		VAR, 2.989%, 05/29/14 ^		18,457
	8,547		VAR, 3.216%, 05/29/14 ^		7,946
	4,866		Gymboree, 1st Lien Term Loan, VAR, 5.000%, 02/23/18		4,502
			J. Crew, 1st Lien Term Loan,
	842		VAR, 4.750%, 03/07/18		820
	873		VAR, 4.750%, 03/07/18		850
	1,750		VAR, 4.750%, 03/07/18		1,705
	4,500		Neiman Marcus, 1st Lien Term Loan, VAR, 4.750%, 05/16/18		4,414
			Petco Animal Supplies, Inc., New Loans,
	2,476		VAR, 4.500%, 11/24/17		2,442
	412		VAR, 4.500%, 11/24/17		407
	412		VAR, 4.500%, 11/24/17		407
	412		VAR, 4.500%, 11/24/17		407
	412		VAR, 4.500%, 11/24/17		406
	412		VAR, 4.500%, 11/24/17		407
	412		VAR, 4.500%, 11/24/17		406
					49,023
			Textiles, Apparel & Luxury Goods — 0.0% (g)
	2,332		BCBG Max Azria, 1st Lien Term Loan, VAR, 13.750%, 06/09/15		2,274
			Total Consumer Discretionary		391,116
			Consumer Staples — 0.3%
			Food & Staples Retailing — 0.1%
			Rite Aid Corp., Tranche 2 Term Loan,
	1,490		VAR, 1.990%, 06/04/14		1,453
	1,748		VAR, 1.990%, 06/04/14		1,704
	1,762		VAR, 1.990%, 06/04/14		1,718
	8,991		SUPERVALU, Inc., Term B-2 Loan, VAR, 3.489%, 10/05/15		8,856

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE($)
	Loan Participations & Assignments — Continued
		Food & Staples Retailing — Continued
	4,218	SUPERVALU, Inc., Term Loan B3, VAR, 4.500%, 04/30/18		4,146
				17,877
		Food Products — 0.0% (g)
		High Liner Foods, Inc., Term Loan,
	2,426	VAR, 7.000%, 12/19/17		2,413
	43	VAR, 7.000%, 12/19/17		43
				2,456
		Household Products — 0.2%
		Spectrum Brands, Inc., New Term Loan,
	10,509	VAR, 5.000%, 06/17/16		10,494
	7,777	VAR, 5.000%, 06/17/16		7,765
	18	VAR, 6.250%, 06/17/16		18
				18,277
		Total Consumer Staples		38,610
		Energy — 0.2%
		Energy Equipment & Services — 0.0% (g)
	1,686	Equipower Resource Holdings, 1st Lien Term Loan, VAR, 5.750%, 01/26/18		1,653
		Oil, Gas & Consumable Fuels — 0.2%
	3,782	Arch Coal, Inc., 1st Lien Term Loan B, VAR, 5.750%, 05/16/18		3,668
	8,000	Chesapeake Energy Corp., Term Loan, VAR, 8.500%, 12/02/17		7,852
	10,547	MEG Energy Corp., Term Loan B, VAR, 4.000%, 03/18/18		10,421
	6,428	NGPL PipeCo LLC, Term Loan, VAR, 7.750%, 05/17/18		6,277
	660	Western Refining, Inc., Term Loan B, VAR, 7.500%, 03/15/17		660
				28,878
		Total Energy		30,531
		Financials — 0.6%
		Capital Markets — 0.1%
	6,050	Nuveen Investments, Inc., 1st Lien Term Loan, VAR, 7.250%, 05/13/17		6,035
	8,323	Pinafore LLC/Pinafore, Inc., Term Loan B1, VAR, 4.250%, 09/29/16		8,277
				14,312
		Diversified Financial Services — 0.1%
	4,268	Baker Corp. International, Term Loan, VAR, 4.750%, 06/01/18		4,217
		Harland Clarke Holdings Corp., Term Loan B,
	1,869	VAR, 2.739%, 06/30/14 ^		1,699
	483	VAR, 2.739%, 06/30/14		439
	376	VAR, 2.739%, 06/30/14		342
	453	VAR, 2.739%, 06/30/14		412
	622	VAR, 2.739%, 06/30/14		566
	444	VAR, 2.970%, 06/30/14		404
				8,079
		Insurance — 0.3%
	2,982	CNO Financial Group, Inc., Term Loan B1, VAR, 6.250%, 09/30/16		2,967
	29,335	Flying Fortress, Inc., Term Loan, VAR, 5.000%, 06/30/17		29,262
	6,139	Pilot Travel Centers, Initial Tranche B Term Loan, VAR, 4.250%, 03/30/18		6,128
	400	USI Holdings Corp., Series C, New Term Loan, VAR, 7.000%, 05/05/14		399
				38,756
		Real Estate Investment Trusts (REITs) — 0.1%
		iStar Financial, Inc., Term Loan A-1,
	9,031	VAR, 5.000%, 06/28/13		8,991
	4,999	VAR, 5.000%, 06/28/13		4,977
				13,968
		Real Estate Management & Development — 0.0% (g)
	91	Realogy Corp., Non-Extended Synthetic Commitment, VAR, 3.241%, 10/10/13		86
		Total Financials		75,201
		Health Care — 1.1%
		Health Care Equipment & Supplies — 0.0% (g)
		Biomet, Inc., Dollar Term Loans,
	1,948	VAR, 3.239%, 03/25/15		1,902
	143	VAR, 3.239%, 03/25/15		140
	2,882	VAR, 3.474%, 03/25/15		2,815
				4,857
		Health Care Providers & Services — 0.5%
		Community Health Systems, Inc., Non Extended B-1 Term Loan,
	3,453	VAR, 2.489%, 07/25/14		3,385
	1,394	VAR, 2.489%, 07/25/14		1,366
	2,839	VAR, 2.717%, 07/25/14		2,783
	3,000	HCA, Inc., Term B-3 Loan, VAR, 3.489%, 05/01/18		2,907
	13,342	HMA, Term Loan B, VAR, 4.500%, 11/16/18		13,135
	9,941	IASIS Healthcare LLC, 1st Lien Term Loan B, VAR, 5.000%, 05/03/18		9,783

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE($)
	Loan Participations & Assignments — Continued
		Health Care Providers & Services — Continued
	3,982	inVentiv Health, Inc., Consolidated Term Loan, VAR, 6.500%, 08/04/16		3,729
	17,984	National Mentor Holdings, Inc., Tranche B Term Loans, VAR, 7.000%, 02/09/17 ^		17,707
	7,624	Vanguard Health Systems, Term Loan B, VAR, 5.000%, 01/29/16		7,589
				62,384
		Pharmaceuticals — 0.6%
	8,300	Aptalis Pharma, Inc., Term B-2 Loan, VAR, 5.500%, 02/11/17		8,010
		Aptalis Pharma, Inc., Term Loan,
	28,485	VAR, 5.500%, 02/10/17		27,545
	3,072	VAR, 5.500%, 02/10/17		2,970
	11,936	Capsugel Holdings, Inc., Term Loan, VAR, 5.250%, 08/01/18		11,927
		Catalent Pharma Solutions, Inc., 1st Lien Incremental Term Loan B,
	5,505	VAR, 5.250%, 09/15/17		5,436
	2,828	VAR, 5.250%, 09/15/17		2,793
	2,374	Catalent Pharma Solutions, Inc., Extended Dollar Term - 1 Loan, VAR, 4.239%, 09/15/16		2,344
	EUR 8,327	Catalent Pharma Solutions, Inc., Term Loan B, VAR, 2.637%, 04/10/14		10,039
				71,064
		Total Health Care		138,305
		Industrials — 0.5%
		Aerospace & Defense — 0.1%
	5,600	Spirit AeroSystems, Inc., Term B Loan, VAR, 3.750%, 04/18/19		5,587
		Airlines — 0.1%
	1,995	Delta Air Lines, Inc., New Term Loan, VAR, 4.250%, 03/07/16		1,925
	9,926	United Airlines, Inc., Term Loan B, VAR, 2.250%, 02/01/14		9,594
				11,519
		Building Products — 0.1%
	2,244	DaVita, Inc., Term Loan A2, VAR, 4.500%, 10/20/16		2,240
	1,374	Jacuzzi Brands, Inc., 1st Lien Synthetic Credit Facility, VAR, 0.368%, 02/07/14		806
	13,581	Jacuzzi Brands, Inc., 1st Lien Term Loan B, VAR, 2.489%, 02/07/14		7,967
		Nortek, Inc., 1st Lien Term Loan,
	7	VAR, 5.250%, 04/26/17		7
	7	VAR, 5.250%, 04/26/17		7
	2,359	VAR, 5.250%, 04/26/17		2,346
	3	VAR, 6.250%, 04/26/17		3
				13,376
		Commercial Services & Supplies — 0.1%
	11,806	Waste Industries USA, Inc., 1st Lien Term Loan B, VAR, 4.750%, 03/17/17		11,639
		WCA Waste Corp., Term Loan,
	1,377	VAR, 5.500%, 03/23/18		1,370
	3	VAR, 5.500%, 03/23/18		3
				13,012
		Industrial Conglomerates — 0.0% (g)
	1,267	BOC Edwards, Extended Term Loan, VAR, 5.500%, 05/31/16		1,254
		Machinery — 0.0% (g)
	3,186	Colfax Corp., Term Loan, VAR, 4.500%, 01/13/19		3,178
		Road & Rail — 0.1%
	6,175	RailAmerica, Term Loan B, VAR, 4.000%, 03/01/19		6,147
		Swift Transportation Co., Tranche B-2 Term Loan,
	816	VAR, 5.000%, 12/15/17		812
	163	VAR, 5.000%, 12/15/17		162
	263	VAR, 5.000%, 12/15/17		261
	4,896	VAR, 5.000%, 12/15/17		4,872
	4,472	VAR, 5.000%, 12/15/17		4,449
				16,703
		Trading Companies & Distributors — 0.0% (g)
	6,500	SCH Group, 2nd Lien Term Loan, VAR, 10.500%, 04/30/18		5,566
		Total Industrials		70,195
		Information Technology — 1.1%
		Communications Equipment — 0.1%
	3,319	Avaya, Inc., Term Loan B1, VAR, 3.217%, 10/24/14		3,126
	6,668	Avaya, Inc., Term Loan B-3 Extending Tranche, VAR, 4.967%, 10/26/17		5,876
				9,002
		Computers & Peripherals — 0.0% (g)
		Sealed Air Corp., Term Loan B,
	800	VAR, 4.750%, 10/03/18		801
	919	VAR, 4.750%, 10/03/18		920
				1,721

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE($)
	Loan Participations & Assignments — Continued
			Electronic Equipment, Instruments & Components — 0.1%
	4,405		CDW Corp., Extended Term Loan, VAR, 4.000%, 07/15/17		4,212
	2,554		CDW Corp., Non Extended B-1 Term Loan, VAR, 3.739%, 10/10/14		2,510
	1,405		Unifrax LLC, Term Loan B, VAR, 6.500%, 11/28/18 ^		1,414
					8,136
			Internet Software & Services — 0.3%
	13,035		Go Daddy Group, Inc. (The), Tranche B-1 Term Loan, VAR, 5.500%, 12/17/18		12,790
	9,500		Sabre, Inc., Term Loan B, VAR, 07/28/17 ^		8,930
	7,653		Softlayer Technologies, Inc., Term Loan, VAR, 7.250%, 11/09/16		7,656
	9,500		Syniverse Holdings, Inc., Term Loan, VAR, 5.000%, 04/23/19		9,364
	4,330		Vertafore, Inc., 2nd Lien Term Loan, VAR, 9.750%, 10/17/17		4,308
					43,048
			IT Services — 0.3%
	34,922		First Data Corp., Extended 2018 Dollar Term Loan, VAR, 4.239%, 03/23/18 ^		31,548
	935		First Data Corp., Initial Tranche B1, VAR, 2.989%, 09/24/14		884
	–(h	)	First Data Corp., Initial Tranche B-2 Term Loan, VAR, 2.989%, 09/24/14		—  (h	)
	3,850		First Data Corp., Initial Tranche B3, VAR, 2.989%, 09/24/14		3,640
	1,488		Sitel, Inc., Tranche A Extended U.S. Term Loan, VAR, 7.219%, 01/30/17 (f) (i)		1,324
					37,396
			Semiconductors & Semiconductor Equipment — 0.3%
	10,981		Freescale Semiconductor, Inc., Tranche B-1 Term Loan, VAR, 4.489%, 12/01/16		10,290
	7,836		NXP B.V., Tranche A-2 Term Loan, VAR, 5.500%, 03/04/17		7,713
	11,375		NXP B.V., Tranche B Loan, VAR, 5.250%, 03/19/19		11,128
	4,963		Sensata Technologies B.V., Term Loan, VAR, 4.000%, 05/12/18		4,881
					34,012
			Software — 0.0% (g)
	4,950		Attachmate Corp., 1st Lien Term Loan, VAR, 7.250%, 11/22/17		4,848
			Total Information Technology		138,163
			Materials — 0.6%
			Chemicals — 0.2%
			AZ Chem U.S., Inc., Term Loan,
	1,983		VAR, 7.250%, 12/22/17		1,987
	152		VAR, 7.250%, 12/22/17		152
	920		Cristal Inorganic Chemicals (Millennium), 1st Lien, VAR, 2.720%, 05/15/14		917
	2,500		Cristal Inorganic Chemicals (Millennium), 2nd Lien, VAR, 6.220%, 11/15/14		2,488
	9,744		Momentive Performance, Tranche B-1B Term Loan, VAR, 3.750%, 05/05/15		9,406
			Trinseo, 1st Lien Term Loan,
	13,064		VAR, 6.000%, 08/02/17		11,653
	490		VAR, 6.750%, 08/02/17		437
					27,040
			Construction Materials — 0.0% (g)
	5,520		Road Infrastructure Investment LLC, Term Loan, VAR, 6.250%, 03/30/18		5,437
			Containers & Packaging — 0.3%
			Reynolds Group Holdings, Term Loan C,
	24,145		VAR, 6.500%, 08/09/18		24,210
	265		VAR, 6.500%, 08/09/18		266
			Reynolds Group Holdings, U.S. Term Loan,
	1,250		VAR, 6.500%, 02/09/18		1,250
	2,146		VAR, 6.500%, 02/09/18		2,146
	2,416		VAR, 6.500%, 02/09/18		2,417
	14		VAR, 6.500%, 02/09/18		14
	24		VAR, 6.500%, 02/09/18		24
	27		VAR, 6.500%, 02/09/18		27
					30,354
			Metals & Mining — 0.1%
	7,000		Fairmount Minerals, 1st Lien Term Loan, VAR, 5.250%, 03/15/17		6,877
			Paper & Forest Products — 0.0% (g)
	1,920		Ainsworth Lumber Ltd., Term Loan B, VAR, 5.250%, 06/26/14		1,819
			Total Materials		71,527
			Telecommunication Services — 0.2%
			Diversified Telecommunication Services — 0.2%
			Level 3 Communications, Inc., Tranche A Term Loans,
	1,214		VAR, 2.489%, 03/13/14		1,181
	3,036		VAR, 2.719%, 03/13/14		2,954
	10,000		Level 3 Communications, Inc., Tranche B II Term Loan, VAR, 5.750%, 09/01/18		9,905

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands, except number of contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE($)
	Loan Participations & Assignments — Continued
		Diversified Telecommunication Services — Continued
	5,000	Level 3 Financing, Inc., Term Loan B3, VAR, 5.750%, 09/01/18		4,953
				18,993
		Wireless Telecommunication Services — 0.0% (g)
		MetroPCS Wireless, Inc., Term Loan B2,
	2,953	VAR, 4.071%, 11/03/16		2,884
	1,512	VAR, 4.071%, 11/03/16		1,476
				4,360
		Total Telecommunication Services		23,353
		Utilities — 0.5%
		Independent Power Producers & Energy Traders — 0.5%
		Dynegy Midwest Generation, Inc., Term Loan,
	20	VAR, 9.250%, 08/05/16		20
	7,836	VAR, 9.250%, 08/05/16		7,988
		Dynegy Power LLC, Term Loan,
	23,428	VAR, 9.250%, 08/05/16		24,140
	59	VAR, 9.250%, 08/05/16		61
	33,836	Texas Competitive Electric, Extended Term Loan, VAR, 4.739%, 10/10/17 ^		19,602
	26,201	Texas Competitive Electric, Non-Extended Term Loan, VAR, 3.739%, 10/10/14		15,966
		Total Utilities		67,777
		Total Loan Participations & Assignments (Cost $1,063,226)		1,044,778
NUMBER OF WARRANTS
	Warrants — 0.1%
		Consumer Discretionary — 0.1%
		Automobiles — 0.1%
		General Motors Co.,
	481	expiring 7/10/2016 (Strike Price $10.00) (a)		6,401
	481	expiring 7/10/2019 (Strike Price $18.33) (a)		4,144
		Total Consumer Discretionary		10,545
		Industrials — 0.0%
		Marine — 0.0%
	25	General Maritime Corp., expiring 05/17/17 (Strike Price $1.00) (a) (f) (i)		—
		Total Warrants (Cost $17,233)		10,545
	Options Purchased — 0.0% (g)
		Payer Options Purchased on Interest Rate Swaps: — 0.0% (g)
	34,509	Expiring 06/06/12. If exercised the Fund pays semi-annually 2.355% and receives quarterly floating 3 month LIBOR terminating 06/08/22, European Style. Counterparty: Credit Suisse International (r)		—  (h	)
	52,478	Expiring 06/29/12. If exercised the Fund pays semi-annually 2.555% and receives quarterly floating 3 month LIBOR terminating 07/03/22, European Style. Counterparty: Deutsche Bank AG, New York (r)		10
	35,009	Expiring 08/01/12. If exercised the Fund pays semi-annually 2.355% and receives quarterly floating 3 month LIBOR terminating 08/03/22, European Style. Counterparty: Credit Suisse International (r)		93
		Total Payer Options Purchased on Interest Rate Swaps (Cost $1,036)		103
NUMBER OF CONTRACTS
		Put Options Purchased — 0.0% (g)
	695	10 Year U.S. Treasury Note, Expiring 06/22/12 at $133.00, American Style		271
	170	S&P 500 Index, Expiring 09/22/12 at $1,300.00, European Style		995
	74	S&P 500 Index, Expiring 09/22/12 at $1,325.00, European Style		518
		Total Put Options Purchased (Cost $2,061)		1,784
		Total Options Purchased (Cost $3,097)		1,887
PRINCIPAL AMOUNT
	Short-Term Investments— 43.1%
		U.S. Treasury Obligations— 0.2%
		U.S. Treasury Bills,
	5,810	0.066%, 06/21/12 (n)		5,810
	17,485	0.118%, 09/06/12 (k) (n)		17,482
	2,400	0.140%, 11/15/12 (k) (n)		2,398
		Total U.S. Treasury Obligations (Cost $25,687)		25,690

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
		Investment Company — 42.9%
	5,504,264	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.150% † (b) (l) (m) (Cost $5,504,264)		5,504,264
		Total Short-Term Investments (Cost $5,529,951)		5,529,954
		Total Investments — 103.6% (Cost $13,241,863)		13,291,466
		Liabilities in Excess of Other Assets — (3.6)%		(458,544	)
		NET ASSETS — 100.0%	$	12,832,922

Percentages indicated are based on net assets.

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands, except number of contracts)

TBA Short Commitment

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	(907,917)	Federal National Mortgage Association, 30 Year, Single Family, TBA, 5.000%, 07/15/34		(982,678	)
		(Proceeds received of $984,103)

Futures Contracts

NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 05/31/12			UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	392	30 Day Federal Funds		07/31/12		163,085			155
	392	30 Day Federal Funds		08/31/12		163,077			200
	352	3 Month Euro		03/17/14		108,088			547
	698	3 Month Euro		12/15/14		213,881			482
		Short Futures Outstanding
	(237)	90 Day Eurodollar		06/18/12		(58,969	)		35
	(3,188)	90 Day Eurodollar		09/17/12		(792,577	)		176
	(1,021)	10 Year U.S. Treasury Note		09/19/12		(136,750	)		(266	)
	(2,592)	30 Year U.S. Treasury Bond		09/19/12		(388,071	)		(6,217	)
	(1,890)	2 Year U.S. Treasury Note		09/28/12		(416,568	)		(241	)
	(5,295)	5 Year U.S. Treasury Note		09/28/12		(657,573	)		(1,820	)
	(698)	3 Month Euro		12/17/12		(214,593	)		(186	)
	(409)	90 Day Eurodollar		12/17/13		(101,626	)		69
	(352)	3 Month Euro		03/18/13		(108,219	)		(118	)
	(1,530)	90 Day Eurodollar		03/18/13		(380,090	)		(756	)
	(1,530)	90 Day Eurodollar		06/17/13		(380,033	)		(724	)
	(890)	30 Day Federal Funds		06/28/13		(370,177	)		90
	(526)	30 Day Federal Funds		07/31/13		(218,768	)		6
	(390)	90 Day Eurodollar		09/16/13		(96,861	)		(16	)
	(378)	90 Day Eurodollar		12/16/13		(93,857	)		(131	)
	(1,388)	90 Day Eurodollar		03/16/15		(343,530	)		(533	)
									(9,248	)

Forward Foreign Currency Exchange Contracts

CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 05/31/12		NET UNREALIZED APPRECIATION (DEPRECIATION)
	7,017,000	CAD	Royal Bank of Canada		06/20/12		7,081		6,791		(290	)
	7,866,000	CAD	Deutsche Bank AG		07/23/12		7,728		7,607		(121	)
	8,458,000	EUR	Deutsche Bank AG		06/08/12		10,845		10,458		(387	)
	7,079,333	EUR	Deutsche Bank AG		06/11/12		9,252		8,753		(499	)
	4,912,000	EUR	Union Bank of Switzerland AG		08/20/12		6,278		6,078		(200	)
	3,326,667	EUR	Credit Suisse International		09/19/12		4,189		4,118		(71	)
	4,990,000	EUR	Union Bank of Switzerland AG		09/19/12		6,369		6,177		(192	)
	4,028,000	GBP	Deutsche Bank AG		08/20/12		6,436		6,206		(230	)
	1,699,041,000	JPY	Royal Bank of Scotland		06/07/12		21,149		21,683		534
	894,433,000	JPY	Royal Bank of Scotland		06/08/12		11,134		11,415		281
	764,492,000	JPY	Citibank, N.A.		06/11/12		9,292		9,757		465
	577,148,000	JPY	Citibank, N.A.		06/20/12		7,209		7,367		158
	159,637,000	MXN	Union Bank of Switzerland AG		07/20/12		12,064		11,067		(997	)
	70,170,000	NOK	Deutsche Bank AG		07/20/12		12,104		11,454		(650	)
							131,130		128,931		(2,199	)

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands, except number of contracts)

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 05/31/12		NET UNREALIZED APPRECIATION (DEPRECIATION)
	5,750,000	CAD	State Street Corp.		06/07/12		5,796		5,567		229
	7,017,000	CAD	Citibank, N.A.		06/20/12		7,133		6,791		342
	87,165,000	EUR	Credit Suisse International		06/07/12		114,689		107,780		6,909
	8,458,000	EUR	Royal Bank of Scotland		06/08/12		11,120		10,458		662
	7,079,333	EUR	Citibank, N.A.		06/11/12		9,249		8,753		496
	4,912,000	EUR	Deutsche Bank AG		08/20/12		6,435		6,078		357
	13,308,400	EUR	Citibank, N.A.		09/19/12		17,386		16,473		913
	5,237,000	EUR	Union Bank of Switzerland AG		09/19/12		6,710		6,483		227
	22,500,000	GBP	State Street Corp.		06/07/12		36,314		34,676		1,638
	4,895,000	GBP	Deutsche Bank AG		07/23/12		7,747		7,542		205
	4,028,000	GBP	Union Bank of Switzerland AG		08/20/12		6,348		6,206		142
	1,132,691,000	JPY	Deutsche Bank AG		06/07/12		14,152		14,455		(303	)
	566,350,000	JPY	Royal Bank of Scotland		06/07/12		7,078		7,228		(150	)
	894,433,000	JPY	Deutsche Bank AG		06/08/12		11,234		11,415		(181	)
	764,492,000	JPY	Deutsche Bank AG		06/11/12		9,452		9,756		(304	)
	577,148,000	JPY	Royal Bank of Canada		06/20/12		7,092		7,367		(275	)
	159,637,000	MXN	Deutsche Bank AG		07/20/12		12,122		11,067		1,055
	215,000,000	NOK	State Street Corp.		06/07/12		37,320		35,156		2,164
	33,000,000	NOK	Union Bank of Switzerland AG		06/07/12		5,742		5,396		346
	70,170,000	NOK	Union Bank of Switzerland AG		07/20/12		12,125		11,454		671
							345,244		330,101		15,143

Payer Options Written on Interest Rate Swaps*

COUNTERPARTY	EXERCISE RATE**(r)	OPTION EXPIRATION DATE		SWAP TERMINATION DATE		NOTIONAL AMOUNT		VALUE
Credit Suisse International	2.610% semi-annually		06/06/12		06/08/22		17,253		—
(Premiums received of 97.)

* European Style

** The Fund would pay or receive quarterly a floating rate based on 3 month LIBOR, if exercised.

Credit Default Swaps - Buy Protection [1]

Corporate and Sovereign Issuers:

SWAP COUNTERPARTY/ REFERENCE OBLIGATION	FUND PAYS FIXED RATE (r)	TERMINATION DATE		IMPLIED  CREDIT SPREAD AS OF 05/31/12 [3]			NOTIONAL AMOUNT [4]		VALUE			UPFRONT PREMIUMS (PAID)/RECEIVED  [5]
Bank of America:
Aetna, Inc., 6.625%, 06/15/36	1.000% quarterly		09/20/16		0.664	%		6,550		(106	)		66
Ally Financial, Inc., 8.300%, 02/12/15	5.000% quarterly		12/20/13		3.244			13,850		(506	)		(317	)
Beazer Homes USA, Inc., 9.125%, 06/15/18	5.000% quarterly		09/20/16		9.457			3,300		466			(1,142	)
People’s Republic of China, 4.250%, 10/28/14	1.000% quarterly		06/20/17		1.352			34,550		516			(153	)
PulteGroup, Inc., 5.250%, 01/15/14	5.000% quarterly		12/20/16		3.863			20,700		(1,161	)		457
XL Group plc, 5.250%, 09/15/14	1.000% quarterly		03/20/17		1.256			13,000		126			(69	)
XL Group plc, 5.250%, 09/15/14	1.000% quarterly		03/20/17		1.256			7,000		68			(31	)
XL Group plc, 5.250%, 09/15/14	1.000% quarterly		03/20/17		1.256			7,000		68			(48	)
Barclays Bank plc:
Aetna, Inc., 6.625%, 06/15/36	1.000% quarterly		09/20/16		0.664			9,700		(157	)		103
Aetna, Inc., 6.625%, 06/15/36	1.000% quarterly		09/20/16		0.664			6,450		(104	)		69
Ally Financial, Inc., 8.300%, 02/12/15	5.000% quarterly		12/20/13		3.244			3,300		(120	)		(128	)
Darden Restaurants, Inc., 6.000%, 08/15/35	1.000% quarterly		06/20/17		1.237			17,450		165			2
International Paper Co., 5.300%, 04/01/15	1.000% quarterly		06/20/17		1.697			7,000		219			(108	)
International Paper Co., 5.300%, 04/01/15	1.000% quarterly		06/20/17		1.697			6,950		217			(59	)
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17	5.000% quarterly		06/20/13		19.999			6,400		795			(380	)
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17	5.000% quarterly		06/20/13		19.999			6,350		788			(439	)
PulteGroup, Inc., 5.250%, 01/15/14	5.000% quarterly		12/20/16		3.863			17,150		(962	)		160
XL Group plc, 5.250%, 09/15/14	1.000% quarterly		03/20/17		1.256			12,050		117			18
Citibank, N.A.:
Beazer Homes USA, Inc., 9.125%, 06/15/18	5.000% quarterly		09/20/16		9.457			6,500		917			(1,099	)
Beazer Homes USA, Inc., 9.125%, 06/15/18	5.000% quarterly		09/20/16		9.457			1,300		183			(245	)
Hartford Financial Services Group, Inc. (The), 4.000%, 03/30/15	1.000% quarterly		09/20/16		2.702			6,500		426			(314	)
People’s Republic of China, 4.250%, 10/28/14	1.000% quarterly		06/20/17		1.352			34,550		516			(170	)
People’s Republic of China, 4.250%, 10/28/14	1.000% quarterly		06/20/17		1.352			27,700		413			(94	)
People’s Republic of China, 4.250%, 10/28/14	1.000% quarterly		06/20/17		1.352			17,350		259			(42	)
People’s Republic of China, 4.250%, 10/28/14	1.000% quarterly		06/20/17		1.352			17,350		259			(85	)
United Kingdom of Great Britain and Northern Ireland, 4.250%, 06/07/32	1.000% quarterly		09/20/16		0.616			16,250		(297	)		177
Credit Suisse International:
Starwood Hotels & Resorts Worldwide, Inc., 6.750%, 05/15/18	1.000% quarterly		06/20/17		1.515			17,360		392			(121	)
Deutsche Bank AG, New York:
Alcoa, Inc., 5.720%, 02/23/19	1.000% quarterly		06/20/17		3.394			27,900		2,967			(2,376	)
Ally Financial, Inc., 8.300%, 02/12/15	5.000% quarterly		12/20/13		3.244			3,300		(120	)		(128	)
Beazer Homes USA, Inc., 9.125%, 06/15/18	5.000% quarterly		09/20/16		9.457			3,250		459			(1,092	)
Darden Restaurants, Inc., 6.000%, 08/15/35	1.000% quarterly		06/20/17		1.237			7,000		66			(33	)
Hartford Financial Services Group, Inc. (The), 4.000%, 03/30/15	1.000% quarterly		09/20/16		2.702			9,700		636			(474	)
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17	5.000% quarterly		06/20/13		19.999			6,400		795			(609	)
People’s Republic of China, 4.250%, 10/28/14	1.000% quarterly		06/20/17		1.352			33,850		505			(133	)
PulteGroup, Inc., 5.250%, 01/15/14	5.000% quarterly		12/20/16		3.863			6,700		(376	)		177
United States of America, 0.000%, 08/15/16	0.250% quarterly		09/20/16		0.415		EUR	16,250		130			(327	)
Morgan Stanley Capital Services:
Beazer Homes USA, Inc., 9.125%, 06/15/18	5.000% quarterly		09/20/13		5.712			1,290		(1	)		(42	)
Government of France, 4.250%, 04/25/19	0.250% quarterly		06/20/17		2.198			41,892		3,785			(3,437	)
Nordstorm., Inc, 6.950%, 03/15/28	1.000% quarterly		06/20/17		1.150			13,850		73			176
Royal Bank of Scotland:
Weyerhaeuser Co., 7.125%, 07/15/23	1.000% quarterly		06/20/17		1.803			17,350		628			(279	)
Union Bank of Switzerland AG:
Ally Financial, Inc., 8.300%, 02/12/15	5.000% quarterly		03/20/14		3.417			3,300		(123	)		(128	)
Federal Republic of Germany, 6.000%, 06/20/16	0.250% quarterly		06/20/17		1.027			207,700		7,749			(4,780	)
Federal Republic of Brazil, 12.250%, 03/06/30	1.000% quarterly		06/20/17		1.710			34,550		1,104			(255	)
Goodrich Corp., 6.290%, 07/01/16	1.000% quarterly		03/20/17		0.302			6,430		(225	)		295
Hartford Financial Services Group, Inc. (The), 4.000%, 03/30/15	1.000% quarterly		09/20/16		2.702			6,550		429			(584	)
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17	5.000% quarterly		06/20/13		19.999			12,900		1,601			(1,021	)
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17	5.000% quarterly		06/20/13		19.999			6,450		801			(407	)
Limited Brands, Inc., 6.900%, 07/15/17	1.000% quarterly		06/20/17		2.527			34,900		2,411			(1,170	)
United Kingdom of Great Britain and Northern Ireland, 4.250%, 06/07/32	1.000% quarterly		09/20/16		0.616			16,250		(297	)		189
United Mexican States, 5.950%, 03/19/19	1.000% quarterly		06/20/17		1.638			69,900		2,001			(274	)
United Mexican States, 5.950%, 03/19/19	1.000% quarterly		06/20/17		1.638			69,250		1,983			(272	)
United Mexican States, 5.950%, 03/19/19	1.000% quarterly		06/20/17		1.638			33,950		972			(234	)
United States of America, 0.000%, 08/15/16	0.250% quarterly		09/20/16		0.415		EUR	32,450		259			(720	)
										31,709			(21,930	)

Credit Indices:

SWAP COUNTERPARTY/ REFERENCE OBLIGATION	FUND PAYS FIXED RATE (r)	TERMINATION DATE		IMPLIED CREDIT SPREAD AS  OF 05/31/12 [3]			NOTIONAL AMOUNT [4]		VALUE			UPFRONT PREMIUMS (PAID)/RECEIVED [5]
Bank of America:
CDX.NA.HY.18.V.1	5.000% quarterly		06/20/17		6.771	%		20,900		1,256			(548	)
MCDX.NA.17.V.1	1.000% quarterly		12/20/16		1.868			34,750		1,088			(1,278	)
Barclays Bank plc:
CDX.EM.17.V.1	5.000% quarterly		06/20/17		3.335			136,550		(11,593	)		17,811
CMBX.NA.AA.3	0.270% monthly		12/13/49		5.766			14,100		9,405			(7,999	)
Citibank, N.A.:
CMBX.NA.BBB.4	5.000% monthly		02/17/51		44.540			10,550		7,132			(8,434	)
CMBX.NA.BBB.4	5.000% monthly		02/17/51		44.540			6,900		4,664			(5,854	)
MCDX.NA.18.V.1	1.000% quarterly		06/20/17		1.988			35,300		1,369			(997	)
Credit Suisse International:
CDX.NA.HY.18.V.1	5.000% quarterly		06/20/17		6.771			17,600		1,058			(630	)
CMBX.NA.BBB.5	5.000% monthly		02/15/51		78.218			6,900		4,846			(5,865	)
Deutsche Bank AG, New York:
CMBX.NA.AA.2	0.150% monthly		03/15/49		2.784			7,060		3,163			(2,876	)
CMBX.NA.AAA	0.100% monthly		10/12/52		0.269			5,700		244			(1,097	)
Morgan Stanley Capital Services:
CDX.NA.IG.9.V.4	0.800% quarterly		12/20/17		1.665			33,400		1,372			(1,552	)
CDX.NA.IG.9.V.4	0.800% quarterly		12/20/17		1.665			9,700		664			(229	)
CMBX.NA.AA.2	0.150% monthly		03/15/49		2.784			14,100		6,318			(5,568	)
CMBX.NA.AA.2	0.150% monthly		03/15/49		2.784			7,070		3,168			(3,534	)
CMBX.NA.AA.2	0.150% monthly		03/15/49		2.784			40		18			(3,658	)
CMBX.NA.AA.3	0.270% monthly		12/13/49		5.766			7,050		4,703			(4,088	)
CMBX.NA.AJ.2	1.090% monthly		03/15/49		2.643			17,150		4,609			(2,139	)
CMBX.NA.AM.1	0.500% monthly		10/12/52		0.939			17,100		1,708			(2,773	)
iTraxx Europe Series 9 Version 1	1.750% quarterly		06/20/18		0.727		EUR	17,300		572			(94	)
MCDX.NA.17.V.1	1.000% quarterly		12/20/16		1.868			32,250		1,010			(1,163	)
MCDX.NA.17.V.1	1.000% quarterly		12/20/16		1.868			17,250		540			(665	)
Royal Bank of Scotland:
ABX.HE.PENAAA.06.2	0.110% monthly		05/25/46		1.724			12,100		1,851			(3,595	)
ABX.HE.PENAAA.06.2	0.110% monthly		05/25/46		1.724			8,800		1,346			(3,000	)
ABX.HE.PENAAA.06.2	0.110% monthly		05/25/46		1.724			1,500		229			(276	)
CDX.NA.IG.9.V.4	0.800% quarterly		12/20/17		1.665			32,700		1,343			(1,503	)
CDX.NA.IG.9.V.4	0.800% quarterly		12/20/17		1.665			16,800		690			(767	)
CMBX.NA.AAA	0.100% monthly		10/12/52		0.269			17,700		758			(1,105	)
Union Bank of Switzerland AG:
CDX.EM.17.V.1	5.000% quarterly		06/20/17		3.335			119,150		(10,116	)		15,506
CDX.EM.17.V.1	5.000% quarterly		06/20/17		3.335			300		(25	)		37
CDX.NA.IG.9.V.4	0.800% quarterly		12/20/17		1.665			64,300		2,641			(2,002	)
CDX.NA.IG.9.V.4	0.800% quarterly		12/20/17		1.665			64,300		2,641			(2,193	)
										48,672			(42,128	)

Credit Default Swaps - Sell Protection [2]

Corporate and Sovereign Issuers:

SWAP COUNTERPARTY/ REFERENCE OBLIGATION	FUND RECEIVES FIXED RATE (r)	TERMINATION DATE		IMPLIED  CREDIT SPREAD AS OF 05/31/12 [3]			NOTIONAL AMOUNT [4]		VALUE			UPFRONT PREMIUMS (PAID)/RECEIVED [5]
Bank of America:
Berkshire Hathaway, Inc., 2.450%, 12/15/15	1.000% quarterly		03/20/17		1.511	%		13,000		(276	)		252
Berkshire Hathaway, Inc., 2.450%, 12/15/15	1.000% quarterly		03/20/17		1.511			7,000		(149	)		153
Berkshire Hathaway, Inc., 2.450%, 12/15/15	1.000% quarterly		03/20/17		1.511			7,000		(149	)		143
Block Financial LLC, 5.125%, 10/30/14	5.000% quarterly		03/20/13		5.207			7,000		59			(38	)
Block Financial LLC, 5.125%, 10/30/14	5.000% quarterly		03/20/13		5.207			7,000		59			(54	)
Boyd Gaming Corp., 6.750%, 04/15/14	5.000% quarterly		06/20/14		5.966			6,500		(56	)		30
Freeport-McMoRan Copper & Gold, Inc., 3.550%, 03/01/22	1.000% quarterly		06/20/17		2.013			27,900		(1,279	)		969
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		06/20/14		27.473			4,900		(1,419	)		931
MBIA Insurance Corp., 0.000%, 10/06/10	5.000% quarterly		12/20/12		26.712			7,000		(687	)		1,072
McClatchy Co. (The), 5.750%, 09/01/17	5.000% quarterly		06/20/14		7.129			13,250		(405	)		99
McClatchy Co. (The), 5.750%, 09/01/17	5.000% quarterly		06/20/14		7.129			12,950		(396	)		101
Realogy Corp., 10.500%, 04/15/14	5.000% quarterly		06/20/13		6.554			6,500		(37	)		(42	)
Realogy Corp., 10.500%, 04/15/14	5.000% quarterly		06/20/13		6.554			6,500		(37	)		(56	)
Realogy Corp., 10.500%, 04/15/14	5.000% quarterly		06/20/13		6.554			5,400		(31	)		(4	)
Realogy Corp., 10.500%, 04/15/14	5.000% quarterly		06/20/13		6.554			3,200		(18	)		(7	)
Realogy Corp., 10.500%, 04/15/14	5.000% quarterly		06/20/13		6.554			3,150		(18	)		(34	)
Realogy Corp., 10.500%, 04/15/14	5.000% quarterly		06/20/14		9.056			6,950		(451	)		121
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly		06/20/12		23.193			1,950		—	(h)		70
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly		09/20/12		18.496			6,050		(181	)		375
Barclays Bank plc:
Berkshire Hathaway, Inc., 2.450%, 12/15/15	1.000% quarterly		03/20/17		1.511			12,050		(256	)		174
Clear Channel Communications, Inc., 6.875%, 06/15/18	5.000% quarterly		06/20/13		6.746			10,450		(77	)		1,211
Clear Channel Communications, Inc., 6.875%, 06/15/18	5.000% quarterly		06/20/13		6.746			6,950		(51	)		892
Clear Channel Communications, Inc., 6.875%, 06/15/18	5.000% quarterly		03/20/14		10.070			6,900		(476	)		363
Clear Channel Communications, Inc., 6.875%, 06/15/18	5.000% quarterly		09/20/14		12.755			6,700		(882	)		416
Dixons Retail plc, 8.750%, 08/03/15	5.000% quarterly		06/20/12		2.625		EUR	6,000		85			231
Dixons Retail plc, 8.750%, 08/03/15	5.000% quarterly		06/20/12		2.625		EUR	3,250		46			125
Dixons Retail plc, 8.750%, 08/03/15	5.000% quarterly		09/20/12		2.626		EUR	4,750		103			119
Dixons Retail plc, 8.750%, 08/03/15	5.000% quarterly		06/20/13		4.724		EUR	25,900		415			2,017
Dixons Retail plc, 8.750%, 08/03/15	5.000% quarterly		06/20/13		4.724		EUR	12,900		207			990
First Data Corp., 9.875%, 09/24/15	5.000% quarterly		12/20/12		1.121			6,850		218			(20	)
First Data Corp., 9.875%, 09/24/15	5.000% quarterly		12/20/12		1.121			6,850		218			(28	)
First Data Corp., 9.875%, 09/24/15	5.000% quarterly		12/20/12		1.121			3,500		112			118
First Data Corp., 9.875%, 09/24/15	5.000% quarterly		12/20/12		1.121			1,400		45			25
Harrah’s Operating Co., Inc., 5.625%, 06/01/15	5.000% quarterly		03/20/13		7.692			13,350		(148	)		109
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		12/20/12		15.130			4,750		(204	)		750
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		03/20/13		17.727			10,500		(857	)		963
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		06/20/13		19.999			13,350		(1,657	)		261
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		06/20/13		19.999			10,050		(1,248	)		362
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		06/20/13		19.999			3,150		(391	)		485
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		03/20/14		25.408			750		(186	)		77
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		06/20/14		27.473			6,400		(1,853	)		916
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		06/20/14		27.473			6,350		(1,838	)		971
R.R. Donnelley & Sons Co., 6.125%, 01/15/17	5.000% quarterly		06/20/17		8.541			20,900		(2,610	)		1,554
R.R. Donnelley & Sons Co., 6.125%, 01/15/17	5.000% quarterly		06/20/17		8.541			17,600		(2,198	)		1,476
Realogy Corp., 10.500%, 04/15/14	5.000% quarterly		12/20/12		4.485			1,400		18			92
Rite Aid Corp., 7.700%, 02/15/27	5.000% quarterly		09/20/12		2.529			3,500		62			62
Standard Pacific Corp., 10.750%, 09/15/16	5.000% quarterly		12/20/16		4.388			17,150		595			1,198
Standard Pacific Corp., 10.750%, 09/15/16	5.000% quarterly		12/20/16		4.388			4,350		151			304
SUPERVALU, Inc., 8.000%, 05/01/16	5.000% quarterly		09/20/14		6.851			5,450		(160	)		233
SUPERVALU, Inc., 8.000%, 05/01/16	5.000% quarterly		09/20/16		9.068			4,450		(569	)		637

Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly	06/20/12	23.193			3,150	—	(h)	200
BNP Paribas:
Boyd Gaming Corp., 6.750%, 04/15/14	5.000% quarterly	06/20/14	5.966			3,100	(27	)	78
SUPERVALU, Inc., 8.000%, 05/01/16	5.000% quarterly	12/20/15	8.471			3,450	(322	)	237
SUPERVALU, Inc., 8.000%, 05/01/16	5.000% quarterly	12/20/15	8.471			3,450	(322	)	237
SUPERVALU, Inc., 8.000%, 05/01/16	5.000% quarterly	12/20/15	8.471			3,450	(322	)	229
SUPERVALU, Inc., 8.000%, 05/01/16	5.000% quarterly	03/20/16	8.718			6,850	(727	)	569
SUPERVALU, Inc., 8.000%, 05/01/16	5.000% quarterly	03/20/16	8.718			6,850	(727	)	547
SUPERVALU, Inc., 8.000%, 05/01/16	5.000% quarterly	03/20/16	8.718			5,350	(567	)	494
SUPERVALU, Inc., 8.000%, 05/01/16	5.000% quarterly	03/20/16	8.718			3,300	(350	)	314
SUPERVALU, Inc., 8.000%, 05/01/16	5.000% quarterly	09/20/16	9.068			6,600	(844	)	813
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly	06/20/12	23.193			3,250	—	(h)	117
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly	06/20/12	23.193			3,250	—	(h)	84
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly	09/20/12	18.496			3,150	(94	)	195
Citibank, N.A.:
Block Financial LLC, 5.125%, 10/30/14	5.000% quarterly	12/20/12	5.104			6,850	66		33
Chesapeake Energy Corp., 6.625%, 08/15/20	5.000% quarterly	06/20/13	8.576			6,950	(174	)	152
Clear Channel Communications, Inc., 6.875%, 06/15/18	5.000% quarterly	03/20/14	10.070			13,350	(922	)	336
Clear Channel Communications, Inc., 6.875%, 06/15/18	5.000% quarterly	03/20/14	10.070			10,200	(704	)	232
Clear Channel Communications, Inc., 6.875%, 06/15/18	5.000% quarterly	03/20/14	10.070			6,900	(476	)	361
Clear Channel Communications, Inc., 6.875%, 06/15/18	5.000% quarterly	03/20/14	10.070			6,700	(463	)	160
Clear Channel Communications, Inc., 6.875%, 06/15/18	5.000% quarterly	03/20/14	10.070			1,800	(124	)	43
Dixons Retail plc, 8.750%, 08/03/15	5.000% quarterly	06/20/12	2.625		EUR	3,250	46		125
First Data Corp., 9.875%, 09/24/15	5.000% quarterly	12/20/12	1.121			3,500	112		118
Harrah’s Operating Co., Inc., 5.625%, 06/01/15	5.000% quarterly	12/20/12	6.395			6,850	17		188
Harrah’s Operating Co., Inc., 5.625%, 06/01/15	5.000% quarterly	03/20/13	7.692			13,350	(149	)	54
Harrah’s Operating Co., Inc., 5.625%, 06/01/15	5.000% quarterly	03/20/13	7.692			3,150	(34	)	36
Harrah’s Operating Co., Inc., 5.625%, 06/01/15	5.000% quarterly	03/20/13	7.692			3,150	(35	)	80
Harrah’s Operating Co., Inc., 5.625%, 06/01/15	5.000% quarterly	03/20/13	7.692			3,150	(35	)	44
McClatchy Co. (The), 5.750%, 09/01/17	5.000% quarterly	06/20/14	7.129			3,200	(98	)	127
McClatchy Co. (The), 5.750%, 09/01/17	5.000% quarterly	03/20/15	9.563			10,250	(1,054	)	383
McClatchy Co. (The), 5.750%, 09/01/17	5.000% quarterly	03/20/15	9.563			1,400	(144	)	66
Realogy Corp., 10.500%, 04/15/14	5.000% quarterly	12/20/12	4.485			6,900	90		400
Realogy Corp., 10.500%, 04/15/14	5.000% quarterly	12/20/12	4.485			6,850	89		417
Realogy Corp., 10.500%, 04/15/14	5.000% quarterly	12/20/12	4.485			6,850	89		356
Realogy Corp., 10.500%, 04/15/14	5.000% quarterly	06/20/13	6.554			2,650	(15	)	(6	)
Realogy Corp., 10.500%, 04/15/14	5.000% quarterly	12/20/13	8.220			6,850	(251	)	841
Realogy Corp., 10.500%, 04/15/14	5.000% quarterly	06/20/14	9.056			6,400	(415	)	301
SUPERVALU, Inc., 7.500%, 05/15/12	5.000% quarterly	12/20/15	8.471			6,950	(648	)	328
Credit Suisse International:
Chesapeake Energy Corp., 6.625%, 08/15/20	5.000% quarterly	12/20/12	8.566			3,450	(31	)	75
Harrah’s Operating Co., Inc., 5.625%, 06/01/15	5.000% quarterly	12/20/12	6.395			3,450	9		99
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	03/20/13	17.727			7,000	(571	)	431
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	03/20/13	17.727			3,500	(286	)	305
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	03/20/13	17.727			3,500	(286	)	216
McClatchy Co. (The), 5.750%, 09/01/17	5.000% quarterly	12/20/12	3.656			3,300	58		232
Standard Pacific Corp., 10.750%, 09/15/16	5.000% quarterly	12/20/16	4.388			2,300	80		114
SUPERVALU, Inc., 8.000%, 05/01/16	5.000% quarterly	03/20/16	8.718			6,700	(711	)	567
SUPERVALU, Inc., 8.000%, 05/01/16	5.000% quarterly	03/20/16	8.718			2,000	(212	)	206
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly	06/20/12	23.193			3,200	—	(h)	159
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly	09/20/12	18.496			6,450	(193	)	547
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly	09/20/12	18.496			3,150	(94	)	195
Deutsche Bank AG, New York:
Block Financial LLC, 5.125%, 10/30/14	5.000% quarterly	09/20/12	5.102			8,650	85		40
Block Financial LLC, 5.125%, 10/30/14	5.000% quarterly	09/20/12	5.102			6,950	68		56
Block Financial LLC, 5.125%, 10/30/14	5.000% quarterly	03/20/13	5.207			6,900	58		(51	)
Block Financial LLC, 5.125%, 10/30/14	5.000% quarterly	09/20/16	5.351			9,600	(25	)	(415	)
Boyd Gaming Corp., 6.750%, 04/15/14	5.000% quarterly	06/20/14	5.966			32,300	(278	)	67
Boyd Gaming Corp., 6.750%, 04/15/14	5.000% quarterly	06/20/14	5.966			32,050	(276	)	108
Boyd Gaming Corp., 6.750%, 04/15/14	5.000% quarterly	06/20/14	5.966			22,500	(194	)	136
Boyd Gaming Corp., 6.750%, 04/15/14	5.000% quarterly	06/20/14	5.966			19,400	(167	)	78
Boyd Gaming Corp., 6.750%, 04/15/14	5.000% quarterly	06/20/14	5.966			5,900	(51	)	80
Clear Channel Communications, Inc., 6.875%, 06/15/18	5.000% quarterly	09/20/13	8.179	%		12,800	(360	)	537
Clear Channel Communications, Inc., 6.875%, 06/15/18	5.000% quarterly	09/20/14	12.755	%		6,550	(862	)	281
Harrah’s Operating Co., Inc., 5.625%, 06/01/15	5.000% quarterly	03/20/13	7.692			16,700	(186	)	230
Harrah’s Operating Co., Inc., 5.625%, 06/01/15	5.000% quarterly	03/20/13	7.692			13,400	(149	)	242
Harrah’s Operating Co., Inc., 5.625%, 06/01/15	5.000% quarterly	03/20/13	7.692			6,750	(74	)	149
Harrah’s Operating Co., Inc., 5.625%, 06/01/15	5.000% quarterly	03/20/13	7.692			6,750	(75	)	86
Harrah’s Operating Co., Inc., 5.625%, 06/01/15	5.000% quarterly	03/20/13	7.692			6,700	(74	)	91
Harrah’s Operating Co., Inc., 5.625%, 06/01/15	5.000% quarterly	03/20/13	7.692			6,700	(75	)	89
Harrah’s Operating Co., Inc., 5.625%, 06/01/15	5.000% quarterly	03/20/13	7.692			6,700	(75	)	44
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	12/20/12	15.130			1,390	(60	)	216

K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	03/20/13	17.727	7,050	(575	)	833
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	06/20/13	19.999	9,650	(1,198	)	1,330
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	06/20/13	19.999	6,700	(832	)	263
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	06/20/13	19.999	6,400	(795	)	1,049
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	06/20/13	19.999	3,300	(410	)	306
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	06/20/13	19.999	3,250	(404	)	397
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	06/20/13	19.999	3,200	(397	)	467
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	06/20/13	19.999	3,150	(391	)	516
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	06/20/13	19.999	3,150	(391	)	514
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	06/20/13	19.999	3,150	(391	)	444
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	06/20/13	19.999	3,150	(391	)	415
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	09/20/13	21.833	3,150	(522	)	599
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	09/20/13	21.833	3,150	(522	)	595
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	09/20/13	21.833	3,150	(522	)	562
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	03/20/14	25.408	26,750	(6,629	)	1,378
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	03/20/14	25.408	14,650	(3,631	)	847
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	06/20/14	27.473	6,400	(1,853	)	1,169
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	06/20/14	27.473	1,980	(573	)	405
McClatchy Co. (The), 5.750%, 09/01/17	5.000% quarterly	12/20/12	3.656	6,950	122		138
McClatchy Co. (The), 5.750%, 09/01/17	5.000% quarterly	12/20/12	3.656	3,500	61		66
McClatchy Co. (The), 5.750%, 09/01/17	5.000% quarterly	12/20/13	6.279	6,950	(62	)	423
McClatchy Co. (The), 5.750%, 09/01/17	5.000% quarterly	12/20/13	6.279	6,900	(61	)	366
McClatchy Co. (The), 5.750%, 09/01/17	5.000% quarterly	03/20/15	9.563	6,900	(710	)	327
Realogy Corp., 10.500%, 04/15/14	5.000% quarterly	12/20/12	4.485	6,950	90		462
Realogy Corp., 10.500%, 04/15/14	5.000% quarterly	06/20/13	6.554	3,200	(18	)	(21	)
Realogy Corp., 10.500%, 04/15/14	5.000% quarterly	12/20/13	8.220	12,750	(468	)	439
Realogy Corp., 10.500%, 04/15/14	5.000% quarterly	06/20/14	9.056	12,900	(836	)	426
Realogy Corp., 10.500%, 04/15/14	5.000% quarterly	09/20/14	9.532	5,100	(418	)	256
Rite Aid Corp., 7.700%, 02/15/27	5.000% quarterly	03/20/14	5.289	10,300	52		629
Rite Aid Corp., 7.700%, 02/15/27	5.000% quarterly	03/20/14	5.289	3,200	16		169
Standard Pacific Corp., 10.750%, 09/15/16	5.000% quarterly	12/20/16	4.388	20,750	720		1,135
SUPERVALU, Inc., 7.500%, 05/15/12	5.000% quarterly	12/20/15	8.471	6,950	(648	)	328
SUPERVALU, Inc., 8.000%, 05/01/16	5.000% quarterly	06/20/16	8.933	3,050	(361	)	291
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly	06/20/12	23.193	12,800	2		213
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly	06/20/12	23.193	5,750	1		312
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly	06/20/12	23.193	3,250	—	(h)	190
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly	06/20/12	23.193	3,200	—	(h)	64
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly	09/20/12	18.496	6,450	(193	)	490
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly	09/20/12	18.496	6,400	(191	)	473
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly	09/20/12	18.496	6,400	(191	)	395
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly	09/20/12	18.496	3,200	(96	)	303
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly	09/20/12	18.496	1,700	(51	)	240
Morgan Stanley Capital Services:
Block Financial LLC, 5.125%, 10/30/14	5.000% quarterly	09/20/16	5.351	6,350	(17	)	(152	)
Boyd Gaming Corp., 6.750%, 04/15/14	5.000% quarterly	06/20/14	5.966	13,350	(115	)	196
Caesars Entertainment Operating Co., 5.375%, 12/15/13	5.000% quarterly	03/20/13	7.692	6,550	(72	)	121
Clear Channel Communications, Inc., 6.875%, 06/15/18	5.000% quarterly	06/20/13	6.746	2,900	(21	)	22
Clear Channel Communications, Inc., 6.875%, 06/15/18	5.000% quarterly	03/20/14	10.070	6,900	(477	)	396
Clear Channel Communications, Inc., 6.875%, 06/15/18	5.000% quarterly	06/20/14	10.803	10,020	(900	)	423
Clear Channel Communications, Inc., 6.875%, 06/15/18	5.000% quarterly	09/20/14	12.755	10,900	(1,434	)	416
Clear Channel Communications, Inc., 6.875%, 06/15/18	5.000% quarterly	09/20/14	12.755	6,550	(862	)	273
Clear Channel Communications, Inc., 6.875%, 06/15/18	5.000% quarterly	09/20/14	12.755	6,550	(862	)	250
Federal Republic of Germany, 6.000%, 06/20/16*	0.250% quarterly	06/20/17	1.027	69,819	(2,605	)	2,086
Harrah’s Operating Co., Inc., 5.625%, 06/01/15	5.000% quarterly	03/20/13	7.692	6,700	(75	)	61
Harrah’s Operating Co., Inc., 5.625%, 06/01/15	5.000% quarterly	03/20/13	7.692	3,350	(37	)	60
Harrah’s Operating Co., Inc., 5.625%, 06/01/15	5.000% quarterly	03/20/13	7.692	3,350	(37	)	44
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	09/20/12	11.843	3,150	(33	)	178
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	12/20/12	15.130	4,900	(211	)	798
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	12/20/12	15.130	2,070	(89	)	306
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	03/20/13	17.727	3,500	(286	)	398
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	03/20/13	17.727	3,500	(286	)	239

K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	03/20/13	17.727	3,350	(273	)	206
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	03/20/13	17.727	2,750	(225	)	229
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	06/20/13	19.999	11,950	(1,484	)	1,575
McClatchy Co. (The), 5.750%, 09/01/17	5.000% quarterly	12/20/12	3.656	3,450	61		16
McClatchy Co. (The), 5.750%, 09/01/17	5.000% quarterly	12/20/12	3.656	3,450	61		2
McClatchy Co. (The), 5.750%, 09/01/17	5.000% quarterly	12/20/13	6.279	10,400	(93	)	529
McClatchy Co. (The), 5.750%, 09/01/17	5.000% quarterly	06/20/14	7.129	6,575	(201	)	22
McClatchy Co. (The), 5.750%, 09/01/17	5.000% quarterly	06/20/14	7.129	4,100	(125	)	190
McClatchy Co. (The), 5.750%, 09/01/17	5.000% quarterly	06/20/14	7.129	3,200	(98	)	119
Realogy Corp., 10.500%, 04/15/14	5.000% quarterly	12/20/12	4.485	6,850	89		340
Realogy Corp., 10.500%, 04/15/14	5.000% quarterly	12/20/13	8.220	6,850	(251	)	888
SUPERVALU, Inc., 8.000%, 05/01/16	5.000% quarterly	03/20/16	8.718	6,900	(732	)	570
SUPERVALU, Inc., 8.000%, 05/01/16	5.000% quarterly	03/20/16	8.718	3,200	(340	)	284
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly	06/20/12	23.193	6,550	1		115
Royal Bank of Scotland:
Caesars Entertainment Operating Co., 5.375%, 12/15/13	5.000% quarterly	03/20/13	7.692	10,100	(113	)	156
Caesars Entertainment Operating Co., 5.625%, 06/01/15	5.000% quarterly	12/20/12	6.395	3,400	8		248
Clear Channel Communications, Inc., 6.875%, 06/15/18	5.000% quarterly	06/20/13	6.746	9,700	(71	)	(105	)
Harrah’s Operating Co., Inc., 5.625%, 06/01/15	5.000% quarterly	03/20/13	7.692	6,700	(75	)	43
Harrah’s Operating Co., Inc., 5.625%, 06/01/15	5.000% quarterly	03/20/13	7.692	6,150	(68	)	63
Harrah’s Operating Co., Inc., 5.625%, 06/01/15	5.000% quarterly	03/20/13	7.692	3,300	(36	)	81
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	09/20/12	11.843	3,250	(34	)	587
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	03/20/13	17.727	3,650	(298	)	715
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	03/20/13	17.727	1,380	(113	)	331
Union Bank of Switzerland AG:
Block Financial LLC, 5.125%, 10/30/14	5.000% quarterly	03/20/13	5.207	3,450	29		(18	)
Block Financial LLC, 5.125%, 10/30/14	5.000% quarterly	12/20/16	5.362	63,400	(234	)	(169	)
Clear Channel Communications, Inc., 6.875%, 06/15/18	5.000% quarterly	09/20/14	12.755	16,400	(2,158	)	647
Clear Channel Communications, Inc., 6.875%, 06/15/18	5.000% quarterly	09/20/14	12.755	6,900	(908	)	659
Cooper Tire & Rubber Co., 7.625%, 03/15/27	5.000% quarterly	12/20/16	5.127	6,875	35		475
First Data Corp., 9.875%, 09/24/15	5.000% quarterly	12/20/12	1.121	6,850	218		82
First Data Corp., 9.875%, 09/24/15	5.000% quarterly	12/20/12	1.121	5,550	177		59
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	09/20/12	11.843	3,225	(34	)	464
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	09/20/12	11.843	3,100	(32	)	355
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	12/20/12	15.130	4,900	(211	)	773
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	12/20/12	15.130	3,400	(146	)	503
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	12/20/12	15.130	3,350	(144	)	859
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	12/20/12	15.130	3,100	(133	)	703
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	06/20/13	19.999	3,450	(428	)	459
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	06/20/13	19.999	3,200	(397	)	538
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	06/20/13	19.999	3,150	(391	)	528
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	03/20/14	25.408	20,050	(4,969	)	785
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	03/20/14	25.408	6,700	(1,660	)	649
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	03/20/14	25.408	6,700	(1,660	)	261
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	03/20/14	25.408	6,650	(1,648	)	320
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	03/20/14	25.408	6,550	(1,623	)	682
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	03/20/14	25.408	6,550	(1,623	)	638
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	03/20/14	25.408	670	(166	)	32
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	03/20/14	25.408	580	(144	)	68
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	06/20/14	27.473	12,900	(3,735	)	2,102
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	06/20/14	27.473	6,450	(1,867	)	939
Lennar Corp., 6.500%, 04/15/16	5.000% quarterly	06/20/13	1.318	26,985	1,320		(1,948	)
MBIA Insurance Corp., 0.000%, 10/06/10	5.000% quarterly	12/20/12	26.712	1,390	(136	)	192
McClatchy Co. (The), 5.750%, 09/01/17	5.000% quarterly	12/20/12	3.656	2,050	36		41
McClatchy Co. (The), 5.750%, 09/01/17	5.000% quarterly	06/20/14	7.129	18,350	(561	)	97
McClatchy Co. (The), 5.750%, 09/01/17	5.000% quarterly	06/20/14	7.129	9,850	(301	)	256
McClatchy Co. (The), 5.750%, 09/01/17	5.000% quarterly	06/20/14	7.129	9,650	(295	)	72
Realogy Corp., 10.500%, 04/15/14	5.000% quarterly	12/20/12	4.485	6,850	89		390
Realogy Corp., 10.500%, 04/15/14	5.000% quarterly	06/20/13	6.554	3,250	(19	)	(22	)
Realogy Corp., 10.500%, 04/15/14	5.000% quarterly	12/20/13	8.220	6,850	(251	)	873
Realogy Corp., 10.500%, 04/15/14	5.000% quarterly	06/20/14	9.056	3,250	(211	)	128

Realogy Corp., 10.500%, 04/15/14	5.000% quarterly	06/20/14	9.056	3,200	(207	)	76
SUPERVALU, Inc., 7.500%, 05/15/12	5.000% quarterly	12/20/15	8.471	6,950	(649	)	328
SUPERVALU, Inc., 8.000%, 05/01/16	5.000% quarterly	12/20/15	8.471	17,150	(1,600	)	915
SUPERVALU, Inc., 8.000%, 05/01/16	5.000% quarterly	12/20/15	8.471	6,950	(648	)	353
SUPERVALU, Inc., 8.000%, 05/01/16	5.000% quarterly	12/20/15	8.471	6,950	(648	)	260
SUPERVALU, Inc., 8.000%, 05/01/16	5.000% quarterly	12/20/15	8.471	6,850	(639	)	421
SUPERVALU, Inc., 8.000%, 05/01/16	5.000% quarterly	03/20/16	8.718	10,350	(1,099	)	805
SUPERVALU, Inc., 8.000%, 05/01/16	5.000% quarterly	03/20/16	8.718	6,700	(711	)	682
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly	06/20/12	23.193	6,650	1		761
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly	06/20/12	23.193	3,250	—	(h)	117
					(100,275	)	87,375

Credit Indices:

SWAP COUNTERPARTY/ REFERENCE OBLIGATION	FUND RECEIVES FIXED RATE (r)	TERMINATION DATE		IMPLIED CREDIT SPREAD AS OF 05/31/12 [3]			NOTIONAL AMOUNT [4]		VALUE			UPFRONT PREMIUMS (PAID)/RECEIVED [5]
Bank of America:
CDX.NA.IG.18.V.1	1.000% quarterly		06/20/17		1.227	%		69,900		(614	)		(508	)
Barclays Bank plc:
CMBX.NA.A.3	0.620% monthly		12/13/49		11.231			14,100		(11,390	)		9,829
Citibank, N.A.:
ABX.HE.PENAAA.07.2	0.760% monthly		01/25/38		7.312			20,000		(12,168	)		13,348
ABX.HE.PENAAA.07.2	0.760% monthly		01/25/38		7.312			20,000		(12,168	)		12,991
ABX.HE.PENAAA.07.2	0.760% monthly		01/25/38		7.312			9,200		(5,597	)		12,394
CMBX.NA.A.2	0.250% monthly		03/15/49		4.965			14,500		(9,002	)		6,814
CMBX.NA.AJ.4	0.960% monthly		02/17/51		3.806			17,400		(7,515	)		5,628
Credit Suisse International:
CDX.NA.IG.18.V.1	1.000% quarterly		06/20/17		1.227			21,700		(191	)		(90	)
Deutsche Bank AG, New York:
CDX.NA.HY.8.V.20	2.750% quarterly		06/20/12		38.867			6,250		(69	)		2,177
CDX.NA.HY.8.V.20	2.750% quarterly		06/20/12		38.867			3,250		(36	)		1,089
CMBX.NA.A.2	0.250% monthly		03/15/49		4.965			13,950		(8,660	)		7,044
Morgan Stanley Capital Services:
CMBX.NA.A.2	0.250% monthly		03/15/49		4.965			13,950		(8,660	)		7,044
CMBX.NA.A.3	0.620% monthly		12/13/49		11.231			7,050		(5,695	)		4,932
CMBX.NA.AM.4	0.500% monthly		02/17/51		1.607			17,100		(3,839	)		5,595
Union Bank of Switzerland AG:
CDX.NA.HY.8.V.6	0.000% monthly		06/20/12		38.867			6,025		(67	)		297
CDX.NA.IG.18.V.1	1.000% quarterly		06/20/17		1.227			33950		(298	)		(20	)
										(85,969	)		88,564

[1] The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.

[2] The Fund, as a seller of credit protection, receives periodic payments and may also receive or pay an upfront premium from or to the protection buyer, and is obligated to make a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.

[3] Implied credit spreads are an indication of the seller’s performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e., make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indexes are linked to the weighted average spread across the underlying reference obligations included in a particular index.

[4] The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.

[5] Upfront premiums generally relate to payments made or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

* The Fund has purchased credit default swaps with identical underlying reference obligations; net amounts received by the Fund from settlement of purchased protection may offset potential amounts paid at a credit event for protection sold.

Interest Rate Swaps

	RATE TYPE (r)
SWAP COUNTERPARTY	PAYMENTS MADE BY THE FUND	PAYMENTS RECEIVED BY THE FUND	TERMINATION DATE		NOTIONAL AMOUNT		VALUE
Bank of America	1.393% semi-annually	3 month LIBOR quarterly		10/27/16		14,907		(329	)
Bank of America	2.138% semi-annually	3 month LIBOR quarterly		02/23/22		17,145		(749	)
Bank of America	2.336% semi-annually	3 month LIBOR quarterly		10/17/21		33,040		(1,993	)
Barclays Bank plc	1.299% semi-annually	3 month LIBOR quarterly		11/02/16		33,377		(591	)
Barclays Bank plc	2.314% semi-annually	3 month LIBOR quarterly		11/02/21		18,312		(1,049	)
Barclays Bank plc	2.426% semi-annually	3 month LIBOR quarterly		08/30/21		16,300		(1,191	)
Credit Suisse International	1.097% semi-annually	3 month LIBOR quarterly		05/29/17		141,112		(619	)
Credit Suisse International	2.043% semi-annually	3 month LIBOR quarterly		05/02/22		111,433		(3,226	)
Credit Suisse International	2.066% semi-annually	3 month LIBOR quarterly		05/01/22		149,113		(4,660	)
Credit Suisse International	3 month LIBOR quarterly	1.105% semi-annually		05/02/17		106,422		604
Credit Suisse International	3 month LIBOR quarterly	1.111% semi-annually		05/01/17		142,096		848
Credit Suisse International	3 month LIBOR quarterly	2.809% semi-annually		05/02/42		24,320		2,246
Credit Suisse International	3 month LIBOR quarterly	2.833% semi-annually		05/01/42		32,631		3,191
Deutsche Bank AG, New York	0.635% semi-annually	3 month LIBOR quarterly		07/18/13		8,340		(19	)
Deutsche Bank AG, New York	1.105% semi-annually	3 month LIBOR quarterly		03/07/17		211,281		(1,686	)
Deutsche Bank AG, New York	1.110% semi-annually	3 month LIBOR quarterly		05/14/17		70,638		(388	)
Deutsche Bank AG, New York	1.130% semi-annually	3 month LIBOR quarterly		02/19/17		141,572		(1,532	)
Deutsche Bank AG, New York	3 month LIBOR quarterly	2.623% semi-annually		02/19/42		31,733		1,759
Deutsche Bank AG, New York	3 month LIBOR quarterly	2.815% semi-annually		05/14/42		16,354		1,523
Morgan Stanley Capital Services	2.020% semi-annually	3 month LIBOR quarterly		03/02/22		17,145		(530	)
Morgan Stanley Capital Services	2.166% semi-annually	3 month LIBOR quarterly		03/15/22		17,145		(755	)
								(9,146	)

Return Swaps

SWAP COUNTERPARTY/ REFERENCE OBLIGATION	FUND PAYS FIXED RATE (r)	FUND RECEIVES FIXED RATE (r)	TERMINATION DATE		NOTIONAL AMOUNT		VALUE
Bank of America:
IOS Index, 4% 30 year Fannie Mae Pools	1 month USD LIBOR and increases in total return of index	0.000% and decreases in total return of index		01/12/40		26,241		(408	)
IOS Index, 5% 30 year Fannie Mae Pools	5.000% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		01/12/41		44,450		555
IOS Index, 5% 30 year Fannie Mae Pools	5.000% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		01/12/41		17,800		222
Citibank, N.A.:
IOS Index, 5% 30 year Fannie Mae Pools	5.000% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		01/12/41		82,925		1,034
IOS Index, 5% 30 year Fannie Mae Pools	5.000% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		01/12/41		78,000		973
IOS Index, 5% 30 year Fannie Mae Pools	5.000% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		01/12/41		49,000		611
IOS Index, 5% 30 year Fannie Mae Pools	5.000% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		01/12/41		46,750		583
IOS Index, 5% 30 year Fannie Mae Pools	5.000% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		01/12/41		45,290		565
IOS Index, 5% 30 year Fannie Mae Pools	5.000% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		01/12/41		45,253		565
IOS Index, 5% 30 year Fannie Mae Pools	5.000% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		01/12/41		45,156		563
IOS Index, 5% 30 year Fannie Mae Pools	5.000% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		01/12/41		44,700		558
IOS Index, 5% 30 year Fannie Mae Pools	5.000% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		01/12/41		39,000		487
IOS Index, 5% 30 year Fannie Mae Pools	5.000% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		01/12/41		34,610		432
IOS Index, 6.5% 30 year Fannie Mae Pools	6.500% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		01/12/38		113,600		86
Credit Suisse International:
IOS Index, 6.5% 30 year Fannie Mae Pools	6.500% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		01/12/38		116,300		89
Royal Bank of Scotland:
IOS Index, 6.5% 30 year Fannie Mae Pools	6.500% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		01/12/38		116,300		89
IOS Index, 6.5% 30 year Fannie Mae Pools	6.500% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		01/12/38		116,300		89
								7,093

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ABX	—	Asset-Backed Securities Index
ADR	—	American Depositary Receipt
CAD	—	Canadian Dollar
CDX	—	Credit Default Swap Index
CMBX	—	Commercial Mortgage-Backed Securities Index
CMO	—	Collateralized Mortgage Obligation
DIP	—	Debtor-in-possession
ETF	—	Exchange Traded Fund
EUR	—	Euro
GBP	—	British Pound
IF	—	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of May 31, 2012. The rate may be subject to a cap and floor.
IO	—	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
JPY	—	Japanese Yen
LIBOR	—	London Interbank Offered Rate
MCDX	—	Municipal Bond Credit Default Swap Index
MXN	—	Mexican Peso
NOK	—	Norwegian Krone
PIK	—	Payment-in-Kind
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.
Reg. S.	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
REMICS	—	Real Estate Mortgage Investment Conduits
SPDR	—	Standard & Poor’s Depositary Receipts
STRIPS	—	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of May 31, 2012.
TBA	—	To Be Announced
USD	—	United States Dollar
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of May 31, 2012.
†	—	Approximately $119,740,000 of this investment is restricted as collateral for swaps to various brokers.
^	—	All or a portion of the security is unsettled as of May 31, 2012. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
@	—	The date shown reflects the next call date on which the issuer may redeem the security at par value. The coupon rate for this security is based on par value and is currently in effect as of May 31, 2012.
(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.
(d)	—	Defaulted Security.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(f)	—	Security is fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. The Fund owns fair valued securities with a value of approximately $198,014,000 which amounts to 1.5% of total investments.
(g)	—	Amount rounds to less than 0.1%.
(h)	—	Amount rounds to less than one thousand (shares or dollars).
(i)	—	Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.
(k)	—	All or a portion of this security is deposited with the broker as collateral for futures or with brokers as initial margin for futures contracts.
(l)	—	The rate shown is the current yield as of May 31, 2012.
(m)	—	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.
(n)	—	The rate shown is the effective yield at the date of purchase.
(r)	—	Rates shown are per annum and payments are as described.
(x)	—	Security is perpetual and, thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of May 31, 2012.

As of May 31, 2012, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	284,215
Aggregate gross unrealized depreciation		(234,612	)
Net unrealized appreciation/depreciation	$	49,603
Federal income tax cost of investments	$	13,241,863

1. Derivatives — The Fund uses instruments including futures contracts, forward foreign currency exchange contracts, options, swaps and other derivatives, in connection with its respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. The Fund also uses derivatives to manage duration, sector and yield curve exposures and credit and spread volatility.

The Fund may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed its value.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Funds.

Notes (a) — (d) below describe the various derivatives used by the Fund.

(a). Options — The Fund purchases and sells (“writes”) put and call options on various instruments including futures, securities, currencies and interest rate swaps (“swaptions”) to manage and hedge interest rate risks within its portfolio and also to gain long or short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller. Swaptions and Eurodollar options are settled for cash.

Options Purchased — Premiums paid by the Fund for options purchased are included as an investment. The option is adjusted daily to reflect the current market value of the option and the change is recorded as unrealized appreciation or depreciation. If the option is allowed to expire, the Fund will lose the entire premium it paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the security.

Options Written — Premiums received by the Fund for options written are adjusted daily to reflect the current market value of the option written and the change in market value is recorded as unrealized appreciation or depreciation. Premiums received from options written that expire are treated as realized gains. The Fund records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

Written uncovered call options subjects the Fund to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subjects the Fund to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Fund is not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

(b). Futures Contracts — The Fund uses treasury, index or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments. The Fund also uses futures contracts to lengthen or shorten the duration of the overall investment portfolio.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funs periodically and are based on changes in the market value of open futures contracts.

The Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Fund to risk of loss up to the notional

amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund’s credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

(c). Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with portfolio investments and therefore uses forward foreign currency exchange contracts to hedge or manage these exposures. The Fund also buys forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

The values of the forward foreign currency contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed.

(d). Swaps — The Fund engages in various swap transactions, including interest rate, credit default, index, price locks, spread locks and total return swaps, to manage credit, interest rate (e.g., duration, yield curve), currency, and inflation risks within its portfolio. The Fund also uses swaps as alternatives to direct investments. Swap transactions are negotiated contracts between a Fund and a counterparty to exchange swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Fund are recognized as a realized gain or loss when the contract matures or is terminated. The value of a swap agreement is recorded at the beginning of the measurement period. The change in value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is recognized as unrealized appreciation or depreciation. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding swap contracts with the counterparty in the form of cash or securities. Collateral posted by the Fund is held in a segregated account at the Fund’s custodian bank. Cash collateral posted by the Fund is invested in an affiliated money market fund.

Credit Default Swaps

The Fund enters into credit default swaps to simulate long and short bond positions or to take an active long or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

If a credit event occurs, the Fund, as a protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to a Fund’s portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

Return Swaps

The Fund uses total return swaps to gain long or short exposure to an underlying index. To the extent the total return of the index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. These arrangements involve the periodic exchange of cash flows based on the total return of the underlying index and interest rate obligations.

Interest Rate Swaps

The Fund enters into interest rate swap contracts to manage fund exposure to interest rates or to either preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic interest payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically a fixed interest rate.

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

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

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

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

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

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

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

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

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

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

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

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

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Consumer Discretionary	$	18,714	$	—	$	200		$	18,914
Energy		88		—		—			88
Financials		32,982		—		—			32,982
Industrials		—		—		491			491
Information Technology		—		—		—	(a)		—	(a)
Materials		10,506		—		20			10,526
Total Common Stocks		62,290		—		711			63,001
Preferred Stocks
Consumer Discretionary		—		12,852		—			12,852
Consumer Staples		—		18,018		—			18,018
Financials		—		49,013		—			49,013
Industrials		—		5,283		—			5,283
Information Technology		—		—		—	(a)		—	(a)
Materials		—		—		959			959
Total Preferred Stocks		—		85,166		959			86,125
Debt Securities
Asset-Backed Securities		—		165,124		5,698			170,822
Collateralized Mortgage Obligations
Agency CMO		—		296,755		—			296,755
Non-Agency CMO		—		469,696		—			469,696
Total Collateralized Mortgage
Obligations		—		766,451		—			766,451
Commercial Mortgage-Backed
Securities		—		60,244		—			60,244
Convertible Bonds
Consumer Discretionary		—		1,950		1,346			3,296
Materials		—		1,953		—			1,953
Total Convertible Bonds		—		3,903		1,346			5,249
Corporate Bonds
Consumer Discretionary		—		1,116,455		7,543			1,123,998
Consumer Staples		—		181,150		—			181,150
Energy		—		226,878		10,406			237,284
Financials		—		707,639		24,086			731,725
Health Care		—		335,556		—			335,556
Industrials		—		379,914		88,657			468,571
Information Technology		—		285,723		—			285,723
Materials		—		426,293		5,055			431,348
Telecommunication Services		—		338,109		—			338,109
Utilities		—		116,852		22,607			139,459
Total Corporate Bonds		—		4,114,569		158,354			4,272,923
Mortgage Pass-Through Securities		—		429,270		—			429,270
Private Placements
Commercial		—		—		62,813			62,813
Residential		—		—		70,000			70,000
U.S. Treasury Obligations		—		702,779		—			702,779
Investment Companies		14,625		—		—			14,625

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollar, unless otherwise noted)

(Amounts in thousands)

Loan Participations & Assignments
Consumer Discretionary		—			387,991			3,125			391,116
Consumer Staples		—			38,610			—			38,610
Energy		—			30,531			—			30,531
Financials		—			75,201			—			75,201
Health Care		—			138,305			—			138,305
Industrials		—			70,195			—			70,195
Information Technology		—			136,839			1,324			138,163
Materials		—			71,527			—			71,527
Telecommunication Services		—			23,353			—			23,353
Utilities		—			67,777			—			67,777
Total Loan Participations & Assignments		—			1,040,329			4,449			1,044,778
Option Purchased
Put Options Purchased		1,784			—			—			1,784
Payer Options Purchased on
Interest Rate Swaps		—			103			—			103
Warrants
Consumer Discretionary		—			10,545			—			10,545
Industrials		—			—			—	(a)		—	(a)
Short-Term Investments
Investment Company		5,504,264			—			—			5,504,264
U.S. Treasury Obligations		—			25,690			—			25,690
Total Investments in Securities	$	5,582,963		$	7,404,173		$	304,330		$	13,291,466
Liabilities
Debt Securities
Mortgage Pass-Through Securities	$	—		$	(982,678	)	$	—		$	(982,678	)
Options Written
Payer Options Written on Interest
Rate Swaps		—			—	(a)		—			—	(a)
Total Liabilities	$	—		$	(982,678	)	$	—		$	(982,678	)
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange
Contracts	$	—		$	17,794		$	—		$	17,794
Futures Contracts		1,760			—			—			1,760
Swaps		—			103,304			—			103,304
Total Appreciation in Other Financial Instruments	$	1,760		$	121,098		$	—		$	122,858
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange
Contracts	$	—		$	(4,850	)	$	—		$	(4,850	)
Futures Contracts		(11,008	)		—			—			(11,008	)
Swaps		—			(99,339	)		—			(99,339	)
Total Depreciation in Other Financial Instruments	$	(11,008	)	$	(104,189	)	$	—		$	(115,197	)

(a) Security has a zero value.

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

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

	Balance as of February 29, 2012			Realized gain (loss)			Change in unrealized appreciation (depreciation)			Net amortization (accretion)		Purchases  1			Sales 2			Transfers into Level 3		Transfers out of Level 3			Balance as of May 31, 2012
Investments in Securities
Asset - Backed Securities	$	—		$	—		$	9		$	—	$	6,157		$	(468	)	$	—	$	—		$	5,698
Common Stocks - Consumer Discretionary		—			—			—			—		200			—			—		—			200
Common Stocks - Industrials		—			—			164			—		327			—			—		—			491
Common Stocks - Information Technology		—	(a)		—			—			—		—			—			—		—			—	(a)
Common Stocks - Materials		20			—			—			—		—			—			—		—			20
Convertible Bonds - Consumer Discretionary		—			—			—			—		1,346			—			—		—			1,346
Corporate Bonds - Consumer Discretionary		2,887			(1,869	)		1,630			—		3,980			(1,546	)		2,461		—			7,543
Corporate Bonds - Energy		11,412			—			(1,006	)		—		—			—			—		—			10,406
Corporate Bonds - Financials		1,161			721			443			1		22,500			(1,420	)		680		—			24,086
Corporate Bonds - Industrials		8,566			—			1,446			123		2,270			(1,066	)		77,318		—			88,657
Corporate Bonds - Information Technology		8,525			—			—			—		—			—			—		(8,525	)		—
Corporate Bonds - Materials		5,045			—			(39	)		—		49			—			—		—			5,055
Corporate Bonds - Utilities		—			—			(880	)		5		—			—			23,482		—			22,607
Loan Participations & Assignments - Consumer Discretionary		—			—			(1,585	)		—		—			—			4,710		—			3,125
Loan Participations & Assignments - Information Technology		3,848			—			(108	)		8		—			(2,424	)		—		—			1,324
Preferred Stocks - Information Technology		—	(a)		—			—			—		—			—			—		—			—	(a)
Preferred Stocks - Materials		959			—			—			—		—			—			—		—			959
Private Placements - Commercial Loans		62,760			—			53			—		—			—			—		—			62,813
Private Placements - Residential Loans		70,000			—			—			—		—			—			—		—			70,000
Warrants - Energy		—			—			—			—		—	(a)		—			—		—			—	(a)
Total	$	175,183		$	(1,148	)	$	127		$	137	$	36,829		$	(6,924	)	$	108,651	$	(8,525	)	$	304,330

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

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

(a) Security has a zero value.

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, 2012, which were valued using significant unobservable inputs (Level 3), amounted to approximately $(1,247,000)

Quantitative Information about Level 3 Fair Value Measurements

	Fair Value at 5/31/2012			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	219,431		Market Comparable Companies	EBITDA Multiple (b)		5.4x - 6.904x (6.40x	)
					Discount for lack of marketability (a)		20% - 30% (29.09%	)
		490,710		Discounted Terms of Plan of Reorganization	Discount for lack of marketability (a)		25% (N/A	)
Common Stock		710,141
		959,049		Discounted Cash Flow	Discount for lack of marketability (a)		15% (N/A	)
		0	(c)	Market Comparable Companies	EBITDA Multiple (b)		5.4x (N/A	)
					Discount for lack of marketability (a)		30% (N/A	)
Preferred Stock		959,049
		9,772,067		Market Comparable Companies	EBITDA Multiple (b)		5.90x - 6.904x (6.45x	)
					Discount for lack of marketability (a)		20% - 30% (25.45%	)
Corporate Bond		9,772,067
		0		Discounted Terms of Plan of Reorganization	Issue Price vs. Strike Price		N/A
Warrants		0
		155,312,945		Portfolio Pricing Matrix	Broker Yield Spreads		0 - 510 (68.3	)
Mortgage Private Placements		155,312,945

# The table above does not include level 3 securities deemed illiquid and valued by vendors or brokers or securities that are valued by broker quotes with unobservable inputs. At 5/31/12, the value of these securities is $31,258,914 and $106,316,179, respectively.

(b) Represents amounts used when the reporting entity has determined that market participants would use such multiples when pricing the investments.

(c) Securities senior to the preferred securities in issuing entity capital structure result in Preferred Stock being valued at zero.

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for marketability, projected cash flow discounted rates and prepayment rates may decrease (increase) the fair value measurement.

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Security — 0.2%
	141	Banc of America Large Loan, Inc., Series 2010-HLTN, Class HLTN, VAR, 1.989%, 11/15/15 (e) (Cost $130)		132
	Corporate Bonds — 0.2%
		Consumer Discretionary — 0.1%
		Gaming — 0.1%
	100	Seminole Hard Rock Entertainment, Inc., VAR, 2.974%, 03/15/14 (e)		96
		Financials — 0.0% (g)
		Diversified Financial Services — 0.0% (g)
	13	Capmark Financial Group, Inc., VAR, 9.000%, 09/30/15		13
		Materials — 0.1%
		Containers & Packaging — 0.1%
	34	Constar International, Inc., 11.000%, 12/31/17 (f) (i)		34
		Total Corporate Bonds (Cost $146)		143
	Municipal Bonds — 77.2% (t)
		Alabama — 0.4%
		Other Revenue — 0.4%
	250	City of Mobile, Industrial Development Board, Pollution Control, Alabama Power Co. Barry Plant Project, Series A, Rev., VAR, 1.650%, 03/20/17		252
		Alaska — 1.6%
		Other Revenue — 1.6%
	250	Alaska Housing Finance Corp., General Mortgage, Series A, Rev., 4.000%, 06/01/40 (w)		265
	325	Alaska Industrial Development & Export Authority, Providence Health & Services, Series A, Rev., 5.500%, 10/01/41		368
	200	City of Valdez, BP Pipelines, Inc. Project, Series A, Rev., 5.000%, 01/01/16		226
	160	Northern Tobacco Securitization Corp., Series A, Rev., 4.625%, 06/01/23		158
		Total Alaska		1,017
		Arizona — 3.4%
		Education — 0.6%
	300	Arizona School Facilities Board, State School Trust, Rev., AMBAC, 5.000%, 07/01/18		334
	55	Pima County IDA, American Charter Schools Foundation, Series A, Rev., 5.125%, 07/01/15		55
				389
		Hospital — 0.2%
	100	Arizona Health Facilities Authority, Banner Health, Series D, Rev., 5.000%, 01/01/24		111
		Other Revenue — 1.6%
	200	City of Mesa, Utility Systems, Rev., AGM, 5.250%, 07/01/29		255
	200	Maricopa County IDA, Waste Management, Inc. Project, Rev., VAR, 2.625%, 06/02/14		206
	510	Phoenix-Mesa Airport Authority, Mesa Project, Rev., 4.000%, 07/01/20		539
				1,000
		Water & Sewer — 1.0%
	500	City of Scottsdale, Water & Sewer, Rev., 5.250%, 07/01/21		650
		Total Arizona		2,150
		Arkansas — 0.2%
		Housing — 0.2%
	135	Arkansas Development Finance Authority, Single Family Mortgage, Series D, Rev., AMT, GNMA/FNMA, 5.500%, 01/01/37		143
		California — 2.6%
		General Obligation — 1.0%
	200	California School Facilities Financing Authority, Capital Appreciation, Azusa Unified School District, GO, AGM, Zero Coupon, 08/01/30		83
	100	Escondido Union High School District, Capital Appreciation, Election 2008, Series A, GO, AGC, Zero Coupon, 08/01/23		67
	100	Los Angeles Unified School District, Series A-1, GO, NATL-RE, 5.000%, 07/01/17		109
	135	San Mateo Union High School District, GO, BAN, Zero Coupon, 02/15/15		132
	100	San Mateo Union High School District, Capital Appreciation, Election of 2006, Series A, GO, Zero Coupon, 09/01/28		45
	175	Sunnyvale Elementary School District, Election 2004, Series C, GO, 5.500%, 09/01/34		233
				669

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		Hospital — 0.2%
	100	Sierra View Local Health Care District, Rev., 4.875%, 07/01/18		108
		Housing — 0.1%
	40	California Rural Home Mortgage Finance Authority, Single Family Mortgage, Mortgage-Backed Security Program, Series A, Rev., GNMA/FNMA/FHLMC, 5.400%, 12/01/36		41
		Other Revenue — 0.4%
	250	Los Angeles Department of Water & Power, Series A, Rev., 5.250%, 07/01/39		287
		Prerefunded — 0.9%
	420	Foothill Eastern Transportation Corridor Agency, Capital Appreciation, Senior Lien, Series A, Rev., Zero Coupon, 01/01/24 (p)		319
	160	Pomona Unified School District, Series C, GO, 6.000%, 08/01/29 (p)		236
				555
		Total California		1,660
		Colorado — 2.2%
		General Obligation — 1.7%
		Douglas County School District No. Re-1, Douglas & Elbert Counties,
	100	GO, 5.250%, 12/15/20		127
	435	GO, 5.250%, 12/15/22		561
	300	Pueblo County, Judicial Complex Project, COP, AGM, 5.000%, 09/15/20		361
				1,049
		Housing — 0.1%
	95	El Paso County, Single Family Mortgage, Southern Front Range, Series E, Rev., AMT, GNMA/FNMA/FHLMC, 5.850%, 04/01/41		99
		Other Revenue — 0.4%
	205	City & County of Denver, Series A, Rev, AMT, 5.500%, 11/15/19		249
		Total Colorado		1,397
		Connecticut — 0.5%
		Other Revenue — 0.5%
	50	Connecticut Housing Finance Authority, Subseries A-1, Rev., 3.700%, 05/15/14		52
	200	Connecticut State Higher Education Supplement Loan Authority, Chesla Loan Program, Series A, Rev., 5.250%, 11/15/24		236
		Total Connecticut		288
		Delaware — 0.1%
		Housing — 0.1%
	70	Delaware State Housing Authority, Single Family Mortgage, Series D-1, Rev., AMT, 4.625%, 01/01/23		71
		District of Columbia — 1.1%
		Certificate of Participation/Lease — 0.2%
	75	Washington Convention Center Authority, Senior Lien, Series A, Rev., COP, AMBAC, 5.000%, 10/01/13		79
		Other Revenue — 0.9%
	95	District of Columbia, Series A, Rev., 5.250%, 12/01/27		116
	115	District of Columbia, Ballpark, Series B-1, Rev., NATL-RE-IBC, FGIC, 5.000%, 02/01/17		127
	200	District of Columbia, Gallaudet University, Rev., 4.000%, 04/01/17		217
	100	Metropolitan Washington Airports Authority, Series C, Rev., 5.000%, 10/01/22		118
				578
		Total District of Columbia		657
		Florida — 6.7%
		General Obligation — 1.4%
	750	Orlando Community Redevelopment Agency, Republic Drive, Tax Allocation, 5.000%, 04/01/17		841
		Housing — 0.3%
	180	Florida Housing Finance Corp., Homeowner Mortgage, Series A-1, Rev., GNMA/FNMA/FHLMC COLL, 5.000%, 07/01/28		195
		Other Revenue — 5.0%
	75	Broward County Airport System Revenue, Series L, Rev., AMBAC, 5.000%, 10/01/14		82
	200	Charlotte County, Utility Systems, Rev., AGM, 5.250%, 10/01/24		241
	125	Citizens Property Insurance Corp., Senior Secured High Risk Account, Series A, Rev., NATL-RE, 5.000%, 03/01/13		129

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		Other Revenue –– Continued
	185	Florida Housing Finance Corp., Series 1, Rev., 5.000%, 07/01/41		198
	500	Florida Housing Finance Corp., Homeowner Mortgage, Series 2, Rev., AMT, GNMA/FNMA/FHLMC, 4.950%, 07/01/37		531
	200	Florida Ports Financing Commission, State Transportation Trust Fund, Series B, Rev., AMT, 5.000%, 06/01/16		225
	100	Florida Water Pollution Control Financing Corp., Water Pollution Control, Series A, Rev., 5.000%, 07/15/22		123
	100	Miami-Dade County Expressway Authority, Series B, Rev., NATL-RE, FGIC, 5.250%, 07/01/15		109
	250	Pasco County, Solid Waste Disposal & Resource, Rev., AMT, 5.000%, 10/01/20		289
	500	Tampa Bay Water Utility System, Revenue Refunding & Improvement, Series A, Rev., NATL-RE, FGIC, 6.000%, 10/01/29		685
	450	Tohopekaliga Water Authority, Series A, Rev., 5.750%, 10/01/31		543
				3,155
		Total Florida		4,191
		Georgia — 3.5%
		Other Revenue — 3.3%
	500	City of Atlanta, Airport, Series C, Rev., AMT, 5.000%, 01/01/42		534
	240	Downtown Smyrna Development Authority, Rev., 5.250%, 02/01/28		295
	200	Georgia Housing & Finance Authority, Non-Single Family, Series B, Rev., 4.000%, 12/01/29		214
	300	Georgia State Environmental Loan Acquisition Corp., Cobb County Marietta Water Authority Loan, Rev., 5.125%, 02/15/31		342
		Main Street Natural Gas, Inc.,
	45	Series A, Rev., 5.000%, 09/15/13		47
	100	Series B, Rev., 5.000%, 03/15/15		106
		Private Colleges & Universities Authority, Mercer University Project,
	300	Series A, Rev., 4.000%, 10/01/14		315
	200	Series C, Rev., 5.000%, 10/01/16		223
				2,076
		Utility — 0.2%
	100	Main Street Natural Gas, Inc., Series A, Rev., 5.000%, 09/15/14		106
		Total Georgia		2,182
		Guam — 0.3%
		Other Revenue — 0.3%
	200	Guam Government Waterworks Authority, Water & Waste Water System, Rev., 5.000%, 07/01/19		210
		Hawaii — 0.2%
		General Obligation — 0.2%
	100	City & County of Honolulu, Series D, GO, 5.250%, 09/01/27		118
		Illinois — 4.5%
		Education — 0.2%
	100	Illinois Finance Authority, University of Chicago, Series B, Rev., 5.500%, 07/01/28		119
		General Obligation — 1.4%
	125	Des Plaines Valley Public Library District, GO, 5.500%, 01/01/30		146
		Greater Chicago Metropolitan Water Reclamation District,
	50	Series C, GO, 5.250%, 12/01/27		63
	410	Series C, GO, 5.250%, 12/01/32		526
	150	Lake County Community Consolidated School District No. 50 Woodland, Series C, GO, 5.250%, 01/01/24		178
				913
		Housing — 0.5%
	280	City of Chicago, Single Family Mortgage, Series E, Rev., GNMA/FNMA/FHLMC, 5.500%, 12/01/42		298
		Other Revenue — 1.9%
	150	City of Chicago, Waterworks, Second Lien, Rev., BHAC-CR, AMBAC, 5.750%, 11/01/30		188
	200	City of Joliet, Waterworks & Sewage, Rev., 5.000%, 01/01/16		223
	300	Illinois Finance Authority, DePaul University, Series C, Rev., 5.250%, 10/01/24		321
	100	Illinois State Toll Highway Authority, Senior Priority, Series A-1, Rev., AGM, 5.000%, 01/01/18		114
		Railsplitter Tobacco Settlement Authority,
	180	Rev., 5.125%, 06/01/19		208

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		Other Revenue — Continued
	120	Rev., 5.250%, 06/01/21		139
				1,193
		Transportation — 0.5%
	250	Regional Transportation Authority, Series A, Rev., NATL-RE, 6.000%, 07/01/24		327
		Total Illinois		2,850
		Indiana — 2.3%
		General Obligation — 0.2%
	100	Indiana Housing & Community Development Authority, Home First Program, Series A, GO, GNMA/FNMA COLL, 4.500%, 06/01/28		108
		Other Revenue — 2.1%
	100	Indiana Finance Authority, Ascension Health, Series A-8, Rev., VAR, 5.000%, 07/28/16		116
	75	Indiana Finance Authority, Educational Facilities, Industry Historical, Rev., 4.000%, 07/01/15		80
	250	Indiana Finance Authority, University Health, Series N, Rev., 5.000%, 03/01/17		286
	150	Indiana Health Facility Financing Authority, Ascension Health, Series A-1, Rev., VAR, 5.000%, 06/01/17		174
	250	Indiana Health Facility Financing Authority, Ascension Health Credit Group, Series A-2, Rev., VAR, 1.600%, 02/01/17		253
	150	Indiana Housing & Community Development Authority, Home First Program, Series C, Rev., GNMA/FNMA/FHLMC, 4.500%, 12/01/27		164
	250	Indiana State Finance Authority, Wastewater Utility First Revenue, Series A, Rev., 5.250%, 10/01/31		290
				1,363
		Total Indiana		1,471
		Iowa — 0.1%
		Housing — 0.1%
	85	Iowa Finance Authority, Mortgage-Backed Securities Program, Series 1, Rev., GNMA/FNMA/FHLMC, 5.000%, 07/01/28		91
		Kansas — 0.5%
		Hospital — 0.4%
	210	City of Salina, Hospital Improvement, Salina Regional Health, Rev., 5.000%, 10/01/16		234
		Housing — 0.1%
	60	Sedgwick & Shawnee Counties, Single Family Mortgage-Backed Securities Program, Series A-4, Rev., GNMA/FNMA/FHLMC, 5.850%, 06/01/39		63
		Total Kansas		297
		Kentucky — 0.6%
		Housing — 0.2%
	85	Kentucky Housing Corp., Series A, Rev., 5.000%, 01/01/27		92
		Other Revenue — 0.4%
	250	Louisville/Jefferson County, Metro Government, Pollution Control, Louisville Gas & Electric Co. Project, Series A, Rev., VAR, 1.650%, 04/03/17		252
		Total Kentucky		344
		Louisiana — 0.4%
		Housing — 0.1%
	25	East Baton Rouge Mortgage Finance Authority, Mortgage-Backed Securities Program, Series A-2, Rev., GNMA/FNMA/FHLMC, 5.250%, 10/01/39		27
		Other Revenue — 0.1%
	75	State of Louisiana, Gas & Fuels Tax, Second Lien, Series B, Rev., 5.000%, 05/01/28		89
		Transportation — 0.2%
	125	New Orleans Aviation Board, Gulf Opportunity Zone, Consolidated Rental Car, Series A, Rev., 5.500%, 01/01/19		143
		Total Louisiana		259
		Maryland — 0.2%
		Transportation — 0.2%
	100	Maryland Economic Development Corp., Series A, Rev., 5.125%, 06/01/20		109
		Massachusetts — 4.2%
		Education — 2.1%
	350	Massachusetts College Building Authority, Series B, Rev., XLCA, 5.500%, 05/01/28		448

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		Education — Continued
	535	Massachusetts Health & Educational Facilities Authority, Massachusetts Institute Technology, Series L, Rev., 5.250%, 07/01/33		735
	100	Massachusetts Health & Educational Facilities Authority, Springfield College, Rev., 5.000%, 10/15/17		112
				1,295
		Industrial Development Revenue/Pollution Control Revenue — 0.3%
	150	Massachusetts Development Finance Agency, Evergreen Center, Inc., Rev., 5.500%, 01/01/20		154
		Other Revenue — 1.0%
	500	Massachusetts Water Resources Authority, Series B, Rev., AGM, 5.250%, 08/01/29		656
		Transportation — 0.6%
	300	Massachusetts Bay Transportation Authority, Series B, Rev., NATL-RE, 5.500%, 07/01/28		399
		Water & Sewer — 0.2%
	100	Massachusetts Water Resources Authority, Series B, Rev., AGM, 5.250%, 08/01/32		132
		Total Massachusetts		2,636
		Michigan — 3.8%
		General Obligation — 1.5%
	50	City of Detroit, Series B-1, GO, AMBAC, 5.250%, 04/01/16		48
	500	Detroit City School District, School Building & Site Improvement, Series A, GO, Q-SBLF, 5.000%, 05/01/18		580
	270	Rockford Public Schools, GO, Q-SBLF, 5.000%, 05/01/16		312
				940
		Other Revenue — 2.3%
	105	City of Detroit, Sewage Disposal System, Senior Lien, Series B, Rev., VAR, NATL-RE, 5.500%, 07/01/16		118
	385	City of Detroit, Water Supply System, Senior Lien, Series B, Rev., VAR, NATL-RE, 5.000%, 07/01/16		420
	500	Michigan State Hospital Finance Authority, Ascension Health Senior Credit Group, Series F-1, Rev., 1.000%, 05/30/18		500
	200	Saginaw County Economic Development Corp., BGI South LLC-Recovery Zone, Rev., 5.000%, 12/01/20		230
	150	Wayne County Airport Authority, Detroit Metropolitan Airport, Series D, Rev., 5.000%, 12/01/18		170
				1,438
		Total Michigan		2,378
		Minnesota — 2.6%
		Hospital — 0.3%
	200	Meeker County, Gross Revenue, Hospital Facilities, Memorial Hospital Project, Rev., 5.250%, 11/01/17		212
		Housing — 1.3%
		Minneapolis St. Paul Housing Finance Board, Mortgage-Backed Securities, City Living,
	235	Series A-1, Rev., GNMA/FNMA/FHLMC, 5.250%, 12/01/40		251
	505	Series A-2, Rev., GNMA/FNMA/FHLMC, 5.520%, 03/01/41		542
				793
		Other Revenue — 1.0%
	200	Minnesota Agricultural & Economic Development Board, Health Care Facilities, Essential Health, Series A, Rev., 4.750%, 02/15/15 (f) (i)		206
	65	Minnesota Housing Finance Agency, Mortgage-Backed Securities, Rev., GNMA/FNMA/FHLMC COLL, 4.250%, 07/01/28		70
	300	Minnesota Housing Finance Agency, Non Profit Housing, State Appropriation, Rev., 5.250%, 08/01/26		350
				626
		Total Minnesota		1,631
		Mississippi — 0.5%
		Other Revenue — 0.5%
	100	Mississippi Development Bank, Harrison County Coliseum, Series A, Rev., 5.250%, 01/01/34		124
	150	Mississippi Development Bank, Special Obligation, Harrison County Coliseum, Series A, Rev., 5.250%, 01/01/30		189
		Total Mississippi		313
		Missouri — 2.5%
		General Obligation — 0.5%
	250	Independence School District, Direct Deposit Program, Series A, GO, 5.250%, 03/01/31		298

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		Housing — 0.1%
	50	Missouri Housing Development Commission, Home Ownership Loan Program, Single Family Mortgage, Series B, Rev., AMT, GNMA/FNMA, 5.800%, 09/01/35		53
		Other Revenue — 1.1%
	250	Missouri Housing Development Commission, Non AMT, Non ACE, Special Homeowner Mortgage, Single Family Homeowner Mortgage, Series E-4, Rev., GNMA/FNMA/FHLMC, 4.250%, 11/01/30		271
	200	Missouri Housing Development Commission, Single Family Mortgage, Series E-3, Rev., GNMA/FNMA/FHLMC COLL, 4.625%, 05/01/28		220
	225	Missouri Housing Development Commission, Single Family Mortgage, Homeownership Loan Program, Series A-1, Rev., GNMA/FNMA, 5.150%, 09/01/34		235
				726
		Transportation — 0.8%
	400	Bi-State Development Agency, Metropolitan District, St. Clair County Metrolink Project, Rev., AGM, 5.250%, 07/01/25		492
		Total Missouri		1,569
		Montana — 0.8%
		Housing — 0.2%
	125	Montana Board of Housing, Single Family Mortgage, Series B, Rev., 5.500%, 12/01/37		131
		Other Revenue — 0.6%
	100	Billings Montana Airport, Revenue Refunding, Series A, Rev., AMT, 5.000%, 07/01/20		109
	200	Montana Facility Finance Authority, Hospital Benefits, Health Systems, Rev., AGC, 5.125%, 01/01/22		238
				347
		Total Montana		478
		Nebraska — 1.2%
		General Obligation — 1.2%
		City of Omaha, Omaha Convention Centre, Arena,
	295	GO, 5.250%, 04/01/25		390
	285	GO, 5.250%, 04/01/27		381
		Total Nebraska		771
		Nevada — 0.3%
		Certificate of Participation/Lease — 0.2%
	95	Las Vegas Convention & Visitors Authority, Rev., COP, AMBAC, 5.000%, 07/01/17		106
		General Obligation — 0.1%
	50	City of Las Vegas, Series B, GO, NATL-RE, 4.125%, 05/01/16		55
		Total Nevada		161
		New Hampshire — 1.2%
		Other Revenue — 1.2%
		City of Manchester, School Facilities,
	200	Rev., NATL-RE, 5.500%, 06/01/26		269
	100	Rev., NATL-RE, 5.500%, 06/01/27		135
	150	New Hampshire Housing Finance Authority, Single Family Mortgage, Series B, Rev., 5.000%, 07/01/27		157
	195	New Hampshire Housing Finance Authority, Single Family Mortgage, Acquisition, Series A, Rev., 5.250%, 07/01/28		212
		Total New Hampshire		773
		New Jersey — 1.7%
		Other Revenue — 1.1%
	250	New Jersey Educational Facilities Authority, College of New Jersey Issue, Series A, Rev., 5.000%, 07/01/18		300
	200	New Jersey Higher Education Student Assistance Authority, Series 1, Rev., 5.000%, 12/01/16		224
	200	Tobacco Settlement Financing Corp., Series 1A, Rev., 5.000%, 06/01/19		209
				733
		Special Tax — 0.6%
	300	New Jersey EDA, Motor Vehicle Surplus, Series A, Rev., NATL-RE, 5.250%, 07/01/24		359
		Total New Jersey		1,092
		New Mexico — 1.6%
		Housing — 0.1%
	20	New Mexico Mortgage Finance Authority, Single Family Mortgage, I-B-2 Class Shares, Rev., GNMA/FNMA/FHLMC, 5.650%, 09/01/39		21

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		Other Revenue — 1.5%
	350	Bernalillo County, Gross Receipts, Rev., AMBAC, 5.250%, 10/01/26		459
	55	New Mexico Finance Authority, Public Project, Senior Lien, Series A, Rev., 4.000%, 06/01/16		61
		New Mexico Mortgage Finance Authority, Single Family Mortgage,
	195	Rev., GNMA/FNMA/FHLMC COLL, 5.000%, 09/01/30		217
	200	Series B, Class I, Rev., GNMA/FNMA/FHLMC COLL, 5.000%, 03/01/28		224
				961
		Total New Mexico		982
		New York — 6.5%
		Hospital — 0.3%
	200	Ulster County IDA, Series A, Rev., 5.100%, 09/15/13		186
		Other Revenue — 6.2%
	250	New York City Municipal Water Finance Authority, Series FF-2, Rev., 5.500%, 06/15/40		288
		New York City Municipal Water Finance Authority, Second General Resolution,
	250	Rev., 5.250%, 06/15/44		285
	240	Rev., 5.375%, 06/15/43		277
	450	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Series EE, Rev., 5.000%, 06/15/29		533
	275	New York State Dormitory Authority, Education, Series B, Rev., AMBAC, 5.500%, 03/15/24		364
	260	New York State Dormitory Authority, North Shore Long Island Jewish, Series A, Rev., 5.000%, 05/01/14		281
	200	New York State Energy Research & Development Authority, Pollution Control, Series A, Rev., 2.125%, 03/15/15		203
		New York State Environmental Facilities Corp., Revolving Funds, Pooled Financing,
	310	Series B, Rev., 5.500%, 10/15/26		421
	390	Series B, Rev., 5.500%, 10/15/30		537
	305	New York State Environmental Facilities Corp., State Clean Water & Drinking, Revolving Funds, Pooled Financing, Series B, Rev., 5.500%, 04/15/35		425
	250	Niagara Area Development Corp., Niagara University Project, Series A, Rev., 5.000%, 05/01/18 (w)		284
				3,898
		Total New York		4,084
		North Carolina — 0.7%
		Education — 0.3%
	125	Board of Governors of the University of North Carolina, Appalachian State Charlotte, Series B1, Rev., 5.250%, 10/01/23		151
		Housing — 0.3%
	175	North Carolina Housing Finance Agency, Series 30-A, Rev., AMT, 5.500%, 01/01/39		182
		Utility — 0.1%
	75	North Carolina Eastern Municipal Power Agency, Series C, Rev., 5.375%, 01/01/13 (p)		77
		Total North Carolina		410
		Ohio — 3.2%
		General Obligation — 0.5%
	185	Cincinnati City School District, Classroom Construction & Improvement, GO, NATL-RE, FGIC, 5.250%, 12/01/25		238
	45	Greene County, Series A, GO, AMBAC, 5.250%, 12/01/28		59
				297
		Housing — 0.2%
	130	Ohio Housing Finance Agency, Mortgage Backed Securities Program, Series F, Rev., GNMA/FNMA/FHLMC, 5.500%, 09/01/39		135
		Industrial Development Revenue/Pollution Control Revenue — 0.4%
	225	Ohio State, Air Quality Development Authority, Pollution Control, First Energy, Series C, Rev., 5.625%, 06/01/18		259
		Other Revenue — 2.1%
	205	Akron, Bath and Copley Joint Township Hospital District, Ohio Hospital Improvement and Refunding, Rev., 4.000%, 11/15/15		222
	125	Buckeye Tobacco Settlement Financing Authority, Asset-Backed, Series A-1, Rev., 5.000%, 06/01/17		136

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		Other Revenue — Continued
	100	Franklin County Health Care Improvement, Presbyterian Services, Series A, Rev., 5.000%, 07/01/20		105
	190	Ohio Economic Development, Ohio Enterprise Bond Fund, Seepex Project, Series 1, Rev., 2.000%, 06/01/17 (w)		189
		Ohio Housing Finance Agency, Single Family Mortgage,
	270	Series 1, Rev., 5.000%, 11/01/28		293
	195	Series 2, Rev., GNMA/FNMA/FHLMC, 4.500%, 11/01/28		212
	150	State of Ohio, Higher Education Facility, College of Wooster Project, Rev., 5.000%, 09/01/15		168
				1,325
		Total Ohio		2,016
		Oklahoma — 0.4%
		Other Revenue — 0.4%
	220	Oklahoma City Water Utilities Trust, Water & Sewer, Rev., 5.375%, 07/01/40		261
		Oregon — 1.3%
		Education — 0.1%
	75	Forest Grove, Campus Improvement, Pacific University Project, Rev., 5.000%, 05/01/18		78
		General Obligation — 0.6%
	165	Clackamas County School District No. 7J, Lake Oswego, GO, AGM, 5.250%, 06/01/25		213
	20	Linn County Community School District No. 9 Lebanon, GO, NATL-RE, FGIC, 5.500%, 06/15/30		27
	105	State of Oregon, University Systems Projects, Series G, GO, 5.250%, 08/01/31		127
				367
		Other Revenue — 0.6%
	75	Oregon State Housing & Community Services Department, Single Family Mortgage Program, Series B, Rev., AMT, 5.000%, 07/01/30		80
	215	Port of Portland, International Airport, Rev., 5.000%, 07/01/19		258
				338
		Total Oregon		783
		Pennsylvania — 2.4%
		Other Revenue — 2.2%
		Allegheny County Airport Authority,
	50	Series 2B, Rev., FGIC, 5.000%, 01/01/18		55
	500	Series A-1, Rev., 5.000%, 01/01/22		560
		Allegheny County Higher Education Building Authority, Duquesne University,
	160	Series A, Rev., 5.000%, 03/01/20		186
	150	Series A, Rev., NATL-RE, FGIC, 5.000%, 03/01/16		160
	395	Pennsylvania Housing Finance Agency, Series 112, Rev., 5.000%, 04/01/28		432
				1,393
		Resource Recovery — 0.2%
	140	Harrisburg Authority, Resource Recovery Facility, Series D-2, Rev., VAR, AGM, 5.000%, 12/01/13		140
		Total Pennsylvania		1,533
		Puerto Rico — 0.9%
		Other Revenue — 0.9%
	25	Puerto Rico Highway & Transportation Authority, Series X, Rev., NATL-RE-IBC, 5.500%, 07/01/15 (p)		28
		Puerto Rico Highway & Transportation Authority, Unrefunded Balance,
	20	Series AA, Rev., NATL-RE, 5.500%, 07/01/17		23
	165	Series AA, Rev., NATL-RE, 5.500%, 07/01/19		189
	185	Series AA, Rev., NATL-RE, 5.500%, 07/01/20		212
	95	Series W, Rev., NATL-RE-IBC, 5.500%, 07/01/15		104
	5	Series X, Rev., NATL-RE-IBC, 5.500%, 07/01/15		5
		Total Puerto Rico		561
		South Dakota — 0.4%
		Other Revenue — 0.4%
	250	South Dakota Housing Development Authority, Homeownership Mortgage, Series A, Rev., AMT, 4.500%, 05/01/31 (w)		268
		Tennessee — 0.6%
		Other Revenue — 0.6%
	120	Memphis-Shelby County Sports Authority, Inc., Arena Project, Series D, Rev., NATL-RE, 5.000%, 11/01/19		142

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		Other Revenue — Continued
	245	Tennessee Housing Development Agency, Home Ownership Program, Series A, Rev., 4.500%, 07/01/31		259
		Total Tennessee		401
		Texas — 5.0%
		Education — 0.5%
	100	Texas State Public Finance Authority Charter School Finance Corp., Cosmos Foundation, Inc., Series A, Rev., 6.000%, 02/15/30		113
	140	University of Texas System, Series B, Rev., 5.250%, 07/01/28		185
				298
		General Obligation — 1.2%
	80	Fort Bend County, GO, 5.250%, 03/01/28		92
	200	North East Independent School District, GO, PSF-GTD, 5.250%, 02/01/27		260
	340	State of Texas, Water Financial Assistance, Series D, GO, AMT, 5.000%, 08/01/17		401
				753
		Hospital — 0.3%
	190	Lufkin Health Facilities Development Corp., Memorial Health System, East Texas, Rev., 5.000%, 02/15/13		194
		Housing — 0.2%
	110	Texas State Affordable Housing Corp., Single Family Mortgage, Series D, Rev., AMT, GNMA/FNMA/FHLMC, 5.850%, 04/01/41		118
		Industrial Development Revenue/Pollution Control Revenue — 0.2%
	100	Harris County Industrial Development Corp., Deer Park Refining Project, Rev., 4.700%, 05/01/18		110
		Other Revenue — 2.2%
	130	Dallas Area Rapid Transit, Senior Lien, Rev., AMBAC, 5.250%, 12/01/29		167
	200	La Vernia Higher Education Finance Corp., Lifeschool of Dallas, Series A, Rev., 6.250%, 08/15/21		219
	250	Texas Department of Housing & Community Affairs, Series A, Rev., GNMA/FNMA/FHLMC, 5.000%, 07/01/29		275
	200	Texas Transportation Commission, First Tier Put, Rev., VAR, 5.000%, 02/15/13		202
	395	University of Texas System, Series B, Rev., 5.250%, 07/01/30		522
				1,385
		Prerefunded — 0.0% (g)
	30	City of Houston, Capital Appreciation, Series A, Rev., AGM, Zero Coupon, 12/01/27 (p)		19
		Utility — 0.4%
	60	Harris County Cultural Education Facilities Finance Corp., Teco Project, Series A, Rev., 5.000%, 11/15/15		69
	150	SA Energy Acquisition Public Facility Corp., Gas Supply, Rev., 5.250%, 08/01/15		164
				233
		Total Texas		3,110
		Utah — 1.0%
		Certificate of Participation/Lease — 0.9%
	450	Utah Transit Authority, Sales Tax, Series C, Rev., AGM, 5.250%, 06/15/32		601
		Other Revenue — 0.1%
	40	Utah Transit Authority, Sales Tax, Series C, Rev., AGM, 5.250%, 06/15/25		52
		Total Utah		653
		Vermont — 0.4%
		Other Revenue — 0.4%
	250	Vermont Housing Finance Agency, Series B, Rev., AMT, 4.125%, 11/01/42		261
		Virginia — 0.1%
		Other Revenue — 0.1%
	50	Sussex County IDA, Atlantic Waste, Series A, Rev., VAR, 5.125%, 05/01/14		54
		Washington — 1.4%
		General Obligation — 0.3%
	220	State of Washington Motor Vehicle Fuel Tax, Series F, GO, AMBAC, Zero Coupon, 12/01/22		168
		Other Revenue — 1.1%
	150	Chelan County Public Utility District No. 1, Series A, Rev., AMT, 5.500%, 07/01/26		177
	300	City of Seattle, Light & Power Improvement, Series A, Rev., 5.250%, 02/01/33		349

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
			Other Revenue –– Continued
	190		Washington State Housing Finance Commission, Series A, Rev., GNMA/FNMA/FHLMC, 4.500%, 04/01/29		206
					732
			Total Washington		900
			Wyoming — 1.1%
			Other Revenue — 1.1%
	375		Laramie County Hospital, Cheyenne Regional Medical Center Project, Rev., 4.000%, 05/01/18		415
	250		Wyoming Community Development Authority Housing, Series 1, Rev., AMT, 4.000%, 06/01/32 (w)		259
			Total Wyoming		674
			Total Municipal Bonds (Cost $45,546)		48,510
SHARES
	Common Stock — 0.0% (g)
			Materials — 0.0% (g)
			Containers & Packaging — 0.0% (g)
	–	(h)	Constar International, Inc., ADR (a) (f) (i) (Cost $–)		—	(h)
	Preferred Stock — 0.0% (g)
			Materials — 0.0% (g)
			Containers & Packaging — 0.0% (g)
	–	(h)	Constar International, Inc., 11.000% (a) (f) (i) (Cost $10)		10
PRINCIPAL AMOUNT($)
	Loan Participations & Assignments — 17.2%
			Consumer Discretionary — 6.3%
			Auto Components — 0.8%
			Autoparts Holdings Ltd., Term Loan,
	66		VAR, 6.500%, 07/29/17		64
	34		VAR, 6.500%, 07/29/17		32
	121		Remy International, Term Loan B, VAR, 6.250%, 12/16/16		120
	148		UCI International, Inc., Term Loan, VAR, 5.500%, 07/26/17		148
	150		Wabash National Corp., Term Loan B, VAR, 6.000%, 05/08/19		148
					512
			Automobiles — 0.2%
	149		Chrysler, Term Loan B, VAR, 6.000%, 05/24/17		148
			Broadcasting & Cable TV — 0.4%
	75		Mediacom LLC, Term Loan C, VAR, 1.950%, 01/31/15		72
	145		Yankee Cable Acquisition LLC, Term Loan B, VAR, 6.500%, 08/26/16		144
					216
			Gaming — 1.0%
	100		Caesars Entertainment Operating Co., Inc., Term B-2 Loan, VAR, 3.239%, 01/28/15		91
	144		CCM Merger, Inc., Term Loan, VAR, 6.000%, 03/01/17		143
			Isle of Capri Casinos, Inc., Term Loan B,
	143		VAR, 4.750%, 11/01/13		142
	6		VAR, 4.750%, 11/01/13		6
	150		Mohegan Tribal Gaming Authority, Term Loan, VAR, 9.000%, 03/31/16		154
	100		ROC Finance LLC, Funded Term B Loan, VAR, 8.500%, 08/18/17		100
					636
			Hotels, Restaurants & Leisure — 1.0%
			FOCUS Brands Inc., 1st Lien Term Loan,
	6		VAR, 6.250%, 02/21/18		6
	89		VAR, 6.250%, 02/21/18		89
	1		VAR, 7.250%, 02/21/18		1
			Landry’s, Inc., Term Loan,
	150		VAR, 6.500%, 04/24/18		149
	–	(h)	VAR, 6.500%, 04/24/18		—	(h)
	150		MTL Publishing LLC, Term Loan, VAR, 03/01/18 ^		149
			NPC International, Term Loan,
	60		VAR, 5.250%, 12/28/18		60
	40		VAR, 5.250%, 12/28/18		40
	150		Wendy’s/Arby’s Restaurants LLC, Term Loan B, VAR, 05/15/19 ^		148
					642

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Loan Participations & Assignments — Continued
			Household Durables — 0.3%
	150		Yankee Candle Co., Inc., 1st Lien Term Loan, VAR, 5.250%, 04/02/19		149
			Leisure Equipment & Products — 0.7%
	143		Eastman Kodak, DIP Loan, VAR, 8.500%, 07/20/13		143
	150		Formula One Group, Term Loan, VAR, 06/14/18 ^		148
			Freedom Group, Inc., Term B Loan,
	148		VAR, 5.500%, 04/19/19		147
	2		VAR, 5.500%, 04/19/19		3
					441
			Media — 1.5%
	92		Barrington Broadcasting Group LLC, Tranche 2 Term Loan, VAR, 7.500%, 06/14/17		92
	96		Cengage Learning Acquisitions, Inc., Term Loan, VAR, 2.490%, 07/03/14		87
	150		Cumulus Media, Term Loan, VAR, 5.750%, 09/17/18		148
	95		Entercom Radio LLC, Term Loan, VAR, 6.250%, 11/23/18		95
	99		Gray Television, Inc., Term Loan B, VAR, 3.740%, 12/31/14		98
	15		High Plains Broadcasting Operating Co. LLC, Term Loan, VAR, 9.000%, 09/14/16		15
	93		Hubbard Radio LLC, 1st Lien Term Loan B, VAR, 5.250%, 04/28/17		92
	54		Newport Television LLC, Term Loan, VAR, 9.000%, 09/14/16		54
			R.H. Donnelley, Inc., Exit Term Loan,
	32		VAR, 9.000%, 10/24/14		14
	27		VAR, 9.000%, 10/24/14		12
	12		VAR, 9.000%, 10/24/14		5
			Radio One, Inc., 1st Lien Term Loan B,
	91		VAR, 7.500%, 03/31/16		90
	5		VAR, 7.500%, 03/31/16		5
	2		VAR, 7.500%, 03/31/16		2
	70		Univision Communications, Inc., Extended 1st Lien Term Loan, VAR, 4.489%, 03/31/17		64
	57		Univision Communications, Inc., Initial Term Loan, VAR, 2.239%, 09/29/14		55
					928
			Specialty Retail — 0.4%
			Academy Ltd., Initial Term Loan,
	88		VAR, 6.000%, 08/03/18		88
	12		VAR, 6.000%, 08/03/18		12
			Claire’s Stores, Inc., Term Loan B,
	50		VAR, 2.989%, 05/29/14		46
	21		VAR, 3.216%, 05/29/14		20
	100		Neiman Marcus, 1st Lien Term Loan, VAR, 4.750%, 05/16/18		98
					264
			Total Consumer Discretionary		3,936
			Consumer Staples — 0.9%
			Food & Staples Retailing — 0.2%
	99		SUPERVALU, Inc., Term B-2 Loan, VAR, 3.489%, 10/05/15		98
			Food Products — 0.3%
			Dole Food Co., Tranche B-2 Term Loan,
	6		VAR, 5.000%, 07/08/18		6
	6		VAR, 5.000%, 07/08/18		6
	6		VAR, 5.000%, 07/08/18		6
	6		VAR, 5.000%, 07/08/18		6
	6		VAR, 5.000%, 07/08/18		5
	6		VAR, 5.000%, 07/08/18		5
	1		VAR, 6.000%, 07/08/18		1
			Dole Food Co., Tranche C2 Term Loan,
	5		VAR, 5.000%, 07/08/18		5
	8		VAR, 5.000%, 07/08/18		8
	8		VAR, 5.000%, 07/08/18		8
	6		VAR, 5.000%, 07/08/18		6
	8		VAR, 5.000%, 07/08/18		8
	8		VAR, 5.000%, 07/08/18		8
	8		VAR, 5.000%, 07/08/18		9
	8		VAR, 5.000%, 07/08/18		8
	2		VAR, 6.000%, 07/08/18		2
			Pierre Foods, Inc., 1st Lien Term Loan,
	99		VAR, 7.000%, 09/30/16		99
	–	(h)	VAR, 7.000%, 09/30/16		—	(h)
					196
			Household Products — 0.3%
			Prestige Brands, Term B Loan,
	88		VAR, 5.250%, 01/31/19		88
	1		VAR, 6.250%, 01/31/19		1
			Spectrum Brands, Inc., New Term Loan,
	44		VAR, 5.000%, 06/17/16		44
	33		VAR, 5.000%, 06/17/16		33
	–	(h)	VAR, 6.250%, 06/17/16		—	(h)
					166

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Loan Participations & Assignments — Continued
		Personal Products — 0.1%
		NBTY, Inc., Term Loan B1,
	78	VAR, 4.250%, 10/01/17		77
	3	VAR, 4.250%, 10/01/17		3
	6	VAR, 4.250%, 10/01/17		5
				85
		Total Consumer Staples		545
		Energy — 0.6%
		Oil, Gas & Consumable Fuels — 0.6%
	150	Arch Coal, Inc., 1st Lien Term Loan B, VAR, 5.750%, 05/16/18		146
	150	Chesapeake Energy Corp.,Term Loan, VAR, 8.500%, 12/02/17		147
	113	NGPL PipeCo LLC, Term Loan, VAR, 7.750%, 05/17/18		110
		Total Energy		403
		Financials — 0.6%
		Capital Markets — 0.0% (g)
	21	Pinafore LLC/Pinafore, Inc., Term Loan B1, VAR, 4.250%, 09/29/16		21
		Diversified Consumer Services — 0.2%
	7	Realogy Corp., Extended Synthetic Commitments, VAR, Daily rate 4.491%, 10/10/16		7
	93	Realogy Corp., Extended Term Loan, VAR, 4.489%, 10/10/16		84
				91
		Diversified Financial Services — 0.1%
		Harland Clarke Holdings Corp., Term Loan B,
	18	VAR, 2.739%, 06/30/14		17
	18	VAR, 2.739%, 06/30/14		16
	14	VAR, 2.739%, 06/30/14		12
	13	VAR, 2.739%, 06/30/14		12
	11	VAR, 2.739%, 06/30/14		10
	13	VAR, 2.970%, 06/30/14		12
				79
		Insurance — 0.2%
	113	CNO Financial Group, Inc., Term Loan B1, VAR, 6.250%, 09/30/16		113
		Real Estate Investment Trusts (REITs) — 0.1%
		iStar Financial, Inc., Term Loan A-1,
	30	VAR, 5.000%, 06/28/13		30
	16	VAR, 5.000%, 06/28/13		16
				46
		Total Financials		350
		Health Care — 2.3%
		Health Care Equipment & Supplies — 0.2%
		Biomet, Inc., Dollar Term Loans,
	42	VAR, 3.239%, 03/25/15		41
	58	VAR, 3.474%, 03/25/15		56
				97
		Health Care Providers & Services — 1.2%
		Community Health Systems, Inc., Non Extended B-1 Term Loan,
	43	VAR, 2.489%, 07/25/14		42
	17	VAR, 2.489%, 07/25/14		17
	35	VAR, 2.717%, 07/25/14		34
	100	HMA, Term Loan B, VAR, 4.500%, 11/16/18		98
	99	IASIS Healthcare, 1st Lien Term Loan B, VAR, 5.000%, 05/03/18		98
	99	inVentiv Health, Consolidated Term Loan, VAR, 6.500%, 08/04/16		93
	99	Kindred Healthcare, Term Loan, VAR, 5.250%, 06/01/18		94
	91	Multiplan, Inc., Term Loan B, VAR, 4.750%, 08/26/17		89
	100	National Mentor Holdings, Inc., Tranche B Term Loans, VAR, 7.000%, 02/09/17		98
	119	Vanguard Health Systems, Term Loan B, VAR, 5.000%, 01/29/16		118
				781
		Pharmaceuticals — 0.9%
		Aptalis Pharma, Inc., Term Loan,
	134	VAR, 5.500%, 02/10/17		129
	14	VAR, 5.500%, 02/10/17		14
	146	Capsugel Holdings, Inc., Term Loan, VAR, 5.250%, 08/01/18		146
		Catalent Pharma Solutions, Inc., 1st Lien Incremental Term Loan B,
	99	VAR, 5.250%, 09/15/17		98
	51	VAR, 5.250%, 09/15/17		50
	150	Grifols, Inc., U.S. Tranche B Term Loan, VAR, 4.500%, 06/01/17		147
				584
		Total Health Care		1,462
		Industrials — 3.1%
		Aerospace & Defense — 0.4%
	99	Ducommun, Inc., Term Loan B, VAR, 5.500%, 06/28/17		99
	99	Transdigm Group, Inc., Tranche B-1 Term Loan, VAR, 4.000%, 02/14/17		98

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Loan Participations & Assignments — Continued
			Aerospace & Defense — Continued
	50		Transdigm Group, Inc., Tranche B-2 Term Loan, VAR, 4.000%, 02/14/17		50
					247
			Airlines — 0.3%
	99		Delta Air Lines, Inc., New Term Loan, VAR, 4.250%, 03/07/16		96
	99		United Airlines, Inc., Term Loan B, VAR, 2.250%, 02/01/14		95
					191
			Building Products — 0.6%
	4		Jacuzzi Brands, Inc., 1st Lien Synthetic Credit Facility, VAR, 0.368%, 02/07/14		2
	45		Jacuzzi Brands, Inc., 1st Lien Term Loan B, VAR, 2.489%, 02/07/14		26
			Nortek, Inc., 1st Lien Term Loan,
	49		VAR, 5.250%, 04/26/17		49
	–	(h)	VAR, 5.250%, 04/26/17		—	(h)
	–	(h)	VAR, 5.250%, 04/26/17		—	(h)
	–	(h)	VAR, 6.250%, 04/26/17		—	(h)
	150		Roofing Supply Group, Term Loan, VAR, 04/30/19 ^		150
	150		Summit Materials LLC, Term Loan, VAR, 6.000%, 01/30/19		150
					377
			Commercial Services & Supplies — 0.5%
	149		ACCO Brands Corp., Term B Loan, VAR, 4.250%, 05/01/19		149
	50		SCH Group, Term Loan, VAR, 04/28/17 ^		48
			WCA Waste Corp., Term Loan,
	100		VAR, 5.500%, 03/23/18		99
	–	(h)	VAR, 5.500%, 03/23/18		—	(h)
					296
			Industrial Conglomerates — 0.2%
	31		BOC Edwards, Extended Term Loan, VAR, 5.500%, 05/31/16		30
	86		BOC Edwards, New Term Loan, VAR, 5.500%, 05/31/16		86
					116
			Industrial Machinery — 0.2%
	134		Intelligrated, Inc., Term Loan, VAR, 7.500%, 02/17/17		132
			Machinery — 0.4%
	46		Colfax Corp., Term Loan, VAR, 4.500%, 01/13/19		46
	100		Terex Corp., Term Loan, VAR, 5.500%, 04/28/17		100
	135		Xerium Technologies, Inc., Initial U.S. Term Loan, VAR, 5.500%, 05/26/17		130
					276
			Road & Rail — 0.5%
	150		RailAmerica, Term Loan B, VAR, 4.000%, 03/01/19		149
			Swift Transportation Co., Tranche B-2 Term Loan,
	67		VAR, 5.000%, 12/15/17		66
	61		VAR, 5.000%, 12/15/17		61
	11		VAR, 5.000%, 12/15/17		11
	4		VAR, 5.000%, 12/15/17		4
	2		VAR, 5.000%, 12/15/17		2
					293
			Total Industrials		1,928
			Information Technology — 1.6%
			Communications Equipment — 0.2%
	49		Avaya, Inc., Term Loan B1, VAR, 3.217%, 10/24/14		46
	98		Avaya, Inc., Term Loan B3 Extending Tranche, VAR, 4.967%, 10/26/17		86
					132
			Computers & Peripherals — 0.1%
			Sealed Air Corp., Term Loan B,
	53		VAR, 4.750%, 10/03/18		52
	46		VAR, 4.750%, 10/03/18		46
					98
			Electronic Equipment, Instruments & Components — 0.2%
	100		CDW Corp., Non Extended B-1 Term Loan, VAR, 3.739%, 10/10/14		99
	20		Unifrax LLC, Term Loan B, VAR, 6.500%, 11/28/18 ^		20
					119
			Internet Software & Services — 0.4%
	90		Go Daddy Group, Inc. (The), Tranche B-1 Term Loan, VAR, 5.500%, 12/17/18		88
	148		Softlayer Technologies, Inc., Term Loan, VAR, 7.250%, 11/09/16		148
					236
			IT Services — 0.0% (g)
	15		First Data Corp., Initial Tranche B3, VAR, 2.989%, 09/24/14		14

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Loan Participations & Assignments — Continued
			Semiconductors & Semiconductor Equipment — 0.3%
	77		Freescale Semiconductor, Inc., Tranche B-1 Term Loan, VAR, 4.489%, 12/01/16		72
	100		NXP B.V., Tranche A-2 Loan, VAR, 5.500%, 03/04/17		98
					170
			Software — 0.4%
	135		Attachmate Corp., 1st Lien Term Loan, VAR, 7.250%, 11/22/17		132
	100		Misys plc, 1st Lien Term Loan, VAR, 10/22/18 ^		98
					230
			Total Information Technology		999
			Materials — 1.6%
			Chemicals — 0.8%
			Harko C.V., Term Loan B,
	57		VAR, 5.750%, 08/02/17		57
	42		VAR, 5.750%, 08/02/17		42
	55		Momentive Performance, Tranche B-1B Term Loan, VAR, 3.750%, 05/05/15		53
			Nexeo Solutions, Term Loan,
	3		VAR, 5.000%, 09/08/17		3
	40		VAR, 5.000%, 09/08/17		39
	33		VAR, 5.000%, 09/08/17		32
	30		VAR, 5.000%, 09/08/17		29
	150		PL Propylene LLC, Term Loan, VAR, 7.000%, 03/27/17		148
			Trinseo S.A., 1st Lien Term Loan,
	95		VAR, 6.000%, 08/02/17		85
	4		VAR, 6.750%, 08/02/17		3
					491
			Containers & Packaging — 0.2%
			Reynolds Group Holdings, U.S. Term Loan,
	60		VAR, 6.500%, 02/09/18		60
	54		VAR, 6.500%, 02/09/18		54
	31		VAR, 6.500%, 02/09/18		31
	1		VAR, 6.500%, 02/09/18		1
	1		VAR, 6.500%, 02/09/18		1
	–	(h)	VAR, 6.500%, 02/09/18		—	(h)
					147
			Metals & Mining — 0.2%
	150		Noranda Aluminum Acquisition Corp., Term B Loan, VAR, 5.750%, 02/28/19		150
			Paper & Forest Products — 0.4%
	125		Ainsworth Lumber Ltd., Term Loan B, VAR, 5.250%, 06/26/14		118
	100		Osmose Holdings, Inc., Term Loan, VAR, 6.500%, 05/04/18		100
					218
			Total Materials		1,006
			Utilities — 0.2%
			Independent Power Producers & Energy Traders — 0.2%
			Dynegy Midwest Generation, Inc., Term Loan,
	–	(h)	VAR, 9.250%, 08/05/16		—	(h)
	40		VAR, 9.250%, 08/05/16		41
			Dynegy Power LLC, Term Loan,
	60		VAR, 9.250%, 08/05/16		62
	–	(h)	VAR, 9.250%, 08/05/16		—	(h)
	47		Texas Competitive Electric, Extended Term Loan, VAR, 4.739%, 10/10/17		27
	47		Texas Competitive Electric, Non-Extended Term Loan, VAR, 3.739%, 10/10/14		28
			Total Utilities		158
			Total Loan Participations & Assignments (Cost $10,852)		10,787
SHARES
	Short-Term Investment — 7.5%
			Investment Company — 7.5%
	4,723		JPMorgan Tax Free Money Market Fund, Institutional Class Shares, 0.050% (b) (l) (m) (Cost $4,723)		4,723
			Total Investments — 102.3% (Cost $61,407)		64,305
			Liabilities in Excess of Other Assets — (2.3)%		(1,426	)
			NET ASSETS — 100.0%	$	62,879

Percentages indicated are based on net assets.

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
AGC	—	Insured by Assured Guaranty Corp.
AGM	—	Insured by Assured Guaranty Municipal Corp.
AMBAC	—	Insured by American Municipal Bond Assurance Corp. *
AMT	—	Alternative Minimum Tax
BAN	—	Bond Anticipation Note
BHAC	—	Insured by Berkshire Hathaway Assurance Corp.
COLL	—	Collateral
COP	—	Certificate of Participation
CR	—	Custodial Receipts
DIP	—	Debtor-in-possession
EDA	—	Economic Development Authority
FGIC	—	Insured by Financial Guaranty Insurance Co.
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
GNMA	—	Government National Mortgage Association
GO	—	General Obligation
GTD	—	Guaranteed
IBC	—	Insured Bond Certificates
IDA	—	Industrial Development Authority
NATL	—	Insured by National Public Finance Guarantee Corp.
PSF	—	Permanent School Fund
Q-SBLF	—	Qualified School Bond Loan Fund
RE	—	Reinsured
Rev.	—	Revenue
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of May 31, 2012.
XLCA	—	Insured by XL Capital Assurance
(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.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(f)	—	Security is fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. The Fund owns fair valued securities with a value of approximately $250,000 which amounts to 0.4% of total investments.
(g)	—	Amount rounds to less than 0.1%.
(h)	—	Amount rounds to less than one thousand (shares or dollars).
(i)	—	Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.
(l)	—	The rate shown is the current yield as of May 31, 2012.
(m)	—	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments, and/or forward foreign currency exchange contracts.
(p)	—	Security is prerefunded or escrowed to maturity.
(t)	—	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(w)	—	When-issued security
^	—	All or a portion of the security is unsettled as of May 31, 2012. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
*	—	Filed for bankruptcy on November 8, 2010.

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

As of May 31, 2012, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	3,085
Aggregate gross unrealized depreciation		(187	)
Net unrealized appreciation/depreciation	$	2,898
Federal income tax cost of investments	$	61,407

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

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

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

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

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

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

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

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

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

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

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

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stock
Materials	$	—	$	—	$	—	(a)	$	—	(a)
Total Common Stock		—		—		—	(a)		—	(a)
Preferred Stock
Materials		—		—		10			10
Total Preferred Stock		—		—		10			10
Debt Securities
Commercial Mortgage-Backed Securities		—		132		—			132
Corporate Bonds
Consumer Discretionary		—		96		—			96
Financials		—		13		—			13
Materials		—		—		34			34
Total Corporate Bonds		—		109		34			143
Municipal Bonds
Alabama
Other Revenue		—		252		—			252
Alaska
Other Revenue		—		1,017		—			1,017
Arizona
Education		—		389		—			389
Hospital		—		111		—			111
Other Revenue		—		1,000		—			1,000
Water & Sewer		—		650		—			650
Total Arizona		—		2,150		—			2,150
Arkansas
Housing		—		143		—			143
California
General Obligation		—		669		—			669
Hospital		—		108		—			108
Housing		—		41		—			41
Other Revenue		—		287		—			287
Prerefunded		—		555		—			555
Total California		—		1,660		—			1,660
Colorado
General Obligation		—		1,049		—			1,049
Housing		—		99		—			99
Other Revenue		—		249		—			249
Total Colorado		—		1,397		—			1,397
Connecticut
Other Revenue		—		288		—			288

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Delaware
Housing $	$	—	$	71	$	—	$	71
District of Columbia
Certificate of Participation/Lease		—		79		—		79
Other Revenue		—		578		—		578
Total District of Columbia		—		657		—		657
Florida
General Obligation		—		841		—		841
Housing		—		195		—		195
Other Revenue		—		3,155		—		3,155
Total Florida		—		4,191		—		4,191
Georgia
Other Revenue		—		2,076		—		2,076
Utility		—		106		—		106
Total Georgia		—		2,182		—		2,182
Guam
Other Revenue		—		210		—		210
Hawaii
General Obligation		—		118		—		118
Illinois
Education		—		119		—		119
General Obligation		—		913		—		913
Housing		—		298		—		298
Other Revenue		—		1,193		—		1,193
Transportation		—		327		—		327
Total Illinois		—		2,850		—		2,850
Indiana
General Obligation		—		108		—		108
Other Revenue		—		1,363		—		1,363
Total Indiana		—		1,471		—		1,471
Iowa
Housing		—		91		—		91
Kansas
Hospital		—		234		—		234
Housing		—		63		—		63
Total Kansas		—		297		—		297
Kentucky
Housing		—		92		—		92
Other Revenue		—		252		—		252
Total Kentucky		—		344		—		344
Louisiana
Housing		—		27		—		27
Other Revenue		—		89		—		89
Transportation		—		143		—		143
Total Louisiana		—		259		—		259
Maryland
Transportation		—		109		—		109
Massachusetts
Education		—		1,295		—		1,295
Industrial Development Revenue/Pollution Control Revenue		—		154		—		154

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant  unobservable inputs		Total
Other Revenue	$	—	$	656	$	—	$	656
Transportation		—		399		—		399
Water & Sewer		—		132		—		132
Total Massachusetts		—		2,636		—		2,636
Michigan
General Obligation		—		940		—		940
Other Revenue		—		1,438		—		1,438
Total Michigan		—		2,378		—		2,378
Minnesota
Hospital		—		212		—		212
Housing		—		793		—		793
Other Revenue		—		420		206		626
Total Minnesota		—		1,425		206		1,631
Mississippi
Other Revenue		—		313		—		313
Missouri
General Obligation		—		298		—		298
Housing		—		53		—		53
Other Revenue		—		726		—		726
Transportation		—		492		—		492
Total Missouri		—		1,569		—		1,569
Montana
Housing		—		131		—		131
Other Revenue		—		347		—		347
Total Montana		—		478		—		478
Nebraska
General Obligation		—		771		—		771
Nevada
Certificate of Participation/Lease		—		106		—		106
General Obligation		—		55		—		55
Total Nevada		—		161		—		161
New Hampshire
Other Revenue		—		773		—		773
New Jersey
Other Revenue		—		733		—		733
Special Tax		—		359		—		359
Total New Jersey		—		1,092		—		1,092
New Mexico
Housing		—		21		—		21
Other Revenue		—		961		—		961
Total New Mexico		—		982		—		982
New York
Hospital		—		186		—		186
Other Revenue		—		3,898		—		3,898
Total New York		—		4,084		—		4,084
North Carolina
Education		—		151		—		151
Housing		—		182		—		182
Utility		—		77		—		77
Total North Carolina		—		410		—		410
Ohio
General Obligation		—		297		—		297
Housing		—		135		—		135

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant  unobservable inputs		Total
Industrial Development
Revenue/Pollution Control Revenue	$	—	$	259	$	—	$	259
Other Revenue		—		1,325		—		1,325
Total Ohio		—		2,016		—		2,016
Oklahoma
Other Revenue		—		261		—		261
Oregon
Education		—		78		—		78
General Obligation		—		367		—		367
Other Revenue		—		338		—		338
Total Oregon		—		783		—		783
Pennsylvania
Other Revenue		—		1,393		—		1,393
Resource Recovery		—		140		—		140
Total Pennsylvania		—		1,533		—		1,533
Puerto Rico
Other Revenue		—		561		—		561
South Dakota
Other Revenue		—		268		—		268
Tennessee
Other Revenue		—		401		—		401
Texas
Education		—		298		—		298
General Obligation		—		753		—		753
Hospital		—		194		—		194
Housing		—		118		—		118
Industrial Development
Revenue/Pollution Control Revenue		—		110		—		110
Other Revenue		—		1,385		—		1,385
Prerefunded		—		19		—		19
Utility		—		233		—		233
Total Texas		—		3,110		—		3,110
Utah
Certificate of Participation/Lease		—		601		—		601
Other Revenue		—		52		—		52
Total Utah		—		653		—		653
Vermont
Other Revenue		—		261		—		261
Virginia
Other Revenue		—		54		—		54
Washington
General Obligation		—		168		—		168
Other Revenue		—		732		—		732
Total Washington		—		900		—		900
Wyoming
Other Revenue		—		674		—		674
Total Municipal Bonds		—		48,304		206		48,510
Loan Participations & Assignments
Consumer Discretionary		—		3,936		—		3,936
Consumer Staples		—		545		—		545

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Energy	$	—	$	403	$	—	$	403
Financials		—		350		—		350
Health Care		—		1,462		—		1,462
Industrials		—		1,928		—		1,928
Information Technology		—		999		—		999
Materials		—		1,006		—		1,006
Utilities		—		158		—		158
Total Loan Participations & Assignments		—		10,787		—		10,787
Short-Term Investment
Investment Company		4,723		—		—		4,723
Total Investments in Securities	$	4,723	$	59,332	$	250	$	64,305

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

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

	Balance as of  02/29/12			Realized gain  (loss)		Change in unrealized appreciation (depreciation)			Net amortization (accretion)		Purchases1		Sales2		Transfers into Level 3		Transfers out of Level 3		Balance as  of 05/31/12
Investments in Securities
Common Stock - Materials	$	—	(a)	$	—	$	—	(a)	$	—	$	—	$	—	$	—	$	—	$	—	(a)
Corporate Bond - Materials		34			—		—			—		—		—		—		—		34
Municipal Bonds
Minnesota - Other Revenue		207			—		(1	)		—		—		—		—		—		206
Preferred Stock		10			—		—	(a)		—		—		—		—		—		10
	$	251		$	—	$		(1)	$	—	$	—	$	—	$	—	$	—	$	250

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

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

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

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

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

The change in unrealized appreciation (depreciation) attributable to securities owned at May 31, 2012, which were valued using significant unobservable inputs (Level 3), amounted to approximately ($1,000).

JPMorgan Tax Aware Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — 0.1%
		Agency CMO — 0.1%
		Federal Home Loan Mortgage Corp. REMICS,
	522	Series 3976, Class AI, IO, 3.500%, 08/15/29 (m)		53
	128	Series 3984, Class NS, IF, IO, 6.361%, 01/15/40 (m)		26
		Federal National Mortgage Association REMICS,
	102	Series 2010-158, Class KS, IF, IO, 5.761%, 04/25/40 (m)		17
	415	Series 2011-145, Class PS, IF, IO, 6.371%, 04/25/30 (m)		82
	337	Series 2012-17, Class JS, IF, IO, 6.411%, 11/25/30 (m)		59
	145	Series 2012-24, Class S, IF, IO, 5.261%, 05/25/30		25
		Total Collateralized Mortgage Obligations (Cost $250)		262
	Daily Demand Notes — 10.4%
		California — 0.2%
	350	California Infrastructure & Economic Development Bank, Pacific Gas Electric, Series A, Rev., VRDO, LOC: Mizhuo Corporate Bank, 0.150%, 06/01/12 (m)		350
		Delaware — 0.3%
	500	University of Delaware, Series B, Rev., VRDO, 0.190%, 06/01/12		500
		Illinois — 0.2%
	485	Illinois Finance Authority, University of Chicago Medical Centre, Series B, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.200%, 06/01/12 (m)		485
		Massachusetts — 0.2%
	300	Commonwealth of Massachusetts, Central Artery, Series A, GO, VRDO, 0.230%, 06/01/12 (m)		300
		Michigan — 0.2%
	100	University of Michigan, Hospital, Series A, Rev., VRDO, 0.170%, 06/01/12		100
		University of Michigan, Medical Services Plan,
	150	Series A, Rev., VRDO, 0.140%, 06/01/12		150
	200	Series A-1, Rev., VRDO, 0.170%, 06/01/12		200
		Total Michigan		450
		Mississippi — 0.0% (g)
	100	Jackson County, Port Facility, Chevron USA, Inc. Project, Rev., VRDO, 0.160%, 06/01/12 (m)		100
		New York — 2.8%
		New York City,
	450	Series H, Subseries H-3, GO, VRDO, AGM, 0.250%, 06/01/12		450
	300	Series E, Subseries E-2, GO, VRDO, LOC: Bank of America N.A., 0.200%, 06/01/12		300
	400	Subseries E-4, GO, VRDO, LOC: BNP Paribas, 0.210%, 06/01/12		400
	250	Subseries L-3, GO, VRDO, 0.200%, 06/01/12		250
	1,100	New York City Trust for Cultural Resources, American Museum of Natural History, Series A-1, Rev., VRDO, 0.200%, 06/01/12		1,100
		New York City Transitional Finance Authority, Future Tax Secured,
	250	Series C, Rev., VRDO, LOC: Morgan Stanley Bank, 0.190%, 06/01/12		250
	750	Subseries C-5, Rev., VRDO, LOC: Bank of America N.A., 0.200%, 06/01/12		750
	100	New York City Transitional Finance Authority, New York City Recovery, Series 3, Subseries 3-H, Rev., VRDO, LOC: Royal Bank of Canada, 0.170%, 06/01/12		100
	200	New York City Transitional Finance Authority, Future Tax Secured, New York City Recovery, Series 3, Subseries 3-B, Rev., VRDO, 0.180%, 06/01/12 (p)		200
	1,150	Metropolitan Transportation Authority, Subseries D-2, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.240%, 06/01/12 (m)		1,150
	200	New York City Municipal Water Finance Authority, Series F, Subseries F-2, Rev., VRDO, 0.180%, 06/01/12		200
	330	New York City Municipal Water Finance Authority, Water & Sewer Systems, 2nd Generation Resolution, Fiscal 2008, Series BB-3, Rev., VRDO, 0.200%, 06/01/12		330
		Total New York		5,480
		Ohio — 1.0%
	1,150	Ohio State Higher Educational Facility Commission, Case Western Reserve University, Series A, Rev., VRDO, 0.200%, 06/01/12		1,150

JPMorgan Tax Aware Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Daily Demand Notes — Continued
		Ohio — Continued
	705	Montgomery County, Miami Valley Hospital, Series C, Rev., VRDO, 0.180%, 06/01/12		705
		Total Ohio		1,855
		Oklahoma — 1.7%
	3,350	Oklahoma State Capital Improvement Authority, Higher Education, Series D2, Rev., VRDO, LOC: Bank of America N.A., 0.300%, 06/01/12		3,350
		Pennsylvania — 2.4%
	1,600	Montgomery County, Series A, GO, VRDO, 0.170%, 06/01/12		1,600
	3,000	County of Lehigh, General Purpose Authority, Valley Health Network, Series C, Rev., VRDO, LOC: Bank of America N.A., 0.220%, 06/01/12		3,000
		Total Pennsylvania		4,600
		Texas — 0.2%
	340	Harris County Health Facilities Development Corp., Baylor College Medical, Series A1, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.230%, 06/01/12 (m)		340
		Utah — 1.0%
	1,200	Utah Transit Authority, Sales Tax Revenue, Subseries B, Rev., VRDO, LOC: Fortis Bank S.A./N.V., 0.190%, 06/01/12		1,200
	650	Utah Transit Authority, Sales Tax Revenue, Series B, Rev., VRDO, LOC: Bank of America N.A., 0.200%, 06/01/12		650
		Total Utah		1,850
		Wisconsin — 0.2%
	350	Wisconsin Health & Educational Facilities Authority, Foedtert & Community Health, Series B, Rev., VRDO, LOC: U.S. Bank N.A., 0.180%, 06/01/12		350
		Total Daily Demand Notes (Cost $20,010)		20,010
	Mortgage Pass-Through Securities — 1.0%
		Federal National Mortgage Association, 30 Year, Single Family,
	713	TBA, 4.000%, 07/01/42		758
	1,064	TBA, 5.000%, 06/25/42		1,152
		Total Mortgage Pass-Through Securities (Cost $1,907)		1,910
	Municipal Bonds — 59.1% (t)
		Alabama — 0.4%
		Other Revenue — 0.4%
	750	Mobile Industrial Development Board, Alabama Power Company Barry Plant Project, Series A, Rev., 1.650%, 03/20/17		756
		Alaska — 1.3%
		General Obligation — 0.2%
	250	Borough of North Slope, Series A, GO, 5.500%, 06/30/18		311
		Other Revenue — 1.1%
	500	Alaska Housing Finance Corp., Series A, Rev., 4.000%, 06/01/40 (w)		530
	165	Alaska Housing Finance Corp., State Capital Project, Series A, Rev., 5.000%, 12/01/16 (m)		192
		City of Valdez, BP Pipelines Project,
	1,000	Series A, Rev., 5.000%, 01/01/16		1,129
	250	Series B, Rev., 5.000%, 01/01/16		282
				2,133
		Total Alaska		2,444
		Arizona — 1.2%
		General Obligation — 0.2%
	300	City of Scottsdale, GO, 5.000%, 07/01/21		380
		Hospital — 0.2%
	370	Arizona Health Facilities Authority, Banner Health, Series D, Rev., 5.000%, 01/01/13 (m)		380
		Other Revenue — 0.7%
	225	Arizona Transportation Board, Excise Maricopa County Regional Area Road Fund, Rev., 5.000%, 07/01/24 (m)		266
	105	City of Glendale, Street & Highway User, Rev., NATL-RE, 4.000%, 07/01/15 (m)		116
	200	Maricopa County IDA, Waste Management, Inc. Project, Rev., VAR, 2.625%, 06/02/14 (m)		206
	490	Phoenix-Mesa Gateway Airport Authority, Mesa Project, Rev., 4.000%, 07/01/19		525
	200	Pima County, Sewer System, Series A, Rev., 5.000%, 07/01/14		217
				1,330
		Prerefunded — 0.1%
	105	City of Phoenix, Series B, GO, 5.375%, 07/01/12 (p)		105
		Transportation — 0.0% (g)
	100	Tucson Airport Authority, Inc., Rev., AGM, 5.000%, 06/01/12		100
		Total Arizona		2,295

JPMorgan Tax Aware Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		California — 2.6%
		General Obligation — 2.1%
	250	Rincon Valley Union Elementary School District, Election 2004, GO, NATL-RE, 5.500%, 06/01/29		271
	1,360	San Francisco City & County, Clean and Safe Neighborhood Parks Bonds, Series B, GO, 4.000%, 06/15/20		1,596
	2,000	San Francisco Unified School District, Proposition A, Election of 2011, Series A, GO, 4.000%, 06/15/22		2,262
				4,129
		Other Revenue — 0.4%
	500	California Health Facilities Financing Authority, Lucile Salter Packard, Series A, Rev., 1.450%, 03/15/17 (m)		504
	235	California Statewide Communities Development Authority, Anheuser-Busch Project, Rev., 5.300%, 09/01/47 (m)		236
				740
		Prerefunded — 0.1%
	125	Golden State Tobacco Securitization Corp., Enhanced, Asset-Backed, Series B, Rev., 5.000%, 06/01/12 (m) (p)		125
		Total California		4,994
		Colorado — 0.7%
		General Obligation — 0.2%
	295	County of Pueblo, Judicial Complex, COP, AGM, 5.000%, 09/15/20		356
		Other Revenue — 0.5%
	100	Colorado Health Facilities Authority, Catholic Health, Series A, Rev., 5.000%, 07/01/16 (m)		116
	750	Colorado Water Resources & Power Development Authority, Series A, Rev., 5.000%, 09/01/21 (m)		814
	100	University of Colorado, Rev., NATL-RE, 5.000%, 06/01/17		119
				1,049
		Total Colorado		1,405
		Connecticut — 0.7%
		General Obligation — 0.2%
	100	State of Connecticut, Series B, GO, NATL-RE, 5.000%, 06/01/14 (m)		109
	340	University of Connecticut, Series A, GO, NATL-RE, 5.000%, 01/15/13		350
				459
		Other Revenue — 0.4%
	750	State of Connecticut Health & Educational Facility Authority, Sacred Heart University, Series G, Rev., 4.000%, 07/01/16 (m)		794
		Prerefunded — 0.1%
	100	State of Connecticut, Series F, GO, 5.000%, 10/15/12 (m) (p)		102
		Total Connecticut		1,355
		Delaware — 0.2%
		Other Revenue — 0.2%
	455	Delaware State Housing Authority, Single Family Mortgage, Series A-1, Rev., AMT, GNMA/FNMA/FHLMC, 4.900%, 07/01/29 (m)		489
		District of Columbia — 1.0%
		General Obligation — 0.6%
	1,000	District of Columbia, Series A, GO, AGM, 5.000%, 06/01/15 (p)		1,135
		Other Revenue — 0.4%
	180	District of Columbia, Ballpark, Series B-1, Rev., NATL-RE, FGIC, 5.000%, 02/01/18 (m)		196
	100	District of Columbia, Income Tax, Series D, Rev., 2.500%, 12/01/12 (m)		101
		Metropolitan Washington Airports Authority,
	150	Series A, Rev., AMT, AGM-CR, AMBAC, 5.000%, 10/01/18 (m)		174
	150	Series C, Rev., 5.000%, 10/01/19 (m)		184
	100	Washington Metropolitan Area Transit Authority, Series A, Rev., 5.000%, 07/01/12		100
				755
		Total District of Columbia		1,890
		Florida — 5.6%
		General Obligation — 1.8%
	120	City of Port St. Lucie, Master Lease/Municipal Complex, COP, GO, AGC, 6.000%, 09/01/17		142
	200	City of Tampa, Health System Catholic Health, Series A-1, Rev., NATL-RE, 5.500%, 11/15/12		204
	500	Florida Housing Finance Corp., Non AMT, Non ACE, Homeowner Mortgage, Rev., GNMA/FNMA/FHLMC, 4.500%, 01/01/30 (m)		549
		Florida State Board Education, Public Education Capital Outlay,
	70	Series A, GO, 5.000%, 06/01/12 (m) (p)		71
	1,500	Series D, GO, 5.000%, 06/01/25 (m)		1,794

JPMorgan Tax Aware Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		General Obligation — Continued
	100	Florida State, Board Education Lottery, Series C, GO, 5.000%, 06/01/17 (m)		120
	500	Orlando Community Redevelopment Agency, Refunding Republic Drive, Tax Allocation, Rev., 4.000%, 04/01/16		535
				3,415
		Other Revenue — 3.7%
	500	City of Tampa, Water & Sewer Improvement System, Rev., 5.000%, 10/01/23		611
	500	Escambia County, Florida Solid Waste Disposal, Gulf Power Company Project, Rev., 1.350%, 06/02/15 (m)		503
	175	Florida Housing Finance Corp., Series 1, Rev., GNMA/FNMA/FHLMC, 5.000%, 07/01/41 (m)		188
	500	Florida Housing Finance Corp., Homeowner Mortgage, Series 2, Rev., AMT, GNMA/FNMA/FHLMC, 4.950%, 07/01/37 (m)		531
	600	Florida Housing Finance Corp., Homeowner Mortgage Special Program, Series B, Rev., GNMA/FNMA/FHLMC, 4.500%, 01/01/29 (m)		655
	750	Florida Municipal Power Agency, St. Lucie Project, Series A, Rev., 4.000%, 10/01/17 (m)		835
	300	Florida Ports Financing Commission, State Transportation Trust Fund, Series B, Rev., AMT, 5.000%, 06/01/16 (m)		338
	100	Florida State Department of Transportation, Series A, Rev., NATL-RE, FGIC, 5.000%, 07/01/22 (m)		115
	270	Florida State, Board Education Lottery, Series E, Rev., 4.000%, 07/01/12 (m)		271
	500	Highlands County Health Facilities Authority, Hospital, Adventist Health, Series I, Rev., 5.000%, 11/15/16 (m)		577
	300	Hillsborough County Port District, Tampa Port Authority Project, Series A, Rev., NATL-RE, 5.750%, 06/01/12 (m) (p)		303
	500	Jacksonville Sales Tax, Rev., 5.000%, 10/01/16 (m)		573
	250	Miami-Dade County IDA, Waste Management, Rev., VAR, 2.625%, 08/01/14 (m)		256
	350	Orlando Utilities Commission, Water & Electric Revenue, Series B, Rev., 5.000%, 10/01/22		363
	100	Orlando-Orange County Expressway Authority, Series A, Rev., AMBAC, 5.250%, 07/01/16		104
	500	Pasco County, Solid Waste Disposal & Resource, Rev., AMT, 5.000%, 10/01/20		577
		South Miami Health Facilities Authority, Baptist Health South Florida Group,
	75	Rev., 5.000%, 08/15/12		76
	250	Rev., 5.000%, 08/15/13		263
				7,139
		Prerefunded — 0.1%
	150	Orlando Utilities Commission, Water & Electric Revenue, Series B, Rev., 5.000%, 04/01/13 (p)		156
		Total Florida		10,710
		Georgia — 2.0%
		General Obligation — 0.4%
	100	Barrow County School District, GO, 5.000%, 02/01/13 (m) (p)		103
	250	Bulloch County School District, Sales Tax, GO, 4.000%, 05/01/13 (m)		259
	100	Paulding County School District, GO, 5.000%, 02/01/17		119
	175	Richmond County Board of Education, GO, 5.000%, 10/01/12		178
	150	State of Georgia, Series G, GO, 5.000%, 12/01/17 (m)		183
				842
		Other Revenue — 1.5%
	1,000	Clarke County Hospital Authority, Athens Regional Medical Center Project, Rev., 4.000%, 01/01/18 (m)		1,127
	800	Georgia Housing & Finance Authority, Non Single Family, Series B, Rev., 4.000%, 12/01/29 (m)		856
	100	Georgia Housing & Finance Authority, Single Family, Rev., 5.000%, 06/01/29 (m)		109
	250	Main Street Natural Gas, Inc., Series B, Rev., 5.000%, 03/15/16 (m)		268
		Private Colleges & Universities Authority, Mercer University Project,
	285	Series A, Rev., 4.000%, 10/01/14		299
	230	Series C, Rev., 5.000%, 10/01/16		256
				2,915
		Prerefunded — 0.1%
	100	Metropolitan Atlanta Rapid Transit Authority, Second Indenture, Rev., NATL-RE, 5.000%, 01/01/13 (m) (p)		103
		Total Georgia		3,860

JPMorgan Tax Aware Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Illinois — 1.3%
		General Obligation — 0.2%
	305	McHenry County Community Unit School District No. 200 Woodstock, School Building, Series A, GO, NATL-RE, FGIC, 5.250%, 01/15/22 (m)		338
		Housing — 0.3%
	650	City of Chicago, Single Family Mortgage, Series E, Rev., GNMA/FNMA/FHLMC, 5.500%, 12/01/42		692
		Other Revenue — 0.8%
	515	City of Chicago O’Hare International Airport, General Airport-3rd Lien, Series A-2, Rev., AGM, 5.750%, 01/01/19 (m)		546
	115	City of Chicago O’Hare International Airport, Passenger Facility, Series B, Rev., AMT, 5.000%, 01/01/17 (m)		130
	250	City of Joliet, Waterworks and Sewage, Rev., 4.000%, 01/01/15 (m)		266
	325	Illinois Finance Authority, Trinity Health, Series L, Rev., 3.000%, 12/01/15 (m)		347
	200	Railsplitter Tobacco Settlement Authority, Rev., 5.250%, 06/01/21		232
				1,521
		Total Illinois		2,551
		Indiana — 2.8%
		Other Revenue — 2.8%
	100	Hammond Multi-School Building Corp., First Mortgage, Rev., NATL-RE, FGIC, 5.000%, 01/15/20 (m)		119
	560	Indiana Finance Authority, BHI Senior Living, Rev., 4.000%, 11/15/16 (m)		586
	335	Indiana Finance Authority, Marion General Hospital Project, Series A, Rev., 4.000%, 07/01/18 (m) (w)		367
	500	Indiana Finance Authority, Parkview Health System, Series A, Rev., 4.000%, 05/01/16 (m)		546
	500	Indiana Health Facility Financing Authority, Ascension Health, Series A-3, Rev., VAR, 1.700%, 09/01/14 (m)		512
		Indiana Health Facility Financing Authority, Ascension Health Credit Group,
	1,000	Series A-1, Rev., VAR, 1.500%, 08/01/14 (m)		1,019
	250	Series A-2, Rev., VAR, 1.600%, 02/01/17 (m)		253
		Indiana Housing & Community Development Authority, Home First Program,
	495	Series A, Rev., GNMA/FNMA/FHLMC, 4.500%, 06/01/28 (m)		539
	500	Series C, Rev., GNMA/FNMA/FHLMC, 4.500%, 12/01/27 (m)		546
		Indianapolis Local Public Improvement Bond Bank,
	325	Series D, Rev., 5.000%, 02/01/16 (m)		376
	250	Series D, Rev., 5.000%, 06/01/18 (m)		297
	100	Series F, Rev., AGM, 5.000%, 01/01/21 (m)		122
	200	Wa-Nee Community School Building Corp., First Mortgage, Rev., AGM, 4.250%, 07/15/12		201
		Total Indiana		5,483
		Iowa — 0.8%
		Other Revenue — 0.8%
		Iowa Finance Authority, Non AMT, Non ACE, Single Family Mortgage,
	480	Series 1, Rev., GNMA/FNMA/FHLMC, 4.500%, 01/01/29 (m)		522
	500	Series 2, Rev., GNMA/FNMA/FHLMC, 4.500%, 07/01/28 (m)		548
	500	Iowa Student Loan Liquidity Corp., Series A-1, Rev., AMT, 3.100%, 12/01/14 (m)		514
		Total Iowa		1,584
		Kansas — 0.3%
		Other Revenue — 0.3%
	275	City of Wichita, Hospital Facilities, Rev., 4.500%, 11/15/15		303
	250	Kansas Development Finance Authority, Series K, Rev., NATL-RE, 4.250%, 11/01/12 (m)		254
		Total Kansas		557
		Kentucky — 0.2%
		Other Revenue — 0.2%
	285	Kentucky Housing Corp., Series A, Rev., 5.000%, 01/01/28 (m)		313
		Louisiana — 0.3%
		Other Revenue — 0.3%
	635	Louisiana Housing Finance Agency, Single Family Mortgage-Backed Securities Program, Rev., GNMA/FNMA COLL, 2.850%, 06/01/29 (m)		637
		Maine — 0.6%
		Other Revenue — 0.6%
	1,000	Maine State Housing Authority, Series A-1, Rev., AMT, 4.500%, 11/15/28 (m)		1,068

JPMorgan Tax Aware Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Maryland — 0.1%
		Other Revenue — 0.1%
	250	Maryland Health & Higher Educational Facilities Authority, Carroll Hospital Center Issue, Series A, Rev., 4.000%, 07/01/14 (m)		264
		Massachusetts — 1.6%
		General Obligation — 0.2%
		Commonwealth of Massachusetts, Consolidated Loan,
	300	Series C, GO, 5.000%, 07/01/20 (m)		370
	100	Series C, GO, AGM-CR, 5.250%, 11/01/12 (m) (p)		102
				472
		Other Revenue — 1.1%
	750	Massachusetts Development Finance Agency, Dominion Energy Brayton, Series A, Rev., VAR, 2.250%, 09/01/16 (m)		771
	750	Massachusetts Educational Financing Authority, Series J, Rev., 4.750%, 07/01/19 (m)		814
	495	Massachusetts Health & Educational Facilities Authority, Amherst College, Series H, Rev., VAR, 0.995%, 11/01/14 (m)		500
				2,085
		Prerefunded — 0.3%
	270	Commonwealth of Massachusetts, Rev., FGIC, 5.250%, 01/01/14 (m) (p)		291
	220	Commonwealth of Massachusetts, Special Obligation, Rev., FGIC, 5.000%, 01/01/14 (m) (p)		236
				527
		Total Massachusetts		3,084
		Michigan — 2.0%
		General Obligation — 0.7%
	100	City of Warren, Downtown Development, GO, NATL-RE, FGIC, 5.000%, 10/01/16		105
	500	Detroit City School District, Series A, GO, Q-SBLF, 5.000%, 05/01/18 (m)		580
	500	Rockford Public Schools District, GO, Q-SBLF, 5.000%, 05/01/15		560
	100	State of Michigan, GO, 4.100%, 12/01/13 (m)		105
				1,350
		Other Revenue — 1.3%
	300	City of Detroit, Water Supply System, Senior Lien, Series B, Rev., VAR, NATL-RE, 5.000%, 07/01/18 (m)		324
		Michigan State Hospital Finance Authority, Ascension Health Credit Group,
	250	Rev., VAR, 2.000%, 08/01/14 (m)		257
	300	Series A-2, Rev., VAR, 4.000%, 06/01/16 (m)		335
	150	Michigan State Hospital Finance Authority, Oakwood Obligation Group, Rev., 5.500%, 11/01/14 (m)		161
	500	Michigan State Housing Development Authority, Series A, Rev., 5.000%, 12/01/27 (m)		547
	250	Michigan Strategic Fund, Waste Management, Inc. Project, Rev., VAR, 3.200%, 08/01/13 (m)		256
	645	Wayne County, Airport, Series D, Rev., NATL-RE, FGIC, 5.500%, 12/01/18		653
				2,533
		Total Michigan		3,883
		Minnesota — 1.9%
		General Obligation — 0.1%
	100	Wayzata Independent School District No. 284, Series A, GO, 4.000%, 02/01/15		109
		Housing — 0.4%
	706	Minneapolis St. Paul Housing Finance Board, Mortgage-Backed Securities Program, Series A-1, Rev., GNMA/FNMA/FHLMC, 5.250%, 12/01/40 (m)		754
		Other Revenue — 1.4%
	480	Dakota County Community Development Agency, Mortgage-Backed Securities Program, Single Family Mortgage, Series A, Rev., GNMA/FNMA/FHLMC COLL, 4.500%, 06/01/35 (m)		521
		Minneapolis St. Paul Housing Finance Board, Mortgage-Backed Securities Program,
	490	Series A, Rev., GNMA/FNMA/FHLMC, 4.500%, 12/01/26 (m)		525
	500	Series E, Rev., GNMA/FNMA/FHLMC COLL, 4.000%, 01/01/35 (m)		535
	500	Minnesota Housing Finance Agency, Series D, Rev., GNMA/FNMA/FHLMC, 4.000%, 07/01/40 (m)		535
		Minnesota Housing Finance Agency, Mortgage-Backed Securities Program,
	295	Series B, Rev., GNMA/FNMA COLL, 4.500%, 01/01/31 (m)		321
	250	Series D, Rev., GNMA/FNMA/FHLMC COLL, 4.500%, 07/01/34 (m)		273
				2,710
		Total Minnesota		3,573

JPMorgan Tax Aware Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Mississippi — 0.5%
		General Obligation — 0.1%
	150	State of Mississippi, Series A, GO, 5.250%, 11/01/21 (m)		192
		Other Revenue — 0.4%
	740	Mississippi Business Finance Corp., Gulf Opportunity Zone, Series C, Rev., VAR, 0.600%, 05/01/37		740
		Total Mississippi		932
		Missouri — 2.8%
		General Obligation — 1.9%
	3,000	City of Kansas, Refunding & Improvement, Series A, GO, 5.000%, 02/01/23 (m)		3,747
		Other Revenue — 0.9%
	150	City of Columbia, Special Obligation, Refunding & Improvement, Rev., 4.000%, 02/01/13 (m)		154
	250	Missouri Housing Development Commission, Non AMT, Non ACE, Special Homeowner Mortgage, Series E-4, Rev., GNMA/FNMA/FHLMC, 4.250%, 11/01/30		270
	190	Missouri Housing Development Commission, Single Family Mortgage, Series E-3, Rev., GNMA/FNMA/FHLMC COLL, 4.625%, 05/01/28		209
	225	Missouri State Environmental Improvement & Energy Resources Authority, Revolving Funds, Series B, Rev., 5.000%, 07/01/25 (m)		277
	750	Missouri State Health & Educational Facilities Authority, Webster University, Rev., 4.000%, 04/01/16 (m)		817
				1,727
		Total Missouri		5,474
		Montana — 0.5%
		Housing — 0.1%
	250	Montana Board of Housing, Single Family Mortgage, Series B, Rev., 5.500%, 12/01/37		263
		Other Revenue — 0.4%
	500	Montana Board of Housing, Single Family Home Ownership, Series B2, Rev., AMT, 5.000%, 12/01/27		531
	150	Montana Facility Finance Authority, Hospital Benefis Healthcare System, Rev., AGC, 5.000%, 01/01/13		154
				685
		Total Montana		948
		Nebraska — 0.7%
		Other Revenue — 0.7%
	800	Central Plains Energy Project, Rev., 5.000%, 09/01/16 (m)		887
	325	Nebraska Public Power District, Series A, Rev., 5.000%, 01/01/16		373
		Total Nebraska		1,260
		Nevada — 0.2%
		General Obligation — 0.2%
	200	City of Henderson, Water & Sewer Systems, GO, NATL-RE, FGIC, 4.250%, 09/01/12 (m)		202
		Clark County School District,
	110	Series B, GO, AGM-CR, FGIC, 5.000%, 06/15/22 (m)		122
	100	Series C, GO, NATL-RE, FGIC, 5.000%, 06/15/12 (m)		100
		Total Nevada		424
		New Hampshire — 0.8%
		Other Revenue — 0.8%
	650	New Hampshire Health And Education Facilities Authority, Series B-1, Rev., VRDO, 0.200%, 06/11/12		650
	500	New Hampshire Housing Finance Authority, Single Family Mortgage, Rev., 4.000%, 01/01/28		528
	295	New Hampshire Housing Finance Authority, Single Family Mortgage, Acquisition, Series A, Rev., 5.250%, 07/01/28		320
		Total New Hampshire		1,498
		New Jersey — 1.6%
		Education — 0.1%
	200	New Jersey EDA, School Facilities Construction, Rev., VAR, AGM, 5.000%, 09/01/14		218
		Other Revenue — 1.1%
	535	Hudson County Improvement Authority, Series B, Rev., 5.000%, 01/01/13 (m)		548
	500	New Jersey Higher Education Student Assistance Authority, Series 1, Rev., 5.000%, 12/01/15		550
	960	New Jersey Housing & Mortgage Finance Agency, Single Family Mortgage, Series A, Rev., 4.500%, 10/01/29		1,003
				2,101
		Prerefunded — 0.2%
	200	New Jersey Building Authority, Series A, Rev., AMBAC, 5.250%, 12/15/12 (p)		205
	135	New Jersey EDA, School Facilities Construction, Series F, Rev., FGIC, 5.000%, 06/15/13 (p)		142
				347

JPMorgan Tax Aware Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Short Term Note — 0.2%
	500	City of Rahway, GO, BAN, 1.500%, 08/10/12		501
		Total New Jersey		3,167
		New Mexico — 0.7%
		Housing — 0.1%
	130	New Mexico Mortgage Finance Authority, Single Family Mortgage, Series I-B-3, Rev., AMT, GNMA/FNMA/FHLMC, 4.200%, 07/01/28		132
		Other Revenue — 0.6%
	100	New Mexico Finance Authority, State Transportation, Senior Lien, Rev., 5.000%, 06/15/24		119
		New Mexico Mortgage Finance Authority, Single Family Mortgage,
	200	Rev., GNMA/FNMA/FHLMC COLL, 5.000%, 09/01/30		223
	750	Series A, Rev., 4.250%, 03/01/43 (w)		819
				1,161
		Total New Mexico		1,293
		New York — 6.0%
		General Obligation — 0.5%
		New York City,
	155	Series B, GO, 5.000%, 08/01/16		180
	205	Series C, GO, 5.000%, 08/01/12		207
	100	Series E-1, GO, 5.250%, 10/15/17		121
	100	Series G, GO, XLCA, 4.500%, 08/01/12		101
	100	Subseries J-1, GO, 4.000%, 08/01/12		100
	105	Village of Lynbrook, GO, NATL-RE, 3.750%, 12/15/12 (m)		107
	100	Westchester County, Series B, GO, 4.125%, 11/15/14 (p)		109
				925
		Other Revenue — 2.8%
	300	Erie County Industrial Development Agency (The), School District Buffalo Project, Series A, Rev., 5.000%, 05/01/17 (m)		353
		Metropolitan Transportation Authority,
	125	Series A, Rev., AGM, 5.250%, 11/15/24 (m)		127
	255	Series C, Rev., AMBAC, 5.500%, 11/15/17 (m)		315
	100	New York City Transitional Finance Authority Building Aid, Series S-2, Rev., AGM, 5.000%, 01/15/18		117
	100	New York City Transitional Finance Authority, Future Tax Secured, Series C, Rev., 5.000%, 11/01/21		124
	100	New York City Transitional Finance Authority, Future Tax Secured, Unrefunded Balance, Rev., 5.000%, 11/01/12		102
	500	New York State Dormitory Authority, North Shore Long Island Jewish, Series A, Rev., 5.000%, 05/01/15		556
	800	New York State Energy Research & Development Authority, Pollution Control, Series A, Rev., 2.125%, 03/15/15		813
		New York State Environmental Facilities Corp., Revolving Fund,
	200	Rev., 5.000%, 06/15/17		209
	150	Series C, Rev., 4.000%, 05/15/14		161
	1,000	New York State Environmental Facilities Corp., Waste Management, Inc. Project, Rev., VRDO, 0.700%, 05/01/30 (w)		1,000
	250	Niagara Area Development Corporation, Niagara University Project, Series A, Rev., 5.000%, 05/01/18 (w)		284
	150	Port Authority of New York & New Jersey, Series FSA-CR, Rev., AGM-CR, 5.000%, 08/01/23		151
		Tobacco Settlement Financing Corp., Asset-Backed,
	300	Series A-1, Rev., 5.500%, 06/01/19		315
	500	Series B, Rev., 4.000%, 06/01/13		518
	140	Triborough Bridge & Tunnel Authority, Series A, Rev., 4.000%, 11/15/14		152
				5,297
		Prerefunded — 0.1%
	100	Metropolitan Transportation Authority, Series C, Rev., AGM, 4.750%, 07/01/12 (p)		100
	100	New York City Municipal Water Finance Authority, Water & Sewer Systems, Fiscal 2004, Series C, Rev., 5.000%, 06/15/22		110
				210
		Short Term Note — 2.6%
	750	Altmar-Parish-Williamstown Central School District, GO, BAN, 1.750%, 07/13/12 (m)		751
	1,000	Belleville-Henderson Central School District, GO, BAN, 1.500%, 07/27/12 (m)		1,001
	750	Downsville Central School District, GO, BAN, 1.750%, 06/29/12 (m)		751

JPMorgan Tax Aware Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Short Term Note –– Continued
	750	Gowanda Central School District, GO, BAN, 1.500%, 07/19/12 (m)		751
	500	Hannibal Central School District, GO, BAN, 2.000%, 06/29/12 (m)		501
	500	Oxford Academy & Central School District, GO, BAN, 1.500%, 06/29/12		500
	40	Sharon Springs Central School District, GO, BAN, 1.350%, 06/20/12		40
	750	Wyandanch Union Free School District, GO, TAN, 2.250%, 06/22/12		751
				5,046
		Total New York		11,478
		North Carolina — 0.7%
		Housing — 0.1%
	125	North Carolina Housing Finance Agency, Series 30-A, Rev., AMT, 5.500%, 01/01/39		130
		Other Revenue — 0.6%
		North Carolina Housing Finance Agency,
	745	Series 1, Rev., 4.500%, 07/01/28		796
	250	Series 2, Rev., 4.250%, 01/01/28		267
	110	North Carolina Municipal Power Agency No. 1, Series A, Rev., 5.500%, 01/01/13 (p)		113
				1,176
		Total North Carolina		1,306
		North Dakota — 0.7%
		Other Revenue — 0.7%
		North Dakota Housing Finance Agency, Home Mortgage Finance Program,
	745	Series B, Rev., 4.500%, 01/01/28		803
	500	Series D, Rev., 4.250%, 07/01/28		528
		Total North Dakota		1,331
		Ohio — 3.0%
		Certificate of Participation/Lease — 0.2%
	300	Franklin County, Convention Refunding Tax & Lease Revenue Anticipation Bonds, COP, AMBAC, 5.250%, 12/01/18 (m)		307
		General Obligation — 1.0%
	1,390	City of Cleveland, Various Purpose, GO, 5.000%, 12/01/16 (m)		1,615
	100	Lakewood City School District, Library Improvement, GO, AGM, 5.000%, 12/01/18 (m)		106
	190	State of Ohio, Refunding Infrastructure Improvement, Series A, GO, 5.375%, 02/01/16		223
				1,944
		Other Revenue — 1.8%
	1,000	Akron Bath Copley Ohio Joint Township Hospital District, Children’s Hospital Medical Center, Rev., 4.000%, 11/15/15 (m)		1,085
	200	American Municipal Power, Inc., Prairie State Energy Campus Project, Series A, Rev., 5.250%, 02/15/21 (m)		234
	200	Hancock County, Hospital Revenue Facilities, Blanchard Valley Regional Health, Rev., 4.000%, 12/01/16 (m)		213
		Ohio Housing Finance Agency, Single Family Mortgage,
	245	Series 1, Rev., GNMA/FNMA COLL, 4.800%, 11/01/28		268
	275	Series 1, Rev., GNMA/FNMA/FHLMC, 5.000%, 11/01/28		299
	800	Series 2, Rev., GNMA/FNMA/FHLMC, 4.500%, 11/01/28		868
	495	Series 3, Rev., GNMA/FNMA/FHLMC, 4.500%, 11/01/29		544
				3,511
		Total Ohio		5,762
		Oklahoma — 0.6%
		Other Revenue — 0.6%
	500	Oklahoma Development Finance Authority, State System Higher Education Master, Rev., 3.500%, 06/01/15		534
		Oklahoma Housing Finance Agency, Single Homeownership Loan Program,
	295	Series A, Rev., GNMA COLL, 4.750%, 03/01/28		326
	245	Series B, Rev., GNMA COLL, 4.500%, 09/01/27		269
		Total Oklahoma		1,129
		Oregon — 0.7%
		Other Revenue — 0.7%
	1,000	Port of Portland, Airport, Series 21C, Rev., AMT, 5.000%, 07/01/20		1,205
	200	State of Oregon, Health and Sceince University, Series A, Rev., 5.000%, 07/01/16		229
		Total Oregon		1,434
		Pennsylvania — 1.7%
		General Obligation — 0.1%
	100	Commonwealth of Pennsylvania, GO, AGM, 5.375%, 07/01/20		128

JPMorgan Tax Aware Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Other Revenue — 1.6%
		Allegheny County Higher Education Building Authority, Duquesne University,
	260	Series A, Rev., 5.000%, 03/01/22 (m)		301
	600	Series A, Rev., NATL-RE, FGIC, 5.000%, 03/01/16 (m)		639
	480	Erie County Sewer Authority, Series A, Rev., 4.000%, 06/01/15 (m)		516
	250	Pennsylvania Economic Development Financing Authority, Rev., VAR, 2.625%, 07/01/14		255
	250	Pennsylvania Higher Educational Facilities Authority, Series AG, Rev., 3.250%, 06/15/12		250
	390	Pennsylvania Housing Finance Agency, Series 112, Rev., 5.000%, 04/01/28		426
	700	Philadelphia Redevelopment Authority, Rev., 5.000%, 04/15/15		775
				3,162
		Total Pennsylvania		3,290
		Puerto Rico — 0.5%
		Other Revenue — 0.5%
	100	Puerto Rico Electric Power Authority, Series SS, Rev., AGC, 3.550%, 07/01/12		100
	125	Puerto Rico Highway & Transportation Authority, Series CC, Rev., 5.000%, 07/01/16		137
		Puerto Rico Highway & Transportation Authority, Unrefunded Balance,
	85	Series AA, Rev., NATL-RE, 5.500%, 07/01/17		96
	5	Series AA, Rev., NATL-RE, 5.500%, 07/01/18		6
	50	Series AA, Rev., NATL-RE, 5.500%, 07/01/19		58
	360	Series AA, Rev., NATL-RE, 5.500%, 07/01/20		412
	100	Series W, Rev., NATL-RE-IBC, 5.500%, 07/01/15		109
		Total Puerto Rico		918
		Rhode Island — 0.0% (g)
		General Obligation — 0.0% (g)
	100	Town of Middletown, GO, 4.000%, 07/15/12 (m)		100
		South Carolina — 0.6%
		Other Revenue — 0.6%
		Lexington County Health Services District, Inc.,
	700	Rev., 3.000%, 11/01/13 (m)		720
	450	Rev., 4.000%, 11/01/14 (m)		480
		Total South Carolina		1,200
		South Dakota — 0.8%
		Other Revenue — 0.8%
		South Dakota Housing Development Authority, Homeownership Mortgage,
	250	Series A, Rev., AMT, 4.500%, 05/01/31 (w)		268
	500	Series D, Rev., 3.900%, 05/01/17		531
	750	South Dakota Housing Development Authority, Single Family Mortgage, Series 2, Rev., 4.250%, 05/01/32		791
		Total South Dakota		1,590
		Tennessee — 1.1%
		General Obligation — 0.1%
	190	Tennessee Housing Development Agency, Home Ownership Program, Series 1C, GO, AMT, 3.750%, 01/01/25		190
		Other Revenue — 1.0%
	475	Memphis-Shelby County Sports Authority, Inc., Memphis Arena Project, Series D, Rev., NATL-RE, 5.000%, 11/01/18 (m)		554
	485	Tennessee Housing Development Agency, Home Ownership Program, Series 1A, Rev., AMT, 4.500%, 07/01/31		513
		Tennessee Housing Development Agency, Housing Finance Program,
	245	Series A, Rev., 4.500%, 01/01/28		265
	500	Series B, Rev., 4.500%, 01/01/28		535
				1,867
		Total Tennessee		2,057
		Texas — 3.0%
		General Obligation — 1.1%
	170	City of Beaumont, GO, 5.000%, 03/01/19 (m)		208
	150	City of El Paso, GO, 5.000%, 08/15/18 (m)		182
	100	Dallas County Community College District, GO, 5.000%, 02/15/16 (m)		116
	500	Eagle Mountain & Saginaw Independent School District, School Building, GO, VAR, PSF-GTD, 2.500%, 08/01/14 (m)		520
	250	Harris County, Series A, GO, 5.000%, 10/01/22 (m)		301
	250	Midtown Redevelopment Authority, Tax Allocation, GO, 3.000%, 01/01/13 (m)		253
	365	Northside Independent School District, Series A, GO, VAR, PSF-GTD, 1.350%, 06/01/14		371

JPMorgan Tax Aware Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		General Obligation –– Continued
	160	State of Texas, Transportation Commission Mobility Fund, GO, 5.000%, 04/01/16		186
				2,137
		Industrial Development Revenue/Pollution Control Revenue — 0.1%
	175	Lower Neches Valley Authority Industrial Development Corp., Exxon Mobil Project, Rev., VRDO, 0.150%, 11/01/38 (m)		175
		Other Revenue — 1.6%
	1,000	City of Houston, Airport System, Sub Lien, Series A, Rev., AMT, 5.000%, 07/01/13 (m)		1,050
	150	City of San Antonio, Electric & Gas, Series A, Rev., 5.250%, 02/01/22		181
	150	Harris County, Series A, Rev., NATL-RE, 5.000%, 08/15/19 (m)		176
	350	Lubbock Health Facilities Development Corp., St. Joseph Health System, Series B, Rev., 5.000%, 07/01/13 (m)		366
	350	Matagorda County Navigation District No. 1, Central Company Project, Rev., VAR, 1.125%, 06/01/12		350
	150	North Texas Tollway Authority, Special Projects System, Series A, Rev., 5.000%, 09/01/16		175
	740	Texas Department of Housing & Community Affairs, Series B, Rev., FNMA/GNMA/FHLMC, 4.250%, 01/01/34		799
				3,097
		Prerefunded — 0.1%
	200	City of Dallas, Improvement, GO, 5.000%, 02/15/17 (m) (p)		238
		Utility — 0.1%
	100	SA Energy Acquisition Public Facility Corp., Gas Supply, Rev., 5.250%, 08/01/15		110
		Total Texas		5,757
		Vermont — 0.7%
		Other Revenue — 0.7%
	750	Vermont Housing Finance Agency, Series B, Rev., AMT, GNMA/FNMA/FHLMC, 4.125%, 11/01/42		785
	500	Vermont Housing Finance Agency, Mortgage-Backed, Rev., GNMA/FNMA/FHLMC, 4.500%, 02/01/26 (w)		549
		Total Vermont		1,334
		Virginia — 0.5%
		Industrial Development Revenue/Pollution Control Revenue — 0.3%
	600	Peninsula Ports Authority, Dominion Term Association Project, Rev., VAR, 2.375%, 10/01/16		612
		Other Revenue — 0.1%
	200	Louisa IDA, Electric & Power Company Project, Series A, Rev., VAR, 2.500%, 04/01/14 (m)		205
		Prerefunded — 0.1%
	100	Arlington County, Virginia Public Improvement Bonds, Series A, GO, 5.000%, 08/15/17 (m) (p)		122
		Total Virginia		939
		Washington — 1.8%
		General Obligation — 0.1%
	150	Port of Tacoma, Limited Tax, GO, NATL-RE, 5.000%, 12/01/12		153
		Other Revenue — 1.6%
	350	Chelan County Public Utility District No. 1, Series A, Rev., AMT, 5.500%, 07/01/26 (m)		413
	1,000	City of Seattle, Water Systems, Rev., 5.000%, 09/01/20		1,256
	400	City of Tacoma Regional Water Supply System, Rev., NATL-RE, 5.000%, 12/01/32		408
	995	Washington State Housing Finance Commission, Series B, Rev., GNMA/FNMA COLL, 4.250%, 10/01/32		1,076
				3,153
		Utility — 0.1%
	165	Energy Northwest, Project 1, Series A, Rev., NATL-RE, 5.250%, 07/01/13 (m)		174
		Total Washington		3,480
		West Virginia — 0.3%
		Other Revenue — 0.3%
	500	West Virginia Housing Development Fund, Series A, Rev., 1.350%, 11/01/14		504
		Wisconsin — 0.4%
		General Obligation — 0.2%
	215	City of Cudahy, Corp. Purpose, GO, NATL-RE, FGIC, 3.850%, 12/01/12 (m)		219
	100	Douglas County, GO, AMBAC, 5.000%, 02/01/14 (m)		107
	100	State of Wisconsin, Series A, GO, 5.000%, 05/01/17		120
				446

JPMorgan Tax Aware Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Other Revenue — 0.2%
	310	Wisconsin Health & Educational Facilities Authority, Howard Young Health Care, Inc., Rev., 4.000%, 08/15/15		329
		Total Wisconsin		775
		Wyoming — 0.6%
		Other Revenue — 0.6%
	375	Laramie County, Wyoming Hospital, Cheyenne Regional Medical Center Project, Rev., 4.000%, 05/01/18 (m)		415
	750	Wyoming Community Development Authority Housing, Series 1, Rev., AMT, 4.000%, 06/01/32 (w)		776
		Total Wyoming		1,191
		Total Municipal Bonds (Cost $111,477)		113,766
	Quarterly Demand Note — 0.5%
	1,000	California Pollution Control Financing Authority, Series A, Rev., VAR, AMT, 0.650%, 09/01/12 (m) (w) (Cost $1,000)		1,000
	U.S. Treasury Obligations — 2.3%
	691	U.S. Treasury Bonds, 3.000%, 05/15/42 (m)		738
		U.S. Treasury Notes,
	1,032	0.625%, 05/31/17 (m)		1,030
	1,165	0.875%, 02/28/17 (m)		1,178
	1,528	1.750%, 05/15/22 (m)		1,552
		Total U.S. Treasury Obligations (Cost $4,407)		4,498
	Weekly Demand Notes — 25.7%
		Alaska — 0.7%
	1,350	Alaska Housing Finance Corp., Series A, Rev., VRDO, 0.140%, 06/07/12 (m)		1,350
		California — 5.5%
	7,000	Abag Finance Authority for Nonprofit Corps., Sharp Healthcare, Series A, Rev., VRDO, LOC: Bank of America N.A., 0.220%, 06/07/12 (m)		7,000
		California Statewide Communities Development Authority, Kaiser Permanente,
	1,000	Series B, Rev., VAR, 1.130%, 06/07/12 (m)		1,001
	2,650	Series M, Rev., VRDO, 0.170%, 06/07/12 (m)		2,650
		Total California		10,651
		Georgia — 0.4%
	700	Private Colleges & Universities Authority, Emory University, Series B-2, Rev., VRDO, 0.140%, 06/07/12		700
		Michigan — 4.1%
	7,000	Michigan Finance Authority, Unemployment Obligation Assessment, Rev., VRDO, LOC: Citibank N.A., 0.200%, 06/07/12		7,000
	850	Michigan State Housing Development Authority, Multi-Family Housing, Courtyards of Taylor, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.190%, 06/07/12 (m)		850
		Total Michigan		7,850
		Missouri — 3.5%
	1,200	St. Charles County Public Water District No. 2, Series A, COP, VRDO, LOC: Bank of America N.A., 0.250%, 06/07/12		1,200
	5,440	Missouri State Health & Educational Facilities Authority, SSM Health Care Services, Series C-4, Rev., VRDO, AGM, 0.200%, 06/07/12 (m)		5,440
		Total Missouri		6,640
		New Jersey — 0.3%
	500	New Jersey EDA, School Facilities Construction, Series E, Rev., VAR, 1.880%, 06/07/12		508
		New York — 0.9%
	1,100	New York State Dormitory Authority, Series ROCS-RR-II-R-11479, Rev., VRDO, LIQ: Citibank N.A., 0.200%, 06/07/12		1,100
	575	Triborough Bridge & Tunnel Authority, Subseries CD, Rev., VRDO, AGM, 0.290%, 06/07/12		575
		Total New York		1,675
		North Carolina — 1.7%
	2,200	North Carolina Capital Facilities Finance Agency, Greensboro College Project, Rev., VRDO, LOC: Bank of America N.A., 0.220%, 06/07/12		2,200
	1,055	City of Charlotte, Governmental Facilities, Series F, COP, VRDO, 0.190%, 06/07/12 (m)		1,055
		Total North Carolina		3,255
		Ohio — 1.7%
	1,000	Franklin County, U.S. Health Corp., Improvement, Series A, Rev., VRDO, LOC: U.S. Bank N.A., 0.170%, 06/07/12 (m)		1,000

JPMorgan Tax Aware Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Weekly Demand Notes — Continued
		Ohio — Continued
	900	Ohio State University (The), Series B, GO, VRDO, 0.130%, 06/07/12		900
	620	Ohio State Higher Educational Facility Commission, Case Western Reserve University, Series A, Rev., VRDO, LIQ: Landesbank Hessen-Thuringen, 0.200%, 06/07/12		620
	750	Franklin County, Ohio Hospital Facilities, Health Corp., Series C, Rev., VAR, 0.630%, 06/07/12 (m)		750
		Total Ohio		3,270
		South Carolina — 2.2%
	4,300	Greenville Hospital System, Series C, Rev., VRDO, LOC: Bank of America N.A., 0.260%, 06/07/12 (m)		4,300
		Tennessee — 1.6%
	3,050	BB&T Municipal Trust, Series 29, Rev., VRDO, LIQ: Branch Banking & Trust, 0.180%, 06/07/12 (m)		3,050
		Texas — 0.6%
	1,165	Tarrant County Housing Finance Corp., Multifamily Housing, Gateway Apartments, Rev., VRDO, FNMA, LIQ: FNMA, 0.180%, 06/07/12		1,165
		Virginia — 0.5%
	800	Loudoun County IDA, Howard Hughes Medical, Series F, Rev., VRDO, 0.140%, 06/07/12 (m)		800
	200	Norfolk Redevelopment & Housing Authority, Old Dominion University Project, Rev., VRDO, LOC: Bank of America N.A., 0.240%, 06/07/12		200
		Total Virginia		1,000
		Washington — 2.0%
	1,600	University of Washington, Series 3005, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.190%, 06/07/12 (e)		1,600
	2,000	Washington State Housing Finance Commission, Rockwood Retirement Program, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.170%, 06/07/12		2,000
	335	Washington State Housing Finance Commission, St. Vincent Paul Project, Series A, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.180%, 06/07/12		335
		Total Washington		3,935
		Total Weekly Demand Notes (Cost $49,345)		49,349
SHARES
	Investment Company — 1.3%
	29	iShares iBoxx High Yield Corporate Bond Fund (Cost $2,560)		2,501
NOTIONAL AMOUNT
	Options Purchased — 0.0% (g)
		Payer Options Purchased on Interest Rate Swaps — 0.0% (g)
	381	Expiring 06/06/12. If exercised the Fund pays quarterly 2.355% and receives quarterly floating 3 month LIBOR terminating 06/08/22, European Style. Counterparty: Credit Suisse International (r)		—	(h)
	327	Expiring 06/29/12. If exercised the Fund pays quarterly 2.555% and receives quarterly floating 3 month LIBOR terminating 07/03/22, European Style. Counterparty: Deutsche Bank AG, New York (r)		—	(h)
	238	Expiring 08/01/12. If exercised the Fund pays quarterly 2.355% and receives quarterly floating 3 month LIBOR terminating 08/03/22, European Style. Counterparty: Credit Suisse International (r)		—	(h)
		Total Payer Options Purchased on Interest Rate Swaps (Cost $8)		—	(h)
		Put Option Purchased — 0.0% (g)
	5	10 Year U.S. Treasury Note, Expiring 06/22/12 @ $133.00, American Style (Cost $2)		2
		Total Options Purchased (Cost $10)		2
PRINCIPAL AMOUNT($)
	Short-Term Investments — 1.2%
		U.S. Treasury Obligations — 0.2%
		U.S. Treasury Bills,
	130	0.066%, 06/21/12 (k) (n)		130
	205	0.123%, 09/06/12 (k) (n)		205
	10	0.144%, 11/15/12 (k) (n)		10
		Total U.S. Treasury Obligations (Cost $345)		345

JPMorgan Tax Aware Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Investment Company — 1.0%
	1,846	JPMorgan Tax Free Money Market Fund, Institutional Class Shares, 0.050% (b) (l) (m) † (Cost $1,846)		1,846
		Total Short-Term Investments (Cost $2,191)		2,191
		Total Investments — 101.6% (Cost $193,157)		195,489
		Liabilities in Excess of Other Assets — (1.6)%		(3,048	)
		NET ASSETS — 100.0%	$	192,441

Percentages indicated are based on net assets.

JPMorgan Tax Aware Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands, except number of contracts)

TBA Short Commitment

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
$	(118)	Federal National Mortgage Association, 30 Year, Single Family, TBA, 4.000%, 06/25/42	$	(126	)
	(3,644)	Federal National Mortgage Association, 30 Year, Single Family, TBA, 5.000%, 07/25/42		(3,944	)
		(Proceeds received of $4,077.)	$	(4,070	)

Futures Contracts

NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 05/31/12			UNREALIZED APPRECIATION (DEPRECIATION)
		Short Futures Outstanding
	(19)	90 Day Eurodollar		09/17/12	$	(4,724	)	$	—	(h)
	(5)	10 Year U.S. Treasury Note		09/19/12		(670	)		—	(h)
	(17)	30 Year U.S. Treasury Bond		09/19/12		(2,545	)		(41	)
	(136)	2 Year U.S. Treasury Note		09/28/12		(29,975	)		(17	)
	(177)	5 Year U.S. Treasury Note		09/28/12		(21,981	)		(68	)
	(1)	90 Day Eurodollar		12/17/12		(249	)		—	(h)
	(1)	90 Day Eurodollar		03/18/13		(249	)		—	(h)
	(1)	90 Day Eurodollar		06/17/13		(248	)		—	(h)
	(4)	30 Day Federal Funds		07/31/13		(1,664	)		—	(h)
	(1)	90 Day Eurodollar		09/16/13		(248	)		—	(h)
	(1)	90 Day Eurodollar		12/16/13		(248	)		—	(h)
	(10)	90 Day Eurodollar		03/16/15		(2,475	)		(3	)
								$	(129	)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

AGC	—	Insured by Assured Guaranty Corp.
AGM	—	Insured by Assured Guaranty Municipal Corp.
AMBAC	—	Insured by American Municipal Bond Assurance Corp. *
AMT	—	Alternative Minimum Tax
BAN	—	Bond Anticipation Note
CDX	—	Credit Derivative Swap Index
CMBX	—	Commercial Mortgage-Backed Securities Index
COLL	—	Collateral
CMO	—	Collateralized Mortgage Obligation
COP	—	Certificate of Participation
CR	—	Custodial Receipts
EDA	—	Economic Development Authority
FGIC	—	Insured by Financial Guaranty Insurance Co.
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
IF	—	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of May 31, 2012. The rate may be subject to a cap and floor.
IO	—	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
GNMA	—	Government National Mortgage Association
GO	—	General Obligation
GTD	—	Guaranteed
IBC	—	Insured Bond Certificates

JPMorgan Tax Aware Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

IDA	—	Industrial Development Authority
LIQ	—	Liquidity Agreement
LOC	—	Letter of Credit
MCDX	—	Municipal Bond Credit Default Swap Index
NATL	—	Insured by National Public Finance Guarantee Corp.
PSF	—	Permanent School Fund
Q-SBLF	—	Qualified School Bond Loan Fund
RE	—	Reinsured
Rev.	—	Revenue
TAN	—	Tax Anticipation Note
TBA	—	To Be Announced
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of May 31, 2012.
VRDO	—	Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of May 31, 2012.
XLCA	—	Insured by XL Capital Assurance

(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).

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

(l) The rate shown is the current yield as of May 31, 2012.

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

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

(p) Security is prerefunded or escrowed to maturity.

(r) Rates shown are per annum and payments are as described.

(t) The date shown represents the earliest of the prerefunded date, next put date or final maturity date.

(w) When-issued security.

† Approximately $1,810,000 of this investment is restricted as collateral for swaps to various brokers.

* Filed for bankruptcy on November 8, 2010.

As of May 31, 2012, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	2,447
Aggregate gross unrealized depreciation		(115	)
Net unrealized appreciation/depreciation	$	2,332
Federal income tax cost of investments	$	193,157

JPMorgan Tax Aware Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

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

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

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

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

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

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

JPMorgan Tax Aware Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

1. Derivatives — The Fund uses instruments including futures contracts, forward foreign currency exchange contracts, options, swaps and other derivatives, in connection with its respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. The Fund also uses derivatives to manage duration, sector and yield curve exposures and credit and spread volatility.

The Fund may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed its value.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Funds.

Notes (a) — (c) below describe the various derivatives used by the Fund.

(a). Options — The Fund purchases and sells (“writes”) put and call options on various instruments including futures, securities, currencies and interest rate swaps (“swaptions”) to manage and hedge interest rate risks within its portfolio and also to gain long or short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller. Swaptions and Eurodollar options are settled for cash.

Options Purchased — Premiums paid by the Fund for options purchased are included as an investment. The option is adjusted daily to reflect the current market value of the option and the change is recorded as unrealized appreciation or depreciation. If the option is allowed to expire, the Fund will lose the entire premium it paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the security.

Options Written — Premiums received by the Fund for options written are adjusted daily to reflect the current market value of the option written and the change in market value is recorded as unrealized appreciation or depreciation. Premiums received from options written that expire are treated as realized gains. The Fund records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

Written uncovered call options subjects the Fund to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subjects the Fund to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Fund is not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

(b). Futures Contracts — The Fund uses treasury, index or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments. The Fund also uses futures contracts to lengthen or shorten the duration of the overall investment portfolio.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funs periodically and are based on changes in the market value of open futures contracts.

The Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Fund to risk of loss up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund

JPMorgan Tax Aware Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund’s credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

(c). Swaps — The Fund engages in various swap transactions, including interest rate, credit default, index, price locks, spread locks and total return swaps, to manage credit, interest rate (e.g., duration, yield curve), currency, and inflation risks within its portfolio. The Fund also uses swaps as alternatives to direct investments. Swap transactions are negotiated contracts between a Fund and a counterparty to exchange swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Fund are recognized as a realized gain or loss when the contract matures or is terminated. The value of a swap agreement is recorded at the beginning of the measurement period. The change in value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is recognized as unrealized appreciation or depreciation. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding swap contracts with the counterparty in the form of cash or securities. Collateral posted by the Fund is held in a segregated account at the Fund’s custodian bank. Cash collateral posted by the Fund is invested in an affiliated money market fund.

Credit Default Swaps

The Fund enters into credit default swaps to simulate long and short bond positions or to take an active long or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

If a credit event occurs, the Fund, as a protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to a Fund’s portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

Interest Rate Swaps

The Fund enters into interest rate swap contracts to manage fund exposure to interest rates or to either preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic interest payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically a fixed interest rate.

JPMorgan Tax Aware Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

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

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

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

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	2,539		$	191,140		$	—	$	193,679
Liabilities
Debt Securities
Mortgage Pass-Through Securities		—			(4,070	)		—		(4,070	)
Options Written
Put Options Written		—	(b)		—			—		—	(b)
Total Liabilities		—			(4,070	)		—		(4,070	)
Appreciation in Other Financial Instruments
Swaps	$	—		$	1,307		$	—	$	1,307
Total Appreciation in Other Financial Instruments	$	—		$	1,307		$	—	$	1,307
Depreciation in Other Financial Instruments
Futures Contracts	$	(129	)	$	—		$	—	$	(129	)
Swaps		—			(376	)		—		(376	)
Total Depreciation in Other Financial Instruments	$	(129	)	$	(376	)	$	—	$	(505	)

(a) Portfolio holdings designated as Level 1 and Level 2 are disclosed individually in the SOI. Level 1 consists of a money market mutual fund that is held for daily investments of cash and U.S. Treasury Note. Please refer to the SOI for industry specifics of portfolio holdings.

(b) Security has zero value.

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

JPMorgan Tax Aware Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

OPTIONS WRITTEN

Payer Options Written on Interest Rate Swaps*

COUNTERPARTY	EXERCISE RATE**(r)	OPTION EXPIRATION DATE	SWAP TERMINATION DATE	NOTIONAL AMOUNT		VALUE
Credit Suisse International	2.610% semi-annually	6/6/12	6/8/22	$	191	$	—
(Premiums received of $1.)

* European Style

** The Fund would pay or receive quarterly a floating rate based on 3 month LIBOR, if exercised.

Credit Default Swaps - Buy Protection [1] Corporate and Sovereign Issuers:
SWAP COUNTERPARTY/ REFERENCE OBLIGATION	FUND PAYS FIXED RATE (r)		TERMINATION DATE		IMPLIED CREDIT SPREAD AS OF 05/31/12 [3]			NOTIONAL AMOUNT [4]		VALUE			UPFRONT PREMIUMS (PAID)/RECEIVED [5]
Bank of America:
Aetna, Inc., 6.625% 06/15/36		1.000% quarterly		9/20/16		0.664	%	$	50	$	(1	)	$	1
Ally Financial, Inc., 8.300% 02/12/15		5.000% quarterly		12/20/13		3.244			150		(5	)		(3	)
Beazer Homes USA, Inc., 9.125% 06/15/18		5.000% quarterly		9/20/16		9.457			50		7			(17	)
People’s Republic of China, 4.250% 10/28/14		1.000% quarterly		6/20/17		1.352			450		7			(2	)
PulteGroup, Inc., 5.250% 01/15/14		5.000% quarterly		12/20/16		3.863			200		(11	)		4
XLIT Ltd., 5.250% 09/15/14		1.000% quarterly		3/20/17		1.256			50		1			—	(h)
XLIT Ltd., 5.250% 09/15/14		1.000% quarterly		3/20/17		1.256			50		1			—	(h)
XLIT Ltd., 5.250% 09/15/14		1.000% quarterly		3/20/17		1.256			1,350		13			(7	)
Barclays Bank plc:
Aetna, Inc., 6.625% 06/15/36		1.000% quarterly		9/20/16		0.664			50		(1	)		1
Aetna, Inc., 6.625% 06/15/36		1.000% quarterly		9/20/16		0.664			50		(1	)		1
Ally Financial, Inc., 8.300% 02/12/15		5.000% quarterly		12/20/13		3.244			50		(2	)		(2	)
Darden Restaurants, Inc., 6.000% 08/15/35		1.000% quarterly		6/20/17		1.237			250		2			—	(h)
International Paper Co., 5.300% 04/01/15		1.000% quarterly		6/20/17		1.697			100		3			(1	)
International Paper Co., 5.300% 04/01/15		1.000% quarterly		6/20/17		1.697			100		3			(2	)
K. Hovnanian Enterprises, Inc., 8.625% 01/15/17		5.000% quarterly		6/20/13		19.999			50		6			(3	)
PulteGroup, Inc., 5.250% 01/15/14		5.000% quarterly		12/20/16		3.863			150		(8	)		1
XLIT Ltd., 5.250% 09/15/14		1.000% quarterly		3/20/17		1.256			1,100		11			2
Citibank, N.A.:
Beazer Homes USA, Inc., 9.125% 06/15/18		5.000% quarterly		9/20/16		9.457			50		7			(9	)
Hartford Financial Services Group, Inc. (The), 4.000% 03/30/15		1.000% quarterly		9/20/16		2.702			50		3			(2	)
People’s Republic of China, 4.250% 10/28/14		1.000% quarterly		6/20/17		1.352			200		3			(1	)
People’s Republic of China, 4.250% 10/28/14		1.000% quarterly		6/20/17		1.352			200		3			(1	)
People’s Republic of China, 4.250% 10/28/14		1.000% quarterly		6/20/17		1.352			350		5			(1	)
People’s Republic of China, 4.250% 10/28/14		1.000% quarterly		6/20/17		1.352			450		7			(2	)
United Kingdom of Great Britain and Northern Ireland, 4.250% 06/07/32		1.000% quarterly		9/20/16		0.616			100		(2	)		1
Credit Suisse International:
Starwood Hotels & Resorts Worldwide, Inc., 6.750% 05/15/18		1.000% quarterly		6/20/17		1.515			240		6			(2	)
Deutsche Bank AG, New York:
Alcoa, Inc., 5.720% 02/23/19		1.000% quarterly		6/20/17		3.394			350		37			(30	)
Ally Financial, Inc., 8.300% 02/12/15		5.000% quarterly		12/20/13		3.244			50		(2	)		(2	)
Beazer Homes USA, Inc., 9.125% 06/15/18		5.000% quarterly		9/20/16		9.457			50		7			(17	)
Darden Restaurants, Inc., 6.000% 08/15/35		1.000% quarterly		6/20/17		1.237			100		1			(1	)
Hartford Financial Services Group, Inc. (The), 4.000% 03/30/15		1.000% quarterly		9/20/16		2.702			50		3			(2	)
K. Hovnanian Enterprises, Inc., 8.625% 01/15/17		5.000% quarterly		6/20/13		19.999			50		6			(5	)
People’s Republic of China, 4.250% 10/28/14		1.000% quarterly		6/20/17		1.352			450		7			(2	)
PulteGroup, Inc., 5.250% 01/15/14		5.000% quarterly		12/20/16		3.863			50		(3	)		1
United States of America, 0.000% 08/15/16		0.250% quarterly		9/20/16		0.415		EUR	100		1			(2	)
Morgan Stanley Capital Services:
Beazer Homes USA, Inc., 9.125% 06/15/18		5.000% quarterly		9/20/13		5.712		$	10		—	(h)		—	(h)
French Republic, 4.250% 04/25/19		0.250% quarterly		6/20/17		2.198			286		26			(24	)
Nordstorm., Inc, 6.950% 03/15/28		1.000% quarterly		6/20/17		1.150			200		1			3
Royal Bank of Scotland:
Weyerhaeuser Co., 7.125% 07/15/23		1.000% quarterly		6/20/17		1.803			200		7			(3	)
Union Bank of Switzerland AG:
Ally Financial, Inc., 8.300% 02/12/15		5.000% quarterly		3/20/14		3.417			50		(2	)		(2	)
Federal Republic of Germany, 6.000% 06/20/16		0.250% quarterly		6/20/17		1.027			2,650		99			(61	)
Federative Republic of Brazil, 12.250% 03/06/30		1.000% quarterly		6/20/17		1.710			450		14			(3	)
Goodrich Corp., 6.290% 07/01/16		1.000% quarterly		3/20/17		0.302			700		(24	)		32
Hartford Financial Services Group, Inc. (The), 4.000% 03/30/15		1.000% quarterly		9/20/16		2.702			50		3			(5	)
Limited Brands, Inc., 6.900% 07/15/17		1.000% quarterly		6/20/17		2.527			450		31			(15	)
United Kingdom of Great Britain and Northern Ireland, 4.250% 06/07/32		1.000% quarterly		9/20/16		0.616			100		(2	)		1
United Mexican States, 5.950% 03/19/19		1.000% quarterly		6/20/17		1.638			900		26			(4	)
United Mexican States, 5.950% 03/19/19		1.000% quarterly		6/20/17		1.638			1,500		43			(10	)
United States of America, 0.000% 08/15/16		0.250% quarterly		9/20/16		0.415		EUR	150		1			(3	)
										$	337		$	(198	)

Credit Default Swaps - Buy Protection [1] Credit Indices:
SWAP COUNTERPARTY/ REFERENCE OBLIGATION	FUND PAYS FIXED RATE (r)		TERMINATION DATE		IMPLIED CREDIT SPREAD AS OF 05/31/12 [3]			NOTIONAL AMOUNT [4]		VALUE			UPFRONT PREMIUMS (PAID)/RECEIVED [5]
Bank of America:
CDX.NA.HY.18		5.000% quarterly		6/20/17		6.771	%	$	250	$	15		$	(7	)
MCDX.NA.17		1.000% quarterly		12/20/16		1.868			300		9			(11	)
Barclays Bank plc:
CDX.EM.17		5.000% quarterly		6/20/17		3.335			4,400		(374	)		574
Citibank, N.A.:
MCDX.NA.18		1.000% quarterly		6/20/17		1.988			450		18			(13	)
Credit Suisse International:
CDX.NA.HY.18		5.000% quarterly		6/20/17		6.771			200		12			(7	)
Morgan Stanley Capital Services:
CDX.NA.IG.9		0.800% quarterly		12/20/17		1.665			300		12			(14	)
CMBX.NA.AM.1		0.500% monthly		10/12/52		0.939			150		15			(24	)
iTraxx Europe 9.1		1.750% quarterly		6/20/18		0.727		EUR	225		7			(1	)
MCDX.NA.17		1.000% quarterly		12/20/16		1.868		$	150		5			(5	)
MCDX.NA.17		1.000% quarterly		12/20/16		1.868			150		5			(6	)
Royal Bank of Scotland:
CDX.NA.IG.9		0.800% quarterly		12/20/17		1.665			150		6			(7	)
CDX.NA.IG.9		0.800% quarterly		12/20/17		1.665			250		10			(12	)
Union Bank of Switzerland AG:
CDX.EM.17		5.000% quarterly		6/20/17		3.335			3,850		(327	)		501
CDX.NA.IG.9		0.800% quarterly		12/20/17		1.665			1,350		56			(42	)
CDX.NA.IG.9		0.800% quarterly		12/20/17		1.665			1,350		56			(46	)
										$	(475	)	$	880
Credit Default Swaps – Sell Protection [2] Corporate and Sovereign Issuers:
SWAP COUNTERPARTY/ REFERENCE OBLIGATION	FUND RECEIVES FIXED RATE (r)		TERMINATION DATE		IMPLIED CREDIT SPREAD AS OF 05/31/12 [3]			NOTIONAL AMOUNT [4]		VALUE			UPFRONT PREMIUMS (PAID)/RECEIVED [5]
Bank of America:
Berkshire Hathaway Finance Corp., 2.450% 12/15/15		1.000% quarterly		3/20/17		1.511	%	$	50	$	(1	)	$	1
Berkshire Hathaway Finance Corp., 2.450% 12/15/15		1.000% quarterly		3/20/17		1.511			50		(1	)		1
Berkshire Hathaway Finance Corp., 2.450% 12/15/15		1.000% quarterly		3/20/17		1.511			1,350		(29	)		26
Freeport-McMoRan Copper & Gold, Inc., 3.550% 03/01/22		1.000% quarterly		6/20/17		2.013			350		(16	)		12
K. Hovnanian Enterprises, Inc., 8.625% 01/15/17*		5.000% quarterly		6/20/14		27.473			50		(15	)		9
MBIA Insurance Corp., 0.000% 10/06/10		5.000% quarterly		12/20/12		26.712			50		(5	)		8
McClatchy Co. (The), 5.750% 09/01/17		5.000% quarterly		6/20/14		7.129			60		(2	)		—	(h)
McClatchy Co. (The), 5.750% 09/01/17		5.000% quarterly		6/20/14		7.129			220		(7	)		2
Realogy Corp., 10.500% 04/15/14		5.000% quarterly		6/20/13		6.554			50		—	(h)		—	(h)
Realogy Corp., 10.500% 04/15/14		5.000% quarterly		6/20/13		6.554			50		—	(h)		—	(h)
Realogy Corp., 10.500% 04/15/14		5.000% quarterly		6/20/13		6.554			50		—	(h)		—	(h)
Realogy Corp., 10.500% 04/15/14		5.000% quarterly		6/20/13		6.554			170		(1	)		—	(h)
Realogy Corp., 10.500% 04/15/14		5.000% quarterly		6/20/13		6.554			200		(1	)		(2	)
Texas Competitive Electric Holdings Co. LLC, 10.250% 11/01/15		5.000% quarterly		9/20/12		18.496			600		(18	)		37
Barclays Bank plc:
Berkshire Hathaway Finance Corp., 2.450% 12/15/15		1.000% quarterly		3/20/17		1.511			1,100		(23	)		16
Dixons Retail plc, 8.750% 08/03/15		5.000% quarterly		6/20/12		2.625		EUR	280		4			11
Dixons Retail plc, 8.750% 08/03/15		5.000% quarterly		9/20/12		2.626		EUR	150		3			4
K. Hovnanian Enterprises, Inc., 8.625% 01/15/17*		5.000% quarterly		6/20/13		19.999		$	50		(6	)		8
K. Hovnanian Enterprises, Inc., 8.625% 01/15/17*		5.000% quarterly		3/20/14		25.408			400		(99	)		41
K. Hovnanian Enterprises, Inc., 8.625% 01/15/17*		5.000% quarterly		6/20/14		27.473			50		(15	)		8
R.R. Donnelley & Sons Co., 6.125% 01/15/17		5.000% quarterly		6/20/17		8.541			200		(25	)		17
R.R. Donnelley & Sons Co., 6.125% 01/15/17		5.000% quarterly		6/20/17		8.541			250		(31	)		19
Standard Pacific Corp., 10.750% 09/15/16		5.000% quarterly		12/20/16		4.388			100		3			7
Standard Pacific Corp., 10.750% 09/15/16		5.000% quarterly		12/20/16		4.388			150		5			10
SUPERVALU, Inc., 8.000% 05/01/16		5.000% quarterly		9/20/16		9.068			550		(70	)		79
Texas Competitive Electric Holdings Co. LLC, 10.250% 11/01/15		5.000% quarterly		6/20/12		23.193			50		—	(h)		3
BNP Paribas:
Boyd Gaming Corp., 6.750% 04/15/14		5.000% quarterly		6/20/14		5.966			150		(1	)		4
Rite Aid Corp., 7.700% 02/15/27		5.000% quarterly		3/20/14		5.289			400		2			20
SUPERVALU, Inc., 8.000% 05/01/16		5.000% quarterly		9/20/16		9.068			50		(6	)		6
Texas Competitive Electric Holdings Co. LLC, 10.250% 11/01/15		5.000% quarterly		9/20/12		18.496			25		(1	)		2

Citibank, N.A.:
Chesapeake Energy Corp., 6.625% 08/15/20	5.000% quarterly	6/20/13	8.576	100	(3	)	2
Credit Suisse International:
Chesapeake Energy Corp., 6.625% 08/15/20	5.000% quarterly	12/20/12	8.566	50	(1	)	1
K. Hovnanian Enterprises, Inc., 8.625% 01/15/17*	5.000% quarterly	9/20/12	11.843	1,850	(19	)	109
McClatchy Co. (The), 5.750% 09/01/17	5.000% quarterly	12/20/12	3.656	50	1		4
Texas Competitive Electric Holdings Co. LLC, 10.250% 11/01/15	5.000% quarterly	6/20/12	23.193	25	—	(h)	1
Texas Competitive Electric Holdings Co. LLC, 10.250% 11/01/15	5.000% quarterly	9/20/12	18.496	25	(1	)	2
Texas Competitive Electric Holdings Co. LLC, 10.250% 11/01/15	5.000% quarterly	9/20/12	18.496	50	(2	)	4
Deutsche Bank AG, New York:
Block Financial LLC, 5.125% 10/30/14	5.000% quarterly	9/20/12	5.102	50	(1	)	—	(h)
Block Financial LLC, 5.125% 10/30/14	5.000% quarterly	9/20/12	5.102	400	4		2
Block Financial LLC, 5.125% 10/30/14	5.000% quarterly	9/20/16	5.351	50	—	(h)	(2	)
Boyd Gaming Corp., 6.750% 04/15/14	5.000% quarterly	6/20/14	5.966	50	(1	)	—	(h)
Boyd Gaming Corp., 6.750% 04/15/14	5.000% quarterly	6/20/14	5.966	100	(1	)	1
Boyd Gaming Corp., 6.750% 04/15/14	5.000% quarterly	6/20/14	5.966	310	(3	)	1
Clear Channel Communications, Inc., 6.875% 06/15/18	5.000% quarterly	9/20/13	8.179	100	(3	)	4
K. Hovnanian Enterprises, Inc., 8.625% 01/15/17*	5.000% quarterly	12/20/12	15.130	10	—	(h)	2
K. Hovnanian Enterprises, Inc., 8.625% 01/15/17*	5.000% quarterly	6/20/13	19.999	50	(6	)	6
K. Hovnanian Enterprises, Inc., 8.625% 01/15/17*	5.000% quarterly	6/20/13	19.999	50	(6	)	7
K. Hovnanian Enterprises, Inc., 8.625% 01/15/17*	5.000% quarterly	6/20/13	19.999	50	(6	)	7
K. Hovnanian Enterprises, Inc., 8.625% 01/15/17*	5.000% quarterly	6/20/13	19.999	50	(6	)	8
K. Hovnanian Enterprises, Inc., 8.625% 01/15/17*	5.000% quarterly	6/20/13	19.999	50	(6	)	8
K. Hovnanian Enterprises, Inc., 8.625% 01/15/17*	5.000% quarterly	6/20/13	19.999	50	(6	)	8
K. Hovnanian Enterprises, Inc., 8.625% 01/15/17*	5.000% quarterly	9/20/13	21.833	50	(8	)	9
K. Hovnanian Enterprises, Inc., 8.625% 01/15/17*	5.000% quarterly	9/20/13	21.833	50	(8	)	9
K. Hovnanian Enterprises, Inc., 8.625% 01/15/17*	5.000% quarterly	9/20/13	21.833	50	(8	)	10
K. Hovnanian Enterprises, Inc., 8.625% 01/15/17*	5.000% quarterly	6/20/14	27.473	50	(14	)	9
Realogy Corp., 10.500% 04/15/14	5.000% quarterly	12/20/13	8.220	350	(13	)	12
Realogy Corp., 10.500% 04/15/14	5.000% quarterly	6/20/14	9.056	50	(3	)	2
Rite Aid Corp., 7.700% 02/15/27	5.000% quarterly	3/20/14	5.289	50	—	(h)	3
Standard Pacific Corp., 10.750% 09/15/16	5.000% quarterly	12/20/16	4.388	150	5		8
SUPERVALU, Inc., 8.000% 05/01/16	5.000% quarterly	3/20/16	8.718	200	(21	)	8
SUPERVALU, Inc., 8.000% 05/01/16	5.000% quarterly	6/20/16	8.933	350	(41	)	33
Texas Competitive Electric Holdings Co. LLC, 10.250% 11/01/15	5.000% quarterly	6/20/12	23.193	100	—	(h)	2
Texas Competitive Electric Holdings Co. LLC, 10.250% 11/01/15	5.000% quarterly	9/20/12	18.496	25	(1	)	2
Texas Competitive Electric Holdings Co. LLC, 10.250% 11/01/15	5.000% quarterly	9/20/12	18.496	50	(2	)	3
Texas Competitive Electric Holdings Co. LLC, 10.250% 11/01/15	5.000% quarterly	9/20/12	18.496	50	(2	)	4
Texas Competitive Electric Holdings Co. LLC, 10.250% 11/01/15	5.000% quarterly	9/20/12	18.496	50	(2	)	4
Morgan Stanley Capital Services:
Block Financial LLC, 5.125% 10/30/14	5.000% quarterly	9/20/16	5.351	50	—	(h)	(1	)
Caesars Entertainment Operating Co., Inc., 5.375% 12/15/13	5.000% quarterly	3/20/13	7.692	290	(3	)	5
Clear Channel Communications, Inc., 6.875% 06/15/18	5.000% quarterly	6/20/13	6.746	450	(3	)	3
Clear Channel Communications, Inc., 6.875% 06/15/18	5.000% quarterly	9/20/14	12.755	400	(53	)	15
Federal Republic of Germany, 6.000% 06/20/16	0.250% quarterly	6/20/17	1.027	477	(18	)	14
K. Hovnanian Enterprises, Inc., 8.625% 01/15/17*	5.000% quarterly	9/20/12	11.843	25	—	(h)	1
K. Hovnanian Enterprises, Inc., 8.625% 01/15/17*	5.000% quarterly	12/20/12	15.130	20	(1	)	3
K. Hovnanian Enterprises, Inc., 8.625% 01/15/17*	5.000% quarterly	12/20/12	15.130	50	(2	)	8
K. Hovnanian Enterprises, Inc., 8.625% 01/15/17*	5.000% quarterly	6/20/13	19.999	100	(12	)	13
McClatchy Co. (The), 5.750% 09/01/17	5.000% quarterly	6/20/14	7.129	500	(15	)	23
SUPERVALU, Inc., 8.000% 05/01/16	5.000% quarterly	3/20/16	8.718	150	(16	)	13
Royal Bank of Scotland:
Caesars Entertainment Operating Co., Inc., 5.625% 06/01/15	5.000% quarterly	12/20/12	6.395	50	—	(h)	4
Harrah’s Operating Co., Inc., 5.625% 06/01/15	5.000% quarterly	3/20/13	7.692	300	(3	)	3
K. Hovnanian Enterprises, Inc., 8.625% 01/15/17*	5.000% quarterly	9/20/12	11.843	50	(1	)	9
K. Hovnanian Enterprises, Inc., 8.625% 01/15/17*	5.000% quarterly	3/20/13	17.727	10	(1	)	2
K. Hovnanian Enterprises, Inc., 8.625% 01/15/17*	5.000% quarterly	3/20/13	17.727	1,300	(106	)	255
Union Bank of Switzerland AG:
Block Financial LLC, 5.125% 10/30/14	5.000% quarterly	12/20/16	5.362	550	(2	)	(1	)
Cooper Tire & Rubber Co., 7.625% 03/15/27	5.000% quarterly	12/20/16	5.127	40	—	(h)	3
K. Hovnanian Enterprises, Inc., 8.625% 01/15/17*	5.000% quarterly	9/20/12	11.843	25	—	(h)	4
K. Hovnanian Enterprises, Inc., 8.625% 01/15/17*	5.000% quarterly	9/20/12	11.843	200	(2	)	23
K. Hovnanian Enterprises, Inc., 8.625% 01/15/17*	5.000% quarterly	12/20/12	15.130	50	(2	)	11
K. Hovnanian Enterprises, Inc., 8.625% 01/15/17*	5.000% quarterly	12/20/12	15.130	50	(2	)	13
K. Hovnanian Enterprises, Inc., 8.625% 01/15/17*	5.000% quarterly	12/20/12	15.130	50	(2	)	7
K. Hovnanian Enterprises, Inc., 8.625% 01/15/17*	5.000% quarterly	12/20/12	15.130	50	(2	)	8
K. Hovnanian Enterprises, Inc., 8.625% 01/15/17*	5.000% quarterly	6/20/13	19.999	50	(6	)	7

K. Hovnanian Enterprises, Inc., 8.625% 01/15/17*		5.000% quarterly		6/20/13		19.999			50		(6	)		8
K. Hovnanian Enterprises, Inc., 8.625% 01/15/17*		5.000% quarterly		6/20/13		19.999			50		(6	)		8
Lennar Corp., 6.500% 04/15/16		5.000% quarterly		6/20/13		1.318			105		5			(8	)
MBIA Insurance Corp., 0.000% 10/06/10		5.000% quarterly		12/20/12		26.712			10		(1	)		1
Realogy Corp., 10.500% 04/15/14		5.000% quarterly		6/20/14		9.056			50		(3	)		1
Texas Competitive Electric Holdings Co. LLC, 10.250% 11/01/15		5.000% quarterly		6/20/12		23.193			200		—	(h)		23
										$	(803	)	$	1,120
Credit Default Swaps - Sell Protection [2] Credit Indices:
SWAP COUNTERPARTY/ REFERENCE OBLIGATION	FUND RECEIVES FIXED RATE (r)		TERMINATION DATE		IMPLIED CREDIT SPREAD AS OF 05/31/12 [3]			NOTIONAL AMOUNT [4]		VALUE			UPFRONT PREMIUMS (PAID)/RECEIVED [5]
Credit Suisse International:
CDX.NA.IG.18		1.000% quarterly		6/20/17		1.227	%	$	300	$	(3	)	$	(1	)
Deutsche Bank AG, New York:
CDX.NA.HY.8		2.750% quarterly		6/20/12		38.867			25		—	(h)		8
CDX.NA.HY.8		2.750% quarterly		6/20/12		38.867			50		—	(h)		17
Morgan Stanley Capital Services:
CMBX.NA.AM.1		0.500% monthly		2/17/51		0.939			150		(34	)		49
Union Bank of Switzerland AG:
CDX.NA.HY.8		0.000% quarterly		6/20/12		38.867			1,550		(17	)		77
CDX.NA.IG.18		1.000% quarterly		6/20/17		1.227			1,500		(13	)		(1	)
										$	(67	)	$	149

[1] The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.

[2] The Fund, as a seller of credit protection, receives periodic payments and may also receive or pay an upfront premium from or to the protection buyer, and is obligated to make a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.

[3] Implied credit spreads are an indication of the seller’s performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e., make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indexes are linked to the weighted average spread across the underlying reference obligations included in a particular index.

[4] The notional amount is the maximum amount that a seller of a credit default swap would be obligated to make and a buyer of credit protection would receive, upon occurrence of a credit event.

[5] Upfront premiums generally relate to payments made or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

* The Fund has purchased credit default swaps with identical underlying reference obligations; net amounts received by the Fund from settlement of purchased protection may offset potential amounts paid at a credit event for protection sold.

Interest Rate Swaps
	RATE TYPE (r)
SWAP COUNTERPARTY	PAYMENTS MADE BY THE FUND	PAYMENTS RECEIVED BY THE FUND	TERMINATION DATE		NOTIONAL AMOUNT		VALUE
Bank of America	1.075% quarterly	3 month LIBOR quarterly		5/23/17	$	1,010	$	(4	)
Bank of America	3 month LIBOR quarterly	2.496% quarterly		5/23/42		226		5
Credit Suisse International	3 month LIBOR quarterly	1.111% quarterly		5/1/17		951		6
Credit Suisse International	3 month LIBOR quarterly	1.105% quarterly		5/2/17		719		4
Credit Suisse International	1.097% quarterly	3 month LIBOR quarterly		5/29/17		1,019		(4	)
Credit Suisse International	2.066% quarterly	3 month LIBOR quarterly		5/1/22		998		(31	)
Credit Suisse International	2.043% quarterly	3 month LIBOR quarterly		5/2/22		753		(22	)
Credit Suisse International	3 month LIBOR quarterly	2.833% quarterly		5/1/42		218		21
Credit Suisse International	3 month LIBOR quarterly	2.809% quarterly		5/2/42		164		15
Deutsche Bank AG, New York	1.105% quarterly	3 month LIBOR quarterly		3/7/17		1,152		(9	)
Deutsche Bank AG, New York	1.110% quarterly	3 month LIBOR quarterly		5/14/17		501		(3	)
Deutsche Bank AG, New York	3 month LIBOR quarterly	2.815% quarterly		5/14/42		116		11
							$	(11	)

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION (t)	VALUE ($)
	Municipal Bonds — 91.9%
		Alabama — 0.2%
	13,000	Columbia Industrial Development Board, Alabama Power Co., Project, Series D, Rev., VRDO, 0.190%, 06/01/12		13,000
	9,585	Eclipse Funding Trust, Solar Eclipse, Series 2007-0108, Rev., VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.170%, 06/07/12		9,585
	7,000	Puttable Floating Option Tax-Exempt Receipts, Series PT-4680, Rev., VRDO, NATL-RE, LIQ: Bank of America N.A., 0.310%, 06/07/12 (e)		7,000
				29,585
		Alaska — 0.0% (g)
	1,300	City of Valdez, Marine Terminal, Exxon Pipeline Co. Project, Series A, Rev., VRDO, 0.150%, 06/01/12		1,300
		Arizona — 1.5%
	42,300	Ak-Chin Indian Community, Rev., VRDO, LOC: Bank of America N.A., 0.210%, 06/07/12		42,300
	29,685	Arizona Health Facilities Authority, Stars BNP, Series 2007-008, Rev., VRDO, LIQ: BNP Paribas, 0.480%, 06/07/12		29,685
	15,600	City of Mesa, Utility System, Series ROCS-RR-II-R-11032, Rev., VRDO, AGM, LIQ: Citibank N.A., 0.200%, 06/07/12		15,600
	7,160	Maricopa County IDA, Multi-Family Housing, Las Gardenias Apartments, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.200%, 06/07/12		7,160
		Phoenix Civic Improvement Corp.,
	6,245	Series ROCS-RR-II R-11982X, Rev., VRDO, LIQ: Citibank N.A., 0.250%, 06/07/12 (e)		6,245
	15,760	Series ROCS-RR-II-R-11732, Rev., VRDO, NATL-RE, FGIC, LIQ: Citibank N.A., 0.180%, 06/07/12 (e)		15,760
	2,000	Phoenix IDA, Multi-Family Housing, Del Mar Terrace, Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.200%, 06/07/12		2,000
	21,800	Pima County IDA, Tucson Electric, Rev., VRDO, LOC: Bank of New York, 0.160%, 06/07/12		21,800
	21,700	Pima County IDA, Tucson Electric Irvington, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.190%, 06/07/12		21,700
	48,180	Salt River Pima-Maricopa Indian Community, Rev., VRDO, LOC: Bank of America N.A., 0.210%, 06/07/12		48,180
	40,470	Sun Devil Energy Center, LLC, Arizona State University Project, Rev., VRDO, AGC, 0.450%, 06/07/12		40,470
				250,900
		California — 9.4%
	26,980	ABAG Finance Authority for Nonprofit Corps., Series D, Rev., VRDO, LOC: Citibank N.A., 0.200%, 06/07/12		26,980
	610	ABAG Finance Authority for Nonprofit Corps., Charleston Project, Rev., VRDO, LOC: Lasalle Bank N.A., 0.270%, 06/01/12 (m)		610
	10,850	ABAG Finance Authority for Nonprofit Corps., On Lok Senior Health Services, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.130%, 06/07/12		10,850
	11,220	ABAG Finance Authority for Nonprofit Corps., San Francisco Friends School, Rev., VRDO, LOC: Bank of America N.A., 0.250%, 06/07/12		11,220
	5,000	Austin Trust Various States, Series 2008-3305, Rev., VRDO, LIQ: Bank of America N.A., 0.280%, 06/07/12		5,000
	1,531	Bay Area Toll Authority, Series 2985, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.250%, 06/07/12 (e)		1,531
	1,250	California Educational Facilities Authority, Series 3144, Rev., VRDO, 0.170%, 06/01/12 (e)		1,250
	1,100	California Educational Facilities Authority, Life Chiropractic College, Rev., VRDO, LOC: Bank of The West, 0.130%, 06/07/12		1,100
	34,300	California Educational Facilities Authority, Saint Mary’s College of California, Rev., VRDO, LOC: Bank of America N.A., 0.220%, 06/07/12		34,300
	19,250	California Health Facilities Financing Authority, St. Joseph Health System, Series A, Rev., VRDO, LOC: Union Bank N.A., 0.160%, 06/07/12		19,250
	1,610	California Infrastructure & Economic Development Bank, IDR, Pleasant Mattress, Inc. Project, Series A, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.210%, 06/07/12		1,610
	850	California Infrastructure & Economic Development Bank, Pacific Gas & Electric, Series C, Rev., VRDO, 0.160%, 06/01/12		850

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		California — Continued
	4,400	California Infrastructure & Economic Development Bank, Pacific Gas Electric, Series D, Rev., VRDO, LOC: Sumitomo Mitsui Banking, 0.150%, 06/01/12		4,400
	2,000	California Municipal Finance Authority, Chevron USA, Inc., Project, Rev., VRDO, 0.150%, 06/01/12		2,000
	300	California Pollution Control Financing Authority, Exxon Mobil Project, Rev., VRDO, 0.140%, 06/01/12		300
	7,100	California Statewide Communities Development Authority, Gas Supply, Rev., VRDO, LIQ: PNC Bank N.A., 0.170%, 06/07/12		7,100
	5,800	California Statewide Communities Development Authority, Health Facility Community Hospital, Series B, Rev., VRDO, LOC: U.S. Bank N.A., 0.150%, 06/07/12		5,800
	16,200	California Statewide Communities Development Authority, Kaiser Permanente, Series B, Rev., VRDO, 0.170%, 06/07/12		16,200
	3,420	California Statewide Communities Development Authority, Multi-Family Housing, Breezewood Apartments, Series F-1, Rev., VRDO, FNMA, LIQ: FNMA, 0.190%, 06/07/12		3,420
	24,925	California Statewide Communities Development Authority, Museum Art, Rev., VRDO, LOC: Union Bank N.A., 0.130%, 06/07/12		24,925
	4,175	California Statewide Communities Development Authority, North Peninsula Jewish Center, Rev., VRDO, LOC: Bank of America N.A., 0.260%, 06/01/12		4,175
	3,950	City of Garden Grove, Multi-Family Housing, Malabar Apartments, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.190%, 06/07/12		3,950
	900	City of Hemet, Multi-Family Housing, Sunwest Retirement, Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.160%, 06/07/12		900
	400	City of Irvine, Improvement Bond Act of 1915, District No. 00-18, Special Assessment, Series A, VRDO, LOC: State Street Bank & Trust Co., 0.180%, 06/01/12		400
	400	City of Irvine, Improvement Bond Act of 1915, District No. 03-19, Special Assessment, Series B, VRDO, LOC: U.S. Bank N.A., 0.180%, 06/01/12		400
	3,600	City of Livermore, Capital Projects, COP, VRDO, LOC: U.S. Bank N.A., 0.150%, 06/07/12		3,600
	4,800	City of Los Angeles, Multi-Family Housing, Fountain Park Project, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.230%, 06/07/12		4,800
	20,850	City of Los Angeles, Wastewater Systems, EAGLE, Series 2006-0013, Class A, Rev., VRDO, NATL-RE, LIQ: Citibank N.A., 0.190%, 06/07/12		20,850
	1,400	City of Modesto, Multi-Family Housing, Valley Oak Project, Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.180%, 06/07/12		1,400
	900	City of Vacaville, Multi-Family Housing, Sycamores Apartments, Series A, Rev., VRDO, FNMA, 0.160%, 06/07/12		900
	10,350	Contra Costa County Housing Authority, Multi-Family Housing, Lakeshore, Series C, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.170%, 06/07/12		10,350
	30,000	County of Contra Costa, Multi-Family Housing, Pleasant Hill BART Transit, Series A, Rev., VRDO, 0.250%, 06/07/12		30,000
		Deutsche Bank Spears/Lifers Trust Various States,
	39,515	Series DB-287, GO, VRDO, NATL-RE, LIQ: Deutsche Bank AG, 0.240%, 06/07/12		39,515
	12,915	Series DB-324, GO, VRDO, LIQ: Deutsche Bank AG, 0.240%, 06/07/12		12,915
	36,015	Series DB-332, GO, VRDO, LIQ: Deutsche Bank AG, 0.260%, 06/07/12		36,015
	18,425	Series DB-362, GO, VRDO, AMBAC, LIQ: Deutsche Bank AG, 0.260%, 06/07/12		18,425
	14,090	Series DB-363, GO, VRDO, AGM, LIQ: Deutsche Bank AG, 0.240%, 06/07/12		14,090
	37,075	Series DB-364, Rev., VRDO, LIQ: Deutsche Bank AG, 0.260%, 06/07/12		37,075
	25,670	Series DB-382, GO, VRDO, NATL-RE, LIQ: Deutsche Bank AG, 0.260%, 06/07/12		25,670
	10,275	Series DB-416, GO, VRDO, NATL-RE, LIQ: Deutsche Bank AG, 0.240%, 06/07/12		10,275
	12,345	Series DB-419, GO, VRDO, AGM, LIQ: Deutsche Bank AG, 0.240%, 06/07/12		12,345
	19,825	Series DB-424, GO, VRDO, NATL-RE, LIQ: Deutsche Bank AG, 0.240%, 06/07/12 (e)		19,825

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		California — Continued
	9,805	Series DB-429, GO, VRDO, NATL-RE, LIQ: Deutsche Bank AG, 0.240%, 06/07/12		9,805
	11,095	Series DB-432, GO, VRDO, FGIC, LIQ: Deutsche Bank AG, 0.260%, 06/07/12		11,095
	41,515	Series DB-474, GO, VRDO, NATL-RE, LIQ: Deutsche Bank AG, 0.240%, 06/07/12		41,515
	35,130	Series DB-479, Rev., VRDO, AGM-CR, AMBAC, LIQ: Deutsche Bank AG, 0.240%, 06/07/12		35,130
	50,000	Series DB-1020X, Rev., VRDO, LIQ: Deutsche Bank AG, 0.250%, 06/07/12 (e)		50,000
	30,550	Series DBE-625, Rev., VRDO, AMBAC, LIQ: Deutsche Bank AG, 0.240%, 06/07/12		30,550
	32,205	Series DBE-664, Rev., VRDO, LIQ: Deutsche Bank AG, 0.240%, 06/07/12		32,205
	88,700	Series DBE-1011, Rev., VRDO, LIQ: Deutsche Bank AG, 0.250%, 06/07/12 (e)		88,700
		Deutsche Bank Spears/Lifers Trust Various States, Tax Allocation,
	37,360	Series DB-294, VRDO, FGIC, LIQ: Deutsche Bank AG, 0.260%, 06/07/12		37,360
	7,785	Series DB-318, VRDO, AMBAC, LIQ: Deutsche Bank AG, 0.260%, 06/07/12		7,785
	29,785	Eclipse Funding Trust, Solar Eclipse, Castai, Series 2007-0034, COP, VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.170%, 06/07/12		29,785
	11,645	Eclipse Funding Trust, Solar Eclipse, Corona, Tax Allocation, Series 2006-0099, VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.170%, 06/07/12		11,645
	13,705	Eclipse Funding Trust, Solar Eclipse, South San Francisco,Tax Allocation, Series 2006-0067, VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.170%, 06/07/12		13,705
	20,500	Golden State Tobacco Securitization Corp., Series 2215, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.330%, 06/07/12		20,500
	2,500	Irvine Ranch Water District Nos. 105, 140, 240 & 250, GO, VRDO, LOC: Sumitomo Mitsui Banking, 0.140%, 06/07/12		2,500
		Los Angeles Community College District,
	10,800	Series ROCS-RR-II-R-11768, GO, VRDO, AGM-CR, FGIC, LIQ: Citibank N.A., 0.210%, 06/07/12 (e)		10,800
	13,650	Series ROCS-RR-II-R-11773, GO, VRDO, LIQ: Citibank N.A., 0.180%, 06/07/12 (e)		13,650
	3,400	Los Angeles County Community Development Commission, Willowbrook Project, COP, VRDO, LOC: Wells Fargo Bank N.A., 0.220%, 06/07/12		3,400
	7,160	Los Angeles County Housing Authority, Multi-Family Housing, Sand Canyon, Series F, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.170%, 06/07/12		7,160
	5,000	Los Angeles County, Multi-Family Housing, Valencia Housing Project, Series C, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.180%, 06/07/12		5,000
	830	Los Angeles Department of Water & Power, Series ROCS-RR-II-R-12326, Rev., VRDO, LIQ: Citibank N.A., 0.200%, 06/01/12 (e)		830
		Metropolitan Water District of Southern California,
	13,000	Series A-2, Rev., VRDO, 0.170%, 06/07/12		13,000
	1,000	Series B-3, Rev., VRDO, 0.150%, 06/01/12		1,000
	15,300	Orange County Sanitation District, Series B, COP, VRDO, 0.160%, 06/01/12		15,300
	3,700	Orange County, Riverbend Apartment, Series B, Rev., VRDO, FHLMC, LOC: FHLMC, 0.150%, 06/07/12		3,700
		Orange County, WLCO LF Partners,
	2,200	Series G1, Rev., VRDO, FNMA, LIQ: FNMA, 0.150%, 06/07/12		2,200
	4,150	Series G3, Rev., VRDO, FNMA, LIQ: FNMA, 0.150%, 06/07/12		4,150
		Puttable Floating Option Tax-Exempt Receipts,
	8,000	Series PT-4161, Rev., VRDO, 0.420%, 06/07/12		8,000
	10,555	Series PT-4433, Rev., VRDO, AGM, LIQ: Wells Fargo Bank N.A., 0.170%, 06/07/12		10,555
	6,945	Series PT-4554, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.420%, 06/07/12		6,945
	6,765	Series PT-4555, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.420%, 06/07/12 (e)		6,765
	4,105	Series PT-4571, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.420%, 06/07/12		4,105
	3,405	Series PT-4585, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.420%, 06/07/12		3,405
	6,080	Series PT-4589, VRDO, FHLMC, LIQ: FHLMC, 0.420%, 06/07/12		6,080

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		California — Continued
	7,780	Series PT-4597, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.420%, 06/07/12		7,780
	6,250	Series PT-4647, Rev., VRDO, LIQ: Bank of America N.A., 0.280%, 06/07/12 (e)		6,250
	12,665	Series PT-4648, Rev., VRDO, LIQ: Bank of America N.A., 0.240%, 06/07/12 (e)		12,665
	58,600	Sacramento County Sanitation Districts Financing Authority, Sub Lien, Series C, Rev., VRDO, 0.170%, 06/07/12		58,600
	18,000	San Diego Community College District, Series ROCS-RR-II-R-11775, GO, VRDO, LIQ: Citibank N.A., 0.200%, 06/07/12 (e)		18,000
	80	San Francisco City & County Public Utilities Commission, MERLOTS, Series B20, Rev., VRDO, NATL-RE, 0.380%, 06/07/12		80
	5,600	Santa Clara County Financing Authority, Multiple Facilities Projects, Series M, Rev., VRDO, LOC: U.S. Bank N.A., 0.230%, 06/07/12		5,600
	2,400	Southern California Public Power Authority, Palo Verde, Subseries B, Rev., VRDO, LOC: Citibank N.A., 0.210%, 06/07/12		2,400
	32,480	Southern California Public Power Authority, Subordinated Southern Transmission, Series A, Rev., VRDO, AGM, 0.260%, 06/07/12		32,480
	350,560	State of California, Series A-2, Rev., 2.000%, 06/26/12		350,948
	9,800	State of California, Kindergarten, Series A6, GO, VRDO, LOC: California Public Employee Retirement Fund, 0.170%, 06/07/12		9,800
		Wells Fargo Stage Trust,
	19,750	Series 1C, GO, VRDO, LIQ: Wells Fargo Bank N.A., 0.200%, 06/07/12 (e)		19,750
	9,780	Series 20C, COP, VRDO, LIQ: Wells Fargo Bank N.A., 0.200%, 06/07/12 (e)		9,780
	25,400	Series 38C, Rev., VRDO, LIQ: Wells Fargo Bank N.A., 0.200%, 06/07/12 (e)		25,400
	10,450	Series 56C, GO, VRDO, LIQ: Wells Fargo Bank N.A., 0.200%, 06/07/12 (e)		10,450
				1,604,879
		Colorado — 1.7%
	15,010	Arapahoe County, Multi-Family Housing, Rental Housing, Hunters Run, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.170%, 06/07/12		15,010
	15,825	City of Colorado Springs, Utilities System Improvement, Series A, Rev., VRDO, 0.210%, 06/07/12		15,825
	1,000	City of Colorado Springs, Utilities, Sub Lien, Series A, Rev., VRDO, 0.290%, 06/07/12		1,000
	30,000	Colorado Educational & Cultural Facilities Authority, Nature Conservancy Project, Rev., VRDO, 0.160%, 06/07/12		30,000
	18,100	Colorado Educational & Cultural Facilities Authority, Oaks Christian School Project, Rev., VRDO, LOC: U.S. Bank N.A., 0.200%, 06/01/12		18,100
	300	Colorado Health Facilities Authority, Hospital, NCMC, Inc. Project, Series A, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.230%, 06/01/12		300
	17,330	Colorado Housing & Finance Authority, Series AA-3, Class I, Rev., VRDO, LOC: FNMA, 0.170%, 06/07/12		17,330
	1,755	Colorado Housing & Finance Authority, Multi-Family Housing Project, Series A-4, Class I, Rev., VRDO, 0.200%, 06/07/12		1,755
	14,100	Colorado Housing & Finance Authority, Single Family Mortgage, Series C-2, Class I, Rev., VRDO, LIQ: FHLB, 0.180%, 06/07/12		14,100
	21,835	Denver City & County, Airport, Series 2365, Rev., VRDO, FGIC, LIQ: Morgan Stanley Bank, 0.330%, 06/07/12		21,835
	28,150	Midcities Metropolitan District No. 1, Series B, Rev., VRDO, LOC: BNP Paribas, 0.820%, 06/07/12		28,150
	39,150	Southglenn Metropolitan District, Rev., VRDO, LOC: BNP Paribas, 1.080%, 06/07/12		39,150
	86,200	University of Colorado Hospital Authority, Series A, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.150%, 06/07/12		86,200
				288,755
		Connecticut — 0.5%
	39,200	Capital City EDA, Series B, Rev., VRDO, 0.260%, 06/07/12		39,200
	800	Connecticut State Health & Educational Facility Authority, Community Renewal Team, Series A, Rev., VRDO, LOC: Bank of America N.A., 0.270%, 06/07/12		800
	18,975	Connecticut State Health & Educational Facility Authority, Yale University, Series A-3, Rev., VAR, 4.000%, 02/07/13		19,466

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Connecticut — Continued
	17,060	Wells Fargo Stage Trust, Series 61C, Rev., VRDO, LIQ: Wells Fargo Bank N.A., 0.200%, 06/07/12 (e)		17,060
				76,526
		Delaware — 0.4%
	13,800	New Castle County, FlightSafety International, Inc. Project, Rev., VRDO, 0.180%, 06/07/12		13,800
	28,155	New Castle County, Multifamily Housing, Fairfield English Village Project, Series FA, Rev., VRDO, FNMA, LIQ: FNMA, 0.180%, 06/07/12		28,155
	29,070	University of Delaware, Series B, Rev., VRDO, 0.190%, 06/01/12		29,070
				71,025
		District of Columbia — 3.7%
	40,855	Anacostia Waterfront Corp., MERLOTS, Series F02, Rev., VRDO, LIQ: Wells Fargo Bank N.A., 0.200%, 06/07/12		40,855
		District of Columbia,
	395,000	GO, TRAN, 2.000%, 09/28/12		397,223
	27,510	Series A, GO, VRDO, LOC: Bank of America N.A., 0.170%, 06/07/12		27,510
	2,900	District of Columbia Housing Finance Agency, Multi-Family Housing, Trenton Park Apartments Project, Rev., VRDO, LOC: Bank of America N.A., 0.280%, 06/07/12		2,900
	11,450	District of Columbia Water & Sewer Authority, Series 2979, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.250%, 06/07/12 (e)		11,450
	2,035	District of Columbia, American Psychology Association, Rev., VRDO, LOC: Bank of America N.A., 0.320%, 06/07/12		2,035
	21,350	District of Columbia, American University, Rev., VRDO, LOC: Bank of America N.A., 0.220%, 06/01/12		21,350
	13,240	District of Columbia, Edmund Burke School, Rev., VRDO, LOC: Bank of America N.A., 0.320%, 06/07/12		13,240
	7,500	District of Columbia, Enterprise Zone, House on F Street Project, Rev., VRDO, LOC: Bank of New York, 0.180%, 06/07/12		7,500
	30,845	District of Columbia, MERLOTS, Series B-34, GO, VRDO, AGM, 0.200%, 06/07/12		30,845
	3,520	District of Columbia, National Children’s Center, Inc., Rev., VRDO, LOC: Bank of America N.A., 0.320%, 06/07/12		3,520
	9,178	District of Columbia, Pooled Loan Program, Series A, Rev., VRDO, LOC: Bank of America N.A., 0.460%, 06/07/12		9,178
	15,215	District of Columbia, Trinity College Issue, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.180%, 06/07/12		15,215
	15,175	Eclipse Funding Trust, Solar Eclipse, District of Columbia, Series 2006-0110, Rev., VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.170%, 06/07/12		15,175
	35,000	Metropolitan Washington Airports Authority, Subseries C-2, Rev., VRDO, LOC: Barclays Bank plc, 0.180%, 06/07/12		35,000
				632,996
		Florida — 4.9%
	11,150	Alachua County IDA, Florida Rock Industrial, Inc. Project, Rev., VRDO, LOC: Bank of America N.A., 0.860%, 06/07/12		11,150
		Austin Trust Various States,
	16,575	Series 2007-1025, Rev., VRDO, LIQ: Bank of America N.A., 0.240%, 06/07/12		16,575
	14,900	Series 2007-1030, Rev., VRDO, LIQ: Bank of America N.A., 0.240%, 06/07/12		14,900
	10,500	Broward County Educational Facilities Authority, Nova Southeastern University, Series A, Rev., VRDO, LOC: Bank of America N.A., 0.200%, 06/01/12		10,500
	8,845	City of Fort Myers, Series 2077, Rev., VRDO, NATL-RE, LIQ: Wells Fargo & Co., 0.180%, 06/07/12 (e)		8,845
		Deutsche Bank Spears/Lifers Trust Various States,
	6,000	Series DB-271, Rev., VRDO, FGIC, LIQ: Deutsche Bank AG, 0.220%, 06/07/12		6,000
	38,145	Series DB-451, Rev., VRDO, NATL-RE, LIQ: Deutsche Bank AG, 0.270%, 06/07/12		38,145
	105,275	Series DB-459, Rev., VRDO, AGM, LIQ: Deutsche Bank AG, 0.270%, 06/07/12		105,275
	32,190	Series DB-471, COP, VRDO, AGM, LIQ: Deutsche Bank AG, 0.240%, 06/07/12		32,190
	28,625	Series DB-496, Rev., VRDO, NATL-RE, LIQ: Deutsche Bank AG, 0.240%, 06/07/12		28,625
	17,415	Series DBE-1004, Rev., VRDO, LIQ: Deutsche Bank AG, 0.250%, 06/07/12 (e)		17,415

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Florida — Continued
		Eclipse Funding Trust, Solar Eclipse,
	8,210	Series 2006-0043, Rev., VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.170%, 06/07/12 (e)		8,210
	20,660	Series 2007-0051, Rev., VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.160%, 06/07/12		20,660
	23,845	Eclipse Funding Trust, Solar Eclipse, Golden, Series 2006-0125, COP, VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.170%, 06/07/12 (e)		23,845
		Eclipse Funding Trust, Solar Eclipse, Miami,
	18,335	Series 2006-0059, Rev., VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.160%, 06/07/12		18,335
	21,280	Series 2007-0045, Rev., VRDO, 0.180%, 06/01/12		21,280
	10,520	Eclipse Funding Trust, Solar Eclipse, Palm Bay, Series 2006-0136, Rev., VRDO, AGM, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.170%, 06/07/12		10,520
	18,650	Eclipse Funding Trust, Solar Eclipse, Peace, Series 2006-0144, Rev., VRDO, AGM, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.170%, 06/07/12		18,650
	8,555	Eclipse Funding Trust, Solar Eclipse, Port S, Series 2006-0135, GO, VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.170%, 06/07/12		8,555
	9,380	Florida Housing Finance Corp., Multi-Family Housing, Heron Park Project, Series U, Rev., VRDO, AMT, FNMA, LIQ: FNMA, 0.190%, 06/07/12		9,380
	8,225	Florida Housing Finance Corp., Multi-Family Housing, Monterey Lake, Series C, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.170%, 06/07/12		8,225
	4,400	Florida Municipal Power Agency, All Requirements Supply, Series C, Rev., VRDO, LOC: Bank of America N.A., 0.220%, 06/01/12		4,400
		Florida State Department of Environmental Protection, Everglades Restoration,
	19,120	Series A, Rev., VRDO, AGC, 0.400%, 06/07/12		19,120
	26,655	Series B, Rev., VRDO, AGC, 0.340%, 06/07/12		26,655
	5,935	Jacksonville Health Facilities Authority, Baptist Medical, Series D, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.230%, 06/01/12		5,935
	51,300	Miami-Dade County School Board, Series 2982, COP, VRDO, AGC, LIQ: Morgan Stanley Bank, 0.250%, 06/07/12 (e)		51,300
	22,540	Miami-Dade County, Transit System, EAGLE, Series 2006-0101, Class A, Rev., VRDO, AGC-ICC, XLCA, LIQ: Citibank N.A., 0.190%, 06/07/12		22,540
	24,535	North Broward Hospital District, Series A, Rev., VRDO, NATL-RE, LOC: Wells Fargo Bank N.A., 0.150%, 06/07/12		24,535
	7,445	Orange County Housing Finance Authority, Multi-Family Housing, Falcon Trace Apartments Project, Series D, Rev., VRDO, FNMA, LIQ: FNMA, 0.190%, 06/07/12		7,445
	8,901	Orange County Housing Finance Authority, Multi-Family Housing, Regal Pointe Apartments, Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, LOC: Nationsbank N.A., 0.190%, 06/07/12		8,901
	3,320	Orange County Housing Finance Authority, Multi-Family Housing, Water View Club Apartments, Series D, Rev., VRDO, FNMA, LIQ: FNMA, 0.200%, 06/07/12		3,320
	22,285	Orange County, Tourist Development, Series 2352, Rev., VRDO, FGIC, LIQ: Wells Fargo & Co., 0.180%, 06/07/12		22,285
	22,000	Orlando & Orange County Expressway Authority, Series D, Rev., VRDO, AGM, LOC: Barclays Bank plc, 0.150%, 06/07/12		22,000
	6,580	Osceola County Housing Finance Authority, Multi-Family Housing, Arrow Ridge Apartments, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.190%, 06/07/12		6,580
	29,750	Pinellas County Health Facility Authority, Baycare Health System, Series A1, Rev., VRDO, 0.180%, 06/01/12		29,750
		Sarasota County Public Hospital District, Sarasota Memorial Hospital,
	8,885	Series A, Rev., VRDO, LOC: Northern Trust Co., 0.200%, 06/01/12		8,885
	76,750	Series B, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.180%, 06/07/12		76,750
	20,375	South Miami Health Facilities Authority, Series 2833, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.250%, 06/07/12		20,375
	8,265	State of Florida, MERLOTS, Series C07, GO, VRDO, LIQ: Wells Fargo Bank N.A., 0.200%, 06/07/12		8,265

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Florida — Continued
	33,725	USF Financing Corp., Master Lease Program, Series B-1, COP, VRDO, AMBAC, LOC: Wells Fargo Bank N.A., 0.180%, 06/07/12		33,725
				840,046
		Georgia — 1.4%
	7,080	De Kalb County Development Authority, Inland Fresh Seafood Corp., Rev., VRDO, LOC: Bank of America N.A., 0.490%, 06/07/12		7,080
	8,260	De Kalb County Housing Authority, Multi-Family Housing, Chapel Run Apartments Project, Rev., VRDO, FNMA, LIQ: FNMA, 0.210%, 06/07/12		8,260
	11,045	De Kalb County Housing Authority, Multi-Family Housing, Robins Landing Project, Rev., VRDO, FNMA, LIQ: FNMA, 0.210%, 06/07/12		11,045
	10,735	De Kalb County Housing Authority, Multi-Family Housing, Timber Trace Apartments Project, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.190%, 06/07/12		10,735
	108,440	De Kalb Private Hospital Authority, Children’s Healthcare, Rev., VRDO, 0.240%, 06/07/12		108,440
	15,160	Eclipse Funding Trust, Solar Eclipse, Series 2007-0117, Rev., VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.170%, 06/07/12		15,160
	9,680	Eclipse Funding Trust, Solar Eclipse, De Kalb County, Series 2006-0074, Rev., VRDO, AGM, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.170%, 06/07/12		9,680
	4,050	Griffin-Spaulding County Development Authority IDA, Norcom, Inc. Project, Rev., VRDO, LOC: Lasalle Bank N.A., 0.490%, 06/07/12		4,050
	5,940	Henry County Water & Sewer Authority, EAGLE, Series 2005-0008, Class A, Rev., VRDO, BHAC, AGM-CR, NATL-RE, LIQ: Citibank N.A., 0.180%, 06/07/12		5,940
	600	Marietta Housing Authority, Multi-Family Housing, Concepts 21 Apartments, Rev., VRDO, FNMA, LIQ: FNMA, 0.180%, 06/07/12		600
	21,660	Municipal Electric Authority of Georgia, Series B, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.160%, 06/07/12		21,660
	9,000	Private Colleges & Universities Authority, Emory University, Series B-1, Rev., VRDO, 0.120%, 06/07/12		9,000
	29,110	Wells Fargo Stage Trust, Series 57C, Rev., VRDO, AGM, LIQ: Wells Fargo Bank N.A., 0.200%, 06/07/12 (e)		29,110
				240,760
		Hawaii — 0.1%
		Eclipse Funding Trust, Solar Eclipse, Honolulu,
	13,770	Series 2006-0096, Rev., VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.170%, 06/07/12		13,770
	9,260	Series 2006-0123, Rev., VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.170%, 06/07/12		9,260
				23,030
		Idaho — 0.5%
	16,200	City of Coeur d’Alene, Rev., VRDO, LOC: Bank of America N.A., 0.220%, 06/07/12		16,200
	27,425	Eclipse Funding Trust, Solar Eclipse, Boise, Series 2007-0002, Rev., VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.160%, 06/07/12		27,425
		Idaho Housing & Finance Association, Single Family Mortgage,
	12,720	Series D-1, Class I, Rev., VRDO, LOC: FNMA, 0.180%, 06/07/12		12,720
	27,495	Series F-1, Rev., VRDO, LIQ: Lloyds TSB Bank plc, 0.240%, 06/07/12		27,495
	8,940	Idaho State Building Authority, Prison Facilities Project, Series A, Rev., VRDO, 0.170%, 06/07/12		8,940
				92,780
		Illinois — 6.6%
	65,265	Chicago Midway Airport, Second Lien, Series C-2, Rev., VRDO, AMT, LOC: Wells Fargo Bank N.A., 0.200%, 06/07/12		65,265
	140,600	Chicago O’Hare International Airport, Third Lien, Series C, Rev., VRDO, LOC: Citibank N.A., 0.180%, 06/07/12		140,600
	10,380	City of Chicago, Neighborhoods Alive 21, Series B-4, GO, VRDO, LOC: Bank of New York, 0.180%, 06/01/12		10,380
		City of Chicago, Water, Senior Lien,
	19,570	Subseries 04-1, Rev., VRDO, LOC: California Public Employee Retirement Fund, 0.190%, 06/07/12		19,570

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Illinois — Continued
	9,785	Subseries 04-2, Rev., VRDO, LOC: California Public Employee Retirement Fund, 0.190%, 06/07/12		9,785
	4,300	City of Galesburg, Knox College Project, Rev., VRDO, LOC: Lasalle National Bank, 0.220%, 06/07/12		4,300
		Deutsche Bank Spears/Lifers Trust Various States,
	23,130	Series DB-288, Rev., VRDO, NATL-RE, LIQ: Deutsche Bank AG, 0.240%, 06/07/12		23,130
	25,585	Series DB-300, Rev., VRDO, NATL-RE, LIQ: Deutsche Bank AG, 0.240%, 06/07/12		25,585
	10,345	Series DB-307, Rev., VRDO, NATL-RE, LIQ: Deutsche Bank AG, 0.240%, 06/07/12		10,345
	23,835	Series DB-309, GO, VRDO, AGM, LIQ: Deutsche Bank AG, 0.240%, 06/07/12		23,835
	18,965	Series DB-315, GO, VRDO, FGIC, LIQ: Deutsche Bank AG, 0.240%, 06/07/12		18,965
	16,845	Series DB-322, Rev., VRDO, NATL-RE, LIQ: Deutsche Bank AG, 0.240%, 06/07/12		16,845
	21,675	Series DB-365, GO, VRDO, AGM, LIQ: Deutsche Bank AG, 0.240%, 06/07/12		21,675
	10,875	Series DB-368, Rev., VRDO, AMBAC, LIQ: Deutsche Bank AG, 0.220%, 06/07/12		10,875
	16,290	Series DB-393, Rev., VRDO, NATL-RE, LIQ: Deutsche Bank AG, 0.240%, 06/07/12		16,290
	5,235	Series DB-400, GO, VRDO, AGM, LIQ: Deutsche Bank AG, 0.240%, 06/07/12		5,235
	9,255	Series DB-472, GO, VRDO, AGM, LIQ: Deutsche Bank AG, 0.240%, 06/07/12		9,255
	16,655	Series DB-475, GO, VRDO, AGM, LIQ: Deutsche Bank AG, 0.250%, 06/07/12		16,655
	56,140	Series DB-476, Rev., VRDO, NATL-RE, LIQ: Deutsche Bank AG, 0.240%, 06/07/12		56,140
	26,070	Series DB-483, Rev., VRDO, NATL-RE, LIQ: Deutsche Bank AG, 0.240%, 06/07/12		26,070
	14,960	Series DB-494, GO, VRDO, FGIC, LIQ: Deutsche Bank AG, 0.240%, 06/07/12		14,960
	50,980	Series DB-601, Rev., VRDO, LIQ: Deutsche Bank AG, 0.240%, 06/07/12		50,980
	26,504	Series DB-623, Rev., VRDO, NATL-RE, LIQ: Deutsche Bank AG, 0.240%, 06/07/12		26,504
	32,735	Series DB-1032, Rev., VRDO, LIQ: Deutsche Bank AG, 0.250%, 06/07/12 (e)		32,735
		Eclipse Funding Trust, Solar Eclipse, Chicago,
	9,010	Series 2006-0003, GO, VRDO, AGM, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.160%, 06/07/12		9,010
	10,230	Series 2006-0131, GO, VRDO, AGM, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.170%, 06/07/12		10,230
	3,200	Illinois Educational Facilities Authority, St. Xavier University Project, Series A, Rev., VRDO, LOC: Lasalle Bank N.A., 0.210%, 06/07/12		3,200
	3,286	Illinois Finance Authority, IDR, Metropolitan Family Services, Rev., VRDO, LOC: Bank of America N.A., 0.460%, 06/07/12		3,286
	10,000	Illinois Finance Authority, IDR, Residential Rental, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.200%, 06/07/12		10,000
	8,500	Illinois Finance Authority, North Central College, Rev., VRDO, LOC: Bank of America N.A., 0.270%, 06/07/12		8,500
		Illinois Finance Authority, OSF Healthcare System,
	70,000	Series F, Rev., VRDO, AGM, 0.360%, 06/07/12		70,000
	6,480	Series G, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.200%, 06/01/12		6,480
	40,400	Illinois Finance Authority, Symphony Orchestra, Rev., VRDO, LOC: U.S. Bank N.A., 0.160%, 06/07/12		40,400
	11,250	Illinois Finance Authority, University of Chicago Medical Centre, Series B, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.200%, 06/01/12		11,250
		Illinois Housing Development Authority, Homeowner Mortgage,
	10,175	Series A-3, Rev., VRDO, AMT, 0.180%, 06/07/12		10,175
	7,500	Series C-3, Rev., VRDO, AMT, 0.190%, 06/07/12		7,500
	4,600	Illinois Housing Development Authority, Multi-Family Housing, Southern Hills/Orlando, Series B, Rev., VRDO, AGM, 0.260%, 06/07/12		4,600
		Illinois State Toll Highway Authority,
	110,535	Series A-1B, Rev., VRDO, AGM, 0.280%, 06/07/12		110,535

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Illinois — Continued
	33,100	Series B, Rev., VRDO, AGM, 0.380%, 06/07/12		33,100
	46,600	Series B, Rev., VRDO, AGM, 0.380%, 06/07/12		46,600
	20,000	Illinois State Toll Highway Authority, Senior Priority, Series A-2C, Rev., VRDO, LOC: Northern Trust Co., 0.160%, 06/07/12		20,000
	21,200	Jackson-Union Counties Regional Port District, Enron Transaction Services, Rev., VRDO, LOC: Wachovia Bank N.A., 0.190%, 06/07/12		21,200
	1,540	Lake County IDR, A.L. Hansen Manufacturing Co. Project, Class A, Rev., VRDO, LOC: Harris Trust & Savings Bank, 0.300%, 06/07/12		1,540
		Puttable Floating Option Tax-Exempt Receipts,
	13,635	Series PT-4681, Rev., VRDO, LIQ: Bank of America N.A., 0.240%, 06/07/12 (e)		13,635
	17,815	Series PT-4702, Rev., VRDO, LIQ: Bank of America N.A., 0.410%, 06/07/12 (e)		17,815
	10,700	Village of Justice, Multi-Family Housing, Candlewood Apartments Project, Rev., VRDO, FNMA, LIQ: FNMA, 0.200%, 06/07/12		10,700
				1,125,735
		Indiana — 1.1%
	27,670	Deutsche Bank Spears/Lifers Trust Various States, Series DB-355, Rev., VRDO, AMBAC, LIQ: Deutsche Bank AG, 0.240%, 06/07/12		27,670
	9,455	Eclipse Funding Trust, Solar Eclipse, Series 2007-0098, Rev., VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.170%, 06/07/12		9,455
	13,525	Eclipse Funding Trust, Solar Eclipse, Carmel, Series 2006-0120, Rev., VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.170%, 06/07/12		13,525
	25,625	Eclipse Funding Trust, Solar Eclipse, Decatur, Series 2006-0162, Rev., VRDO, AGM, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.170%, 06/07/12		25,625
		Eclipse Funding Trust, Solar Eclipse, Indiana,
	17,240	Series 2006-0092, Rev., VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.170%, 06/07/12		17,240
	14,450	Series 2006-0100, Rev., VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.170%, 06/07/12		14,450
	21,165	Series 2006-0138, Rev., VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.160%, 06/07/12		21,165
	20,580	Indiana Finance Authority Environmental Refunding, Duke Energy Indiana, Inc. Project, Series A-5, Rev., VRDO, LOC: Sumitomo Mitsui Banking, 0.200%, 06/01/12		20,580
	2,385	Indiana Health Facility Financing Authority, Community Hospitals Project, Series A, Rev., VRDO, LOC: Bank of America N.A., 0.220%, 06/07/12		2,385
	10,020	Puttable Floating Option Tax-Exempt Receipts, Series PT-3986, Rev., VRDO, FGIC, LIQ: Wells Fargo & Co., 0.170%, 06/07/12		10,020
	19,405	Wells Fargo Stage Trust, Series 2009-77C, Rev., VRDO, LIQ: Wells Fargo Bank N.A., 0.200%, 06/07/12 (e)		19,405
				181,520
		Iowa — 0.3%
	23,000	City of Iowa Act, Inc., Rev., VRDO, 0.260%, 06/01/12		23,000
	18,330	Eclipse Funding Trust, Solar Eclipse, Series 2007-0109, Rev., VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.170%, 06/07/12		18,330
	4,945	Iowa Finance Authority, Iowa Health Systems, Series D, Rev., VRDO, LOC: Bank of America N.A., 0.260%, 06/01/12		4,945
				46,275
		Kansas — 0.1%
	19,230	Wyandotte County-Kansas City Unified Government, Municipal Temporary Notes, Series I, GO, 0.240%, 03/01/13		19,229
		Kentucky — 0.1%
	8,185	City of Jeffersontown, Lease Program, Kentucky League of Cities Funding Trust, Rev., VRDO, LOC: U.S. Bank N.A., 0.170%, 06/07/12		8,185
	7,990	Kentucky State Property & Buildings Commission, Series ROCS-RR-II-R-11767, Rev., VRDO, AGC, LIQ: Citibank N.A., 0.190%, 06/07/12 (e)		7,990
				16,175

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Louisiana — 0.5%
	12,600	East Baton Rouge Parish Industrial Development Board, Inc., Rev., VRDO, LOC: Bank of America N.A., 0.300%, 06/07/12		12,600
	17,900	Eclipse Funding Trust, Solar Eclipse, Series 2007-0112, Rev., VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.160%, 06/07/12		17,900
	24,400	Parish of St. James, Pollution Control, Texaco Project, Series A, Rev., VRDO, 0.180%, 06/01/12		24,400
	19,760	Parish of St. John the Baptist, Series 2116, Rev., VRDO, LIQ: Wells Fargo Bank N.A., 0.180%, 06/07/12		19,760
		State of Louisiana, Gas & Fuels Tax,
	10,000	Series ROCS-RR-II-R-11769, Rev., VRDO, AGM, LIQ: Citibank N.A., 0.180%, 06/07/12 (e)		10,000
	7,240	Series ROCS-RR-II-R-11899, Rev., VRDO, LIQ: Citibank N.A., 0.180%, 06/07/12 (e)		7,240
				91,900
		Maine — 0.5%
	12,600	Finance Authority of Maine, Jackson Lab Issue, Rev., VRDO, LOC: Bank of America N.A., 0.400%, 06/07/12		12,600
	68,300	Maine Health & Higher Educational Facilities Authority, Series H, Rev., VRDO, AGM, 0.180%, 06/07/12		68,300
				80,900
		Maryland — 1.2%
	21,575	Maryland Health & Higher Educational Facilities Authority, University of Maryland Medical System, Series B, Rev., VRDO, 0.220%, 06/07/12		21,575
	19,440	Maryland Health & Higher Educational Facilities Authority, Villa Julie College, Rev., VRDO, LOC: Bank of America N.A., 0.240%, 06/07/12		19,440
	19,100	Maryland Stadium Authority, Football Stadium, Rev., VRDO, 0.170%, 06/07/12		19,100
	3,135	Maryland State Community Development Administration, Department of Housing & Community Development, Multi-Family Housing, Avalon Lea Apartment Project, Rev., VRDO, FNMA, LIQ: FNMA, 0.190%, 06/07/12		3,135
	8,995	Maryland State Community Development Administration, Department of Housing & Community Development, Multi-Family Housing, Fort Washington Development, Series A, Rev., VRDO, LOC: Citibank N.A., 0.230%, 06/07/12		8,995
	6,400	Maryland State Community Development Administration, Department of Housing & Community Development, Multi-Family Housing, Parklane Apartments, Series C, Rev., VRDO, FNMA, LIQ: FNMA, 0.170%, 06/07/12		6,400
	1,000	Maryland State Community Development Administration, Department of Housing & Community Development, Multi-Family Housing, Residential, Series I, Rev., VRDO, AMT, 0.190%, 06/07/12		1,000
	11,700	Maryland State Community Development Administration, Department of Housing & Community Development, Multi-Family Housing, Walker Mews Apartments, Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.190%, 06/07/12		11,700
	15,200	Maryland State Community Development Administration, Multi-Family, Series E, Rev., VRDO, 0.170%, 06/07/12		15,200
	20,033	Maryland State Health & Higher Educational Facilities Authority, Pooled Loan Program, Series D, Rev., VRDO, LOC: Bank of America N.A., 0.250%, 06/07/12		20,033
	2,000	Montgomery County Housing Opportunities Commission Housing Revenue, Oakfield Apartments, Issue I, Rev., VRDO, AMT, FNMA, LIQ: FNMA, 0.180%, 06/07/12		2,000
	5,100	Montgomery County Housing Opportunities Commission Housing Revenue, The Grand-Issue I, Rev., VRDO, FNMA, LIQ: FNMA, 0.180%, 06/07/12		5,100
		Washington Suburban Sanitary District,
	7,500	Series A, BAN, GO, VRDO, LOC: Bank of America N.A., 0.250%, 06/07/12		7,500
	26,800	Series A-7, BAN, GO, VRDO, 0.240%, 06/07/12		26,800
	18,100	Series A-10, BAN, GO, VRDO, 0.240%, 06/07/12 (p)		18,100
	4,600	Washington Suburban Sanitary District, Multimodal, Series A, BAN, GO, VRDO, 0.250%, 06/07/12 (p)		4,600

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Maryland — Continued
	21,000	Wells Fargo Stage Trust, Series 16C, Rev., VRDO, AGM, LIQ: Wells Fargo Bank N.A., 0.200%, 06/07/12 (e)		21,000
				211,678
		Massachusetts — 1.8%
	21,800	Commonwealth of Massachusetts, Central Artery, Series A, GO, VRDO, 0.230%, 06/01/12		21,800
		Eclipse Funding Trust, Solar Eclipse, Massachusetts,
	13,945	Series 2007-0001, Rev., VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.160%, 06/07/12		13,945
	13,790	Series 2007-0010, Rev., VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.170%, 06/07/12		13,790
	30,770	Series 2007-0032, Rev., VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.170%, 06/07/12		30,770
	8,900	Massachusetts Development Finance Agency, Eaglebrook School, Rev., VRDO, LOC: Bank of America N.A., 0.280%, 06/07/12		8,900
	3,300	Massachusetts Development Finance Agency, First Mortgage Brookhaven, Series B, Rev., VRDO, LOC: Fleet National Bank, 0.360%, 06/07/12		3,300
	8,700	Massachusetts Development Finance Agency, Holy Cross College, Series A, Rev., VRDO, LOC: Bank of America N.A., 0.220%, 06/01/12		8,700
	13,575	Massachusetts Educational Financing Authority, Series ROCS-RR-II-R-11649, Rev., VRDO, AGC, LIQ: Citibank N.A., 0.280%, 06/07/12 (e)		13,575
	28,605	Massachusetts Health & Educational Facilities Authority, Amherst College, Series J-1, Rev., VRDO, 0.130%, 06/07/12		28,605
		Massachusetts Health & Educational Facilities Authority, Capital Asset Program,
	38,200	Series M-2, Rev., VRDO, LOC: Bank of America N.A., 0.210%, 06/07/12		38,200
	11,600	Series M-4A, Rev., VRDO, LOC: Bank of America N.A., 0.210%, 06/07/12		11,600
	5,500	Massachusetts Health & Educational Facilities Authority, Stonehill College, Series K, Rev., VRDO, LOC: Bank of America N.A., 0.220%, 06/01/12		5,500
		Massachusetts Water Resources Authority,
	4,900	Series 1080, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.250%, 06/07/12		4,900
	12,500	Series A-2, Rev., VRDO, 0.140%, 06/07/12		12,500
		Massachusetts Water Resources Authority, Multimodal,
	53,900	Series B, Rev., VRDO, LOC: Helaba, 0.180%, 06/07/12		53,900
	38,125	Subseries D, Rev., VRDO, LOC: Landesbank Baden-Wuerttemberg, 0.220%, 06/01/12		38,125
				308,110
		Michigan — 2.9%
	51,230	Deutsche Bank Spears/Lifers Trust Various States, Series DBE-711, Rev., VRDO, LIQ: Deutsche Bank AG, 0.240%, 06/07/12 (e)		51,230
	12,500	Lakeview School District, Calhoun, School Building & Site, Series B, GO, VRDO, Q-SBLF, LIQ: Landesbank Hessen-Thuringen, 0.270%, 06/07/12		12,500
	210,000	Michigan Finance Authority, Unemployment Obligation Assessment, Rev., VRDO, LOC: Citibank N.A., 0.200%, 06/07/12		210,000
	63,905	Michigan State Housing Development Authority, Rental Housing, Series C, Rev., VRDO, AMT, 0.190%, 06/07/12		63,905
	6,490	Michigan State Housing Development Authority, Single Family Mortgage, Series C, Rev., VRDO, 0.180%, 06/07/12		6,490
	40,800	Michigan Strategic Fund, Van Andel Research, Rev., VRDO, LOC: Bank of America N.A., 0.260%, 06/07/12		40,800
	17,170	Milan Area Schools, GO, VRDO, Q-SBLF, LOC: Landesbank Hessen-Thuringen, 0.270%, 06/07/12		17,170
	7,830	Puttable Floating Option Tax-Exempt Receipts, Series PT-4700, Rev., VRDO, LIQ: Bank of America N.A., 0.240%, 06/07/12 (e)		7,830
		RBC Municipal Products, Inc. Trust, Floater Certificates,
	48,745	Series L-26, Rev., VRDO, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada, 0.210%, 06/07/12		48,745
	26,295	Series L-29, Rev., VRDO, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada, 0.210%, 06/07/12		26,295
	2,400	University of Michigan, Series A, Rev., VRDO, 0.160%, 06/01/12		2,400

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Michigan — Continued
		University of Michigan, Hospital,
	7,440	Series A, Rev., VRDO, 0.180%, 06/01/12		7,440
	4,570	Series A-2, Rev., VRDO, 0.170%, 06/01/12		4,570
				499,375
		Minnesota — 1.7%
	52,950	Hennepin County Sales Tax Revenue, Ballpark Project, Third Lien, Series C, Rev., VRDO, 0.180%, 06/07/12		52,950
	12,700	Midwest Consortium of Municipal Utilities, Draw Down Association Financing Project, Series B, Rev., VRDO, LOC: U.S. Bank N.A., 0.180%, 06/07/12		12,700
	21,325	Minneapolis & St. Paul Housing & Redevelopment Authority, Children’s Health Care Facilities, Series A, Rev., VRDO, AGM, 0.260%, 06/01/12		21,325
		Minneapolis & St. Paul Housing & Redevelopment Authority, Children’s Hospital & Clinics,
	11,000	Series A, Rev., VRDO, AGM, 0.260%, 06/01/12		11,000
	19,450	Series A, Rev., VRDO, AGM, 0.260%, 06/01/12		19,450
		Minnesota Housing Finance Agency, Residential Housing,
	2,000	Series B, Rev., VRDO, AMT, 0.180%, 06/07/12		2,000
	4,665	Series C, Rev., VRDO, AMT, 0.180%, 06/07/12		4,665
	20,000	Series C, Rev., VRDO, AMT, 0.180%, 06/07/12		20,000
	4,595	Series J, Rev., VRDO, AMT, 0.180%, 06/07/12		4,595
		Minnesota School District Capital Equipment Borrowing Program,
	31,150	COP, 2.000%, 09/11/12		31,301
	48,580	Series B, COP, 2.000%, 09/09/12		48,808
	24,990	RBC Municipal Products, Inc. Trust, Floater Certificates, Series E-19, Rev., VRDO, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada, 0.180%, 06/07/12 (e)		24,990
	20,040	Wayzata Independent School District No. 284, GO, 2.000%, 09/29/12		20,153
	14,005	Wells Fargo State Trust, Series 52C, Rev., VRDO, AMBAC, LIQ: Wells Fargo Bank N.A., 0.200%, 06/07/12 (e)		14,005
				287,942
		Mississippi — 0.2%
	8,050	Mississippi Business Finance Corp., Chevron USA Inc., Series F, Rev., VRDO, 0.140%, 06/07/12		8,050
		Mississippi Business Finance Corp., Chevron USA, Inc. Project,
	26,860	Series C, Rev., VRDO, 0.180%, 06/01/12		26,860
	5,300	Series E, Rev., VRDO, 0.150%, 06/01/12		5,300
				40,210
		Missouri — 0.4%
	19,360	City of St. Louis Missouri Airport, Series DB-161, Rev., VRDO, NATL-RE, 0.240%, 06/07/12		19,360
	11,830	Eclipse Funding Trust, Solar Eclipse, Series 2007-0062, Rev., VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.160%, 06/07/12		11,830
	1,575	Kansas City IDA, IDR, Livers Bronze Co. Project, Rev., VRDO, LOC: Bank of America N.A., 0.610%, 06/07/12		1,575
	20,000	Missouri State Health & Educational Facilities Authority, SSM Health Care Services, Series C-4, Rev., VRDO, 0.200%, 06/07/12		20,000
	7,375	Missouri State Health & Educational Facilities Authority, St. Francis Medical Center, Series A, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.200%, 06/01/12		7,375
	10,000	Missouri State Health & Educational Facilities Authority, Washington University, Series C, Rev., VRDO, 0.200%, 06/01/12		10,000
				70,140
		Nebraska — 0.2%
	18,855	Eclipse Funding Trust, Solar Eclipse, Omaha, Series 2006-0141, Rev., VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.170%, 06/07/12 (e)		18,855
	17,995	Nebraska Public Power District, EAGLE, Series 2007-0013, Class A, Rev., VRDO, BHAC, AGM-CR, FGIC, LIQ: Citibank N.A., 0.200%, 06/07/12		17,995
				36,850
		Nevada — 1.5%
	32,600	Austin Trust Various States, Series 2008-1153, GO, VRDO, LIQ: Bank of America N.A., 0.240%, 06/07/12		32,600
	42,750	City of Reno, Series 2634, Rev., VRDO, BHAC-CR, LIQ: Morgan Stanley Bank, 0.250%, 06/07/12		42,750

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Nevada — Continued
	29,880	Clark County School District, Series 174, GO, VRDO, AMBAC, 0.200%, 06/07/12		29,880
		Deutsche Bank Spears/Lifers Trust Various States,
	22,820	Series DB-663, GO, VRDO, AGM-CR, AMBAC, LIQ: Deutsche Bank AG, 0.250%, 06/07/12		22,820
	14,700	Series DBE-668, GO, VRDO, AMBAC, LIQ: Deutsche Bank AG, 0.250%, 06/07/12		14,700
	12,750	Eclipse Funding Trust, Solar Eclipse, Henderson, Series 2006-0094, GO, VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.170%, 06/07/12		12,750
	19,970	Eclipse Funding Trust, Solar Eclipse, Truckee Meadows, Series 2007-0015, Rev., VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.170%, 06/07/12		19,970
		Nevada Housing Division, Multi-Unit Housing,
	8,750	Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.220%, 06/07/12		8,750
	10,900	Series A, Rev., VRDO, LOC: Wachovia Bank N.A., 0.350%, 06/07/12		10,900
	3,105	Series M, Rev., VRDO, LOC: U.S. Bank N.A., 0.220%, 06/07/12		3,105
	9,500	Nevada Housing Division, Multi-Unit Housing, Flamingo Road, Series A, Rev., VRDO, LOC: Exchange Bank, 0.190%, 06/07/12 (e)		9,500
	7,800	Nevada Housing Division, Multi-Unit Housing, Fort Apache, Series A, Rev., VRDO, LOC: Exchange Bank, 0.190%, 06/07/12		7,800
	3,430	Nevada Housing Division, Multi-Unit Housing, Horizon, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.190%, 06/07/12		3,430
	17,850	Nevada Housing Division, Multi-Unit Housing, Reno Apartments, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.190%, 06/07/12		17,850
	12,710	Nevada Housing Division, Multi-Unit Housing, Silverado, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.190%, 06/07/12		12,710
				249,515
		New Hampshire — 0.1%
	11,300	New Hampshire Business Finance Authority, Mark H. Wentworth Home, Rev., VRDO, LOC: TD Banknorth N.A., 0.150%, 06/07/12		11,300
	12,485	New Hampshire Housing Finance Authority, Multi-Family Housing, Series 2034, Rev., VRDO, LIQ: Wells Fargo Bank N.A., 0.260%, 06/07/12		12,485
				23,785
		New Jersey — 4.7%
	60,000	County of Union, GO, 1.500%, 06/29/12		60,058
		Deutsche Bank Spears/Lifers Trust Various States,
	37,175	Series DB-297, Rev., VRDO, LIQ: Deutsche Bank AG, 0.240%, 06/07/12		37,175
	33,855	Series DB-339, Rev., VRDO, AGM, AMBAC, LIQ: Deutsche Bank AG, 0.240%, 06/07/12		33,855
	20,040	Series DB-447, Rev., VRDO, LIQ: Deutsche Bank AG, 0.240%, 06/07/12		20,040
	35,165	Series DB-624, Rev., VRDO, AGM, LIQ: Deutsche Bank AG, 0.240%, 06/07/12		35,165
	37,910	New Jersey Health Care Facilities Financing Authority, Series 3018, Rev., VRDO, AGC, LIQ: Morgan Stanley Bank, 0.250%, 06/07/12 (e)		37,910
	10,925	New Jersey Health Care Facilities Financing Authority, MERLOTS, Series F01, Rev., VRDO, LIQ: Wells Fargo Bank N.A., 0.200%, 06/07/12		10,925
	15,300	New Jersey Health Care Facilities Financing Authority, Somerset Medical Center, Rev., VRDO, LOC: TD Bank N.A., 0.150%, 06/07/12		15,300
	74,500	New Jersey State Housing & Mortgage Finance Agency, Single Family Housing, Series V, Rev., VRDO, AMT, 0.200%, 06/07/12		74,500
	320,000	State of New Jersey, Series C, Rev., 2.000%, 06/21/12		320,305
	83,370	Township of Woodbridge, GO, BAN, 1.500%, 08/24/12		83,532
	83,840	Wells Fargo Stage Trust, Series 28C, Rev., VRDO, NATL-RE, AMBAC-TCRS, Bank of New York, LIQ: Wells Fargo Bank N.A., 0.200%, 06/07/12 (e)		83,840
				812,605

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		New Mexico — 0.1%
	18,305	Eclipse Funding Trust, Solar Eclipse, New Mexico, Series 2006-0114, Rev., VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.160%, 06/07/12		18,305
		New York — 15.2%
		Austin Trust Various States,
	15,980	Series 2008-1092, Rev., VRDO, LIQ: Bank of America N.A., 0.310%, 06/07/12		15,980
	15,260	Series 2008-1198, GO, VRDO, AGM, LIQ: Bank of America N.A., 0.240%, 06/07/12 (e)		15,260
	19,620	Deutsche Bank Spears/Lifers Trust Various States, Series DB-1033X, Rev., VRDO, LIQ: Deutsche Bank AG, 0.250%, 06/07/12 (e)		19,620
	10,395	Eclipse Funding Trust, Solar Eclipse, Metropolitan, Series 2006-0028, Rev., VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.170%, 06/07/12		10,395
	20,700	Eclipse Funding Trust, Solar Eclipse, New York, Series 2006-0159, Rev., VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.170%, 06/07/12		20,700
		Metropolitan Transportation Authority,
	63,190	Series A-1, Rev., VRDO, LOC: Morgan Stanley Bank, 0.230%, 06/07/12		63,190
	113,500	Subseries D-1, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.190%, 06/07/12		113,500
	1,800	Subseries D-2, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.240%, 06/01/12		1,800
	41,550	Subseries E-1, Rev., VRDO, LOC: BNP Paribas, 0.370%, 06/07/12		41,550
		Metropolitan Transportation Authority, EAGLE,
	19,800	Series 2005-3019, Class A, Rev., VRDO, BHAC-CR, MBIA, LIQ: Citibank N.A., 0.190%, 06/07/12		19,800
	19,050	Series 2006-0103, Class A, Rev., VRDO, BHAC, AGM-CR, AMBAC, LIQ: Citibank N.A., 0.190%, 06/07/12		19,050
		New York City,
	1,800	Series A-3, GO, VRDO, 0.240%, 06/01/12		1,800
	29,100	Series B2, Subseries B-4, GO, VRDO, 0.240%, 06/07/12		29,100
	11,500	Series F-4, GO, VRDO, LOC: Landesbank Hessen-Thuringen, 0.240%, 06/07/12		11,500
	39,310	Series G, Subseries G-4, GO, VRDO, 0.160%, 06/01/12		39,310
	1,000	Series H, Subseries H-3, GO, VRDO, 0.250%, 06/01/12		1,000
	6,950	Series I, Subseries I-3, GO, VRDO, LOC: Bank of America N.A., 0.210%, 06/01/12		6,950
	2,300	Series I, Subseries I-5, GO, VRDO, LOC: California Public Employee Retirement Fund, 0.200%, 06/01/12		2,300
	17,850	Subseries A-3, GO, VRDO, LOC: Morgan Stanley Bank, 0.240%, 06/07/12		17,850
	11,000	Subseries A-4, GO, VRDO, LOC: Bank of Nova Scotia, 0.190%, 06/07/12		11,000
	5,100	Subseries A-6, GO, VRDO, LOC: Helaba, 0.190%, 06/07/12		5,100
	5,000	Subseries C-4, GO, VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.170%, 06/07/12		5,000
	13,090	Subseries C-5, GO, VRDO, LOC: Bank of New York, 0.140%, 06/07/12		13,090
	3,400	Subseries E-4, GO, VRDO, LOC: BNP Paribas, 0.210%, 06/01/12		3,400
	200	Subseries E-4, GO, VRDO, LOC: BNP Paribas, 0.210%, 06/01/12		200
	16,500	Subseries F-3, GO, VRDO, LOC: Sumitomo Mitsui Banking, 0.170%, 06/07/12		16,500
	100	Subseries H-1, GO, VRDO, LOC: Bank of New York, 0.160%, 06/01/12		100
	1,325	Subseries H-4, GO, VRDO, LOC: Bank of New York, 0.160%, 06/01/12		1,325
	1,650	Subseries L-4, GO, VRDO, LOC: U.S. Bank N.A., 0.160%, 06/01/12		1,650
	9,100	New York City Capital Resources Corp., Loan Enhanced Assistance, Series A, Rev., VRDO, LOC: Bank of America N.A., 0.260%, 06/07/12		9,100
	12,610	New York City Housing Development Corp., Multi-Family Housing, Series ROCS-RR-II-R-13100, Rev., VRDO, LIQ: Citibank N.A., 0.200%, 06/07/12 (e)		12,610
	22,000	New York City Housing Development Corp., Multi-Family Housing, 20 Exchange Place, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.220%, 06/07/12		22,000
	11,900	New York City Housing Development Corp., Multi-Family Housing, 245 East 124th Street, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.160%, 06/07/12		11,900

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		New York — Continued
	7,255	New York City Housing Development Corp., Multi-Family Housing, 500 East 165th Street Apartments, Series A, Rev., VRDO, LOC: Bank of America N.A., 0.230%, 06/07/12		7,255
	15,900	New York City Housing Development Corp., Multi-Family Housing, 90 Washington Street, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.160%, 06/07/12		15,900
	7,225	New York City Housing Development Corp., Multi-Family Housing, Bruckner, Series A, Rev., VRDO, LOC: Bank of America N.A., 0.280%, 06/07/12		7,225
	3,070	New York City Housing Development Corp., Multi-Family Housing, Columbus Apartments, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.150%, 06/07/12		3,070
	13,600	New York City Housing Development Corp., Multi-Family Housing, Highbridge Apartments, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.180%, 06/07/12		13,600
	4,300	New York City Housing Development Corp., Multi-Family Housing, Monterey, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.160%, 06/07/12		4,300
	4,760	New York City Housing Development Corp., Multi-Family Housing, Ogden Ave. Apartments, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.180%, 06/07/12		4,760
	7,800	New York City Housing Development Corp., Multi-Family Housing, Royal Properties, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.150%, 06/07/12		7,800
	8,730	New York City Housing Development Corp., Multi-Family Housing, The Plaza, Series A, Rev., VRDO, LOC: Citibank N.A., 0.230%, 06/07/12		8,730
	12,930	New York City Housing Development Corp., Multi-Family Housing, West 89th Street Development, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.180%, 06/07/12		12,930
	9,200	New York City Industrial Development Agency, Liberty Facilities Hanson Office, Rev., VRDO, LOC: ING Bank N.V., 0.180%, 06/07/12		9,200
		New York City Municipal Water Finance Authority,
	68,215	Series F, Subseries F-2, Rev., VRDO, 0.180%, 06/01/12		68,215
	53,250	Subseries A-2, Rev., VRDO, 0.170%, 06/01/12		53,250
	12,600	Subseries F1A, Rev., VRDO, 0.130%, 06/07/12		12,600
	5,700	New York City Municipal Water Finance Authority, 2nd Generation, Series DD-2, Rev., VRDO, 0.180%, 06/01/12		5,700
		New York City Municipal Water Finance Authority, 2nd Generation Resolution,
	37,480	Series BB-1, Rev., VRDO, 0.220%, 06/01/12		37,480
	22,230	Series BB-2, Rev., VRDO, 0.240%, 06/01/12		22,230
	46,015	New York City Municipal Water Finance Authority, 2nd Generation Resolution, Fiscal 2008, Series BB-1, Rev., VRDO, 0.180%, 06/01/12		46,015
		New York City Municipal Water Finance Authority, Water & Sewer Systems, 2nd Generation, Fiscal 2008,
	20,200	Series BB-3, Rev., VRDO, 0.200%, 06/01/12		20,200
	40,000	Series BB-4, Rev., VRDO, 0.410%, 06/07/12		40,000
	59,100	New York City Municipal Water Finance Authority, Water & Sewer Systems, Fiscal 2012, Series B, Rev., VRDO, 0.170%, 06/01/12		59,100
		New York City Transitional Finance Authority,
	12,760	Series ROCS-RR-II-R-12054, Rev., VRDO, AGM-CR, FGIC, LIQ: Citibank N.A., 0.190%, 06/07/12		12,760
	15,000	Series ROCS-RR-II-R-12319, Rev., VRDO, LIQ: Citibank N.A., 0.180%, 06/07/12 (e)		15,000
	6,815	Subseries 2-D, Rev., VRDO, LIQ: Lloyds TSB Bank plc, 0.210%, 06/07/12		6,815
	21,565	Subseries 2-F, Rev., VRDO, LIQ: Bayerische Landesbank, 0.250%, 06/01/12		21,565
		New York City Transitional Finance Authority, EAGLE,
	3,360	Series 2007-0004, Class A, Rev., VRDO, AGM-CR, FGIC, LIQ: Citibank N.A., 0.190%, 06/07/12		3,360
	36,060	Series 2007-0014, Class A, Rev., VRDO, AGM-CR, FGIC, LIQ: Citibank N.A., 0.190%, 06/07/12		36,060
		New York City Transitional Finance Authority, Future Tax Secured,
	47,400	Series B, Rev., VRDO, 0.250%, 06/01/12		47,400

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		New York — Continued
	20,000	Series C, VRDO, 0.190%, 06/07/12		20,000
	22,250	Subseries C-4, Rev., VRDO, LOC: Helaba, 0.190%, 06/01/12		22,250
		New York City Transitional Finance Authority, New York City Recovery,
	3,360	Series 1, Subseries 1A, Rev., VRDO, LIQ: Landesbank Hessen-Thuringen, 0.240%, 06/07/12		3,360
	28,000	Series 3, Subseries 3-E, Rev., VRDO, LOC: Landesbank Baden-Wuerttemberg, 0.250%, 06/01/12		28,000
		New York City, Fiscal 2008,
	52,940	Subseries J-6, GO, VRDO, LOC: Landesbank Hessen-Thuringen, 0.250%, 06/01/12		52,940
	4,150	Subseries J-9, GO, VRDO, 0.150%, 06/07/12		4,150
	49,500	New York Convention Center Operating Corp., EAGLE, Series 2006-0072, Class A, Rev., VRDO, BHAC, AGC-ICC, AMBAC, LIQ: Citibank N.A., 0.190%, 06/07/12		49,500
		New York Liberty Development Corp.,
	10,750	Series 3232, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.250%, 06/07/12 (e)		10,750
	13,300	Series ROCS-RR-II-R-11883, Rev., VRDO, LIQ: Citibank N.A., 0.230%, 06/07/12 (e)		13,300
		New York Liberty Development Corp., World Trade Center,
	17,400	Series A, Rev., VAR, 0.280%, 11/08/12		17,400
	290,000	Series A-3, Rev., VAR, 0.270%, 11/08/12		290,000
	16,160	New York Liberty Development Project, Series ROCS-RR-II-R-11868, Rev., VRDO, LIQ: Citibank N.A., 0.230%, 06/07/12 (e)		16,160
	10,921	New York Local Government Assistance Corp., Series C, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.190%, 06/07/12		10,921
	20,800	New York State Dormitory Authority, City University, Series D, Rev., VRDO, LOC: TD Bank N.A., 0.150%, 06/07/12		20,800
	85,175	New York State Dormitory Authority, Court Facilities Lease, Series B, Rev., VRDO, LOC: Bayerische Landesbank, 0.200%, 06/07/12		85,175
	15,680	New York State Dormitory Authority, EAGLE, Series 2006-0138, Class A, Rev., VRDO, LIQ: Citibank N.A., 0.200%, 06/07/12		15,680
		New York State Dormitory Authority, Mental Health Services,
	10,755	Subseries D-2E, Rev., VRDO, LOC: Royal Bank of Canada, 0.150%, 06/07/12		10,755
	7,015	Subseries D-2H, Rev., VRDO, LOC: Royal Bank of Canada, 0.150%, 06/07/12		7,015
	10,490	New York State Dormitory Authority, Royal, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.150%, 06/07/12		10,490
	17,420	New York State Environmental Facilities Corp., MERLOTS, Series B-20, Rev., VRDO, LOC: Wachovia Bank N.A., 0.200%, 06/07/12		17,420
	1,800	New York State Housing Finance Agency, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.180%, 06/07/12		1,800
	2,755	New York State Housing Finance Agency, 10 Barclay Street, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.150%, 06/07/12		2,755
	8,000	New York State Housing Finance Agency, 101 West End, Rev., VRDO, FNMA, LIQ: FNMA, 0.180%, 06/07/12		8,000
	4,100	New York State Housing Finance Agency, 150 East 44th Street, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.180%, 06/07/12		4,100
	33,900	New York State Housing Finance Agency, 188 Ludlow Street Housing, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.250%, 06/07/12		33,900
	4,200	New York State Housing Finance Agency, 240 East 39th Street Housing, Series A, Rev., VRDO, 0.180%, 06/07/12		4,200
	30,600	New York State Housing Finance Agency, 250 West 93rd Street, Series 2005-A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.360%, 06/07/12		30,600
	7,200	New York State Housing Finance Agency, 345 East 94th Street Housing, Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.180%, 06/07/12		7,200
	3,200	New York State Housing Finance Agency, 360 West 43rd Street, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.180%, 06/07/12		3,200
	9,600	New York State Housing Finance Agency, 455 West 37th Street, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.260%, 06/07/12		9,600

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		New York — Continued
	93,600	New York State Housing Finance Agency, 88 Leonard Street Housing, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.260%, 06/07/12		93,600
	10,300	New York State Housing Finance Agency, Bennington Hills Housing, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.180%, 06/07/12		10,300
	9,550	New York State Housing Finance Agency, Chelsea Arms Housing, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.180%, 06/07/12		9,550
	7,400	New York State Housing Finance Agency, East 84th Street, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.190%, 06/07/12		7,400
	18,250	New York State Housing Finance Agency, Helena Housing, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.180%, 06/07/12		18,250
	28,550	New York State Housing Finance Agency, Historic Front Street Housing, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.240%, 06/07/12		28,550
	7,050	New York State Housing Finance Agency, North End, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.170%, 06/07/12		7,050
	21,815	New York State Housing Finance Agency, Parkledge Apartments Housing, Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.240%, 06/07/12		21,815
	35,000	New York State Housing Finance Agency, West 30th Street Housing, Series A-1, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.180%, 06/07/12		35,000
	6,680	New York State Housing Finance Agency, Talleyrand Crescent, Rev., VRDO, FNMA, LOC: FNMA, 0.160%, 06/07/12		6,680
	11,300	New York State Housing Finance Agency, Theater Row, Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.180%, 06/07/12		11,300
	59,065	New York State Housing Finance Agency, Tribeca Green Housing, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.260%, 06/07/12		59,065
	4,850	New York State Housing Finance Agency, Union Square South Housing, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.180%, 06/07/12		4,850
	10,000	New York State Housing Finance Agency, Victory Housing, Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.180%, 06/07/12		10,000
	7,700	New York State Housing Finance Agency, West 33rd Street Housing, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.180%, 06/07/12		7,700
	2,500	New York State Housing Finance Agency, West 38th Street, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.180%, 06/07/12		2,500
	100	New York State Housing Finance Agency, Weyant Green Apartments, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.180%, 06/07/12		100
		New York State Housing Finance Agency, Worth Street,
	3,400	Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.180%, 06/07/12		3,400
	2,100	Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.180%, 06/07/12		2,100
	126,225	New York State Thruway Authority, Series A, Rev., BAN, 2.000%, 07/12/12		126,457
	18,275	New York State Urban Development Corp., Series ROCS-RR-II-R-12321, Rev., VRDO, LIQ: Citibank N.A., 0.180%, 06/07/12 (e)		18,275
	9,665	Port Authority of New York & New Jersey, Series ROCS-RR-II-R-11770X, Rev., VRDO, LIQ: Citibank N.A., 0.240%, 06/07/12 (e)		9,665
		Triborough Bridge & Tunnel Authority,
	7,685	Subseries B-3, Rev., VRDO, 0.240%, 06/07/12		7,685
	94,520	Subseries B-4, Rev., VRDO, 0.270%, 06/07/12		94,520
	20,690	Subseries CD, Rev., VRDO, AGM, 0.290%, 06/07/12		20,690
	17,890	Wells Fargo Stage Trust, Series 2009-12C, Rev., VRDO, LIQ: Wells Fargo Bank N.A., 0.200%, 06/07/12 (e)		17,890
				2,611,963
		North Carolina — 3.2%
		City of Charlotte, Douglas International,
	30,920	Rev., VRDO, LOC: Bank of America N.A., 0.180%, 06/07/12		30,920
	18,630	Series B, Rev., VRDO, LOC: Bank of America N.A., 0.180%, 06/07/12		18,630
	6,820	City of Charlotte, Governmental Facilities, Series F, COP, VRDO, 0.190%, 06/07/12		6,820
	1,700	City of Durham, Water & Sewer Utility Systems, Rev., VRDO, 0.170%, 06/07/12		1,700

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		North Carolina — Continued
		Mecklenburg County,
	29,440	Series B, GO, VRDO, 0.180%, 06/07/12		29,440
	28,375	Series D, GO, VRDO, 0.280%, 12/27/12 (i)		28,375
	48,000	North Carolina Capital Facilities Finance Agency, EAGLE, Series 2007-0016, Class A, Rev., VRDO, LIQ: Citibank N.A., 0.180%, 06/07/12		48,000
	17,740	North Carolina Capital Facilities Finance Agency, NCCU Real Estate, Series A, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.180%, 06/07/12		17,740
	9,220	North Carolina Capital Facilities Finance Agency, Wolfpack Towers Project, Series A, Rev., VRDO, LOC: Bank of America N.A., 0.180%, 06/07/12		9,220
	5,600	North Carolina Educational Facilities Finance Agency, Elon College, Rev., VRDO, LOC: Bank of America N.A., 0.240%, 06/07/12		5,600
	4,025	North Carolina Housing Finance Agency, Appalachian Student Housing, Series A, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.280%, 06/07/12		4,025
	16,920	North Carolina Medical Care Commission, Duke University Hospital Project, Series A, Rev., VRDO, 0.160%, 06/07/12		16,920
	28,900	North Carolina Medical Care Commission, FirstHealth Carolinas Project, Rev., VRDO, 0.180%, 06/07/12		28,900
	43,990	North Carolina Medical Care Commission, Hugh Chatham Memorial Hospital Project, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.180%, 06/07/12		43,990
		North Carolina Medical Care Commission, Moses Cone Health System,
	42,600	Series A, Rev., VRDO, 0.160%, 06/07/12		42,600
	25,000	Series A, Rev., VRDO, 0.160%, 06/07/12		25,000
	13,250	North Carolina Medical Care Commission, Union Regional Medical Center Project, Series B, Rev., VRDO, LOC: Wachovia Bank N.A., 0.180%, 06/07/12		13,250
	4,700	North Carolina Medical Care Commission, Wake Forest University, Series C, Rev., VRDO, LOC: Bank of America N.A., 0.250%, 06/07/12		4,700
	24,265	North Carolina State University at Raleigh, Series B, Rev., VRDO, 0.150%, 06/07/12		24,265
	25,160	State of North Carolina, Public Improvement, Series D, GO, VRDO, LIQ: Landesbank Hessen-Thuringen, 0.160%, 06/07/12		25,160
	19,800	University of North Carolina at Chapel Hill, EAGLE, Series 2006-0024, Class A, Rev., VRDO, LIQ: Citibank N.A., 0.180%, 06/07/12		19,800
		University of North Carolina at Chapel Hill, University Hospital,
	10,700	Series A, Rev., VRDO, 0.170%, 06/07/12		10,700
	39,290	Series A, Rev., VRDO, 0.190%, 06/01/12		39,290
	22,370	Series B, Rev., VRDO, 0.190%, 06/01/12		22,370
		Wake County, School,
	18,100	Series A, GO, VRDO, 0.150%, 06/07/12		18,100
	11,500	Series B, GO, VRDO, 0.150%, 06/07/12		11,500
				547,015
		North Dakota — 0.0% (g)
	5,500	City of Grand Forks, The United Hospital Obligation Group, Rev., VRDO, LOC: Lasalle National Bank, 0.290%, 06/01/12		5,500
		Ohio — 0.5%
	8,575	County of Cuyahoga, Cleveland Clinic, Subseries B1, Rev., VRDO, 0.200%, 06/01/12		8,575
	3,800	Deutsche Bank Spears/Lifers Trust Various States, Series DB-488, Rev., VRDO, NATL-RE, LIQ: Deutsche Bank AG, 0.240%, 06/07/12		3,800
	11,440	Eclipse Funding Trust, Solar Eclipse, Chilli, Series 2007-0013, GO, VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.170%, 06/07/12		11,440
	8,710	Eclipse Funding Trust, Solar Eclipse, Hamilton, Series 2006-0158, Rev., VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.170%, 06/07/12		8,710
	1,700	Franklin County, Holy Cross Health System, Rev., VRDO, 0.150%, 06/07/12		1,700
	21,900	Franklin County, Hospital Facilities, Ohio Health, Series B, Rev., VRDO, 0.150%, 06/07/12		21,900
	5,495	Montgomery County, Miami Valley Hospital, Series C, Rev., VRDO, 0.180%, 06/01/12		5,495
	2,340	Ohio Air Quality Development Authority, Pollution, FirstEnergy, Series B, Rev., VRDO, LOC: UBS AG, 0.190%, 06/07/12		2,340
		Ohio State Higher Educational Facility Commission, Case Western Reserve University,
	11,420	Series A, Rev., VRDO, 0.200%, 06/01/12		11,420

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Ohio — Continued
	5,100	Series B-1, Rev., VRDO, LOC: U.S. Bank N.A., 0.190%, 06/01/12		5,100
	500	Ohio State University, Rev., VRDO, 0.130%, 06/07/12		500
				80,980
		Oklahoma — 0.5%
		Oklahoma State Capital Improvement Authority, Higher Education,
	18,355	Series D1, Rev., VRDO, 0.300%, 06/01/12		18,355
	14,700	Series D2, Rev., VRDO, 0.300%, 06/01/12		14,700
	19,700	Series D3, Rev., VRDO, LOC: Bank of America N.A., 0.300%, 06/01/12		19,700
	17,425	Series D4, Rev., VRDO, LOC: Bank of America N.A., 0.300%, 06/01/12		17,425
	10,490	Tulsa County Home Finance Authority, Multi-Family Housing, Waterford Apartments, Rev., VRDO, FNMA, LIQ: FNMA, 0.190%, 06/07/12		10,490
				80,670
		Oregon — 0.3%
	7,800	City of Portland, Housing Authority, Multi-Family Housing, Civic Apartments Redevelopment, Rev., VRDO, AMT, FHLMC, 0.200%, 06/07/12		7,800
	15,450	Clackamas County Hospital Facility Authority, Legacy Health Systems, Series B, Rev., VRDO, LOC: U.S. Bank N.A., 0.160%, 06/07/12		15,450
	14,000	Oregon State Department of Administrative Services, Series ROCS-RR-II-R-11742, COP, VRDO, NATL-RE, FGIC, LIQ: Citibank N.A., 0.180%, 06/07/12 (e)		14,000
	5,100	Port of Portland, Portland Bulk Terminal, Rev., VRDO, LOC: Canadian Imperial Bank, 0.180%, 06/07/12		5,100
	6,725	State of Oregon Housing & Community Services Department, Covenant Retirement, Series A, Rev., VRDO, LOC: U.S. Bank N.A., 0.200%, 06/07/12		6,725
				49,075
		Other Territories — 3.1%
	7,500	Austin Trust Various States, Series 2008-1091, Rev., VRDO, AGM, LIQ: Bank of America N.A., 0.280%, 06/07/12		7,500
	15,790	BB&T Municipal Trust, Various States, Series 2025, Rev., VRDO, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust, 0.160%, 06/07/12		15,790
		Deutsche Bank Spears/Lifers Trust Various States,
	13,665	Series DB-292, Rev., VRDO, LIQ: Deutsche Bank AG, 0.200%, 06/07/12		13,665
	9,615	Series DB-295, Rev., VRDO, NATL-RE, LIQ: Deutsche Bank AG, 0.240%, 06/07/12		9,615
	11,345	Series DB-325, GO, VRDO, FGIC, LIQ: Deutsche Bank AG, 0.260%, 06/07/12		11,345
	14,110	Series DB-327, Rev., VRDO, AMBAC, LIQ: Deutsche Bank AG, 0.260%, 06/07/12		14,110
	73,500	Series DB-331, Rev., VRDO, NATL-RE, LIQ: Deutsche Bank AG, 0.240%, 06/07/12		73,500
	15,175	Series DB-340, Rev., VRDO, AMBAC, LIQ: Deutsche Bank AG, 0.220%, 06/07/12		15,175
	19,505	Series DBE-1001, Rev., VRDO, GNMA COLL, LIQ: Deutsche Bank AG, 0.270%, 06/07/12 (e)		19,505
	27,750	Eagle Tax-Exempt Trust, Rev., VRDO, FHLMC COLL, LIQ: FHLB, 0.230%, 06/07/12		27,750
		Federal Home Loan Mortgage Corp., Multi-Family Housing,
	92,803	Series M017, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.230%, 06/07/12		92,803
	18,674	Series M019, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.230%, 06/07/12		18,674
	24,546	Series M020, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.230%, 06/07/12		24,546
	19,385	Series M023, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.200%, 06/07/12		19,385
	18,930	Series M024, Class A, Rev., VRDO, LIQ: FHLMC, 0.230%, 06/07/12		18,930
	22,940	Series M025, Class A, Rev., VRDO, LIQ: FHLMC, 0.210%, 06/07/12		22,940
		Puttable Floating Option Tax-Exempt Receipts,
	50,890	Series MT-389, Rev., VRDO, NATL-RE, LIQ: Bank of America N.A., 0.440%, 06/07/12		50,890
	25,935	Series MT-636, Rev., VRDO, LIQ: Bank of America N.A., 0.440%, 06/07/12 (e)		25,935
	11,250	Series PT-4704, Rev., VRDO, LIQ: Bank of America N.A., 0.310%, 06/07/12 (e)		11,250

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Other Territories — Continued
	25,155	Puttable Floating Option Tax-Exempt Receipts, SunAmerica Trust, Series 2001-2, Class A, Rev., LIQ: FHLMC, 0.470%, 06/07/12		25,155
	6,430	SunAmerica Trust, Various States, Series 2, Class A, Rev., VRDO, FHLMC, LOC: FHLMC, 0.260%, 06/07/12		6,430
				524,893
		Pennsylvania — 3.3%
	29,300	Beaver County IDA, Firstenergy Nuclear, Pollution Control, Series B, Rev., VRDO, LOC: Citibank N.A., 0.170%, 06/01/12		29,300
		Bucks County IDA, Grand View Hospital,
	12,700	Series A, Rev., VRDO, LOC: TD Bank N.A., 0.140%, 06/07/12		12,700
	8,105	Series B, Rev., VRDO, LOC: PNC Bank N.A., 0.160%, 06/07/12		8,105
	18,300	Butler County General Authority, Class A, Rev., VRDO, 0.240%, 06/07/12		18,300
	29,230	Dallastown Area School District, GO, VAR, 1.500%, 06/30/12		29,509
	1,900	Delaware County IDA, United Parcel Service Project, Rev., VRDO, 0.170%, 06/01/12		1,900
		Deutsche Bank Spears/Lifers Trust Various States,
	11,985	Series DB-247, Rev., VRDO, AMBAC, LIQ: Deutsche Bank AG, 0.220%, 06/07/12		11,985
	34,760	Series DB-469, Rev., VRDO, AGM, LIQ: Deutsche Bank AG, 0.270%, 06/07/12		34,760
	11,700	Doylestown Hospital Authority, Series B, Rev., VRDO, LOC: PNC Bank N.A., 0.160%, 06/07/12		11,700
	14,945	Governor Mifflin School District, GO, VRDO, 0.380%, 06/07/12		14,945
	8,020	Lancaster County Hospital Authority, Health Systems, Lancaster General Hospital, Rev., VRDO, LOC: Bank of America N.A., 0.250%, 06/01/12		8,020
		Montgomery County Redevelopment Authority, Multi-Family Housing, Brookside Manors Apartments Project,
	4,810	Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.180%, 06/07/12		4,810
	2,405	Series A-T2, Rev., VRDO, LIQ: FNMA, 0.180%, 06/07/12		2,405
	17,080	Montgomery County Redevelopment Authority, Multi-Family Housing, Kingswood Apartments Project, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.180%, 06/07/12		17,080
	21,530	Pennsylvania Economic Development Financing Authority, MERLOTS, Series F01, Rev., VRDO, LIQ: Wells Fargo Bank N.A., 0.200%, 06/07/12		21,530
	80,660	Pennsylvania Higher Educational Facilties Authority, Series DBE-1021, Rev., VRDO, LIQ: Deutsche Bank AG, 0.250%, 06/07/12 (e)		80,660
	1,835	Pennsylvania Housing Finance Agency, MERLOTS, Series C-32, Rev., VRDO, 0.200%, 06/07/12		1,835
	15,000	Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 85-B, Rev., VRDO, 0.190%, 06/07/12		15,000
	42,870	Pennsylvania Housing Finance Agency, Single-Family Mortgage, Series 92-B, Rev., VRDO, AMT, 0.200%, 06/07/12		42,870
	25,200	Pennsylvania Turnpike Commission, Series ROCS-RR-II-R-12259, Rev., VRDO, BHAC-CR, AMBAC, 0.200%, 06/01/12 (e)		25,200
	10,400	Philadelphia Authority for Industrial Development, Regional Performing Arts Center Project, Rev., VRDO, LOC: Wachovia Bank N.A., 0.190%, 06/07/12		10,400
	30,025	Philadelphia Redevelopment Authority, Series DB-134, Rev., VRDO, LIQ: Deutsche Bank AG, 0.240%, 06/07/12		30,025
		RBC Municipal Products, Inc. Trust, Floater Certificates,
	19,600	Series E-15, Rev., VRDO, LIQ: Royal Bank of Canada, 0.190%, 06/07/12 (e)		19,600
	29,500	Series E-16, Rev., VRDO, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada, 0.180%, 06/07/12 (e)		29,500
	19,900	Series E-22, Rev., VRDO, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada, 0.180%, 06/07/12 (e)		19,900
	14,000	State Public School Building Authority, Series 1479, Rev., VRDO, AGM, LIQ: Morgan Stanley Bank, 0.250%, 06/07/12		14,000
	30,640	Upper Saint Clair Township, GO, VRDO, 0.270%, 06/07/12		30,640
	14,095	Wells Fargo Stage Trust, Series 2008-1C, Rev., VRDO, LIQ: Wells Fargo Bank N.A., 0.200%, 06/07/12 (e)		14,095
				560,774

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Rhode Island — 0.4%
	14,590	Narragansett Bay Commission Wastewater Systems, Series A, Rev., VRDO, LOC: U.S. Bank N.A., 0.150%, 06/07/12		14,590
	2,010	Rhode Island Health & Educational Building Corp., International Institute of Rhode Island, Rev., VRDO, LOC: Bank of America N.A., 0.490%, 06/07/12		2,010
		Rhode Island Health & Educational Building Corp., Rhode Island School of Design,
	10,700	Series A, Rev., VRDO, LOC: Bank of America N.A., 0.220%, 06/07/12		10,700
	6,650	Series B, Rev., VRDO, LOC: TD Bank N.A., 0.180%, 06/07/12		6,650
	7,000	Rhode Island Housing & Mortgage Finance Corp., Multi-Family Housing, Sutterfield, Rev., VRDO, AMT, FHLMC, LIQ: FHLMC, 0.310%, 06/07/12		7,000
	22,840	Rhode Island Housing & Mortgage Finance Corp., Multi-Family Housing, University Heights, Rev., VRDO, AMT, FHLMC, LIQ: FHLMC, 0.310%, 06/07/12		22,840
				63,790
		South Carolina — 0.6%
	15,075	Charleston Educational Excellence Finance Corp., Series ROCS-RR-II-R-481X, Rev., VRDO, AGC-IGC, LIQ: Citibank N.A., 0.200%, 06/07/12		15,075
	3,000	Cherokee County, Oshkosh Truck Project, Rev., VRDO, LOC: Bank of America N.A., 0.590%, 06/07/12		3,000
	12,015	City of North Charleston, Public Facilities Convention, COP, VRDO, LOC: Bank of America N.A., 0.180%, 06/07/12		12,015
	30,660	Eclipse Funding Trust, Solar Eclipse, SCAGO, Series 2007-0003, Rev., VRDO, AGM, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.170%, 06/07/12		30,660
	23,590	South Carolina Educational Facilities Authority, Furman University, Series B, Rev., VRDO, 0.230%, 06/01/12		23,590
	800	South Carolina Educational Facilities Authority, Morris College Project, Rev., VRDO, LOC: Bank of America N.A., 0.460%, 06/07/12		800
	1,350	South Carolina Jobs & EDA, South Carolina Catholic Diocese Project, Rev., VRDO, LOC: Bank of America N.A., 0.460%, 06/07/12		1,350
	3,365	South Carolina Jobs & EDA, Thompson Steel Co., Inc., Project, Rev., VRDO, LOC: Bank of America N.A., 0.890%, 06/07/12		3,365
	10,000	South Carolina State Public Service Authority, EAGLE, Series 2006-0007, Class A, Rev., VRDO, NATL-RE, LIQ: Citibank N.A., 0.190%, 06/07/12		10,000
				99,855
		South Dakota — 0.6%
	13,210	Deutsche Bank Spears/Lifers Trust Various States, Series DBE-1018, Rev., VRDO, LIQ: Deutsche Bank AG, 0.230%, 06/07/12 (e)		13,210
		South Dakota Housing Development Authority, Home Ownership Mortgage,
	13,860	Series A, Rev., VRDO, 0.150%, 06/07/12		13,860
	12,000	Series C, Rev., VRDO, AMT, 0.250%, 06/07/12		12,000
	19,200	Series C-1, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.290%, 06/07/12		19,200
	12,900	Series C-2, Rev., VRDO, 0.240%, 06/07/12		12,900
	10,300	Series D, Rev., VRDO, 0.240%, 06/07/12		10,300
	5,000	Series F, Rev., VRDO, 0.290%, 06/07/12		5,000
	22,750	Series G, Rev., VRDO, 0.250%, 06/07/12		22,750
				109,220
		Tennessee — 1.1%
		Clarksville Public Building Authority, Pooled Financing, Tennessee Municipal Bond Fund,
	11,435	Rev., VRDO, LOC: Bank of America N.A., 0.290%, 06/01/12		11,435
	8,400	Rev., VRDO, LOC: Bank of America N.A., 0.290%, 06/01/12		8,400
	2,250	Rev., VRDO, LOC: Bank of America N.A., 0.300%, 06/07/12		2,250
	16,200	Loudon Industrial Development Board Pollution Control, A.E. Staley Manufacturing Company Project, Rev., VRDO, LOC: Wachovia Bank N.A., 0.210%, 06/07/12 (p)		16,200
	14,675	Memphis Health Educational & Housing Facility Board, Multi-Family Housing, Watergrove Apartments Project, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.180%, 06/07/12		14,675

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Tennessee — Continued
	6,205	Metropolitan Government Nashville & Davidson County, Health & Educational Facilities Board, Vanderbilt University, Series A, Rev., VRDO, 0.160%, 06/07/12		6,205
	18,280	Metropolitan Government Nashville & Davidson County, Industrial Development Board, YMCA Project, Rev., VRDO, LOC: Bank of America N.A., 0.270%, 06/07/12		18,280
		Montgomery County Public Building Authority, Tennessee County Loan Pool,
	5,060	Rev., VRDO, LOC: Bank of America N.A., 0.250%, 06/07/12		5,060
	13,420	Rev., VRDO, LOC: Bank of America N.A., 0.290%, 06/01/12		13,420
	27,450	Rev., VRDO, LOC: Bank of America N.A., 0.290%, 06/01/12		27,450
	19,165	Rev., VRDO, LOC: Bank of America N.A., 0.290%, 06/01/12		19,165
	4,735	Sevier County Public Building Authority, Local Government Public Improvement, Series M-1, Rev., VRDO, 0.300%, 06/07/12		4,735
	4,425	Shelby County Health, Educational & Housing Facilities Board, Rhodes College, Rev., VRDO, LOC: Bank of America N.A., 0.280%, 06/07/12		4,425
	33,760	Shelby County, Public Improvement School, Series B, GO, VRDO, 0.200%, 06/07/12		33,760
				185,460
		Texas — 7.3%
		Austin Trust Various States,
	5,605	Series 2008-3023X, Rev., VRDO, AGM, LIQ: Bank of America N.A., 0.280%, 06/07/12		5,605
	9,335	Series 2008-3315, Rev., VRDO, AGM, LIQ: Bank of America N.A., 0.280%, 06/07/12 (e)		9,335
	9,100	Bexar County Housing Finance Authority, Multi-Family Housing, Altamonte Apartment Projects, Rev., VRDO, FNMA, LIQ: FNMA, 0.180%, 06/07/12		9,100
	40,000	City of Houston, First Lien, Series B1, Rev., VRDO, LOC: Bank of America N.A., 0.260%, 06/07/12		40,000
	64,665	City of Houston, MERLOTS, Series B17, Rev., VRDO, NATL-RE, 0.200%, 06/07/12 (e)		64,665
	50,180	Crawford Education Facilities Corp., Houston Baptist University, Rev., VRDO, LOC: Bank of America N.A., 0.290%, 06/07/12		50,180
	11,600	Dallas Performing Arts Cultural Facilities Corp., Dallas Center Foundation Project, Series A, Rev., VRDO, LOC: Bank of America N.A., 0.250%, 06/01/12		11,600
	5,000	Dallas-Fort Worth International Airport Facilities Improvement Corp., FlightSafety International, Inc. Project, Rev., VRDO, 0.180%, 06/07/12		5,000
		Deutsche Bank Spears/Lifers Trust Various States,
	5	Series DB-456, Rev., VRDO, AGM, LIQ: Deutsche Bank AG, 0.270%, 06/07/12 (e)		5
	31,000	Series DB-513, GO, VRDO, PSF-GTD, LIQ: Deutsche Bank AG, 0.240%, 06/07/12		31,000
	65,265	Series DB-515, Rev., VRDO, LIQ: Deutsche Bank AG, 0.240%, 06/07/12		65,265
	22,490	Series DB-597, GO, VRDO, PSF-GTD, LIQ: Deutsche Bank AG, 0.240%, 06/07/12		22,490
	41,120	Series DB-602, Rev., VRDO, LIQ: Deutsche Bank AG, 0.240%, 06/07/12		41,120
	90,060	Series DB-620, Rev., VRDO, AGC, LIQ: Deutsche Bank AG, 0.250%, 06/07/12		90,060
	5,365	Series DB-638, Rev., VRDO, LIQ: Deutsche Bank AG, 0.270%, 06/07/12		5,365
	27,955	Series DBE-526, Rev., VRDO, FGIC, LIQ: Deutsche Bank AG, 0.250%, 06/07/12		27,955
	10,695	Eclipse Funding Trust, Solar Eclipse, El Paso, Series 2006-0032, GO, VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.170%, 06/07/12		10,695
	15,725	Eclipse Funding Trust, Solar Eclipse, Houston, Series 2007-0033, Rev., VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.170%, 06/07/12		15,725
	19,130	Eclipse Funding Trust, Solar Eclipse, Texas, Series 2006-0088, Rev., VRDO, AGM, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.160%, 06/07/12		19,130
	9,935	Eclipse Funding Trust, Solar Eclipse, Waco, Series 2007-0040, Rev., VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.170%, 06/07/12		9,935
	24,321	Garland Health Facilities Development Corp., Chambrel Club Hill, Rev., VRDO, FNMA, LIQ: FNMA, 0.180%, 06/07/12		24,321

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Texas — Continued
	30,000	Harris County, EAGLE, Series 2007-0078, Class A, Rev., VRDO, BHAC-CR, NATL-RE, LIQ: Citibank N.A., 0.190%, 06/07/12		30,000
	3,100	Lower Neches Valley Authority Industrial Development Corp., Mobil Oil Refining Corp. Project, Rev., VRDO, 0.160%, 06/01/12		3,100
	24,445	Mansfield Independent School District, MERLOTS, Series B11, GO, VRDO, PSF-GTD, 0.200%, 06/07/12		24,445
	8,100	North Texas Higher Education Authority, Series A, Rev., VRDO, LOC: Lloyds TSB Bank plc, 0.320%, 06/07/12		8,100
	600	Port of Port Arthur Navigation District, Fina Oil & Chemical Co. Project, Rev., VRDO, 0.290%, 06/07/12		600
	15,335	Puttable Floating Option Tax-Exempt Receipts, Series MT-635, Rev., VRDO, NATL-RE, LIQ: Bank of America N.A., 0.440%, 06/07/12 (e)		15,335
	20,000	RBC Municipal Products, Inc. Trust, Floater Certificates, Series E-14, Rev., VRDO, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada, 0.180%, 06/07/12 (e)		20,000
	8,600	Southeast Texas Housing Finance Corp.,Wyndham Park Apartments, Rev., VRDO, FNMA, LIQ: FNMA, 0.200%, 06/07/12		8,600
	525,000	State of Texas, Series A, Rev., TRAN, 2.500%, 08/30/12		527,884
	31,000	State of Texas, Veterans Housing Assistance Fund II, GO, VRDO, 0.220%, 06/07/12		31,000
	8,700	Tarrant County Housing Finance Corp., Multi-Family Housing, Remington Project, Rev., VRDO, FNMA, LIQ: FNMA, 0.200%, 06/07/12		8,700
	9,450	Texas Department of Housing & Community Affairs, Multi-Family Housing, Reading Pond Apartments, Senior, Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.200%, 06/07/12		9,450
	970	Texas Department of Housing & Community Affairs, Multi-Family Housing, Timber Point Apartments, Series A-1, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.200%, 06/07/12		970
				1,246,735
		Utah — 1.8%
	73,100	Central Utah Water Conservancy District, Series A, Rev., VRDO, 0.230%, 06/07/12		73,100
	25,000	Emery County, Pacific Corp., Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.180%, 06/07/12		25,000
	10,080	Park City, U.S. Ski & Snowboard Association, Series U, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.180%, 06/07/12		10,080
	9,575	Salt Lake City, Valley Mental Health Project, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.180%, 06/07/12		9,575
		Utah Housing Corp., Single Family Mortgage,
	13,200	Series A, Class I, Rev., VRDO, 0.160%, 06/07/12		13,200
	4,825	Series A, Class I, Rev., VRDO, 0.180%, 06/07/12		4,825
	18,620	Series B, Class I, Rev., VRDO, 0.160%, 06/07/12		18,620
	6,350	Series E-1, Class I, Rev., VRDO, 0.190%, 06/07/12		6,350
	10,815	Series I, Rev., VRDO, 0.210%, 06/07/12		10,815
		Utah Housing Finance Agency, Single Family Mortgage,
	2,870	Series C-1, Class I, Rev., VRDO, 0.190%, 06/07/12		2,870
	7,335	Series D-1, Rev., VRDO, AMT, 0.180%, 06/07/12		7,335
	7,455	Series E-1, Rev., VRDO, AMT, 0.180%, 06/07/12		7,455
	6,335	Series F-2, Class I, Rev., VRDO, 0.230%, 06/07/12		6,335
	39,200	Utah Transit Authority, Subseries A, Rev., VRDO, LOC: BNP Paribas, 0.200%, 06/01/12		39,200
		Utah Transit Authority, Sales Tax Revenue,
	13,500	Series 3006, Rev., VRDO, AGM, LIQ: Morgan Stanley Bank, 0.250%, 06/07/12 (e)		13,500
	30,000	Series A, Rev., VRDO, 0.210%, 06/01/12		30,000
	9,050	Series B, Rev., VRDO, LOC: Fortis Bank S.A./N.V., 0.190%, 06/01/12		9,050
	11,000	Series B, Rev., VRDO, LOC: Citibank N.A., 0.200%, 06/01/12		11,000
	11,850	Washington County-St. George Interlocal Agency, Rev., VRDO, LOC: Bank of America N.A., 0.300%, 06/07/12		11,850

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Utah — Continued
	6,000	Weber County, IHC Health Care Services, Series A, Rev., VRDO, 0.240%, 06/01/12		6,000
				316,160
		Vermont — 0.1%
	15,475	University of Vermont & State Agricultural College, EAGLE, Series 2006-0086, Class A, Rev., VRDO, BHAC-CR, MBIA, LIQ: Citibank N.A., 0.190%, 06/07/12		15,475
	8,345	Vermont Educational & Health Buildings Financing Agency, Norwich University Project, Rev., VRDO, LOC: TD Bank N.A., 0.160%, 06/07/12 (p)		8,345
				23,820
		Virginia — 1.1%
	5,045	City of Alexandria IDA, Pooled Loan Program, Series A, Rev., VRDO, LOC: Bank of America N.A., 0.250%, 06/07/12		5,045
	34,025	Clarke County IDA, Winchester Medical Center Inc., Rev., VRDO, AGM, 0.430%, 06/07/12		34,025
	4,300	Fairfax County EDA, Public Broadcasting Services Project, Rev., VRDO, LOC: Bank of America N.A., 0.290%, 06/07/12		4,300
	24,155	Fairfax County EDA, The Lorton Arts Foundation Project, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.180%, 06/07/12		24,155
	15,385	James City County EDA, United Methodist Homes, Series C, Rev., VRDO, LOC: Lasalle Bank N.A., 0.270%, 06/07/12		15,385
	9,500	James City County IDA, Housing Chambrel Project, Rev., VRDO, FNMA, LIQ: FNMA, 0.180%, 06/07/12		9,500
	12,675	Smyth County IDA, Series D, Rev., VRDO, LOC: Mizuho Corporate Bank, 0.170%, 06/07/12		12,675
	3,745	Virginia College Building Authority, 21st Century College, Series C, Rev., VRDO, 0.230%, 06/01/12		3,745
	34,865	Virginia College Building Authority, University of Richmond Project, Rev., VRDO, 0.230%, 06/01/12		34,865
	25,000	Virginia Commonwealth University Health System Authority, Series A, Rev., VRDO, AMBAC, LOC: Wachovia Bank N.A., 0.230%, 06/01/12		25,000
	13,385	Virginia Small Business Financing Authority, Virginia State University Real Estate, Rev., VRDO, LOC: Bank of America N.A., 0.250%, 06/01/12		13,385
				182,080
		Washington — 2.2%
	8,915	Eagle Tax-Exempt Trust, Series 2009-0049, Class A, Rev., VRDO, AGM-CR, NATL-RE, LIQ: Citibank N.A., 0.180%, 06/07/12 (e)		8,915
	10,945	Eclipse Funding Trust, Solar Eclipse, Port Seattle, Series 2006-0063, Rev., VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.160%, 06/07/12 (e)		10,945
	10,640	Eclipse Funding Trust, Solar Eclipse, Washington, Series 2006-0009, GO, VRDO, AGM, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.170%, 06/07/12		10,640
	27,800	King County Sewer, Series B, Rev., VRDO, 0.190%, 06/07/12		27,800
	144,825	Port of Seattle, Sub Lien, Rev., VRDO, AMT, LOC: Landesbank Hessen-Thuringen, 0.240%, 06/07/12		144,825
	625	Seattle Housing Authority, Low Income Housing Assistance, Bayview Manor Project, Series B, Rev., VRDO, LOC: U.S. Bank N.A., 0.190%, 06/07/12		625
	15,900	State of Washington, Series VR-96A, GO, VRDO, LOC: Landesbank Hessen-Thuringen, 0.150%, 06/07/12		15,900
		State of Washington, MERLOTS,
	21,390	Series B-22, GO, VRDO, AGM, 0.200%, 06/07/12		21,390
	28,920	Series B-22, GO, VRDO, FGIC, MBIA, 0.200%, 06/07/12		28,920
	10,900	University of Washington, Series 3005, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.190%, 06/01/12 (e)		10,900
	4,600	Washington Economic Development Finance Authority, Novelty Hill Properties LLC, Series C, Rev., VRDO, LOC: U.S. Bank N.A., 0.260%, 06/07/12		4,600
	4,300	Washington State Housing Finance Commission, Bush School Project, Rev., VRDO, LOC: Bank of America N.A., 0.220%, 06/07/12		4,300
	2,935	Washington State Housing Finance Commission, Franke Tobey Jones Project, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.180%, 06/07/12		2,935

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Washington — Continued
	2,545	Washington State Housing Finance Commission, Multi-Family Housing, Granite Falls Assisted Living Project, Series A, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.190%, 06/07/12		2,545
	275	Washington State Housing Finance Commission, Multi-Family Housing, JATC Educational Development Trust Project, Rev., VRDO, LOC: U.S. Bank N.A., 0.190%, 06/01/12		275
	13,600	Washington State Housing Finance Commission, Multi-Family Housing, Mallard Lakes Apartments, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.200%, 06/07/12		13,600
	16,500	Washington State Housing Finance Commission, Multi-Family Housing, Non AMT, Non ACE, Willow Tree, Rev., VRDO, FHLMC, LOC: Bank of America N.A., 0.210%, 06/07/12		16,500
	8,300	Washington State Housing Finance Commission, Seattle County Day School, Rev., VRDO, LOC: Bank of America N.A., 0.180%, 06/07/12		8,300
	11,875	Washington State Housing Finance Commission, Single Family Housing, Single Family Program, Series 1A, Rev., VRDO, AMT, GNMA/FNMA/FHLMC, 0.200%, 06/07/12		11,875
	4,640	Washington State Housing Finance Commission, Spokane Community College Foundation, Series A, Rev., VRDO, LOC: Bank of America N.A., 0.320%, 06/07/12		4,640
	13,165	Washington State Housing Finance Commission, YMCA Snohomish County Project, Rev., VRDO, LOC: Bank of America N.A., 0.290%, 06/01/12		13,165
	20,400	Wells Fargo Stage Trust, Series 35-C, Rev., VRDO, LIQ: Wells Fargo Bank N.A., 0.200%, 06/07/12 (e)		20,400
				383,995
		Wisconsin — 2.2%
	115,000	City of Milwaukee, Rev., RAN, 1.500%, 06/27/12		115,103
	10,000	State of Wisconsin, Rev., 2.000%, 06/15/12		10,007
	19,940	Wells Fargo Stage Trust, Series 2009-10C, Rev., VRDO, LIQ: Wells Fargo Bank N.A., 0.200%, 06/07/12 (e)		19,940
	38,155	Wisconsin Health & Educational Facilities Authority, Series 2113, Rev., VRDO, 0.330%, 06/07/12		38,155
		Wisconsin Health & Educational Facilities Authority, Foedtert & Community Health,
	14,600	Series A, Rev., VRDO, LOC: U.S. Bank N.A., 0.140%, 06/07/12		14,600
	1,965	Series B, Rev., VRDO, LOC: U.S. Bank N.A., 0.180%, 06/01/12		1,965
	76,650	Wisconsin Health & Educational Facilities Authority, Hospital Sister’s Services, Inc., Series B-1, Rev., VRDO, AGM, 0.310%, 06/07/12		76,650
		Wisconsin Housing & EDA,
	5,285	Series A, Rev., VRDO, 0.190%, 06/07/12		5,285
	5,065	Series A, Rev., VRDO, 0.190%, 06/07/12		5,065
	14,920	Series A, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.190%, 06/07/12		14,920
	52,730	Series D, Rev., VRDO, 0.230%, 06/07/12		52,730
	27,980	Series E, Rev., VRDO, AMT, 0.550%, 06/07/12		27,980
				382,400
		Wyoming — 0.1%
	1,600	Lincoln County, PCR, Exxon Project, Series B, Rev., VRDO, 0.150%, 06/01/12		1,600
	12,600	Platte County, PCR, Series A, Rev., VRDO, LOC: National Rural Utility Financing, 0.260%, 06/01/12		12,600
				14,200
		Total Municipal Bonds (Cost $15,741,416)		15,741,416
	Municipal Commercial Paper — 1.2% (n)
		California — 0.6%
		California Statewide Communities Development Authority,
	15,865	0.260%, 07/16/12		15,865
	35,000	0.270%, 11/01/12		35,000
	22,500	Series B-1, 0.250%, 11/01/12		22,500
	27,000	Series B-5, 0.260%, 07/05/12		27,000
				100,365
		Florida — 0.2%
	40,000	Gainesville Utility Systems, Series C, 0.320%, 07/05/12		40,000
		Maryland — 0.2%
	34,590	Maryland Health & Higher Educational Facilities Authority, Series B, 0.240%, 07/02/12		34,590

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Commercial Paper — Continued
		Wisconsin — 0.2%
		City of Milwaukee,
	10,000	Series R, 0.350%, 07/17/12		10,000
	25,000	Series R, 0.400%, 07/06/12		25,000
				35,000
		Total Municipal Commercial Paper (Cost $209,955)		209,955
SHARES
	Variable Rate Demand Preferred Shares — 6.3%
		BlackRock MuniYield Fund, Inc.
	48,000	LIQ: Bank of America N.A., 0.300%, 06/07/12 # (e)		48,000
	95,600	LIQ: Bank of America N.A., 0.320%, 06/07/12 # (e)		95,600
	246,400	LIQ: Bank of America N.A., 0.380%, 06/07/12 # (e)		246,400
	46,000	Nuveen CA Investment Quality Fund, Inc., LIQ: Citibank N.A., 0.300%, 06/07/12 # (e)		46,000
	80,300	Nuveen California Dividend Advantage Municipal Fund, LIQ: Citibank N.A., 0.380%, 06/07/12 # (e)		80,300
		Nuveen Insured Municipal Opportunity Fund, Inc.
	174,800	LIQ: Citibank N.A., 0.300%, 06/07/12 # (e)		174,800
	94,500	LIQ: Citibank N.A., 0.340%, 06/07/12 # (e)		94,500
	80,300	Nuveen Investment Quality Municipal Fund, Inc., LIQ: Barclays Bank plc, 0.330%, 06/07/12 # (e)		80,300
	25,000	Nuveen New Jersey Investment Quality Municipal Fund, LIQ: Citibank N.A., 0.320%, 06/07/12 # (e)		25,000
	17,500	Nuveen Pennsylvania Investment Quality Municipal Fund, LIQ: Citibank N.A., 0.320%, 06/07/12 # (e)		17,500
	96,700	Nuveen Premier Municipal Income Fund, Inc., LIQ: Barclays Bank plc, 0.330%, 06/07/12 # (e)		96,700
	40,000	Nuveen Premium Income Municipal Fund II, LIQ: Barclays Bank plc, 0.330%, 06/07/12 # (e)		40,000
	35,000	Nuveen Select Quality Municipal Fund, Inc., LIQ: Barclays Bank plc, 0.330%, 06/07/12 # (e)		35,000
		Total Variable Rate Demand Preferred Shares (Cost $1,080,100)		1,080,100
		Total Investments — 99.4% (Cost $17,031,471)*		17,031,471
		Other Assets in Excess of Liabilities — 0.6%		105,008
		NET ASSETS — 100.0%	$	17,136,479

Percentages indicated are based on net assets.

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ACE	—	Adjusted Current Earnings
AGC	—	Insured by Assured Guaranty Corp.
AGM	—	Insured by Assured Guaranty Municipal Corp.
AMBAC	—	Insured by American Municipal Bond Assurance Corp. †
AMT	—	Alternative Minimum Tax
BAN	—	Bond Anticipation Note
BHAC	—	Insured by Berkshire Hathaway Assurance Corp.
COLL	—	Collateral
COP	—	Certificate of Participation
CR	—	Custodial Receipts
EAGLE	—	Earnings of accrual generated on local tax-exempt securities
EDA	—	Economic Development Authority
FGIC	—	Insured by Financial Guaranty Insurance Co.
FHLB	—	Federal Home Loan Bank
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
GNMA	—	Government National Mortgage Association
GO	—	General Obligation
GTD	—	Guaranteed
ICC	—	Insured Custody Certificates
IDA	—	Industrial Development Authority
IDR	—	Industrial Development Revenue
LIQ	—	Liquidity Agreement
LOC	—	Letter of Credit
MBIA	—	Insured by Municipal Bond Insurance Corp.
MERLOTS	—	Municipal Exempt Receipts Liquidity Optional Tender
NATL	—	Insured by National Public Finance Guarantee Corp.
PCR	—	Pollution Control Revenue
PSF	—	Permanent School Fund
Q-SBLF	—	Qualified School Bond Loan Fund
RAN	—	Revenue Anticipation Note
RE	—	Reinsured
Rev.	—	Revenue
TCRS	—	Transferable Custodial Receipts
TRAN	—	Tax & Revenue Anticipation Note
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of May 31, 2012.
VRDO	—	Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of May 31, 2012.
XLCA	—	Insured by XL Capital Assurance

(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%.

(i) Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.

(m) All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of 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.

(p) Security is prerefunded or escrowed to maturity.

(t) The date shown represents the earliest of the next put date, next demand date or final maturity date.

* The cost of securities is substantially the same for federal income tax purposes.

# Variable Rate Demand Preferred Shares of a closed-end investment company which have a weekly demand feature.

† Filed for bankruptcy on November 8, 2010.

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

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

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

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

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

The following is a summary of the inputs used as of May 31, 2012, in valuing the Fund’s assets and liabilities carried at amortized cost which approximates fair value (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	17,031,471	$	—	$	17,031,471

(a) All portfolio holdings designated as Level 2 are disclosed individually in the Schedule of Portfolio of Investments (“SOI”). Please refer to the SOI for specifics of the major categories of portfolio holdings.

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

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 5.9%
	491	Accredited Mortgage Loan Trust, Series 2006-2, Class A3, VAR, 0.389%, 09/25/36 (m)		424
	308	AH Mortgage Advance Trust, (Cayman Islands), Series SART-1, Class A1R, 2.230%, 05/10/43 (e) (m)		308
	490	Bear Stearns Asset Backed Securities Trust, Series 2005-HE1, Class M2, VAR, 1.069%, 01/25/35 (m)		392
		Citigroup Mortgage Loan Trust, Inc.,
	1,908	Series 2005-WF2, Class AF4, SUB, 4.964%, 08/25/35 (m)		1,784
	220	Series 2007-AMC1, Class A2A, VAR, 0.289%, 12/25/36 (m)		179
		Countrywide Asset-Backed Certificates,
	1,037	Series 2003-5, Class MF1, VAR, 5.413%, 01/25/34 (m)		736
	10	Series 2004-1, Class 3A, VAR, 0.799%, 04/25/34 (m)		8
	730	Series 2004-1, Class M1, VAR, 0.989%, 03/25/34 (m)		621
	403	Series 2004-1, Class M2, VAR, 1.064%, 03/25/34 (m)		349
	464	Series 2005-4, Class AF3, VAR, 4.456%, 10/25/35 (m)		447
		Countrywide Home Equity Loan Trust,
	83	Series 2004-I, Class A, VAR, 0.529%, 02/15/34 (m)		55
	100	Series 2004-K, Class 2A, VAR, 0.539%, 02/15/34 (m)		64
		Long Beach Mortgage Loan Trust,
	1,120	Series 2004-1, Class M1, VAR, 0.989%, 02/25/34		871
	611	Series 2004-1, Class M2, VAR, 1.064%, 02/25/34		549
		New Century Home Equity Loan Trust,
	740	Series 2005-1, Class M1, VAR, 0.689%, 03/25/35		535
	500	Series 2005-3, Class M1, VAR, 0.719%, 07/25/35		466
	149	Option One Mortgage Loan Trust, Series 2003-1, Class A2, VAR, 1.079%, 02/25/33		120
		Park Place Securities, Inc.,
	700	Series 2004-WHQ2, Class M2, VAR, 0.869%, 02/25/35		604
	800	Series 2005-WHQ3, Class M2, VAR, 0.689%, 06/25/35		576
	824	PSE&G Transition Funding LLC, Series 2001-1, Class A6, 6.610%, 06/15/15		851
		Residential Asset Mortgage Products, Inc.,
	1,610	Series 2005-EFC6, Class M1, VAR, 0.649%, 11/25/35		1,295
	592	Series 2006-EFC1, Class A2, VAR, 0.439%, 02/25/36		570
	313	Series 2006-RS1, Class AI2, VAR, 0.469%, 01/25/36		248
		Residential Asset Securities Corp.,
	1,679	Series 2006-KS1, Class A4, VAR, 0.539%, 02/25/36		1,279
	1,595	Series 2006-KS2, Class A3, VAR, 0.429%, 03/25/36		1,557
	264	Westgate Resorts LLC, Series 2012-1, Class A, 4.500%, 09/20/25 (e)		265
		Total Asset-Backed Securities (Cost $15,210)		15,153
	Collateralized Mortgage Obligations — 8.4%
		Agency CMO — 1.8%
		Federal Home Loan Mortgage Corp. REMICS,
	208	Series 2701, Class ST, IF, IO, 6.761%, 08/15/21 (m)		2
	493	Series 2779, Class SM, IF, IO, 6.911%, 10/15/18 (m)		25
	130	Series 2980, Class QB, 6.500%, 05/15/35 (m)		152
	2,584	Series 3370, Class SH, IF, IO, 6.211%, 10/15/37 (m)		416
	167	Series 3762, Class JS, IF, IO, 6.461%, 04/15/35 (m)		17
	418	Series 3803, Class DS, IF, IO, 6.361%, 11/15/35 (m)		49
	97	Series 3976, Class AI, IO, 3.500%, 08/15/29 (m)		10
	174	Series 3984, Class NS, IF, IO, 6.361%, 01/15/40 (m)		35
		Federal National Mortgage Association REMICS,
	1,930	Series 2004-17, Class DS, IF, IO, 6.911%, 11/25/32 (m)		138
	88	Series 2004-87, Class JI, IO, 5.000%, 11/25/30 (m)		1
	799	Series 2006-3, Class SB, IF, IO, 6.461%, 07/25/35 (m)		109
	5,795	Series 2007-109, Class GI, IF, IO, 5.831%, 12/25/37 (m)		867
	1,048	Series 2008-17, Class KS, IF, IO, 6.111%, 11/25/37 (m)		153
	10,467	Series 2008-61, Class S, IF, IO, 5.861%, 07/25/38 (m)		2,055

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	1,095	Series 2008-71, Class SB, IF, IO, 6.246%, 10/25/29 (m)		66
	459	Series 2010-99, Class SD, IF, IO, 5.861%, 03/25/39		44
	154	Series 2010-158, Class KS, IF, IO, 5.761%, 04/25/40 (m)		26
	582	Series 2011-145, Class PS, IF, IO, 6.371%, 04/25/30 (m)		115
	466	Series 2012-17, Class JS, IF, IO, 6.411%, 11/25/30 (m)		82
	199	Series 2012-24, Class S, IF, IO, 5.261%, 05/25/30		34
		Federal National Mortgage Association STRIPS,
	213	Series 366, Class 18, IO, 4.000%, 10/01/35 (m)		15
	1,037	Series 390, Class C7, IO, 4.000%, 07/25/23 (m)		65
	1,543	Series 390, Class C8, IO, 4.500%, 07/25/23 (m)		116
	48	Federal National Mortgage Association Whole Loan, Series 2003-W3, Class 2A5, 5.356%, 06/25/42 (m)		54
				4,646
		Non-Agency CMO — 6.6%
	910	Banc of America Alternative Loan Trust, Series 2004-7, Class 3A1, 6.000%, 08/25/34 (m)		912
	252	Banc of America Funding Corp., Series 2006-3, Class 4A19, 5.750%, 03/25/36 (m)		250
		Banc of America Mortgage Securities, Inc.,
	358	Series 2005-10, Class 1A13, 5.500%, 11/25/35 (m)		354
	730	Series 2007-3, Class 1A1, 6.000%, 09/25/37 (m)		644
	2,688	Countrywide Alternative Loan Trust, Series 2005-J3, Class 3A1, 6.500%, 09/25/34 (m)		2,643
	307	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-10, Class A1, 5.500%, 05/25/35 (m)		304
		CS First Boston Mortgage Securities Corp.,
	146	Series 2003-29, Class 7A1, 6.500%, 12/25/33 (m)		152
	400	Series 2004-5, Class 4A1, 6.000%, 09/25/34 (m)		412
	416	Deutsche ALT-A Securities, Inc., Alternate Loan Trust, Series 2005-1, Class 2A1, VAR, 5.610%, 02/25/20 (m)		430
	670	First Horizon Asset Securities, Inc., Series 2005-6, Class 1A1, 5.500%, 11/25/35		676
	592	GSR Mortgage Loan Trust, Series 2006-3F, Class 2A7, 5.750%, 03/25/36		531
	130	JP Morgan Alternative Loan Trust, Series 2006-A4, Class A1, VAR, 5.950%, 09/25/36		128
	1,029	JP Morgan Mortgage Trust, Series 2005- S2, Class 4A3, 5.500%, 09/25/20		1,043
	326	Lehman Mortgage Trust, Series 2006-4, Class 3A1, 5.000%, 08/25/21		301
	355	MASTR Alternative Loans Trust, Series 2005-5, Class 3A1, 5.750%, 08/25/35		310
	223	Prime Mortgage Trust, Series 2006-1, Class 2A5, 6.000%, 06/25/36		214
		RESI Finance LP, (Cayman Islands),
	1,574	Series 2003-C, Class B3, VAR, 1.639%, 09/10/35 (e)		1,129
	347	Series 2003-D, Class B3, VAR, 1.539%, 12/10/35 (e)		251
		Residential Accredit Loans, Inc.,
	448	Series 2003-QS16, Class A1, 5.000%, 08/25/18		457
	653	Series 2003-QS20, Class A1, 5.000%, 11/25/18		676
	1,978	Series 2006-QS11, Class 1A1, 6.500%, 08/25/36		1,224
	158	Series 2006-QS18, Class 3A3, 5.750%, 12/25/21		144
	543	Residential Funding Mortgage Securities I, Inc., Series 2006-S9, Class A1, 6.250%, 09/25/36		457
		Wells Fargo Mortgage-Backed Securities Trust,
	223	Series 2005-16, Class A8, 5.750%, 01/25/36		232
	2,080	Series 2006-3, Class A9, 5.500%, 03/25/36		2,090
	790	Series 2006-11, Class A8, 6.000%, 09/25/36		736
				16,700
		Total Collateralized Mortgage Obligations (Cost $19,026)		21,346
	Commercial Mortgage-Backed Securities — 5.7%
		Bear Stearns Commercial Mortgage Securities,
	2,570	Series 2005-PWR9, Class A4A, 4.871%, 09/11/42 (m)		2,818
	2,290	Series 2005-T18, Class A4, VAR, 4.933%, 02/13/42 (m)		2,475

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — Continued
	1,390	Series 2005-T20, Class A4A, VAR, 5.144%, 10/12/42 (m)		1,546
	2,980	Greenwich Capital Commercial Funding Corp., Series 2005-GG3, Class A4, VAR, 4.799%, 08/10/42		3,206
	1,200	LB-UBS Commercial Mortgage Trust, Series 2006-C1, Class A4, 5.156%, 02/15/31		1,330
	210	Lehman Brothers Floating Rate Commercial Mortgage Trust, Series 2006-LLFA, Class A2, VAR, 0.359%, 09/15/21 (e)		206
	1,440	Merrill Lynch Mortgage Trust, Series 2006- C1, Class A4, VAR, 5.659%, 05/12/39		1,631
	970	Morgan Stanley Dean Witter Capital I, Series 2003-HQ2, Class A2, 4.920%, 03/12/35		987
	200	Wachovia Bank Commercial Mortgage Trust, Series 2005-C17, Class A4, VAR, 5.083%, 03/15/42		216
		Total Commercial Mortgage-Backed Securities (Cost $12,610)		14,415
	Corporate Bonds — 40.0%
		Consumer Discretionary — 4.8%
		Auto Components — 0.1%
	250	Goodyear Tire & Rubber Co. (The), 8.750%, 08/15/20		267
		Automobiles — 0.2%
	500	Chrysler Group LLC/CG Co-Issuer, Inc., 8.250%, 06/15/21 (m)		501
		Broadcasting & Cable TV — 0.5%
	500	CCO Holdings LLC/CCO Holdings Capital Corp., 7.875%, 04/30/18 (m)		536
	50	Cequel Communications Holdings I LLC and Cequel Capital Corp., 8.625%, 11/15/17 (e) (m)		53
	600	UPCB Finance III Ltd., (Cayman Islands), 6.625%, 07/01/20 (e)		591
				1,180
		Diversified Consumer Services — 0.0% (g)
	44	ServiceMaster Co., VAR, 10.750%, 07/15/15 (e)		45
		Hotels, Restaurants & Leisure — 0.8%
		Caesars Entertainment Operating Co., Inc.,
	375	8.500%, 02/15/20 (e) (m)		373
	335	11.250%, 06/01/17		356
	405	Darden Restaurants, Inc., 6.800%, 10/15/37 (m)		488
	225	Host Hotels & Resorts LP, 6.375%, 03/15/15		228
	250	Marina District Finance Co., Inc., 9.875%, 08/15/18		233
	250	MGM Resorts International, 7.625%, 01/15/17		253
	65	Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 7.875%, 05/01/20		71
				2,002
		Household Durables — 0.3%
	440	Sealy Mattress Co., 8.250%, 06/15/14		426
	315	Simmons Bedding Co., 11.250%, 07/15/15 (e)		325
				751
		Leisure Equipment & Products — 0.1%
	265	Easton-Bell Sports, Inc., 9.750%, 12/01/16 (m)		290
		Media — 2.3%
	500	AMC Entertainment, Inc., 9.750%, 12/01/20 (m)		537
	295	Clear Channel Worldwide Holdings, Inc., 9.250%, 12/15/17 (m)		317
	975	Comcast Corp., 6.500%, 01/15/17 (m)		1,159
		DISH DBS Corp.,
	60	6.750%, 06/01/21 (m)		62
	60	7.125%, 02/01/16 (m)		64
	60	7.875%, 09/01/19 (m)		67
	280	Intelsat Jackson Holdings S.A., (Luxembourg), 11.250%, 06/15/16		292
	1,065	NBCUniversal Media LLC, 4.375%, 04/01/21		1,173
		News America, Inc.,
	525	6.400%, 12/15/35		597
	220	6.900%, 08/15/39		264
	430	Quebecor Media, Inc., (Canada), 7.750%, 03/15/16		442
	770	Time Warner Cable, Inc., 7.500%, 04/01/14		858
				5,832
		Specialty Retail — 0.3%
	250	Claire’s Stores, Inc., 9.000%, 03/15/19 (e) (m)		250
	300	J. Crew Group, Inc., 8.125%, 03/01/19		301
	250	Michael’s Stores, Inc., 7.750%, 11/01/18		261
				812

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Textiles, Apparel & Luxury Goods — 0.2%
		Hanesbrands, Inc.,
	415	6.375%, 12/15/20		424
	60	8.000%, 12/15/16		66
				490
		Total Consumer Discretionary		12,170
		Consumer Staples — 3.8%
		Beverages — 0.4%
	700	Anheuser-Busch InBev Worldwide, Inc., 6.875%, 11/15/19 (m)		907
	100	Constellation Brands, Inc., 7.250%, 09/01/16 (m)		113
				1,020
		Food & Staples Retailing — 1.3%
	1,495	CVS Pass-Through Trust, 6.036%, 12/10/28 (m)		1,699
	755	Delhaize Group S.A., (Belgium), 5.700%, 10/01/40 (m)		686
	55	Rite Aid Corp., 7.500%, 03/01/17		54
	85	SUPERVALU, Inc., 8.000%, 05/01/16		85
	740	Wal-Mart Stores, Inc., 5.250%, 09/01/35		877
				3,401
		Food Products — 1.1%
	250	Bumble Bee Acquisition Corp., 9.000%, 12/15/17 (e) (m)		248
	350	Del Monte Corp., 7.625%, 02/15/19 (m)		339
	495	Grupo Bimbo S.A.B. de C.V., (Mexico), 4.875%, 06/30/20 (e)		540
		Kraft Foods, Inc.,
	950	5.375%, 02/10/20		1,123
	485	6.125%, 02/01/18		578
				2,828
		Household Durables — 0.0% (g)
	100	Jarden Corp., 7.500%, 05/01/17		110
		Household Products — 0.2%
	400	Central Garden & Pet Co., 8.250%, 03/01/18 (m)		400
	45	Scotts Miracle-Gro Co. (The), 7.250%, 01/15/18		48
				448
		Tobacco — 0.8%
	805	Altria Group, Inc., 9.700%, 11/10/18 (m)		1,107
	725	Philip Morris International, Inc., 5.650%, 05/16/18		873
				1,980
		Total Consumer Staples		9,787
		Energy — 1.2%
		Oil, Gas & Consumable Fuels — 1.2%
	100	Arch Coal, Inc., 8.750%, 08/01/16 (m)		96
	1,090	Cenovus Energy, Inc., (Canada), 4.500%, 09/15/14 (m)		1,167
	170	Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp., 8.250%, 12/15/17 (m)		174
	475	ConocoPhillips, 6.500%, 02/01/39 (m)		652
	150	Encore Acquisition Co., 9.500%, 05/01/16 (m)		164
	250	Peabody Energy Corp., 6.250%, 11/15/21 (e)		249
	635	Shell International Finance B.V., (Netherlands), 3.100%, 06/28/15		677
		Total Energy		3,179
		Financials — 13.8%
		Capital Markets — 1.8%
		Goldman Sachs Group, Inc. (The),
	80	3.700%, 08/01/15		79
	890	5.950%, 01/18/18		930
	530	6.150%, 04/01/18		553
		Lehman Brothers Holdings, Inc.,
	850	0.000%, 12/20/16 (d)		195
	1,350	0.000%, 12/30/16 (d)		309
	3,795	5.857%, 12/31/49 (d) (f) (i)		–(h	)
		Morgan Stanley,
	885	3.450%, 11/02/15		841
	395	5.500%, 01/26/20		371
	560	6.625%, 04/01/18		569
	630	UBS AG, (Switzerland), 5.875%, 12/20/17		692
				4,539
		Commercial Banks — 1.4%
	1,410	Credit Suisse, (Switzerland), 5.000%, 05/15/13 (m)		1,457
	1,940	Standard Chartered plc, (United Kingdom), 5.500%, 11/18/14 (e)		2,094
				3,551
		Consumer Finance — 1.3%
	355	Ally Financial, Inc., 6.250%, 12/01/17 (m)		364
	700	Capital One Bank USA N.A., 8.800%, 07/15/19 (m)		889
		Ford Motor Credit Co. LLC,
	200	5.000%, 05/15/18		219
	220	6.625%, 08/15/17		255
	1,469	HSBC Finance Corp., 6.676%, 01/15/21		1,585
				3,312

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Diversified Financial Services — 2.2%
		Bank of America Corp.,
	430	4.500%, 04/01/15 (m)		440
	740	5.650%, 05/01/18 (m)		771
	690	6.500%, 08/01/16 (m)		747
		Citigroup, Inc.,
	435	5.375%, 08/09/20 (m)		467
	400	5.500%, 10/15/14 (m)		423
	665	6.000%, 08/15/17 (m)		721
	50	8.500%, 05/22/19 (m)		61
	1,145	General Electric Capital Corp., 5.875%, 01/14/38		1,302
	750	International Lease Finance Corp., 8.625%, 09/15/15		817
				5,749
		FDIC Guaranteed Securities (~) — 2.6%
	3,335	Bank of America Corp., 3.125%, 06/15/12 (m)		3,339
	3,300	Goldman Sachs Group, Inc. (The), 3.250%, 06/15/12		3,304
				6,643
		Insurance — 3.9%
	2,000	Genworth Life Institutional Funding Trust, 5.875%, 05/03/13 (e) (m)		2,036
	875	MetLife, Inc., 6.750%, 06/01/16		1,030
	1,500	Metropolitan Life Global Funding I, 5.125%, 06/10/14 (e)		1,615
		Pricoa Global Funding I,
	3,805	5.400%, 10/18/12 (e) (m)		3,869
	1,000	VAR, 0.603%, 06/26/12 (e) (m)		999
	305	Prudential Financial, Inc., 6.200%, 11/15/40		338
				9,887
		Real Estate Investment Trusts (REITs) — 0.3%
	625	Health Care REIT, Inc., 4.700%, 09/15/17		662
		Thrifts & Mortgage Finance — 0.3%
	870	Nationwide Building Society, (United Kingdom), 4.650%, 02/25/15 (e)		898
		Total Financials		35,241
		Health Care — 1.5%
		Health Care Equipment & Supplies — 0.5%
	800	Biomet, Inc., PIK, 11.125%, 10/15/17 (m)		852
	50	DJO Finance LLC/DJO Finance Corp., 7.750%, 04/15/18 (m)		40
	350	Kinetic Concepts, Inc./KCI USA, Inc., 10.500%, 11/01/18 (e) (m)		354
				1,246
		Health Care Providers & Services — 0.6%
	18	CHS/Community Health Systems, Inc., 8.875%, 07/15/15 (m)		19
	750	HCA, Inc., 8.000%, 10/01/18		829
	85	Health Management Associates, Inc., 6.125%, 04/15/16		89
	60	Tenet Healthcare Corp., 9.250%, 02/01/15		66
	295	U.S. Oncology, Inc., 9.125%, 08/15/17 (d)		4
	370	WellPoint, Inc., 5.800%, 08/15/40		435
				1,442
		Pharmaceuticals — 0.4%
		Mylan, Inc.,
	40	7.625%, 07/15/17 (e)		44
	360	7.875%, 07/15/20 (e)		396
	625	Valeant Pharmaceuticals International, 7.250%, 07/15/22 (e)		587
				1,027
		Total Health Care		3,715
		Industrials — 2.3%
		Aerospace & Defense — 0.1%
	90	Alliant Techsystems, Inc., 6.750%, 04/01/16 (m)		92
	55	Sequa Corp., 11.750%, 12/01/15 (e)		58
	200	Spirit Aerosystems, Inc., 7.500%, 10/01/17		214
				364
		Commercial Services & Supplies — 0.1%
	215	Geo Group, Inc. (The), 7.750%, 10/15/17		230
		Industrial Conglomerates — 1.2%
	960	General Electric Co., 5.250%, 12/06/17		1,119
	1,035	Hutchison Whampoa International 09/16 Ltd., (Cayman Islands), 4.625%, 09/11/15 (e)		1,100
	630	Tyco International Finance S.A., (Luxembourg), 8.500%, 01/15/19		833
				3,052
		Industrial Machinery — 0.1%
	125	General Cable Corp., 7.125%, 04/01/17		128
		Machinery — 0.1%
	130	Terex Corp., 8.000%, 11/15/17		132
		Road & Rail — 0.7%
	100	Ashtead Capital, Inc., 9.000%, 08/15/16 (e) (m)		104

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Road & Rail — Continued
	500	Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 9.625%, 03/15/18 (m)		543
	880	Burlington Northern Santa Fe LLC, 5.750%, 05/01/40 (m)		1,054
	125	United Rentals North America, Inc., 9.250%, 12/15/19		138
				1,839
		Total Industrials		5,745
		Information Technology — 1.6%
		Communications Equipment — 0.4%
	350	Alcatel-Lucent USA, Inc., 6.450%, 03/15/29		241
	142	Avaya, Inc., PIK, 10.875%, 11/01/15 (m)		117
	650	Cisco Systems, Inc., 5.500%, 01/15/40 (m)		800
				1,158
		Electronic Equipment, Instruments & Components — 0.3%
	580	NXP B.V./NXP Funding LLC, (Netherlands), 9.750%, 08/01/18 (e)		654
		Internet Software & Services — 0.0% (g)
	105	GXS Worldwide, Inc., 9.750%, 06/15/15		102
		IT Services — 0.5%
		First Data Corp.,
	567	12.625%, 01/15/21		534
	283	PIK, 10.000%, 01/15/22 (e)		274
	425	SunGard Data Systems, Inc., 10.250%, 08/15/15		437
				1,245
		Semiconductors & Semiconductor Equipment — 0.0% (g)
	88	Freescale Semiconductor, Inc., 10.125%, 03/15/18 (e)		95
		Software — 0.4%
	710	Oracle Corp., 6.125%, 07/08/39		927
		Total Information Technology		4,181
		Materials — 2.0%
		Chemicals — 0.4%
	240	Huntsman International LLC, 5.500%, 06/30/16		240
	500	Ineos Finance plc, (United Kingdom), 8.375%, 02/15/19 (e)		514
	389	Reichhold Industries, Inc., PIK, 10.999%, 05/08/17 (e)		234
				988
		Containers & Packaging — 0.3%
	750	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC, 9.000%, 04/15/19 (e)		720
		Metals & Mining — 1.0%
	930	AngloGold Ashanti Holdings plc, (United Kingdom), 5.375%, 04/15/20 (m)		955
	700	FMG Resources August 2006 Pty Ltd., (Australia), 8.250%, 11/01/19 (e) (m)		723
	1,005	Gold Fields Orogen Holding BVI Ltd., 4.875%, 10/07/20 (e)		951
				2,629
		Paper & Forest Products — 0.3%
	385	International Paper Co., 7.300%, 11/15/39		482
	270	P.H. Glatfelter Co., 7.125%, 05/01/16		275
				757
		Total Materials		5,094
		Telecommunication Services — 4.3%
		Diversified Telecommunication Services — 3.3%
	3,230	AT&T, Inc., 6.700%, 11/15/13		3,518
	765	British Telecommunications plc, (United Kingdom), 5.950%, 01/15/18 (m)		888
	500	CenturyLink, Inc., 5.800%, 03/15/22 (m)		493
	500	Cincinnati Bell, Inc., 8.375%, 10/15/20 (m)		491
	120	Clearwire Communications LLC/Clearwire Finance, Inc., 12.000%, 12/01/15 (e) (m)		104
	60	GCI, Inc., 8.625%, 11/15/19		64
	500	Level 3 Financing, Inc., 8.125%, 07/01/19		500
	40	PAETEC Holding Corp., 8.875%, 06/30/17		43
		Verizon Communications, Inc.,
	710	6.350%, 04/01/19		889
	670	8.750%, 11/01/18		916
	500	Windstream Corp., 7.750%, 10/01/21		501
				8,407
		Wireless Telecommunication Services — 1.0%
	1,675	America Movil S.A.B. de C.V., (Mexico), 5.000%, 03/30/20 (m)		1,872
	85	iPCS, Inc., PIK, 3.716%, 05/01/14		81
	250	MetroPCS Wireless, Inc., 7.875%, 09/01/18		253
		Sprint Capital Corp.,
	40	6.900%, 05/01/19		35

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Wireless Telecommunication Services — Continued
	465	8.750%, 03/15/32		392
				2,633
		Total Telecommunication Services		11,040
		Utilities — 4.7%
		Electric Utilities — 1.7%
	630	Dominion Resources, Inc., 5.200%, 08/15/19 (m)		745
	535	Entergy Arkansas, Inc., 3.750%, 02/15/21 (m)		576
	1,010	Nevada Power Co., 7.125%, 03/15/19		1,299
	420	Oncor Electric Delivery Co. LLC, 5.250%, 09/30/40		433
	440	Pacific Gas & Electric Co., 5.400%, 01/15/40		533
	165	Progress Energy, Inc., 6.000%, 12/01/39		206
	560	Teco Finance, Inc., 5.150%, 03/15/20		644
				4,436
		Gas Utilities — 1.9%
	850	DCP Midstream LLC, 9.750%, 03/15/19 (e) (m)		1,109
	385	Enterprise Products Operating LLC, 7.550%, 04/15/38 (m)		511
	1,595	Plains All American Pipeline LP/PAA Finance Corp., 3.950%, 09/15/15		1,711
	695	TransCanada PipeLines Ltd., (Canada), 6.100%, 06/01/40		909
	390	Williams Partners LP, 6.300%, 04/15/40		465
				4,705
		Independent Power Producers & Energy Traders — 0.3%
	290	AES Corp. (The), 8.000%, 10/15/17 (m)		322
	220	Energy Future Holdings Corp., 10.000%, 01/15/20 (m)		233
	55	NRG Energy, Inc., 7.625%, 01/15/18		55
				610
		Multi-Utilities — 0.8%
	385	MidAmerican Energy Holdings Co., 6.500%, 09/15/37		514
	630	Nisource Finance Corp., 6.800%, 01/15/19		761
	730	Xcel Energy, Inc., 4.700%, 05/15/20		847
				2,122
		Total Utilities		11,873
		Total Corporate Bonds (Cost $97,240)		102,025
	Mortgage Pass-Through Securities — 31.3%
		Federal Home Loan Mortgage Corp., Gold Pool, 30 Year, Single Family,
	19,220	TBA, 4.000%, 06/15/42		20,388
	11,550	TBA, 4.500%, 06/15/42		12,333
	3,715	TBA, 6.000%, 06/15/42		4,086
	95	6.000%, 01/01/35 (m)		105
	17	7.000%, 12/01/25 - 02/01/26 (m)		20
	62	7.500%, 10/01/26 - 02/01/27 (m)		75
	40	8.000%, 04/01/26 - 07/01/26 (m)		44
		Federal National Mortgage Association, 15 Year, Single Family,
	5,260	TBA, 4.000%, 06/25/27		5,587
	4,035	TBA, 5.000%, 06/25/27		4,352
		Federal National Mortgage Association, 30 Year, Single Family,
	2,352	TBA, 4.000%, 06/25/42 - 07/25/42		2,501
	1,399	TBA, 5.000%, 06/25/42		1,515
	8,555	TBA, 5.500%, 06/25/42		9,328
	1,500	TBA, 6.000%, 06/25/42		1,651
	395	6.500%, 04/01/29 - 03/01/35 (m)		448
	112	7.000%, 02/01/35 - 03/01/35		131
	9	7.500%, 03/01/35		11
		Government National Mortgage Association, 30 Year, Single Family,
	8,500	TBA, 4.500%, 06/15/42		9,330
	4,300	TBA, 5.000%, 06/15/42		4,754
	2,400	TBA, 6.000%, 06/15/42		2,697
	354	7.000%, 09/15/31		427
		Total Mortgage Pass-Through Securities (Cost $79,589)		79,783
	Supranational — 1.2%
	2,760	European Investment Bank, 4.875%, 02/16/16 (m) (Cost $2,789)		3,109
	U.S. Government Agency Securities — 8.4%
		Federal National Mortgage Association,
	18,790	1.250%, 08/20/13 (m)		19,007
	2,140	4.875%, 12/15/16 (m)		2,520
		Total U.S. Government Agency Securities (Cost $20,942)		21,527
	U.S. Treasury Obligations — 5.3%
		U.S. Treasury Bonds,
	975	3.000%, 05/15/42 (m)		1,041
	1,530	3.500%, 02/15/39 (m)		1,801
	2,225	3.875%, 08/15/40 (m)		2,787

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligations — Continued
	1,100		4.625%, 02/15/40 (m)		1,548
	500		5.000%, 05/15/37 (m)		733
			U.S. Treasury Notes,
	1,416		0.625%, 05/31/17 (m)		1,413
	2,061		0.875%, 02/28/17 (m)		2,084
	2,157		1.750%, 05/15/22 (m)		2,191
			Total U.S. Treasury Obligations (Cost $11,644)		13,598
SHARES
	Common Stock — 0.0% (g)
			Consumer Discretionary — 0.0% (g)
			Media — 0.0% (g)
	13		Dex One Corp. (a) (Cost $764)		12
NUMBER OF CONTRACTS
	Options Purchased — 0.0% (g)
			Put Option Purchased — 0.0% (g)
	–	(h)	10 Year U.S. Treasury Note, Expiring 06/22/12 at $133.00, American Style, Total Put Options Purchased (Cost $3)
					3
NOTIONAL AMOUNT ($)
			Payer Options Purchased on Interest Rate Swaps — 0.0% (g)
	334		Expiring 6/06/12. If exercised the Fund pays semi-annually 2.355% and receives quarterly floating 3 month LIBOR terminating 06/08/22, European Style. Counterparty: Credit Suisse International (r)		–	(h)
	489		Expiring 6/29/12. If exercised the Fund pays semi-annually 2.555% and receives quarterly floating 3 month LIBOR terminating 07/03/22, European Style. Counterparty: Deutsche Bank AG, New York (r)		–	(h)
	328		Expiring 8/01/12. If exercised the Fund pays semi-annually 2.355% and receives quarterly floating 3 month LIBOR terminating 08/03/22, European Style. Counterparty: Credit Suisse International (r)		1
			Total Payer Options Purchased on Interest Rate Swaps (Cost $10)		1
			Total Options Purchased (Cost $13)		4
PRINCIPAL AMOUNT($)
	Short-Term Investments— 26.2%
			U.S. Treasury Obligations— 0.3%
			U.S. Treasury Bills,
	140		0.051%, 06/21/12 (k) (m) (n)		140
	455		0.129%, 09/06/12 (k) (n)		455
			Total U.S. Treasury Obligations (Cost $595)		595
SHARES
			Investment Company — 25.9%
	66,163		JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.150% (b) (l) (m) † (Cost $66,163)		66,163
			Total Short-Term Investments (Cost $66,758)		66,758
			Total Investments — 132.4% (Cost $326,585)		337,730
			Liabilities in Excess of Other Assets — (32.4)%		(82,616	)
			NET ASSETS — 100.0%	$	255,114

Percentages indicated are based on net assets.

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited)

(Amounts in thousands, except number of contracts)

TBA Short Commitment

PRINCIPAL AMOUNT	SECURITY DESCRIPTION	VALUE
$(8,561)	Federal National Mortgage Association, 30 Year, Single Family, TBA, 5.000%, 07/25/42 (Proceeds received of $9,279)	$	(9,266	)

Futures Contracts

NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 05/31/12			UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	4	Eurodollar		07/31/12	$	1,664		$	2
	4	Eurodollar		08/31/12		1,664			2
	39	10 Year U.S. Treasury Note		09/19/12		5,224			36
	81	30 Year U.S. Treasury Bond		09/19/12		12,127			174
	11	2 Year U.S. Treasury Note		09/28/12		2,424			1
	3	3 Month Euro		03/17/14		921			5
	7	3 Month Euro		12/15/14		2,145			5
		Short Futures Outstanding
	(5)	90 Day Eurodollar		06/18/12		(1,244	)		1
	(35)	90 Day Eurodollar		09/17/12		(8,701	)		2
	(9)	10 Year U.S. Treasury Note		09/19/12		(1,205	)		(2	)
	(23)	30 Year U.S. Treasury Bond		09/19/12		(3,444	)		(55	)
	(11)	2 Year U.S. Treasury Note		09/28/12		(2,424	)		(1	)
	(131)	5 Year U.S. Treasury Note		09/28/12		(16,269	)		(49	)
	(7)	3 Month Euro		12/17/12		(2,152	)		(2	)
	(8)	90 Day Eurodollar		12/17/12		(1,988	)		1
	(3)	3 Month Euro		03/18/13		(922	)		(1	)
	(32)	90 Day Eurodollar		03/18/13		(7,950	)		(16	)
	(32)	90 Day Eurodollar		06/17/13		(7,948	)		(20	)
	(8)	30 Day Federal Funds		06/28/13		(3,327	)		1
	(5)	30 Day Federal Funds		07/31/13		(2,080	)		–	(h)
	(7)	90 Day Eurodollar		09/16/13		(1,739	)		–	(h)
	(7)	90 Day Eurodollar		12/16/13		(1,738	)		(3	)
	(14)	90 Day Eurodollar		03/16/15		(3,465	)		(5	)
								$	76

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands, except number of contracts)

Forward Foreign Currency Exchange Contracts

CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 05/31/12		NET UNREALIZED APPRECIATION (DEPRECIATION)
	67,000	CAD	Royal Bank of Canada		06/20/12	$	68	$	65	$	(3	)
	77,000	CAD	Deutsche Bank AG		07/23/12		75		74		(1	)
	79,000	EUR	Deutsche Bank AG		06/08/12		102		98		(4	)
	89,667	EUR	Deutsche Bank AG		06/11/12		117		111		(6	)
	47,000	EUR	Union Bank of Switzerland AG		08/20/12		60		58		(2	)
	32,667	EUR	Credit Suisse International		09/19/12		41		40		(1	)
	49,000	EUR	Union Bank of Switzerland AG		09/19/12		63		61		(2	)
	39,000	GBP	Deutsche Bank AG		08/20/12		62		60		(2	)
	15,921,000	JPY	Royal Bank of Scotland		06/07/12		198		203		5
	8,354,000	JPY	Royal Bank of Scotland		06/08/12		104		107		3
	3,060,000	JPY	BNP Paribas		06/11/12		38		39		1
	6,623,000	JPY	Citibank, N.A.		06/11/12		81		85		4
	5,511,000	JPY	Citibank, N.A.		06/20/12		68		70		2
	1,524,000	MXN	Union Bank of Switzerland AG		07/20/12		116		106		(10	)
	670,000	NOK	Deutsche Bank AG		07/20/12		115		109		(6	)
						$	1,308	$	1,286	$	(22	)
CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 05/31/12		NET UNREALIZED APPRECIATION (DEPRECIATION)
	67,000	CAD	Citibank, N.A.		06/20/12	$	68	$	65	$	3
	79,000	EUR	Royal Bank of Scotland		06/08/12		104		98		6
	28,334	EUR	BNP Paribas		06/11/12		37		35		2
	61,333	EUR	Citibank, N.A.		06/11/12		80		76		4
	47,000	EUR	Deutsche Bank AG		08/20/12		61		57		4
	130,100	EUR	Citibank, N.A.		09/19/12		170		161		9
	52,000	EUR	Union Bank of Switzerland AG		09/19/12		67		65		2
	48,000	GBP	Deutsche Bank AG		07/23/12		76		74		2
	39,000	GBP	Union Bank of Switzerland AG		08/20/12		61		60		1
	10,614,000	JPY	Deutsche Bank AG		06/07/12		133		136		(3	)
	5,307,000	JPY	Royal Bank of Scotland		06/07/12		66		67		(1	)
	8,354,000	JPY	Deutsche Bank AG		06/08/12		105		107		(2	)
	9,683,000	JPY	Deutsche Bank AG		06/11/12		119		123		(4	)
	5,511,000	JPY	Royal Bank of Canada		06/20/12		68		70		(2	)
	1,524,000	MXN	Deutsche Bank AG		07/20/12		116		106		10
	670,000	NOK	Union Bank of Switzerland AG		07/20/12		116		109		7
						$	1,447	$	1,409	$	38

Payer Options Written on Interest Rate Swaps*

COUNTERPARTY	EXERCISE RATE**(r)	OPTION EXPIRATION DATE		SWAP TERMINATION DATE		NOTIONAL AMOUNT		VALUE
Credit Suisse International	2.610% semi-annually		06/06/12		06/08/22	$	167	$	—
(Premiums received of $1.)

* European Style

** The Fund would pay or receive quarterly a floating rate based on 3 month LIBOR, if exercised.

Credit Default Swaps - Buy Protection [1]

Corporate and Sovereign Issuers:

SWAP COUNTERPARTY/ REFERENCE OBLIGATION	FUND PAYS FIXED RATE (r)	TERMINATION DATE		IMPLIED CREDIT SPREAD AS OF 05/31/12 [3]			NOTIONAL AMOUNT [4]		VALUE			UPFRONT PREMIUMS (PAID)/RECEIVED [5]
Bank of America:
Aetna, Inc., 6.625%, 06/15/36	1.000% quarterly		09/20/16		0.664	%	$	50	$	(1	)	$	1
Ally Financial, Inc., 8.300%, 02/12/15	5.000% quarterly		12/20/13		3.244			150		(5	)		(4	)
Beazer Homes USA, Inc., 9.125%, 06/15/18	5.000% quarterly		09/20/16		9.457			50		7			(17	)
People’s Republic of China, 4.250%, 10/28/14	1.000% quarterly		06/20/17		1.352			350		5			(1	)
PulteGroup, Inc., 5.250%, 01/15/14	5.000% quarterly		12/20/16		3.863			200		(11	)		4
XLIT Ltd., 5.250%, 09/15/14	1.000% quarterly		03/20/17		1.256			50		—	(h)		—	(h)
XLIT Ltd., 5.250%, 09/15/14	1.000% quarterly		03/20/17		1.256			50		—	(h)		—	(h)
XLIT Ltd., 5.250%, 09/15/14	1.000% quarterly		03/20/17		1.256			150		2			(1	)
Barclays Bank plc:
Aetna, Inc., 6.625%, 06/15/36	1.000% quarterly		09/20/16		0.664			50		(1	)		1
Aetna, Inc., 6.625%, 06/15/36	1.000% quarterly		09/20/16		0.664			100		(2	)		1
Ally Financial, Inc., 8.300%, 02/12/15	5.000% quarterly		12/20/13		3.244			50		(2	)		(2	)
Darden Restaurants, Inc., 6.000%, 08/15/35	1.000% quarterly		06/20/17		1.237			150		1			—	(h)
International Paper Co., 5.300%, 04/01/15	1.000% quarterly		06/20/17		1.697			50		2			(1	)
International Paper Co., 5.300%, 04/01/15	1.000% quarterly		06/20/17		1.697			50		2			(1	)
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17	5.000% quarterly		06/20/13		19.999			50		6			(3	)
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17	5.000% quarterly		06/20/13		19.999			50		6			(3	)
PulteGroup, Inc., 5.250%, 01/15/14	5.000% quarterly		12/20/16		3.863			150		(8	)		1
XLIT Ltd., 5.250%, 09/15/14	1.000% quarterly		03/20/17		1.256			1,700		17			2
Citibank, N.A.:
Beazer Homes USA, Inc., 9.125%, 06/15/18	5.000% quarterly		09/20/16		9.457			50		7			(8	)
Hartford Financial Services Group, Inc. (The), 4.000%, 03/30/15	1.000% quarterly		09/20/16		2.702			50		3			(2	)
People’s Republic of China, 4.250%, 10/28/14	1.000% quarterly		06/20/17		1.352			150		2			—	(h)
People’s Republic of China, 4.250%, 10/28/14	1.000% quarterly		06/20/17		1.352			150		2			(1	)
People’s Republic of China, 4.250%, 10/28/14	1.000% quarterly		06/20/17		1.352			250		4			(1	)
People’s Republic of China, 4.250%, 10/28/14	1.000% quarterly		06/20/17		1.352			350		5			(2	)
United Kingdom of Great Britain and Northern Ireland, 4.250%, 06/07/32	1.000% quarterly		09/20/16		0.616			150		(3	)		2
Credit Suisse International:
Starwood Hotels & Resorts Worldwide, Inc., 6.750%, 05/15/18	1.000% quarterly		06/20/17		1.515			160		4			(1	)
Deutsche Bank AG, New York:
Alcoa, Inc., 5.720%, 02/23/19	1.000% quarterly		06/20/17		3.394			250		26			(21	)
Ally Financial, Inc., 8.300%, 02/12/15	5.000% quarterly		12/20/13		3.244			50		(2	)		(2	)
Beazer Homes USA, Inc., 9.125%, 06/15/18	5.000% quarterly		09/20/16		9.457			50		7			(17	)
Darden Restaurants, Inc., 6.000%, 08/15/35	1.000% quarterly		06/20/17		1.237			75		1			—	(h)
Hartford Financial Services Group, Inc. (The), 4.000%, 03/30/15	1.000% quarterly		09/20/16		2.702			50		3			(2	)
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17	5.000% quarterly		06/20/13		19.999			50		6			(5	)
People’s Republic of China, 4.250%, 10/28/14	1.000% quarterly		06/20/17		1.352			350		5			(1	)
PulteGroup, Inc., 5.250%, 01/15/14	5.000% quarterly		12/20/16		3.863			50		(2	)		1
United States of America, 0.000%, 08/15/16	0.250% quarterly		09/20/16		0.415		EUR	150		1			(3	)
Morgan Stanley Capital Services:
Beazer Homes USA, Inc., 9.125%, 06/15/18	5.000% quarterly		09/20/13		5.712			10		—	(h)		—	(h)
Nordstorm., Inc, 6.950%, 03/15/28	1.000% quarterly		06/20/17		1.150			150		1			2
Republic of France, 4.250%, 04/25/19	0.250% quarterly		06/20/17		2.198			400		36			(33	)
Royal Bank of Scotland:
Weyerhaeuser Co., 7.125%, 07/15/23	1.000% quarterly		06/20/17		1.803			150		6			(3	)
Union Bank of Switzerland AG:
Ally Financial, Inc., 8.300%, 02/12/15	5.000% quarterly		03/20/14		3.417			50		(2	)		(2	)
Federal Republic of Germany, 6.000%, 06/20/16	0.250% quarterly		06/20/17		1.027			1,950		73			(45	)
Federal Republic of Brazil, 12.250%, 03/06/30	1.000% quarterly		06/20/17		1.710			350		11			(3	)
Goodrich Corp., 6.290%, 07/01/16	1.000% quarterly		03/20/17		0.302			60		(2	)		3
Hartford Financial Services Group, Inc. (The), 4.000%, 03/30/15	1.000% quarterly		09/20/16		2.702			50		3			(4	)
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17	5.000% quarterly		06/20/13		19.999			50		6			(3	)
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17	5.000% quarterly		06/20/13		19.999			100		13			(8	)
Limited Brands, Inc., 6.900%, 07/15/17	1.000% quarterly		06/20/17		2.527			350		24			(12	)
United Kingdom of Great Britain and Northern Ireland, 4.250%, 06/07/32	1.000% quarterly		09/20/16		0.616			150		(3	)		2
United Mexican States, 5.950%, 03/19/19	1.000% quarterly		06/20/17		1.638			350		10			(2	)
United Mexican States, 5.950%, 03/19/19	1.000% quarterly		06/20/17		1.638			650		19			(3	)
United Mexican States, 5.950%, 03/19/19	1.000% quarterly		06/20/17		1.638			650		19			(3	)
United States of America, 0.000%, 08/15/16	0.250% quarterly		09/20/16		0.415		EUR	250		2			(6	)
									$	303		$	(206	)

Credit Indices:

SWAP COUNTERPARTY/ REFERENCE OBLIGATION	FUND PAYS FIXED RATE (r)	TERMINATION DATE	IMPLIED CREDIT SPREAD AS OF 05/31/12 [3]			NOTIONAL AMOUNT [4]		VALUE			UPFRONT PREMIUMS (PAID)/RECEIVED [5]
Bank of America:
CDX.NA.HY.18.1	5.000% quarterly	06/20/17		6.771	%	$	200	$	12		$	(5	)
MCDX.NA.17.1	1.000% quarterly	12/20/16		1.868			300		9			(11	)
Barclays Bank plc:
CDX.EM.17.1	5.000% quarterly	06/20/17		3.335			1,300		(110	)		169
CMBX.NA.AA.3	0.270% monthly	12/13/49		5.766			260		174			(148	)
Citibank, N.A.:
CMBX.NA.BBB.4	5.000% monthly	02/17/51		44.540			180		122			(153	)
CMBX.NA.BBB.4	5.000% monthly	02/17/51		44.540			210		142			(168	)
MCDX.NA.18.1	1.000% quarterly	06/20/17		1.988			300		12			(9	)
Credit Suisse International:
CDX.NA.HY.18.1	5.000% quarterly	06/20/17		6.771			150		9			(5	)
CMBX.NA.BBB.5	5.000% monthly	02/15/51		78.218			180		126			(153	)
Deutsche Bank AG, New York:
CMBX.NA.AA.2	0.150% monthly	03/15/49		2.784			130		58			(53	)
Morgan Stanley Capital Services:
CDX.NA.IG.9	0.800% quarterly	12/20/17		1.665			75		5			(2	)
CDX.NA.IG.9	0.800% quarterly	12/20/17		1.665			350		14			(16	)
CMBX.NA.AA.2	0.150% monthly	03/15/49		2.784			140		63			(75	)
CMBX.NA.AA.2	0.150% monthly	03/15/49		2.784			260		117			(103	)
CMBX.NA.AA.3	0.270% monthly	12/13/49		5.766			140		93			(81	)
CMBX.NA.AJ.2	1.090% monthly	03/15/49		2.643			310		83			(38	)
CMBX.NA.AM.1	0.500% monthly	10/12/52		0.939			150		15			(24	)
iTraxx Europe 9.1	1.750% quarterly	06/20/18		0.727		EUR	175		6			(1	)
MCDX.NA.17.1	1.000% quarterly	12/20/16		1.868			150		5			(6	)
MCDX.NA.17.1	1.000% quarterly	12/20/16		1.868			250		8			(9	)
Royal Bank of Scotland:
ABX.HE.PENAAA.06.2	0.110% monthly	05/25/46		1.724			300		46			(2,098	)
ABX.HE.PENAAA.06.2	0.110% monthly	05/25/46		1.724			5,500		841			(1,875	)
CDX.NA.IG.9	0.800% quarterly	12/20/17		1.665			175		7			(8	)
CDX.NA.IG.9	0.800% quarterly	12/20/17		1.665			300		12			(13	)
Union Bank of Switzerland AG:
CDX.EM.17.1	5.000% quarterly	06/20/17		3.335			1,150		(98	)		150
CDX.NA.IG.9	0.800% quarterly	12/20/17		1.665			600		25			(19	)
CDX.NA.IG.9	0.800% quarterly	12/20/17		1.665			600		25			(21	)
								$	1,821		$	(4,775	)

Credit Default Swaps - Sell Protection [2]

Corporate and Sovereign Issuers:

SWAP COUNTERPARTY/ REFERENCE OBLIGATION	FUND RECEIVES FIXED RATE (r)	TERMINATION DATE		IMPLIED CREDIT SPREAD AS OF 05/31/12 [3]			NOTIONAL AMOUNT [4]		VALUE			UPFRONT PREMIUMS (PAID)/RECEIVED [5]
Bank of America:
Berkshire Hathaway, Inc., 2.450%, 12/15/15	1.000% quarterly		03/20/17		1.511	%	$	50	$	(1	)	$	1
Berkshire Hathaway, Inc., 2.450%, 12/15/15	1.000% quarterly		03/20/17		1.511			50		(1	)		1
Berkshire Hathaway, Inc., 2.450%, 12/15/15	1.000% quarterly		03/20/17		1.511			150		(3	)		3
Block Financial LLC, 5.125%, 10/30/14	5.000% quarterly		03/20/13		5.207			100		1			(1	)
Block Financial LLC, 5.125%, 10/30/14	5.000% quarterly		03/20/13		5.207			100		1			(1	)
Boyd Gaming Corp., 6.750%, 04/15/14	5.000% quarterly		06/20/14		5.966			50		—	(h)		—	(h)
Freeport-McMoRan Copper & Gold, Inc., 3.550%, 03/01/22	1.000% quarterly		06/20/17		2.013			250		(12	)		9
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		06/20/14		27.473			50		(15	)		10
MBIA Insurance Corp., 0.000%, 10/06/10	5.000% quarterly		12/20/12		26.712			50		(5	)		8
Realogy Corp., 10.500%, 04/15/14	5.000% quarterly		06/20/13		6.554			50		—	(h)		(1	)
Realogy Corp., 10.500%, 04/15/14	5.000% quarterly		06/20/14		9.056			250		(16	)		4
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly		06/20/12		23.193			50		—	(h)		2
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly		09/20/12		18.496			50		(1	)		3
Barclays Bank plc:
Berkshire Hathaway, Inc., 2.450%, 12/15/15	1.000% quarterly		03/20/17		1.511			1,700		(36	)		24
Clear Channel Communications, Inc., 6.875%, 06/15/18	5.000% quarterly		06/20/13		6.746			130		(1	)		17
Clear Channel Communications, Inc., 6.875%, 06/15/18	5.000% quarterly		06/20/13		6.746			180		(1	)		21
Clear Channel Communications, Inc., 6.875%, 06/15/18	5.000% quarterly		03/20/14		10.070			130		(9	)		7
Clear Channel Communications, Inc., 6.875%, 06/15/18	5.000% quarterly		09/20/14		12.755			50		(7	)		3
Dixons Retail plc, 8.750%, 08/03/15	5.000% quarterly		06/20/12		2.625		EUR	40		1			1
Dixons Retail plc, 8.750%, 08/03/15	5.000% quarterly		06/20/12		2.625		EUR	50		1			2
Dixons Retail plc, 8.750%, 08/03/15	5.000% quarterly		09/20/12		2.626		EUR	50		1			1
Dixons Retail plc, 8.750%, 08/03/15	5.000% quarterly		06/20/13		4.724		EUR	100		1			8
Dixons Retail plc, 8.750%, 08/03/15	5.000% quarterly		06/20/13		4.724		EUR	200		3			16
First Data Corp., 9.875%, 09/24/15	5.000% quarterly		12/20/12		1.121			30		1			—	(h)
First Data Corp., 9.875%, 09/24/15	5.000% quarterly		12/20/12		1.121			50		1			2
First Data Corp., 9.875%, 09/24/15	5.000% quarterly		12/20/12		1.121			130		4			—	(h)
First Data Corp., 9.875%, 09/24/15	5.000% quarterly		12/20/12		1.121			130		4			—	(h)
Harrah’s Operating Co., Inc., 5.625%, 06/01/15	5.000% quarterly		03/20/13		7.692			120		(1	)		1
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		03/20/13		17.727			100		(8	)		9
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		06/20/13		19.999			50		(6	)		7
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		06/20/13		19.999			100		(12	)		3
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		06/20/13		19.999			120		(15	)		2
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		06/20/14		27.473			50		(14	)		7
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		06/20/14		27.473			50		(14	)		7
R.R. Donnelley & Sons Co., 6.125%, 01/15/17	5.000% quarterly		06/20/17		8.541			150		(19	)		13
R.R. Donnelley & Sons Co., 6.125%, 01/15/17	5.000% quarterly		06/20/17		8.541			200		(25	)		15
Realogy Corp., 10.500%, 04/15/14	5.000% quarterly		12/20/12		4.485			30		—	(h)		2
Rite Aid Corp., 7.700%, 02/15/27	5.000% quarterly		09/20/12		2.529			50		1			1
Standard Pacific Corp., 10.750%, 09/15/16	5.000% quarterly		12/20/16		4.388			50		2			3
Standard Pacific Corp., 10.750%, 09/15/16	5.000% quarterly		12/20/16		4.388			150		5			11
SUPERVALU, Inc., 8.000%, 05/01/16	5.000% quarterly		09/20/14		6.851			60		(2	)		3
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly		06/20/12		23.193			40		—	(h)		3
BNP Paribas:
Boyd Gaming Corp., 6.750%, 04/15/14	5.000% quarterly		06/20/14		5.966			50		—	(h)		1

SUPERVALU, Inc., 8.000%, 05/01/16	5.000% quarterly	12/20/15	8.471		50	(5	)	4
SUPERVALU, Inc., 8.000%, 05/01/16	5.000% quarterly	12/20/15	8.471		50	(5	)	4
SUPERVALU, Inc., 8.000%, 05/01/16	5.000% quarterly	12/20/15	8.471		50	(5	)	4
SUPERVALU, Inc., 8.000%, 05/01/16	5.000% quarterly	03/20/16	8.718		40	(4	)	4
SUPERVALU, Inc., 8.000%, 05/01/16	5.000% quarterly	03/20/16	8.718		60	(6	)	5
SUPERVALU, Inc., 8.000%, 05/01/16	5.000% quarterly	03/20/16	8.718		90	(10	)	8
SUPERVALU, Inc., 8.000%, 05/01/16	5.000% quarterly	03/20/16	8.718		90	(10	)	8
SUPERVALU, Inc., 8.000%, 05/01/16	5.000% quarterly	09/20/16	9.068		50	(6	)	6
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly	06/20/12	23.193		40	—	(h)	1
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly	06/20/12	23.193		40	—	(h)	1
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly	09/20/12	18.496		50	(1	)	3
Citibank, N.A.:
Block Financial LLC, 5.125%, 10/30/14	5.000% quarterly	12/20/12	5.104		130	1		1
Chesapeake Energy Corp., 6.625%, 08/15/20	5.000% quarterly	06/20/13	8.576		50	(1	)	1
Clear Channel Communications, Inc., 6.875%, 06/15/18	5.000% quarterly	03/20/14	10.070		50	(3	)	1
Clear Channel Communications, Inc., 6.875%, 06/15/18	5.000% quarterly	03/20/14	10.070		100	(7	)	2
Clear Channel Communications, Inc., 6.875%, 06/15/18	5.000% quarterly	03/20/14	10.070		120	(8	)	3
Clear Channel Communications, Inc., 6.875%, 06/15/18	5.000% quarterly	03/20/14	10.070		130	(9	)	7
Dixons Retail plc, 8.750%, 08/03/15	5.000% quarterly	06/20/12	2.625	EUR	40	1		1
First Data Corp., 9.875%, 09/24/15	5.000% quarterly	12/20/12	1.121		50	1		2
Harrah’s Operating Co., Inc., 5.625%, 06/01/15	5.000% quarterly	12/20/12	6.395		130	—	(h)	4
Harrah’s Operating Co., Inc., 5.625%, 06/01/15	5.000% quarterly	03/20/13	7.692		50	(1	)	1
Harrah’s Operating Co., Inc., 5.625%, 06/01/15	5.000% quarterly	03/20/13	7.692		50	(1	)	1
Harrah’s Operating Co., Inc., 5.625%, 06/01/15	5.000% quarterly	03/20/13	7.692		50	—	(h)	1
Harrah’s Operating Co., Inc., 5.625%, 06/01/15	5.000% quarterly	03/20/13	7.692		130	(2	)	1
McClatchy Co. (The), 5.750%, 09/01/17	5.000% quarterly	06/20/14	7.129		50	(2	)	2
McClatchy Co. (The), 5.750%, 09/01/17	5.000% quarterly	03/20/15	9.563		160	(16	)	6
Realogy Corp., 10.500%, 04/15/14	5.000% quarterly	12/20/12	4.485		130	1		7
Realogy Corp., 10.500%, 04/15/14	5.000% quarterly	12/20/12	4.485		130	2		8
Realogy Corp., 10.500%, 04/15/14	5.000% quarterly	12/20/12	4.485		150	2		9
Realogy Corp., 10.500%, 04/15/14	5.000% quarterly	12/20/13	8.220		130	(5	)	16
SUPERVALU, Inc., 7.500%, 05/15/12	5.000% quarterly	12/20/15	8.471		130	(12	)	6
Credit Suisse International:
Chesapeake Energy Corp., 6.625%, 08/15/20	5.000% quarterly	12/20/12	8.566		50	—	(h)	1
Harrah’s Operating Co., Inc., 5.625%, 06/01/15	5.000% quarterly	12/20/12	6.395		100	—	(h)	3
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	03/20/13	17.727		50	(4	)	3
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	03/20/13	17.727		50	(4	)	4
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	03/20/13	17.727		100	(8	)	6
McClatchy Co. (The), 5.750%, 09/01/17	5.000% quarterly	12/20/12	3.656		50	1		3
SUPERVALU, Inc., 8.000%, 05/01/16	5.000% quarterly	03/20/16	8.718		20	(2	)	2
SUPERVALU, Inc., 8.000%, 05/01/16	5.000% quarterly	03/20/16	8.718		50	(5	)	4
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly	06/20/12	23.193		50	—	(h)	2
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly	09/20/12	18.496		50	(1	)	3
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly	09/20/12	18.496		50	(1	)	4
Deutsche Bank AG, New York:
Block Financial LLC, 5.125%, 10/30/14	5.000% quarterly	03/20/13	5.207		130	1		(1	)
Block Financial LLC, 5.125%, 10/30/14	5.000% quarterly	09/20/16	5.351		100	—	(h)	(4	)
Boyd Gaming Corp., 6.750%, 04/15/14	5.000% quarterly	06/20/14	5.966		50	—	(h)	—	(h)
Boyd Gaming Corp., 6.750%, 04/15/14	5.000% quarterly	06/20/14	5.966		150	(1	)	—	(h)
Boyd Gaming Corp., 6.750%, 04/15/14	5.000% quarterly	06/20/14	5.966		200	(2	)	1
Boyd Gaming Corp., 6.750%, 04/15/14	5.000% quarterly	06/20/14	5.966		250	(2	)	1
Boyd Gaming Corp., 6.750%, 04/15/14	5.000% quarterly	06/20/14	5.966		250	(2	)	1
Clear Channel Communications, Inc., 6.875%, 06/15/18	5.000% quarterly	09/20/13	8.179		100	(3	)	4
Clear Channel Communications, Inc., 6.875%, 06/15/18	5.000% quarterly	09/20/14	12.755		80	(11	)	4

Harrah’s Operating Co., Inc., 5.625%, 06/01/15	5.000% quarterly	03/20/13	7.692	50	(1	)	—	(h)
Harrah’s Operating Co., Inc., 5.625%, 06/01/15	5.000% quarterly	03/20/13	7.692	50	(1	)	1
Harrah’s Operating Co., Inc., 5.625%, 06/01/15	5.000% quarterly	03/20/13	7.692	50	(1	)	1
Harrah’s Operating Co., Inc., 5.625%, 06/01/15	5.000% quarterly	03/20/13	7.692	50	(1	)	1
Harrah’s Operating Co., Inc., 5.625%, 06/01/15	5.000% quarterly	03/20/13	7.692	50	(1	)	1
Harrah’s Operating Co., Inc., 5.625%, 06/01/15	5.000% quarterly	03/20/13	7.692	120	(1	)	2
Harrah’s Operating Co., Inc., 5.625%, 06/01/15	5.000% quarterly	03/20/13	7.692	140	(2	)	2
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	12/20/12	15.130	10	(1	)	2
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	03/20/13	17.727	50	(4	)	6
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	06/20/13	19.999	50	(6	)	2
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	06/20/13	19.999	50	(6	)	6
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	06/20/13	19.999	50	(6	)	6
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	06/20/13	19.999	50	(6	)	7
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	06/20/13	19.999	50	(6	)	7
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	06/20/13	19.999	50	(6	)	8
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	06/20/13	19.999	50	(6	)	8
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	06/20/13	19.999	50	(6	)	8
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	06/20/13	19.999	100	(13	)	14
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	09/20/13	21.833	50	(8	)	9
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	09/20/13	21.833	50	(8	)	9
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	09/20/13	21.833	50	(8	)	9
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	03/20/14	25.408	150	(37	)	9
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	03/20/14	25.408	250	(62	)	13
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	06/20/14	27.473	30	(9	)	6
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly	06/20/14	27.473	50	(14	)	9
McClatchy Co. (The), 5.750%, 09/01/17	5.000% quarterly	12/20/12	3.656	50	1		1
McClatchy Co. (The), 5.750%, 09/01/17	5.000% quarterly	12/20/12	3.656	130	2		3
McClatchy Co. (The), 5.750%, 09/01/17	5.000% quarterly	12/20/13	6.279	130	(1	)	8
McClatchy Co. (The), 5.750%, 09/01/17	5.000% quarterly	12/20/13	6.279	130	(1	)	7
McClatchy Co. (The), 5.750%, 09/01/17	5.000% quarterly	03/20/15	9.563	130	(13	)	6
Realogy Corp., 10.500%, 04/15/14	5.000% quarterly	12/20/12	4.485	130	2		8
Realogy Corp., 10.500%, 04/15/14	5.000% quarterly	06/20/13	6.554	50	—	(h)	—	(h)
Rite Aid Corp., 7.700%, 02/15/27	5.000% quarterly	03/20/14	5.289	150	1		9
Standard Pacific Corp., 10.750%, 09/15/16	5.000% quarterly	12/20/16	4.388	200	7		11
SUPERVALU, Inc., 7.500%, 05/15/12	5.000% quarterly	12/20/15	8.471	130	(12	)	6
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly	06/20/12	23.193	40	—	(h)	2
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly	06/20/12	23.193	50	—	(h)	3
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly	06/20/12	23.193	50	—	(h)	1
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly	06/20/12	23.193	100	—	(h)	2
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly	09/20/12	18.496	50	(1	)	3
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly	09/20/12	18.496	50	(2	)	4
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly	09/20/12	18.496	50	(2	)	4
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly	09/20/12	18.496	50	(2	)	5
Morgan Stanley Capital Services:
Block Financial LLC, 5.125%, 10/30/14	5.000% quarterly	09/20/16	5.351	50	—	(h)	(1	)
Boyd Gaming Corp., 6.750%, 04/15/14	5.000% quarterly	06/20/14	5.966	130	(1	)	2
Clear Channel Communications, Inc., 6.875%, 06/15/18	5.000% quarterly	06/20/13	6.746	50	—	(h)	—	(h)
Clear Channel Communications, Inc., 6.875%, 06/15/18	5.000% quarterly	09/20/14	12.755	80	(11	)	4
Clear Channel Communications, Inc., 6.875%, 06/15/18	5.000% quarterly	09/20/14	12.755	80	(11	)	4
Clear Channel Communications, Inc., 6.875%, 06/15/18	5.000% quarterly	06/20/14	10.803	100	(9	)	4
Clear Channel Communications, Inc., 6.875%, 06/15/18	5.000% quarterly	03/20/14	10.070	130	(9	)	7
Federal Republic of Germany, 6.000%, 06/20/16*	0.250% quarterly	06/20/17	1.027	667	(25	)	20
Harrah’s Operating Co., Inc., 5.625%, 06/01/15	5.000% quarterly	03/20/13	7.692	20	—	(h)	—	(h)
Harrah’s Operating Co., Inc., 5.625%, 06/01/15	5.000% quarterly	03/20/13	7.692	30	—	(h)	—	(h)

SWAP COUNTERPARTY/ REFERENCE OBLIGATION	FUND RECEIVES FIXED RATE (r)	TERMINATION DATE		IMPLIED CREDIT SPREAD AS OF 05/31/12 [3]		NOTIONAL AMOUNT [4]		VALUE			UPFRONT PREMIUMS (PAID)/RECEIVED [5]
Harrah’s Operating Co., Inc., 5.625%, 06/01/15	5.000% quarterly		03/20/13		7.692		50		(1	)		1
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		09/20/12		11.843		50		(1	)		3
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		12/20/12		15.130		20		(1	)		3
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		03/20/13		17.727		50		(4	)		3
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		03/20/13		17.727		50		(4	)		6
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		03/20/13		17.727		50		(4	)		4
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		03/20/13		17.727		50		(4	)		3
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		06/20/13		19.999		100		(12	)		13
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		06/20/13		19.999		2,000		(248	)		298
McClatchy Co. (The), 5.750%, 09/01/17	5.000% quarterly		12/20/12		3.656		50		1			—	(h)
McClatchy Co. (The), 5.750%, 09/01/17	5.000% quarterly		12/20/12		3.656		50		1			—	(h)
McClatchy Co. (The), 5.750%, 09/01/17	5.000% quarterly		12/20/13		6.279		200		(2	)		10
McClatchy Co. (The), 5.750%, 09/01/17	5.000% quarterly		06/20/14		7.129		50		(2	)		2
McClatchy Co. (The), 5.750%, 09/01/17	5.000% quarterly		06/20/14		7.129		50		(2	)		3
McClatchy Co. (The), 5.750%, 09/01/17	5.000% quarterly		06/20/14		7.129		55		(2	)		—	(h)
Realogy Corp., 10.500%, 04/15/14	5.000% quarterly		12/20/12		4.485		10		—	(h)		6
Realogy Corp., 10.500%, 04/15/14	5.000% quarterly		12/20/13		8.220		130		(5	)		17
SUPERVALU, Inc., 8.000%, 05/01/16	5.000% quarterly		03/20/16		8.718		30		(3	)		2
SUPERVALU, Inc., 8.000%, 05/01/16	5.000% quarterly		03/20/16		8.718		130		(14	)		11
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly		06/20/12		23.193		100		—	(h)		2
Royal Bank of Scotland:
Caesars Entertainment Operating Co., 5.375%, 12/15/13	5.000% quarterly		03/20/13		7.692		70		(1	)		1
Caesars Entertainment Operating Co., 5.625%, 06/01/15	5.000% quarterly		12/20/12		6.395		50		—	(h)		4
Harrah’s Operating Co., Inc., 5.625%, 06/01/15	5.000% quarterly		03/20/13		7.692		40		—	(h)		1
Harrah’s Operating Co., Inc., 5.625%, 06/01/15	5.000% quarterly		03/20/13		7.692		50		(1	)		1
Harrah’s Operating Co., Inc., 5.625%, 06/01/15	5.000% quarterly		03/20/13		7.692		50		(1	)		1
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		09/20/12		11.843		50		(1	)		9
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		03/20/13		17.727		10		(1	)		2
Union Bank of Switzerland AG:
Block Financial LLC, 5.125%, 10/30/14	5.000% quarterly		03/20/13		5.207		50		—	(h)		—	(h)
Block Financial LLC, 5.125%, 10/30/14	5.000% quarterly		12/20/16		5.362		600		(2	)		(2	)
Clear Channel Communications, Inc., 6.875%, 06/15/18	5.000% quarterly		09/20/14		12.755		100		(13	)		9
Clear Channel Communications, Inc., 6.875%, 06/15/18	5.000% quarterly		09/20/14		12.755		150		(20	)		6
Cooper Tire & Rubber Co., 7.625%, 03/15/27	5.000% quarterly		12/20/16		5.127		80		—	(h)		6
First Data Corp., 9.875%, 09/24/15	5.000% quarterly		12/20/12		1.121		100		3			1
First Data Corp., 9.875%, 09/24/15	5.000% quarterly		12/20/12		1.121		130		4			2
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		09/20/12		11.843		50		(1	)		6
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		09/20/12		11.843		50		(1	)		7
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		12/20/12		15.130		50		(2	)		11
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		12/20/12		15.130		50		(2	)		13
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		12/20/12		15.130		50		(2	)		7
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		06/20/13		19.999		50		(6	)		8
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		06/20/13		19.999		50		(6	)		7
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		03/20/14		25.408		5		(1	)		—	(h)
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		03/20/14		25.408		20		(5	)		2
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		03/20/14		25.408		50		(12	)		2
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		03/20/14		25.408		50		(12	)		5
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		03/20/14		25.408		50		(12	)		5
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		03/20/14		25.408		80		(20	)		4
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		03/20/14		25.408		80		(20	)		8
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		03/20/14		25.408		200		(50	)		8
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		06/20/14		27.473		50		(14	)		7
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17*	5.000% quarterly		06/20/14		27.473		100		(29	)		16
Lennar Corp., 6.500%, 04/15/16	5.000% quarterly		06/20/13		1.318		210		10			(15	)

MBIA Insurance Corp., 0.000%, 10/06/10	5.000% quarterly	12/20/12	26.712	10	(1)		1
McClatchy Co. (The), 5.750%, 09/01/17	5.000% quarterly	12/20/12	3.656	50	1		1
McClatchy Co. (The), 5.750%, 09/01/17	5.000% quarterly	06/20/14	7.129	100	(3)		3
Realogy Corp., 10.500%, 04/15/14	5.000% quarterly	12/20/12	4.485	130	2		7
Realogy Corp., 10.500%, 04/15/14	5.000% quarterly	12/20/13	8.220	130	(5)		17
SUPERVALU, Inc., 7.500%, 05/15/12	5.000% quarterly	12/20/15	8.471	130	(12)		6
SUPERVALU, Inc., 8.000%, 05/01/16	5.000% quarterly	12/20/15	8.471	130	(12)		5
SUPERVALU, Inc., 8.000%, 05/01/16	5.000% quarterly	12/20/15	8.471	130	(12)		6
SUPERVALU, Inc., 8.000%, 05/01/16	5.000% quarterly	12/20/15	8.471	130	(12)		8
SUPERVALU, Inc., 8.000%, 05/01/16	5.000% quarterly	12/20/15	8.471	310	(29)		17
SUPERVALU, Inc., 8.000%, 05/01/16	5.000% quarterly	03/20/16	8.718	50	(5)		5
SUPERVALU, Inc., 8.000%, 05/01/16	5.000% quarterly	03/20/16	8.718	180	(19)		14
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15	5.000% quarterly	06/20/12	23.193	40	—	(h)	1
					$	(1,291)	$1,286

Credit Indices:

SWAP COUNTERPARTY/ REFERENCE OBLIGATION	FUND RECEIVES FIXED RATE (r)	TERMINATION DATE		IMPLIED CREDIT SPREAD AS OF 05/31/12 [3]			NOTIONAL AMOUNT [4]		VALUE			UPFRONT PREMIUMS (PAID)/RECEIVED [5]
Bank of America:
CDX.NA.IG.18	1.000% quarterly		06/20/17		1.227	%	$	650	$	(6	)	$	(5	)
Barclays Bank plc:
CMBX.NA.A.3	0.620% monthly		12/13/49		11.231			260		(210	)		181
Citibank, N.A.:
CMBX.NA.A.2	0.250% monthly		03/15/49		4.965			280		(174	)		132
CMBX.NA.AJ.4	0.960% monthly		02/17/51		3.806			350		(151	)		113
Credit Suisse International:
CDX.NA.IG.18	1.000% quarterly		06/20/17		1.227			200		(2	)		(1	)
Deutsche Bank AG, New York:
CDX.NA.HY.8.20	2.750% quarterly		06/20/12		38.867			25		—	(h)		8
CDX.NA.HY.8.20	2.750% quarterly		06/20/12		38.867			50		(1	)		18
CMBX.NA.A.2	0.250% monthly		03/15/49		4.965			260		(161	)		131
Morgan Stanley Capital Services:
CMBX.NA.A.2	0.250% monthly		03/15/49		4.965			260		(161	)		131
CMBX.NA.A.3	0.620% monthly		12/13/49		11.231			140		(113	)		98
CMBX.NA.AM.4	0.500% monthly		02/17/51		1.607			150		(34	)		49
Royal Bank of Scotland:
ABX.HE.PENAAA.07.2	0.760% monthly		01/25/38		7.312			10,200		(6,206	)		6,126
Union Bank of Switzerland AG:
CDX.NA.HY.8.6	2.750% quarterly		06/20/12		38.867			75		(1	)		4
CDX.NA.IG.18	1.000% quarterly		06/20/17		1.227			350		(3	)		—	(h)
									$	(7,223	)	$	6,985

[1] The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.

[2] The Fund, as a seller of credit protection, receives periodic payments and may also receive or pay an upfront premium from or to the protection buyer, and is obligated to make a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.

[3] Implied credit spreads are an indication of the seller’s performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e.,make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indexes are linked to the weighted average spread across the underlying reference obligations included in a particular index.

[4] The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.

[5] Upfront premiums generally relate to payments made or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

* The Fund has purchased credit default swaps with identical underlying reference obligations; net amounts received by the Fund from settlement of purchased protection may offset potential amounts paid at a credit event for protection sold.

Interest Rate Swaps

	RATE TYPE (r)
SWAP COUNTERPARTY	PAYMENTS MADE BY THE FUND	PAYMENTS RECEIVED BY THE FUND	TERMINATION DATE		NOTIONAL AMOUNT		VALUE
Bank of America	1.393% semi-annually	3 month LIBOR quarterly		10/27/16	$	266	$	(6	)
Bank of America	2.336% semi-annually	3 month LIBOR quarterly		10/17/21		653		(39	)
Bank of America	2.138% semi-annually	3 month LIBOR quarterly		02/23/22		174		(8	)
Barclays Bank plc	1.299% semi-annually	3 month LIBOR quarterly		11/02/16		634		(11	)
Barclays Bank plc	2.426% semi-annually	3 month LIBOR quarterly		08/30/21		300		(22	)
Barclays Bank plc	2.314% semi-annually	3 month LIBOR quarterly		11/02/21		348		(20	)
Credit Suisse International	3 month LIBOR quarterly	1.111% semi-annually		05/01/17		1,317		8
Credit Suisse International	3 month LIBOR quarterly	1.105% semi-annually		05/02/17		994		5
Credit Suisse International	1.097% semi-annually	3 month LIBOR quarterly		05/29/17		1,398		(6	)
Credit Suisse International	2.066% semi-annually	3 month LIBOR quarterly		05/01/22		1,382		(43	)
Credit Suisse International	2.043% semi-annually	3 month LIBOR quarterly		05/02/22		1,041		(30	)
Credit Suisse International	3 month LIBOR quarterly	2.833% semi-annually		05/01/42		302		29
Credit Suisse International	3 month LIBOR quarterly	2.809% semi-annually		05/02/42		227		21
Deutsche Bank AG, New York	1.130% semi-annually	3 month LIBOR quarterly		02/19/17		1,349		(15	)
Deutsche Bank AG, New York	1.105% semi-annually	3 month LIBOR quarterly		03/07/17		2,038		(16	)
Deutsche Bank AG, New York	1.110% semi-annually	3 month LIBOR quarterly		05/14/17		685		(4	)
Deutsche Bank AG, New York	3 month LIBOR quarterly	2.623% semi-annually		02/19/42		302		17
Deutsche Bank AG, New York	3 month LIBOR quarterly	2.815% semi-annually		05/14/42		159		15
Morgan Stanley Capital Services	2.020% semi-annually	3 month LIBOR quarterly		03/02/22		174		(5	)
Morgan Stanley Capital Services	2.166% semi-annually	3 month LIBOR quarterly		03/15/22		174		(8	)
							$	(138	)

Return Swaps

SWAP COUNTERPARTY/ REFERENCE OBLIGATION	FUND PAYS FIXED RATE (r)	FUND RECEIVES FIXED RATE (r)	TERMINATION DATE		NOTIONAL AMOUNT		VALUE
Bank of America:
IOS Index 4% 30 year Fannie Mae Pools	1 month USD LIBOR and increases in total return of index	0.000% and decreases in total return of index		01/12/40	$	254	$	(4	)
IOS Index 5% 30 year Fannie Mae Pools	5.000% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		01/12/41		350		4
IOS Index 5% 30 year Fannie Mae Pools	5.000% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		01/12/41		450		6
Citibank, N.A.:
IOS Index 6.5% 30 year Fannie Mae Pools	6.500% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		01/12/38		2,200		2
IOS Index 5% 30 year Fannie Mae Pools	5.000% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		01/12/41		429		5
IOS Index 5% 30 year Fannie Mae Pools	5.000% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		01/12/41		438		6
IOS Index 5% 30 year Fannie Mae Pools	5.000% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		01/12/41		457		6
IOS Index 5% 30 year Fannie Mae Pools	5.000% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		01/12/41		500		6
IOS Index 5% 30 year Fannie Mae Pools	5.000% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		01/12/41		656		8
IOS Index 5% 30 year Fannie Mae Pools	5.000% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		01/12/41		700		8
IOS Index 5% 30 year Fannie Mae Pools	5.000% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		01/12/41		1,000		12
IOS Index 5% 30 year Fannie Mae Pools	5.000% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		01/12/41		1,500		19
IOS Index 5% 30 year Fannie Mae Pools	5.000% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		01/12/41		1,575		20
Credit Suisse International:
IOS Index 6.5% 30 year Fannie Mae Pools	6.500% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		01/12/38		2,300		2
Royal Bank of Scotland:
IOS Index 6.5% 30 year Fannie Mae Pools	6.500% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		01/12/38		2,300		2
IOS Index 6.5% 30 year Fannie Mae Pools	6.500% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		01/12/38		2,300		2
							$	104

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ABX	—	Asset-Backed Securities Index
CAD	—	Canadian Dollar
CDX	—	Credit Default Swap Index
CMBX	—	Commercial Mortgage-Backed Securities Index
CMO	—	Collateralized Mortgage Obligation
EUR	—	Euro
GBP	—	British Pound
IF	—	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of May 31, 2012. The rate may be subject to a cap and floor.
IO	—	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
JPY	—	Japanese Yen
LIBOR	—	London Interbank Offered Rate
MCDX	—	Municipal Bond Credit Default Swap Index
MXN	—	Mexican Peso
NOK	—	Norwegian Krone
PIK	—	Payment-in-Kind
REIT	—	Real Estate Investment Trust.
REMICS	—	Real Estate Mortgage Investment Conduits
STRIPS	—	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of May 31, 2012.
TBA	—	To Be Announced
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of May 31, 2012.
(~)	—	Securities are guaranteed by the Federal Deposit Insurance Corporation (FDIC) under its Temporary Liquidity Guarantee Program (TLGP). Under this program, the FDIC guarantees, with the full faith and credit of the U.S. government, the payment of principal and interest. The expiration of the FDIC’s guarantee is the earlier of the maturity date of the debt or June 30, 2012.
†	—	Approximately $6,690,000 of this investment is restricted as collateral for swaps to various brokers.
(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.
(d)	—	Defaulted Security.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

(f)	—	Security is fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. The Fund owns fair valued securities with a value of less than one thousands dollars which amounts to less than 0.1% of total investments.
(g)	—	Amount rounds to less than 0.1%.
(h)	—	Amount rounds to less than one thousand (shares or dollars).
(i)	—	Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.
(k)	—	All or a portion of this security is deposited with the broker as collateral for futures or with brokers as initial margin for futures contracts.
(l)	—	The rate shown is the current yield as of May 31, 2012.
(m)	—	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments, and/or forward foreign currency exchange contracts.
(n)	—	The rate shown is the effective yield at the date of purchase.
(r)	—	Rates shown are per annum and payments are as described.

As of May 31, 2012, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	16,526
Aggregate gross unrealized depreciation		(5,381	)
Net unrealized appreciation/depreciation	$	11,145
Federal income tax cost of investments	$	326,585

1. Derivatives — The Fund uses instruments including futures contracts, forward foreign currency exchange contracts, options, swaps and other derivatives, in connection with its respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. The Fund also uses derivatives to manage duration, sector and yield curve exposures and credit and spread volatility.

The Fund may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed its value.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Funds.

Notes (a) — (d) below describe the various derivatives used by the Fund.

(a). Options — The Fund purchases and sells (“writes”) put and call options on various instruments including futures, securities, currencies and interest rate swaps (“swaptions”) to manage and hedge interest rate risks within its portfolio and also to gain long or short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller. Swaptions and Eurodollar options are settled for cash.

Options Purchased — Premiums paid by the Fund for options purchased are included as an investment. The option is adjusted daily to reflect the current market value of the option and the change is recorded as unrealized appreciation or depreciation. If the option is allowed to expire, the Fund will lose the entire premium it paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the security.

Options Written — Premiums received by the Fund for options written are adjusted daily to reflect the current market value of the option written and the change in market value is recorded as unrealized appreciation or depreciation. Premiums received from options written that expire are treated as realized gains. The Fund records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

Written uncovered call options subjects the Fund to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subjects the Fund to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Fund is not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

(b). Futures Contracts — The Fund uses treasury, index or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments. The Fund also uses futures contracts to lengthen or shorten the duration of the overall investment portfolio.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funs periodically and are based on changes in the market value of open futures contracts.

The Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Fund to risk of loss up to the notional

amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund’s credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

(c). Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with portfolio investments and therefore uses forward foreign currency exchange contracts to hedge or manage these exposures. The Fund also buys forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

The values of the forward foreign currency contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed.

(d). Swaps — The Fund engages in various swap transactions, including interest rate, credit default, index, price locks, spread locks and total return swaps, to manage credit, interest rate (e.g., duration, yield curve), currency, and inflation risks within its portfolio. The Fund also uses swaps as alternatives to direct investments. Swap transactions are negotiated contracts between a Fund and a counterparty to exchange swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Fund are recognized as a realized gain or loss when the contract matures or is terminated. The value of a swap agreement is recorded at the beginning of the measurement period. The change in value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is recognized as unrealized appreciation or depreciation. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding swap contracts with the counterparty in the form of cash or securities. Collateral posted by the Fund is held in a segregated account at the Fund’s custodian bank. Cash collateral posted by the Fund is invested in an affiliated money market fund.

Credit Default Swaps

The Fund enters into credit default swaps to simulate long and short bond positions or to take an active long or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

If a credit event occurs, the Fund, as a protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to a Fund’s portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

Return Swaps

The Fund uses total return swaps to gain long or short exposure to an underlying index. To the extent the total return of the index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. These arrangements involve the periodic exchange of cash flows based on the total return of the underlying index and interest rate obligations.

Interest Rate Swaps

The Fund enters into interest rate swap contracts to manage fund exposure to interest rates or to either preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic interest payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically a fixed interest rate.

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2012 (Unaudited)

(Amounts in thousands)

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

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

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

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

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

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

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

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

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

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

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

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stock
Consumer Discretionary	$	12		$	—		$	—		$	12
Debt Securities
Asset-Backed Securities		—			14,888			265			15,153
Collateralized Mortgage Obligations
Agency CMO		—			4,646			—			4,646
Non-Agency CMO		—			16,700			—			16,700
Total Collateralized Mortgage Obligations		—			21,346			—			21,346
Commercial Mortgage-Backed
Securities		—			14,415			—			14,415
Corporate Bonds
Consumer Discretionary		—			12,170			—			12,170
Consumer Staples		—			9,787			—			9,787
Energy		—			3,179			—			3,179
Financials		—			35,241			—	(a)		35,241
Health Care		—			3,715			—			3,715
Industrials		—			5,745			—			5,745
Information Technology		—			4,181			—			4,181
Materials		—			5,094			—			5,094
Telecommunication Services		—			11,040			—			11,040
Utilities		—			11,873			—			11,873
Total Corporate Bonds		—			102,025			—	(a)		102,025
Mortgage Pass-Through Securities		—			79,783			—			79,783
Supranational		—			3,109			—			3,109
U.S. Government Agency Securities		—			21,527			—			21,527
U.S. Treasury Obligations		—			13,598			—			13,598
Option Purchased
Put Option Purchased		3			—			—			3
Payer Options Purchased on Interest Rate Swaps		—			1			—			1
Short-Term Investments
Investment Company		66,163			—			—			66,163
U.S. Treasury Obligation		—			595			—			595
Total Investments in Securities	$	66,178		$	271,287		$	265		$	337,730
Liabilities
Debt Securities
Mortgage Pass-Through Securities	$	—		$	(9,266	)		—		$	(9,266	)
Options Written
Payer Options Written on Interest Rate Swaps		—			–	(b)		—			—	(b)
Total Liabilities	$	—		$	(9,266	)	$	—		$	(9,266	)
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	65		$	—		$	65
Futures Contracts		230			—			—			230
Swaps		—			1,122			—			1,122
Total Appreciation in Other Financial Instruments	$	230		$	1,187		$	—		$	1,417
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(49	)	$	—		$	(49	)
Futures Contracts		(154	)		—			—			(154	)
Swaps		—			(4,256	)		—			(4,256	)
Total Depreciation in Other Financial Instruments	$	(154	)	$	(4,305	)	$	—		$	(4,459	)

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

(b) Security has a zero value.

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

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

	Balance as of 02/29/12		Realized gain  (loss)		Change in unrealized appreciation (depreciation)		Net amortization (accretion)			Purchases 1		Sales 2			Transfers into Level 3		Transfers out of Level 3		Balance as of 05/31/12
Investments in Securities
Asset-Backed Securities	$	—	$	—	$	1	$	—		$	286	$	(22	)	$	—	$	—	$	265
Corporate Bonds - Financials		1,113		114		135		(1	)		—		(1,361	)		—		—		—	(a)
Total	$	1,113	$	114	$	136	$	(1	)	$	286	$	(1,383	)	$	—	$	—	$	265

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

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

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

Transfers into, 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, 2012, which were valued using significant unobservable inputs (Level 3), amounted to approximately $1,000.

ITEM 2. CONTROLS AND PROCEDURES.

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

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

ITEM 3. EXHIBITS.

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

SIGNATURES

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

JPMorgan Trust I
By:	/s/ Patricia A. Maleski
	Patricia A. Maleski
	President and Principal Executive Officer July 30, 2012

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Patricia A. Maleski
	Patricia A. Maleski
	President and Principal Executive Officer July 30, 2012

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