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: October 31

Date of reporting period: January 31, 2013

ITEM 1. SCHEDULE OF INVESTMENTS.

JPMorgan Trust I

Schedule of Portfolio Investments as of January 31, 2013

(Unaudited)

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

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

JPMorgan Distribution Services, Inc.

^© JPMorgan Chase & Co., 2013.

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2013 (Unaudited)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — 6.0%
		United States — 6.0%
		ABFC Trust,
	1,887	Series 2005-WF1, Class M1, VAR, 0.564%, 11/25/34		1,512
	2,550	Series 2004-OPT3, Class M1, VAR, 0.954%, 09/25/33		2,451
	522	Series 2003-OPT1, Class A1A, VAR, 1.024%, 04/25/33		517
	3,288	Accredited Mortgage Loan Trust, Series 2004-4, Class M1, VAR, 0.784%, 01/25/35		2,892
		ACE Securities Corp. Home Equity Loan Trust,
	3,295	Series 2003-OP1, Class M1, VAR, 1.254%, 12/25/33		3,264
	2,479	Series 2004-OP1, Class M2, VAR, 1.779%, 04/25/34		2,037
		Ameriquest Mortgage Securities, Inc.
		Asset-Backed Pass-Through Certificates,
	625	Series 2004-R3, Class A1B, VAR, 0.554%, 05/25/34		586
	10,487	Series 2004-R1, Class M1, VAR, 0.999%, 02/25/34		9,010
	565	Series 2004-R8, Class M1, VAR, 1.164%, 09/25/34		549
	2,364	Series 2003-13, Class M1, VAR, 1.224%, 01/25/34		2,051
		Argent Securities, Inc. Asset-Backed Pass- Through Certificates,
	4,727	Series 2004-W6, Class M1, VAR, 0.754%, 05/25/34		4,620
	3,455	Series 2004-W7, Class M2, VAR, 0.804%, 05/25/34		3,118
	966	Series 2004-W2, Class M3, VAR, 2.304%, 04/25/34		806
	1,928	Asset-Backed Securities Corp. Home Equity Loan Trust, Series 2001-HE3, Class M1, VAR, 1.106%, 11/15/31		1,675
	6,045	Bayview Financial Acquisition Trust, Series 2006-D, Class 1A5, SUB, 5.668%, 12/28/36		5,932
		Bear Stearns Asset-Backed Securities I Trust,
	985	Series 2005-AQ2, Class A3, VAR, 0.564%, 09/25/35		949
	1,500	Series 2004-HE11, Class M2, VAR, 1.779%, 12/25/34		1,419
		Bear Stearns Asset-Backed Securities Trust,
	2,919	Series 2004-SD4, Class A1, VAR, 1.104%, 08/25/44		2,891
	6,176	Series 2004-HE2, Class M2, VAR, 2.004%, 03/25/34		5,380
		Centex Home Equity Loan Trust,
	1,777	Series 2004-D, Class MF3, SUB, 5.760%, 09/25/34		1,371
	2,445	Series 2005-A, Class M1, VAR, 0.684%, 01/25/35		2,222
	2,347	Series 2004-A, Class M1, VAR, 0.804%, 01/25/34		2,092
		Chase Funding Loan Acquisition Trust,
	4,429	Series 2004-AQ1, Class M1, VAR, 0.934%, 05/25/34		3,907
	1,904	Series 2004-OPT1, Class M2, VAR, 1.704%, 06/25/34		1,812
		Chase Funding Trust,
	2,681	Series 2003-4, Class 1A5, SUB, 5.416%, 05/25/33		2,834
	857	Series 2003-5, Class 1M2, VAR, 5.504%, 09/25/32		602
		Citigroup Mortgage Loan Trust, Inc.,
	263	Series 2005-WF2, Class AF4, SUB, 4.964%, 08/25/35		263
	916	Series 2005-WF2, Class AF7, SUB, 5.249%, 08/25/35		896
	1,995	Series 2006-WFH2, Class A2A, VAR, 0.354%, 08/25/36		1,846
	2,993	Series 2006-WFH4, Class A3, VAR, 0.354%, 11/25/36		2,907
	2,235	Series 2007-WFH2, Class A2, VAR, 0.354%, 03/25/37		2,229
	673	Series 2005-OPT1, Class M4, VAR, 1.254%, 02/25/35		429
		Countrywide Asset-Backed Certificates,
	231	Series 2006-2, Class 2A2, VAR, 0.394%, 06/25/36		223
	2,818	Series 2003-3, Class 3A, VAR, 0.744%, 11/25/33		2,432
	3,287	Series 2004-5, Class M2, VAR, 0.874%, 07/25/34		3,051
	1,142	Series 2004-2, Class M1, VAR, 0.954%, 05/25/34		1,005
	6,261	Series 2004-3, Class M1, VAR, 0.954%, 06/25/34		5,807
	7,032	Series 2003-BC1, Class A1, VAR, 1.004%, 03/25/33		6,243
	2,903	Series 2004-1, Class M2, VAR, 1.029%, 03/25/34		2,826
	1,782	Series 2004-ECC2, Class M2, VAR, 1.179%, 12/25/34		1,677

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — Continued
		United States –– Continued
	1,906	Series 2002-3, Class M1, VAR, 1.329%, 03/25/32		1,699
	1,783	Series 2005-11, Class AF6, VAR, 5.050%, 02/25/36		1,729
	1,309	Credit-Based Asset Servicing and Securitization LLC, Series 2005-CB8, Class AF2, SUB, 4.833%, 12/25/35		1,260
	838	Equity One Mortgage Pass-Through Trust, Series 2003-2, Class M1, VAR, 5.050%, 09/25/33		844
		First Franklin Mortgage Loan Trust,
	11,020	Series 2006-FF4, Class A2, VAR, 0.394%, 03/25/36		9,898
	2,673	Series 2005-FF11, Class A2D, VAR, 0.544%, 11/25/35		2,596
	13,946	Series 2004-FF4, Class M1, VAR, 1.059%, 06/25/34		11,636
		Fremont Home Loan Trust,
	5,387	Series 2004-2, Class M2, VAR, 1.134%, 07/25/34		5,045
	2,659	Series 2004-B, Class M2, VAR, 1.149%, 05/25/34		2,307
		GSAMP Trust,
	4,099	Series 2007-SEA1, Class A, VAR, 0.504%, 12/25/36 (e)		3,607
	1,575	Series 2005-SEA2, Class A1, VAR, 0.554%, 01/25/45 (e)		1,521
	2,935	Series 2003-HE1, Class M1, VAR, 1.450%, 06/20/33		2,940
		Home Equity Asset Trust,
	1,644	Series 2004-6, Class M2, VAR, 1.104%, 12/25/34		1,539
	1,383	Series 2004-7, Class M2, VAR, 1.194%, 01/25/35		1,371
		Lehman XS Trust,
	11,451	Series 2005-7N, Class 1A1A, VAR, 0.474%, 12/25/35		9,923
	13,591	Series 2005-5N, Class 3A1A, VAR, 0.504%, 11/25/35		11,504
		Long Beach Mortgage Loan Trust,
	1,081	Series 2005-WL2, Class M1, VAR, 0.674%, 08/25/35		1,057
	546	Series 2004-3, Class M2, VAR, 1.104%, 07/25/34		531
		Mastr Asset-Backed Securities Trust,
	4,905	Series 2005-NC1, Class M2, VAR, 0.954%, 12/25/34		4,728
	6,925	Series 2004-OPT2, Class M2, VAR, 1.179%, 09/25/34		6,582
	93	Series 2003-WMC2, Class M1, VAR, 1.254%, 08/25/33		93
		Morgan Stanley ABS Capital I, Inc. Trust,
	7	Series 2006-WMC1, Class A2B, VAR, 0.404%, 12/25/35		7
	496	Series 2005-NC1, Class M3, VAR, 0.714%, 01/25/35		431
	1,422	Series 2004-HE6, Class M3, VAR, 0.854%, 08/25/34		1,206
	1,132	Series 2004-NC8, Class M3, VAR, 0.944%, 09/25/34		1,006
	981	Series 2005-HE1, Class M3, VAR, 0.984%, 12/25/34		833
	7,231	Series 2004-HE3, Class M1, VAR, 1.059%, 03/25/34		6,760
	3,410	Series 2004-OP1, Class M2, VAR, 1.119%, 11/25/34		3,307
	1,530	Series 2004-HE7, Class M2, VAR, 1.149%, 08/25/34		1,451
	1,446	Series 2004-NC7, Class M3, VAR, 1.179%, 07/25/34		1,434
	452	Series 2004-HE7, Class M3, VAR, 1.224%, 08/25/34		423
	5,621	Series 2004-HE8, Class M3, VAR, 1.329%, 09/25/34		5,287
	1,810	Series 2004-HE2, Class M3, VAR, 2.379%, 03/25/34		1,193
	800	Series 2004-NC3, Class B1, VAR, 2.679%, 03/25/34		587
	683	Series 2004-HE2, Class B1, VAR, 2.829%, 03/25/34		472
		New Century Home Equity Loan Trust,
	1,401	Series 2005-1, Class M3, VAR, 0.724%, 03/25/35		1,284
	1,093	Series 2004-2, Class M2, VAR, 0.824%, 08/25/34		995
	3,945	Series 2004-4, Class M2, VAR, 0.999%, 02/25/35		3,352
	1,589	Series 2004-2, Class M6, VAR, 1.704%, 08/25/34		1,188
	1,747	Series 2003-B, Class M2, VAR, 2.679%, 11/25/33		1,434
	1,362	NovaStar Mortgage Funding Trust, Series 2003-3, Class M2, VAR, 2.679%, 12/25/33		1,186
	4,502	Option Mortgage Loan Trust, Series 2004- 3, Class M2, VAR, 0.774%, 11/25/34		4,354

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — Continued
		United States –– Continued
	5,370	Option One Mortgage Acceptance Loan Trust, Series 2004-2, Class M1, VAR, 0.999%, 05/25/34		4,779
	3,822	People’s Choice Home Loan Securities Trust, Series 2004-2, Class M3, VAR, 1.929%, 10/25/34		2,813
		RAMP Trust,
	698	Series 2004-RS11, Class M1, VAR, 0.824%, 11/25/34		682
	1,365	Series 2002-RS2, Class AI5, VAR, 6.030%, 03/25/32		1,340
		RASC Trust,
	4,626	Series 2006-KS7, Class A3, VAR, 0.354%, 09/25/36		4,506
	3,714	Series 2005-KS2, Class M1, VAR, 0.634%, 03/25/35		3,281
		Renaissance Home Equity Loan Trust,
	2,574	Series 2005-4, Class A3, SUB, 5.565%, 02/25/36		2,218
	880	Series 2003-4, Class M2F, SUB, 5.744%, 03/25/34		736
	1,762	Series 2005-2, Class AV3, VAR, 0.574%, 08/25/35		1,666
	881	Series 2004-1, Class M1, VAR, 0.784%, 05/25/34		723
	1,801	Series 2003-3, Class M1, VAR, 0.934%, 12/25/33		1,716
		Saxon Asset Securities Trust,
	1,589	Series 2006-2, Class A3C, VAR, 0.354%, 09/25/36		1,367
	4,063	Series 2003-3, Class M1, VAR, 1.179%, 12/25/33		3,828
	3,649	Series 2004-3, Class M2, VAR, 1.179%, 12/26/34		3,093
	4,506	Securitized Asset-Backed Receivables LLC Trust, Series 2004-NC1, Class M1, VAR, 0.984%, 02/25/34		4,246
		Structured Asset Investment Loan Trust,
	10,596	Series 2004-6, Class A3, VAR, 1.004%, 07/25/34		9,948
	2,604	Series 2004-8, Class M2, VAR, 1.134%, 09/25/34		2,538
	10,900	Series 2004-1, Class M1, VAR, 1.179%, 02/25/34		10,520
	745	Series 2003-BC10, Class A4, VAR, 1.204%, 10/25/33		681
	9,251	Series 2004-7, Class M1, VAR, 1.254%, 08/25/34		8,316
	1,412	Series 2003-BC3, Class M1, VAR, 1.629%, 04/25/33		1,410
	4,695	Series 2003-BC11, Class M2, VAR, 2.754%, 10/25/33		3,893
	2,728	Series 2004-1, Class M2, VAR, 2.904%, 02/25/34		2,430
	383	Structured Asset Securities Corp., Series 2003-AM1, Class M1, VAR, 1.554%, 04/25/33		372
		Wells Fargo Home Equity Trust,
	202	Series 2004-2, Class A21B, VAR, 0.624%, 10/25/34		195
	2,776	Series 2004-2, Class M1, VAR, 0.804%, 10/25/34		2,453
	1,769	Series 2004-1, Class M4, VAR, 1.354%, 04/25/34		1,055
	3,508	Series 2004-2, Class M4, VAR, 1.404%, 10/25/34		3,113
		Total Asset-Backed Securities     (Cost $272,591)		302,851
	Collateralized Mortgage Obligations — 5.2%
		Non-Agency CMO — 5.2%
		United States — 5.2%
		Alternative Loan Trust
	582	Series 2004-28CB, Class 4A1, 5.000%, 01/25/20		595
	199	Series 2005-50CB, Class 4A1, 5.000%, 11/25/20		196
	2,770	Series 2005-85CB, Class 3A2, 5.250%, 02/25/21		2,737
	2,425	Series 2005-21CB, Class A4, 5.250%, 06/25/35		2,310
	1,766	Series 2005-J11, Class 5A1, 5.500%, 11/25/20		1,676
	872	Series 2007-9T1, Class 3A1, 5.500%, 05/25/22		829
	1,525	Series 2005-J6, Class 2A1, 5.500%, 07/25/25		1,533
	10,204	Series 2004-32CB, Class 2A5, 5.500%, 02/25/35		10,181
	12,520	Series 2005-3CB, Class 1A13, 5.500%, 03/25/35		12,243
	1,589	Series 2005-6CB, Class 1A4, 5.500%, 04/25/35		1,575
	880	Series 2005-6CB, Class 1A6, 5.500%, 04/25/35		927

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — Continued
		United States –– Continued
	3,711	Series 2005-13CB, Class A4, 5.500%, 05/25/35		3,574
	666	Series 2005-20CB, Class 1A1, 5.500%, 07/25/35		584
	7,102	Series 2005-23CB, Class A15, 5.500%, 07/25/35		6,892
	6,534	Series 2005-64CB, Class 1A15, 5.500%, 12/25/35		5,762
	3,551	Series 2006-4CB, Class 2A5, 5.500%, 04/25/36		3,211
	3,057	Series 2006-J3, Class 4A1, 5.750%, 05/25/26		2,712
	1,475	Series 2004-28CB, Class 2A4, 5.750%, 01/25/35		1,433
	1,041	Series 2005-J7, Class 2A1, 6.000%, 10/25/17		1,046
	1,340	Series 2007-25, Class 2A1, 6.000%, 11/25/22		1,318
	2,875	Series 2004-28CB, Class 6A1, 6.000%, 01/25/35		2,856
	11,414	Series 2005-21CB, Class A17, 6.000%, 06/25/35		11,442
	949	Series 2006-19CB, Class A15, 6.000%, 08/25/36		789
	2,940	Series 2005-J3, Class 3A1, 6.500%, 09/25/34		2,986
		Banc of America Alternative Loan Trust
	2,414	Series 2005-12, Class 5A1, 5.250%, 01/25/21		2,442
	657	Series 2005-4, Class 3A1, 5.500%, 05/25/20		673
	436	Series 2005-6, Class 7A1, 5.500%, 07/25/20		454
	160	Series 2005-6, Class 5A4, 5.500%, 07/25/35		154
	2,623	Series 2005-11, Class 4A5, 5.750%, 12/25/35		2,287
	42	Series 2006-4, Class 2A1, 6.000%, 05/25/21		43
	2,217	Series 2006-4, Class 3CB4, 6.000%, 05/25/46		1,982
	1,321	Series 2006-5, Class CB7, 6.000%, 06/25/46		1,077
		Banc of America Funding Trust
	2,260	Series 2007-4, Class 8A1, 5.500%, 11/25/34		2,233
	6,495	Series 2005-6, Class 1A2, 5.500%, 10/25/35		6,648
	7,700	Series 2005-7, Class 4A7, 6.000%, 11/25/35		7,976
		Banc of America Mortgage Trust
	920	Series 2007-3, Class 1A1, 6.000%, 09/25/37		863
	3,015	Series 2004-A, Class 2A2, VAR, 2.970%, 02/25/34		3,008
	1,979	Bear Stearns Asset-Backed Securities I Trust, Series 2004-AC5, Class M1, VAR, 0.874%, 10/25/34		1,294
	877	Bear Stearns Asset-Backed Securities Trust, Series 2003-AC4, Class M1, SUB, 5.658%, 09/25/33		824
	804	Chase Mortgage Finance Trust, Series 2007-S2, Class 1A8, 6.000%, 03/25/37		705
		CHL Mortgage Pass-Through Trust
	704	Series 2005-20, Class A7, 5.250%, 12/25/27		666
	1,255	Series 2005-5, Class A2, 5.500%, 03/25/35		1,273
	4,799	Series 2005-13, Class A3, 5.500%, 06/25/35		4,816
	293	Series 2006-15, Class A1, 6.250%, 10/25/36		255
	1,828	Series 2007-18, Class 2A1, 6.500%, 11/25/37		1,574
	2,527	Citicorp Mortgage Securities Trust, Series 2007-4, Class 1A9, 6.000%, 05/25/37		2,231
	5,259	Citigroup Mortgage Loan Trust, Inc., Series 2005-9, Class 2A2, 5.500%, 11/25/35		5,264
	129	CitiMortgage Alternative Loan Trust, Series 2006-A1, Class 2A1, 5.250%, 03/25/21		132
		Credit Suisse First Boston Mortgage Securities Corp.
	640	Series 2005-10, Class 12A1, 5.250%, 11/25/20		647
	10,568	Series 2005-2, Class 1A2, 5.250%, 01/25/28		10,778
	7,904	Series 2005-10, Class 11A1, 5.500%, 11/25/20		7,944
	2,043	Series 2005-4, Class 3A17, 5.500%, 06/25/35		2,098
	1,110	Series 2005-10, Class 5A3, 5.500%, 11/25/35		967
		CSMC Mortgage-Backed Trust
	733	Series 2007-3, Class 4A5, 5.000%, 04/25/37		696

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — Continued
		United States –– Continued
	2,695	Series 2007-2, Class 3A13, 5.500%, 03/25/37		2,372
		First Horizon Alternative Mortgage Securities Trust
	557	Series 2005-FA1, Class 1A4, 5.500%, 03/25/35		560
	2,836	Series 2006-FA6, Class 3A1, 5.750%, 11/25/21		2,873
		First Horizon Mortgage Pass-Through Trust
	107	Series 2005-8, Class 2A1, 5.250%, 02/25/21		108
	8,180	Series 2005-5, Class 1A6, 5.500%, 10/25/35		8,189
	305	Series 2005-6, Class 1A1, 5.500%, 11/25/35		306
	1,812	Series 2006-2, Class 1A3, 6.000%, 08/25/36		1,831
	289	Series 2006-2, Class 1A7, 6.000%, 08/25/36		292
	1,357	Series 2006-3, Class 1A13, 6.250%, 11/25/36		1,408
		GSR Mortgage Loan Trust
	1,899	Series 2006-9F, Class 8A1, 5.500%, 08/25/21		1,867
	998	Series 2004-15F, Class 1A2, 5.500%, 12/25/34		1,043
	1,297	Series 2005-1F, Class 2A3, 6.000%, 02/25/35		1,345
	3,431	Series 2006-1F, Class 2A16, 6.000%, 02/25/36		3,444
	1,605	Series 2007-1F, Class 3A13, 6.000%, 01/25/37		1,567
	3,631	Impac CMB Trust, Series 2004-5, Class 1A1, VAR, 0.924%, 10/25/34		3,499
	1,407	IndyMac Index Mortgage Loan Trust, Series 2005-AR14, Class 2A1A, VAR, 0.504%, 07/25/35		1,161
		JP Morgan Mortgage Trust
	1,032	Series 2006-S2, Class 2A1, 5.000%, 06/25/21		992
	730	Series 2006-S3, Class 2A4, 5.500%, 08/25/21		722
	324	Series 2005-S2, Class 2A9, 5.500%, 09/25/35		329
	634	Series 2007-S3, Class 2A3, 6.000%, 08/25/22		636
	705	Series 2005-A8, Class 1A1, VAR, 5.231%, 11/25/35		690
	3,857	Lehman Mortgage Trust, Series 2005-2, Class 2A5, 5.500%, 12/25/35		3,472
		MASTR Alternative Loan Trust
	2,496	Series 2006-3, Class 3A1, 5.500%, 06/25/21		2,423
	730	Series 2005-3, Class 1A1, 5.500%, 04/25/35		740
	2,681	Series 2005-6, Class 1A2, 5.500%, 12/25/35		2,447
	764	Series 2005-5, Class 3A1, 5.750%, 08/25/35		709
	1,260	Merrill Lynch Mortgage Investors Trust, Series 2006-AF2, Class AF2, 6.250%, 10/25/36		1,227
		Morgan Stanley Mortgage Loan Trust
	677	Series 2005-4, Class 1A, 5.000%, 08/25/35		685
	2,144	Series 2004-9, Class 1A, VAR, 5.826%, 11/25/34		2,095
	751	Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2005- WF1, Class 2A5, SUB, 5.159%, 03/25/35		769
		RALI Trust
	332	Series 2003-QS20, Class CB, 5.000%, 11/25/18		342
	492	Series 2005-QS2, Class A1, 5.500%, 02/25/35		488
	319	Series 2006-QS18, Class 3A1, 5.750%, 12/25/21		317
	3,091	Series 2005-QS17, Class A3, 6.000%, 12/25/35		2,745
	5,488	Series 2006-QS4, Class A2, 6.000%, 04/25/36		4,510
	1,360	Series 2004-QS15, Class A2, VAR, 0.604%, 11/25/34		1,188
		Residential Asset Securitization Trust
	379	Series 2004-A6, Class A1, 5.000%, 08/25/19		390
	6,607	Series 2005-A3, Class A2, 5.500%, 04/25/35		5,826
	5,139	Series 2005-A8CB, Class A11, 6.000%, 07/25/35		4,684
		RFMSI Trust
	778	Series 2006-S10, Class 2A1, 5.500%, 10/25/21		795
	93	Series 2006-S12, Class 2A2, 6.000%, 12/25/36		96

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — Continued
		United States –– Continued
	3,059	Structured Asset Mortgage Investments II Trust, Series 2005-AR7, Class 5A1, VAR, 1.631%, 03/25/46		2,194
		Structured Asset Securities Corp.
	1,817	Series 2005-6, Class 2A3, 5.500%, 05/25/35		1,846
	1,440	Series 2003-35, Class B1, VAR, 5.539%, 12/25/33		1,190
		WaMu Mortgage Pass-Through Certificates
	116	Series 2005-AR15, Class A1A1, VAR, 0.464%, 11/25/45		109
	1,934	Series 2005-AR16, Class 1A1, VAR, 2.484%, 12/25/35		1,894
		Washington Mutual Alternative Mortgage Pass-Through Certificates
	2,858	Series 2006-3, Class 5A2, 5.500%, 03/25/21		2,777
	5,357	Series 2005-1, Class 1A3, 5.500%, 03/25/35		5,380
	1,846	Series 2005-4, Class CB7, 5.500%, 06/25/35		1,799
	3,251	Series 2005-10, Class 4CB1, 5.750%, 12/25/35		2,745
	4,839	Series 2007-1, Class 2A1, 6.000%, 01/25/22		4,691
	596	Series 2006-5, Class 2CB5, 6.500%, 07/25/36		465
		Wells Fargo Mortgage-Backed Securities Trust
	5,017	Series 2006-5, Class 1A5, 5.250%, 04/25/36		5,119
	152	Series 2007-5, Class 2A3, 5.500%, 05/25/22		160
	810	Series 2006-3, Class A9, 5.500%, 03/25/36		815
	136	Series 2006-4, Class 1A1, 5.750%, 04/25/36		137
	4,390	Series 2006-4, Class 1A9, 5.750%, 04/25/36		4,482
	1,301	Series 2007-2, Class 1A13, 6.000%, 03/25/37		1,249
	2,240	Series 2007-15, Class A1, 6.000%, 11/25/37		2,239
		Total Collateralized Mortgage Obligations     (Cost $253,026)		261,884
	Commercial Mortgage-Backed Security — 0.1%
		United States — 0.1%
	2,303	Banc of America Large Loan Trust, Series 2010-HLTN, VAR, 2.506%, 11/15/15 (e)     (Cost $2,128)		2,305
SHARES
	Common Stocks — 35.7%
		Australia — 1.8%
	983	Amcor Ltd. (m)		8,607
	397	Australia & New Zealand Banking Group Ltd. (m)		11,016
	2,115	Commonwealth Property Office Fund (m)		2,451
	7,506	Dexus Property Group (m)		8,182
	2,812	Goodman Group (m)		13,190
	2,565	Mirvac Group (m)		4,257
	5,264	Stockland (m)		18,930
	2,078	Transurban Group (m)		13,226
	696	Westfield Group (m)		8,124
	945	Westfield Retail Trust (m)		3,165
				91,148
		Belgium — 0.2%
	64	Solvay S.A. (m)		10,059
	22	Warehouses De Pauw S.C.A. (m)		1,374
				11,433
		Bermuda — 0.0% (g)
	60	Validus Holdings Ltd.		2,193
		Brazil — 1.2%
	580	AES Tiete S.A. (m)		5,429
	816	Banco do Brasil S.A. (m)		9,993
	471	CCR S.A. (m)		4,865
	610	Cielo S.A. (m)		17,246
	956	EDP - Energias do Brasil S.A. (m)		5,851
	183	Embraer S.A., ADR, (m)		6,040
	362	Souza Cruz S.A. (m)		5,982
	373	Tractebel Energia S.A. (m)		6,627
				62,033
		Canada — 0.5%
	143	Allied Properties Real Estate Investment Trust (m)		4,945
	143	Artis Real Estate Investment Trust (m)		2,294
	36	Calloway Real Estate Investment Trust (m)		1,059
	80	Canadian Apartment Properties REIT (m)		2,058
	53	Canadian Real Estate Investment Trust (m)		2,390

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE
	Common Stocks — Continued
			Canada –– Continued
	80		Dundee Real Estate Investment Trust, Class A (m)		3,010
	110		First Capital Realty, Inc. (m)		2,094
	53		H&R Real Estate Investment Trust (m)		1,247
	154		RioCan Real Estate Investment Trust (m)		4,163
					23,260
			China — 1.4%
	17,418		Bank of China Ltd., Class H (m)		8,582
	25,920		China Construction Bank Corp., Class H (m)		22,360
	9,764		Industrial & Commercial Bank of China Ltd., Class H (m)		7,353
	5,566		Jiangsu Expressway Co., Ltd., Class H (m)		5,739
	4,814		PetroChina Co., Ltd., Class H (m)		6,827
	4,122		Wynn Macau Ltd. (a) (m)		11,566
	6,978		Zhejiang Expressway Co., Ltd., Class H (m)		6,199
					68,626
			Finland — 0.2%
	247		Technopolis OYJ (m)		1,287
	744		UPM-Kymmene OYJ (m)		9,097
					10,384
			France — 1.7%
	250		Cie de St-Gobain (m)		10,271
	486		Electricite de France S.A. (m)		9,325
	27		ICADE (m)		2,383
	150		Sanofi (m)		14,649
	155		Schneider Electric S.A. (m)		11,775
	88		Sodexo (m)		7,817
	141		Total S.A. (m)		7,621
	96		Unibail-Rodamco SE (m)		22,618
					86,459
			Germany — 1.0%
	118		Allianz SE (m)		16,924
	358		Alstria Office REIT-AG (m)		4,378
	157		BASF SE (m)		15,892
	198		Deutsche Boerse AG (m)		13,040
					50,234
			Hong Kong — 1.4%
	416		Cheung Kong Holdings Ltd. (m)		6,823
	650		China Mobile Ltd. (m)		7,102
	4,131		Dah Chong Hong Holdings Ltd. (m)		4,775
	393		Hang Seng Bank Ltd. (m)		6,440
	1,288		Hutchison Whampoa Ltd. (m)		14,396
	1,377		Link REIT (The) (m)		7,159
	2,719		New World Development Co., Ltd. (m)		5,001
	4,130		SJM Holdings Ltd. (m)		11,275
	311		Sun Hung Kai Properties Ltd. (m)		5,109
	293		VTech Holdings Ltd. (m)		3,379
					71,459
			India — 0.2%
	824		Coal India Ltd. (m)		5,475
	2,107		Tata Motors Ltd., Class A (m)		6,593
					12,068
			Indonesia — 0.5%
	1,038		Indo Tambangraya Megah Tbk PT (m)		4,416
	29,757		Perusahaan Gas Negara Persero Tbk PT (m)		14,286
	5,832		Telekomunikasi Indonesia Persero Tbk PT (m)		5,841
					24,543
			Ireland — 0.0% (g)
	21		Accenture plc, Class A		1,545
			Italy — 0.4%
	740		Eni S.p.A. (m)		18,481
			Japan — 2.5%
	2		Advance Residence Investment Corp. (m)		3,543
	464		Canon, Inc. (m)		16,878
	144		Daito Trust Construction Co., Ltd. (m)		14,208
	—	(h)	Daiwahouse Residential Investment Corp. (m)		4,026
	4		GLP J-Reit (a) (m)		3,174
	—	(h)	Japan Real Estate Investment Corp. (m)		4,985
	3		Japan Retail Fund Investment Corp. (m)		5,864
	523		Japan Tobacco, Inc. (m)		16,318
	—	(h)	Kenedix Realty Investment Corp. (m)		1,504
	223		Mitsui Fudosan Co., Ltd. (m)		5,097
	338		Nippon Telegraph & Telephone Corp. (m)		14,147
	1,106		Nissan Motor Co., Ltd. (m)		11,321
	1		Orix JREIT, Inc. (m)		5,562
	—	(h)	Premier Investment Corp. (m)		2,022
	1,116		Sumitomo Corp. (m)		14,431
	—	(h)	Tokyu REIT, Inc. (m)		1,399
					124,479
			Kazakhstan — 0.1%
	252		KazMunaiGas Exploration Production JSC, Reg. S., GDR (m)		4,514

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — Continued
		Luxembourg — 0.0% (g)
	7	Magnachip Semiconductor Corp. (a)		107
		Malaysia — 0.1%
	1,291	Lafarge Malayan Cement Bhd (m)		3,865
		Mexico — 0.1%
	2,493	Kimberly-Clark de Mexico S.A.B. de C.V., Class A (m)		7,026
		Netherlands — 1.1%
	63	Corio N.V. (m)		3,050
	303	Delta Lloyd N.V. (m)		5,976
	815	Royal Dutch Shell plc, Class A (m)		28,902
	318	Unilever N.V., CVA, (m)		12,882
	55	Vastned Retail N.V. (m)		2,464
				53,274
		New Zealand — 0.2%
	4,572	Telecom Corp. of New Zealand Ltd. (m)		9,311
		Norway — 0.3%
	184	Gjensidige Forsikring ASA (m)		2,898
	443	Telenor ASA (m)		9,762
				12,660
		Philippines — 0.1%
	84	Philippine Long Distance Telephone Co., ADR (m)		5,791
		Poland — 0.3%
	80	KGHM Polska Miedz S.A. (m)		4,909
	58	Powszechny Zaklad Ubezpieczen S.A. (m)		7,626
				12,535
		Qatar — 0.2%
	210	Commercial Bank of Qatar QSC (The) (m)		4,516
	124	Industries Qatar QSC (m)		5,759
				10,275
		Russia — 0.6%
	116	Lukoil OAO, ADR (m)		7,802
	225	MMC Norilsk Nickel OJSC, ADR (m)		4,490
	321	Mobile Telesystems OJSC, ADR (m)		6,306
	764	Sberbank of Russia, ADR (m)		11,264
				29,862
		Singapore — 1.1%
	5,058	Ascendas India Trust (m)		3,351
	895	Ascendas Real Estate Investment Trust (m)		1,831
	1,613	Ascott Residence Trust (m)		1,805
	3,118	Cambridge Industrial Trust (m)		1,789
	3,288	CapitaCommercial Trust (m)		4,422
	700	CapitaLand Ltd. (m)		2,261
	2,714	CapitaMalls Asia Ltd. (m)		4,737
	595	Global Logistic Properties Ltd. (m)		1,326
	6,538	Hutchison Port Holdings Trust, Class U (m)		5,357
	825	Keppel Corp., Ltd. (m)		7,666
	244	Keppel Land Ltd. (m)		840
	6,404	Singapore Telecommunications Ltd. (m)		18,099
				53,484
		South Africa — 1.2%
	1,781	African Bank Investments Ltd. (m)		6,140
	243	Bidvest Group Ltd. (m)		5,789
	280	Exxaro Resources Ltd. (m)		5,503
	536	Foschini Group Ltd. (The) (m)		7,021
	1,078	Growthpoint Properties Ltd. (m)		3,035
	421	Imperial Holdings Ltd. (m)		9,158
	94	Kumba Iron Ore Ltd. (m)		6,302
	314	MTN Group Ltd. (m)		6,136
	169	Sasol Ltd. (m)		7,297
	180	Tiger Brands Ltd. (m)		5,911
				62,292
		South Korea — 0.4%
	229	Kangwon Land, Inc. (a) (m)		6,583
	78	KT&G Corp. (m)		5,425
	335	SK Telecom Co., Ltd., ADR (m)		5,678
	54	S-Oil Corp. (m)		4,871
				22,557
		Sweden — 0.6%
	237	Atlas Copco AB, Class A (m)		6,752
	367	Swedbank AB, Class A (m)		8,676
	1,113	Telefonaktiebolaget LM Ericsson, Class B (m)		12,946
				28,374
		Switzerland — 1.0%
	190	Nestle S.A. (m)		13,355
	90	Roche Holding AG (m)		19,841
	257	Swiss Re AG (a) (m)		19,110
				52,306
		Taiwan — 0.9%
	1,776	Delta Electronics, Inc. (m)		6,435
	1,047	Far EasTone Telecommunications Co., Ltd. (m)		2,664

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE
	Common Stocks — Continued
			Taiwan –– Continued
	2,920		Novatek Microelectronics Corp. (m)		11,618
	744		President Chain Store Corp. (m)		4,021
	3,034		Quanta Computer, Inc. (m)		7,091
	1,101		Taiwan Mobile Co., Ltd. (m)		3,918
	481		Taiwan Semiconductor Manufacturing Co., Ltd., ADR (m)		8,531
	964		Tripod Technology Corp. (m)		1,945
					46,223
			Thailand — 0.3%
	1,115		Advanced Info Service PCL (m)		7,774
	3,284		Bangkok Expressway PCL (m)		4,543
	233		Siam Cement PCL, NVDR (m)		3,474
					15,791
			Turkey — 0.4%
	1,126		Arcelik A.S. (m)		7,363
	296		Ford Otomotiv Sanayi A.S. (m)		3,370
	298		Tupras Turkiye Petrol Rafinerileri A.S. (m)		8,230
					18,963
			United Kingdom — 2.8%
	261		AstraZeneca plc (m)		12,609
	431		Atrium European Real Estate Ltd. (m)		2,660
	907		British Land Co. plc (m)		8,083
	2,632		Centrica plc (m)		14,617
	321		Diageo plc (m)		9,567
	582		GlaxoSmithKline plc (m)		13,319
	664		Hammerson plc (m)		5,113
	697		Helical Bar plc (m)		2,543
	1,299		HSBC Holdings plc (m)		14,777
	208		Land Securities Group plc (m)		2,654
	1,607		Old Mutual plc (m)		4,790
	610		Pearson plc (m)		11,544
	212		Rio Tinto plc (m)		12,003
	160		SABMiller plc (m)		7,994
	1,127		Safestore Holdings plc (m)		2,234
	432		Segro plc (m)		1,700
	5,046		Vodafone Group plc (m)		13,771
					139,978
			United States — 10.9%
	47		3M Co.		4,742
	57		Abbott Laboratories		1,942
	57		AbbVie, Inc.		2,099
	93		American Campus Communities, Inc. (m)		4,312
	84		Analog Devices, Inc.		3,683
	100		Apartment Investment & Management Co., Class A (m)		2,716
	22		Apple, Inc. (m)		10,013
	63		Arthur J. Gallagher & Co.		2,337
	75		AT&T, Inc.		2,613
	16		Automatic Data Processing, Inc.		941
	18		AvalonBay Communities, Inc. (m)		2,284
	178		BioMed Realty Trust, Inc. (m)		3,626
	33		Boston Properties, Inc. (m)		3,474
	213		Brandywine Realty Trust (m)		2,710
	35		Camden Property Trust (m)		2,394
	57		Capmark Financial Group, Inc. (a)		689
	150		CBL & Associates Properties, Inc. (m)		3,213
	51		CenturyLink, Inc.		2,048
	148		Chevron Corp. (m)		17,088
	52		Cincinnati Financial Corp.		2,196
	90		Cinemark Holdings, Inc.		2,546
	561		Cisco Systems, Inc. (m)		11,536
	362		CME Group, Inc. (m)		20,929
	78		CMS Energy Corp.		1,997
	117		Coca-Cola Co. (The)		4,354
	300		ConocoPhillips (m)		17,394
	1		Constar International, Inc., ADR (a) (i)		—
	92		CubeSmart (m)		1,400
	22		Cullen/Frost Bankers, Inc.		1,281
	57		Digital Realty Trust, Inc. (m)		3,884
	373		Dow Chemical Co. (The) (m)		12,026
	261		Duke Realty Corp. (m)		4,024
	61		Dynegy, Inc. (a)		1,227
	354		Emerson Electric Co. (m)		20,243
	71		Equity One, Inc. (m)		1,596
	4		Eurofresh, Inc., ADR (a) (i)		—
	78		Extra Space Storage, Inc. (m)		3,092
	—	(h)	General Maritime Corp. (a) (i)		11
	1		General Motors Co. (a)		15
	165		HCP, Inc. (m)		7,637
	63		Health Care REIT, Inc. (m)		3,959
	115		Healthcare Realty Trust, Inc. (m)		2,925
	31		Hershey Co. (The)		2,497
	131		Highwoods Properties, Inc. (m)		4,720
	89		Home Depot, Inc. (The)		5,950
	322		Johnson & Johnson (m)		23,800
	284		Kinder Morgan, Inc. (m)		10,635

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE
	Common Stocks — Continued
			United States –– Continued
	56		KLA-Tencor Corp.		3,075
	107		LaSalle Hotel Properties (m)		2,916
	130		Liberty Property Trust (m)		5,092
	43		Limited Brands, Inc.		2,048
	58		Linear Technology Corp.		2,117
	92		Lorillard, Inc.		3,606
	31		M&T Bank Corp.		3,149
	554		Masco Corp. (m)		10,185
	196		Mattel, Inc. (m)		7,381
	43		McGraw-Hill Cos., Inc. (The)		2,471
	743		Merck & Co., Inc. (m)		32,122
	782		Microsoft Corp. (m)		21,470
	94		Molex, Inc.		2,563
	94		Mondelez International, Inc., Class A		2,602
	—	(h)	Motors Liquidation Co. GUC Trust (a)		3
	65		National Retail Properties, Inc. (m)		2,081
	3		Neebo, Inc. (a) (i)		5
	18		New Holdco (a) (i)		1,604
	128		NiSource, Inc.		3,465
	46		Northeast Utilities		1,889
	32		Northern Trust Corp.		1,633
	931		Pfizer, Inc. (m)		25,395
	206		Philip Morris International, Inc. (m)		18,118
	24		Post Properties, Inc. (m)		1,164
	28		PPG Industries, Inc.		3,922
	39		Procter & Gamble Co. (The)		2,954
	18		Prologis, Inc. (m)		714
	19		Public Storage (m)		2,971
	295		Real Mex Restaurants, Inc., Class B, ADR (a) (i)		17
	75		Realty Income Corp. (m)		3,293
	179		Sempra Energy (m)		13,405
	35		Simon Property Group, Inc. (m)		5,660
	48		Snap-on, Inc.		3,897
	3		Somerset Cayuga Holding Co., Inc. (a) (i)		66
	340		Sysco Corp. (m)		10,793
	56		T. Rowe Price Group, Inc.		3,972
	22		Taubman Centers, Inc. (m)		1,777
	32		Time Warner Cable, Inc.		2,876
	630		Time Warner, Inc. (m)		31,807
	61		Travelers Cos., Inc. (The)		4,820
	3		U.S. Concrete, Inc. (a)		40
	7		V.F. Corp.		1,076
	87		Ventas, Inc. (m)		5,741
	363		Verizon Communications, Inc. (m)		15,848
	602		Wells Fargo & Co. (m)		20,959
	121		Williams Cos., Inc. (The)		4,239
	67		Williams-Sonoma, Inc.		2,927
	35		Yum! Brands, Inc.		2,298
					547,024
			Total Common Stocks (Cost $1,606,621)		1,794,557
PRINCIPAL AMOUNT
	Convertible Bonds — 3.0%
			Australia — 0.2%
AUD	6,700		CFS Retail Property Trust Group, 5.750%, 07/04/16		7,314
			Paladin Energy Ltd.,
	1,000		3.625%, 11/04/15		895
	3,400		Reg. S., 6.000%, 04/30/17		3,232
					11,441
			Austria — 0.0% (g)
EUR	34,073		IMMOFINANZ AG, 4.250%, 03/08/18		2,083
			Bermuda — 0.1%
			Ship Finance International Ltd.,
	2,377		3.250%, 02/01/18		2,395
	2,000		3.750%, 02/10/16		2,039
					4,434
			Canada — 0.1%
			Detour Gold Corp.,
	2,334		5.500%, 11/30/17		2,427
	1,500		Petrominerales Ltd., 2.625%, 08/25/16		1,466
					3,893
			Cayman Islands — 0.2%
	4,600		Agile Property Holdings Ltd., 4.000%, 04/28/16		4,768
	3,900		Polarcus Ltd., 2.875%, 04/27/16		4,128
CNY	11,200		Shui On Land Ltd., 4.500%, 09/29/15		1,876
					10,772
			France — 0.4%
EUR	233		Air France-KLM, 4.970%, 04/01/15		4,060
EUR	1,482		Alcatel-Lucent, 5.000%, 01/31/15		6,543
EUR	17,395		Peugeot S.A., 4.450%, 01/01/16		5,749
EUR	175		SOITEC, 6.250%, 09/09/14		1,853
					18,205

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Convertible Bonds — Continued
		India — 0.3%
	5,300	Jaiprakash Power Ventures Ltd., 5.000%, 02/13/15		5,406
	1,900	Sesa Goa Ltd., Reg. S., 5.000%, 10/31/14		1,879
	4,011	Sterlite Industries India Ltd., 4.000%, 10/30/14		3,931
	4,900	Tata Steel Ltd., 4.500%, 11/21/14		4,976
				16,192
		Luxembourg — 0.1%
		Kloeckner & Co. Financial Services S.A.,
	EUR    1,400	6.000%, 06/09/14		1,969
	EUR    2,350	Reg. S., 2.500%, 12/22/17		3,070
				5,039
		Mexico — 0.0% (g)
	900	Cemex S.A.B. de C.V., 4.875%, 03/15/15		1,032
		Netherlands — 0.0% (g)
	EUR    1,800	Volkswagen International Finance N.V., 5.500%, 11/09/15 (e)		2,816
		South Africa — 0.1%
	ZAR  27,000	Steinhoff International Holdings Ltd., 9.625%, 07/20/15		3,926
		Spain — 0.1%
	EUR    1,350	Abengoa S.A., 4.500%, 02/03/17		1,735
	EUR       750	Melia Hotels International S.A., 5.000%, 12/18/14		1,056
	EUR    2,200	Pescanova S.A., 8.750%, 02/17/19		3,264
				6,055
		United Arab Emirates — 0.1%
	EUR    3,000	Aabar Investments PJSC, Reg. S., 4.000%, 05/27/16		4,173
		United Kingdom — 0.3%
	1,500	Salamander Energy plc, 5.000%, 03/30/15		1,574
	GBP    2,900	TUI Travel plc, 6.000%, 10/05/14		4,907
	6,300	Vedanta Resources Jersey Ltd., 5.500%, 07/13/16		6,502
				12,983
		United States — 1.0%
	1,913	Advanced Micro Devices, Inc., 6.000%, 05/01/15		1,832
	4,602	Annaly Capital Management, Inc., 5.000%, 05/15/15		4,711
	3,662	Apollo Investment Corp., 5.750%, 01/15/16		3,850
		Ares Capital Corp.,
	1,896	4.750%, 01/15/18 (e)		1,943
	4,795	4.875%, 03/15/17 (e)		5,071
	1,740	5.125%, 06/01/16		1,840
	3,634	Chesapeake Energy Corp., 2.500%, 05/15/37		3,534
	2,313	Corporate Office Properties LP, 4.250%, 04/15/30 (e)		2,393
	3,500	Dendreon Corp., 2.875%, 01/15/16		2,896
	5,105	DryShips, Inc., 5.000%, 12/01/14		4,311
	780	Micron Technology, Inc., 1.875%, 06/01/27		752
	2,745	NuVasive, Inc., 2.750%, 07/01/17		2,560
	1,916	Peabody Energy Corp., 4.750%, 12/15/41		1,826
	4,809	Prospect Capital Corp., 5.750%, 03/15/18 (e)		4,821
	1,932	RadioShack Corp., 2.500%, 08/01/13 (e)		1,818
	113	Real Mex Restaurants, Inc., 1.120%, 03/21/18 (i)		114
	131	Somerset Cayuga Holding Co., Inc., PIK, 20.000%, 06/15/17 (e) (i)		131
	3,855	SunPower Corp., 4.750%, 04/15/14		3,725
	15	U.S. Concrete, Inc., 9.500%, 08/31/15 (e)		19
				48,147
		Total Convertible Bonds (Cost $143,355)		151,191
	Corporate Bonds — 34.9%
		Australia — 0.3%
	553	Ausdrill Finance Pty Ltd., 6.875%, 11/01/19 (e)		550
	250	Boart Longyear Management Pty Ltd., 7.000%, 04/01/21 (e)		259
		FMG Resources August 2006 Pty Ltd.,
	200	6.000%, 04/01/17 (e)		206
	750	6.375%, 02/01/16 (e)		773
	925	6.875%, 02/01/18 (e)		960
	1,412	6.875%, 04/01/22 (e)		1,461
	8,928	8.250%, 11/01/19 (e)		9,575
	453	Nufarm Australia Ltd., 6.375%, 10/15/19 (e)		480
				14,264
		Austria — 0.0% (g)
	365	ESAL GmbH, 6.250%, 02/05/23 (e)		355

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		Austria –– Continued
		Sappi Papier Holding GmbH,
	700	6.625%, 04/15/21 (e)		735
	200	8.375%, 06/15/19 (e)		226
				1,316
		Bahamas — 0.0% (g)
	556	Ultrapetrol Bahamas Ltd., 9.000%, 11/24/14		556
		Bermuda — 0.2%
		Aircastle Ltd.,
	282	6.250%, 12/01/19		305
	2,400	6.750%, 04/15/17		2,640
	2,765	7.625%, 04/15/20		3,173
	700	9.750%, 08/01/18		803
	1,650	Catlin Insurance Co., Ltd., VAR, 7.249%, 01/19/17 (e) (x)		1,679
		Seadrill Ltd.,
	669	5.625%, 09/15/17 (e)		677
	200	6.500%, 10/05/15		210
	315	Viking Cruises Ltd., 8.500%, 10/15/22 (e)		347
				9,834
		Canada — 0.7%
	310	Ainsworth Lumber Co., Ltd., 7.500%, 12/15/17 (e)		331
		Bombardier, Inc.,
	1,273	6.125%, 01/15/23 (e)		1,295
	5,025	7.750%, 03/15/20 (e)		5,691
	615	Brookfield Residential Properties, Inc., 6.500%, 12/15/20 (e)		649
	635	Cascades, Inc., 7.750%, 12/15/17		673
	1,550	Garda World Security Corp., 9.750%, 03/15/17 (e)		1,639
	455	Inmet Mining Corp., 7.500%, 06/01/21 (e)		489
		Kodiak Oil & Gas Corp.,
	489	5.500%, 01/15/21 (e)		493
	3,200	8.125%, 12/01/19		3,568
	859	Masonite International Corp., 8.250%, 04/15/21 (e)		945
	1,118	Mattamy Group Corp., 6.500%, 11/15/20 (e)		1,127
	568	MEG Energy Corp., 6.375%, 01/30/23 (e)		592
	550	Mood Media Corp., 9.250%, 10/15/20 (e)		591
		New Gold, Inc.,
	390	6.250%, 11/15/22 (e)		412
	204	7.000%, 04/15/20 (e)		219
		Novelis, Inc.,
	500	8.375%, 12/15/17		553
	1,125	8.750%, 12/15/20		1,271
		Precision Drilling Corp.,
	210	6.500%, 12/15/21		225
	885	6.625%, 11/15/20		945
		Quebecor Media, Inc.,
	2,790	5.750%, 01/15/23 (e)		2,923
	2,587	7.750%, 03/15/16		2,632
		Quebecor World Capital Corp.,
	50	6.125%, 11/15/13 (d)		—	(h)
	50	9.750%, 01/15/15 (d)		1
	165	Taseko Mines Ltd., 7.750%, 04/15/19		161
	1,165	Telesat Canada/Telesat LLC, 6.000%, 05/15/17 (e)		1,223
	3,528	Trinidad Drilling Ltd., 7.875%, 01/15/19 (e)		3,757
				32,405
		Cayman Islands — 0.3%
		MCE Finance Ltd.,
	770	5.000%, 02/15/21 (e)		770
	1,115	10.250%, 05/15/18		1,276
		Seagate HDD Cayman,
	295	6.875%, 05/01/20		321
	101	7.000%, 11/01/21		112
	1,210	7.750%, 12/15/18		1,338
	150	Seagate Technology HDD Holdings, 6.800%, 10/01/16		169
	625	Shelf Drilling Holdings Ltd., 8.625%, 11/01/18 (e)		659
	7,650	UPCB Finance III Ltd., 6.625%, 07/01/20 (e)		8,185
	1,150	UPCB Finance V Ltd., 7.250%, 11/15/21 (e)		1,274
	1,300	UPCB Finance VI Ltd., 6.875%, 01/15/22 (e)		1,420
				15,524
		Dominican Republic — 0.1%
	5,480	Banco de Reservas de LA Republica Dominicana, 7.000%, 02/01/23 (e)		5,548
		Finland — 0.0% (g)
		Nokia OYJ,
	524	5.375%, 05/15/19		502
	434	6.625%, 05/15/39		406
				908

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		France — 0.1%
	3,100	Electricite de France S.A., VAR, 5.250%, 01/29/23 (e) (x)		3,026
	675	Lafarge S.A., 7.125%, 07/15/36		695
	150	Pernod-Ricard S.A., 5.750%, 04/07/21 (e)		176
	608	Rexel S.A., 6.125%, 12/15/19 (e)		651
				4,548
		Georgia — 0.2%
	8,830	Georgian Railway JSC, 7.750%, 07/11/22 (e)		10,419
		Germany — 0.0% (g)
		Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH,
	EUR    647	5.125%, 01/21/23 (e)		857
	660	5.500%, 01/15/23 (e)		673
				1,530
		Ireland — 0.3%
		Ardagh Packaging Finance plc,
	1,625	7.375%, 10/15/17 (e)		1,787
	8,900	9.125%, 10/15/20 (e)		9,768
		Ardagh Packaging Finance plc/Ardagh MP Holdings USA, Inc.,
	200	4.875%, 11/15/22 (e)		199
	500	7.000%, 11/15/20 (e)		504
	252	9.125%, 10/15/20 (e)		275
	1,529	Elan Finance plc/Elan Finance Corp., 6.250%, 10/15/19 (e)		1,636
	1,000	Vimpel Communications Via VIP Finance Ireland Ltd. OJSC, 7.748%, 02/02/21 (e)		1,145
	925	XL Group plc, VAR, 6.500%, 04/15/17 (x)		889
				16,203
		Japan — 0.0% (g)
	1,400	eAccess Ltd., 8.250%, 04/01/18 (e)		1,571
		Liberia — 0.0% (g)
	315	Royal Caribbean Cruises Ltd., 5.250%, 11/15/22		334
		Luxembourg — 1.4%
	311	Altice Financing S.A., 7.875%, 12/15/19 (e)		334
	200	Altice Finco S.A., 9.875%, 12/15/20 (e)		219
	440	APERAM, 7.750%, 04/01/18 (e)		422
		ArcelorMittal,
	2,900	5.000%, 02/25/17		2,969
	3,850	6.750%, 02/25/22		4,234
	2,000	7.500%, 10/15/39		2,020
	1,500	9.850%, 06/01/19		1,884
	225	Calcipar S.A., 6.875%, 05/01/18 (e)		236
		Intelsat Jackson Holdings S.A.,
	3,665	6.625%, 12/15/22 (e)		3,725
	1,975	7.250%, 04/01/19		2,118
	845	7.250%, 10/15/20 (e)		904
	7,795	7.250%, 10/15/20		8,341
	1,200	7.500%, 04/01/21		1,302
	150	8.500%, 11/01/19		166
		Intelsat Luxembourg S.A.,
	7,730	11.250%, 02/04/17		8,194
	6,692	PIK, 12.500%, 02/04/17		7,094
	2,105	MagnaChip Semiconductor S.A./MagnaChip Semiconductor Finance Co., 10.500%, 04/15/18		2,352
	12,500	Russian Agricultural Bank OJSC Via RSHB Capital S.A., Reg. S., 9.000%, 06/11/14		13,594
	450	Silver II Borrower/Silver II US Holdings LLC, 7.750%, 12/15/20 (e)		471
	1,919	Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., 8.750%, 02/01/19 (e)		1,900
		Wind Acquisition Finance S.A.,
	292	7.250%, 02/15/18 (e)		306
	4,300	7.250%, 02/15/18 (e)		4,526
	1,330	11.750%, 07/15/17 (e)		1,430
				68,741
		Mexico — 0.1%
		Cemex S.A.B. de C.V.,
	2,500	9.000%, 01/11/18 (e)		2,715
	2,000	VAR, 5.311%, 09/30/15 (e)		2,023
		Kansas City Southern de Mexico S.A. de C.V.,
	200	6.125%, 06/15/21		225
	298	6.625%, 12/15/20		338
	350	8.000%, 02/01/18		383
				5,684
		Netherlands — 0.6%
	1,600	Bluewater Holding B.V., VAR, 3.303%, 07/17/14 (e)		1,508
	13,325	KazMunaiGaz Finance Sub B.V., Reg. S., 11.750%, 01/23/15		15,640
		LyondellBasell Industries N.V.,
	1,160	5.000%, 04/15/19		1,279

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		Netherlands –– Continued
	560	5.750%, 04/15/24		648
	2,225	6.000%, 11/15/21		2,614
		NXP B.V./NXP Funding LLC,
	352	5.750%, 02/15/21 (e)		352
	1,385	9.750%, 08/01/18 (e)		1,593
	200	OSX 3 Leasing B.V., Reg. S., 9.250%, 03/20/15 (e)		207
	115	Royal Bank of Scotland N.V., VAR, 1.010%, 03/09/15		111
	2,860	Sensata Technologies B.V., 6.500%, 05/15/19 (e)		3,067
		VimpelCom Holdings B.V.,
	200	6.255%, 03/01/17 (e)		214
	500	7.504%, 03/01/22 (e)		570
	200	VAR, 4.310%, 06/29/14 (e)		201
				28,004
		Norway — 0.0% (g)
	1,097	Petroleum Geo-Services ASA, 7.375%, 12/15/18 (e)		1,196
		Spain — 0.1%
		Cemex Espana Luxembourg,
	1,075	9.250%, 05/12/20 (e)		1,156
	600	9.875%, 04/30/19 (e)		673
				1,829
		United Kingdom — 0.5%
		Barclays Bank plc,
	320	6.050%, 12/04/17 (e)		358
	570	7.625%, 11/21/22		562
	886	10.179%, 06/12/21 (e)		1,200
	3,585	CEVA Group plc, 8.375%, 12/01/17 (e)		3,666
	1,750	Hanson Ltd., 6.125%, 08/15/16		1,916
		Ineos Finance plc,
	725	7.500%, 05/01/20 (e)		781
	3,400	8.375%, 02/15/19 (e)		3,723
	4,950	9.000%, 05/15/15 (e)		5,247
	300	Jaguar Land Rover plc, 5.625%, 02/01/23 (e)		306
	2,652	Royal Bank of Scotland Group plc, 6.125%, 12/15/22		2,731
	2,032	Royal Bank of Scotland plc (The), Reg. S., VAR, 9.500%, 03/16/22		2,403
	1,000	Studio City Finance Ltd., 8.500%, 12/01/20 (e)		1,101
		Virgin Media Finance plc,
	911	4.875%, 02/15/22		909
	568	8.375%, 10/15/19		642
				25,545
		United States — 29.9%
	410	99 Cents Only Stores, 11.000%, 12/15/19		470
		Accellent, Inc.,
	3,550	8.375%, 02/01/17		3,745
	750	10.000%, 11/01/17		660
		Access Midstream Partners LP/ACMP Finance Corp.,
	915	4.875%, 05/15/23		910
	1,483	6.125%, 07/15/22		1,576
	1,700	ACE Cash Express, Inc., 11.000%, 02/01/19 (e)		1,677
	1,923	ACL I Corp., PIK, 10.625%, 02/15/16		1,951
	290	Actuant Corp., 5.625%, 06/15/22		299
		Advanced Micro Devices, Inc.,
	11	7.750%, 08/01/20		9
	300	8.125%, 12/15/17		281
		AES Corp.,
	3,475	8.000%, 10/15/17		4,014
	750	9.750%, 04/15/16		892
	1,450	AES Eastern Energy LP, 9.000%, 01/02/17 (d) (i)		—
		AK Steel Corp.,
	448	7.625%, 05/15/20		406
	228	8.375%, 04/01/22		209
	615	8.750%, 12/01/18 (e)		667
	4,750	Alcatel-Lucent USA, Inc., 6.450%, 03/15/29		3,705
	400	Allbritton Communications Co., 8.000%, 05/15/18		433
	510	Alliance One International, Inc., 10.000%, 07/15/16		542
	1,950	Allison Transmission, Inc., 7.125%, 05/15/19 (e)		2,116
		Ally Financial, Inc.,
	7,971	4.625%, 06/26/15		8,371
	7,947	5.500%, 02/15/17		8,544
	2,500	6.250%, 12/01/17		2,781
	1,400	7.500%, 09/15/20		1,684
	2,560	8.000%, 03/15/20		3,139
	4,225	8.000%, 11/01/31		5,339
		Alpha Natural Resources, Inc.,
	1,138	6.000%, 06/01/19		1,024
	651	6.250%, 06/01/21		583

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States — Continued
	200	9.750%, 04/15/18		218
	454	Alphabet Holding Co., Inc., PIK, 8.500%, 11/01/17 (e)		470
		Alta Mesa Holdings LP/Alta Mesa Finance Services Corp.,
	489	9.625%, 10/15/18 (e)		513
	600	9.625%, 10/15/18		630
		AMC Entertainment, Inc.,
	2,350	8.750%, 06/01/19		2,597
	1,850	9.750%, 12/01/20		2,155
	40	American Achievement Corp., 10.875%, 04/15/16 (e)		37
	3,450	American Axle & Manufacturing, Inc., 7.750%, 11/15/19		3,847
	780	American Casino & Entertainment Properties LLC/ACEP Finance Corp., 11.000%, 06/15/14		796
		American International Group, Inc.,
	13,375	6.250%, 03/15/37		14,261
	4,287	VAR, 8.175%, 05/15/58		5,573
	1,000	American Stores Co., 7.100%, 03/20/28		1,195
		AmeriGas Finance LLC/AmeriGas Finance Corp.,
	350	6.750%, 05/20/20		379
	450	7.000%, 05/20/22		493
		AmeriGas Partners LP/AmeriGas Finance Corp.,
	1,285	6.250%, 08/20/19		1,362
	84	6.500%, 05/20/21		90
	775	Ameristar Casinos, Inc., 7.500%, 04/15/21		843
		Amkor Technology, Inc.,
	350	6.375%, 10/01/22		352
	450	6.625%, 06/01/21		460
	2,600	7.375%, 05/01/18		2,736
	685	AmSouth Bancorp, 6.750%, 11/01/25		719
	250	Amsted Industries, Inc., 8.125%, 03/15/18 (e)		267
	520	Amsurg Corp., 5.625%, 11/30/20 (e)		543
	465	Anixter, Inc., 5.625%, 05/01/19		493
	1,140	Antero Resources Finance Corp., 6.000%, 12/01/20 (e)		1,176
	1,052	Appleton Papers, Inc., 10.500%, 06/15/15 (e)		1,110
		Arch Coal, Inc.,
	400	7.000%, 06/15/19		361
	2,950	7.250%, 06/15/21		2,640
	2,175	8.750%, 08/01/16		2,235
	255	9.875%, 06/15/19 (e)		265
	1,275	Armored Autogroup, Inc., 9.250%, 11/01/18		1,122
	340	A-S Co-Issuer Subsidiary, Inc./A-S Merger Sub LLC, 7.875%, 12/15/20 (e)		339
	282	Ashtead Capital, Inc., 6.500%, 07/15/22 (e)		306
	2,500	Atkore International, Inc., 9.875%, 01/01/18		2,756
		Atlas Pipeline Partners LP/Atlas Pipeline Finance Corp.,
	890	5.875%, 08/01/23 (e)		888
	400	6.625%, 10/01/20 (e)		420
	391	Audatex North America, Inc., 6.750%, 06/15/18 (e)		419
	275	AutoNation, Inc., 5.500%, 02/01/20		296
		Avaya, Inc.,
	6,120	7.000%, 04/01/19 (e)		5,844
	1,229	9.750%, 11/01/15		1,171
	1,250	10.875%, 11/01/15		1,191
		Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,
	580	4.875%, 11/15/17 (e)		592
	4,520	8.250%, 01/15/19		5,006
	3,424	9.625%, 03/15/18		3,801
	1,000	9.750%, 03/15/20		1,157
		Ball Corp.,
	675	5.000%, 03/15/22		715
	270	5.750%, 05/15/21		290
		Bank of America Corp.,
	440	5.625%, 07/01/20		510
	955	5.875%, 01/05/21		1,123
	580	6.500%, 08/01/16		671
	18,929	VAR, 8.000%, 01/30/18 (x)		21,337
	12,475	VAR, 8.125%, 05/15/18 (x)		14,120
	28	Basic Energy Services, Inc., 7.750%, 10/15/22		28
	223	BC Mountain LLC/BC Mountain Finance, Inc., 7.000%, 02/01/21 (e)		229
		BE Aerospace, Inc.,
	1,309	5.250%, 04/01/22		1,378
	180	6.875%, 10/01/20		199
	2,350	Belden, Inc., 5.500%, 09/01/22 (e)		2,420

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States — Continued
		Berry Plastics Corp.,
	1,170	9.500%, 05/15/18		1,308
	715	9.750%, 01/15/21		838
		Bill Barrett Corp.,
	525	7.000%, 10/15/22		541
	1,467	7.625%, 10/01/19		1,544
	595	9.875%, 07/15/16		641
		Biomet, Inc.,
	7,015	6.500%, 08/01/20 (e)		7,366
	700	6.500%, 10/01/20 (e)		710
	287	Boise Cascade LLC/Boise Cascade Finance Corp., 6.375%, 11/01/20 (e)		300
	625	Boise Paper Holdings LLC/Boise Co-Issuer Co., 8.000%, 04/01/20		692
	437	Boyd Acquisition Sub LLC/Boyd Acquisition Finance Corp., 8.375%, 02/15/18 (e)		456
		BreitBurn Energy Partners LP/BreitBurn Finance Corp.,
	400	7.875%, 04/15/22 (e)		423
	3,750	8.625%, 10/15/20		4,116
	750	Briggs & Stratton Corp., 6.875%, 12/15/20		844
	1,905	Brightstar Corp., 9.500%, 12/01/16 (e)		2,048
		Building Materials Corp. of America,
	1,815	6.750%, 05/01/21 (e)		2,001
	500	6.875%, 08/15/18 (e)		540
	5,770	Bumble Bee Acquisition Corp., 9.000%, 12/15/17 (e)		6,333
	600	Burger King Corp., 9.875%, 10/15/18		685
		Cablevision Systems Corp.,
	1,325	5.875%, 09/15/22		1,303
	440	7.750%, 04/15/18		494
	1,550	8.000%, 04/15/20		1,752
	3,000	8.625%, 09/15/17		3,517
		Caesars Entertainment Operating Co., Inc.,
	3,985	8.500%, 02/15/20		4,005
	5,050	9.000%, 02/15/20 (e)		5,138
	7,140	11.250%, 06/01/17		7,640
	2,700	Caesars Operating Escrow LLC/Caesars Escrow Corp., 9.000%, 02/15/20 (e)		2,747
	75	Calpine Construction Finance Co. LP/CCFC Finance Corp., 8.000%, 06/01/16 (e)		79
		Calpine Corp.,
	3,386	7.250%, 10/15/17 (e)		3,589
	1,184	7.500%, 02/15/21 (e)		1,284
	2,475	7.875%, 07/31/20 (e)		2,729
	4,666	7.875%, 01/15/23 (e)		5,156
		Calumet Specialty Products Partners LP/Calumet Finance Corp.,
	90	9.375%, 05/01/19		99
	827	9.625%, 08/01/20 (e)		924
	307	Capella Healthcare, Inc., 9.250%, 07/01/17		332
	4,135	Capmark Financial Group, Inc., 0.000%, 05/10/10 (d)		72
	1,600	Case New Holland, Inc., 7.875%, 12/01/17		1,892
	775	Casella Waste Systems, Inc., 7.750%, 02/15/19		748
		Catalent Pharma Solutions, Inc.,
	881	7.875%, 10/15/18 (e)		890
	155	9.500%, 04/15/15		157
	770	CBRE Services, Inc., 6.625%, 10/15/20		841
	330	CCM Merger, Inc., 9.125%, 05/01/19 (e)		331
		CCO Holdings LLC/CCO Holdings Capital Corp.,
	173	5.125%, 02/15/23		170
	1,304	6.500%, 04/30/21		1,395
	599	6.625%, 01/31/22		653
	474	7.000%, 01/15/19		513
	3,185	7.375%, 06/01/20		3,543
	6,525	7.875%, 04/30/18		6,974
	1,172	8.125%, 04/30/20		1,316
	6,588	CDW LLC/CDW Finance Corp., 8.500%, 04/01/19		7,296
	450	Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp., 9.125%, 08/01/18		504
		Celanese US Holdings LLC,
	600	4.625%, 11/15/22		619
	175	6.625%, 10/15/18		192
		Cemex Finance LLC,
	1,350	9.375%, 10/12/22 (e)		1,526
	1,800	9.500%, 12/14/16 (e)		1,921
	5,450	Central Garden & Pet Co., 8.250%, 03/01/18		5,661
	375	Century Aluminum Co., 8.000%, 05/15/14		379
	4,675	CenturyLink, Inc., 5.800%, 03/15/22		4,892
	1,824	Cenveo Corp., 8.875%, 02/01/18		1,801

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States — Continued
		Cequel Communications Holdings I LLC/Cequel Capital Corp.,
	537	6.375%, 09/15/20 (e)		563
	2,158	8.625%, 11/15/17 (e)		2,309
	1,170	Ceridian Corp., 8.875%, 07/15/19 (e)		1,305
	1,542	Chemtura Corp., 7.875%, 09/01/18		1,662
		Chesapeake Energy Corp.,
	1,142	6.125%, 02/15/21		1,222
	4,700	6.625%, 08/15/20		5,158
	900	6.775%, 03/15/19		909
	65	6.875%, 08/15/18		69
	600	Chesapeake Oilfield Operating LLC/Chesapeake Oilfield Finance, Inc., 6.625%, 11/15/19 (e)		594
	10,414	Chrysler Group LLC/CG Co-Issuer, Inc., 8.250%, 06/15/21		11,560
		CHS/Community Health Systems, Inc.,
	1,750	5.125%, 08/15/18		1,842
	900	7.125%, 07/15/20		972
	1,235	8.000%, 11/15/19		1,355
	142	Chukchansi Economic Development Authority, 9.750%, 05/30/20 (e) (i)		84
	2,065	Cimarex Energy Co., 5.875%, 05/01/22		2,210
		Cincinnati Bell, Inc.,
	215	8.250%, 10/15/17		231
	555	8.750%, 03/15/18		586
		Cinemark USA, Inc.,
	612	5.125%, 12/15/22 (e)		620
	1,005	7.375%, 06/15/21		1,113
	250	8.625%, 06/15/19		277
		CIT Group, Inc.,
	6,229	4.250%, 08/15/17		6,447
	2,161	5.000%, 05/15/17		2,307
	1,383	5.000%, 08/15/22		1,461
	4,650	5.250%, 03/15/18		4,975
	1,727	5.375%, 05/15/20		1,874
	2,580	6.625%, 04/01/18 (e)		2,889
	175	Citgo Petroleum Corp., 11.500%, 07/01/17 (e)		203
	23,684	Citigroup, Inc., VAR, 5.950%, 01/30/23 (x)		23,921
		CityCenter Holdings LLC/CityCenter Finance Corp.,
	3,690	7.625%, 01/15/16		3,980
	1,466	PIK, 10.750%, 01/15/17		1,619
	1,315	CKE Restaurants, Inc., 11.375%, 07/15/18		1,532
		Claire’s Stores, Inc.,
	3,000	8.875%, 03/15/19		2,940
	10,942	9.000%, 03/15/19 (e)		11,981
		Clean Harbors, Inc.,
	385	5.125%, 06/01/21 (e)		396
	524	5.250%, 08/01/20		548
		Clear Channel Communications, Inc.,
	517	9.000%, 12/15/19 (e)		490
	505	9.000%, 03/01/21		470
		Clear Channel Worldwide Holdings, Inc.,
	675	6.500%, 11/15/22 (e)		712
	15,775	6.500%, 11/15/22 (e)		16,800
	115	7.625%, 03/15/20		119
	2,775	7.625%, 03/15/20		2,900
	430	Clearwater Paper Corp., 4.500%, 02/01/23 (e)		427
		Clearwire Communications LLC/Clearwire Finance, Inc.,
	83	12.000%, 12/01/15 (e)		90
	2,106	12.000%, 12/01/15 (e)		2,282
	233	Cleaver-Brooks, Inc., 8.750%, 12/15/19 (e)		250
		Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp.,
	400	8.250%, 12/15/17		425
	147	8.500%, 12/15/19		160
	1,575	CNG Holdings, Inc., 9.375%, 05/15/20 (e)		1,591
	800	CNH Capital LLC, 3.875%, 11/01/15 (e)		822
	730	CNL Lifestyle Properties, Inc., 7.250%, 04/15/19		725
	253	Coeur d’Alene Mines Corp., 7.875%, 02/01/21 (e)		259
	380	Columbus McKinnon Corp., 7.875%, 02/01/19		408
	1,095	Commercial Barge Line Co., 12.500%, 07/15/17		1,202
	600	Commercial Metals Co., 7.350%, 08/15/18		661
	3,141	CommScope, Inc., 8.250%, 01/15/19 (e)		3,432
	350	Community Choice Financial, Inc., 10.750%, 05/01/19		332
		Comstock Resources, Inc.,
	516	7.750%, 04/01/19		533
	750	8.375%, 10/15/17		795
	1,017	9.500%, 06/15/20		1,098
		Concho Resources, Inc.,
	562	5.500%, 10/01/22		596

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States –– Continued
	593	5.500%, 04/01/23		626
	1,140	6.500%, 01/15/22		1,242
	731	7.000%, 01/15/21		808
		CONSOL Energy, Inc.,
	620	8.000%, 04/01/17		669
	1,245	8.250%, 04/01/20		1,348
	46	Constar International, Inc., 11.000%, 12/31/17 (i)		24
		Constellation Brands, Inc.,
	510	6.000%, 05/01/22		574
	1,000	7.250%, 09/01/16		1,145
	2,000	7.250%, 05/15/17		2,307
	2,242	Continental Airlines 2003-ERJ1 Pass-Through Trust, 7.875%, 07/02/18		2,332
	90	Continental Airlines 2004-ERJ1 Pass-Through Trust, 9.558%, 09/01/19		95
	1,519	Continental Airlines 2005-ERJ1 Pass-Through Trust, 9.798%, 04/01/21		1,711
	402	Continental Airlines 2012-3 Class C Pass- Thru Certificates, 6.125%, 04/29/18		400
		Continental Resources, Inc.,
	1,200	5.000%, 09/15/22		1,278
	175	7.125%, 04/01/21		198
	475	7.375%, 10/01/20		536
	750	Corrections Corp. of America, 7.750%, 06/01/17		791
	577	Covanta Holding Corp., 6.375%, 10/01/22		630
	500	Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 7.750%, 04/01/19 (e)		522
	3,218	Cricket Communications, Inc., 7.750%, 10/15/20		3,339
		Crosstex Energy LP/Crosstex Energy Finance Corp.,
	701	7.125%, 06/01/22 (e)		734
	5,125	8.875%, 02/15/18		5,503
	770	Crown Americas LLC/Crown Americas Capital Corp. IV, 4.500%, 01/15/23 (e)		758
	712	Crown Castle International Corp., 5.250%, 01/15/23 (e)		748
		CSC Holdings LLC,
	100	6.750%, 11/15/21		113
	500	8.625%, 02/15/19		601
	1,103	CVR Refining LLC/Coffeyville Finance, Inc., 6.500%, 11/01/22 (e)		1,111
	405	CyrusOne LP/CyrusOne Finance Corp., 6.375%, 11/15/22 (e)		432
		D.R. Horton, Inc.,
	221	4.375%, 09/15/22		220
	150	5.625%, 01/15/16		163
		Dana Holding Corp.,
	800	6.500%, 02/15/19		856
	559	6.750%, 02/15/21		609
		DaVita HealthCare Partners, Inc.,
	704	6.375%, 11/01/18		753
	3,410	6.625%, 11/01/20		3,717
	465	DDR Corp., 7.875%, 09/01/20		591
		Dean Foods Co.,
	450	7.000%, 06/01/16		499
	150	9.750%, 12/15/18		171
	7,130	Del Monte Corp., 7.625%, 02/15/19		7,433
	92	Delta Air Lines 2007-1 Class B Pass-Through Trust, 8.021%, 08/10/22		101
	286	Delta Air Lines 2007-1 Class C Pass-Through Trust, 8.954%, 08/10/14		298
	51	Delta Air Lines 2009-1 Series B Pass-Through Trust, 9.750%, 12/17/16		58
	480	Delta Air Lines 2012-1 Class A Pass-Through Trust, 4.750%, 05/07/20		520
	600	Delta Air Lines 2012-1 Class B Pass-Through Trust, 6.875%, 05/07/19 (e)		639
	2,080	Deluxe Corp., 7.000%, 03/15/19		2,220
		Denbury Resources, Inc.,
	2,800	8.250%, 02/15/20		3,122
	500	9.750%, 03/01/16		527
	409	DigitalGlobe, Inc., 5.250%, 02/01/21 (e)		408
	600	DineEquity, Inc., 9.500%, 10/30/18		682
		DISH DBS Corp.,
	875	4.625%, 07/15/17		914
	2,453	5.000%, 03/15/23 (e)		2,422
	542	5.875%, 07/15/22		576
	4,763	6.750%, 06/01/21		5,335
	4,425	7.125%, 02/01/16		4,934
	215	7.750%, 05/31/15		240
	11,965	7.875%, 09/01/19		14,149
		DJO Finance LLC/DJO Finance Corp.,
	2,550	7.750%, 04/15/18		2,531
	2,705	8.750%, 03/15/18 (e)		3,009
	675	Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.500%, 07/01/19 (e)		748

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States –– Continued
	391	DuPont Fabros Technology LP, 8.500%, 12/15/17		424
		Dycom Investments, Inc.,
	432	7.125%, 01/15/21 (e)		456
	200	7.125%, 01/15/21		214
		Dynegy Holdings LLC,
	100	7.125%, 05/15/18 (d)		—	(h)
	2,000	7.750%, 06/01/19 (d)		5
	600	Dynegy Roseton LLC/Dynegy Danskammer LLC Pass-Through Trust, 7.670%, 11/08/16 (d)		10
		E*TRADE Financial Corp.,
	285	6.000%, 11/15/17		294
	640	6.375%, 11/15/19		664
	3,200	Easton-Bell Sports, Inc., 9.750%, 12/01/16		3,452
		Edison Mission Energy,
	54	7.000%, 05/15/17 (d)		26
	1,546	7.200%, 05/15/19 (d)		758
	2,500	El Paso LLC, 7.250%, 06/01/18		2,904
	25	El Paso Pipeline Partners Operating Co. LLC, 6.500%, 04/01/20		30
	705	Emergency Medical Services Corp., 8.125%, 06/01/19		772
		Endo Health Solutions, Inc.,
	225	7.000%, 07/15/19		245
	750	7.000%, 12/15/20		814
	967	7.250%, 01/15/22		1,059
		Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc.,
	7,750	10.000%, 12/01/20		8,893
	694	11.750%, 03/01/22 (e)		790
		Energy XXI Gulf Coast, Inc.,
	560	7.750%, 06/15/19		608
	700	9.250%, 12/15/17		797
	6,885	EP Energy LLC/EP Energy Finance, Inc., 9.375%, 05/01/20		7,711
		EP Energy LLC/Everest Acquisition Finance, Inc.,
	2,352	6.875%, 05/01/19		2,546
	2,686	7.750%, 09/01/22		2,887
	533	EPE Holdings LLC/EP Energy Bond Co., Inc., PIK, 8.875%, 12/15/17 (e)		538
	2,950	Epicor Software Corp., 8.625%, 05/01/19		3,179
	615	Equinix, Inc., 7.000%, 07/15/21		686
	20	Eurofresh, Inc., 15.000%, 11/18/16 (i) †		—
	2,725	EV Energy Partners LP/EV Energy Finance Corp., 8.000%, 04/15/19		2,909
	440	Felcor Lodging LP, 6.750%, 06/01/19		472
		Ferrellgas LP/Ferrellgas Finance Corp.,
	950	6.500%, 05/01/21		960
	600	9.125%, 10/01/17		648
		Fidelity National Information Services, Inc.,
	985	5.000%, 03/15/22		1,066
	900	7.875%, 07/15/20		1,018
		First Data Corp.,
	4,650	6.750%, 11/01/20 (e)		4,778
	500	7.375%, 06/15/19 (e)		526
	2,690	8.250%, 01/15/21 (e)		2,771
	8,735	8.875%, 08/15/20 (e)		9,674
	1,004	9.875%, 09/24/15		1,029
	604	11.250%, 01/15/21 (e)		605
	6,002	12.625%, 01/15/21		6,392
	11,848	PIK, 8.750%, 01/15/22 (e)		12,322
		Ford Motor Co.,
	125	7.750%, 06/15/43		146
	100	8.900%, 01/15/32		134
	50	9.980%, 02/15/47		72
		Ford Motor Credit Co. LLC,
	5,500	5.000%, 05/15/18		6,030
	6,850	6.625%, 08/15/17		7,988
	1,000	Forest City Enterprises, Inc., 6.500%, 02/01/17		960
		Forest Oil Corp.,
	4,595	7.250%, 06/15/19		4,606
	781	7.500%, 09/15/20 (e)		832
		Freescale Semiconductor, Inc.,
	476	8.050%, 02/01/20		491
	5,051	9.250%, 04/15/18 (e)		5,556
	2,154	10.125%, 03/15/18 (e)		2,380
		Fresenius Medical Care U.S. Finance II, Inc.,
	2,978	5.625%, 07/31/19 (e)		3,224
	1,220	5.875%, 01/31/22 (e)		1,333
	725	Fresenius Medical Care U.S. Finance, Inc., 5.750%, 02/15/21 (e)		785
		Frontier Communications Corp.,
	20	7.125%, 03/15/19		22
	439	7.125%, 01/15/23		466

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States — Continued
	2,400	8.500%, 04/15/20		2,772
	175	8.750%, 04/15/22		203
	1,757	9.250%, 07/01/21		2,073
	350	FTI Consulting, Inc., 6.000%, 11/15/22 (e)		368
	72	Gannett Co., Inc., 10.000%, 04/01/16		87
	3,262	GCI, Inc., 8.625%, 11/15/19		3,450
	371	GenCorp, Inc., 7.125%, 03/15/21 (e)		384
	2,473	General Cable Corp., 5.750%, 10/01/22 (e)		2,603
	17,900	General Electric Capital Corp., VAR, 6.250%, 12/15/22 (x)		19,539
	505	Genesis Energy LP/Genesis Energy Finance Corp., 7.875%, 12/15/18		545
	2,248	GenOn Energy, Inc., 9.875%, 10/15/20		2,585
		Geo Group, Inc. (The),
	2,000	6.625%, 02/15/21		2,215
	1,250	7.750%, 10/15/17		1,344
	350	Georgia-Pacific LLC, 5.400%, 11/01/20 (e)		412
	1,140	Goodman Networks, Inc., 0.000%, 07/01/18 (e)		1,265
		Goodyear Tire & Rubber Co. (The),
	3,787	7.000%, 05/15/22		4,061
	4,325	8.250%, 08/15/20		4,747
	800	8.750%, 08/15/20		928
		Graphic Packaging International, Inc.,
	240	7.875%, 10/01/18		263
	150	9.500%, 06/15/17		161
	500	Graton Economic Development Authority, 9.625%, 09/01/19 (e)		546
	1,070	Gray Television, Inc., 7.500%, 10/01/20		1,113
	2,425	Great Lakes Dredge & Dock Corp., 7.375%, 02/01/19		2,613
	2,500	Griffon Corp., 7.125%, 04/01/18		2,706
	300	Grifols, Inc., 8.250%, 02/01/18		329
	625	Gymboree Corp., 9.125%, 12/01/18		588
	775	H&E Equipment Services, Inc., 7.000%, 09/01/22 (e)		847
		Hanesbrands, Inc.,
	1,500	6.375%, 12/15/20		1,624
	1,510	8.000%, 12/15/16		1,648
		Harland Clarke Holdings Corp.,
	1,845	9.750%, 08/01/18 (e)		1,905
	1,595	VAR, 6.000%, 05/15/15		1,479
	560	Harron Communications LP/Harron
		Finance Corp., 9.125%, 04/01/20 (e)		615
	650	Hartford Financial Services Group, Inc., VAR, 8.125%, 06/15/38		752
		HCA Holdings, Inc.,
	770	6.250%, 02/15/21		811
	3,750	7.750%, 05/15/21		4,106
		HCA, Inc.,
	715	4.750%, 05/01/23		719
	3,250	5.875%, 03/15/22		3,534
	740	5.875%, 05/01/23		771
	4,062	6.500%, 02/15/20		4,519
	50	7.250%, 09/15/20		56
	19,772	7.500%, 02/15/22		22,837
	1,000	7.875%, 02/15/20		1,109
	3,750	8.000%, 10/01/18		4,369
		HD Supply, Inc.,
	1,760	7.500%, 07/15/20 (e)		1,738
	3,638	8.125%, 04/15/19 (e)		4,120
	544	10.500%, 01/15/21 (e)		556
		HDTFS, Inc.,
	4,384	5.875%, 10/15/20 (e)		4,658
	203	6.250%, 10/15/22 (e)		220
		Health Management Associates, Inc.,
	3,900	6.125%, 04/15/16		4,290
	2,145	7.375%, 01/15/20		2,357
		HealthSouth Corp.,
	225	7.250%, 10/01/18		244
	3,690	7.750%, 09/15/22		4,050
		Hertz Corp. (The),
	563	6.750%, 04/15/19		611
	985	7.375%, 01/15/21		1,093
	1,592	7.500%, 10/15/18		1,747
	3,300	Hexion US Finance Corp., 6.625%, 04/15/20		3,250
	600	Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 8.875%, 02/01/18		606
	921	Hiland Partners LP/Hiland Partners Finance Corp., 7.250%, 10/01/20 (e)		997
		Hilcorp Energy I LP/Hilcorp Finance Co.,
	1,943	7.625%, 04/15/21 (e)		2,118
	1,145	8.000%, 02/15/20 (e)		1,268
		Holly Energy Partners LP/Holly Energy Finance Corp.,
	500	6.500%, 03/01/20 (e)		535
	50	8.250%, 03/15/18		54

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States — Continued
	665	Hologic, Inc., 6.250%, 08/01/20 (e)		715
		Homer City Generation LP,
	61	8.137%, 10/01/19		66
	184	8.734%, 10/01/26		202
		Host Hotels & Resorts LP,
	500	4.750%, 03/01/23		524
	575	6.000%, 11/01/20		630
	1,030	6.750%, 06/01/16		1,056
	1,000	9.000%, 05/15/17		1,062
	720	Hub International Ltd., 8.125%, 10/15/18 (e)		745
	2,000	Hughes Satellite Systems Corp., 6.500%, 06/15/19		2,210
		Huntsman International LLC,
	885	5.500%, 06/30/16		890
	1,500	8.625%, 03/15/20		1,695
	374	IASIS Healthcare LLC/IASIS Capital Corp., 8.375%, 05/15/19		380
	1,090	iGATE Corp., 9.000%, 05/01/16		1,198
	511	Igloo Holdings Corp., PIK, 9.000%, 12/15/17 (e)		522
	6,778	ILFC E-Capital Trust I, VAR, 4.540%, 12/21/65 (e)		5,389
	2,558	ILFC E-Capital Trust II, VAR, 6.250%, 12/21/65 (e)		2,232
	600	IMS Health, Inc., 6.000%, 11/01/20 (e)		626
	349	Inergy Midstream LP/NRGM Finance Corp., 6.000%, 12/15/20 (e)		360
	5,242	Infor U.S., Inc., 9.375%, 04/01/19		5,923
	450	Ingles Markets, Inc., 8.875%, 05/15/17		476
	913	INTCOMEX, Inc., 13.250%, 12/15/14		943
	3,250	Interactive Data Corp., 10.250%, 08/01/18		3,681
	1,250	Interface, Inc., 7.625%, 12/01/18		1,356
		International Lease Finance Corp.,
	1,155	5.875%, 04/01/19		1,249
	665	5.875%, 08/15/22		716
	3,420	6.250%, 05/15/19		3,779
	1,575	8.250%, 12/15/20		1,929
	5,985	8.625%, 09/15/15		6,800
	2,340	8.625%, 01/15/22		2,972
	10,275	8.750%, 03/15/17		12,099
	500	International Wire Group Holdings, Inc., 8.500%, 10/15/17 (e)		513
		inVentiv Health, Inc.,
	850	9.000%, 01/15/18 (e)		872
	2,017	10.000%, 08/15/18 (e)		1,775
		Iron Mountain, Inc.,
	920	7.750%, 10/01/19		1,030
	767	8.375%, 08/15/21		846
	1,280	Isle of Capri Casinos, Inc., 7.750%, 03/15/19		1,382
	652	iStar Financial, Inc., 9.000%, 06/01/17		724
	3,200	J. Crew Group, Inc., 8.125%, 03/01/19		3,432
	325	J.M. Huber Corp., 9.875%, 11/01/19 (e)		364
	250	Jaguar Holding Co. I, PIK, 10.125%, 10/15/17 (e)		265
		Jarden Corp.,
	2,640	7.500%, 05/01/17		2,980
	1,375	7.500%, 01/15/20		1,499
	245	8.000%, 05/01/16		257
	1,007	JB Poindexter & Co., Inc., 9.000%, 04/01/22 (e)		1,050
		JBS USA LLC/JBS USA Finance, Inc.,
	684	7.250%, 06/01/21 (e)		710
	611	8.250%, 02/01/20 (e)		657
	2,500	JC Penney Corp., Inc., 5.750%, 02/15/18		2,225
	690	JMC Steel Group, Inc., 8.250%, 03/15/18 (e)		735
	800	Jo-Ann Stores Holdings, Inc., PIK, 10.500%, 10/15/19 (e)		816
		K. Hovnanian Enterprises, Inc.,
	1,092	7.250%, 10/15/20 (e)		1,201
	298	9.125%, 11/15/20 (e)		329
	120	11.875%, 10/15/15		132
	1,800	Kaiser Aluminum Corp., 8.250%, 06/01/20		2,012
		KB Home,
	478	7.500%, 09/15/22		535
	200	8.000%, 03/15/20		232
	225	9.100%, 09/15/17		265
	295	Kennedy-Wilson, Inc., 8.750%, 04/01/19		313
		Key Energy Services, Inc.,
	650	6.750%, 03/01/21 (e)		650
	1,880	6.750%, 03/01/21		1,889
	5,350	Kinetic Concepts, Inc./KCI USA, Inc., 10.500%, 11/01/18 (e)		5,724
	555	Laredo Petroleum, Inc., 7.375%, 05/01/22		601
	675	Lear Corp., 8.125%, 03/15/20		754
	665	Lender Processing Services, Inc., 5.750%, 04/15/23		705

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States — Continued
		Lennar Corp.,
	260	4.750%, 12/15/17		272
	375	4.750%, 11/15/22 (e)		368
	635	6.950%, 06/01/18		714
	555	12.250%, 06/01/17		745
		Level 3 Communications, Inc.,
	725	8.875%, 06/01/19 (e)		788
	1,750	11.875%, 02/01/19		2,030
		Level 3 Financing, Inc.,
	859	7.000%, 06/01/20 (e)		910
	7,473	8.125%, 07/01/19		8,146
	2,065	8.625%, 07/15/20		2,313
	4,493	9.375%, 04/01/19		5,077
	2,012	Libbey Glass, Inc., 6.875%, 05/15/20		2,165
		Liberty Mutual Group, Inc.,
	202	6.500%, 05/01/42 (e)		226
	3,000	7.800%, 03/15/37 (e)		3,405
	2,644	VAR, 10.750%, 06/15/58 (e)		4,019
	350	Liberty Tire Recycling, 11.000%, 10/01/16 (e)		333
	200	LifePoint Hospitals, Inc., 6.625%, 10/01/20		218
	1,100	Limited Brands, Inc., 6.625%, 04/01/21		1,251
		Linn Energy LLC/Linn Energy Finance Corp.,
	3,900	6.250%, 11/01/19 (e)		3,890
	3,350	7.750%, 02/01/21		3,585
	765	Live Nation Entertainment, Inc., 7.000%, 09/01/20 (e)		815
	400	Longview Fibre Paper & Packaging, Inc., 8.000%, 06/01/16 (e)		421
	300	Louisiana-Pacific Corp., 7.500%, 06/01/20		341
	1,401	M/I Homes, Inc., 8.625%, 11/15/18		1,541
	2,695	Manitowoc Co., Inc. (The), 8.500%, 11/01/20		3,032
	6,215	Marina District Finance Co., Inc., 9.875%, 08/15/18		6,308
		MarkWest Energy Partners LP/MarkWest Energy Finance Corp.,
	585	4.500%, 07/15/23		582
	1,500	5.500%, 02/15/23		1,583
	565	6.250%, 06/15/22		613
	500	6.500%, 08/15/21		542
	925	6.750%, 11/01/20		1,013
		Masco Corp.,
	261	5.950%, 03/15/22		289
	56	7.125%, 03/15/20		65
	275	MDC Holdings, Inc., 6.000%, 01/15/43		274
	245	Mead Products LLC/ACCO Brands Corp., 6.750%, 04/30/20 (e)		260
	1,100	Media General, Inc., 11.750%, 02/15/17		1,260
	115	Mediacom Broadband LLC/Mediacom Broadband Corp., 6.375%, 04/01/23 (e)		118
		Mediacom LLC/Mediacom Capital Corp.,
	290	7.250%, 02/15/22		316
	829	9.125%, 08/15/19		920
	1,000	MEMC Electronic Materials, Inc., 7.750%, 04/01/19		890
		Meritage Homes Corp.,
	574	7.000%, 04/01/22		633
	289	7.150%, 04/15/20		320
	15,725	MetLife, Inc., 6.400%, 12/15/36		17,024
		MetroPCS Wireless, Inc.,
	2,179	6.625%, 11/15/20		2,310
	2,805	7.875%, 09/01/18		3,036
		MGM Resorts International,
	1,150	6.750%, 10/01/20 (e)		1,207
	1,200	7.500%, 06/01/16		1,314
	4,770	7.625%, 01/15/17		5,229
	1,196	7.750%, 03/15/22		1,304
	9,100	8.625%, 02/01/19		10,374
	3,350	11.375%, 03/01/18		4,171
	2,175	Michael Foods Group, Inc., 9.750%, 07/15/18		2,414
	5,800	Michael’s Stores, Inc., 7.750%, 11/01/18		6,344
	527	Midstates Petroleum Co., Inc./Midstates
		Petroleum Co. LLC, 10.750%, 10/01/20 (e)		574
	150	Mobile Mini, Inc., 7.875%, 12/01/20		166
	150	Moog, Inc., 7.250%, 06/15/18		157
		Motors Liquidation Co.,
	10	6.750%, 05/01/28 (d) (i)		—	(h)
	11	7.750%, 03/15/36 (d) (i)		—	(h)
	115	8.375%, 07/15/33 (d) (i)		—	(h)
	778	MPT Operating Partnership LP/MPT Finance Corp., 6.375%, 02/15/22		834
	2,253	MultiPlan, Inc., 9.875%, 09/01/18 (e)		2,512
	4,000	Mylan, Inc., 7.875%, 07/15/20 (e)		4,673

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States — Continued
	700	National Mentor Holdings, Inc., 12.500%, 02/15/18 (e)		739
		Nationstar Mortgage LLC/Nationstar Capital Corp.,
	434	7.875%, 10/01/20 (e)		473
	212	9.625%, 05/01/19 (e)		241
	209	9.625%, 05/01/19 (e)		238
	200	Navigator Holdings Ltd., Reg. S., 9.000%, 12/18/17 (e)		201
	591	Navios Maritime Holdings, Inc./Navios
		Maritime Finance U.S., Inc., 8.875%, 11/01/17		584
	708	Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc., 9.250%, 04/15/19		708
		NCR Corp.,
	113	4.625%, 02/15/21 (e)		113
	243	5.000%, 07/15/22 (e)		246
	50	Neebo, Inc., 15.000%, 06/30/16 (e)		46
	714	Netflix, Inc., 5.375%, 02/01/21 (e)		710
		New Albertsons, Inc.,
	971	7.450%, 08/01/29		668
	549	8.000%, 05/01/31		381
	190	8.700%, 05/01/30		139
		Newfield Exploration Co.,
	429	5.625%, 07/01/24		461
	425	5.750%, 01/30/22		468
	975	6.875%, 02/01/20		1,054
	250	7.125%, 05/15/18		261
	170	Nexstar Broadcasting, Inc., 6.875%, 11/15/20 (e)		177
	2,906	Nexstar Broadcasting, Inc./Mission
		Broadcasting, Inc., 8.875%, 04/15/17		3,204
	320	NFR Energy LLC/NFR Energy Finance
		Corp., 9.750%, 02/15/17		320
	315	NGPL PipeCo LLC, 9.625%, 06/01/19 (e)		364
	685	Nielsen Finance LLC/Nielsen Finance Co., 4.500%, 10/01/20 (e)		675
		NII Capital Corp.,
	4,107	7.625%, 04/01/21		3,224
	765	8.875%, 12/15/19		642
	10	10.000%, 08/15/16		10
	1,760	Noranda Aluminum Acquisition Corp.,
		PIK, 4.524%, 05/15/15		1,677
	1,650	Nortek, Inc., 8.500%, 04/15/21		1,869
	3,903	Northwest Airlines 2007-1 Class A Pass-Through Trust, 7.027%, 11/01/19		4,400
		NRG Energy, Inc.,
	2,266	6.625%, 03/15/23 (e)		2,430
	5,100	7.625%, 01/15/18		5,725
	375	7.625%, 05/15/19		401
	2,236	7.875%, 05/15/21		2,505
	1,000	8.250%, 09/01/20		1,130
	829	Nuance Communications, Inc., 5.375%, 08/15/20 (e)		854
	400	Ocean Rig UDW, Inc., Reg. S., 9.500%, 04/27/16 (e)		416
		Oil States International, Inc.,
	286	5.125%, 01/15/23 (e)		290
	2,045	6.500%, 06/01/19		2,183
	1,325	Olin Corp., 5.500%, 08/15/22		1,381
	2,000	Omnicare, Inc., 7.750%, 06/01/20		2,240
	905	OMNOVA Solutions, Inc., 7.875%, 11/01/18		943
	120	OnCure Holdings, Inc., 11.750%, 05/15/17		50
	886	Onex USI Aquisition Corp., 7.750%, 01/15/21 (e)		868
	610	Oppenheimer Holdings, Inc., 8.750%, 04/15/18		654
	400	Oshkosh Corp., 8.500%, 03/01/20		450
	3,250	PAETEC Holding Corp., 9.875%, 12/01/18		3,750
	4,521	Party City Holdings, Inc., 8.875%, 08/01/20 (e)		4,883
	776	PBF Holding Co. LLC/PBF Finance Corp., 8.250%, 02/15/20 (e)		838
		Peabody Energy Corp.,
	410	6.000%, 11/15/18		429
	5,155	6.250%, 11/15/21		5,387
	557	Penn Virginia Resource Partners LP/Penn
		Virginia Resource Finance Corp. II, 8.375%, 06/01/20 (e)		597
	370	Penske Automotive Group, Inc., 5.750%, 10/01/22 (e)		380
		Petrohawk Energy Corp.,
	750	7.250%, 08/15/18		845
	200	7.875%, 06/01/15		209
	750	10.500%, 08/01/14		794
	325	PHI, Inc., 8.625%, 10/15/18		355
	580	Pilgrim’s Pride Corp., 7.875%, 12/15/18		600

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States — Continued
	585	Pinnacle Entertainment, Inc., 8.750%, 05/15/20		635
	1,110	Pioneer Energy Services Corp., 9.875%, 03/15/18		1,204
		Pioneer Natural Resources Co.,
	425	6.875%, 05/01/18		515
	231	7.500%, 01/15/20		291
		Plains Exploration & Production Co.,
	3,963	6.500%, 11/15/20		4,384
	1,309	6.750%, 02/01/22		1,474
	1,088	6.875%, 02/15/23		1,245
	14,128	PNC Financial Services Group, Inc., VAR, 6.750%, 08/01/21 (x)		16,211
	3,127	Polymer Group, Inc., 7.750%, 02/01/19		3,401
	1,439	PolyOne Corp., 7.375%, 09/15/20		1,597
	2,850	Post Holdings, Inc., 7.375%, 02/15/22		3,163
	136	Prestige Brands, Inc., 8.125%, 02/01/20		152
	150	Prince Mineral Holding Corp., 11.500%, 12/15/19 (e)		162
		Prudential Financial, Inc.,
	8,490	VAR, 5.625%, 06/15/43		8,755
	9,125	VAR, 5.875%, 09/15/42		9,570
		QEP Resources, Inc.,
	494	5.250%, 05/01/23		519
	975	5.375%, 10/01/22		1,038
	1,871	6.875%, 03/01/21		2,166
	2,281	Quiksilver, Inc., 6.875%, 04/15/15 QVC, Inc.,		2,275
	200	5.125%, 07/02/22 (e)		210
	1,005	7.375%, 10/15/20 (e)		1,109
	465	R.R. Donnelley & Sons Co., 7.625%, 06/15/20		452
	3,220	Radiation Therapy Services, Inc., 8.875%, 01/15/17		3,196
	450	Radio Systems Corp., 8.375%, 11/01/19 (e)		478
		Rain CII Carbon LLC/CII Carbon Corp.,
	750	8.000%, 12/01/18 (e)		784
	515	8.250%, 01/15/21 (e)		540
		Range Resources Corp.,
	569	5.000%, 08/15/22		597
	10	6.750%, 08/01/20		11
	200	7.250%, 05/01/18		210
	3,350	RBS Global, Inc./Rexnord LLC, 8.500%, 05/01/18		3,668
		Real Mex Restaurants, Inc.,
	137	11.000%, 03/15/14 (i)		137
	229	12.000%, 03/15/14 (i)		229
	4,015	Realogy Group LLC, 7.625%, 01/15/20 (e)		4,557
	1,025	Regal Cinemas Corp., 8.625%, 07/15/19		1,135
		Regal Entertainment Group,
	315	5.750%, 02/01/25		312
	450	9.125%, 08/15/18		503
		Regency Energy Partners LP/Regency Energy Finance Corp.,
	2,245	5.500%, 04/15/23		2,380
	1,145	6.500%, 07/15/21		1,251
	855	Regions Bank, 7.500%, 05/15/18		1,042
	2,654	Resolute Forest Products, 10.250%, 10/15/18		3,059
		Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC,
	6,060	5.750%, 10/15/20		6,196
	400	6.875%, 02/15/21		429
	2,100	7.125%, 04/15/19		2,242
	2,400	7.875%, 08/15/19		2,640
	2,750	8.500%, 05/15/18		2,888
	9,525	9.000%, 04/15/19		10,049
	8,782	9.875%, 08/15/19		9,594
		Rite Aid Corp.,
	2,581	7.500%, 03/01/17		2,639
	950	9.250%, 03/15/20		1,057
	4,750	9.500%, 06/15/17		4,958
	2,400	9.750%, 06/12/16		2,568
	1,250	10.250%, 10/15/19		1,437
	310	Rivers Pittsburgh Borrower LP/Rivers
		Pittsburgh Finance Corp., 9.500%, 06/15/19 (e)		335
	567	Rockies Express Pipeline LLC, 6.000%, 01/15/19 (e)		556
	860	Roofing Supply Group LLC/Roofing
		Supply Finance, Inc., 10.000%, 06/01/20 (e)		972
	415	Ruby Tuesday, Inc., 7.625%, 05/15/20 (e)		407
	775	Ryerson, Inc./Joseph T. Ryerson & Son, Inc., 9.000%, 10/15/17 (e)		833
	1,131	Sabine Pass Liquefaction LLC, 5.625%, 02/01/21 (e)		1,135
	5,655	Sabre, Inc., 8.500%, 05/15/19 (e)		6,079
	1,500	Sally Holdings LLC/Sally Capital, Inc., 6.875%, 11/15/19		1,657

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States — Continued
	2,505	Samson Investment Co., 9.750%, 02/15/20 (e)		2,665
	4,000	SandRidge Energy, Inc., 7.500%, 03/15/21		4,240
	91	SBA Telecommunications, Inc., 5.750%, 07/15/20 (e)		96
	3,150	Scotts Miracle-Gro Co. (The), 7.250%, 01/15/18		3,374
		Sealed Air Corp.,
	600	6.500%, 12/01/20 (e)		663
	3,000	8.125%, 09/15/19 (e)		3,412
	1,285	8.375%, 09/15/21 (e)		1,475
	6,750	Sealy Mattress Co., 8.250%, 06/15/14		6,775
	500	Sears Holdings Corp., 6.625%, 10/15/18		474
	1,600	Seminole Hard Rock Entertainment, Inc.,
		VAR, 2.808%, 03/15/14 (e)		1,596
	1,300	Seneca Gaming Corp., 8.250%, 12/01/18 (e)		1,381
	5,573	Serta Simmons Holdings LLC, 8.125%, 10/01/20 (e)		5,705
		Service Corp. International,
	680	6.750%, 04/01/16		764
	2,842	7.000%, 05/15/19		3,123
	2,000	7.500%, 04/01/27		2,205
	250	7.625%, 10/01/18		298
	805	8.000%, 11/15/21		984
	220	Severstal Columbus LLC, 10.250%, 02/15/18		237
	408	Shearer’s Foods LLC/Chip Fin Corp.,
		9.000%, 11/01/19 (e)		438
	270	Shingle Springs Tribal Gaming Authority, 9.375%, 06/15/15 (e)		269
	443	Sidewinder Drilling, Inc., 9.750%, 11/15/19 (e)		444
	500	Simmons Foods, Inc., 10.500%, 11/01/17 (e)		482
		Sinclair Television Group, Inc.,
	1,830	6.125%, 10/01/22 (e)		1,953
	435	8.375%, 10/15/18		484
		Sitel LLC/Sitel Finance Corp.,
	666	11.000%, 08/01/17 (e)		703
	805	11.500%, 04/01/18		563
	645	Six Flags Entertainment Corp., 5.250%, 01/15/21 (e)		642
	440	Sky Growth Acquisition Corp., 7.375%, 10/15/20 (e)		449
		SM Energy Co.,
	825	6.500%, 11/15/21		879
	400	6.500%, 01/01/23		426
	2,093	6.625%, 02/15/19		2,213
		Smithfield Foods, Inc.,
	725	6.625%, 08/15/22		794
	500	7.750%, 07/01/17		579
	933	Spectrum Brands Escrow Corp., 6.625%, 11/15/22 (e)		1,008
		Spectrum Brands, Inc.,
	575	6.750%, 03/15/20 (e)		621
	4,945	9.500%, 06/15/18		5,594
	585	Speedway Motorsports, Inc., 6.750%, 02/01/19		620
	122	SPL Logistics Escrow LLC/SPL Logistics Finance Corp., 8.875%, 08/01/20 (e)		131
		Sprint Capital Corp.,
	1,059	6.900%, 05/01/19		1,151
	15,404	8.750%, 03/15/32		18,177
		Sprint Nextel Corp.,
	1,115	6.000%, 12/01/16		1,201
	2,300	6.000%, 11/15/22		2,311
	1,750	7.000%, 03/01/20 (e)		2,030
	4,335	7.000%, 08/15/20		4,693
	350	8.375%, 08/15/17		405
	14,845	9.000%, 11/15/18 (e)		18,371
	305	11.500%, 11/15/21		417
	820	SquareTwo Financial Corp., 11.625%, 04/01/17		838
		Standard Pacific Corp.,
	1,075	8.375%, 05/15/18		1,269
	760	8.375%, 01/15/21		904
	419	10.750%, 09/15/16		521
		Steel Dynamics, Inc.,
	330	6.125%, 08/15/19 (e)		357
	330	6.375%, 08/15/22 (e)		356
	850	7.625%, 03/15/20		948
	95	Stewart Enterprises, Inc., 6.500%, 04/15/19		102
	1,337	Stone Energy Corp., 7.500%, 11/15/22		1,444
	150	Stream Global Services, Inc., 11.250%, 10/01/14		157
	155	Suburban Propane Partners LP/Suburban Energy Finance Corp., 7.375%, 08/01/21		169

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States — Continued
	460	Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp., 8.625%, 04/15/16 (e)		492
		SunGard Data Systems, Inc.,
	500	6.625%, 11/01/19 (e)		516
	2,750	7.375%, 11/15/18		2,922
	1,001	7.625%, 11/15/20		1,091
		SUPERVALU, Inc.,
	375	7.500%, 11/15/14		377
	5,465	8.000%, 05/01/16		5,451
		Swift Energy Co.,
	450	7.125%, 06/01/17		460
	476	7.875%, 03/01/22		500
	700	7.875%, 03/01/22 (e)		735
	929	8.875%, 01/15/20		1,008
		Targa Resources Partners LP/Targa Resources Partners Finance Corp.,
	850	5.250%, 05/01/23 (e)		884
	290	6.375%, 08/01/22		318
	655	6.875%, 02/01/21		717
	116	7.875%, 10/15/18		127
		Taylor Morrison Communities, Inc./Monarch Communities, Inc.,
	490	7.750%, 04/15/20 (e)		527
		Tenet Healthcare Corp.,
	371	4.500%, 04/01/21 (e)		365
	1,800	4.750%, 06/01/20 (e)		1,811
	860	6.250%, 11/01/18		944
	8,723	8.000%, 08/01/20		9,486
	2,813	9.250%, 02/01/15		3,186
		Terex Corp.,
	250	6.000%, 05/15/21		262
	2,200	6.500%, 04/01/20		2,337
		Tesoro Corp.,
	173	4.250%, 10/01/17		179
	275	5.375%, 10/01/22		286
	1,068	Tesoro Logistics LP/Tesoro Logistics Finance Corp., 5.875%, 10/01/20 (e)		1,116
	1,200	Thermadyne Holdings Corp., 9.000%, 12/15/17		1,296
		Toll Brothers Finance Corp.,
	671	5.875%, 02/15/22		762
	130	6.750%, 11/01/19		154
	351	Tomkins LLC/Tomkins, Inc., 9.000%, 10/01/18		392
	905	Tops Holding Corp./Tops Markets LLC,
		8.875%, 12/15/17 (e)		973
	1,300	Toys R Us, Inc., 7.375%, 09/01/16 (e)		1,332
	270	TRAC Intermodal LLC/TRAC Intermodal Corp., 11.000%, 08/15/19 (e)		286
		TransDigm, Inc.,
	480	5.500%, 10/15/20 (e)		500
	500	7.750%, 12/15/18		556
	548	TransUnion Holding Co., Inc., PIK,
		8.875%, 06/15/18 (e)		574
		Triumph Group, Inc.,
	150	8.000%, 11/15/17		161
	35	8.625%, 07/15/18		39
	1,865	Tronox Finance LLC, 6.375%, 08/15/20 (e)		1,874
	1,615	Tutor Perini Corp., 7.625%, 11/01/18		1,672
	204	tw telecom holdings, inc., 5.375%, 10/01/22		214
	750	U.S. Airways 2012-2 Class A Pass- Through Trust, 4.625%, 06/03/25		774
	460	U.S. Coatings Acquisition, Inc./Flash Dutch 2 B.V., 7.375%, 05/01/21 (e)		474
	535	UAL 2007-1 Pass-Through Trust, 6.636%, 07/02/22		580
	216	UAL 2009-2B Pass-Through Trust, 12.000%, 01/15/16 (e)		237
	2,100	UCI International, Inc., 8.625%, 02/15/19		2,131
	308	Unifrax I LLC/Unifrax Holding Co., 7.500%, 02/15/19 (e)		313
	3,155	Unit Corp., 6.625%, 05/15/21		3,273
		United Rentals North America, Inc.,
	274	5.750%, 07/15/18		295
	300	6.125%, 06/15/23		321
	435	7.375%, 05/15/20		478
	6,132	7.625%, 04/15/22		6,837
	5,355	8.250%, 02/01/21		6,091
	2,650	8.375%, 09/15/20		2,922
	235	9.250%, 12/15/19		270
		United States Steel Corp.,
	875	7.375%, 04/01/20		929
	395	7.500%, 03/15/22		419
	2,662	United Surgical Partners International, Inc., 9.000%, 04/01/20		2,988
		Univision Communications, Inc.,
	2,665	6.750%, 09/15/22 (e)		2,785
	750	7.875%, 11/01/20 (e)		812

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States — Continued
	500	8.500%, 05/15/21 (e)		532
	1,000	US Oncology Holdings, Inc., 9.125%, 08/15/17 (d)		22
	1,870	Vail Resorts, Inc., 6.500%, 05/01/19		2,008
	970	Valassis Communications, Inc., 6.625%, 02/01/21		1,035
		Valeant Pharmaceuticals International,
	275	6.375%, 10/15/20 (e)		284
	1,000	6.500%, 07/15/16 (e)		1,041
	2,765	6.750%, 10/01/17 (e)		2,938
	3,250	6.875%, 12/01/18 (e)		3,445
	1,750	7.000%, 10/01/20 (e)		1,855
	2,800	7.250%, 07/15/22 (e)		3,010
		Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II, Inc.,
	174	7.750%, 02/01/19 (e)		184
	1,224	7.750%, 02/01/19		1,293
	2,120	8.000%, 02/01/18		2,247
	660	Vanguard Natural Resources LLC/VNR Finance Corp., 7.875%, 04/01/20		695
	750	Vector Group Ltd., 11.000%, 08/15/15		782
	471	Viasystems, Inc., 7.875%, 05/01/19 (e)		470
	150	Visant Corp., 10.000%, 10/01/17		137
	2,835	Visteon Corp., 6.750%, 04/15/19		3,033
	3,080	VPI Escrow Corp., 6.375%, 10/15/20 (e)		3,195
		Vulcan Materials Co.,
	355	6.500%, 12/01/16		399
	3,031	7.500%, 06/15/21		3,516
		VWR Funding, Inc.,
	1,130	7.250%, 09/15/17 (e)		1,196
	150	10.750%, 06/30/17 (e)		155
	1,880	W&T Offshore, Inc., 8.500%, 06/15/19		2,012
	4,850	Wachovia Capital Trust III, VAR, 5.570%, 02/25/13 (x)		4,850
	257	Wells Enterprises, Inc., 6.750%, 02/01/20 (e)		267
	18,155	Wells Fargo & Co., VAR, 7.980%, 03/15/18 (x)		20,878
	145	Western Refining, Inc., 11.250%, 06/15/17 (e)		157
	589	WEX, Inc., 4.750%, 02/01/23 (e)		588
	1,008	Weyerhaeuser Co., 8.500%, 01/15/25		1,313
		Windstream Corp.,
	404	6.375%, 08/01/23 (e)		405
	1,300	7.750%, 10/15/20		1,414
	4,390	7.750%, 10/01/21		4,796
	4,575	8.125%, 09/01/18		5,021
	715	WMG Acquisition Corp., 6.000%, 01/15/21 (e)		760
		WPX Energy, Inc.,
	835	5.250%, 01/15/17		873
	6,510	6.000%, 01/15/22		6,998
		Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.,
	500	5.375%, 03/15/22		531
	600	7.750%, 08/15/20		677
	3,150	Yankee Candle Co., Inc., 9.750%, 02/15/17		3,268
		Zayo Group LLC/Zayo Capital, Inc.,
	350	8.125%, 01/01/20		390
	435	10.125%, 07/01/20		506
				1,501,882
		Venezuela — 0.1%
	5,380	Petroleos de Venezuela S.A., Reg. S., 8.500%, 11/02/17		5,286
		Total Corporate Bonds (Cost $1,669,944)		1,753,127
	Foreign Government Securities — 5.7%
		Argentina — 0.1%
	4,749	Provincia de Buenos Aires, Reg. S., 10.875%, 01/26/21		3,419
	5,123	Republic of Argentina, 8.280%, 12/31/33		3,228
				6,647
		Aruba — 0.2%
	6,940	Aruba, 4.625%, 09/14/23 (e)		7,197
		Brazil — 0.5%
		Citigroup Funding, Inc., CLN, 0.000%, 01/03/17 (linked to Federal Republic of Brazil, 6.000%, 01/17/17; credit rating BBB),
	10,805	VAR, 01/03/17 (i)		10,087
	5,791	VAR, 01/03/17 (e) (i)		5,436
	1,430	Citigroup Funding, Inc., CLN, 10.000%, 01/03/17 (linked to Federal Republic of Brazil, 10.000%, 01/03/17; credit rating BBB) (e) (i)		1,378
	7,285	Federal Republic of Brazil, 11.000%, 08/17/40		9,088
				25,989

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — Continued
		Costa Rica — 0.3%
	10,250	Republic of Costa Rica, Reg. S., 9.995%, 08/01/20		14,401
		Dominican Republic — 0.3%
		Government of Dominican Republic,
	4,000	9.040%, 01/23/18 (e)		4,440
	10,718	Reg. S., 9.040%, 01/23/18		11,898
				16,338
		El Salvador — 0.1%
	5,130	Republic of El Salvador, Reg. S., 7.750%, 01/24/23		6,258
		Ghana — 0.3%
	4,690	Citigroup Funding, Inc., CLN, 23.000%, 08/27/17 (linked to Republic of Ghana, 23.000%, 08/21/17; credit rating B) (e) (i)		5,091
	8,050	Republic of Ghana, Reg. S., 8.500%, 10/04/17		9,318
	1,370	Standard Bank plc, CLN, 21.000%, 10/28/15 (linked to Government of Ghana 3-Year Bond, 21.000%, 10/26/15; credit rating B) (e) (i)		1,568
				15,977
		Hungary — 0.4%
	15,010	Republic of Hungary, 7.625%, 03/29/41		17,472
		Indonesia — 0.6%
		Republic of Indonesia,
	19,492	Reg. S., 11.625%, 03/04/19		28,897
		Iraq — 0.3%
	14,560	Republic of Iraq, Reg. S., 5.800%, 01/15/28		13,927
		Nigeria — 0.1%
	6,100	Citigroup Funding, Inc., CLN, 16.390%, 01/31/22 (linked to Nigeria Treasury Bond, 16.390%, 01/27/22; credit rating BB-) (e) (i)		6,636
		Philippines — 0.4%
	10,080	Republic of Philippines, 10.625%, 03/16/25		17,212
		Romania — 0.4%
	17,600	Romanian Government International Bond, 6.750%, 02/07/22 (e)		20,988
		Russia — 0.5%
	12,490	Russian Federation, Reg. S., 12.750%, 06/24/28		24,433
		Serbia — 0.4%
	18,500	Republic of Serbia, Reg. S., 7.250%, 09/28/21		21,321
		Ukraine — 0.2%
		Republic of Ukraine,
	970	Reg. S., 9.250%, 07/24/17		1,055
	9,180	9.250%, 07/24/17 (e)		9,983
				11,038
		Uruguay — 0.1%
		Republic of Uruguay,
	2,080	7.625%, 03/21/36		3,078
	1,230	8.000%, 11/18/22		1,710
				4,788
		Venezuela — 0.5%
		Republic of Venezuela,
	5,940	Reg. S., 9.000%, 05/07/23		5,881
	7,835	Reg. S., 11.950%, 08/05/31		8,955
	9,430	Reg. S., 12.750%, 08/23/22		11,316
				26,152
		Total Foreign Government Securities (Cost $265,931)		285,671
	Loan Participations & Assignments — 1.5%
		Australia — 0.0% (g)
	738	FMG Resources Pty Ltd., Term Loan,
		VAR, 5.250%, 10/18/17		747
		United States — 1.5%
	868	Alcatel-Lucent USA, Inc., Term Loan, VAR, 01/31/19 ^		876
	189	Alon USA Partners, LP, MLP Term Loans, VAR, 9.250%, 11/13/18		195
		Aot Holding Ltd., 1st Lien Senior Secured Term Loan,
	447	VAR, 5.000%, 10/01/19		452
	324	VAR, 5.000%, 10/01/19		327
	231	VAR, 5.000%, 10/01/19		233

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Loan Participations & Assignments — Continued
		United States — Continued
	43	VAR, 5.000%, 10/01/19		44
	43	VAR, 5.000%, 10/01/19		44
	40	VAR, 5.000%, 10/01/19		41
	3	VAR, 5.000%, 10/01/19		3
	943	Aptalis Pharma, Inc., Term B-2 Loan, VAR, 5.500%, 02/10/17		950
		Aptalis Pharma, Inc., Term Loan,
	1,620	VAR, 5.500%, 02/10/17		1,633
	175	VAR, 5.500%, 02/10/17		176
	1,268	Arch Coal, Term Loan, VAR, 5.750%, 05/16/18		1,300
		Attachmate Corp., 1st Lien Term Loan,
	898	VAR, 7.250%, 11/22/17		911
	46	VAR, 7.250%, 11/22/17		46
		Autoparts Holdings Ltd., Term Loan,
	81	VAR, 6.500%, 07/29/17		81
	41	VAR, 6.500%, 07/29/17		42
	308	Avaya, Inc., Term Loan B1, VAR, 3.062%, 10/24/14		306
	619	Avaya, Inc., Term Loan B3 Extending Tranche, VAR, 4.812%, 10/26/17		579
		AZ Chem U.S., Inc., Term Loan,
	239	VAR, 7.250%, 12/22/17		244
	55	VAR, 7.250%, 12/22/17		56
		Barrington Broadcasting, Tranche 2 Term Loan,
	286	VAR, 7.500%, 06/14/17		288
	38	VAR, 7.500%, 06/14/17		38
	5,325	Caesars Entertainment Operating Co., Inc., Extended B-6 Term Loan, VAR, 5.454%, 01/28/18		4,936
	574	Caesars Entertainment Operating Co., Inc., Term B-1 Loan, VAR, 3.204%, 01/28/15		569
	65	Caesars Entertainment Operating Co., Inc., Term B-2 Loan, VAR, 3.204%, 01/28/15		64
		Caesars Entertainment Operating Co., Inc., Term B-3 Loan,
	159	VAR, 3.204%, 01/28/15		158
	2	VAR, 3.311%, 01/28/15		2
		Catalent Pharma Solutions, Inc., Dollar Term-2 Loan,
	164	VAR, 5.250%, 09/15/17		165
	84	VAR, 5.250%, 09/15/17		85
	244	Catalent Pharma Solutions, Inc., Extended Dollar Term—1 Loan, VAR, 4.202%, 09/15/16		246
	501	CCM Merger, Inc., Term Loan, VAR, 6.000%, 03/01/17		505
	388	CDW Corp., Extended Term Loan, VAR, 4.000%, 07/15/17		391
	823	Cengage Learning Acquisitions, Term Loan, VAR, 2.710%, 07/03/14 ^		633
	174	Cengage Learning Acquisitions, Tranche B Term Loan Extended, VAR, 5.710%, 07/05/17		127
	266	Cenveo Corp., Term Loan B, VAR, 7.000%, 12/21/16		268
	186	Ceridian Corp., Extended U.S. Term Loan, VAR, 5.956%, 05/09/17		188
	1,238	Chrysler, Term Loan B, VAR, 6.000%, 05/24/17 ^		1,262
	3,421	Clear Channel Communications, Inc., Term Loan B, VAR, 3.852%, 01/29/16 ^		2,957
	249	Collective Brands, Inc., Term Loan, VAR, 7.250%, 10/09/19		252
	450	Cristal Inorganic Chemicals (Millennium), 2nd Lien, VAR, 6.061%, 11/15/14		450
	342	Ducommun, Inc., Term Loan, VAR, 5.500%, 06/28/17		345
	945	DuPont Performance, Term Loan, VAR, 01/17/20 ^		959
	224	Dynegy Midwest Gen, Term Loan, VAR, 9.250%, 08/05/16		232
	761	Dynegy Power LLC, Term Loan, VAR, 9.250%, 08/05/16		792
		Entercom Radio LLC, Term Loan,
	220	VAR, 5.000%, 11/23/18		223
	25	VAR, 5.000%, 11/23/18		25
	3	VAR, 6.000%, 11/23/18		3
		EVERTEC, Term Loan B1,
	349	VAR, 5.500%, 09/30/16		353
	19	VAR, 5.500%, 09/30/16		19
	1,400	First Data Corp., Extended 2018 Dollar Term Loan, VAR, 4.205%, 03/23/18		1,386
	6	First Data Corp., Non-Extended B-3 3/12 Term Loan, VAR, 2.955%, 09/24/14		6
		FOCUS Brands, Inc., 1st Lien Term Loan,
	529	VAR, 6.250%, 02/21/18		534
	187	VAR, 6.250%, 02/21/18		189
	10	VAR, 6.250%, 02/21/18		10
	4	VAR, 6.250%, 02/21/18		4

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Loan Participations & Assignments — Continued
		United States — Continued
	10	VAR, 7.250%, 02/21/18		11
	448	Freedom Group, Inc., Term B Loan, VAR, 5.500%, 04/19/19		443
	994	Freescale Semiconductor, Inc., Tranche B-1 Term Loan, VAR, 4.460%, 12/01/16		994
	1,635	GMACM, Term A-1 Loan, VAR, 6.000%, 11/18/13		1,637
	215	GMACM, Term A-2 Loan, VAR, 7.750%, 11/18/13		216
	400	Graton Economic Development Authority, Closing Date Term Loan B, VAR, 9.000%, 08/22/18		414
	200	Greektown Superholdings, Term Loan, VAR, 12/11/18 ^		201
	2,540	Gymboree Corp., Initial Term Loan (A & R), VAR, 5.000%, 02/23/18		2,471
		Harko C.V., Term Loan B,
	108	VAR, 5.750%, 08/02/17		109
	85	VAR, 5.750%, 08/02/17		86
	63	VAR, 5.750%, 08/02/17		63
	277	High Liner Foods, Inc., Term Loan, VAR, 7.000%, 12/19/17		278
	282	Hubbard Radio LLC, 1st Lien Term Loan B, VAR, 5.250%, 04/28/17		283
	773	Infor U.S., Inc., Tranche B-2 Term Loan, VAR, 5.250%, 04/05/18		783
	648	Intelligrated, Inc., 1st Lien Term Loan, VAR, 6.750%, 07/30/18		659
	477	Interactive Data Corp., Term Loan B, VAR, 4.500%, 02/11/18		478
		Intrawest, 1st Lien Term Loan,
	427	VAR, 7.000%, 12/04/17		433
	223	VAR, 7.000%, 12/04/17		227
	290	inVentiv Health, Consolidated Term Loan, VAR, 7.500%, 08/04/16		283
	336	Jacobs Entertainment, Term Loan, VAR, 6.250%, 10/29/18		336
	322	Landry’s, Inc., Term Loan, VAR, 6.500%, 04/24/18		326
	599	Magic Newco LLC, USD 1st Lien Term Loan, VAR, 7.250%, 12/12/18		606
	415	MEG Energy Corp., Term Loan B, VAR, 4.000%, 03/18/18		418
	550	Mohegan Tribal Gaming Authority, Term Loan, VAR, 9.000%, 03/31/16		567
	893	National Mentor Holdings, Inc., Tranche B- 1 Term Loan, VAR, 6.500%, 02/09/17		902
		NFR Energy, Term Loan,
	1,029	VAR, 8.750%, 12/31/18 ^		1,043
	187	VAR, 8.750%, 12/31/18		190
	389	Noranda Aluminum, Term B Loan, VAR, 5.750%, 02/28/19		393
	496	Novelis, Inc., Term Loan, VAR, 4.000%, 03/10/17		501
	988	NXP B.V., Tranche A-2 Loan, VAR, 5.500%, 03/03/17		1,008
	496	NXP B.V., Tranche B Loan, VAR, 5.250%, 03/19/19		503
	300	NXP B.V., Tranche C Term Loan, VAR, 4.750%, 01/10/20		304
	399	Par Pharmaceutical, Inc., Term Loan, VAR, 5.000%, 09/28/19		403
		Patriot Coal, DIP Term Loan,
	587	VAR, 9.250%, 10/02/13		591
	293	VAR, 9.250%, 10/02/13		296
	375	PL Propylene LLC, Term Loan, VAR, 7.000%, 03/27/17		381
	342	PolyOne, Term Loan B, VAR, 5.000%, 12/20/17		344
		R.H. Donnelley, Inc., Exit Term Loan,
	105	VAR, 9.000%, 10/24/14		74
	67	VAR, 9.000%, 10/24/14		48
	1,482	Radio One, Term Loan, VAR, 7.500%, 03/31/16		1,503
	100	Realogy Corp., Extended Synthetic Commitments, VAR, 4.400%, 10/10/16		101
	1,537	Realogy Corp., Extended Term Loan, VAR, 4.456%, 10/10/16		1,547
		Red Prairie, 1st Lien Term Loan,
	1,425	VAR, 6.750%, 12/14/18		1,445
	4	VAR, 6.750%, 12/14/18		4
	957	Remy International, Term Loan B, VAR, 6.250%, 12/16/16		966
		Reynolds Group Holdings U.S., Term Loan,
	140	VAR, 4.750%, 09/28/18		142
	120	VAR, 4.750%, 09/28/18		121
	73	VAR, 4.750%, 09/28/18		74
		Rite Aid Corp., Tranche 2 Term Loan,
	342	VAR, 1.960%, 06/04/14		341
	339	VAR, 1.960%, 06/04/14		338
	281	VAR, 1.960%, 06/04/14		281

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

PRINCIPAL AMOUNT	SECURITY DESCRIPTION	VALUE
Loan Participations & Assignments — Continued
	United States –– Continued
308	Road Infrastructure Investment LLC, 1st LienTerm Loan, VAR, 6.250%, 03/30/18		308
422	ROC Finance LLC, Funded Term B Loan, VAR, 8.500%, 08/19/17		434
	Roofing Supply Group, Term Loan,
67	VAR, 5.000%, 05/31/19		67
57	VAR, 5.000%, 05/31/19		58
60	Sensus USA, Inc., 2nd Lien Term Loan, VAR, 8.500%, 05/09/18		60
419	Sourcehov LLC, 1st Lien Term B Loan, VAR, 6.625%, 04/28/17		414
210	Sourcehov LLC, 2nd Lien Term Loan, VAR, 10.500%, 04/30/18		198
350	St. George’s University, Term Loan, VAR, 8.500%, 12/20/17		347
645	Summit Materials LLC, Term Loan, VAR, 6.000%, 01/30/19		649
1,344	SUPERVALU, Inc., Term Loan, VAR, 8.000%, 08/30/18		1,367
	Syniverse Holdings, Inc., Initial Term Loan,
993	VAR, 5.000%, 04/23/19		1,004
3	VAR, 5.000%, 04/23/19		3
349	Terex Corp., Term Loan, VAR, 4.500%, 04/28/17		353
	Texas Competitive Electric, Extended Term Loan,
1,470	VAR, 4.708%, 10/10/17		970
445	VAR, 4.810%, 10/10/17		293
308	VAR, 4.810%, 10/10/17		203
	Texas Competitive Electric, Non-Extended Term Loan,
809	VAR, 3.708%, 10/10/14		606
245	VAR, 3.810%, 10/10/14		183
169	VAR, 3.810%, 10/10/14		127
394	Transdigm Group, Inc., Tranche B-1 Term Loan, VAR, 4.000%, 02/14/17		397
274	U.S. Renal Care, 1st Lien Term Loan, VAR, 6.250%, 07/03/19		278
980	UCI International, Inc., Term Loan, VAR, 5.500%, 07/26/17		985
1,221	United Airlines, Term Loan B, VAR, 2.250%, 02/01/14		1,224
2,643	Univision Communications, Inc., Extended 1st Lien Term Loan, VAR, 4.452%, 03/31/17		2,647
597	Vanguard Health Systems, Term Loan B, VAR, 5.000%, 01/29/16		602
754	Vertis, Inc., 1st Lien Term Loan, VAR, 12/21/15 (d) (i)		230
	Visant Corp., Tranche B Term Loans,
1,591	VAR, 5.250%, 12/22/16		1,527
72	VAR, 5.250%, 12/22/16		69
1,662	Wabash, Initial Term Loan, VAR, 6.000%, 05/08/19		1,678
1,018	Walter Investments Corp., Term Loan, VAR, 11/28/17 ^		1,033
674	Warner Music Group Corp., 1st Lien Term Loan, VAR, 5.250%, 11/01/18		684
474	Wendy’s International, Term Loan, VAR, 4.750%, 05/15/19		479
107	Wide Open West, Term Loan, VAR, 6.250%, 07/17/18 ^		108
	Zayo Group, Term Loan,
781	VAR, 5.250%, 07/02/19		791
2	VAR, 5.250%, 07/02/19		2
			73,747
	Total Loan Participations & Assignments (Cost $74,131)		74,494
SHARES
Preferred Stocks — 2.8%
	Brazil — 0.1%
29	Cia de Bebidas das Americas, ADR (m)		1,366
84	Cia de Bebidas das Americas, ADR		3,958
			5,324
	Cayman Islands — 0.0% (g)
2	XLIT Ltd., Series D, VAR, 3.424%, 10/29/49		1,306
	Luxembourg — 0.1%
151	ArcelorMittal, 6.000%, 01/15/16		3,905
	United Kingdom — 0.1%
98	AngloGold Ashanti Holdings Finance plc, 6.000%, 09/15/13		3,330
	United States — 2.5%
1	Ally Financial, Inc., Series G, 7.000%, 02/25/13 ($1,000 par value) @ (e)		1,455
7	Bank of America Corp., Series L, 7.250%, 12/31/49 ($1,000 par value) @		7,953
584	Bank of New York Mellon Corp. (The), 5.200%, 09/20/17 ($25 par value) @		14,619

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE
	Preferred Stocks — Continued
			United States –– Continued
	69		BB&T Corp., Series E, 5.625%, 08/01/17 ($25 par value) @		1,746
	476		BB&T Corp., Series F, 5.200%, 11/01/17 ($25 par value) @		11,738
	6		Citigroup Capital XIII, VAR, 7.875%, 10/30/40		167
	—	(h)	Constar International, Inc. (a) (i)		—
	527		Discover Financial Services, Series B, 6.500%, 12/01/17 ($25 par value) @		13,426
	254		Duke Energy Corp., 5.125%, 01/15/73 (a)		6,342
	—	(h)	Eurofresh, Inc., PIK, ADR, (i) ††		—
	180		General Motors Co., Series B, 4.750%, 12/01/13		7,785
	12		GMAC Capital Trust I, Series 2, VAR, 8.125%, 02/15/40		320
	700		Goldman Sachs Group, Inc. (The), 5.950%, 11/10/17 ($25 par value) @		17,290
	43		Goodyear Tire & Rubber Co. (The), 5.875%, 04/01/14		2,003
	65		Hartford Financial Services Group, Inc., VAR, 7.875%, 04/15/42		1,891
	92		NextEra Energy, Inc., 7.000%, 09/01/13		5,026
	121		PPL Corp., 8.750%, 05/01/14		6,593
	41		Prologis, Inc., Series L, 6.500%, 02/25/13 ($25 par value) @ (m)		1,032
	194		SCE Trust II, 5.100%, 03/15/18 ($25 par value) @ (a)		4,792
	682		State Street Corp., Series C, 5.250%, 09/15/17 ($25 par value) @		17,101
	42		Vornado Realty Trust, Series G, 6.625%, 02/25/13 ($25 par value) @ (m)		1,076
	22		Weingarten Realty Investors, Series F, 6.500%, 02/25/13 ($25 par value) @ (m)		567
	3		Wells Fargo & Co., Series L, 7.500%, 03/15/13 ($1,000 par value) @		4,059
					126,981
			Total Preferred Stocks (Cost $140,010)		140,846
PRINCIPAL AMOUNT
	Supranational — 0.2%
			United States — 0.2%
	9,270		Eurasian Development Bank, Reg. S., 7.375%, 09/29/14 (Cost $9,704)		9,965
PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
	U.S. Treasury Obligation — 0.0% (g)
	930		U.S. Treasury Note, 0.250%, 01/31/14 (k) (Cost $931)		931
NUMBER OF WARRANTS
	Warrants — 0.0%
			United States — 0.0%
	1		General Maritime Corp., expiring 05/17/17 (Strike Price $1.00) (a) (i)		—
			Neebo, Inc.,
	—	(h)	expiring 6/20/2019 (Strike Price $1.00) (a) (i)		—
	1		expiring 6/20/2019 (Strike Price $1.00) (a) (i)		—
			Total Warrants (Cost $–) (h)		—
SHARES
	Short-Term Investment — 2.2%
			Investment Company — 2.2%
	113,059		JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.080% (b) (l) (Cost $113,059)		113,059
			Total Investments — 97.3% (Cost $4,551,431)		4,890,881
			Other Assets in Excess of Liabilities — 2.7%		135,059
			NET ASSETS — 100.0%	$	5,025,940

Percentages indicated are based on net assets.

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2013 (Unaudited)

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

(Amounts in thousands, except number of contracts)

Summary of Investments by Industry, January 31, 2013

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

INDUSTRY	PERCENTAGE
Oil, Gas & Consumable Fuels		7.5	%
Asset-Backed Securities		6.2
Real Estate Investment Trusts (REITs)		6.0
Foreign Government Securities		5.8
Commercial Banks		5.8
Non-Agency CMO		5.4
Pharmaceuticals		3.5
Media		3.2
Insurance		2.9
Diversified Financial Services		2.8
Diversified Telecommunication Services		2.7
Wireless Telecommunication Services		2.7
Health Care Providers & Services		2.2
Metals & Mining		2.0
Capital Markets		1.6
Chemicals		1.6
Real Estate Management & Development		1.6
IT Services		1.5
Hotels, Restaurants & Leisure		1.4
Gaming		1.4
Food Products		1.3
Consumer Finance		1.3
Semiconductors & Semiconductor Equipment		1.2
Containers & Packaging		1.2
Specialty Retail		1.2
Communications Equipment		1.2
Broadcasting & Cable TV		1.1
Tobacco		1.0
Independent Power Producers & Energy Traders		1.0
Household Durables		1.0
Electric Utilities		1.0
Automobiles		1.0
Others (each less than 1.0%)		16.4
Short-Term Investment		2.3

Futures Contracts

NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT  01/31/13			UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	292	E-mini S&P 500		03/15/13		21,803			(63	)
	172	Euro STOXX 50		03/15/13		6,331			(31	)
	71	FTSE 100 Index		03/15/13		7,049			(10	)
		Short Futures Outstanding
	(390)	Euro FX		03/18/13		(66,193	)		(3,060	)
									(3,164	)

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands, except number of contracts)

Forward Foreign Currency Exchange Contracts

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 01/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
	647,000	EUR	Credit Suisse International		02/15/13		863		878		(15	)
	2,567,000	NOK	Union Bank of Switzerland AG		02/15/13		459		470		(11	)
							1,322		1,348		(26	)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
AUD	—	Australian Dollar
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 January 31, 2013. Credit ratings are generally considered to be lagging indicators, and as such, credit risk could be greater than the current ratings would indicate.
CMO	—	Collateralized Mortgage Obligation
CNY	—	Chinese Renminbi
CVA	—	Dutch Certification
DIP	—	Debtor-in-possession
EUR	—	Euro
GBP	—	British Pound
GDR	—	Global Depositary Receipt
NOK	—	Norwegian Krone
NVDR	—	Non Voting Depositary Receipt
PIK	—	Payment-in-Kind
REIT	—	Real Estate Investment Trust.
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.
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of January 31, 2013.
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of January 31, 2013.
ZAR	—	South African Rand
(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).
(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 January 31, 2013.
(m)	—	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.
(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 January 31, 2013.
^	—	All or a portion of the security is unsettled as of January 31, 2013. 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 January 31, 2013.
†	—	Security is considered distressed as of January 31, 2013. The coupon rate shown may differ from the coupon rate used to accrue on the position.
††	—	Security is considered distressed as of January 31, 2013. The rate at which income is accrued on the security is lower than the PIK coupon rate.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments are approximately $1,125,063,000 and 23.0%, respectively.

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

Aggregate gross unrealized appreciation	372,696
Aggregate gross unrealized depreciation	(33,246	)
Net unrealized appreciation/depreciation	339,450
Federal income tax cost of investments	4,551,431

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

A. Valuation of Investments — Fixed income securities (other than certain short-term investments maturing in less than 61 days) are valued each day based on prices received from independent or affiliated pricing services approved by the Board of Trustees or third party broker-dealers. The broker-dealers or pricing services use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the broker-dealers 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 market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon-rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair values. Equity securities listed on a North American, Central American, South American or Caribbean securities exchange shall generally be valued at the last sale price on the exchange on which the security is principally traded that is reported before the time when the net assets of the Fund are valued. Securities listed on the NASDAQ Stock Market LLC are generally valued at the NASDAQ Official Closing Price.

Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates fair value. 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 of Trustees. If valuations are not available from such services or values received are deemed not representative of fair value, values will be obtained from a third party broker-dealer or counterparty. Investments in other open-end investment companies are valued at each investment company’s net asset value per share as of the report date.

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

The VC or Board of Trustees, as applicable, primarily 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 of Trustees may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material. JPMFM and JPMIM are responsible for monitoring developments that may impact Fair Values and for discussing and assessing Fair Values on an ongoing and at least a quarterly basis with the VC and Board of Trustees, as applicable. The appropriateness of Fair Values is assessed based on results of unchanged price review and consideration of macro or security specific events, back testing and broker and vendor due diligence.

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value Level 3 securities at January 31, 2013.

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 Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, 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 the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following table represents each valuation input by country 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 Stocks
Australia		—		91,148		—		91,148
Belgium		—		11,433		—		11,433
Bermuda		2,193		—		—		2,193
Brazil		62,033		—		—		62,033
Canada		23,260		—		—		23,260
China		—		68,626		—		68,626
Finland		—		10,384		—		10,384
France		—		86,459		—		86,459
Germany		—		50,234		—		50,234
Hong Kong		—		71,459		—		71,459
India		—		12,068		—		12,068
Indonesia		—		24,543		—		24,543
Ireland		1,545		—		—		1,545
Italy		—		18,481		—		18,481
Japan		—		124,479		—		124,479
Kazakhstan		—		4,514		—		4,514
Luxembourg		107		—		—		107
Malaysia		—		3,865		—		3,865
Mexico		7,026		—		—		7,026
Netherlands		—		53,274		—		53,274
New Zealand		—		9,311		—		9,311
Norway		—		12,660		—		12,660
Philippines		5,791		—		—		5,791
Poland		—		12,535		—		12,535
Qatar		—		10,275		—		10,275
Russia		6,306		23,556		—		29,862
Singapore		—		53,484		—		53,484
South Africa		—		62,292		—		62,292
South Korea		5,678		16,879		—		22,557
Sweden		—		28,374		—		28,374
Switzerland		—		52,306		—		52,306
Taiwan		8,531		37,692		—		46,223
Thailand		—		15,791		—		15,791
Turkey		—		18,963		—		18,963
United Kingdom		—		139,978		—		139,978

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
United States		545,321		—		1,703			547,024
Total Common Stocks		667,791		1,125,063		1,703			1,794,557
Preferred Stocks
Brazil		5,324		—		—			5,324
Cayman Islands		—		1,306		—			1,306
Luxembourg		3,905		—		—			3,905
United Kingdom		3,330		—		—			3,330
United States		125,526		1,455		—	(a)		126,981
Total Preferred Stocks		138,085		2,761		—	(a)		140,846
Debt Securities
Asset-Backed Securities		—		106,758		196,093			302,851
Collateralized Mortgage Obligations
Non-Agency CMO
United States		—		258,576		3,308			261,884
Commercial Mortgage-Backed Security		—		2,305		—			2,305
Convertible Bonds
Australia		—		11,441		—			11,441
Austria		—		2,083		—			2,083
Bermuda		—		4,434		—			4,434
Canada		—		3,893		—			3,893
Cayman Islands		—		10,772		—			10,772
France		—		18,205		—			18,205
India		—		16,192		—			16,192
Luxembourg		—		5,039		—			5,039
Mexico		—		1,032		—			1,032
Netherlands		—		2,816		—			2,816
South Africa		—		3,926		—			3,926
Spain		—		6,055		—			6,055
United Arab Emirates		—		4,173		—			4,173
United Kingdom		—		12,983		—			12,983
United States		—		47,902		245			48,147
Total Convertible Bonds		—		150,946		245			151,191
Corporate Bonds
Australia		—		14,264		—			14,264
Austria		—		1,316		—			1,316
Bahamas		—		556		—			556
Bermuda		—		9,834		—			9,834
Canada		—		32,405		—			32,405
Cayman Islands		—		15,524		—			15,524
Dominican Republic		—		5,548		—			5,548
Finland		—		908		—			908
France		—		4,548		—			4,548
Georgia		—		10,419		—			10,419
Germany		—		1,530		—			1,530
Ireland		—		16,203		—			16,203
Japan		—		1,571		—			1,571
Liberia		—		334		—			334
Luxembourg		—		68,741		—			68,741
Mexico		—		5,684		—			5,684
Netherlands		—		28,004		—			28,004
Norway		—		1,196		—			1,196
Spain		—		1,829		—			1,829

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
United Kingdom		—			25,545			—			25,545
United States		—			1,488,654			13,228			1,501,882
Venezuela		—			5,286			—			5,286
Total Corporate Bonds		—			1,739,899			13,228			1,753,127
Foreign Government Securities		—			255,475			30,196			285,671
Supranational		—			9,965			—			9,965
U.S. Treasury Obligation		—			931			—			931
Loan Participations & Assignments
Australia		—			747			—			747
United States		—			73,517			230			73,747
Total Loan Participations & Assignments		—			74,264			230			74,494
Warrants
United States		—			—			—	(a)		—	(a)
Short-Term Investment
Investment Company		113,059			—			—			113,059
Total Investments in Securities		918,935			3,726,943			245,003			4,890,881
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts		—			(26	)		—			(26	)
Futures Contracts		(3,164	)		—			—			(3,164	)
Total Depreciation in Other Financial Instruments		(3,164	)		(26	)		—			(3,190	)

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

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

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

	Balance as of 10/31/12			Realized gain (loss)			Change in unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of 01/31/13
Investments in Securities
Common Stocks - United States		68			—			(1,937	)		—			3,890		(318	)		—		—			1,703
Convertible Bonds - United States		233			—			—			—			12		—			—		—			245
Corporate Bonds - United States		9,932			(231	)		198			(7	)		4,106		(276	)		—		(494	)		13,228
Asset-Backed Securities		—			—			11,654			294			46,729		(9,928	)		147,344		—			196,093
Collateralized Mortgage Obligations Non-Agency CMO		—			—			36			6			—		(157	)		3,423		—			3,308
Foreign Government Securities		22,363			—			735			—			19,381		(22,500	)		10,217		—			30,196
Loan Participations & Assignments - United States		211			—			19			—			—		—			—		—			230
Preferred Stocks - United States		12			—			(12	)		—			—		—			—		—			—
Warrants - United States		—	(a)		—			—			—			—		—			—		—			—	(a)
		32,819			(231	)		10,693			293			74,118		(33,179	)		160,984		(494	)		245,003

^(a)  Value is zero.

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

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

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

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

The change in unrealized appreciation (depreciation) attributable to securities owned at January 31, 2013, which were valued using significant unobservable inputs (Level 3), amounted to approximately $10,507.

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at 1/31/2013			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)*
	$	1,621		Market Comparable Companies	EBITDA Multiple (a)		5.00x - 6.90x (5.02x)
					Discount for lack of marketability (b)		10% - 30% (10.21%)
		12		Terms of Plan of Reorganization	Discount for lack of marketability (b)		25% (N/A)
		5		Consensus Pricing	Median Offered quote	$	1.50 (N/A)
Common Stock		1,638
		0		Discounted Cash Flow	Discount for lack of marketability (b)		17.5% (N/A)
		0	(c)	Market Comparable Companies	EBITDA Multiple (a)		5.82x (N/A)
					Discount for lack of marketability (b)		30% (N/A)
Preferred Stock		0
		503		Market Comparable Companies	EBITDA Multiple (a)		5.5x - 6.90x (6.84x)
					Discount for lack of marketability (b)		25% - 30% (29.76%)
		131		Issuance Price	Percent of Par		100% (N/A)
Corporate Bond		634
Warrants		0		Discounted Terms of Plan of Reorganization	Issue Price vs. Stock Price		0 (N/A)
Total		2,272

# The table above does not include level 3 securities that are valued by brokers and pricing services. At 1/31/13, the value of these securities was $242,731. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2A. The appropriateness of fair values for these securities is monitored on an ongoing basis which may include results of back testing, results of broker and vendor due diligence, unchanged price review and consideration of macro or security specific events.

* Based on the fair market value of the investments included in the range.

(a) Represents amounts used when the reporting entity has determined that market participants would take into account such multiples when pricing the investments.

(b) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as applicable, 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 lack of marketability may decrease (increase) the fair value measurement. A significant change in broker pricing information could result in a significantly higher or lower value in such Level 3 instruments.

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
	March 28, 2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Patricia A. Maleski
	Patricia A. Maleski
	President and Principal Executive Officer
	March 28, 2013

By:	/s/ Joy C. Dowd
	Joy C. Dowd
	Treasurer and Principal Financial Officer
	March 28, 2013