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: 811-04236

JPMorgan Trust II

(Exact name of registrant as specified in charter)

245 Park Avenue

New York, New York 10167

(Address of principal executive offices) (Zip code)

Frank J. Nasta

245 Park Avenue

New York, New York 10167

(Name and Address of Agent for Service)

Registrant’s telephone number, including area code: (800) 480-4111

Date of fiscal year end: Last day of February

Date of reporting period: November 30, 2010

ITEM 1. SCHEDULE OF INVESTMENTS.

JPMorgan Trust II

Schedule of Portfolio Investments as of November 30, 2010

(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., 2011.

JPMorgan Arizona Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION (t)	VALUE ($)
	Municipal Bonds — 96.6%
	Arizona — 87.2%
		Certificate of Participation/Lease — 11.7%
		Arizona School Facilities Board,
	1,000	COP, 5.250%, 09/01/23		1,056
	1,500	Series A, COP, NATL-RE, 5.000%, 09/01/12		1,597
		Arizona State University, Board of Regents,
	2,000	COP, NATL-RE, 5.000%, 07/01/17		2,232
	1,000	COP, NATL-RE, 5.000%, 07/01/18		1,103
		Pima County, Justice Building Project,
	1,065	Series A, COP, AMBAC, 5.000%, 07/01/16		1,181
	1,000	Series A, COP, AMBAC, 5.000%, 07/01/17		1,106
	1,570	Scottsdale Municipal Property Corp., Rev., COP, 5.000%, 07/01/26		1,786
	2,630	State of Arizona, Series A, COP, AGM, 5.000%, 11/01/11		2,727
	2,000	State of Arizona, Department of Administration, Series A, COP, AGM, 5.250%, 10/01/23		2,111
		University of Arizona,
	1,365	Series A, COP, AMBAC, 5.000%, 06/01/19		1,463
	1,000	Series B, COP, AMBAC, 5.000%, 06/01/21		1,048
	145	University of Arizona, Unrefunded Balance, Series A, COP, AMBAC, 5.500%, 06/01/17		154
				17,564
		Education — 7.0%
	2,700	Arizona School Facilities Board, State School Trust, Rev., AMBAC, 5.000%, 07/01/18		2,950
		Arizona State University,
	1,500	Rev., AGM, 5.250%, 07/01/12		1,609
	2,000	Rev., AGM, 5.250%, 07/01/15		2,148
	1,520	City of Glendale IDA, Midwestern University, Rev., 5.000%, 05/15/14		1,653
	1,905	Navajo County, Unified School District No. 20-Whiteriver, Project of 2005, Series A, Rev., NATL-RE, 5.000%, 07/01/18		2,167
				10,527
		General Obligation — 13.3%
	1,090	City of Mesa, GO, NATL-RE, FGIC, 5.375%, 07/01/14		1,230
	1,000	City of Scottsdale, Projects of 2000 & 2004, GO, 5.000%, 07/01/16		1,182
	1,345	City of Scottsdale, Unrefunded Balance, GO, 5.250%, 07/01/18		1,382
	1,500	City of Tucson, GO, NATL-RE, 5.000%, 07/01/18		1,750
	1,000	Maricopa County, High School District No. 210-Phoenix, GO, AGM, 5.250%, 07/01/19		1,177
	2,000	Maricopa County, School District No. 28-Kyrene Elementary, Capital Appreciation, Series C, GO, NATL- RE, FGIC, Zero Coupon, 01/01/11		1,999
	1,265	Maricopa County, School District No. 38-Madison Elementary, Project of 2004, Series A, GO, NATL-RE, 5.000%, 07/01/19		1,386
	1,020	Maricopa County, Unified School District No. 11-Peoria, Unrefunded Balance, School Improvement, GO, NATL-RE, FGIC, 4.750%, 07/01/14		1,038
	1,000	Maricopa County, Unified School District No. 69-Paradise Valley, Certificates of Ownership, Series A, GO, NATL-RE, FGIC, 5.250%, 07/01/14		1,127
	1,560	Pima County, Unified School District No. 12-Sunnyside, GO, AGM, 5.000%, 07/01/14		1,762
	3,000	Town of Gilbert, GO, NATL-RE, 5.000%, 07/01/16		3,494
	2,100	Town of Gilbert, Projects of 2006 & 2007, GO, 5.000%, 07/01/18		2,458
				19,985
		Hospital — 4.6%
		Arizona Health Facilities Authority, Banner Health,
	1,185	Series A, Rev., 5.000%, 01/01/12		1,230
	1,225	Series A, Rev., 5.000%, 01/01/14		1,338
		City of Scottsdale IDA, Healthcare,
	1,000	Series A, Rev., 5.000%, 09/01/15		1,093
	1,200	Series A, Rev., 5.000%, 09/01/22		1,244
	1,000	City of Show Low IDA, Navapache Regional Medical Center, Series A, Rev., ACA, 5.500%, 12/01/17		1,001
	900	Yavapai County IDA, Yavapai Regional Medical Center, Series A, Rev., AGM, 5.125%, 12/01/13		902
				6,808
		Housing — 0.1%
	90	City of Phoenix IDA, Statewide, Series A, Rev., GNMA/FNMA/FHLMC COLL, 5.350%, 06/01/20		90
	25	Pima County IDA, Single Family Mortgage, Series A, Rev., 6.400%, 08/01/11		25
				115
		Other Revenue — 6.0%
	2,500	Arizona Power Authority, Crossover, Series A, Rev., SO, 5.250%, 10/01/17		2,963

JPMorgan Arizona Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Other Revenue — Continued
	2,500	Arizona Water Infrastructure Finance Authority, Series A, Rev., 5.000%, 10/01/17		2,947
	1,000	Greater Arizona Development Authority, Series A, Rev., NATL-RE, 5.000%, 08/01/22		1,036
	2,000	Phoenix Civic Improvement Corp., Junior Lien, Series A, Rev., 5.000%, 07/01/27		2,027
				8,973
		Prerefunded — 10.7%
	3,000	Arizona School Facilities Board, Series A, COP, NATL-RE, 5.250%, 03/01/13 (p)		3,297
	1,500	Arizona Water Infrastructure Finance Authority, Water Quality, Series A, Rev., 5.375%, 10/01/11 (p)		1,564
	1,000	City of Phoenix, GO, 5.000%, 07/01/14 (p)		1,143
	6,450	Maricopa County IDA, Capital Appreciation, Series 1983 A, Rev., Zero Coupon, 12/31/14 (p)		6,029
	2,000	Scottsdale Municipal Property Corp., Rev., 5.000%, 07/01/16 (p)		2,371
	1,555	University of Arizona, Series A, COP, AMBAC, 5.500%, 06/01/12 (p)		1,666
				16,070
		Special Tax — 9.0%
	2,500	City of Phoenix, Street & Highway, Capital Appreciation, Junior Lien, Series A, Rev., NATL-RE, FGIC, Zero Coupon, 07/01/12		2,435
	1,125	City of Tempe, Excise Tax, Rev., 5.000%, 07/01/16		1,308
	3,000	Phoenix Civic Improvement Corp., Sub Lien, Series B, Rev., NATL-RE, 5.000%, 07/01/15		3,382
		Scottsdale Municipal Property Corp.,
	2,500	Rev., 5.000%, 07/01/14		2,828
	3,000	Rev., 5.000%, 07/01/17		3,526
				13,479
		Transportation — 7.6%
		Arizona Transportation Board,
	2,000	Series A, Rev., 5.000%, 07/01/24		2,173
	2,000	Series A, Rev., 5.250%, 07/01/17		2,163
	3,000	Series B, Rev., 5.250%, 07/01/18		3,178
	1,000	City of Mesa, Street & Highway, Rev., AGM, 5.000%, 07/01/12		1,063
	1,000	Tucson Airport Authority, Inc., Rev., AGM, 5.000%, 06/01/12		1,063
	1,670	Tucson Airport Authority, Inc., Sub Lien, Rev., AMT, NATL-RE, 5.000%, 12/01/18		1,728
				11,368
		Utility — 7.2%
	3,000	City of Mesa, Utility Systems, Rev., NATL-RE, FGIC, 5.000%, 07/01/20		3,374
		Salt River Project Agricultural Improvement & Power District,
	1,550	Series A, Rev., 5.000%, 01/01/21		1,726
	1,500	Series A, Rev., 5.000%, 01/01/21		1,691
	3,600	Series A, Rev., 5.000%, 01/01/23		3,931
				10,722
		Water & Sewer — 10.0%
		Arizona Water Infrastructure Finance Authority, Water Quality,
	1,915	Series A, Rev., 5.000%, 10/01/23		2,144
	2,025	Series A, Rev., 5.000%, 10/01/24		2,225
	2,020	Series A, Rev., 5.000%, 10/01/29		2,160
		City of Scottsdale, Water & Sewer,
	1,430	Rev., 5.250%, 07/01/21		1,727
	1,875	Rev., 5.250%, 07/01/23		2,263
	2,000	Phoenix Civic Improvement Corp., Junior Lien, Series A, Rev., 5.000%, 07/01/25		2,176
	2,000	Phoenix Civic Improvement Corp., Wastewater Systems, Senior Lien, Rev., 5.500%, 07/01/20		2,317
				15,012
		Total Arizona		130,623
	Illinois — 0.7%
		Water & Sewer — 0.7%
	1,000	City of Chicago, Wastewater Transmission, Second Lien, Series B, Rev., NATL-RE, FGIC, 5.000%, 01/01/21		1,050
	Michigan — 2.2%
		Prerefunded — 2.2%
	3,000	State of Michigan, Environmental Program, Series A, GO, 5.250%, 05/01/13 (p)		3,323
	Nevada — 1.5%
		Prerefunded — 1.5%
	2,000	Clark County School District, Building, Series D, GO, NATL-RE, 5.000%, 12/15/14 (p)		2,302

JPMorgan Arizona Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
	Pennsylvania — 0.7%
		Hospital — 0.7%
	1,000	Allegheny County Hospital Development Authority, University of Pittsburgh Medical Center, Series A, Rev., 5.000%, 09/01/14		1,115
	South Carolina — 0.7%
		Utility — 0.7%
	1,000	South Carolina State Public Service Authority, Santee Cooper, Series A, Rev., 5.375%, 01/01/28		1,081
	Texas — 3.6%
		General Obligation — 1.3%
	1,700	Eagle Mountain & Saginaw Independent School District, School Building, GO, PSF-GTD, 5.000%, 08/15/20		1,929
		Transportation — 2.3%
	3,000	Texas State Transportation Commission, First Tier, Series A, Rev., 5.250%, 04/01/14		3,406
		Total Texas		5,335
		Total Municipal Bonds (Cost $137,831)		144,829
SHARES
	Short-Term Investment — 2.2%
		Investment Company — 2.2%
	3,263	JPMorgan Tax Free Money Market Fund, Institutional Class Shares, 0.130% (b) (l) (m) (Cost $3,263)		3,263
		Total Investments — 98.8% (Cost $141,094)		148,092
		Other Assets in Excess of Liabilities — 1.2%		1,782
		NET ASSETS — 100.0%	$	149,874

Percentages indicated are based on net assets.

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS :

ACA	—	Insured by American Capital Access
AGM	—	Insured by Assured Guaranty Municipal Corp.
AMBAC	—	Insured by American Municipal Bond Assurance Corp.
AMT	—	Alternative Minimum Tax
COLL	—	Collateral
COP	—	Certificate of Participation
FGIC	—	Insured by Financial Guaranty Insurance Co.
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
GNMA	—	Government National Mortgage Association
GO	—	General Obligation
GTD	—	Guaranteed
IDA	—	Industrial Development Authority
NATL	—	Insured by National Public Finance Guarantee Corp.
PSF	—	Permanent School Fund
RE	—	Reinsured
Rev.	—	Revenue
SO	—	Special Obligation

(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.

(l) The rate shown is the current yield as of November 30, 2010.

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

(p) Security is prerefunded or escrowed to maturity.

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

As of November 30, 2010, 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	$	7,226
Aggregate gross unrealized depreciation		(228	)
Net unrealized appreciation/depreciation	$	6,998
Federal income tax cost of investments	$	141,094

JPMorgan Arizona Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities #	$	3,263	$	144,829	$	—	$	148,092

There were no significant transfers between Levels 1 and 2 during the period ended November 30, 2010.

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

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Asset-Backed Securities — 3.1%
	AH Mortgage Advance Trust,
15,100	Series 2010-ADV1, Class A1, 3.968%, 08/15/22 (e)		15,176
23,041	Series 2010-ADV2, Class A1, 4.210%, 05/10/41 (e)		23,022
	Ally Auto Receivables Trust,
3,000	Series 2009-A, Class A3, 2.330%, 06/17/13 (e)		3,050
5,605	Series 2010-1, Class A3, 1.450%, 05/15/14		5,655
10,410	Series 2010-3, Class A3, 1.110%, 10/15/14		10,431
5,804	Series 2010-3, Class A4, 1.550%, 08/17/15		5,785
5,977	Series 2010-4, Class A3, 0.910%, 11/17/14		5,941
	AmeriCredit Automobile Receivables Trust,
713	Series 2006-BG, Class A4, 5.210%, 09/06/13		724
752	Series 2008-AF, Class A3, 5.680%, 12/12/12		763
2,670	Series 2008-AF, Class A4, 6.960%, 10/14/14		2,874
3,000	Series 2009-1, Class A3, 3.040%, 10/15/13		3,058
2,277	Series 2010-1, Class A2, 0.970%, 01/15/13		2,278
2,190	Series 2010-1, Class A3, 1.660%, 03/17/14		2,200
8,000	Series 2010-3, Class A3, 1.140%, 04/08/15		7,993
14,000	Series 2010-4, Class A2, 0.960%, 05/08/14		14,000
3,375	Series 2010-4, Class A3, 1.270%, 04/08/15		3,375
739	Ameriquest Mortgage Securities, Inc., Series 2003-13, Class AF6, SUB, 5.094%, 01/25/34		735
13,500	Asset-Backed Funding Certificates, Series 2005-AQ1, Class A4, SUB, 5.010%, 06/25/35		13,591
	Bank of America Auto Trust,
13,709	Series 2009-1A, Class A3, 2.670%, 07/15/13 (e)		13,856
3,235	Series 2009-1A, Class A4, 3.520%, 06/15/16 (e)		3,362
10,000	Series 2009-2A, Class A3, 2.130%, 09/15/13 (e)		10,085
5,575	Series 2009-3A, Class A3, 1.670%, 12/15/13 (e)		5,613
5,810	Series 2010-1A, Class A3, 1.390%, 03/15/14 (e)		5,836
4,255	Series 2010-1A, Class A4, 2.180%, 02/15/17 (e)		4,341
6,480	Series 2010-2, Class A2, 0.910%, 10/15/12		6,490
5,110	Series 2010-2, Class A3, 1.310%, 07/15/14		5,146
7,795	Series 2010-2, Class A4, 1.940%, 06/15/17		7,921
1,695	Bear Stearns Asset-Backed Securities Trust, Series 2006- SD1, Class A, VAR, 0.623%, 04/25/36		1,164
25	Capital One Auto Finance Trust, Series 2007-C, Class A3A, 5.130%, 04/16/12		25
4,645	CarMax Auto Owner Trust, Series 2010-1, Class A3, 1.560%, 07/15/14		4,677
	Chase Funding Mortgage Loan Asset-Backed Certificates,
3,663	Series 2003-4, Class 1A5, SUB, 5.416%, 05/25/33		3,571
4,250	Series 2003-6, Class 1A5, SUB, 5.350%, 11/25/34		3,753
14,763	Series 2003-6, Class 1A7, SUB, 4.277%, 11/25/34		14,107
	Chrysler Financial Auto Securitization Trust,
3,511	Series 2009-A, Class A3, 2.820%, 01/15/16		3,566
5,959	Series 2009-B, Class A2, 1.150%, 11/08/11		5,967
16,500	Series 2010-A, Class A3, 0.910%, 08/08/13		16,474
	Citibank Credit Card Issuance Trust,
8,282	Series 2002-C2, Class C2, 6.950%, 02/18/14		8,733
950	Series 2007-A3, Class A3, 6.150%, 06/15/39		1,179
	CitiFinancial Auto Issuance Trust,
10,811	Series 2009-1, Class A2, 1.830%, 11/15/12 (e)		10,846
5,350	Series 2009-1, Class A3, 2.590%, 10/15/13 (e)		5,436
2,334	Citifinancial Mortgage Securities, Inc., Series 2003-3, Class AF4, SUB, 5.348%, 08/25/33		2,310
1,849	Citigroup Mortgage Loan Trust, Inc., Series 2003-HE3, Class A, VAR, 0.633%, 12/25/33		1,605
	CNH Equipment Trust,
196	Series 2008-B, Class A3A, 4.780%, 07/16/12		197
3,900	Series 2008-B, Class A4A, 5.600%, 11/17/14		4,032

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Asset-Backed Securities — Continued
359	Series 2009-A, Class A3, 5.280%, 11/15/12		365
1,970	Series 2009-C, Class A3, 1.850%, 12/16/13		1,986
9,985	Series 2010-A, Class A3, 1.540%, 07/15/14		10,074
16,000	Series 2010-C, Class A3, 1.170%, 05/15/15		15,999
	Countrywide Asset-Backed Certificates,
816	Series 2003-5, Class MF1, VAR, 5.413%, 01/25/34		568
11	Series 2004-1, Class 3A, VAR, 0.533%, 04/25/34		8
1,290	Series 2004-1, Class M1, VAR, 0.753%, 03/25/34		1,047
1,060	Series 2004-1, Class M2, VAR, 0.803%, 03/25/34		899
1,065	Series 2004-6, Class M1, VAR, 0.853%, 10/25/34		732
687	Credit Suisse Mortgage Capital Certificates, Series 2006-CF1, Class A1, VAR, 0.563%, 11/25/35		637
1,118	Credit-Based Asset Servicing and Securitization LLC, Series 2006- CB1, Class AF2, SUB, 5.236%, 01/25/36		772
2,400	Discover Card Master Trust, Series 2008-A4, Class A4, 5.650%, 12/15/15		2,663
1,400	First Franklin Mortgage Loan Asset-Backed Certificates, Series 2006-FF17, Class A4, VAR, 0.353%, 12/25/36		1,308
	Ford Credit Auto Owner Trust,
30	Series 2006-B, Class A4, 5.250%, 09/15/11		30
6,156	Series 2009-B, Class A3, 2.790%, 08/15/13		6,241
5,000	Series 2009-B, Class A4, 4.500%, 07/15/14		5,325
6,000	Series 2009-D, Class A3, 2.170%, 10/15/13		6,067
16,000	GE Capital Credit Card Master Note Trust, Series 2009-2, Class A, 3.690%, 07/15/15		16,623
1,152	GE Mortgage Services LLC, Series 1999-HE1, Class M, VAR, 6.705%, 04/25/29		1,079
	Harley-Davidson Motorcycle Trust,
5,449	Series 2009-3, Class A2, 0.940%, 04/15/12		5,450
5,140	Series 2009-3, Class A3, 1.740%, 09/15/13		5,177
5,250	Series 2010-1, Class A2, 0.830%, 11/15/13		5,250
5,904	Series 2010-1, Class A3, 1.160%, 02/15/15		5,903
	Honda Auto Receivables Owner Trust,
5,111	Series 2009-2, Class A3, 2.790%, 01/15/13		5,169
3,500	Series 2009-2, Class A4, 4.430%, 07/15/15		3,692
3,155	Series 2009-3, Class A3, 2.310%, 05/15/13		3,191
4,200	Series 2009-3, Class A4, 3.300%, 09/15/15		4,368
	HSBC Home Equity Loan Trust,
3,461	Series 2005-2, Class A1, VAR, 0.523%, 01/20/35		3,181
2,820	Series 2005-2, Class M2, VAR, 0.743%, 01/20/35		2,565
6,019	Series 2006-1, Class A1, VAR, 0.413%, 01/20/36		5,549
2,672	Series 2006-2, Class A1, VAR, 0.403%, 03/20/36		2,500
9,000	Series 2007-1, Class A2F, SUB, 5.600%, 03/20/36		9,272
1,132	Series 2007-1, Class AS, VAR, 0.453%, 03/20/36		1,059
14,290	Series 2007-3, Class APT, VAR, 1.453%, 11/20/36		13,108
	Hyundai Auto Receivables Trust,
2,500	Series 2009-A, Class A3, 2.030%, 08/15/13		2,528
4,590	Series 2010-B, Class A3, 0.970%, 04/15/15		4,590
6,300	Series 2010-B, Class A4, 1.630%, 03/15/17		6,307
1,670	Indymac Residential Asset- Backed Trust, Series 2006-A, Class A3, VAR, 0.453%, 03/25/36		1,079
	John Deere Owner Trust,
2,496	Series 2009-A, Class A3, 2.590%, 10/15/13		2,521
5,360	Series 2009-B, Class A3, 1.570%, 10/15/13		5,393
	Long Beach Mortgage Loan Trust,
5,600	Series 2004-1, Class M1, VAR, 1.003%, 02/25/34		4,805
1,500	Series 2004-3, Class M1, VAR, 0.823%, 07/25/34		1,253
1,443	Series 2006-8, Class 2A2, VAR, 0.343%, 09/25/36		552
2,106	Series 2006-WL2, Class 2A3, VAR, 0.453%, 01/25/36		1,742

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Asset-Backed Securities — Continued
4,776	MBNA Credit Card Master Note Trust, Series 2002-C1, Class C1, 6.800%, 07/15/14		5,035
	Mercedes-Benz Auto Receivables Trust,
3,000	Series 2009-1, Class A3, 1.670%, 01/15/14		3,029
6,000	Series 2010-1, Class A3, 1.420%, 08/15/14		6,057
2,681	Morgan Stanley ABS Capital I, Series 2004-WMC3, Class M1, VAR, 1.003%, 01/25/35		2,638
45,000	Nationstar Mortgage Advance Receivable Trust, Series 2009- ADV1, Class A1, VAR, 3.253%, 12/26/22 (e)		44,888
4,000	New Century Home Equity Loan Trust, Series 2003-5, Class AI6, SUB, 5.500%, 11/25/33		4,029
	Nissan Auto Receivables Owner Trust,
7,365	Series 2010-A, Class A3, 0.870%, 07/15/14		7,351
4,740	Series 2010-A, Class A4, 1.310%, 09/15/16		4,738
279	Option One Mortgage Loan Trust, Series 2003-1, Class A2, VAR, 1.093%, 02/25/33		229
9,536	PennyMac Loan Trust, Series 2010-NPL1, Class A, VAR, 4.250%, 05/25/50 (e)		9,512
3,278	Real Estate Asset Trust, Series 2010-1A, Class A1, 6.250%, 09/25/40 (e) (f) (i)		3,278
100	Renaissance Home Equity Loan Trust, Series 2007-2, Class AF2, SUB, 5.675%, 06/25/37		54
	Residential Asset Securities Corp.,
80	Series 2002-KS4, Class AIIB, VAR, 0.753%, 07/25/32		44
111	Series 2003-KS5, Class AIIB, VAR, 0.833%, 07/25/33		61
130	Series 2003-KS9, Class A2B, VAR, 0.893%, 11/25/33		55
2,176	Salomon Brothers Mortgage Securities VII, Inc., Series 2003- UP1, Class A, SUB, 3.450%, 04/25/32 (e)		1,876
	Santander Drive Auto Receivables Trust,
8,830	Series 2010-3, Class A2, 0.930%, 06/17/13		8,820
6,100	Series 2010-3, Class A3, 1.200%, 06/16/14		6,088
5,000	Structured Asset Investment Loan Trust, Series 2005-5, Class A9, VAR, 0.523%, 06/25/35		4,630
	Structured Asset Securities Corp.,
3,184	Series 2002-23XS, Class A7, SUB, 6.580%, 11/25/32		3,255
1,261	Series 2002-AL1, Class A2, 3.450%, 02/25/32		1,191
4,829	Series 2004-6XS, Class A5A, SUB, 5.530%, 03/25/34		4,635
12,510	Toyota Auto Receivables Owner Trust, Series 2010-C, Class A3, 0.770%, 04/15/14		12,475
342	Union Pacific Railroad Co. 2003 Pass Through Trust, 4.698%, 01/02/24		370
	USAA Auto Owner Trust,
8,485	Series 2009-2, Class A3, 1.540%, 02/18/14		8,539
3,080	Series 2009-2, Class A4, 2.530%, 07/15/15		3,178
337	Volkswagen Auto Loan Enhanced Trust, Series 2008-1, Class A3, 4.500%, 07/20/12		339
	World Omni Auto Receivables Trust,
1,288	Series 2009-A, Class A3, 3.330%, 05/15/13		1,306
7,045	Series 2010-A, Class A4, 2.210%, 05/15/15		7,211
	Total Asset-Backed Securities (Cost $598,564)		604,481
Collateralized Mortgage Obligations — 38.4%
	Agency CMO — 25.6%
	Federal Home Loan Bank System,
1,552	Series 2000-0606, Class Y, 5.270%, 12/28/12		1,659
25,749	Series 2000-1067, Class 1, 5.300%, 06/15/12		27,068
	Federal Home Loan Mortgage Corp. - Government National Mortgage Association,
626	Series 8, Class ZA, 7.000%, 03/25/23		736
383	Series 24, Class ZE, 6.250%, 11/25/23		426
2,764	Series 29, Class L, 7.500%, 04/25/24		2,994
	Federal Home Loan Mortgage Corp. REMICS,
99	Series 11, Class D, 9.500%, 07/15/19		108
28	Series 22, Class C, 9.500%, 04/15/20		31

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
			Agency CMO — Continued
	43		Series 23, Class F, 9.600%, 04/15/20		48
	1		Series 41, Class I, HB, 84.000%, 05/15/20		3
	18		Series 46, Class B, 7.800%, 09/15/20		22
	9		Series 47, Class F, 10.000%, 06/15/20		10
	—	(h)	Series 85, Class C, 8.600%, 01/15/21		1
	32		Series 99, Class Z, 9.500%, 01/15/21		36
	90		Series 114, Class H, 6.950%, 01/15/21		102
	—	(h)	Series 204, Class E, HB, IF , 1,826.308%, 05/15/23		16
	—	(h)	Series 1045, Class G, HB, 1,066.209%, 02/15/21		1
	17		Series 1065, Class J, 9.000%, 04/15/21		19
	10		Series 1079, Class S, HB, IF , 32.938%, 05/15/21		18
	28		Series 1084, Class F, VAR, 1.262%, 05/15/21		28
	20		Series 1084, Class S, HB, IF, 43.819%, 05/15/21		38
	27		Series 1116, Class I, 5.500%, 08/15/21		29
	79		Series 1144, Class KB, 8.500%, 09/15/21		96
	—	(h)	Series 1172, Class L, HB, VAR, 1,181.250%, 11/15/21		4
	1		Series 1196, Class B, HB, IF , 1,161.253%, 01/15/22		27
	66		Series 1206, Class IA, 7.000%, 03/15/22		78
	83		Series 1250, Class J, 7.000%, 05/15/22		97
	207		Series 1343, Class LA, 8.000%, 08/15/22		240
	83		Series 1343, Class LB, 7.500%, 08/15/22		99
	133		Series 1370, Class JA, VAR, 1.463%, 09/15/22		133
	128		Series 1455, Class WB, IF, 4.519%, 12/15/22		115
	1,236		Series 1466, Class PZ, 7.500%, 02/15/23		1,413
	19		Series 1470, Class F, VAR, 2.663%, 02/15/23		20
	223		Series 1491, Class I, 7.500%, 04/15/23		262
	723		Series 1498, Class I, VAR, 1.463%, 04/15/23		723
	919		Series 1502, Class PX, 7.000%, 04/15/23		932
	118		Series 1505, Class Q, 7.000%, 05/15/23		139
	511		Series 1518, Class G, IF, 8.773%, 05/15/23		562
	96		Series 1541, Class M, HB, IF , 20.944%, 07/15/23		143
	457		Series 1541, Class O, VAR, 1.970%, 07/15/23		478
	26		Series 1570, Class F, VAR, 3.163%, 08/15/23		26
	982		Series 1573, Class PZ, 7.000%, 09/15/23		1,115
	570		Series 1591, Class PV, 6.250%, 10/15/23		610
	41		Series 1595, Class D, 7.000%, 10/15/13		44
	128		Series 1596, Class D, 6.500%, 10/15/13		128
	51		Series 1602, Class SA, HB, IF , 21.734%, 10/15/23		74
	29		Series 1607, Class SA, IF, 18.767%, 10/15/13		33
	3,274		Series 1608, Class L, 6.500%, 09/15/23		3,765
	1,337		Series 1609, Class LG, IF, 16.656%, 11/15/23		1,629
	1,127		Series 1642, Class PJ, 6.000%, 11/15/23		1,193
	481		Series 1658, Class GZ, 7.000%, 01/15/24		512
	16		Series 1671, Class L, 7.000%, 02/15/24		17
	21		Series 1671, Class QC, IF, 10.000%, 02/15/24		26
	24		Series 1686, Class SH, IF, 18.534%, 02/15/24		38
	401		Series 1695, Class EB, 7.000%, 03/15/24		472
	75		Series 1699, Class FC, VAR, 0.912%, 03/15/24		76
	477		Series 1700, Class GA, PO, 02/15/24		418
	2,176		Series 1706, Class K, 7.000%, 03/15/24		2,493
	36		Series 1709, Class FA, VAR, 1.690%, 03/15/24		38
	1,326		Series 1720, Class PL, 7.500%, 04/15/24		1,510
	1,642		Series 1737, Class L, 6.000%, 06/15/24		1,805
	169		Series 1745, Class D, 7.500%, 08/15/24		198
	1,155		Series 1798, Class F, 5.000%, 05/15/23		1,223
	24		Series 1807, Class G, 9.000%, 10/15/20		27

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Collateralized Mortgage Obligations — Continued
	Agency CMO — Continued
265	Series 1829, Class ZB, 6.500%, 03/15/26		293
30	Series 1844, Class E, 6.500%, 10/15/13		33
1,714	Series 1863, Class Z, 6.500%, 07/15/26		1,927
58	Series 1865, Class D, PO, 02/15/24		43
162	Series 1890, Class H, 7.500%, 09/15/26		189
452	Series 1899, Class ZE, 8.000%, 09/15/26		545
1,014	Series 1927, Class PH, 7.500%, 01/15/27		1,166
1,076	Series 1927, Class ZA, 6.500%, 01/15/27		1,098
27	Series 1935, Class FL, VAR, 1.013%, 02/15/27		27
363	Series 1963, Class Z, 7.500%, 01/15/27		418
52	Series 1970, Class PG, 7.250%, 07/15/27		60
1,022	Series 1981, Class Z, 6.000%, 05/15/27		1,126
644	Series 1983, Class Z, 6.500%, 12/15/23		722
405	Series 1987, Class PE, 7.500%, 09/15/27		477
602	Series 2019, Class Z, 6.500%, 12/15/27		691
259	Series 2025, Class PE, 6.300%, 01/15/13		259
2,262	Series 2033, Class J, 5.600%, 06/15/23		2,446
264	Series 2033, Class SN, HB, IF , 23.963%, 03/15/24		167
725	Series 2038, Class PN, IO, 7.000%, 03/15/28		145
1,885	Series 2040, Class PE, 7.500%, 03/15/28		2,218
766	Series 2054, Class PV, 7.500%, 05/15/28		808
214	Series 2055, Class OE, 6.500%, 05/15/13		215
265	Series 2056, Class TD, 6.500%, 05/15/18		283
1,179	Series 2063, Class PG, 6.500%, 06/15/28		1,225
192	Series 2064, Class TE, 7.000%, 06/15/28		223
792	Series 2070, Class C, 6.000%, 07/15/28		873
2,416	Series 2075, Class PH, 6.500%, 08/15/28		2,772
2,585	Series 2075, Class PM, 6.250%, 08/15/28		2,764
649	Series 2086, Class GB, 6.000%, 09/15/28		689
850	Series 2089, Class PJ, IO, 7.000%, 10/15/28		177
2,668	Series 2095, Class PE, 6.000%, 11/15/28		2,919
670	Series 2102, Class TC, 6.000%, 12/15/13		705
366	Series 2102, Class TU, 6.000%, 12/15/13		386
3,742	Series 2106, Class ZD, 6.000%, 12/15/28		4,066
7,161	Series 2110, Class PG, 6.000%, 01/15/29		7,858
1,541	Series 2115, Class PE, 6.000%, 01/15/14		1,607
1,468	Series 2125, Class JZ, 6.000%, 02/15/29		1,578
2,710	Series 2126, Class CB, 6.250%, 02/15/29		2,984
168	Series 2132, Class SB, HB, IF , 29.449%, 03/15/29		270
119	Series 2134, Class PI, IO, 6.500%, 03/15/19		18
43	Series 2135, Class UK, IO, 6.500%, 03/15/14		3
89	Series 2141, Class IO, IO, 7.000%, 04/15/29		17
288	Series 2163, Class PC, IO, 7.500%, 06/15/29		66
4,234	Series 2169, Class TB, 7.000%, 06/15/29		4,978
1,766	Series 2172, Class QC, 7.000%, 07/15/29		2,021
1,122	Series 2176, Class OJ, 7.000%, 08/15/29		1,305
6	Series 2196, Class TL, 7.500%, 11/15/29		6
897	Series 2201, Class C, 8.000%, 11/15/29		1,081
2,522	Series 2208, Class PG, 7.000%, 01/15/30		2,935
436	Series 2209, Class TC, 8.000%, 01/15/30		517
1,346	Series 2210, Class Z, 8.000%, 01/15/30		1,622
406	Series 2224, Class CB, 8.000%, 03/15/30		489
453	Series 2230, Class Z, 8.000%, 04/15/30		546
381	Series 2234, Class PZ, 7.500%, 05/15/30		453
316	Series 2247, Class Z, 7.500%, 08/15/30		368
811	Series 2256, Class MC, 7.250%, 09/15/30		953

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Collateralized Mortgage Obligations — Continued
	Agency CMO — Continued
1,505	Series 2259, Class ZM, 7.000%, 10/15/30		1,769
36	Series 2261, Class ZY, 7.500%, 10/15/30		43
110	Series 2262, Class Z, 7.500%, 10/15/30		118
1,385	Series 2271, Class PC, 7.250%, 12/15/30		1,628
2,787	Series 2283, Class K, 6.500%, 12/15/23		3,025
780	Series 2296, Class PD, 7.000%, 03/15/31		907
4,575	Series 2301, Class PA, 6.000%, 10/15/13		4,758
295	Series 2306, Class K, PO, 05/15/24		263
706	Series 2306, Class SE, IF, IO, 8.060%, 05/15/24		104
529	Series 2313, Class LA, 6.500%, 05/15/31		577
1,159	Series 2325, Class PM, 7.000%, 06/15/31		1,297
2,023	Series 2332, Class ZH, 7.000%, 07/15/31		2,215
282	Series 2333, Class HC, 6.000%, 07/15/31		285
2,470	Series 2344, Class QG, 6.000%, 08/15/16		2,661
11,364	Series 2344, Class ZD, 6.500%, 08/15/31		12,571
1,219	Series 2344, Class ZJ, 6.500%, 08/15/31		1,350
1,006	Series 2345, Class NE, 6.500%, 08/15/31		1,083
1,208	Series 2345, Class PQ, 6.500%, 08/15/16		1,290
448	Series 2347, Class VP, 6.500%, 03/15/20		470
1,519	Series 2351, Class PZ, 6.500%, 08/15/31		1,652
3,234	Series 2353, Class TD, 6.000%, 09/15/16		3,462
1,041	Series 2355, Class BP, 6.000%, 09/15/16		1,119
322	Series 2359, Class PM, 6.000%, 09/15/16		342
2,546	Series 2359, Class ZB, 8.500%, 06/15/31		2,939
1,688	Series 2360, Class PG, 6.000%, 09/15/16		1,826
294	Series 2363, Class PF, 6.000%, 09/15/16		318
881	Series 2366, Class MD, 6.000%, 10/15/16		943
971	Series 2367, Class ME, 6.500%, 10/15/31		1,071
1,217	Series 2388, Class FB, VAR, 0.853%, 01/15/29		1,227
2,616	Series 2391, Class QR, 5.500%, 12/15/16		2,835
959	Series 2391, Class VQ, 6.000%, 10/15/12		963
740	Series 2394, Class MC, 6.000%, 12/15/16		796
1,231	Series 2399, Class OH, 6.500%, 01/15/32		1,362
1,963	Series 2399, Class TH, 6.500%, 01/15/32		2,173
2,212	Series 2410, Class NG, 6.500%, 02/15/32		2,459
1,174	Series 2410, Class OE, 6.375%, 02/15/32		1,302
2,739	Series 2410, Class QS, IF, 18.841%, 02/15/32		3,704
741	Series 2410, Class QX, IF, IO, 8.397%, 02/15/32		153
2,797	Series 2412, Class SP, IF, 15.593%, 02/15/32		3,366
2,515	Series 2420, Class XK, 6.500%, 02/15/32		2,780
1,316	Series 2423, Class MC, 7.000%, 03/15/32		1,475
1,721	Series 2423, Class MT, 7.000%, 03/15/32		1,929
2,063	Series 2423, Class TB, 6.500%, 03/15/32		2,283
693	Series 2425, Class OB, 6.000%, 03/15/17		736
3,018	Series 2430, Class WF, 6.500%, 03/15/32		3,414
3,698	Series 2434, Class TC, 7.000%, 04/15/32		4,182
7,433	Series 2434, Class ZA, 6.500%, 04/15/32		8,410
1,797	Series 2435, Class CJ, 6.500%, 04/15/32		2,085
3,834	Series 2435, Class VH, 6.000%, 07/15/19		3,921
1,501	Series 2436, Class MC, 7.000%, 04/15/32		1,689
797	Series 2441, Class GF, 6.500%, 04/15/32		901
1,661	Series 2444, Class ES, IF, IO, 7.697%, 03/15/32		291
1,399	Series 2450, Class GZ, 7.000%, 05/15/32		1,602
1,084	Series 2450, Class SW, IF, IO, 7.747%, 03/15/32		208
2,895	Series 2455, Class GK, 6.500%, 05/15/32		3,201
535	Series 2458, Class QE, 5.500%, 06/15/17		579

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Collateralized Mortgage Obligations — Continued
	Agency CMO — Continued
2,165	Series 2458, Class ZM, 6.500%, 06/15/32		2,412
841	Series 2460, Class VZ, 6.000%, 11/15/29		843
2,408	Series 2463, Class CE, 6.000%, 06/15/17		2,601
1,888	Series 2466, Class DH, 6.500%, 06/15/32		2,103
3,111	Series 2466, Class PG, 6.500%, 04/15/32		3,298
1,400	Series 2466, Class PH, 6.500%, 06/15/32		1,616
2,351	Series 2474, Class NR, 6.500%, 07/15/32		2,631
6,380	Series 2475, Class S, IF, IO, 7.747%, 02/15/32		1,124
148	Series 2480, Class PV, 6.000%, 07/15/11		150
3,709	Series 2484, Class LZ, 6.500%, 07/15/32		4,256
356	Series 2488, Class WS, IF, 16.162%, 08/15/17		438
5,753	Series 2500, Class MC, 6.000%, 09/15/32		6,409
906	Series 2508, Class AQ, 5.500%, 10/15/17		989
4,073	Series 2512, Class PG, 5.500%, 10/15/22		4,547
666	Series 2513, Class YO, PO, 02/15/32		664
2,395	Series 2515, Class DE, 4.000%, 03/15/32		2,493
1,720	Series 2515, Class MG, 4.000%, 09/15/17		1,793
1,064	Series 2518, Class PX, 5.500%, 09/15/13		1,126
118	Series 2519, Class BT, 8.500%, 09/15/31		120
2,020	Series 2535, Class BK, 5.500%, 12/15/22		2,235
4,268	Series 2537, Class TE, 5.500%, 12/15/17		4,642
2,000	Series 2543, Class LX, 5.000%, 12/15/17		2,138
5,462	Series 2543, Class YX, 6.000%, 12/15/32		6,193
3,640	Series 2544, Class HC, 6.000%, 12/15/32		4,082
3,565	Series 2549, Class ZG, 5.000%, 01/15/18		3,726
3,763	Series 2552, Class ME, 6.000%, 01/15/33		4,237
467	Series 2565, Class MB, 6.000%, 05/15/30		473
1,904	Series 2567, Class QD, 6.000%, 02/15/33		2,166
15,000	Series 2568, Class KG, 5.500%, 02/15/23		16,828
2,206	Series 2571, Class FY, VAR, 1.003%, 12/15/32		2,248
401	Series 2571, Class SK, HB, IF , 33.407%, 09/15/23		709
1,301	Series 2571, Class SY, IF, 17.992%, 12/15/32		1,805
2,580	Series 2574, Class HP, 5.000%, 02/15/18		2,774
8,791	Series 2575, Class ME, 6.000%, 02/15/33		9,988
1,416	Series 2586, Class HD, 5.500%, 03/15/23		1,535
1,805	Series 2586, Class WI, IO, 6.500%, 03/15/33		332
1,143	Series 2591, Class WI, IO, 5.500%, 02/15/30		19
4,107	Series 2594, Class VQ, 6.000%, 08/15/20		4,228
1,420	Series 2595, Class HC, 5.500%, 04/15/23		1,611
2,051	Series 2596, Class QG, 6.000%, 03/15/33		2,260
1,957	Series 2597, Class AD, 6.500%, 03/15/32		2,033
722	Series 2597, Class DS, IF, IO, 7.297%, 02/15/33		48
2,161	Series 2599, Class DS, IF, IO, 6.747%, 02/15/33		68
4,797	Series 2610, Class DS, IF, IO, 6.847%, 03/15/33		234
3,954	Series 2611, Class SH, IF, IO, 7.397%, 10/15/21		163
1,680	Series 2611, Class UH, 4.500%, 05/15/18		1,759
3,835	Series 2617, Class GR, 4.500%, 05/15/18		4,127
199	Series 2619, Class HR, 3.500%, 11/15/31		204
732	Series 2619, Class IM, IO, 5.000%, 10/15/21		20
7,242	Series 2626, Class NS, IF, IO, 6.297%, 06/15/23		694
848	Series 2628, Class WA, 4.000%, 07/15/28		862
2,439	Series 2629, Class BY, IO, 4.500%, 03/15/18		196
3,499	Series 2630, Class S, IF, IO, 6.897%, 01/15/17		135
8,558	Series 2631, Class LC, 4.500%, 06/15/18		9,201
8,810	Series 2631, Class SA, IF, 14.385%, 06/15/33		9,972
16,158	Series 2636, Class Z, 4.500%, 06/15/18		17,207

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Collateralized Mortgage Obligations — Continued
	Agency CMO — Continued
1,889	Series 2637, Class SA, IF, IO, 5.847%, 06/15/18		185
920	Series 2638, Class DS, IF, 8.347%, 07/15/23		943
930	Series 2638, Class SA, IF, IO, 6.847%, 11/15/16		24
1,232	Series 2640, Class UG, IO, 5.000%, 01/15/32		94
7,852	Series 2640, Class UP, IO, 5.000%, 01/15/32		434
220	Series 2640, Class UR, IO, 4.500%, 08/15/17		4
798	Series 2640, Class VE, 3.250%, 07/15/22		822
1,033	Series 2642, Class SL, IF, 6.673%, 07/15/33		979
184	Series 2643, Class HI, IO, 4.500%, 12/15/16		2
595	Series 2646, Class SH, IF, 13.365%, 07/15/33		624
3,933	Series 2649, Class QE, 4.500%, 08/15/17		4,029
891	Series 2650, Class PO, PO, 12/15/32		845
4,170	Series 2650, Class SO, PO, 12/15/32		3,958
16,784	Series 2651, Class VZ, 4.500%, 07/15/18		17,872
5,430	Series 2655, Class EO, PO, 02/15/33		5,142
2,781	Series 2658, Class PE, 4.500%, 11/15/16		2,857
131	Series 2663, Class EO, PO, 08/15/33		129
1,424	Series 2667, Class SW, IF, 6.556%, 01/15/18		1,439
2,151	Series 2668, Class S, IF, 11.493%, 09/15/33		2,154
3,272	Series 2668, Class SB, IF, 6.975%, 10/15/15		3,333
2,700	Series 2671, Class S, IF, 14.294%, 09/15/33		3,041
3,598	Series 2672, Class ME, 5.000%, 11/15/22		3,896
612	Series 2672, Class SJ, IF, 6.930%, 09/15/16		629
11,345	Series 2675, Class CK, 4.000%, 09/15/18		12,122
1,091	Series 2676, Class TS, IF, 15.722%, 01/15/32		1,161
8,000	Series 2677, Class LE, 4.500%, 09/15/18		8,778
3,831	Series 2682, Class YS, IF, 8.619%, 10/15/33		3,729
48	Series 2683, Class VA, 5.500%, 02/15/21		48
18,000	Series 2684, Class PO, PO, 01/15/33		16,678
182	Series 2684, Class SN, HB, IF , 26.983%, 10/15/33		197
3,295	Series 2684, Class TO, PO, 10/15/33		2,755
758	Series 2686, Class GB, 5.000%, 05/15/20		774
1,587	Series 2686, Class NS, IF, IO, 7.347%, 10/15/21		75
15,091	Series 2690, Class SJ, IF, 8.770%, 10/15/33		14,818
2,500	Series 2691, Class ND, 5.000%, 10/15/28		2,579
2,194	Series 2691, Class SE, IF, 9.188%, 12/15/28		2,251
1,609	Series 2691, Class SM, IF, 8.770%, 10/15/33		1,585
2,197	Series 2691, Class WS, IF, 8.620%, 10/15/33		2,160
2,681	Series 2692, Class SC, IF, 12.780%, 07/15/33		2,836
937	Series 2694, Class SQ, IF, 8.619%, 10/15/33		918
2,000	Series 2695, Class DE, 4.000%, 01/15/17		2,057
2,955	Series 2695, Class OB, PO, 10/15/33		2,429
628	Series 2696, Class CO, PO, 10/15/18		604
198	Series 2696, Class SM, IF, 13.693%, 12/15/26		202
759	Series 2697, Class LE, 4.500%, 11/15/20		774
3,312	Series 2698, Class SV, IF, 8.620%, 11/15/33		3,259
5,826	Series 2700, Class S, IF, 8.620%, 11/15/33		5,704
1,791	Series 2702, Class PC, 5.000%, 01/15/23		1,928
1,832	Series 2705, Class SC, IF, 8.620%, 11/15/33		1,796
2,937	Series 2705, Class SD, IF, 8.674%, 11/15/33		2,792
7,400	Series 2707, Class QE, 4.500%, 11/15/18		8,141
5,000	Series 2709, Class PG, 5.000%, 11/15/23		5,429
2,240	Series 2715, Class OG, 5.000%, 01/15/23		2,437
4,480	Series 2716, Class UN, 4.500%, 12/15/23		4,834
2,240	Series 2720, Class PC, 5.000%, 12/15/23		2,339
4,149	Series 2725, Class OP, PO, 10/15/33		3,807

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Collateralized Mortgage Obligations — Continued
	Agency CMO — Continued
17,303	Series 2727, Class BS, IF, 8.695%, 01/15/34		16,892
246	Series 2727, Class PO, PO, 01/15/34		237
10,505	Series 2733, Class SB, IF, 7.782%, 10/15/33		10,103
157	Series 2743, Class HC, 4.500%, 12/15/15		157
2,150	Series 2743, Class HD, 4.500%, 08/15/17		2,238
5,000	Series 2743, Class HE, 4.500%, 02/15/19		5,478
1,724	Series 2744, Class FE, VAR, 0.000%, 02/15/34		1,643
424	Series 2744, Class PD, 5.500%, 08/15/33		435
2,535	Series 2744, Class PE, 5.500%, 02/15/34		2,866
6,422	Series 2744, Class TU, 5.500%, 05/15/32		6,898
3,427	Series 2748, Class KO, PO, 10/15/23		3,263
335	Series 2750, Class PO, PO, 06/15/30		334
436	Series 2752, Class PD, 5.000%, 03/15/26		437
521	Series 2753, Class S, IF, 11.493%, 02/15/34		525
1,072	Series 2754, Class JG, 4.500%, 03/15/33		1,084
1,748	Series 2755, Class PA, PO, 02/15/29		1,726
2,452	Series 2755, Class SA, IF, 13.693%, 05/15/30		2,727
3,857	Series 2758, Class AO, PO, 03/15/19		3,518
652	Series 2762, Class LO, PO, 03/15/34		632
497	Series 2764, Class UC, 5.000%, 05/15/27		504
570	Series 2766, Class SX, IF, 15.738%, 03/15/34		583
675	Series 2771, Class FG, VAR, 0.000%, 03/15/34		635
2,755	Series 2776, Class SK, IF, 8.695%, 04/15/34		2,733
5,800	Series 2777, Class KO, PO, 02/15/33		5,519
7	Series 2777, Class SX, IF, 11.810%, 04/15/34		7
66	Series 2778, Class BS, IF, 15.116%, 04/15/34		66
3,309	Series 2778, Class US, IF, IO, 6.947%, 06/15/33		183
633	Series 2780, Class JG, 4.500%, 04/15/19		662
1,000	Series 2780, Class SY, IF, 15.942%, 11/15/33		1,234
5,672	Series 2802, Class OH, 6.000%, 05/15/34		6,553
1,338	Series 2809, Class UB, 4.000%, 09/15/17		1,372
2,000	Series 2809, Class UC, 4.000%, 06/15/19		2,145
1,165	Series 2812, Class AB, 4.500%, 10/15/18		1,212
5,506	Series 2812, Class NO, PO, 10/15/33		4,607
6,350	Series 2827, Class QE, 5.500%, 03/15/33		6,878
201	Series 2827, Class SQ, IF, 7.500%, 01/15/19		205
1,087	Series 2833, Class KO, PO, 08/15/34		1,074
3,589	Series 2835, Class BO, PO, 12/15/28		3,498
660	Series 2835, Class QO, PO, 12/15/32		601
71	Series 2836, Class SG, IF, 11.828%, 05/15/34		71
783	Series 2840, Class JO, PO, 06/15/23		762
1,159	Series 2857, Class OM, PO, 09/15/34		1,132
1,034	Series 2863, Class JA, 4.500%, 09/15/19		1,064
2,000	Series 2864, Class GB, 4.000%, 09/15/19		2,130
2,663	Series 2865, Class GO, PO, 10/15/33		2,582
180	Series 2872, Class JD, 4.500%, 01/15/16		180
392	Series 2890, Class DO, PO, 11/15/34		373
2,973	Series 2897, Class EO, PO, 10/15/31		2,612
2,490	Series 2903, Class UZ, 5.500%, 07/15/31		2,574
2,687	Series 2903, Class Z, 5.000%, 12/15/24		2,871
7,872	Series 2921, Class MD, 5.000%, 06/15/33		8,456
681	Series 2925, Class MW, VAR, 0.000%, 01/15/35		678
2,152	Series 2929, Class MS, HB, IF , 27.045%, 02/15/35		3,192
16,884	Series 2934, Class EC, PO, 02/15/20		16,057
1,184	Series 2934, Class EN, PO, 02/15/18		1,160
5,029	Series 2934, Class HI, IO, 5.000%, 02/15/20		604

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Collateralized Mortgage Obligations — Continued
	Agency CMO — Continued
3,542	Series 2934, Class KI, IO, 5.000%, 02/15/20		430
1,921	Series 2945, Class SA, IF, 11.838%, 03/15/20		2,168
2,319	Series 2965, Class GD, 4.500%, 04/15/20		2,547
1,675	Series 2967, Class S, HB, IF , 32.431%, 04/15/25		2,477
10,244	Series 2968, Class EH, 6.000%, 04/15/35		11,920
4,581	Series 2981, Class FA, VAR, 0.653%, 05/15/35		4,577
3,931	Series 2988, Class AF, VAR, 0.553%, 06/15/35		3,916
1,745	Series 2988, Class GS, IF, 15.991%, 06/15/35		1,975
194	Series 2988, Class SD, IF, 15.866%, 03/15/35		215
1,076	Series 2989, Class PO, PO, 06/15/23		1,047
1,772	Series 2990, Class GO, PO, 02/15/35		1,473
5,606	Series 2990, Class LK, VAR, 0.623%, 10/15/34		5,621
4,495	Series 2990, Class SL, HB, IF , 23.564%, 06/15/34		6,421
2,215	Series 2990, Class WP, IF, 16.374%, 06/15/35		2,673
5,109	Series 2991, Class EG, 5.500%, 11/15/34		5,505
5,000	Series 2992, Class LB, 5.000%, 06/15/20		5,538
11,738	Series 2995, Class FK, VAR, 0.503%, 05/15/34		11,730
1,549	Series 2996, Class SL, IF, 15.137%, 06/15/35		1,725
6,000	Series 2999, Class NC, 4.500%, 12/15/18		6,333
4,500	Series 2999, Class ND, 4.500%, 07/15/20		4,894
664	Series 3007, Class AI, IO, 5.500%, 07/15/24		53
381	Series 3014, Class OD, PO, 08/15/35		267
191	Series 3022, Class GF, VAR, 0.553%, 08/15/35		191
91	Series 3022, Class OH, PO, 08/15/35		91
875	Series 3022, Class SX, IF, 16.241%, 08/15/25		1,102
2,069	Series 3029, Class SO, PO, 09/15/35		1,771
276	Series 3034, Class FB, VAR, 0.000, 09/15/35		256
5,122	Series 3042, Class PF, VAR, 0.503%, 08/15/35		5,121
356	Series 3044, Class GU, VAR, 0.000%, 10/15/35		314
313	Series 3044, Class VO, PO, 10/15/35		267
2,756	Series 3047, Class OB, 5.500%, 12/15/33		2,973
22,936	Series 3049, Class XF, VAR, 0.603%, 05/15/33		22,985
2,109	Series 3051, Class DP, HB, IF , 26.913%, 10/15/25		3,005
312	Series 3058, Class YO, PO, 10/15/35		258
2,026	Series 3064, Class OB, 5.500%, 07/15/29		2,112
1,785	Series 3064, Class SG, IF, 19.155%, 11/15/35		2,286
6,771	Series 3065, Class DF, VAR, 0.633%, 04/15/35		6,790
228	Series 3066, Class FH, VAR, 1.254%, 01/15/34		228
1,096	Series 3068, Class AO, PO, 01/15/35		1,062
4,590	Series 3077, Class TO, PO, 04/15/35		4,046
1,849	Series 3100, Class MA, VAR, 2.826%, 12/15/35		1,781
2,671	Series 3101, Class UZ, 6.000%, 01/15/36		3,064
8,400	Series 3102, Class FB, VAR, 0.553%, 01/15/36		8,402
911	Series 3102, Class HS, HB, IF , 23.637%, 01/15/36		1,339
9,807	Series 3117, Class AO, PO, 02/15/36		9,007
1,999	Series 3117, Class EO, PO, 02/15/36		1,807
1,997	Series 3117, Class OK, PO, 02/15/36		1,765
5,996	Series 3122, Class OH, PO, 03/15/36		5,260
5,610	Series 3122, Class OP, PO, 03/15/36		5,170
121	Series 3122, Class ZB, 6.000%, 03/15/36		120
799	Series 3134, Class PO, PO, 03/15/36		667
5,556	Series 3137, Class XP, 6.000%, 04/15/36		6,244
4,580	Series 3138, Class PO, PO, 04/15/36		3,749
11,216	Series 3147, Class PO, PO, 04/15/36		9,835
749	Series 3149, Class SO, PO, 05/15/36		671
2,595	Series 3151, Class PO, PO, 05/15/36		2,172

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Collateralized Mortgage Obligations — Continued
	Agency CMO — Continued
23	Series 3158, Class LX, VAR, 0.000%, 05/15/36		22
3,000	Series 3162, Class OB, 6.000%, 11/15/30		3,133
7,916	Series 3171, Class MO, PO, 06/15/36		6,881
183	Series 3174, Class CA, 5.500%, 02/15/26		183
1,324	Series 3174, Class PX, 5.000%, 06/15/17		1,463
3,745	Series 3179, Class OA, PO, 07/15/36		3,179
3,642	Series 3181, Class AZ, 6.500%, 07/15/36		4,265
8,893	Series 3184, Class OA, PO, 02/15/33		8,569
1,002	Series 3186, Class MT, IF, 4.653%, 07/15/36		996
7,300	Series 3189, Class PC, 6.000%, 08/15/35		8,211
4,030	Series 3194, Class SA, IF, IO, 6.847%, 07/15/36		488
7,030	Series 3195, Class PD, 6.500%, 07/15/36		8,025
13,250	Series 3200, Class AY, 5.500%, 08/15/36		14,633
34,002	Series 3202, Class HI, IF, IO, 6.397%, 08/15/36		5,527
1,604	Series 3213, Class OA, PO, 09/15/36		1,394
1,325	Series 3218, Class AO, PO, 09/15/36		1,201
7,000	Series 3218, Class BE, 6.000%, 09/15/35		7,889
13,166	Series 3219, Class DI, IO, 6.000%, 04/15/36		2,050
3,560	Series 3225, Class EO, PO, 10/15/36		3,030
5,379	Series 3232, Class ST, IF, IO, 6.447%, 10/15/36		728
1,443	Series 3233, Class OP, PO, 05/15/36		1,309
353	Series 3234, Class MA, 4.500%, 03/15/28		355
170	Series 3245, Class MO, PO, 11/15/36		164
802	Series 3253, Class A, 5.000%, 08/15/20		841
25,430	Series 3253, Class PO, PO, 12/15/21		24,423
424	Series 3256, Class KF, VAR, 0.000%, 12/15/36		414
1,545	Series 3256, Class PO, PO, 12/15/36		1,373
3,125	Series 3260, Class CS, IF, IO, 5.887%, 01/15/37		424
1,437	Series 3261, Class OA, PO, 01/15/37		1,255
742	Series 3263, Class TP, VAR, 0.000%, 08/15/35		739
259	Series 3263, Class WE, VAR, 0.000%, 08/15/35		253
9,000	Series 3266, Class D, 5.000%, 01/15/22		9,918
109	Series 3269, Class WF, VAR, 0.000%, 01/15/37		108
8,200	Series 3274, Class B, 6.000%, 02/15/37		9,034
2,389	Series 3274, Class JO, PO, 02/15/37		2,120
6,425	Series 3275, Class FL, VAR, 0.693%, 02/15/37		6,424
5,500	Series 3284, Class CB, 5.000%, 03/15/22		6,063
3,509	Series 3286, Class PO, PO, 03/15/37		3,131
5,684	Series 3290, Class SB, IF, IO, 6.197%, 03/15/37		707
32	Series 3299, Class KB, 5.000%, 08/15/29		32
3,000	Series 3302, Class UT, 6.000%, 04/15/37		3,400
4,933	Series 3305, Class MG, IF, 2.473%, 07/15/34		4,792
6,165	Series 3315, Class HZ, 6.000%, 05/15/37		7,015
396	Series 3318, Class AO, PO, 05/15/37		357
5,000	Series 3329, Class JD, 6.000%, 06/15/36		5,675
3,500	Series 3329, Class WK, 6.000%, 12/15/31		3,695
2,779	Series 3331, Class PO, PO, 06/15/37		2,503
4,000	Series 3334, Class MC, 5.000%, 04/15/33		4,168
4,528	Series 3344, Class SL, IF, IO, 6.347%, 07/15/37		566
1,816	Series 3347, Class PO, PO, 07/15/37		1,798
1,241	Series 3356, Class PA, 6.000%, 11/15/26		1,250
3,437	Series 3369, Class VA, 6.000%, 07/15/18		3,775
1,656	Series 3371, Class FA, VAR, 0.853%, 09/15/37		1,669
2,592	Series 3373, Class TO, PO, 04/15/37		2,277
19,543	Series 3383, Class SA, IF, IO, 6.197%, 11/15/37		2,582
25,212	Series 3387, Class SA, IF, IO, 6.167%, 11/15/37		3,527

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Collateralized Mortgage Obligations — Continued
	Agency CMO — Continued
3,438	Series 3389, Class DQ, 5.750%, 10/15/35		3,767
6,558	Series 3398, Class PO, PO, 01/15/36		6,239
26,037	Series 3404, Class SC, IF, IO, 5.747%, 01/15/38		3,250
1,491	Series 3422, Class SE, IF, 16.816%, 02/15/38		1,840
12,752	Series 3424, Class PI, IF, IO, 6.547%, 04/15/38		1,725
16,048	Series 3430, Class AI, IO, 1.417%, 09/15/12		211
28,338	Series 3437, Class AI, IO, 1.335%, 09/15/11		211
610	Series 3443, Class SY, IF, 9.000%, 03/15/37		600
14,500	Series 3453, Class B, 5.500%, 05/15/38		15,678
8,821	Series 3455, Class SE, IF, IO, 5.947%, 06/15/38		1,076
2,369	Series 3461, Class LZ, 6.000%, 06/15/38		2,687
6,934	Series 3461, Class Z, 6.000%, 06/15/38		8,023
15,414	Series 3481, Class SJ, IF, IO, 5.597%, 08/15/38		1,692
7,500	Series 3493, Class LA, 4.000%, 10/15/23		7,996
6,500	Series 3501, Class CB, 5.500%, 01/15/39		7,028
15,495	Series 3505, Class SA, IF, IO, 5.747%, 01/15/39		1,587
15,003	Series 3511, Class SA, IF, IO, 5.747%, 02/15/39		1,580
2,505	Series 3515, Class PI, IO, 5.500%, 07/15/37		334
3,777	Series 3523, Class SD, IF, 18.966%, 06/15/36		4,602
1,239	Series 3531, Class MZ, 4.500%, 05/15/39		1,249
20,900	Series 3531, Class SA, IF, IO, 6.047%, 05/15/39		2,364
13,511	Series 3531, Class SM, IF, IO, 5.847%, 05/15/39		1,666
5,016	Series 3546, Class A, VAR, 5.974%, 02/15/39		5,346
16,183	Series 3549, Class FA, VAR, 1.453%, 07/15/39		16,537
7,358	Series 3564, Class JA, 4.000%, 01/15/18		7,817
10,538	Series 3607, Class BO, PO, 04/15/36		7,871
7,223	Series 3607, Class EO, PO, 02/15/33		6,843
5,716	Series 3607, Class TO, PO, 10/15/39		4,975
20,383	Series 3608, Class SC, IF, IO, 5.997%, 12/15/39		2,520
14,686	Series 3611, Class PO, PO, 07/15/34		13,420
4,600	Series 3632, Class BS, IF, 16.655%, 02/15/40		6,208
2,697	Series 3645, Class KZ, 5.500%, 08/15/36		3,006
6,800	Series 3654, Class DC, 5.000%, 04/15/30		7,214
4,039	Series 3654, Class VB, 5.500%, 10/15/27		4,498
3,990	Series 3659, Class VE, 5.000%, 03/15/26		4,407
12,635	Series 3666, Class VA, 5.500%, 12/15/22		14,138
26,224	Series 3680, Class MA, 4.500%, 07/15/39		28,154
19,730	Series 3687, Class MA, 4.500%, 02/15/37		21,149
11,253	Series 3688, Class CU, VAR, 6.823%, 11/15/21		12,107
34,106	Series 3688, Class GT, VAR, 7.149%, 11/15/46		36,695
95,602	Series 3704, Class CT, 7.000%, 12/15/36		107,871
43,519	Series 3704, Class DT, 7.500%, 11/15/36		49,503
40,251	Series 3704, Class ET, 7.500%, 12/15/36		45,785
22,922	Series 3740, Class SB, IF, IO, 5.747%, 10/15/40		3,760
23,970	Series 3740, Class SC, IF, IO, 5.747%, 10/15/40		3,343
18,327	Series R007, Class ZA, 6.000%, 05/15/36		21,007
	Federal Home Loan Mortgage Corp. STRIPS,
7	Series 134, Class B, IO, 9.000%, 04/01/22		2
14,862	Series 233, Class 11, IO, 5.000%, 09/15/35		2,251
12,079	Series 233, Class 12, IO, 5.000%, 09/15/35		1,842
23,393	Series 233, Class 13, IO, 5.000%, 09/15/35		3,529
80,199	Series 239, Class S30, IF, IO, 7.447%, 08/15/36		10,701
7,354	Series 243, Class 16, IO, 4.500%, 11/15/20		798
4,601	Series 243, Class 17, IO, 4.500%, 12/15/20		516
	Federal Home Loan Mortgage Corp. Structured Pass-Through Securities,

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Collateralized Mortgage Obligations — Continued
	Agency CMO — Continued
1,325	Series T-41, Class 3A, VAR, 7.500%, 07/25/32		1,544
5,838	Series T-42, Class A5, 7.500%, 02/25/42		6,842
4,002	Series T-48, Class 1A, VAR, 6.625%, 07/25/33		4,705
879	Series T-51, Class 2A, VAR, 7.500%, 08/25/42		1,023
5,501	Series T-54, Class 2A, 6.500%, 02/25/43		6,314
1,880	Series T-54, Class 3A, 7.000%, 02/25/43		2,192
13,318	Series T-56, Class A5, 5.231%, 05/25/43		14,511
1,549	Series T-57, Class 1A3, 7.500%, 07/25/43		1,811
590	Series T-57, Class 1AP, PO, 07/25/43		490
7,499	Series T-58, Class 4A, 7.500%, 09/25/43		8,909
703	Series T-58, Class APO, PO, 09/25/43		514
7,286	Series T-59, Class 1A2, 7.000%, 10/25/43		8,365
811	Series T-59, Class 1AP, PO, 10/25/43		651
37,163	Series T-76, Class 2A, VAR, 4.781%, 10/25/37		38,518
	Federal National Mortgage Association Grantor Trust,
2,737	Series 1999-T2, Class A1, VAR, 7.500%, 01/19/39		3,258
3,619	Series 2001-T10, Class A2, 7.500%, 12/25/41		4,196
3,019	Series 2001-T3, Class A1, 7.500%, 11/25/40		3,514
3,455	Series 2002-T16, Class A2, 7.000%, 07/25/42		4,079
1,585	Series 2004-T1, Class 1A2, 6.500%, 01/25/44		1,779
7,963	Series 2004-T2, Class 1A4, 7.500%, 11/25/43		9,271
4,702	Series 2004-T2, Class 2A, VAR, 4.287%, 07/25/43		4,950
11,642	Series 2004-T3, Class 1A2, 6.500%, 02/25/44		13,352
4,260	Series 2004-T3, Class 1A3, 7.000%, 02/25/44		4,912
	Federal National Mortgage Association REMICS,
23	Series 1988-7, Class Z, 9.250%, 04/25/18		26
94	Series 1989-70, Class G, 8.000%, 10/25/19		113
44	Series 1989-78, Class H, 9.400%, 11/25/19		52
40	Series 1989-83, Class H, 8.500%, 11/25/19		49
46	Series 1989-89, Class H, 9.000%, 11/25/19		55
28	Series 1990-1, Class D, 8.800%, 01/25/20		33
11	Series 1990-7, Class B, 8.500%, 01/25/20		13
14	Series 1990-60, Class K, 5.500%, 06/25/20		16
20	Series 1990-63, Class H, 9.500%, 06/25/20		23
15	Series 1990-93, Class G, 5.500%, 08/25/20		16
—  (h)	Series 1990-94, Class H, HB, 505.000%, 08/25/20		3
—  (h)	Series 1990-95, Class J, HB, 1,118.040%, 08/25/20		7
104	Series 1990-102, Class J, 6.500%, 08/25/20		116
88	Series 1990-120, Class H, 9.000%, 10/25/20		103
11	Series 1990-134, Class SC, HB, IF , 21.178%, 11/25/20		15
1	Series 1990-140, Class K, HB, 652.145%, 12/25/20		9
—  (h)	Series 1991-7, Class K, HB, 908.500%, 02/25/21		1
26	Series 1991-24, Class Z, 5.000%, 03/25/21		29
30	Series 1991-42, Class S, IF, 17.183%, 05/25/21		39
5	Series 1992-101, Class J, 7.500%, 06/25/22		5
765	Series 1992-117, Class MA, 8.000%, 07/25/22		926
128	Series 1992-136, Class PK, 6.000%, 08/25/22		143
140	Series 1992-143, Class MA, 5.500%, 09/25/22		158
898	Series 1992-150, Class M, 8.000%, 09/25/22		1,087
290	Series 1992-163, Class M, 7.750%, 09/25/22		337
430	Series 1992-188, Class PZ, 7.500%, 10/25/22		491
207	Series 1993-21, Class KA, 7.700%, 03/25/23		241
527	Series 1993-25, Class J, 7.500%, 03/25/23		603
81	Series 1993-27, Class SA, IF, 15.500%, 02/25/23		130
1,321	Series 1993-37, Class PX, 7.000%, 03/25/23		1,490
453	Series 1993-54, Class Z, 7.000%, 04/25/23		511

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
			Agency CMO — Continued
	4,884		Series 1993-56, Class PZ, 7.000%, 05/25/23		5,542
	218		Series 1993-62, Class SA, IF, 16.653%, 04/25/23		297
	2,773		Series 1993-99, Class Z, 7.000%, 07/25/23		3,274
	124		Series 1993-122, Class M, 6.500%, 07/25/23		138
	2,531		Series 1993-136, Class ZB, VAR, 6.792%, 07/25/23		2,988
	3,863		Series 1993-141, Class Z, 7.000%, 08/25/23		4,406
	112		Series 1993-165, Class SD, IF, 11.328%, 09/25/23		134
	140		Series 1993-165, Class SK, IF, 12.500%, 09/25/23		161
	139		Series 1993-167, Class GA, 7.000%, 09/25/23		142
	202		Series 1993-178, Class PK, 6.500%, 09/25/23		227
	94		Series 1993-179, Class SB, HB, IF , 22.474%, 10/25/23		150
	62		Series 1993-179, Class SC, IF, 10.500%, 10/25/23		70
	3,850		Series 1993-183, Class KA, 6.500%, 10/25/23		4,321
	1,557		Series 1993-189, Class PL, 6.500%, 10/25/23		1,747
	295		Series 1993-199, Class FA, VAR, 0.831%, 10/25/23		297
	180		Series 1993-205, Class H, PO, 09/25/23		151
	231		Series 1993-220, Class SG, IF, 15.437%, 11/25/13		264
	144		Series 1993-225, Class SG, HB, IF , 26.331%, 12/25/13		187
	267		Series 1993-225, Class UB, 6.500%, 12/25/23		291
	72		Series 1993-230, Class FA, VAR, 0.881%, 12/25/23		73
	267		Series 1993-247, Class FE, VAR, 1.281%, 12/25/23		273
	326		Series 1993-247, Class SA, HB, IF , 23.645%, 12/25/23		535
	124		Series 1993-247, Class SU, IF, 11.287%, 12/25/23		149
	1,038		Series 1993-250, Class Z, 7.000%, 12/25/23		1,113
	1,778		Series 1993-257, Class C, PO, 06/25/23		1,732
	20		Series 1994-9, Class E, PO, 11/25/23		16
	1,063		Series 1994-37, Class L, 6.500%, 03/25/24		1,220
	5,179		Series 1994-40, Class Z, 6.500%, 03/25/24		5,832
	5,986		Series 1994-62, Class PK, 7.000%, 04/25/24		6,938
	3,599		Series 1994-63, Class PK, 7.000%, 04/25/24		4,082
	150		Series 1995-2, Class Z, 8.500%, 01/25/25		177
	373		Series 1995-19, Class Z, 6.500%, 11/25/23		439
	1,920		Series 1996-14, Class SE, IF, IO, 8.210%, 08/25/23		273
	83		Series 1996-27, Class FC, VAR, 0.781%, 03/25/17		84
	1,516		Series 1996-48, Class Z, 7.000%, 11/25/26		1,721
	192		Series 1996-59, Class J, 6.500%, 08/25/22		217
	304		Series 1996-59, Class K, 6.500%, 07/25/23		314
	426		Series 1997-20, Class IB, IO, VAR, 1.840%, 03/25/27		20
	1,444		Series 1997-20, Class IO, IO, VAR, 1.840%, 03/25/27		65
	283		Series 1997-27, Class J, 7.500%, 04/18/27		317
	305		Series 1997-29, Class J, 7.500%, 04/20/27		353
	1,080		Series 1997-32, Class PG, 6.500%, 04/25/27		1,240
	1,254		Series 1997-39, Class PD, 7.500%, 05/20/27		1,453
	304		Series 1997-42, Class EN, 7.250%, 07/18/27		321
	113		Series 1997-42, Class ZC, 6.500%, 07/18/27		128
	—	(h)	Series 1997-51, Class PM, IO, 7.000%, 05/18/12		—	(h)
	1,696		Series 1997-61, Class ZC, 7.000%, 02/25/23		1,948
	478		Series 1997-81, Class PI, IO, 7.000%, 12/18/27		93
	72		Series 1998-4, Class C, PO, 04/25/23		65
	1,340		Series 1998-36, Class ZB, 6.000%, 07/18/28		1,500
	374		Series 1998-43, Class SA, IF, IO, 18.053%, 04/25/23		154
	588		Series 1998-66, Class SB, IF, IO, 7.897%, 12/25/28		104
	333		Series 1999-17, Class C, 6.350%, 04/25/29		376
	2,338		Series 1999-18, Class Z, 5.500%, 04/18/29		2,599
	638		Series 1999-38, Class SK, IF, IO, 7.797%, 08/25/23		99
	174		Series 1999-52, Class NS, HB, IF, 22.670%, 10/25/23		259

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Collateralized Mortgage Obligations — Continued
	Agency CMO — Continued
446	Series 1999-62, Class PB, 7.500%, 12/18/29		512
2,437	Series 2000-2, Class ZE, 7.500%, 02/25/30		2,798
716	Series 2000-20, Class SA, IF, IO, 8.847%, 07/25/30		173
106	Series 2000-52, Class IO, IO, 8.500%, 01/25/31		26
994	Series 2001-4, Class PC, 7.000%, 03/25/21		1,092
628	Series 2001-5, Class OW, 6.000%, 03/25/16		658
405	Series 2001-7, Class PF, 7.000%, 03/25/31		464
1,499	Series 2001-7, Class PR, 6.000%, 03/25/16		1,580
1,541	Series 2001-10, Class PR, 6.000%, 04/25/16		1,621
1,110	Series 2001-30, Class PM, 7.000%, 07/25/31		1,272
289	Series 2001-31, Class VD, 6.000%, 05/25/31		291
2,896	Series 2001-33, Class ID, IO, 6.000%, 07/25/31		548
1,926	Series 2001-36, Class DE, 7.000%, 08/25/31		2,204
2,335	Series 2001-44, Class MY, 7.000%, 09/25/31		2,674
690	Series 2001-44, Class PD, 7.000%, 09/25/31		790
490	Series 2001-44, Class PU, 7.000%, 09/25/31		560
5,938	Series 2001-48, Class Z, 6.500%, 09/25/21		6,698
693	Series 2001-49, Class Z, 6.500%, 09/25/31		785
328	Series 2001-52, Class KB, 6.500%, 10/25/31		371
1,160	Series 2001-52, Class XN, 6.500%, 11/25/15		1,256
5,000	Series 2001-60, Class PX, 6.000%, 11/25/31		5,648
1,417	Series 2001-60, Class QS, HB, IF , 23.613%, 09/25/31		2,010
3,633	Series 2001-61, Class Z, 7.000%, 11/25/31		4,161
1,168	Series 2001-71, Class MB, 6.000%, 12/25/16		1,263
2,010	Series 2001-71, Class QE, 6.000%, 12/25/16		2,171
275	Series 2001-72, Class SX, IF, 16.876%, 12/25/31		362
6,312	Series 2001-74, Class MB, 6.000%, 12/25/16		6,826
938	Series 2001-80, Class PE, 6.000%, 07/25/29		963
206	Series 2001-81, Class LO, PO, 01/25/32		178
1,721	Series 2002-1, Class G, 7.000%, 07/25/23		1,954
953	Series 2002-1, Class HC, 6.500%, 02/25/22		1,022
612	Series 2002-1, Class SA, HB, IF , 24.364%, 02/25/32		860
267	Series 2002-1, Class UD, HB, IF, 23.516%, 12/25/23		376
1,669	Series 2002-2, Class UC, 6.000%, 02/25/17		1,796
4,508	Series 2002-3, Class OG, 6.000%, 02/25/17		4,867
2,840	Series 2002-5, Class PK, 6.000%, 02/25/22		3,263
787	Series 2002-7, Class OG, 6.000%, 03/25/17		849
2,654	Series 2002-7, Class TG, 6.000%, 03/25/17		2,864
918	Series 2002-11, Class QG, 5.500%, 03/25/17		992
3,317	Series 2002-13, Class SJ, IF, IO, 1.600%, 03/25/32		157
57	Series 2002-13, Class ST, IF, 10.000%, 03/25/32		64
12,399	Series 2002-15, Class ZA, 6.000%, 04/25/32		13,836
4,249	Series 2002-16, Class PG, 6.000%, 04/25/17		4,597
6,496	Series 2002-18, Class PC, 5.500%, 04/25/17		6,861
785	Series 2002-19, Class PE, 6.000%, 04/25/17		847
161	Series 2002-21, Class LO, PO, 04/25/32		139
2,134	Series 2002-21, Class PE, 6.500%, 04/25/32		2,382
2,891	Series 2002-24, Class AJ, 6.000%, 04/25/17		3,168
3,846	Series 2002-28, Class PK, 6.500%, 05/25/32		4,341
1,561	Series 2002-31, Class S, IF, 18.712%, 05/25/17		2,037
1,922	Series 2002-37, Class Z, 6.500%, 06/25/32		2,173
9,115	Series 2002-38, Class QE, 6.000%, 06/25/17		9,839
1,120	Series 2002-42, Class C, 6.000%, 07/25/17		1,224
4,759	Series 2002-48, Class GH, 6.500%, 11/25/32		5,306
5,000	Series 2002-54, Class PG, 6.000%, 09/25/22		5,637
646	Series 2002-55, Class QE, 5.500%, 09/25/17		708

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Collateralized Mortgage Obligations — Continued
	Agency CMO — Continued
8,788	Series 2002-56, Class UC, 5.500%, 09/25/17		9,570
3,275	Series 2002-57, Class AE, 5.500%, 09/25/17		3,560
858	Series 2002-63, Class KC, 5.000%, 10/25/17		915
917	Series 2002-71, Class AP, 5.000%, 11/25/32		1,008
7,841	Series 2002-71, Class KM, 5.000%, 11/25/17		8,364
1,171	Series 2002-77, Class S, IF, 14.019%, 12/25/32		1,321
15,511	Series 2002-78, Class Z, 5.500%, 12/25/32		17,277
10,673	Series 2002-81, Class JO, PO, 04/25/32		10,379
2,112	Series 2002-83, Class CS, 6.881%, 08/25/23		2,392
1,743	Series 2002-84, Class VB, 5.500%, 04/25/15		1,905
1,427	Series 2002-90, Class A1, 6.500%, 06/25/42		1,637
292	Series 2002-91, Class UH, IO, 5.500%, 06/25/22		15
6,216	Series 2002-94, Class BK, 5.500%, 01/25/18		6,855
1,500	Series 2003-9, Class NZ, 6.500%, 02/25/33		1,692
1,703	Series 2003-14, Class TI, IO, 5.000%, 03/25/33		231
4,550	Series 2003-22, Class UD, 4.000%, 04/25/33		4,848
883	Series 2003-27, Class DW, 4.500%, 04/25/17		907
1,400	Series 2003-32, Class KC, 5.000%, 05/25/18		1,522
6,774	Series 2003-33, Class IA, IO, 6.500%, 05/25/33		1,299
2,614	Series 2003-34, Class AX, 6.000%, 05/25/33		2,950
2,256	Series 2003-34, Class ED, 6.000%, 05/25/33		2,621
640	Series 2003-34, Class GB, 6.000%, 03/25/33		728
1,199	Series 2003-34, Class GE, 6.000%, 05/25/33		1,396
1,115	Series 2003-35, Class EA, PO, 05/25/33		994
806	Series 2003-39, Class IO, IO, VAR, 6.000%, 05/25/33		143
1,960	Series 2003-39, Class LW, 5.500%, 05/25/23		2,199
2,800	Series 2003-41, Class PE, 5.500%, 05/25/23		3,181
1,092	Series 2003-42, Class GB, 4.000%, 05/25/33		1,162
3,453	Series 2003-45, Class AI, IO, 5.500%, 05/25/33		122
2,715	Series 2003-47, Class PE, 5.750%, 06/25/33		3,064
1,457	Series 2003-52, Class SX, HB, IF, 22.190%, 10/25/31		2,212
247	Series 2003-60, Class NJ, 5.000%, 07/25/21		250
3,424	Series 2003-64, Class SX, IF, 13.115%, 07/25/33		3,742
5,000	Series 2003-67, Class TJ, 4.750%, 07/25/18		5,476
267	Series 2003-67, Class VQ, 7.000%, 01/25/19		272
230	Series 2003-68, Class QP, 3.000%, 07/25/22		235
4,132	Series 2003-71, Class DS, IF, 7.128%, 08/25/33		4,116
19,223	Series 2003-72, Class IE, IO, 5.500%, 08/25/33		3,284
5,000	Series 2003-73, Class HC, 5.500%, 08/25/33		5,567
4,655	Series 2003-73, Class HF, VAR, 0.703%, 01/25/31		4,665
627	Series 2003-74, Class SH, IF, 9.714%, 08/25/33		625
2,695	Series 2003-76, Class SH, IF, 13.693%, 09/25/31		3,090
8,966	Series 2003-80, Class SY, IF, IO, 7.397%, 06/25/23		942
7,000	Series 2003-81, Class HC, 4.750%, 09/25/18		7,581
1,580	Series 2003-81, Class LC, 4.500%, 09/25/18		1,721
2,000	Series 2003-82, Class VB, 5.500%, 08/25/33		2,219
8,876	Series 2003-83, Class PG, 5.000%, 06/25/23		9,554
4,315	Series 2003-91, Class BL, 5.000%, 02/25/29		4,337
1,514	Series 2003-91, Class SD, IF, 12.078%, 09/25/33		1,671
2,878	Series 2003-91, Class XT, 4.500%, 12/25/17		2,912
1,123	Series 2003-92, Class GA, 4.500%, 09/25/18		1,151
269	Series 2003-92, Class SH, IF, 9.188%, 09/25/18		274
17,782	Series 2003-105, Class AZ, 5.500%, 10/25/33		20,512
4,423	Series 2003-106, Class US, IF, 8.695%, 11/25/23		4,428
7,410	Series 2003-116, Class SB, IF, IO, 7.347%, 11/25/33		1,300
7,583	Series 2003-117, Class JB, 3.500%, 06/25/33		7,966

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Collateralized Mortgage Obligations — Continued
	Agency CMO — Continued
2,240	Series 2003-122, Class TE, 5.000%, 12/25/22		2,434
272	Series 2003-124, Class SV, IF, 11.262%, 03/25/31		276
1,345	Series 2003-128, Class KE, 4.500%, 01/25/14		1,398
3,300	Series 2003-128, Class NG, 4.000%, 01/25/19		3,549
1,388	Series 2003-130, Class SX, IF, 11.140%, 01/25/34		1,488
1,381	Series 2003-131, Class SK, IF, 15.693%, 01/25/34		1,661
712	Series 2003-132, Class OA, PO, 08/25/33		631
5,895	Series 2004-3, Class BE, 4.000%, 02/25/19		6,321
4,667	Series 2004-4, Class QI, IF, IO, 6.847%, 06/25/33		726
3,471	Series 2004-4, Class QM, IF, 13.693%, 06/25/33		3,979
3,244	Series 2004-10, Class SC, HB, IF, 27.586%, 02/25/34		4,743
3,080	Series 2004-14, Class SD, IF, 8.695%, 03/25/34		3,023
4,433	Series 2004-17, Class H, 5.500%, 04/25/34		4,546
1,000	Series 2004-21, Class AE, 4.000%, 04/25/19		1,072
2,320	Series 2004-21, Class CO, PO, 04/25/34		1,899
605	Series 2004-22, Class A, 4.000%, 04/25/19		617
3,275	Series 2004-25, Class PC, 5.500%, 01/25/34		3,716
5,087	Series 2004-25, Class SA, IF, 18.828%, 04/25/34		6,578
8,100	Series 2004-27, Class HB, 4.000%, 05/25/19		8,672
7,830	Series 2004-28, Class PF, VAR, 0.653%, 03/25/34		7,869
11,897	Series 2004-36, Class FA, VAR, 0.653%, 05/25/34		11,967
2,157	Series 2004-36, Class PC, 5.500%, 02/25/34		2,454
5,087	Series 2004-36, Class SA, IF, 18.828%, 05/25/34		6,660
1,791	Series 2004-36, Class SN, IF, 13.693%, 07/25/33		2,027
8,678	Series 2004-46, Class EP, PO, 03/25/34		7,853
5,088	Series 2004-46, Class HS, IF, IO, 5.747%, 05/25/30		301
1,227	Series 2004-46, Class QB, HB, IF , 22.986%, 05/25/34		1,646
1,077	Series 2004-46, Class SK, IF, 15.803%, 05/25/34		1,268
1,384	Series 2004-51, Class SY, IF, 13.733%, 07/25/34		1,610
1,400	Series 2004-53, Class NC, 5.500%, 07/25/24		1,497
1,426	Series 2004-59, Class BG, PO, 12/25/32		1,272
2,288	Series 2004-61, Class CO, PO, 10/25/31		2,264
300	Series 2004-61, Class SH, HB, IF, 22.974%, 11/25/32		431
903	Series 2004-61, Class SK, IF, 8.500%, 11/25/32		965
5,000	Series 2004-65, Class EY, 5.500%, 08/25/24		5,630
12,000	Series 2004-72, Class CB, 4.000%, 09/25/19		12,893
1,285	Series 2004-74, Class SW, IF, 14.993%, 11/25/31		1,647
2,251	Series 2004-76, Class CL, 4.000%, 10/25/19		2,404
4,576	Series 2004-79, Class S, IF, 19.103%, 08/25/32		5,752
1,515	Series 2004-79, Class SP, IF, 19.103%, 11/25/34		1,958
2,000	Series 2004-81, Class AC, 4.000%, 11/25/19		2,137
9,600	Series 2004-81, Class JG, 5.000%, 11/25/24		10,503
1,282	Series 2004-89, Class EA, IF, 12.759%, 01/25/34		1,433
1,857	Series 2004-92, Class BX, 5.500%, 09/25/34		2,074
560	Series 2004-92, Class JO, PO, 12/25/34		558
2,120	Series 2004-101, Class HD, 5.000%, 01/25/20		2,338
1,707	Series 2005-14, Class BA, 4.500%, 04/25/19		1,775
5,600	Series 2005-16, Class LE, 5.500%, 07/25/33		6,203
5,087	Series 2005-25, Class PF, VAR, 0.603%, 04/25/35		5,089
755	Series 2005-27, Class TH, 5.500%, 07/25/31		781
1,321	Series 2005-40, Class ZM, 5.000%, 05/25/35		1,444
1,255	Series 2005-42, Class PS, IF, 16.366%, 05/25/35		1,584
1,912	Series 2005-45, Class BG, 4.500%, 06/25/25		1,931
140	Series 2005-47, Class AN, 5.000%, 12/25/16		142
497	Series 2005-52, Class PA, 6.500%, 06/25/35		546
5,211	Series 2005-56, Class S, IF, IO, 6.457%, 07/25/35		914

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Collateralized Mortgage Obligations — Continued
	Agency CMO — Continued
2,411	Series 2005-56, Class TP, IF, 17.390%, 08/25/33		3,015
1,804	Series 2005-57, Class CD, HB, IF , 24.175%, 01/25/35		2,560
611	Series 2005-57, Class DC, HB, IF , 20.951%, 12/25/34		749
7,962	Series 2005-57, Class EG, VAR, 0.553%, 03/25/35		7,967
1,000	Series 2005-59, Class SU, HB, IF, 24.233%, 06/25/35		1,467
1,349	Series 2005-66, Class SG, IF, 16.741%, 07/25/35		1,686
8,500	Series 2005-67, Class EY, 5.500%, 08/25/25		9,457
1,500	Series 2005-68, Class BC, 5.250%, 06/25/35		1,665
6,969	Series 2005-68, Class PG, 5.500%, 08/25/35		7,818
2,500	Series 2005-68, Class UC, 5.000%, 06/25/35		2,753
7,815	Series 2005-72, Class SB, IF, 16.241%, 08/25/35		9,681
2,104	Series 2005-73, Class PS, IF, 16.066%, 08/25/35		2,704
9,154	Series 2005-73, Class ZB, 5.500%, 08/25/35		9,454
1,800	Series 2005-74, Class CP, HB, IF, 23.821%, 05/25/35		2,691
7,842	Series 2005-74, Class CS, IF, 19.323%, 05/25/35		10,304
5,391	Series 2005-74, Class SK, IF, 19.433%, 05/25/35		7,447
8,934	Series 2005-84, Class XM, 5.750%, 10/25/35		10,037
356	Series 2005-86, Class GB, 5.000%, 10/25/35		360
5,300	Series 2005-88, Class QO, PO, 11/25/33		5,121
2,867	Series 2005-90, Class ES, IF, 16.241%, 10/25/35		3,588
1,702	Series 2005-90, Class PO, PO, 09/25/35		1,526
6,398	Series 2005-93, Class MF, VAR, 0.503%, 08/25/34		6,396
1,029	Series 2005-96, Class BP, 5.900%, 02/25/15		1,032
423	Series 2005-98, Class GO, PO, 11/25/35		410
14,556	Series 2005-106, Class US, HB, IF , 23.637%, 11/25/35		21,737
6,841	Series 2005-109, Class PB, 6.000%, 01/25/34		7,256
1,000	Series 2005-109, Class PC, 6.000%, 12/25/35		1,163
16,328	Series 2005-110, Class GJ, 5.500%, 11/25/30		17,248
17,500	Series 2005-110, Class GK, 5.500%, 08/25/34		19,524
5,659	Series 2005-110, Class GL, 5.500%, 12/25/35		6,358
3,300	Series 2005-110, Class MJ, 5.500%, 01/25/33		3,526
2,840	Series 2005-110, Class MN, 5.500%, 06/25/35		3,196
1,585	Series 2005-116, Class PB, 6.000%, 04/25/34		1,737
35,000	Series 2005-118, Class ME, 6.000%, 01/25/32		36,230
15,000	Series 2005-118, Class PN, 6.000%, 01/25/32		16,544
11,388	Series 2005-123, Class FG, VAR, 0.703%, 07/25/34		11,377
77	Series 2005-123, Class LO, PO, 01/25/36		75
4,000	Series 2006-7, Class TC, 6.000%, 09/25/33		4,303
6,489	Series 2006-8, Class JZ, 5.500%, 03/25/36		7,245
1,396	Series 2006-11, Class PS, HB, IF, 23.637%, 03/25/36		2,021
6,489	Series 2006-12, Class BZ, 5.500%, 03/25/36		7,236
2,831	Series 2006-15, Class OT, PO, 01/25/36		2,618
4,904	Series 2006-16, Class FC, VAR, 0.553%, 03/25/36		4,903
6,489	Series 2006-16, Class HZ, 5.500%, 03/25/36		7,199
1,205	Series 2006-16, Class OA, PO, 03/25/36		1,095
2,670	Series 2006-22, Class AO, PO, 04/25/36		2,380
4,015	Series 2006-23, Class FK, VAR, 0.503%, 04/25/36		4,011
2,163	Series 2006-23, Class KO, PO, 04/25/36		1,892
5,747	Series 2006-27, Class OH, PO, 04/25/36		5,075
1,255	Series 2006-33, Class LS, HB, IF , 29.010%, 05/25/36		1,922
2,000	Series 2006-39, Class WC, 5.500%, 01/25/36		2,238
2,709	Series 2006-42, Class CF, VAR, 0.703%, 06/25/36		2,724
4,355	Series 2006-43, Class DO, PO, 06/25/36		3,826
854	Series 2006-43, Class G, 6.500%, 09/25/33		877
1,604	Series 2006-43, Class PO, PO, 06/25/36		1,361
3,769	Series 2006-43, Class VB, 6.500%, 10/25/17		4,110

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Collateralized Mortgage Obligations — Continued
	Agency CMO — Continued
16,010	Series 2006-44, Class FP, VAR, 0.653%, 06/25/36		16,077
2,722	Series 2006-44, Class GO, PO, 06/25/36		2,348
8,653	Series 2006-44, Class P, PO, 12/25/33		7,688
3,687	Series 2006-46, Class FW, VAR, 0.653%, 06/25/36		3,704
590	Series 2006-46, Class SW, HB, IF , 23.270%, 06/25/36		824
2,000	Series 2006-46, Class UC, 5.500%, 12/25/35		2,239
10,066	Series 2006-50, Class JO, PO, 06/25/36		8,976
14,378	Series 2006-50, Class PS, PO, 06/25/36		12,511
15,851	Series 2006-53, Class US, IF, IO, 6.327%, 06/25/36		2,239
1,110	Series 2006-58, Class AP, PO, 07/25/36		946
2,985	Series 2006-58, Class FL, VAR, 0.713%, 07/25/36		3,004
1,697	Series 2006-58, Class PO, PO, 07/25/36		1,449
745	Series 2006-59, Class CO, PO, 08/25/35		723
5,326	Series 2006-59, Class QO, PO, 01/25/33		5,057
1,361	Series 2006-60, Class AK, HB, IF , 27.786%, 07/25/36		2,223
7,831	Series 2006-60, Class DO, PO, 04/25/35		7,165
1,334	Series 2006-62, Class PS, HB, IF, 38.379%, 07/25/36		2,341
9,321	Series 2006-63, Class ZH, 6.500%, 07/25/36		11,533
3,195	Series 2006-65, Class QO, PO, 07/25/36		2,764
3,651	Series 2006-66, Class NV, 6.500%, 02/25/24		3,895
14,905	Series 2006-71, Class ZL, 6.000%, 07/25/36		17,668
5,776	Series 2006-72, Class GO, PO, 08/25/36		4,990
1,598	Series 2006-72, Class TO, PO, 08/25/36		1,357
1,093	Series 2006-75, Class CM, 6.500%, 12/25/33		1,116
10,500	Series 2006-77, Class PC, 6.500%, 08/25/36		11,878
2,649	Series 2006-78, Class BZ, 6.500%, 08/25/36		3,074
3,110	Series 2006-79, Class DF, VAR, 0.603%, 08/25/36		3,122
2,354	Series 2006-79, Class DO, PO, 08/25/36		2,046
2,034	Series 2006-79, Class OP, PO, 08/25/36		1,695
1,317	Series 2006-85, Class MZ, 6.500%, 09/25/36		1,531
2,371	Series 2006-86, Class OB, PO, 09/25/36		2,050
2,244	Series 2006-90, Class AO, PO, 09/25/36		2,037
1,328	Series 2006-94, Class GK, HB, IF , 31.983%, 10/25/26		2,006
2,283	Series 2006-95, Class SG, HB, IF, 25.186%, 10/25/36		3,205
229	Series 2006-102, Class PA, 5.000%, 08/25/26		230
635	Series 2006-109, Class PO, PO, 11/25/36		573
7,736	Series 2006-110, Class PO, PO, 11/25/36		6,844
2,500	Series 2006-111, Class EO, PO, 11/25/36		2,134
3,691	Series 2006-113, Class PO, PO, 07/25/36		3,357
587	Series 2006-115, Class ES, HB, IF , 25.546%, 12/25/36		912
1,979	Series 2006-115, Class OK, PO, 12/25/36		1,645
21,236	Series 2006-117, Class GS, IF, IO, 6.397%, 12/25/36		2,451
5,837	Series 2006-118, Class A1, VAR, 0.313%, 12/25/36		5,765
19,605	Series 2006-118, Class A2, VAR, 0.313%, 12/25/36		19,378
3,053	Series 2006-119, Class PO, PO, 12/25/36		2,770
1,300	Series 2006-128, Class BP, 5.500%, 01/25/37		1,485
1,528	Series 2006-128, Class PO, PO, 01/25/37		1,334
7,940	Series 2006-130, Class GI, IO, 6.500%, 07/25/32		1,461
724	Series 2007-1, Class SD, HB, IF , 37.479%, 02/25/37		1,216
510	Series 2007-2, Class FA, VAR, 0.453%, 02/25/37		507
9,777	Series 2007-7, Class SG, IF, IO, 6.247%, 08/25/36		1,179
8,411	Series 2007-10, Class FD, VAR, 0.503%, 02/25/37		8,341
31,191	Series 2007-14, Class ES, IF, IO, 6.187%, 03/25/37		4,225
2,791	Series 2007-14, Class OP, PO,
	03/25/37		2,461
5,047	Series 2007-14, Class QD, 5.500%, 11/25/35		5,604
2,300	Series 2007-15, Class NO, PO, 03/25/22		2,118

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Collateralized Mortgage Obligations — Continued
	Agency CMO — Continued
18,015	Series 2007-16, Class FC, VAR, 1.003%, 03/25/37		17,991
2,267	Series 2007-22, Class SC, IF, IO, 5.827%, 03/25/37		205
1,750	Series 2007-24, Class GW, 5.500%, 03/25/29		1,940
4,616	Series 2007-29, Class SG, HB, IF, 21.822%, 04/25/37		6,215
17,161	Series 2007-35, Class SI, IF, IO, 5.847%, 04/25/37		2,002
2,654	Series 2007-42, Class AO, PO, 05/25/37		2,405
11,000	Series 2007-42, Class B, 6.000%, 05/25/37		12,636
6,456	Series 2007-43, Class FL, VAR, 0.553%, 05/25/37		6,449
1,500	Series 2007-47, Class PC, 5.000%, 07/25/33		1,596
28,697	Series 2007-53, Class SH, IF, IO, 5.847%, 06/25/37		3,658
44,822	Series 2007-54, Class FA, VAR, 0.653%, 06/25/37		45,026
5,145	Series 2007-54, Class WI, IF, IO, 5.847%, 06/25/37		672
44,515	Series 2007-60, Class AX, IF, IO, 6.897%, 07/25/37		7,262
3,934	Series 2007-62, Class SE, IF, 15.866%, 07/25/37		4,786
7,512	Series 2007-64, Class FB, VAR, 0.623%, 07/25/37		7,553
44,921	Series 2007-65, Class KI, IF, IO, 6.367%, 07/25/37		5,067
1,238	Series 2007-65, Class PA, 6.000%, 03/25/31		1,272
3,619	Series 2007-70, Class Z, 5.500%, 07/25/37		4,112
46,821	Series 2007-72, Class EK, IF, IO, 6.147%, 07/25/37		6,143
2,022	Series 2007-75, Class EO, PO, 01/25/36		1,927
5,403	Series 2007-76, Class AZ, 5.500%, 08/25/37		6,015
3,662	Series 2007-76, Class ZG, 6.000%, 08/25/37		4,153
8,698	Series 2007-77, Class FG, VAR, 0.753%, 03/25/37		8,770
2,000	Series 2007-78, Class CB, 6.000%, 08/25/37		2,268
4,601	Series 2007-78, Class PE, 6.000%, 08/25/37		5,241
2,000	Series 2007-79, Class PC, 5.000%, 01/25/32		2,147
4,894	Series 2007-79, Class SB, HB, IF, 23.087%, 08/25/37		6,977
4,000	Series 2007-81, Class GE, 6.000%, 08/25/37		4,589
1,960	Series 2007-83, Class PA, 6.000%, 03/25/29		1,977
4,464	Series 2007-84, Class PG, 6.000%, 12/25/36		5,060
1,920	Series 2007-85, Class SL, IF, 15.516%, 09/25/37		2,315
10,819	Series 2007-88, Class VI, IF, IO, 6.287%, 09/25/37		1,652
11,577	Series 2007-91, Class ES, IF, IO, 6.207%, 10/25/37		1,557
3,442	Series 2007-92, Class YA, 6.500%, 06/25/37		3,837
5,737	Series 2007-92, Class YS, IF, IO, 5.527%, 06/25/37		725
4,205	Series 2007-97, Class FC, VAR, 0.753%, 07/25/37		4,241
8,421	Series 2007-97, Class KI, IO, 7.000%, 05/25/33		1,707
2,750	Series 2007-97, Class MS, IF, 14.202%, 12/25/31		2,943
2,700	Series 2007-98, Class FB, VAR, 0.703%, 06/25/37		2,287
3,757	Series 2007-98, Class VA, 6.000%, 11/25/17		4,117
22,561	Series 2007-100, Class SM, IF, IO, 6.197%, 10/25/37		3,012
80,963	Series 2007-101, Class A2, VAR, 0.503%, 06/27/36		80,406
7,479	Series 2007-106, Class A7, VAR, 6.037%, 10/25/37		7,998
11,221	Series 2007-108, Class AN, VAR, 8.715%, 11/25/37		13,962
2,966	Series 2007-108, Class SA, IF, IO, 6.107%, 12/25/37		315
30,154	Series 2007-109, Class AI, IF, IO, 6.147%, 12/25/37		3,740
6,180	Series 2007-112, Class MJ, 6.500%, 12/25/37		7,131
13,976	Series 2007-112, Class SA, IF, IO, 6.197%, 12/25/37		1,965
51,000	Series 2007-114, Class A6, VAR, 0.453%, 10/27/37		50,909
26,606	Series 2007-116, Class HI, IO, VAR, 6.348%, 01/25/38		1,630
831	Series 2007-118, Class IO, IO, 6.000%, 06/25/36		94
27,411	Series 2008-1, Class BI, IF, IO, 5.657%, 02/25/38		3,205
26,955	Series 2008-4, Class SD, IF, IO, 5.747%, 02/25/38		3,621
6,836	Series 2008-10, Class XI, IF, IO, 5.977%, 03/25/38		778
13,498	Series 2008-16, Class IS, IF, IO, 5.947%, 03/25/38		1,501
2,733	Series 2008-18, Class SP, IF, 13.493%, 03/25/38		3,095

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Collateralized Mortgage Obligations — Continued
	Agency CMO — Continued
10,233	Series 2008-20, Class SA, IF, IO, 6.737%, 03/25/38		1,496
19,040	Series 2008-24, Class PF, VAR, 0.903%, 02/25/38		19,238
8,797	Series 2008-27, Class SN, IF, IO, 6.647%, 04/25/38		1,172
2,892	Series 2008-28, Class QS, IF, 19.940%, 04/25/38		3,842
15,072	Series 2008-32, Class SA, IF, IO, 6.597%, 04/25/38		1,951
22,686	Series 2008-35, Class AI, IO, VAR, 0.827%, 01/25/12		64
41,398	Series 2008-35, Class IM, IO, VAR, 0.642%, 10/25/16		427
2,328	Series 2008-42, Class AO, PO, 09/25/36		2,057
549	Series 2008-44, Class PO, PO, 05/25/38		488
13,003	Series 2008-46, Class HI, IO, VAR, 6.684%, 06/25/38		878
6,973	Series 2008-47, Class SI, IF, IO, 6.247%, 06/25/23		864
2,649	Series 2008-53, Class CA, 5.000%, 07/25/23		2,915
6,615	Series 2008-53, Class CI, IF, IO, 6.947%, 07/25/38		958
31,818	Series 2008-55, Class S, IF, IO, 7.347%, 07/25/28		4,744
5,985	Series 2008-56, Class AC, 5.000%, 07/25/38		6,499
942	Series 2008-59, Class IG, IO, 5.500%, 11/25/34		60
1,500	Series 2008-60, Class JC, 5.000%, 07/25/38		1,635
2,778	Series 2008-61, Class BH, 4.500%, 07/25/23		2,934
3,778	Series 2008-61, Class CB, 5.000%, 07/25/23		4,179
323	Series 2008-66, Class GD, 6.000%, 06/25/30		339
9,472	Series 2008-76, Class GF, VAR, 0.903%, 09/25/23		9,548
22,522	Series 2008-80, Class SA, IF, IO, 5.597%, 09/25/38		2,321
10,522	Series 2008-81, Class SB, IF, IO, 5.597%, 09/25/38		1,141
1,578	Series 2009-4, Class BD, 4.500%, 02/25/39		1,651
15,053	Series 2009-6, Class GS, IF, IO, 6.297%, 02/25/39		2,099
9,466	Series 2009-9, Class IO, IO, 5.000%, 02/25/24		1,084
11,770	Series 2009-15, Class MI, IO, 5.000%, 03/25/24		1,268
17,926	Series 2009-17, Class QS, IF, IO, 6.397%, 03/25/39		2,426
4,424	Series 2009-18, Class IO, IO, 5.000%, 03/25/24		326
1,217	Series 2009-47, Class MT, 7.000%, 07/25/39		1,365
9,533	Series 2009-52, Class PI, IO, 5.000%, 07/25/39		1,434
10,000	Series 2009-59, Class HB, 5.000%, 08/25/39		10,735
1,190	Series 2009-63, Class P, 5.000%, 03/25/37		1,277
9,506	Series 2009-69, Class WA, VAR, 6.012%, 09/25/39		10,486
19,133	Series 2009-84, Class WS, IF, IO, 5.647%, 10/25/39		1,985
37,597	Series 2009-86, Class IP, IO, 5.500%, 10/25/39		5,451
38,593	Series 2009-86, Class OT, PO, 10/25/37		32,563
36,285	Series 2009-86, Class UI, IO, 4.000%, 10/25/14		2,694
19,651	Series 2009-99, Class SC, IF, IO, 5.927%, 12/25/39		2,130
10,314	Series 2009-99, Class WA, VAR, 6.295%, 12/25/39		11,848
21,781	Series 2009-103, Class MB, 4.000%, 12/25/39		22,996
26,140	Series 2009-112, Class ST, IF, IO, 5.997%, 01/25/40		2,740
3,922	Series 2009-113, Class AO, PO, 01/25/40		3,450
3,687	Series 2010-1, Class WA, VAR, 6.132%, 02/25/40		4,142
8,917	Series 2010-16, Class WA, 6.428%, 03/25/40		9,971
7,620	Series 2010-16, Class WB, 6.237%, 03/25/40		8,614
26,110	Series 2010-35, Class SB, IF, IO, 6.167%, 04/25/40		3,384
3,000	Series 2010-35, Class SJ, IF, 16.822%, 04/25/40		3,736
2,176	Series 2010-39, Class OT, PO, 10/25/35		1,968
21,402	Series 2010-42, Class S, IF, IO, 6.147%, 05/25/40		2,793
2,878	Series 2010-47, Class AV, 5.000%, 05/25/21		3,188
18,545	Series 2010-49, Class SC, IF, 12.153%, 03/25/40		22,002
9,760	Series 2010-58, Class MB, 5.500%, 06/25/40		11,113
66,631	Series 2010-64, Class DM, 5.000%, 06/25/40		72,933
2,000	Series 2010-102, Class PN, 5.000%, 09/25/40		2,154
73,509	Series 2010-111, Class AE, 5.500%, 04/25/38		79,956

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
			Agency CMO — Continued
	19,500		Series 2010-111, Class AM, 5.500%, 10/25/40		21,689
	39,776		Series 2010-125, Class SA, IF, IO, 4.187%, 11/25/40		3,403
	48,759		Series 2010-133, Class A, 5.500%, 05/25/38		53,513
	20,000		Series 2010-139, Class SA, IF, IO, 5.777%, 10/01/40 (d)		20,788
	20		Series G-14, Class L, 8.500%, 06/25/21		24
	1		Series G-17, Class S, HB, VAR, 1,051.957%, 06/25/21		28
	95		Series G-18, Class Z, 8.750%, 06/25/21		115
	26		Series G-22, Class G, 6.000%, 12/25/16		28
	90		Series G-28, Class S, IF, 14.819%, 09/25/21		118
	144		Series G-35, Class M, 8.750%, 10/25/21		169
	28		Series G-51, Class SA, HB, IF , 24.490%, 12/25/21		43
	35		Series G92-15, Class Z, 7.000%, 01/25/22		35
	—	(h)	Series G92-27, Class SQ, HB, IF, 1,698.030%, 05/25/22		58
	659		Series G92-35, Class E, 7.500%, 07/25/22		757
	—	(h)	Series G92-35, Class G, HB, 1,184.775%, 07/25/22		8
	59		Series G92-42, Class Z, 7.000%, 07/25/22		67
	2,060		Series G92-44, Class ZQ, 8.000%, 07/25/22		2,494
	943		Series G92-45, Class Z, 6.000%, 08/25/22		1,044
	59		Series G92-52, Class FD, VAR, 0.302%, 09/25/22		59
	808		Series G92-54, Class ZQ, 7.500%, 09/25/22		930
	61		Series G92-59, Class F, VAR, 2.363%, 10/25/22		63
	121		Series G92-61, Class Z, 7.000%, 10/25/22		137
	90		Series G92-62, Class B, PO, 10/25/22		81
	410		Series G93-1, Class KA, 7.900%, 01/25/23		482
	156		Series G93-5, Class Z, 6.500%, 02/25/23		178
	122		Series G93-14, Class J, 6.500%, 03/25/23		138
	279		Series G93-17, Class SI, IF, 6.000%, 04/25/23		283
	268		Series G93-27, Class FD, VAR, 1.161%, 08/25/23		274
	66		Series G93-37, Class H, PO, 09/25/23		55
	171		Series G95-1, Class C, 8.800%, 01/25/25		205
			Federal National Mortgage Association STRIPS,
	9		Series 23, Class 2, IO, 10.000%, 09/01/17		1
	5		Series 50, Class 2, IO, 10.500%, 03/01/19		1
	64		Series 218, Class 2, IO, 7.500%, 04/01/23		13
	37		Series 265, Class 2, 9.000%, 03/01/24		44
	1,183		Series 329, Class 1, PO, 01/01/33		1,071
	3,712		Series 339, Class 18, IO, 4.500%, 07/01/18		354
	5,315		Series 339, Class 21, IO, 4.500%, 07/01/18		520
	2,612		Series 339, Class 28, IO, 5.500%, 07/01/18		293
	1,794		Series 345, Class 6, IO, VAR, 5.000%, 12/01/33		276
	5,976		Series 365, Class 8, IO, 5.500%, 05/01/36		891
	754		Series 368, Class 3, IO, 4.500%, 11/01/20		78
	4,225		Series 374, Class 5, IO, 5.500%, 08/01/36		626
	5,592		Series 383, Class 33, IO, 6.000%, 01/01/38		633
	1,729		Series 393, Class 6, IO, 5.500%, 04/25/37		159
			Federal National Mortgage Association Whole Loan,
	77		Series 2002-W5, Class A10, IF, IO, 7.847%, 11/25/30		1
	2,940		Series 2003-W1, Class 1A1, 6.500%, 12/25/42		3,372
	693		Series 2003-W1, Class 2A, VAR, 7.500%, 12/25/42		805
	2,835		Series 2003-W2, Class 1A1, 6.500%, 07/25/42		3,252
	1,756		Series 2003-W2, Class 2A9, 5.900%, 07/25/42		1,937
	602		Series 2003-W4, Class 2A, 6.500%, 10/25/42		691
	6,639		Series 2003-W6, Class 3A, 6.500%, 09/25/42		7,441
	7,837		Series 2003-W8, Class 2A, 7.000%, 10/25/42		9,252
	1,468		Series 2003-W8, Class 3F1, VAR, 0.653%, 05/25/42		1,459
	8,572		Series 2004-W1, Class 2A2, 7.000%, 12/25/33		9,845

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Collateralized Mortgage Obligations — Continued
	Agency CMO — Continued
2,769	Series 2004-W2, Class 2A2, 7.000%, 02/25/44		3,269
2,565	Series 2004-W8, Class 3A, 7.500%, 06/25/44		2,987
6,800	Series 2004-W10, Class A6, 5.750%, 08/25/34		7,377
8,329	Series 2004-W15, Class 2AF, VAR, 0.503%, 08/25/44		8,279
4,770	Series 2005-W1, Class 1A2, 6.500%, 10/25/44		5,471
46,838	Series 2005-W3, Class 2AF, VAR, 0.473%, 03/25/45		46,805
3,857	Series 2005-W4, Class 1A1, 6.000%, 08/25/35		4,323
31,678	Series 2006-W2, Class 1AF1, VAR, 0.473%, 02/25/36		31,345
6,909	Series 2006-W2, Class 2A, VAR, 3.501%, 11/25/35		7,152
7,234	Series 2006-W3, Class 2A, 6.000%, 09/25/46		7,961
71,717	Series 2007-W1, Class 1AF1, VAR, 0.513%, 11/25/46		71,122
1,052	Series 2007-W10, Class 2A, VAR, 6.179%, 08/25/47		1,192
6,269	Series 2007-W3, Class 1A3, 6.750%, 04/25/37		7,189
3,860	Series 2007-W5, Class PO, PO, 06/25/37		3,226
4,284	Series 2007-W7, Class 1A4, HB, IF , 37.659%, 07/25/37		7,256
37,678	Series 2009-W1, Class A, 6.000%, 12/25/49		41,563
	Government National Mortgage Association,
1,672	Series 1994-3, Class PQ, 7.488%, 07/16/24		1,819
1,666	Series 1994-4, Class KQ, 7.988%, 07/16/24		2,005
6,090	Series 1994-7, Class PQ, 6.500%, 10/16/24		7,037
374	Series 1995-3, Class DQ, 8.050%, 06/16/25		451
90	Series 1995-7, Class CQ, 7.500%, 09/16/25		104
1,393	Series 1996-16, Class E, 7.500%, 08/16/26		1,629
1,022	Series 1997-8, Class PN, 7.500%, 05/16/27		1,191
230	Series 1997-11, Class D, 7.500%, 07/20/27		272
683	Series 1998-26, Class K, 7.500%, 09/17/25		810
5,198	Series 1999-4, Class ZB, 6.000%, 02/20/29		5,735
4,775	Series 1999-10, Class ZC, 6.500%, 04/20/29		5,329
14	Series 1999-15, Class E, 6.500%, 01/16/29		14
688	Series 1999-30, Class S, IF, IO, 8.347%, 08/16/29		101
34	Series 1999-33, Class SM, IF, 9.200%, 09/16/29		38
562	Series 1999-40, Class ZW, 7.500%, 11/20/29		639
997	Series 1999-41, Class Z, 8.000%, 11/16/29		1,193
439	Series 1999-44, Class PC, 7.500%, 12/20/29		519
5,261	Series 1999-44, Class ZC, 8.500%, 12/16/29		6,405
834	Series 1999-44, Class ZG, 8.000%, 12/20/29		997
1,068	Series 2000-6, Class Z, 7.500%, 02/20/30		1,232
406	Series 2000-9, Class Z, 8.000%, 06/20/30		489
5,234	Series 2000-9, Class ZJ, 8.500%, 02/16/30		6,372
600	Series 2000-12, Class ST, HB, IF, 38.230%, 02/16/30		1,175
1,464	Series 2000-14, Class PD, 7.000%, 02/16/30		1,614
397	Series 2000-16, Class ZN, 7.500%, 02/16/30		441
4,732	Series 2000-21, Class Z, 9.000%, 03/16/30		5,762
796	Series 2000-26, Class TZ, 8.500%, 09/20/30		969
224	Series 2000-26, Class Z, 7.750%, 09/20/30		270
43	Series 2000-30, Class ST, IF, 11.050%, 12/16/22		57
667	Series 2000-31, Class Z, 9.000%, 10/20/30		812
192	Series 2000-34, Class SG, IF, IO, 8.277%, 10/20/30		46
380	Series 2000-35, Class ZA, 9.000%, 11/20/30		439
57	Series 2000-36, Class IK, IO, 9.000%, 11/16/30		14
1,321	Series 2000-37, Class B, 8.000%, 12/20/30		1,589
236	Series 2000-38, Class AH, 7.150%, 12/20/30		277
362	Series 2001-4, Class SJ, IF, IO, 7.897%, 01/19/30		89
342	Series 2001-6, Class SD, IF, IO, 8.297%, 03/16/31		62
1,266	Series 2001-7, Class PK, 6.500%, 03/20/31		1,354
1,866	Series 2001-8, Class Z, 6.500%, 03/20/31		2,083

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Collateralized Mortgage Obligations — Continued
	Agency CMO — Continued
2,663	Series 2001-22, Class PS, HB, IF, 20.349%, 03/17/31		3,787
65	Series 2001-32, Class WA, IF, 19.491%, 07/20/31		102
508	Series 2001-35, Class SA, IF, IO, 7.997%, 08/16/31		105
404	Series 2001-36, Class S, IF, IO, 7.797%, 08/16/31		92
4,500	Series 2001-53, Class PB, 6.500%, 11/20/31		5,244
3,452	Series 2001-64, Class MQ, 6.500%, 12/20/31		3,696
473	Series 2002-3, Class SP, IF, IO, 7.137%, 01/16/32		92
993	Series 2002-7, Class PG, 6.500%, 01/20/32		1,147
2,136	Series 2002-24, Class AG, IF, IO, 7.697%, 04/16/32		486
200	Series 2002-24, Class SB, IF, 11.545%, 04/16/32		217
281	Series 2002-31, Class S, IF, IO, 8.447%, 01/16/31		62
5,153	Series 2002-31, Class SE, IF, IO, 7.247%, 04/16/30		932
2,404	Series 2002-40, Class UK, 6.500%, 06/20/32		2,778
86	Series 2002-41, Class SV, IF, 9.000%, 06/16/32		96
9,477	Series 2002-45, Class QE, 6.500%, 06/20/32		10,738
2,891	Series 2002-47, Class PG, 6.500%, 07/16/32		3,341
1,064	Series 2002-47, Class PY, 6.000%, 07/20/32		1,178
4,754	Series 2002-47, Class ZA, 6.500%, 07/20/32		5,255
191	Series 2002-51, Class SG, HB, IF, 31.402%, 04/20/31		336
3,205	Series 2002-52, Class GH, 6.500%, 07/20/32		3,549
1,418	Series 2002-54, Class GB, 6.500%, 08/20/32		1,571
2,878	Series 2002-69, Class PO, PO, 02/20/32		2,798
770	Series 2002-70, Class AV, 6.000%, 03/20/12		788
2,738	Series 2002-70, Class PS, IF, IO, 7.447%, 08/20/32		351
1,411	Series 2002-75, Class PB, 6.000%, 11/20/32		1,637
940	Series 2002-88, Class VA, 6.000%, 12/20/17		944
1,358	Series 2003-4, Class NI, IO, 5.500%, 01/20/32		87
1,309	Series 2003-4, Class NY, 5.500%, 12/20/13		1,403
986	Series 2003-8, Class PO, PO, 01/16/32		976
2,531	Series 2003-11, Class SK, IF, IO, 7.447%, 02/16/33		496
1,066	Series 2003-12, Class SP, IF, IO, 7.447%, 02/20/33		215
427	Series 2003-24, Class PO, PO, 03/16/33		366
5,306	Series 2003-25, Class PZ, 5.500%, 04/20/33		5,963
968	Series 2003-34, Class TO, PO, 02/16/32		961
1,960	Series 2003-40, Class TC, 7.500%, 03/20/33		2,088
3,156	Series 2003-40, Class TJ, 6.500%, 03/20/33		3,690
1,120	Series 2003-46, Class MG, 6.500%, 05/20/33		1,302
2,072	Series 2003-46, Class TC, 6.500%, 03/20/33		2,383
1,695	Series 2003-52, Class AP, PO, 06/16/33		1,456
3,196	Series 2003-58, Class BE, 6.500%, 01/20/33		3,693
664	Series 2003-60, Class NS, IF, 15.942%, 07/16/33		745
58	Series 2003-62, Class HC, 5.000%, 01/20/29		58
5,375	Series 2003-75, Class ZX, 6.000%, 09/16/33		6,143
1,941	Series 2003-76, Class LS, IF, IO, 6.947%, 09/20/31		167
289	Series 2003-90, Class PO, PO, 10/20/33		249
4,037	Series 2003-97, Class SA, IF, IO, 6.297%, 11/16/33		644
185	Series 2003-98, Class PC, 5.000%, 02/20/29		186
3,615	Series 2003-112, Class SA, IF, IO, 6.297%, 12/16/33		604
20,000	Series 2003-112, Class TS, IF, IO, 6.697%, 10/20/32		3,115
1,000	Series 2003-114, Class SH, IF, 14.239%, 11/17/32		1,176
11,340	Series 2004-11, Class SW, IF, IO, 5.247%, 02/20/34		1,557
6,213	Series 2004-15, Class SA, IF, 18.966%, 12/20/32		7,341
843	Series 2004-27, Class VJ, 6.000%, 02/20/15		861
1,261	Series 2004-28, Class S, IF, 18.966%, 04/16/34		1,640
3,577	Series 2004-34, Class JO, PO, 02/20/34		3,249
4,058	Series 2004-46, Class PO, PO, 06/20/34		3,608

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Collateralized Mortgage Obligations — Continued
	Agency CMO — Continued
5,284	Series 2004-49, Class Z, 6.000%, 06/20/34		6,228
2,280	Series 2004-68, Class PO, PO, 05/20/31		2,231
2,257	Series 2004-71, Class SB, HB, IF, 28.220%, 09/20/34		3,113
2,257	Series 2004-71, Class ST, IF, 7.000%, 09/20/34		2,191
1,926	Series 2004-73, Class AE, IF, 14.332%, 08/17/34		2,269
10,635	Series 2004-73, Class JL, IF, IO, 6.297%, 09/16/34		1,941
1,599	Series 2004-83, Class AP, IF, 13.709%, 10/16/34		1,849
993	Series 2004-85, Class PO, PO, 01/17/33		963
1,353	Series 2004-87, Class SB, IF, 7.381%, 03/17/33		1,372
1,179	Series 2004-89, Class LS, HB, IF, 23.454%, 10/16/34		1,853
24,855	Series 2004-90, Class SI, IF, IO, 5.847%, 10/20/34		3,036
11,155	Series 2004-96, Class SC, IF, IO, 5.827%, 11/20/34		1,665
12,293	Series 2005-3, Class SB, IF, IO, 5.847%, 01/20/35		1,528
17,917	Series 2005-3, Class SK, IF, IO, 6.497%, 01/20/35		2,622
1,383	Series 2005-6, Class GS, IF, 12.993%, 12/20/32		1,617
5,371	Series 2005-7, Class JM, IF, 16.162%, 05/18/34		6,642
18,607	Series 2005-17, Class SL, IF, IO, 6.447%, 07/20/34		3,293
2,560	Series 2005-35, Class FL, VAR, 0.603%, 03/20/32		2,556
2,265	Series 2005-44, Class SP, IF, 11.693%, 10/20/34		2,514
2,080	Series 2005-56, Class IC, IO, 5.500%, 07/20/35		353
356	Series 2005-65, Class SA, HB, IF, 21.772%, 08/20/35		419
647	Series 2005-66, Class SP, IF, 19.989%, 08/16/35		829
8,470	Series 2005-68, Class DP, IF, 15.823%, 06/17/35		10,905
37,944	Series 2005-68, Class KI, IF, IO, 6.047%, 09/20/35		4,534
6,706	Series 2005-69, Class SY, IF, IO, 6.497%, 11/20/33		1,198
2,656	Series 2005-72, Class AZ, 5.500%, 09/20/35		3,002
1,806	Series 2005-82, Class PO, PO, 10/20/35		1,603
3,795	Series 2005-91, Class PI, IO, 6.000%, 12/20/35		598
1,644	Series 2005-93, Class JO, PO, 03/20/31		1,641
3,606	Series 2006-16, Class OP, PO, 03/20/36		3,236
4,310	Series 2006-20, Class QA, 5.750%, 02/20/36		4,748
5,297	Series 2006-33, Class Z, 6.500%, 07/20/36		6,330
933	Series 2006-34, Class PO, PO, 07/20/36		843
1,134	Series 2006-38, Class SW, IF, IO, 6.247%, 06/20/36		134
5,532	Series 2006-38, Class ZK, 6.500%, 08/20/36		6,483
13,000	Series 2006-40, Class VB, 6.000%, 11/20/26		13,766
1,882	Series 2006-57, Class PZ, 5.565%, 10/20/36		2,126
6,409	Series 2006-59, Class SD, IF, IO, 6.447%, 10/20/36		872
13,728	Series 2006-65, Class SA, IF, IO, 6.547%, 11/20/36		1,790
10,166	Series 2007-9, Class CI, IF, IO, 5.947%, 03/20/37		1,265
16,815	Series 2007-9, Class DI, IF, IO, 6.257%, 03/20/37		2,246
19,634	Series 2007-17, Class AF, VAR, 0.453%, 04/16/37		19,562
14,244	Series 2007-17, Class JI, IF, IO, 6.557%, 04/16/37		2,021
5,526	Series 2007-17, Class JO, PO, 04/16/37		4,953
7,424	Series 2007-19, Class SD, IF, IO, 5.947%, 04/20/37		889
4,534	Series 2007-25, Class FN, VAR, 0.553%, 05/16/37		4,521
18,121	Series 2007-26, Class SC, IF, IO, 5.947%, 05/20/37		2,085
39,234	Series 2007-26, Class SW, IF, IO, 5.947%, 05/20/37		4,502
11,853	Series 2007-27, Class SD, IF, IO, 5.947%, 05/20/37		1,426
1,362	Series 2007-28, Class BO, PO, 05/20/37		1,237
14,007	Series 2007-35, Class PO, PO, 06/16/37		12,269
1,419	Series 2007-35, Class TO, PO, 04/20/35		1,332
2,343	Series 2007-36, Class HO, PO, 06/16/37		2,104
10,043	Series 2007-36, Class SE, IF, IO,
	6.217%, 06/16/37		1,330
13,395	Series 2007-36, Class SJ, IF, IO, 5.997%, 06/20/37		1,470
10,052	Series 2007-40, Class SD, IF, IO, 6.497%, 07/20/37		1,281

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Collateralized Mortgage Obligations — Continued
	Agency CMO — Continued
24,099	Series 2007-42, Class SC, IF, IO, 6.497%, 07/20/37		3,189
15,435	Series 2007-45, Class QA, IF, IO, 6.387%, 07/20/37		1,996
3,891	Series 2007-49, Class NO, PO, 12/20/35		3,794
5,397	Series 2007-50, Class AI, IF, IO, 6.522%, 08/20/37		780
9,289	Series 2007-53, Class ES, IF, IO, 6.297%, 09/20/37		1,025
3,796	Series 2007-53, Class SW, IF, 19.445%, 09/20/37		4,850
13,416	Series 2007-57, Class PO, PO, 03/20/37		12,081
14,053	Series 2007-57, Class QA, IF, IO, 6.247%, 10/20/37		1,723
14,357	Series 2007-67, Class SI, IF, IO, 6.257%, 11/20/37		1,725
6,000	Series 2007-70, Class TA, 5.750%, 08/20/36		6,539
11,459	Series 2007-71, Class SB, IF, IO, 6.447%, 07/20/36		1,258
12,273	Series 2007-72, Class US, IF, IO, 6.297%, 11/20/37		1,515
13,560	Series 2007-73, Class MI, IF, IO, 5.747%, 11/20/37		1,437
7,863	Series 2007-74, Class SL, IF, IO, 6.287%, 11/16/37		1,129
26,462	Series 2007-76, Class SB, IF, IO, 6.247%, 11/20/37		3,227
19,666	Series 2007-79, Class SY, IF, IO, 6.297%, 12/20/37		2,407
15,108	Series 2007-82, Class SA, IF, IO, 6.277%, 12/20/37		1,840
1,441	Series 2008-7, Class SK, IF, 19.190%, 11/20/37		1,827
2,003	Series 2008-7, Class SP, IF, 12.893%, 10/20/37		2,204
4,128	Series 2008-17, Class IO, IO, 5.500%, 02/20/38		651
3,968	Series 2008-20, Class PO, PO, 09/20/37		3,662
2,091	Series 2008-23, Class IO, IO, 6.000%, 02/20/37		211
8,841	Series 2008-25, Class SB, IF, IO, 6.647%, 03/20/38		1,076
4,352	Series 2008-29, Class PO, PO, 02/17/33		3,983
18,942	Series 2008-32, Class PI, IO, 5.500%, 10/16/37		2,610
6,174	Series 2008-33, Class XS, IF, IO, 7.447%, 04/16/38		859
6,000	Series 2008-36, Class AY, 5.000%, 04/16/23		6,660
16,540	Series 2008-36, Class SH, IF, IO, 6.047%, 04/20/38		1,519
32,542	Series 2008-40, Class SA, IF, IO, 6.147%, 05/16/38		4,698
14,425	Series 2008-41, Class SA, IF, IO, 6.087%, 05/20/38		1,649
1,795	Series 2008-43, Class NA, 5.500%, 11/20/37		1,941
3,500	Series 2008-50, Class KB, 6.000%, 06/20/38		3,963
5,250	Series 2008-55, Class SA, IF, IO, 5.947%, 06/20/38		581
21,479	Series 2008-60, Class CS, IF, IO, 5.897%, 07/20/38		2,144
3,888	Series 2008-60, Class PO, PO, 01/20/38		3,678
1,899	Series 2008-64, Class ED, 6.500%, 04/20/28		2,042
10,798	Series 2008-69, Class QD, 5.750%, 07/20/38		12,135
8,432	Series 2008-71, Class SC, IF, IO, 5.747%, 08/20/38		919
9,117	Series 2008-79, Class CS, IF, 6.547%, 06/20/35		8,909
39,908	Series 2008-81, Class S, IF, IO, 5.947%, 09/20/38		4,371
18,637	Series 2008-93, Class AS, IF, IO, 5.447%, 12/20/38		1,858
11,813	Series 2008-96, Class SL, IF, IO, 5.747%, 12/20/38		1,225
12,830	Series 2009-6, Class SA, IF, IO, 5.847%, 02/16/39		1,234
12,607	Series 2009-6, Class SH, IF, IO, 5.787%, 02/20/39		1,324
19,818	Series 2009-10, Class SA, IF, IO, 5.697%, 02/20/39		2,183
7,000	Series 2009-10, Class SL, IF, IO, 6.247%, 03/16/34		891
14,425	Series 2009-11, Class SC, IF, IO, 5.897%, 02/16/39		1,696
5,464	Series 2009-14, Class KI, IO, 6.500%, 03/20/39		685
10,900	Series 2009-14, Class NI, IO, 6.500%, 03/20/39		1,369
35,132	Series 2009-22, Class SA, IF, IO, 6.017%, 04/20/39		3,313
19,533	Series 2009-24, Class DS, IF, IO, 6.047%, 03/20/39		1,693
9,436	Series 2009-25, Class SE, IF, IO, 7.347%, 09/20/38		1,245
19,642	Series 2009-31, Class ST, IF, IO, 6.097%, 03/20/39		2,104
23,643	Series 2009-31, Class TS, IF, IO, 6.047%, 03/20/39		2,219
5,773	Series 2009-33, Class CI, IO, 5.500%, 05/20/39		856
5,850	Series 2009-33, Class TI, IO, 6.000%, 05/20/39		876

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Collateralized Mortgage Obligations — Continued
	Agency CMO — Continued
15,715	Series 2009-35, Class SN, IF, IO, 6.147%, 12/16/38		1,854
30,223	Series 2009-42, Class SC, IF, IO, 5.827%, 06/20/39		3,155
20,865	Series 2009-43, Class SA, IF, IO, 5.697%, 06/20/39		2,196
11,463	Series 2009-44, Class MV, 6.000%, 04/20/20		12,846
4,122	Series 2009-44, Class VA, 5.500%, 05/16/20		4,580
43,489	Series 2009-64, Class SN, IF, IO, 5.847%, 07/16/39		4,608
7,622	Series 2009-65, Class IQ, IO, 6.000%, 12/20/38		980
3,070	Series 2009-75, Class MN, 5.500%, 09/20/39		3,446
18,419	Series 2009-79, Class OK, PO, 11/16/37		16,666
18,673	Series 2009-83, Class TS, IF, IO, 5.847%, 08/20/39		1,896
4,853	Series 2009-89, Class VA, 5.000%, 07/20/20		5,402
67,828	Series 2009-102, Class SM, IF, IO, 6.147%, 06/16/39		7,728
4,312	Series 2009-104, Class AB, 7.000%, 08/16/39		5,038
25,730	Series 2009-106, Class AS, IF, IO, 6.147%, 11/16/39		3,218
95,866	Series 2009-106, Class ST, IF, IO, 5.747%, 02/20/38		11,544
8,788	Series 2010-14, Class AO, PO, 12/20/32		8,221
3,231	Series 2010-14, Class AO, PO, 11/20/35		2,882
4,500	Series 2010-14, Class CO, PO, 08/20/35		3,747
1,522	Series 2010-14, Class EO, PO, 06/16/33		1,499
46,444	Series 2010-14, Class QP, 6.000%, 12/20/39		50,417
5,966	Series 2010-41, Class WA, VAR, 5.863%, 10/20/33		6,666
3,808	Series 2010-103, Class WA, VAR, 5.770%, 08/20/34		4,261
5,000	Series 2010-129, Class AW, VAR, 6.147%, 04/20/37		5,612
35,301	Series 2010-130, Class CP, 7.000%, 10/16/40		40,133
65,280	NCUA Guaranteed Notes, Series 2010-C1, Class APT, 2.650%, 10/29/20		64,980
	Vendee Mortgage Trust,
13,445	Series 1993-1, Class ZB, 7.250%, 02/15/23		15,540
2,611	Series 1994-1, Class 1, VAR, 5.627%, 02/15/24		2,842
9,384	Series 1994-1, Class 2ZB, 6.500%, 02/15/24		10,844
3,706	Series 1996-1, Class 1Z, 6.750%, 02/15/26		4,284
1,722	Series 1996-2, Class 1Z, 6.750%, 06/15/26		2,019
5,112	Series 1997-1, Class 2Z, 7.500%, 02/15/27		6,067
3,496	Series 1998-1, Class 2E, 7.000%, 03/15/28		4,073
			4,947,511
	Non-Agency CMO — 12.8%
448	ABN Amro Mortgage Corp., Series 2003-9, Class A2, 4.500%, 08/25/18		453
	American General Mortgage Loan Trust,
2,266	Series 2006-1, Class A2, VAR, 5.750%, 12/25/35 (e)		2,273
4,182	Series 2006-1, Class A5, VAR, 5.750%, 12/25/35 (e)		4,478
24,489	Series 2009-1, Class A4, VAR, 5.750%, 09/25/48 (e)		25,399
16,389	Series 2009-1, Class A5, VAR, 5.750%, 09/25/48 (e)		17,098
33,300	Series 2009-1, Class A7, VAR, 5.750%, 09/25/48 (e)		33,129
14,418	Series 2010-1A, Class A1, VAR, 5.150%, 03/25/58 (e)		14,996
8,500	American Home Mortgage Investment Trust, Series 2005-3, Class 2A4, VAR, 2.159%, 09/25/35		3,741
	ASG Resecuritization Trust,
8,759	Series 2009-1, Class A60, VAR, 5.434%, 06/26/37 (e)		8,890
25,916	Series 2009-2, Class A55, VAR, 5.510%, 05/24/36 (e)		26,305
49,248	Series 2009-3, Class A65, VAR, 5.595%, 03/26/37 (e)		49,564
27,736	Series 2009-4, Class A60, 6.000%, 06/28/37 (e)		28,222
6,893	Series 2009-5, Class A50, VAR, 5.591%, 02/28/37 (e)		6,962
13,818	Series 2010-1, Class A85, VAR, 0.655%, 02/27/36 (e)		12,955
20,988	Series 2010-2, Class A60, VAR, 5.159%, 01/28/37 (e)		20,988
24,581	Series 2010-3, Class 2A22, VAR, 0.421%, 10/28/36 (e)		24,212
14,533	Series 2010-4, Class 1A22, VAR, 0.408%, 07/28/36 (e) (f) (i)		14,024
6,758	Series 2010-4, Class 2A20, VAR, 0.403%, 11/28/36 (e)		6,589

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Collateralized Mortgage Obligations — Continued
	Non-Agency CMO — Continued
	Banc of America Alternative Loan Trust,
460	Series 2003-1, Class APO, PO, 02/25/33		289
5,166	Series 2003-7, Class 1CB1, 5.500%, 09/25/33		5,208
8,607	Series 2003-7, Class 2A4, 5.000%, 09/25/18		8,858
9,984	Series 2003-9, Class 1CB2, 5.500%, 11/25/33		10,206
9,812	Series 2003-11, Class 1A1, 6.000%, 01/25/34		10,111
8,124	Series 2003-11, Class 2A1, 6.000%, 01/25/34		8,377
1,071	Series 2003-11, Class PO, PO, 01/25/34		790
2,793	Series 2004-1, Class 1A1, 6.000%, 02/25/34		2,876
3,044	Series 2004-1, Class 5A1, 5.500%, 02/25/19		3,048
585	Series 2004-6, Class 15PO, PO, 07/25/19		443
1,699	Series 2004-6, Class 3A2, 6.000%, 07/25/34		1,734
4,500	Series 2004-8, Class 3A1, 5.500%, 09/25/19		4,654
1,416	Series 2005-5, Class 1CB1, 5.500%, 06/25/35		1,123
4,669	Series 2005-9, Class CBIO, IO, 5.500%, 10/25/35		1,099
	Banc of America Funding Corp.,
537	Series 2003-3, Class 1A33, 5.500%, 10/25/33		543
1,519	Series 2004-1, Class PO, PO, 03/25/34		1,123
2,094	Series 2004-2, Class 1CB1, 5.750%, 09/20/34		2,122
7,119	Series 2004-3, Class 1A7, 5.500%, 10/25/34		7,242
5,948	Series 2004-C, Class 1A1, VAR, 5.024%, 12/20/34		6,158
2,304	Series 2005-6, Class 2A7, 5.500%, 10/25/35		2,153
2,363	Series 2005-7, Class 30PO, PO, 11/25/35		1,273
1,024	Series 2005-8, Class 30PO, PO, 01/25/36		531
4,043	Series 2005-E, Class 4A1, VAR, 2.859%, 03/20/35		3,914
2,628	Series 2006-1, Class XPO, PO, 01/25/36		1,388
5,843	Series 2010-R4, Class 5A1, VAR, 0.403%, 07/26/36 (e)		5,649
19,395	Series 2010-R5, Class 5A6, VAR, 0.556%, 05/26/37 (e)		19,362
3,652	Series 2010-R7, Class A1, VAR, 0.433%, 06/25/46 (e) (f) (i)		3,536
	Banc of America Mortgage Securities, Inc.,
5,262	Series 2003-3, Class 2A1, VAR, 0.803%, 05/25/18		5,087
1,193	Series 2003-5, Class 3A1, 7.500%, 02/25/31		1,220
2,469	Series 2003-6, Class 2A1, VAR, 0.703%, 08/25/18		2,417
328	Series 2003-7, Class A2, 4.750%, 09/25/18		339
916	Series 2003-8, Class APO, PO, 11/25/33		675
1,783	Series 2003-C, Class 3A1, VAR, 3.027%, 04/25/33		1,830
5,205	Series 2003-E, Class 2A2, VAR, 2.870%, 06/25/33		4,959
506	Series 2004-1, Class APO, PO, 02/25/34		398
6,459	Series 2004-3, Class 15IO, IO, VAR, 0.230%, 04/25/19		12
936	Series 2004-3, Class 1A23, 4.500%, 04/25/34		936
16,500	Series 2004-3, Class 1A26, 5.500%, 04/25/34		17,372
339	Series 2004-4, Class APO, PO, 05/25/34		261
3,714	Series 2004-5, Class 2A2, 5.500%, 06/25/34		3,454
2,691	Series 2004-5, Class 4A1, 4.750%, 06/25/19		2,750
1,092	Series 2004-6, Class 2A7, 5.500%, 07/25/34		1,111
2,033	Series 2004-6, Class APO, PO, 07/25/34		1,490
128	Series 2004-8, Class 5PO, PO, 05/25/32		104
677	Series 2004-8, Class XPO, PO, 10/25/34		538
2,666	Series 2004-9, Class 3A1, 6.500%, 09/25/32		2,798
281	Series 2004-9, Class 3PO, PO, 09/25/32		224
3,160	Series 2004-J, Class 3A1, VAR, 5.097%, 11/25/34		2,929
7,546	Series 2005-1, Class 2A1, 5.000%, 02/25/20		7,701
	BCAP LLC Trust,
21,578	Series 2009-RR10, Class 17A1, 5.750%, 06/26/37 (e)		21,686
5,520	Series 2009-RR13, Class 11A1, VAR, 5.250%, 05/26/37 (e)		5,492
6,912	Series 2009-RR14, Class 3A2, VAR, 2.914%, 08/26/35 (e)		6,566
3,436	Series 2009-RR14, Class 4A1, VAR, 5.489%, 03/26/36 (e)		3,403

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Collateralized Mortgage Obligations — Continued
	Non-Agency CMO — Continued
13,922	Series 2009-RR5, Class 8A1, 5.500%, 11/26/34 (e)		14,201
6,684	Series 2010-RR4, Class 2A1, VAR, 1.003%, 06/26/37 (e)		6,483
8,671	Series 2010-RR5, Class 1A4, VAR, 5.000%, 11/26/37 (e)		8,714
13,800	Series 2010-RR5, Class 2A5, VAR, 5.183%, 04/26/37 (e)		13,731
9,576	Series 2010-RR6, Class 22A3, VAR, 5.640%, 06/26/36 (e)		9,576
6,821	Series 2010-RR6, Class 5A1, VAR, 5.500%, 11/26/37 (e)		6,856
16,041	Series 2010-RR7, Class 15A1, VAR, 1.056%, 01/26/36 (e)		14,838
14,358	Series 2010-RR7, Class 16A1, VAR, 1.042%, 02/26/47 (e)		13,425
26,475	Series 2010-RR7, Class 1A5, VAR, 5.024%, 04/26/35 (e)		26,673
50,905	Series 2010-RR7, Class 2A1, VAR, 4.952%, 07/26/45 (e)		51,415
10,095	Series 2010-RR8, Class 3A3, VAR, 5.121%, 05/26/35 (e)		10,350
	Bear Stearns Adjustable Rate Mortgage Trust,
4,745	Series 2003-2, Class A5, VAR, 2.699%, 01/25/33 (e)		4,303
604	Series 2003-7, Class 3A, VAR, 2.818%, 10/25/33		593
8,673	Series 2004-2, Class 14A, VAR, 5.153%, 05/25/34		8,937
18,416	Series 2005-5, Class A1, VAR, 2.340%, 08/25/35		17,625
12,848	Series 2006-1, Class A1, VAR, 4.625%, 02/25/36		11,422
4,450	Bear Stearns Alt-A Trust, Series 2005-2, Class 1A1, VAR, 0.753%, 03/25/35		3,764
	Cendant Mortgage Corp.,
1,548	Series 2003-8, Class 1P, PO, 10/25/33		840
483	Series 2004-1, Class P, PO, 02/25/34		271
	Chase Mortgage Finance Corp.,
5,719	Series 2003-S10, Class A1, 4.750%, 11/25/18		5,880
1,773	Series 2003-S2, Class A1, 5.000%, 03/25/18		1,818
985	Series 2003-S6, Class A1, 5.000%, 06/25/18		1,014
3,104	Series 2003-S9, Class AP, PO, 10/25/18		2,699
7,205	Series 2007-A1, Class 2A1, VAR, 2.891%, 02/25/37		7,257
1,324	Series 2007-A1, Class 7A1, VAR, 2.930%, 02/25/37		1,319
4,042	Series 2007-A1, Class 9A1, VAR, 4.157%, 02/25/37		4,078
2,803	Series 2007-A2, Class 1A1, VAR, 2.899%, 07/25/37		2,765
	Citicorp Mortgage Securities, Inc.,
236	Series 1993-14, Class A3, VAR, 1.453%, 11/25/23		228
2,275	Series 2003-6, Class 1A2, 4.500%, 05/25/33		2,323
4,537	Series 2004-1, Class 3A1, 4.750%, 01/25/34		4,655
401	Series 2004-2, Class A1, 5.000%, 03/25/34		401
738	Series 2004-2, Class A2, VAR, 0.703%, 03/25/34		738
236	Series 2004-3, Class A8, 5.250%, 05/25/34		236
1,406	Series 2004-5, Class 2A5, 4.500%, 08/25/34		1,443
200	Series 2004-8, Class 1A1, 5.500%, 10/25/34		200
5,000	Series 2006-4, Class 1A2, 6.000%, 08/25/36		4,198
	Citigroup Mortgage Loan Trust, Inc.,
6,183	Series 2003-1, Class 2A5, 5.250%, 10/25/33		6,373
601	Series 2003-1, Class 2A6, PO, 10/25/33		384
727	Series 2003-1, Class PO2, PO, 10/25/33		494
637	Series 2003-1, Class PO3, PO, 09/25/33		436
71	Series 2003-1, Class WPO1, PO, 06/25/16		68
773	Series 2003-UP3, Class A3, 7.000%, 09/25/33		785
3,776	Series 2003-UST1, Class A1, 5.500%, 12/25/18		3,925
1,090	Series 2003-UST1, Class PO1, PO, 12/25/18		907
464	Series 2003-UST1, Class PO3, PO, 12/25/18		405
3,990	Series 2004-UST1, Class A6, VAR, 5.081%, 08/25/34		4,126
676	Series 2005-1, Class 2A1A, VAR, 3.101%, 04/25/35		408
1,947	Series 2005-5, Class 1A2, VAR, 2.650%, 08/25/35		1,130
29,749	Series 2008-AR4, Class 1A1A, VAR, 5.415%, 11/25/38		30,046
4,917	Series 2009-5, Class 8A1, 6.000%, 06/25/36 (e)		4,548
17,476	Series 2009-10, Class 1A1, VAR, 2.707%, 09/25/33 (e)		17,564

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Collateralized Mortgage Obligations — Continued
	Non-Agency CMO — Continued
14,094	Series 2009-10, Class 2A1A, 7.000%, 12/25/35 (e)		14,129
7,635	Series 2010-7, Class 10A1, VAR, 2.856%, 02/25/35 (e)		7,597
10,030	Series 2010-7, Class 4A1, VAR, 1.254%, 09/25/37 (e)		10,024
6,836	Series 2010-10, Class 2A1, VAR, 4.250%, 02/25/36 (e)		6,750
	Countrywide Alternative Loan Trust,
2,596	Series 2002-8, Class A4, 6.500%, 07/25/32		2,551
544	Series 2002-12, Class PO, PO, 11/25/32		366
7	Series 2002-17, Class A7, 2.500%, 01/25/33		7
3,971	Series 2002-18, Class M, 6.000%, 02/25/33		3,569
741	Series 2003-6T2, Class A6, 5.500%, 06/25/33		585
10,507	Series 2004-2CB, Class 1A9, 5.750%, 03/25/34		10,375
2,630	Series 2004-14T2, Class A5, 5.500%, 08/25/34		2,136
9,563	Series 2004-18CB, Class 2A4, 5.700%, 09/25/34		9,562
1,394	Series 2005-5R, Class A1, 5.250%, 12/25/18		1,434
11,025	Series 2005-1CB, Class 1A6, IF, IO, 6.847%, 03/25/35		1,567
19,983	Series 2005-20CB, Class 3A8, IF, IO, 4.497%, 07/25/35		2,268
24,197	Series 2005-22T1, Class A2, IF, IO, 4.817%, 06/25/35		2,911
512	Series 2005-26CB, Class A10, IF, 12.591%, 07/25/35		527
7,915	Series 2005-28CB, Class 1A4, 5.500%, 08/25/35		6,676
237	Series 2005-28CB, Class 1A5, 5.500%, 08/25/35		233
350	Series 2005-28CB, Class 3A5, 6.000%, 08/25/35		287
78,193	Series 2005-37T1, Class A2, IF, IO, 4.797%, 09/25/35		12,148
9,300	Series 2005-54CB, Class 1A11, 5.500%, 11/25/35		7,773
40,355	Series 2005-54CB, Class 1A2, IF, IO, 4.597%, 11/25/35		5,032
351	Series 2005-54CB, Class 1A7, 5.500%, 11/25/35		351
3,370	Series 2005-64CB, Class 1A9, 5.500%, 12/25/35		2,146
18,196	Series 2005-J1, Class 1A4, IF, IO, 4.847%, 02/25/35		2,483
8,000	Series 2007-21CB, Class 1A5, 6.000%, 09/25/37 (f) (i)		1,933
1,500	Series 2007-21CB, Class 2A6, 6.000%, 09/25/37 (f) (i)		265
	Countrywide Home Loan Mortgage Pass-Through Trust,
559	Series 2002-18, Class PO, PO, 11/25/32		442
2,647	Series 2002-22, Class A20, 6.250%, 10/25/32		2,750
5,270	Series 2003-26, Class 1A6, 3.500%, 08/25/33		5,000
2,066	Series 2003-29, Class A1, 5.500%, 08/25/33		2,145
873	Series 2003-34, Class A11, 5.250%, 09/25/33		896
5,800	Series 2003-34, Class A6, 5.250%, 09/25/33		5,940
8,579	Series 2003-39, Class A6, 5.000%, 10/25/33		8,558
1,120	Series 2003-44, Class A9, PO, 10/25/33		804
8,658	Series 2003-J13, Class 1A7, 5.250%, 01/25/34		8,644
306	Series 2003-J13, Class PO, PO, 01/25/34		174
2,679	Series 2003-J7, Class 4A3, IF, 9.446%, 08/25/18		2,653
8,674	Series 2004-5, Class 1A4, 5.500%, 06/25/34		9,166
413	Series 2004-7, Class 2A1, VAR, 2.425%, 06/25/34		388
10,199	Series 2004-8, Class 2A1, 4.500%, 06/25/19		10,399
756	Series 2004-HYB1, Class 2A, VAR, 3.210%, 05/20/34		657
2,958	Series 2004-HYB3, Class 2A, VAR, 2.674%, 06/20/34		2,629
1,946	Series 2004-HYB6, Class A3, VAR, 3.091%, 11/20/34		1,700
1,319	Series 2004-J6, Class 2A1, 4.750%, 07/25/14		1,345
974	Series 2004-J8, Class 1A2, 4.750%, 11/25/19		1,005
1,204	Series 2005-14, Class A2, 5.500%, 07/25/35		1,208
1,000	Series 2005-16, Class A23, 5.500%, 09/25/35		907
7,193	Series 2005-22, Class 2A1, VAR, 3.105%, 11/25/35		5,605
333	Series 2005-R1, Class 2APO, PO, 03/25/35 (e)		226
	Credit Suisse Mortgage Capital Certificates,
13,754	Series 2009-3R, Class 19A3, 6.000%, 01/27/38 (e)		13,788
12,109	Series 2009-12R, Class 7A1, 5.500%, 10/27/35 (e)		12,185

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Collateralized Mortgage Obligations — Continued
	Non-Agency CMO — Continued
7,500	Series 2010-16, Class A3, VAR, 4.250%, 06/25/50 (e)		6,994
38,949	Series 2010-11R, Class A1, VAR, 1.255%, 06/28/47 (e)		39,095
8,236	Series 2010-12R, Class 5A1, VAR, 3.000%, 04/26/37 (e)		8,255
3,540	Series 2010-14R, Class 1A1, VAR, 1.003%, 11/26/37 (e)		3,538
9,736	Series 2010-15R, Class 7A1, VAR, 5.340%, 10/26/37 (e)		9,809
3,010	Series 2010-15R, Class 7A2, VAR, 5.340%, 10/26/37 (e)		2,746
13,481	Series 2010-17R, Class 5A1, VAR, 3.500%, 07/26/36 (e)		13,519
	CS First Boston Mortgage Securities Corp.,
83	Series 1997-2, Class A, 7.500%, 06/25/20 (e)		85
2,222	Series 2003-1, Class DB1, 6.564%, 02/25/33		1,960
4,303	Series 2003-23, Class 1P, PO, 10/25/33		2,427
3,707	Series 2003-23, Class 2A5, 5.000%, 10/25/18		3,790
632	Series 2003-23, Class 3A10, 5.750%, 09/25/33		630
775	Series 2003-25, Class 2A1, 4.500%, 10/25/18		793
6,465	Series 2003-27, Class 5A3, 5.250%, 11/25/33		6,527
3,542	Series 2003-27, Class 5A4, 5.250%, 11/25/33		3,656
1,530	Series 2003-AR15, Class 3A1, VAR, 2.819%, 06/25/33		1,515
5,528	Series 2004-5, Class 3A1, 5.250%, 08/25/19		5,689
272	Series 2004-5, Class 5P, PO, 08/25/19		234
4,117	Series 2004-8, Class 3A5, 5.500%, 12/25/34		4,165
1,720	Series 2005-4, Class 3A24, IF, 18.138%, 06/25/35		1,839
1,184	Series 2005-9, Class AP, PO, 10/25/35		675
8,120	Series 2005-9, Class DX, IO, 5.500%, 10/25/35		1,429
562	Series 2005-10, Class AP, PO, 11/25/35		260
	Deutsche ALT-A Securities, Inc. Alternate Loan Trust,
2,998	Series 2005-1, Class 2A1, VAR, 5.686%, 02/25/20		3,007
4,136	Series 2005-3, Class 1A1, VAR, 5.296%, 06/25/20		3,940
	Deutsche Mortgage Securities, Inc.,
294	Series 2004-1, Class 2APO, PO, 10/25/18		257
10,597	Series 2009-RS3, Class A1, 5.250%, 08/26/35 (e)		10,637
18,059	Series 2010-RS2, Class A1, VAR, 1.503%, 06/28/47 (e)		18,059
	First Boston Mortgage Securities Corp. 1987 STRIPS,
91	Series C, Class PO, PO, 04/25/17		42
	First Horizon Alternative Mortgage Securities,
3,319	Series 2005-FA8, Class 1A19, 5.500%, 11/25/35		2,678
26,740	Series 2007-FA4, Class 1A2, IF, IO, 5.397%, 08/25/37		4,916
	First Horizon Asset Securities, Inc.,
403	Series 2003-7, Class 2A1, 4.500%, 09/25/18		418
4,107	Series 2003-8, Class 2A1, 4.500%, 09/25/18		4,248
3,112	Series 2003-9, Class 1A6, 5.500%, 11/25/33		2,917
2,619	Series 2004-AR2, Class 2A1, VAR, 2.884%, 05/25/34		2,509
2,582	Series 2004-AR7, Class 2A1, VAR, 2.861%, 02/25/35		2,544
798	Series 2004-AR7, Class 2A2, VAR, 2.861%, 02/25/35		729
7,141	Series 2005-AR1, Class 2A2, VAR, 2.875%, 04/25/35		6,870
	GMAC Mortgage Corp. Loan Trust,
15,954	Series 2003-AR1, Class A4, VAR, 3.408%, 10/19/33		15,961
9,835	Series 2003-AR2, Class 2A4, VAR, 3.358%, 12/19/33		9,733
1,629	Series 2003-J7, Class A10, 5.500%, 11/25/33		1,688
12,816	Series 2003-J7, Class A7, 5.000%, 11/25/33		12,308
954	Series 2003-J8, Class A, 5.250%, 12/25/33		987
2,085	Series 2004-J5, Class A2, VAR, 0.653%, 01/25/35		2,087
8,691	Series 2004-J5, Class A7, 6.500%, 01/25/35		8,899
5,745	Series 2004-J6, Class 1A1, 5.000%, 01/25/20		5,914
1,922	Series 2005-AR3, Class 3A3, VAR, 3.224%, 06/19/35		1,863
5,000	Series 2005-AR3, Class 3A4, VAR, 3.224%, 06/19/35		4,041
17,100	Series 2010-1, Class A, 4.250%, 07/25/40 (e)		16,946

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Collateralized Mortgage Obligations — Continued
	Non-Agency CMO — Continued
	GSMPS Mortgage Loan Trust,
1,432	Series 2004-4, Class 1AF, VAR, 0.653%, 06/25/34 (e)		1,205
2,664	Series 2005-RP2, Class 1AF, VAR, 0.603%, 03/25/35 (e)		2,245
	GSR Mortgage Loan Trust,
1,569	Series 2003-3F, Class 4A3, 5.750%, 04/25/33		1,476
1,136	Series 2003-6F, Class A2, VAR, 0.653%, 09/25/32		1,064
6,619	Series 2004-9, Class 5A5, VAR, 3.831%, 08/25/34		6,777
3,594	Series 2004-6F, Class 3A4, 6.500%, 05/25/34		3,698
30	Series 2004-10F, Class 1A1, 4.500%, 08/25/19		30
602	Series 2004-10F, Class 2A1, 5.000%, 08/25/19		621
959	Series 2004-13F, Class 3A3, 6.000%, 11/25/34		650
228	Series 2004-15F, Class AP, PO, 12/25/34		130
6,050	Series 2005-5F, Class 2A3, 5.500%, 06/25/35		6,108
12,111	Series 2005-5F, Class 8A3, VAR, 0.753%, 06/25/35		10,930
9,045	Series 2005-7F, Class 3A9, 6.000%, 09/25/35		8,053
562	Series 2005-AR6, Class 3A1, VAR, 2.882%, 09/25/35		515
4,000	Series 2006-1F, Class 1A3, 5.500%, 02/25/36		3,050
11,165	Series 2006-1F, Class 2A4, 6.000%, 02/25/36		8,234
567	Series 2006-2F, Class 2A15, 5.750%, 02/25/36		574
13,000	Series 2007-1F, Class 2A4, 5.500%, 01/25/37		11,781
	Impac Secured Assets CMN Owner Trust,
2,643	Series 2003-2, Class A1, 5.500%, 08/25/33		2,749
126	Series 2004-3, Class 1A4, VAR, 1.053%, 11/25/34		117
15,231	Series 2006-2, Class 2A1, VAR, 0.603%, 08/25/36		13,710
34,517	Indymac Index Mortgage Loan Trust, Series 2005-AR11, Class A7, IO, VAR, 0.334%, 08/25/35		302
	JP Morgan Mortgage Trust,
2,195	Series 2004-A3, Class 4A1, VAR, 4.307%, 07/25/34		2,196
4,702	Series 2004-A4, Class 1A1, VAR, 4.552%, 09/25/34		4,801
4,095	Series 2004-S1, Class 1A7, 5.000%, 09/25/34		4,247
7,550	Series 2005-A1, Class 3A4, VAR, 5.013%, 02/25/35		7,596
6,345	Series 2005-A1, Class 5A1, VAR, 4.479%, 02/25/35		6,503
52,315	Series 2006-A2, Class 4A1, VAR, 2.930%, 08/25/34		52,255
3,213	Series 2006-A2, Class 5A3, VAR, 2.970%, 11/25/33		3,214
7,428	Series 2006-A3, Class 6A1, VAR, 2.991%, 08/25/34		6,924
4,488	Series 2007-A1, Class 5A1, VAR, 3.183%, 07/25/35		4,210
1,795	Series 2007-A1, Class 5A2, VAR, 3.183%, 07/25/35		1,634
10,577	JP Morgan Reremic, Series 2010- 4, Class 7A1, VAR, 4.319%, 08/26/35 (e)		10,604
	Lehman Mortgage Trust,
3,081	Series 2006-2, Class 1A1, VAR, 6.423%, 04/25/36		2,860
2,206	Series 2007-6, Class 1A8, 6.000%, 07/25/37		1,524
10,000	Series 2008-2, Class 1A6, 6.000%, 03/25/38		7,855
	LVII Resecuritization Trust,
414	Series 2009-2, Class A2, VAR, 3.000%, 09/27/37 (e)		414
18,500	Series 2009-2, Class A3, VAR, 3.000%, 09/27/37 (e)		18,454
20,000	Series 2009-2, Class A4, VAR, 3.000%, 09/27/37 (e)		20,000
	MASTR Adjustable Rate Mortgages Trust,
1,848	Series 2004-3, Class 4A2, VAR, 2.418%, 04/25/34		1,698
4,210	Series 2004-13, Class 2A1, VAR, 2.834%, 04/21/34		4,066
18,655	Series 2004-13, Class 3A6, VAR, 2.899%, 11/21/34		18,731
783	Series 2004-15, Class 3A1, VAR, 3.344%, 12/25/34		642
	MASTR Alternative Loans Trust,
5,972	Series 2003-9, Class 2A1, 6.000%, 12/25/33		6,097
878	Series 2003-9, Class 8A1, 6.000%, 01/25/34		850
2,278	Series 2004-3, Class 2A1, 6.250%, 04/25/34		2,325
6,409	Series 2004-3, Class 3A1, 6.000%, 04/25/34		6,478
1,318	Series 2004-6, Class 30PO, PO, 07/25/34		830
716	Series 2004-6, Class 7A1, 6.000%, 07/25/34		721
1,146	Series 2004-7, Class 30PO, PO, 08/25/34		742

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Collateralized Mortgage Obligations — Continued
	Non-Agency CMO — Continued
3,436	Series 2004-8, Class 6A1, 5.500%, 09/25/19		3,525
1,419	Series 2004-10, Class 1A1, 4.500%, 09/25/19		1,435
4,383	Series 2005-6, Class 3A1, 5.500%, 11/25/20		3,950
	MASTR Asset Securitization Trust,
6	Series 2003-1, Class 2A12, 5.000%, 06/25/30		6
1,023	Series 2003-2, Class 1A1, 5.000%, 03/25/18		1,047
686	Series 2003-2, Class 2A1, 4.500%, 03/25/18		701
2,000	Series 2003-2, Class 2A10, 4.500%, 03/25/18		2,078
595	Series 2003-8, Class 1A1, 5.500%, 09/25/33		609
1,283	Series 2003-9, Class 15PO, PO, 10/25/18		1,111
1,031	Series 2003-9, Class 2A7, 5.500%, 10/25/33		1,064
755	Series 2003-11, Class 3A1, 4.500%, 12/25/18		769
727	Series 2003-12, Class 30PO, PO, 12/25/33		451
1,956	Series 2003-12, Class 6A1, 5.000%, 12/25/33		2,002
462	Series 2004-1, Class 30PO, PO, 02/25/34		310
4,941	Series 2004-4, Class 1A6, 5.250%, 12/26/33		5,139
298	Series 2004-4, Class 3A1, 4.500%, 04/25/19		309
705	Series 2004-6, Class 15PO, PO, 05/25/19		590
3,387	Series 2004-8, Class 1A1, 4.750%, 08/25/19		3,482
567	Series 2004-8, Class PO, PO, 08/25/19		467
1,628	Series 2004-9, Class 5A1, 5.250%, 09/25/19		1,598
631	Series 2004-10, Class 5A1, VAR, 0.653%, 11/25/34		618
5,089	Series 2004-P7, Class A6, 5.500%, 12/27/33 (e)		5,308
2,300	Series 2006-2, Class 1A30, 6.000%, 06/25/36		1,875
	MASTR Reperforming Loan Trust,
22,464	Series 2005-2, Class 1A1F, VAR, 0.603%, 05/25/35 (e)		18,356
2,522	Series 2006-2, Class 1A1, VAR, 5.549%, 05/25/36 (e)		2,362
8,561	MASTR Resecuritization Trust, Series 2005-PO, Class 3PO, PO, 05/28/35 (e)		5,479
462	Medallion Trust, (Australia), Series 2004-1G, Class A1, VAR, 0.417%, 05/25/35		442
	Mellon Residential Funding Corp.,
10,962	Series 2000-TBC2, Class A1, VAR, 0.733%, 06/15/30		10,661
2,591	Series 2000-TBC3, Class A1, VAR, 0.693%, 12/15/30		2,441
5,910	Merrill Lynch Mortgage Backed Securities Trust, Series 2007-3, Class 1A3, VAR, 1.496%, 06/25/37		5,399
	Merrill Lynch Mortgage Investors, Inc.,
2,819	Series 2003-A5, Class 2A6, VAR, 2.590%, 08/25/33		2,721
4,614	Series 2004-A4, Class A2, VAR, 2.786%, 08/25/34		4,612
8,508	Series 2005-A2, Class A1, VAR, 2.800%, 02/25/35		7,742
139	Merrill Lynch Trust, Series 47, Class Z, 8.985%, 10/20/20		158
7,200	Mid-State Trust, Series 2010-1, Class A, 3.500%, 12/15/45 (e)		7,184
	MLCC Mortgage Investors, Inc.,
3,239	Series 2003-E, Class A1, VAR, 0.563%, 10/25/28		3,029
5,141	Series 2004-C, Class A2, VAR, 1.349%, 07/25/29		4,972
	Morgan Stanley Mortgage Loan Trust,
10,983	Series 2004-3, Class 4A, VAR, 5.657%, 04/25/34		11,568
3,450	Series 2004-9, Class 4A, VAR, 5.414%, 11/25/19		3,519
—  (h)	Morgan Stanley Mortgage Trust, Series 35, Class 2, HB, IF , 5,193.340%, 04/20/21		34
2,568	MortgageIT Trust, Series 2005-1, Class 1A1, VAR, 0.573%, 02/25/35		1,905
	Nomura Asset Acceptance Corp.,
1,533	Series 2003-A1, Class A1, 5.500%, 05/25/33		1,567
702	Series 2003-A1, Class A2, 6.000%, 05/25/33		727
151	Series 2003-A1, Class A5, 7.000%, 04/25/33		156
68	Series 2003-A1, Class A7, 5.000%, 04/25/18		70
1,563	Series 2004-R2, Class A1, VAR, 6.500%, 10/25/34 (e)		1,585

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Collateralized Mortgage Obligations — Continued
	Non-Agency CMO — Continued
	Paine Webber CMO Trust,
8	Series H, Class 4, 8.750%, 04/01/18		9
28	Series P, Class 4, 8.500%, 08/01/19		32
5,393	Prime Mortgage Trust, Series 2004-CL1, Class 1A1, 6.000%, 02/25/34		5,598
	RBSSP Resecuritization Trust,
8,357	Series 2009-1, Class 1A1, 6.500%, 02/26/36 (e)		8,608
7,174	Series 2009-6, Class 15A1, 5.500%, 01/26/21 (e)		7,317
8,020	Series 2009-9, Class 7A4, 6.000%, 07/26/37 (e)		8,301
8,147	Series 2009-11, Class 1A1, 5.528%, 06/26/34 (e)		8,308
8,834	Series 2009-12, Class 14A1, VAR, 5.500%, 03/25/23 (e)		9,099
23,286	Series 2009-12, Class 1A1, VAR, 5.700%, 11/25/33 (e)		24,217
9,758	Series 2009-12, Class 3A1, VAR, 0.493%, 12/25/35 (e)		9,409
5,021	Series 2009-13, Class 1A1, VAR, 5.000%, 10/26/21 (e)		5,078
3,032	Series 2010-2, Class 2A1, 4.500%, 11/26/22 (e)		3,047
9,395	Series 2010-4, Class 12A1, 4.500%, 03/26/21 (e)		9,423
4,962	Series 2010-4, Class 2A1, SUB, 5.749%, 11/26/35 (e)		5,098
10,950	Series 2010-9, Class 1A1, VAR, 0.440%, 07/26/37 (e) (f) (i)		9,708
11,607	Series 2010-9, Class 3A1, VAR, 5.000%, 10/26/34 (e)		11,752
26,500	Series 2010-9, Class 7A5, VAR, 4.000%, 05/26/37 (e)		26,235
	Residential Accredit Loans, Inc.,
2,236	Series 2001-QS19, Class A2, 6.000%, 12/25/16		2,288
998	Series 2002-QS16, Class A3, IF, 16.093%, 10/25/17		1,114
4,003	Series 2002-QS8, Class A5, 6.250%, 06/25/17		4,054
2,988	Series 2003-QR19, Class CB4, 5.750%, 10/25/33		2,636
1,808	Series 2003-QR24, Class A5, 4.000%, 07/25/33		1,584
980	Series 2003-QS1, Class A6, 4.250%, 01/25/33		947
2,702	Series 2003-QS12, Class A2A, IF, IO, 7.347%, 06/25/18		391
822	Series 2003-QS12, Class A5, IO, 5.000%, 06/25/18		95
6,503	Series 2003-QS14, Class A1, 5.000%, 07/25/18		6,588
7,443	Series 2003-QS15, Class A7, 5.500%, 08/25/33		7,441
1,941	Series 2003-QS18, Class A1, 5.000%, 09/25/18		1,973
14,020	Series 2003-QS19, Class A1, 5.750%, 10/25/33		14,333
1,799	Series 2003-QS3, Class A2, IF, 15.942%, 02/25/18		1,997
1,889	Series 2003-QS3, Class A8, IF, IO, 7.347%, 02/25/18		233
4,997	Series 2003-QS9, Class A3, IF, IO, 7.297%, 05/25/18		774
10,894	Series 2004-QS7, Class A4, 5.500%, 05/25/34		9,167
1,120	Series 2004-QS8, Class A2, 5.000%, 06/25/34		1,114
3,000	Series 2005-QA6, Class A32, VAR, 5.569%, 05/25/35		2,091
585	Series 2007-QS1, Class 1A1, 6.000%, 01/25/37		445
	Residential Asset Securitization Trust,
2,056	Series 2003-A13, Class A3, 5.500%, 01/25/34		1,746
221	Series 2003-A14, Class A1, 4.750%, 02/25/19		228
4,192	Series 2003-A8, Class A5, 4.250%, 10/25/18		3,964
22,940	Series 2005-A2, Class A4, IF, IO, 4.797%, 03/25/35		2,645
2,985	Series 2006-A4, Class 2A5, 6.000%, 05/25/36		1,917
	Residential Funding Mortgage Securities I,
300	Series 2003-S12, Class 4A5, 4.500%, 12/25/32		301
1,680	Series 2003-S13, Class A3, 5.500%, 06/25/33		1,619
806	Series 2003-S14, Class A4, PO, 07/25/18		778
2,389	Series 2003-S16, Class A3, 5.000%, 09/25/18		2,447
3,419	Series 2003-S20, Class 2A1, 4.750%, 12/25/18		3,501
876	Series 2003-S7, Class A17, 4.000%, 05/25/33		875
403	Series 2004-S6, Class 2A6, PO, 06/25/34		298
2,211	Series 2005-SA4, Class 1A1, VAR, 3.249%, 09/25/35		1,770
155	Residential Funding Securities LLC, Series 2003-RM2, Class AP-3, PO, 05/25/33		116

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Collateralized Mortgage Obligations — Continued
	Non-Agency CMO — Continued
	Salomon Brothers Mortgage Securities VII, Inc.,
9,859	Series 2003-HYB1, Class A, VAR, 3.202%, 09/25/33		9,962
383	Series 2003-UP2, Class PO1, PO, 12/25/18		300
	Sequoia Mortgage Trust,
3,162	Series 2004-8, Class A1, VAR, 0.603%, 09/20/34		2,888
4,948	Series 2004-8, Class A2, VAR, 0.812%, 09/20/34		4,475
1,498	Series 2004-10, Class A1A, VAR, 0.563%, 11/20/34		1,416
60,000	Station Place Securitization Trust, Series 2009-1, Class A, VAR, 1.753%, 01/25/40 (e)		59,975
4,200	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-6, Class 5A4, VAR, 4.934%, 06/25/34		4,136
	Structured Asset Securities Corp.,
1,302	Series 2002-17, Class B1, VAR, 6.097%, 09/25/32		1,184
138	Series 2002-10H, Class 1AP, PO, 05/25/32		102
1,430	Series 2003-8, Class 1A2, 5.000%, 04/25/18		1,465
8,401	Series 2003-16, Class A3, VAR, 0.753%, 06/25/33		7,697
871	Series 2003-21, Class 1A3, 5.500%, 07/25/33		890
7,115	Series 2003-29, Class 1A1, 4.750%, 09/25/18		7,298
1,496	Series 2003-30, Class 1A1, 5.500%, 10/25/33		1,528
2,879	Series 2003-30, Class 3A2, VAR, 0.753%, 10/25/33		2,732
1,362	Series 2003-32, Class 1A1, VAR, 5.085%, 11/25/33		1,367
1,413	Series 2003-31A, Class B1, VAR, 2.725%, 10/25/33		553
9,213	Series 2003-33H, Class 1A1, 5.500%, 10/25/33		9,143
11,017	Series 2003-37A, Class 2A, VAR, 4.996%, 12/25/33		11,445
5,972	Series 2004-20, Class 1A3, 5.250%, 11/25/34		6,110
17,500	Series 2004-5H, Class A4, 5.540%, 12/25/33		17,814
6,186	Series 2004-4XS, Class 1A5, SUB, 5.490%, 02/25/34		6,138
4,037	Series 2005-6, Class 4A1, 5.000%, 05/25/35		3,942
1,447	Series 2005-6, Class 5A8, IF, 13.393%, 05/25/35		1,454
2,109	Series 2005-RF3, Class 1A, VAR, 0.603%, 06/25/35 (e)		1,756
3,054	Thornburg Mortgage Securities Trust, Series 2003-4, Class A1, VAR, 0.573%, 09/25/43		2,834
	WaMu Mortgage Pass-Through Certificates,
4,899	Series 2003-AR7, Class A7, VAR, 2.672%, 08/25/33		4,789
25,253	Series 2003-AR9, Class 1A6, VAR, 2.707%, 09/25/33		24,378
4,476	Series 2003-AR9, Class 2A, VAR, 2.775%, 09/25/33		4,512
6,000	Series 2003-S1, Class A5, 5.500%, 04/25/33		6,225
2,268	Series 2003-S4, Class 2A10, VAR, 16.766%, 06/25/33		2,456
5,071	Series 2003-S8, Class A4, 4.500%, 09/25/18		5,196
1,946	Series 2003-S8, Class A5, 4.500%, 09/25/18		1,989
1,734	Series 2003-S8, Class A6, 4.500%, 09/25/18		1,802
20,378	Series 2003-S9, Class A8, 5.250%, 10/25/33		20,077
748	Series 2003-S9, Class P, PO, 10/25/33		401
1,270	Series 2003-S10, Class A2, 5.000%, 10/25/18		1,317
838	Series 2003-S10, Class A6, PO, 10/25/18		833
8,631	Series 2003-S11, Class 2A5, IF, 16.353%, 11/25/33		9,720
3,053	Series 2003-S13, Class 23A1, VAR, 0.803%, 12/25/18		2,885
6,395	Series 2004-AR3, Class A1, VAR, 2.705%, 06/25/34		6,150
8,218	Series 2004-AR3, Class A2, VAR, 2.705%, 06/25/34		7,902
3,303	Series 2004-CB2, Class 5A, 5.000%, 07/25/19		3,437
3,590	Series 2004-CB2, Class 7A, 5.500%, 08/25/19		3,713
1,389	Series 2004-RS2, Class A4, 5.000%, 11/25/33		1,412
1,873	Series 2004-S1, Class 1A3, VAR, 0.653%, 03/25/34		1,854
9,714	Series 2004-S2, Class 2A4, 5.500%, 06/25/34		9,941
698	Series 2006-AR10, Class 2P, VAR, 0.00%, 09/25/36		384
2,000	Series 2006-AR8, Class 1A2, VAR, 5.730%, 08/25/46		1,326
	Washington Mutual Alternative Mortgage Pass-Through Certificates,
6,756	Series 2005-1, Class 1A1, 5.500%, 03/25/35		6,374

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Collateralized Mortgage Obligations — Continued
	Non-Agency CMO — Continued
455	Series 2005-1, Class CP, PO, 03/25/35		275
26,643	Series 2005-2, Class 1A4, IF, IO, 4.797%, 04/25/35		4,075
7,130	Series 2005-2, Class 2A3, IF, IO, 4.747%, 04/25/35		1,033
7,788	Series 2005-4, Class CB7, 5.500%, 06/25/35		6,565
8,743	Series 2005-4, Class CX, IO, 5.500%, 06/25/35		1,568
2,234	Series 2005-6, Class 2A4, 5.500%, 08/25/35		1,969
969	Series 2006-1, Class 3A2, 5.750%, 02/25/36		838
	Washington Mutual MSC Mortgage Pass-Through Certificates,
94	Series 2002-MS12, Class A, 6.500%, 05/25/32		98
1,355	Series 2003-MS5, Class 1A4, VAR, 0.753%, 03/25/18		1,325
168	Series 2003-MS7, Class P, PO, 03/25/33		136
	Wells Fargo Alternative Loan Trust,
462	Series 2003-1, Class APO, PO, 09/25/33		318
1,338	Series 2007-PA3, Class 1A2, 5.750%, 07/25/37		1,031
	Wells Fargo Mortgage-Backed Securities Trust,
1,032	Series 2003-8, Class A9, 4.500%, 08/25/18		1,073
3,032	Series 2003-11, Class 1A4, 4.750%, 10/25/18		3,058
923	Series 2003-11, Class 1APO, PO, 10/25/18		798
3,075	Series 2003-13, Class A7, 4.500%, 11/25/18		3,195
16,904	Series 2003-15, Class 1A1, 4.750%, 12/25/18		17,518
387	Series 2003-15, Class APO, PO, 12/25/18		328
1,088	Series 2003-16, Class 2A1, 4.500%, 12/25/18		1,116
1,579	Series 2003-J, Class 2A5, VAR, 4.435%, 10/25/33		1,612
19,488	Series 2003-K, Class 1A1, VAR, 4.465%, 11/25/33		19,406
747	Series 2003-K, Class 1A2, VAR, 4.465%, 11/25/33		774
2,577	Series 2004-4, Class A9, 5.500%, 05/25/34		2,680
1,447	Series 2004-7, Class 2A1, 4.500%, 07/25/19		1,498
1,698	Series 2004-7, Class 2A2, 5.000%, 07/25/19		1,766
2,014	Series 2004-8, Class APO, PO, 08/25/19		1,704
6,531	Series 2004-B, Class A1, VAR, 4.896%, 02/25/34		6,761
3,880	Series 2004-BB, Class A4, VAR, 2.832%, 01/25/35		3,847
5,250	Series 2004-E, Class A8, VAR, 4.847%, 05/25/34		5,291
9,352	Series 2004-EE, Class 2A1, VAR, 2.857%, 12/25/34		9,132
6,362	Series 2004-EE, Class 2A2, VAR, 2.857%, 12/25/34		6,272
9,093	Series 2004-EE, Class 3A1, VAR, 2.979%, 12/25/34		8,990
2,968	Series 2004-EE, Class 3A2, VAR, 2.979%, 12/25/34		2,990
10,822	Series 2004-I, Class 1A1, VAR, 2.948%, 07/25/34		10,828
10,588	Series 2004-P, Class 2A1, VAR, 2.911%, 09/25/34		10,528
6,325	Series 2004-V, Class 1A1, VAR, 2.892%, 10/25/34		6,288
8,113	Series 2004-V, Class 1A2, VAR, 2.892%, 10/25/34		8,161
8,558	Series 2005-1, Class 2A1, 5.000%, 01/25/20		8,709
7,269	Series 2005-13, Class A1, 5.000%, 11/25/20		7,549
3,345	Series 2005-14, Class 1A1, 5.500%, 12/25/35		3,475
1,250	Series 2005-14, Class 2APO, PO, 12/25/35		669
5,626	Series 2005-AR8, Class 2A1, VAR, 2.897%, 06/25/35		5,496
1,550	Series 2007-7, Class A7, 6.000%, 06/25/37		1,426
11,000	Series 2007-9, Class 1A8, 5.500%, 07/25/37		10,854
9,576	Series 2007-11, Class A14, 6.000%, 08/25/37		9,257
			2,475,724
	Total Collateralized Mortgage Obligations (Cost $7,042,272)		7,423,235
Commercial Mortgage-Backed Securities — 1.5%
	Banc of America Commercial Mortgage, Inc.,
5,000	Series 2005-1, Class AJ, VAR, 5.348%, 11/10/42		5,044
5,000	Series 2005-3, Class A4, 4.668%, 07/10/43		5,203
10,625	Series 2005-3, Class AM, 4.727%, 07/10/43		10,285

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Commercial Mortgage-Backed Securities — Continued
2,500	Series 2005-5, Class A4, VAR, 5.115%, 10/10/45		2,728
9,700	Series 2005-6, Class ASB, VAR, 5.369%, 09/10/47		10,331
2,855	Series 2006-1, Class A4, VAR, 5.372%, 09/10/45		3,115
7,000	Series 2006-3, Class A4, VAR, 5.889%, 07/10/44		7,476
11,500	Series 2006-4, Class A4, 5.634%, 07/10/46		12,281
2,500	Series 2006-5, Class A4, 5.414%, 09/10/47		2,634
9,500	Banc of America Large Loan, Inc., Series 2009-UB1, Class A4A, VAR, 5.699%, 06/24/50 (e)		10,301
33,000	BCRR Trust, Series 2010-LEAF, Class 35A, 4.230%, 11/22/33 (e)		33,639
	Bear Stearns Commercial Mortgage Securities,
3,967	Series 2005-PWR9, Class AAB, 4.804%, 09/11/42		4,121
8,560	Series 2006-PW11, Class A4, VAR, 5.623%, 03/11/39		9,331
1,260	Series 2006-PW14, Class A1, 5.044%, 12/11/38		1,279
2,700	Series 2006-T24, Class A4, 5.537%, 10/12/41		2,943
	Citigroup Commercial Mortgage Trust,
7,200	Series 2005-C3, Class AM, VAR, 4.830%, 05/15/43		7,405
1,535	Series 2006-C4, Class A1, VAR, 5.919%, 03/15/49		1,547
4,700	Commercial Mortgage Asset Trust, Series 1999-C1, Class D, VAR, 7.350%, 01/17/32		5,126
6,300	Commercial Mortgage Pass Through Certificates, Series 2005-LP5, Class A4, VAR, 4.982%, 05/10/43		6,807
2,150	Credit Suisse Mortgage Capital Certificates, Series 2006-C2, Class A3, VAR, 5.846%, 03/15/39		2,303
16,464	Defeased Loan Trust, Series 2010-1, Class A, 2.360%, 01/13/14 (e)		16,890
	GMAC Commercial Mortgage Securities, Inc.,
421	Series 2003-C1, Class A1, 3.337%, 05/10/36		427
14,000	Series 2006-C1, Class A4, VAR, 5.238%, 11/10/45		15,031
3,500	Greenwich Capital Commercial Funding Corp., Series 2005-GG3, Class AJ, VAR, 4.859%, 08/10/42		3,477
	GS Mortgage Securities Corp. II,
7,300	Series 2006-GG6, Class A4, VAR, 5.553%, 04/10/38		7,803
5,500	Series 2009-RR1, Class JPB, 5.374%, 05/17/45 (e)		5,308
1,600	JP Morgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP8, Class A4, 5.399%, 05/15/45		1,724
	LB-UBS Commercial Mortgage Trust,
5,000	Series 2006-C1, Class A4, 5.156%, 02/15/31		5,364
1,470	Series 2006-C4, Class A4, VAR, 6.078%, 06/15/38		1,598
	Merrill Lynch Mortgage Trust,
2,500	Series 2005-LC1, Class A4, VAR, 5.291%, 01/12/44		2,723
3,325	Series 2005-LC1, Class AJ, VAR, 5.511%, 01/12/44		3,159
6,589	Series 2005-MCP1, Class ASB, VAR, 4.674%, 06/12/43		6,897
2,200	Series 2006-C1, Class A4, VAR, 5.838%, 05/12/39		2,387
4,950	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-1, Class A4, VAR, 5.594%, 02/12/39		5,401
	Morgan Stanley Capital I,
3,500	Series 2004-RR, Class F4, VAR, 6.000%, 04/28/39 (e)		3,526
310	Series 2006-T23, Class A1, 5.682%, 08/12/41		313
24	Morgan Stanley Dean Witter Capital I, Series 2002-TOP7, Class A2, 5.980%, 01/15/39		25
26,000	Morgan Stanley Reremic Trust, Series 2010-HQ4B, Class A7A, 4.970%, 04/16/40 (e)		27,869
2,000	Multi Security Asset Trust, Series 2005-RR4A, Class A3, 5.000%, 11/28/35 (e)		1,850
27,950	TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class A3, VAR, 6.049%, 08/15/39		30,790
8,391	Wachovia Bank Commercial Mortgage Trust, Series 2004- C15, Class A2, 4.039%, 10/15/41		8,438
	Total Commercial Mortgage- Backed Securities (Cost $270,640)		294,899

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Corporate Bonds — 12.8%
	Consumer Discretionary — 0.9%
	Automobiles — 0.0% (g)
3,600	Daimler Finance North America LLC, 7.300%, 01/15/12		3,848
	Broadcasting & Cable TV — 0.1%
	DirecTV Holdings LLC/DirecTV Financing Co., Inc.,
5,600	4.600%, 02/15/21		5,620
12,465	6.000%, 08/15/40		12,371
			17,991
	Hotels, Restaurants & Leisure — 0.0% (g)
2,025	McDonald’s Corp., 4.300%, 03/01/13		2,181
	Household Durables — 0.0% (g)
3,000	Newell Rubbermaid, Inc., 4.700%, 08/15/20		3,073
	Media — 0.7%
	CBS Corp.,
1,426	5.750%, 04/15/20		1,544
5,025	7.875%, 07/30/30		5,865
1,500	8.875%, 05/15/19		1,928
	Comcast Cable Communications Holdings, Inc.,
6,417	8.375%, 03/15/13		7,378
5,250	9.455%, 11/15/22		7,420
2,200	Comcast Cable Communications LLC, 7.125%, 06/15/13		2,493
	Comcast Cable Holdings LLC,
7,039	9.800%, 02/01/12		7,706
1,800	10.125%, 04/15/22		2,521
	Comcast Corp.,
2,574	5.500%, 03/15/11		2,609
1,300	5.900%, 03/15/16		1,490
1,000	6.500%, 01/15/17		1,183
2,600	Cox Communications, Inc., 5.450%, 12/15/14		2,907
2,650	Cox Enterprises, Inc., 7.375%, 07/15/27 (e)		3,042
3,365	Historic TW, Inc., 9.150%, 02/01/23		4,524
5,102	NBC Universal, Inc., 5.950%, 04/01/41 (e)		5,210
	News America Holdings, Inc.,
1,100	8.000%, 10/17/16		1,388
1,050	8.875%, 04/26/23		1,424
	News America, Inc.,
2,500	6.200%, 12/15/34		2,639
1,500	6.900%, 08/15/39		1,715
1,965	7.250%, 05/18/18		2,423
4,400	7.300%, 04/30/28		5,054
	TCI Communications, Inc.,
1,337	7.125%, 02/15/28		1,467
426	8.750%, 08/01/15		534
	Thomson Reuters Corp., (Canada),
2,150	4.700%, 10/15/19		2,337
1,125	5.950%, 07/15/13		1,264
	Time Warner Cable, Inc.,
1,700	5.850%, 05/01/17		1,942
4,600	5.875%, 11/15/40		4,562
4,550	6.750%, 07/01/18		5,402
2,000	6.750%, 06/15/39		2,211
2,450	7.300%, 07/01/38		2,879
1,590	8.250%, 02/14/14		1,878
2,150	8.250%, 04/01/19		2,736
785	8.750%, 02/14/19		1,021
	Time Warner Entertainment Co. LP,
2,020	8.375%, 03/15/23		2,630
6,500	8.375%, 07/15/33		8,231
2,165	10.150%, 05/01/12		2,423
	Time Warner, Inc.,
3,125	6.200%, 03/15/40		3,339
3,825	7.625%, 04/15/31		4,630
255	7.700%, 05/01/32		312
3,190	Viacom, Inc., 6.250%, 04/30/16		3,726
			125,987
	Multiline Retail — 0.0% (g)
1,000	Kohl’s Corp., 6.250%, 12/15/17		1,181
	Target Corp.,
2,100	6.000%, 01/15/18		2,492
1,900	7.000%, 01/15/38		2,393
			6,066
	Specialty Retail — 0.1%
4,600	Home Depot, Inc., 5.400%, 03/01/16		5,254
3,500	Lowe’s Cos., Inc., 7.110%, 05/15/37		4,277
1,775	Staples, Inc., 9.750%, 01/15/14		2,178
			11,709
	Total Consumer Discretionary		170,855
Consumer Staples — 0.5%
	Beverages — 0.2%
	Anheuser-Busch Cos., Inc.,
1,000	5.500%, 01/15/18		1,124
1,100	5.750%, 04/01/36		1,175
	Anheuser-Busch InBev Worldwide, Inc.,
800	7.200%, 01/15/14 (e)		931
7,050	7.750%, 01/15/19 (e)		9,059
	Coca-Cola Co. (The),
1,550	3.625%, 03/15/14		1,663
1,550	4.875%, 03/15/19		1,757
1,650	Coca-Cola Enterprises, Inc., 8.500%, 02/01/12		1,799
2,780	Diageo Capital plc, (United Kingdom), 4.828%, 07/15/20		3,049
	Diageo Finance B.V., (Netherlands),
2,150	5.300%, 10/28/15		2,447
3,600	5.500%, 04/01/13		3,953

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Corporate Bonds — Continued
	Beverages — Continued
3,975	FBG Finance Ltd., (Australia), 5.125%, 06/15/15 (e)		4,346
231	PepsiCo, Inc., 7.900%, 11/01/18		305
	SABMiller plc, (United Kingdom),
1,900	5.500%, 08/15/13 (e)		2,078
850	6.500%, 07/01/16 (e)		1,012
			34,698
	Food & Staples Retailing — 0.0% (g)
2,000	CVS Caremark Corp., 6.125%, 09/15/39		2,179
	Kroger Co. (The),
924	5.400%, 07/15/40		911
2,225	7.500%, 01/15/14		2,614
	Wal-Mart Stores, Inc.,
1,820	4.550%, 05/01/13		1,979
1,200	5.250%, 09/01/35		1,236
1,050	6.200%, 04/15/38		1,218
700	7.550%, 02/15/30		908
			11,045
	Food Products — 0.3%
	Bunge Ltd. Finance Corp.,
2,125	5.875%, 05/15/13		2,287
4,760	8.500%, 06/15/19		5,692
605	Bunge N.A. Finance LP, 5.900%, 04/01/17		639
	Cargill, Inc.,
1,650	5.200%, 01/22/13 (e)		1,778
1,550	6.000%, 11/27/17 (e)		1,809
900	6.375%, 06/01/12 (e)		967
2,850	7.350%, 03/06/19 (e)		3,536
1,270	General Mills, Inc., 6.000%, 02/15/12		1,346
	Kellogg Co.,
1,500	4.250%, 03/06/13		1,601
2,600	5.125%, 12/03/12		2,800
	Kraft Foods, Inc.,
5,888	5.375%, 02/10/20		6,558
4,250	6.125%, 02/01/18		5,006
2,000	6.125%, 08/23/18		2,356
8,705	6.500%, 08/11/17		10,394
1,000	6.750%, 02/19/14		1,159
1,600	6.875%, 02/01/38		1,908
2,700	6.875%, 01/26/39		3,228
			53,064
	Household Products — 0.0% (g)
500	Kimberly-Clark Corp., 7.500%, 11/01/18		646
2,328	Procter & Gamble - ESOP, 9.360%, 01/01/21		2,999
1,000	Procter & Gamble Co., 5.500%, 02/01/34		1,096
			4,741
	Total Consumer Staples		103,548
Energy — 0.8%
	Energy Equipment & Services — 0.1%
	Halliburton Co.,
750	6.150%, 09/15/19		881
5,050	7.450%, 09/15/39		6,464
6,750	Transocean, Inc., (Switzerland), 6.500%, 11/15/20		7,351
			14,696
	Oil, Gas & Consumable Fuels — 0.7%
2,655	Alberta Energy Co. Ltd., (Canada), 7.375%, 11/01/31		3,145
	Anadarko Petroleum Corp.,
405	5.750%, 06/15/14		435
8,500	7.625%, 03/15/14		9,600
1,100	8.700%, 03/15/19		1,345
	BP Capital Markets plc, (United Kingdom),
1,380	3.125%, 03/10/12		1,411
9,100	5.250%, 11/07/13		9,893
	Canadian Natural Resources Ltd., (Canada),
400	5.900%, 02/01/18		467
2,000	6.750%, 02/01/39		2,420
5,100	Chevron Corp., 4.950%, 03/03/19		5,886
1,040	Conoco Funding Co., (Canada), 7.250%, 10/15/31		1,306
	ConocoPhillips,
1,500	5.200%, 05/15/18		1,716
2,000	5.750%, 02/01/19		2,362
1,450	6.000%, 01/15/20		1,752
1,450	6.500%, 02/01/39		1,759
900	Devon Financing Corp. ULC, (Canada), 6.875%, 09/30/11		945
2,750	EnCana Corp., (Canada), 6.500%, 05/15/19		3,316
5,400	ENI S.p.A., (Italy), 5.700%, 10/01/40 (e)		5,412
	EOG Resources, Inc.,
5,300	4.100%, 02/01/21		5,302
1,800	6.875%, 10/01/18		2,211
1,155	Husky Energy, Inc., (Canada), 6.150%, 06/15/19		1,294
1,230	Kerr-McGee Corp., 6.950%, 07/01/24		1,346
1,980	Marathon Oil Canada Corp., (Canada), 8.375%, 05/01/12		2,168
	Marathon Oil Corp.,
3,100	5.900%, 03/15/18		3,570
2,800	6.000%, 10/01/17		3,233
1,150	PC Financial Partnership, 5.000%, 11/15/14		1,264
	Petro-Canada, (Canada),
2,549	6.050%, 05/15/18		2,946
3,200	6.800%, 05/15/38		3,659
2,045	Pioneer Natural Resources Co., 5.875%, 07/15/16		2,110

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Corporate Bonds — Continued
	Oil, Gas & Consumable Fuels — Continued
	Shell International Finance B.V., (Netherlands),
2,330	1.875%, 03/25/13		2,376
994	3.100%, 06/28/15		1,042
2,330	4.000%, 03/21/14		2,505
3,000	4.300%, 09/22/19		3,224
8,580	4.375%, 03/25/20		9,289
6,000	6.375%, 12/15/38		7,130
2,950	Statoil ASA, (Norway), 3.125%, 08/17/17		3,017
	Suncor Energy, Inc., (Canada),
1,900	6.100%, 06/01/18		2,210
900	6.850%, 06/01/39		1,050
475	Talisman Energy, Inc., (Canada), 7.750%, 06/01/19		602
	Tosco Corp.,
300	7.800%, 01/01/27		382
3,500	8.125%, 02/15/30		4,631
10,000	Total Capital S.A., (France), 2.300%, 03/15/16		9,944
	XTO Energy, Inc.,
3,000	4.625%, 06/15/13		3,282
2,800	5.750%, 12/15/13		3,203
			136,160
	Total Energy		150,856
Financials — 7.3%
	Capital Markets — 1.7%
	Bank of New York Mellon Corp. (The),
8,000	2.950%, 06/18/15		8,280
3,750	4.600%, 01/15/20		4,061
1,000	5.125%, 08/27/13		1,105
	BlackRock, Inc.,
3,245	3.500%, 12/10/14		3,391
9,294	5.000%, 12/10/19		9,961
10,200	Blackstone Holdings Finance Co. LLC, 5.875%, 03/15/21 (e)		10,141
1,600	Charles Schwab Corp. (The), 4.950%, 06/01/14		1,770
	Credit Suisse USA, Inc.,
1,200	4.875%, 01/15/15		1,310
1,803	5.125%, 01/15/14		1,982
15,099	6.125%, 11/15/11		15,872
2,500	FMR LLC, 6.450%, 11/15/39 (e)		2,455
2,095	Goldman Sachs Capital I, 6.345%, 02/15/34		1,954
1,000	Goldman Sachs Group LP, 8.000%, 03/01/13 (e)		1,122
	Goldman Sachs Group, Inc. (The),
7,300	3.700%, 08/01/15		7,458
2,694	4.750%, 07/15/13		2,875
3,185	5.150%, 01/15/14		3,452
3,810	5.250%, 10/15/13		4,128
4,201	5.375%, 03/15/20		4,311
10	5.700%, 09/01/12		11
12,900	5.950%, 01/18/18		13,999
1,875	6.000%, 06/15/20		2,010
650	6.150%, 04/01/18		712
7,470	6.250%, 09/01/17		8,351
9,056	6.600%, 01/15/12		9,596
1,600	6.750%, 10/01/37		1,606
6,716	6.875%, 01/15/11 (c)		6,768
20,180	7.500%, 02/15/19		23,540
	Jefferies Group, Inc.,
3,075	3.875%, 11/09/15		3,042
2,750	5.500%, 03/15/16		2,894
5,600	6.450%, 06/08/27		5,402
6,925	8.500%, 07/15/19		8,066
	Lehman Brothers Holdings, Inc.,
151	3.950%, 11/10/09 (d)		33
3,480	4.800%, 03/13/14 (d)		752
800	5.750%, 05/17/13 (d)		173
3,000	6.000%, 07/19/12 (d)		649
3,962	6.625%, 01/18/12 (d)		857
450	6.750%, 12/28/17 (d)		—	(h)
219	7.875%, 11/01/09 (d)		47
	Merrill Lynch & Co., Inc.,
700	5.000%, 01/15/15		729
3,723	5.450%, 07/15/14		3,963
1,000	5.700%, 05/02/17		1,008
6,929	6.150%, 04/25/13		7,432
12,986	6.400%, 08/28/17		13,921
6,348	6.875%, 04/25/18		6,974
	Morgan Stanley,
14,484	3.000%, 07/17/56		14,471
6,626	4.000%, 07/24/15		6,725
4,263	4.200%, 11/20/14		4,412
2,711	4.750%, 04/01/14		2,817
9,078	5.300%, 03/01/13		9,745
7,503	5.500%, 07/24/20		7,678
8,050	5.625%, 09/23/19		8,189
1,300	5.750%, 08/31/12		1,385
5,800	6.000%, 05/13/14		6,323
3,294	6.000%, 04/28/15		3,586
1,070	6.250%, 08/28/17		1,161
4,425	6.625%, 04/01/18		4,836
10,300	6.750%, 04/15/11		10,525
2,000	7.300%, 05/13/19		2,248
	Nomura Holdings, Inc., (Japan),
2,828	5.000%, 03/04/15		2,987
6,114	6.700%, 03/04/20		6,712
887	Northern Trust Corp., 5.500%, 08/15/13		990
1,250	State Street Corp., 4.300%, 05/30/14		1,359
	UBS AG, (Switzerland),
2,927	2.250%, 08/12/13		2,968
13,050	3.875%, 01/15/15		13,700
2,000	4.875%, 08/04/20		2,075
2,400	5.750%, 04/25/18		2,657
1,025	5.875%, 12/20/17		1,145

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Corporate Bonds — Continued
	Capital Markets — Continued
			326,857
	Commercial Banks — 2.1%
2,930	ANZ National (International) Ltd., (New Zealand), 2.375%, 12/21/12 (e)		2,983
	Bank of Nova Scotia, (Canada),
8,206	1.650%, 10/29/15 (e)		8,067
3,441	3.400%, 01/22/15		3,645
4,367	Bank of Tokyo-Mitsubishi UFJ Ltd., (Japan), 3.850%, 01/22/15 (e)		4,639
	Barclays Bank plc, (United Kingdom),
9,400	2.500%, 01/23/13		9,567
8,375	2.500%, 09/21/15 (e)		8,228
3,858	3.900%, 04/07/15		4,029
1,100	5.000%, 09/22/16		1,179
4,500	5.125%, 01/08/20		4,622
5,500	5.200%, 07/10/14		6,013
3,700	6.050%, 12/04/17 (e)		3,891
500	6.750%, 05/22/19		567
	BB&T Corp.,
2,350	3.375%, 09/25/13		2,470
10,800	3.850%, 07/27/12		11,266
6,250	3.950%, 04/29/16		6,515
2,750	4.900%, 06/30/17		2,872
1,650	6.850%, 04/30/19		1,963
	Branch Banking & Trust Co.,
598	4.875%, 01/15/13		637
4,650	5.625%, 09/15/16		5,196
1,500	Cadets Trust, 4.800%, 07/15/13 (e)		1,535
37,250	Canadian Imperial Bank of Commerce, (Canada), 2.600%, 07/02/15 (e)		38,433
1,250	Comerica Bank, 5.200%, 08/22/17		1,318
1,960	Comerica, Inc., 3.000%, 09/16/15		1,969
	Credit Suisse, (Switzerland),
2,700	3.450%, 07/02/12		2,804
3,290	4.375%, 08/05/20		3,261
2,995	5.000%, 05/15/13		3,239
6,300	5.300%, 08/13/19		6,758
2,000	5.500%, 05/01/14		2,217
3,520	Deutsche Bank AG, (Germany), 3.875%, 08/18/14		3,741
10,218	DnB NOR Boligkreditt AS, (Norway), 2.100%, 10/14/15 (e)		10,121
1,450	Fifth Third Bancorp, 5.450%, 01/15/17		1,512
	HSBC Bank plc, (United Kingdom),
4,624	3.500%, 06/28/15 (e)		4,785
5,961	4.125%, 08/12/20 (e)		5,895
6,805	HSBC Bank USA N.A., 4.625%, 04/01/14		7,214
3,150	KeyBank N.A., 5.500%, 09/17/12		3,337
1,650	KeyCorp, 6.500%, 05/14/13		1,803
4,500	Manufacturers & Traders Trust Co., 6.625%, 12/04/17		5,139
2,750	Marshall & Ilsley Corp., 5.350%, 04/01/11		2,759
	National Australia Bank Ltd., (Australia),
18,650	2.500%, 01/08/13 (e)		19,130
7,800	2.750%, 09/28/15 (e)		7,834
3,455	3.750%, 03/02/15 (e)		3,637
4,000	National City Bank, 5.800%, 06/07/17		4,437
5,000	Nordea Bank AB, (Sweden), 1.750%, 10/04/13 (e)		5,009
2,000	PNC Bank N.A., 6.875%, 04/01/18		2,330
	PNC Funding Corp.,
1,015	3.000%, 05/19/14		1,048
4,534	4.375%, 08/11/20		4,616
5,700	5.125%, 02/08/20		6,088
1,200	5.250%, 11/15/15		1,313
1,230	5.625%, 02/01/17		1,335
2,100	6.700%, 06/10/19		2,466
	Rabobank Nederland N.V., (Netherlands),
2,340	2.125%, 10/13/15		2,307
12,700	3.200%, 03/11/15 (e)		13,156
1,200	Regions Financial Corp., 7.375%, 12/10/37		1,029
2,450	SouthTrust Bank, 7.690%, 05/15/25		2,819
	SunTrust Banks, Inc.,
4,015	5.250%, 11/05/12		4,230
1,000	6.000%, 09/11/17		1,069
2,021	6.375%, 04/01/11		2,057
505	7.250%, 03/15/18		567
9,045	Toronto-Dominion Bank (The), (Canada), 2.200%, 07/29/15 (e)		9,160
	U.S. Bancorp,
4,680	2.000%, 06/14/13		4,781
4,299	2.875%, 11/20/14		4,460
1,400	7.500%, 06/01/26		1,611
690	U.S. Bank N.A., 6.300%, 02/04/14		782
	Wachovia Bank N.A.,
3,500	5.000%, 08/15/15		3,791
15,190	6.000%, 11/15/17		16,957
2,700	6.600%, 01/15/38		2,949
4,430	VAR, 0.622%, 03/15/16		4,097
	Wachovia Corp.,
2,130	4.875%, 02/15/14		2,272
8,400	5.500%, 05/01/13		9,194
3,050	5.750%, 06/15/17		3,416
11,100	5.750%, 02/01/18		12,448

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Corporate Bonds — Continued
	Commercial Banks — Continued
	Wells Fargo & Co.,
16,700	3.750%, 10/01/14		17,626
8,185	5.625%, 12/11/17		9,177
	Wells Fargo Bank N.A.,
970	4.750%, 02/09/15		1,036
2,000	5.750%, 05/16/16		2,229
319	6.450%, 02/01/11		322
	Westpac Banking Corp., (Australia),
4,800	4.200%, 02/27/15		5,135
10,711	4.875%, 11/19/19		11,473
			405,582
	Consumer Finance — 0.4%
	American Express Credit Corp.,
4,100	5.875%, 05/02/13		4,472
5,650	7.300%, 08/20/13		6,396
1,479	American General Finance Corp., 5.375%, 10/01/12		1,364
2,060	American Honda Finance Corp., 2.375%, 03/18/13 (e)		2,103
11,599	Capital One Bank USA N.A., 8.800%, 07/15/19		14,437
	Capital One Financial Corp.,
1,175	5.700%, 09/15/11		1,217
3,105	6.250%, 11/15/13		3,435
5,300	6.750%, 09/15/17		6,211
2,970	7.375%, 05/23/14		3,429
	HSBC Finance Corp.,
311	4.750%, 07/15/13		329
2,000	5.000%, 06/30/15		2,165
1,600	5.250%, 01/15/14		1,733
200	5.500%, 01/19/16		222
2,251	6.375%, 10/15/11		2,353
1,078	6.375%, 11/27/12		1,172
4,500	7.000%, 05/15/12		4,837
308	7.350%, 11/27/32		310
1,700	VAR, 0.539%, 01/15/14		1,631
	John Deere Capital Corp.,
450	4.500%, 04/03/13		485
4,750	5.250%, 10/01/12		5,139
2,437	SLM Corp., 5.375%, 01/15/13		2,474
5,538	Toyota Motor Credit Corp., 3.200%, 06/17/15		5,890
2,002	Volkswagen International Finance N.V., (Netherlands), 1.625%, 08/12/13 (e)		2,011
1,750	Washington Mutual Finance Corp., 6.875%, 05/15/11		1,795
			75,610
	Diversified Financial Services — 1.8%
9,250	Associates Corp. of North America, 6.950%, 11/01/18		10,292
18,700	BA Covered Bond Issuer, 5.500%, 06/14/12 (e)		19,623
	Bank of America Corp.,
5,500	4.900%, 05/01/13		5,790
1,000	5.625%, 10/14/16		1,047
6,730	5.625%, 07/01/20		6,766
5,340	5.650%, 05/01/18		5,476
4,635	5.750%, 12/01/17		4,802
5,000	6.500%, 08/01/16		5,430
3,000	7.375%, 05/15/14		3,352
3,079	7.400%, 01/15/11		3,103
7,420	Bank of America N.A., 5.300%, 03/15/17		7,513
	BHP Billiton Finance USA Ltd., (Australia),
1,600	5.400%, 03/29/17		1,819
1,150	5.500%, 04/01/14		1,289
2,750	6.500%, 04/01/19		3,353
5,500	BP Capital Markets plc, (United Kingdom), 3.875%, 03/10/15		5,726
	Caterpillar Financial Services Corp.,
1,850	4.850%, 12/07/12		1,993
1,900	4.900%, 08/15/13		2,088
1,000	5.450%, 04/15/18		1,140
900	5.500%, 03/15/16		1,043
4,800	6.200%, 09/30/13		5,457
3,500	7.050%, 10/01/18		4,374
600	7.150%, 02/15/19		764
	Citigroup, Inc.,
1,500	4.700%, 05/29/15		1,561
3,400	4.750%, 05/19/15		3,547
3,929	5.375%, 08/09/20		4,020
2,400	5.500%, 04/11/13		2,573
1,000	5.500%, 02/15/17		1,039
5,286	5.625%, 08/27/12		5,576
3,100	6.000%, 12/13/13		3,391
13,500	6.000%, 08/15/17		14,593
6,000	6.010%, 01/15/15		6,545
5,350	6.125%, 11/21/17		5,838
3,675	6.375%, 08/12/14		4,071
2,850	8.125%, 07/15/39		3,465
5,375	8.500%, 05/22/19		6,582
	CME Group, Inc.,
7,200	5.400%, 08/01/13		7,990
700	5.750%, 02/15/14		789
1,225	ConocoPhillips Canada Funding Co. I, (Canada), 5.625%, 10/15/16		1,432
400	Diageo Investment Corp., 9.000%, 08/15/11		423
	General Electric Capital Corp.,
4,131	2.250%, 11/09/15		4,003
11,000	4.375%, 09/16/20		10,754
16,000	5.250%, 10/19/12		17,168
1,500	5.400%, 02/15/17		1,640
2,000	5.500%, 06/04/14		2,224
10,250	5.500%, 01/08/20		10,973
7,400	5.625%, 09/15/17 (c)		8,151

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Corporate Bonds — Continued
	Diversified Financial Services — Continued
25,675	5.625%, 05/01/18		27,994
26,603	5.875%, 02/15/12		28,082
1,900	5.875%, 01/14/38		1,861
4,700	5.900%, 05/13/14		5,246
24,792	6.000%, 06/15/12		26,581
5,300	6.000%, 08/07/19		5,857
4,941	6.750%, 03/15/32		5,389
900	6.875%, 01/10/39		1,000
2,625	VAR, 0.409%, 04/10/12		2,615
3,500	VAR, 0.456%, 02/15/17		3,205
	National Rural Utilities Cooperative Finance Corp.,
530	2.625%, 09/16/12		546
3,550	4.750%, 03/01/14		3,906
2,155	10.375%, 11/01/18		3,035
2,400	Textron Financial Corp., 5.400%, 04/28/13		2,507
			348,412
	Insurance — 0.9%
	ACE INA Holdings, Inc.,
3,636	2.600%, 11/23/15		3,609
2,000	5.600%, 05/15/15		2,240
2,118	Aflac, Inc., 6.450%, 08/15/40		2,145
5,000	Allstate Life Global Funding Trusts, 5.375%, 04/30/13		5,479
	American International Group, Inc.,
3,284	4.250%, 05/15/13		3,349
2,800	5.450%, 05/18/17		2,772
1,425	5.600%, 10/18/16		1,436
	AON Financial Services,
2,012	3.500%, 09/30/15		2,041
1,668	6.250%, 09/30/40		1,696
5,641	ASIF Global Financing XIX, 4.900%, 01/17/13 (e)		5,881
	Berkshire Hathaway Finance Corp.,
3,500	4.000%, 04/15/12		3,654
3,800	4.600%, 05/15/13		4,100
750	5.000%, 08/15/13		826
6,200	5.400%, 05/15/18		6,898
1,300	5.750%, 01/15/40		1,339
1,130	Chubb Corp. (The), 5.750%, 05/15/18		1,286
	CNA Financial Corp.,
6,800	5.850%, 12/15/14		7,291
5,063	5.875%, 08/15/20		5,131
	Jackson National Life Global Funding,
3,400	5.375%, 05/08/13 (e)		3,669
4,115	6.125%, 05/30/12 (e)		4,375
2,980	Liberty Mutual Group, Inc., 5.750%, 03/15/14 (e)		3,124
	MassMutual Global Funding II,
2,714	2.300%, 09/28/15 (e)		2,714
1,628	2.875%, 04/21/14 (e)		1,711
5,150	3.625%, 07/16/12 (e)		5,352
815	MetLife, Inc., 6.817%, 08/15/18		964
	Metropolitan Life Global Funding I,
9,335	2.500%, 01/11/13 (e)		9,565
8,000	2.875%, 09/17/12 (e)		8,222
3,000	5.125%, 04/10/13 (e)		3,249
2,497	5.200%, 09/18/13 (e)		2,729
1,450	5.750%, 07/25/11 (e)		1,492
1,000	Monumental Global Funding Ltd., (Cayman Islands), 5.500%, 04/22/13 (e)		1,080
	Nationwide Financial Services,
1,130	5.900%, 07/01/12		1,197
1,661	6.250%, 11/15/11		1,723
	New York Life Global Funding,
3,000	3.000%, 05/04/15 (e)		3,129
5,910	4.650%, 05/09/13 (e)		6,367
5,914	5.375%, 09/15/13 (e)		6,551
	Pacific Life Global Funding,
4,000	5.000%, 05/15/17 (e)		4,210
2,500	5.150%, 04/15/13 (e)		2,688
6,400	Pricoa Global Funding I, 5.450%, 06/11/14 (e)		7,125
	Principal Life Global Funding I,
1,600	5.050%, 03/15/15 (e)		1,731
11,236	6.250%, 02/15/12 (e)		11,777
	Principal Life Income Funding Trusts,
5,900	5.100%, 04/15/14		6,428
1,010	5.150%, 06/17/11		1,029
2,215	5.300%, 12/14/12		2,396
2,900	5.300%, 04/24/13		3,159
4,955	Protective Life Secured Trusts, 4.000%, 04/01/11		5,012
1,070	Travelers Cos, Inc. (The), 5.800%, 05/15/18		1,217
3,200	Travelers Life & Annuity Global Funding I, 5.125%, 08/15/14 (e)		3,535
890	Travelers Property Casualty Corp., 5.000%, 03/15/13		967
			179,660
	Real Estate Investment Trusts (REITs) — 0.2%
	CommonWealth REIT,
7,010	5.875%, 09/15/20		6,950
3,890	6.650%, 01/15/18		4,167
	Simon Property Group LP,
450	4.200%, 02/01/15		480
1,300	4.375%, 03/01/21		1,331
1,775	5.625%, 08/15/14		2,002
1,100	5.650%, 02/01/20		1,234
2,120	6.100%, 05/01/16		2,439
3,675	6.125%, 05/30/18		4,239
1,645	6.750%, 05/15/14		1,884

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Corporate Bonds — Continued
	Real Estate Investment Trusts (REITs) — Continued
6,277	WEA Finance LLC/WT Finance Ltd., 6.750%, 09/02/19 (e)		7,241
			31,967
	Thrifts & Mortgage Finance — 0.2%
8,600	Countrywide Financial Corp., 6.250%, 05/15/16		8,961
6,270	Countrywide Home Loans, Inc., 4.000%, 03/22/11		6,334
24,170	Stadshypotek AB, (Sweden), 1.450%, 09/30/13 (e)		24,275
			39,570
	Total Financials		1,407,658
Health Care — 0.2%
	Biotechnology — 0.1%
	Amgen, Inc.,
1,188	4.500%, 03/15/20		1,282
4,500	4.950%, 10/01/41		4,308
1,975	5.700%, 02/01/19		2,318
3,541	5.750%, 03/15/40		3,826
			11,734
	Health Care Equipment & Supplies — 0.0% (g)
	Baxter International, Inc.,
1,150	4.000%, 03/01/14		1,244
500	4.625%, 03/15/15		555
700	Becton Dickinson and Co., 5.000%, 05/15/19		788
			2,587
	Health Care Providers & Services — 0.0% (g)
2,158	Medco Health Solutions, Inc., 2.750%, 09/15/15		2,183
	WellPoint, Inc.,
492	5.875%, 06/15/17		560
340	7.000%, 02/15/19		411
			3,154
	Pharmaceuticals — 0.1%
350	Abbott Laboratories, 6.150%, 11/30/37		408
3,200	AstraZeneca plc, (United Kingdom), 5.400%, 06/01/14		3,629
1,095	Eli Lilly & Co., 3.550%, 03/06/12		1,132
	GlaxoSmithKline Capital, Inc.,
1,000	4.375%, 04/15/14		1,097
3,100	4.850%, 05/15/13		3,388
2,100	6.375%, 05/15/38		2,518
1,040	Merck & Co., Inc., 6.000%, 09/15/17		1,246
790	Wyeth, 6.450%, 02/01/24		960
			14,378
	Total Health Care		31,853
Industrials — 0.5%
	Aerospace & Defense — 0.1%
	Boeing Co. (The),
250	3.500%, 02/15/15		268
500	4.875%, 02/15/20		559
1,500	Honeywell International, Inc., 5.300%, 03/01/18		1,721
	Lockheed Martin Corp.,
1,000	4.250%, 11/15/19		1,062
3,993	5.720%, 06/01/40 (e)		4,242
2,700	Northrop Grumman Systems Corp., 7.125%, 02/15/11		2,735
542	Systems 2001 AT LLC, (Cayman Islands), 7.156%, 12/15/11 (e)		577
5	United Technologies Corp., 6.100%, 05/15/12		5
			11,169
	Airlines — 0.0% (g)
573	Continental Airlines, 1999-2 Class A-1 Pass-Through Trust, 7.256%, 03/15/20		624
4,550	Delta Air Lines, 2010-2 Class A Pass-Through Trust, 4.950%, 05/23/19		4,573
			5,197
	Building Products — 0.0% (g)
800	Masco Corp., 5.850%, 03/15/17		784
	Commercial Services & Supplies — 0.1%
2,850	Allied Waste North America, Inc., 6.875%, 06/01/17		3,160
	Pitney Bowes, Inc.,
4,300	4.875%, 08/15/14		4,610
7,170	5.000%, 03/15/15		7,694
1,700	5.600%, 03/15/18		1,795
	Waste Management, Inc.,
1,885	4.750%, 06/30/20		2,013
1,365	7.375%, 03/11/19		1,705
800	7.750%, 05/15/32		996
			21,973
	Industrial Conglomerates — 0.1%
550	Koninklijke Philips Electronics N.V., (Netherlands), 7.200%, 06/01/26		674
1,350	Siemens Financieringsmaatschappij N.V., (Netherlands), 5.750%, 10/17/16 (e)		1,587
2,650	Tyco International Finance S.A., (Luxembourg), 8.500%, 01/15/19		3,470
			5,731
	Machinery — 0.0% (g)
2,650	Eaton Corp., 5.600%, 05/15/18		3,027
775	Ingersoll-Rand Co., (Bermuda), 6.391%, 11/15/27		852
350	PACCAR, Inc., 6.375%, 02/15/12		372

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Corporate Bonds — Continued
	Machinery — Continued
775	Parker Hannifin Corp., 5.500%, 05/15/18		893
			5,144
	Road & Rail — 0.2%
	Burlington Northern Santa Fe LLC,
1,418	3.600%, 09/01/20		1,413
3,660	5.650%, 05/01/17		4,179
1,675	5.750%, 03/15/18		1,925
600	6.700%, 08/01/28		689
700	6.750%, 07/15/11		727
1,300	7.000%, 02/01/14		1,513
2,223	7.125%, 12/15/10		2,229
1,300	7.290%, 06/01/36		1,576
	CSX Corp.,
1,700	6.250%, 04/01/15		1,976
850	6.300%, 03/15/12		907
700	7.375%, 02/01/19		874
400	Erac USA Finance Co., 6.375%, 10/15/17 (e)		457
2,718	Federal Express Corp. 1998 Pass Through Trust, 6.720%, 01/15/22		2,945
	Norfolk Southern Corp.,
299	5.590%, 05/17/25		323
871	5.640%, 05/17/29		932
2,500	6.750%, 02/15/11		2,528
326	7.250%, 02/15/31		400
135	7.700%, 05/15/17		169
34	7.800%, 05/15/27		43
2,690	Ryder System, Inc., 3.600%, 03/01/16		2,728
	Union Pacific Corp.,
175	4.875%, 01/15/15		193
1,800	5.650%, 05/01/17		2,049
1,700	5.700%, 08/15/18		1,957
1,000	5.780%, 07/15/40 (e)		1,036
3,000	7.000%, 02/01/16		3,595
	United Parcel Service of America, Inc.,
2,350	8.375%, 04/01/20		3,231
600	SUB, 8.375%, 04/01/30		789
			41,383
	Total Industrials		91,381
Information Technology — 0.4%
	Communications Equipment — 0.0% (g)
	Cisco Systems, Inc.,
1,500	5.500%, 02/22/16		1,751
2,360	5.500%, 01/15/40		2,491
4,990	5.900%, 02/15/39		5,559
			9,801
	Computers & Peripherals — 0.2%
	Dell, Inc.,
6,526	2.300%, 09/10/15		6,436
570	5.650%, 04/15/18		639
1,900	7.100%, 04/15/28		2,152
	Hewlett-Packard Co.,
650	2.950%, 08/15/12		674
1,000	4.500%, 03/01/13		1,077
1,900	4.750%, 06/02/14		2,107
2,525	5.400%, 03/01/17		2,900
4,400	6.125%, 03/01/14		5,026
	International Business Machines Corp.,
3,950	5.700%, 09/14/17		4,644
660	6.220%, 08/01/27		781
4,500	7.625%, 10/15/18		5,910
450	8.000%, 10/15/38		630
			32,976
	Electronic Equipment, Instruments & Components — 0.1%
	Arrow Electronics, Inc.,
855	3.375%, 11/01/15		843
4,635	6.000%, 04/01/20		4,885
5,270	6.875%, 07/01/13		5,836
			11,564
	IT Services — 0.0% (g)
2,950	Electronic Data Systems LLC, 6.000%, 08/01/13		3,324
2,420	HP Enterprise Services LLC, 7.450%, 10/15/29		3,125
			6,449
	Office Electronics — 0.0% (g)
	Xerox Corp.,
3,200	6.750%, 02/01/17		3,782
310	8.250%, 05/15/14		369
			4,151
	Software — 0.1%
850	Intuit, Inc., 5.750%, 03/15/17		949
	Microsoft Corp.,
7,590	1.625%, 09/25/15		7,529
1,214	4.500%, 10/01/40		1,158
	Oracle Corp.,
5,300	5.000%, 07/08/19		5,927
2,320	5.250%, 01/15/16		2,667
3,400	5.750%, 04/15/18		3,955
1,950	6.500%, 04/15/38		2,334
			24,519
	Total Information Technology		89,460
Materials — 0.2%
	Chemicals — 0.2%
850	Air Products & Chemicals, Inc., 4.150%, 02/01/13		897
	Dow Chemical Co. (The),
4,831	4.250%, 11/15/20		4,712
1,670	4.850%, 08/15/12		1,770
650	6.000%, 10/01/12		699
1,776	6.125%, 02/01/11		1,790
1,345	7.375%, 11/01/29		1,602

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Corporate Bonds — Continued
	Chemicals — Continued
	EI Du Pont de Nemours & Co.,
3,706	1.950%, 01/15/16		3,670
125	4.125%, 03/06/13		133
500	4.875%, 04/30/14		556
2,150	4.900%, 01/15/41		2,130
3,800	6.000%, 07/15/18		4,487
3,750	Monsanto Co., 7.375%, 08/15/12		4,154
	Potash Corp. of Saskatchewan, Inc., (Canada),
1,450	4.875%, 03/01/13		1,546
3,800	6.500%, 05/15/19		4,507
	PPG Industries, Inc.,
1,144	5.500%, 11/15/40		1,144
2,150	5.750%, 03/15/13		2,348
2,100	9.000%, 05/01/21		2,850
	Praxair, Inc.,
850	4.375%, 03/31/14		929
1,900	4.625%, 03/30/15		2,108
480	5.200%, 03/15/17		545
1,295	5.250%, 11/15/14		1,469
			44,046
	Metals & Mining — 0.0% (g)
	Rio Tinto Finance USA Ltd., (Australia),
1,280	3.500%, 11/02/20		1,243
1,585	8.950%, 05/01/14		1,940
			3,183
	Total Materials		47,229
Telecommunication Services — 0.9%
	Diversified Telecommunication Services — 0.8%
270	AT&T Corp., 8.000%, 11/15/31		346
	AT&T, Inc.,
8,300	4.950%, 01/15/13		8,939
1,120	5.100%, 09/15/14		1,241
10,603	5.350%, 09/01/40 (e)		10,068
2,925	5.500%, 02/01/18		3,343
1,300	5.600%, 05/15/18		1,497
2,295	5.625%, 06/15/16		2,636
7,200	6.300%, 01/15/38		7,674
1,330	BellSouth Corp., 5.200%, 09/15/14		1,479
	BellSouth Telecommunications, Inc.,
1,828	6.300%, 12/15/15		1,988
1,200	7.000%, 10/01/25		1,354
	British Telecommunications plc, (United Kingdom),
5,000	5.150%, 01/15/13		5,335
2,800	5.950%, 01/15/18		3,092
8,236	9.375%, 12/15/10		8,264
300	9.875%, 12/15/30		400
	Deutsche Telekom International Finance B.V., (Netherlands),
4,200	4.875%, 07/08/14		4,592
785	5.250%, 07/22/13		859
2,025	6.000%, 07/08/19		2,358
200	8.750%, 06/15/30		271
1,000	France Telecom S.A., (France), 8.500%, 03/01/31		1,364
	GTE Corp.,
17,200	6.840%, 04/15/18		20,175
1,000	8.750%, 11/01/21		1,385
	Telecom Italia Capital S.A., (Luxembourg),
4,360	4.950%, 09/30/14		4,558
2,300	5.250%, 11/15/13		2,431
1,350	6.175%, 06/18/14		1,462
2,125	6.999%, 06/04/18		2,365
	Telefonica Emisiones S.A.U., (Spain),
4,000	5.855%, 02/04/13		4,294
1,500	5.877%, 07/15/19		1,603
1,011	TELUS Corp., (Canada), 8.000%, 06/01/11		1,044
	Verizon Communications, Inc.,
2,175	5.500%, 02/15/18		2,468
250	5.550%, 02/15/16		289
1,443	5.850%, 09/15/35		1,510
4,400	7.350%, 04/01/39		5,433
1,500	8.750%, 11/01/18		2,023
6,498	Verizon Florida LLC, 6.125%, 01/15/13		7,128
7,600	Verizon Global Funding Corp., 7.750%, 12/01/30		9,654
	Verizon Maryland, Inc.,
2,363	6.125%, 03/01/12		2,506
3,100	7.150%, 05/01/23		3,283
900	Verizon New England, Inc., 4.750%, 10/01/13		970
880	Verizon New York, Inc., 7.375%, 04/01/32		1,024
5,232	Verizon Pennsylvania, Inc., 8.350%, 12/15/30		5,923
2,788	Verizon Virginia, Inc., 4.625%, 03/15/13		2,970
			151,598
	Wireless Telecommunication Services — 0.1%
1,500	Cellco Partnership/Verizon Wireless Capital LLC, 5.550%, 02/01/14		1,674
	New Cingular Wireless Services, Inc.,
3,763	7.875%, 03/01/11		3,832
3,220	8.125%, 05/01/12		3,540
	Vodafone Group plc, (United Kingdom),
5,125	5.000%, 09/15/15		5,683
753	5.450%, 06/10/19		855
			15,584

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Corporate Bonds — Continued
	Wireless Telecommunication Services — Continued
	Total Telecommunication Services		167,182
Utilities — 1.1%
	Electric Utilities — 0.8%
	Alabama Power Co.,
711	4.700%, 12/01/10		711
700	6.125%, 05/15/38		794
1,110	Arizona Public Service Co., 4.650%, 05/15/15		1,192
	Carolina Power & Light Co.,
2,177	5.125%, 09/15/13		2,413
2,000	5.300%, 01/15/19		2,291
	CenterPoint Energy Houston Electric LLC,
3,100	5.750%, 01/15/14		3,478
725	7.000%, 03/01/14		844
3,450	Cleveland Electric Illuminating Co. (The), 7.880%, 11/01/17		4,241
1,550	Columbus Southern Power Co., 6.050%, 05/01/18		1,790
925	Connecticut Light & Power Co. (The), 5.650%, 05/01/18		1,064
3,078	Consolidated Edison Co. of New York, Inc., 5.700%, 06/15/40		3,307
	Duke Energy Carolinas LLC,
1,991	4.300%, 06/15/20		2,128
1,400	5.100%, 04/15/18		1,584
1,795	5.625%, 11/30/12		1,956
1,816	6.250%, 01/15/12		1,928
1,875	Duke Energy Corp., 3.950%, 09/15/14		2,003
	Duke Energy Indiana, Inc.,
2,260	3.750%, 07/15/20		2,298
3,100	6.350%, 08/15/38		3,643
4,600	Enel Finance International S.A., (Luxembourg), 5.125%, 10/07/19 (e)		4,741
	Exelon Generation Co. LLC,
6,000	4.000%, 10/01/20		5,859
1,857	5.750%, 10/01/41		1,804
	Florida Power & Light Co.,
500	5.950%, 10/01/33		560
1,000	5.950%, 02/01/38		1,132
	Florida Power Corp.,
500	4.800%, 03/01/13		540
1,125	5.650%, 06/15/18		1,313
700	6.400%, 06/15/38		823
	FPL Group Capital, Inc.,
900	5.350%, 06/15/13		983
1,200	6.000%, 03/01/19 (c)		1,377
1,600	7.875%, 12/15/15		1,978
	Georgia Power Co.,
1,423	4.750%, 09/01/40		1,346
400	5.950%, 02/01/39		447
1,100	6.000%, 11/01/13		1,249
1,085	Indiana Michigan Power Co., 7.000%, 03/15/19		1,321
300	Jersey Central Power & Light Co., 7.350%, 02/01/19		367
247	Kiowa Power Partners LLC, 4.811%, 12/30/13 (e)		255
700	MidAmerican Energy Co., 5.300%, 03/15/18		790
	Nevada Power Co.,
367	5.375%, 09/15/40		361
950	6.500%, 08/01/18		1,134
1,825	7.125%, 03/15/19		2,220
1,625	Niagara Mohawk Power Corp., 4.881%, 08/15/19 (e)		1,755
	Nisource Finance Corp.,
2,560	6.150%, 03/01/13		2,814
7,850	10.750%, 03/15/16		10,376
2,500	Northern States Power Co., 6.250%, 06/01/36		2,926
2,400	Ohio Power Co., 5.750%, 09/01/13		2,649
	Oncor Electric Delivery Co. LLC,
820	5.950%, 09/01/13		917
3,000	6.800%, 09/01/18		3,622
	Pacific Gas & Electric Co.,
1,980	5.625%, 11/30/17		2,277
750	8.250%, 10/15/18		995
	PacifiCorp,
250	5.500%, 01/15/19		290
2,850	5.650%, 07/15/18		3,345
125	6.900%, 11/15/11		133
900	Peco Energy Co., 5.350%, 03/01/18		1,024
1,320	Potomac Electric Power Co., 6.500%, 11/15/37		1,556
730	Progress Energy, Inc., 6.050%, 03/15/14		821
	PSEG Power LLC,
2,411	5.125%, 04/15/20		2,593
2,190	5.500%, 12/01/15		2,457
1,255	8.625%, 04/15/31		1,621
	Public Service Co. of Colorado,
1,160	3.200%, 11/15/20		1,138
275	5.800%, 08/01/18		324
3,350	Public Service Co. of Oklahoma, 6.625%, 11/15/37		3,722
	Public Service Electric & Gas Co.,
825	5.300%, 05/01/18		942
1,138	5.375%, 11/01/39		1,202
5,300	6.330%, 11/01/13		6,018
	Southern California Edison Co.,
1,200	4.150%, 09/15/14		1,309
1,400	5.500%, 08/15/18		1,629
1,650	5.750%, 03/15/14		1,870

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Corporate Bonds — Continued
	Electric Utilities — Continued
645	5.950%, 02/01/38		727
2,450	6.050%, 03/15/39		2,807
580	Southern Co., 4.150%, 05/15/14		621
1,000	Southwestern Public Service Co., 8.750%, 12/01/18		1,287
	Spectra Energy Capital LLC,
2,900	5.500%, 03/01/14		3,186
350	5.668%, 08/15/14		391
3,645	6.250%, 02/15/13		3,974
3,850	8.000%, 10/01/19		4,825
	Virginia Electric and Power Co.,
2,550	5.100%, 11/30/12		2,755
4,600	5.400%, 04/30/18		5,297
800	5.950%, 09/15/17		941
			155,401
	Gas Utilities — 0.1%
1,700	AGL Capital Corp., 4.450%, 04/15/13		1,800
1,530	ANR Pipeline Co., 9.625%, 11/01/21		2,227
	Atmos Energy Corp.,
320	5.125%, 01/15/13		341
690	8.500%, 03/15/19		891
530	CenterPoint Energy Resources Corp., 6.125%, 11/01/17		608
1,037	Southern California Gas Co., 4.800%, 10/01/12		1,110
70	Texas Eastern Transmission LP, 7.300%, 12/01/10		70
	TransCanada Pipelines Ltd., (Canada),
1,515	4.000%, 06/15/13		1,621
1,500	6.200%, 10/15/37		1,663
1,900	6.500%, 08/15/18		2,318
2,650	7.125%, 01/15/19		3,325
2,100	7.250%, 08/15/38		2,618
			18,592
	Multi-Utilities — 0.2%
	Dominion Resources, Inc.,
590	6.000%, 11/30/17		689
1,879	6.250%, 06/30/12		2,032
1,200	7.000%, 06/15/38		1,483
1,600	8.875%, 01/15/19		2,130
4,650	KCP&L Greater Missouri Operations Co., 11.875%, 07/01/12		5,315
1,625	Midamerican Energy Holdings Co., 5.750%, 04/01/18		1,883
1,550	PG&E Corp., 5.750%, 04/01/14		1,725
	Sempra Energy,
1,500	6.000%, 10/15/39		1,618
2,300	6.150%, 06/15/18		2,701
900	6.500%, 06/01/16		1,068
2,760	8.900%, 11/15/13		3,281
1,550	9.800%, 02/15/19		2,150
	Wisconsin Electric Power Co.,
1,400	6.000%, 04/01/14		1,601
1,295	6.250%, 12/01/15		1,551
601	Xcel Energy, Inc., 4.700%, 05/15/20		649
			29,876
	Water Utilities — 0.0% (g)
	American Water Capital Corp.,
2,025	6.085%, 10/15/17		2,330
3,740	6.593%, 10/15/37		4,130
			6,460
	Total Utilities		210,329
	Total Corporate Bonds (Cost $2,331,346)		2,470,351
Foreign Government Securities — 0.2%
3,040	Province of Manitoba, (Canada), 2.125%, 04/22/13		3,134
	Province of Ontario, (Canada),
5,500	2.700%, 06/16/15		5,706
12,250	2.950%, 02/05/15		12,873
560	Province of Quebec, (Canada), SUB, 7.365%, 03/06/26		770
	United Mexican States, (Mexico),
2,035	5.875%, 01/15/14		2,269
3,398	6.375%, 01/16/13		3,746
850	6.625%, 03/03/15		990
4,881	7.500%, 04/08/33		6,138
2,925	8.300%, 08/15/31 (c)		3,964
	Total Foreign Government Securities (Cost $35,625)		39,590
Mortgage Pass-Through Securities — 10.8%
	Federal Home Loan Mortgage Corp.,
112	ARM, 2.305%, 07/01/19		117
248	ARM, 2.428%, 01/01/27		259
95	ARM, 2.568%, 04/01/30		100
1,037	ARM, 2.605%, 12/01/33		1,070
1,105	ARM, 2.623%, 08/01/35		1,158
2,219	ARM, 2.625%, 07/01/26 - 01/01/35		2,306
238	ARM, 2.627%, 09/01/32		247
5,394	ARM, 2.633%, 05/01/33		5,626
2,033	ARM, 2.637%, 04/01/34		2,120
3,904	ARM, 2.742%, 09/01/34		4,080
1,686	ARM, 3.433%, 07/01/37		1,771
876	ARM, 3.651%, 01/01/37		911
1,385	ARM, 4.009%, 02/01/36		1,439
6,386	ARM, 4.174%, 03/01/36		6,694
1,085	ARM, 4.202%, 11/01/36		1,142
2,747	ARM, 4.579%, 12/01/35		2,878
4,216	ARM, 5.305%, 05/01/38		4,468

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Mortgage Pass-Through Securities — Continued
7,641	ARM, 5.522%, 05/01/36		8,159
7,618	ARM, 5.544%, 05/01/36		8,066
6,869	ARM, 5.647%, 03/01/36		7,214
5,004	ARM, 5.652%, 04/01/38		5,308
5,636	ARM, 5.675%, 02/01/37		5,979
2,425	ARM, 5.694%, 04/01/37		2,585
7,100	ARM, 5.727%, 06/01/37		7,629
8,095	ARM, 5.733%, 05/01/37		8,570
4,185	ARM, 5.735%, 05/01/37		4,443
6,753	ARM, 5.741%, 09/01/36		7,076
3,346	ARM, 5.746%, 06/01/36		3,565
6,117	ARM, 5.750%, 01/01/37		6,496
2,521	ARM, 5.783%, 07/01/36		2,672
3,054	ARM, 5.792%, 05/01/37		3,258
5,451	ARM, 5.816%, 11/01/36		5,787
3,693	ARM, 5.818%, 10/01/36		3,909
303	ARM, 5.829%, 02/01/37		322
1,936	ARM, 5.844%, 05/01/36		2,024
4,471	ARM, 5.864%, 04/01/37		4,748
1,103	ARM, 5.868%, 05/01/37		1,171
2,120	ARM, 5.927%, 04/01/37		2,275
1,245	ARM, 5.934%, 02/01/37		1,322
2,914	ARM, 5.962%, 03/01/37		3,095
13,862	ARM, 6.011%, 06/01/36		14,842
3,799	ARM, 6.023%, 10/01/36		4,010
13,079	ARM, 6.034%, 12/01/36		13,889
682	ARM, 6.104%, 12/01/36		720
2,019	ARM, 6.132%, 05/01/37		2,157
11,283	ARM, 6.172%, 12/01/36		11,974
1,775	ARM, 6.193%, 03/01/37		1,884
20,753	ARM, 6.219%, 02/01/37 - 03/01/37		22,077
4,803	ARM, 6.248%, 09/01/36		5,065
1,595	ARM, 6.263%, 10/01/36		1,697
8,974	ARM, 6.297%, 10/01/36		9,529
4,957	ARM, 6.329%, 10/01/36		5,271
12,324	ARM, 6.341%, 12/01/36		13,105
4,448	ARM, 6.375%, 05/01/37		4,754
1,732	ARM, 6.410%, 12/01/36		1,862
1,507	ARM, 6.414%, 02/01/37		1,618
1,280	ARM, 6.481%, 11/01/37		1,383
3,243	ARM, 6.502%, 10/01/36		3,443
1,065	ARM, 6.580%, 08/01/36		1,131
2,207	ARM, 6.627%, 07/01/36		2,325
4,679	ARM, 6.666%, 10/01/36		4,969
5,815	ARM, 6.679%, 11/01/36		6,270
14,344	ARM, 6.703%, 08/01/36		15,169
2,726	ARM, 6.783%, 08/01/36		2,884
	Federal Home Loan Mortgage Corp. Gold Pools, 15 Year, Single Family,
6,279	4.000%, 04/01/14 - 05/01/19		6,536
3,948	4.500%, 08/01/18 - 10/01/18		4,174
20,123	5.000%, 10/01/17 - 12/01/18		21,530
15,258	5.500%, 06/01/17 - 06/01/20		16,572
21,469	6.000%, 10/01/17 - 03/01/22		23,461
7,131	6.500%, 07/01/16 - 03/01/22		7,792
86	7.000%, 09/01/12 - 04/01/17		93
62	7.500%, 04/01/11 - 11/01/15		65
42	8.500%, 11/01/15		48
	Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family,
7,361	5.500%, 01/01/23 - 11/01/23		7,979
535	6.000%, 12/01/22		591
3,334	6.500%, 12/01/13 - 01/01/28		3,698
	Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,
5,683	4.000%, 10/01/33		5,831
120,472	5.000%, 01/01/34 - 08/01/40		127,614
13,597	5.500%, 10/01/33 - 12/01/36		14,646
4,650	6.000%, 10/01/29 - 12/01/36		5,102
23,771	6.500%, 08/01/29 - 03/01/38		26,761
5,875	7.000%, 04/01/22 - 02/01/37		6,727
15,240	7.500%, 08/01/25 - 09/01/38		17,254
55	8.000%, 07/01/20 - 11/01/24		64
154	8.500%, 07/01/28		182
	Federal Home Loan Mortgage Corp. Gold Pools, FHA/VA,
20,227	7.500%, 01/01/32 - 12/01/36		23,308
11,752	10.000%, 10/01/30		14,009
	Federal Home Loan Mortgage Corp. Gold Pools, Other,
17,857	5.500%, 04/01/18		19,039
2,808	6.000%, 11/01/36		3,041
45,367	6.500%, 12/01/35 - 06/01/37		49,507
1,670	7.000%, 07/01/29 - 08/01/47		1,873
2,404	10.000%, 03/17/26		2,810
34	Federal Home Loan Mortgage Corp., 30 Year, Single Family, 12.000%, 08/01/15 - 07/01/19		38
	Federal National Mortgage Association,
848	ARM, 1.913%, 08/01/34		873
10,557	ARM, 2.041%, 01/01/35		10,961
74	ARM, 2.114%, 03/01/19		76
1,627	ARM, 2.117%, 09/01/33		1,677
1,795	ARM, 2.244%, 05/01/35		1,857
697	ARM, 2.264%, 02/01/35		725
6,678	ARM, 2.277%, 01/01/36		6,878
248	ARM, 2.407%, 07/01/34		259
465	ARM, 2.444%, 08/01/35		483
887	ARM, 2.457%, 04/01/34		927
1,387	ARM, 2.460%, 11/01/33		1,450
240	ARM, 2.477%, 05/01/35		251
2,634	ARM, 2.479%, 07/01/35		2,759
1,673	ARM, 2.480%, 03/01/35		1,752
2,466	ARM, 2.585%, 01/01/36		2,574
1,151	ARM, 2.625%, 09/01/35		1,206
996	ARM, 2.629%, 10/01/34		1,039
1,738	ARM, 2.637%, 06/01/36		1,821
1,185	ARM, 2.643%, 08/01/33		1,240
2,481	ARM, 2.678%, 06/01/34		2,593
802	ARM, 2.746%, 08/01/34		839

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Mortgage Pass-Through Securities — Continued
196	ARM, 2.787%, 09/01/34		206
398	ARM, 2.806%, 01/01/34		416
658	ARM, 2.926%, 08/01/34		688
15	ARM, 3.043%, 01/01/19		15
777	ARM, 3.060%, 09/01/33		815
15	ARM, 3.098%, 06/01/26		16
719	ARM, 3.101%, 02/01/36		754
21,517	ARM, 3.293%, 03/01/36		22,595
2,830	ARM, 3.391%, 04/01/35		2,974
322	ARM, 3.432%, 09/01/27		327
152	ARM, 3.876%, 01/01/36		158
304	ARM, 4.020%, 03/01/29		312
10	ARM, 4.174%, 08/01/19		11
709	ARM, 4.475%, 11/01/34		748
1,100	ARM, 4.700%, 11/01/34		1,147
1,234	ARM, 5.008%, 01/01/34		1,314
927	ARM, 5.069%, 01/01/35		980
2,004	ARM, 5.117%, 10/01/34		2,106
1,534	ARM, 5.206%, 09/01/36		1,612
6,516	ARM, 5.282%, 01/01/38		6,917
3,840	ARM, 5.362%, 10/01/35		4,079
2,856	ARM, 5.433%, 11/01/37		3,032
1,828	ARM, 5.525%, 01/01/37		1,937
3,575	ARM, 5.528%, 07/01/37		3,802
2,258	ARM, 5.541%, 08/01/36		2,380
2,762	ARM, 5.587%, 12/01/36		2,922
2,912	ARM, 5.608%, 06/01/36		3,059
2,045	ARM, 5.628%, 08/01/36		2,203
6,489	ARM, 5.692%, 04/01/37		6,893
28,227	ARM, 5.696%, 01/01/23		30,291
4,378	ARM, 5.701%, 11/01/36		4,624
3,620	ARM, 5.714%, 09/01/36		3,828
3,327	ARM, 5.735%, 02/01/37		3,532
9,895	ARM, 5.741%, 08/01/37		10,520
16,477	ARM, 5.776%, 12/01/37		17,587
10,446	ARM, 5.832%, 12/01/36		11,079
531	ARM, 5.851%, 07/01/37		566
7,904	ARM, 5.861%, 10/01/36		8,372
3,009	ARM, 5.862%, 11/01/36		3,199
3,665	ARM, 5.911%, 07/01/36		3,885
3,246	ARM, 5.925%, 09/01/37		3,500
1,735	ARM, 5.927%, 09/01/37		1,847
4,549	ARM, 5.939%, 10/01/36		4,814
12,519	ARM, 5.946%, 07/01/37		13,281
3,643	ARM, 5.961%, 09/01/37		3,919
1,791	ARM, 5.981%, 05/01/36		1,873
4,019	ARM, 6.002%, 09/01/37		4,288
5,947	ARM, 6.047%, 08/01/36		6,287
10,971	ARM, 6.109%, 09/01/36		11,793
3,132	ARM, 6.110%, 07/01/37		3,344
9,254	ARM, 6.146%, 11/01/37		9,833
5,968	ARM, 6.179%, 08/01/36		6,451
2,073	ARM, 6.206%, 09/01/37		2,237
8,788	ARM, 6.221%, 06/01/36		9,237
3,118	ARM, 6.226%, 10/01/36		3,304
1,886	ARM, 6.296%, 09/01/36		2,003
4,328	ARM, 6.334%, 02/01/37		4,615
2,868	ARM, 6.562%, 01/01/37		3,108
7,101	ARM, 6.640%, 09/01/36		7,563
	Federal National Mortgage Association, 15 Year, Single Family,
738	3.500%, 04/01/19		757
12,571	4.000%, 07/01/18 - 12/01/20		13,241
45,958	4.500%, 05/01/18 - 12/01/19		48,968
39,602	5.000%, 12/01/16 - 10/01/19		42,579
45,368	5.500%, 02/01/18 - 07/01/20		49,527
78,107	6.000%, 06/01/16 - 07/01/24		85,427
12,206	6.500%, 12/01/10 - 02/01/24		13,395
1,472	7.000%, 03/01/17 - 11/01/17		1,603
149	7.500%, 10/01/12 - 03/01/17		160
99	8.000%, 11/01/12 - 11/01/15		104
	Federal National Mortgage Association, 20 Year, Single Family,
57,473	6.000%, 02/01/14 - 09/01/29		62,764
11,130	6.500%, 05/01/22 - 08/01/26		12,343
	Federal National Mortgage Association, 30 Year, FHA/VA,
293	6.000%, 09/01/33		324
568	6.500%, 03/01/29		652
82	7.000%, 02/01/33		94
121	8.000%, 06/01/28		142
114	8.500%, 08/01/27 - 02/01/30		134
184	9.000%, 05/01/18 - 12/01/30		209
43	9.500%, 12/01/18		50
	Federal National Mortgage Association, 30 Year, Single Family,
2,103	4.000%, 12/01/33		2,162
2,540	4.500%, 11/01/33		2,661
85,913	5.000%, 06/01/33 - 08/01/40		91,455
107,086	5.500%, 11/01/32 - 12/01/39		115,710
51,704	6.000%, 12/01/28 - 04/01/38		56,787
165,148	6.500%, 11/01/29 - 10/01/38		184,514
74,473	7.000%, 04/01/17 - 01/01/39		84,749
45,827	7.500%, 11/01/22 - 04/01/39		52,499
2,148	8.000%, 03/01/21 - 01/01/38		2,524
57	8.500%, 07/01/24 - 06/01/25		67
7	9.000%, 04/01/26		8
45	9.500%, 07/01/28		53
22	10.000%, 02/01/24		25
40	12.500%, 01/01/16		42
	Federal National Mortgage Association, Other,
1,450	4.000%, 09/01/13 - 03/01/14		1,490
937	4.500%, 11/01/14		992
850	5.000%, 12/01/32		903
19,414	5.500%, 03/01/17 - 06/01/39		20,627
26,179	6.000%, 02/01/36 - 11/01/48		28,172
9,108	6.500%, 04/01/36 - 05/01/37		9,902

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Mortgage Pass-Through Securities — Continued
6,874	7.000%, 02/01/36 - 01/01/38		7,730
568	7.500%, 10/01/37		641
2,887	8.000%, 11/01/37		3,266
237	10.890%, 04/15/19		269
	Government National Mortgage Association II, 30 Year, Single Family,
361	6.000%, 03/20/28		399
2,419	7.000%, 08/20/38		2,712
234	7.500%, 02/20/28 - 09/20/28		270
430	8.000%, 12/20/25 - 10/20/28		508
202	8.500%, 03/20/25 - 05/20/25		241
	Government National Mortgage Association, 15 Year, Single Family,
198	6.000%, 10/15/17		216
267	6.500%, 06/15/17 - 12/15/17		292
10	7.500%, 02/15/12 - 03/15/12		10
504	8.000%, 01/15/16		546
	Government National Mortgage Association, 30 Year, Single Family,
13,327	5.500%, 04/15/33 - 09/15/34		14,569
671	6.000%, 11/15/28		748
9,703	6.500%, 01/15/24 - 12/15/35		11,049
15,002	7.000%, 08/15/23 - 04/15/37		16,989
4,678	7.500%, 11/15/22 - 10/15/37		5,287
98	8.000%, 05/15/22 - 08/15/28		115
42	8.500%, 03/15/17 - 11/15/17		46
76	9.000%, 08/15/16 - 11/15/24		88
4,763	9.500%, 01/15/17 - 12/15/25		5,831
43	12.000%, 11/15/19		48
	Total Mortgage Pass-Through Securities (Cost $2,026,484)		2,081,555
Municipal Bonds — 0.1%
	Illinois — 0.0% (g)
5,450	State of Illinois, Taxable Pension, GO, 5.100%, 06/01/33		4,247
	New York — 0.1%
2,500	New York State Dormitory Authority, State Personal Income Tax, Build America Bonds, Rev., 5.600%, 03/15/40		2,478
10,400	Port Authority of New York & New Jersey, Construction 164, Rev., 5.647%, 11/01/40		10,112
			12,590
	Total Municipal Bonds (Cost $18,071)		16,837
Supranational — 0.0% (g)
720	Corp. Andina de Fomento, 5.200%, 05/21/13 (Cost $719)		783
U.S. Government Agency Securities — 1.6%
	Federal Farm Credit Bank,
5,000	1.875%, 12/07/12		5,126
10,000	5.125%, 11/15/18		11,702
13,401	Federal Home Loan Bank System, 4.720%, 09/20/12		14,165
	Federal Home Loan Mortgage Corp.,
38,500	4.125%, 12/21/12		41,214
4,000	5.125%, 11/17/17		4,677
25,500	5.500%, 08/23/17		30,446
1,260	5.750%, 01/15/12		1,333
	Federal National Mortgage Association,
7,500	Zero Coupon, 06/01/17		6,300
45,000	Zero Coupon, 07/05/14		42,424
26,700	5.000%, 05/11/17		31,006
33,400	5.375%, 06/12/17		39,529
1,190	5.500%, 03/15/11		1,208
2,735	6.125%, 03/15/12		2,931
7,494	6.250%, 02/01/11		7,562
11,500	Federal National Mortgage Association Interest Strip, 11/15/21		7,507
	Financing Corp. Fico,
16,800	Zero Coupon, 04/05/19		13,137
13,200	Zero Coupon, 09/26/19		10,048
	Tennessee Valley Authority,
2,935	4.625%, 09/15/60		2,897
1,195	5.250%, 09/15/39		1,318
9,500	5.500%, 07/18/17		11,279
	Tennessee Valley Authority STRIP,
7,506	01/15/19		5,774
12,000	05/01/19		9,066
	Total U.S. Government Agency Securities (Cost $291,614)		300,649
U.S. Treasury Obligations — 27.9%
	U.S. Treasury Bonds,
3,100	4.500%, 02/15/36		3,349
650	5.250%, 11/15/28		781
3,500	5.375%, 02/15/31		4,273
11,350	5.500%, 08/15/28		14,003
4,300	6.000%, 02/15/26		5,560
2,050	6.125%, 11/15/27		2,696
1,000	6.250%, 08/15/23		1,314
4,750	6.375%, 08/15/27		6,400
7,550	6.500%, 11/15/26		10,262
5,100	6.625%, 02/15/27		7,020
6,800	6.750%, 08/15/26		9,444
6,620	7.125%, 02/15/23		9,285
4,990	7.250%, 05/15/16		6,470
24,490	7.250%, 08/15/22 (m)		34,569
155,592	7.500%, 11/15/16 (m)		206,013
8,717	7.875%, 02/15/21 (m)		12,672
8,000	8.000%, 11/15/21		11,795

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
U.S. Treasury Obligations — Continued
137,482	8.125%, 08/15/19		198,748
16,650	8.125%, 05/15/21		24,634
48,180	8.500%, 02/15/20		71,649
185,495	8.750%, 05/15/17 (m)		262,838
14,000	8.750%, 05/15/20		21,194
64,589	8.750%, 08/15/20		98,175
291,175	8.875%, 08/15/17 (m)		417,427
228,554	8.875%, 02/15/19		340,902
21,500	9.000%, 11/15/18		32,102
24,600	9.250%, 02/15/16		34,165
9,594	9.875%, 11/15/15 (m)		13,494
11,250	10.625%, 08/15/15		16,031
3,650	11.250%, 02/15/15 (m)		5,162
10,109	U.S. Treasury Inflation Indexed Bonds, 3.625% , 04/15/28 (m)		18,284
	U.S. Treasury Inflation Indexed Notes,
1,000	2.000%, 04/15/12		1,110
12,000	2.000%, 01/15/14		15,240
2,000	2.000%, 07/15/14		2,512
184,755	2.375%, 04/15/11		205,122
15,000	3.500%, 01/15/11		18,917
	U.S. Treasury Notes,
36,700	1.375%, 09/15/12		37,309
20,060	1.375%, 10/15/12		20,406
15,990	1.375%, 11/15/12		16,271
2,700	1.375%, 02/15/13		2,750
15,000	1.750%, 04/15/13		15,423
10,000	1.750%, 01/31/14		10,304
20,500	1.750%, 03/31/14		21,110
12,000	1.875%, 02/28/14		12,409
1,000	2.250%, 11/30/17		1,006
26,600	2.375%, 10/31/14		27,943
6,000	2.375%, 02/28/15		6,294
25,000	2.375%, 03/31/16		26,008
10,000	2.500%, 06/30/17		10,294
5,000	2.625%, 06/30/14		5,297
121,450	2.625%, 07/31/14		128,680
230,000	2.625%, 12/31/14		243,782
19,000	2.625%, 02/29/16		20,020
30,325	2.625%, 04/30/16		31,919
169,500	3.125%, 10/31/16		182,252
20,000	3.125%, 01/31/17		21,450
144,765	3.125%, 04/30/17		154,910
241,700	3.250%, 12/31/16		261,206
76,500	3.250%, 03/31/17		82,524
77,000	4.250%, 11/15/17		87,732
2,000	4.500%, 11/30/11		2,083
62,060	4.500%, 05/15/17		71,660
9,500	4.625%, 02/15/17		11,040
136,865	4.750%, 08/15/17		160,271
	U.S. Treasury STRIPS,
4,575	08/15/11		4,566
239	02/15/12		238
399	08/15/12		396
26,132	11/15/12		25,887
17,062	02/15/13		16,851
31,374	08/15/13		30,794
10,750	11/15/13		10,516
89,776	02/15/14 (m)		87,237
64,063	05/15/14 (m)		61,920
57,062	08/15/14 (m)		54,799
30,961	11/15/14		29,566
40,209	02/15/15 (m)		38,148
9,895	05/15/15		9,326
15,750	08/15/15		14,749
4,941	08/15/15		4,622
8,096	11/15/15		7,523
38,361	11/15/15		35,586
94,812	02/15/16 (m)		87,160
32,950	05/15/16		30,038
44,427	08/15/16		40,019
14,200	11/15/16		12,691
46,981	11/15/16		41,918
105,058	02/15/17		92,739
24,158	05/15/17		21,182
5,200	08/15/17		4,507
42,303	08/15/17		36,584
90,980	11/15/17		77,863
33,450	02/15/18		28,360
41,786	08/15/18		34,721
11,475	02/15/19		9,338
11,897	02/15/19		9,654
105,365	05/15/19		84,317
182,720	08/15/19		144,574
11,000	02/15/20		8,448
4,550	05/15/20		3,460
89,400	05/15/20		67,733
103,900	08/15/20		77,658
8,550	11/15/20		6,311
1,000	02/15/21		729
31,800	08/15/21		22,516
49,600	11/15/21		34,538
7,708	02/15/22		5,289
7,869	02/15/23		5,109
1,200	02/15/24		738
7,000	05/15/24		4,243
5,925	08/15/24		3,539
20,400	11/15/24		12,013
5,800	02/15/25		3,369
2,700	05/15/25		1,542
16,000	08/15/25		9,008
7,300	02/15/26		3,987
22,300	05/15/26		11,996
16,250	11/15/26		8,495
6,300	05/15/27		3,209
9,800	08/15/27		4,927
19,250	11/15/27		9,542
6,250	02/15/28		3,058
7,800	05/15/28		3,772
20,115	02/15/29		9,369
3,200	05/15/29		1,468
2,800	08/15/29		1,268
1,120	11/15/29		501

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)			SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligations — Continued
	24,600		02/15/30		10,866
	18,000		05/15/30		7,852
	12,100		02/15/31		5,092
	5,300		05/15/31		2,203
	14,125		08/15/31		5,795
	7,700		11/15/31		3,115
	9,425		02/15/32		3,765
	1,700		08/15/32		662
	5,000		11/15/32		1,924
	2,875		08/15/33		1,065
	1,050		05/15/34		375
	2,100		11/15/34		731
	10,500		02/15/35		3,603
	1,700		08/15/35		568
	1,175		05/15/36		379
			Total U.S. Treasury Obligations (Cost $5,043,581)		5,380,184
SHARES
	Common Stock — 0.0%
	Utilities — 0.0% (g)
			Independent Power Producers & Energy Traders — 0.0% (g)
	—	(h)	Dynegy, Inc. (Cost $—)		1
	Short-Term Investments — 3.2%
	Investment Companies — 3.2%
	395,831		JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.110% (b) (l) (Cost $395,831)		395,831
	219,757		JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.100% (b) (l) (Cost $219,757)		219,757
			Total Investment Companies (Cost $615,588)		615,588
			Total Short-Term Investments (Cost $615,588)		615,588
PRINCIPAL AMOUNT ($)
	Investments of Cash Collateral for Securities on Loan — 0.1%
			Asset-Backed Security — 0.0% (g)
	381		GSAA Trust, Series 2006-3, Class A1, VAR, 0.333%, 03/25/36		287
SHARES
	Investment Company — 0.1%
	11,272		JPMorgan Prime Money Market Fund, Capital Shares, 0.130% (b) (l)		11,272
			Total Investments of Cash Collateral for Securities on Loan (Cost $11,652)		11,559
			Total Investments —99.7% (Cost $18,286,156)		19,239,712
			Other Assets in Excess of Liabilities — 0.3%		67,051
			NET ASSETS — 100.0%	$	19,306,763

Percentages indicated are based on net assets.

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ARM	—	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of November 30, 2010.
CMO	—	Collateralized Mortgage Obligation
ESOP	—	Employee Stock Ownership Program
FHA	—	Federal Housing Administration
GMAC	—	General Motors Acceptance Corp.
GO	—	General Obligation
HB	—	High Coupon Bonds (a.k.a. "IOettes") represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO's the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.
IF	—	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of November 30, 2010. The rate may be subject to a cap and floor.
IO	—	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
PO	—	Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
REMICS	—	Real Estate Mortgage Investment Conduits
Rev.	—	Revenue
STRIPS	—	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of November 30, 2010.
VA	—	Veterans Administration
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of November 30, 2010.

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

(c) Security, or a portion of the security, has been delivered to a counterparty as part of a security lending transaction.

(d) Defaulted Security.

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

(f) Security is fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. The fund owns fair valued securities with a value of approximately $32,744,000 which amounts to 0.2% of total investments.

(g) Amount rounds to less than 0.1%.

(h) Amount rounds to less than one thousand (shares or dollars).

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

(l) The rate shown is the current yield as of November 30, 2010.

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

As of November 30, 2010, 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	$	1,044,760
Aggregate gross unrealized depreciation		(91,204	)
Net unrealized appreciation/depreciation	$	953,556
Federal income tax cost of investments	$	18,286,156

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Utilities	$	1	$	—	$	—	$	1
Total Common Stocks		1		—		—		1
Debt Securities
Asset-Backed Securities		—		601,203		3,278		604,481
Collateralized Mortgage Obligations
Agency CMO		—		4,947,511		—		4,947,511
Non-Agency CMO		—		2,446,258		29,466		2,475,724
Commercial Mortgage-Backed
Securities		—		294,899		—		294,899
Corporate Bonds
Consumer Discretionary		—		170,855		—		170,855
Consumer Staples		—		103,548		—		103,548
Energy		—		150,856		—		150,856
Financials		—		1,407,658		—		1,407,658
Health Care		—		31,853		—		31,853
Industrials		—		91,381		—		91,381
Information Technology		—		89,460		—		89,460
Materials		—		47,229		—		47,229
Telecommunication Services		—		167,182		—		167,182
Utilities		—		210,329		—		210,329
Total Corporate Bonds		—		2,470,351		—		2,470,351
Foreign Government Securities		—		39,590		—		39,590
Mortgage Pass-Through Securities		—		2,081,555		—		2,081,555
Municipal Bonds		—		16,837		—		16,837
Supranational		—		783		—		783
U.S. Government Agency
Securities		—		300,649		—		300,649
U.S. Treasury Obligations		—		5,380,184		—		5,380,184
Short-Term Investments
Investment Companies		615,588		—		—		615,588
Investments of Cash Collateral for Securities on Loan
Asset-Backed Security		—		287		—		287
Investment Company		11,272		_		—		11,272
Total Investments in Securities	$	626,861	$	18,580,107	$	32,744	$	19,239,712

There were no significant transfers between Levels 1 and 2 during the period ended November 30, 2010.

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

	Balance as of 02/28/10		Realized gain (loss)		Change in unrealized appreciation (depreciation)		Net amortization (accretion)		Net purchases (sales)		Transfers into Level 3		Transfers out of Level 3			Balance as of 11/30/10
Investments in Securities
Asset-Backed Securities	$	2,449	$	—	$	—	$	—	$	3,278	$	—	$	(2,449	)	$	3,278
Collateralized Mortgage Obligations		7,560		—		238		29		26,889		—		(5,250	)		29,466
Total	$	10,009	$	—	$	238	$	29	$	30,167	$	—	$	(7,699	)	$	32,744

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 November 30, 2010, which were valued using significant unobservable inputs (Level 3) amounted to approximately $238,000.

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010

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

(Amount in thousands, except number of contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — 2.4%
		AH Mortgage Advance Trust,
	1,280	Series 2010-ADV1, Class A1, 3.968%, 08/15/22 (e)		1,286
	2,773	Series 2010-ADV2, Class A1, 4.210%, 05/10/41 (e)		2,771
		Ally Auto Receivables Trust,
	1,465	Series 2010-1, Class A3, 1.450%, 05/15/14		1,478
	565	Series 2010-3, Class A4, 1.550%, 08/17/15		563
		AmeriCredit Automobile Receivables Trust,
	1,510	Series 2008-AF, Class A4, 6.960%, 10/14/14		1,626
	270	Series 2010-1, Class A3, 1.660%, 03/17/14		271
		Ameriquest Mortgage Securities, Inc.,
	1,513	Series 2003-5, Class A6, SUB, 4.541%, 04/25/33		1,369
	722	Series 2003-13, Class AF6, SUB, 5.094%, 01/25/34		718
	42	BankBoston Home Equity Loan Trust, Series 1998-1, Class A6, 6.350%, 02/25/13		36
		Bear Stearns Asset-Backed Securities Trust,
	920	Series 2003-SD2, Class 2A, VAR, 3.203%, 06/25/43		887
	1,483	Series 2006-SD1, Class A, VAR, 0.623%, 04/25/36		1,019
	93	Capital One Auto Finance Trust, Series 2007-C, Class A3A, 5.130%, 04/16/12		94
		Centex Home Equity,
	435	Series 2002-C, Class AF4, SUB, 4.480%, 06/25/31		435
	135	Series 2003-B, Class AF4, SUB, 3.735%, 02/25/32		128
	1,040	Series 2004-D, Class AF4, SUB, 4.680%, 06/25/32		1,046
		Chase Funding Mortgage Loan Asset-Backed Certificates,
	657	Series 2003-5, Class 1A4, 4.396%, 02/25/30		657
	825	Series 2003-6, Class 1A4, 4.499%, 11/25/34		816
	1,372	Citibank Credit Card Issuance Trust, Series 2007-A3, Class A3, 6.150%, 06/15/39		1,703
	966	Citifinancial Mortgage Securities, Inc., Series 2003-3, Class AF4, SUB, 5.348%, 08/25/33		956
		CNH Equipment Trust,
	51	Series 2008-B, Class A3A, 4.780%, 07/16/12		52
	2,400	Series 2010-A, Class A3, 1.540%, 07/15/14		2,421
		Countrywide Asset-Backed Certificates,
	8	Series 2004-1, Class 3A, VAR, 0.533%, 04/25/34		6
	590	Series 2004-1, Class M1, VAR, 0.753%, 03/25/34		479
	480	Series 2004-1, Class M2, VAR, 0.803%, 03/25/34		407
	1,539	Series 2004-6, Class M1, VAR, 0.853%, 10/25/34		1,058
	230	Series 2004-13, Class MV8, VAR, 1.953%, 01/25/35 (f) (i)		11
	363	Credit-Based Asset Servicing and Securitization LLC, Series 2006-CB1, Class AF2, SUB, 5.236%, 01/25/36		251
	99	CS First Boston Mortgage Securities Corp., Series 2002- HE4, Class AF, 5.510%, 08/25/32		93
	635	Discover Card Master Trust, Series 2008-A4, Class A4, 5.650%, 12/15/15		705
		Federal National Mortgage Association Whole Loan,
	91	Series 1995-W4, Class A6, VAR, 7.500%, 07/25/25		96
	145	Series 1995-W5, Class A5, VAR, 7.080%, 12/25/25		146
	2,157	First Franklin Mortgage Loan Asset-Backed Certificates, Series 2005-FF9, Class A3, VAR, 0.533%, 10/25/35		2,107
	1,458	GE Mortgage Services LLC, Series 1999-HE1, Class A6, VAR, 6.700%, 04/25/29		1,535
	22	GSAMP Trust, Series 2005- WMC2, Class A2B, VAR, 0.513%, 11/25/35		22
		HSBC Home Equity Loan Trust,
	256	Series 2005-2, Class A1, VAR, 0.523%, 01/20/35		236
	1,026	Series 2005-2, Class M1, VAR, 0.713%, 01/20/35		953
	1,026	Series 2005-2, Class M2, VAR, 0.743%, 01/20/35		933
	380	Series 2006-1, Class A1, VAR, 0.413%, 01/20/36		350
	916	Series 2006-2, Class A1, VAR, 0.403%, 03/20/36		857
	578	Series 2006-3, Class A2F, SUB, 5.660%, 03/20/36		582
	1,075	Series 2006-3, Class A3F, SUB, 5.630%, 03/20/36		1,142

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

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

(Amount in thousands, except number of contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — Continued
	250	Series 2007-1, Class A2F, SUB, 5.600%, 03/20/36		258
	1,455	Series 2007-2, Class A3F, SUB, 5.810%, 07/20/36		1,514
	1,166	Series 2007-3, Class APT, VAR, 1.453%, 11/20/36		1,070
		Long Beach Mortgage Loan Trust,
	497	Series 2004-1, Class M3, VAR, 1.303%, 02/25/34		443
	40	Series 2004-2, Class B, VAR, 3.753%, 06/25/34 (e) (f) (i)		4
	56	Series 2004-5, Class M6, VAR, 2.753%, 09/25/34 (f) (i)		6
	1,161	Morgan Stanley ABS Capital I, Series 2003-SD1, Class M1, VAR, 1.753%, 03/25/33		765
		New Century Home Equity Loan Trust,
	1,000	Series 2003-5, Class AI6, SUB, 5.500%, 11/25/33		1,007
	610	Series 2005-1, Class M1, VAR, 0.703%, 03/25/35		526
	2,400	Park Place Securities, Inc., Series 2004-WCW1, Class M2, VAR, 0.933%, 09/25/34		2,107
	2,100	Residential Asset Securities Corp., Series 2005-EMX3, Class M1, VAR, 0.683%, 09/25/35		1,964
	714	Residential Funding Mortgage Securities II, Inc., Series 2003- HI2, Class A6, SUB, 4.760%, 07/25/28		715
	1,525	Salomon Brothers Mortgage Securities VII, Inc., Series 2003-UP1, Class A, SUB, 3.450%, 04/25/32 (e)		1,315
	106	Soundview Home Equity Loan Trust, Series 2007-OPT1, Class 2A1, VAR, 0.333%, 06/25/37		96
		Structured Asset Investment Loan Trust,
	2,500	Series 2003-BC10, Class A4, VAR, 1.253%, 10/25/33		2,135
	1,500	Series 2005-5, Class A9, VAR, 0.523%, 06/25/35		1,389
	45	Structured Asset Securities Corp., Series 2007-OSI, Class A2, VAR, 0.343%, 06/25/37		40
	214	Union Pacific Railroad Co. 2003 Pass Through Trust, 4.698%, 01/02/24		231
	1,500	Unipac IX LLC, 13.000%, 04/11/13 (f) (i)		1,475
	295	USAA Auto Owner Trust, Series 2009-2, Class A4, 2.530%, 07/15/15		304
		Total Asset-Backed Securities (Cost $49,586)		49,665
	Collateralized Mortgage Obligations — 20.8%
		Agency CMO — 13.2%
	776	Federal Home Loan Bank System, Series 2000-0606, Class Y, 5.270%, 12/28/12		829
		Federal Home Loan Mortgage Corp. - Government National Mortgage Association,
	226	Series 23, Class KZ, 6.500%, 11/25/23		257
	1,613	Series 24, Class J, 6.250%, 11/25/23		1,740
	289	Series 31, Class Z, 8.000%, 04/25/24		339
		Federal Home Loan Mortgage Corp. REMICS,
	35	Series 11, Class D, 9.500%, 07/15/19		38
	21	Series 38, Class D, 9.500%, 05/15/20		25
	9	Series 81, Class A, 8.125%, 11/15/20		11
	24	Series 84, Class F, 9.200%, 10/15/20		28
	14	Series 109, Class I, 9.100%, 01/15/21		16
	4	Series 198, Class Z, 8.500%, 09/15/22		5
	7	Series 1254, Class N, 8.000%, 04/15/22		7
	166	Series 1316, Class Z, 8.000%, 06/15/22		200
	59	Series 1343, Class LB, 7.500%, 08/15/22		70
	2	Series 1351, Class TF, HB, 1,010.000%, 08/15/22		43
	115	Series 1456, Class Z, 7.500%, 01/15/23		131
	866	Series 1543, Class VN, 7.000%, 07/15/23		977
	19	Series 1556, Class H, 6.500%, 08/15/13		21
	420	Series 1577, Class PV, 6.500%, 09/15/23		458
	64	Series 1595, Class D, 7.000%, 10/15/13		67
	1,326	Series 1611, Class Z, 6.500%, 11/15/23		1,494
	1,475	Series 1628, Class LZ, 6.500%, 12/15/23		1,693
	658	Series 1630, Class PK, 6.000%, 11/15/23		738

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

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

(Amount in thousands, except number of contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	1,000	Series 1671, Class I, 7.000%, 02/15/24		1,172
	16	Series 1671, Class QC, IF, 10.000%, 02/15/24		20
	117	Series 1695, Class G, HB, IF , 23.963%, 03/15/24		172
	71	Series 1710, Class GB, HB, IF, 36.103%, 04/15/24		124
	303	Series 1911, Class SD, IF, IO, 10.169%, 07/15/23		96
	155	Series 2022, Class PE, 6.500%, 01/15/28		172
	1,153	Series 2033, Class K, 6.050%, 08/15/23		1,205
	969	Series 2036, Class PG, 6.500%, 01/15/28		1,009
	367	Series 2055, Class OE, 6.500%, 05/15/13		370
	143	Series 2089, Class PJ, IO, 7.000%, 10/15/28		30
	3,378	Series 2091, Class PG, 6.000%, 11/15/28		3,671
	232	Series 2148, Class ZA, 6.000%, 04/15/29		252
	408	Series 2201, Class C, 8.000%, 11/15/29		492
	116	Series 2261, Class ZY, 7.500%, 10/15/30		137
	1,196	Series 2293, Class ZA, 6.000%, 03/15/31		1,324
	141	Series 2297, Class NB, 6.000%, 03/15/16		149
	193	Series 2310, Class Z, 6.000%, 04/15/31		208
	71	Series 2313, Class LA, 6.500%, 05/15/31		77
	612	Series 2325, Class JO, PO, 06/15/31		529
	1,678	Series 2330, Class PE, 6.500%, 06/15/31		1,805
	512	Series 2344, Class QG, 6.000%, 08/15/16		551
	602	Series 2345, Class PQ, 6.500%, 08/15/16		643
	460	Series 2368, Class TG, 6.000%, 10/15/16		493
	968	Series 2394, Class MC, 6.000%, 12/15/16		1,042
	359	Series 2399, Class PG, 6.000%, 01/15/17		388
	300	Series 2410, Class QB, 6.250%, 02/15/32		350
	898	Series 2430, Class WF, 6.500%, 03/15/32		1,016
	947	Series 2466, Class DH, 6.500%, 06/15/32		1,055
	2,720	Series 2530, Class SK, IF, IO, 7.847%, 06/15/29		464
	328	Series 2534, Class SI, HB, IF , 20.401%, 02/15/32		452
	2,000	Series 2543, Class YX, 6.000%, 12/15/32		2,268
	3,611	Series 2545, Class SQ, IF, IO, 7.347%, 05/15/17		211
	817	Series 2557, Class HL, 5.300%, 01/15/33		888
	1,981	Series 2586, Class IO, IO, 6.500%, 03/15/33		362
	2,237	Series 2587, Class XS, IF, IO, 7.397%, 09/15/17		143
	561	Series 2594, Class IV, IO, 7.000%, 03/15/32		122
	166	Series 2602, Class BX, 3.500%, 12/15/22		171
	1,879	Series 2610, Class UI, IO, 6.500%, 05/15/33		332
	1,515	Series 2613, Class H, 4.500%, 05/15/18		1,655
	2,000	Series 2617, Class GR, 4.500%, 05/15/18		2,152
	473	Series 2630, Class KX, 4.050%, 06/15/18		476
	2,225	Series 2630, Class S, IF, IO, 6.897%, 01/15/17		85
	4,876	Series 2636, Class Z, 4.500%, 06/15/18		5,193
	3,982	Series 2641, Class SK, IF, IO, 6.897%, 01/15/18		382
	164	Series 2643, Class SA, HB, IF , 43.853%, 03/15/32		293
	208	Series 2650, Class PO, PO, 12/15/32		197
	209	Series 2650, Class SO, PO, 12/15/32		198
	616	Series 2656, Class AC, 6.000%, 08/15/33		689
	1,375	Series 2656, Class PE, 4.500%, 07/15/18		1,497
	1,454	Series 2658, Class A, 4.500%, 08/15/18		1,477
	682	Series 2668, Class SB, IF, 6.975%, 10/15/15		695
	874	Series 2686, Class GB, 5.000%, 05/15/20		892
	950	Series 2695, Class OB, PO, 10/15/33		781
	1,643	Series 2701, Class ST, IF, IO, 6.747%, 08/15/21		86
	1,510	Series 2707, Class KA, 4.500%, 11/15/18		1,626
	912	Series 2707, Class KJ, 5.000%, 11/15/18		960

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

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

(Amount in thousands, except number of contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	5,000	Series 2708, Class N, 4.000%, 11/15/18		5,343
	221	Series 2717, Class BA, 6.000%, 11/15/30		225
	339	Series 2723, Class JE, 5.500%, 12/15/33		346
	705	Series 2733, Class SB, IF, 7.782%, 10/15/33		678
	1,050	Series 2736, Class PD, 5.000%, 03/15/32		1,130
	296	Series 2755, Class SA, IF, 13.693%, 05/15/30		330
	1,326	Series 2756, Class NA, 5.000%, 02/15/24		1,442
	2,000	Series 2764, Class OE, 4.500%, 03/15/19		2,138
	404	Series 2764, Class S, IF, 13.116%, 07/15/33		439
	447	Series 2776, Class SK, IF, 8.695%, 04/15/34		443
	1,161	Series 2779, Class SM, IF, IO, 6.897%, 10/15/18		91
	246	Series 2827, Class SQ, IF, 7.500%, 01/15/19		251
	1,000	Series 2845, Class QH, 5.000%, 08/15/34		1,023
	1,540	Series 2864, Class NB, 5.500%, 07/15/33		1,729
	4,588	Series 2864, Class NS, IF, IO, 6.847%, 09/15/34		373
	1,962	Series 2888, Class IN, IO, 5.000%, 10/15/18		114
	1,502	Series 2912, Class EH, 5.500%, 01/15/35		1,697
	478	Series 2915, Class SY, IF, 15.616%, 01/15/35		492
	633	Series 2931, Class GA, 5.000%, 11/15/28		651
	151	Series 2980, Class QB, 6.500%, 05/15/35		168
	337	Series 2990, Class SL, HB, IF , 23.564%, 06/15/34		482
	4,425	Series 2994, Class SC, IF, IO, 5.347%, 02/15/33		409
	802	Series 2995, Class FT, VAR, 0.503%, 05/15/29		802
	513	Series 3005, Class PV, IF, 12.330%, 10/15/33		565
	1,845	Series 3006, Class XD, IF, IO, 6.347%, 07/15/35		35
	520	Series 3031, Class BN, HB, IF , 20.882%, 08/15/35		616
	982	Series 3059, Class B, 5.000%, 02/15/35		1,085
	1,000	Series 3064, Class OG, 5.500%, 06/15/34		1,109
	183	Series 3068, Class AO, PO, 01/15/35		177
	1,000	Series 3117, Class EO, PO, 02/15/36		904
	492	Series 3134, Class PO, PO, 03/15/36		410
	603	Series 3138, Class PO, PO, 04/15/36		493
	1,505	Series 3151, Class PD, 6.000%, 11/15/34		1,667
	1,283	Series 3152, Class MO, PO, 03/15/36		1,076
	5,018	Series 3201, Class IN, IF, IO, 5.997%, 08/15/36		600
	6,375	Series 3202, Class HI, IF, IO, 6.397%, 08/15/36		1,036
	785	Series 3219, Class OD, 6.000%, 06/15/33		857
	109	Series 3269, Class WF, VAR, 0.000%, 01/15/37		108
	2,000	Series 3274, Class B, 6.000%, 02/15/37		2,203
	1,182	Series 3292, Class DO, PO, 03/15/37		1,043
	6,271	Series 3305, Class IW, IF, IO, 6.197%, 04/15/37		839
	445	Series 3306, Class TB, IF, 3.003%, 04/15/37		438
	392	Series 3306, Class TC, IF, 2.463%, 04/15/37		381
	695	Series 3331, Class PO, PO, 06/15/37		626
	1,550	Series 3336, Class GD, 5.000%, 04/15/36		1,670
	5,790	Series 3369, Class SB, IF, IO, 6.167%, 09/15/37		865
	3,057	Series 3523, Class CI, IO, VAR, 2.461%, 02/15/12		53
	2,702	Series 3531, Class SM, IF, IO, 5.847%, 05/15/39		333
	546	Series 3542, Class TN, IF, 6.000%, 07/15/36		542
	703	Series 3546, Class A, VAR, 5.974%, 02/15/39		750
	1,462	Series 3572, Class JS, IF, IO, 6.547%, 09/15/39		229
	1,086	Series 3605, Class NC, 5.500%, 06/15/37		1,218
	3,450	Series 3609, Class SA, IF, IO, 6.087%, 12/15/39		692
	982	Series 3611, Class PO, PO, 07/15/34		897
	1,062	Series 3688, Class GT, VAR, 7.149%, 11/15/46		1,143

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

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

(Amount in thousands, except number of contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	747	Federal Home Loan Mortgage Corp. STRIPS, Series 186, Class PO, PO, 08/01/27		659
	985	Federal Home Loan Mortgage Corp. Structured Pass-Through Securities, Series T-76, Class 2A, VAR, 4.781%, 10/25/37		1,021
		Federal National Mortgage Association Grantor Trust,
	1,351	Series 2002-T19, Class A1, 6.500%, 07/25/42		1,549
	754	Series 2004-T2, Class 1A3, 7.000%, 11/25/43		890
	904	Series 2004-T2, Class 1A4, 7.500%, 11/25/43		1,053
	12,364	Series 2004-T3, Class 1IO4, IO, VAR, 0.600%, 02/25/44		206
		Federal National Mortgage Association Interest STRIPS,
	4,859	Series 203, Class 2, IO, 8.000%, 02/01/23		840
	829	Series 266, Class 2, IO, 7.500%, 08/01/24		172
	1,506	Series 348, Class 30, IO, 5.500%, 12/01/18		187
	1,453	Series 348, Class 31, IO, VAR, 5.500%, 12/01/18		189
	1,190	Series 356, Class 42, IO, 5.500%, 12/01/19		146
	2,899	Series 380, Class S36, IF, IO, 7.643%, 07/25/37		433
	1,560	Series 383, Class 68, IO, 6.500%, 09/01/37		189
	2,427	Series 383, Class 69, IO, VAR, 6.500%, 10/01/37		418
	706	Series 383, Class 86, IO, VAR, 7.000%, 09/01/37		128
		Federal National Mortgage Association REMICS,
	17	Series 1988-13, Class C, 9.300%, 05/25/18		20
	158	Series 1989-72, Class E, 9.350%, 10/25/19		185
	6	Series 1989-98, Class H, 11.500%, 12/25/19		7
	10	Series 1990-1, Class D, 8.800%, 01/25/20		12
	12	Series 1990-110, Class H, 8.750%, 09/25/20		13
	8	Series 1990-117, Class E, 8.950%, 10/25/20		10
	91	Series 1991-141, Class PZ, 8.000%, 10/25/21		110
	44	Series 1992-31, Class M, 7.750%, 03/25/22		54
	53	Series 1992-79, Class Z, 9.000%, 06/25/22		62
	46	Series 1992-101, Class J, 7.500%, 06/25/22		48
	469	Series 1992-188, Class PZ, 7.500%, 10/25/22		535
	561	Series 1992-200, Class SK, HB, IF , 21.111%, 11/25/22		863
	39	Series 1993-23, Class PZ, 7.500%, 03/25/23		44
	308	Series 1993-56, Class PZ, 7.000%, 05/25/23		350
	165	Series 1993-60, Class Z, 7.000%, 05/25/23		187
	376	Series 1993-79, Class PL, 7.000%, 06/25/23		442
	579	Series 1993-141, Class Z, 7.000%, 08/25/23		661
	290	Series 1993-149, Class M, 7.000%, 08/25/23		329
	1,131	Series 1993-160, Class ZA, 6.500%, 09/25/23		1,283
	101	Series 1993-165, Class SA, IF, 19.159%, 09/25/23		141
	11	Series 1993-205, Class H, PO, 09/25/23		9
	95	Series 1993-247, Class SM, HB, IF , 23.496%, 12/25/23		156
	104	Series 1993-255, Class E, 7.100%, 12/25/23		118
	141	Series 1993-257, Class C, PO, 06/25/23		138
	233	Series 1994-1, Class L, 6.500%, 01/25/14		247
	3,119	Series 1994-23, Class PX, 6.000%, 08/25/23		3,441
	145	Series 1994-65, Class PK, PO, 04/25/24		129
	413	Series 1995-4, Class Z, 7.500%, 10/25/22		497
	649	Series 1995-19, Class Z, 6.500%, 11/25/23		765
	77	Series 1996-59, Class K, 6.500%, 07/25/23		79
	155	Series 1997-11, Class E, 7.000%, 03/18/27		177
	549	Series 1997-20, Class D, 7.000%, 03/17/27		622
	66	Series 1997-27, Class J, 7.500%, 04/18/27		73
	1,610	Series 1997-37, Class SM, IF, IO, 7.719%, 12/25/22		315
	500	Series 1997-42, Class EG, 8.000%, 07/18/27		605
	964	Series 1997-63, Class ZA, 6.500%, 09/18/27		1,086

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

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

(Amount in thousands, except number of contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	841	Series 1998-66, Class FB, VAR, 0.603%, 12/25/28		844
	1,507	Series 1999-47, Class JZ, 8.000%, 09/18/29		1,824
	450	Series 2000-8, Class Z, 7.500%, 02/20/30		533
	742	Series 2001-4, Class PC, 7.000%, 03/25/21		815
	250	Series 2001-5, Class OW, 6.000%, 03/25/16		262
	1,123	Series 2001-14, Class Z, 6.000%, 05/25/31		1,257
	1,354	Series 2001-16, Class Z, 6.000%, 05/25/31		1,514
	872	Series 2001-36, Class ST, IF, IO, 8.247%, 11/25/30		179
	3,435	Series 2001-72, Class SB, IF, IO, 7.247%, 12/25/31		574
	712	Series 2002-11, Class QG, 5.500%, 03/25/17		770
	229	Series 2002-19, Class SC, IF, 13.731%, 03/17/32		279
	641	Series 2002-55, Class QE, 5.500%, 09/25/17		703
	715	Series 2002-63, Class KC, 5.000%, 10/25/17		762
	307	Series 2002-73, Class AN, 5.000%, 11/25/17		327
	755	Series 2003-8, Class QD, 5.000%, 09/25/16		767
	2,303	Series 2003-14, Class EH, IF, IO, 7.347%, 03/25/18		320
	1,100	Series 2003-17, Class EQ, 5.500%, 03/25/23		1,243
	1,000	Series 2003-18, Class GT, 5.000%, 03/25/18		1,097
	3,073	Series 2003-30, Class IP, IO, 5.750%, 08/25/32		282
	2,000	Series 2003-47, Class PE, 5.750%, 06/25/33		2,257
	120	Series 2003-60, Class DA, 4.250%, 06/25/21		122
	1,424	Series 2003-64, Class KS, IF, 9.316%, 07/25/18		1,527
	458	Series 2003-64, Class SX, IF, 13.115%, 07/25/33		500
	1,194	Series 2003-73, Class GA, 3.500%, 05/25/31		1,237
	2,000	Series 2003-83, Class PG, 5.000%, 06/25/23		2,153
	73	Series 2003-91, Class SD, IF, 12.078%, 09/25/33		80
	1,000	Series 2003-92, Class VH, 5.000%, 02/25/19		1,112
	2,000	Series 2003-106, Class WE, 4.500%, 11/25/22		2,158
	3,789	Series 2003-109, Class TS, IF, IO, 6.847%, 08/25/22		334
	543	Series 2003-128, Class KE, 4.500%, 01/25/14		564
	9,247	Series 2003-128, Class NG, 4.000%, 01/25/19		9,945
	1,000	Series 2004-8, Class GD, 4.500%, 10/25/32		1,072
	1,000	Series 2004-21, Class AE, 4.000%, 04/25/19		1,073
	135	Series 2004-22, Class A, 4.000%, 04/25/19		138
	1,000	Series 2004-53, Class NC, 5.500%, 07/25/24		1,069
	678	Series 2004-72, Class F, VAR, 0.753%, 09/25/34		684
	560	Series 2004-87, Class JI, IO, 5.000%, 11/25/30		23
	1,000	Series 2004-101, Class PD, 5.000%, 06/25/30		1,058
	212	Series 2005-42, Class PS, IF, 16.366%, 05/25/35		268
	1,061	Series 2005-51, Class MO, PO, 06/25/35		915
	3,878	Series 2005-53, Class CS, IF, IO, 6.447%, 06/25/35		601
	2,275	Series 2005-59, Class PC, 5.500%, 03/25/31		2,416
	616	Series 2005-65, Class KO, PO, 08/25/35		539
	6,800	Series 2005-68, Class BC, 5.250%, 06/25/35		7,549
	703	Series 2005-68, Class JK, 5.250%, 05/25/35		703
	6,836	Series 2005-72, Class WS, IF, IO, 6.497%, 08/25/35		898
	1,489	Series 2005-84, Class XM, 5.750%, 10/25/35		1,673
	466	Series 2005-90, Class ES, IF, 16.241%, 10/25/35		583
	1,094	Series 2005-97, Class B, 5.500%, 11/25/35		1,217
	487	Series 2005-106, Class US, HB, IF , 23.637%, 11/25/35		727
	634	Series 2005-116, Class PB, 6.000%, 04/25/34		695
	706	Series 2006-2, Class IG, IO, 6.000%, 06/25/32		10
	2,985	Series 2006-20, Class IB, IF, IO, 6.337%, 04/25/36		437
	742	Series 2006-22, Class AO, PO, 04/25/36		661
	814	Series 2006-27, Class OH, PO, 04/25/36		719
	1,433	Series 2006-46, Class LI, IO, 6.000%, 02/25/34		77

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

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

(Amount in thousands, except number of contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	1,471	Series 2006-59, Class QO, PO, 01/25/33		1,397
	1,245	Series 2006-61, Class AP, 6.000%, 08/25/35		1,349
	313	Series 2006-74, Class UT, IF, 10.500%, 08/25/36		315
	2,500	Series 2006-77, Class PC, 6.500%, 08/25/36		2,828
	2,095	Series 2006-110, Class PO, PO, 11/25/36		1,854
	439	Series 2006-114, Class DS, VAR, 0.000%, 12/25/36		387
	246	Series 2006-115, Class OM, PO, 12/25/36		219
	694	Series 2006-128, Class PO, PO, 01/25/37		606
	843	Series 2007-10, Class Z, 6.000%, 02/25/37		956
	2,720	Series 2007-22, Class SC, IF, IO, 5.827%, 03/25/37		247
	992	Series 2007-68, Class IA, IO, 6.500%, 06/25/37		169
	1,600	Series 2007-79, Class PC, 5.000%, 01/25/32		1,717
	594	Series 2007-100, Class SM, IF, IO, 6.197%, 10/25/37		79
	7,162	Series 2008-62, Class SM, IF, IO, 5.947%, 07/25/38		811
	22,002	Series 2008-91, Class SI, IF, IO, 5.747%, 03/25/38		2,229
	1,646	Series 2008-95, Class AI, IO, 5.000%, 12/25/23		173
	1,558	Series 2009-17, Class AI, IO, 5.000%, 03/25/24		177
	3,792	Series 2009-23, Class MI, IO, 4.500%, 04/25/24		342
	1,664	Series 2009-29, Class LA, VAR, 5.342%, 05/25/39		1,565
	3,738	Series 2009-52, Class PI, IO, 5.000%, 07/25/39		562
	1,637	Series 2009-108, Class VN, 5.000%, 09/25/39		1,807
	10,078	Series 2009-112, Class ST, IF, IO, 5.997%, 01/25/40		1,056
	6,625	Series 2009-112, Class SW, IF, IO, 5.997%, 01/25/40		729
	1,381	Series 2010-10, Class NT, 5.000%, 02/25/40		1,497
	1,895	Series 2010-19, Class VA, 5.000%, 02/25/21		2,086
	15,047	Series 2010-35, Class SB, IF, IO, 6.167%, 04/25/40		1,950
	3,772	Series 2010-43, Class CI, IO, 4.500%, 02/25/25		321
	410	Series 2010-45, Class PO, PO, 05/25/40		374
	1,629	Series 2010-49, Class SC, IF, 12.153%, 03/25/40		1,933
	1,128	Series 2010-64, Class DM, 5.000%, 06/25/40		1,234
	1,718	Series 2010-111, Class AE, 5.500%, 04/25/38		1,868
	36	Series G-29, Class O, 8.500%, 09/25/21		41
	67	Series G92-15, Class Z, 7.000%, 01/25/22		68
	23	Series G92-30, Class Z, 7.000%, 06/25/22		26
	48	Series G92-62, Class B, PO, 10/25/22		44
		Federal National Mortgage Association Whole Loan,
	1,026	Series 2001-W3, Class A, VAR, 7.000%, 09/25/41		1,178
	14,757	Series 2002-W10, Class IO, IO, VAR, 0.981%, 08/25/42		680
	24,178	Series 2002-W7, Class IO1, IO, VAR, 0.928%, 06/25/29		740
	47	Series 2003-W3, Class 2A5, 5.356%, 06/25/42		51
	427	Series 2003-W4, Class 2A, 6.500%, 10/25/42		490
	670	Series 2003-W6, Class 1A41, 5.398%, 10/25/42		719
	49,427	Series 2004-W11, Class 1IO1, IO, VAR, 0.353%, 05/25/44		490
	325	Series 2004-W2, Class 1A3F, VAR, 0.603%, 02/25/44		322
	372	Series 2004-W2, Class 2A2, 7.000%, 02/25/44		440
	1,031	Series 2004-W6, Class 3A4, 6.500%, 07/25/34		1,143
	863	Series 2004-W8, Class 3A, 7.500%, 06/25/44		1,005
	1,250	Series 2004-W9, Class 1A3, 6.050%, 02/25/44		1,433
	1,661	Series 2005-W4, Class 1A1, 6.000%, 08/25/35		1,861
		Government National Mortgage Association,
	198	Series 1997-7, Class ZA, 9.000%, 05/16/27		245
	223	Series 1997-8, Class PN, 7.500%, 05/16/27		260
	3,005	Series 1999-15, Class S, IF, IO, 7.947%, 05/16/29		616
	51	Series 1999-43, Class TA, IF, 9.350%, 11/16/29		63
	560	Series 1999-44, Class ZG, 8.000%, 12/20/29		669
	338	Series 2000-9, Class Z, 8.000%, 06/20/30		407

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

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

(Amount in thousands, except number of contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	263	Series 2000-26, Class Z, 7.750%, 09/20/30		317
	408	Series 2001-63, Class SI, HB, IF , 21.305%, 05/20/26		21
	2,762	Series 2002-4, Class TD, 7.000%, 01/20/32		3,238
	2,221	Series 2002-13, Class QA, IF, IO, 7.797%, 02/16/32		454
	1,248	Series 2002-45, Class QE, 6.500%, 06/20/32		1,414
	71	Series 2002-47, Class HM, 6.000%, 07/16/32		79
	7,718	Series 2002-68, Class SC, IF, IO, 5.447%, 10/16/32		1,059
	1,880	Series 2002-84, Class PH, 6.000%, 11/16/32		2,154
	1,207	Series 2003-4, Class TI, IO, 5.500%, 05/16/31		53
	329	Series 2003-52, Class SB, IF, 11.106%, 06/16/33		363
	928	Series 2003-79, Class PV, 5.500%, 10/20/23		1,041
	6,384	Series 2003-101, Class SK, IF, IO, 6.307%, 10/17/33		891
	240	Series 2004-2, Class SA, IF, 19.602%, 01/16/34		297
	8,986	Series 2004-59, Class SG, IF, IO, 6.247%, 07/20/34		1,363
	65	Series 2004-73, Class AE, IF, 14.332%, 08/17/34		77
	4,322	Series 2004-86, Class SP, IF, IO, 5.847%, 09/20/34		498
	2,983	Series 2004-90, Class SI, IF, IO, 5.847%, 10/20/34		364
	5,297	Series 2004-105, Class SN, IF, IO, 5.847%, 12/20/34		687
	9,432	Series 2005-3, Class SD, IF, IO, 5.847%, 01/20/31		597
	7,238	Series 2005-48, Class CS, IF, IO, 6.047%, 04/20/33		545
	558	Series 2005-56, Class IC, IO, 5.500%, 07/20/35		95
	10,633	Series 2006-23, Class S, IF, IO, 6.247%, 01/20/36		1,154
	7,915	Series 2006-26, Class S, IF, IO, 6.247%, 06/20/36		955
	723	Series 2006-59, Class PC, 5.500%, 04/20/35		799
	4,354	Series 2007-9, Class CI, IF, IO, 5.947%, 03/20/37		542
	7,314	Series 2007-16, Class KU, IF, IO, 6.397%, 04/20/37		997
	515	Series 2007-17, Class JO, PO, 04/16/37		462
	1,000	Series 2007-22, Class PK, 5.500%, 04/20/37		1,130
	8,790	Series 2007-24, Class SA, IF, IO, 6.257%, 05/20/37		1,186
	2,840	Series 2007-26, Class SC, IF, IO, 5.947%, 05/20/37		327
	2,010	Series 2007-67, Class SI, IF, IO, 6.257%, 11/20/37		242
	605	Series 2008-29, Class PO, PO, 02/17/33		554
	226	Series 2008-34, Class OC, PO, 06/20/37		159
	2,261	Series 2008-40, Class PS, IF, IO, 6.247%, 05/16/38		395
	4,305	Series 2008-40, Class SA, IF, IO, 6.147%, 05/16/38		621
	646	Series 2008-43, Class NA, 5.500%, 11/20/37		698
	1,980	Series 2009-12, Class IE, IO, 5.500%, 03/20/39		495
	293	Series 2009-75, Class IY, IO, 5.500%, 06/20/39		85
	1,343	Series 2009-79, Class OK, PO, 11/16/37		1,215
	3,001	Series 2009-83, Class TS, IF, IO, 5.847%, 08/20/39		305
	4,771	Series 2009-106, Class XL, IF, IO, 6.497%, 06/20/37		610
	6,699	Series 2010-4, Class SB, IF, IO, 6.247%, 08/16/39		859
	1,043	Series 2010-14, Class DO, PO, 03/20/36		1,003
	1,258	Series 2010-14, Class QP, 6.000%, 12/20/39		1,365
	1,731	Series 2010-31, Class SK, IF, IO, 5.847%, 11/20/34		228
	3,940	NCUA Guaranteed Notes, Series 2010-C1, Class APT, 2.650%, 10/29/20		3,922
		Vendee Mortgage Trust,
	1,241	Series 1996-2, Class 1Z, 6.750%, 06/15/26		1,455
	3,245	Series 1998-1, Class 2E, 7.000%, 03/15/28		3,781
	428	Series 1999-1, Class 2Z, 6.500%, 01/15/29		495
				269,455
		Non-Agency CMO — 7.6%
		ABN Amro Mortgage Corp.,
	942	Series 2003-7, Class A3, 4.500%, 07/25/18		962
	449	Series 2003-9, Class A1, 4.500%, 08/25/18		460
		Adjustable Rate Mortgage Trust,
	1,758	Series 2005-4, Class 7A2, VAR, 0.483%, 08/25/35		1,613

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

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

(Amount in thousands, except number of contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
	325	Series 2005-5, Class 6A21, VAR, 0.483%, 09/25/35		268
		American General Mortgage Loan Trust,
	1,673	Series 2006-1, Class A5, VAR, 5.750%, 12/25/35 (e)		1,791
	2,540	Series 2009-1, Class A4, VAR, 5.750%, 09/25/48 (e)		2,634
	3,000	Series 2009-1, Class A7, VAR, 5.750%, 09/25/48 (e)		2,985
	4,943	American Home Mortgage Investment Trust, Series 2005- 3, Class 2A4, VAR, 2.159%, 09/25/35		2,176
	326	ASG Resecuritization Trust, Series 2009-2, Class A55, VAR, 5.510%, 05/24/36 (e)		331
		Banc of America Alternative Loan Trust,
	734	Series 2003-11, Class 2A1, 6.000%, 01/25/34		757
	772	Series 2004-6, Class 4A1, 5.000%, 07/25/19		793
		Banc of America Funding Corp.,
	1,500	Series 2005-5, Class 3A5, 5.500%, 08/25/35		963
	611	Series 2005-7, Class 30PO, PO, 11/25/35		329
	2,287	Series 2005-E, Class 4A1, VAR, 2.859%, 03/20/35		2,214
		Banc of America Mortgage Securities, Inc.,
	586	Series 2003-7, Class A2, 4.750%, 09/25/18		606
	472	Series 2004-2, Class 2A4, 5.500%, 03/25/34		333
	4,117	Series 2004-3, Class 2A1, 5.500%, 04/25/34		4,246
	1,650	Series 2004-5, Class 3A3, 5.000%, 06/25/19		1,717
	691	Series 2004-5, Class 4A1, 4.750%, 06/25/19		706
	800	Series 2004-7, Class 2A2, 5.750%, 08/25/34		761
	295	Series 2004-8, Class XPO, PO, 10/25/34		235
	37	Series 2004-11, Class 15PO, PO, 01/25/20		31
	1,070	Series 2004-F, Class 1A1, VAR, 2.766%, 07/25/34		984
	290	Series 2005-1, Class 15PO, PO, 02/25/20		236
	504	Series 2005-1, Class 1A17, 5.500%, 02/25/35		357
	1,850	Series 2005-1, Class 2A1, 5.000%, 02/25/20		1,888
	293	Series 2005-10, Class 15PO, PO, 11/25/20		241
	398	Series 2005-11, Class 15PO, PO, 12/25/20		333
	465	Series 2007-1, Class 1A7, 5.750%, 03/25/37		470
		BCAP LLC Trust,
	561	Series 2009-RR5, Class 8A1, 5.500%, 11/26/34 (e)		573
	1,795	Series 2010-RR7, Class 16A1, VAR, 1.042%, 02/26/47 (e)		1,678
	1,776	Series 2010-RR8, Class 3A3, VAR, 5.121%, 05/26/35 (e)		1,821
	403	Bear Stearns Adjustable Rate Mortgage Trust, Series 2003-7, Class 3A, VAR, 2.818%, 10/25/33		395
	10	Bear Stearns Mortgage Securities, Inc., Series 1997-6, Class 1A, VAR, 7.058%, 03/25/31		10
	958	Cendant Mortgage Corp., Series 2003-8, Class 1A8, 5.250%, 10/25/33		980
		Chase Mortgage Finance Corp.,
	708	Series 2003-S10, Class A1, 4.750%, 11/25/18		728
	859	Series 2003-S13, Class A2, 5.000%, 11/25/33		892
	1,392	Series 2004-S1, Class M, VAR, 5.089%, 02/25/19		1,365
	986	Citicorp Mortgage Securities, Inc., Series 2004-1, Class 3A1, 4.750%, 01/25/34		1,012
		Citigroup Mortgage Loan Trust, Inc.,
	129	Series 2003-UST1, Class PO3, PO, 12/25/18		113
	228	Series 2004-HYB4, Class AA, VAR, 0.583%, 12/25/34		202
	308	Community Program Loan Trust, Series 1987-A, Class A4, 4.500%, 10/01/18		310
		Countrywide Alternative Loan Trust,
	471	Series 2003-J3, Class 2A1, 6.250%, 12/25/33		486
	2,031	Series 2004-16CB, Class 2A2, 5.000%, 08/25/19		1,983
	478	Series 2004-18CB, Class 2A4, 5.700%, 09/25/34		478
	1,621	Series 2004-22CB, Class 1A1, 6.000%, 10/25/34		1,660

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

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

(Amount in thousands, except number of contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
	1,791	Series 2004-J13, Class 1A4, SUB, 5.030%, 02/25/35		1,806
	624	Series 2005-5R, Class A1, 5.250%, 12/25/18		642
	800	Series 2005-23CB, Class A2, 5.500%, 07/25/35		646
	5,500	Series 2005-54CB, Class 1A11, 5.500%, 11/25/35		4,597
	2,000	Series 2005-86CB, Class A11, 5.500%, 02/25/36		1,449
	350	Series 2005-J6, Class 2A1, 5.500%, 07/25/25		331
	98	Series 2005-J7, Class 1A9, 5.500%, 07/25/35		63
	522	Series 2006-26CB, Class A9, 6.500%, 09/25/36		380
		Countrywide Home Loan Mortgage Pass-Through Trust,
	343	Series 2002-22, Class A20, 6.250%, 10/25/32		356
	1,164	Series 2003-40, Class A3, 4.500%, 10/25/18		1,186
	234	Series 2003-J7, Class 2A13, 5.000%, 08/25/33		230
	1,231	Series 2004-3, Class A25, 5.750%, 04/25/34		1,218
	25	Series 2005-13, Class A1, 5.500%, 06/25/35		25
	1,408	Series 2005-22, Class 2A1, VAR, 3.105%, 11/25/35		1,097
		Credit Suisse Mortgage Capital Certificates,
	955	Series 2009-3R, Class 19A3, 6.000%, 01/27/38 (e)		957
	1,500	Series 2010-16, Class A3, VAR, 4.250%, 06/25/50 (e)		1,399
		CS First Boston Mortgage Securities Corp.,
	407	Series 2003-29, Class 8A1, 6.000%, 11/25/18		418
	3,668	Series 2004-4, Class 5A4, IF, IO, 7.297%, 08/25/34		435
	1,000	Series 2005-1, Class 1A16, 5.500%, 02/25/35		757
	786	Series 2005-7, Class 5A1, 4.750%, 08/25/20		791
	500	Series 2005-10, Class 10A4, 6.000%, 11/25/35		260
	881	Series 2005-10, Class 6A13, 5.500%, 11/25/35		633
	225	Deutsche ALT-A Securities, Inc. Alternate Loan Trust, Series 2005-3, Class 4APO, PO, 06/25/35		125
	738	First Horizon Alternative Mortgage Securities, Series 2004-AA3, Class A1, VAR, 2.545%, 09/25/34		679
		First Horizon Asset Securities, Inc.,
	366	Series 2003-8, Class 1A43, PO, 10/25/33		256
	334	Series 2004-AR7, Class 2A1, VAR, 2.861%, 02/25/35		329
		GMAC Mortgage Corp. Loan Trust,
	3,215	Series 2003-J10, Class A1, 4.750%, 01/25/19		3,337
	729	Series 2004-J5, Class A7, 6.500%, 01/25/35		747
	325	Series 2005-AR3, Class 3A4, VAR, 3.224%, 06/19/35		262
		GSR Mortgage Loan Trust,
	552	Series 2003-7F, Class 1A4, 5.250%, 06/25/33		552
	1,003	Series 2004-6F, Class 3A4, 6.500%, 05/25/34		1,032
	729	Series 2004-8F, Class 2A3, 6.000%, 09/25/34		756
	3,534	Series 2005-2F, Class 1A5, 5.500%, 03/25/35		3,627
	1,000	Series 2007-2F, Class 2A7, 5.750%, 02/25/37		833
		Impac CMB Trust,
	1,735	Series 2004-10, Class 3A1, VAR, 0.953%, 03/25/35		1,361
	1,051	Series 2004-10, Class 3A2, VAR, 1.053%, 03/25/35		485
	32	Impac Secured Assets CMN Owner Trust, Series 2003-2, Class A1, 5.500%, 08/25/33		33
		JP Morgan Mortgage Trust,
	1,443	Series 2004-S2, Class 4A5, 6.000%, 11/25/34		1,397
	1,647	Series 2004-S2, Class 5A1, 5.500%, 12/25/19		1,693
	567	Series 2006-A2, Class 4A1, VAR, 2.930%, 08/25/34		566
	399	Series 2006-A2, Class 5A3, VAR, 2.970%, 11/25/33		399
	1,276	JP Morgan Reremic, Series 2010-4, Class 7A1, VAR, 4.319%, 08/26/35 (e)		1,279
		MASTR Adjustable Rate Mortgages Trust,
	518	Series 2004-13, Class 2A1, VAR, 2.834%, 04/21/34		500
	489	Series 2004-13, Class 3A6, VAR, 2.899%, 11/21/34		491

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

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

(Amount in thousands, except number of contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
		MASTR Alternative Loans Trust,
	812	Series 2003-7, Class 4A3, 8.000%, 11/25/18		826
	367	Series 2003-8, Class 3A1, 5.500%, 12/25/33		382
	1,046	Series 2003-9, Class 5A1, 4.500%, 12/25/18		1,076
	1,399	Series 2004-6, Class 6A1, 6.500%, 07/25/34		1,418
	220	Series 2004-7, Class 30PO, PO, 08/25/34		143
	104	Series 2004-7, Class 3A1, 6.500%, 08/25/34		102
	1,031	Series 2004-8, Class 6A1, 5.500%, 09/25/19		1,057
	1,989	Series 2004-10, Class 1A1, 4.500%, 09/25/19		2,011
	487	Series 2004-11, Class 8A3, 5.500%, 11/25/19		466
	84	Series 2005-1, Class 5A1, 5.500%, 01/25/20		88
		MASTR Asset Securitization Trust,
	117	Series 2003-6, Class 8A1, 5.500%, 07/25/33		121
	726	Series 2003-10, Class 3A1, 5.500%, 11/25/33		753
	317	Series 2003-11, Class 10A1, 5.000%, 12/25/18		328
	503	Series 2003-11, Class 3A1, 4.500%, 12/25/18		513
	166	Series 2004-6, Class 15PO, PO, 05/25/19		139
	1,184	Series 2004-6, Class 3A1, 5.250%, 07/25/19		1,215
	287	Series 2004-8, Class PO, PO, 08/25/19		236
	492	Series 2004-10, Class 1A1, 4.500%, 10/25/19		512
	2,120	Series 2004-P7, Class A6, 5.500%, 12/27/33 (e)		2,212
	418	MASTR Resecuritization Trust, Series 2005-PO, Class 3PO, PO, 05/28/35 (e)		267
	1,841	Merrill Lynch Mortgage Investors, Inc., Series 2005-A6, Class 2A2, VAR, 0.533%, 08/25/35		1,615
		MLCC Mortgage Investors, Inc.,
	1,174	Series 2004-C, Class A2, VAR, 1.349%, 07/25/29		1,135
	872	Series 2004-D, Class A3, VAR, 2.344%, 08/25/29		843
	1,757	Morgan Stanley Mortgage Loan Trust, Series 2004-3, Class 4A, VAR, 5.657%, 04/25/34		1,851
	454	MortgageIT Trust, Series 2005-1, Class 1A1, VAR, 0.573%, 02/25/35		337
		Nomura Asset Acceptance Corp.,
	386	Series 2004-R2, Class A1, VAR, 6.500%, 10/25/34 (e)		391
	1,486	Series 2005-AR1, Class 1A1, VAR, 2.851%, 02/25/35		1,137
		Paine Webber CMO Trust,
	12	Series H, Class 4, 8.750%, 04/01/18		13
	11	Series L, Class 4, 8.950%, 07/01/18		13
	981	Prime Mortgage Trust, Series 2004-CL1, Class 1A1, 6.000%, 02/25/34		1,018
		Residential Accredit Loans, Inc.,
	1,141	Series 2003-QS14, Class A1, 5.000%, 07/25/18		1,156
	700	Series 2004-QS8, Class A2, 5.000%, 06/25/34		697
	4,000	Series 2005-QS5, Class A4, 5.750%, 04/25/35		3,301
	500	Residential Asset Securitization Trust, Series 2006-A6, Class 2A13, 6.000%, 07/25/36		295
		Residential Funding Mortgage Securities I,
	135	Series 2003-S7, Class A17, 4.000%, 05/25/33		135
	1,109	Series 2004-S4, Class 2A7, 4.500%, 04/25/19		1,146
	553	Series 2005-SA4, Class 1A1, VAR, 3.249%, 09/25/35		443
	4,005	Series 2006-S1, Class 1A8, 5.750%, 01/25/36		3,442
	401	Residential Funding Securities LLC, Series 2003-RM2, Class AII, 5.000%, 05/25/18		414
	114	SACO I, Inc. (Bear Stearns), Series 1997-2, Class 1A5, 7.000%, 08/25/36 (e)		119
	1,682	Sequoia Mortgage Trust, Series 2004-8, Class A2, VAR, 0.812%, 09/20/34		1,522
		Structured Adjustable Rate Mortgage Loan Trust,
	685	Series 2004-14, Class 1A, VAR, 2.862%, 10/25/34		576
	664	Series 2005-5, Class A1, VAR, 0.483%, 05/25/35		606

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

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

(Amount in thousands, except number of contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
	309	Series 2005-5, Class A2, VAR, 0.483%, 05/25/35		283
		Structured Asset Securities Corp.,
	208	Series 2003-21, Class 1A3, 5.500%, 07/25/33		213
	4,806	Series 2003-26A, Class 3A5, VAR, 2.751%, 09/25/33		4,068
	940	Series 2003-31A, Class B1, VAR, 2.725%, 10/25/33		368
	826	Series 2003-33H, Class 1A1, 5.500%, 10/25/33		819
	897	Series 2003-37A, Class 2A, VAR, 4.996%, 12/25/33		931
	666	Series 2004-7, Class 2A1, VAR, 5.361%, 05/25/24		685
		WaMu Mortgage Pass-Through Certificates,
	772	Series 2002-S4, Class A4, 6.500%, 10/19/29		799
	524	Series 2002-S8, Class 2A7, 5.250%, 01/25/18		538
	1,018	Series 2003-AR8, Class A, VAR, 2.716%, 08/25/33		1,029
	750	Series 2003-AR9, Class 1A6, VAR, 2.707%, 09/25/33		724
	220	Series 2003-S4, Class 3A, 5.500%, 06/25/33		229
	320	Series 2004-AR3, Class A1, VAR, 2.705%, 06/25/34		307
	899	Series 2004-AR3, Class A2, VAR, 2.705%, 06/25/34		864
	754	Series 2004-CB2, Class 7A, 5.500%, 08/25/19		780
	781	Series 2004-CB3, Class 4A, 6.000%, 10/25/19		812
	1,750	Series 2004-S2, Class 2A4, 5.500%, 06/25/34		1,791
	211	Series 2005-AR2, Class 2A21, VAR, 0.583%, 01/25/45		171
	1,850	Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2005-4, Class CB7, 5.500%, 06/25/35		1,559
	2,233	Washington Mutual MSC Mortgage Pass-Through Certificates, Series 2004-RA1, Class 2A, 7.000%, 03/25/34		2,322
		Wells Fargo Mortgage-Backed Securities Trust,
	522	Series 2003-8, Class A9, 4.500%, 08/25/18		543
	194	Series 2003-10, Class A1, 4.500%, 09/25/18		200
	451	Series 2003-11, Class 1A4, 4.750%, 10/25/18		455
	813	Series 2003-12, Class A2, 4.500%, 11/25/18		833
	395	Series 2003-17, Class 2A9, PO, 01/25/34		276
	497	Series 2003-18, Class A1, 5.500%, 12/25/33		510
	1,030	Series 2003-F, Class A1, VAR, 4.839%, 06/25/33		1,064
	359	Series 2003-J, Class 2A5, VAR, 4.435%, 10/25/33		366
	1,036	Series 2003-M, Class A1, VAR, 4.680%, 12/25/33		1,068
	781	Series 2004-B, Class A1, VAR, 4.896%, 02/25/34		809
	320	Series 2004-DD, Class 2A8, VAR, 2.859%, 01/25/35		223
	495	Series 2004-EE, Class 3A1, VAR, 2.979%, 12/25/34		489
	682	Series 2004-EE, Class 3A2, VAR, 2.979%, 12/25/34		687
	161	Series 2004-Q, Class 1A3, VAR, 4.871%, 09/25/34		151
	637	Series 2004-Q, Class 2A2, VAR, 4.786%, 09/25/34		439
	562	Series 2004-U, Class A1, VAR, 2.965%, 10/25/34		543
	788	Series 2005-1, Class 1A1, 4.750%, 01/25/20		811
	2,175	Series 2005-9, Class 2A10, 5.250%, 10/25/35		1,718
	1,121	Series 2005-13, Class A1, 5.000%, 11/25/20		1,164
	205	Series 2005-AR13, Class A1, VAR, 5.279%, 05/25/35		203
				154,435
		Total Collateralized Mortgage Obligations (Cost $402,615)		423,890
	Commercial Mortgage-Backed Securities — 3.1%
		Banc of America Commercial Mortgage, Inc.,
	1,730	Series 2005-1, Class AJ, VAR, 5.348%, 11/10/42		1,745
	1,050	Series 2005-3, Class A4, 4.668%, 07/10/43		1,093
	2,435	Series 2005-3, Class AM, 4.727%, 07/10/43		2,357
	1,050	Series 2005-5, Class A4, VAR, 5.115%, 10/10/45		1,146
	2,000	Series 2005-6, Class ASB, VAR, 5.369%, 09/10/47		2,130
	485	Series 2006-1, Class A4, VAR, 5.372%, 09/10/45		529
	3,010	Series 2006-3, Class A4, VAR, 5.889%, 07/10/44		3,215

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

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

(Amount in thousands, except number of contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Commercial Mortgage-Backed Securities — Continued
	1,005	Series 2006-4, Class A4, 5.634%, 07/10/46		1,073
	2,056	Series 2006-5, Class A4, 5.414%, 09/10/47		2,166
		Banc of America Large Loan, Inc.,
	500	Series 2009-UB1, Class A4A, VAR, 5.699%, 06/24/50 (e)		542
	1,250	Series 2010-HLTN, Class HLTN, VAR, 2.002%, 11/15/15 (e)		1,117
		Bear Stearns Commercial Mortgage Securities,
	507	Series 2004-T14, Class A3, 4.800%, 01/12/41		523
	640	Series 2005-PWR7, Class A3, VAR, 5.116%, 02/11/41		684
	2,570	Series 2006-PW11, Class A4, VAR, 5.623%, 03/11/39		2,801
	75	Series 2006-PW12, Class A4, VAR, 5.906%, 09/11/38		83
	250	Series 2006-T24, Class A4, 5.537%, 10/12/41		273
	1,973	Citigroup Commercial Mortgage Trust, Series 2005- C3, Class AM, VAR, 4.830%, 05/15/43		2,029
	1,000	Credit Suisse Mortgage Capital Certificates, Series 2006-C2, Class A3, VAR, 5.846%, 03/15/39		1,071
	321	CS First Boston Mortgage Securities Corp., Series 2005- C3, Class AM, 4.730%, 07/15/37		323
	2,180	CW Capital Cobalt Ltd., Series 2006-C1, Class A4, 5.223%, 08/15/48		2,246
	346	First Union National Bank Commercial Mortgage, Series 2001-C2, Class A2, 6.663%, 01/12/43		347
	1,025	GE Capital Commercial Mortgage Corp., Series 2005- C1, Class AJ, VAR, 4.826%, 06/10/48		1,034
		GMAC Commercial Mortgage Securities, Inc.,
	140	Series 2003-C1, Class A1, 3.337%, 05/10/36		142
	645	Series 2006-C1, Class A4, VAR, 5.238%, 11/10/45		693
	2,330	Greenwich Capital Commercial Funding Corp., Series 2005- GG3, Class AJ, VAR, 4.859%, 08/10/42		2,315
		GS Mortgage Securities Corp. II,
	465	Series 2006-GG6, Class A4, VAR, 5.553%, 04/10/38		497
	793	Series 2009-RR1, Class JPB, 5.374%, 05/17/45 (e)		765
		JP Morgan Chase Commercial Mortgage Securities Corp.,
	2,000	Series 2005-CB13, Class A4, VAR, 5.458%, 01/12/43		2,119
	200	Series 2005-LDP2, Class AM, 4.780%, 07/15/42		201
	1,000	Series 2006-CB14, Class A4, VAR, 5.481%, 12/12/44		1,065
	285	Series 2006-CB17, Class A4, 5.429%, 12/12/43		301
	620	Series 2006-LDP6, Class A4, VAR, 5.475%, 04/15/43		679
	160	Series 2006-LDP7, Class A4, VAR, 6.062%, 04/15/45		176
		LB-UBS Commercial Mortgage Trust,
	405	Series 2006-C1, Class A4, 5.156%, 02/15/31		434
	1,060	Series 2006-C4, Class A4, VAR, 6.078%, 06/15/38		1,152
	560	Series 2006-C6, Class A4, 5.372%, 09/15/39		601
		Merrill Lynch Mortgage Trust,
	1,425	Series 2005-CKI1, Class AM, VAR, 5.414%, 11/12/37		1,478
	1,750	Series 2005-LC1, Class A4, VAR, 5.291%, 01/12/44		1,906
	1,750	Series 2005-LC1, Class AJ, VAR, 5.511%, 01/12/44		1,662
	2,000	Series 2005-LC1, Class AM, VAR, 5.452%, 01/12/44		2,048
	1,755	Series 2006-C1, Class A4, VAR, 5.838%, 05/12/39		1,904
		Merrill Lynch/Countrywide Commercial Mortgage Trust,
	1,725	Series 2006-1, Class A4, VAR, 5.594%, 02/12/39		1,882
	250	Series 2006-4, Class A3, VAR, 5.172%, 12/12/49		261
		Morgan Stanley Capital I,
	645	Series 2006-T21, Class A4, VAR, 5.162%, 10/12/52		693
	353	Series 2006-T23, Class A1, 5.682%, 08/12/41		356
	1,575	Series 2006-T23, Class AM, VAR, 5.981%, 08/12/41		1,618
	785	Morgan Stanley Dean Witter Capital I, Series 2003-HQ2, Class A2, 4.920%, 03/12/35		830

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

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

(Amount in thousands, except number of contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Commercial Mortgage-Backed Securities — Continued
	3,000	Morgan Stanley Reremic Trust, Series 2010-HQ4B, Class A7A, 0.000%, 04/16/40 (e)		3,216
	1,290	TIAA Seasoned Commercial Mortgage Trust, Series 2007- C4, Class A3, VAR, 6.049%, 08/15/39		1,421
		Wachovia Bank Commercial Mortgage Trust,
	1,635	Series 2004-C15, Class A2, 4.039%, 10/15/41		1,645
	170	Series 2005-C17, Class A4, VAR, 5.083%, 03/15/42		182
	1,500	Series 2005-C21, Class AM, VAR, 5.378%, 10/15/44		1,560
	250	Series 2006-C25, Class A4, VAR, 5.923%, 05/15/43		273
		Total Commercial Mortgage- Backed Securities (Cost $58,607)		62,602
	Convertible Bond — 0.0% (g)
	Materials — 0.0% (g)
		Construction Materials — 0.0% (g)
	665	U.S. Concrete, Inc., 9.500%, 08/31/15 (e) (Cost $665)		745
	Corporate Bonds — 34.6%
	Consumer Discretionary — 5.3%
		Auto Components — 0.0% (g)
		DPH Holdings Corp.,
	3,275	6.500%, 05/01/09 (d)		115
	661	6.550%, 06/15/06 (d)		23
	3,477	7.125%, 05/01/29 (d)		122
	531	Goodyear Tire & Rubber Co. (The), 10.500%, 05/15/16		581
				841
		Automobiles — 0.4%
	2,000	Daimler Finance North America LLC, 7.300%, 01/15/12		2,138
	400	Ford Motor Co., 9.215%,
		09/15/21		456
		Motors Liquidation Co.,
	120	5.250%, 03/06/32		911
	385	6.250%, 07/15/33		2,962
	21	7.250%, 04/15/41		150
	1	7.250%, 07/15/41		4
	42	7.250%, 02/15/52		294
	55	7.375%, 05/15/48		389
	1	7.375%, 10/01/51		10
	2,500	7.700%, 04/15/16 (d)		769
	250	Navistar International Corp., 8.250%, 11/01/21		268
				8,351
		Broadcasting & Cable TV — 0.6%
	2,004	Adelphia Communications Corp., 9.375%, 11/15/09 (d)		30
	80	Cablevision Systems Corp., 8.000%, 04/15/20		86
	48	CCH II LLC/CCH II Capital Corp., 13.500%, 11/30/16		56
		CCO Holdings LLC/CCO Holdings Capital Corp.,
	1,000	7.250%, 10/30/17 (e)		1,010
	125	7.875%, 04/30/18 (e)		129
	330	8.125%, 04/30/20 (e)		347
	1,280	Cequel Communications Holdings I LLC and Cequel Capital Corp., 8.625%, 11/15/17 (e)		1,312
		DISH DBS Corp.,
	400	7.000%, 10/01/13		426
	530	7.125%, 02/01/16		544
	475	7.875%, 09/01/19		499
	392	Mediacom LLC/Mediacom Capital Corp., 9.125%, 08/15/19		396
	1,675	Sirius XM Radio, Inc., 9.750%, 09/01/15 (e)		1,842
	1,750	Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, (Germany), 8.125%, 12/01/17 (e)		1,820
	2,350	Videotron Ltee, (Canada), 9.125%, 04/15/18		2,603
	1,000	Virgin Media Finance plc, (United Kingdom), 8.375%, 10/15/19		1,098
				12,198
		Distributors — 0.0% (g)
	450	McJunkin Red Man Corp., 9.500%, 12/15/16 (e)		409
		Diversified Consumer Services — 0.4%
	750	Knowledge Learning Corp., 7.750%, 02/01/15 (e)		751
	500	Mac-Gray Corp., 7.625%, 08/15/15		492
		Service Corp. International,
	495	7.000%, 06/15/17		509
	700	7.000%, 05/15/19		700
	2,073	7.625%, 10/01/18		2,187
	500	Sotheby’s, 7.750%, 06/15/15		532
		Stewart Enterprises, Inc.,
	165	3.125%, 07/15/14		157
	1,863	6.250%, 02/15/13		1,858
				7,186
		Gaming — 0.8%
	2,502	Chukchansi Economic Development Authority, 8.000%, 11/15/13 (e)		1,629
	1,500	Harrah’s Operating Co., Inc., 10.000%, 12/15/18		1,268

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

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

(Amount in thousands, except number of contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		Gaming — Continued
		Mashantucket Western Pequot Tribe,
	250	5.912%, 09/01/21 (d) (e)		164
	1,010	8.500%, 11/15/15 (d) (e)		121
	500	MCE Finance Ltd., (Cayman Islands), 10.250%, 05/15/18 (e)		565
		MGM Resorts International,
	1,000	6.875%, 04/01/16		860
	3,675	10.000%, 11/01/16 (e)		3,528
	825	11.375%, 03/01/18		850
	1,750	Peninsula Gaming LLC, 8.375%, 08/15/15		1,829
	1,000	Pinnacle Entertainment, Inc., 8.625%, 08/01/17		1,076
	1,750	Seminole Hard Rock Entertainment, Inc., VAR, 2.792%, 03/15/14 (e)		1,553
	150	Seminole Indian Tribe of Florida, 7.750%, 10/01/17 (e)		154
	2,000	Shingle Springs Tribal Gaming Authority, 9.375%, 06/15/15 (e)		1,220
		Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.,
	625	7.750%, 08/15/20 (e)		659
	165	7.875%, 11/01/17		175
	350	7.875%, 05/01/20		372
				16,023
		Hotels, Restaurants & Leisure — 0.4%
	700	AMC Entertainment, Inc., 8.750%, 06/01/19		744
	500	Cinemark USA, Inc., 8.625%, 06/15/19		536
		Host Hotels & Resorts LP,
	750	6.875%, 11/01/14		768
	436	7.125%, 11/01/13		440
	225	Landry’s Restaurants, Inc., 11.625%, 12/01/15		239
	500	Real Mex Restaurants, Inc., 14.000%, 01/01/13		520
		Royal Caribbean Cruises Ltd., (Liberia),
	7	6.875%, 12/01/13		7
	400	7.000%, 06/15/13		422
	338	7.250%, 06/15/16		367
	1,608	11.875%, 07/15/15		1,970
	350	Seneca Gaming Corp., 8.250%, 12/01/18 (e)		348
	1,000	Speedway Motorsports, Inc., 6.750%, 06/01/13		1,000
	255	Starwood Hotels & Resorts Worldwide, Inc., 7.875%, 10/15/14		291
	455	Vail Resorts, Inc., 6.750%, 02/15/14		462
				8,114
		Household Durables — 0.3%
	1,225	D.R. Horton, Inc., 5.625%, 01/15/16		1,201
		KB Home,
	1,000	5.750%, 02/01/14		984
	615	5.875%, 01/15/15		596
	1,875	Lennar Corp., 6.950%, 06/01/18		1,767
		Meritage Homes Corp.,
	225	6.250%, 03/15/15		224
	700	7.150%, 04/15/20		695
	420	Newell Rubbermaid, Inc., 4.700%, 08/15/20		430
	750	Standard Pacific Corp., 7.000%, 08/15/15		772
				6,669
		Internet & Catalog Retail — 0.1%
	650	Expedia, Inc., 5.950%, 08/15/20 (e)		658
	400	NetFlix, Inc., 8.500%, 11/15/17		450
				1,108
		Leisure Equipment & Products — 0.1%
	250	Da-Lite Screen Co., Inc., 12.500%, 04/01/15		268
	1,440	Eastman Kodak Co., 9.750%, 03/01/18 (e)		1,415
	118	FGI Holding Co., Inc., PIK, 11.250%, 10/01/15 (e)		112
	750	Steinway Musical Instruments, Inc., 7.000%, 03/01/14 (e)		748
				2,543
		Media — 1.2%
	600	Belo Corp., 8.000%, 11/15/16		645
	500	Block Communications, Inc., 8.250%, 12/15/15 (e)		503
		CBS Corp.,
	200	7.875%, 07/30/30		233
	160	8.875%, 05/15/19		206
		Clear Channel Worldwide Holdings, Inc.,
	360	9.250%, 12/15/17		382
	650	9.250%, 12/15/17		694
	240	Comcast Cable Communications Holdings, Inc., 9.455%, 11/15/22		339
	1,500	Comcast Cable Holdings LLC, 9.800%, 02/01/12		1,642
		Comcast Corp.,
	850	5.900%, 03/15/16		974
	240	6.300%, 11/15/17		283
		CSC Holdings LLC,
	900	7.625%, 07/15/18		981
	139	7.875%, 02/15/18 (c)		154
	175	Entravision Communications Corp., 8.750%, 08/01/17 (e)		183
		Gannett Co., Inc.,
	500	6.375%, 09/01/15 (e)		505
	750	7.125%, 09/01/18 (e)		754

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

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

(Amount in thousands, except number of contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		Media — Continued
	500	8.750%, 11/15/14		555
	245	9.375%, 11/15/17		272
	1,000	Historic TW, Inc., 9.150%, 02/01/23		1,344
		Intelsat Jackson Holdings S.A., (Luxembourg),
	700	7.250%, 10/15/20 (e)		698
	1,225	8.500%, 11/01/19 (e)		1,317
	1,000	Intelsat Subsidiary Holding Co. S.A., (Bermuda), 8.500%, 01/15/13		1,000
	350	Interpublic Group of Cos., Inc. (The), 10.000%, 07/15/17		408
	750	Lamar Media Corp., 6.625%, 08/15/15		756
	500	Media General, Inc., 11.750%, 02/15/17		515
	810	NBC Universal, Inc., 5.950%, 04/01/41 (e)		827
		News America Holdings, Inc.,
	800	7.750%, 01/20/24		981
	147	8.875%, 04/26/23		199
		News America, Inc.,
	600	6.750%, 01/09/38		652
	200	7.850%, 03/01/39		248
	141	Salem Communications Corp., 9.625%, 12/15/16		147
		Thomson Reuters Corp., (Canada),
	280	4.700%, 10/15/19		304
	410	5.950%, 07/15/13		461
	200	6.500%, 07/15/18		241
	335	Time Warner Cable, Inc., 7.300%, 07/01/38		394
		Time Warner Entertainment Co. LP,
	415	8.375%, 03/15/23		540
	945	8.375%, 07/15/33		1,197
	750	10.150%, 05/01/12		840
	50	Viacom, Inc., 6.875%, 04/30/36		57
	500	Walt Disney Co. (The), 5.875%, 12/15/17		595
	1,303	WMG Acquisition Corp., 9.500%, 06/15/16		1,358
				24,384
		Multiline Retail — 0.4%
	2,050	HSN, Inc., 11.250%, 08/01/16		2,332
		QVC, Inc.,
	75	7.125%, 04/15/17 (e)		79
	75	7.375%, 10/15/20 (e)		78
	2,050	7.500%, 10/01/19 (e)		2,153
	1,420	Sears Holdings Corp., 6.625%, 10/15/18 (e)		1,324
		Target Corp.,
	1,430	3.875%, 07/15/20		1,468
	310	7.000%, 01/15/38		390
				7,824
		Specialty Retail — 0.6%
	1,000	ACE Hardware Corp., 9.125%, 06/01/16 (e)		1,060
	500	Brown Shoe Co., Inc., 8.750%, 05/01/12		510
	166	Burlington Coat Factory Investment Holdings, Inc., SUB, 14.500%, 10/15/14		173
	951	Lowe’s Cos., Inc., 7.110%, 05/15/37		1,162
		Ltd. Brands, Inc.,
	375	7.000%, 05/01/20		399
	1,600	8.500%, 06/15/19		1,844
	2,000	NBC Acquisition Corp., SUB, 11.000%, 03/15/13		1,310
		Nebraska Book Co., Inc.,
	1,500	8.625%, 03/15/12		1,339
	102	10.000%, 12/01/11		101
	750	Sally Holdings LLC/Sally Capital, Inc., 9.250%, 11/15/14		780
	200	Staples, Inc., 9.750%, 01/15/14		245
	1,000	Toys R US - Delaware, Inc., 7.375%, 09/01/16 (e)		1,044
	2,000	Toys R Us Property Co II LLC, 8.500%, 12/01/17		2,125
				12,092
		Textiles, Apparel & Luxury Goods — 0.0% (g)
	250	Hanesbrands, Inc., VAR, 4.121%, 12/15/14		246
	120	Phillips-Van Heusen Corp., 7.375%, 05/15/20		129
				375
		Total Consumer Discretionary		108,117
	Consumer Staples — 1.6%
		Beverages — 0.4%
		Anheuser-Busch Cos., Inc.,
	325	5.500%, 01/15/18		365
	550	5.750%, 04/01/36		588
	280	7.550%, 10/01/30		346
		Anheuser-Busch InBev Worldwide, Inc.,
	160	6.875%, 11/15/19 (e)		197
	280	7.200%, 01/15/14 (e)		326
	275	7.750%, 01/15/19 (e)		353
	528	Coca-Cola Enterprises, Inc., 8.500%, 02/01/12		576
		Constellation Brands, Inc.,
	330	7.250%, 09/01/16		354
	1,000	7.250%, 05/15/17		1,075
		Diageo Finance B.V., (Netherlands),
	575	5.300%, 10/28/15		654
	325	5.500%, 04/01/13		357

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

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

(Amount in thousands, except number of contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		Beverages — Continued
	1,000	Diageo Investment Corp., 7.450%, 04/15/35		1,267
		PepsiCo, Inc.,
	800	3.750%, 03/01/14		859
	70	7.900%, 11/01/18		93
	1,235	SABMiller plc, (United Kingdom), 5.500%, 08/15/13 (e)		1,351
				8,761
		Food & Staples Retailing — 0.6%
		CVS Caremark Corp.,
	225	5.750%, 06/01/17		257
	555	6.125%, 09/15/39		605
	1,710	Ingles Markets, Inc., 8.875%, 05/15/17		1,846
		Kroger Co. (The),
	215	6.400%, 08/15/17		251
	712	7.500%, 04/01/31		881
	300	7.700%, 06/01/29		375
	5,000	Rite Aid Corp., 9.500%, 06/15/17		4,150
	2,000	SUPERVALU, Inc., 8.000%, 05/01/16		1,965
		Wal-Mart Stores, Inc.,
	160	5.250%, 09/01/35		165
	1,000	6.200%, 04/15/38		1,160
	260	7.550%, 02/15/30		337
				11,992
		Food Products — 0.4%
		Bunge Ltd. Finance Corp.,
	370	5.875%, 05/15/13		398
	655	8.500%, 06/15/19		783
	148	Bunge N.A. Finance LP, 5.900%, 04/01/17		156
		Cargill, Inc.,
	200	6.000%, 11/27/17 (e)		233
	1,000	7.350%, 03/06/19 (e)		1,241
	135	ConAgra Foods, Inc., 7.000%, 04/15/19		162
	185	Del Monte Corp., 6.750%, 02/15/15		190
	220	Dole Food Co., Inc., 8.000%, 10/01/16 (e)		229
	148	Eurofresh, Inc., 15.000%, 11/18/16 (f) (i)		148
	641	JBS USA LLC/JBS USA Finance, Inc., 11.625%, 05/01/14		747
		Kraft Foods, Inc.,
	810	6.125%, 02/01/18		954
	335	6.500%, 08/11/17		400
	575	6.875%, 02/01/38		686
		Smithfield Foods, Inc.,
	765	7.750%, 05/15/13		803
	250	10.000%, 07/15/14 (e)		283
				7,413
		Household Products — 0.2%
		Jarden Corp.,
	895	7.500%, 05/01/17		938
	100	7.500%, 01/15/20		104
	1,000	Kimberly-Clark Corp., 6.125%, 08/01/17		1,183
	831	Procter & Gamble - ESOP, 9.360%, 01/01/21		1,071
	567	Spectrum Brands Holdings, Inc., PIK, 12.000%, 08/28/19		629
				3,925
		Tobacco — 0.0% (g)
	250	Alliance One International, Inc., 10.000%, 07/15/16		261
		Total Consumer Staples		32,352
	Energy — 3.1%
		Energy Equipment & Services — 0.5%
	405	American Petroleum Tankers LLC/AP Tankers Co., 10.250%, 05/01/15 (e)		416
	720	Baker Hughes, Inc., 5.125%, 09/15/40		719
	200	Calfrac Holdings LP, 7.500%, 12/01/20 (e)		199
	70	Diamond Offshore Drilling, Inc., 5.875%, 05/01/19		80
	470	Exterran Holdings, Inc., 7.250%, 12/01/18 (e)		470
	1,200	Forbes Energy Services LLC/Forbes Energy Capital, Inc., 11.000%, 02/15/15		1,188
		Gibson Energy ULC/GEP Midstream Finance Corp., (Canada),
	300	10.000%, 01/15/18		300
	250	11.750%, 05/27/14		275
		Halliburton Co.,
	500	7.450%, 09/15/39		640
	700	8.750%, 02/15/21		915
	161	Helix Energy Solutions Group, Inc., 9.500%, 01/15/16 (e)		167
	1,000	Key Energy Services, Inc., 8.375%, 12/01/14		1,058
	80	Parker Drilling Co., 9.125%, 04/01/18		83
	550	PHI, Inc., 8.625%, 10/15/18 (e)		554
	360	Precision Drilling Corp., (Canada), 6.625%, 11/15/20 (e)		364
	155	Pride International, Inc., 6.875%, 08/15/20		164
	700	Seadrill Ltd., (Bermuda), 6.500%, 10/05/15		686
	100	Sevan Marine ASA, (Norway), 12.000%, 08/10/15 (e)		106
	2,110	Transocean, Inc., (Switzerland), 6.500%, 11/15/20		2,298
				10,682

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

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

(Amount in thousands, except number of contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		Oil, Gas & Consumable Fuels — 2.6%
	175	Alberta Energy Co. Ltd., (Canada), 7.375%, 11/01/31		207
	2,640	Alon Refining Krotz Springs, Inc., 13.500%, 10/15/14 (c)		2,574
	250	AmeriGas Partners LP, 7.250%, 05/20/15		255
	750	AmeriGas Partners LP/AmeriGas Eagle Finance Corp., 7.125%, 05/20/16		780
		Anadarko Petroleum Corp.,
	300	6.375%, 09/15/17		324
	350	6.950%, 06/15/19		395
	125	7.625%, 03/15/14		141
	100	7.950%, 06/15/39		111
	225	8.700%, 03/15/19		275
	175	Apache Corp., 6.900%, 09/15/18		218
	190	Arch Coal, Inc., 7.250%, 10/01/20		208
	1,500	Bill Barrett Corp., 9.875%, 07/15/16		1,635
		BP Capital Markets plc, (United Kingdom),
	1,835	3.875%, 03/10/15		1,910
	515	4.750%, 03/10/19		541
	325	5.250%, 11/07/13		353
	330	Canadian Natural Resources Ltd., (Canada), 6.250%, 03/15/38		371
		Chesapeake Energy Corp.,
	430	6.500%, 08/15/17		433
	285	6.875%, 08/15/18		291
	250	9.500%, 02/15/15		280
	450	Citgo Petroleum Corp., 11.500%, 07/01/17 (e)		515
		Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp.,
	450	8.250%, 12/15/17		491
	500	8.500%, 12/15/19		550
	1,000	Comstock Resources, Inc., 8.375%, 10/15/17		1,010
	425	Conoco Funding Co., (Canada), 7.250%, 10/15/31		534
		ConocoPhillips,
	275	5.750%, 02/01/19		325
	750	6.500%, 02/01/39		910
	410	7.000%, 03/30/29		491
	300	ConocoPhillips Holding Co., 6.950%, 04/15/29		379
		Consol Energy, Inc.,
	300	8.000%, 04/01/17 (e)		322
	250	8.250%, 04/01/20 (e)		271
	160	Continental Resources, Inc., 7.125%, 04/01/21 (e)		168
	180	Copano Energy LLC/Copano Energy Finance Corp., 8.125%, 03/01/16		182
	924	Denbury Resources, Inc., 8.250%, 02/15/20		1,007
	270	Devon Financing Corp. ULC, (Canada), 7.875%, 09/30/31		355
	100	Ecopetrol S.A., (Colombia), 7.625%, 07/23/19		119
		El Paso Corp.,
	1,900	6.875%, 06/15/14		2,045
	150	7.000%, 06/15/17		158
	150	El Paso Pipeline Partners Operating Co., LLC, 6.500%, 04/01/20		161
	215	Encana Corp., (Canada), 6.625%, 08/15/37		241
	150	EnCana Corp., (Canada), 6.500%, 05/15/19		181
		EOG Resources, Inc.,
	1,700	4.100%, 02/01/21		1,700
	200	6.875%, 10/01/18		246
	825	Ferrellgas Partners LP/Ferrellgas Partners Finance Corp., 8.625%, 06/15/20		893
	500	Forest Oil Corp., 7.250%, 06/15/19		510
		Frontier Oil Corp.,
	175	6.875%, 11/15/18		178
	1,000	8.500%, 09/15/16		1,050
	162	Gazprom Via Gazprom International S.A., (Russia), Reg. S., 7.201%, 02/01/20		171
	220	Hilcorp Energy I LP/Hilcorp Finance Co., 7.625%, 04/15/21 (e)		225
	650	Holly Corp., 9.875%, 06/15/17		707
		Holly Energy Partners LP/Holly Energy Finance Corp.,
	675	6.250%, 03/01/15		672
	150	8.250%, 03/15/18 (e)		158
	550	Inergy LP/Inergy Finance Corp., 7.000%, 10/01/18 (e)		564
		KazMunayGas National Co., (Kazakhstan),
	200	6.375%, 04/09/21 (e)		193
	220	Reg. S., 8.375%, 07/02/13		237
	135	Reg. S., 9.125%, 07/02/18		154
	690	Reg. S., 11.750%, 01/23/15		835
	225	Linn Energy LLC/Linn Energy Finance Corp., 8.625%, 04/15/20 (e)		239
	250	Marathon Oil Canada Corp., (Canada), 8.375%, 05/01/12		274
	410	Marathon Oil Corp., 6.000%, 10/01/17		473

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

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

(Amount in thousands, except number of contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		Oil, Gas & Consumable Fuels — Continued
		MarkWest Energy Partners LP/MarkWest Energy Finance Corp.,
	415	6.750%, 11/01/20		414
	500	8.750%, 04/15/18		537
		Newfield Exploration Co.,
	750	6.875%, 02/01/20		784
	450	7.125%, 05/15/18		472
	225	Patriot Coal Corp., 8.250%, 04/30/18		225
		Pemex Project Funding Master Trust, (Mexico),
	578	5.750%, 03/01/18		625
	40	6.625%, 06/15/35		42
	57	6.625%, 06/15/35		59
	638	Penn Virginia Corp., 10.375%, 06/15/16		702
	325	Penn Virginia Resource Partners LP/Penn Virginia Resource Finance Corp., 8.250%, 04/15/18		331
		Petro-Canada, (Canada),
	400	6.800%, 05/15/38		458
	335	7.875%, 06/15/26		407
		Petroleos de Venezuela S.A., (Venezuela),
	150	4.900%, 10/28/14		91
	279	8.500%, 11/02/17 (e)		178
	125	Petronas Capital Ltd., (Malaysia), 5.250%, 08/12/19		138
	130	Pioneer Drilling Co., 9.875%, 03/15/18		137
		Pioneer Natural Resources Co.,
	150	6.650%, 03/15/17		159
	1,075	7.500%, 01/15/20		1,199
	115	Plains All American Pipelines LP, 6.500%, 05/01/18		132
	150	Plains Exploration & Production Co., 7.625%, 04/01/20		159
	1,315	QEP Resources, Inc., 6.875%, 03/01/21		1,387
	150	Quicksilver Resources, Inc., 9.125%, 08/15/19		161
		Range Resources Corp.,
	45	6.750%, 08/01/20		47
	25	7.250%, 05/01/18		26
	1,000	7.500%, 05/15/16		1,035
		Shell International Finance B.V., (Netherlands),
	1,030	1.875%, 03/25/13		1,050
	679	3.100%, 06/28/15		712
	500	4.300%, 09/22/19		537
	270	Sonat, Inc., 7.625%, 07/15/11		278
	375	Southern Star Central Corp., 6.750%, 03/01/16		375
	435	StatoilHydro ASA, (Norway), 7.150%, 11/15/25		538
	100	Suburban Propane Partners LP/Suburban Energy Finance Corp., 7.375%, 03/15/20		108
	815	Suncor Energy, Inc., (Canada), 6.850%, 06/01/39		951
	1,000	Swift Energy Co., 7.125%, 06/01/17		990
	120	Talisman Energy, Inc., (Canada), 7.750%, 06/01/19		152
	295	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 7.875%, 10/15/18 (e)		304
	640	Tosco Corp., 8.125%, 02/15/30		847
	1,900	Total Capital S.A., (France), 2.300%, 03/15/16		1,889
	278	Union Pacific Resources Group, Inc., 7.150%, 05/15/28		283
		Western Refining, Inc.,
	1,282	11.250%, 06/15/17 (e)		1,348
	740	VAR, 10.750%, 06/15/14 (e)		773
	750	Whiting Petroleum Corp., 6.500%, 10/01/18		761
	325	XTO Energy, Inc., 4.625%, 06/15/13		356
				53,353
		Total Energy		64,035
	Financials — 11.0%
		Capital Markets — 1.7%
		Bank of New York Mellon Corp. (The),
	525	2.950%, 06/18/15		543
	440	4.300%, 05/15/14		479
	530	4.600%, 01/15/20		574
	978	BlackRock, Inc., 5.000%, 12/10/19		1,048
	1,000	Blackstone Holdings Finance Co. LLC, 5.875%, 03/15/21 (e)		994
	750	Charles Schwab Corp. (The), 4.950%, 06/01/14		830
	1,690	Credit Suisse USA, Inc., 6.125%, 11/15/11		1,777
	1,000	FMR LLC, 4.750%, 03/01/13 (e)		1,055
		Goldman Sachs Group, Inc. (The),
	596	3.700%, 08/01/15		609
	650	5.150%, 01/15/14		704
	780	5.250%, 10/15/13		845
	819	5.375%, 03/15/20		841
	450	5.750%, 10/01/16		495
	2,100	5.950%, 01/18/18		2,279
	127	6.000%, 06/15/20		136
	115	6.250%, 09/01/17		129

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

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

(Amount in thousands, except number of contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		Capital Markets — Continued
	2,000	6.600%, 01/15/12		2,119
	965	6.750%, 10/01/37		968
	180	7.500%, 02/15/19		210
		Jefferies Group, Inc.,
	950	6.250%, 01/15/36		861
	140	6.450%, 06/08/27		135
	880	8.500%, 07/15/19		1,025
		Lehman Brothers Holdings, Inc.,
	235	3.600%, 03/13/09 (d)		51
	1,000	5.750%, 05/17/13 (d)		216
	950	6.500%, 07/19/17 (d)		–	(h)
	750	6.875%, 07/17/37 (d)		–	(h)
	295	8.500%, 08/01/15 (d)		64
		Merrill Lynch & Co., Inc.,
	900	5.700%, 05/02/17		907
	1,710	6.875%, 04/25/18		1,879
		Morgan Stanley,
	198	4.000%, 07/24/15		201
	505	4.200%, 11/20/14		523
	1,690	5.300%, 03/01/13		1,814
	243	5.500%, 07/24/20		249
	810	5.625%, 01/09/12		849
	310	5.625%, 09/23/19		315
	150	6.000%, 05/13/14		163
	1,315	6.000%, 04/28/15		1,432
	320	6.250%, 08/28/17		347
	1,250	6.625%, 04/01/18		1,366
		Nomura Holdings, Inc., (Japan),
	500	5.000%, 03/04/15		528
	757	6.700%, 03/04/20		831
	740	Northern Trust Co. (The), 5.850%, 11/09/17		854
	113	Northern Trust Corp., 5.500%, 08/15/13		126
	200	State Street Corp., 4.300%, 05/30/14		217
		UBS AG, (Switzerland),
	305	2.250%, 08/12/13		309
	650	3.875%, 01/15/15		682
	900	5.750%, 04/25/18		997
	450	5.875%, 12/20/17		503
				34,079
		Commercial Banks — 3.5%
	705	ANZ National (International) Ltd., (New Zealand), 2.375%, 12/21/12 (e)		718
		Bank of America Corp.,
	735	3.125%, 06/15/12		764
	500	5.625%, 07/01/20		503
	695	5.650%, 05/01/18		713
	1,500	6.975%, 03/07/37		1,685
	1,005	7.375%, 05/15/14		1,123
	300	7.400%, 01/15/11		302
	500	7.800%, 09/15/16		560
		Bank of Nova Scotia, (Canada),
	1,082	1.650%, 10/29/15 (e)		1,064
	614	3.400%, 01/22/15		650
	679	Bank of Tokyo-Mitsubishi UFJ Ltd., (Japan), 3.850%, 01/22/15 (e)		721
	250	Bankers Trust Corp., 7.250%, 10/15/11		264
		Barclays Bank plc, (United Kingdom),
	1,615	2.500%, 01/23/13		1,644
	1,280	5.125%, 01/08/20		1,314
	980	6.050%, 12/04/17 (e)		1,031
	305	6.750%, 05/22/19		346
	125	VAR, 5.926%, 12/15/16 (e) (x)		112
	575	VAR, 7.434%, 12/15/17 (e) (x)		552
		BB&T Corp.,
	500	3.850%, 07/27/12		522
	1,250	3.950%, 04/29/16		1,303
	500	4.900%, 06/30/17		522
	1,000	6.500%, 08/01/11		1,037
	150	6.850%, 04/30/19		178
	1,750	Branch Banking & Trust Co., 4.875%, 01/15/13		1,865
	2,250	Canadian Imperial Bank of Commerce, (Canada), 2.600%, 07/02/15 (e)		2,321
	600	Capital One Capital V, 10.250%, 08/15/39		635
	500	Capital One Capital VI, 8.875%, 05/15/40		522
		Capital One Financial Corp.,
	500	6.250%, 11/15/13		553
	485	6.750%, 09/15/17		568
	690	7.375%, 05/23/14		797
	1,045	Comerica Bank, 5.200%, 08/22/17		1,102
	185	Comerica, Inc., 3.000%, 09/16/15		186
	1,000	Countrywide Capital III, 8.050%, 06/15/27		1,031
	700	Countrywide Home Loans, Inc., 4.000%, 03/22/11		707
		Credit Suisse, (Switzerland),
	2,375	5.000%, 05/15/13		2,568
	285	5.500%, 05/01/14		316
		Deutsche Bank AG, (Germany),
	1,475	2.375%, 01/11/13		1,506
	375	3.875%, 08/18/14		399
	674	DnB NOR Boligkreditt, (Norway), 2.100%, 10/14/15 (e)		668
	500	Fifth Third Bancorp, 5.450%, 01/15/17		521
	395	HSBC Bank, 6.000%, 08/09/17		431
	927	HSBC Bank plc, (United Kingdom), 4.125%, 08/12/20 (e)		917

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

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

(Amount in thousands, except number of contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		Commercial Banks — Continued
	700	KeyBank N.A., 5.700%, 08/15/12		743
	725	KeyCorp, 6.500%, 05/14/13		792
	1,250	Manufacturers & Traders Trust Co., 6.625%, 12/04/17		1,427
	370	Marshall & Ilsley Corp., 5.350%, 04/01/11		371
		National Australia Bank Ltd., (Australia),
	3,010	2.500%, 01/08/13 (e)		3,087
	255	3.750%, 03/02/15 (e)		269
	1,500	National City Bank, 4.625%, 05/01/13		1,592
	500	NB Capital Trust II, 7.830%, 12/15/26		502
		PNC Funding Corp.,
	1,115	3.000%, 05/19/14		1,152
	1,057	4.375%, 08/11/20		1,076
	625	5.250%, 11/15/15		684
	625	5.625%, 02/01/17		678
	2,150	Rabobank Nederland N.V., (Netherlands), 3.200%, 03/11/15 (e)		2,227
		Regions Financial Corp.,
	200	6.375%, 05/15/12		194
	1,170	7.375%, 12/10/37		1,003
		RSHB Capital S.A. for OJSC Russian Agricultural Bank, (Russia),
	195	7.175%, 05/16/13		207
	300	9.000%, 06/11/14		336
	225	Standard Chartered plc, (United Kingdom), 5.500%, 11/18/14 (e)		248
	2,500	SunTrust Banks, Inc., 6.000%, 02/15/26		2,436
	2,500	Toronto-Dominion Bank (The), (Canada), 2.200%, 07/29/15 (e)		2,532
	2,000	U.S. Bancorp, 7.500%, 06/01/26		2,301
	500	UnionBanCal Corp., 5.250%, 12/16/13		544
		Wachovia Bank N.A.,
	2,110	5.600%, 03/15/16		2,338
	750	6.000%, 11/15/17		837
	750	6.600%, 01/15/38		819
	500	Wachovia Capital Trust III, VAR, 5.800%, 03/15/11 (x)		420
		Wachovia Corp.,
	760	5.500%, 05/01/13		832
	1,555	5.750%, 02/01/18		1,744
	515	SUB, 7.574%, 08/01/26		585
		Wells Fargo & Co.,
	1,025	3.750%, 10/01/14		1,082
	1,665	5.625%, 12/11/17		1,867
		Westpac Banking Corp., (Australia),
	670	4.200%, 02/27/15		717
	942	4.875%, 11/19/19		1,009
				71,892
		Consumer Finance — 0.7%
	1,500	Ally Financial, Inc., 6.250%, 12/01/17 (e)		1,440
	475	American Express Co., 7.250%, 05/20/14		547
		American Express Credit Corp.,
	840	5.875%, 05/02/13		917
	1,100	7.300%, 08/20/13		1,245
		American Honda Finance Corp.,
	375	2.375%, 03/18/13 (e)		383
	810	4.625%, 04/02/13 (e)		868
	835	7.625%, 10/01/18 (e)		1,059
		Ford Motor Credit Co. LLC,
	125	6.625%, 08/15/17		129
	3,000	8.125%, 01/15/20		3,442
		HSBC Finance Corp.,
	1,000	5.000%, 06/30/15		1,082
	500	6.375%, 11/27/12		544
	400	7.350%, 11/27/32		403
		John Deere Capital Corp.,
	230	5.250%, 10/01/12		249
	515	5.350%, 04/03/18		584
	670	Toyota Motor Credit Corp., 3.200%, 06/17/15		713
	662	Volkswagen International Finance N.V., (Netherlands), 1.625%, 08/12/13 (e)		665
				14,270
		Diversified Financial Services — 2.3%
	5,000	ACE Cash Express, Inc., 10.250%, 10/01/14 (e) (f) (i)		4,275
	1,000	BA Covered Bond Issuer, 5.500%, 06/14/12 (e)		1,049
		Block Financial LLC,
	500	5.125%, 10/30/14		484
	500	7.875%, 01/15/13		516
	3,000	Capmark Financial Group, Inc., 3.158%, 05/10/10 (d)		1,065
	1,500	Cardtronics, Inc., 8.250%, 09/01/18		1,568
		Caterpillar Financial Services Corp.,
	800	4.850%, 12/07/12		862
	850	5.450%, 04/15/18		969
	500	CIT Group, Inc., 7.000%, 05/01/15		493
		Citigroup, Inc.,
	291	5.375%, 08/09/20		298
	1,550	5.500%, 02/15/17		1,610
	1,000	6.000%, 12/13/13		1,094
	1,350	6.000%, 08/15/17		1,459

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

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

(Amount in thousands, except number of contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		Diversified Financial Services — Continued
	375	6.010%, 01/15/15		409
	260	6.375%, 08/12/14		288
	645	6.875%, 06/01/25		687
	1,115	7.000%, 12/01/25		1,186
	1,260	8.500%, 05/22/19		1,543
		CME Group, Inc.,
	1,500	5.400%, 08/01/13		1,665
	200	5.750%, 02/15/14		225
		CNG Holdings, Inc.,
	175	12.250%, 02/15/15 (e)		188
	1,000	13.750%, 08/15/15 (e)		1,000
		Deluxe Corp.,
	58	5.125%, 10/01/14		57
	1,075	7.375%, 06/01/15		1,113
		General Electric Capital Corp.,
	1,115	5.625%, 05/01/18		1,216
	5,760	5.875%, 02/15/12		6,080
	3,370	5.875%, 01/14/38		3,300
	130	5.900%, 05/13/14		145
	1,000	6.000%, 06/15/12		1,072
	1,100	6.750%, 03/15/32		1,200
	145	6.875%, 01/10/39		161
	445	VAR, 0.356%, 08/15/11		445
	1,400	ILFC E-Capital Trust I, VAR, 5.900%, 12/21/65 (e)		1,031
	600	ILFC E-Capital Trust II, VAR, 6.250%, 12/21/65 (e)		469
		International Lease Finance Corp.,
	320	8.625%, 09/15/15 (e)		338
	1,820	8.750%, 03/15/17 (e)		1,915
	600	8.875%, 09/01/17		636
	900	Landry’s Holdings, Inc., 11.500%, 06/01/14 (e)		846
	110	National Gas Co. of Trinidad & Tobago Ltd., (Trinidad & Tobago), 6.050%, 01/15/36		109
		National Rural Utilities Cooperative Finance Corp.,
	385	4.750%, 03/01/14		424
	400	7.250%, 03/01/12		431
	170	10.375%, 11/01/18		239
	100	Nile Finance Ltd., (Cayman Islands), Reg. S., 5.250%, 08/05/15		102
	160	Northern Tier Energy LLC and Norther Tier Finance Corp., 10.500%, 12/01/17 (e)		162
	1,500	SquareTwo Financial Corp., 11.625%, 04/01/17 (e)		1,444
	505	Textron Financial Corp., 5.400%, 04/28/13		527
	180	Ukreximbank Via Biz Finance PL, (Ukraine), Reg. S., 8.375%, 04/27/15		181
	100	Xstrata Finance Canada Ltd., (Canada), 6.900%, 11/15/37 (e)		113
				46,689
		FDIC Guaranteed Securities (~) — 0.1%
	735	Citigroup, Inc., 2.875%, 12/09/11		753
	750	Goldman Sachs Group, Inc. (The), 3.250%, 06/15/12		782
				1,535
		Insurance — 1.7%
	1,310	ACE INA Holdings, Inc., 5.600%, 05/15/15		1,467
	558	Aflac, Inc., 6.450%, 08/15/40		565
	190	Allstate Corp. (The), 7.450%, 05/16/19		236
	1,132	Allstate Life Global Funding Trusts, 5.375%, 04/30/13		1,240
		American International Group, Inc.,
	435	5.600%, 10/18/16		438
	300	6.400%, 12/15/20		299
	775	VAR, 8.175%, 05/15/58		791
		AON Corp.,
	191	3.500%, 09/30/15		194
	240	6.250%, 09/30/40		244
	500	Berkshire Hathaway Finance Corp., 5.750%, 01/15/40		515
	315	Chubb Corp. (The), 5.750%, 05/15/18		359
	642	CNA Financial Corp., 5.875%, 08/15/20		651
	2,250	Crum & Forster Holdings Corp., 7.750%, 05/01/17		2,354
		Genworth Financial, Inc.,
	100	7.200%, 02/15/21		99
	2,000	VAR, 6.150%, 11/15/66		1,525
	2,000	HUB International Holdings, Inc., 10.250%, 06/15/15 (e)		2,000
	1,950	Jackson National Life Global Funding, 5.375%, 05/08/13 (e)		2,104
	2,250	Liberty Mutual Group, Inc., VAR, 10.750%, 06/15/58 (e)		2,745
		MassMutual Global Funding II,
	382	2.300%, 09/28/15 (e)		382
	600	3.625%, 07/16/12 (e)		623
	160	MetLife, Inc., 6.750%, 06/01/16		188
		Metropolitan Life Global Funding I,
	190	5.125%, 04/10/13 (e)		206
	875	5.200%, 09/18/13 (e)		956
	600	5.750%, 07/25/11 (e)		618
	315	Monumental Global Funding Ltd., (Cayman Islands), 5.500%, 04/22/13 (e)		340
		Nationwide Mutual Insurance Co.,

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

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

(Amount in thousands, except number of contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		Insurance — Continued
	1,465	7.875%, 04/01/33 (e)		1,476
	400	9.375%, 08/15/39 (e)		464
		New York Life Global Funding,
	250	3.000%, 05/04/15 (e)		261
	1,680	4.650%, 05/09/13 (e)		1,810
		Pacific Life Global Funding,
	400	5.000%, 05/15/17 (e)		421
	770	5.150%, 04/15/13 (e)		828
	800	Pricoa Global Funding I, 5.450%, 06/11/14 (e)		891
	175	Principal Financial Group, Inc., 8.875%, 05/15/19		225
	300	Principal Life Global Funding I, 5.250%, 01/15/13 (e)		320
		Principal Life Income Funding Trusts,
	185	5.150%, 06/17/11		188
	1,165	5.300%, 12/14/12		1,260
	1,025	5.300%, 04/24/13		1,117
	1,100	Protective Life Secured Trusts, 4.000%, 04/01/11		1,113
	205	Prudential Financial, Inc., 7.375%, 06/15/19		246
	405	Travelers Cos, Inc. (The), 5.800%, 05/15/18		460
	2,550	Travelers Life & Annunity Global Funding I, 5.125%, 08/15/14 (e)		2,817
	700	Travelers Property Casualty Corp., 7.750%, 04/15/26		862
				35,898
		Real Estate Investment Trusts (REITs) — 0.8%
	655	CB Richard Ellis Services, Inc., 6.625%, 10/15/20 (e)		655
	1,250	Colonial Realty LP, 6.250%, 06/15/14		1,298
		CommonWealth REIT,
	1,865	5.875%, 09/15/20		1,849
	375	6.250%, 08/15/16		401
	300	6.650%, 01/15/18		321
	500	DuPont Fabros Technology LP, 8.500%, 12/15/17		541
	2,300	First Industrial LP, 6.420%, 06/01/14		2,308
	750	Forest City Enterprises, Inc., 7.625%, 06/01/15		699
	525	Host Hotels & Resorts, Inc., 6.000%, 11/01/20 (e)		517
	1,755	Omega Healthcare Investors, Inc., 6.750%, 10/15/22 (e)		1,751
	1,500	Senior Housing Properties Trust, 6.750%, 04/15/20		1,590
		Simon Property Group LP,
	340	5.625%, 08/15/14		383
	492	5.650%, 02/01/20		552
	915	6.100%, 05/01/16		1,053
	675	6.125%, 05/30/18		779
	310	6.750%, 05/15/14		355
	788	WEA Finance LLC/WT Finance Ltd., 6.750%, 09/02/19 (e)		909
				15,961
		Thrifts & Mortgage Finance — 0.2%
	525	Countrywide Financial Corp., 6.250%, 05/15/16		547
	3,065	Stadshypotek AB, (Sweden), 1.450%, 09/30/13 (e)		3,078
				3,625
		Total Financials		223,949
	Health Care — 1.5%
		Biotechnology — 0.2%
		Amgen, Inc.,
	150	5.700%, 02/01/19		176
	618	5.750%, 03/15/40		668
	400	6.900%, 06/01/38		495
	1,250	Bio-Rad Laboratories, Inc., 8.000%, 09/15/16		1,366
	215	Talecris Biotherapeutics Holdings Corp., 7.750%, 11/15/16		232
				2,937
		Health Care Equipment & Supplies — 0.1%
	500	Accellent, Inc., 8.375%, 02/01/17		505
		Baxter International, Inc.,
	250	4.000%, 03/01/14		270
	550	4.625%, 03/15/15		610
		Becton Dickinson and Co.,
	100	5.000%, 05/15/19		113
	400	6.000%, 05/15/39		461
				1,959
		Health Care Providers & Services — 0.7%
	115	Capella Healthcare, Inc., 9.250%, 07/01/17 (e)		121
	400	CHS/Community Health Systems, Inc., 8.875%, 07/15/15		419
		DaVita, Inc.,
	600	6.375%, 11/01/18		595
	600	6.625%, 11/01/20		594
	1,000	FMC Finance III S.A., (Luxembourg), 6.875%, 07/15/17		1,068
	350	Fresenius Medical Care Capital Trust IV, 7.875%, 06/15/11		357
		HCA, Inc.,
	750	7.250%, 09/15/20		786
	160	9.125%, 11/15/14		167
	440	9.250%, 11/15/16		471
	2,028	Health Management Associates, Inc., 6.125%, 04/15/16		2,046

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

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

(Amount in thousands, except number of contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		Health Care Providers & Services — Continued
	800	LifePoint Hospitals, Inc., 6.625%, 10/01/20 (e)		800
	305	Medco Health Solutions, Inc., 2.750%, 09/15/15		309
		Omnicare, Inc.,
	30	6.875%, 12/15/15		30
	1,350	7.750%, 06/01/20		1,384
		Roche Holdings, Inc.,
	1,000	5.000%, 03/01/14 (e)		1,114
	1,220	6.000%, 03/01/19 (e)		1,457
	1,170	Tenet Healthcare Corp., 8.875%, 07/01/19		1,246
	250	Ventas Realty LP/Ventas Capital Corp., 6.500%, 06/01/16		264
	1,550	WellPoint, Inc., 6.800%, 08/01/12		1,693
				14,921
		Pharmaceuticals — 0.5%
	400	Abbott Laboratories, 6.150%, 11/30/37		466
	504	AstraZeneca plc, (United Kingdom), 5.400%, 09/15/12		546
	225	Elan Finance plc/Elan Finance Corp., (Ireland), 8.750%, 10/15/16		225
	920	GlaxoSmithKline Capital, Inc., 6.375%, 05/15/38		1,103
		Mylan, Inc.,
	300	7.625%, 07/15/17 (e)		318
	899	7.875%, 07/15/20 (e)		958
		Novartis Capital Corp.,
	435	4.125%, 02/10/14		471
	335	4.400%, 04/24/20		365
	250	Pfizer, Inc., 6.200%, 03/15/19		304
	1,000	Schering-Plough Corp., 6.550%, 09/15/37		1,251
		Valeant Pharmaceuticals International,
	250	6.750%, 10/01/17 (e)		247
	900	6.875%, 12/01/18 (e)		885
	375	7.000%, 10/01/20 (e)		366
		Wyeth,
	2,350	5.500%, 02/01/14		2,652
	555	5.500%, 02/15/16		645
				10,802
		Total Health Care		30,619
	Industrials — 3.3%
		Aerospace & Defense — 0.8%
	600	Alliant Techsystems, Inc., 6.875%, 09/15/20		612
		BAE Systems Holdings, Inc.,
	850	5.200%, 08/15/15 (e)		927
	145	6.375%, 06/01/19 (e)		167
	725	BE Aerospace, Inc., 6.875%, 10/01/20		746
		Bombardier, Inc., (Canada),
	1,075	7.500%, 03/15/18 (e)		1,150
	450	7.750%, 03/15/20 (e)		484
	1,940	Colt Defense LLC/Colt Finance Corp., 8.750%, 11/15/17 (e)		1,232
	2,669	DigitalGlobe, Inc., 10.500%, 05/01/14		3,016
		Esterline Technologies Corp.,
	1,000	6.625%, 03/01/17		1,020
	250	7.000%, 08/01/20 (e)		259
	500	Hexcel Corp., 6.750%, 02/01/15		508
	250	ITT Corp., 6.125%, 05/01/19		291
	210	Kratos Defense & Security Solutions, Inc., 10.000%, 06/01/17		234
	952	Lockheed Martin Corp., 5.720%, 06/01/40 (e)		1,011
	1,900	McDonnell Douglas Corp., 9.750%, 04/01/12		2,113
	750	Moog, Inc., 6.250%, 01/15/15		754
	643	Spirit Aerosystems, Inc., 6.750%, 12/15/20 (e)		645
	354	Systems 2001 AT LLC, (Cayman Islands), 7.156%, 12/15/11 (e)		377
		Triumph Group, Inc.,
	232	8.000%, 11/15/17		239
	575	8.625%, 07/15/18		625
				16,410
		Air Freight & Logistics — 0.1%
	1,000	Federal Express Corp., 9.650%, 06/15/12		1,127
		Airlines — 0.5%
	247	American Airlines Pass Through Trust 2009-1A, 10.375%, 07/02/19		295
	250	Continental Airlines 2001-1 Pass-Through Trust, 6.503%, 06/15/11		256
	2,352	Continental Airlines 2003-ERJ1 Pass-Through Trust, 7.875%, 07/02/18		2,358
	724	Continental Airlines 2004-ERJ1 Pass-Through Trust, 9.558%, 09/01/19		740
	382	Continental Airlines 2005-ERJ1 Pass-Through Trust, 9.798%, 04/01/21		391
	1,206	Continental Airlines 2006-ERJ1 Pass-Through Trust, 9.318%, 11/01/19 (e)		1,230
		Delta Air Lines, Inc.,
	1,500	4.950%, 05/23/19		1,508
	225	7.111%, 09/18/11		233
	81	8.021%, 08/10/22		84
	77	8.954%, 08/10/14		81

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

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

(Amount in thousands, except number of contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		Airlines — Continued
	44	9.500%, 09/15/14 (e)		48
	570	9.750%, 12/17/16		620
	610	10.000%, 12/05/14 (d) (e) (f) (i)		207
	666	Northwest Airlines, Inc., 7.027%, 11/01/19		706
	1,383	UAL 2007-1 Pass-Through Trust, 7.336%, 07/02/19 (e)		1,341
	236	United Air Lines, Inc., 10.400%, 11/01/16		274
				10,372
		Building Products — 0.2%
		Building Materials Corp of America,
	750	6.875%, 08/15/18 (e)		735
	700	7.000%, 02/15/20 (e)		721
		Masco Corp.,
	1,000	6.125%, 10/03/16		1,024
	2,000	7.125%, 03/15/20		2,099
				4,579
		Commercial Services & Supplies — 0.5%
	875	Aircastle Ltd., (Bermuda), 9.750%, 08/01/18		949
	450	Cenveo Corp., 8.875%, 02/01/18		447
	990	Clean Harbors, Inc., 7.625%, 08/15/16		1,044
		Corrections Corp. of America,
	572	6.250%, 03/15/13		575
	1,050	6.750%, 01/31/14		1,058
	1,720	Covanta Holding Corp., 7.250%, 12/01/20		1,757
		FTI Consulting, Inc.,
	290	6.750%, 10/01/20 (e)		293
	1,750	7.750%, 10/01/16		1,794
	271	Garda World Security Corp., (Canada), 9.750%, 03/15/17 (e)		285
	818	Geo Group, Inc. (The), 7.750%, 10/15/17		867
		Power Sector Assets & Liabilities Management, (Philippines),
	130	7.250%, 05/27/19 (e)		156
	100	7.390%, 12/02/24 (e)		121
		Quebecor World Capital Corp., (Canada),
	1,145	6.125%, 11/15/13 (d) (f)		57
	1,160	6.500%, 08/01/27 (d) (f)		58
	265	9.750%, 01/15/15 (d) (f)		14
				9,475
		Construction & Engineering — 0.1%
	195	RSC Equipment Rental, Inc./RSC Holdings III LLC, 9.500%, 12/01/14		201
	550	Tutor Perini Corp., 7.625%, 11/01/18 (e)		557
		United Rentals North America, Inc.,
	650	9.250%, 12/15/19		706
	100	10.875%, 06/15/16		113
				1,577
		Electrical Equipment — 0.1%
		Belden, Inc.,
	500	7.000%, 03/15/17		505
	250	9.250%, 06/15/19		274
	185	International Wire Group, Inc., 9.750%, 04/15/15 (e)		192
	457	Valmont Industries, Inc.,
		6.875%, 05/01/14		466
				1,437
		Industrial Conglomerates — 0.1%
	215	Koninklijke Philips Electronics N.V., (Netherlands), 7.200%, 06/01/26		263
		Siemens Financieringsmaatschappij N.V., (Netherlands),
	1,830	5.750%, 10/17/16 (e)		2,152
	300	6.125%, 08/17/26 (e)		346
				2,761
		Industrial Machinery — 0.0% (g)
	335	Baldor Electric Co., 8.625%, 02/15/17		374
	270	Severstal Columbus LLC, 10.250%, 02/15/18 (e)		284
				658
		Machinery — 0.2%
	310	Altra Holdings, Inc., 8.125%, 12/01/16		322
	550	Eaton Corp., 5.600%, 05/15/18		628
	225	Ingersoll-Rand Co., (Bermuda), 7.200%, 06/01/25		246
	110	PACCAR, Inc., 6.375%, 02/15/12		117
	440	Parker Hannifin Corp., 6.250%, 05/15/38		511
		SPX Corp.,
	1,500	6.875%, 09/01/17 (e)		1,575
	250	7.625%, 12/15/14		271
	320	Titan International, Inc., 7.875%, 10/01/17 (e)		333
				4,003
		Marine — 0.1%
	1,250	Navios Maritime Holdings Inc/Navios Maritime Finance U.S., Inc., 8.875%, 11/01/17		1,334
	200	SCF Capital Ltd., (Ireland), 5.375%, 10/27/17 (e)		197
	750	Ultrapetrol Bahamas Ltd., (Bahamas), 9.000%, 11/24/14		754
				2,285

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

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

(Amount in thousands, except number of contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		Road & Rail — 0.6%
		Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,
	270	8.250%, 01/15/19 (e)		264
	1,300	9.625%, 03/15/18		1,362
	698	Burlington Northern and Santa Fe Railway Co. 2000 Pass-Through Trust, 7.908%, 01/15/20		817
		Burlington Northern Santa Fe LLC,
	220	5.650%, 05/01/17		251
	1,150	6.700%, 08/01/28		1,320
	280	Canadian Pacific Ltd., (Canada), 9.450%, 08/01/21		391
	165	Canadian Pacific Railway Co., (Canada), 7.250%, 05/15/19		201
	1,075	CSX Corp., 7.375%, 02/01/19		1,343
		Erac USA Finance Co.,
	250	6.375%, 10/15/17 (e)		286
	800	6.700%, 06/01/34 (e)		844
		Kansas City Southern de Mexico S.A. de C.V., (Mexico),
	352	7.375%, 06/01/14		369
	350	7.625%, 12/01/13		362
	1,683	RailAmerica, Inc., 9.250%, 07/01/17		1,843
	600	Rent-A-Center, Inc., 6.625%, 11/15/20 (e)		591
	576	Ryder System, Inc., 3.600%, 03/01/16		584
	390	Union Pacific Corp., 7.000%, 02/01/16		467
	235	United Parcel Service of America, Inc., SUB, 8.375%, 04/01/30		309
				11,604
		Transportation Services — 0.0% (g)
	750	Wabtec Corp., 6.875%, 07/31/13		790
		Total Industrials		67,078
	Information Technology — 1.1%
		Communications Equipment — 0.1%
	540	Brightstar Corp., 9.500%, 12/01/16 (e)		544
		Cisco Systems, Inc.,
	500	5.500%, 01/15/40		528
	375	5.900%, 02/15/39		417
	135	Nokia OYJ, (Finland), 5.375%, 05/15/19		148
				1,637
		Computers & Peripherals — 0.3%
		Dell, Inc.,
	981	2.300%, 09/10/15		967
	1,000	7.100%, 04/15/28		1,133
		Hewlett-Packard Co.,
	80	2.950%, 08/15/12		83
	500	5.400%, 03/01/17		574
	250	5.500%, 03/01/18		290
		International Business Machines Corp.,
	770	5.875%, 11/29/32		881
	650	7.000%, 10/30/25		838
	230	Seagate HDD Cayman, (Cayman Islands), 6.875%, 05/01/20 (e)		219
	1,000	Seagate Technology HDD Holdings, (Cayman Islands), 6.800%, 10/01/16		995
				5,980
		Electronic Equipment, Instruments & Components — 0.1%
		Arrow Electronics, Inc.,
	250	6.000%, 04/01/20		263
	769	6.875%, 07/01/13		852
	100	7.500%, 01/15/27		108
	678	Flextronics International Ltd., (Singapore), 6.250%, 11/15/14		691
	50	Intcomex, Inc., 13.250%, 12/15/14 (e)		53
	750	Sanmina-SCI Corp., VAR, 3.042%, 06/15/14 (e)		712
				2,679
		Internet Software & Services — 0.0% (g)
	225	Equinix, Inc., 8.125%, 03/01/18		236
		IT Services — 0.3%
	900	Electronic Data Systems LLC, 6.000%, 08/01/13		1,014
		Fidelity National Information Services, Inc.,
	106	7.625%, 07/15/17 (e)		112
	831	7.875%, 07/15/20 (e)		887
		First Data Corp.,
	600	8.875%, 08/15/20 (e)		624
	466	9.875%, 09/24/15		394
	3,610	Sitel LLC/Sitel Finance Corp., 11.500%, 04/01/18 (e)		3,068
				6,099
		Semiconductors & Semiconductor Equipment — 0.1%
	415	Advanced Micro Devices, Inc., 8.125%, 12/15/17		438
	1,280	Amkor Technology, Inc., 7.375%, 05/01/18		1,350
	605	Freescale Semiconductor, Inc., 9.250%, 04/15/18 (e)		634
		NXP B.V./NXP Funding LLC, (Netherlands),
	125	7.875%, 10/15/14		128
	375	VAR, 3.039%, 10/15/13		355
	150	STATS ChipPAC Ltd., (Singapore), 7.500%, 08/12/15 (e)		158

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

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

(Amount in thousands, except number of contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		Semiconductors & Semiconductor Equipment — Continued
				3,063
		Software — 0.2%
	115	Intuit, Inc., 5.750%, 03/15/17		128
	595	Microsoft Corp., 4.500%, 10/01/40		568
		Oracle Corp.,
	1,000	5.250%, 01/15/16		1,149
	241	5.375%, 07/15/40 (e)		250
	1,030	6.500%, 04/15/38		1,233
				3,328
		Total Information Technology		23,022
	Materials — 3.1%
		Chemicals — 0.6%
	275	Celanese US Holdings LLC, 6.625%, 10/15/18 (e)		283
		CF Industries, Inc.,
	300	6.875%, 05/01/18		329
	340	7.125%, 05/01/20		381
	360	Chemtura Corp., 7.875%, 09/01/18 (e)		381
	242	Dow Chemical Co. (The), 4.250%, 11/15/20		236
		EI du Pont de Nemours & Co.,
	721	1.950%, 01/15/16		714
	410	3.250%, 01/15/15		434
	1,175	4.900%, 01/15/41		1,164
	130	5.000%, 07/15/13		143
		Lyondell Chemical Co.,
	625	8.000%, 11/01/17 (e)		674
	1,537	11.000%, 05/01/18		1,710
	525	Monsanto Co., 7.375%, 08/15/12		582
	775	PolyOne Corp., 7.375%, 09/15/20		792
		Potash Corp. of Saskatchewan, Inc., (Canada),
	450	4.875%, 03/01/13		480
	753	7.750%, 05/31/11		779
	200	PPG Industries, Inc., 9.000%, 05/01/21		272
		Praxair, Inc.,
	1,535	4.625%, 03/30/15		1,703
	375	5.200%, 03/15/17		426
	650	5.250%, 11/15/14		737
	200	Rhodia S.A., (France), 6.875%, 09/15/20 (e)		204
	160	TPC Group LLC, 8.250%, 10/01/17 (e)		164
	775	Union Carbide Corp., 7.750%, 10/01/96		766
				13,354
		Construction Materials — 0.0% (g)
	75	Hanson Ltd., (United Kingdom), 6.125%, 08/15/16		76
		Containers & Packaging — 0.6%
	900	Ardagh Packaging Finance plc, (Ireland), 7.375%, 10/15/17 (e)		925
		Ball Corp.,
	1,465	5.750%, 05/15/21		1,436
	1,500	6.750%, 09/15/20		1,597
	125	7.125%, 09/01/16		135
	125	7.375%, 09/01/19		136
	220	Berry Plastics Corp., 8.250%, 11/15/15		229
	2,000	Constar International, Inc., VAR, 3.661%, 02/15/12		1,600
	600	Graphic Packaging International, Inc., 7.875%, 10/01/18		622
	1,000	Packaging Dynamics Finance Corp., 10.000%, 05/01/16 (e)		1,000
	376	Plastipak Holdings, Inc., 8.500%, 12/15/15 (e)		388
		Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC,
	675	7.125%, 04/15/19 (e)		687
	700	7.750%, 10/15/16 (e)		730
	500	Sealed Air Corp., 7.875%, 06/15/17		549
	700	Silgan Holdings, Inc., 7.250%, 08/15/16		730
	900	Solo Cup Co., 10.500%, 11/01/13		938
				11,702
		Metals & Mining — 0.5%
	375	AK Steel Corp., 7.625%, 05/15/20		374
	106	Arch Western Finance LLC, 6.750%, 07/01/13		107
		BHP Billiton Finance USA Ltd., (Australia),
	570	4.800%, 04/15/13		618
	575	5.400%, 03/29/17		654
	500	5.500%, 04/01/14		560
	120	6.500%, 04/01/19		146
	1,086	California Steel Industries, Inc., 6.125%, 03/15/14		1,043
	150	FMG Resources August 2006 Pty Ltd., (Australia), 7.000%, 11/01/15 (e)		152
	255	Freeport-McMoRan Copper & Gold, Inc., 8.250%, 04/01/15		270
	1,510	Nucor Corp., 6.400%, 12/01/37		1,759
	450	Rain CII Carbon LLC and CII Carbon Corp., 8.000%, 12/01/18 (e)		450
	538	Rio Tinto Finance USA Ltd., (Australia), 3.500%, 11/02/20		522
	1,500	Steel Dynamics, Inc., 6.750%, 04/01/15		1,515

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

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

(Amount in thousands, except number of contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		Metals & Mining — Continued
		United States Steel Corp.,
	474	6.050%, 06/01/17		462
	523	7.000%, 02/01/18		518
	1,500	7.375%, 04/01/20		1,498
	982	Wolverine Tube, Inc., 15.000%, 03/31/12 (d)		344
				10,992
		Paper & Forest Products — 1.4%
	900	ABI Escrow Corp., 10.250%, 10/15/18 (e)		938
		Abitibi-Consolidated Co. of Canada, (Canada),
	14,926	6.000%, 06/20/13 (d)		2,425
	1,999	7.750%, 06/15/11 (d)		325
	7,648	8.375%, 04/01/15 (d)		1,243
	375	13.750%, 04/01/11 (d) (e)		436
		Abitibi-Consolidated, Inc., (Canada),
	1,199	7.500%, 04/01/28 (d)		195
	730	8.850%, 08/01/30 (d)		118
	2,300	Appleton Papers, Inc., 10.500%, 06/15/15 (e)		2,254
	1,000	Boise Paper Holdings LLC/Boise Co.-Issuer Co., 8.000%, 04/01/20		1,083
		Cascades, Inc., (Canada),
	500	7.750%, 12/15/17		524
	400	7.875%, 01/15/20		420
	700	Clearwater Paper Corp., 7.125%, 11/01/18 (e)		712
		Domtar Corp.,
	126	7.125%, 08/15/15		137
	950	10.750%, 06/01/17		1,195
		Georgia-Pacific LLC,
	1,000	5.400%, 11/01/20 (e)		990
	345	7.000%, 01/15/15 (e)		355
	875	7.125%, 01/15/17 (e)		923
	1,200	7.750%, 11/15/29		1,350
	400	8.250%, 05/01/16 (e)		442
	1,154	Jefferson Smurfit Corp., 8.250%, 10/01/12 (d) (f) (i)		54
	5,150	NewPage Corp., 11.375%, 12/31/14		4,661
		P.H. Glatfelter Co.,
	2,000	7.125%, 05/01/16		2,065
	1,000	PE Paper Escrow GmbH, (Austria), 12.000%, 08/01/14 (e)		1,150
	1,650	Potlatch Corp., 7.500%, 11/01/19		1,714
		Smurfit-Stone Container Enterprises, Inc.,
	1,640	8.000%, 03/15/17 (d) (f) (i)		77
	2,656	8.375%, 07/01/12 (d) (f) (i)		124
	750	Verso Paper Holdings LLC/Verso Paper, Inc., 11.500%, 07/01/14		814
		Weyerhaeuser Co.,
	350	7.375%, 10/01/19		383
	750	7.375%, 03/15/32		742
				27,849
		Total Materials		63,973
	Telecommunication Services — 1.8%
		Diversified Telecommunication Services — 1.2%
	31	AT&T Corp., 8.000%, 11/15/31		40
		AT&T, Inc.,
	1,030	5.350%, 09/01/40 (e)		978
	220	5.600%, 05/15/18		253
	465	5.800%, 02/15/19		543
	1,500	6.300%, 01/15/38		1,599
		BellSouth Corp.,
	1,285	5.200%, 09/15/14		1,428
	100	6.875%, 10/15/31		112
	488	BellSouth Telecommunications, Inc., 6.300%, 12/15/15		531
		Cincinnati Bell, Inc.,
	800	8.250%, 10/15/17		776
	145	8.750%, 03/15/18		131
		Deutsche Telekom International Finance B.V., (Netherlands),
	100	6.750%, 08/20/18		122
	1,000	8.750%, 06/15/30		1,357
		Frontier Communications Corp.,
	785	7.125%, 03/15/19		812
	15	7.875%, 04/15/15		16
	1,165	8.125%, 10/01/18		1,282
	15	8.250%, 04/15/17		17
	215	8.500%, 04/15/20		237
	15	8.750%, 04/15/22		16
	800	GTE Corp., 6.840%, 04/15/18		938
		Qwest Communications International, Inc.,
	1,000	7.125%, 04/01/18 (e)		1,040
	90	8.000%, 10/01/15		96
		Qwest Corp.,
	1,000	6.500%, 06/01/17		1,110
	250	8.875%, 03/15/12		272
		Telecom Italia Capital S.A., (Luxembourg),
	562	5.250%, 11/15/13		594
	190	7.721%, 06/04/38		191
		Telefonica Emisiones S.A.U., (Spain),
	600	5.855%, 02/04/13		644
	80	5.877%, 07/15/19		86
	480	TELUS Corp., (Canada),
		8.000%, 06/01/11		496

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

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

(Amount in thousands, except number of contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		Diversified Telecommunication Services — Continued
	267	United Telephone Co. of Florida, 8.375%, 01/15/25		283
		Verizon Communications, Inc.,
	585	6.900%, 04/15/38		690
	75	7.350%, 04/01/39		93
		Verizon Global Funding Corp.,
	820	7.750%, 12/01/30		1,042
	290	7.750%, 06/15/32		365
	2,000	Verizon Pennsylvania, Inc., 8.350%, 12/15/30		2,264
	2,400	Virgin Media Secured Finance plc, (United Kingdom), 6.500%, 01/15/18		2,535
		Windstream Corp.,
	525	8.125%, 08/01/13		573
	125	8.125%, 09/01/18		129
	1,250	8.625%, 08/01/16		1,297
				24,988
		Wireless Telecommunication Services — 0.6%
	450	CC Holdings GS V LLC/Crown Castle GS III Corp., 7.750%, 05/01/17 (e)		496
	140	Cricket Communications, Inc., 7.750%, 05/15/16		143
	75	MetroPCS Wireless, Inc., 7.875%, 09/01/18		78
		New Cingular Wireless Services, Inc.,
	945	7.875%, 03/01/11		962
	805	8.125%, 05/01/12		885
	2,750	Nextel Communications, Inc., 7.375%, 08/01/15		2,654
		NII Capital Corp.,
	365	8.875%, 12/15/19		395
	185	10.000%, 08/15/16		205
	240	Rogers Communications, Inc., (Canada), 6.800%, 08/15/18		293
		SBA Telecommunications, Inc.,
	1,050	8.000%, 08/15/16		1,134
	500	8.250%, 08/15/19		548
	800	Sprint Capital Corp., 8.750%, 03/15/32		792
	125	Sprint Nextel Corp., 8.375%, 08/15/17		130
	870	Vodafone Group plc, (United Kingdom), 5.000%, 09/15/15		965
		Wind Acquisition Finance S.A., (Luxembourg),
	775	7.250%, 02/15/18 (e)		763
	275	11.750%, 07/15/17 (e)		305
	490	12.000%, 12/01/15 (e)		518
				11,266
		Total Telecommunication Services		36,254
	Utilities — 2.8%
		Electric Utilities — 1.8%
		AES Eastern Energy LP,
	537	9.000%, 01/02/17		559
	2,000	9.670%, 01/02/29		2,145
	505	Alabama Power Co., 6.125%, 05/15/38		573
		Carolina Power & Light Co.,
	90	5.300%, 01/15/19		103
	500	6.300%, 04/01/38		579
	1,000	CenterPoint Energy Houston Electric LLC, 5.750%, 01/15/14		1,122
	100	Centrais Eletricas Brasileiras S.A., (Brazil), 6.875%, 07/30/19 (e)		115
	300	Consolidated Edison Co. of New York, Inc., 5.500%, 12/01/39		313
	925	Consumers Energy Co., 6.700%, 09/15/19		1,133
	80	Dubai Electricity & Water Authority, (United Arab Emirates), 8.500%, 04/22/15 (e)		83
		Duke Energy Carolinas LLC,
	780	4.300%, 06/15/20		834
	200	5.250%, 01/15/18		228
	500	5.625%, 11/30/12		545
	1,100	6.050%, 04/15/38		1,252
	500	6.250%, 01/15/12		531
	280	Duke Energy Indiana, Inc., 3.750%, 07/15/20		285
	1,200	Enel Finance International S.A., (Luxembourg), 5.125%, 10/07/19 (e)		1,237
	115	Florida Power Corp., 5.650%, 06/15/18		134
		FPL Group Capital, Inc.,
	275	5.350%, 06/15/13		300
	265	7.875%, 12/15/15		328
		Georgia Power Co.,
	386	4.750%, 09/01/40		365
	562	5.250%, 12/15/15		644
	140	5.950%, 02/01/39		157
	164	Homer City Funding LLC, 8.137%, 10/01/19		153
	2,000	Ipalco Enterprises, Inc., 7.250%, 04/01/16 (e)		2,150
	988	Massachusetts Electric Co., 5.900%, 11/15/39 (e)		1,061
	860	MidAmerican Energy Co., 5.300%, 03/15/18		971
	810	Midamerican Funding LLC, 6.750%, 03/01/11		823
		Nevada Power Co.,
	446	5.375%, 09/15/40		439

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

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

(Amount in thousands, except number of contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		Electric Utilities — Continued
	600	7.125%, 03/15/19		730
	300	Niagara Mohawk Power Corp., 4.881%, 08/15/19 (e)		324
		Nisource Finance Corp.,
	1,470	6.400%, 03/15/18		1,675
	150	6.800%, 01/15/19		175
	290	10.750%, 03/15/16		383
		Northern States Power Co.,
	173	5.350%, 11/01/39		181
	765	6.250%, 06/01/36		895
	1,010	Pacific Gas & Electric Co., 5.625%, 11/30/17		1,161
		Pacificorp,
	1,900	5.750%, 04/01/37		2,062
	250	7.240%, 08/16/23		308
		Peco Energy Co.,
	1,880	5.350%, 03/01/18		2,140
	500	5.950%, 11/01/11		523
	360	Potomac Electric Power Co., 6.500%, 11/15/37		424
	50	Progress Energy, Inc., 6.050%, 03/15/14		56
	1,121	PSEG Power LLC, 5.125%, 04/15/20		1,206
		Public Service Co. of Colorado,
	198	3.200%, 11/15/20		194
	35	6.500%, 08/01/38		42
	200	Public Service Co. of New Mexico, 7.950%, 05/15/18		223
		Public Service Co. of Oklahoma,
	88	5.150%, 12/01/19		96
	1,100	6.625%, 11/15/37		1,222
		Public Service Electric & Gas Co.,
	350	2.700%, 05/01/15		362
	155	5.300%, 05/01/18		177
	416	5.375%, 11/01/39		439
		San Diego Gas & Electric Co.,
	249	4.500%, 08/15/40		232
	500	6.000%, 06/01/39		575
		Southern California Edison Co.,
	450	5.550%, 01/15/37		486
	285	5.950%, 02/01/38		321
	145	Spectra Energy Capital LLC, 7.500%, 09/15/38		174
	120	Union Electric Co., 8.450%, 03/15/39		168
	235	Virginia Electric and Power Co., 6.350%, 11/30/37		276
				36,392
		Gas Utilities — 0.3%
	250	ANR Pipeline Co., 9.625%, 11/01/21		364
	600	Atmos Energy Corp., 5.125%, 01/15/13		640
	570	CenterPoint Energy Resources Corp., 6.625%, 11/01/37		650
	200	Crosstex Energy LP/Crosstex Energy Finance Corp., 8.875%, 02/15/18		209
	1,210	ENI S.p.A., (Italy), 5.700%, 10/01/40 (e)		1,213
	155	EQT Corp., 8.125%, 06/01/19		187
	325	Genesis Energy LP/Genesis Energy Finance Corp., 7.875%, 12/15/18 (e)		322
	835	Southern California Gas Co., 4.375%, 01/15/11		839
	1,000	TransCanada Pipelines Ltd., (Canada), 6.200%, 10/15/37		1,109
	1,505	TransCanada Pipelines Ltd., (Canada), 4.000%, 06/15/13		1,610
				7,143
		Independent Power Producers & Energy Traders — 0.5%
	1,700	Calpine Construction Finance Co. LP and CCFC Finance Corp., 8.000%, 06/01/16 (e)		1,789
	750	Dynegy Roseton/Danskammer Pass-Through Trust, 7.670%, 11/08/16		701
		Edison Mission Energy,
	2,000	7.000%, 05/15/17		1,570
	800	7.200%, 05/15/19		616
	500	7.750%, 06/15/16		428
	290	FPL Energy National Wind, 6.125%, 03/25/19 (e)		276
	327	FPL Energy Wind Funding LLC, 6.876%, 06/27/17 (e)		317
	868	Midwest Generation LLC, 8.560%, 01/02/16		876
	2,013	Mirant Mid Atlantic LLC, 9.125%, 06/30/17		2,144
	130	North American Energy Alliance LLC/North American Energy Alliance Finance Corp., 10.875%, 06/01/16 (e)		144
	335	NRG Energy, Inc., 7.375%, 02/01/16		337
	376	Ormat Funding Corp., 8.250%, 12/30/20		363
	235	Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/15		140
				9,701
		Multi-Utilities — 0.1%
	400	Dominion Resources, Inc., 7.000%, 06/15/38		494
	160	DTE Energy Co., 7.625%, 05/15/14		188
		Sempra Energy,

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

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

(Amount in thousands, except number of contracts)

	PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Corporate Bonds — Continued
			Multi-Utilities — Continued
		255	6.150%, 06/15/18		299
		75	6.500%, 06/01/16		89
		220	8.900%, 11/15/13		262
		420	9.800%, 02/15/19		583
					1,915
			Water Utilities — 0.1%
		925	American Water Capital Corp., 6.085%, 10/15/17		1,064
			Total Utilities		56,215
			Total Corporate Bonds (Cost $675,042)		705,614
		Foreign Government Securities — 1.5%
		100	Banco Nacional de Desenvolvimento Economico e Social, (Brazil), 6.369%, 06/16/18 (e)		113
		150	Citigroup Funding, Inc., CLN, 11.000%, 07/24/20 (linked to Colombian Government Bond, 11.000%, 07/24/20; credit rating BBB+), (Colombia), 11.000%, 07/27/20 (f) (i)		136
		100	Citigroup Funding, Inc., CLN, 14.250%, 06/19/13 (linked to Indonesia Government Bond, 14.250%, 06/15/13; credit rating BB+), (Indonesia) (e) (f) (i)		105
		130	Citigroup Funding, Inc., CLN, 14.990%, 03/13/13 (linked to Government of Ghana 3-Year Bond, 14.990%, 03/11/13; credit rating B), (Ghana) (e) (f) (i)		132
		60	Credit Suisse First Boston International for CJSC The EXIM of Ukraine, (Ukraine), 7.650%, 09/07/11		60
		100	Deutsche Bank AG, London Branch, CLN, 14.275%, 12/22/13 (linked to Indonesia Government Bond, 14.275%, 12/22/13; credit rating BB+), (Indonesia) (e) (f) (i)		144
			Federal Republic of Brazil, (Brazil),
		70	7.125%, 01/20/37		87
		662	8.000%, 01/15/18		790
		100	8.250%, 01/20/34		138
		90	8.750%, 02/04/25		128
		300	8.875%, 04/15/24		427
BRL		10	10.000%, 01/01/12		59
BRL		63	10.000%, 01/01/14		362
		500	11.000%, 08/17/40		686
		299	12.250%, 03/06/30		556
BRL		395	12.500%, 01/05/22		271
		176	Government of Belize, (Belize), Reg. S., SUB, 6.000%, 02/20/29		155
			Government of Dominican Republic, (Dominican Republic),
		115	Reg. S., 9.040%, 01/23/18		134
		339	9.040%, 01/23/18 (e)		397
		33	Reg. S., 9.040%, 01/23/18		38
			Government of Ukraine, (Ukraine),
		510	6.580%, 11/21/16 (e)		488
		100	6.875%, 09/23/15 (e)		96
		100	7.750%, 09/23/20 (e)		97
		112	IIRSA Norte Finance Ltd., (Peru), Reg. S., 8.750%, 05/30/24		128
		350	Kingdom of Bahrain, (Bahrain), 5.500%, 03/31/20		356
			Petroleos de Venezuela S.A., (Venezuela),
		25	5.250%, 04/12/17		13
		965	5.375%, 04/12/27		433
		200	Province of Manitoba, (Canada), 2.125%, 04/22/13		206
		655	Province of Nova Scotia, (Canada), 9.250%, 03/01/20		938
			Province of Ontario, (Canada),
		780	2.700%, 06/16/15		809
		1,635	2.950%, 02/05/15		1,718
		300	Province of Quebec, (Canada), 6.350%, 01/30/26		380
		320	Provincia de Cordoba, (Argentina), 12.375%, 08/17/17 (e)		323
			Republic of Argentina, (Argentina),
ARS		760	VAR, 0.000%, 12/31/33		348
		50	SUB, 2.500%, 12/31/38		21
		1,699	SUB, 2.500%, 12/31/38		718
		35	7.000%, 09/12/13		34
		125	7.000%, 04/17/17		107
		14	8.280%, 12/31/33		12
		739	8.750%, 06/02/17		735
		100	Republic of Belarus, (Belarus), 8.750%, 08/03/15		102
			Republic of Colombia, (Colombia),
COP		368,000	7.750%, 04/14/21		214
		440	8.125%, 05/21/24		572
		100	10.375%, 01/28/33		154
			Republic of Croatia, (Croatia),
		200	6.625%, 07/14/20 (e)		212
		190	Reg. S., 6.625%, 07/14/20		200
		240	Republic of Egypt, (Egypt), 5.750%, 04/29/20 (e)		258
			Republic of El Salvador, (El Salvador),

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

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

(Amount in thousands, except number of contracts)

	PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Foreign Government Securities — Continued
		180	7.650%, 06/15/35		193
		80	Reg. S., 7.750%, 01/24/23		90
		140	8.250%, 04/10/32		158
		110	Republic of Ghana, (Ghana), Reg. S., 8.500%, 10/04/17		124
			Republic of Hungary, (Hungary),
		310	6.250%, 01/29/20		298
HUF		35,000	6.750%, 02/24/17		148
HUF		33,000	8.000%, 02/12/15		151
			Republic of Indonesia, (Indonesia),
		645	Reg. S., 6.750%, 03/10/14		726
		50	Reg. S., 7.750%, 01/17/38		63
		340	Reg. S., 8.500%, 10/12/35		461
		130	11.625%, 03/04/19 (e)		196
		250	Republic of Iraq, (Iraq), Reg. S., 5.800%, 01/15/28		220
			Republic of Lithuania, (Lithuania),
		450	5.125%, 09/14/17 (e)		445
		150	7.375%, 02/11/20		150
			Republic of Panama, (Panama),
		280	7.250%, 03/15/15		330
		460	9.375%, 04/01/29		674
			Republic of Peru, (Peru),
PEN		440	Reg. S., 6.950%, 08/12/31		159
PEN		470	7.840%, 08/12/20		188
		290	8.375%, 05/03/16		363
		558	8.750%, 11/21/33		793
		88	9.875%, 02/06/15		113
			Republic of Philippines, (Philippines),
		170	4.000%, 01/15/21		166
		100	9.500%, 02/02/30		148
		81	9.875%, 01/15/19		115
		570	10.625%, 03/16/25		901
		93	Republic of Serbia, (Serbia), Reg. S., SUB, 6.750%, 11/01/24		91
			Republic of South Africa, (South Africa),
		100	5.500%, 03/09/20		109
		110	5.875%, 05/30/22		122
		125	6.875%, 05/27/19		149
ZAR		2,583	10.500%, 12/21/26		430
		260	Republic of Sri Lanka, (Sri Lanka), 6.250%, 10/04/20 (e)		268
			Republic of Turkey, (Turkey),
		500	6.750%, 04/03/18		585
		395	7.250%, 03/15/15		459
		467	7.250%, 03/05/38		562
		100	7.500%, 07/14/17		121
		110	7.500%, 11/07/19		135
		125	9.500%, 01/15/14		151
TRY		75	10.500%, 01/15/20		55
TRY		150	11.000%, 08/06/14		108
			Republic of Uruguay, (Uruguay),
UYU		1,000	3.700%, 06/26/37		69
UYU		3,000	5.496%, 04/05/27		224
		420	7.625%, 03/21/36		529
		170	8.000%, 11/18/22		218
			Republic of Venezuela, (Venezuela),
		684	Reg. S., 5.750%, 02/26/16		455
		340	Reg. S., 7.000%, 03/31/38		178
		520	12.750%, 08/23/22		426
		1,785	Russian Federation, (Russia), Reg. S., SUB, 7.500%, 03/31/30		2,056
		320	State of Qatar, (Qatar), Reg. S., 5.250%, 01/20/20		344
			United Mexican States, (Mexico),
MXN		380	4.563%, 11/22/35		164
		300	5.625%, 01/15/17		337
		200	5.875%, 02/17/14		223
		188	5.950%, 03/19/19		214
		280	8.300%, 08/15/31		379
MXN		1,710	10.000%, 12/05/24		173
			Total Foreign Government Securities (Cost $30,802)		31,297
		Mortgage Pass-Through Securities — 3.7%
			Federal Home Loan Mortgage Corp.,
		854	ARM, 4.174%, 03/01/36		895
		489	ARM, 5.647%, 03/01/36		513
		148	ARM, 5.997%, 05/01/37		158
		860	ARM, 6.009%, 10/01/37		915
		444	ARM, 6.222%, 10/01/36		470
		335	ARM, 6.430%, 08/01/36		355
			Federal Home Loan Mortgage Corp. Gold Pools, 15 Year, Single Family,
		2,305	4.000%, 08/01/18 - 05/01/19		2,418
		1,209	4.500%, 10/01/18		1,276
		156	5.000%, 05/01/18		168
		880	5.500%, 01/01/21		963
		985	6.000%, 11/01/21		1,080
		644	6.500%, 07/01/14		685
		38	7.000%, 05/01/11 - 06/01/11		38
		113	7.500%, 05/01/11 - 01/01/17		123
			Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family,
		1,808	6.500%, 11/01/22 - 03/01/26		2,007
		469	7.000%, 01/01/27		531
			Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,
		524	4.000%, 09/01/33		538
		194	6.000%, 02/01/29		213
		1,518	6.500%, 01/01/24 - 11/01/36		1,697

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

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

(Amount in thousands, except number of contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Mortgage Pass-Through Securities — Continued
	1,495	7.000%, 09/01/24 - 10/01/36 (m)		1,709
	174	7.500%, 10/01/19 - 10/01/30		194
	171	8.000%, 08/01/27 - 03/01/30		201
		Federal Home Loan Mortgage Corp. Gold Pools, FHA/VA,
	3,084	7.500%, 01/01/32 - 12/01/36		3,554
	705	10.000%, 10/01/30		841
		Federal Home Loan Mortgage Corp. Gold Pools, Other,
	217	7.000%, 12/01/14 - 03/01/16		234
		Federal Home Loan Mortgage Corp., 30 Year, Single Family,
	6	7.500%, 02/01/17		6
	9	12.000%, 08/01/15 - 07/01/19		10
	–(h)	13.000%, 06/01/14		–	(h)
		Federal National Mortgage Association,
	359	ARM, 2.477%, 05/01/35		376
	25	ARM, 2.750%, 10/01/33		27
	265	ARM, 2.806%, 01/01/34		278
	142	ARM, 5.091%, 04/01/37		150
	667	ARM, 5.652%, 03/01/37		708
	1,882	ARM, 5.696%, 01/01/23		2,019
	886	ARM, 5.720%, 04/01/37		937
	527	ARM, 5.882%, 07/01/37		562
	482	ARM, 6.000%, 02/01/37		517
	241	ARM, 6.110%, 07/01/37		257
		Federal National Mortgage Association, 15 Year, Single Family,
	6,876	3.500%, 09/01/18 - 07/01/19		7,057
	4,502	4.000%, 07/01/18 - 12/01/18		4,743
	504	4.500%, 07/01/18		537
	2,707	5.000%, 05/01/18 - 11/01/18		2,914
	1,537	5.500%, 08/01/17 - 07/01/20		1,673
	2,842	6.000%, 01/01/14 - 08/01/22		3,112
	92	6.500%, 05/01/13		101
	–(h)	7.000%, 03/01/15		–	(h)
	7	7.500%, 02/01/12		7
	33	8.000%, 01/01/16		34
	4	8.500%, 11/01/11		4
		Federal National Mortgage Association, 20 Year, Single Family,
	2,774	6.000%, 04/01/24 - 08/01/27		3,045
	1,229	6.500%, 11/01/18		1,353
	368	Federal National Mortgage Association, 30 Year, FHA/VA, 5.500%, 08/01/34		398
		Federal National Mortgage Association, 30 Year, Single Family,
	556	5.500%, 12/01/28 - 07/01/29		604
	2,320	6.000%, 04/01/35 - 08/01/37		2,559
	4,686	6.500%, 04/01/28 - 10/01/38		5,229
	2,466	7.000%, 03/01/28 - 04/01/37		2,806
	1,069	7.500%, 09/01/25 - 11/01/38		1,211
	–(h)	8.000%, 08/01/22		–	(h)
	78	8.500%, 10/01/25 - 12/01/25		90
	5	9.000%, 01/01/19 - 04/01/25		6
	28	12.500%, 01/01/16		30
		Federal National Mortgage Association, Other,
	1,879	5.000%, 12/01/32 - 08/01/33		1,997
	1,327	5.500%, 09/01/17		1,415
	583	6.500%, 04/01/36 - 07/01/36		647
		Government National Mortgage Association II, 30 Year, Single Family,
	21	6.500%, 02/20/29		25
	1,750	7.000%, 01/20/39		1,977
	117	7.500%, 08/20/25 - 07/20/27		135
	239	8.000%, 08/20/26 - 08/20/28		283
	1,381	Government National Mortgage Association, 15 Year, Single Family, 6.500%, 10/15/23		1,526
		Government National Mortgage Association, 30 Year, Single Family,
	537	6.500%, 02/15/28 - 10/15/29		619
	175	7.000%, 01/15/23 - 02/15/28		201
	158	7.250%, 07/15/21 - 01/15/28		180
	94	7.500%, 10/15/22 - 09/15/29		108
	8	7.750%, 02/15/27		10
	5	8.500%, 11/15/25		5
	135	9.000%, 04/15/16 - 01/15/25		153
	5	10.000%, 11/15/20		6
	3	13.000%, 01/15/15		3
		Total Mortgage Pass-Through Securities (Cost $70,813)		74,426
	Municipal Bonds — 0.3%
	California — 0.0% (g)
	1,000	Los Angeles Department of Airports, Taxable Build America Bonds, Rev., 6.582%, 05/15/39		994
	Illinois — 0.1%
	1,960	State of Illinois, Taxable Pension, GO, 5.100%, 06/01/33		1,527
	New York — 0.2%
		New York State Dormitory Authority, State Personal Taxable General Purpose, Build America Bonds,
	560	Series H, Rev., 5.289%, 03/15/33		546
	1,165	Series H, Rev., 5.389%, 03/15/40		1,127

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

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

(Amount in thousands, except number of contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Municipal Bonds — Continued
	New York — Continued
	1,450	Port Authority of New York & New Jersey, Rev., 5.647%, 11/01/40		1,410
				3,083
		Total Municipal Bonds (Cost $6,037)		5,604
	Supranational — 0.0% (g)
	330	Eurasian Development Bank, (Kazakhstan), Reg. S., 7.375%, 09/29/14 (Cost $344)		356
	U.S. Government Agency Securities — 0.9%
	1,500	Federal Home Loan Bank System, 1.750%, 12/14/12		1,532
		Federal Home Loan Mortgage Corp.,
	915	2.500%, 04/23/14		961
	635	5.250%, 04/18/16		746
	385	6.750%, 09/15/29		505
		Federal National Mortgage Association,
	3,505	1.375%, 04/28/11		3,522
	1,995	1.750%, 03/23/11		2,005
	825	5.000%, 05/11/17		958
	1,500	5.625%, 07/15/37		1,769
	1,000	8.200%, 03/10/16		1,322
	1,000	Federal National Mortgage Association Interest Strip, 11/15/21		653
		Financing Corp. Fico,
	1,285	Zero Coupon, 04/05/19		1,005
	500	Zero Coupon, 09/26/19		380
	462	New Valley Generation II, 5.572%, 05/01/20		504
	704	New Valley Generation III, 4.929%, 01/15/21		757
		Tennessee Valley Authority,
	902	4.625%, 09/15/60		891
	869	5.250%, 09/15/39		958
	500	Tennessee Valley Authority Principal Strip, Zero Coupon, 11/01/25		256
		Total U.S. Government Agency Securities (Cost $17,753)		18,724
	U.S. Treasury Obligations — 17.8%
		U.S. Treasury Bonds,
	85	3.500%, 02/15/39		76
	555	4.375%, 02/15/38		585
	5,000	4.500%, 02/15/36		5,402
	3,890	4.500%, 05/15/38		4,181
	2,500	5.250%, 02/15/29		3,002
	1,000	5.500%, 08/15/28		1,234
	2,340	6.000%, 02/15/26		3,026
	5,000	6.250%, 08/15/23		6,570
	4,250	6.375%, 08/15/27		5,726
	7,600	7.125%, 02/15/23		10,659
	20	7.250%, 05/15/16		26
	7,200	7.250%, 08/15/22		10,163
	20,000	7.500%, 11/15/16		26,481
	4,800	7.500%, 11/15/24		7,028
	2,625	7.875%, 02/15/21		3,816
	1,937	8.125%, 08/15/19		2,800
	13,600	8.125%, 05/15/21		20,122
	10,000	8.125%, 08/15/21		14,844
	5,000	8.500%, 02/15/20		7,435
	13,325	8.750%, 05/15/17		18,881
	6,000	8.750%, 08/15/20		9,120
	24,560	8.875%, 08/15/17 (m)		35,209
	9,343	8.875%, 02/15/19		13,936
	5,000	9.000%, 11/15/18 (m)		7,466
	1,000	U.S. Treasury Inflation Indexed Bonds, 3.625%, 04/15/28		1,809
		U.S. Treasury Notes,
	3,225	0.875%, 04/30/11		3,234
	40	1.000%, 08/31/11		40
	90	1.000%, 10/31/11		91
	4,000	1.375%, 09/15/12		4,066
	6,625	1.375%, 10/15/12		6,739
	5,275	1.375%, 11/15/12		5,368
	10,000	1.875%, 06/15/12		10,228
	225	2.250%, 05/31/14		235
	100	2.375%, 03/31/16		104
	2,780	2.625%, 02/29/16		2,929
	105	2.625%, 04/30/16		111
	1,000	3.125%, 10/31/16		1,075
	880	3.125%, 05/15/19		923
	2,250	3.250%, 03/31/17		2,427
	320	4.000%, 02/15/15		357
	7,860	4.750%, 08/15/17		9,204
		U.S. Treasury STRIPS,
	308	05/15/14		298
	2,000	11/15/14		1,910
	2,425	11/15/15		2,250
	6,980	05/15/16		6,363
	6,916	02/15/17		6,105
	5,991	05/15/17		5,253
	12,248	08/15/17		10,592
	19,170	11/15/17		16,406
	6,000	02/15/18		5,087
	1,606	08/15/18		1,335
	185	08/15/19		146
	5,185	11/15/20		3,827
	22,000	11/15/21		15,319
	5,000	08/15/22		3,340
	5,000	11/15/22		3,292
	4,000	08/15/24		2,389
	5,000	11/15/24		2,944
	2,900	02/15/25		1,684
	2,550	02/15/27		1,316
	8,000	11/15/27		3,966

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

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

(Amount in thousands, except number of contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	U.S. Treasury Obligations — Continued
	2,615	02/15/28		1,279
		Total U.S. Treasury Obligations     (Cost $341,083)		361,829
SHARES
	Common Stocks — 0.7%
	Consumer Discretionary — 0.0% (g)
		Leisure Equipment & Products — 0.0% (g)
	31	True Temper Holdings Corp., Inc. (a) (f) (i)		248
	Consumer Staples — 0.0% (g)
		Food Products — 0.0% (g)
	40	Eurofresh, Inc., ADR (a) (f) (i)		83
		Household Products — 0.0% (g)
	12	Spectrum Brands Holdings, Inc. (a)		312
		Total Consumer Staples		395
	Industrials — 0.0% (g)
		Commercial Services & Supplies — 0.0% (g)
	3	Quad/Graphics, Inc. (a)		125
	Information Technology — 0.1%
		Semiconductors & Semiconductor Equipment — 0.1%
	695	MagnaChip Semiconductor S.A./MagnaChip Semiconductor Finance Co., ADR (Luxembourg) (a) (f) (i)		903
	Materials — 0.6%
		Chemicals — 0.4%
	164	LyondellBasell Industries N.V., (Netherlands), Class A (a)		4,776
	81	LyondellBasell Industries N.V., (Netherlands), Class B (a)		2,367
				7,143
		Construction Materials — 0.0% (g)
	144	U.S. Concrete, Inc. (a)		976
		Containers & Packaging — 0.2%
	171	Smurfit-Stone Container Corp. (a)		4,093
		Total Materials		12,212
	Telecommunication Services — 0.0% (g)
		Diversified Telecommunication Services — 0.0% (g)
	4	AboveNet, Inc. (a)		262
	—  (h)	XO Holdings, Inc. (a)		—	(h)
				262
		Wireless Telecommunication Services — 0.0% (g)
	—  (h)	Sprint Nextel Corp. (a)		—	(h)
		Total Telecommunication Services		262
	Utilities — 0.0% (g)
		Independent Power Producers & Energy Traders — 0.0% (g)
	1	NRG Energy, Inc. (a)		19
		Total Common Stocks (Cost $13,027)		14,164

SHARES		SECURITY DESCRIPTION	VALUE
	Utilities — 0.0% (g) Continued
		Independent Power Producers & Energy Traders— Continued
	Preferred Stocks — 0.4%
	Consumer Discretionary — 0.2%
		Auto Components — 0.0% (g)
	—  (h)	Remy International, Inc., Series
		B, HB, VAR, 20.790% (a) (c) (x)		499
		Automobiles — 0.1%
	20	General Motors Co., 4.750%,
		12/01/13 (a)		1,014
		Household Durables — 0.1%
	154	M/I Homes, Inc., Series A,
		9.750%, 03/15/12 (a) (x)		2,663
		Total Consumer Discretionary		4,176
	Consumer Staples — 0.0% (g)
		Food Products — 0.0% (g)
	—  (h)	Eurofresh, Inc., ADR (a) (f) (i)		56
	Financials — 0.2%
		Commercial Banks — 0.1%
	20	CoBank ACB, 7.000%, 01/03/11 (e) (f) (i) (x)		890
	10	CoBank ACB, Series C, 11.000%, 07/01/13 (e) (x)		545
	15	CoBank ACB, Series D, 11.000%, 10/01/14 (f) (i) (x)		815
				2,250
		Consumer Finance — 0.1%
	—  (h)	Ally Financial, Inc., 7.000%, 12/31/11 (e) (x)		89
	14	Citigroup Capital XIII, VAR, 7.875%, 10/30/40 (a)		379
				468
		Total Financials		2,718
		Total Preferred Stocks     (Cost $6,755)		6,950
	Loan Participations & Assignments — 2.8%
	Consumer Discretionary — 1.1%
		Auto Components — 0.1%
		Remy, 1st Lien Term Loan,
	647	VAR, 5.753%, 12/06/13		642
	25	VAR, 5.789%, 12/06/13		25
	323	VAR, 5.792%, 12/06/13		321
	250	United Components, Inc., Term Loan, VAR, 6.250%, 03/23/17		251
				1,239
		Automobiles — 0.1%
		Ford Motor Co., Term Loan B,
	281	VAR, 3.010%, 12/15/13		278
	69	VAR, 3.010%, 12/15/13		68
	330	VAR, 3.040%, 12/15/13		327
	707	VAR, 3.050%, 12/15/13		699
				1,372

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

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

(Amount in thousands, except number of contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Diversified Consumer Services — 0.0% (g)
		Ati Acquisition Co., Term Loan B,
	90	VAR, 8.250%, 12/30/14		78
	–(h)	VAR, 8.250%, 12/30/14		–	(h)
	1	VAR, 8.250%, 12/30/14		–	(h)
				78
		Gaming — 0.4%
		CCM Merger, Inc., Term Loan B,
	2,655	VAR, 8.500%, 07/13/12		2,653
	269	VAR, 8.500%, 07/13/12		269
	4,000	Harrah’s Operating Co., Inc., Term B-2 Loan, VAR, 3.288%, 01/28/15		3,492
	29	Isle of Capri Casinos, Inc., Delayed Draw Term Loan A, VAR, 5.000%, 11/25/13		29
	193	Isle of Capri Casinos, Inc., Delayed Draw Term Loan B, VAR, 5.000%, 11/25/13		191
	428	Isle of Capri Casinos, Inc., Initial Term Loan, VAR, 5.000%, 11/25/13		423
	610	Sugarhouse HSP Gaming, LP, Term Loan, VAR, 11.250%, 09/23/14		616
				7,673
		Media — 0.3%
	500	Cengage Learning Acquisitions, Term Loan, VAR, 2.540%, 07/13/14		461
	1,694	Clear Channel Communications, Inc., Term Loan B, VAR, 3.903%, 01/29/16		1,343
		Dex Media West, New Term Loan,
	422	VAR, 7.000%, 10/24/14		358
	31	VAR, 7.000%, 10/24/14		27
	402	High Plains Broadcasting Operating Co. LLC, Term Loan, VAR, 9.000%, 09/14/16		401
	1,467	Newport Television LLC, Term Loan, VAR, 9.000%, 09/14/16		1,461
	1,750	Newsday, Fixed Rate Term Loan, VAR, 10.500%, 08/01/13		1,862
		R.H. Donnelley, Inc., Exit Term Loan,
	73	VAR, 9.000%, 10/24/14		53
	585	VAR, 9.000%, 10/24/14		420
	645	VAR, 9.000%, 10/24/14		462
	441	Univision Communications, Inc., 1st Lien Term Loan, VAR, 2.506%, 09/29/14		420
				7,268
		Specialty Retail — 0.0% (g)
	400	Gymboree Corp., Term Loan, VAR, 5.200%, 11/23/17		401
	375	Leslie’s Poolmart, Term Loan B, 11/30/17 ^		377
				778
		Textiles, Apparel & Luxury Goods — 0.2%
		Claire’s Stores, Term Loan B,
	11	VAR, 3.006%, 05/29/14		10
	604	VAR, 3.038%, 05/29/14		527
	3,619	VAR, 3.044%, 05/29/14		3,160
	310	Polymer Group, Inc., Term Loan B, VAR, 7.000%, 11/22/14		309
				4,006
		Total Consumer Discretionary		22,414
	Consumer Staples — 0.1%
		Food Products — 0.0% (g)
	148	Bolthouse Farms, 1st Lien Term Loan, VAR, 5.500%, 02/11/16		149
		Household Products — 0.0% (g)
		Spectrum Brands, Inc., Term Loan,
	296	VAR, 8.000%, 06/16/16		301
	296	VAR, 8.000%, 06/16/16		300
	99	VAR, 8.000%, 06/16/16		100
				701
		Personal Products — 0.1%
	715	NBTY, Inc., Term Loan B, VAR, 6.250%, 09/21/16		723
		Total Consumer Staples		1,573
	Energy — 0.0% (g)
		Oil, Gas & Consumable Fuels — 0.0% (g)
	139	Big West Oil, Term Loan B, VAR, 12.000%, 01/22/15		141
	Financials — 0.3%
		Consumer Finance — 0.1%
	1,000	American General Finance Corp., Term Loan B, VAR, 7.250%, 04/21/15		1,007
		Diversified Financial Services — 0.2%
	478	Capmark Financial Group, Term Roll-Up Certified Tranche, VAR, 4.750%, 03/23/11		408
	9,310	Capmark Financial Group, U.S. Term Loan, VAR,3.250%, 03/23/13		3,608
	850	Capmark Financial Group, Unsecured Bridge Loan, VAR, 5.250%, 03/23/13		321
				4,337
		Insurance — 0.0% (g)
	89	USI Holdings Corp., Term Loan, VAR, 7.000%, 05/04/14		88
		Thrift & Mortgage Finance — 0.0% (g)
	221	Ocwen Financial Corp., Initial Term Loan, VAR, 9.000%, 07/29/15		220
		Total Financials		5,652
		Industrials — 0.6%
		Air Freight & Logistics — 0.1%
	2,000	Ozborn-Hessey Logistics, 2nd Lien Term Loan, VAR, 10.500%, 10/16/16		1,985

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

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

(Amount in thousands, except number of contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Airlines — 0.0% (g)
		Delta Airlines, Inc., 1st Lien Credit Linked Deposit,
	143	VAR, 0.094%, 04/30/12		140
	827	VAR, 2.289%, 04/30/12		804
				944
		Building Products — 0.1%
		Jacuzzi Brands, Inc., 1st Lien Term Loan B,
	5	VAR, 2.521%, 02/07/14		4
	2,250	VAR, 2.538%, 02/07/14		1,834
	266	Jacuzzi Brands, Inc., 1st Lien, Synthetic Credit Facility, VAR, 0.189%, 02/07/14		217
				2,055
		Commercial Services & Supplies — 0.1%
		Clarke American Corp., Term Loan B,
	489	VAR, 2.756%, 06/30/14		434
	356	VAR, 2.756%, 06/30/14		316
	511	VAR, 2.789%, 06/30/14		454
	780	VAR, 2.789%, 06/30/14		692
	297	VAR, 2.789%, 06/30/14		263
				2,159
		Electrical Equipment — 0.1%
		Generac Power Systems, Term Loan B,
	203	VAR, 2.758%, 11/10/13		197
	1,297	VAR, 2.790%, 11/10/13		1,262
				1,459
		Industrial Conglomerates — 0.1%
	2,250	Pinafore, Inc., Term Loan B, VAR, 6.750%, 09/20/16		2,274
		Professional Services — 0.1%
	999	Trans Union LLC, Term Loan, VAR, 6.750%, 06/15/17		1,010
		Total Industrials		11,886
		Information Technology — 0.2%
		Internet Software & Services — 0.0% (g)
		Savvis, Inc., Term Loan B,
	495	VAR, 6.750%, 08/04/16		500
	5	VAR, 6.750%, 08/04/16		5
				505
		IT Services — 0.2%
	894	CompuCom Systems, Term Loan, VAR, 3.760%, 08/23/14 (f) (i)		859
		EVERTEC, Inc., Term Loan B,
	1,000	VAR, 7.000%, 09/30/16		995
	812	First Data Corp., Initial Tranche B-1 Term Loan, VAR, 3.003%, 09/24/14		730
	559	First Data Corp., Initial Tranche B-3, VAR, 3.003%, 09/24/14		502
				3,086
		Total Information Technology		3,591
		Materials — 0.3%
		Chemicals — 0.1%
	275	AZ Chem U.S., Inc., Term Loan, 11/30/16 ^		275
	1,424	Cristal Inorganic Chemicals (Millennium), 1st Lien Term Loan, VAR, 2.539%, 05/15/14		1,388
		Styron LLC, Term Loan,
	215	VAR, 7.500%, 06/17/16		217
	3	VAR, 7.500%, 06/17/16		3
				1,883
		Containers & Packaging — 0.0% (g)
		Reynolds Group Holdings, Term Loan,
	152	VAR, 6.750%, 05/06/16		153
	740	VAR, 6.750%, 05/06/16		745
				898
		Paper & Forest Products — 0.2%
	3,234	Abitibi, Inc., Term Loan, VAR, 11.000%, 03/31/12		3,267
		Total Materials		6,048
	Utilities — 0.2%
		Independent Power Producers & Energy Traders — 0.2%
	244	Calpine Corp., 1st Priority Lien, VAR, 3.165%, 03/29/14		242
	1,496	New Development Holdings LLC, Term Loan, VAR, 7.000%, 07/03/17		1,520
		Texas Competitive Electric Holdings Co. LLC, Initial Tranche B-2 Term Loan,
	2,214	VAR, 3.753%, 10/10/14		1,707
	205	VAR, 3.753%, 10/10/14		158
	6	VAR, 3.789%, 10/10/14		5
		Texas Competitive Electric Holdings Co. LLC, Initial Tranche B-3 Term Loan,
	1,985	VAR, 3.753%, 10/10/14		1,524
	5	VAR, 3.789%, 10/10/14		4
				5,160
		Total Utilities		5,160
		Total Loan Participations & Assignments (Cost $56,341)		56,465
SHARES
	Short-Term Investment — 10.5%
	Investment Company — 10.5%
	214,940	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.110% (b) (l) (Cost $214,940)		214,940
	Investments of Cash Collateral for Securities on Loan — 0.1%

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

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

(Amount in thousands, except number of contracts)

SHARES		SECURITY DESCRIPTION	VALUE
		Investment Company — 0.1%
	2,364	JPMorgan Prime Money Market Fund, Capital Shares, 0.130%, 09/01/10 (b) (l) (Cost $2,364)		2,364
		Total Investments —99.6% (Cost $1,946,774)		2,029,635
		Other Assets in Excess of Liabilities — 0.4%		7,749
		NET ASSETS — 100.0%	$	2,037,384

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL AMOUNT AT 11/30/10			UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	22	10 Year U.S. Treasury Note		03/22/11	$	2,731		$	11
	1	30 Year U.S. Treasury Bond		03/22/11		127			–
		Short Futures Outstanding
	(2)	2 Year U.S. Treasury Note		03/31/11		(439	)		–
	(8)	5 Year U.S. Treasury Note		03/31/11		(959	)		(4	)
								$	7

Forward Foreign Currency Exchange Contracts
(Amounts in thousands, except number of contracts)
CONTRACTS TO BUY	CURRENCY COUNTERPARTY			SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 11/30/10		NET UNREALIZED APPRECIATION (DEPRECIATION)
3,500,000		HUF	Westpac Banking Corp.		12/15/10		$17		$16		$	(1)
2,300,000		MXN	Barclays Bank plc		12/15/10		183		184		1
1,500,000		MXN	Citibank, N.A.		12/15/10		119		120		1
2,025,000		ZAR	Barclays Bank plc		12/15/10		285		285		–	(h)
							$604		$605		$1
CONTRACTS TO SELL			COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 11/30/10		NET UNREALIZED APPRECIATION (DEPRECIATION)
74,100,000		HUF	Citibank, N.A.		12/15/10		$378		$342		$36
3,800,000		MXN	Citibank, N.A.		12/15/10		297		304		(7)
1,950,000		ZAR	Barclays Bank plc		12/15/10		260		275		(15)
150,000		ZAR	Citibank, N.A.		12/15/10		21		21		–	(h)
1,950,000		ZAR	Societe Generale		12/15/10		258		274		(16)
							$1,214		$1,216		$(2)

Credit Default Swap—Sell Protection [1]

Corporate Issuer

SWAP COUNTERPARTY/ REFERENCE OBLIGATION

FUND PAYS FIXED RATE (r)

TERMINATION DATE

IMPLIED CREDIT SPREAD AS OF 11/30/10 [2]

NOTIONAL AMOUNT [3]

VALUE

UPFRONT PREMIUMS (PAID)/RECEIVED [4]

Goldman Sachs Capital Management:

FSA Global Funding Ltd., 6.110%, 06/29/15

1.950% quarterly

03/20/13

4.961

%

1,000

(61

)

—

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

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

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

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

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

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

(Amount in thousands, except number of contracts)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS :

ADR	—	American Depositary Receipt
ARM	—	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of November 30, 2010.
ARS	—	Argentine Peso
BRL	—	Brazilian Real
CLN	—	Credit-Linked Notes. The credit ratings disclosed for the underlying referenced obligations provide an indication of the likelihood or risk that the underlying sovereign issuer will default on payment of principal or interest. The credit ratings on these securities represent the rating from a nationally recognized statistical rating organization and are as of November 30, 2010. 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
COP	—	Colombian Peso
ESOP	—	Employee Stock Ownership Program
FHA	—	Federal Housing Administration
GO	—	General Obligation
HB	—	High Coupon Bonds (a.k.a. “IOettes”) represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO’s the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.
HUF	—	Hungarian Forint
IF	—	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of November 30, 2010. The rate may be subject to a cap and floor.
IO	—	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
MXN	—	Mexican Peso
PEN	—	Peru nuevo sol
PIK	—	Payment-in-Kind
PO	—	Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
Reg. S.	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
REMICS	—	Real Estate Mortgage Investment Conduits
Rev.	—	Revenue
STRIPS	—	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of November 30, 2010.
TRY	—	New Turkish Lira
UYU	—	Uruguayan Peso
VA	—	Veterans Administration
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of November 30, 2010.
ZAR	—	South African Rand

(~) Securities are guaranteed by the Federal Deposit Insurance Corporation (FDIC) under its Temporary Liquidity Guarantee Program (TLGP). Under this program, the FDIC guarantees,with the full faith and credit of the U.S. government, the payment of principal and interest. The expiration of the FDIC’s guarantee is the earlier of the maturity date of the debt or June 30, 2012.

(a) Non-income producing security.

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

(c) Security, or a portion of the security, has been delivered to a counterparty as part of a security lending transaction.

(d) Defaulted Security.

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

(f) Security is fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. The Fund owns fair valued securities with a value of approximately $10,881,000 which amounts to 0.5% of total investments.

(g) Amount rounds to less than 0.1%.

(h) Amount rounds to less than one thousand (shares or dollars).

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

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

(Amount in thousands, except number of contracts)

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

(l) The rate shown is the current yield as of November 30, 2010.

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

(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 reflects the next call date. The coupon rate shown is the rate in effect as of November 30, 2010.

^ Unsettled security, coupon rate is undetermined at November 30, 2010

As of November 30, 2010, 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	$	113,882
Aggregate gross unrealized depreciation		(31,021	)
Net unrealized appreciation/depreciation	$	82,861
Federal income tax cost of investments	$	1,946,774

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Consumer Discretionary		—		—		248		248
Consumer Staples		312		—		83		395
Industrials		125		—		—		125
Information Technology		—		—		903		903
Materials		12,212		—		—		12,212
Telecommunication Services		262		—		—		262
Utilities		19		—		—		19
Total		12,930		—		1,234		14,164
Preferred Stocks
Consumer Discretionary		—		4,176		—		4,176
Consumer Staples		—		—		56		56
Financials		379		634		1,705		2,718
Total		379		4,810		1,761		6,950
Debt Securities
Asset-Backed Securities		—		48,169		1,496		49,665

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

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

(Amount in thousands, except number of contracts)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Collateralized Mortgage
Obligations		—			423,890			—		423,890
Commercial Mortgage-Backed
Securities		—			62,602			—		62,602
Convertible Bonds
Materials		—			745			—		745
Corporate Bonds
Consumer Discretionary		—			108,117			—		108,117
Consumer Staples		—			32,204			148		32,352
Energy		—			64,035			—		64,035
Financials		—			219,674			4,275		223,949
Health Care		—			30,619			—		30,619
Industrials		—			66,742			336		67,078
Information Technology		—			23,022			—		23,022
Materials		—			63,718			255		63,973
Telecommunication Services		—			36,254			—		36,254
Utilities		—			56,215			—		56,215
Total		—			700,600			5,014		705,614
Foreign Government Securities		—			30,780			517		31,297
Mortgage Pass-Through Securities		—			74,426			—		74,426
Municipal Bonds		—			5,604			—		5,604
Supranational		—			356			—		356
U.S. Government Agency
Securities		—			18,724			—		18,724
U.S. Treasury Obligations		—			361,829			—		361,829
Loan Participations & Assignments
Consumer Discretionary		—			22,414			—		22,414
Consumer Staples		—			1,573			—		1,573
Energy		—			141			—		141
Financials		—			5,652			—		5,652
Industrials		—			11,886			—		11,886
Information Technology		—			2,732			859		3,591
Materials		—			6,048			—		6,048
Utilities		—			5,160			—		5,160
Total		—			55,606			859		56,465
Short-Term Investments
Investment Company		214,940			—			—		214,940
Investments of Cash Collateral for Securities on Loan
Investment Company		2,364			—			—		2,364
Total Investments in Securities		230,613			1,788,141			10,881		2,029,635
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange
Contracts		—			38			—		38
Futures Contracts		11			—			—		11
Swaps		—			—			—		—
Total Appreciation in Other Financial Instruments		11			38			—		49
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange
Contracts		—			(39	)		—		(39	)
Futures Contracts		(4	)		—			—		(4	)
Swaps		—			(61	)		—		(61	)
Total Depreciation in Other Financial Instruments		(4	)		(100	)		—		(104	)

There were no significant transfers between Levels 1 and 2 during the period ended November 30, 2010.

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

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

(Amount in thousands, except number of contracts)

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

	Balance as of 02/28/10		Realized gain  (loss)			Change in unrealized appreciation (depreciation)			Net amortization (accretion)			Net purchases (sales)			Transfers into Level 3		Transfers out of Level 3			Balance as of 11/30/10
Investments in Securities
Asset-Backed Securities	$	5,019	$	1		$	24		$	6		$	(25	)	$	—	$	(3,529	)	$	1,496
Collateralized Mortgage Obligations		4,400		—			—			—			—			—		(4,400	)		—
Common Stocks - Consumer Discretionary		216		—			32			—			—			—		—			248
Common Stocks - Consumer Staples		20		—			63			—			—			—		—			83
Common Stocks - Industrials		573		607			(313	)		—			(867	)		—		—			—
Common Stocks - Information Technology		97		—			806			—			—			—		—			903
Common Stocks - Materials		57		(133	)		(595	)		—			(42	)		713		—			—
Corporate Bonds - Consumer Staples		173		—	(a)		—	(a)		—			(25	)		—		—			148
Corporate Bonds - Energy-Energy		937		45			(6	)		—			(976	)		—		—			—
Corporate Bonds - Financials		3,001		110			(1,235	)		91			2,308			—		—			4,275
Corporate Bonds - Industrials		1,091		66			1,551			(13	)		(2,334	)		183		(208	)		336
Corporate Bonds - Materials		761		—			—			—			—			255		(761	)		255
Foreign Government Securities		—		—			29			(5	)		130			363		—			517
Loan Participations & Assignments - Industrials		1,961		—			—			—			—			—		(1,961	)		—
Loan Participations & Assignments - Information Technology		852		—	(a)		11			4			(8	)		—		—			859
Loan Participations & Assignments - Materials		1,335		—			—			—			—			—		(1,335	)		—
Preferred Stocks - Consumer Staples		53		—			—			—			3			—		—			56
Preferred Stocks - Financials		769		—			123			—			—			813		—			1,705
Warrants - Telecommunication Services		26		(13	)		86			—			(99	)		—		—			—
Total	$	21,341	$	683		$	576		$	83		$	(1,935	)	$	2,327	$	(12,194	)	$	10,881

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

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

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

The change in unrealized appreciation (depreciation) attributable to securities owned at November 30, 2010, which were valued using significant unobservable inputs (Level 3) amounted to approximately $1,540,000.

JPMorgan Government Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — 40.2%
		Agency CMO — 40.2%
		Federal Home Loan Mortgage Corp. REMICS,
	118	Series 1343, Class LA, 8.000%, 08/15/22		137
	803	Series 1367, Class K, 5.500%, 09/15/22		921
	156	Series 1591, Class E, 10.000%, 10/15/23		173
	1,367	Series 1633, Class Z, 6.500%, 12/15/23		1,481
	1,822	Series 1694, Class PK, 6.500%, 03/15/24		1,984
	7,574	Series 1785, Class A, 6.000%, 10/15/23		7,917
	411	Series 1999, Class PU, 7.000%, 10/15/27		478
	741	Series 2031, Class PG, 7.000%, 02/15/28		820
	2,057	Series 2035, Class PC, 6.950%, 03/15/28		2,109
	1,785	Series 2064, Class PD, 6.500%, 06/15/28 (m)		1,854
	1,574	Series 2095, Class PE, 6.000%, 11/15/28		1,721
	526	Series 2152, Class BD, 6.500%, 05/15/29		580
	3,379	Series 2162, Class TH, 6.000%, 06/15/29		3,703
	276	Series 2345, Class PQ, 6.500%, 08/15/16		294
	1,651	Series 2367, Class ME, 6.500%, 10/15/31		1,821
	4,392	Series 2480, Class EJ, 6.000%, 08/15/32		4,872
	6,000	Series 2562, Class PG, 5.000%, 01/15/18		6,543
	3,525	Series 2571, Class PV, 5.500%, 01/15/14		3,785
	4,901	Series 2580, Class QM, 5.000%, 10/15/31		5,057
	2,908	Series 2611, Class QZ, 5.000%, 05/15/33		3,062
	7,059	Series 2630, Class KS, 4.000%, 01/15/17		7,239
	804	Series 2647, Class A, 3.250%, 04/15/32		844
	4,967	Series 2651, Class VZ, 4.500%, 07/15/18		5,289
	9,000	Series 2656, Class BG, 5.000%, 10/15/32		9,905
	10,000	Series 2684, Class PD, 5.000%, 03/15/29		10,303
	2,500	Series 2688, Class DG, 4.500%, 10/15/23		2,710
	8,588	Series 2727, Class PE, 4.500%, 07/15/32		9,212
	5,000	Series 2749, Class TD, 5.000%, 06/15/21		5,140
	6,000	Series 2773, Class TB, 4.000%, 04/15/19		6,433
	4,730	Series 2780, Class TD, 5.000%, 04/15/28		4,822
	7,450	Series 2841, Class AT, 4.000%, 08/15/19		7,963
	2,908	Series 2882, Class QD, 4.500%, 07/15/34		3,096
	6,342	Series 2915, Class MU, 5.000%, 01/15/35		6,907
	4,169	Series 2927, Class GA, 5.500%, 10/15/34		4,652
	3,025	Series 2929, Class PC, 5.000%, 01/15/28		3,077
	5,500	Series 2931, Class QD, 4.500%, 02/15/20		6,045
	10,750	Series 2976, Class HP, 4.500%, 01/15/33		11,433
	10,600	Series 3036, Class ND, 5.000%, 05/15/34 (m)		11,646
	3,689	Series 3045, Class HN, 4.500%, 09/15/33		3,928
	2,723	Series 3085, Class VS, HB, IF, 27.706%, 12/15/35		4,260
	5,500	Series 3114, Class KB, 5.000%, 09/15/27		5,630
	6,059	Series 3181, Class OP, PO, 07/15/36		5,130
	4,500	Series 3188, Class GE, 6.000%, 07/15/26		4,911
	18,204	Series 3325, Class JL, 5.500%, 06/15/37		20,210
	6,000	Series 3341, Class PE, 6.000%, 07/15/37		6,883
	7,000	Series 3413, Class B, 5.500%, 04/15/37		7,487
	6,000	Series 3544, Class PC, 5.000%, 05/15/37		6,551
	4,000	Series 3699, Class QH, 5.500%, 07/15/40		4,471
	29,586	Series 3737, Class DG, 5.000%, 10/15/30		31,942
	112	Federal Home Loan Mortgage Corp. STRIPS, Series 155, Class IO, IO, 7.000%, 11/01/23		18
		Federal Home Loan Mortgage Corp. Structured Pass-Through Securities,
	2,711	Series T-51, Class 1A, VAR, 6.500%, 09/25/43		3,111

JPMorgan Government Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
		Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	3,176	Series T-54, Class 2A, 6.500%, 02/25/43		3,645
	1,281	Series T-56, Class APO, PO, 05/25/43		923
	1,951	Federal National Mortgage Association Grantor Trust, Series 2004-T1, Class 1A2, 6.500%, 01/25/44		2,190
		Federal National Mortgage Association Interest STRIPS,
	3,993	Series 278, Class 1, VAR, 1.607%, 08/01/25		3,753
	1,703	Series 278, Class 3, VAR, 1.324%, 11/01/23		1,606
	2,919	Series 343, Class 23, IO, 4.000%, 10/01/18		275
		Federal National Mortgage Association REMICS,
	158	Series 1988-16, Class B, 9.500%, 06/25/18 (m)		183
	92	Series 1990-57, Class J, 7.000%, 05/25/20 (m)		99
	368	Series 1993-110, Class H, 6.500%, 05/25/23		422
	287	Series 1993-146, Class E, PO, 05/25/23		256
	4,960	Series 1993-155, Class PJ, 7.000%, 09/25/23		5,636
	54	Series 1993-205, Class H, PO, 09/25/23		46
	78	Series 1993-217, Class H, PO, 08/25/23		66
	61	Series 1993-228, Class G, PO, 09/25/23		51
	1,708	Series 1994-37, Class L, 6.500%, 03/25/24		1,961
	3,735	Series 1994-43, Class PJ, 6.350%, 12/25/23		3,824
	6,147	Series 1994-51, Class PV, 6.000%, 03/25/24		6,901
	2,273	Series 1994-62, Class PJ, 7.000%, 01/25/24		2,330
	3,387	Series 1998-58, Class PC, 6.500%, 10/25/28		3,781
	600	Series 2000-8, Class Z, 7.500%, 02/20/30		710
	2,262	Series 2001-33, Class ID, IO, 6.000%, 07/25/31		428
	789	Series 2002-2, Class UC, 6.000%, 02/25/17		849
	1,356	Series 2002-3, Class PG, 5.500%, 02/25/17		1,487
	6,502	Series 2002-73, Class OE, 5.000%, 11/25/17		6,986
	135	Series 2002-86, Class EJ, 5.500%, 12/25/32		135
	2,126	Series 2002-92, Class FB, VAR, 0.903%, 04/25/30		2,154
	7,082	Series 2003-21, Class PZ, 4.500%, 03/25/33		7,569
	10,266	Series 2003-35, Class MD, 5.000%, 11/25/16		10,455
	750	Series 2003-67, Class SA, HB, IF, 43.853%, 10/25/31		1,405
	5,000	Series 2003-74, Class VL, 5.500%, 11/25/22		5,533
	20,000	Series 2003-81, Class MC, 5.000%, 12/25/32 (m)		21,972
	5,000	Series 2003-92, Class VH, 5.000%, 02/25/19		5,560
	10,000	Series 2003-128, Class DY, 4.500%, 01/25/24 (m)		10,817
	16,000	Series 2004-7, Class JK, 4.000%, 02/25/19		17,145
	4,152	Series 2004-46, Class QD, HB, IF, 22.986%, 03/25/34		5,420
	4,598	Series 2004-54, Class FL, VAR, 0.653%, 07/25/34		4,624
	8,946	Series 2004-60, Class PA, 5.500%, 04/25/34		9,768
	3,133	Series 2005-16, Class LC, 5.500%, 05/25/28		3,196
	7,805	Series 2005-22, Class EH, 5.000%, 04/25/35		8,509
	3,071	Series 2005-29, Class AK, 4.500%, 04/25/35		3,289
	6,022	Series 2005-58, Class EP, 5.500%, 07/25/35		6,788
	7,000	Series 2005-62, Class DX, 5.000%, 05/25/34		7,625
	5,664	Series 2005-83, Class LA, 5.500%, 10/25/35		6,392
	5,498	Series 2005-116, Class PC, 6.000%, 01/25/36		6,065
	30,285	Series 2006-51, Class FP, VAR, 0.603%, 03/25/36		30,362
	1,521	Series 2006-69, Class SP, IF, 14.478%, 05/25/30		1,716
	458	Series 2006-81, Class FA, VAR, 0.603%, 09/25/36		460
	6,447	Series 2006-110, Class PO, PO, 11/25/36		5,703
	7,773	Series 2007-76, Class PE, 6.000%, 08/25/37		8,800
	1,968	Series 2009-89, Class A1, 5.410%, 05/25/35		2,151
	2,224	Series 2010-4, Class SL, IF, 11.017%, 02/25/40		2,260

JPMorgan Government Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)			SECURITY DESCRIPTION	VALUE($)
			Collateralized Mortgage Obligations — Continued
			Agency CMO — Continued
	7,518		Series 2010-11, Class CB, 4.500%, 02/25/40		7,512
	6,000		Series 2010-47, Class MB, 5.000%, 09/25/39		6,504
	31		Series G92-35, Class EB, 7.500%, 07/25/22		35
	354		Series G92-44, Class ZQ, 8.000%, 07/25/22		429
			Federal National Mortgage Association Whole Loan,
	529		Series 1999-W4, Class A9, 6.250%, 02/25/29		566
	4,044		Series 2002-W7, Class A4, 6.000%, 06/25/29		4,461
	1,442		Series 2003-W1, Class 1A1, 6.500%, 12/25/42		1,654
	688		Series 2003-W1, Class 2A, VAR, 7.500%, 12/25/42		798
	5,945		Series 2003-W18, Class 1A6, 5.370%, 08/25/43		6,449
	5,384		Series 2005-W1, Class 1A2, 6.500%, 10/25/44		6,175
	5,612		Series 2009-W1, Class A, 6.000%, 12/25/49		6,190
			Government National Mortgage Association,
	926		Series 1998-22, Class PD, 6.500%, 09/20/28		990
	531		Series 1999-17, Class L, 6.000%, 05/20/29		576
	5,443		Series 2001-10, Class PE, 6.500%, 03/16/31		5,975
	5,838		Series 2001-64, Class PB, 6.500%, 12/20/31		6,475
	48,793		Series 2003-59, Class XA, IO, VAR, 1.944%, 06/16/34		2,470
	3,285		Series 2004-27, Class PD, 5.500%, 04/20/34		3,776
	2,494		Series 2004-62, Class VA, 5.500%, 07/20/15		2,667
	14,349		Series 2005-28, Class AJ, 5.500%, 04/20/35		16,005
	14,273		Series 2008-40, Class SA, IF, IO, 6.147%, 05/16/38		2,060
	28,693		Series 2009-42, Class TX, 4.500%, 06/20/39		30,539
	9,133		Series 2009-52, Class MA, 5.000%, 11/20/36		10,042
	4,752		Series 2009-69, Class WM, 5.500%, 08/20/39		5,296
			Total Collateralized Mortgage Obligations (Cost $597,373)		642,485
	Mortgage Pass-Through Securities — 11.1%
			Federal Home Loan Mortgage Corp.,
	303		ARM, 2.428%, 01/01/27		315
	34		ARM, 2.568%, 04/01/30		36
	24		ARM, 2.963%, 02/01/19		24
	15		ARM, 3.041%, 07/01/30		16
	39		ARM, 3.147%, 03/01/18		41
	105		ARM, 3.194%, 08/01/18		109
	46		ARM, 3.375%, 06/01/18		46
	4		ARM, 3.491%, 01/01/20		4
	136		ARM, 3.564%, 01/01/21		138
	71		ARM, 3.802%, 11/01/18		73
	3,561		ARM, 6.011%, 03/01/37		3,787
			Federal Home Loan Mortgage Corp. Gold Pools, 15 Year, Single Family,
	665		5.000%, 12/01/13 - 12/01/16		708
	582		6.000%, 04/01/14		636
	801		6.500%, 12/01/12 - 06/01/14		851
	–	(h)	7.000%, 12/01/14		–	(h)
	1,919		Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family, 4.500%, 05/01/24		2,033
			Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,
	2,093		5.500%, 11/01/33		2,260
	431		6.000%, 02/01/32		475
	1,615		6.500%, 01/01/24 - 07/01/29		1,820
	1,727		7.000%, 08/01/25 - 09/01/29 (m)		2,011
	104		7.500%, 09/01/24 - 08/01/25		119
	126		8.000%, 11/01/24 - 09/01/25		147
	257		8.500%, 05/01/24 - 07/01/28		303
	7		9.000%, 10/01/17 - 11/01/21		8
	–	(h)	Federal Home Loan Mortgage Corp., 30 Year, Single Family, 9.500%, 04/01/16		–	(h)
			Federal National Mortgage Association,
	33		ARM, 2.875%, 06/01/17		33
	191		ARM, 2.913%, 11/01/27 - 08/01/41		193
	121		ARM, 2.930%, 11/01/40		125
	130		ARM, 2.952%, 07/01/17		131
	202		ARM, 3.000%, 09/01/17 - 08/01/30		206
	47		ARM, 3.007%, 06/01/20		47
	55		ARM, 3.026%, 06/01/29		56
	7		ARM, 3.125%, 07/01/27		8
	111		ARM, 3.225%, 09/01/14		111
	26		ARM, 3.434%, 10/01/16		26
	62		ARM, 3.478%, 10/01/14		63
	219		ARM, 3.500%, 06/01/15 - 01/01/29		224
	12		ARM, 3.575%, 11/01/16		12
	140		ARM, 3.747%, 09/01/27		140
	212		ARM, 3.793%, 08/01/19		223
	41		ARM, 3.825%, 08/01/19		42
	31		ARM, 5.921%, 04/01/19		32
	23		ARM, 6.000%, 12/01/18		23

JPMorgan Government Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
		Mortgage Pass-Through Securities — Continued
		Federal National Mortgage Association, 15 Year, Single Family,
	52,232	4.000%, 04/01/19 - 09/01/25		54,537
	3,445	4.500%, 03/01/19		3,670
	2,455	5.500%, 11/01/16 - 03/01/18		2,673
	174	6.000%, 03/01/11 - 08/01/14		185
	75	8.000%, 11/01/12		79
		Federal National Mortgage Association, 20 Year, Single Family,
	1,620	5.000%, 11/01/23		1,731
	2,119	6.000%, 03/01/22		2,340
	82	7.500%, 06/01/14 - 07/01/14		91
		Federal National Mortgage Association, 30 Year, Single Family,
	3,917	4.500%, 03/01/38		4,081
	26,182	5.000%, 11/01/33 - 12/01/39		28,125
	39,083	5.500%, 02/01/29 - 05/01/36 (m)		42,512
	5,330	6.000%, 07/01/36		5,933
	1,052	6.500%, 06/01/26 - 04/01/32		1,188
	6,268	7.000%, 02/01/24 - 03/01/35		7,190
	231	7.500%, 03/01/30 - 04/01/30		266
	210	10.000%, 10/01/16 - 11/01/21		234
	194	Federal National Mortgage Association, Other, 6.000%, 09/01/28		214
		Government National Mortgage Association II, 30 Year, Single Family,
	413	8.000%, 11/20/26 - 11/20/27		488
		Government National Mortgage Association, 30 Year, Single Family,
	60	6.000%, 10/15/23		66
	1,341	6.500%, 05/15/23 - 02/15/24 (m)		1,532
	514	7.000%, 12/15/22 - 06/15/28		589
	615	7.500%, 02/15/22 - 02/15/28		710
	271	8.000%, 07/15/22 - 08/15/26		319
	643	9.000%, 06/15/16 - 11/15/24		747
	36	9.500%, 08/15/16 - 12/15/20		40
		Total Mortgage Pass-Through Securities (Cost $167,264)		177,195
	U.S. Government Agency Securities — 16.2%
	12,824	Federal Farm Credit Bank, 5.750%, 12/07/28		15,627
		Federal National Mortgage Association,
	25,000	Zero Coupon, 10/09/19		16,508
	10,000	6.250%, 05/15/29		12,507
		Federal National Mortgage Association STRIPS,
	34,750	11/15/20		24,185
	8,000	05/15/23		4,761
	9,200	05/29/26		4,598
	26,153	Financing Corp., Principal STRIPS, 12/06/18		20,817
		Residual Funding Corp., Principal STRIPS,
	34,520	10/15/19		26,566
	90,500	07/15/20		66,310
	10,000	01/15/30		4,372
	5,000	04/15/30		2,160
		Resolution Funding Corp. Interest STRIPS,
	50,000	07/15/20		36,491
	15,000	04/15/28		6,973
	14,740	Tennessee Valley Authority Principal STRIPS, 12/15/17		12,002
	4,500	Tennessee Valley Authority STRIPS, 07/15/16		3,910
		Total U.S. Government Agency Securities (Cost $211,437)		257,787
	U.S. Treasury Obligations — 28.0%
		U.S. Treasury Bonds,
	20,000	5.250%, 11/15/28		24,019
	20,000	5.250%, 02/15/29		24,016
	2,500	7.125%, 02/15/23		3,506
	13,140	7.250%, 05/15/16		17,037
	3,935	7.250%, 08/15/22		5,554
	3,635	8.000%, 11/15/21		5,359
	3,190	8.875%, 08/15/17		4,573
	1,020	9.000%, 11/15/18		1,523
		U.S. Treasury Inflation Indexed Notes,
	25,000	1.375%, 07/15/18		27,252
	1,450	1.625%, 01/15/15		1,781
	25,000	2.375%, 04/15/11		27,756
		U.S. Treasury Notes,
	50,000	2.625%, 08/15/20		49,437
	50,000	2.625%, 11/15/20		49,266
	50,000	3.375%, 11/15/19		53,109
	25,000	3.750%, 11/15/18		27,582
	2,085	3.875%, 02/15/13		2,241
	6,430	4.250%, 08/15/13		7,057
	25,000	4.250%, 11/15/17		28,484
	10,000	4.500%, 09/30/11		10,349
	2,015	4.750%, 05/15/14		2,281
	1,020	4.750%, 08/15/17		1,195
		U.S. Treasury STRIPS,
	5,845	02/15/15		5,545
	1,655	05/15/15		1,560
	1,900	08/15/15		1,779
	600	08/15/15		561
	8,810	11/15/15		8,173
	1,190	05/15/16		1,085
	72,500	05/15/20		55,139
		Total U.S. Treasury Obligations (Cost $409,694)		447,219

JPMorgan Government Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

SHARES
Short-Term Investment — 4.9%
Investment Company — 4.9%
77,944	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.040% (b) (l) (Cost $77,944)		77,944
	Total Investments —100.4% (Cost $1,463,712)		1,602,630
	Liabilities in Excess of Other Assets — (0.4)%		(6,071	)
	NET ASSETS — 100.0%	$	1,596,559

Percentages indicated are based on net assets.

JPMorgan Government Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS :

ARM	—	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of November 30, 2010.
CMO	—	Collateralized Mortgage Obligation
HB	—	High Coupon Bonds (a.k.a. “IOettes”) represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO’s the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.
IF	—	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of November 30, 2010. The rate may be subject to a cap and floor.
IO	—	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
PO	—	Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
REMICS	—	Real Estate Mortgage Investment Conduits
STRIPS	—	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of November 30, 2010.

(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.

(h) Amount rounds to less than one thousand (shares or dollars).

(l) The rate shown is the current yield as of November 30, 2010.

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

As of November 30, 2010, 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	$	141,612
Aggregate gross unrealized depreciation		(2,694	)
Net unrealized appreciation/depreciation	$	138,918
Federal income tax cost of investments	$	1,463,712

JPMorgan Government Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities #	$	77,944	$	1,524,686	$	—	$	1,602,630

There were no significant transfers between Levels 1 and 2 during the period ended November 30, 2010.

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

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 0.1%
	460	Countrywide Asset-Backed
		Certificates, Series 2004-13,
		Class MV8, VAR, 1.953%,
		01/25/35 (f) (i)		23
		Long Beach Mortgage Loan
		Trust,
	283	Series 2004-2, Class B, VAR,
		3.753%, 06/25/34 (e) (f) (i)		32
	112	Series 2004-5, Class M6, VAR,
		2.753%, 09/25/34 (f) (i)		11
	7,000	Unipac IX LLC, 13.000%,
		04/11/13 (f) (i)		6,881
		Total Asset-Backed Securities (Cost $7,709)		6,947
	Convertible Bond — 0.0% (g)
	Materials — 0.0% (g)
		Construction Materials — 0.0% (g)
	1,839	U.S. Concrete, Inc., 9.500%,
		08/31/15 (e)
		(Cost $1,839)		2,060
	Corporate Bonds — 83.1%
	Consumer Discretionary — 22.1%
		Auto Components — 0.3%
		Affinia Group Holdings, Inc.,
	8,450	9.000%, 11/30/14 (m)		8,577
	4,385	10.750%, 08/15/16 (e)		4,867
	51	ArvinMeritor, Inc., 8.750%,
		03/01/12		55
		DPH Holdings Corp.,
	6,725	6.500%, 05/01/09 (d)		235
	1,275	6.550%, 06/15/06 (d)		45
	1,225	Stoneridge, Inc., 9.500%,
		10/15/17 (e)		1,325
	3,750	Tenneco, Inc., 7.750%, 08/15/18
		(e)		3,914
	2,079	UCI Holdco, Inc., PIK, 9.250%,
		12/15/13		2,079
				21,097
		Automobiles — 1.7%
		Ford Holdings LLC,
	37,822	9.300%, 03/01/30 (m)		43,496
	7,750	9.375%, 03/01/20		8,760
		Ford Motor Co.,
	325	7.500%, 08/01/26		331
	4,545	7.750%, 06/15/43		4,825
	3,425	8.900%, 01/15/32		3,973
	3,529	9.215%, 09/15/21		4,028
	6,228	9.980%, 02/15/47		7,474
		Motors Liquidation Co.,
	50	1.500%, 06/01/49 (a)		377
	973	5.250%, 03/06/32		7,394
	953	6.250%, 07/15/33 (a)		7,334
	10,255	6.750%, 05/01/28 (d)		3,102
	246	7.250%, 04/15/41		1,736
	284	7.250%, 07/15/41		2,009
	548	7.250%, 02/15/52		3,870
	404	7.375%, 05/15/48		2,854
	6,000	7.375%, 05/23/48 (d)		1,785
	47	7.375%, 10/01/51		329
	9,300	7.400%, 09/01/25 (d)		2,813
	25,800	7.700%, 04/15/16 (d)		7,934
	12,550	8.100%, 06/15/24 (d)		3,828
	20,000	8.250%, 07/15/23 (d)		6,200
	34,006	8.375%, 07/15/33 (d)		10,712
	3,415	VAR, 0.000%, 03/15/36 (d)		546
	6,000	Navistar International Corp.,
		8.250%, 11/01/21		6,435
				142,145
		Broadcasting & Cable TV — 2.6%
		Adelphia Communications
		Corp.,
	1,075	7.750%, 01/15/09 (d)		16
	1,450	8.125%, 07/15/03 (d)		22
	3,175	9.375%, 11/15/09 (c) (d)		48
	3,500	10.875%, 10/01/10 (d)		52
		Cablevision Systems Corp.,
	5,135	8.000%, 04/15/20		5,507
	3,075	8.625%, 09/15/17		3,344
	4,890	CCH II LLC/CCH II Capital
		Corp., 13.500%, 11/30/16		5,752
		CCO Holdings LLC/CCO
		Holdings Capital Corp.,
	16,975	7.250%, 10/30/17 (e)		17,145
	3,045	7.875%, 04/30/18 (e)		3,151
	5,582	8.125%, 04/30/20 (e)		5,861
	26,590	Cequel Communications
		Holdings I LLC and Cequel
		Capital Corp., 8.625%, 11/15/17
		(e)		27,255
	6,150	Charter Communications
		Operating LLC/Charter
		Communications Operating
		Capital, 10.875%, 09/15/14 (e)		6,857
		CSC Holdings LLC,
	4,329	7.875%, 02/15/18 (c)		4,811
	2,760	8.625%, 02/15/19		3,153
		DISH DBS Corp.,
	4,120	7.000%, 10/01/13		4,388
	2,000	7.125%, 02/01/16		2,055
	7,025	7.875%, 09/01/19		7,376
	12,968	Mediacom LLC/Mediacom
		Capital Corp., 9.125%, 08/15/19		13,098
		Sirius XM Radio, Inc.,
	7,494	8.750%, 04/01/15 (e)		7,887
	10,090	9.750%, 09/01/15 (e)		11,099
	18,940	Unitymedia Hessen GmbH &
		Co. KG/Unitymedia NRW
		GmbH, (Germany), 8.125%,
		12/01/17 (e)		19,698
		Videotron Ltee, (Canada),
	9,570	6.875%, 01/15/14 (m)		9,689
	5,580	9.125%, 04/15/18		6,180

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Broadcasting & Cable TV — Continued
		Virgin Media Finance plc,
		(United Kingdom),
	12,275	8.375%, 10/15/19		13,472
	16,075	9.125%, 08/15/16		17,080
	2,000	9.500%, 08/15/16		2,235
	17,217	XM Satellite Radio, Inc.,
		13.000%, 08/01/13 (e)		20,144
				217,375
		Distributors — 0.3%
	30,055	McJunkin Red Man Corp.,
		9.500%, 12/15/16 (e)		27,350
		Diversified Consumer Services — 0.9%
	3,000	Carriage Services, Inc., 7.875%,
		01/15/15		2,981
	17,380	Knowledge Learning Corp.,
		7.750%, 02/01/15 (e) (m)		17,402
	6,075	Mac-Gray Corp., 7.625%,
		08/15/15		5,973
		Service Corp. International,
	925	6.750%, 04/01/15		953
	3,000	6.750%, 04/01/16		3,071
	12,755	7.000%, 06/15/17 (m)		13,121
	6,630	7.000%, 05/15/19		6,630
	3,850	7.625%, 10/01/18		4,062
	4,000	8.000%, 11/15/21		4,200
	4,850	Sotheby’s, 7.750%, 06/15/15		5,165
		Stewart Enterprises, Inc.,
	6,435	3.125%, 07/15/14		6,105
	5,625	3.375%, 07/15/16		5,105
				74,768
		Gaming — 3.0%
		Chukchansi Economic
		Development Authority,
	13,768	8.000%, 11/15/13 (e)		8,966
	12,450	VAR, 3.943%, 11/15/12 (e)		8,155
	2,575	FireKeepers Development
		Authority, 13.875%, 05/01/15 (e)		3,013
	17,550	Harrah’s Operating Co., Inc.,
		11.250%, 06/01/17		19,130
	17,388	Isle of Capri Casinos, Inc.,
		7.000%, 03/01/14 (m)		16,497
	7,500	Mandalay Resort Group,
		7.625%, 07/15/13		7,050
		Mashantucket Western Pequot
		Tribe,
	3,982	5.912%, 09/01/21 (d) (e)		2,603
	9,770	8.500%, 11/15/15 (d) (e)		1,173
	11,725	MCE Finance Ltd., (Cayman
		Islands), 10.250%, 05/15/18 (e)		13,249
		MGM Resorts International,
	1,671	5.875%, 02/27/14		1,454
	57	6.625%, 07/15/15 (c)		49
	7,340	7.500%, 06/01/16		6,441
	10,470	7.625%, 01/15/17 (c)		9,227
	5,000	9.000%, 03/15/20 (e)		5,450
	20,375	10.000%, 11/01/16 (e)		19,560
	3,850	10.375%, 05/15/14		4,273
	1,500	11.125%, 11/15/17		1,695
	16,400	11.375%, 03/01/18 (c)		16,892
	4,600	13.000%, 11/15/13		5,405
	4,250	Midwest Gaming Borrower
		LLC/Midwest Finance Corp.,
		11.625%, 04/15/16 (e)		4,409
		Peninsula Gaming LLC,
	9,630	8.375%, 08/15/15		10,064
	12,765	10.750%, 08/15/17		13,754
		Pinnacle Entertainment, Inc.,
	4,212	8.625%, 08/01/17		4,533
	3,850	8.750%, 05/15/20		3,845
		San Pasqual Casino,
	11,459	8.000%, 09/15/13 (e)		11,344
	17,800	Seminole Hard Rock
		Entertainment, Inc., VAR,
		2.792%, 03/15/14 (e)		15,798
	3,600	Seminole Indian Tribe of
		Florida, 7.750%, 10/01/17 (e)		3,701
	16,700	Shingle Springs Tribal Gaming
		Authority, 9.375%, 06/15/15 (e)
		(m)		10,187
		Wynn Las Vegas LLC/Wynn Las
		Vegas Capital Corp.,
	10,250	7.750%, 08/15/20 (e)		10,814
	1,250	7.875%, 11/01/17		1,326
	16,551	7.875%, 05/01/20 (c)		17,565
				257,622
		Hotels, Restaurants & Leisure — 2.6%
	11,800	AMC Entertainment, Inc.,
		8.750%, 06/01/19 (m)		12,538
	40,270	Banc of America Large Loan,
		Inc., Series 2010-HLTN, Class
		HLTN, VAR, 2.002%, 11/15/15
		(e)		35,993
	6,650	Cedar Fair LP/Canada’s
		Wonderland Co./Magnum
		Management Corp., 9.125%,
		08/01/18 (e)		7,082
	4,500	Cinemark USA, Inc., 8.625%,
		06/15/19		4,826
	23,200	CKE Restaurants, Inc., 11.375%,
		07/15/18 (c) (e)		24,708
	8,693	Dave & Buster’s, Inc., 11.000%,
		06/01/18		9,388
	7,670	DineEquity, Inc., 9.500%,
		10/30/18 (e)		7,938
	4,750	Dunkin Finance Corp., 9.625%,
		12/01/18 (e)		4,780
		Host Hotels & Resorts LP,
	1,050	6.875%, 11/01/14		1,075
	397	7.125%, 11/01/13		401
	5,000	9.000%, 05/15/17		5,562

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Hotels, Restaurants & Leisure — Continued
	4,415	Landry’s Holdings, Inc.,
		11.500%, 06/01/14 (e)		4,150
	14,543	Landry’s Restaurants, Inc.,
		11.625%, 12/01/15		15,416
	2,550	O’Charley’s, Inc., 9.000%,
		11/01/13		2,595
	7,940	Real Mex Restaurants, Inc.,
		14.000%, 01/01/13		8,258
		Royal Caribbean Cruises Ltd.,
		(Liberia),
	1,000	7.000%, 06/15/13		1,055
	6,666	7.250%, 06/15/16		7,233
	11,820	11.875%, 07/15/15 (m)		14,479
	9,085	Seneca Gaming Corp., 8.250%,
		12/01/18 (e)		9,040
		Speedway Motorsports, Inc.,
	4,650	6.750%, 06/01/13		4,650
	7,500	8.750%, 06/01/16		8,062
	2,750	Starwood Hotels & Resorts
		Worldwide, Inc., 7.875%,
		10/15/14		3,138
		Universal City Development
		Partners Ltd./UCDP Finance,
		Inc.,
	4,150	8.875%, 11/15/15		4,378
	15,415	10.875%, 11/15/16		16,726
	6,101	Wendy’s/Arby’s Restaurants
		LLC, 10.000%, 07/15/16		6,650
				220,121
		Household Durables — 1.0%
	353	D.R. Horton, Inc., 5.625%,
		09/15/14		357
	22,965	K Hovnanian Enterprises, Inc.,
		10.625%, 10/15/16		23,223
	5,000	KB Home, 9.100%, 09/15/17		5,250
		Lennar Corp.,
	1,800	5.600%, 05/31/15		1,697
	18,050	6.950%, 06/01/18		17,012
		Meritage Homes Corp.,
	3,764	6.250%, 03/15/15		3,750
	13,370	7.150%, 04/15/20		13,270
		Standard Pacific Corp.,
	11,201	6.250%, 04/01/14		11,649
	7,410	7.000%, 08/15/15		7,632
	425	8.375%, 05/15/18		438
	3,340	10.750%, 09/15/16		3,808
				88,086
		Internet & Catalog Retail — 0.1%
	12,000	Affinion Group, Inc., 7.875%,
		12/15/18 (e)		11,070
		Leisure Equipment & Products — 1.0%
	11,350	Da-Lite Screen Co., Inc.,
		12.500%, 04/01/15 (c)		12,144
	43,349	Eastman Kodak Co., 9.750%,
		03/01/18 (e)		42,590
	11,050	FGI Holding Co., Inc., PIK,
		11.250%, 10/01/15 (e)		10,498
	11,440	Icon Health & Fitness, 11.875%,
		10/15/16 (e)		11,383
	5,350	Steinway Musical Instruments,
		Inc., 7.000%, 03/01/14 (e)		5,337
				81,952
		Media — 4.6%
	12,000	Allbritton Communications Co.,
		8.000%, 05/15/18		11,910
	4,150	Barrington Broadcasting Group
		LLC/Barrington Broadcasting
		Capital Corp., 10.500%,
		08/15/14		3,860
	15,400	Block Communications, Inc.,
		8.250%, 12/15/15 (e)		15,477
	4,750	Cengage Learning Acquisitions,
		Inc., 10.500%, 01/15/15 (e)		4,750
		Clear Channel Worldwide
		Holdings, Inc.,
	4,500	9.250%, 12/15/17		4,770
	19,460	9.250%, 12/15/17		20,774
	4,550	Entravision Communications
		Corp., 8.750%, 08/01/17 (e)		4,755
	5,900	Fisher Communications, Inc.,
		8.625%, 09/15/14		5,988
		Gannett Co., Inc.,
	2,325	6.375%, 09/01/15 (e)		2,348
	4,510	7.125%, 09/01/18 (e)		4,533
	4,950	8.750%, 11/15/14		5,494
	8,236	9.375%, 11/15/17		9,163
	4,714	10.000%, 04/01/16		5,374
	2,900	Gray Television, Inc., 10.500%,
		06/29/15		2,900
	21,525	Intelsat Intermediate Holding Co.
		S.A., (Luxembourg), SUB,
		9.500%, 02/01/15 (m)		22,171
		Intelsat Jackson Holdings S.A.,
		(Luxembourg),
	8,640	7.250%, 10/15/20 (e)		8,618
	5,250	8.500%, 11/01/19 (e)		5,644
	12,725	11.250%, 06/15/16		13,600
		Intelsat Luxembourg S.A.,
		(Luxembourg),
	39,051	11.250%, 02/04/17 (m)		40,906
	40,400	PIK, 11.500%, 02/04/17		42,824
		Intelsat Subsidiary Holding Co.
		S.A., (Bermuda),
	7,250	8.875%, 01/15/15		7,431
	6,240	8.875%, 01/15/15 (e)		6,365
		Lamar Media Corp.,
	1,175	6.625%, 08/15/15		1,195
	1,147	6.625%, 08/15/15		1,156
	925	LBI Media, Inc., 8.500%,
		08/01/17 (e)		754

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Media — Continued
	17,240	McClatchy Co. (The), 11.500%,
		02/15/17		18,059
	20,800	Media General, Inc., 11.750%,
		02/15/17 (c)		21,424
		Nexstar Broadcasting, Inc.,
	1,498	7.000%, 01/15/14		1,468
	4,551	PIK, 7.000%, 01/15/14		4,414
	4,850	Nexstar Broadcasting,
		Inc./Mission Broadcasting, Inc.,
		8.875%, 04/15/17 (e)		5,056
	2,205	Nexstar Finance Holdings
		LLC/Nexstar Finance Holdings,
		Inc., SUB, 11.375%, 04/01/13		2,249
		Nielsen Finance LLC/Nielsen
		Finance Co.,
	8,705	7.750%, 10/15/18 (e)		8,857
	3,800	11.500%, 05/01/16		4,332
	5,001	SUB, 0.000%, 08/01/16		5,051
	5,880	ProQuest LLC/ProQuest Notes
		Co., 9.000%, 10/15/18 (e)		6,056
	3,750	Quebecor Media, Inc., (Canada),
		7.750%, 03/15/16		3,862
	3,708	Radio One, Inc., 12.500%,
		05/11/16 (e)		3,485
		Sinclair Television Group, Inc.,
	1,000	8.375%, 10/15/18 (e)		1,025
	2,739	9.250%, 11/01/17 (e)		2,965
	13,862	Telesat Canada/Telesat LLC,
		(Canada), 11.000%, 11/01/15		15,421
	182	Valassis Communications, Inc.,
		8.250%, 03/01/15		191
		WMG Acquisition Corp.,
	19,378	7.375%, 04/15/14 (c)		18,022
	6,239	9.500%, 06/15/16		6,504
	8,429	WMG Holdings Corp., SUB,
		9.500%, 12/15/14		7,776
				388,977
		Multiline Retail — 0.8%
	11,445	HSN, Inc., 11.250%, 08/01/16		13,019
		QVC, Inc.,
	2,425	7.125%, 04/15/17 (e)		2,546
	2,425	7.375%, 10/15/20 (e)		2,534
	12,700	7.500%, 10/01/19 (e)		13,335
	37,245	Sears Holdings Corp., 6.625%,
		10/15/18 (e)		34,731
				66,165
		Specialty Retail — 2.9%
	9,150	ACE Hardware Corp., 9.125%,
		06/01/16 (e)		9,699
	4,118	Asbury Automotive Group, Inc.,
		8.375%, 11/15/20 (e)		4,159
	2,817	Burlington Coat Factory
		Investment Holdings, Inc., SUB,
		14.500%, 10/15/14		2,930
	23,448	Burlington Coat Factory
		Warehouse Corp., 11.125%,
		04/15/14		24,093
	2,715	Express LLC/Express Finance
		Corp., 8.750%, 03/01/18		2,878
	24,097	General Nutrition Centers, Inc.,
		PIK, 5.750%, 03/15/14		23,374
	11,600	Giraffe Acquisition Corp.,
		9.125%, 12/01/18 (e)		11,658
	1,000	Michael Foods, Inc., 9.750%,
		07/15/18 (e)		1,080
		Michael’s Stores, Inc.,
	16,815	7.750%, 11/01/18 (e)		16,352
	12,665	11.375%, 11/01/16		13,694
	48,074	SUB, 0.000%, 11/01/16		46,512
	10,445	NBC Acquisition Corp., SUB,
		11.000%, 03/15/13		6,841
		Nebraska Book Co., Inc.,
	17,541	8.625%, 03/15/12 (c)		15,655
	3,907	10.000%, 12/01/11		3,878
	11,850	Penske Auto Group, Inc.,
		7.750%, 12/15/16 (m)		11,643
	10,700	PEP Boys - Manny, Moe & Jack,
		7.500%, 12/15/14 (m)		10,673
	2,400	Petco Animal Supplies, Inc.,
		9.250%, 12/01/18 (e)		2,418
	1,800	Rent-A-Center, Inc., 6.625%,
		11/15/20 (e)		1,773
	6,138	Toys R U.S., Inc., 7.875%,
		04/15/13 (m)		6,383
	19,420	Toys R US - Delaware, Inc.,
		7.375%, 09/01/16 (e)		20,270
	9,950	Toys R Us Property Co II LLC,
		8.500%, 12/01/17		10,572
				246,535
		Textiles, Apparel & Luxury Goods — 0.3%
	2,805	Broder Brothers Co., PIK,
		12.000%, 10/15/13 (e) (f) (i)		2,440
	6,743	Hanesbrands, Inc., VAR,
		4.121%, 12/15/14		6,642
	16,391	Quiksilver, Inc., 6.875%,
		04/15/15 (m)		15,571
				24,653
		Total Consumer Discretionary		1,867,916
	Consumer Staples — 3.4%
		Beverages — 0.3%
		Constellation Brands, Inc.,
	2,900	7.250%, 09/01/16		3,110
	10,375	7.250%, 05/15/17		11,153
	6,240	8.375%, 12/15/14		6,872
		Cott Beverages, Inc.,
	1,120	8.125%, 09/01/18		1,198
	1,000	8.375%, 11/15/17		1,063
				23,396
		Food & Staples Retailing — 1.2%

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Food & Staples Retailing — Continued
	22,665	Ingles Markets, Inc., 8.875%,
		05/15/17 (m)		24,479
		Rite Aid Corp.,
	24,990	7.500%, 03/01/17 (m)		23,553
	6,500	9.500%, 06/15/17		5,395
	13,400	9.750%, 06/12/16 (c)		14,388
	3,800	10.250%, 10/15/19		3,943
	2,750	10.375%, 07/15/16		2,853
	5,875	Stater Brothers Holdings,
		7.750%, 04/15/15		6,007
		SUPERVALU, Inc.,
	10,850	7.500%, 11/15/14		10,769
	7,575	8.000%, 05/01/16 (c)		7,442
				98,829
		Food Products — 1.0%
	3,725	Bumble Bee Foods LLC,
		7.750%, 12/15/15		4,247
		Chiquita Brands International,
		Inc.,
	7,272	7.500%, 11/01/14 (m)		7,199
	2,900	8.875%, 12/01/15 (c)		2,929
		Dean Foods Co.,
	500	6.900%, 10/15/17		436
	2,000	7.000%, 06/01/16		1,835
		Dole Food Co., Inc.,
	350	8.000%, 10/01/16 (e)		364
	6,300	13.875%, 03/15/14		7,639
	2,165	Eurofresh, Inc., 15.000%,
		11/18/16 (f) (i)		2,165
	2,700	Expedia, Inc., 5.950%, 08/15/20
		(e)		2,734
	12,754	JBS USA LLC/JBS USA
		Finance, Inc., 11.625%, 05/01/14		14,858
	5,350	Simmons Foods, Inc., 10.500%,
		11/01/17 (e)		5,537
		Smithfield Foods, Inc.,
	7,456	7.750%, 05/15/13 (c)		7,829
	9,010	7.750%, 07/01/17		9,100
	7,105	10.000%, 07/15/14 (e)		8,029
	12,014	Tyson Foods, Inc., 7.350%,
		04/01/16 (m)		13,215
				88,116
		Household Products — 0.4%
		Spectrum Brands Holdings, Inc.,
	12,150	9.500%, 06/15/18 (e)		13,152
	19,814	PIK, 12.000%, 08/28/19		21,994
				35,146
		Personal Products — 0.3%
	18,695	American Achievement Corp.,
		10.875%, 04/15/16 (e)		18,508
	7,633	Visant Corp., 10.000%, 10/01/17
		(e)		7,881
				26,389
		Tobacco — 0.2%
	16,955	Alliance One International, Inc.,
		10.000%, 07/15/16		17,718
		Total Consumer Staples		289,594
	Energy — 11.0%
		Energy Equipment & Services — 1.7%
	5,315	Calfrac Holdings LP, 7.500%,
		12/01/20 (e)		5,288
	6,000	Exterran Holdings, Inc., 7.250%,
		12/01/18 (e)		6,000
	3,800	Frac Tech Services LLC/Frac
		Tech Finance, Inc., 7.125%,
		11/15/18 (e)		3,772
		Gibson Energy ULC/GEP
		Midstream Finance Corp.,
		(Canada),
	18,840	10.000%, 01/15/18		18,840
	12,568	11.750%, 05/27/14		13,825
	9,047	Global Geophysical Services,
		Inc., 10.500%, 05/01/17		8,957
	13,530	Helix Energy Solutions Group,
		Inc., 9.500%, 01/15/16 (e) (m)		14,071
	14,493	Key Energy Services, Inc.,
		8.375%, 12/01/14 (m)		15,326
	6,400	Parker Drilling Co., 9.125%,
		04/01/18		6,624
	13,500	PHI, Inc., 8.625%, 10/15/18 (e)		13,601
	9,845	Precision Drilling Corp.,
		(Canada), 6.625%, 11/15/20 (e)		9,944
	4,250	Pride International, Inc., 6.875%,
		08/15/20		4,505
	16,200	Seadrill Ltd., (Bermuda),
		6.500%, 10/05/15		15,876
	4,100	Sevan Marine ASA, (Norway),
		12.000%, 08/10/15 (e)		4,346
				140,975
		Oil, Gas & Consumable Fuels — 9.3%
	19,603	Alon Refining Krotz Springs,
		Inc., 13.500%, 10/15/14		19,113
	14,075	Alta Mesa Holdings/Alta Mesa
		Finance Services Corp., 9.625%,
		10/15/18 (e)		13,653
	1,650	AmeriGas Partners LP/AmeriGas
		Eagle Finance Corp., 7.125%,
		05/20/16		1,716
	7,975	Anadarko Petroleum Corp.,
		6.375%, 09/15/17		8,615
	9,767	Antero Resources Finance Corp.,
		9.375%, 12/01/17		10,060
	5,200	Arch Coal, Inc., 7.250%,
		10/01/20		5,694
	41,857	Bill Barrett Corp., 9.875%,
		07/15/16 (m)		45,624
	17,920	Brigham Exploration Co.,
		8.750%, 10/01/18 (e)		19,085
	10,930	Carrizo Oil & Gas, Inc., 8.625%,
		10/15/18 (e)		10,875

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Oil, Gas & Consumable Fuels — Continued
		Chesapeake Energy Corp.,
	7,560	6.875%, 08/15/18		7,711
	8,120	6.875%, 11/15/20		8,303
	6,880	7.250%, 12/15/18		7,224
	2,400	7.625%, 07/15/13		2,598
	10,775	9.500%, 02/15/15		12,068
	18,287	Citgo Petroleum Corp., 11.500%,
		07/01/17 (e)		20,939
		Cloud Peak Energy Resources
		LLC/Cloud Peak Energy Finance
		Corp.,
	11,455	8.250%, 12/15/17		12,486
	8,310	8.500%, 12/15/19		9,141
	36,622	Comstock Resources, Inc.,
		8.375%, 10/15/17		36,988
		Consol Energy, Inc.,
	9,055	8.000%, 04/01/17 (e)		9,734
	7,000	8.250%, 04/01/20 (e)		7,578
	3,575	Continental Resources, Inc.,
		7.125%, 04/01/21 (e)		3,754
	2,830	Copano Energy LLC/Copano
		Energy Finance Corp., 7.750%,
		06/01/18		2,830
	7,050	Crosstex Energy LP/Crosstex
		Energy Finance Corp., 8.875%,
		02/15/18		7,350
	13,993	Denbury Resources, Inc.,
		8.250%, 02/15/20		15,252
		El Paso Corp.,
	4,950	6.500%, 09/15/20 (e) (f)		5,030
	4,305	6.875%, 06/15/14 (m)		4,634
	950	7.000%, 06/15/17		1,001
	3,869	7.250%, 06/01/18		4,123
	1,500	7.875%, 06/15/12		1,588
	5,150	8.250%, 02/15/16		5,633
	4,750	El Paso Performance-Linked
		Trust, 7.750%, 07/15/11 (e)		4,879
	4,800	El Paso Pipeline Partners
		Operating Co., LLC, 6.500%,
		04/01/20		5,148
	2,000	Encore Acquisition Co., 9.500%,
		05/01/16		2,200
	3,750	Ferrellgas LP/Ferrellgas Finance
		Corp., 9.125%, 10/01/17		4,125
	21,450	Ferrellgas Partners LP/Ferrellgas
		Partners Finance Corp., 8.625%,
		06/15/20		23,220
	6,950	Forbes Energy Services
		LLC/Forbes Energy Capital, Inc.,
		11.000%, 02/15/15		6,880
	11,260	Foresight Energy LLC/Foresight
		Energy Corp., 9.625%, 08/15/17
		(e)		11,936
		Forest Oil Corp.,
	35,123	7.250%, 06/15/19 (m)		35,825
	8,165	8.500%, 02/15/14		8,859
		Frontier Oil Corp.,
	4,250	6.875%, 11/15/18		4,313
	7,355	8.500%, 09/15/16		7,723
	8,708	Hilcorp Energy I LP/Hilcorp
		Finance Co., 7.625%, 04/15/21
		(e)		8,926
	7,270	Holly Corp., 9.875%, 06/15/17		7,906
		Holly Energy Partners LP/Holly
		Energy Finance Corp.,
	11,575	6.250%, 03/01/15 (m)		11,517
	5,700	8.250%, 03/15/18 (e)		6,014
		Inergy LP/Inergy Finance Corp.,
	2,676	6.875%, 12/15/14		2,709
	14,000	7.000%, 10/01/18 (e)		14,350
	7,300	8.250%, 03/01/16		7,592
	750	8.750%, 03/01/15		799
		Linn Energy LLC/Linn Energy
		Finance Corp.,
	7,450	8.625%, 04/15/20 (e)		7,897
	2,000	11.750%, 05/15/17		2,280
	10,000	MarkWest Energy Partners
		LP/MarkWest Energy Finance
		Corp., 6.750%, 11/01/20		9,975
		Newfield Exploration Co.,
	6,180	6.625%, 09/01/14		6,304
	8,075	6.875%, 02/01/20		8,438
	3,675	7.125%, 05/15/18		3,859
		NFR Energy LLC/NFR Energy
		Finance Corp.,
	28,141	9.750%, 02/15/17 (e)		27,789
	7,500	Patriot Coal Corp., 8.250%,
		04/30/18		7,500
	16,777	Penn Virginia Corp., 10.375%,
		06/15/16 (m)		18,455
	6,550	Penn Virginia Resource Partners
		LP/Penn Virginia Resource
		Finance Corp., 8.250%, 04/15/18		6,665
	182	Petroleum Development Corp.,
		12.000%, 02/15/18		204
	15,175	Pioneer Drilling Co., 9.875%,
		03/15/18		16,010
		Pioneer Natural Resources Co.,
	2,499	5.875%, 07/15/16		2,578
	6,635	6.650%, 03/15/17		7,037
	4,950	6.875%, 05/01/18		5,268
	15,897	7.500%, 01/15/20		17,735
		Plains Exploration & Production
		Co.,
	5,040	7.625%, 04/01/20		5,330
	7,475	10.000%, 03/01/16		8,297
	10,534	QEP Resources, Inc., 6.875%,
		03/01/21		11,113
	3,750	Quicksilver Resources, Inc.,
		11.750%, 01/01/16		4,303

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Oil, Gas & Consumable Fuels — Continued
		Range Resources Corp.,
	1,000	6.375%, 03/15/15		1,020
	1,080	6.750%, 08/01/20		1,118
	3,270	7.250%, 05/01/18		3,417
	19,245	7.500%, 05/15/16 (m)		19,918
	2,000	7.500%, 10/01/17		2,110
	2,000	8.000%, 05/15/19		2,180
	3,500	Suburban Propane Partners
		LP/Suburban Energy Finance
		Corp., 7.375%, 03/15/20		3,762
		Swift Energy Co.,
	15,772	7.125%, 06/01/17		15,614
	11,000	8.875%, 01/15/20		11,853
		Targa Resources Partners
		LP/Targa Resources Partners
		Finance Corp.,
	8,025	7.875%, 10/15/18 (e)		8,266
	8,266	8.250%, 07/01/16		8,596
	2,915	11.250%, 07/15/17		3,323
	10,700	W&T Offshore, Inc., 8.250%,
		06/15/14 (e)		10,379
		Western Refining, Inc.,
	13,061	11.250%, 06/15/17 (e)		13,731
	9,872	VAR, 10.750%, 06/15/14 (e)		10,316
	3,280	Whiting Petroleum Corp.,
		6.500%, 10/01/18		3,329
				791,290
		Total Energy		932,265
	Financials — 10.6%
		Commercial Banks — 2.1%
		Bank of America Corp.,
	3,825	5.625%, 07/01/20		3,845
	14,445	VAR, 8.000%, 01/30/18 (x)		14,432
	11,075	VAR, 8.125%, 05/15/18 (x)		11,065
	1,100	BankAmerica Capital II, 8.000%,
		12/15/26		1,105
	12,575	BankAmerica Institutional
		Capital B, Class B, 7.700%,
		12/31/26 (e)		12,575
		Barclays Bank plc, (United
		Kingdom),
	16,175	VAR, 5.926%, 12/15/16 (e) (m)
		(x)		14,558
	17,850	VAR, 7.434%, 12/15/17 (e) (m)
		(x)		17,136
	1,385	Capital One Capital IV, VAR,
		6.745%, 02/17/37		1,368
	20,275	Capital One Capital V, 10.250%,
		08/15/39 (m)		21,441
	4,300	Capital One Capital VI, 8.875%,
		05/15/40		4,494
	12,671	Countrywide Capital III, 8.050%,
		06/15/27		13,067
	6,890	Credit Agricole S.A., (France),
		VAR, 6.637%, 05/31/17 (e) (m)
		(x)		5,994
	1,922	NB Capital Trust II, 7.830%,
		12/15/26		1,929
	4,750	NB Capital Trust IV, 8.250%,
		04/15/27		4,786
	1,000	Regions Financial Corp.,
		6.375%, 05/15/12		970
	60,498	Wachovia Capital Trust III,
		VAR, 5.800%, 03/15/11 (m) (x)		50,818
				179,583
		Consumer Finance — 2.5%
		Ally Financial, Inc.,
	22,325	6.250%, 12/01/17 (e)		21,432
	5,053	6.750%, 12/01/14		5,167
	5,450	7.500%, 09/15/20 (e)		5,341
	70,360	8.000%, 11/01/31		72,822
	17,579	American General Finance
		Corp., 6.900%, 12/15/17		13,932
		Ford Motor Credit Co. LLC,
	5,525	6.625%, 08/15/17		5,695
	6,800	7.500%, 08/01/12 (m)		7,203
	10,500	8.000%, 06/01/14 (m)		11,397
	40,445	8.000%, 12/15/16 (m)		44,434
	10,500	8.125%, 01/15/20		12,049
	6,850	8.700%, 10/01/14		7,614
	4,980	VAR, 3.039%, 01/13/12 (m)		4,980
				212,066
		Diversified Financial Services — 1.9%
	12,624	ACE Cash Express, Inc.,
		10.250%, 10/01/14 (e) (f) (i)		10,794
	3,500	Aircastle Ltd., (Bermuda),
		9.750%, 08/01/18		3,797
		Block Financial LLC,
	2,000	5.125%, 10/30/14		1,935
	2,225	7.875%, 01/15/13		2,299
	7,055	Cardtronics, Inc., 8.250%,
		09/01/18		7,372
		CIT Group, Inc.,
	18,879	7.000%, 05/01/15		18,596
	15,600	7.000%, 05/01/16		15,327
		CNG Holdings, Inc.,
	5,750	12.250%, 02/15/15 (e)		6,167
	1,300	13.750%, 08/15/15 (e)		1,300
		Deluxe Corp.,
	3,797	5.125%, 10/01/14		3,759
	8,155	7.375%, 06/01/15		8,440
	9,885	ILFC E-Capital Trust I, VAR,
		5.900%, 12/21/65 (e)		7,278
	12,270	ILFC E-Capital Trust II, VAR,
		6.250%, 12/21/65 (e)		9,586
		International Lease Finance
		Corp.,
	6,095	8.625%, 09/15/15 (e)		6,430

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Diversified Financial Services — Continued
	13,670	8.750%, 03/15/17 (e)		14,388
	11,100	8.875%, 09/01/17		11,766
	6,465	Northern Tier Energy LLC and
		Norther Tier Finance Corp.,
		10.500%, 12/01/17 (e)		6,546
	5,655	SquareTwo Financial Corp.,
		11.625%, 04/01/17 (e)		5,443
	12,950	Tops Holding Corp./Tops
		Markets LLC, 10.125%,
		10/15/15		13,792
				155,015
		Insurance — 3.2%
		American International Group, Inc.,
	7,325	6.400%, 12/15/20 (f)		7,306
	20,515	VAR, 8.175%, 05/15/58		20,925
	6,155	Crum & Forster Holdings Corp.,
		7.750%, 05/01/17		6,440
		Fairfax Financial Holdings Ltd.,
		(Canada),
	4,675	7.750%, 06/15/17		4,891
	2,875	8.250%, 10/01/15		3,055
		Genworth Financial, Inc.,
	4,500	7.200%, 02/15/21		4,455
	42,575	VAR, 6.150%, 11/15/66		32,463
		HUB International Holdings,
		Inc.,
	2,800	9.000%, 12/15/14 (e)		2,800
	40,825	10.250%, 06/15/15 (e) (m)		40,825
		Liberty Mutual Group, Inc.,
	7,425	7.800%, 03/15/37 (e)		7,351
	78,797	VAR, 10.750%, 06/15/58 (e)		96,132
		Nationwide Mutual Insurance Co.,
	3,567	8.250%, 12/01/31 (e)		3,762
	8,250	9.375%, 08/15/39 (e)		9,569
		USI Holdings Corp.,
	18,024	9.750%, 05/15/15 (e) (m)		17,934
	17,338	VAR, 4.161%, 11/15/14 (e) (f) (i)		14,824
				272,732
		Real Estate Investment Trusts (REITs) — 0.9%
	7,350	CB Richard Ellis Services, Inc.,
		6.625%, 10/15/20 (e)		7,350
	5,500	Colonial Realty LP, 6.250%,
		06/15/14		5,712
	10,086	DuPont Fabros Technology LP,
		8.500%, 12/15/17		10,918
	12,429	First Industrial LP, 6.420%,
		06/01/14		12,474
	8,500	Host Hotels & Resorts, Inc.,
		6.000%, 11/01/20 (e)		8,373
	16,045	Omega Healthcare Investors,
		Inc., 6.750%, 10/15/22 (e)		16,005
	5,012	Sabra Health Care LP/Sabra Capital Corp., 8.125%, 11/01/18 (e)		5,062
	8,890	Senior Housing Properties Trust,
		6.750%, 04/15/20		9,423
				75,317
		Total Financials		894,713
	Health Care — 4.5%
		Biotechnology — 0.1%
	1,925	Bio-Rad Laboratories, Inc.,
		8.000%, 09/15/16		2,103
	4,865	Talecris Biotherapeutics
		Holdings Corp., 7.750%,
		11/15/16		5,254
				7,357
		Health Care Equipment & Supplies — 0.2%
	13,650	Biomet, Inc., 10.000%, 10/15/17
		(m)		14,879
	1,750	DJO Finance LLC/DJO Finance
		Corp., 10.875%, 11/15/14		1,907
				16,786
		Health Care Providers & Services — 3.1%
	6,436	Capella Healthcare, Inc.,
		9.250%, 07/01/17 (e)		6,782
	9,112	CHS/Community Health
		Systems, Inc., 8.875%, 07/15/15		9,533
		DaVita, Inc.,
	8,500	6.375%, 11/01/18		8,426
	8,500	6.625%, 11/01/20		8,425
	8,669	FMC Finance III S.A.,
		(Luxembourg), 6.875%,
		07/15/17		9,254
	3,200	Fresenius Medical Care Capital
		Trust IV, 7.875%, 06/15/11		3,264
		HCA, Inc.,
	3,716	5.750%, 03/15/14		3,646
	2,550	6.300%, 10/01/12 (m)		2,595
	5,553	6.375%, 01/15/15		5,456
	1,275	6.750%, 07/15/13		1,304
	5,275	7.250%, 09/15/20		5,532
	8,556	8.500%, 04/15/19		9,326
	2,050	9.125%, 11/15/14		2,137
	24,025	9.250%, 11/15/16 (m)		25,707
	5,800	9.875%, 02/15/17		6,336
	8,992	Health Management Associates,
		Inc., 6.125%, 04/15/16		9,071
	3,150	IASIS Healthcare LLC/IASIS
		Capital Corp., 8.750%, 06/15/14		3,189
	5,200	LifePoint Hospitals, Inc.,
		6.625%, 10/01/20 (e)		5,200
	18,600	Multiplan, Inc., 9.875%,
		09/01/18 (e)		19,763
		Omnicare, Inc.,
	8,501	6.875%, 12/15/15		8,586
	2,750	7.750%, 06/01/20		2,819

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Health Care Providers & Services — Continued
	15,050	OnCure Holdings, Inc., 11.750%,
		05/15/17 (e)		13,846
	8,100	Radiation Therapy Services, Inc.,
		9.875%, 04/15/17 (e)		7,918
	19,814	Select Medical Corp., 7.625%,
		02/01/15		19,715
	6,382	Team Finance LLC/Health
		Finance Corp., 11.250%,
		12/01/13		6,510
		Tenet Healthcare Corp.,
	15,294	8.875%, 07/01/19		16,288
	425	9.000%, 05/01/15		456
	425	10.000%, 05/01/18		475
		Vanguard Health Holding Co. II
		LLC/Vanguard Holding Co. II,
		Inc.,
	12,400	8.000%, 02/01/18		12,524
	20,950	8.000%, 02/01/18 (e)		21,002
		Ventas Realty LP/Ventas Capital
		Corp.,
	1,899	6.500%, 06/01/16		2,005
	3,000	6.750%, 04/01/17		3,229
				260,319
		Pharmaceuticals — 1.1%
	14,378	Catalent Pharma Solutions, Inc.,
		PIK, 10.250%, 04/15/15		14,522
	8,593	Celtic Pharma Phinco B.V., PIK,
		17.000%, 06/15/12 (f) (i)		4,296
		Elan Finance plc/Elan Finance
		Corp., (Ireland),
	20,900	8.750%, 10/15/16		20,952
	17,700	8.750%, 10/15/16 (e)		17,700
	16,802	Mylan, Inc., 7.875%, 07/15/20
		(e)		17,915
		Valeant Pharmaceuticals
		International,
	5,450	6.750%, 10/01/17 (e)		5,382
	9,400	6.875%, 12/01/18 (e)		9,248
	8,070	7.000%, 10/01/20 (e)		7,868
				97,883
		Total Health Care		382,345
	Industrials — 9.1%
		Aerospace & Defense — 1.3%
	7,900	Alliant Techsystems, Inc.,
		6.875%, 09/15/20		8,058
	6,575	BE Aerospace, Inc., 6.875%,
		10/01/20		6,764
		Bombardier, Inc., (Canada),
	7,420	7.500%, 03/15/18 (e)		7,939
	2,420	7.750%, 03/15/20 (e)		2,602
	6,145	Colt Defense LLC/Colt Finance
		Corp., 8.750%, 11/15/17 (e)		3,902
	16,444	DigitalGlobe, Inc., 10.500%,
		05/01/14		18,582
		Esterline Technologies Corp.,
	4,910	6.625%, 03/01/17		5,008
	1,565	7.000%, 08/01/20 (e)		1,620
	3,750	Hexcel Corp., 6.750%, 02/01/15		3,806
	7,195	Kratos Defense & Security
		Solutions, Inc., 10.000%,
		06/01/17		8,031
	2,777	Moog, Inc., 7.250%, 06/15/18		2,860
		Spirit Aerosystems, Inc.,
	13,558	6.750%, 12/15/20 (e)		13,592
	4,500	7.500%, 10/01/17		4,680
		Triumph Group, Inc.,
	10,066	8.000%, 11/15/17		10,368
	8,380	8.625%, 07/15/18		9,103
				106,915
		Air Freight & Logistics — 0.0% (g)
	4,698	AMGH Merger Sub, Inc.,
		9.250%, 11/01/18 (e)		4,804
		Airlines — 1.4%
	787	American Airlines Pass Through
		Trust 2001-01, 7.377%, 05/23/19		760
		American Airlines, Inc.,
	4,200	10.500%, 10/15/12		4,589
	1,738	13.000%, 08/01/16		2,050
	14,525	Continental Airlines 2003-ERJ1
		Pass-Through Trust, 7.875%,
		07/02/18		14,562
	2,129	Continental Airlines 2004-ERJ1
		Pass-Through Trust, 9.558%,
		09/01/19		2,176
	13,283	Continental Airlines 2005-ERJ1
		Pass-Through Trust, 9.798%,
		04/01/21 (m)		13,582
	2,561	Continental Airlines 2006-1
		Class G Pass-Through Trust,
		VAR, FGIC, 0.646%, 06/02/13		2,421
	5,706	Continental Airlines 2006-ERJ1
		Pass-Through Trust, 9.318%,
		11/01/19 (e)		5,820
	3,200	Continental Airlines, Inc.,
		6.750%, 09/15/15 (e)		3,292
		Delta Air Lines, Inc.,
	1,925	4.950%, 05/23/19		1,935
	286	6.619%, 03/18/11		290
	5,659	8.021%, 08/10/22		5,871
	7,790	8.300%, 12/15/29 (d)		185
	7,044	8.954%, 08/10/14 (c)		7,378
	602	9.500%, 09/15/14 (e)		653
	570	9.750%, 12/17/16		620
	2,510	10.125%, 05/15/11 (d)		59
		Northwest Airlines, Inc.,
	33,504	7.027%, 11/01/19		35,515
	2,097	8.028%, 11/01/17 (c)		2,160
	8,688	UAL 2007-1 Pass Through
		Trust, 6.636%, 07/02/22		8,927

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Airlines — Continued
		UAL 2007-1 Pass-Through
		Trust,
	1,027	7.336%, 07/02/19 (e)		996
	1,369	VAR, 3.003%, 07/02/14 (e)		1,136
	4,740	UAL 2009-2A Pass-Through
		Trust, 9.750%, 01/15/17		5,480
				120,457
		Building Products — 0.4%
	5,460	Associated Materials LLC,
		9.125%, 11/01/17 (e)		5,569
		Building Materials Corp of
		America,
	19,475	6.875%, 08/15/18 (e)		19,085
	5,265	7.000%, 02/15/20 (e)		5,423
	567	Masco Corp., 5.850%, 03/15/17		556
				30,633
		Commercial Services & Supplies — 1.3%
		Cenveo Corp.,
	19,038	8.875%, 02/01/18		18,895
	9,250	10.500%, 08/15/16 (e)		9,505
	6,850	Covanta Holding Corp., 7.250%,
		12/01/20		6,999
		FTI Consulting, Inc.,
	8,500	6.750%, 10/01/20 (e)		8,585
	2,000	7.750%, 10/01/16		2,050
	7,754	Garda World Security Corp.,
		(Canada), 9.750%, 03/15/17 (e)		8,161
		Harland Clarke Holdings Corp.,
	16,710	9.500%, 05/15/15		15,457
	23,161	VAR, 6.000%, 05/15/15		18,760
		Iron Mountain, Inc.,
	2,938	8.000%, 06/15/20		3,144
	5,631	8.375%, 08/15/21		6,166
	3,205	8.750%, 07/15/18		3,365
	2,485	Liberty Tire Recycling,
		11.000%, 10/01/16 (e)		2,597
	2,465	Mobile Mini, Inc., 7.875%,
		12/01/20 (e)		2,523
		Quebecor World Capital Corp.,
		(Canada),
	8,325	6.125%, 11/15/13 (d) (f)		416
	6,815	6.500%, 08/01/27 (d) (f)		341
	3,825	9.750%, 01/15/15 (c) (d) (f)		191
				107,155
		Construction & Engineering — 1.1%
	18,300	Abengoa Finance SAU, (Spain),
		8.875%, 11/01/17 (e)		17,568
	1,000	New Enterprise Stone & Lime
		Co., 11.000%, 09/01/18 (e)		960
	28,262	RSC Equipment Rental,
		Inc./RSC Holdings III LLC,
		9.500%, 12/01/14 (m)		29,110
	7,460	Tutor Perini Corp., 7.625%,
		11/01/18 (e)		7,553
		United Rentals North America,
		Inc.,
	11,750	8.375%, 09/15/20		11,603
	12,250	9.250%, 12/15/19 (m)		13,306
	8,865	10.875%, 06/15/16		10,062
				90,162
		Electrical Equipment — 0.2%
		Belden, Inc.,
	3,408	7.000%, 03/15/17		3,442
	5,315	9.250%, 06/15/19		5,820
	1,810	General Cable Corp., VAR,
		2.665%, 04/01/15		1,704
	5,910	International Wire Group, Inc.,
		9.750%, 04/15/15 (e)		6,124
				17,090
		Environmental Services — 0.1%
	7,455	Casella Waste Systems, Inc.,
		11.000%, 07/15/14		8,126
		Industrial Conglomerates — 0.4%
	26,680	JB Poindexter & Co., Inc.,
		8.750%, 03/15/14 (m)		26,647
	6,375	Pinafore LLC/Pinafore, Inc.,
		9.000%, 10/01/18 (e)		6,725
				33,372
		Industrial Machinery — 0.2%
	1,516	Baldor Electric Co., 8.625%,
		02/15/17 (m)		1,690
	13,775	Severstal Columbus LLC,
		10.250%, 02/15/18 (e)		14,516
				16,206
		Machinery — 0.4%
	3,750	Gardner Denver, Inc., 8.000%,
		05/01/13		3,816
		SPX Corp.,
	5,175	6.875%, 09/01/17 (e)		5,434
	1,325	7.625%, 12/15/14		1,439
	4,550	Thermadyne Holdings Corp.,
		9.000%, 12/15/17 (e)		4,584
	8,165	Titan International, Inc., 7.875%,
		10/01/17 (e)		8,491
	12,725	Trimas Corp., 9.750%, 12/15/17
		(e) (m)		13,616
				37,380
		Marine — 1.2%
	14,000	American Petroleum Tankers
		LLC/AP Tankers Co., 10.250%,
		05/01/15 (e)		14,385
	13,918	CMA CGM S.A., (France),
		7.250%, 02/01/13 (e)		12,666
	13,586	Commercial Barge Line Co.,
		12.500%, 07/15/17 (c)		15,709
	22,360	General Maritime Corp.,
		12.000%, 11/15/17		22,360

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Marine — Continued
	21,720	Navios Maritime Holdings Inc/Navios Maritime Finance U.S., Inc., 8.875%, 11/01/17		23,186
	9,860	Ultrapetrol Bahamas Ltd.,
		(Bahamas), 9.000%, 11/24/14		9,909
				98,215
		Road & Rail — 1.1%
		Avis Budget Car Rental
		LLC/Avis Budget Finance, Inc.,
	5,925	7.750%, 05/15/16		5,925
	8,625	8.250%, 01/15/19 (e)		8,431
	20,298	9.625%, 03/15/18		21,262
	151	Hertz Corp. (The), 8.875%,
		01/01/14		154
		Kansas City Southern de Mexico
		S.A. de C.V., (Mexico),
	1,854	7.375%, 06/01/14		1,942
	1,960	7.625%, 12/01/13		2,029
	4,038	12.500%, 04/01/16		5,007
	7,175	Kansas City Southern Railway,
		8.000%, 06/01/15 (m)		7,659
		Quality Distribution LLC/QD
		Capital Corp.,
	10,515	9.875%, 11/01/18 (e)		10,147
	7,600	10.000%, 06/01/13 (f) (i)		7,600
	2,325	PIK, 11.750%, 11/01/13 (f) (i)		2,299
	23,244	RailAmerica, Inc., 9.250%,
		07/01/17		25,452
				97,907
		Total Industrials		768,422
	Information Technology — 3.7%
		Communications Equipment — 0.7%
	42,250	Avaya, Inc., 9.750%, 11/01/15		41,933
	14,120	Brightstar Corp., 9.500%,
		12/01/16 (e)		14,226
				56,159
		Computers & Peripherals — 0.4%
	7,390	Seagate HDD Cayman, (Cayman
		Islands), 6.875%, 05/01/20 (e)		7,020
	18,075	Seagate Technology HDD
		Holdings, (Cayman Islands),
		6.800%, 10/01/16 (c)		17,985
	8,400	Stratus Technologies, Inc.,
		12.000%, 03/29/15 (e)		7,056
				32,061
		Electronic Equipment, Instruments &
		Components — 0.6%
	2,867	Flextronics International Ltd.,
		(Singapore), 6.250%, 11/15/14		2,925
	15,559	Intcomex, Inc., 13.250%,
		12/15/14 (e)		16,512
		Sanmina-SCI Corp.,
	3,008	6.750%, 03/01/13		3,001
	9,630	8.125%, 03/01/16		9,654
	3,200	VAR, 3.042%, 06/15/14 (e)		3,036
	2,219	Smart Modular Technologies
		WWH, Inc., (Cayman Islands),
		VAR, 5.790%, 04/01/12 (f) (i)		2,195
	9,527	Viasystems, Inc., 12.000%,
		01/15/15 (e)		10,670
				47,993
		Electronic Manufacturing Services — 0.1%
	12,358	Kemet Corp., 10.500%, 05/01/18
		(e)		13,223
		Internet Software & Services — 0.2%
	7,225	Equinix, Inc., 8.125%, 03/01/18		7,568
	5,130	Terremark Worldwide, Inc.,
		12.000%, 06/15/17		5,797
				13,365
		IT Services — 0.7%
	5,625	Compucom Systems, Inc.,
		12.500%, 10/01/15 (e)		6,047
		Fidelity National Information
		Services, Inc.,
	2,573	7.625%, 07/15/17 (e)		2,715
	2,063	7.875%, 07/15/20 (e)		2,202
		First Data Corp.,
	1,080	8.875%, 08/15/20 (e)		1,123
	10,664	9.875%, 09/24/15		9,065
	3,045	Interactive Data Corp., 10.250%,
		08/01/18 (e)		3,319
	11,225	Sitel LLC/Sitel Finance Corp.,
		11.500%, 04/01/18 (e)		9,541
	15,310	Stream Global Services, Inc.,
		11.250%, 10/01/14		15,272
	1,050	SunGard Data Systems, Inc.,
		10.625%, 05/15/15		1,139
		Unisys Corp.,
	4,670	12.750%, 10/15/14 (e)		5,569
	4,745	14.250%, 09/15/15 (e)		5,705
				61,697
		Semiconductors & Semiconductor Equipment
		— 1.0%
		Advanced Micro Devices, Inc.,
	1,370	7.750%, 08/01/20 (e)		1,404
	21,125	8.125%, 12/15/17		22,287
		Amkor Technology, Inc.,
	10,090	7.375%, 05/01/18		10,645
	449	9.250%, 06/01/16		476
		Freescale Semiconductor, Inc.,
	8,000	9.250%, 04/15/18 (e)		8,380
	9,240	10.125%, 03/15/18 (e)		9,979
	2,615	10.750%, 08/01/20 (e)		2,596
		NXP B.V./NXP Funding LLC,
		(Netherlands),
	16,962	7.875%, 10/15/14 (e) (m)		17,407
	1,100	9.750%, 08/01/18 (e)		1,188
	11,838	VAR, 3.039%, 10/15/13 (e)		11,187

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Semiconductors & Semiconductor Equipment — Continued
	2,850	STATS ChipPAC Ltd.,
		(Singapore), 7.500%, 08/12/15
		(e)		3,014
				88,563
		Total Information Technology		313,061
	Materials — 8.4%
		Chemicals — 2.3%
	7,593	Basell Finance Co., B.V.,
		(Netherlands), 8.100%, 03/15/27
		(e)		7,935
	9,469	Celanese US Holdings LLC,
		6.625%, 10/15/18 (e)		9,729
		CF Industries, Inc.,
	10,150	6.875%, 05/01/18		11,140
	5,085	7.125%, 05/01/20		5,689
	22,495	Chemtura Corp., 7.875%,
		09/01/18 (e)		23,788
		Lyondell Chemical Co.,
	19,890	8.000%, 11/01/17 (e)		21,456
	45,380	11.000%, 05/01/18		50,486
	151	Nova Chemicals Corp.,
		(Canada), 6.500%, 01/15/12		156
	6,770	Omnova Solutions, Inc., 7.875%,
		11/01/18 (e)		6,736
	38,185	PolyOne Corp., 7.375%,
		09/15/20		39,044
	3,850	Rhodia S.A., (France), 6.875%,
		09/15/20 (e)		3,927
	5,350	Sterling Chemicals, Inc.,
		10.250%, 04/01/15		5,457
	6,065	TPC Group LLC, 8.250%,
		10/01/17 (e)		6,232
				191,775
		Construction Materials — 0.4%
	20,560	Hanson Ltd., (United Kingdom),
		6.125%, 08/15/16		20,945
	12,600	Texas Industries, Inc., 9.250%,
		08/15/20 (e)		13,167
				34,112
		Containers & Packaging — 1.9%
		Ardagh Packaging Finance plc,
		(Ireland),
	4,400	7.375%, 10/15/17 (e)		4,521
	7,000	9.125%, 10/15/20 (e)		7,210
		Ball Corp.,
	8,000	5.750%, 05/15/21		7,840
	4,125	6.750%, 09/15/20		4,393
	1,650	7.125%, 09/01/16		1,786
	1,650	7.375%, 09/01/19		1,795
		Berry Plastics Corp.,
	5,750	8.250%, 11/15/15		5,980
	25,500	9.500%, 05/15/18		24,480
	14,200	9.750%, 01/15/21 (e)		13,596
	941	10.250%, 03/01/16		885
	5,450	Berry Plastics Holding Corp.,
		VAR, 5.039%, 02/15/15		5,205
	1,500	BWAY Holding Co., 10.000%,
		06/15/18 (e)		1,612
	12,863	Constar International, Inc., VAR,
		3.661%, 02/15/12		10,290
	151	Crown Americas LLC/Crown
		Americas Capital Corp., 7.750%,
		11/15/15		156
	4,000	Graham Packaging Co. LP/GPC
		Capital Corp. I, 8.250%,
		10/01/18 (e)		4,060
		Graphic Packaging International,
		Inc.,
	5,200	7.875%, 10/01/18		5,395
	4,275	9.500%, 06/15/17		4,638
	3,800	Greif, Inc., 7.750%, 08/01/19		4,182
		Owens-Brockway Glass
		Container, Inc.,
	3,253	6.750%, 12/01/14 (m)		3,322
	1,000	7.375%, 05/15/16		1,073
		Plastipak Holdings, Inc.,
	5,019	8.500%, 12/15/15 (e)		5,182
	8,500	10.625%, 08/15/19 (e)		9,435
		Reynolds Group Issuer,
		Inc./Reynolds Group Issuer LLC,
	4,850	7.125%, 04/15/19 (e)		4,935
	6,600	7.750%, 10/15/16 (e)		6,881
	13,525	8.500%, 05/15/18 (e)		13,457
	5,725	9.000%, 04/15/19 (e)		5,825
	5,925	Solo Cup Co., 10.500%,
		11/01/13		6,177
				164,311
		Metals & Mining — 1.3%
	3,748	AK Steel Corp., 7.625%,
		05/15/20		3,739
	1,323	Arch Western Finance LLC,
		6.750%, 07/01/13		1,338
	4,376	California Steel Industries, Inc.,
		6.125%, 03/15/14		4,201
	18,036	Essar Steel Algoma, Inc.,
		(Canada), 9.375%, 03/15/15 (e)		18,442
	8,800	FMG Resources August 2006
		Pty Ltd., (Australia), 7.000%,
		11/01/15 (e)		8,910
	3,875	Gibraltar Industries, Inc.,
		8.000%, 12/01/15		3,817
	18,380	Murray Energy Corp., 10.250%,
		10/15/15 (e)		18,747
	3,638	Noranda Aluminum Acquisition
		Corp., PIK, 5.193%, 05/15/15		3,220
		Novelis, Inc., (Canada),
	7,244	7.250%, 02/15/15		7,452
	4,500	11.500%, 02/15/15		5,535

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Metals & Mining — Continued
	4,154	Rain CII Carbon LLC, 11.125%,
		11/15/15 (e) (f) (i)		4,465
	10,400	Rain CII Carbon LLC and CII
		Carbon Corp., 8.000%, 12/01/18
		(e)		10,387
	4,500	Ryerson, Inc., 12.000%,
		11/01/15		4,618
	4,925	Steel Dynamics, Inc., 7.625%,
		03/15/20 (e)		5,270
		United States Steel Corp.,
	1,075	6.050%, 06/01/17		1,048
	231	7.000%, 02/01/18		229
	9,685	7.375%, 04/01/20		9,673
	5,469	Wolverine Tube, Inc., PIK,
		15.000%, 03/31/12		1,914
				113,005
		Paper & Forest Products — 2.5%
	27,726	ABI Escrow Corp., 10.250%,
		10/15/18 (e)		28,904
		Abitibi-Consolidated Co. of
		Canada, (Canada),
	8,431	6.000%, 06/20/13 (d)		1,370
	15,841	7.750%, 06/15/11 (d)		2,574
	20,371	8.375%, 04/01/15 (d)		3,311
	15,060	13.750%, 04/01/11 (d) (e)		17,488
		Abitibi-Consolidated, Inc.,
	3,880	7.400%, 04/01/18 (d)		631
	2,425	7.500%, 04/01/28 (d)		394
	680	8.550%, 08/01/10 (d)		110
	44,081	8.850%, 08/01/30 (d)		7,163
	16,800	Appleton Papers, Inc., 10.500%,
		06/15/15 (e)		16,464
	5,250	Boise Paper Holdings LLC/Boise
		Co.-Issuer Co., 8.000%, 04/01/20		5,683
	4,150	Bowater Canada Finance Corp.,
		(Canada), 7.950%, 11/15/11 (d)		1,816
		Cascades, Inc., (Canada),
	6,710	7.750%, 12/15/17		7,029
	4,000	7.875%, 01/15/20		4,200
		Domtar Corp.,
	2,015	7.125%, 08/15/15		2,199
	5,377	10.750%, 06/01/17		6,761
		Georgia-Pacific LLC,
	4,400	7.000%, 01/15/15 (e)		4,532
	8,090	7.125%, 01/15/17 (e)		8,535
	151	8.125%, 05/15/11		155
	3,800	8.250%, 05/01/16 (e)		4,199
	61,532	NewPage Corp., 11.375%,		55,686
		12/31/14
		P.H. Glatfelter Co.,
	6,810	7.125%, 05/01/16		7,031
	3,970	PE Paper Escrow GmbH,
		(Austria), 12.000%, 08/01/14 (e)		4,566
	3,200	Potlatch Corp., 7.500%, 11/01/19		3,324
		Smurfit-Stone Container
		Enterprises, Inc.,
	25,818	8.000%, 03/15/17 (d) (f) (i)		1,210
	19,431	8.375%, 07/01/12 (d) (f) (i)		911
		Verso Paper Holdings
		LLC/Verso Paper, Inc.,
	13,695	9.125%, 08/01/14 (c)		13,593
	1,050	11.500%, 07/01/14		1,139
				210,978
		Total Materials		714,181
	Telecommunication Services — 6.0%
		Diversified Telecommunication Services — 3.1%
		Cincinnati Bell, Inc.,
	37	7.000%, 02/15/15		37
	7,125	8.250%, 10/15/17		6,911
	4,840	8.750%, 03/15/18		4,380
		Clearwire Communications
		LLC/Clearwire Finance, Inc.,
	6,000	12.000%, 12/01/15 (e)		6,367
	50,823	12.000%, 12/01/15 (e)		53,809
		Frontier Communications Corp.,
	6,340	7.125%, 03/15/19		6,562
	3,945	7.875%, 04/15/15		4,300
	800	8.125%, 10/01/18		880
	775	8.250%, 05/01/14		856
	3,945	8.250%, 04/15/17		4,340
	13,095	8.500%, 04/15/20		14,404
	3,945	8.750%, 04/15/22		4,330
		Global Crossing Ltd.,
		(Bermuda),
	4,900	9.000%, 11/15/19 (e)		4,839
	2,965	12.000%, 09/15/15		3,335
		Level 3 Financing, Inc.,
	300	8.750%, 02/15/17		275
	45,588	9.250%, 11/01/14 (m)		43,992
	14,015	PAETEC Holding Corp.,
		8.875%, 06/30/17 (m)		14,646
		Qwest Communications
		International, Inc.,
	17,455	7.125%, 04/01/18 (e) (m)		18,153
	2,500	7.500%, 02/15/14		2,525
	4,115	8.000%, 10/01/15		4,372
		Qwest Corp.,
	10,000	6.500%, 06/01/17 (m)		11,100
	1,000	7.500%, 10/01/14 (m)		1,132
	12,996	7.625%, 06/15/15 (m)		14,978
	1,000	8.375%, 05/01/16		1,200
	2,400	8.875%, 03/15/12		2,610
		Windstream Corp.,
	500	7.000%, 03/15/19		488
	8,200	7.875%, 11/01/17		8,610
	10,025	8.125%, 08/01/13 (m)		10,952
	10,190	8.125%, 09/01/18		10,496

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Diversified Telecommunication Services — Continued
	3,950	8.625%, 08/01/16		4,098
				264,977
		Wireless Telecommunication Services — 2.9%
	6,160	CC Holdings GS V LLC/Crown
		Castle GS III Corp., 7.750%,
		05/01/17 (e)		6,792
		Cricket Communications, Inc.,
	4,810	7.750%, 05/15/16		4,918
	27,325	7.750%, 10/15/20 (e)		25,208
	3,720	Crown Castle International
		Corp., 9.000%, 01/15/15		4,101
	4,270	iPCS, Inc., VAR, 2.412%,
		05/01/13		4,078
		MetroPCS Wireless, Inc.,
	5,000	6.625%, 11/15/20		4,762
	6,200	7.875%, 09/01/18		6,425
	58,800	Nextel Communications, Inc.,
		7.375%, 08/01/15 (m)		56,742
		NII Capital Corp.,
	19,530	8.875%, 12/15/19		21,141
	7,455	10.000%, 08/15/16		8,275
	3,250	NII Holdings, Inc., 3.125%,
		06/15/12		3,157
	1,025	SBA Telecommunications, Inc.,
		8.250%, 08/15/19		1,122
		Sprint Nextel Corp.,
	67,435	6.000%, 12/01/16 (m)		63,220
	5,425	8.375%, 08/15/17		5,642
		Wind Acquisition Finance S.A.,
		(Luxembourg),
	9,025	7.250%, 02/15/18 (e)		8,890
	10,915	11.750%, 07/15/17 (e)		12,116
	7,827	PIK, 12.250%, 07/15/17 (e)		8,844
				245,433
		Total Telecommunication
		Services		510,410
	Utilities — 4.3%
		Electric Utilities — 0.2%
	1,200	Ipalco Enterprises, Inc., 7.250%,
		04/01/16 (e)		1,290
	2,500	PNM Resources, Inc., 9.250%,
		05/15/15		2,775
	8,000	Public Service Co. of New
		Mexico, 7.950%, 05/15/18		8,903
				12,968
		Gas Utilities — 0.1%
	1,627	Copano Energy LLC/Copano
		Energy Finance Corp., 8.125%,
		03/01/16		1,643
	8,570	Genesis Energy LP/Genesis
		Energy Finance Corp., 7.875%,
		12/15/18 (e)		8,495
				10,138
		Independent Power Producers & Energy
		Traders — 3.9%
		AES Eastern Energy LP,
	2,997	9.000%, 01/02/17		3,125
	29,145	9.670%, 01/02/29		31,258
	8,275	Calpine Construction Finance
		Co. LP and CCFC Finance
		Corp., 8.000%, 06/01/16 (e)		8,709
		Calpine Corp.,
	10,011	7.250%, 10/15/17 (e)		9,961
	52,220	7.500%, 02/15/21 (e)		51,306
	6,976	7.875%, 07/31/20 (e)		7,046
	5,075	Calpine Generating Co. LLC,
		HB, 4,823.931%, 04/01/11 (d)		508
		Dynegy Holdings, Inc.,
	12,200	7.125%, 05/15/18 (m)		7,808
	3,900	7.500%, 06/01/15		2,896
	151	8.375%, 05/01/16		110
	3,000	8.750%, 02/15/12		3,007
	41,590	Dynegy Roseton/Danskammer
		Pass-Through Trust, 7.670%,
		11/08/16 (m)		38,887
		Edison Mission Energy,
	13,102	7.000%, 05/15/17		10,285
	51,456	7.200%, 05/15/19 (m)		39,621
	828	FPL Energy Wind Funding LLC,
		6.876%, 06/27/17 (e)		804
	10,785	GenOn Escrow Corp., 9.875%,
		10/15/20 (e)		10,273
		Homer City Funding LLC,
	5,180	8.137%, 10/01/19		4,844
	9,342	8.734%, 10/01/26		8,548
	16,043	Midwest Generation LLC,
		8.560%, 01/02/16		16,204
	7,130	Mirant Americas Generation
		LLC, 8.500%, 10/01/21		6,898
		NRG Energy, Inc.,
	8,050	7.375%, 02/01/16		8,090
	13,325	7.375%, 01/15/17 (m)		13,458
	11,050	8.500%, 06/15/19		11,216
	2,332	Ormat Funding Corp., 8.250%,
		12/30/20 (m)		2,250
		RRI Energy, Inc.,
	14,004	6.750%, 12/15/14 (m)		14,214
	10,780	7.625%, 06/15/14 (m)		10,780
	2,600	7.875%, 06/15/17 (m)		2,366
	13,903	Texas Competitive Electric
		Holdings Co. LLC, 10.250%,
		11/01/15 (c)		8,272
				332,744
		Multi-Utilities — 0.1%
		Energy Future Holdings Corp.,
	1,306	9.750%, 10/15/19		1,306
	650	10.875%, 11/01/17 (c)		468

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Multi-Utilities — Continued
	1,690	Energy Future Intermediate
		Holding Co. LLC/EFIH Finance,
		Inc., 10.000%, 12/01/20		1,733
				3,507
		Total Utilities		359,357
		Total Corporate Bonds     (Cost $6,627,754)		7,032,264
SHARES
	Common Stocks — 2.0%
	Consumer Discretionary — 0.0% (g)
		Broadcasting & Cable TV — 0.0% (g)
	9,055	Adelphia Recovery Trust,
		Contingent Value (f)		176
		Leisure Equipment & Products — 0.0% (g)
	458	New True Temper Holdings
		Corp., Inc. (a) (f) (i)		3,666
		Textiles, Apparel & Luxury Goods — 0.0% (g)
	228	Broder Brothers Co. (a) (f) (i)		—
	66	WestPoint International, Inc. (a)
		(f) (i)		—
				—
		Total Consumer Discretionary		3,842
	Consumer Staples — 0.1%
		Food Products — 0.0% (g)
	585	Eurofresh, Inc., ADR (a) (f) (i)		1,210
		Household Products — 0.1%
	136	Spectrum Brands Holdings, Inc.
		(a)		3,688
		Total Consumer Staples		4,898
	Industrials — 0.0% (g)
		Commercial Services & Supplies — 0.0% (g)
	22	Quad/Graphics, Inc. (a)		976
	Information Technology — 0.1%
		Computers & Peripherals — 0.0% (g)
	575	Stratus Technologies, Inc., ADR
		(a) (f) (i)		—
		IT Services — 0.0% (g)
	92	Unisys Corp. (a) (f) (i)		1,560
		Semiconductors & Semiconductor Equipment
		— 0.1%
	2,602	MagnaChip Semiconductor S.A.,
		ADR (a) (f) (i)		3,382
	1,884	MagnaChip Semiconductor
		S.A./MagnaChip Semiconductor
		Finance Co., (Luxembourg) (a)
		(f) (i)		2,449
				5,831
		Total Information Technology		7,391
	Materials — 1.8%
		Chemicals — 1.4%
	2,024	LyondellBasell Industries N.V.,
		(Netherlands), Class A (a)		59,129
	1,855	LyondellBasell Industries N.V.,
		(Netherlands), Class B (a)		54,171
				113,300
		Construction Materials — 0.0% (g)
	399	U.S. Concrete, Inc. (a)		2,697
		Paper & Forest Products — 0.4%
	1,425	Smurfit-Stone Container Corp.
		(a)		34,049
		Total Materials		150,046
	Telecommunication Services — 0.0% (g)
		Diversified Telecommunication Services —
		0.0% (g)
	2	AboveNet, Inc. (a)		102
	1	XO Holdings, Inc. (a)		1
				103
		Total Telecommunication
		Services		103
	Utilities — 0.0% (g)
		Independent Power Producers & Energy
		Traders — 0.0% (g)
	7	Mirant Corp. (a)		68
		Total Common Stocks     (Cost $119,486)		167,324
	Preferred Stocks — 0.5%
	Consumer Discretionary — 0.0% (g)
		Media — 0.0% (g)
	77	Spanish Broadcasting System,
		Inc. (a) (f) (i)		—	(h)
	1	Spanish Broadcasting System,
		Inc., PIK, 10.750%, 01/03/11 (a)
		(f) (i) (x)		617
		Total Consumer Discretionary		617
	Consumer Staples — 0.0% (g)
		Food Products — 0.0% (g)
	1	Eurofresh, Inc., ADR (a) (f) (i)		817
	Financials — 0.5%
		Commercial Banks — 0.2%
	112	CoBank ACB, 7.000%, 01/03/11
		(e) (f) (i) (x)		4,991
	95	CoBank ACB, Series C,
		11.000%, 07/01/13 (e) (x)		5,178
	161	CoBank ACB, Series D,
		11.000%, 10/01/14 (f) (i) (x)		8,733
				18,902
		Consumer Finance — 0.3%
	10	Ally Financial, Inc., 7.000%,
		12/31/11 (e) (x)		8,884
	326	Citigroup Capital XIII, VAR,
		7.875%, 10/30/40 (a)		8,578
	150	Ford Motor Credit Co. LLC,
		7.375%, 10/15/31		3,794
	150	Ford Motor Credit Co. LLC,
		7.600%, 03/01/32		3,760
				25,016
		Total Financials		43,918

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Information Technology — 0.0% (g)
		Computers & Peripherals — 0.0% (g)
	131	Stratus Technologies, Inc., ADR
		(a) (f) (i)		—
		Total Preferred Stocks
		(Cost $49,843)		45,352
	Loan Participations & Assignments — 11.3%
		Consumer Discretionary — 5.3%
		Auto Components — 0.2%
		Remy, 1st Lien Term Loan,
	6,121	VAR, 5.753%, 12/06/13		6,080
	234	VAR, 5.789%, 12/06/13		233
	3,061	VAR, 5.792%, 12/06/13		3,040
	1,690	Remy, 2nd Lien Term Loan,
		VAR, 8.792%, 06/06/14		1,688
	3,575	United Components, Inc., Term
		Loan, VAR, 6.250%, 03/23/17		3,590
				14,631
		Automobiles — 0.6%
		Ford Motor Co., Term Loan B,
	10,007	VAR, 3.010%, 12/15/13		9,896
	2,472	VAR, 3.010%, 12/15/13		2,444
	11,771	VAR, 3.040%, 12/15/13		11,641
	25,167	VAR, 3.050%, 12/15/13		24,889
				48,870
		Diversified Consumer Services — 0.0% (g)
		Ati Acquisition Co., Term Loan
		B,
	2,478	VAR, 8.250%, 12/30/14		2,131
	5	VAR, 8.250%, 12/30/14		4
	16	VAR, 8.250%, 12/30/14		14
				2,149
		Gaming — 1.1%
		CCM Merger, Inc., Term Loan
		B,
	11,766	VAR, 8.500%, 07/13/12		11,757
	1,192	VAR, 8.500%, 07/13/12		1,191
	66,027	Harrah’s Operating Co., Inc.,
		Term B-2 Loan, VAR, 3.288%,
		01/28/15		57,646
	975	Isle of Capri Casinos, Inc.,
		Delayed Draw Term Loan A,
		VAR, 5.000%, 11/25/13		963
	3,079	Isle of Capri Casinos, Inc.,
		Delayed Draw Term Loan B,
		VAR, 5.000%, 11/25/13		3,042
	7,017	Isle of Capri Casinos, Inc., Initial
		Term Loan, VAR, 5.000%,
		11/25/13		6,932
	13,902	Sugarhouse HSP Gaming, LP,
		Term Loan, VAR, 11.250%,
		09/23/14		14,047
				95,578
		Hotels, Restaurants & Leisure — 0.4%
		Denny’s Corp., Term Loan B,
	9,700	VAR, 6.500%, 09/22/16		9,773
	6,394	Dine Equity, Inc., Term Loan B,
		VAR, 6.000%, 10/12/18		6,468
		Outback Steakhouse, Prefunded
		RC Commitment,
	354	VAR, 0.112%, 06/14/13		331
	51	VAR, 2.563%, 06/14/13		47
	56	VAR, 2.563%, 06/14/13		52
	56	VAR, 2.563%, 06/14/13		52
	497	VAR, 2.625%, 06/14/13		465
	12,988	Outback Steakhouse, Term Loan
		B, VAR, 2.625%, 06/14/14		12,142
	4,489	Wendy’s/Arby’s Group, Inc.,
		VAR, 5.000%, 05/24/17		4,509
				33,839
		Media — 1.9%
	13,028	Cengage Learning Acquisitions,
		Term Loan, 2.540%, 07/03/14		12,011
	32,093	Clear Channel Communications,
		Inc., Term Loan B, VAR,
		3.903%, 01/29/16		25,456
		Dex Media West, New Term
		Loan,
	3,187	VAR, 7.000%, 10/24/14		2,705
	236	VAR, 7.000%, 10/24/14		201
		Entercom Radio LLC, Term
		Loan A,
	14,527	VAR, 1.378%, 06/30/12		14,047
	599	VAR, 3.375%, 06/30/12		579
	5,177	High Plains Broadcasting
		Operating Co. LLC, Term Loan,
		VAR, 9.000%, 09/14/16		5,158
	–(h)	Idearc, Inc., Exit Term Loan,
		VAR, 11.000%, 12/31/15		–	(h)
		Media General, Inc., Term Loan,
	2,362	VAR, 4.503%, 03/29/13		2,209
	6,677	VAR, 4.538%, 03/29/13		6,243
	18,882	Newport Television LLC, Term
		Loan, VAR, 9.000%, 09/14/16		18,811
	3,820	Newsday, Fixed Rate Term
		Loan, VAR, 10.500%, 08/01/13		4,063
		R.H. Donnelley, Inc., Exit Term
		Loan,
	1,640	VAR, 9.000%, 10/24/14		1,176
	13,060	VAR, 9.000%, 10/24/14		9,366
	14,413	VAR, 9.000%, 10/24/14		10,337
		Univision Communications, Inc.,
		1st Lien Term Loan,
	6,050	VAR, 0.000%, 03/31/17		5,635
	40,909	VAR, 2.506%, 09/29/14		38,903
				156,900

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
		Multiline Retail — 0.0% (g)
	1,413	Neiman Marcus Group, Inc.,
		Term Loan, VAR, 2.294%,
		04/06/13		1,370
		Specialty Retail — 0.5%
		Burlington Coat Factory, Term
		Loan B,
	4,888	VAR, 2.510%, 05/28/13		4,748
	4,836	VAR, 2.520%, 05/28/13		4,697
		General Nutrition Centers, Inc.,
		Term Loan B,
	2,895	VAR, 2.510%, 09/16/13		2,839
	4,738	VAR, 2.540%, 09/16/13		4,647
	5,775	Gymboree Corp., Term Loan,
		VAR, 5.200%, 11/23/17		5,791
	3,065	Leslie’s Poolmart, Term Loan B,
		VAR, 0.000%, 11/30/17		3,080
	3,392	Michael Foods, Inc., Term Loan
		B, VAR, 6.250%, 06/29/16		3,421
		Michael’s Stores, Term B-1
		Loan,
	5,668	VAR, Zero Coupon, 10/31/13		5,455
	47	VAR, 2.563%, 10/31/13		45
		Michael’s Stores, Term B-2
		Loan,
	7,221	VAR, 4.813%, 07/31/16		7,156
	63	VAR, 4.813%, 07/31/16		63
	407	VAR, 4.813%, 07/31/16		403
				42,345
		Textiles, Apparel & Luxury Goods — 0.6%
		Claire’s Stores, Term Loan B,
	163	VAR, 3.006%, 05/29/14		143
	9,017	VAR, 3.038%, 05/29/14		7,873
	54,068	VAR, 3.044%, 05/29/14		47,211
				55,227
		Total Consumer Discretionary		450,909
	Consumer Staples — 0.8%
		Food & Staples Retailing — 0.2%
	2,211	Rite Aid Corp., Term Loan 3,
		VAR, 6.000%, 06/04/14		2,189
		Rite Aid Corp., Tranche 2 Term
		Loan,
	10,033	VAR, 2.010%, 06/04/14		9,048
	5,205	VAR, 2.010%, 06/04/14		4,694
				15,931
		Food Products — 0.3%
	4,387	Bolthouse Farms, 1st Lien Term
		Loan, VAR, 5.500%, 02/11/16		4,420
		Dole Food Co., Term Loan B,
	1,976	VAR, 5.000%, 02/11/17		1,984
	177	VAR, 5.500%, 02/11/17		178
	94	VAR, 5.500%, 02/11/17		94
		Dole Food Co., Term Loan C,
	5,129	VAR, 5.000%, 03/02/17		5,149
	453	VAR, 5.500%, 03/02/17		454
		Pierre Foods, Inc., 1st Lien Term
		Loan,
	8,204	VAR, 7.000%, 09/24/16		8,123
	21	VAR, 7.500%, 09/24/16		20
	6,160	Pierre Foods, Inc., 2nd Lien
		Term Loan, VAR, 11.250%,
		09/29/17		6,198
				26,620
		Personal Products — 0.3%
	10,710	NBTY, Inc., Term Loan B,
		VAR, 6.250%, 09/21/16		10,827
		Visant Corp., Tranche B Term
		Loan,
	10,500	VAR, 7.000%, 09/22/16		10,576
				21,403
		Total Consumer Staples		63,954
	Energy — 0.0% (g)
		Oil, Gas & Consumable Fuels — 0.0% (g)
	4,354	Big West Oil, Term Loan B,
		VAR, 12.000%, 01/22/15		4,436
	Financials — 1.0%
		Consumer Finance — 0.2%
	14,200	American General Finance
		Corp., Term Loan B, VAR,
		7.250%, 04/21/15		14,303
		Diversified Financial Services — 0.7%
	7,715	Capmark Financial Group, Term
		Roll-Up Certified Tranche,
		VAR, 4.750%, 03/23/11		6,583
	84,370	Capmark Financial Group, U.S.
		Term Loan, VAR, 3.250%,
		03/23/13		32,694
	7,575	Capmark Financial Group,
		Unsecured Bridge Loan, VAR,
		5.250%, 03/23/13		2,864
		Checksmart Financial Co., Term
		Loan B,
	2,833	VAR, 2.780%, 05/01/12 (f) (i)		1,884
	1,370	VAR, 2.800%, 05/01/12 (f) (i)		911
		CIT Group, Inc., Tranche 3 Term
		Loan,
	760	VAR, 6.250%, 07/27/15		773
	1,246	VAR, 6.250%, 07/27/15		1,266
	760	VAR, 6.250%, 07/27/15		773
	3,189	VAR, 6.250%, 07/27/15		3,241
	3,206	VAR, 6.250%, 07/27/15		3,259
	417	VAR, 6.250%, 07/27/15		424
	835	VAR, 6.250%, 07/27/15		848
	1,362	VAR, 6.250%, 07/27/15		1,385
	1,049	VAR, 6.250%, 07/27/15		1,067
	2,850	International Lease Corp., VAR,
		6.750%, 03/17/15		2,888
				60,860

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
		Insurance — 0.0% (g)
	956	HMSC Corp., 1st Lien Term
		Loan, VAR, 2.506%, 04/03/14
		(f) (i)		803
	990	USI Holdings Corp., Term Loan,
		VAR, 7.000%, 05/04/14		973
				1,776
		Thrift & Mortgage Finance — 0.1%
	6,008	Ocwen Financial Corp., VAR,
		9.000%, 07/29/15		5,978
		Total Financials		82,917
	Health Care — 0.1%
		Health Care Equipment & Supplies — 0.0% (g)
	939	Carestream Health, Inc., 1st Lien
		Term Loan, VAR, 2.256%,
		04/30/13		917
		Health Care Providers & Services — 0.0% (g)
	1,642	Vanguard Health Systems, Term
		Loan B, VAR, 5.000%, 01/29/16		1,648
		Pharmaceuticals — 0.1%
	2,250	Catalent Pharma Solutions, Inc.,
		Dollar Term Loans, VAR,
		2.506%, 04/10/14		2,117
		Total Health Care		4,682
	Industrials — 0.8%
		Airlines — 0.1%
	990	Delta Air Lines, Inc., Senior
		Secured Term Loan, VAR,
		8.750%, 09/30/13		998
		Delta Airlines, Inc., 1st Lien
		Credit Linked Deposit,
	745	VAR, 0.094%, 04/30/12		725
	4,299	VAR, 2.289%, 04/30/12		4,183
				5,906
		Building Products — 0.0% (g)
		Jacuzzi Brands, Inc., 1st Lien
		Term Loan B,
	13	VAR, 2.521%, 02/07/14		11
	6,167	VAR, 2.538%, 02/07/14		5,026
	561	Jacuzzi Brands, Inc., 1st Lien,
		Synthetic Credit Facility, VAR,
		0.189%, 02/07/14		457
				5,494
		Commercial Services & Supplies — 0.3%
		Clarke American Corp., Term
		Loan B,
	6,078	VAR, 2.756%, 06/30/14		5,392
	4,428	VAR, 2.756%, 06/30/14		3,929
	6,355	VAR, 2.789%, 06/30/14		5,638
	9,689	VAR, 2.789%, 06/30/14		8,597
	3,690	VAR, 2.789%, 06/30/14		3,274
				26,830
		Construction & Engineering — 0.0% (g)
	1,704	Rental Service Corp., 2nd Lien
		Term Loan, VAR, 3.800%,
		11/30/13		1,660
		Electrical Equipment — 0.1%
		Generac Power Systems, Term
		Loan B,
	1,347	VAR, 2.758%, 11/10/13		1,310
	8,610	VAR, 2.790%, 11/10/13		8,377
				9,687
		Industrial Conglomerates — 0.3%
	22,350	Pinafore, Inc., Term Loan B,
		VAR, 6.750%, 09/20/16		22,591
		Total Industrials		72,168
	Information Technology — 1.0%
		Communications Equipment — 0.3%
	22,971	Avaya, Inc., Term Loan B, VAR,
		3.034%, 10/26/14		20,852
	1,400	Brocade Communications
		Systems, Inc., Term Loan, VAR,
		0.000%, 10/07/13		1,413
				22,265
		Computers & Peripherals — 0.0% (g)
	3,270	Stratus Technologies, Inc., 2nd
		Lien Term Loan, VAR, 5.290%,
		03/29/12 (f) (i)		1,951
		Internet Software & Services — 0.2%
		Savvis, Inc., Term Loan B,
	5,945	VAR, 6.750%, 08/04/16		6,003
	55	6.750%, 08/04/16		55
	6,800	Softlayer Technologies, Term
		Loan, VAR, 0.000%, 11/09/16		6,804
				12,862
		IT Services — 0.4%
	1,341	CompuCom Systems, Term
		Loan, VAR, 3.760%, 08/23/14
		(f) (i)		1,288
	4,230	First Data Corp., Initial Tranche
		B-1 Term Loan, VAR, 3.003%,
		09/24/14		3,802
	24,424	First Data Corp., Initial Tranche
		B-3, VAR, 3.003%, 09/24/14		21,951
	4,489	Interactive Data Corp., VAR,
		6.750%, 01/29/17		4,552
		Transaction Network Services,
		Initial Term Loan,
	4,062	VAR, 6.000%, 12/01/15		4,069
	135	VAR, 6.000%, 12/01/15		136
				35,798
		Semiconductors & Semiconductor Equipment
		— 0.1%
	11,881	Freescale Semiconductor, Inc.,
		Extended Term Loan, VAR,
		4.508%, 11/29/13		11,172
		Total Information Technology		84,048
	Materials — 1.1%
		Chemicals — 0.4%
	7,200	AZ Chem U.S., Inc., Term Loan,
		VAR, 0.000%, 11/30/16		7,211

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
		Chemicals — Continued
	7,166	Cristal Inorganic Chemicals
		(Millennium), 1st Lien Term
		Loan, VAR, 2.539%, 05/15/14		6,983
	4,500	Cristal Inorganic Chemicals
		(Millennium), 2nd Lien Term
		Loan, VAR, 6.039%, 11/14/14
		(f) (i)		4,404
	5,833	Momentive Performance
		Materials, Inc., Tranche B-1
		Term Loan, VAR, 2.563%,
		12/04/13		5,640
		Styron LLC, Term Loan,
	8,200	VAR, 7.500%, 06/17/16		8,302
	105	VAR, 7.500%, 06/17/16		107
				32,647
		Containers & Packaging — 0.2%
		Berry Plastics Holding, Term
		Loan C,
	4	VAR, 2.268%, 04/03/15		4
	1,473	VAR, 2.284%, 04/03/15		1,381
		Graham Packaging Co., Inc.,
		Term Loan D,
	495	VAR, 6.000%, 10/17/16		499
	13	VAR, 6.000%, 10/17/16		13
	493	VAR, 6.000%, 10/17/16		497
		Reynolds Group Holdings, Term
		Loan,
	919	VAR, 6.750%, 05/06/16		925
	4,464	VAR, 6.750%, 05/06/16		4,495
	7,000	Reynolds Group Holdings,
		Tranche D Term Loan, VAR,
		6.500%, 05/15/16		7,052
				14,866
		Diversified Manufacturing — 0.1%
	12,888	BOC Edwards, 1st Priority Lien,
		VAR, 2.294%, 05/31/14		12,448
		Paper & Forest Products — 0.4%
	27,943	Abitibi, Inc., Term Loan, VAR,
		11.000%, 03/31/12		28,222
	1,496	Smurfit-Stone Container Corp.,
		VAR, 6.750%, 02/22/16		1,510
				29,732
		Total Materials		89,693
	Telecommunication Services — 0.3%
		Diversified Telecommunication Services — 0.3%
		Level 3 Communications,
		Tranche A Term Loan,
	23,700	VAR, 2.539%, 03/13/14		21,982
	1,000	Level 3 Communications,
		Tranche B Term Loan, VAR,
		11.500%, 03/13/14		1,079
		Telecordia, Term Loan,
	2,481	VAR, 6.750%, 04/30/16		2,503
	6	VAR, 6.750%, 04/30/16		6
		Time Warner Telecom, Term
		Loan B,
	563	VAR, 2.010%, 01/07/13		559
	2,689	VAR, 2.050%, 01/07/13		2,668
				28,797
		Utilities — 0.9%
		Independent Power Producers & Energy
		Traders — 0.9%
	7,947	Calpine Corp., 1st Priority Lien,
		VAR, 3.165%, 03/29/14		7,899
	11,970	New Development Holdings
		LLC, Term Loan, VAR, 7.000%,
		07/03/17		12,160
	3,520	NRG Energy, Inc. (Opco),
		Credit-Linked Deposit Letter of
		Credit, VAR, 1.789%, 02/01/13		3,483
	4,196	NRG Energy, Inc. (Opco), Term
		Loan B, VAR, 2.039%, 02/01/13		4,152
		Texas Competitive Electric
		Holdings Co. LLC, Initial
		Tranche B-1 Term Loan,
	972	VAR, 3.753%, 10/10/14		750
	3	VAR, 3.789%, 10/10/14		2
		Texas Competitive Electric
		Holdings Co. LLC, Initial
		Tranche B-2 Term Loan,
	1,773	VAR, 3.753%, 10/10/14		1,368
	164	VAR, 3.753%, 10/10/14		126
	5	VAR, 3.789%, 10/10/14		4
		Texas Competitive Electric
		Holdings Co. LLC, Initial
		Tranche B-3 Term Loan,
	51,032	VAR, 3.753%, 10/10/14		39,174
	132	VAR, 3.789%, 10/10/14		101
	5,500	TPF Generation Holdings LLC,
		2nd Lien Term Loan, VAR,
		4.539%, 12/15/14		5,033
				74,252
		Total Loan Participations & Assignments (Cost $917,893)		955,856
NUMBER OF RIGHTS
		Rights — 0.0% (g)
		Consumer Discretionary — 0.0% (g)
		Textiles, Apparel & Luxury Goods — 0.0% (g)
	59	WestPoint International, Inc., expiring 06/08/18 (a) (f) (i) (Cost $—)		—
SHARES

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

			VALUE($)
	Short-Term Investment — 1.9%
	Investment Company — 1.9%
	159,619	JPMorgan Liquid Assets Money
		Market Fund, Institutional
		Class Shares, 0.110% (b) (l)
		(Cost $159,619)		159,619
PRINCIPAL AMOUNT ($)
	Investments of Cash Collateral for Securities on
	Loan — 1.0%
		Asset-Backed Securities — 0.0% (g)
	243	GSAA Trust, Series 2005-15,
		Class 2A1, VAR, 0.343%,
		01/25/36		239
	381	GSAA Trust, Series 2006-3,
		Class A1, VAR, 0.333%,
		03/25/36		288
				527
SHARES
		Investment Company — 1.0%
	79,912	JPMorgan Prime Money Market
		Fund, Capital Shares, 0.130% (b)
		(l)		79,912
		Total Investments of Cash Collateral for Securities on Loan (Cost $80,535)		80,439
		Total Investments — 99.9% (Cost $7,964,678)		8,449,861
		Other Assets in Excess of
		Liabilities — 0.1%		11,364
		NET ASSETS — 100.0%	$	8,461,225

Percentages indicated are based on net assets.

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS :

ADR	—	American Depositary Receipt
FGIC	—	Insured by Financial Guaranty Insurance Co.
HB	—	High Coupon Bonds (a.k.a. “IOettes”) represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO’s the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.
PIK	—	Payment-in-Kind
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of November 30, 2010.
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of November 30, 2010.

(a) Non-income producing security.

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

(c) Security, or a portion of the security, has been delivered to a counterparty as part of a security lending transaction.

(d) Defaulted Security.

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

(f) Security is fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. The Fund owns fair valued securities with a value of approximately $99,760,000 which amounts to 1.2% of total investments.

(g) Amount rounds to less than 0.1%.

(h) Amount rounds to less than one thousand (shares or dollars).

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

(l) The rate shown is the current yield as of November 30, 2010.

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

(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 reflects the next call date. The coupon rate shown is the rate in effect as of November 30, 2010.

As of November 30, 2010, 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	$	605,229
Aggregate gross unrealized depreciation		(120,046	)
Net unrealized appreciation/depreciation	$	485,183
Federal income tax cost of investments	$	7,964,678

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Consumer Discretionary	$	—	$	176	$	3,666	$	3,842
Consumer Staples		3,688		—		1,210		4,898
Industrials		976		—		—		976
Information Technology		—		—		7,391		7,391
Materials		150,046		—		—		150,046
Telecommunication Services		103		—		—		103
Utilities		68		—		—		68
Total		154,881		176		12,267		167,324
Preferred Stocks
Consumer Discretionary		—		—		617		617
Consumer Staples		—		—		817		817
Financials		8,578		21,616		13,724		43,918
Information Technology		—		—		—		—
Total		8,578		21,616		15,158		45,352
Debt Securities
Asset-Backed Securities		—		—		6,947		6,947
Convertible Bonds
Materials		—		2,060		—		2,060
Corporate Bonds
Consumer Discretionary		—		1,865,476		2,440		1,867,916
Consumer Staples		—		287,429		2,165		289,594
Energy		—		932,265		—		932,265
Financials		—		869,095		25,618		894,713
Health Care		—		378,049		4,296		382,345
Industrials		—		757,575		10,847		768,422
Information Technology		—		310,866		2,195		313,061
Materials		—		707,595		6,586		714,181
Telecommunication Services		—		510,410		—		510,410
Utilities		—		359,357		—		359,357
Total	$	—	$	6,978,117	$	54,147	$	7,032,264
Loan Participations & Assignments
Consumer Discretionary		—		450,909		—		450,909
Consumer Staples		—		63,954		—		63,954
Energy		—		4,436		—		4,436

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

Financials		—		79,319		3,598		82,917
Health Care		—		4,682		—		4,682
Industrials		—		72,168		—		72,168
Information Technology		—		80,809		3,239		84,048
Materials		—		85,289		4,404		89,693
Telecommunication Services		—		28,797		—		28,797
Utilities		—		74,252		—		74,252
Total	$	—	$	944,615	$	11,241	$	955,856
Short-Term Investments
Investment Companies	$	159,619	$	—	$	—	$	159,619
Investments of Cash Collateral for Securities on Loan
Asset-Backed Securities	$	—	$	527	$	—	$	527
Investment Companies		79,912		—		—		79,912
Total Investments in Securities	$	402,990	$	7,947,111	$	99,760	$	8,449,861

There were no significant transfers into and out of Level 1 and 2 during the period ended November 30, 2010.

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

	Balance as  of 02/28/10		Realized gain (loss)			Change in unrealized appreciation (depreciation)			Net amortization (accretion)			Net purchases (sales)			Transfers into Level 3		Transfers out of Level 3			Balance as of 11/30/10
Investments in Securities
Asset-Backed Securities	$	6,916	$	6		$	135		$	30		$	(140	)	$	—	$	—		$	6,947
Common Stock - Consumer Discretionary		3,208		—			458			—			—			—		—			3,666
Common Stock - Consumer Staples		292		—			918			—			—			—		—			1,210
Common Stock - Industrials		5,510		5,847			(3,016	)		—			(8,341	)		—		—			—
Common Stock - Information Technology		628		—			3,552			—			—			3,210		—			7,390
Common Stock - Materials		745		(1,658	)		(3,149	)		—			(540	)		4,602		—			—
Corporate Bond - Consumer Discretionary		1,875		—			178			9			378			—		—			2,440
Corporate Bond - Consumer Staples		11,289		120			12			—			(9,256	)		—		—			2,165
Corporate Bond - Energy		628		—			—			—			—			—		(628	)		—
Corporate Bond - Financials		36,084		2,229			(805	)		704			(12,594	)		—		—			25,618
Corporate Bond - Health Care		4,752		(1	)		(1,128	)		—			673			—		—			4,296
Corporate Bond - Industrials		14,079		(12,619	)		13,723			(274	)		(2,066	)		—		(1,996	)		10,847
Corporate Bond - Information Technology		2,133		—			62			—			—			—		—			2,195
Corporate Bond - Materials		8,381		—			2,347			95			—			—		(4,237	)		6,586
Loan Participations & Assignment - Energy		2,857		—			—			—			—			—		(2,857	)		—
Loan Participations & Assignment - Financials		1,766		(3	)		701			(4	)		(63	)		1,710		(509	)		3,598
Loan Participations & Assignment - Industrials		5,243		—			—			—			—			—		(5,243	)		—
Loan Participations & Assignment - Information Technology		7,215		20			1,792			9			(5,797	)		—		—			3,239
Loan Participations & Assignment - Materials		10,676		(1	)		408			37			—			—		(6,716	)		4,404
Preferred Stock - Consumer Discretionary		233		—			385			—			—			—		—			618
Preferred Stock - Consumer Staples		769		—			—			—			48			—		—			817
Preferred Stock - Financials		4,308		—			698			—			—			8,718		—			13,724
Warrants - Telecommunication Services		11		(5	)		(11	)		—			5			—		—			—
Total	$	129,598	$	(6,065	)	$	17,260		$	606		$	(37,693	)	$	18,240	$	(22,186	)	$	99,760

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 November 30, 2010, which were valued using significant unobservable inputs (Level 3) amounted to approximately $23,436.

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Asset-Backed Securities — 13.6%
	3,165	Accredited Mortgage Loan Trust, Series 2003-3, Class A1, SUB, 4.460%, 01/25/34		2,650
	1,110	AH Mortgage Advance Trust, Series 2010-ADV2, Class A1, 4.210%, 05/10/41 (e)		1,109
	2,043	Ameriquest Mortgage Securities, Inc., Series 2003-7, Class M1, VAR, 1.528%, 08/25/33		1,785
		Amortizing Residential Collateral Trust,
	91	Series 2002-BC4, Class A, VAR, 0.833%, 07/25/32		74
	1,699	Series 2002-BC6, Class M1, VAR, 1.378%, 08/25/32		1,039
	4,422	Series 2002-BC9, Class M1, VAR, 1.903%, 12/25/32		3,362
		Amresco Residential Securities Mortgage Loan Trust,
	321	Series 1997-2, Class M1A, VAR, 0.808%, 06/25/27		302
	1,374	Series 1998-1, Class M1A, VAR, 0.898%, 01/25/28		1,187
	1,651	Series 1998-3, Class M1A, VAR, 0.883%, 09/25/28		1,290
	1,791	Asset Backed Securities Corp. Home Equity, Series 2003-HE7, Class M2, VAR, 2.878%, 12/15/33		1,582
		Bear Stearns Asset Backed Securities Trust,
	2,974	Series 2003-SD1, Class A, VAR, 0.703%, 12/25/33		2,577
	9,348	Series 2005-CL1, Class M1, VAR, 0.883%, 09/25/34 (f)		748
	2,860	Series 2005-HE1, Class M2, VAR, 1.083%, 01/25/35		2,214
	1,228	BNC Mortgage Loan Trust, Series 2007-2, Class A2, VAR, 0.353%, 05/25/37		1,145
	443	Centex Home Equity, Series 2002- A, Class MV1, VAR, 1.103%, 01/25/32		242
	1,500	CitiFinancial Auto Issuance Trust, Series 2009-1, Class A3, 2.590%, 10/15/13 (e)		1,524
		Countrywide Asset-Backed Certificates,
	212	Series 2002-1, Class A, VAR, 0.813%, 08/25/32		136
	202	Series 2002-BC1, Class A, VAR, 0.913%, 04/25/32		121
	251	Series 2002-BC2, Class A, VAR, 0.793%, 04/25/32		130
	61	Series 2003-BC2, Class 2A1, VAR, 0.853%, 06/25/33		49
	2,131	Series 2003-BC5, Class M1, VAR, 1.303%, 09/25/33		917
	595	Series 2004-2, Class M4, VAR, 1.253%, 03/25/34		237
	681	Series 2004-S1, Class M2, SUB, 5.084%, 02/25/35		514
		Countrywide Home Equity Loan Trust,
	1,767	Series 2004-A, Class A, VAR, 0.473%, 04/15/30		1,234
	1,119	Series 2005-E, Class 2A, VAR, 0.473%, 11/15/35		607
	4,884	Series 2005-M, Class A1, VAR, 0.493%, 02/15/36		2,324
		First Franklin Mortgage Loan Asset Backed Certificates,
	244	Series 2002-FF1, Class M1, VAR, 1.303%, 04/25/32		100
	1,661	Series 2002-FF4, Class M1, VAR, 1.828%, 02/25/33		607
	700	Series 2003-FFH1, Class M2, VAR, 2.878%, 09/25/33		53
	703	Series 2004-FF8, Class M4, VAR, 1.323%, 10/25/34		100
	1,000	First NLC Trust, Series 2005-2, Class M1, VAR, 0.733%, 09/25/35		847
	525	Ford Credit Auto Owner Trust, Series 2006-C, Class A4A, 5.150%, 02/15/12		530
	3,580	Fremont Home Loan Trust, Series 2005-C, Class M2, VAR, 0.743%, 07/25/35		2,428
	697	Greenpoint Mortgage Funding Trust, Series 2005-HE3, Class A, VAR, 0.433%, 09/15/30		231
	1,500	Harley-Davidson Motorcycle Trust, Series 2009-2, Class A4, 3.320%, 02/15/17		1,549
	449	Irwin Home Equity Corp., Series 2004-1, Class 1A1, VAR, 0.893%, 12/25/24		254
	110	Lehman Home Equity Loan Trust, Series 1998-1, Class A1, 7.000%, 05/25/28		110
	1,118	Long Beach Mortgage Loan Trust, Series 2004-1, Class M3, VAR, 1.303%, 02/25/34		997
		Morgan Stanley ABS Capital I,
	2,611	Series 2003-NC6, Class M1, VAR, 1.453%, 06/25/33		2,298
	7,500	Series 2005-WMC4, Class M5, VAR, 0.903%, 04/25/35		4,634
	346	New Century Home Equity Loan Trust, Series 2003-5, Class AII, VAR, 0.653%, 11/25/33		218
	1,487	Option One Mortgage Loan Trust, Series 2002-4, Class M1, VAR, 1.153%, 07/25/32		1,335

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Asset-Backed Securities — Continued
	2,500	Park Place Securities, Inc., Series 2005-WHQ3, Class M2, VAR, 0.703%, 06/25/35		1,929
	485	Residential Asset Mortgage Products, Inc., Series 2003-RS2, Class AII, VAR, 0.933%, 03/25/33		347
		Residential Asset Securities Corp.,
	627	Series 2003-KS4, Class MI2, SUB, 5.010%, 06/25/33		159
	444	Series 2005-EMX4, Class A2, VAR, 0.513%, 11/25/35		438
		Residential Funding Mortgage Securities II, Inc.,
	822	Series 2001-HI2, Class AI7, SUB, 6.940%, 04/25/26		758
	815	Series 2001-HI4, Class A7, SUB, 6.740%, 10/25/26		750
	207	Series 2003-HS1, Class AII, VAR, 0.543%, 12/25/32		157
	168	Structured Asset Investment Loan Trust, Series 2003-BC2, Class A3, VAR, 0.953%, 04/25/33		148
	194	Structured Asset Securities Corp., Series 2002-HF1, Class A, VAR, 0.543%, 01/25/33		165
		Total Asset-Backed Securities     (Cost $77,240)		50,241
	Collateralized Mortgage Obligations — 50.0%
		Agency CMO — 24.4%
	1,123	Federal Home Loan Mortgage Corp. - Government National Mortgage Association, Series 1, Class S, IF, IO, 8.649%, 10/25/22		228
		Federal Home Loan Mortgage Corp. REMICS,
	31	Series 1071, Class F, VAR, 1.262%, 04/15/21		31
	43	Series 1343, Class LA, 8.000%, 08/15/22		49
	34	Series 1370, Class JA, VAR, 1.463%, 09/15/22		34
	29	Series 1379, Class W, VAR, 1.910%, 10/15/22		31
	8	Series 1508, Class KA, VAR, 2.263%, 05/15/23		9
	30	Series 1607, Class SA, IF, 18.767%, 10/15/13		34
	535	Series 1689, Class M, PO, 03/15/24		475
	225	Series 1771, Class PK, 8.000%, 02/15/25		270
	422	Series 1974, Class ZA, 7.000%, 07/15/27		482
	74	Series 1981, Class Z, 6.000%, 05/15/27		82
	2	Series 2006, Class I, IO, 8.000%, 10/15/12		—	(h)
	292	Series 2033, Class PR, PO, 03/15/24		265
	46	Series 2261, Class ZY, 7.500%, 10/15/30		55
	18	Series 2289, Class NA, VAR, 11.783%, 05/15/20		20
	155	Series 2338, Class FN, VAR, 0.753%, 08/15/28		156
	322	Series 2416, Class SA, IF, 15.105%, 02/15/32		406
	209	Series 2416, Class SH, IF, 15.493%, 02/17/32		273
	73	Series 2477, Class FZ, VAR, 0.803%, 06/15/31		74
	4,060	Series 2649, Class FK, VAR, 0.803%, 07/15/33		4,059
	1,467	Series 2661, Class FG, VAR, 0.703%, 03/15/17		1,475
	1,866	Series 3085, Class VS, HB, IF , 27.706%, 12/15/35		2,919
	3,787	Series 3300, Class FA, VAR, 0.553%, 08/15/35		3,795
	9,862	Series 3737, Class DG, 5.000%, 10/15/30		10,647
		Federal Home Loan Mortgage Corp. Structured Pass-Through Securities,
	113	Series T-51, Class 1APO, PO, 09/25/42		93
	1,620	Series T-54, Class 4A, VAR, 4.096%, 02/25/43		1,698
		Federal National Mortgage Association Grantor Trust,
	927	Series 2001-T8, Class A1, 7.500%, 07/25/41		1,073
	2,195	Series 2002-T6, Class A4, VAR, 4.007%, 03/25/41		2,284
		Federal National Mortgage Association Interest STRIPS,
	2,874	Series 343, Class 23, IO, 4.000%, 10/01/18		271
	4,139	Series 343, Class 27, IO, 4.500%, 01/01/19		427
		Federal National Mortgage Association REMICS,
	43	Series 1988-15, Class B, VAR, 0.831%, 06/25/18		43

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	5	Series 1989-77, Class J, 8.750%, 11/25/19		6
	2	Series 1989-89, Class H, 9.000%, 11/25/19		2
	123	Series 1990-64, Class Z, 10.000%, 06/25/20		147
	284	Series 1990-145, Class A, VAR, 1.357%, 12/25/20 (m)		285
	155	Series 1991-142, Class PL, 8.000%, 10/25/21		188
	178	Series 1991-156, Class F, VAR, 1.581%, 11/25/21		184
	1	Series 1992-91, Class SQ, HB, IF, 9,228.750%, 05/25/22		131
	373	Series 1992-112, Class GB, 7.000%, 07/25/22		426
	9	Series 1992-154, Class SA, IF, IO, 5.400%, 08/25/22		1
	151	Series 1992-200, Class FK, VAR, 2.963%, 11/25/22		160
	160	Series 1993-27, Class S, IF, 9.329%, 02/25/23		176
	316	Series 1993-110, Class H, 6.500%, 05/25/23		363
	38	Series 1993-119, Class H, 6.500%, 07/25/23		43
	311	Series 1993-146, Class E, PO, 05/25/23		278
	143	Series 1993-165, Class FH, VAR, 1.431%, 09/25/23		147
	691	Series 1993-179, Class FM, VAR, 2.913%, 10/25/23		692
	85	Series 1997-74, Class E, 7.500%, 10/20/27		100
	1,552	Series 2001-9, Class F, VAR, 0.503%, 02/17/31		1,555
	486	Series 2001-33, Class ID, IO, 6.000%, 07/25/31		92
	2,207	Series 2002-77, Class FY, VAR, 0.653%, 12/25/17		2,214
	3,562	Series 2003-17, Class FN, VAR, 0.553%, 03/25/18		3,563
	163	Series 2003-21, Class FK, VAR, 0.653%, 03/25/33		163
	3,571	Series 2003-34, Class BS, IF, IO, 7.397%, 05/25/22		225
	539	Series 2003-60, Class SA, IF, IO, 7.397%, 07/25/21		16
	1,022	Series 2003-60, Class SB, IF, IO, 7.397%, 07/25/21		31
	2,588	Series 2004-17, Class BF, VAR, 0.603%, 01/25/34		2,597
	2,396	Series 2007-2, Class FA, VAR, 0.453%, 02/25/37		2,383
	22,910	Series 2010-42, Class PD, 4.500%, 07/25/39		24,001
	106	Series G92-44, Class ZQ, 8.000%, 07/25/22		129
	1,687	Series G94-9, Class PJ, 6.500%, 08/17/24		1,871
		Federal National Mortgage Association Whole Loan,
	492	Series 2003-W1, Class 2A, VAR, 7.500%, 12/25/42 (m)		571
	2,538	Series 2003-W4, Class 5A, VAR, 4.216%, 10/25/42		2,678
	2,853	Series 2003-W15, Class 3A, VAR, 4.427%, 12/25/42		2,981
	545	Series 2004-W2, Class 1A3F, VAR, 0.603%, 02/25/44		540
	1,360	Series 2004-W2, Class 4A, VAR, 4.113%, 02/25/44		1,427
	2,938	Series 2009-W1, Class A, 6.000%, 12/25/49		3,241
		Government National Mortgage Association,
	1,069	Series 1999-27, Class ZA, 7.500%, 04/17/29		1,200
	28	Series 2000-35, Class F, VAR, 0.803%, 12/16/25		28
	692	Series 2002-31, Class FC, VAR, 0.503%, 09/26/21		693
	2,430	Series 2003-21, Class PI, IO, 5.500%, 06/20/32		192
	34,053	Series 2003-59, Class XA, IO, VAR, 1.944%, 06/16/34		1,724
	960	NCUA Guaranteed Notes, Series 2010-C1, Class A1, 1.600%, 10/29/20		952
				90,154
		Non-Agency CMO — 25.6%
		Banc of America Funding Corp.,
	2,655	Series 2005-E, Class 5A1, VAR, 4.998%, 05/20/35		2,487
	2,566	Series 2006-1, Class 2A1, 5.500%, 01/25/36		2,506
		Banc of America Mortgage Securities, Inc.,
	57	Series 2003-5, Class 2A8, VAR, 0.703%, 07/25/18		41
	2,158	Series 2005-10, Class 1A13, 5.500%, 11/25/35		2,112
	2,087	Series 2005-A, Class 3A1, VAR, 5.063%, 02/25/35		1,875

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
	973	Bear Stearns Asset Backed Securities Trust, Series 2004-AC6, Class M1, VAR, 0.923%, 11/25/34		567
	849	Chase Mortgage Finance Corp., Series 2003-S7, Class A4, VAR, 0.653%, 08/25/18		758
	128	Citicorp Mortgage Securities, Inc., Series 1988-17, Class A1, VAR, 2.077%, 11/25/18		129
	35	Collateralized Mortgage Obligation Trust, Series 50, Class B, PO, 10/01/18		34
		Countrywide Alternative Loan Trust,
	1,775	Series 2003-J1, Class 1A8, 5.250%, 10/25/33		1,798
	2,131	Series 2004-33, Class 3A3, VAR, 2.958%, 12/25/34		1,346
		Countrywide Home Loan Mortgage Pass-Through Trust,
	1,187	Series 2003-21, Class A1, VAR, 2.933%, 05/25/33		1,037
	561	Series 2004-HYB8, Class 1A1, VAR, 0.603%, 01/20/35		447
	796	Series 2005-1, Class 1A2, VAR, 0.603%, 03/25/35		174
		CS First Boston Mortgage Securities Corp.,
	14	Series 2002-AR2, Class 1B2, VAR, 3.713%, 02/25/32		1
	2,587	Series 2003-AR24, Class 2A4, VAR, 2.809%, 10/25/33		2,305
	1,157	Series 2004-5, Class 4A1, 6.000%, 09/25/34		1,170
	1,185	Series 2004-AR3, Class 6M1, VAR, 1.353%, 04/25/34		1,019
	1,247	Series 2005-5, Class 1A1, 5.000%, 07/25/20		1,278
	1,874	Deutsche ALT-A Securities, Inc. Alternate Loan Trust, Series 2005- 1, Class 2A1, VAR, 5.686%, 02/25/20		1,879
		First Horizon Alternative Mortgage Securities,
	761	Series 2005-AA7, Class 1A2, VAR, 2.575%, 09/25/35		35
	1,669	Series 2005-FA10, Class 2A1, 5.250%, 12/25/20		1,574
		First Horizon Asset Securities, Inc.,
	2,167	Series 2004-AR6, Class 2A1, VAR, 2.768%, 12/25/34		2,039
	771	Series 2004-AR7, Class 2A1, VAR, 2.861%, 02/25/35		759
	1,359	Series 2005-6, Class 1A1, 5.500%, 11/25/35		1,305
		First Republic Mortgage Loan Trust,
	156	Series 2000-FRB1, Class B1, VAR, 0.753%, 06/25/30		108
	779	Series 2000-FRB2, Class A1, VAR, 0.753%, 11/15/30		754
	5,028	GSAA Home Equity Trust, Series 2004-CW1, Class 1A1, 5.500%, 04/01/34		5,127
	4,154	GSR Mortgage Loan Trust, Series 2004-10F, Class 7A1, 5.500%, 09/25/34		4,250
		Impac CMB Trust,
	1,742	Series 2004-3, Class 3A, VAR, 0.573%, 03/25/34		1,598
	634	Series 2004-6, Class 1A2, VAR, 1.033%, 10/25/34		581
	2,554	Series 2005-5, Class A1, VAR, 0.573%, 08/25/35		1,955
	2,394	Indymac INDA Mortgage Loan Trust, Series 2007-AR1, Class 1A1, VAR, 5.456%, 03/25/37		1,846
	530	JPMorgan Mortgage Trust, Series 2003-A1, Class 1A1, VAR, 2.344%, 10/25/33		525
		MASTR Adjustable Rate Mortgages Trust,
	2,942	Series 2003-5, Class 5A1, VAR, 2.588%, 10/25/33		3,005
	207	Series 2004-7, Class 6A1, VAR, 0.693%, 08/25/34		205
	1,663	Series 2004-13, Class 2A1, VAR, 2.834%, 04/21/34		1,606
	3,220	Series 2004-13, Class 3A7B, VAR, 2.260%, 11/21/34		2,877
	447	MASTR Seasoned Securities Trust, Series 2003-1, Class 3A2, VAR, 0.653%, 02/25/33		438
		Mellon Residential Funding Corp.,
	1,300	Series 2001-TBC1, Class B1, VAR, 1.133%, 11/15/31		920
	270	Series 2002-TBC1, Class B1, VAR, 1.253%, 09/15/30		213
	135	Series 2002-TBC1, Class B2, VAR, 1.653%, 09/15/30		103
	815	Series 2002-TBC2, Class B1, VAR, 1.103%, 08/15/32		607
	236	Merrill Lynch Trust, Series 47, Class Z, 8.985%, 10/20/20		270

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
		MLCC Mortgage Investors, Inc.,
	1,233	Series 2004-1, Class 2A3, VAR, 2.326%, 12/25/34		1,098
	1,843	Series 2004-D, Class A1, VAR, 0.583%, 08/25/29		1,715
		Morgan Stanley Dean Witter Capital I,
	747	Series 2003-HYB1, Class A4, VAR, 1.940%, 03/25/33		721
	552	Series 2003-HYB1, Class B1, VAR, 1.940%, 03/25/33		349
		Morgan Stanley Mortgage Loan Trust,
	917	Series 2004-5AR, Class 3A3, VAR, 2.528%, 07/25/34		536
	4,650	Series 2004-5AR, Class 3A5, VAR, 2.528%, 07/25/34		3,650
	2,070	Series 2004-11AR, Class 1A2A, VAR, 0.563%, 01/25/35		1,693
		Nomura Asset Acceptance Corp.,
	571	Series 2003-A3, Class A1, SUB, 5.000%, 08/25/33		544
	164	Series 2004-AR1, Class 5A1, VAR, 1.013%, 08/25/34		140
	2,398	Series 2004-R3, Class AF, VAR, 0.703%, 02/25/35 (e)		1,697
	96	Series 2005-AR1, Class 2A1, VAR, 0.533%, 02/25/35		89
		Residential Funding Mortgage Securities I,
	4,500	Series 2005-SA2, Class 2A2, VAR, 3.085%, 06/25/35		3,536
	1,629	Series 2006-SA4, Class 2A1, VAR, 6.069%, 11/25/36		1,219
	12	Securitized Asset Sales, Inc., Series 1993-7, Class TA3, 6.250%, 12/25/23		12
		Sequoia Mortgage Trust,
	198	Series 11, Class A, VAR, 1.153%, 12/20/32		181
	407	Series 2003-3, Class A2, VAR, 1.105%, 07/20/33		362
		Structured Asset Mortgage Investments, Inc.,
	1,807	Series 2002-AR2, Class A3, VAR, 0.753%, 07/19/32		1,567
	308	Series 2004-AR1, Class 1A1, VAR, 0.603%, 03/19/34		267
		Structured Asset Securities Corp.,
	1,295	Series 2003-8, Class 2A9, VAR, 0.753%, 04/25/33		1,183
	2,091	Series 2003-40A, Class 4A, VAR, 4.463%, 01/25/34		1,824
		WaMu Mortgage Pass-Through Certificates,
	1,913	Series 2004-AR11, Class A, VAR, 2.717%, 10/25/34		1,778
	4,579	Series 2004-AR3, Class A1, VAR, 2.705%, 06/25/34		4,403
	307	Washington Mutual MSC Mortgage Pass-Through Certificates, Series 2002-MS2, Class 2A1, 6.000%, 04/25/17		314
		Wells Fargo Mortgage Backed Securities Trust,
	964	Series 2003-F, Class A1, VAR, 4.839%, 06/25/33		996
	2,412	Series 2003-K, Class 1A2, VAR, 4.465%, 11/25/33		2,501
	921	Series 2004-H, Class A2, VAR, 4.532%, 06/25/34		730
	1,375	Series 2005-AR16, Class 3A2, VAR, 2.856%, 10/25/35		1,266
	1,410	Series 2006-17, Class A1, 5.500%, 11/25/21		1,439
	3,160	Series 2007-3, Class 3A1, 5.500%, 04/25/22		3,265
				94,738
		Total Collateralized Mortgage Obligations     (Cost $195,191)		184,892
	Commercial Mortgage-Backed Securities — 2.4%
	2,000	Banc of America Commercial Mortgage, Inc., Series 2005-2, Class A5, VAR, 4.857%, 07/10/43		2,151
		Bayview Commercial Asset Trust,
	900	Series 2004-3, Class A2, VAR, 0.673%, 01/25/35 (e)		749
	3,154	Series 2005-2A, Class A2, VAR, 0.603%, 08/25/35 (e)		2,352
	630	Series 2005-2A, Class M1, VAR, 0.683%, 08/25/35 (e)		400
	1,704	Series 2007-2A, Class A2, VAR, 0.573%, 07/25/37 (e)		1,115
	848	Series 2007-2A, Class M4, VAR, 0.903%, 07/25/37 (e)		274
	2,643	Series 2007-3, Class A2, VAR, 0.543%, 07/25/37 (e)		1,659
	76	Bear Stearns Commercial Mortgage Securities, Series 2004- BA5A, Class E, VAR, 0.693%, 09/15/19 (e) (f)		66

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)			SECURITY DESCRIPTION	VALUE ($)
	Commercial Mortgage-Backed Securities — Continued
			Total Commercial Mortgage- Backed Securities     (Cost $12,093)		8,766
	Corporate Bonds — 0.4%
	Financials — 0.4%
			Capital Markets — 0.3%
	6,355		Lehman Brothers Holdings, Inc., 5.884%, 02/17/15 (d) (f) (i)		1,303
			Consumer Finance — 0.1%
	250		SLM Corp., VAR, 3.268%, 01/31/14		230
			Total Corporate Bonds     (Cost $6,570)		1,533
	Mortgage Pass-Through Securities — 20.5%
			Federal Home Loan Mortgage Corp.,
	144		ARM, 2.305%, 07/01/19		149
	16		ARM, 2.375%, 06/01/26 (m)		17
	—	(h)	ARM, 2.406%, 02/01/19		—	(h)
	130		ARM, 2.428%, 01/01/27		136
	46		ARM, 2.471%, 06/01/22		48
	817		ARM, 2.515%, 01/01/23		856
	54		ARM, 2.519%, 10/01/29		54
	129		ARM, 2.523%, 12/01/26		135
	1,423		ARM, 2.538%, 04/01/32		1,489
	73		ARM, 2.568%, 04/01/30		77
	290		ARM, 2.575%, 12/01/27 (m)		303
	737		ARM, 2.596%, 07/01/28 - 07/01/30 (m)		772
	148		ARM, 2.601%, 02/01/23		155
	338		ARM, 2.604%, 08/01/27		355
	29		ARM, 2.639%, 12/01/29		30
	67		ARM, 2.641%, 05/01/18		70
	31		ARM, 2.655%, 11/01/27		31
	282		ARM, 2.660%, 12/01/26		295
	81		ARM, 2.801%, 04/01/24		85
	505		ARM, 2.812%, 01/01/23 (m)		532
	26		ARM, 2.933%, 06/01/25		27
	21		ARM, 3.095%, 12/01/21		22
	30		ARM, 3.995%, 08/01/19		32
	135		ARM, 4.141%, 01/01/30		142
	42		Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family, 8.000%, 06/01/17		49
			Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,
	12		7.500%, 05/01/28		14
	58		8.500%, 07/01/28		68
	26		9.000%, 02/01/25		30
			Federal National Mortgage Association,
	25		ARM, 1.983%, 06/01/18		25
	26		ARM, 2.045%, 04/01/24		27
	370		ARM, 2.079%, 11/01/18		377
	71		ARM, 2.085%, 04/01/21		73
	89		ARM, 2.103%, 12/01/20		91
	193		ARM, 2.163%, 07/01/20 (m)		199
	59		ARM, 2.211%, 05/01/18		60
	1,246		ARM, 2.304%, 05/01/33		1,293
	67		ARM, 2.347%, 11/01/23		68
	21		ARM, 2.436%, 11/01/21		22
	14		ARM, 2.480%, 07/01/25		14
	118		ARM, 2.523%, 01/01/31 (m)		124
	17		ARM, 2.537%, 05/01/29		18
	461		ARM, 2.577%, 09/01/33		484
	69		ARM, 2.578%, 06/01/26		73
	26		ARM, 2.595%, 12/01/26		27
	37		ARM, 2.640%, 03/01/38		38
	903		ARM, 2.651%, 01/01/25		944
	73		ARM, 2.700%, 07/01/30		77
	148		ARM, 2.755%, 03/01/29		156
	40		ARM, 2.775%, 05/01/30		42
	299		ARM, 2.790%, 08/01/26		316
	123		ARM, 2.885%, 07/01/27		130
	220		ARM, 2.915%, 09/01/19		229
	18		ARM, 3.250%, 03/01/17		19
	181		ARM, 3.933%, 12/01/28		181
	144		ARM, 4.334%, 03/01/15		142
	492		ARM, 4.580%, 02/01/34		513
	123		ARM, 4.689%, 11/01/30		129
	52		ARM, 5.575%, 05/01/31		55
	40		ARM, 5.646%, 05/01/20		40
	115		ARM, 6.000%, 01/01/20		122
	—	(h)	Federal National Mortgage Association, 10 Year, Single Family, 4.500%, 01/01/13		—	(h)
			Federal National Mortgage Association, 15 Year, Single Family,
	21,802		4.000%, 02/01/25		22,747
	14		6.000%, 08/01/14		15
	211		7.000%, 12/01/10 - 03/01/16 (m)		222
	15,863		Federal National Mortgage Association, 20 Year, Single Family, 5.000%, 10/01/23		16,948
			Federal National Mortgage Association, 30 Year, FHA/VA,

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Commercial Mortgage-Backed Securities — Continued
	29	7.000%, 03/01/27		33
	28	8.000%, 11/01/27		32
	29	8.500%, 10/01/24		33
	38	9.000%, 08/01/21 - 08/01/25		38
	30	Federal National Mortgage Association, 30 Year, Other, 7.250%, 09/01/22		34
		Federal National Mortgage Association, 30 Year, Single Family,
	6,587	5.000%, 12/01/39		7,093
	5,475	6.000%, 04/01/39		6,009
	43	7.250%, 09/01/22		48
	219	7.500%, 06/01/23 - 10/01/30		247
	23	8.500%, 08/01/17		24
		Federal National Mortgage Association, Other,
	46	6.500%, 04/01/16		49
	61	12.000%, 11/01/30		74
		Government National Mortgage Association II, 30 Year, Single Family,
	76	7.250%, 08/20/22 - 11/20/22		87
	126	7.400%, 10/20/21 - 03/20/22		143
	27	7.500%, 10/20/23		31
	25	7.850%, 12/20/21		29
	91	8.000%, 07/20/25 - 08/20/26		107
	8,928	Government National Mortgage Association, 15 Year, Single Family, 4.500%, 10/15/24		9,503
		Government National Mortgage Association, 30 Year, Single Family,
	66	7.000%, 06/15/24		76
	37	8.000%, 10/15/27		44
	36	9.000%, 11/15/24		42
	251	9.500%, 07/15/25		292
		Total Mortgage Pass-Through Securities     (Cost $74,368)		76,081
SHARES
	Short-Term Investment — 14.6%
		Investment Company — 14.6%
	54,120	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.110% (b) (l) (Cost $54,120)		54,120
		Total Investments —101.5%     (Cost $419,582)		375,633
		Liabilities in Excess of Other Assets — (1.5)%		(5,692	)
		NET ASSETS — 100.0%	$	369,941

Percentages indicated are based on net assets.

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS :

ARM	—	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of November 30, 2010.
CMO	—	Collateralized Mortgage Obligation
FHA	—	Federal Housing Administration
HB	—	High Coupon Bonds (a.k.a. “IOettes”) represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO’s the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.
IF	—	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of November 30, 2010. The rate may be subject to a cap and floor.
IO	—	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
PO	—	Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
REMICS	—	Real Estate Mortgage Investment Conduits
STRIPS	—	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of November 30, 2010.
VA	—	Veterans Administration
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of November 30, 2010.

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

(d) Defaulted Security.

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

(f) Security is fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. The Fund owns fair valued securities with a value of approximately $2,117,000 which amounts to 0.6% of total investments.

(h) Amount rounds to less than one thousand (shares or dollars).

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

(l) The rate shown is the current yield as of November 30, 2010.

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

As of November 30, 2010, 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	$	5,370
Aggregate gross unrealized depreciation		(49,319	)
Net unrealized appreciation/depreciation	$	(43,949	)
Federal income tax cost of investments	$	419,582

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	49,493	$	748	$	50,241
Collateralized Mortgage Obligations
Agency CMO		—		90,154		—		90,154
Non-Agency CMO		—		94,738		—		94,738
Commercial Mortgage-Backed Securities		—		8,700		66		8,766
Corporate Bonds Financials		—		230		1,303		1,533
Total Corporate Bonds		—		230		1,303		1,533
Mortgage Pass-Through Securities		—		76,081		—		76,081
Short-Term Investments
Money Market Fund		54,120		—		—		54,120
Total Investments in Securities	$	54,120	$	319,396	$	2,117	$	375,633

There were no significant transfers between Levels 1 and 2 during the nine months ended November 30, 2010.

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

The following is a reconciliation of assets and liabilities for which significant unobservable inputs (Level 3) were used in determining fair value (amounts in thousands):

	Balance as of 02/28/10		Realized gain (loss)		Change in unrealized appreciation (depreciation)		Net amortization (accretion)		Net purchases (sales)			Transfers into Level 3		Transfers out of Level 3			Balance as of 11/30/10
Investments in Securities
Asset-Backed Security - Asset-Backed Securities	$	2,536	$	—	$	5,060	$	—	$	—		$	1,449	$	(8,297	)	$	748
Commercial Mortgage-Backed Security - Commercial Mortgage-Backed Securities		765		—		105		—		(804	)		—		—			66
Corporate Bond - Capital Markets		1,223		—		80		—		—			—		—			1,303
Mortgage Pass-Through Security - U.S. Government Agencies		173		—		—		—		(31	)		—		(142	)		—
Total	$	4,697	$	—	$	5,245	$	—	$	(835	)	$	1,449	$	(8,439	)	$	2,117

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

The change in unrealized appreciation (depreciation) attributable to securities owned at November 30, 2010, which were valued using significant unobservable inputs (Level 3) amounted to approximately $745,000.

JPMorgan Liquid Assets Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION (t)	VALUE($)
	Certificates of Deposit — 46.2%
	36,000	ABN Amro Bank N.V., 0.285%, 12/15/10		36,000
	38,000	Bank of Montreal, 0.250%, 12/23/10		38,000
		Bank of Nova Scotia,
	19,000	0.250%, 12/14/10		19,000
	50,000	0.250%, 01/11/11		50,000
	60,000	0.260%, 01/07/11		60,000
	40,000	0.310%, 07/15/11		40,000
	34,000	0.310%, 07/21/11		34,000
	15,000	0.320%, 07/08/11		15,000
	37,000	0.430%, 09/06/11		37,000
	12,000	0.430%, 09/07/11		12,000
	20,000	0.430%, 09/09/11		20,000
		Bank of Tokyo-Mitsubishi UFJ Ltd.,
	15,000	0.360%, 03/23/11		15,000
	8,000	0.380%, 03/14/11		8,000
	20,000	0.380%, 04/25/11		20,000
	23,000	0.380%, 05/02/11		23,000
	5,000	0.450%, 02/16/11		5,000
		Banque Federative du Credit Mutuel,
	36,000	0.330%, 01/05/11		36,000
	40,000	0.350%, 12/01/10		40,000
		Barclays Bank plc,
	35,000	0.353%, 04/21/11		35,000
	60,000	0.400%, 03/07/11		60,000
		BNP Paribas,
	18,000	0.343%, 04/29/11		18,000
	37,000	0.345%, 04/27/11		37,000
	70,000	0.353%, 04/20/11		70,000
	68,000	0.360%, 03/22/11		68,000
	32,000	0.380%, 05/02/11		32,000
	34,000	0.400%, 04/01/11		34,000
	33,000	0.400%, 05/03/11		33,000
		Caisse des Depots et Consignation,
	20,000	0.305%, 02/01/11		20,000
	30,000	0.310%, 02/07/11		30,000
	30,000	0.330%, 01/14/11		30,000
	15,000	0.570%, 09/13/11		15,000
	30,000	0.580%, 09/02/11		30,003
	50,000	Clydesdale Bank plc, 0.380%, 02/11/11		50,001
		Commonwealth Bank of Australia Ltd.,
	36,000	0.273%, 02/18/11		36,000
	10,000	0.340%, 05/26/11		10,000
		Credit Agricole S.A.,
	35,000	0.280%, 02/17/11		35,000
	30,000	0.300%, 12/10/10		30,000
	23,000	0.300%, 12/23/10		23,000
	94,000	Credit Industriel et Commercial, 0.350%, 12/01/10		94,000
		Credit Suisse,
	46,000	0.310%, 04/15/11		46,000
	29,000	0.310%, 04/27/11		29,000
	36,000	0.310%, 05/11/11		36,000
	25,000	Danske Bank A/S, 0.270%, 12/14/10		25,000
		Deutsche Bank AG,
	20,000	0.340%, 05/16/11		20,000
	47,000	0.350%, 05/26/11		47,000
		DnB NOR Bank ASA,
	19,000	0.255%, 12/16/10		19,000
	38,000	0.255%, 12/23/10		38,000
		DZ Bank AG,
	22,000	0.280%, 12/14/10		22,000
	20,000	0.280%, 12/16/10		20,000
	25,000	0.280%, 12/27/10		25,000
		HSBC Bank plc,
	18,000	0.340%, 06/01/11		18,000
	20,000	0.345%, 05/19/11		20,000
	100,000	0.465%, 09/16/11		100,000
	100,000	0.510%, 08/23/11		100,000
	106,000	0.530%, 08/22/11		106,000
	50,000	0.590%, 08/16/11		50,002
		ING Bank N.V.,
	55,000	0.260%, 12/17/10		55,000
	40,000	0.270%, 12/03/10		40,000
	57,000	0.300%, 02/03/11		57,000
	36,000	Intesa Sanpaolo S.p.A., 0.270%, 12/15/10		36,000
	35,000	Lloyds TSB Bank plc, 0.260%, 12/17/10		35,000
		Mitsubishi UFJ Trust & Banking Corp.,
	20,000	0.290%, 12/02/10		20,000
	20,000	0.300%, 02/10/11		20,000
	55,000	0.320%, 01/18/11		55,000
	25,000	0.330%, 02/11/11		25,000
	10,000	0.400%, 05/31/11		10,000
	25,000	0.405%, 06/01/11		25,000
	10,000	0.410%, 02/14/11		10,000
	50,000	0.470%, 04/29/11		50,002
		Mizuho Corporate Bank Ltd.,
	15,000	0.270%, 01/21/11		15,000
	35,000	0.280%, 01/07/11		35,000
	20,000	0.280%, 01/20/11		20,000
	59,000	0.290%, 02/03/11		59,000
		National Australia Bank Ltd.,
	11,000	0.310%, 03/17/11		11,000
	35,000	0.315%, 05/10/11		35,001
	19,000	0.320%, 03/14/11		19,000
	33,000	0.335%, 03/07/11		33,001
	18,000	0.340%, 05/19/11		18,000
	35,000	0.350%, 02/28/11		35,000
	10,000	0.350%, 06/01/11		10,000
		National Bank of Canada,
	20,000	0.270%, 01/14/11		20,000
	40,000	0.290%, 01/04/11		40,000
	51,000	Natixis, 0.400%, 01/30/11		51,000
		Nederlandse Waterschapsbank N.V.,
	8,000	0.395%, 04/06/11		7,989
	21,000	0.515%, 01/31/11		20,982
		Nordea Bank Finland plc,
	22,000	0.260%, 01/12/11		22,000
	84,000	0.330%, 03/02/11		84,000

JPMorgan Liquid Assets Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (Continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION (t)	VALUE($)
	Certificates of Deposit — Continued
	15,000	0.340%, 05/24/11		15,000
		Norinchukin Bank-New York,
	37,000	0.320%, 12/23/10		37,000
	25,000	0.330%, 01/19/11		25,000
	18,000	0.330%, 01/24/11		18,000
	50,000	0.330%, 01/28/11		50,000
		Rabobank Nederland N.V.,
	35,000	0.312%, 08/30/11		35,000
	24,000	0.330%, 04/06/11		24,000
	38,000	0.333%, 10/21/11		38,000
	10,000	0.350%, 05/16/11		9,984
	38,000	0.460%, 09/06/11		38,003
	20,000	0.475%, 08/19/11		20,000
		Royal Bank of Canada,
	26,000	0.360%, 07/20/11		26,000
	81,000	0.375%, 06/29/11		81,000
	20,000	0.400%, 09/07/11		20,000
	29,000	0.400%, 09/12/11		29,000
		Shizuoka Bank,
	30,000	0.280%, 12/10/10		30,000
	15,000	0.310%, 02/18/11		15,000
	58,050	0.330%, 01/25/11		58,050
	100,000	0.330%, 01/28/11		100,000
		Societe Generale,
	34,000	0.280%, 12/14/10		34,000
	19,000	0.280%, 12/17/10		19,000
		Sumitomo Mitsui Banking Corp.,
	50,000	0.280%, 02/02/11		50,000
	10,000	0.285%, 01/21/11		10,000
	12,000	0.290%, 12/27/10		12,000
	10,000	0.300%, 02/18/11		10,000
	18,000	VAR, 0.338%, 04/25/11		18,000
	15,000	0.360%, 03/18/11		15,000
	40,000	0.370%, 03/16/11		40,000
		Svenska Handelsbanken, Inc.,
	38,000	0.263%, 12/10/10		38,000
	35,000	0.270%, 02/22/11		35,000
	12,000	0.300%, 01/07/11		12,000
	38,000	0.320%, 03/08/11		38,000
	12,000	Toronto Dominion Bank, 0.300%, 03/14/11		12,000
	48,000	UBS AG, 0.250%, 01/07/11		48,000
		Westpac Banking Corp.,
	18,000	0.300%, 04/21/11		18,000
	75,000	0.300%, 05/03/11		75,000
		Total Certificates of Deposit (Cost $4,146,018 )		4,146,018
	Commercial Paper — 22.4% (n)
		Antalis U.S. Funding Corp.,
	50,000	0.300%, 12/07/10 (e) (m)		49,997
	35,000	0.300%, 12/09/10 (e) (m)		34,998
	15,000	0.320%, 01/11/11 (e)		14,995
	18,650	Arabella Finance LLC, 0.470%, 12/14/10 (e)		18,647
	70,000	Argento Variable Funding Co. LLC,
		0.280%, 12/10/10 (e)		69,995
		Atlantis One Funding Corp.,
	13,000	0.331%, 04/04/11 (e)		12,985
	16,000	0.331%, 05/09/11 (e)		15,977
	15,000	0.341%, 03/21/11 (e)		14,984
		Australia & New Zealand Banking Group Ltd.,
	30,000	0.341%, 05/27/11 (e)		29,950
	50,000	0.361%, 05/31/11 (e)		49,909
	27,000	Barclays U.S. Funding Corp., 0.381%, 05/18/11		26,952
	10,000	Belmont Funding LLC, 0.450%, 12/17/10 (e)		9,998
	30,000	BNP Paribas, 0.401%, 05/03/11		29,949
	25,000	BPCE S.A., 0.330%, 01/04/11 (e)		24,992
		Cancara Asset Securitisation LLC,
	20,000	0.280%, 12/20/10 (e)		19,997
	20,000	0.290%, 01/10/11 (e)		19,994
	20,000	0.290%, 01/18/11 (e)		19,992
	30,000	Commonwealth Bank of Australia Ltd., 0.260%, 12/03/10 (e)		30,000
	68,000	DnB NOR Bank ASA, 0.258%, 12/03/10 (e)		67,999
	50,000	Ebbets Funding LLC, 0.450%, 12/07/10 (e)		49,996
	100,000	ENI Coordination Center S.A., 0.280%, 02/10/11 (e)		99,945
		General Electric Capital Corp.,
	60,000	0.250%, 12/09/10		59,997
	10,000	0.250%, 02/28/11		9,994
	50,000	Intesa Funding LLC, 0.280%, 01/12/11		49,984
		Kreditanstalt fur Wiederaufbau,
	20,000	0.300%, 02/18/11 (e)		19,987
	40,000	0.300%, 02/22/11 (e)		39,972
	20,000	0.431%, 02/04/11 (e)		19,984
	20,000	MetLife Short Term Funding LLC, 0.270%, 01/06/11 (e)		19,995
	25,000	National Australia Bank Ltd., 0.310%, 03/16/11 (e)		24,978
		Nordea North America, Inc.,
	10,000	0.255%, 12/17/10		9,999
	34,000	0.260%, 01/11/11		33,990
	10,000	0.371%, 02/22/11		9,991
		NRW Bank Corp.,
	75,000	0.275%, 02/01/11		74,964
	51,000	0.396%, 03/10/11		50,945
	50,000	0.411%, 02/18/11		49,955
	15,000	0.431%, 02/04/11		14,988
	30,000	0.431%, 02/07/11		29,976
		Regency Markets No. 1 LLC,
	45,483	0.290%, 01/20/11 (e)		45,465
	45,000	0.290%, 02/15/11 (e)		44,972
	25,000	Rheingold Securitisation Ltd., 0.420%, 12/10/10 (e)		24,997
		Royal Park Investments Funding Corp.,
	25,000	0.300%, 01/13/11		24,991
	17,000	0.300%, 01/25/11 (e)		16,992
	25,000	0.300%, 02/03/11		24,987
		Societe Generale North America, Inc.,
	53,000	0.285%, 12/23/10		52,991
	16,000	0.310%, 02/02/11		15,991
		Straight-A Funding LLC,

JPMorgan Liquid Assets Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Paper — Continued
	50,000	0.250%, 12/14/10		49,995
	33,000	0.250%, 12/16/10		32,997
		Sumitomo Mitsui Banking Corp.,
	30,000	0.275%, 02/10/11 (e)		29,984
	25,000	0.275%, 02/17/11 (e)		24,985
	20,000	0.275%, 02/18/11 (e)		19,988
	50,000	0.351%, 03/21/11 (e)		49,946
	30,000	Sumitomo Trust & Banking Co., Ltd., 0.330%, 01/25/11		29,985
	10,000	Surrey Funding Corp., 0.300%, 01/10/11 (e)		9,997
	25,000	Swedish Housing Finance Corp., 0.380%, 12/15/10 (e)		24,996
	30,000	Total Capital Canada Ltd., 0.321%, 03/03/11 (e)		29,976
	48,000	Toyota Credit Canada, Inc., 0.270%, 02/03/11		47,977
		Toyota Motor Credit Corp.,
	20,000	0.280%, 12/02/10		20,000
	11,000	0.280%, 12/07/10		10,999
		Versailles Commercial Paper LLC,
	43,000	0.290%, 12/17/10 (e)		42,994
	26,000	0.340%, 01/28/11 (e)		25,986
		Westpac Banking Corp.,
	19,000	0.300%, 03/08/11 (e)		18,984
	30,000	0.310%, 04/05/11 (e)		29,968
	30,000	Westpac Securities NZ Ltd., 0.270%, 12/03/10 (e)		30,000
		Total Commercial Paper (Cost $2,013,093 )		2,013,093
	Corporate Note — 0.3%
	Supranational — 0.3%
	30,000	World Bank, VAR, 0.303%, 07/13/11 (Cost $30,000)		30,000
	Discount Notes — 0.2% (n)
	Supranational — 0.2%
	13,800	Inter-American Development Bank, 0.797%, 04/11/11		14,018
	5,000	World Bank, 0.240%, 12/30/10		4,999
		Total Discount Notes (Cost $19,017 )		19,017
	Repurchase Agreements — 15.5%
	300,000	Barclays Capital, Inc., 0.240%, dated 11/30/10, due 12/06/10, repurchase price $300,012, collateralized by U.S. Government Agency Securities with a value of $306,485		300,000
	296,326	Deutsche Bank Securities, Inc., 0.250%, dated 11/30/10, due 12/01/10, repurchase price $296,328, collateralized by U.S. Government Agency Securities with a value of $302,253		296,326
	150,000	Deutsche Bank Securities, Inc., 0.460%, dated 11/30/10, due 12/01/10, repurchase price $150,002, collateralized by U.S. Government Agency Securities with a value of $154,500		150,000
	250,000	Goldman Sachs & Co., 0.250%, dated 11/30/10, due 12/01/10, repurchase price $250,002, collateralized by U.S. Government Agency Securities with a value of $255,000		250,000
	300,000	Goldman Sachs & Co., 0.250%, dated 11/30/10, due 12/07/10, repurchase price $300,002, collateralized by U.S. Government Agency Securities with a value of $306,000		300,000
	50,000	HSBC Securities, Inc., 0.350%, dated 11/30/10, due 12/01/10, repurchase price $50,000, collateralized by U.S. Government Agency Securities with a value of $51,502		50,000
	50,000	RBS Securities, Inc., 0.530%, dated 11/30/10, due 12/01/10, repurchase price $50,001, collateralized by U.S. Government Agency Securities with a value of $52,502		50,000
		Total Repurchase Agreements (Cost $1,396,326 )		1,396,326
	Time Deposits — 11.1%
	225,000	Banque Federative du Credit Mutuel,
		0.280%, 12/01/10		225,000
	150,000	Danske Bank A/S, 0.250%, 12/01/10		150,000
	300,000	Lloyds TSB Bank plc, 0.260%,
		12/01/10		300,000
	325,000	Natixis, 0.260%, 12/01/10		325,000
		Total Time Deposits (Cost $1,000,000 )		1,000,000
	U.S. Government Agency Securities — 4.4%
		Federal Home Loan Bank,
	46,000	VAR, 0.137%, 01/30/12		45,986
	30,600	VAR, 0.246%, 11/07/11		30,588
		Federal Home Loan Mortgage Corp.,
	25,000	DN, 0.240%, 02/07/11 (n)		24,989
	40,000	VAR, 0.205%, 12/29/11		39,978
	40,000	VAR, 0.253%, 10/26/11		39,986
		Federal National Mortgage Association,
	10,000	DN, 0.240%, 02/02/11 (n)		9,996
	41,000	DN, 0.513%, 05/02/11 (n)		40,911
	50,000	VAR, 0.273%, 08/23/12		49,974
	76,000	VAR, 0.400%, 11/23/12		75,969
	33,000	VAR, 0.430%, 09/13/12		32,988
		Total U.S. Government Agency Securities (Cost $391,365 )		391,365

JPMorgan Liquid Assets Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligations — 6.5%
	U.S. Treasury Bills — 6.5% (n)
		U.S. Treasury Bills,
	500,000	0.000%, 03/03/11		499,778
	81,000	0.215%, 12/09/10		80,996
		Total U.S. Treasury Obligations (Cost $580,774 )		580,774
		Total Investments — 106.6% (Cost $9,576,593) *		9,576,593
		Liabilities in Excess of Other Assets — (6.6)%		(591,883	)
		NET ASSETS — 100.0%	$	8,984,710

Percentages indicated are based on net assets.

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS :

DN	—	Discount Notes
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of November 30, 2010.

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

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

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

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

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

JPMorgan Liquid Assets Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited)

(Amounts in thousands)

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

The following is a summary of the inputs used as of November 30, 2010, in valuing the Fund’s assets and liabilities carried at amortized cost which approximates fair value (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant  observable inputs		Level 3 Significant  unobservable inputs		Total
Total Investments in Securities #	$	—	$	9,576,593	$	—	$	9,576,593

There were no significant transfers between Levels 1 and 2 during the period ended November 30, 2010.

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

JPMorgan Michigan Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION (t)	VALUE ($)
	Municipal Bonds — 103.2%
	Arizona — 2.4%
		Other Revenue — 1.6%
	2,000	Phoenix Civic Improvement Corp., Junior Lien, Series A, Rev., 5.000%, 07/01/23		2,095
		Utility — 0.8%
	1,000	Salt River Project Agricultural Improvement & Power District, Series A, Rev., 5.000%, 01/01/23		1,092
		Total Arizona		3,187
	California — 0.8%
		Water & Sewer — 0.8%
	1,000	San Diego Public Facilities Financing Authority, Series B, Rev., 5.500%, 05/15/23		1,112
	Michigan — 92.5%
		Certificate of Participation/Lease — 3.6%
	1,800	City of Detroit, Wayne County Stadium Authority, Rev., COP, NATL- RE, FGIC, 5.500%, 02/01/17		1,803
	1,250	Michigan State Building Authority, Facilities Program, Series I, Rev., COP, AGM, 5.250%, 10/15/15		1,367
	1,500	Michigan Strategic Fund, House of Representatives Facilities, Series A, Rev., COP, AGC, 5.250%, 10/15/20		1,622
				4,792
		Education — 3.8%
	1,240	Michigan Higher Education Facilities Authority, Kettering University, Limited Obligation, Rev., AMBAC, 5.500%, 09/01/19 (f) (i)		1,216
	1,000	Michigan Higher Education Student Loan Authority, Series XVII-A, Rev., AMBAC, 5.750%, 06/01/13		964
	1,670	Oakland University, Rev., AMBAC, 5.250%, 05/15/19		1,806
	1,000	Western Michigan University, Rev., NATL-RE, 5.000%, 11/15/19		1,065
				5,051
		General Obligation — 34.3%
	1,675	Charles Stewart Mott Community College, Community College Facilities, GO, NATL-RE, 5.000%, 05/01/20		1,805
	1,000	City of Dearborn School District, GO, NATL-RE, FGIC, Q-SBLF, 5.000%, 05/01/18		1,120
		City of Jackson, Capital Appreciation, Downtown Development,
	1,620	GO, AGM, Zero Coupon, 06/01/16		1,357
	1,710	GO, AGM, Zero Coupon, 06/01/17		1,356
	2,060	GO, AGM, Zero Coupon, 06/01/18		1,536
	1,200	GO, AGM, Zero Coupon, 06/01/19		842
	2,075	East Grand Rapids Public School District, GO, AGM, Q-SBLF, 5.000%, 05/01/18		2,264
	1,000	Ecorse Public School District, GO, AGM, Q-SBLF, 5.250%, 05/01/20		1,098
	1,105	Emmet County Building Authority, GO, AMBAC, 5.000%, 05/01/15		1,172
	1,000	Grand Blanc Community Schools, School Building & Site, GO, AGM, Q- SBLF, 5.000%, 05/01/15		1,104
	2,660	Hartland Consolidated School District, GO, Q-SBLF, 5.375%, 05/01/16		2,697
	1,515	Healthsource Saginaw, Inc., GO, NATL-RE, 5.000%, 05/01/20		1,610
	1,600	Howell Public Schools, School Building & Site, GO, Q-SBLF, 5.000%, 05/01/15		1,714
	1,620	Jackson Public Schools, School Building & Site, GO, AGM, Q-SBLF, 5.000%, 05/01/18		1,767
	1,250	Lansing Community College, Building & Site, GO, NATL-RE, 5.000%, 05/01/19		1,343
		Lowell Area Schools, Capital Appreciation,
	5,000	GO, NATL-RE, FGIC, Q-SBLF, Zero Coupon, 05/01/14		4,609
	1,425	GO, NATL-RE, FGIC, Q-SBLF, Zero Coupon, 05/01/16		1,204
	1,210	Newaygo Public Schools, GO, NATL- RE, Q-SBLF, 5.000%, 05/01/22		1,254
	1,910	Pinckney Community Schools, GO, AGM, Q-SBLF, 5.000%, 05/01/19		2,069
	3,000	Rochester Community School District, GO, AGM, Q-SBLF, 5.000%, 05/01/15		3,299
	1,935	South Lyon Community Schools, Series II, GO, NATL-RE, FGIC, Q- SBLF, 5.000%, 05/01/21		2,030
	1,500	South Redford School District, School Building & Site, GO, NATL-RE, Q- SBLF, 5.000%, 05/01/21		1,574
	1,450	Southfield Library Building Authority, GO, NATL-RE, 5.000%, 05/01/19		1,612
	1,345	State of Michigan, Environmental Program, Series A, GO, 5.000%, 05/01/14		1,492
	2,000	Walled Lake Consolidated School District, GO, Q-SBLF, 5.250%, 05/01/18		2,032

JPMorgan Michigan Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		General Obligation — Continued
	1,175	Wayne County, Downriver Sewer Disposal, Series B, GO, NATL-RE, 5.125%, 11/01/18		1,193
				45,153
		Hospital — 8.2%
		Chelsea Economic Development Corp., United Methodist Retirement,
	1,075	Rev., 5.400%, 11/15/18 (f) (i)		1,075
	2,000	Rev., 5.400%, 11/15/27 (f) (i)		1,835
	1,000	Michigan State Hospital Finance Authority, Ascension Health, Senior Care Group, Rev., 5.000%, 11/15/16		1,135
		Michigan State Hospital Finance Authority, Oakwood Obligation Group,
	2,000	Series A, Rev., 5.000%, 07/15/14		2,133
	1,030	Series A, Rev., 5.000%, 07/15/17		1,090
	960	Michigan State Hospital Finance Authority, Port Huron Hospital Obligation, Rev., AGM, 5.375%, 07/01/12		963
		Michigan State Hospital Finance Authority, Sparrow Obligation Group,
	1,000	Rev., 5.000%, 11/15/19		1,050
	1,500	Rev., NATL-RE, 5.000%, 11/15/19		1,558
				10,839
		Housing — 2.0%
		Michigan State Housing Development Authority, Weston, Limited Obligation,
	790	Series A, Rev., GNMA COLL, 4.100%, 12/20/15		812
	1,880	Series A, Rev., GNMA COLL, 4.600%, 12/20/25		1,844
				2,656
		Other Revenue — 4.2%
	2,500	City of Battle Creek, Tax Allocation, Rev., NATL-RE, 5.000%, 05/01/16 (m)		2,544
	1,610	Michigan Finance Authority, Trinity Health, Series A, Rev., 5.000%, 12/01/16		1,812
	1,055	Michigan Municipal Bond Authority, Local Government Lien Program, Series 4-A, Rev., AMBAC, 5.000%, 05/01/16		1,129
				5,485
		Prerefunded — 9.4%
		Michigan State Hospital Finance Authority, Mercy Health Services,
	1,000	Series R, Rev., AMBAC, 5.375%, 08/15/16 (p)		1,004
	3,795	Series U, Rev., 5.625%, 08/15/16 (p)		3,811
	6,875	Series W, Rev., AGM, 5.250%, 08/15/17 (p)		6,899
	600	Tawas City Hospital Finance Authority, St. Joseph, Series A, Rev., RADIAN-IBCC, 5.600%, 02/15/13 (p)		625
				12,339
		Special Tax — 8.5%
		State of Michigan,
	3,000	Rev., AGM, 5.250%, 11/01/16		3,492
	1,500	Rev., AGM, 5.250%, 11/01/17		1,753
	3,130	Rev., AGM, 5.250%, 05/15/18		3,618
	2,000	Rev., AGM, 5.250%, 05/15/21		2,293
				11,156
		Transportation — 0.9%
	1,000	Michigan State Trunk Line, Rev., AGM, 5.250%, 11/01/20		1,137
		Utility — 3.2%
	1,500	City of Wyandotte, Electric, Rev., NATL-RE, 4.000%, 10/01/11		1,515
	1,245	Michigan Public Power Agency, Combustion Turbine No. 1 Project, Series A, Rev., AMBAC, 5.250%, 01/01/14		1,291
	1,170	Michigan Strategic Fund, Detroit Pollution Fund, Series BB, Rev., AMBAC, 7.000%, 05/01/21		1,403
				4,209
		Water & Sewer — 14.4%
		City of Detroit, Capital Appreciation,
	5,000	Series A, Rev., NATL-RE, FGIC, Zero Coupon, 07/01/13		4,658
	1,500	Series A, Rev., NATL-RE, FGIC, Zero Coupon, 07/01/17		1,147
	3,000	City of Detroit, Water Supply System, Senior Lien, Series A, Rev., AGM, 5.000%, 07/01/17		3,237
	1,670	City of Grand Rapids, Sanitation Sewer System, Rev., 5.000%, 01/01/23		1,856
	5,000	Michigan Municipal Bond Authority, Clean Water Revolving Fund, Rev., 5.000%, 10/01/24		5,521
	1,250	Michigan Municipal Bond Authority, Drinking Water Revolving Fund, Rev., 5.000%, 10/01/18		1,393
	1,000	North Kent Sewer Authority, Rev., NATL-RE, 5.000%, 11/01/19		1,089
				18,901
		Total Michigan		121,718

JPMorgan Michigan Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
	New York — 1.2%
		Industrial Development Revenue/Pollution
		Control Revenue — 1.2%
	1,425	New York State Dormitory Authority, Personal Income Tax, Series A, Rev., 5.250%, 02/15/27		1,536
	Puerto Rico — 1.8%
		General Obligation — 1.8%
	2,195	Commonwealth of Puerto Rico, GO, NATL-RE, 6.250%, 07/01/12		2,340
	Texas — 3.3%
		General Obligation — 0.8%
	1,000	Conroe Independent School District, Series C, GO, PSF-GTD, 5.000%, 02/15/20		1,102
		Transportation — 1.2%
	1,450	Dallas Fort Worth International Airport Facilities Improvement Corp., Series A, Rev., 5.000%, 11/01/24		1,520
		Water & Sewer — 1.3%
	1,500	City of San Antonio, Rev., NATL-RE, 5.000%, 05/15/20		1,655
		Total Texas		4,277
	Washington — 1.2%
		Water & Sewer — 1.2%
	1,500	City of Seattle, Water Systems, Rev., NATL-RE, 5.000%, 09/01/22		1,606
		Total Investments — 103.2%     (Cost $130,154)		135,776
		Liabilities in Excess of Other Assets — (3.2)%		(4,231	)
		NET ASSETS — 100.0%	$	131,545

Percentages indicated are based on net assets.

JPMorgan Michigan Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS :
AGC	—	Insured by Assured Guaranty Corp.
AGM	—	Insured by Assured Guaranty Municipal Corp.
AMBAC	—	Insured by American Municipal Bond Assurance Corp.
COLL	—	Collateral
COP	—	Certificate of Participation
FGIC	—	Insured by Financial Guaranty Insurance Co.
GNMA	—	Government National Mortgage Association
GO	—	General Obligation
GTD	—	Guaranteed
IBCC	—	Insured Bond Custodial Certificate
NATL	—	Insured by National Public Finance Guarantee Corp.
PSF	—	Permanent School Fund
Q-SBLF	—	Qualified School Bond Loan Fund
RADIAN	—	Insured by Radian Asset Assurance
RE	—	Reinsured
Rev.	—	Revenue

(f)	Security is fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. The Fund owns fair valued securities with a value of approximately $4,126,000 which amounts to 3.0% of total investments.
(i)	Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.
(m)	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, and forward foreign currency contracts.
(p)	Security is prerefunded or escrowed to maturity.
(t)	The date shown represents the earliest of prerefunded date, next put date or final maturity date.

As of November 30, 2010, 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	$	6,010
Aggregate gross unrealized depreciation		(388	)
Net unrealized appreciation/depreciation	$	5,622
Federal income tax cost of investments	$	130,154

JPMorgan Michigan Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Municipal Bonds
Arizona
Other Revenue	$	—	$	2,095	$	—	$	2,095
Utility		—		1,092		—		1,092
Total Arizona		—		3,187		—		3,187
California
Water & Sewer		—		1,112		—		1,112
Michigan
Certificate of Participation/Lease		—		4,792		—		4,792
Education		—		3,835		1,216		5,051
General Obligation		—		45,153		—		45,153
Hospital		—		7,929		2,910		10,839
Housing		—		2,656		—		2,656
Other Revenue		—		5,485		—		5,485
Prerefunded		—		12,339		—		12,339
Special Tax		—		11,156		—		11,156
Transportation		—		1,137		—		1,137
Utility		—		4,209		—		4,209
Water & Sewer		—		18,901		—		18,901
Total Michigan		—		117,592		4,126		121,718
New York
Industrial Development Revenue/Pollution Control Revenue		—		1,536		—		1,536
Puerto Rico
General Obligation		—		2,340		—		2,340
Texas
General Obligation		—		1,102		—		1,102
Transportation		—		1,520		—		1,520
Water & Sewer		—		1,655		—		1,655
Total Texas		—		4,277		—		4,277
Washington
Water & Sewer		—		1,606		—		1,606
Total Investments in Securities	$	—	$	131,650	$	4,126	$	135,776

JPMorgan Michigan Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

There were no significant transfers between Levels 1 and 2 during the period ended November 30, 2010.

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

	Balance as of 02/28/10		Realized gain  (loss)		Change in unrealized appreciation (depreciation)			Net amortization (accretion)			Net purchases (sales)		Transfers into Level 3		Transfers out of Level 3		Balance as of 11/30/10
Investments in Securities
Michigan — Education	$	1,219	$	—	$	16		$	(19	)	$	—	$	—	$	—	$	1,216
Michigan — Hospital		2,945		—		(36	)		1			—		—		—		2,910
Total	$	4,164	$	—	$	(20	)	$	(18	)	$	—	$	—	$	—	$	4,126

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

The change in unrealized appreciation (depreciation) attributable to securities owned at November 30, 2010, which were valued using significant unobservable inputs (Level 3) amounted to approximately $(20,000).

JPMorgan Michigan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION (t)	VALUE ($)
	Commercial Paper — 3.1% (n)
	Michigan — 3.1%
	5,500	Michigan State Housing Development Authority, 0.380%, 02/02/11 (Cost $5,500)		5,500
	Daily Demand Notes — 10.9%
	Michigan — 10.9%
	400	Farmington Hills Hospital Finance Authority, Botsford Obligated, Series A, Rev., VRDO, LOC: U.S. Bank N.A., 0.300%, 12/01/10		400
	145	Michigan State Hospital Finance Authority, Crittenton Hospital, Series A, Rev., VRDO, LOC: Comerica Bank, 0.360%, 12/01/10		145
	7,710	Michigan State Housing Development Authority, Multi-Family Housing, Jackson Project, Rev., VRDO, LOC: FHLB, 0.350%, 12/01/10		7,710
	6,225	Michigan State Housing Development Authority, Rental Housing, Series A, Rev., VRDO, AMT, AGM, 0.360%, 12/01/10		6,225
	1,200	University of Michigan, Series A, Rev., VRDO, 0.240%, 12/01/10		1,200
		University of Michigan, Hospital,
	1,300	Series A, Rev., VRDO, 0.260%, 12/01/10		1,300
	2,100	Series A-2, Rev., VRDO, 0.260%, 12/01/10		2,100
		Total Daily Demand Notes     (Cost $19,080)		19,080
	Municipal Bonds — 5.2%
	Michigan — 5.2%
	3,000	City of Kalamazoo, GO, TAN, 1.400%, 12/01/10		3,000
	6,000	Michigan Finance Authority, Series D- 1, Rev., 2.000%, 08/19/11		6,051
		Total Municipal Bonds     (Cost $9,051)		9,051
	Semi-Annual Demand Note — 2.3%
	Michigan — 2.3%
	4,105	Wells Fargo Stage Trust, Floater Certificates, Series 9C-1, Rev., VRDO, LIQ: Wells Fargo Bank N.A., 0.400%, 02/24/11 (e)     (Cost $4,105)		4,105
	Weekly Demand Notes — 78.4%
	Michigan — 78.4%
	1,650	Austin Trust, Series 2007-1009, Rev., VRDO, AGM, LIQ: Bank of America N.A., 0.390%, 12/07/10 (m)		1,650
	2,590	City of Detroit, Series PT-3756, Rev., VRDO, AGM, LIQ: Dexia Credit Local, 0.480%, 12/07/10		2,590
	1,000	City of Grand Rapids, Clipper Belt Lacer Co. Project, Rev., VRDO, LOC: Bank of America N.A., 0.560%, 12/07/10		1,000
		Detroit City School District,
	1,410	Series PT-3556, GO, VRDO, FGIC, Q- SBLF, LIQ: Dexia Credit Local, 0.480%, 12/07/10		1,410
	3,000	Series ROCS RR II R-11784, GO, VRDO, AGM, Q-SBLF, LIQ: Citibank N.A., 0.310%, 12/07/10 (e)		3,000
	9,700	Series ROCS RR II R-12251, GO, VRDO, BHAC-CR, AGM-CR, FGIC, Q-SBLF, 0.310%, 12/07/10 (e)		9,700
	8,500	Eclipse Funding Trust, Solar Eclipse, Detroit, Series 2006-0001, GO, VRDO, AGM, Q-SBLF, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.290%, 12/07/10		8,500
	2,465	Jackson County Economic Development Corp., Melling Tool Co. Project, Rev., VRDO, LOC: Comerica Bank, 0.450%, 12/07/10		2,465
	1,300	Kent Hospital Finance Authority, Metropolitan Hospital Project, Series B, Rev., VRDO, LOC: Bank of America N.A., 0.320%, 12/07/10		1,300
		Michigan State Hospital Finance Authority,
	2,480	Series 1308, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.310%, 12/07/10		2,480
	500	Series ROCS RR II R-11676, Rev., VRDO, LIQ: Citibank N.A., 0.300%, 12/07/10 (e)		500
	1,500	Series ROCS-RR-II-R-11869, Rev., VRDO, LIQ: Citibank N.A., 0.310%, 12/07/10 (e)		1,500
	7,100	Michigan State Hospital Finance Authority, Ascension Health, Series F- 8, Rev., VRDO, 0.390%, 06/28/11 (f) (i)		7,100
		Michigan State Housing Development Authority,
	10,000	Series B, Rev., VRDO, AMT, LOC: FNMA, 0.330%, 12/07/10		10,000
	2,850	Series C, Rev., VRDO, 0.300%, 12/07/10		2,850
	3,200	Series D, Rev., VRDO, LOC: FNMA, 0.300%, 12/07/10		3,200
	1,600	Series D, Rev., VRDO, AMT, 0.420%, 12/07/10		1,600
	13,615	Series E, Rev., VRDO, AMT, 0.340%, 12/07/10		13,615

JPMorgan Michigan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Michigan — Continued
	5,925	Michigan State Housing Development Authority, Multi-Family Housing, Canton Club, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.350%, 12/07/10		5,925
	1,030	Michigan State Housing Development Authority, Multi-Family Housing, Courtyards of Taylor, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.310%, 12/07/10		1,030
	3,000	Michigan State Housing Development Authority, Multi-Family Housing, Parks of Taylor Apartments, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.310%, 12/07/10		3,000
		Michigan State Housing Development Authority, Rental Housing,
	6,925	Series C, Rev., VRDO, AMT, 0.350%, 12/07/10		6,925
	435	Series D, Rev., VRDO, AMT, 0.380%, 12/07/10		435
	885	Michigan Strategic Fund, Artex Label & Graphics, Rev., VRDO, LOC: U.S. Bank N.A., 0.520%, 12/07/10		885
	1,700	Michigan Strategic Fund, B&C Leasing LLC Project, Rev., VRDO, LOC: Lasalle Bank N.A., 0.610%, 12/07/10		1,700
	1,000	Michigan Strategic Fund, Bayloff Properties LLC Project, Rev., VRDO, LOC: PNC Bank N.A., 0.450%, 12/07/10		1,000
	500	Michigan Strategic Fund, Commercial Tool & Die, Inc. Project, Rev., VRDO, LOC: Lasalle Bank Midwest, 0.610%, 12/07/10		500
	1,000	Michigan Strategic Fund, Consumers Energy Co. Project, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.300%, 12/07/10		1,000
	860	Michigan Strategic Fund, Custom Profile, Inc. Project, Rev., VRDO, LOC: Firstar Bank N.A., 0.520%, 12/07/10		860
	420	Michigan Strategic Fund, Duo-Form Acquisition Project, Rev., VRDO, LOC: Wachovia Bank N.A., 0.380%, 12/07/10		420
	1,500	Michigan Strategic Fund, Geskus Photography, Inc. Project, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.520%, 12/07/10		1,500
	450	Michigan Strategic Fund, Grayling Generating Project, Rev., VRDO, LOC: Barclays Bank New York, 0.290%, 12/07/10		450
	1,070	Michigan Strategic Fund, Merchants LLC Project, Rev., VRDO, LOC: National City Bank, 0.380%, 12/07/10		1,070
	2,715	Michigan Strategic Fund, Millenium Steering LLC Project, Rev., VRDO, LOC: Comerica Bank, 0.450%, 12/07/10		2,715
	1,820	Michigan Strategic Fund, Southwest Ventures Project, Series A, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.470%, 12/07/10		1,820
	2,600	Michigan Strategic Fund, Sur-Flo Plastics, Inc. Project, Rev., VRDO, LOC: Comerica Bank, 0.450%, 12/07/10		2,600
	2,000	Michigan Strategic Fund, Waterfront, Series A, Rev., VRDO, LOC: Deutsche Bank AG, 0.290%, 12/07/10		2,000
	1,740	Oakland County EDC, A&M Label Project, Rev., VRDO, LOC: National City Bank of Michigan, 0.380%, 12/07/10		1,740
	1,900	Oakland County EDC, V&M Corp. Project, Rev., VRDO, LOC: Standard Federal Bank, 0.610%, 12/07/10		1,900
	5,000	Puttable Floating Option Tax-Exempt Receipts, Series MT-631, Rev., VRDO, LIQ: Merrill Lynch Capital Services, 0.470%, 12/07/10 (e)		5,000
		RBC Municipal Products, Inc. Trust, Floater Certificates,
	3,820	Series L-26, Rev., VRDO, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada, 0.330%, 12/07/10		3,820
	5,950	Series L-29, Rev., VRDO, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada, 0.330%, 12/07/10		5,950
	1,445	State of Michigan, Series PT-3760, GO, VRDO, LIQ: Dexia Credit Local, 0.480%, 12/07/10		1,445
		Wayne County Airport Authority, Detroit Metropolitan,
	1,050	Series C1, Rev., VRDO, AMT, LOC: Wachovia Bank N.A., 0.310%, 12/07/10		1,050
	3,800	Series C3, Rev., VRDO, AMT, LOC: Wachovia Bank N.A., 0.310%, 12/07/10		3,800

JPMorgan Michigan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Michigan — Continued
	2,100	Series D, Rev., VRDO, LOC: Wachovia Bank N.A., 0.280%, 12/07/10		2,100
		Total Weekly Demand Notes (Cost $137,100)		137,100
		Total Investments — 99.9% (Cost $174,836) *		174,836
		Other Assets in Excess of Liabilities — 0.1%		153
		NET ASSETS — 100.0%	$	174,989

Percentages indicated are based on net assets.

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS :

AGM	—	Insured by Assured Guaranty Municipal Corp.
AMT	—	Alternative Minimum Tax
BHAC	—	Insured by Berkshire Hathaway Assurance Corp.
CR	—	Custodial Receipts
EDC	—	Economic Development Corp.
FGIC	—	Insured by Financial Guaranty Insurance Co.
FHLB	—	Federal Home Loan Bank
FNMA	—	Federal National Mortgage Association
GO	—	General Obligation
LIQ	—	Liquidity Agreement
LOC	—	Letter of Credit
Q-SBLF	—	Qualified School Bond Loan Fund
Rev.	—	Revenue
TAN	—	Tax Anticipation Note
VRDO	—	Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of November 30, 2010.

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

(f) Security is fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. The Fund owns fair valued securities with a value of approximately $7,100,000 which amounts to 4.1% of total investments.

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

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

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

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

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

JPMorgan Michigan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited)

(Amounts in thousands)

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities #	$	—	$	167,736	$	7,100	$	174,836

There were no significant transfers between Levels 1 and 2 during the nine months ended November 30, 2010.

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

JPMorgan Michigan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

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

	Balance as of 02/28/10		Realized gain (loss)		Change in unrealized appreciation (depreciation)		Net amortization (accretion)		Net purchases (sales)		Transfers into Level 3		Transfers out of Level 3		Balance as of 11/30/10
Investments in Securities
Michigan - Weekly Demand Note	$	—	$	—	$	—	$	—	$	7,100	$	—	$	—	$	7,100
Total	$	—	$	—	$	—	$	—	$	7,100	$	—	$	—	$	7,100

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

The change in unrealized appreciation (depreciation) attributable to securities owned at November 30, 2010, which were valued using significant unobservable inputs (Level 3) amounted to $0.

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Asset-Backed Securities — 1.6%
	AH Mortgage Advance Trust,
1,750	Series 2010-ADV1, Class A1, 3.968%, 08/15/22 (e)		1,759
2,829	Series 2010-ADV2, Class A1, 4.210%, 05/10/41 (e)		2,826
2,000	Asset-Backed Funding Certificates, Series 2005-AQ1, Class A4, SUB, 5.010%, 06/25/35		2,014
424	Bear Stearns Asset-Backed Securities Trust, Series 2006-SD1, Class A, VAR, 0.623%, 04/25/36		291
	Chase Funding Mortgage Loan Asset-Backed Certificates,
1,395	Series 2003-4, Class 1A5, SUB, 5.416%, 05/25/33		1,361
1,728	Series 2003-6, Class 1A7, SUB, 4.277%, 11/25/34		1,651
329	Citigroup Mortgage Loan Trust, Inc., Series 2003-HE3, Class A, VAR, 0.633%, 12/25/33		285
145	Credit-Based Asset Servicing and Securitization LLC, Series 2006- CB1, Class AF2, SUB, 5.236%, 01/25/36		100
515	Federal National Mortgage Association Whole Loan, Series 2001-W4, Class AF6, SUB, 5.610%, 01/25/32		514
200	First Franklin Mortgage Loan Asset-Backed Certificates, Series 2006-FF17, Class A4, VAR, 0.353%, 12/25/36		187
	HSBC Home Equity Loan Trust,
513	Series 2005-2, Class A1, VAR, 0.523%, 01/20/35		471
677	Series 2006-1, Class A1, VAR, 0.413%, 01/20/36		624
496	Series 2006-2, Class A1, VAR, 0.403%, 03/20/36		464
754	Series 2007-1, Class AS, VAR, 0.453%, 03/20/36		706
2,041	Series 2007-3, Class APT, VAR, 1.453%, 11/20/36		1,873
388	Indymac Residential Asset-Backed Trust, Series 2006-A, Class A3, VAR, 0.453%, 03/25/36		251
	Long Beach Mortgage Loan Trust,
2,200	Series 2004-1, Class M1, VAR, 1.003%, 02/25/34		1,888
395	Series 2006-8, Class 2A2, VAR, 0.343%, 09/25/36		151
752	Series 2006-WL2, Class 2A3, VAR, 0.453%, 01/25/36		622
10,000	Nationstar Mortgage Advance Receivable Trust, Series 2009- ADV1, Class A1, VAR, 3.253%, 12/26/22 (e)		9,975
700	New Century Home Equity Loan Trust, Series 2003-5, Class AI6, SUB, 5.500%, 11/25/33		705
1,828	PennyMac Loan Trust, Series 2010-NPL1, Class A, VAR, 4.250%, 05/25/50 (e)		1,824
492	Real Estate Asset Trust, Series 2010-1A, Class A1, 6.250%, 09/25/40 (e) (f) (i)		492
500	Renaissance Home Equity Loan Trust, Series 2007-2, Class AF2, SUB, 5.675%, 06/25/37		269
	Residential Asset Mortgage Products, Inc.,
1,661	Series 2004-RS6, Class AI4, VAR, 5.457%, 05/25/32		1,709
457	Series 2004-RS8, Class AI6, SUB, 4.980%, 08/25/34		445
435	Salomon Brothers Mortgage Securities VII, Inc., Series 2003- UP1, Class A, SUB, 3.450%, 04/25/32 (e)		375
1,000	Structured Asset Investment Loan Trust, Series 2005-5, Class A9, VAR, 0.523%, 06/25/35		926
	Structured Asset Securities Corp.,
910	Series 2002-23XS, Class A7, SUB, 6.580%, 11/25/32		930
751	Series 2002-AL1, Class A2, 3.450%, 02/25/32		709
	Total Asset-Backed Securities (Cost $36,138)		36,397
Collateralized Mortgage Obligations — 72.6%
	Agency CMO — 46.8%
2,172	Federal Home Loan Bank System, Series 2000-1067, Class 1, 5.300%, 06/15/12		2,283
	Federal Home Loan Mortgage Corp. REMICS,
36	Series 11, Class D, 9.500%, 07/15/19		39
18	Series 22, Class C, 9.500%, 04/15/20		20
25	Series 23, Class F, 9.600%, 04/15/20		28
16	Series 30, Class D, 9.500%, 02/15/20		18
1	Series 41, Class I, HB, 84.000%, 05/15/20		1
8	Series 47, Class F, 10.000%, 06/15/20		10
110	Series 77, Class H, 8.500%, 09/15/20		133
4	Series 81, Class A, 8.125%, 11/15/20		4
9	Series 84, Class F, 9.200%, 10/15/20		10

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
9		Series 99, Class Z, 9.500%, 01/15/21		10
—	(h)	Series 180, Class J, HB, 1,010.000%, 09/15/21		—	(h)
—	(h)	Series 186, Class I, HB, 1,009.500%, 08/15/21		1
—	(h)	Series 189, Class K, HB, 1,009.500%, 10/15/21		1
—	(h)	Series 204, Class E, HB, IF, 1,826.308%, 05/15/23		8
—	(h)	Series 1045, Class G, HB, 1,066.209%, 02/15/21		2
6		Series 1065, Class J, 9.000%, 04/15/21		6
12		Series 1079, Class S, HB, IF, 32.938%, 05/15/21		21
—	(h)	Series 1082, Class D, HB, 1,007.780%, 05/15/21		1
8		Series 1084, Class F, VAR, 1.262%, 05/15/21		8
6		Series 1084, Class S, HB, IF, 43.819%, 05/15/21		11
9		Series 1133, Class H, 7.000%, 09/15/21		11
21		Series 1144, Class KB, 8.500%, 09/15/21		26
—	(h)	Series 1172, Class L, HB, VAR, 1,181.250%, 11/15/21		2
—	(h)	Series 1196, Class B, HB, IF, 1,161.253%, 01/15/22		8
4		Series 1254, Class N, 8.000%, 04/15/22		4
61		Series 1343, Class LA, 8.000%, 08/15/22		71
31		Series 1343, Class LB, 7.500%, 08/15/22		36
95		Series 1374, Class Z, 7.000%, 10/15/22		107
28		Series 1395, Class G, 6.000%, 10/15/22		31
250		Series 1401, Class J, 7.000%, 10/15/22		285
356		Series 1466, Class PZ, 7.500%, 02/15/23		407
10		Series 1470, Class F, VAR, 2.663%, 02/15/23		11
10		Series 1505, Class QB, HB, IF, 20.037%, 05/15/23		15
105		Series 1518, Class G, IF, 8.773%, 05/15/23		116
85		Series 1526, Class L, 6.500%, 06/15/23		91
20		Series 1540, Class IA, 7.000%, 06/15/13		21
114		Series 1541, Class O, VAR, 1.970%, 07/15/23		119
1,066		Series 1552, Class IA, IF, 16.488%, 08/15/23		1,394
27		Series 1570, Class F, VAR, 3.163%, 08/15/23		28
68		Series 1570, Class SA, HB, IF, 20.554%, 08/15/23		92
297		Series 1578, Class K, 6.900%, 09/15/23		348
34		Series 1578, Class V, IO, 7.000%, 09/15/23		6
658		Series 1591, Class PV, 6.250%, 10/15/23		705
118		Series 1596, Class D, 6.500%, 10/15/13		118
15		Series 1602, Class SA, HB, IF, 21.734%, 10/15/23		22
209		Series 1609, Class LG, IF, 16.656%, 11/15/23		255
929		Series 1628, Class LZ, 6.500%, 12/15/23		1,066
685		Series 1638, Class H, 6.500%, 12/15/23		786
1,036		Series 1644, Class K, 6.750%, 12/15/23		1,102
963		Series 1658, Class GZ, 7.000%, 01/15/24		1,024
6		Series 1671, Class QC, IF, 10.000%, 02/15/24		7
414		Series 1677, Class Z, 7.500%, 07/15/23		474
10		Series 1686, Class SH, IF, 18.534%, 02/15/24		16
37		Series 1688, Class W, 7.250%, 03/15/14		37
371		Series 1695, Class EB, 7.000%, 03/15/24		437
47		Series 1699, Class FC, VAR, 0.912%, 03/15/24		47
53		Series 1745, Class D, 7.500%, 08/15/24		62
1,649		Series 1760, Class ZD, VAR, 2.040%, 02/15/24		1,675
158		Series 1798, Class F, 5.000%, 05/15/23		167
9		Series 1807, Class G, 9.000%, 10/15/20		10
1,405		Series 1813, Class I, PO, 11/15/23		1,293
5,430		Series 1813, Class J, IF, IO, 5.750%, 11/15/23		611
306		Series 1829, Class ZB, 6.500%, 03/15/26		338
17		Series 1844, Class E, 6.500%, 10/15/13		18
548		Series 1863, Class Z, 6.500%, 07/15/26		617
6		Series 1865, Class D, PO, 02/15/24		5

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Collateralized Mortgage Obligations — Continued
	Agency CMO — Continued
156	Series 1899, Class ZE, 8.000%, 09/15/26		188
134	Series 1963, Class Z, 7.500%, 01/15/27		155
42	Series 1985, Class PR, IO, 8.000%, 07/15/27		9
66	Series 1987, Class PE, 7.500%, 09/15/27		77
22	Series 2025, Class PE, 6.300%, 01/15/13		22
566	Series 2033, Class J, 5.600%, 06/15/23		612
31	Series 2033, Class SN, HB, IF, 23.963%, 03/15/24		19
41	Series 2038, Class PN, IO, 7.000%, 03/15/28		8
328	Series 2040, Class PE, 7.500%, 03/15/28		386
47	Series 2042, Class T, 7.000%, 03/15/28		48
114	Series 2055, Class OE, 6.500%, 05/15/13		115
145	Series 2060, Class Z, 6.500%, 05/15/28		164
382	Series 2061, Class DC, IO, 6.500%, 06/15/28		69
25,013	Series 2065, Class PX, IO, 0.750%, 08/17/27		658
896	Series 2075, Class PH, 6.500%, 08/15/28		1,029
200	Series 2086, Class GB, 6.000%, 09/15/28		212
61	Series 2089, Class PJ, IO, 7.000%, 10/15/28		13
457	Series 2102, Class TC, 6.000%, 12/15/13 (m)		480
290	Series 2102, Class TU, 6.000%, 12/15/13 (m)		306
764	Series 2110, Class PG, 6.000%, 01/15/29		838
628	Series 2111, Class SB, IF, IO, 7.247%, 01/15/29		121
279	Series 2115, Class PE, 6.000%, 01/15/14		291
264	Series 2125, Class JZ, 6.000%, 02/15/29		284
606	Series 2130, Class QS, 6.000%, 03/15/29		661
98	Series 2132, Class SB, HB, IF, 29.449%, 03/15/29		159
147	Series 2132, Class ZL, 6.500%, 03/15/29		161
12	Series 2135, Class UK, IO, 6.500%, 03/15/14		1
20	Series 2141, Class IO, IO, 7.000%, 04/15/29		4
49	Series 2163, Class PC, IO, 7.500%, 06/15/29		11
111	Series 2178, Class PB, 7.000%, 08/15/29		131
169	Series 2201, Class C, 8.000%, 11/15/29		204
501	Series 2209, Class TC, 8.000%, 01/15/30		594
247	Series 2210, Class Z, 8.000%, 01/15/30		298
101	Series 2224, Class CB, 8.000%, 03/15/30		122
59	Series 2247, Class Z, 7.500%, 08/15/30		68
336	Series 2254, Class Z, 9.000%, 09/15/30		405
277	Series 2256, Class MC, 7.250%, 09/15/30		325
464	Series 2259, Class ZM, 7.000%, 10/15/30		545
488	Series 2271, Class PC, 7.250%, 12/15/30		574
484	Series 2283, Class K, 6.500%, 12/15/23		526
152	Series 2296, Class PD, 7.000%, 03/15/31		176
229	Series 2301, Class PA, 6.000%, 10/15/13		238
2,104	Series 2303, Class ZD, 7.000%, 04/15/31		2,305
1,196	Series 2303, Class ZN, 8.500%, 04/15/29		1,339
70	Series 2306, Class K, PO, 05/15/24		63
175	Series 2306, Class SE, IF, IO, 8.060%, 05/15/24		26
707	Series 2344, Class QG, 6.000%, 08/15/16		762
1,186	Series 2344, Class ZD, 6.500%, 08/15/31		1,312
130	Series 2344, Class ZJ, 6.500%, 08/15/31		143
91	Series 2345, Class NE, 6.500%, 08/15/31		97
291	Series 2347, Class VP, 6.500%, 03/15/20		305
275	Series 2353, Class TD, 6.000%, 09/15/16		294
272	Series 2355, Class BP, 6.000%, 09/15/16		293
211	Series 2358, Class PD, 6.000%, 09/15/16		221

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

446	Series 2359, Class PM, 6.000%, 09/15/16		474
563	Series 2359, Class ZB, 8.500%, 06/15/31		650
PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Collateralized Mortgage Obligations — Continued
	Agency CMO — Continued
501	Series 2360, Class PG, 6.000%, 09/15/16		542
141	Series 2363, Class PF, 6.000%, 09/15/16		153
260	Series 2366, Class MD, 6.000%, 10/15/16		278
86	Series 2368, Class AS, HB, IF, 20.271%, 10/15/31		118
190	Series 2368, Class TG, 6.000%, 10/15/16		204
96	Series 2372, Class F, VAR, 0.753%, 10/15/31		96
102	Series 2383, Class FD, VAR, 0.753%, 11/15/31		102
170	Series 2388, Class UZ, 8.500%, 06/15/31		208
1,205	Series 2391, Class QR, 5.500%, 12/15/16		1,306
125	Series 2394, Class MC, 6.000%, 12/15/16		135
1,549	Series 2399, Class TH, 6.500%, 01/15/32		1,715
274	Series 2410, Class OE, 6.375%, 02/15/32		304
353	Series 2410, Class QS, IF, 18.841%, 02/15/32		477
184	Series 2410, Class QX, IF, IO, 8.397%, 02/15/32		38
264	Series 2423, Class MC, 7.000%, 03/15/32		296
335	Series 2423, Class MT, 7.000%, 03/15/32		375
321	Series 2425, Class OB, 6.000%, 03/15/17		340
728	Series 2433, Class SA, HB, IF, 20.271%, 02/15/32		999
440	Series 2434, Class TC, 7.000%, 04/15/32		498
807	Series 2436, Class MC, 7.000%, 04/15/32		908
239	Series 2444, Class ES, IF, IO, 7.697%, 03/15/32		42
252	Series 2450, Class GZ, 7.000%, 05/15/32		289
271	Series 2450, Class SW, IF, IO, 7.747%, 03/15/32		52
650	Series 2458, Class QE, 5.500%, 06/15/17		704
149	Series 2460, Class VZ, 6.000%, 11/15/29		149
714	Series 2462, Class NB, 6.500%, 06/15/22		803
1,373	Series 2464, Class FE, VAR, 1.253%, 03/15/32		1,397
75	Series 2470, Class SL, IF, 9.000%, 01/15/27		80
447	Series 2474, Class SJ, IF, IO, 7.397%, 07/15/17		44
91	Series 2480, Class PV, 6.000%, 07/15/11		92
4,601	Series 2494, Class SX, IF, IO, 6.747%, 02/15/32		662
212	Series 2513, Class YO, PO, 02/15/32		211
1,558	Series 2513, Class ZC, 5.500%, 10/15/32		1,716
466	Series 2515, Class DE, 4.000%, 03/15/32		485
1,879	Series 2517, Class Z, 5.500%, 10/15/32		2,022
43	Series 2519, Class BT, 8.500%, 09/15/31		44
1,036	Series 2533, Class HB, 5.500%, 12/15/17		1,135
451	Series 2535, Class BK, 5.500%, 12/15/22		499
1,426	Series 2549, Class ZG, 5.000%, 01/15/18		1,490
323	Series 2553, Class GF, VAR, 0.653%, 02/15/17		323
84	Series 2565, Class MB, 6.000%, 05/15/30		85
10,000	Series 2568, Class KG, 5.500%, 02/15/23		11,219
184	Series 2571, Class SK, HB, IF, 33.407%, 09/15/23		325
1,530	Series 2574, Class HP, 5.000%, 02/15/18		1,645
1,299	Series 2586, Class WI, IO, 6.500%, 03/15/33		239
1,325	Series 2587, Class CO, PO, 03/15/32		1,305
3,686	Series 2590, Class IP, IO, 5.500%, 08/15/31		197
1,400	Series 2591, Class QO, 4.500%, 03/15/18		1,516
673	Series 2591, Class WI, IO, 5.500%, 02/15/30		11
864	Series 2594, Class DJ, 4.250%, 10/15/30		885
72	Series 2597, Class DS, IF, IO, 7.297%, 02/15/33		5
222	Series 2599, Class DS, IF, IO, 6.747%, 02/15/33		7

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

373	Series 2610, Class DS, IF, IO, 6.847%, 03/15/33		18
1,883	Series 2610, Class DZ, 5.500%, 05/15/33		2,141
816	Series 2611, Class SH, IF, IO, 7.397%, 10/15/21		34
330	Series 2611, Class SQ, IF, 12.493%, 05/15/33		347
PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Collateralized Mortgage Obligations — Continued
	Agency CMO — Continued
1,036	Series 2611, Class UH, 4.500%, 05/15/18		1,084
2,330	Series 2617, Class GR, 4.500%, 05/15/18		2,507
4,018	Series 2626, Class NS, IF, IO, 6.297%, 06/15/23		385
3,172	Series 2627, Class GY, 4.500%, 06/15/18		3,415
2,071	Series 2631, Class LC, 4.500%, 06/15/18		2,227
319	Series 2631, Class SA, IF, 14.385%, 06/15/33		361
1,142	Series 2637, Class SA, IF, IO, 5.847%, 06/15/18		112
491	Series 2640, Class UG, IO, 5.000%, 01/15/32		38
1,963	Series 2640, Class UP, IO, 5.000%, 01/15/32		108
136	Series 2640, Class UR, IO, 4.500%, 08/15/17		2
2,822	Series 2641, Class WI, IO, 5.000%, 01/15/33		302
69	Series 2643, Class HI, IO, 4.500%, 12/15/16		1
1,000	Series 2649, Class IG, IO, 5.000%, 11/15/31		71
1,326	Series 2650, Class PO, PO, 12/15/32		1,258
2,244	Series 2650, Class SO, PO, 12/15/32		2,130
835	Series 2657, Class MD, 5.000%, 12/15/20		863
61	Series 2663, Class EO, PO, 08/15/33		60
157	Series 2668, Class S, IF, 11.493%, 09/15/33		157
1,913	Series 2668, Class SB, IF, 6.975%, 10/15/15		1,949
577	Series 2671, Class S, IF, 14.294%, 09/15/33		650
1,036	Series 2672, Class ME, 5.000%, 11/15/22		1,122
340	Series 2672, Class SJ, IF, 6.930%, 09/15/16		349
6,732	Series 2675, Class CK, 4.000%, 09/15/18 (m)		7,193
7,000	Series 2677, Class LE, 4.500%, 09/15/18		7,681
959	Series 2682, Class YS, IF, 8.619%, 10/15/33		933
27	Series 2683, Class VA, 5.500%, 02/15/21		27
11,562	Series 2684, Class PO, PO, 01/15/33		10,712
816	Series 2684, Class TO, PO, 10/15/33		682
1,047	Series 2686, Class GB, 5.000%, 05/15/20		1,069
647	Series 2686, Class NS, IF, IO, 7.347%, 10/15/21		31
609	Series 2690, Class SJ, IF, 8.770%, 10/15/33		598
2,500	Series 2691, Class ND, 5.000%, 10/15/28		2,579
878	Series 2691, Class SE, IF, 9.188%, 12/15/28		901
641	Series 2691, Class WS, IF, 8.620%, 10/15/33		630
1,006	Series 2692, Class SC, IF, 12.780%, 07/15/33		1,063
187	Series 2694, Class BA, 4.000%, 06/15/31		197
542	Series 2695, Class OB, PO, 10/15/33		445
853	Series 2695, Class SX, IF, 15.939%, 10/15/33		901
426	Series 2695, Class WS, IF, 15.801%, 10/15/33		449
156	Series 2696, Class SM, IF, 13.693%, 12/15/26		159
1,554	Series 2702, Class PC, 5.000%, 01/15/23		1,673
383	Series 2705, Class SC, IF, 8.620%, 11/15/33		376
907	Series 2705, Class SD, IF, 8.674%, 11/15/33		862
2,589	Series 2715, Class OG, 5.000%, 01/15/23		2,816
3,679	Series 2716, Class UN, 4.500%, 12/15/23		3,970
2,071	Series 2720, Class PC, 5.000%, 12/15/23		2,162
806	Series 2725, Class SC, IF, 8.694%, 11/15/33		782
3,108	Series 2727, Class BS, IF, 8.695%, 01/15/34		3,034
52	Series 2727, Class PO, PO, 01/15/34		51
381	Series 2744, Class FE, VAR, 0.000%, 02/15/34		363

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

831	Series 2744, Class PD, 5.500%, 08/15/33		854
2,071	Series 2744, Class TU, 5.500%, 05/15/32		2,224
124	Series 2753, Class S, IF, 11.493%, 02/15/34		125
975	Series 2754, Class JG, 4.500%, 03/15/33		986
2,319	Series 2755, Class PA, PO, 02/15/29		2,290
537	Series 2755, Class SA, IF, 13.693%, 05/15/30		598
PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Collateralized Mortgage Obligations — Continued
	Agency CMO — Continued
515	Series 2756, Class NA, 5.000%, 02/15/24		560
570	Series 2760, Class IB, IO, 5.000%, 11/15/27		9
196	Series 2762, Class LO, PO, 03/15/34		190
685	Series 2764, Class OE, 4.500%, 03/15/19		732
85	Series 2774, Class QO, PO, 04/15/34		79
463	Series 2776, Class SK, IF, 8.695%, 04/15/34		459
81	Series 2777, Class DV, 6.500%, 11/15/17		84
7	Series 2777, Class SX, IF, 11.810%, 04/15/34		7
15	Series 2778, Class BS, IF, 15.116%, 04/15/34		15
3,500	Series 2780, Class BE, 4.500%, 04/15/19		3,802
1,025	Series 2780, Class JG, 4.500%, 04/15/19		1,070
1,678	Series 2780, Class YC, 5.000%, 04/15/19		1,847
1,784	Series 2802, Class ZY, 6.000%, 05/15/34		1,879
583	Series 2812, Class AB, 4.500%, 10/15/18		606
2,653	Series 2812, Class NO, PO, 10/15/33		2,220
48	Series 2827, Class NT, IF, 8.000%, 01/15/22		49
3,000	Series 2827, Class QE, 5.500%, 03/15/33		3,250
196	Series 2827, Class SQ, IF, 7.500%, 01/15/19		200
775	Series 2835, Class BO, PO, 12/15/28		756
660	Series 2835, Class QO, PO, 12/15/32		601
345	Series 2863, Class JA, 4.500%, 09/15/19		355
1,370	Series 2864, Class GB, 4.000%, 09/15/19		1,459
363	Series 2877, Class KO, PO, 03/15/19		346
1,081	Series 2897, Class EO, PO, 10/15/31		950
1,638	Series 2903, Class UZ, 5.500%, 07/15/31		1,694
2,000	Series 2921, Class MD, 5.000%, 06/15/33		2,148
73	Series 2925, Class MW, VAR, 0.000%, 01/15/35		72
1,000	Series 2930, Class AN, 4.500%, 06/15/19		1,076
3,592	Series 2934, Class EC, PO, 02/15/20		3,416
388	Series 2934, Class EN, PO, 02/15/18		380
3,736	Series 2934, Class HI, IO, 5.000%, 02/15/20		449
2,479	Series 2934, Class KI, IO, 5.000%, 02/15/20		301
961	Series 2945, Class SA, IF, 11.838%, 03/15/20		1,084
1,056	Series 2967, Class JI, IO, 5.000%, 04/15/20		135
396	Series 2967, Class S, HB, IF, 32.431%, 04/15/25		586
762	Series 2971, Class GB, 5.000%, 11/15/16		783
685	Series 2971, Class GC, 5.000%, 07/15/18		732
1,250	Series 2979, Class BC, 5.000%, 04/15/20		1,363
591	Series 2989, Class PO, PO, 06/15/23		575
561	Series 2990, Class LK, VAR, 0.623%, 10/15/34		562
562	Series 2990, Class SL, HB, IF, 23.564%, 06/15/34		803
316	Series 2990, Class WP, IF, 16.374%, 06/15/35		382
174	Series 2996, Class FD, VAR, 0.503%, 06/15/35		174
1,000	Series 2999, Class NC, 4.500%, 12/15/18		1,056
96	Series 3000, Class JF, VAR, 0.653%, 04/15/35		96
1,510	Series 3047, Class OB, 5.500%, 12/15/33		1,629
1,850	Series 3049, Class XF, VAR, 0.603%, 05/15/33		1,854
1,594	Series 3054, Class MI, IO, 5.500%, 05/15/34		160

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

93	Series 3063, Class ST, SUB, 11/15/35		93
2,966	Series 3068, Class QB, 4.500%, 06/15/20		3,157
1,530	Series 3077, Class TO, PO, 04/15/35		1,349
899	Series 3100, Class MA, VAR, 2.826%, 12/15/35		866
1,335	Series 3101, Class UZ, 6.000%, 01/15/36		1,532
1,027	Series 3117, Class EO, PO, 02/15/36		928
1,197	Series 3117, Class OK, PO, 02/15/36		1,058
322	Series 3122, Class OH, PO, 03/15/36		283
PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Collateralized Mortgage Obligations — Continued
	Agency CMO — Continued
82	Series 3122, Class ZB, 6.000%, 03/15/36		81
1,292	Series 3130, Class KZ, 5.500%, 12/15/34		1,440
246	Series 3134, Class PO, PO, 03/15/36		205
5,556	Series 3137, Class XP, 6.000%, 04/15/36		6,244
1,098	Series 3138, Class PO, PO, 04/15/36		899
1,500	Series 3143, Class BC, 5.500%, 02/15/36		1,622
328	Series 3149, Class SO, PO, 05/15/36		294
2,000	Series 3151, Class PD, 6.000%, 11/15/34		2,215
1,622	Series 3151, Class PO, PO, 05/15/36		1,358
1,283	Series 3152, Class MO, PO, 03/15/36		1,076
8,427	Series 3155, Class CG, 6.000%, 11/15/24		8,890
4,864	Series 3156, Class AZ, 5.500%, 05/15/36		5,411
13	Series 3158, Class LX, VAR, 0.000%, 05/15/36		12
1,000	Series 3162, Class OB, 6.000%, 11/15/30		1,044
8,000	Series 3166, Class AC, 5.000%, 06/15/21 (m)		8,997
166	Series 3170, Class FM, VAR, 0.603%, 09/15/33		166
1,009	Series 3171, Class MO, PO, 06/15/36		877
859	Series 3174, Class PX, 5.000%, 06/15/17		950
1,513	Series 3179, Class OA, PO,
	07/15/36		1,285
556	Series 3184, Class OA, PO, 02/15/33		536
2,239	Series 3194, Class SA, IF, IO, 6.847%, 07/15/36		271
1,480	Series 3195, Class PD, 6.500%, 07/15/36		1,690
2,000	Series 3218, Class BE, 6.000%, 09/15/35		2,254
2,449	Series 3219, Class DI, IO, 6.000%, 04/15/36		381
1,693	Series 3232, Class ST, IF, IO, 6.447%, 10/15/36		229
2,262	Series 3253, Class PO, PO, 12/15/21		2,173
1,065	Series 3260, Class CS, IF, IO, 5.887%, 01/15/37		145
1,290	Series 3262, Class SG, IF, IO, 6.147%, 01/15/37		184
1,493	Series 3274, Class JO, PO, 02/15/37		1,325
1,083	Series 3274, Class MO, PO, 02/15/37		953
643	Series 3275, Class FL, VAR, 0.693%, 02/15/37		642
3,500	Series 3282, Class YD, 5.500%, 02/15/22		3,828
1,500	Series 3285, Class PC, 5.500%, 09/15/30		1,554
399	Series 3288, Class GS, IF, 2.480%, 03/15/37		402
3,060	Series 3290, Class SB, IF, IO, 6.197%, 03/15/37		381
26	Series 3299, Class KB, 5.000%, 08/15/29		26
174	Series 3299, Class QF, VAR, 0.000%, 04/15/37		172
898	Series 3305, Class MB, IF, 2.733%, 07/15/34		877
2,500	Series 3329, Class JD, 6.000%, 06/15/36		2,837
3,000	Series 3334, Class MC, 5.000%, 04/15/33		3,126
4,400	Series 3342, Class VG, 6.000%, 11/15/23		4,975
349	Series 3347, Class PO, PO, 07/15/37		346
248	Series 3356, Class PA, 6.000%, 11/15/26		250
552	Series 3371, Class FA, VAR, 0.853%, 09/15/37		556
1,690	Series 3373, Class TO, PO, 04/15/37		1,485
4,938	Series 3385, Class SN, IF, IO, 5.747%, 11/15/37		511

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

2,379	Series 3387, Class SA, IF, IO, 6.167%, 11/15/37		333
2,149	Series 3389, Class DQ, 5.750%, 10/15/35		2,354
2,864	Series 3404, Class SC, IF, IO, 5.747%, 01/15/38		357
7,092	Series 3422, Class AI, SUB, 1.860%, 01/15/38		72
1,752	Series 3422, Class LI, IO, 5.000%, 02/15/23		202
6,740	Series 3430, Class AI, IO, 1.417%, 09/15/12		88
3,864	Series 3437, Class AI, IO, 1.335%, 09/15/11		29
3,165	Series 3451, Class SA, IF, IO, 5.797%, 05/15/38		338
2,080	Series 3461, Class LZ, 6.000%, 06/15/38		2,359
3,211	Series 3481, Class SJ, IF, IO, 5.597%, 08/15/38		352
PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Collateralized Mortgage Obligations — Continued
	Agency CMO — Continued
3,595	Series 3505, Class SA, IF, IO, 5.747%, 01/15/39		368
2,844	Series 3511, Class IO, IO, 5.000%, 12/15/21		297
1,830	Series 3511, Class SA, IF, IO, 5.747%, 02/15/39		193
3,241	Series 3515, Class PI, IO, 5.500%, 07/15/37		432
6,431	Series 3531, Class SA, IF, IO, 6.047%, 05/15/39		727
2,713	Series 3537, Class MI, IO, 5.000%, 06/15/38		570
456	Series 3546, Class A, VAR, 5.974%, 02/15/39		486
2,997	Series 3549, Class FA, VAR, 1.453%, 07/15/39		3,062
3,219	Series 3564, Class JA, 4.000%, 01/15/18		3,420
3,807	Series 3572, Class JS, IF, IO, 6.547%, 09/15/39		597
1,600	Series 3607, Class BO, PO, 04/15/36		1,195
1,806	Series 3607, Class EO, PO, 02/15/33		1,711
3,020	Series 3611, Class PO, PO, 07/15/34		2,760
1,343	Series 3632, Class BS, IF, 16.655%, 02/15/40		1,812
2,916	Series 3666, Class VA, 5.500%, 12/15/22		3,263
7,911	Series 3680, Class MA, 4.500%, 07/15/39		8,493
2,702	Series 3688, Class CU, VAR, 6.823%, 11/15/21		2,906
4,837	Series 3688, Class GT, VAR, 7.149%, 11/15/46		5,205
9,668	Series 3688, Class NI, IO, 5.000%, 04/15/32		1,193
12,471	Series 3704, Class CT, 7.000%, 12/15/36		14,071
8,342	Series 3704, Class DT, 7.500%, 11/15/36		9,489
6,666	Series 3704, Class ET, 7.500%, 12/15/36		7,583
8,914	Series 3714, Class IP, IO, 5.000%, 08/15/40		1,519
5,165	Series 3740, Class SC, IF, IO, 5.747%, 10/15/40		720
2,000	Series R004, Class VG, 6.000%, 08/15/21		2,193
5,629	Series R007, Class ZA, 6.000%, 05/15/36		6,452
895	Series R012, Class AI, IO, 5.500%, 12/15/20		48
	Federal Home Loan Mortgage Corp. STRIPS,
3	Series 1, Class B, IO, 8.000%, 10/15/18		–	(h)
1	Series 16, Class B, IO, 10.000%, 06/01/20		–	(h)
17	Series 134, Class B, IO, 9.000%, 04/01/22		4
2,801	Series 191, Class IO, IO, 8.000%, 01/01/28		677
3,468	Series 233, Class 11, IO, 5.000%, 09/15/35		525
1,933	Series 233, Class 12, IO, 5.000%, 09/15/35		295
4,679	Series 233, Class 13, IO, 5.000%, 09/15/35		706
12,082	Series 239, Class S30, IF, IO, 7.447%, 08/15/36		1,612
1,720	Series 243, Class 16, IO, 4.500%, 11/15/20		186
2,760	Series 243, Class 17, IO, 4.500%, 12/15/20		310
	Federal Home Loan Mortgage Corp. Structured Pass-Through Securities,
470	Series T-41, Class 3A, VAR, 7.500%, 07/25/32 (m)		548
1,813	Series T-42, Class A5, 7.500%, 02/25/42		2,125
106	Series T-51, Class 1A, VAR, 6.500%, 09/25/43		122
127	Series T-51, Class 2A, VAR, 7.500%, 08/25/42		147
2,931	Series T-54, Class 2A, 6.500%, 02/25/43		3,363

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

1,436		Series T-54, Class 3A, 7.000%, 02/25/43		1,674
2,664		Series T-56, Class A5, 5.231%, 05/25/43		2,902
270		Series T-58, Class APO, PO, 09/25/43		197
270		Series T-59, Class 1AP, PO, 10/25/43		217
7,433		Series T-76, Class 2A, VAR, 4.781%, 10/25/37		7,704
		Federal National Mortgage Association Grantor Trust,
57		Series 2001-T10, Class PO, PO, 12/25/41		43
1,208		Series 2001-T12, Class A2, 7.500%, 08/25/41		1,445
1,279		Series 2001-T7, Class A1, 7.500%, 02/25/41		1,486
415		Series 2002-T16, Class A2, 7.000%, 07/25/42		490
755		Series 2002-T19, Class A2, 7.000%, 07/25/42		892
PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
535		Series 2002-T4, Class A2, 7.000%, 12/25/41		614
1,458		Series 2002-T4, Class A3, 7.500%, 12/25/41		1,650
1,658		Series 2004-T1, Class 1A1, 6.000%, 01/25/44		1,829
		Federal National Mortgage Association REMICS,
82		Series 1988-7, Class Z, 9.250%, 04/25/18		93
5		Series 1988-11, Class D, PO, 05/25/18		5
448		Series 1988-21, Class G, 9.500%, 08/25/18		517
4		Series 1988-29, Class B, 9.500%, 12/25/18		5
2		Series 1989-19, Class A, 10.300%, 04/25/19		2
6		Series 1989-21, Class G, 10.450%, 04/25/19		6
20		Series 1989-27, Class Y, 6.900%, 06/25/19		22
18		Series 1989-70, Class G, 8.000%, 10/25/19		22
10		Series 1989-78, Class H, 9.400%, 11/25/19		12
8		Series 1989-89, Class H, 9.000%, 11/25/19		10
7		Series 1990-60, Class K, 5.500%, 06/25/20		7
5		Series 1990-93, Class G, 5.500%, 08/25/20		6
—	(h)	Series 1990-95, Class J, HB, 1,118.040%, 08/25/20		5
45		Series 1990-102, Class J, 6.500%, 08/25/20		50
6		Series 1990-134, Class SC, HB, IF, 21.178%, 11/25/20		8
—	(h)	Series 1990-140, Class K, HB, 652.145%, 12/25/20		7
—	(h)	Series 1991-7, Class K, HB, 908.500%, 02/25/21		1
338		Series 1991-44, Class G, 8.500%, 05/25/21		412
—	(h)	Series 1991-60, Class PM, HB, 1,009.000%, 06/25/21		2
10		Series 1992-73, Class H, 7.500%, 05/25/22		10
16		Series 1992-101, Class J, 7.500%, 06/25/22		17
303		Series 1992-188, Class PZ, 7.500%, 10/25/22		346
342		Series 1993-25, Class J, 7.500%, 03/25/23		391
149		Series 1993-27, Class S, IF, 9.329%, 02/25/23		164
73		Series 1993-31, Class K, 7.500%, 03/25/23		86
644		Series 1993-54, Class Z, 7.000%, 04/25/23		726
34		Series 1993-62, Class SA, IF, 16.653%, 04/25/23		47
32		Series 1993-97, Class FA, VAR, 1.531%, 05/25/23		33
10		Series 1993-108, Class D, PO, 02/25/23		9
80		Series 1993-162, Class F, VAR, 1.231%, 08/25/23		82
13		Series 1993-165, Class SD, IF, 11.328%, 09/25/23		15
99		Series 1993-167, Class GA, 7.000%, 09/25/23		101
125		Series 1993-179, Class SB, HB, IF, 22.474%, 10/25/23		201
171		Series 1993-220, Class SG, IF, 15.437%, 11/25/13		195
42		Series 1993-225, Class SG, HB, IF, 26.331%, 12/25/13		54
25		Series 1993-228, Class G, PO, 09/25/23		21
18		Series 1993-230, Class FA, VAR, 0.881%, 12/25/23		19
398		Series 1993-250, Class Z, 7.000%, 12/25/23		427
129		Series 1993-257, Class C, PO, 06/25/23		125

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

1,678	Series 1994-26, Class J, PO, 01/25/24		1,398
197	Series 1994-37, Class L, 6.500%, 03/25/24		226
48	Series 1995-2, Class Z, 8.500%, 01/25/25		56
410	Series 1996-14, Class SE, IF, IO, 8.210%, 08/25/23		58
19	Series 1996-59, Class J, 6.500%, 08/25/22		22
135	Series 1997-20, Class IO, IO, VAR, 1.840%, 03/25/27		6
34	Series 1997-24, Class Z, 8.000%, 04/18/27		40
34	Series 1997-27, Class J, 7.500%, 04/18/27		38
625	Series 1997-46, Class Z, 7.500%, 06/17/27		737
32	Series 1997-81, Class PI, IO, 7.000%, 12/18/27		6
1,682	Series 1998-30, Class ZA, 6.500%, 05/20/28		1,929
91	Series 1998-36, Class J, 6.000%, 07/18/28		97
681	Series 1998-36, Class ZB, 6.000%, 07/18/28		763
PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Collateralized Mortgage Obligations — Continued
	Agency CMO — Continued
259	Series 1998-43, Class SA, IF, IO, 18.053%, 04/25/23		107
201	Series 1999-57, Class Z, 7.500%, 12/25/19		229
206	Series 1999-62, Class PB, 7.500%, 12/18/29		237
778	Series 2000-18, Class EC, PO, 10/25/23		693
31	Series 2000-52, Class IO, IO, 8.500%, 01/25/31		7
1,462	Series 2001-4, Class ZA, 6.500%, 03/25/31		1,643
129	Series 2001-5, Class OW, 6.000%, 03/25/16		135
192	Series 2001-7, Class PF, 7.000%, 03/25/31		220
267	Series 2001-31, Class VD, 6.000%, 05/25/31		269
351	Series 2001-33, Class ID, IO, 6.000%, 07/25/31		67
336	Series 2001-36, Class DE, 7.000%, 08/25/31		384
950	Series 2001-38, Class FB, VAR, 0.753%, 08/25/31		959
203	Series 2001-44, Class PD, 7.000%, 09/25/31		233
362	Series 2001-44, Class PU, 7.000%, 09/25/31		414
626	Series 2001-49, Class LZ, 8.500%, 07/25/31		766
268	Series 2001-52, Class XN, 6.500%, 11/25/15		290
1,185	Series 2001-53, Class FX, VAR, 0.603%, 10/25/31		1,189
960	Series 2001-61, Class Z, 7.000%, 11/25/31		1,100
440	Series 2001-71, Class QE, 6.000%, 12/25/16		475
254	Series 2001-72, Class SX, IF, 16.876%, 12/25/31		335
224	Series 2001-74, Class MB, 6.000%, 12/25/16		242
242	Series 2002-1, Class HC, 6.500%, 02/25/22		260
119	Series 2002-1, Class SA, HB, IF, 24.364%, 02/25/32		168
197	Series 2002-1, Class UD, HB, IF, 23.516%, 12/25/23		278
468	Series 2002-3, Class PG, 5.500%, 02/25/17		514
849	Series 2002-7, Class FD, VAR, 0.953%, 04/25/29		862
179	Series 2002-9, Class ST, IF, 18.712%, 03/25/17		231
1,476	Series 2002-11, Class QG, 5.500%, 03/25/17		1,595
1,147	Series 2002-13, Class SJ, IF, IO, 1.600%, 03/25/32		54
74	Series 2002-13, Class ST, IF, 10.000%, 03/25/32		83
2,045	Series 2002-18, Class PC, 5.500%, 04/25/17		2,160
436	Series 2002-19, Class PE, 6.000%, 04/25/17		470
2,423	Series 2002-30, Class Z, 6.000%, 05/25/32		2,702
152	Series 2002-37, Class Z, 6.500%, 06/25/32		172
3,000	Series 2002-42, Class C, 6.000%, 07/25/17		3,278
4,873	Series 2002-50, Class ZA, 6.000%, 05/25/31		5,443
996	Series 2002-55, Class QE, 5.500%, 09/25/17		1,092
2,933	Series 2002-56, Class UC, 5.500%, 09/25/17 (m)		3,194
1,067	Series 2002-62, Class ZE, 5.500%, 11/25/17		1,171
572	Series 2002-63, Class KC, 5.000%, 10/25/17		610
581	Series 2002-63, Class LB, 5.500%, 10/25/17		633

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

2,063	Series 2002-71, Class KM, 5.000%, 11/25/17		2,201
505	Series 2002-77, Class S, IF, 14.019%, 12/25/32		570
1,784	Series 2002-81, Class JO, PO, 04/25/32		1,735
31	Series 2002-91, Class UH, IO, 5.500%, 06/25/22		2
1,000	Series 2002-95, Class XD, 5.000%, 01/25/18		1,075
670	Series 2003-7, Class A1, 6.500%, 12/25/42		769
2,611	Series 2003-14, Class TI, IO, 5.000%, 03/25/33		353
1,036	Series 2003-22, Class UD, 4.000%, 04/25/33		1,104
960	Series 2003-23, Class CS, IF, IO, 7.847%, 05/25/31		66
2,704	Series 2003-26, Class XS, IF, IO, 6.797%, 03/25/23		333
961	Series 2003-27, Class DW, 4.500%, 04/25/17		987
4,311	Series 2003-33, Class IA, IO, 6.500%, 05/25/33		827
223	Series 2003-39, Class IO, IO, VAR, 6.000%, 05/25/33		40
2,408	Series 2003-41, Class PE, 5.500%, 05/25/23		2,736
3,938	Series 2003-44, Class IU, IO, 7.000%, 06/25/33		789
PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Collateralized Mortgage Obligations — Continued
	Agency CMO — Continued
2,368	Series 2003-45, Class AI, IO, 5.500%, 05/25/33		84
158	Series 2003-52, Class SX, HB, IF, 22.190%, 10/25/31		240
3	Series 2003-54, Class KH, 4.500%, 06/25/33		3
1,000	Series 2003-55, Class CD, 5.000%, 06/25/23		1,051
211	Series 2003-60, Class NJ, 5.000%, 07/25/21		215
126	Series 2003-67, Class VQ, 7.000%, 01/25/19		128
597	Series 2003-68, Class QP, 3.000%, 07/25/22		608
2,761	Series 2003-71, Class IM, IO, 5.500%, 12/25/31		304
2,262	Series 2003-72, Class IE, IO, 5.500%, 08/25/33		386
255	Series 2003-73, Class GA, 3.500%, 05/25/31		265
745	Series 2003-73, Class HF, VAR, 0.703%, 01/25/31		746
395	Series 2003-73, Class PB, 4.500%, 08/25/18		402
189	Series 2003-74, Class SH, IF, 9.714%, 08/25/33		188
1,684	Series 2003-76, Class SH, IF, 13.693%, 09/25/31		1,931
83	Series 2003-79, Class NM, 4.000%, 05/25/22		85
3,045	Series 2003-80, Class SY, IF, IO, 7.397%, 06/25/23		320
1,036	Series 2003-81, Class LC, 4.500%, 09/25/18		1,128
3,001	Series 2003-83, Class PG, 5.000%, 06/25/23		3,230
430	Series 2003-86, Class PX, 4.500%, 02/25/17		443
1,265	Series 2003-86, Class ZA, 5.500%, 09/25/33		1,410
1,000	Series 2003-88, Class TH, 4.500%, 09/25/18		1,090
1,431	Series 2003-91, Class BL, 5.000%, 02/25/29		1,438
377	Series 2003-91, Class SD, IF, 12.078%, 09/25/33		416
157	Series 2003-92, Class SH, IF, 9.188%, 09/25/18		160
3,705	Series 2003-105, Class AZ, 5.500%, 10/25/33		4,273
228	Series 2003-106, Class PO, PO, 08/25/17		222
1,257	Series 2003-106, Class US, IF, 8.695%, 11/25/23		1,259
3,985	Series 2003-106, Class WE, 4.500%, 11/25/22		4,300
1,920	Series 2003-116, Class SB, IF, IO, 7.347%, 11/25/33		337
2,545	Series 2003-117, Class JB, 3.500%, 06/25/33		2,674
3,000	Series 2003-120, Class BL, 3.500%, 12/25/18		3,139
777	Series 2003-122, Class TE, 5.000%, 12/25/22		844
1,129	Series 2003-123, Class YS, IF, IO, 6.847%, 03/25/24		17
562	Series 2003-128, Class KE, 4.500%, 01/25/14		584
624	Series 2003-130, Class SX, IF, 11.140%, 01/25/34		668
414	Series 2003-131, Class SK, IF, 15.693%, 01/25/34		498
407	Series 2003-132, Class OA, PO, 08/25/33		361
1,184	Series 2003-132, Class PI, IO, 5.500%, 08/25/33		199
1,569	Series 2004-4, Class QI, IF, IO, 6.847%, 06/25/33		244

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

392	Series 2004-4, Class QM, IF, 13.693%, 06/25/33		450
944	Series 2004-10, Class SC, HB, IF, 27.586%, 02/25/34		1,381
862	Series 2004-14, Class SD, IF, 8.695%, 03/25/34		847
887	Series 2004-17, Class H, 5.500%, 04/25/34		909
1,224	Series 2004-21, Class CO, PO, 04/25/34		1,002
560	Series 2004-22, Class A, 4.000%, 04/25/19		571
1,036	Series 2004-25, Class PB, 5.500%, 05/25/32		1,097
777	Series 2004-25, Class PC, 5.500%, 01/25/34		882
1,201	Series 2004-25, Class SA, IF, 18.828%, 04/25/34		1,553
1,370	Series 2004-27, Class HB, 4.000%, 05/25/19		1,467
3,876	Series 2004-28, Class PF, VAR, 0.653%, 03/25/34		3,895
777	Series 2004-36, Class PB, 5.500%, 05/25/32		829
957	Series 2004-36, Class SA, IF, 18.828%, 05/25/34		1,253
311	Series 2004-36, Class SN, IF, 13.693%, 07/25/33		352
1,578	Series 2004-46, Class EP, PO, 03/25/34		1,428
2,120	Series 2004-46, Class HS, IF, IO, 5.747%, 05/25/30		125
511	Series 2004-46, Class QB, HB, IF, 22.986%, 05/25/34		686
PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Collateralized Mortgage Obligations — Continued
	Agency CMO — Continued
414	Series 2004-46, Class SK, IF, 15.803%, 05/25/34		488
233	Series 2004-51, Class SY, IF, 13.733%, 07/25/34		271
183	Series 2004-53, Class NB, 5.500%, 02/25/21		185
1,554	Series 2004-53, Class NC, 5.500%, 07/25/24		1,661
1,069	Series 2004-59, Class BG, PO, 12/25/32		954
483	Series 2004-61, Class CO, PO, 10/25/31		478
287	Series 2004-61, Class SK, IF, 8.500%, 11/25/32		307
370	Series 2004-92, Class JO, PO, 12/25/34		369
2,667	Series 2005-7, Class LO, PO, 02/25/35		2,132
618	Series 2005-13, Class FL, VAR, 0.653%, 03/25/35		617
427	Series 2005-14, Class BA, 4.500%, 04/25/19		444
464	Series 2005-15, Class MO, PO, 03/25/35		397
1,275	Series 2005-45, Class BG, 4.500%, 06/25/25		1,287
129	Series 2005-47, Class AN, 5.000%, 12/25/16		130
545	Series 2005-52, Class PA, 6.500%, 06/25/35		598
2,605	Series 2005-56, Class S, IF, IO, 6.457%, 07/25/35		457
2,588	Series 2005-57, Class EG, VAR, 0.553%, 03/25/35		2,589
441	Series 2005-58, Class PO, PO, 07/25/35		367
585	Series 2005-66, Class SG, IF, 16.741%, 07/25/35		730
4,056	Series 2005-66, Class SV, IF, IO, 6.497%, 07/25/35		536
1,250	Series 2005-67, Class HG, 5.500%, 01/25/35		1,398
1,027	Series 2005-68, Class BC, 5.250%, 06/25/35		1,140
2,386	Series 2005-68, Class PG, 5.500%, 08/25/35		2,677
397	Series 2005-70, Class KI, IO, 5.500%, 08/25/35		20
526	Series 2005-73, Class PS, IF, 16.066%, 08/25/35		676
2,022	Series 2005-74, Class SK, IF, 19.433%, 05/25/35		2,793
2,039	Series 2005-84, Class XM, 5.750%, 10/25/35		2,291
844	Series 2005-88, Class QO, PO, 11/25/33		815
917	Series 2005-90, Class AO, PO, 10/25/35		832
2,389	Series 2005-90, Class ES, IF, 16.241%, 10/25/35		2,990
1,702	Series 2005-90, Class PO, PO, 09/25/35		1,526
187	Series 2005-96, Class BP, 5.900%, 02/25/15		188
749	Series 2005-103, Class SC, IF, 10.802%, 07/25/35		783
1,623	Series 2005-106, Class US, HB, IF, 23.637%, 11/25/35		2,423
1,710	Series 2005-109, Class PB, 6.000%, 01/25/34		1,814
2,826	Series 2005-110, Class GJ, 5.500%, 11/25/30		2,986
2,739	Series 2005-110, Class GK, 5.500%, 08/25/34		3,056

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

1,753	Series 2005-110, Class MJ, 5.500%, 01/25/33		1,873
2,397	Series 2005-110, Class MN, 5.500%, 06/25/35		2,697
1,302	Series 2005-116, Class PB, 6.000%, 04/25/34		1,427
4,500	Series 2005-118, Class ME, 6.000%, 01/25/32		4,658
6,000	Series 2005-118, Class PN, 6.000%, 01/25/32		6,618
2,803	Series 2005-123, Class FG, VAR, 0.703%, 07/25/34		2,801
830	Series 2006-15, Class OT, PO, 01/25/36		768
1,154	Series 2006-16, Class FC, VAR, 0.553%, 03/25/36		1,153
1,947	Series 2006-16, Class HZ, 5.500%, 03/25/36		2,160
811	Series 2006-23, Class KO, PO, 04/25/36		710
2,363	Series 2006-27, Class OH, PO, 04/25/36		2,086
1,068	Series 2006-33, Class ZB, 6.000%, 05/25/36		1,093
2,054	Series 2006-39, Class WC, 5.500%, 01/25/36		2,298
903	Series 2006-42, Class CF, VAR, 0.703%, 06/25/36		908
3,434	Series 2006-43, Class VB, 6.500%, 10/25/17		3,745
1,001	Series 2006-44, Class FP, VAR, 0.653%, 06/25/36		1,005
1,864	Series 2006-44, Class GO, PO, 06/25/36		1,608
5,530	Series 2006-44, Class P, PO, 12/25/33		4,914
1,712	Series 2006-46, Class UC, 5.500%, 12/25/35		1,917
PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Collateralized Mortgage Obligations — Continued
	Agency CMO — Continued
1,150	Series 2006-50, Class JO, PO, 06/25/36		1,026
1,940	Series 2006-50, Class PS, PO, 06/25/36		1,688
4,008	Series 2006-53, Class US, IF, IO, 6.327%, 06/25/36		566
2,384	Series 2006-56, Class FT, VAR, 1.003%, 07/25/36		2,208
844	Series 2006-58, Class AP, PO, 07/25/36		719
995	Series 2006-58, Class FL, VAR, 0.713%, 07/25/36		1,001
1,937	Series 2006-58, Class PO, PO, 07/25/36		1,654
462	Series 2006-59, Class CO, PO, 08/25/35		448
3,041	Series 2006-59, Class QO, PO, 01/25/33		2,888
1,175	Series 2006-60, Class DO, PO, 04/25/35		1,075
1,332	Series 2006-63, Class ZH, 6.500%, 07/25/36		1,648
771	Series 2006-65, Class QO, PO, 07/25/36		667
1,375	Series 2006-72, Class GO, PO, 08/25/36		1,188
926	Series 2006-72, Class HO, PO, 08/25/26		841
1,278	Series 2006-72, Class TO, PO, 08/25/36		1,086
6,848	Series 2006-77, Class PC, 6.500%, 08/25/36		7,747
1,760	Series 2006-78, Class BZ, 6.500%, 08/25/36		2,043
1,252	Series 2006-79, Class DO, PO, 08/25/36		1,088
1,186	Series 2006-86, Class OB, PO, 09/25/36		1,025
1,122	Series 2006-90, Class AO, PO, 09/25/36		1,018
7,643	Series 2006-94, Class GI, IF, IO, 6.397%, 10/25/26		966
320	Series 2006-94, Class GK, HB, IF, 31.983%, 10/25/26		483
1,480	Series 2006-110, Class PO, PO, 11/25/36		1,309
600	Series 2006-111, Class EO, PO, 11/25/36		512
1,582	Series 2006-113, Class PO, PO, 07/25/36		1,439
1,413	Series 2006-115, Class OK, PO, 12/25/36		1,175
3,920	Series 2006-117, Class GS, IF, IO, 6.397%, 12/25/36		452
905	Series 2006-118, Class A2, VAR, 0.313%, 12/25/36		894
1,526	Series 2006-119, Class PO, PO, 12/25/36		1,385
2,238	Series 2006-120, Class IO, IO, 6.500%, 12/25/36		418
2,674	Series 2006-120, Class PF, VAR, 0.503%, 12/25/36		2,671
2,214	Series 2006-126, Class AO, PO, 01/25/37		1,978
3,088	Series 2006-130, Class GI, IO, 6.500%, 07/25/32		568
290	Series 2007-1, Class SD, HB, IF, 37.479%, 02/25/37		486
2,750	Series 2007-7, Class SG, IF, IO, 6.247%, 08/25/36		332

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

7,426	Series 2007-14, Class ES, IF, IO, 6.187%, 03/25/37		1,006
1,395	Series 2007-14, Class OP, PO, 03/25/37		1,231
552	Series 2007-15, Class NO, PO, 03/25/22		508
2,342	Series 2007-16, Class FC, VAR, 1.003%, 03/25/37		2,339
3,117	Series 2007-16, Class FM, VAR, 0.483%, 03/25/37		3,114
2,267	Series 2007-22, Class SC, IF, IO, 5.827%, 03/25/37		205
1,500	Series 2007-24, Class GW, 5.500%, 03/25/29		1,663
315	Series 2007-39, Class EF, VAR, 0.503%, 05/25/37		309
717	Series 2007-43, Class FL, VAR, 0.553%, 05/25/37		717
1,500	Series 2007-47, Class PC, 5.000%, 07/25/33		1,596
3,142	Series 2007-54, Class FA, VAR, 0.653%, 06/25/37		3,156
5,145	Series 2007-54, Class WI, IF, IO, 5.847%, 06/25/37		672
2,817	Series 2007-60, Class AX, IF, IO, 6.897%, 07/25/37		460
2,500	Series 2007-61, Class PC, 5.500%, 07/25/34		2,759
3,005	Series 2007-64, Class FB, VAR, 0.623%, 07/25/37		3,021
8,167	Series 2007-65, Class KI, IF, IO, 6.367%, 07/25/37		921
13,907	Series 2007-72, Class EK, IF, IO, 6.147%, 07/25/37		1,825
2,644	Series 2007-75, Class EO, PO, 01/25/36		2,520
2,442	Series 2007-76, Class ZG, 6.000%, 08/25/37		2,769
3,065	Series 2007-77, Class FG, VAR, 0.753%, 03/25/37		3,090
1,500	Series 2007-78, Class CB, 6.000%, 08/25/37		1,701
PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Collateralized Mortgage Obligations — Continued
	Agency CMO — Continued
2,000	Series 2007-79, Class PB, 5.000%, 04/25/29		2,087
366	Series 2007-79, Class SB, HB, IF, 23.087%, 08/25/37		522
962	Series 2007-88, Class VI, IF, IO, 6.287%, 09/25/37		147
3,157	Series 2007-91, Class ES, IF, IO, 6.207%, 10/25/37		425
688	Series 2007-97, Class MS, IF, 14.202%, 12/25/31		736
751	Series 2007-98, Class VA, 6.000%, 11/25/17		823
6,224	Series 2007-100, Class SM, IF, IO, 6.197%, 10/25/37		831
8,906	Series 2007-101, Class A2, VAR, 0.503%, 06/27/36		8,845
1,039	Series 2007-106, Class A7, VAR, 6.037%, 10/25/37		1,111
7,000	Series 2007-112, Class GB, 5.500%, 12/25/22		7,919
7,292	Series 2007-112, Class SA, IF, IO, 6.197%, 12/25/37		1,025
14,000	Series 2007-114, Class A6, VAR, 0.453%, 10/27/37		13,975
6,851	Series 2007-116, Class HI, IO, VAR, 6.348%, 01/25/38		420
415	Series 2007-118, Class IO, IO, 6.000%, 06/25/36		47
5,375	Series 2008-1, Class BI, IF, IO, 5.657%, 02/25/38		628
1,892	Series 2008-10, Class XI, IF, IO, 5.977%, 03/25/38		215
1,592	Series 2008-12, Class IV, IO, 6.500%, 04/25/31		183
5,142	Series 2008-16, Class IS, IF, IO, 5.947%, 03/25/38		572
2,994	Series 2008-19, Class IC, IO, 5.000%, 03/25/23		320
3,480	Series 2008-20, Class SA, IF, IO, 6.737%, 03/25/38		509
3,046	Series 2008-24, Class PF, VAR, 0.903%, 02/25/38		3,078
1,222	Series 2008-27, Class SN, IF, IO, 6.647%, 04/25/38		163
2,010	Series 2008-32, Class SA, IF, IO, 6.597%, 04/25/38		260
11,343	Series 2008-35, Class AI, IO, VAR, 0.827%, 01/25/12		32
5,506	Series 2008-35, Class IM, IO, VAR, 0.642%, 10/25/16		57
4,738	Series 2008-36, Class IA, IO, 4.500%, 10/25/22		361
549	Series 2008-44, Class PO, PO, 05/25/38		488
4,102	Series 2008-47, Class SI, IF, IO, 6.247%, 06/25/23		508
6,000	Series 2008-51, Class BC, 4.500%, 06/25/23		6,535
2,013	Series 2008-53, Class CI, IF, IO, 6.947%, 07/25/38		292
460	Series 2008-59, Class IG, IO, 5.500%, 11/25/34		29
2,786	Series 2008-76, Class GF, VAR, 0.903%, 09/25/23		2,808
941	Series 2008-80, Class GP, 6.250%, 09/25/38		1,052

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

3,710		Series 2008-80, Class SA, IF, IO, 5.597%, 09/25/38		382
1,555		Series 2008-81, Class SB, IF, IO, 5.597%, 09/25/38		169
2,000		Series 2008-95, Class BA, 5.000%, 01/25/24		2,217
813		Series 2009-4, Class BD, 4.500%, 02/25/39		851
1,771		Series 2009-6, Class GS, IF, IO, 6.297%, 02/25/39		247
4,141		Series 2009-9, Class IO, IO, 5.000%, 02/25/24		474
3,244		Series 2009-12, Class IO, IO, 4.500%, 03/25/24		338
1,559		Series 2009-12, Class NI, IO, 5.500%, 08/25/22		117
2,501		Series 2009-14, Class YI, IO, 5.000%, 07/25/22		29
5,975		Series 2009-17, Class QS, IF, IO, 6.397%, 03/25/39		809
2,500		Series 2009-19, Class IP, IO, 5.500%, 10/25/36		771
1,217		Series 2009-47, Class MT, 7.000%, 07/25/39		1,365
4,369		Series 2009-52, Class PI, IO, 5.000%, 07/25/39		657
714		Series 2009-63, Class P, 5.000%, 03/25/37		766
1,119		Series 2009-69, Class PO, PO, 09/25/39		990
948		Series 2009-79, Class UA, 7.000%, 03/25/38		1,064
4,851		Series 2009-84, Class WS, IF, IO, 5.647%, 10/25/39		503
4,818		Series 2009-86, Class IP, IO, 5.500%, 10/25/39		699
4,346		Series 2009-86, Class OT, PO, 10/25/37		3,667
9,225		Series 2009-86, Class UI, IO, 4.000%, 10/25/14		685
3,037		Series 2009-99, Class SC, IF, IO, 5.927%, 12/25/39		329
1,794		Series 2009-99, Class WA, VAR, 6.295%, 12/25/39		2,061
9,240		Series 2009-103, Class MB, 4.000%, 12/25/39		9,756
PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
5,907		Series 2009-112, Class ST, IF, IO, 5.997%, 01/25/40		619
6,636		Series 2010-1, Class WA, VAR, 6.132%, 02/25/40 (m)		7,456
3,630		Series 2010-16, Class WA, 6.428%, 03/25/40		4,059
3,924		Series 2010-16, Class WB, 6.237%, 03/25/40		4,436
4,391		Series 2010-23, Class KS, IF, IO, 6.847%, 02/25/40		615
6,789		Series 2010-35, Class SB, IF, IO, 6.167%, 04/25/40		880
1,674		Series 2010-39, Class OT, PO, 10/25/35		1,513
3,963		Series 2010-42, Class S, IF, IO, 6.147%, 05/25/40		517
2,398		Series 2010-47, Class AV, 5.000%, 05/25/21		2,657
2,879		Series 2010-49, Class SC, IF, 12.153%, 03/25/40		3,416
2,078		Series 2010-61, Class WA, 5.950%, 06/25/40		2,122
12,115		Series 2010-64, Class DM, 5.000%, 06/25/40 (m)		13,261
8,099		Series 2010-68, Class SA, IF, IO, 4.747%, 07/25/40		701
14,721		Series 2010-111, Class AE, 5.500%, 04/25/38		16,013
2,000		Series 2010-111, Class AM, 5.500%, 10/25/40		2,224
9,702		Series 2010-111, Class WA, 6.031%, 10/25/40		10,851
7,961		Series 2010-125, Class SA, IF, IO, 4.187%, 11/25/40		681
5,970		Series 2010-133, Class A, 5.500%, 05/25/38		6,553
3,900		Series 2010-139, Class SA, IF, 5.777%, 12/25/40 (d)		4,054
10		Series G92-4, Class F, VAR, 2.170%, 12/25/21		10
119		Series G92-7, Class JQ, 8.500%, 01/25/22		145
24		Series G92-12, Class B, 7.700%, 02/25/22		28
36		Series G92-14, Class Z, 7.000%, 02/25/22		40
23		Series G92-15, Class Z, 7.000%, 01/25/22		23
—	(h)	Series G92-27, Class SQ, HB, IF, 1,698.030%, 05/25/22		17
24		Series G92-42, Class Z, 7.000%, 07/25/22		28
764		Series G92-44, Class ZQ, 8.000%, 07/25/22		925
133		Series G92-54, Class ZQ, 7.500%, 09/25/22		153
237		Series G92-61, Class Z, 7.000%, 10/25/22		268
25		Series G92-62, Class B, PO, 10/25/22		23
155		Series G93-1, Class KA, 7.900%, 01/25/23		182

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

103	Series G93-17, Class SI, IF, 6.000%, 04/25/23		105
841	Series G94-7, Class PJ, 7.500%, 05/17/24		1,007
138	Series G97-2, Class ZA, 8.500%, 02/17/27		165
	Federal National Mortgage Association STRIPS,
13	Series 23, Class 2, IO, 10.000%, 09/01/17		2
9	Series 59, Class 2, IO, 9.500%, 07/01/17		2
565	Series 213, Class 2, IO, 8.000%, 03/01/23		117
18	Series 265, Class 2, 9.000%, 03/01/24		22
41	Series 285, Class 1, PO, 02/01/27		37
1,272	Series 293, Class 1, PO, 12/01/24		1,141
943	Series 331, Class 13, IO, 7.000%, 02/01/33		195
2,708	Series 339, Class 18, IO, 4.500%, 07/01/18		259
2,765	Series 339, Class 21, IO, 4.500%, 07/01/18		270
2,263	Series 339, Class 28, IO, 5.500%, 07/01/18		253
5,007	Series 345, Class 24, IO, VAR, 5.000%, 08/01/22		554
1,196	Series 345, Class 6, IO, VAR, 5.000%, 12/01/33		184
1,744	Series 351, Class 7, IO, VAR, 5.000%, 04/01/34		266
2,445	Series 356, Class 3, IO, 5.000%, 01/01/35		387
3,919	Series 356, Class 39, IO, 5.000%, 01/01/20		470
3,678	Series 365, Class 8, IO, 5.500%, 05/01/36		549
754	Series 368, Class 3, IO, 4.500%, 11/01/20		78
1,408	Series 374, Class 5, IO, 5.500%, 08/01/36		209
4,422	Series 383, Class 32, IO, 6.000%, 01/01/38		502
634	Series 393, Class 6, IO, 5.500%, 04/25/37		58
	Federal National Mortgage Association Whole Loan,
2,163	Series 2001-W3, Class A, VAR, 7.000%, 09/25/41		2,484
PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Collateralized Mortgage Obligations — Continued
	Agency CMO — Continued
10,398	Series 2002-W10, Class IO, IO, VAR, 0.981%, 08/25/42		479
15	Series 2002-W5, Class A10, IF, IO, 7.847%, 11/25/30		—	(h)
627	Series 2003-W1, Class 1A1, 6.500%, 12/25/42		720
356	Series 2003-W1, Class 2A, VAR, 7.500%, 12/25/42		413
945	Series 2003-W18, Class 1A6, 5.370%, 08/25/43		1,026
700	Series 2003-W2, Class 1A1, 6.500%, 07/25/42		803
126	Series 2003-W4, Class 2A, 6.500%, 10/25/42		144
871	Series 2003-W8, Class 2A, 7.000%, 10/25/42		1,028
881	Series 2003-W8, Class 3F1, VAR, 0.653%, 05/25/42		875
1,072	Series 2004-W1, Class 2A2, 7.000%, 12/25/33		1,231
1,337	Series 2004-W2, Class 2A2, 7.000%, 02/25/44		1,578
1,363	Series 2005-W3, Class 2AF, VAR, 0.473%, 03/25/45		1,362
1,157	Series 2005-W4, Class 1A1, 6.000%, 08/25/35		1,297
4,702	Series 2005-W4, Class 3A, VAR, 3.627%, 06/25/35		4,869
1,584	Series 2006-W2, Class 1AF1, VAR, 0.473%, 02/25/36		1,567
1,017	Series 2006-W3, Class 1AF1, VAR, 0.493%, 10/25/46		1,016
1,247	Series 2006-W3, Class 2A, 6.000%, 09/25/46		1,373
14,922	Series 2007-W1, Class 1AF1, VAR, 0.513%, 11/25/46 (m)		14,798
2,941	Series 2007-W3, Class 1A3, 6.750%, 04/25/37		3,373
457	Series 2007-W7, Class 1A4, HB, IF, 37.659%, 07/25/37		774
8,017	Series 2009-W1, Class A, 6.000%, 12/25/49		8,843
	Government National Mortgage Association,
108	Series 1994-4, Class KQ, 7.988%, 07/16/24		129
1,644	Series 1994-7, Class PQ, 6.500%, 10/16/24		1,899
230	Series 1996-16, Class E, 7.500%, 08/16/26 (m)		269
45	Series 1997-2, Class E, 7.500%, 02/20/27		54
52	Series 1997-11, Class D, 7.500%, 07/20/27		62
93	Series 1998-26, Class K, 7.500%, 09/17/25		110
528	Series 1999-4, Class ZB, 6.000%, 02/20/29		583

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

	162	Series 1999-41, Class Z, 8.000%, 11/16/29		193
	20	Series 1999-43, Class TA, IF, 9.350%, 11/16/29		25
	95	Series 1999-44, Class PC, 7.500%, 12/20/29		112
	464	Series 1999-44, Class ZG, 8.000%, 12/20/29		555
	274	Series 2000-6, Class Z, 7.500%, 02/20/30		317
	418	Series 2000-7, Class ST, HB, IF, 38.230%, 01/16/30		869
	187	Series 2000-9, Class Z, 8.000%, 06/20/30		225
	1,060	Series 2000-9, Class ZJ, 8.500%, 02/16/30		1,291
	780	Series 2000-10, Class ZP, 7.500%, 02/16/30		883
	415	Series 2000-12, Class ST, HB, IF, 38.230%, 02/16/30		813
	105	Series 2000-16, Class ZN, 7.500%, 02/16/30		116
	957	Series 2000-21, Class Z, 9.000%, 03/16/30		1,165
	153	Series 2000-26, Class Z, 7.750%, 09/20/30		184
	57	Series 2000-36, Class HC, 7.330%, 11/20/30		68
	32	Series 2000-36, Class IK, IO, 9.000%, 11/16/30		8
	169	Series 2000-38, Class AH, 7.150%, 12/20/30		198
	1,806	Series 2001-21, Class PE, 6.500%, 05/16/31		2,069
	300	Series 2001-31, Class SJ, HB, IF, 27.113%, 02/20/31		484
	22	Series 2001-32, Class WA, IF, 19.491%, 07/20/31		34
	201	Series 2001-35, Class SA, IF, IO, 7.997%, 08/16/31		42
	187	Series 2001-36, Class S, IF, IO, 7.797%, 08/16/31		43
	1,237	Series 2001-53, Class SR, IF, IO, 7.897%, 10/20/31		158
	70	Series 2001-55, Class SF, HB, IF, 25.404%, 11/20/31		104
	777	Series 2002-4, Class TD, 7.000%, 01/20/32		911
	214	Series 2002-7, Class PG, 6.500%, 01/20/32		248
	808	Series 2002-24, Class AG, IF, IO, 7.697%, 04/16/32		184
	221	Series 2002-24, Class SB, IF, 11.545%, 04/16/32		241
PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	629	Series 2002-24, Class Z, 8.500%, 04/16/32		765
	1,656	Series 2002-31, Class SE, IF, IO, 7.247%, 04/16/30		300
	67	Series 2002-33, Class SY, IF, 9.000%, 02/26/23		84
	553	Series 2002-40, Class UK, 6.500%, 06/20/32		639
	147	Series 2002-41, Class LS, IF, 9.000%, 06/16/32		164
	323	Series 2002-45, Class QE, 6.500%, 06/20/32		366
	403	Series 2002-47, Class PG, 6.500%, 07/16/32		466
	54	Series 2002-51, Class SG, HB, IF, 31.402%, 04/20/31		96
	217	Series 2002-54, Class GB, 6.500%, 08/20/32		240
	339	Series 2002-69, Class PO, PO, 02/20/32		329
	264	Series 2002-70, Class AV, 6.000%, 03/20/12		270
	506	Series 2002-70, Class PS, IF, IO, 7.447%, 08/20/32		65
	100	Series 2002-88, Class VA, 6.000%, 12/20/17		100
	1,115	Series 2002-92, Class TK, IO, 5.500%, 05/16/31		53
	369	Series 2003-4, Class NI, IO, 5.500%, 01/20/32		24
	354	Series 2003-4, Class NY, 5.500%, 12/20/13		379
	666	Series 2003-8, Class PO, PO, 01/16/32		659
	1,872	Series 2003-11, Class SK, IF, IO, 7.447%, 02/16/33		367
	4,539	Series 2003-12, Class VI, IO, 5.500%, 10/17/22		743
	51	Series 2003-24, Class PO, PO, 03/16/33		43
	726	Series 2003-34, Class TO, PO, 02/16/32		721
	1,813	Series 2003-41, Class ID, IO, 5.500%, 05/20/33		325
	2,686	Series 2003-46, Class IH, IO, 5.500%, 12/20/32		297
	607	Series 2003-76, Class LS, IF, IO, 6.947%, 09/20/31		52
	115	Series 2003-90, Class PO, PO, 10/20/33		99
	119	Series 2003-98, Class PC, 5.000%, 02/20/29		119
	1,671	Series 2003-112, Class SA, IF, IO, 6.297%, 12/16/33		279
	6,000	Series 2003-112, Class TS, IF, IO, 6.697%, 10/20/32		935

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
	Agency CMO — Continued
5,062	Series 2004-11, Class SW, IF, IO, 5.247%, 02/20/34		695
384	Series 2004-15, Class SA, IF, 18.966%, 12/20/32		454
288	Series 2004-24, Class SA, IF, IO, 6.947%, 04/16/31		2
299	Series 2004-28, Class S, IF, 18.966%, 04/16/34		389
662	Series 2004-34, Class SZ, IF, 7.500%, 02/20/34		714
667	Series 2004-46, Class AO, PO, 06/20/34		592
4,113	Series 2004-59, Class SG, IF, IO, 6.247%, 07/20/34		624
1,052	Series 2004-68, Class PO, PO, 05/20/31		1,029
226	Series 2004-71, Class ST, IF, 7.000%, 09/20/34		219
318	Series 2004-73, Class AE, IF, 14.332%, 08/17/34		375
4,788	Series 2004-73, Class JL, IF, IO, 6.297%, 09/16/34		874
1,465	Series 2004-85, Class PO, PO, 01/17/33		1,420
2,436	Series 2004-90, Class SI, IF, IO, 5.847%, 10/20/34		298
2,049	Series 2005-3, Class SB, IF, IO, 5.847%, 01/20/35		255
4,060	Series 2005-17, Class SL, IF, IO, 6.447%, 07/20/34		718
700	Series 2005-26, Class VI, IO, 5.500%, 01/20/35		148
320	Series 2005-35, Class FL, VAR, 0.603%, 03/20/32		319
3,287	Series 2005-58, Class NI, IO, 5.500%, 08/20/35		740
1,027	Series 2005-68, Class DP, IF, 15.823%, 06/17/35		1,322
4,983	Series 2005-68, Class KI, IF, IO, 6.047%, 09/20/35		595
1,166	Series 2005-69, Class SY, IF, IO, 6.497%, 11/20/33		208
1,328	Series 2005-72, Class AZ, 5.500%, 09/20/35		1,501
2,059	Series 2005-85, Class IO, IO, 5.500%, 01/16/35		298
470	Series 2005-93, Class JO, PO, 03/20/31		469
1,030	Series 2006-16, Class OP, PO, 03/20/36		925
793	Series 2006-34, Class PO, PO, 07/20/36		717
3,023	Series 2006-38, Class SW, IF, IO, 6.247%, 06/20/36		357
855	Series 2006-59, Class SD, IF, IO, 6.447%, 10/20/36		116
3,044	Series 2007-9, Class DI, IF, IO, 6.257%, 03/20/37		407
944	Series 2007-17, Class AF, VAR, 0.453%, 04/16/37		941
4,683	Series 2007-17, Class JI, IF, IO, 6.557%, 04/16/37		665
644	Series 2007-17, Class JO, PO, 04/16/37		577
567	Series 2007-25, Class FN, VAR, 0.553%, 05/16/37		565
3,987	Series 2007-26, Class SC, IF, IO, 5.947%, 05/20/37		459
9,569	Series 2007-26, Class SW, IF, IO, 5.947%, 05/20/37		1,098
1,552	Series 2007-27, Class MI, IO, 5.500%, 09/20/36		146
182	Series 2007-28, Class BO, PO, 05/20/37		165
423	Series 2007-35, Class TO, PO, 04/20/35		397
167	Series 2007-36, Class HO, PO, 06/16/37		150
3,348	Series 2007-36, Class SE, IF, IO, 6.217%, 06/16/37		443
5,288	Series 2007-36, Class SG, IF, IO, 6.217%, 06/20/37		620
2,872	Series 2007-40, Class SD, IF, IO, 6.497%, 07/20/37		366
2,835	Series 2007-42, Class SB, IF, IO, 6.497%, 07/20/37		375
1,235	Series 2007-45, Class QA, IF, IO, 6.387%, 07/20/37		160
2,841	Series 2007-50, Class AI, IF, IO, 6.522%, 08/20/37		410
569	Series 2007-53, Class SW, IF, 19.445%, 09/20/37		727
2,899	Series 2007-57, Class PO, PO, 03/20/37		2,610
2,811	Series 2007-57, Class QA, IF, IO, 6.247%, 10/20/37		345
2,000	Series 2007-70, Class TA, 5.750%, 08/20/36		2,180
4,021	Series 2007-71, Class SB, IF, IO, 6.447%, 07/20/36		441
5,242	Series 2007-74, Class SL, IF, IO, 6.287%, 11/16/37		753
2,728	Series 2007-76, Class SA, IF, IO, 6.277%, 11/20/37		336
4,097	Series 2007-79, Class SY, IF, IO, 6.297%, 12/20/37		501

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

1,401	Series 2007-81, Class SP, IF, IO, 6.397%, 12/20/37		175
1,099	Series 2007-82, Class SA, IF, IO, 6.277%, 12/20/37		134
1,994	Series 2008-2, Class MS, IF, IO, 6.907%, 01/16/38		224
PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
	Agency CMO — Continued
1,405	Series 2008-10, Class S, IF, IO, 5.577%, 02/20/38		148
4,915	Series 2008-13, Class PI, IO, 5.500%, 02/16/38		721
1,291	Series 2008-20, Class PO, PO, 09/20/37		1,192
1,394	Series 2008-23, Class IO, IO, 6.000%, 02/20/37		141
2,852	Series 2008-25, Class SB, IF, IO, 6.647%, 03/20/38		347
1,327	Series 2008-29, Class PO, PO, 02/17/33		1,214
2,859	Series 2008-32, Class PI, IO, 5.500%, 10/16/37		394
1,235	Series 2008-33, Class XS, IF, IO, 7.447%, 04/16/38		172
1,500	Series 2008-36, Class AY, 5.000%, 04/16/23		1,665
3,007	Series 2008-36, Class SH, IF, IO, 6.047%, 04/20/38		276
6,851	Series 2008-40, Class SA, IF, IO, 6.147%, 05/16/38		989
3,297	Series 2008-41, Class SA, IF, IO, 6.087%, 05/20/38		377
826	Series 2008-47, Class V, 5.500%, 05/16/19		939
1,944	Series 2008-55, Class SA, IF, IO, 5.947%, 06/20/38		215
1,666	Series 2008-60, Class PO, PO, 01/20/38		1,577
8,371	Series 2008-62, Class SA, IF, IO, 5.897%, 07/20/38		814
3,165	Series 2008-64, Class ED, 6.500%, 04/20/28		3,403
928	Series 2008-71, Class SC, IF, IO, 5.747%, 08/20/38		101
2,372	Series 2008-93, Class AS, IF, IO, 5.447%, 12/20/38		236
1,969	Series 2008-96, Class SL, IF, IO, 5.747%, 12/20/38		204
3,055	Series 2009-6, Class SA, IF, IO, 5.847%, 02/16/39		294
4,556	Series 2009-10, Class SA, IF, IO, 5.697%, 02/20/39		502
3,500	Series 2009-10, Class SL, IF, IO, 6.247%, 03/16/34		445
5,000	Series 2009-12, Class IE, IO, 5.500%, 03/20/39		1,250
2,459	Series 2009-14, Class KI, IO, 6.500%, 03/20/39		308
2,595	Series 2009-14, Class NI, IO, 6.500%, 03/20/39		326
3,731	Series 2009-24, Class DS, IF, IO, 6.047%, 03/20/39		323
1,832	Series 2009-25, Class SE, IF, IO, 7.347%, 09/20/38		242
1,443	Series 2009-33, Class CI, IO, 5.500%, 05/20/39		214
2,470	Series 2009-33, Class TI, IO, 6.000%, 05/20/39		370
2,052	Series 2009-38, Class IO, IO, 5.000%, 09/16/31		164
6,363	Series 2009-42, Class SC, IF, IO, 5.827%, 06/20/39		664
3,252	Series 2009-43, Class SA, IF, IO, 5.697%, 06/20/39		342
901	Series 2009-44, Class VA, 5.500%, 05/16/20		1,001
7,129	Series 2009-64, Class SN, IF, IO, 5.847%, 07/16/39		755
1,328	Series 2009-65, Class IQ, IO, 6.000%, 12/20/38		171
5,655	Series 2009-67, Class SA, IF, IO, 5.797%, 08/16/39		584
930	Series 2009-79, Class OK, PO, 11/16/37		842
6,669	Series 2009-83, Class TS, IF, IO, 5.847%, 08/20/39		677
13,566	Series 2009-102, Class SM, IF, IO, 6.147%, 06/16/39		1,546
1,848	Series 2009-104, Class AB, 7.000%, 08/16/39		2,159
5,848	Series 2009-106, Class AS, IF, IO, 6.147%, 11/16/39		731
7,431	Series 2009-106, Class ST, IF, IO, 5.747%, 02/20/38		895
879	Series 2010-14, Class AO, PO, 12/20/32		822
878	Series 2010-14, Class BO, PO, 11/20/35		783
2,500	Series 2010-14, Class CO, PO, 08/20/35		2,082
7,741	Series 2010-14, Class QP, 6.000%, 12/20/39		8,403
4,589	Series 2010-41, Class WA, VAR, 5.863%, 10/20/33		5,128
2,856	Series 2010-103, Class WA, VAR, 5.770%, 08/20/34		3,195
3,000	Series 2010-129, Class AW, VAR, 6.147%, 04/20/37		3,367
3,922	Series 2010-130, Class CP, 7.000%, 10/16/40		4,459

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

7,880	NCUA Guaranteed Notes, Series 2010-C1, Class APT, 2.650%, 10/29/20		7,844
	Vendee Mortgage Trust,
6,703	Series 1994-1, Class 2ZB, 6.500%, 02/15/24		7,746
848	Series 1996-1, Class 1Z, 6.750%, 02/15/26		980
472	Series 1996-2, Class 1Z, 6.750%, 06/15/26		553
PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
	Agency CMO — Continued
927	Series 1997-1, Class 2Z, 7.500%, 02/15/27		1,101
700	Series 1998-1, Class 2E, 7.000%, 03/15/28		816
			1,046,496
	Non-Agency CMO — 25.8%
	ABN Amro Mortgage Corp.,
232	Series 2003-6, Class 2A1, 4.644%, 05/25/18		234
106	Series 2003-7, Class A3, 4.500%, 07/25/18		108
90	Series 2003-9, Class A2, 4.500%, 08/25/18		90
	American General Mortgage Loan Trust,
1,673	Series 2006-1, Class A5, VAR, 5.750%, 12/25/35 (e)		1,791
4,000	Series 2009-1, Class A4, VAR, 5.750%, 09/25/48 (e)		4,148
3,000	Series 2009-1, Class A5, VAR, 5.750%, 09/25/48 (e)		3,130
5,300	Series 2009-1, Class A7, VAR, 5.750%, 09/25/48 (e)		5,273
3,053	Series 2010-1A, Class A1, VAR, 5.150%, 03/25/58 (e)		3,176
1,712	American Home Mortgage Investment Trust, Series 2005-3, Class 2A4, VAR, 2.159%, 09/25/35		754
	ASG Resecuritization Trust,
1,591	Series 2009-1, Class A60, VAR, 5.434%, 06/26/37 (e)		1,615
2,219	Series 2009-2, Class A55, VAR, 5.510%, 05/24/36 (e)		2,252
5,364	Series 2009-3, Class A65, VAR, 5.595%, 03/26/37 (e)		5,399
5,708	Series 2009-4, Class A60, 6.000%, 06/28/37 (e)		5,807
4,738	Series 2010-1, Class A85, VAR, 0.655%, 02/27/36 (e)		4,442
10,494	Series 2010-2, Class A60, VAR, 5.159%, 01/28/37 (e)		10,494
3,979	Series 2010-3, Class 2A22, VAR, 0.421%, 10/28/36 (e)		3,919
979	Series 2010-4, Class 2A20, VAR, 0.403%, 11/28/36 (e)		955
	Banc of America Alternative Loan Trust,
341	Series 2003-3, Class APO, PO, 05/25/33		227
2,676	Series 2003-7, Class 2A4, 5.000%, 09/25/18		2,755
1,062	Series 2003-9, Class 1CB2, 5.500%, 11/25/33		1,086
908	Series 2003-11, Class 2A1, 6.000%, 01/25/34		936
457	Series 2003-11, Class PO, PO, 01/25/34		337
1,180	Series 2004-1, Class 1A1, 6.000%, 02/25/34		1,215
426	Series 2004-1, Class 5A1, 5.500%, 02/25/19		427
1,214	Series 2004-6, Class 3A2, 6.000%, 07/25/34		1,239
4,553	Series 2005-1, Class CBIO, IO, 5.500%, 02/25/35		1,055
4,010	Series 2005-12, Class CBIO, IO, 5.750%, 01/25/36		894
	Banc of America Funding Corp.,
477	Series 2003-3, Class 1A33, 5.500%, 10/25/33		482
406	Series 2004-1, Class PO, PO, 03/25/34		300
1,770	Series 2004-3, Class 1A1, 5.500%, 10/25/34		1,813
292	Series 2004-3, Class 1A7, 5.500%, 10/25/34		297
2,103	Series 2004-C, Class 1A1, VAR, 5.024%, 12/20/34		2,177
2,255	Series 2005-1, Class 30IO, IO, 5.500%, 02/25/35		390
503	Series 2005-4, Class 30PO, PO, 08/25/35		333
1,336	Series 2005-6, Class 2A7, 5.500%, 10/25/35		1,249
203	Series 2005-7, Class 30PO, PO, 11/25/35		109
1,000	Series 2005-8, Class 30PO, PO, 01/25/36		519
1,992	Series 2005-E, Class 4A1, VAR, 2.859%, 03/20/35		1,929
1,096	Series 2010-R4, Class 5A1, VAR, 0.403%, 07/26/36 (e)		1,059
3,972	Series 2010-R5, Class 5A6, VAR, 0.556%, 05/26/37 (e)		3,965
689	Series 2010-R7, Class A1, VAR, 0.433%, 06/25/46 (e) (f) (i)		667
	Banc of America Mortgage Securities, Inc.,

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

574	Series 2003-3, Class 2A1, VAR, 0.803%, 05/25/18		555
1,646	Series 2003-6, Class 2A1, VAR, 0.703%, 08/25/18		1,612
1,203	Series 2003-8, Class 2A5, 5.000%, 11/25/18		1,249
216	Series 2003-8, Class APO, PO, 11/25/33		159
179	Series 2003-9, Class 1A2, PO, 12/25/33		137
1,625	Series 2003-A, Class 4A1, VAR, 3.226%, 02/25/33		1,603
PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
	Non-Agency CMO — Continued
1,203	Series 2003-C, Class 3A1, VAR, 3.027%, 04/25/33		1,236
2,402	Series 2003-E, Class 2A2, VAR, 2.870%, 06/25/33 (a)		2,289
4,484	Series 2004-3, Class 15IO, IO, VAR, 0.230%, 04/25/19		8
3,000	Series 2004-3, Class 1A26, 5.500%, 04/25/34		3,158
332	Series 2004-4, Class 1A9, 5.000%, 05/25/34		338
274	Series 2004-4, Class APO, PO, 05/25/34		211
36,815	Series 2004-5, Class 15IO, IO, VAR, 0.240%, 06/25/19		70
424	Series 2004-6, Class APO, PO, 07/25/34		311
205	Series 2004-9, Class 3A1, 6.500%, 09/25/32		215
1,686	Series 2004-C, Class 2A2, VAR, 3.008%, 04/25/34		1,685
1,508	Series 2004-J, Class 3A1, VAR, 5.097%, 11/25/34		1,398
	BCAP LLC Trust,
1,976	Series 2009-RR10, Class 17A1, 5.750%, 06/26/37 (e)		1,986
929	Series 2009-RR13, Class 11A1, VAR, 5.250%, 05/26/37 (e)		924
2,000	Series 2009-RR14, Class 3A2, VAR, 2.914%, 08/26/35 (e)		1,900
1,492	Series 2009-RR14, Class 4A1, VAR, 5.489%, 03/26/36 (e)		1,478
2,584	Series 2009-RR5, Class 8A1, 5.500%, 11/26/34 (e)		2,635
2,004	Series 2010-RR4, Class 2A1, VAR, 1.003%, 06/26/37 (e)		1,944
2,382	Series 2010-RR5, Class 1A4, VAR, 5.000%, 11/26/37 (e)		2,394
3,800	Series 2010-RR5, Class 2A5, VAR, 5.183%, 04/26/37 (e)		3,781
2,046	Series 2010-RR6, Class 5A1, VAR, 5.500%, 11/26/37 (e)		2,057
4,583	Series 2010-RR7, Class 15A1, VAR, 1.056%, 01/26/36 (e)		4,240
2,244	Series 2010-RR7, Class 16A1, VAR, 1.042%, 02/26/47 (e)		2,098
6,619	Series 2010-RR7, Class 1A5, VAR, 5.024%, 04/26/35 (e)		6,668
12,157	Series 2010-RR7, Class 2A1, VAR, 4.952%, 07/26/45 (e)		12,278
1,776	Series 2010-RR8, Class 3A3, VAR, 5.121%, 05/26/35 (e)		1,821
	Bear Stearns Adjustable Rate Mortgage Trust,
1,270	Series 2003-4, Class 3A1, VAR, 5.006%, 07/25/33		1,303
460	Series 2003-7, Class 3A, VAR, 2.818%, 10/25/33		451
993	Series 2004-1, Class 12A1, VAR, 3.126%, 04/25/34		914
1,735	Series 2004-2, Class 14A, VAR, 5.153%, 05/25/34		1,787
2,855	Series 2005-5, Class A1, VAR, 2.340%, 08/25/35		2,732
3,519	Series 2006-1, Class A1, VAR, 4.625%, 02/25/36		3,129
1,113	Bear Stearns Alt-A Trust, Series 2005-2, Class 1A1, VAR, 0.753%, 03/25/35		941
1,813	Bear Stearns Asset-Backed Securities Trust, Series 2003-AC5, Class A1, SUB, 5.250%, 10/25/33		1,806
681	Cendant Mortgage Corp., Series 2003-9, Class 1P, PO, 11/25/33		371
	Chase Mortgage Finance Corp.,
898	Series 2003-S10, Class AP, PO, 11/25/18		767
626	Series 2003-S2, Class A1, 5.000%, 03/25/18		642
455	Series 2003-S6, Class A1, 5.000%, 06/25/18		468
843	Series 2007-A1, Class 2A1, VAR, 2.891%, 02/25/37		849
1,286	Series 2007-A1, Class 7A1, VAR, 2.930%, 02/25/37		1,282
1,516	Series 2007-A1, Class 9A1, VAR, 4.157%, 02/25/37		1,529
	Citicorp Mortgage Securities, Inc.,
1,450	Series 2003-6, Class 1A2, 4.500%, 05/25/33		1,481
391	Series 2003-8, Class APO, PO, 08/25/33		226
1,680	Series 2004-1, Class 3A1, 4.750%, 01/25/34		1,724
2,246	Series 2004-5, Class 2A5, 4.500%, 08/25/34		2,305
1,339	Series 2007-3, Class 1A6, IF, IO, 5.147%, 04/25/37		89

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

	Citigroup Mortgage Loan Trust, Inc.,
1,337	Series 2003-1, Class 2A5, 5.250%, 10/25/33		1,378
501	Series 2003-1, Class PO3, PO, 09/25/33		342
67	Series 2003-1, Class WA2, 6.500%, 06/25/31		70
149	Series 2003-1, Class WPO2, PO, 06/25/31		117
180	Series 2003-UP3, Class A3, 7.000%, 09/25/33		182
966	Series 2003-UST1, Class A1, 5.500%, 12/25/18		1,004
PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
	Non-Agency CMO — Continued
219	Series 2003-UST1, Class PO1, PO, 12/25/18		182
111	Series 2003-UST1, Class PO2, PO, 12/25/18		93
71	Series 2003-UST1, Class PO3, PO, 12/25/18		62
955	Series 2004-UST1, Class A3, VAR, 2.563%, 08/25/34		970
1,388	Series 2004-UST1, Class A6, VAR, 5.081%, 08/25/34		1,435
405	Series 2005-1, Class 2A1A, VAR, 3.101%, 04/25/35		244
1,180	Series 2005-5, Class 1A2, VAR, 2.650%, 08/25/35		685
4,094	Series 2008-AR4, Class 1A1A, VAR, 5.415%, 11/25/38		4,135
2,536	Series 2009-10, Class 1A1, VAR, 2.707%, 09/25/33 (e)		2,548
2,643	Series 2009-10, Class 2A1A, 7.000%, 12/25/35 (e)		2,649
1,382	Series 2010-7, Class 10A1, VAR, 2.856%, 02/25/35 (e)		1,375
	Countrywide Alternative Loan Trust,
330	Series 2002-8, Class A4, 6.500%, 07/25/32		324
445	Series 2003-6T2, Class A6, 5.500%, 06/25/33		351
431	Series 2003-J1, Class PO, PO, 10/25/33		318
1,520	Series 2004-2CB, Class 1A9, 5.750%, 03/25/34		1,501
2,582	Series 2004-18CB, Class 2A4, 5.700%, 09/25/34		2,582
225	Series 2004-J3, Class 4A1, 4.750%, 04/25/19		229
527	Series 2005-5R, Class A1, 5.250%, 12/25/18		542
3,076	Series 2005-1CB, Class 1A6, IF, IO, 6.847%, 03/25/35		437
9,049	Series 2005-20CB, Class 3A8, IF, IO, 4.497%, 07/25/35		1,027
8,285	Series 2005-22T1, Class A2, IF, IO, 4.817%, 06/25/35		997
536	Series 2005-26CB, Class A10, IF, 12.591%, 07/25/35		552
237	Series 2005-28CB, Class 1A5, 5.500%, 08/25/35		233
379	Series 2005-28CB, Class 3A5, 6.000%, 08/25/35		311
14,082	Series 2005-37T1, Class A2, IF, IO, 4.797%, 09/25/35		2,188
2,054	Series 2005-54CB, Class 1A11, 5.500%, 11/25/35		1,717
13,241	Series 2005-54CB, Class 1A2, IF, IO, 4.597%, 11/25/35		1,651
176	Series 2005-54CB, Class 1A7, 5.500%, 11/25/35		175
1,522	Series 2005-57CB, Class 3A2, IF, IO, 4.847%, 12/25/35		240
905	Series 2005-64CB, Class 1A9, 5.500%, 12/25/35		576
1,246	Series 2005-86CB, Class A11, 5.500%, 02/25/36		903
6,089	Series 2005-J1, Class 1A4, IF, IO, 4.847%, 02/25/35		831
33,545	Series 2006-7CB, Class 1A2, IF, IO, 5.047%, 05/25/36		4,903
1,353	Series 2006-26CB, Class A9, 6.500%, 09/25/36		984
2,500	Series 2007-21CB, Class 1A5, 6.000%,09/25/37 (f) (i)		604
	Countrywide Home Loan Mortgage Pass-Through Trust,
1,822	Series 2002-36, Class A22, 6.000%, 01/25/33		1,825
218	Series 2003-18, Class A12, 5.500%, 07/25/33		206
1,015	Series 2003-26, Class 1A6, 3.500%, 08/25/33		963
116	Series 2003-34, Class A11, 5.250%, 09/25/33		119
600	Series 2003-34, Class A6, 5.250%, 09/25/33		614
2,872	Series 2003-39, Class A6, 5.000%, 10/25/33		2,865
212	Series 2003-44, Class A9, PO, 10/25/33		152
284	Series 2003-J10, Class 2A1, 5.000%, 11/25/18		296
2,164	Series 2003-J13, Class 1A7, 5.250%, 01/25/34		2,161
675	Series 2003-J7, Class 4A3, IF, 9.446%, 08/25/18		668

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

329	Series 2004-3, Class PO, PO, 04/25/34		216
2,644	Series 2004-5, Class 1A4, 5.500%, 06/25/34		2,794
283	Series 2004-7, Class 2A1, VAR, 2.425%, 06/25/34		266
1,282	Series 2004-28R, Class A1, 5.500%, 08/25/33		1,310
423	Series 2004-HYB1, Class 2A, VAR, 3.210%, 05/20/34		368
1,548	Series 2004-HYB3, Class 2A, VAR, 2.674%, 06/20/34		1,376
1,081	Series 2004-HYB6, Class A3, VAR, 3.091%, 11/20/34		945
762	Series 2004-J8, Class 1A2, 4.750%, 11/25/19		787
1,166	Series 2005-16, Class A23, 5.500%, 09/25/35		1,057
PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
	Non-Agency CMO — Continued
2,815	Series 2005-22, Class 2A1, VAR, 3.105%, 11/25/35		2,193
8,639	Series 2007-4, Class 1A52, IF, IO, 5.147%, 05/25/37		1,066
	Credit Suisse Mortgage Capital Certificates,
3,820	Series 2009-3R, Class 19A3, 6.000%, 01/27/38 (e)		3,830
1,624	Series 2009-12R, Class 7A1, 5.500%, 10/27/35 (e)		1,635
1,150	Series 2010-16, Class A3, VAR, 4.250%, 06/25/50 (e)		1,072
6,552	Series 2010-11R, Class A1, VAR, 1.255%, 06/28/47 (e)		6,577
1,647	Series 2010-12R, Class 5A1, VAR, 3.000%, 04/26/37 (e)		1,651
1,665	Series 2010-15R, Class 7A1, VAR, 5.340%, 10/26/37 (e)		1,677
500	Series 2010-15R, Class 7A2, VAR, 5.340%, 10/26/37 (e)		456
	CS First Boston Mortgage Securities Corp.,
1,444	Series 2003-1, Class DB1, 6.564%, 02/25/33		1,274
3,607	Series 2003-27, Class 5A3, 5.250%, 11/25/33		3,642
2,402	Series 2003-27, Class 5A4, 5.250%, 11/25/33		2,479
996	Series 2003-29, Class 1A1, 6.500%, 12/25/33		1,018
674	Series 2003-29, Class 5A1, 7.000%, 12/25/33		691
1,530	Series 2003-AR15, Class 3A1, VAR, 2.819%, 06/25/33		1,515
1,935	Series 2004-5, Class 3A1, 5.250%, 08/25/19		1,991
2,520	Series 2004-8, Class 3A5, 5.500%, 12/25/34		2,549
3,464	Series 2005-4, Class 2X, IO, VAR, 5.500%, 06/25/35		506
2,446	Series 2005-9, Class DX, IO, 5.500%, 10/25/35		430
1,124	Deutsche ALT-A Securities, Inc. Alternate Loan Trust, Series 2005- 1, Class 2A1, VAR, 5.686%, 02/25/20		1,127
	Deutsche Mortgage Securities, Inc.,
1,009	Series 2009-RS3, Class A1, 5.250%, 08/26/35 (e)		1,013
2,431	Series 2010-RS2, Class A1, VAR, 1.503%, 06/28/47 (e)		2,431
	First Horizon Alternative Mortgage Securities,
1,626	Series 2004-AA4, Class A1, VAR, 2.551%, 10/25/34		1,426
495	Series 2005-AA5, Class 1A2, VAR, 2.376%, 07/25/35		125
910	Series 2005-FA8, Class 1A19, 5.500%, 11/25/35		734
12,733	Series 2007-FA4, Class 1A2, IF, IO, 5.397%, 08/25/37		2,341
	First Horizon Asset Securities, Inc.,
408	Series 2003-7, Class 2A1, 4.500%, 09/25/18		423
513	Series 2003-8, Class 2A1, 4.500%, 09/25/18		531
2,030	Series 2003-9, Class 1A6, 5.500%, 11/25/33		1,903
144	Series 2004-4, Class 2A2, 4.500%, 07/25/19		146
714	Series 2004-AR2, Class 2A1, VAR, 2.884%, 05/25/34		684
839	Series 2004-AR7, Class 2A1, VAR, 2.861%, 02/25/35 (m)		827
685	Series 2004-AR7, Class 2A2, VAR, 2.861%, 02/25/35		626
1,670	Series 2005-AR1, Class 2A2, VAR, 2.875%, 04/25/35		1,606
	GMAC Mortgage Corp. Loan Trust,
1,140	Series 2003-AR1, Class A4, VAR, 3.408%, 10/19/33		1,140
3,153	Series 2003-AR2, Class 2A4, VAR, 3.358%, 12/19/33		3,120
297	Series 2003-J7, Class A10, 5.500%, 11/25/33		308
1,423	Series 2003-J7, Class A7, 5.000%, 11/25/33		1,367

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

318	Series 2003-J8, Class A, 5.250%, 12/25/33		329
418	Series 2004-J2, Class A2, VAR, 0.753%, 06/25/34		404
3,104	Series 2004-J5, Class A7, 6.500%, 01/25/35		3,178
2,038	Series 2004-J6, Class 1A1, 5.000%, 01/25/20		2,098
718	Series 2005-AR3, Class 3A3, VAR, 3.224%, 06/19/35		696
3,424	Series 2005-AR3, Class 3A4, VAR, 3.224%, 06/19/35		2,767
5,587	Series 2010-1, Class A, 4.250%, 07/25/40 (e)		5,537
	GSMPS Mortgage Loan Trust,
759	Series 2001-2, Class A, VAR, 7.500%, 06/19/32 (e)		644
381	Series 2004-4, Class 1AF, VAR, 0.653%, 06/25/34 (e)		321
768	Series 2005-RP2, Class 1AF, VAR, 0.603%, 03/25/35 (e)		647
PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
	Non-Agency CMO — Continued
1,733	Series 2005-RP3, Class 1AF, VAR, 0.603%, 09/25/35 (e)		1,442
4,132	Series 2006-RP2, Class 1AS2, IF, IO, 5.452%, 04/25/36 (e)		746
	GSR Mortgage Loan Trust,
806	Series 2003-13, Class 1A1, VAR, 4.454%, 10/25/33		827
286	Series 2003-6F, Class A2, VAR, 0.653%, 09/25/32		267
1,468	Series 2003-7F, Class 1A4, 5.250%, 06/25/33		1,468
185	Series 2004-3F, Class 3A8, 13.500%, 02/25/34		186
3,439	Series 2004-8F, Class 2A3, 6.000%, 09/25/34		3,568
14	Series 2004-10F, Class 1A1, 4.500%, 08/25/19		15
232	Series 2004-10F, Class 2A1, 5.000%, 08/25/19		239
301	Series 2004-13F, Class 3A3, 6.000%, 11/25/34		204
1,902	Series 2005-5F, Class 2A3, 5.500%, 06/25/35		1,920
3,028	Series 2005-5F, Class 8A3, VAR, 0.753%, 06/25/35		2,733
4,905	Series 2005-7F, Class 3A9, 6.000%, 09/25/35		4,367
1,284	Series 2006-1F, Class 1AP, PO, 02/25/36		672
7,816	Series 2006-1F, Class 2A4, 6.000%, 02/25/36		5,764
3,100	Series 2007-1F, Class 2A4, 5.500%, 01/25/37		2,809
723	Impac CMB Trust, Series 2005-2, Class 2M1, VAR, 0.773%, 04/25/35		460
1,675	Impac Secured Assets CMN Owner Trust, Series 2006-2, Class 2A1, VAR, 0.603%, 08/25/36		1,508
	Indymac Index Mortgage Loan Trust,
11,176	Series 2005-AR11, Class A7, IO, VAR, 0.334%, 08/25/35		98
373	Series 2006-AR3, Class 2A1A, VAR, 5.489%, 03/25/36		201
	JP Morgan Mortgage Trust,
944	Series 2004-A3, Class 4A1, VAR, 4.307%, 07/25/34		944
1,022	Series 2004-A4, Class 1A1, VAR, 4.552%, 09/25/34		1,043
788	Series 2004-S1, Class 1A7, 5.000%, 09/25/34		817
2,000	Series 2005-A1, Class 3A4, VAR, 5.013%, 02/25/35		2,012
2,126	Series 2005-A1, Class 5A1, VAR, 4.479%, 02/25/35		2,179
3,662	Series 2006-A2, Class 4A1, VAR, 2.930%, 08/25/34		3,658
1,554	Series 2006-A2, Class 5A3, VAR, 2.970%, 11/25/33		1,555
1,300	Series 2006-A3, Class 6A1, VAR, 2.991%, 08/25/34		1,212
1,122	Series 2007-A1, Class 5A2, VAR, 3.183%, 07/25/35		1,021
1,646	JP Morgan Reremic, Series 2010- 4, Class 7A1, VAR, 4.319%, 08/26/35 (e)		1,650
63	Kidder Peabody Mortgage Assets Trust, Series B, Class A1, PO, 04/22/18		61
	Lehman Mortgage Trust,
1,541	Series 2006-2, Class 1A1, VAR, 6.423%, 04/25/36		1,430
882	Series 2007-6, Class 1A8, 6.000%, 07/25/37		610
1,500	Series 2008-2, Class 1A6, 6.000%, 03/25/38		1,178
	LVII Resecuritization Trust,
701	Series 2009-1, Class A1, VAR, 5.949%, 11/27/37 (e)		715
154	Series 2009-2, Class A2, VAR, 3.000%, 09/27/37 (e)		154
5,000	Series 2009-2, Class A3, VAR, 3.000%, 09/27/37 (e)		4,988
2,700	Series 2009-2, Class A4, VAR, 3.000%, 09/27/37 (e)		2,700
	MASTR Adjustable Rate Mortgages Trust,

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

284	Series 2004-3, Class 4A2, VAR, 2.418%, 04/25/34		261
97	Series 2004-4, Class 2A1, VAR, 2.867%, 05/25/34		56
1,001	Series 2004-13, Class 2A1, VAR, 2.834%, 04/21/34		967
4,821	Series 2004-13, Class 3A6, VAR, 2.899%, 11/21/34		4,841
324	Series 2004-15, Class 3A1, VAR, 3.344%, 12/25/34		266
	MASTR Alternative Loans Trust,
558	Series 2003-4, Class 2A1, 6.250%, 06/25/33		546
570	Series 2003-8, Class 3A1, 5.500%, 12/25/33		594
1,460	Series 2003-8, Class 5A1, 5.000%, 11/25/18		1,506
284	Series 2003-9, Class 8A1, 6.000%, 01/25/34		275
204	Series 2004-1, Class 30PO, PO, 02/25/34		113
1,013	Series 2004-3, Class 2A1, 6.250%, 04/25/34		1,034
PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
	Non-Agency CMO — Continued
415	Series 2004-3, Class 30PO, PO, 04/25/34		285
452	Series 2004-3, Class 30X1, IO, 6.000%, 04/25/34		76
490	Series 2004-5, Class 30PO, PO, 06/25/34		328
223	Series 2004-5, Class 30X1, IO, 6.000%, 06/25/34		38
260	Series 2004-6, Class 30X1, IO, 5.500%, 07/25/34		50
2,452	Series 2004-6, Class 7A1, 6.000%, 07/25/34		2,469
228	Series 2004-7, Class 30PO, PO, 08/25/34		147
859	Series 2004-7, Class AX1, IO, 5.500%, 08/25/34		167
919	Series 2004-10, Class 1A1, 4.500%, 09/25/19		930
3,684	Series 2005-3, Class AX2, IO, 6.000%, 04/25/35		666
	MASTR Asset Securitization Trust,
818	Series 2003-2, Class 1A1, 5.000%, 03/25/18		838
343	Series 2003-2, Class 2A1, 4.500%, 03/25/18		350
1,291	Series 2003-3, Class 3A18, 5.500%, 04/25/33		1,281
261	Series 2003-4, Class 3A2, 5.000%, 05/25/18		267
258	Series 2003-4, Class 5A1, 5.500%, 05/25/33		268
256	Series 2003-7, Class 4A1, 4.250%, 09/25/33		256
476	Series 2003-8, Class 1A1, 5.500%, 09/25/33		487
370	Series 2003-8, Class 3A2, VAR, 0.653%, 09/25/33		370
612	Series 2003-9, Class 15PO, PO, 10/25/18		530
233	Series 2003-10, Class 15PO, PO, 11/25/18		200
173	Series 2003-11, Class 15PO, PO, 12/25/18		146
978	Series 2003-12, Class 6A1, 5.000%, 12/25/33		1,001
214	Series 2004-1, Class 30PO, PO, 02/25/34		143
230	Series 2004-3, Class PO, PO, 03/25/34		183
746	Series 2004-4, Class 3A1, 4.500%, 04/25/19		774
1,080	Series 2004-6, Class 2A9, 5.250%, 11/26/16		1,082
484	Series 2004-8, Class 1A1, 4.750%, 08/25/19		498
446	Series 2004-8, Class PO, PO, 08/25/19		367
163	Series 2004-9, Class 5A1, 5.250%, 09/25/19		160
1,696	Series 2004-P7, Class A6, 5.500%, 12/27/33 (e)		1,769
1,000	Series 2006-2, Class 1A30, 6.000%, 06/25/36		815
4,493	MASTR Reperforming Loan Trust, Series 2005-2, Class 1A1F, VAR, 0.603%, 05/25/35 (e)		3,671
4,284	MASTR Resecuritization Trust, Series 2005-PO, Class 3PO, PO, 05/28/35 (e)		2,742
	Merrill Lynch Mortgage Investors, Inc.,
413	Series 2003-A4, Class 2A, VAR, 2.866%, 07/25/33		423
1,409	Series 2003-A5, Class 2A6, VAR, 2.590%, 08/25/33		1,361
1,846	Series 2004-A4, Class A2, VAR, 2.786%, 08/25/34		1,845
261	Series 2005-A1, Class 3A, VAR, 5.264%, 12/25/34		258
	Merrill Lynch Trust,
1	Series 7, Class B, PO, 04/20/18		1
64	Series 47, Class Z, 8.985%, 10/20/20		73
1,800	Mid-State Trust, Series 2010-1, Class A, 3.500%, 12/15/45 (e)		1,796

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

			MLCC Mortgage Investors, Inc.,
	1,175		Series 2003-A, Class 2A2, VAR, 1.354%, 03/25/28		1,039
	1,012		Series 2003-E, Class A1, VAR, 0.563%, 10/25/28		947
	1,412		Series 2004-D, Class A2, VAR, 0.894%, 08/25/29		1,318
	1,169		Series 2004-E, Class A2A, VAR, 0.813%, 11/25/29		1,032
	2,197		Morgan Stanley Mortgage Loan Trust, Series 2004-3, Class 4A, VAR, 5.657%, 04/25/34		2,314
	—	(h)	Morgan Stanley Mortgage Trust,
			Series 35, Class 2, HB, IF, 5,193.340%, 04/20/21		15
			MortgageIT Trust,
	845		Series 2005-1, Class 1A1, VAR, 0.573%, 02/25/35		627
	329		Series 2005-5, Class A1, VAR, 0.513%, 12/25/35		242
			Nomura Asset Acceptance Corp.,
	382		Series 2003-A1, Class A1, 5.500%, 05/25/33		391
	127		Series 2003-A1, Class A2, 6.000%, 05/25/33		132
PRINCIPAL AMOUNT ($)			SECURITY DESCRIPTION	VALUE($)
			Non-Agency CMO — Continued
	45		Series 2003-A1, Class A5, 7.000%, 04/25/33		47
	78		Series 2003-A1, Class A7, 5.000%, 04/25/18		80
	866		Series 2004-R2, Class A1, VAR, 6.500%, 10/25/34 (e)		878
			Prime Mortgage Trust,
	231		Series 2004-1, Class 2A3, 5.250%, 08/25/34		236
	2,157		Series 2004-CL1, Class 1A1, 6.000%, 02/25/34		2,239
	993		Series 2005-4, Class 2PO, PO, 10/25/35		511
			RBSSP Resecuritization Trust,
	1,460		Series 2009-1, Class 1A1, 6.500%, 02/26/36 (e)		1,503
	2,152		Series 2009-6, Class 15A1, 5.500%, 01/26/21 (e)		2,195
	1,547		Series 2009-9, Class 7A4, 6.000%, 07/26/37 (e)		1,601
	1,730		Series 2009-12, Class 14A1, VAR, 5.500%, 03/25/23 (e)		1,782
	2,497		Series 2009-12, Class 1A1, VAR, 5.700%, 11/25/33 (e)		2,597
	3,180		Series 2009-13, Class 1A1, VAR, 5.000%, 10/26/21 (e)		3,216
	1,722		Series 2010-2, Class 2A1, 4.500%, 11/26/22 (e)		1,731
	4,541		Series 2010-4, Class 12A1, 4.500%, 03/26/21 (e)		4,554
	1,991		Series 2010-9, Class 1A1, VAR, 0.440%, 07/26/37 (e) (f) (i)		1,765
	2,600		Series 2010-9, Class 7A5, VAR, 4.000%, 05/26/37 (e)		2,574
			Residential Accredit Loans, Inc.,
	438		Series 2001-QS19, Class A2, 6.000%, 12/25/16		448
	117		Series 2002-QS16, Class A3, IF, 16.093%, 10/25/17		131
	1,023		Series 2003-QR19, Class CB4, 5.750%, 10/25/33		903
	247		Series 2003-QR24, Class A5, 4.000%, 07/25/33		216
	408		Series 2003-QS1, Class A6, 4.250%, 01/25/33		395
	1,059		Series 2003-QS12, Class A2A, IF, IO, 7.347%, 06/25/18		153
	464		Series 2003-QS12, Class A5, IO, 5.000%, 06/25/18		54
	1,466		Series 2003-QS13, Class A5, VAR, 0.903%, 07/25/33		1,172
	8,707		Series 2003-QS13, Class A6, IF, IO, 0.600%, 07/25/33		160
	1,250		Series 2003-QS14, Class A1, 5.000%, 07/25/18		1,266
	1,197		Series 2003-QS18, Class A1, 5.000%, 09/25/18		1,217
	1,078		Series 2003-QS19, Class A1, 5.750%, 10/25/33		1,102
	348		Series 2003-QS3, Class A2, IF, 15.942%, 02/25/18		386
	677		Series 2003-QS3, Class A8, IF, IO, 7.347%, 02/25/18		84
	875		Series 2003-QS9, Class A3, IF, IO, 7.297%, 05/25/18		136
	1,413		Series 2004-QA4, Class NB3, VAR, 5.361%, 09/25/34		1,422
	441		Series 2004-QA6, Class NB2, VAR, 3.308%, 12/26/34		345
	991		Series 2004-QS10, Class A6, 6.000%, 07/25/34		924
	1,429		Series 2004-QS7, Class A4, 5.500%, 05/25/34		1,202
	763		Series 2004-QS8, Class A2, 5.000%, 06/25/34		759
	337		Series 2005-QA10, Class A31, VAR, 3.862%, 09/25/35		236
	2,000		Series 2005-QA6, Class A32, VAR, 5.569%, 05/25/35		1,394
	733		Series 2007-QS1, Class 1A1, 6.000%, 01/25/37		558
			Residential Asset Securitization Trust,
	173		Series 2002-A13, Class A4, 5.250%, 12/25/17		175

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

761	Series 2003-A13, Class A3, 5.500%, 01/25/34		646
227	Series 2003-A14, Class A1, 4.750%, 02/25/19		234
873	Series 2003-A5, Class A1, 5.500%, 06/25/33		880
1,133	Series 2004-IP2, Class 1A1, VAR, 2.753%, 12/25/34		1,029
4,018	Series 2005-A16, Class AX, IO, 5.750%, 02/25/36		795
7,647	Series 2005-A2, Class A4, IF, IO, 4.797%, 03/25/35		882
1,578	Series 2006-A4, Class 2A5, 6.000%, 05/25/36		1,013
1,000	Series 2006-A6, Class 2A13, 6.000%, 07/25/36		590
	Residential Funding Mortgage Securities I,
128	Series 2003-S12, Class 4A5, 4.500%, 12/25/32		129
1,554	Series 2003-S13, Class A3, 5.500%, 06/25/33		1,497
423	Series 2003-S14, Class A4, PO, 07/25/18		408
1,195	Series 2003-S16, Class A3, 5.000%, 09/25/18		1,223
PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
	Non-Agency CMO — Continued
1,140	Series 2003-S20, Class 2A1, 4.750%, 12/25/18		1,167
2,100	Series 2003-S4, Class A4, 5.750%, 03/25/33		2,198
142	Series 2003-S7, Class A17, 4.000%, 05/25/33		142
690	Series 2004-S6, Class 2A6, PO, 06/25/34		510
638	Series 2004-S6, Class 3A5, 4.500%, 06/25/19		652
946	Series 2005-SA4, Class 1A1, VAR, 3.249%, 09/25/35		758
	Residential Funding Securities LLC,
57	Series 2002-RM1, Class API, PO, 12/25/17		47
107	Series 2003-RM2, Class AP-3, PO, 05/25/33		80
	Salomon Brothers Mortgage Securities VII, Inc.,
2,003	Series 2003-HYB1, Class A, VAR, 3.202%, 09/25/33		2,023
145	Series 2003-UP2, Class PO1, PO, 12/25/18		114
	Sequoia Mortgage Trust,
1,265	Series 2004-8, Class A1, VAR, 0.603%, 09/20/34		1,155
1,979	Series 2004-8, Class A2, VAR, 0.812%, 09/20/34		1,790
1,648	Series 2004-10, Class A1A, VAR, 0.563%, 11/20/34		1,558
1,000	Station Place Securitization Trust, Series 2009-1, Class A, VAR, 1.753%, 01/25/40 (e)		1,000
2,934	Structured Adjustable Rate Mortgage Loan Trust, Series 2004- 6, Class 5A4, VAR, 4.934%, 06/25/34		2,890
	Structured Asset Securities Corp.,
78	Series 2002-10H, Class 1AP, PO, 05/25/32		57
475	Series 2003-8, Class 1A2, 5.000%, 04/25/18		486
908	Series 2003-16, Class A3, VAR, 0.753%, 06/25/33		832
124	Series 2003-21, Class 1A3, 5.500%, 07/25/33		127
888	Series 2003-32, Class 1A1, VAR, 5.085%, 11/25/33		892
404	Series 2003-31A, Class B1, VAR, 2.725%, 10/25/33		158
1,436	Series 2003-33H, Class 1A1, 5.500%, 10/25/33		1,425
711	Series 2003-33H, Class 1APO, PO, 10/25/33		519
6,665	Series 2003-37A, Class 2A, VAR, 4.996%, 12/25/33		6,924
4,136	Series 2004-20, Class 1A3, 5.250%, 11/25/34 (m)		4,232
3,300	Series 2004-5H, Class A4, 5.540%, 12/25/33		3,359
1,101	Series 2005-6, Class 4A1, 5.000%, 05/25/35		1,075
97	Series 2005-6, Class 5A8, IF, 13.393%, 05/25/35		98
	Thornburg Mortgage Securities Trust,
305	Series 2003-4, Class A1, VAR, 0.573%, 09/25/43		283
273	Series 2004-1, Class II2A, VAR, 2.114%, 03/25/44		255
	WaMu Mortgage Pass-Through Certificates,
1,145	Series 2002-S5, Class B3, 6.389%, 09/25/32		794
217	Series 2002-S8, Class 2A7, 5.250%, 01/25/18		222
1,837	Series 2003-AR7, Class A7, VAR, 2.672%, 08/25/33		1,796
1,287	Series 2003-AR8, Class A, VAR, 2.716%, 08/25/33		1,301
5,026	Series 2003-AR9, Class 1A6, VAR, 2.707%, 09/25/33		4,851

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

1,142	Series 2003-AR9, Class 2A, VAR, 2.775%, 09/25/33		1,152
2,100	Series 2003-S1, Class A5, 5.500%, 04/25/33		2,179
1,630	Series 2003-S10, Class A5, 5.000%, 10/25/18		1,658
247	Series 2003-S10, Class A6, PO, 10/25/18		245
767	Series 2003-S11, Class 2A5, IF, 16.353%, 11/25/33		864
382	Series 2003-S7, Class A1, 4.500%, 08/25/18		390
1,638	Series 2003-S8, Class A4, 4.500%, 09/25/18		1,679
1,203	Series 2003-S8, Class A6, 4.500%, 09/25/18		1,250
4,367	Series 2003-S9, Class A8, 5.250%, 10/25/33		4,302
231	Series 2003-S9, Class P, PO, 10/25/33		124
320	Series 2004-AR3, Class A1, VAR, 2.705%, 06/25/34		307
2,167	Series 2004-AR3, Class A2, VAR, 2.705%, 06/25/34		2,084
1,914	Series 2004-CB2, Class 5A, 5.000%, 07/25/19		1,992
522	Series 2004-CB2, Class 7A, 5.500%, 08/25/19		540
PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
	Non-Agency CMO — Continued
931	Series 2004-CB3, Class 4A, 6.000%, 10/25/19		968
1,686	Series 2004-S1, Class 1A3, VAR, 0.653%, 03/25/34		1,668
3,428	Series 2004-S2, Class 2A4, 5.500%, 06/25/34		3,508
478	Series 2006-AR10, Class 2P, VAR, 09/25/36		263
	Washington Mutual Alternative Mortgage Pass-Through Certificates,
507	Series 2005-1, Class 1A1, 5.500%, 03/25/35		478
13,406	Series 2005-2, Class 1A4, IF, IO, 4.797%, 04/25/35		2,051
1,449	Series 2005-4, Class CB7, 5.500%, 06/25/35		1,222
493	Series 2005-4, Class DP, PO, 06/25/20		319
1,836	Series 2005-6, Class 2A4, 5.500%, 08/25/35		1,618
16,413	Series 2005-11, Class A4, IF, IO, 4.697%, 01/25/36		1,677
	Washington Mutual MSC Mortgage Pass-Through Certificates,
165	Series 2002-MS12, Class A, 6.500%, 05/25/32		172
1,269	Series 2004-RA2, Class 2A, 7.000%, 07/25/33		1,308
200	Series 2004-RA4, Class 1P, PO, 04/25/19		184
	Wells Fargo Mortgage-Backed Securities Trust,
878	Series 2003-8, Class A9, 4.500%, 08/25/18		913
3,271	Series 2003-11, Class 1A4, 4.750%, 10/25/18		3,299
547	Series 2003-11, Class 1APO, PO, 10/25/18		473
982	Series 2003-13, Class A7, 4.500%, 11/25/18		1,020
221	Series 2003-14, Class 1A1, 4.750%, 12/25/18		227
1,894	Series 2003-15, Class 1A1, 4.750%, 12/25/18		1,963
532	Series 2003-16, Class 2A1, 4.500%, 12/25/18		546
15,048	Series 2003-16, Class 2AIO, IO, VAR, 0.120%, 12/25/18		14
948	Series 2003-17, Class APO, PO, 01/25/34		684
1,244	Series 2003-K, Class 1A1, VAR, 4.465%, 11/25/33		1,239
341	Series 2003-K, Class 1A2, VAR, 4.465%, 11/25/33		354
470	Series 2004-1, Class A11, 0.000%, PO, 02/25/34		326
502	Series 2004-2, Class APO, PO, 01/25/19		428
462	Series 2004-7, Class 2A1, 4.500%, 07/25/19		478
1,594	Series 2004-7, Class 2A2, 5.000%, 07/25/19		1,659
700	Series 2004-B, Class A1, VAR, 4.896%, 02/25/34		724
1,334	Series 2004-BB, Class A4, VAR, 2.832%, 01/25/35		1,322
2,545	Series 2004-EE, Class 2A1, VAR, 2.857%, 12/25/34		2,485
318	Series 2004-EE, Class 2A2, VAR, 2.857%, 12/25/34		313
1,312	Series 2004-EE, Class 3A1, VAR, 2.979%, 12/25/34		1,297
1,733	Series 2004-I, Class 1A1, VAR, 2.948%, 07/25/34		1,735
2,670	Series 2004-P, Class 2A1, VAR, 2.911%, 09/25/34		2,654
231	Series 2004-Q, Class 1A3, VAR, 4.871%, 09/25/34		216

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

3,748	Series 2004-U, Class A1, VAR, 2.965%, 10/25/34		3,619
1,821	Series 2004-V, Class 1A1, VAR, 2.892%, 10/25/34		1,811
1,203	Series 2005-1, Class 2A1, 5.000%, 01/25/20		1,225
587	Series 2005-9, Class 1APO, PO, 10/25/35		369
1,817	Series 2005-13, Class A1, 5.000%, 11/25/20		1,887
214	Series 2005-15, Class APO, PO, 12/25/20		180
775	Series 2005-AR16, Class 2A1, VAR, 2.898%, 10/25/35		745
938	Series 2005-AR8, Class 2A1, VAR, 2.897%, 06/25/35		916
2,200	Series 2007-7, Class A7, 6.000%, 06/25/37		2,024
1,596	Series 2007-11, Class A14, 6.000%, 08/25/37		1,543
			577,048
	Total Collateralized Mortgage Obligations (Cost $1,534,845)		1,623,544
Commercial Mortgage-Backed Securities — 0.6%
	Banc of America Commercial Mortgage, Inc.,
700	Series 2005-3, Class A4, 4.668%, 07/10/43		728
800	Series 2005-3, Class AM, 4.727%, 07/10/43		775
PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Commercial Mortgage-Backed Securities — Continued
500	Series 2005-5, Class A4, VAR, 5.115%, 10/10/45		545
1,000	Series 2006-3, Class A4, VAR, 5.889%, 07/10/44		1,068
2,000	Series 2006-4, Class A4, 5.634%, 07/10/46		2,136
500	Bear Stearns Commercial Mortgage Securities, Series 2006- PW11, Class A4, VAR, 5.623%, 03/11/39		545
1,446	CW Capital Cobalt Ltd., Series 2006-C1, Class A4, 5.223%, 08/15/48		1,490
500	Merrill Lynch Mortgage Trust, Series 2006-C1, Class A4, VAR, 5.838%, 05/12/39		543
250	Morgan Stanley Capital I, Series 2007-T27, Class A4, VAR, 5.802%, 06/11/42		273
	Morgan Stanley Reremic Trust,
1,811	3.000%, 07/17/56		1,809
4,500	Series 2010-HQ4B, Class A7A, VAR, 0.000%, 04/16/40 (e)		4,823
	Total Commercial Mortgage- Backed Securities (Cost $14,103)		14,735
Mortgage Pass-Through Securities — 17.4%
	Federal Home Loan Mortgage Corp.,
241	ARM, 2.560%, 03/01/35		252
328	ARM, 2.605%, 12/01/33		338
418	ARM, 2.637%, 04/01/34		436
170	ARM, 3.454%, 07/01/37		179
87	ARM, 4.141%, 01/01/30		92
763	ARM, 4.174%, 03/01/36		800
477	ARM, 4.202%, 11/01/36		501
515	ARM, 4.579%, 12/01/35		540
523	ARM, 4.973%, 03/01/36		548
499	ARM, 5.305%, 05/01/38		528
684	ARM, 5.544%, 05/01/36		724
590	ARM, 5.652%, 04/01/38		626
305	ARM, 5.792%, 05/01/37		326
818	ARM, 5.816%, 11/01/36		868
1,777	ARM, 5.818%, 10/01/36		1,881
303	ARM, 5.829%, 02/01/37		322
267	ARM, 5.934%, 02/01/37		283
1,066	ARM, 6.011%, 06/01/36		1,142
283	ARM, 6.025%, 10/01/36		305
701	ARM, 6.034%, 12/01/36		745
562	ARM, 6.050%, 02/01/37		597
416	ARM, 6.052%, 10/01/37		441
1,520	ARM, 6.219%, 03/01/37		1,614
767	ARM, 6.240%, 09/01/37		819
418	ARM, 6.248%, 09/01/36		440
417	ARM, 6.297%, 10/01/36		443
377	ARM, 6.414%, 02/01/37		404
780	ARM, 6.666%, 10/01/36		828
1,163	ARM, 6.679%, 11/01/36		1,254
454	ARM, 6.783%, 08/01/36		481
	Federal Home Loan Mortgage Corp. Gold Pools, 15 Year, Single Family,
300	3.500%, 05/01/19		313
8,214	4.000%, 06/01/13 - 06/01/19 (m)		8,586
3,240	4.500%, 07/01/14 - 10/01/18		3,375
529	5.000%, 12/01/18		567
801	5.500%, 06/01/17 - 02/01/21		868
5,084	6.000%, 06/01/17 - 03/01/22		5,559
1,145	6.500%, 08/01/12 - 03/01/22		1,249
535	7.000%, 01/01/17 - 07/01/17		579
54	7.500%, 08/01/11 - 12/01/15		56
	Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family,
6,728	5.500%, 04/01/27 - 03/01/28		7,246
1,427	6.000%, 01/01/14 - 02/01/24		1,574
2,456	6.500%, 05/01/22 - 01/01/28		2,724

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

	Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,
2,343	4.000%, 10/01/33		2,404
14,513	5.000%, 05/01/36 - 08/01/40		15,362
5,624	5.500%, 10/01/33 - 07/01/35		6,071
1,301	6.000%, 11/01/28 - 12/01/33		1,429
9,545	6.500%, 05/01/24 - 03/01/38 (m)		10,729
1,999	7.000%, 07/01/29 - 10/01/36		2,286
370	7.500%, 09/01/38		420
56	8.500%, 08/01/30		66
	Federal Home Loan Mortgage Corp. Gold Pools, FHA/VA,
2,092	7.500%, 01/01/32 - 12/01/36		2,412
1,418	10.000%, 10/01/30		1,690
	Federal Home Loan Mortgage Corp. Gold Pools, Other,
8,088	5.500%, 02/01/18 - 11/01/35		8,619
9,185	6.500%, 11/01/36 - 10/17/38		10,096
878	7.000%, 12/01/14 - 08/01/47		972
53	7.500%, 10/01/37		59
137	10.500%, 07/20/21		154
	Federal Home Loan Mortgage Corp., 30 Year, Single Family,
13	7.500%, 03/01/17 - 05/01/17		14
10	8.750%, 06/01/17		12
5	10.500%, 05/01/19		6
13	12.000%, 08/01/15 - 07/01/19		14
	Federal National Mortgage Association,
800	ARM, 1.913%, 08/01/34		824
380	ARM, 1.982%, 01/01/33		390
4,069	ARM, 2.041%, 01/01/35 (m)		4,225
24	ARM, 2.114%, 03/01/19		24
642	ARM, 2.143%, 02/01/35		667
1,402	ARM, 2.244%, 05/01/35		1,450
PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Mortgage Pass-Through Securities — Continued
348	ARM, 2.264%, 02/01/35		362
469	ARM, 2.277%, 01/01/36		483
184	ARM, 2.402%, 11/01/33		190
505	ARM, 2.429%, 10/01/34		525
693	ARM, 2.460%, 11/01/33		725
513	ARM, 2.470%, 06/01/34		536
209	ARM, 2.477%, 05/01/35		219
293	ARM, 2.562%, 04/01/34		308
513	ARM, 2.585%, 05/01/34		537
906	ARM, 2.620%, 07/01/33		947
354	ARM, 2.625%, 09/01/35		371
430	ARM, 2.661%, 10/01/34		449
628	ARM, 2.662%, 10/01/34		657
1,404	ARM, 2.664%, 04/01/35		1,468
610	ARM, 2.676%, 10/01/34		638
602	ARM, 2.740%, 02/01/34		629
399	ARM, 2.757%, 06/01/35		418
183	ARM, 2.773%, 05/01/35		191
393	ARM, 2.787%, 09/01/34		411
182	ARM, 2.806%, 01/01/34		190
548	ARM, 2.926%, 08/01/34		574
532	ARM, 3.060%, 09/01/33		558
8,129	ARM, 3.293%, 03/01/36		8,536
1,054	ARM, 3.391%, 04/01/35		1,107
38	ARM, 3.432%, 09/01/27		39
504	ARM, 3.786%, 08/01/34		530
139	ARM, 4.020%, 03/01/29		143
344	ARM, 4.205%, 04/01/34		358
941	ARM, 4.935%, 07/01/33		996
1,002	ARM, 5.117%, 10/01/34		1,053
767	ARM, 5.206%, 09/01/36		806
640	ARM, 5.282%, 01/01/38		680
298	ARM, 5.528%, 07/01/37		317
295	ARM, 5.587%, 12/01/36		312
5,645	ARM, 5.696%, 01/01/23		6,058
1,326	ARM, 5.776%, 12/01/37		1,415
779	ARM, 5.832%, 12/01/36		827
602	ARM, 5.862%, 11/01/36		640
735	ARM, 5.911%, 07/01/36		779
449	ARM, 5.939%, 10/01/36		475
1,423	ARM, 5.946%, 07/01/37		1,509
547	ARM, 6.047%, 08/01/36		578
740	ARM, 6.146%, 11/01/37		787
1,172	ARM, 6.221%, 06/01/36		1,232
534	ARM, 6.226%, 10/01/36		566
	Federal National Mortgage Association, 15 Year, Single Family,
1,482	3.500%, 08/01/18		1,520
12,819	4.000%, 07/01/18 - 12/01/18		13,503
6,235	4.500%, 07/01/18 - 09/01/20		6,650
3,059	5.000%, 12/01/16 - 07/01/20		3,290
8,655	5.500%, 11/01/18 - 07/01/20		9,432
14,756	6.000%, 06/01/16 - 07/01/24		16,149
3,627	6.500%, 09/01/13 - 02/01/24		3,978
1,990	7.000%, 12/01/16 - 08/01/21		2,179
127	7.500%, 03/01/17 - 10/01/17		140
135	8.000%, 04/01/11 - 01/01/16		144
11	8.500%, 09/01/11		11
	Federal National Mortgage Association, 20 Year, Single Family,
1,105	5.500%, 02/01/23		1,209
12,142	6.000%, 02/01/14 - 09/01/29		13,267
3,599	6.500%, 06/01/16 - 12/01/27		3,988
82	7.500%, 09/01/21		95
	Federal National Mortgage Association, 30 Year FHA/VA,
87	6.000%, 09/01/33		96
445	6.500%, 03/01/29		511
	Federal National Mortgage Association, 30 Year, FHA/VA,
552	6.500%, 02/01/29		636
290	7.000%, 10/01/28 - 02/01/33		333
86	8.000%, 06/01/28		101
25	8.500%, 03/01/30 - 06/01/30		30

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

405	9.000%, 05/01/18 - 06/01/31		472
17	10.000%, 07/01/19		19
17	10.500%, 11/01/18		19
34	11.000%, 04/01/19		39
	Federal National Mortgage Association, 30 Year, Single Family,
2,428	4.000%, 08/01/33 - 04/01/34		2,496
1,364	4.500%, 05/01/29 - 11/01/33		1,430
16,626	5.000%, 05/01/33 - 08/01/40		17,678
20,929	5.500%, 11/01/32 - 10/01/39		22,634
7,089	6.000%, 12/01/28 - 09/01/36		7,798
34	6.250%, 07/01/23		38
27,588	6.500%, 11/01/29 - 10/01/38		30,784
9,550	7.000%, 04/01/17 - 01/01/39		10,871
7,064	7.500%, 08/01/36 - 04/01/39		8,231
1,562	8.000%, 03/01/27 - 10/01/36		1,827
174	8.500%, 12/01/27 - 02/01/30		205
1	9.000%, 04/01/26		2
16	9.500%, 07/01/28		19
11	10.000%, 02/01/24		12
17	12.500%, 01/01/16		17
	Federal National Mortgage Association, Other,
1,212	4.000%, 11/01/33		1,216
894	4.500%, 11/01/14 - 08/01/33		942
1,055	5.000%, 04/01/22 - 01/01/36		1,107
6,355	5.500%, 05/01/13 - 04/01/38		6,747
6,468	6.000%, 02/01/36 - 11/01/39		6,956
931	6.500%, 10/01/35 - 06/01/36		1,033
3,180	7.000%, 12/01/36 - 10/01/46		3,570
9	10.250%, 07/15/13		9
37	10.462%, 06/15/21		42
10	11.000%, 08/20/20		12
167	Government National Mortgage Association II, 15 Year, Single Family, 6.000%, 04/20/17		181
PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
Mortgage Pass-Through Securities — Continued
	Government National Mortgage Association II, 30 Year, Single Family,
631	3.500%, 09/20/33		629
6,404	6.500%, 10/20/33 - 01/20/39		7,187
29	7.500%, 02/20/28 - 09/20/28		34
43	8.000%, 06/20/26 - 11/20/28		50
27	8.500%, 03/20/25 - 05/20/25		32
1,657	Government National Mortgage Association II, Other, 6.500%, 09/20/34		1,877
	Government National Mortgage Association, 15 Year, Single Family,
363	6.000%, 06/15/18		398
98	7.000%, 09/15/14 - 10/15/16		106
68	7.500%, 11/15/17		74
257	8.000%, 01/15/16		278
	Government National Mortgage Association, 20 Year, Single Family,
622	6.500%, 08/15/22 - 11/15/23		710
97	7.000%, 08/15/23		111
	Government National Mortgage Association, 30 Year, Single Family,
160	6.375%, 08/15/26		181
5,144	6.500%, 10/15/27 - 04/15/33		5,850
3,730	7.000%, 09/15/31 - 03/15/37		4,287
120	7.500%, 11/15/22 - 01/15/33		139
16	8.000%, 09/15/22 - 04/15/28		18
14	9.000%, 02/15/30 - 01/15/31		17
1,325	9.500%, 10/15/24		1,624
13	11.000%, 01/15/21		15
	Total Mortgage Pass-Through Securities (Cost $375,507)		390,262
U.S. Government Agency Securities — 1.1%
2,373	Federal Home Loan Bank System, 4.720%, 09/20/12		2,508
	Federal Home Loan Mortgage Corp.,
13,500	4.125%, 12/21/12		14,452
1,000	5.500%, 08/23/17		1,194
	Federal National Mortgage Association,
3,000	0.000%, 07/05/14		2,828
2,000	5.375%, 06/12/17		2,367
518	5.500%, 03/15/11		526
	Total U.S. Government Agency Securities (Cost $23,159)		23,875
U.S. Treasury Obligations — 3.7%
	U.S. Treasury Bonds,
40	7.250%, 05/15/16		52
16,000	7.500%, 11/15/16 (m)		21,185
343	8.125%, 08/15/19		496
350	8.500%, 02/15/20		521
8,510	8.875%, 08/15/17		12,200
1,657	8.875%, 02/15/19		2,471
1,000	U.S. Treasury Inflation Indexed Notes, 2.375%, 04/15/11		1,110
	U.S. Treasury Notes,
3,200	2.625%, 12/31/14 (m)		3,392
2,000	2.625%, 04/30/16		2,105
3,500	3.125%, 10/31/16		3,763
4,905	3.125%, 04/30/17		5,249
7,000	3.250%, 12/31/16		7,565
2,000	3.250%, 03/31/17		2,157
2,725	4.750%, 08/15/17		3,191
	U.S. Treasury STRIPS,
932	05/15/14		901
12,000	08/15/14		11,524

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

3,000	02/15/15		2,846
129	02/15/16		119
500	11/15/16		447
700	05/15/19		560
150	02/15/25		87
500	02/15/29		233
	Total U.S. Treasury Obligations (Cost $77,565)		82,174
SHARES
Short-Term Investment — 2.3%
Investment Company — 2.3%
50,753	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.110% (b) (l) (Cost $50,753)		50,753
	Total Investments — 99.3% (Cost $2,112,070)		2,221,740
	Other Assets in Excess of Liabilities — 0.7%		15,473
	NET ASSETS — 100.0%	$	2,237,213

Percentages indicated are based on net assets.

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS :

ARM	—	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of November 30, 2010.
CMO	—	Collateralized Mortgage Obligation
FHA	—	Federal Housing Administration
GMAC	—	General Motors Acceptance Corp.
HB	—	High Coupon Bonds (a.k.a. “IOettes”) represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO’s the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.
IF	—	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of November 30, 2010. The rate may be subject to a cap and floor.
IO	—	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
PO	—	Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
REMICS	—	Real Estate Mortgage Investment Conduits
STRIPS	—	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of November 30, 2010.
VA	—	Veterans Administration
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of November 30, 2010.

(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.

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

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

(f) Security is fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. The Fund owns fair valued securities with a value of approximately $3,528,000 which amounts to less than 0.5% of total investments.

(h) Amount rounds to less than one thousand (shares or dollars).

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

(l) The rate shown is the current yield as of November 30, 2010.

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

As of November 30, 2010, 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	$	134,019
Aggregate gross unrealized depreciation		(24,349	)
Net unrealized appreciation/depreciation	$	109,670
Federal income tax cost of investments	$	2,112,070

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	35,905	$	492	$	36,397
Collateralized Mortgage Obligations
Agency CMO		—		1,046,496		—		1,046,496
Non-Agency CMO		—		574,012		3,036		577,048
Commercial Mortgage-Backed Securities		—		14,735		—		14,735
Mortgage Pass-Through Securities		—		390,262		—		390,262
U.S. Government Agency Securities		—		23,875		—		23,875
U.S. Treasury Obligations		—		82,174		—		82,174
Short-Term Investment
Investment Company		50,753		—		—		50,753
Total Investments in Securities	$	50,753	$	2,167,459	$	3,528	$	2,221,740

There were no significant transfers between Levels 1 and 2 during the period ended November 30, 2010.

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

	Balance as of 02/28/10		Realized gain (loss)		Change in unrealized appreciation (depreciation)		Net amortization (accretion)		Net purchases (sales)		Transfers into Level 3		Transfers out of Level 3			Balance as of 11/30/10
Investments in Securities
Asset-Backed Securities	$	317	$	—	$	—	$	—	$	492	$	—	$	(317	)	$	492
Collateralized Mortgage Obligations		2,401		10		41		5		2,359		—		(1,780	)		3,036
	$	2,718	$	10	$	41	$	5	$	2,851	$	—	$	(2,097	)	$	3,528

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

The change in unrealized appreciation (depreciation) attributable to securities owned at November 30, 2010, which were valued using significant unobservable inputs (Level 3) amounted to approximately $41,000.

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION (t)	VALUE ($)
	Municipal Bonds — 97.0%
	Alabama — 0.9%
	Industrial Development Revenue/Pollution
	Control Revenue — 0.1%
	1,290	Fairfield Industrial Development Board, USX Corp. Project, Rev., VAR, 5.400%, 11/01/11		1,337
	Other Revenue — 0.8%
		Alabama 21st Century Authority, Tobacco Settlement,
	1,790	Rev., 5.750%, 12/01/12		1,829
	2,000	Rev., 5.750%, 12/01/19		2,025
	2,290	Rev., 5.850%, 12/01/13		2,340
	3,000	Chatom Industrial Development Board, Power South Energy, Series B, Rev., 4.000%, 08/01/15 (w)		3,177
				9,371
		Total Alabama		10,708
	Alaska — 1.7%
	Education — 0.5%
		Alaska Student Loan Corp.,
	3,000	Series A-2, Rev., AMT, 5.000%, 06/01/18		3,150
	3,000	Series A-3, Rev., AMT, 5.000%, 06/01/13		3,160
				6,310
	General Obligation — 0.8%
	3,160	City of Anchorage Schools, Series B, GO, NATL-RE, 5.000%, 12/01/17		3,602
	6,350	City of North Slope Boro, Series A, GO, NATL-RE, Zero Coupon, 06/30/13		6,124
				9,726
	Housing — 0.2%
	2,660	Alaska Housing Finance Corp., Home Mortgage, Series A, Rev., AMT, NATL-RE, 5.000%, 06/01/36		2,747
	Other Revenue — 0.2%
	2,315	Northern Tobacco Securitization Corp., Series A, Rev., 4.625%, 06/01/23		2,198
		Total Alaska		20,981
	Arizona — 2.9%
	Certificate of Participation/Lease — 0.7%
	2,100	Arizona State University, Board of Regents, COP, NATL-RE, 5.000%, 07/01/15		2,345
		Pinal County,
	2,910	COP, 5.250%, 12/01/19		3,044
	3,065	COP, 5.250%, 12/01/20		3,176
				8,565
	Hospital — 0.5%
	2,000	Arizona Health Facilities Authority, Banner Health, Series D, Rev., 5.000%, 01/01/13		2,130
	1,000	Gila County IDA, Cobre Valley Community Hospital, Rev., ACA, 6.000%, 12/01/20		786
	3,000	Scottsdale IDA, Healthcare, Series A, Rev., 5.000%, 09/01/16		3,273
				6,189
	Housing — 0.3%
	300	Arizona Housing Finance Authority, Series 2A, Rev., GNMA/FNMA/FHLMC, 5.625%, 07/01/34		310
		Maricopa County IDA, Single Family Mortgage,
	1,726	Series 1B, Rev., VAR, GNMA/FNMA, 5.650%, 07/01/39		1,754
	295	Series 2B, Rev., GNMA/FNMA/FHLMC, 5.950%, 03/01/34		308
	285	Phoenix IDA, Single Family Mortgage, Series 2002-2, Rev., AMT, GNMA/FNMA/FHLMC, 5.950%, 03/01/34		297
	550	Tucson & Prima Counties IDA, Single Family Mortgage, Series 1A, Rev., GNMA COLL, 5.625%, 07/01/34		569
				3,238
	Other Revenue — 0.8%
	1,250	Arizona School Facilities Board, State School Trust, Rev., AMBAC, 4.000%, 07/01/15		1,322
	4,790	Arizona Transportation Board, Regional Area Road Fund, Rev., 5.000%, 07/01/16		5,590
	3,000	Phoenix Civic Improvement Corp., Junior Lien, Series A, Rev., 5.000%, 07/01/23		3,142
				10,054
	Prerefunded — 0.3%
	3,595	City of Phoenix, Series B, GO, 5.000%, 07/01/14 (p)		3,830
	Water & Sewer — 0.3%
	2,645	City of Scottsdale, Rev., 5.250%, 07/01/22		3,194
		Total Arizona		35,070

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
	Arkansas — 0.5%
	Housing — 0.0% (g)
	780	Arkansas Development Finance Authority, Single Family Mortgage, Series D, Rev., AMT, GNMA/FNMA, 5.500%, 01/01/37		825
	Special Tax — 0.5%
		City of Fayetteville, Sales & Use Tax,
	10	Rev., AGM, 4.125%, 11/01/26		10
	330	Rev., AGM, 4.250%, 11/01/25		346
	930	Series A, Rev., AGM, 4.000%, 11/01/21		938
	1,330	City of Rogers, Water Revenue Improvement, Capital Improvement, GO, XLCA, 4.250%, 03/01/31		1,404
	3,000	City of Springdale, Sales & Use Tax, Rev., AGM, 4.250%, 07/01/23		3,026
				5,724
		Total Arkansas		6,549
	California — 5.4%
	Certificate of Participation/Lease — 0.4%
	5,000	Sacramento City Financing Authority, Rev., COP, NATL-RE, FGIC, 5.000%, 12/01/21		5,157
	General Obligation — 2.4%
	1,000	Alum Rock Union Elementary School District, Election of 2008, Series A, GO, AGC, 5.250%, 08/01/29		1,033
	3,000	Escondido Union High School District, Capital Appreciation, Series A, GO, AGC, Zero Coupon, 08/01/23		1,504
	3,000	Mount San Antonio Community College District, GO, Zero Coupon, 05/01/15		2,689
	3,400	Pasadena Area Community College District, Election of 2002, Series C, GO, AMBAC, Zero Coupon, 08/01/14		3,195
		State of California,
	5,000	GO, 5.000%, 10/01/15		5,573
	5,000	GO, 5.125%, 04/01/23		5,164
		State of California, Various Purpose,
	5,000	GO, 5.000%, 03/01/14		5,464
	5,000	GO, 5.000%, 12/01/25		5,029
				29,651
	Hospital — 0.3%
	4,375	Kaweah Delta Health Care District, Rev., 5.000%, 08/01/22		4,306
	Housing — 1.1%
	1,480	California Housing Finance Agency, Multi-Family Housing III, Series A, Rev., AMT, 5.375%, 08/01/28		1,464
		California Rural Home Mortgage Finance Authority, Single Family Mortgage, Mortgage-Backed Security Program,
	35	Series A, Rev., GNMA/FNMA, 5.000%, 12/01/11		35
	1,520	Series A, Rev., GNMA/FNMA/FHLMC, 5.400%, 12/01/36		1,540
	5,055	Series FH-1, Rev., 5.500%, 08/01/47 (f) (i)		2,789
	4,525	California Statewide Communities Development Authority, Poinsettia Apartments, Series B, Rev., VAR, LIQ: FNMA, 4.750%, 06/15/11		4,608
	3,000	State of California, Veterans, GO, 4.900%, 12/01/25		2,846
				13,282
	Other Revenue — 0.7%
	2,155	Bay Area Toll Authority, California Toll Sanitary Francisco Bay Area, Series F, Rev., 5.000%, 04/01/25		2,210
	3,000	California Statewide Communities Development Authority, Inland Regional Center Project, Rev., 5.000%, 12/01/17		3,097
	1,000	Golden State Tobacco Securitization Corp., Asset-Backed, Series A-1, Rev., 5.000%, 06/01/15		1,026
	2,000	San Diego Public Facilities Financing Authority, Series A, Rev., 5.250%, 08/01/26		2,157
				8,490
	Transportation — 0.4%
	4,000	San Francisco City & County Airports Commission, Series 34E, Rev., AMT, AGM, 5.750%, 05/01/21		4,423
	Water & Sewer — 0.1%
	1,050	San Diego Public Facilities Financing Authority, Series B, Rev., 5.500%, 05/15/23		1,168
		Total California		66,477

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
	Colorado — 4.7%
	General Obligation — 1.3%
	1,000	Adams & Arapahoe Joint School District 28J Aurora, GO, NATL-RE, 5.250%, 12/01/25		1,068
		Douglas County School District No. Re-1, Douglas & Elbert Counties,
	2,925	GO, 5.250%, 12/15/20		3,462
	6,000	GO, NATL-RE-IBC, 5.000%, 12/15/11		6,275
	4,000	Jefferson County School District R- 001, GO, 5.000%, 12/15/18		4,705
				15,510
	Hospital — 0.7%
	6,290	Colorado Health Facilities Authority, Adventist Health, Unrefunded Balance, Series E, Rev., VAR, 5.125%, 11/15/25		6,399
	2,415	Colorado Health Facilities Authority, Parkview Medical Center Project, Series B, Rev., 5.000%, 09/01/22		2,441
				8,840
	Housing — 1.4%
	985	Colorado Housing & Facilities Finance Authority, Capital Appreciation, Single Family Program, Series C-1, Rev., AMT, Zero Coupon, 11/01/29		345
		Colorado Housing & Facilities Finance Authority, Multi-Family Project,
	550	Series C-3, Class I, Rev., AMT, 4.450%, 04/01/11		556
	825	Series C-3, Class I, Rev., AMT, 4.550%, 10/01/12		856
	820	Series C-3, Class I, Rev., AMT, 4.650%, 10/01/13		846
		Colorado Housing & Facilities Finance Authority, Single Family Program,
	85	Series B-2, Rev., NATL-RE-IBC, 6.800%, 04/01/30		86
	780	Series C-2, Rev., AMT, FHA/VA MTGS, 7.050%, 04/01/31		818
	9,850	Denver City & County, Capital Appreciation, Single Family Mortgage, Series A, Rev., MGIC, Zero Coupon, 07/10/14		8,116
	2,265	Denver City & County, Single Family Mortgage, Series A, Rev., AMT, GNMA/FNMA/FHLMC, 5.550%, 12/01/39		2,392
		Denver City & County, Single Family Mortgage, Metropolitan Mayors Caucus,
	110	Rev., GNMA/FNMA/FHLMC COLL, 6.000%, 05/01/27		111
	260	Rev., GNMA/FNMA/FHLMC COLL, 6.150%, 11/01/34		267
	120	Series A, Rev., GNMA/FNMA/FHLMC COLL, 7.300%, 11/01/31		122
	1,687	El Paso County, Single Family Mortgage, Series A, Rev., VAR, GNMA/FNMA, 5.350%, 06/01/39		1,767
	815	El Paso County, Single Family Mortgage, Southern Front Range, Series E, Rev., AMT, GNMA/FNMA/FHLMC, 5.850%, 04/01/41		873
	135	IDK Partners III Trust, Pass-Through Certificates, 5.100%, 08/01/23 (f) (i)		135
				17,290
	Industrial Development Revenue/Pollution
	Control Revenue — 0.1%
	1,920	City of Aurora, McKesson Corp. Project, Series A, Rev., VAR, 5.375%, 12/01/11		1,925
	Prerefunded — 0.6%
	5,030	City of Aurora, Single Family Mortgage, Series A-2, Rev., Zero Coupon, 03/01/13 (p)		3,684
	135	Colorado Health Facilities Authority, Adventist Health, Series E, Rev., 5.000%, 11/15/13 (p)		152
	3,500	Mesa County, Compound Interest, Rev., Zero Coupon, 12/01/11 (p)		3,478
				7,314
	Transportation — 0.6%
		Denver City & County, Airport,
	2,410	Series D, Rev., AGM, 5.500%, 11/15/13		2,514
	1,000	Series D, Rev., AGM, 5.500%, 11/15/15		1,042
	2,500	Series D, Rev., AGM, 5.500%, 11/15/16		2,600
	675	Denver City & County, Special Facilities, Airport, Rental Car Project, Series A, Rev., NATL-RE, 6.000%, 01/01/13		677
				6,833
		Total Colorado		57,712

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
	Connecticut — 0.4%
	Other Revenue — 0.4%
		Connecticut State Higher Education Supplement Loan Authority, Chesla Loan Program,
	1,385	Series A, Rev., 5.000%, 11/15/16		1,584
	1,560	Series A, Rev., 5.250%, 11/15/23		1,704
	1,500	Series A, Rev., 5.250%, 11/15/24		1,626
		Total Connecticut		4,914
	Delaware — 0.5%
	Housing — 0.5%
		Delaware State Housing Authority, Single Family Mortgage,
	690	Series A-1, Rev., AMBAC, 5.170%, 01/01/30		724
	4,000	Series C-1, Rev., AMT, GNMA/FNMA/FHLMC, 5.550%, 07/01/39		4,280
	745	Series D-1, Rev., AMT, 4.625%, 01/01/23		757
		Total Delaware		5,761
	District of Columbia — 1.0%
	Housing — 0.1%
	1,140	District of Columbia Housing Finance Agency, Single Family Program, Series B, Rev., AMT, 5.625%, 06/01/35		1,184
	Other Revenue — 0.3%
		District of Columbia, Income Tax,
	1,500	Series A, Rev., 5.000%, 12/01/18		1,766
	1,650	Series B, Rev., 5.250%, 12/01/29		1,780
				3,546
	Transportation — 0.6%
	3,000	Metropolitan Washington Airports Authority, Series A, Rev., AMT, 5.500%, 10/01/21		3,272
	4,000	Washington Metropolitan Area Transit Authority, Series A, Rev., 5.250%, 07/01/25		4,360
				7,632
		Total District of Columbia		12,362
	Florida — 6.2%
	Certificate of Participation/Lease — 0.5%
	4,000	Collier County School Board, COP, AGM, 5.250%, 02/15/21		4,408
	2,000	Miami-Dade County School Board, Series A, COP, NATL-RE, FGIC, 5.000%, 05/01/15		2,208
				6,616
	Education — 0.4%
		Capital Projects Finance Authority, Capital Projects Loan Program,
	2,385	Series F-1, Rev., NATL-RE, 5.500%, 10/01/13		2,418
	2,880	Series F-1, Rev., NATL-RE, 5.500%, 10/01/14		2,906
				5,324
	General Obligation — 0.1%
	1,250	Florida State Board Education, Public Education Capital Outlay 2004, Series C, GO, 5.000%, 06/01/24		1,324
	Hospital — 0.5%
	500	Highlands County Health Facilities Authority, Adventist Health, Series A, Rev., VAR, 5.000%, 11/15/16		550
	5,000	South Miami Health Facilities Authority, Baptist Health South Florida Group, Rev., 5.000%, 08/15/21		5,252
				5,802
	Housing — 1.5%
	1,380	Broward County Housing Finance Authority, Series B, Rev., AMT, 4.500%, 04/01/27		1,404
	2,035	Escambia County, Housing Finance Authority, Single Family Mortgage, Multi-County Program, Series A, Rev., GNMA/FNMA/FHLMC FHA/VA GTD, 4.800%, 10/01/38		2,019
	4,300	Florida Housing Finance Corp., Homeowner Mortgage, Series A-1, Rev., GNMA/FNMA/FHLMC COLL, 5.000%, 07/01/28		4,635
	2,000	Florida Housing Finance Corp., Homeowner Mortgage Special Program, Series A, Rev., GNMA/FNMA/FHLMC, 5.000%, 07/01/28		2,150
		Hillsborough County Housing Finance Authority,
	1,245	Rev., AMT, GNMA/FNMA/FHLMC, 5.200%, 04/01/38		1,292

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
	Housing — 1.5%Continued
	1,025	Series 2, Rev., AMT, GNMA/FNMA/FHLMC, 4.400%, 10/01/27		1,031
	680	Miami-Dade County Housing Finance Authority, Home Ownership Mortgage, Series A-1, Rev., GNMA/FNMA, 5.300%, 10/01/36		707
	440	Orange County, Housing Finance Authority, Series B, Rev., AMT, GNMA/FNMA, 5.400%, 09/01/32		465
	1,680	Orange County, Housing Finance Authority, Multi-County Program, Series A, Rev., AMT, GNMA, 5.125%, 09/01/38		1,762
		Pinellas County Housing Finance Authority, Multi-County Program,
	1,530	Series A-2, Rev., AMT, GNMA/FNMA/FHLMC, 4.900%, 09/01/27		1,546
	1,230	Series B-1, Rev., GNMA/FNMA, 5.200%, 03/01/36		1,255
				18,266
	Other Revenue — 0.5%
	2,000	Florida Housing Finance Corp., Homeowner Mortgage, Series B, Rev., GNMA, 4.500%, 01/01/29		2,144
	2,900	Florida Water Pollution Control Financing Corp., Water Pollution Control, Series A, Rev., 5.000%, 07/15/22		3,290
				5,434
	Resource Recovery — 0.1%
	1,135	Lee County, Solid Waste System, Rev., NATL-RE, 5.625%, 10/01/13		1,167
	Special Tax — 0.2%
	2,900	Miami-Dade County, Sub Series A, Rev., NATL-RE, Zero Coupon, 10/01/16		2,178
	Transportation — 1.1%
		Hillsborough County Aviation Authority, Tampa International Airport,
	3,890	Series A, Rev., NATL-RE, 5.375%, 10/01/16		4,199
	5,000	Series A, Rev., NATL-RE, 5.500%, 10/01/15		5,458
	3,000	Miami-Dade County, Miami International Airport, Series B, Rev., AMT, AGM-CR, CIFG, 5.000%, 10/01/16		3,274
				12,931
	Utility —0.8%
	5,000	City of Port St. Lucie, Rev., NATL- RE, 5.250%, 09/01/24		5,271
	4,640	Fort Pierce Utilities Authority, Rev., AMBAC, 5.000%, 10/01/15		4,993
				10,264
	Water & Sewer — 0.5%
	5,000	Tampa Bay Water Utility System, Rev., NATL-RE, FGIC, 5.500%, 10/01/22		5,921
		Total Florida		75,227
	Georgia — 1.1%
	Certificate of Participation/Lease — 0.4%
	5,000	Gwinnett County Development Authority, Public Schools Project, COP, NATL-RE, 5.250%, 01/01/22		5,675
	General Obligation — 0.5%
	5,000	Fulton County School District, GO, 5.500%, 01/01/21		6,047
	Housing — 0.2%
	2,090	Atlanta Urban Residential Finance Authority, Multi-Family Housing, Mortgage-Backed Securities, Series B, Rev., GNMA/FNMA/FHLMC, 5.500%, 03/01/41		2,160
		Total Georgia		13,882
	Hawaii — 0.5%
	General Obligation — 0.5%
		City & County of Honolulu,
	1,470	Series D, GO, 5.250%, 09/01/26		1,625
	2,900	Series D, GO, 5.250%, 09/01/27		3,183
	1,200	Series E, GO, NATL-RE, FGIC, 5.000%, 07/01/23		1,286
		Total Hawaii		6,094
	Idaho — 0.1%
	Housing — 0.1%
	740	Idaho Housing & Finance Association, Series A, Class III, Rev., 5.550%, 07/01/20		762
		Idaho Housing & Finance Association, Single Family Mortgage,

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
	Housing — 0.1%Continued
	50	Series D, Rev., FHA/VA MTGS, 6.450%, 07/01/14		50
	95	Series E-2, Rev., 5.950%, 07/01/14		95
	115	Series H, Rev., FHA/VA MTGS, 6.050%, 07/01/14		116
	25	Sub Series A, Rev., FHA/VA MTGS, 5.350%, 07/01/11		25
		Total Idaho		1,048
	Illinois — 4.4%
	General Obligation — 1.4%
		Chicago Board of Education,
	3,000	Series C, GO, 5.250%, 12/01/24		3,200
	2,000	Series C, GO, AGC-ICC, 5.250%, 12/01/26		2,083
	350	City of Chicago Heights, Series A, GO, NATL-RE, FGIC, 5.650%, 12/01/16 (p)		359
	1,315	City of Chicago, Unrefunded Balance, Series A, GO, AGM, 5.250%, 01/01/19		1,441
	8,680	State of Illinois, Series 1, GO, NATL- RE, FGIC, 6.000%, 11/01/26		9,938
				17,021
	Hospital — 0.1%
	1,500	Illinois Finance Authority, OSF Healthcare Systems, Rev., 5.250%, 11/15/23		1,501
	Housing — 1.7%
		City of Aurora, Single Family Mortgage,
	1,760	Series A, Rev., AMT, GNMA/FNMA/FHLMC FHA/VA GTD, 5.500%, 12/01/39		1,813
	1,851	Series B, Rev., GNMA/FNMA/FHLMC, 5.450%, 12/01/39		1,957
		City of Chicago, Single Family Mortgage,
	1,110	Series B, Rev., GNMA/FNMA/FHLMC COLL, 6.000%, 10/01/33		1,159
	2,315	Series C, Rev., GNMA/FNMA, 5.750%, 12/01/42		2,473
	3,045	Series E, Rev., GNMA/FNMA/FHLMC, 5.500%, 12/01/42		3,226
	2,845	Series K, Rev., GNMA/FNMA/FHLMC, 5.350%, 06/01/43		2,996
		Illinois Developmental Finance Authority, Multi-Family Housing, Lincoln Place,
	2,610	Series A, Rev., GNMA COLL, 6.500%, 07/20/15		2,749
	4,465	Series A, Rev., GNMA COLL, 6.600%, 07/20/21		4,696
	45	Peoria, Moline & Freeport, Single Family Collateral Mortgage, Series A, Rev., GNMA COLL/FHA/VA MTGS, 7.600%, 04/01/27		46
				21,115
	Other Revenue — 0.1%
	1,000	Illinois Finance Authority, Gas Supply, Peoples Gas Light & Coke, Rev., VAR, 2.125%, 07/01/14		989
	Prerefunded — 0.6%
	6,265	City of Chicago, Series A, GO, AGM, 5.250%, 01/01/14 (p)		7,058
	Transportation — 0.5%
	5,980	Chicago O’Hare International Airport, 3rd Lien, Series C, Rev., AMT, NATL-RE, 5.250%, 01/01/23		6,065
	100	City of Chicago, Midway Airport, Series A, Rev., AMT, AGM, 5.125%, 01/01/26		99
				6,164
		Total Illinois		53,848
	Indiana — 2.3%
	General Obligation — 0.1%
	1,400	Indiana Housing & Community Development Authority, Home First Program, Series A, Rev., GNMA/FNMA/COLL, 4.500%, 06/01/28		1,497
	Hospital — 0.4%
		Indiana Health & Educational Facilities Finance Authority, Baptist Homes of Indiana,
	805	Rev., 5.000%, 11/15/12		838
	1,095	Rev., 5.000%, 11/15/15		1,160
	1,000	Rev., 5.250%, 11/15/25		977
	1,750	Indiana Health Facility Financing Authority, Ascension Health, Series A- 1, Rev., VAR, 5.000%, 05/01/13		1,898
				4,873

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
	Housing — 0.4%
		Indiana Housing & Community Development Authority,
	2,895	Series B-2, Rev., GNMA/FNMA, 5.000%, 07/01/36		2,954
	1,835	Series C-2, Rev., GNMA/FNMA, 5.000%, 01/01/36		1,879
				4,833
	Other Revenue — 0.8%
	2,000	Indiana Finance Authority, Ascension Health, Series A-8, Rev., VAR, 5.000%, 07/28/16		2,267
	4,790	Indiana State Finance Authority Revenue, State Revolving Fund Program, Series B, Rev., 5.000%, 02/01/27		5,101
	2,000	Indianapolis Local Public Improvement Bond Bank, Pilot Infrastructure Project, Series F, Rev., AGM, 5.000%, 01/01/27		2,097
				9,465
	Transportation — 0.3%
	3,000	Indianapolis Local Public Improvement Bond Bank, Airport Authority, Series F, Rev., AMBAC, 5.250%, 01/01/14		3,263
	Water & Sewer — 0.3%
	4,050	Indianapolis Local Public Improvement Bond Bank, Waterworks Project, Series F, Rev., NATL-RE, 5.000%, 07/01/19		4,364
		Total Indiana		28,295
	Iowa — 0.4%
	Housing — 0.1%
	900	Iowa Finance Authority, Mortgage- Backed Securities Program, Series 1, Rev., GNMA/FNMA/FHLMC, 5.000%, 07/01/28		966
	Prerefunded — 0.3%
	4,225	Tobacco Settlement Authority of Iowa, Asset-Backed, Series B, Rev., 5.300%, 06/01/11 (p)		4,357
		Total Iowa		5,323
	Kansas — 1.1%
	Housing — 1.1%
		Sedgwick & Shawnee Counties, Single Family Mortgage,
	2,470	Series A, Rev., GNMA/FNMA, 5.400%, 12/01/37		2,609
	1,040	Series A-3, Rev., GNMA/FNMA, 5.500%, 06/01/28		1,109
	475	Series A-3, Rev., GNMA/FNMA, 5.650%, 06/01/37		502
		Sedgwick & Shawnee Counties, Single Family Mortgage-Backed Securities Program,
	655	Series A, Rev., GNMA/FNMA, 6.050%, 06/01/27		701
	3,210	Series A, Rev., GNMA/FNMA/FHLMC, 5.450%, 06/01/38		3,345
	2,430	Series A-4, Rev., GNMA/FNMA/FHLMC, 5.850%, 06/01/39		2,580
	2,050	Series B-2, Rev., GNMA/FNMA/FHLMC, 5.250%, 12/01/38		2,159
	825	Series B-3, Rev., GNMA/FNMA, 5.750%, 12/01/34		872
	30	Series B-5, Rev., GNMA/FNMA/FHLMC, 4.100%, 12/01/23		30
		Total Kansas		13,907
	Kentucky — 0.4%
	Housing — 0.4%
	4,295	Kentucky Housing Corp., Series A, Rev., 5.000%, 01/01/27		4,646
	Louisiana — 2.6%
	Certificate of Participation/Lease — 0.1%
	1,000	Louisiana State Military Department, CR, Rev., COP, 5.000%, 08/01/15		1,105
	Hospital — 0.9%
	5,000	Louisiana Public Facilities Authority, Franciscan Missionaries, Series A, Rev., AGM, 5.750%, 07/01/18		5,481
		St. Tammany Parish Hospital Service District No. 2,
	540	Series B, GO, RADIAN, 5.250%, 03/01/11		545
	515	Series B, GO, RADIAN, 5.250%, 03/01/12		533

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
	Hospital — 0.9%Continued
	400	St. Tammany Parish Public Trust Financing Authority, Christwood Project, Rev., 5.700%, 11/15/18		377
		Tangipahoa Parish Hospital Service District No. 1, North Oaks Medical Center Project,
	2,000	Series A, Rev., 5.375%, 02/01/14		2,104
	1,190	Series A, Rev., 5.375%, 02/01/16		1,235
				10,275
	Housing — 0.6%
		Calcasieu Parish Public Transportation Authority, Single Family Mortgage,
	200	Series B, Rev., GNMA/FNMA, 5.000%, 04/01/28		204
	2,590	Series B, Rev., AMT, GNMA/FNMA/FHLMC, 5.350%, 09/01/38		2,710
	1,028	East Baton Rouge Mortgage Finance Authority, Mortgage-Backed Securities Program, Series A-2, Rev., GNMA/FNMA/FHLMC, 5.250%, 10/01/39		1,118
		Jefferson Parish Finance Authority, Single Family Mortgage,
	520	Series B-1, Rev., GNMA/FNMA/COLL, 6.650%, 12/01/33		557
	2,225	Series C, Rev., GNMA/FNMA, 4.500%, 12/01/24		2,237
	70	Jefferson Parish School Board, Sales & Use Tax, Single Family Mortgage, Series D, Rev., GNMA/FNMA/FHLMC, 4.000%, 12/01/23		70
	745	Louisiana Housing Finance Agency, Single Family Home Ownership Program, Series A, Rev., GNMA/FNMA/FHLMC, 5.500%, 06/01/40		767
				7,663
	Other Revenue — 0.4%
		State of Louisiana, Gas And Fuels Tax, Second Lien,
	2,930	Series B, Rev., 5.000%, 05/01/26		3,153
	2,000	Series B, Rev., 5.000%, 05/01/27		2,136
				5,289
	Utility — 0.6%
		Louisiana Energy & Power Authority,
	4,320	Rev., AGM, 5.750%, 01/01/12		4,554
	2,290	Rev., AGM, 5.750%, 01/01/13		2,512
				7,066
		Total Louisiana		31,398
	Maryland — 2.9%
	General Obligation — 2.7%
	5,000	Montgomery County, Public Improvement, Series A, GO, 5.000%, 08/01/18		5,985
		State of Maryland,
	4,225	Series B, GO, 5.000%, 03/01/18		5,039
	3,000	Series B, GO, 5.000%, 03/01/19		3,579
		State of Maryland, State and Local Facilities Lien,
	6,000	Series 1, GO, 5.000%, 03/15/17 (p)		7,134
	5,450	Series 2, GO, 5.000%, 08/01/13		6,055
	5,000	Series 2, GO, 5.000%, 08/01/14		5,523
				33,315
	Housing — 0.2%
	640	Baltimore County, Multi-Family Housing, Compound Interest, Series A, Rev., FHA, Zero Coupon, 09/01/24		304
	855	Montgomery County Housing Opportunites Commission, Single Family Mortgage, Series D, Rev., AMT, 5.500%, 01/01/38		896
	660	Prince Georges County, Housing Authority, Bristol Pines Apartments Project, Rev., FNMA, 4.500%, 12/15/15		692
	120	Prince Georges County, Housing Authority, Single Family Mortgage, Series A, Rev., AMT, GNMA/FNMA/FHLMC, 5.600%, 12/01/34		122
				2,014
		Total Maryland		35,329
	Massachusetts — 2.4%
	Education — 0.2%
		Massachusetts Health & Educational Facilities Authority, Springfield College,
	1,050	Rev., 5.000%, 10/15/15		1,163
	1,060	Rev., 5.000%, 10/15/17		1,179
				2,342
	General Obligation — 0.7%
		Commonwealth of Massachusetts,
	5,250	Series A, GO, 5.000%, 08/01/24		5,703
	2,500	Series B, GO, AGM, 5.250%, 09/01/21		2,948
				8,651

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
	Housing — 0.7%
	3,725	Boston Housing Authority, Rev., AGM, 5.000%, 04/01/16		4,108
	1,000	Massachusetts Housing Finance Agency, Single Family Housing, Series 124, Rev., AMT, 4.900%, 12/01/21		1,017
		New Bedford Housing Authority, Capital Funding Program,
	675	Series A, Rev., 3.400%, 10/01/11		689
	700	Series A, Rev., 3.600%, 10/01/12		731
	725	Series A, Rev., 3.750%, 10/01/13		772
	750	Series A, Rev., 3.900%, 10/01/14		811
				8,128
	Prerefunded — 0.3%
	3,920	Commonwealth of Massachusetts, Series D, GO, NATL-RE, 5.375%, 08/01/12 (p)		4,221
	Water & Sewer — 0.5%
	5,000	Massachusetts State Water Pollution Abatement, MWRA Program, Rev., 5.250%, 08/01/24		5,863
		Total Massachusetts		29,205
	Michigan — 2.6%
	Education — 0.4%
	4,000	University of Michigan, Series C, Rev., 5.000%, 04/01/18		4,744
	Hospital — 1.1%
	2,055	Kent Hospital Finance Authority, Spectrum Health, Series A, Rev., VAR, 5.000%, 01/15/12		2,137
	1,000	Michigan State Hospital Finance Authority, Ascension Health, Senior Care Group, Rev., 5.000%, 11/15/16		1,135
		Michigan State Hospital Finance Authority, Oakwood Obligation Group,
	5,000	Rev., 5.500%, 11/01/17		5,193
	2,500	Series A, Rev., 5.000%, 07/15/15		2,676
	2,500	Saginaw Hospital Finance Authority, Covenant Medical Center, Series G, Rev., 5.125%, 07/01/22		2,516
				13,657
	Housing — 0.4%
		Michigan State Housing Development Authority,
	3,185	Series A, Rev., AMT, 5.000%, 06/01/30		3,274
	2,030	Series D, Rev., AMT, AGM, 4.950%, 04/01/21		2,069
				5,343
	Other Revenue — 0.2%
	1,705	Saginaw County Economic Development Corp., BGI South LLC- Recovery Zone, Rev., 5.000%, 12/01/20		1,776
	Water & Sewer — 0.5%
	5,430	City of Detroit, Water Supply System, Senior Lien, Series A, Rev., AGM, 5.000%, 07/01/17		5,860
		Total Michigan		31,380
	Minnesota — 2.7%
	General Obligation — 0.9%
	3,635	Minneapolis St. Paul Housing Finance Board, Mortgage-Backed, City Living, Series A-2, Rev., GNMA/FNMA/FHLMC, 5.520%, 03/01/41		3,753
	1,925	Minnesota Housing Finance Agency, Non Amount, Non Ace Mortgage- Backed, Rev., GNMA/FNMA/FHLMC COLL, 4.250%, 07/01/28		2,044
	4,465	State of Minnesota, Various Purpose, Series K, GO, 5.000%, 11/01/20		5,238
				11,035
	Housing — 1.5%
	5,047	Dakota County Community Development Agency, Mortgage- Backed Securities Program, Series A, Rev., GNMA/FNMA/FHLMC, 5.125%, 12/01/40		5,271
	738	Dakota County Community Development Agency, Single Family Mortgage, Series B, Rev., GNMA/FNMA/FHLMC, 5.150%, 12/01/38		764
	3,779	Minneapolis & St. Paul Housing Finance Board, Mortgage-Backed Securities Program, City Living, Series A-1, Rev., GNMA/FNMA/FHLMC, 5.250%, 12/01/40		3,967
	1,505	Minneapolis Community Development Agency, Multi-Family Housing, Riverside Homes Project, Rev., 6.100%, 09/01/19		1,514

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
	Housing — 1.5%Continued
		Minnesota Housing Finance Agency, Residential Housing Finance,
	1,360	Series D, Rev., VAR, AMT, 5.500%, 01/01/38		1,430
	4,895	Series L, Rev., AMT, 5.500%, 07/01/48		5,175
				18,121
	Transportation — 0.3%
	3,000	Minneapolis-St. Paul Metropolitan Airports Commission, Series B, Rev., AMT, 5.000%, 01/01/16		3,312
		Total Minnesota		32,468
	Mississippi — 0.7%
	Education — 0.1%
	945	Jackson State University Educational Building Corp., Campus Facilities Project, Rev., VAR, 5.000%, 03/01/11 (p)		956
	Housing — 0.5%
	5,595	Mississippi Home Corp., Single Family Mortgage, Series B-1, Rev., GNMA/FNMA/FHLMC, 5.375%, 12/01/38		5,843
	Other Revenue — 0.1%
	2,000	Mississippi Home Corp., Series A, Rev., GNMA FNMA FHLMC, 4.500%, 12/01/31 (w)		2,142
		Total Mississippi		8,941
	Missouri — 1.3%
	Housing — 1.0%
		Missouri Housing Development Commission, Home Ownership Loan Program,
	1,640	6.000%, 03/01/36		1,716
	755	Series B-1, Rev., AMT, GNMA/FNMA/FHLMC, 5.050%, 03/01/38		766
	3,655	Series C-1, Rev., AMT, GNMA/FNMA/FHLMC, 5.600%, 09/01/38		3,869
	1,005	Series E-1, Rev., FHLMC, 5.000%, 11/01/27		1,088
	1,815	Series E-1, Rev., AMT, GNMA/FNMA, 5.600%, 03/01/37		1,931
	3,275	Missouri Housing Development Commission, Home Ownership Loan Program, Single Family Mortgage, Series B, Rev., AMT, GNMA/FNMA, 5.800%, 09/01/35		3,397
		Missouri Housing Development Commission, Single Family Homeowner Mortgage,
	95	Series B-1, Rev., AMT, GNMA/FNMA/COLL, 6.150%, 03/01/20		97
	125	Series B-1, Rev., AMT, NATL-RE- IBC, 7.450%, 09/01/31		127
				12,991
	Prerefunded — 0.1%
	915	Cameron IDA, Community Hospital, Rev., ACA, 6.250%, 12/01/10 (p)		924
	Transportation — 0.2%
	2,105	City of St. Louis, Lambert, Series B, Rev., AMT, AGM, 5.000%, 07/01/19		2,198
		Total Missouri		16,113
	Montana — 0.4%
	Housing — 0.4%
		Montana Board of Housing, Single Family Mortgage,
	3,220	Series A, Rev., 5.250%, 12/01/36		3,354
	200	Series B, Rev., 5.500%, 12/01/37		208
	805	Series B-2, Rev., AMT, 6.000%, 12/01/29		820
		Total Montana		4,382
	Nebraska — 0.3%
	Housing — 0.3%
		Nebraska Investment Finance Authority,
	1,750	Series C, Rev., 5.500%, 03/01/36		1,818
	1,900	Series C, Rev., GNMA/FNMA/FHLMC, 5.250%, 09/01/31		1,944
		Total Nebraska		3,762

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
	Nevada — 1.6%
	Education — 0.5%
	5,445	Nevada System of Higher Education, Series B, Rev., AMBAC, 5.000%, 07/01/19		5,859
	General Obligation — 0.7%
	7,000	Clark County School District, Series B, GO, AGM, 5.000%, 06/15/18		7,636
	1,360	Las Vegas Convention & Visitors Authority, Rev., AMBAC, 5.000%, 07/01/29		1,289
				8,925
	Housing — 0.2%
	785	Nevada Housing Division, Multi-Unit Housing, Citivista Project, Series A, Rev., FNMA COLL, 5.450%, 10/01/15		786
	10	Nevada Housing Division, Single Family Mortgage, Sub Series A-1, Rev., AMT, 5.200%, 04/01/11		10
	1,617	Nevada Rural Housing Authority, Series A, Rev., AMT, GNMA/FNMA/FHLMC, 5.200%, 11/01/40		1,689
				2,485
	Other Revenue — 0.2%
	1,715	Las Vegas Special Improvement District No. 707, Special Assessment, Series A, AGM, 5.400%, 06/01/14		1,735
		Total Nevada		19,004
	New Hampshire — 0.6%
	Housing — 0.2%
	1,745	New Hampshire Housing Finance Authority, Single Family Mortgage, Series E, Rev., 6.625%, 07/01/38		1,948
	Other Revenue — 0.4%
		City of Manchester, School Facilities,
	3,545	Rev., NATL-RE, 5.500%, 06/01/24		4,221
	900	Rev., NATL-RE, 5.500%, 06/01/27		1,063
				5,284
		Total New Hampshire		7,232
	New Jersey — 3.1%
	Education — 0.6%
		New Jersey EDA, School Facilities Construction,
	3,000	Series O, Rev., 5.250%, 03/01/14		3,322
	3,000	Series P, Rev., 5.250%, 09/01/16		3,400
				6,722
	General Obligation — 0.1%
	1,215	Egg Harbor Township School District, GO, AGM, 5.750%, 07/15/24		1,472
	Hospital — 0.1%
	1,355	New Jersey Health Care Facilities Financing Authority, Shore Memorial Health Care Systems, Rev., RADIAN, 5.000%, 07/01/11		1,370
	Other Revenue — 0.9%
	2,310	Casino Reinvestment Development Authority, New Jersey Hotel Room Fee, Rev., AMBAC, 5.000%, 01/01/15		2,427
		Tobacco Settlement Financing Corp.,
	5,000	Series 1A, Rev., 5.000%, 06/01/14		5,142
	1,155	Series 1A, Rev., 5.000%, 06/01/16		1,172
	2,550	Series 1A, Rev., 5.000%, 06/01/19		2,466
				11,207
	Transportation — 1.4%
		New Jersey Transportation Trust Fund Authority,
	2,000	Series A, Rev., 5.500%, 12/15/21		2,238
	5,000	Series A, Rev., AMBAC, 5.500%, 12/15/15		5,721
	8,690	Series B, Rev., AMBAC, 5.250%, 12/15/22		9,478
				17,437
		Total New Jersey		38,208
	New Mexico — 1.3%
	Education — 0.4%
	4,000	State of New Mexico, Severance Tax, Series B, Rev., 5.000%, 07/01/17		4,686
	General Obligation — 0.1%
	1,000	New Mexico Finance Authority, State Transportation, Senior Lien, Rev., 5.000%, 06/15/17		1,180
	Housing — 0.8%
		New Mexico Mortgage Finance Authority, Single Family Mortgage,
	635	Series B-2, Class I, Rev., AMT, GNMA/FNMA/FHLMC, 4.250%, 07/01/37		617
	2,715	Series B-3, Class I, Rev., AMT, GNMA/FNMA/FHLMC, 4.200%, 07/01/28		2,722

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
	Housing — 0.8%Continued
	850	Series C, Rev., AMT, GNMA/FNMA/FHLMC, 5.850%, 01/01/37		899
	2,535	Series C-2, Rev., AMT, FNMA/GNMA, 4.700%, 09/01/33		2,549
	2,415	Series D-1, Class I, Rev., AMT, GNMA/FNMA/FHLMC, 5.850%, 01/01/37		2,603
				9,390
		Total New Mexico		15,256
	New York — 7.0%
	Certificate of Participation/Lease — 2.4%
	5,010	New York State Dormitory Authority, Court Facilities Lease, Series A, Rev., COP, AMBAC, 5.500%, 05/15/20		5,727
	2,800	New York State Dormitory Authority, Mental Health Services, Unrefunded Balance, Series B, Rev., COP, 6.000%, 08/15/16		3,167
	5,900	New York State Dormitory Authority, Personal State Income Tax, Series C, Rev., 5.000%, 03/15/26		6,262
		Tobacco Settlement Financing Corp., Asset-Backed Securities,
	4,000	Series A-1, Rev., COP, 5.000%, 06/01/12		4,233
	1,675	Series B-1, Rev., COP, XLCA-ICR, 4.000%, 06/01/12		1,748
	8,000	Series B-1C, Rev., COP, 5.500%, 06/01/16		8,156
				29,293
	Education — 0.7%
	2,000	New York Municipal Bond Bank Agency, Series C, Rev., 5.000%, 12/01/23		2,036
		New York State Dormitory Authority,
	5,000	Series A, Rev., 5.000%, 03/15/21		5,430
	1,295	Series B, Rev., VAR, 5.250%, 05/15/12		1,364
				8,830
	General Obligation — 1.5%
		New York City,
	7,500	Series D, GO, 5.000%, 11/01/22		8,000
	5,000	Series G, GO, 5.000%, 08/01/14		5,632
	4,000	Series G, GO, 5.250%, 08/01/15		4,427
				18,059
	Housing — 0.2%
	2,000	New York State Mortgage Agency, Rev., 5.000%, 04/01/28		2,155
	Other Revenue — 0.1%
	1,100	New York State Dormitory Authority, Jewish Board of Family & Children, Rev., AMBAC, 5.000%, 07/01/11		1,120
	Resource Recovery — 0.2%
	2,140	Islip Resource Recovery Agency, 1985 Facility, Series F, Rev., AGM, 5.000%, 07/01/13		2,309
	Special Tax — 0.6%
	5,000	New York City Transitional Finance Authority, Future Tax Secured, Series A, Rev., VAR, 5.500%, 11/01/26		5,203
	2,000	New York State Dormitory Authority, Series A, Rev., 5.250%, 02/15/24		2,198
				7,401
	Transportation — 1.3%
	1,000	Metropolitan Transportation Authority, Series C, Rev., 5.250%, 11/15/14		1,125
	3,145	Metropolitan Transportation Authority, Dedicated Tax Fund, Series B, Rev., 5.250%, 11/15/24		3,421
	1,365	Monroe County, Airport Authority, Greater Rochester International, Rev., NATL-RE, 5.250%, 01/01/12		1,404
	5,000	New York State Thruway Authority, Secondary General Highway & Bridge Trust Fund, Series B, Rev., NATL-RE, FGIC, 5.000%, 04/01/17		5,691
	4,000	Port Authority of New York & New Jersey, CONS-131, Series CIFG, Rev., CIFG-TCRS, 5.000%, 12/15/17		4,295
				15,936
		Total New York		85,103
	North Carolina — 3.9%
	Education — 0.4%
	3,300	Board of Governors of the University of North Carolina, Appalachian State Charlotte, Series B1, Rev., 5.250%, 10/01/23		3,643
	1,355	University of North Carolina System, Series A, Rev., 5.250%, 10/01/23		1,526
				5,169
	General Obligation — 2.1%
	2,000	Asheville North Carolina Water System, Rev., AGM, 5.000%, 08/01/19 Mecklenburg County,		2,264
	2,000	Series A, GO, 5.000%, 08/01/19		2,389
	4,000	Series C, GO, 5.000%, 03/01/15		4,618

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
	General Obligation — 2.1%Continued
	10,945	State of North Carolina, Public Improvement, Series A, GO, 5.000%, 03/01/16		12,524
	3,250	Union County, Series B, GO, 5.000%, 03/01/17		3,834
				25,629
	Housing — 0.7%
	540	Asheville Housing Authority, Multi- Family, Battery Park Apartment, Series A, Rev., GNMA, 3.900%, 08/20/15		575
	3,605	North Carolina Housing Finance Agency, Series 30-A, Rev., AMT, 5.500%, 01/01/39		3,760
		North Carolina Housing Finance Agency, Home Ownership,
	1,670	Series 23-A, Rev., VAR, AMT, 5.000%, 07/01/36		1,719
	1,715	Series 26-A, Rev., VAR, AMT, 5.500%, 01/01/38		1,801
				7,855
	Other Revenue — 0.2%
	1,000	North Carolina Capital Facilities Finance Agency, Waste Management of Carolinas Project, Rev., VAR, 3.375%, 08/01/14		993
	1,250	Wake County, Hammond Road Detention Center, Rev., 5.000%, 06/01/24		1,368
				2,361
	Utility — 0.2%
	2,500	North Carolina Municipal Power Agency No. 1-Catawba Electric, Series A, Rev., 5.250%, 01/01/16		2,864
	Water & Sewer — 0.3%
	3,330	City of Charlotte, Water & Sewer System, Rev., 5.250%, 07/01/22		3,843
		Total North Carolina		47,721
	North Dakota — 0.6%
	General Obligation — 0.1%
	1,500	North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series F, Rev., 4.500%, 01/01/35		1,550
	Housing — 0.2%
	2,000	North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series B, Rev., 5.000%, 07/01/28		2,141
	Industrial Development Revenue/Pollution
	Control Revenue — 0.1%
	2,000	McLean County, Solid Waste Great River Energy Project, Series A, Rev., 4.875%, 07/01/26		1,976
	Other Revenue — 0.2%
	2,000	North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series D, Rev., 4.500%, 01/01/29		2,110
		Total North Dakota		7,777
	Ohio — 2.4%
	General Obligation — 1.1%
		Dublin City School District, Capital Appreciation,
	2,885	GO, NATL-RE, FGIC, Zero Coupon, 12/01/13		2,772
	3,580	GO, NATL-RE, FGIC, Zero Coupon, 12/01/14		3,345
	1,000	Lakota Local School District, Series A, GO, NATL-RE, FGIC, 5.250%, 12/01/25		1,162
	5,000	State of Ohio, Infrastructure Improvement, Series A, GO, 5.500%, 02/01/20		5,992
				13,271
	Housing — 0.2%
	450	Cuyahoga County, Multi-Family Housing, Carter Manor, Rev., GNMA, 4.000%, 09/20/14		463
		Ohio Housing Finance Agency, Residential Mortgage-Backed Securities,
	95	Series B, Rev., AMT, GNMA COLL, 4.650%, 09/01/20		96
	325	Series C, Rev., GNMA COLL, 4.625%, 09/01/31		334
		Summit County Port Authority, Eastland Woods Project,
	390	Series A, Rev., FHA, GNMA COLL, 4.000%, 12/20/14		395
	580	Series A, Rev., FHA, GNMA COLL, 4.350%, 12/20/19		590
	1,020	Series A, Rev., FHA, GNMA COLL, 4.750%, 12/20/26		1,029

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
	Housing — 0.2%Continued
				2,907
	Industrial Development Revenue/Pollution Control Revenue — 0.2%
	1,160	Cleveland-Cuyahoga County Port Authority, Capital Improvement Project, Series A, Rev., 5.375%, 05/15/19		1,106
	385	Cleveland-Cuyahoga County Port Authority, Cleveland Bond Fund, Series A, Rev., LOC: Fifth Third Bank, 6.250%, 05/15/16		389
	520	Cleveland-Cuyahoga County Port Authority, Cleveland City Project, Tax Allocation, Series B, 4.500%, 05/15/30		396
				1,891
	Other Revenue — 0.3%
	1,000	City of Columbus, Sewer Revenue System, Series A, Rev., 5.000%, 06/01/23		1,094
	2,430	RiverSouth Authority, RiverSouth Area Redevelopment, Series A, Rev., 5.000%, 12/01/16		2,775
				3,869
	Prerefunded — 0.1%
		Toledo-Lucas County Port Authority, Development, Northwest Ohio Bond Fund,
	685	Series C, Rev., 5.350%, 11/15/12 (p)		712
	80	Series C, Rev., 6.000%, 05/15/11 (p)		82
				794
	Water & Sewer — 0.5%
	5,000	City of Cincinnati, Water System, Series A, Rev., 5.000%, 12/01/17		5,935
		Total Ohio		28,667
	Oklahoma — 0.8%
	General Obligation — 0.4%
	1,735	Oklahoma Housing Finance Agency, Single Homeownership Loan Program, Series A, Rev., GNMA/FNMA/FHLMC, 4.375%, 09/01/27		1,845
	2,550	Tulsa County Independent School District No 3 Broken Arrow, Comb Purpose, GO, 5.000%, 04/01/15		2,941
				4,786
	Housing — 0.4%
	470	Canadian County, Home Finance Authority, Single Family Mortgage, Mortgage-Backed Securities Program, Series A, Rev., GNMA COLL, 6.700%, 09/01/32		479
		Oklahoma County Home Finance Authority, Mortgage-Backed Securities,
	3,400	Series A, Rev., AMT, GNMA/FNMA/FHLMC, 5.400%, 10/01/38		3,552
	1,222	Series A-2, Rev., GNMA, 5.700%, 04/01/36		1,286
				5,317
		Total Oklahoma		10,103
	Oregon — 0.7%
	General Obligation — 0.2%
	1,840	Jackson County School District No. 549C, GO, School Board Guaranty, 5.250%, 06/15/16		2,166
	Housing — 0.2%
	2,555	Oregon State Facilities Authority, Cascadian Terrace Apartments, Series A, Rev., LOC: Bank of The West, 5.100%, 11/01/17		2,640
	Other Revenue — 0.3%
	3,900	Oregon State Housing & Community Services Department, Single Family Mortgage Program, Series B, Rev., AMT, 5.000%, 07/01/30		4,102
		Total Oregon		8,908
	Other Territories — 0.6%
	Housing — 0.6%
	2,000	Multi-Family Housing, Bond Pass- Through Certificates, Series 7, Rev., VAR, 5.850%, 11/01/21		1,889
	1,225	Multi-Family Housing, Bond Pass- Through Certificates, Grand Reserve Apartments, Series 8, Rev., VAR, 5.950%, 11/01/23		1,132
	2,390	Multi-Family Housing, Bond Pass- Through Certificates, Town Center Villas, Series 12, Rev., 5.800%, 11/01/15		2,393

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
	Housing — 0.6%Continued
	1,530	Multi-Family Housing, Bond Pass- Through Certificates, Valencia Apartments of Bernalilo, Series 2, Rev., 5.850%, 05/01/16		1,531
		Total Other Territories		6,945
	Pennsylvania — 3.8%
	Education — 0.5%
	2,000	Pennsylvania Higher Educational Facilities Authority, LaSalle University, Series A, Rev., 5.000%, 05/01/12		2,083
	4,000	University of Pittsburgh, University Capital Project, Series B, Rev., 5.250%, 09/15/26		4,430
				6,513
	General Obligation — 1.2%
		City of Philadelphia,
	3,000	Series A, GO, AGM, 5.000%, 08/01/14		3,326
	1,700	Series A, GO, XLCA, 5.000%, 02/15/12		1,768
	8,000	Commonwealth of Pennsylvania, Second Series, GO, 5.000%, 03/01/15		9,193
				14,287
	Hospital — 0.4%
	1,875	Allegheny County Hospital Development Authority, University of Pittsburgh Medical Center, Series A, Rev., 5.000%, 09/01/17		2,113
	2,500	Pennsylvania Higher Educational Facilities Authority, Allegheny Delaware Obligation, Health Services, Series A, Rev., NATL-RE, 5.700%, 11/15/11 (f) (i)		2,495
				4,608
	Housing — 0.1%
	1,150	Allegheny County Residential Finance Authority, Single Family, Series TT, Rev., GNMA/FNMA, 5.750%, 05/01/37		1,205
	150	Philadelphia Authority for Industrial Development, Senior Living Arbor House Project, Series E, Rev., 4.700%, 07/01/13		152
	125	Philadelphia Authority for Industrial Development, Senior Living Rieder House Project, Series A, Rev., 4.700%, 07/01/13		126
	125	Philadelphia Authority for Industrial Development, Senior Living Saligman House Project, Series C, Rev., 4.700%, 07/01/13		126
				1,609
	Industrial Development Revenue/Pollution
	Control Revenue — 0.4%
	3,000	Bucks County IDA, Wastewater Management, Inc. Project, Rev., VAR, 2.875%, 02/01/13		2,985
	1,500	Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project, Series A, Rev., VAR, 3.700%, 05/01/15		1,504
				4,489
	Other Revenue — 0.6%
	3,000	Allegheny County Airport Authority, Series 2B, Rev., FGIC, 5.000%, 01/01/18		3,090
	1,235	Allegheny County Redevelopment Authority, Waterfront Project, Tax Allocation, Series A, 5.000%, 12/15/11		1,271
	3,000	Pennsylvania Economic Development Financing Authority, People Energy Supply, Series A, Rev., VAR, 3.000%, 09/01/15		2,974
				7,335
	Resource Recovery — 0.6%
	6,925	Harrisburg Authority, Resource Recovery Improvements, Series D-2, Rev., VAR, AGM, 5.000%, 12/01/13		6,923
		Total Pennsylvania		45,764
	South Carolina — 2.1%
	Certificate of Participation/Lease — 0.5%
	3,500	Charleston Educational Excellence Finance Corp., Charleston County School District, Rev., COP, 5.250%, 12/01/22		3,715
	2,560	City of Columbia, Tourism Development Fee Pledge, COP, AMBAC, 5.250%, 06/01/20		2,677
				6,392
	General Obligation — 0.5%
	5,855	York County School District No. 1, Series A, GO, SCSDE, 5.250%, 03/01/24		6,564

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
	Hospital — 0.5%
		Lexington County, Health Services District,
	925	Rev., 6.000%, 05/01/11		943
	1,090	Rev., 6.000%, 05/01/14		1,219
	4,125	Medical University Hospital Authority, FHA Insured Mortgage, Series A, Rev., NATL-RE, FHA, 5.250%, 02/15/23		4,271
				6,433
	Other Revenue — 0.1%
	1,250	South Carolina State Housing Finance & Development Authority, Series 1, Rev., GNMA/FNMA/FHLMC, 5.000%, 01/01/28		1,352
	Utility — 0.5%
	5,000	South Carolina State Public Service Authority, Series A, Rev., NATL-RE, FGIC, 5.250%, 01/01/21		5,482
		Total South Carolina		26,223
	South Dakota — 0.3%
	Housing — 0.2%
		South Dakota Housing Development Authority, Home Ownership Mortgage,
	40	Series D, Rev., 4.800%, 05/01/11		41
	50	Series D, Rev., 4.900%, 05/01/12		51
	2,640	Series E, Rev., 6.000%, 11/01/38		2,859
				2,951
	Other Revenue — 0.1%
	1,000	South Dakota Health & Educational Facilities Authority, Regional Health, Rev., 5.000%, 09/01/17		1,103
		Total South Dakota		4,054
	Tennessee — 2.8%
	General Obligation — 0.4%
	5,000	Tennessee Housing Development Agency, Home Ownership Program, Series 1C, Rev., 3.750%, 01/01/25		4,967
	Housing — 1.4%
	3,195	Knox County, Health Educational & Housing Facilities Board, Multi- Family, Eastowne Village Project, Rev., VAR, LIQ: FNMA, 4.900%, 06/01/11		3,261
	2,000	Memphis Health Educational & Housing Facility Board, Hillcrest Apartments Project, Rev., VAR, AMT, FHLMC, LIQ: FHLMC, 5.000%, 10/01/17		2,138
		Tennessee Housing Development Agency,
	2,500	Series A-1, Rev., 5.000%, 01/01/27		2,693
	3,225	Series A-2, Rev., 4.200%, 07/01/25		3,223
		Tennessee Housing Development Agency, Home Ownership Program,
	4,395	Series 2006-2, Rev., AMT, 5.750%, 01/01/37		4,645
	1,685	Series 2007-1, Rev., AMT, 5.500%, 01/01/38		1,781
				17,741
	Transportation — 0.1%
	1,000	Memphis-Shelby County Airport Authority, Series B, Rev., AMT, 5.750%, 07/01/25		1,037
	Utility — 0.4%
	5,000	Tennessee Energy Acquisition Corp., Series A, Rev., 5.250%, 09/01/21		5,039
	Water & Sewer — 0.5%
	5,000	Metropolitan Government Nashville & Davidson County, Series A, Rev., AGM, 5.250%, 01/01/21		5,915
		Total Tennessee		34,699
	Texas — 6.9%
	General Obligation — 2.5%
	4,685	El Paso County Hospital District, Certicates Obligation, GO, AMBAC, 5.000%, 08/15/21		4,975
	4,000	Fort Bend County, GO, 5.250%, 03/01/28		4,301
	2,335	Keller Independent School District, School Building, GO, 5.250%, 02/15/26		2,515
		Little Elm Independent School District, Capital Appreciation,
	1,930	GO, PSF-GTD, Zero Coupon, 08/15/30		586
	1,630	GO, PSF-GTD, Zero Coupon, 08/15/31		464
	1,930	GO, PSF-GTD, Zero Coupon, 08/15/32		516
		Northside Independent School District, School Building,
	6,035	GO, PSF-GTD, 5.000%, 08/15/19		6,937

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
	General Obligation — 2.5%Continued
	1,900	Series C, GO, VAR, PSF-GTD, 4.100%, 05/31/12		1,978
	2,000	Port of Houston Authority, Series D-1, GO, 5.000%, 10/01/24		2,210
	1,150	State of Texas, Series B1 & B2, GO, VAR, 9.667%, 09/30/11		1,240
	1,895	State of Texas, College Student Loans, Series A, GO, 5.250%, 08/01/19		2,140
	2,500	Wichita Falls Independent School District, School Building, GO, PSF- GTD, 5.000%, 02/01/25		2,701
				30,563
	Hospital — 0.4%
	1,470	Harris County Health Facilities Development Corp., Memorial Hermann Healthcare System, Series A, Rev., 5.250%, 12/01/13		1,590
	100	Lufkin Health Facilities Development Corp., Memorial Health System, East Texas, Rev., 5.000%, 02/15/13		104
	3,000	North Central Texas Health Facility Development Corp., Baylor Health Care System, Rev., 5.000%, 05/15/17		3,004
				4,698
	Housing — 0.9%
	270	Houston Housing Finance Corp., Sterlingshire Apartments, Series A-2, Rev., 4.250%, 11/01/12		275
	2,355	Nortex Single Family Housing Finance Corp., Mortgage-Backed Securities Program, Series A, Rev., GNMA/FNMA/FHLMC, 5.500%, 07/01/38		2,483
	1,070	Texas Department of Housing & Community Affairs, Series D, Rev., AMT, 4.400%, 03/01/28		1,096
	1,791	Texas State Affordable Housing Corp., Single Family Mortgage, Series C, Rev., GNMA/FNMA/FHLMC, 5.300%, 10/01/39		1,883
	4,194	Texas State Affordable Housing Corp., Single Family Mortgage, Professional Educators Home Loan Program, Series A, Rev., GNMA/FNMA/FHLMC, 5.350%, 09/01/39		4,417
	600	Texas State Affordable Housing Corp., Single Family Mortgage, Teachers Home Loan Program, Rev., GNMA/FNMA/COLL, 6.200%, 03/01/32		613
	697	West Central Regional Housing Finance Corp., Mortgage-Backed Securities Program, Series A, Rev., AMT, GNMA/FNMA/FHLMC, 5.350%, 12/01/39		731
				11,498
	Industrial Development Revenue/Pollution
	Control Revenue — 0.2%
		Harris County Industrial Development Corp., Deer Park Refining Project,
	900	Rev., 4.700%, 05/01/18		947
	2,000	Rev., 5.000%, 02/01/23		2,035
				2,982
	Other Revenue — 0.4%
	4,175	Texas State Transportation Commission, First Tier, Rev., 5.000%, 04/01/26		4,414
	Transportation — 1.6%
	3,000	City of Austin, Texas Airport System, Prior Lien, Rev., NATL-RE, 5.250%, 11/15/16		3,206
	2,000	Dallas Area Rapid Transit, Senior Lien, Rev., AMBAC, 5.000%, 12/01/18		2,295
		Dallas-Fort Worth International Airport Facilities Improvement Corp.,
	1,500	Series A, Rev., 5.000%, 11/01/22		1,591
	6,000	Series A, Rev., AGM, 5.500%, 11/01/21		6,262
	6,000	Texas State Transportation Commission, First Tier, Series A, Rev., 5.000%, 04/01/23		6,440
				19,794
	Utility — 0.4%
		Harris County Cultural Education Facilities Finance Corp., Teco Project,
	950	Series A, Rev., 5.000%, 11/15/15		1,075
	1,025	Series B, Rev., 5.000%, 11/15/13		1,121
	3,000	Lower Colorado River Authority, Transmission Service, Rev., AGM, 5.250%, 05/15/18		3,153
				5,349
	Water & Sewer — 0.5%
	5,000	Texas Water Development Board, Revolving Funds, Sub Lien, Series B, Rev., 5.250%, 07/15/24		5,505
		Total Texas		84,803

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE ($)
Municipal Bonds — Continued
Utah — 0.6%
Education — 0.3%
3,245	Utah State Board of Regents, Student Fee and Housing System, Rev., NATL-RE, 5.250%, 04/01/23		3,723
Housing — 0.0% (g)
170	Utah State Housing Finance Agency, Single Family Mortgage, Series D-2, Rev., FHA/VA MTGS, 5.350%, 07/01/18		170
Industrial Development Revenue/Pollution Control Revenue — 0.3%
3,300	Utah County, Marathon Oil Project, Rev., VAR, 5.050%, 11/01/11		3,371
	Total Utah		7,264
Vermont — 0.2%
Other Revenue — 0.2%
2,250	Vermont Municipal Bond Bank, Series 1, Rev., 5.000%, 12/01/23		2,528
Virginia — 3.2%
Education — 1.0%
3,770	James City County Economic Development Authority, Public Facilities Projects, Rev., AGM, 5.000%, 06/15/15		4,310
	Virginia Public School Authority, School Financing,
3,205	Series B-1, Rev., 5.000%, 08/01/17		3,795
4,000	Series B-1, Rev., 5.000%, 08/01/22		4,509
			12,614
General Obligation — 0.8%
5,045	Chesterfield County, Public Improvement, GO, 5.000%, 01/01/20		5,722
3,000	City of Virginia Beach, Public Improvement, Series B, GO, 5.000%, 07/15/19		3,572
			9,294
Other Revenue — 0.8%
2,050	Virginia Public Building Authority, Public Facilities, Series B, Rev., 5.250%, 08/01/21		2,348
5,000	Virginia Public School Authority, School Financing, Series C, Rev., 5.000%, 08/01/16		5,883
1,010	Virginia Resources Authority, Pooled Financing, Series B, Rev., 5.000%, 11/01/27		1,090
			9,321
Resource Recovery — 0.3%
	Virginia Resources Authority, Pooled Financing,
1,110	Series A, Rev., 5.000%, 11/01/17		1,312
1,500	Series B, Rev., 5.000%, 11/01/16		1,765
			3,077
Transportation — 0.3%
4,000	Virginia Commonwealth Transportation Board, U.S. Route 58, Corridor Development, Series C, Rev., 5.000%, 05/15/24		4,242
	Total Virginia		38,548
Washington — 2.7%
General Obligation — 1.3%
1,035	City of Tacoma, Limited Tax, Series B, GO, 5.000%, 12/01/17		1,204
2,390	King County School District No. 401 Highline, GO, NATL-RE, FGIC, 5.250%, 12/01/22		2,611
4,765	State of Washington, Motor Vehicle Fuel Tax, Series B, GO, 5.000%, 07/01/24		5,190
6,465	State of Washington, Various Purpose, Series 2007A, GO, AGM, 5.000%, 07/01/21		7,053
			16,058
Housing — 0.2%
2,175	Washington Housing Finance Commission, GNMA Mortgage- Backed Securities Program, Rev., GNMA COLL, 7.000%, 01/01/26		2,287
Other Revenue — 0.2%
1,000	Port of Seattle, Intermediate Lien, Series C, Rev., AMT, 5.000%, 02/01/16		1,096
1,700	Quinault Indian Nation, Quinault Beach, Series A, Rev., ACA, 5.850%, 12/01/12 (f) (i)		1,628
			2,724
Prerefunded — 0.1%
1,100	Energy Northwest, Public Power Supply System, Nuclear Project No. 1, Rev., VAR, AGM, 10.562%, 07/01/11		1,157

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
	Utility — 0.9%
	5,000	City of Seattle, Light & Power, Rev., AGM, 5.000%, 08/01/16		5,545
	4,500	Energy Northwest, Public Power Supply System, Nuclear Project No. 2, Series A, Rev., 6.300%, 07/01/12		4,886
				10,431
		Total Washington		32,657
	Wisconsin — 1.4%
	General Obligation — 1.0%
	5,000	City of Kenosha, Capital Appreciation, Series D, GO, AMBAC, Zero Coupon, 09/01/15		4,513
	6,335	State of Wisconsin, Series C, GO, 5.000%, 05/01/23		6,915
				11,428
	Hospital — 0.4%
	5,000	State of Wisconsin, Health & Education, Rev., 4.780%, 05/01/29 (f) (i)		5,038
	Housing — 0.0% (g)
	170	Wisconsin Housing & EDA, Home Ownership, Series E, Rev., AMT, 5.750%, 09/01/27		174
		Total Wisconsin		16,640
		Total Municipal Bonds (Cost $1,159,080)		1,183,886
SHARES
	Investment Company — 0.4%
	389	Nuveen Premium Income Municipal Fund (Cost $5,430)		5,358
	Short-Term Investment — 1.8%
	Investment Company — 1.8%
	21,864	JPMorgan Tax Free Money Market Fund, Institutional Class Shares, 0.130% (b) (l) (m) (Cost $21,864)		21,864
		Total Investments — 99.2% (Cost $1,186,374)		1,211,108
		Other Assets in Excess of Liabilities — 0.8%		9,255
		NET ASSETS — 100.0%	$	1,220,363

Percentages indicated are based on net assets.

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS :

ACA	—	Insured by American Capital Access
AGC	—	Insured by Assured Guaranty Corp.
AGM	—	Insured by Assured Guaranty Municipal Corp.
AMBAC	—	Insured by American Municipal Bond Assurance Corp.
AMT	—	Alternative Minimum Tax
CIFG	—	Insured by CDC IXIS Financial Guaranty
COLL	—	Collateral
CONS	—	Consolidated Bonds
COP	—	Certificate of Participation
CR	—	Custodial Receipts
EDA	—	Economic Development Authority
FGIC	—	Insured by Financial Guaranty Insurance Co.
FHA	—	Federal Housing Administration
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
GNMA	—	Government National Mortgage Association
GO	—	General Obligation
GTD	—	Guaranteed
IBC	—	Insured Bond Certificates
ICC	—	Insured Custody Certificates
ICR	—	Insured Custodial Receipts
IDA	—	Industrial Development Authority
LIQ	—	Liquidity Agreement
LOC	—	Letter of Credit
MGIC	—	Insured by Mortgage Guaranty Insurance Corp.
MTGS	—	Mortgages
NATL	—	Insured by National Public Finance Guarantee Corp.
PSF	—	Permanent School Fund
RADIAN	—	Insured by Radian Asset Assurance
RE	—	Reinsured
Rev.	—	Revenue
SCSDE	—	South Carolina School District Enhancement
TCRS	—	Transferable Custodial Receipts
VA	—	Veterans Administration
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of November 30, 2010.
XLCA	—	Insured by XL Capital Assurance

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

(f) Security is fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. The Fund owns fair valued securities with a value of approximately $12,085,000 which amounts to 1.0% of total investments.

(g) Amount rounds to less than 0.1%.

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

(l) The rate shown is the current yield as of November 30, 2010.

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

(p) Security is prerefunded or escrowed to maturity.

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

(w) When-issued security.

As of November 30, 2010, 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	$	33,308
Aggregate gross unrealized depreciation		(8,574	)
Net unrealized appreciation/depreciation	$	24,734
Federal income tax cost of investments	$	1,186,374

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited)

(Amounts in thousands)

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Municipal Bonds
Alabama	$	—	$	10,708	$	—	$	10,708
Alaska		—		20,981		—		20,981
Arizona		—		35,070		—		35,070
Arkansas		—		6,549		—		6,549
California		—		63,688		2,789		66,477
Colorado		—		57,577		135		57,712
Connecticut		—		4,914		—		4,914
Delaware		—		5,761		—		5,761
District of Columbia		—		12,362		—		12,362
Florida		—		75,227		—		75,227
Georgia		—		13,882		—		13,882
Hawaii		—		6,094		—		6,094
Idaho		—		1,048		—		1,048
Illinois		—		53,848		—		53,848
Indiana		—		28,295		—		28,295
Iowa		—		5,323		—		5,323
Kansas		—		13,907		—		13,907
Kentucky		—		4,646		—		4,646
Louisiana		—		31,398		—		31,398
Maryland		—		35,329		—		35,329
Massachusetts		—		29,205		—		29,205
Michigan		—		31,380		—		31,380
Minnesota		—		32,468		—		32,468
Mississippi		—		8,941		—		8,941
Missouri		—		16,113		—		16,113
Montana		—		4,382		—		4,382
Nebraska		—		3,762		—		3,762
Nevada		—		19,004		—		19,004
New Hampshire		—		7,232		—		7,232
New Jersey		—		38,208		—		38,208
New Mexico		—		15,256		—		15,256
New York		—		85,103		—		85,103
North Carolina		—		47,721		—		47,721
North Dakota		—		7,777		—		7,777
Ohio		—		28,667		—		28,667
Oklahoma		—		10,103		—		10,103
Oregon		—		8,908		—		8,908
Other Territories		—		6,945		—		6,945
Pennsylvania		—		43,269		2,495		45,764
South Carolina		—		26,223		—		26,223
South Dakota		—		4,054		—		4,054
Tennessee		—		34,699		—		34,699
Texas		—		84,803		—		84,803
Utah		—		7,264		—		7,264
Vermont		—		2,528		—		2,528
Virginia		—		38,548		—		38,548
Washington		—		31,029		1,628		32,657
Wisconsin		—		11,602		5,038		16,640
Total		—		1,171,801		12,085		1,183,886
Investment Company		5,358		—		—		5,358
Short-Term Investment
Investment Company		21,864		—		—		21,864
Total Investments in Securities	$	27,222	$	1,171,801	$	12,085	$	1,211,108

There were no significant transfers into and out of Level 1 and 2 during the period ended November 30, 2010.

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

	Balance as of 02/28/10		Realized gain (loss)			Change in unrealized appreciation (depreciation)			Net amortization (accretion)			Net purchases (sales)			Transfers into Level 3		Transfers out of Level 3		Balance as of 11/30/10
Investments in Securities
California - Housing	$	3,151	$	(5	)	$	(176	)	$	(21	)	$	(160	)	$	—	$	—	$	2,789
Colorado - Housing		156		—			—	(a)		—	(a)		(21	)		—		—		135
Pennsylvania - Hospital		2,497		—			22			(24	)		—			—		—		2,495
Washington - Other Revenue		1,592		—			35			1			—			—		—		1,628
Wisconsin - Hospital		5,113		—			(75	)		—			—			—		—		5,038
Wisconsin - Private Placement		3,024					(24	)		—			(3,000	)		—		—		—
Total	$	15,533	$	(5	)	$	(218	)	$	(44	)	$	(3,181	)	$	—	$	—	$	12,085

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

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

The change in unrealized appreciation (depreciation) attributable to securities owned at November 30, 2010, which were valued using significant unobservable inputs (Level 3) amounted to approximately $(194,000).

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION (t)	VALUE ($)
	Commercial Paper — 6.9% (n)
	Alaska — 1.1%
	40,000	City of Anchorage, 0.350%, 12/03/10		40,000
	California — 1.8%
		State of California,
	50,000	0.320%, 12/02/10		50,000
	16,290	0.320%, 12/03/10		16,290
				66,290
	Florida — 2.0%
	40,000	Hillsborouh Aviation, 0.370%, 02/07/11		40,000
	30,000	Sunshine State, 0.300%, 12/01/10		30,000
				70,000
	Indiana — 1.6%
		State of Indiana,
	40,000	0.330%, 12/09/10		40,000
	18,000	0.350%, 01/07/11		18,000
				58,000
	Michigan — 0.4%
	15,000	Michigan State Housing Development Authority, 0.380%, 02/02/11		15,000
		Total Commercial Paper     (Cost $249,290)		249,290
	Daily Demand Notes — 17.7%
	California — 2.2%
	17,930	California Educational Facilities Authority, Chapman University, Series A, Rev., VRDO, LOC: Bank of America N.A., 0.390%, 12/01/10		17,930
	11,515	California Health Facilities Financing Authority, Hospital Adventist, Series B, Rev., VRDO, LOC: Bank of America N.A., 0.270%, 12/01/10		11,515
	14,100	City of Irvine, Improvement Bond Act of 1915, District No. 05-21, Special Assessment, Series A, VRDO, LOC: U.S. Bank N.A., 0.270%, 12/01/10		14,100
	17,375	State of California, Series A-2, GO, VRDO, LOC: Bank of Montreal, 0.270%, 12/07/10		17,375
	17,985	University of California Regents
		Medical Center, Series B-2, Rev., VRDO, 0.270%, 12/01/10		17,985
				78,905
	Colorado — 0.4%
	13,680	Denver City & County, Airport, Subseries G1, Rev., VRDO, AGC, 0.340%, 12/01/10		13,680
	Delaware — 1.6%
		Delaware State EDA, Clean Power Project,
	15,000	Series B, Rev., VRDO, 0.320%, 12/01/10		15,000
	45,000	Series C, Rev., VRDO, 0.310%, 12/01/10		45,000
				60,000
	Florida — 2.0%
	13,000	Collier County Educational Facilities Authority, Limited Obligation, Ave Maria University, Rev., VRDO, LOC: Comerica Bank, 0.360%, 12/01/10		13,000
	11,380	Hillsborough County School Board, Master Lease Program, Series A, COP, VRDO, NATL-RE, LOC: Wells Fargo Bank N.A., 0.280%, 12/01/10		11,380
	12,000	Jacksonville Health Facilities Authority, Series C, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.280%, 12/01/10		12,000
		Jacksonville Health Facilities Authority, Baptist Medical,
	20,700	Rev., VRDO, LOC: Bank of America N.A., 0.310%, 12/01/10		20,700
	14,295	Series C, Rev., VRDO, LOC: Bank of America N.A., 0.300%, 12/01/10		14,295
				71,375
	Georgia — 0.4%
	13,400	Gainesville & Hall County Hospital Authority, Series A, LOC: Wells Fargo Bank N.A., 0.280%, 12/01/10		13,400
	Indiana — 0.5%
	17,650	Indianapolis Local Public Improvement Bond Bank, Airport Project, Series C-1, Rev., VRDO, AGM, 0.310%, 12/01/10		17,650
	Kansas — 0.5%
	18,115	City of Olathe, Health Facilities, Medical Center, Rev., VRDO, LOC: Bank of America N.A., 0.310%, 12/01/10		18,115
	Michigan — 1.1%
	7,620	Michigan State Hospital Finance Authority, Crittenton Hospital, Series A, Rev., VRDO, LOC: Comerica Bank, 0.360%, 12/01/10		7,620
	3,640	Michigan State Housing Development Authority, Multi-Family Housing, Jackson Project, Rev., VRDO, LOC: FHLB, 0.350%, 12/01/10		3,640
	23,100	Michigan State Housing Development Authority, Rental Housing, Series A, Rev., VRDO, AMT, AGM, 0.360%, 12/01/10		23,100
	1,000	Michigan Strategic Fund, Detroit Symphony, Series A, Rev., VRDO, LOC: Bank of America N.A., 0.310%, 12/01/10		1,000
		University of Michigan, Hospital,

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE ($)
Michigan — Continued
3,355	Series A, Rev., VRDO, 0.260%, 12/01/10		3,355
300	Series A-2, Rev., VRDO, 0.260%, 12/01/10		300
			39,015
Mississippi — 0.5%
19,000	Mississippi Business Finance Corp., Chevron USA, Inc. Project, Series B, Rev., VRDO, 0.270%, 12/01/10		19,000
New Jersey — 0.4%
14,300	New Jersey EDA, School Facilities Construction, Subseries R-1, Rev., VRDO, LOC: Bank of Nova Scotia, 0.260%, 12/01/10		14,300
New York — 2.4%
13,850	Albany Industrial Development Agency, Civic Facilities, St. Rose, Series A, Rev., VRDO, NATL-RE, LOC: Bank of America N.A., 0.400%, 12/01/10		13,850
8,800	New York City Housing Development Corp., Multi-Family Housing, Series H-2-B, Rev., VRDO, AMT, 0.300%, 12/01/10		8,800
31,000	New York City Municipal Water Finance Authority, Series F, Subseries F-2, Rev., VRDO, 0.300%, 12/01/10		31,000
12,300	New York City Municipal Water Finance Authority, 2nd Generation Resolution, Series AA-1, Rev., VRDO, 0.270%, 12/01/10		12,300
19,450	New York City Municipal Water Finance Authority, Water & Sewer Systems, 2nd Generation Resolution, Series BB-3, Rev., VRDO, 0.260%, 12/01/10		19,450
			85,400
North Carolina — 0.5%
19,395	Charlotte-Mecklenburg Hospital Authority, Carolinas Healthcare, Series D, Rev., VRDO, 0.330%, 12/01/10		19,395
Ohio — 0.4%
450	Allen County, Catholic Healthcare, Series A, Rev., VRDO, LOC: Bank of America N.A., 0.300%, 12/01/10		450
	Ohio State Higher Educational Facility Commission, Case Western Reserve University,
9,550	Series A, Rev., VRDO, 0.340%, 12/01/10		9,550
615	Series B-1, Rev., VRDO, LOC: Bank of America N.A., 0.310%, 12/01/10		615
1,240	Series B-2, Rev., VRDO, LOC: Bank of America N.A., 0.280%, 12/01/10		1,240
1,565	Ohio State Water Development Authority, Pollution Control, First Energy Nuclear Project, Series B, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.280%, 12/01/10		1,565
			13,420
Pennsylvania — 0.6%
21,875	Geisinger Authority, Health System, Rev., VRDO, 0.300%, 12/01/10		21,875
South Carolina — 0.3%
12,580	South Carolina Educational Facilities Authority, Furman University, Series B, Rev., VRDO, 0.280%, 12/01/10		12,580
Tennessee — 0.8%
29,900	Montgomery County Public Building Authority, Tennessee County Loan Pool, Rev., VRDO, LOC: Bank of America N.A., 0.300%, 12/01/10		29,900
Texas — 1.5%
9,800	Harris County Industrial Development Corp., Deer Park, Rev., VRDO, 0.310%, 12/01/10		9,800
35,200	Port of Port Arthur Navigation District, Motiva Enterprises, Rev., VRDO, 0.290%, 12/01/10		35,200
8,000	San Gabriel Industrial Development Corp., Airborn, Inc. Project, Rev., VRDO, LOC: Comerica Bank, 0.360%, 12/07/10		8,000
			53,000
Virginia — 0.8%
13,900	Albermarle County EDA, Martha Jefferson Hospital, Series D, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.280%, 12/01/10		13,900
16,900	Virginia College Building Authority, University of Richmond Project, Rev., VRDO, 0.280%, 12/01/10		16,900
			30,800
West Virginia — 0.8%
28,315	West Virginia Hospital Finance Authority, United Health System, Series A, Rev., VRDO, LOC: Bank of America N.A., 0.300%, 12/01/10		28,315
	Total Daily Demand Notes (Cost $640,125)		640,125
Municipal Bonds — 11.8%
Connecticut — 0.6%
20,000	City of Hartford, GO, BAN, 2.500%, 04/14/11		20,147

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	District of Columbia — 0.3%
	10,000	District of Columbia, GO, TRAN, 2.000%, 09/30/11		10,134
	Michigan — 1.1%
	40,000	State of Michigan, Series A, GO, 2.000%, 09/30/11		40,520
	New Hampshire — 0.3%
	10,000	County of Carroll, GO, TAN, 1.500%, 12/31/10		10,006
	New Jersey — 1.3%
	22,646	County of Passaic, GO, BAN, 1.500%, 04/12/11		22,716
	24,370	Township of Livingston, GO, BAN, 1.250%, 01/24/11		24,400
				47,116
	New York — 4.2%
	11,690	Addison Central School District, GO, BAN, 1.500%, 06/24/11		11,742
	10,000	Board of Cooperative Educational Services for the Sole Supervisory District, Rev., RAN, 1.500%, 12/30/10		10,005
	10,890	Byron-Bergen Central School District, GO, BAN, 1.500%, 05/26/11		10,932
	17,000	Camden Central School District, GO, BAN, 2.000%, 07/22/11		17,104
	15,000	Elmira City School District, GO, BAN, 1.500%, 02/17/11		15,024
	15,085	Greene Central School District, GO, BAN, 1.750%, 06/30/11		15,120
	16,862	Moravia Central School District, GO, BAN, 2.000%, 06/24/11		16,934
	21,306	Schenectady City School District, GO, BAN, 2.000%, 07/08/11		21,415
	13,600	Town of Oyster Bay, GO, BAN, 1.000%, 11/18/11		13,667
	19,000	Waverly Central School District, Series A, GO, BAN, 2.000%, 07/15/11		19,107
				151,050
	Ohio — 0.9%
	16,350	City of Akron, Various Purpose, GO, BAN, 1.250%, 12/09/10		16,352
	16,000	City of Marysville, Waste Water Treatment, GO, 1.250%, 06/01/11		16,039
				32,391
	Texas — 2.7%
	96,900	State of Texas, Rev.,TRAN, 2.000%, 08/31/11		98,087
	Wisconsin — 0.4%
	15,000	Green Bay Area Public School District, Rev.,TRAN, 1.000%, 06/27/11		15,049
		Total Municipal Bonds (Cost $424,500)		424,500
	Quarterly Demand Note — 0.3%
	Pennsylvania — 0.3%
	10,000	Hamburg Area School District, GO, VAR, 1.530%, 05/15/11 (Cost $10,034)		10,034
	Weekly Demand Notes — 63.2%
	Arizona — 0.7%
	24,790	Salt River Pima-Maricopa Indian Community, Rev., VRDO, LOC: Bank of America N.A., 0.370%, 12/07/10		24,790
	California — 3.2%
	15,000	California Pollution Control Financing Authority, Sanger Project, Series A, Rev., VRDO, LOC: National Bank of Canada, 0.320%, 12/07/10		15,000
	20,000	California Statewide Communities Development Authority, Gas Supply, Rev., VRDO, 0.290%, 12/07/10		20,000
	26,000	Nuveen California Select Quality Municipal Fund, Inc., VRDO, LIQ: Citibank N.A., 0.550%, 12/07/10 (e)		26,000
	22,030	Puttable Floating Option Tax-Exempt Receipts, SunAmerica Trust, Series 2001-1, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.370%, 12/07/10		22,030
	16,200	Sacramento Transportation Authority, Limited Tax Measure A, Series C, Rev., VRDO, 0.320%, 12/07/10		16,200
	15,930	Wells Fargo Stage Trust, Floater Certificates, Series 15-C, Rev., VRDO, LIQ: Wells Fargo & Co., 0.360%, 12/07/10 (e)		15,930
				115,160
	Colorado — 3.9%
		Colorado Housing & Finance Authority, Single Family Mortgage,
	23,000	Series A-3, Class 1, Rev., VRDO, AMT, 0.310%, 12/07/10		23,000
	21,300	Series B-2, Class I, Rev., VRDO, AMT, 0.330%, 12/07/10		21,300
	50,000	Series B-3, Class II, Rev., VRDO, AMT, 0.310%, 12/07/10		50,000
		Denver City & County, Airport,
	7,800	Series C, Rev., VRDO, LOC: Lloyds TSB Bank plc, 0.310%, 12/07/10		7,800
	13,725	Series F, Rev., VRDO, LOC: Lloyds TSB Bank plc, 0.310%, 12/07/10		13,725
		Deutsche Bank Spears/Lifers Trust Various States,
	4,015	Series DBE-510, Rev., VRDO, NATL-RE, LIQ: Deutsche Bank AG, 0.320%, 12/07/10		4,015

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Colorado — Continued
	21,220	Series DBE-647, Rev., VRDO, NATL-RE, LIQ: Deutsche Bank AG, 0.320%, 12/07/10		21,220
				141,060
	Delaware — 0.3%
	10,150	New Castle County, FlightSafety International, Inc. Project, Rev., VRDO, 0.330%, 12/07/10		10,150
	Florida — 4.3%
	17,800	Collier County IDA, Allete, Inc. Project, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.370%, 12/07/10		17,800
	15,990	Florida Housing Finance Corp., Boynton Bay Apartments, Multi- Family Housing, Rev., VRDO, LOC: Citibank N.A., 0.340%, 12/07/10		15,990
	10,155	Greater Orlando Aviation Authority, Multi-Family Housing, Series 2008- 067, Rev., VRDO, AGM, LIQ: Dexia Credit Local, LOC: Dexia Credit Local, 0.450%, 12/07/10		10,155
	7,005	Manatee County Housing Finance Authority, Centre Court Apartments Project, Series A, Rev., VRDO, LOC: Suntrust Bank, 0.310%, 12/07/10		7,005
	4,675	Miami-Dade County IDA, Lawson Industries, Inc. Project, Rev., VRDO, LOC: Bank of America N.A., 0.560%, 12/07/10		4,675
	4,355	Palm Beach County Housing Development Corp., Multi-Family Housing, Caribbean Villas, Rev., VRDO, FNMA, LIQ: FNMA, 0.330%, 12/07/10		4,355
	33,450	Pinellas County Health Facilities Authority, Health System Baycare, Series B-2, Rev., VRDO, AGM, 0.350%, 12/07/10		33,450
	11,270	Sumter County IDA, American Cement Co. Project, Rev., VRDO, LOC: Bank of America N.A., 0.390%, 12/07/10		11,270
	48,935	Sunshine State Governmental Financing Commission, Goldman Convertible, Rev., VRDO, LOC: Dexia Credit Local, 0.380%, 12/07/10		48,935
				153,635
	Georgia — 1.1%
	32,670	Fulton County Development Authority, FlightSafety International, Inc. Project, Series B, Rev., VRDO, 0.330%, 12/07/10		32,670
	8,045	Lehman Municipal Trust Receipts, Various States, Gwinnett County Housing, Series 06-K72, Rev., VRDO, FNMA, LIQ: Citibank N.A., 0.360%, 12/07/10		8,045
				40,715
	Idaho — 1.7%
		Idaho Housing & Finance Association, Single Family Mortgage,
	8,595	Series C, Rev., VRDO, LOC: FNMA, 0.310%, 12/07/10		8,595
	8,450	Series C, Class I, Rev., VRDO, LOC: FNMA, 0.310%, 12/07/10		8,450
	10,285	Series D, Class I, Rev., VRDO, LOC: FNMA, 0.310%, 12/07/10		10,285
	19,675	Series E, Class I, Rev., VRDO, LOC: FNMA, 0.310%, 12/07/10		19,675
	8,665	Series F, Rev., VRDO, LOC: FNMA, 0.310%, 12/07/10		8,665
	5,995	Series F-1, Class I, Rev., VRDO, LOC: FNMA, 0.310%, 12/07/10		5,995
				61,665
	Illinois — 1.7%
	2,400	Chicago O’Hare International Airport, Compagnie Nationale Air France, Rev., VRDO, LOC: Societe Generale, 0.310%, 12/07/10		2,400
	2,321	Chicago O’Hare International Airport, Second Lien, Series B, Rev., VRDO, LOC: Societe Generale, 0.380%, 12/07/10		2,321
	10,000	Illinois Finance Authority, 700 Hickory Hills Drive LLC, Rev., VRDO, LOC: Bank of America N.A., 0.420%, 12/07/10		10,000
	6,930	Illinois Housing Development Authority, Pheasant Ridge Hunter Apartments, Rev., VRDO, LOC: Lasalle Bank N.A., 0.560%, 12/07/10		6,930
	10,000	Illinois State Toll Highway Authority, Series B, Rev., VRDO, AGM, 0.300%, 12/07/10		10,000
	17,000	Metropolitan Pier & Exposition Authority, Series SG-165, Rev., VRDO, LIQ: Societe Generale, 0.350%, 12/07/10		17,000
	4,800	Village of Carol Stream, Multi-Family Housing, St. Charles Square, Rev., VRDO, FNMA, LIQ: FNMA, 0.320%, 12/07/10		4,800
	1,230	Will & Kankakee Counties Regional Development Authority, JRS Realty Association LLC Project, Series A, Rev., VRDO, LOC: PNC Bank N.A., 0.370%, 12/07/10		1,230

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Illinois — Continued
	7,300	Will County, BASF Corp. Project, Rev., VRDO, 0.450%, 12/01/10		7,300
				61,981
	Indiana — 0.4%
	9,420	Deutsche Bank Spears/Lifers Trust Various States, Series DBE-584, Rev., VRDO, NATL-RE, LIQ: Deutsche Bank AG, 0.300%, 12/07/10		9,420
	4,100	Indiana Finance Authority, Four-Leaf Clover Dairy LLC, Rev., VRDO, LOC: Lasalle Bank N.A., 0.610%, 12/07/10		4,100
				13,520
	Iowa — 0.3%
	10,500	Iowa Finance Authority, Single Family Mortgage, Series C, Rev., VRDO, AMT, GNMA/FNMA, 0.300%, 12/07/10		10,500
	Kansas — 1.0%
		City of Wichita, FlightSafety International, Inc.,
	36,000	Rev., VRDO, 0.330%, 12/07/10		36,000
				36,000
	Louisiana — 0.1%
	4,600	Ascension Parish, BASF Corp. Project, Rev., VRDO, 0.450%, 12/01/10		4,600
	Maine — 1.2%
		Maine State Housing Authority,
	10,000	Series D, Rev., VRDO, AMT, 0.330%, 12/07/10		10,000
	15,000	Series E-1, Rev., VRDO, 0.360%, 12/07/10		15,000
	17,700	Series G, Rev., VRDO, AMT, 0.320%, 12/07/10		17,700
				42,700
	Maryland — 1.4%
	5,290	Austin Trust, Various States, Series 2007-1023, Rev., VRDO, LIQ: Bank of America N.A., 0.390%, 12/07/10		5,290
		Maryland Community Development Administration, Residential,
	15,900	Series C, Rev., VRDO, AMT, 0.290%, 12/07/10		15,900
	12,150	Series F, Rev., VRDO, AMT, 0.310%, 12/07/10		12,150
	15,920	Wells Fargo Stage Trust, Multi-Family Housing, Series 32-C, Rev., VRDO, LIQ: Wells Fargo & Co., 0.370%, 12/07/10 (e)		15,920
				49,260
	Massachusetts — 1.2%
	16,050	Massachusetts Bay Transportation Authority, Series A, Rev., VRDO, 0.390%, 06/28/11 (f) (i)		16,050
	27,540	Massachusetts Housing Finance Agency, Series 2970, Rev., VRDO, AGM, LIQ: Morgan Stanley Bank, 0.330%, 12/07/10 (e)		27,540
				43,590
	Michigan — 7.7%
	4,100	Austin Trust, Various States, Series 2008-1096, GO, VRDO, NATL-RE, Q-SBLF, LIQ: Bank of America N.A., 0.350%, 12/07/10		4,100
	12,000	City of Detroit, Series PT-3756, Rev., VRDO, AGM, LIQ: Dexia Credit Local, 0.480%, 12/07/10		12,000
		Detroit City School District,
	11,975	Series PT-3556, GO, VRDO, FGIC, Q-SBLF, LIQ: Dexia Credit Local, 0.480%, 12/07/10		11,975
	13,500	Series ROCS RR II R-11784, GO, VRDO, AGM, Q-SBLF, LIQ: Citibank N.A., 0.310%, 12/07/10 (e)		13,500
	2,675	Series ROCS RR II R-12251, GO, VRDO, BHAC-CR, AGM-CR, FGIC, Q-SBLF, 0.310%, 12/07/10 (e)		2,675
	6,525	Holt Public Schools, GO, VRDO, Q-SBLF, 0.320%, 12/07/10		6,525
	2,500	Michigan State Hospital Finance Authority, Series 1308, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.310%, 12/07/10		2,500
	21,200	Michigan State Hospital Finance Authority, Ascension Health Senior Credit, Rev., VRDO, 0.390%, 06/28/11 (f) (i)		21,200
		Michigan State Housing Development Authority,
	29,335	Series C, Rev., VRDO, 0.300%, 12/07/10		29,335
	2,050	Series D, Rev., VRDO, LOC: FNMA, 0.300%, 12/07/10		2,050
	12,500	Series D, Rev., VRDO, AMT, 0.420%, 12/07/10		12,500
	53,385	Series E, Rev., VRDO, AMT, 0.340%, 12/07/10		53,385
	28,960	Michigan State Housing Development Authority, Multi-Family Housing, Series C, Rev., VRDO, AMT, 0.380%, 12/07/10		28,960
	3,760	Michigan State Housing Development Authority, Multi-Family Housing, Courtyards of Taylor, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.310%, 12/07/10		3,760
	11,915	Michigan State Housing Development Authority, Rental Housing, Series C, Rev., VRDO, AMT, 0.350%, 12/07/10		11,915

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Michigan — Continued
	4,625	Milan Area Schools, GO, VRDO, Q-SBLF, LOC: Landesbank Hessen-Thuringen, 0.320%, 12/07/10		4,625
	5,000	Oakland County Economic Development Corp., Exhibit Enterprises, Inc. Project, Rev., VRDO, LOC: Comerica Bank, 0.450%, 12/07/10		5,000
	10,880	Puttable Floating Option Tax-Exempt Receipts, Series MT-617, Rev., VRDO, AGM, LIQ: Merrill Lynch International Bank Ltd., 0.550%, 12/07/10		10,880
		RBC Municipal Products, Inc. Trust, Floater Certificates,
	21,180	Series L-26, Rev., VRDO, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada, 0.330%, 12/07/10		21,180
	18,750	Series L-29, Rev., VRDO, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada, 0.330%, 12/07/10		18,750
	1,245	State of Michigan, Series PT-3760, GO, VRDO, LIQ: Dexia Credit Local, 0.480%, 12/07/10		1,245
				278,060
	Minnesota — 0.8%
	7,910	Minnesota Housing Finance Agency, MERLOTS, Series C-44, Rev., VRDO, 0.370%, 12/07/10		7,910
		Minnesota Housing Finance Agency, Residential Housing,
	15,700	Series B, Rev., VRDO, AMT, 0.320%, 12/07/10		15,700
	6,700	Series F, Rev., VRDO, LIQ: FHLB, 0.310%, 12/07/10		6,700
				30,310
	Missouri — 0.5%
	13,725	Lehman Municipal Trust Receipts, Various States, Series 06-K82, Rev., VRDO, LIQ: Citibank N.A., 0.360%, 12/07/10		13,725
	4,685	Lehman Municipal Trust Receipts, Various States, St. Louis, Series 06- K50, Rev., VRDO, GNMA COLL, FHA, LIQ: Citibank N.A., 0.550%, 12/07/10		4,685
				18,410
	Montana — 0.4%
	15,360	Montana Board of Housing, MERLOTS, Series C-41, Rev., VRDO, 0.370%, 12/07/10		15,360
	Nevada — 0.2%
	6,700	Director of the State of Nevada Department of Business & Industry, Energy Partners LLC Project, Rev., VRDO, LOC: Sumitomo Mitsui Banking, 0.380%, 12/07/10		6,700
	New Jersey — 0.6%
	6,955	New Jersey EDA, Accurate Box Co., Inc. Project, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.420%, 12/07/10		6,955
	14,600	Nuveen New Jersey Premium Income Municipal Fund, Inc., VRDO, LIQ: Citibank N.A., 0.550%, 12/07/10 (e)		14,600
				21,555
	New Mexico — 0.5%
		New Mexico Educational Assistance Foundation, Educational Loans,
	10,000	Series A-1, Rev., VRDO, LOC: Royal Bank of Canada, 0.310%, 12/07/10		10,000
	9,050	Series A-2, Rev., VRDO, AMT, LOC: Royal Bank of Canada, 0.310%, 12/07/10		9,050
				19,050
	New York — 2.1%
	35,000	Nassau County IDA, Series 75G, Rev., VRDO, LIQ: Goldman Sachs Special Situations, 0.320%, 12/07/10		35,000
	17,600	New York City Housing Development Corp., Multi-Family Housing, Queens Family Courthouse Apartments, Series A, Rev., VRDO, LOC: Citibank N.A., 0.330%, 12/07/10		17,600
	2,865	New York City Housing Development Corp., Multi-Family Housing, Urban Horizons II, Series A, Rev., VRDO, LOC: Citibank N.A., 0.310%, 12/07/10		2,865
	20,000	New York State Housing Finance Agency, Multi-Family Housing, 505 West 37th Street, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.360%, 12/07/10		20,000
				75,465
	North Carolina — 0.6%
	13,720	City of Raleigh, Rev., VRDO, 0.400%, 06/28/11 (f) (i)		13,720
	8,030	Mecklenburg County Industrial Facilities & Pollution Control Financing Authority, Ferguson Supply & Box Manufacturing Co., Rev., VRDO, LOC: Bank of America N.A., 0.560%, 12/07/10		8,030
				21,750
	North Dakota — 1.6%
		North Dakota State Housing Finance Agency, Housing Financing Program, Home Mortgage,

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	North Dakota — Continued
	27,210	Series A, Rev., VRDO, 0.300%, 12/07/10		27,210
	21,500	Series B, Rev., VRDO, 0.320%, 12/07/10		21,500
	9,700	Series B, Rev., VRDO, AMT, 0.290%, 12/07/10		9,700
				58,410
	Ohio — 1.5%
	2,215	Austin Trust, Various States, Series 2008-3310, Rev., VRDO, AGM, LIQ: Bank of America N.A., 0.350%, 12/07/10		2,215
	2,600	City of Sharonville, Edgcomb Metals Co. Project, IDR, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.400%, 12/07/10		2,600
	800	Columbus Regional Airport Authority, Capital Funding, OASBO Program, Series A, Rev., VRDO, LOC: U.S. Bank N.A., 0.300%, 12/07/10		800
	2,225	Eclipse Funding Trust, Solar Eclipse, Hamilton, Series 2006-0158, Rev., VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.290%, 12/07/10		2,225
	13,880	Mahoning County, Youngstown State University Project, Rev., VRDO, LOC: National City Bank, 0.310%, 12/07/10		13,880
	2,415	Montgomery County, Multi-Family Housing, Cambridge Commons Apartments, Series A, Rev., VRDO, LOC: FHLB, 0.320%, 12/07/10		2,415
	1,400	Ohio Air Quality Development Authority, First Energy, Series A, Rev., VRDO, AMT, LOC: Bank of Nova Scotia, 0.370%, 12/07/10		1,400
		Ohio Housing Finance Agency, Residential Mortgage-Backed Securities,
	11,800	Series B, Rev., VRDO, AMT, GNMA/FNMA, 0.350%, 12/07/10		11,800
	1,050	Series C, Rev., VRDO, AMT, GNMA COLL, 0.290%, 12/07/10		1,050
	1,955	Series E, Rev., VRDO, AMT, 0.300%, 12/07/10		1,955
	15,150	Series E, Rev., VRDO, AMT, GNMA/FNMA/FHLMC, 0.290%, 12/07/10		15,150
				55,490
	Oregon — 1.7%
	14,000	Oregon State Department of Administrative Services, Series ROCS RR II R-11742, COP, VRDO, NATL-RE, FGIC, LIQ: Citibank N.A., 0.310%, 12/07/10 (e)		14,000
	23,600	Oregon State Housing & Community Services Department, Series I, Rev., VRDO, AMT, 0.420%, 12/07/10		23,600
	25,440	Puttable Floating Option Tax-Exempt Receipts, Series MT-664, Rev., VRDO, AGM, LIQ: Bank of America N.A., 0.410%, 12/07/10 (e)		25,440
				63,040
	Other Territories — 5.5%
	15,910	Eagle Tax-Exempt Trust, Rev., VRDO, FHLMC COLL, LIQ: FHLB, 0.370%, 12/07/10		15,910
		Federal Home Loan Mortgage Corp., Multi-Family Housing,
	9,655	Series M015, Class A, Rev., VRDO, FHLMC, 0.350%, 12/07/10		9,655
	50,994	Series M017, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.340%, 12/07/10		50,994
	18,375	Series M023, Class A, Rev., VRDO, FHLMC, 0.350%, 12/07/10		18,375
	20,000	Nuveen Municipal Market Opportunity Fund, Inc., VRDO, LIQ: Deutsche Bank AG, 0.510%, 12/07/10 (e)		20,000
	40,990	Puttable Floating Option Tax-Exempt Receipts, Series PPT-1006, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.400%, 12/07/10		40,990
	26,950	Puttable Floating Option Tax-Exempt Receipts, SunAmerica Trust, Series 2001-2, Class A, Rev., VAR, LIQ: FHLMC, 0.450%, 12/07/10		26,950
	15,990	SunAmerica Trust, Various States, Series 2, Class A, Rev., VRDO, FHLMC, LOC: FHLMC, 0.370%, 12/07/10		15,990
				198,864
	Pennsylvania — 1.3%
	14,120	Adams County IDA, Gettysburg Foundation Facility, Series A, Rev., VRDO, LOC: Manufacturers and Traders, 0.350%, 12/07/10 (m)		14,120
	7,500	Delaware Valley Regional Financial Authority, Series 2996, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.310%, 12/07/10 (e)		7,500
	10,000	Delaware Valley Regional Financial Authority, Municipal Securities Trust Receipts, Series 15, Class A, Rev., VRDO, LIQ: Societe Generale, 0.310%, 12/07/10		10,000
	14,000	Nuveen Pennsylvania Premium Income Municipal Fund 2, VRDO, LIQ: Citibank N.A., 0.550%, 12/07/10 (e)		14,000
				45,620

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	South Carolina — 0.2%
	5,700	Cherokee County, Oshkosh Truck Project, Rev., VRDO, LOC: Bank of America N.A., 0.560%, 12/07/10		5,700
	South Dakota — 1.6%
		South Dakota Housing Development Authority, Home Ownership Mortgage,
	31,000	Series C, Rev., VRDO, AMT, 0.350%, 12/07/10		31,000
	28,000	Series G, Rev., VRDO, 0.290%, 12/07/10		28,000
				59,000
	Tennessee — 0.3%
	9,000	Jackson Industrial Development Board, General Cable Corp. Project, Rev., VRDO, LOC: PNC Bank N.A., 0.340%, 12/07/10		9,000
	Texas — 4.7%
	25,950	Dallas-Fort Worth International Airport Facilities Improvement Corp., FlightSafety International, Inc. Project, Rev., VRDO, 0.330%, 12/07/10		25,950
	21,130	Hutto Independent School District, Series 2999, GO, VRDO, PSF-GTD, LIQ: Morgan Stanley Bank, 0.300%, 12/07/10 (e)		21,130
	18,000	North Texas Tollway Authority, Series ROCS RR II R-11845, Rev., VRDO, BHAC-CR, LIQ: Citibank N.A., 0.310%, 12/07/10 (e)		18,000
	5,200	Port Freeport, Multi-Mode, BASF Corp., Rev., VRDO, 0.450%, 12/01/10		5,200
	11,470	Puttable Floating Option Tax-Exempt Receipts, Series PT-4591, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.400%, 12/14/10		11,470
		State of Texas, Veterans Housing Assistance Fund,
	11,475	Series A, GO, VRDO, 0.320%, 12/07/10		11,475
	10,130	Series B, GO, VRDO, 0.300%, 12/07/10		10,130
	11,085	Series D, GO, VRDO, LOC: Sumitomo Trust & Banking Co., 0.290%, 12/07/10		11,085
	20,000	Tarrant County Cultural Education Facilities Finance Corp., Series 2834, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.300%, 12/07/10		20,000
	14,595	Texas Department of Housing & Community Affairs, Multi-Family Housing, Harris Branch Apartments, Rev., VRDO, LOC: FNMA, 0.420%, 12/07/10		14,595
	14,040	Texas Department of Housing & Community Affairs, Multi-Family Housing, Idlewilde Apartments, Rev., VRDO, FNMA, LIQ: FNMA, 0.320%, 12/07/10		14,040
	6,270	Texas Department of Housing & Community Affairs, Multi-Family Housing, Timber Point Apartments, Series A-1, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.320%, 12/07/10		6,270
				169,345
	Utah — 2.6%
	10,280	North Davis County Sewer District, Series ROCS RR II R-11817, Rev., VRDO, LIQ: Citibank N.A., 0.300%, 12/07/10 (e)		10,280
		Utah Housing Corp., Single Family Mortgage,
	6,725	Series A, Rev., VRDO, 0.310%, 12/07/10		6,725
	9,540	Series A-2, Rev., VRDO, 0.310%, 12/07/10		9,540
	15,800	Series C, Class I, Rev., VRDO, 0.310%, 12/07/10		15,800
	5,145	Series C-1, Rev., VRDO, 0.310%, 12/07/10		5,145
	11,935	Series E, Class I, Rev., VRDO, 0.310%, 12/07/10		11,935
	11,800	Series F, Rev., VRDO, 0.310%, 12/07/10		11,800
	20,900	Utah Water Finance Agency, Series B- 3, Rev., VRDO, 0.320%, 12/07/10		20,900
				92,125
	Virginia — 1.2%
	12,000	Fairfax County IDA, Inova Health System Project, Rev., VRDO, 0.420%, 06/28/11 (f) (i)		12,000
		Norfolk EDA, Sentra Healthcare,
	20,155	Rev., VRDO, 0.420%, 06/28/11 (f) (i)		20,155
	12,750	Virginia Housing Development Authority, MERLOTS, Series C-42, Rev., VRDO, 0.370%, 12/07/10		12,750
				44,905
	Washington — 0.9%
	7,200	Washington Economic Development Finance Authority, Specialty Chemical Products, Rev., VRDO, LOC: Bank of America N.A., 0.420%, 12/07/10		7,200
	9,985	Washington State Housing Finance Commission, Barkley Ridge Apartments Project, Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.330%, 12/07/10		9,985

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Washington — Continued
	14,000	Washington State Housing Finance Commission, Vintage Spokane Project, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.310%, 12/07/10		14,000
				31,185
	West Virginia — 0.2%
	5,580	Marshall County IDR, Warren Distribution, Inc., Rev., VRDO, LOC: Bank of America N.A., 0.560%, 12/07/10		5,580
	Wisconsin — 3.0%
	16,795	Wells Fargo Stage Trust, Series 2009- 2C, Rev., VRDO, 0.370%, 12/07/10 (e)		16,795
		Wisconsin Housing & EDA,
	4,705	Series 2995, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.340%, 12/07/10 (e)		4,705
	9,700	Series A, Rev., VRDO, 0.370%, 12/07/10		9,700
	27,575	Series C, Rev., VRDO, 0.330%, 12/07/10		27,575
	5,690	Series C, Rev., VRDO, 0.350%, 12/07/10		5,690
	22,000	Series C, Rev., VRDO, 0.370%, 12/07/10		22,000
	20,590	Series ROCS RR II R-11522, Rev., VRDO, LIQ: Citibank N.A., 0.360%, 12/07/10		20,590
				107,055
	Wyoming — 1.0%
		Wyoming Community Development Authority,
	14,000	Series 4, Rev., VRDO, AMT, LOC: FNMA, 0.350%, 12/07/10		14,000
	10,000	Series 5, Rev., VRDO, AMT, LOC: FNMA, 0.350%, 12/07/10		10,000
	12,000	Series 8, Rev., VRDO, AMT, LOC: FNMA, 0.350%, 12/07/10		12,000
				36,000
		Total Weekly Demand Notes (Cost $2,277,305)		2,277,305
		Total Investments — 99.9% (Cost $3,601,254) *		3,601,254
		Other Assets in Excess of Liabilities — 0.1%		3,369
		NET ASSETS — 100.0%	$	3,604,623

Percentages indicated are based on net assets.

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS :

AGC	—	Insured by Assured Guaranty Corp.
AGM	—	Insured by Assured Guaranty Municipal Corp.
AMT	—	Alternative Minimum Tax
BAN	—	Bond Anticipation Note
BHAC	—	Insured by Berkshire Hathaway Assurance Corp.
COLL	—	Collateral
COP	—	Certificate of Participation
CR	—	Custodial Receipts
EDA	—	Economic Development Authority
FGIC	—	Insured by Financial Guaranty Insurance Co.
FHA	—	Federal Housing Administration
FHLB	—	Federal Home Loan Bank
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
GNMA	—	Government National Mortgage Association
GO	—	General Obligation
GTD	—	Guaranteed
IDA	—	Industrial Development Authority
IDR	—	Industrial Development Revenue
LIQ	—	Liquidity Agreement
LOC	—	Letter of Credit
MERLOTS	—	Municipal Exempt Receipts Liquidity Optional Tender
NATL	—	Insured by National Public Finance Guarantee Corp.
PSF	—	Permanent School Fund
Q-SBLF	—	Qualified School Bond Loan Fund
RAN	—	Revenue Anticipation Note
RE	—	Reinsured
Rev.	—	Revenue
TAN	—	Tax Anticipation Note
TRAN	—	Tax & Revenue Anticipation Note
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of November 30, 2010.
VRDO	—	Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of November 30, 2010.

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

(f) Security is fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. The fund owns fair valued securities with a value of approximately $83,125,000 which amounts to 2.3% of total investments.

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

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

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

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

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

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010

(Amounts in thousands)

Municipal Money Market Fund

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

The following is a summary of the inputs used as of November 30, 2010, in valuing the Fund’s assets and liabilities carried at amortized cost which approximates fair value (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Commercial Paper
Alaska	$	—	$	40,000	$	—	$	40,000
California		—		66,290		—		66,290
Florida		—		70,000		—		70,000
Indiana		—		58,000		—		58,000
Michigan		—		15,000		—		15,000
Total		—		249,290		—		249,290
Daily Demand Notes
California		—		78,905		—		78,905
Colorado		—		13,680		—		13,680
Delaware		—		60,000		—		60,000
Florida		—		71,375		—		71,375
Georgia		—		13,400		—		13,400
Indiana		—		17,650		—		17,650
Kansas		—		18,115		—		18,115
Michigan		—		39,015		—		39,015
Mississippi		—		19,000		—		19,000
New Jersey		—		14,300		—		14,300
New York		—		85,400		—		85,400
North Carolina		—		19,395		—		19,395
Ohio		—		13,420		—		13,420
Pennsylvania		—		21,875		—		21,875
South Carolina		—		12,580		—		12,580
Tennessee		—		29,900		—		29,900
Texas		—		53,000		—		53,000
Virginia		—		30,800		—		30,800

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010

(Amounts in thousands)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
West Virginia		—		28,315		—		28,315
Total		—		640,125		—		640,125
Municipal Bonds
Connecticut		—		20,147		—		20,147
District of Columbia		—		10,134		—		10,134
Michigan		—		40,520		—		40,520
New Hampshire		—		10,006		—		10,006
New Jersey		—		47,116		—		47,116
New York		—		151,050		—		151,050
Ohio		—		32,391		—		32,391
Texas		—		98,087		—		98,087
Wisconsin		—		15,049		—		15,049
Total		—	$	424,500		—	$	424,500
Quarterly Demand Notes
Pennsylvania		—		10,034		—		10,034
Total		—		10,034		—		10,034
Weekly Demand Notes
Arizona		—		24,790		—		24,790
California		—		115,160		—		115,160
Colorado		—		141,060		—		141,060
Delaware		—		10,150		—		10,150
Florida		—		153,635		—		153,635
Georgia		—		40,715		—		40,715
Idaho		—		61,665		—		61,665
Illinois		—		61,981		—		61,981
Indiana		—		13,520		—		13,520
Iowa		—		10,500		—		10,500
Kansas		—		36,000		—		36,000
Louisiana		—		4,600		—		4,600
Maine		—		42,700		—		42,700
Maryland		—		49,260		—		49,260
Massachusetts		—		27,540		16,050		43,590
Michigan		—		256,860		21,200		278,060
Minnesota		—		30,310		—		30,310
Missouri		—		18,410		—		18,410
Montana		—		15,360		—		15,360
Nevada		—		6,700		—		6,700
New Jersey		—		21,555		—		21,555
New Mexico		—		19,050		—		19,050
New York		—		75,465		—		75,465
North Carolina		—		8,030		13,720		21,750
North Dakota		—		58,410		—		58,410
Ohio		—		55,490		—		55,490
Oregon		—		63,040		—		63,040
Other Territories		—		198,864		—		198,864
Pennsylvania		—		45,620		—		45,620

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010

(Amounts in thousands)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
South Carolina		—		5,700		—		5,700
South Dakota		—		59,000		—		59,000
Tennessee		—		9,000		—		9,000
Texas		—		169,345		—		169,345
Utah		—		92,125		—		92,125
Virginia		—		12,750		32,155		44,905
Washington		—		31,185		—		31,185
West Virginia		—		5,580		—		5,580
Wisconsin		—		107,055		—		107,055
Wyoming		—		36,000		—		36,000
Total		—		2,194,180		83,125		2,277,305
Total Investments in Securities	$	—	$	3,518,129	$	83,125	$	3,601,254

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010

(Amounts in thousands)

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

	Balance as of 02/28/10		Realized gain (loss)		Change in unrealized appreciation (depreciation)		Net amortization (accretion)		Net purchases (sales)			Transfers into Level 3		Transfers out of Level 3		Balance as of 11/30/10
Investments in Securities
Weekly Demand Note - Massachusetts	$	—	$	—	$	—	$	—	$	—		$	16,050	$	—	$	16,050
Weekly Demand Note - Michigan		—		—		—		—		21,200			—		—		21,200
Weekly Demand Note - North Carolina		—		—		—		—		(490	)		14,210		—		13,720
Weekly Demand Note - Virginia		—		—		—		—		—			32,155		—		32,155
Total	$	—	$	—	$	—	$	—	$	20,710		$	62,415	$	—	$	83,125

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

The change in unrealized appreciation (depreciation) attributable to securities owned at November 30, 2010, which were valued using significant unobservable inputs (Level 3) amounted to $0.

JPMorgan Ohio Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION (t)	VALUE ($)
	Municipal Bonds — 97.4%
	California — 0.8%
	General Obligation — 0.8%
	1,500	Napa Valley Community College District, Election of 2002, Series C, GO, NATL-RE, Zero Coupon, 08/01/20		914
	1,500	State of California, GO, 5.000%, 03/01/21		1,558
		Total California		2,472
	Colorado — 1.6%
	Prerefunded — 1.6%
	2,350	Colorado Housing & Finance Authority, Capital Appreciation, Series A, Rev., Zero Coupon, 09/01/14 (p)		2,212
	2,810	El Paso County, Single Family Mortgage, Capital Appreciation, Series A, Rev., Zero Coupon, 05/01/15 (p)		2,593
		Total Colorado		4,805
	Florida — 0.3%
	Transportation — 0.3%
	1,000	Miami-Dade County, Aviation, Series B, Rev., AMT, AGM-CR, XLCA, 5.000%, 10/01/19		1,045
	Hawaii — 0.5%
	Water & Sewer — 0.5%
	1,500	Honolulu City & County Board of Water Supply, Series B, Rev., AMT, NATL-RE, 5.250%, 07/01/19		1,612
	Illinois — 1.8%
	Certificate of Participation/Lease — 0.6%
	1,500	University of Illinois, Academic Facilities Projects, Series A, COP, AMBAC, 5.000%, 03/15/18		1,641
	General Obligation — 0.7%
	2,000	Chicago Park District, Alternative Revenue Source, Series D, GO, NATL-RE, FGIC, 5.000%, 01/01/21		2,114
	Water & Sewer — 0.5%
	1,500	City of Chicago, Water, Second Lien, Series A, Rev., AMBAC, 5.000%, 11/01/20		1,610
		Total Illinois		5,365
	Kansas — 0.7%
	Prerefunded — 0.7%
	1,000	Kansas City, Single Family Mortgage, Municipal Multiplier, Series A, Rev., FHLMC COLL, Zero Coupon, 12/01/14 (p)		937
	1,390	Saline County, Single Family Mortgage, Rev., Zero Coupon, 12/01/15 (p)		1,262
		Total Kansas		2,199
	Louisiana — 0.5%
	Prerefunded — 0.5%
	1,685	Jefferson Parish Finance Authority, Single Family Mortgage, Rev., FGIC, Zero Coupon, 05/01/17 (p)		1,428
	New York — 0.5%
	General Obligation — 0.5%
	1,500	New York City, Series E, GO, AGM, 5.000%, 11/01/17		1,659
	Ohio — 89.0%
	Certificate of Participation/Lease — 9.2%
	5,250	City of Cleveland, Cleveland Stadium Project, COP, AMBAC, Zero Coupon, 11/15/11		5,197
		Ohio State Building Authority, Adult Correctional Facilities,
	1,745	Series A, Rev., COP, 5.000%, 10/01/22		1,921
	1,000	Series A, Rev., COP, AGM, 5.500%, 10/01/14		1,040
	2,000	Series B, Rev., COP, 5.000%, 10/01/13		2,210
	1,000	Series B, Rev., COP, 5.000%, 10/01/20		1,124
	2,030	Series B, Rev., COP, 5.250%, 04/01/15		2,326
		Ohio State Building Authority, State Facilities, Administrative Building Fund,
	1,835	Series A, Rev., COP, 5.000%, 10/01/24		1,974
	4,000	Series A, Rev., COP, AGM, 5.000%, 10/01/20		4,597
	1,800	Ohio State Department of Administrative Services, State Taxation Accounting & Revenue, COP, 5.000%, 09/01/18		2,023
	2,000	State of Ohio, Cultural & Sports Capital Appreciation, Series A, Rev., COP, 5.250%, 10/01/20		2,322

JPMorgan Ohio Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
	Certificate of Participation/Lease — Continued
	2,000	State of Ohio, Higher Education Capital Facilities, Series II-A, Rev., COP, 5.375%, 12/01/12		2,185
	1,235	State of Ohio, Parks & Recreation, Series II-A, Rev., COP, 5.000%, 12/01/20		1,390
				28,309
	Education — 5.5%
	1,000	Kent State University, General Receipts, Series B, Rev., AGC, 5.000%, 05/01/19		1,151
	180	Ohio State University, General Receipts, Unrefunded Balance, Series B, Rev., 5.250%, 06/01/16		197
	1,000	State of Ohio, Higher Educational Facility, Baldwin-Wallace College Project, Rev., 5.500%, 12/01/20		1,076
	1,650	State of Ohio, Higher Educational Facility, Case Western Reserve University Project, Rev., NATL-RE, 5.250%, 12/01/19		1,926
	1,500	State of Ohio, Higher Educational Facility, Denison University 2007 Project, Rev., 5.000%, 11/01/20		1,668
	2,185	State of Ohio, Higher Educational Facility, Otterbein College Project, Series A, Rev., 5.500%, 12/01/23		2,380
	1,000	State of Ohio, Higher Educational Facility, University of Dayton 2001, Rev., AMBAC, 5.375%, 12/01/17		1,032
	1,500	University of Akron, Series A, Rev., AGM, 5.000%, 01/01/20		1,654
		University of Cincinnati,
	1,960	Series A, Rev., NATL-RE, 5.000%, 06/01/21		2,090
	1,500	Series G, Rev., NATL-RE, 5.000%, 06/01/18		1,675
	2,000	University of Toledo, Series A, Rev., 4.000%, 06/01/13		2,116
				16,965
	General Obligation — 28.8%
	1,530	Beavercreek City School District, School Improvement, GO, 5.000%, 12/01/23		1,678
		Cincinnati City School District, Classroom Construction & Improvement,
	1,000	GO, NATL-RE, FGIC, 5.250%, 12/01/20		1,175
	3,000	GO, NATL-RE, FGIC, 5.250%, 12/01/24		3,480
	1,800	GO, NATL-RE, FGIC, 5.250%, 12/01/25		2,061
	2,000	City of Akron, Various Purpose, Series A, GO, 5.000%, 12/01/16		2,287
		City of Avon,
	1,000	Series B, GO, 5.000%, 12/01/24		1,077
	1,000	Series B, GO, 5.000%, 12/01/25		1,070
		City of Cincinnati, Various Purpose,
	1,215	Series A, GO, 5.000%, 12/01/19		1,346
	1,105	Series A, GO, 5.000%, 12/01/22		1,230
	1,500	Series C, GO, 5.000%, 12/01/18		1,728
	1,000	City of Cleveland, GO, NATL-RE, 5.750%, 08/01/11		1,033
	2,200	City of Cleveland, Various Purpose, Series A, GO, AGC, 5.000%, 12/01/22		2,376
	2,000	City of Columbus, Series A, GO, 5.000%, 06/01/16		2,346
	1,000	City of Columbus School District, School Facilities Construction & Improvement, GO, 5.000%, 12/01/24		1,082
	1,255	City of Dayton, Various Purpose, Series A, GO, 3.250%, 12/01/16		1,343
		City of Dublin, Various Purpose,
	1,000	Series A, GO, 3.000%, 12/01/14		1,072
	1,030	Series A, GO, 4.000%, 12/01/16		1,162
	1,495	City of Newark, Capital Appreciation, GO, NATL-RE, FGIC, Zero Coupon, 12/01/11		1,478
	50	City of Strongsville, Unrefunded Balance, GO, 6.700%, 12/01/11		50
		City of Strongsville, Various Purpose,
	1,000	GO, 5.000%, 12/01/24		1,080
	1,000	GO, 5.000%, 12/01/25		1,073
	1,475	City of Westerville, GO, 5.000%, 12/01/15		1,725
	1,775	Columbus City School District, Capital Appreciation, Construction & Improvement, Series B, GO, Zero Coupon, 12/01/18		1,347
	1,500	Cuyahoga County, Capital Appreciation, Series A, GO, NATL- RE, Zero Coupon, 10/01/13		1,443
		Cuyahoga County, Various Purpose,
	1,000	Series A, GO, 4.000%, 12/01/15		1,119
	1,000	Series A, GO, 4.000%, 12/01/17		1,122
	1,000	Dublin City School District, Capital Appreciation Bonds, GO, NATL-RE, FGIC, Zero Coupon, 12/01/15		906
		Dublin City School District, School Facilities, Construction & Improvement,
	1,000	GO, 5.000%, 12/01/24		1,094
	1,000	GO, NATL-RE, 5.000%, 12/01/18		1,128
	1,000	GO, NATL-RE, 5.000%, 12/01/18		1,161
		Lake County, Building Improvement,

JPMorgan Ohio Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
	General Obligation — Continued
	1,010	GO, NATL-RE, 5.000%, 12/01/21		1,077
	1,060	GO, NATL-RE, 5.000%, 12/01/22		1,123
	1,400	Lake Local School District/Stark County, School Improvement, GO, AGM, 5.000%, 12/01/19		1,529
	2,450	Lakewood City School District, Capital Appreciation, GO, AGM, Zero Coupon, 12/01/17		2,020
	2,500	Lakota Local School District, Series A, GO, NATL-RE, FGIC, 5.250%, 12/01/24		2,883
	1,120	Lebanon City School District, School Construction, GO, AGM, 5.000%, 12/01/21		1,199
	1,930	London City School District, School Facilities, Construction & Improvement, GO, NATL-RE, FGIC, 5.250%, 12/01/12		2,016
	1,430	Marysville Exempt Village School District, GO, AGM, 5.000%, 12/01/21		1,531
		Olentangy Local School District,
	2,000	GO, AGM, 5.000%, 12/01/22		2,168
	500	GO, NATL-RE, 7.750%, 12/01/11		536
	1,235	GO, NATL-RE, FGIC, 5.000%, 12/01/13		1,384
	1,405	Olentangy Local School District, School Facilities, Construction & Improvement, GO, 5.000%, 12/01/22		1,552
	1,000	Plain Local School District, GO, NATL-RE, FGIC, 5.800%, 12/01/15		1,023
	150	Shaker Heights City School District, Series A, GO, 7.100%, 12/15/10		150
	1,260	Southwest Licking Local School District, GO, NATL-RE, FGIC, 5.750%, 12/01/14		1,449
	1,710	Springfield City School District, Clark County, Capital Appreciation, GO, AMBAC, Zero Coupon, 12/01/12		1,646
	1,750	State of Ohio, Series A, GO, 5.375%, 09/01/23		1,948
		State of Ohio, Common Schools,
	1,205	Series A, GO, 5.250%, 09/15/12		1,301
	1,250	Series B, GO, 5.000%, 03/15/19		1,338
		State of Ohio, Conservation Projects,
	2,720	Series A, GO, 5.000%, 09/01/16		3,182
	2,000	Series B, GO, 3.500%, 03/01/15		2,165
	1,000	State of Ohio, Cultural & Sports Capital Refunding, Series B, GO, AGM, 5.000%, 10/01/15		1,144
		State of Ohio, Higher Education,
	2,000	Series A, GO, 5.000%, 08/01/16		2,337
	1,000	Series C, GO, 5.000%, 08/01/15		1,153
	1,500	State of Ohio, Infrastructure Improvements, Series D, GO, 5.000%, 03/01/20		1,591
	3,335	State of Ohio, Site Development, Series A, GO, 4.000%, 11/01/14		3,682
	1,380	Sylvania City School District, School Improvement, GO, AGC, 5.000%, 12/01/23		1,482
	1,905	Westlake City School District, Capital Appreciation, School Improvement, Series A, GO, NATL-RE, FGIC, Zero Coupon, 12/01/15		1,692
				88,573
	Hospital — 6.2%
		Cuyahoga County,
	2,500	Series A, Rev., 5.500%, 01/01/13		2,734
	1,400	Series A, Rev., 6.000%, 01/01/17		1,534
	1,000	Series A, Rev., 6.000%, 01/01/20		1,091
	1,000	Cuyahoga County, Metrohealth System, Series A, Rev., NATL-RE, 5.125%, 02/15/13		1,003
	890	Cuyahoga County, W.O. Walker Center, Inc., Series I, Rev., AMBAC, 5.250%, 01/01/13		891
	1,000	Franklin County, Health Care Facilities, Ohio Presbyterian Services, Rev., 5.500%, 07/01/17		1,001
		Lucas County Hospital, Promedica Healthcare Obligation Group,
	1,000	Rev., AMBAC, 5.625%, 11/15/13		1,008
	1,000	Rev., AMBAC, 5.625%, 11/15/15		1,007
		Ohio Higher Educational Facility Commission, University Hospital Health System,
	1,000	Series A, Rev., 5.000%, 01/15/14		1,073
	550	Series A, Rev., 5.000%, 01/15/24		554
	1,000	Series A, Rev., 5.250%, 01/15/23		1,040
	2,500	Richland County, Hospital Facilities, Medcentral Health Systems, Rev., 5.125%, 11/15/21		2,555
	2,000	State of Ohio, Higher Educational Facility, Cleveland Clinic Health, Series A, Rev., 5.000%, 01/01/26		2,076
	1,500	State of Ohio, Hospital Facility, Cleveland Clinic Health, Rev., 5.000%, 01/01/25		1,552
				19,119
	Housing — 4.8%
	950	Cuyahoga County, Multi-Family Housing, Allerton Apartments, Series A, Rev., FHA, GNMA, 4.900%, 08/20/22		1,024
	540	Cuyahoga County, Multi-Family Housing, Clifton Plaza, Rev., GNMA COLL, 4.150%, 06/20/15		559

JPMorgan Ohio Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
	Housing — Continued
	550	Montgomery County, Multi-Family Housing, Chevy Chase Apartments, Rev., FHLMC, 4.600%, 11/01/15		578
	225	Ohio Capital Corp. For Housing, Mortgage, Section 8 Assisted, Series M, Rev., FHA, 5.900%, 02/01/14		226
		Ohio Housing Finance Agency,
	880	Series A, Rev., AGM, 4.500%, 04/01/12		924
	1,000	Series A, Rev., AGM, 5.000%, 04/01/22		1,080
	500	Series A, Rev., AGM, 5.000%, 04/01/27		521
	1,240	Ohio Housing Finance Agency, Mortgage-Backed Securities Program, Series F, Rev., GNMA/FNMA/FHLMC, 4.250%, 09/01/16		1,329
	1,390	Ohio Housing Finance Agency, Multi- Family Housing, Hillwood II Project, Rev., AMT, GNMA COLL, 4.850%, 05/20/21		1,427
	550	Ohio Housing Finance Agency, Multi- Family Housing, Warren Heights, Series C, Rev., AMT, GNMA COLL, FHA, 4.500%, 11/20/17		542
		Ohio Housing Finance Agency, Residential Mortgage-Backed Securities,
	690	Series A, Rev., AMT, GNMA COLL, 4.300%, 03/01/16		709
	1,815	Series J, Rev., GNMA/FNMA/FHLMC, 5.900%, 09/01/23		1,966
	2,730	Summit County Port Authority, Callis Tower Apartments, Rev., GNMA COLL, FHA, 4.500%, 09/20/17		2,858
	940	Trumbull County, Multi-Family Housing, Royal Mall Apartments, Rev., FHA, GNMA COLL, 4.800%, 05/20/17		996
				14,739
	Industrial Development Revenue/Pollution             Control Revenue — 0.9%
	630	Cleveland-Cuyahoga County Port Authority, Capital Improvement Project, Series A, Rev., 5.375%, 05/15/19		601
	900	Cleveland-Cuyahoga County Port Authority, Cleveland Bottle Supply, Series B, Rev., LOC: Fifth Third Bank, 6.500%, 11/15/21		889
	885	Summit County Port Authority, Twinsburg Project, Series D, Rev., 5.125%, 05/15/25		763
	415	Toledo-Lucas County Port Authority, Northwest Ohio Bond Fund, Series A, Rev., 5.100%, 05/15/12		412
				2,665
	Other Revenue — 7.0%
	2,500	Buckeye Tobacco Settlement Financing Authority, Asset-Backed, Series A-1, Rev., 5.000%, 06/01/15		2,566
	1,310	Cuyahoga County, Economic Development, Shaker Square, Series D, Rev., 5.000%, 12/01/25		1,380
	1,000	Franklin County, Convention Facilities Authority, Tax and Lease, Rev., 5.000%, 12/01/22		1,091
		Ohio State Building Authority,
	1,785	Series A, Rev., 5.000%, 10/01/14		2,021
	1,000	Series C, Rev., 5.000%, 10/01/15		1,151
		Ohio State Building Authority, State Facilities, Administrative Building Fund,
	1,000	Series B, Rev., 5.000%, 10/01/23		1,082
	1,220	Series B, Rev., 5.000%, 10/01/24		1,305
		Ohio State University, General Receipts,
	1,000	Series A, Rev., 4.000%, 12/01/15		1,113
	2,000	Series D, Rev., 5.000%, 12/01/26		2,240
	2,000	Series D, Rev., 5.000%, 12/01/27		2,214
	2,000	Ohio State Water Development
		Authority, Rev., 5.000%, 12/01/16		2,356
	75	Ohio State Water Development Authority, Unrefunded Balance, Drinking Water Assistance Fund, Rev., 5.000%, 12/01/18		83
	2,550	RiverSouth Authority, RiverSouth Area Redevelopment, Series A, Rev., 5.000%, 12/01/17		2,868
				21,470
	Prerefunded — 5.1%
		City of Cleveland,
	1,015	GO, AMBAC, 5.250%, 12/01/14 (p)		1,179
	1,000	GO, FGIC, 5.600%, 12/01/10 (p)		1,010
	320	City of Cleveland, Capital Appreciation, Public Power Systems, First Mortgage, Series A, Rev., NATL- RE, Zero Coupon, 11/15/11 (p)		318
	2,000	City of Columbus School District, School Facilities Construction & Improvement, GO, AGM, 5.250%, 12/01/14 (p)		2,327

JPMorgan Ohio Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
	Prerefunded — Continued
	1,260	Franklin County, Children’s Hospital Improvement Project, Rev., AMBAC, 5.500%, 05/01/11 (p)		1,300
	1,000	Minster Local School District, School Facilities & Construction, GO, AGM, 5.500%, 12/01/10 (p)		1,010
	2,685	Ohio Housing Finance Agency, Single Family Mortgage, Rev., FGIC, FHA/VA/PRIV MTGS, Zero Coupon, 07/15/13 (p)		2,245
	1,500	Ohio State Turnpike Commission, Rev., 5.500%, 02/15/11 (p)		1,516
	820	Ohio State University, General Receipts, Series B, Rev., 5.250%, 06/01/13 (p)		911
	1,175	Ohio State Water Development Authority, Drinking Water Assistance Fund, Rev., 5.000%, 06/01/14 (p)		1,331
	2,510	Ohio State Water Development Authority, Fresh Water, Rev., AMBAC, 5.800%, 06/01/11 (p)		2,511
				15,658
	Private Placement — 0.1%
	357	City of Columbus, Clintonville II Street Light Assessment, GO, 4.400%, 09/01/15		362
	Special Tax — 2.5%
	1,000	City of Akron, Community Learning Centers, Series A, Rev., NATL-RE, FGIC, 5.250%, 12/01/19		1,082
	1,000	Hamilton County, Sales Tax, Series A, Rev., AMBAC, 5.000%, 12/01/18		1,090
		State of Ohio,
	1,500	Series A, Rev., 5.000%, 10/01/20		1,659
	1,000	Series A, Rev., 5.000%, 10/01/21		1,091
	1,000	Series A, Rev., 5.000%, 10/01/22		1,080
	1,500	State of Ohio, Common Schools, Series C, GO, 5.000%, 09/15/19		1,765
				7,767
	Transportation — 7.2%
		City of Cleveland, Airport System,
	2,000	Series A, Rev., AGM-CR, AMBAC, 5.250%, 01/01/20		2,216
	1,500	Series C, Rev., AGC, 4.000%, 01/01/16		1,621
	1,000	Series C, Rev., AGC, 5.000%, 01/01/16		1,129
	1,500	Series C, Rev., AGM, 5.000%, 01/01/19		1,618
		City of Cleveland, Parking Facilities,
	1,000	Rev., AGM, 5.000%, 09/15/14		1,087
	1,370	Rev., AGM, 5.250%, 09/15/21		1,461
	2,000	Columbus Regional Airport Authority, Rev., NATL-RE, 5.000%, 01/01/19		2,189
		Ohio State Turnpike Commission,
	2,000	Series A, Rev., 5.000%, 02/15/22		2,195
	1,185	Series A, Rev., 5.000%, 02/15/23		1,280
	5,155	Series A, Rev., NATL-RE, FGIC, 5.500%, 02/15/14		5,825
	1,250	State of Ohio, Major Infrastructure Project, Series 2007-1, Rev., AGM, 5.000%, 06/15/17		1,458
				22,079
	Utility — 3.2%
	1,000	American Municipal Power-Ohio, Inc., Prairie State Energy Campus, Series A, Rev., AGC, 5.000%, 02/15/24		1,055
	2,680	City of Cleveland, Capital Appreciation, Public Power Systems, First Mortgage, Unrefunded Balance, Series A, Rev., NATL-RE, Zero Coupon, 11/15/11		2,647
		City of Cleveland, Public Power Systems,
	1,220	Rev., AMBAC, 5.500%, 11/15/16		1,262
	1,280	Series A, Rev., NATL-RE, FGIC, 5.000%, 11/15/15		1,436
	1,000	Series A-1, Rev., NATL-RE, FGIC, 5.000%, 11/15/20		1,065
		City of Hamilton, Electric Systems,
	950	Series A, Rev., AGC, 5.000%, 10/01/20		1,072
	1,000	Series A, Rev., AGC, 5.000%, 10/01/21		1,110
				9,647
	Water & Sewer — 8.5%
		City of Akron, Sanitation Sewer System,
	1,030	Rev., NATL-RE, FGIC, 5.375%, 12/01/13		1,117
	1,070	Rev., NATL-RE, FGIC, 5.500%, 12/01/12		1,141
	1,000	City of Akron, Waterworks, Rev., AGC, 5.000%, 03/01/18		1,143
		City of Cincinnati, Water Systems,
	1,500	Series A, Rev., 5.000%, 12/01/18		1,712
	1,000	Sub Series B, Rev., NATL-RE, 5.000%, 12/01/22		1,092
	1,500	City of Cleveland, Series T, Rev., 5.000%, 01/01/21		1,670
	1,220	City of Cleveland, Waterworks, Series O, Rev., NATL-RE, 5.000%, 01/01/19		1,366
	1,505	City of Cleveland, Waterworks, First Mortgage, Series G, Rev., NATL-RE, 5.500%, 01/01/13		1,547

JPMorgan Ohio Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
	Water & Sewer — Continued
	2,975	Clermont County, Sewer District, Rev., AMBAC, 5.250%, 08/01/16		3,266
	1,205	Delaware County, Sanitation Sewer Systems, Rev., AGM, 4.500%, 12/01/19		1,312
	1,410	Hamilton County, Sewer Systems, Greater Cincinnati, Series A, Rev., 5.000%, 12/01/18		1,656
	2,000	Ohio State Water Development Authority, Capital Appreciation, Water Quality Fund, Series B, Rev., Zero Coupon, 06/01/17		1,686
		Ohio State Water Development Authority, Community Assistance,
	1,205	Rev., 5.000%, 12/01/22		1,342
	1,275	Rev., 5.000%, 12/01/23		1,404
	2,000	Ohio State Water Development Authority, Drinking Water Assistance Fund, Rev., 5.000%, 12/01/23		2,194
	2,000	Ohio State Water Development Authority, Fresh Water, Rev., 5.500%, 12/01/21		2,427
				26,075
		Total Ohio		273,428
	Texas — 1.6%
	General Obligation — 0.9%
	1,000	Northside Independent School District, Series D, GO, PSF-GTD, 5.000%, 06/15/18		1,146
	1,500	State of Texas, Transition Community,
		Mobility Fund, GO, 5.000%, 04/01/19		1,702
				2,848
	Prerefunded — 0.7%
	2,500	Southeast Texas Housing Finance Corp., Rev., NATL-RE, Zero Coupon, 09/01/17 (p)		2,106
		Total Texas		4,954
	Washington — 0.1%
	General Obligation — 0.1%
	220	State of Washington, Series A & AT-6,
		GO, 6.250%, 02/01/11		222
		Total Municipal Bonds (Cost $285,955)		299,189
SHARES		SECURITY DESCRIPTION	VALUE ($)
	Short-Term Investment — 1.6%
	Investment Company — 1.6%
	4,856	JPMorgan Tax Free Money Market Fund, Institutional Class Shares, 0.130% (b) (l) (m) (Cost $4,856)		4,856
		Total Investments — 99.0%     (Cost $290,811)		304,045
		Other Assets in Excess of Liabilities — 1.0%		3,204
		NET ASSETS — 100.0%	$	307,249

Percentages indicated are based on net assets.

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS :

AGC	—	Insured by Assured Guaranty Corp.
AGM	—	Insured by Assured Guaranty Municipal Corp.
AMBAC	—	Insured by American Municipal Bond Assurance
		Corp.
AMT	—	Alternative Minimum Tax
COLL	—	Collateral
COP	—	Certificate of Participation
CR	—	Custodial Receipts
FGIC	—	Insured by Financial Guaranty Insurance Co.
FHA	—	Federal Housing Administration
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
GNMA	—	Government National Mortgage Association
GO	—	General Obligation
GTD	—	Guaranteed
LOC	—	Letter of Credit
MTGS	—	Mortgages
NATL	—	Insured by National Public Finance Guarantee Corp.
PRIV	—	Private
PSF	—	Permanent School Fund
RE	—	Reinsured
Rev.	—	Revenue
VA	—	Veterans Administration
XLCA	—	Insured by XL Capital Assurance

JPMorgan Ohio Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

(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.

(l) The rate shown is the current yield as of November 30, 2010.

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

(p) Security is prerefunded or escrowed to maturity.

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

As of November 30, 2010, 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	$	13,930
Aggregate gross unrealized depreciation		(696	)
Net unrealized appreciation/depreciation	$	13,234
Federal income tax cost of investments	$	290,811

JPMorgan Ohio Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited)

(Amounts in thousands)

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

	Level 1 Quoted  prices		Level 2 Other significant observable inputs		Level 3 Significant  unobservable inputs		Total
Total Investments in Securities #	$	4,856	$	299,189	$	—	$	304,045

There were no significant transfers between Levels 1 and 2 during the period ended November 30, 2010.

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

JPMorgan Ohio Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION (t)	VALUE ($)
Daily Demand Notes — 15.8%
Ohio — 15.8%
2,100	Allen County, Catholic Healthcare, Series A, Rev., VRDO, LOC: Bank of America N.A., 0.300%, 12/01/10		2,100
200	Series C, Rev., VRDO, LOC: Bank of Nova Scotia, 0.290%, 12/01/10		200
1,500	Cuyahoga County, Cleveland Clinic Subordinated, Subseries B-3, Rev., VRDO, 0.270%, 12/01/10		1,500
	Ohio State Higher Educational Facility Commission, Case Western Reserve University,
2,760	Series A, Rev., VRDO, 0.340%, 12/01/10		2,760
1,750	Series B-2, Rev., VRDO, LOC: Bank of America N.A., 0.280%, 12/01/10		1,750
400	Ohio State Water Development Authority, Pollution Control Facility, First Energy Generation Corp. Project, Series A, Rev., VRDO, LOC: Barclays Bank plc, 0.240%, 12/01/10		400
2,200	Ohio State Water Development Authority, Pollution Control, First Energy Nuclear Project, Series B, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.280%, 12/01/10		2,200
	Total Daily Demand Notes     (Cost $10,910)		10,910
Municipal Bonds — 8.0%
Ohio — 8.0%
1,000	City of Akron, Various Purpose, GO, BAN, 1.250%, 12/09/10 (m)		1,000
1,000	GO, BAN, 1.250%, 12/09/10 (m)		1,000
1,000	City of Marysville, Wastewater Treatment Centre, GO, 1.250%, 06/01/11		1,002
240	City of Springboro, Golf Course, GO, 1.000%, 12/01/10		240
1,315	Montgomery County, Various Purpose, GO, 1.500%, 12/01/10		1,315
1,000	Ohio State Turnpike Commission, Series B, Rev., AGM, 5.500%, 02/15/11		1,011
	Total Municipal Bonds     (Cost $5,568)		5,568
Weekly Demand Notes — 76.1%
Ohio — 76.1%
885	Akron University, Series C-1, Rev., VRDO, AGC, 0.340%, 12/07/10		885
770	Series C-2, Rev., VRDO, AGC, 0.340%, 12/07/10		770
2,785	Austin Trust, Series 2008-3310, Rev., VRDO, AGM, LIQ: Bank of America N.A., 0.350%, 12/07/10		2,785
1,300	City of Cleveland, Series R, Rev., VRDO, LOC: BNP Paribas, 0.300%, 12/07/10		1,300
500	City of Grove City, Multi-Family Housing, Regency Arms Apartments, Rev., VRDO, FNMA, LIQ: FNMA, 0.350%, 12/07/10		500
1,980	City of Sharonville, Edgcomb Metals Co. Project, IDR, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.400%, 12/07/10		1,980
910	City of Westlake, Logan Westlake Project, IDR, Rev., VRDO, LOC: PNC Bank N.A., 0.380%, 12/07/10		910
600	Columbus Regional Airport Authority, Capital Funding, OASBO Program, Series A, Rev., VRDO, LOC: U.S. Bank N.A., 0.300%, 12/07/10		600
1,090	Columbus Regional Airport Authority, OASBO Expanded Asset, Rev., VRDO, LOC: U.S. Bank N.A., 0.300%, 12/07/10		1,090
1,115	Columbus Regional Airport Authority, Pooled Financing Program, Series A, Rev., VRDO, LOC: U.S. Bank N.A., 0.300%, 12/07/10		1,115
1,210	Deutsche Bank Spears/Lifers Trust Various States, Series 289, GO, VRDO, AGM, LIQ: Deutsche Bank A.G., 0.320%, 12/07/10		1,210
120	Series 570, Rev., VRDO, AGM, LIQ: Deutsche Bank A.G., 0.320%, 12/07/10		120
3,045	Eclipse Funding Trust, Solar Eclipse, Hamilton, Series 2006-0158, Rev., VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.290%, 12/07/10		3,045
5,550	Franklin County, Multi-Family Housing, Ashton Square Apartments Project, Rev., VRDO, FNMA, LIQ: FNMA, 0.340%, 12/07/10		5,550
3,075	Franklin County, Ohio Health Corp. Hospital Facilities, Series A, Rev., VRDO, 0.330%, 12/07/10		3,075
2,150	Hamilton County, Boys/Girls Club, Inc. Project, Rev., VRDO, LOC: PNC Bank N.A., 0.310%, 12/07/10		2,150
400	Kent State University, Series B, Rev., VRDO, LOC: Bank of America N.A., 0.270%, 12/07/10		400
1,900	Lucas County, Promedica Healthcare, Series B, Rev., VRDO, LOC: UBS AG, 0.230%, 12/07/10		1,900

JPMorgan Ohio Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE ($)
Ohio — Continued
300	Montgomery County, Kettering Health, Series A, Rev., VRDO, AGM, 0.420%, 12/07/10		300
400	Montgomery County, Multi-Family Housing, Cambridge Commons Apartments, Series A, Rev., VRDO, LOC: FHLB, 0.320%, 12/07/10		400
455	Montgomery County, Multi-Family Housing, Pedcor Investments, Lyons Gate, Series B, Rev., VRDO, LOC: FHLB, 0.380%, 12/07/10		455
3,600	Ohio Air Quality Development Authority, First Energy, Series A, Rev., VRDO, AMT, LOC: Bank of Nova Scotia, 0.370%, 12/07/10		3,600
500	Ohio Housing Finance Agency, MERLOTS, Series A10, Rev., VRDO, GNMA/FNMA, LIQ: Wells Fargo Bank N.A., 0.370%, 12/07/10		500
	Ohio Housing Finance Agency, Residential Mortgage-Backed Securities,		300
300	Series B, Rev., VRDO, AMT, 0.280%, 12/07/10
2,875	Series B, Rev., VRDO, AMT, GNMA/FNMA, 0.350%, 12/07/10		2,875
350	Series C, Rev., VRDO, AMT, GNMA COLL, 0.290%, 12/07/10		350
100	Series E, Rev., VRDO, AMT, 0.300%, 12/07/10		100
350	Series E, Rev., VRDO, AMT, GNMA/FNMA/FHLMC, 0.290%, 12/07/10		350
1,000	Series H, Rev., VRDO, AMT, GNMA/FNMA, 0.300%, 12/07/10		1,000
1,950	Ohio State Water Development Authority, Pollution Control, First Energy Nuclear Project, Series A, Rev., VRDO, AMT, LOC: Bank of Nova Scotia, 0.340%, 12/07/10		1,950
400	The Ohio State University, Rev., VRDO, 0.300%, 12/07/10		400
2,240	Rev., VRDO, AGM, 0.560%, 12/07/10		2,240
4,000	Toledo-Lucas County Port Authority, Burlington Air Express, Inc., Rev., VRDO, AGC, LOC: Royal Bank of Scotland, 0.380%, 12/07/10		4,000
1,870	Wells Fargo Stage Trust, Various States, Series 56-C, Rev., VRDO, LIQ: Wells Fargo & Company, 0.300%, 12/07/10 (e)		1,870
2,523	Wood County, Reclamation Technologies, IDR, Rev., VRDO, LOC: National City Bank, 0.380%, 12/07/10		2,523
			52,598
	Total Weekly Demand Notes     (Cost $52,598)		52,598
	Total Investments — 99.9%     (Cost $69,076) *		69,076
	Other Assets in Excess of Liabilities — 0.1%		39
	NET ASSETS — 100.0%	$	69,115

Percentages indicated are based on net assets.

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

AGC	—	Insured by Assured Guaranty Corp.
AGM	—	Insured by Assured Guaranty Municipal Corp.
AMT	—	Alternative Minimum Tax
BAN	—	Bond Anticipation Note
COLL	—	Collateral
FHLB	—	Federal Home Loan Bank
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
GNMA	—	Government National Mortgage Association
GO	—	General Obligation
IDR	—	Industrial Development Revenue
LIQ	—	Liquidity Agreement
LOC	—	Letter of Credit
MERLOTS	—	Municipal Exempt Receipts Liquidity Optional Tender
Rev.	—	Revenue
VRDO	—	Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of November 30, 2010.

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

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

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

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

JPMorgan Ohio Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited)

(Amounts in thousands)

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

The following is a summary of the inputs used as of November 30, 2010, in valuing the Fund’s assets and liabilities carried at amortized cost which approximates fair value (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities#	$	—	$	69,076	$	—	$	69,076

There were no significant transfers between Levels 1 and 2 during the period ended November 30, 2010.

# All portfolio holdings designated as Level 2 are disclosed individually in the Schedules of Portfolio Investments (“SOI”). Please refer to the SOI for industry specifics of the portfolio holdings.

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 8.8%
	13,586	AH Mortgage Advance Trust, Series 2010-ADV2, Class A1, 4.210%, 05/10/41 (e)		13,575
		Ally Auto Receivables Trust,
	1,201	Series 2009-A, Class A2, 1.320%, 03/15/12 (e)		1,203
	5,500	Series 2009-A, Class A3, 2.330%, 06/17/13 (e)		5,592
	864	Series 2009-B, Class A2, 1.210%, 06/15/12 (e)		866
	6,810	Series 2009-B, Class A3, 1.980%, 10/15/13 (e)		6,909
	5,295	Series 2010-1, Class A3, 1.450%, 05/15/14		5,342
	2,000	Series 2010-1, Class A4, 2.300%, 12/15/14		2,060
	5,595	Series 2010-3, Class A3, 1.110%, 10/15/14		5,606
	8,860	Series 2010-3, Class A4, 1.550%, 08/17/15		8,830
	1,220	American Express Credit Account Master Trust, Series 2008-1, Class A, VAR, 0.703%, 08/15/13		1,221
		AmeriCredit Automobile Receivables Trust,
	1,097	Series 2006-BG, Class A4, 5.210%, 09/06/13		1,114
	1,234	Series 2008-AF, Class A3, 5.680%, 12/12/12		1,251
	990	Series 2009-1, Class A2, 2.260%, 05/15/12		993
	9,705	Series 2009-1, Class A3, 3.040%, 10/15/13		9,893
	2,350	Series 2010-1, Class A2, 0.970%, 01/15/13		2,350
	5,535	Series 2010-1, Class A3, 1.660%, 03/17/14		5,561
	6,600	Series 2010-3, Class A3, 1.140%, 04/08/15		6,594
	4,522	Series 2010-A, Class A2, 1.460%, 11/06/13		4,544
	119	Amortizing Residential Collateral Trust, Series 2002- BC6, Class M1, VAR, 1.378%, 08/25/32		73
	31,881	Arch Bay Asset-Backed Securities, Series 2010-1, Class A, VAR, 5.000%, 01/25/48 (e)		32,359
		Bank of America Auto Trust,
	969	Series 2008-1A, Class A3A, 4.970%, 09/20/12 (e)		982
	9,761	Series 2009-1A, Class A3, 2.670%, 07/15/13 (e)		9,866
	24,552	Series 2009-1A, Class A4, 3.520%, 06/15/16 (e)		25,515
	22,180	Series 2009-2A, Class A3, 2.130%, 09/15/13 (e)		22,368
	21,649	Series 2009-2A, Class A4, 3.030%, 10/15/16 (e)		22,353
	896	Series 2009-3A, Class A2, 0.890%, 04/15/12 (e)		896
	9,110	Series 2009-3A, Class A3, 1.670%, 12/15/13 (e)		9,172
	3,454	Series 2009-3A, Class A4, 2.670%, 12/15/16 (e)		3,560
	7,475	Series 2010-1A, Class A3, 1.390%, 03/15/14 (e)		7,509
	4,120	Series 2010-1A, Class A4, 2.180%, 02/15/17 (e)		4,203
	4,400	Series 2010-2, Class A3, 1.310%, 07/15/14		4,431
	5,100	Series 2010-2, Class A4, 1.940%, 06/15/17		5,182
		Bear Stearns Asset-Backed Securities Trust,
	879	Series 2003-SD2, Class 2A, VAR, 3.203%, 06/25/43		848
	1,038	Series 2006-SD1, Class A, VAR, 0.623%, 04/25/36		713
		Capital Auto Receivables Asset Trust,
	2,166	Series 2007-1, Class A4A, 5.010%, 04/16/12		2,188
	3,671	Series 2007-2, Class A4A, 5.390%, 02/18/14		3,747
	710	Series 2008-1, Class A3A, 3.860%, 08/15/12		717
	11,498	Series 2008-1, Class A4A, 4.460%, 07/15/14		11,936
	124	Capital One Auto Finance Trust, Series 2007-C, Class A3A, 5.130%, 04/16/12		125
		Capital One Multi-Asset Execution Trust,
	2,150	Series 2006-A2, Class A, 4.850%, 11/15/13		2,161
	265	Series 2006-A6, Class A6, 5.300%, 02/18/14		270
		CarMax Auto Owner Trust,
	913	Series 2007-1, Class A4, 5.240%, 06/15/12		924
	1,136	Series 2007-2, Class A4, 5.270%, 11/15/12		1,158
	2,169	Series 2008-1, Class A4A, 4.790%, 02/15/13		2,227
	17,093	Series 2009-1, Class A3, 4.120%, 03/15/13		17,400
	3,940	Series 2010-1, Class A3, 1.560%, 07/15/14		3,967
	6,895	Series 2010-1, Class A4, 2.400%, 04/15/15		7,069

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — Continued
	10,000	Series 2010-2, Class A3, 1.410%, 02/16/15		10,046
	409	Caterpillar Financial Asset Trust, Series 2008-A, Class A3, 4.940%, 04/25/14		412
	4,703	Centex Home Equity, Series 2002-C, Class AF4, SUB, 4.480%, 06/25/31		4,701
		Chrysler Financial Auto Securitization Trust,
	36,191	Series 2009-A, Class A3, 2.820%, 01/15/16		36,758
	5,959	Series 2009-B, Class A2, 1.150%, 11/08/11		5,967
	5,632	Series 2010-A, Class A3, 0.910%, 08/08/13		5,623
	2,500	Citibank Credit Card Issuance Trust, Series 2008-A5, Class A5, 4.850%, 04/22/15		2,718
		CitiFinancial Auto Issuance Trust,
	6,883	Series 2009-1, Class A2, 1.830%, 11/15/12 (e)		6,905
	23,650	Series 2009-1, Class A3, 2.590%, 10/15/13 (e)		24,029
	1,500	Series 2009-1, Class A4, 3.150%, 08/15/16 (e)		1,545
		CNH Equipment Trust,
	103	Series 2008-B, Class A3A, 4.780%, 07/16/12		104
	786	Series 2009-A, Class A3, 5.280%, 11/15/12		799
	449	Series 2009-B, Class A3, 2.970%, 03/15/13		452
	3,980	Series 2009-C, Class A3, 1.850%, 12/16/13		4,013
	13,500	Series 2010-A, Class A3, 1.540%, 07/15/14		13,620
	1,581	Countrywide Asset-Backed Certificates, Series 2004-6, Class M1, VAR, 0.853%, 10/25/34		1,086
	2,062	Credit Suisse Mortgage Capital Certificates, Series 2006-CF1, Class A1, VAR, 0.563%, 11/25/35		1,911
	109	CS First Boston Mortgage Securities Corp., Series 2002- HE4, Class AF, 5.510%, 08/25/32		103
		Daimler Chrysler Auto Trust,
	1,537	Series 2006-D, Class A4, 4.940%, 02/08/12		1,539
	2,427	Series 2007-A, Class A4, 5.280%, 03/08/13		2,488
	8,382	Series 2008-A, Class A4, 4.480%, 08/08/14		8,613
		Discover Card Master Trust,
	9,460	Series 2008-A3, Class A3, 5.100%, 10/15/13		9,618
	1,255	Series 2008-A4, Class A4, 5.650%, 12/15/15		1,393
		Ford Credit Auto Owner Trust,
	42	Series 2006-B, Class A4, 5.250%, 09/15/11		42
	846	Series 2006-C, Class A4A, 5.150%, 02/15/12		855
	1,192	Series 2007-A, Class A4A, 5.470%, 06/15/12		1,215
	736	Series 2007-B, Class A3A, 5.150%, 11/15/11		739
	3,402	Series 2007-B, Class A4A, 5.240%, 07/15/12		3,478
	827	Series 2008-A, Class A3A, 3.960%, 04/15/12		834
	88	Series 2008-B, Class A3A, 4.280%, 05/15/12		89
	23,230	Series 2009-A, Class A4, 6.070%, 05/15/14		25,088
	11,067	Series 2009-B, Class A3, 2.790%, 08/15/13		11,220
	6,600	Series 2009-B, Class A4, 4.500%, 07/15/14		7,029
	4,650	Series 2009-D, Class A3, 2.170%, 10/15/13		4,702
	790	Series 2010-B, Class A3, 0.980%, 10/15/14		791
	5,250	Series 2010-B, Class A4, 1.580%, 09/15/15		5,302
	134	Franklin Auto Trust, Series 2006-1, Class A4, 5.030%, 07/21/14		134
		GE Capital Credit Card Master Note Trust,
	9,285	Series 2009-2, Class A, 3.690%, 07/15/15		9,647
	12,420	Series 2009-3, Class A, 2.540%, 09/15/14		12,573
	7,670	Series 2009-4, Class A, 3.800%, 11/15/17		8,199
		Harley-Davidson Motorcycle Trust,
	695	Series 2006-3, Class A4, 5.220%, 06/15/13		709
	2,136	Series 2007-1, Class A4, 5.210%, 06/17/13		2,183
	14,932	Series 2007-2, Class A4, 5.120%, 08/15/13		15,335
	1,573	Series 2007-3, Class A4, 5.520%, 11/15/13		1,622
	4,253	Series 2009-1, Class A3, 3.190%, 11/15/13		4,313
	7,640	Series 2009-1, Class A4, 4.550%, 01/15/17		8,046
	2,723	Series 2009-3, Class A2, 0.940%, 04/15/12		2,724

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — Continued
	6,555	Series 2009-3, Class A3, 1.740%, 09/15/13		6,603
		Honda Auto Receivables Owner Trust,
	1,064	Series 2007-2, Class A4, 5.570%, 11/21/13		1,071
	635	Series 2008-1, Class A3, 4.470%, 01/18/12		638
	4,030	Series 2008-1, Class A4, 4.880%, 09/18/14		4,127
	4,404	Series 2009-2, Class A3, 2.790%, 01/15/13		4,454
	3,025	Series 2009-3, Class A3, 2.310%, 05/15/13		3,059
	1,430	Series 2009-3, Class A4, 3.300%, 09/15/15		1,487
	6,290	Series 2010-1, Class A3, 1.250%, 10/21/13		6,317
	1,048	Household Automotive Trust, Series 2006-3, Class A4, 5.340%, 09/17/13		1,058
		HSBC Home Equity Loan Trust,
	11,471	Series 2005-2, Class A1, VAR, 0.523%, 01/20/35		10,541
	13,436	Series 2005-2, Class M1, VAR, 0.713%, 01/20/35		12,485
	6,234	Series 2005-2, Class M2, VAR, 0.743%, 01/20/35		5,671
	9,118	Series 2006-1, Class A1, VAR, 0.413%, 01/20/36		8,406
	9,772	Series 2006-2, Class A1, VAR, 0.403%, 03/20/36		9,143
	14,917	Series 2006-3, Class A3F, SUB, 5.630%, 03/20/36		15,852
	9,725	Series 2006-4, Class A3F, SUB, 5.300%, 03/20/36		10,234
	10,020	Series 2007-1, Class A2F, SUB, 5.600%, 03/20/36		10,323
	9,864	Series 2007-2, Class A2F, SUB, 5.690%, 07/20/36		10,181
	9,708	Series 2007-3, Class APT, VAR, 1.453%, 11/20/36		8,905
	32,276	Huntington Auto Trust, Series 2009-1A, Class A3, 3.940%, 06/17/13 (e)		32,779
		Hyundai Auto Receivables Trust,
	686	Series 2006-B, Class A4, 5.150%, 05/15/13		687
	3,474	Series 2008-A, Class A3, 4.930%, 12/17/12		3,546
	7,500	Series 2009-A, Class A3, 2.030%, 08/15/13		7,584
	725	Series 2010-A, Class A3, 1.500%, 10/15/14		732
	4,300	Series 2010-B, Class A3, 0.970%, 04/15/15		4,300
	10,145	Series 2010-B, Class A4, 1.630%, 03/15/17		10,156
		John Deere Owner Trust,
	1,930	Series 2009-A, Class A3, 2.590%, 10/15/13		1,949
	1,576	Series 2009-B, Class A2, 0.850%, 03/15/12		1,577
	4,770	Series 2009-B, Class A3, 1.570%, 10/15/13		4,799
	1,495	Mastr Asset-Backed Securities Trust, Series 2005-HE2, Class A3, VAR, 0.523%, 10/25/35		1,482
	239	MBNA Credit Card Master Note Trust, Series 2002-C1, Class C1, 6.800%, 07/15/14		252
		Mercedes-Benz Auto Receivables Trust,
	9,680	Series 2009-1, Class A3, 1.670%, 01/15/14		9,773
	7,500	Series 2010-1, Class A3, 1.420%, 08/15/14		7,571
	1,323	Mid-State Trust, Series 6, Class A1, 7.340%, 07/01/35		1,373
	32,592	MMCA Automobile Trust, Series 2009-A, Class A3, 3.930%, 03/15/13 (e)		33,227
	1,145	Morgan Stanley ABS Capital I, Series 2003-SD1, Class M1, VAR, 1.753%, 03/25/33		755
	1,185	MSDWCC Heloc Trust, Series 2007-1, Class A, VAR, 0.353%, 12/25/31		892
		Nissan Auto Receivables Owner Trust,
	2,547	Series 2007-B, Class A4, 5.160%, 03/17/14		2,618
	2,272	Series 2008-B, Class A3, 4.460%, 04/16/12		2,294
	2,628	Series 2009-1, Class A3, 5.000%, 09/15/14		2,700
	6,242	Series 2009-A, Class A3, 3.200%, 02/15/13		6,329
	5,670	Series 2010-A, Class A3, 0.870%, 07/15/14		5,659
	1,500	Series 2010-A, Class A4, 1.310%, 09/15/16		1,500
	5,629	Novastar Home Equity Loan, Series 2005-1, Class M1, VAR, 0.703%, 06/25/35		5,585
	51	Residential Asset Securities Corp., Series 2001-KS1, Class AI6, 6.349%, 03/25/32		47
	23	Residential Funding Mortgage Securities II, Inc., Series 2000-HI1, Class AI7, SUB, 8.290%, 02/25/25		23
	4,360	Santander Drive Auto Receivables Trust, Series 2010-3, Class A3, 1.200%, 06/16/14		4,351

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)			SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — Continued
	8,183		Structured Asset Investment Loan Trust, Series 2005-5, Class A9, VAR, 0.523%, 06/25/35		7,578
	7,710		Toyota Auto Receivables Owner Trust, Series 2010-C, Class A3, 0.770%, 04/15/14		7,688
			USAA Auto Owner Trust,
	2,972		Series 2007-1, Class A4, 5.550%, 02/15/13		3,008
	1,827		Series 2008-2, Class A3, 4.640%, 10/15/12		1,846
	3,246		Series 2008-3, Class A3, 4.280%, 10/15/12		3,275
	9,560		Series 2009-2, Class A3, 1.540%, 02/18/14		9,621
	1,570		Series 2009-2, Class A4, 2.530%, 07/15/15		1,620
	698		Volkswagen Auto Loan Enhanced Trust, Series 2008-1, Class A3, 4.500%, 07/20/12		702
			World Omni Auto Receivables Trust,
	4,586		Series 2007-B, Class A4, 5.390%, 05/15/13		4,716
	2,925		Series 2008-A, Class A4, 4.740%, 10/15/13		3,055
	1,603		Series 2008-B, Class A3A, 5.130%, 04/15/13		1,629
	2,000		Series 2008-B, Class A4, 5.580%, 04/15/14		2,115
	4,944		Series 2009-A, Class A3, 3.330%, 05/15/13		5,013
	3,960		Series 2010-A, Class A3, 1.340%, 12/16/13		3,982
	11,865		Series 2010-A, Class A4, 2.210%, 05/15/15		12,146
			Total Asset-Backed Securities (Cost $903,975)		911,824
	Collateralized Mortgage Obligations — 10.5%
	Agency CMO — 5.8%
			Federal Home Loan Mortgage Corp. - Government National Mortgage Association,
	1,566		Series 31, Class Z, 8.000%, 04/25/24		1,841
	209		Series 56, Class Z, 7.500%, 09/20/26		246
			Federal Home Loan Mortgage Corp. REMICS,
	18		Series 2, Class Z, 9.300%, 03/15/19		20
	9		Series 12, Class A, 9.250%, 11/15/19		11
	22		Series 16, Class D, 10.000%, 10/15/19		24
	35		Series 17, Class I, 9.900%, 10/15/19		39
	57		Series 23, Class F, 9.600%, 04/15/20		64
	22		Series 26, Class F, 9.500%, 02/15/20		25
	5		Series 81, Class A, 8.125%, 11/15/20		6
	26		Series 85, Class C, 8.600%, 01/15/21		29
	22		Series 99, Class Z, 9.500%, 01/15/21		25
	4		Series 159, Class H, 4.500%, 09/15/21		3
	6		Series 189, Class D, 6.500%, 10/15/21		6
	—	(h)	Series 1045, Class G, HB, 1,066.209%, 02/15/21		1
	6		Series 1053, Class G, 7.000%, 03/15/21		7
	16		Series 1056, Class KZ, 6.500%, 03/15/21		17
	7		Series 1074, Class H, 8.500%, 05/15/21		9
	23		Series 1082, Class C, 9.000%, 05/15/21		26
	8		Series 1087, Class I, 8.500%, 06/15/21		9
	30		Series 1125, Class Z, 8.250%, 08/15/21		36
	29		Series 1142, Class IA, 7.000%, 10/15/21		33
	4		Series 1169, Class G, 7.000%, 11/15/21		5
	59		Series 1343, Class LA, 8.000%, 08/15/22		69
	13		Series 1424, Class F, VAR, 2.213%, 11/15/22		14
	272		Series 1480, Class LZ, 7.500%, 03/15/23		311
	718		Series 1560, Class Z, 7.000%, 08/15/23		845
	52		Series 1641, Class FA, VAR, 1.262%, 12/15/13		53
	180		Series 1754, Class Z, 8.500%, 09/15/24		204
	391		Series 1779, Class Z, 8.500%, 04/15/25		460
	9		Series 1807, Class G, 9.000%, 10/15/20		10
	1,196		Series 1888, Class Z, 7.000%, 08/15/26		1,406
	1,394		Series 2065, Class PV, 7.000%, 08/17/27		1,398
	1,649		Series 2358, Class PD, 6.000%, 09/15/16		1,731
	2,270		Series 2363, Class PF, 6.000%, 09/15/16		2,451

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
	Agency CMO — Continued
	1,071	Series 2390, Class CH, 5.500%, 12/15/16		1,159
	2,140	Series 2418, Class MF, 6.000%, 02/15/22		2,350
	479	Series 2425, Class JH, 6.000%, 03/15/17		518
	61	Series 2450, Class PE, 6.000%, 07/15/21		61
	1,862	Series 2453, Class BD, 6.000%, 05/15/17		2,011
	1,208	Series 2458, Class OE, 6.000%, 06/15/17		1,309
	860	Series 2496, Class BK, 5.500%, 09/15/17		937
	638	Series 2503, Class TG, 5.500%, 09/15/17		696
	680	Series 2508, Class AQ, 5.500%, 10/15/17		741
	3,013	Series 2513, Class DB, 5.000%, 10/15/17		3,213
	4,878	Series 2517, Class VD, 5.500%, 09/15/20		4,902
	4	Series 2528, Class VA, 5.500%, 12/15/12		4
	3,460	Series 2533, Class PE, 5.500%, 12/15/21		3,571
	57	Series 2534, Class HM, 4.500%, 10/15/16		58
	5,494	Series 2561, Class UE, 5.500%, 06/15/22		5,832
	392	Series 2575, Class KA, 5.000%, 11/15/17		409
	611	Series 2578, Class DA, 4.500%, 09/15/16		614
	191	Series 2579, Class GQ, 4.000%, 01/15/17		192
	582	Series 2583, Class TD, 4.500%, 12/15/13		593
	693	Series 2587, Class WB, 5.000%, 11/15/16		704
	18,414	Series 2600, Class MD, 5.500%, 06/15/32		19,790
	1,394	Series 2617, Class VN, 5.500%, 04/15/14		1,481
	790	Series 2632, Class NE, 4.000%, 06/15/13		794
	5,496	Series 2635, Class MS, IF, IO, 7.497%, 02/15/18		543
	6,900	Series 2638, Class JG, 5.000%, 02/15/33		7,612
	156	Series 2640, Class VM, 4.500%, 12/15/21		159
	3,216	Series 2641, Class KJ, 4.000%, 01/15/18		3,344
	708	Series 2643, Class ME, 3.500%, 03/15/18		734
	1,031	Series 2666, Class OC, 5.500%, 01/15/22		1,091
	308	Series 2685, Class MX, 4.000%, 07/15/16		314
	213	Series 2718, Class TC, 5.000%, 04/15/27		214
	437	Series 2755, Class PA, PO, 02/15/29		432
	4,185	Series 2763, Class PD, 4.500%, 12/15/17		4,369
	136	Series 2763, Class TA, 4.000%, 03/15/11		137
	2,835	Series 2765, Class CA, 4.000%, 07/15/17		2,917
	3,500	Series 2773, Class OB, 5.000%, 02/15/19		3,817
	387	Series 2780, Class YP, 7.500%, 08/15/18		408
	327	Series 2782, Class HE, 4.000%, 09/15/17		336
	200	Series 2786, Class PC, 4.500%, 10/15/16		201
	1,961	Series 2812, Class AB, 4.500%, 10/15/18		2,039
	601	Series 2825, Class VP, 5.500%, 06/15/15		662
	4,000	Series 2836, Class PX, 4.000%, 05/15/18		4,195
	45	Series 2851, Class BD, 4.000%, 02/15/20		45
	6,526	Series 2859, Class SA, IF, IO, 6.997%, 11/15/18		429
	4,573	Series 2864, Class NB, 5.500%, 07/15/33		5,135
	3,302	Series 2875, Class HA, 4.000%, 11/15/18		3,438
	2,077	Series 2924, Class DA, 4.500%, 02/15/19		2,162
	612	Series 2927, Class YN, 4.500%, 10/15/32		650
	987	Series 2956, Class LD, 5.000%, 05/15/18		1,009
	1,050	Series 2962, Class WJ, 5.500%, 06/15/24		1,110
	16,725	Series 2989, Class MU, IF, IO, 6.747%, 07/15/34		2,971
	1,801	Series 2993, Class MN, 5.000%, 06/15/23		1,862
	1,648	Series 2995, Class FT, VAR, 0.503%, 05/15/29		1,646
	678	Series 3001, Class YN, 4.500%, 06/15/33		717
	3,762	Series 3002, Class BN, 5.000%, 07/15/35		4,134
	998	Series 3005, Class PV, IF, 12.330%, 10/15/33		1,098

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
	Agency CMO — Continued
	4,126		Series 3036, Class NB, 5.000%, 01/15/29		4,281
	551		Series 3047, Class OB, 5.500%, 12/15/33		595
	5,173		Series 3153, Class JB, 5.500%, 01/15/28		5,223
	4,500		Series 3197, Class AB, 5.500%, 08/15/13		4,669
	710		Series 3234, Class MA, 4.500%, 03/15/28		714
	1,585		Series 3242, Class NC, 5.750%, 12/15/28		1,624
	2,350		Series 3242, Class PA, 5.750%, 11/15/29		2,428
	2,382		Series 3280, Class MA, 5.500%, 05/15/26		2,411
	10,452		Series 3305, Class IW, IF, IO, 6.197%, 04/15/37		1,399
	5,000		Series 3320, Class TB, 5.500%, 06/15/30		5,129
	699		Series 3329, Class JA, 6.000%, 08/15/28		723
	1,709		Series 3356, Class PA, 6.000%, 11/15/26		1,723
	892		Series 3363, Class A, 5.000%, 07/15/16		922
	64,395		Series 3420, Class EI, IO, SUB, 2.031%, 08/15/37		1,850
	15,404		Series 3429, Class S, IF, IO, 6.567%, 03/15/38		1,919
	40,224		Series 3437, Class DI, IO, 1.559%, 02/15/12		512
	31,591		Series 3523, Class CI, IO, VAR, 2.461%, 02/15/12		546
	6,511		Series 3546, Class A, VAR, 5.974%, 02/15/39		6,940
	4,783		Series 3564, Class JA, 4.000%, 01/15/18		5,081
	8,756		Series 3572, Class JS, IF, IO, 6.547%, 09/15/39		1,373
	19,842		Series 3609, Class SA, IF, IO, 6.087%, 12/15/39		3,980
	1,438		Series R008, Class FK, VAR, 0.653%, 07/15/23		1,441
	52		Federal Home Loan Mortgage Corp. Structured Pass-Through Securities, Series T-20, Class A6, SUB, 7.886%, 09/25/29		57
			Federal National Mortgage Association REMICS,
	19		Series 1988-7, Class Z, 9.250%, 04/25/18		21
	23		Series 1988-13, Class C, 9.300%, 05/25/18		28
	17		Series 1988-15, Class A, 9.000%, 06/25/18		20
	19		Series 1988-16, Class B, 9.500%, 06/25/18		22
	15		Series 1989-2, Class D, 8.800%, 01/25/19		18
	42		Series 1989-27, Class Y, 6.900%, 06/25/19		45
	11		Series 1989-54, Class E, 8.400%, 08/25/19		13
	10		Series 1989-66, Class J, 7.000%, 09/25/19		12
	7		Series 1989-70, Class G, 8.000%, 10/25/19		9
	158		Series 1989-72, Class E, 9.350%, 10/25/19		185
	20		Series 1989-89, Class H, 9.000%, 11/25/19		24
	8		Series 1989-96, Class H, 9.000%, 12/25/19		9
	14		Series 1990-7, Class B, 8.500%, 01/25/20		16
	11		Series 1990-12, Class G, 4.500%, 02/25/20		11
	203		Series 1990-19, Class G, 9.750%, 02/25/20		235
	45		Series 1990-58, Class J, 7.000%, 05/25/20		51
	41		Series 1990-61, Class H, 7.000%, 06/25/20		47
	19		Series 1990-106, Class J, 8.500%, 09/25/20		23
	8		Series 1990-109, Class J, 7.000%, 09/25/20		9
	24		Series 1990-111, Class Z, 8.750%, 09/25/20		27
	10		Series 1990-117, Class E, 8.950%, 10/25/20		12
	13		Series 1990-123, Class G, 7.000%, 10/25/20		15
	12		Series 1990-132, Class Z, 7.000%, 11/25/20		14
	457		Series 1990-137, Class X, 9.000%, 12/25/20		569
	4		Series 1991-53, Class J, 7.000%, 05/25/21		5
	26		Series 1991-130, Class C, 9.000%, 09/25/21		30
	3		Series 1992-96, Class B, PO, 05/25/22		3
	2,470		Series 1992-131, Class KB, 8.000%, 08/25/22		2,989
	2,400		Series 1992-185, Class L, 8.000%, 10/25/22		2,906
	8		Series 1993-165, Class SN, IF, 11.471%, 09/25/23		11
	—	(h)	Series 1993-225, Class MC, PO, 11/25/23		—	(h)

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
	Agency CMO — Continued
	67		Series 1993-235, Class G, PO, 09/25/23		61
	4,462		Series 1994-15, Class ZK, 5.500%, 02/25/24		4,999
	6,376		Series 1994-43, Class PK, 6.350%, 02/25/24		7,279
	—	(h)	Series 1997-46, Class PN, 6.500%, 07/18/12		—	(h)
	5		Series 1997-55, Class B, 7.000%, 02/18/27		6
	8,122		Series 1999-6, Class PB, 6.000%, 03/25/19		8,914
	2,250		Series 1999-42, Class SA, IF, IO, 7.947%, 10/25/28		79
	1,936		Series 2002-2, Class MG, 6.000%, 02/25/17		2,096
	1,048		Series 2002-3, Class OG, 6.000%, 02/25/17		1,131
	1,930		Series 2002-28, Class LD, 6.000%, 05/25/17		2,087
	1,123		Series 2002-58, Class HC, 5.500%, 09/25/17		1,221
	2,239		Series 2002-59, Class UC, 5.500%, 09/25/17		2,439
	715		Series 2002-63, Class KC, 5.000%, 10/25/17		762
	2,226		Series 2003-3, Class PD, 5.000%, 08/25/16		2,261
	8,009		Series 2003-5, Class SE, IF, IO, 7.397%, 08/25/22		687
	2,595		Series 2003-16, Class LJ, 5.000%, 03/25/18		2,802
	231		Series 2003-21, Class M, 5.000%, 02/25/17		236
	13,337		Series 2003-25, Class CS, IF, IO, 7.397%, 03/25/17		425
	3,166		Series 2003-25, Class SC, IF, IO, 7.397%, 03/25/17		66
	2,584		Series 2003-42, Class CI, IO, 6.500%, 05/25/33		508
	3,669		Series 2003-49, Class IO, IO, 6.500%, 06/25/33		722
	7,488		Series 2003-57, Class IB, IO, 5.000%, 06/25/18		458
	7,639		Series 2003-69, Class GI, IO, 5.000%, 12/25/31		587
	5,720		Series 2003-89, Class DC, 5.000%, 12/25/32		6,249
	3,629		Series 2003-92, Class HP, 4.500%, 09/25/18		3,907
	46		Series 2003-108, Class HA, 5.000%, 01/25/27		46
	1,092		Series 2003-120, Class BQ, 4.000%, 09/25/16		1,108
	3,221		Series 2003-129, Class ME, 5.000%, 08/25/23		3,509
	7,366		Series 2004-65, Class EJ, 5.000%, 05/25/23		7,648
	1,357		Series 2004-72, Class F, VAR, 0.753%, 09/25/34		1,369
	386		Series 2004-101, Class AR, 5.500%, 01/25/35		435
	957		Series 2005-1, Class HC, 5.000%, 09/25/28		983
	16,338		Series 2005-19, Class PA, 5.500%, 07/25/34		18,138
	5,016		Series 2005-19, Class SK, IF, IO, 6.497%, 11/25/22		256
	748		Series 2005-27, Class TH, 5.500%, 07/25/31		775
	4,345		Series 2005-30, Class TA, 5.000%, 04/25/22		4,443
	4,994		Series 2005-38, Class FK, VAR, 0.553%, 05/25/35		4,999
	807		Series 2005-40, Class YA, 5.000%, 09/25/20		837
	421		Series 2005-47, Class AN, 5.000%, 12/25/16		425
	472		Series 2005-48, Class OM, 5.000%, 03/25/30		484
	703		Series 2005-68, Class JK, 5.250%, 05/25/35		703
	549		Series 2005-84, Class MB, 5.750%, 10/25/35		623
	1,802		Series 2005-104, Class YA, 5.500%, 10/25/19		1,826
	6,522		Series 2006-22, Class DV, 5.500%, 03/25/17		7,019
	3,999		Series 2006-39, Class WB, 5.500%, 10/25/30		4,208
	11,783		Series 2006-58, Class ST, IF, IO, 6.897%, 07/25/36		2,254
	1,522		Series 2006-102, Class MA, 6.000%, 07/25/27		1,529
	1,441		Series 2007-16, Class FC, VAR, 1.003%, 03/25/37		1,439
	2,947		Series 2007-22, Class SC, IF, IO, 5.827%, 03/25/37		267
	18,848		Series 2007-33, Class MS, IF, IO, 6.337%, 04/25/37		2,847
	3,015		Series 2007-47, Class PA, 5.000%, 02/25/28		3,048
	5,236		Series 2007-54, Class FA, VAR, 0.653%, 06/25/37		5,260
	6,709		Series 2007-76, Class DB, 6.000%, 05/25/33		7,191
	2,488		Series 2007-79, Class MA, 5.500%, 12/25/28		2,543
	20,351		Series 2007-85, Class SH, IF, IO, 6.247%, 09/25/37		2,598
	17,769		Series 2007-95, Class A1, VAR, 0.503%, 08/27/36		17,702

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
	Agency CMO — Continued
	4,353	Series 2007-106, Class A7, VAR, 6.037%, 10/25/37		4,654
	7,280	Series 2008-18, Class SE, IF, IO, 6.017%, 03/25/38		959
	76,349	Series 2008-35, Class EI, IO, VAR, 1.555%, 03/25/12		954
	1,793	Series 2008-72, Class IO, IO, 5.000%, 08/25/28		221
	2,354	Series 2008-77, Class VA, 6.000%, 07/25/19		2,654
	17,963	Series 2008-81, Class KA, 5.000%, 10/25/22		18,904
	32,086	Series 2008-95, Class AI, IO, 5.000%, 12/25/23		3,362
	7,334	Series 2009-29, Class LA, VAR, 5.342%, 05/25/39		6,900
	65,220	Series 2009-70, Class IN, IO, 4.500%, 08/25/19		5,952
	9,543	Series 2009-108, Class VN, 5.000%, 09/25/39		10,533
	90,239	Series 2009-112, Class SW, IF, IO, 5.997%, 01/25/40		9,927
	12,033	Series 2010-9, Class PA, 4.500%, 10/25/39		12,428
	9,223	Series 2010-19, Class VA, 5.000%, 02/25/21		10,153
	19,075	Series 2010-60, Class IO, IO, 4.000%, 06/25/20		1,735
	18,638	Series 2010-64, Class DM, 5.000%, 06/25/40		20,401
	24,359	Series 2010-111, Class AE, 5.500%, 04/25/38		26,495
	18	Series G-11, Class Z, 8.500%, 05/25/21		21
	8	Series G-22, Class ZT, 8.000%, 12/25/16		10
	9	Series G-41, Class PT, 7.500%, 10/25/21		10
	1,251	Series G92-19, Class M, 8.500%, 04/25/22		1,531
	34	Series G92-35, Class E, 7.500%, 07/25/22		40
	1,078	Series G92-35, Class EA, 8.000%, 07/25/22		1,305
	17	Series G92-40, Class ZC, 7.000%, 07/25/22		19
	148	Series G92-44, Class ZQ, 8.000%, 07/25/22		179
	38	Series G92-54, Class ZQ, 7.500%, 09/25/22		44
	5,708	Series G92-64, Class J, 8.000%, 11/25/22		6,909
	2,289	Series G92-66, Class K, 8.000%, 12/25/22		2,770
	2,200	Series G94-6, Class PJ, 8.000%, 05/17/24		2,584
		Federal National Mortgage Association STRIPS,
	1	Series 25, Class 1, 6.000%, 02/01/13		1
	112	Series 108, Class 1, PO, 03/01/20		110
	3	Series 268, Class 2, IO, 9.000%, 02/01/23		1
	4,043	Series 334, Class 9, IO, 6.000%, 03/01/33		728
	2,038	Series 334, Class 13, IO, VAR, 6.000%, 03/01/33		366
	1,814	Series 334, Class 17, IO, VAR, 6.500%, 02/01/33		338
	2,438	Series 334, Class 24, IO, VAR, 5.000%, 02/01/18		228
	14,867	Series 343, Class 21, IO, 4.000%, 09/01/18		1,468
	6,242	Series 345, Class 22, IO, VAR, 4.500%, 05/01/20		637
	2,561	Series 351, Class 28, IO, VAR, 5.000%, 04/01/19		298
	1,738	Series 356, Class 16, IO, VAR, 5.500%, 06/01/35		286
	1,829	Series 359, Class 16, IO, VAR, 5.500%, 10/01/35		307
	2,301	Series 369, Class 19, IO, VAR, 6.000%, 10/01/36		368
	1,314	Series 369, Class 26, IO, VAR, 6.500%, 10/01/36		236
	6,707	Series 386, Class 20, IO, VAR, 6.500%, 08/25/38		958
	9,954	Series 394, Class C3, IO, 6.500%, 09/25/38		1,293
		Federal National Mortgage Association Whole Loan,
	2	Series 1995-W3, Class A, 9.000%, 04/25/25		3
	18,508	Series 2007-W1, Class 1AF1, VAR, 0.513%, 11/25/46		18,354
		Government National Mortgage Association,
	114	Series 1997-12, Class D, 7.500%, 09/20/27		136
	2,224	Series 2004-39, Class IN, IO, 5.500%, 06/20/33		377
	44,398	Series 2006-23, Class S, IF, IO, 6.247%, 01/20/36		4,819
	75,240	Series 2006-26, Class S, IF, IO, 6.247%, 06/20/36		9,079
	40,745	Series 2007-16, Class KU, IF, IO, 6.397%, 04/20/37		5,552
	12,524	Series 2008-75, Class SP, IF, IO, 7.217%, 08/20/38		1,570
	18,421	Series 2009-14, Class KS, IF, IO, 6.047%, 03/20/39		1,733

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
	Agency CMO — Continued
	4,931	Series 2009-14, Class NI, IO, 6.500%, 03/20/39		619
	44,430	Series 2009-14, Class SA, IF, IO, 5.827%, 03/20/39		4,494
	49,646	Series 2009-106, Class XL, IF, IO, 6.497%, 06/20/37		6,349
	5,689	Series 2010-14, Class QP, 6.000%, 12/20/39		6,176
	31,105	NCUA Guaranteed Notes, Series 2010-C1, Class A1, 1.600%, 10/29/20		30,833
	24	Vendee Mortgage Trust, Series 1994-3C, Class 3, 9.784%, 03/15/21		27
				592,114
	Non-Agency CMO — 4.7%
		ABN Amro Mortgage Corp.,
	6,653	Series 2003-7, Class A3, 4.500%, 07/25/18		6,798
	3,121	Series 2003-9, Class A1, 4.500%, 08/25/18		3,198
	829	Series 2003-9, Class A2, 4.500%, 08/25/18		838
	20,000	American General Mortgage Loan Trust, Series 2009-1, Class A4, VAR, 5.750%, 09/25/48 (e)		20,743
		Banc of America Mortgage Securities, Inc.,
	1,872	Series 2004-3, Class 1A23, 4.500%, 04/25/34		1,873
	2,185	Series 2004-4, Class 1A9, 5.000%, 05/25/34		2,229
	7,636	Series 2004-4, Class 4A1, 4.750%, 05/25/19		7,806
	3,454	Series 2004-5, Class 3A5, 4.750%, 06/25/19		3,513
	13,033	Series 2004-5, Class 4A1, 4.750%, 06/25/19		13,318
	2,111	Series 2004-6, Class 1A8, 5.500%, 07/25/34		2,160
	16,646	Series 2005-1, Class 2A1, 5.000%, 02/25/20		16,988
	6,713	Series 2007-1, Class 1A7, 5.750%, 03/25/37		6,784
		BCAP LLC Trust,
	5,283	Series 2006-RR1, Class PA, 5.000%, 11/25/36		5,298
	6,959	Series 2009-RR13, Class 5A1, VAR, 5.750%, 01/26/36 (e)		7,133
	3,561	Series 2010-RR4, Class 4A1, VAR, 0.393%, 01/26/37 (e)		3,489
	9,788	Series 2010-RR4, Class 5A7, VAR, 0.573%, 05/26/37 (e)		9,397
	14,326	Series 2010-RR5, Class 6A1, VAR, 0.363%, 03/26/37 (e)		14,111
	6,866	Series 2010-RR6, Class 23A7, VAR, 0.463%, 06/26/37 (e)		6,849
	32,549	Series 2010-RR9, Class 1A3, VAR, 4.839%, 08/28/37 (e)		33,037
	403	Bear Stearns Adjustable Rate Mortgage Trust, Series 2003-7, Class 3A, VAR, 2.818%, 10/25/33		395
	654	Cendant Mortgage Corp., Series 2004-3, Class A3, VAR, 5.480%, 06/25/34		664
		Chase Mortgage Finance Corp.,
	7,190	Series 2003-S10, Class A1, 4.750%, 11/25/18		7,392
	2,193	Series 2003-S13, Class A2, 5.000%, 11/25/33		2,277
	413	Citicorp Mortgage Securities, Inc., Series 2004-3, Class A8, 5.250%, 05/25/34		413
		Citigroup Mortgage Loan Trust, Inc.,
	2,375	Series 2003-UP3, Class A1, 7.000%, 09/25/33		2,432
	9,566	Series 2004-UST1, Class A6, VAR, 5.081%, 08/25/34		9,892
	10,917	Series 2008-AR4, Class 1A1A, VAR, 5.415%, 11/25/38		11,026
	308	Community Program Loan Trust, Series 1987-A, Class A4, 4.500%, 10/01/18		310
	274	Countrywide Alternative Loan Trust, Series 2003-J3, Class 2A1, 6.250%, 12/25/33		282
		Countrywide Home Loan Mortgage Pass-Through Trust,
	10,929	Series 2003-34, Class A6, 5.250%, 09/25/33		11,193
	3,620	Series 2003-J13, Class 1A5, 5.250%, 11/25/14		3,686
	7,047	Series 2003-J15, Class 3A1, 5.000%, 01/25/19		7,286
	1,654	Series 2004-8, Class 2A1, 4.500%, 06/25/19		1,687
		CS First Boston Mortgage Securities Corp.,
	1,869	Series 2003-17, Class 2A6, 3.500%, 07/25/18		1,906
	5,322	Series 2003-23, Class 8A1, 5.000%, 09/25/18		5,407
	7,176	Series 2004-8, Class 6A1, 4.500%, 12/25/19		7,458
	1,261	Series 2007-5, Class 5A5, VAR, 5.500%, 12/25/14		1,228
	73	First Horizon Alternative Mortgage Securities, Series 2005-FA7, Class 1A5, 5.500%, 10/25/35		73
		First Horizon Asset Securities, Inc.,

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
	Non-Agency CMO — Continued
	8,727	Series 2003-8, Class 2A1, 4.500%, 09/25/18		9,028
	5,779	Series 2004-7, Class 2A1, 4.750%, 12/25/19		5,908
		GMAC Mortgage Corp. Loan Trust,
	7,977	Series 2003-AR1, Class A4, VAR, 3.408%, 10/19/33		7,981
	517	Series 2003-J4, Class 2A1, 4.750%, 09/25/18		533
	8,475	GSR Mortgage Loan Trust, Series 2004-10F, Class 1A6, 4.500%, 08/25/19		8,715
	2,832	Impac Secured Assets CMN Owner Trust, Series 2004-4, Class 2A2, VAR, 0.613%, 02/25/35		1,903
		JP Morgan Mortgage Trust,
	9,702	Series 2004-S2, Class 5A1, 5.500%, 12/25/19		9,970
	11,126	Series 2006-A2, Class 4A1, VAR, 2.930%, 08/25/34		11,113
	13	Kidder Peabody Mortgage Assets Trust, Series A, Class A1, 6.500%, 02/22/17		15
	4,778	MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 3A6, VAR, 2.899%, 11/21/34		4,798
	344	MASTR Alternative Loans Trust, Series 2004-8, Class 6A1, 5.500%, 09/25/19		352
		MASTR Asset Securitization Trust,
	1,974	Series 2002-7, Class 1A1, 5.500%, 11/25/17		2,027
	4,916	Series 2003-2, Class 1A1, 5.000%, 03/25/18		5,031
	3,202	Series 2003-11, Class 10A1, 5.000%, 12/25/18		3,310
	7,196	Series 2004-6, Class 6A1, 4.500%, 07/25/19		7,440
	2,938	Series 2006-1, Class 1A1, 5.750%, 05/25/36		3,005
	1,995	Merrill Lynch Mortgage Investors, Inc., Series 2005-A6, Class 2A2, VAR, 0.533%, 08/25/35		1,750
	7	Merrill Lynch Trust, Series 44, Class G, 9.000%, 08/20/20		7
	612	Morgan Stanley Mortgage Loan Trust, Series 2004-1, Class 1A3, 5.000%, 11/25/18		626
		Nomura Asset Acceptance Corp.,
	1,983	Series 2005-AR1, Class 1A1, VAR, 2.851%, 02/25/35		1,517
	965	Series 2005-AR2, Class 3A1, VAR, 0.503%, 05/25/35		851
	2,622	Series 2005-AR6, Class 4A1, VAR, 0.513%, 12/25/35		1,311
	9	Paine Webber CMO Trust, Series L, Class 4, 8.950%, 07/01/18		11
	11,152	Prime Mortgage Trust, Series 2005-2, Class 1A1, 4.750%, 07/25/20		11,613
		Residential Accredit Loans, Inc.,
	689	Series 2003-QR24, Class A7, 4.000%, 07/25/33		592
	3,627	Series 2003-QS1, Class A6, 4.250%, 01/25/33		3,506
	899	Residential Asset Mortgage Products, Inc., Series 2004-SL1, Class A5, 6.000%, 11/25/31		890
	6,876	Structured Asset Securities Corp., Series 2003-8, Class 1A2, 5.000%, 04/25/18		7,042
	6,886	Thornburg Mortgage Securities Trust, Series 2006-4, Class A2B, VAR, 0.373%, 07/25/36		6,819
	4,800	WaMu Mortgage Pass-Through Certificates, Series 2003-S10, Class A4, 4.500%, 10/25/18		4,994
	550	Washington Mutual MSC Mortgage Pass-Through Certificates, Series 2002-MS3, Class 1A4, 6.500%, 05/25/32		551
		Wells Fargo Mortgage-Backed Securities Trust,
	8,921	Series 2003-10, Class A1, 4.500%, 09/25/18		9,207
	7,484	Series 2003-11, Class 2A1, 4.750%, 10/25/18		7,721
	7,290	Series 2003-12, Class A1, 4.750%, 11/25/18		7,533
	8,398	Series 2003-12, Class A2, 4.500%, 11/25/18		8,603
	763	Series 2003-12, Class A3, 5.000%, 11/25/18		789
	6,849	Series 2003-15, Class 1A1, 4.750%, 12/25/18		7,098
	9,330	Series 2003-16, Class 2A1, 4.500%, 12/25/18		9,566
	5,874	Series 2003-K, Class 1A1, VAR, 4.465%, 11/25/33		5,849
	93	Series 2003-K, Class 1A2, VAR, 4.465%, 11/25/33		97
	13,637	Series 2003-M, Class A1, VAR, 4.680%, 12/25/33		14,058
	7,695	Series 2004-7, Class 2A1, 4.500%, 07/25/19		7,969
	3,102	Series 2004-EE, Class 2A2, VAR, 2.857%, 12/25/34		3,058

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
	Non-Agency CMO — Continued
	4,003	Series 2004-EE, Class 3A2, VAR, 2.979%, 12/25/34		4,031
	8,658	Series 2004-O, Class A1, VAR, 4.859%, 08/25/34		8,857
	14,592	Series 2005-1, Class 1A1, 4.750%, 01/25/20		15,022
	13,669	Series 2005-13, Class A1, 5.000%, 11/25/20		14,195
				487,431
		Total Collateralized Mortgage Obligations (Cost $1,055,732)		1,079,545
	Commercial Mortgage-Backed Securities — 2.5%
		Banc of America Commercial Mortgage, Inc.,
	804	Series 2002-2, Class A2, 4.772%, 07/11/43		813
	5,212	Series 2004-2, Class A3, 4.050%, 11/10/38		5,300
	3,760	Series 2004-5, Class A3, 4.561%, 11/10/41		3,827
		BCRR Trust,
	978	Series 2010-LEAF, Class 1A, 4.230%, 02/22/41 (e)		981
	2,250	Series 2010-LEAF, Class 10A, 4.230%, 02/22/34 (e)		2,257
	14,675	Series 2010-LEAF, Class 13A, 4.230%, 01/22/33 (e)		14,682
	33,746	Series 2010-LEAF, Class 35A, 4.230%, 11/22/33 (e)		34,400
	20,266	Series 2010-LEAF, Class 36A, 4.230%, 03/22/31 (e)		20,824
		Bear Stearns Commercial Mortgage Securities,
	5,504	Series 2002-TOP6, Class A2, 6.460%, 10/15/36		5,741
	2,825	Series 2005-PWR8, Class A4, 4.674%, 06/11/41		2,988
	370	Citigroup Commercial Mortgage Trust, Series 2006-C4, Class A1, VAR, 5.919%, 03/15/49		373
	1,771	Commercial Mortgage Acceptance Corp., Series 1998- C2, Class F, VAR, 5.440%, 09/15/30 (e)		1,812
	1,330	Commercial Mortgage Asset Trust, Series 1999-C1, Class A4, VAR, 6.975%, 01/17/32		1,443
	3,176	Commercial Mortgage Pass-Through Certificates, Series 2005-LP5, Class A2, 4.630%, 05/10/43		3,238
		CS First Boston Mortgage Securities Corp.,
	3,935	Series 2001-CF2, Class A4, 6.505%, 02/15/34		3,937
	761	Series 2002-CKS4, Class A1, 4.485%, 11/15/36		762
	2,593	Series 2005-C6, Class A2FX, VAR, 5.207%, 12/15/40		2,663
	16,647	Defeased Loan Trust, Series 2010-1, Class A, 2.360%, 01/13/14 (e)		17,078
		GMAC Commercial Mortgage Securities, Inc.,
	1,308	Series 2003-C1, Class A1, 3.337%, 05/10/36		1,327
	182	Series 2003-C3, Class A3, 4.646%, 04/10/40		190
	2,000	GS Mortgage Securities Corp. II, Series 2001-GL3A, Class A2, VAR, 6.449%, 08/05/18 (e)		2,060
	220	LB-UBS Commercial Mortgage Trust, Series 2004-C8, Class A2, 4.201%, 12/15/29		222
	502	Merrill Lynch Mortgage Trust, Series 2004-BPC1, Class A2, 4.071%, 10/12/41		502
	18,714	Morgan Stanley, 3.000%, 07/17/56		18,697
		Morgan Stanley Capital I,
	3,557	Series 2003-T11, Class A3, 4.850%, 06/13/41		3,638
	261	Series 2006-T23, Class A1, 5.682%, 08/12/41		263
	26,500	Morgan Stanley Reremic Trust, Series 2010-C30A, Class A3A, 3.250%, 12/17/43 (e)		26,581
	9,955	Series 2010-HQ4B, Class A7A, 0.000%, 04/16/40 (e)		10,671
	2,839	Nomura Asset Securities Corp., Series 1998-D6, Class A1C, 6.690%, 03/15/30		3,018
	4,714	Prudential Commercial Mortgage Trust, Series 2003- PWR1, Class A1, 3.669%, 02/11/36		4,732
		Prudential Mortgage Capital Funding LLC,
	10,000	Series 2001-ROCK, Class B, 6.760%, 05/10/34		10,197
	10,000	Series 2001-ROCK, Class C, 6.936%, 05/10/34		10,146
		TIAA Retail Commercial Trust,
	8,964	Series 2001-C1A, Class H, 5.770%, 06/19/33 (e)		9,704
	14,650	Series 2001-C1A, Class J, 5.770%, 06/19/33 (e)		15,663
	18,325	TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class A3, VAR, 6.049%, 08/15/39		20,187
		Total Commercial Mortgage- Backed Securities (Cost $259,642)		260,917

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — 14.5%
	Consumer Discretionary — 0.4%
	Auto Components — 0.1%
	4,435	Johnson Controls, Inc., 4.875%, 09/15/13		4,804
	Automobiles — 0.0% (g)
		Daimler Finance North America LLC,
	1,000	5.750%, 09/08/11		1,037
	1,000	6.500%, 11/15/13		1,143
				2,180
	Media — 0.2%
	310	Comcast Cable Communications Holdings, Inc., 8.375%, 03/15/13		356
	1,463	Comcast Cable Communications LLC, 7.125%, 06/15/13		1,658
	2,160	Cox Communications, Inc., 5.450%, 12/15/14		2,415
	4,950	NBC Universal, Inc., 2.100%, 04/01/14 (e)		4,989
		Time Warner Cable, Inc.,
	3,990	3.500%, 02/01/15		4,175
	400	6.200%, 07/01/13		448
	875	7.500%, 04/01/14		1,018
	2,000	Viacom, Inc., 4.375%, 09/15/14		2,142
		Walt Disney Co. (The),
	585	4.700%, 12/01/12		630
	1,775	6.375%, 03/01/12		1,897
				19,728
	Multiline Retail — 0.0% (g)
	1,256	Kohl’s Corp., 7.375%, 10/15/11		1,327
		Target Corp.,
	1,190	5.125%, 01/15/13		1,294
	505	6.350%, 01/15/11		509
	1,615	Wal-Mart Stores, Inc., 2.250%, 07/08/15		1,642
				4,772
	Specialty Retail — 0.1%
		Home Depot, Inc.,
	330	5.200%, 03/01/11		334
	2,555	5.250%, 12/16/13		2,825
	2,675	Staples, Inc., 9.750%, 01/15/14		3,282
				6,441
		Total Consumer Discretionary		37,925
	Consumer Staples — 0.6%
	Beverages — 0.3%
	1,840	Bottling Group LLC, 5.000%, 11/15/13		2,048
	5,050	Coca-Cola Co. (The), 3.625%, 03/15/14		5,418
		Coca-Cola Refreshments USA, Inc.,
	980	5.000%, 08/15/13		1,083
	1,773	7.375%, 03/03/14		2,108
	1,585	8.500%, 02/01/12		1,728
	475	Diageo Capital plc, (United Kingdom), 5.200%, 01/30/13		517
	5,035	Diageo Finance B.V., (Netherlands), 5.500%, 04/01/13		5,529
	2,975	PepsiCo, Inc., 3.750%, 03/01/14		3,195
	5,325	SABMiller plc, (United Kingdom), 5.500%, 08/15/13 (e)		5,825
				27,451
	Food & Staples Retailing — 0.1%
	1,250	CVS Caremark Corp., 3.250%, 05/18/15		1,297
	2,295	Kroger Co. (The), 7.500%, 01/15/14		2,696
		Wal-Mart Stores, Inc.,
	695	4.550%, 05/01/13		756
	2,780	7.250%, 06/01/13		3,217
				7,966
	Food Products — 0.2%
	4,100	Bunge Ltd. Finance Corp., 5.875%, 05/15/13		4,412
		Cargill, Inc.,
	1,215	4.375%, 06/01/13 (e)		1,296
	1,385	5.000%, 11/15/13 (e)		1,525
	1,450	5.200%, 01/22/13 (e)		1,563
		General Mills, Inc.,
	2,600	5.250%, 08/15/13		2,882
	1,770	5.650%, 09/10/12		1,914
	600	HJ Heinz Finance Co., 6.625%, 07/15/11		622
	710	Kellogg Co., 4.250%, 03/06/13		758
		Kraft Foods, Inc.,
	1,500	5.250%, 10/01/13		1,652
	1,115	6.000%, 02/11/13		1,231
	2,959	6.250%, 06/01/12		3,179
	2,780	6.750%, 02/19/14		3,221
				24,255
	Household Products — 0.0% (g)
	905	Kimberly-Clark Corp., 5.625%, 02/15/12		958
		Total Consumer Staples		60,630
	Energy — 0.3%
	Oil, Gas & Consumable Fuels — 0.3%
		Anadarko Petroleum Corp.,
	435	5.750%, 06/15/14		467
	2,000	7.625%, 03/15/14		2,259
	1,390	Cenovus Energy, Inc., (Canada), 4.500%, 09/15/14		1,518
	800	Chevron Corp., 3.950%, 03/03/14		867
		ConocoPhillips,
	1,145	4.750%, 02/01/14		1,266
	2,930	9.375%, 02/15/11		2,984
	3,158	ConocoPhillips Australia Funding Co., 5.500%, 04/15/13		3,477
	5,490	Devon Financing Corp. ULC, (Canada), 6.875%, 09/30/11		5,762
	1,975	Marathon Oil Canada Corp., (Canada), 8.375%, 05/01/12		2,163

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
	Oil, Gas & Consumable Fuels — Continued
		Shell International Finance B.V., (Netherlands),
	2,615	1.875%, 03/25/13		2,667
	1,322	3.100%, 06/28/15		1,386
	5,225	4.000%, 03/21/14		5,617
	2,400	Statoil ASA, (Norway), 5.125%, 04/30/14 (e)		2,674
	1,325	XTO Energy, Inc., 4.625%, 06/15/13		1,449
		Total Energy		34,556
	Financials — 9.1%
	Capital Markets — 2.0%
		Bank of New York Mellon Corp. (The),
	1,870	3.100%, 01/15/15		1,953
	6,070	4.300%, 05/15/14		6,604
	3,000	4.500%, 04/01/13		3,235
	5,700	BlackRock, Inc., 3.500%, 12/10/14		5,956
	4,915	Charles Schwab Corp. (The), 4.950%, 06/01/14		5,437
	2,300	Citicorp, 7.250%, 10/15/11		2,400
		Credit Suisse USA, Inc.,
	4,087	5.125%, 01/15/14		4,493
	6,020	6.125%, 11/15/11		6,328
	4,500	6.500%, 01/15/12		4,776
	580	FMR LLC, 4.750%, 03/01/13 (e)		612
		Goldman Sachs Group, Inc. (The),
	2,000	3.625%, 08/01/12		2,074
	8,405	3.700%, 08/01/15		8,586
	2,945	5.000%, 10/01/14		3,175
	4,235	5.150%, 01/15/14		4,590
	950	5.250%, 04/01/13		1,021
	6,015	5.250%, 10/15/13		6,517
	5,335	5.450%, 11/01/12		5,739
	3,000	5.500%, 11/15/14		3,282
	18,840	6.000%, 05/01/14		20,917
		Jefferies Group, Inc.,
	9,275	3.875%, 11/09/15		9,175
	2,050	5.875%, 06/08/14		2,233
		Lehman Brothers Holdings, Inc.,
	2,225	3.950%, 11/10/09 (d)		481
	500	5.750%, 07/18/11 (d)		108
	1,062	6.625%, 01/18/12 (d)		230
		Merrill Lynch & Co., Inc.,
	968	5.000%, 01/15/15		1,009
	4,376	5.450%, 02/05/13		4,606
	4,591	5.450%, 07/15/14		4,887
	13,651	6.150%, 04/25/13		14,641
		Morgan Stanley,
	1,600	4.100%, 01/26/15		1,632
	3,942	4.200%, 11/20/14		4,080
	915	4.750%, 04/01/14		951
	7,400	5.250%, 11/02/12		7,901
	3,000	5.300%, 03/01/13		3,220
	5,805	5.750%, 08/31/12		6,183
	13,150	6.000%, 05/13/14		14,336
	7,790	Nomura Holdings, Inc., (Japan), 5.000%, 03/04/15		8,228
		Northern Trust Corp.,
	1,400	4.625%, 05/01/14		1,535
	2,910	5.300%, 08/29/11		3,017
	2,795	5.500%, 08/15/13		3,121
	5,353	State Street Corp., 4.300%, 05/30/14		5,821
		UBS AG, (Switzerland),
	488	2.250%, 08/12/13		495
	6,670	3.875%, 01/15/15		7,002
				202,587
	Commercial Banks — 2.6%
	1,000	American Express Bank FSB, 5.500%, 04/16/13		1,080
	1,190	ANZ National (International) Ltd., (New Zealand), 2.375%, 12/21/12 (e)		1,211
	2,345	Bank of America Corp., 5.375%, 09/11/12		2,486
		Bank of Nova Scotia, (Canada),
	5,236	1.650%, 10/29/15 (e)		5,147
	5,300	2.250%, 01/22/13		5,434
	2,782	Bank of Tokyo-Mitsubishi UFJ Ltd., (Japan), 2.600%, 01/22/13 (e)		2,858
		Barclays Bank plc, (United Kingdom),
	8,995	2.500%, 01/23/13		9,155
	10,925	2.500%, 09/21/15 (e)		10,733
	4,450	3.900%, 04/07/15		4,647
	2,980	5.200%, 07/10/14		3,258
		BB&T Corp.,
	5,269	3.375%, 09/25/13		5,538
	6,745	3.850%, 07/27/12		7,036
	4,555	4.750%, 10/01/12		4,823
	1,232	6.500%, 08/01/11		1,277
	5,000	BNY Mellon N.A., 4.750%, 12/15/14		5,499
	3,385	Branch Banking & Trust Co., 4.875%, 01/15/13		3,608
	3,000	Canadian Imperial Bank of Commerce, (Canada), 2.600%, 07/02/15 (e)		3,095
	1,290	Comerica, Inc., 3.000%, 09/16/15		1,296
		Credit Suisse, (Switzerland),
	5,225	3.450%, 07/02/12		5,427
	7,820	3.500%, 03/23/15		8,138
	6,514	5.000%, 05/15/13		7,043
	3,600	5.500%, 05/01/14		3,991
		Deutsche Bank AG, (Germany),
	8,290	2.375%, 01/11/13		8,465
	3,890	3.875%, 08/18/14		4,134
	1,445	4.875%, 05/20/13		1,558
	600	5.375%, 10/12/12		646

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
	Commercial Banks — Continued
	6,640	Deutsche Bank Financial LLC, 5.375%, 03/02/15		7,267
	12,209	DnB NOR Boligkreditt, (Norway), 2.100%, 10/14/15 (e)		12,093
	4,000	HSBC Bank USA N.A., 4.625%, 04/01/14		4,240
	1,650	HSBC Holdings plc, (United Kingdom), 5.250%, 12/12/12		1,760
		KeyBank N.A.,
	1,778	5.500%, 09/17/12		1,883
	750	5.700%, 08/15/12		796
	1,290	5.800%, 07/01/14		1,403
	720	KeyCorp, 6.500%, 05/14/13		787
	1,525	M&I Marshall & Ilsley Bank, 5.150%, 02/22/12		1,514
	805	M&T Bank Corp., 5.375%, 05/24/12		851
	1,213	Mellon Funding Corp., 6.400%, 05/14/11		1,244
	5,070	National Australia Bank Ltd., (Australia), 2.500%, 01/08/13 (e)		5,200
	800	National City Corp., 4.900%, 01/15/15		874
	2,500	Nordea Bank AB, (Sweden), 1.750%, 10/04/13 (e)		2,505
	6,665	PNC Funding Corp., 3.625%, 02/08/15		6,941
	10,000	Rabobank Nederland N.V., (Netherlands), 3.200%, 03/11/15 (e)		10,359
	5,543	SouthTrust Corp., 5.800%, 06/15/14		6,069
		SunTrust Banks, Inc.,
	3,272	5.250%, 11/05/12		3,447
	1,000	6.375%, 04/01/11		1,018
	6,100	Toronto-Dominion Bank (The), (Canada), 2.200%, 07/29/15 (e)		6,178
		U.S. Bancorp,
	5,938	2.875%, 11/20/14		6,161
	1,595	4.200%, 05/15/14		1,728
		U.S. Bank N.A.,
	4,020	4.950%, 10/30/14		4,475
	6,202	6.300%, 02/04/14		7,030
	5,400	Union Planters Corp., 4.375%, 12/01/10		5,400
	10,378	Wachovia Bank N.A., 4.800%, 11/01/14		11,164
		Wachovia Corp.,
	630	4.875%, 02/15/14		672
	3,000	5.250%, 08/01/14		3,228
	2,315	5.500%, 05/01/13		2,534
		Wells Fargo & Co.,
	9,420	3.750%, 10/01/14		9,943
	6,780	4.375%, 01/31/13		7,210
	5,770	4.625%, 04/15/14		6,123
	2,240	6.375%, 08/01/11		2,322
		Westpac Banking Corp., (Australia),
	6,973	2.250%, 11/19/12		7,147
	3,560	4.200%, 02/27/15		3,809
				272,958
	Consumer Finance — 1.0%
	6,262	American Express Co., 7.250%, 05/20/14		7,207
		American Express Credit Corp.,
	4,964	5.875%, 05/02/13		5,415
	9,565	7.300%, 08/20/13		10,828
		American Honda Finance Corp.,
	5,730	2.375%, 03/18/13 (e)		5,850
	5,940	4.625%, 04/02/13 (e)		6,366
	1,000	5.125%, 12/15/10 (e)		1,001
		Boeing Capital Corp.,
	1,192	5.800%, 01/15/13		1,310
	3,200	6.500%, 02/15/12		3,418
	2,000	Capital One Bank USA N.A.,
		5.125%, 02/15/14		2,161
		Capital One Financial Corp.,
	500	5.500%, 06/01/15		551
	2,260	7.375%, 05/23/14		2,609
	1,490	FIA Card Services N.A., 7.125%, 11/15/12		1,612
		HSBC Finance Corp.,
	7,250	4.750%, 07/15/13		7,675
	547	5.250%, 01/14/11		550
	1,625	5.250%, 04/15/15 (c)		1,763
	3,500	5.900%, 06/19/12		3,710
	9,601	6.375%, 10/15/11		10,035
	3,470	6.375%, 11/27/12		3,774
	2,830	7.000%, 05/15/12		3,042
		John Deere Capital Corp.,
	1,335	2.950%, 03/09/15		1,401
	2,450	4.500%, 04/03/13		2,639
	325	4.950%, 12/17/12		351
	2,327	5.100%, 01/15/13		2,527
	6,770	5.250%, 10/01/12		7,325
	2,044	5.650%, 07/25/11		2,113
		MBNA Corp.,
	1,860	6.125%, 03/01/13		1,998
	500	7.500%, 03/15/12		534
	2,737	Toyota Motor Credit Corp., 3.200%, 06/17/15		2,911
	993	Volkswagen International Finance N.V., (Netherlands), 1.625%, 08/12/13 (e)		997
	2,000	Washington Mutual Finance Corp., 6.875%, 05/15/11		2,051
				103,724
	Diversified Financial Services — 2.3%
	3,000	BA Covered Bond Issuer, 5.500%, 06/14/12 (e)		3,148
		Bank of America Corp.,
	6,005	4.900%, 05/01/13		6,322
	975	5.125%, 11/15/14		1,031

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
	Diversified Financial Services — Continued
	388	7.125%, 10/15/11		408
	14,040	7.375%, 05/15/14		15,688
		BP Capital Markets plc, (United Kingdom),
	1,190	3.125%, 03/10/12		1,217
	1,870	3.625%, 05/08/14		1,942
	2,000	3.875%, 03/10/15		2,082
	3,015	5.250%, 11/07/13		3,278
		Caterpillar Financial Services Corp.,
	6,687	4.850%, 12/07/12		7,204
	1,665	4.900%, 08/15/13		1,830
	600	5.750%, 02/15/12		635
	1,270	6.125%, 02/17/14		1,456
	1,880	6.200%, 09/30/13		2,137
		Citigroup, Inc.,
	3,450	5.500%, 08/27/12		3,675
	10,820	5.500%, 04/11/13		11,598
	6,000	5.850%, 07/02/13		6,499
	17,630	6.000%, 12/13/13		19,283
	1,385	6.010%, 01/15/15		1,511
	6,445	6.375%, 08/12/14		7,139
	4,428	6.500%, 08/19/13		4,884
		CME Group, Inc.,
	9,813	5.400%, 08/01/13		10,890
	1,070	5.750%, 02/15/14		1,205
	1,000	Diageo Investment Corp., 9.000%, 08/15/11		1,058
	3,710	ERAC USA Finance LLC, 2.750%, 07/01/13 (e)		3,793
		General Electric Capital Corp.,
	10,055	3.500%, 06/29/15		10,395
	5,000	3.750%, 11/14/14		5,263
	5,000	4.750%, 09/15/14		5,414
	2,736	4.875%, 03/04/15		2,968
	10,500	5.250%, 10/19/12		11,266
	13,757	5.450%, 01/15/13		14,866
	11,926	5.500%, 06/04/14		13,263
	3,225	5.650%, 06/09/14		3,583
	14,910	5.875%, 02/15/12		15,739
	14,402	5.900%, 05/13/14		16,076
	7,815	6.000%, 06/15/12		8,379
	4,365	NASDAQ OMX Group, Inc. (The), 4.000%, 01/15/15		4,519
	885	National Rural Utilities Cooperative Finance Corp., 2.625%, 09/16/12		912
				232,556
	FDIC Guaranteed Securities (~) — 0.1%
		General Electric Capital Corp.,
	2,500	2.625%, 12/28/12		2,604
	3,530	3.000%, 12/09/11		3,623
	3,150	Morgan Stanley, 3.250%, 12/01/11		3,237
	2,220	Wells Fargo & Co., 3.000%, 12/09/11		2,278
				11,742
	Insurance — 0.9%
	5,000	ACE INA Holdings, Inc., 5.600%, 05/15/15		5,600
	1,420	Allstate Corp. (The), 5.000%, 08/15/14		1,570
	8,290	Allstate Life Global Funding Trusts, 5.375%, 04/30/13		9,084
	920	AON Corp., 3.500%, 09/30/15		933
		Berkshire Hathaway Finance Corp.,
	6,615	4.000%, 04/15/12		6,907
	2,495	5.000%, 08/15/13		2,749
	4,435	CNA Financial Corp., 5.850%, 12/15/14		4,755
		Jackson National Life Global Funding,
	1,000	5.125%, 02/10/11 (e)		1,008
	5,938	5.375%, 05/08/13 (e)		6,407
		MassMutual Global Funding II,
	1,084	2.300%, 09/28/15 (e)		1,084
	3,445	3.625%, 07/16/12 (e)		3,580
		Metropolitan Life Global Funding I,
	3,463	2.500%, 01/11/13 (e)		3,548
	836	2.500%, 09/29/15 (e)		831
	11,835	2.875%, 09/17/12 (e)		12,163
	2,645	5.125%, 04/10/13 (e)		2,864
	1,200	5.200%, 09/18/13 (e)		1,312
	1,000	Monumental Global Funding II, 5.650%, 07/14/11 (e)		1,020
	2,000	Monumental Global Funding Ltd., (Cayman Islands), 5.500%, 04/22/13 (e)		2,160
		New York Life Global Funding,
	2,730	3.000%, 05/04/15 (e)		2,848
	2,400	4.650%, 05/09/13 (e)		2,585
	285	5.250%, 10/16/12 (e)		307
	1,400	Pacific Life Global Funding, 5.150%, 04/15/13 (e)		1,505
		Pricoa Global Funding I,
	500	4.625%, 06/25/12 (e)		526
	1,125	5.400%, 10/18/12 (e)		1,200
	3,450	5.450%, 06/11/14 (e)		3,841
	1,000	5.625%, 05/24/11 (e)		1,023
	609	Principal Life Global Funding I, 6.250%, 02/15/12 (e)		638
		Principal Life Income Funding Trusts,
	1,060	5.150%, 06/17/11		1,080
	1,110	5.300%, 12/14/12		1,201
	4,125	5.300%, 04/24/13		4,493
	550	Travelers Property Casualty Corp., 5.000%, 03/15/13		598
				89,420

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
	Real Estate Investment Trusts (REITs) — 0.0% (g)
		Simon Property Group LP,
	673	4.200%, 02/01/15		718
	1,470	5.375%, 06/01/11		1,489
	1,125	6.750%, 05/15/14		1,289
				3,496
	Thrifts & Mortgage Finance — 0.2%
	2,150	Countrywide Financial Corp., 5.800%, 06/07/12		2,260
	1,100	Golden West Financial Corp., 4.750%, 10/01/12		1,169
	15,324	Stadshypotek AB, (Sweden), 1.450%, 09/30/13 (e)		15,390
				18,819
		Total Financials		935,302
	Health Care — 0.2%
	Health Care Equipment & Supplies — 0.1%
		Baxter International, Inc.,
	1,650	1.800%, 03/15/13		1,682
	255	4.000%, 03/01/14		276
	1,925	Medtronic, Inc., 3.000%, 03/15/15		2,018
				3,976
	Health Care Providers & Services — 0.0% (g)
	820	Medco Health Solutions, Inc., 2.750%, 09/15/15		830
	550	WellPoint Health Networks, Inc., 6.375%, 01/15/12		580
	215	WellPoint, Inc., 6.000%, 02/15/14		242
				1,652
	Pharmaceuticals — 0.1%
	2,635	Abbott Laboratories, 2.700%, 05/27/15		2,745
	850	Eli Lilly & Co., 3.550%, 03/06/12		879
	2,000	GlaxoSmithKline Capital, Inc., 4.850%, 05/15/13		2,186
	2,525	Merck & Co., Inc., 4.750%, 03/01/15		2,843
	2,793	Wyeth, 5.500%, 02/01/14		3,152
				11,805
		Total Health Care		17,433
	Industrials — 0.6%
	Aerospace & Defense — 0.1%
	2,335	BAE Systems Holdings, Inc., 5.200%, 08/15/15 (e)		2,548
		Boeing Co. (The),
	1,000	3.500%, 02/15/15		1,070
	2,135	5.000%, 03/15/14		2,383
	2,190	5.125%, 02/15/13		2,384
	2,460	General Dynamics Corp., 5.250%, 02/01/14		2,758
	1,000	Northrop Grumman Corp., 3.700%, 08/01/14		1,070
	612	United Technologies Corp., 6.100%, 05/15/12		660
				12,873
	Air Freight & Logistics — 0.0% (g)
	2,540	United Parcel Service, Inc., 4.500%, 01/15/13		2,731
	Commercial Services & Supplies — 0.0% (g)
	2,375	Pitney Bowes, Inc., 4.875%, 08/15/14		2,546
	1,100	Waste Management, Inc., 6.375%, 11/15/12		1,206
				3,752
	Industrial Conglomerates — 0.1%
	3,767	General Electric Co., 5.000%, 02/01/13		4,051
		Honeywell International, Inc.,
	1,115	3.875%, 02/15/14		1,205
	1,285	4.250%, 03/01/13		1,383
	1,705	5.625%, 08/01/12		1,839
				8,478
	Machinery — 0.1%
	745	Caterpillar, Inc., 7.000%, 12/15/13		872
	1,475	Deere & Co., 6.950%, 04/25/14		1,741
		PACCAR, Inc.,
	100	6.375%, 02/15/12		106
	1,150	6.875%, 02/15/14		1,335
				4,054
	Road & Rail — 0.3%
		Burlington Northern Santa Fe LLC,
	5,596	5.900%, 07/01/12		6,011
	3,170	6.750%, 07/15/11		3,294
	2,000	7.000%, 02/01/14		2,327
		Canadian National Railway Co., (Canada),
	4,485	4.400%, 03/15/13		4,823
	605	4.950%, 01/15/14		669
	539	6.375%, 10/15/11		565
		CSX Corp.,
	3,330	6.300%, 03/15/12		3,553
	1,100	9.780%, 02/14/11		1,113
	2,075	Norfolk Southern Corp., 6.750%, 02/15/11		2,098
	1,000	Ryder System, Inc., 3.600%, 03/01/16		1,014
		Union Pacific Corp.,
	1,433	5.125%, 02/15/14		1,578
	4,235	5.450%, 01/31/13		4,600
				31,645
		Total Industrials		63,533
	Information Technology — 0.6%
	Communications Equipment — 0.0% (g)
		Cisco Systems, Inc.,
	1,230	2.900%, 11/17/14		1,294
	900	5.250%, 02/22/11		910
				2,204

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
	Computers & Peripherals — 0.2%
		Dell, Inc.,
	3,378	2.300%, 09/10/15		3,331
	790	3.375%, 06/15/12		819
	2,310	4.700%, 04/15/13		2,498
	745	5.625%, 04/15/14		832
		Hewlett-Packard Co.,
	490	2.950%, 08/15/12		508
	350	4.500%, 03/01/13		377
	2,500	4.750%, 06/02/14		2,772
	6,905	6.125%, 03/01/14		7,888
	950	6.500%, 07/01/12		1,034
		International Business Machines Corp.,
	1,655	2.100%, 05/06/13		1,705
	2,330	4.750%, 11/29/12		2,517
	1,250	6.500%, 10/15/13		1,439
	650	7.500%, 06/15/13		756
				26,476
	Electronic Equipment, Instruments & Components — 0.1%
		Arrow Electronics, Inc.,
	805	3.375%, 11/01/15		793
	7,416	6.875%, 07/01/13		8,213
				9,006
	IT Services — 0.1%
	7,130	Electronic Data Systems LLC, 6.000%, 08/01/13		8,035
	Office Electronics — 0.1%
		Xerox Corp.,
	2,655	5.500%, 05/15/12		2,806
	766	5.650%, 05/15/13		833
	1,000	6.875%, 08/15/11		1,040
	2,505	8.250%, 05/15/14		2,982
				7,661
	Software — 0.1%
	2,691	Intuit, Inc., 5.400%, 03/15/12		2,831
	3,155	Microsoft Corp., 2.950%, 06/01/14		3,320
		Oracle Corp.,
	4,025	3.750%, 07/08/14		4,351
	3,535	4.950%, 04/15/13		3,876
				14,378
		Total Information Technology		67,760
	Materials — 0.4%
	Chemicals — 0.3%
	845	Air Products & Chemicals, Inc., 4.150%, 02/01/13		892
	835	Dow Chemical Co. (The), 4.850%, 08/15/12		885
		EI du Pont de Nemours & Co.,
	3,225	3.250%, 01/15/15		3,415
	1,708	5.000%, 01/15/13		1,853
	2,856	EI Du Pont de Nemours & Co., 1.950%, 01/15/16		2,828
		Potash Corp. of Saskatchewan, Inc., (Canada),
	1,318	3.750%, 09/30/15		1,385
	3,025	7.750%, 05/31/11		3,130
	5,994	PPG Industries, Inc., 5.750%, 03/15/13		6,546
		Praxair, Inc.,
	3,045	1.750%, 11/15/12		3,102
	2,240	2.125%, 06/14/13		2,299
	1,920	3.950%, 06/01/13		2,052
	830	4.625%, 03/30/15		921
				29,308
	Metals & Mining — 0.1%
		BHP Billiton Finance USA Ltd., (Australia),
	695	4.800%, 04/15/13		754
	2,443	5.125%, 03/29/12		2,574
	950	6.750%, 11/01/13		1,087
	650	Nucor Corp., 5.000%, 06/01/13		707
		Rio Tinto Finance USA Ltd., (Australia),
	1,160	1.875%, 11/02/15		1,134
	5,325	8.950%, 05/01/14		6,517
				12,773
		Total Materials		42,081
	Telecommunication Services — 1.2%
	Diversified Telecommunication Services — 0.9%
	3,635	AT&T Corp., 7.300%, 11/15/11		3,861
		AT&T, Inc.,
	11,875	4.950%, 01/15/13		12,789
	1,875	5.875%, 02/01/12		1,983
	16,135	6.700%, 11/15/13		18,546
	2,615	BellSouth Corp., 5.200%, 09/15/14		2,907
		British Telecommunications plc, (United Kingdom),
	4,050	5.150%, 01/15/13		4,322
	5,430	9.375%, 12/15/10		5,448
		Deutsche Telekom International Finance B.V., (Netherlands),
	3,380	4.875%, 07/08/14		3,695
	2,000	5.375%, 03/23/11		2,029
	550	5.875%, 08/20/13		612
	6,510	France Telecom S.A., (France), 4.375%, 07/08/14		7,076
		Telecom Italia Capital S.A., (Luxembourg),
	1,700	4.950%, 09/30/14		1,777
	1,450	6.175%, 06/18/14		1,570
		Telefonica Emisiones S.A.U., (Spain),
	1,280	4.949%, 01/15/15		1,360
	2,110	5.855%, 02/04/13		2,265
		Verizon Communications, Inc.,
	14,065	4.350%, 02/15/13		15,087
	771	5.250%, 04/15/13		845

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
	Diversified Telecommunication Services — Continued
	2,335	Verizon Florida LLC, 6.125%, 01/15/13		2,562
	1,982	Verizon Global Funding Corp., 4.375%, 06/01/13		2,139
	735	Verizon Maryland, Inc., 6.125%, 03/01/12		779
	3,102	Verizon New Jersey, Inc., 5.875%, 01/17/12		3,265
				94,917
	Wireless Telecommunication Services — 0.3%
	15,094	Cellco Partnership/Verizon Wireless Capital LLC, 5.550%, 02/01/14		16,844
		New Cingular Wireless Services, Inc.,
	3,080	7.875%, 03/01/11		3,136
	4,511	8.125%, 05/01/12		4,960
		Vodafone Group plc, (United Kingdom),
	2,000	4.150%, 06/10/14		2,134
	425	VAR, 0.632%, 06/15/11		425
				27,499
		Total Telecommunication Services		122,416
	Utilities — 1.1%
	Electric Utilities — 0.7%
	490	Alabama Power Co., 4.850%, 12/15/12		528
		CenterPoint Energy Houston Electric LLC,
	700	5.700%, 03/15/13		771
	610	5.750%, 01/15/14		684
	1,805	7.000%, 03/01/14		2,102
	1,471	Duke Energy Carolinas LLC, 5.750%, 11/15/13		1,664
		Duke Energy Corp.,
	1,565	3.350%, 04/01/15		1,645
	1,095	3.950%, 09/15/14		1,170
	5,085	5.650%, 06/15/13		5,627
	1,478	6.300%, 02/01/14		1,673
	537	Duke Energy Ohio, Inc., 2.100%, 06/15/13		550
	1,000	Exelon Corp., 4.900%, 06/15/15		1,087
	1,539	Exelon Generation Co. LLC, 5.350%, 01/15/14		1,695
	2,500	FirstEnergy Corp., 6.450%, 11/15/11		2,615
		FPL Group Capital, Inc.,
	1,239	5.350%, 06/15/13		1,354
	2,000	5.625%, 09/01/11		2,072
	4,803	Georgia Power Co., 6.000%, 11/01/13		5,453
	225	MidAmerican Energy Co., 5.125%, 01/15/13		244
		Midamerican Energy Holdings Co.,
	1,025	3.150%, 07/15/12		1,059
	1,567	5.875%, 10/01/12		1,700
	2,400	Midamerican Funding LLC, 6.750%, 03/01/11		2,437
	2,010	Nisource Finance Corp., 6.150%, 03/01/13		2,209
	1,060	Northern States Power Co., 8.000%, 08/28/12		1,186
	2,210	Ohio Power Co., 5.750%, 09/01/13		2,439
	1,650	Oncor Electric Delivery Co. LLC, 6.375%, 01/15/15		1,905
		PacifiCorp,
	750	4.950%, 08/15/14		835
	3,565	6.900%, 11/15/11		3,779
	716	Peco Energy Co., 5.000%, 10/01/14		799
	1,837	PPL Electric Utilities Corp., 7.125%, 11/30/13		2,141
		Progress Energy, Inc.,
	295	6.050%, 03/15/14		332
	557	7.100%, 03/01/11		566
	1,683	PSEG Power LLC, 2.500%, 04/15/13		1,728
		Public Service Electric & Gas Co.,
	400	2.700%, 05/01/15		413
	1,200	5.000%, 08/15/14		1,336
	745	Southern California Edison Co., 4.150%, 09/15/14		813
	2,952	Southern Co., 4.150%, 05/15/14		3,163
		Spectra Energy Capital LLC,
	4,155	5.668%, 08/15/14		4,639
	669	6.250%, 02/15/13		730
		Virginia Electric and Power Co.,
	1,000	4.750%, 03/01/13		1,076
	4,460	5.100%, 11/30/12		4,819
				71,038
	Gas Utilities — 0.3%
	810	AGL Capital Corp., 4.450%, 04/15/13		858
		Atmos Energy Corp.,
	1,748	4.950%, 10/15/14		1,911
	6,915	7.375%, 05/15/11		7,113
		CenterPoint Energy Resources Corp.,
	1,000	5.950%, 01/15/14		1,104
	1,600	7.750%, 02/15/11		1,622
	1,455	7.875%, 04/01/13		1,659
	2,000	Consolidated Natural Gas Co., 5.000%, 03/01/14		2,187
	668	Southern California Gas Co., 5.500%, 03/15/14		750
	10,025	TransCanada PipeLines Ltd., (Canada), 4.000%, 06/15/13		10,725
				27,929

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)			SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
	Multi-Utilities — 0.1%
			Dominion Resources, Inc.,
	425		4.750%, 12/15/10		425
	1,610		5.700%, 09/17/12		1,742
	1,515		PG&E Corp., 5.750%, 04/01/14		1,686
			Sempra Energy,
	1,210		6.000%, 02/01/13		1,324
	6,010		8.900%, 11/15/13		7,144
	1,815		Wisconsin Electric Power Co., 6.000%, 04/01/14		2,075
					14,396
			Total Utilities		113,363
			Total Corporate Bonds (Cost $1,452,574)		1,494,999
	Foreign Government Securities — 0.2%
	247		Province of Manitoba, (Canada), 2.125%, 04/22/13		255
			Province of Ontario, (Canada),
	8,655		2.700%, 06/16/15		8,980
	6,530		2.950%, 02/05/15		6,862
	1,250		4.100%, 06/16/14		1,366
	3,420		United Mexican States, (Mexico), 6.375%, 01/16/13		3,770
			Total Foreign Government Securities (Cost $20,289)		21,233
	Mortgage Pass-Through Securities — 8.6%
			Federal Home Loan Mortgage Corp.,
	121		ARM, 2.428%, 01/01/27		126
	409		ARM, 2.560%, 03/01/35		427
	153		ARM, 2.575%, 12/01/27		160
	10		ARM, 3.762%, 12/01/17		10
	8,895		ARM, 4.174%, 03/01/36		9,325
	6,232		ARM, 4.733%, 10/01/35		6,572
	6,670		ARM, 5.039%, 03/01/35		7,038
	4,729		ARM, 5.563%, 01/01/38		5,013
	851		ARM, 5.570%, 07/01/36		896
	369		ARM, 5.585%, 04/01/37		391
	5,219		ARM, 5.647%, 03/01/36		5,481
	5,004		ARM, 5.652%, 04/01/38		5,308
	592		ARM, 5.698%, 08/01/37		628
	1,899		ARM, 5.717%, 03/01/37		2,015
	15,837		ARM, 5.742%, 06/01/37		16,822
	7,841		ARM, 5.768%, 06/01/37		8,330
	3,814		ARM, 5.792%, 05/01/37		4,068
	2,492		ARM, 5.816%, 11/01/36		2,646
	2,987		ARM, 5.856%, 08/01/37		3,178
	1,113		ARM, 5.905%, 08/01/36		1,191
	4,282		ARM, 5.907%, 12/01/36		4,556
	2,356		ARM, 5.934%, 02/01/37		2,501
	3,049		ARM, 5.961%, 08/01/36		3,216
	1,459		ARM, 6.009%, 10/01/37		1,553
	2,104		ARM, 6.040%, 03/01/37		2,243
	6		ARM, 6.067%, 01/01/27		6
	3,076		ARM, 6.082%, 03/01/37		3,278
	782		ARM, 6.103%, 06/01/36		822
	2,584		ARM, 6.191%, 04/01/37		2,755
	6,223		ARM, 6.222%, 10/01/36		6,587
	1,834		ARM, 6.223%, 12/01/36		1,947
	3,248		ARM, 6.410%, 12/01/36		3,491
	1,319		ARM, 6.414%, 02/01/37		1,416
	4,280		ARM, 6.423%, 01/01/37		4,560
	2,189		ARM, 6.433%, 08/01/36		2,319
	1,397		ARM, 6.481%, 11/01/37		1,508
	1,059		ARM, 6.648%, 08/01/37		1,131
			Federal Home Loan Mortgage Corp. Gold Pools, 15 Year, Single Family,
	6,972		4.000%, 07/01/18 - 07/01/19		7,315
	3,159		4.500%, 04/01/16 - 10/01/18		3,354
	19,188		5.000%, 03/01/18 - 04/01/19		20,570
	30,816		5.500%, 11/01/12 - 10/01/23		33,510
	34,341		6.000%, 06/01/11 - 12/01/23		37,574
	3,232		6.500%, 02/01/11 - 01/01/17		3,530
	38		7.000%, 01/01/12 - 03/01/15		40
	4		7.500%, 05/01/11 - 11/01/11		4
	1		8.000%, 12/01/10 - 01/01/12		1
			Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family,
	3,844		6.000%, 01/01/19 - 10/01/24		4,257
	11,640		6.500%, 08/01/18 - 03/01/26		12,920
	52		7.000%, 03/01/14		56
	285		7.500%, 10/01/16 - 07/01/18		316
			Federal Home Loan Mortgage
			Corp. Gold Pools, 30 Year,
			Single Family,
	1,425		6.000%, 09/01/17 - 07/01/32		1,562
	–	(h)	6.500%, 07/01/13		1
	2,887		7.000%, 08/01/38		3,268
			Federal Home Loan Mortgage
			Corp. Gold Pools, FHA/VA,
	22,429		7.500%, 12/01/36		25,839
	8,403		10.000%, 10/01/30		10,016
			Federal Home Loan Mortgage
			Corp., 30 Year, Single Family,
	68		8.000%, 04/01/17 - 05/01/19		76
	13		8.250%, 08/01/17		13
			Federal National Mortgage Association,
	344		ARM, 2.041%, 01/01/35		357
	61		ARM, 2.114%, 03/01/19		63
	22		ARM, 2.469%, 05/01/25		23
	1		ARM, 2.470%, 10/01/27		1
	24		ARM, 2.537%, 06/01/27		26
	1,901		ARM, 2.779%, 09/01/34		1,989
	11		ARM, 2.848%, 10/01/25		12
	1,093		ARM, 2.952%, 12/01/35		1,148
	42		ARM, 3.029%, 07/01/27		43
	32		ARM, 3.043%, 01/01/19		32
	4,902		ARM, 3.255%, 03/01/36		5,149
	5,654		ARM, 3.494%, 10/01/35		5,933
	31		ARM, 3.750%, 11/01/16		32
	9,935		ARM, 3.895%, 03/01/36		10,447
	8,432		ARM, 4.078%, 03/01/36		8,868

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Mortgage Pass-Through Securities — Continued
	11	ARM, 4.174%, 08/01/19		11
	18	ARM, 4.625%, 08/01/17		19
	428	ARM, 5.235%, 04/01/36		452
	743	ARM, 5.257%, 01/01/37		785
	383	ARM, 5.417%, 12/01/36		405
	5,161	ARM, 5.433%, 11/01/37		5,478
	1,136	ARM, 5.472%, 07/01/36		1,195
	2,963	ARM, 5.541%, 08/01/36		3,124
	257	ARM, 5.584%, 06/01/36		275
	171	ARM, 5.678%, 07/01/37		182
	9,809	ARM, 5.696%, 01/01/23		10,526
	1,761	ARM, 5.705%, 03/01/47		1,891
	989	ARM, 5.716%, 10/01/36		1,046
	1,503	ARM, 5.720%, 04/01/37		1,589
	3,564	ARM, 5.722%, 12/01/37		3,792
	109	ARM, 5.758%, 08/01/37		116
	3,105	ARM, 5.773%, 11/01/37		3,305
	3,740	ARM, 5.785%, 11/01/37		3,976
	1,939	ARM, 5.842%, 04/01/37		2,067
	881	ARM, 5.882%, 07/01/37		940
	903	ARM, 5.892%, 12/01/36		958
	724	ARM, 5.893%, 08/01/36		764
	3,559	ARM, 5.898%, 04/01/38		3,790
	2,583	ARM, 5.915%, 08/01/36		2,729
	119	ARM, 5.940%, 08/01/36		128
	4,400	ARM, 5.969%, 03/01/37		4,671
	2,484	ARM, 6.047%, 08/01/36		2,626
	852	ARM, 6.068%, 12/01/36		903
	4,526	ARM, 6.110%, 07/01/37		4,833
	4,620	ARM, 6.174%, 08/01/37		4,928
	7,119	ARM, 6.192%, 12/01/36		7,559
	930	ARM, 6.212%, 10/01/36		984
	854	ARM, 6.216%, 05/01/36		897
	3,741	ARM, 6.334%, 02/01/37		3,989
	5,312	ARM, 6.562%, 01/01/37		5,757
		Federal National Mortgage Association, 15 Year, Single Family,
	8,208	4.000%, 07/01/18 - 01/01/19		8,646
	13,221	4.500%, 05/01/18 - 05/01/19		14,083
	22,233	5.000%, 12/01/13 - 07/01/20		23,855
	62,515	5.500%, 01/01/18 - 09/01/24		68,030
	92,388	6.000%, 05/01/11 - 07/01/24		101,055
	4,715	6.500%, 02/01/12 - 01/01/23		5,162
	1,620	7.000%, 12/01/10 - 01/01/18		1,761
	68	7.500%, 02/01/11 - 05/01/15		75
	869	8.000%, 11/01/15 - 10/01/16		949
	2	8.500%, 11/01/11		2
		Federal National Mortgage Association, 20 Year, Single Family,
	5,446	5.500%, 05/01/27		5,885
	5,550	6.000%, 03/01/18 - 04/01/24		6,123
	8,181	6.500%, 01/01/14 - 03/01/25		9,072
	2,648	7.000%, 12/01/13 - 08/01/21		3,007
	33	7.500%, 11/01/13 - 06/01/16		35
	67	8.000%, 07/01/14 - 11/01/15		77
		Federal National Mortgage Association, 30 Year, FHA/VA,
	368	5.500%, 08/01/34		398
	64	6.000%, 07/01/17		70
	1	8.000%, 02/01/23		1
	28	8.500%, 03/01/27		33
		Federal National Mortgage Association, 30 Year, Single Family,
	40,687	6.000%, 04/01/35 - 01/01/38		44,618
	78,896	6.500%, 03/01/26 - 10/01/38		87,830
	25,241	7.000%, 04/01/37 - 08/01/37		28,655
	224	8.000%, 06/01/13 - 12/01/30		258
	13	8.500%, 09/01/21		14
	154	9.000%, 02/01/31		183
	55	9.500%, 07/01/28		65
	14	10.000%, 02/01/24		16
		Federal National Mortgage Association, Other,
	1,931	4.000%, 07/01/13 - 07/01/17		2,001
	3,416	4.500%, 11/01/13 - 12/01/19		3,589
	3,320	5.000%, 01/01/14 - 05/01/14		3,421
	4,335	5.500%, 06/01/16 - 09/01/17		4,592
	3,124	6.000%, 09/01/17		3,345
		Government National Mortgage Association II,
	149	2.625%, 08/20/16 - 09/20/22		153
	133	3.125%, 12/20/17 - 11/20/25		137
	175	3.375%, 01/20/16 - 01/20/28		180
	12	3.500%, 10/20/17 - 12/20/17		13
	29	4.000%, 11/20/15 - 08/20/18		30
	9	Government National Mortgage Association II, 15 Year, Single Family, 6.000%, 11/20/14		10
		Government National Mortgage Association II, 30 Year, Single Family,
	36,146	7.000%, 08/20/38 - 09/20/38		40,541
	26	7.500%, 09/20/28		30
	54	8.000%, 09/20/26 - 12/20/27		64
	74	8.500%, 03/20/25 - 04/20/25		88
		Government National Mortgage Association, 15 Year, Single Family,
	13	6.000%, 04/15/14		14
	7,436	6.500%, 10/15/23		8,221
		Government National Mortgage Association, 30 Year, Single Family,
	21	8.500%, 04/15/25		25
	11	9.000%, 09/15/24 - 10/15/26		13
	508	9.500%, 07/15/20 - 12/15/25		597
	36	12.000%, 11/15/19		40
		Total Mortgage Pass-Through Securities (Cost $865,296)		885,611

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	U.S. Government Agency Securities — 22.8%
		Federal Farm Credit Bank,
	26,150	1.875%, 12/07/12		26,809
	4,000	2.200%, 04/08/13		4,138
	12,400	2.250%, 02/17/12		12,648
	8,120	2.250%, 04/24/12		8,313
	38,025	2.350%, 09/23/13 (c)		39,608
	25,000	2.500%, 03/26/13		26,030
	10,000	2.600%, 03/04/13		10,428
	8,000	2.625%, 04/17/14		8,421
	2,769	2.700%, 08/19/13		2,908
	1,480	3.000%, 02/12/14		1,566
	5,000	3.000%, 09/22/14		5,327
	10,000	3.875%, 08/25/11		10,256
	16,493	3.875%, 01/10/13		17,607
	1,123	5.050%, 02/01/11		1,132
	2,000	5.100%, 09/18/12		2,162
	1,390	5.250%, 08/21/13		1,555
	5,000	5.450%, 12/11/13		5,676
		Federal Home Loan Banks,
	18,000	0.800%, 05/06/11		18,057
	17,000	1.000%, 12/28/11		17,095
	119,600	1.125%, 03/09/12		120,542
	42,000	1.125%, 05/18/12		42,367
	4,800	1.375%, 06/08/12		4,861
	34,125	1.625%, 06/14/13		34,866
	30,785	1.750%, 12/14/12		31,450
	85,000	1.875%, 06/21/13		87,408
	10,000	2.000%, 09/14/12		10,251
	2,000	2.250%, 03/05/12		2,044
	25,865	2.375%, 03/14/14		26,970
	7,000	2.625%, 05/20/11		7,080
	74,350	2.625%, 09/13/13		78,037
	18,800	3.000%, 06/24/13		19,864
	10,000	3.050%, 06/28/13		10,541
	2,980	3.125%, 03/08/13		3,143
	119,105	3.125%, 12/13/13		126,819
	2,500	3.375%, 06/24/11		2,541
	16,200	3.500%, 03/08/13		17,223
	4,000	3.560%, 02/11/13		4,024
	18,825	3.875%, 03/08/13		20,173
	2,080	4.000%, 02/15/11		2,096
	15,895	4.250%, 06/14/13		17,286
	1,675	4.375%, 09/09/11		1,726
	10,000	4.500%, 09/14/12		10,682
	6,000	4.875%, 11/18/11		6,253
	5,000	4.875%, 12/14/12		5,421
	10,000	4.875%, 11/27/13		11,183
	44,470	4.875%, 12/13/13		49,728
	2,125	5.000%, 03/09/12		2,246
	24,980	5.000%, 03/14/14		28,168
	20,025	5.250%, 09/13/13		22,462
	17,575	5.375%, 06/14/13		19,609
	29,755	5.375%, 06/13/14		34,157
	6,550	7.000%, 08/15/14		7,937
		Federal Home Loan Mortgage Corp.,
	25,000	1.000%, 08/28/12		25,185
	25,000	1.375%, 01/09/13		25,378
	20,000	1.750%, 06/15/12		20,371
	39,000	1.750%, 09/10/15		39,156
	58,000	2.125%, 03/23/12		59,209
	10,000	2.125%, 09/21/12		10,276
	15,000	2.500%, 01/07/14		15,731
	25,100	2.500%, 04/23/14		26,364
	26,830	2.875%, 02/09/15		28,484
	11,038	4.000%, 06/12/13		11,930
	25,000	4.125%, 12/21/12		26,762
	55,000	4.125%, 09/27/13		60,053
	15,000	4.500%, 01/15/13		16,213
	25,000	4.500%, 01/15/14		27,760
	15,960	4.500%, 04/02/14		17,716
	37,500	4.750%, 03/05/12		39,500
	11,400	4.875%, 11/15/13		12,747
	48,300	5.000%, 01/30/14		54,334
	40,505	5.000%, 07/15/14		46,210
	25,000	5.125%, 07/15/12		26,831
	6,500	5.250%, 07/18/11		6,703
	2,000	5.500%, 09/15/11		2,080
	30,000	5.500%, 08/20/12		32,527
	17,000	5.750%, 01/15/12		17,985
		Federal National Mortgage Association,
	5,700	07/05/14		5,374
	5,000	0.875%, 01/12/12		5,020
	40,000	1.000%, 04/04/12		40,269
	15,000	1.000%, 09/23/13		15,056
	18,035	1.550%, 10/27/15		17,802
	30,000	1.750%, 02/22/13		30,722
	10,800	1.875%, 04/20/12		11,005
	15,000	2.375%, 07/28/15		15,561
	9,500	3.625%, 02/12/13		10,116
	3,245	4.000%, 03/27/13		3,490
	11,310	4.000%, 04/15/13		12,179
	6,135	4.050%, 04/18/13		6,615
	5,000	4.125%, 04/29/13		5,404
	7,839	4.125%, 07/11/13		8,506
	25,000	4.375%, 09/15/12		26,694
	12,000	4.375%, 03/15/13		12,997
	107,600	4.375%, 07/17/13		117,351
	25,000	4.625%, 10/15/13		27,655
	75,750	4.750%, 11/19/12		81,895
	77,997	4.750%, 02/21/13		84,917
	35,750	4.875%, 05/18/12		38,024
	7,000	5.000%, 10/15/11		7,279
	10,000	5.000%, 04/15/15		11,529
	10,050	6.000%, 05/15/11		10,315
	6,000	6.260%, 11/26/12		6,659
		Total U.S. Government Agency Securities (Cost $2,304,728)		2,350,833
	U.S. Treasury Obligations — 29.6%
	10,000	U.S. Treasury Inflation Indexed Notes, 2.375%, 04/15/11		11,102
		U.S. Treasury Notes,
	55,000	0.375%, 08/31/12		54,951
	40,000	0.375%, 10/31/12		39,939
	10,000	0.500%, 11/30/12		10,008

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligations — Continued
	35,000	0.500%, 11/15/13		34,792
	30,000	0.625%, 06/30/12		30,104
	163,000	0.625%, 07/31/12 (m)		163,561
	68,000	0.750%, 11/30/11		68,292
	73,000	0.750%, 05/31/12		73,402
	20,000	0.750%, 08/15/13		20,069
	76,000	0.750%, 09/15/13		76,208
	30,000	0.875%, 05/31/11		30,097
	80,000	0.875%, 01/31/12		80,497
	152,000	0.875%, 02/29/12		153,009
	150,200	1.000%, 08/31/11		151,016
	50,000	1.000%, 09/30/11		50,297
	178,450	1.000%, 10/31/11 (m)		179,586
	110,000	1.000%, 12/31/11		110,786
	80,000	1.000%, 03/31/12		80,694
	40,000	1.000%, 04/30/12		40,359
	35,000	1.000%, 07/15/13		35,372
	121,000	1.125%, 01/15/12 (m)		122,063
	20,600	1.125%, 12/15/12		20,864
	170,600	1.125%, 06/15/13 (m)		172,946
	20,000	1.250%, 08/31/15		19,886
	100,000	1.250%, 09/30/15		99,289
	142,580	1.375%, 02/15/12 (m)		144,362
	68,300	1.375%, 05/15/12		69,290
	136,565	1.375%, 09/15/12		138,832
	85,000	1.375%, 10/15/12 (m)		86,464
	104,680	1.375%, 11/15/12		106,516
	10,000	1.375%, 01/15/13		10,184
	10,000	1.375%, 02/15/13		10,187
	72,000	1.375%, 03/15/13		73,367
	25,000	1.375%, 05/15/13		25,492
	93,480	1.750%, 11/15/11		94,758
	78,210	1.750%, 08/15/12		79,973
	60,000	1.750%, 01/31/14		61,823
	35,000	1.750%, 07/31/15		35,637
	10,000	1.875%, 06/15/12		10,228
	5,750	1.875%, 04/30/14		5,945
	20,000	1.875%, 06/30/15		20,502
	10,000	2.250%, 01/31/15		10,445
	10,000	2.375%, 10/31/14		10,505
	4,300	3.125%, 08/31/13		4,593
	5,000	4.000%, 02/15/15		5,582
	30,000	4.875%, 07/31/11		30,921
	93,000	5.125%, 06/30/11 (m)		95,637
		Total U.S. Treasury Obligations (Cost $3,037,698)		3,060,432

SHARES
	Short-Term Investment — 1.8%
	Investment Company — 1.8%
	190,442	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.040% (b) (l) (Cost $190,442)		190,442
PRINCIPAL AMOUNT ($)
	Investments of Cash Collateral for Securities on Loan — 0.0%
	Asset-Backed Security — 0.0% (g)
	190	GSAA Trust, Series 2006-3, Class A1, VAR, 03/25/36		144
SHARES
	Investment Company — 0.0% (g)
	2,902	JPMorgan Prime Money Market Fund, Capital Shares, 0.130% (b) (l)		2,902
		Total Investments of Cash Collateral for Securities on Loan (Cost $3,092)		3,046
		Total Investments —99.3% (Cost $10,093,468)		10,258,882
		Other Assets in Excess of Liabilities — 0.7%		68,855
		NET ASSETS — 100.0%	$	10,327,737

Percentages indicated are based on net assets.

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS :

ARM	—	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of November 30, 2010.
CMO	—	Collateralized Mortgage Obligation
FHA	—	Federal Housing Administration
GMAC	—	General Motors Acceptance Corp.
HB	—	High Coupon Bonds (a.k.a. “IOettes”) represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO’s the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.
IF	—	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of November 30, 2010. The rate may be subject to a cap and floor.
IO	—	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
PO	—	Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

REMICS	—	Real Estate Mortgage Investment Conduits
STRIPS	—	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of November 30, 2010.
VA	—	Veterans Administration
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of November 30, 2010.

(~) Securities are guaranteed by the Federal Deposit Insurance Corporation (FDIC) under its Temporary Liquidity Guarantee Program (TLGP). Under this program, the FDIC guarantees,with the full faith and credit of the U.S. government, the payment of principal and interest. The expiration of the FDIC’s guarantee is the earlier of the maturity date of the debt or June 30, 2012.

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

(c) Security, or a portion of the security, has been delivered to a counterparty as part of a security lending transaction.

(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%.

(l) The rate shown is the current yield as of November 30, 2010.

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

(h) Amount rounds to less than one thousand (shares or dollars).

As of November 30, 2010, 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	$	187,904
Aggregate gross unrealized depreciation		(22,490	)
Net unrealized appreciation/depreciation	$	165,414
Federal income tax cost of investments	$	10,093,468

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited)

(Amounts in thousands)

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities #	$	193,344	$	10,065,538	$	—	$	10,258,882

There were no significant transfers between Levels 1 and 2 during the period ended November 30, 2010.

# All portfolio holdings designated as Level 1 and Level 2 are disclosed individually in the SOIs. Level 1 consists of a money market mutual fund that is held for daily investments of cash and a money market mutual fund held as an investment of cash collateral for securities on loan. Please refer to the SOIs for industry specifics of the portfolio holdings.

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION (t)	VALUE ($)
	Collateralized Mortgage Obligations — 0.1%
		Agency CMO — 0.1%
	1,099	Federal National Mortgage Association REMICS, Series 2002-36, Class FS, VAR, 0.753%, 06/25/32		1,111
	179	Government National Mortgage Association, Series 2000-38, Class F, VAR, 0.653%, 12/20/30		179
		Total Collateralized Mortgage Obligations (Cost $1,279)		1,290
	Municipal Bonds — 97.5%
		Alabama — 0.6%
		Other Revenue — 0.6%
	2,440	Auburn University, Rev., 5.000%, 06/01/15		2,788
	5,000	Mobile Industrial Development Board, Alabama Power Co., Barry Plant, Rev., VAR, 1.000%, 08/16/11		5,002
		Total Alabama		7,790
		Alaska — 0.1%
		Other Revenue — 0.1%
	1,000	Alaska Industrial Development & Export Authority, Revolving Fund, Series A, Rev., 5.000%, 04/01/12		1,053
		Arizona — 0.8%
		Certificate of Participation/Lease — 0.3%
	3,625	Salt River Project Agricultural Improvement & Power District, COP, NATL-RE, 5.000%, 12/01/18		3,926
		Hospital — 0.3%
	5,000	Arizona Health Facilities Authority, Phoenix Children’s Hospital, Series A, Rev., VAR, 1.300%, 02/02/15		4,548
		Transportation — 0.2%
	2,000	Arizona State Transportation Board, Maricopa County Regional Area Roads, Rev., 5.000%, 07/01/11		2,054
		Total Arizona		10,528
		California — 1.3%
		Certificate of Participation/Lease — 0.2%
	2,000	Santa Clara County Financing Authority, Multiple Facilities Projects, Series N, Rev., COP, 4.000%, 05/15/11		2,032
		Hospital — 0.3%
	1,000	California Health Facilities Financing Authority, Stanford Hospital, Series A- 3, Rev., VAR, 3.450%, 06/15/11		1,017
	3,000	California Statewide Communities Development Authority, Kaiser Permanente, Series E, Rev., VAR, 4.000%, 05/02/11		3,042
				4,059
		Other Revenue — 0.2%
	3,860	Golden State Tobacco Securitization Corp., Asset-Backed, Series A-1, Rev., 4.500%, 06/01/27		3,241
		Prerefunded — 0.6%
	5,250	Golden State Tobacco Securitization Corp., Asset-Backed, Series A-4, Rev., 7.800%, 06/01/13 (p)		6,116
	1,635	State of California, Economic Recovery, Series A, GO, NATL-RE, 5.250%, 07/01/13 (p)		1,823
				7,939
		Total California		17,271
		Colorado — 1.7%
		General Obligation — 0.2%
	2,435	Jefferson County School District R- 001, GO, 5.000%, 12/15/15		2,828
		Housing — 0.0% (g)
	100	El Paso County, Single Family Mortgage, Series A, Rev., 6.200%, 11/01/24		101
		Prerefunded — 0.4%
	2,165	Douglas County School District No Re-1 Douglas & Elbert Counties, GO, NATL-RE, FGIC, 5.750%, 12/15/14 (p)		2,552
	2,295	El Paso County School District No. 20 Academy, GO, NATL-RE, FGIC, 5.250%, 12/15/12 (p)		2,508
				5,060

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Transportation — 0.9%
	10,000	Colorado Department of Transportation, Series B, Rev., NATL- RE, 5.500%, 06/15/14		11,493
		Utility — 0.2%
	2,000	City of Colorado Springs, Utilities Systems, Sub Lien, Series A, Rev., 5.000%, 11/15/11		2,086
		Total Colorado		21,568
		Connecticut — 2.5%
		Education — 0.2%
	2,395	Connecticut State Higher Education Supplement Loan Authority, Family Education Loan Program, Series A, Rev., NATL-RE, 4.375%, 11/15/13		2,551
		General Obligation — 2.3%
		State of Connecticut,
	5,000	GO, 5.000%, 03/15/12		5,282
	5,000	Series E, GO, AGM, 5.500%, 11/15/12		5,466
		State of Connecticut, Economic Recovery,
	10,100	Series A, GO, 5.000%, 01/01/13		10,965
	5,500	Series A, GO, 5.000%, 01/01/16		6,398
		Town of Glastonbury,
	1,320	GO, 5.000%, 05/15/13		1,456
	1,000	GO, 5.000%, 05/15/14		1,134
				30,701
		Total Connecticut		33,252
		Delaware — 1.2%
		General Obligation — 0.6%
	6,790	State of Delaware, Series A, GO, 5.000%, 07/01/17		8,104
		Transportation — 0.6%
	7,500	Delaware Transportation Authority, Motor Fuel Tax Revenue, Series B, Rev., AMBAC, 5.250%, 07/01/12		8,055
		Total Delaware		16,159
		District of Columbia — 0.1%
		Water & Sewer — 0.1%
	1,725	District of Columbia Water & Sewer Authority, Sub Lien, Series A, Rev., AGC, 5.000%, 10/01/13		1,909
		Florida — 5.7%
		Education — 0.5%
	6,250	Miami-Dade County Educational Facilities Authority, University of Miami, Series B, Rev., 5.000%, 04/01/12		6,552
		Industrial Development Revenue/Pollution
		Control Revenue — 0.3%
	4,000	City of Jacksonville, Series C-1, Rev., 5.000%, 10/01/15		4,539
		Other Revenue — 1.5%
	2,000	Broward County, Main Court House Project, Series A, Rev., 5.000%, 10/01/15		2,263
	5,000	Citizens Property Insurance Corp., High Risk Account, Series A, Rev., NATL-RE, 5.000%, 03/01/12		5,201
	10,000	Florida Hurricane Catastrophe Fund Finance Corp., Series A, Rev., 5.000%, 07/01/11		10,196
	1,785	Miami-Dade County, Capital Asset Acquisition, Series A, Rev., AMBAC, 5.000%, 04/01/14		1,934
				19,594
		Prerefunded — 2.0%
	5,120	Broward County, Series A, GO, 5.250%, 01/01/11 (p)		5,193
	2,195	Collier County School Board, COP, AGM, 5.375%, 02/15/12 (p)		2,323
	9,440	Hillsborough County School Board, Rev., AMBAC, 5.375%, 10/01/11 (p)		9,833
	3,000	Orange County, Tourist Development, Senior Lien, Rev., AMBAC, 5.500%, 04/01/12 (p)		3,198
	4,875	Palm Beach County School Board, Series B, COP, VAR, FGIC, 5.000%, 08/01/11 (p)		5,008
				25,555
		Water & Sewer — 1.4%
		Miami-Dade County, Water & Sewer Systems,
	1,645	Series B, Rev., AGM, 5.000%, 10/01/13		1,819
	5,000	Series B, Rev., AGM, 5.000%, 10/01/14		5,651
		Tampa Bay Water Utility System, Water Supply Authority,
	5,000	Rev., NATL-RE, FGIC, 5.000%, 10/01/13		5,556
	5,000	Rev., NATL-RE, FGIC, 5.250%, 10/01/15		5,837
				18,863
		Total Florida		75,103

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Georgia — 5.9%
		General Obligation — 3.5%
	5,000	Bartow County School District, Series A, GO, 5.000%, 10/01/14		5,680
	2,000	Carroll County, Sales Tax, GO, AGC, 5.000%, 07/01/11		2,054
	5,365	DeKalb County, Special Transportation Parks & Greenspace, GO, 5.000%, 12/01/15		6,294
	2,160	Floyd County, Sales Tax, GO, 5.000%, 04/01/12		2,286
		State of Georgia,
	5,000	Series G, GO, 4.000%, 11/01/12		5,325
	7,415	Series G, GO, 5.000%, 10/01/12		8,013
	2,780	Series I, GO, 5.000%, 07/01/16		3,288
	10,000	Series I, GO, 5.000%, 07/01/18		11,938
				44,878
		Hospital — 0.4%
	5,000	Grady Memorial Hospital Corp., Fulton-DeKalb, Rev., AGM, 5.250%, 01/01/14		5,574
		Other Revenue — 0.7%
		Camden County Public Service Authority, St. Mary’s Project,
	1,230	Rev., 5.000%, 12/01/15		1,426
	1,685	Rev., 5.000%, 12/01/16		1,974
	5,000	Georgia State Road & Tollway Authority, Federal Highway, Series A, Rev., GAN, 5.000%, 06/01/16		5,792
				9,192
		Prerefunded — 0.7%
	8,850	State of Georgia, Series B, GO, 5.000%, 05/01/12 (p)		9,410
		Special Tax — 0.6%
	6,870	Georgia State Road & Tollway Authority, Rev., 5.250%, 10/01/12		7,451
		Total Georgia		76,505
		Hawaii — 0.6%
		General Obligation — 0.4%
	5,000	City & County of Honolulu, Series A, GO, NATL-RE, 5.000%, 07/01/13		5,532
		Prerefunded — 0.2%
	2,750	State of Hawaii, Series CZ, GO, AGM, 5.000%, 07/01/12 (p)		2,942
		Total Hawaii		8,474
		Idaho — 1.0%
		Short Term Note — 0.5%
	5,925	State of Idaho, TAN, Rev., 2.000%, 06/30/11		5,982
		Transportation — 0.5%
	6,045	Idaho Housing & Finance Association, Federal Highway, Series A, Rev., AGC, 5.250%, 07/15/14		6,777
		Total Idaho		12,759
		Illinois — 3.9%
		Education — 0.4%
	5,000	Illinois Finance Authority, Educational Facilities, University of Chicago, Series B-1, Rev., VAR, 1.125%, 02/14/13		4,992
		General Obligation — 0.4%
	5,000	Kane Cook & DuPage Counties School District No. U-46 Elgin, GO, 4.000%, 01/01/14		5,371
		Hospital — 0.7%
		Illinois Finance Authority, Advocate Health Care,
	2,500	Series A-3, Rev., VAR, 3.875%, 05/01/12		2,550
	5,275	Series C, Rev., VAR, 0.400%, 03/25/11		5,276
	1,010	Sub Series C3B, Rev., VAR, 4.375%, 07/01/14		1,067
				8,893
		Industrial Development Revenue/Pollution
		Control Revenue — 0.2%
	2,075	City of Chicago, Pilsen Redevelopment, Tax Allocation, Series A, AMBAC, 4.350%, 06/01/13		2,046
		Other Revenue — 0.1%
	1,790	Illinois Educational Facilities Authority, Medical Term-Field Museum, Rev., VAR, 4.450%, 11/01/14		1,896
		Prerefunded — 1.9%
	5,000	Chicago Board of Education, Series C, GO, AGM, 5.000%, 12/01/11 (p)		5,233
	5,000	Chicago Metropolitan Water Reclamation District-Greater Chicago, Capital Improvement, GO, 5.500%, 12/01/12 (p)		5,316
	6,775	City of Chicago, Series A, GO, AGM, 5.000%, 01/01/14 (p)		7,588

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Prerefunded — Continued
	1,000	Lake County Forest Preservation District, Land Acquisition and Development, GO, 5.000%, 12/15/10 (p)		1,002
	3,735	State of Illinois, First Series, GO, NATL-RE, FGIC, 5.375%, 11/01/11 (p)		3,908
	2,000	Will & Kendall Counties Community Consolidated School District 202, School Building, Series A, GO, FGIC, 5.000%, 07/01/13 (p)		2,215
				25,262
		Transportation — 0.2%
	2,845	Chicago Transit Authority, Capital Grant, Federal Transit Administration, Section 5309, Rev., AGC, 5.000%, 06/01/14		3,094
		Total Illinois		51,554
		Indiana — 2.1%
		Education — 0.3%
	2,375	Indiana University, Student Fee, Series T-1, Rev., 5.000%, 08/01/14		2,702
	1,000	Purdue University, Student Fee, Series X, Rev., 5.000%, 07/01/11		1,027
				3,729
		General Obligation — 0.1%
	1,000	Indianapolis-Marion County Public Library, GO, 5.000%, 01/01/16		1,154
		Hospital — 0.1%
	1,750	Indiana Health Facility Financing Authority, Ascension Health, Series A3, Rev., VAR, 5.000%, 07/01/11		1,796
		Other Revenue — 0.2%
	1,900	Indiana Finance Authority, Ascension Health, Series A-8, Rev., VAR, 5.000%, 07/28/16		2,154
		Prerefunded — 1.4%
	4,775	Carmel School Building Corp., First Mortgage, Rev., NATL-RE, 5.000%, 07/15/13 (p)		5,299
	2,100	Indiana Finance Authority, Series A, Rev., FGIC, 5.250%, 06/01/14 (p)		2,393
	9,000	Indiana Transportation Finance Authority, Series A, Rev., FGIC, 5.250%, 06/01/14 (p)		10,257
				17,949
		Total Indiana		26,782
		Iowa — 0.2%
		Other Revenue — 0.2%
	2,000	Iowa Higher Education Loan Authority, Private College Facility, Rev., 4.000%, 12/01/13		2,181
		Kansas — 0.3%
		General Obligation — 0.2%
	2,400	City of Olathe, Series 211, GO, 5.000%, 10/01/12		2,591
		Other Revenue — 0.1%
	1,000	Kansas Development Finance Authority, Kansas State Projects, Series E-1, Rev., 5.000%, 11/01/14		1,137
		Total Kansas		3,728
		Kentucky — 2.0%
		Certificate of Participation/Lease — 0.4%
	5,000	Kentucky State Property & Buildings Commission, Project 82, Rev., COP, AGM, 5.250%, 10/01/14		5,690
		Other Revenue — 0.3%
	3,820	Kentucky State Property & Buildings Commission, Project 95, Series A, Rev., 5.000%, 08/01/13		4,181
		Prerefunded — 0.7%
	5,310	Kentucky State Property & Buildings Commission, Project 85, Rev., AGM, 5.000%, 08/01/15 (p)		6,204
	2,585	Kentucky State Property & Buildings Commission, Refunding Project 72, Rev., NATL-RE, 5.375%, 10/01/11 (p)		2,694
				8,898
		Transportation — 0.6%
		Kenton County Airport Board,
	1,000	Rev., AMT, NATL-RE, 5.000%, 03/01/12		1,041
	5,830	Rev., AMT, XLCA, 5.000%, 03/01/12		6,067
				7,108
		Total Kentucky		25,877
		Louisiana — 2.2%
		Certificate of Participation/Lease — 0.4%
	5,000	City of Baton Rouge / Parish of East Baton Rouge, Public Improvement, Series ST, Rev., COP, NATL-RE, 5.000%, 02/01/13 (p)		5,509

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Hospital — 0.1%
	510	Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series B, Rev., 5.000%, 05/15/11		517
		Other Revenue — 0.6%
	7,605	State of Louisiana, Gas & Fuel Tax Revenue, Second Lien, Series A, Rev., VAR, 1.050%, 06/01/13		7,612
		Prerefunded — 1.1%
	3,010	City of Baton Rouge / Parish of East Baton Rouge, Public Improvement, Series ST, Rev., AMBAC, 5.125%, 02/01/14 (p)		3,425
	10,000	Ernest N Morial-New Orleans Exhibit Hall Authority, Special Tax, Series A, AMBAC, 5.250%, 07/15/13 (p)		11,113
				14,538
		Resource Recovery — 0.0% (g)
	310	Parish of St. Mary, Solid Waste, Rev., 5.400%, 03/01/11		312
		Total Louisiana		28,488
		Maine — 0.6%
		General Obligation — 0.2%
	2,675	State of Maine, Series C, GO, 4.000%, 06/01/13		2,883
		Other Revenue — 0.4%
	5,215	University of Maine, Rev., AGM, 5.375%, 03/01/12		5,528
		Total Maine		8,411
		Maryland — 7.3%
		General Obligation — 6.6%
		Anne Arundel County, General Improvement,
	2,475	GO, 4.000%, 04/01/12		2,589
	7,610	GO, 5.000%, 04/01/14		8,600
	2,100	Maryland State Transportation Authority, GO, 5.250%, 03/01/16		2,490
	10,850	Montgomery County, Public Improvement, Series A, GO, 5.000%, 08/01/18		12,987
		Prince George’s County, Public Improvement,
	1,500	GO, 5.500%, 10/01/13		1,697
	3,000	Series A, GO, 5.000%, 07/15/13		3,329
	5,270	Series A, GO, 5.000%, 09/15/18		6,314
		State of Maryland, State and Local Facilities,
	11,275	Series A, GO, 5.000%, 11/01/14		12,954
	5,000	Series B, GO, 5.000%, 08/01/17		5,976
	19,750	Series C, GO, 5.000%, 11/01/18		23,685
	5,000	State of Maryland, State and Local Facilities Capital Improvement, Series A, GO, 5.500%, 03/01/11		5,066
				85,687
		Other Revenue — 0.4%
	5,000	Maryland State Department of Transportation County Transportation, Rev., 5.000%, 03/01/16		5,851
		Special Tax — 0.3%
	3,190	Maryland State Department of Transportation County Transportation, Rev., 5.000%, 11/01/12		3,456
		Total Maryland		94,994
		Massachusetts — 5.0%
		Education — 1.9%
		Massachusetts School Building Authority,
	6,890	Series A, Rev., 4.000%, 05/15/13		7,387
	8,385	Series A, Rev., 4.000%, 05/15/14		9,137
	7,250	Series A, Rev., 5.000%, 05/15/15		8,303
				24,827
		General Obligation — 1.0%
	5,000	Commonwealth of Massachusetts, Series D, GO, NATL-RE, 5.500%, 11/01/13		5,653
	6,500	Commonwealth of Massachusetts, Consolidated Loan, Series C, GO, 5.000%, 12/01/15		7,548
				13,201
		Industrial Development Revenue/Pollution
		Control Revenue — 0.1%
	1,500	Massachusetts Water Pollution Abatement, State Revolving Fund, Series 14, Rev., 5.000%, 08/01/13		1,666
		Prerefunded — 1.4%
		Commonwealth of Massachusetts,
	2,000	Series A, GO, AMBAC, 6.500%, 11/01/14 (p)		2,413
	5,500	Series B, GO, 5.000%, 08/01/14 (p)		6,242
	5,000	Series D, GO, 5.250%, 10/01/13 (p)		5,600
	3,515	University of Massachusetts Building Authority, Commonwealth Guaranteed, Series 4-A, Rev., NATL- RE, 5.250%, 11/01/14 (p)		4,072
				18,327

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Special Tax — 0.3%
	3,000	Massachusetts Bay Transportation Authority, Series B, Rev., 5.250%, 07/01/14		3,431
		Transportation — 0.3%
	4,305	Commonwealth of Massachusetts, Series A, Rev., GAN, 5.750%, 12/15/10		4,315
		Total Massachusetts		65,767
		Michigan — 1.9%
		General Obligation — 0.3%
	1,470	Kentwood Public Schools, GO, 5.000%, 05/01/12		1,550
	1,645	Southfield Public Schools, GO, NATL-RE, Q-SBLF, 5.000%, 05/01/15		1,836
				3,386
		Prerefunded — 0.8%
	5,000	City of Detroit, Senior Lien, Series A, Rev., FGIC, 5.125%, 07/01/11 (p)		5,141
	4,420	Delta County Economic Development Corp., Mead Westvaco-Escanaba, Series A, Rev., 6.250%, 04/15/12 (p)		4,762
	1,070	Van Buren Charter Township Local Development Finance Authority, Tax Increment, GO, FGIC, 5.250%, 04/01/13 (p)		1,180
				11,083
		Transportation — 0.2%
	2,825	Wayne County Airport Authority, Rev., NATL-RE, FGIC, 5.000%, 12/01/14		3,060
		Water & Sewer — 0.6%
	10,885	City of Detroit, Sewer Disposal, Series D, Rev., VAR, AGM, 0.794%, 07/01/32		7,727
		Total Michigan		25,256
		Minnesota — 3.1%
		General Obligation — 1.9%
		State of Minnesota,
	6,565	GO, 5.000%, 08/01/13		7,287
	5,000	GO, 5.000%, 10/01/13		5,581
	5,555	GO, 5.000%, 10/01/15		6,488
	5,000	State of Minnesota, Various Purpose, Series A, GO, 5.000%, 08/01/15		5,819
				25,175
		Hospital — 0.2%
	2,000	St. Paul Housing & Redevelopment Authority, Series A, Rev., NATL-RE, 5.000%, 11/15/14		2,186
		Prerefunded — 1.0%
	5,000	Minnesota Public Facilities Authority, Series A, Rev., 5.000%, 03/01/12 (p)		5,280
	7,305	State of Minnesota, GO, 5.250%, 11/01/12 (p)		7,950
				13,230
		Total Minnesota		40,591
		Mississippi — 0.2%
		Certificate of Participation/Lease — 0.2%
	1,060	Mississippi Development Bank Special Obligation, Marshall County Correctional Facility, Series C, Rev., COP, 5.000%, 08/01/11 (p)		1,093
	1,045	Mississippi Development Bank Special Obligation, Wilkinson County Correctional Center, Series D, Rev., COP, 5.000%, 08/01/11 (p)		1,077
		Total Mississippi		2,170
		Missouri — 0.9%
		General Obligation — 0.5%
	5,000	Kansas City, Streetlight Project, Series A, GO, NATL-RE, 5.000%, 02/01/13		5,454
	665	Riverview Gardens School District, Capital Appreciation, GO, AGM, Zero Coupon, 04/01/11		664
				6,118
		Transportation — 0.4%
		City of St. Louis, Lambert-St. Louis International Airport,
	4,000	Series A-2, Rev., 4.000%, 07/01/11		4,043
	1,000	Series A-2, Rev., 4.250%, 07/01/12		1,010
				5,053
		Total Missouri		11,171
		Montana — 0.1%
		General Obligation — 0.1%
	1,775	State of Montana, Long Range Building Program, Series A, GO, 3.000%, 08/01/12		1,845

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Nebraska — 0.1%
		Utility — 0.1%
	1,160	Nebraska Public Power District, Series B, Rev., 5.000%, 01/01/12		1,211
		Nevada — 0.6%
		Prerefunded — 0.6%
	7,185	Truckee Meadows Water Authority, Series A, Rev., AGM, 5.250%, 07/01/11 (p)		7,394
		New Hampshire — 0.4%
		Other Revenue — 0.4%
	4,530	New Hampshire Municipal Bond Bank, Series A, Rev., 5.000%, 08/15/15		5,260
		New Jersey — 3.5%
		Education — 1.7%
		New Jersey EDA, School Facilities Construction,
	2,475	Series J3, Rev., VAR, AGM, 5.000%, 09/01/14		2,741
	4,500	Series J4, Rev., VAR, AGM, 5.000%, 09/01/14		4,983
	5,095	Series L, Rev., AGM, 5.250%, 03/01/15		5,782
	5,845	New Jersey Educational Facilities Authority, Princeton University, Series D, Rev., 5.250%, 07/01/14		6,698
	1,475	New Jersey State Educational Facilities Authority, Stevens Institute of Technology, Series A, Rev., 5.000%, 07/01/13		1,569
				21,773
		General Obligation — 1.1%
	410	New Jersey Transportation Trust Fund Authority, Transportation System, Series B, GO, NATL-RE, 5.250%, 12/15/13 (p)		464
	9,605	New Jersey Transportation Trust Fund Authority, Unrefunded Balance, Transportation System, GO, NATL- RE, 5.250%, 12/15/13		10,667
	3,000	State of New Jersey, Various Purpose, GO, AMBAC, 5.000%, 04/01/14 (p)		3,390
				14,521
		Other Revenue — 0.2%
	2,250	New Jersey EDA, PSE&G Project, Rev., AMT, VAR, 1.200%, 12/01/11		2,249
		Prerefunded — 0.4%
	4,675	Garden State Preservation Trust, Series A, Rev., AGM, 5.250%, 11/01/13 (p)		5,268
		Transportation — 0.1%
	1,445	New Jersey Transportation Trust Fund Authority, Transportation System, Series B, Rev., NATL-RE, 5.500%, 12/15/15		1,653
		Total New Jersey		45,464
		New Mexico — 1.7%
		General Obligation — 0.2%
	2,000	New Mexico Finance Authority, Senior Lien, Series A, GO, NATL-RE, 5.250%, 06/15/14 (p)		2,288
		Other Revenue — 1.5%
		City of Santa Fe, Gross Receipts,
	4,520	Series A, Rev., 5.000%, 06/01/14 (w)		5,078
	3,000	Series A, Rev., 5.000%, 06/01/15 (w)		3,427
		New Mexico Finance Authority, Sub Lien,
	5,000	Series A-2, Rev., 5.000%, 12/15/13		5,595
	5,000	Series A-2, Rev., 5.000%, 12/15/14		5,707
				19,807
		Total New Mexico		22,095
		New York — 5.6%
		Education — 0.6%
	2,060	Erie County Industrial Development Agency, School District Buffalo Project, Series A, Rev., AGM, 5.000%, 05/01/12		2,171
		New York State Dormitory Authority,
	3,000	Series B, Rev., VAR, 5.250%, 05/15/12		3,159
	2,500	Series B, Rev., VAR, CIFG, 6.000%, 05/15/12		2,658
				7,988
		General Obligation — 0.3%
	1,000	New York City, Series F, GO, 5.500%, 12/15/12		1,093
	2,740	Suffolk County, Public Improvement, Series B, GO, 4.500%, 11/01/11		2,841
				3,934
		Hospital — 0.1%
	1,055	New York State Dormitory Authority, Health Facilities, Series 1, Rev., 5.000%, 01/15/14		1,159

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Other Revenue — 2.6%
	1,050	Erie County Industrial Development Agency (The),
		Series A, Rev., 5.000%, 05/01/14		1,160
	6,250	New York City Transitional Finance Authority, New York City Recovery, Sub Series 3B-1, Rev., 5.000%, 11/01/15		7,235
	10,865	New York State Dormitory Authority, General Purpose,
		Series E, Rev., 5.000%, 02/15/13		11,820
	4,000	New York State Thruway Authority, Local Highway & Bridge, Rev., 5.000%, 04/01/15		4,535
	3,500	New York State Thruway Authority, Second Generation Highway & Bridge Trust Fund,
		Series B, Rev., 5.000%, 04/01/11		3,554
	5,000	Tobacco Settlement Financing Authority, Asset-Backed, Series A-1, Rev., 5.000%, 06/01/11		5,108
				33,412
		Special Tax — 0.3%
	3,500	New York City Transitional Finance Authority, Sub Series 3B-1, Rev., 5.000%, 11/01/12		3,786
		Transportation — 1.1%
	2,000	Metropolitan Transportation Authority,
		Series A, Rev., NATL-RE, FGIC, 5.250%, 11/15/11		2,085
	11,575	Triborough Bridge & Tunnel Authority,
		Series A-1, Rev., VAR, 4.000%, 11/15/12		12,289
				14,374
		Utility — 0.2%
	3,000	Long Island Power Authority, Series B, Rev., 5.250%, 12/01/12		3,240
		Water & Sewer — 0.4%
	4,315	New York City Municipal Water Finance Authority, Series BB, Rev., 5.000%, 06/15/13		4,749
		Total New York		72,642
		North Carolina — 4.5%
		General Obligation — 3.5%
	1,445	City of Charlotte, Series C, GO, 5.000%, 06/01/12		1,541
	3,155	Durham County, Series A, GO, 5.000%, 11/01/17		3,760
	6,175	Guilford County, Series C, GO, 4.000%, 02/01/13		6,605
	5,000	Mecklenburg County, Public Improvement,
		Series C, GO, 5.000%, 02/01/13		5,461
	2,215	New Hanover County, GO, 5.000%, 12/01/12		2,408
	10,000	State of North Carolina, Series A, GO, 5.000%, 03/01/15		11,546
		Wake County,
	10,000	GO, 5.000%, 02/01/16		11,751
	2,035	Series C, GO, 5.000%, 03/01/14		2,295
				45,367
		Utility — 0.7%
	4,550	North Carolina Eastern Municipal Power Agency,
		Series A, Rev., AGC, 5.000%, 01/01/13		4,888
	3,930	North Carolina Municipal Power Agency, No. 1 - Catawba,
		Series A, Rev., 5.250%, 01/01/13		4,244
				9,132
		Water & Sewer — 0.3%
	3,160	City of Raleigh,
		Series A, Rev., 5.000%, 03/01/15		3,635
		Total North Carolina		58,134
		Ohio — 3.4%
		Education — 0.3%
	3,000	Ohio State University,
		Series A, Rev., 5.000%, 12/01/12		3,256
		General Obligation — 1.4%
	5,080	State of Ohio, Common Schools,
		Series C, GO, 5.000%, 09/15/13		5,649
	5,000	State of Ohio, Higher Education,
		Series C, GO, 5.000%, 08/01/15		5,774
	5,800	State of Ohio, Infrastructure Improvement,
		Series C, GO, 5.000%, 09/01/15		6,700
				18,123
		Housing — 0.0% (g)
	350	Columbus Regional Airport Authority, Joseph Knight Towers Project,
		Series A, Rev., GNMA COLL, 4.300%, 02/20/14		363
		Other Revenue — 1.3%
	3,100	Buckeye Tobacco Settlement Financing Authority, Asset-Backed, Turbo,
		Series A-2, Rev., 5.125%, 06/01/24		2,548
	5,000	Ohio State Building Authority, Series C, Rev., 5.000%, 10/01/14		5,660

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Other Revenue — Continued
	4,995	Ohio State Water Development Authority, Drinking Water Assistance, Series B, Rev., 5.000%, 12/01/13		5,596
	3,205	University of Cincinnati, Series F, Rev., 5.000%, 06/01/15		3,580
				17,384
		Prerefunded — 0.3%
	4,325	Milford Exempt Village School District, School Improvement, GO, AGM, 5.125%, 12/01/11 (p)		4,532
		Utility — 0.1%
	1,000	American Municipal Power-Ohio, Inc., Series A, Rev., 5.000%, 02/01/11		1,007
		Total Ohio		44,665
		Oregon — 0.7%
		Certificate of Participation/Lease — 0.7%
		Oregon State Department of Administrative Services,
	2,850	Series A, COP, 5.000%, 05/01/15		3,234
	6,030	Series D, COP, 5.000%, 11/01/12		6,498
		Total Oregon		9,732
		Pennsylvania — 6.5%
		Education — 0.2%
		Pennsylvania State Higher Educational Facilities Authority, LaSalle University,
	1,000	Series A, Rev., 4.125%, 05/01/13		1,044
	1,875	Series A, Rev., 5.000%, 05/01/11		1,900
				2,944
		General Obligation — 1.0%
	5,000	Commonwealth of Pennsylvania, First Series, GO, NATL-RE, 5.250%, 02/01/12		5,276
		Philadelphia School District,
	4,335	Series C, GO, 5.000%, 09/01/11		4,457
	3,020	Series C, GO, 5.000%, 09/01/12		3,200
				12,933
		Other Revenue — 0.6%
	2,775	Lancaster County Solid Waste Management Authority, Rev., NATL- RE, 5.000%, 12/15/14		3,025
	3,000	Pennsylvania Economic Development Financing Authority, Waste Management Project, Rev., VAR, 2.625%, 12/03/12		3,019
	1,940	Southeastern Pennsylvania Transportation Authority, Rev., 5.000%, 03/01/17		2,204
				8,248
		Prerefunded — 3.9%
	3,060	City of Scranton, Series C, GO, 7.100%, 09/01/11 (p)		3,212
		Commonwealth of Pennsylvania, First Series,
	3,500	GO, NATL-RE, 5.000%, 01/01/13 (p)		3,808
	6,025	GO, NATL-RE, 5.000%, 02/01/14 (p)		6,773
	5,485	Commonwealth of Pennsylvania, Second Series, GO, 5.000%, 09/15/11 (p)		5,744
		Philadelphia Authority for Industrial Development,
	7,455	Series B, Rev., AGM, 5.500%, 10/01/11 (p)		7,852
		Philadelphia School District,
	2,005	Series A, GO, AGM, 5.500%, 02/01/12 (p)		2,117
	2,350	Series D, GO, FGIC, 5.125%, 06/01/14 (p)		2,663
	5,000	State Public School Building Authority, Rev., FGIC, 5.000%, 11/15/14 (p)		5,744
	12,020	State Public School Building Authority, Philadelphia School District Project, Rev., AGM, 5.000%, 06/01/13 (p)		13,277
				51,190
		Special Tax — 0.2%
	2,500	Pennsylvania Intergovernmental Cooperation Authority, Special Tax, 5.000%, 06/15/12		2,662
		Transportation — 0.6%
	5,000	Pennsylvania Turnpike Commission, Series C, Rev., VAR, 0.820%, 12/01/11		5,004
	2,450	Philadelphia Parking Authority, Airport, Rev., 5.000%, 09/01/11		2,519
				7,523
		Total Pennsylvania		85,500
		Puerto Rico — 0.5%
		Prerefunded — 0.5%
	2,820	Puerto Rico Highway & Transportation Authority, Series G, Rev., 5.000%, 07/01/13 (p)		3,120

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Prerefunded — Continued
	3,000	Puerto Rico Public Finance Corp., Commonwealth Appropriations, Series A, Rev., NATL-RE, 5.375%, 08/01/11 (p)		3,098
		Total Puerto Rico		6,218
		South Carolina — 2.5%
		General Obligation — 0.4%
	5,000	State of South Carolina, Series A, GO, 5.000%, 11/01/15		5,850
		Other Revenue — 0.4%
	4,665	Tobacco Settlement Revenue Management Authority, Rev., 5.000%, 06/01/18		4,674
		Prerefunded — 0.5%
	6,000	South Carolina Transportation Infrastructure Bank, Junior Lien, Series B, Rev., AMBAC, 5.250%, 10/01/11 (p)		6,247
		Utility — 1.2%
	6,000	South Carolina State Public Service Authority, Series D, Rev., AGM, 5.250%, 01/01/12		6,307
	8,535	South Carolina State Public Service Authority, Santee Cooper, Series E, Rev., 5.000%, 01/01/15		9,733
				16,040
		Total South Carolina		32,811
		Tennessee — 1.8%
		Education — 0.2%
	2,550	Metropolitan Government Nashville &
		Davidson County Health & Educational Facilities Board, Vanderbilt University, Series A, Rev., 5.000%, 10/01/13		2,842
		General Obligation — 0.9%
	4,000	Metropolitan Government of Nashville & Davidson County, Series D, GO, 5.000%, 07/01/16		4,694
	6,325	Shelby County, Public Improvement & Schools, Series A, GO, 5.000%, 04/01/13		6,943
				11,637
		Other Revenue — 0.5%
	3,200	Metropolitan Nashville Airport Authority, Series B, Rev., AGM, 4.000%, 07/01/13		3,410
	2,750	Sevier County Public Building Authority, Local Government Public Improvement, Series V-K-1, Rev., AGC, 5.000%, 03/01/11		2,781
				6,191
		Prerefunded — 0.2%
	2,195	Tennessee State School Bond Authority, Higher Educational Facilities, Series A, Rev., AGM, 5.000%, 05/01/12 (p)		2,332
		Total Tennessee		23,002
		Texas — 5.9%
		Education — 0.5%
	1,110	Austin Community College District, Round Rock Campus, Educational Facilities Project, Rev., 5.250%, 08/01/13		1,225
	2,385	Houston Community College System, Junior Lien, Unrefunded Balance, Series A, Rev., NATL-RE, 5.375%, 04/15/12		2,422
		San Leanna Educational Facilities Corp., Higher Education, Saint Edwards University Project,
	285	Rev., 4.500%, 06/01/11		288
	685	Rev., 4.500%, 06/01/12		708
		University of North Texas, Financing System,
	1,250	Series A, Rev., 5.000%, 04/15/15		1,425
	1,000	Series A, Rev., 5.000%, 04/15/16		1,154
				7,222
		General Obligation — 1.2%
	1,205	Austin Independent School District, Capital Appreciation, GO, NATL-RE, FGIC, Zero Coupon, 08/01/11		1,199
	1,000	City of Denton, GO, 5.000%, 02/15/11		1,009
	2,000	Nueces County, GO, 5.000%, 02/15/16		2,308
		State of Texas, Public Financing Authority,
	2,390	GO, 5.000%, 10/01/11		2,483
	2,515	Series A, GO, 5.000%, 10/01/14		2,872
	1,000	State of Texas, Water Financial Assistance, Series E, GO, 4.000%, 08/01/14		1,102
		Township of Woodlands, Sales & Refunding,
	2,080	GO, AGM, 5.000%, 03/01/15		2,338
	2,180	GO, AGM, 5.000%, 03/01/16		2,474

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		General Obligation — Continued
				15,785
		Hospital — 0.1%
	1,500	Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources, Series A, Rev., 5.000%, 02/15/13		1,601
		Other Revenue — 0.5%
	2,395	Harris County, Toll Road, Senior Lien, Series D, Rev., 5.000%, 08/15/15		2,760
	1,000	Lower Colorado River Authority, Rev., 5.000%, 05/15/11		1,020
	2,200	Texas State University Systems, Financing System, Rev., 5.000%, 03/15/15		2,522
				6,302
		Prerefunded — 2.3%
	5,130	City of Austin, GO, 5.125%, 09/01/11 (p)		5,317
	2,615	City of Frisco, Certificates Obligation, Series A, GO, FGIC, 5.250%, 02/15/11 (p)		2,642
	3,125	City of Houston, Water & Sewer Systems, Junior Lien, Series B, Rev., FGIC, 5.250%, 12/01/10 (p)		3,125
	5,000	Harris County Flood Control District, Series A, GO, 5.250%, 10/01/14 (p)		5,750
	2,205	Houston Community College System, Junior Lien, Series A, Rev., NATL- RE, 5.375%, 04/15/11 (p)		2,247
		University of Texas,
	4,425	Series B, Rev., 4.750%, 07/01/14 (p)		5,000
	2,650	Series B, Rev., 5.000%, 07/01/15 (p)		3,085
	2,335	Williamson County, GO, AGM, 5.500%, 02/15/11 (p)		2,360
				29,526
		Transportation — 0.4%
	5,025	Harris County, Toll Road, Senior Lien, Series B-1, Rev., NATL-RE, FGIC, 5.000%, 08/15/14		5,695
		Utility — 0.9%
	2,785	City of San Antonio, Electric & Gas Systems, Series A, Rev., 5.000%, 02/01/12		2,929
	7,765	Lower Colorado River Authority, Rev., 5.000%, 05/15/14		8,611
				11,540
		Total Texas		77,671
		Utah — 0.2%
		Industrial Development Revenue/Pollution Control Revenue — 0.2%
	2,000	State of Utah, Recapitalization, Series B, Rev., 5.000%, 07/01/15		2,316
		Virginia — 6.5%
		Certificate of Participation/Lease — 0.4%
	5,100	Virginia Beach Development Authority, Sentara Health Systems, Series A, Rev., COP, 5.000%, 12/01/11		5,333
		Education — 0.5%
	5,185	Virginia College Building Authority, 21st Century College Equipment, Series A, Rev., 5.000%, 02/01/14		5,819
		General Obligation — 1.5%
	2,500	Arlington County, Series C, GO, 4.000%, 08/15/16		2,828
	3,000	Fairfax County, Series A, GO, 5.000%, 10/01/13		3,351
		Fairfax County, Public Improvement,
	5,280	Series A, GO, 5.000%, 04/01/11		5,364
	7,275	Series A, GO, 5.250%, 04/01/14		8,283
				19,826
		Industrial Development Revenue/Pollution Control Revenue — 1.5%
	5,090	Virginia Beach Development Authority, Series C, Rev., 5.000%, 08/01/18		5,990
	12,245	Virginia Public Building Authority, Series A-1, Rev., 5.000%, 08/01/14		13,931
				19,921
		Other Revenue — 0.6%
	5,585	Virginia Commonwealth Transportation Board, Capital Projects, Series A-1, Rev., 5.000%, 05/15/16		6,544
	1,300	Wise County IDA, Virginia Electric & Power Co., Series A, Rev., VAR, 2.375%, 11/01/15		1,286
				7,830
		Prerefunded — 1.1%
	11,040	Tobacco Settlement Financing Corp., Asset-Backed, Rev., 5.625%, 06/01/15 (p)		13,037
	1,015	Virginia College Building Authority, 21st Century College Equipment, Series A, Rev., 5.000%, 02/01/13 (p)		1,106
				14,143

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Transportation — 0.8%
	5,000	Virginia Commonwealth Transportation Board, Capital Projects, Series A-1, Rev., 5.000%, 05/15/15		5,775
	4,500	Virginia Commonwealth Transportation Board, Federal Highway, Reimbursement Notes, Rev., 5.000%, 09/27/12		4,858
				10,633
		Water & Sewer — 0.1%
	1,125	Virginia Resources Authority, Clean Water Revolving Fund, Rev., 5.000%, 10/01/14		1,287
		Total Virginia		84,792
		Washington — 1.1%
		General Obligation — 0.7%
	5,000	Pierce County School District No. 3 Puyallup, GO, AGM, 5.000%, 06/01/14		5,637
	1,050	Port of Olympia, Limited Tax, Series B, GO, AMT, AGM, 5.000%, 12/01/10		1,050
	1,890	State of Washington, Unrefunded Balance, Series 1998-B & AT-7, GO, 6.000%, 06/01/13		2,126
				8,813
		Utility — 0.4%
	5,000	Energy Northwest, Columbia Generating, Series A, Rev., 5.000%, 07/01/15		5,775
		Total Washington		14,588
		Wisconsin — 0.7%
		General Obligation — 0.7%
	7,710	City of Milwaukee, Promissory Notes, Series N1, GO, 5.000%, 02/01/18		9,076
		Total Municipal Bonds (Cost $1,258,468)		1,273,757
SHARES		SECURITY DESCRIPTION	VALUE ($)
	Short-Term Investment — 2.6%
		Investment Company — 2.6%
	33,363	JPMorgan Tax Free Money Market Fund, Institutional Class Shares, 0.130% (b) (l) (m) (Cost $33,363)		33,363
		Total Investments — 100.2% (Cost $1,293,110)		1,308,410
		Liabilities in Excess of Other Assets — (0.2)%		(1,995	)
		NET ASSETS — 100.0%	$	1,306,415

Percentages indicated are based on net assets.

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS :

AGC	—	Insured by Assured Guaranty Corp.
AGM	—	Insured by Assured Guaranty Municipal Corp.
AMBAC	—	Insured by American Municipal Bond Assurance Corp.
AMT	—	Alternative Minimum Tax
CIFG	—	Insured by CDC IXIS Financial Guaranty
CMO	—	Collateralized Mortgage Obligation
COLL	—	Collateral
COP	—	Certificate of Participation
EDA	—	Economic Development Authority
FGIC	—	Insured by Financial Guaranty Insurance Co.
GAN	—	Grant Anticipation Notes
GNMA	—	Government National Mortgage Association
GO	—	General Obligation
IDA	—	Industrial Development Authority
NATL	—	Insured by National Public Finance Guarantee Corp.
Q-SBLF	—	Qualified School Bond Loan Fund
RE	—	Reinsured
REMICS	—	Real Estate Mortgage Investment Conduits
Rev.	—	Revenue
TAN	—	Tax Anticipation Note
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of November 30, 2010.
XLCA	—	Insured by XL Capital Assurance

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

(g) Amount rounds to less than 0.1%.

(l) The rate shown is the current yield as of November 30, 2010.

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

(p) Security is prerefunded or escrowed to maturity.

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

(w) When-issued security.

As of November 30, 2010, 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	$	19,321
Aggregate gross unrealized depreciation		(4,021	)
Net unrealized appreciation/depreciation	$	15,300
Federal income tax cost of investments	$	1,293,110

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities #	$	33,363	$	1,275,047	$	–	$	1,308,410

There were no significant transfers between Levels 1 and 2 during the period ended November 30, 2010.

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

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION (t)	VALUE ($)
	Municipal Bonds — 97.7%
		Alaska — 2.3%
		Certificate of Participation/Lease — 0.5%
	2,750	Boro of Matanuska-Susitna, Goose Creek Correctional Center, Rev., COP, AGC, 6.000%, 09/01/28		3,097
		Utility — 1.8%
		Alaska Energy Authority Power, Bradley Lake, Fourth Series,
	3,485	Rev., AGM, 6.000%, 07/01/17 (m)		4,116
	3,915	Rev., AGM, 6.000%, 07/01/19 (m)		4,616
	2,500	Alaska Municipal Bond Bank Authority, Series 1, Rev., 5.750%, 09/01/33 (m)		2,619
				11,351
		Total Alaska		14,448
		Arizona — 3.4%
		Hospital — 0.9%
	5,000	Arizona Health Facilities Authority, Banner Health, Series D, Rev., 5.500%, 01/01/38		5,087
		Special Tax — 2.5%
	15,000	Glendale Western Loop 101 Public Facilities Corp., Series A, Rev., 6.250%, 07/01/38		15,586
		Total Arizona		20,673
		California — 17.8%
		Certificate of Participation/Lease — 1.2%
	2,750	California State Public Works Board, Department of Corrections, Series C, Rev., COP, 5.500%, 06/01/21		2,836
	4,500	Santa Ana Financing Authority, Police Administration & Holding Facility, Series A, Rev., COP, NATL-RE, 6.250%, 07/01/24		4,818
				7,654
		Education — 2.3%
	3,000	California Educational Facilities Authority, University of Southern California, Series A, Rev., 5.000%, 10/01/39		3,070
		California State University, Systemwide,
	5,915	Series A, Rev., NATL-RE, FGIC, 5.000%, 11/01/35		5,890
	2,850	Series C, Rev., NATL-RE, 5.000%, 11/01/23		2,973
	2,060	University of California, Series G, Rev., NATL-RE, FGIC, 5.000%, 05/15/24		2,123
				14,056
		General Obligation — 4.5%
	5,000	Los Angeles Unified School District, Series D, GO, 5.000%, 01/01/34		4,979
	50	Pomona Unified School District, Series A, GO, NATL-RE, 6.100%, 02/01/20		58
	6,765	Saugus Union School District, Capital Appreciation, GO, NATL-RE, FGIC, Zero Coupon, 08/01/22		3,531
	3,000	State of California, GO, 5.250%, 02/01/18		3,194
	5,500	State of California, Economic Recovery, Series A, GO, 5.000%, 07/01/17		5,597
	4,980	State of California, Unrefunded Balance, GO, XLCA-ICR, 5.000%, 02/01/19		5,141
	5,000	State of California, Various Purpose, GO, 6.500%, 04/01/33		5,517
				28,017
		Hospital — 2.2%
		California Health Facilities Financing Authority, Marshall Medical Center,
	2,200	Series A, Rev., 5.000%, 11/01/24		2,154
	2,000	Series A, Rev., 5.000%, 11/01/29		1,872
	2,000	California Health Facilities Financing Authority, Providence Health & Services, Series C, Rev., 6.500%, 10/01/38		2,236
	3,000	California State Public Works Board, Department of Mental Health, Coalinga State Hospital, Series A, Rev., 5.500%, 06/01/21		3,066
	4,000	California Statewide Communities Development Authority, Insured Health Facilities, Los Angeles Jewish Home, Rev., 5.250%, 11/15/23		4,019
				13,347
		Industrial Development Revenue/Pollution Control Revenue — 0.1%
	350	Chico Public Financing Authority, Merged Redevelopment Project, Tax Allocation, NATL-RE, 5.000%, 04/01/19		354
		Other Revenue — 1.1%
	325	Golden West Schools Financing Authority, Series A, Rev., NATL-RE, 5.800%, 02/01/20		380
		Orange County Development Agency, Santa Ana Heights Project Area, Tax Allocation,
	1,265	AMBAC, 5.250%, 09/01/15		1,333
	2,120	AMBAC, 5.250%, 09/01/17		2,198

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Other Revenue — Continued
	2,555	San Bernardino Joint Powers Financing Authority, Tax Allocation, Series A, AGM, 5.750%, 10/01/25		2,771
				6,682
		Prerefunded — 0.5%
	2,630	Los Angeles Harbor Department, Rev., 7.600%, 10/01/18 (p)		3,198
	20	State of California, GO, XLCA-ICR, 5.000%, 02/01/12 (p)		21
				3,219
		Special Tax — 2.5%
	1,805	Pomona Public Financing Authority, Merged Redevelopment, Unrefunded Balance, Series AH, Rev., AMBAC, 5.250%, 02/01/20		1,924
	160	San Mateo County Transportation District, Series A, Rev., NATL-RE, 5.250%, 06/01/19		184
		South Orange County Public Financing Authority, Foothill Area, Special Tax,
	4,740	Series A, NATL-RE, FGIC, 5.250%, 08/15/17		5,123
	3,880	Series A, NATL-RE, FGIC, 5.250%, 08/15/19		4,112
	4,550	Sweetwater Union High School District, Special Tax, Series A, AGM, 5.000%, 09/01/27		4,468
				15,811
		Utility — 0.7%
	2,000	Long Beach Bond Finance Authority, Natural Gas, Series A, Rev., 5.250%, 11/15/21		2,055
	2,500	Los Angeles Department of Water & Power System, Sub Series A-1, Rev., 5.250%, 07/01/38		2,588
				4,643
		Water & Sewer — 2.7%
	2,555	City of Oakland, Sewer System, Series A, Rev., AGM, 5.000%, 06/15/27		2,600
	6,000	Metropolitan Water District of Southern California, Series A, Rev., 5.000%, 07/01/32		6,232
	7,500	San Diego Public Facilities Financing Authority, Series A, Rev., 5.250%, 05/15/39		7,790
				16,622
		Total California		110,405
		Colorado — 2.9%
		Education — 0.3%
	1,500	University of Colorado, Series A, Rev., 5.375%, 06/01/38		1,568
		General Obligation — 0.4%
	2,000	Douglas County School District No. Re-1, Douglas & Elbert Counties, GO, NATL-RE, FGIC, 5.750%, 12/15/14 (p)		2,358
		Prerefunded — 0.5%
	3,550	Adams County, Single Family Mortgage, Capital Appreciation, Series A, Rev., Zero Coupon, 06/01/16 (m) (p)		3,153
		Transportation — 1.4%
	3,395	Denver City & County, Airport, Series D, Rev., AMBAC-TCRS, 7.750%, 11/15/13		3,718
	10,000	E-470 Public Highway Authority, Capital Appreciation, Series B, Rev., NATL-RE, Zero Coupon, 09/01/22		4,883
				8,601
		Utility — 0.3%
		Colorado Water Resources & Power Development Authority,
	1,000	Series A, Rev., AGC, 5.125%, 12/01/30		1,031
	1,000	Series A, Rev., AGC, 5.250%, 12/01/38		1,018
				2,049
		Total Colorado		17,729
		Delaware — 1.0%
		Prerefunded — 1.0%
	5,000	Delaware State EDA, Osteopathic Hospital Association, Series A, Rev., 6.900%, 01/01/18 (p)		6,148
		District of Columbia — 0.8%
		General Obligation — 0.8%
	3,965	District of Columbia, Series B, GO, NATL-RE, 6.000%, 06/01/19		4,761
		Florida — 2.7%
		General Obligation — 0.5%
	2,415	Hillsborough County, Parks & Recreation Program, GO, NATL-RE, 5.250%, 07/01/25		2,828

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Hospital — 0.1%
	680	Orange County, Health Facilities Authority, Unrefunded Balance, Series C, Rev., NATL-RE, 6.250%, 10/01/12		728
		Special Tax — 0.8%
	5,000	Port of St. Lucie, Rev., AGC, 5.000%, 09/01/35		5,035
		Transportation — 0.6%
	3,205	Hillsborough County Aviation Authority, Tampa International Airport, Series B, Rev., NATL-RE, FGIC, 6.000%, 10/01/18		3,823
		Utility — 0.7%
	3,750	City of Lakeland, Electric & Water System, First Lien, Series B, Rev., AGM, 6.050%, 10/01/14		4,327
		Total Florida		16,741
		Georgia — 4.8%
		Hospital — 1.6%
	10,000	Dalton Development Authority, Hamilton Health Care System, Rev., NATL-RE, 5.500%, 08/15/26 (k)		9,727
		Special Tax — 2.0%
	10,485	Metropolitan Atlanta Rapid Transit Authority, Series P, Rev., AMBAC, 6.250%, 07/01/20		12,508
		Utility — 1.2%
		Municipal Electric Authority of Georgia,
	4,500	Series BB, Rev., NATL-RE-IBC, 5.250%, 01/01/25		4,756
	2,490	Series C, Rev., NATL-RE-IBC, 5.250%, 01/01/25		2,631
				7,387
		Total Georgia		29,622
		Illinois — 5.2%
		Education — 1.2%
	2,510	Cook County Community High School District No. 219-Niles Township, Unrefunded Balance, GO, NATL-RE, FGIC, 8.000%, 12/01/15		3,237
	3,930	Illinois Health Facilities Authority, Revolving Fund, Series A, Rev., VAR, 5.500%, 08/01/20		4,081
				7,318
		Prerefunded — 0.7%
	1,750	Chicago Public Building, Commission Building, Series A, Rev., NATL-RE, 7.000%, 01/01/20 (p)		2,254
	1,480	Cook County Community High School District No. 219-Niles Township, GO, FGIC, 8.000%, 12/01/15 (p)		1,942
				4,196
		Special Tax — 0.9%
	4,725	State of Illinois, Series P, Rev., 6.500%, 06/15/22		5,572
		Transportation — 2.4%
		Regional Transportation Authority,
	2,425	Rev., NATL-RE, 6.250%, 07/01/15		2,850
	6,000	Rev., NATL-RE, 6.500%, 07/01/30		7,137
	4,000	Series D, Rev., NATL-RE, FGIC, 7.750%, 06/01/19		5,093
				15,080
		Total Illinois		32,166
		Indiana — 3.0%
		Certificate of Participation/Lease — 0.3%
	1,550	Beech Grove School Building Corp., First Mortgage, Rev., COP, NATL-RE, 6.250%, 07/05/16		1,743
		Prerefunded — 0.1%
	295	Indiana Transportation Finance Authority, Highway, Series A, Rev., 7.250%, 06/01/15 (p)		304
		Transportation — 2.1%
	8,750	Indiana Transportation Finance Authority, Highway, Series A, Rev., 6.800%, 12/01/16		9,888
	2,750	Indiana Transportation Finance Authority, Highway, Unrefunded Balance, Airport Facility, Series A, Rev., 7.250%, 06/01/15		3,117
				13,005
		Utility — 0.5%
	3,000	Indiana Municipal Power Agency Supply System, Series B, Rev., NATL- RE, 5.500%, 01/01/16		3,329
		Total Indiana		18,381

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Kansas — 0.5%
		General Obligation — 0.5%
	3,050	Johnson County Unified School District 232, Series A, GO, AGM, 5.250%, 09/01/23		3,244
		Louisiana — 2.7%
		Special Tax — 2.2%
		St. Bernard Parish, Sales & Use Tax,
	2,535	Rev., AGM, 5.000%, 03/01/16		2,797
	2,445	Rev., AGM, 5.000%, 03/01/17		2,671
	2,760	Rev., AGM, 5.000%, 03/01/18		2,984
	1,505	Rev., AGM, 5.000%, 03/01/19		1,612
	2,885	Rev., AGM, 5.000%, 03/01/20		3,064
				13,128
		Transportation — 0.5%
		State of Louisiana, Gas & Fuels Tax,
	2,000	Series A, Rev., AMBAC, 5.375%, 06/01/18		2,113
	1,040	Series A, Rev., AMBAC, 5.375%, 06/01/19		1,098
				3,211
		Total Louisiana		16,339
		Maine — 1.0%
		Transportation — 1.0%
		Maine Turnpike Authority,
	2,995	Rev., 6.000%, 07/01/34		3,301
	2,680	Rev., 6.000%, 07/01/38		2,945
		Total Maine		6,246
		Massachusetts — 0.6%
		Education — 0.6%
	1,495	Massachusetts School Building Authority, Series A, Rev., AMBAC, 5.000%, 08/15/37		1,526
	1,975	Massachusetts State College Building Authority, Series A, Rev., Commonwealth GTD, 7.500%, 05/01/14		2,224
		Total Massachusetts		3,750
		Minnesota — 0.1%
		Housing — 0.1%
	480	Minnesota Housing Finance Agency, Rental Housing, Series D, Rev., NATL-RE, 5.900%, 08/01/15		482
		Mississippi — 1.4%
		Prerefunded — 1.4%
	7,940	Mississippi Development Bank Special Obligation, Gulfport Water & Sewer Project, Rev., AGM, 6.000%, 07/01/12 (p)		8,780
		Missouri — 0.6%
		Certificate of Participation/Lease — 0.2%
	1,505	Jackson County, Public Building Corp., Capital Improvements Project, Rev., COP, 5.000%, 12/01/28		1,521
		Education — 0.2%
	1,000	University of Missouri, Curators University, Series B, Rev., 5.000%, 11/01/17		1,097
		Utility — 0.2%
	1,105	City of Sikeston, Electric, Rev., NATL-RE, 6.000%, 06/01/16		1,210
		Total Missouri		3,828
		Montana — 1.2%
		Certificate of Participation/Lease — 0.2%
		City of Helena,
	400	COP, 5.000%, 01/01/29		414
	500	COP, 5.150%, 01/01/34		514
				928
		Education — 1.0%
	890	Montana State Board of Regents, Higher Education, Series H, Rev., AMBAC, 5.000%, 11/15/18		966
		Montana State Board of Regents, Higher Education, Montana State University,
	2,500	Series I, Rev., AMBAC, 5.000%, 11/15/19		2,698
	1,210	Series I, Rev., AMBAC, 5.000%, 11/15/20		1,282
	1,215	Series I, Rev., AMBAC, 5.000%, 11/15/21		1,272
				6,218
		Total Montana		7,146

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		New Jersey — 3.9%
		General Obligation — 0.5%
	2,500	State of New Jersey, GO, 5.250%, 08/01/20		2,919
		Housing — 0.8%
	4,705	New Jersey Housing & Mortgage Finance Agency, Series AA, Rev., 6.375%, 10/01/28		5,039
		Other Revenue — 0.7%
	3,700	Garden State Preservation Trust, Series A, Rev., AGM, 5.750%, 11/01/28		4,307
		Prerefunded — 1.1%
		New Jersey Transportation Trust Fund Authority, Transportation Systems,
	1,000	Series A, Rev., 5.750%, 06/15/15 (p)		1,200
	5,000	Series C, Rev., NATL-RE, 5.250%, 06/15/15 (p)		5,867
				7,067
		Transportation — 0.8%
	25,000	New Jersey Transportation Trust Fund Authority, Capital Appreciation, Transportation Systems, Series A, Rev., Zero Coupon, 12/15/36		4,946
		Total New Jersey		24,278
		New Mexico — 0.5%
		Utility — 0.5%
	3,030	Los Alamos County, Utilities, Series A, Rev., AGM, 5.000%, 07/01/15		3,298
		New York — 16.4%
		Certificate of Participation/Lease — 0.7%
	4,005	New York State Dormitory Authority, City University System, CONS, Series A, Rev., COP, AGM-CR, 5.750%, 07/01/13		4,213
		Education — 0.7%
		New York Municipal Bond Bank Agency,
	1,900	Series C, Rev., 5.250%, 06/01/21		2,021
	2,000	Series C, Rev., 5.250%, 12/01/21		2,125
				4,146
		General Obligation — 1.6%
	9,255	New York City, Unrefunded Balance, GO, 6.000%, 01/15/18		10,091
	10	Rome City School District, GO, NATL-RE, FGIC, 5.000%, 06/15/12		11
				10,102
		Housing — 1.0%
		Tobacco Settlement Financing Corp.,
	3,000	Series B-1C, Rev., 5.500%, 06/01/20		3,223
	3,000	Series B-1C, Rev., 5.500%, 06/01/21		3,209
				6,432
		Other Revenue — 5.1%
	3,000	Metropolitan Transportation Authority, Series A, Rev., 5.125%, 01/01/24		3,085
		New York State Environmental Facilities Corp., Revolving Funds, Municipal Water Project,
	9,345	Series D, Rev., 5.375%, 06/15/19		9,903
	7,270	Series E, Rev., 5.375%, 06/15/17		7,726
	7,135	Series E, Rev., 5.375%, 06/15/18		7,561
	3,000	Tobacco Settlement Financing Corp., Asset-Backed, Series A-1, Rev., 5.500%, 06/01/19		3,222
				31,497
		Transportation — 5.2%
	26,000	Port Authority of New York & New Jersey, CONS, 93rd Series, Rev., 6.125%, 06/01/94		30,414
	2,000	Triborough Bridge and Tunnel Authority, Series C, Rev., 5.000%, 11/15/33		2,055
				32,469
		Utility — 0.9%
	4,895	Long Island Power Authority, Series A, Rev., 5.500%, 04/01/22		5,426
		Water & Sewer — 1.2%
	2,000	New York City Municipal Water Finance Authority, Second Generation Resolution, Sewer, Series DD, Rev., 5.000%, 06/15/39		2,004
	5,000	New York City Municipal Water Finance Authority, Water & Sewer System, Fiscal Year 2009, Series A, Rev., 5.750%, 06/15/40		5,429
				7,433
		Total New York		101,718
		North Carolina — 0.0% (g)
		Housing — 0.0% (g)
	25	North Carolina Housing Finance Agency, Single Family Mortgage, Series FF, Rev., AMT, FHA, 6.250%, 03/01/28		25

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		North Dakota — 1.3%
		Hospital — 0.7%
	4,325	City of Bismarck, Healthcare Facilities, St. Alexius Medical Center, Series A, Rev., AGM, 5.250%, 07/01/15		4,337
		Utility — 0.6%
	3,580	Mercer County, Antelope Valley Station, Rev., AMBAC, 7.200%, 06/30/13		3,793
		Total North Dakota		8,130
		Ohio — 1.2%
		General Obligation — 0.3%
		Richland County, Correctional Facilities Improvement,
	500	GO, AGC, 5.875%, 12/01/24		555
	400	GO, AGC, 6.000%, 12/01/28		441
	250	GO, AGC, 6.125%, 12/01/33		271
	400	GO, AGC, 6.125%, 12/01/38		431
				1,698
		Industrial Development Revenue/Pollution Control Revenue — 0.9%
		RiverSouth Authority, Riverfront Area Redevelopment,
	2,080	Series A, Rev., 5.250%, 12/01/19		2,277
	1,255	Series A, Rev., 5.250%, 12/01/20		1,347
	1,000	Series A, Rev., 5.250%, 12/01/21		1,061
	1,025	Series A, Rev., 5.250%, 12/01/22		1,078
				5,763
		Prerefunded — 0.0% (g)
	170	Toledo-Lucas County, Port Authority, Northwest Ohio Bond Fund, Series A, Rev., 6.000%, 05/15/11 (p)		171
		Total Ohio		7,632
		Oklahoma — 0.3%
		Water & Sewer — 0.3%
	2,000	Oklahoma City Water Utilities Trust, Series A, Rev., 5.000%, 07/01/34		2,079
		Pennsylvania — 1.6%
		Education — 0.5%
		Pennsylvania State University,
	1,700	Series A, Rev., 5.000%, 03/01/24		1,879
	1,000	Series A, Rev., 5.000%, 03/01/26		1,090
				2,969
		Industrial Development Revenue/Pollution Control Revenue — 1.1%
	6,500	Pennsylvania IDA, Economic Development, Rev., AMBAC, 5.500%, 07/01/18		6,818
		Total Pennsylvania		9,787
		Puerto Rico — 1.8%
		Utility — 1.8%
	10,000	Puerto Rico Electric Power Authority, Series KK, Rev., NATL-RE, 5.500%, 07/01/15		11,315
		South Carolina — 5.1%
		General Obligation — 1.7%
	9,515	Laurens County School District, No. 056, GO, AGC, SCSDE, 6.125%, 03/01/33		10,560
		Prerefunded — 2.5%
	3,900	Piedmont Municipal Power Agency, Electric, Rev., FGIC, 6.750%, 01/01/20 (p)		5,019
	8,945	South Carolina Jobs & EDA, Palmetto Healthcare, Series C, Rev., 6.875%, 08/01/13 (p)		10,288
				15,307
		Utility — 0.9%
	4,615	Piedmont Municipal Power Agency, Electric, Unrefunded Balance, Rev., NATL-RE, FGIC, 6.750%, 01/01/20		5,669
		Total South Carolina		31,536
		South Dakota — 1.1%
		Prerefunded — 0.6%
	2,341	Heartland Consumers Power District, Rev., 6.375%, 01/01/16 (p)		2,629
	1,135	Heartland Consumers Power District, Electric, Rev., 7.000%, 01/01/16 (p)		1,323
				3,952
		Utility — 0.5%
	2,500	Heartland Consumers Power District, Electric, Rev., AGM, 6.000%, 01/01/17		2,855
		Total South Dakota		6,807

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Municipal Bonds — Continued
		Texas — 8.9%
		General Obligation — 2.0%
	445	City of Austin, Certificates of Obligation, GO, NATL-RE, 5.000%, 09/01/16		494
		City of Carrollton,
	520	GO, 4.000%, 08/15/21		545
	1,170	GO, 5.000%, 08/15/22		1,304
	535	GO, 5.000%, 08/15/26		578
	2,200	City of Forney, Independent School District, School Building, Series A, GO, PSF-GTD, 5.750%, 08/15/33		2,416
	1,550	Clear Creek Independent School District, School Improvement, GO, 5.250%, 02/15/26		1,657
	5,000	San Jacinto Community College District, GO, 5.000%, 02/15/39		5,091
				12,085
		Hospital — 0.6%
	3,500	Harris County Health Facilities Development Corp., Memorial Hermann Healthcare System, Series B, Rev., 7.250%, 12/01/35		3,911
		Other Revenue — 1.9%
	3,315	Dallas-Fort Worth International Airport Facilities Improvement Corp., Series A, Rev., 5.000%, 11/01/42		3,237
	5,000	Lower Colorado River Authority, Rev., 5.750%, 05/15/28		5,254
		Midtown Redevelopment Authority, Tax Allocation,
	1,570	AMBAC, 5.000%, 01/01/21		1,640
	1,650	AMBAC, 5.000%, 01/01/22		1,707
				11,838
		Prerefunded — 2.2%
	3,915	City of Brownsville, Priority Refunding, Utilities, Rev., NATL-RE, 6.250%, 09/01/14 (p)		4,347
	2,500	City of Houston, Junior Lien, Series A, Rev., AGM, 5.750%, 12/01/32 (p)		3,028
	4,250	City of San Antonio, Electric & Gas, Rev., 5.000%, 02/01/17 (p)		4,675
	1,500	Harris County Health Facilities Development Corp., Children Hospital Project, Rev., 5.500%, 10/01/19 (p)		1,763
				13,813
		Transportation — 0.5%
	3,000	Dallas-Fort Worth International Airport Facilities Improvement Corp., Series A, Rev., NATL-RE, FGIC, 5.500%, 11/01/20		3,055
		Utility — 0.9%
	5,000	SA Energy Acquisition Public Facility Corp., Gas Supply, Rev., 5.250%, 08/01/16		5,386
		Water & Sewer — 0.8%
	4,435	Canyon Regional Water Authority, Wells Ranch Project, Rev., AMBAC, 5.125%, 08/01/25		4,616
		Total Texas		54,704
		Virginia — 0.6%
		General Obligation — 0.6%
		City of Lynchburg Public Improvement,
	3,345	GO, 5.000%, 06/01/14 (p)		3,803
		Total Virginia		3,803
		Washington — 2.9%
		Education — 1.0%
	5,430	Western Washington University, Housing & Dining, Junior Lien, Series A, Rev., AMBAC, 5.500%, 10/01/22		6,230
		Hospital — 1.0%
	6,500	Washington Health Care Facilities Authority, Multicare Health System, Series A, Rev., AGM, 5.000%, 08/15/34		6,393
		Utility — 0.9%
	5,000	Energy Northwest Electric, Project No. 1, Series A, Rev., NATL-RE, 5.500%, 07/01/16		5,335
		Total Washington		17,958
		Wisconsin — 0.1%
		Hospital — 0.1%
		Wisconsin Health & Educational Facilities Authority, Froedert & Community, Unrefunded Balance,
	250	Rev., 5.625%, 10/01/12		261
	90	Rev., 5.625%, 10/01/13		94
	30	Rev., 5.625%, 10/01/14		31
				386
		Prerefunded — 0.0% (g)
	330	Wisconsin Health & Educational Facilities Authority, Froedert & Community, Rev., 5.625%, 10/01/11 (p)		348
		Total Wisconsin		734
		Total Municipal Bonds (Cost $566,277)		604,693

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

SHARES
	Short-Term Investment — 1.1%
		Investment Company — 1.1%
	6,987	JPMorgan Tax Free Money Market Fund, Institutional Class Shares, 0.130% (b) (l) (m) (Cost $6,987)		6,987
		Total Investments — 98.8% (Cost $573,264)		611,680
		Other Assets in Excess of Liabilities — 1.2%		7,416
		NET ASSETS — 100.0%	$	619,096

Percentages indicated are based on net assets.

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands, except number of contracts)

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL AMOUNT AT 11/30/10			UNREALIZED APPRECIATION (DEPRECIATION)
		Short Futures Outstanding
	(142)	30 Year U.S. Treasury Bond		12/21/10	$	(18,278	)	$	714

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS :

AGC	—	Insured by Assured Guaranty Corp.
AGM	—	Insured by Assured Guaranty Municipal Corp.
AMBAC	—	Insured by American Municipal Bond Assurance Corp.
AMT	—	Alternative Minimum Tax
CONS	—	Consolidated Bonds
COP	—	Certificate of Participation
CR	—	Custodial Receipts
EDA	—	Economic Development Authority
FGIC	—	Insured by Financial Guaranty Insurance Co.
FHA	—	Federal Housing Administration
GO	—	General Obligation
GTD	—	Guaranteed
IBC	—	Insured Bond Certificates
ICR	—	Insured Custodial Receipts
IDA	—	Industrial Development Authority
NATL	—	Insured by National Public Finance Guarantee Corp.
PSF	—	Permanent School Fund
RE	—	Reinsured
Rev.	—	Revenue
SCSDE	—	South Carolina School District Enhancement
TCRS	—	Transferable Custodial Receipts
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of November 30, 2010.
XLCA	—	Insured by XL Capital Assurance

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

(g) Amount rounds to less than 0.1%.

(l) The rate shown is the current yield as of November 30, 2010.

(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.

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

(p) Security is prerefunded or escrowed to maturity.

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

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

As of November 30, 2010, 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	$	40,602
Aggregate gross unrealized depreciation		(2,186	)
Net unrealized appreciation/depreciation	$	38,416
Federal income tax cost of investments	$	573,264

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities #	$	6,987	$	604,693	$	—	$	611,680
Appreciation in Other Financial Instruments
Futures Contracts	$	714	$	—	$	—	$	714

There were no significant transfers between Levels 1 and 2 during the period ended November 30, 2010.

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

JPMorgan Treasury & Agency Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)	SECURITY DESCRIPTION	VALUE($)
U.S. Government Agency Securities — 21.7%
	Federal Farm Credit Bank,
20,000	3.625%, 07/15/11 (m)		20,409
24,000	3.875%, 06/04/12 (m)		25,207
9,745	4.000%, 05/21/13		10,519
25,000	4.350%, 09/02/14 (m)		27,903
500	6.270%, 01/26/16		610
	Federal Home Loan Bank System,
5,000	1.125%, 05/18/12		5,044
9,400	5.310%, 12/28/12		10,303
1,246	New Valley Generation I, 7.299%, 03/15/19		1,468
4,879	New Valley Generation II, 5.572%, 05/01/20		5,324
	Total U.S. Government Agency Securities (Cost $100,278)		106,787
U.S. Treasury Obligations — 76.7%
10,000	U.S. Treasury Inflation Indexed Note, 2.000%, 04/15/12		11,097
	U.S. Treasury Notes,
25,000	0.625%, 06/30/12		25,087
5,000	0.875%, 04/30/11		5,013
10,700	0.875%, 02/29/12		10,771
20,000	1.000%, 09/30/11		20,119
8,000	1.250%, 08/31/15		7,954
10,665	1.375%, 02/15/12		10,798
60,000	1.375%, 05/15/12		60,870
21,040	1.375%, 02/15/13		21,433
40,290	1.750%, 11/15/11		40,841
7,000	1.750%, 04/15/13		7,197
20,000	1.750%, 07/31/15		20,364
40,000	1.875%, 06/15/12		40,912
12,000	1.875%, 04/30/14		12,407
8,000	2.375%, 10/31/14		8,404
70,000	2.750%, 10/31/13		74,173
	Total U.S. Treasury Obligations (Cost $369,473)		377,440
SHARES
Short-Term Investment — 1.3%
Investment Company — 1.3%
6,506	JPMorgan Federal Money Market Fund, Institutional Class Shares, 0.000% (b) (l) (Cost $6,506)		6,506
	Total Investments — 99.7% (Cost $476,257)		490,733
	Other Assets in Excess of Liabilities — 0.3%		1,556
	NET ASSETS — 100.0%	$	492,289

Percentages indicated are based on net assets.

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

(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.

(l) The rate shown is the current yield as of November 30, 2010.

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

As of November 30, 2010, 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	$	14,587
Aggregate gross unrealized depreciation		(111	)
Net unrealized appreciation/depreciation	$	14,476
Federal income tax cost of investments	$	476,257

JPMorgan Treasury & Agency Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

Treasury & Agency Fund

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities #	$	6,506	$	484,227	$	–	$	490,733

There were no significant transfers between Levels 1 and 2 during the period ended November 30, 2010.

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

JPMorgan U.S. Government Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION (t)	VALUE($)
	U.S. Government Agency Securities — 63.9%
		Federal Farm Credit Bank — 0.7%
	450,000	VAR, 0.243%, 12/20/10		449,999
	50,000	VAR, 0.273%, 10/12/12		49,990
				499,989
		Federal Home Loan Bank — 22.1%
	390,000	0.200%, 04/21/11		389,936
	660,000	0.200%, 04/29/11		659,938
	374,000	0.210%, 03/30/11		373,949
	349,000	0.240%, 02/01/11		348,980
	50,000	0.260%, 01/13/11		49,998
	112,500	0.260%, 01/14/11		112,496
	414,000	0.260%, 01/21/11		413,986
	230,000	0.260%, 01/25/11		229,988
	257,000	0.260%, 11/18/11		256,916
	50,000	0.320%, 12/09/11		49,977
	234,200	0.330%, 04/25/11		234,273
	217,195	0.340%, 05/03/11		217,271
	440,000	0.420%, 02/01/11		440,139
	419,000	0.530%, 06/28/11		419,705
	220,000	3.250%, 03/11/11		221,823
	820,000	DN, 0.171%, 01/07/11 (n)		819,856
	650,000	DN, 0.172%, 01/05/11 (n)		649,891
	544,000	DN, 0.175%, 01/12/11 (n)		543,889
	420,000	DN, 0.180%, 12/08/10 (n)		419,985
	220,000	DN, 0.180%, 01/26/11 (n)		219,939
	812,585	DN, 0.182%, 01/21/11 (n)		812,376
	420,000	DN, 0.185%, 12/15/10 (n)		419,970
	566,500	DN, 0.185%, 12/17/10 (n)		566,453
	293,334	DN, 0.200%, 12/27/10 (n)		293,292
	250,000	DN, 0.200%, 02/16/11 (n)		249,893
	507,998	DN, 0.200%, 02/23/11 (n)		507,761
	218,000	DN, 0.210%, 02/02/11 (n)		217,920
	110,500	DN, 0.210%, 05/25/11 (n)		110,387
	778,000	DN, 0.211%, 12/22/10 (n)		777,904
	273,650	DN, 0.225%, 05/11/11 (n)		273,375
	95,000	DN, 0.225%, 05/13/11 (n)		94,903
	283,000	DN, 0.230%, 05/27/11 (n)		282,680
	305,000	DN, 0.250%, 12/03/10 (n)		304,996
	195,000	VAR, 0.107%, 02/01/11		194,991
	480,000	VAR, 0.137%, 01/30/12		479,855
	449,500	VAR, 0.149%, 07/15/11		449,359
	419,000	VAR, 0.158%, 07/26/11		418,890
	405,000	VAR, 0.166%, 08/10/11		404,887
	378,400	VAR, 0.184%, 12/01/10		378,400
	253,500	VAR, 0.203%, 05/25/11		253,460
	300,000	VAR, 0.217%, 02/01/12		299,884
	200,000	VAR, 0.218%, 01/26/12		199,930
	224,000	VAR, 0.259%, 10/13/11		224,207
	1,205,000	VAR, 0.375%, 12/06/10		1,205,000
				16,493,708
		Federal Home Loan Mortgage Corp. — 23.2%
	133,740	4.750%, 01/18/11		134,533
	51,271	5.125%, 04/18/11		52,231
	15,536	DN, 0.120%, 12/01/10 (n)		15,536
	125,000	DN, 0.180%, 12/13/10 (n)		124,993
	100,000	DN, 0.180%, 01/10/11 (n)		99,980
	200,000	DN, 0.185%, 05/24/11 (n)		199,821
	250,000	DN, 0.190%, 04/08/11 (n)		249,831
	305,000	DN, 0.190%, 06/07/11 (n)		304,697
	870,000	DN, 0.197%, 12/09/10 (n)		869,962
	404,000	DN, 0.200%, 03/28/11 (n)		403,738
	194,500	DN, 0.200%, 04/01/11 (n)		194,369
	360,000	DN, 0.200%, 04/11/11 (n)		359,738
	755,450	DN, 0.205%, 12/20/10 (n)		755,368
	225,000	DN, 0.210%, 02/08/11 (n)		224,909
	225,000	DN, 0.210%, 02/09/11 (n)		224,908
	250,000	DN, 0.210%, 02/10/11 (n)		249,897
	250,000	DN, 0.210%, 02/11/11 (n)		249,895
	369,750	DN, 0.210%, 02/14/11 (n)		369,588
	66,298	DN, 0.210%, 03/07/11 (n)		66,261
	356,021	DN, 0.210%, 03/14/11 (n)		355,807
	234,000	DN, 0.210%, 05/10/11 (n)		233,782
	349,586	DN, 0.212%, 05/09/11 (n)		349,258
	928,320	DN, 0.219%, 04/04/11 (n)		927,620
	150,000	DN, 0.220%, 12/08/10 (n)		149,994
	200,000	DN, 0.220%, 12/10/10 (n)		199,989
	430,000	DN, 0.220%, 01/05/11 (n)		429,908
	320,000	DN, 0.220%, 01/11/11 (n)		319,920
	300,000	DN, 0.220%, 01/24/11 (n)		299,901
	100,000	DN, 0.220%, 01/27/11 (n)		99,965
	69,000	DN, 0.220%, 01/28/11 (n)		68,975
	371,000	DN, 0.220%, 03/15/11 (n)		370,764
	551,000	DN, 0.220%, 04/06/11 (n)		550,576
	300,000	DN, 0.220%, 08/02/11 (n)		299,553
	175,000	DN, 0.225%, 05/16/11 (n)		174,818
	300,000	DN, 0.230%, 04/05/11 (n)		299,760
	350,000	DN, 0.235%, 02/22/11 (n)		349,811
	357,913	DN, 0.236%, 12/14/10 (n)		357,883
	100,000	DN, 0.240%, 12/06/10 (n)		99,997
	287,625	DN, 0.240%, 04/26/11 (n)		287,345
	290,344	DN, 0.240%, 04/27/11 (n)		290,059
	810,000	DN, 0.242%, 06/21/11 (n)		808,902
	200,000	DN, 0.250%, 02/07/11 (n)		199,906
	313,383	DN, 0.255%, 03/01/11 (n)		313,184
	701,667	DN, 0.296%, 01/18/11 (n)		701,391
	300,000	DN, 0.316%, 01/14/11 (n)		299,885
	748,500	VAR, 0.200%, 01/25/12		747,719
	690,320	VAR, 0.205%, 12/29/11		689,945
	323,000	VAR, 0.213%, 12/14/11		322,866
	150,000	VAR, 0.213%, 12/16/11		149,937
	279,000	VAR, 0.224%, 04/03/12		278,848
	250,000	VAR, 0.323%, 02/14/11		250,000
	496,700	VAR, 0.340%, 04/07/11		496,665
	475,000	VAR, 0.362%, 03/09/11		474,985
				17,400,173
		Federal National Mortgage Association — 17.9%
	550,000	1.375%, 04/28/11		552,613
	150,000	DN, 0.180%, 12/22/10 (n)		149,984
	422,982	DN, 0.180%, 01/19/11 (n)		422,879
	618,700	DN, 0.201%, 05/02/11 (n)		618,175

JPMorgan U.S. Government Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Government Agency Securities — Continued
		Federal National Mortgage Association — Continued
	392,930	DN, 0.208%, 05/16/11 (n)		392,554
	250,000	DN, 0.210%, 02/16/11 (n)		249,888
	450,000	DN, 0.210%, 05/17/11 (n)		449,561
	362,500	DN, 0.214%, 05/18/11 (n)		362,139
	161,000	DN, 0.215%, 05/04/11 (n)		160,852
	136,254	DN, 0.220%, 03/16/11 (n)		136,166
	120,000	DN, 0.220%, 03/23/11 (n)		119,918
	798,500	DN, 0.239%, 03/01/11 (n)		798,024
	217,250	DN, 0.240%, 12/13/10 (n)		217,232
	231,500	DN, 0.240%, 12/14/10 (n)		231,480
	100,000	DN, 0.240%, 12/15/10 (n)		99,991
	346,000	DN, 0.240%, 03/28/11 (n)		345,730
	581,685	DN, 0.245%, 01/12/11 (n)		581,519
	490,000	DN, 0.250%, 01/03/11 (n)		489,888
	808,587	DN, 0.250%, 01/24/11 (n)		808,284
	100,000	DN, 0.250%, 02/02/11 (n)		99,956
	100,000	DN, 0.250%, 03/21/11 (n)		99,923
	895,000	DN, 0.252%, 01/26/11 (n)		894,650
	277,000	DN, 0.260%, 01/05/11 (n)		276,930
	1,292,000	DN, 0.261%, 04/11/11 (n)		1,290,774
	100,000	DN, 0.270%, 02/01/11 (n)		99,954
	625,000	DN, 0.280%, 03/02/11 (n)		624,558
	300,000	DN, 0.301%, 01/18/11 (n)		299,880
	552,000	DN, 0.325%, 07/11/11 (n)		550,896
	250,000	DN, 0.492%, 04/01/11 (n)		249,588
	484,000	VAR, 0.000%, 12/03/12		483,707
	100,000	VAR, 0.166%, 05/13/11		99,976
	331,000	VAR, 0.273%, 08/23/12		330,826
	296,900	VAR, 0.283%, 10/18/12		296,787
	533,000	VAR, 0.400%, 11/23/12		532,788
				13,418,070
		Total U.S. Government Agency Securities (Cost $47,811,940)		47,811,940
	U.S. Treasury Obligations — 1.0%
		U.S. Treasury Notes — 1.0%
	200,000	0.875%, 03/31/11		200,419
	185,000	1.000%, 09/30/11		186,025
	320,000	4.500%, 09/30/11		331,227
	50,000	4.875%, 05/31/11		51,154
		Total U.S. Treasury Obligations (Cost $768,825)		768,825
	Repurchase Agreements — 35.8%
	412,066	Barclays Capital, Inc., 0.230%, dated 11/30/10, due 12/01/10, repurchase price $412,069, collateralized by U.S. Treasury Securities with a value of $420,307 (m)		412,066
	7,000,000	Barclays Capital, Inc., 0.240%, dated 11/30/10, due 12/01/10, repurchase price $7,000,047, collateralized by U.S. Government Agency Securities with a value of $7,140,000		7,000,000
	500,000	Barclays Capital, Inc., 0.240%, dated 11/30/10, due 12/01/10, repurchase price $500,003, collateralized by U.S. Government Agency Securities with a value of $510,000 (m)		500,000
	987,000	Citibank N.A., 0.260%, dated 11/30/10, due 12/01/10, repurchase price $987,007, collateralized by U.S. Government Agency Securities with a value of $1,016,610		987,000
	250,000	Credit Suisse First Boston USA, Inc., 0.230%, dated 11/30/10, due 12/01/10, repurchase price $250,002, collateralized by U.S. Government Agency Securities with a value of $255,002		250,000
	500,000	Credit Suisse First Boston USA, Inc., 0.250%, dated 11/30/10, due 12/01/10, repurchase price $500,003, collateralized by U.S. Government Agency Securities with a value of $515,000		500,000
	500,000	Deutsche Bank AG, 0.230%, dated 11/24/10, due 12/01/10, repurchase price $500,022, collateralized by U.S. Government Agency Securities with a value of $510,000		500,000
	400,000	Deutsche Bank AG, 0.250%, dated 11/30/10, due 12/01/10, repurchase price $400,003, collateralized by U.S. Government Agency Securities with a value of $408,000		400,000
	3,465,204	Deutsche Bank AG, 0.250%, dated 11/30/10, due 12/01/10, repurchase price $3,465,228, collateralized by U.S. Government Agency Securities with a value of $3,534,508		3,465,204
	1,500,000	Goldman Sachs & Co., 0.240%, dated 11/24/10, due 12/01/10, repurchase price $1,500,070, collateralized by U.S. Government Agency Securities with a value of $1,530,000		1,500,000
	2,600,000	Goldman Sachs & Co., 0.240%, dated 11/26/10, due 12/03/10, repurchase price $2,600,121, collateralized by U.S. Government Agency Securities with a value of $2,652,000		2,600,000

JPMorgan U.S. Government Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Repurchase Agreements — Continued
	1,000,000	Goldman Sachs & Co., 0.250%, dated 11/30/10, due 12/01/10, repurchase price $1,000,007, collateralized by U.S. Government Agency Securities with a value of $1,020,000		1,000,000
	1,500,000	Goldman Sachs & Co., 0.250%, dated 11/30/10, due 12/07/10, repurchase price $1,500,073, collateralized by U.S. Government Agency Securities with a value of $1,530,000		1,500,000
	309,795	Merrill Lynch & Co., Inc., 0.250%, dated 11/30/10, due 12/01/10, repurchase price $309,797, collateralized by U.S. Government Agency Securities with a value of $315,991		309,795
	1,100,000	RBS Securities, Inc., 0.240%, dated 11/24/10, due 12/01/10, repurchase price $1,100,051, collateralized by U.S. Government Agency Securities with a value of $1,128,428		1,100,000
	1,000,000	RBS Securities, Inc., 0.260%, dated 10/08/10, due 01/10/11, repurchase price $1,000,679, collateralized by U.S. Government Agency Securities with a value of $1,030,002 (i)		1,000,000
	475,000	RBS Securities, Inc., 0.260%, dated 11/04/10, due 02/02/11, repurchase price $475,309, collateralized by U.S. Government Agency Securities with a value of $489,253 (i)		475,000
	1,762,000	RBS Securities, Inc., 0.260%, dated 11/30/10, due 12/01/10, repurchase price $1,762,013, collateralized by U.S. Government Agency Securities with a value of $1,795,703		1,762,000
	1,486,000	UBS Warburg LLC, 0.250%, dated 11/30/10, due 12/01/10, repurchase price $1,486,010, collateralized by U.S. Government Agency Securities with a value of $1,515,720		1,486,000
		Total Repurchase Agreements (Cost $26,747,065)		26,747,065
		Total Investments — 100.7% (Cost $75,327,830) *		75,327,830
		Liabilities in Excess of Other Assets — (0.7)%		(533,829	)
		NET ASSETS — 100.0%	$	74,794,001

Percentages indicated are based on net assets.

JPMorgan U.S. Government Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS :

DN	—	Discount Notes
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of November 30, 2010.

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

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

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

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

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

U.S. Government Money Market Fund

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

The following is a summary of the inputs used as of November 30, 2010, in valuing the Fund’s assets and liabilities carried at amortized cost which approximates fair value (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Repurchase Agreements	$	—	$	26,747,065	$	—	$	26,747,065
U.S. Government Agency
Securities		—		47,811,940		—		47,811,940
U.S. Treasury Obligations		—		768,825		—		768,825
Total Investments in Securities	$	—	$	75,327,830	$	—	$	75,327,830

There were no significant transfers between Levels 1 and 2 during the period ended November 30, 2010.

JPMorgan U.S. Treasury Plus Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION (t)	VALUE($)
	U.S. Treasury Obligations — 35.7%
		U.S. Treasury Bills — 20.9% (n)
	200,000	0.175%, 04/28/11		199,856
	66,500	0.186%, 05/19/11		66,442
	350,000	0.187%, 02/24/11		349,846
	375,000	0.190%, 02/10/11		374,859
	150,000	0.191%, 03/17/11		149,916
	600,000	0.196%, 01/20/11		599,837
	600,000	0.199%, 01/27/11		599,811
	350,000	0.200%, 02/03/11		349,875
	150,000	0.200%, 03/24/11		149,906
	200,000	0.200%, 03/31/11		199,867
	300,000	0.291%, 01/13/11		299,896
				3,340,111
		U.S. Treasury Notes — 14.8%
	196,500	0.750%, 11/30/11		197,460
	195,000	0.875%, 01/31/11		195,198
	350,000	0.875%, 03/31/11		350,776
	170,000	1.000%, 08/31/11		170,951
	200,000	1.000%, 09/30/11		201,201
	300,000	1.000%, 10/31/11		302,003
	200,000	1.125%, 06/30/11		201,051
	75,000	1.125%, 12/15/11		75,638
	80,000	4.500%, 09/30/11		82,807
	350,000	4.875%, 05/31/11		358,094
	234,000	5.125%, 06/30/11		240,617
				2,375,796
		Total U.S. Treasury Obligations (Cost $5,715,907)		5,715,907
	Repurchase Agreements — 64.3%
	2,568,186	Barclays Capital, Inc., 0.230%, dated 11/30/10, due 12/01/10, repurchase price $2,568,202, collateralized by U.S. Treasury Securities with a value of $2,619,550 (m)		2,568,186
	1,500,000	Credit Suisse First Boston USA, Inc., 0.240%, dated 11/30/10, due 12/01/10, repurchase price $1,500,010, collateralized by U.S. Treasury Securities with a value of $1,530,003		1,500,000
	1,000,000	Deutsche Bank Securities, Inc., 0.220%, dated 11/30/10, due 12/01/10, repurchase price $1,000,006, collateralized by U.S. Treasury Securities with a value of $1,020,000		1,000,000
	2,000,000	Deutsche Bank Securities, Inc., 0.240%, dated 11/30/10, due 12/01/10, repurchase price $2,000,013, collateralized by U.S. Treasury Securities with a value of $2,040,000		2,000,000
	19,609	Merrill Lynch & Co., Inc., 0.230%, dated 11/30/10, due 12/01/10, repurchase price $19,609, collateralized by U.S. Treasury Securities with a value of $20,001		19,609
	200,000	Merrill Lynch & Co., Inc., 0.240%, dated 11/30/10, due 12/01/10, repurchase price $200,001, collateralized by U.S. Treasury Securities with a value of $204,000		200,000
	1,000,000	RBS Securities, Inc., 0.220%, dated 11/30/10, due 12/01/10, repurchase price $1,000,006, collateralized by U.S. Treasury Securities with a value of $1,275,001		1,000,000
	2,000,000	UBS Warburg LLC, 0.230%, dated 11/30/10, due 12/01/10, repurchase price $2,000,013, collateralized by U.S. Treasury Securities with a value of $2,040,000		2,000,000
		Total Repurchase Agreements (Cost $10,287,795)		10,287,795
		Total Investments — 100.0% (Cost $16,003,702) *		16,003,702
		Other Assets in Excess of Liabilities — 0.0% (g)		5,781
		NET ASSETS — 100.0%	$	16,009,483

Percentages indicated are based on net assets.

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS :

(g) Amount rounds to less than 0.1%.

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

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

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

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

JPMorgan U.S. Treasury Plus Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2010 (Unaudited)

(Amounts in thousands)

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

The following is a summary of the inputs used as of November 30, 2010, in valuing the Fund’s assets and liabilities carried at amortized cost which approximates fair value (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities #	$	—	$	16,003,702	$	—	$	16,003,702

There were no significant transfers between Levels 1 and 2 during the period ended November 30, 2010.

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

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 II

By:	/S/
	Patricia A. Maleski
	President and Principal Executive Officer
	January 28, 2011

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
	President and Principal Executive Officer
	January 28, 2011

By:	/S/
	Joy C. Dowd
	Treasurer and Principal Financial Officer
	January 28, 2011